呸/9呸9呸-2

8呸/2-98呸-

/D-ORWHQFODOOGDGGHO--R\HFWR,QGLRHQHO
OFXDGRQWHP32UiQHR

Ŷ *DOR5DPyQ 9DODUHZ

&2081,'(&)81'$&,21,17(5$0(5,&$1$
4XLOR
 
OYRXRD āVDXRSHRXQZR ?I1,1 XD RVHUGXQ
2=-%,%$84:%O, 2MO(-822,%, O3,HSH—2G
XRRH O3,XRHZH-%HD
=OY [Y
FXQRDLTUXRRDS=O āRQVYVVRRHXHGY
XRZV RXRJ-£DL
H—2-2-?%8%+ È 23= 28G
RSHXQZR--呸DDI XSHILVD?8, DSVHZDVV
!DL1QUPL #
RDX呸-RGZDXRPSHQR D
XD 38, OÈ-G MHSSHSUUHLRXDG

 6
R
1tOO, VR26(!
$ 7DQLD\*DOLWR
35(6(17$&,21 ;,,,


,1752'8&&,21 

呸
O+$< 1$&,21$/,'$'(6,1',$6 (1 (/(&8$'25" 
,1752'8&&,21 
/$3(563(&7,9$7(25,&$<3287,&$ 
81$+,327(6,6 '(68*(1(6,6+,6725,&$ 
O2XpOHJDGRKOVUOFRGHMy SDUDORVQRUDQGOQRVOD
H[SHULHQFLDGHFRQVWUXFFWyQGHO (VWDGR$QGLQR HO
7DZDQWOQVX\R" 
O6XUJOHURQQRFLRQHVRVHQWLPLHQWRVQDFLRQDOHVHQWUH
ORV,QGLRVDQWHVGHODFRQVWLWXFLyQGHXQPHUFDGR
,QWHUQRHQ HO (FXDGRU" 
O(Q TXpPRPHQWRVXUJHOD,GHDGHQDFLRQDOLGDGHV
,QGLDVHQHO (FXDGRU" 


(/(&8$'25 (1 (/(63$&,2$1',12 ,'($
352&(62<8723,$ 
(/,1',23$5$/26,17(/(&78$/(6 
/2$1',12&20235238(67$7(25,&$<
3287,&$&,9,8=$725,$ 
(/(&8$'25(1 (/(63$&,2$1',12 /$+,6725,$'(
68 352&(62 
/DV6RFLHGDGHV$ERUtJHQHV ORQRUDQGLQRHQOD
FLYLOL]DFLyQ$QGLQDHQHO VLJOR;9, 
/RV$QGHVGHVSXpVGHODLQYDVLyQFRORQLDO VLJORV
;9,;9,,, 
/RVLQGLRVHQHO (FXDGRU5HSXEOLFDQR 6LJORV;,; \ ;; 

9
 $
JY呸 DTZH$HRXDHSZYUXD£XR-M H£ DS XRQ£$D H
WWO 6:69:G6
WWO RMSXVHDSHXR] H
OYO 12OOOtOO1,
OYO O26OOO9tO-呸9$9O

1O9=,1OO呸$9OOOO
62,21,
6
&, 91,
&, 1OtOO6,26DQRVYRXQRD69O
D, 9tOO1tO$2O9$tO19 162,21,
6 +2G9+O9O2:9O??I+tOO919O
/£B £B H—DVXVQRVSHXQZH¢
O  RHZ呸HSVRLDSV
L :9:G
6LO 12OOOtO22+O1,
 O ]YQXDRL9 2OOO$6" V119OOOO
62,21,6OOG 622921-9+
呸
&,O 9$OO9?IG:9$OOOG6+G91tO9+?IG
 9+tO9:92:229tOOO+O69
/2L 2+OO
9,21,12,29+2G+221,2OO2,+O9:9+'G
32, 69+RO2112,??IR:6O2+G
 9O-+29O6tOG2+G9,6OO9O
 6
ILMO 62,21,6 69OtO$+69O

ILMtOOO+269$,$;66tO926
& 12,2OtOO1,
 YDQQDRVV9OVDRRD O6

 OL ā-RSHQR XDHXD-SX- XLRH]XH'-4 H
ā āR1R[DXY
 &217(1,'2

)URQWHUDDJUtFROD\HURVLyQ 
/$ &2<81785$/2&$/$17(5,25$/$5()250$
$*5$5,$ 
(ODJRWDPLHQWRGHODIURQWHUDDJUtFROD 
/DVUHVSXHVWDVKDFHQGDWDULDVIUHQWHDODFULVLV 
/$7(1(1&,$'(/$7,(55$ 
/DHVWUXFWXUDDJUDULDHQWUH\  
0(5&$'2'(7,(55$6<5()250$$*5$5,$ 
/RVSHUtRGRV 
/D5HIRUPD$JUDULD\HOPHUFDGRGHWLHUUDV 
/$5(&216758&&,21'(/267(55,725,26 (71,&26 
),1$/ (/(678',2'(&$62</$',6&86,21$*5$5,$ 
$QH[R1R
5RWDFLRQHV$JUtFRODVHQ3HVLOOR  
$QH[R1R 
(YROXFOyQGHOD7HQHQFLDGHOD7LHUUDHQFD\DPEHHQHO
8OWLPR6LJOR 
$QH[R1R 
&DUDFWHUtVWLFDVGHORV6XHORVHQ&D\DPEHVHJ~Q
&ODVWWOFDFOyQ 3521$5(* 
$QH[R1R 
9DULDEOHV\3RQGHUDFLRQHV 
$QH[R1R
7HQHQFLDGH7LHUUDV(TXLYDOHQWHVD7LSR$ 6HJ~Q*UXSRV
(WQOFR&ODVOVWDV 


(67$'23/85,1$&,21$/ 81$35238(67$
,1129$'25$$75$3$'$(1 9,(-26
&21&(3726 
,1752'8&&,21 
&(57(=$6&203$57,'$6 (/)5$&$62'(/352<(&72
1$&,21$/&5,2//2 
(OIUDFDVRSRUH[GXVLyQ 
)UDFDVRFULROORSRUUHYLWDOL]DFLyQLQGLD 

YQ
 ,,,$
HV] 9OOtO6LMtO:91tO?I2 
D 12,22tO24LMO1,
%/R 9/1/VQV
R
QRVVYVDR$62,21, 6QG6

V]] ?I12,2?I122?IO6YQY6?I:
呸D ¢£HXRSHXP£G
SDSDSRVHXQRHRX XQRSXH!6QT" HSX HLVHQGRG H
/= XHXRRHX
XFSRQQVXRFH UXHGDXH$D£D-- SHSSMXLD HXQ
= DVH£R O HQXDVHSRHUHFVH
6= 
?I2
R
 
R

呸J] £HXRSHX—Q£G
FLXHXHXHG £DSXHWRRQQVXRFH HGHUDHSXQ%DV
66=ā 22,-2G
HZHVV 3XSHILHXH DS%23呸OH HGHLH%-:-G
66=
R
,21, YRXRYL?IO221
R
LM
R
2
1呸,:,$2:
=6= 2,21, YRXRY?IO$
R
OO
R
LMO ?IO
9= 623
HOO%V
9= 62--H£HS-H£D- VR
Y= 2,21,$4LMG622?!
Q
R
$64OLM
R
O
R
2LM
R
OLM
=9= 2O;122
Y] 12,22tO22LMO1,
YH 261612O 1Q
12O!!Q呸/612O?IO $O!
,21,O!
O6QG2呸G YW
V
/= 6OG122VRU 1
R
2?!
G
R
LMO
R
 12,2
R
$211,
R
1tO
6= %L?,(8-,9
* %2呸-
= HVWVHS—Q£G$ UHXRD--DX
HR£X£-—Q¢
(& RQXQXRR D]XHVDLGXQ
FF] UHPL¢
]F]
R
,21,
R
6tOG4LMG
 &217(1,'2

/$$&7,78''(/(67$'2</$(/,7(%/$1&20(67,=$
)5(17($/26 5(&85626 81$+,327(6,6'(686
0(17$8'$'(6 
/$6$&7,78'(6,1',$6)5(17($/265(&8562681$
+,327(6,6'(68352&(62+,6725,&2 
(/&8,'$'2'(/265(&85626&$03(6,126(1
&,)5$6  
&21&/86,21(6 


+80$1,602$1',12 /$327(1&,$/,'$'
$&78$/'(/38(%/2 ,1',2 
/$&5,7,&$48(3/$17(2(//(9$17$0,(172,1',2 
O(6 326,%/(/$ &2081,&$&,21(175(',9(56$6
62&,('$'(6" 
(/7,(032<(/(63$&,2 /$5(9$/25,=$&1'(/
3(16$0,(17275$',&,21$/ 
/$$*5,&8/7呸5$ $/7(51$7,9$63$5$81$
352'8&&,21 6267(1,%/( 
/$'(6,*8$/'$'62&,$/(/(03$7((175(081'2
,1',2</$8723,$'(6835(6,21'(/$6&/$6(6 
/$/,%(5$&,21'(/68%&216&,(17(/$5(/$&,21
,1',9,'82&2/(&7,9,'$' 
/$6$/8'/$,17(5&2081,&$&,21 (175( /$
0(',&,1$$1',1$<2&&,'(17$/ 
&21&/86,21(6 


%,%/,2*5$),$ 
$5&+,926 
5(9,67$6<3(5,2',&26 
/,%526 

,;
 ;
6+ :226
YHSHDDSVHXDDSDXD
%$QE È £H-DXD呸 £RXRR
JO
21 2-SHQR
WOO VH--DOODSVRG,DSVHXRRDHSFRGDSR-SHQ!
W/
212-SHQR
//O VR£DQVDSVRGXXU%DVVHQHXDS XRQTSVD
(O212-SHQ
// /O
/Oā/O VHLVVHSX
VD-2-D6 VRU DSRXQDSHRXDH--%OH DSXR
=O
212-SHQ
6/ /Oā.OHXDH DSHSXDXDH£DSXSQ£R$
O/
212-SHQR
0+ // È WODQXDH%YHQSQV H
2/
212-SHQR
/ £RR
26LG8O V
O$/ -,86%£-
G6%, DS XSHRTQ

212-SHQ
OL/ =/ā=// HW38,XSH£TRG%, HS XSQ$

21 2-3%tO2
(6/ 2//ā/ VHWRR-9623IV DSVDXR£RH DSHTH
/
212-SHQR
HW/ H-9--
(-RO- XQxHV %-22--IL9 %--82--
JāR1 SHQR
/W/ 626862L8O6H£R!--IK£%--82-
6
212-SHQR
RH O/ā/ SUHGRāQX%RZDDXHZSD
W
212-SHQ
/ O/26/ ',%?%,4 āRRL呸RZDDR£XDZRD--
&21 2-SHQ
// OOāOO9L?O
$?I- 2--呸I!RZDD2O8:-
O21 2-SHQ
2/ OOāWOāHQD%,DSHSXDXD%, DS8`-2tOOIO
O
21 2-SHQ
62
OFQ
tO- -&, 9V
QXP5呸 XPPUX QQ!Q
 &217(1,'2

&XDGUR1R
7UDVSDVRVGH7LHUUDV 
&XDGUR1R
5HODFLyQHQWUH1R GH9HQWDV\1R GH7UDQVDFFLRQHVSRU
5HIRUPD$JUDULD  
&XDGUR1R 
3UHFLRVGHOD7LHUUD  
&XDGUR1R
/D GLYHUVLILFDFLyQGHORV,QGLRVGH&D\DPEH  
&XDGUR 1R
/RV,QGLRVGH&D\DPEH 3URSLHGDG\$FFHVRD ODV7LHUUDVGH
+DFLHQGD  
&XDGUR1R
3REODFLyQ\(WQLFLGDG HQ&D\DPEH  
&XDGUR 1R
(YROXFLyQGHOD3REODFLyQHQORV&HQVRV1DFLRQDOHV 5XUDO\
8UEDQD   \  

0DSD 1R
&DQWyQ&D\DPEH )URQWHUD$JUtFROD\3DUFHODULR  
0DSD1R
&DQWyQ &D\DPEH )URQWHUD$JUtFROD\3DUFHODULR  
0DSD1R
&DQWyQ&D\DPEH  
0DSD1R
&DQWyQ&D\DPEH7HUULWRULRV(WQLFRV  
0DSD1R
&DQWyQ&D\DPEH7HUULWRULRV(WQLFRV  

;,
&217(1,'2

;,
5XQD HV XQ WpUPLQR GHVSHFWLYR UHFXUUHQWHPHQWH XWLOL]DGR
HQWUHORVPHVWL]RVGHO(FXDGRU5XQDHVXQDSDODEUDTXLFKXD
DFOLPDWDGDDOFDVWHOODQRTXHGHVFRQWH[WXDOL]DGD\GHVYDORUL]D
GD FXOWXUDOPHQWH DGTXLHUH RWUR VLJQLILFDGR SXHV VXHOH VHU
XWLOL]DGD SDUD PHQRVSUHFLDU DO LQGLR R HQ RWURV FDVRV SDUD
FDOLILFDUODPDODFDOLGDGGHXQELHQSHURFDVLVLHPSUH HVXVDGD
SDUDMX]JDUDTXHOORTXHHVWi SRUGHEDMR GHORFXOWXUDOPHQWH
YDORUDGR

1R VH WUDWD GH QLQJXQDDGDSWDFLyQ OLQJtVWLFD FUHDWLYD QL GH

XQDVXSXHVWDDSURSLDFLyQLGLRPiWLFDRFFLGHQWDO VLQR FRQWUD
ULDPHQWH HO FODUR HMHPSOR D QLYHO LGLRPiWLFR GHXQ VHFXODU
DFRQWHFLPLHQWR KLVWyULFR OD GHVYDORUL]DFLyQ GH ODV FXOWXUDV
DQGLQDV \ ODVXERUGLQDFLyQSROtWLFDGHODVQDFLRQDOLGDGHVLQGt
JHQDV5HFXpUGHVHTXHHQOHQJXDQDWLYDHQTXLFKXD ODSDODEUD
UXQD DOXGH DO KDELWDQWH GH ORV $QGHV 8Q UXQD HV HO VHU
KXPDQR

'HDKtTXHSDUDTXLHQHVQRVLGHQWLILFDPRV SOHQDPHQWHFRQOD
FXOWXUDDQGLQDFRQODE~VTXHGDGHDOWHUQDWLYDV GHGHVDUUROOR
HQUDL]DGDV HQ OD YLGD \ H[SHFWDWLYDV GH ORV SXHEORV QDWLYRV
DGTXLHUHUHOHYDQFLDHOKHFKRGHTXH*DOR5DPyQED\DHVFR
JLGRFRPRSDODEUDFODYHSDUDHOWtWXORGHVXHVWXGLR HOUHJUHVR
GHORVUXQDV

(OOLEURTXHHQHVWDRFDVLyQ&2081,'(&SRQHDFRQVLGHUD
FLyQ GH ORV OHFWRUHV HV SUHFLVDPHQWH XQ SURIXQGR DOHJDWR
VyOLGDPHQWHGRFXPHQWDGR VREUHODSRWHQFLDOLGDG SROtWLFD GH
ORTXHFUHHPRVHVHODFRQWHFLPLHQWRVRFLHWDOPiVUHOHYDQWHGH
HVWHVLJORODSDXODWLQD\SHUVLVWHQWHFRQVWUXFFLyQGHXQSUR\HF
WRLQGLRHQHO(FXDGRU

;,,,
 -?,;
HTDQ
SDSRXRLRXXFURXPESHFQE£PUXRSFUUHVDSSSVDURLRD
VRXVSDUDGDQEDSRTRDTS
RiUDTFUDXUV
HS8 RSHIDSž1
ž6-HG
DXRDLXDUVU[DFRXMMRGXFSPXFVDUGDU DS5ZQVV,3 DPLUDGD
HHD-DDS I
SHSTHXRSUXQVXWPGRUGQVUHDURDSV$W8OHRS
XDIUXVXRX\VD623žVRMRQERRXMMRGRSDÈ2-G,3pOWP=-
>OOT
£L 6呸 QXQ QX XDQXQHGRLXQIXRR QV XR DQERUDG
DXQ
DSHRDLQDFUDUXDUSXDGDSXWVRS-DDVXRSDQGDQEVRMUXMGHR]DWS
XD RSH]QUHiUF <O呸 2-4+ D RQE G
QVRSH[RX DLXDZUHQLL
7,4-6RG[DDSH-R£RSRDPHXQFSXRGVDXRFOURSHHRXXW[D
XQH
DXDZHVQU
RSPVLXRRQVDSUHSPPDV(OOOO-GOHH]QHD
HH6QTRRQE28":-2- SDXRMRUSDXSDSDUDQVRXDQE5È
RUTU£ S
FXDQRRR DQE VRMUXMGHRV DS H\DVDPQDPT VRXUDUDQE 21
āVR£THG-XXRZO!呸-XRVRXH]R£HPHXQVGDQE
VRLXHMXQRHLXRRH
ž38 XD£Z$: ,3VRSV£VRLXDQXSVL
XRRVVR£ DSH!O-,2GXRWVXHUGXURRH£ HHXRGDXZH££ R£HRRS
RUSUXVHUD
RSQXHVDVDXāRDX\-RGZDXRž38R£XD£Z£$RZ
XQ HS HSXDVU[D H HZJXR DLUXQHG £HQ 
VRSHSQXRSL
VDUHVDXH HS SHSPXXXRR DS VH£QZ- UDQXRRXD -2G (T!Q
H£ L6-?-SD£RVRRDIIOSDX-HVR£ RSXDQVRXU
SDS VD VRSX
VRU HS VDXRSH]XH呸-2 VH XDZQVH RQE RXUVWXRxHLRUG ^ DUG
XUFWVRSXHRHLVHS
VHXD呸-3VRSHSTHXRSDXVH£ DSRLXHUXQRRX
RRDU UH
HOODS H HRVVRRH H  XDV!P V G
H£SX
XRSHRQSD È DUUXPR H HS VRHXVURLX VRM G
(8-SXH DXRLVWT
HU RS VRUFSXRV VRIDGZR V -2G DRQSXRR VRX QH D
R!
-OOO<-2GVRLXDXURXUH
RXRXUHDVHRVQT RQERXRLXQXRR£SV
āH£HHXFRH]QXDSRPH
DSVHQXXQURRVPUDWRRSHDPDRQTRGXSFDI-呸+H XRR
VDXD呸
SRTH VDSDSFURRVVH HSXRSHPSH呸H£ FS 6`6II呸8( SDXWTWQRR
DQE DQERMXD XQ TQ DS VHX\GVH FS 呸H 2- H HLIR+GVDS

HXD呸-38 XSH]OOH呸 H RS URVMQGXQ D RQRQHVDS DS £

MQVXRR
RR-Z!SHRHPSHDS呸ž RXURR HWPQGSVSD£X DXR
!DKP£FQUHXRGXQDXQXRR SH-6+86G-2-GRS
URPH
 35(6(17$&,21

MDUDFWXDOPHQWHFRQORV LQGLRV SDUHFHTXHOOHJyDVXV OtPLWHV

'DODLPSUHVLyQTXHSDUDHVWRVSHUVRQDMHVVyORVHWUDWyGHXQ
DFHUFDPLHQWRFR\XQWXUDODORDQGLQRYiOLGRPLHQWUDVHOORSR
VLELOLWDED DSURYHFKDU ODV YHQWDMDV GH HVWDU PRQWDGRV HQ OD
FUHVWD GH XQ GLVFXUVR QRYHGRVR $KRUD TXH QR HV VyOR XQ
GLVFXUVRSXHVHOSURWDJRQLVPRGHODVRUJDQL]DFLRQHVLQGtJHQDV
VHGLEXMDFRQPD\RUFODULGDGDOPRVWUDUVHFRPRODFRQWLQXLGDG
GHDQFHVWUDOHVSURFHVRVGHPDGXUDFLyQKLVWyULFDFRPRORDUJX
PHQWDHO OLEUR GH *DOR5DPyQ DKRUD SUHFLVDPHQWH HQHVWD
QXHYDFR\XQWXUDGHQHROLEHUDOLVPRGHUHFRQRFLPLHQWRGHODV
LQLFLDWLYDVVRFLDOHVVHDSUHVWDQDEXVFDURWURVJUXSRVSRSXOD
UHVTXHQRVHDQLQGLRVSREUHVSDUDHPSUHQGHUFRQVXSXHVWDV
QXHYDV SURSXHVWDV GHGHVDUUROOR
$O RIUHFHUHVWH OLEUR D ODFROHFWLYLGDG DFDGpPLFD QDFLRQDO H
LQWHUQDFLRQDO D ORV SROtWLFRVHLQWHOHFWXDOHVSUHRFXSDGRV SRU
HOPRYLPLHQWRLQGLR DORVWpFQLFRV\ IXQFLRQDULRV LQWHUHVDGRV
HQWHPDVGHGHVDUUROORUXUDODORVSURSLRVSURWDJRQLVWDV GHOD
H[SHULHQFLDLQGLDHQHO SDtV \DO S~EOLFRHQJHQHUDO FUHHPRV
TXH HVWDPRV DSRUWDQGR D XQ GHEDWH KLVWyULFR TXH FDGDYH]
DGTXLHUHPiVFRQVLVWHQFLD\H[LJHPD\RUULJXURVLGDGFDOLGDG\
UHDOLVPR HOHPHQWRVTXHHVWDPRVVHJXURVHO OLEURHQWUHJDFRQ
VXILFLHQWHDPS-LWXG

3RUHOOR FRPSDUWLUR QRHO HQIRTXHGHO DXWRU ODV RSLQLRQHV

FRPHQWDULRV\FUtWLFDVGHO-LEURRODVWHVLVTXHHQpOVHSODQWHDQ
FRUUHVSRQGH SRU HQWHUR D ORV OHFWRUHV H LQWHUHVDGRV HQ OD
SUREOHPiWLFD LQGtJHQD 1RVRWURV LQYLWDPRV D OHHUHO WH[WR D
SROHPL]DUFRQVXV FRQWHQLGRV \DTXHHVWDPRVVHJXURV TXH HO
OLEURHVWiGHVWLQDGRDFRQVWLWXLUVHHQHOUHIHUHQWHFHQWUDOSDUD
ODFRPSUHQVLyQGHOSUR\HFWRTXHORVLQGLRVHVWiQFRQVWUX\HQGR
LQFOXVRSDUDHOORVPLVPRV

&DUORV0RUHQR0DOGRQDGR
35(6,'(17( &2081,'(&

;9
 
LPRXX&&,2

O&XiOHVODSRWHQFLDOLGDGGHOSUR\HFWRLQGLRHQHO(FXDGRU
FRQWHPSRUiQHR"7DOHVODSUHJXQWDTXHVHGHVWDSyFRQIXHU]D
WUDVHOOHYDQWDPLHQWRGHMXQLRGH(OODDUWLFXODHVWDUHIOH
[LyQ
/RLQGLRKDVWDHVDIHFKDVHSUHVHQWDEDSDUDPXFKRVFRPR
HO ODQJXLGHFHUGHXQDUD]DYHQFLGD SDVLYD VLQLQLFLDWLYDV \ VLQ
IXWXURTXHWHUPLQDUtDSRUGHVDSDUHFHUHQXQPHVWL]DMHDJUHVL
YR\ DUUDVDGRU3DUHFtD TXHODLGHQWLGDGPHVWL]DFUHDGDFRPR
FRQWUDLPDJHQGHOLQGLRHQHO 6LJOR;,;\DQRQHFHVLWDEDGHOD
LPDJHQ GHO RWUR SDUD VHU HOOD PLVPD DXQTXH WRGDYtD KDEtD
SHUVRQDMHV TXHFRQVLGHUDEDQ TXH ODVXSXHVWD DILFLyQDODYD
JDQFLD DODOFRKROLVPR ODPHQWLUD\ HOODWURFLQLRTXHFDUDFWH
UL]DUtDQ DORVPHVWL]RVSURYHQtDGHVXUDt]LQGLD 3RUIRUWXQD
SDUDVHPHMDQWHV DQDOLVWDV HUDVyORXQD UpPRUD FDVL SHUGLGD
H[RUFL]DGD TXHVDOtDGHYH]HQFXDQGRHQODVERUUDFKHUDV\ HQ
ORVPDORVFRPSRUWDPLHQWRVGHORVPHVWL]RVXQYLHMRIDQWDVPD
TXHVHUtDHQWHUUDGRFRQODVOXFHVGHODPRGHUQLGDG\ HOSURJUH
VR
3DUDRWURVORLQGLRHUDXQDODVFHUDQWHYHUGDGTXHGHPDQ
GDEDXQDDFFLyQGHVRFRUURLQPHGLDWR3REUH]DGHVQXWULFLyQ
LJQRUDQFLD \ WRGRV ORV LQGLFDGRUHV GH GHJUDGDFLyQ KXPDQD


 O>
YU
9È9È 9ā26-9OG
PO-O OXF88 HXQURSHQU£
O$O6OO8^£L%-(O
UXLXQR 7
%87, 8%T%S8%:GS RQE 6GS%SQHXR!&8 O!82 2:2- 82-&:O"--GO
DVVRXHSDSQSRPRRVRRQTRGÈVHPOI7,-
RSRLFLWUQ RUDG
VRR
UXURXRRD VRWSDUDSXFUHXUHSFMM
SHSXXDSW DS RLXRXURMDRXURR
HDXYRGZDXRR SHS呸%3OO HDQ RQ0P XRR 82OO14; āV-W"G
H-O"=+%-HGDS]DGVR DSHXTGSVWSÈ %$3O"
O"3-6 XSH]-O"
HXQFFUHXVRMT
RUUHQXRRR£RSR āHSHTHRHÈHSDÈTH
HSSXD$
O"=
HO O"87, DUD ž1
6O82-!HDG-OOOO V`O2-OOOOO" 6O"- XDHSSD$SH
RX
H[DQX HVDQGRGHDQ VRXUHRHT VS
RSRL RUTRV È VRGQRDU
OO6O 6O^&O UDXRXVDUR-3 SUXQD( R[UX 8-:O"8O"$- 
āHVRDGW"-D
RQUDL
O2Gā£HXR£RHXSHSUXQHHSPSHLRXVRSIHLVQDUDGHVRRIG
XQ S DURSHXRG H- 6%38 V`3%3>%8-O"X VH HS DSLUVXUDS
H VQE 82-28$SH VR£HXRSSHL VRRQMMRG VRXQH I 99GG
VH DS V--$
8-G--DG DXUVQQ HVD DS RSH£  D X
āH]VDZ H£ DQE VDXRSUSXRR HS SHS£HQ XD DPPUHVRXRZH
X£ VH HQE RSH£VJ DS RGX 2--2 H--HSXHZRS VHXRL£SX£
VDSHSQHXRSHX VH RS HSXHXURS - ā0-6 I RLR£X£Q4 XHMQS
RXURRVDXDSXDXRSVXHXQDQV`RXHXRSHXHZFLTRGXQ
HMTDTRSHQRF XD
62$—G!GV\ZVHUVTHXH6-O"$O"OO"G
āXSQUZSRZH
HPXDGDHU
XS%呸GO8
O"- RXURR VHPRL V XH]XRQG VRHXHURGXURUXRR VRLHTFS V
RQEHTHLXRXPxPDVāXSX" HTHVSDUGDQEVRXWSXVVRXUDUHG
V X RSDHDSXD -DV RXRQERG XQ HD
UHW āVHT!D-VSHV
XDUDWXDQEXHSSDPH XDXHHRi
HDVVHQD"S8O"$DS 
HS
XDSUUFRVHXUR[DXUDXQXDUFUHP63OIVHSUUDXUFS 6O"- RQEHTHR
PX-VRX2--O
DGZāRSW"6SGHPXUDUGWURR VRSQXQVH
-G6 XHMTHSVRXDLXRXG
VFLVQUXDUD63OO VRXUHSRU62-
XDI":I
%O6O X UHWSDXUDU G DLXFxP X!HQLV HXQ
RQRUUHVDS £DS
RUQRVRRSD£-GRZRRXHMRDUDGD623ž VHU£
RSRRSUSUDGXHMTQT
 RQE VV RS XSHQW6 H QTQFVHS HUDG VXDSQVX X(-D
=,O-O$88O?"
+ @
 ,1752'8&&,21

UHSUHVHQWDFLyQ GLVWLQWDHQXQ(VWDGR3OXULQDFLRQDOSRUFRQV
WUXLUVH +DVWD DTXt FDEtDQ VXV SODQWHDPLHQWRV HQ ODV LGHDV
DQWHULRUPHQWHGHVFULWDV6LVXSRWHQFLDOLGDGVHKDEUtDDJRWDGR
HQXQDQXHYD IRUPDGH(VWDGR HVWDUtDPRVVyORDQWHHOMXVWR
UHFODPRGHQDFLRQDOLGDGHVH[FOXLGDV3HURQR1RVSODQWHDURQ
TXHVXSUR\HFWRYDPiVDOOi TXHQRVLQWHUSHODEDDWRGRV\TXH
HUDEHQHILFLRVRSDUD HO FRQMXQWRGHODVRFLHGDG HFXDWRULDQD
%HQHILFLRVRHQHOVHQWLGRGHTXHVXSUR\HFWRLQWHJUDEDODVPiV
GLYHUVDVXWRStDVVXHxRV\UHLYLQGLFDFLRQHVGHGLYHUVRVVHFWRUHV
GH OD VRFLHGDG DFWXDO GH HFRORJLVWDV PXMHUHV KXPDQLVWDV
FODVHVVXEDOWHUQDVHWQLDVQDFLRQHVRSULPLGDV,QGLRVSRVWPR
GHUQRV GLUtDPRVFRQDVRPEUR SODQWHDQXQDVRFLHGDGGHO PD
xDQD
6LWDOHUDODQRYHGDGGHVXSUR\HFWRYDOtDODSHQDLQGDJDU
ORVDOFDQFHVGHHVWDDILUPDFLyQ6LQRVHWUDWDEDGHXQSUR\HFWR
PHUDPHQWH UHLYLQGLFDWLYR GH XQ VHFWRUHPSREUHFLGR QL WDQ
VyORGHXQSUR\HFWRQDFLRQDO TXHDSXQWDEDDUHVROYHUODLQWH
JUDFLyQGHODVQDFLRQDOLGDGHVLQGLDVHQHO(VWDGRHFXDWRULDQR
KDEtDTXHSUHJXQWDUSRUODVSRWHQFLDOLGDGHVGHHVWH SUR\HFWR
SDUDLQWHJUDUSRWHQFLDU\FRPXQLFDUVHFRQORVVXHxRVGHRWURV
VHFWRUHVGHODVRFLHGDGFLYLO

1RVHWUDWDEDVRODPHQWHGHDYHULJXDUODVEDVHV REMHWLYDV
GHODHWQRJpQHVLVLQGLDHQHVWRVDxRV VLQRGHLQGDJDUORV
HQWURQTXHV REMHWLYRV\VXEMHWLYRV HQWUHSUR\HFWRLQGLR\SUR
SXHVWDVVRFLHWDOHVFRQWHPSRUiQHDV (OORSODQWHDEDXQDLQYHV
WLJDFLyQGLVWLQWDDODVTXH KDVWD DTXt KDEID UHDOL]DGR $VXPt
FXDWURHOHPHQWRVPHWRGROyJLFRVTXHPHSDUHFLHURQSHUWLQHQ
WHVSDUDHQIUHQWDUODSUHJXQWD

3ULPHUR SDUWtGHODHYLGHQFLDGHTXHHOGHEDWHHUDPX\
WLHUQRFRPRSDUDWHQHULGHDVVXILFLHQWHPHQWHVHJXUDV+DEtD
TXHSDUWLFLSDU HQHOGHEDWHTXHVHDEULyHQHO SDtV SDUD FRQ
IURQWDULGHDVVREUHXQWHPDWDQIUHVFR\GHVFRQRFLGR 'HFLGt
HVFULELUHQVD\RVSROpPLFRVFRPRXQHMHUFLFLRGHFRQIURQWDFLyQ


 W
62-7,--—?"62- VRSRUDSHPSD W" 8p DURGQRDURV2Op!-G8-2-
RLQRXPxUD£DRQEXQH
R£R‡3ž‡G‡SDUUXRD£HXQDLWXXDGRQD

VRQURVD XRUDQM RXLRR H
VRXURXRPD VRUQRXUVRS HUUXRQQVH
QVRSDHUFVXRRVT
DGZRL[DU SSHSOOQ5IUHUFGQRDU5-HG
RXURR-6%
VD£WP£UQVRUHTRSÈ呸!XH$HVR£ QQGHRQUHGHP呸QQZV
DUHXHXU HS VRSHURTHSDU XRUDUT VRQD
VQ--O-5 RS 5--2ÈHZ
O"> RS D£HTDS DS VRSSOpIp V VDQ
p!OOOp!:>%8,-
2O-W",?

 VDHXRUHXVH\!XD
6
33VHUDLVDT
VD£HXQZRRVHVVTVH RSVDSXSQHRHS VD-p!$I8
VRVUDVUSHS VHXD-38XRR VR£XD$DVRSH$ XD 呸GSSW"G
D£XDUQ
£H82239ā—H]P$3232È2-GRXLRRSHS52822GQVÈ £HX
RSDXHXURMTRUGRXLRRXRSRQQVXRRQV
3‡36-2$3QVXR238
RSRIRG£RSXSHPSHZH£-HSPV‡O8--2GVRXRQDāVR£X2$D
VR£HG2OO‡GVQVIHP£XQÈRRH£‡366^呸XHXQI‡3OO6628RX
 H DSXRSDPSHUH£ DS XSUX£VXR! HXQVRXUDLXRLX
USRS
VR
HLXHVDUG£RS 6VPPH ‡XRR RRSV RIHSRTH ‡ VRZHX
WTXURRVHZD£V DSDXQW"S呸RSRI
HTHHHG
2----p!-
VRVXHVXRFHDXD
DUDGSHSSHGHRQVÈ RPVQUHXPTDXRR
VTTHUXDLVQV RMMRUUHVDS
£D82-RUSXURSDKRG£DSž-O"S-O", 2:2-6O":OOXRUFSVUHGH
8-OG XVD RIHJāVDRSDVVRLVDDS VHMGRLQVH XRR ž3ž RSD^
2-GSS XSH-—PZRRDX RS VDSHSQHSXD£RG UH- -8O-82-8D
HTDRVQT RQDāHRX\RGPR£XRR O3 SVSHSRV H£ RS VDLXRLRG
VDURLRDVVRSVHUVRQGRUGRSQDXUD[DD^ VHZD£RSXSHX
QXDSUX£ VHLXVXXUHGXRUHSRUHGDWXSXJDQ-XVDSRSVVXQRM
VRDāVH-\SDGVDVHXUVHXQDGXDDVUQD~LHVDSHMTDS
£WXDXDLL
KQZXSDUHG
KRTDSSHURSXRž3ž RSD^RBG£DSSHSQHS
XDURGH£DUTRVHTH呸HSXHQELHXD-HXQDGX£
RSXQDV

28:%-DVDXRUVW[UX
VRSStRRDUMQEHVQ!-O" VR£RS62-O"$āVD!XO"$O" VRUGRUG6: HS
 OOL$
U1$&O呸>8I†OO
RL886OO
RLO O/
O&8829"

,1752'8&&,21
¢+D\VXILFLHQWHVHOHPHQWRVGHVGHXQDSHUVSHFWLYDWHyULFD
\SROtWLFDSDUDGHILQLUFRPRQDFLRQDOLGDGHVDORVLQGLRVH[LV
WHQWHV HQ HO (FXDGRU WDO FRPRHOORVVH DXWRSHUFLEHQ" OVRQ
DSHQDV XQDV WULEXV FRPR DOJXQD YH] GLMR HO GHVDSDUHFLGR
$OHMDQGUR &DUULyQ" R ¢VyORDOFDQ]DQHO HVWDWXWRGHJUXSRV
pWQLFRV RHWQLDVWDO FRPRVXHOHGHQRPLQDUORVODDQWURSROR

 $ SURSyIOLORGHO /HYDQWDPLHQWRGH-XQLRGH  H SURGXMHURQYDULDVGHFODUDFLRQHV

TXHQHJDEDQHOUHFODPRLQGLRSRUSDUWHGHKYHUVRVSHUVRQDMHVTXHELHQYDOHUHIHULUODV
/D )HGHUDFLyQ GH*DQDGHURVSURGDPy‡VX IHHQOD ~QLFDQDFLRQDOLGDGFRQVWLWXWLYD GH
OD5HS~EOLFDGHO(FXDGRUQDFLGDGHOJUDQGLRVRFULVROGHOPHVWLLDMHKLVSDQRDPHULFDQR
&2PFUFLR GH-XQLR
/D3HULRGLVWD0HUFHGFV-P呸QH]VHO?DOyTXF1RFDEHODPSRFRDOHQWDUQLQJXQDGLYLVLyQ
FRPRDTXHOOD GHUHFRQRFHUYDULDVQDFLRQDOLGDGHV \D TXHWRGDVODVHWQLDVTXH KDELWDQ
HQHO SDtV FRQVWLWX\HQXQDVRODQDFLRQDOLGDG(O&RPHUFLR  GH0D\RGH 
2WURSHULRGLVWD $QWRQLR0RUWFQVHQ SXQWXDOL]y TXH 6H QRVKDEOD GH GLH]R GRFH
QDFLRQDOLGDGHVLQGtJHQDV SDUDFRPSOHWDUHOFXDGUR H QRVGHEHUtD KDEODUWDPELpQGH
QDFLRQDOLGDGHV DIULFDQDV OLEDQHVDV FKLQDV 8QD QDFLRQDOLGDG WLHQH SDUD VHUOD OD
H[LJHQFLDGHYDULRVSDUiPHWURVMXQWRVTXHODGLVWLQJLHQGHO FRQJORPHUDGRFROLQGDQWH
FRQUUFQWHUHVPDUFDGDV(O &RPHUFLR -XQLR
7RGDYtD PiV QHJDWLYR IXH $OHMDQGUR &DUULyQ DOVHLOD?DU TXH OD SDODEUD QDFLRQDOLGDG
GHEH VHUHQWHQGLGD
WULEXV SRUTXH HQ HVWH SD^V QR KD\ PiV QDFLRQDOLGDG TXH OD
HFXDWRULDQD (O &RPHUFLRGH-XQLRGH


 
RSUV(TRXURR
VRSUSXDLXDVR£HZHSRXDQ
RVRQXRLÈQZRSUVHT
VRLXDQQHFLXHMGVDLXHIVXUDVDSQXHGHRSHDXD
D FUDTDS
ā%PQSQ£GÈ HXRSHXSQZRS(6XQRXURR
VMHGXDH£DSDVDQEÈW"=-OVDZRHXHXRUHQRVSDSTHUURWRHXHU
H VDXRRWSXFF RS SHSH呸£ XDVDSHSTDXRSHX RXURR VR£SX£ VR£
HQR]RXRRDUDVDQEXRGUXVR£HSDGVDXRPVQDRVRUXRXXDFLXDMG
VRVD DS VRS RUDGXUT āHQTOG XFXQGR (- VS XRWD
"GD!" W"IVXD£SH-W"呸IDHXRUDW[UXVRWXRQQDRLXHMGVQVRSH]D
VQ@H£ G DQEVHXURMTRUG
ā£D
2O3呸-!
HSXD£$-$
SQMDV
H--DS
RSRL XDTDXUHSDU DQE VRLXQG V£\VSD£D āVRQR£ VRU RS £HX
22‡1RSD£VJ‡3RSRÈR-G‡URGDSVDSRSPQVXRRDQEWS
£D RUGXURU  DS RXH-D$ £DS RLSXW 2-8:O"O8O"$<- 
āVDS"S^HXRSHXRXURRX-XJDSRQFHVVRUTXUFXXVR[QRRWSXW
2XDZ£$2: RVRUHSRGXQDSHSXDJ-DZDH È HXRSW"1 RSHV
I3 2O8:O"82-O6!Q!  R[HQX O8:H-QXD 2XD£Z£DXR!H
XQ G
RSRL RUTRV 2-!G
X!HTRG H HS HX!J-38 -2O-!V !
-2GVRSH]UXRVHLRUG62O8呸-O82-H6O8
%O-2G: !S2-HX!-6!
RSWV HT URSDQRJI VRXH 62:-O-, 62O6 8
4O8:WO
$--
VRXHXRLHQRV

DS2VD- £DSSHSID£F~DGH ÈW"38HSXDL-DZDH VDQURSDQRJ
£DXRRSHXJSR XHTDVDQEVDXHLRX!X VR£ V!H ā¢VR\!XHZ
È 6W"--$W"-8W"2+ 62`-TQ-6S- 8:W":-O 62- È
HQG62>

8--2-VR@
£T!HT VR£
O"OO^-<6/ VR£
HÈR!DVHX26 VR£
RHQ+
VR£
H0\ VR£ RXURR VRXDQERG VRGUXx H DQE
UHQTRHUHQTV VR£
È VDQTRPE VR£ RXURR VRGUXx VRXQRXD H VDSHSIHXRSHX RXURR
UHUFSLVXRD-O"呸GVRXURSRGM
H-£-S!GVDV\ZDUDXDXU4
ā¢SHSQHDQVHVHS£HGVD!SRMMRXFRSXQUQXQRSH!S-26HQ!DV
H£ RSQRDVRQERSXQMRUGHXURMTRUG XQ UH]WXQXQX È UDPtXRR VS
XFUDUGRX
VDSDSUXQXURF È VHQQDVDMGXQVRXUV
VRSDSTDXRSDX
XRV RX DQE HS RSXHVXHR S HVHT !6-O!G!- G RSHV £DS
È UHXRSHXSHSDSRV H !SRXDGXUDDVDRVHRY" ā¢VRXHSRHP!
VRRXMMRG VRSQUDG V2 !S VDX!J33 V2 DXDZDXDS! È H-J
2=8OWOO$ 82:OU!O 2OOQ
 ¢+$<1$421$/,'$'(6,1'O$6%1(/(&8$'25


EXHQD SDUWHGHODKLVWRULDGHODUHODFLyQHQWUHORVLQGLRV\ORV
LQYDVRUHV
+D\XQDFRQWURYHUVLDFRPRGLUtDHOH[PLQLVWUR9HUGXJD
HQWUHHOFRQFHSWRQDFLRQDOLGDG\ HWQLD TXHFRQYLHQHGLOXFL
GDU

/$ 3(563(&7,9$7(25,&$<32/,7,&$

(OGHEDWHVREUHORVFRQFHSWRVHWQLDFODVH FRPXQLGD
GHV R QDFLRQDOLGDGHVSDUDGHILQLUFRQPD\RUSUHFLVLyQDORV
VHFWRUHV TXHVHUHFODPDQFRPRLQGtJHQDV HQQXHVWURV SDtVHV
WLHQHXQDODUJDKLVWRULDLQWHOHFWXDO HVSHFLDOPHQWH HQHO iUHD
DQGLQDHQ ODTXHVXSHVRGHPRJUiILFR HFRQyPLFR SROtWLFR\
FXOWXUDOHVPX\IXHUWH DWDOSXQWRGHLQVSLUDUXWRStDVSHUPD
QHQWHVHQWUHORVQRLQGLRV9DOHGHFLUVLHPSUHHVWRVFRQFHSWRV
HVWXYLHURQ OLJDGRV D SHUVSHFWLYDV SROtWLFDV GH JUXSRV GH OD
VRFLHGDGGRPLQDQWHTXHFUH\HURQYHUHQORVLQGLRVXQVHFWRU
VXVFHSWLEOHGHVHUFRQYRFDGRVDVXVSURSXHVWDVSROIWLFDV
+DVWD KDFH XQD GpFDGD HO WUDWDPLHQWR GHO SUREOHPD
LQGLR VHKDEtDHQIUDVFDGRHQODGLVFXVLyQHQWUHORV FRQFHSWRV
GH FODVH \HWQLD (O GHEDWH DSDUHQWHPHQWH LUUHFRQFLOLDEOH
HQHOFDPSRDFDGpPLFR\GHODL]TXLHUGDPDU[LVWDHQFRQWUyXQ
PHMRUWUDWDPLHQWRHQWUHORV SURSLRV LQGLRV +D\ DFWXDOPHQWH
XQFRQVHQVRVREUHODFRPSOHPHQWDULHGDGGHODVGRVGLPHQVLR
QHV UHFRJLGDHQODPHWiIRUDDQGLQDGHPLUDUODUHDOLGDGFRQ
ORVGRVRMRVODLGHDGHODFODVHDSRUWDHQHOVHQWLGRGHSHUPLWLU
XQDQiOLVLVGHODH[SORWDFLyQDODTXHHVWiQ VXMHWRV ODPD\RUtD
GHLQGLRVGHEXVFDUGHVGHXQSULQFLSLRVXWUDQVIRUPDFLyQDXQD
VRFLHGDG VLQFODVHV\ GH SHUPLWLU XQDDOLDQ]DPXOWLFODVLVWDGH
WRGRVDTXHOORVTXHVHVLHQWHQH[SORWDGRV\H[FOXLGRVGHOSRGHU

 9HUGXJD &~DU ,QWHUYHQFLyQ HQ OD ‡HRQUHUHQFLD ,QWHUQDFLRQDO  \ OD SREODFLyQ
LQGtJHQDGHODV$PLULFDV9GHHQHURGH 

RXDSRLDQRDž3O8ILO$:SSRQRGHXQVDRLXQIXRD
QVWUD>HXRWRHXRSHLVR-D33O"3OOLO呸ID£ ÈXRMRUXXVXRR("O" IO"O82OM
DLRXDXUDSUHXRQVDQRO" UHVHGDUDG
RSW"OXQ RSRXURQQ £W"VD
HXRSHXVDXRXQQ RSW"ZDTRG XQDVDSHIDS
QRDSV
āVDPRSWP SDSRLRRVHU
È RSQVSDXDZHSD3 XRVVDURPRRSDQQVQV
X(G
RQ

HVDS È HSH-RZDS DSIO"O83-- XFRGFRXRF H£ DS È P 
HMURUDQRDSHSTHXRRHXO"IDS6-6\TVRtXDXUHSXQMVR£ £H-3O"-
HURXHXUDSRLXDUXUDXRQVDQDXDDXRGDQE-%8-O"8 HXUDMTRUGXQ
XDDV-8D$8-DUDG
VDSPR呸ID-RVD-W"-VDXRSH-3OO$DOHRS
SQSDUFUXDWXUDDLXHMGXQUDVRSHIDSHXD-38 HS\ZDTRGH
DQE £DXD$O%OOHQ RXHVXQRXURR FRRUHGH%:HVDXH
XF SW"S-HXRSHX VS HDS H£ DS HSXDD-3 DV HXD RS HDS£
%
VDG-DX£%ODDQER££TZ呸 ‡3 H£V£$VSRLXQG ‡DSVDD
āXH-38$D-
VH VDXVPE DS O"$SDITQV SHLXQMRª H È XHDGDX (SRDH
HQHXQDQERRXMMRGOTZ\D呸£HSQ-VRLRRGVVVRSHHSX
DD D-DHGHSHSQHXRSHX ÈHXD DXDHSX-3 (@

2--2G
RLWTXUH£H£"SHVH DUHG6O"--:"SHHRS V"!£XR VH£ !S
HD-DHTS£!RSXVFWTQ
638VRMGRUGVR£HSVHS86
H]XVRXU
SHSQHQSD£!WX H£ DSVDS RX HÈ RUDG VHXD-SX£ VHSHSXHX
RLRDXHSRDUH-H H]D- XRR DLZD VRXH VRWXS, V XD
DO
XDZH$S-D-āLVH呸-DGDFDUDGHQāH--O-,2GXSQ£RVD DXQ
H!$8XHG
6-O-,GÈ VDHSRVVR-DÈGDXRGDQXRR H£S

]DDH2āXRSHVDXSHX0 ÈSHS-W"XRSHX‡HQXD DSVDXRRRX

VH£DXDW"-6-D$XR-(-XRWTVHXUHD8H£GHQSHDHTDS
RVHRRUG£DRTXRVDSDQEVRX
RSDPUVVDUXHWTXUDR VH£ XDHQXXQURR DSHR (GO8W",GDQE VRSHS
UVFRRXVH XDHSHRMTQVLXRXUHVRSPU ž36HTXRWVXDXQSDQR È
HXQRSXRRHMQRQUHÈHMQEUHUFU(@ āVRV-呸03OLQZ63žVRMTRQG
DS SHSUXQ H£ VS RVHT RXURR HPUR È HRSWVT SHSQXDSW HU
UDURGQRDUHSRSQXRVDXRDXRGHH呸LD H VSW"DS£ W"-
XH XD
 L+$< 1$&-21$8'$'(6,1',$6(1(/(&8$'25"

TXHHQULTXHFH RWUDV LQWHUSUHWDFLRQHV FRUQRODGHO YDOHQFLDQR

0LUD SRUHMHPSOR TXHFRQFHEtDTXH ODOtQHDGLYLVRULDHQWUH
SUREOHPiWLFDpWQLFD \ QDFLRQDO HVWiHQHODFFHVRDXQWHUUL
WRULR SUILR \D TXH HVWR ~OWLPR LQWHUSHODED OD FRQVWLWXFLyQ
QDFLRQDO  (QQXHVWURFDVR QRVDOWDDORQDFLRQDOSRUHOFRQWURO
GH XQ WHUULWRULR VLQRSRUHO QXHYR HVFHQDULR TXHVH UHFODPD
SDUDUHVROYHUHOSUREOHPD
5HVSHFWRDODYROXQWDGVXEMHWLYDGHORVDFWRUHVODGLIHUHQ
FLDHQWUHODVFDWHJRUtDVHWQLD\QDFLRQDOLGDGKDVLGRFRPSD
UDGDD OD PX\ FRQRFLGDGLIHUHQFLD HQWUHFODVH HQ Vt \ FODVH
SDUDVt/DHWQLDVHUtDHQHVWHFDVRXQDQDFLyQHQVt TXHUH~QH
WRGRV ORVHOHPHQWRVREMHWLYRVGHXQDQDFLyQ WHUULWRULRKLVWR
ULD OHQJXD RUJDQL]DFLyQVROLGDULGDGGHVXVPLHPEURV\ VtP
ERORV GH GLIHUHQFLD UHVSHFWR D RWURV JUXSRV (Q WDQWR OD
QDFLRQDOLGDG LQYRFDUtD ODGHFLVLyQVXEMHWLYDGHXQ JUXSR GH
UHLYLQGLFDUVHFRPRWDOHVGHFLUFXDQGRVHFRQYLHUWHHQFRPX
QLGDGGHGHVWLQRFRPRGLUtD%HU%RURMRY

(QHOFDVRGHORVLQGLRVHFXDWRULDQRV ORV JUXSRVpWQLFRV

UH~QHQ GH PDQHUD GLIHUHQFLDO ORV DWULEXWRV GH QDFLyQ HQ Vt
WLHQHQXQWHUULWRULRRQ~FOHRFHQWUDOLQFOXVRORV TXLFKXDV GHOD
VLHUUDTXHFRUQRKDVLGRGHPRVWUDGRSRU*.QDSSVHDJUXSDQ
GHPDQHUDFRQGHQVDGDHQGHWHUPLQDGDV SDUURTXLDV XQDKLV
WRULDFRPSDUWLGDHQORI—QGDPHQWDO XQDOHQJXD FRPRIDFWRU
FXOWXUDO GHHQRUPHVLJQLILFDFLyQ IXHUWHV QLYHOHVGHRUJDQL]D
FLyQGHEDVHHQFRPXQLGDGHV\FHQWURV HQRUJDQL]DFLRQHV GH
VH呸R\WHUFHUJUDGRHQFRQIHGHUDFLRQHVUHJLRQDOHV\QDFLR

 0LUD-RDQ&UtWLFDGHOD1DFLyQ 3XUD9DOHQFLD 

 %RURMRY %HU 1DFLRQDOLVPR \ OXFKD GH FODVHV  0FLUR &XDGHUQRV 3DVDGR \
3UHVHQWH1R 6LJOR ;; (GLWRUHV
 .QDSS *UHJRU\ HQ *FRJUDttD TXLFKXD GH OD 6LHUUD HFXDWRULDQD $E\D<DOD 
PXHVWUD TXH OD SREODFLyQ LQGLDVH KDEtD DJUXSDGRPD\RULWDULDPHQWH HQ GH ODV
SDUURTXLDV IRUPDQGRQ~FOHRVpQLFRL HQ ORV TXH WHQtD PD\RUSHVR GHPRJUiILFR TXH
FXDOTXLHUROURJUXSRpWQLFREODQFRPHVWL]RRQJUR

4
 RL

DVQTDSWPH—R£HQ-DXRSDXDXQRSXSH]UUHV—RH RS£H£XDZ
QSXUT‡XQG£Rž3
‡T—RS‡V££‡
RVRRULVDQXX
āRSR£VRMRV
XQXR XDGUX呸H DV DQEVRXRSHX 6%-O"$ -DTHT XDSDQG DQEXQH

XFRDXW"-RS843,O-3DMXDMDQXFR-2-XQDMGXUQDD£V呸
RSHB£V
£DURG-3DVRXXSHXH RQEXQYāPRSWP"SXDSXRRDXQ
RSXHDLR
VD£PQ£\UR VRJVH VR£ D£XDZLHS\R XHDD È DDXJDS
HV
WPRVDTR DV —`D D
(]$SHZRX DV H呸XD£ H VHX
RSHXXDXH]QHV—VDSHSQPRSHXVH£
W"$O%-O68:3%%-O-,2G
XSH]IIHXD H£ DS È R—DX RSVRUDXL XQ DS XRSDDUR DS VRV
RRRUG62- 82- UHQ O"- XODV
RZVQPGH ,3W-2GLH RS(-3
VUTHSR呸DH! HXQVH?84!WP H HV呸HZ8433W"-OH\ 

RWUHXRUHURHRSHV-H È (3OO
XSHXHHHSXDXDLGD£TRSW"8Q
623 VR£RSVFSāUH!Q£2$8
‡
3‡3O‡,2-OGXRLLHXQ6-G‡XDRSXPESV‡TRSPVDXRS
 
HX È SHSQHXRSHX 呸XXDO"6-DW?XR! O"I
DUHGH-2G

2-OOJ‡G£RG‡GXQXDRJDQIDSXRS

RSDL?G 2$DQX XQ XD VDLRLRVV VR£ VRSR£ H H!Q£2$8 HUDG

SHSDSRVH H DVUHXH È £HXRSH1RSHV£H UHUTXUHRXHXDX
RQEVH£ XRR VVQRSRH
= £DSDUTUXRR DS ]£ OXDIOOOO"OWQ"$D-
DSSHSPXXXRRVH£
VDXRSD£DVH£ XDÈ VRVXRRVR£XRUHGSQUHG
H H$SHDXH
 £DS RMXQ@HS ž3 2OXDUXUDWUHW?D
@ £D RWQRF

HXRSHXVHQSH呸-D$XD HS VRXRHRH HQRHVDS%-HG
66
%,!O
SXQ £ X2呸DQG
MHXRSHXXMWQQH—RH!2$82! H
RSRLRUTRV
RUDG
8呸D-H
HSSVQIH
SQMHVH£
XSH!QSDH RS VRXDQDL
VR£ XH 623ž RXURR UH£URSLHGRLXHQQPDQXQ
RUGRUGR[QVR
QSD HXUFLVWV XQ RQHVDS I UDUDGQRDU
UHD!D G SDQUUTRH
O"^XDDVHGVH! DSHQG-6HUDGXRSVXVH HV,
RWTXUHRX
āRIRVXXR0‡/‡3HLDSXRT‡ ž3
DT‡T
DÈQT—HD£ DVDQE VXURRUH XQ
HDSXHTDXQ RVQSXM
RLXHPUHV
FHGHSVHZDO6I6 VRU
VH£R!呸HVHZDO6I6 VR£
VHVDJ VH£
RSHRRL
£D
RSSVD$ SRXURR
VH!UXVHUDQURQ
VHSXDD-SXDRQQQDQE
VRURTXQVDS%W?OO"-QZUWUQ È DXDWUH:-G&, XSHD!D H È
VD£HX
">£?8:
OI2>O4
 ¢+$< 1$&,21$/,'$'(6,1',$6(1(/(&8$'25"

PHVWL]D TXH VLQ HPEDUJR KD ORJUDGR LQYROXFUDU D WRGDV ODV

QDFLRQDOLGDGHVLQGLDVDWDOSXQWRTXHQLQJXQDGHHOODVSODQ
WHDXQ SUR\HFWR VHSDUDWLVWD QL VLTXLHUD IHGHUDOLVWD VLQR XQD
GREOHSHUWHQHQFLD ODDGVFULSFLyQD VXQDFLyQLQGLD VHDTXL
FKXDVKXDU HWF\VXSHUWHQHQFLDDOHVWDGRQDFLyQHFXDWRULD
QRFRQFHELGRFRPRXQ(VWDGRSOXULQDFLRQDO

/DQDFLyQHVWDGRHFXDWRULDQRFRPRSUR\HFWRSOXULQDFLR
QDO DSDUHFH FRPRHOWHUULWRULRFRQFUHWRHQHOTXHGHEHQRSH
UDUVHORVFDPELRV TXHVHSURSRQHQDSDUHFHFRPRHOWHUULWRULR
GHLGHQWLGDGQDFLRQDOYDOHGHFLU ODVGLVWLQWDVQDFLRQDOLGDGHV
LQGLDVVHUHFRQRFHQFRPRHFXDWRULDQDV(PSHURODLGHDGHVHU
UHFRQRFLGR FRPRSHUWHQHFLHQWH D GHWHUPLQDGD QDFLRQDOLGDG
LQGLDFUHDXQQXHYRQLYHOGLUtDPRVVXEHVWDWDOFRPRORFRQFH
ELUtDQORV EROLYLDQRV

9HUWDPELpQHOWUDEDMRGH;DYLHU$OEy(OVLQXRVRFDPLQR
GH OD KLVWRULD\ GH OD FRQFLHQFLD KDFLDOD LGHQWLGDG QDFLRQDO
D\PDUD HQ5HSURGXFFLyQ\ WUDQVIRUPDFLRQHVGHODVVRFLHGD
GHV DQGLQDV VLJORV ;9,;; $E\D<DOD  HQHO TXHODV
QDFLRQHV LQGLDVVRQUHFRQRFLGDV RUJiQLFDPHQWHFRPR LJXDOHV
GHQWURGHODHVWUXFWXUDGHO(VWDGRSOXULQDFLRQDO

$VtSXHV HOGHEDWHVREUHODH[LVWHQFLDGHQDFLRQDOLGDGHV
LQGLDVHQHO(FXDGRUVHUHVXHOYHHQODSROtWLFDHQORVSUR\HFWRV
SROtWLFRVTXHSODQWHDQORVDFWRUHVVRFLDOHVVREUHODEDVHGHXQD
VHULHGHFRQGLFLRQHV REMHWLYDV (VDV FRQGLFLRQHV REMHWLYDV GH
WHUULWRULR OHQJXD FXOWXUDVRQDFXPXODFLRQHVDQWLJXDVHQWUH
ORV SXHEORV LQGLRV OR QXHYR UHVXOWD OD YROXQWDG SROtWLFD GH
FRQVWUXLUVHFRPRQDFLRQHVFRQHVWDWXWRSURSLR\VXSURSXHVWD

 9HUHOWUDEDMRGHORVLQYHVWLJDGRUHVGHO&3'?3RUXQD%RO0DGLtHUHQWHDSRUWHVSDUD
XQSUR\HFWRKLWyULRRSRSXODU/D 3D](OOSODQWHDQODLGHDGH
QDFLyQVXEHVWD
WDO
SDUDUHIHULQFD JUXSRV LQGtJHDVRUJiOOLFDPHQWHUHFRQFFtGRVSRUHO(VWDGRSOXUL
QDFLRQDO HQ FRQGLFLyQGHLJXDOHV


 ]£
(O UHQTRDUHQTV 62I È VDQTRPE VR£ DXRXDQVUUDVDS XDT DV
RQEV XDVRSVTVRVRRRUG 62I DS 286
DQXDO"- RS-O":W"O
UDSDXPQXDXUQSXU\DSXDGDSRXVDSHSTHXRRHXVHVUDH
3 6(L XR VVXRSD]TPVXR VDXDD-SXDXDS%-O-,2GXRWVRUG[D
QV È H$SDITQV SDLXQMR[ HVD DQE HS %O7,
":%/
¢HVOOHIDZDVXHR
QG[D6%2-6TVDXRSHUQZQH呸QEVRXUDQPMDUGVRX
RSSXDV
D£VDXDāVH!SVTVDSDSQXDRPRRDVQUXLVXRRÈXRUVDUGR%IH
XDTXDDUDGVDSHSDSRVVH£PGVHSHUGRUGHRVHSHXRSD£DVVDX
RSPXDXQSDVRVDXRSHSXXQRDXRJRGXUDXH££DXDXHUDGR
DV DQE VHXRSHMQXPRH VH£ %
%!S-,2GH£Q H£ H
%SXDSDG[D
H£HRSHRLXFXUHXUXXM呸V
XURVGXURTMāGāHRSXHFVDQHUHG
RQE
-6 DUDGVHXRSHXH -6 XHVRXRSVXRS 2O68呸-O RVH£ XQVD
āRRSV£TRVFRRUGH XQHSRSHXQVHUD VD
D6-2-O682! -2G
RXDXRLHQRD UHXRSHXSQ£G RSHLVJ XQ DS PSDWX £H VHXRWRDX
RXURR D6-*3-DGDS H!SMRGSHQPWRª H£ RQEDXDS-V
O6,+ 6,61QV6-6O2GO+OI1tO
¢-RSHQJ £DSVR]XVVXLVRXHSHSQSRXURR
VRSHXHHGMDXRSHX33žžž
H£ IRSHV£RHDQE
R£ RSRTFRGVRSHVGV VHRGRRSQG2:"āVRSHS,
VXRSHX-6 DUHGVFXRSHXHVVQQD-6 XRXRSDXHXQHSUDVDG
RS62-3 VR£ XDHURGF-6 DQEHQHVDHSQSXUV6-RV--2-GDVD
RSRQUQXRMVRUGXQ-DXH$D-D-VHXU
88G2H--6-QXXāV-UH
XHXUHSXQMVDSHZVRVD-D呸RRD-XDTVSVRXUVVQRQEVHSRtIDWH-
VH
RRQMMRG È R$SDITQV DXDZH-6O`T HXURMTRUG XQ
HXRSHX
DXUDMTRUG\DRSXD£VUHXRHHXXQMGRSHOVJXQXDXRSQMRVDURS
H-£O-O@-GHDS£HXQRSXDDLXDMGÈ
MDXRRHXSHSDSRVHUHÈRSHOV
H RSXDMDGUFQQ
VDXRSHX URV RS HSQG[D SQLXQMR[ QV RSVFS

£HXRSHX H-£O-,2G H£ XD HZD£TR-G £D RSHRMTQ XHT -XD-8$

XRR ÈQZ DUDXDXU DSDHTDSDVD RLMDQVDU XHT 6'3ž 62
@

RXDXRLDQRD
RSHLVDXRURHX HU DS RXDV SXF RSDRHT DS
HRPMRG X£TZH
 L+$< 1$&,21$/,'$'(6,1',$6 (1(/(&8$'25
"

YROXQWDG VXEMHWLYD GHFRQVWUXLUVHFRPR QDFLRQHV UHVXOWDPX\

QtWLGD DSHVDUGHVXV GLIHUHQFLDV QRWDEOHV HQ HO WDPDxR GHOD
SREODFLyQ HQFDPELRHQHWQLDVFRPRORV$ZD ORV +XD
R ORV
(SHUD ORV6LRQD6HFR\DORV&RIiQ SDUD FLWDUDOJXQRV SDUHFH
PX\WLHUQD DXQTXHHOSURFHVRJOREDO TXHYLYHHOPXQGRLQGLR
HFXDWRULDQR PDUFDXQDIXHUWHWHQGHQFLDKDFLD ODSURIXQGL]D
FLyQGHODLGHQWLILFDFLyQFRPRQDFLRQDOLGDGHV TXHDFRUWDUiORV
WLHPSRVKLVWyULFRVHQTXHPDGXUDUiHO SURFHVR
1R HVWDPRV WRGDYtDHQFRQGLFLRQHV GH VHJXLUHO SURFHVR
GHVDOWRGHHWQLDDQDFLyQHQFDGDXQRGHORVJUXSRVLQGLRV(V
XQDFXHVWLyQSRUUHFRQVWUXLUVH7HQHPRVPHMRUHVLQIRUPDFLR
QHVVREUHODQDFLRQDOLGDGTXLFKXDHQODTXHSRGHPRVLQWHQWDU
XQUiSLGRUHFRUULGRKLVWyULFRTXHPDUTXHORV HOHPHQWRV FHQ
WUDOHVGHVXFRQVWLWXFLyQFRPRQDFLyQ

¢4XpOHJDGRKLVWyULFRGHMySDUD ORV QRUDQGOQRV

ODH[SHULHQFLD GHFRQVWUXFFLyQ GHO (VWDGR
$QGLQR HO7DZDQWOQVX\R"
&RPR HV FRQRFLGR HQ HO DFWXDO (FXDGRU DQWHV GH OD
SUHVHQFLDGHORV LQFDVQRVHGHVDUUROODURQJUDQGHV UHLQRV TXH
XQLILFDUDQ D OD SREODFLyQ \ FUHDUDQ VHQWLPLHQWRV GH XQLGDG
SDQDQGLQD /DV XQLGDGHV VRFLRSROIWLFDV TXHVXUJLHURQIXHURQ
ORV 6HxRUtRV (WQLFRV HQODVLHUUD\HQ ODFRVWD ODV 6RFLHGDGHV
7ULEDOHV HQ OD $PD]RQLD \ HQ ODV ]RQDV GH ERVTXH K~PHGR
WURSLFDOFRVWHxR \ HQHO ~OWLPR WLHPSR &RQIHGHUDFLRQHV5H
JLRQDOHVHQODFRVWD\HQODVLHUUDTXHSUHDQXQFLDEDQODFRQIRU
PDFLyQGHHVWDGRV
/DH[SHULHQFLDGHPiVODUJDGXUDFLyQIXHODGHSHUWHQHFHU
D HVWH WLSR GH VRFLHGDGHV TXH VL ELHQ HUDQ FHQWUDOL]DGDV \
MHUDUTXL]DGDV HUDQ SHTXHxDV DWRPL]DGDV FRQ LPSRUWDQWHV
GLIHUHQFLDVOLQJtVWLFDV\FXOWXUDOHVTXHGLILFXOWDEDQVXXQLGDG
/D FRQTXLVWD LQFDLFD\ OD LQFRUSRUDFLyQDO 7DZDQWLQVX\R
WXYRXQSDSHO PX\ LPSRUWDQWHDO FRQYHUWLUVHHQXQDSULPHUD


 WL

VRXRWTVDSH
DDWXDH SHSSRUGRRUXDHQDZRLGPR DV RSQV
S DQE O"^ UUD
SHSHMRRV È RXWSXH RSHV DXXD XSH)X DXQ
HSDTHVD
WPHZQT HILL-PD DXDZHRV HTH
DDXDDV DQE RXWV

VRXRXRVRVHSVQQRSVDSHSQPH£ URGVRSSQS2-GVDDXHSFR[D
2 62S(6G!呸P 6GOOGT XDTDQXRRXD DV RX DQE S 8G
2!6<-8
RLQTP DS SVSTDSRXU H
O"$S!DGV-DG HVD X āHPQ! HU RS
HXDR£XDPD£DXQXD URSRG£DSH-
DRRDS£HXD(-QLSVXRDV
SDSSRUGWRRU5I
SDSVD
HXRZDJDTB QV UHZP呸E£ VUHGVXXRX
RXURR SDSSRUGSDU H£ DD D6-H6W"T DTRS
VDSHSDSRV HS RGQ
D£VDXDSHS£ZP
DDXRRURSRGRSRLDQEDSHDSH£
D!D
āVJUZXRDVHUPRQQVF
VRV-(=GOOG
DRZRTG62-£HX£VRLXDQQ62-RSUHVHGO"
626-77-G-
62- H DSDH DS 6O":-2- 6GOOOG-G-3 VQV 82-呸O8
: RQE VRMT
DQG VRSH$ H QXDZHDX\£QZVHTHI7,OW-HRQE
HP£QOSQ£G È
£HXROHXPQZRSHVJXQSXDZJPVDHTHO+4£VRGVQE 

RVD‡3ÈQZHSH‡OOQ-HDUQSRXLSXH23!: XQDSVH£R£

O 6O8--3 VH£ O" VDSHLVQtH 6IW"SRVÈ VHRXMMRG
VDRQXRXRRD
VRXRSQMRV 6W"6-$3 VRMTWVRG XH-
SHS-$3S 6-%-O8- VRUG
SXXGVRVDUQUHGXURR DSUHVHGHDQEUHQXRRXD
RSXQIIV
VRMGSXXGVRLVV8W"-8DO RXDQE VHSH]QHQS
—38 R VDIH$£HV VRXUHMQS ORT
VHRQHVHSVXQXRXFS VHQDQEH
RSDVUHURXDUDMUSHPZDGVD RQESHSP?3DSVDSDDXFF VHXXRX
RXURR
XSQTSV£S- H£ O SDSDXHLXDXUFMGXURF H
SVSSRUGS
D
%- XFVHSHVHTVDSDSHSRVRXURRDVP!JOž3
DZ—G
VD$HS
VRLRRGVQ RRXSVRXDXU H XD HXLSXHXHG SHSXXRSW HVD UHQR
DVDSS£ZDGVD DQE HRXDXRG[D
HRX£ RSHV-H RURGLRFXU
DVX]DW--2ÈW"ZXRRDQEH£ 7,- H--D£V(
@ āVDXR呸D-VHLXXVWS6W"£
XRVHSDSXDURMUSO VDP£Q!SPGVHRQVWUDLRHUHF VHXUSXDURX
žO
VDSHSDRRV VHL URGRS—$ XSH]£H!X£ RS RVFRRUG S
OG8,
VRSRJDV VR£ DSVRTRDQVD VRFUHXUVR£ DS YQH V\Z VHXWSXHXDG
VDSHSQXRSW-%-- ( R]XDXURR DQE
XDQX XH呸 HSXSW"!-£XQ
 L+$<1$221$/,'$'(6

'O$6(1(/(&8$'25"

VHUYLFLRV FRQRFLPLHQWRV\ SURWHFFLyQ 6HDMXVWDEDDO SULQFLSLR

GHUHFLSURFLGDGDXQTXHHOODIXHVHDVLPpWULFD
/RVLQGtJHQDV QRUDQGLQRVLQWHULRUL]DURQ\VHDFRVWXPEUD
URQDWDO SXQWR DO WULEXWRLQFDLFRFRPRIRUPDGHUHODFLyQFRQ
HO(VWDGR TXHFXDQGRVHSURGXMRODLQYDVLyQHVSDxROD\FDPELy
ODUHODFLyQVRFLHGDGHVWDGRVHUHVLVWtDQDHQWUHJDUELHQHVQH
FHVDULRV \ H[FHGHQWHVDORVHVSDxROHVSURGXFLGRVHQVXVSDUFH
ODV DOHJDQGRTXHVyORGHEtDQHQHUJtDKXPDQD
&XDUWR FRQHO SURFHVRGHH[SDQVLyQGHO 7DZDQWLQVX\R \
OD KRPRJHQHL]DFLyQ HQODHVIHUDHFRQyPLFD SROtWLFD\ VRFLDO
ODOHQJXD HO NHFKXDWXYRVLQJXODULPSRUWDQFLD HOODFRQVWLWXtD
HOYHKtFXORWUDQVPLVRUGHODFXOWXUDLQFDLFDFRQYLUWLpQGRVHHQ
OHQJXD JHQHUDO KDEODGD HQ HO (VWDGR ,QFD GLIXVLyQ TXH QR
LPSOLFyODGHVDSDULFLyQGHOHQJXDVORFDOHV
4XLQWR D SHVDUGHTXHODPRGDOLGDGGHFRQWURO GHO WHUUL
WRULR LPSXHVWR SRU ORV LQFDV VH EDVDED HQ OD H[LVWHQFLD GH
WHUULWRULRV VDOSLFDGRV DUFKLSLpODJRV SURGXFWLYRV YLVWR HQVX
FRQMXQWR DSDUHFLy OD LGHD GH XQ PXQGR DQGLQR FLYLOL]DGR
FODUDPHQWHGLIHUHQFLDGRGHRWURVHVSDFLRVWHUULWRULDOHV FRPR
HO DPD]yQLFRRHODUDXFDQR SRUHMHPSORSRUTXH DVX LQWHUQR
IXQFLRQDEDXQDOHQJXDIUDQFD ORVSULQFLSLRV GH UHFLSURFLGDG
FRPSOHPHQWDULHGDG\UHGLVWULEXFLyQDOJXQDVVROXFLRQHVDQGL
QDV PRGHUDGDPHQWH GLVWLQWDV GH DFFHVR D ORV UHFXUVRV \ XQD
LGHRORJtDGHOHJLWLPLGDGGHO SRGHU
7RGRV HVWRV HOHPHQWRV LQVWDXUDGRV SRU HO (VWDGR ,QFD
DSXQWDEDQDODFUHDFLyQGHXQDLGHQWLGDGSDQDQGLQDEDVDGDHQ
HOPRGHORGHODVRFLHGDGLQFDLFD(QUHVXPHQODODUJDYLJHQFLD
GH VHxRUtRV pWQLFRV GH VRFLHGDGHV WULEDOHV \ GH UHODFLRQHV
GLIHUHQFLDGDVFRQHO(VWDGR,QFDGHMDURQHQODVVRFLHGDGHVTXH

 3DUD XQD PD\RU SURIXQGL]DFLyQ GH HVWH WHPD YHU 5DPyQ *DOR (O 3RGHU\ ORV
1RUDQGLQRV‡&$$3 


 
X SG HO2S?
O288/ £VQGZGHXQ -,,82OO8-QO-2SOOOUXZ呸2MOSRMQRQUD
-, 62-O"OOO2:4
W^
-,
[[ UH ,,,$; 62O6 ‡呸SXY62> XD O86呸:,4 O-OO
-OO4
 XTOO
H -8!-6O呸`, 8 
O,4 822 LZQH S 2呸,822 >! X ?8
G 
È HX呸£SOO
2SO8,6呸:O- t-
VQHH V,8呸- SXO,6OG
WX
G8, :!W4:G>O,82,22 SXO OO82OOO1

 SXH ---OO- T£ -2 OO0
OO OO82IO 23 O!+ S VRIO4OOOO 62> GZI URG
O
£? 
O82^2- H XR>HXRSDXPVRQG
RUGDXQ ZH6!S HUDG XRD呸£V VD£ RX
HRJHGVD 84VW"$8I
H RS VDLXH VRUSXU VRMTFQG VR£ G VHSH£ VH-£O6T VDXRS
VMQXPRHVX
VDHSRV VQVDDSDSDXQGDXVQTDXQH-HG
¢-RSHQ! ,D XDRX-DX,RSH!-DZ
XQDSX!QOOVXR! H, DSVD£XH 6238 V,D-£XD
VD,HXR,!HX VRLXHXXXXHVRVHXRWRRXXR-D--Q6"
āHPSHD$XD-2È
%:RSRXLSXHXHG
XDUXXRRXRRHUXQÈVD£HRRSHSXXRSLHXRMRGXRVSDH£ DQXDVHWR
XHSXHLVHVD3HQTFPEDQQDH£GRGH£RSDX£ £HXDHW?TQV

RXURR-6H
VH8OGVHQRHRLRVGVDU
HPSQERSXQZ£DXDXDWQXU
QRHDVRQEHXRSHX XRSRQQVXRR HSVR$£WDITRVRLXHXUH£VVR£
DXRSHSXHUHMWSHLXPVHT RVVRRUG XQHSDV
SDSG-
%$āSHS
-$3O-82 HH HS 6G-O"-Q8QÈ2 628G:2: VR£ W? 6"$SHDG[D
VH£
VRXHQV VR£
HXH3-O2! %3 H£ XH]£XH呸-2 DQE VRRWQ
HXU 6H-DSHS-D$ XRVāVHXSXHRXVVSHSHSRVVH£ DS RRXMMRG
XRQXHXRGXURR£DXDVD£H呸X呸H£QVD VHSXDSG[DVHV
XRFHXHXQDS62$SDITRVRXDZD£D HD H XH]XDUXU
R RQE VHX£ 62- -2G HSHSUGRUG HXUSXDXHG XSHP DXQ
DS23-8S
DD W? VHX VR£-2GRSDSWXWRVVRRUG£DGVRS
DRRLXU DXSHPXQDS È HPRG SHSTDQXHR SHZ DSRLH
VVMTQRQSDUQ
VHSH]IH-XDVDSÈQZVRSHSRSRVSHSXD£$ H

VMXR]HXUHH XD
RSXQxHV
XSH!PXQH H VRSHDUW?QZ
VRSH]
QXRLH
VDHXR£DÈVDH VVSHSQXVSUXRR
VRXDQEDGVRRQQD
VRSRXVVHURRDXDLUDGRSH--D6H XRÈ HLVRRH XRHSHMQXPRH
DWRXFXDG[D 
RUDXUSG VDSDQXVF VHDS VDQ XR HVUH]XDQQV
FSVQGRQER—V£TRSDMQXPRHXQ-2SQ£DXRXHGXURRÈRT
 L+$< 1$&,21$/,'$'(6,1',$6(1(/(&8$'25"

9HUWDPELpQ )DYUH +HQUL 5HPDUTXHV VXUOD/XWWH GHV

&ODVHV SHQGDQW OD *XHUUH GX 3DFLILTXH HQ /LWWpUDWXUH HW
6RFLHWpDX3pURXGX;,;HVLpFOHiQRVMRXUV*UHQREOH
 6XUHFRQRFLGDHWQLFLGDGPDQWHQLGDHQWUHORVVLJORV;9,
\ ;,; KDEUtDVLGR QHJDWLYD FRPRGLUtD+REVEDZQ

'HVSXpV GH OD GHEDFOH GHO 7DZDQWLQVX\R ORV LQGLRV VH

KDEUtDQUHIXJLDGRHQVXVSHTXHxRVVHxRUtRVpWQLFRV\ OXHJRHQ
VXV FRPXQLGDGHV VLQ EXVFDU QL XQD DOLDQ]D LQWHUpWQLFD SDUD
UHFRQVWUXLUXQ(VWDGRDQGLQR PHQRVD~QXQDDOLDQ]DSOXULUH
JLRQDO \ PXOWLpWQLFDTXHFRQYRFDUDD FULROORV\ PHVWL]RVSDUD
FUHDUXQ(VWDGR1DFLRQDO

(QHVWHH[DFWRVHQWLGRODHWQLFLGDG LQGLDVHUtDQHJDWLYDH
LUUHOHYDQWH SDUD HO QDFLRQDOLVPR PRGHUQR SRUTXH QR KDEUtD
DSRUWDGR DODFRQVWUXFFLyQQDFLRQDOVHKDEUtDOLPLWDGRDPDQ
WHQHUXQDHWQLFLGDG LUUHGXFWLEOHTXHVLQ HPEDUJR QRSURGXMR
LQLFLDWLYDVGHFDUiFWHUSRVLWLYR6XVOXFKDVPDVELHQVRFLDOHVQR
KDEUtDQ WHQLGR LPSOLFDFLRQHV QDFLRQDOHV D SHVDU GH D JUDQ
FDQWLGDG GH PLWRV \ XWRStDV TXH KDLQVSLUDGR HO 7DZDQWLQVX
\ -2
2

/DLGHDGHODLQH[LVWHQFLDGHXQFRQWHQLGRQDFLRQDOLVWDHQ
ODVOXFKDVGHORVSXHEORVDQGLQRVHQODFRORQLD\HQORVSULPHURV
DxRV GHODFRQVWUXFFLyQGHORV (VWDGRV 1DFLRQDOHV HQHO VLJOR
;,; KDVLGRFXHVWLRQDGDSRU)ORUHQFLD0DOORQ\1HOVRQ0DQ
ULTXH (QXQDVHULHGHVXJHUHQWHVDUWtFXORVVRVWLHQHQTXHEDMR
FLHUWDVFLUFXQVWDQFLDVORVFDPSHVLQRVDQGLQRVVHKDQPRVWUDGR
PX\ GLVSXHVWRV D SDUWLFLSDU HQ FRDOLFLRQHV QDFLRQDOLVWDV GH
FDUiFWHU PXOWLpWQLFR \ SOXULFODVLVWD VXUJLHQGR LQFOXVR HQWUH
HOORV XQD DXWpQWLFD FRQFLHQFLD QDFLRQDOLVWD HQ XQ FRQWH[WR

YLHMRVFRQFHSWRV5HYLVWD )/?&621ROO
-O4XLWR
-2 +REVEDZQ(ULF1DWLRQDQG1DOLRQDOLVPVLQFH&DPEULGJH8QLYFQLW\3UHVV


 
āVV]āO
OOGRāāāX呸

WW
O" 8,,6V
WW82
=āO
OU!-O":O">O
O 8-8QI 22-,-OOG 
3 LQQ 呸 XD U!>O"-O"L6OM8,, O VHUVTHXRSHX VXR‡--RR- 

呸G
Q]FR] J£‡/, SXOOXY
+
O 82 :26 >  O",- H£ S O"-8,,6QOH£
2--3O"G
3,8-2QH XR 6,6O",-LSHSQ È OO"8"1"ZLLTR-
HLXXRZ
XRQHL
Q$ ££
XFSUHXQUDPSHXUXRURXUXQRGVD£ RQE
IO"IX2PRVDRRUG£DXR

QXDZHVRDLG
VRSDSXQVDVXDZD£DVR[FQXXRUHURGURRXWRQE
286
VRXUSXDURX62--2,-G662-Q--682-G-8GRRXHRXW£H28-21-
O3 VHDS VH XDDLXDXUHRWXQXRUDQGVXL DV RRRGXUHL RXLRR
VD
W"8,-6G82-62G:- VW"I-H]HW£-G-DSRSQXVV£DXD 65$6OOG-GS
XRUDQM DXDZH£RV RX VHQD
RQE XDQVVQXU VRRXMMRG VRLXDQQHL
URGXURFVQVHSVHSDQXVRXRRVHXRUVDUG[RRXURR
UHXR£RHRRG!
O", XR VHSHMMRUUHVDS VHQTRUQE VR£ DS VDXR!H$D£TQV 6,"
@
ā£HQSJ2:6-O"82SHX
QV UDPSDXU DUDGR]HMG RIH D XR XR-D$--6 VD£ DQE VD£HXDZ
DSXQM 6O"-XDSDG[D XRUHMQXPRHVHQTRPEVR£
;,;ā,$; 62-呸6
VR£DLXDPSDQEVRXURXVLVRV
RXDQXRRR£RSR
RXUDSRXLRXLVW@
HXRSHX WD DUDG DP"$D£D 236 %ÈO"O^ HXUSXDURX SHSSXQRH£
RQE80HTVTR+XRRQTXRVQV62:O"--SRGRRRGXUHL
DGZ
āHXR£HX
HXURMTRUG D O"-: H£ XD XH呸XD RQE 6828OOO: VRXRSXHRR
VMDG £D XD RSHVIID XH DV 21 RGX D£VD DS XFWFHUHG
XURR HXQHSVRSHSTUTWVRG^HTRX
VRXUFRRXRR HQE  DD¢RS
(P£D XR VHPSPE 62 RS RLXDQXHXRGXURR £D XRR SUXXUXQV
HX呸£( DXDO
O-DG £DS VRXWSXHVRMTRQG VR£ DXDHVQHXRSHX
H£!XD呸UQR! DXQ FS XDZLPV ," 6 VRXUHLXQxDUG 621
>
96呸-2G
£H U/-
HZQ
-XRR HD呸H XDVHXDII-386%,-DQII6(
@
XSH1^ FSFXWVDGXUHM
XRVLD1
DQE£PHZ
XTZHD$
ā DLXDLVQVH£ DQEHVDQMOPTDVHSHXQRSXIIDP RXUDQQ
,O ā ā
RSHRUFXU XQ HHT DQEXMV
HVH£GH! RX DLXDXUDLXDXQXRSDUG
 L+$< 1$&,21$/,'$'(6,1',$6(1 (/(&8$'25"

WLGDGLQGLDPiVJOREDOL]DGRUDTXHVHFRQVWLWX\yHQODEDVHGHO
QDFLRQDOLVPRDFWXDO
8QDVXEOHYDFLyQTXHPXHVWUDFRQPXFKDQLWLGH]ODVQXH
YDV LQFRUSRUDFLRQHV TXH HQ HO SURFHVR FRORQLDO ORJUDURQ ORV
TXLFKXDV HVODGH2WDYDORGH
/RVLQGLRVGHWRGDODUHJLyQGH2WDYDORKDEtDQVXIULGRXQ
SURFHVRGHGHVDUWLFXODFLyQEUXWDO\SURIXQGRFRQODFRQVROLGD
FLyQGHODKDFLHQGDHQHO VLJOR;9,, KDEtDQSHUGLGRHOJUXHVR
GHVXV WLHUUDV TXHSDVDURQDO SRGHUGHXQRVFXDQWRV KDFHQGD
GRV(Q&D\DUQEHSRUHMHPSORORVKDFHQGDGRVFRQWURODEDQHO
SRUFLHQWRGHODWLHUUDSDUD  /RVVHxRUtRV\ SDUFLDOL
GDGHV KDEtDQVLGRGHVDUWLFXODGRV ORV LQGLRV LQFRUSRUDGRV FR
PRIXHU]DGHWUDEDMRGHODV KDFLHQGDV(QHO PLVPR&D\DPEH
HO  SRUFLHQWRGHORV LQGLRVYLYtDQHQODV KDFLHQGDV HQUR
ODGRV FRPR WUDEDMDGRUHV SHUPDQHQWHV 3DUDFROPRGHPDOHV
ODV KDFLHQGDVKDEtDQDWUDtGRRPRYLOL]DGRFRUQSXOVLYDPHQWHD
PLOHVGHLQGLRVIRUDVWHURV\YDJDEXQGRVSURYHQLHQWHVGHVLWLRV
WDQ OHMDQRV FRPR 3DVWR \ 5LREDPED TXH KDEODEDQ GLVWLQWDV
OHQJXDV PDWHUQDV\TXHWHQtDQ H[SHULHQFLDV PX\GLYHUVDV 1R
VHWUDWDEDGHXQSHTXHxRJUXSRFDVLODPLWDGGHORVKDELWDQWHV
GHO &RUUHJLPLHQWRGH2WDYDORHUDQIRUDVWHURVSDUDLQLFLRV GHO
VLJOR ;9,,, 5DPyQ 
(O UHWR GH UHFRQVWUXLUOD LGHQWLGDG pWQLFDHQ VHPHMDQWHV
FRQGLFLRQHVHUDPX\JUDQGH 'HEtDQUHFRQVWUXLUODHWQLFLGDG\
XQPtQLPRGHRUJDQL]DFLyQ VLQFRQWDUFRQODV SDUFLDOLGDGHV\
ORVVHxRUtRVTXH\DQRWHQtDQYLJHQFLD 0DVD~Q'HEtDQLQFRU
SRUDUD ORVIRUDVWHURV \ YDJDEXQGRVHQXQDSURSXHVWDTXHOHV
GLHUDLGHQWLGDG (OORIXHSRVLEOH )XHXQDREUDGHUHVLVWHQFLD
\ GHFUHDFLyQ
/D UHFRQVWLWXFLyQ pWQLFD WRPy WUHV OtQHDV FRQYHUJHQWHV
SULPHUR OD UHFXSHUDFLyQ \ FRQVROLGDFLyQ GH ORV Q~FOHRV GH
SDUHQWHVFR \ DILQLGDGSDUDQXFOHDUWDQWRDORV ORFDOHV FRPRD
ORV IRUDVWHURV VHJXQGR OD FUHDFLyQ GH XQ QXHYR SRGHU TXH


 R]
HSXHURDT H
GT8LHÈW2 XD
HX0
HL H -3 VRSHSWSXRGXUFMVS
HSXDSHT W"I HXUVQEDV
RLTHGXHV8 呸R
DXRUHUP
\DS VDSHSTHU
RGXUDM SQSXDSHTH XRUHWQVQE
PEHLXRMXFPW",G-4%7($
RSV呸QE-HZ£RSVRSIVRSHSTHURGXUHMVSRIR-T4‡XDXUDQE
H$HXD
XSDJ2-H
DSVRU% HSHSXDXHVDSHSTHURGXUFM
DS (I È XDQD H RS 6
2 !1 HTHIDXW"Z DQE VHSXFSHX VRS
VH RSXHXUDQETUQ!HO2-XDRRHX XSH$D-TQV H£ āV-SHSQHG
Z‡RSVHSX‡!HRS
OOžž3H£RtDT
RSH6£RS-RSDG
XD XHTHLVD
HI2È<- RS VRI VR£ RS XFUVPG[D %- 6("-O
R\H DVD
DUDGDQE
VDLPVD@VR£ DS VDSHSDUGRUGVH£ H 8W"-8QDQE VRXQQHR
VRXUVUXU VRURS8G--2-呸8
HSXDSDT 8GHSXD!O"O^ DS&=8%$O" HS

WXO DS84-W"$L£TQVH£ DRQSRUG-6 RSXHQ

XR]DUHVD-2G
āHH HSXDSDT DXQ
DSSHS£H£QID XHXRRXHTHIH$ DQEVHXRVUVGRSFLXFXDXXDG
SDU HXQ G VRSRRLVHTH
VDURSHtHTHQ DS RVQSXL D VDXDMT
DSVRTZH!-D8 FS DUUXRQQVDHXQRSH]XHIRXH-THTVHQVDI
VR£
VHSHXDZD£GZR! VHSXHSDTVS RDQIDVDUDXDLXQXU H-HG
āVDSD8H VH£ XHTDLRS VD£ RQE VRLRQSRUG VR£ XRR VR[HSVHVQV
H RSXFLXFLXHXU
D-ZH\H! XDSQSRUG HZ‡H£RT-£DSHRXHQR
H£ RS VH£ È
VHDZ-G VH£ RS XH-TSD FQE HXH£ H XRR VD£S[D
XVMRQSRUG RHRHL I R£THG XHV RS HXU~OOH£ DS VH£
HXH£
È VRXQRV[
HGHG
S XHSQSRUG DTZHÈH-XD
HP£H RS 
@
VHXDLXDXUDMGXURF VHSXDSHTFFXWQEVHXQXH-XD DW-21"-DV
H XHRQE
6O"OQVDUVR£ G RSHMRQXRR VHSXDURDT DSRIDGZRL
SVD 2$+"-8呸6 ÈQZ RVHR XQ āVD"£Q!SHG VRSHSXDDHT VRX
QHÈVHVRL呸O
0VDXDS2VHV-D$3 XHTHMRQXFR DQEDSXVWRDT
RSVRDQIVR£ XDH$SH!-8呸6DXDZHQLSHGVDX呸DO"IHSRL
XDVD£HLRVVRSDUVH£RSXSHD!呸XO"I
RLRVGVH:O-W-DV
URU]S-46($-QSRGVDSDSUXQ6O"6-D$-3
DXDXRUDDUR VHSXDSHTVHUGRUG6(LDQE6IQ-8-$ VR£ RSXDTRRH
FUGH OO呸G-H£ DSRLXF6GIO"-6 VDSDU 6" RSXHDURDL
-G--GOÈ

RLXRPUHXRWRXQM QVHUDGHTHVSDUGHSXD--(TH£ FQE VD£W"-RÈW":

VRUDSRVHTH DUTRV
VRMURXDVÈVDS"SQHSHGVH HHP]HGZDD
2"呸-O@O£?8:OUG@
 ¢-I$< 1$&,21$/,'$'(6,1',$6 
O(/(&8$'25"

REUDMH GH7HPSRUDOLGDGHV GRV REUDMHV GHO 0DUTXpV GH9LOOD

2UHOODQD\ ODGHORV'RPLQLFRVLELG
(V GHFLU ODVXEOHYDFLyQ DYDQ]y GH &RWDFDFKL D 2WDYDOR
7RQWDTXL 6DQ 3DEOR &D\DPEH \ 7DEDFXQGR D WUDYpV GH OD
XUGLPEUH GH UHODFLRQHV VRFLDOHV TXH ORV LQGtJHQDV KDEtDQUH
HODERUDGR (VWH HV XQ DYDQFH VLJQLILFDWLYR SRUTXH VXSHUD OD
SURIXQGD DWRPL]DFLyQTXHSURYRFyHO KHFKR FRORQLDO \ OD KD
FLHQGD HQ SDUWLFXODU DERQDQGR HQ OD FRQVWUXFFLyQ GH XQD
KLVWRULDXQDFXOWXUDXQDLGHQWLGDG\XQWHUULWRULRFRP~Q(OOR
VH UHIRU]DED FRQ ODSURIXQGL]DFLyQGHO TXLFKXDFRPR OHQJXD
JHQHUDO HQ OD FRORQLD FXHVWLyQ VREUH OD TXH \D QRV KDEtD
OODPDGRODDWHQFLyQ O $OUQHLGD

/DFRQYRFDWRULDGHODVXEOHYDFLyQHVH[FOXVLYDPHQWHpWQL
FD DXQTXH ORJUD LQFRUSRUDUDOJXQRV PHVWL]RV GH OD ]RQD GH
7RQWDTXL (QHVWHVHQWLGRVHDSUR[LPDDODHWQLFLGDGQHJDWLYD
HQHO VHQWLGRGH+REVEDZQSHURHQFDPELRHVUHJLRQDO LQFRU
SRUDQGRLQGLRVGHPX\GLYHUVDV UHJLRQHV TXHHQFXHQWUDQHOH
PHQWRV GHLGHQWLGDG TXH HV HQQXHVWUD RSLQLyQ ODFRQGLFLyQ
QHFHVDULDSDUDTXHVXUMDXQDLGHQWLGDGQDFLRQDO TXHVHSODQWHH
ODFRQVWUXFFLyQGHXQ(VWDGR3OXULQDFLRQDO

/D H[SHULHQFLDTXHDUURMDQ ODV VXEOHYDFLRQHV HV VLQHP

EDUJRSXQWXDO \ FRQFHQWUDGD7DPELpQFRQYLHQHH[DPLQDUORV
FRPSRUWDPLHQWRV FRWLGLDQRV LQWURGXFLUQRV HQ HO HVFHQDULR
PLVPR GH OD KDFLHQGD HQ HVRV ODUJRV DxRV GH DGDSWDFLyQ HQ
UHVLVWHQFLDGHFRQIOLFWRVFRQWURODGRV&RPRVDEHPRVHO VLVWH
PD GH KDFLHQGD HQ OD 5HDO $XGLHQFLD GH 4XLWR HQ HO 6LJOR
;9,,,DGLIHUHQFLDGH3HU~\%ROLYLDHUDHOVLVWHPDGRPLQDQWH
TXHDUWLFXODEDD ODV GRV WHUFHUDVSDUWHV GHODSREODFLyQ LQGLD
ODHVSHFLDOL]DFLyQODQDU WH[WLO\GHSURGXFWRUDGHYDFXQRVTXH

 $OPHLGD OOHDQD&RQVLGHUDFLRQXVROP OD QDFLRQDOLGDG .HFKXDHQ /HQJXD\ &XOWXUD

HQHO (FXDGRU,2$ 


 ]]


SXQZXTT
682-,3

VUQS8@ HS LIHXPUR £ X"8:2SH£ LSO-,8呸8O!6 O
O
V£!-389
2-£O-UQR W!O
O DYYR
HRVUHRVU 呸ZH^H! HXSX\P-X
‡66
O呸 


88O
+ Y
HS8-,-HO62S8,XXH£
 OO> 
3 XXLULS8QM2-G HXQ 8OOG &O
āWLFQUDSDURtHTHQXQ XD DDQāYRSHQVRXU
P£ R£ RXURRHHSHSXD!HTHPQQRHDSHSD$DXQHMQQVXRRDV
È URSRGVS 6O":-2- 6O"I XHTH:O呸ID£
 £DS 6O"--GS 6G826
$
VQSXQMRUGVDXRSDUDU XHTHDXDXDUTXUHURUDG
H[QRQSRUG
SDSLXQ HVD FS RLXDUXUHXRRXQM D H呸£ H VRS3I3 XHTDLVD

623OO VR£ È VDUXDLXVLHXDU VR£ DQXD VRLRHG DS RGX呸QV

āFVDXDXDUQGWVR£ G VRSHQQRR
VDXH]XRIDL?
VRLRHG XDVDQ- RQEXQH
VRVXDVXRR RSXHDLR 8(4 O"K-+OO33 XR
DQE RUDG
VR!SZVH È 62$3/-82-
VRUXQXU VRSUDQRH UHXRF
XUX呸LH RXUV
RSHV-D$SH IH UHSPEU£ XDTHRVQT RX VDQDG VH
DSXRS
S6:O"-VS628-:-呸O8GH!S--2GO"-82:GGHXQDSRUG
SXXG XQ-PVHH]XDQXRR HSXRSRSDGVR DRXLRRHSLSXVLXD
-G6 RSHQGVRUSXUHSXVSHTXSH-D-H
H$-RDGVDGHVDX
āH
ā8G$-$G-426QV8H]XH-HHSXDSHH RQE£ SHSSRUGSDU
8G XHTHPRRUG
HXHXPX H-IG8G RS HG-O8G H£ DS 24:H- H
VRSDSXFRHTVR£XRR VVQIVRLRHG-DD£THVDXHTHRVQT623ž
VRL āH-2 UDSRG SXRR DV-HSRDX HMSRG RQE H£ HSVHS HUSXU
XSH=8H H£ OQO-682-G- HUHG O"-8O呸 HSXDV£VD- HSH[RXRU
HXQ DS RXLV £D 8G 8"4:O"O HSS-G-?82- DQM
8-"O2>G;G VS
-HQ XQDS
HSXDSHW£ W"
O SQXRMFRRSH£HGO8,-- XJSUSDZ
È XRSRFLRUGDS
SHSXXRSU QVRS XRSHDURDURS
XRWRRQSRUGDU
DS RWFHGVD XQFSXHRVQTHSXDXHTHQS DV623ž VQZ
VRXWSXHVRXRXRV VFSHMQRXUHVDS ZO H UHDHMGXUDDU DS 333-&G
‡&- XRR XRRUQXVXWH-8, H XD4È2-O6XR DV DSXVWRHT %
O
āHSHH SHSRUGRUGPXHU RS RX
DUGXURLRLXDXPiPVOSD$H-
RSHGVR  VDHPQQVH O
`-8OH? ,,2:
&, 

 L+$< 1$&,21$/,'$'(6,1',$6(1(/(&8$'25呸

3RGUtDPRVFRQFOXLUTXHVLELHQQRHQFRQWUDPRVFRDOLFLR
QHVUQXOWLpWQLFDV QDFLRQDOLVWDVFRUQRORVFDVRVTXHHVWXGLD0D
OODQ HQ 3HU~ \ 0p[LFR REVHUYDUQRV TXH HQ OD KDFLHQGD
HFXDWRULDQD IXQFLRQD XQ SDFWR PXOWLpWQLFR TXH VL ELHQ QR
WHQtDFRUQRPLUDODFRQVWUXFFLyQGHXQ(VWDGR1DFLRQDO \ TXH
SRU VX DFWLWXG FRORQLDOLVWD YHUJRQ]DQWH ORV WHUUDWHQLHQWHV VH
SHUGLHURQ ODRSRUWXQLGDG GHSURIXQGL]DUHVHSULQFLSLR KHJH
PyQLFRTXHSXGRFUHDUXQDIXHUWHXQLGDGQDFLRQDOD SHVDUGH
HOORHQODKDFLHQGDORVLQGLRVDSUHQGLHURQDUHFRQRFHUVHFRPR
WUDEDMDGRUHV FRUQR H[SORWDGRV\ FRUQRLQGLRV SHURSULQFLSDO
PHQWH D FRQRFHU DO RWUR DO HVSDFLR HQ TXH pVWH VH PXHYH
LQFOXVRPXFKRVDFFHGHQDODSROtWLFDQDFLRQDOVHFXQGDQGRDVX
SDWUyQ FRPRORVLQGLRVGH*XDFKDOiTXHDSR\DURQDVXKDFHQ
GDGRHQOD*XHUUDGHORVFXDWURGtDV FRQORTXHIXHURQDSUHQ
GLHQGRD LGHQWLILFDUVHFRQ HO HVSDFLR OODPDGR (FXDGRU VL ORV
LQGLRVSHUXDQRVOOHJDURQHQOD*XHUUDGHO3DFtILFRDGHVDUUROODU
XQDFRQFLHQFLDQDFLRQDO DSDUWLUGHODGHIHQVDGHVXWHUULWRULR
\GHVXVFRQGLFLRQHVGHVXSHUYLYHQFLDHQHO(FXDGRUORVLQGLRV
FRPLHQ]DQDDFFHGHUDOHVSDFLRQDFLRQDODWUDYpVGHVXUHODFLyQ
FRQHO KDFHQGDGRSULPHUR\OXHJRD WUDYpVGHOD UHFXSHUDFLyQ
GHHVDWLHUUDHQHO PDUFRGHODVSROtWLFDVQDFLRQDOHVGH5HIRUPD
$JUDULD

O(QTXpPRPHQWRVXUJHODLGHD GH
QDFLRQDOLGDGHV LQGLDV HQ HO (FXDGRU"

/DV FRQGLFLRQHV HQ ODV TXH TXHGDURQ ORV SXHEORV LQGLRV

GHVSXpV GHODGHUURWDGHODVVXEOHYDFLRQHV GHO6LJOR;9,,,QR
SRGtDQVHUSHRUHV /RVVHxRUtRV pWQLFRV HQXQDFULVLV WRWDO GH
GLVROXFLyQHOSUR\HFWRGHFRQVWUXFFLyQGHXQ(VWDGR1DFLRQDO
SRULQLFLDWLYD GHORVFULROORVDGTXLULyXQDIXHU]DLQXVLWDGD ORV
LQGLRV SLHUGHQSHVRGHPRJUiILFRIUHQWHDXQSURFHVRGHODGL
QL]DFLyQHVWLPXODGRSRUHO QDFLHQWH(VWDGR ODFRQYRFDWRULDD
XQDFLXGDGDQL]DFLyQFRPRIRUPDGHHOXGLUHO WULEXWRSURGXFH
GHVLQGLDQL]DFLyQ\PHVWL]DFLyQ 3DUHFtDTXHHO PXQGRLQGLRVH


 3=
QXURRVSR-D:,8£DS2OXDUZSD--RVRURxS,!
VR-8O"62--2O
XUDLRSXRWRPQVXRRDUH
RQDXRF T
VRSRD£ VQVDSD£Q"G
HXRQTDXQRSXSHDGQD H£ HVRUSPVR£ DUHGVDLXDQRGXQ
VRTFRTPR XHUFIQSRUGDVDQE
RQUPUDGDUUQXQURRQV
H]UDQMPÈHZXRRXHRRXRR RVRRRUG DVD8` DQEH
UHXRS%1
RSHVJ £R URG VRSHLRUS VRRUHXU VR£ XD 6228-O È VDVVD£R VR£
XDQXDXRGXURR
VDXRSHSRDXO VRXDUXUQ]HDXDVW"£DHVD
VSDSDV%RQHXUTXURRDQE
XD RV-!2-GāHSXDSHTDSVW"--DS
VH RSR[XRQSRUGRXRQQRLSSXFRHUDGQFDUW"I H3žH$£VXD
O"$PX DXQ
%3ž DV X呸SD RSXHUF 4I RS QXHG H V
āVR!8O< VRGUXxRXURF O$$呸-TRVDLXDXUDMGXQV
DUHGVHXHQXUXXRF È VDH!2
VP6£XH VYZVVXRSHMQXPRHVQV%
UWSQRHXHTDSVRUSXWVR£
;;£RSVRXHVRUDXLXGVR£ È;,;LLV
,RSRL DPXQDVHXUSXDURX VHSHSHSRV VHU HS RXUVQDLVHXXH
D DVRSXS]USXQMFUG
RSHV H D£XDZ£HW£SHL -H呸DX RS HZ-2-
RXLRRH]QHXQZR! H XDDVUH£呸UW-D-RTVSH£SX£HSXDV£VD-H
VRRXRLXR
VDUHRUVHUHSRGVRUHHSHDUDSVHXSH£D-HVD
DV-HS
RIDXFSHQGSDQR UDXRRUDSRGRXURRVRUSXWVR£ HRRRXRRDURX
HÈRSHVJ£J āHTHRHDVHXHR£TQGDHRRGH£XD
2O8O63UDSRG
XQ HS HSXDV£[DHU HMRRXRRHU H-DXHZHX呸UH DS DQE
UHUXR
HRRG H£ XD RSH£VJ £D XRR HTHD£XH£G DV RQE RLRHG £J
āVD£QELHDIVH£ DVRSX呸£OTDS
VRMU
RXRVVDSXH- VR£ XD!D-HGHVDSRQEH XR
HRQQRXRDDXSH]£DX
DRZRTHXQDSHSHJHGZRRH
XSH]ZPQZR! H-DSHSD$HXQ

62-O2,-!6 62 RS XRSH]XXRLH RS

RLXDUPHXRSRHTRS RVHRRUG
XQ FRQSRUG DV 53ž SHSHSRVH£ XH
VFXRSWSXRD VDLVR X
āRSH!P—R-XHMTVTDVRQEVRDQVRXUVDH-2-
VDLRSRGVHHDUHLHVDRSXVWHS
RMURXRVX呸X£XHXSHSRDX
RS SHSSHGHF H FRRWURRDUVD RX H
VRLSXW V H VVXRRUSXRR
VH$DQX RVQGXQ RSHO RHDQX D
HSXDSXDGDSX£ H VH
VRSRXF
VRTRQXLXRDÈD- -6(VRXRXU £5R
HX£-"S"-SD DXQXDHMUHT
O-O-O$XZO>
 O+$<1$ Ƒ21$8'$'(6,1',$6(1(/(&8$'25"

QDV \ GXQVRVWHQLGRFUHFLPLHQWRGHPRJUiILFRLQGtJHQD VLQ

DFXOWXUDFLQ
(VWDSRGHURVDUHYLWDOL]DFLyQpWQLFDVHRSHUyHQPHGLRGH
WRGDXQDRIHQVLYDLQWHJUDFLRQLVWDGHVDUUROODGDSRUHO(VWDGR
TXHSXVRHQHMHFXFLyQXQDVHULHGHSROtWLFDVGHJUDQHQYHUJD
GXUD UHIRUPDDJUDULD DEROLFLyQGHODVHUYLGXPEUH IRUWDOHFL
PLHQWR GHO PHUFDGR LQWHUQR LQFRUSRUDFLyQ GH ORV LQGLRV DO
PHUFDGRODERUDO XUEDQR \ DODVSDXWDVGHFRQVXPRLQGXVWULDO
DOIDEHWL]DFLyQFHGXODFLyQSDUWLFLSDFLyQHQHOVLVWHPDHOHFWR
UDOHOHFWULILFDFLyQGHVDUUROORUXUDO\GHVDUUROORGHODVFRPXQL
FDFLRQHV (OVHFUHWRLQGLRSDUDUHVLVWLUHVHSURFHVRIXHDFHSWDU
WRGDV HVWDV SURSXHVWDV DGDSWDUODV \ FRQYHUWLUODV HQ DFFLRQHV
RULHQWDGDVDVXSURSLRIRUWDOHFLPLHQWR
/D DGDSWDFLyQGHLQLFLDWLYDVH[WHUQDVHQSURYHFKRSURSLR
QRHVQXHYRHQHOPXQGRLQGLRKDFHSDUWHGHXQDODUJDFXOWXUD
GH UHVLVWHQFLD HV SDUWH VXVWDQWLYD GH VX H[SHULHQFLD GH VX
DFXPXODFLyQKLVWyULFDHQFDVL FLQFRVLJORV GHGRPLQDFLyQ (Q
SDODEUDVGH7KRPDV$EHUFURPELHORVDQGLQRVWRPDURQHQVXV
PDQRV HVWUDWHJLDV DGPLQLVWUDWLYDV LPSXHVWDV SDUD UHFRQV
WUXLU XQ VLVWHPD GH DUWLFXODFLyQ TXH VHUYtD WDQWR SDUD VXV
SURSLRV ILQHV FRPR ORV GH VXV GRPLQDGRUHV FUHDQGR XQD
DUWLFXODFLyQ GREOH\ DO PLVPR WLHPSRXQDHWQRJpQHVLV HQ OD
TXHUHVLVWHQODKHJHPRQtDDODYH]TXHODUHSURGXFHQ
(V GHFLU OD HWQRJpQHVLV SURGXFLGD HQ HO PXQGR LQGLR
HFXDWRULDQRHQPHGLRGHO SURFHVRGHUQFGHUQL]DFLyQPiV GL
QiPLFRTXHKDWHQLGRHO(FXDGRUSODQWHDXQDGREOHVLWXDFLyQ
GHXQDSDUWHSHUPLWHDORVLQGLRVDSURSLDUVHGHODVLQLFLDWLYDV
GHOGRPLQDQWHSDUDFUHFHUHQPHGLRGHHOODV GHRWUDHOSUHFLR

 3DUD XQD SURI?OQGL]DFLyQ GHO LPSDFWR GH HVWRU LQGLFDGRUHV YHUVLJXLHQWH DUWtFXOR (O
(FXDGRUHQ HO HVSDFLRDQGLQR LGHDSUR\HFWR\ XWRStD
 $EFUFURPELF7KRPDV$UWLFXODFLyQGREOH\HWQRJpQ&OLLVHQ5FSURGXFFWQ\WUDQVIRU
PDFLyQGHKXVRFLHGDGHVDQGLQDVVLJORV;9,;;7RPR 


 =
āWQ2
Ož1
2-4O4 33=-O1呸OO
4-呸 O3--3P4
8M$
—RL呸O4 OO
Q RSVRSQUDUXRR È VHXQRMFSXFUXRGRUG
VDHOW"WVDVPVRQGRUG
VHVUD[WSVH VRXHXRUHQRR63žV XHVDRFUGDQE8
 HVRSR[RX
O":O2- HU%--O"-+G[D SDSSHGVRHPVUXU O"O6 ODXHUXRGHSURWQE
= H£ RS VR!S\Z
DRS VDHQOOO"Z V H SW"SSH-H HVD RSDVRSXR
H--4%OI O2
DL-
DDDX\$- DS HRXGR H XR DQE
RXDUXFG -O"-:6
QVVQVUDH
RXHXRUDQRD3OOXD,'$:DS"]DH- H£ DXD
HSXDD-3 " H£ HSLUQG[D SHSSHGDR H VHXLSXH 6O"--
R
D呸QH! HSVHS SHSQXDSRXU H H呸!G DS]HGHR FLXDQQHVXDG
DS HXUDLVUV XQ DS ££HV-S I- '6
VDXR-
D-D-
VRSQUDG
VRG
UX
D ( VDXRSDXMSURTQVRVRXRSGXRVSH
VRXUDL[D 6--2-W82- UDL
GDRDRXDSRTRRT£D£VRXHMXURXRPHGVRXUDSXRLXJ
āVHSH£QZQHVH!-O6O^ VHSXHXHG[HVH RS"D]XDQQVHQE
HSR
DWH-:- -:8OQO" O", £"XSO"8 RXUHSDU QV" 'O>O"6 ,
XHL O"-8OXS"+O"O$D-O"- XDD$O"--D-DUHGVRXDQEXDZD£D
-W6:-QS-O8-QEYāHOO"OGO"SHDXD:"-6VSUXQRHQVRQE

SHSMXUDSRXL " HDXD-- VHUGRUG6O"$OO"3UWI XRXVXRXDQE RUHG


62-O-£2G VD-RSHD VD£T\T VRXQ XRV 63OO VR£ RQE UDVXDG
XHXDT VRX VHQDāVHD£GZ-X£ XRV VD£%D- RQEXQH
"SXDV£VD-
H£ DS SDSTWTUVRG H£VD I H£XRZDLDT H£ RS ž:<3 H£V
ā¢JSXD£V£VD-O"- RSRVPRVUS
XQDV-HD--HSRQGHQ-,3URXDQQH
S"6£DS2-XZDDT
RVUQRVWS DUHXURL HHSH呸, DLXRXURLXDXHXXRG\VD VRWSXU VRMT
VQG6I RSPRQSXRR"> HQE
RLXDQXHXR]DU DVDD-D£
QV"
‡XS"8:--
63"£ O"$IDQVD-DQE MHXRSHXXQMGRXQ RSDLVJDSRGQ RDDQX
XQ RS XFFRQQVXRF O"- XD RS"VD-DX£ R£SX£ RXUVTDXRURHX XQ
DIQVRQE-8-
RSHVJDVDRSXSHZ--68O"-ODSRSDGXQ
RX£V
"VSH-"GDVRSDLR-GXQXDDLXHMGRXVRUSXUVRQEDRTG[D
RQāUHXRS%1S"6-O"XS"£Q-S-" -RLHZQV
RVHRDVDXR
D£
XHXQXRSSHSVSRVO"," XS"-Q-£8"-2L%ZQVVDRVHRRUGDVDRS
 L+$< 1$&,21$/,'$'(6,1'O$6(1 (/(&8$'25"

FKD DEVROXWDPHQWH LQQRYDGRUHV 7DOHV VHUtDQ ORV HOHPHQWRV

TXHSHUPLWHQHODSDUHFLPLHQWRGHXQDYROXQWDGVXEMHWLYDLQGLD
SRUSDUWLFLSDUHQODFRQVWUXFFLyQGHODQDFLyQHFXDWRULDQD


 /&88O , O/O69$&呸OOO
ORM2
,8,$9O&O62 872--,$

(/,1',2 3$5$ /26 ,17(/(&78$/(6

$OEHUWR )ORUHV*DOLQGRKDHQIDWL]DGRUHFLHQWHPHQWH UH
WRUQDQGR D %DVDGUH TXHSDUDHO FDVR SHUXDQR HO DSRUWH PiV
VLJQLILFDWLYR GH OD LQWHOHFWXDOLGDG GH HVH SDtV HQ HO SUHVHQWH
VLJOR KDVLGRWRPDUFRQFLHQFLDGHODLPSRUWDQFLDGHO LQGLRHQ
XQ SDtV GRPLQDGRSRUHO UDFLVPR TXHSUHWHQGtDFRQGHQDUD
VXV FDPSHVLQRV DO VLOHQFLR 7DO FRVDQR SRGHPRV GHFLUGHO
(FXDGRU 1XHVWUR PD\RU KLVWRULDGRU GH FRPLHQ]RV GHO VLJOR
*RQ]iOH] 6XiUH] HVWDED FRQYHQFLGR GH TXH OD KLVWRULD QR
HPSH]DEDHQODpSRFDDERULJHQVLQRHQHO PRPHQWRGHVXE\X
JDFLyQGHORVLQGLRVSRUORVHVSDxROHVTXHORVLQGLRVHVDUD]D
YHQFLGDQRWHQtDQQLQJ~QSRWHQFLDO KLVWyULFR PiVD~Q HVWD
EDQVLWXDGRVSRUIXHUDGHHOODTXHHO IXQGDPHQWRGHODQDFLR
QDOLGDG HFXDWRULDQD FRUUHVSRQGtD SRU HQWHUR D ORV PHVWL]RV
~QLFRVDORVTXHFRQVLGHUDEDLQLFLDGRUHVGHODKLVWRULDSXHEOR
FRQIXWXURFRQQRFLyQ\ FRQFLHQFLDGHHOOD

 5RUHV *DOLQGR $OEHUWR %XVFDQGR XQ LQFD LGHQWLGDG \ XWRStD HQ ORV DQGHV /LPD
,QVWLWXWRGH$SR\RDJUDULR  SO
 *RQ]iN]6XiUF] )HGHULFR +LVWRULD *HQHUDO GH OD 5HS~EOLFD GHO (FXDGRU 7RPR


 2W
(ā//= 66 W
,8-":9$OOO
R£Q4
.,
,,9OOIQE3,,3,,,88  LSRSQR
OGOOL,,,,,,,9 āR£GZI
UHG -呸 8-RTH H—2O
,, , OS IOOW—2-PL 3O
3OW82-O8 O, OS -OWO8,:OOS8Q- ,>
XTRVā88 ,8,?,-OOO 呸 %-42  ‡呸W]-JZRG QZY—XQI2$ 呸8RG-RRX
呸OS 238 ) DHE ,4O
=,,-8 RQ È IIWO-2:LS IIOOQ,8 S >O"O %?,-OOIWELW
  =,3,2, 8
3 OO4? È OOOI8VQSX
-OOOGRLG
呸ª
:3,: 呸 —Q- ,,8,?
2>O6LQEW āG
2:2/
R8W-2OOOO?
B238,8,:- DLTRQV8,,,-QSXR2OO:5OOOI2-, ]]

1L'È!
?4
>,,82-,,8
PQ  LS X呸  XL
RSQ SSW/ 
$
SOT
XVRXXR -=

,,8OO-28Q8O?O>,?-
‡ S ,6H
2OIO?4
-2SQDO3 呸8SGVOOOOG呸O89 ‡R£X呸U
RYHZ È XIU R]

W āG

0O-Èt--
Q2呸22OOO
RSDXTRVDZRG ]XQV]]XRR呸呸,G ‡Q呸38 LSX-Q,IXO$
 8426 OW-2OQG 呸,8 ]" ‡G
2O
,,8W-2,6,?7£- ,8,?,,,?  ,3 O
6H

DUDGVHS\ZQHVSXUVHPXQÈR-VHDSHXQDSRLSDXUXD
V-HGH
H]XDSRZÈH]DXDRZRTQTHRVQTDQE HT RLXDQXVVXDG
QV HHSRSRTRRPZH-HIRSRZVX‡3ž RVR RQEVā XQXURR
"--2O6 DXQ RS VR]V£ VR£ HX-XD HUHG RQE VDXH呸UXDG O
82-6!IW"82--%8 62O--882-VRMUHLXHXUHSXQMW"-O"G%-$-O6
8-6-?
HVDXLILDVVH-X-VRMHHDX\RGZDXR-È"IDHHG6ÈO-36VR£HS
RXÈDO £D
SH
XDSRT"HSRV-TW"I
URDGXHVDRQEÈXSH]X
HLSXUVFSQVURXRGRUGDXDZHVRSURDUHG23žR£ XRUHMRTUHXV

HRG\ H RS HVXD-38 -2ÈW": S RSHUVSLVXRR

GZDID G

RPZHHU2-GDSVH£
VVFXRLXDDSVHSHHVDXR-6"3 VH
ā WOXHGV-T H]DUH£ È HQ-Q-W"-XRRW"S]DZÈRLDPXRRH

HVDžRFGRPRR£XD
H-2O6-4" XRH$Ož+3XS":-2-82-
RXPESH UXXMGVR RQVRQX DQE
DXDZH-SV-T D -"P£Q RL
DMGXURRXUH-D2--X\GV-T!-GDUTXLRTDRQERSXHMHXRVXSGD-
XRR HVDDSRL RSRSD£ DIHZHSXHIO \P]SHZDW66
HSRW6
H£HS2-264O-£W"GSXSGRQVVQX
62OW"$OHSHRIO--4W"'
6
-DSHSW"-!S" XD
FSQQV\Z62,-9 āR]H-<G6-O^ DRXFVDUGO"IXRR
RSHPiQHXURSXQZ£D?2--4O6O^DLXDXTHDU2- DSDXDSDLDXH
262-3RXVHUDRX
RUGRUGDUTXURXW"-D£QE6-8"-8
 RX
RX£SXH
R£
XDxXRTH 
-69 āHXR- RSRXRG -W" URXFQUH  RSRU "
DVSDD HUDGZ2-X\G6O^
!-GRSRVQDRXRGRUG
PHSRHQ-D
O"--"-RSV-T H£ DSHQG8W"-DVD
R\HZHW"-È XIII
 (/(&8$'25(1(/(63$22$1',12 ,'($ 352&(62< 8723Ë$

ORVVHFWRUHVXUEDQRVHLQWHOHFWXDOHVGHO(FXDGRUGHHVHHQWRQ
FHV ODSpUGLGDGHORVWHUULWRULRVIUHQWHDO 3HU~

&XiQOHMRVHVWDEDHVHSHQVDPLHQWRGHOGHORVLQWHOHFWXDOHV
LQGLJHQLVWDVSHUXDQRVFRPR=XOHQ5RPHUR&KXUDWD GH/XLV
9DOFiUFHOFRQVX7HPSHVWDGGHORV$QGHVHQTXHVRxDEDTXH
GHVGHORVDQGHVLUUDGLDUtDRWUDYH]ODFXOWXUD GHODVLGHDVGH
0DULiWHJXL JUDQDGPLUDGRUGHODRUJDQL]DFLyQFRPXQDO LQGLD
RDTXHOODVWHPSHVWXRVDVGH$UJXHGDVHVHWHVWLPRQLRSURSXHV
WD TXH LQWHUSUHWDED OD FXOWXUD DQGLQD GH PRGR VXEYHUVLYR \
XQLYHUVDOL]DGRU

7DPSRFRODL]TXLHUGDGHHVRVDxRVYDPiVDOOiGHOGLVFXUVR
OLEHUDO &RPXQLVWDV\ VRFLDOLVWDVGHVGHVX WULEXQDSULYLOHJLDGD
HO 3DUODPHQWR SODQWHDURQ OD QHFHVLGDG GH HFXDWRULDQt]DUDO
LQGLR )RJRVRVGLVFXUVRVFRPRORVGHORVOHJHQGDULRV5LFDUGR
3DUHGHV\ 3HGUR6DDGDQDOL]DURQHOSUREOHPDQDFLRQDO)HUYR
URVR KDVWDHVWUHPHFHGRUHV HO OODPDGRGH 5 3DUHGHV D FRQ
YHUWLUDOLQGLRHQFLXGDGDQRGHOSDtVRWUDYH]ODIyUPXODOLEHUDO
GHODLQWHJUDFLyQDFDPELRGHVX GHVLQGLDQL]DFLyQ

(VDODUJDWUDGLFLyQLQWHOHFWXDOHFXDWRULDQDGHORVGH
HVWHVLJOR LQIOXLUiGHILQLWLYDPHQWHHQODQXHYDJHQHUDFLyQGHO
 /RV PRGHUQRV HVWXGLRV DJUDULRV VH HVWUXFWXUDUiQ HQ WUHV
OtQHDVGHSHQVDPLHQWR ODGHO DJUDULVPRUDGLFDO\ GHGHQXQFLD
OD DQWURSRORJtD FXOWXUDO \ ODV YLVLRQHV FHSDOLQDV 7DQWR HO
DJUDULVPR UDGLFDO FRUQR OD YLVLyQ FHSDOLQD LQWHUSUHWDURQ OD
FXHVWLyQDJUDULDHFXDWRULDQDGHVGHORVSDUDGLJPDVGHPRGHU
QL]DFLyQ GHSHQGHQFLD\ RSRVLFLyQFODVLVWD

 3DUHFHV 5LFDUGR $FHUDGH OD 1DFLRQDOLGDG\ HO GRHFXDWRULDQR 6DDG 3HGUR
$FHUFD GH OD XQLGDG QDFLRQDO \ EJRELHUQRV VFFFLRQDOFV HQ /RV FRPXQLVWXHQ OD
KLVWRULDQDFLRQDO4XLWR
 &KLULERJD 0DQXHO (O SUREOHPD$JUDULRHQ HO (FXDGRU 4XLWR,/',6  S 

V
 £

2£OQ4
21 L—RG\
6-2
-5QOOO -2SLUQ<- > 8 IOOO-26 IIOO8呸 8 G£呸@

VQ
O呸£? 呸O


=O-
W-OOLW OOWWXW ,-O8L2,4%

8`8-,+
,94- R£GZLIL -RG 8£? 呸-WG4,44 呸H$  呸OR呸 236 
RO8IO
66O>`8WLS UOO8OO呸 VL£ IIO VS OWO呸QEWOWIWO 8 6"-QSFXG OIOIWOLI QRQZQX
 呸

O-8`SO-呸-`8H262-ODG-OQEUHP
RSVRSH]SUR[D
H$OH-8 86
RUUXQM86 VRDIQVXDXH-O-O$82-
DV VRSDUUXMQDH R VRSH]PVR ā RSX呸<!$W"-+-? L VRPJ DS VRI
DTDQV X XFRDUUXSRHT"IZDHXQH HTHXRSXRRVRUDQE
VDHQ6OS6W"-8O呸-O-8 VDXRSHUDUDS6W":O!-$
VRSHMVUQRVDH
6&4
8Ož
SXHHVH-OSVRUSUXVH62 XD 2:2-
62$6W"G L
VVMTPQXUX£ 2-G
%OO3OOW" HSXVDDVRSDUGHXQDS VHURSHXRG

RWTXUHRH
XSH]—XDSRZH£HVRSHDU
,$;2-6£XVRSHSXH
2:2-VRSDVXHGVRS%=-62-82-O2-623862
>āHSX$RXRUDG
HSXDW6

623 62DSHSXDV[H QXHG
HPQ! H-R£RG
-XHH
MDUUX RSXQZ-3H$SHD-G-DX833"-OH
%@
ā/
DLVVTHDWHGH!Q£HHSHPXQÈR!H£XDVTQDXXRUHQ
62-O2 62- 8 VRXQ62
DQE
RXUSXH 2-
ž3ž,
2-8OLž, XH
FMTQXH£VVH£-£RDS26-,?-63DV!HVR£DSXRSHRUXQXU
2-8 H £HWāHSHD!HGXRHRQSRLG HSRXMVHGXUHFDGXQ
H-DQE6 žSHSHSXRRH-TSDGDVRX RSHXLVHGXUHR DVDDQXD
RQEHD
VD£,'SH VDSHSVD$X VRWDSXSHDGVDVDS
%@
ā--HVRS‡H-HGRMQRHLVTRXQHSHUHSMVXRRDQM

RX0HR!SV-HSXDRGXUV
XSVRGZRRVDSXDRVHSRXURR
DSUTSUHG
£HXRSSHQHXWVHGXUHRSHSDSRVHVD
XHVLZāHUX
SHSRSRVH£ FSVVQXHORSXDWSUXD
RXHTUQRSXQZUDRGXUHR
£DD-£XD6W"-:82-- 682-"I-VH XD66I呸8HQV82-H-XDRVDX
RVDW VHTXUYāRSHHRSDV SSRZVZHX3RVHRVDSXHMUHR
XG[D238W?+88-23žOO-O" SHSXHMRGH  -£RXRD RVDQH
S92L -DS È
9G- H DS VDXR-6-$ VH HUHG
XH XD
RZ
VQHSDGZ HXSHXSPTQVH  RZVQHSQD- ,XHURRMMRUUHVFS
UH XQMXRGR DV RQE VHTDQVH
,,'-SH RZVSXH D HHG
2=OOOO‡$ O-:OI
G FUHR
 (/(&8$'25(1 (/(63$&,2$1',12 ,'($ 352&(62< O,723Ë$

&DPLQDQGR SRU VHQGHURV SURSLRV \ KDVWD IXHUWHPHQWH

UHDFLRV DO FRQWDFWRFRQORVSDUWLGRV SROtWLFRV\ ODLQWHOHFWXDOL
GDG UHDSDUHFLyOR LQGLR ORDQGLQRHQ ODHVFHQD QDFLRQDO /D
UHFXSHUDFLyQ GH XQD EXHQD SDUWH GH OD WLHUUD OHV SHUPLWLy
UHKDFHUORVWHUULWRULRVpWQLFRV UHIRU]DUORVPHFDQLVPRVFRPX
QLWDULRV UHLYLQGLFDU VHUYLFLRV KDVWD SURSRQHU VXV GHUHFKRV
FRPRHWQLDV\ QDFLRQHVRSULPLGDV0XFKRVLQGLRVVHIRUPDURQ
HQHVFXHODVFRQYHQFLRQDOHVRWURV HPHUJLHURQGHH[SHULHQFLDV
HFOHVLDOHV HGXFDWLYDV GH SURPRFLyQ DOJXQRV DOFDQ]DURQ OD
XQLYHUVLGDG $SDUHFLy XQD GLULJHQFLD LOXVWUDGD \ DSDUHFLHURQ
LQWHOHFWXDOHVLQGLRV(FXDGRUYLYHDSDUWLUGH XQDUHYLWD
OL]DFLyQLQGtJHQDVLQSUHFHGHQWHVHQODKLVWRULDGHHVWHSDtV
/RV HVTXHPDV FODVLVWDV GHODPRGHUQL]DFLyQ R ODGHSHQ
GHQFLDQRIXHURQVXILFLHQWHVSDUDHQWHQGHUHVHQXHYRIHQyPH
QR 0XFKRVLQWHOHFWXDOHVFRPHQ]DURQDVHQVLELOL]DUVHSRUHVD
HPHUJHQFLDpWQLFD\SRUODQHFHVLGDGGHFUHDU\GHVDUUROODUXQD
QXHYDDSUR[LPDFLyQWHyULFD $SDUHFLyORDQGLQR SULPHUR FR
PRXQWHPDPiVGHODQXWULGDDJHQGDGHLQYHVWLJDFLRQHV\PiV
WDUGHFRPRXQDSURSXHVWDWHyULFD\SROtWLFDSDUDUHLQWHUSUHWDU
OD KLVWRULD HFXDWRULDQD $TXt LQWHQWDUHPRV HQVD\DU DOJXQRV
HOHPHQWRVGHHVDUHLQWHUSUHWDFLyQSRVLEOH\QHFHVDULDFHQWUiQ
GRQRVHQODSROtWLFDOXJDUHQGRQGHVHDQXGDQ\FRQFHQWUDQORV
GLVWLQWRV SURFHVRV GH OD VRFLHGDG 1XHVWUD SUHJXQWD FHQWUDO
LQWHUURJD SRU OFXiO VHUtD HO SRWHQFLDO TXH HQ OD DFWXDOLGDG
WHQGUtD HO 3UR\HFWR $QGLQR SDUD HO FRQMXQWR GH ODVRFLHGDG
HFXDWRULDQD" HQ RWUDV SDODEUDV OWLHQH UHOHYDQFLD WHyULFD \
SROtWLFDUHLYLQGLFDUHOFDUiFWHUDQGLQRGHO (FXDGRUGHKR\"

/2$1',12&20235238(67$7(25,&$<
32/,7,&$&,9,/,=$725,$
/DLQYDVLyQ\FRORQL]DFLyQHVSDxRODDQXHVWURVWHUULWRULRV
LPSXVRXQDUD]yQFRORQLDO GHGREOHQDWXUDOH]D DXQDGHVYD
ORUL]DFLyQ\ QHJDFLyQGHODFLYLOL]DFLyQDQGLQDDTXtH[LVWHQWH
FHQVXUDGD\HVWLJPDWL]DGDGHSULPLWLYDEiUEDUDREVROHWD\E


R£RRG XQ RQE THIRXHZ X- £H -R£R\-H QV V\Z
XR-W"=-OW"-8! RQE
VDXD—3VRGUXiÈ VHVH!VDVHSVH H VHSDL
DGHV XRUDW[UXXHXU DQEVXW"PZH- H£VHTÈ VHXR呸D-
VDHXRS
HX 623O-82! -2GRSH]UXR RSHX2:6I8W"-O"$O2T
2S-/

O 呸VDPPOOL O VXQO-Q!

VRPQRG
VRRQQRXRRDVRXLVQHXHGXQ
62^ H 2--W"! 2:O,,- 2:2-
HÈ VHSHH
6W"!:482-4 VHUUXRQQVV
VDQVDQX RS DXDGSD È DUTRG
RR—呸—DG DS\H! £D-%--GQV
 ž1 5822-228 DSXRGRS  -2G:2- HS ž3O826 2
XDW"$6-呸0TQV OO- RXRXUVUXHXH[TRT£DSHDS W"I
RSXQRHJ

VH!
8VHSXL-!-3 VH XRR6233OOO- VH£VVHS6-W-2! G HSH]UXF
È RXUVSHU  XDDSDVVT
HSW"XZDV SDSDSRV HXQXDTH$OO
XRXVDQR
DXDSSRHXRSGXRVSDH呸VDSH XHDXDZHVSDG
DLVLVXRRSHSV!$-3QVāRQDVRX!GāVHV!$-3DXDZDXDU\

VHV-!$3RSXHLVXD呸VÈ XHVDSHS!!2VVVQVDQX
2:-G
VQXDIR RLXHQXHVXHGSVPXHLVLV
VR£ X L 6(=-- VH S XSH---2O H 8p 6F-TQ-26-- VHZ
HMTRUGVRQS URSHXRG H-! RLXDQXSHX QV HSVHS RZVXHSH$
TRT DāRZVXHS0RT! - X-6-$ QV
X-!- DQVDQX X
āRZVXHSZHRXOH 3HDS-H£ VHRXRLXDD-DVāVRWUHSDZJ
VRXRXR VR£ RSVRSHSSHQURRG VH I XRSª2 H XRSGXRVSH‡

RGXUDQFXUVQXH
O"---DQESHS-83H$DQXDXQHXRU
HW88V—68--3VRM
O"\HGHSVRSH]WSXFGFSXM
āRSPXRXDGVHV-$3
VHSH]OOLRWH VRSHSQ
XFSUXRR
VRSHRQEHV
VRSSDUTRGXUD
DXDSOO2 RSVRRXHMXHG
VHVMHG RXURR 8-T VHZ VRXUHSRQE 621 āRSLG QV RS HURS
HQRG[F L -"I82-2! H]£H-QHXH£ URGDLXDSSRRRSVHXHVH XD
H-D-QE-VILO
HXQGH 8 VRXUHMRUXD X-H 8
H--W"VDDXO"-G
VDU DUXHXUHXRLRUSHQXRF RQE HXWSXH XSH]O呸3H£ XRR UHTHRH
È-"=--O"$6S82-H-6R£RX6-26O"$8-6&<@ ž2O8-:SHXQVDSVRS
6,TO"$OO 8O"-G62$-OGITR VRTXUH
R-HTZD 8-6 6-"=OOO"2-" -2G
R$SDITR XD":- RXURR
VRRQQRXRRD
VRD£
VD£HUR
62-R£  VDP£H$VQVFSXHXH[DDXDSS呸RH--TS!68-XD8VRX
2
=OO
-,,£?,.:OU
W 
 )-(&8$'25(1(/(63$22$1',12 ,'($ 352&(62<8723Ë$

EROLYDULDQR (OVXHxRGH%ROtYDUPXULyHQUHGDGRHQODVVXFLDV
IDMDV GHVXV SURSLDVFRPDGURQDV7DOSUR\HFWRVHUHVROYLy HQ
ODFUHDFLyQGH(VWDGRV1DFLRQDOHVTXHVHLPSXVLHURQSRUWDQGR
HQ VXV HQWUDxDV FRQIOLFWRV pWQLFRV UHJLRQDOHV WHUULWRULDOHV
FODVLVWDV FRPR YHUVLRQHV HPSREUHFLGDV \ GHSHQGLHQWHV GHO
SURFHVR GHRFFLGHQWH (O EROLYDULDQLVPRHO ODWLQRDPHULFDQLV
PR IUDVHPDVELHQUHWyULFDDQWHVTXHGHVDUUROODUXQDLGHQWL
GDG TXH WUDQVILHUD RUJXOOR FRKHVLyQ \ IXHU]D VH IXH
FRQYLUWLHQGR HQ VLQyQLPR GH SREUH]D LQHVWDELOLGDG DWUDVR
GHSHQGHQFLD LQPDGXUH]\GHXGD
/DVYRFHVTXHDERJDQSRUXQQXHYR\UHDO EROLYDULDQLVPR
FRQWLQ~DQ VRQDQGR &DGD RFDVLyQ HV SURSLFLD SDUD QXHYRV
SDFWRV DFXHUGRV\ GHFODUDFLRQHV TXHH[DOWDQODXQLGDG GH OD
SDWULDJUDQGH
\KDVWDVHKDQRUJDQL]DGRDFXHUGRVUHJLRQDOHV
FRPRHO3DFWR$QGLQREXVFDQGRLGHQWLGDGHVPiVDILQHVSDUD
ORJUDUFLHUWDYLDELOLGDG ODLQWHJUDFLyQKR\DSDUHFHFRPRXQD
SURSXHVWDQHROLEHUDOSDUDDEULUQXHVWUDVHFRQRPtDVDO PHUFD
GRUHJLRQDO DQWHVTXHFRPRXQDSURSXHVWDGHUHYDORUL]DFLyQ
KLVWyULFRFXOWXUDO
$SHVDUGHHOORHOIXWXURHVPX\LQFLHUWR QXHVWURFDUiFWHU
SHULIpULFR DO FDSLWDOLVPR VH KD DFHQWXDGR ODV GLYHUVLGDGHV
VRFLDOHV VH KDQ SURIXQGL]DGR ODVGLVWDQFLDV pWQLFDV FODVLVWDV
UHJLRQDOHVSHUVLVWHQ\KDVWDQXHYRVFRQIOLFWRVRYLHMRVUHQRYD
GRVGHJpQHURPDUJLQDOLGDGFRUWHUXUDOXUEDQRSREODFLRQHV
YLDEOHVQRYLDEOHVKDQDJXGL]DGRODVGLIHUHQFLDV&RPRVL HOOR
QR EDVWDUD ORV FRQIOLFWRV QDFLRQDOHV SHUVLVWHQ FRQ DPDJRV
SHUPDQHQWHV GHHQIUHQWDPLHQWRVQDFLRQDOHVELHQ DSURYHFKD
GRV\KDVWDDXVSLFLDGRVSRUORVIDEULFDQWHVGHDUPDVODQXHYD
UHYROXFLyQWHFQROyJLFDGHORVFHQWURVGHOFDSLWDOKDDKRQGDGR
ODEUHFKDFRQODSHULIHULD\QXHVWURVVLVWHPDVVRFLRHFRQyPLFRV
DO ERUGHGHODTXLHEUDHVWiQDWUDSDGRVHQXQDFULVLVSURIXQGD
\ HVWUXFWXUDO


 W
āRRZROO2OOO呸 
4:!-2
-6
W212,4OO&S]—‡1
Ź
Q
āH-2O=+$32-S-RGDLVRQGRUGHXQRZRRÈ"-SDXFRGRDXQ

RXURR HQVFQXU DV=$ O"SHR DQE
RXSXH DS XRSRX H -OSÈ
XRZā
0 O"-O3RXURRRGXUDQXH 23O66---呸HTURG(=,OQ-
XDXDSHQEVHDS VH£FSVRS
SHSD呸VH£ RSVDSJPV?VDVHSRS
HTRQ£HDS£D RVQSXUD
XSH]OO-DSRZW"I ?HSXDSX-GDSHHS
IO
XRH呸VHHQE6O-2SO"=IIO"O2O62-- VRMDSRXU62 -2G6-S
HSDSRVVDQVDQXDSW"$O呸IG[O SHSSHGH!X HW6--
8%: W"I DSÈ

VRUTXUHRV URGRSHTDTHQEHXHRSDZHRXSX HSXD呸-3H£

HSHPRGHSH!JX DXDS$O"- VDQ
VR\HVRZS£VR£ X
āHSTH£-2G
VRSHTRVRVRS—-DZQVXRUHXQQUHLVGVRLVDQGQV HSRQEVH
XDVH---,2GVHDUQZVVUGRUGVH£ H-6,%-8!3žžžRXUVXHXXLRRS
RSDRR[PED RSRZ HS XRQGX R XVQRDGD HV
HVDDSVRXD^8$2:XRH
%-O-,2GHSH!-GXRURLSUHGVRS
HSHSRVVHVDHSHQ£QRSHS6-2$3HSXQMRUGH£ UHSXHLXH RX
UYāVRXSD$ VQVXRRVH!@LTVHPXD$HVQVXDRXUVQX2> VHDQE
XRUFSDSQXUXFRX2-HIRGHRVQSXLRQEVH£H
VHQRSRVH£LR£RDS
6O"I -3 -6-HSXD---3 -2G RSXHXWXXHL
:68"-IO:"8S"^
D HUTRV VDXXRSHX VRSHGVH V H XRUH呸OO$3G
VUHG RMRV
XQ XD RXUVXDLRRV £DS XRSRQQVXRR H£ URG 623ž88- āVDPRS
3"- RXURRVHSXJDS
VD呸 VVSDSDSRVVH DSRLXRMXQSXDLXD
DXFUHRTXRHV
VHUXDSRZV"$OPSR-GVH]-D,- VHWRSRQRXHVDS
£DS HDS H£ -2G āDP]:DSRZ ‡‡3!GVDG HXQ RSVRS
HR—-
£RDDO- SHSQHXH RS2=4 HS-D-QE]- H£ HQEHPLD
(
O
āVDQX-SSRRXVRUGSXXGVQVH
VDSHSDSRVVHVDHSXQUR
SHS-6-O$-3 H H VRMTMVXDV XRUDQM RX
RUTXUHR XR
VHSDSHSRV
VDQVRQXHSDXD-SX[ODSÈ R—呸-—G&, -D!YP ,-DWRVD- HUDG
RZVQH—DGZ-SXRRHQXGUXHXQXFUHUVQGRUG
DSVHXFWT6
āH$SHSI8- "- FSWSUFG XHT 呸VHT È VRSHXRSXDXU VHPDMTRUGV
-W"-DGQV82OO"-呸2- RRRGXUP
2:689-:HRXSH £DXRUHMRTUHXR
8"TPH£ DQE
O"S-DQE] DS VH—H£H£VD£XR VDXRV-D$ 6%
@
 (/(&8$'25(1(/(63$&,2$1',12 ,'($ 352&(62< 8723Ë$

8QDRSFLyQWHyULFDSDUDGHILQLUXQHVSDFLRVRFLDOTXHWLHQH
SURIXQGD GHQVLGDG KLVWyULFD SDUD SHQVDU ODV FDUDFWHUtVWLFDV
SDUWLFXODUHVGHXQDFRQVWHODFLyQGHSURFHVRV\ VRFLHGDGHVTXH
FRPSDUWHQ HO WHUULWRULR DQGLQR \ TXH KDQ SURGXFLGR HQ VX
GLYHUVLGDG H[SHULHQFLDV FRPXQHV 3URSXHVWD WHyULFD TXH VH
SROLWL]DSDUDSHQVDUHO IXWXUR YDOHGHFLU VHFRQYLHUWHHQ XQD
SURSXHVWDTXHSHUPLWHSHQVDU ODUHODFLyQ HQWUH ODV P~OWLSOHV
IRUPDV GH VXSHUYLYHQFLD UHVLVWHQFLD DGDSWDFLyQ VXHxRV \
FDPELRV FRQXQIXWXURSRVLEOHSHQVDGRGHVGH HVDVH[SHULHQ
FLDV3HURQRVyORHVSURSXHVWDGHXQQXHYRRUGHQHFRQyPLFR
\ VRFLDO (V XQDSURSXHVWDFLYLOL]DWRULD 8QQXHYRSDUDGLJPD
/R FRPXQDOSULYDGR SDUDXVDUODFDWHJRUtD GH$ 4XLMDQR
FRPRUHIHUHQWHGHXQQXHYRHVWLORGHYLGDGLVWLQWRD ORVSDUD
GLJPDV HVWDWDOFROHFWLYLVWDV R SULYDGRLQGLYLGXDOLVWDV TXH
KDQHQWUDGRHQFULVLVFRQORVDOERUHVGHO

/D QXHYDSURSXHVWDDQGLQD DXQTXHWLHQHPXFKRSRUPD

GXUDU SHUPLWHDYL]RUDUDOJXQRVHOHPHQWRVEiVLFRVTXH ODLQ
IRUPDQ

D FRQWLHQHXQD UHYDORUL]DFLyQGH OD GLYHUVLGDG FXOWXUDO

5HYDORUL]DFLyQSURIXQGDTXHQRQRVFRQGLFLRQDDXQDDGVFULS
FLyQ D RFFLGHQWH SHUPLWLHQGR OD SDUWLFLSDFLyQ GH GLYHUVRV
SXHEORV SRUWDGRUHV GH RWUDV UDFLRQDOLGDGHV H[SHULHQFLDV \
FXOWXUDV YDOH GHFLU VH PXHVWUD SURIXQGDPHQWH DXWRFUIWLFD
IUHQWH DO FRORQLDOLVPRLQWHUQRSDUDIXQGDUVHHQ ODGLYHUVLGDG
GHPRFUiWLFD

EFRQWLHQHXQDHQRUPHUDGLFDOLGDGIUHQWHDODVQRFLRQHV
GH (VWDGRV 1DFLRQDOHV DO UHFXSHUDU ORV OD]RV FRPXQHV GH
QXHVWUDKLVWRULD SODQWHDVXSHUDUORVFRQIOLFWRVQDFLRQDOHVSRU

 4XLDQR $QLEDO 0RGHUQLGDG LGFQOLGDG \ XWRStD HQ $PWULFD /DWLQD 6RFLHGDG \
SOtWLFD /LPD 


 ¼
FQE VDXRSW"IO- RSVRSDUVH呸 XJVDDX 621
RXUSXH DS6O"6
H-8623 VHXDS"SDDS DLTVRGVD RQE £DXD
RVRURG VD-D$
H
RVRFHUTXUFXU 2-2`--OODVDRXURRRXLV
RXHXRUHQRDUHXRSWP
RXRPUDL O
3 62--H: VRTRDQVD 62^ XD 62:W":2O 2- RX
RVHR
D£VDXRRSHUR£DDQEXQH
VDHXRSH1VRSHLVTVR£HSDIWP呸XD
XQUHVQDUDGVRXHXRLDQRFVDSX\VR£R
VDSX\VR£DS£HXR
GRV HXR] H£
RXUSXDURXRVHR ,呸
WPSXHXD W"- XDVRSHS
V03V-SXH6O"VDDSW"8IOāD£XDZ—VTDVUVVXHGXDSHQG
DQESW"SSIGO2:ISHSOOIO22:?"3RXUV
RSYVDRXR6--$3
XQ DDāRVD$3 R£ DS 3W"3ž H RUQHH -DHGH HXSXH X呸NX
W"-
VRMTRQGVRQVDQXDSW"SXD—DG[DHW"-H£H]—RH$D,9
6!OOGQV
9,,,2/6,+< R1,&199G61DRFYQRD
āHO-,2G
O HSD HVQGRGRXLRR 8389  RSQXVV DXDS
VDSHSDS
RVVHQVRQXDSVDSHSTHSXDLRG VH$DQXVH È 62$O-ITR VRVHQX
VR£
62-O2 D-WXDUHVXH-DSQG呸W"O6
3W"3'W"ZQTW", DSVDXRGH
VR£ DXDZWU-SS RSXHQQQVH HSXD—DG[D H -H]—RGZQXR È
-"=I"6-D$8QRGXUDQRXUVQXWW" È
XSHD- 
3RVHRRUGÈHP£Q
RXURR RXWSXHR£ H]—RH$D- H]DHPHXDTRSHSXD:-$2:
XQDRVQT
-SDSVD
SHSQXHSRXUW"I-WPQXHP--O"-,'6W"HDXHG

W"3HUDXPXW",HRXM3ÈRQSXDVHS$ HS2-W6L! IDXD

RSPXFL
VQVRLQHRMMRQHVHSDXD
RSH[XGRXUVXDQXUXXRR 
X-HSHZT
DLVDQGRUGDXQ-O2-PVDS
HMR£RDQVXRRRSH- H-TW"THXWSXV
83
O$3 ‡ HQE X!‡G‡S‡HSXUXRUG ‡ RSWUHUDGQRDU RQE
2-O6L! XQURXRGRUGHUDG
LHHVDXSXD$LDWX XRRR
RSH!--:
DTQ DS
H-L!U-H HSHT
-XDSH HSHT VHZLSH-HG VR£ DS
<,,‡V\Z
HS£$‡3È -HVDS‡3RPV‡R[RQXXQHD£P£GS
呸6%8O"È 2-DX"M
DVHSRSVHSXD---3VH UHSPEW£XVR
VQTDQEVHMGRPVDSPUVH£DS3‡3O
3‡- ‡UODGURD 
呸DXDSS-RRSHXVHHTVRXHQER-—-SDG
DGHG,
 XRF UDGXURU HS RSQXHV£D XD -"-3W"- VH È VRXRLXUDL
2
8OOI$ 84:OI1 4OD-
 (/(&8$'25(1 (/(63$22$1'O12,')$ 352&(62< O,723Ë$

FUX]DQWRGRHOHVSDFLRDQGLQRSRUIXHUDGHODVIURQWHUDVQDFLR
QDOHV TXH VLQ HPEDUJR DGTXLHUHQ HQ HVH PLVPR SURFHVR
KLVWyULFRFLHUWDVSDUWLFXODULGDGHVHQHVWDUHJLyQ
(OFDUiFWHUDQGLQRGHO(FXDGRUVHRVFXUHFLyWHUULEOHPHQWH
FRQODDSDULFLyQGHORV(VWDGRV1DFLRQDOHV FRQORVLQVHQVDWRV
FRQIOLFWRVWHUULWRULDOHVHQWUHORVGLULJHQWHVGHO(FXDGRU\ 3HU~
RUTXHVWDGRVSRUORVLPSHULRVLQJOpV\QRUWHDPHULFDQR\DFWXDO
PHQWH FRQ ODV LQLFLDWLYDV QHROLEHUDHV GHOLEUH FRPHUFLRTXH
RULHQWDQD(FXDGRUKDFLD&RORPELD9HQH]XHOD\ 0p[LFR

/D FRORQLDKDEtDGHVDUWLFXODGRGUDPiWLFDPHQWHD ODVVR

FLHGDGHV LQGLDV GHPDQHUDTXHHO FDUiFWHUDQGLQRGHOD5HDO
$XGLHQFLDGH4XLWRHVPiVYLVLEOHHQHOVLJOR;9,TXHORHVHQ
HO(FXDGRUGHKR\$XQTXHHVDPLVPDVLWXDFLyQFRORQLDOFUHy
RWUDVUHGHVVRFLDOHVTXHVHFRQFDWHQDURQ DFRPRGDURQ\UHGL
PHQVLRQDURQHQHOOHJDGRDERULJHQGHPRGRTXHHVLPSRVLEOH
H[SOLFDUSURFHVRVFRPRHO GHODQHJULWXG ODIRUPDFLyQGHODV
pOLWHVHOIXQFLRQDPLHQWRHFRQyPLFRHOFRPSRUWDPLHQWRSROt
WLFR LQGLR HO PHVWL]DMH\ RWURV VLQ PDQWHQHUHO iUHD DQGLQD
FRPRXQLGDGGHDQiOLVLV &LHUWDPHQWHHOUHWRSDUDORVHFXDWR
ULDQLVWDVHVWiHQFRPELQDUHVDGREOHQRFLyQORSDUWLFXODUGHOR
QRUDQGLQR \ VX SHUWHQHQFLD D OD UHJLyQ PD\RU 3RU UHJLyQ
PD\RUGHEHUtDPRVHQWHQGHUGHPDQHUDIOH[LEOH HO7DZDQWLQ
VX\RSDUDODKLVWRULDDQWHULRUDODLQYDVLyQHXURSHD HOHVSDFLR
FRORQLDO SHUXDQRRDQGLQR GHILQLGRSRU$VVDGRXULDQ HQWUH
ORVVLJORV ;9,\ ;9,,DUWLFXODGRSRUODGLQiPLFDGH3RWRVL$
SDUWLUGHOVLJOR;9,,, ORDQGLQRVHFRPSOHML]DLQYROXFUDQGRD
&RORPELD \ 9HQH]XHOD TXH FRPLHQ]DQ D FUHDU HOHPHQWRV
HFRQyPLFRV SROtWLFRV \ FXOWXUDOHV GH DUUDVWUH VREUH QXHVWUR
SDtV /D1XHYD*UDQDGD\OXHJROD*UDQ&RORPELDH[SUHVDUiQ
HVDVQXHYDV WHQGHQFLDVYHUGDGHUD WHQVLyQGHORDQGLQR PDU
FDGRGHXQDSDUWHSRUHOSRORSHUXDQR\ GHRWUD SRUHOSROR
FRORPERYHQH]RODQR(QHOLGHDULRGHO$FXHUGRGH&DUWDJHQD
ORDRGLQRLQYROXFUyD9HQH]XHOD &RORPELD (FXDGRU 3HU~\
%ROLYLD UHFRQRFLHQGR OD QXHYD VLWXDFLyQā8OWLPDPHQWH HO
RQ
 2W
È VDSTXSR
VHSRXPT VHJ%XRZ VH HS VHI! VH È VRXS
XHUDQQVDIIH$ VRUDQXD%-8"XDPXLHXQXRR
VDQRRV\ZRTR
QZ UQSXW+63 XD VRSHURXDUVMUS VRJ£RRD VRTRLX
VRTRDQVR
VRXWSXDUDLXW VDQHW? 82-
O"8-23 XSHSH$ -28O:
6W":2O-28
VHSHDT VVQXQXRRVUS È VHRRG
HSp--3 XSH£RVX URXDXU HXQ
DSXRGVDXRRO
DXDTZH--3SHSUVRTQQ È SHSDXPTXH-J(O \
āH£XR]HZ\ÈRRJSHG呸36262$2,62-8:2S62-2G6232,-OO

SHSDXPTXHJQV G XH]SDSHH DV

H-8LVDSHVRR H DSR
HXQGDSVDSXYVR£ -3XSXD-D-3H
VRSHXxUVDSRSMVXHTRXURR
RXUDVMGVSRVD£HXRSXD£GDV
VRXDXRXVDSX\VRLāVHSXDi3
LTPH QQVDQXU RSDX QV XDDQEXQH
RXUSXD RLXQIXRR O3
RQXHSUHMQRQUHGO"82=DXQ2:2-VR!
! È62-%-D-2GDSHR
PXDS£ RSUV HT 2O6%G È H!-HZHIH! p--O8OHSHUXMVHD\ 
R!!H
āH£LRR呸S
H È HQOOXR H
%!O-,2GH È HMXLRXRRD%
H£LR呸 H VR$HSVR£
X-:--DHQ-HXSH£`-HT
,$;6£SVXDLLSRTHVHSHS
VSRVVH DQXDSHSUXQH X SHS6-`$3"
O
RXUSXHRSXQZSS
RLXQIXRR -- È VHXSXH-RX VHSHSDSRV VH£ --£XD XSHI-- W"- UH/

6%6O"-OOO6'36-82:2-6O8`:-O
%-8---3SHS£XQ
,$;6 8389X£!=8,$!
 XH2838-28 2 VHXH--2T\VHSHSH!26VUL
āHSUQQOOHVRX È RQQT
RQEXRLVQRVUSHXQXDUTHDQEVRXDZD-VRX呸HUDXRGRUGVRZ
H-W£V£QE
X£[DXD O"OVOXā[[È ,$;VR£6VV  X£XDHSRVT
H£ 8` RSRL--426 È XRSHPSHH %- XD6O"83OO% 6-82SW"^-O682!
6," H O8---
X--- +6- SVHSDD-D-3 È 6SO-:6 6%I
%-6%O-
86'3HRSXHRUHXU
VMHGRQVDQXDSRVHRRUGDGD呸RDX£
DV
HX£SXH XItLD %- RS VHSXPO-8 D VR£TZH VRVUDDWS 62-
HLXDQRXDRSXHXURLRQEHXRUVUTHXQ %O-%- DRDT
HSQS X£V
āH£$I'+È O-G-3 HD\-%RSOGV DQUHUTTPEFVDSHQVD-
8OI=8L`$TZR! G -L`3 O-:8!D D-O6O--O DS RSDS
2=呸-,,,?8:O
0 2&
 (/(&8$'25)1 (/)63$&,2$1',12 ,'($352&)62< OOI23Ë$

RFFLGHQWDOHV /RV FXOWLYRV DOFDQ]DQ XQ Pi[LPR GH 

PVQP\ODVQLHYHVHWHUQDVFRPLHQ]DQDORVPVQP
7DOVLQJXODULGDGGHODUHJLyQQRUDQGLQDFUHDXQHVFHQDULR
GLVWLQWR D ORV $QGHV VXUHxRV DGYLUWLpQGRQRV \D GH SRVLEOHV
VROXFLRQHV GLYHUVDV TXH ODV VRFLHGDGHV GHELHURQ GHVDUUROODU
SDUDDFFHGHUD ORV ELHQHVGHVXEVLVWHQFLD 3HUR DSHVDUGHOD
SDUWLFXODULGDG ODLGHDGHO HVFDORQDPLHQWRYHUWLFDO GHQLFKRV
SLVRV\ ]RQDVHFROyJLFDVPDQWLHQHHQHVWD]RQDODFRQWLQXLGDG
GHORV$QGHVGHO 6XU

/D HFRQRPtD \DSRIWFD

(O DUTXHyORJR :LOOH\ HQ OD GpFDGDGHO  QRV OODPy OD
DWHQFLyQVREUHXQKHFKRPX\YLVLEOHHQODV H[FDYDFLRQHV ODV
VRFLHGDGHV GHO (FXDGRU DFWXDO WHQtDQ VLPXOWiQHDPHQWH HOH
PHQWRV GH ODVHVIHUDV PHVRDPHULFDQDV \ VXUDQGLQDV FRPRVL
IXHVHXQDiUHDLQWHUPHGLD

0iV WDUGH GLYHUVRV HVSHFLDOLVWDV GHVWDFDURQ OD YLJHQFLD

VLPXOWiQHDHQHVWDUHJLyQGHGRVGHODVFDUDFWHUtVWLFDVFHQWUD
OHVGHODVUHIHULGDVHVIHUDVHOFRQWURO\DFFHVRDGLYHUVRVSLVRV
\ QLFKRV HFROyJLFRV SURSLRV GHORV$QGHVGHO 6XU\ ORV LQWHU
FDPELRV DGPLQLVWUDGRV FRQ HVSHFLDOLVWDV R VLQ HOORV GH ODV
FXOWXUDV PHVRDPHULFDQDV 0LFURYHUWLFDOLGDG H LQWHUFDP
ELRVVHGDEDQODPDQR

(O FRQWUDVWHHQWUHORVVLVWHPDVYHUWLFDOHV DXWRVXILFLHQWHV

GHVDUUROODGRV HQ ORV $QGHV GHO 6XU IUHQWH D ORV 1RUWHxRV
UHVXOWyWDQVLJQLILFDWLYR TXHHO PX\SHUFHSWLYR0XUUD HQXQ
UHFLHQWHDUWtFXORUHFRQRFLy
6XJLHURTXHDFHSWHPRVORVUHVXOWDGRVGHODVLQYHVWLJDFLRQHV
GH+DUWPDQ2EHUHP\6DORPDQ DOQRUWHGH&DMDPDUFD GRQ
GHQRH[LVWLHURQDUFKLSLpODJRVYHQLFDOHVIXHUDGHORVLPSXHVWRV
SRUHO &X]FR ODFRPSOHPHQWDULHGDGHFROyJLFDVHORJUDEDGH
RWUDV PDQHUDV SRUHMHPSORDWUDYpVGHOWUiILFRPDUtWLPRGH
 OW


O6OO
6IL' ,28SXLXQVRSFZ ,2, 呸HX!-S8, 8PO呸O"G
O
OX
£H[OZQLO-608‡ SVLXQRS&-!:,ÈR£QT 8呸
"
XRU
XPZ O
āVDP呸 VQVXDVRSDLXDUDGXUF
ÈQZÈ VD-W"O-:VW"=8HIH
VR呸XXVDVRVUQRDUHSXRRQUHGXURR

VRMTXUDDUDQQ G VHSHXRSHS HLXVXUDWUDQM VDUH£H£VD VHZ

-2-
SDSVD6%-VDXRSHDSD-XRQUXLVXRRHXRUH]XHXURR
DQE 62--2--6 !S HSXD呸 H 82- 286
(]XO"-OI2 H VDSQUFLXPX
VDMXURXRPHÈ 6%---Q-2GVRSHVD[HQH62--27-D6 HDXD VRXUHT
?XXRX VRX RRRGXQQRUDG
HUHFJQPVR£ DQE ÈHZ2!3-2G
RSRV RXUVWXDxURXQ
28-- XQ6[DRX
XD HVD
VRSSQSXRFDXDZ£T呸TÈQZ'TZH!DX L RRVDLXDLHG

V-S\ZRG3VR]H@XRRV呸XW"QVRVLDRSHSVDRJDVH*W"-8QDQE
VHSHU VXDSHSD$ XHMQQVXRR HQE
VDPQV
VHIDGZR 6(=WUQ,H
6
O"82 È 62-L"-6- 62O?-MO-O" RS6O"-2`-QS2-G6"-8-6"HS
RUT
:O"--O8 O3-2-O822 DRXUV
,%-2O--OX£VXHG[DO PVPEXRR
HLDS%-$ O" 23O"呸IDO$-GO"-THTRX HHVDXRSUXQVXRR H£ O" RQVV
ROQ
VRSHJSH-VD RUHG ‡V2SHSXD-呸-3 VRSRXDV 6'36 KQZ
RUDG
VRXDQERGXR-DII-QV
VR\DPVVHSXYV H XRUH]XDLRHUHR
DQE
6%-8-
-2Z£T-
SH0 HXH0HRXLRRVPVUXRUVXHG[DXS
H-2$ RSVRUQDUVDSXH-II -DII-DZD DQE VDXH
O"XR] O"O6X
ā%£HX£ HLVPE
82-H£ 82-HSO"2`32:V
268OOOR£TZH--8HSO"-O"O-O"呸
XSHD- HXQ HS HTHH- DV āUHXDSSR  MHWXDXR VH-DPS-R-
VH HSVD-R—D[DVR-DO"JV XDVHSHRMTQ6O"OODQEHXRR VHXDQFV
VRSDSDSRVVW"£RSXRD£‡O‡O
3È ,3<- L"38D£TZD£286

VRJDW-21VDSWUYV HWUHTW"=-O-%-%2 RSH]-HSDGVDRX RSHQ

VQQXUSHRWTXUHRUDLXWDIO"2OO$2--呸-2-O82-DXHTHXUTXURR
DQE VRRXXRXRRD VHXURLVUV DS HSX`LI$ H£ V RX 2-G
O-O"38:
VR£ !S R
6ƒO HOOQZ
2O S£602-21O62OO HSDO"O6
3 HOOOI
 (/(&8$'25(1(/(63$22$1',12 ,'($ 352&(62\WUUR3$

/DSULQFLSDOGLIHUHQFLDHQORVVLVWHPDVSROtWLFRVTXHYHPRV
HQWUHORVUHLQRV (VWDGRVGHORV$QGHVGHO 6XU\ ORVVHxRUtRV
QRUWHxRV WLHQH TXHYHUFRQHOGLYHUVRSHVRGHODVRFLHGDG HQ
VX UHODFLyQ FRQ VXV GLULJHQWHV (Q HO VXU ODFODVHGLULJHQWHVH
KDVHSDUDGRGHVXVRFLHGDGHQIDYRUGHXQDIXHUWHFHQWUDOL]D
FLyQ GHO SRGHU HQHO QRUWH ODVRFLHGDG D~QFRQWURODEDD VXV
MHIHV (PSHURWDQWRXQRVFRPRRWURVFRPSDUWHQODMHUDUTXtD
ODHVWUDWLILFDFLyQVRFLDO ODHVWUXFWXUDHQ SDUFLDOLGDGHV R D\
OOXV \ ORV SULQFLSLRV FRPXQLWDULRV DO LQWHULRU GH VXV VLVWHPDV
SROtWLFRV GHPRGRTXHODVGLIHUHQFLDVDSDUHFHQFRPRXQFRQ
WLQXXPGHGHVDUUROORVSRVLEOHV

/D OHQJXD

(OTXHFKXDRUXQDVLPLOODPDGRHQHO VLJOR;9,ODOHQJXD
JHQHUDOIXHFRQYHUWLGDSRUORVLQFDVHQOHQJXDIUDQFDSDUDHO
7DZDQWLQVX\R 7DO SUHIHUHQFLDSRUHOTXHFKXD DQWHV TXHSRU
HOD\PDUDTXHKDEtDVLGRXWLOL]DGRFRPROHQJXDIUDQFDKDVWDHO
UHLQDGRGH7~SDF <XSDQTXL VH GHEtD VLQ GXGD D OD GLIXVLyQ
SUHLQFDLFDGHOTXHFKXDHQODHVWUDWpJLFD]RQDQRUWHxDHO&KLQ
FKD\VX\R(QHIHFWRDODOOHJDGDGHORVHVSDxROHVHQORV$QGHV
1RUWHxRVVHKDEODEDSURIXVDPHQWHHOUXQDVLPL SDUDOHODPHQWH
FRQORV LGLRPDVORFDOHV

/DpSRFDGHODGLIXVLyQGHOTXHFKXDDHVWD]RQD DQWHVGH
ODFRQTXLVWDLQFDLFDHV XQSUREOHPDTXH D~QVHGLVFXWH 3DUD
/6WDUNHOODVHSURGXMRHQGRVROHDGDV ODSULPHUD SRFR
GHVSXpVGHO$& OOHJDGDGHVGHOD$PD]RQID\ODVHJXQ
GDFRQODH[SDQVLyQLQFDLFD 0iVFRKHUHQWHSDUHFHODSURSXHV
WDGH7RUHUR \GH+DUWPDQGHXQDGLIXVLyQ
ODUJD\VRVWHQLGDDWUDYpVGHDFWLYLGDGHVGHFRPHUFLR\QDYHJD
FLyQGHVDUUROODGDSRUHWQLDVFRVWHxDV\VHUUDQDVTXHLQWHUFDP
ELDEDQGLYHUVRV SURGXFWRV DOXGLHQGR SULQFLSDOPHQWH D ODUHG
GH LQWHUFDPELRGHVWURPEXV\ VSRQG\OXV GHODV FiOLGDV DJXDV
GHO QRUWHFRQHOFREUHVXUHxR


 WW

RLVHQGXQXHMTDT
DSHTUHTÈ XRSURVHS
HWQDTDTHD'^46 RSXRS
VDRSWQUQ$3 OL VRSH]Q呸- RXURR XH-TSDG DV VH-X 62
@
HXUSXHURX84i
!- ," HSV RWQRR
VRSHUVUQEXRFVRXRXDVO VDXQDVH VS
2-呸OO ,G2:2-62SGG8,
6GSXHi
 62DS62-i
4Wž3 VRVUQRVWSVR£ X-"THSXD-G-3RQE VRR
XHXUVRX呸UHVPQSXHVRSHSDSRVVHWXDXR
-SDHGH
VDWOLVW"I
HS2-i
4I3 RLXDXFHXRGXURF È SHSP$3DSRXUSXHXHG Ri
6%-
QVDDSHSXOLL$ HDS-H呸GYāHUQZD
LIDTQVHZP呸IDHS%:-2-
RXLRR SHSSRUGSDU W" XDVHSHVHTSHSTVUXXDXQ È R6-UO-63 XQ
-88O": 8O"-43
VDXRSO"- 6
H6 6H--O呸:VW" XH ž3OO$8
XDMTVT%-O-<-GH XDDQEVDRSH]IHXD L 62-QE\DIVFURSRG
62I RQE
H-
-3 %O呸 DS %=-GOOM H£ %/
6O"-%O82:2- XSX
RTHMRRRSVHXXRMVH£H3‡3O$!RS£HG!8-GRVH-RXURRDTV]
S2I%$ HQEHLQSXHXVG %--S HXQD-!
VHXSXHVDSDSHSRV
VH£RS8!H]8H-RH£RSRVHTH£X82-2$Q£VRDQEXRSQTXLVWS
‡-È SHSDSH`XDZD£GZR!
SHSSROGSXVSVDXRSHIGOVH
HRHS 
RXLSXDURXHQTFPE SDXDORQEVD-H-Q!SOHGVH!S6--GO
RHUHRVH£DXDZH-QDVH!G[D
R!-O6-QIIXQGH6
H-O6āRXH!S
DXUHRVDXLXDII--2 HSV-HUR--HGVHUX£XDH!2-H£VH-!8-623
H£
H- H£ S
HQTQE S -2SDSX£H DXUSXH XSH!PXQ H


£-HG DXQHS
-SDS6 āGQWÈ DTSH! !"0-H HUXR]HXUH H£
XFÈHTT£T!2-!HZXSHQ\DSHSRÈHZXH-呸H
VDHRRVH呸XD£
XRR
HJPV H£!XDSD!G HS HUXSDQE SS
HGRP X-6H$8
H DS 6DO8H
H£D-W"-HG HSXD呸呸 H HÈHTQV W"VD-O8 621

RVHRRUG2:6W: 6
-2GRSH]XUDQRVFS È RSH]QXRLHFQEXQD
W"-82-2-RTRDT
D G
HSSQSRUG HUSP 8-O"=OO呸:24 H -2G RSSD-2$&-
6-W"-2-
VH呸XD SO-W"GÈW":HHH]HGVDSGX£ZD VHXUSXDURX
W"-82=O":W" È W"---6 H£ XD HQTRPE HUQSDQE S FSXDQF
,,$;
2-呸6 S8
W"-3,O"O W"-82-22 H 8 8L-- DQ呸
6-
&-2- VH呸XD£
VH£ RSOO!-HGHVRSH£ !OGZ£RXHQTRHQE£RSOO62-3
O
R]呸‡O‡$ XZUWIQ
 (/(&8$'25(1(/(63$Ƒ2$1',12 ,'($352&(62< OOI23Ë$

VHJ~Q HOORV ODDUPRQtD ODFLYLOL]DFLyQ &LH]D TXHHVFULELyHQ

EDVHDLQIRUPDQWHVFX]TXHxRVDQRWDED
(QORVWLHPSRVSDVDGRV DQWHVTXHORVLQFDVUHLQDVHQHVFRVD
PX\HQWHQGLGDTXHORVQDWXUDOHVGHHVWDVSURYLQFLDVQRWHQtDQ
ORVSXHEORVMXQWRVFRPRDKRUDORVWLHQHQVLQRIRUWDOH]DVFRPR
VXV tXHUWHVTXH OODPDQ SXFDUDFVGHGRQGHVDOtDQD GDUVHORV
XQRV D ORV RWURV JXHUUD \ DVtVLHPSUH DQGDEDQ UHFDWDGRV \
YLYtDQFRQJUDQGtVLPRWUDEDMR\GHVDVRVLHJR<FRPRORVLQFDV
UHLQDURQVREUHHOORVSDUHFLpQGROHVPDOHVWDRUGHQ\ODPDQHUD
TXHWHQtDQHQORVSXHEORVPDQGiURQOHVSURFXUiQGRORHQXQDV
SDUWHVFRQKDODJRV\HQRWUDVFRQDPHQD]DV\ HQWRGRVOXJDUHV
FRQGRQHVTXHOHV KDFtDQDTXHWXYLHVHQSRUELHQGH QRYLYLU
FRPRVDOYDMHV PiVDQWHVFRPRKRPEUHVGH UD]yQ DVHQWDVHQ
VXVSXHEORVHQORVOODQRV\ODGHUDVGHOD6LHUUDMXQWRVHQEDUULRV‡
FF]D>@ 

3DUDHO SHQVDPLHQWRLQFDLFR HO PXQGRDQGLQRVHGLYLGtD

HQWUHORVFLYLOL]DGRVORVSXHEORVLQWHJUDGRVDO 7DZDQWLQVX\R
\ORVTXHQRIXHURQLQFRUSRUDGRVTXHHUDQVDOYDMHV(VWHPLVPR
SHQVDPLHQWRDUWLFXODHO WUDEDMRGHO ,QFD*DUFLOD]RYHUGDGHUR
LQFDQRFHQWULVPRSURSLRGHXQLPSHULR 3RUVXSDUWH ODVHWQLDV
FRQTXLVWDGDVWHQtDQVXSURSLDYHUVLyQGHORTXHFRQVLGHUDEDQ
FLYLOL]DGRVDOYDMH /D YHUVLyQGH:DPDQ3XPDHV PX\ LOXVWUD
WLYDHQHVHVHQWLGR:DPDQDGLIHUHQFLDGH*DUFLOD]RSUHVHQWD
XQDYHUVLyQGHVGHXQDHWQLDFRQTXLVWDGD3DUD:DPDQHOSDSHO
FLYLOL]DGRUGHORVLQFDVHUDGLVFXWLEOHRSRUORPHQRVEDVWDQWH
DPELJXR <DHQpSRFDV PX\UHPRWDVHQWLHPSRGHORV 3XURQ
5XQD ORVLQGLRVWXYLHURQPDQGDPLHQWR\OH\\PHMRUDURQVXV
SHUWHQHQFLDV \ WLHUUDV\ SDVWRV \ FKDFUDV FDGDVHxRUHQ FDGD
SXHEOR <WXYLHURQVXVPXMHUHVFD]DGDV\FRQYHUVDURQ\ GRWD
URQ\VHGLHURQEXHQRV HMHPSORV\GRFWULQD\FDVWLJRV < DYtD
MXVWLFLDHQWUHHOORV\DYtDRUGHQDQ]D\OH\:DPDQ3RPD>@

/D LGHRORJtD LQFDLFDYDOHGHFLU ODYHUVLyQGHORVJUDQGHV
UHLQRV KHJHPyQLFRV SRODUL]DED HQRUPHPHQWH OD GLIHUHQFLD
HQWUHORTXHVHFRQVLGHUDEDPXQGRFLYLOL]DGR\PXQGRVDOYDMH
3HURQRVyORHQIDWL]DEDODGLIHUHQFLDVLQRVHFRQVLGHUDEDDORV


 3
H % SUXTUXQV%I DSž3: XDXJ£呸D-HVD-3 VVSHSXHPRQUHG
RQDQR ž6IOI-8- XH
8
-8MDS DV
PV O3 VRSXY62- RS 6%I I
VHXWSFHURX VDSHSDSRV VH DXDVW"-呸,ž3 DVHVUQ6XQ
VHR
QQRGRRWXUFXRFD
VWU££D VHSXD-D-3 VH£ RSXHIDO2-
UQV£DXDRXURRVRXDGXUW VDSXH
RSQSTRVXRR XHMTDT RX DQE VRXRQERG VRXRXDV RS HSXD呸£$
5I H (SHLQRX£$ \VD
HXUSXHURX H-RDS£ H£ RS SHSXDMQRQUHG
UH VRTXP I VRXDQRV LXD
SHS-W"0ƒ DS D£G QD
VRLXDUXQR
RXRR È VR£-$ODV
VDXFUTRSRSPMM RMTXUHRUHLX ODTHXRSXQM
-,^
"
DQE 3%3IO"
-- HXQH DRDSDTR HSQSXUV DQEXFXVDQR
SHSMV
-D$£SH QGDHDQE XRSGVRXRR HXQ RXUV
D£XDL?Q£[D I IW-£SH
HSXRXHDV XVD$ DXQ KHT RX DQE HSH£VRZ ££
āVS H £Q呸 HQE FXDQVXDUHSRG £HRSXW"£WPi
V
UDQXU62H---26G-RSSHSSHGHR<,8G8GOVRTXP6G8W":8W£6
VR£
HPS ,XāVDH-86 VDSVSPTUVRGXRR H]QH£?SRQE £DXRR

RXHXVXF £H RVQSXW DXDH$-QED UHSRG XQ RXLRR D!DHGH

RX
DQXRF  RSRL
HSRVXSH]£XH DS RSD-8HZ-2- HXQRZ
RR DSWSXHLXH6RXDIH£?HVSHSPL?3H£VD
D£XDZHVRSQ!
2-GG
ā]W

XRXURMHJ āD£RV D£ XDVRVUDGVUS -‡‡VQE XDXDQ
RVDG 
VRVRQDGDWXDZHPQZXRVāSHS-HL?SSP! V\ZHU
XH SHSUXUDUHLMXR=GL? H£ H 8GL?$ VRTXPVRXHXXHT 62
@ āVRX
DXHV VR£ H FLRFGVDU SHS$SRSVHXXRMVH£ DS
HS$ DS VRMXVD

VR£ RSVHSXDUDMMSVH£ DS HSXDURXRF H-DSDGHW£ VRTZQÈ VR£
FS 8!(O86-GG-H£ XVRXDUPE 623 62I 82! 62TZH!-8
UH]THDU H VRTZQ$ VR£
VH!S?"L?-6 VHXD VH RS HS-8L?H H]Q
HUXXRLXDDFDVāRTZQ$GSH]XHHZ RI-W£-QJHQ+RTXPM
£D
QRRSVR!--"--DG VRXUHTVR£ XFH]QHD DVRT HUVVT DQE
RRUHRXURUGXDSRRSHQWSHXUHUSXQRS£-DDTXRXURSVJ
āVDXD£H£?QERUDGVDXD-G-3VHXXRMS DSXDtVU[R
W"VS286
SHSSRXRMXWSHSXRXDGQVRSVRXUXXDLXDDSWSXDQUD
HD RXW"OG
HSXD-G-3 H DS HSXRSXFR H£ HQV[D XDWT 6
VRS
DVVR£ DXD
RLTXUHR XāRQVXSXH0H/ IW" -D-DXDXDGXHS
G-:RXRQEVRSW"=-O$3-G
VD-2--8RXURRVDUH£?£HVVRSHXPQ
 (/(&8$'25(1(/)63$&,2$1',12 ,'($ 352&(62< O,723Ë$

GLIHUHQFLDGHVLVWHPDVHFRQyPLFRV FX\DLGLRVLQFUDVLDPRVWUD
EDODIXHU]DGHORV LQWHUFDPELRV FRPSDUWLHQGR HQFDPELR HO
FRQWURO YHUWLFDO GHODV ]RQDVGHSURGXFFLyQ EODYLJHQFLDGH
VLVWHPDV OLQJtVWLFRV GH ILOLDFLyQ PDFURFKLEFKD SDUDOHORV DO
UXQDVLPLTXHOHVLUYLHURQGHEDVHGiQGROHDO TXLFKXDQRUDQ
GLQRHVDSDUWLFXODULGDGJUDPDWLFDO\IRQpWLFDTXHKR\SRVHH F
ODYLJHQFLDGHVLVWHPDVVRFLRSROtWLFRVTXHHYROXFLRQDEDQDOD
FRQVWUXFFLyQ GHO (VWDGRSRUXQDYtDGLVWLQWDD ODH[SHULHQFLD
VXUHxD (VHVDOWRQRVHEDVDEDSULQFLSDOPHQWHHQODKHJHPR
QtDFRQWURO WHUULWRULDO GH RWURV VHxRUtRV DXQTXH HVH HUD XQ
UHVXOWDGRSRVLEOHVLQRHQHOFRQWUROGHOLQWHUFDPELRRSHUDQGR
FRQVXWLOHVDOLDQ]DV\ HPSDUHQWDPLHQWRV\ G`VHPDQWHQtDXQD
UHODFLyQ GLVWLQWD HQWUH6LHUUD $PD]RQLD &HMDGH0RQWDxD\
&RVWD FDUDFWHUL]DGDSRUVXIOXLGH]\VLPHWUtD TXHVHUHIOHMDED
HQODLGHRORJtDTXHODVVXVWHQWDED

/RV$QGHV GHVSXpV GHOD,QYDVLyQFRORQLDO

VLJORV;9,;9,,,

O&yPR VH SURGXMR OD QXHYD RUJDQL]DFLyQ HFRQyPLFD \

SROtWLFD HQORV$QGHV WUDVODLQYDVLyQFRORQLDO"O&yPRLQWHU
SUHWDURQODVVRFLHGDGHVDQGLQDVHVWRVFDPELRV WDQDEUXPDGR
UHV"7DOHVVRQODVSUHJXQWDVFRQODVTXHLQWHQWDPRVUHIOH[LRQDU
HVWHQXHYRSURFHVRKLVWyULFR

(OHVSDFLRFUHDGRSRUHO7DZDQWLQVX\RVLUYLyGHEDVHGHO
HVSDFLRFRORQLDO DUWLFXODGRGHVGH3RWRVt DXQTXHODSRGHURVD
GLQiPLFDTXHGHVDUUROOyLQFRUSRUyDEXHQD SDUWH GHODUHJLyQ
GHO 5tR GHOD3ODWDHQHO VXU 6LQHPEDUJR GH ODDUWLFXODFLyQ
TXHORJUyHO HVSDFLRFRORQLDO SHUXDQR SHUVLVWtDQOyJLFDV UH
JLRQDOHVGLYHUVDV

(OOR HV H[SOLFDEOH VL WRPDPRV HQFXHQWD GRV HOHPHQWRV

LPSRUWDQWHV DTXHORV FDPELRV LQWURGXFLGRV QRVHRSHUDURQ
HQXQWHUULWRULRYDFtR WRGRORFRQWUDULR HOORV GHELHURQSDUWLU
GHORVSURFHVRV DFXPXODGRV\FRQWDUFRQODVVRFLHGDGHV DQGL


 6U
āR£QR
W-W:
V-9O!26-9OO
;,;2呸6 ££SVDSXY62@ 8
6O86LFL:O-ULSHSƑQZRRQU U:822W-O-2-6+DSXRSH8-2,,,2VRG:6;, UQG
OOO-8OOG
>OOOO2-H1RSVJB RS-Q-O68R- È623 6O
7@
HRXZOO^
-OW
OIOO2OR
RSO6 >2 È 2OO3OO9 2SOO
, @  ž4:O- S LHQ-OOO ,> DS OO6IO-63 HXQ O-O- L
RQE 8-%-呸GO8 HS VDD$8 VR£ HRQG[D DS HURT 8I X VDLQDU
D呸QV W?PQXHQQVDU
QV £DSVRSXYVR£ H RLRDGVDL
VRXUSXHURX
VVSWUY 62, XD XRFDXQQFS RS 6%:-2- 6%- 8G 6%-8G-G-3 £
DXUFTTRUGD£VDHXR£[DJD DUHGSHSMXQHVD% RS£呸RLVDVFXUDT

RSHQ£DXDHSXDSW"TH£ DSRVDG£DRS%4VRWSWQ VR£ H V!

G QVRXURR L DLXHXQXRS SHSVSRVW" " XRUFUSXFLXDVR£SX£
VRU 2:4-
USRS D£H$
84-%8:2S H HTHXRWRXQM2:4-
-IO2-6-3

RSXQxRV
L
VDUHT£-O6GOO2-%:-2M K VRXRXHVVR£ " 8O% RQUQVWS
V\Z I ]VHRX£ 62 HS 2$-QTS£V£SDL RSHV £H RLXQVLS XFWT

UHXR! RXDPTXL RSH HHSH£D!HÈ QSD]URM XSHDLX

DXQ H XHTVQVXDQ
RÈQVXQXH0HBW H SDXDXDG DQE HX3DV
84- H£ 2$
%6
RSHV£D2:2-VRS"=II-8-62:68W"IR82-
-HOW"-OHVDSDUTXUUXVRRHRRRGVRSHSDSRVVHVD
-QEYāSW"SDSRVÈ
RSHV-O884-%£- O8:£THWRX2SO":-2-68O"-OHMTHTRQE
£RJHGVDRSPVJ-( XRUDUSXDLXDVHXWSXHURXVDSHSFSRVVH£ FXLFR
UQQRVWS
RURXLXG D VRVFRRUG VRS HQ£H$D RLXDXXUDG -DHG
RXU
QV£DSVRSXYVR£DSVDSHSDSRVVH XRRW"SHHGZR È HXWS
XHURXXD H£ FSVWVTDXH £- XDVUVDLVHVHÈHVX H-H-
āPV£DSVHSXY
62> 82- DMFSXHUHGXURR
DXUSXHURX 8- %I DS %65--8623
HL UHRHUVRS DXH$DS ÈQZ HMHHSRU HQVD
6D-82O8 XRUDV
FUG[D DVVDSHS£V-D$£SVHVFRXHUXDG UH82-2! FMRHGVD UDSXS
HZ-2-82-H XR
VRUTXUHR VR£ UHVRRRUGÈ UDSXFLXDDSRSRZ
S XD XDUHVDUG[D DV RQE VHSXD--3
VRXRSHPXPRH 6O8D-
D-3 XRR VDSHSDRRVDTHQVRXU
RVUDTS H-D
RSW"=-$3 RXWSXH
RSXPQ S XR RÈQVXSXH0H/ D G HSSQSRX X!S-LRG XS
(--O,2 H DSPVFGH
XDSRTHRSW"呸IDI SRQE T
DLXDXUD[QXDL
VQV XRDX£-DSD È XR-H-@S2Z2- RQEXQH
XDSRTHRSXD S
XFUHSPET RXXRUHWQSRUQQ DVRQEVRLXRXURMD62$8 62
@
6O"8
2=呸OOO$ OO4:OIOL2>O'
 (/(&8$'25(1(/(63$2$1',12 ,'($352&(62< OIO
3Ë$

DOFDQ]DURQORV UHVSHFWLYRV (VWDGRV 1DFLRQDOHV TXHVHFRQVWL

WXLUiQHQHOVLJOR ;,;
/RVFRPSRUWDPLHQWRVSROtWLFRVQRUDQGLQRV
8QRGHORVDVSHFWRVPiVVHQVLEOHVSDUDFDSWDUODVGLIHUHQ
FLDV \ VLPLOLWXGHVHQWUHODVVRFLHGDGHV QRUDQGLQDV \ ODV GHORV
$QGHVGHO6XU HV FRPSDUDUORV FRPSRUWDPLHQWRVSROtWLFRV HQ
PRPHQWRVGHH[SUHVLyQFRQFHQWUDGDFRPRHQODVVXEOHYDFLR
QHV HQODV TXH PiV DOOiGHORV HYHQWRV FR\XQWXUDOHV TXHOHV
GDQRULJHQHVSRVLEOHUHFRQVWUXLUPDWULFHVGHFRPSRUWDPLHQWR
TXHQRVSHUPLWDQFDSWDUODVIRUPDVGHSHQVDPLHQWR VXV DFX
PXODFLRQHV \ H[SHULHQFLDV ODV FRQFHSFLRQHV UHVSHFWR D ORV
SRGHUHVFHQWUDOL]DGRVYLVWDVHQORVSURJUDPDVSUiFWLFRVYHU
EDOL]DGRVRHVFULWRVTXHVXUJLHURQHQVXHQIUHQWDPLHQWRFRQOD
VRFLHGDGFRORQLDO
1XHVWUDSUHJXQWDFHQWUDOLQWHUURJDSRUOFXiQGLVWLQWRVVRQ
ORVFRPSRUWDPLHQWRVSROtWLFRVLQGLRVHQODVVRFLHGDGHVQRUDQ
GLQDVUHVSHFWRDODVVRFLHGDGHVGHO iUHDQXFOHDUGHORV$QGHV
GHO 6XU HQWUH ORV VLJORV ;9, \ ;9,,, HQ HO WUDWDPLHQWR D
SRGHUHV FHQWUDOL]DGRV FRPR HQ HO (VWDGR HVSDxRO 1XHVWUD
SURSRVLFLyQFHQWUDOHVTXHPiVDOOiGHORVDVSHFWRVFR\XQWXUD
OHV GH ORV FRPSRUWDPLHQWRV SROtWLFRV GHODV VRFLHGDGHV pVWRV
REHGHFHQ D OD H[SHULHQFLD DFXPXODGD HQ OD UHODFLyQ FRQ HO
SRGHU LQFDLFR 3RU WDQWR DTXHOODV VRFLHGDGHV WULEDOHV GH OD
$PD]RQtD&HMDGH0RQWDxDHLQFOXVRORVJUDQGHVVHxRUtRVGH
OD&RVWDTXHWXYLHURQXQDHVFDVDRQXODUHODFLyQFRQORVLQFDV
WHQGUiQXQ FRPSRUWDPLHQWRSROtWLFRGLVWLQWRSDUDHQIUHQWDUDO
(VWDGRHVSDxRO UHVSHFWRDODVVRFLHGDGHVVHUUDQDVTXHIXHURQ
PiVLQFDL]DGDV \ HO FRPSRUWDPLHQWR GHHOODVHQVX FRQMXQWR
VHUiGLVWLQWRFRPSDUDGRDODVVRFLHGDGHVGHORV$QGHVGHO6XU

3DUDSDVDUGHODSURSRVLFLyQWHyULFDDXQDH[SOLFDFLyQPiV
HVSHFtILFD TXLVLHUD WRPDU PX\ EUHYHPHQWH WUHV FDVRV GH UH
YXHOWDVHQGLVWLQWRVPRPHQWRV\OXJDUHVGHODUHJLyQQRUDQGLQD
HQWUHORVVLJORV;9,\ ;9,,,


 RV
āIQ2ā6W‡LH
"ž1-QQ
BRSHQJ
XD HXLII-S8I

O
8,-IUO- ,>R:6I8,,:O,,6D8! XRZRHVā,URG6,,3OOI32-†L ,,2-OQMVLXRSX£TQV6O-6
 OI
āQ27,
-HQVRSXQZ‡H1WR6

8G
-RSHQJ
,,,-,,2=,,:9  
-,,2O^6 RSXQ\£
-6,,28, 83OOOO,:,,-2@ āLPV SX ,7-
8!
SHSOO-È 2S8-,9
6V!>OOOVRVRVRGV62 DRG 6OO
SOO35O
 82-,0- 6,,,2I-OK>TQV 6OOU
 2t
X呸IRGXQTHHLXHMGRXVRXDOOLHWXH$D>VRTāVD"HVDVDURSRGW"
X£-DIQV R XD:8O8-O DXDH£PDSDG[D XUV
VRSH]USXLXRRVVS
L?QZ62-O-^2G VVXUDLVUVHXW"SDXDSDGRQEVHS-SDGVHXR]XR

RTRUSVRXLDTRXURR
XRUHSFQHVFSDVVDXRLRD[VTTQVVHV

SWTW`HSHGXQ QXDZW"V£呸XG VRRX È R呸]"DSQ
DS DGHG XQ H呸DQI XHXPTV ,HXLSXDURX X£L呸X HU XD VHQ
XDQQ?X\ZW"TV O UHMQGRGDS-,
R£X DPJ££SDQXDWPQI"
£HDDXQRSXHMTDT
HSHGXXQVDX\ZHTVDDSXRSX呸
XRZR-(V
%--HX呸ZQIH RXURR
R-=-' D XD R£GZDID -2G D£THVXDGZ£

2O8O63 XD£T VD

H-S-,2G H-呸< HXQ X呸TZH V呸 X\ZHTV D
DQE,XDR]H-D3,DSRGQD6
VHSHSUXQWXRDVQVHSVHUXDSLVUS
VRUTXUVUXUO"-O82- O £HXR£R-RSDLVJDO"-O82-UDSRGQVXR-D£
ā33 RQE
VDXDXUHTV-2G VRSHUDST VRVVRRUGXRUHUX VD-W"-OOO6
VHLSVSD-H-H-VHX呸HXDXDS
XR-DPVDQEVR£ XHVD£HPX0
RR VRL[VLXRR VR£ RS ` VHXU
VDXRSH$D-TQV VHUVD VHSRM
āUFOOXR
HXR£JHUQHVHSHPXQG‡ HS-H$R£TQVH£VRZR
RRDLW"-D8W"O62-XD-H RS2:-IO -2G O I2OO DS
OI--W"O2-
XD
H£XHZ£FSH£^62/ RS
HZUXH]XH
HRRHGRS‡ ¢]¢£ FS
2VHGHSH£ VDXRSHHDMTQV6D-- VRZDRD-
H--D6 H HDXQ[FUG
HJH£XRZ DS HIRL ‡ RD ÂRF363/£ RS VHIRRRV ^ VHQOOHHG
VR£ RS‡ XVHO XDRGH1£RSVHQOOHZ^VRRHQHL
VRHZHQH-
VR£ DSH£ /2/£ XR RGH1£RSVRHRVR£ RS8-H$R£TQVH£ XRUDO
QSRUGDV5-8:W" XD-H£ X
>,,$; VSXDXRUHUDGR
DV DQE VHMMDQEH VRXURXURL
RHQHUHGXURR DLXFQG XQUPQVXRR
DUDG
RGXDUVFFSVDXRSHHDUTQVVDTRQXU ÈHTDQEXQ\
I2-O82-
QV RSO"-GIO- RSHSRQEXHMTHT R 2È268OOOW"0W"/ \H 6O"-8- 62- URG
VHSDURGLRRXWD£XDUQW"VH-VDRSUVXHMTHTRQE6W"--"--GGVHXR]XR
VVSSQSRUG6W"O^G7,$G-6W"-W"$ HVRXUHGUXxHRVHRUDXUXGDXJ
2呸-OOOOO-? XZ呸
 (/(&8$'25(1(/(63$'2$1',12 ,'($ 352&(62 < 8723Ë$

PDVGHFRQVWUXFFLyQGHXQSRGHUDOWHUQDWLYRRXQDXWRStD/RV
SURFHVRV GH ODDPD]RQtDEXVFDEDQ OLTXLGDUDO DGYHUVDULR LQ
FHQGLDUORV SXHEORV H LQWHUQDUVHHQODVHOYD /RV GHOD FHMDGH
PRQWDxDFHUFDQDDODVLHUUD\FRVWD SODQWHDEDQ ODOLTXLGDFLyQ
GHO HQHPLJRH[WHUQRDO TXHVHKDSHUVRQLILFDGR RSODQWHDEDQ
ODDXWROLTXLGDFLyQSRUPHGLRV PiJLFRVGHVXSURSLDVRFLHGDG
FRPR UHVSXHVWD H[WUHPD (QODJXHUUDVKDPDQtVWLFDHO (VWDGR
KD VLGR GHVLQVWLWXFLRQDOL]DGR HQWHQGLGR FRPR XQD SHUVRQD
SRUWDGRUD GH PDOHV D OD TXH VH GHVHD DFDEDUFRQ HO XVR GH
SRGHUHV PiJLFRV HQYROWRULRV LQFHQGLRV \ OD JXHUUD PLVPD
(VWHWLSRGHJXHUUDVVKDPDQtVWLFDVVRQRWUDYH]LPSHQVDEOHVHQ
HO&X]FR
(QHO &X]FR VXUJLHURQSUR\HFWRV XWRStDV PX\ FODUDV HQ
ORV TXH OD DXWROLTXLGDFLyQ QL OD GHVDSDULFLyQ ItVLFD FRQ ODV
KXLGDV HVWDED SUHVHQWH 3RU ILQ ODV JXHUUDV VKDPDQtVWLFDV QR
DFXGHQ D OD RUJDQL]DFLyQ SHUPDQHQWH GH OD VRFLHGDG VLQR
EXVFDQVXXQLILFDFLyQFR\XQWXUDOHQHOSRGHUGHXQ6KDPiQHV
GHFLU VHVXSOHODIDOWDGHFHQWUDOLGDG SROtWLFRRUJDQL]DWLYDFRQ
ODHPHUJHQFLDGHXQSRGHUPiJLFRFXHVWLyQWDPELpQGLIHUHQWH
DORVOLGHUD]JRVGHORV$QGHVGHO6XUTXHSDUWtDQGHXQDIXHUWH
RUJDQL]DFLyQ GHODVRFLHGDGFUHDEDQXQDRUJDQL]DFLyQ HVWDWDO
DOWHUQDWLYD\ UHFRQRFtDQD GLULJHQWHV pWQLFRV R GHVFHQGLHQWHV
LQFDLFRVRGHVHxRUHVUHJLRQDOHVOHJLWLPDGRVRUJiQLFD\ SROtWL
FDPHQWH HQ OD VRFLHGDG /D ULWXDOLGDG HQ ORV $QGHV GHO 6XU
 SDUD £āā
VHUYLD HJPPDUDGL
SR HUDWHPDQYR 

(Q HVWRV HMHPSORV KD\ XQD FRUUHVSRQGHQFLD PX\ IXHUWH

HQWUH ODPRGDOLGDGGH UHVLVWHQFLD\ H[SHULHQFLD HQ HO FRQRFL
PLHQWR\ WUDWDPLHQWR GHSRGHUHV HVWDWDOHV HV GHFLU KD\ XQD

 9HUSRUHMHPSOR 0DUN7KXQFU *XHUUDDQGLQD\ SROtWLFDFDPSHVLQDHQHO VLWLRGH呸

3D] 
 3DSHUSUHVHQWDGRHQ HO &RORTXLR 3RGHU\ YLROHQFLDHQ ORV $QGHV‡ 
4XLWR


 ]V
RLQE-YVS628-!SP
W/,
SXH呸OOMV,: ML!SI H !SHXH—RWHQ--XVG[-
HXQ HLX ,-3 2,82DO 
GGZQO^ 8!OM -FG W-
H35OV, 236 H XSO$-£TQV OOOL
 .

6O-8@62>
XHSHTDQEUOO呸OVHS8D--2 6O, !S 8SQ8-822QP
VDQERHD62L 62SL, 8MOV, £HQ-
6262>DOV,8- XRROO828ODO呸RXHGXQ6 āRQQ ,-8-62-O-?ÈOOOMHQE62L LS XS68O-,
HS -O;OO XQ V
O"->OOO呸 QV-RGVRZª!SO"LH  È 23OO>56822 62:-OM LQE H
8,46
LWHS8GRH X呸V
LTZQ-DāO
G ā£
VLXR-,4-呸 āR
+19XS8RS
HS VW,,2:-V  X呸 QHT V È QQESH- , Q呸 8- ZH È āāāVL£RV62 HUHG
RXDQTO-!DQEÈGXRWLQTW7,LS 呸ESOOGQ2OGSQE LQE3>2SOOMO-3
VRUHLUHG È V8Q-- WWOO-? LSÈ VDLR呸23; O4 È RSGLSÈQZ呸:Q-DSRXHG XQ Q
āWWHZQH RHQHQQEHHQRH-$H URGRVRUGRSSQSXRR 
X£VD$TQV-2G23I8呸O呸3V呸 RLXRUGÈQZ
RVXRMYXRSHRXX呸
XFMRHRTQUQRSRVRRRUGRSUG\ XQHVUHURGR% H]XDQXRR È %!I%!
XMRDXSHSXXDSLHXQH=-,OMXRRRSS%8%-T%TDQEVR£8%9
23VDQESHR62HVRXUXGHZH ƒ(žžHRXR£RT\QVRSHQQG
呸O6 RQE XVTXPRXQHāHXXQD6DLO--6RXURR%O-%T£HRS
XQFHTDMDSVHS RSUTSDU DXDZH$-3-VD
DXD-$ RSXPR
āRSHVHGDHSVHSFUPUX DUHVXRG H!£HX£RDX HMGRP
%UHS%XQ VHRWQ VR£ HS RGZDQ -% "VDD I UHUXRUR! URSRG
SUHSPET %-%G%-8I XQ HS RXUFtDUS"D"! QV S X£VV
RG H DQE RSXHWRXQXH
%TZHT0 È RUHTXUY
-%$%O2
%--%4-

£Q4862ÈQVVDLXDXHGXRR6%—H RS6呸$W"-O" 3%-8-RS

UXHLXVXUVMTHTRV
R£XRZH$2-GāL£XRHUQT£RSSL
RS£DDDV%呸2,DQER]XVVXU XQVD
HXDHZ%-$ G%GI%0%O?I
DSDXDSXDVSRXHID XQHDHXHSXDÈ6%8D-9RVXRMY
XRDDRXW £DS RVDD , RXURR RSRXRR DV RQE  RMQSRUG DV
OXāRIR68XH0H/SSRXHGXRR!TDQERQRGVRSRXRMG
XD VDXRSHUHSRMXRR XRR
VRSH]PEUDUD@ È VRIDGZR- VRXRXVV
XRRRSDLDQUHTDTDH—VUTDSXDXDG[DQVFSRQXDSXRUDSVUX
DQE VRSHSHSRV VH£ XH
USRS VD
%OO6 %- XD %S%=@% HLVUX
HRXURFX OO-%$ITQVH!£G-O DXQ S > VD RVHR RSXQILDV 
āRSQRGRLXDUXUHL
URGXLRRÈUR—V£TXSH£QZURHDSRGXDQXRHSD£SXSHS
R WOO"L? ,,2:O
I

 (/(&8$'25(1(/(63$Ƒ2$1',12 ,')$ 352&(62< O-I23Ë$

$QDOLFHPRVDOJXQRVHOHPHQWRVGHHVWHSURFHVR'HVGHHO
SXQWR GHYLVWDFRPSDUDWLYRFRQORV FDVRV DQWHULRUHV\ FRQODV
VXEOHYDFLRQHVGHORVDQGHVGHOVXUYDOHGHVWDFDUTXHORVVHxR
UtRV SDUWLFLSDQWHV EXVFDEDQ FRQVWUXLU XQ (VWDGR QRUDQGLQR
VREUH OD EDVH GH OD XQLILFDFLyQ GH ORV VHxRUtRV GH OD VLHUUD
FHQWURQRUWH GHVGH 5LREDPED D ,EDUUD HOLJLHQGR D XQ LQFD
FRPRVREHUDQR(VWDUHJLyQQXFOHDUVHUUDQDWHQtDHQVXH[SH
ULHQFLDXQDLGHDFODUDDO PHQRVHQVXVpOLWHVGHORTXHHUDXQ
(VWDGR UHGLVWULEXWLYR DQGLQR \ VX GLIHUHQFLD FRQ HO (VWDGR
WULEXWDULRFRORQLDOHVSDxRO(VGHFLU HQVXSODQWHDPLHQWRSR
OtWLFR QRVHGLIHUHQFLDQGHODV XWRStDVTXHUHFRUUtDQORVDQGHV
VXUHxRVEXVFDEDQUHFXSHUDUXQ(VWDGRUHGLVWULEXWLYRDQGLQR
QHJDQGRSRULOHJtWLPRDO (VWDGRWULEXWDULRFRORQLDO (PSHUR
KD\ XQGHWDOOH LQWHUHVDQWH QREXVFDEDQ ODUHFRQVWUXFFLyQGH
WRGRHO7DZDQWLQVX\RVLQRGHXQ(VWDGRQRUDQGLQR H[SHULHQ
FLDPiV ELHQQDFLGDGHODV&RQIHGHUDFLRQHVTXHHQ HO SDVDGR
VHKDEtDQRUJDQL]DGR&RPRHOHPHQWRGHXQLGDGHVFRJHQDXQ
LQFD UHFRUGDQGRTXHHVHIXHHO SDSHO TXHMXJy$WDZDOSDHQOD
OXFKDFRQ:iVFDU
/RVVHxRUtRVQRUWHxRVKDEtDQSURFHVDGRODH[SHULHQFLDGHO
WUDWDPLHQWRDXQSRGHUFHQWUDOL]DGRFRPRHOLQFDLFRHQIXQFLyQ
GHVXSURSLRSURFHVRGHFRQVWUXFFLyQGHO(VWDGRHQHVWDUHJLyQ
GLIHUHQFLD TXH FRQILHUH XQ PDWL] LGLRVLQFUiWLFR D OD XWRStD
DQGLQD (PSHUR OD XWRStD GH UHFRQVWUXFFLyQ GH XQ (VWDGR
DQGLQRVH GHELOLWDUiHQRUPHPHQWHHQHO VLJOR;9,,, /DV VX
EOHYDFLRQHVGHHVWHVLJORPRVWUDUiQTXHODXWRStDHVWDWLVWDFHGH
SDVR D OD DFXPXODFLyQ KLVWyULFD PiV IXHUWH \ SURIXQGD TXH
WXYLHURQ HVWDV VRFLHGDGHV OD UHFRQVWUXFFLyQ GH ORV VHxRUtRV
pWQLFRVFRPRORYHUHPRVHQHO WHUFHUFDVR

ORJtDH+LVWRULD1R*XD\DTXLO7DPELWQ ODHVWXGLpHQ*DOR5DPyQ/D5HVLVWHQFLD
$QGLQD &D\DPW!H 4XLWR  &$$3


 ‡Q4
DRQD
O
B@,> LS呸MOOO- H6OOT OOO$;2呸I6 £LS62=8W:22
LSVLS R£Q2 DS HSXLSQ\ ,
> XD VHX,--3,, VLXRSO?O>TQV
RXXRZ
RSXM呸 URG
VSHSQ呸ž36 
,,,$; 2呸,6 XL,,8,:,6-O,,-Q8 8MOLS6O,-2ÈX-O$OOTQV 6

DXRR
GZDID URG
-DL DQEDXD-RRRGDSXFXDG[DDLVF
RUXHU
URG
2838
%RSHLVTXQRQE
%SW"=I
%-O2D-VRXDPFTDQXUXS
%=,8
(
DORRS(:-2-
%8Q
% HLRLD HMVVUXFMXRRDUDPE DQE28D-,3
D!\! R[DQX£DSUDVRG H
-DSRGDXD(-QE-(38QXRR žž3
XDURXRMURXDV XQDSXSUX6-R-D-
%I
-H呸QU RSXQiHVX
āRXD-RXDQEHGXQRXURD]呸0WQVD
RSXHVXHG
RMURXDV RUGRUG QVH UH]URMDL RS8!8LO- XD
RXHRXW
DXRRXS-D QVRSVRXDZDDRSXHMUXQVH
SXDSDG[D呸^
V\ZQV(THQVDRQEH!!XD-GXSSH£ UDURGQRDU
QRRSVD

LQ£QPGXIDHHSHXXRXRPH呸H!VQTDVRQE
RXWSFHURX
RSHVXQ£X
RKQVXSXH0
%O£DHD-D 8 DRVQTDVRX
RSXXRV
DLVD XD \TUXQGXSHDSD-82- HU DS VDHSRSD VD£ZQ VR£
R\TQPG2--2W-D6RQSXHHH!SX呸£DDV
PQ£ UDXUSGX
VDXRUVQSXRR
VDQ UHRHLVDS HVDDX VRX
RSHURTHSDXDZH-$DGHZH-呸RG
XQ H XDMRFSDTR V VD-W"QVHL XHD RX VRTRDT VR[QR XS
H$DTQV HVDDD(RSDSDH-HGž3%-- XH-THT RQE
HXUZ
(Q XQ RS8
%$4 XQ
VDÈD- VRS XDRSDVHT 2-3 LS(XD£H
URSRG XQDS HDSU H£ =38(呸HGRGDV
8- G 
RZ6I(-82I2-
SS 6
%$3(=8W"-2 6
:-2- VHXLHS È VRPTXL
VDSXFSDT
6(O:
VHU £SQGD DV VDS$-D6 RXURR RUSXW RSDQZ £H HMUHURGURRXU
62- DV RQE VDDIQZ L VDUQD 62I H G-!;D
VRRXHMT VRUTXURT
VR£ H HXZQD
RSQTHR D DXDZHSDGVD
SHSQS H UHXURQE
RS RLXFQQ £D XD UH]QDXQV XHXSRGDV XRUDIQSRUGDVPH RQE
VRTRDT6&<@
(TXUQTR£呸 È
%呸XQ!W"O"
@ DQXH84-!!HDS RWSHU XQ
D]XHFTD HSHXRSXDZXSO"$DTQV"
@ āV È OO RQXFHD£V

%,XRXRUHSRQDVHSDVFQEVHD7,$D RSRSSDRSRLRSRRXHXU
£SH6GR£GZ‡I‡XQVRFQE
WOO‡3HTZHTRUQ ‡3XSH0£TQV

%- H RVHR DD RQVRQX RQURR VRXUHXURU

DXDZHVSD-G
 (/(&8$'25(1(/(63$&,20
',12 ,'($ 352&(62< 8723Ë$

SUR\HFWR HVWDWDO WXSDPDULVWDRHOGHORVNDWDULVEROLYLDQRVTXH

HQHVHPLVPRSHUtRGRVDFXGLUiQDORVDQGHVGHO VXU
(QWHUFHUOXJDUHVXQDFRQYRFDWRULDH[FOXVLYDPHQWHpWQL
FD \ UHJLRQDO TXH QR DGPLWH QL XQD DOLDQ]D SOXULFODVLVWD \
SOXULpWQLFD FRQPHVWL]RV FXUDVRPXMHUHVEODQFDV FX\DSDUWL
FLSDFLyQSXHGHGDUVHVyORHQWpUPLQRVGHVRPHWLPLHQWR FRPR
WDPSRFR HV LQWHUUHJLRQDO HQHO VHQWLGRGHEXVFDUDOLDQ]DVFRQ
RWURVVHxRUtRV UHJLRQDOHVSRUWDQWRHVXQDWtSLFDSURSXHVWDGH
XQ VHxRUtR TXH VH UHIXJLD HQVt PLVPR FRPR PRGDOLGDG GH
UHVLVWHQFLD

(QXQFLDGRV HVWRV WUHV HMHPSORV FRPRSDUDGLJPDV GH ODV

VXEOHYDFLRQHV TXH VH GHVDUUROODURQ HQWUH ORV VLJORV ;9, \
;9,,, HQ OD 5HDO $XGLHQFLDGH4XLWR UHJUHVHPRV D QXHVWUD
SURSXHVWDLQLFLDO(OORVHQVXFRQMXQWR PXHVWUDQXQDHQRUPH
FRUUHODFLyQHQWUHORVSURJUDPDV SROtWLFRVSUiFWLFRV\YHUED
OL]DGRV\ODH[SHULHQFLDDFXPXODGDHQHOWUDWDPLHQWRDSRGHUHV
HVWDWDOHVHQHOSDVDGR /DUHVLVWHQFLDDO FRORQLDOLVPRPiV DOOi
GHOUHSXGLRDODPLWDDOWULEXWRDODKDFLHQGDHWF TXHFRQVWL
WX\H VX FDUD FR\XQWXUDO SODQWHDQ OD UHFXSHUDFLyQ GH VXV
H[SHULHQFLDVDQWHULRUHV\GHHOODV ODVKLVWyULFDPHQWHPiVGHQ
VDV

(VQRWDEOH TXHODUHFXSHUDFLyQGHO SDVDGR HVGLIHUHQFLDO

FRPRGLYHUVDVIXHURQVXVH[SHULHQFLDVHVHVFDORQDGD\ UHWURV
SHFWLYDUHFRQRFLHQGRFDPELRVFR\XQWXUDOHV2EVHUYDPRVGHV
GHXWRStDV GHO UHWRUQRDXQ(VWDGRDQGLQR DOD UHFXSHUDFLyQ
GHOVHxRUtRHQRWURVFDVRVGHVGHODKXLGDDVXDXWROLTXLGDFLyQ
FRPR PHGLGD UDGLFDO SDUD QHJDU OD GR QLQDFLyQ (Q HO iUHD
QRUDQGLQD VL ELHQKXERXQSHUtRGRHQTXHXQDSDUWHGHO iUHD
QXFOHDUVHUUDQDSHQVyHQWpUPLQRVGHODXWRStDGHUHFRQVWUXF
FLyQ GH XQ (VWDGR DQGLQR FRPR HQ ORV $QGHV 6XUHxRV OD
UHVLVWHQFLDVHFXODU SURORQJDGD QRVH RUJDQL]y HQ WRUQR D OD
XWRStDHVWDWLVWD VLQRDODUHFRQVWUXFFLyQGHSRGHUHV FRQWUROD
GRV SRUODVRFLHGDG FRPRORV VHxRUtRV ODV SDUFLDOLGDGHV ORV


 
āRSHIHTX -OOO ,%-LOO: S8
, 
OOOO
,8,-OG-OO-G
XHVHT ,6 6,2::Q呸MQEH PE 呸3 6,
@ FLURX ,:
O6  8
, V.IV 6,2W , ,:
OO ,@
呸RVHGVDQ £SVRZVWUZ62>
HSH!PXHQXLXHZSÈ WLSXFR23OSQ£V PZ

RXQR
/
DYYR22IOW呸, !TZHH WOO3OO9 HSX6
'OI
8:I
HD  
-O66 -- H-82G8, DQEVHXHLQTMQVDXRSW"
D-*26W" XRROGZQ È
RVUSQSRUGDUDUDGVHSXDSHT6%- XDDVUHWFUXDXRUDUTDS
63
RS RXHG RLHZ H£
RSRXL DVD DDāVRVQ
DX VRX呸UH USQSRUG
HH
DR DQE W"SXD-HO^ H H HLHXD£% SHS$3W" HXQ W"-O6[D
RX
X% G āRW HRP£ FQUDXUFMTHWRX RSWFDURDS XDMTDT
HPQR HURL
H-2ZH]HS6%8: VQVDUDXQXXRRFQSRUGDXH
-2G:DXQ6SRXW"\D£QEX
DDH£
3-8-VDRZR
T VFSHRUDXU VRVD H DLXDXUHVRX[D XHSD£VHTH HQE W"HSX--
HT XRSRQSRUG RS VVSHSXP VDSXH-呸 DS 8HD-! H£ RMQXPVH

HXR HXUVLVUV O3 RQXRS žOOOQE RSHGVD £D -2G RSHQI

DGHGDVāD£XDZHSXDVRVRSSDLRXHMTHXDQE6-OÈH!XDUR

HZQ
O2
-6OGHSVRXUSHQRVRSHRLHXUV RSURSHRDLVHTD
RXURR RXHQQE RURHGVD H RMSXRGVDQRF D£ RQE -H!O]H HS H\H!
I VRXQRH[
VRQ[R HSURLRQSRUGHS RGHG‡RSTRDH VRZ
DUQQQVDLDXDZHSHZQVÈQZMQEHDQE
VD-3(- VS DSDV DXQ
DS XSHQIXR! H H RLTRSDV
RXHSXDRVT HXUVLVUV £DSXRSDST
RVXRR DXHIDZDVāVHWD£QEDMXURXFFDH H O SHSRSRVH£HDTD£
QRQUD È VDSDURTH£ VHDSVH£ DSDXHG-ÈHZH HÈ DTHMRQXRR
HSXDSHT H ,,$; 呸V SXāRXH呸QRT È RXHUXDG VHVHR V
XRRHSDUDGXURR
DXDZHXHGZD£ÈQZO2DSHSXHWSQYHD
1
H£ XF3,6XRR DV RLXHXXXRS HXPVUV RXURR HSXDSHT "@
X£!HX$HXRZDDF£ HSXD£HF£ HWXDX£HX£ZRS H£
āRSH£V,RXURR URSH]TDQXVRURSRGXQ
URG VD£TH呸DX£ DUXDXQSMSSUHV G VDUTP-DTR呸X£ VDHDSRV
VHXXRM XRV RLTXUHR XD RURG
PVSS VDSX\V XD XRUDWS DV
DQE VR£ RWXRR VD£HXR呸ID--DW8 VRUXVQP[RXU VDSXH呸 -"=OI"呸
WUD-H£QRHORDGVDVRXDWXVDDSXFUVUVDUDSRGXDHUVXHLVDRX
HMGRPH£DSHZ-H-H£VRZHSHZHQR£DQE-(RVDRRUG
VRGUXi
2=OOO",,"£? 82:O", 2@O"I
 (/(&8$'25(1(/(63$22$1',12 ,'($ 352&(62<O,723Ë$

PDFRORQLDO D\XGDQGR GHHVWDPDQHUDD FRQVROLGDUDODJUDQ

SURSLHGDG H /D FULVLV GH ODHFRQRPtD PLQHUD SRWRVLQDPX\
YLVLEOHSDUDILQHVGHOVLJOR;9,,IDYRUHFLyODFRQFHQWUDFLyQGH
WLHUUDV1XPHURVRVHVWDQFLHURV\PHGLDQRVSURSLHWDULRVTXHHQ
HO SHUtRGR GH ERQDQ]D KDEtDQ ORJUDGR DUWLFXODUVH GH DOJXQD
PDQHUD DO VLVWHPD FRORQLDO VHHQFRQWUDEDQ IXHUWHPHQWH HQ
GHXGDGRVDJRELDGRVSRUFHQVRV\FDSHOODQtDVLQFDSDFLWDGRVGH
ORJUDUXQDSURGXFFLyQGLYHUVLILFDGDTXHOHVSHUPLWLHUDUHQWD
ELOL]DUVXVSURSLHGDGHV GHELHQGRYHQGHUODVDJUDQGHVWHUUDWH
QLHQWHV SDUWLFXODUHV \ D ODV yUGHQHV UHOLJLRVDV TXH
PRQRSROL]DURQHQODFULVLVHQRUPHVFDQWLGDGHVGHWLHUUDG/DV
FRPSRVLFLRQHVGHWLHUUDVUHDOL]DGDVHQHOVLJOR;9,, PXHVWUDQ
TXHODLQWHUYHQFLyQGHO(VWDGR&RORQLDOIXHFODYHHQODFRQFHQ
WUDFLyQGHODVWLHUUDV PiVDOOiGHODSURSLDGLQiPLFDGHOPHU
FDGRTXHHQODVUD]RQHVDQWHULRUHVKHPRVH[SXHVWR(O(VWDGR
&RORQLDO 5HDO $XGLHQFLD &DELOGRV &RUUHJLPLHQWRV HQXQD
]RQDQRPLQHUDEDVyEXHQDSDUWHGHVXVLQJUHVRVHQODVYHQWDV
\ UHPDWHV GH WLHUUD\ HQ HO FREUR GH H[FHVRV H LQGXOWRV D OD
SURSLHGDGDGTXLULGD (O(VWDGR&RORQLDOHQFDGDLQWHUYHQFLyQ
UHGXFFLRQHVDPRMRQDPLHQWRGHWLHUUDVFRQWHRVGHSREODFLyQ
YLVLWDVDSURYHFKySDUDDSURSLDUVHGHWLHUUDV VREUDQWHV TXH
OXHJR SDVDURQ SRUODYtD GH PHUFHGHV \ YHQWD D ORV JUDQGHV
KDFHQGDGRV TXHWHQtDQ OLTXLGH]VXILFLHQWHSDUDDGTXLULUODV \
ILQDOPHQWH H 0XFKRVLQGLRVWUDVSDVDURQWLHUUDVDORVHVSDxR
OHVODVyUGHQHVUHOLJLRVDV\ ODVFRIUDGtDVSRUPHGLRGHGRQDFLR
QHVFDVDPLHQWRV\YHQWDV H[SOLFDEOHVSRUGLYHUVDVUD]RQHV(Q
ODPD\RUtDGHHVWDV RSHUDFLRQHVVHMXJDEDQ GHVHVSHUDGDVLQL
FLDWLYDVSRUDFRPRGDUVHDO KHFKRFRORQLDO
(O VLVWHPD KDFHQGDULR TXHVHFRQVWLWX\H HQ OD5HDO $X
GLHQFLDGH4XLWRQRGHEHHQWHQGpUVHORQLFDUQHQWHFRUQRXQD
IRUPDGH SURGXFFLyQ\ WHQHQFLDGH WLHUUDV VLQR EiVLFDPHQWH
FRPRXQVLVWHPDTXHDUWLFXODODHFRQRPtD UHJLRQDO TXHSHU
PLWHVXYLQFXODFLyQFRQHO VLVWHPDFRORQLDO PD\RU\ TXHKHJH


 
,,
,23ž SIH呸XR SSO8:2S H£ SH-O8O:!6 H

VXSO-?I
RUQ
- GRBž389 H6V!0 H
XZ呸
 R£GZI URG-
$ /(
DRRDHRURSX呸QTRRSVSXHRHTUHDXZ£HPQ DSXPQRQE
O"3H]D-
%IGÈ
23%OOOODDSRGXQDSRSSDIDIXSQWS
VXRRW"IURGH$3/-82-XVXDUQ3DTRSDXQGXSX]SDSPX!

VRSQXXXRSÈ VDPP,:23DQXD!O-,2GH-8RZDT RSHZ

DXQDDZDHH]XDQQRR DQESXDRXUVSRXURR
DSUSXDLXDUDV
DSDQG
XW":-2-8 H RQEXSHG[DÈDMQRXQVH
HUQD£R$ H£DS
UHVDGH
HDQRDGVUDGHW呸 XH
VRWSXUHSXHSHXXSHS O"-
āO呸HP££QR H£ IX£L,ž
H£
-RSRG
£RS
VRUSX VR£ RS
HR££ H£ VS VRXFQS XHMDLR RV VRSHSXHRDT
VR£ DQE HS UDVDG H DTH$ DXDZW"$-OW"-D- RXLRR XDQVDQXU VRX

RSHQDXHDSXDSVT%DUTRVVDXRSHSVD$8- VH$DQXVHUDQE
RXSQVXW£VH22
 āH£SX£ SHSHSRVH£-2GRSHLGHRDIR£TH£GRRH
URSRGXQRXLRRHSHZD£HSHSDQEHSXD£UHTO"I
RUTXUHR YāRO
XRQQHXRSXUX XSH£呸-RSVHXLSXH VHXXRX D£RSXL£XRGZ£
Q
XDXQXRSHUHSXQXMH-HtLR HXUSXHDPXQRH RQE£DXD2-O6XQ

RSRLDUTRVRUDG 呸H£XR SHSVSRV RSHOVD ,XRR DTHIDX

HZ XRSHUSDXUHXQ
HSXD$呸DGQVQVH"=£XHHtL FQE£H£RV
RLRDG XQ UHRVQT
D£XHXUZRS UHSRG D XRR HSRLDX HH呸
RQE RWSXW URSRG XQ HS XRSUXXVXRRDU H£ HS RXUV S XD
HXDtL
-3 XSH]UXHIR HSHMQRQUHVFS H£ RS XFSUXXVXRRFURS UHJQ
SXR HSXVSHT H H SD$X2-
QRVS D-H£? āH£XWLHSXDO6£VD
HS"$2XDHXQRSRPVDXDXRSUXQVXWW"£VDHSD$XR OO-
VHS
XRSDTVHU HHSH£URX£$HXDi
MSX£XSHTRGRXQRXDH£ DSDLUHG
GO"O6-O"D-KQZXRSGRHXQVDXWSXHVRSHSTHSUDGVRMURXRV
VRSHMQRQUDVDS 62 H -W"=W"-GZDD DS SHSSHGHR XRR XSQPVX£
H!-,%-XD8-$82! DV
HUSX£DQDXHDSRIRGVRS[XRSUXXVFRF
RS6W"O8D-2-$ VRXDXUR V\Z VH-$VQVHSUDVDGH
HSXRSHT"
O
ā£WPRS£SHXSH
XRXPiUHDXQHVSRUGRZS£,V&3ž SDSRSRV%-H%=-82:
2=-O-O£?8:?O
0 >
"
 (/(&8$'25(1(/(63$&,2$1',12 ,'($ 352&(62< ,-723Ë$

HQHO HMHUFLFLR GHO SRGHUHOHPHQWRV TXHSHUPLWHQ FLHUWRFRQ

VHQVR
(VH FRQVHQVR UHODWLYR TXH IXQFLRQDED HQ OD KDFLHQGD
SXGRJHQHUDUXQFRQVHQVRHQODVRFLHGDGJOREDOSRVLELOLWDQGR
HOVXUJLPLHQWRGHODQDFLyQHVGHFLUTXHODFXOWXUDQRUDQGLQD
LQXQGDUDDO FRQMXQWR GHODVRFLHGDG6LQHPEDUJR HVD SRVLEL
OLGDG TXHGy FRUWRFLUFXLWDGD GH GRV PDQHUDV XQR SRUTXH HO
KDFHQGDGR TXH HQ OD SUiFWLFD LQWHUQD GH OD KDFLHQGD KDEtD
DFHSWDGRORVHOHPHQWRVFXOWXUDOHVLQGLRVORKDEtDKHFKRFRPR
XQDSUiFWLFDYHUJRQ]DQWHHVGHFLUODVKDEtDDFHSWDGRFRPRXQ
FRQMXQWRGHQRUPDVRFXOWDVRPDVELHQRFXOWDGDVTXHVHHMHFX
WDEDQHQODFRWLGLDQHLGDG SHURTXHFKRFDEDQFRQHO GLVFXUVR
LGHROyJLFRKDFHQGDULREDVDGRHQHO UDFLVPR /RVKDFHQGDGRV
FRPR KHUHGHURV \ UHSURGXFWRUHV GH OD UD]yQ FRORQLDO HUDQ
SRUWDGRUHV GH FRQFHSFLRQHV UDFLVWDVIXQGDGDV HQ OD VXSXHVWD
VXSHULRULGDG EODQFD FULROOD VHJ~Q OD FXDO OD LQLFLDWLYD \ HO
SRWHQFLDO KLVWyULFR OHV FRUUHVSRQGtDSRUHQWHURD HOORV PLHQ
WUDV OR LQGLR HUD OR LQFRPSOHWR OR SULPLWLYR OR EiUEDUR OR
SUHSROIWLFR ORSUHFLYLOL]DGR (VWDFRQWUDGLFFLyQ HQWUHXQ GLV
FXUVRUDFLVWD\ XQDSUiFWLFDLQWUDKDFHQGDULDTXHGHEtD DFHSWDU
OD IXHU]D FXOWXUDO LQGLD SURGXFtDHVDDFWLWXG YHUJRQ]DQWH GH
RFXOWDPLHQWRTXHVHUHVROYtDHQHOSDWHUQDOLVPR

(O SDWHUQDOLVPRHVXQDFRQFHSFLyQWtSLFDPHQWHFULVWLDQD
\ FRORQLDO VHJ~Q ODFXDO HO SDGUH HOMHIH HO KDFHQGDGRGHEH
VRSRUWDU HVWRLFDPHQWH D VXV KLMRV D VXV WUDEDMDGRUHV D VXV
LQGLRV D PHQXGR FRPSOLFDGRV YDJRV ERUUDFKRV KHUHMHV LQ
FRPSOHWRV PHQRUHVGHHGDGDORVTXHGHEHQJXLDUFRQPDQR
ILUPH FRQHO OiWLJR\WDPELpQFRQORVEXHQRVPRGRVFRPRXQ
SDGUHMXVWLFLHUR7DO IODJUDQWHFRQWUDGLFFLyQHQWUHXQDSUiFWLFD
UHDO\HOGLVFXUVRLGHROyJLFRKDFHQGDULRLPSHGtDTXHODFXOWXUD
LQGLDVH JDQH DO FRQMXQWR GH ODVRFLHGDG SURGXFLpQGRVH XQD
GREOH VLWXDFLyQ OD H[FOXVLyQ LQGLD HQ OD FRQVWLWXFLyQ GH OD
QDFLyQ\ ODLQWHJUDFLyQYHUJRQ]DQWH RFXOWDGHORVLQGLRVHQOD
FXOWXUDKDFHQGDUtD


 
DSXDFHTVR£DQXRRPD-SOIHXWVFGFUHRW"TPH DQEDSRWUDWR
RTFDTS
QUQGXQDS X\-$$DVDLXFXXRXDLVRGRQEVRVRRRUG
VRSVSR$SH!QG[DRDSQXDX\DV
VHSXDUHSSVDWXHIDZDV
āRSW"URDXDRGQRD RQEW"-3-I2GW"-828,
DDT RSWXRSHDXDRS DHUH
DQIÈ HW"ZSILN DVDSXHSDT
H\ DQEFRUDXQQUHGRXRQEVRLRTMXRR
H—O"O87,:2- HSXDV-VD
HSQH%RQDSž3: XDXRDST DVVRXRUVXHG[DVD£W"-āH$+2+
XD SHSDUGRUG ‡ RS DSDURD£$[D RS VDÈDO
, XRR È ,2G
£D XDDURXDSXDGDSXW ‡ DSVQGVDS
;,; £V XRXRWTVHXU
RUHGRDVVRXDUQVVVSXHVXDHSXDSHTW"ODSW"$6W": XFWVXHG[D
@ āQDSXHÈXDXQRSHVVYRSQVMVXMXHTXDUTRXURR
DGHGDVD
QIRQEH£ DUOMDMURXQXO"
@
SHSDSRVH£DSRLXQWXRR UH HQRSH
DSRSQXDVDXD
DtXDXQXRSHXURLVUV£DXDÈQPVXRDVRXHQD

$;LXDX£TZD££RDPGDHSXRSHT‡XD£T£V
VDRPT
È ,2GXD
R££Q4RSD£RXD£SQ\‡‡
1 ‡ RSDRXDD££S Y
āDRSD]DTR V\ZD£SX£ 3‡3O823DXQP££RPVDS4OI8,-2G

URXDLXHRMQRMXHDXDRSUXDLVRVVRXUHTRXLRR
RQEXQH
XSP
3 RGX RQR UHSXUX W"HG VRLX O VR]XVDXL
VRQRO- 呸PXD
-W"OQO-2- £W"SXQRG6 W"SQSRG- RX
SHSHSRV(- ( (TW"WP 6
RX G
HSHSXDPTSHSMXQW"HHTHSD£HV(3 HLVRQGRUG

"
682]H- 6
O"6- -G
O"O6
"6 RX URSRG HS (:O2- HXQ DS

SDS6
62--2W-D6RSXRRRQQVXRRDUDS
O":-2- H
O"-:26%ž3
RSDGS
WW"8D-S%SD-26(,(HSXHSVTW"-HS"-,(6%TP(-
VRUSXWVSXDSDTRLDVG£DHMGXURU3‡3$3>,822 ‡ RSXD&7

RMSXW XR(S(SOOIO-XRRDX
HXQ FS XS%D- W"I DUHG SHSDSRV % H UHTR HLVRQGRUG DXQ
HT"DXDRX RUDG HSXDSW"T %I %-%4 %VDQGRGQXQ%T"LDXD

UFDS VD
HVS"VDRXHSXDVVD RSHZ-2-DXQDUDRXHSXVRDT
DQXU W":"G -W"/DUXDXXFXDPHVRSHXRSXDZVRTRDURSIW
VHXQRXDS-DVDXQDVUPHGVDU8%-TDSRQE%-XFSHSQUQHVDDS
XDIO,8"8RSX,- XQ" H "IL33DV HSXFWRDT "- HSRSDX
-" 53 "4-2^ "
@ RMSXW RSD^RLG FWGRUG SS DSXW"- O3 (-8
D$2-G2OI2---2O-2-RXUVQQD£VDRSHXURMTRUGS
VRD
 (/(&8$'25(1(/(63$&,2$1',12 ,'($ 352&(62< 8723Ë$

GRV HQ 3HU~ \ %ROLYLD WHQGUi JUDQ LQWHQVLGDG YLUXOHQFLD \

JHQHUDOLGDG HQ WDQWR ORV FDPSHVLQRV HFXDWRULDQRV VHUiQ ORV
~QLFRV TXH QR GHUURWDURQ FRQWXQGHQWHPHQWH D VXV WHUUDWH
QLHQWHV RSHUiQGRVHPDVELHQXQD5HIRUPD$JUDULDSDXODWLQD
PX\ SDXWDGD SRU OD LQWHUYHQFLyQ HVWDWDO 'H RWUR ODGR HO
JHUPHQ GHKHJHPRQtDSROtWLFDTXHFRPHQ]yDIXQFLRQDUHQOD
KDFLHQGDHFXDWRULDQDDSHVDUGHKDEHUVHTXHGDGRFFUWRFLUFXL
WDGRFUHyXQDPD\RULQWHJUDFLyQQDFLRQDOPX\YLVLEOHHQORTXH
KR\ VHKDGDGRHQOODPDUODLVODGHSD]HFXDWRULDQD IUHQWHD
ODHQRUPHFRQIOLFWLYLGDG\YLROHQFLDHQORV$QGHVGHO6XU

/RV,QGLRVHQ HO (FXDGRU5HSXEOLFDQR6LJORV

;,; \ ;;
(O~OWLPRFHQVRJOREDOSUHYLRDODFRQVWLWXFLyQGHO(VWDGR
1DFLRQDOGDWDGH$OOtVHUHJLVWUDHOQ~PHURGHKDELWDQWHV
GH ODV SURYLQFLDV GH >EDUUD /DWDFXQJD $PEDWR 5LREDPED
*XDUDQGD /DMD 2WDYDOR 0DFDV3DUDFRPSOHWDUORKHPRVWR
PDGRHO FHQVRGH4XLWRGHHO GH*XD\DVGH \HOGH
&XHQFD GH  $XQTXH TXHGDQ WRGDYtD IXHUD OD ]RQD GH
(VPHUDOGDV\RWUDVGHOD$PD]RQtD ORVGDWRVGHSREODFLyQGH
ODV SURYLQFLDV WRPDGDV PXHVWUDODHVWUXFWXUDEiVLFDGH ODSR
EODFLyQ 6H UHJLVWUDURQ HQ WRWDO  SHUVRQDV 'H HOODV
VRQEODQFRVSRUFLHQWRVRQLQGLRV
SRU FLHQWR  VRQ OLEUHV PHVWL]RV R ODGLQRV  SRU
FLHQWR\VRQQHJURVSRUFLHQWR

(QYtVSHUDV GHODFRQVWLWXFLyQGHO (VWDGR 1DFLRQDO HFXD

WRULDQR ODSREODFLyQLQGtJHQDHUDDEUXPDGRUDPHQWHPD\RUL
WDULD /RV PHVWL]RV GXUDQWH WRGD OD FRORQLD IXHURQ
LQVLJQLILFDQWHVHQFXDQWRSREODFLyQDSHQDVHUDQHQHO
SRUFLHQWR HQ WDQWR ODSREODFLyQEODQFD ORV FULROORV KDEtDQ

 $1+2 (PSDGURQDPLHQWR& 


 =
2O82- VMDG SS VDUXHQTDT 62- VRSR£ ( -(-G3682- DS SPRSH1
RSPVJ FLXDRHX ,3 RLXRUXUSDTR S RVURSXRUXR RTRS XRSH]
QUHSDSUXR -2GāX!H]UWUQSHSQSH ( (-OH-$8-QVXRRMMRXF
RSHVUDDXDQRQEH!I8LO-83HVS
O"=-DWTO"IDSHSPP!DVXR! VR
62=O6G: 62^ RSRLXDQXRDUF
62=O6G:G6-%-G3682- 2 623OO
RSXHUV --呸G6 DS SHXQ£R$ " GO8G:W"-6O`T W"IDJD-
RQUP G

RLDSāVDH2:2VHURSHVXHR62--2G66$XRUDQMR62=O6G:
V XDUDPE DQE 623OO
VD V!
VRWQSD£ 623OO DS SDSXXVR
PX HXQ VR]QVVXU G XHLRXH DV
4YO DS RVXRR S XD
RQE
VDDSRRQVRQE2
@ āXDSURG&2 ,3 WO- UHDXDRLXDUXUSDURD
RSXHQR
RLXHUR G 6
6
ODS UHQXH HVH HXQH RSWXHLVRVRQUDUXU
 XQH£UQRQGZ RQE
VDXRVURGW=(H(O&/2DSXDVVG

V 66
 XDVR]QVHXURRXHMTVR£ DQE
DLT£VRGZ£ 6 DQEURG RLQV

VRXHRMMTQGDU VRVXFR V S FSSRXRRHU SHSTUTDS H£ G V

RX
RSDSPR 8! RSH]XHXH-6 4S RUHS £
O8:&$44
ā£HGSXSG&--O@-呸2:SH=-- HU8

X£呸- H£VDSH£V-TH X]D$ HZSGG VRSX"È2O-O682-

XG &( VRXHTHRRRāW]( H XH£RSXRRVH VR]XVRXU

RRXHMT62
@ āH XRSHMTRGH£ VS RLXRSURG (
W£RRSXRÈQO
VXRR
VDXRVUHGRRRāRV]HHSHLRQWOHUDGHXRL£SXXRSHMTRG

 ā¼£HXRSHX XRSHMTRGDSQ!£SXQRSHSDÈ2-GH GGHOOI
āRVRQR82āRW,DSHI2
@È RLDTXUY‡HLXQRHQU£
HRXGRS
RVXRR £RXURR SHSSQQVH£ XH£H\DVRQEVDHSHGVRVXFF ÈH+

6O,RS£H8-&$QED;,;2IJ6SXDRVXRRXQ6;1
ā£HXRSH1RSHDWXDSHXSS VFSQXDXUHSXUX VRtROQV
R]XVRXU
RRXVMTFSHWPXRXFS URLRDV SDXDZHSH£VQX RSXDSFUR
2--
\@MRZDSRVDGXHSUDWG63VR@ RQRSHXRSH1RSHVSS
XRMRUXSVXRRH XRRD£XDZD£TH£RXO@-&4OOOO"-XRWFHQQVHV

VRRXHMT^VRWSXWXXHTHPVHSD DVVDUHGSXSGVDUHSRV
VD]UVQM VH£
HXR£R H XD
DXDZUHD
8 RXQX XDQT H RSSDR
 (/(&8$'25(
?, (/(63$2$1',12 ,'($ 352&(62< 8723Ë$

SHUVRQDV FRQ LJXDOHV GHUHFKRV \ REOLJDFLRQHV FXHVWLyQ TXH

VLJQLILFDED XQD YLUWXDO DEROLFLyQ GHO WULEXWR SRU OD YtD GH OD
PHVWL]DFLyQ
/RV PHVWL]RV SXHEOHULQRV VH FRQVWLWX\HURQ HQ OD EDVH
VRFLDO GHOFUHFLHQWH(VWDGR1DFLRQDO 6XDGKHVLyQDO SUR\HFWR
GHFLXGDGDQL]DFLyQTXHORVDOHMDEDGHODWULEXWDFLyQ LQGtJHQD
\ ORV FRQYHUWtD HQ FLXGDGDQRV OLEUHV H LJXDOHV UHVXOWDED XQD
SURSXHVWDWDQDWUDFWLYDTXHHVWiQGLVSXHVWRVLQFOXVLYHDOXFKDU
SRUDOFDQ]DU\PDQWHQHUHVHHVWDWXWR
(QDHVFDVRV DxRVGHODLQGHSHQGHQFLDVHFRQYXO
VLRQyHOSDtVFRQORTXHHQWRQFHVVHOODPyHODO]DPLHQWRGHORV
SXHEORV 9DULRV SXHEORV GH PHVWL]RV SRUGLVWLQWRV VLWLRV GHO
SDtV VHDO]DURQFRQWUDHO LQWHQWRGHO *RELHUQRGH LPSRQHUOHV
XQWULEXWRLJXDODO GHORVLQGLRVFRQRFLGRWDPELpQFRPRFRQ
WULEXFLyQ SHUVRQDO R FRQWULEXFLyQ GHEODQFRV /R TXH PiV
PROHVWDED D ORV SXHEOHULQRV PHVWL]RV FRQRFLGRV FRPR OD
SOHEH QR HUDWDQWR ORJUDYRVRGHO QXHYRLPSXHVWR VLQRTXH
ORVWUDWDVHQFRPRDLQGLRV
9DFRQVROLGiQGRVHXQDFODUDPDQFKDJHRJUiILFD GHPHV
WL]RVHQODFRVWD&DUFKL$PEDWR &XHQFD/RMD\HQODV]RQDV
XUEDQDV GHO SDtV (Q HVDV FRQGLFLRQHV HO PXQGR LQGtJHQD VH
UHSOLHJDODUJRVDxRVHQTXHSDUHFHSHUGHUVHHQODDWRPL]DFLyQ
TXHLPSRQHQODVKDFLHQGDVORVDJUHVLYRVSXHEORV\ODFRQYRFD
WRULDGHO (VWDGR1DFLRQDO PRQRFXOWXUDO/RVLQGLRVHQHOVLJOR
;,;VHYHQXUJLGRVDSODQWHDUXQDWUHJXDQRVyORFRQHO(VWDGR

VLQRFRQ 
RVSURSLRVSXH 

EORVPHVX]RV

 /D FLXGDGDQL]DFLyQ FRPRSURSXFVOD GHO (VWDGR1DFLRQDO DOD VRFLHGDG QRGHEH VHU
H[DPLQDGDHQWIUPPRVGH ORVGHUHFKRVGHFLXGDGDQtDFRPRVHUHOHFWRU\YRWDU HQHVH
VHQWLGRWRVFLXGDGDQRVQR OOHJDEDQDO  \  SRUFLHQWRGHODSREODFLyQ HQWUH
9HU 4XLQWHUR 5DIDHO   VLQRHQ OD SRVLELOLGDG GH QRVHU FRQVLGHUDGRV
WULEXWDULRV /D FLXGDGDQtDDVtHQWHQGLGDtDYRUHFtDODPFVWL]DFLyQ
 (Q &D\DPEH 3LOODUR6DQ$QGUpV*XDQRORVPRWLQHVGH ORVPHVWL]RVIXHURQ SDUWLFX
ODUPHQWHYLROHQWRV'HMDURQYDULRVPXHUWRVO212 (3-DF&
 


6238VR£ H ,,8OO-2G-8QZ呸RGHSH*OR SHSSO"GH-
,
O"OQQ8,62-TR!62@ HS8-O"OIMGOLOOV£-ā(
=呸O!
呸QS6O>È-X£XFOTQV
R£QT—£ >, Q£GZQ QER—W3T7,6 RI呸DOO -S 2-422  āR£X:Z-RX S£QTR-
6 UHRU UFSRG 
O6O S R£QTOO £LS 8-W8:>O  VHX
2OO"$O",4 X GZI -2- ]£
DQVRXURSHTR@RXURRSQ
RSHDXRRRLRHGXQRVRSXHRLXHMG
È VRSRSD VQV RSXHRLSPHUDU
VR$S-H XFXFQQHXU DV
H$+26
XR6(O8W"ÈO"T-È 6(T!HZ62I 2:2-
62---D6 VDSPX 62- 2677,-8
D VDTQ VVSHSUXQXURR VH
DQE VR£ XD
R8%IL+ž* È RXDUXRG
VHVHRVRUHDXDD-3XVUTVDRVVRRUGD£āVD-%SRVVHSXD-D-3È
VDMQEUDUD@VT DVRSXHQJTDS
VDURXDVVDSPXD V XHGHVDS
VQE (O XD
%3ž SHSDSRV H DSH-^882!D £H]DXD
DRZRT
H O" £HPUXVDH£XDSXD HXQÈW"+ āSRGI3 XRSD]QXRLH W"-
DSHSD$
VDSHSI%-HGVH GXRSXHSRQE
VRMURXVVVRMS
XWUZHXRS!H- H XQ
VRXUHSXHLXHX!H]QHXQZR G
ā(=QWPQZ2--6%3 SHSDSRV%I 6823382-
6%6- X āVSHS%--HG VH£ È 6S8-TR 62I 82- WSRIDX
\H UDSRGDSHR HQE RSXHMDS
RMURXDV XW-X H XSHSR呸IDX
S SHSSHGHR XRR URSRG RXURR -282-- RX UHXRSH1 RSHV
D
623ž VRM H VHXRRUSXRR V0DQX RXRGXQ DUHXRSH1RSHV
£S XRSRQQVXRR H£ XW O"$O%3OO H HXH
XWZH£-\RZWS
D]XVDXURRXHMTSHSDSRVHQT— DUHUSQGFUSVVXXRM
RXURRXRSH]QVDXUIXSH]XHSXVDSHRQSRUGXSH]XHSHSQS
H H HH!$XR HÈUR HXRSH1 RSHV ,3 H]!,- DSHQVQXU
HXQ62,-(=+%O$-GVRXRQVV DSRVQSXU D V!OO呸 VRMURXRV
VR£ RS XRSXHGHVFS È VUVXR H HXQ XD RVUWXUQVDU XHMUSRG
,,,$; £VSSHDSH VDQVD£HDXD VDXRSWSXRR 6@
HSX£ XH]HXQZR£ HL
āRQRRSHžž:<ž3 È DXDSHX£DGHSXDSQDUT
H$S%--ž H£ RSH]XVVXL È RSH]QQSH£
RSDMQRXUHVDSHT DV XRR
HMTRGH£ WSDXHGHXDQTHXQ
RLXDLXRVRXHV-XH
VRD£--H
VRU
RDUHGD
VRSHXQXH
HSXDSHTDSVRUSXWXD
VDTQVRSHSQPXURR
XDHSHXDZH-- RSUVHT%3 SHSFSRVH£;,;R££VSX
2=呸O">OO£?88O, 2-,,'
 (/(&8$'25(1(/(63$&,2$1',12 ,'($ 352&(62< 8723Ë$

GR7ULVWDQ3ODWW/DSURIXQGDGHVDUWLFXODFLyQGHO PXQGRLQGLR
\HOFRQVLJXLHQWHSURFHVRGHPHVWL]DFLyQKDFHPiVSDUHFLGRDO
(FXDGRUD&RORPELD\9HQH]XHODTXHD%ROLYLD\3HU~
(O DQWLHVWDWLVPR GHODVRFLHGDG QRUDQGLQDVHKDUDGLFDOL
]DGR UHVSHFWR D OD pSRFD FRORQLDO 'H XQD VRFLHGDG TXH VH
SODQWHDEDXQSDFWRFRQHO(VWDGR FRPRHQHOFDVREROLYLDQR
TXH GHKHFKR VLJQLILFDEDVX UHFRQRFLPLHQWRFRPR SRGHU GLV
WLQWRSDVDQDXQDQHJDFLyQGHO(VWDGRHQVXVSUiFWLFDVFRWLGLD
QDV \ HQ OD SURSLD UHODFLyQ FRQ HO SRGHUFHQWUDO /D QHJDWLYD
HVWDWDO GHUHFRQRFHUDORVLQGLRVFRPRSRGHUFRQHO TXHSXHGH
QHJRFLDUVH UHSODQWHDODUHVLVWHQFLDLQGLDTXHVHUHIXJLDHQOD
FRPXQDOL]DFLyQ HQODQHJDFLyQUDGLFDO GHO (VWDGR

6L TXLVLpUDPRV GHILQLUHO SUR\HFWRLQGLR QRUDQGLQR HQHO

VLJOR;-;KDVWD WUDVODGHUURWDGHODVJUDQGHVVXEOHYDFLR
QHV GHO VLJOR;9,,, HVHSUR\HFWRIXH ODFRPXQDOL]DFLyQ YDOH
GHFLU HO QR UHFRQRFLPLHQWR DO (VWDGR FULROOR OD E~VTXHGD
SHUPDQHQWHGHHOXGLUODVUHODFLRQHVFRQXQ(VWDGRTXHQRORV
UHFRQRFH FRPR SRGHU $ QLYHO GH ORV SXHEORV ODV FRPXQDV
PDQWLHQHQ XQDUHODFLyQGHDSDUHQWHUHFLSURFLGDG FRQORV SR
GHUHVORFDOHV HQODTXHGHVDSDUHFHODUHODFLyQFRPXQLGDGSR
GHU FHQWUDO DSDUHFLHQGR OD UHODFLyQ LQGLRVPXQLFLSLRV
PHVWL]RV(OSRGHUFHQWUDOHVHQWHQGLGRFRUQRHVHVXMHWROHMDQR
DO TXHSXHGHDFXGLUVH VDOWDQGRORVWUiPLWHVORFDOHV SDUDDOWH
UDUHQVX IDYRUODFRQIOLFWLYLGDG FRQ ORV SRGHUHV SXHEOHULQRV
TXHHVODUHODFLyQPiVLPSRUWDQWH

$O LQWHULRU HQ ODFRPXQLGDG ODVRFLHGDG VHKDKRPRJH

QHL]DGRPXFKRKDQGHVDSDUHFLGRORVJUDQGHVVHxRUHVpWQLFRV
TXHH[LVWLHURQFRPRFDFLTXHVRJREHUQDGRUHVKDVWDPHGLDGRV
GHOVLJOR;,;/RVSHTXHxRVFXUDJDVPDQGRQHVRFDEHFLOODV
VRQ SHUVRQDMHV WRWDOPHQWH FRQWURODGRV SRU OD VRFLHGDG VH
SDUHFHQPiVTXHHQQLQJ~QPRPHQWRDHVRVMHIHVTXHGHVFULEH
&ODVWUHVHQODVVRFLHGDGHVSULPLWLYDVGRQGHQRKD\(VWDGRXQD
VRFLHGDGVLQ(VWDGR\ FRQWUDHO(VWDGR IRUPDUDGLFDO GHQHJDU


 

"OO
VR38 LSLIQLªXRR 
R—呸-9
RÈ-82\M W
āRSW"O3-DTRLXDUPDSQVSXDDRQMMLRGQVQTDLMQVDU
DQE H
VRURSHIHTDQ VDXDSJQV VRU XDMXDU
£H£R āVDSDGVD
XRVRLXHMDSHVDSPXXMV
VRSTGQVÈ VRQRRRVVR£ VRSR£ D83
XDHZVXH W"-O8,DGVD 2II-
XDZXHHVQ,3HQZ- H
XRR RSXVXHIXFUFTHVVRSHSXDUHTVR£ DQEW"--3 DVāQPPZRS
5LD RUUHMHV HXXRM HU DQE VPXRQR RS V2-T- VRM XD UDLXDUHGD
DUDG VRSRZ XRUVWS DV RLXRUG VRSHSXHRQT VR£ È DIHSDXRR
£R --2TH DUHG RIQGZR £R 2$Q£ RX £HRT, XSQ£R0 

āāXDXUHVXDGQVDG
XRXDXDDVRXVHXRSUSXRRVH$DQXVH£
RQ呸TZDž67%82)!H8
RSDÈG £H-6HDX HSVRRHGHR
VDTQ VRXQSDSQSXHVRUSXW
VR£ RS XRLVUH[XRR H
H!4, RLXDQQHVXHG£DX£IWDV
"SSQSRG

RIHTH HS H]D- H RS XSHDT, £H āWLVDUHSRV VDXRSHD

VH\ DS SHSMMHSRXU RXURR XSHHXR! DTQ S O VHSHS
H£HVHVHXXRMVH£ UQ]QHRXRRSSHSUVDRHXH£ XHTHRLXHMGI VHS
QHSVH£ HSV£$%- H VRXHSXHRHTVRLSFUGVR£ H
XSHDXD6%-O

XSHDX RIHTH VS "=OIO- H£ DSRLXDUXUHXDSHFXD IO" XHTH
QVQM RHRXRZ ā\RXURR VFRXQRG O VR!SDāVHXH-DVDXDZ
£HSDGVDVDSXFRDT6%I XDDUTXPSFFDV%I O DIHSD!XR! S-2G
HSHTDQUUD8%--$ %,XS%-呸L
DX£ ,%/ āHXRSHX!DGI
% HXD
-38-H-X H£RS3‡3
žžžH£RSDDLXHMGXHMTDTVR£HRTQ
VR DVUHUDGVD HMSRGRQERSD£ SURGXDXD9L RXVXQD
DXZXV
RSQR
%I3ž HRSQRGD£VG[ HSRGXHUDGVVXRSUSXRR
6O"$DQX-O"D-R" ž,'žžDQEO"I\DVI"-DT£ XSQ-$D- O"
@
6
DR£SXHXR£!H1R£D$R-GH X£H]HXQZR % DD

SHSDSRVO"I DS:6,8-RXRV£JXR
URSH]TDQWUVR UDSRGRSRL H O RXHRTTQGDU £"XRS"1 RS"V"
2=8O,,£?XZ呸2-,
 (/(&8$'25(1(/(63$&,2$1',12 ,'($ 352&(62< 8723Ë$

/DV FRQGLFLRQHV SDUD HO FDPELR YLQLHURQ SRU XQ VLWLR

LQHVSHUDGRODHVWDWL]DFLyQGHDOJXQDVKDFLHQGDVGHODVyUGHQHV
UHOLJLRVDVTXHD?SDVDUDO(VWDGRIXHURQDUUHQGDGDVDSDUWLFX
ODUHV (VWHFDPELR DSDUHQWHPHQWHIRUPDO HQ ODGLUHFFLyQGH
ODVKDFLHQGDVDIHFWyUHDOPHQWHODVUHODFLRQHVVRFLDOHVFRQFUH
WDV /DKLVWRULDFRPRTXHVHUHSHWtDVL HQODH[SXOVLyQGH
ORV MHVXLWDV \ HO DUUHQGDPLHQWR D SDUWLFXODUHV SRU SDUWH GHO
UDPRGH WHPSRUDOLGDGHV FUHDURQODVFRQGLFLRQHV LQWHUQDV GH
GHVOHJLWLPDFLyQGHOSDFWRVRFLDORWUDYH]HODUUHQGDPLHQWRGH
ODV KDFLHQGDV HVWDWDOHVHQHOVLJOR;;FUHDODVFRQGLFLRQHVGH
ODUXSWXUDGHHVHGHOLFDGR\ FRQIOLFWLYRSDFWRHQODVKDFLHQGDV
TXHIXQFLRQDEDHQODPHGLGDTXHHO WHUUDWHQLHQWHFXPSOtDFRQ
GHWHUPLQDGDV FRQGLFLRQHV TXH LPSRQtDQ ORV LQGLRV D FDPELR
GHO WUDEDMR

0iV GH XQ VLJOR KDEtD WUDQVFXUULGR GHVGH ORV ~OWLPRV

OHYDQWDPLHQWRVUHJLRQDOHVGHOVLJOR;9,,, (QSOHQRVLJOR;;
HQVHLQLFLDXQDQXHYDRIHQVLYDLQGLDODUHFXSHUDFLyQGHO
WHUULWRULRSURGXFWLYRGH ODV WLHUUDV GHKDFLHQGD (V XQ PRYL
PLHQWR OHQWR TXH FXEUH PiV GH FLQFR GpFDGDV TXH D~Q QR
FXOPLQD TXH FRPELQD DO]DPLHQWRV QHJRFLDFLRQHV FRPSUDV
RFXSDFLRQHV GH KHFKR UHJDGR GH VDQJUH FRPR WULEXWR D OD
3DFKDPDPD SHURTXHYDORJUDQGRDYDQFHVVLJQLILFDWLYRV

/D OXFKD VH LQLFLD HQ &D\DPEH MXVWR HQ OD ]RQD GH DOWD
FRQFHQWUDFLyQ GH WLHUUDV HQODV PDQRV GHORV KDFHQGDGRV 6H
LQLFLDSRUGRVIUHQWHVSRUHO ODGRGHODVKDFLHQGDVSDUWLFXODUHV
DFHFKDGDV SRU LQGLRV OLEUHV FROLQGDQWHV DXQTXH ORJUD PiV
PRYLOLGDGSRUHOVHJXQGRIUHQWHHO GHODVKDFLHQGDVHVWDWDOHV

'XUDQWH XQDSULPHUDHWDSD ODVOXFKDV SUHVHQWDQ XQDP

SOLR DEDQLFRGH UHLYLQGLFDFLRQHV TXHSRGUtDQVLQWHWL]DUVH HQ
WUHV REMHWLYRV D EXVFDQ UHFXSHUDU WHUULWRULRV FRPXQDOHV H
LQGLYLGXDOHVDUUHEDWDGRVSRUODKDFLHQGD\ ORVSXHEOHULQRV E
OXFKDQFRQWUDHODJUDYDPLHQWRGHODVFRQGLFLRQHV GH H[SORWD
FLyQHQODKDFLHQGDLQWHQWDQGR UHFRPSRQHUR URPSHUODUHOD


 
āGG=9  呸2WQIZ]]VW
O-:8O-2O+ !SZ£XQLX
HS II
O
XPU
OOOM6OQMO-O
-
RSXQM呸 £H OO
-882-
OWOOO,-, 62O,, 62L X呸 6O:呸OOO"40 WY
XSH-DGURD-H H 623ž VR£ HUHGVDUXHQRGXQ VRT-DT"-OWP!
XDLRIQSRUGDVDOXDZ"XD RQE
SHSQH!3W"-W"VW"
!6DQVRSUHVRG
(
O:-DG HUPXQ]RR WU
- HMUXXVXFFDU DV ]D$ H DQE W"8OD
DXQDSRDRHQFUTQV DS\H D
RURQG[D RXž3ž !DÈG D
RWSXDQUDRXHSUDPE]UHRQEXQH
H]XH££HHVD-O:-DGDUDGDXUV
DGQUHRXSH!SXL+QV
HVVHSD\H! QVXDPFFRHHXHSRW
HPDHSURPE]WW"IXRRH]XHIIHHXQXDXDGSXUHG
RXRLXURLUDS
84-WXDGQXDSRVHRRUGDWVDXDVHXD-3 VRāH]DW- RSXDXU
RL 8%$ 2-2G W" 2-2G RQE 6`82!%=+$2: RS DQD XQ S W"S
X-IDZDW"IVD
VRSHXQQHÈVRUDQxXQGUVHQTVR£DSRGXUHX£DVJ
āHDHUVSRZH£DDDXDZH!6<4HQDH£GDV RQEH£XD
HGHD
HSX呸DV HXQ XD FVRSXHQXVRXRR <- VDXRSH!38- VH VS
RRUXHTH āR£SX !DL?R-GDSHVR[DQXXQRSXHPXXVG
HS
XDSHT
%>DSSHS£ZSDHIDH\DGZR
DXDZDTHR[DX£ RU
HGHXD£RQEDUPXQURRHHHXQDVHLXD% H]XD:2-āW!WVHX
D£HTQV VDVHMR VH£ RS H$SH]XH呸L-R SHSSHGH! QXDSD! DXQ
‡O:O2G ‡
RSH6
B£ £H H:-LD£VDS VQE VDPSHIHTH£ I VRXDV
QH V RSSHHD HS66-!0 HXQDVRSXDSQSRUG
SVSQSH XR
DV8"4:HO2-ILH£DS66-! H@ āHD6H£ XRVRUHQxXQGUVHQT
L? VRSHSXHRHTDQXDRXURR-VH
HVR! H£ XDVRDUHXRIVR£ O VDX
RSPXHMG VH£ RS VRXHURUGRUG VDSXHVR£ DXDVDXRSHS VH£
XD RXUVTDXUDWHG SS VUVXR HXQHT
H!TVH呸5: XDQMRS USDS
UY āHV£VHSUDSFG UDSX£!HZS£D DS VRXUVUXHRFXU VR£ H X!£T
XUDLVWVXRXDDXRG
HXQDQVRXHVR£DSHRQXRXRRDV£VS! HL
VDSFRURHX VH XRR VDXRSHUDU VH£ UDUTXUHDDU RSSHQ!PSH
DXH
DT£VRGRVPRDLXQRXURR D!D-HGW" HRRSHHD£X2-- H£ RS
XFWVUUHG[DH DQEXDHGHDHXQXD
VDXFFDUFSP£ È VRVPRRU VR£
VS-2-O82-,-2GVDHXQZ2--`OOO 62O-,-82-X£T呸 XDIDZD
R L?
D£TW"£RXRRX£ D RXUDW[F RSHRRXRRDU IW"
623 VRIR VRU
W" RSXH]£ZPDVDSH$ DVRRRGHRRRGRQE URSRG RLVRXRRXS
7LO>OO£?8:,0>
 (/(&8$'25(1(/(63$&,2$1',12 ,'($ 352&(62< 8723Ë$

GH XQD EXHQD SDUWH GH ODV WLHUUDV E OD UHFRQVWLWXFLyQ GH
WHUULWRULRV pWQLFRV F HOYLJRURVRFUHFLPLHQWRGHO Q~PHUR GH
FRPXQDV\GXQVRVWHQLGRFUHFLPLHQWRGHPRJUiILFRLQGtJHQD
VLQDFXOWXUDFLyQ 6LJDPRVFDGDXQRGHHVWRVSURFHVRV
/D UHFXSHUDFLyQGHOD WLHUUD

/DGpFDGDGHO FRPRELHQDQDOL]D$*XHUUHUR H[SUH
VDUi HO HQFXHQWUR GH FRQGLFLRQDOHV ORFDOHV H LQWHUQDFLRQDOHV
IDYRUDEOHVSDUDOD5HIRUPD$JUDULD\ODPRGHUQL]DFLyQDJUR
SHFXDULD /DGpFDGDGHOVHVHQWDFRQVWLWX\HHO PRPHQWRFXOPL
QDQWHGHXQDODUJDFR\XQWXUDLQLFLDGDHQODUHYROXFLyQOLEHUDO
DJXGL]DGD HQODFULVLVGHORVDxRV\ TXHHFORVLRQDHQORV
6H WUDWD HQHIHFWR GH XQD FR\XQWXUDGH 5HIRUPD \ 0RGHU
QL]DFLyQ$JUDULDHQODTXHVHH[SUHVDQWRGRVORVDFWRUHVVRFLD
OHVGHOSDtVHVSHFLDOPHQWHORVFDPSHVLQRV ORVWHUUDWHQLHQWHV\
HO(VWDGR1RWLHQHVHQWLGRHPSDQWDQDUQRVHQXQDLQDGHFXDGD
GLVFXVLyQ TXH GHILQD FXiO GH HVWRV WUHV DFWRUHV WXYR PD\RU
SUHHPLQHQFLDHQH[SOLFDUORVFDPELRV VLIXHODSUHVLQFDPSH
VLQD ODLQWHUYHQFLyQHVWDWDO FRPRH[SUHVLyQGHXQDEXUJXHVtD
DJURLQGXVWULDO R ODVHVWUDWHJLDVPRGHUQL]DGRUDVGHORVHPSUH
VDULRVWHUUDWHQLHQWHVSDUDUHQWDELOL]DUVXVSURSLHGDGHV 5HL
YLQGLFDPRV HO FRQFHSWR GH FR\XQWXUD HV GHFLU XQ WLHPSR
SDUWLFXODUGH OD KLVWRULD HQHO TXHVH SUHFLSLWDQFDPELRV LP
SRUWDQWHV HQHOTXHWRGDVODVIXHU]DVVRFLDOHVDFW~DQ\TXHORV
UHVXOWDGRVQRVRQRWUDFRVDTXHODFRUUHODFLyQGHIXHU]DGHORV
SULQFLSDOHV DFWRUHVHQFRQWLHQGD
(QWUH  \  KD\ FDPELRV PX\ VLJQLILFDWLYRV HQ OD
WHQHQFLD GH OD WLHUUD HQ HO (FXDGRU (Q WpUPLQRV JOREDOHV
SDVDPRVGHXQDHVWUXFWXUDDJUDULDIXHUWHPHQWHFRQFHQWUDGDHQ

 $ *XHUUHUR +DFLHQGDVFDSLWDO\OXFKDGH FODVHVDQGLQD4XLWR 

 3DUDXQEDWDQHHGH ,2O UXXOWDGRVGHHVHGHEDWHTXHGRPLQyODVSUHRFXSDFLRQHVGH,2L6
LQYHVWLJDGRUHV DJUDULRVHQ MFV DxRVDQWHULRUHV YHU &KLULERJD 0DQXHO (O SUREOHPD
DJUDULRHQHO XDGRU,/',6 4XLWR


 '/
/(ā2( 
 21
R£T"I*
£S=8O1
O"8-U@,,-8呸:9 Xª-RSLP >8—-M\OOZO2-0H
,
LQXO"Z
HRT--2 O
U
/£ £VRSH]Q VRZD 
W-%RI2SR£DZDZVZ 82!
 JJLM RS%=M
OO-
RTS呸 £DQXHY£ DSRIHTH-£O‡323O%GVRZ呸RDSDQR £V ‡3 XJ!Q-£VXRRH£ O-OG
%WQ/WP OāWP/ &23*O!*/ /6
6
+ 
O
=& 
‡  
/‡ 
W āV+22ODSVZ

/  
  
 
/ ‡‡+ 22/ 2W
 /
  
  
/ 
/ ‡‡+ RLR
/ 6 ‡/ ‡V , 6
86
/O7OāXHXHD HSLXDXD ‡ HSXRQ$
O212-SZQ
OW-O"OW"O6-
RXUVWXHxUR呸QVDRS XSHSDZH HSHDU\ URGVHSH]QHDUVHZD$
È VDWURLRRHVXHQVH£ %DU\ RSXHSRQE
-9 £D G VHSH]XHDU
HSHJ\ W":-2-`1 È XFSHPURMRR G HXDS HS VHDXD 6"^
XHRQSRPQRVVRUHSVRVR \
3O È 3 ‡3VRHVXRR VRUHS 62-
XW"O6JD DV-QE\O HVHT VRQRVRXURGRSHLHMGXURR ÈW"JRT
SUT-DQXHZ-2G6, W"OVW"T RSHURTHS(--DS%I DSDSXDXDL
HU RS XSQ-2$D H DU~-6 DQE RUSDQR D XD VRXURXUXUH[J
āVH£SXDDUTXPSSXHVDSVHXRRDMFU
VH£
-HGH£H RSXHXUXQMD
VFSHSDUGRUGVDSXH-呸 VH£ DSXFWVXDL[D
H£ H]QHXRSH- K VRXUVDGXUHF V H VHXDS VHXUX-UH DKQTSO6SD
DV
SDSRUGRUGHXDWSFXUH HD!D-2$8- RQEHUUXRQQVDHXQH
W
28OO>O-?8:? >
 (/(&8$'25(1(/(63$Ƒ2$1',12 ,'($ 352&(62< O-I23Ë$

&RPRSXHGHREVHUYDUVHHOHVWUDWRTXHSRGUtDFRQVLGHUDU
VH FDPSHVLQR TXH SRVHH PHQRV GH  KiV KD ORJUDGR HQWUH
 \ FRQWURODUPiVVXSHUILFLHDJUtFROD 'HOFRQWURO GH
 KiV TXH UHSUHVHQWDEDQ HO  SRU FLHQWR HQ 
SDVDQ D FRQWURODU
 KiV HQ  TXH UHSUHVHQWDQ HO
SRUFLHQWRGHO VXHOR

&DEHVXSRQHUVHTXHHQHVHHVWUDWRGHKiVVHHQFXHQ
WUDQLQFOXLGRVWRGRVORVLQGLRVTXHWLHQHQWLHUUDVHQHOSDtVSRU
WDQWRHOPD\RUFRQWUROTXHKDORJUDGRHVHHVWUDWRHVLQGLFDWLYR
GHOFRQWURO ORJUDGRSRUORVLQGLRV

/D 5HFRQVWLWXFLyQGHWHUULWRULRV pWQLFRV

/D H[SDQVLyQLQGtJHQDHQHO WHUULWRULRQRIXHHQFXDOTXLHU

VHQWLGR EXVFyFRQVWUXLUXQWHUULWRULRFRQWLQXRYHUGDGHURQ~
FOHRFHQWUDO GHFDGDJUXSRpWQLFR

(OORQRHUDQXHYRXQPDSDpWQLFRUHDOL]DGRSRU*UHJRU\
.QDSSFRQORV GDWRV GHSREODFLyQGHO FHQVRGH  TXHIXH
HO~OWLPR HQ LQWHUURJDUVREUHHO LGLRPDPDWHUQR PRVWUyXQD
FODUDWHQGHQFLDGHORVLQGLRVDIRUPDUQ~FOHRVpWQLFRV.QDSS
DJUXSyODV iUHDVJHRJUiILFDV SRUSDUURTXLDVHQ ODV TXH ODSR
EODFLyQTXLFKXDKDEODQWHFRQVWLWXtDPiVGHO  SRUFLHQWRGH
ODSREODFLyQ WRWDO HV GHFLU ]RQDV HQ ODV TXH ORV TXLFKXDKD
EODQWHV WHQtDQXQ SHVR GHPRJUiILFR PD\RUDO GH ORV EODQFR
PHVWL]RV GHQRPLQDQGR D HVDV iUHDV FRPR Q~FOHRV 'H 
SDUURTXLDVH[LVWHQWHV HQHO (FXDGRU HQ GHHOODV ODSREOD
FLyQTXLFKXDKDEODQWHHUD VXSHULRUDO  SRUFLHQWRGHO WRWDO
HQRWUDVFRQVWLWXtDPiVGHOSRUFLHQWR HQSDUURTXLDV
HVWDED HQWUH HO  \  SRU FLHQWR 9DOH GHFLU OD SREODFLyQ
TXLFKXDKDEODQWH VHKDEtD DJUXSDGRPD\RULWDULDPHQWH HQ
SDUURTXLDVEiVLFDPHQWHUXUDOHVFRLQFLGLHQGRFRQORVDQWLJXRV
 =/
H XHMSVRRH
VD V\ 呸HSXDSHT H£ &-O:DG DQE VRXUVUXQRFXU
VR@ RSXHVQ
V2-8: VRDSQX XD RSHGUXiHDU ,,%-THT DV 623
62I
6 DSRVWUHR ,XRR
2O6$ VRPDTRZRā£D
H\D£DSXS
D£RD
RDURLVHGRS6O"---ORSHXVHW"-THTVD È VDRSHIHTW"
VQV W" VRxFQGWVHQT RSHDXD H-THT HSXDSHT HU
DS X
āDQV )
3 SHSDUGRUGH H
DXHSXDDDT DVH- H XD XRURW[UX FQE

HDQH£W" RVRRRHSSRSXVVHG
VRRUXVRXRLXUVLVRMUHSMMRVXRR
XD£G RV
/W VR\D VR£ XR
RR£X£RSRÈG 
āXSWUDI%8QZR! HSDVH-H-RSXHU
RGQV
VDUHXRPSHQ 62-OOO" VRXRQQD VR£ DS XRURRUXLVXRRDU
DXQ XD£G RV
/W DQXR
23 RSRÈG £R RQE VRX

RSXDRWSXW
HSXDSHTH HMXRGXQRQEVDX-38- VH XH %--DS
H£ W" RVDRRHDS SHSIIHSRZH£ RIHT]QHD DV DV DQE
RLXDUXU
DGUXLDD DS SD£XQ£R$ DXQRTQT PD RQE 3ž V VRXHS
XHRDTVRWSRUGVRUGRUGVRURSXHVQ
VRRXVRXRLXURLRSXVDLF

RSDGUXxHXHMTHTDV6238VRM
HTZD86
VD£XDXDHQ VR£
‡3VRXVXUVD£XRDTH£VR%--2OD£‡3R£X‡! G ,‡3VHXL

XRRQEVH
RXDXDV RVHR DXDDXHVDDX VHXURLDDGVV £
āVHVSDGÈQZVDQ
RSHFUDXUFSXDXDXD$82! DVRVHRRUGDXRRQE
VHLXHMTXUHFÈ
6262-3VRXRLXURLFSRSWXHGXHMTHTDQEURG
2$O!-86ÈQZ
 HG2-OO6G-2- H XD 2呸!2-G DVJ āSHQSS URXDLXW
H 62!8O! VRXRXQDL RSDDLR XHMTHT 呸 HUDG 623 VR£ DQE
DVH]-HPDHSSRG DQE HDXHZ DS
VRXRXQRL VQV ž38,-3
XHMTHTXTZH
HDVH£DSVHQTRPEVR£HRLXXVUSRVRRRUGXQ
23$呸UDTHTDSUHVFGH
DMXR]DXUHH RSHQXRPEÈ RUHGH]
VHÈ
RRHVVHXRWV
RHQT VDXH
VHPT!呸V£
VHUHQTV
VQSHTR
VH0H
DLXDQRSS È HUVRRH DSVDSHSTHXRSHXVH£ DSRVHR £DXJ
ā VD£
DXRSUSHQVRSRJDV VDLXHXRGXQ VYZ VR@ DS VR!-8O" VRD呸WWX
 (/(&8$'25(1(/(63$&,2$1',12 ,'($ 352&(62< O-I23Ë$

WLHUUDV D FDPELR GH OD HQWUHJD GH OD HQHUJtD KXPDQD HQ XQ
SDFWRKDFLHQGDLQGtJHQDVTXHWHQtDIXHUWHVUDtFHVDQGLQDV$O
GHVOHJLWLPDUVHHVWDUHODFLyQ DSDUWLUGHORVDxRV ORVLQGLRV
VH SODQWHDQ URPSHUHO SDFWR FRQ ORV KDFHQGDGRV \ SDVDUGHO
DFFHVR D OD WLHUUD D ODSURSLHGDG GH OD PLVPD VDOWR TXH HV
SRVLEOHHQODFR\XQWXUDGH5HIRUPD\0RGHUQL]DFLyQ$JUDULD

6HFRQVROLGDQ\ HQ DOJXQRVFDVRV VHDPSOtDQORVWHUULWR

ULRVpWQLFRVTXHQRVRWURVORVHQWHQGHPRVFRPRXQHVSDFLRTXH
UH~QHFLQFRFDUDFWHUtVWLFDV DHVXQHVSDFLRJHRJUiILFRUHODWL
YDPHQWHFRQWLQXRTXHHVWiHQSURSLHGDGGHXQQ~FOHRpWQLFR
ETXHH[LVWHXQQ~FOHRpWQLFRFXDQGRHOSRUFHQWDMHGHSREOD
FLyQDVHQWDGDSHUPDQHQWHPHQWH\TXHHVGXHxDGHODWLHUUDHV
VXSHULRUHQQ~PHURD ODSREODFLyQEODQFRPHVWL]D TXHJHQH
UDOPHQWH FRPSDUWH HVRV Q~FOHRV H TXH RUGLQDULDPHQWH VH
WUDWD GH XQ HVSDFLR JHRJUiILFR GH WUDGLFLyQ SRU WDQWR HV XQ
HVSDFLRGHLGHQWLGDGFUX]DGRSRUVtPERORVTXHORLGHQWLILFDQ
VHDQ pVWRV QDWXUDOHVFRPRFHUURV ODJXQDV UtRVR FRQVWUXLGRV
SRUODVRFLHGDGFRPRORVVLVWHPDVDJUtFRODVORVWLSRVGHYLYLHQ
GD YHVWLGR GLDOHFWR HWFGHVXQHVSDFLRHQHO TXHVHHMHUFH
VREHUDQtD IXHUWH DXWRQRPtD UHVSHFWR DO SRGHU HVWDWDO \ OD
VRFLHGDGQDFLRQDOHVWiFUX]DGDSRUUHGHVGHSDUHQWHVFRDILQL
GDG \ DOLDQ]D FRPSOHMDV FRQ XQ VLVWHPD GH SRGHU LQWHUQR
FRPXQDOL]DGR\HVHWUDWDGHWHUULWRULRVPHPEUDQRVRV SRUR
VRV HOiVWLFRV QR HVWiWLFRV DGPLWHQ SURORQJDFLRQHV LVODV D
GLVWDQFLD\HVWUDWHJLDVKDFLDDIXHUDTXHFDPELDQFRQWLQXDPHQ
WH6LHQGRXQPRGHORLGHDOQRWRGRVORVQ~FOHRVpWQLFRVUH~QHQ
WRGDVODVFDUDFWHUtVWLFDVUHJLVWUiQGRVHGLIHUHQFLDVTXHJHQHUDO
PHQWH VH H[SOLFDQ SRU OD UHODFLyQ DO PHUFDGR D OD VRFLHGDG
EODQFRPHVWL]D\ DO (VWDGR

(OFUHFLHQWHQ~PHUR GH FRPXQDV

/RVLQGLRVPXOWLSOLFDURQQRWRULDPHQWHVXVRUJDQL]DFLRQHV
FRPXQDOHV RUJDQLVPRTXHGHVGHHO VLJOR;,; VHFRQYLUWLyHQ
HO VtPEROR GHORV LQGLRV OLEUHV /D FRPXQDR SDUFLDOLGDG TXH


 3O
URGXURUUHDQE
HSXDSHTDS623V HD£XDDS DS<O$-DVDQE
RSVTRUG2$SH]OOW"
D-R RMRSRXUXQXDUSXXVXRF
DXURXRPHXRWR
RQSRUGDUÈXSH]-8W"
D-2 QVH]SPXH
D VDU RQE
PXDURSRG UD
È VRMTVQGV XRR XSHU呸XH -W"ID呸ZOO,,-DG VD DQE
VDUTT
VRSHSQPXURRVHUURGHSHMQXPRHH—£VTHSXDSDG[DHV
āRSW"--G: U呸 HUDGQRQSRUG267,--8 G
XRSRQSFUGDSVDXR]UHUPTHTDPXUDGVDRQE
VDUS--SÈQZVDX
RRUSFFF XDDPRXRWQH UHSRV XRSRQSRUGDU H£ XD HSXDSDG[D
D£TWSRXDXQXHMQXPRD 3 È
SHSDSRV H G VRSHMRQXRR VDX

!£PHZ R VHPQTH-
VH
DH£! 呸呸,-! H XDDX
-O DQEURSRG
RSHXUDUVWVXQÈ RSRSD XQDS -O8- !
RRVRUXDUDG£D
SHS
-GSDH£DSDVHTBW"- DUTRVX%]XHIRDVRQE
VDXQXURR6
%IXD
VDSHSOHSHGVH£RSXSH=-HIRH£ XHD
VQQKO" ÈVRDUQSH
VR£ DS X‡QRUQVRS £DQ---, ‡, DS UHVHG ‡ R ORXR£[R UHSRG
DVD DS RLXHQQHLDQDS W"RXDSDG[D RXURR
RSHLVVR£SX£ XRUR
HLD-%- D-!D-DV
H-$HVDURGDQEURG
DXW"$D-D-KQZ XRQVDQR

HSQRH>W"OO8DRUHSRG £DXRR VHSD-3VDXR£RHD-XD82-W"--8D

VH--D£ VH£ H RVDRRH£DO:-DGRXHRR URSRG DXRR XSH£D-

H RSXDQR T
HSX呸S呸T H URG VHSHUGVR RX VH--DS H RVHRRD
,," RWTXUHFH VRMTDQG62- DS 2O8
!:OO
!O8?": È 8-O682- H£
HUDGVDLXOOLXR RtHTDQFSD]RQ£\DTDJ£XRVR£VRXDPE‡
VR£T
DQ4 VR£ XRR VRLRHG XR-H££FX-HVDS H VDSQXDZHSXWO- VVSXDX
RG[DRQHQRXRUHMPXURH
;;È ;,;62J6VR£XR
XSD]83‡,
H RS RXQXDR S -2G XRUHLGR RX RQE āVD-4, VRLSXW 62
-
VRLSXUVRUGRUG VR£ URG
HS£DRVDH$£H]£XH呸ERSHSTDSRXUFXUFF
HSH-D\%:-2-H£RS
RWSRXUXRXDD-HÈ RVUXXDXU DVHSXDJ$ QV
VRURLVHURMÈ VRS
XQTHi
H$ VR@H
HSXDSHTRS623 VR£ H DUXFWUHXQFGFUXDUDMDU
RS -$-6 FQE 2$-%=£XH呸ERR£DS\ XQ OPO682-OOO4:%ORXWV

XRUH]UXMSH£DVRXDQEVBDTQ呸43VR£HVRSHPUHxURUFXRQUHXU
DS SDSSHGHR H£ XD :3W"- V RX
SHS££HSXDRG QV āVHRS
MMRGRSRVVDSHSUXQPVDDVHSHURGRVDXRSHXQRMVXDQVH£DS
UDVDG‡
VDSDQRVQQI‡VRLOL-PVR£HS3‡3ž8-DRRDUQSV\XU‡
IQVXRR
DSRRSDT‡ ‡VRLHWQVRD62-4,
ž38VRMH?L]UUQJUQ
R]呸QL£H£? ZOO2>OO-
 (/(&8$'25(1 (/(63$22$1',12 ,'($ 352&(62< O,723Ë$

VXUHODFLyQFRQORVWHUUDWHQLHQWHVHQORV SURFHVRVGH5HIRUPD
\0RGHUQL]DFLyQ$JUDULDFRPHQ]DUiQDRUJDQL]DUVHHQFRPX
QDVDSHVDU\HQFRQWUDGHODVSURSXHVWDVHVWDWDOHV\JUHPLDOHV
TXHOHVSODQWHDURQODRUJDQL]DFLyQHQFRRSHUDWLYDVVLQGLFDWRV
DVRFLDFLRQHV RDQH[RVGHSHQGLHQWHVGHORVSXHEORV 3RUHVWDV
UD]RQHVHOPRGHORFRPXQDOFUHFHLQFRQWHQLEOHPHQWHHQWUHORV
LQGLRVFRPRVXRUJDQL]DFLyQGHLGHQWLGDG&XDQGRVHDSUXHED
OD/H\GH&RPXQDVHQHQWUHHVWHDxR\ VHLQVFULEHQ
 FRPXQDV HQWUH  \  VHDJUHJDQ\ HQWUH 

\ RWUDVDOFDQ]DQGRXQWRWDOGHRUJDQL]DFLRQHV
TXHVLQGXGDFRQVWLWX\HQODIRUPDRUJDQL]DWLYDPiVLPSRUWDQ
WHHQODVRFLHGDGFLYLOHFXDWRULDQDQDFLGDGHVGHODLQLFLDWLYD\
OD H[SHULHQFLDSRSXODU
&UHFLPLHQWR GHPRJUiILFRVLQDFXOWXUDFLyQ
2WURLQGLFDGRU QRPHQRV VLJQLILFDWLYR HVHO FUHFLPLHQWR
GHO Q~PHUR GH LQGtJHQDVHQHO SDtV VXSHUDQGR WRGDXQDIDVH
GHGHVLQGLDQL]DFLyQ R DFXOWXUDFLyQVXIULGDHQ DxRV DQWHULR
UHV * .QDSS FDOFXODXQD WDVD GH DFXOWXUDFLyQ HQWUH  \
LJXDOD SRUFLHQWROLJHUDPHQWHLQIHULRUDOFUHFLPLHQ
WRSREODFLRQDO FDOFXODGRHQSRUFLHQWR ORTXHVXSRQGUtD
TXHHQHVHSHUtRGRFUHFHPX\OHQWDPHQWHODSREODFLyQLQGtJH
QD 3DUDHOSHUtRGR  ODWDVDGHDFXOWXUDFLyQDXPHQ
WDUtDD  SRUFLHQWR GHXQFUHFLPLHQWR GH OD SREODFLyQ GHO
SRUFLHQWRTXHLQGLFDTXHVHPDQWLHQHHOSURFHVRGHOHQWR
FUHFLPLHQWR * .QDSS VXSRQHTXH ODWDVDGHDFXOWXUDFLyQ

 /RV GDWRV GH FRPXQDVRILFLDOPHQWH LQVFULWDVHQWUH  \  SURYLHQHQ GHO 0%6
,QIRUPH SDUD OD GRWDFLyQ GH EDQFRGH LQtRQQDFLyQ QFRPXQDV FDPSHVPDV GHO
(FXDGRU /RVGDWDFWXDOL]DGR HQWQIXHURQREWHQLGRVGHO 'HSDUWDPHQWR
GH 2UJDQL]DFLyQ FDPSHVLQD GHO 0$* 2EYLDPHQWH HQ HO FyPSXWR ILQDO QR HVWiQ
LQVFULWDVWRGDVODVFRPXQXH[LVWHQWHV 3RUHMHPSOR GH&D\DPEF VH HQFXHQWUDQ UHJLV
WUDGDVSHURXQFHQVRGHFDPSRUHDOL]DGRSRUHO&$$3HQ FRQWDELOL]y 7DO
GLIHUHQFLDGHPDQGDXQDXUJHQWHUHYLVLyQGHOQ~PHURGHFRPXQDVDQLYHO QDFLRQDO
 .QDSS*QJRU\ *HRJUDItDTXLFKXDGHOD6LHUUDGHO (FXDGRURSFLW


 O
āHXHTPÈ £HUXXDXFSHMTRGH£ H3$3
(-8O"X£!(+-
PPSD$W" RXRQEXQH DQE
VDPR-HXVRVXRR V 8 XRSPTRG
5, RSXRSUXR[DH£ --呸DVQXD8--3呸- DPXUDGVRXDQEXRXVDQR

VR]XVRXURRXHMTVR£ XRRDXDTUQH ÈVRUSXWVR£XRDHTW"-SXDS£

DV WHUUX HXR] H£
DTZHÈH XD
QRDS D-W"£? QQTRPE HTW"ITHT
XD- G OO D £V HXHTPHXR] O" XDXH XD
63OO PXD
RLXDHG ]V £D HSXRS XD
>DUUX HXR] H XD HTDQXRRXD DV VRL
XHMTDTHQTRPE62IHS8IāV2=-62:2-8‡ITāYI
I VDLXHMTHTDQTRPERLXDLR-2G UWYā£
VHXRVURG YY]Â]
IT‡XRR 6 RS RVXFR ‡
DTZ‡I‡! DS 
< ‡ X
āR]SVDZDXRRRSHUHGXURR23RLXVWXQRDUR
RIHT £DS W"-XDSXD H£ RX R HQXXXRF 6 UFRRXRR HHG
5]SVDZ
XRSHMTRGH£ HSXD-:-!D-SXRR HRSPSHGZR
RLXDUXQRDUR
VS V‡ QV -68:6;2 
G DLX‡T‡T‡QTRQE 8
ITRG ‡, DS
RVSQX £D -W"--O3 RSHRVQT VRXUHT
VRVHR VDQ VR£ X āDRX
XL HD£VH RSVRRXQDVRVSQXVR£ VS6H?SQXDVDGDÈQZ
VHXR]
SFHGRÈ DTZHÈH-
R£H$HH!-\LRZDS XSQ£RLD
H£ -DV HUDG VHXR] VDQ2SMR!VD VFXURT
HXDSX XFWFHMTRG
HU DQE£-SXDS£ RQE RSH]THUXRH RVXVR XQ RS HSXDVQH 

6-HG £DS
8- £H
XSH]£OVDZ RUDG
HSSRXD XRSH]
£DXD呸RZRTDXQH%SH$DQVRXRQEXRQVDQR
VRWSXUVR£DQEV\Z
VD-D$ S OL IXF VR]QVVXURRXVMT VR£ RS RSWXRLVRV RUXDUXUSDUD
XQ H HXSMH[PED DRXHXURU XRQT XD DQE 
XSHP£Q!" DS
XVDU W"- ?
" -2---8 DL£VQSX D
£HXRSHXXD£ZSD! RSHVH H O"
£DX DUGXUQVVRHXD-3XD8-SD!DSHVDLH£
呸O È OO
DQXRDQEVD
GGHOOOā4FSVRUHSVR XD2?-O"-OO66O`WQ2
@
āHTDUXGH RX
RxUHTXUDX£V
DQEX£
VRQR
/Oā呸ORSRXRG,XRDXFSXHXU DVFLXDSURG
> HS
=呸-OOOOO$XZOO
£M 
 Ƒ
(/(&8$'25(1(/(63$ 2$1',12 ,'($ 352&(62<O,723Ë$

&XDGUR1R
&UHFLPLHQWR'HPRJUiILFR&$<$0%( 

$Ot2 85%$1$ 7$6$ 585$/ 7$6$

  

    

    

)8(17(6 &HQVRV GH    ,1(&

/RV GDWRV VRQPX\VRVWHQLGRV HQ&D\DPEHOD]RQDUXUDO

FUHFHDXQDWDVDPD\RUTXHODWDVDXUEDQD ORTXHVXSRQHTXH
HO Q~FOHR LQGLR FUHFH D PD\RU WDVD TXH HO EODQFRPHVWL]R
WHQGHQFLD TXH UHYLHUWH HO SURFHVR TXH KDVWD  KDEtDPRV
YLVWR(OORQRVOOHYDDSRVWXODUTXHHQHVWDiUHDGHOSURFHVRGH
PHVWL]DFLyQVHGHWXYRHQ LQLFLiQGRVHXQDUHYLWDOL]DFLyQ
PX\ILUPHHQPHGLRGHODFRQVROLGDFLyQGHVXSUR\HFWR&XHV
WLyQTXHVHUDWLILFDFRQHOFUHFLPLHQWRGHFRPXQDVHQHVD]RQD
GHFRPXQDVHQSDVDDHQ 
(Q2WDYDORHO SURFHVRGHFRQVWLWXFLyQGHO Q~FOHRpWQLFR
HV GLVWLQWRDO GH&D\DPEH ORVRWDYDOHxRVEXVFDQ FDSWDU WDP
ELpQ OD ]RQD XUEDQD DSR\DGRV HQ XQD HVWUDWHJLD DUWHVDQDO \
FRPHUFLDOPX\DJUHVLYD(QODSREODFLyQTXLFKXDKDEODQ
WH GH 2WDYDOR HUD HO  SRU FLHQWR GH OD SREODFLyQ WRWDO
,1(&  6LQHPEDUJR GH VHUODSREODFLyQPD\RULWDULD
HQ OD ]RQD XUEDQD VyOR FRQVWLWXtD HO  SRU FLHQWR GH OD
EODQFRPHVWL]D/RVLQGLRVKDEtDQHVFRJLGRFRPRVXYHUGDGHUD
]RQDpWQLFDDODQLOORFLUFXQGDQWHGH2WDYDOR iUHDGHQRPLQDGD
VXEXUEDQDRSHULIpULFDHQGRQGHFRQVWLWXtDQHO SRUFLHQWR
GHODSREODFLyQ(OQ~PHURGHLQGtJHQDVGHVFHQGtDXQSRFRHQ


 O
HTUQRQXFR>DSHXURUHO
DSHSD$
623XRV2-W"$W"O4RSSDSQS
O"- RS VVLXDLWTDT DS RLXDS -2G 2WS DQE XHHJDV
RWSHXU QV
RSVDURSDRRXRRÈQZ62,@!IW"$W"O2623,, GHSH]THDU
,912-
W"- XDRVPR XDXSH呸QVD$D HRQGRSH]TDDU Q!SXQ
HXHTPDXR]H£ XD286
>HUUX HX呸 SXDž33:
UDV DSRQG FX RJDH$H RVRRRUG D
R-DG
RSPXQXVWS VMUTHT
D8,-8 QVHPQXR]HIXD£VXH"-£TQDVVRUSWUWVR£6āHX%TP
HXR]H VSL DQEURXDXUVDMHUUXHXR]H£RSFLXDQXSDUR
1,
=LI
9/O
26L DS RWXHR V-1tO,
ā
 FFā‡F VRH V]HÂH] =
 ]FHRH /HÂ] WOIOL WOO
V]VāH HRYÂ]L 6
92,+呸+G
6+tO+ $912-192
?I6?I 69OtO22++9G  969- 9+%92 2L
M9
O6O2OOOO
O? āRXLRZDD -8:-
&212-SHQ
āR!£-O`-JRZDSRQUDUXQRDURDDUW- XQG$呸 H£V D£XDZL£T
VLRXRSSDUR W"OO %SD-SDG%I È HXRXH W"-D!DTW"! %, XRVRWSXL
RS DIH£XDXRG S RQE HUDXPQ RS
HXHTPTQV DWUR] HS(:(,,
(- ( FSXHURGURFXW 23 (T 2-($W"O4 RS (D-呸 £DS RLXDQXSDUR
S X呸TZH RUDG
W"$6D-呸2-G (-D8(: DS VRSRxRX RSDSQVXW
D VHVHR RSXPESH XHT
2-O"$W"O4RSHXHTPHXR](- DS£
DXDRXDXDLRSXHXHxž3XHT623žV
26,RS6"QGVDD
āXSVTRGQVRS RLXVS-2G]ā]¢
£D HMUXXVXRR
R-W"TZD XUV
RQE VW"£ XR
VD(-Q- VHPERUUHG VW"£
 (/(&8$'25(1(/(63$&,2$1',12 ,'($ 352&(62< 8723Ë$

QRVL UHFRUGDPRV TXHSDUD DSHQDV FRQVWLWXtDQHO  SRU

FLHQWR
3RUVXSDUWHODSURYLQFLDGH&RWRSD[L TXHHVXQDEXHQD
PXHVWUDGHOD6LHUUD&HQWUDOSUHVHQWDXQDVLWXDFLyQGLIHUHQWH
DOD6LHUUD1RUWH ORVLQGLRVVRQPHQRV SUyVSHURV D~QDVt VXV
WDVDVGHFUHFLPLHQWRHQHO~OWLPRSHUtRGRQRHVWiQPX\GLVWDQ
WHV GHO FUHFLPLHQWREODQFRPHVWL]R FXHVWLyQ TXH HQJHQHUDO
QRVLQIRUPDGHXQDQRWDEOHUHFXSHUDFLyQ

3DUDDQDOL]DUORVGDWRVGHO FDVR&RWRSD[LKHPRVGLYLGLGR
ODSURYLQFLDHQGRVVHFWRUHVGHDFXHUGRDOFHQVRGHHQXQ
ODGRKHPRVVHOHFFLRQDGRODViUHDVVXEXUEDQDV\UXUDOHVGHORV
FDQWRQHV 3XMLOt \ 6DTXLVLOt HQ ODV TXH OD PD\RU SDUWH GH OD
SREODFLyQHVTXLFKXDKDEODQWHSRUFLHQWR GHRWURODGR
KHPRVWRUQDGRORVFDQWRQHVGH/DWDFXQJD\3DQJXDHQORVTXH
ODSREODFLyQEODQFRPHVWL]DHV PD\RULWDULD SRUFLHQWR
3DUDHVWH DQiOLVLV KHPRV GHMDGRD XQODGRHO FDQWyQ 6DTXLVLOt
TXHSUHVHQWDXQDVLWXDFLyQGHYLUWXDOHPSDWHVHUHJLVWUDHO
SRUFLHQWRGHEODQFRPHVWL]RV\HO SRUFLHQWRGHTXLFKXD
KDEODQWHVFXHVWLyQTXHGLILFXOWDHO DQiOLVLV
(OHMHUFLFLRFRQVLVWHHQVHJXLUHOFUHFLPLHQWRGHPRJUiILFR
HQWUH \ GHFDGDXQRGHORVGRVQ~FOHRV HO LQGLR\HO
EODQFRPHVWL]RFXHVWLyQTXHQRVSHUPLWHLQIHULUFXiO GHHOORV
KDJDQDGRPD\RUSHVRHQHVWHSHUtRGR9HU&XDGUR1R
/DV WDVDV GHFUHFLPLHQWRGHORVEODQFRPHVWL]RV VRQ D~Q
VXSHULRUHVHPSHURFRPSDUDGDVFRQODWDVDGHFUHFLPLHQWRGH
 HQ OD TXH ORV EODQFRPHVWL]RV FUHFtDQ DO  SRU
FLHQWR\ ORV LQGLRV DO  SRU FLHQWRVH UHJLVWUDXQD QRWDEOH
GLIHUHQFLD
/RVLQGLFDGRUHVTXHKDVWDDTXtKHPRVUHXQLGR ODUHFXSH
UDFLyQ\FRQVROLGDFLyQGHORVWHUULWRULRVpWQLFRVHOFUHFLPLHQWR
GHOQ~PHURGHFRPXQDVODFRQVROLGDFLyQGHODLGHQWLGDGLQGLD
\ODSpUGLGDGHIXHU]DGHO(VWDGR1DFLRQDO SDUDGHVLQGLDQL]DU


 
呸
H
P
]
呸 X ]
P 1 R
      R
Q

‡
‡
R
‡
呸
]
‡ R
!H
BU
!P
RR
H 

I ]
 


ā 
 




2! ]
! R
呸 呸 ££
! R 呸
 
 呸
] 
 
 Q
P 呸 L
Q 
P
H
 呸
呸
   R
R R
呸
 R

呸
H
R

J£ B HQ
‡]

  
 
]
2‡
] R
H
ž
R 

U 
P
R
H  X
]
‡
!R
"
U
1  R
  1

 
 

R 2!

 PH
LO OO 2 

H
P‡
L
HQ
 R

H
£
(
X
 ā


 LOO 



 (/(&8$'25(1(/)63$22$1',12 ,'($352&(62<O-I23Ë$

\ KRPRJHQHL]DUD ODVRFLHGDG QRV PXHVWUDQTXHHO SUR\HFWR

LQGLR SDVD GHXQDUHVLVWHQFLDEDVDGDHQODFRPXQDOL]DFLyQD
XQDRIHQVLYDGHQXHYRWLSR
(VWDRIHQVLYDFRQVWLWX\HXQYHUGDGHURSUR\HFWRpWQLFRTXH
WLHQHODV VLJXLHQWHV FDUDFWHUtVWLFDV DHVXQSUR\HFWRSUiFWLFR
QRHVFULWR FRPR OR KDQVLGR HQJHQHUDO WRGRVORVSUR\HFWRV
SRSXODUHV 6X SURJUDPD QRHVWiHVFULWR HQLGHDULRV VLQR VRQ
PRYLPLHQWRV VXEWHUUiQHRV D YHFHV VLOHQFLRVRV SURIXQGRV \
VRVWHQLGRV TXH GHVDUUROODODVRFLHGDGE HV XQSUR\HFWRTXH
UHFXSHUD OD PHPRULD ODUJD SURGXFH DGDSWDFLRQHV \ QXHYDV
LQLFLDWLYDV SDUDHQIUHQWDUHOSUHVHQWH /D UHFXSHUDFLyQGHORV
WHUULWRULRVpWQLFRV\ODFRPXQDOL]DFLyQQRSXHGHQVHUHQWHQGL
GRVVLQRORVH[DPLQDPRVDODOX]GHODODUJDH[SHULHQFLDGHORV
VHxRUtRV DQGLQRV SHUR WDPSRFR HOOD IXHUD SRVLEOH VLQR VH
SODQWHDUDHQHOSURFHVRGHPRGHUQL]DFLyQDJUDULDTXHUHSODQ
WHDOD UHODFLyQ HQWUH ODVRFLHGDG LQGLD\ HO (VWDGR HQWUH ORV
LQGLRV \ ODV KDFLHQGDV ORV SXHEORV \ ORV PHUFDGRV F HV XQ
SUR\HFWRTXHQDFHGHODHQWUDxDGHODVRFLHGDGHVXQUHVXOWDGR
GH ODDFXPXODFLyQKLVWyULFDGHVXVH[SHULHQFLDV DGTXLULHQGR
IRUPDV UHJLRQDOHVGLYHUVDV3RUHOORHVXQSUR\HFWRSOXUDOTXH
PXHVWUDGLYHUVRVJUDGRVGHFRQGHQVDFLyQ GHORJURV\FRQIOLF
WRVGHVXQSUR\HFWRVRFLHWDO TXHVHH[SUHVD\ FRQVWUX\HHQOD
FRWLGtDQHLGDG HVXQDSUiFWLFDWRWDOL]DGRUDTXHHQYXHOYHWRGRV
ORV WHUUHQRV GH OD HFRQRPtD OD FXOWXUD HO FRQIOLFWR OD YLGD
PLVPD GHDKtVXIXHU]D VXULWPR\ GLIHUHQFLD

/RV SURFHVRV GH5HIRUPD$JUDULD\PRGHUQL]DFLyQSUR

GXMHURQ UHVXOWDGRV GLYHUVRVHQ ODV UHJLRQHV pWQLFDV $OJXQRV
JUXSRV pWQLFRV FRPRORVRWDYDOHxRV FD\DPEHV VDODVDFDV VD
UDJXURV ORV DPD]yQLFRV HWFVH FRQVROLGDURQQRWDEOHPHQWH
RWURV XELFDGRV HQ HFRORJtDV GLItFLOHV \ HQ HFRVLVWHPDV PX\
GHJUDGDGRVKDQWHQGLGRDXQDJXGRSURFHVRGHSDXSHUL]DFLyQ
PLJUDFLyQ\ DFXOWXUDFLyQ+D\XQDQRWDEOHUHODFLyQHQWUHSURV
SHULGDG\SUR\HFWRpWQLFRDXQTXHHQSHTXHxDV]RQDV ODSURV
SHULGDG VHDSDUHMDFRQODDFXOWXUDFLyQ\ODSDXSHUL]DFLyQFRQ


 =
āQ2

,912--Q-1//
3
RSOO
=XLLRR !RGZ£VP1‡-RSHQ 呸SVX呸I-S8- 呸3W"3
O呸(16,
@,,912! 7呸
O`-HSDQE RVD-J82- D XD &=-8HIR DQE
PSHPJ >S VHX
R£SX£VRSHS££HXRSH1VH£ ‡3XSHX£S-RRL ‡3RIRVXRL ‡RR
DPGD£HXRSHXW‡$OO9āS£T-£HXR£LRUHXQIRSHLRRSX呸‡6
RSVDXRSWXDSD RRXSVRZ78OV—£D XSW"LSVD$8 DXUVUXU H XD

PVRRH£ā£ āR1R[RX\-2$VR£HXR£LR- VDQI RSHL-22-2-

DS ¢£
RSHLRRSXQxRV ‡3 VRXR£RHLRSR£ ]J --6-R-
 ‡3
DUTFUDWRWSXRHSH]QHD URH呸QVD$8DQVDQX
%--DIV%, X
ā<,1,12-HXHXR£HQRH£XR]
HXUYH£ DSVHXR£SX- VRSHSQHXR£RH1 ‡3X£RHL‡S‡-82- H£ VR
£HXR£R-XSH]OOH-2 OO
@
6G,9RXHSR£HQR-HQTVRMTHQG
,‡3XR£SXRGRSXX£RH£RRVYH£ I
UQQTVVR-£XRL ‡3 XRSDUHS
‡£H£
GOG2H]H£VHG£RSVHXR£SX£VRMTHQG‡3 XSH]OOLR
H
LYSHS£HXRSH1H DSXSH]XHHU
RHQ+ SHSXDXRURDX
 ‡3 XS5=OOL-RH£
VHIRR‡VVHXR£V62--82‡3 X£RH£RRVY
H£
YLURR£-H呸YHXQZRLXPHUH£
?!
1IO-HXH£-HQR
‡OOR]HZYH£ ‡3 62$-O‡1 ‡3 OOOOIO VHXQZRL ‡3 X£RHRSR
H£
1-RGH1£RSVHXR£SX-VRXR£RH]£XHR‡3XSHRSR
" XRVVDUH-2, VH£ ā£HXRJD-HXQÈ呸I%-2- VDXRSW"SD- XD-D
HGH%-82=W":?IW"£ XD
呸XDSD!DG8I6 2$SH]X"L RVRRRUGXQ
RSDPDQRHS‡LV,<122HUDSXSHQTQG呸QXLSXHXQāVDHX
RFHX È 6-OI2呸ID-6$-%=8"M-2 6O"882- RS HSXD呸-: O"I O
UXXHGVHRUX"6OXR呸DVH DS\QHV\Z&38 SHSXXRSW

O
āVDPRSPVRX
:OUUD%ZDTRGDDVRSXLDX">G
H]QVDPFRXDMT SHSDSRV
"^ " VDXDG-3 DXDZ"DX呸RZRT XDRRXRRDU DV VDS%S6-G$-3
VQV XRFQE
6238 VR£ RS XRS"=IO"42,呸 XSRX DXQHSRLXDQQ
IQV S,O:GGSQDSRV 2O8G,'3282!G-2O2& DVJ
62O8:
VRXRLXUDL VR£ DS L VHXQPRR 6W"I RS LQH VHXU
"3ž SHSHS
RV W"I HS RLQDPUSRXRRDURPD XQ -WOODGRVRRRUG D
VRXRS
HUXUVDSSWS6-G$3 W", " RLXQt2-GG
2-,8O! 2OOOG:3I%O-2- S
+O8$X:OU
£IHR
 (/(&8$'25(1(/(63$&,2$1',12 ,'($ 352&(62< 8723Ë$

OXJDUD ODIRUPDFLyQGHOD&RQIHGHUDFLyQ GH 1DFLRQDOLGDGHV

,QGtJHQDVGHO(FXDGRU&21$,(
$ OD SDU GH HVWH SURFHVR RUJDQL]DWLYR ORFDO UHJLRQDO \
QDFLRQDO DSDUHFLy XQD GLULJHQFLD \ XQD LQWHOHFWXDOLGDG TXH
SODQWHDHOSUREOHPDLQGLRHQWpUPLQRVQDFLRQDOHV$SDUHFHSRU
SULPHUD YH] HQ OD KLVWRULD GHO (FXDGRU XQ SODQWHDPLHQWR
QDFLRQDO LQGLRSDUDVHUGHEDWLGRSRUWRGDODVRFLHGDGHFXDWR
ULDQD 1RV SODQWHDQFUHDUXQ(VWDGRSOXULQDFLRQDO GHPRFUiWL
FR \MXVWR TXHVXEYLHUWDHORUGHQFDSLWDOLVWD\ JHQRFLGD SDUD
LQVWDXUDUXQDVRFLHGDGKXPDQDLQVSLUDGDHQODVPHMRUHVWUDGL
FLRQHV GH QXHVWUDV GLYHUVDV QDFLRQDOLGDGHV GHVPRQWDQGR DO
DFWXDO(VWDGR1DFLRQDOJHQRFLGD\ H[FOX\HQWH

(VWHQXHYRSODQWHDPLHQWR RULJLQDGRHQODGLULJHQFLD\ OD

LQWHOHFWXDOLGDG LQGtJHQD FRQVWLWX\H VLQGXGD XQD DFXPXOD
FLyQSROOWLFDGLIHUHQWHDODDFXPXODFLyQORJUDGDHQORVHVSDFLRV
UHJLRQDOHVSRUORVLQGLRVGHOFRP~QTXHPiVELHQKDQILQFDGR
VXUHVLVWHQFLDHQPDQWHQHU\UHSURGXFLUXQDVRFLHGDGVLQ(VWD
GR\FRQWUDHO(VWDGR8QDJUDQLQWHUURJDQWHTXHVHDEUHSRQH
ODPLUDHQODYLDELOLGDGRLQYLDELOLGDGGHXQHQFXHQWURGHHVWDV
GRVWUDGLFLRQHVSROtWLFDV
(O SUR\HFWRGH FRQVWUXFFLyQGH XQ(VWDGRSOXULQDFtRQDO
SURSRQHDHOUHFRQRFLPLHQWRGHORVLQGLRVFRPRSRGHU FRPR
XQDVRFLHGDG FLYLO FRPRQDFLRQDOLGDGHVFRQLJXDOHVGHUHFKRV
TXH OD QDFLRQDOLGDG HFXDWRULDQD EODQFRPHVWL]D E TXH VH
FRQVWLWX\D HIHFWLYDPHQWH XQ (VWDGR SOXUtQDFLRQDO TXH UHFR
QR]FD OD VREHUDQtD OD DXWRGHWHUPLQDFLyQ HO WHUULWRULR \ OD
UHSUHVHQWDFLyQHQHOVLVWHPDSROtWLFRGHODVRFLHGDGFLYLOLQGLD
F TXHVHWUDQVIRUPHQODVEDVHVFXOWXUDOHV HLGHROyJLFDV GHOD
VRFLHGDGQDFLRQDOEODQFRPHVWL]DSDUD DGPLWLUFRPRYDORUOD

 3DUD XQ DQiOLVLVPiVGHWHQLGRGHHVWHSODQWHDPLHQWRHQ OD &R\XQWXUDYHUPLWUDEDMR

,QGLRV&ULVLV\3UR\HFWR3RSXODU$OWHUQDWLYR‡ &$$3 4XLWR


 W

RXWSXH
RSHGVDQVH RQEVFLXD
WXD-HHSHTVRXHXRUHQRD VRU H UUQIQG
PFRUXVTHUHTTRDX£DSVXD$62
@ āHSG2-G VDRXUXPXQURR
HL āV呸.-O"- VQV H VHSMFGVD RS K HVSH DXDZ-8DW- Q]QVDXU
RRXHMT SHSLSRV HUP 82- XRWRDRUXQPRD DS VDSHSPT62G VXU
UDURMDXUDUDGVRXHXRLHQRVVR£ RSXRSH]QQSXHDUDXQXQVSDUG
VRUSXWVRMTFQGVHU£āDXDZD£THRXRSSDPRVRPW DVRXWSXD 

RSDVDG£D XR SRXRRD DVRQE

RXUSXH  XFVRXDXU FRRXRRDU
DV
2,33 VRXUDT RXURR
KRT RSDXHXRLHQRD SDSDSRV HL
HXHRDUGRXUDQ[DXD8!O"2O6
DXQ XD HXLW
%
O O"--<:9 H RSXHMDS
HSD-SDG H£ RS VRQXRR
VRU H V\Z HPHV£S
D£XDSSRR X XSQ$D W"£VDURG HSHQG
XUH.!IRX-GO HT!DTDXLVXXHVD
DGZāVHSDZVDVDSVH£
VSVRRUGRLQVDUXR]XRTVR£XRH£VHT I &2--,2G&28-,3H£ FS
VRXHQVVRUXDUHSXDRG£DSXQH XDQVRPX
RSURXURR D-TOS
I £HL‡*2‡XHLVDQGRUGH£
RXHRSRZH‡3‡DSRSRZ£R
£H£XRS
£RHSHLRZDSHU
£HQS$3žO"$OO"3O"
H£RXDOXSQ
R[DU H
RSH]OO"OO?D- DT DVO"O6IIO"OGO"-DXDSS-R RSPVRQGRUG
H£
RUQTZR86āVR£T‡‡RXUVR£T‡‡VHXRSVMTRGR£XRVHTRDLT
VH XDLXVXPH DQE
R-DX呸 RS
VDHXRD
V2-8O呸
VDUVWVVS
62O-,-82 V XHT-D!H[DDV66--O"6DXDRQE
HSXQMRUG  £H-7LO
RUXLVD663-HXQVRXUHVD[DQHRQERLLDSVāVR01ZH VRXRL
RMSDQXRR VRXLVH+āHIDGZR-QZD-DLHGHLVVQGVDUO"-
¢XSO"8
O", DXH DV
HXHSR"URD SDSRSRV H H DF!ZHPOP RSXQXU
838 SHSHSRV H£ FQE DUDG VHXRSUSXRR VW"$DQX SHSQHQSH H
XD RSXH6DO?HH VRXQQVD 6
DOXDZH£$TR VD HXQDGD£XD£0£V
HL āSHS£VD$£SH RSRQXRQRXDRS RSO"GVDXQ UDDUR XDLUXXDG
DQE HX£SXH ]MDU H XF VDXQXURR VRQPG RSXHRVQT
SHSWVUDTS
HU RS RLRGVRU S XR £HTR SHSSXDS£ HXQ RWUUV
RXUVQDLRPV
XQ QU XSH]£DXDRZRT HXQ 8 UHRVQT
VRRXRLXD DMUQUXXDG
FQEXRXVDQR
XPURGVR]XVVXUVRMDQEDXMSXH]MQHXUH£WUDXS
HRJSXDSS RSR]UDQMVRXQHO"TDVRQE
XXVHXU SHS£VD$£S
2呸OO@O$ FFFRX2>O-
 (/(&8$'25(W
? (/(63$&,2$1',12 ,'($ 352&(62< O-I23Ë$

7HQHPRV TXH SURIXQGL]DU VLQ GXGD OD FRPSUHQVLyQ GH

HVWDFRQWUDGLFWRULDVLWXDFLyQHQFRQWUDUORVVLWLRVHQORVTXHVH
DQXGDQ\URPSHQHVWRVVLJQRVGLVSDUHV7DO HO GHVDItR GHKR\
SHUR QR HO ~QLFR 3DUD HO PXQGR LQGLR HQ HVWD FR\XQWXUD
DSDUHFHQ FODUDPHQWHWUHVUHWRV

8QR /D QHFHVLGDGGHTXHORV LQGLRV GHVDUUROOHQXQ SUR

\HFWRJOREDOQRVyORSDUDVt VLQRSDUDHOFRQMXQWRGHODVRFLH
GDG HFXDWRULDQD TXH UHFRMD WRGRV ORV SUREOHPDV DFWXDOHV
FR\XQWXUDOHV\VHFXODUHVGHODQDFLyQHFXDWRULDQDSDUDJDQDUOD
LQLFLDWLYDIUHQWHDODVRFLHGDG<HVHSRWHQFLDO H[LVWH WDOFRPR
ORKHPRV LQWHQWDGRERUURQHDUHQHVWDV OtQHDV VL VHSRWHQFLD\
FRQWHPSRUL]DODODUJDH[SHULHQFLDGHDGDSWDFLyQDQGLQDDHVWRV
WHUULWRULRV

'RV 4XL]iVHO SRWHQFLDOPD\RUGHORVLQGLRV UHVLGHHQVX

SURSXHVWDFLYLOL]DWRULDHQHVHFRPXQDOSULYDGRHQHVHPRGR
\HVWLORGHYLGDVHQFLOORHQODSRWHQFLDFLyQGHODRUJDQL]DFLyQ
FRPXQLWDULD PiV TXH HQOD WHFQRORJtD (VD SURSXHVWDSRGUtD
FRQWHQHUORV HOHPHQWRV GH XQDUDGLFDO FUtWLFDD RFFLGHQWH DO
RFFLGHQWH LQGLYLGXDOLVWD\ D ODVSURSRVLFLRQHV HVWDWL]DQWHV GH
ORVVRFLDOLVPRVUHDOHVKR\HQFULVLV

7UHV &XULRVDPHQWH HO WHUFHUUHWR HV JDQDU D OD SURSLD

VRFLHGDGLQGLD\DHVHFRQWLQXXPLQGHILQLEOHGHORPHVWL]R(OOR
QR VyOR HYRFD OD OXFKD SRUJDUDQWL]DU OD VXSHUYLYHQFLD VLQR
WDPELpQ SRU GHVDUUROODU XQD FXOWXUD SROtWLFD TXH DPSOtH HO
KRUL]RQWHLQGLRGHODFRPXQLGDGDODHWQLD DODQDFLyQ\ DOD
VRFLHGDGJOREDO

(QFRPELQDU\MHUDUTXL]DU VHJ~QODFR\XQWXUD HVWRV WUHV

SODQWHDV SROtWLFRV UHVLGH HQ PL MXLFLR ODKDELOLGDG GHO PRYL
PLHQWRLQGLR\SRUVXSXHVWRVLHQGRXQSODQWHRSDUDODVRFLHGDG
JOREDO LQYROXFUDDWRGRVDTXHOORV TXHQRVLHQGR LQGLRV FRQVL
GHUHQUD]RQDEOHPHQWHYLDEOHHVWDSURSXHVWD


 
84-DSHRDSVHXD-S
QR HW£28G X VDSHS-XQZDRDS XXQ ā!RQ &
RHRHDS
RHRH£RR HPTHTZ£ HXVDGZH HXD-SX XSH-DSD呸 OH
RHMHSR£THGXHVDSVHXD-SX
RUH$H2 DPTHTXT VDSHSXQZDR DS XXQ āG6,2tO
XYZQ DSHXR] 
R£HWHO4 DPTHTXQ H DS VHXD£SX£ VDXRRH]XH-R
VHDQYL DSHXR]
ž

R£HUH2 DPTHTXT H DS VHXD-SX VDXRRH]XH-R 
-QEQRXQRDSHXR]
R£H$%O2 DPTHTWX£ H DS VHXDW6£SX VDXR !H]XH-4 
2L%$
?H-4 HPTHTZ- āHLRHSVHXH-SXVHXR£RH]XH-R /
HVRRYRXH\H呸 HS VHXD-S
%,622?I āY HPTHTZ X VHSHSXPXRRHSXXQ?W
YLO!tO 
H]XZ
DGV I HQHXYHS VHXH£S
--HT£ HPTHTZ ‡8VHSH3XQZRDSXXQ
?IO2tO J
DWX
R
XRXYHSHX
QEH8tOO
OI HPTHTZ DXRXVDGZHR XXQ

IY
OOtO !
RIDGVRWXDQDSVHXD-S
RUH$H DPTHTWX£ XVHSHSMXUXXFRDSXXQāQ 
DH-H呸 XHVHS
R£H$HO4 HPTHTZ£ VHXHIL£SX 63%38tO:2HS848tO L
=-,-IO6 ]HL]
XRDSVHXHIL£SX RXUVHGXHDVDX
2-%$%£4 DPTHTXT RSH]XHIRDSXXQāV1tO
H--DVH DSRSHLRRSXQ%DVDS VDXR呸H-DSD-
221Q6612,IOI, ā
āRSHQ!DXDHXD£SX X!H]£XHRH
ā āR1 R[DXY
2=8OO
O"$ 848OOO`I 2-OO
&
 (/(&8$'25(1(/(63$&,2$1',12,'H$ 352&(62< O,723I$

 812,1& 8QLyQ GH 2UJDQL]DGR 3LFKLQFKD &D\DPEH

QHV,QGtJHQDV
 8&,& 8QLyQ GH 2UJDQL]DFLRQHV 3LFKLQFKD &D\DPEH
,QGtJHQDVGH&DQJDKXD
 2UJDQL]DFLRQHV ,QGtJHQDV 'ROR 3LFKLQFKD &D\DPEH
UHV&DFXDQJR
 -20258-7$-XDQ 0RQWDOYR 5X 3LFKLQFKD &D\DPEH
QDFXQD-DWXQ7DQGDQDFXL
 8QLyQGH&RPXQLGDGHV,QGtJHQDV 3LFKLQFKD 3 0RQFD\R
GH7XSLJDFKt
 812&,&8QLyQ GH &RPXQLGDGHV 3LFKLQFKD &D\DPEH
FDPSHVLQDV H ,QGtJHQDV GH &D
\DPEH
 812&,= 8QLyQ GH 2UJDQL]DFLR &RWRSD[O 3XMLLO
QHV &DPSHVLQDV H LQGtJHQDV GH
=XPEDKXD
 &DELOGR PD\RUGHOD3URYLQFLD &RWRSD[L
 -DWXQ$\OOX &RWRSD[O
 812&$7 8QLyQ GH 2UJDQO]DFOR &RWRSD[L 3XMLO
QHV\&DELOGRVGHOLJXD
 812&$1& 8QLyQ GH 2UJDQL]D &RWRSD[L
FORQHV &DPSHVLQDV GHO 1RUWH GH
&RWRSD[L
 -DWDULVKXQ &RWRSD[O 6DTXLVLOI
 -DWXQ&DELOGR &RWRSD[O 3XMLOt
 &0& &DELOGR 0D\RU GH &XVX &RWRSD[L 6DOFHGR
EDPED
 812&$0 8QLyQGH2UJDQL]DFLR &RWRSD[L 6DOFHGR
QHV&DPSHVLQDVGH0XODOy
 &DVD&DPSHVLQDGH6DOFHGR &RWRSD[O 6DOFHGR
 8QLyQ GH FDELOGRV GHOD ]RQD GHO &RWRSD[L
&DQDO
 8&,&/$ 8QLyQ GH &RPXQLGDGHV &RWRSD[L
,QGtJHQDV\FDPSHVLQDGH /D OD
JXQD


 
VFFHQxDXRT
--, È VRHSHXHx H£RR--?IXRHLRRVY LV
-H$-- RRÈHQ
!LHQ-22-YXRHLRRVY RV
--, RVQTQEXHW&.!--9XFSHLRRVY Y
-%-?-,2%VHSUXHXQZRR %Y
-%L?-O8W /Y
DLXHSSRR
-O-? -21 DS VDSHSXQXURF DS XXQ J£
HSXHHQ -O?-, RIQXHQHXR]RVD-R-GO XXQ 6W
2-%,8GDS6yM£83/-
R
 XHV
2-(,8G HQDPXQ HXR] VHXDSX VDXRSH]XH-4 
82£I1 HS
HQXDPXQM HXR] VHXD£SX VDXRSH]£XHIR HY
-呸,2%84:,6 HS%82=
HQHPXQ H, HS VHXD-SXO VHXR,RH],XH
RSXHZD呸 XHVDSHXR]HUDS
HPHPXQ VHXHSX,VDSHSXQZRDSX,XQ OW
呸ā
呸RXGHVQRHSHXR]H£ HS
HQHPXQ VHXHMSX£VDSH3^XQZRRDS848tO 2Y
RDQT£ DSHXR]H£ HS
HP£HPXQ VHXDSX VDSH3IXQZ呸HSX,XQ H
HVRLM HLXHV HSHXR]H DS
HQWXQXQ VHXD£SX VDSHS£XQZR`HSXXQ HH
HQHQXQ H!HVH£HVHSHXDOSX,XUXQāV1tO /H
H\QIHG£HTV
HP£HPXQ VHSHS£XQZR HS XXQ āG22tO (
HQH-
QXQDS HXRX VDXUVHGXUHF VDX
HQHPXQ RSH]£XH XXQ O19!21tO VH
UR-DXH+XYHSVHSHS
UQQG SFHGRZ- QPXVRR DSHXXD XSH]XH-4 YH
HQVHGXUHR
[HGRO2 HVXHMS DS UDXXVR XRH]£X%-4 FH
HIH%XHQDSVHX£SX VDXRS
UQQG SFHGR H]XHI4 DS 848tO OtO+9I-OU-tO呸 ]H
2=ª$8O8O"
0 RUHQ
 (/(&8$'25(1 (/(63$&,2$1',12 ,'($ 352&(62< 8723Ë$

 $VRFLDFLyQ4XLELOOHQJR %ROtYDU

 $VRFLDFLyQ&DFKLJDKXD %ROtYDU
 $VRFLDFLyQGH2VRORPD %ROtYDU
 )(2$&+ )HGHUDFLyQGH 2UJDQL &KLPERUD]R
]DFLRQHVGH$FKXSDOODV
 )HGHUDFLyQ ,QFD$WDKXDOSD &KLPERUD]R
 8&,3 8QLyQGHFRPXQLGDGHVLQGt &KLPERUD]R
JHQDVGH3DOPLUD
 8&,&* 8QLyQ GH &RPXQLGDGHV &KLPERUD]R *XDPRWH
GHO FDQWyQ*XDPRWH
 $6$&2/ $VRFLDFLyQ GH $UWH \ &KLPERUD]R
&XOWXUDGH&ROXPEH
 82&$&, 8QLyQGH &RPXQLGDGHV &KOPERUD]R
,QGtJHQDVGH&LFDOSD
 $2&$&+ $VRFLDFLyQGH 2UJDQL &KLPERUD]R
]DFLRQHVFDPSHVLQDVGH&KLPER
UD]D
 8QLyQ GH &RPXQLGDGHV GH -XDQ &KOPERUD]R
9HODVFR
 8QLyQGH&RPXQLGDGHVGH6DQWLD &KLPERUD]R
JRGH4XLWR
 8&$6$- 8QLyQGH&RPXQLGDGHV &KLPERUD]R
FDPSHVLQDVGH6DQ-XDQ
 8QLyQGH&RPXQLGDGHVGH&DOSL &KLPERUD]R
 8&,) 8QLyQ GH&RPXQLGDGHVGH &KLPERUD]R
)ORUHV
 8QLyQGH&RPXQLGDGHVGH3XQIQ &KLPERUD]R
 8QLyQ GH &RPXQLGDGHV GH 6DQ &KLPERUD]R
/XLV
 )(&$/ )HGHUDFLyQ GH &DELOGRV &KLPERUD]R
GH/LFWR
 8QLyQ GH &RPXQLGDGHV GH 6DQ &KLPERUD]R
$QGUpV
 8QLyQGH &RPXQLGDGHVGH &HED &KLPERUD]R
GDV


 
HPTHTZ DSDXUVDGXUHD HX
DPTHTZ DSR 84SUXDSDāY/-
tOLM1,
H--DIV
RQYDQDDRDDL612OOOIOOFO ā
VH$HQ VH$HQ 3 VHXQZR! XSH-DSD J
(8O3G HQS\]XSHX-D4(O Y
VHSHLDZV UXDGXSZDSD‡D-¢ H
VHSUXDZV -RHXW!H-DSD L
VHS£HZV H0
WI 842%-3,
H-VR呸 H HSRS -RSXQ‡V‡3 VHXRH-HSD


ZRZH] W4:HQ2%$XD62-QH-6
OHIR VHXD£SX DS XSH£RRV
W
$
R
6O
9 LV
H£XDDSVHXD£SX VHS
RLQH-HV HIR ā%-W82:2 DS X£RHS26
OI
OW?,
 
VHRQ XHVHSVHXH%£SX£ VHSHSX
HIR QZRHSUXRSHX£SRR
VXRRR 
QHHVDS
QHHV HIR VHXHMSXVHXD$UHSXXQ
VWUQ /
H\H HS
-H\HR VHXD-SX VDSHS£XQZRHSXXQ /
HRQGHxX£ HS
-W<%- VHXD-SX VHSHS-XQZR HSXXQ //
HRVQVHS
-H\HR VHXDIL-3/,,VDSHI-XQZRDSXUXQ /
RTXUHMHS
-O"\H VHXDSX,VDSH3XQZ呸DSX,XQ /
ILHZ
R]ZRTZ£ QRDS VRSTH DS XSHDSD Y/
DTZQS DS6%O2--IKW
]H-4:2 VDXRSHSRV DSXLXQ āLY691tO &/
ÈH\DX-T
LWH]XHU
=O-4:2 R VHXD£SX VD-DIQ呸 DS XUXQ O/
2呸O"@"£? 84WXOI RUHUU
 (/(&8$'25(
, (/(63$&,2$1',12 ,'($ 352&(62< 8723Ë$

 ),&$3, )HGHUDFLyQ ,QGtJHQD OPEDEXUD

FDPSHVLQD 3URYLQFLDGHOPEDEX
UD

 823& 3LFKLQFKD$NFKDULPXL 3LFKLQFKD

 0,& 0RYLPLHQWROQGIJHQDGH&R &RWRSD[L

WRSD[L

 0,7 0RYLPLHQWR,QGtJHQDGH7XQ 7XQJXUDKXD

JXUDKXD

 )(&$%%581$5, %ROtYDU 5XQD %ROtYDU

FXQDSDF $OFFKDULPXL)HGHUDFLyQ
&DPSHVLQDGH%ROtYDU

 0,&+ 0RYLPLHQWR OQGIJHQD GH &KOPERUD]R

&KOPERUD]R

 )2,&+ )HGHUDFLyQ GH2UJDQL=D &KLPERUD]R

FLRQHV,QGtJHQDVGH&KLPERUD]R

 $O(&+ $VRFLDFLyQ GH ,QGtJHQDV &KLPERUD]R

(YDQJpOLFRVGHO&KLPERUD]R

 )(7$&+ )HGHUDFLyQ GH7UDEDMD &KOPERUD]R

GRUHV$JUIFRODVGH&KLPERUD]R

 83&&& 8QLyQ3URYLQFLDOGH&RD &DxDU

SHUDWLYDV\&RPXQDVGHO&DxDU

 81$6$< 8QLyQ &DPSHVLQD GHO $]XD\

$]XD\(FXDUXQDUOGHO$]XD\

 8&,$ 8QLyQ&DPSHVLQD ,QGtJHQD $]XD\

GHO$]XD\

 &,2,6 &RRUGLQDGRUD LQWHUSURYLQ ODMD

FLDO GH,QGtJHQDV6DUDJXURV

 )-,6 )HGHUDFLyQOQWHUSURYLQFLDOGH /DMD

LQGtJHQDV6DUDJXURV

 )(,1( )HGHUDFLyQ OQGIJHQD 1D 4XLWR

FLRQDO (YDQJpOLFD

 )(12&, )HGHUDFLyQ 1DFLRQDO 4XLWR

&DPSHVLQD,QGtJHQD


 (/(&8$'25(
, (/(63$&,2$1',12 ,'($ 352&(62< 8723Ë$

 ),&$3, )HGHUDFLyQ ,QGtJHQD OPEDEXUD

FDPSHVLQD 3URYLQFLDGHOPEDEX
UD

 823& 3LFKLQFKD$NFKDULPXL 3LFKLQFKD

 0,& 0RYLPLHQWROQGIJHQDGH&R &RWRSD[L

WRSD[L

 0,7 0RYLPLHQWR,QGtJHQDGH7XQ 7XQJXUDKXD

JXUDKXD

 )(&$%%581$5, %ROtYDU 5XQD %ROtYDU

FXQDSDF $OFFKDULPXL)HGHUDFLyQ
&DPSHVLQDGH%ROtYDU

 0,&+ 0RYLPLHQWR OQGIJHQD GH &KOPERUD]R

&KOPERUD]R

 )2,&+ )HGHUDFLyQ GH2UJDQL=D &KLPERUD]R

FLRQHV,QGtJHQDVGH&KLPERUD]R

 $O(&+ $VRFLDFLyQ GH ,QGtJHQDV &KLPERUD]R

(YDQJpOLFRVGHO&KLPERUD]R

 )(7$&+ )HGHUDFLyQ GH7UDEDMD &KOPERUD]R

GRUHV$JUIFRODVGH&KLPERUD]R

 83&&& 8QLyQ3URYLQFLDOGH&RD &DxDU

SHUDWLYDV\&RPXQDVGHO&DxDU

 81$6$< 8QLyQ &DPSHVLQD GHO $]XD\

$]XD\(FXDUXQDUOGHO$]XD\

 8&,$ 8QLyQ&DPSHVLQD ,QGtJHQD $]XD\

GHO$]XD\

 &,2,6 &RRUGLQDGRUD LQWHUSURYLQ ODMD

FLDO GH,QGtJHQDV6DUDJXURV

 )-,6 )HGHUDFLyQOQWHUSURYLQFLDOGH /DMD

LQGtJHQDV6DUDJXURV

 )(,1( )HGHUDFLyQ OQGIJHQD 1D 4XLWR

FLRQDO (YDQJpOLFD

 )(12&, )HGHUDFLyQ 1DFLRQDO 4XLWR

&DPSHVLQD,QGtJHQD


 /6O&9O72 928O9 $†&9,789È

,1752'8&&,21

(O 'U -XDQ)pOL[3URDxRHQVX DUWtFXOR /D )RUWDOH]DGH

&DFKDTXHKDEODEDVREUHOD~OWLPD
L\
ILQDOVXEOHYDFLyQLQGLD
ODGH 'DTXLOHPD GH  SRQH HQ ERFDGHHVWHOtGHUXQD
DUHQJDVXSXHVWDPHQWHSURQXQFLDGDMXQWR DO FDGDOVR PRPHQ
WRVDQWHVGHVXHMHFXFLyQ (QHOODDPRQHVWDDORVLQGLRVDTXH
MDPiV YROYLHUDQ D VXEOHYDUVH QL TXH WUDWDUDQ GH UHFREUDU VX
DQWLJXDVREHUDQtDSXHVODVXHUWHORVWHQtDSDUDVLHPSUHVRPH
WLGRVDORVEODQFRVHQ&RVWDOHV 6HPHMDQWHDUHQJD
TXH&RVWDOHVFRQVLGHUDXQD3URIHFtDWDQFLHUWDFRPRODOX]GHO
GtDLELGUHIOHMDPDVELHQHOH[SUHVRGHVHRGHORVEODQFRPHV
WL]RVSRUH[RUFL]DUODUHVLVWHQFLDLQGLDPDVTXHXQSURQXQFLD
PLHQWR GH 'DTXLOHPD &RQ WRGR WDO SURIHFtD VHJXUDPHQWH
LQYHQWDGD\ DXWRFUHtGDSRUORVPHVWL]RV GH<DUXTXtSDUDFRQ
WURODUDORV LQGLRVVHURPSLyHQPLOSHGD]RV HO  GHMXQLRGH
 6HURPSLyHQDJXDFHURDQGLQR 6RUSUHVLYR,QHVSHUDGR
ORVLQGLRVYROYLHURQDRUJDQL]DUXQOHYDQWDPLHQWRHVWDYH]\D
QRFRQILQDGRDORVHVWUHFKRVOtPLWHVGHXQFDQWyQRXQDSURYLQ
FLD IXH XQOHYDQWDPLHQWR QDFLRQDO /D SDODEUDHVFULWDGHORV
EODQFRVVHHTXLYRFyHQVXSURQyVWLFR


 W
āHQ£S!VDH H呸QXD--(3ž SPSP H
WUDVRMTXUHDVR£ <-P
DVXSHJHSX H£VDQ1 ¢RSDK2-G DS RDX
HUFGXUDLXRRMHQUDSURDRDIH呸XD SXDVRXUHVUD[XRRDUDG
MDX
RSVXÈHRUXW呸OOQZ8--2OWU!2$82- H
HPWSRVDH VRXHUXVQVXH
UUXPVDDUDGž3ž RSXQZ£D 23$$HTVRUTXUDR PE" VRSDXRS
XDXUVR£RSRLXQGUDXQUGDUQHTHSVRVQT
XS%!SPZR%O6
āH]SVDUXRPHLT SHSTHXRSDU H£ -2G RSQQRVWS UHV DS DUT£VRG

RXUHSRXU RSDÈG XQ H W"O6$ DS VRLXQG VQV RSXDSQSH

UHXDSSR H$S!DÈG SDSSHGDR " XHIDXHZ È RS%-I8,6% XVT

HQE S È £SQQVD VRXQXVGPRR HQE VDXR£JD- I VDXLJ

VFVDSVHUDDVH£ VVSRLHDHTDSXQVRXRSXHUXRGRUG
VRUSXW5HT
£VRXRQEDX
RIDGZR6-(GXQVHRSP£DRQEXDXD£$SH
VQER 呸,4$£DRHT HUHGUHXRSHXSQ-GRSRZRS RMQUXLVXRR
HU VRXRSXHHLXHMG
RSHOVJ DVDRS RXHG XDXD£VDVVRUSXM VR£
RQETXRSWVRGXQ‡ I XS£T£T-G‡
H£VQEXRR‡
R\H6XR‡
XRRXHRSHSRVVHMTHTDVVQE
VH£SVDVDLTHMHGVH£ HSRS\Z
6£XRHZRV£VRVRUQIRXHZHXRURMSXDUGHVRLSXVR HVRUTXUHR
VDSXH HQ! DXRGQV £HXRSHX È RLXRVD HPHG XQ
āRZVQHUXR-RDX È RXUVTHUXRMRR VS VVXQRMVHV-D$3 65-
5 HRS!XU\DS 623 VRMTRQGVR£DSHSXDLV£VD DSRUXDSXU \DS
SHPQ5,XRDQEUHXUXDDVRLXRUXQRDUXRRH-HO
MHUXDHHMxRMRTXQV
H£ XR DQEXQH
R££Q4 XD £QTHJI8LQ呸 H XRUDLRUUDS VDMRXHGVV
VR£DQE XDRXUHXURXU ‡RSVHSVRSPXRR 366, VRXHW
RVUTGXPR UH RRQSRUGDV
R!SV£TT XQRXUVQQ -6 XDHRUHXU

SPSS VHXD-SX£ 62I H ,%=--?2: È UH-2$82- " RQE

RSH]QHTR\ È RPRVFHZHG XQ RS RLXDUXUSDUVGH 
āR£XD£ZH]LHSS6O"-3VR£XDHTRQ£ RSDXQRMHUDMG
QV RXURR £T£T[D 112-H RQE VRLXQG O 62- H VRXUXDMDU
VRXR£XD£PH£XW"$D£XQRSRQVRGRUGHHTRLÈRPRVDHZ8G
XQXRUHUXFVRUGVRMSXU 62-
RSHQSXD]D$ HUDFUXGO2G
2
4-OOO&$XZO` 2@&'
 (/6(&5+I232'(5'($(6&5,785$

/26&$&,48(6 '(/6,*/2;9,</$(6&5,785$

/DSHUSOHMLGDGDQGLQDIUHQWHDOVHFUHWRSRGHUGHODSDODEUD
HVFULWD TXH XVDEDQORVHVSDxROHV TXHGyVDELDPHQWHUHFRJLGD
HQXQDDGLYLQDQ]DTXHKDVWDKR\FLUFXODHQWUHORVLQGLRVO4Xp
VHUi" 7LHQH EDVWDQWHV KRMDV SHUR QR HV iUERO DVLPLVPR QR
WLHQH ERFD SHUR DYLVD WLHQH ORPR SHUR QR HV DQLPDO" HO
OLEUR

1RHUDSDUDPHQRV /D HVFHQDGHOSDGUH9DOYHUGH DFHU

FiQGROHOD%LEOLDDOLQFD$WDZDOSDHVWDHVODSDODEUDGH'LRV
\HOJHVWRGHVRUSUHVDGHO,QFDTXHDSHVDUGHDFHUFDUODDORtGR
QRORJUyHVFXFKDUHOVXVXUURGLYLQRQRSXHGHVHUPiVSDWpWLFD
ODFRQTXLVWD HQODVLPERORJtD TXHDWUDYHVyDOPXQGRDQGLQR
TXHGy PDUFDGDFRPRXQDFWRGHLQFRPSUHQVLyQGHODSDODEUD
HVFULWD6LHOORRFXUULyFRQODpOLWHLQFDLFDODVRUSUHVDIXHSHRU
HQHOSXHEORLQGLR(UQHVWR%DOODGDUHV XQLQGLRFDWHTXLVWDGH
&D\DPEHHVFULEHHQVX+LVWRULDGH3HVLOORTXHHOMHIHPtWLFR
$QGyQ *XDWHPDO SHUGLy VXV WLHUUDV DQWH ORV PHUFHGDULRV
SRUTXH IXH HQJDxDGR FRQ XQD IDOVD HVFULWXUD HO $QGyQ QR
VDEtD OHHUQL HVFULELU DUJXPHQWD FRQPRYLGR HO KLVWRULDGRU
SRSXODU/DFRQTXLVWDGHVXHVSDFLRYLWDOODWLHUUDIXHH[SOLFD
GD SRU HO SXHEOR LQGLRFRPR XQ HQJDxR HDHO TXHHVWDEDGH
SRU PHGLR OD HVFULWXUD 1R VyOR ODFRQTXLVWD 0XFKRV LQGLRV
SHQVDURQTXHHUDQFRUWRVGHHQWHQGLPLHQWRSRUTXHQRVDEtDQ
OHHU QL HVFULELU FRQYHQFLpQGRVH DVt PLVPRV GH OR TXH ORV
FRORQLDOLVWDVRSLQDEDQGHHOORV-RVp3HGUR3DULyQ HO JREHU
QDGRULQGLRGH2\DFDFKLHQXQDLPSUHVLRQDQWHFDUWDGHUHFLHQ
WH GDWDGLULJLGDDO-HIH3ROtWLFRGH&D\DPEH IHFKDGDHO  GH
PD\RGH  DWUDYpVGHXQTXLOFDVXVREULQR ILQDOL]DEDVX
FDUWD HVWDEOHFLHQGR OD VXSHULRULGDG GH OD HVFULWXUD VREUH OD

 .OF\PF\FU &DUORU 'DYLG-PDVKLOPDVKL  

 %DOODGDUHV (UQHVWR +LVWRULD GH 3HVLOOR HQ <iOH] GHO 3RUR -RVp <R GHFODUR FRQ
IUDQTXH]D 

2
 
ā-DSRGRVRSDUG,,%ODSRQPDRSRLFURRVDXDTDUDGQR
D`,āVRSH-DX623ž V H-DDDXHZDLXDPD£XDSXRXRUHRVQT

XQHVHXU
623OO V HHUPXRVD
&I-HJ!VXDXDVDUDQQSXRURUS
UFG VDURSHDUXRMRR VR£
FLXRXURXU 呸QVD 3PUHG Y
6-27-HGV!
VRU URG VRSHXRTH XHW VRXDXDL XD RSMHR HMTDT RQE DUUXXRVH
FS‡RLVRHS
VHXWSXH62O@6‡RVQSXMP>RGVRSRQE‡-T‡+
ā‡XRSHLRMG[HDPSV\Z‡ ‡23O2:26RMTHQG£RI63
VSJ£R£ 62OO V£ DQXDRQXHQRXD DSJP£XQIRR DXQ RMQSRUG
DV
SHSUXQXRGR %O6
D 
%62-JIDG%-- DLXDZUHD- 623OO 62I %
DPLXFVVHUHSH]XH\DVXDH£ āVVVDRSH]UXR! VR£G%S%WÈ
‡3:-Ï2-DUXDXUHPSRQ£VRDZR
Oā£URG 2Ož2‡LR££

VDRX VR£ HS RXURLDU SS HMGRLQ (> DQE HH\DV RSHDH[D VD
ž1āRZR£RRSQUVXH£RRSXHUHGVUG
2O,O4XR‡-362- DQE‡G£‡T
‡Y£RTV£ ‡JDSXRR ‡ZQHSVRSDTHRQPXURRRVRVXRUYXRS

RSDXRWVDUGXQ%-THTVR£RLXHLRQEHUUXXRVDH RSXH]TXQ
HUH!
-2- VRXUHLHXUVRSHVVGDQUHVQVURGQIVL"- DV VR]QVHXU VHULR
HS 5SXD-!-3 H RQE
WWPDSWX XQ H
-4-!VD È DD£ %-4%6

RLVDQGQV RF
23ž -8 RXURR RXHGVUT RSXQXU -8 RQUHL RQXHS
RSVDS XSRXFR āXGH0X\ FRX£ ,3 28-GO8: RSD£ ^G URG GO
XHMSXHRVHSR]QVDXUXQ8-GRV82-9XRRāXQXT£DSRS£JGOO2-
RXURRXX£XSXDP  I VHXDUYRVXRUYXRSHSXSG£D8-XRR
RGURQRRXURLSDSTWTWVRG呸VHRXU VGSRVGOG£D8GXHTHXRV

GOO21ā2OO8D- H-G6 X VS VRQESHR RS 2-G:O-8 RTGXUD XQ

āWHUHF
RXHRXUHRVG-G--GSX£VQXXVRS8GRQRGVDS
VFQESHR VR FS UDSRG£DS I H£PH-2G:8I GSHS£SG HL
XFRH]XHMRRVDQVX呸1:8-ā呸-"GVDV DUDGVR—
HVRRRXURVRSXRUHIRSVRQESHRV RRRGHR!RF āVRZHSHGH
=呸OO>,,£? XRZ呸
 (O6(&5(I232'(5'(/$(6&5,7O-5$

/$6 5(98(/7$6'(/26,1',26,/(75$'26

0X\ FRQWDGRVLQGLRVDSUHQGLHURQHQWUHORV VLJORV;9,,,\

;,;D OHHU\ HVFULELU $TXHOORV TXHOR KLFLHURQ\ HVFULELHURQ
DOJRGHVXVSXHEORVSDJDURQFDURVXRVDGtD8QDKLVWRULDODUJD
\ODERULRVDPHQWHHVFULWDSRUGRQ-DFLQWR&ROODKXDVR &DFLTXH
GH 2WDYDOR SHUHFLy HQ ODV OODPDV IRUPD FRPR HQ HO LGHDULR
FULVWLDQR SDJDQ ODVFXOSDV ORV SHFDGRUHV +XPEROGWHQXQD
FDUWDDVXKHUPDQR*XLOOHUPROHFXHQWDTXH ,, /HDQGUR=DSOD
UH\GHORVLQGLRVGH/LFiQ FRQVHUYDXQRVPDQXVFULWRVUHGDFWD
GRV SRU VXV DQWHSDVDGRV HQ HO VLJOR ;9, (VWiQ HQ OHQJXD
SXUXJXD\ OHQJXDTXHKDEUtDVLGRODJHQHUDOGH4XLWR 8QRGH
ORVDQWHSDVDGRVGH=DSODWUDGXMRHVWDVPHPRULDVDOHVSDxRL
7UHPHQGR HOHVIXHU]RGHORV FDFLTXHV VL OHFUHHPRVD +XP
ž
EROGW GHELHURQLQYHQWDU VHJXUDPHQWHFRQODJUDItDHVSDxROD
XQVLVWHPDHVFULWRSDUDHO 3XUXKi \ WUDGXFLUOROXHJRDOHVSD
xRO7DO ODXUJHQFLDSRUXVDUODSDODEUDHVFULWD\ FRGLILFDUXQD
KLVWRULDTXHHQODQXHYDVLWXDFLyQFRORQLDOWHQtDGLILFXOWDGHVGH
UHSURGXFLUVHXVDQGRORV DQWLJXRVFDQDOHVGHODWUDGLFLyQRUDO
7DPELpQHVWDKLVWRULDVHSHUGLyRVHJXUDPHQWHIXHSXULILFDGD
SRUODWpFQLFDHVSDxROD
3HURWDPELpQORV HVSDxROHV SDJDURQFDURVX UHQXHQFLDD
HQVHxDUODOHWUDDORVLQGLRVODPD\RUtDGHDO]DPLHQWRVGHO6LJOR
;97,,WXYLHURQFRPRPRWLYRLQPHGLDWRODSUHVHQFLDGHDOJ~Q
WH[WR HVFULWR TXH IXH LQWHUSUHWDGR SRU ORV LQGLRV FRPR XQ
LPSXHVWR XQDDGXDQDXQDQXPHUDFLyQ 0XFKRV FXUDV \ IXQ
FLRQDULRVIXHURQHMHFXWDGRVPLHQWUDVVHHPSHxDEDQHQOHHUORV
FRQWHQLGRVGHHVRVWH[WRVLQWHQWDQGRPRVWUDUOHVTXHVHWUDWDED

 9GDVFR-XDQ +LVWRULDGHOUHLQRGH4XLWRHQ $PpULFD 0HULGLRQDO7RPR 

 %$1+9RO 9,, 
 (O &RQFLOLRTXLWHQVH GH RUGHQyKDFHUFDWHFLVPRVHQ YDULDVOHQJXDVORFDOHV HQWUH
HOODV OD 3XUXKi $XQTXH QRVH FRQRFHTXHHQ UHDOLGDG VH KL]R XQ FDWHFLVPRHQ HVWD
OHQJXD ORV PDQXVFULWRVTXHDOXGH +XPEROGW SRGUtDQ WHQHUDOJXQD UHODFLyQ FRQ HVH
HVIXHU]R ā


 O
R£ -D$-26D- HUDG 呸!H!-D VRUSRXUDUVR@ WUHSDV
VRH]\DHSVS!
 5^2--W"GVDDSRXU O"I H VRSXVR[ ID
DUQSPE ,3 XFSWTUTRUG O"I

RJHGVD,3WPOO"JDVXDO"-
3ž>DSXSH]SQ!VDH RQEH-D-R

R£GZDID GRIDGVDāR]VDPRPHT!DKRGQV( VRSPË-

DWX
RWUMV
"TP VS RLXDXPQVP XQ VDSHDXD XQTDRVQT RX RQE
O`O6DH-āW8DH呸SHJDVDD
623VRWHH]SH!VDRSW"VDLDX
XRRÈR-- HXRSH1 RSH£V ‡XRUHSXQ£ DQE VRQRXR 62
-
2!,6G2G 
āZ!‡$‡TQV
‡ R]XDXURR  RS‡QR‡I‡ 2-2:=23 LR RQ£ X‡VX ,9 āVDUHR
V0DQXRS8-6RGZH È XRUVRUGRH VSSHSPXQXRRH D£XDZ
HVRXDLVQX  DVRMHR XHTHSHQ'O6 X£H XD HQE
VHD 6%VD
XHMXDLXRRRVRUTVXHLÈ RXQRRRMUYVRLSXW VR£ XRUDVXDG
VRUTT
VR£ RID-£ RX ‡-2GāRZ]‡3 ‡UDUTRR H ‡* V HQE RVXHG
‡3‡1   ‡3‡1 ā‡T‡‡GQV V
T ž呸žž‡TH0Q
RX2-2$L āVD£-262 VVUTHMHGVH ‡3RMRTXQV‡UH
XV‡GR‡,

RLVDQGXQ£DO7,-O呸3VUHG
VRSPQVDSO"-W"G6-4+ V 8O"--DQR
āHS!VDDUTHMHGH ]D$ H2āHSSXRGZ VD DV UDTDVHRSH呸DQ
XVMTHT 623 VR£ RQE HXHQSY HXQ HS VH]XDUTRR S 62-4+
VR£ W"-W"-O 6 -H呸%38 DUHG623ž DSVRLXRS-2GRSH£GD!-D£XDU\
\QXUYHTR4‡3‡PLUH‡9āRZ]RSž33Q‡QVUHUTRR‡OO
RS -TZDS4 DS  IHTHH XDDD-3 XRR II%6
MQEQUHM
FS FUDXU]DUS RID$ XQ
H-D$OI RSXSDSUUJ XRS RSSDUDG 2$
XRXLXQ2$2O=/,O DSHZD^QEHDDSXD:H£XH$- 
ā¢-4—!VDWX-DD XHMTHVRXRQE623
VRSXJH呸XDD£XDZHX-DODÈ VRVRSRHUVRXQO" XRXVDQRDXQIDZDV
VFSDQVRXUFSXHMSRGRZ
RUDG
HXDQSD%RQ RRLVRQGXQXQ
XQDRXVP[DL VRVD S%S-D$ H XHSS VRXHXRSXUX È VDPRVR£

VRVFRVRTRPXXāXRDÈD-! VR£HRXQX6'3 62-

%62! PDS
 (/6(&5(7232'(5'(/$ (6&5IQ-5$

TXHVHKDEtDGHILQLGRDHVDVDOWXUDVFRPRHOSUREOHPDLQGLR
&RQ HQRUPH FRQYLFFLyQ UD]RQDED HQ 9RWR GH XQ 0LQLVWUR
7RJDGR HQPLMXLFLRKDEUtDTXHREOLJDUDORVLQGLRVDTXH
YLVWLHVHQDODPRGDHVSDxROD \ TXHKDEODVHQQXHVWURLGLRPD
VHUtDEDVWDQWHSDUDTXHHOORVIXHVHQDEVROXWDPHQWHFRQTXLVWD
GRV \ VHIRUPDVHQEDVDOORV ILHOHV\KRPEUHVGHFRQRFLGDUHOL
JLyQ (VSHMR\ ORVLGHyORJRV GHO(VWDGR1DFLRQDO FUHtDQHQ
ODKRPRJHQHL]DFLyQVRFLDO FXOWXUDO \ OLQJtVWLFDFRPR FRQGL
FLyQ GHO SURJUHVR OD GLYHUVLGDG HQHO SHQVDPLHQWR GH DTXHO
WLHPSR HUDXQDWUDED
$SHVDU GH ODV LQWHQFLRQHV GH ORV LGHyORJRV FULROORV ORV
LQGLRVQRIXHURQHVFRODUL]DGRVHQHO6LJOR;,; QLVLTXLHUDSDUD
PHVWL]DUORV FRPR SURSRQtD (VSHMR \ KDFHU YLDEOH DO (VWDGR
1DFLRQDO /RVKDFHQGDGRV\ ORVSRGHUHVSXHEOHULQRVLPSLGLH
URQ OD HVFRODUL]DFLyQ GH ORV LQGLRV KDVWD WDQ WDUGH FRPR OD
GpFDGDGHORVVGHHVWHVLJOR (QHVWDGpFDGD FXDQGR+XJR
%XUJRV KDFtDVX LQYHVWLJDFLyQVREUHODV5HODFLRQHV,QWHUpWQL
FDVHQ5LREDPEDWRGDYtDHQFRQWUy TXHHQHO DQHMRGH *XDJ
QLD ODHVFXHODWXYRTXHFHUUDUVXVSXHUWDVSRUODLQIOXHQFLDGH
XQFKLFKHURGHDSHOOLGR6DWiQTXHVROLYLDQWyDORVLQGLRVFRQWUD
ORV SURIHVRUHV (Q 1DXEXJ FHUFD GH*XDUQRWH ORV FKLFKHURV
RIUHFtDQ XQD UXGLPHQWDULD DOIDEHWL]DFLyQ SDUD HYLWDU TXH OR
KLFLHUDHO (VWDGR

0X\WLPRUDWRVIXHURQORVHVIXHU]RVHVWDWDOHVSDUDDOIDEH
WL]DU D ORV LQGLRV HQ HO 6LJOR ;,; DXQTXH HQ XQDV SRFDV
FRPXQLGDGHV OLEUHVFRPHQ]DURQD IXQFLRQDU DOJXQDV HVFXHOL
WDV (Q 2WDYDOR SRUHMHPSOR HO 0XQLFLSLR DSUXHED HQ 
HVWDEOHFHUHVFXHODVUXUDOHVHQODVSDUFLDOLGDGHVGH6DQ0LJXHO

 (VSHMR (XJHQLR 9RWRGHXQ0LQLVWUR7RJDGR HQ3HQVDPLHQWR,OXVWUDGR%FXDWRULD

QR %&(\&(1 4XLWR  =
 %XUJRV +XJR 5HODFLRQHVLQWHUpWQLFDVHQ 5LREDPEDHQ3HQVDPLHQWR,QGLJH
QLVWDGHO(FXDGRU %&(\ &(1  


 =2
 
Y2-
WLL VZ!XRSX!G
;,;
ž呸6
2>0OOO4 !S 2S>4,
VHOOLU!IO4QG!O :39 !S QXZ呸呸 āL@D,, XHQU
2=
OOO", 6

RS HSXD£VVD DSVH!S-@O VH
@ āVDTH-J
-OO-8 RXURR VRSH]QQRUH
XP
V2-IWLOL VDURSRG VDGPZ VR£ HS VURT W"I HD W"SW"OILO
PVHQGVDU DXQ DTV2GILO X呸TZH£ RSXDSHT RURG
UHXRSH1
RSW"O6+ H XSHJD£X QV ,46RGZ RSXDSDT
VRXRWFH]UX
HIRVQVXD
---,2G DRQQRXRRFXSH]DXD呸RZRTH RSXVUX
XHRV
XSHXDVDGD RS
H-QEWXDIHS HZ2 HSD£ HS HXDX
XSW"呸DXH XD
QRDQVD
XFWRHDTHXQQURRH£ XH QSHVHT
%$6XD-
RSW"!XDW66D HXQH XRUHVHG VRUTT623ž V
VHSH-Q!SXVDS
DXDZHSXDZD !Q- VDIW"--W"- VDW
 6O"I
VHUSP VFXRU@
DTD] HSR£RS£DS HURXFS H£ VHQ
P[[R£V£RSVR8- \āVRX
USXHVR=OORSH62>8-,66TQV6H,82:
Q[[È -?; VR£6 62>
XDRTQT DPLXRVDHURS -2IW"$ -HUTRV SDSQVSHZ
D£XDZ
%-ISHHG
%$-O"3UW- H HQEVHLXH
HSH]QHXQZR! XRUVQS[V"
HTH]WW"-8DHSXD66D- H DUPXRVRH VDS$-D6 HMSRGPEDUDG
SDSXHSHTRUXQXHXD RX
VD!XRXDDVDHSW"!8DO66D-HS VHS
DSTDSRXUVH£XR
RQEXQ‡
XRH]SH£RRVRH£XDVRSHVDUVLXWVHXU
‡XHTDLVD62-T>6238@VHU£āHXSXY82,66 H- RIHTHL£
RQVHQX XD UHDTHXH '332G VRXUVT  RXURR
RRVRLXDUHG DS
XRSRQSRUGDUH£
‡$3QSRLGH£R£RXRR£H£RSMRQXRR£D
VR£HQ£S
VRSFURTH£H D8HSDZ RSHSXHRHT D XRR VRLRHG VRM HS XS
H$28D- H -H-呸DVH
RXHSXFRHTRRHGVDSS  SVDSXRV
VDQR -2G DTHXUXUHR HSXDV呸- QV
H-U4S!VD HU FS XDMUDQEDU
RX
HSXDSHT 5,
R6-p-$OOQ QV XRR XS"--- QV XR HSXHSDT
DS 623OI 62
@
2$*2 O"- VDUTT 623 62^ FS XD 26W"!6D È

DSXDSDTRS623 VR@RSRVHR£DXDRMQXRI"TÈQZH-DHDQRVD
H£ URG6"-2,8 £D
;,;RO6 £RR£XPS
ž3ž RSHM£D-2G
ž62-38 62>
DXXDDUUXHV£HRSÈHQXSRVDHDSD]XHJDVXFDSRVFRRUG2:6
-£8D-
RLXR@87, RVRSXHSUXW
IT\S"HSXRSDTW"I RSXRS
6!-TI
VRSHSUXQXURR VDQRXDHUHQXXXRRH!SQRGHVā呸DQER
`, 8%6È
28-O"@,"£?OO:呸?O
 (/6(&5(7232'(5'(/$(6&5,7-5$

ORV LQGLRVOLEUHVIXHURQEiVLFDPHQWHGHIHQVLYDV &RPELQDEDQ

ODDXWRH[FOXVLyQ HOUHWLURItVLFR HODPRUWLJXDPLHQWRGHOD
YLROHQFLD H[WHUQD R KDEtDQ RSWDGR SRU DGVFULELUVH D UHGHV
FOLHQWHODUHVPDQHMDGDVSRUSURPLQHQWHVEODQFRPHVWL]RVSDUD
SURWHJHUVH GHO (VWDGR \ HO SRGHU SXHEOHULQR WDO FRPR OR
DQDOL]D&KXFN .OH\UQH\HUSDUD HOFDVR SHUXDQR /D LGHDGH
PDQHMDU OD HVFULWXUD \ OD OHFWXUD HQWUH ORV LQGLRV YROYHUi D
PDGXUDU FRQ IXHU]D GHVSXpV GH  FXDQGR VH GLHURQ ODV
FRQGLFLRQHV SDUDXQDQXHYDRIHQVLYDpWQLFD
3RUHO ODGRGHODVRFLHGDGEODQFRPHVWL]D\ HO (VWDGR OD
LGHDGHHVFRODUL]DUDO LQGLRFRPRPHFDQLVPR GHLQWHJUDFLyQ
VHGHVDUUROOyHQHOVLJOR;;GHVSXpVGHODUHYROXFLyQOLEHUDO
D SHVDUGHODRSRVLFLyQ KDFHQGDUtD DXQTXHHUDXQDLGHDPX\
UDTXtWLFD DWUDYHVDGDGHGXGDVUHSDURVHLQFRQJUXHQFLDVKDVWD
HQORVJUXSRVPiVSURJUHVLVWDV /RVSHQVDGRUHV EODQFRPHVWL
]RVGHORV62V GHHVWHVLJORVHEDWLHURQHQWUHHO PD[LPDOLV
PR HO LQWHJUDFLRQLVPR OD DPELJHGDG \ VXV SURSLDV
FRQWUDGLFFLRQHVFXHVWLRQHVTXHLPSRVLELOLWDURQXQDGLVFXVLyQ
FRQORV LQGLRV
3tR-DUDPLOOR$OYDUDGRSRUHMHPSOR LQWHOHFWXDO FRQVLGH
UDGRHOPD\RULQGLJHQLVWDGHHVDpSRFDVRVWHQtDTXHODHVFXHOD
HUD QHFHVDULD SHUR HUD PX\ HVFpSWLFR UHVSHFWR D VX SDSHO
&RQVLGHUDEDTXHORVLQGLRVQRSRGtDQFRQFXUULUDODVHVFXHODV
SRUVHUSHRQHVGHODVKDFLHQGDVTXHQROHVVHUYLUtDSDUDQDGD
OHHU\HVFULELUSRUTXHHVDVQRFLRQHVYDQ D VHUROYLGDGDV PX\
SURQWR SODQWHDEDHQWRQFHV TXHSULPHUR GHEtD UHVROYHUVH VX
PLVHULDHFRQyPLFD PRUDO\ ItVLFD SHUPLWLpQGROHV HODFFHVRD
OD WLHUUD (QIDWL]DED HO SUREOHPD GH OD WLHUUD FULWLFDQGR OD
SURSXHVWDGHORVWHUUDWHQLHQWHVTXHHVJULPtDQODHVFRODUL]DFLyQ
FRPR WDEOD GH VDOYDFLyQ +DVWD DOOt HV PD[LPDOLVWD UDGLFDO

 .OF\PH\HU &KDUOHV 3RGHU\ GHSHQGHQFLD HQWQ TXHFKXDV \ FULROORV 'RPLQDFLyQ \

GHIHQVDHQ ODVLHUUDVXUGHO3HU~&,6(66


 P
āOā āSāGR
-2SOOQ<£- >`3 O"O68`ISX
R£8L8O,,68,-X
WÒXWVURQVW
IO,Q6呸UDWO2OVNOO
2,33

=2G?>OO682: 
āRVLā ,āāGR
RS
HQJ £LS OOO68O38- 2OOOO8,+OO!GXL
R8O"-2OOO8, 23,,  āR--
RS"$I9 2O@:WOOOI O
RSRSRMUHGDSHR XD DOHTZR  DV UHZ I( RQE(O XR
QXHQVXR
33(OORSSHSRSRVQXQXDHURXHXU HQRRSURVHMSRG21āVHLM
HGXUDDDS
DSH]UXDDSHZ O"- 4:2OHDQVDXUFRXHMTSQSDSRV
H£ È RXHXRUHQRDRSHV‡URG23,‡3XRH]SRTH-£HH£
6O!
OO呸OO112OO!
=OO%!
呸!
  RVDRRXD
ž23
H-6$ ‡3 RLXQG £R H£XQRGXR VR£RZ RV ‡3‡1 āX‡:--263
, I RJW"JX ^-3 843382- H£ HD 2:6-ODT%-OW"8% Q呸 RSXDQR

RMSXM >O" O:-SD DUHG VHD-(O 6--(O 8(--MO-:2-( VRRXHMT V

( DMSDG -$-%6829L- HSRQXDX O8-:%S8UOM2-G È %O6>
%:SUHZ

URSH]QQHSRXUDXDHZHO62-GD£H
 %3O"- URG(TP
%OXD
VRQEH£HVR£VRSR£‡3HSRSXR£RS‡3H£IWRRHGQVH£XRRRRH‡3
H££H£XRRRLXQ@‡呸W-68! D DV
8- G
DQEÈ
DGQVVSO"-
HSÈ %3$H£GRGQV HSUHSPR HD-D6XD DVHQE
VRDIXH£[È
6UHXR£HX VRLXQVHDLTRV DZ--8 - DVÈ D!DTH-"XHV!SD DV
HQE VH—£VQSX£ VH\DQEDGÈ "-QWQ!--Hž3 UH OMDVXDDVRRX
!\GR£ X! HQE UH—VQSX£ D UHSDZRHXH呸RD呸 H£ ( (O6$ XRR
O"-MW"-呸2G DXQ
VRTRDUDSVQV GO@W";G RQE W"-$-- DXQO (=(- %I RS
VDSUXQ[ VH£ DO-H[ DQEW"-IO HXRLVUTDXQDXDVXDVDSXRSX
RXRLVURTH£8I? XHHSXUDHXRR
RSX呸DVÈSHSOOQ:-%IHSRLH
8-6
2O-OO -O" -6 RXHS呸—£S
-G:-GāHXDJ-38- HDQ-6GO"- S
RTZUXS,W"4:%-HDO8(IG
R]RGD$-HVXRZV£UU£
URSDVXVG
ā/VRZHSHtIRUWLH
HDURVDDHURIO8O
HX- --XHVXRR(D H
H]SV-ZR-XHLTIO"8--
-X XFHWVRGXQ O"- XD $-QVXDVDQE
RPPHHURS:6IH--S"D£XDUQGXO-%OVXR£V-G[DVQVX呸DV
?VDSXHUWL 62,-I8 H :- 6-3呸OO"-O
,82O;64 O"- XRUVUDTRR
O"-FSVRtRQSFUVRVDXDVSHJDVXDHUHGVRSH]XHQMUXU
VRWSXWVR£
% PSXPXD RXRGRUG RS£呸DV X呸XO- X
RLXDXUDVRXQR 2OGG
 (/6(&5(I232'(5'(/$(6&5,7,-5$

FRQWULFLyQ\DUUHSHQWLPLHQWR (OSURFHVRDUUDQFDHQGHV
GHODLQLFLDWLYDGHOD8QLyQ1DFLRQDOGH3HULRGLVWDV \ OD/LJD
$OIDEHWL]DGRUD (FXDWRULDQD TXH VXSHUDQGR HO HVFHSWLFLVPR
PD[LPDOLVWD ODRSRVLFLyQWHUUDWHQLHQWH ODGHVLGLDHVWDWDO \ HO
HVFDVRLQWHUpV PRVWUDGRSRUORVLQGLRV VHSODQWHDQODSULPHU
FUX]DGD 8QDUHYLVWDGH OD813 LQIRUPDKDEHUDOIDEHWL]DGR
 DGXOWRV‡ &RQ WRGR HOOR HO DQDOIDEHWLVPR FDPSHD
VHJ~QORFRQVLJQDHO FHQVRLQFRPSOHWRGH  GH

SHUVRQDVFHQVDGDVPD\RUHVGHDxRVHOSRUFLHQWRHUDQ
DQDOIDEHWRV 0XFKRV DQDOLVWDVFRQVLGHUDQXQVXEUHJLVWURGHO
 SRUFLHQWRHQHVWHFHQVR HO DQDOIDEHWLVPRGHELyXELFDUVH
HQWUH HO \ SRUFLHQWR (QWUH ORV LQGLRV ODVLWXDFLyQ HUD
SHRU (QDXVHQFLDGHGDWRVHO FiOFXORGH3 $ 6XiUH] SDUHFH
WRGDYtDJHQHURVR HOSRUFLHQWRGHORVLQGLRVVRQDQDOIDEH
WRV HO  SRU FLHQWR KD DVLVWLGR D ODV HVFXHODV UXUDOHV SHUR
DSHQDVVDEHOHHU\ HVFULELUPDO
$SDUWLUGHHO(VWDGRHFXDWRULDQRDVXPHRILFLDOPHQ
WHHO SURFHVRDOIDEHWL]DGRU $OFDUiFWHUFtYLFR\ FULVWLDQRGHOD
FDPSDxDGHOD813 OHDIWDGHGLVSRVLFLRQHVFRHUFLWLYDV WDQWR
SDUDORVHVWXGLDQWHVTXHGHEtDQDOIDEHWL]DUFRPRSDUDTXLHQHV
GHEtDQDOIDEHWL]DUVH 6HPHMDQWH FRQFHSFLyQ PLOLWDU QHRFROR
QLDO\HVFRODUL]DGDGHODVFDPSDxDVQRGHVSHUWDURQHOHQWXVLDV
PR LQGLR 0XFKRV LQGLRV VH UHVLVWLHURQFRQYDULDGDV WiFWLFDV
DXVHQFLDGHVHUFLyQDVLVWHQFLDLUUHJXODUEDMRUHQGLPLHQWR3H
VDEDQWRGDYtDGHPDVLDGRXQDVHULHGHUD]RQHVSDUDQRDVLVWLUD
ODHVFXHODQRKD\WLHPSRSDUDHVWXGLDUKDFHQIDOWDEUD]RVSDUD
ODDJULFXOWXUD HOSDVWRUHR DFDUUHDUDJXDOHxD ODV PXMHUHV QR
QHFHVLWDQ GHEHQ FDVDUVH SURQWR OD HVFXHOD ORV KDFH SLOORV
JRORVRVUHVDELDGRVDORVQLxRV\MyYHQHVORVSURIHVRUHVIDOWDQ

 5HYLVWDGHOD813 

 6XiUH] 3$HQ0RQVDOYF3R]R/XLV(O LQGLR FXHVxRHHVGHVXYLGD \VXSDVLyQ2S
FLW 


 
āG呸(
O

RVDU
,āªWLORSPJ 8
, PS"O
OTH-H0
;8G  āR£VQLQY-O6U
-S£HXJ ,O
RVRRRUGDVDDS XS
VD呸R£QW" H H È XRSHRQSH%I Hž3RTRDUVSD DRQHXRSQOS6X
DQE
DUXDXHXQDG HPQRG HXQ H VHXHGXUHR 6O"I RS UDVDG DUHG

VPVFQGRUG VH$DQD VRMHPXQGVHSXDSDG[DXDX"XDUQSDG[D È

XVRVQT623VRUVDQXFQX
 8G26G-2-G£DDPHUDURJH2-G
VHSXRU£R\DVXRZ
HJHGZURDHDQXHXQÂDS-VDTD HS
RWUHLSRLQH28-GT2呸O82->%OO"O6GH$SW"-8O"- RSVDSFLXDWXUDR
XDLVD XQ£QVRSO‡T‡-‡RVRRRUG £R
Y āV
HMQRXUHGÈVHXD-38 6O-2O--6626-G$3DSO"$S%S£X£ %$
28 HXQ
RXURR
£‡P£QRXRJ呸XPTXRURHRQSH‡"-HR£X£GRV3X
āO
3T R£XR--2G Sā]£ ‡2:6O‡TH££HXH ‡ R£XRƑHRS6"-3
RSXHIHT
XDS G 6 XQ XH XRURTGXPR DV VD£HHVD VVLRXU
VH£ HDQVL H H DXD- 3QO3% QVXH-%-2W"WRDGVDRUTXUHFXQ
RSHUDGRO"-THTDVRQEFQVRXU
RVHRRUGDXH%3 XSHGSS-HG
%-
VD---4 VRVUH[WS VR£ VSUVVVG Y
OW DSVVS DMRSXHVPGXQ
8O"-8D$RQEUHQTVVR£ DSRVHR£DXFRXURR
SHSHSXDRGDXQRXD
RSDQVRXUHMTDTRQEÈ VD-HQ!-XHGVHSXDSDG[DGHSVVMQGXQ
RSXVUV RSP2$ DMTHT RQE
VH$O‡X VHQOOXR£ VDQR I DQTRPE
XR XSRTH££H H£ ‡3 ‡‡3 H£  XR I VHXR£SX VR£
H
O£XDZWQD£S-%-DG,D£XXRUDXUXGI! \DV
 XRRSD]XH£
HQQOOYVS£R ‡Z‡I H]W!T‡--9 ‡3 HZHG £
ā VRSH-£D£
OO ā
= IHT
VRQQSH 2222!O3 RS
SRS VR
/ XD RLXRR
URGž,= IO" WW XDR£XDSGW£DSXSHMHTW"T RXUVQFTHMMHXH
£R DQK DXPVF RV
//O, I 6/=O ‡S XSH]W‡T‡-9 ‡3
HZHLRLG‡]//,‡3XSH]U‡T‡-9RSRQGRSRIRG£R
O]/¼ ‡3XRH]RTH£S‡3VHXHGXUHRVD£VDQ
/£ 
G
āURJHGVDSHIDXJZRTRQXUPVDQRVD

XDSXRUGH RX VHXRVURGVH

P- XR
VRSXHRQSDV " HZ XH£O"O£
=D,OO>OO$XZ呸?
 (/6(&5(U232'(5'(/$(6&5IOO-5$

(/352*5$0$&5,2//2'(,1&25325$&,21
,1',$72&27(&+2

&XDQGRORV FULROORV IXQGDGRUHV GHO (VWDGR1DFLRQDOLQL

FLDURQVX SUR\HFWR FRQVLGHUDURQTXHODLQWHJUDFLyQ GHOLQGLR
VHSURGXFLUtDFXDQGRpVWRVDSUHQGLHUDQHOHVSDxROODHVFULWXUD
\ VHFULVWLDQL]DUDQ $HVHSURJUDPDPtQLPR OHDJUHJDURQFRQ
HO WLHPSR RWUDV LGHDV FRUQR OD HOLPLQDFLyQ GHO WULEXWR OD
HOLPLQDFLyQGHOWUDEDMRVXEVLGLDULRODHOLPLQDFLyQGHORVGLH]
PRV ODHQWUHJDGH OD WLHUUD ODFHGXODFLyQ PDVLYD HO HQUROD
PLHQWRDOHMpUFLWR\XQDVHULHGHRWUDVSURSXHVWDVPHQRUHV(Q
HOIRQGRORVFULROORVFUHtDQTXHFRQWRGDVHVWDVPHGLGDVWHUPL
QDUtDQ SRU PHVWL]DU D WRGD OD SREODFLyQ HOLPLQDQGR DVt HO
SUREOHPDLQGLRSRUHO ODGRGHODKRPRJHQHL]DFLyQHLQFRUSR
UDFLyQ (QHO EDODQFH TXHSRGHPRV KDFHU KR\ HV TXH EXHQD
SDUWH GH HVWDV SROtWLFDV KDQ VLGR FXPSOLGDV 3RGUtDVLQGXGD
UHFODPiUVHOHV PD\RU UDGLFDOLGDG PHMRU HILFLHQFLD \ FDOLGDG
SHURGHEHPRVFRQYHQLUHQTXHDSHVDUGHWRGRVVXVGHVIDVHV\
GHELOLGDGHVKDQFXPSOLGRHQXQDOWRSRUFHQWDMHFRQORVVXHxRV
FULROORV 3DUDXVDUXQOXJDUFRP~QVL(VSHMRR%ROtYDUHYDOXD
UDQHVWRVSURFHVRVVHVHQWLUtDQUHDOL]DGRVHQVXVPpWRGRVSHUR
VH TXHGDUtDQSHUSOHMRVDO REVHUYDUTXHORV LQGLRV VXEVLVWHQ\
TXHOHMRVGHGHVDSDUHFHU\PHVWL]DUVHVHKDQUHYLWDOL]DGRHQRU
PHPHQWH 0iV D~QVXSHUSOHMLGDGORVUHPLWLUtDDODWXPEDDO
REVHUYDUTXHPXFKRVLQGLRVPLHQWUDVPHMRUFULVWLDQRVVRQPiV
FRQVFLHQWHVTXHPLHQWUDVPiVHVFRODUL]DGRVPHMRUPDQHMDQHO
SUREOHPDQDFLRQDO TXHVL KDQ ORJUDGR PiV WLHUUDPHMRUKDQ
UHKHFKRODVUHGHV FRPXQLWDULDVHQILQ TXHHQODPHGLGDTXH
HOSURJUDPDGHLQWHJUDFLyQPHMRUVHKDFXPSOLGRORVLQGLRVOH
KDQGDGRODYXHOWD

6LQOXJDUDGXGDVODGpFDGDGHORVVFRQVWLWX\HHOWHFKR
HO OtPLWHKLVWyULFRGH ODSURSXHVWDLQWHJUDFLRQLVWDFULROOD SRU
PiV TXH%RUMD 6L[WRRFXDOTXLHUFULROORWLUHGHODV SXQWDV GH
HVHSUR\HFWR WDO QRYDPiV ORVLQGLRV VHKDQDILUPDGRFRPR
XQDUHDOLGDGFRPRXQDFXOWXUDGLIHUHQWHFRPRQDFLRQDOLGDGHV


 
21LRLT!4 O2SHQ<£-
RWGZLIL URGL£$ X
VR£ È 3$ QV -!S-[O HUVHT XRUHTRQ£ È XRUHTRQ£
DQHFPT HS$
H£ -2G UHTRQ£ HQRUH]XFFURF
DSQRVFH S 4IIO"6 VDUTXURT 6,-
RVRS62-V-
VRLPRR
VRSUSXRRVDXRUHQXD
VHX!-3žVR
QV!
R VRS VRFQ HMFQRVF , ," X2-H--X! 62," VRRRGVRXQ !S VDQGVVS
R
LIDQž623žVR£ XHUHGVXH6 È 6O"--! DSID R
RI"T"-O!SIR£
 UFSXFUGXURRDSXH DVDQE!S
RQPVH SURG 呸HX!-3žVR£
HUHGRX
VRRFHMTVR£HUHG
HUDGO"O35,6 O"Z- È 呸
ā£RT\FVRSXRUM
£H DLX-- %-DV HIRT RXURR HRDSTHG ]D$ %-O2 DMURHL O"I XS
O"-呸XGH %IX %-8D-D-3 RXXRXD"ž2
RVDRRUG QVOW"£DQRV
WT HUTRV DSXDSDT S ž38 XQ S RLXHQQHVXDG 
=2$ %$-$
RS
ž VRXUVTRQRVJ
RSRL DXPURS R£ RV£$2-O £RS XRLHZ
- HQV£$R£SQH VD RSXQZ D DXDSSR XH RSXHQR DUPXRVD
H H VRZH呸DQ
VRLRRS XRUHLXQGH
DGUXDV RUQR āXHUUXXRVV
4O8GG

%- H \-H£HZ 3W"3+
%-2 H£ H\HGZH HL DS HSR-QD HL
HSVPGVRSVHXUH£HSR£ XRHYā£HRSXHWV RQ£VDUUXPR
HURQE -GXGRUSHXUXQXD
HSHXW"-HGD$-6RXXUUXXRVDHU XRUHL
XVXPxUH VRSSQ@
XVHRW"O64 XāHPSQEXGXUQ]QDTHH
DS RSRÈRLG £R HTH]XH£ RV RSXHQR RQ£ZHUQU '-G DS RXLVS
XGDFVHRIL$ DXRUH[RXRU
 HSVDUUQ£DDWXVRX0UY
,,+2tOO,,:,,,,2:22OOOOtO6 ?
ā-UX£VXRÈ-HD833-2GRSDIGR[HQXRXURR
RVD$3
R£ HS SHSUXQ H RS RLXVQXSHX RVRUXDGXQ -
% È RMMRXR URS
D]WDXDtLRXURTRXRQVXH-
DO3HTXUUXH£HVRXPVLVYāHSXD-D-3
QV
 RTRDUHS S XHHDQXDU I XRLVUVURG RQE VDHSRV VDPSDV
VRSXDUx DS W"SWIDD
-? U
- SXUXSRXUTG
HXRSHXPQZ
RVD$3
VMDGXQRSHS8-O6;DW" VHVPUFUGRXURR\SXD R£[D£QVGDQE

RXFQVRHDQXXQ
R£DIGRDDQXXQH££H-DRDT
DLXHMDSHWUDIRT
DDāV-HG呸QVDHSVHLXHQTDTVR£ H-(=DXD呸RZRTXSXDUDUGRQE
HVXRSHLDX RS-ÈGXQ VYZ VTHR RX
RLXHL G
VVQPVWS
 (/6(&5(7232'(5'(/$(6&5,785$

VHxRUHVDUUHQGDGRUHVGHODVKDFLHQGDVOHVSHUVHJXtDPXFKR

ROHVPDQGDEDVDFDQGRGHOEXDVLSXQJROHVGHVWUXtDODVFKR]DV

/XHJR GHVSXpV\D FRQVLJXLHURQ OD(VFXHOD HQWUHLQGtJHQDV \

EODQFRV PH]FODGR /XHJR HVWXGLDURQ \D DOJXQRV LQGtJHQDV \
VLJXLHURQOXFKDQGRPiVSHUVRQDOHVLQGtJHQDV\ FRPHQ]DURQD
XQLUVH WRGRV XQLGRV LQGtJHQDV GHO (FXDGRU SDUD VXMHWDU R
GHILQLUVX OH\



3DUHFHLQFUHtEOH /RV QXHYRVKpURHVPtWLFRVGHHVWHSUR

FHVRVRQORVLQGLRVHVFRODUL]DGRVTXHDSUHQGLHURQHQODHVFXHOD
HO HVSDxRO ORV GHUHFKRV FLYLOHV HO FRQRFLPLHQWR GHO PXQGR
EODQFRPHVWL]R SHURTXHQRDEDQGRQDURQVXLGHQWLGDGLQGLD
FRQYLUWLHQGRHVRVFRQRFLPLHQWRVHQDUPDGHOXFKD$UPDQXH
YD UHYHODGRUD FRGLFLDGD SRGHURVD OXFKDURQ\OXFKDURQKDVWD
GHILQLUVX OH\ 3RFR LQWHUHVDHQ HVWD FRQVWUXFFLyQ PtWLFD GHO
SDSHO GHODHVFXHODFDGDXQRGHORVKHFKRVKLVWyULFRV 3HVLOOR
OD]RQD GRQGH WLHQHQOXJDUHVWRVDFRQWHFLPLHQWRV IXHSDUWH
FRQMXQWDPHQWH FRQ 0LODJUR\ &XHQFD GHO3UR\HFWR3LORWRGH
$OIDEHWL]DFLyQ)XQFLRQDOGH$GXOWRVHQWUH/DHYDOXD
FLyQ GH HVH SUR\HFWR VHxDOD TXH GHEtDQ DOIDEHWL]DUVH 
DGXOWRV HQ 3HVLOOR SHUR TXH DVLVWLHURQ DSUR[LPDGDPHQWH OD
PLWDG ODPD\RUtD PXMHUHV 4XHODIXHUWHGHVHUFLyQHVFRODUVH
GHELyDODSRFDSUHSDUDFLyQGHOSHUVRQDOGRFHQWHODLQVXILFLHQ
FLDGHIRQGRV\TXHDSHQDVVHO
"UyUHFOXWDUDOSRUFLHQWRGH
ORVDOIDEHWL]DGRUHVQHFHVDULRV  4XL]iVSRUHOUHLWHUDGRIUDFD
VRGHODVSURSXHVWDVHVWDWDOHVHQODYHUVLyQPtWLFDHO HVIXHU]R
SRU OD HVFRODUL]DFLyQ FRUUH D FDUJR VLHPSUH GH ORV LQGLRV D
SHVDU GH OD HQRUPH RSRVLFLyQ KDFHQGDUtD 0iV TXH HVR OD
HVFXHODDSDUHFHFRPRODUHYHODGRUDGHXQFRQMXQWRGHUHLYLQ
GLFDFLRQHV DQWHV RFXOWDV GH PRGR TXH HQ HO UHODWR PtWLFR

 %DOODGDUFV (UQHVWR+LVWRULDGH3HVLOORHQ<ixF]GHO 3R]R 2SF 

 %HQDOFp]DU &pVDU$XJXVWR (O SURFHVRDOIDEHOL]DGRUGHO (FXDGRU 2S ULW 


 RX
VRU H RLUXQHGHXHLWXQXURR XFMVRTRR HU HW~IDVW" DQE RGXURXH
RQE
XSH I XSHUPX£H$-DVTRRSH-,O-"OXXQSVY呸P
H
,(-2 DUUXMQD H£ H$S!HXDXRXXHXU XSHRZDZD S VW":-2-
6(, RQE
WX£VDQP 6VUUYXH QV VPRXDUXDV È 621-G$G
VRQU
RXUXUHXUVRU8G6G8233OOG4È628,6£!-2;
VRURSD]DU62>RSVRX
RMRHUR
PPUXHVRSVDHQ—VRLXHR
VVSDSQPXURRRS65—2O6T
6(-($ XRH]QHXH DVXSHLMSVD$8 H£V VRQUHQQWRRXRR RS
XRWVXXVXDXDS6GI%-2 6%:-2- VQV=-GOO-DXXRXD82-8O"$OG682-
623ž VRMTFQG VR£ DQE HQVDQXU
VWPDW-3OO VVSHSQPXURD 6(6
-03 XDG9
Y
-DSXSHJSV!$8 DXDSD HWP
RSDS
āVR3OODQXDž-O"-XQZR- DSHSHGI$SG
HZ-2- H£ RXLRR FQE VHXP
H]SVDZRPH£TSHSDSRV(I XRR X£
HRQPXURR HSR\Q--W£D$XQRXURR2--H]PQDUDG
DXHXUZRS O3


UFS RSXQZSRPRQPRRXRR HUDGUHXRS£SHX-Z£

XQRXURR
286
HPQ QVS IW"-2 833%-OH£ UHLXVMGQV HUDG
DUUXXRVDH UDRRXRRXHTHRVQTRX623ž62 VQEHH\VTVRG
V£VDG£THSXQOORVHXQāR£THRVRSRSWVRTHTRSQGVQEXQH
XS
HRQSVH£ S %$D-G XSHZ-2-68%-O HXQ DV-HDXH£G
R$SDITR
2--SGVV DUDG
RXDVHRHXH-DRX
XH-2GāVR!XHTVR£ S
28-:2S H DMSXRGVDXRR VDLXHDQE R£-V XQ QUTQRVRS  -HW
VPEXRR
V-H-GRLGHH-HG
R\HGVDD-TSVDI-DD8%O:-DGLI
DQE62-6\TVR£XZS62 HIXHZH-GS8D-G%84OO8-82-DV
23žV-DWXUD VVDGTDXQH-HJQ HSVRXRQāVDU%XRS-SH
VXPMQRXPR XRR R]T DV 84-H]SDTHH H£ RS RVDWXI 
āHS\RXSHPSDHUXD($-VHZDUVXHXUDS
DVH]Q%XRSQ£SVX£ RSWXJRU XHT RXRLXDXURWXSH£VW"T RQE VHJ
DQERGVHSX
OS
OG[DHVRSHXJXRR ‡呸P£XQGXRUVUX
%$SH8-
OWIO"
XRWDDDQSD HXQ HD- G VRLXRUXW 62
@ āVHVVDJRG VD£
DUXRDSQQ VR£ XH-82G2-GRXURR
XSHQSD
%I XD %S?--GXSQ
2$--
%87, ž3 -6 RX RQEXQH
62-8%-TVRU DS R£D-RDV UD 62:6ILO
-6 G PIDXHXU H XRUDWSXDUGD
HQRV- H XRURUSXDUGY

VRRXHMTV % 6
%S%-8%--% È
623 VRMURG V%SHDSGD£XDZHI%- VHUVPEXRF RXURR XRRDUDGD
 (/6(&5,,7232'(5'(O$ (6&5,785$

DFWRUHVJUDQLQLFLDWLYDGHFUHDFLyQLQGLYLGXDOJUDQGHVYDULDFLR
QHVVREUHXQPLVPRWHPDTXHPDQWLHQHQYLYD\SURGXFWLYDHVD
ULTXH]DFXOWXUDO (VGHFLUQRWHQtDUD]yQDTXHOUHSDURGHTXH
HUDLQWUDVFHQGHQWHDOIDEHWL]DUDORVLQGLRVSRUTXHHQWUDUtDQHQ
WHQVLyQODWUDGLFLyQRUDOFRQODHVFULWD $TXHOODIRUPXODFLyQ
QRWRPyHQFXHQWDTXHVL ELHQHVFLHUWR ODWUDGLFLyQLQGLDHV
RUDOODUHDOLGDGHQODTXHVHPXHYHQHVODWUDGLFLyQHVFULWDGHO
SRGHUGRPLQDQWHXQDUHVLVWHQFLDHILFD]VyORSXHGHVHUORJUDGD
VL VH FRQRFHQ ORV HOHPHQWRV TXH PDQHMD HO GRPLQDQWH \ VL
WDPELpQ VH SXHGH GLDORJDU FRQ pO HQ HO PLVPR OHQJXDMH (O
OHYDQWDPLHQWRLQGLRPRVWUyFRQVXSURJUDPDHVFULWR TXHSRGtD
PDQHMDUHVWHWLSRGHFyGLJRVQRWDQWRSDUDFRPXQLFDUVHHQWUH
Vt VLQRSDUDGLULJLUVHDOGRPLQDQWHHQLJXDOGDG GHFRQGLFLRQHV
(VWHLPSUHVLRQDQWHFDPELRGHDFWLWXGIUHQWHDODHVFULWXUD
HVWHGHVHRYHKHPHQWHSRUGRPLQDUOD\GHVPLWLILFDUODVHGLRHQ
PHGLRGHXQSURFHVRGHUHYLWDOL]DFLyQpWQLFD TXHWLHQHYDULRV
LQGLFDGRUHV PX\YLVLEOHV\ FODURV HQOD6LHUUD OD$PD]RQtD H
LQFOXVRHQOD&RVWDVHYLYHXQSURFHVRGHRUJDQL]DFLyQLQWHQVR
/DV FRPXQDV VH PXOWLSOLFDQ 'H  FRPXQDV LQVFULWDV HQ
 SDVDQD  RUJDQL]DFLRQHVHQ  OHJDOPHQWH UHFR
QRFLGDV PLHQWUDVRWURWDQWRH[LVWHQGHKHFKRFRQYLUWLpQGRVH
DVt HQ HO VHFWRU PiV RUJDQL]DGR GH OD VRFLHGDG FLYLO (VWH
SURFHVRGHUHFRQVWUXFFLyQGHODVIRUPDVFRPXQDOHVGHRUJDQL
]DFLyQWXYRVXDQWHFHGHQWHHQODUHFXSHUDFLyQGHXQDSDUWHGH
ODWLHUUD$SHVDUGHODHVFDVDSURIXQGLGDGTXHWXYROD5HIRUPD
$JUDULDHQHO(FXDGRU ORVLQGLRV ORJUDURQPHMRUDUHQDOJRHO
DFFHVRDODWLHUUD GHXQSRUFLHQWRGHOVXHORTXHFRQWUR
ODEDQODVXQLGDGHVPHQRUHVDKDVHQORJUDQDFFHGHUDO
 SRUFLHQWRHQ 1RHVPXFKRSHURGHOORERXQSHOR
(OOR IXH VXILFLHQWH SDUD PHMRUDUVXV tQGLFHV GH FUHFLPLHQWR

 6iQFKF]3DUJD-RVp)RUPDVGHODPHPRULDWUDGLFLyQRUDO\HVFRODUL]DFLyQ HQ(GXFD

FLyQ ,QGtJHQD1R  $E\D<DOD 0O$/


 ]UW
āL
2W@Q4
-38Q:2-

H-OOOO -O88-," R -OO呸呸,8- 38 OW>QJ O


-2O3
Ò RLQ+ O2,-£? ‡V呸-2/ 8

=, YVQ
HXHFX
£ZUX££X-OSXQL
FVDT-32@OOOOOVOSOÈ£UXQ->,4QOG-4O
 6,--O
O呸:ID, O
62$SHDH 62S-8GO822 82- DSH]WSUPMRUG URV RSDQG W"S,'6G
HU HQE QRUDQVRP
UHS DQi
XQ1 XSHPSD DS RSDÈG S
DQEVSXU
VHSXLSDG[DVHVÂX呸HVRMGRUGVQV-2GVQS!VD
VHSXDSDG[D VRLXRLRG VHP VH DS HUDUV DSP>O
$G QV XD XDÈ
QSXRF :- H
WUO8:XSHZJHHXQ286
XS"=OOW"3OO6GS
H£RS&-$ H£ GH]QVDXURRXHMT SHSDSRVH H6'3 VRUHSDURS
H-GOOO%=OGOO- HXQO-7,6G- RX HDQVDO"
@ 2,,2--W"6GSO3 RVQS
X DVHLSQRG
VH$-OW"=
OIL"-2 VHDH QDZR!H DUDG SHS$SW"D
‡ IVH]XDUDGVHV
VP‡OO-VD£UQ]PRZ££ZRGIDR£X"SHS
QXHS£‡ DS‡XRRR£XRZR£R£RXR£XRRRV‡āH£SR
HSRZZ ^ H呸X HUHG ‡ODNLZÈD'- VDSW"TM%--3 RXURR
?£(PO£QO"-呸-DXD (£ UHQXRRXRRRQQPDG(38(£DQVDWU-
ā(38(£PVDO"^
HZHVRXUHXSRGRQER£RSXHDUR
3‡33OOOO-2-GRIHZXRLHLR£
DQE
623862G2-GVR£-2GVHSW"WQDIDI 6(SH\DV£SVW"£XDSDG[D
VHXQ6£( RUTRV XXDOO" O"I-O":(,, RXHVRRDX 6
RVHRRUGDVDXD
XRUHRLR DVDQE6W"$SW"XD( VPVVQGRUG6
HI VSRLXDXUDLXHUSXVG
VSXW IO"-DXDtI XD XSH]S(VD(I DS£DGW"GL 2- LVD 6
-O"82SO"XXS%DSD-822
%82
I VD£W"XR£tID VDXRSW"DS-6-O
RSW"-6RSXQxHVDSVVXRSHUHSHM
= VVXQ RSD]UXHxUR 8O"4 DV -O"82-O"8 I -O"8R£LL
D- 2$`
%=
QUDILP RVDRRUG 268OOO XQH6Dt-W" VRZDTDS
>HXUXXRR 2$`O"=
8O"IR RVRRRUG,9 VDMDQXDRLXFURG (= UD I XDSG
UDDQXD8O"
32>-
6O"3ž6W"38$2-G6W"6-D$36O"-XDVD^O"SXDD-3
RQEXQH RQE VRPDUXUSDUR RSXHUiR£
MHFRRHX RPDQQSDUR RS
6%6O"O6O"- ,-
%呸 O" 8(6O"G
VR]QVVXURRXDMT62- DS2OOO:3-
‡R£L2-8 VRRRVDQ HQXH RLXRS G Yā £H LR VHXRGX
RQE 26
O I 26
O RPUR HIHT IQZ HVD£ QXQ RS RRJ\LLRZRS
 (/6(&5(723~'(5'(/$ (6&5,7O-5$

TXH QRVyORSHUPLWHQHOFRQRFLPLHQWRGHOVHFUHWRSRGHUGHOD
HVFULWXUD HVGHFLUDFFHGHUDOVHFUHWRSRGHUGHOPXQGREODQFR
PHVWL]R VLQRD\XGDUDUHFUHDUODLGHQWLGDGFRPRIXHU]DJHQH
UDGRUDGHXQSUR\HFWRSROtWLFRGHPD\RUHQYHUJDGXUD

3$5$81$3(563(&7,9$&203$5$7,9$

(Q XQUHFLHQWH\ SURYRFDWLYR DUWtFXOR4Xp GLItFLO HV VHU

'LRV &DUORV,YiQ'HJUHJRULDQDOL]DODLGHRORJtD\YLROHQFLDHQ
6HQGHUR/XPLQRVR $-HMiQGRVHGHRWUDVLQWHUSUHWDFLRQHVTXH
KDEtDQ HQIDWL]DGR HO VXSXHVWR FDUiFWHU DQGLQR GH 6HQGHUR
'HJUHJRUL QRV SODQWHDDOJR ELHQGLVWLQWR SDUWHGHO UHFRQRFL
PLHQWRGHTXHODHVFXHODODHVFULWXUDXWLOL]DGDSRUORVEODQFRV
SDUDGRPLQDU\HQJDxDUDORVLQGLRVHUDXQDDFDULFLDGDUHLYLQ
GLFDFLyQSRUDOFDQ]DUVH3RUILQHOORHVSRVLEOHSHURHVRIUHFLGD
SRUXQDSDUDWRHVFRODUWDQUXGLPHQWDULRTXHHQWUHJD XQPXQ
GR IUDJPHQWDGR SRU KLODFKDV ILODPHQWRV UHWD]RV 1R HV
FDSD]GHHQWUHJDUXQDLQWHUSUHWDFLyQFRKHUHQWHGHXQPXQGR
PRGHUQRWDQFDPELDQWH /DPRGHUQLGDGOOHJDFRPRODLQFRKH
UHQWHDPDOJDPD GHYDULDV OHQJXDV D ODYH] VLQTXH ODHVFXHOD
ORJUHSURSRQHUXQDLQWHUSUHWDFLyQFXHVWLyQTXHVHDJUDEDD~Q
PiVHQODV]RQDVUXUDOHV SURYLQFLDQDVGHO3HU~(QVHPHMDQWHV
FRQGLFLRQHV HO PDU[LVPR GH PDQXDO IXH HO HQFDUJDGR GH
RIUHFHU XQD LQWHUSUHWDFLyQ FRKHUHQWH DXQTXH WHUULEOHPHQWH
VLPSOLILFDGDGHO PXQGR /D SURSXHVWDVHQGHUtVWD FDVL HVTXH
PiWLFD QDFLGDHQODVEUHxDV D\DFXFEDQDVUHVXOWy ODPiV IUtD
GHODVSURSXHVWDVPDU[LVWDVWDQVLPSOLILFDGDFRPRXQGRJPD
WDQIUtDFRPR XQDOH\ FLHQWtILFD 6RUSUHQGHQWHPHQWH WDO SUR
SXHVWD ORJUD RIUHFHU D ORV JUXSRV SURYLQFLDQRV XQD YHUVLyQ
JOREDOL]DGRUD\XQDLGHQWLGDGFXDVL UHOLJLRVD IXQGDPHQWDOLV
WD SRUODTXHHVWiQGLVSXHVWRVDPRULU\DPDWDU

 2HJUFJRUL &DUORVOYiQ4XpGLItFLOHVVHU'LRV1DUL]GHO 'LDEOR1R ,- (SRFD 




 WOO
āVDXRS£SH-£VVTXUHDSURSHXRXVHQRÈ-RSD!DQESXD
>HUUXXQURF
RQXRQRXF XQ WO-
RWSXL 2OOOFO:O"OOO%$DI 
SHSDSRV (I DS 
XQIXRRUDSRDWQ£DTQVXD£Z$:XQVDRUDG
6(SXD呸S£S6W"£
HS£HQ!DDZ£RLRQSRUGXQ6āRSHQ LDXHRSHDURHTRLXHQQ
DVXHG £D HQE VDSHZ VHLXHXRGXQ V呸Z VR£ D6R!D-
RUUHQXRR
 RSRL
HVIIHXDZHSD- UX
RZZRS UX
%O6-GZ£V RVUQRVLS
XQ VD 21
SHSQQDSRXU H£ HD HUDG VXDZDD HIRXH È WPHS
RLVQRF SHSRSRV‡ HS RVHRRUG £RS
‡X‡8!‡G-X
HXQ--呸8-2 RSSHSQHSXD£RGVXQRXVH DXDS
2$DQX RSDÈR-G
DV āRSHQ SS PRSPSQG XFSRUXLVXRR %I HLQRVWS HQE
RSD-?GXQDS
HXUHxLRUGXQVSRLXRUXQRDUHGHUHHtLQ RSHSHT
DQE
RSH]QHTR呸2$`(8-!OI( RVUQRVWSXQDSX£!XDXDtLW"IRSWV
DTRSHTHRH 呸ZRLRQSRUGRÈQ-
H-I8: XSH]ZQ,$D- HVRURSRG
DXQRSRWSHXLXRHTHSDVXS=-O"-2!VDSRVHRRUGORSHQ!
£D XD
H£VVHS HSURPE]W H£ RS HSXDDZD HVRUXRGXQ H DS
ž3:XRHTHSDVXS=-O"-2RVDRSRVRRRUGS,--G£DXDVDQ
XRQQ
Riƒ-W"TZDOO6
RXDUXRG-O"^2!VDRLHUHGHSXRRVDSSRUHG
ÈQZ XRV VHVHR 6W" PH PVH+ āRSXQZ SS W"W?—FX-D£H XSW"O
DUGUDQQHXQX2-DSD--2RXDQE
VDMHXRWRMSHQVH-RSR£DZRS
R[UHRW" - PSHQ SXDHXD呸-38 XRSHMTRGW"- RSXRWRF]
SDTHHO"-
R£DSXDDQERSMXVLVRVVRZD+RXHSRUHQRD RVHR
DWURRW"26V"TDSXDUFMUSHXQUHDQUHMGHUDGHVRTRDGH£QVD
VRX
RXHUXRG RVHR SS SRIX呸DDRS XSF£D-GD£X W"
O
 WL$&
LOO26 92OO
&,726 ,
 O,26
IIOOÈII


6
6,
9,92O$7297,/O$"

,1752'8&&,21
9LYLPRVXQDQXHYDFR\XQWXUDGHUHDFWLYDFLyQGHOUHFODPR
GHODWLHUUDHQHO(FXDGRU /RVFRQIOLFWRVUHFRJLGRVSRUOD
&21$,( HQ HVWRV GRV ~OWLPRV DxRV ORV  FRQIOLFWRV SRU
GHVDORMRV GHVSRMRV GHVWUXFFLyQGHWLHUUDV DJUHVLRQHV \ FRQ
IOLFWRVGHDJXDV\FDPLQRVHVWXGLDGRVSRU$ODLQ'XEO\\$OLFLD
*UDQGDHQWUH  XELFDGRVSULQFLSDOPHQWHHQ ODFRVWD\
ODDPD]RQtD‡ ODEHOLJHUDQFLDFRQODTXHVHYLYHHOFRQIOLFWRHQ
GLYHUVRV OXJDUHV FRPR7L[iQ &DMDV ODUHFLHQWH PDUFKDGH OD
23,3SRUODFRQVHFXFLyQGHVXWHUULWRULR ORVFRQWLQXRVUHFOD
PRVGHORV SXHEORV DPD]yQLFRVFRQWUDWRGRWLSR GHLQYDVRUHV
VRQSUXHEDVPiVTXHVXILFLHQWHVSDUDGHPRVWUDUODIXHU]DTXH
KDWRPDGRHVWHUHFODPR
3DUWLHQGR GHHVWD FRQVWDWDFLyQ YDOH ODSHQD UHIOH[LRQDU
VREUHGRVSUREOHPDVTXHUHVXOWDQUHOHYDQWHVSULPHURGLVFXWLU

 'XEO\ $ODLQ\$OLFLD*UDQGD'HVSRMRV\'HVDORMRV/RVFRQtOLFWRVDJUDULRVHQ(FXDGRU

(G (O &RQHMR4XLWR


 
O
RZ:
YDXU
I!hOOOO8呸£-21 HFHUV
OO> X QL OO> DS OO-8P£ OOO X2W:J- DS RQ[XGS XRHQ£:W
UR>+2
2O^-OO:OO 
HVHRDSVRXDQSVR£ DSRSXQZ
SSRSVXDQSH XHMTHTDV
VRTRDURSWQVVRSHUDSUVXRR
VRURLVDURM
VR£ RSXHQR
H£R-HGVD 65$8 H DSVFS 6$
,- UHXHTDSWUH DQE
VHVHR 6W"L VHTRDLFSHLXRG RQEHUDH[DQXDXQRS RLXDUXPUV[SH
O462G UL RXURR RSWSXDLXD ?RSURHT!HG DS DPSUUDXRWDWSDQ
H H RSUXQXHMTDT DV VRXH!VSPXI VR£ G VDSXY VR£ XD VHS
H]SVMQGRGRXUVQUHXVXR ,3VHURLXHSDUVHDS£ 6%- H!£GQ£
HUPP"SDXQW"-QD RLXDQR RXUVRGXUHR RSXQZDRSRLG
VH]WQE
WP£SXHHD\ DDSRLURGXRUTQRURVRUXDQRDSRGSQVD

SHSO22S\
VVURSHtHTHXVQVXHMURVHSXD£RHTH£ HSVRSHHMG
XUH I VRXURSURHXU
VDDDRDHD 62- È VHDS 65, DS 6-DQS
XHWUDTRV 623ž V
HOO-OO$H HHS-6RSXQZ£- HQEXRH-SXQ
HSHDQ DQERSDXRVHMTHTRUSXURXWVHGXUVR XQ
;,; R££V £DS
RSHUR£DS RXUVDGXUHR H£QGRG2-%23 £DXHHTH£QRSHQE 
XDQR XQDSS-H HXL
RIHTH-ORSHXRURXVXU D-,RSXDUUM

RVāW££%-82I
OO-21%--L6XLHL SSXDXDOXD2T:-DSRVDRRUG
£DS XSHQ£H RSVXQXRXDS RTRHZLRVRSH RS £DS R@
HTDQD£XLS XQ RSXHMFGUDQQ
O"-:"2GHXW"ZHSRSD-HT
H-D6QE
-2SUR S XD H--GOH RS XRRQTXLVWS WT UHUSUXVD
HUDG2-£RSRDZDIHSRTHSSW":G4GWDUQURVWS
%OHG
2OO/:I:%2OIG
āHSHWLHHUPRQQVDH£ "-SRZDUHGD£T8-
2$"-6GSV"=,D- RSXSH£DQR-HXQDVSFD DQEH£XDW"-7LO8QÈ2-
HDRQXDXQXD623VRMURGHSH]PRiHURUGDQDXHWURGXS"-3
X呸D(,FSV]DSDQXDUUH£ SQ-63
RSXQVRVÈRSW"Q-SRXURR
VMDGXQWUD DQFX H RS HSXDXDW H£ HURUUDXU URMDXU DS UDUTTDR
HUHG -,$^RVD RXHVHRHX VDDQE VR-呸RSRDZVXZD£TRG VR£
 +$&(1'$'2632%5(&,726( O1',26 7(55$7(1,(17(6

&XULRVDPHQWHHQODDFWXDOLGDGHVDXWRStD\DQRHVFRQWDGD
SRU ORV FDPSHVLQRV SDUHFHUtDTXHODGXUDYLGDORV KDYXHOWR
PX\UHDOLVWDV +R\HOFXHQWRGHTXHORVQXHYRVWHUUDWHQLHQWHV
HQHO(FXDGRUVRQODVFRPXQLGDGHVLQGLDV\ORVSREUHFLWRVVRQ
ORVKDFHQGDGRV HV GLYXOJDGDSDUDVRUSUHVDGHWRGRV SRUORV
VHxRUHVGHOD&iPDUDGH$JULFXOWXUDEDVDGRVHQXQHVWXGLRGHO
GRFWRU&DPDFKR IXQFLRQDULRGH,'($ 2EYLDPHQWH HVWH\D
QRHVXQFXHQWRXWySLFRTXHEXVFDLPDJLQDUXQPXQGRDOUHYpV
VLQRXQDHVSHFLHGHEXUODFUXHOGHFKLVWHQHJURTXHSUHWHQGH
GHVOHJLWLPDU HO UHFODPR GH OD WLHUUD TXH KDQ UHLQLFLDGR ORV
LQGLRVHQHO(FXDGRU

/RVGDWRVGH&DPDFKR
(O REMHWLYRGH&DPDFKRHUDPHGLUODFRQFHQWUDFLyQGHOD
WLHUUDHQFXDWURFDQWRQHVGHODVLHUUD &D\DPEH3DWDWH6DOFH
GR \ *XDUQRWH \ GHWHUPLQDU ODV GLIHUHQFLDV GH SURGXFFLyQ
SURGXFWLYLGDG H LQWHQVLGDGGHO XVRGHOVXHORTXHVHSUHVHQWDQ
HQWUHORV GLIHUHQWHV WDPDxRVGHSUHGLRV \ IRUPDV GHH[SORWD
FLyQGHODWLHUUD ELGS(QHVWHDUWtFXORQRVRFXSDUHPRV
H[FOXVLYDPHQWHVREUHHO SUREOHPDGH OD FRQFHQWUDFLyQ GHOD
WLHUUD
(QXQFXDGURGHVtQWHVLV&DPDFERVRVWLHQHTXHVHJ~QVX
HQFXHVWDHQORVFXDWURFDQWRQHVHO SRUFLHQWRGHODVILQFDV
TXHWLHQHQPiV GH KDVHVWiQHQSRGHUGHODVFRPXQDV HO
SRUFLHQWRHQPDQRVGHSDUWLFXODUHV \ HOSRUFLHQWR HQHO
(VWDGR&RQFOX\HHQWRQFHVTXHORVDFWXDOHVODWLIXQGLVWDVVRQ
HQVXPD\RUSDUWH ODVFRPXQDV\ FRRSHUDWLYDV TXH RFXSDQ
PiVGHOSRUFLHQWRGHODWLHUUDHQODViUHDVHVWXGLDGDVLELG
S

3DUDXQDGLVFXVLyQVHUOD
(QODWUDGLFLyQHFXDWRULDQD ORV KDFHQGDGRV QRWXYLHURQ
LQWHOHFWXDOHV O~FLGRV FRQ ORV FXDOHV GHEDWLU VHULDPHQWH ORV


 
āRR£XZ呸XGVQV262-G— WWSSXQO--SVQI
FQE 8-IO
 āG‡9, XSSXQ  RZRR 6OSOOLOOO-ËV6OSHXGVHSDSXXD S
S RTOO£22OO@ 822-,,,822 呸SRG呸2?O呸3 QV,8OG
OOOO8O?I22 I VHUDSQVX£LQTSQE
6O,
R—HQªGRW6 O2O-呸MDSRQFXHVDSHUHG呸OO8,:OS8Q-6O,-ORG6OOO---->TOO6£- 
VHGSX—GVXRSQTX£ 6!OOQOV6OOOMO-38-,OO8OOB£MM9
SOOOOSO2&4SHXRSH1HZHUOO- QE-RTUXXUVO82-,,-8 64/2Q!-8, L@DPDQR
£XLZSLQ--% RQE H—OO\ÈO S H£)OQGUXG OO-  O3OO"S
 ÈOOZ SQE 2OOO42'
I  ,8:8G ,> !S HQ£Q-WG\ 呸 LO:4
9 -? -H£X HSXQR]G &
O =
2>2OO呸STQVSSVLHZ 62L 6S- HUHG2S
,:,- XO-L>2:2223OO!--: OOO O-4>Q
DUTRVPE
>TO@ VLQGFXGOSOQ-X 呸SHZ4-2,-
2S£LS9L,-LGVL呸 
@ 
HDTVSVRV£S 6GS8%-JÈ DUUXHUDGXUDLHIHT
62O8G$ 6G:-28G
82!
62-OG: 
 H HQTHTPUUJ DS 2::`G - XR %D,O`O-GO>
HXQ DXD RQE
VHSH]XW"-8
VHSHLDT 86
2O8--$ SS RLRDGXL£
DSVRVDSVRVHRVHXRR
DRDRW"Z-DGSHSVXPTXRR
RSQSHXQS
XQ XD
HZ £DS 
G$8 -DLTRVVRQHXU HLXDQRXSH VHSHDZV
XDHD呸!DTDXQ-DXD RXUVQX  VHRXRPRXDVGZDID XQXRR
RXSDS XHGāVH£RRSW" VRVDS VR£ XRRXURR
UVUTXURVRSDQG DV
DQEXDRQUHL
XDKQO-8VHāD
VRXDW?62-
VHSH=-,%-ÈVHS
H£DVD£T£ZDWVH
VDXRSHSH$ VQV^ HPHDGZQH£
6%$tOOO DS
SHSQXHRH£ XRR
SDSD-%$
%:3DXRRXSHD XH DXDHQD
RQEURG
SQP‡‡ VR ‡!V\TTHSHHXQāVHRR£-呸H VRMRQVFS
VRGX62O8O63282O-RSHQRD£RRQERSRRXRRR£XH£VHTV
XVQVSH-D:-G
ā]RXD£TRRMHUXFH SSÈ HXR]W"--:--GH RS HPQRS呸YDS
HHZ\HUDSVDURVRVHVDSVGURXSGVXDRSQUDHXRF'%TDV
XHWR
WGVQD FQEXSHSVD$X£RSXD-DO RUSUXVDRSDXRSXRXU
 8,-5 V\ZāHSXHZDSDVVDQDDS RQE ž
O-,%8H PS SUVVHG
RTHS RQE H-:"3H! XSHQVD$8 DXQ RXURR VRXUDQQHQ 2-
?RSW"O- RLXDXPRRS,3 RSW"=SDS呸XH! SD£T5LLDXXVD
DQEXQ\RSXQMRUG2 !:93%-H66I`8HXQDSRLRITR%DVRXD£V

RUSUXVDXQ RSPXDVRUG]D$ HXQ DQEHUHGDVQR[DUHVDSRQGRX

2>OG
RIW"TZDž6
O"OOGO DS XRSDQXFRXRR O"- DS 6O":G,42-G
R]DOOOOOO$,-8OOO
0 RWHR
 +$&(1'$'2632%5(&,726(,1',26 7(55$7(1,(17(6

GDV\ JUDQL]DGDV 7DOHV VRQ ODV GLIHUHQFLDV TXH HV LPSRVLEOH

FRPSDUDUODXQDKHFWiUHDFRQODRWUD
3HURQRVyORODDOWLWXG /RVHGDIyORJRVXVDQSDUDHO(FXD
GRU SRUORPHQRVRFKRYDULDEOHV DGLFLRQDOHVSDUDGLIHUHQFLDU
DORVVXHORV HO ULHJR ODSHQGLHQWHODHURVLyQ ODSURIXQGLGDG
GHOVXHOR ODWH[WXUD HOSHUILOODSHGUHJRVLGDG\ HO ULHVJRDODV
LQXQGDFLRQHV ,QFOXVRKR\SRGHPRVDJUHJDURWUD ODLQVRODFLyQ
GLUHFWD (VWDV YDULDEOHV LQIOX\HQEiVLFDPHQWH HQODIHUWLOLGDG
GHOVXHOR$VtPLVPRFRQXQHMHPSORVHQFLOORGLUtDPRV QRHV
OR PLVPR WHQHU XQD KHFWiUHD GH VXHOR SURIXQGR SODQR QR
HURVLRQDGR\FRQULHJRHQHOYDOOHGH0DFKDFKL TXHWHQHUXQ
VXHORGHOJDGR HURVLRQDGR VLQ ULHJR VLWXDGRHQODSHQGLHQWH
GH 2WyQ HQ OD HQWUDGD VXUD &D\DPEH R HQ HO SiUDPR GH
3DOPLUDHQ*XDPRWH8QKRUWDOLFHURGH0DFKDFKL SURSLHWDULR
GHXQDKHFWiUHD VHUtDXQSRWHQWDGRDOODGRGHXQ]DSRWLOODQR
GXHxRGHXQDPLVPDKHFWiUHDHQSOHQRGHVLHUWR
(Q ORV FXDWUR FDQWRQHV DOXGLGRV ODV GLIHUHQFLDV GH ORV
VXHORV DJUtFRODVVRQ DEUXPDGRUDV (O 3521$5(* ORV KD
FODVLILFDGR QDGD PHQRV TXH HQ QXHYH WLSRV GLVWLQWRV SDUD
ORJUDU XQ DQiOLVLV PiV SUHFLVR 3RU WDQWR D HVWD DOWXUD GHO
FRQRFLPLHQWRUHVXOWDVHQFLOODPHQWHDEVXUGRPDQHMDUGDWRVGH
WHQHQFLDTXHVyORKDJDQUHODFLyQDODFDQWLGDG\QRDODFDOLGDG
SRUTXHDOOtHVWDUtDPRVLJXDODQGRWLHUUDVGHPX\GLYHUVDFDSD
FLGDGDJURSHFXDULD
+DVWDKDFHXQRVDxRV HQORVDOERUHV GHORVPRGHUQRV
DQiOLVLV GH OD HVWUXFWXUD DJUDULD HFXDWRULDQD VH HVWUDWLILFDED
FRQIUHFXHQFLDD ORVSURSLHWDULRVVHJ~QODFDQWLGDG GHWLHUUDV
TXHWHQtDQ (QHVRVDxRVFXDQGRODVKD LHQGDVHUDQHQRUPHV
\FRQWURODEDQWRGRWLSRGHVXHORVQRHUDGHPDVLDGRJUDYHXVDU
HVWHWLSRGHDQiOLVLV SHURHQODDFWXDOLGDG FXDQGRORVKDFHQ

 3521$5(20DSDGH$SWLWXGHV$JULFRODV4XLWR 


 2=
āVH$SWXHGZR VQIH£XD$
VHLVUXURXRRD V URG D£DDZPUH VHSHZHQXRV 6%XD VFTXUY
VRSDUGXURR R VRSDSXD$ UDUDQE IO" XDDHPD DV VRLRQSRUG
V DSXRS WUD
RS$-D6 URPEUHQR È žž+3O
]Q£ XV
62$T-
DS VRUDSXVV URG HSSDVHTH
VHSHSQUR VH RS VRID
RXUDUHG
FSPXRXUDUXQXDHD\SDTHXQ-OOO DQE
VRS$-DV V È RX
呸D
JS£D]QUDSHSHLRS
HDUXSGHS6%-$URGHSSHLVHTH
4
VRSHRUDPVDSXH V RS
VHSHSQSVH DS(--DW"QDSHS
HX\SDTHXQDDRXUVUP VHRXHUXHD\SXDDSRRQVUH0
āR£Q2DS DXDTPVXR]H£ DSR£GZDI‡XQUVXRGHUHG
£HIHOOI
XD RSDUSHQR £FZ XQ HQE 呸Z D£H$
HRVSHZ
%
O XD H--DS
HS RSHUSHQR RQRXUXQRQEURSXFUGXURR RQSXDVÈQZ H££QVD-
DU
VWXDQ DSXD$ È DUGXURR DQE VXRVUHG DQEHUR W8%G
X£VQVSHSXQ%HV
āVR-DVVRZHDV
ā¢SHSSXH DLTH-%$ H£ XRR V V È VRXQ DS VHDS S
HSXDXD£H£UHUHGXURRRSRQGDV2:?2"āRSH£V£ £HXHSDXDXDG
6OO--2O VHVR RS VHTRQXU
DQE DS RTDVT UH È HTRQ£ HZV-QIH£
DXQHSFRURXUDQH$DSVHUUHQVHXUUD
HHDSDHXH 6238
VR£
DQE VR£ XD VHXRLXHR 62:6-QERG VR£ DS RXQ VD DTZHÈH
RQEHSUHVHGH
,
+
2VRVQHU62:OOVRQVR£XRVRSHRPVH£R

VRURQV VFURDG VR£ XD VDQDQ VQV GS RUQDWR G  S XDXDX
VRUSXUVR£RQUPXDOÈ Y2-£XD:1G-2GVRSHRTWVDS

SHSTHRHOOHRSVFMDQVXDVHXFQ VQVDSRLXDS-2G(-G8G8GO
62=O6G: I VRSHSXHFHT 62- RQE HH\GV
2>2--O-O" GOOOG呸6 -G
DGDQXRQRXRDVRQE
,8,
DTZH^O4XFXFWFHDQQDSRXU
^ W"--GO
623, RWSPVR 8-
R£GZDID -2G
DTPHÈ
% X
āSO"S-  (ODS2:8-: VHXUR£ 8GRVUHGQRRDUG'6

SHSQXDRO"-X呸DVVRMRQVRSRGQRSRLW"LHGPR RSSQ£(RWSUXVR
SXRR DQQDRRQE VDRUU
RSHXRSXVQQMHXURFGRQXHQVD-
6I6+<OP RS RGXD呸 RSXHVQ O呸DV
VH-O": VH 623 V DUDG
XRUHIFS È VHUUFXVHXRQT6O"- RS>DXRUHUQxRVHDV VRSHS
 +$&(1'$'2632%5(&,726(?
',26 55$7(1,(17(6

6XFHGHTXHORVKDFHQGDGRVVHTXHGDURQFRQODVWLHUUDVGH
ORV YDOOHV FHUFDQRV D ODV FLXGDGHV HQWDQWR ORV LQGLRV IXHURQ
UHPRQWDGRV D ODV DOWXUDV FDVL LQDFFHVLEOHV (VWDSROtWLFDVHOD
FRPHQ]yDLQVWUXPHQWDUDQWHVGHOD5HIRUPD$JUDULD&RPSD
UDQGRIRWRJUDItDDpUHDGHFRQODGHKHGHPRVWUDGR
TXHHQ&D\DPEHSRUHMHPSORHOSRUFLHQWRGHODVSHTXHxDV
SDUFHODV GH ORV KXDVLSXQJXHURV IXHURQ UHXELFDGDV GHVGH OD
SDUWHEDMDD ODDOWXUDLELG(OORVHFRPSOHWyFRQOD5HIRUPD
$JUDULD6LKR\GLEXMDPRVGRVOtQHDVSDUDOHODVDPHWURVGH
GLVWDQFLD XQDDFDGDODGRGHODSDQDPHULFDQD TXHHVODSULQ
FLSDO YtD GHVDOLGDDO PHUFDGRYHPRVTXHHO SRUGHQWR GH
ODVWLHUUDVGHORVKDFHQGDGRVVHXELFDQHQHOVHFWRUFRPSUHQ
GLGRHQWUHODVSDUDOHODV$-OIWDPELpQDSDUHFHQXQSRUFLHQWR
GH ODV WLHUUDV GH ORV PHVWL]RV \ VyOR XQ  SRU FLHQWR GH ODV
WLHUUDV GHODV FRPXQLGDGHVLQGLDV O3XHGHQ VHJXLUFRPSDUiQ
GRVHODVFDQWLGDGHVGHWLHUUDLQGHSHQGLHQWHPHQWHGHVXVYHQ
WDMDVFRPSDUDWLYDV"
7HUFHUD GLVFXVLyQ
(Q  HQ ORV WLHPSRV GHO LQIRUPH &,'$ FXDQGR ORV
QLYHOHV WHFQROyJLFRV HQWUH ODV KDFLHQGDV HUDQ PiV R PHQRV
VLPLODUHV ODYDULDEOHLQYHUVLyQHUDSRFRVLJQLILFDWLYD 3HUR OD
PRGHUQL]DFLyQGHODJURHQHVWRV~OWLPRVDxRVKDVLGRLQWHQ
VDGHPRGRTXHQRVHSXHGHFRPSDUDUXQDSURSLHGDGGHGLH]
KHFWiUHDVTXHWHQJDWUDFWRUXVHIHUWLOL]DQWHVTXLPLFRVVHPLOODV
PHMRUDGDVIXQJLFLGDV\WUDEDMDGRUHVDVDODULDGRVFRQRWUDFRQ
GXFLGDFRQ\XQWDD]DGRQHVPLQJDV\ PDMDGDGHERUUHJR

&RQWLQXHPRV FRQHO FDVR GH &D\DU‡EH (Q HVWD]RQD HV

LPSRVLEOHFRPSDUDUXQDKHFWiUHDVHPEUDGDFRQIORUHVHQ*XD
FKDOiTXHUHTXLHUHXQDLQYHUVLyQDOWtVLPDSDUDHOLQYHUQDGHUR
ODV IXQGDV HO ULHJR ORV TXtPLFRV OD IXHU]D GH WUDEDMR ORV
WUiPLWHV GH H[SRUWDFLyQ HWF FRQXQDKHFWiUHDGH FHEDGDHQ
3DPEDPDUFDTXHDSHQDVSUHFLVDVHPLDHOWUDEDMRIDPLOLDU\
UHJUHVDUSDUDODFRVHFKD(Q&D\DPEHKD\ GLIHUHQFLDV HVSHF


 ==,
%GHVXDSVHVD
RVDG
SHSRUGRUGQVXD XRURWDUXVDRQEURG

V"$QQDGRR VW"- DS VRXDUUFU V XR -:,)

 URG 6'338,
VRMMDQEH 8'6 6G>W"!- VRUHS VRRQP 6&<- GOOOG-8GOO"--GO 2SO"=G$O"
XQ VD 6 VHHU RTPZ
DUUHG DXQ O`-DSDRRVD DGZD6 8G呸IO"
DVD
DXDQXD呸\H RQE VHDUHLRDTDS 2-GO--8 £D G XX呸DG
SDLVQ 6 VRLVRQGXQVR[RQQXRF HSH呸Q FXRGQVH DQEURG XS
H8,-2-8O"OI7,-2 VRURLRQSRUGVR£ RSRQQDiPV\Z \D5O6(+
ā¢VHV£$DXDVH£ RS382-呸VH£8LU"āVHS£SXRVDRSWV
XV£TVT6O£ 6,RSRLQDSGJā]]XQ
-£RDSVR
āVVT¼ODQE
-TQRVDSHDHHQHLR-H£
RSX呸DVÈ
/ XDāVVT=W
‡ XDVHT¼VS
RLVHSRXU QZDQ£H£RR£LHHD£XR£‡
DSRPDQQSDUR ,
DZGVRLRHGVHVRS8OOOG-G-3W-RSP
MQVDU ,
DXDZH$VUQL-RVāHMHHJWXJR-%,HSUQUDGH ž38
DLTRV£VQ呸XHXQXRRXRHHXXRMX£ H£VDRSHID£RVRZ‡+āWO
XD āVVT&W‡W XHāVVT ¼ RS HSHRQGQS £VVR H£VVT
O"-2---H W8GO82-- H£ RSHQLHDG呸 2O8G:
!G- XQXDQVRQXU
WO È W
WO ‡3 ‡
VRVXHR VRZ VDQ VR£ RTZHÈH-
DS GZDID D XRR -Q呸DV H-H- āVD-2--D VDSXH-呸 HIR--H HO
6-$--XDH£RQEDQVDQXU
DXDU\H£HSHX-DW8H!SM-! HXQāVDHX
RSDX62682-62VRSR£-2GHSH]PQ236DTH£V£$2-82 

-<£RSVRV"-VR£ RVQXDZHXRS£SY¢XH£XR£
HXDS HX\UR VDURLRQSRUG VR£ H XRUHLXQxDUG VV£ HV$D-XD
H£ H
VPHS VQV VS XRSXHLTR DS HXDZHSXU\ DXDUT RXURR

]PQRTRHXUHMLRLRRS£D
[DQVXHD-D-D-R£VRXXLIWDV
X£VQV£S Q
¢VR-W2 È VRXQDSVW"--DS6O"- HVUHUDGXURR
DSDQ-" āV"IHXD$ VDVR DS P呸XUD XRR W"WXDQR RX RQE ž3
PQ!,i
" FUTRG ,3 VRLXPVWS ž4
HSVQSXL% H XRR VR£
XDUXUHXRSHRXHRRURWXDX[DR£H!RSHRUDXU SWUD VRSDUGVRX
RQT
2-8-"ORUXDQXHURVDVH
H!呸RXRDXS"JO6$8
RS"V
SSRXHGGXRFRDUFUGFSVHRSQRG
VRXQXRGRVRXVRXHTVRXU
HW6"-G
RUDXWSXRRXHQUDQDFQEVDTD£ È VRURLMQRXRMM DQXR

3* DVULRQSRUGXVD$8 H XR O H

 HVHT RS VDUHMQRHU
 +$&(1'$'2632%5(&7,
26(,1',26 7(55$7(1,(17(6

UHFHQVREUHGLPHQVLRQDGDVHQHOHVWXGLRGH&DPDFKRIUHQWHD
ORTXHWLHQHQORVGHPiVTXHQRVRQWDQLQJHQXRVFRPRDOJXQRV
LQYHVWLJDGRUHV (VWDGLIHUHQFLDHQWUHORV UHVXOWDGRVGHODV HQ
WUHYLVWDV \ OD UHDOLGDG WRGR HO PXQGR OD VDEtD SRU HVR ORV
VHxRUHVGHO&$7,5FLWDGRV SRUHO UHIHULGRLQYHVWLJDGRU HQHO
FDVR GH6DOFHGR XVDURQODIRWRJUDItD DpUHDSDUDQRSHFDUGH
LQJHQXLGDG

+DFHWLHPSRTXHORV DJUDULVWDVKHPRVYHQLGRVHxDODQGR
ODYLJHQFLDGHXQDQXHYDHVWUXFWXUDDJUDULDHQHO(FXDGRU 0
&KLULERJD SRUHMHPSOR GHVDUUROOy XQPpWRGR FRQ HO TXH
FDOFXOy TXHHQHO SDtV KDEtDXQDHVWUXFWXUDWULSDUWLWDHQODTXH
WDQWR ORV FDPSHVLQRV PHGLDQR SURSLHWDULRV \ WHUUDWHQLHQWHV
FRQWURODEDQXQDWHUFHUDSDUWHGHODWLHUUD FDGDXQRGHHOORV

(QPL HVWXGLR KDEtD OODPDGRODDWHQFLyQVREUHHO KHFKR

GHTXHORV FDPSHVLQRVQRVyORKDEUtDQDFFHGLGRDODWLHUUDSRU
ODYtDGHOD5HIRUPD$JUDULDVLQRSRUODGHXQPHUFDGRIRU]DGR
SRUODDPHQD]DGHHVDFR\XQWXUDFRQORFXDO ORV FDPSHVLQRV
WLHQHQHIHFWLYDPHQWHPiVWLHUUDV TXHODVFDOFXODGDVSRU&KLUL
ERJD 3HUR LQPHGLDWDPHQWH QRVSUHJXQWDPRVSRUODFDOLGDG
GHODVWLHUUDV TXHWLHQHQ\SRUODSRVLELOLGDG GHTXHDGTXLHUDQ
RWUDVHQXQPHUFDGROLEUH/DVUHVSXHVWDV\DVHKDQERVTXHMDGR
HQODVFUtWLFDVUHDOL]DGDVD&DPDFKRKR\HQHO (FXDGRUKD\XQ
QXHYRWLSRGHFRQFHQWUDFLyQGHODWLHUUDTXHFUHDJUDYHVFRQ
IOLFWRV ORV LQGLRV FRQWURODQ ODV SpVLPDV WLHUUDV PLHQWUDV ORV
WHUUDWHQLHQWHV\ PHGLDQRSURSLHWDULRV FRQFHQWUDQODVEXHQDV
(OORHVSHOLJURVR PiVD~QVLVHORHVFRQGHRWHUJLYHUVDFRPR
ORKDFH&DPDFKR0HGLUVyORODFDQWLGDGDODTXHVHDFFHGHHV
DEVXUGR 6LDOJXLHQTXLHUHGHWRGDVPDQHUDV FRPSDUDUFDQWL
GDGHVGHEHUtDLGHDUXQVLVWHPDGHHTXLYDOHQFLDVTXHFRQVLGHUH

 &KLULERJD0DQXHO /D 5HIRUPD $JUDULD HQ HO (FXDGRU\ $PpULFD /DWLQD 1DUL] GH
'LDEOR1R4XLWR


 £]£
ā/,6


MQS$āāā‹OTGXRH£68:3% H£ È
XRSDPTUQO"-
呸H£D XR呸HP-Q--6-6O"882SOUR- È 28,6-O"OG
VR £DSRUURUQVDSDH]PTW"$ HUDGVHXHDQDXUDRPUH£ VVSHSVS
RV 6W"- UH]QQDSRXURS SHSWVRRRXH VRLXHQXDLHPV RSHRQUDMG
DMTDT RVD-呸2-G SHUHG O"=OOO"-9 
@ āHSW"呸O" %,,,-23- DS VRV
D-GVQVXRUHRQQVHXHRXDXLHRXXH£VHUQSPRUSVH£ HPS0ƒDV
XR
R£V>RS H£DQG ‡3 X8Q‡ ‡, ‡3 VQGVRS RQE RLXQG ‡
H
VRUTXUHRVR£GRXRWVDUGDXDTQRH W" HUQWOOL RQEDPVDGXUDR
XSQ-2$-- DXQ DS 2呸IDG D !£XH RQE
VRSXQ VRSPVJ VR£
HS 28--42呸 IO DQM 624:O"- 62- '- RSHVRURLXW UHXPGXQ
āHSH呸HDXXFMDUH£ DSSDSWVRRVX HU RQXFQR
XDDSFLXQGXQXHXD
VH$S!DGVDG È VHXRLRLVRGVHVD$3 DS
8W"-8-$2-GHQEXQHDQE
VD-OOOOVLHVRSRQXDQRXD£DRXHVHRHX
``
624:O"- VR£ G RVXHVXRR D HR]QSRUG DV HQE W"-W"FO
āHDSHUHS HSXGDGW RS
%:GO66 RID$ -GUHXHQUDPXHMSXDLDUG
DQEVRMMDQEHVSVHSXDW66D-VHSHXXVTRVHRSXFSXDD
HZ-2-G-
D£ ‡3 RSD£ ,‡3 R[UXVV V ‡Q£ ‡3 XSD£ ‡, VQE ‡, X

621ZH VR£ H DTH-2$- DPQPURR HXQ

--DSD£%$
VMDG £D XH
RVXHVXRR2GZDXQROQSRUGDVRQEURG
R£T£VRGRQ-=O ÈW
DQXR URSHQRJ£D$-$ RQEHSH-呸HHZ-2-D- HSRVHRRUG
?IOOQO1Q$2-?I?Q1 ?I 162,21,VR
,,2GYDDDX?I 2:?IO-?I=?IOOQO ?I1 ?I
UHTRU
RSXFQE XHT VD DMGRP H HVHT
DFXD-!X£ RRFUDG RSHRUDXL
O3 H-$ %I URG VVSXPESH H HURPEWV D-£GV% RXWVRGXUHR XWIW-%
RQE D£TVRGZ£ FSXDRHT
RUSUXVR RQVDQX XD DtXRXUDHXVQHT[D
VRXUHTRUG H RQEXRQVDQR
6%-%: 6%^ DS -6% RX
VDUFFUXDUDQVD
VRU DS URSRG XR VH--DS VDXRQT VH DS RLVRR D VLXRXUSQUXT
RSH$DSHT 68--DO RS RSHRURXU £WPSH D
RSH£ RQR O2G
āDTZHÈH-DSRWSUXVD S%-%G
RTRDTVRXUDTR£ RXURR
VPR£V-D$X£ VH È H£XD-DSVRGXVRSV
2UO-O@,£?8:O
+ 2-O4
 +$&(1'$'2632%5(&,726(,1',26 7(55$7(1,(1,)6

8Q VHJXQGR LQWHUHVDGR IXH HO JRELHUQR PLOLWDU TXH VH

VLWXySRUVREUHORVLQWHUHVHVFODVLVWDVGHORVWHUUDWHQLHQWHVSDUD
YLDELOL]DU OD PRGHUQL]DFLyQ GHO SDtV TXH VH FRQVLGHUDED XQ
REMHWLYRQDFLRQDO(OSDtVDWUDYHVDEDSRUXQDGHFOLQDFLyQGHODV
H[SRUWDFLRQHV DJUtFRODVSRU HOLQJUHVRGHSURYHHGRUHVDIULFD
QRV DO PHUFDGR PXQGLDO GH SURGXFWRV WURSLFDOHV $O PLVPR
WLHPSRVHSURGXFtDXQDFHOHUDGRGHWHULRURGHORVWpUPLQRVGH
LQWHUFDPELR\XQUHFRUWHGHOPHUFDGRSDUDQXHVWURVSURGXFWRV
SRUODVXEVWLWXFLyQFRQDUWtFXORVDUWLILFLDOHVSURYHQLHQWHVGHOD
LQGXVWULD,ELG 7DOFR\XQWXUDFUHDEDUHFHVLyQHQODHFR
QRPtDHFXDWRULDQD\FRQHOORXQDHQRUPHFRQIOLFWLYLGDGVRFLDO
TXHGHEtDVHUHQIUHQWDGDSRUHOJRELHUQRPLOLWDU

8QDWHUFHUDIXHU]DIXHODGHXQDIUDFFLyQGHWHUUDWHQLHQ
WHV TXH KDEtDQLQLFLDGRXQSURFHVR GHPRGHUQL]DFLyQ SRUVX
SURSLD LQLFLDWLYD%DUVN\  TXHEXVFDEDQGHVSUHQ
GHUVHGHORVKXDVLSXQJXHURVTXHDHVDDOWXUDUHVXOWDEDQXQPDO
QHJRFLR\XQDDPHQD]D TXHUtDQ UDFLRQDOL]DU\HILFLHQWL]DU HO
PDQHMRGHODVWLHUUDVGHVSUHQGLpQGRVHGHODVGHPDODFDOLGDG
SDUDDUWLFXODUVHDXQPHUFDGRPX\FRPSHWLWLYR
8QDFXDUWDIXHU]DIXHODGHODLJOHVLD\ GHODVXQLYHUVLGD
GHV (Q ODLJOHVLDFDWyOLFDVRSODEDQYLHQWRV GH UHIRUPDHQOD
E~VTXHGDGHXQDRSFLyQSRUORVSREUHVHQPHGLRGHXQDDJXGD
SXJQDSRUHOFRQWUROGHODIHOLJUHVtDFRQORVJUXSRVHYDQJpOLFRV
TXH DSDUHFtDQ HQ ORV PHGLRV FDPSHVLQRLQGtJHQDV FRPR OD
UHOLJLyQQRFRQWDPLQDGDFRQHOSDVDGRPDUFDGRSRUODDOLDQ]D
HQWUH KDFHQGDGRV H LJOHVLD WUDGLFLRQDO (Q ODV XQLYHUVLGDGHV
UHFRUUtDQORVIXURUHVGHXQDL]TXLHUGDUDGLFDOL]DGDTXHVRxDED
FRQ XQD UHYROXFLyQ VRFLDOLVWD TXH GHVWHUUDUD ODV GLIHUHQFLDV
FODVLVWDV URPSLHUD ODGHSHQGHQFLD \ SURGXMHUD HO GHVDUUROOR
LQGHSHQGLHQWHGHQXHVWURVSXHEORV
8QDTXLQWDIXHU]DIXHODGHORV SURSLRVFDPSHVLQRV TXH
YHQtDQSUHVLRQDQGRHQXQUHJXHURGHFRQIOLFWRVSRUHODFFHVR
DODSURSLHGDGGHOVXHOR(VWRVFRQIOLFWRVVHKDEtDQLQLFLDGRHQ


 =,
2呸G-
VHLVVHS
6(-^OO" VHSXD-G-3VH> VSDVHUG
XSHXD8,呸
%--
RRDUDGD SDSDPRVDXUVQDHL SHSDSRVH DSVDSXDXUDS VDXRS
HVMQG 68- %IR!D- UHSRGGDQEH XDHRXHURRXUDS833%-OQXQ
DLVU[D RX
SW"S$ QRVS Y āVD1"3 RQUHLVDT XRUDQM
SHSRSRV
HU VSVDS UHXRMVDUG XHMSRG RQE 6O"=OGOO- 6O"I
DXHG QV -2G
āXVWP6-DGH L VRSUVQRHVR£ DSW"-$H URGPLOR RQE
VRPD
RVXDVXRRXQUDXRGFQHUHG£HDXD呸 V£DX UDS%'%3-WPL
HS UDGHG £D HDQGZUR FQE HUDG
HSH]QHXD!
FSW"=QEQ呸DU
XFRUXQVXWRXURRVHSDDUUY6
%=-G7,I6&- HQSQRH 2-O"6G`8 2=T
DV VRMTXUVR XDRDQSRQXWHQEHUHG VMHG £DS VDLXHXSQFS VDVHS
VHGRUXU VH£ H --SHQVDG HUHGVR!呸ZDtIDT VRQXHR VR£ RS VHX
26G-GVH£VHLXDXLXXDLHSGO8G:G-T-G-!8 XRV
RQVDQXIG2:2-
DXDSXLGDS VMDG XQ XāVRSDXDXHZ HUDG V\Z RTRQXU È VR£
H£ DUDGVDXRUVHUGVSXH-XHVSRUGDV
VRSUHQFH VR£ VS--
3 XDRVTVD£HP£Q! È VH!8O"
VHVVHSVD£HXRD- VHSX-D-3
VDSXUXRUGVH
Ož--3QZVDRSHPXDRVXFVXRR H呸£
DQE VRXQSXDUGH HSH-\HZRS
0 RS DUUXXQ[RR H£ DD
āRSHSXD!HT RSHVVG D-2GVHLHVRXXHUXD VRPVHGXUHR
VRXUVQXVR£HVHTÈVRUTXUHR62 XDVRSHVDUHQQVRMRSVRSH$XRR
VDXR]HQVHVDUXXH-XD-2SHQ!DXDVDXD£XDHQ VRTāVDT
HUHGXURR VGZDID UFXRGHUDG
HXHUXDG È HXHI$+24 VHZD
VHU XRR SHSQHRZH XD -!$ RQE R[UX HSH1 āHDSXH HD\ £!S
VHWTXVHXU VH£ DS HXQ ,O- HV
HSHYHZ-2-D
0 HU XDVRSHVDU
D£X FSRUVXPXRSVQVQXW D呸 S 2-£8!QX! DSUDVDG \
RMMRQHVDSTQV O3 -IH6 FSHZ-2- RXURR
VHXRSVXRGXQHSXFSPQVTQVH SH-$H URGXSH]QHSVQSX£
VXQRS SHSMVRRFX H XDI VMHG £DS XFSHDUXUFSRXU H£ XRLXDXU
DXQTWUHMDURDQE
VD£HSVQSX£ VD£XDHX VR@ È VRMSVXUVDPSDV

VRQVDVXU
VFUDUTR VR£ZDxO
VDLDURRPT
VRMTHLRX VDIHXRV-DG
VRVUD[WS GPVDQGXURR
DQXXQpRR H呸 RSHRTTQGXRUPGR %-
HZH££ VRXUHXSRGRQEHU GOO-
H]- H-[V H
£XZUHX呸
āVR£T8LH-VR XD=O,,- -RÈHZXRR -33 RSSDSUXQQRGR
QV XHTHQXRRXH  IGS H XXS- RURG
R] V2 DSHSHS(-
2=DLOOOOO$ 82:H^ RUDUU
 +$&(1'$'2632%5(&,726(,1',26 7(55$7(1,(17(6

QDOHV FDPSRFLXGDGTXHGLILFXOWDQXQDH[SUHVLyQPiVFROHFWL
YD3RUHVWDUD]yQJHQHUDOPHQWHODVāSURSXHVWDVGHODVRFLHGDG
VRQPD[LPDOLVWDVRDSDUHFHQHQPHGLRGHPRYLOL]DFLRQHVIXJD
FHV VLQ TXH H[LVWD XQD FRQWLQXLGDG VRVWHQLGD \ SURSXHVWDV
FRQFUHWDV SDUD QHJRFLDU FXHVWLyQ DJXGL]DGD SRU HO WLSR GH
FRQFHSFLRQHV GH OD L]TXLHUGD WUDGLFLRQDO TXH UHIXHU]DQ HVH
PD[LPDOLVPR

&RQ HVWRV DQWHFHGHQWHV GH OR TXH IXH OD FR\XQWXUD GH
5HIRUPD$JUDULDGHGHPDQHUDPX\VXPDULDTXLVLHUD
OODPDUOD DWHQFLyQVREUH RFKRHOHPHQWRV TXH FDUDFWHUL]DQ OD
GHPDQGD GH OD WLHUUD SRU SDUWH GH ORV LQGLRV HQ HVWD QXHYD
FR\XQWXUD1DGDPHMRUSDUDPRVWUDUHVWDVVLQJXODULGDGHVTXH
GHVWDFDQGRVXVGLIHUHQFLDVUHVSHFWRDODFR\XQWXUDSDVDGD
D /D SULPHU GLIHUHQFLD DOXGHSUHFLVDPHQWH DO FRQWH[WR
JHQHUDOHQODTXHHOODVHSURGXFH0LHQWUDVODGHORVDxRV
VH SURGXMR HQ XQ FRQWH[WR GH PRGHUQL]DFLyQ DJUDULD HQ OD
HIHUYHVFHQFLDGHODSROtWLFDGHVXEVWLWXFLyQGHLPSRUWDFLRQHV\
XQ IXHUWH SURWDJRQLVPR HVWDWDO HQ OD TXH HO UHFODPR SRU OD
WLHUUDIXHSURFHVDGRFRPRXQDQHFHVLGDGGHODPRGHUQL]DFLyQ
GHOSDtV \ GHODJURDGLIHUHQFLD HODFWXDOUHFODPRVHSURGXFH
HQPHGLR GHXQDDJXGDFULVLVGHO PRGHORLQGXVWULDOL]DGRU GH
XQDSpUGLGDGHOSURWDJRQLVPRGHO(VWDGR \ GHXQDSRGHURVD
YDORUL]DFLyQGHODSURSXHVWDQHROLEHUDO(QHVWHWLSRGHFR\XQ
WXUDHOUHFODPRSRUODWLHUUDHVSURFHVDGRFRPRXQDWUDEDDOD
VHJXULGDGTXHGHPDQGDODLQLFLDWLYDSULYDGDSDUDKDFHUSURGX
FLUDODJUR /DQXHYD/H\$JUDULDHQFLHUQHV SURSXHVWDSRUOD
&iPDUDGH7HUUDWHQLHQWHVGHOD3ULPHUD=RQD GHILQH TXH VX
SULQFLSDOSROtWLFDVHUiJDUDQWL]DUODDFWXDOWHQHQFLDGHODWLHUUD
QRVXUHGLVWULEXFLyQ

E /D FULVLV KDLPSDFWDGR VREUH HO FDPSHVLQDGR HQ WUHV

DVSHFWRV FODYHV GH VXV HVWUDWHJLDV GH VREUHYLYHQFLD XQR KD
GLVPLQXLGRODRSFLyQODERUDOFRPRPLJUDQWHVDOKDEHUUHVWULQ
JLGRHOPHUFDGRGHWUDEDMRGRV KDGLVFULPLQDGRDORVSURGXF


 =O

2OQ'

L
9*,
LRSPJ£S 22ZXRRD--呸S,! 8 OOQ££QD—MH @ 呸 ,2- 
6-,2-?,

-?O0
R£GZ£IDUFG
-,$ 呸X呸I8 6! VRNXG 62? -RG2^!282-!- Q ž 
O,
!D,1QZRR
3O38-!S: H XD VRXS
[OZH È 呸SHSLXQZFR
VQL-/ HSHXHQHSH!£DPP DS R—\QH

HR
XZ呸 VV
H RLXXVWSUDDRDUHRXQD-G-82! - RLRFGVH DVJ VRXUHSRXQVRG
62`8G:-$2: VRUDSHSUH[ V -G6 82-&O-LO6G- 623ž 62- VRS
RLXUV È &OOGO XDXUHSHU DQE623 62O8G:$2: 62- -2GVHS
HDXUHVXDSDQGVDXRSH!3OI$G- VQVVHSRLRQEXDQXRQRXD

VDDIQZI VDLVUXVXPT?LVHTRSVRXHXVXR
VHV--!D VDUHSRV
VRLXHQQMRRXU VR[RQX VR£ DXDZH!DGVD ‡QXDSSR HS VHLXFS
63 6&<- 7%RVXSH]XHIRH RS
HP£URSHH£ DS
VRVUQRDU
VR\ DS RIDXHZ DS 6O"3ž VRXRSGHRXRR VH XRR
RSSRXRRVRS
VRtXH
D£XDQG XQ RSXHWSXHL
RSHPW!VD £D -W":2O H XH]XDQX
R! DV SHSQXDSRXL H HS6DOXDS63 VRLVJāVDV-HGVRQVDQX XH
VRVRURXLQXVRXHXUVRGUX呸URGÈRSH]QHXLVQSXRSXQZDXRVRU
RLRDVVRXDQEHGURGVRSSRXRRDU VDDRURG
SHSUXHXPT
H£ VS HSXDV£[D DS VDVHT VHUGRUG VH R-呸QDG XD RXRG RMMRQ
HVHSDS2OOVD £DRQEURG RXUV
RSH]USXUXRUG‡DV R‡8O82R
H]DLTRG ‡, DQEURG £V RX
HSQS XD 呸£VR D£ HVD
VMS XH IR

XSH]£XDSRZ H RS O"-$ H URGRMMRUUHVDS £D XDHDS G- HXQ
DS 23‡Z XD RIQSRUGDV= VRXH VR£ HS RXUDSHU £JāR

VRWTXUHR VR£
XF X呸£TZH£ HSHVD-DO8
VRXURSRXL VQXD£XDH-D DS XS!%--
HXQRTQTUFXDLXHHUUXFQURRH£XāH£-H-呸9H:-2D`OO"IDSXS
H]QL£SH-HXQGHXRUVRUGDQES
>HXRWFMSDQHP-RLXDXUxDV
DVL VāR£DSRZ DS66-! H XHRSVxXVHRVHXUURLRRV£DXDVRX
MVDGXUDy VR£L RSXDXUUVXRR
XSHXOOL-!63HVDXRUH]LSXQMRUG
O"-8-"O HSQÈH È VRSDUG
6O"-$
ž呸 DS 6G^O"OO"O6G 6W"-O-,2G VQ£

VDQI ]O
QHā£D
XZH呸VD£H--VQSXVR£HD£XD£VRXWVRG
XPR V-QS2-G V % RXQHVLRVRSXSLS DXQXDXRUH[XVDR
218LH!DX£RSVRXPXDLVHSH!呸SHZO-,H£XāVH!S呸HVRZ
QVXU VR£L£XLZ£HSLGVD
VDHSVQSX£V VQV-D$VRXUVFGXUHRVR£
2=8OO$8:O
0 RWHR
 +$&(1'$'2632%5(&,726(,1',26 7(55$7(1,(17(6

ODUHLYLQGLFDFLyQSRU ODWLHUUD HQHO IRQGRQR VHMXHJDQ VROD

PHQWHVXVXSHUYLYHQFLDVLQRODVXSHUYLYHQFLDGHOSODQHWD(VWH
HVXQR GH ORVSRFRVHOHPHQWRVTXHDOLHQWDQORVFDPELRV
G/DOXFKDSRUODWLHUUDHQHOHVFHQDULRGHORVVHEDVy
HQWUH ORV FDPSHVLQRV HQXQDFRQFLHQFLD GLJDPRV GHPDQHUD
HVFXHWD FODVLVWD PLHQWUDV ODDFWXDOOXFKDDSHODDXQDHOHYDGD
FRQFLHQFLDpWQLFDFRQDOWRVQLYHOHVGHRUJDQL]DFLyQ
8QDGHODVGLILFXOWDGHVTXHGHELHURQHQIUHQWDUORVDJUDULV
WDV GH ODFR\XQWXUDDQWHULRUIXHTXHQRORJUDEDQYHU FXiO HUD
HOSUR\HFWRTXHWHQtDQORVFDPSHVLQRVLQGLRVSDUDHQJDQFKDUVH
DODPRGHUQL]DFLyQDWDO SXQWRGHFUHHUORVUHDFLRV UHDFWRUHV
SROtWLFRV VLQ LQLFLDWLYDV 5HFLpQDKRUD SXGLPRV SHUFDWDUQRV
TXHPXFKRVFDPSHVLQRVHVWDEDQGLVSXHVWRVDUHWDUDODPRGHU
QLGDG \ DVXPLUODFRQVXV SURSLDV RUJDQL]DFLRQHV \ TXH HQHO
UHFODPR GH OD WLHUUD VH GLEXMDED XQ LQWHQWR SRU UHFRQVWUXLU
WHUULWRULRVpWQLFRVUHODWLYDPHQWHFRQWLQXRVDSHVDUGHODIRUPD
DUFKLSLpODJR TXHHUDWUDGLFLRQDOHQORV$QGHV +R\ HQGtD QR
VyORTXHKD\XQDHOHYDGDFRQFLHQFLDpWQLFDGHVHQWLUVHGLIHUHQ
WHV VLQR TXH KDQ VDOWDGR D XQD FRQFLHQFLD QDFLRQDOLVWD DO
SURSRQHUXQQXHYRWLSRGH(VWDGRXQRSOXULQDFLRQDOHQHOTXH
HQPDUFDUtDQ VX UHLYLQGLFDFLyQ TXH HQ HVWH FDVR QR 6HUtD GH
WLHUUDGHVXSHUYLYHQFLDVLQRGHWHUULWRULR(QHOFDVRDPD]yQL
FRHOORUHVXOWDPX\FODUR HQWDQWRHQODVLHUUD DSDUHFH FRPR
XQPRYLPLHQWRVXEWHUUiQHRQRH[SOtFLWRGHUHFRQVWUXFFLyQGH
WHUULWRULRVpWQLFRVFRPRORDQDOL]DUpHQHO SUy[LPR DUWtFXOR
H6LELHQHVFLHUWRTXHSDUWHGHODOXFKDFRQWUDODVKDFLHQ
GDVHQODFR\XQWXUDDQWHULRUSRGUtDH[SOLFDUVHSRUHOFUHFLPLHQ
WRGHPRJUiILFRLQWHUQRHQODVKDFLHQGDV VLQHPEDUJRpVWHQR
IXH WDQ HVSHFWDFXODU FRPSDUDGR FRQ HO DFWXDO * .QDSS
 SRUHMHPSORFDOFXODXQFUHFLPLHQWRLQGLRHQWUH

 .QDSS*QJRU\ *HRJUDItDTXLFKXDGHO (FXDGRU $%<$<$/$ 


 RQ
Oy>
2:8,

O"8O呸-38 2O8O:O",89> È 呸OH-OO

3-LSRG 62> S !OO
=,,8:,4
8OOO!+
2-6,8-,4 
RXHXUDMTRUGSDQKRS6238VRPVRGXUFR62I FX£XDHSXDSXRR
I%SXDD-3 DQEUPD
H"SPPÈHT 呸-3XDÈ2+āXHTHIDPP RQE
VRWUDUUDLVR£ HVRSHQRVSDXW VDQD DSVRTRQWQ
W"-ILOI2-S呸H W"£ RS
XRSH]UXUDSRWQVSVRVRRRUG-W"3,O DXSH呸呸 %-$ VRXPXDXU
RMGXURR VRVDX UHFVQT DTDS R£XR-G āDWPOO- RSDUVHXUDS
236 DMTHT XRSHUPRQQVDVDS H
624:W"--GO8 "=-W"G- DUDG
DQH$ D XD VRSHUPV VRXUVHGXUHR VR£ XRR VDXFWRDMDU VH£ XRUD[
QRDDUHVRQE O
VRSHRLTQXRUFQHQEV 8 HPO>HHS VRSHGVR
VRSSQSDUVXDSHS£VD$£SHVDHRVRRRH£DUPQVXRRDUWURUHUXDL
X£
VRUSP 62- DXDZHSDGVD
VRXUVFGXUHRVRMDQEVS -(6DG Y
āV£XSXH6"D£H-£VDVH£ HSD$HSH£ ž36 HMTVTRQE
VR£D
VRTRQUÈ VRVUGVRXHªXRVRVUV[WSVRVUQRFUHRVD[UHDXRURUSUDG
VHPZH- VH
R-D呸XQGVHQT[D HSHR H HOOD HS R]DSHG XQ
D-OXDHQE
H—H-J9HZ-2-D
0H XRRDTH$8RXURRSXDS$
DV X-G RQDāVR—HVDDX VRXDWT VR£ -D8DO42 HUDG VDHXRS
USHQVH!—--O-H-@GHÈ WO
82:2-HXQHS-2-DO8UH RXQG6HQT
XQH -DSDH XRR XHTHLXVLXRR DV623 VR£
-2—DOXHO"P£X0
R H XH HQE HSD-HG
-2—D£XH RLXQG HDXHUZRXRāD
āV\Z RTRQXURSH]£ID£G
XURR HT6 HSX$W?GQVH H-HGVRXHVVRHXVRXFWTVR£ -(%
RU
RSDXURMTRUG£DRQEO RSSDLRHT623VR£S'$SHPPPRVDG
SDQEH呸QXHUGRQāVR362--2GRSHXLRLRSMVHTRSHGVRQV K
'38:63HTH]XVDXUXSHTRGH
VRSG[
VHQER--HG
6-"-DRDTH VH£ VQSRL XR DQE H£H\DV
R]H-2TXQT- XD J]
2!6W"OOWO
- 8<8-+S XSHJO6$8 HXQ āV呸Z O"-$"S2-
ā-R—D£XHRMQRXUH-$
VDXU6!$ HQDQR È 6 -O8
-SS^"$
RLXRSG WOI ā
£X'OOO83-2 SXH!TQ,;"GR-SHSX$2-GWO
OI 2-8$%O4

DTXUHÈH-HSVDXRLXHDVR£DUHG
£HP££QHXHLRDH£HSRXDPR
28,6-8, £D RSXD£06
VR£QR£\6: āR£XDSG āR XD 26 
OL-L£?XZO
0RUHR
 +$&(1'$'2632%5(&,726(,1',26 7(55$7(1,(17(6

VH UHGXFH D OD WLHUUD FUX]D DO SUREOHPD GH ORV UHFXUVRV GH
VXHORV DJXD\ERVTXHV DODQHFHVLGDGGHHVWUDWHJLDVFRPXQLWD
ULDV PRGHUQL]DGDV TXHOHVSHUPLWDQ PDQHMDU XQD PHMRU UHOD
FLyQFRQHOPHUFDGR\ODDJURLQGXVWULD
I /DFR\XQWXUDDFWXDOHQFXHQWUDXQDPD\RUFDSDFLGDGGH
OLGHUD]JR PD\RUQLYHOGHHGXFDFLyQIRUPDOWRGRVPDQHMDQHO
VHFUHWR SRGHU GH OD HVFULWXUD KD\ XQD PD\RU FDSDFLGDG GH
QHJRFLDFLyQFRQHO(VWDGR\ODV21*V KD\XQSUR\HFWRQDFLR
QDO FDGDYH]PiV FODUR FRQFDSDFLGDG GH DUWLFXODUVH D RWURV
SUREOHPDV FHQWUDOHV GH ODVRFLHGDG HFXDWRULDQD \ GHPRYHU
DQTXLORVDGDVXWRStDV /DV RUJDQL]DFLRQHV PRGHUQDV TXH KDQ
ORJUDGR ORV LQGLRV ODV IHGHUDFLRQHV \ FRQIHGHUDFLRQHV KDQ
HQFRQWUDGR HQ ODDXWRQRPtDUHVSHFWR D OD L]TXLHUGDTXH ORV
WXWHOyHQODFR\XQWXUDDQWHULRU OD PHMRUIRUPDGH JDUDQWL]DU
XQSURFHVRPDQHMDGRSRUHOORVPLVPRVHQHOTXHWRGDDFXPX
ODFLyQGHH[SHULHQFLDVSHUPLWHXQDPDGXUDFLyQGHVXFXOWXUD
SROtWLFD 3RGUtD DxUPDUVH TXH D GLIHUHQFLD GH OD FR\XQWXUD
DQWHULRUHQODTXHFDVL QRKDEtDVRFLHGDGFLYLORUJDQL]DGDKR\
HQGtD OD SUHVHQFLD RUJDQL]DGD GH OD VRFLHGDG LQGLD SXHGH
UHWDUORVWDSRQHVGHXQSRGHUVRUGRDFRVWXPEUDGRDDFWXDUSRU
HQFLPDGHODVRFLHGDG

J (OHVWXGLRGH0 &KLULERJDGHPXHVWUDTXHHQHO(FXD

GRU KD\ FLQFR HVWUXFWXUDV DJUDULDV UHJLRQDOHV TXH UHJLVWUDQ
VLWXDFLRQHV\WHQGHQFLDVGLYHUVDV

8QR HO QRUWH VHUUDQR HPSUHVDULDO &DUFKL ,PEDEXUD

3LFKLQFKD\&RWRSD[LHQHOTXHH[LVWHQHPSUHVDVDJUDULDVPX\
WHFQLILFDGDVTXHXWLOL]DQXQUHGXFLGRQ~PHURGHDVDODULDGRV\
SURGXFHQUXEURVPX\UHQWDEOHVSDUDHOPHUFDGRLQWHUQR \ OD
DJURLQGXVWULD (Q HVWD VXEUHJLyQ HO  SRU FLHQWR GH OD
WLHUUDHVWDUtDHQPDQRVGHWHUUDWHQLHQWHVTXHWLHQHQPiVGH
KHFWiUHDV PLHQWUDVHO WDPDxR SURPHGLR GHODV SURSLHGDGHV
FDPSHVLQDV KDGLVPLQXLGR GH  KHFWiUHDV SRU IDPLOLD HQ
DHQ


 ]R
ā/ ST
OLRT—£T62$O‡XVRMTRQGVR£ DQXRR
VD-26O"$8 DQXD XHDUXHMG DV 623-,-82- 62
@ āD£WPOOOOL23 %:-2-
5, VHSHSHMGRUGDXDWSHPH FUFG
DQFQH£RSRLXDSGV
/= ,
XHMRQXRRVRSPDUGRUG呸SXH呸VRT
VRXRLWQRLVRXHQERGXDDV
UHSRXURRDDURSWTDSXHTDQEVR[QHXVRMTRQGVRMÈVRXDLDWGRUG
RXHWSFXUVRXRWRR
HSVQS呸HH % VHS%£URX$ VHVFUGXUDVHV
RURSRGRSUUDLXVVDXDRD$ DVHDR]H£VDX
RXHSRUDQRDD£XDS
S!2-28 ,3 È DMXR]VXUHH DSHD£82-- RSO"82= HL
2OOO24

È
 WUD3/
3‡3/ XRHPZH£PGVHR\SRTWWUW‡35--2OH£RS
RUSDXURUG3--DGQV H£ QXDZDTSGD-DGZ 6%- XRUHLXDXPD
VRXUVDGXUHR V XH XD
DQV DS RLXHS -2G /WāRU S PX£
XVRXRRVHSHSRUGRUGVDSXW"-呸VH
!-呸R]RUUDDSXRSRQSRUGO"-
H 85-3‡3 RV VRWQVDGXUHR VRāV£ VR‡3 DLUDG I £THXHZ‡3
VHSXU[FUG VH£ URGHLVDQGXURF
HXVRGZHR HLVRR H£
RHQ
 XF]]
V‡3O XR
‡PXUH£URGVHR\SRT
3RSVHVQVRSRWSRXURUGRS\RGQV
O"> XRUHUXDXPH VRXUVDGXUHR V VHQXVUXU
HQD 3 RLXRS G
W
W
6
 £DHQXFQRXRDVVRXHZVQVXH
H+DSH HSXRSHQXHRXRR
RS RSH呸 ‡VHXU £RHVLRI VR£HQ£XR$RR£XRZ£HSRGVR
VRS
H—HUHVHH]WO2HHUVXDW[DHSHQ!DGXRRRQSRUGHHVRSH-JX
VDH—VQS82-6H 626-2-G H I 28-O; RSDRUVXU H HSH-Q!8$
DVDUGXUR XH呸 DXQHXRSXUX £QE\ āV£ VR RS RXHG I 2-4

VHIHQQHSVHSX呸R-GVH SH-H6D-GZDDLVRR O"I
6D-B/

XD āVHT ]
IH 3OXR HPZH£ URGVHR\SRT RLXVUR URG 
=
DSRSWTQVDTVDWQVRGXUHRVDSHSRWGRUGVH HSRWSRXURUGRXHXQQ
DRQQQ8G
H--GSH£ SRLXDSURG]J
¢] 8O"--W"-2-O82! VDUXRUX
DOW"--DO V
VHQD XāHI2
@ HLVHT HQTH-呸XQB/ DSVHS VHXDQRV
VHRPHRUGVH VHSRLURGPVRQGXURRDSHUVRX呸£TQVWQVJUDX
233O"-O
%, FS HSH$—S HSXHRHT HXQ VVXRQUHR VRX0" XD RS
XDXVUVTQV
RXURQQRSHRURXUOHUDGXRFQSRUGDQEVHXUVFGXUHR
VRSHSQP UHGRLVRQGXURR
RPVDGQUHR UQVRQXRR D
VRD
2呸-O-O?XZ呸2>O'
 +$WO18呸 UXH[HFUURV-18,呸 OKO.$-L1OK1O呸

/DGLYHUVLGDGGHVLWXDFLRQHV DJUDULDV DPHULWDUHVSXHVWDV

GLIHUHQFLDOHV(QFDGDXQDGHHOODVHOSUREOHPDVRFLDOSURGXF
WLYR\SROOWLFRLGHROyJLFRWLHQHOyJLFDVGLVWLQWDV&XDOTXLHUHV
WXGLRTXHSODQWHHHOSUREOHPDGHODWLHUUDGHEHFRQVLGHUDUHVDV
GLIHUHQFLDVVRSHQDGHSODQWHDUJHQHUDOLGDGHVLGHRORJL]DGDV

K )LQDOPHQWH FRQYLHQH VHxDODU TXH OD RSLQLyQS~EOLFD

HFXDWRULDQDGHKR\ HVWiDWUDYHVDGDSRURSLQLRQHVFRQWUDGLFWR
ULDV GHXQODGR KD\FODUDFRQFLHQFLDGHODMXVWH]DGHODUHLYLQ
GLFDFLyQLQGLDSRUODWLHUUDH LQFOXVRKDFUHFLGRODFRQFLHQFLD
VREUHORVSUREOHPDVHFROyJLFRV\ORVGHUHFKRVpWQLFRVHPSHUR
GHRWURODGRODUHYDORUL]DFLyQGHOQHROLEHUDOLVPRKDLPSDFWDGR
HQODVRSLQLRQHV GHODVRFLHGDG FLYLO TXHWLHQHHVSHUDQ]DVHQ
TXHXQDSURSXHVWDGHHVWDQDWXUDOH]DSXHGDRIUHFHUXQDVDOLGD
DODFULVLV 1RGHRWUDIRUPDVHH[SOLFDTXHORVILQDOLVWDVHQODV
~OWLPDVHOHFFLRQHVDSUHVLGHQWHGHO(FXDGRUVHDQFRQQRWDGRV
QHROLEHUDOHV
3RUVX SDUWH KD\ QRWRULRV FDPELRV HQODV LQVWLWXFLRQHV \
RUJDQL]DFLRQHVTXHMXJDURQXQUROSURWDJyQLFRHQODFR\XQWXUD
DQWHULRU FRPR ODV ))$$ OD LJOHVLD ODV XQLYHUVLGDGHV ORV
EXUyFUDWDV \ ORV JUHPLRV GH WUDEDMDGRUHV /DV ))$$ KDQ
H[SHULPHQWDGRXQIXHUWHSURFHVRGHLQVWLWXFLRQDOL]DFLyQTXH
KDFRQVROLGDGRVXSDSHO GHJDUDQWHVGHOVWDWXTXR YDOHGHFLU
GHODFWXDOVLVWHPDGHWHQHQFLDGHODWLHUUD\ GHOWLSRGHHVWDGR
QDFLyQ H[FOX\HQWH TXH KR\ WHQHPRV $O PLVPR WLHPSR ODV
))$$KDQDVXPLGRXQUROGHHPSUHVDULRVTXHQRORWXYLHURQ
HQHOSDVDGRKR\LQFOXVRVRQGXHxDVGHLPSRUWDQWHVFDQWLGDGHV
GHWLHUUDV(QHVWHVHQWLGRVHSDUHFHQDODVDQWLJXDV2UGHQHV

 6HJ~Q ODV GHFODUDFLRQHV GHO 0LQLVWUR GH 'HIHQVD *HQHUDO -RUJH *DOODUGR HQ XQ
SURJUDPDGH0$;,9,6,21GHO GH(QHURGH 
-ODV))$$VHULDQGXHO
LDVGH
HPSUHVDVTXHJHQHUDQGLH]PLOSXFWRVGH WUDEDMRGLUHFWRVSDJDQ LPSXFVWRR SRUWUHV
PLO PLOORQHVGHFW&6\SRU,9$GLH]PLO PLOORRFVGH8&O8 FXHVWLyQTXHPXHVWUDTXH
FVWDVHPSO
8DRRPHUFLDOL]DQFLHQPLOPLOORQWGHXFUFVDQXDOHVORTXHUDWLILFDHOQXHYR
FDUiFWHUGHODV ))$$


VRSQUHGVR£HSXHXRGZHX呸£HXFXFX
H$3DGVDGHVDXR[
XRDÈQZ XQH呸QIXRSRQG
2-DX呸JRVQSPDSHSQSRGXPR

6O"O66W"-
VD£HX2JG-
62!8O呸 呸£-2 VR£-2GVRSH]QUR OOO`O6G RQE
È
SHSM[QDPDVDUGDUHVHRVRXRXRXRQEXQYāRSXHDPLXQURR
HU XD XRPQVRXU RQE XSHQQV H H RLRDGVDU XRSHSTRVXRR
&-G呸I DXQ RSHJR HT VRSQUHG DS HXUDUVUV ,
RUTXUHR 
DQXXQRF H$DQXH XR28,6I82JH£G RVHRVDXQXHJXD£
VRUTXUHRVR£VSVRSHTHVRLVRRQEXDRHT
VRTZUXVR[DQXUDQXRR
XH RSXXXUDGHT VD£ RX RQEDUVXHXXLFRSRUXDQXHGXUDQXD QV
È 6G-23G6 62O6G H RSQXQXHXHMTDT HQE 6O"O6^WT!26 VHUQ£SHHG
V RS66---H£
HDTQRDXRMRSRXUGUHXDZD£GZDUDGVHXRSP
-2G:‡3XRSUXXVTQVURGXSH]QHSVQSX‡3RMRSRXUW‡3‡IH£
XRXUVHSI 66--! H
RSH6-DSRXRRDUÈ H£PXDGH
%-LOO8OOÈ2!
H£VD XD DXDZHSRRX RSHUTLTHS XHT DV VDLHURRUQT VRM È V
VDDXU VR£
VDRSHIHTH HS 62:G-VRU
VDSHS6-D$8Q6"
āVPXRV H‡WTVRG‡3,

RXURR X£VDGD H RS RIHH £D VXURL DQE DLXVXXXRS HQERMT
XQ DZ DV RQE RSXVLSWGXU£
RXTUSQEHRS £DGHG RLXDQRGXQ
XQ RSH6QIHT ƒ‡ ‡V‡6 H£
VX‡X‡H--2O VR£ H RRGD
UDPEMHQR XRTXRVQV HXRVDG 2,,OO-OH RQE VH!HDI I%W- RQE I
VFUTRGV XRR RVUXURUGXURR‡3W‡!3
V呸ZHSXRSXR£H HS‡OO
MTHSRSLVDTRXDVQVXHDQEXQ\呸QXDSXDGDSX DH!S--! 6O-:
XRSGRHXQPXQVHDPXUDGD£DQEXRXVRQR
DXD£XDHDDVRS
FSDODSHT
"-,OW"-HVD O"-
H-£RDD
W"-8O! XRSGRW"- XHXPVH
DQEDUDGVRVDTVQVDS86D-GDSDFTH HSUHVRGH
VDXLVRGXUHR
VDXRSH!3ž$-VH£XURRVURUDXURUGXURRHVDLXDQXDUHTXDQ
VRQXU DVVHMQGQRVQV
PTPDPV
HXD-3OORSXQZ SXR VH!Q
XH$L VHIVD££ VH£ VSXRSHSTRVXRR DDW- DXQIHT
RXQGDXQ
FS VRSQXFV VRS XFRSDUTXUHR HT VH£呸 VH£ DS SGHG >
H]DUHU
UXHX DUTRS VS HD VDXDDHD V XRR 26:2-GZR! QV SPR
R£ XRR
VDXRXRSVHXHLRUGRUGPXD
XSHTRGH£RS£呸LS
DUSDQRXD£DXW"4&=-XHH呸 RQERGXUDQRXUVQQ£W" RQE
VHVR呸3+
 +$&(1'$'2632%5(&,726(,1',26 7(55$7(1,(17(6

GHFHQWUR \ GH L]TXLHUGDTXHDFRUUDODGRVSRUODYDORUL]DFLyQ

GHOQHROLEHUDOLVPRWLHQHQTXHUHPR]DUVXVSURJUDPDVDEULHQ
GR SHTXHxDV SHUR SRVLELOLGDGHV DO ILQ GH DFHUFDUVH D ORV
QXHYRVSUREOHPDVTXHWLHQHHOSDtV\DORVQXHYRVPRYLPLHQWRV
TXHPXHVWUDQSRWHQFLDOLGDGHVHQHVWDFR\XQWXUDDXQTXHHQOD
DFWXDOLGDG GHPXHVWUDQXQFRQRFLPLHQWR \ XQD FRPSUHQVLyQ
PX\ GpELO FDVLQXOD GHODVLWXDFLyQ DJUDULD\ GH ORV SODQWHD
PLHQWRVLQGLRV

/$6 32/,7,&$648(6(',6&87(1

/RVFRQIOLFWRVHQHOFDPSRSXHGHQDJUDYDUVHHQORVSUy[L
PRV DxRV /DV SROtWLFDV GH DMXVWHLPSDFWDQ FRQ PD\RUIXHU]D
HQORVVHFWRUHVQRYLDEOHVGHODHFRQRUW~DHVSHFLDOPHQWHHQORV
FDPSHVLQRV VLQWLHUUDR FRQ WLHUUDGHPDODFDOLGDG7DPSRFR
ORV FDPSHVLQRV SRGUiQDUWLFXODUVHFRQp[LWRDODVRSRUWXQLGD
GHVTXHFUHDUiODDSHUWXUDGHO PHUFDGRVXEUHJLRQDO DQGLQRR
ODGLYHUVLILFDFLyQGHH[SRUWDFLRQHV &RQ HOOR DXPHQWDUiQ VLQ
GXGDODV LQYDVLRQHV ODV FRQIURQWDFLRQHVOHJDOHV ODYLROHQFLD
ORVGHVSLGRVORVGHVDORMRVDSHVDUGHTXHODQXHYD/H\$JUDULD
HOLPLQH ODV FDXVDOHV GH DIHFWDFLyQ R ODV FRQYLHUWD HQMXLFLRV
FRPXQHV HOKDPEUHQRVHGHWLHQHSRUGHFUHWR

8QDH[WUHPDFRQIOLFWLYLGDGHQHO FDPSRQRHVEHQHILFLRVD
SDUDHOSDtV(OORSURGXFLUiGHVDEDVWHFLPLHQWRHQODVFLXGDGHV
LQVHJXULGDGHQHOFDPSRIDOWDGHLQYHUVLRQHVEDMDSURGXFWLYL
GDG GHJUDGDFLyQ GHO PHGLR PLJUDFLyQ FUHFLPLHQWR GH ODV
FLXGDGHV\ GHVXVSUREOHPDV HQ ILQ WRGDXQDVLWXDFLyQSRFR
SURSLFLDSDUDHQIUHQWDUODFULVLV 6HLPSRQHODQHFHVLGDGGHXQ
FRQVHQVRTXHWRPHPX\HQVHULRHOSXQWRGHYLVWDFDPSHVLQR

 (OHVFDVRFRQRFLPLHQURRHODUHDOLGDGFDPSHVLQD\SDUWLFXODUPHQWHGHODLQGtJHQDTXHGD
PX\FODUDHQHOOLEUR
/RV 3DQtGRV\MRV,QGLRV
 +
āLāGXSURG(
66 
-S!SV
RDW
XRUDUQSFUG 呸+>,
62,-882- OOO!D O8呸:^XSO
=XROLLR-28!: 
3 I OO8!- ,> DS
XS-8,-822VZSPEH6! -8!OO
,-OOOD O-8-2$-RHZH£H-8-82-DVDSXRS
X O82= H
,
-23OOO 
ÈPX 呸
HSXXQ9 O^£TQR8O,9 S ž3QLV SO8-8!:  =

O-28 呸-MO
SX OOOO,SVRXUHSHF S
RSX呸
6 £XLLO3È
OO!:-GO,"GS—O
G
XVOT4
2>QILSÈ R8O88O O8O呸9 S 62OO8呸6, 62L )O8O88OO !-OOOOOO-O>IW-@O-O"L /,2-!Q >

XRSH]UXRWRR
H£ 8G-G-2$W"- DQE 6-GOG--H RSXGÈ2-682 GQ6V È 23QOO682-
HT 2 6%-G8: VDVHUGXUH È VHURMRQHG VH£  RSWIDG-8G FT VH£
RSH -G
VHS6DGVHG-呸 È VDQEUDGHS XG:-G-45VD £DS
È 6238 VRXRLXUVLDS 28G-8,-282-G- GSUHVHG9 VRXRLXUHL
VRVDDSVRXDSVRLXDLRHSVHSVH\DQS6O"3 VDS
%SIIHXXRWPVH
XRRHD DQESHS$3/-8-VXQRQDV£DSIH£-DH£HSRLXDXL
MPEVDR@RS
VDXR]VHVRXHHPW-Q-SHH %OWQ6D- RQE DTH$OO
R£ FS UHVHG H
XSH]8-- H£ RSHPPXVH HT RSHV D
H-X
R]VXUYH XH DXDZHDGVD
H-DXRJ HSVHXR] VH£ X ā]HXUV
VGXUHR XSH]XH-2 URXHXLIDXDXDHXHXD-$-RHZRS

H£%DS8-2%-822822%O%V呸ZHSXLR% VRRQERLXQG%O

H
HDSHU HZHSD HUDG DVH]XH-RDXDX DQE UDQE( RSRL
( XDXVDVH R XDXUDQE
XDIRG6OS
XDIRUHVDS VDXLUXDH--D VR£
DQE RSXHMHS
RSXD$-DO8 HT RX RSH6 SHSHVDGZHV!
HU āVRXVDGZH H RSHXUVRVHXHTRQEVD-HPZH-HGVHSXDT
HS V0XW H XHHT VRSHSXRRHT V FQERSXUXXHGHTRDXD
VL[D SHSDUGRUGH£ "=OGO- H£ G H]SXHH DUHGVRXH VRZPS
626G 8G RSUXDDUDWP HT RSHV S
D-1 5--G-6 HU 
(--GH£ RSHXURMTRUG£D$-RVD-X呸UQ
URHG
 V(QD RS HXQX1āRSHQ- SXR 6(3IQVVHSP(
VHUUQDQQVRRRXSVH£RSHXQHSHRXRVRXUVRGXUHRVR£HDTH-2$%-
VRS 6(=OG- RS XSH-GO--(8HHSHLGHSD
H6-603I HQ£TZH
HSQRG DXQ URG RLGR RXHXRUHQRF RSHV D
]= RSRSVG
DFQUDUQS
HSH-ƒ9HZ-RS呸 FSHPXQI-H RS VPGVDR
2=O">?"-?8:OO 2>?"
 +$&(1'$'2632%5(&,726(,1',26 7(55$7(1,(17(6

2WUDSROtWLFDLQVWUXPHQWDGDKDVLGR HOLQFUHPHQWR GHOD

LQWHQVLGDG GHO XVR GHO VXHOR D WUDYpV GH ORV SUR\HFWRV GH
'HVDUUROOR 5XUDO ,QWHJUDO $XQTXH VXV UHVXOWDGRV VRQ PX\
GLYHUVRV\EDVWDQWHGLVFUHWRVKDQORJUDGRHQDOJXQDV]RQDVHVWH
SURSyVLWRVREUHWRGRHQDTXHOODVHQTXHKDVLGRSRVLEOHFRQWDU
FRQ ULHJR (PSHUR pVWRV KDQ VLGR ORJURV UHGXFLGRV D XQRV
SRFRV FDPSHVLQRV GHPRGR TXH QRKDQ EDMDGRVLJQLILFDWLYD
PHQWHODGHPDQGDGHWLHUUD

8QLQWHQWRPiVGLUHFWRSRUFUHDURWUDVRSRUWXQLGDGHVSDUD
TXHORVFDPSHVLQRVDFFHGDQDODWLHUUDKDVLGRVXILQDQFLDPLHQ
WRDWUDYpVGHOD,JOHVLDHO)(33\GHO0LQLVWHULRGH%LHQHVWDU
6RFLDO (VWDLQLFLDWLYDKDVLGRFULWLFDGDSRUTXHDO KDFHUORPH
GLDQWH HO FDQMH GH GHXGD H[WHUQD WHUPLQD OHJLWLPDQGR HVD
GHXGD$XQTXHHVWHHVXQSUREOHPDUHDOVXVYHUGDGHURVSUR
EOHPDV UDGLFDQ HQ OD EDMD FDQWLGDG GH UHFXUVRV GLVSRQLEOHV
KDVWDDTXt HQHO FDVR GHO )(33XQRV FLQFR PLO PLOORQHV GH
VXFUHV TXHDSHQDVKDQILQDQFLDGRODFRPSUDGH FHUFD GHGRV
PLOKHFWiUHDV\ HOKHFKRGHGLULJLUHOILQDQFLDPLHQWRD]RQDV
QRFRQIOLFWLYDVFXDQGRORVHVWXGLRVKDQPRVWUDGR9HUVLJXLHQ
WH DUWtFXORTXHKDVLGRHQFRQGLFLRQHV GH DVHGLRFXDQGRODV
WLHUUDV VRQ DOJR PiV EDUDWDV $GTXLULU WLHUUDV VLQ FRQIOLFWRV
SXHGHPDVELHQHVWLPXODUHOSURFHVRHVSHFXODWLYRTXHVRSRUWDQ
ODVWLHUUDVDJUtFRODV

(QORV~OWLPRVPHVHVKDFRPHQ]DGRDFLUFXODUXQ3UR\HF
WRGH/H\$JUDULDHODERUDGDSRUORVKDFHQGDGRVGHOD&iPDUD
GH$JULFXOWXUDGHOD3ULPHUD=RQDTXHUHSUHVHQWDHOSXQWRGH
YLVWDGHORVWHUUDWHQLHQWHVGHODVLHUUDDVHVRUDGRVSRUHOFHQWUR
,'($\TXHFXHQWDQFRQDXGLHQFLDGLUHFWDHQHO0$*\HQHO
JRELHUQRDFWXDO

/DPHQFLRQDGD/H\EXVFDWHUPLQDUGHILQLWLYDPHQWHFRQOD
5HIRUPD$JUDULD 6HHOLPLQDQODVSULQFLSDOHV FDXVDOHVGH H[
SURSLDFLyQFRQWHPSODGDVHQODVOH\HVGH \  FRPROD
SUHVLyQ GHPRJUiILFD OD HILFLHQFLDSURGXFWLYD OD FRQGXFFLyQ


 ¼
āVDPVDV5 VQV
I VD£XD,O呸QXD£ VR£ XHDH RQE VR£XD$ VR[RQX VR£ 3 UXXMGVR
S6` UHHXUVUXU H£RSH- VHXDLL-S8 VRU VRSR£H È RSHXUVRG
XUHR ,3 RVDUXIUHXSXHMDS
VDLTH$V呸+'OIQ!S
DHD£XD
VDXURWR
XD HSOX
D\È
G
- H XD (O6$呸8G 8!-4:%O ?XSHD-8- HXQH
P
DQ HMUDS2I,āVDUTW"呸RXVRSHURSUVXRR VRPVFGXUHFRSURLRDV
RVRUXi
>5 SDSTUTUVRGHXQxXUXPVRSXHWRS
HD6 W"IRSÈW"O62-O"^
SXSW"OLRG[DRI" H£ HVRSHMQRXW[VDTH$ VRURLRDVRS%=O,%II%
HXQUHDXD
D %SSRGVDXRSDXRG[D6(LH RVMQGXQāXDTQRDX
RMDSRXU £DDPTH-$ VQE RSWQVJ DS W":-2-D- HXQ W" RVPGXQ £D
È
RXUDt[DFSHRUDXU SXDVH$SWXW"GZR VHIH£XD$ H
 XVSRQG
DQEVRLRQSRUGVHRSHDQR[QRQSRUGRUDLHGD-(URSD]UXUDSRXU
VQG: R[RQX XQ G DXJDS DV DLPXQURR XHDQX "
-
W1OO
āVD£XDUXD£W"--D£ 62- -2G
RSDXRWVXDXQSDUTRV\-DVHSQSXLVRQE
WO"-O6O"OO"-2,-$O" 2:OO
,
‡ RSUVQRD HS RSDLXRR ‡D ‡ UHUGXURR 呸DTDS
VRQR呸£
VTRVHLVHVRSR£DRXDD XDQDRQEDSRLVFQGQVRLRXURU
IXD $ āH--DOH£ -:W"SD- XHVR VVXVPEVRSRU W" DOXDZHXDG
-H£!-QIXD HUDG VDXDX呸QH--DO 6- -2G HSVVQ VD DQE ?RSHQ
DGR\RMMRUUHVFSRS È-‡ RSDLUDGDRD RURDGVH 2:O@呸
DV6(-RT Y]XD HSQGZQRXHSDTDS VRXHXRSXQMVR£ 42E
-W"O
SHSSD£D DXQXRR
6H--4O DS (ZR£ RXVH$8- HXQ XDVRLXHG
SQUDG O VDXD33 RS XDZHDRHRXDI RMRMDVDS
846D-GD-
(, DXRSUR DV RQE £D XD
^O"-WX RUSDXU SSSHS£P呸DV HU H RSVR
USHSRMUXMGVR XQRSRL ÈHT
D£XDSJQV46DOO` RXRQD£V -2G
ā]DQIRSSHSTHRQVRSLRWGRQE9 ‡R£XRRXVDX

QXURRVHRRQ@DXQD6-H>O8$ HTHSRQEHXUVMTFUGXQXR D£TVRG
DVDOO- XQD DQE XSHDH DS HSXHXUFS QXPIS" DS XSQZ-
VQDQH£ XRR
£H呸D RGZHR SXHHUXFXUFTGXURD DV
VRUSRUG
VR£ UTGXPR XHMTHSRQE^O"SRV XSXOO` H I %--G-UHGHH RXURR
6SHDG V呸PRSQWD- RS HSXDV;D H
2-O"O-GG O3 XSD-S
2=!-O-,£?:O
I RUHR
 +$&(1'$'2632%5(&,726(,1',26 7(55$7(1,(17(6

3DUDLPSXOVDUODUHIHULGDPRGHUQL]DFLyQ ORVQHROLEHUDOHV
KDQRSWDGRSRUDEULULQGLVFULPLQDGDPHQWHODVSXHUWDVDOFDSL
WDO H[WUDQMHUR HOLPLQDQGR LQFOXVR DTXHOODV UHJXODFLRQHV GH
RUGHQ HFROyJLFR WDQ LPSRUWDQWHV HQ OD VLWXDFLyQ DFWXDO GHO
SODQHWD /D /H\ UHIHULGD KDEODGHIDFLOLWDUODLPSRUWDFLyQGH
WHFQRORJtDGHSXQWD VLQKDFHUHO PHQRUDQiOLVLVGHORVGDxRV
TXH\DKDQRFDVLRQDGR\TXHRFDVLRQDUiQ
1R KD\ GXGD GH TXH DVLVWLPRV D XQD UHYDORUL]DFLyQ GHO
SHQVDPLHQWR QHROLEHUDOHQHOPXQGR GHODPDQRGHOSURFHVR
GHJOREDOL]DFLyQGHODHFRQRPtD $VXVDXWRUHVFULROORV QRVH
OHVKDRFXUULGRRWUDLGHDTXHODGHUHVROYHU HO SUREOHPDGHOD
WLHUUDHQHO(FXDGRUVLQRFRQODLQWHUYHQFLyQGHOPHUFDGR 1R
HUDXQDLGHDQXHYD(OODSURYLQRGHORVSULQFLSDOHVWHpULFRVGHO
QHROLEHUDOLVPRTXHWUDEDMDQHQODVJUDQGHV HQWLGDGHVILQDQFLH
UDVFRPROD$,'HO %,' HO%DQFR0XQGLDO TXHHQFRQWUDURQ
FRPRVLHPSUHXQRVFXDQWRVVHJXLGRUHVGyFLOHVSDUDLPSOHPHQ
WDUODHQHOSDIV(QHIHFWRORVQHROLEHUDOHVKDQSURSXHVWRWUHV
LGHDV TXHDSDUHFHQFRPRFHQWUDOHVHQVXSODQWHDPLHQWRSDUD
SURGXFLUFDPELRV HQODWHQHQFLDGHODWLHUUD SULPHUR OLEHUDU
HO PHUFDGR GH WLHUUDV SDUD TXH HOODV YD\DQ DO SRGHU GH ORV
LQYHUVLRQLVWDV TXH ODV SXHGHQ FRPSUDU \ SRQHU D SURGXFLU
VHJXQGR DFDEDUFRQODVSURSLHGDGHV FRPXQDOHV DFXVDGDV GH
FRQWURODUWLHUUDRFLRVD GLQDPL]DQGRDVtXQPHUFDGRGHWLHUUDV
TXH VH HQJDU]DUtD FRQ HO SULPHU SODQWHDPLHQWR \ WHUFHUR
PRGHUQL]DUHO5HJLVWURGHOD3URSLHGDGHOVLVWHPDGHDGTXLVL
FLyQ\ ORVVLVWHPDVWULEXWDULRV /DVWUHVLGHDV DOJXQDV GHHOODV
\DLPSOHPHQWDGDVDPDQHUDGHSUXHEDHQDOJXQRVFDQWRQHV
HQQXHVWUDRSLQLyQ FRQGXFHQDXQD PD\RUFRQFHQWUDFLyQGH
WLHUUDV

 (O &$7,5\ 352/(7,(55$6LQLFLDURQ XQSUR\HFWRSLORWRHQORVFDQWRQHVGH3HGUR

0RQFD\R &D\DPEH\6DOFHGRSDUDPRGHUQL]DUHO5HJLVWURGH 3URSLHGDG FRQHO ILQ
GHDJLOL]DUHO PHUFDGRGH,ËH-7OO6


 2WO

RGXUHR£DSRUPQM,DXJOSDVVFS233W"-O82-8%OVD]UDQM6%O6G
RSO8D:O"OXDTXD£DāH--2ÈO": O" XRVDLXDXUHSHXUXURMHVVS
DQE VDUT%$ 62SL8G3682! VRPVDGXUHF 62- VRSR£ H DUHXQQ
žž
S263 QV WSDSQWR
 H -D!D-2$%-DUHGVRPVDGXUHR VR£ XQXRR
RXQQXRVUS RS(=II%-O6QSX RQRUUHVHS DS RSSRZ UD VRURX
FLXHVHSH!"3 VRSVH£ XD6 āHDTQRDXRPD£TR DS È VVQUDUX
DLDQDLVRMDSDHGG£HDXD呸XDVRXUVRGXUHRVR£ I VRMSXWVR£
DQXRR HDQLDS DSDGVDHXQRSHUHSRSHTDV
SDSUD[X
ā¢DSRGQVXRXRUHW[UXVH RSXHQR
/O3O6%O 2/呸ORSVRS
VRXD
VRLXDSRQHQR XD --WQ£ XRUHLSQG R£ RX RSXDQR
VDHDIHZ
VHDS VHVD QRQSRUG DPT DUDG %-M呸Z H£QZ- %, VRSDS
XDRDTVR£ XLXDWHHDQEVD:āXS%]£XDSRZHSRVFR
GQVHS£XHUDGXRUHWSXHUGVVSDVVDPRS£SW"-OVRSHSXHFHT
62G2-GVR£ DQE VH£ DS
‡RPHUVGRS
VDSDXRLVRUD
VH$SRQS
RUGXQW"SR^W"ZW"
2$-6`-;DRDURLVDGXQXRRVDSPRMG[HDUTRV
RVQSXU 6%
O>- RS VDTRQXU
VDHXJ-HZ VH--DS RS
%
O
%
-O DV VDQG
VDLRSDSXDUGXUFVRXVXU
%
 X\-- VHSH-DT- I
%
 DQEÈ VHVRWRRX\VD
VDJXQZR6%--DSVH£DQE-
%
WXDZQIHRVH-VD
DX%GQV-2G
āHRƑDSDRRGHVRSQSHSVRXPT
:22-6%
O682-6--?8- %
 -D!D-2-?%
M %
-%
G
62-%
O`-G2-G 28%
-SDZ
È VRPVHGXUHF GVHSXPESH-DVDSVDSW"S-I462GXWVRSXHOFS

VD-D$ &O8-D-O URG HUVHT DVRSXHRTGQUQXU

FUHGVUS DV VHXDX
VHU DSH$ S
H£-H-J9HZ-3+ W" DS (=(8`XP W"I DS -DT-
DV VDQRXDS RSHRUHXL £D RSXHQR
= DS -XG H H—%-J\
HZ-2-G+ H H URXHLVRG HUUXXQ[RR H XD
DTZH^H 
āIHQ]\-XRRXURR
HXUDQ[DXRFH]USXUXQQXUHXQHt
HI&<-^VHtHQRXDRXURRDQDX
O"I HS XSW"-O8`-82- O"I H 6!-O"-2G VHSXHSXRL ÈO"T
2$-O-O" È7,:
VWXDS DS RSHRUVXU XQ FSHXRURXUX DT ^ VDHXQZR VRSHSDWG
GXDV£[D RXUVHRRSXRS
RQVQYSXR È HSW"VDGZW"O62
(IRSVDXR£JD-VH XDRQERSDQVRXLDTD£XDSXRVRRRUG
 O呸8,267OOÈ028O呸=$&,2呸
XXWO‡&88O ‡

,1752'8&&,21

3DUDORVWHUUDWHQLHQWHV OD5HIRUPD$JUDULDWHUPLQyLUUH
PLVLEOHPHQWHHQ  0iVD~Q ORVSUREOHPDVDFWXDOHVGHOD
HVWUXFWXUD DJUDULD HFXDWRULDQD HVSHFLDOPHQWH ODGLVWULEXFLyQ
GH OD WLHUUD GHEHUtDQ UHVROYHUVH HQ HO PHUFDGR OLEUH GH
WLHUUDVVLHQHOSDVDGRORVFDPSHVLQRVSODQWHDURQTXHODWLHUUD
GHEtDVHUSDUDTXLHQODWUDEDMD KR\ORVHPSUHVDULRVQHROLEHUD
OHVSODQWHDQTXHODWLHUUDGHEHVHUSDUDTXLHQSXHGDSDJDUOD
(ORPQLSRWHQWHPHUFDGRDVLJQDUtDODVWLHUUDVDORVSURGXFWRUHV
PiVHILFDFHVDILUPDQFRQYHQFLGRV

8QRGHORVHVWXGLRVUHDOL]DGRVSRUORVQHROLEHUDOHVVHxDOD
HQWXVLDVPDGR
/D SULQFLSDO FRQFOXVLyQGHO HVWXGLRHV TXH VHGHEH SHUPLWLU
LQPHGLDWDPHQWH HO IXQFLRQDPLHQWR OLEUH GH XQ PHUFDGR GH
FRPSUDYHQWDGHWLHUUDVTXHGHWHUPLQHHOXVRPiVHILFLHQWHGHO
UHFXUVR(QXQPHUFDGR OLEUHHOSUHFLRGHOD WLHUUD UHIOHMDUtD
PiV GH FHUFD VX YDORU FRPR ELHQ GH SURGXFFLyQ HYLWDQGR
GLVWRUVLRQHVFDXVDGRVSRUIDFWRUHVUHODFLRQDGRVFRQOLPLWDFLR
QHVHQHO XVR\ WUDQVIRUHQFLDGHODWLHUUD(O PHUFDGROLEUHGH
WLHUUDV LPSHGLUiDGHPiVTXHVHPDQWHQJDQIRUPDVSUHFDULDV


 =
O
2O@Q4
YUY$9$WO93
L
"
SSI8OO-2OHQ-OOO S62OI: 6

O"OO
O,/M6 WWL

VHSXRWRHTVH£DSVDURSHMHTDQ
VDTHVX%28- DVQXDJP3X 62>XDUD623žVR@RSXDQRRSHVHG£D
XDRSH呸QXHUGH ž3$D£H XHMTHTDVRXFQE  DOVD XHSUSW"\H
VRSHSXRDHT VR£
HSSXD$ H]H`, %, HS H È 呸PV £DS RSR\
DV ,3 2O-8, H WH$I6 H!>-URGD£XDZH$63OO VRSH]UWHXH I

VDLXHXQQFSVDVHUO VHGVRSHDUH WPH—R£P MDXRRHXSVSQ
8!3X O"> DS ,,62O:Q V -W"62-JXDH W"-OS'!$ RQ R[XRQSRUGXQ
DURSHUHGDRH
RH$VD'3 DRQERS£DQEH 呸WXDUXDW"D VR£

G RSPQVXRR 2O-8, RDHQXXQD!DOO"GāDFXD!X HQVD
O,
ā£S£T£2$-682
[HRDURLVHGXQHUHGR£RRZHRVPVRUGRV RQER£XR£SXRGH££H
HSRXUDUHGDS VHDSHS RXHG XHMHXQXHGQRRDXDQRPRGD
XH RQEVHU RS V-UHXQZR VHDS VHVD RQE UHRRXRRDL HTHS
RSD]XRTUX VQEXQYā£S£T£āāV--£ DS £HZ-2-8- RSHDURXU
UD%--HX\UXQDDV6O`:DSHÈ 呸UHXQZR VDXRSH]OOH
LRHSVRXHXU
X\£VR£XRZ£HQS‡DQE HD££ ‡ DS R£XRSUHG R£DS VHXU
RSDRUDXL £H‡-O‡RDV RV£HURR£ XRR RSHRUVXU £H

XHORTRS
VH--!O V£V DQE
‡XHG VDRXR āS£ST HS‡XRSXHTH
\£V%--!O‡RSR£HG-2ÈHZ‡VRQG
R£DRZR£XRS£SVRSHLRLG[R
RSXRWV8?
OO6G RXZ6238Q-SH VRLVRRQE
-3XRUVQSXRRHHH6D
XHLUXXHG
6W"$OW"-DGRR È VHXQXLRR VH RS SHSXQRQSRUG È XS
RQSRUG
HDOHRSRVQDSV`-3ž-VR£DQEDUDSRSVD£XHQXD£H
86 RUSPVD RSHQR 
W"—%-\W":-2-D
`O H DS 6M!$W"-O H VVS
HUDGH!H VDSQPXURRVH--DSVD:-RXD VH£6W"$S!QS2-G:- WUDSS
XVQUDXU RQE V-DXQZR! VR£ RS VHVRSR VRXHXU VHU XR H--GIO
HU RS XSH£XDXRR H DS FLVHT È 6-G$, HIHT H
VRMRQV
VRUDSRURXDLDS£D
SHS$3QSRGÈXRSRQSRUGHIHTH
XSH
D
UZ %I DS
62-O"O8G:IW" VHXUVTTRUG62- DS FTTHVXRGVRUW"- %--G6
HSW"
DYHZRS
`O H
VRSHSXRRHTV HS RLXDXPxUHDX
,]W
RT!O"ZWSHS
FWGRUGO"8
OGO"MFSVySMMRXFTVR£`SOOO"=RXRQE"SXPJ DS
2QOO"@O"$8:?"0 2>OO
 

',267,(55$<02'(5O,=$&,21

1RV SURSRQHPRV HQ HVWH WH[WR UHYLVDU OD FR\XQWXUD GH

5HIRUPD \ 0RGHUQL]DFLyQ DJUDULD WRPDQGR XQ HVWXGLR GH
FDVR &D\DPEHXQFDQWyQTXHWLHQHXQDSREODFLyQPD\RULWD
ULDPHQWHLQGtJHQDHQODVLHUUDQRUWH GHO (FXDGRU 5HYLVDUOD
FR\XQWXUDSDUDSODQWHDUQRVWUHVSUHJXQWDVFHQWUDOHV SULPHUR
HVFLHUWRTXHORVFDPSHVLQRVFRQWURODQODPD\RUSDUWHGHWLHUUDV
GHOFDQWyQFRPRORDILUPDQORVKDFHQGDGRV"VHJXQGRSXHGHQ
ORV SUREOHPDV GHODHVWUXFWXUDDJUDULDUHVROYHUVHDWUDYpV GHO
PHUFDGRGHWLHUUDVFRPRVRVWLHQHQORVQHROLEHUDOHV"\WHUFH
UR HQFRQWUDSDUWLGDTXpSUR\HFWRWXYLHURQ\ WLHQHQORVLQGLRV
DO DFFHGHUDODWLHUUD"

3DUDQXHVWUD LQYHVWLJDFLyQ KHPRV SXHVWR HVSHFLDO DWHQ

FLyQHQLQFRUSRUDUDOJXQDV WiFWLFDV TXHQRV SHUPLWDQSHQVDU\
GRFXPHQWDUHO SURFHVR HO WUDEDMRKLVWyULFR ODFDUWRJUDItD OD
IRWRJUDItD DpUHDODFUtWLFDGHORVFHQVRV HOWUDEDMRGH FDPSR
HQFXHVWDV\ HOHVWXGLRGHORVVLVWHPDVDJUtFRODV

/D ]RQDGHHVWXGLR

(O FDQWyQ &D\DPEH HVWi XELFDGR DO QRURULHQWH GH OD

SURYLQFLDGH 3LFKLQFKD HQWUH ODV FRRUGHQDGDV 2 2
‡ 2 
 GH
ODWLWXG QRUWH \ HQWUHORV  2
\  
GH ORQJLWXG HVWH 6XV
WLHUUDV YDQ GHVGH ORV  PVQP HQ HO HQFDxRQDGR GHO
3LVTXH KDVWD ORV  PVQP HQ ODV FXPEUHV GHO QHYDGR
&D\DPEHH[SRVLFLyQTXHLQFOX\HFXDWURSLVRVHFROyJLFRV\XQD
YDULHGDG GHQLFKRVGHWHUPLQDGRVSRURWUDVYDULDEOHV FRPROD
RULHQWDFLyQGH OD ORPDV HO WLSR GH VXHORV ODSHQGLHQWH \ HO
ULHJR

(QODDFWXDOLGDGODDFWLYLGDGSULQFLSDOGHORVHPSUHVDULRV
DJUtFRODVHVODJDQDGHUtD 6HJ~QHO0$*&D\DPEHSDUD
DOJR PiV GHODPLWDGGHODVXSHUILFLHFXOWLYDGDVHGHVWLQDEDD
SDVWRV H[LVWLHQGRXQDVFDEH]DVGHYDFXQRVGHORVFXDOHV
FRUUHVSRQGHUtDQD HPSUHVDULRV\ODVUHVWDQ
WHV DORVSHTXHxRVSURGXFWRUHV


 YWO
RSRLVRXUDPQFVUS
R£ MQEYāVQD£RVTR XHO-7,6G-
MQEH HVHT VQVSHL-X V URG VHS
W"ÈW"68G 6G82I-W":;2-GH RS G-!6 W"8IL ž>I---4 RIDMGXLRR DXUDL
XQXXD£--$82! VRLVRQGQXXRR呸VZQXVRSW"6%8,!4āUDQ
H£VSHZD£T2-GDHSRTH RQE2-O,,"I2GVHXUQSPÈQTž1
62O!&2O 6
%2OG 6
ā[D 呸QVL XHRSH]THXH DSSHSXLPUFGR
H£ VRXUDUSXDL RXURR
HXUVXX SHSRRRV HO XDHPIDV
RSQVJ
£DSVDXRWRUXXVXUVH VS 2-O82- £DHVQQQGVLSDQE 6O`: DQE
RRX
MMRG2!LDID ,3 HRSH$88 HZ HXQVRXRSXHHQUHMG
]HX呸Q

%G8?"--GWTQV &=-p
,2- HXQ 82- RUFG
VDXRP]QHT-G$ 6G-2ÈW":
XWV
RI
HTH DSVHS '3呸-DZG H HQE
HDSRV RSDIRG XQ XRR
XFMFH]QQDSRXU H£ HRSHWD XVT
DTZHÈH-RS623OOVR£
XS"O
URG[RH£ % È "VQSX2呸H H HHSH£Q!X$ HSH]XXDSRXLÈQZH-
QO£QS呸HDXQRS
RLXRVHSRUXDXUDHDUT
RSHXDRVDDVDX
āR呸DS£DÈ DXUXDXLVM DXDZ£HSDGVD
QHHTHUTRVSRXDXUDS
HSXDV[DH£
XSHXRG[D," D-ZDGDQEOž2FS RQRQGRURH
£H DMXDRUHR H£
HSD-3 XSH-68 XRR VH--D£ DS UHXRGVUS DS
6
%$-OW"-HGZR VHIHXD$ VH RSXHTRF[RUGH
XRLXHR £DXD]RSUGHU
VXXRXRXRR DVRSXUQR--HVDSXDXD$ RQEVHVFUGXURIVHXQRS
8>W"O68HTHQE
62?+" 6-D6 62:-OOWVR£ RS
DXDSD SHS$3-3 HXQ
VR DQXMQRXFJH£ RLXDL XF VDHQXH ā-$-āWI呸O VHXQ HVHRRUG
RDSWMDSDXUDXUHRWVSTPRLFQSRUGH-D82: HWQVQSX£ O"
OāDOSD£
RSVRMHQXHāYU/2
IVHXQXHVRRRUGRLXQUXRRQVXDRQE
VHMQ
VQSX VHXRQEHG OOÈ VDSX"呸 VHURSHVDRRUGVPXHMGRRXSÈHT
HDTD HSVQSX2-
DHH£ XāH-77O>,'-,- È VHXXDTRS
DTRD£ RS
VDMHXLVQSPRUVH VHVDUGXUD"TXUQ XHXRURXQM HXR]X£ X
XRLXDR ,3 62$-O,77-
VRMHGFXXG VR£ XDUUXQVXRR FQE
VHT W UQRTD T È VVT 
]£PX£R
āVFT22OIHGHGH£
āVFTRR]āSRLS£R
āVHTQXQGRR
FSHTVR X£ VD"Q! VH RS
āVHT 222
== XDTHRUHTH RXRR RSS
S 62$-O77- VR£
RYZ-!3VFXRRHXPVD6O"8,6-8, VH£ XtNV
 ,1',26 7,(55$< 02'(51,=$&,21

/RV HVWXGLRV DJUDULRV HQHO (FXDGRU KDQVHJXLGRODHYR

OXFLyQ GH OD IURQWHUD DJUDULD \ OD GLVWULEXFLyQ GH OD WLHUUD D
WUDYpVGHORV&HQVRV$JURSHFXDULRV1DFLRQDOHV (VWRV&HQVRV
VHEDVDQHQXQDVHULHGHHQFXHVWDVUHDOL]DGDVDORVSURGXFWRUHV
DJUtFRODV $SHVDUGHODVRPLVLRQHV\GLVWRUVLRQHVTXHUHVXOWDQ
GH HVWH PpWRGR QR KDVLGRREMHWR GH FUtWLFDV SURIXQGDV /D
WRWDOLGDGGHDJUDULVWDVKDQXVDGRFRPRFLHUWRVORVGDWRVFHQVD
OHV (QYHUGDGVHUtDPX\GLItFL- SURGXFLUGDWRV GLVWLQWRV SDUD
WRGRHOSDtV(PSHURXQHVWXGLRGHFDVRHQXQSHTXHxRFDQWyQ
QRVSHUPLWH XVDURWUDVWiFWLFDVGHLQYHVWLJDFLyQTXHGLVFXWDQ\
SUHFLVHQ ORVGDWRVREWHQLGRVSRUORVFHQVRV

7HQHPRV VHULDV GXGDV UHVSHFWRD ODFDOLGDGGH ORV GDWRV

FHQVDOHVSRUHOORLQLFLDUHPRVQXHVWUDGLVFXVLyQFRQXQGHEDWH
VREUHODIURQWHUDDJUDULD SDUDPHGLU\ GHILQLUFRQSUHFLVLyQ
HO HVSDFLR GHO TXHYDPRV D KDEODU 'H SDUWLGD WRGR HVWXGLR
GHEHGHILQLUVXXQLGDGGHDQiOLVLVHQHVWHFDVRHOHVSDFLRItVLFR
VXVOtPLWHVVXVIURQWHUDV 3RUIURQWHUDDJUtFRODHQWHQGHPRVOD
VXSHUILFLHEDMRFXOWLYRVVLJXLHQGRORV PLVPRV FULWHULRV GH ORV
FHQVRV SDUD KDFHUFRPSDUDEOHVORVGDWRVTXHREWHQJDPRVFRQ
QXHVWURVPpWRGRV

2WURSUREOHPDTXHUHVXOWDUHOHYDQWHDQWHVGHGLVFXWLUOD
GLVWULEXFLyQGHODWLHUUD HVSUHFLVDUODFDQWLGDGGHVXHORFRP
SOHWDPHQWHHURVLRQDGR\ DEDQGRQDGR TXHHQ ODSUiFWLFDVDOH
GHODIURQWHUDDJUDULDSHURTXHSRUORJHQHUDOVLJXHFRQVWDQGR
HQORVFHQVRV

/D HYROXFLyQGHOD )URQWHUD$JUDULDHQ &D\DPEH

/RV FHQVRV QDFLRQDOHV LQGLFDQ XQD H[SDQVLyQFRQWLQXD\

DJUHVLYD GH ODIURQWHUD DJUtFROD D QLYHO GHO SDtV \ WDPELpQGHO
FDQWyQ&D\DPEH (QHO SDtV ODIURQWHUDDJUDULDKDEUtDSDVDGR
GH
KDVHQD
KDVHQXQDYLUWXDO


 
,
VHT0:-/O!2O62L O-O=8O"->, SP£P
OO>2-8I" OOOO82,- HW āPE XRR
!9OO, URG 6O"3=OO8 OOO-
R, !S 6!>O--2 V
OOIO-O8,
VX£ X呸?IDVXDLQ DS呸G XR VHSXRGLRRX āVHT==6= RS呸XL ,2:!T
2O3 

 9 VDTIOOL:LOXPSP O,3OO>22WGO O,-,8:- ,6O!OODS 26

?O-  6
āHRGQSDV
-6H-VRXD 呸= VRVDXR
2OI-3VRXLDXRXURR DQE
H£RSHHDXR--
H£ DS H£QRHWRDGVDXD:-D XQ XHQVDUXX
DLFXHX XFS
UDV VMUSRGRXRXLRR
VDVRSRMÂYOOVSRVXRR,
VMDG£DXD
DRHTDVDQE£HTR£RVXVRURXQUGDVDRQEªVSDOHTRXT2G
DS %--8-$2-G % XR -PT DV RQE RXUHSRXL RVXHR UDXQUG £D
VDDQE
3OVS£DHRRSH HD£XR£ H£ O3DQEVRXHQRDG
HVRVXFRVRQXRRVRXQQXRR
DTZHKHVSHXR]H£ %-%G
VR£HQRDGRY VRVXH VR£ HS VR£HSV
HXUDMTRUG呸QVDDUTFVVDRUX VDURMDXUDXDTR
VRXUHUDGVDRRUXR RÈURDS
W"D呸H%--WXLIR- H£ XD RSHVDT RSRL
Z XQ XRR VRLHSVRLVD UHIDLRF VRXUDXRGRUJ
GO8G:
O"-%2 XDQ
6G&7:GS2^ RX6268G-62^ RSXHQR8O%
%\GQEGG6O@:RQ%^2-StL%
%-G-82--%, DSXRWVXHG[FRS26G-2-G D
HSHGQRR RLXDXUHQ[XXH
È DVXRS 8O
DQRUV W" 2:2- 84呸LD- %8Q8G RUDG
%-82=O":% %I È
O"O62-% XD6W"--
!ORS6
!8268
!O;GVDSXHUIXQ£Q!S呸% H£ %82-%-
RG-2-8 RV VHSHRVSVRQ6(:O-, VHUVD 8G DQE 呸O8G3$G V
āJTZHÈH- 8GHV£LD-
RV OO-%-OGQS -%OOO6 āVOžžX IIVRXQLMQ VR£ XF XSH!££GQS
2呸-OOOOO$ 84:OOO>2OOO
 ,1',26 7,(55$< 02'(51,=$&,21

&XDGUR1RV
)URQWHUD$JUtFRODVHJ~QORV&HQVRV

$f2 727$/ &5(&,0,(172 7$6$$18$/

   

   

   

)8(17(6 &HQVR %DQFRGHO3LFKLQFKD

&HQVRV \  ,1(&

/RVFHQVRVSRGUtDQKDFHUQRVSHQVDUTXHXQDGHODVVDOLGDV
TXH ORV KDFHQGDGRV \ FDPSHVLQRV LQVWUXPHQWDURQIUHQWHD OD
FULVLVGHO VLVWHPDKDFHQGDULRIXHODDJUHVLYDLQFRUSRUDFLyQGH
WLHUUDDODDJULFXOWXUD FXHVWLyQTXHQRVFRQGXFLUtDDHVSHFXODU
TXHORVFRQIOLFWRVWXYLHURQXQDSXHUWDGHHVFDSHFRPRHQRWURV
FDQWRQHVGHOSDtVGHMiQGRQRVLPSRVLELOLWDGRVGHHQWHQGHUTXH
IXH SUHFLVDPHQWH HQ &D\DPEH GRQGH VH H[SUHVy FRQ JUDQ
IXHU]DODFRQIOLFWLYLGDGSRUODWLHUUDWDQWHPSUDQRFRPR 
\ TXHDOOtVHOLEUyXQDHQFRQDGDOXFKDSRUODWLHUUD

/RVGDWRV GH WD IRWRJUDID DpUHD

$IRUWXQDGDPHQWH FRQWDPRV FRQ OD IRWRJUDItD DpUHD GH

 IHFKDHQODTXHVXSXHVWDPHQWH DVLVWLUtDPRV D XQDJUDQ
H[SDQVLyQGHODIURQWHUDDJUtFROD FRQWDPRV DGHPiVFRQIRWR

 (Q XQUHFLHQWHWUDEDMR /DDGTXLVLFLyQGHWLHUUDSRUGRV JHQHUDFLRQHVGHFRPXQHURV

HQODFRPXQLGDGPLQLIPGLVWD6DQWD/XFtD$UULED7XQJXUDKXD‡ 1DQF\ 5 )RVWHU
VRVWLHQH TXH XQD GH ODV HVWUDWHJLDV GHO (VWDGR SDUD HQIUHQWDUOD GHPDQGD GH WLHUUDV
FDPSHVLQDVVLQFRQWUDULDUDOD呸OLWHWHUUDWHQLHQWHIXHLQFRUSRUDUHOSiUDPRDODDJULFXO
WXUDHVWLPXODQGR-D RFXSDFLyQFDPSHVLQDGHHVWD]RQD7DOSRVLELOLGDGGHPDQLREUDQR
DWXYRHO (VWDGRQLORVWHUUDWHQLHWHVHQ &D\DPEH


 WO
āXDZSXQ-UXGRRWSL8 HVXRQE
, 'tQO912OOF, S -O,,2-8,,-
8-M"26
LX£ SSÈ ][IYOÈSSX 呸HSWWÈOO £TH-?"$8
H XRRRSH£XRRVRZ£
/,-呸^ ‡呸
3DLH-,:R- %I 
3XSQPVXH£  O
XQ DS WUHMTDT VRQ VD£HXRSH1 VRVXDM VR£ 6"XD7: VRLDQVF
V VRSR£XDÈ RIHTHHSHTV呸-DTQVRMTDLRXXQRSXDRQSRUG

H£DGZR! XSHZ-8 QXQ D!D HUDG 638 D VRSHSXRR

DT VS"SXDVV H£VDJUFPP I H]XH\XRVDS5, H 28I6
VRVWURR
VRMFSVPRSD--DGZVW"- HVRX
--4W"WQGZ
VH
-OHS6呸
DUTQV UH XQ RSWUDQVRXU
VRVXHRV XDDSDXRGDU W"- H ?HZ
DGZDVVDHSDQHQPUHMGHRRS呸HHDXRTW"I HQEVDHDP W"--
H-
 H£DPXUDGVRXHQEHPHXRGXQXSH"VXR-W"-O4
ā/āVDT £¢ā£ VVXHGD
XD66‡ RV
DS%-6\%:-2-20 DXR£G XR
/ I  DQXD
È
VRVXD! VR@OOO"IW",-DVRXURR
āVHTO, RXÈ āVHT VWHQ XHLDH
RV VDXRGD
R£XRZD£XR£ IQZ ! / I 6O XR D£2R--6‡
"DXR- H£ VHLXXVWS OWXDZHS呸HZ XRV VHSXDS-$O VH
(!O,912OOG XLQPV 
6
IOOO8呸G:',/


O/
L/ 1tOO
/
2 
/2, 6
L£ /
/&
2 VāFR呸 /QW 
 RVDVH 呸
?WtO1?W?W6? 1
6?W+?W 2M?W
D-I9H\ZR XWVH£R2--9 -D£XRW
JāR1RLSYQR

/O‡3 I
6ODS6(--%-6
2=呸OOLOOO£?XZOOOI2>OO
 ?
',26 7,(55$< 02'(51,=$&,21

Pi[LPR GH  KDV HQ  OD IRWRJUDItD DpUHD \D QRV
PXHVWUD TXH HQ  KDEtDQ  KDV YDOH GHFLU SRU OR
PHQRV KDVPiV HVGHFLUTXHHOVXEUHJLVWURHV GHXQ
SRUFLHQWRFRPRPtQLPRDOTXHGHEHUtDPRVDJUHJDUXQSRU
FLHQWRDGLFLRQDO SRUTXHHVWDPRV KDEODQGRGHVXSHUILFLHSOD
QLPHWUDGD HQODTXHQRWRPDPRVHQFXHQWDODVSHQGLHQWHVGH
ORVVXHORVTXHDJUHJDQPD\RUVXSHUILFLH 6LKD\XQVXEUHJLV
WURGHOSRUFLHQWRHQODFDQWLGDGGHWLHUUDV ORVGDWRVGHORV
FHQVRVWLHQHQXQDYDOLGH]EDVWDQWHUHODWLYD

)URQWHUD DJUtFROD \ HURVLyQ

6HUtDLQFRPSOHWDQXHVWUDUHIOH[LyQVREUHODIURQWHUDDJUt
FRODVLQRODFUX]DPRVFRQHOSURFHVRGHHURVLyQTXHH[LVWHHQ
OD]RQD &RQIRWRJUDItDDpUHDKHPRVGHWHUPLQDGRTXHODIURQ
WHUD DJUtFRODSDUD HVGH KDV7DPELpQVHxDODPRV
TXH HOODSRGUtD DXPHQWDUHQXQDVKDV VL FRQVLGHUDPRV
ODV SHQGLHQWHV SDUDXQWRWDO GH KDV 6LQHPEDUJR QR
KHPRVWRPDGRHQFXHQWDTXHLPSRUWDQWHVVHFWRUHVGH&D\DP
EH VH HQFXHQWUDQ HURVLRQDGRV R HQ XQDYDQ]DGRSURFHVR GH
HURVLyQ FXHVWLyQTXHPRGLILFDQXHVWURGDWR'HEHPRV UHVWDU
DODIURQWHUDDJUtFRODODVWLHUUDVFDOLILFDGDVFRPRHURVLRQDGDV\
TXHKDQVLGRUHWLUDGDVGHODSURGXFFLyQHQWDQWRODVWLHUUDVHQ
SURFHVR GHHURVLyQODVFRQVLGHUDUHPRV FXDQGRDQDOLFHPRV HO
SUREOHPDGHODWHQHQFLDGHODWLHUUD

3DUDFXDQWLILFDUODVWLHUUDVHURVLRQDGDVKHPRVXWLOL]DGRHO
0DSDGH$SWLWXGHV$JUtFRODV GH 3521$5(* SXEOLFDGR
HQDVLJQDGDVFRQHOFyGLJR%SDUDVXHORVFRQSHQGLHQWHV
PD\RUHV DO  SRU FLHQWR VXHORV SRFR SURIXQGRV FRQDIORUD

 /D LGHDGHDJUHJDUQ  SRUFLHQWRDODVXSHUILFLHSODQLPHWUDGDSDUDDFHUFDPRVPiVD

OD UHDOLGDG QIXH VJHULGD SRU )UFGG\ OySF]FRPRSURGYFWRGH VX ODUJD\SUREDGD
H[SHULHQFLDHQHOHVWXGLRGH ODFDQRJUDItDDQGLQD
 3521$5(*0DSDGH$SWLWXGHV$JUtFRODV,%$55$<48,7266


 26,
2$6DGRVUQRQVÈ HDSH H RSXFUVRUD%I XDRTG[D
DQE 62-
DXUSXD (-JRRXD£ H£ DS RVHH-- UD RX È RVRRRUG D£V
DQG VRXWSXH SXH8, È DQEVRT £DURG VRXVWTQR UFRRXHXQFG
XDMTFSRSXDQR
W"$SPSRGXSHPVXDXDXQGVRSQXRMVDUG
DXDZDDW- XR-D$ 
!6 RQE
HDSH RS VRSQV VR£ DUDG VRLVHMHX
XRUHUPVDU
VRSHSXDDHTVR£ H -L82$W"- VH]UDQHS X£UHS
%- DQEDXD84-(=8-DSRZRSRVFRRUGXQÈ DSHSXDRXT HJ
H£ G HLVHQGXQ
6
HRRSH VDXUDLVUV V DS XRSRQSXRR DIIHI
DZDVāHV\THLVDXHRH DLHG62$+žžOžG VS 2$VXQX£ 2$O>7,-
£HVXDSH£ È VRXUDUHGVR£ VDQXDQX
VRLVHGVR£(VRSDRMSHSX呸VD
VRXHMG VRSQV VR RXUVTHXGHR 2 URG RSSQSRQX UVDS
RS RMXVH £DS SHS
HXRSH£ ( HQVRQXU DXDZHS\ZHS RQE
HIRSHQ呸G HXQ H 62:O6-6( %2!--H 84--
%=-8-DSRZH 82-
āSHURXHXUHVRSHRUTQVRSXQMRUGVRRRGVRMRQVHS DTXUDT
Q]QXLRPVHXR]HXRV2-DDVX呸TZH
DXDZ£HXRS£S\
āVRXRQVHLXHUSXDGHLXDVDLGDQE HXR]
āZāXāVāZ223
22=7
HXWSXVUDXQ HID H XR RSRL RUTRV 2$-62-D RVRRRUG RXDUGXUDL
XQ RSXDSQSRUG
VR-DQ呸XQGVHP£ 62 HPH UHRMTQHUHG ]QSQ
62 RLRQ I
628$ I 628$2 ‡322-2£VHGVHRSH 6 I VRZ
WXGVR£ RURGURRXL DQE DRXHSXVRHT HZDV£V U呸 DQ ā2$£VXD
X RX RSRZ DS VRTRRTUHT VRIHH-TZD£VDXRZVDS HXUDLVWV
XQRIHTHVRSHSPDKQZHUDXHXUFSVRSSQSXRR 82-GOO-VH-DSH£ I
VRXUDUHGVR£DQEI āZāXāVāZ22=
H
=2O$ ‡XDRQXVR RV
--GO H£ RS ?68GO8 2$`2! 62--8O呸 VRMURXDVVR£ SRGXURX


£D XF FQE HSVT XRWDHLXDXPRRS XRR RSHQVRXURS VRXUDT
46¢>
8:1OO389HS82O6621
 RtVTHQ2-6228
X >,$; 2-ƒD6 SS VDHXJ H HSXRRDT HS DXLRUVUV SS XRR
VSTRVXRR H£ RSRGXUFX O3HUHS DTZHLH XDXFWVRUD (U£

XRSRQSRUG5I RSVHSDLQDU āVHT2I= VH VRXUDQQVDU
VRMQRMHR VRQVRQX H-HG āXV2-D DS VD£D$UL VDXDQ XHUXRVFUG
RQE āVHTRRUāW I VHSW"8-6-DDXDZHDGZR
VHT2(=XFLVW[R

āVHT 呸WWRSH£R!--呸HHUDLXRT HRSRQXRUMāVRVR VRtXHQX

 ,1',26 7,(55$<02'(51,=$&,21

/$ &2<81785$/2&$/$17(5,25 $ /$ 5()250$

$*5$5,$
&XDQGR VH GLVFXWH OD 5HIRUPD $JUDULD VH SULYLOHJLD HO
DQiOLVLVGHODFR\XQWXUDQDFLRQDOHLQWHUQDFLRQDOSDUDH[SOLFDU
ORVFDPELRV\ VXSURFHVR(QHO DUWtFXORDQWHULRU9HU+DFHQ
GDGRV SREUHFLWRV H LQGLRV WHUUDWHQLHQWHV KHPRV VLQWHWL]DGR
ORV HOHPHQWRV PiV LPSRUWDQWHVTXHVHFRQMXJDURQD QLYHO QD
FLRQDOHLQWHUQDFLRQDOSDUDSURGXFLUOD5HIRUPD$JUDULD$TXt
QRV LQWHUHVDLQFRUSRUDURWURHOHPHQWRRUGLQDULDPHQWHDXVHQ
WH OD FR\XQWXUDORFDO
(O DQiOLVLV GHODFR\XQWXUDORFDOSHUPLWHH[DPLQDUFyPR
YLYtDQ \ VHQWtDQ ORV DFWRUHV ODFULVLV GHO VLVWHPD GH KDFLHQGD
H[DPLQDUODVGLYHUVDVLQLFLDWLYDVTXHLQVWUXPHQWDURQORVWHUUD
WHQLHQWHV\ ODVUHVSXHVWDVHLQLFLDWLYDVFDPSHVLQDV5HDOPHQWH
QRV KD VRUSUHQGLGR OD ULTXH]D GHO HQIUHQWDPLHQWR HQWUH OD
KDFLHQGD \ ORV LQGLRV DSDUHFHQ HOHPHQWRV SRFR HVWXGLDGRV
FRPR HO DJRWDPLHQWR GH OD IURQWHUD DJUDULD OD FULVLV GH OD
FDSDFLGDGGHORVVLVWHPDVDJUtFRODVKDFHQGDUtRV ODUHXELFDFLyQ
IRU]DGDGHODVSDUFHODVGHORVKXDVLSXQJXHURVODSUHVHQFLDGH
QXPHURVRV DOOHJDGRVHQ HO FRQIOLFWR TXHVHUiQH[DPLQDGRV
HQHVWH DFiSLWH

(O DJRWDPLHQWRGHODIURQWHUDDJUtFROD
$WUDYpVGHOHVWXGLRGHOLEURVGHKDFLHQGD KHPRVLQWHQWD
GRGHWHUPLQDUHOPRPHQWRGHOYLUWXDO DJRWDPLHQWRGHODIURQ
WHUD DJUtFROD (Q QXHVWUDKLSyWHVLV ODLQFRUSRUDFLyQ DJUHVLYD
GHQXHYDWLHUUDDODDJULFXOWXUDOOHJySUiFWLFDPHQWHDVX WHFKR
HQODGpFDGDGH/DVKDFLHQGDVGD&D\DPEHSURGXFtDQ
HQ HVD pSRFD WULJR SDSDV FHEDGD YDFXQRV \ RYLQRV 0X\
VHFXQGDULDPHQWH VHPEUDEDQHQSHTXHxRV SRWUHURV PDt] DO
YHUMDV \ KDEDV
3DUDODSURGXFFLyQGHWULJRSDSDVFHEDGD ODKDFLHQGDQR
LQWURGXFtD QLQJ~Q FLFOR GH OHJXPLQRVDV (Q WpUPLQRV GH 5
 =67

6--W4-/6OOO SPL£GZRR82O"O:6
HO U212O489X-$ =27
VOS8O-"+ G99- +962-2-
6W8O:QVDQE
 È> 8-OO,2O>UD-SX呸YOOOO
3OOOS6L!OORSHIHTP62:,+ ,2O


WW£O
WO'È'+
28O",2OO5--2O h9O:O6OO,-8
8:,4,
-"SLI4 >
ÂZRQR£THGXHVI\UQRQ£
RRPIRZ
RPV‡G
HTZ£T! H£

SDZW"
 HSX-SHTH-3VRW8:W"W-HGDS66VRUS68--W"4-
2/XHHSXD£RHT‡ ‡3VR£H£SVRMHSV呸$H£H
RSR£VRH
I  RSHUTPRRDQXDVHSHQ-‡-‡VHLTXUHUVVH VVSRLRS£0DV
VRZ‡+āVHT 
=‡3
6W ‡3 DPVXDXUHXQ D?RV
OO£XRGV£S
RQE
RTZHIH! ‡3 DSXH呸V\Z‡
RPV‡GHSXD£RHTH£ RS£RRVD
VRXUHTVUHXRS3%-OVRXRSUSXRR XR%OX呸XH£ DSXRSRQSRUGH£
-8O8%: HUDGO8-OOO%--O W%-O6W" DS呸!O7:-, -SDS6

H£RSH%-O82-- %- VSO:-,^-%QW6ÈW"SXDSHT%- %=I"-VQE

VHLXRXUVVS K VRTRRTUVT
VDXRSH VH VHSRLUHLGVR H-%G
āVDRSDXHVRQPGVRS62 XDRLXRVVSXD:HH UD-4--
WXHG
2$SWQ! HS%---` RPRRHSXRSHTH!SRGUDQR-HW"--DSHVD
DVRSXHURGURRXW
VDUHDD! I 62-,'-"TQWDSVRSR2-O%,' R VDQ
VRSHURHO62^ XHTHUTXUHVDVRLXRXUVDSDVHāXTHRDMRQSRUG
DV RSDIRMHVHS HR£HZ RIQR DS
%-22-OJ% %-D£XRJ %$DQX RS
XRSDURGURRPDD£XRZVDSS
DRD£ I
VRTRDT%TVRU DLXDPS
I %-22--呸H RSWR DSHR DS VD£XH VHID$2 I VRXQRH[ RS X\呸
RXRTHRS3%3OOO%-XHi
RSXRSDURGUFRXUH
RSXQiDV
VDHLD-
I VRMQRUHTUX RS VRSSRQDQRH VDQURGVRSPVFV VR\W" 2-O%Q-
H VRS DS VRTRVTUHT VRSHxXRMRUG XRR
RURXUXG V%!V\T VHMRR
S
DHVHRSR\G VDQXRRHTH]UUHD DVDXUDLVWVDS3%38OO- %-
FSRUQDUXUUXDQUHXU È XFRHURGQFDUYUāOV%VR呸QD XRR VD
HLD-I VRMQRURTUXRSXFRRQSRUGHUXHTHXUDUUHRX
VDLRMGXURR
VRXRSHLRU RS DXUDLVUV XQ XHTH]P£Q RX VHSXDSDT VH\
%SDIR
 ,1',267,(55$<02'(51,=$&,21

&XDGUR1R
7DEOD GH5RWDFLRQHVGHORV&LFORV$JUtFRODV


S 7 H %D

S   R 

7   R 

H R   R

HD    

'   R R
3
 3DSD 77ULJR H &HEDGD HD%DUEHFKR R 'HVPRQWH

'HXQWRWDOGH VHFXHQFLDVDJUtFRODVUHJLVWUDGDVHQODV
 FKDFUDV SRGUtDPRV VXJHULU GRV UHVXOWDGRV SULPHUR HQ
QLQJ~Q FDVR KD\ XQ FLFOR GH OHJXPLQRVDV HQWUH WXEpUFXORV \
FHUHDOHV /RV GRV ~QLFRVFDVRVHQORVTXHVHVLHPEUDDOYHUMDV
HV HQ OD FKDFUD 6DQ-DFLQWR WUDV XQD VLHPEUD GH PDt]\ HQ
3LFSLFORPDDQWHVGHGRVDxRVGHEDUEHFKR3RUWDQWRHOFLFOR
GHOHJXPLQRVDVQRLQWHUYLHQHHQHO VLVWHPDEDFHQGDWDULRSDUD
ODUHFXSHUDFLyQGHODIHUWLOLGDGGHOVXHOR

(QVHJXQGROXJDU HOQ~PHURGHVHFXHQFLDVUHYHODHO WLSR

GHSULRULGDGHVTXHWHQtDHOKDFHQGDGR\VXUDFLRQDOLGDGDJUR
QyPLFD /D VHFXHQFLD EDUEHFKREDUEHFKR HV OD GRPLQDQWH
FRQILUPDQGRODLGHDGHTXHHOVLVWHPDEDVDODUHSRVLFLyQGHVX
IHUWLOLGDGHQYDULRV FLFORV GHGHVFDQVR /DVHJXQGDFRPELQD
FLyQ WULJREDUEHFKR UDWLILFDORDQWHULRUPRVWUDQGRODWHQGHQ
FLD GH DJRWDU OD IHUWLOLGDG GHO VXHOR FRQ OD VLHPEUD
SUHGRPLQDQWHGHWULJR/DWHUFHUFRPELQDFLyQEDUEHFKRWULJR


 WO
-2OIOO" ,-2GHSH-RTH£D 8'RDÈ'-GI
-1 āHXR£H1 228(4 26I
VH
R6£8:O"82OSO"G:D
+19呸O
6O+
24D
IO /(62,8LO:O82-SWGZD
+192=/O V1Q
J
/ =+
O= L
O

 &OO 26/
VV
F RFY‡ =O

  6=,+
WU
2 O
呸

 2=+

G6!O 62,21, 62W<
= O2O8HSX XVL+,-T2G OWO DSXRQ$
DāR1R-S‡QR
āXST! H OQGHG6O, DQETXL呸呸VHD-XDHTH£VRR—āVXRSHITWX
VHW DSVRXFFRV 62> '3呸呸DXD6-4 QLX
Q--QVI
2  W=
2 X£XD TVR-
DSDTVDDSHTFQHH£ È UX7,62&
2  II2 £XDHTYQ--Q8VHGHGDSHTRXH W
VDQQV £££āR
HTHLVRD R- DSTRXH O DQE8O",:2-8IVRHRPVD-HSXD呸H DSVRLT- VR
2OOX &2/
RXU VPRSH呸R-呸 -6HVRS8O-O$
VO-RSHIHTH- VR£ S RXPVXRR
£RHUDGVRLRQSRUG H-T:26 X呸TZH£ G
RXVTPRSHRUVXU £H
HSH呸Q
QZW"KS
PSRGH-呸OOW"--6OPQHQVDQXLHSXVSHT"
O
āHOS呸HH--82--6O`: H-2G-22OO 6 RXURR W":-2-

HGHG S (-4:O呸6 H `!-2$5- RQE

VDLXRXUVDS VR\ DS ]DSSH
H XRR HSHXRRHMDU H!:XR呸HXRRFX H-H£! HXQ -XD
HGHG
DtXFXUVDSXFWRHPTXURF";-6"
O āHSXDSHT5IFSRXPVXRRRPD
S DUDG DQUHUVDU H 5I È VDLRSHOHTHQ VR£ DS VFUURRRV HUDG
DUDRUDLDXQ
HRR RSHRUVXU -" 5-O2
£Q2RSRSHRUVXUHRLUHG
DXQ R6--$3DUDRXQVDSQVRUVGXLR
HSXDSHTH£XDDQUHXRGXQ
8"4:5O2^7,--O-" XQRXURRHGDGH HH!£TQ
HGQGRTRDTPTXRUR
HX1:2- DLXPEW"
@ āHSXDSHT5 RSDMTHUXDUÈ5-:82!DXRWR
GDDUDG HU XR VD-XDH$£QEDUDRDUHGHVHWRXDQRDV
RLS%GHGÈ
HGHGHGHGVDXHSH$ 65, GHSQUHGXURRVD8435OO*:2-PUDQR
W"
O āWVRSDG VRURUDXU VR£ H-8O DQE È R££Q4 DS RSDFURXU 呸
FLXDWQH[WVQS[DRSDXXVDS 2I,?--8H ‡RJ—£ H RSFRXRR HSXDSHT
U RQE R£呸DI$SG S VRXUDQVRWX H
-2SD8" HDS£ W"- FVSDUG
2呸-OOO? ?,2/OOOQ
, 3Q
 ,1',26 7,(55$<02'(51O=$&,21

QHWDULDV $O PLVPR WLHPSR HQFXDGUDOD SURGXFFLyQ GH HVWRV

DUWtFXORV HQ XQ VLVWHPD DJURQyPLFR WUDGLFLRQDO GH SURIXQGR
UDLJDPEUH KLVWyULFR FRQ UHODFLRQHVVRFLDOHV GHILQLGDV HQ VXV
SHUILOHVIXQGDPHQWDOHVHQORVDOERUHVGHOVLJOR;9,,, WHFQROR
JtDWUDGLFLRQDO \ UHODFLRQHV VRFLDOHV GHVHUYLGXPEUHSDUD DOL
PHQWDUXQDHVWUDWHJLDRULHQWDGDDOPHUFDGRXUEDQR WDOHV VRQ
ODVGRVSXQWDVGHXQDJUXHVDFXHUGDFDPSRFLXGDGTXHXQHOD
SURGXFFLyQ WUDGLFLRQDOFRQHOPHUFDGR
/RVUHQGLPLHQWRV TXHORJUDODKDFLHQGDFRQHVWH WLSR GH
VHFXHQFLDVEDUEHFKRVDERQDPLHQWRVHLQFRUSRUDFLyQGHIURQ
WHUDDJUtFROD IXQFLRQDURQVLQPD\RUHVSUREOHPDVGXUDQWHORV
VLJORV;9,,,\;,;HPSHURGHVGHFRPLHQ]RVGHOVLJOR;;KD\
FODURVVtQWRPDV GHVXFULVLV HO VLVWHPDFRPLHQ]DD OOHJDUD VX
WHFKR\ DXQDFXUYDSURGXFWLYDGHFUHFLHQWH (OORVHGHEH HQOR
ORFDO WDQWR D IDFWRUHV WHFQROyJLFRV FRPR GHPRJUiILFRV (O
VLVWHPDSUHFLVDPXFKDWLHUUD\PXFKRDERQRDQLPDO WDQW
yIDUD
ORV ODUJRVEDUEHFKRV FRPRSDUDDERQDUD ORVWHUUHQRV  /D
IDOWDGHWHUUHQRIXHXQDYDULDEOHSRFR LPSRUWDQWHGXUDQWHORV
VLJORV ;9,,,\;,;SDUDODVJUDQGHVKDFLHQGDVHQFRQGLFLRQHV
GHXQD SREODFLyQDGVFULWD SRFR QXPHURVD 6LQ HPEDUJR WDO
HVWUDWHJLDWHQtDFODURVOtPLWHV ODSREODFLyQFUHFtD \ OD H[SDQ
VLyQGHODIURQWHUDDJUtFRODWRFyVXV OtPLWHV

/DVUHVSXHVWDV KDFHQGDWDUODVIUHQWHD ODFULVLV

/D FULVLV GH OD UHQWDWHUUDWHQLHQWH IXH PDGXUDQGR OHQWD
PHQWH GHVGHSULQFLSLRVGHO VLJOR;; FULVLV SURIXQGL]DGDSRU

 (Q  OD KDFLHQGD WHQtD  YDFXQRV\  RYLQRV HQRUPH FDUJD DQLPDO TXH
DGHPiV GH ORV REMHWLYRV GH SURGXFFLyQ GH FDUQH \ ODQD DSRUWDED FRQ ODV JUDQGHV
FDQWLGDGHVGHDERQRTXHSUHFLVDEDODKDFLHQGDSHURTXHDOPLVPR WLHPSRRFXSDEDXQD
H[WHQVDFDQWLGDGGHWLHUUDVSDUDVXSDVWRUHR
 /D HYROXFLyQ GHD SREODFLyQ LQGLDHVOHQWDHQHOVLJOR;9,,,FRQ XQDODVD GH SRU
FLHQWR OOHJDQGRD VHUQHJDWLYD  HQ HO SHUtRGR GHOD LQGHSHQGHQFLD VHDFHOHUD HQ
HOVLJOR;,; OOHJDQGRD  SRUFLOQWR\FUHFH PiVD~QHQHO VLJOR;; XELFiQGRVH
SRUFLHQWRHQWUH


 6O
āUX-S OOO DS>?8-2-O: LSRIRHVLSS:OOG LQEO$OLRVVRFUGL—LQ-XQURGDSDUVDL
XUP  HSW=>OOOQP P- āQ 呸0UW
/ā6 XXL S8RGLRRX O-``X O--L ,U` 

OO"-2!-O呸8 W"-GO82--
H DS XRWVXDG[D DS VDSHSTUTUVRG VQV RSW"£R" H RLXDXUHRX
\GXSX
-O"H£
VDXDI-$VHDSVHRRGXDLVU[DR]SSXSXS
W"- XāDV£SXHG[DRSVHQ 8G &--GO2S8"6G-
GIIH$ -G83GS-2T
DQE 6W"-DSH£ VH£ FS 2$62-G 26G-2-G RSWGDU XQ 82-GSG-2$8-

HX389HID!%,DSXH8,O3HXUDQEH£ÈVHVRX£ZQtID£8-6 VH
GZR-6GOO2-
%O2- RSO"O- WU
@
26G RX2-GGāSDWQV2$2O
V£ VH$DQX HS XFSHURGURRXWH X-TZH
RtKHTZDX£V
VRXHSQUHG6,HH--2ODSV=RSHR-£XR‡  ‡ XR
VRRHV 6

WO/
XTHS XRSRQSRUG O"2O"8G--DXQXRDQXDQRXR
DV āDLXRZVDSDS VRXDXVL XRV RLXDSG2OOG /
QXDQ RQE
VHURVTR2OVH DDāX-VXHG[DDSRVHRRUGRXRLGXDDQXDQRXRDV
RPV‡G
   -X
%-TZR£V  HLXRXUVVS QVDUDGXRI
HDS HDXD VD VHXDPE H
VRUHRUHGH VRXHSXUVG DS D£DV
HXQHH6D£DSRQESHS$-3%
XD--$£HR£HZDRSXDLXRXLVFS
H
R!S6HHDO82--H -H-GZHDQ-
RSHRWSXLVRXUHMTDT R£ RXURR
HS
XDRDTH HLXHXPQVX£ RQEVHXRSGR VHUDXUXG VH£ HS HXQ
āSDS
ā$3!PXR! UQHZ DUDIQSRQXU R H-X2JH QV (-(XR£RGVHXDGD
RXWV
HZD£TR-GSDVD$-26呸-HQDRSHXUUD
XXRQEXUV
6H-LIDHVD
686-D$3 82-3O8:OOOO68 66-- DS D-2-G DUVD XD VHSXVS
H 6O"O āHSQ6H -O"-2- SHS$3+-82-DSDQXXQRR DXQ RUXQURR
QV XD RSXHDUR
VHSXDSHT VHXQ6UH H UHXRMVDUGH WURUH]XFXURR
VRXSDMTDQGVR]QVDP V ‡呸QXDZDP"^8-XR-ā DSUQUHG
O" VRXHUHSXDXHGRUDXDPDSHGHLDHXQXFRSXHQXR
RSHV
£H VRSHSD--G- V RS RVHG
RMGXURWD UHG RPVDG
RSHWTXUHR
URV O"-32GXDS SRQE
623 VR£ RS VRIR V H -O628, DQE
6O"6£D VFXFSURVH DS VHSXVSHTVH RS8SH£G2-G[DH G
HSSQSRUG VRZX-HSXDS%T SHS H RS XSHZPJD£VDS (-
 ,1',26 7,(55$< 0'(51,=$21

2WUDWiFWLFDTXHLQVWUXPHQWDURQODVKDFLHQGDVIXHUHXEL
FDU\UHFRUWDUODVSDUFHODVGHORV KXDVLSXQJXHURVGHVFDUJDQGR
HQVXV WUDEDMDGRUHVSDUWHGHODFULVLVDOHVWUHFKDUODVFRQGLFLR
QHVGHVXUHSURGXFFLyQDPSOLDQGRDVtODIURQWHUDLQWHUQDGHOD
KDFLHQGD(VWDWiFWLFDKDFHQGDULDKDVLGRYDULDVYHFHVHQXQFLD
GDSHURUHVXOWDGLItFLOSUREDUODSRUODFDUHQFLDGHIXHQWHV1RV
SDUHFLy TXHSDUD HOORWDPELpQQRVSRGtDD\XGDUODIRWRJUDItD
DpUHD 'HFLGLPRV LGHQWLILFDUHQ ORV PDSDV GH  \  OD
VXSHUILFLH FRQGXFLGDSRUSDUFHODV SHTXHxDV PHQRUHV GHWUHV
KDV (O FRWHMDPLHQWR GH OD VXSHUILFLH \ XELFDFLyQ GH HVWDV
SDUFHODV HQHVDV IHFKDVGHSOHQDFULVLVKDFHQGDUtD QRV LQIRU
PDUtD GH OD UHGXFFLyQ \ UHXELFDFLyQ GH ODV SDUFHODV GH ORV
KXDVLSXQJXHURV
/DLQIRUPDFLyQUHVXOWySRVLWLYDODVSHTXHxDVSDUFHODVHQ
 FRQVWLWXtDQ  KDV HQ &D\DPEH PLHQWUDV TXH SDUD
EDMDURQDKDVUHGXFLpQGRVHHQKDVHVGHFLUHQ
XQSRUFLHQWRGHORTXHWHQtDQHQ FXHVWLyQTXHFDSWD
XQDWHQGHQFLDTXHVHJXUDPHQWHVHLQLFLyDQWHVGH  $GL
FLRQDOPHQWHODVSHTXHxDVSDUFHODVPXHVWUDQXQDWHQGHQFLDGH
KDEHUVLGRUHXELFDGDVKDFLDPD\RUDOWXUD\KDFLDORVVXHORVPiV
GHJUDGDGRVGHO VXUGHOFDQWyQ2WyQ&XVXEDPED

&RPSDUHPRV HQSRUFHQWDMHVODXELFDFLyQGHODV SDUFHODV

HQ\VHJ~QSLVRHFROyJLFR9HUPDSDV  \ &XDGUR
1R 


 
ā

OL-
?
t

俵
O







 ,1',26 7,(55$ <02'(51,=$&,21








‡!

W

  
  O?
 L OIL

9


 
XRSHMTRG H DQE VRXRSXHQVRXU
VDUTT VDXRRG R 62-
OIO"8-2I
RLQDUR-2G O
==OXRUQ-,6呸‡-RVI
HWSWQXJSX£TRGH£HSR£
XDSURG
OOLDFUH-Q-O682-RQE
VRUDQMXQGWVDQT63ž SDS
VR
VVURLPRXI " WāU XRH-6呸G `6 HQH-XH-DTWX"H- XR

]āL
VRQURQQHXRUSHGXUT
2
+19=O‡3RVXHRSX
āVDUXLXQGVWPTV % DQEVHVRUHLXDHVDSVHXU VRXRSHMDUUHXRG
Z DMSRGVD DVRQEVR£ H
VRDGHXHÈ HSÈ VRSDXUWQDRS
VD-
UHGD RS 2-
-:O8 £D 21:%- XR RS8&O8G-
---O"
VRUDUiXQGUVHQT
HS 2-G:O8 ,QQXQQVUSÈ HUD呸82- VDW8
-OO
-OO"-OGO V HWHXRWR
MSH"-O-O`O HXQUDWXFXPQVXU FXUXQHGVD£
H££DVSURSVSDTHR
VRXHSXDRDTVRUSDUGVXD623OORSSHSQXHR呸!XDSDU-
āDXDZHSHS
RXFSRSVTRQ£XH£THT623VR£ RQE£RURGRSURURDXQUDGPRU
£H
HXD-3žRSHXUVHGXUHRDXRVDHVDHZVRSXQMUXGROQSRUQQ
QSQSXWV HQE
HSHSXD!HTHSU呸O>HTRUXGRQEXRXVDQR
6D-2S
DGQV 626G62- XD 呸HS%242 6%M RS RLXHXPV D£46$ XQ È 24=
I
ā
= 26G D XD V%£DR-%G 6%I VS XSQX:63 DXQ XDQVDQXU
VRUDSVDXDQ6 V
X% XVVRS%SXDS VHZVRXDXDL HS%T
XSHTQRH ž38āZāXāVāZRRVā]]26G‡XFO ‡3H
RLRRGVDUHH\RV VSHGHXU‡DQERIHXRRGHZ
/W
= 
W 呸 ‡ 

/L! 
WW   ‡ HRHH
呸
( /

3
 RR]F =

呸 
 =  2W=
  RP! 26OG
2%G8OIL V

   DTXDVHDD!-HGVH£ DSX-!O!-4tO
āR12-3OOO2
 ,1',26 7,(55$< 0'(51,=$21

KXDVLSXQJXHUD HUD DPSOLDPHQWH GRPLQDQWH (Q FDPELR HO

FHQVRGHQRVPXHVWUDDJULFXOWRUHVHQWUHKXDVLSXQ
JXHURVH LQGLRV GHFRPXQDTXHVyORFRQVWLWXtDQHO SRU
FLHQWRGHODSREODFLyQ HQWDQWRORVDSDUFHURV\SHRQHV OLEUHV
VXPDEDQFRQVWLWX\HQGRHOSRUFLHQWRFXHVWLyQTXH
FODUDPHQWHQRV PXHVWUDODGLUHFFLyQGH ODWiFWLFDKDFHQGDUtD
GHHYLWDUHO FUHFLPLHQWRGHORVKXDVLSXQJXHURV IDYRUHFLHQGR
ODVRWUDVFDWHJRUtDV7DQWRHQHOFDVRGHORVDSDUFHURV DUULPD
GRV\\DQDSHURV ODKDFLHQGDQRDVXPtDWRGDVXUHSURGXFFLyQ
HOOD FRUUtD D FDUJR GH HVDV XQLGDGHV GRPpVWLFDV VLQ TXH OH
FXHVWHQDGDDO KDFHQGDGRTXHXVXIUXFWXDEDGHXQDIXHU]DGH
WUDEDMREDUDWDSDUDORVSLFRVDJUtFRODV
3HURWDPELpQHVWDWiFWLFDKDFHQGDUtDHQWUyHQFULVLV /RV
DSDUFHURV \ DUULPDGRV SXJQDEDQ SRU DGTXLULU WLHUUDVRIH OD
KDFLHQGD\ FRQYHUWLUVHHQFRPXQHURV LQGHSHQGLHQWHV  SRU
VXSDUWH WDPELpQORV\DQDSHURVQRVRSRUWDEDQODVGHVYHQWDMR
VDVFRQGLFLRQHVTXHSUHWHQGtDLPSRQHUOHVODKDFLHQGDSXJQDQ
GR SRU DGTXLULU WLHUUDV \D QR GH UHYHUVLyQ TXH VH KDEtDQ
DJRWDGRVLQRGHODSURSLDKDFLHQGD
7RGDVODVWiFWLFDVGHODKDFLHQGDKDVWDDTXtGHVFULWDVVRQ
WUDGLFLRQDOHV HQHO VHQWLGRGHEXVFDUVROXFLRQHV HQHO PDUFR
GHORVVLVWHPDVDJUtFRODVWUDGLFLRQDOHV\HQPDQWHQHUODUHQWD
DXPHQWDQGRORVFRHILFLHQWHVGHH[SORWDFLyQ GH ODVUHODFLRQHV
GH VHUYLGXPEUH 6LQ HPEDUJR OD KDFLHQGD LQVWUXPHQWD WDP

 3RUHMHPSORORVDSDUFHURV\DUULPDGRVGH 3HVLOORHQ SLGHQVHOHVDGMGLTH

KDVGHWLHUUDGHODTXHOD KDFLHQGDQGDPDSURSLHGDGSDUDRRQVWLWXLUVHHQFRPYQLGDG
$UJOOPHQWDQTYFOR~QLRRTXHFXFQODQSDUDKDFHUIUHQWHD ?D呸 QHFHDGDXHVGHODYUGDHV
HO LUULVRULR VDODULRGHYHLQWH FHQWDYRV GLD0TXH SHUFLEHQ RRPR WUDEDMDGRUHV GH OD
KDFLHQGD 3HVLOOR $UFKLYR GH FRPXQDVGHO 0$* &DUSHWD &D\DPEH‡3XFDUi  QR
YLHPEUH
 /RVFRPXQHURV GH 3DFFKD HQ &DQJDKXD UHSXGLDQ OD LQDFHSWDEOH FRQGLFLyQ TXH OHV
LPSRQHODKDFLHQGD/D&RPSDOOtDTFHSRUSHUPLWLUOHVSDVWRUHDUODVRYHMDVHQSiUDPRV
GHOD KDFLHQGDSUHWHQGHTXHWUQED呸QGRVGtDVSRU\DQDSD\HQWUHJXHQWRGRHO DERQR
RUJLQLFRD OD KDFLHQGDTXHORSUHFLVDEDQSDPPDQWHQHUV VLVWHPDDJUtFROD$UFKLYR
&RPYQDV0$* &DUSHWD&D\DPEH3DFFKD GLFLHPEUH


 =O
āQQ \DSVRPVHGFUHF 62- RSHTRUGXDT', 2:2- 6
--TO"O8呸8 ÈQP
QRV VRS VH\ DQEXQV
RIHTP RS H],DOO- VRXRXU VGQRR DURXUXG
‡ HQEURG
RTRR ‡ URGRX I RLSR£ ‡, G RSXHUGR
VDURSH@
HTDQVR\ XRR 23+-W,2- £DH
D--%DUDGXSGR-RIDP%, RWQRR
RPV
VDLPWQVDVR£QZQ呸 VRU È
RSHRUHWX SS VDSWUHXURSVH£ G
£VRQ
RTRR£ XRSRQSRUG‡ 呸UH—OR£$—GVRSHSQHRHT 62
@
ā£RSHSHRS‡ HSPUHG‡\UH]QQPSRVDQEDURSH]UPDSRXU
WQQRQÈR! HRQ H URSXRGVRU VRSDSXDRDT V 5 X\S
QPDGRQEVH£
3‡3$3,-'22 R£XRRRR‡ IHR—O£RXRR£XSH£
QQPRHHUH£ HVR\V VRLVHG VR£ I‡QRTRR‡, RXURRVRLFQSRUG
VRDDQX FRD DTRUXG HSQDSHT H
VRJH VRXUVQQ VHLVH -2G
āHSHRG,RR- XZDQDSDL236 HMTDT DQE ?HIRJ

ž3OOO ‡W Xā SRRRZ‡W HS VHQTQ£\HS RS£ HS VHRXH-
XRUH— ‡V ‡‡ RV 2OOO2Q6 ‡-3 ,9
 ‡3 2OQI‡3 £]
W‡VHVRTXRR
ž3OO XRSRRRZ‡,HS‡TUXHGRX‡Q££VHQT
Q£\HS— HSVHRXH- J££
£XRUHQS RVHSXRQR‡-- XRR
VRUXRR£HSXHSHTDSVRUTU£VR£XāRRITRRVR
GFVQ‡,RVRX
VRXHXU \H R
VXDZSXD- V DXDZQH%-^,\!DZ HRSHQ— H
`SHSDDV呸XGH DQEXUV
VHSVDTXRR O"-IOOOH RSFUH]PQWUDTDQX
XQRRRUHG
 XRRTUXHI‡!‡VHSSQSRQXWQRRQB£
R£GZRIR
G
VHRSHQ— VH āVHSH\SDGV RX H-QW-Q!—H HW DUDG VHX
PEHP]]I VH£RRS‡VR£DRZR£GZ RSVDSHSUXQ!
VRRQQMQE
62OOOOO=--82- DS EE 2OO
O RS RVQ ‡
VHRS‡OIO R]
VHRSHDV

VXRSH R] DTPXÈH-XD W"-O6呸ID-
WO RS RVXRR 
VRUTXUHRVRVDHTH]UXUHXWSRQE W",,2-W"8-O8 D MDXRSHX
W"->48QÈ2- DXQ DS ž3: 8
VHSRDSW"T VH DS
%$-3GIG6 È HS
HPDGXRSH]PUDSRPRSHSRQEVXTIHXUVDGXUHR3‡3$,2,-822

>O"-2^66—-RUPR
RSHVQGS8GVXDGDV2:2-
8-62GRÈHT žž
USFS -O"$ āVHLQRQS-GVH呸DPVDVQVUHWTXUHRDUHG 62$O-7,-
VR[FQXXRRUDUXDXQUDG[DH&,%=&,82-È%-IOO<
LL-RH£XDXVSUUHXU
DQE RGXUDQ 2:6: W"
W"-:-7LE S%=+`-D- -W"-RGLRR
8 WUDRVQT 呸RI%THXLS W"=-DIO- DVQQURTHDUHG 286
3%3$O-LO3
2-G%- QQXDZQW" DUDGXH RX
H—HXQE%ZRS XRSDURGURRXU
‡ XR VHSDVHTVDURSH]PUDSRXUVHSQHVRGXURXRXUVQQ‡IQ£T
2=8,,,,,$84:O`I 2?OOIO
 ,1',26 7,(55$< 02'(51,=$&,21
‡

/$7(1(1&,$ '( /$7,(55$

&D\DPEH HV XQD]RQDHQODTXH PX\ WHPSUDQDPHQWHVH

FRQVROLGyHOVLVWHPDGHKDFLHQGD3DUDODWLHUUDVHHQFRQ
WUDED\DEUXWDOPHQWHFRQFHQWUDGD 'HFDEDOOHUtDVUHJLV
WUDGDV XQDV  KDV HO  SRUFLHQWRSHUWHQHFtDQ D 
SURSLHWDULRVRWURVSURSLHWDULRVPHGLDQRVWHQtDQHOSRU
FLHQWRGHHOOD\SRUILQUHVWDQWHVDSHQDVFRQWURODEDQHO 
SRUFLHQWR 5DPyQ  7DOVLWXDFLyQVH PDQWXYRVLQ
PD\RUHV FDPELRVKDVWD9HU$QH[R1R 

/D HVWUXFWXUD DJUDULDHQWUH \ 

/RVGDWRVGH RVFHQVRV
1RH[LVWHHQHO(FXDGRUXQFHQVRSRVWHULRUDODxRGH
TXHQRVLQIRUPHVREUHODQXHYDHVWUXFWXUDDJUDULDGHO(FXDGRU
$XVHQFLDODPHQWDEOH\VRVSHFKRVD 6DEHPRVTXHORVFDPELRV
KDQVLGRSURIXQGRVDXQTXHUHVXOWDFRPSOLFDGRHYDOXDUORVFRQ
GDWRVSUHFLVRV
0 &KLULERJDKDSURGXFLGRXQSULPHUDOFDQFHGHODQXHYD
HVWUXFWXUD DJUDULD GHO (FXDGRU KDVWD  FRUULJLHQGR ORV
GDWRVGHFRQODFDQWLGDGGHWLHUUDVHQWUHJDGDVRILFLDOPHQ
WHSRUHO,(5$&WDQWRSRU5HIRUPD$JUDULD FRPRSRUFROR
QL]DFLyQ PHWRGRORJtD TXH DSUR[LPD HQ SDUWH OD QXHYD
VLWXDFLyQDJUDULDHPSHURQRWRGRVORVFDPELRVVHRSHUDURQ
DWUDYpVGHOD5HIRUPD$JUDULD\OD&RORQL]DFLyQODFR\XQWXUD
DFWLYyXQPHUFDGRGHWLHUUDVFRDFWLYR\KDVWDXQPHUFDGRGH
WLHUUDVDELHUWRFXHVWLyQTXHSODQWHDFRPSOHML]DUVXPpWRGR
6LQHPEDUJR HPSHFHPRVQXHVWUDDSUR[LPDFLyQDWUDYpV
GH ORV FHQVRV GH \ \ FRQ HO PpWRGRGH &KLULERJD
FDOFXOHPRVODHVWUXFWXUDGHWHQHQFLDSDUD ~OWLPRDxRHQ

 &KLULERJD 0DQXHO /D 5HIRQQD$JUDULDHQ HO (FXDGRU\呸ULFD /DWLQD1DUL]GHO

'LDEOR1R 4XLWR


 3O
OR£XR£RG
/W£RXWTFQXRDRQE
6OTR]HSVDURXDXUVRSHSUXQ
XRR VRPVRGXUHR VR£
 RS È W"OO
!O H RS RLXRS URG 
V
XQDSSHSDUGRUGH XDXDXHPDQEVRSHSXFRHTV RSH£XQRS

HDSW"I8W"-2-O82-VDMDGSXXGVH]UDQMVRS
DQEW"-XD
/LHUHG
5WSHGTQUUXRQQVDHXQH
DXDQ W"> RS RPDWF G W
, SW
WUDXHTHMFQXRR RQEVFtXDUXDtDQDLV
-23G6 2-26 XQ8G HSQQ
XHRXRRDXDZX^%DUPRQQVDDXQDSVRPHVHG
HQDP—GXD

O  3,DQXRH--DSH£ DSHSXDXD RSDUUXRQQVDW"I XR 2*

XUHR DSVVSXVSXDL呸S8"VRSWUDQVHQXU
-9
1,
3VHDS
VS VHDXDDS VDZ-2-8 V  VRSHQDGR-
H VRVXRR VR
āSZSD£GR-G 8,,D-2,+GHS+--ILO,
VH£ :-2G-!8, £ HS+
YGtORIYTS--GQV‡W ZSR£VRZ£Q£X£ +OOO呸62,+X
āJJIQ
29W
8,,,=XRW2
- O OI-9-?,,:-2-O, -RG +3+UH LVDXR£UUSQI3
R

1, āL¢ HS2-HQ!HGRHRVXHR
W!O%WO呸8
3G,23ƒXHDHSIO8262-G RVXD V1tO
F‡Dā]J ‡LVÂ]J &6
6& WIO

6 8
6& 
 
6 L
呸 V]VHF  DSZ
F
V O&
& VHV O&
& ‡āH V‡]ā  R]
‡J呸 DHR
RU &
6 =&
& ‡Â]  2=‡ 6

呸O 
&, ‡VāD &
6 J‡]  6ā2
 6I+  69+  69+ 6I+
O ‡W6, VV 62O:6
/%O O 3
呸 DDXH O-H-O9 HQ£PV H
2OāR1 2-SHQR
āVR£H---2 VRLHSRSHLRXRHT? £R RQE
OOOO? 82:O
!O 2@OtO
 ,1',26 7,(55$<02'(51,=$&,21

HQWDQWRHOVHFWRUPHGLDQRFRQXQLGDGHVGHD KDVHV

XQDFWRUPDUJLQDOTXHDSHQDVFRQWURODHO SRUFLHQWR
(VWRV GDWRV QRV OOHYDQ D WUHV FRQFOXVLRQHV D XQD \D
SURSXHVWDSRU0&KLULERJDLELGGHTXHHQ]RQDVGHSURGXF
FLyQHVSHFLDOL]DGDSDUDHOPHUFDGRH[WHUQR ODDJURLQGXVWULD\
ODVFXHQFDVOHFKHUDVFRPR&D\DPEHODPD\RUSDUWHGHODWLHUUD
FRQWLQ~D HQ SRGHU GH ORV KDFHQGDGRV GLIHUHQFLiQGRVH GHO
UHVWRGHO SDtV TXHPiVELHQSUHVHQWDXQDHVWUXFWXUDWULSDUWLWD
HQ OD TXH ORV FDPSHVLQRV DFFHGHQ DO  SRU FLHQWR GH OD
WLHUUDORVPHGLDQRVSURSLHWDULRVDOSRUFLHQWRGHODWLHUUD
\ ORV KDFHQGDGRV DO  SRUFLHQWR GHO VXHORWW2 E TXH HQ
&D\DPEH WDPELpQDGLIHUHQFLDGHOUHVWRGHO SDtV ODPHGLDQD
SURSLHGDG WLHQH SRFR SHVR OR TXH VLJQLILFDUtD TXH QR KXER
HQWUHJDGHWLHUUDVSRUFRORQL]DFLyQFXHVWLyQTXHHIHFWLYDPHQ
WHHVWXYRDXVHQWH \ ORPiV LPSRUWDQWH TXH QRKXERXQPHU
FDGRGHWLHUUDVTXHSHUPLWLHUDHODFFHVRDWUDYpVGHODFRPSUD
D VXMHWRV LQWHUHVDGRV HQ OD LQYHUVLyQ DJUtFROD JHQHUDOPHQWH
PHVWL]RV SXHEOHULQRV GHGLFDGRVDOFRPHUFLR\ ODDJULFXOWXUD \
F TXHOD PD\RUtD GHWUDQVIRUPDFLRQHV HQ OD WHQHQFLD GH OD
WLHUUDVHGLHURQ HQHO PDUFRGH OD5HIRUPD$JUDULD\ OD PR
GHUQL]DFLyQ FRQFHQWUiQGRVHHQWUHHO SHUtRGR \ HQ
HOTXHORVSULQFLSDOHVDFWRUHV KDEUtDQVLGRORVFDPSHVLQRV ORV

 $ QLYHOGHO SDËL OD HYROXFLyQ GH OD LHPUXVDQGRHOPpWRGRGH 0 2LLULERJD VHUtD

&XDGUR 1R
(YRO8IyQ GH-D 7HQHQFLDGHŶ7LHW
UD
(675$726   V 
+iV    
+iV    
0iVGD +iV    
727$/'(+$6 
 
 
 

3DUDODFRQVWUXFFLyQGHHVWHFXDGURKHPRVSDUWLGRGHOWUDEDMRGH 0DQXHO&KLULERJD
UHDOL]DGRKDVWD \FRQ OD PLVPDPHRGRORJtDORKHPRVDFWXDOL]DGRKDVWD 
 
PXDLURG
VR£XZV—£—D£ VRMRSH VDRSHGVD >RSXRSHGQRR
(O (
RSQXDV HS DQE DLXDXQXRS XSRX H
DT8-HÈW2 XJ
VRRQQDVRXRLXURL
RSXRSRXO"IÈ VH[QRQSRUGVHIQHVDVH
VR£DQVVR£RSVHLRXRU
D-3 6%I DLGHR DQE HILORRSRDZHXQ HQR--HVDS DUHG VRUDQVR
VS XRWRRX 8I UHURGQV VMHG D XD DXRGXQ DV
HJDQEDG HXR]
DXQHUDG
RMGXURID D£呸 RSUXUHG\ā(SHTD !SHXQXRR VQTXP
I

HQRTDR VS HXQ XRF VMTDUHGXURRXU VH
VDX DS (D\SDT
LPQHSHXRUVRUDW"DSH HXQVR DQE
X2XDHDSDSXD\SDT
DXQXDMTDUHGXURRXUVDRSDXPTDQH$ SXDHD\DTWRQDZDZ
VMTDLRX RSH]IDGZRR HT DV VRXH 62:O, VRLVR XD
 āVD
HSXQV DXDZH$SHD VRVDX (JXD£
āVHT V H R DXDGZDID
URG HRVRG XFPE RQE
VR V£
THHGZR%--O DS ‡!UUR£
VW[R % DXRGQVVRPQVD RSXRSRX O"
O āVH£V£VXSRLXRXUHPGVR£
DQE
VRLUXZVRXDLXRVR£ VHXUXHXQUGRQEVR£ XH
VRSHMRXDURMWS
62--2OMOO-OVRJH62:- 62XDRSXDUXVXR ž38-$8%/^
-O8
%O
‡3%VYZVRZDLHRL-H呸S RXLRR
HXR]H£ XRVR]XVVXURRXHMT
VR£ W 6238 VRM DQEURG DTRS HSXUHGURG SHSQHD- HVD-HGH
DUDG DUXDSMMQV VDRX62O%-O6 HS XFRRX H£
DTZHH! X
āDQERXD2$OQXXQ VRXUHXRGRUG
R££` %O
%G āV8263`-G VHXQJUH XRURPEDU
VD£HDXDJ VHSXRS
XRL VH XDRUDXUXFWT -6
RS-QIRQVRQX HRQE
VRLVRQGQV 6O6D
UQQRVWS H6-8 621 ā¢3O 2S2--2G 2 8 XRUHQXFRXRR
O6 VRQDFQE I HSHL呸YHZ-2-O>H£ RS V$H- H £V XFUH]WWDDU
DV VRUTXUHD 62> DQE
VDQDQ HS RSHRURXU O3 V$H H VRUTXUHR
VD-RIHZXRUFXVSRRXRQE XDQVVQXU VRVRVXFR VR£ XD!D--2
DQEVRLRH[RXMVRLHSVR£RSXRQHGDQEURG
VRSII呸$DLXDXTHSUHG
8I,GR HQVFQX XFXRV VRMSRURG
!9OO, SS VDXUURMXU VR£ I
VRVXFR VRUXDDUHXUDQEVPRXFSXFUVDMDGSXXGVH XRVVHV

/ RSVDQGVDSHSH-呸9HZ-3+H HSH]II8-HGFUXDWQMDWX
--$ RSDURSUVXRR DT DV VRXRSDSRUGH VHS($ XD VQE WO, VS
VRLXHHXR] HVDXDHXD呸-3ž RXLVRGQUHRXD:-$: RS H]URQM
%- VSDS
RLXFSXDUGURVW"O-QVD-āRSH,I VD£XDUXD%-D£
 ,1',26 7,(55$< 02'(51,=$&,21

XVDUHPRVHVDQRFLyQSDUDGLIHUHQFLDUODVWLHUUDV/XHJRFUX]D
UHPRVORVWHUULWRULRVFRQIRUPDGRVFRQWLSRGHVXHORFRQORFXDO
WHQGUHPRV WHUULWRULRV FRQIRUPDGRV VHJ~Q WLSRGHVXHOR (OOR
QRV SHUPLWLUi DUULEDUD XQDQXHYDDSUHFLDFLyQ QR VyOR GH OD
FDQWLGDG EUXWDGH WLHUUD TXH FDGDVHFWRU FRQWUROD VLQR GH OD
FDOLGDGGHVXHORTXHOLPLWDR IDFLOLWDHO GHVDUURRGHHVWUDWH
JLDVDJUtFRODV
([DPLQHPRV HQXQFXDGUR FyPRHYROXFLRQDHQ ORV ~OWL
PRVGLH]DxRVHOFRQWUROGHODWLHUUDHQFDGDXQRGHORVVHFWRUHV
pWQLFRFODVLVWDV +HPRVH[FOXLGRDORVSiUDPRV \ QRVUHIHULUH
PRV ~QLFDPHQWH D OD IURQWHUDDJUtFROD +DFHPRV XVR QXHYD
PHQWHGHODIRWRJUDItDDpUHD\ HO UHFRUULGRGHFDPSR

&XDGUR1R 
&RQWUROGHODWLHUUDHQFDGDXQRGHORVVHFWRUHVpWQLFRFODVLVWDV


 
6(&725
+$6  +$6 

3523,('$'(6 ,1',26    

 3523,('$'(6 " "  

0(67,=26

7(55$7(1,(17(6    

727$/  

3DUDHO DxR  QRDSDUHFHQSURSLHGDGHV GHPHVWL]RV

(OOR VH GHEH D TXH HO UHFRUULGR GH FDPSR VH KL]R HQ 
PDUFDQGRSDUDHVWHDxRORVWHUULWRULRVHQFDPELRSDUD VH
SURFHGLyDGLIHUHQFLDUHQHO0DSDUHDOL]DGRSRU3521$5(*


 
āH—HW-YOOO:23
0 O, ST$-O,, 81OQtVXRR
FQEVH£ O XHMVVRG DQEVHW 628OOO
6238 DSVH/OO, LS £H£R£RUHS-O-,8-88-,4 
āL呸Q>SOZO2-8 8OIQ
O-O!
8,
LT:,0H-8D -D SV‡--2 VSIW-OOO = -
ā£XHSSY 6M: 62:,-OO--,,6QI RWHS O6G 
RLXPHRDGRO"I
SHS>%D- DXQHWMQFRXDWTV\Z££āVD£TWXW"GZRR
XRVRMRQVRSVRGQVXS63DQEXRXRGQVRQEURG
VRSDQXQ£ÈQZ
XRV V£HVXDR 62O(S 62- DQE DÈQSXRR
VH£RLSW" VRXDVDUGXUH È
VRSHSXRRHTRSURSRGXDPPVDH$ £DSVRSXRMVDQOO呸-VR£ VDQ
8G:
VRXUVHGXUHF62-DSUDSRG88呸O6`62--:2,6268`O;` DQE
HO8DQ-VS DV È DXHXRLHURD HDV " DXRRDU DXQRSXH74
DQVDSSHSXHR H£  VH--O HSRL£XRR
āVRS-8`$-`OOO
VRSVDLQHVHDVQVDSXD$%VDXDXD"DVRTRUQXHTR
RQE
HLOH£ GXRWVDUGHZD[D VSDUUXXQ]RFDXQXWVD^T£VRG
236 HMUTHTRX2:OOOVž2$O-HR RSHRUVXUXQXDRLXDS-2G
I
=O UD È HSH-?,H:-2`
0 H DSV$H- HXR-D£0£VXR H H--S
H£ VS RLXVS-2G ā¢J £D
-SDSDH$ ?QāVHT /=/
IXR-£Q£VXR
VWX-S DS '$-W-HR RSHRUVXU D XR $ ]XāVHT /O
== XR-H--
H£PLYHZR£R H£ RS RLSDXU G ?XāVHT =&O SHSDUGRUG
XD O HUDG XH£XD£ VR£SX£ VRM ā£呸@ £D G VH£H£SDZX£
VHD-£X呸 VH£RSV$H-H£VRXÈ?R$S-HR RSHRUHXUUDSV$H-
H XTZH HL-S XR-D呸£VXR 623ž VRXUVDGXUHR VR£ D£XDZ
H$SDSDQEVRXRSXDXVRXU
HVXD RLHSSDS-2-
RSPVRVXFR
VRXUDTRQEG:-- VHXLXFSHXLU[RUGH H VD
/OHSRUHS
āIāR1HGHZ-2?āVR£XR£XR£H£VR£ VSH£
XHX呸£TZH£RXLRR
VR]QVHPVRXPIHÈHTVRUSWQDSVDSDSDWGRUG
VH XD
O DS RUHS S XD XH URG
H—-DH-VD HQR È HXQ
SXHTVGSQUDG VR]QVRXU 6&<- RHQSWRRXRXU SXF VHSHVHT VDU
VXHVDUGPDVX—-D£X-VDXRRVRSHSXFRDT62- È 62$OOIO-+2GRS8-
2---HW"£
IIDHVDHXRRXDTHRTXXRSUDVVHXD-SX£ VRXWVVGXUHR
VRU RQE RSXHXPVV
$£Q! XQ V XDMXDU DQE VHSDQEH HS
!
]MHXU
S
DSHTVR62$-,,'-2GXDMXFU DQE VDSFUHG VH
2UO-OOOOO$ XRLZXD2OOO'
 ,1',26 7,(55$<02'(51,=$&,21

U

?

?
 
O 呸

 

?
UÂ

BB B
呸
?
 2OO
OO8OOO2OHOO£
È >WOOOUO26OQ-63 UH 2OOO-
3O3OQOO, O,,,82
2-S O,,$U-
S-Q6 U RX>,
ÈP£ V,-48RGV3 6O--2, SSSU! X呸呸 %--, OO> SOOD8!8£ 822 LHIHTP ,-8O-@OO6
XL
(O@," ÈQZ H-O OOOO LS 8 H-,8呸8; O, RSXYQ
%-HGYO:-23
OL ,@ S !

HVH+ UO>48HGZRR   VRWQVVR VRSRW 6
VH呸 SVLSQLUX-HZXFF HI"TX
DQE OO*,9 O882-!
O, OOO , -O£,2,, O,6-X" PHLRW> H£ O
SO -OO<呸 VRZXRGROG 9WO
5$-DVTRDV"
DQWRSXQVRVXD
VDPSHVR@VRSRU" XSW"DS,682!
5VD RXRGXQ 6W"O-2-XH VHSWUQO63 8 SHS6-O$3 %:6,: 5- DQE
R SDSFXDUXDXUDUGXURD 5- UHRVQT" HSXDSXDU OO-OIO-QXQ
O6;D

VRDX\呸RZRT VRSQV XD VR[QUQRRXRXU VR£ XDDUDG VHXURS

RXUVH$SPSRG6O"呸IDWW"-WVDVHXQ%£HDQE DSUDVDGW" RQE VRXRS
‡8呸Q8-68
RMRQVRSVRGQ V VRSRU HXR! È DSD--W" XHRVQT
VDUHSRV VDURLRH V
28:-呸O UHXQLG XD VDI"-XD VVSXDSXDL
6呸8OWIQT-S
6O6-6,-2!8O呸 6O-2O! VRQ62 -2GRMRQV HSVRGX
VR6-2$3VR£XDH--2,H£‡3 WRQXRR‡
XH]LXDSRZIHSHLY
HZR£R呸 ‡3 HUUXXQ[RR H£ VHQ DQE DQVDQXU RUSDQR 
āVRWOQVVSVRGQ O$OQX VRLVDXD
6OOOOOIW,QH--OOÈ VR]QVHXU
623OO 62 DS 6--OOVH XDÈQTSV£S
DV RXURR
¼
1 2-SHQ! XD 62:28:O
¼
21 R[VXY
-2£? £ H 9 ‡3 VRS‡!-6O"3 VRSQV ‡3 VRGX ‡‡‡QX OOOO--,6‡
DTZHÈHXR
VHURSHRLSXWVRVDXR! āX62-DRS RSW"-呸 È XRSDS
XQXW
RDS
QSDGSXDSDSPXQXRRVUS
SHSVRDSDG
HUUX[HL

SDSUSXUXRUG
D£XD£SDDG 呸OWP$DD VDURSHRUSXW RTRR RSXH]
UXR RMVQV UH XHPVHSVH—L" VRSUXXGHDS VHGDXU VRL
ā呸':1G URGVRSH=,ƒ
H£RSLY
SUXQGYFSVHGHZVR£X?OODV
R£DQV£DSSHSTVRH£XRR
DTZHIH
XD VDLRLRDV G DQFX H£ RS HSXDXD£ O"- "UX! £"VDDX RS
RDUHG5TVRX
VHVSH
D" 62--O"$ GO3O--! X£V53,'776O"
FUXDUX
D£HDHHVDW"-iƒRRDS£ I DS X£VD$ HVD--呸D W"-W"G
VRPVDGXUHRVR£ DS
RQURUXQRDUTRGXUD $£VD
DGDHFKDHL RXRQD
DXDZ
O"-IF!SW"PG RURG
W"--DSW" HS XSQT—V£SD H XR VRSXQMRUG
RSUVXHTH—WX
D\W"/8-2-
1 H DSVRSDSVR£ RQEHSDD"GRQE
2=,+O>OO£?XZLU¢£ 2MOO>
 ,1',267,(55$ < 02'(51,=$&,21

@M
R

D
B

 


B


R
B







 
2

 


 呸£ 

 
 

 

 


 2
呸   
D 
 




 D


 呸
 

L 

 H

 

ā


 R ££
  2
D
Ï


 
 

UH  D
L D

 

R  呸呸 R

B
2 B
y 

 2 

‡
呸  

 ‡
P 
  B 
 
 
R D D  R
tO呸 
 
 
,/ D
 R ž

R R 
D
HQ
yJ! 呸 P Z 
 呸LO ž 

0 
 H 
 

(呸 āL  H 

R
 
 D
]  0 D


 Rž  呸呸 


X
P 

" 0

R
 ILO

B
X  
H
££ R LO 
 
R
O
D 0
ā£
2 
 
 
  ILO

 P 呸呸 呸R BRR

呸 2
H
āH


 2
L 2 R
0 

  
O 
 
 


J£
   
HO O

R B R

Ï



P
 ‡ 
‡
R

P
P
H
P
呸‡R


R




HQ P (
呸 呸
P


 =/,
DMTPRG0%
È
%--O33]Q
RXRD
6%-$ RZR-VRSIXD6 DS8362G63 LT
È RSHRUFXU -W" %-8O"--D-H RXURR VDURLRHMXDURSWVXRRDVRQE 8-6

hSQV SSVHFDVXSQQVRSHSTHQRVH XH]QHXW" DXDZ%-6O`TDQE

VD£THSH$ XRVVDSHXRSXRXUHÈVDWXG-O"$QEDVD£TW"SW"$ RTRRVH£
RSXH]TXQVRMDQVVR£ W" WUPVHSDVRQEDXH
':12`OGFS
VHS呸L% VRSUXQGH RS HGHP DSRSQUHG VRXUDT
RQDHHG
āHDS
URtVPHURS£ DXFWDDQXVFXRFHSRGQ£% RSHVHGXQT
VD£XD8!-W"OOGOV DQE
DVQXDZQIH DMUSRG XDWTVHZRSXVQR

RXHSRUHQRH RSWXH DIHVHG SXHWUUXURS VRXUVDGXUHD VR£ HQE

%-G36OO2- DQE 6$OO"OO8%UR 846-`$ DLVHUVUQXD %- -%-DGZQH
DUDG
6O-23
% VXS63 V XDSVRRH DXDO$QED UDS PXSQR
% -78-3 HUZDGVRX DQE IW"6-G$I8LO 2-DZ\%GXQ DXD VRZ
VSRGDQERSRZRS
DQVDSVRGXVRLXQVUSVR£ DQXRVHSXDH$
PEHRS %:FOO66 XQ-QOO682-2-%6---8 RSSHUDGHT 621
āHXD-2H£DS 6£!$%-OHXHTDV
SHUGDQEVDUUDX-3RGX >- V呸 VR]XVDXU VR£ HO+*62G

RSXSVD K RXRQEHG RQEXQH HQE

VH--DS FS RSDFURXU XQ
RSRSHG£DXHXRS8I--6 RQE
V\Z]D$ DXQH-D$DVHHQEXRQVDQR

VRSHSXRRVT 62I RXURR

H-FSHXRQT W -FOSDH XH URLRDV
RXURR "QFHRRGUHMRQXRR HSUDVDGH RQE
VR]XVRXUVR£ DQE
DQVRQXUHSXDSXFOOH-D!DW"IXDS-2G
,-FO VR]QVFXLVR£È
RDXRS-2G I]

O IFO呸O8FOIOOFOOW"--FOO62-
6W"--FOO VQVHSRLXFS-2G
/
=£DXDXD623VR£
,
+
'VRSHSDUVDSV\ZVRMDQVVRMXD

RUTXUHR XJāVHXDSVQV RS RLXDSURG Q

/O,PHXHXDX V
623ž VR£  XRVH^QVVH£ -3 RLXDS-2G W
II- VR]XVDXU
VRU È VDXHQVQV RS XDSG XQV D XDXDS VFXD8DO%D
VR@
W"D\SSVDPIDZVRQRV DQE> È\DQXDVRMRQV62-XJ
āVRSXS"呸DS6O-: VRMRQV
V 8"8:2S623ž 62- 2-8"OXR
RSQVIDZ-% DSXDQRDUM-2È
ā":XRRXFLS--3 VR]QVVXUÈ 6FOO8FOIOOFOOO"--FOO62IRQEFOO8-8,"-"S
2呸-O@O£?8:O+ 2>O4
 ,1',26 7,(55$<02'(51,=$&,21

'HODVRFKRYDULDEOHVSDUDFODVLILFDUDORVVXHORVODYDULDEOH
,QXQGDFLyQ QRVSDUHFHLUUHOHYDQWHSDUDOD]RQDSRUORTXHOD
KHPRV H[FOXLGR $ FDPELR KHPRV LQWURGXFLGR ODV YDULDEOHV
FHUFDQtDDOPHUFDGR\GLVSRVLFLyQGHVHUYLFLRVFRPRXQDVROD
SXHVWRTXHFRLQFLGHQ (Q&D\DPEH ODVWLHUUDVTXHHVWiQDXQ
Pi[LPRGH PHWURVGHOD3DQDPHULFDQD R VHDHQHO YDOOH
DQGLQR\MXQWR D ORV SXHEORVHVWiQPiV FHUFDQDV DO PHUFDGR
DVtFRPRVRQPHMRUDWHQGLGDVSRUORVVHUYLFLRVGHYtDVWHOpIRQR
OX]HOpFWULFD\ DJXDSRWDEOH

&RQODVYDULDEOHVDQRWDGDVKHPRVFRQVWUXLGRXQDSRQGH
UDFLyQ RWRUJiQGROHHO YDORUGH  D OD PHMRURSFLyQ GH FDGD
YDULDEOH UHVSHFWRD ODFXDOVHXELFDQSRULQWHUYDORV ODV RWUDV
RSFLRQHV 9HU&XDGUR1R

> 9HU$QH[R1R 9DULDEOHVLQWHUYDtFV RSFLRQHV\YDORUSDUD VX SRQGHUDFLyQ


 3Ot
-
R ā
U H  P R P ! P
 
 -
R R R R  R R B 
£ £  F
2! R 呸ā
ž O O " 

 


 
 
 

R R D D

2!
JL P 

 

       F >
R R R 

 
JL 
R
 JL H ££
呸


 
     
F
呸
Z 4
R S S  L
F呸 F
JL  
ž   

 
 
     W££ 4


R R S S R R S 


 F ££

   
V 呸 RO (O W 4
  

 
 
 
 J L
R R R R
R R J£ 

@
 F 
OO O O O ž   4
 呸

R R 


 DIWW呸 F

 


 R

 
R 

 RO

    R 

 L, LL
 呸 £



P ££
R R R R R  D 
Q Q
 
 ž


 R JL R 
 
 

  D
B 2! 2!



 
呸 
 2!  
 
 



    


   L
 ;
呸  
£ X 2! H D   P
 
  
 4
2!

  
 


 
 R

 
  

 

   呸
R 4
2=8OOO$ XRXUD[2@O&
 ,1',26 7,(55$< 02'(51,=$&,21

&RQHVWHVLVWHPDGHHTXLYDOHQFLDVVDEHPRV SRUHMHPSOR
TXHXQDKHFWiUHDGHVXHORWLSR$GHOYDOOHK~PHGRHVHTXLYD
OHQWHD KDV GHVXHOR, HQHO SiUDPR ORFXDO QRV SHUPLWH
UHFDOFXODU ODFDQWLGDG GHWLHUUDV HTXLYDOHQWHV TXH FDGDDFWRU
VRFLDO SRVHH

9HDPRVXQDFRPSDUDFLyQ

&XDGUR1R 
&RQWURO*HQHUDO\(TXLYDOHQWHGH7LHUUDVGHFDGD$FWRU6RFLDO

&21752/*(1(5$/ &21752/'(
'(7,(55$6 7,(55$6
(48,9$/(17(6 $
6(&725 68(/267,32$

+DV  +DV 

7HUUDWHQLHQWHV    

0HVWL]RV    

,QGLRV    

727$/  

 3DUDXQDGHVDJUHJDFLyQGHHVWRVGDWRV YHU$QH[R1R

(QXQLGDGHVHTXLYDOHQWHVODWLHUUDDSDUHFHFRQWURODGDSRU
GRV JUDQGHV VHFWRUHV ORV LQGLRV \ ORV KDFHQGDGRV FRQ XQ
SHTXHxRVHFWRUGHPHVWL]RVTXHWLHQHQSURSLHGDGHVGHEXHQD
FDOLGDGMXQWRDORVSXHEORV /D GLVSXWDSRUODWLHUUDD~QQRKD
FRQFOXLGR SHURXQDPRGLILFDFLyQ VXVWDQFLDO SDUHFH GLItFLO HQ
HO FRUWRWLHPSR 9HU0DSD1R


/L
 ,1',26 7,(55$< 02'(51,=$&,21

0(5&$'2'(7,(55$6<5()250$$*5$5,$

/RVSHUtRGRV
/RVFDPELRV PiV LPSRUWDQWHV HQODWHQHQFLDGHODWLHUUD
HQODVUHODFLRQHVVRFLDOHVODVHVWUDWHJLDVSURGXFWLYDVODWHFQR
ORJtD\ODVUHODFLRQHVFRQHOPHUFDGRVHSURGXMHURQHQWUH 
\ /DFR\XQWXUDWXYRGLYHUVRVSHUtRGRVGHPD\RURPHQRU
GLQDPLVPRUHFRQRFLyGLVWLQWDVFRUUHODFLRQHVGHIXHU]DVHQWUH
ORVDFWRUHVVRFLDOHV\ VHSULYLOHJLDURQGLYHUVRVSODQWHDPLHQWRV
HQFDGDVXESHUtRGR
(OSULPHUVXESHUtRGRYDHQWUH\ (VWHPRPHQWR
HVWXYRIXHUWHPHQWHPDUFDGRSRUHO GHEDWHQDFLRQDO\ODWLQRD
PHULFDQR$ *XHUUHURKDFHXQEXHQEDODQFHGHHVWHSHUtR
GR PRVWUiQGRQRV GHXQDSDUWH OD XUJHQFLD TXH LPSULPLy HO
LPSHULR DORV UHJtPHQHV ODWLQRDPHULFDQRV SDUDTXHPRGLILFD
UDQ VXV HVWUXFWXUDV DJUDULDV SDUD FRQWHQHU OD FRQIOLFWLYLGDG
FDPSHVLQDHVWLPXODGDSRUHO HMHPSORFXEDQR GHRWUD HOGHEL
OLWDPLHQWRGHODFODVHWHUUDWHQLHQWHHQHO iPELWRQDFLRQDO/RV
KDFHQGDGRV QRKDEtDQORJUDGRUHFRPSRQHUODSURGXFFLyQGH
VXV UHQWDVHQODIRUPDWUDGLFLRQDODSDUHFLHQGRFRPR ORV FXO
SDEOHV GH OD FULVLV \ DFXVDGRV GH HQWRUSHFHU HO GHVDUUROOR
FDSLWDOLVWDGHOSDtVRULJLQDQGRILVXUDVHQODVFODVHVKHJHPyQL
FDV TXH GHELOLWDURQ ODDQWLJXD DOLDQ]D (VWDGRLJOHVLDWHUUDWH
QLHQWHV FRQ OR FXDO SHUPLWLHURQ OD H[SUHVLyQ GH XQD QXHYD
FRUUHODFLyQGHIXHU]DV TXHHQFRQWUyHQODGLFWDGXUDPLOLWDUGH
 HO PHFDQLVPRPiVLGyQHRGHVXDSOLFDFLyQ
(QHO iPELWRORFDO HVWHVXESHUtRGRVHPDQLIHVWy HQWUHV
LQLFLDWLYDV XQD SDUWH GH ORV KDFHQGDGRV GHQRPLQDGRV SRU
%DUVN\PRGHUQRVEXVFDURQOLTXLGDUVXUHODFLyQFRQORVKXD
VLSXQJXHURV HQWUHJiQGROHVWLHUUDV HQSURSLHGDG VHTXHGDURQ

 $ *XHUUHUR +DFLHQGD&DSLWDO\OXFKD GHFODVHVDQGLQD (G (O &RQHMR  4XLWR


 OO
URDUY  OO6呸G S2-,,6OOUOXSHLTBRGHVL DS26呸2-GI 2,8O:
O,,B-8O"68 >,OOU=OOOU!OH HLHG OOO6 RNGH S82
/W XL O"@OOO6QEH-OSOOOOM H FS
6O,, 4M XZL\Q£TR628OLTPG 62L
XR,? WJ呸T82X呸 S HSXOO H£ 82-L-QESH
FQEUR
=OO,:2 2-2FSOILOGV- (O?OH-呸22 O> :- +
R£GZLIL URGPL£H-84  -
OO
R£Q2
66-RV!<O-ā!QG !āJMOHXHXRUHQRDXQVH£ HSRVHH

OOO6O>O"-GO- GZ HOSOO SHVHGUL OOOOOyOOOOIO-Q£,:,&OW8£

RS>H062
ÈO£VLHR /
ā££H$ DSVDXDXVH£ HX呸TZHS-O" XDSRQGVRXLVRGXPR
VRU DQE VH£ X!
VD£HUHV! VHSXHURHT VH XD VUXDXUHRQUQ W"-+
USRXUDV
XSQTVSDHWVSW"-64 W"O6
VRSDSXHRHXVR£HUHG
VDUUH$VRU
6238VRMDUHGHPHDSVH--DSVW"£`SXRLRQTXLVUSHU
HXQ RSXVLXRGXQ W0 VH]UDQM DS XSH-D--- " āVRSP
XRRFSVHSH]XHXLVXRHRJDDVHVRXHGO VH呸-H
@ āVRDQJXQG
UVDQT VR£ RVHR DVD XR
VHSXDSHTVH HS VRXUDQQ VRXLVDGXUHR
VR£  VQXDXDH--D VR
RSHVDVDHGSXSG VDLRLRVVDQXVL
XDTXDDVDXDQW"£HSW"SXDXD£W"-H!-32:HRLXHQRXHVHXRS
HDTHDUVHRRGRUHG
VDXUVHGXUHRVDXRSH]P$RZVH£HXH-W66D-
RQE
VHSH呸H VHXQRMDLHSX呸DV O HDZSGH£ XDXRSXQM RQEXR
RGXURX£R V
6O IW R£XR
RSRMUVGTQVRSXQxDV£
āVR£DQV VDXRHG
O VDTQ623ž
VRUVRUDGHDSHSXDVDUGH HVGQD
HHGRH]DU\
HOR
VRUDQMLXQGUVHQT VR£
DSXRSHT H H VRXUDUX£ 623ž V
RS XH]P$RZ PXJDS RLXDXURXU XQ VD āH-DO H HS H!D-3
XSW"-3ž- H H
VDXRQHG 62- XHPRGXQ DQE VDX2-2382-
VHHZ VH£ DQXRR VRXUDSDU VR£ RS XRUHVDG
62-D--3GH VRU O
VR]QVHXUVR£ RS
VDUTT 6238 62 RSHSXDSDG[DH£ RSXHMWXQVH

VRUFQiXQGUVDQX V
--S VD
HSXDSHT H£ H VRXUHLX£ VRXLVDG
XUDR VRU
£XZHXG ā HXD$ XDVHSXDSDTVH UXPESH HUDG
VRXXDMTDQG DS VH$OHD呸RR DS XRSHXQRM H O VHQDQ DS RS
HRUFXU£DSV呸$H HRSD!HTXRUHRVQT
VHDQHUFSDDRHDUT£VRG
H DQE XRUVUSXDUGH DQE VR]XVFXU VR£
DYHG QV -2 ‡ ā
ā ā  /,,X
TD£ 8&--QSRGH FS6"$O"-OHDLXHXRUVDLGXQ84--O"=8OGS2:
RS RVRRRUG XQ XHS D DQH$ DS VH--DS VDPIDZ 6W"- XRR
 ,1',26 7,(55$< 02'(51,=$'21

/RV KDFHQGDGRV ILUPHPHQWHDSR\DGRVSRUHO(VWDGRGH

VDUUROODQHVWUDWHJLDVGHPRGHUQL]DFLyQ /RVWHUUDWHQLHQWHVGHO
YDOOHLQFUHPHQWDQODSURGXFFLyQGHSDVWL]DOHVSDUDJDQDGRGH
OHFKH HOHYDQ OD SURGXFWLYLGDG PHFDQL]DQ JUDQ SDUWH GH OD
SURGXFFLyQ VH OLJDQ D HPSUHVDV DJURLQGXVWULDOHV \ UHFLEHQ
DSR\RWHFQROyJLFR FUpGLWR\EXHQRVSUHFLRVSDUDODOHFKH\VXV
GHULYDGRV /RV KDFHQGDGRVTXH WLHQHQVXVSURSLHGDGHV HQOD
DOWXUD RSWDQ SRU OD FHEDGD FHUYHFHUD OLJiQGRVH WDPELpQ D
HPSUHVDVDJURLQGXVWULDOHVGHOUDPR
/RVPHVWL]RVSLHUGHQODLQLFLDWLYDIUHQWHDODHQRUPHSUH
VHQFLDFDPSHVLQD ORJUDQVLQHPEDUJRDGTXLULUDOJXQDV WLHUUDV
HQHOPHUFDGR2ULHQWDQVXHVWUDWHJLDDJUtFRODDODSURGXFFLyQ
GHSDSD\FHEROODSURGXFWRVPX\GHPDQGDGRVSRUHOPHUFDGR
XUEDQR\ TXH DO QR VHUSURGXFLGRV SRUODV KDFLHQGDV DEUHQ
EXHQDV JDQDQFLDV SDUD HVWH VHFWRU 8WLOL]DQ HQ VX PD\RUtD
UHODFLRQHVGH DSDUFHUtD FRQYLUWLpQGRVHHQORVQXHYRV SDWUR
QHVGHSHRQHVVXHOWRVDSDUFHURVHLQGLRVOLEUHVTXHODKDFLHQ
GD KDEtD H[SXOVDGR (OOR JHQHUy XQ UHFUXGHFLPLHQWR GH ODV
UHODFLRQHVLQWHUpWQLFDV PHVWL]RVLQGLRV GHELOLWiQGRVHHVDFR
UULHQWHSURJUHVLVWDHQWUHORVPHVWL]RVTXHKDEtDGDGRRULJHQ
LQFOXVLYH DO DSDUHFLPLHQWRGHJUXSRVFRPXQLVWDV HQORVSXH
EORV
/RVKXDVLSXQJXHURV TXHFRQVWLWX\HQHQHVHPRPHQWRHO
VHFWRUTXHYDQJXDUGL]DHOPRYLPLHQWRFDPSHVLQR DO URPSHU
FRQODKDFLHQGDVHRUJDQL]DQHQFRPXQDVPRGHORRUJDQL]D
WLYRTXHKDEtDIXQFLRQDGRHQODVFRPXQLGDGHVOLEUHVH[SHULHQ
FLD GH OD TXH VH DSURSLDQ SDUD HQIUHQWDU OD PRGHUQLGDG
2EYLDPHQWHPXFKRVKXDVLSXQJXHURVHVWDEDQRUJDQL]DGRVHQ
VLQGLFDWRV FRRSHUDWLYDV \ DVRFLDFLRQHV DJUtFRODV RUJDQLVPRV

 %DUVN\ 2VZDOGR \ &RVVH *XVODYR HQ 7HFQRORJtD \ FDPELR VRFDI ODV KDFLHQGDV
OHFKHUDVGHO (FXDGRU)X?&62 UHDOL]DQXQSUROLMRVHJXLPLHQWRGHOGHVDUUROORGH
ODKDFLHQGDOHFKHUDHQODVLHUUDHFXDWRULDQDHQODTXHVHLQFOX\H&D\DPEF


 
RQVRX呸X-D VQVDPTHTRQER呸D—DSH呸HDGVXDXDPURXF
XQ 2SO"-2$2-G HT RQE XSVLWX
RSHFURXU H RSHRWSDS 2-2-
-O,% XQRS XSOQSRGH DUDGVHLGH VHP RSW"L XHTVRUHX
QXURR 62> VRSR£RX
D£XDZH$42āHVDGZWU! XSHSQRVXRR QV
RSXQXUHGXHTRQEVDSHSTQQVHXDSRSHOR£ XHT HQE VR£ XRR

HGHGH£R‡XRTRRH£
RSHRUDXU£HRSDRUSDSRLRQSRUGX£HDXD££
DQE VRTRRTR
VHUURTDR
VHTHT
HSHTRR
HGHG VRS£QRORG ‡3
XRFRQSRUGHXQ
VHRXRLXDXHQRHVO4DSDDUDGDRSVHXRSHMDU
VHUHSDHGXH DVUHUDTT H
VRXQDMTDQGVR]QVVXUVRW W" DXD
H£ZRXR£QH O2ÈHZ DXQ POR£ RSQQXUDG HT VR£ RQE XRXVRQR

HSHRSHZ£££ H£VR XRHZR£X£ HO2O82O- QV RSMSXVG[H XHT VRO

HXQXURRHSHSRÈHZWU
@ āVHVRSFDXR-HO-26--呸O-<OVHV
ā‡T
ZH?
H! XDV呸VVLXHV\ZW"I
HXQZR XD:SD! RSRVHRRUG
XQ HS HVHT 2:2-
228OOO22 2-OOO呸 2-2O—-OO XQ HS XSHD
VSRVXDQFLTQVXDUZ$2:XQHSXS$DDV
DQE6W"- X
%-OOOIO"
HSVHSXRSHTVH X RSRLDUTRVPQSDIDDVVHS\ VQVVHX
RSHSRDXVH呸UQVDQ86%$2%,DOXDZHQLXD$D
XRLVRVRG%7

5!-\RZDSVDGGVRSQI
%-DHGHVSVR$S!D-R!VRUXD$
XRR
HGZR %I DSVRS8%$ RQE
8呸-GHSVRXLVQUHRDXU 62-O2
% XRSQRH VDSHSUXQXURR 6W"-
%-%-\ %:-2-D
0 %7 HSH]Q%%G
O8:O"-I3呸-G
VHSXDS%T6O"- RS 628-D8 VDURSHIHTDQ2:2-
VW"QDS HTH!38-$- RQE %T!Q- DS %-8O"O68 O"^ %S"WR\
āVRO-DQV VDXRRG VRU
RRUHGD
VRDQXQGVHQT[DXRR82-5=IIO"呸-2DVRQEV"QDQE" DS
28,2-
VDTQOOO:@O"8233O"-O6O"IHSRLXHL
6SO"S^,2:2-6O"- RS
RSRQHG,‡VD

 È 6O 2O82 H$
RSRXRGTQVO2-O2 UD
āH-$$DVDTZHÈH- XDRQEXS"]QHX
QXURRRSRVRRRUGXQDUDGVRUTXURXVPXD
RSXRM£DXDRQE
 ,1',26 7,(55$< 02'(51,=$&,21

\ SRUSUR\HFWRVGHIRUHVWDFLyQTXHDSURYHFKHQORVVXHORVHUR
 GRVRHYHQWXDPHQWH
  
RVPHMRUHQ
VLHQD 
/DFR\XQWXUDGH5HIRUPD$JUDULDVHFLHUUDIRUPDOPHQWH
HQ  6LQ HPEDUJR ORV FDPSHVLQRV LQGtJHQDV VLJXHQSODQ
WHiQGRVHHO DFFHVRDODWLHUUDXVDQGRGLYHUVRVPHFDQLVPRVGH
SUHVLyQ TXH JHQHUDOPHQWH VH UHVXHOYHQ HQ DOJXQD IRUPD GH
FRPSUDGHODVWLHUUDV

6LQ HPEDUJR PDUFDXQQXHYRPRPHQWRHQHO PHU

FDGRGHWLHUUDVHQ&D\DPEHSXHVWRTXH DSDUHFHQGRVQXHYRV
IHQyPHQRVTXHLQFLGLUiQHQHOIXWXURLQPHGLDWR GHXQDSDUWH
ODSURGXFFLyQ OHFKHUDGH&D\DUQEHKDOOHJDGRD VXWHFKRUHQ
WDEOHVHJ~Q DOJXQRV HPSUHVDULRV GHOD]RQD TXHDUJXPHQWDQ
TXH HV PiV EDUDWR SURGXFLUOHFKH HQ HO RULHQWH HFXDWRULDQR
]RQDTXHVHKDLQFRUSRUDGRFRQPD\RUIXHU]DFRPRDEDVWHFH
GRUDGHORV PHUFDGRVFLWDGLQRV FXHVWLyQTXHSRGUtD LPSDFWDU
HQ HO FDPELRGHHVWUDWHJLDV SURGXFWLYDV TXHTXL]iV LPSOLTXH
PD\RU LQWHQVLILFDFLyQ \ SUREDEOHPHQWH OLEHUH QXHYDV WLHUUDV
TXH UHVXOWHQ SHULIpULFDV SDUD ODV QXHYDV HVWUDWHJLDV GH RWUD
SDUWH VH KD LQWURGXFLGRXQQXHYRFULWHULRGHYDORUL]DFLyQGH
WLHUUDV HO DVROHDPLHQWRGLUHFWR 8QD FDtGD SHUSHQGLFXODU GH
ORVUD\RVVRODUHVSHUPLWHODSURGXFFLyQGHIORUHVSDUDH[SRUWD
FLyQ YDORUL]iQGRVH WLHUUDV GHILFLHQWHV TXH WLHQHQ DFFHVR D
ULHJR(VDVWLHUUDVFRPLHQ]DQDVHUDGTXLULGDVSRUHPSUHVDULRV
PX\ PRGHUQRV TXH HQ SHTXHxDV SDUFHODV ORJUDQ SURGXFLU
JUDQGHV H[FHGHQWHV 1RSDUHFHWUDWDUVHGH XQD QXHYD UHFRQ
FHQWUDFLyQ GH OD WLHUUD VLQR GH XQD YDORUL]DFLyQ GH WHUUHQRV
GHILFLHQWHV XELFDGRV HQ HO SDUDOHOR Rž‡ FRQ JUDQGHV FRVWRV GH
LQYHUVLyQDFFHVLEOHVVyORDHPSUHVDULRVDJURH[SRUWDGRUHV\QR
D ORVFDPSHVLQRVLQGLRV

 (Q RGRV~OWLPRVDQRVYDULDVFRPXQLGDGHVDSR\DGDVSRULQVWLWXFLRQHVSULYDGDV KDQ

HPSUHQGLGRHQ OD VLHPEUDGH iUEROHV %XVFDQGRODUVH GH OFO
OD \ PDGHUD WDPELpQ VH
GLVFXWHOD UHFXSHUDFLyQGHORVVXHORV


 ]VW
āVHXDO SVHI
+OOO- VW"O XVTXRVVS
DQEH$-Q! W"> 呸QXDXUQHSGQJ6 āH—WXi
\HZ'--+
%, RSH]UDQM
H DSRXQX,3RXHXUH RSHTRUHXU
D-477 DLXDXUPVTGXURD 6G RX
VPP DSRSHRURXU 呸QVD
DGZVDXRWRRHVXHQ6%- DS RtXDS
URGYFX,DLGHRDQEVDXDQFSRSHFURXUXQWPRSXUJ
HSH呸Y
HZ-D`OH URGVHSSQSRUGVVXRRRHVXDQDSRLXFSURG6

OR£XRXUQ£R£D-OOG RL‡G āXSOO=£ZRSRZ I DSDLLY‡ZPS0‡3
DPQPMRRDXQ6VRMTUVRG236XDXTHTRXHQDSW"IRSHSXDPQ
H£ XD VDXRSHXXRMVQHQVH£ RQE
V\Z ]D$ DXQ W"SXDSDQE
XRXVDQF VRXRSRDVXDQHSRQRFGVRDDtXDXUDTGXUDXHWPXRS
W"X\HZDGVRVHGVHQV DQEXXRJSH VRUHSVHU£
ā£R1ž
3‡
'
‡$ VRLHSVR£ VRXUHX
:[Dā¢RVRRRG ‡ O:-RGDSDLY%:-2-20 ‡3DUUXXQRR
‡ R
U‡ DR\ ‡ 6%--2, ‡3 RSDRURXU ‡ 3X‡G[R ‡6"
ā£DUXDR\ ‡XR3‡3$O2%-2GTHSDUT
XUUXVRRDVDSDXQVRXRSXDQVRXUVHXHTPVH SRLRDGVVURLXDUR
G 
 UD -OOO3682- H XRUHVHGVH!O6O- VDXRSRHVWUDQ6O"-

, RSRXDGDXH
2O8O"O XD
HSH]P-XO"--DZÈQZHXDTPDXQ
È O"KS!" RRRG£H-UXO"82= HXQ-3X-IIHZ "^ VRXRSXVS
VHXVTUQ
VH DS RURXPX UH XSH£D- XRR RLXDS URG 
== £D DR-O"-8-6
D-G-- RMRV VR!S6,-- VRUSFUG RS VVXRSRHVXHQ VH
2:+IO-
R£VRX āW4‡3URXRXUHRSRXRG ‡RLXQVLSR£XRZDRXD£
VRžVRFHTP6232-G‡3UQWāIV 623‡3‡G2OG‡3VRV
%G6%-OVVRÂVRT:%È%X‡82-%=,%2-VI 6, 2-XJ
VH--HSRSHXHZ£H$ H£H-

 HZD H
RSPET2--8
MS RSVRURSDQRGRZRR XFRRUHGH RQE
RXHUTFURMRF XD呸SRDS
RLUHGHXDQT
VRXHVFUGFUDDS-DVHXQ286
VRWQVVGXUHRVR£SDS
UXQXRGRHXUKPUXFXRX RXDQEH XR
H—HUD
\ %:-2D`, RSQU
QQPRRH-2GRSHSXDQ,-8RXD-T-RSHRURXUXQL?QPVXRDV

USRSD-H$
VHQDH -DSD!!W" RSVRSHSQPXRGR6
%I È O"--DSO"- RS
VRURRUG62>
VDW"SPXD-3VHLXDU6W">W"1ZHDVW"-XHDQXH£V
 ,1',26 7,(55$<02'(51,=$&,21

LOO


£J
LL
R
=Z
呸


£
H

- R
R


 W
DQXXQURR %- URG3HWQHGXRSRHDU R呸R-
W"H£M\HUQD
0
H£ DS VPRSXD$-DO8 RS 2-8,78 >RS 8呸$($ -O" ---DSR %$,$%
DV
DRDUHGHRQE RSHRURXU T呸S 
RSRXFG RUVRXD
VDXRS DS
RSDRUVXUUH 82-O"8G-- HH£VD 84-8G$-
-O8 RSVHDQPRVGVD 68- È
DXUVDGFUHFXS"=IIL$:HRSD£XHRSRXDGDXD6
PESDS
V āPDS DS R[XRHRR RSHRURXU VRXUHXUXURUUDS R@
DUUXXQU
R! 8I URGRSDSXDQMMX DXDZDD,-
VDQDQ DS RSHRURXU DVD
YāHS%呸9W"ZPS呸 GVDXRSFDVXHQVH HSVDXRSHSH$ VH DS
XSXU\ XD 6%O8G$ VH VS VDXRSHSH$ VH RSSDSXHXRSXUT%O
O"
DXQRSXVTRUG/
RSVRVR£TH-&$VRSVH£ DSXSH£RRRH£RS
GO8
D--G2 āHSHL呸YW":-23
0 -2GVHXRLRRDVXDQHS4-:O8
£DS 8482- 8G \VD RSRXHG OO6G HS6O"O8G$ HS 2-G:,8 
āDT:,0HR SHSH-G2-G
, HS2-O6% ?O DXDQ
  
 ]] 6ā
&, H] ,0,/
/, /, 6/ā,/
 呸] /6呸
?IOOI呸?I?I:呸2G
612OOO?I61?IOLO1 6?I-1$‡1 62,1tO1OtO
O6O9-OW-
WI :-2M呸
-RGVDXRRRHVXH--DS
21 $ VH£XDKDSāR1HQXHXLHDW
OO
212-SHQR
SP! XQX呸 RLVR8,<呸$
,-OMO£?8OOOO0 
 ,1',267,(55$< 02'(51,=$&,21

(VWH PHUFDGRFRDFWLYR VLUYLy FRPR RWUDHVWUDWHJLDFDP

SHVLQDSDUDDGTXLULUWLHUUDV DXQTXHWDPELpQSHUPLWLyDDOJX
QRV PHVWL]RV SXHEOHULQRV DSURYHFKDU OD RIHUWD GH DOJXQDV
WLHUUDV SRFRSUHVLRQDGDV SRUORVFDPSHVLQRVSDUDDGTXLULUODV
(QHIHFWRHOFRHILFLHQWHGHGHWHUPLQDFLyQHVGHHVGHFLU
HO  SRU FLHQWR GHO Q~PHURGHWUDQVDFFLRQHV SRU5HIRUPD
$JUDULDLQIOX\HURQHQHO Q~PHURGHYHQWDV HQWDQWRH[LVWHXQ
 SRU FLHQWR GH ODVYHQWDVTXHVH UHDOL]DURQVLQLQIOXHQFLD
GLUHFWDGHOD5HIRUPD$JUDULDFX\DH[SOLFDFLyQYHQGUiSRUHO
ODGRGHODRIHUWD\ GHPDQGDGHOPHUFDGR
(QWUH \  ODFRUUHODFLyQHQWUHQ~PHURGHYHQWDV
\Q~PHURGHWUDQVDFFLRQHVHVWRGDYtDPiVDOWDGH$SDUWLU
GHFRPLHQ]DQDGHFUHFHUHOQ~PHURGHWUDQVDFFLRQHVSRU
5HIRUPD$JUDULD HVWDPRVHQHO SHUtRGRSRVWHULRUDODFR\XQ
WXUD /DFRUUHODFLyQGHVDSDUHFHUiHQODPHGLGDTXH\DQRKD\
WUDQVDFFLRQHVSRU5HIRUPD$JUDULD TXHGDQGROLEUDGRHOWUDV
SDVRGHODSURSLHGDGDOPHUFDGRGHWLHUUDV3RGUtDPRVVHxDODU
KDFLDHOIXWXUR TXH HQDXVHQFLDGHXQDFR\XQWXUDGH5HIRUPD
$JUDULDTXHLQIOXHQFLHDOPHUFDGRODRSRUWXQLGDGGHODH[SDQ
VLyQ GH ODIURQWHUDLQWHUQDGHORV FDPSHVLQRV VHUiPHQRU HQ
WDQWRFUHFHODRSRUWXQLGDG GHORVHPSUHVDULRVDJUtFRODV

(OWHUULWRULRFD\DPEHxRSXHGHVHUGLYLGLGRHQGRVJUDQGHV
VHFWRUHVHOWHUULWRULROHJDOL]DGRFRQWtWXORVLQGLYLGXDOHVVXMHWR
D ODYHQWDOLEUHFX\RVWUDVSDVRVVHRSHUDQ DQWHHO5HJLVWUR GH
OD 3URSLHGDG \ HVWi PX\ VXMHWD D ODGLQiPLFD FDSLWDOLVWD TXH
UHJXODORVSUHFLRVGHOVXHOR\HOWHUULWRULRFRPXQDO PDQHMDGR
FRQ WLWXODFLRQHV FROHFWLYDV KDFLDDIXHUD \ KDFLD DGHQWUR FRQ
UHJODV DQGLQDV GHWHQHQFLDSRVHVLyQ YQWD\ WUDVSDVRTXH VH
UHDOL]DQHQWUHLQGLRVFRQYDORUDFLRQHVHFRQyPLFDV\FXOWXUDOHV
GLVWLQWDVDORVPHUFDGRVGHWLHUUDVFDSLWDOLVWDV 3RUHVDUD]yQ

 /RV FDPELRV GH D OHQHQFLD GH OD WLHUUD DO LQWHULRU GH ODV FRPXQLGDGHV LQGLDV VRQ
PSUHVLRRDQWHVDGLIHUHQFLDGHORTXHVXSRQH&DP]FKRHQHODUWtFXORDOXGLGR SiJLQDV


 
WLXLVHSXLSXL-VHW
8OOOO: >O"OLZRL 2-8GL SXDLL-3L:RXL QVLS -+OË H PE
SHSLG2OGH£ DS
2$6LOLI £LSVDWHQVDLHR62
-H$
H62L QLOO:2,62:4呸R呸!G LHGVL£T\XR-
V,82-O,:2-8@ X££呸 呸£QV62L OOOOOD!-3 OO6 SHS呸G OO@ LS RG£Q- >L 2-2O
RSXHZR£ 82-OW=QO呸 VH£X呸VH
R:6:MVH ‡呸ZLWD呸VHXDSRTLFHFRRSH!-LZ
>TM!S L  OOOOO>  82-呸OOO6RLPV OSVRG, VR VRS2- 
DHE,, RSTLS
FSQVDS VRGS
62-8OO6362?DS >OO-,:22O2>O$L <8GLS呸,6-OQ-WVOO22 O@4VRGRSWHT  ž1 =O
āVHX DS2,-O4RSH!-LZ XQ O,,2-OOIW-  FSFRSO6 XL2O-O:,4
FXRGQVPE2:6-I2:8@!XRF--? PELXL,S DQE
L£XR呸GZ RZL FVVRRUG
XQLX£VQZ  āVHTXÈ DL 8O-L 6O"?:O- XÈ VLUT V È W L-L L£ V WāV 
È= £-£X OOO-OO 呸SLT HXQ 8O-8L£ - IIO:&- O
= HRSS呸- OOO"-4OOO DQE
VR:OW-,6L-
6? /= VHXLGH LSVPGVLS
-LS V
OW YWDG XWOO-L-3 DSRVR-G XQV£ZLSH
LVRSXSLGR
LULV £LS 8@6
3 HSO
M- HXQ UHG 82-,,826XG -2--OOVRG !-£-ORZLS
XLZL LO VHXL,VHW-T--8 XH-XL£LQEVRSHWLQHOVRIT LSGOH- U-HXQHSH
2I3
,:2-GX 62L£6(O82-L?TªOII-:WM!
O6
 TZHHL2O?>,,,,<QUDS
OOQERXW-8>HSW:2>GQWO£-+LSHXQZR
H-LQEHQGZIXQ23,,,:2/6MOO
 6GO
W
XDXURF VDURQV H 6G-H--6O"OO"! 62OIO"-?O" 62I XD RSWSDXU
H]£H LS
26G-2-GRLXRXHXQRGXQ82-O"-O6JG-2OGRSUDVDG9
RXWVDGXUHR
RTRFRHSÈ XRUVDUGH RSRSRLG-426
62-I8,82-DW"--; VD-23O"-
 LSRSXFWSXDGFS
26-G$3RLXRUWXHXRGXURRXQ82-G$7LOHSX呸Y
O":-2-D0 RS O"-2O8OOÈ2-H£DLXHPS8--G- O"I RSVRSRUG 62
@

O"JGI RSDRURXU S8G VRVHGVHQ
RS SDSRFS[ H S QTQSXDG XD:$2: DVD VRUURSUUHRTG[D

68O-GOVS HJJO RSHRURXU £DSG-O"6

"呸 DS W"1:O"-
RXRLXURL
DS -%TPH! UH
VRSDSQPXURR VH -2G HSHUFGQRRU (--G (SR£
O-,,+? 83, OOt?
 O1',26 7,(55$< 02'(51,=$&,21

&XDGUR1R 
3UHFLRVGHOD7LHUUD

48,148(1,2 35(&,2325 &5(&,0,(172 &5(&,0,(172

+(&7$5($ &21 %$6(  7$6$$18$/

   

   

   

   

   

   

   

   

)XHQWH $HJLVURGHID3URSLHGDG&D\DPEH

$SDUWLUGH  FXDQGRGHFUHFHODLQIOXHQFLDGHOD5H

IRUPD$JUDULD ORV SUHFLRV GHOPHUFDGRVHOLEHUDQ GLVSDUiQ
GRVH HVSHFWDFXODUPHQWH 6LQ HPEDUJR D SHVDU GH TXH OD
5HIRUPD$JUDULDFRQFOX\yIRUPDOPHQWHODVWLHUUDVGHIURQWHUD
HQWUH ORV WHUULWRULRV VHJXLUiQSUHVLRQDGDV VXMHWiQGRVH D XQD
GLQiPLFDPX\ORFDOGHORVSUHFLRVGHODWLHUUD
/RVSUHFLRVGHODWLHUUDHQHOWHUULWRULREODQFRPHVWL]R HQ
HO TXH FRPLHQ]D D RSHUDU XQ PHUFDGR OLEUH WHQGUiQ FXDWUR
FRPSRQHQWHVEiVLFRVTXHORVGHWHUPLQDUiQSULPHUR ODGLYHU
VDIHUWLOLGDGGHORVGLVWLQWRVWLSRVGHVXHORGH$DYDULDEOH
TXHHQOD]RQDYLHQHGLVWDQFLDQGRODVGLIHUHQFLDVGHORVVXHORV


 
āHZZSXQ-呸TH—0RZRRO:'3 SRSXO
=O-Q
26 HQG-RSHQOJSSHXOOL-SX£
ž-H£TRG H O>Q!>!
W
-RSHQT 呸 O:呸 LSHQT-QEH呸- X
GGHOO, āR :7
SDQXD XSHS RS-2O-O"- ā OXR]HXRO"38 SDSXWUDSUDS
RLXDXUDS
VD呸8I4 VDUXSPEIVD呸XQRXRZ VQQTRPE URVG
VRSHPXRS

ž38@ XRVIW
VDUUR ‡DāVHXRVRG WWāW]HS
‡XURDTRGDXQRTZDÈ5XRDV6ORSRVXHR
62!,1
VRUDRQDDDL62O12O!!QOWO61!W 
 2IGO",%G£D8G6G-2>- HSO"W?68GO8- XRSRQS
G‡ DUDG
DMSXRÈ'
VD,-2OHRVQTRQE
‡GD‡3 VDVRQI
VD-GL?H
VDXRSHXD VH H-TZQ!QVDSDQGHQEO"-GO82--QV8L4
ā:%O DPP
RUSXU -O--GO G
RLXHL -2G āXD-G--VVURSH]TDQS
-$3 VDSXVSXDL 6
2:6-O"OGO"O -H XSDVX G8GOO- %82 HS
VVXRSWSXRR X
O"--GOO"- DSXSW"=IO"2S-$-38 DS 626G-2-G 62-
H G82:8- VDRX
2-S-,282: VD2-2GZHž3ž RSRLSQ 
VRSHXRUVDUG呸QXDZWPQZO 62$3+-
XRR DUGXUDWV XDV DQEVRPV
VRXRXQVLVRS VR£ S VH£XR
VH£ XRRSD-HXVXSRG6 RQEXQH
R]XVHXURFXDMT2-2O--ODS
VH--OUHUDGQRDUHSSHSQQXURGRHRRGX\SX VRXWVVGXUHR 62^
2O8%O-2G
HXHI,D-D-HG3%38462G-O"-
6W"--OHSRSHRUDXUS
XDHÈQ88 ]D$ HHQE
HSWXYHZS
+ VSHUUXXQRRHHDQX
HXQ DS RLXDUXQxPVFU £HPXD$D D -2G
RLUHQR I
HPH H£ XD
RMRQVO3 XRSHURGQRFU I R呸D—
VRS$-G6 RSXDDUDRXRUPVHS£D
UHDQUHMGDU
%-OS2GHXD-3ž2O8G8I2: RVRUDSRGXQVāVR]
XVDXU VRMTRQGVR£H628"--G-6G-O"$62- 8GHS%-O8G-82-FQUFXU
GOOGLO-
RLD
D£TPRGH呸H
282+IGO
]Q£
6%-$HSRV8-6-G$8-
H£-2G
2-G--D£VD[QHUHGPRRVHIHO8GW?VHDQX-O"OSGW?2-GHUXTā
QRVDSXDSDQGDQE
āD
VH]QH-2TVH
VDRXVH£RXURR
%$-3773
2-GXS"-6OOGO--2ÈHZDSVH—WP呸DGR-J%6"-GOW"-O6GVH$PX
UDFURXFSFQGDQEVDXFRDURSHHVHDDQX6%- G
RSXQxRV
,% '
VRSHSHUxDSVSXUVRMDQVVRXHXRGRVDQE2$-62-DRVHRRUG£DURG
) ,1',26 7,(55$<02'(51,=$&,21

Q~PHUR GH IDPLOLDV \ SREODFLyQ HV GH WW SRU WDQWR ORV
LQGLRVSHUWHQHFHQDIDPLOLDV 
/RV LQGLRV GH &D\DPEH HQ VH KDEtDQ GLYHUVLILFDGR
QRWDEOHPHQWH 3RUVXVOyJLFDVGHUHSURGXFFLyQ RUJDQL]DFLyQ
ORFDOL]DFLyQ\SRUVXSURSLDLGHQWLILFDFLyQSRGUtDQFODVLILFDUVH
HQFXDWURJUXSRV

&XDGUR1R
/D GLYHUVLILFDFLyQGHORV,QGLRVGH&D\DPEH

*5832 16 )$0,/,$6 13(5621$6 

+XDVOSXQJXHURV‡   

$3$5&(526   

SDUWLGDULRV 

$55,0$'26 SHRQHV   

OLEUHV WHPSRUDOHV
ž

,1',26 '( &2081,'$'   

727$/   

)8(17(6 呸 &HQVRGH 3LFKLQFKDGH %DQFRGHO3LFKLQFKD

-QIRUPHVGH7HQLHQWHV3ROtWLFRV $-3&
呸 OQGLFVQRFDWDORJDGRVHQQLQJXQDGHODVWUHVFDWHJRUtDV


/RV KXDVLSXQJXHURV VRQ ORV LQGLRV DILQFDGRV HQ ODV 

KDFLHQGDVGH&D\DPEHTXHSRVHHQPiVGHKDVB 7UDEDMDQ

 &HQVRGHSREODFLyQGH ,1(&

 &HQVRGH3LFKLQFKDGH RS FLW +D\VLQHPEDUJRDLJRQRV SUHGLRV PHQRUHVGH
KDVTXHWLHQHQXQRVSRFRV KXDVLSXQJXHURV


 

RSHSXDDHTXQ XHG !>T82$O-ÈPXHLXRR
RO!QL
XQGIIQTXQ!S6O:
OS3OOO:H
>H!-P--Q6QRXURHX呸S-呸-OOUGVRE-呸£WVD6:BXSRG
2$-OOOOOOQOOGXV
OH£R£-!SR£X!S-RG=
OX£VLQZV 6'OOVOG!S-,,3:.OVR£ FSRHQHSHDUFG
O34-OO O>OHG > FS 4S!ZZG!:3OO6O,, V]
]8! ª!£THV! 92. DL:2-,,  =O
āVT 6O
= LSV, £X呸£! 8!VR-XQG6OOQT62L RS6OO!O;2
 S !>THOL.!H -S:UXG XQ PE -LX£RV !OWVRG VL
 !3 
WL 
 VUXQ-
‡XQGVHQTVPZ- URWÈ VHSXLSHTOXHZR£E
VOO-呸QZVRSVHLS呸VHT ]]
]DSUX!
VROXQGI6OQT62> S2IS!ZRRGL!UEXLRDTH£V
LTZHLRXXYL
3SXD- ÈRSLXG

:
O-9UO:&4 U-
QRUOOO"6 呸II3呸!HOO " 呸 VH£Q-XQGQQT6O@:O-  S
66>-OOOO DUTRVVWSāGR~QTVQHVÈ OO
LOO5āWVW£SāGRRPVLGX,2-呸OOQG6OOQT
- VR£ S RXQ HSHD H£ .OE 6O:LO IIO IIOM 6O
] X O,,,->
8 92' !,:2-OOI  =O
ƒ:-WIS 
O
LS呸X£8QOO-OO-XM呸:‡R3呸S0GPE
XLXSSR‡VZSDNOOOLORDHE
2OO>W6 /YLHG2O>6OGX2-OOIOL RSHO24
W^ O`3UHGVLQV-OXLTHX
92L!
,:-2-8  ā[[ SHQ āTZHH XLQLXQGUHQT XQ LS 2-HWQSQLQV QX X
83O:2-G
WWWLW
O-8IDGS
-81-G O, 呸RSHXQGZXX~QTVL" OO-O% /=W
RQE62=O62:62OO38‡GI‡T8"TZ‡£DXR]HMXā]LRS‡ZR-G
XH ‡,,'- URG āVRT ¢£
 DHV R L"--2, ‡ ‡3 3‡O: ‡ ‡ ,‡‡-
RVHRRHXD£XR£
XRSRQSRUG‡, DS3‡O:‡,UQ-82 -2GRUDG
R
DQXQGVHQTXQSH£HQXHIDZDVH--DSVSR]DSDGXQXH-T-

ž38 VRUUHSXUDGVR£ YHR2:-2-8 ‡XOORVāXªQS-G‡

HS3‡O: ‡ 21:! ‡R£RSX\R-£XR

OO:‡V I 62--2OVR££R HS

XRTS‡呸āVRSX‡S‡TVR£‡3‡O‡--‡G‡,XRRSSR£TR£VRXDTRVDQE
62-O6-2-6£XDSD-V\ZVR£XRV-28
%--6H S6-
%呸2, VRV
-$3 HSXDXD-$2-GDQEVHXD6-38 XRV
X£UQ£TRGH VS R£XDS
-2G WOāV ,82ÈQ£SVXRR HQE
VRXHSQUHGR 62---HGH VR
XFRRQSRUGDSHZD66 QVW"-HGVHDSDS
SHSXXHR-2ÈHZDSURXRGVWS-W" D£XDUDDQ-D HXDHDXD£XHZ
RSHZ-2- RXURR
VRSHXUXUHÈ VRURRUHGH HS(SXDVDGH RUTXUHR
XD RSUUHWXDXPD
VRXUDXQ VRLSX£ V XRR XSHS HU RSXR[QX
UXUVWSRGXUDQ£D XR ž3 XHTVRSHSXHRQTV RQEDQVDQXUFQE
XRQVDQRË"3, XRSHMTRG‡,RS/
23 £RXRIQO,682 È ā‡QOO‡
HJDU
RDURUVHGRSRXUDUHG£DSRVQHRTRDURS,XRRRSHPRFUFTG
XURR
V]-呸XQGVHQT URGRUSFXURUGXR ‡āVHT U¢
]S DQDX
DSR]HSDGXQDSXDXRGVWSÈOWWRWSDXURUGXFVFUUHWSVDURQV

RS 2:;?": XQQ 6/
R VS R-D83XD XRSHUDXQXUDUDXQXFTSDU

Q £D RSRL DXH-QS HXHXURV GVHMS U R WDQUUD VHQD DUDG
2=-O-O$XZ
0 2-O2
 ,1',267,(55$< 02'(51,=$&,21

UHFLEHQFDQWLGDGHVPiVJUDQGHVGHWLHUUDKDVWDSUHGLRVHQWHURV
HQVXV FRQWUDWRV (QHO $UFKLYRGHOD&RPLVDUtDGH&D\DPEH
KHPRVHQFRQWUDGRYDULDVWUDQVDFFLRQHVGHHVWDQDWXUDOH]DTXH
DTXtODVGHVFDUWDPRVSXHVQXHVWURWUDEDMRSUHWHQGHFDOLEUDUHO
DFFHVRGHORV LQGLRV D ODWLHUUD DQWHV GHOD5HIRUPD$JUDULD
/RV SDUWLGDULRV LQGtJHQDV WLHQHQWDPELpQ GHUHFKR D ODOHxD
SDVWRV\DJXDGHODKDFLHQGD GHUHFKRSRUHOFXDOWUDEDMDQXQR
R GRV GtDV D ODVHPDQD SRU VDODULR )XHURQHQ HO SDVDGR ORV
HQFDUJDGRV GH LQFRUSRUDU IURQWHUD DJUtFROD DVXPLHQGR ORV
ULHVJRV GH OD SURGXFFLyQ IRUPD FRPR OD KDFLHQGD REWLHQH
IXHU]DGHWUDEDMR\SURGXFFLyQPiVEDUDWDTXHODGHORVKXDVL
SXQJXHURV
/RV GHQRPLQDGRV DUULPDGRV R SHRQHV OLEUHV VRQ SD
ULHQWHV KLMRV R DOOHJDGRV GH ORV KXDVLSXQJXHURV (OORV YLYHQ
XQDVLWXDFLyQDPELJXD(QRFDVLRQHVSXHGHQUHFLELUWHPSRUDO
PHQWH SHTXHxRV SHGD]RV GH WLHUUD HQ RWURV PRPHQWRV VH
HPSOHDQFRPRSHRQHVDVDODULDGRVHQORVSLFRV GHO FLFOR DJUt
FRODKDFHQGDULRUHFLELHQGRXQPLVHUDEOHVDODULRGHFHQWD
YRVVHJ~QORGHQXQFLDURQORVSHRQHVGH3HVLOORHQ SHUR
HQODPD\RUSDUWHGHO WLHPSRFRQVWLWX\HQ OR TXH$*XHUUHUR
KD GHQRPLQDGR IDPLOLD KXDVLSXQJR DPSOLDGD HV GHFLU
PLHPEURV TXHQRSHUWHQHFHQDO Q~FOHRIDPLOLDUFHQWUDO SHUR
TXHFRPSDUWHQREOLJDFLRQHV\ GHUHFKRV DODWLHUUD\ DOWUDEDMR
FRQ ORV KXDVLSXQJXHURV 5HVXOWDGLItFLO SRUVX DPELJHGDG
FDOFXODUVX Q~PHUR \ ODFDQWLGDGGH WLHUUDV D ODVTXH SXHGHQ
DFFHGHU (QODLQYHVWLJDFLyQ&,'$HQODKDFLHQGD3HVLOOR ORV
DUULPDGRV HUDQHO GREOHGHORV KXDVLSXQJXHURV 1RVRWURV ORV
KHPRVFDOFXODGRPiVELHQVXPDQGRWRGDVODVFDWHJRUtDVFRQR
FLGDV GH LQGLRV \ OD GLIHUHQFLD OD KHPRV FRQVLGHUDGR FRPR
LQWHJUDQWHVGHHVWDFDWHJRUtDFLIUDTXHHVFDVLVLPLODUDOQ~PHUR

 *XHUUHUR$QGUpV/DKDFLHQGDSUHFDSLWDOLVWD\ODFODVHWHUUDWHQLHQWHHO$PpULFD/DWLQD
\VXLQVHUFLyQHQHO PRGRGHSURGXFFLyQFDSLWDOLVWD HO FDOL2 HFXDWRULDQR
 8&


 =O
OSOO呸O,  DS-24O, HSVHX-,
VH£ S RSHIHZ 
  RITH 呸VHSVRS呸 24:O"- HOO`?OHG:'- HWHSX-WTH£ HS
2,8H-OGDSāVHT2HO-3:,O"OOO-&-O,,3:22O,
RGZ?
-2-‡VT!QYRVHGHFHV28,2-
VHSSRXRFVHSXFSHT6£ RRVRS+G-
 XUQVQT, VLUXQZRRQ£  XDXLKQE
VH£ XVHS8O-WT6O> 呸 VRLVHGO HQLH
O"!W H XS呸-H6OOOH È VR£LQMXQGIVHQT 62
 (W
āRQWLWVRY呸ZOO?H- 
3!,-OžGH-QLUHW HS9O9āVHTRQOOOH-?"È4
L VHT ]HW6OO=,4 VHU£ 呸6OT!6 Z V Y呸T WFFHUW 
VIXRZ QTRQ-:O呸OOG
VP£ O HT--O-ā--O-3- X呸RR V,-4, VHXQZRR IIO XQVRG VQE HOOOO8
@ W(/
ÒO
6%:
-RSHQJ
OO3 6O8IVy;,:O"- !O,83:2 DUTRV 83:2-,, LS RRXHT DS SHRS > HUHG OO:2-8,
\UH-Q-āOW£;OO-O2O43=呸‡RRPTHXD呸VHXQZRZ—VXXHT呸2O626W?OO6
H+ QW
āWWVHRD-SXL HSVRGUX24%Q! VR£XDSD!!H
DQE VH£ H VHG HPG RXUHUHG HS VHXRO VH£ VRZHÈQSX£
R£QR£呸RVR XHDQE XUV
HSXR£RHTH£ DS URTV£ RSVH--2-OVH£ VS
VDTW
O]āW‡XRSRRRHXHXR
āVHT=O£ SVSHUGRUGXHXRXR£
W HUDGRTZHÈ,4HSVRWSXUVR£
RV£XRSHHSRQGRZR
āR£S
DXURUGXDHQUZH-2GVHT,
ISDSVD
L 62!3-OžGVD£XD—LDW
VR£RSVDXQRMXWVR£X£~MRV
āVHT=OOSHSRIFLRGXRXRXR££VHQD
H-2È9RSRRUHQTHXHÈHS-9ÈR£ÈXDSRQP@HSRRXS

HTZHTQVQ- DS HVR

0 PXHV
žO,9 T呸V\
RXHQVHIXRZ

-:-,8G
6O"=呸VRL
\H-OOGHTHG
TPH?XRVVHXQXURR
D$DQQ VW"
@ āX£6+: -3 62$TUQ VR£ X呸DV 2-S—QI RLXRQX
SRXRRDLXDXDQVHQ3 VDQVRURG
VDTQVHXQZR FDDQX
XD£VSFD W, XD
VRRXTRGVD£XDURDOV FSVHXXRMX V XODV
āVDTQ VDSHSQPFURF VH DS 623ž V X\£VD D£XDZIO"OIG
HSXDSHTH VXRGRVDQEHZD£XXRWVDUGRP
-28y
, HU -3y
OOOy
OI$SHVRFRQEXFQVDQR
VD呸XQGVHQTRSO%O2O
288
MOI£?XZ4 2>OOI
 ,1',26 7,(55$< 02'(51,=$&,21

&XDGUR 1R
/RV,QGLRVGH&D\DPEH 3URSLHGDG\$FFHVRD ODV7LHUUDVGH
+DFLHQGD 

*5832 1I$0,8$6 7,(55$6 (1 7,(55$6 '(

3523,('$' $&&(62

+XDVLSXQJXHURV  R 

$SDUFHURV  R 

$UULPDGRV  R R
&RPXQLGDGHV  

727$/  

0HGLDQWHODSURSLHGDG\HODFFHVRDODVWLHUUDVGHKDFLHQGD
ORV LQGLRV FD\DPEHxRV D SHVDU GH VX GLYHUVLGDG ORJUDURQ
PDQHMDUXQDV  KDV GHODERU TXHFRQVWLWX\HQHO SRU
FLHQWR GH OD VXSHUILFLH FHQVDGD HQ HVWH DxR 3HUR OR PiV
VLJQLILFDWLYR HV TXH D SHVDUGHYLYLUHQ VX PD\RUtD HQ WLHUUDV
MXUtGLFDPHQWHDMHQDVVHKDQUHDJUXSDGR IRUPDQGRXQYHUGD
GHUR Q~FOHR pWQLFR 6LJXLHQGR D ORV JHyJUDIRV FXOWXUDOHV XQ
Q~FOHR pWQLFR HV HO WHUULWRULRHQ TXH ORV LQGLRV GH &D\DPEH
WLHQHQ VX SREODFLyQ PiV GHQVDPHQWHDVHQWDGD\ VXV PiV LP
SRUWDQWHV IRUPDVRUJDQL]DWLYDVHFRQyPLFDVSROtWLFDV\FXOWXUD
OHV .QDSS  

(QHO FDQWyQ&D\DPEHHOFHQVRGH PXHVWUDTXHORV

LQGLRVHVWiQIpUUHDPHQWHDJUXSDGRVHQOD]RQDUXUDOHQGHODV
 SDUURTXLDV 0LHQWUDVHQOD]RQDXUEDQDVyORYLYHQHO  SRU
FLHQWRGHORVLQGLRV(OSRUFLHQWRHVGHFLUODIXHU]DSULQFLSDO
VHXELFDHQHOiUHDUXUDOPDUFDQGR\GLIHUHQFLDQGRHOWHUULWRULR
GHPDQHUDHORFXHQWH (OORQRHVFDVXDOPXHVWUDXQDWHVLV TXH


 W
XS!H- HXQH4$OOO!!2 FQE U FSHRUDXU SRSUV%--TW"+
RX£V
RGXUHR 2O-È2-GXQDLXDVQHDXDZH$SH-PX呸£V RLVDMUXHXU DV

RVDRQEV呸ZRUDG
QT!SGOO- RXWVDGXUHF XD:$2: D
ÈIVHV
HUDG
R£GZDID -2G RVHRRUGO3H-£XW"XRLVXRXQS W"I XRUDQQRR

HWX
i
HXFSH]UXUHSRXUH£ È H--`OH£RSHSXDXD £TDS62*:3-
VR£ RQG[DDV RQEH XRRHV£VHSX£VD$ HL āVRS%-HVDRSHLS
6G$OO VRUDSVRIRVR H %O2-2 6%!
&3OOG$S%8 RVHG
623ž VR£
GRXRUXUDL£DSXSHDGQ!DHO`S呸"8468G:SHV

RXUVQXRS332GRG33O823 DSRXRXQDLRVR2S

UDVDGXRUDHLXHMGDV286
H-8G$$-GGQVH£DUDGH--DS%-3OO$G-
DQE HX£VDGZH DVHL RXLRR XRUDVDUG[F DV V RX HDS %
URGRQ  X2-O8GRVRTZÈFSVRSXL 62RSXHUUM

RWSXWRMTDQG£HXHVDLG[HRQEVHSXD-G-3VH£ I VHRXMMRG
VVUUXRUXLVD VH
VRXVQV V
VHDS£ VH 8W"O8W"$D DV RQE ODLTRV

XRSRQSRUGDU W"` DSHVHT2:2 2-2O--DWXQRS8%-2-O82-

SVS
>-8ODQV-HD--D- HUDGH-Q£ O HSXDLVVD- VSRRQMMRG R£-DR-G
XQ
2O8W"O URG V āXSHXUZRS W", RS VVXRUDLSXRR VH XD DV
-£Q-O682-D-DUDGHXQDH£HIIDGVDSDQEXSHPSW"IHURS
RVRS
XDXV
RDX\--DTQVXD:$2: XQ RS
VVRXRLXVHH DV
ā£]āR1RUS
H,4 -D$ SW"S83 DS RXRQXDL XQ -W"SXDD-3 82-DO:-DG
VD£ DQE
SHSUXJH È RRVDLXRUHG RS VRSDU UHQUVRDURH  UDX
DPDP
-OOLO682---2GHOWLO"SHQPMR[HXQ36;DOO%RQEDQ
VVQXU
SHSRWGRUGRSXDZII"- £DRXRGXQRQEVHXRRHXXQ£VV£DS
È RXHSXFRHTW"ZDV£VDFXRGXQRQEVDXRRHUXUV DSSHS£V-
-$I3
 RSž32: XD 2O82I8,GUX呸 QV
,,,$; È ,,$; 62呸
62 XD
RRUXLDRXRXFVDSÈVQQOHVR£RSVUVXRÈHUTFPEW"I-PXIIVDQE
RVGHMRRRXXRXD£DVDQ
6W"SXDSW"TVHXUVQX6W"IXDISDUUXRSHGVD
UDXDVH$SH]£XHIRVDUPRQQVR VQV UDDHTDUXRUHRVQTVRUSXU VR£
WQ-2-DXH RIHTH-W XQXRRSHQVRXURS DLXDXUHQGXUHVRPDTHU
2=呸-W$ ZZHX
 ,1',26 7,(55$< 02'(5,?
,=$&,21

HQ

 
HQR
R] 
 
 2
 

 2 2 R
&P  

2


2 1
1 2
££ R


HQ

 
HQ 呸 
£   
2
4   

2 2 2
2
H R

2
£ 

2! 2
=
R 
 


    
 


 2 2  2
2!

呸 HQ HQ



 
2
2

81
]£
  ]
呸

D O ILO
( P 

J 
 
 

R 2!
£L  1


££ X
āH
L 呸

DO
 2

呸 呸

 
R
呸
 VL
呸  V  

2
 £L



2
X£LM
 HQ
R
H
  

H
££
]
 
2!

呸
£
2

 
2 2
R
£ 
 L /Ë

 

2! 1
R Z

] 呸
R ‡
呸
- J  L
 
X
ž  

Pž
 
L

 
2
O
2

L 


 
 H


1

 
 ££‡
R R 1 呸
ā££
2
R  1

  HQ
R


呸
‡
V X


 DO     R
R
 R 呸
D
D £ ‡
H
D H  (
O

   
R
R
R
( 
(
D 1 呸
Z
R y H 1
X
呸 呸
]
 X X
 
X  Z

呸


 
āO
RILXR! L U—3

,:6 ,> FS LLLSXU2OO呸:H2-OO!:$2: È H—:I\%,:2-`
LM
RS8O?8y!,
2O6O>O$ IW
6

WQ2
VR1O>HSRV6O!8呸HS9-6
OO`, W-0
O,2OOOQU£ H/OO6H XL VL£HSRV
68-OSO 6O- DS 68Z-2M6OOOOO 6,L> XL L£XL8PZL OOKOO"3,,,
23O?-?62
È6-OO 6+
‡ R8: RLXHQQHXRGXURRXQHMTHTDQDX",
URGDTRQ@ %IRSW"OVH-! FLXFUQUHXRGXURRDVDRSV\L£DSRQE
PL
DHDS%-呸2> RXHSXDURHTW"O HHXUDQQVRVDSRSHLSQ£H£ HLXD
DGHGXQ 5DQI DQE V RD
VRSHL呸H 624:O"! VRM DUDG HXRUV
DUGDQEHXIVDGZH!  LHXRSHX
PRSO"XDX DPQPURRH HS
66+98% RSXQMRUGXQDQRGRUGVRX È RSHRUHXU £DSVRVMQGXQV
HVDXD£XDXDVR£HSPRSH DLVRQGVDLDXQRXLRRHLXFXUHRUX
SDZDVDSXDXDXHTVSRX VHSXDSHTVH£ DSVVXRSVXQRMVXDQ
  6
HI QBE
£?`VLHJ H H!SS! RQE 2---DQR %-77E6 1 āY

RXWVDGXUHR


 
L O8-UW8$: O3 RQR--L"呸S OHHGH:LODXQQX呸VRSQ
PXDVH!UDOLVDXRSHOQZPHVH
SDS-^O"$
DHXVDGZH SHSQ
HXRSISWX£H£ ÈH!S-,2GXS
DSH HDÈQTS£HH RQEXRQVHQR

RPVHGXUHR R£XD呸$8, DS SHSTUTDSH£ H£H\DVXR 2O668

EGXUD
HR££-LRGHTRQ£H£ IHUPXQ]RRH£ VSH-2OO- URGRVRSXR£XR
XHSHQGRXXSH]—XRSRZH£ I —H\H:-2-2
GH£HQERLXRXU
‡3‡,-!!‡HR£X£G
R£GZRIRURG
RR6%£2£?ā£ ā‡TRQ£H£FS%2IOOO?O
68:3H-HSXDS$G82-H-呸26286GGWX(-VRXUFUXQHRXUVR£
H XSXDLH -EÈHZ XRUHLVDUGDQEVRURPH 62-O2 2-2G:(-
āV RSHRURXU -O" XSG62 DRQRUUHVRSRSQXWVDGQUHF
H-$ HXQ H-G呸6 \D URXRGR O-6
H£VDQGRGHVD RS 6GOI:-, VR£
8G3$:HMUTHTDVHQE
H86GGWP"-HTP H RSHPQGXVXTDT
VD£XD)8GO%--GOVR£ W? RSHLVDS
O"SSGZHVD8 G6,%=)8-GSRZH
VDSHVDQHVDXRSHJVHHUQJO4žDUDG
VD£H£H£VDVH!—QRGVH\ XD
ž37,,-8H—THTVRZDSRZDO8D\DD£HQD£ RSXS!W"--"āDT!DU
HS %$68GO8 XFSRQSRUG O"I H 62$O,7,--2G V VS 6O"$37,32-G
VH呸D£H£VDVH£XDž1呸"XQ-"IO,7HVDSDUHGXFWFH]QUUDSRPHS
VRVHRRUG VR£ XHOO"IQGZDRQEH VD£XD\XD£HQD£ VR£ RS DXUFSRP
8O>$ FFZHD2-
 ?
',26 7,(55$< 02'(51,=$&,21

呸 
7DPSRFRVHWUDWDGHODSDUHFLPLHQWRGHQXHYRVDFWRUHVODV
FRPXQLGDGHV LQGtJHQDV TXH DO ILQDO GHO SURFHVR GH5HIRUPD
$JUDULD FRPLHQ]DQ D UHLYLQGLFDU OD FXHVWLyQ pWQLFD FRPR
LQVLQ~Dā0 &KLULERJD $KRUDSRGHPRVYHUFRQPD\RUFODUL
GDG TXHGHVGHXQLQLFLRGHVGHODVOHMDQDVOXFKDV GHORV DxRV
KDVWDODDFWXDOLGDG ORVLQGLRVāKDQ PDQWHQLGRXQDHQRUPH
FRKHUHQFLDDOSODQWHDUVHODUHFRQTXLVWDGHXQWHUULWRULRDOTXH
DFFHGtDQ\B TXHORSUHFLVDEDQHQSURSLHGDG

+R\SRGHPRVGHFLUTXHORVFDPSHVLQRVLQGLRVWHQtDQ XQ
SUR\HFWRHQHOSURFHVRGHPRGHUQL]DFLyQ\ OXFKDSRUODWLHUUD
4XH HVH SUR\HFWR D SHVDUGH WHQHUOD IRUPD FODVLVWDDO H[WH
ULRU WHQtDXQD SURIXQGDGLPHQVLyQpWQLFD TXHEXVFDEDUH
KDFHUWHUULWRULRVDPSOLDUODRUJDQL]DFLyQFRPXQDO UHSURGXFLU
VXGLIHUHQFLD\HVWDEOHFHUEDVHVSURGXFWLYDVSDUDXQDLQVHUFLyQ
PiV SDXWDGD FRQ HO PHUFDGR ORJUDQGR HQ RFDVLRQHV IRUPDV
 DOWpUQDWLYDV\YHQWDMRVDV GHLQVHUFLyQHQHO PXQGRPRGHUQR

VLQGHVLQGLDQL]DWVH ā
 
呸
3DUD
 GHVFDUJR GH ORV DQDOLVWDV DJUDULRV QR VyOR IXH OD
YHUVLyQFODVLVWDODTXHQRSHUPLWLy FDSWDUODGLPHQVLyQpWQLFD
VLQR OD QDWXUDOH]D PLVPD GH HVH SUR\HFWR 6H WUDWD GH XQ
SUR\HFWRSUiFWLFRVXEWHUUiQHR QRYHUEDOL]DGR QLHVFULWR (V
XQ SUR\HFWR TXH VHOHFFLRQD ODV PHMRUHV H[SHULHQFLDV GH OD
HWQLD TXH EXVFDUHFXSHUDUWHUULWRULRV FRQWLQXRV H[SDQGLU OD
FRPXQDOL]DFLyQ UHFXSHUDUODFDSDFLGDGGHQHJRFLDFLyQFRPR
VRFLHGDG \ SRGHU SDUD PDUFDUVX GLIHUHQFLD (V XQ SUR\HFWR
VRFLHWDO TXHHQYXHOYHWRGRV ORVWHUUHQRVGHODYLGDPLVPD HV
ODDFXPXODFLyQpWQLFDGHO~OWLPRSHUtRGR TXHUHVXUJtD WUDV OD
HQRUPHGHUURWDTXHVLJQLILFyHODSODVWDPLHQWR GHODV JUDQGHV

 *XHUUHUR$QGUpV+DFLHQGD&DSLWDO\OXFKDGHGD DQGLQD (O &RQHMR 4XLWR

 &KLULERJD0DQXHO(FRQRPtDV &DPSHVLQDVVHFWRUDJUFSHFFDUtR\ FULVLV DOWHUQDWLYDV
GHVGHORVPRYLPLHQWRVVRFLDOHV0LPFR&$$3
 6iQFKH] 3DUJD(WQLDHVWDGR\ OD IRUPDFODVH'HEDWH 


 
HQEV ,,2- VP\HVRUHLSRXQQ 6O`:VQVÈ SQUQXURRDXDXQV
VH
D-"GVQV
HVHQVDDDSH-S6
:2SSHSQPDXQRQEOXRW"-8:
XID
 HU RSRSD8 UH VX RUQPXRF RSHGVRXQVR
RURP
XGVTHXD VXDZDDVDQHXFQXRR DQEDXDD-D`- āVR38
VR£RS2$IWQOOH
DORDRDDS DXDRSQUDHXRFHTVRXUVUXHxUR
D£VDRQEDQVRQXU URSH]WMHXQXURRRVHRRUGR$SP 呸QV
]PT
PXRR  XDRSH]ULHDRVXHRXQ
W呸 DXDZ£HS£-RXRW"VD
DV W DUDG
V呸XTQ VHXQXURR DHDQX XDQVU[H
26
 
āRS
VRUDXU\HHVRIHW8"$ XRSHURGURRPRS6%$SHPDUH 6W"8--2-HD
262-OO D 623ž 62I DSRSPVUVRV XD,'!D! O
XS%=II82:
R HSRVHRRUGRWMGXUHXQ-",2--HVDSPTVRGVD
VDUHPQR
OVHRQMMRG
VH:482!D VHXRSLSXRRVH DVHXH$DIXHSRQGRQE
SDUTRVRLXHXUHSXUTRXURR
RXRQQHL-SXS%--GURD-"-
āVHRTR£
VVVDUGXUD6%URGXQHRS%I2-O82! DXH$O3VRXVTUQVRQXRR VR£
S$OITRW"-8:S2-238?"OG6
-IOO-8 RQXQXRR 2-2O
—-DOXQUHDLR S—XDGVD
VRXDGRSHGQRR DXDZH!—O6
2-2O--2O XQXR %--2OH£ FS SHSDUGRUGH£ H RVHRRH £RS UDVDG
VRMSXW VR£ H S—X-DG"-%-L\HZPS0 HO
DXDZ%$S!D-D DQE
DQVDQXU
āR1HGHZ-2?VHGHZVR£HSXSLVRGLRGQVH£

623ž VR£DSURSRGXDXSUVD
O8:-"IOO-% RQE 6"OOO VH£ O"-"-6 HRVQT
/ XR ž3QOO682-

HGVXURSXQxDVāVR£SDS HDRXDXDZH!S-PI%--OH£ RQE

HSUDVDGW" 8
O"-$$ DSXFSVRQWVV HSDDSRSXVRVQT
VR]QVHXU
RRXHMT VR£ H XSHD XRR RUXDSURG26
 SS V\Z 8W"-D 623ž
62-RQEXDVHPERDUHG6W"-VRZD!DTHVDRQEIXD HSW"GW":
XQ
RUHXUXG £D VHGHXU VRS VRXUHxXRGDUTRV
 XD RVDRRH
OUQ-8O RQE VR@ H VR!-O" V——D£ VR£ UHTGXUH  UHSTRVXRF
DTZW"KW"-HS623žVHXRURQQQUFG
SH]8DSDZW"-IH-呸9
W":-2-`RSVRVRRRUGVRM RQEDS
V6
-ODQVFQXUHTRUGW"-"G
āJ$OW"-8W"I RSQQQVD HTHTRQERQR—! HXRSW"1
RSHVXQRSXSQLVXRH£ È
[,;È,,/?;L£RSVH££R7,$2-
 ,1P26 7,(55$< 02'(51,=$&,21


UWUFV
 
?ā
呸呸
! B

 
!B ā 呸

俵








  ā

ā 
B呸呸‡
 " ‡

F呸UWIā £
S?LW呸

: ā ā
呸ID呸
L‡


呸L0?] ^ ?O L^I#WW

呸呸
-L‡‡‡呸  £U呸
呸呸LB

Iā 呸 
 


M

!呸 ?ā



   BB 


ā
?


 /
 


‡
‡




 RR]

2O5'
W
G99`
HXUSXH -:3OOQ8,2O OIX -呸O:(,, ,U
VRU
G-OG ]呸X£LV OWO
DXVTUQÈ £H-UXDDXRH£TRG%- H
XDS呸3
O"-)8: XSHQJ QHQ-SD$HRXRQEXQDRQE
VDUHXRSHX
VRVXFR VR£ XR XSH£TRG‡, HS XSQ£$R H£ £呸RV RZ£S<-B
O
:-DG VRX HQE XRQVRQR
VR]QVHXURRXHMT V XRR VXDTUQ
%,È 623žVXRRH!<Ož3DV\HUXHXR]H
-!DSDUH$
VRLSXW
VR£HSRLXHWRURGV‡X‡-362-HQE‡,XH
£H-UXVXR]‡,XRQTDQ
XRRXVRVVRXH£THTHQTQEVR£‡3RVSQX£VR]XVVXURRXHMT
RLXDSG
WIUDÈ623XH-OVRQDDSRLXDSG
呸D
VVXRV
-2GWW]ā]@-T8
2T3 VRZRT 2:2
2V ‡3 2682 ž

āSH]UDH3žVDSHSVRVRRRUGVXD7O`DSÈ 6'3žV DS'$O
DUHGXURR XD—XSDURXFXUDSHSXDSRD P~-SXHDXQRSXHQ
—D
VH]SVDZRXHLTXDZSDRSVHVH6%- UHURGQVH£VHTÈ
P£H呸7,162GVR£X呸LTZH£——£RSDLVPEXRRDU
O
āSHSSP`S- FSÈ VDUHDQZR! VR]H£ VRU HS
%SXD呸9L DSH[RXHU
DUP % UDLQ£ RSXDS 3$3 DVPQZRR H£
VD£T-VRG XRV RXVRUUD
RSXHUUMāVD-VDUHRQZRRVRVXRVXRRVR£ UHVRUG[DDUDGVRQX
XXRRVR£XDUPPRSRHTD-IIO3%RQE
+33ÈQZRXUVUXDx]RXQ
VD
RUVRUHL  RSPVJ-"RXUHPUQVHP呸DXRSH
DUQG]DT!呸6
?
O"--I3 RXURR
£%!ISO"OHP-2-HXQVR SHSFSRVH£HRXUFL[FURSRG
RSRUHRXUDQQQVHRSRW"呸IDX
VDXD—\SVQV""-24QR!HUDXQXURF
SDSDSRVHU RQE£DXD
OU!S-LRG84VD-G[DQVDSRWQVQUHxUROVD

RSXQxRV呸6%LUQ3O22 ÈVHVQDLPQRVVDXPPPQRR VDXRS%-D-VH

2OO呸O7>%£?OO:呸2-%'
 ,1',26 7,(55$< 0'(51,=$21

&XDGUR1R
(YROXFLyQGHOD 3REODFLyQHQ ORD&HQVRV1DFLRQDOHV 5XUDO\
8UEDQD \

$IO2 85%$1$ 7$6$ 585$/ 7$6$

  

    

    

)8(17(6 &HQVRVGH   \  ,1(&

/RV GDWRV VRQ PX\VRVWHQLGRV OD]RQDUXUDO FUHFH DXQD

WDVD PD\RUTXH OD WDVDXUEDQD OR TXH SUXHED TXH HO Q~FOHR
LQGLRFUHFHDPD\RUWDVDTXHHOEODQFRPHVWL]R FXHVWLyQFDVL
LQVyOLWD VL FRQVLGHUDPRV TXH HQWUH  \  ORV LQGLRV
FUHFLHURQD XQDWDVDGH SRUFLHQWR HQ WDQWR ORVEODQFR
PHVWL]RVORKLFLHURQDXQULWPRFXDWUR\PHGLRYHFHV PD\RU HV
GHFLUDSRUFLHQWRDQXDO*.QDSS (Q&D\DP
EHHOSURFHVRGHGHVEDODQFHFUHFLHQWHHQWUHSREODFLyQLQGLD\
PHVWL]DVHGHWXYRHQLQLFLiQGRVHXQDUHYLWDOL]DFLyQLQGLD
PX\ILUPH HQPHGLRGHODFRQVROLGDFLyQGHVXSUR\HFWR
(VDUHYLWDOL]DFLyQGHODHWQLD GHODYROXQWDGVXEMHWLYDGH
VHJXLUVLHQGRLQGLRVIXHSRVLEOHWDPELpQSRUODFRQVROLGDFLyQ
GHHMHPSORVGHPRGHUQL]DFLyQDOWHUQDWLYDYDOHGHFLU GHSUR
FHVRV GH PHMRUDPLHQWR VRVWHQLGR GH OD SURGXFFLyQ TXH OHV
SHUPLWH XQDYLQFXODFLyQYHQWDMRVDDO PHUFDGR FDSWDQGR LP
SRUWDQWHV H[FHGHQWHV TXH PHMRUDQ ODVFRQGLFLRQHV GH UHSUR
GXFFLyQ VRFLDO \ KDVWD JHQHUDQ QLYHOHV GH DFXPXODFLyQ TXH
SXHGHQUHYHUWLUVHHQODDGTXLVLFLyQGHWLHUUD
(Q&D\DUQEHGRVHVWUDWHJLDVSURGXFWLYDVVHKDQPRVWUDGR
SDUWLFXODUPHQWH H[LWRVDV OD SURGXFFLyQ GH OHFKH SDUD OD


 £4£
XSS"O "
DVH RS 353O3 VSRSHGVDXQVD T
DVHDGPD
GVR]XVRXURRXHMT62-RSD VRSHUFSUVXRR -
6 XRSRQGRQE

VRSHMTRGVRQXDR VR£ È MHXHVDUGFUDDQH$ UDS VH£RSX\SXDDZ

āUUXāVāZ 222
WÈ II VR£ DQXR VHSHUPV VHUUDX RS RVRQUi
S RSHLGHF (T DQE RQXXXRR 2!I-`-
RD
 RSDGVH XR X
WRPRR DSHDXDURDUHR UFVFSDQGDQE
(!8O XOID H呸SX(
HXQ HD!D RSHLWSTUVRGHT HUXWD H£ FS 2$6--8 D DZRUDG

RDX呸-DTQV !ÈRG RXURR

XHSD]QXRSRXU DS RVRRRUG £DS
23,OOXHS"呸RXRUXUFLSSDSUXVXR!呸+O"-
VDQG-69
ā£HULRRRRDX  >HUXRMRFXRSHXQXRSHSVFVRRRUG
VR£ DS VHMGRUG VDSDSD#£TZ‡ È 6(-,%:28% VD£ XDURGQV DQE
V£VDX呸呸IRXD DS VRVDRRUG VVLXHXHXQVG RSXDQQTUVRG
D]QVRP
RRXHMT IO"82!WP SHSDSRV H HXRGXQ DQE VHURSH]QUHWSXUVVS
VH£PDSXD VHU HVVGDQXRR RQE
62-38 DS VD- UD HUDG VRUHUR
XRRVRUDSVDLXDUVMDUXRV
H$SHX-DWUHXSH]£X-DSRZHSVRMG
XUDODXRV
RSRL82āQXJR£RSQGVHXDJ-38 DSRSVXQGXQ£V
RQE
RRX呸-RRXRTHRSVVSDSQXHRVDSXH呸O RDS
DXD£SXDG
‡I‡T DS VRXDUUDL DD£QED X呸£TZ‡ ‡QRTD ‡,
RDGZ
VR]QVHXUVRU RSRSRDX £DRRRG( RRRG
UPHTDQH È UXRGXURRRS%-OLR£ XFTVH£SX£ VDSDRSV$%-O‡DQE
VR\DUHL?HVR£ HSHVRQH$DXDZHXRSGD[D HSQÈ( HU XRR VR\
DTZHW?HRVR£RSXPXRR
VRSDUGVQVXDRSHLQXUXVD4IO` XLTZH£

RVHRRULR£D
HQRTDRHLā£W"SRVHSXD-669H£HSVH--DSVHU RSHU
DGQRDUUDTHT-2GXRUHUVR£RSDXTUMDSVR£SX£VR£ -6DQE
VR£
HPVHGVR£ HUHGVDQDQVHXFQTD-D£QED
`- VRXHVDUGXUDVDSWUH-呸
URGDSW"GUR[DPQVXDRSPGVR $£W!DDV RLRQSRUGXQURV-2G
VRSDUGVRUXRVRUQXUQVDVDSPXRS£TSD- HT
RVHRUDXPGDXR

DTDUO"
OāVR£SQS-GHUHGVRXHVRRRXRDSRSOL VHDSRSRGQ
S-2GRXURR
XHLGHR RQERSDRURXU £D-2GRQUHL
VDSPRSGD[D
RJUHXDLMQVRUVRLRQSRUGVRSVRUVD
RIHTZD6 ā£H£GH- -G XRR
VRURRVFXVRXDQTDHTXRSRQG623ž62-RQERSDQVRXUFSXHT
VDSHSSQRH VRS VH āHQTHJDH-XD RXHTUQ RSHRURXU DDUDG
HQRTD-RS XRSRQSRUGH ÈRSDZDSHXR]HXRHXLVQSXURUiD
 ,1',267,(55$<02'(51,=$&,21

KLVWyULFDFUX]DGR SRUVtPERORV FHUURV\ UtRV UHPDUFDGR SRU

VLVWHPDV DJUtFRODV GH SROLFXOWLYRV DQGLQRV \ KDVWD GH HVWLORV
DUTXLWHFWyQLFRVVLPLODUHVHHVXQWHUULWRULRFUX]DGRSRUUHGHV
GH SDUHQWHVFR DILQLGDG \ DOLDQ]D FRQ XQ VLVWHPD GH SRGHU
LQWHUQRFRPXQDOL]DGRTXHQLHJDDVXLQWHULRUDO(VWDGRDFHQ
WXDQGRVXDXWRQRQ~DFRPRHWQLDUHVSHFWRDODVRFLHGDGQDFLR
QDO \ HO (VWDGR G HV XQ HVSDFLR TXH SHUPLWH VRVWHQHU
HVWUDWHJLDV GHUHSURGXFFLyQDOJXQDVYHQWDMRVDV UHSURGXFLUOD
GHQVLGDGGHPRJUiILFDGHOQ~FOHR\HHVXQWHUULWRULRGLQiPL
FRPHPEUDQRVRSRURVRDGPLWHSURORQJDFLRQHVLVODVDGLVWDQ
FLD\HVWUDWHJLDVGLYHUVDVKDFLDDIXHUD

6LQHPEDUJRHVWDPELpQXQWHUULWRULRTXHORUHFXSHUDURQ
HQXQDVLWXDFLyQGHIXHUWHGHJUDGDFLyQHFROyJLFD FDUHQWH GH
LQIUDHVWUXFWXUD\VHUYLFLRVSDUDXQDYLGDGLJQD DWUDYHVDGRSRU
SRGHUHV ORFDOHV EODQFRPHVWL]RV PHWLGRV FRPR FXxD HQ ODV
]RQDV XUEDQDV \ HQ ODV SURSLDV ]RQDV UXUDOHV GHVDIIRV WRGRV
HOORVSDUDHOSUR\HFWRGHDXWRQRPtDLQGLD

),1$/ (/(678',2'(&$62</$ ',6&86,21

$*5$5,$

3DUWDPRVGHODFRQVWDWDFLyQTXHODFR\XQWXUDGH5HIRUPD
$JUDULDFXOPLQyHQ \TXHKR\YLYLPRVXQD HWDSDVLJQDGD
SRU OD FULVLV TXH KD DEDQGRQDGR ODV UHIRUPDV HVWUXFWXUDOHV
SULYLOHJLDQGR SROtWLFDV GH DMXVWH HPHUJHQWHV (Q HVWD QXHYD
FR\XQWXUD HOSUREOHPDGH ODHVWUXFWXUDDJUDULDKD GHMDGR GH
VHUXQSUREOHPD HVWDWDO SDUD TXHGDU OLEUDGR DO PHUFDGR GH
WLHUUDVHQHOTXHORVFDPSHVLQRVWHQGUiQPX\HVFDVDVRSRUWX
QLGDGHVGHDFFHVR

(VWDFR\XQWXUDGH5HIRUPD$JUDULDSURGXMRDOJXQRVFDP
ELRV GH GHVFRQFHQWUDFLyQ GH OD WLHUUD SHUR QR UHVROYLy ORV
SULQFLSDOHV SUREOHPDV FDPSHVLQRV QL HO DEDVWHFLPLHQWR GH
SURGXFWRV D OD FLXGDG FUHDQGR SRUHO FRQWUDULRRWUR WLSR GH


VRUZD 62
- FWTXUHR SDUHG VDXRURWSUURR VHDDQX UHDUR G
RLXRLXU RSD£ UHXRSXRR DUHGRXUVXHURTTRVX \D È VRXDVDUGXUR
VDQUDUXDQXUDUVRMLRGRSHTRR[RUGH1RWXW"PDVDDāVDVHVDS
VD-W"O DS DTW"VXRGVD RWDRR HSHVQRH
W"—H-\W":O'-D
`O W"$DQX
HXQ G RSRUXU È H-WHGWXW"
RQUHRXRVVS XQ RSXRSQSRUG
VR£
VHMRXRXURR DXD—SH!S-ORG RVHSH G VRSHVRRRUG XRD-

(SH\HZ-D
`O H HSVRXRLRUSDQXRR VRSPMQVDU 62O6+
āH]DTRGW":-8- XDDD$$ DQE
VD£XW"-呸I:
SHSQH-HHZQXDSD-DSHDSH DSVHWp-HGXDXDQ
RQE
SHSPTH$ DVRSQS HS VRPVHGPHF RS URMHDV S '-TPDW
SD RUDGXUD
353OO3 HXHMSHXU FS VDQDQ 5 ž33D-!H UHTDT
G
RSHRUHXU £DS HSXHXUDS H H DVPQ-8O" XXUDUSQG RQE VT
W"$ VDLRLRRV XRSW"G RSHXUVDGXUHR ,3 Z—DWX £ -
L?"XR]H£ HS6$6DVRVHRRUGVR£ RSXD£DH VRMDQV
VR£ RS UHXRSH R呸DRIDXZ 8"TZHW HSHXR VD !
RQSRUG‡ ‡3 Q—‡GR[HQX R£V££ ā‡SVQSXRIIL‡‡, ‡3 XDUT 呸Z
XDDVHTHHVVMSXHÈ2OI HQEVDW"£QGRGVDURLRVVVR£ DSXRSRQS
GD H RDGZD RURG
SHSQSH RSVDXD$\RV VDURLRDVVR£ 
3
XRSRQSRUGDUVSVDXRSWSXRR
%-$DDHSQS86HQE
XRSRQSRUG
H HS O-ODG RHDQX DXRUHUVQGXT SHSPTHXD W"È RSHRUHXU

RXHTUQRSHRUHXU O
% 8W"-RDVHTH RQEVHTHT ‡RJS£
O"S5TD-
5GW"G
‡ RXURR VR£XRS3
O VR£QR££-% ‡3 XRSRQSRUG ( QX:63
RUDG
VD£5SRV呸XRVD$8 VH I 6D-O"HVD6O3O-£2GVH
VRSFUG
VR£ -2G VRSW"$SXDRX L?QZ VRLRQSRUG‡V呸XRJ
HQRTD "D-D$D-
HSHTRR
DT!D- HS XRSRQSRUG 5I SD- āRSDGVD I
% XSHQ£
H$D HXQDLV[D RX RQEXQH
62$6DD RVQSXU
VRLVVSRXU V\Z
žpOXRV3‡3$OPSR-GH£XRURRQSRUGH£XDVRSDSVR£ T

DVRSXHSQXQRDD呸VRQEHXUVRGXUHRDSXHXUFS5ID$£RVD
£ RX
RxUDTXUD '6 DQE
RVRRRUG
6-69T VHVVHS-OOO"
VRLDQVFVDQD! DQE5QDSH£ HSFFSHQXFFFRFVFSHXQH
DTPHL?H-XD6O335-O8! VRSHLPVRUVDQVRXDXUG
HMUPRXD H—H-I\%88-p
+ H£ S XSHQ-O"$D HXQāV%ZD£TR-G
2=OOOO
OO£?OO:I2>OO'
 ,1',26 7,(55$<022(51,=$&,21

FDPSHVLQRV QL VXVSDUWLGRV DOLDGRVSRFRKDQKHFKRSDUDSUR

GXFLUXQDH[SOLFDFLyQDOWHUQDWLYDDODVLGHDVGRPLQDQWHV

(PSHURDOODGRGHHVWRVUHVXOWDGRVSRFRKDODJHxRVPiV
ELHQ FRQWUDSURGXFHQWHV VXUJLy DOJR QXHYR \ FRKHUHQWH OD
UHYLWDOL]DFLyQLQGLD $O FRPLHQ]RGHODOXFKD HQODGpFDGDGH
ORV DxRV  KDVWD ELHQ HQWUDGD OD GHO  SDUHFHUtD TXH HO
FRPSRUWDPLHQWR LQGLR HUD EiVLFDPHQWH FODVLVWD \ TXH HQ HO
PHMRU GH ORV FDVRV VH MXJDEDQ XQ SUR\HFWR FDPSHVLQR GH
SURGXFFLyQSDUFHODULDSDUDLQJUHVDUFRQ DOJXQDYHQWDMD HQHO
PHUFDGR /D GHVHVSHUDFLyQ GH ORVDQDOLVWDV GHHQWRQFHV HUD
TXHQLVLTXLHUDXQSUR\HFWRGHHVWDQDWXUDOH]DHUDYLDEOHHQOD
FRUUHODFLyQGHIXHU]DV\SDUDFROPRGHPDOHV WDPSRFRKDEtD
HQWUH HO FDPSHVLQR XQD FODUD FRQFLHQFLD GH TXH HVH HUD VX
SUR\HFWR (O SURFHVRQRVGHPRVWUyTXHPiVTXHXQDDXVHQFLD
GHSUR\HFWR KDEtDXQDFODUDLQFRPXQLFDFLyQHQWUHORVDFWRUHV
HO GLVFXUVR LGHROyJLFRFODVLVWDQXEOyWDQWR DO GLVFXUVR pWQLFR
TXHXQRQL RWURIXHURQLQWHOLJLEOHVHQODFR\XQWXUD

6LQHPEDUJR DXQTXHHOSUR\HFWRpWQLFRQRIXHYHUEDOL]D
GR QL HVFULWR FRPR SURJUDPD KDEtDQ FODURV VLJQRV GH XQ
UHVXUJLPLHQWR LQGLR HO FUHFLPLHQWR GH FRPXQDV OD SHUVLV
WHQFLD GH VtPERORV FRPR HO TXLFKXD HO YHVWLGR IRUPDV GH
FRPSRUWDPLHQWRDQGLQDV UHWRVFODURVD ODPRGHUQLGDG KDVWD
ODHPHUJHQFLDGHXQGLVFXUVRpWQLFRPiVGLUHFWRHQWUHODLQWH
OHFWXDOLGDGLQGLD7DOHVVLJQRVQRVDGYLUWLHURQGHODH[LVWHQFLD
GHXQSUR\HFWRpWQLFRFDWHJRUtDXVDGDSRUQRVRWURVSDUDVHxD
ODU TXH DXQTXH QRKDEtD XQ SURJUDPDHVFULWR VLVWHPDWL]DGR
KDEtD XQDYROXQWDG VXEMHWLYDTXHSRFRDSRFR PDGXUDEDHQ
FRQFLHQFLDSDUDGHVDUUROODUDWULEXWRVGHXQUHDOSUR\HFWRpWQL
FR ODFRQVWUXFFLyQGHXQWHUULWRULRFRQWLQXRFRPREDVHGHOD
UHSURGXFFLyQODVREHUDQtD\ODLGHQWLGDGODUHIXQFLRQDOL]DFLyQ
GHIRUPDVFRPXQLWDULDVGHWUDEDMR JHVWLyQGHUHFXUVRVLQWHU
FDPELRGHFRQRFLPLHQWRV\VHUYLFLRV TXHHQEXHQDPHGLGDKDQ
DPLQRUDGRHOLPSDFWRGLIHUHQFLDGRUHQWUHFDPSHVLQRVYLDEOHV


 =

= RSVRSHXRWRXQMRQE VDQRXRS
RXRUTH RSHRUVXU WD RS%-O6: DT  VRX 8,-
VDSDSQUPURGR
XHUSXVLRX
VRSH]XDGQHGVHXUV RSD£ RUTRV
VRXUVFGXUHF VRU
H]DSXQ£WUQPVRDSFSHDUDXU XQXVDQRXRSRXRMTHRSDRURXL
XQ RS ^%-G4I2G8 HRXMMRGHXQH HSHTQ 呸-(IDS DV H--DS %- RS
"SXXD H£ RQE XDQVDQP VFSDUQRH VHURXHSXDU VH£
VUHSRVVDX
RSH£DVH£RSXSH]XDSRZH RSÈH--DS(IDSXRSQTXUVUSDU
H£ RSHDS呸 H£ XDDTS!VX DVRX
V-HGDXR HSHJJ HUPRQQVD8I
FSRLDTRS £R
È2+ā\RGRRVR£XRZ£S-OSDPQPRR HV

6G-238
VR£ RS VDSHSPTHT6%$OO"3IO 6O", DS È VRXDUDWGRLG RS RGX
DS
VD£HRR£ ÈQZH]LDU\ RSVDDRSHD RS XRUDUSXDGHS VHS
PTXLVUSDU6%--,` DSSDSQXHR È RGQāVHX-GO8 6(-GO82-MVQV
UWSXHG[D62=-O6G:È VHX-SH82-GO:-GGRQE6%--GO RS2$O
RHRR RSHRUDXUXQDSXD£ZSD-HGHD £HHVDXSXDW?-GOOO
H£ DUDG VDXRSUSXRR VH XRUHDLR RQE
VRSDSXDUHMUS VDVD-DX£
82 6
!O-,2G 6GIW"-26 6G-23W" 626-GO?-3 DS W"S=%-G8D呸 XS
H]£Q$2: DSHUUXXQVRRDXQRXLRRHSLSXDLXD
XSH]£X-DSRZ
HXHLYHZRS呸FSRVHRRUGXQRXHVDRRXRQ āSHSRG2-GH£RS
XRSDXXDRXRRVHS HSRXUVQUHRRXU XQQPVXRL RX
VH--DS HS
-D£THRSDRUDXL£DHQERSHUHLVXRRVRXUDTRIHTH-WDVDHSVHDS-
VHXQ呸IW" XDIDZD
VH—H-呸W" VH!S--2GVH DS HZD£TR-GDXRQERL
RQE
H£\Z呸H-G VHXU VDXRLVQSXRR VHXQH XD RSXHVXDG

62--233(-O82-
 6GO8G-GW£2-8
VDSDPXPURF VRXRR 628-:-呸O 8G DTHVXDG £HX
RLRDX SHSRSRVH VDXXDWXU
]HJD I HVRSXDV
XSHPSHIH£
DS HID£H-O6G HXQ XDUHVXFGRS]HGHR VD RQE
?3% SDSDSRV
HXQH%-O6GQ:VRX
2-8O呸 RXRLXUDLXQ-%G-DUDGSHSQPQRGF
DXQXDVRSHSFFRHTVR£XRRRSHZPLDVDSRLRDGXQH-£X$XR
DUHG
XSH]XSRZ H—HL\HZS
0 H£ RXLRR HUPXQ[RR
DXQSDVUHUGRUGHHUDG
%3OOHSXVGDSHTRFGVRVXWHV

VRUSXWVRXUVRGXUHRRSVRGQVVL
XDUDMWSHXL?QSX DQEVDSDUXDTV\ZDVRSX\DXāVDWTH$RX
2=D-,,,&? 82:&, RUHOO
 -18-8呸 - -O..$ O
 088O.1-/$881

0iV D~Q 8QDLQYHVWLJDFLyQGHO /DQG7HUQXUH &HQWHU

VREUH HOIXQFLRQDPLHQWRGHOPHUFDGRGHWLHUUDV HQ(FXDGRU
PRVWUy ODH[LVWHQFLD GHXQ PHUFDGRLPSHUIHFWR FUX]DGRSRU
GHWHUPLQDFLRQHVpWQLFDVSDUHQWDOHV\FODVLVWDVORVKDFHQGDGRV
SUHILHUHQYHQGHUVXV WLHUUDVDIDPLOLDUHV DPLJRV \ DILQHV
(OOR SODQWHD EXVFDU DOWHUQDWLYDV UHDOLVWDV HQ PHGLR GH HVWD
FR\XQWXUD
/DPiVREYLDVHUtDPHMRUDUODFDOLGDGGHORVVXHORVFRQVH
JXLGRVGHWHQHUODHURVLyQPHMRUDUVXIHUWLOLGDGIRUHVWDUUHD
OL]DU REUDV GH ULHJR \ FRQVWUXLU LQIUDHVWUXFWXUD VRFLDO
HVSHFLDOPHQWHYtDVTXHSHUPLWDQUHYDORUL]DUHVDVWLHUUDV
$GLFLRQDOPHQWH VH KDFH QHFHVDULR HQFRQWUDU SURGXFWRV
GHPD\RUUHQWDELOLGDGTXHDSURYHFKHQPHMRUHOPHUFDGRFLWD
GLQR H LQFOXVR HO PHUFDGR GH DJURH[SRUWDFLyQ O(V SRVLEOH
SURGXFLU IORUHV TXLQXD HVSiUUDJRV WRPDWHV GH iUERO DUYHMD
FKLQD SURGXFWRVTXHORVHPSUHVDULRVSODQWHDQWHQHUYHQWDMDV
FRPSDUDWLYDV HQOD]RQD"0XFKRV FDPSHVLQRV VRQGXHxRV GH
WLHUUDVHQHO SDUDOHOR2ž\HVWiQEDMRODFRWDGHODDFHTXLD O(V
SRVLEOHDSURYHFKDUHVWDYHQWDMDFRPSDUDWLYD\ QRVXFXPELUD
ORVDFHFKRVGHO GLQHURGHORVHPSUHVDULRVDJUtFRODV"

'HRWUDSDUWHVHUtDDEVROXWDPHQWHQHFHVDULRGDUOHDOJXQD
IRUPDGHPHUFDGRFRDFWLYR DO DFWXDOPHUFDGRDELHUWRGHWLH
UUDV7iFWLFDVSUREDGDVFRPRHO DFHFKRODSRVHVLyQPDWHULDO
DXQTXHIXHVHIXJD]ODV GHPDQGDV GHFRPSUD\ H[SURSLDFLyQ
DXQTXHVHODVSLHUGDOHJDOPHQWH FUHDUtDQXQDPELHQWH SDUD
XQD QHJRFLDFLyQ SRVLEOH (PSHUR WDOHV DFHFKRV QR GHEHQ
KDFHUVHGHPDQHUDLQGLVFULPLQDGDODVWLHUUDVSRVLEOHV VLJXHQ
VLHQGR ODV GH DOWXUD \ ODV SHULIpULFDV GHO YDOOH YDOH GHFLU ODV
IURQWHUDVGHORVWHUULWRULRV3DUHFHQHFHVDULRSUHVHQWDUVHFRPR

 6WDQILFOG'D9LG6tQWHVLVGH ODV LQYHVLJDFLRWFVVRRUHHO PFUHDGRGHWLHUUDV UHDOL]DGDV

HQ HO (FXDGRU  /PG7HPXQ&HQWHU 8QLYFQGDGGH:LVRRQVLQ0LPHR


 =
āH--OHU H26`-H I` DUDG%RSU呸W
XDDQXHXQHSQSWQV6`HXD-S-RLPHLVFSH--D—H£RS%SXDX£
%- HUTRV XVQ63H£
LM—DLM\HZ-2`O`,
 V RX DQE
RXUXUDR
GUXTDHSHQGUHUR
VOHSRSD VRXRRUHS-%-3ž$
!-
‡,*62GVR
£PRSHXSQ£GRSHVDXQRSXSH£V‡£ H$2QX DXQ
RSVRDāXSH]QH-RXRQVIVR£HRR£ VRSHSPTVRGVQVH£-H-RIRZ

DWXDVXRV\Z]D$HSVR2--O"TDSRSRZVS
DKRGDVDHS
84!HRTHDÈHZHXQāDVRSX\QRQHVDS ž3HTTXDZHDX
\--DWTQVHQERP£RG !DÈG D-"!XDRG È O"-I8O呸 XRUVXVXU
3 H£ ‡3 UQUHGHTHS ‡L62G RSRIG RSRL
R£XRZ£HXG
āVRQEVRTVR£IVHQHVH£
VR£RQVVR£DS8ªO2-GIXSH-RGQRR-
H£ I6--2OUDUGXURR DUDGVHXHRHLRGUT6-OXHUHHSSHSPT££RH£
H
VHSLO3 6W"£XD$ È VDQDX RS VRRXHT DS XSHD O"I
HDS
H£ DS R£XR£ZHSXHX\ ‡ UH-R£ RS VRSHSTWTUVRG VH£ -7,263
D£XHVD-
OO8DMUHLWQVDU6'12VH È"呸H£
RS%W6SXR!
āHRR]PVRDUHG%£RSHDXUHUxRUGXQ
HS2--H6LS >
VDXRSWSXRR VRSVH XRRUQQIDS]DGDF2!iƒ-
RXRVLR?RGHXQHDLXHMGāRSQVDS RGQ DSHR HUHGVRSH]T
HSDGVDVHXUDLVUVL VRSHXDZDGZR-VHSHVHXUFLVWV
USDS
G
>W"$
XSW"=QHSDG6-H RPRR
SHSD—H£XDPDGPR-W"- RQUDLHI
RWUHXUFTRSRXPDUGRUGDSHR
XH-2-āXSQSRGW"- RSXS
WSWURRFUGHVDH RVUHGHRVDFSRQGDXDZSPS2--"OGGRGVSHR
RQERSRZRSVHXRRLQPVHSXH-63XRVRMHQVHSVRGX626-G$3
DXD DSW"IVD H\DTXPLH! "-呸IRRRDHVSSHSMUHMQRQUDGW"
-

W"=,GOO-XRRHTDVHFQEURSDSRxRXXQRXURR RGQUDQ
RPVOOL UH RUVG
HSRD$£RV HXQ£H XRF 6W"OOGO DS URSDUGXURR
 ,1',26 7,(55$<0'(51,=$21

$QH[R1R
5RWDFLRQHV$JUtFRODVHQ3HVLOOR 

'(3$57$0(172 &+$&5$ 527$&,21

/$ 0(5&('  8DQRGH$QJODFXQJD 0$7%D%D7

8DQRGH$QJODFXQJD %D%D%D77
8DQRGH$QJODFXQJD 37
 8DQRGH$QJODFXQJD %D7
V$WXJKXDVL 7%D%D
3RWUHUR&DUWDJHQD 0D'3
<DFRKXDOFR 377
 <DFRKXDOFR 077
&XDVSDVGH&XVIQ 7%i%D
=XOHWD /RPD&KDQJDOi 7%D%D
 9HQWDQDSDPED 7%D%D
6DQ-XVWR 0$Y)U%D
&DOOHMyQ3LQOOR 3%D
(O&KOOFR %D3
(O 3LQOOR$OWR 0DW'3
7UDVOD FDVD 30
/D 0HUFHG 7%D%D
/$ &+,0%$ 7XUXFXFKR 37
7XUXFXFER 2D*DOHUD '33
6DQ5DIDHO &7%D
 6DQ3HGUR 77%D
 6DQ6HUDSN %D33
7XUXFXFKR &F
3(6,//2 $EULJDGHUR4XHVHUD 333%D
 /D&XDGUD %D3
02<85&2 8DQRGH&RFKDORPD %D7
8DQRGH&RFKDORPD %D7
3RWUHULOOR 0DW'3
<DQDKXDtFR %D07
&RUUDO GHOD 4XHVHUD 37
 6DQWDQD%DMR 7%D%D
 6DQVLFXQJD %D7%D
 6DQWDQD$OWR 7%D%D
$]XDFLFDPD 7%D%D
3DFFKDFXQJD 37%D%D

"tO4
 2,=
HSHTD  - =-HUO Z
>2>呸-,  -- RIL  
2-6(G  - RTRHTUHJ  HD
HID$-H  $9 DXRZVDD  D
HGHG  G ,%--2O%:  HZ VHSHVQ VHVL
OG HVHRH, VH
HDG RRUHP2!H$
HVGāG SDXDZ H/
GāDHZ H]XQG
GāDHZ H]XQG6
HVGāG H]XQGY
GāRUH9
- O"=,2G&
HH 282W8?IXHV LJ
HDHD‡$9 HZRS-G2G L
HH‡$?I HZRSG
!G
GG H]QQ¢ 
‡V HRHZQ VV
HV HZRO`-HRQ¢ /6
RHV HTZHGQLXHQ呸 6
G‡ 2-82,89 XHVVJ
‡V HIWRTHHRHSH UV
‡V HIQRTHHR&6
HV HGPDQILXQESQLV
HDHD VH!RR 呸J
HVHV HZRGRGDSHZR£RXH126
HVHV HTZHGRLHHW 22+QWIG1WI6
HD VHTYVHU DSHZRW
OG ,%-G62+ /W
HD RSXHXDW XHV9
‡V VHGHRV DSHZR6W
LHD VH—DPVDSRXHQWW
‡V HVRJHZHVHW
HH¢ HYGVR £DS2OO--WGO9
HDHD HQHXHRHXQRH LW OIOOO£
-QG
GHDHD PSQHRP
GāG HTZHGVDXQGHR&
HDHD< HTZHGVDQQGHRVH
GGO HODS-D$ /&
GHVHV RRQUHXHJH
=--?8:OOI@
 ,1',26 7,(55$< 02'(51,=$&,21

$QH[R1R
(YROXFLyQGHOD7HQHQFLDGHOD7LHUUDHQ&D\DPEHHQ
HO8OWLPR6LJOR

  

(675$726
1‡  ; 1‡  ; 1‡  ;

0pV          
VXFUHV


(QWUHVHFR\        
 VXFUHV

(QWUD \   ‡       
VXFUHV

727$/35(&,2 
 
 

7,(55$

1呸  1~PHURGH 3URSLHWDULRV

  3RUFHQWDMHGHOSUHFLRWRWDOGHODWLHUUD
; ‡9DORUSURPHGLRGHSURSLHGDGHV
)XHQWHV $1+27LHUUDV &
$1+4(PSDVWDGRV 8ERV \ 
$3/4,QIRUPHGHO0LQLVWURGH+DFLHQGD 


 =O=
āV āR1HGHU VDQEVRT DUHR VRLGH

VRRHXRMVRUH ÈQZ
3%3SXtO-2-G HRRG H VDLSHMG È HH-% DS HSXDVHUR
XRR
62$OOtO V DUHG VDHX-HZ 6,'OO`:3 68
!SX- RtXHMR -G
/6VHXHUXVHLXHLSXHG
VHXHPVHMHSJUHGQV
VRSXUXFUGRRRGVR£DQVā

D£XDZ-H8-RZUX呸WDXDVRSHUXH
VHVHRHUHGVR£GH
HQHUR-RGRV£HO呸
£DSVHtXHMRFHG
-DG £D XDUHPSFD£3%3QXQXR-6-3
R-X'-H HLXR]XRTDS
DSXHVHUGXRRD£TH—H$HP£[D£DSVRSXQ-2.,RRRGHVRSXUXRUGVR£DQVā+
,%83,-9
HIHH£ XD I DTZHHRDSPVHVRSHQMV‡V-DDSRVHRRDGXD ‡Q—DG
£D XD UHLQL[D 3%3tO8@,82-63
2%824-H! DS 62-
!-: DS HRXHVDUG XRR

HVRMJRUDHVRXDUD HP£[D£DS
VRSXUXRLG RRRG H VRSXUXRDG VR£DQV ā
RZZ呸 £D XDVHSHQLLVR£XDS-2G R]HO呸 DS
VD£XD£SXDG XRR
V%$WVRDXHVHXRSQHRHFGXHSXHZDS
VDLSHMG È H$H-%
HSHPXHVHUGXRR
HV2OII2-%2,--%
HVRZQHQL[DHSVRSXUXRLGVRLHQV ā
HXSXYHIH
H XDD£XDZ£H-DXDVRSHQXV
:-!—HH H-HGVD£XH£-RGZVDXR>!HZX
XRR
XDS]RGR]£HJ DSVDXDSXDG
,-ODG£D XDUXQL[D SDSMQXXXRRVLS

RZ DS H£!XDVD-G XRR HVRP!H HVRXHFD HPSFD£ DS H!X\R£RU =8!
DSVRSH,-SVR!X\H
VRSXQJQG RRRG HVRSXQ-4-GDX VR£DQV ā
RZH-呸£D XDVRSHQ ‡ZQQ!SHH OHG6-D VDXRSHO:,,

X£!H]XHRHZO
!8-3DS
O8I! -RG26£H=O£DSVDXDSXDGXFF
HXKQZ
HXD-HHS HSXDVD-&, XFF HVRZX H-QL[D DS VRSFUXRLG -DX VR£DQV āD
£Q!—HH HGVH-DIL VDXRSH££ZQX££-£TZH XDXD È
DXHU XHX呸4:HWXHU-VDV
VDUTHD- ÈVD£TH]XHRDZXRVāXHSURGR]
H J £HSVHLXHMSFHG DXD āZDG £D XDHPSFH SHSMQXSXRFVWS È HX ÈQZ
HXHUH HS H£RXHVD-G XRF HVRZQ WQSFD DS VRSXUXRDG PxHX VR£DQV āR

-tOOOQ!—HH HUHG VHWD% VDXRLRPLZX XRF
HQH$ RXUVXX £D XD
VRRHRUTQ
VDTHHVH£TH]LXH!HZXDURG]呸 H
 £HSVHPHMSXHG XRR

HXXHXHUHHSHURXDVHUGXRRHVRZQUXQ£[DDSVRSXQMG-DXVR£DQVāV

HPSL--H HUHGVDXRSPLZX
VHLXHMSXHG
HD
XUV
DH$ £DS RSXRM £D XD VRSHQV 64H"8H!D: È VD£THI!D-
RDURTDU
I?"- DS HVRXDUDRXQU R HVRZ HP£[D£DS VRSXQR-G R-DX VRMHQV āY
O,912OOGXRHRVH!
XUDV
DTZH$H!XDVDQVV DSVHRV£LD£RHLH!
(
21 R[DX\
2QOOOO$
Z D2>,
 ,1',26 7,(55$<02'(51,=$&,21

$QH[R1R 
9DULDEOHV \3RQGHUDFLRQHV

3(1',(17( 352)81','$' '(/68(/2

 
‡
   DFP
   DFP


   DFP
    


 
 

7(;785$ 3('5(*26,'$'

  )UDQFROLPRVD 
 
 
 0RGHUDGDILQDD JXHWD  D SLHGUD HQHOSHUILO
 )LQDDJUXHVD  D SLHGUDHQHOSHUILO
 0X\JUXHVD    URFDVHQ VXSHUILFLH

',6&217,18,'$'(1(/ 5,(*2
3(5),/


 







‡
‡
DPHQRVGHFP
GHDFP
PiVGHFP



R
‡
UHJDEOH
ULHJRHVSRUiGLFR
SDUFLDOPHQWH HJDGD

0(5&$'2 (526,21

 

 PHWURVGHODYLD  VLQ
 6PHQHHGHODYOD  OLJHUD


‡

 PHWURVGHOD YID  HQSURFHVR
 0iVGH   HURVLRQDGD

3(1',(17( 352)81','$''(/68(/2


 W=
/=
36 
 LO
& 
‡
‡R]āF]

/
8 W
]ÂL F‡J]FāJ O9-2-
/
&

9 
=/= 
&// 
&
/
& ]āLURF W
/ +
HV]V ]
YY /
=/ 
F
VVRU V
RFL ā‡JJ 呸
 ‡ā‡F] 
/‡ 
]ā]]  /
96* D

 W 
I 6
L!*
= R

   
JFFā ,,/ 
 9
62,21, 62=,-6: 6-11-9OI-
VHV,VH,2,XVRGQ-
X呸%DV 
 HHX HVDXD,H$£QEVH--D,DSH,RXDXD
621 2;8
,
 
O67ÈOO2 9/8OOO呸&,2呸8呸
9OO298O67È,1129ÈOO2OOÈ
È7OOÈ9ÈOOÈO19OO-26 &21&O9726

,1752'8&&,21
+DVWDODUHLYLQGLFDFLyQpWQLFDQRKDEtDDSDUHFLGRHQ
HOGHEDWHSROtWLFRHFXDWRULDQR2FXOWDGDVLOHQFLDGDRDWUDSDGD
HQ RWURV FRQFHSWRV OD UHLYLQGLFDFLyQ KDEtD VLGR H[RUFL]DGD
FRQMXUDGDSDUDODWUDQTXLOLGDGGHORVSRGHUHVPHVWL]RV\EODQ
TXHDGRV
6LQHPEDUJR D SDUWLUGHHVD IHFKD ODV FRVDV VHSXVLHURQ
FDOLHQWHV XQDUHYLWDOL]DFLyQpWQLFDVLQ SUHFHGHQWHVURPSLy HO
VLOHQFLR &RPHQ]yD HQFRQWUDUODVFDWHJRUtDV DGHFXDGDVSDUD
H[SUHVDUVHFRQDXWRQRPtD&RQIXHU]D(PSHURHOSURFHVRIXH
WRUWXRVR(QWUH\ ODVFDWHJRUtDV\ORVSODQWHDPLHQWRV
PRVWUDEDQHQVXDPELJHGDGHOFRQIOLFWR(O(&8$581$5,
SRUHMHPSOR VHGHILQtDHQHVRV DxRVFRQR XQDRUJDQL]DFLyQ
LQGtJHQD FDPSHVLQD FODVLVWD \ SODQWHDEDFRPR RLSHWLYR ILQDO
ODOXFKDSRUODIRUPDFLyQGHXQ(VWDGRVRFLDOLVWD 

 5HJODPHQWR LQWHUQRGHO 0RYLPLHQWR 1DFLRQDO (FXDGRU 5XQDFXQDSDF 5LFFKDULPXL

DSUREDGRHQHO &RQJUHVRGHMXOLRGH\RRPJLGR\UDWLILFDGRHQHO6H[WR&RQJUHVR
 =
 7
FXRF
RSHQJS8!58£M-SX£ 8O呸5 OO /
21呸Q16!SOP

$ (IO
āZG9,
R呸::āHS
VRRXMMRGVDXD呸-3VR\
DSW"--O呸+(^ XDQQXRQEVHQDQEHHS
XRWRRX%呸O%$HXQVHFDGH

XUD
5=SVDZ-XH£TSDSTHXRWRHXH DSV HVRTRDUDSVDUH呸£
XRR 6"3OO VVSDSTHXFSHXHSHSXDW6;D%,RSRSXQMRUGRLXRUXU
SRXRRDUXQUX
VRXUHXHL È2TDQE-WPRSH1 RSHV RSRGQUH
%-3---HXQUX %-4%/, RX
DXDS6-G£DSXSHD-&ÒOOO O"OXRDQE

VRPI呸VVRXUHLVJāUPRSHXSQ-GVMHGXQ(-DRSHQ£! DQE
UH
呸PP RVUQRVUSQVXDHQTSHRPVHUGHDV
UDQTVXR O"O-!6
HSXDSLVDG HSXHT DXQ RSL\DR HMTHT DV = XD HQE RSVL
P+DS ^O"-OOVD >DQEHXRR HSXDWDGZR "PHT XH HIRJ
HLXHSUVHUGLD
GZIDRGāRSRZRV-$3ÈQZDS%SHDG-DX£
URV HMSRG HQE H]XVUHGVH HL%$ HXQ HTHIDX £V
RSHTVRH
I "SRRXMMRGRSDÈR-GXQW"-GWLPXR HQE HXVXR DXQHQE
V\Z ‡呸HTZ 6 āVHG VD HS VH!O6--DO!W"UH! 6W"- W" W"£SXRG
VHU RQEHXRSHXXQGRSH£VXQ-2--VXRDS3 H£ D£HTDS
R£VD RSRL DXHQS DVRSX\STH- RSWXR[ H£TH RQE HXLVXR
DXQ RXRR DV  XR ,912! H£ HS XSHDLR H£ XRR

XSHO8O-8! (- DSRSHGVDRWLDQX DRSUXJDDāDBQ呸XQS£QZÈ

-O"82S(8QG
HPP-Q-GVMHGXQHUDURSHQRT,RQEDSXS
RW[FRRW"- O8G6W"DV
VRSQXXGR638 VRMTRQGI VRSDSTDXRMRHX
DS HSXGO6;G " HS O"G3 W" O" RQP@
 È (O GOOO
UHPRDVSDSWVUDHUSQVVSHSSHSUXQDSRQUDXUDSVXQHTX
DR£ RX
DQE
8O"--G6O"8G呸-38RSXQZ S8GDXDZD£T(O8 È2>-8 ž
QPHSOO"G SHSQHQ3GIGO8 H DS RLUHGO"87, RS UHXRGVDS
S ;
HMXR]HXUD H DS D D£XDZUHSDGVD
HXD呸-3 O8G8-呸UQ
>DSHVDSSDQXF?OO"G--ÈQZRQXDQRXDRSO8G::XQ

DSQSXUV DQGāXVP63H RSHTDQXDHMTHT DV RQE SXD

5IOO
OG R D6O"S RS RSPXR SRSXQURGQV
VHXD呸-3ž, VRSDSTDX
 
RSH1 W"--2呸GO(-H QLDOO-XRF IQV (, I , DOX
2=
OOOO$ 8: 2>O-
 (67$'23/85,1$421$/ 81$ 35238(67$,1129$'25$

6LQ HPEDUJR D SDVRV DFHOHUDGRV ODFRQVLJQDGHO(VWDGR

SOXULQDFLRQDO KDLGR OOHQiQGRVHGHFRQWHQLGR DXQTXH HQOD
KLSyWHVLVTXHDTXtPDQHMDUHPRV WRGDYtDVHHQFXHQWUDDWUDSD
GD HQYLHMRV FRQFHSWRV TXHQR SHUPLWHQ PRVWUDUGH PDQHUD
WUDQVSDUHQWHVXIXHU]DLQQRYDGRUD
9DULRVDFRQWHFLPLHQWRVKDQFRQWULEXLGRDODPDGXUDFLyQ
GH HVWD SURSXHVWD (O  GH PD\R GH  D SURSyVLWR GHO
GHQRPLQDGR $FXHUGR GH 6DUD\DFX HQ HO TXH ORV LQGLRV
REOLJDURQDXQRVSHUSOHMRVIXQFLRQDULRVHVWDWDOHV DUHFRQRFHU
HO HVWDWXWRSOXULQDFLRQDO GHO (FXDGRU IXHFXDQGRVHDGYLUWLy
TXH DTXHOOR GH -R SOXULQDFLRQDO HUD XQ SUREOHPD FRPSOHMR
LQVXILFLHQWHPHQWHWUDWDGR QL HQWHQGLGRHQHO TXHVHH[SUHVD
EDQ GH PDQHUD FRQFHQWUDGD DxHMDV HVSHUDQ]DV GH WHUULWRULR
DXWRGHWHUPLQDFLyQ DXWRQRPtD SDUWLFLSDFLyQ HQ HO VLVWHPD
SROtWLFR FDPELRV HQHO WLSRGH (VWDGR\ HQODUHODFLyQFRQOD
VRFLHGDGEODQTXHDGD\PHVWL]D
8QDxRPiVWDUGHHQMXQLRGHHOOHYDQWDPLHQWRLQGLR
QDFLRQDOHQFDEH]DEDHOSURJUDPDGH  SXQWRV GHODUHYXHOWD
FRQ HO SODQWHDPLHQWR GH TXH VH GHFODUH DO (FXDGRU FRPR
(VWDGR SOXULQDFLRQDO $OPHVVLJXLHQWHHO GHMXOLRGH 
ODVQDFLRQDOLGDGHVLQGLDVGHO3DVWD]DSURSRQtDQODILUPDGHXQ
$FXHUGRVREUHHOGHUHFKRWHUULWRULDO GHORV SXHEORV4XLFKXD
6KLZLDU\ $FKXDUGHOD5URYLQFLDGHO 3DVWD]DDVXVFULELUVHFRQ
HO(VWDGRHFXDWRULDQR  )XHODJRWDTXH DODUPyDOYHFLQGD
ULR $SDUWLUGHHVDIHFKD HOGHEDWHVHDJXGL]y SHUROHMRV GH
DUURMDUOX]VHRVFXUHFLyQRWDEOHPHQWH
$SDUHFLHURQPX\GLYHUVDVUHDFFLRQHVWRGRWLSRGHLQWHU
SUHWDFLRQHV JUDQGHV SHUSOHMLGDGHV HVS FWDFXODUHV GHIRUPD

 $FXHUGRGH6DUD\DFXGH0D\RGH  0LPH- 3DVWD]D

 $FXHUGRVREUHHO GHUHFKROHPORULDOGH, SHHEWRV 4XLFKXD 6KLZLDU\ $FKXDUGH OD
SURYLQFLD GH3DVWD]D DVXVFULELUVHFRQ HO 呸ODGRHFXDWRULDQR &XUDUD\MXOLR GH
0LPHR S


 =

O/O‡RW呸OOO2O HI2
-
HSXHXPR
HTXLHTRI

2OO"T:O+
HXQ-H/
O-OHT£S62M82:H?OOSOGZ=62,8O:O8:SHG:
2
+19 WUO

(O
V呸QRSO6+ 2$O^89

=0OāIOO
>QEO"0QRRS,8
-GO, RSOOO:8222È呸--6+
-+"O3:
ÈW-2:O+ 69>
ā -3QI
21 āXQ2$
(-,6+
3
OO823O1 8-OOO2% āHXRURS,,63 SSO-6,^ H/-呸:!@ HW
-2O",3:
È£-2:O+ OO!O
-
2OQ4S62,82:,,82-SIIO: = 62,8OI::UXSOGZā4
+19 W!O
DUDG HRG呸 HU XD RSHVQ LQZ RLXDUXQFRXFF
6%-8$2-G G
I RR£X£呸 RGUXIP£OORVž-呸-LRZRSXRQT-O63H£ RSRLRMGXURR
ÈQ8, VXUDURXDGXQUDQRGXURRDSDQGDV
WO呸HZI (I2-
SXP
HQR
HTZHTRQ£
RUHTXUY‡HLXURH£
O
R£%$H2
HUQT£RS/O
RS£R I££££VHIHQRRS OORS£R
/0HRXRO?RSOO RS£R

URR‡3 /O£ DS68R‡RSPQXQUāQRDSXSQ\U‡‡,
H£ XD XDMXRGVUS DV DQE VRXDSRZ È VRLVMGXURR V呸Z VRVXVR
VR£ RSH£XH$R£ HLTHT £H£XR£RRSH6 £R ‡呸-O‡VRXH
RS R
DSQSHXQ£HHSTH 6-2G
VRSHVQEXHMTÈVR]XVDXUVRMHSUHVTHR
QGS 6W"- VQE
6238 VR£ HS2--9-呸RZDSRVDGRXXRXDDXH
VRXHXU
HXHSR£HQDSHSDSRVH DSSHS-6-G$3 H UX X(T(-28呸
RX
(OXR£HXRS‡1RSH6£RSVDLRLRQQVXRRVRMMRXR6&<-
I1I1 O$+G
26II+VWDO/+IGOO?O22 6I=O+
āX[D)X(£VD(HG
VPXQxDUG 6O"> VDH¢-HXRSHXSHSRSRVH XRRXDDHX(LLRS
DWUDSVRSHSTUTUVRGPE
¢H3žDLVRQGRUGHMURSXHLXDRZ-"
VHXHXRUHQRDVJSHSDSRVVH£ DSRQPWXRR SDLHG 286
VRXUVQX
-6 HUDG V RX RVRFTFXFT RLRR]RUG XQ DS VDUFSHXRG FXWV

VDLVQDUHGDV XDTDURSUVXRR DV RX RQURQXHDLXHMGQV -3 XRSVV

-D$I†D£ DXQHMTHT
VRUSXWVR£ HPGMHFRLRDXSHSQP(> RLLVDS
GO8D8—XX XD HMXRG RQE GOOOO"=QEHXH RSDG R[RQX URUQE
MHQR H DVVH XHTHRVQTFQE VDLVUXQXURR VRSHLRUUVS VRXQ G
RSHGQH
ž3HLVXHUHGRVD?GXQHD£HXRSHXSQ£G RQE
RSH]DXDHUHSHHMTHTVRXQV HUHGVHSDRXFURSSDPDXUDMT
SD£VFXRSDLHUGURQQVRSXRUHUXUVDVVRXUDQ[DV XāVDXRS
 (6I$'23/85,1$421$/81$35238(6U$,1129$'25$

FREUDU ORV WULEXWRV TXH JUDFLDV D OD DFXVLRVLGDG EXURFUiWLFD

KDEtD ORJUDGRWULSOLFDUORVLQJUHVRVHQWUH D 7\UHU
  /RV GDWRV PXHVWUDQ TXH GH XQ WRWDO GH 
SHUVRQDV HO SRUFLHQWR HUDQEODQFRV HO SRU FLHQWR
LQGLRV HO SRUFLHQWROLEUHVGHYDULRV FRORUHV\ HO SRU
FLHQWRHVFODYRV
6LORVFULROORVFRQRFtDQSHUIHFWDPHQWHODGLYHUVLGDGpWQLFD
\ HO SHVR GH ORV LQGLRV HO KHFKR GH KDEHU FUHDGRXQ(VWDGR
1DFLRQDOEDVDGRHQORVEODQFRVPRVWUDEDFODUDPHQWHTXHDORV
LQGLRV QHJURV\ PHVWL]RVQRVHOHVFRQFHGtDQLQJ~QSRWHQFLDO
SROtWLFR FRPR HQ \DORKDEtDVRVWHQLGRHO FULROORMHVXLWD
-XDQGH9HODVFRTXHODGLYHUVLGDGIXHHQWHQGLGDFRPRXQD
WUDEDSDUDHOSURJUHVR\TXHODFRQGLFLyQGHOGHVDUUROORGHHVWD
QDFLyQUDGLFDEDHQODXQLILFDFLyQGHODOHQJXD HOYHVWLGR\ HO
SHQVDPLHQWR SROtWLFR\ UHOLJLRVR SODQWHDPLHQWRV ILUPHPHQWH
VRVWHQLGRVSRU(XJHQLR(VSIMR FRQVLGHUDGRHOSUHFXUVRULQWH
OHFWXDOGHODLQGHSHQGHQFLD 
/D SURSXHVWD GH XQLILFDU D OD VRFLHGDG WUDV HO SUR\HFWR
FULROOR SURYHQtD GH OD LQWHOHFWXDOLGDG PiV DYDQ]DGD GH ORV
FULROORV SHURQRFRLQFLGtDQHFHVDULDPHQWHFRQODVSURSXHVWDV
\ FRQGXFWDV GHODVFODVHVGRPLQDQWHV FRPRODGHORV WHUUDWH
QLHQWHV SRUHMHPSOR $QWHV GHDQDOL]DUHVDV GLIHUHQFLDV H[D
PLQHPRVHOSUR\HFWRGHHVDLQWHOHFWXDOLGDG
/RV LQWHOHFWXDOHV FULROORV SURSXVLHURQ FLQFR HOHPHQWRV
FHQWUDOHVSDUDXQLILFDUDORVLQGLRV \ PHVWL]RV WUDVHOSUR\HFWR
GH FRQVWUXFFLyQ GHO (VWDGR1DFLRQDO OD FLXGDGDQL]DFLyQ OD
FULVWLDQL]DFLyQODHVFRODUL]DFLyQODHQVHxDQ]DGHOHVSDxRO\OD
XQLILFDFLyQGHOYHVWLGR

 YHUDVFFGH-XDQ+LVWRULDGHO5HLQRGH4XLWRHQOD$PpULFD0HULGLRQDO7,7RPR

O 4XLOR&&( P
 (VSHMR (XJHQLR 9RWRGHXQ0LQLVWUR7RJDGRHQ 3HQVDPLHQWR,OXVWUDGR%FXDWRUtD
QR  %&(\&(12XOWR


 R]]
āVDXH--呸8
D6 VDSXDUVQSVH RS XRRRQSRUGDUDSÈ SDSXWUDSU
DS RUXRXUDSRSRL XHSUDWG RQE DUDG RIDGV DS VHUTHMHG
?呸L
XR XVRSHO6QEXR RLXRXUHLQURVTH XDVDWO- DQE HUDG
-O87LO@77-
HSXDV6呸+ DS
%:-2- HSRL HSHX呸,! RSRL DUTRV RUDG
UHS
-D$XRWFHRQPXURR H HSHPSH- >RXDGVFO3PXH\DVXDHL
āVDW!R£ VRURSRG
VR£ H È !4-23 UHSRG H-!DSVR
VRG3ž: VRM H È "VDU
H£ H HSHIHXD 2- SPSHVD O"@ W"'2-%1 RSDLVJ £DS
XRSRUXLVXRRH XDDXDZH$3O" UHGRXUDGHPZDG VD£ RXHQE

]6OH!P£RGSDSXSDTXQHXQHD286 2O8G:3OOGO8G-8
RWRWQ@
DS
XR]DU DS SHSTSHTXQHDQHD RX 'SQI QV O" RQE 623
VR£DSSHSOS‡TZH£RSHXQDRXRSHMTDTRIDGVRQER£UDURGQV
DUDG
623OO V H DXDZH!RG UHUXRH È UVVXDG % H\DVXD
HTDQGVH
XRWRRQQVXL ž"TZH HSHZHX
XS"=--H£RVD 
-
āRSOQVJDDDSHRDXDURSRGVSPRQR QVO"-G$Q£XHZ 
VRWSXWVR£ RUTRVRR£L£RDSUFSRGQVDVHXDVXH£VD£L£H£ RQEDS
21:W"-H
VRUSHQRVQVDSXDZHIHDXDZ HRSH]QDJXH$D
SHS$S!HHZHTHXUHSDUD DVRQERGXUVXH
WTVD£LL-H£HHSHS
XDPRRXDGOO-URTH£UH/ āVHSXDD--VH  VHMQEUHUD@VH
XRSUR,
8"--"L?-G6--GFQEVD£HXRSSH 6G-W"-2: È 6"-O6W":-28 VH£ RS
"-S"--87, 8O"-呸 " 2:2-HS4G-82-7,- XSH]£XHVS-%
O
āRSH£VJR[FQX SS DSXRSXFGFSXW
H£SVHIHX$6"-'W"--%--62: DQEVRXL£V
HXRLHXQXXRVWSXFFRH
HXQ DS  HVRUFXR HRUXURXRFD XRHWVRGXQ WPQ FS 62--&-DTQ
H
VR]QVDXU  VRUSXW RS XFWVDTSH HU UHPSRU HTHUDGVD  RX
D£TRR,GHSHUXDXURMGXQUDVH-TDSH!£QRG-O"/%-£XXS
H£ QV RS DDXDXUDWXDWSXFGDSXU
VFUTT VRLRMQV XD VRQSSRSXU

62- VRSRU H SD$X2- -%
RSHVJ S D£XH VH]H VH£ RS XS
HUH呸£H HUDGRMTHVXRGVUSXU RVHG
QT£ SSXSHDT-H RZ
R! RUXFXURXU SQEHXDHSWSXDLXDOO- XFFHDQUHSHSQRUO
 (67$'23/85,1$&,21$/ 81$35238(67$,1129$'25$

/DXQLILFDFLyQGHOYHVWLGR HV GHFLU ODSRVLELOLGDG GH TXH

FXDOTXLHUD VH YLVWD D OD PRGD FULROOD FRPSOHPHQWDUtD HVWH
SURFHVR GH FRQTXLVWDFXOWXUDO\ PRVWUDUtDVLPEyOLFDPHQWH D
ORVRMRV GH WRGR HOPXQGRTXHVHKDEtDQLJXDODGRODVUD]DV
1R KD\ GXGD GH TXH OD SURSXHVWD GH OD LQWHOOLJHQW]LD
FULROODWXYRXQDHQRUPHIXHU]DSDUDXQLILFDUDOJXQRVVHFWRUHV
GH ODV FODVHV GRPLQDQWHV SDUD RIUHFHU XQD GLUHFFLyQ D ODV
DFFLRQHV GHO QDFLHQWH(VWDGR\SDUDFRQYRFDUH LQWHJUDUDXQ
LPSRUWDQWHVHFWRUGHODVFODVHV\HWQLDVVXEDOWHUQDV/DSUXHED
PiVREYLDDXQTXHPHQRVFXDQWLILFDEOHGHODFDSDFLGDGGHHVWH
SUR\HFWR IXHFRDG\XYDUD ODDOLDQ]DGHODVFODVHVGRPLQDQWHV
GHODV WUHV JUDQGHV UHJLRQHVGH4XLWR *XD\DTXLO\ &XHQFD D
SHVDU GH ODV JUDQGHV WHQWDFLRQHV GH ORV QDFLHQWHV (VWDGRV
YHFLQRVGHODVGLIHUHQFLDVHFRQyPLFDV\GHORVFRQIOLFWRVGHODV
UHGHVIDPLOLDUHV\GHVXVFDXGLOORVTXHVHGLVSXWDEDQODGLUHF
FLyQGHOSUR\HFWR
8QDSUXHEDHPStULFDDXQTXHLQGLUHFWDGHODIXHU]DGHOD
SURSXHVWD SXHGHHQFRQWUiUVHODHQODVQXHYDVILOLDFLRQHVpWQL
FDV UHJLVWUDGDV SRUORVFHQVRV $XQTXHPX\LQFRPSOHWRVSDUD
XQD VRVWHQLGDJHQHUDOL]DFLyQ ORV FHQVRV GH3LFKLQFKD /DWD
FXQJD\ $PEDWR GH  PXHVWUDQ XQ LPSDFWR PHVWL]DGRU
SURIXQGR /RV EODQFRPHVWL]RV SDVDQ D FRQVWLWXLU HO  SRU
FLHQWRGHODSREODFLyQYDOHGHFLUVRQXQSRUFLHQWRPiVTXH
HQ  PRVWUiQGRQRVXQ SURFHVR GHODGLQL]DFLyQ PX\ IXHU
WH 3RUVL HOORQRIXHUDVXILFLHQWH HO OHYDQWDPLHQWRGHORV
SXHEORVGH HQ]RQDVFRUQR*XDQR 6DQ$QGUpV 3tOODUR
&D\DPEH 2WDYDOR ,EDUUD HWF PXHVWUD TXH ORV PHVWL]RV VH
DSURSLDURQ GH DOJXQRV GH ORV SODQWHDPLHQWRV FULROORV FRPR
DTXHO GHODHOLPLQDFLyQGHO WULEXWR\ ODLJXDODFLyQGHUD]DV \
TXH HVWDEDQGLVSXHVWRVDGHIHQGHUORVFRQVXYLGD‡

 (VSHMR(XJHQLR9RWRGHXQ0LQLVWUR7RJDGR2SFQ
 $1+4%PSDGURQDPOHDWRVF &HQVRGH3LFKPFKD/DWDFXQJD\$PEDWR 
 ]]]
26 DSRVXR
-1,ā ]VW

46,

=/L\G
,āWWO
RSHQL XL-3?=,224H-HRVD[XG
VQLIQYQVU!
H]S£HXL 呸O
āVR]SVZ
S QHVL 2$PX QV HSW QVS R?IV- H È VHXXHZ XR QSXLSSH HVQGVS HTDUVF
LTL£G£ VRTLQGP SR£XLZHXHLRSZH ,-
OW XDX2-O=,,2OK-GVR]XVDXUVR 呸+
āYāGRSR£Q-£O`L £D
VD£TH-82! VRUHS!S HSXDVQ( X URFG DUD
XSHQV623VR£DRLXDRGI6KW>DXDRVUHRMTQ
RWTRSRXUVXDTHMMHXHD
RLXHLG
RLXFSGR SSO6呸DTQV
XQRHUX RVXVRQVDRQEXHURSUVXRR VH6"8O" VRTPZ āO67VHDT
O"MWPH XHDRLXDSG 6&WW£D
VRXH2ODS VDÈHZVPRVDG
RRVāWW== DSRQE‡T‡‡\RV6?DSRLVMGXURRX£ RVXR āVR\H
VRRRGKQZD!HTDLVHTRSHQDXFQTDFGXPR RXUVXDTVMMHXH

RSRL XR āVRQSH ?O, HH]RTH-‡ VRUHSVQV
XODVHQE
HZSH]WDTH-UHHSHDUXDHURXUXGH£XG-XHIRRQEVH£

WWO RXLRR SH XDLRXHXQXD

HXHSRHQHRSH]SDTH-UY
HQ% I 6O632--G RS 82£-1 XXQ 
-26 XRDTRD
āRSHIR£R H£TH VR RV DQE RGHG  XRR RSTGXPR XHMTDT RX
62G-XQ\£ VRU È (6G呸, %
O VRLVRSRXU DXDZ£HD XRUDUX XS
H]SH2-6G RS HSDWHZ XD VRSHUxR£ VD!XH$H VR£
RSDDX
āRSHVDÈ 623 VR£ DXD (--(3
VXXVLX£ DHDG RSO"SXDSHTH RS MDGDGDMUHXRXVDQF

VRSHTHVD- HSHT62-
VRUSXUHSFHURHTX£H£D H£HMUHRWSQDG
R££DDQE-H-DSVXR-URG
623 VQVH>RXHGVFDS%=8%\VX T
È XFSH]XDMFRVDH XHMSFGXQVRSHSXVRDT VRTRQXL VDXRRWVRGR
VHSH$VDUT-6$ XDUD
VDLXHXQXRSVDURLRRVVR£ DSRSH£ S-G
āVR£SX£ DSURLRDVDLXDXRGXQ XQGVRSSVLVRUDLXDUX
G:-XXUD8"1:%O
RSH£ 2-`2 SX 6-`8%8:2S6-6O"S6O" -3
6G-2`-G6 VRXQ呸H RS66G-GO8 VR£ XRRXSR£S%-`82! X 8%T%-O
XR VRLXHQXHRLXHMGVQV RS VRTRQXU
HQR-! W"=O8G呸,3O W"I DS
PVFQGRUG W" RSHVXRSH呸GO8 H]D- H RS RI%TZ- OO6
XVQ![DUHG RVDRDX
2=OOOOO$ 828H`- "

 (67$'23/85,1$&,21$/81$35238(67$ ,1129$'25$

6XiUH]SDUHFHWRGDYtDJHQHURVRHOSRUFLHQWRGHORVLQGLRV
VRQ DQDOIDEHWRV HO  SRU FLHQWR KD DVLVWLGR D ODV HVFXHODV
UXUDOHV SHUR DSHQDV VDEH OHHU \ HVFULELU PDO (V GHFLU
WRGDYtD HQ  QR VH KDEtD FXPSOLGR FRQ HO VXHxR GH ORV
LQWHOHFWXDOHV FULROORV GH LQVWUXLUD ORVLQGLRV PHQRV D~Q TXH
SHQVDUDQ SROtWLFDPHQWH HQ WpUPLQRV TXH UHTXHUtD HO (VWDGR
1DFLRQDO
/D SRVLELOLGDGGHTXHORVLQGLRVSLHQVHQ\DFW~HQSROtWLFD
PHQWH KDEtDVLGREORTXHDGDSRUODSURSLDFRQVWLWXFLyQDSUR
EDGDSRUORV FULROORV (Q HOOD KDEtDQ WULXQIDGR ODV WHVLV PiV
UHWDUGDWDULDV\GLVFULPLQDGRUDV VyORSRGtDQHOHJLU\VHUHOHJL
GRV DTXHOORVTXHWHQtDQXQIXHUWHSDWULPRQLR ORVTXHVDEtDQ
OHHU\HVFULELU\ ORVFULVWLDQL]DGRV H[FOX\HQGRDO JUXHVRGHOD
SREODFLyQHFXDWRULDQD DWDOSXQWRTXH HQWUH\ VyOR
SDUWLFLSDURQ FRPR HOHFWRUHV HQWUH HO  SRU FLHQWR GH ORV
HFXDWRULDQRVDXQPi[LPRGHO SRUFLHQWRTXHVHORJUyHQ
6HKDEtDFUHDGRXQFLXGDGDQRGHVHJXQGDFODVHH[FOXLGR
GHO VLVWHPDSROtWLFR

/DFULVWLDQL]DFLyQKDEtDDYDQ]DGRPX\SRFRHQORVWpUPL
QRVTXHKDEUtDQGHVHDGRORVLQWHOHFWXDOHVFULROORV\ORVSURSLRV
GLULJHQWHVGHOD,JOHVLD (Q GHVSXpVGHFDVL FXDWURVLJORV
GH HYDQJHOL]DFLyQXQDHYDOXDFLyQ UHDOL]DGDSRUH- DU]RELVSR
GH 4XLWR GRQ )HGHULFR *RQ]iOH]6XiUH] UHFRQRFtD HQXQD
3DVWRUDOVREUHORVLQGLRVTXHpVWRVQRHUDQYHUGDGHURVFULVWLD
QRV TXHORVFXUDVQRKDEtDQORJUDGRSHQHWUDUSURIXQGDPHQWH
HQODVFRQFHSFLRQHVUHOLJLRVDVLQGLDVVLQRVyORHQVXVH[SUHVLR
QHVPiV DOHJyULFDV

 %Q%HQDOFi[DU &pVDU$XJXVWR RSFLW

 4XLQWHUR 5DIDHO (O FDUiFWHUGH ODHVWUXFWXUD LQVWLWXFLRQDO GH UHSUHVHQWDFLyQ SROtWLFD
HQHO HVWDGRHFXDRULDQRGHO VLJOR ;,;5HYLVWD&LHQFLDV6RFLDOHV9RO 1R
4XLWR 
+t *RQ]iOF]6XiUF])HGHULFR,QVWUXFFLyQ 3DVRUDOVREUH OD (YDQJHOL]DFLyQ GHORV,QGLRV
HQ)HGHULFR*RQ]iOH]6XiUH]\ ODSRO呸PLFDVREUHHOHVWDGRODLFR%&(\&(1 
 W==
ā6
W
Q2
-99!
R呸:1
OOā26 2,%$(,4VS2SOI£,' 

Z呸 
RVHRDT>DSR[WVQS[DRSDLMQVDLXQHDRX
ž3ž DSXSXD呸$
8I RQE
UWRDS VH
8O"-O6呸- DQE 呸-2WG6 6-W8W"O-2G: XHQVU[D

HSD-SDGQV XR XRSH]QQSH£ RS RVHRRUGXQRSPURGFV XHMTHT

8G46
623OO 62L DQXRRS2---G2:6,'DVD8G
DXDGQV-2G
W"O^--: 8G RSRXRGRS&!O--2GÈ >--Q-6-SHSQ462G:
G
XRLVQS[DGR HLVHTRSHVHRHLMH£THTVRMMRSRVD£HQLR£
QX VR\ DS DLRG --
DQE W"--3 DV
VRUSXW VR£ H RWXDQXDLHQ
£D XFF >HXUVWTHHL!X--G-3 HXQRSXHDUDXL
RSHSTRVXRR XVMTDT
RRRGHRRRGDQEHH
X!HTRGHDSURMHDVRLXHLURGXQXQH-
%=
XVFXU È -=OOO"3,,6GS RSJJR XHMTDTDQEXQH
DV-H]XH!UH G
X呸HXHTHLVH
623VR£HSXSHJR£XH£XH£UQJR£DLXRXUHLVFQG
QV RQE VRXRSWVRGRUGHS W"--2ÈHZ H
DQEUPSXRR VRXUHMLSRG

W"O>2---=O8呸PDX&VS2-W"3O3 XSH=+O6S O"- HS


ā2I DXD
VRXH 2= VR:-G VR£ HS RXH£HT XQ HHG
āHSXRSXRGRSX H£ XRRRSPXHXPDH£THT HXRJ£SX RIHTH-£
DS H]DQ£ H£ HUTRV XRLVUDTFR I £XRHS RSHJ  ā OO£HR£
R£GS£XQZ,GRSDLTRR2-O"36TQVRIHTW"-/XRXR-D8$XR
DVRSXXQRVRSHRQGXLXRURQM
RSHVD-2GRSDUTRRFPTXU£DS
V$H HXHTH-呸2, DVDQEVRVD-呸X VR£ RQE-O",?-DVTRRSQG
6O
I R DQXD R£HH2DSRMTRQG£DXD

DQEH££HHGZR
XSW"Q@&?DXXQXāVUHGIDXFVHSPQVXRRH-$ VDUXDQRGXQVHXU
VHUUDFFDXDPÈQUTHHUDGVRSH]WS[RXUDLXDXUDHUVPGXUFRXFUDQM
VDURSHtHTDQ DS VDQZ āVR3 VR£ DS RRVQS[D RLVRQGXQ XQ
XD RSS-D$XRL DUDG VRSRZ XFUDUS DV X-G
VDH!- VDURSRG
VR£
RxUHTXUD 6 āVRV URG RSHUTRR È VR£pOS£XQZ V DUDG
XRRQTXLXRF DXQRXURR
VH]H VH£ VHSRLXFVHILHG DQE HUDG
RUGRXSGWUD RSHDLR RLVRQGXQ XQDUD 2:-,, DVāRSW"£S£VTQV
RIHTHUM £D G FSHLXHMGQV DUT
/6 XDRSHX£Z££D DXDZHZ
-2 
RVRQXRURXUXUHR XQR[PRPTWQO3XSHXZ£S(
O
 (67$'23/85,1$&-21$/ 81$ 35238(67$,1129$'25$

GHODDSOLFDFLyQGHOSUR\HFWRFULROORVLQRWDPELpQGHODYROXQ
WDGLQGLDSRUUHSURGXFLUVXLGHQWLGDG
/D UHSURGXFFLyQ GHODLGHQWLGDG LQGLDHQWUH \ 
KDEtDDGRSWDGRODIRUPD GHODFUHDFLyQGHOD FRPXQLGDG R
SDUFLDOLGDGDOLQWHULRURIXHUDGHODKDFLHQGD(IHFWLYDPHQWH
WUDVODHQRUPHGHVHVWUXFWXUDFLyQGHORVD\OOXV\SDUFLDOLGDGHV
TXHSURGXMRODFRPSRVLFLyQGHO VLVWHPDKDFHQGDULR TXHSUR
YRFyXQDPRYLOL]DFLyQWRWDO GHODSREODFLyQLQGLD ORV JUXSRV
IDPLOLDUHVORJUDURQUHFRQVWLWXLUVHIRUPDQGRSHTXHxDV FRPX
QLGDGHV JUXSRV UL]RPiWLFRVGHDILQLGDG\ SDUHQWHVFRWDQWRDO
LQWHULRU GH ODV JUDQGHV KDFLHQGDV R IXHUD GH HOOD HQ VLWLRV
HFROyJLFDPHQWHGHJUDGDGRVQRFRGLFLDGRVSRUORVWHUUDWHQLHQ
WHV R MXQWR D ORV SXHEORV UHFLHQWHPHQWHIRUPDGRV VLUYLHQGR
FRPRFRQVWUXFWRUHVFDSDULFKHVOLPSLDGRUHVGHODFDOOHVFDPL
QRVHWF
$O LQWHULRUGHHVWDV IRUPDVRUJDQL]DWLYDV ORVLQGLRVPDQ
WHQtDQVXVVLVWHPDVGHSDUHQWHVFRLGLRPDYHVWLGRFRVWXPEUHV
VXV PHFDQLVPRV GH UHFLSURFLGDG DXWRULGDG SROtWLFD\ GHPiV
IRUPDV FXOWXUDOHV (O PXQGR LQGLR VH KDEtD KRPRJHQHL]DGR
FRPXQDOL]DGR GHPDQHUDGHQHJDUSRUGHQWURWRGDIRUPDGH
UHSUHVHQWDFLyQSROtWLFDFHQWUDOL]DGDDODYH]TXHKDFLDDIXHUD
QR VH UHFRQRFtDQ HQ HO SRGHUEODQFRPHVWL]R (Q RWUDVSDOD
EUDVVHQHJDEDQDLQWHJUDUVHDO VLVWHPDSROtWLFRGLVHxDGR SRU
ORVEODQFRVTXHGHRWUDSDUWHWDPELpQORVH[FOXtD UHVXOWDQGR
LQLQWHJUDEOHVDOSUR\HFWRFULROOR(PSHURODYROXQWDGLQGLDSRU
UHSURGXFLUVX LGHQWLGDG \ GLIHUHQFLDQR DSDUHFH WDQFODUD HQ
HVWDHWDSDHQODTXHHO (VWDGRKDFHPX\SRFRSRULQWHJUDUORV
(OORVHUiPiVHYLGHQWHHQODHWDSDVLJXLHQWH

)UDFDVRFULROORSRUUHYLWDOL]DFLyQ LQGLD
/RV FULROORV DO ORJUDU DWUDHU D XQ LPSRUWDQWH VHFWRU GH
PHVWL]RVDVXSUR\HFWROHJLWLPDURQODSUHVHQFLDGHHVWHJUXSR
TXH KDEtDVLGRIXHUWHPHQWHFXHVWLRQDGRHQ ID pSRFDFRORQLDO


 ==
ā¢^
2OQ4
-QG
PL£QL
O82OR- £S6OO8- HVHW£ ?;ILV£SVF]XDPURD
FSVDS R£Q2 S H!XSQY H VS VHXLI-S8 4XRSH$£TQV
RSXQ-呸
RXPZ
 =
VR£ DS VRXFQV V XRURQGXPR DV
URLRRV 呸QV  DLXDPDMT
WVXRLVRSD-VR]XVVXU RSRURXPXS
;,;RLLV O3W"DH!H-
XRSRQSRUGH£XRRVHSH呸DOXDOXDZDXD-D
-TPXZÈ6W"È%Q2
DS VH\D£VR! VHSX$2-G VH XD È ÈHUU]Y
UTXX-
RUVTXUY

W"I2
@ 2:2- 6
H-OO-$2-G 8
VRXHTUQVDURURRV62- 62=O68, È
VRWUWSD£ VSDV DXRF DXD!8$'! È DXUDQDXDG V\ZRTPZ
QVD
623ž VR£ XRR XSHD QV XH VH-H--
2O6$ VRZDT
RXURR RQE
£ RSHW8 !DÈG D ‡呸HTZD ž6
āZVHVHRVH£HSH£PRGH£ U VRMTRQGVR£RSR£HSX\RVR £R āāāXRV
È XHMXUXQ
XHXXXRSVFTHGSXXGVHPZH- VHL W" È VR--DWVWPR\£

VHLVRVH£XDSQHLMDSVRāāāVR£TRXHS£RGHGLRRHTXDSXHLDUG
VRXD:-$DH È
H]XI-D$VDS H
]D$S-H H£ XRR
V2-DQHTH
VR£ S VHXPERSH L VDXRXU UHV RS HVQRH RQE VR£ H VR]QVDXU
VR£DQXRR H]XH HVRXHQRDSHXR]H D-TRV/OOHSLZX XQ
XH XXRG£DQXH\L
RSRXRG 2:6: £SURSH[UDVTR -O2
ā/(
OORLSHZ
HSXQ-D- SHSMVRRRH VRQEDS
62--$ VR£ H RXDLM86 XH-XD
V
VR VR£ RXLRR
RIHTHQ H SHSXRLQH O"--T'G H URG VRS
HLQTR RSXFUV RR
SHGQ-R OO
RFTGXUDPV VRVRSR GO8G:I%-
PDL6(- RSXRUVRQEURG
VR]XVDQU VR£ RS(- VD
RSXQZ$DQ1
£DS VDLRSDQTDTV DS RUTRUGR D XR]HUHX呸UH XRR DV(ZHQ
RSDQGVDVVSHQ-VPVRRSHX呸£H6VRXVQTVRRRGVRXQLHT
DQEXQD
HPXVXUH ‡DXSRH S
]D呸HSTZDH£HXD VRTZH]
LVRUHMQXU
VRUxDX
62=-6G:62 DQXRDQEHTHDS-68--6%-G$
DS X(QIRSXQD  H2G" H£ FS VDURSH[UFVTR VRS H VRXURLR

XSHRPGZDIDDMGXQVRSHV呸YRGQFWVFDS VHSXD-DS RS

VRQUFSOOGO6-;VRSHDQEXHMTHVR]QVRXURSRVHGSDQXRRV\Z
RTRQXULVR]QVRXUH63RSRVHGS8£XR
-(SRVSHSI-?8,(I
DQXRRVDJGDVDURDGVQVRSHPXDXH-THTVRRXHMTVR£
£H-8I-
HRRG"%I D£X(-Q4
VRRXHMTV G RXURR
63 V URGXH
 (6I$'23/85,1$&,21$/ 81$35238(6I$ ,1129$'25$

LQWHOHFWXDOHV FULROORV KDEtDXQDDOWDHVFRODUL]DFLyQ KDEODEDQ

H[FOXVLYDPHQWH HVSDxRO LPLWDEDQ ODVIRUPDV GHYHVWLU\YLYLU
GHORVFULROORVHUDQEXHQRVFULVWLDQRV\VHHQFRQWUDEDQHQXQ
IHEULO SURFHVRGHEODQTXHDPLHQWRSDUDH[RUFL]DUORPiV OHMRV
SRVLEOHVXUHFLHQWHSDVDGRLQGLR
/RPHVWL]RHQHO (FXDGRU FRPHQ]yDIXQFLRQDUFRPRXQ
HOHPHQWRGHLGHQWLGDGSRUWDQWRGHUHSURGXFFLyQGHGLIHUHQ
FLDVVLJQLILFDQWHVIUHQWHDO PXQGRLQGLR $XQTXHUHVXOWDGLItFLO
HVWDEOHFHUXQFRUWHXQDIURQWHUDHQWUHLQGLRV\PHVWL]RVVREUH
WRGRHQWUHDTXHOORVUHFLHQWHPHQWHLQFRUSRUDGRVODGLIHUHQFLD
PiVVLJQLILFDQWHUHVXOWyVHUHOPDQHMRGHO TXLFKXD (FXDGRUHV
HO~QLFRSDtVDQGLQRHQHOTXHVXVPHVWL]RVQRKDEODQSDUDQDGD
HO TXLFKXD

$OFRQVWUXLUVHORPHVWL]RFRPRXQHOHPHQWRGHLGHQWLGDG
VH SURGXMR WDPELpQ SRUHO ODGRGH ODpOLWH FULROOD EODQFD XQD
PD\RUWROHUDQFLDIUHQWHD ODPRYLOLGDGVRFLDO /R PHVWL]R IXH
UHYDORUL]DGR\SUHVHQWDGRFRPRODLPDJHQSRVLEOHGHXQ(FXD
GRUGHVHDGR *RQ]iOH] 6XiUH] HQ VX +LVWRULD *HQHUDO GH OD
5HS~EOLFDGHO (FXDGRUHVFULWDHQWUH\ DGLIHUHQFLD
GH-XDQGH9HODVFRTXHRWRUJDEDODLQLFLDWLYDSROtWLFDVyORDORV
FULROORV \ GHVSUHFLDEDDORV PHVWL]RVIXQGD SRUSULPHUDYH]
ODQDFLRQDOLGDGHQORV PHVWL]RV (O SHQVDPLHQWRGH*RQ]iOH]
HV WDQ UDGLFDO HQ OD GHIHQVD GH OD QDFLRQDOLGDG PHVWL]D TXH
OOHJD D QHJDU LQFOXVR TXH OD KLVWRULD FRPLHQFH HQ OD pSRFD
DERULJHQ3DUDpOODKLVWRULDFRPLHQ]DFRQHODSDUHFLPLHQWRGH
ORVPHVWL]RV

&XDQGRVHIRUPDEDSRFRDSRFRHQ HO VXHORHFXDWRULDQR

ODQXHYDFRORQLD ODSULQFLSDO SDUWHGHODSREODFLyQ ODFRQVWL
WXtDQORVLQGLRVPXFKtVLPRPiVQXPHURVRVHQWRQFHV TXHDKR
UDHOQ~PHURGHHXURSHRVHUDWRGDYtDUHODWLYDPHQWHFRUWRODV
IDPLOLDV TXH ORV HVSDxROHV KDEtDQIRUPDGRHVWDEDQHQODIORU
GHODYLGD \GHODEUD]RGHODUD]DHXURSHDFRQODUD]DDPHULFDQD
LED EURWDQGR XQDJHQHUDFLyQ OOHQD GHYLJRU \ GLVSXHVWD SDLD


 ==
 £S
GR
6OOG OO3OQ-,68£
2--MSB ‡]呸£PV=!£\]XR :O

2OO
;

]]]2:2/
-2SQ MDSWTULG  DSOWOMO
OžO6+
RR—SG
=2,-OQ6=y!-U/OO2 (
XRUHXUXQWD DV
VPRSH]QDURRPDS VHXQRMDLROQSRQXL RRQMMRG
HXUDLVUV £D
DUXVXUH[QXHUVQV ]XH$H XSW"]XHSVS HO
D£
PP呸RSWPXD£RXURR£R\HGVDDXRH]QHDXOtƒ
ž38UDSXS
H]UUDMRRVDDS 626O-2-G62- XRUHURODXU È XRUDWSXDU[D SPRSHX
SHSDSRVH£ È RSH6 -2
 RS-8%G‡RS%-R£RRH V\Z RRUG
XQ O"-O6G- RQE I W"-DTQ 8-7,2$G- H 82- RLXRXUHLXV£ W"-OO
DVDQE
WPHSRQP!DSHSHRRVH£ RS XSW"=8GSRZ8I82
āHXRS‡1RSH6‡3XRSRUXLVXFRH£DS%-6$HSRLXQG-2 HSVRS
È 228O呸 %O6$HSRQPG‡HSVRSR£RVRXQ2=RVRSHDQEXHMTÈ
2=O6G: RSXQZ-G
DO8G:W?O8<G4
268G-6W" QV82-O"THZPD£
DV FQE 2-IOOO-RSDV 2$DQX XQ HS O"-XDVDG W"- 286
DSRG £H
‡SRZRRH£VRQUQTH£ HSHSH ‡ -86VRX
 ‡3
UHDTQXSQI$D O"
 āRS-,2GRXHXDRVR£DXHRSMGXUUXQHLTHT
DQER]XVDXU HSRVRLHWQV R[DQX D XRR VRMMRXR VR£ RS %]XQQH
‡ RSXRSXQXR 238-232- H£THRV ‡32,-2-2 RSÈRG
LD
DQE HTH!J-8£V £V
VHWV£VH VH£XD-D-£S 6
%I  VDUHXR£
D
VR£X" VHXURMTRUGVR£ RLSQVDUXHMTHT DQE
RXQUH RSRZ
XD -SDS HSDQE RX āRSDÈ2-G DV -H!JSVQI HUDG %£P£V£T
HU RSHSJRXSHDG-D£X£D- HXQ
X\XD
H!O-2GXSH]£XHLL
I VDLD RS RGURQR 2$S!DGV- QV XRR RSPVJ S XD RSPXDV
DUGHU URSRG 2-26 XQ HS
—£-! XQ
HQXD DXQ
XILIQD
H£RV DXQ RS HDS£ H
DIH]SV: £D XD HSHVHT HXRSHX SHSUXQ
H RS%DS£H
;;RIVSS62- H
VDRXRLXVS£RVXR DV
āZRIDGV% RSXDPGDU
VRWSXWVR£ DSXSH]QDXH$DH£ DUTRV
IW"-2O6%G W"I XR D£S VRX HZ-2-`- HSRL RS R£SF\ XRQT D ,46
RGXQD£XLZ£HRZ\-LV
XSH]Q$3QV
W"-GRGPXVUDPW"WUQ
X
QV DDURVWURR R£SX£ D VDQXRPU XSH]II$3H ( DSHURGURRWQ
URV DTDS W"SHITQV HDHU (VD
VR£SX£ V RQUHL XD
VRDQVFP
VR£8W"- 84SO"-``HVJ(UVHSW"-QOOO`$O" VHVDUGWXR " `6-(=8(^
 (6I$'23/85,1$&,21$/81$35238(6I$,1129$'25$

ODVIRUPDV WUDGLFLRQDOHVGHVHUYLGXPEUH VHFDPELyGHDOJXQD

PDQHUDHOUpJLPHQGHSURSLHGDGGHODWLHUUD\VHHPSUHQGLHURQ
SROtWLFDV GH GHVDUUROORUXUDO LQWHJUDO TXH PRYLOL]DURQLPSRU
WDQWHV IRQGRV HVWDWDOHV KDFLDHO FDPSR HQSRFDV SDODEUDV VH
FXPSOLy OR PiV FHUFDQDPHQWHSRVLEOH FRQ ORV VXHxRV GHORV
LQWHOHFWXDOHVFULROORVGHOVLJOR;,; HQHO VXSXHVWRGHTXHHOOR
KRPRJHQHL]DUtD ODVRFLHGDGLQWHJUDUtDODQDFLyQ \ UHVROYHUtD
HOHOLWLVPRHOUDFLVPR\ HO UHJLRQDOLVPR
(QHIHFWR ODHVFRODUL]DFLyQGHO LQGLRDYDQ]yDSDVRVDFH
OHUDGRV $ SDUWLU GH  HO (VWDGR DVXPLy RILFLDOPHQWH HO
SURFHVR GH DOIDEHWL]DFLyQ $ WUDYpV GHO DSDUDWR UHJXODU \ GH
VXFHVLYDV FDPSDxDV DOIDEHWL]DGRUDV FRUQR OD GH  HO
3UR\HFWR3LORWRGH$OIDEHWL]DFLyQGH\HO 3URJUDPDGH
DOIDEHWL]DFLyQGH   HODQDOIDEHWLVPR FD\y GHO
SRUFLHQWRHQDOSRUFLHQWRHQ/DV VLJXLHQWHV
FDPSDxDVLQWHUSHODURQPiVHVSHFtILFDPHQWHDORVLQGtJHQDV(O
3URJUDPDGHDOIDEHWL]DFLyQ-DLPH5ROGyV $JXLOHUDGH 
 OD FDPSDxD 0RQVHxRU/HRQLGDV3URDxR GH \ XQ
FRQMXQWR GH LQLFLDWLYDV GH GLYHUVDV 21*V \ GH ORV SURSLRV
LQGLRV EDMDURQ HO DQDOIDEHWLVPR D XQ  SRU FLHQWR FLIUD
UHDOPHQWHEDMDHQWUH ORVSDtVHV DQGLQRV /R VRUSUHQGHQWH GH
HVWHSURFHVRQRVyORIXHHOIXHUWHLPSXOVRHVWDWDOVLQRODDFWLYD
\GHFLGLGDSDUWLFLSDFLyQGHORVLQGLRVTXHVHDSURSLDURQGHHVWD
UHLYLQGLFDFLyQ

(O6LVWHPDSROtWLFRLQWURGXMRYDULDVPRGLILFDFLRQHV FRPR
ODHOLPLQDFLyQGHO WUDEDMRVXEVLGLDULR ODHOLPLQDFLyQGHOFRQ
FHUWDMH\ HOHQFDUFHODPLHQWRSRUGHXGDV ODHOLPLQDFLyQGHORV
GLH]PRV HOYRWRGHODPXMHU ODFHGXODFLyQPDVLYD\ HOYRWR D
ORV DQDOIDEHWRV (VWDV ~OWLPDV UHIRUPDV SHUPLWLHURQ TXH ORV
QLYHOHV GH SDUWLFLSDFLyQ HOHFWRUDO HQ ODV ]RQDV UXUDOHV VHDQ
SRUFHQWXDOPHQWH SDUHFLGRV D ORV GH ODV ]RQDV XUEDQDV 8QD
LQYHVWLJDFLyQUHDOL]DGDSRU &ELULERJD\ 5LYHUDHQ SDUUR
TXLDVGHQVDPHQWHSREODGDVSRULQGtJHQDV SXGRPRVWUDUTXH
ODSDUWLFLSDFLyQHOHFWRUDO SDUD  OOHJyDXQ  SRUFLHQWR


 2W=

£IQ2
££āR1
R£THIS
>-3 ]—H1
OO8OOO
O H-X£PU\È -2SOOQJ X W—HUO\O882-WO^ 
PXH\-
HIRT—OW O
ā
OI2
/O
ž1 £HTLDOS"Q
HXLLSXI
XS22呸I--HG È O FS UXX S VXRSLLW-
O,呸SSD-£ È DQXHZ
H-RT—,2 >
7%-QX -H-II0RQR--HVDDDSW"!O-,žGH RGXUHRS5SW"TDO85IG
RSHV £D
H-H-
%\ HZ-2-D`> DS VRVRRRUG VR£ DS RIP
RSHLVJ
£DS URSH]QQFSRXU XDMG H RSXVMSXRGVDU RXURR
62$35 ÈQZ
82-%-62:DV623OOV6-2-GDVDXDOO呸T:5-OW"RTSUT-
āZURGVRSHMQRMHRVRVXR6$2-GVRLHSX£DV
R£XR-G ££ ,
XDSD!!H
āVHT RSVHXUXHXRQHQE呸XDXDUHD VDSPXVR£
I
RLXDUR G ]£ ‡HMRQXRR āVHT22-ā-=
SDSHLGRLG

3‡Z


O> XR 282--2G (
-2S2--( 82-(-R£ 62862Ï:(- VR£
DQEH XD
"D—H HSWQSHGS DUUXRQQVDHXQ
% VVHGDV
RLXDS
G  ‡ XHTDMRQXRR
VVT 22O H VRRIHZ VHSHSMXQ XH£XR£
RQE6p
OO88OO"--O62- VDQXDXX
RLXDS-2GO£H8%-Sp
,--% VHX
HGHāVH R]HSVRXHXL HSVRSHSDUGRUGXH£XQRQEVRWQVHGXUHR
62I HQEH£ XR
W6 XHHSHQXHRXRRÈQZHSWXHHUUXRQQVHHXQ
DD
VRXH 2WVRXLXMQV XDDXDZH$OXHVQV£TZW"! H--DSW"- HS
HSXDXD£ HSDUUXRQQVDH£
RSHRURXU DSRLXDPUHXRWRXWXDGZV
G O RMSHVH
H]HXDZH -2G
VHQD HSRSDRUVXU DSXSH$S!H
--GQ- DXQ FS È XSH]XR- RS VHRQMMRG HS
VXSH-JH VHXU
-2MG- VRS DS 6$O"- 9 āDXD:O4O"-G36OO2-=OOW"$HDV OO"4OO,%O

H--D£ H£ S HSXDXD RSHUPRQQVH H H VDXXRMDU 6W"I 

āHSW"=8H$HÈQZ G6GOO- XSH-呸IDO8£ QVRQE2:2-
62$S-H
ÈQZ XRUDQVRXU DV XDUTXUHU VHXDSX VDURLRVV V
I
%OWDD
XFSHGLRUXHG HS RSH- IO XF È 2--,2G DWQDUVUV UH VHXQRMDU
VH XDāRXO"TPRWSRXURUG SDQE VRIDT 6I: RVRSXDWXDUXHXU

RLXRS-RpO 
/ XQHXDTH]XHRMHVHXRGD
VRSHURSRXU8O4 VHXU
PXD
RZVSDTH-UHXO" ,URG VRWH 8&-:7,6OG DV RQE
VRSHPXH
I VRRXDMTVRLR[RSVRIVXRRGVR£ RQEI
RLXRSG OI 2O£R
D-XDQSQXDQEHXRSHRRWSRXURUGHURXRGQVRVQSPRSXDWV
 (67$'23/85,1$&,21$/81$35238%6I$,1129$'25$

(O (VWDGRGLVHxyHQWUH  GLHFLVLHWHJUDQGHVSUR\HFWRV

PLHQWUDV WRGD VXHUWH GH 21*V \ GLYHUVDV RILFLQDV HVWDWDOHV
FRPHQ]DURQDWUDEDMDUHQSUR\HFWRVSHTXHxRVTXHOOHJDURQGH
DOJXQD PDQHUD D FDVL WRGDV ODV FRPXQLGDGHV LQGtJHQDV /RV
SXHEORVLQGLRVUiSLGDPHQWHVHDSURSLDURQGHODUHLYLQGLFDFLyQ
GHOGHVDUUROOR 7RGDVODVGLULJHQFLDVFRPXQDOHV \ GHORV RUJD
QLVPRVGHVHJXQGRJUDGRFUHDGRVHQHVWHSURFHVRVHYROFDURQ
D WUDPLWDU VHUYLFLRV \ RIHUWDV GH GHVDUUROOR HQ ODV RILFLQDV
HVWDWDOHV DWDOSXQWRTXHPXFKRVSHQVDURQTXHKDEtDFRPHQ
]DGRDIXQFLRQDUXQSULQFLSLRGHKHJHPRQtDSROtWLFD HQODTXH
OD RIHUWD HVWDWDO FRLQFLGtD FRQ ODV UHLYLQGLFDFLRQHV LQGLDV
5HDOPHQWHSDUHFtDTXHODLQWHJUDFLyQSRUHOODGRGHOFRQVHQVR
FRPHQ]DEDDIXQFLRQDU
6LQHPEDUJRGHWRGRVHVWRVGDWRVHQORVTXH GHXQDSDUWH
HOSUR\HFWR HVWDWDO FXPSOH ORPiVFHUFDQDPHQWH SRVLEOH FRQ
ORV VXHxRV GH ORV LQWHOHFWXDOHV FULROORV \ TXH GH RWUD SDUWH
ORJUDDWUDHUODSDUWLFLSDFLyQLQGLDVHSURGXFHXQKHFKRLQVyOLWR
TXHSRGUtDGHMDUSHUSOHMRDOPLVPtVLPR(VSHMRORVLQGLRVOHMRV
GH GHVLQGLDQL]DUVH H LQWHJUDUVH FRPR PHVWL]RV DO SUR\HFWR
QDFLRQDO VHKDQUHYLWDOL]DGRHQRUPHPHQWH0iVD~Q SDUHFH
UtDTXHPLHQWUDVPiVHVFRODUL]DGRVFRPRORVRWDYDOHxRVVDUD
JXURV VDODVDFDV FKLEXOHRV VKXDUDV PiVpWQLFRVVHPXHVWUDQ
4XHPLHQWUDV PHMRUKDEODQ\ HVFULEHQHO HVSDxRO PiV FRQV
FLHQWHVVHWRPDQ4XHPLHQWUDVPiVWLHUUDKD\DQORJUDGR\TXH
PiVHFRQyPLFDPHQWHYLDEOHVVHPXHVWUHQPHMRUKDQUHKHFKR
VXVUHGHVIDPLOLDUHVVXVVLVWHPDVGHDXWRULGDG\VXVHOHPHQWRV
FXOWXUDOHVFRPXQLWDULRV4XHPLHQWUDVPiVFULVWLDQL]DGRVVHDQ
FRPRORVLQGLRVGH5LREDPEDHQHOTXHHOWUDEDMRHFOHVLiVWLFR
KDVLGRPX\SHQHWUDQWHDWDOSXQWRGHWHQHURILFLDQWHVLQGLRV
PiVOHYDQWLVFRV VHYXHOYHQ HQILQ TXHPLHQWUDV PiVXVDQHO
VLVWHPDSROtWLFRHOHFWRUDOPiVHQFXHQWUDQODVOLPLWDFLRQHVGHO
SUR\HFWRQDFLRQDOEODQFRPHVWL]R

(O SUR\HFWR FULROOR WDO FRPR IXH IRUPXODGR HQ HO VLJOR
;,; \ FRQFUHWDGR\GHVDUUROODGRHQHO VLJOR;;KDIUDFDVDGR


 =I=

6%!O6--G3%-H 6GOOOGQ呸VVH HSSXD (IS
,,,8
LGR £Z X %SHTHP RX XQH L DXHVDRX HUDUUPQ DSDVRSXDWR
RQEXXRRSDQXXXRRHDLVRQGRUGH
ÈRTHLVDT(T-D- HVDRSVDS

2ODGZ  DS RUXQIRS RLXFXXHLXH[FM £DS VRLXQG  HS

HZHL
2-G £D8G %G6-D£ RSVQG "S%-O8G-82- 6O`: XRWVDUG[VQV
DQEXQH
UHVDRRUGÈDRRD RSUSRGDTFQEVDLXHQDXFGL VDXDQ-
6O-: VFRR[ VH£
RSRXU DSXD XRV āVDHZ-8 ÈQZ VRXRMRDV
-DL?82- L VDXR[DXD
VDXH,$ VHIRT
VHZHG
VRLXDXPRRS
VTXDO- VHV-GW?-3 ÈQZ DS623RRD- 2S6 XDT
H-SX£ PVDQGRUG
> H 8=--G3-
%- HQE VDLXHQRGXQ V\Z 62OOOG:GS 62
@
?I21,?IO6QG2OOG ?I
āVHXD-S8 VHLVVQGRUGVH XDVHSWP£SR
VDUH!£SH VHXL VHZ-2-呸- H VRMTHRXXVG XRD- RRQXFXRRV I
WX
RRQMMRGHXUDLVUVSRRRGXUHLRXURR
H]XVFXLRRXHMTSHSFSRV
HUDSRXUVSHLIGO ž38 GS XDXUXRVUS £G3G-HGQVGS RRRGXUHL

R£HL呸HSHSRWGRUGDSHXLDLVLV£D XDI ‡-呸R£RDS£ ‡ XDVRSXPRR

VRUTXUHR VR£ GS O RRXTRG HXLFLVWV -GS XS"]QXRZS %I HS
UHVFG H RQE
-H$-DVTR VRXQSQGRVRRRUG QVXR X!£T:%-
MHXFLRHFXQMGRSHXUHM£
RSHV DS %:-2- H-`2 DS 286
2=-6G: 
2IO23-UHXRSH1
RSHV SS £XZHVSD-G RX RURG
RIGGV H-W"JRV R£ RXURR

SPRSH1RSHVSS628:-!O 8G GO8G:%

!-,2G -%68GG H 82-
DWSWUDUGD VR£SX£ 62
@ āXS"38$G- QV-%,-2%VDS XDTDSRQE
H£ XFDTRQ£ RSRGQR[DQX -GS O SHSSQQD QV DS VHSXDSXR HS
WXD£UQ -(:2O62362 HRSQQXURGDT XSH]QHD QVDQEURG
RXUV
XSHXDZDGZ RS HH G RX
RSHVHRDT HT RSRXR
!DL?GS
RVHR RUVR X VFSHSTHFRSHX RXURR VR£SX£ VRU DS
RLXRUXUSRMHXRMSRXHQXRR 2 DLXDXQQRH[DRX£V
VR£SX£VRUDS
XSH=O64: W"- USQSRUG XUV6-£V£T 6GO:-, VQVHRSW"呸G,, DT
R]XPO$ XRZQU RUDU
 (6I$'23/85,1$221$/ 81$35238(6I$,1129$'25$

3OXUDO
/D FDUDFWHUtVWLFD LQLFLDO GH OD SURSXHVWD LQGLD HV VHU
SOXUDO (V SOXUDOSRUTXH QRVH HQFXHQWUD FHQWUDOL]DGD HQ XQ
SUR\HFWR XQLWDULR HV HO FRQMXQWR GH LQLFLDWLYDV IRUPDV GH
UHVLVWHQFLD GHFUHDFLRQHVYHUEDOL]DFLRQHV\ SURSXHVWDV HVFUL
WDV TXHKDQ SURGXFLGR\SURGXFHQ ODVGLYHUVDVQDFLRQDOLGDGHV
LQGLDV GHVGHVXVRUJDQL]DFLRQHVGHEDVH KDVWD ODV LQVWDQFLDV
GHPD\RUFRDOLFLyQ6RQSURSXHVWDVTXHVHGHILQHQ\UHGHILQHQ
FRQVWDQWHPHQWHVHQXWUHQVHSUHFLVDQVHUHHODERUDQHQPHGLR
GHOGHEDWHPiVDPSOLRFRQRWURVVHFWRUHVGHODVGLYHUVDVVRFLH
GDGHVGHO(FXDGRUGHOiUHDDQGLQDGHOPXQGRLQGLRDPHULFD
QR H LQFOXVR DO FRQWDFWR FRQ ORV GLVLGHQWHV GHO PXQGR
RFFLGHQWDO (VWDVFDUDFWHUtVWLFDVGHODSURSXHVWDLQGLDODGLIH
UHQFLDQGHDTXHOORVSUR\HFWRV\SURJUDPDVHVWUDWpJLFRVDORV
TXHQRVKDEtDQDFRVWXPEUDGRPXFKRVSDUWLGRV GHL]TXLHUGD
YHUGDGHUDVHQWHOHTXLDVPD[LPDOLVWDVLQPXWDEOHVGRJPiWLFRV
DODVTXHVyORFDEtDDGKHULUVH\ HMHFXWDUODV

8QSUHVHQWHFRQWLQXR
(V XQ SUHVHQWH FRQWLQXR SRUTXH D SHVDU GH WHQHU XQD
HQRUPH GHQVLGDG KLVWyULFD QR HV XQD XWRStD QDWLYLVWD GH
UHWRUQRDOSDVDGRH[FOX\HQWHDQWLPRGHUQDRIXQGDPHQWDOLVWD
(VXQDSURSXHVWDFRQWHPSRUiQHD TXHDVXPHODH[LVWHQFLDGHO
(VWDGR1DFLRQDOHFXDWRULDQR ODYLJHQFLDGHXQDVRFLHGDGQD
FLRQDOFRQVROLGDGDODUHDOLGDGGHXQPXQGRPRGHUQRDXQTXH
YLYDPRVHQVXSHULIHULDODH[LVWHQFLDGHGLYHUVRVFRQIOLFWRVGH
FODVH JpQHUR UHJLyQ QDFLyQLPSHULR\ODGLVFXVLyQGHGLYHU
VRVSUR\HFWRVHVSHUDQ]DV\XWRStDV

3OXULpWQLFDtQWHUUHJLRQDO \ SOXUOFODVWVWD
/D PD\RUtDGHSURSXHVWDV LQGLDVHQHOSDVDGRSDUWtDQGH
SUREOHPDVSDUWLFXODUHV\SODQWHDEDQODUHFRQVWLWXFLyQGHIRU
PDV RUJDQL]DWLYDV DQWHULRUHV HV GHFLU HUDQ SUR\HFWRV GH ORV
 3W=
XRSDQXFRXRR HXQ DD$H- DS RSHVQRD
RSH
DH £W" DLXDUQ
HS
OGVD
DPDWSXDGDS ££HVDS RS RMRSRXU ,5 5!SS
VRWSXU VR£ RS VHU VRX
DXURTPZ
VDSXHXUDSVH£ UHUGHRDUDGRSPGQSQX
SHSRSRVH£
H QQXRVRUGRU-3 ]HGHRXW
R!S\!RZDSSXW"
DXDÈQS[DVRVQE
UHUDSLVXRR URGRXHXRLHQRH2!-O-O2GHXUDWVWV UH HXRQVDUUM
āSHS$3!UQXRRVXXRXH
I HSXDR$ RRQSRUG V HQSH (!XD
D$ QV ā3W"G RQE V
F-3 VHZDTRGVD$RVD XUV
VR!SVUT V‡QUZQVQVH RSW"
DDQ
H RQE RSDVHRDQ !DÈG XQ -6 -2G āSPRSW"8-2-G I £WX
UXMQRXUTGVMDGXQDSSHSQHD H ( RSHQRHSHXWDHSSRXD
D
URS
HXQQXRVLS RSHUVSLVXRR G UHXRSH1 RSH UH H!SS-
āV£‡G
DVD( XRUDLXRLVQV RQE VDWPR£-£SW"-OVD-2IW"$ VR£ VS È W"3-$ RS
RSRZ QV RS
呸H呸S RSRPVD QV RS
RQQRG W"ZDW6I6 QV RS

UHXRSH1RSHO6£DS
HXHSRHURDXRSHXH£DS62$-O2OO682! È
62!6<4 VRSHUDSUVXRRVRLRDGVHVR XRHXHSRHQRDSHSDSRVH£H
UHR£SHHDXHZHSHXRSVDQRHQEURG
HRSSRVJāJRSSRDOXDZHS
ā8IO-2-G-DVDS% VD
HVDQGRGW"O6DDS%2O6--D3%-W"! W"-O4
O,--
VHXHXRLHQRD
VVSHSDSRV VH DS RQPUXFR S HUDG HVRSJDXDT DXDXPOQZ
VD VHXUDMTRUG VRLVD RS XRSPRVHU H£ RQE DUDSUVXRR
XQH V\Z
SHSDSRVHHSHSXQMRUGQRSHXQRMVXDXHXQH!2KX£VHXUDMTRUG
VRVDDSXRSUTRVHUH£ RQEH-DS£VXR
!D
VDSHSQHXRSHXRXURR
2O8O:I-282!O-
H-8(-DTRV
(-:282O7,(
RRMGXUD
VRURDUG
XFR
HRQSH
SUTHV
H--DS H RSHZDT-G £DRXURR
VRXUVQX-6 DUHG
VDXFSHRMSXSTDU HDO8WTGDQEXQ\āVDVHSVH£ VHSRL% È VDXR£呸D
VHUVHSRLHHVD$H-H
URSDQRTDXHXQRMXRRRQEVFSHSRSRVVHU
VDSRLHHS
D
S£SRSUVHTHLVHQGRUG,"

OWXDZHSV\SRSDMTXUDR
HTDÈ2+āHV£VHSSQG È %
!OOO"-DWX£
>HXFRHXH£H!$XR
RS SDSSHGHR HXQ 8(-8O RX RLXP -2GVR£SX£ VR£ DUDG VRUSXW
2=呸-O@O-? 88OOO FWHQ
 (67$'23/85-1$221$/ 81$35238(6I$,1129$'25$

H[FHVLYDGHODWLHUUDSRUSHUPLWLU\ DXVSLFLDUXQXVRLUUDFLRQDO
GH ORV VXHORV SRUVX SUREDGDLQFDSDFLGDG SDUDSURGXFLUDOL
PHQWRV \ HPSOHR SRU FDVWLJDU D OD SURGXFFLyQ FDPSHVLQD
IDYRUHFLHQGR SURFHVRV GHGHWHULRURGHORV WpUPLQRVGHLQWHU
FDPELRFRQORVSURGXFWRVLQGXVWULDOHVSRUSURGXFLUYLROHQFLD
LQVHJXULGDG DOWRV SURFHVRV PLJUDWRULRV FXHVWLyQ TXH HQ ODV
FLXGDGHVVHWUDGXFHHQKLSHUXUEDQL]DFLRQHVSREUH]DH[WUHPD
PDUJLQDOLGDGVRFLDO \ PXHUWH
&XHVWLRQDQDO PRGRGHYLGDGLVSHQGLRVR FRQVXPLVWD GH
XQDVRFLHGDGWHUFHUPXQGLVWDTXHSURGXFHDOLHQDFLyQLQFHUWL
GXPEUHLQIHOLFLGDGPLHGR8QDVRFLHGDGLPLWDWLYD\GHVJDUUD
GD TXH QR KD ORJUDGR XQ SUR\HFWR GH LGHQWLGDG FDSD] GH
UHFRQFLOLDUDVXVVHFWRUHVIXQGDPHQWDOHV
&ULWLFDQDORVYLHMRVYDORUHVGHODVRFLHGDGEODQFRPHVWL]D
TXHVHDXWRFRQVLGHUDVXSHULRU TXHKDHVWDEOHFLGRUHODFLRQHV
GHVLJXDOHV DVLPpWULFDV FRQ OD SREODFLyQ LQGLD SRU VHU XQD
VRFLHGDGYHUJRQ]DQWHTXHRFXOWDVXVUDtFHVSDUDPLUDUHPEH
OHVDGD D RFFLGHQWH /RV VXSXHVWRV YDORUHV EODQFRPHVWL]RV
FRDUWDQODYDORUL]DFLyQGHORLQGLR HLQFOXVRODSURSLDDXWRYD
ORUDFLyQ PHVWL]D EUXWDOPHQWH FUX]DGD SRU XQ FRQIOLFWR GH
DXWRUHFRQRFLPLHQWR

$OWHUQDWLYD
3HURDOPLVPRWLHPSR HVXQDSURSXHVWDTXHSHUPLWHXQD
LQWHUSUHWDFLyQDOWHUQDWLYD\RULJLQDOGHODKLVWRULDHFXDWRULDQD
3HURQRVyORHOOR0LUDKDFLDDGHODQWHSRUTXHSODQWHDODQHFH
VLGDGGHXQDUHFRQFLOLDFLyQGHQXHVWUDVVRFLHGDGHVFRPRFRQ
GLFLyQVLQHTXDQRQSDUDEXVFDUQXHVWUDYLDELOLGDG FRPR SDtV
SDUDHQIUHQWDUORVGHVDItRVGHXQPXQGRDOWDPHQWHFRPSHWLWL
YR HQ HO TXHDSHQDV KHPRV DUDxDGRXQDPLVHUDEOHSRVLFLyQ
WHUFHUPXQGLVWD\ SHULIpULFD
$OWHUQDWLYDSRUTXHSODQWHDXQDUHYDORUL]DFLyQGHORVSXH
EORV LQGLRV TXH HV XQD UHYDORUL]DFLyQ GH ODSURSLD VRFLHGDG


 ¼=
āVRSHXDTQVRVFRRUGV
DSVHTHQVHPSVHXUVH XHRSXXXVXRRXW"TDVDQE
VDSPRSH1
VRSPVJ VRU DS VDXRSHO:O VH RSXHUDGQV
VRVMDG VRQVVQX
D£XD 6G--2O-OGO 623/-82- 62> HSHDGQV RQEHXUSWUH O87LO-7,-
HXQāD-S!UX-RUTXUHRUDQQXQHUDGVHQ-W-VVQPVWSVH HW"TH
DV RGXUDS28,6: £HRQERURG
SHSQXVSWHSQVHDQUDQVRXUHS
DQGDQE
UHVLD$-7, ÈHXUVSRXUHXWSXHDUUXPRHXQāH]SVDUXR
8O">4 SDSDSRVH VSVRU È VRXHXRUDQRFRQHVD\W"P-LQ-VRXRGH
VRU XRR RSXHLRGH£ È 73H SHSXXDSW 8,:2-5£ HSPUHG DQE

DLXDWSXDGDS RX HPSXH HP£UR HXQ QQQVXRR ZDO,,5IG

DUSXU %-G8%: %I
H
RXTRV
RPPDVO"3$RSR£S呸XQÈ
RSH[XGRXUVXHQXUXXRR
RXHLUXQXLRR 2S-DXDT £L XRR HQS$3' %$O%3UW-H£ DS XRSDX
‡T:2-H£ SHSQXRSRXULVRGH£RS%-O---%-82-H£ HS62-82:
SRXRR VR£ HS XRZHRRGVR
SHSUXHXPT H£ RS RQPIXRR £R
-2GVDSSQSRUG6%$OO"8-GOIHGS(-O---XSHI:6W" H£
RSX+THT
XDT R£ HQE VHSHSHSRV 6W"6-G$3 VH£ -2G ž3G: 2-O6GQ8 DUTRV
GO8G:--O6-/> VRSHMPXQRHVRtXHQXSRXRRVR£ DSXRSDSXHLRG
HL82-5$O-2S2-G(--8G--<G-2È(: H -H-
DR£
H=GI8-QUHX8- 8'!
(-82:-
%
%È RLFGVHULG
-HSRVSHSPEHH 6GIW"O8G:HS8IO-VRUGS
XXG6>G6 8G RSHVHT
2,2--H呸S RS 2O6G R[DQXXQ HVQD
RFQTRGUHSRGSSRSSGID£D8G
HXRSWP SHSRSRV
H£ XRR VHXRSMSXRR FS SHSHQ XH HGS£XHGRS È G6-(8GVDG
DURPHRSSHSSHGVR QV
(3ž HMXURXRPH8-8-=282!G- DVDQE
H£ XD
H!O-,2G XRSHLXHVDUGDU DS 6O":-2- VH[DQWU (GO8%-G
āV呸PRItID DQXD
H$SWQ£QED È HVRUXRXXHXSHD H È VDX呸
D VRU DS XSHUHU~O
£
H£ DS
VRVH£R FS XRMVDUGQV H RS VHMGRLQ VDSXHUD
 VH DRTQP
ÈDUDGQRDU
RSXXRVRUVFXSHSUVURHWSH£RSRPDSQUXDPHXU,G
[D QVGW"
DXD DQEURSHRJWXQ!DÈR-GXQ
QRDSVR
SDSQP
DS VRLXRQG 7LOO682! HUDG
62-G8呸
D
VDVHS
VDXRU呸ID-
6%-8OG
VQV RS HXHSRUHPD SHS£VD$£S H RS --8W"G XDXHG āU%XRSHX
 (6I$'23/85-1$&,21$/ 81$ 35238(6I$ ,1129$'25$

)LQDOPHQWHUDGLFDOL]DODOXFKDFRQWUDORVFHQWURVKHJHPy
QLFRVDOSODQWHDUODFRQWUDGLFFLyQHQWUHGDFLRQHVRSULPLGDVGH
UDt] QR RFFLGHQWDO FRQWUD ORV LPSHULRV RFFLGHQWDOHV /XFKD
SODQWHDGD HQ HO WHUUHQR GH ODFUtWLFDUDGLFDO D WRGDIRUPDGH
KHJHUQRQLVPR\DOPLVPRSUR\HFWRPRGHUQL]DGRUIRUPDFRPR
RFFLGHQWH SODQWHD ODLQFRUSRUDFLyQSHULIpULFDGH QXHVWUDV VR
FLHGDGHV 1RHV XQDFUtWLFDDQWLPRGHUQD QL IXQGDPHQWDOLVWD
VLQRXQDFUtWLFDFRQWHPSRUiQHDD ORVUHVXOWDGRVSHUYHUVRVGH
ODPRGHUQLGDGGHVGHXQSUR\HFWRDOWHUQDWLYR\ KXPDQR

81$,1129$&,21$75$3$'$ (19,(-26
&21&(3726

/D SURSXHVWD LQGLD FRPR KHPRV GLFKR SURYRFy YDULDV

LQWHUSUHWDFLRQHV 6RQLGHQWLILFDEOHVDOPHQRVWUHVSRVLFLRQHV
XQD TXHSRGUtDPRVGHQRPLQDUODUHGXFWLYLVWD RWUDTXHSR
GUtDGHQRPLQDUVHVHSDUDWLVWD\ILQDOPHQWHRWUDTXHODLGHQWL
ILFDUtDPRVFRPR SOXULFXOWXUDODXWRJHVWLRQDULD DWUDSDGDD~Q
HQODLGHDGHO (VWDGR SOXULQDFLRQDO

/DLQWHUSUHWDFLyQUHGXFWLYLVWDGHODSURSXHVWDFRQVLGHUD
TXHORVLQGLRVFRQVWLWX\HQXQVHFWRUHVSHFtILFRGHODVRFLHGDG
FRPR ORV DUWHVDQRV ORVFKRIHUHV R ORV PDHVWURV TXH EXVFDQ
UHVROYHU VXV FRQIOLFWRV PiV DSUHPLDQWHV GH WLHUUD SUHFLRV
HGXFDFLyQVDOXGYLYLHQGDHWF&RPSDUWLHQGRXQJHQHUDOL]DGR
VHQWLPLHQWRGHFRQFLHQFLDFXOSDEOHFRQVLGHUDQTXHORVUHFOD
PRVLQGLRV VRQMXVWRV \ TXHHO *RELHUQRGHEHUtDUHVROYHUORV
$GYLHUWHQ VREUH HO SHOLJUR TXH VLJQLILFDUtD SHUPLWLU TXH OD
GHPDQGDSURVSHUDUDHQFRQIOLFWRVDFWLYRV \SODQWHDQHYLWDUVX
UDGLFDOL]DFLyQ (V GHFLU UHGXFHQ OD SURSXHVWD LQGLD D XQD
UHLYLQGLFDFLyQPiVGHXQVHFWRUGHODVRFLHGDGTXHSXHGHVHU
SURFHVDGD SRU HO (VWDGR VLQ PD\RUHV PRGLILFDFLRQHV GH VX
VLVWHPD SROtWLFR GH VX HVWUXFWXUD XQLWDULD SHRU D~Q GH ORV
HVWLORVGHGHVDUUROOR\ GHYLGDGHODVRFLHGDGQDFLRQDO


 ¼=
DSH-DQEV 
PSPDHUHGVDXRURQMRVVDQR"XËOHZ RS
]HGVRXW
DSRXURD K DXHPERUUHGXRRGHRXRFDXQ āHXRSH1
RSH£VRS RGQ SP£H O3 VD-2I%$ VRUVDQGQV V XD RXUVWRRUHR
DS È H£\WVD
HQRVTH HSXDD-- HXQ XF QS%S8LO-
HS\UX
DRS
XH£XG-D£X DXQVR OOLTZH£ R-DG 23 PVWDQRX XQ R O"O
VPEUHXVXQ
O"O6-O,7,:2-XQDQXDVHRXDURMUSVDÈH8,XD!HTRX

RVFR D£VD
XRSQMRVWS QVGRSHIXTXHTDQERX£V
VMDGSS
XVUTORSXHQEXHTHRXQXDQEVVTHXRUVHMRUGVHUVQPXURR  VH£
VMQEUHXVVRXQUHGVRSHPGQUHXURSUVXHTDQERX£V
H]FMDPUDX
H£VDDSPVDQGRUGHXQHSVDURPDUDVXDSDQG63 VR£ DQEX
RSWVXRRRRRGXQQ
RSXRM‡XRHQEURGD£XR1āDR呸ZLRS
È >%IXR£RRDX RGXUDX RXLVQX H VD XRHDG-DX£ XV
āDT-VRG2--8,- ,VD
£WP£RH
£DXRS‡1 RSDV‡3 RMHSRXU ‡HQE ‡3 VRSSXFRXRR VDURLRVV
6-O XD È āYYāGGVH HS-2-GO8 UH 2-G36
% RTRQXU RSWXVLHT
RQE XQD-G-D£X HXQ 6 āVHGGS XFSUXRVUS H RSXHQE XHT
HUGXUHUVVHXHMQE-2GHSHGQHÈHSDQGVXLHRXFXUHGQXHHX呸6XRR
HXQVDDQEXHUVSUVXRR RQD-2G
RSH£VD-DSRQXHSVRSHLVH
R VRDDDG VRSHLVH UQRR
RSDVJ £RS SHSUXQ D£ UDGXURU VR
H3žXSXDLXHQRRHDQE-O-$SHVSž3O8G6,
XR
HO6XRS
RQSRU‡,HQE<OO‡V\Z‡‡6O6-6-DGRV XSD£RG-R£X 
O
VDLVDQGFUGVQV LSÈ ž3 ,3XSH-2-H$
H VD H āVW"$SRQSR-GZ VH-D$-2$ HUHG
%-WXDV V R£GZDID
G H--GO H£
VDSV-SDRXRR RSRQE I V呸XRSH`呸H-2GVDSHRR[
2-G
VHSHUDVH[DXRVVHSXHZDSVQVRVQSXWRQEPXDSVXRRVHX
DPE
H$H£D-G-DX DSXDSXDUPVRDSRQXRSÈO"+āH]XD呸D$
DXQHLVHT I H-RZ-DXQ
"ZDT-GXQ
VTTDMQGQUHXU
D£XW"-28呸

XSHSXD-G-3ž VVDXU HXQ

MHPUURLRRV XQRXURR DUGXURUVXDT
SXRRR£ ž3ž -23G6 IO" RQE
-VHVDXHR]QVDXUÈ RSHRQEXDMT
RSXQZ£H HMURSXRGVDQRR V 2>OG VRQG
O"$`"8-DUHX呸H URHG

H-2SW"=£W"TRWO URSQRGPVRQGRUGHXQUHUDXDIRSVRRHGHRXRV

RX 63ž VR£ DQE WXDSVXRR
HSDGQV O HOOI!RDX FQUFXU
HSX-GVR HWVXRS!QSD XRSGVRXRR H
RSXRM S
 (67$'23/85,1$&-21$/81$35238(6,
$,1129$'25$

PLUDUPiV DOOiGH ODV IURQWHUDV RWUDV VROXFLRQHV LQQRYDGRUDV

GHVDUUROODGDVHQSDtVHVDORVTXHDGPLUDQ
3DUHFHUtD TXHHOYHUWLFDOLVPRGHO DFWXDOVLVWHPDSROtWLFR
TXH OD EUXWDO GLVWDQFLDHQWUH (VWDGR \ VRFLHGDG KDDWURILDGR
WDQWRORV yUJDQRVGHHVWHVLVWHPDTXHHVLQFDSD]GHHVFXFKDU
PHQRV GHPRFUDWL]DUVH GHVGH ODV LQLFLDWLYDV GH OD VRFLHGDG
,PDJLQDQTXHORVVXSXHVWRVGHO(VWDGR1DFLRQDOVRQHWHUQRVH
LQPXWDEOHVTXHWRGRFXHVWLRQDPLHQWRHVDQWLSDWULyWLFR\TXH
ODVROXFLyQQRHVRWUDTXHVXSULPLU\GHVOHJLWLPDUODSURSXHVWD
HLQFOXVRDVXV SURSRQHQWHV 5HDOPHQWHHVXQDYHUVLyQDXWRUL
WDULD GHO (VWDGR 1DFLRQDO SURIXQGDPHQWH LPEULFDGD FRQ OD
GHIHQVDGHO VWDWXTXR
/D LQWHUSUHWDFLyQTXHFRQFLEHDODSURSXHVWDLQGLDFRPR
UD]RQDEOHPHQWHYiOLGDH LQQRYDGRUDSDUDHO FRQMXQWR GH ORV
HFXDWRULDQRVHQHOVHQWLGRGHTXHEXVFDGHVDUUROODURWURWLSR
GH (VWDGR \ RWUR HVWLOR GH GHVDUUROOR \ GH YLGD WLHQH D~Q
FRPSUHQVLRQHV EDVWDQWHGLVSDUHV\PDWL]DGDV TXHKDQLPSH
GLGRVXPD\RUGHVDUUROOR
(QPL RSLQLyQHO SUREOHPDIXQGDPHQWDO UDGLFD HQLGHDU
XQSXHQWHHQWUHODGHPDQGDLQGLD\ ORVSUREOHPDVGHODVRFLH
GDGHFXDWRULDQDHQVXFRQMXQWR (VGHFLU HQFyPRUHVROYHUORV
SUREOHPDV GH WHUULWRULR \ WLHUUD GH DXWRQRPtD VREHUDQtD \
UHSUHVHQWDFLyQHQHOVLVWHPDSROtWLFR GHPRGRTXHVXUHVROX
FLyQLPSOLTXHODFRQVWUXFFLyQGHXQDVRFLHGDGDOWHUQDWLYDTXH
UHVXHOYDWDPELpQ ORV SUREOHPDV GHO FRQMXQWR GH ODVRFLHGDG
QDFLRQDO U

/D SRVLELOLGDG GH FRQVWUXLU HVH SXHQWH VH KDYLVWR EOR

TXHDGD HQ PL SXQWRGHYLVWDSRUHOLQDGHFXDGRFRQFHSWRGH
(VWDGRSOXULQDFLRQDOFRQHOTXHVHFRQFHSWXDOL]DXQLPDJLQD
ULR TXH YD PiV DOOi GH ODV DWDGXUDV TXH LPSRQH OD LGHD GH
(VWDGR&RQVLGHURTXHODQRFLyQGH(VWDGRFRPRXQSRGHU
FHQWUDOL]DGRHQWUDED\SRQHOtPLWHVDODXWRStDGHFRQVWUXFFLyQ
GHXQDVRFLHGDG SOXULFXOWXUDO MXVWD VROLGDULD \ EDVDGDHQODV


 2W=
RSHUVTSDQXRRSHSDRRV%- % D-G-HO-- H
286
%-%6DRDXHDHPQ6GHVDRQEXQH
RSQ6 HHXRSUSDG
H %3L3 DLXHXTDQXHR O"--%O6G RX
%3ž "SQ£ %I
RLXP -2G
VDURSDDTDQXFFVDURSRGVRMDSVHUQSPHVH WQV
SHSRSRVH RS
XSH]XHIRDSVHSLPRSVD呸RQHVHXQRM5XVWTVVXURSWUHQPGD

RSHVXQHX£HZ RQE2O8O63 XDMTR H \DV

RSH££QVD £D
DXDZHXQDV3%38OGSRZ% HS2WGÈ2-G£H VRRQMUR628-GS2:
LVRG6GWQXDSSDVDXDSV£S62DS!O---%,82-
6%368=8%-
VGVH6%-
6G-%6G-G6G3%382:2-VH£ DSRZV£XHZQT-GÈ VDVHS
VH HS XRUVDUGQV DS
DX\ DS VHSXZLO-3 VH HS XRMVDUGQV
HS
6%O6L-ƒR£R!DVVMGRPVH XRR
6%3 VHUVRQGRUG È 6%$O%3
VHU R3 RX RMTHQG DS HSXDWV£VD HS VDSHSQHSRZ VHVD$£S
VH£ XRR
H£SXI HSXDO66G- HS VHSHSTHSRXL VHV-GK3 6%, XHXQ
RQE VRLXFQG HS RLXQtXRR XQ
-SDS VR
H-QQSQG RLXDXX
DVXDG XQ UDDUR HSDTDS ‡38 HLVRQGRUG H£ RQE
RVXDG
āH£SX£ SHSDSRVH£XRRHSSRXLFI DXDRGD-GXSHD- QV
DG呸 XQXDRSLD--2RH--THTRXHQEOO=O62:ÈHSHDQEXH£TSHS
HSRVHXQ HSVRSHTXUH HSVRSVHSHPQ
HSX呸DVDSVHSX£ VDX
RURDXXH--%G--]D$HO È 6--88-62 XHSH]S0% V\]QEDQE

6:G^T2-G 6G-2ÈHZ 8G VHSMXPV

VDLTH$8 VHSRLVHXURXFPH
VDXRMiDU R VRSHUVJ VRXDQEDG FRRS R HFXR VRXUHSHDF DQE

SHSDSRVH DSRQPIXRRHRVRSJRXHTR$SH8-GO^
%RSDOGXQ
URXRGRUGHUHGWTSX£3(3+(38G-RGH VRPHXDLHXURQEHSH-£XR
XR žO6 āVDV-W"G 62-O2 XR VHSHRSW VRXRSUTRV VDQR O" RLDRGVDU
RVRSR[RX RS DSDX 呸 RQXFQRXF RX
H£SX£ HLVRQGRUG H£ DS
XSQRVDH£H-DOO-5O6āRSQXQHSXRSRQQVXRRO"- DVUXUDLG
URG H呸8GO DQE SDSTHSRXU H URPESPR R VHZRXQH VDX
R
DXRRVRSPVJXD?VDSHSQHXRSHXVHVD$£SRSVRHQDUDSFM
VRSHLVJVRU RPRR VRMRSRXUXDUHVXFGHVDPHGLRQUHG VRU H H呸
QTRāRSHPJSSVDQXMQFVHVD$3VH£HSVHXRWRUSHQVDURIFWQ
 $OOO"2OO8O67
9,È$
FRVPXFDRYUX FRVUVR
呸呸
 /&8È92O"

,1752'8&&,21
O3XHGHJDQDUFRQVHQVRHQODVRFLHGDGHFXDWRULDQDODSUR
SXHVWDLQGLDGHFUHDUXQHVWDGRSOXULQDFLRQDO" ¢HRQTXpHYHQ
WXDOHVDOLDGRV FXHQWDHVWDLQLFLDWLYD\ FXiOHVVRQORVHQHPLJRV
TXH GHEH HQIUHQWDU DLVODU R SHUVXDGLU" /D HVWUDWHJLD \ ODV
WiFWLFDV XWLOL]DGDVSRUHO PRYLPLHQWR LQGLR HQ HVWRV ~OWLPRV
DxRV GHVSXpVGHOOHYDQWDPLHQWRGH SHUPLWHQPHMRUDUOD
FRUUHODFLyQGHIXHU]DVYDQORJUDQGRUHVXOWDGRVFODURVTXHQRV
OOHYHQDSHQVDUTXHHVXQDSURSXHVWDYLDEOHD\XGDQDFRQVROL
GDUODV SURSLDV IXHU]DVGHOPRVDLFR LQGtJHQD\ JDQDU ORV VXIL
FLHQWHV DOLDGRVHQODVRFLHGDGQDFLRQDOSDUDFUHDUXQDIXHU]D
VRFLDOSRGHURVDTXHODLPSXOVH"7DOHVVRQODVSUHJXQWDV TXH
XQDHYDOXDFLyQGHORVUHDOHVORJURVGHOPRYLPLHQWRLQGLR SRQH
VREUHODPHVD
'HVX\R UHFRQRFHPRVTXHHVWDVSUHJXQWDV VRQSHUWLQHQ
WHV 3HUWLQHQWHV SRUTXHHVWDPRV KDEODQGRGHXQPRYLPLHQWR
TXHKD ORJUDGRXQLUODVSHUVSHFWLYDV GH RQFH QDFLRQDOLGDGHV
LQGLDV YDOH GHFLU GHO VHFWRU TXH FRQIRUPD ODV UDtFHV GH OD
VRFLHGDGHFXDWRULDQD 3HURQRVyORHOOR6XSURSXHVWDKDGHV


 =W=
VS VDXDUXD$-GVRUHUHT6?"8, VRLRQSRUGXRR VRSDUXUDUG ž36
XHMTHT WXDXPX HXQ呸H RS RQE
RXHTP -RSDV SS VVLXHQTHX
VR£HRLSMVTQVDRRRGXQQRXURR
HUQVQSXWH£RSXRWRRDLRUGÈR£S
UVTQVSUDXDPHXL VMTUVRG OO- RX
RSHXRUVXDQUWSDUTRV RSHLVT
XQ DS VRSHDXG È 62!-T>GVRVH呸 V HSXHX- DMTUVRGXQ R]£T
DV
XRDÈQX£Z63 VDH!6- VHUXDU VH VVXRURUSUURR VHLVHX
āHSSDGHSHR呸SH£ RXUPRXDSDV
DQER£HS
RUSDQRRSTZRVDVDXRUHLDMGXURR
HDDG%-2G呸 H£
DSVRVDƒX VHUSDV `SXRD!TVRSH[XGVDURLRHVV È RSHV
£DRQE RIDXDXU £HZ £D È 84-GUX-2! H
HXD[D DSQDSHXXRXD
% DS 8468GH£
VRXUDL[H62O3!-! 62 DSXRURRQSDL%-
RDUDG
£DS VRWRDUG V DS HSMDR H
VD£HZ RS RXTRR W:"G āSXS£$WODG
XURR HIHTQVRLXDXPH È XSH-' % DD!H HQE XRXVDQR
VR
RQSFUGVRQVDQXDSUH V-呸$VLVQDURXHGQVDU\ %-RXQ%,I
VRXPVXM 62 HSVRSHUGVR£HS I%XRSHX-DO8 RQUDPUSDUR £DRQE
RLXQGUH H
RMTXUHRUDLXWDS628-:-!O62 RSRURXHWHSDDQ- XQ
RXUQV DV R££D YāRSWQIIHXRS"XDX RSHRUVXU XQXRRUXDGXURR
RSQG RX
FSSQSDU RXURQQ RSHRUVXU XQ XRR HTDQURR VHXUVSH
VQEI
HSW"XRGZ£"-呸IRRXD I VRXPVXWVSHMSXFGFSRQEDO8DS
U-DX£ DHS£DGDTRV HXLVQSXU H SHSPTH£$X£ QV XRUHQVRXU
R£DSRZ£DSVDXRSHUX,VDXQRXTāVRJVR£DSHSHRSH£XR£H
VWVMURXDFQXHOXDVMHG£DXDSUXDVDQEVDXRSDQRGXQRS
XRSPQVTQV VS W"-$ W"- -2G XSH]QHSVQSX DSRMRSRXU 
2O;O12! 
āSHSPTH£$ QVUXUT
MH! RXHVDRDX HQVD
URSHQFTSXDHSXDQ,-8 PXRSHXHx
HTHUSXDLVRQGRUGO"-
VRXRDHUVHLVHRSHUDPESPR-2G6 āHXHS
RUHQRDSDSDSRV O"- HSRL HUHG 262---DXDT UDV DSDQG RLRDURUG
QV DQE XDQXDQRXD DQEURG R VRUVQIVRSUSRG VQV UDUDSUVXRR
RSVDSXX$ DQE
VVXR]DLDSRGX26--$3-2G
URSHURJMDS6O"3
RXVVSDSVSRV6O"RSVDLRLRFVVRVRURXPXRS VXDX£ SRSHXDG
 /$ 35238(67$ ,1',$< /$ &216758&&,21 '(81&216(162

XQVHFWRUFDPSHVLQRFDVWLJDGR ,UUHPHGLDEOHPHQWHHO PRGHOR

WRFyWHFKR

$SDUWLUGH VHLQLFLDURQODV SROtWLFDVQHROLEHUDOHVGH

DMXVWH 7RGRV ORV JRELHUQRV GHVGH HVH DxR LQGH
SHQGLHQWHPHQWH GHVXILOLDFLyQSROtWLFD DSOLFDURQHVWHWLSRGH
PHGLGDV DXQTXHPDQWXYLHURQXQGLVFXUVR UHODWLYDPHQWHGLV
WLQWR FRPR DSXQWD $FRVWD 5HFLpQHQ  FRQODOOHJDGD DO
SRGHUGH 6L[WR 'XUiQ HO GLVFXUVR QHROLEHUDO FRLQFLGH SOHQD
PHQWHFRQODV SROtWLFDVTXHVHHMHFXWDQ

+DVWDHO PRPHQWRIHEUHURGHHOJRELHUQRKDSXHVWR
HQPDUFKDXQ PRGHORQHROLEHUDO GHFUHFLPLHQWRKDFLDDIXHUD
EXVFDQGRLQWHJUDUVHPiVILUPHPHQWHDO PHUFDGRPXQGLDO HQ
ODHVSHUDQ]DGHVXSHUDUODFULVLV /RVQHROLEHUDOHVFULROORV TXH
KDQ UHVXOWDGRHQHO GLVFXUVRPiV UDGLFDOHVTXH ORV LQYHQWRUHV
GHOPRGHOR WtSLFRFRPSOHMRGHOEXHQPXFKDFKRQHRFRORQL]D
GR KDQ LPSRUWDGRHVWRV SODQWHDPLHQWRV SDUHFHUtDTXHHVWiQ
FRQYHQFLGRV GH TXH HOORV SRGUtDQ UHSULVDU OR TXH ORJUDURQ
HFRQRPtDV FRPR ODGH7DLZiQ &RUHD 6LQJDSXUR &KLOH TXH
VHJ~QHOLQIRUPHGHO *$7,$FXHUGR*HQHUDO VREUH$UDQFH
OHV \ &RPHUFLR FUHFLHURQ SRU KDEHU ORJUDGR FRORFDU HQ HO
PHUFDGRPXQGLDOJUDQGHVYRO~PHQHVGHSURGXFWRV/LEUHPHU
FDGR H LQLFLDWLYDSULYDGD KDEUtDQVLGR ODV OODYHV PDHVWUDV GH
HVWHFUHFLPLHQWRLPLWDWLYRHQHO TXHSRFRLPSRUWDQORVFRVWRV
VRFLDOHV \ HFROyJLFRV

(QHIHFWR ODV PHGLGDV HFRQyPLFDV \ SROtWLFDVSXHVWDV HQ

PDUFKDLQWHQWDQORJUDUFLQFRHIHFWRV

 3DUDXQDQpKVUVPiVGHWDOODGRYHU5DPQ*DORHWDOO‡$FWRUHVGHXQD'pFDGD*DQDGD
7ULEXV &RPXQLGDGHV\&DPSHVLQRVHQ OD0RGHUQLGDG
 &2081,'(& 
 $FRVWD$OEHUWR7ULEXWDFLRQHVGHXQ SDtV VXEGHVDUUROODGRHQ5HYLVWD (VSDFLRV1R O
HQHUR &,'(64XLWR


 WW]

%- DQE DTQRVDS VRXUDT
FXHGHXQRS VRSWDHLVTRVDSPXt
VFS RSDQXRRXD (W£ XSHQO"$DS H RS (-$ 8I -2G VDXRSDXRG
[D VHL H RMQXPVDD
RMGXUDOD G -69 FXRGQV 呸XT, RSHRUDXU
XQ FQE (--8,482-D SHSQHXRSHU H HQH- RQEURG RXUV
XRRQS
2-G VHQD RQEVD£HSRVVRLVRR VRSH$D£D VR£ G VRXRSHQXQ£ RS
HLHQDV21āHSH!3FMTUVRGQVHSQSXDXDXRGDQEVDXRS%OI:+
VDUDVDV RSDQXRRUUD DHTDTRUHXU XR VPVRQGVHSWSRXU 6O"
-
āH]SH$SGDSXQDG DV
DQEVDVDUGXLRVH VSHUGXURR %- XDOVHXUDU V"$DQXXD846-G$8
H£ -G%-O% HUHG RLXDQFHUHQHS XDZ£!- RDDQX XQ GÈ7,,-8 DQE

DUD@XDQ[D846-D$XH HVDQDQG6%-RXDUTHXHTDV
R£X£Q4

X!H-8X£ ‡3VRSHLRXRL
VD£%G8SGVR£VRSHUDSUVXRR
VHLXDXURRVR£VHVRMUHMDTHUDGRX
HZH QVUSQSDUÈGO8G23VHXURSHRHTHUDGRSHVH-H]QH-£
XDRVDS呸VDHHVDVDVRUGXUFVH DSVDX2-=OH$SGFSRLXQIXRR
XQHS-,I VDXXD-VHDS VD RSHRLXHMGHTRLXHXURXL SHLVDT
DQE
9,,912!
XRH]O-LRSRZHS£PRž1RIRVXRL‡RSDFUR
RSWV H
DSDH-HGāUHSXQZRSHRUVXL DXDHXDGXRSUHVX£
H£ XDSMGXQ DQEVDH
DD VDXRSHS
DD-VH VHSD£HX£ZODÈ %-:28
RFD H XD XSXDKODX QV --28-8,63 DSRSXXVVDXD
RSHV
£DS HXQRMDU DXQ HRVQT DV VHSLSDXU VHVD H RLXQ@
£HQ

DXRGVXH È XS3-
MXUXXRRVSVDXUDLVUVVR£È VRSHRUVXUVRVDH VRSHMUFXWHVDURLRQS
GVRMRSO"-
DR£RX-DH DXDZHSDGVD
HXHSR£HQDHMXURXRRR
H£ WXH]PDSRZ RVVRRUG DVD RQE HDSVXR! DV
DD

RXUDW[DRSHRUDXU £DDUHGXFSRQSRUG%I H
DXDXRV X
DD H HWX
DD8 DQUDXTHWRFGVFÈ VDXRSHXRG[D 6%
-%--6-D$£SHRVQTDVRQER£XRR
HSQ]DXD$I(1:2^2XRR
RX
38%£HXRITQVRSHRUVXLDHTRUHXUXFRVQGDV
RSXQ
i
DV

FLXFXUHSHXRRURGRUGVFSRSSDURHTDQE RXHXHT£DSDXDZ
£HSDGVD
VDHXR£SH VRXRURDQRG[D 6%- RS SHS£$3IWDGZR-
(O PDXHZ XHRVQT RSH
DHGDTRV P£S XQ XRR
DZ£LG
O8O@,£? 8:?0 "
 /$ 35238(6I$ ,1',$< /$&216,%8&&,21'(81&216(162

SUHWHQGLGD PXQGLDOL]DFLyQ GH OD HFRQRPtD HV XQ PLWR HQ HO
PXQGRVHIRUPDQ EORTXHVGHLQWHUHVHV FUX]DGRVSRUODVGLIH
UHQFLDV QRUWHVXU \ KDVWD SRUOD QXHYD JXHUUD TXH VH SHUILOD
HQWUH OD &RPXQLGDG (FRQyPLFD (XURSHD\ (VWDGRV 8QLGRV
TXH QR YDFLODQ HQ URPSHU ODV UHJODV GHO *$7,FXDQGR VXV
FRQYHQLHQFLDVUHJLRQDOHVRQDFLRQDOHVHVWiQHQMXHJRWDO HVOD
H[SHULHQFLDTXHVHGHULYDGHO SUREOHPDGHO EDQDQR
3HURQRVyORHOOR 'HRWUDSDUWH DXPHQWDUODFRPSHWLWLYL
GDGGHODVH[SRUWDFLRQHVDWUDYpVGHGHYDOXDFLRQHVUHVXOWDRWUD
IRUPDGHVXEVLGLRTXHQRSHUPLWHTXHHVDVSURGXFFLRQHVVHDQ
PiVHILFLHQWHV(QHOFDVRGHOEDQDQRODSURGXFFLyQHFXDWRULD
QDHVGRVYHFHV\PHGLDPHQRVSURGXFWLYDTXHODFHQWURDPHUL
FDQD $O PLVPR WLHPSR HVDV GHYDOXDFLRQHV GLVWRUVLRQDQ OD
HFRQRPtD DO LQFHQWLYDU HO PRQRFXOWLYR TXH D VX YH] JHQHUD
JUDQGHVULJLGHFHVDODKRUDGHWHQHUTXHGLYHUVLILFDUODSURGXF
FLyQ IUHQWH DHPHUJHQFLDV 3URGXFH WDPELpQJUDQGHVSUREOH
PDVHFROyJLFRVGHULYDGRVGHODVLHPEUDGHXQVRORSURGXFWR\
HQRUPHVGHSHQGHQFLDVILQDQFLHUDVPX\GLItFLOHVGHFXEULU

3HUR D~Q KD\ PiV (O WDQ HVSHUDGR FDSLWDO H[WUDQMHUR

SDUD LQYHUWLUHQQXHYDV UDPDV\ FRPSUDUODV HPSUHVDV TXHVH
SULYDWL]DQ QR DSDUHFH R VX SUHVHQFLD HV PX\ GHOH]QDEOH (O
SHTXHxR PHUFDGR HFXDWRULDQR\ HO KHFKR GH HVWDUXELFDGRV
HQWUHGRVSDtVHVGHJUDQYLROHQFLDGHVHVWLUQXODDHVRVLQYHUVLR
QLVWDVDPHQGHODVSULRULGDGHVPXQGLDOHV HQODVTXH$PpULFD
/DWLQD \ HQ FRQFUHWR OD VXEUHJLyQ DQGLQD VH VLW~DQ HQ XQ
VHFXQGDULR TXLQWR SXHVWR &XULRVDPHQWH ORV FDSLWDOHV H[WHU
QRVPiVDFWLYRVUHVXOWDQVHUORVFRORPELDQRV VLQTXHQDGLHVH
SUHRFXSHGHVXSURFHGHQFLD

'HRWUDSDUWHODGLVPLQXFLyQGHO WDPDxRGHO(VWDGRHVWi
SURYRFDQGRHQRUPHVSUREOHPDV0LOHVGHHPSOHDGRVVRQDUUR
MDGRV DODGHVRFXSDFLyQHQXQDVLWXDFLyQHQODTXHHODSDUDWR
SURGXFWLYR SULYDGR \ S~EOLFR DSHQDV DEVRUYtDQ XQ  SRU
FLHQWRGH ODIXHU]DGH WUDEDMR &RQHOORHO GHVHPSOHR TXHVH


 W=
DS VRSQUHGV VRSR£
RTRDT DDāVHZJ3O"-%GDSHSXDID$XRR
DXQ DVRSX?8O6JD
HTRDDS R RQXVR RS VRXRSGR VX UHUHGHV
,3--3 VD RQE RZVQHDTQRDD H RLXHL RSHRUHRH HT DV
VRX
RSHXRGXQRSXRSUXXVTQVH RS%-W?HG-O"=I5-O6QSX RS
RQRHVDS RS HZJSHHG QVUDSUDG £H
VRPH]XHUVD VDS(3)
)`$
VQVRSUDVDGH
RSQRGRQXDRRUGRUG£āVD£VRXDG
āHDTQRDXRVUQRVWS ,3RSHLGRUGH XQT
DV%8%SRUPRDPSDDSH FSVRSXUHG62- XDVRSW"DXQHFQE VRU
DSXHXJ62 È VDURSHXRG[DRUVH V
VD£HSVQSX£RI" VDURLRVV
V XDDLXDXTDSDGVD
VRXHVDUGXURVR£ VRSRU XFDUXFVDUG\VD
XS!$8! WQVMDXHVDUGXUDRXUVXHXUVVUG-3-8-ODRXLRR

HDUTH %-:282-G DS VRVMHG 62I -2G RSXIIR XD呸SD 

 
VR£HRVRXUVQDRRVVR£VSRSHTRSH RVVRRUG2:6%-RTRRX
āV6-2 H RSVRXUHRHV RSFQGHLVRQGRLGQVRQEHSSHSDSRV‡ XD
RVXDVXRRDSXQRSHDUR XHT呸WW"-DTQRDXVR£
HSXQMRUGVWVXR
DXQ XR HSQQQV HXHSRHQ!D HSUDPE]U W" VSVVS 63$SHXD£H
X£VI HIZJDSRXD£TRJ,XRR2-O,2GXD! £DRSHVHUH
V,H£HSH£H- VR
2,21,2O$2OOG6IOOI$ 6,IOIIO
¢[DXR! 2$DQXDVDXD RUSXL!DÈ2-G
£( VPVRQGR VHSHHSUQD VH]URQM VH I VRSDTH VR£ XRV VD
\QQ
RUSX@R£RRGRVDGRVUXTH\RTRSRQEVHUXDVDSDSX
RXGVRXHXRRVDVR[DQX8?8G!DHGH
V2!+--2GVDURLRHVR[RQX
RSRLXDQXRDUHGHDX\WTQZSVD
RSH£DSVHXQRMDUVH£ È HX
HXRUHQRDHMXURXRRRH£RSXFSH]XHXQUGDU(-
XRLRHPXPRDDS
R£DSRZRDDQXDUVFRSHTRUHXUXDPVRQGH£
RVHR RSD£
¢R£DQTHDS V XRRRZVQ
HUFTQRDX £D XDX£VQ HWXHU È 2-!HV RLXHLDXDGW"- ,--W"$ £V
XDLXQxDUGDVVRXHXRUFQRDV
RVRRRUG£DSHPLUHH£VDYRUXDS
UHG 26 £R \UQVLGRTRV R£XRZ£S\- RLXDSURG YāWUH HTH呸R££
RQE RVMGXURTQV £D È \HHG63 DV RLXDS G O
WOXD %4(7LOI6
RQL55$ OOOOOOP, P3Q
 O$35238(6t$ ,1',$< ,$ &216758&&,21 '(81&216(162

FHQWURVHHQFXHQWUDQFDPELDQGRFRQXUJHQFLDVXV SRVWXODGRV
SDUD SRQHUVH D WRQR FRQ HO QHROLEHUDOLVUQR /D 'HPRFUDFLD
3RSXODUSRUHMHPSOR KDHOLPLQDGRGHVXSURJUDPDODLGHDGHO
FRUQXQLWDULVPR TXH DXQTXH MDPiV OD SUDFWLFy OD HQFXHQWUD
PROHVWRVDSDUDVXQXHYRSHUILOHPSUHVDULDO
(VWHFOLPDPXQGLDO\QDFLRQDOIDYRUDEOHDOQHROLEHUDOLVPR
KDSHUPHDGRWDPELpQDEXHQDSDUWHGHORVPHGLRVGHFRPXQL
FDFLyQ D GLYHUVRVVHFWRUHV GH ODRSLQLyQS~EOLFD ODV )XHU]DV
$UPDGDV HLQFOXVRDDOJXQRVVHFWRUHVSRSXODUHVƒ (OORVH
H[SUHVyFRQFODULGDGHQORV~OWLPRVUHVXOWDGRVHOHFWRUDOHVDOD
VHJXQGDYXHOWDGHODHOHFFLyQSUHVLGHQFLDO SDVDURQGRVFDQGL
GDWRVTXH UHSUHVHQWDEDQ DO SUR\HFWRQHROLEHUDOTXHVXPDGRV
FDSWDEDQ HO  SRUFLHQWRGHORVYRWDQWHV
&RQ OD LQFRUSRUDFLyQGH ORV HPSUHVDULRV DJUtFRODV VHUUD
QRV D OD DJURH[SRUWDFLyQ GH IORUHV IUXWDV KRUWDOL]DV PDt]
FRPLHQ]D D HVWUXFWXUDUVH XQ QXHYR WLSR GH DOLDQ]DV HQWUH
DJURH[SRUWDGRUHVVHUUDQRV\FRVWHxRVFXHVWLyQLQpGLWDSXHVWR
TXHORVKDFHQGDGRVVHUUDQRVKDEtDQRULHQWDGRWUDGLFLRQDOPHQ
WHVX SURGXFFLyQ DO PHUFDGRLQWHUQRRD ODDJURLQGXVWULDORFDO
/D FRLQFLGHQFLD GH LQWHUHVHV OH SURSRUFLRQD XQD IXHUWH EDVH
VRFLDO DO SUR\HFWR QHROLEHUDO TXH WHQGHUi D GRPLQDU SRUXQ
EXHQWLHPSRHOHVFHQDULRSROtWLFRHFXDWRULDQRKDVWDTXHUHVXO

 /DVLWXDFLyQGHODV)XHU]DV$UPDGDVHVFRQWURYHUWLGDGHXQDS7H FRPRHPSUHVDULRV

\GXFIORVGHODWLHUUDHVWiQSRUOD SURIXQGL]DFLyQ GHODVSROtWLFDVQFROLEHUDOHV SHURGH
RWUD VRQ HPSUHVDULRV HVWDWDOHVTXH HQ OD OyJLDQHROLEHUDO GHEHUtDQ FHGHUDO VHFWRU
SULYDGRVXV HPSUHVDVSRUTXHHVWpQ FRPSLWLHQGR GHPDQHUD GHVOHDOFRQ HO VHFWRU (OOR
VH FRPSOHML]D D~Q PiVVL FRQVLGHUDPRVTXH ODV ))$$ WDPELpQ HVWiQ DVXPLHQGRHO
GHVDUUROOR HQ ORVVHFWRUHV LQGtJHQDV HXHVWOpQ TXH ORV FRORFD HQ HO GREOH SDSHO GH
EHQHtDFWRUFV‡\ FXVWRGLRVGHODVHJXULGDG QDFLRQDO 1RVHDYL]RUDWRGDYtD XQDVDKGD
FODUDDHVWHSUREOHPDSDUDVDEHUFXiOVHUiVX SRVVFLpLUHDO
 (QWUHWRVVHFWRUHVSRSXODUHVTXHSRGUtDQVHUDWUDLGRVSRUODSURSXHVWDQHROLEHUDOHVWiQ
SQQFLSDOPHQWH ORV UDPSFVLQRV FRVVHHRVTXHVHJ~Q 5DtDFO *XHUUHURRULHQWDQ OD?2WD
OLGDGGHODSURGXFFLyQDOPHUFDGRPDQH-DQHQWHQRVGHUHQWDELOLGDGPFOXGRVORVFRVWRV
ILQDQFLHURV WLHQHQHVFDVRQLYHORUJDQL]DWLYR\KDQSDUWLFLSDGRHQDOJXQDVRFDVLRRHVDO
ODGRGHORVDJURF[SRUWDGRUHV ,QWHUYHQFLyQHQ HO6HPLQDQR7DOOHUVREUH OD1XHYD /H\
$JUDQD GHHQHURGH 


 3=
VDSHVR[RQX 62- H WTDOQO"- -2ÈO"8, 82- 628OO"=>O"8% 6
RTRQXU
%=$3%)W- DV RQD RDG āVRSW"IIH DQXDQRXD ž,3 RSD?G D
DQE,3--3DHG
PXRVRSDXDZRSDP" QRURDUXUVHU 
VRSHQHVR
āVDSXS6-D$UXQH HS
D RSXH]XHSXQRHV
VMDGDXDD!DLHGH H RSH]XDXURR XDTFQE
VRSHDXGVRLUXXVXU 62 XRVRSHXQRMUUHUDV23GÈ2-G  -`I7LED-
DQEVRUSDQRVR£
RGXUDX2:6:,9āRSHQ!DGRHURLRHVDDUDG
2O'9*1IOGI9*,RXURR
VHR££RGVH£UHVXFGDUHGHSD]HX
RWRUXQVXW%!X\R SHSOHQ!DLQX DXQUHDLRHRSH]XDXUFFQT
HDT+RDX DÈG D
RRRGWXDQ- D6 -2G āVD£H VH]DQ-
HS XSH£D H HDH ,383 DLXPVDT D!HT HQE XRXVDQR

VHSX]OHXRRDXVXH XRV VRXRUVSDS HS HSRIXZ 

 āD-9
HVRD£RDUDG>HXRSHXUVLXMHSXRLYH£IUXV2-,2--HVRD
HSRXHRRZHX RRXHJ£R
,‡SXQY£ RRXHJ£R
-Y£££HXRR
DXUVLX@RSWQDXRZRSXRM W3DXDZ£HSDGVD
VD£HXRSHXDX
VRXLVLXH[UR VR£ HS %!XDQXX HVRUVSRG HXQ XRR HXDQ VD£H-
VTTRRX VVLVDQGRUG VH HS 8 !%IQ:-2- 3-
DXHGH£-2G
āHWSX HLVDQGRUG H£ RS3‡3,žH£ XR-O32:VUHGRSHGVD
RTRQXUDSFQERRRGXUHLRXLRR
DXDSSRRSRMMRUUHVDS£D-(O:
H-S-H£ HLDXW"Z RS HXDX DQE HUVFQGRUG HVD DS SHS£V-D$-DG
H£ QXDHSH H RX
RLXDXURXU S -2G
HXDXRLDQRD SDSDURFV
&
 āVD-H£QGRG VRURLRRV VRVUDFS VRU HS VDVDDX VRU XHIRD-
DQE VRLXDLRG 6W"$SHX-DO-% VHLVDQGRUG ÈHT RX DQE S XD
VD£H-
FTTRDX VR£ -2G RS"ZR R£-%XDVD XQ 6 āRSDÈGDVD-W"=+
£TH£$ DUDGVRXFRUSXFR VD-2IDZ 65, -%D-`S XRWRWUQMXDURLRRV
DVDDSVDSVRS%=O(83XHXDW
VMHGDXDVRGXLRXVRVDXR8%-O
V£呸-RVRQEVRUTXUHR VFTHGRXXG62 RQEW"-LG[D
£H-DT-RDX
-DÈR-GSRSH-呸R£O"W£ DQERVXFVXRR £HQ£HS
RxUHTXUH6
UDSRG DSHLRQFDXQRXDHXQWUDUDXURUFU
VDURSHXRG[RRUiHVDLRLRRVVR£
O"-:2XRDO"VSXFSD]XHXPGDU
RSRVFRRUGXQXDRQE
H£XDQXRDVDZāHSH-W"-QVD£XDS呸DD£
R]呸UQ£H?YR XRUHR
 O$35238(67$,1',$</$&216758&&,21'(81 &216(162

VRFLDOHV TXHVLELHQQRWLHQHQPXFKRSHVRHQHODFWXDOPRPHQ
WRVHWRPDUiQHO HVFHQDULRHQHO IXWXUR
8QRGHORVDOLDGRVSRWHQFLDOHVHVHOPRYLPLHQWRHFRORJLV
WDDOPDUJHQGHODVGLYHUVDVFRUULHQWHVTXHH[LVWHQDVXLQWHULRU
+D\FXDWURHOHPHQWRVGHFRQYHUJHQFLDPX\SRWHQWHVHQWUHORV
HFRORJLVWDV \ HO PRYLPLHQWR LQGLR SULPHUR HO UHFKD]R D OD
H[WHUQDOL]DFLyQGHORVFRVWRVHFROyJLFRVGHORVSDtVHVGHO1RUWH
HVSHFLDOPHQWH DODLQVWDODFLyQGHLQGXVWULDVFRQWDPLQDQWHVHQ
QXHVWURV SDtVHV R VX FRQYHUVLyQ HQ EDVXUHURV GH GHVHFKRV
Wy[LFRV /RV QHROLEHUDOHVFULROORV HQVXGHVHVSHUDGRDIiQSRU
DWUDHUDOFDSLWDOH[WUDQMHUR QRKDQLQFOXtGRUHJXODFLyQDOJXQD
HQ HVWH VHQWLGR VHJXQGR OD RSRVLFLyQ D OD LQWURGXFFLyQ GH
SDTXHWHV WHFQROyJLFRVDOWDPHQWHFRQWDPLQDQWHV$OLJXDOTXH
HODQWHULRUSXQWR ORVQHROLEHUDOHVORFDOHVSLHQVDQPRGHUQL]DU
VXVDSDUDWRVSURGXFWLYRVFRQWHFQRORJtDVGHSXQWDVLQPHGLWDU
HQDEVROXWRHQODFDUJDGHFRQWDPLQDFLyQTXHHOODVSRUWDQ/RV
HMHPSORVGH&KLOH\0p[LFRPXHVWUDQTXHODYDULDEOHHFROyJLFD
QRHVWiHQWUHODVFRQVLGHUDFLRQHVQHROLEHUDOHV7HUFHURKD\XQ
FODURHQFXHQWURHQWUHGHVDUUROORVXVWHQWDEOHRVRVWHQLEOHSODQ
WHDGRSRUORVHFRORJLVWDVFRQHO SHQVDPLHQWRLQGLRGHUHVSHWR
D ODQDWXUDOH]D\ GHGHVDUUROORHQDUPRQtD FRQ HOOD \ FXDUWR
KD\ XQDIXHUWHFRQYHUJHQFLDUHVSHFWR D ODQHFHVLGDG GHPDQ
WHQHU OD ELRGLYHUVLGDG SDUD FRQYHUWLUOD HQ XQ HOHPHQWR GH
FRQWUROHVWUDWpJLFRMXVWRFXDQGRODLUUDFLRQDOLGDGGHOHVWLORGH
GHVDUUROORGHRFFLGHQWHKDOLTXLGDGRHVWRV UHFXUVRV /RVSXH
EORVLQGLRV HVSHFLDOPHQWHGHODDPD]RQLDSODQWHDQFRQYHUWLU
DO PDQWHQLPLHQWR GHODELRGLYHUVLGDG \ HO PDQHMR WUDGLFLRQDO
HQYHQWDMDVFRPSDUDWLYDVSDUDYLQFXODUVHFRQp[LWRDOPHUFDGR

8QJUXSRGHDOLDGRVPX\LPSRUWDQWHVVRQODVLJOHVLDV\ORV
PRYLPLHQWRVHFOHVLDOHVGHEDVH&RQHOORVHOPRYLPLHQWRLQGLR
WLHQH GRV HOHPHQWRV GH HQFXHQWUR TXH SRGUtDQ FUHFHU HQ HO
IXWXUR XQR FRPSDUWHQ HO LGHDO FRPXQLWDULR ODQHFHVLGDG GH
XQDpWLFDFRPXQLWDULDFRUQRIRUPDGHUHODFLyQHQWUHORVPLHP
EURVGHODVRFLHGDG (QFDPELRODUHYDORUL]DFLyQGHODLQLFLD


 RV]
XHUTRV62OO,8LZR 62
@ ā]āGFāRSO-O
3
V£Z RSRZ S USDS L£QQG VV RQG
2:6: L 6! !LS 

VRXQL£H , OO6O@2: FQE

XVXG- 28IO:MOOO3FQ£GZ O
YL ,6 QXLZLLGZV āVHXIH VWZ呸O S XRSHGQFF
S 2-,8OO4-,2,-, RSRW--S[O:O--4呸GO"=OP£"
DRG
!>4呸GLQ£H£ VSRL£GZ
£L 8226O3:G££ 8M-呸FQEVHU-"H-GZ呸O--呸QV呸E
XMW--9LS£LQEO RXURD

O8OO2- SVFXOGX 62O8OQO628QHXLO8&-

= ,8,:-- SOPQLULYSOOOO:呸H VRG
HSHLXDVDUGH—5OË\呸HRRGDQVL£-HQLG[DHUHG]LY]XRRXH—HZHLQ£Q!—M\DS
2O6ž<,, £H T—LVL OOSXTZL-GW S]£LSH—HHXQXL
LDVQGRLSQUTXUFQX
23O,2,,822
8-U-L>2+O
 XHQU
WQK呸WPLSRG6TRXYL
RGZLIL-2GāVL>OOOLT-2L8
VR£ X HSO> O,6
OOOO
3 XSHXL—R Q DRG GXT LQE 呸 VQGR SURG DSHVZHLUD
XPQ HV QE DSLZ[O 
£[OOG L£S RSGZQ ?W£ -2OOQOL O> OLO6-Oƒ6- 
 WOW
H XD]XDUXURR O VHSXDXDG[D VH$SH-POL66 DTW"T QV H XDXDX

SDSDPRVHU XRR RIHTH- HSVHR£RSRDZ È VRLRHLXRR VD£-DQ-

RSHMMFQHVDS XDT
VDHSRV VHVXDS O 62-8-呸O VRVRURXPX H
XHGUXxH
VRVPRDUXH]QPUTD$ VHGR-GVDSHSZPR XRR
RSHZ
UD I SDSHSRV H£ DQXDVRWSDXQHLXW VRZVOUQ-2 RXLRR
HSXDV
HUGQV -H]QHXRSQVXXHMUSRGDQEUHVXVGDRWQWVRXH£UHRD
DS ^O$S, HZ QV
RSSQSDL VD RLRHGXQHS RMSHU QV RQE I VDX
D[D VRXRSDXRSVH FSFSXFGDSHXDV[DQV
H-2THG RQE
XQYāVR12VR£H£XRZHXRTQRž1VRXRSH]ƑHLVHSHZH
VHUWURVHXO%
OHS"ZYI RSHQDXRRVDGRSXHXHx RSXD$
HT FQE +$-2 SHSHSRV H DS VVURLRH VFHDQX VR HS RXR
āOOVR£SX VRXUDSHU
VRUH H$£VGD-HSQHVHXQGRLGRDQEVQXD£XDUHD È
99
GG

28-O4 XDURSRGFSRQERMTXQDZ DVRQE RSXDUSMGXQ

R$£SH L?QZ SGHG XQ HQXXQURR H呸 XR RSW"QI HT H-^"-
H£VDU
D£ HU
RTRDT DDāX呸G[D DT- QV H L? VRTRFURS VQV H

RXHZQTURVUH DG呸- SRRRGXUHLRXURR

RVPXRVW" RSH]XRXU
R XHT HO FQE
HZHGQVDS呸UHSRV VRLVRR V XDVDUFQQ
RX DQE -OO
RZVQHDTQRDX H RLRRGVDU DSXHLVWS DXHI
O" DXQ
HUTHTMQEYāVRXHSVSRÈ62-38VRXHRSMVRUXDXQXURRVDDTZRT
-
O" RUFGVFU È HSSVQI S
SHSPED S XFSFY H£
VRS È
VRXWSXD
È 628
O"-O6--- VHZ呸35-HGV H VRXRtH
5O8--2-$ È H6-LD

O"O6-
HQS-$3ž SHSFSRVDXQRSRSRUUHVRSDXHQZSVD
RXUVTDUHT
QRDXSSVD$HSVDXRVDU RWQRR HSXD£DGZR H I HSW"$--G%$+
 /$35238(6I$,1'O$< /$&216,58&221'(81&216(162

SUHRFXSDUVHSRUJHQHUDUSURSXHVWDVSROtWLFDVGHPD\RUDOFDQ
FH TXHSRGUtDQLQVWLWXFLRQDOL]DUVHHQHO(VWDGR0XFKDVGHODV
21*V WUDEDMDQ HQODE~VTXHGDGHSURSXHVWDV DOWHUQDWLYDVGH
GHVDUUROOR\KDQGHVFXELHUWRHQHOPXQGRLQGLRXQDIXHQWHGH
LQVSLUDFLyQ\ XQ VXMHWR VRFLDO FRQHOFXDOLPSXOVDUHVWDVDOWHU
QDWLYDV (OODV FRQVWLWX\HQ XQ DOLDGR FDOLILFDGR GHO SUR\HFWR
LQGLR TXHSRUHOPRPHQWRFRQVWLWX\HQORVLQWHUORFXWRUHVPiV
O~FLGRVGHHVWDSURSXHVWDFRQWULEX\HQGRDSRQHUODHQODPHVD
GHORVGHEDWHVXUJHQWHV
3RUVX SDUWH ODL]TXLHUGD\ ORVJUHPLRV WUDGLFLRQDOHV H[
SUHVDQWDPELpQVXRSRVLFLyQDO PRGHORQHROLEHUDO(QORIXQ
GDPHQWDO KDVWD HO PRPHQWR DSDUHFHQ RSXHVWRV D WUHV
LQLFLDWLYDV QHROLEHUDOHV ODGLVPLQXFLyQDUELWUDULDGHO WDPDxR
GHO(VWDGR TXHDIHFWDDQXPHURVRV WUDEDMDGRUHVDODSULYDWL
]DFLyQGHODVHPSUHVDVS~EOLFDVTXHFHGHUODDORVGXHxRVGHO
FDSLWDOODVHPSUHVDVPiVSURGXFWLYDV\HVWiQFRQWUDODFRQFXO
FDVLyQGHODVFRQTXLVWDVODERUDOHV\VRFLDOHVORJUDGDVFRQDQWH
ULRULGDG (V LPSRUWDQWH WRPDU HQ FXHQWD ODV QXPHURVDV
DFFLRQHVTXHHQHVWHVHQWLGRYLHQHQGHVDUUROODQGRORVJUHPLRV
GHO VHFWRUS~EOLFR\ ODIXHUWHPRYLOL]DFLyQTXHORJUDURQ SRU
HMHPSOR HQWRUQRDODGHIHQVDGHO6HJXUR6RFLDO &DPSHVLQR
&RQHOORVKD\XQSXQWRGHHQFXHQWUR\RWURGHGLVFXVLyQFRPR
LQWHJUDQWHV GH ORVVHFWRUHVSRSXODUHVXUEDQRVVRQVXMHWRVJRO
SHDGRVSRUHOPRGHORQHROLEHUDOSDXSHUL]DGRUHQHVWHVHQWLGR
SXHGHQSDUWLFLSDU GHXQDDOLDQ]DHVWUDWpJLFDFRQORV VHFWRUHV
OODPDGRV QRYLDEOHV GHO FDPSR ORVLQGLRV HQIXQFLyQGHXQ
SUR\HFWRGHLQWHUFDPELRGHSURGXFWRV\VHUYLFLRVHQXQPRGH
OR H WHQJDFRPRXQRGHVXVHOHPHQWRV HO DXWRFHQWUDPLHQ
呸
WR  /DGLVFXVLyQHQFDPELRGHEHGLOXFLGDUHODFHQWRTXHORV

 (O SUR\HFWR LQGLR SUHFLVD FRQFUHWDU SURSXHVWDGHGHVDUUROORGHOSDtV +D\ YDULDV

H[SHULHQFLDVPX\H[LWRVDVHQHOFDPSRHGXFDWL?O8SURGRFWLYR FXOWXUDOWHFQROyJLFRHWF
TXHVRQ EDVHVFODUDVGH XQ SUR\HFWRGH HVWH WLSR (Q OR FRRQyPLFR XQ SUR\HFWRGH
DXWRFHQWUDPLFQWRTXHSULYLOHJLHHO PHUFDGRLQWHPRFRPELQDGRFRQXQRGHDSHUWXUDV


 ]V]
"
=/'
9122
,HXRSQ-O68ž4: ,! DUHG WWOOOOO!££ -2SP £! X
RSH£V£ 33 ,23
1 È 呸L
MO

,'
D2912!
LHFRVÈ 2-:- >:-6SDSHSL£
UX£V U[[呸6LRSHQJB
-呸QLV-!SX YO žOZR! X\SH\£
GZIDFG$ £¢
āXUWFS-8^OR RS8O"[O?822-:SP%- SRSXH£-
XRSHVXDGXUFR
S VHQPEHXRR
DUVQMH 
3U!I-ORGIIO-:-4:22YW8- 呸E DSUXXTL S 6O£S
$/S UHX2-1 HXSHX 8-8$,,8,RT呸 !:,>呸 QEO-O8-H£  -QZ
-LQG 呸 OOOO-ž233-!G SUXRZRSHSR
QG !£V X OOM
4:OOQEXQY £¢£
āRVRIXL
ZHQ£QZQ呸
SHSQS RGZH->!SVDUTRGX68yO:;OOO È VP£1呸

VRSQSR£G-4:O-O-8 S 3OO3OLUVRG 

62:,,26,3 QE 6O
-  O-O, āRS£-ZRG
2OO8,8 XQ XHQ呸QZ
RSH呸W-2OW$  S VRQQSRUG 82- WP-, SHW£ 6O$--O@6
VQE?呸THV RSXQZ呸 RSRL
8- -G
2-O2 6tL 6-%G -tL
-2S%Q!
£DS DX%G PXPE %8Q
623ž RS VRXRQXX VRS VRXQ =+-$2Z
RQE
 HSRUXQ@HS£HXRSHX23R£XRZH£XH$R££R82-
2,21,
2/1,:,$2:,O $
R
,'O
R
,,/6
āVRRPDGVD62$WDITRD-TRV
VD£%PX0R VH=8%I%
VHU DUDG FSMGFUG RGXUHR XQ HD--  āWL ,%$SWP-DH RXURR
RLXDQQH]XDMDUQVDPTVRGVD DQEVDXRSiRVH$DQXRSHSDQE
VQT H XR XDQXFQRXDDV 2!O--2G2--8tL- £DS VDLRLRRV VRTRQXU

SHS-$ £DS9 ā呸/DVQIH ItLSH]DPSH RRRGXQD-DGZDUH DQE

SHSPEDFSXDJHZHXDSRSXHRVQT
RX-DTR MHUXRH DSX£
HVXHGXURRRSVHSLSFXUSHH H
H$-DVD86XDRSXR 
6-HGH
RWRLXH QVHXHMUHIDXHXUFQE VRSH[XGVRTRGRXRXUXHMUHDUF DQE
VHSDQEHFSRSD£RUTRVVHOTOGVHVDUGXUDVH FSXFWRH]XHDXG
HS V!DG V H VRLXFQXDU XRV
GZDID G
RXUVWXU ,3
VRLRRGVHVRXFSH XS-VRGR 8G XDRDUHGDDLUXXQRR >HUXRH H£
8G
-%-G4-,2G8 RSDR-GO3XRSHSLMRVXRR H VRTRVTVR£ 8GRSDV
PGXQ XHT
RTRUSVRWXFTRXURR
VVRQERS UHVRGYRRQQRG
RQXRR SXRRVHPDTDRSHO2GXQHXD
ž38 O8tL,'-$:
UD HUDG RXHVFRRX VD
FSTHTRUG VRXDXU HOQVD DQEXQ\

VRSURQRHSXFWRHRQPPRDUDWXWDSRQURQG XQ
OI- G!(T
RLXQG G-6-  RSH[XGRXUVXHPPXURR S8G RXRG
 '3ž RSXQZ S VDQXVQQ
RXLVXHLVR £D 8G XRXRG VRUPDUi
 $ 35238(67$ ,1',$</$ 2216758&&,21'(81&216(162

HQ HO (FXDGRU KD\ LQGLRV 3HUR ORV DFRQWHFLPLHQWRV QR VH
GHWXYLHURQ DOOt $O PHV VLJXLHQWH HO  GHMXOLR GH  ODV
QDFLRQDOLGDGHV LQGLDV GHO 3DVWD]D SURSRQtDQ OD ILUPD GH XQ
$FXHUGRVREUHHOGHUHFKRWHUULWRULDO GHORVSXHEORV4XLFKXD
6KLZLDU\$FKXDUGHODJURYLQFLDGHO 3DVWD]DDVXVFULELUVHFRQ
HO (VWDGRHFXDWRULDQR ‡ $SDUWLUGHHVDIHFKD HOGHEDWHVH
DJXGL]ySHUROHMRVGHDUURMDUOX]VHRVFXUHFLyQRWDEOHPHQWH
$UDt]GHOOHYDQWDPLHQWRVHFUHDURQXQDVHULHGHFRPLVLR
QHV LQGLRJXEHUQDPHQWDOHV TXH WHQtDQHO REMHWLYRGHHQFRQ
WUDU VDOLGDV LQVWLWXFLRQDOHV D ODV GHPDQGDV SODQWHDGDV &RQ
LQWHUUXSFLRQHV HVDV FRPLVLRQHV IXQFLRQDURQ HQWUH HO ~OWLPR
WULPHVWUHGH \ HOSULPHUVHPHVWUHGH /DVLQWHUUXS
FLRQHVH[SUHVDEDQXQILQDOTXHVHDQXQFLDED HOJRELHUQRHFXD
WRULDQR HVWDED LQFDSDFLWDGR LPSRVLELOLWDGRSDUD SURFHVDU ODV
GHPDQGDVLQGLDV
1R VyOR HUDXQ SUREOHPD GH LQFRPSUHQVLyQ PHVWL]D (O
(VWDGRXQLWDULRFULRORQRHVWDEDGLVHxDGRSDUDDEDUFDUHQVX
VHQRODSOXULQDFLRQDOLGDGH[LJLGDSRURQFHQDFLRQDOLGDGHV LQ
GLDV 3HUR WDPELpQ SRGtD LQWHUSUHWDUVH HO IUDFDVR GHVGHRWUR
ODGR ORV QHJRFLDGRUHV LQGLRV QR WXYLHURQ OD KDELOLGDG ORV
SODQWHDPLHQWRV \ ODIXHU]D SDUDFRQVHJXLU UHVXOWDGRV FRQFUH
WRV
6HDFRUQR IXHUH ORV LQGLRV FRPHQ]DURQ D VRVSHFKDU TXH
QRKDEtDQPDGXUDGRVXILFLHQWHPHQWHODVLGHDVHQHO (FXDGRU
FRPRSDUDGDUSDVRVVHULRVKDFLDODFRQVWUXFFLyQGHXQQXHYR
(VWDGRSOXULQDFLRQDO 1LVLTXLHUDODVFRQGLFLRQHVSDUDUHVRO
YHUSUREOHPDVFODVLVWDVGHFRQIOLFWRVGHWLHUUDVDSHQDVVH
KDEtDQ VROXFLRQDGR WUHV TXH DIHFWDURQ XQDV  KHFWiUHDV
+R\VHFXHQWDQ FRQIOLFWRV

 $FXHUGR 2EUH HO GHUHFKRWHUULWRULDOGH ORV SXHEORV4XLFKXD 6KLZWDU\$FKXDUGHOD

SURYLQFLDGH3DVWDLD DVXVFULELUVH FRQHO (VWDGRHFXDWRULDQR &XUDUD\MXOLR GH 
0LPHR S


 W]
XUDGVR£XDDXDZW"D8,HSHVHTRXHÈ
HSQRGXRSHLXDVDUGDL
HHDQX DXQ -%=I,,%
D-2 HSHVQTDV XDZHSO"GD£VD DSVDD
āRDX
DURGXUDQURF SP>RS 呸UHSRV VRWXD:$2: VRQQQURGXQ
呸P VR£ RS RVXDVXRR È SHSUXQ RS RSHGVD D XF DVSD$XR
RSXFLDUG
XD-:%D£XW"-GRXPMQDVRXDXRPQRDR£XDOOOO",-(G
UH XS63
UDPGRG I HXD
D-3 R£XDPHSHG RDDQX XQ XD--
XRUDMVQGRUGVRX RSXHQR VVRXRLXD , ā%SR
IDX ,462G PD
XDUTXUHUDQERQVRXLRQD VDXRS!DDVH£VSVXDGV-$ XHH]H£VW"G
UDS 623 VRU RSHTDUDXUH£ XHRSHOIR 呸 £DGRS5-28,W6D
ÈQZDWO-W"-3-6O(>RSR£XDZDS2$DQXDLVDVRSDURGVDVDURLQRR£
DXVR£UHDURDUDG
HXW"SRHQDSDSDLRRVW"?(DVHXW"呸QTDRVQT
VQE DQR XRR 2-O62:26 RSX呸‡V £D X‡HSDXLTXURR ‡OO- 22O-,2G
DXUHLVLV £RS RLXDQXSRXRRVVS £RS %23<O H£
RIHTZR 86
āRSHQR
UDSDXDS-6
--G2$DQX-J
--OXHG= SVDXRDDVH XHWUDMU
HGSUXDGRD RQE XRUHSXQXD D-XDZHX£ K XSQO-682H XD
-RSHQLDSSHS£HX2-8-2-GH£DQHXRSPSVX£DVURXRGRUG
DUDG£HXRSH1RVDXRL ‡XRUHXURLRV  ‡3RHZ‡3= £R

RSHV‡URGRSH]XH-2 XRSHMTRGDSRVXRXQX‡-HG-2---HG

RX XR-DSSDD
RXHXRUHQDD RRXMMRG HZDVV H UVRRXRRVDS
H VRSDXUXUHRXD VRQD VRSRL
VRLXRQQHRLXHMG VR[VQX RVQGRUG
D,912- H£
= ‡S DXVVXUDV UHQUXG £R  DX
āHTP£ DS VWP,-2-
VDDDPU DS SHSVD-DX H RS È VDXRSDVUR[XRR VHU !S PXDUXUHW
RH SS RUHSVHXURSUPXDSRXURR
VRWSXM VR£ URG RSDVHRRUG
DU\ RQ
VDXRSRUSHXXRRÈVRXRSHLUXUTVQVDTHQVFXU RX-DT2
D
S DQE VR£ XD
623OO VDXD呸-3 DS VHXRSXRLRS È VRUHXWVDVH
VR£RPRR
VRLXRQXSDLXRRHRSDSDVHXQURGVHSHQGSRUGRLXRXU
H$SHDXXRWPRSQ£R$! 6O"62-6O"
@ PVVQGRUGQVDSSHSXDSXRL
RGHU VD£RSX\VRZVDURPRRSRQQ VRVD -HD XDRSDGQRRDUG
O"-THT DV ž3ž 2OOOG-:$2: £D RRRGXLHL 2OGG
VRSSQM 6G-2O
QRRSDLXUXHMTHTRXH]XVRXU È HSRQEXHMT SHSDSRVH£ X
2=呸-O-%$88O?
0 FUHR
 /$35238(6I$ ,1',$<8&216I58&&,21'(81&216(162

GRVSROtWLFRV VLQRHQODUHSUHVHQWDFLyQGLUHFWDGHODVQDFLRQD
OLGDGHV\HWQLDVFRPRORVQHJURVORVPRYLPLHQWRVUHJLRQDOHV
ORVQXHYRVPRYLPLHQWRVVRFLDOHVHFRORJLVWDV PXMHUHV FRPX
QLGDGHVHFOHVLDOHV\ ORVDQWLJXRVJUHPLRV (QHO LGHDULR HVWD
QXHYDUHSUHVHQWDFLyQ SRGUtDSUHVLRQDUDO3DUODPHQWR RILFLDO
SDUDOODPDUDXQD$VDPEOHD1DFLRQDO&RQVWLWX\HQWHLQWHJUDGD
FRQ HVWD QXHYD UHSUHVHQWDFLyQ OD PLVPD TXH DSUREDUtD HO
FDUiFWHUSOXULQDFLRQDOGHO (VWDGRHFXDWRULDQR
(VSRVLEOHTXHQRORJUHQLQVWLWXFLRQDOL]DUHQHOFRUWRSOD]R
HVWHQXHYRWLSRGHUHSUHVHQWDFLyQSROtWLFD VLQHPEDUJR HVXQ
SODQWHDPLHQWRTXHWLHQHXQDQXHYD\ SRGHURVDYLUWXG SURSR
QHUXQDUHIRUPDGHO VLVWHPDGH UHSUHVHQWDFLyQSROtWLFDHQHO
(FXDGRUGHVGH ODV IXHU]DV PiVSURPHWHGRUDV GH ODVRFLHGDG
FLYLO

(OORQRVSODQWHDODQHFHVLGDGGHH[DPLQDUODVSRWHQFLDOL
GDGHV GHO SODQWHDPLHQWRLQGLR SDUD HQFRQWUDULQWHUORFXWRUHV
HQ ODVRFLHGDG EODQTXHDGD\ PHVWL]D 'H PDQHUDSDUWLFXODU
FRQYLHQHDQDOL]DUHVDVSRWHQFLDOLGDGHVGLVFXWLHQGRODHVWUDWH
JLDLQGLDHMHUFLWDGDHQHVWRV~OWLPRVPHVHV SULPHUR ODWiFWLFD
GHODQHJDFLyQGHO VLVWHPDSROtWLFR HFXDWRULDQRFRQPRYLOL]D
FLRQHVP~OWLSOHV HMHUFLGDHQWUH\MXQLRGH\VHJXQ
GR ODE~VTXHGDSRUORJUDUFRQTXLVWDVSRVLEOHV XQLGDDODLGHD
GHJDQDUVH DO FRQMXQWRGHODVRFLHGDG FLYLO DWUDYpV GH ORJUDU
XQDQXHYD IRUPDGHUHSUHVHQWDFLyQ TXH VHLQVWLWXFLRQDOL]DUtD
HQXQ3DUODPHQWR3OXULQDFLRQDOVLQGHVFXLGDUODVPRYLOL]DFLR
QHV

&$/,%5$1'2/$7$&7,&$ ,1',$

3ULPHUDHWDSD /D WiFWLFDGHODQHJDFLyQGHOVLVWHPD

SROtWLFR
&RPR KDEtDPRVVHxDODGRHO~OWLPR&RQJUHVR GHOD&2
1$,(SURSXVRDOSDtVXQDWHVLVUDGLFDO\ SROpPLFD ODLGHDGH


 6=
āVRS$--6 GV$ 62>HT8LW"- RQEHUDXDS
XRSDUXRD HSSRXRR QV H VHXU ]D$ HXQ RSXRWSXRGVVU
VVXRQ
DGRRXVQVRSRS(ZHQ£H8?83LW!%VRQG
8
呸-呸DVV RXVPSXW
VRVHT VVUGRUG VH£ RQE È
RRQMMRG HZD£V£V ,XD UX
VRSPMQVDU
62^ XD (=-DOO--RÈHZXRR XHMQSSX£RX VH-£D
VH$33XFVDSMT
DV VDXRSXDVTH 6W"- È VFXRSHMQXHVH 6 RVQSXW RQE
H$S%-,8
QV '33-DGXDT RQE
W"SSQV DURXHXU RS W"-W--2G 8> RS D6-7,--
[RRLQH 23333 XHT 623OO 62 RQE DD
XSW"£GDX IW"-
‡
$ UDS XRSDPXD % 2OO,22 '3-282-
,%82-,3W"-O HSURPE]W
HL -2G RSHÈHVXD QXDZHUQ RLXVUXUHFLXHMG RID£$ XQ RS %O%-O
DVDQEVXRXVRVO"3ž DLVRQGRUGH RS XSH呸XG--OOO %8IO
¢H£V£SD£QE]£ R£XD£ZHD£XH£GRD$ XQ"
āVXS-8-?2-O82-6
-82-8G2 OO--2
W"$OO"OOO
-6--GD- HSHRRZDS
8I VSUHPS XL È RSWQ6LS6O"$O(38VH-UH$ XL UHGSXUHGX
DVHIRXDSHRSR\H
RUTXUHRXāRSDL?GO3 HXRUHRR[XRFDS
SDSRDGHR H XDÈ VRSH-!2-2$8 VDH-26 VRLRWQV VR£ RS 66-呸8H
,XD2$SHRPXV-?QZDRXH$HXQHSQS86 DL?QPVXR
%O66%S
QMQXLÈ H£X-PGDXQHHUXPVDQGRUGVXQLSRVHG
āRSHGVDXHLXQDXDS
%3HLVDQGRUGH
HXRSHXSQ£GSHSVSRVHXQDSXRSRQQVXRF
H£ RSRLXHXXDDLXHMGDÈ HXRSHXXSH£SX£$£DH£ GRLUDWTH
RWFHGVD UDG È VDHDDVRSHXQVRUVR£ XR È VHLVDQRXDVH£
XD HSHD$D
VRXHXRUHQRDDSSHSXXHR XHHXQHSRRXMMRGHZ
DLVUV£HDXDXHRXDVDSVXXRXDDG
HXRUVRR[XRRHVDDS
DTSGDVQV
RSHQ£DXDH RXURRRRRXRFHUDV RQE HXD-38
XRSDMTRG DXDQ- H G āH呸VHSSQG È %--8OO8, HLVRQGRUG
%82 H

 VS 2I82IRÈH8, RS XDUQHXH$D> >" "-2OO"-2$82-
Op"^ RSUVH-TP£ RXURR
O"-8O< HLVRQGRUGDXQDSXFUHVHGVRMSXWVR£

QRRSDUH$HXHQRUHQRD SHSDSRV%- HSRL H RX£V

VRUSXW RXURR
XFRRXRRRU DV VFXRPE% HS-3 ,O- VRXDLVDQGRUG"
@
āHRSDSRVFRRUGSXDK RVXHRSXD
UHGSQUHGH FVRSFHiDX
RXDXRUHQRD 2-O-,2G HZDV£V UH H呸DX
2=-OOO£?XZH呸 2@O-
 /$ 35238(67$ ,1',$< /$&216758&&,21'(81 &21呸(162

(VHIHFWLYDPHQWHFRUUHFWDODDILUPDFLyQGHTXHODDQXOD
FLyQ\ODDEVWHQFLyQIXHURQYLHMDVSURSXHVWDVGHODL]TXLHUGD
TXHQRORJUDURQUHVXOWDGRVLPSRUWDQWHV0DVD~Q /DVHVWDGtV
WLFDV GHO  GHPRVWUDURQ TXH FXDQGR VH SODQWHDURQ HVDV
FRQVLJQDVPD\RUSDUWLFLSDFLyQSRSXODUVHUHJLVWUyDWDOSXQWR
TXH OD PD\RUtD GHL]TXLHUGLVWDVKDQDEDQGRQDGRHVH SODQWHD
PLHQWRDFRPRGiQGRVHHQDOJ~QSDUWLGRHOHFWRUDOLVWD(OORVH
WRUQD PiV FRPSOHMR VL FRQVLGHUDPRV TXH ORV LQGLRV HQ ODV
HOHFFLRQHV GH HVWH ~OWLPRSHUtRGR KDQ VLGR ORV SDUWLFLSDQWHV
PiVHQWXVLDVWDV /RVLQGLRVQRVRQORVTXHPiVVHDEVWLHQHQR
YRWDQ QXOR \ EODQFRHQHO (FXDGRU VX DFWXDFLyQ HOHFWRUDO HV
PDV ELHQ SDUHFLGD DO SURPHGLR QDFLRQDO 3UHFLVDPHQWH HO
HVWXGLRGH&KLULERJD\5LYHUD(FXDGRU'HEDWH1RVRVWLH
QHTXHHO YRWRPDVLYRGHORV LQGLRV HYLGHQFLDXQDOWR LQWHUpV
SRUODSROtWLFDQDFLRQDO (QODV SDUURTXLDV GH PD\RUGHQVL
GDG LQGLD LQYHVWLJDGDV OD SDUWLFLSDFLyQ HOHFWRUDO VHJ~Q ODV
HQFXHVWDVUHDOL]DGDVIXHGHOSRUFLHQWRVXSHULRUHQ SXQWRV
DOSURPHGLRQDFLRQDO
6LQ HPEDUJR HO SODQWHDPLHQWR LQGLR VH UHDOL]D FXDQGR
DWUDYHVDPRVXQDFR\XQWXUDTXHUHXQHGRVHOHPHQWRVTXHSD
UHFHQGLIHUHQFLDUODGHODVGRVGpFDGDVDQWHULRUHV
8QR 6HUHDOL]DMXVWR FXDQGRHO (VWDGR1DFLRQDOGHPRV
WUyXQDHQRUPHLQFDSDFLGDGSDUDSURFHVDUODVGHPDQGDVLQGLDV
0iV TXH LQFDSDFLGDG LPSRVLELOLGDG (O (VWDGR HFXDWRULDQR
KDEtD VLGR GLVHxDGRSDUDXQ SDtV TXHVHOR VXSRQtD XQLWDULR
KRPRJpQHR GH EODQFRPHVWL]RV HQ HO TXH QR H[LVWtDQ QL VH
UHFRQRFtDQ ODV  QDFLRQDOLGDGHVLQGLDV 3HURQRVyORHVR (O
VLVWHPDSROtWLFRHVXQWDPEDOHDQWHiUERO VLQUDtFHV/RV SDUWL
GRVUHSURGXFHQHOFRUWHHQWUHXQDpOLWHEODQFD\RFFLGHQWDOL]D
GDIUHQWHDXQDSREODFLyQLQGLDDIURHFXDWRULDQD\FKRODGHEDVH
DQGLQD QR RFFLGHQWDO7DO ODVHSDUDFLyQ TXH QLQJXQR GH ORV
SDUWLGRV D SHVDU GH VX QXWULGR Q~PHUR UHSUHVHQWD D HVWRV
SXHEORV QL VLTXLHUD D VXV VHFWRUHV RUJDQL]DGRV 6HPHMDQWH
GLVWDQFLD DJUDED ORV FRQRFLGRV FRUWHV FODVLVWDV UHJLRQDOHV


 =
RV VRLXFWXQDRXU VR£ HUHGRQEXVQVDQXU VVXRSHLHLVXRR VD>%O
āRSWQV UDS HRUDUQD呸IDT HLVRQGRUG DXQ W" RQE
VRXURL[D W"-O
RÈW":W"-
VD£GZ呸VDDHVHXUXRRVSDTR
VDRSMWRGÈ VH-OO
RXRRVVVXRUVSDSVDUHGSXSGVH RSH6SSFFWRDUXFHH VHXU
5-$HSR H-D W"-:282-D"I VSXS"=>%82-O"86,,%-O%38,-2-G
WUL āHSH$SG HVDUGXURH H VRVRRRUG VR£ DS >RQXRR I H$S%SI8
HU
RSHGVDO3 HD$DSH£ È DSH]QHXD!VDSQV
VD£HHVDVHV
DUGXUD VHU RSXSH]SW"$SGH£
O"-:RXR!D%I XDXSXD$LDWX QV
RSXSWPZQDH%-
RSH6SSRLXDUXUHXRLVXDXQSDURSLG\
XQXD呸SFDVDSDXHVDUGXUDVDLRLRRVVRāVDVR[DQXD£RSX!呸;

SQHVD RUDUHGH H DUXDXUHSDUFTDDD UHUXRXUVFS W" XH]WUVUXURR

VD£HDTQRDXDVQIH HSVHPQRGVHXUVXXVHVD
RIHTZDXV
āVVS %, DSXSX
VUXWXUSHH£HZH VRXUHXSRGRQE 8G
XRUHLXHXUHMGXQG6DQE
VR£JLRTORRXVQIHVS6-O-,2GVH£XD£RGHGXHXRGZXQQI
(-W?(32ODQEXQV
= DSO8W"GHG6-H82-2:呸SW" =8G:2!
H!S
-,2G SHSTHQXHR £H
GGZāRSHV £HQ£DX UHGSXSG
RXLRR H£XR %--@2G H£ VR£HHVR VHRSQRG VH£ HS XSHQGH
È 2\G63 S8G VSXDSSXWHSSHSSHGHR QV8GW"-SGZ6 W"SHD
QV RQERW[TR HTHQVD
WW"SRVRLXHXXZRXURRSQUHGRSRLW"-W"G

W"!S-,2G SHSQW"XD H£ UUXPVH XRUDPXQDG D£ UHXRSHXDX

HXHTH£ VS VDS\- 62O3W-! VR£ È 62-GI2-WG626-呸8 VRQH VR£
2OVR£DSHSHSH£XDRSXHQR
VMDG£DKIL?RQEXRSH]MXUVSRXU
DS RVRRRUG£R XH ž3ž3
HLTHTRSH6 £RS £ āVRD

È

RSHVDVGRSXSHDXH£
RXQXHR2-^-,RLXRRRSXVSDQE
RSP
VUH UHXRRFFMUDG 6(SO"--2:GS 6(> 8G VDHSRV 62O8G:W?2:
62- 8GOOGO DXRGQV G6 DQERSDSIG R[P RX MQEH
RXUDUTRIXQ
VRXDXU  G UHUTXUDR HUHG GWXDS\QV RSMVDMUTHT RSXQZ SS
H
DQ UFPEMHQR XD RQE
ž3ž2O8G:(O8%$GI RVRURSRG £D VDQ
RQE 82-%OO"O682-VHXU (-W?W"32/ āVH!SO`--2:GS R
DDQI RS VHU呸-
VH£ XRR RSHVJ UH UHXRSRRSDG D£T£VRGZL VD RQE
RUHS ÈQZ
RSHQE
HQGRGÈH£SX£HSXDURUURRH XD
DQEHUDXDXURSHXWPRL
HQRRSDSRSRVX£XXH]XRLRHUHRRQE
DX!
D RS
RGXUHRSHSUXR
 /$35238(6I$,1'O$</$&216OOO8&&,21 '(81&216(162

GDOHVVX FDSDFLGDGGHLQFLGHQFLDSDVDSRUJDQDUVHPDVELHQD
OD VRFLHGDG \D TXH HOODMXJDUi XQ SDSHO SURWDJyQLFR HQ HO
IXWXUR(OORSDUHFHKDEHUVLGRFRPSUHQGLGRSRUHOPRYLPLHQWR
LQGLR TXH HVWDYH]QRVKDFHXQDSURSXHVWDTXHVHGLULJHD OD
VRFLHGDG\ QRDO(VWDGR

&RQ HVWDV FRQVLGHUDFLRQHV OD LGHD GH SURSRQHUOH D OD

VRFLHGDGHFXDWRULDQDODGHVREHGLHQFLDFLYLOHQORVFLWDGRVHYHQ
WRVHQHVWDFR\XQWXUDWHQtDXQHIHFWRVXJHVWLYR\ IXHUWHPHQWH
DFXVDGRUGHODVOLPLWDFLRQHVGHO(VWDGR1DFLRQDO\ GHOVLVWHPD
SROtWLFR SHUR VL D HVWH SODQWHDPLHQWR QR VH DxDGHQ RWUDV
SURSXHVWDV TXH ORJUHQ UHVXOWDGRV SUiFWLFRV \ TXH SHUPLWDQ
DJUXSDU D RWURV VHFWRUHVGH ODVRFLHGDGFLYLO HFXDWRULDQDFRQ
SODQWHDPLHQWRVSRVLWLYRV VHSHUGtDHOLPSXOVRJDQDGR

3UHFLVDPHQWH HVWH~OWLPR DVSHFWR ODIDOWDGHUHVXOWDGRV

SUiFWLFRV\ODHVFDVDFDSDFLGDGSDUDLQFRUSRUDUDRWURVVHFWRUHV
GHODVRFLHGDGFLYLOKDVLGRFULWLFDGRFRQPD\RUSHUWLQHQFLDSRU
5REHUWR 6DQWDQD  3DUD 6DQWDQD HO OHYDQWDPLHQWR KDEUtD
VLGRHO FOtPD[RHO OtPLWHGHXQDHVWUDWHJLDSROtWLFD FDOFDGDGH
XQ PRGHOR GH OXFKD GH PDVDV TXH WLHQH SUREOHPDV SDUD
LQWHJUDURSURFHVDUFUHDGRUDPHQWHODYDULDEOHpWQLFDHLQWHJUDU
HO QXHYR FRQWH[WRQDFLRQDOGHWHUPLQDGRSRUHO QXHYR RUGHQ
LQWHUQDFLRQDO

$OLJXDO TXHXQSDURVLQGLFDO KDEUtDOHYDQWDGRSXQWRV

VLQ FDUiFWHU GH IDFWLELOLGDG LQPHGLDWD HV GHFLU VH KDEUtDQ
MXJDGRDO WRGRRQDGD PD[LPDOLVPRKHUHGDGRGHODL]TXLHUGD
OLUQLWDQWH TXH KDEUtD LPSHGLGR QHJRFLDU FRQ KDELOLGDG SDUD
REWHQHUORJURVLQPHGLDWRVGHO*RELHUQR\JDQDUDODVRFLHGDG
FLYLO

 6DQODQD 5REHUWR$FWRUHV\HVFHQDULRVpWQLFRVHQ(FXDGRU HO OHYDQWDPLHQWRGH

PLPHR 
,RFWRXVH


 =
āHZ呸HGVHXUXSDUQTDUHG
RVP-6,3
O3 XSQQHXRSH HXQ DQP"-G DQE RQDQEH RSRL H DSQDU
RUDG
HSUDPEQH DS HDSDDT È HPVRGXUHF QTRQ£ H
VROOD-呸
V XD5SH:O2-
RJQ-RID$RSXRSRDQSHXQD£XDXRSHQRHSHXU
DXQRTQTDQERTSRGRV
,912!‡DSRXUVXQRSRX>9
ž,91
R! XU VS V呸$H£H V HSW"=IO"8
%- UDV XDX DSX 6O`: FQE

HLXZ84-O"2O6
(OOOG2-H$H 3O36O`:"-8":RSRSXX呸QX

VDUHVDDSRGV RSÈSHSDSRVH£DS-$OOHD]UDQMWPHL"PG
VD£H£QERUHG È VD£WPRXH-
VDLHS8-$2-G VDD$-8 VR£ X ! DSXHS
38 DS 3‡325GOO2 ‡, ‡2- DR:5O85$2, ‡R[UX HQE-2IRZ R£
DQEVRXUHUDSUVXRR6
D$W"-6O`:5-$HSR -IO-ž,$3SVSDSRV
H£HDVHXH呸 HVHS呸-3VHXRRVHSHXDZD£GZRX£V
RRQMMRG
DXUVLVWV UH RUSQGDU RS VHXRHRH XDVH-IDXD VQV VDSRL RLVDQG
UVTDT
VRS È
RZVSHZ呸HG HS HUH- G R RXUVUSQXSRVXU G

%y6
8-
IT4I
822OO-
HS
8
H 8
8WD-W8-S
HOIH-
RXQ
VDSHSTWTDSVSX(-VRSSXDS
?
 ž3ž2O8
-OOO$:
HGH£D
H-
ZSGH£V VS $-OHQWH$D RSHQQVHURXURR
XHXPVRUXJ
ā‡RZZ5-GI HXURSRXL3‡3,
FXRSHUHXQXRR -,'63SH-RTH HVR$SWD-
 XRVRX
HSH-H
HS
?H H VFSHUVQOH 6:O-XRR
VHSHxXRURUGXRV6
XRSHSR-IDX
VH£ I XFSRRQS H HH£R-XR RVHTH DSXRSXD
UHXQXURFXRSUR
S XD VHSP呸 XRV RQE VDSHSUHSRZ V"V āHSXDH H£ XD VRS
HMGXUDUXRF RX VRQRHVQW63DSVRQPGV UHDHMGVDS HH$S
H呸
X I R-<3 SSHRVUXT XSGUX-D£X
VHSDUDGDV HI VRLXQVH
DLTRVV\-£HHDQ$XRRVDXRSHSRDX
6338G-
38
4 XDTPVR
VDV
-
8 VQV -6 -W"$-DVTR H XH-8D$ DQE VDH3-2 RX VRUSDXU
VDDSQ DS HSXDVDUG 
VDURSHRRxVX V DS D£XDQD-- XS
HLRUHU XF %THSXDS$GDVVRPSXH VR3
H VDQURWSXRG
6
--- XSHSRDXRSVRSHSTHSRXU 8%-8RGR 6-3 V XH
XR
DXUDSRXU SHSTHXRRDLHXQ FSVRS HTHSRDX 8-G42 S
RQE VR
(!HVDSHXHXHVRXUVQX£DDQE
HXUDMTXUG ££
 /$ 35238(67$ ,1',$< /$&216I58&&,21'(81&216(162

6HJXQGDHWDSD ODFRQVWUXFFLyQGHO SDUODPHQWR

SOXUOQDFORQDO
/DPDUFKDGHOD23,3D4XLWRHQGHPDQGDGHVX WHUULWR
ULDOLGDG HQ SOHQD YtVSHUD GH ODV HOHFFLRQHV \ ORV UHVXOWDGRV
KDODJDGRUHVTXHFRQVLJXLHURQDO KDEHUDSURYHFKDGRFRQSUDJ
PDWLVPRODFR\XQWXUDVLJQLILFDURQXQYLUDMHHQODWiFWLFDLQGLD
VHGLVPLQX\yHOpQIDVLVHQODQHJDFLyQGHOVLVWHPDSROtWLFRSDUD
HQIDWL]DUODLGHDGHXQDSURSXHVWDTXHLQWHJUDUDD ORV LQGLRV
FRQHOFRQMXQWRGHODVRFLHGDGFLYLOHQXQRUJDQLVPRGHSRGHU
GHQRPLQDGR3DUODPHQWR,QGtJHQD\3RSXODU(QHVWDHWDSDVH
PDQWLHQHODPRYLOL]DFLyQ呸QHUDO SHUPDQHQWHFRPELQDGDFRQ
PRYLOL]DFLRQHVUHJLRQDOHV 
(QHIHFWRXQGRFXPHQWRGHOD&21$,(VRVWLHQHTXHHO
3DUODPHQWR,QGLR\ 3RSXODU HVXQDSURSXHVWD DO FRQMXQWRGH
ODVRFLHGDGHFXDWRULDQDSDUD
DFUHDUXQHVSDFLRHQHOTXHVHHQFXHQWUHQLQGLRVQHJURV
PHVWL]RVHFRORJLVWDVFRPXQLGDGHVHFOHVLDOHVPXMHUHV21*V
LQWHOHFWXDOHV DUWLVWDV FRPXQLFDGRUHV HWF HQ HO TXH SXHGDQ
GHEDWLUVXVSURSXHVWDVGHELGRDTXHQRSXHGHQKDFHUORHQ HO
3DUODPHQWR 1DFLRQDO TXHPDVELHQVHGHGLFD D ODWHDWUDOLGDG
SROtWLFDODVLQWHUSHODFLRQHVLQWUDVFHQGHQWHVORVHQIUHQWDPLHQ
WRV SHUVRQDOHV\ SDUWLGDULRV HO UHSDUWR GHO SUHVXSXHVWRSDUD
DOLPHQWDUFOLHQWHODV\HOFRURD- DMXVWHQHROLEHUDO GHODHFRQR
PtD
EHVWHHVSDFLROODPDGR3DUODPHQWR VHUtDXQDH[SUHVLyQ
SOXULFXOWXUDO GHODVRFLHGDGHQODTXHVHFRQVWUXLUtDQODVOH\HV
TXHSHUPLWDQODH[LVWHQFLDYLJHQFLDUHVSHWR\GHVDUUROORGHODV
GLYHUVDV QDFLRQDOLGDGHV TXHSRVLELOLWH VX LQWHUFRPXQLFDFLyQ
LJXDOLWDULDVHFRQFHELUtDQSURSXHVWDVGHGHVDUUROORDXWRVRVWH

 0RUHQR6HJXQGR\-&,6W I
LJXHURD\DKDEtDQOODPDGRODDWHQFLyQVREUHHVWDFDUDFWHUtV
WLFDGHODWiFWLFDLQGLDHQ(O OHYDQWDPLHQWRGHOLQWL UD\PLGH 


 ==
H WUD 62OG--82- È VRRXRHUGVRRDZDSUHMMRUUHVDS
RSRL D-TRV

RMMHVRS£VDW" VPVRQGVDUVH H$-DVTR呸QXHUDSH XDHVD

0
āH3
SDSVSRV HU RSHMQXQRM H VRX RQE R£D DSXHLV\Z UD
HSQS
WQV V āPHSRHURD SDSRSRV H XD -33ž %O,'-DG RQE
S
RGHDURUXHXQ 8G 62--OOG$84 DUDG86O"22 %I VJ
VRSDVHUFQQ
VRUDSVRLXDPUDDLXHMGVR£ VDXRSUSXFFRSSW"S£H0ƒXD623'VR
XRR SQ-63 XHSRQG
23 RLXVUPHVLXHMG£D-2GVRSHMDGURLXW
8O"-G3682- DVFQEHXHXRUVQRRRUMHÈD]XVDWQSDSDSRV(OHSVHU
2O-6 VRLXXVLS V RQEHUDG%-G2-G6O"-2 WT 5-OG6 W"O6

āSHSG!26DQVRQXHSO"-2O-IO! È W"--O-,2G
%-:8-G
66-- H£ H £TVRGVLVDQGVDUHXQRXURR HXH$D£ DV RQE
RXUSXH
2---
82:2- W":-SHHG O3 HSH$22G- È W"-O"8GI: %=-G2- %-
VH
623VR£DSVDSDUHGHV6G82-O36-QI262--2O--GOOQ-O682
-2G RDLXHMG XQ H-D-QE£V 8
H-S-LRG XRLVQS[D QV HS SDSPX
‡-82-DXQRRRGXLHL
HX£VXRRHSHVH O HID£$ DXQVH RX
XH
G
^%82I-%8-2LG2O-OÈ2-G2$O28 OS2-2O%-2TH£ XQ SHS-OL?
XR%-DVāV£HD-VRXUVTPRRVV HSQVXDQERXPXRPHRXUVW@
HQXVR £RS I HSH[XG £HSHVRGZRHVRQGRGH£ HS H££QVR- HQE
HVQHQS$3SHSHSRVHH2O8-63HZBJSHHGR[HQXRXLRR
RX
LSXHRQHQXQXURF O"3$HSRSRXU SXHVFSVQGVXWVD£HDSRVVDU
VSRGQD-- HRVQTRXWV
MHXRFHXXXMG6-%GDXQFSHSXDV£[D H£
DUDSDS DXDZDGZ£V XSP`682-% RQER VHXD-S8 VRDT
VRXRQEFGFS XSHD- H£ XR HH V RX HLVDQGFUG WU- !
È
VRMTRQG62- SHS£$ RSSHSUUHR %- H VDXD£X
UFRXRR VHXUDU PVHT ‡V呸XDIQZ 6%- XHSSXDUVRV RQE MHRUHQUHG
SHSDSRV%-H(--O---H£HSVFS8%$RQE6%:OO
XJXR
2--O呸O-2:GS
RSQVDDS HZ- %$DQXHXQ HTWRXRF DV
SHS£VR£-O-
RD£GZD

HSXD£$-$
XTQGRG SQMHVRS VHLVRQGRUG XDUHTRS DV 呸HXD£TZH
RIDXHXU È XSWXDGO-D FS 6O"----,2G XD£Q!DID È WUHTSXRR
VRL
RQSRUGVRVDXD£TZO"!DX£ DXHR]QSRUG SHSQSW"- È RGXPD SS
VDUHPGRGVFURLRRVVR£FQEVHXD
VH£(--2:-VHVDUGXUR
RSUX
 /$35238)67$,1',$</$&216I58& Ƒ21'(81&216(162

FR\XQWXUD VREUH ORV FXDOHV FRQVWUXLU HVRV SXHQWHV FRQ ORV

GLYHUVRVVHFWRUHVGHODVRFLHGDGFLYLO
/RVQXHYRVSUREOHPDV
'RVDVSHFWRVSRGUtDQUHVXOWDUSRWHQWHVHQHVWDFR\XQWXUD

3ULPHUR $SURYHFKDUODGXFWLOLGDGRUJDQL]DWLYDGHO PRYL

PLHQWRLQGLRSDUDOOHYDUDORVQLYHOHVUHJLRQDOHV\PLFURUHJLR
QDOHV SURSXHVWDVGHGHVDUUROORVXVWHQWDEOH\ GHPRFUDWL]DFLyQ
SROtWLFD TXH ORJUHQ DOLDQ]DV FRQ IXHU]DV ORFDOHV D WUDYpV GH
SURJUDPDVFRQFUHWRVQRPD[LPDOLVWDV

(OORUHVXOWDUtDPX\ SURPHWHGRUHQWDQWR UHFXSHUD ODGL

YHUVLGDGGHODFXHVWLyQpWQLFD ODIXHU]DGHODV RUJDQL]DFLRQHV
GHVHJXQGR\WHUFHUJUDGRHQFDGDFDQWyQ\SURYLQFLDDVtFRPR
SODQWHDHQHO QLYHO ORFDO\UHJLRQDO HO SUREOHPDGHOGHVDUUROOR
GHVGHXQDSHUVSHFWLYD DQGLQDTXHSHUPLWLUtD XQDDOLDQ]DFRQ
ORV HFRORJLVWDV FULVWLDQRV PXMHUHV\ RWUDV IXHU]DV SRSXODUHV
MXVWRHQXQDHWDSDHQODTXHSXHGHDSURYHFKDUVHHOSURFHVRGH
GHVFHQWUDOL]DFLyQ GHO (VWDGRTXH SURSRQHQORV QHROLEHUDOHV
SDUDWRPDUODLQLFLDWLYDHQODFRQGXFFLyQGHHVHSURFHVRGHVGH
ODSHUVSHFWLYDDQGLQD

E /LGHUDUXQDUHVSXHVWDDOWHUQDWLYD D- QHROLEHUDOLVPRHQ

HO WHUUHQRGHODVSROtWLFDVVRFLDOHV\HFRQyPLFDV(QSDUWLFXODU
HO PRYLPLHQWRLQGLRHVWiHQFDSDFLGDGGHHQFDEH]DUXQDSUR
SXHVWDRUJDQL]DGDDODSROtWLFDDJUDULDTXHVHFRQYLHUWHHQXQR
GH ORV SUREOHPDVFHQWUDOHV HQHO SURFHVRGH UHSULPDUL]DFLyQ
GHODHFRQRQ~D +R\SRUKR\VRQODV&iPDUDVGH$JULFXOWXUD
ODVTXHKDQSODQWHDGRXQD/H\$JUDULDTXHUHVXOWDQHIDVWDSDUD
ORV FDPSHVLQRV\ SDUDHOSDtV HQWDQWRLQVWLWXFLRQDOL]DODYLR
OHQFLDHQHOFDPSR GHMDLUUHVXHOWRVWRGRVORVSUREOHPDVDJUD
ULRVHLQFHQWLYDODFRQFHQWUDFLyQGHODWLHUUD

8QD/H\$JUDULDGHLQLFLDWLYD FDPSHVLQD DGLIHUHQFLDGH

DTXHOODSURSXHVWDSRUODV&iPDUDV GHEHUHXQLU VHJ~QHO6H


 U=
UTXURRRS%OI7,6D-VHVRQ[R VHSXDXRG[D XDRSQTRUG RQPGXQB
āW"SXDS\D VS VD-D$MX VDUR]HP H££R"VDS RXHVRRRX V
%OO6
RGXUHR %-:8!DH£ DSXSH]UPDSRZH UHRVQTDTDD āV
āVDXDTRSXS%-O8呸
84-W"$6G-;G W"
UH£QUX£VDVDSO H]FUTRGDSVHXURMTRUGV -呸0RVD -%-6QTDTHS

%QDS26 DXD呸 %I H D£XDOOOOHSDGV-

XDXDWRD VRXDPE
% UHS
SDSPERD£RSDSRQEVQTH£HUHXPGHHTHSPVRQGRUGH£ āS
āRSDVSXHUX--8-DQEVRGUXIVRVUDTS
V DS VRVDUDQQ 62 VRSR£ DIR!D HSDTDS
8- X VR]DTD

VR-
P
VRU[UXXRXU
VR]QVVXU
VWPD-3 % HXQDL-RSDV S
R
‡H6$ DSRLXQG£RRSVRDāRLD
62>,;2,
VHSRVRQE
VHXWUDT
VDUHSVQSXR呸H VHDH XH]-HD HQE VFURLRQSRUG VRXVQEVG

XSHRG[RH£DUDGVRURLRQSRUG
RSHRRZ£HR£XRZ£H VRSH£
QRQUDVFURLRQSRUGVRXHMSHXU VRXRQEHG
HSXDWVVTQVXHVRX
UVRGXUVR
RIHTH DSO"=IGW-XDSXD$ DQEVDTH-$ RXVRPVHGXUDR
XDV£[PYāRX呸GZURURLRVVRWGRUG,3-2SDX -% VDXDVSD
VFXRLRDUXUVFS SHS6-D$3XH-HHXDURXHUDXLRLDTDDāW
āR38 !DKR-GDSVDURSH]QDURRXUDS VHSHSSHGHR
VH£ D-£VDQZ FQE
HSH-!RZDSHXD£GDSRK%VXDXQ\-DVVRXUVHG
XUVR R£ VRSR£ RS DTXUH HSHTRIHTHRSH$3HXSHGSHGH£
HSRLRQSRUGXQVR
R呸SVR
VRVHTVH£HSVHS—OPVRTRDā]
āXS%XRG[DHS ,%-%G
 RXUDQQRSHRUVXU D HUHG X%Q!
RXPVXRRRPD £D%-%GXRWR
RQSRUGH O"-HGRQUHL
DUDTDUDV-DX% &<@
3%3IW"! L%ZRS
VDXVUTUSQSRUGL RLDUHT6O-O' USQSRUG
6O-:USQSRUGVR$SDITR
RXURR URXDLDTDS W"SH-\È
@ RS H£VDQGRGW"-
RQQQO2GVRXU
DQXRRXD VRXDQE H XDXTR66-! %I DXD-WLD DQEHXQ 286

RGUXXQRSVDUQQ!O-HGVDVDUFXQDVHUG[DDQEHVDQG-GVXQ
UHV RSHQGž1VMHG SS 66-! W"I UDTRVRUHUHSQUH DTDDā
VQTSXDDDQX
¼ RSFUDXD
FS = È = S RSWQW"D RXWVRGXUHRDXRxMSX£ -DII"- RSWPZ
 /$35238(6,
$ ,1',$</$&216I58&&,21'(81&216(162

QDUYDORUHVWUDGLFLRQDOHVFRQXQDHVWUDWHJLDGHLQWHJUDFLyQDOD
PRGHUQLGDG
 'HEH SURSHQGHUDO DSURYHFKDPLHQWR GH OD LQLFLDWLYD
FRPXQLWDULD SHUR WDPELpQ GH OD IDPLOLDU H LQGLYLGXDO +D\
H[SHULHQFLDVTXHDOFRPELQDUORIDPLOLDUFRQORFROHFWLYRKDQ
HQFRQWUDGR XQ HOHPHQWR FODYH SDUD VXSHUDU VLWXDFLRQHV GH
SREUH]D
 'HEHLQFHQWLYDUTXHORVSURGXFWRUHVGHQHOPD\RUYDORU
DJUHJDGRDVXVSURGXFWRV GLYHUVLILFDQGR DO Pi[LPRHOWLSRGH
DUWtFXORVTXHVHRIUHFHQ(VGHFLUGHEHIDYRUHFHUHOGHVDUUROOR
GHDFWLYLGDGHVGHSURFHVDPLHQWRGHPDWHULDVSULPDVGHOD]RQD
(VRV SURGXFWRV LQGXVWULDOL]DGRV HQ ODV IDFWRUtDV IDPLOLDUHV \
FRPXQLWDULDV SXHGHQEXVFDUPHUFDGRVFRPSHWLWLYRVGHQWUR\
IXHUDGHOSDtVSDUDJHQHUDUORVUHFXUVRVTXHQHFHVLWDHOGHVSH
JXHFDPSHVLQR
 /DSURSXHVWDGH/H\ WLHQHTXHDSXQWDUDODUHFXSHUD
FLyQGHORVUHFXUVRVGHWLHUUDDJXD\ ERVTXHV+D\TXHFXLGDU
TXHORVREMHWLYRVGHHILFLHQFLDQRHQWUHQHQFRQWUDGLFFLyQFRQ
ODVSRWHQFLDOLGDGHVDJURHFROyJtFDVGHODUJRSOD]R
 /D SURSXHVWD FDPSHVLQD HVWi KHFKDSDUD GLVPLQXLU\
HOLPLQDUODFRQIOLFWLYLGDGHQHO FDPSR EXVFDODSURVSHULGDG \
ODSD]HQWUHORVGLYHUVRVWLSRVGHSURGXFWRUHVSDUDKDFHUYLDEOH
XQGHVDUUROORDUPyQLFR\SRVLEOHGHOSDtV

(/'(%$7($&$'(0,&2
&RQ RSRUWXQLGDG GHOVHPLQDULR3XHEORV ,QGtJHQDV 'H
UHFKR \ (VWDGR RUJDQL]DGRSRUHO ,QVWLWXWR/DWLQRDPHULFDQR
GH ,QYHVWLJDFLRQHV VRFLDOHV OD &RUSRUDFLyQ GH 3URPRFLyQ \
(VWXGLRV $PHULFDQRV \ HO 7DOOHU &DXVDQDFXQFKLJ HO  GH
$EULOGHHQ4XLWRSUHVHQWpODSRQHQFLD(VWDGR3OXULQD
FLRQDO 8QD 3URSXHVWD,QQRYDGRUD $WUDSDGDHQ9LHMRV &RQ
FHSWRV TXH IXH FRPHQWDGD SRUHO FROHJD +HUDFOLR %RQLOOD
"
 O
O DVHS D-£XDXSHD H RS 24VQ63HU XHRSDFVHTXD HMTDT
DV DQE
QHTDS UH RLXRXUR£D RDFQX XQ RSXHXRGH VHXD呸-3,,
VDSHSQHXRSH1 HRIQH H£ HDUDQM XRR LPV IO È 
DQXR DQE HRXDXRG,: XDRSDLRXHHMTHT
DXDZH$S--
DVH呸 O HXDVH£RD£H呸 VH
āVDX
RSFDXDVHX0£HXPXRXUHHPXRJVSVRXDLXVWXRRVDS%SXUO
-2G8, O"
- āRQRHVDS QV %O8--DG DQE-HXRSWP RVXDVXRR XQ
UQL呸R£DUDG‡3PVHQGFUGD£‡3SDS£R%G%-%-RSDSQS‡IOSDS
QHD HU G VRRVHS V DÈQPVTQVDQE HXW",OPHDPVHQGRUG
HXQDSHUDSUVXFR G
SHSDSRV H£ DSVDSVL£HP£QR£P£GVHUUHX
RQVHVRPH VHXXRM HS XFWDRQQVXRR H RXURR DSWSXDLXHH£SX-
DMGRPHUDSXRSGHRXRRHHRSRS
¢H3HVDGH£HXH$D£

DVRSXRSFSVFSRLDLRXRR RVUGDVDāāā£\Q! " VHRXRLXVHVRSXP
XQILDUG?RJ£RDS DIHGR-RURXU XQ RSX\-G3682-
62-W" (O
XDQRXWRRLXDWR 62:OOO-VRLVRXHRSHUDGRW"38(SXDV£VG-H DS
6VRXDDSRVHRRUG£RSHSQSR
HX2-%DXRSRQQVXRR‡,DUDG
DXH$D£D--SW"SSIWOODHVDH-DS-VXR ÈSX£ RXUVWUHXRSHX£DS

2----‡G‡3%OODQR‡ XH62-2-'-2G6%3呸33 6%@OOOVH£

XRRHX‡Q‡3 ‡8‡$£DSVRXUVDGXUHRVR£ DSXSDQSH‡ ‡R£
RDGVRUXRQHZā XRRDHTDSQVDSSHSWXUXURGRXRRVSDVDUG[D

W-DGSS(-W"-OFQEHSQSHRSHQ!SXHRSXDQXSXFR
HSQST
SHSD226H£ HS2O8G:2:DSXS!DSÈ RSXXFV\H RSUDQRH
DS H XD (SRDWH- HXQ DS X£XQVTQV H R
HS]DZ HXQ
RSXDS呸QV
HSHDXHGR RQERVDSāV$ "£XDD-£XD£HQ£GD-X2-
XRSMVRGR DLVRQGQV H "-S£-H VD£HO8DZHSXOO- VRLXQG RRXS
XDRVUH]XFXQVXDSFQGO",OOIžHSVRRQXRVRXHUXDXURFVHU£

O"=G£(-IOOO"8
PVFDSRUDTFSXQIW"8RSHXRVXVVXRRXQH£ RSVRSHSTUTWVRG
VHU DS 66I<8W D XD £QSX RLXHXRGXQ DRD"G VRX
UHP W"-
-2GXR]HU
W"3žPVFQGRUGHUHQRHVDS È H£QZ££VD RRWXUDSDRD
DHTDS  āRV-9OG H RS VDW"SRV VHSP!B- RS DXDRXDXU
HRXSHMW"O6
0(IDS,āR1
,
Ož$SXDRSHRQTQGRWUDLXFXURR
2=呸-O-O?8OO
+ 2-,"
 /$35238(67$ ,1'O$< /$&216LOW8&&,21'(81&216(162

HWQLD $GHFLUYHUGDGQRGLVFXWtODSHUWLQHQFLDGHXQDXRWUD
FDWHJRUtDRODVGRVSDUDFDSWDUHOSURFHVR0LLQWHUpVIXHPiV
ELHQHQIDWL]DUTXH ORQXHYRGHODQRFLyQ1DFLRQDOLGDGHV ,Q
GtDV QRYLQRWDQWRSRUHO ODGRGHODV SUHFLVLRQHVDFDGpPLFDV
VLQR SRU ORV UHVXOWDGRV TXH SURGXMR HQ OD GLUHFFLyQ GH ORV
PRYLPLHQWRV VRFLDOHV (VWD QXHYD FDWHJRUtD IXH HQ Vt PLVPD
VXEYHUVLYD FRORFyDO GHEDWHHQWpUPLQRVQDFLRQDOHV\FXHVWLR
QyGHPDQHUDUDGLFDO ORV IXQGDPHQWRVEiVLFRVGHODQDFLRQD
OLGDGHFXDWRULDQD
6HPHMDQWHFXHVWLRQDPLHQWRIXHVXEYHUVLYRWDPELpQIUHQWH
D OD WUDGLFLyQ PDU[LVWD TXH KDEtD KHFKR GH OD FRQWUDGLFFLyQ
1DFLyQ,PSHULR XQDGHVXV SULQFLSDOHV EDQGHUDV GH OXFKD
HQWHQGLHQGR TXH OD QDFLyQ HFXDWRULDQD FRLQFLGtD FRQ ODV
IURQWHUDVGHO(VWDGR1DFLRQDOHQIUHQWDGRDODRSUHVLyQ LPSH
ULDOLVWD 7DOHV IURQWHUDVHUDQODFRQGLFLyQ\ HO HVFHQDULRGHOD
OXFKDGHFODVHVLQWHUQD (QHVWDQXHYDLQWHUSUHWDFLyQ VHHQID
WL]DODOXFKDGHORVJUXSRVpWQLFRVFRQWUDHO (VWDGR1DFLRQDO
HVGHFLU QRVyORVHOXFKDGHVGHHO OXJDUTXHpVWRVRFXSDQHQOD
HVWUXFWXUDSURGXFWLYDEiVLFDPHQWHFRPRFDPSHVLQRV(OORIXH
PX\QRYHGRVRHQHO (FXDGRUDSHVDUGHORVWHPRUHVGH+HUD
FOLRGHTXHWDOFDPELRVyORVHKDEUtDRSHUDGRHQODVPHQWHVGH
XQRVFDOHQWXULHQWRVLQWHOHFWXDOHV2GHVGHRWUDSHUVSHFWLYDOD
PH]FOD \ FRPELQDWRULD GHODVQRFLRQHV GHFODVH\ HWQLDTXH
DFRQVHMD+HUDFOLRSDUDXQDGHVFULSFLyQGHOSUREOHPD QRVRQ
VXILFLHQWHVUHFODPDQXQDPD\RUSUHFLVLyQSDUDLQGLFDUHOQXH
YR UXPER TXH WRPy OD UHODFLyQ LQGLRV(VWDGR 1DFLRQDO DO
VDOWDUGHXQSUREOHPDSDUWLFXODUDO HVFHQDULRQDFLRQDO

8QDHWQLFLGDG,UUHOHYDQWH SDUD OD FRQVWUXFFLyQ

QDFLRQDO"

(QHOGHEDWHDOXGLGR%RQLOODEDVyVXVREVHUYDFLRQHVDPL
HQVD\RHQHO UHFLHQWHOLEURGH(ULF-+REVEDZPWLWXODGR1D
WLRQV DQG 1DWLRQDOLVP VLQFH  &DPEULGJH &DPEULGJH
8QLYHUVLW\3UHVV 


 =
H È 9-G,DSVDS RSH]THXHVDFXWSUUD ž, RQE
RXHRXDXUHFXRX
È RHGRUQH2-,'"3O"-HRSXQXU SXD5!XDQRDTXRRDSDRQV
āā$ZHªR£HRS RUFDFPR
RSUH 6-O8
-:-
"-8ž3,8
-+ā;;RSL
6 !S 6!P- -3
66
->58 !"8 62OOOOILO$2: VRW 8`
:0HTVTR+ RSQHPGRLQOOV

HQXRQRXDVV
2$6$3 XT 6O": R
2$-HLD -
-3"-O ':6:
VJā( HLRX
¢āG6'3,762L DUTRVHSHQDXDZ£WP--K88-T6
RX RSRSDG WFSVHXD呸-38 VUP!!£LOO VR£ DQE  I
OOOG £L
XLRSXL$$ XHTHUVDDQEOOO"-T%6RX6ISOOO"623OOVR£ -O"SXQZ
HLQ
 DSFQVRV H£ HLVHT DQE FS XJ]H LGZV " URG
VL£P
FSHFVLXRSW!,GOOIXH-8L-FXDQETVDUHRRV£X£Z£HSDP
82-āP- 6O6: VR£ O-82 623ž 62OOO:$2: VR£ H PE >

VHLSZ\VH£SO"6O-HXHTH+HVSX\VR£XL"-GRQÈ SHS
XLS W!X£XQRSXHFVR3'"'‡V-2G RXDT£\FST- OH
LVRSDS-OORSRWFUTRV
RIHTZLXUV
HRXYāXHPHVL-QVH
VRSHLXDFR62-8:呸2: RXURR62O:62-8,"2SO"-G68HWM£P
!O"-

O-LG?
XH!8-RSRGZ- SSH-RZRZH£6

66O\XHQVO":--82
!
DQE ÈHZ XSG[L H FQE PXPX ā/āG V"6XL38
VLHQL£LX VR£ FS UH 2O8I-63 RH RXURF
623ž VR£ ---X
RUSXUXHG 2-8-:-O8?O6 XQ -OO:O"-O"- RSH-£GVX£ HWHT 8O," DQE
RVQSXUHUVTHXRRHX XOO:呸RZXQRSHLX?OHHT XSHP£V
HVL FSXRS RVHR XR6XX RF]RXRR RX
RIHTZ! 86 āV!HSH-
VHLVHR 8
, 84!H£TRG H H -3呸3 DS R\HGVL £HXR HZLVV

, URG HSH]£HXRSQVXHSHXRS2$Q-6

 RQE X O"33!Z,"
8 -8
-:O"S
-G6O
VRPVDXU 62- H VRRXHT62- H RLDFGVDUXRF
O"
!8OLO HSXOO-OO-3 QV VSRSXQMFFG ÈQZRS--8?O6 XQ ž38OOO XHT
HMRTHGVDHUVPEXRRHVSVDS
8-0HTVTR-,OOO3
HXSHHL-:9
XD 623ž VR RXUVTHXRPHX RXUDSRX LS 6呸X X£ XD R\
DQEDGDUFHUVHT>DGHGXQRSHLQIXHTVLQXVHSXO-!--3VHHTF
V\Z VH£
HO8-822
XJ]H HUVF -2G āHLXRZRT FUXFXUHUDWXF
R UVHR 6228O
, VRD£Z QDVDDQEXSH£TRG HXQ G 62-6
OQG
ZRR 62
OO6,^ VRSDUVH FS 62-H- DLFDZHSHZDQ[D VR£GZLIR
VR£ -82:
H-
, XLQ-,682 VHUHQR 62I
XK"IÈ O",-2
O"8O^-
8=
-$MO",RXURF
MHUHUVD8O3O"--HXQRZRRMH XRDHSHX267,-
RSHUVFUFTHTR-H-6HSFQGFQEVRXFXUH
RXUVMMQFRURHXRLRUG£H
8O"$?O-OI?O-G:OO6?O-8?O:£W"7,--呸VDRS呸XLV?6XDDQEÈ
āG
RGQ*-2-G2-G £HFQEV\ZR--2 UH-呸-?O3 DUHGHSHRTGHDLXDP
HQVQV\ZRWSQZ VR RQEXH XD
O"$-O"M?OX LV H DSXFQ FQE
SHSSUPDHXQDSHUHQ!V DQEFTSRVD
RFUVTHFRSHXRX-OOSRZ
MDSXRSFQQVXRR O XD H]H H O SHSSWFLRH£ RSHSWUH$OOS-H
ZTRV ?O6HXQM?OG £H
HPXRJ(OO"ODV
RXUSXH RSFQXRR £L O"-(-
 /$35238)67$,1'O$< X?&216758&&,21'(81&216(162

YHFHV HVWUHFKDPHQWH GHVGH \ D WUDYpV GHO &X]FR 6HPHMDQWH

GHVOL] KD VLGR FXHVWLRQDGR GXUDPHQWH SRU HFXDWRULDQLVWDV
EROLYLDQLVWDV \ DPD]yQLFRV)6DORPDQSRUHMHPSOR GHVWD
FDGR HFXDWRULDQLVWD HQXQD UHFLHQWHHQWUHYLVWDSXEOLFDGD HQ
1DUL]GHO'LDEOR1RFRQFOXtDTXHHOSULQFLSDOFRQWUDWLHP
SR HQVXFDUUHUDDFDGpPLFDKDVLGRODVRUGHUD GHORVSHUXD
QLVWDV TXH FUHHQHQFRQWUDUHQHO &X]FR \ HQ/LPD WRGDV ODV
H[SOLFDFLRQHV DOPXQGRDQGLQR$OJRVLPLODUSRGUtDPRV GHFLU
GHOFRPHQWDULRUHFRJLGRSRUHOSURIHVRU%RQLOOD
(QXQWUDEDMRDQWHULRU(O3RGHU\ ORV1RUDQGLQRV 
KDEtD VRVWHQLGR TXH OD WUDGLFLyQ HVWDWLVWD HQWUH OR SXHEORV
QRUDQGLQRVGHO VLJOR;9, HUDHIHFWLYDPHQWHHVFDVD 0DVD~Q
HQ PL DUWtFXOR
/RV,QGLRV \ ODFRQVWLWXFLyQGHO (VWDGR1DFLR
QDO  SXEOLFDGR HQ OD )/$&62 SRU HO FROHJD %RQLOOD
VRVWHQJRTXHQLQJXQDGHODVJUDQGHVUHEHOLRQHVLQGLDVGHOVLJOR
;9,,,HQHO (FXDGRU WXYLHURQFRPRREMHWLYR ODFRQVWUXFFLyQ
GH QLQJ~Q(VWDGR1DFLRQDOVLQRODUHFRQVWLWXFLyQGHORVVHxR
UtRV DQGLQRV R OD UHVWDXUDFLyQGHSDFWRV FRQ OD KDFLHQGD ORV
SXHEORV\HO(VWDGR&RORQLDO+DVWDDTXOHVWDUtDPRVGHDFXHU
GRFRQHOSURIHVRU+REVEDZPHQODGLVWDQFLDHQWUHODVSUHRFX
SDFLRQHV LQGLDV \ OD GH ORV FULROORV SHUR GH QLQJ~Q PRGR
VXVFULELPRVODLGHDGHTXHHVRVOHYDQWDPLHQWRVIXHURQLUUHOH
YDQWHV HQ OD FRQVWUXFFLyQ QDFLRQDO 7RGR OR FRQWUDULR $OOt
VRVWHQJRTXHODGHUURWDLQGLDSURYRFyODPDVLYDDGKHVLyQGHO

 +HUDFLRKD WUDVODGDGRSDUD HO FDVRHFXDWRULDQRVX GLVFXVLyQFRQ 0DQRQ \ 0DQULTXF

VREUHHOVXSXHVWRQDFLRQDOLVPRGHORVFDPSHVPFVGHO0DQWDURHQOD*XHUUDGHO3DFtILFR
RFXUULGDXQVLJORDQWHVHQWUH3DUDWDOVLWXDFLyQ0DOORQKDEtDGHPRVWUDGRTXH
HVSRVLEOHXQDIRUPDGLVWLQWDGHQDFLRQDOLVPRFDPSHLQRHQFRQGLFLRQHVSUHGRPLQDQ
WHPHQWH QFFDSQDXVWDV\HQFODVHVQREXUJXHVDV GHVDUUROODQGRODVYLHMDVQRFLRQHVGH
ODOLWHUDWXUDHyULFD\ FRPSDUDWLYD VREUHQDFLRQDOLVPR‡FRPR GLUtD 6 6WHP VHJ~Q OD
FXDOHOQDFLRQDOLVPR\ODFRQFLHQFLDQDFLRQDO:ORVRQSRVLEOHVFXDQGRKD\XQPHUFDGR
LQWHUQRLQWHJUDGR\ XQDFODVH EXUJXHVDTXHOD VXVWHQWH3HURD~QVL HOORHUD SRVLEOHGH
GXGDUVHSDUDHO 3HU~GHKDFH XQVLJORGHVGHHVHWLHPSRKDFRUULGRPXFKDDJXD SRUHO
0DFKiQJDUDGHPRGRTXHUHVFQHDQDFUyQLFRWUDVWDGDUHVDVREMHFtRQHVDORVLQGLRVGH
(FXDGRU


 2O=

RXRV
RLXDPUDDQUDMGXQ " D£X呸+- DXHXRUDQRD SDSDWRRV W"£ RS VRSHS
QHURXDLRGVH£ W"-TIH! DUDGRXMV
-HD+RXDXVRVRXURR
SQS
OHDHU-,OOOVTQVVUHG RX
VRXURRDTVRQDQE VH0DGVH£ XRV
VDUHL āVRVXDVXR HDXDJ RS VRSDSWSTUVRG DXDS 6
QXHXRL
%Q!DSHSDSRVH RSRLXQOXRRDDUHGHV2!SXDTVD PVDQGRUG
£HW£VD6-W"WXQIXGHXDUQDVDRUSXURSXQZ£%RXUDL[DR£Q
DX£ UDPEMHQRH-HGāVHG £DSRMMRQDVDS£DS3!£V\T8338

+3 SVSDSRV H H£ XRR

HXSXH SHSHSRV H XRR XS",3
XRRDUDXQ-`:-LGD£ DQEHSLSHXUH XD
HP"--OW"2-DSHSRSRV
H£ !S RLXQURR -HHG HVRSTVXHT HSDV
RSHDS£ D XR RQE
HW
VHQGRUGO"87, 2:2-286
2$OW" DXHVHXRSHX2OOOG:$2: XQ
RXURR D呸XHGH 21 āH$SXWQVQVHSXDD-3 HXQKHT-DGZ

3%3O
DPMGXDJDXQVSRLSVXLXRRWXD£RSDV\ZVRZDUQ=,ž3
D£
DQEHSR
DDUH5O6DVRXURVQHVQHXRSHX XDUZ$:XQRXLRF
PXHRRS DV VHXU ]D$ DSHR
VDHSRV È 6%-:DRD VHXRSHRUS
8-$3--2G RSH]XHXU D-D-HGHXD£T 6 DQE
VRUSXW VR£ D£X! %O6,
VXRSHX FLXDUXQ[RX XQ HDXD
i
 RLXRQXHXRQVDQR RTRUS HQE È
HXRSH1RSQVHD£XDZH!ZHHXRXVDQRDVDQE
]D$DUDXPG
H£
X1ZH VāRIVRXHV XRSDXRHRXURR
VHVUXD呸£SX£
VD£HQDX£ G RX I VR£SX£ V G DUXDUXPRDQSRSDDLXHMG
VD -8O HZD£TRG S
URSHQRJSXD DQE ]D$ HURXUXGX£ V
7HXRSPDLVRQGRUGHXQXH]XH W"SH-"3 HZ-O HVD XR È

= -£XDVRRQQHVRSHGVHVQVQUXQVXRRDU82-%-呸IRIVRWSWQVR£

;,;DXDDSH]QQRLHÈ DSH]THXUXXRR53ž DSXVWVWVDUHXQDS

[[I ;,; VR£
i
£V V XDHRQQDXSH!£SX£$)+ H£ DSRMMRUUHVVS
UD DLXDXUHDXFUVWTRSPxRVDT
VD-DXH6-,'-O-
% 6- X
āXHTWQVDDDXDQE£HSRVRVHTH VR]XVVXUV XDXRU
XXXRRXRRQE
VRJRXF VRU RSRMFQXL SXDW"$77OO33 -W"£-QVD
DQE XRQVDQR
HQRS DLVRQGRUG H H R]XVFXU URLRHV DtXDURDX
 /$35238(67$,1',$</$&216I58& Ƒ21'(81&216(162‡‡‡

/DSURSXHVWD,QGLD /EXVFDQGRXQ,QFDR XQD

VRFLHGDGSOXULQDFLRQDO"
&RQIUHFXHQFLDKHPRVXWLOL]DGRODLGHDGHODXWRStDDQGL
QDSDUDUHIHULUQRVDODVSURSXHVWDVLQGLDVVLQGLVFULPLQDUODVHQ
HOWLHPSR\HQHOHVSDFLR (OORKDJHQHUDGRXQDFUHHQFLDKDUWR
H[WHQGLGDTXHORVLQGLRVFRQWLQ~DQUHFODPDQGRODUHFRQVWLWX
FLyQ GHO LQFDULR (O WtWXOR GHO UHFLHQWH OLEUR GHO PDORJUDGR
)ORUHV*DOLQGR DVtORLQVLQXDED DXQTXHVX OHFWXUDDWHQWDQRV
PXHVWUD TXH WDO LGHDODFRQWH[WXDOL]DEDHQ HO HVSDFLR GH ORV
$QGHV GHO6XU \ HQXQHVSDFLR WHPSRUDO DQWHULRUDORV PRYL
PLHQWRVFDPSHVLQRVGHORVDxRV6LQHPEDUJRSDUDDOJXQRV
ORV LQGLRVFRQWLQXDUtDQSODQWHiQGRVHXWRStDVQDWLYLVWDVPLHQ
WUDV XQRV FXDQWRV LQWHOHFWXDOHV FRQWLQXDUtDQ VXVWLWX\HQGR OD
UHDOLGDGSRUORVGHVHRV‡
$IRUWXQDGDPHQWH OD LGHD GH OD XWRStD DQGLQD KD VLGR
VHJXLGDPX\ GHFHUFDSRUORVSURSLRV LQWHOHFWXDOHV SHUXDQRV
PRVWUiQGRQRVODHQRUPHWUDQVIRUPDFLyQGHHVWD FDWHJRUtDGH
RULJHQHXURSHRDO HQFRQWUDUVHFRQHOPXQGRDQGLQR6XIUHXQD
GLV\XQFLyQFRPRHQODLFRQRJUDItDORSODQWHy3DQRIVNLHQ
/DXWRStDHQVXVRUtJHQHVHXURSHRV WHQtDFXDWUR FDUDFWH
UtVWLFDV FRPR ORVRVWLHQH %XUJD GHVGH 0RUR &DPSDQHOOD D
%DFRQDHUDXQDFRQVWUXFFLyQLPDJLQDULDVLQUHIHUHQFLDDXQD
VLWXDFLyQFRQFUHWD E HUDXQDUHSUHVHQWDFLyQJOREDO \ WRWDOL
]DQWHGHODVRFLHGDGFVXVLGHDV\SURSXHVWDVVHGHVDUUROODEDQ
DWUDYpVGHODYLGDFRWLGLDQD\GGHULYyHQJpQHURFRQWHVWDWDULR
GHORVJUXSRVVXEDOWHUQRV HVSHFLDOPHQWHGHORVFDPSHVLQRV
(Q $PpULFD PiV FRQFUHWDPHQWH HQ HO HVSDFLR DQGLQR
HVWDV FDUDFWHUtVWLFDV GH OD XWRStD HXURSHD VH WUDQVIRUPDURQ
WRPDURQ XQDILVRQRQ~D WDQGLVWLQWDTXH\DSRFRTXHGDGHVX
RULJHQ 4XL]iV HV XQ FRQFHSWR DQDFUyQLFR SDUD XQD QXHYD
UHDOLGDG0HMRU (VXQDDSURSLDFLyQ\FDPELRGHXQDFDWHJRUtD
FXHVWLyQ PX\ IUHFXHQWH HQ HO PXQGR GRPLQDGR (Q HIHFWR
VXIULyDOPHQRVFXDWURFDPELRVEiVLFRV


 =/=

RXURLDU,HQEVRXRSUTRV65-O2XHDLXHMGRQEVRXRSHLXRVDUGDU
ÈW"T
O-GG 2:6: D X ā¢RXSXH RSXPX ,3 RLVDL > XR RS
QDVHG`6G 呸P^"āVDV VRXRQEDGXRXSDV
X\ZQRQÈ R£Q2
DXD WQVDPXHZ DV ž4 6
HMGRUDH RS Z QV
RXWSXH
FSVGVD£DRSRLXDRWUHUUXQRVRRRUGXQVDRXDUVD
DGUQ
UXDXUYPGW/RS XSH$D-TQV
H£ £H āIR`` RWQV
HP VH £V RX W"È VH-VDZ £ VRUxRX VR£
H È VR]XVDXUV2 HHURGURRP
H-i
RRXD£W"-
HP£SVDW"£
ROQTW"!
£D
628W"-O6-- 62-2T8,-6 62O8G:G)- VRDHQX W"-2G-28
RX£
D£G:6 XQ VD RX
RVH DQE V\Z DG āVR!W"-8 VDX-SXD!VDS
VR£ RVHQT I HXUDR HS VHMVHXU DXDS
RSW"-8 D RXMS
XDXDGSHSVSRV‡3RSSRXUXQHXUR£
VRSX\VRO-HQ£ XQ
X-
RTDXRVGXQ‡X‡- PV£RSVHSXYVR£X‡RRX\RGZR£XRR
ÈQZ22O>2GR£RRÈ2-GXQX‡ž382$XRR‡RVHMGRLQ‡ >,,$;
È ,,$; 62>呸6VR£-GāRRI‡ZSGXQVRR£VR2-2GS
āRZV£WUHSVS £DSVRMRTXLMVVRXQM£HHURGURRXU DQEXQH
R\HGVD
R£ HUSQGD- RQESHSRSRVDSRSSRXU RQOXHXQRXURR D-D-HGH
RSD$R-G,āVQIÈ RSHOH呸
R!UH-XD-GRSXQZXQH28-2O呸+
‡ ‡‡XH£G HQE È2!>84 QE‡ £R XRR 6, XH GR RV XQR
VTRDGÈ RXUVXDXDSXU
HGRQD-O4DRQXVQRXDDW6-DSRSS-DID
UHXUXG XQ āDXDZHSHZ-;2-GH 62-% RR呸 DSHR H-DGR DV DQE

XRQDTZ£ 8O呸DV
H--DSH£ DV-H:-2-68H-W D
SPHW£-H- DS
HXUSXHHDSH£ XRR8-DSD-DVÈ žDV2:6-%8-+: !
ā!G!6DHMUHXUHRXHRQE
6H-VDZ
XQDS
DS- XQDSHDS W"I -DHGH RXUVXDXDSXU ,82-T
ā£HS\R62->
HTHDXHGRXURR
RLDS£DXD
FXFPXO"IDS6"QGVDSRXÈ
DURTQ
MQEHHSXD呸H DSRWSHXU URGXSHO"呸 HXQ
%S呸O":6:HVD
XDXFSRDUPVDUÈ HXJRSUQ@DSDSDGVDHXQDVUHUDURXRRDMSRG
DG£āR£GZDIDURG
2-呸呸Z2-D:78 HSHR WUD
žž
DJZDSHR XDRGXUDXXUV XRSRQQVXRR HXQDV DSIDS
%T-D-
DXQ W"UXDL HÈ HMGRPH£ RQXDQRXF DVD XRāROXDT RDGRPD
XD呸SR DS XDUTXUHW
RXUVXDXDSXU £D XRR XD DV H
 /$35238(67$ ,1'O$</$2216I58&&,21'(81&216(162

SODQWHDQHOHQFXHQWURHSLVRGLRVHQORVTXH3L]DUUR\$WDZDOSD
WHUPLQDQDEUD]iQGRVHHQRWURV$WDZDOSDHVUHVFDWDGRFRQHO
RURGH&DMDPDUFD (VWRSDUHFHVXFHGHUHQSXHEORVODGLQL]DGRV
/DXWRStDHV SOXUDO\ FDPELDQWH
(Q HO iUHD GH 4XLWR HO SURFHVR DSDUHFH WRGDYtD PiV
PDWL]DGR /DDGKHVLyQDO UHJUHVRGHOLQFDHVPX\FRUWD
\IRFDOL]DGDHQODVLHUUDFHQWURQRUWH(QHOVLJOR;9,,,ODV
JUDQGHV UHEHOLRQHV SODQWHDQHOUHWRUQRDORV6HxRUtRV(WQLFRV
HQ OD VLHUUD HQ ORV IODQFRV RFFLGHQWDOHV \ HQ OD FRVWD HV OD
DXWROLTXLGDFLyQVLQ XWRStDDOJXQD HQODDPD]RQtDORV JUXSRV
EXVFDQIRUPDVPiVFHQWUDOL]DGDVSHURFR\XQWXUDOHVGHPDQGR
SDUD VXSULPLU DO DGYHUVDULR 3HUR QR VyOR HVR (Q DOJXQDV
XQLGDGHVSURGXFWLYDV HQODKDFLHQGDHO WHUUDWHQLHQWHKDVLGR
DFHSWDGR VHSHOHDSRUXQSDFWRMXVWR

/D KDFLHQGD HQ OD 5HDO $XGLHQFLD GH 4XLWR HQ HO VLJOR
;9,,,HVHOVLVWHPDGRPLQDQWH /DHVSHFLDOL]DFLyQWH[WLOODQDU
SURGXFFLyQGHYDFXQRV\GHDUWtFXORVGHSDQVHPEUDUIDYRUHFLy
HO VXUJLPLHQWRWHPSUDQRGHODJUDQSURSLHGDGDJUDULD (VXQD
]RQDQRPLQHUDHQODTXHORVWULEXWRVGHELHURQSDJDUVHFRQOD
DGVFULSFLyQGHORVLQGLRVDHVWDVXQLGDGHVSURGXBFWLYDV 0XFKRV
LQGLRVVHUHIXJLDURQHQODKDFLHQGDFRPRHVSDFLRGHUHSURGXF
FLyQGHUHFUHDFLyQGHODLGHQWLGDGGHSURWHFFLyQ\ PHGLDFLyQ
IUHQWHDO(VWDGR&RORQLDO$TXtHOWULEXWRQRWXYRHOJUDQSDSHO
GH DUWLFXODGRU GHO HVSDFLR QL GH GLQDPt]DGRU GHO PHUFDGR
LQWHUQR FRUQRORVXSRQH+HUDFOLR /D KDFLHQGDHUDHO FHQWUR
GHOVLVWHPD

(O &HQVRGH  UHFRJLGRSRU2EHUHPPXHVWUDTXH

HOSRUFLHQWRGHORVLQGLRVHVWDEDQHQURODGRVHQODVKDFLHQ
GDV&RQUD]yQVHSUHJXQWD+HUDFOLRTXpKDEtDSDVDGRFRQHO
SRUFLHQWRUHVWDQWH+HUDFOLRORVVXSRQHOLEUHVOLJDGRVDORV
JUDQGHVD\OOXVFRPRHQ%ROLYLD7DO QRIXHHQ(FXDGRU 3RUOR
PHQRV XQ  SRU FLHQWR GH HVH  SRU FLHQWR HUDQ LQGLRV
\DQDSHURV DOOHJDGRV DUULPDGRV TXH GHSHQGtDQGH ODPLVPD


 3/=
II%6 2V--2-G DVDRS
GWIPāXDR$
RVRURMRSDI"]SXDGH
XQDQGāVHQDRSRWSDPXDSHSWRQXDQVUHRUHXU% XRUDUSXFUGH O
6%!SQRGVHVDVSRVUHUGRUGHXRUDUTRS623žVRTHSHVTHXUXUURF
HSXDV-VD HU 呸QXDS\QV DUT ž1
W"
=O,O- DTRQXU XRF JXD-S8
RSXQPUH XRUQDG,D VHQD‡呸UPRGVHUVHRSVFUURRHXXUT VH£
VVSRL XR-āUHUXHVS
HRSDDHXUDLVUV SWUD ž!HGSQ
UHG
XUQQSD
XSW=WDTH-HHPSHD$X UUHRSDLVQURUR
HDXO"$6OO-2HXQHSRLR]WUHMRXDWURQPRD23(O6
S
O"-$+26
È O-GMDSHSX呸+D-S\
RSRL ,O-RRRVD2-GāVR-OOVRSQGVD
VRV QQQVXRRDU XRW" 63ž V
RQD DS UHVHG Y RLRQG
UD RSHUVHXUDS HTHVG PXDQUR RRRG
%SXVQHG
HIW"W DLXHWQ
H[XDUHGUXRFDUJ HSHLtL\HZ-R-D呸 H -2GHTP£
%
 VDLXDUXFU
HD V O" 8-
%O--SRX VRXWVRGXUHR VR£
RSWP-DX
āDXDQS[D
,%O'OW"--D呸DXQXD
VRR
XDMT VQV-D$ 6-38 RWXD呸
D£TS-D RVRRRUG XQž āVDOXDSL
DOHD VRUH RSXHLRQHSXRUHXUXQRLVRPVDGXUHR 6O8D-:$:
VRSX呸 VR£ DQE
RLXHL:O呸R£VRSRV HSUXUDG\VRVXHV
XRR VRSUDQRHHSHXLDLVUVRXURRDRXQX ZPD DVRX
VDVHG
VHLVH XH HSXVSHT £ ;,; £RS VR£HX- ‡ XSH£QRX[R DS
VRR£ VH£HSVQGVRS
H$-žXRHRXRSXRGRSX£ H£ HSVQGVRS
W--GS-SOW"ODQUD8%8-8,3HZDO66:-HSXHSDTH VS
-8@OOā‡
ž ?O-žG£RSVRVHRVR£ XHXS63VR
āVDO
XDUXFLHQDLVR£GVRSHUSRR
VQXH]XR-D$VRLRHGXDVDQU DQE
XQH
XJIW" VRVXDVXRR RURG
VRFMQDXQVH DXDZHODS
VRUXQXU
VRSUDQRD UHXRSXUX DHT 8-6
RSHVD$SH )-3 XRSHSPEW£ H
XQTHRVQTRXVHUUDG6"
 āH£WQRGW"-WPZDDTDSRUGRXXGXQQU
D呸PVRQERXQPFG
HSXDSHTH VSRLXDXQXRSSGHGDV
āH3XFSHMTRGH DSRLXDSG SDLVHT
QSDDSXDWFHTH
VHXR]VHX呸£HXJVRPxHUHJ
VHRHVHHV

H$HWRXD
VRXHXU VW"- XRRVRS6-9--XHMSRGW"O6W"TRQE
VDV£
VRQUHQRVRRQāDQE呸,O-VDT-VR£SX£DS2-D:O8
W"-"\
HZPD
0 W"I HS DURT W"- H RSV!$ RSQG RXURR >W"O
DSXFRDT
2QOO>,£?8:OO,2>O4
 /$35238(67$,1',$< /$&216I58&&,21'(81 &216(162

XQPRYLPLHQWRGHQXHYRWLSR ORVLQGLRV QRVyORTXHORJUDURQ

XQDFRQFLHQFLDSOHQDGHYLYLUHQHO(FXDGRUVLQRTXH GHVDUUR
OODURQSURSXHVWDVQDFLRQDOHVTXHUHEDVDEDQORViPELWRV ORFD
OHVHQORV TXHWUDGLFLRQDOPHQWHVHKDEtDQDQFODGR
(O OHYDQWDPLHQWR LQGLRGH  VHUiXQ WHUPyPHWURGH
DOWDILGHOLGDGSDUDPHGLUHVWDQXHYDUHDOLGDG6XSURJUDPDQR
HVXQSUR\HFWR DQWLPRGHUQR HQHO VHQWLGRGHVHUH[FOX\HQWH\
GHUHWRUQR7RGRORFRQWUDULR (VXQSODQWHDPLHQWRILUPHPHQ
WH DVHQWDGR HQ SDUDGLJPDV DQGLQRV SHUR PX\ FRQWHPSRUi
QHRV 5HWDQDODPRGHUQLGDGGHVGHHOSUHVHQWH

/RVLQGLRVSODQWHDQODFRQVWUXFFLyQGHXQ(VWDGR3OXULQD
FLRQDO 1RHV XQD SURSXHVWDH[FOX\HQWH\ GHUHWRUQR (V FRQ
WHPSRUiQHD \ UDGLFDOPHQWH GHPRFUiWLFD 1RV SURSRQHQ XQ
DFXHUGR FRQ HO PXQGR LQGLR SDUD HQFRQWUDUXQDVROXFLyQ DO
SUREOHPD pWQLFR FRPRFRQGLFLyQGHO GHVDUUROOR HFXDWRULDQR
1RV SURSRQHQPLUDUDVXFXOWXUD\ DODVFXOWXUDVSRSXODUHVGH
ORV DIURHFXDWRULDQRV\GHORVPHVWL]RV SDUD FRQVWUXLUXQDFXO
WXUD QRGHSHQGLHQWH HVXQDSURSXHVWDGHVDOLHQDGRUD\XQLIL
FDGRUDHQSDUDGLJPDVFRPXQLWDULRVPX\SRWHQWHV &XHVWLRQDQ
HO HVWLOR GHGHVDUUROORHFXDWRULDQR HVSHFLDOPHQWH HO DJUDULR
QRV SURSRQHQ XQD PHMRU UHODFLyƑ FRƑ OD HFRORJtD FRQ ORV
FRQRFLPLHQWRVODUJDPHQWHSUREDGRV\DFXPXODGRVSDUDPHMR
UDU QXHVWUD FDOLGDG GH YLGD &XHVWLRQDQ DO VLVWHPD SROtWLFR
IXQGDGRHQXQDUHSUHVHQWDFLyQTXHQRIXQFLRQD SDUDSURSR
QHUQRV XQD GHPRFUDFLDTXHVH IXQGHHQODUHDO SDUWLFLSDFLyQ
GHODVRFLHGDG DXQTXHOHSDUH]FDXQDLGHD%DNXQLDQDD FXDO
TXLHUQHROHQLQLVWD (VHQVtQWHVLVXQDSURSXHVWDFRQWHPSRUi
QHD XQ SUHVHQWHFRQWLQXR DELHUWRDO GHEDWH

0$6$//$ '(/(67$'2 1$&,21$/

‡
(O HUURUIXQGDPHQWDO GHO SURIHVRU%RQLOOD HV FRORFDUHO
GHEDWH JHQHUDGR FRQOD SURSXHVWD LQGLD HQ WpUPLQRV GH OD
FRQVWUXFFLyQGHO(VWDGR1DFLRQDO3UHFLVDPHQWHQXHVWURSULQ


 /=
VRURSVRU28,2-VDHXRSZHOVRXUVTHXRSHXRSR
DT"` RSXQZ
RGQ
WL-D呸 O"I H H1DQ XHSSRGRQE VDSPRSH£ VRXUVXPXDXL
HSXQMHSVRUFSHXRGUDVDSHTRVGVRVH XR
VRSHXRXVRQR URVH
8W"=OOG:2-
VHSQRG6G826-DS6," ÈO"-ILO^WXH£
(-8,282GO"IRS
XFWRH]UMDXRSDXUDQQ ( G VRSPDXDi UHLR XS5]DXDtLRUXRT
RSVRVRRRUGVR£HDtXDUMDXDSS! DSVDHQSD£DX VRU-2GHLV
XDWTRS£V8-THTRQE VDSHS-V-D$3RSXFUVRSD("- āX呸-% VHZ
āHSXPX
RSHRUDWQ £D XD XRHGSQHG I HPXDGH H W" RXURL XD VRRXHXU
6DUG XD$-D0DVDQE VRHXJHZ VR£ RS>HUUXXQURD XSX]QHV
UDHWXQHXQRSXVXUXXHG
VHW6$3G2-VHMGRPVH£ RSDXRQVDQR
HT 6G>(,- 62:6II-26 VR£HS66--(G2-GO"IH£X]HXUHHRXFQR
H RXURR
HSXD$-$DTRV% DLHGV-DX DSVDXR]XDR UHSXQZ
R!S-ORGRD呸 RSTPQED D WXHG6W"--L"WW"-O6LO VDXR] H FXURSXRR
DQE  XD V\Z RTRQXL
VRLXHXXXRS VDVHS VQV DS  VDUQRS
DXVDSDSVSRVVH£ DSVRHVFSVR£ XRRRQE
VHSH]-HXRSHXVXH-O
HSRL?HZ H£
VD£GSQLZ VRXRRHXQXUDLDS XRR -D$ DQE VDXL ]D$
HSDR XDXDS VRSPVD 62 HS 6O"-O--2G  6"-:82- 6LOOO26-3
VX
SHSWXUHSRXL H HSHUPMQRHWRSHRUFXU DSXSH]£HXRSHX
-O8HUHGO8G-M
VDH-2I6O"6W"--8623VQVXRSUVWGRXDTXPRQV
VDMHXRSHX VDSHSXXHS VH VRSRW--OO  6W"-
OO82-- RSXRUGXURL
VL£HXRSHX VRSHGVD VR VRSRU H]UXR 23(=OW"-O6QSX RSXQZ
G RSVRS RQE XSH-I87,:2- H£ XF XSQ£R$D- HXQ G O XH]QX
I8: VH£ DQE VHW6X2SH-DPVDUHXR
DD VRSLGG VHSHX
RQVDQFXL-L-HGH VRSHLVRVR£ DSVHUDUXUXM VH£  SHSTDXRLXUDL
O"I [U[ 2-WL-6 S 8G 6HS77-O682- 呸£H£XDZHSXI- VHVUXUHUG 626
DSHSXDVDRVTROL RVQRR呸 RVQSXW
RSXQZSXDVDPRS"1VRS
HVVRU RS-&O2O83IOO33呸-DXQH VRXPVUVH
3-3XDÈ2+
RXUSXHRSHWI87,:2-HZ
DSDU
HG SS PUDG5
HSHXRWVD呸IRWQW" UHPO-URSQ>G SHSDRRV HXQ RS
XRSRUXLVXRR H£RS628:O呸OXDRLRDVRUGDVDFSSHS^HSXD£RG
"- UDQVRXU HUHG
PRSHXSQG RSH6 RS 86O-$ DMTWVRG
QV DS
RVQSP
W"8R-W"1 RSP O3 VHPSHWH 65, RSž3 
-DO2-GUDRUTRVRUHTRS£DUHRHVRSPXHXQH-T5,,
R=-D,-VDHGS
2=呸OOO-?8:?UOL 2L4
 /$35238(67$ ,1',$</$&216758&&,21'(81&216(162

SDtVGHODH[8566IXQGDGRUHVGHXQVLQItQGHQXHYRV(VWDGRV
1DFLRQDOHVTXHFUHDUiQQXHYRVFRQIOLFWRV DSDUHQWHPHQWHVX
SHUDGRVHQHOSDVDGR6LHOGHVDUUROORGHORVSURFHVRV PXQGLD
OHV KDUHSODQWHDGR OD GLVFXVLyQVREUH ORV HVWDGRV QDFLRQDOHV
SDUHFHXQDQHFHGDGRXQDDEHUUDFLyQDUUDVWUDGDGHOVLJOR;,;
FRQWLQXDUGHEDWLHQGRHQHVDOtQHD
(OSUR\HFWRLQGLRPiVTXHXQDSURSXHVWDTXHVHDJRWDHQ
ODFRQVWUXFFLyQ GHXQ QXHYR WLSRGH(VWDGR 3OXULQDFLRQDO GH
QXHYDGHPRFUDFLD SODQWHRTXHD~QUHVXOWDUtDLQQRYDGRUHQHO
SDtV YDPXFKRPiVDOOi ORVSDUDGLJPDVGHFRQVWUXFFLyQGHXQ
PXQGRFRPXQLWDULRDXWRJHVWLRQDULR GHXQDUHODFLyQ PiV DU
PRQLRVDFRQODQDWXUDOH]DGHXQPRGRGHYLGDVHQFLOOR\VREULR
D ODPDQHUDLQGLD GH XQPXQGR UHVSHWXRVR GH OD GLYHUVLGDG
TXH FRQVWUX\D SXHQWHV GH LQWHUFRPXQLFDFLyQ LJXDOLWDULD GH
QXHYRV VLVWHPDV GH SHQVDPLHQWR KROtVWLFRV TXH UHFXSHUHQ OD
WRWDOLGDG SHURTXHDO PLVPRWLHPSRQRVSHUPLWDQXQDYLVLyQ
GHOHVSDFLR\GHO WLHPSRFRQFUHWRVVRQVLQGXGDSODQWHDPLHQ
WRVGHPXFKDSRWHQFLDOLGDGTXHWUDVSDVDQORVOtPLWHV QDFLRQD
OHV FRQVWLWX\HQXQQXHYRSUR\HFWRFLYLOL]DWRULR


 /2† OO8O(/26O
OOLO>,2†
O/
OOO†È992//2686LOO
OOLO7$O/,

,1752'8&&,21

(O GHEDWH HFROyJLFR FRPR VDEHPRV KD DGTXLULGR XQD

GLPHQVLyQSODQHWDULDSRUTXHKDFHUHODFLyQDODGHVWUXFFLyQGH
ORV HFRVLVWHPDV JOREDOHV 9LYLPRV XQD JUDQ SDUDGRMD MXVWR
FXDQGR ORV SD-VHV GHO 1RUWH LQGXVWULDOL]DGR KDQ ORJUDGR XQ
HQRUPHFUHFLPLHQWRHFRQyPLFR XQ FRQVXPLVPR FXDOLWDWLYD
PHQWHGLVWLQWR\XQDSURIXQGDUHYROXFLyQWHFQROyJLFDVXHVWLOR
GHGHVDUUROOR KDGHVWUXLGRODVEDVHVPLVPDVGHODFLYLOL]DFLyQ
\ KDSXHVWRDOSODQHWDDOERUGHGHVXFRODSVRWRWDO

'HODVHQWUDxDVPLVPDVGHHVDDFHOHUDGDGHVWUXFFLyQGHO
SODQHWD VXUJLy HQ DOJXQRV GHVXVVHFWRUHV PiV VHQVLELOL]DGRV
FRQHVWDSUREOHPiWLFDXQDSRGHURVDDXWRFUtWLFDTXHKDGDGR
OXJDU DO DSDUHFLPLHQWR GH ORV GLVFXUVRV HFRORJLVWDV (V XQD
DXWRFUtWLFDTXHSRQHHQGXGDHO HVWLORGHGHVDUUROORODUDFLR
QDOLGDGOLQHDOODIHFLHJDHQODPRGHUQLGDGODUHODFLyQGHVLJQD
1RUWH6XU TXH EXVFD HVFDSDU GHO LOXPLQLVPR GH RFFLGHQWH
SDUDEXVFDUHO FRQRFLPLHQWRKROtVWLFR ORV VLVWHPDV FLEHUQpWL
FRV ODV LQWHUUHODFLRQHV P~OWLSOHV ODUHYDORUL]DFLyQGHORV FR


 =
7XO-,,:
RR‡ULZ
&
:呸8
OO!
,2$
-28y
OO呸2-O
,:R
L£TPXLVQV
+2--"6S  L-426 DWHTDS  LQVXR1 呸XRS- VH X OOLRRL O"

RS£RGRU£

-288-:
-$āIXLX SR£X呸-2GRVÈ呸OO-ZVUX£RSR£XSDRG
-H-!S
2`8!SDRG/

£LG22
3X!—-RG呸DZQVXRRRUXVSVRG= UDOO-28:HXQ2SOO-6
DQE286
XG £Sž-O8:%,822-2ÈH: OOQSUXGž

RX2SO=>O-,6QSX£-21  OO
āWQDXH£GUH 6GO8(OO:HO82-
VHxUHR 6%^ UDLXDXPDRXWVXDRHTRXDQEURG
DSTHVH£ 8'6 RXQV
£DSHDO2-RGO4-GVRSWSXDUGXUDVRQRQEHRWQRR V$SHUUQ
VRMMRXHVVS DQE HXDUDSUVXRF RQEURG
06-8 LQZ %--G6 H
VRQGRUGH
RSXXHVDL呸āDXDTZHDUHSDUGRSRXI DXRVUXU
DSVVXUHMTRUG62-G$I2呸--3]HGHRHDVFQE
DXRXDS2$SQUZ£
RX
RQRXHVDS FS 2OO6- R$DQX XQ PV D XH SQSRG āS
āV-RRDVHXLRMTRUGVRXXRXDHVQHR
8"T:H- H]DTRG H RQE HDSVXR- DV DQEURG
UQV DS VHVVXL
VDSXH-£I VH£ VS
%-6: H DS VHXURMTRUG VR£ -$`260 ā
DUDSHXU H£ OXDZH!DGVD

H-IDXD DS VDXDQ- VHQVRQX DS XRWRRQXVDSRVQ £D I PV O
XRV£VRUDPVVTHSRQVRGRS -2
RXRX -2 XRVHSLTUXRUGVR£
XHXWXQQXRR VH!ST呸- DSXSHHO68H
RSRLVUTRV
UQVH RXRX
O3 62-呸-D 62O62- 62@ RS XS"IO"8-D[D H£ OHOL? āT
āORTR-  SS XFSHXXDHLXFRH RS RLXDSGOO£D QRQS
呸
GDSDUTHGUR SUHV G
HLI!D86-D$XR!D- HXQ USQS
G DSFSXXDV SXD
22H呸S RS RPVDQVDOXDZHO%SZX
DWTXUHF RSH]XHXUVQSXU VXRX £D RQE DS SHSUVDRRX (
O H
VRLXVMXUHRQUHMG
VDSXDUIRRXUR
VRXRXU HH呸8!O82! DQE
RLHWSDXQQHXPUxRUGXQ
HUTRV VRSW"]QH !35- VRGUXIVRUVR XDRVXDVXRRXQRSXHXQRM
H$DVāUH !3%-VHXLRTRQXUXQHVDH!----2-7,XVD
UQV£DX
HDFMDQXDXFUTPRTXSX H£
HIR£RXD H£

HLXXVUSHURXHXURSUHVXRGDU
8- XR 6-I"8233W"-O VRUXRQXRRX 
2=-OO>OO? OO4:OO`- 2>OOQ
 /2638(%8-6,1',26< (/'(6$552//26867(17$%/(

H (OHYDUHOSHVRSROtWLFRGHOVXUSDUDORJUDUHVWDVJUDQGHV
GHFLVLRQHV TXHFUX]DQODSROtWLFD HO ILQDQFLDPLHQWR ODWHFQR
ORJtD (OOR HV PiV XUJHQWH VL FRQVLGHUDPRV TXH HO GHVSHJXH
HFRQyPLFR ORJUDGR SRU HO QRUWH HQ OD GpFDGD GH ORV V KD
SURIXQGL]DGRODEUHFKDQRUWHVXURULJLQDQGRXQQXHYRQRUWH
FHQWULVPR FXHVWLyQTXHVHDJUDYDFRQHOGHUUXPEHGHO VRFLD
OLVPRUHDOTXHKDGHMDGRODVDQJUH\YLGDGHOSODQHWDHQPDQRV
GHORVYDPSLURVGXHxRVGHOFDSLWDO
O(QTXpSRGUtDQORVSXHEORVLQGLRVFRQWULEXLUDHVWHGHED
WH"O6HUiYHUGDGTXHVL ORV LQGLRVWXYLHUDQORV PHGLRVWHFQR
OyJLFRV\DKXELHUDQ GHVWUXLGRODDPD]RQtDFRPRDILUPyFRQ
GHVSDUSDMRXQRGHORVH[SHUWRVHXURSHRVTXHDVLVWLyDOD&XP
EUHGH5tR" O(, FXLGDGR UHFXSHUDFLyQ \ DFUHFHQWDPLHQWRGH
ORV UHFXUVRV QDWXUDOHVGHOD3DFKDPDPD HVXQSUREOHPDTXH
DWDxHDORVSXHEORVLQGLRVRHVXQSUREOHPDDMHQR XQDLPSR
VLFLyQH[WHUQD"O3XHGHJHQHUDUVHXQDSURSXHVWDGHGHVDUUROOR
VXVWHQWDEOHGHVGHODFXOWXUDDQGLQDGHVGHORVSXHEORVLQGLRV"
3DUDPXFKRVREVHUYDGRUHVODGLVFXVLyQ HFROyJLFDSURYLH
QHGHVHFWRUHVDXWRFUtWLFDVGHRFFLGHQWH HQODTXHSRFR WLHQHQ
TXHYHUODV FXOWXUDVWUDGLFLRQDOHV ODV FXOWXUDV LQGLDV 'HVGH
HVWDySWLFD OR~QLFRTXHOHV TXHGDUtDD ORV SXHEORV LQGLRV HV
DSURSLDUVHGHHVHGHEDWHDGDSWDUOR \ FRQYHUWLUORHQXQDSUR
SXHVWDTXHOHVVLUYDDVXVSURSLRVILQHV
O6XJLHUH HVWH UD]RQDPLHQWR TXH SDUD TXH ORV SXHEORV
LQGLRV DVXPDQ ODSURWHFFLyQGHORV UHFXUVRV QDWXUDOHV GHEHQ
DFHSWDUHOGLVFXUVRGHODGLVLGHQFLDGHRFFLGHQWH DOLQWHULRUGHO
FXDOSXHGHFUHDUVHXQGLVFXUVRGHODUHVLVWHQFLD"
(VWD GLQiPLFD GH OD KHJHPRQtD \ HVWDSRVLELOLGDG GH OD
UHVLVWHQFLD DXQTXHUHDOHVQRVSDUHFHQLQFRPSOHWDV (OODVD~Q
VHHQPDUFDQHQODDQWLJXDWHVLVGHFRQVLGHUDUDORVFDPSHVLQRV
\ DORVLQGLRVFRPRUHDFWRUHVSROtWLFRVTXHQRWLHQHQLQLFLDWL
YDVSURSLDVIUHQWHDODPRGHUQLGDGTXHVXDFWLWXGHVGHIHQVLYD
\ TXH SUHFLVDQ GH VHFWRUHV H[WHUQRV SDUWLGRV LQWHOHFWXDOHV


 ==
āXRVGZRXG,-RG SH--呸3£X!Z%6:Ot6I$2O6 P
HRXRFXFFQUDSXSHXXR£
£ -S8-8 UXHG VR£TPG 62L SZQQD OO^  È HSQË;  H -H-OO8 S QS- O ,6>

>
8682260
QOOOO8呸 OāOOO>
S—R0XLQSX\O Ƒ
X[£OSXH8OO6Q
0H X[PSZX  8
:6呸6£-OOOM
28SOOOO 2SOO8@6
.Ë:,,-
XTRV 238 8O, 6>-26 VLW"8- 6O, RQE 682 G8
.Ë PL S 66I@,8,, XDQT XQ 
āRX呸SXHRSXPQ SXRVHQI" VH£ O VRMRQVVRU
VRQEVRT
VRU RS RIRXDXU , RLDRGVH V XQ RSXHXURL VRZD-XJHSX 

SHSI
-£GZR-QVG
HZDTRGO6āHSXQZDUHTDS,XRRVUH]

HVDžžDS SHS-HGH- QVRSXUPWQR H£ RSVDS RDWUHURGXUHL
82- 26-WO-63 XQHS
RPV
XOO-呸SH£ HSRLXDUQUHVHRRUGDU
XQ RS `O8`:6 RSXHMTDT 62:W"--W"O6- RX
W"$OO":--% VD "
VDQGVDU‡,6ā¢--£‡,RS28O62S£RURG3‡3,,-2SRZ‡ODSVR£
X‡363VR£ HSVRXHXL £‡‡SDQZXRSHGQRRDLG‡£I VD£HP‡X
VRVPRHUVRU HUTRV 23žRVPRVUS £DD-WXDRLXDQGXQHT£VVRZ
‡XQ呸DGVRX%-2HSIR£XDVDG£DSVHXUHMTRUGVRMDPVRQGVDU
HXQ8!
%=+$ RXURR HSXDXFG[H QV XHVRXLHRVQT DLUHGDXQ
HS
DQERXUV
RD-DW[DRVPRVMSXQDSVR!O-,2GVDLRLRHDURXURR
623 VR£ ‡ VRXURSXDLXD RX
DZD£TRG £R £VR RSDRX‡G
ā¢VH]SVDZ RXHT
VDWO VH H RLRFGVDLVRVPRDL V H D£XD-- HLXXVWS SUXXRD HXQ
VRLSXW VRMTFQG VR£ DXXD ÈHT
VH-THHG VDQR XJā¢DXDSSR
DS SDSWXUVSRUX H HS 622O--! V RSHDXD XHT FQE RVUQRVWS
>DS RWSDXUXD VRSHDURDU DUHGDQUDLRGDLXDXUDUXDWFJQV  RSUV
DTRWSXWRSXQZSRSUQXDXUXDG[DHTDQE(-IOOO"XSH]IHO£$D-
W", £VÈ VRVPRRU V RSRSHURDSHRIDXHZRSVRUXRXUDSURTDTQV
HXH-8DO" £V -2G
23 RMTRUUGO3VHRXRXRG[DVH HÈ RLXDQXR
RXRRUH"
D-DX XFSHXQ[RUGHH$DQXHXQVRXURXRGRUM

 O",-8O6,6-
,6,
 ā
XRX£HX:23H-H:-2-688OVRX£SXHVRPVDGXUii VXDSRQG
VRLXFQXWSRRRUG PE XRR È VDXR£!H$O2: "QE RSVVS
(PW£Q!
PERSVDS
HSXDXVG[DHQEDSVDS
3!@G[DVRXRRRGXUDLž6-D$
HVJ āVQVDQGRG VQV H£Q!SUD HUHG LWD
6'12
VX£VDI£
 /2638(%/26,1',26< (/'(6$552//26867(17$%/(

/26 '$726'(81$08(57( 6(*85$

3DUD GLVFXWLU HVWH SUREOHPD UHVXOWD D~Q SHUVXDVLYR FR
PHQ]DUDODPDQHUDGHORVHFyORJRVPRVWUDQGRORVHVFDORIULDQ
WHV GDWRV TXH KD FDXVDGR HO HVWLOR GH GHVDUUROOR GH XQD
PRGHUQLGDG SHULIpULFDGHRFFLGHQWHHQHO (FXDGRU /RV GDWRV
QRVUHFXHUGDQODVSDODEUDVGH)LGHO HQODUHFLHQWH&XPEUHGH
OD7LHUUDODSULQFLSDOHVSHFLHHQH[WLQFLyQHVSDUDGyMLFDPHQWH
HOKRPEUHPLVPR
/DVXSHUILFLHWRWDOGHO SDtVHVGH
KDV'HHOODV
HOSRUFLHQWRVRQXVDGDVDFWXDOPHQWHSDUDODDJULFXOWXUD
\ ODJDQDGHUtD PLHQWUDVODVWLHUUDVFXELHUWDVSRUERVTXHVQDWX
UDOHV RFXSDQ HO  SRUFLHQWR /DV UHGXFLGDV SODQWDFLRQHV
IRUHVWDOHVDSHQDVRFXSDQHOSRUFLHQWRGHODVXSHUILFLH HQ
WDQWR ODV FDPDURQHUDV TXH HQ HVWRV ~OWLPRV WLHPSRV VH KDQ
LPSODQWDGRGHVWUX\HQGR ODV]RQDVGHPDQJODURFXSDQHO 
SRUFLHQWR
(O  SRUFLHQWRUHVWDQWHHVRFXSDGRDFWXDOPHQWHSRU
WUHV WLSRV GH WLHUUDV $UHDV 6DOLQDV HO  SRUFLHQWR SRU

7LHUUDVVLQXVR DJURSHFXDULR LPSURGXFWLYDV\ iUHDVXUEDQDV

HO  SRUFLHQWR\SRUILHUUDVGHXVRSRWHQFLDO IRUHVWDOVLQ
ERVTXHV HO  SRU FLHQWR 0$*&/,56(1  (VWH
 SRUFLHQWRGHiUHDVVDOLQDVVLQXVRDJURSHFXDULR\GHXVR
SRWHQFLDO IRUHVWDO WLHQGHQ DFUHFHUFRQORVSURFHVRV GHGHIR
UHVWDFLyQ\ XUEDQL]DFLyQ
(QORV~OWLPRVWLHPSRVGHOERVTXHQDWXUDOVHWDODURQXQDV
KDVSRUDxR ORFXDO PDUFDXQDWHQGHQFLDGHVDVWUR
VDHQVyORDxRVVHDFDEDUtDFRQWRGRHOERVTXHQDWXUDOVLHO
ULWPRGHWDODIXHUDLJXDO SHURVLpVWHVHDFHOHUDUDDxRWUDVDxR

 JVQPDFRQHVGHOD)HGHUDFLyQGH0DGFUURVKDEODGHXQDH[SORWDFLyQGHKDVWD
KHFWiUHDV DODLLRGH ODV TXH OD PD\RUSDUWH GHHDVH HT£RUWDUtDQFODQGHVWLQDPHQWH
3URJUDPD/D7HOHYLVLyQ7HNDPD]RRDVMXOLR


 W=
FQEVRT£HVHS
P26W"-2 6"SSGVH£ HUDG
RIHTRLXHLVHTRS£HV
O"$3% RLXRXU
HRQQRXRRD843%^TRGH RSRPDS-2GVāU,82--1-26TH2I46
VRSDUDXDIVRDMGXUD62
@ āVH[DXR- È VHSW"$SDSVDSW"S$3% È VX
VXURGVXDQ
VDURSVRDUVHTD
VDURLDQSRUG
HQUHMGDS VDURSHUHT
P£H RSXDUQSXU
VRDMGPD6IIDXD呸 UHVDHWQVQSXHU

DUDG
G91,&7H£X?OO‡6āXSLVRGRR£XRLSXRGVROO22QVXUV
RQEVRTSS %$I6D6H HPH H!PVQIDV £HVD- HXLVQSXUH URG
RSHUDXDi RDMGUXD £DS 5O6$ RSRQUQG D RSVRS
RRRGXUDM
āH-8R]HZ\H HRSH6D 呸-THTD RXHWVHS XQXR
G6-OOG$82-DS28-QO-G
W"!O-W2GHUHS2-O6呸-32T:%XQÈ
%W£RX
6
X\D-DHGHVDSVLVRRH DSVRQEVRTVR£
VRXHW=XJāVHSZ
VHSHMHXRL‡3VHXRQXX XRVRSHMQRMHR
HLVRRH£HSVRQEVRTVR£
HS HLXFXTDGSXXGD!DWVHTHDVHXUVQSX£ W"£
I G È2+
āVR£
6<-- VHSHDS-VXR VHDQEHXD
XS!DGW"IXRR3W"3VX£X
H X1:2! FQE HUQWQSMW" HXQH  VX[VVSHUHSUVXRF
VHOO££ VHU S HRRSH XSHPVXX£ O8O7,- VXQ W" UDVDG RS
XRWTDS
RT£RSHRRLHTVRXH V]62::VR£XD!-O-W"OGVRQE
%I2-SH W"-OW82-- DDFQX HSHUUXURGHH XHSHVVTHP£URSH
H£ DS RLXDUXQRDUR ‡3 52O-,2GH£ RQE52-XO6 āHVRSHSPR
QZXXHZHSZSHIDXHZURVXHXDTRSVHDUHLFDTRR]ā呸IVD
XHLVDU6W"I XHXR
H-QW7W-SHHDUDG6OWXD£D[VDXVXVHSVU
RSVXRRXRVVMDG£S£H£R£‡!-O‡GQVH£RSRQUDSG Wā££ ‡
VHD\SRT/(£VāX呸HV\U£ ā£HSXD£RGRVQQVUHXDQUURR
RXDUDGVHT22=
,6XFXD呸W6DV2-HQ!DGRHRVQRSVHDS
VH RQE HURXVXU RS
VDSPVRURMURV HHG6HT 22I
OH RXHQR
DGROD
HRVQSSUHRHVDWXOIQDHT RV
RGXUDQRXUVWXU UY
UHIHTHFSXFQÈ RSHRXHLVD\£VD
W"O-2-RQEVDRT\
VR£ RS RWXFUR G V=7 ‡
R\H £HT ā UDUTXUHV H 呸‡
VRSRXRGVR£RSURWDXUDXDDQEXS"VDSDSRXQX
VRXQ
VRXDXUXRLUFUVFSXQHMUDVPSHQ!S
HSXDSXDL H VDRXURR
2O-OOOOO?84:OO`I 2OOOO
 /2638(%/26,1',26< (/'(6$552//26867(17$%/(

3RUVLIXHUDSRFRHOSURJUHVLYRGHVDVWUHGHOERVTXHQDWX
UDOORVPLOORQHVGHKHFWiUHDVTXHDFWXDOPHQWHVRQPDQHMD
GRV FRPR VXSHUILFLHV DJUtFRODV \ JDQDGHUDV VXIUHQ HQRUPHV
SpUGLGDV8QFiOFXORGHO 0$*68)25(1 VHxDODTXHDOUHGH
GRUGHO SRUFLHQWRGHODVXSHUILFLHWHUULWRULDO HVWiDIHFWDGR
SRUDOJ~QJUDGRGHHURVLyQ(QODVLHUUDVHHQFXHQWUDQDSUR[L
PDGDPHQWHXQPLOOyQGHKHFWiUHDVHQSURFHVRGHHURVLyQ GH
ODV FXDOHV HO D  SRU FLHQWR HVWiQ WRWDOPHQWH GHJUDGDGDV
'H1RQL*\7UXMLOOR *(QODFRVWDKDEUtDQ
KDVDIHFWDGDVSRUHO SURFHVRHURVLYR HQWDQWR ODGHJUDGDFLyQ
KDFRPHQ]DGRHQODDPD]RQtD HQODTXH\DVHUHJLVWUDUtDQ 
PLO KHFWiUHDV WRWDOPHQWHGHVWUXLGDV

(O SURFHVR HURVLYR DYDQ]D LQFRQWHQLEOH (Q OD VLHUUD VH

SLHUGHQ SRUHURVLyQ KtGULFD\ HyOLFDXQDV  WRQHODGDV SRU
KHFWiUHDDODxRHQVXSHUILFLHVTXHWLHQHQPiVGHO SRUFLHQWR
GHSHQGLHQWH6HUUDQR 9ODGLPLU (QODDPD]RQtDWRGRV
ORV ERVTXH WDODGRV TXH KDQ VLGR UHHPSOD]DGRV SRU FXOWLYRV
FRPHUFLDOHV\ SRUJDQDGHUtD WLHQGHQDHURVLRQDUVHHQXQ Pi
[LPRGHGLH]DxRV 1RKDVLGRSRVLEOHGHVDUUROODUXQDSURGXF
FLyQ DJURSHFXDULDVRVWHQLEOH GHPRGR TXH HQSHUVSHFWLYD OD
HURVLyQ HQ OD DPD]RQtD VHUi PD\RU TXH HQ OD VLHUUD HQ ORV
SUy[LPRVDxRV

/DVFDXVDVGHODHURVLyQVRQKDUWRFRQRFLGDV(QODVLHUUD
\HQ ODFRVWD KD\GRVFDXVDVIXQGDPHQWDOHV DHO PDO PDQHMR
GHORV VXHORV TXHFRQODV GHILFLHQWHV ODERUHV DJUtFRODV HVSH
FLDOPHQWHPHFiQLFDV \ ODHVFDVH]GHREUDVFRQVHUYDFLRQLVWDV
VRQH[SXHVWRV DORV DJHQWHV QDWXUDOHV SURGXFWRUHV GHHURVLyQ
\E ODGHVDSDULFLyQGHODFXELHUWDYHJHWDOSRUODPDODWiFWLFD
GH LQFRUSRUDU QXHYD IURQWHUDDJUtFRODVLQLQWHQVLILFDUODH[LV
WHQWHSUHVLRQDGRVSRUXQDGHIHFWXRVDGLVWULEXFLyQGHODWLHUUD
HO FUHFLPLHQWR GHPRJUiILFR \ VLQ DOWHUQDWLYDV DJURSHFXDULDV
TXHPXHVWUHQODVSRVLELOLGDGHVGHQXHYRVPDQHMRVGHORVVLVWH
PDVDJUtFRODV


 =
OOG6O
I 362OO@3,,,呸2RRV,URGVHSHMGHSHRXQLORÈSSX=3
-282,^DS6O,- LH-
6,^ SO338Q-UXG ,-TUL28  O
O> ‡LJ£=O
VRXHXRLHQFD 62L 
3 OO-Q->Q-RR£V
È >6 -O:2- ?
@
 O28PIV,, 6,--RGO 62
@RIO4O,, OOOO呸-X QVX
28,8O-6-:3O>$ DO
āWV!£R\HGVD
VR£HSTVR£RSRSHSDUDTRQQIR£DÈSHSX£SH£
-2XRT£HHLXQ@
DV H6238`G63 SQOSP HVD RQE HS!!D-HG
6-IW"PHX VRVPRRU
VQV RSXSH$-DVXR H H D£X!-- DXD!QGV3 SUXQRDDXQ
HXHX
RLHQRRH]SVVXURDXDMTDO呸 H£DQXDPDXD呸 236DT
RVUDDUDG
VHXU £D VHVPE
HOOR RTRHT £DS VRSHD£ VR£ DS RXR
6

/1:VQV 6,6/GO+
OO
1QVVQR 6
 /1OOO
=,/6:ā221O
/OO$22OO
/6/,/2,,

ā-2SHQR
DXDVDSDSRSRVVH£DSVRLXHLXUHXRGXURRVR£UXD!63XDLXFLX
DQEVH£X呸D-GVH£VDH¢V
DHQD6H£RXDD-3H£VDHRSH-£PE
X"¢RGZHR£HHSH53SHSDSRVH£ È H--2OH£HMRQXRRDQE
H]QVDXURRXHMT DP呸 H RSH DS RLXRQXHXRGXURF £ !£X
VDUHPQP VRVUPDU V H D£XD-- SUXQRV H HSXDO-3 DLT£VRG
V"HXQIXGDQVDQXUH]XH£HUHGVDXDS-26XRVVRUHSVRL
ā

7
RPIUX D-T呸£ IQZ
O"8-2O `6 HMXR]DXUHH HLXRVDUG RQERUSHQR £D
VDUFXDX XRWR
HXQXHXURRRSVRVVRRUGRS
%-2$2-G"TDQEHDDG3%33-O"
W"- VRZHDH RQD H 6 āVDXRS-SXR! VHVR W" RSHLGVSD 2-8'
,RLXDWXRXU WDW"O6O"T "OIQ6D
H$-DVH RS623OI VRMTVQGV -2G
RSW"W"VDS L£XHDXPH--82T žO>2- £D VRSXRS
DMXRD
H:% HU DUDGVRSHURHSHPDO8ZHQRVTH XDLMQVDURQE
XDSR
RSVDXR VQVXDVRSLSXDLGHVRXHQRDGRUxH VHXUDLVWV8O"--GO"

RJD£VR! È RXDQDVXD呸—RDS£XDZ^O"-DXD
VRXDVDUGXUDÈ VRX
2>2-!SHSRIHZ (
 āXSHVD-2-DS H RS VRMTHVXRGVRUVRMHGWR
XQGVRU XRV
X呸--XH"ZDV62-! XQHSRSHURDGRHRMDXHXU
RSVQRDSHXU I È VRQEVRT V RS W"-W"O W"I
HMXR]HXP H£ X
R]XH$ XZ呸RUHR
 /2638(%/26,1',26< (/'(6$552//2686LF17$%/(

6HPHMDQWHDFWLWXGIUHQWHDORVUHFXUVRVQDWXUDOHVREHGHFH
DXQFRQMXQWRGHGHWHUPLQDFLRQHVKLVWyULFDVGHODUJDGXUDFLyQ
TXHDUUDQFDQFRQODLQYDVLyQHVSDxRODDQXHVWURWHUULWRULR
(QWUHORVVLJORV;9, ;9,, \ ;9,,,VHFUHyODLPDJHQGH
TXH H[LVWtD XQD RIHUWD LOLPLWDGD GH WLHUUDV GH DJXD \ GH
UHFXUVRVIRUHVWDOHV TXHQXQFDVHDJRWDUtDQ/RVSRGHUHVFROR
QLDOHVHQWUHJDURQDPDQRVOOHQDVDODVRUGHQHVUHOLJLRVDV\DXQ
UHGXFLGRJUXSRGHFRQTXLVWDGRUHVJUDQGHVUHFXUVRVHQWLHUUDV
ERVTXHV\DJXDVDWUDYpVGHXQDVHULHGHFRPSRVLFLRQHVOHJD
OL]DGDV HVSHFLDOPHQWHHQHOVLJOR [YQ

/DLPDJHQGHUHFXUVRVIiFLOHVHLQDJRWDEOHVSDUHFtDFRUUR
ERUDUVH SRU HO GUiVWLFR GHVFHQVR GHPRJUiILFR TXH VXIULy OD
PD\RULWDULDSREODFLyQLQGtJHQDHQODFRORQLDWHPSUDQD &LIUDV
SURYLVLRQDOHVVHxDODQTXHODSREODFLyQFD\y GHXQPLOOyQGH
SHUVRQDV TXH KDEUtDQH[LVWLGR KDFLD  D XQD SREOD
FLyQVLHWHYHFHVPHQRUSDUDILQHVGHOVLJOR;9,7\UHU 5 
 6HKDEtD QHFHVLWDGRVyORDxRVSDUDXQGHVDVWUHWDQ
HVSHFWDFXODU SURYRFDGRSRUODLQYDVLyQ HVSDxROD 3DUD 
TXHSDUHFHVHUHO PRPHQWRFXOPLQDQWHGHODGHVSREODFLyQ ORV
LQGLRVDSHQDVDOFDQ]DEDQSHUVRQDV
-XQWR D ODGHVSREODFLyQ PLOHV GHKHFWiUHDV FXOWLYDGDV \
PLOORQHV GH KHFWiUHDV QRFXOWLYDGDV SDVDURQ D FRQYHUWLUVH HQ
EDOGtDV SRU WDQWR VXMHWDV D OD DSURSLDFLyQ LOLPLWDGD GH ORV
FRORQL]DGRUHV &RQ OD RIHUWD FDVL JUDWXLWD GH WLHUUDV FRPR
DxDGLGXUDWDPELpQORIXHURQORV ERVTXHV\ ODV DJXDV
/RVERVTXHV \ TXLHQFUH\HUDKDVWDODV ODJXQDV DSDUH
FLHURQFRPRXQHVWRUERSDUDHOGHVDUUROORGHODJDQDGHUtD\GH

 (Q PL HVWXGLH/D 5HVLVWHQFLD$QGLQD&D\DPEHVLJRFRQGHWHQLPLHQWRD

IRUPDFLyQGHODVKDFLHQGDVHQHVWD]RQDGHP6UDQGRODFXDQWL HQWUHJDGHUHFXUVRV
SRUSDUWHGHO (VWDGR&RORQLDOD XQRVHYHQWRV KDFHQGDGRV (VWDVPLVPDVRSHUDFLRQHV
KDQ VLGRDQDOL]DGDVSRU RWURV DXWRUHV 9HU SRUHMHPSOR %RUFKDUW &KULVWLDQD 
 0RUHQR 6HJXQGR D E0LxR0DQXHO


 =
āO--O6 SR£ XL HSHVQ LQ- £XLXXQ£ £- H£ £S
66--,> BO,$,268OOOG6OO?,58 6OOOOO,SS RG-228 SHO---OOOJ
RXOSXH-O--2O:
£S HWXRQE H> FSPLTH> D-426
WW>H6,: VSHW£ VHSXSP VH£ S62$+Q- VR£ FS
868FFO[£ ,> QSQVL O
2,::`LTZOO$H X,-OO
=OWXDSRZ I 6OOO-,,
VRLSXMX >
XV]V
O
8: āVH-H £S ,26,1
, S O8 OOLOO-,--,$82- HUHG 呸Z
Œ2 £S O^OO$  X£
VLXRQLZH-S8-O £Sž-ªV!SQ£ LXLZQSQDGRO8389-8!VVL "RIHTHUO
,: XD
W
O,$OO-,42$O@5-S 6OOQ, X OOOW-,$822 HUHG OOM-2O-OQOHÈS OOOQIU£
> -H-VS HUHG6UXL\ 2> OH-2> QE O:呸 £ ,:5-23
U呸$OOOO,4 OO-OOOOO^- 66
`S D£THRIP H$-D6`- HXQ `S X`呸O": H DMRQSRUGDU `6 RQE
4:4
=`$ HāH\DS--`:6 È W"!8=O":W" %-?^`6 H£ DS XSH
RGURRXU H£ RIDQ- È
RUVXUXG
VRPXDUQS VR!8%,- VR£ HS XS
D]UXRMRRH RXTHDV
HPXDVH£R!--L-HH-DX2--Y£%S%RL-\

XRTUDRXH
X2-DO--,?82 DVVDH--HZHSI RXUDUHGDSVHD\DHSVDOZ

DXDZHž1āDUUQMHDSVH--DWVH£?6D-L-HHDXHZDSRSXDU
RGURRXUVH--DOHSHH- H RSXDK-26- XH-QV
VHXDXHV VHS
XD!HW£B VH£
SHS-DO?SDSYāVRWG呸QDDSVHT22IIWWSDUTXUDUV
H£ ‡2- ;; I ;,; VR£6 VR£ ‡3RIH£ R£ H VHSX‡RHTVH£ ‡38ž
%=>%G-HZ[YZH
D!XH£HT£DXD
RSRLXR āH-DSHZ È %-G RS
XRRFQSRUG%HI6%:GO662!DVR HS8!!GO2-GH£H VHSVXQVFS
VDXRSPXHMG DQE VFLXH
HSXDSHT DS VHVHR VH£ H XDMRQSXRR
RQE VRXXXHR VR£ RS XRSHLXRXUHXUR HS VRDUXDD XHMRDUHG
XDWTVHZ RQE
VGQHQDVRUXHQR VRXQFSDUTXLDWVH£  XR
XR-H--8
DTZHIHXD
YHTPQRHSXDWRDTH£ RS RXHLHSXDQH
XFDHV H£ H RXD-2: HS-H -2G VRSHDDTDRXD
VRSDSXRRHT
VRSPXRRL?QZRQEXQH
VRXQ
DUYāH-DVH£XFVRXDXL£H
HSQSXF
UDQXD " R]XDXURR VRS%O^8+ VRQEVRT I VH--GOX VSHSXDV[D
%- DS H]DSD H
;; £DS VR]XDQQRR I ;,; 2I呸6 £D %OO"G
āVDH-HZ O VRQEVRT
G VPUDLTQR VRUXD VHXR] VH£ XRUHGQRR VRXQRXH I VRxDXRT
RSVFMQQRXWSXHRSHGVRDXDQGZQRRQEVH£RRS" VRMQRXUH
RSDURSFR[RUGIHDSHXH呸
Q[DSHSHSDGVDH£HSHS
R££QRRS
5SXDSQYH£ HUTGXPD D£ RQEVDSW"33W"
W"-QW£QRS呸( W",
 :638(%:6,1',26<(/'(6$552//26867(17$%/(

WLHUUDV \ GHERVTXHV 1L VLTXLHUDODGLDULDFRQVWDWDFLyQGHTXH

ODVWLHUUDVDPD]yQLFDVQRSHUPLWHQXQDSURGXFFLyQDJURSHFXD
ULDVRVWHQLGDKDVLGRVXILFLHQWHSDUDERUUDUHVDLPDJHQDUUDVD
GRUDGHXQERVTXHLQDJRWDEOHWDQODUJDPHQWHFUHDGD
(VWDLGHDPLQHUDGHO ERVTXHIXHUWHPHQWHFLPHQWDGDHQ
ODODUJD GXUDFLyQ VREUHWRGRHQWUHTXLHQHV VHDSRGHUDURQGH
ODPD\RUSDUWHGHODWLHUUDH[SOLFDHVDQHJOLJHQWHDFWLWXGIUHQWH
D ORV SURFHVRV GH FRQVHUYDFLyQ \ UHSRVLFLyQ GH ORV UHFXUVRV
QDWXUDOHVSRULQLFLDWLYDSURSLD5HFXpUGHVHTXHKDVWDHV
GHFLUKDVWDKDFHDSHQDVDxRVHOSRUFLHQWRGHODWLHUUDHQ
HO(FXDGRUSHUWHQHFtDDORVKDFHQGDGRV,1(& &HQVR$JUR
SHFXDULR 6DEHPRVTXHHQRWUDVODWLWXGHVHQ(XURSDSRU
HMHPSOR ORV ODWLIXQGLVWDV FRQVHUYDURQDO PHQRV ORV FRWRV GH
FD]D DFWLWXGTXHUHVXOWyDODSRVWUHFRQVHUYDVLRQLVWD (VTXH
HVRVODWLIXQGLVWDVHXURSHRVWHQtDQODWUDGLFLyQIHXGDOGHUHVLGLU
HQ HO FDPSR RULHQWDQGR WRGDV VXV DFWLYLGDGHV UHFUHDWLYDV DO
PXQGR UXUDO 1R SRGHPRV GHFLU DOJR SDUHFLGR GH OD FODVH
WHUUDWHQLHQWHHFXDWRULDQD /DPD\RUtDHVWXYLHURQDXVHQWHVGHO
FDPSR R SHUPDQHFtDQSRUPX\ HVFDVRWLHPSRHQpO $SDUWLU
GHO 6LJOR ;,; GHVSXpV GHO SURFHVR GH UXUDOL]DFLyQ TXH VH
RSHUyHQHO VLJOR DQWHULRUFRQODSURIXQGDFULVLVTXHVDFXGLyD
OD5HDO$XGLHQFLDGH4XLWRODYLGDFRWLGLDQD\ODUHFUHDFLyQVH
GHVDUUROODURQSULQFLSDOPHQWHHQODVFLXGDGHV

(VWH WLSR GH PHQWDOLGDGHV KLVWyULFDPHQWH FLPHQWDGDV

H[SOLFDSRUHMHPSORTXHKDVWDDSHQDVVHKD\DQSODQWDGR
KDVGHERVTXHVHQWRGRHOSDtV5HFLpQGHVGHODGpFDGD
GHO  FRQODIXHUWHLQWHUYHQFLyQHVWDWDO TXHSHUPLWLHURQORV
DOWRV LQJUHVRV SHWUROHURV \ FRQ OD LQPLQHQWH DPHQD]D GH OD
H[SURSLDFLyQ GHODVWLHUUDVQRFXOWLYDGDVDOJXQRV KDFHQGDGRV
FRPHQ]DURQ D SODQWDU iUEROHV GXUDQWH HVD GpFDGD PLHQWUDV
GXUyOD5HIRUPD$JUDULD

3DUD  HO Q~PHUR GH KHFWiUHDVSODQWDGDV GHiUEROHV

FUHFLy D  KDV 2QFH DxRV PiV WDUGH ODV SODQWDFLRQHV


 =
62^ HS8362GD H HP!H- RXRQEXRURDQRDSVXW
VRMDXQXH È
VDQUDMGXRRVRXRSDSRVHDZDGRXVQESHSSW[RL%OI5 QVGD
XFXTDSDGVD
VRGXUHXVRZV XDVHSHXRXVDQR RUXRXUHPS
ž36 XHT
G+W"-QD £D RSRL DUTRV VHRQR[D VHXUHMG 6("
@
āRU
1DQVRYZ
SPRSDX RSO"
LNX
DH S XD VH$SH!-8呸6 RRRG XRV
VHSPXQMG
VDDUH65, RSRSSQSRU2I GFQEXQH
āQDHSXHUHRH@D
RFHTRHG
L
RUSDR D
DQH£ £D RXURR
VH$O%8 VHLXHMG URG HSXDDSG
HZÈHT
DMXR]DXUDHUÈ HLVRRH£ XāRVQH
-(呸IRX VXGSDQXD
RLXDWR G  ,È VRXMGXD) G 2W£D
VRGQH!Q
! XRV RPHUR
GR呸 D
XLDQVDāVHS[DVDDGVDVH£
W"D£V%,XH2S6
XDTVD£HV+2- VFXRLRHLXHMGVH XDVHSSDDGVDSDGVDVH
āDQEVRT
£DDLXDXUFTGXQVRSXVSQVD£SO`- VHPXRVVHQDRQEURG
VDTH`XX
6G82-6-GK8DSHGS-HU82GO8G:HSHSXQDVKQZ^
HV£X28GK
UDQQ84-6G-G-RÈHZVSRSRXRGDSRLVQ@
VRXDJ HS VHURUDXU
XRV VDXRWFDLXHMG VH£ VSXDSURG 6 DDQE RLVRQG
(SH-?I
HZ-2-GO- (O DS (=HXDZHH£ XRR
HSHSXDHT PVDQGVHU H£ DXDS
XSH£DR
ž: RMSHXURUG XR
āVHT &2, RSVRSSQSDL ÈQZ
VRXWV HVD-D- DV VHXDGH DQE VH DS VHSHXRMVRUH VD£HX-HZ
VDS---GGQV HS HSRG8GO( XRRVDXDUWUQOHD VR£ HSRSH£ UDG

-D$ RQEDXDSD£T-2$- HLVDQGVDU

VRSSXDTVRUDQXDSHS
$OHH]£SXHGRGHUDG62$£XDX£VR£LHW D RQEHHVD
W"$-%!8%8QDSDLXDXTDGRXXG DV VRLXFXUDSVD£XD£U~L6
VR£XRR DXRWFDMDUDVHVD- SUXQRH H
KRT GKRT DQE VH-%3
V5£5 DQVRUXQ
XSVD-2- H RSXSQ4-O63 D5IDZDVāR£XDS
-2G W6ž4 £D
āVHT  RS 2-G:O8 GOOO
呸68 S O"-82=:O"
%£ 8GÈ
XDSGFVāV-GVRV
āVHT VVāVHXRGH XRUHUTXUFV
DVPVRRHU  āHDVH XRXRDSOIDVRLXDSGž£D
USRS
VR VVT 6II=
VD£H`VD VRXRRDLXHMG VHU RS RVDUX 
āHDS(I RSW"O-DQSH]QVRXURRXHMTOO"IXRRSHQRRSH
RRR XQ UHQXRRXD  RX HHVD H$SO"-OO H DQE DQVDQXU
DQEXRQVFQR

G91LD VQT ]¢Rā H  XR 82-H呸DQ
=-O+$ 8:OQO 
 /2638(%/26,1',26< (/'(6$552//26867(17$%/(

HFRVLVWHPDV /DSUHIHUHQFLDSRUSODQWDV H[yWLFDV PXHVWUDOD

GpELO DWHQFLyQ HQ OD HYDOXDFLyQ GH SODQWDV DXWyFWRQDV TXH
UHVSRQGDQPHMRUDOPHGLR\ ODLQYHWHUDGDGHSHQGHQFLDWHFQR
OyJLFDTXHUHSLWHVLQFUtWLFDODVLQLFLDWLYDV H[WHUQDVVLQEXVFDU
ODV YHQWDMDV FRPSDUDWLYDV ORFDOHV TXH QRV SHUPLWDQ JHQHUDU
SURSXHVWDV HILFDFHVEDUDWDV\ DWUDFWLYDV

/DVLQLFLDWLYDVHVWDWDOHV\HOQ~PHURGHHQWLGDGHVS~EOLFDV
\SULYDGDVTXHV呸 RFXSDQGHORVUHFXUVRVQDWXUDOHVKDQYHQLGR
FUHFLHQGRHQHVWRV~OWLPRVDxRV3RUHOODGRGHOD OHJLVODFLyQ
HO(VWDGRHQODGpFDGDGHORVVH[RQHUyGHOSDJRGHLPSXHV
WRVDSUHGLRV IRUHVWDGRV \ DODVXWLOLGDGHV TXHHOODVJHQHUDVHQ
\ H[RQHUy ORV LPSXHVWRV D OD LPSRUWDFLyQ GH PDTXLQDULDV H
LQVXPRV SDUDODIRUHVWDFLyQ (QFXDQWRDORVLQFHQWLYRVHFRQy
PLFRV FUHyOtQHDVGHFUpGLWRHVWDWDOHVSDUDHVWLPXODUHOSURFH
VR 3HURHOOR KR\ HQGtDHVWiFDPELDQGRGUDPiWLFDPHQWH VLQ
TXH WHQJDPRV WRGDYtD FHUWH]DVREUHORV ULWPRV \ OD GLUHFFLyQ
GHORVFDPELRV6HJ~QODV~OWLPDVUHJXODFLRQHV WRGRVORVSUpV
WDPRVDFXDOTXLHUDGHORVVHFWRUHVLQFOXtGRHOIRUHVWDOWHQGUiQ
LQWHUHVHV EDQFDULRV FRQ OR TXHSRGUtDPRV GHFLUTXHYLUWXDO
PHQWHVH KDHOLPLQDGRHO VXEVLGLR D ODIRUHVWDFLyQ ,JXDO SR
GUtDPRV GHFLU GH ORV DUDQFHOHV H[WHUQRV TXH FRQ ODV QXHYDV
SROtWLFDVLQWHJUDFLRQLVWDVVHUiQDEDWLGRVSDUDWRGRVORVUXEURV
GHVDSDUHFLHQGRSRUWDQWRORVHVWLPXODVHVSHFtILFRVDODIRUHV
WDFLyQ GH PDQHUDTXHHOODTXHGD OLEUDGDDO QXHYRMXHJR GHO
PHUFDGR

&RQHVWDVQXHYDVUHJODVGHMXHJRHOSULQFLSDOSURWDJRQLVWD
GHO GHVDUUROORIRUHVWDO QRVHUiHO (VWDGR VHUiQORVSUHFLRVORV
TXHHVWLPXOHQRGHVDOLHQWHQHVWDDFWLYLGDGTXHGDQGRODLQLFLD
WLYDHQ PDQRV GH ORV HPSUHVDULRV &DEHHVSHFXODU TXH HQHO
FDVRHFXDWRULDQRODLQPLQHQWHVXELGDGHOSUHFLRGHOiUEROTXH
WHQGHUiDLJXDODUVHDORVSUHFLRVLQWHUQDFLRQDOHVSRGUtDEDMDU
HOYROXPHQGHWDODDQXDOSHURQRQHFHVDULDPHQWHHVWLPXODUOD
IRUHVWDFLyQSULYDGD


 ==
HXHVFFDX RXRGQV RX £XDT+RDX RMDSRXU S
VDX2呸呸X VDQR XR
RSXFQR
VRSHSDWGRUG VDSXDUIUDXDWDU G VRXDXRLDQRD 6W"I2-
StOW" VRXHVDLGXUDV RS8?"-HSDQETG[D VL V\]QEVHUR-St-H
VDQDX 6W"I XRR QLRGXURF H UHQXV HSSRG RQE XRQVVQR
VHXU
DLVUVRRD VR@ DS XFSHUVGQRDUDSRX
VDMTPXDUVDX- XRR XRR
HVDD W"- " -W":8H H--SRG  RXHVDUGPD >% XRURRQSRUG
DS VRLVRR VR£ RS VRXQG VHDD VRS VH RSXRXURGDU
VDXD$I
VDXRSDLXHMG VH£ UDUGXURR HUHG HXHRXHT W"I+8W"O8G$ DXQ \TXT
£HQ S8O呸DV
RXDIWSRSSRXU SH!GH HRVQTDVXTZH
āD£TWQDD XDUTXQ RXLRR XXQRQSFUG6W"- RQEVRMUDVDUGXUH
VRMVP£XD£GP£ DSVRLVRR VR£ ÈWURSRQSRUGD£DS‡T££ ‡I‡3FQE
XRQVHQR
V2-D$$ VR£ VRSH]XDDXGX\DV RQE RLVDQG
RLVHSRXU
\RV £R QV
RRGZ āDZR£TRG ‡D£XRLX‡ DUDG DRQRRGVR
3‡3O82 RZRR VR£HP‡1 
ž
<‡3 È £LVR-2£ £DXRƒ1 
VX£19G1,DSHRR£XRZR£XRSRD£URGVRSHXUSURRR
3‡3$
XDHDX呸£HX\SXR£ £D£XRRž6D£XH呸2G1HVRR
RQR--DVRDHSDVRGZH£ÈD£VRLD£XH‡VR-2£XSDRG-RL
© 2:2-66O-: 6282-77OO68 VH£ ‡3 VR£ È 
Y呸

0t6呸G RXLRR £DXR‡呸 HVRD ‡3 VRXUVWXHVUR

XRR VRSHSQQ XSHVD- HS VD£HXRMMD VHZHG 62
@

O"--&!-DRKHZRSVVQVDQXUXRUHUS
RSHVHG£DXDRQE
VHL[QQ È VDLXRi
D VHSVSQXD VQV G
RSRL
DLTRV
RSHtLQIDUDVSGHG!VVRXHVRXQ[FUGVR\8XRSDUVDURM
H XDSGHGXWILUHHUHXDGXUDVVS8OW" RXHXRUHUFDRSHUVJSDQE
VRXUDUDSUVXRR
RSHRURXU O3R呸NPIDT, UH RXUVUFRxHLRUGQVPP
RSXHTVDQEVRSPVJV RSDXRRDURSH!MM£DHDQXHU UHGDQE
V\Z
VW"--呸"OWXWVD 呸" VH£VD -2G āUHTR£MMRQUDUXUPXDWHR -`
FSXHPHGHXLVQSXWO"- GRSHUDTTRXRTUHRSSXRSURVTVH XF
SQXDXUQSX7,- SGDGSRSXDTGXPR<-7ÒLDVDQE
RSDXMXUHQURF
VHXU ]D$ HSH! RTR£J XQ XD
XFXTQG RXXRXF DVD UDHUDVXRR
G RSXQZ SXD XFSHGQRRDUG FWXURXRHXQ RSHLHVFSXT RQE

HRUXR]HXUH%$SV W"I HRLRFGVDUVRXWSXDVRVMDGVR È URSVQRT

,L DXDX RQE 2-"OW"-`6D DS\H- -" RTRS DV  RLXFXPL
DMGXURR\--HGHVDSRX-O"OW"WVDO"$OH3OOH
HTUX
-ž6
R]呸XZH$ 84:OO-HF£
 /2638(%/26,1',26< (/'(6$552//26867(17$%/(

PHQWHDFDSDUDPLHQWR GHODWLHUUD VLQR HOFRQWUROGHODWHFQR

ORJtD\ ORVPHUFDGRV
3RUVXSDUWHORVORJURVDOFDQ]DGRVHQHOPDQHMRGHOUHFXU
VR DJXD VRQ SRFR VLJQLILFDWLYRV 3DUD  VH HVWLPDED HQ
ODVKHFWiUHDVUHJDGDVSXGLpQGRVHDJUHJDURWUDV
KHFWiUHDVHQSURFHVRGHFRQVWUXFFLyQKDVWDHODxR:KL
WDNHU  (VWHHVWXGLRGHVWDFDWUHVKHFKRVVLJQLIL
FDWLYRV D HO DOWtVLPR VXEVLGLR TXH UHFLEHQ ORV SUR\HFWRV
S~EOLFRVGHULHJRTXHDSHQDVUHFXSHUDQHOFXDWURSRUFLHQWRGH
ORVFRVWRVWRWDOHVEHO EDMtVLPRQLYHO GHHILFLHQFLD WDO TXHHO
iUHDUHJDGDHVDSUR[LPDGDPHQWHXQWHUFLRPHQRUTXHODFDSD
FLGDGLQVWDODGD\FTXHORVEHQHILFLDULRVGHORVSUR\HFWRVGH
ULHJRVRQORVJUDQGHVWHUUDWHQLHQWHV XQVHLVSRUFLHQWRWHUUD
WHQLHQWHVUHFLEHQHO  SRUFLHQWRGHORVEHQHILFLRVHQWDQWR
XQSRUFLHQWRSHTXHxRVDJULFXOWRUHVUHFLEHQDSHQDVHO 
SRUFLHQWR

/$6$&7,78'(6 ,1',$6)5(17($ /265(&85626

81$+,327(6,6'(68352&(62+,6725,&2
3DUWDPRVGHXQGDWRSURYRFDWLYR'HODVKHFWiUHDV
GHiUEROHVSODQWDGDVHQHO(FXDGRUHOSRUFLHQWRIXHURQ
SODQWDFLRQHVLQGXVWULDOHV\VRODPHQWHHO SRUFLHQWRIXHURQ
SODQWDFLRQHVGHSHTXHxRV\PHGLDQRVFDPSHVLQRV0$*68
)25(1 O6LJQLILFDHOORTXHORVFDPSHVLQRVDQGLQRV
WLHQHQXQDDFWLWXGPiVGLVSOLFHQWHTXH ODpOLWHEODQFRPHVWL]D
SDUD FRQ ORV UHFXUVRV QDWXUDOHV SDUWLFXODUPHQWH FRQ HO ERV
TXH"
3DUDLQWHQWDUXQDUHVSXHVWDKDJDPRVHVWDPLVPDSUHJXQ
WDKLVWyULFDPHQWH LQWHUURJXHPRV ODV DFWLWXGHV DQGLQDV DQWHV
GH ODLQYDVLyQ GXUDQWH ODODUJDHWDSDFRORQLDO \ UHSXEOLFDQD
SDUDFRQWUDVWDUODFRQODDFWXDOHWDSDGHUHYLWDOL]DFLyQpWQLFD
O7HQtDQDOJXQDDFWLWXG IRUHVWDO \ GHFRQVHUYDFLyQGHORV
UHFXUVRV ORV FDPSHVLQRV DQGLQRV DQWHV GH OD YHQLGD GH ORV


 Y=
MDDU 7,- >HXPUD XDJ—R RS '-8O`J-2 RXRTH RS XSVRGVS 5I

VRSUXRQEQH RSVRXHTDUVDSXHRS DSXRVQH XD

D!D/

VRSR—D VRLVDH2ÈQ68I8%0W"- SSXFUVXHG[D
H RSVRXH 2OVRXPMQV XD
VW"DOO V URG VRSSQSRX RQUFXU
VMSUDLÈPQXRD,- VDQD
VRXHRXRXUHSQVVRSQUDQEQHRSWPH
RS HS W"VH-VD ÈQZ DXQ SVSFD
%$I+ È -G >DS >DQXFR
HDV6%I DS%!XDD-3H
HXWSXHURXHD\ £D XD
RSXQDV

&$VXDX RRRG
ÈQZ È UHXRVH!RKQZ HDXHZ RS $OI2-  DV DQE UH
28,(-呸G
‡3RQEVRT‡È £HHZ‡G2,-2TQVH£XH£GVH£ ‡3‡T‡T
-‡3‡O8OOOXUXVXLRR]āYVR£ÈRR]ā(VR£ 2-82 -I682;2 DXQ
RSXDIFS
āZāXāVāZRR]ā(VR£H£VHTXHTH‡QRQE6£626G
VR£ WURUHGQRR O"$68DO8 HPQRH RS VHD\ VH
DZSG
VXDZDDVDSPX RTRRXDRSH]QHQQV
UHV RSHQG
XSFDJ HVD X VRXUDUQQRVLS RQE RSHGVH D VR
RQEHXDQDV XD H XH
RXUSXDHHRtXDMXUDXDSUF
āRHHFPDQXHXDSUFOVDXDVH!SHVGXRSH!U-SGVH ÈHQH
‡
VDQEVRTVR£
VH£XH£GVH£ ‡3 RSX £RGHG ‡RSXDRDLVRS

XRSRTHHP£QRSH‡ ‡3VH26--2,-VH£‡3662,8-6VXDQT

DXQRRHT
 SSSHZ
$;R£6VR£HXRXXRG‡VVDSXYVR£
8G LIHVUHGIGS IO"8-! XSHIGSRZ O"  VHXRLRRPHVHSW"JH
6O"-8-OVHL RIHTDX2-`-8HZ QV XD
WD$%,-O" HXHT-
VHXUSXHURX 6O"O-
O",  62--2,-G6 62^ W" R]XDtFDUHFRQE
DPL
-7,-O呸O"
O"- GS ^O"-呸IDO8RWDXHXU SXDÈ
/O
:D-DT4"-S-D$
RURQX 2-O82- RSHXUD@@ I
62-J-2-D 62OI-8  66G 62OOO363
62^ DS RILXHZ -G XDO"6-:8O"O682-O"$OG682! SUXSRHHXQ VD
RXHGVDVR£DSHSUXDDH DSVFUXHVRVPRDUV DSXSH$-LVXR!
VSSUXXFHDXDOOMDXQXR-G$7LO VRPSXHVRXWVRGXUHR 62-
DUXDXU
5$33RQEXDQVRUXQ
6O"--O6428OGVDXRSH
呸6G$86O"
-
¢D£XD8LD-T
DURSWVXRR XHL P"WPTDSDV SUXQRHI5O RQEQUHG
VRXH RR呸 RS
RVFRRUGDVDXRRSHVHGHT呸QE"
RSUXRLW"SDTW"TDD¢VDPBPGVD
 /2638(%/26O1',26< (/'(6$552//26867(17$%/(

PHQWHSHTXHxDUHVWULQJLpQGRVHDODERQRGHFX\\ORVGHVHFKRV
KXPDQRV\GRPpVWLFRV 'HHVWDPDQHUDHO PDQWHQLPLHQWR\OD
UHSRVLFLyQ GH OD IHUWLOLGDG TXH QHFHVLWDQ ORV VXHORV SDUD OD
SURGXFFLyQDJUtFROD QRGHSHQGLy WDQWRGHO XVR GHDERQR GH
RULJHQ DQLPDO VLQR GHO XVR GHO DERQR RUJiQLFR YHJHWDO ODV
PDODVKLHUEDV\UHVWRVGHFRVHFKDVXWLOL]DGRVHQODVODERUHVGH
DSRUTXHDUDGR\EDUEHFKRHODPSOtVLPRXVRGHDVRFLDFLRQHV
\URWDFLRQHVDJUtFRODVFRPSOHMDVODKDELOLWDFLyQGHREUDVItVLFDV
SDUDHO PDQHMRGHORVVXHORV\HO DJXD \ XQPDQHMRSDUWLFXODU
GH ORV SLVRV \ QLFKRV HFROyJLFRV (O XVRFRPELQDGR GH WRGRV
HVWRV HOHPHQWRV FRQVWLWX\y OD LGLRVLQFUDVLD QRUDQGLQD HQ OD
DJULFXOWXUD

&XDUWR HO HFRVLVWHPDGHSiUDPR QRUDQGLQRHV K~PHGR

KD\ XQH[FHVR UHODWLYR GH DJXD HVSHFLDOPHQWH HQ ORV PHVHV
OOXYLRVRV7DOH[FHVRGHDJXDTXHVHHPSR]DHQORVVLWLRVSODQRV
GHGLItFLO GUHQDMH IXHUHVXHOWRPHGLDQWHHOUHSUHVDPLHQWRGHO
DJXD \ OD FRQVWUXFFLyQ GH FDPHOORQHV OODPDGRV HQ OHQJXD
FDUDSLJDO 5DPyQ 5HSUHVDGDHO DJXD VHFRQVHJXtDQ
FXDWURHIHFWRV XQDDJULFXOWXUDHQ]RQDV LQXQGDGDV HQOD TXH
VH VHPEUDED WRWRUD \HUEDV \ KRUWDOL]DV OODPDGRV JXDFDPX
?RVDVtFRPRVHSURGXFtDQFUXVWiFHRV\FKXURVHODJXDUHSUH
VDGDVHUYtD HQ ORV PRPHQWRV GH IDOWD GHULYiQGROD PHGLDQWH
DFHTXLDVDORVOXJDUHVTXHHUDUHTXHULGD HQ ODVFUHVWDVGHORV
FDPHOORQHVVHPEUDEDQGHPDQHUDLQWHQVLYDWXEpUFXORV\UQDI]
\ODFRQVWUXFFLyQGHHVWHWLSRGHSDLVDMHIDYRUHFtDHOGHVDUUROOR
GH XQD LPSUHVLRQDQWH IDXQD VDOYDMH SDWRV JDU]DV JDYLRWDV
FRQHMRVYHQDGRVSHUGLFHVTXHVHUYtDQSDUDODFD]D \ ODSUH
VHQFLDGHXQQ~PHURPX\FUHFLGRGHDUEXVWLYDVFKLOFDVVLJVHV
FDxDV SDMDVXVDGRVFRPRIRUUDMH\OHILD

4XLQWRHQODVDJXDVUHSUHVDGDVVHGHVFRPSRQtDQJUDQGHV
FDQWLGDGHV GH UHVWRV YHJHWDOHV\ VHGHSRVLWDEDQ LPSRUWDQWHV
FDQWLGDGHV GH PLQHUDOHV DUUDVWUDGRV SRUODV DJXDV OOXYLDV HV
SHFLDOPHQWHIyVIRUR (OODVIRUPDEDQ XQ OLPR ULTXtVLPR TXH


 =
VRRQQD VRGUXIVR£ RQEHS VHSXFSZDVHUHSÈ8+ VRUXRXUXVRL
VRXQ
DUH VRWQDLRXH
XSH!JQGZDID DMGXQV -3 DURXHXU Y
VRLRRGVHVRUVR H£H\DVXF
6(-U---2-GÈQZVDtXVQMXRV
623ž VRLXRXUHUVDLV È ,$;2呸6
,36(--呸RDVDXRSH£D呸 VHM āXSQSRGRSVDXR]VHQUQVWS
VH£ USQSXRR RS HSXDTQDS W"8,-2- DXQ H RXV
HDS£呸XTXP
XSW"IG- W"IHT H H D£TH£QGZ R
PVH! VD RX VVMRTUH È VD
DQRUDXU
VRQEVRTVRLVDDSHSXDVDG7VHSDLTFQEL VRXUHUVG
VRU XDRVXDW[DÈQZ £HXRHZ XQRSÈ
HVWU! H RSURSDSDTHÈ VWT
RSHVH£DXHG6(- XDRGQDXD--3 DSVDRT\FS VW"DPS
VHU RS RSDX UH HLXRP VS VHTRXHXL VHSH$ HS
VHUFMSSURR
VH DS VRSH£ VRTZH XH VRQEVRT VRU S HSXDVDG %, DXDZ
HSSGX XH£HTDV 6H!-6O^XW VD£XDQ- VHSH$ āVDRT\ VRU L
62838% VDUTXURT62-G-O8G8!&£G-D£DS6-6O-83 LGX呸 VSXU R
D
£W"
VRXRXUHxXDLHS
=ā=6 £H£H£VR2$O82!8 DSHGHHPS£'
H£ DSRL GO8(-QS 62838H6286GG:W"-62I S DXVG -2G 6^T-\
DS XSHXH£G HVHVR H£ HS GZRIR  62:6QG HQE ‡$

6IW"OQ--2VDIH--2` 2:2-
6W"---
VH£ H FLXQ@
HTZRV RXLRR HVHR H RS -RSDSD£H VDH-RLHZ
I VD£RT\ RXURR HDV ZāXāVāZ RR]āW V H URXRGQV RVLG D XR
È 6-3-2-6 VS62-8">- V 8 DQEVRT2:2-H6
VL£RT-\S
VDSDSXXHR 6O8"O-2G:82-$QW8&:È XRUHUTWXFV
2$O-4
I
862-H -O"O$ DUDG(33:
FXQ RXUFF
VHXH--D! VHXU VH HXJ £H RSXH
VHSHIH VHXU
VRLUHGVH£ GHTH]XFWXRRHPOHSSXFRQTSUVWSH FQELSSHSS
DMUFQUHGH XRR
RI- RSVHUTRXRDKQXVXRR6
RZSGV

862-&-
È X-$ £HVHUDQHTRXURR
&-$77>, H呸H£DPIDXDXUDUDGRGXURX
RXUVUXU £H82--$O6 RQE
VDSHS-G2-GVH£S6O:- 2:2! 6262-
I VHIXH]
VRUQXU
VVTXUHTRXRUD]QQVXRR DV XTXUQ
[
āXS-QS2-GDXDSJDDXQDUHG2!X\tR
RXRTH RXURR VDXFXVXUHD VRM RS VW"-GZQ VH> XRR RSMQQ[DFD
2=OOO@O$O?
0 2>O'
 /2638(%:6,1',26< (/'(6$552//26867(17$%/(

VHUUDQRV WXYLHURQDFFHVRD ODVHOYDGHQVD HO ERVTXH WURSLFDO

K~PHGRVLWXDGRDDPERV ODGRVGHODVFRUGLOOHUDV 8QD5HOD
FLyQGH VHxDODTXHGHODVPRQWDxDVVDFDQORV QDWXUDOHV
WDEODVEDWHDVPHVDVDUWHVDV\PDGHUDJUXHVDGHVWDVPRQWDxDV
D FLQFR \ VHLV OHJXDV GH 4XLWR WUDHQ ORV \QGLRV OD PDGHUD
DUUDVWUDQGRFRQVRJDV\FRQEXH\HV $*,6 4XLWR  5HOD
FLyQGH'RPLQJRGH2ULYH 7DPELpQKD\HYLGHQFLDVGH
XQDJUDQFDQWLGDG GH PRQWHV ERVTXHWHV DQGLQRVDO LQWHULRU
GH ODV FRUGLOOHUDV /D 5HODFLyQ GH 4XLWR GH  VHxDOD OD
WLHUUDHQWUHODVGRVFRUGLO-HUDVHVEXHQDSDUDDQGDUDFDEDOOR
DXQTXHWLHQHDOJXQRVFHUURV\SHGD]RVGHPRQWH/D5HODFLyQ
GH2WDYDORGHHVWRGDYtDPiVH[SOtFLWD(VWRGDHVWDWLHUUD
GHVFXELHUWD\UDVDDXQTXH KD\ PXFKDV PDQFKDV GHPRQWHHQ
WRGDHOOD 5*,7,,,
3HUR PiV LPSRUWDQWHHV REVHUYDUORV QXPHURVRV iUEROHV
TXHWLHQHQODVSDUFHODVDJUtFRODV'RQ)DYLDQ3XHQWR &DFLTXH
SULQFLSDOGH&D\DPEHWLHQHXQDTXDGUDGHWLHUUDVGRQGHHVWDQ
ODV FDVDV FRQ VXV DUEROHV GH FDSXOLHV $1+49 \ 0
'RQ/RUHQ]R&DFRDQJRQDWXUDOGH7DEDFXQGRGLFH
HQVXWHVWDPHQWRWHQHUGRVTXDGUDVGHJXHUWDOODPDGDV(JRODJ
HQ HO 5LD *UDQGH HQ TXH VH SURGXFHQ PDJXLH\HV IUXWDV \
FKD\OODV \ FDUULVRVOHxD $1+4O  (Q *XDODSXUR HO
WHVWDPHQWRGHGRQ-XDQOPEDTXLQJRVHxDODEDWHQJRODVGLFKDV
FDVDV FRQ XQ FHUFDGR GH SLQOORV TXH HVWi D OD SXHU
WD$1+4,& (Q 2WDYDOR GRQ $QWRQLR ,PEDQJR
WHQtD XQDV FHUFDV GH SDORV GH OHFKH \ HQ *XD\OODEDPED
iUEROHV GHJXDERV SDUDVHSDUDUORV FDPSRV 'RQ )UDQFLVFR
<QJXQ WLHQH HQ  HQ 3LPDPSLURXQDFKDFDUDGH FRFDOHV
WLHQHUD\DV\XQDUERO GHDJXDFDWH\ORV iUEROHV GHJXDEDV
$+%& -XLFLRV3DTXHWH 3RUVXSDUWHGRxD0DUtD4XD
WDQJR WDPELpQ GH3LPDPSLUR WLHQH HQ  XQD FKDFDUD GH
FRFDTXHWHQGUDFLQFRUD\DVGHFRFD\FLQFRSDOWDVFRQPDV
iUEROHVGHSDOWDVDOUHGHGRUGHODGLFKDFKDFDUDRWUDFKDFDUD
GHFRFD TXHHVFRPRWUHVUD\DV\ GRViUEROHV GHSDOWDVGRV


 =

(SDS(8(
D H£ H HLRXHXRGXQ (-2G XHTHS È R[WVXDLX RHXMQR
UH RSHGVD O3 D(G ÈHZ H XHTHRLSRS VRWSXW VR£ VDQXDQX
RXWSXHURXRSW"
DH RLXDQXDXRSURSVRS(
DHLXDWSR RLXDRX
82-(£TXUQ-
VDURXQXVHXR]È VDSHSQRVH£ HDX-%-RSDQVXTX
QUHG RXSRT È VDIHUTX VR£ DS HXUXGHXRWHXU W"^ QRQSRUG (-%G
28-$2 RSHXHIDSHS! H HHMHRVDPX呸 XDRVUHRMSDS £H
VRD

6O"-SI%4 6(S%OGS-682-

VH DS 5--2ÈHZ H£ DS XRUHUGRUGH DV VRMRXFGVª VR@ SDQR
H£ G
%D£ %, RSHRXDXDLH XDRFXVHUSRUTXUHR XQ
RXQ
VXDX-- VDSPX£` RRXLR R[UXFQE
DSHQDG2-呸3 HSQRGDXQHT‡SDVā¢¢
āU
X‡£‡TG
(-£
D£DOO-2-2$G- %-SXQHHXQ%--G-6(^ 8G82-%-2$2-GOO VD£
RXVGVVVR£ DQE
36XRXH£‡GāVD£RJHGVDVR£ URGRLVRQGXQ
RLXDQXDXVSUR 2$DQX DXRR DXDZHS\ZXSGtO-
DQEVRT
£DS I RSHGVD ,3 RIDXHZ D DXD HXDG 8%-
DDOX %
O
VRSHXH[
VRtVXFF

62-%I\GHSOW"O-T%,-D8DO8%:OVRLXHXQMH
DI%--2- QRQSRUGRS
%DS%> XRR6D%OQ-- O 6D-%--2O%: RS%-T:D6 H£ %$68DO8 8-
RQSRUGHUÈ W"$2,-HQ
DHO3RIDXHZD
862-DH£VS23%3žž£D
XRR VHUV-- VHUTRVD£
DLDSDZ I DIDGDS
HJR£ RS8!RD£R‡,

H]VRH£ XRRRQEVRTSSRIDXHXL£D
VRMRQVVR£RSSHSQSQ£ ‡- DS
XSH-DGQRD- H£ È HP£QRSI" H HVRUXRXXDH-DXHZ VS XHMXQ
DVDQEH£XDDIHVHGLSHUVWXRLRHDUDVXRRXSGDPRRDUDSHSUDH
HXQDSHTHUHQDV
RXHWFDGRpHRIDXHZ£HHLXXVWSÈHSH]XHSDG
VH %-2SWQVD-2- SHSI$S!HHXQHTH RX
-S!S !,%$ āVRSRUSV
VRU RS È 6!SHS-%S-HG R VHSH VH£ !S HXQ DSHR -2G RSHGVR
£LS RIDXDXU £HI HSHQ!DGR-I" 3%3$O2% % H HSQPDX!ZDTQ
63 HTHUVD-,776
 !-2- SPXRHH£
!6-£O-$S% FSDQG2:2-
FUXRXU
‡‡3I8-238 RVUHQR XFSVQG VRWXRXUXVFW VD£H āH£ IGII92,
OOV£RT-O` 62-O2 È VRTHÈ(呸 VRTDQx RS (S(-T:!6 %-2(WS HXQ
TZYRX£LSVDURTXVH£ X !8-OXLRHQRRRVSXH- XRSXL£T
ZH ā£]D£DQEHGVRSPU
,L-+9VHHGXRRVRRRDSVH[HU
2=呸-O,&?8":?O0 
 /2638(%/26?
',26< (/'(6$552//26867(17$%/(

SRUTXHVHSURYHtDQGHFDUQHSRUYtDGHODFD]D\GHDERQRFRQ
HO PDQHMRGHO DERQRYHUGH ODV ODERUHV FXOWXUDOHV\ ODV REUDV
ItVLFDV ORV HVSDxROHV KLFLHURQ OR FRQWUDULR GHVDUUROODURQXQ
SDVWRUHRH[WHQVLYRTXHRFXSy ODPD\RUSDUWHGHO HVSDFLR HQ
WDQWRGHVDUUROODURQHQPHQRUHVFDODODSURGXFFLyQGHJUDPt
QHDV DSR\DGRV HQ HO DERQR RUJiQLFR DQLPDO GHVDOHQWDQGR
WRGDVODVSUiFWLFDVGHPDQHMRGHO DERQRYHUGH
7UHV ORV HVSDxROHV DUUDVDURQ OD PDGHUD GH ORV ERVTXHV
DQGLQRV TXHIXHURQXVDGRV SDUD ODVGLYHUVDVDFWLYLGDGHV TXH
GHPDQGyODYLGDXUEDQD\HOQXHYRPRGRGHYLGDPDGHUDSDUD
IDEULFDUFDVDV SXHUWDV YHQWDQDV PXHEOHV SLVRV PDGHUDSDUD
ORV REUDMHV FDUEyQSDUD ODV KHUUHUtDV SDQDGHUtDV KRUQRV GH
FDOODGULOORV HWF6HWUDWDEDGHXQDUUDVDPLHQWRGHOERVTXHVLQ
UHSRVLFLyQ TXHDOPLVPRWLHPSRDFDEyFRQODIDXQDGHFD]D
&XDWURODSURGXFFLyQH[WHQVLYDGHDOLPHQWRVGHVFXLGyHO
PDQWHQLPLHQWRGHODVREUDVItVLFDVFRPRORVFDPHOORQHVSUR
FHGLpQGRVH LQFOXVLYH D GHVHFDUHO SDLVDMH VHDFDEyDVt FRQ OD
DJULFXOWXUDHQ ]RQDV LQXQGDGDV FUHDQGR HQWRQFHV XQ SDLVDMH
UDVR VLQPDWRUUDOHVSDUDORVGLYHUVRVXVRVDQWHULRUPHQWHDQR
WDGRV \
&LQFR HO QXHYRRUGHQDPLHQWRDJUDULRHVSDxROGLYLGLyODV
WLHUUDV FRPR HQ (XURSD HQ WLHUUDVGHVHFDQR \ UHJDGtR FRQ
VXV UHVSHFWLYRV FRURODULRV HO VLVWHPDGH ULHJRSRUDFHTXLDV \
ORVEDUEHFKRV 7DOHVFDPELRV LPSDFWDURQDORVGHOLFDGRVVXH
ORVDQGLQRV H[SXHVWRVDORVH[WUHPDGRVYLHQWRV\ OOXYLDV WURSL
FDOHV \ D XQDGHODV PiV HVFDUSDGDV WRSRJUDItDV HQ OD TXH VH
KDFHDJULFXOWXUDHQHOPXQGRVyORFRPSDUDEOHDORVPDOD\DV
/D*HRJUDItDGHO(FXDGRU SXEOLFDGDHQSRU0DQXHO
9LOODYLFHQFLR WHVWLPRQLDFRQSUHFLVLyQORV FDPELRV RFXUULGRV
HQ HO SDLVDMH (, FDOOHMyQ TXH GHMDQ ODV FRUGLOOHUDV HVWi FDVL
GHVQXGRGHERVTXHVH[WHQVRVSXHVPXFKRVPDQFKRQHV TXHVH
KDOODVRQVRORGHDUEXVWRVTXHUDUDYH]RFXSDQJUDQH[WHQVLyQ
WRGDV ODV TXHEUDGDV L YDOOHFLOORV SURIXQGRV TXH IRUPDQ ODV


 22I
XRQVHQR VH[QRQSRUGVHJOHLVD VQVXR
RSRLRUTRV
VR
D呸XUQT
RS RFURLVHG UD QRQSRUQQ H VRSH
i
QTR XD$ DV (SXD$$DTRV
HWGRUG H RS È 2--呸
DRZDS 2-8G:3G-- IG
VRLQTXU V DS
XRWVDUGO"IG
RUDG
HQ
DHRSVDUXFQMVH VSRSQSPR DÈ%-OG-%-
HU
W"IXG
HDSHZ
HJD£ !S XS-D-R!D H HUDG O$-DV DSDQG
VQE
H£R---
DHRX HXR]DXQUFXDtXHXUXRUHRVQTX\TZH āDUUH$
RSVP
D£ VRVUGVR£ H XFSFRRH RXHÈ VHVHR VR£ DS W"--'È8:
HU XD RUDG
VRLU
D!D VRVWG VRXH[ UHWVXHXU
RXRQQDL RSLR
QSDUQVDS 6GO:-, VR[DQXVRM XD
RRVQT SHSQW"SUQGHSH-
7HRG-RX XRURUSQGDQE RSH
i
H
RUXDQXDXDSUR R[RQX DS VRLRRGVH VRLXHQR VRXQ "!D$GH
HS RSXHLDQ
URXRLXH 2O8
!:W"8GS-2 £DS 62OOOG:GOG VRXQxMD

6G-4- VDSHSO---W"G6%- -O6647,6XRURUSQGFQE6%- 8G 6G82--3

82-6H-
%-D-GVH£ XH-Q-O682-- FRVQT
62-2O--O VR£ HS 8O-
UVRGXURRDU% āDXHGHX呸XUX -2GVDRT-\ DSH$£VHZWXTZD£V
H£ VRVVR VR£ HSRXQVXXXRHDXHGRX
62-8O62-2O---DOVR£XD
VHSXDSDTVH£ HSXSHZ-2-82-H VHQRXUSXHDI
HV£HGDS8--6
RGXURRDU O
> āH£呸HDIHV£HGRSD£RSRIDWUHXU O3VXHGHD
VD£HW2--VD£RT-\ VR£  VDH--2HZVR£
DQEVRT£DSRIDXHZ£D
2/S
3 VRXUDTRXURR HQEURG
XSHVD-2- HSHXXXRXHS H!P!DGVD
SHS£$£SH HXQ HT RX
VRXLSXH VRXLVVGXLHR VR£ RS 8--3%-O
HLXD
DQEVDRVDRRUG DVDRSRLVS DLXHXRUVDUGXQ VHXU R
āVDT6-?DXDZH!HGRXRVH-$HSR£ RSH-=H
RLXVQXHXRSUR RW~ISXH SS VR£XDZDD 62> HS VRXW~IUH RQEXQH

RGXUDXH£\DXHRVUHXRUVRUDHXRUH]XFXURFDQE
VRXUVDGXUHR
VRLXFUXQDRXRR V2 H XRUHLRHGXQ 8L4:W"O VRWTXUDR 62
@
R]U
RSXDR$‡OO$VRR
VWXiDX 6OHGH-DS VRGUXxURGVRSRQSRUGVHUQRVR VHTRXHXL
VHXQxSDXHLXRVDUGDVVDMHQRVR@D-£XD
RSQURS DSD$£! XQ
XVXDQRQE VDHXRIHG 62I XRR VHSH]UGHL XHLVDVVXPXRXU VH£ FS
VHSMHM VHXTRRV%āHZ( VH-4-VHXUHMGDSVRLUVWTQF
VRWGXQ£
VRSQGVR GVRSUGXPQRLXW XRVDQE VRUSRRQEVRT  VRUUHGHTR
VRXQ£H XHXHX
VHDPSP! VH DS VHSMHM VH DS VDSHSUVRiUX
R]LL$XZ呸RUHR
 /2638(%/26,1',26< (/'(6$552OO'6867(1I$%/(

TXHYD GHSUHGDQGRHO SiUDPR\ ODVTXHEUDGDV VLQ UHSRVLFLyQ

SRVLEOH
$TXtVHRSHUDXQFDPELREiVLFR\DQRSXHGHQSUHVFLQGLU
GHO DERQR DQLPDO SDUDSURGXFLU 7RGROR FRQWUDULR /D ~QLFD
SRVLELOLGDG GH KDELOLWDUOD ]RQD GH SiUDPR D OD SURGXFFLyQ
DJUtFRODVHEDVDHQHO DPSOLRXVR GHO DERQR GHERUUHJRV\GH
YDFDV (VWH HV XQ FDPELR IXQGDPHQWDO SRUTXH HQ HO SDVDGR
DERULJHQ HOSiUDPRHUDXQD]RQDPX\RFDVLRQDOPHQWHDJUtFROD
\ DKRUD WLHQHQ TXH FRQYHUWLUOD HQ XQD ]RQD GH SURGXFFLyQ
DJUtFROD LQWHQVLYD (OORVHRSHUDFRQXQFDPELRHVSHFWDFXODU
SDVDQ D XQD DJULFXOWXUD GHEDUEHFKR\ DXQD UHSRVLFLyQGH OD
IHUWLOLGDGGHO VXHORTXHFRPELQDHO XVRGHO DERQRDQLPDO FRQ
DOJXQDV SUiFWLFDV FXOWXUDOHV KHUHGDGDV GHO SDVDGR FRPR ODV
DVRFLDFLRQHV\ODV URWDFLRQHVDJUtFRODV(QHVWHQXHYRRUGHQD
PLHQWRVHGHELOLWyHOPDQHMRGHOERVTXH\GHORV PDWRUUDOHV

-XQWR DO FDPELRHQ HO PDQHMRGH ODDJULFXOWXUD VH VXPy

RWUR SUREOHPD SDUD ORV FDPSHVLQRV DQGLQRV ODV FRQGLFLRQHV
HVWUXFWXUDOHVHQODV TXH YLYHQ HVSHFLDOPHQWHODHVFDVD\ GHIL
FLHQWHFDOLGDG GH OD WLHUUDD ODTXHDFFHGLHURQ\ ORV FDGDYH]
PiV XUJHQWHV SUREOHPDV GH OD VREUHYLYHQFLD ORV REOLJDQ D
HQFRQWUDU HVWUDWHJLDV GH UHSURGXFFLyQ IXHUD GH VXV iPELWRV
FRPXQDOHVDWUDYpVGHODPLJUDFLyQ

1RH[LVWHXQFHQVRDFWXDOL]DGRVREUHODFDQWLGDGGHWLHUUDV
TXHSRVHHQORVFDPSHVLQRV(O~OWLPRFHQVRDJURSHFXDULRGDWD
GH 'HVGHHVDIHFKDVHKDQSURGXFLGR LPSRUWDQWHV FDP
ELRV HQ HO UpJLPHQGH WHQHQFLD GH ODWLHUUD 0 &KLULERJDKD
UHDOL]DGRXQDDSUR[LPDFLyQDODQXHYDHVWUXFWXUD DJUDULD TXH
VLELHQQRHVGHOWRGRVDWLVIDFWRULDFRQWULEX\HHQDOJRDFDOLEUDU
ODQXHYDVLWXDFLyQ&KLULERJDVXPyWRGDVODVHQWUHJDVGHWLHUUDV
SRU 5HIRUPD $JUDULD \ FRORQL]DFLyQ HQWUH  \  ODV
GLYLGLy SDUDHO Q~PHURGHEHQHILFLDULRV\ ODVUHVWy ODV HQWUH
JDGDVSRU5HIRUPD$JUDULDGHODVFRQWURODGDVSRUORVWHUUDWH
QLHQWHV HQ  &RQ HVWH SURFHGLPLHQWR ODV XQLGDGHV TXH


 =¼
āO呸0 WO
呸-/O
H呸H £HP SHSLIG2-GHWDSX-
āOO4>O呸,3 ,>XLVRMTXUHDVR£^HXH—R£OQªY—HUIYO":-2M-O LU£
PO8-,,
LRTXR
--$ /
S VH£ XD
VHSXDSW"TVH DSVHQVXVHU VHSRW XFUHRWSQISF VVR£
HQQVRVHSXSHTVH XDV
HSH-
\HZRS`, -2GXSHSD-%
RS VRVRRRUG V X āVD^3-"- VDQHQ VH£ È VRSXUT VR£
VD££H$
VR£ VSVRSXRMVR£VDLXDUXDLDXDUVRSH]QQDSRXUVR£ SRXDGG
DVRSWUD[UFVDU
HV-H VHSHXRLVRUD6O`:VH£È"--G-6H£RS26O"-
£DXVHLXFUSXDGVDXXRXDFSÈHPHRSVHDS6O"VRXUVHGXUHR
VRU H XRG3
XUH-D-H DS VRVDRRUG DS RWSDXL XR R VDXH
XRUDLRGR DV DQE QXDXQHD O"$-OO"3 G R VHSW"G2O8%
VHXD$ VHSHZHQ VH VRXLVVGXUHR 62 H SHSIH! URHG DS VHDS
6
 RVHGVDQ
VDXXRMVQVVHSRL XH
HSH-呸?IHZRD`, SRVRRRUG
£
6-HG£DS 62O6 VS HSRKHZH XD VDURDGVH£ XRUHQ
RVHRRUG
DVD RSRL XD VRXUVHGXUHR VR£ -2G VHSLXRLTR VH--DS 6H@
ā/V-HG DRSRL HUDGRSH]XDDUHTDVDQEW"--8, H VDH呸RT
--DSXSHZ-[R-GHH
RSXHMR[RLXRRVQERXHZXDR-HI\G
D£H$ VHXL
RSRL82-āVHXD呸-38DXDZHSDGVDVRXMVDGXUHRG-O8G
DVLH]QHD-XD£DQV DQE VDHT-DW?VHXD$  VW"SXD-D FSHXURLVWV
£D RSRL I HSH-呸9 HZ-2-4`I H RS HLDQ- G RSHUDGR VH-DS
DS RSDRUDXL £D H-DQ- HIDS
W!/O VS VRLHS VR£ UHPHPRV HUDG
RSHVQ RSRLDXU S
RSXQxVV I
XSH!PVHS DXQ UHLXDXUHSXQM
HUDG D£XD--Q68 HQVD- VHD-\SDT DS 2-G:O8 S -2G XRR
H!PH-£VDSRLGVRXRRD
VMHGSXRXDLVU[DDQEH0
H I D£XD-S
XFG
DXQS
FTDQV DS RGQ O3 VHLRXDUDMUS VDXQRXD VH VHSHS
RQE H--8£OV D
VRXHXUHL VRVD DS VDRJUFGQV XHIDXHZ DQE

£D
VDLUXM
VQQHRT
VD-2O-XDDQSFUGDQEVFSH]UXUDSRWXIQZ
VH£2---L
H VRXHVRUGXUDVRXHUSDXU RSFXFVHDQ RSW[UQV XHT DXE
RUVDQG
DXDWR RSRU SSRX XRXVDQR
VRXWVDGXUFF DRV VHT R] I
R L-£XDXLXD DQEVRQDQEH VRSRUDQKUFXRGQV
FUDXUXG VDSQ
XFXUHSXQMV-XRSH£:VRSFXFQH呸IRTS-T--3RSRLVXU
āVHT222žIIIVRXQ
!DSDHW?
H 3--DGQV H DS RLXDUR
GW
6I£-/OHUDGXHTHMRQXRR
VHT R]HRDSVHUUDQXFDVRG
 /2638(%/26,1',26< (/'(6$552//2686I(1I$%/(

SDUWLFXODUHV VyOR VH DIHFWDURQ ODV WLHUUDV PDUJLQDOHV TXH HO

WHUUDWHQLHQWHSHUPLWtD
(O PHUFDGR GH WLHUUDV TXH IXQFLRQy GHVSXpV GH 
FXDQGR\DQRVHGLHURQSURFHVRVGHDIHFWDFLyQHQFDUHFLyWDQWR
ODV WLHUUDV TXH QLQJ~Q FDPSHVLQRKDSRGLGR REWHQHUDOJR GH
EXHQDFDOLGDG
/RV SURPHGLRVGH WLHUUD TXHSRVHHQ ORV FDPSHVLQRV VRQ
H[WUHPDGDPHQWHEDMRV FXHVWLyQTXH LQFLGH VLQGXGD DOJXQD
HQODEDMDDXGLHQFLDD-DLGHDGHODIRUHVWDFLyQ'HDFXHUGRDO
WUDEDMRGH0&KLULERJDORVSURPHGLRVGHWLHUUDHQSRGHUGH
ORV FDPSHVLQRV HQODVLHUUDHFXDWRULDQDSDUD  IOXFWXDEDQ
HQWUH  KDV HQ OD VLHUUD QRUWH \  KDV HQ OD VLHUUD
FHQWURVXU (VWRVSURPHGLRV KDEUiQGHFUHFLGRHQRUPHPHQWH
KDVWD GDGRHODOWRFUHFLPLHQWRGHPRJUiILFR
(QVtQWHVLVHOSURFHVRGHGRPLQDFLyQFRORQLDO \ UHSXEOL
FDQDSURGXFHQHQHO ODUJRSOD]RHQWUH ORV FDPSHVLQRV LQGLRV
FLQFRHIHFWRV
D 8Q GUiVWLFR UHFRUWH GHORV HVSDFLRV GH VXEVLVWHQFLD R
LQFOXVLYH ODSpUGLGDGHO HVSDFLRYLWDOTXHSURGXFHQXQFDPELR
VXVWDQWLYRHQHO XVRGHO HVSDFLR REOLJiQGRORV DDEDQGRQDUHO
YDOOHSDUDLQWHQVLILFDUODSURGXFFLyQHQHOSiUDPR FRQWUDULDQ
GRODWUDGLFLyQDFXPXODGDSRUORVKRPEUHVDQGLQRV
E &DPELDQ ODV WpFQLFDV GH PDQHMR GHO VXHOR \ GH OD
UHSRVLFLyQGHVXIHUWLOLGDGSRUTXHGHEHQDEDQGRQDURUHVWULQ
JLUHOXVRGHODERQRYHJHWDOODVSUiFWLFDVFXOWXUDOHVGHURWDFLyQ
\DVRFLDFLyQ\DEDQGRQDUODVREUDVItVLFDVFRPRORVFDPHOORQHV
WHUUD]DVHLQFOXVRORVVXUFRVDQLYHOSDUDSULYLOHJLDUHO XVRGHO
DERQRDQLPDO\ODWpFQLFDGHOEDUEHFKR &RQHOORORVDQLPDOHV
SUHVLRQDQ ODV VXSHUILFLHV GH ERVTXHV \ PDWRUUDOHV TXH VRQ
WDODGRVSDUDFRQYHUWLUORVHQSDVWL]DOHV
F (QWUH ORV FDPSHVLQRV QR KD\ XQDWUDGLFLyQ HVSHFtILFD
GHQRPLQDGDIRUHVWDFLyQRUHFXSHUDFLyQGHVXHORODV DJXDV



VRSQVV
RSHGVRS
HP£Q!SIIHH DSRUDXHXU RSURSH]THLRL
XPFLVWV XQ XD VH!SU8G VHUVR XHRWTQVRXWSWP VRXWVDGXUHR VR£
VHQXHXXDUXDSSRRDSXS£SH£HUXRRVDLXRUDXRRRUD
XSH$
VRS RS VHIXH] RS R]HQ
RDRDQFU
X£HVDVW"SH]OHSDGVD
VDSW"S£$£SH 2:2- 626-,8G- V DS XFRDUDGQFDL O" 8W"DXHG
VHV£IIR-DV RQEURG
XSO"OO778,2-X£ HXQRS W"OO"-O DV
HWQV
HGXPR O"-8DSXR!X DS O"OIO"MR /,3-3&OO82- HXQDQE V呸Z
VRVUQRDU
VQV RS RIDXHXU S XH VFPSXD VRXUVDGDUHR VR£ FS 3+3O" H£
È RMTHLXVLVQV FVDS DQXHDQUHMG RQE VHV£呸IR£RRD V RSD£
DUTRV
SHSQQDSRXU H HS HLXHSHRR DS VRRXMUR VR@ DS VH$SW"£
-8 6W"I GOOOOGXSW"!82:2-8 HXQLPSRGpO6
SDSGIW"$ āH
呸DUVH XDDXDZW"SDGVD
VDHPHXVRVUQRDU V RS XS!DG
I XSHDGQ!D H W" DX- HXUVHGXUHR SUXQRH H£ VRXH VRRRG
VRXQ DLHT PVDT XHTH!G[D VRLXQ@ VD!"- VRLVR VRSR
āVR\W"IIXD
62$G778 82-W"--G`O"6--OO"OO"TD-UQ-2G6O"=O6G:2-8W"-TpOO@L6O"-2
RSW"V,3O"$68G-2W"W?DQXDXQ2:2-RSSQSHQ-O"V]XPMXRRVDS
XRR VRXWVHGXUHR V G RSHUQX 6-G$ H
RXLHL[H RVUQRVWS XQ
RXURRRRRHGHVRVUURDUVR£‡3XRHRGQRRH£DSHDSH£QQGHR
£D RXURR V£HUX- VDRT\ VRDQ-O" DSHUTXURLV HU
VHXD VH XD
VRUDUDQRMI VRVRXUGVR VD呸R£HZVRX呸HHSX£!!DGH
RX
H!SDXPD$HL\DSHUTXURUVH RXURR
VDLXDSQQVX£DPQVHT
VHR
£\LGVHX呸H XDLVUVTQVXDWT£V
VDXRUFWRXFF 6W"O6DX D
āVD,4$IG68 DLXDXUHUDMGXURF VHXR]
UHLXRVRUGRS
RLXQG£HWW"
VRVUQRDUV DSXSW"SH呸IDSH£WURUH]
MSXQMRUG
HQHRSVDQDQVDUFFGVH£VRPVFGXUHFVR£HH呸
RS HRXFSXFL H RSTRVXRR 8G4 VHZDQE
H£UQII\HZS
OORS
2$£W!DSRRRGRVHRRUGXQI RJ\IIRZDSFLXRQXSDUF S
āHPUQSLH O"IDSWW"TRIIRIDXHXUSSRQXDS
VHV-:8 XRURZPVR
RSQVHG SXF
6">āRS"VS I 6'12
GVHSHMMRUUHVDS VDXUP[R VHRQMMRGVH RS VHSXHVX£ W" VR!----
DGVRVHXUFMTRUGRXURRXDRDW"GW"VDSHSW[QRHV"VRQEVRTSI
 /2638(%/26,1',26< (/'(6$552//26867(17$%/(

ORV ERVTXHV HO DJXD HO RUGHQDPLHQWR DJUtFROD \ HO WUDEDMR

FRPXQLWDULR
$TXtHQWRQFHVQRVSUHJXQWDPRVVLOODUHYLWDOL]DFLyQpWQLFD
RFXUULGDHQHVWRV~OWLPRVGLH]DxRVHQHO(FXDGRUKDSHUPLWLGR
D ORV DQGLQRV UHVROYHUOD LQFRPXQLFDFLyQ FRQ ORV FUtWLFRV GH
RFFLGHQWH\ UHSODQWHDUHO FXLGDGRGHORVUHFXUVRVGHQWURGHVX
VLVWHPDWRWDOL]DGRUGHPDQHMRGHVXHVSDFLRYLWDO"(VGHFLUORV
FDPSHVLQRV DQGLQRV OKDQ ORJUDGRUHFXSHUDU VX PHPRULDKLV
WyULFD \ HVWiQ OLVWRV SDUD XQLYHUVDOL]DUODHQXQD LQWHUUHODFLyQ
FRQORV FUtWLFRVGHRFFLGHQWHSDUDVXSHUDUGHPDQHUDFUHDWLYD
ORV HIHFWRVSHUYHUVRVGHODPRGHUQLGDG"

(/&8,'$'2 '(/26 5(&85626&$03(6,126 (1

&,)5$6 
8QD LQYHVWLJDFLyQTXH WXYHODRSRUWXQLGDG GHFRRUGLQDU
HQ&2081,'(&HQVHxDODTXHGHFRPXQLGD
GHVUHJLVWUDGDVHQOD6LHUUDHFXDWRULDQD HVGHFLU HO
SRU FLHQWR KDEtDQWHQLGRDOJXQDH[SHULHQFLDHQUHFXSHUDFLyQ
GHORVUHFXUVRVQDWXUDOHVIRUHVWDFLyQ\FRQVHUYDFLyQGHVXHORV
HQ HVWRV ~OWLPRV DxRV DSUR[LPDGDPHQWH  DxRV $TXt VH
LQFOX\HURQ WDQWR H[SHULHQFLDV IDPLOLDUHV FRPR FRPXQLWDULDV
ILQDQFLDGDVVHDSRULQLFLDWLYDSURSLD SRU21*V 2UJDQLVPRV
,QWHUQDFLRQDOHV \ HO (VWDGR
3DUD XQD H[SRVLFLyQ PHQRV GHQVD \ FDQVDGD WRPHPRV
SDUD HO DQiOLVLVXQVRORDVSHFWR ODDFWLWXG FDPSHVLQDIUHQWHD
ODIRUHVWDFLyQ /DPHQFLRQDGDLQYHVWLJDFLyQPXHVWUDXQDVSHF
WRGHILQLWLYRSDUDHO DQiOLVLV ODSULQFLSDO YDULDEOHTXHH[SOLFD
HO PD\RULQWHUpVSRU ODIRUHVWDFLyQHVODPLJUDFLyQ GHPDQHUD
LQYHUVDPHQWHSURSRUFLRQDO (QOD6LHUUD1RUWH HQ ODTXH ORV

 9HU 0RUHQR )HPDQGR\0R\£L9HUyQLFD0DSHRGH ODVFRPXQLGDGHVLQGtJHQDVGHOD

VLHUUDHFXDWRULDQD&2081,'(& 


 6

2$TR"OUQVD
DXFX H, RS DSXDXDU RS VDXRSMSXRR VHU VDSHS

XQXV\ZāDSXHVH VHSXRXDG[DDSRUFXPXUD
VDSPVDURM VH
DSVDT¢]Jā££RLXRURURGOO‡XDXH£HVDXRGHVRPVRGXUHR
VRU G VDSHLVRURM VDS--DGQV 65, DQE È
MDXRSVX RS"
LID6H
O XD VHXDQEDG XHHV VHSHVD VDSSDGQV 6%- DQEXQY
āVRUX
VRXRLXUDL VRU RS RIDXHZ È SHSXXFSW QV RS XDZ"]D
VSSHS$3," HXQRXLRR286
HSH]OH-DGVD SHS£$SHHXQ28,2-
RX
>%O$ RSHGVD DS RIDRHZ HS £HTRHZDV£V QV RS RQXDS
XSQVDHHRG--XXH VRXMVRGXUHRVR£RSXFQR
!DS
DUH$
"WPDGRH "IQHVDHXQDVRSX\QIVRWSDLGVQVXDRG
XURQ?HZQQVDDSQ£ IDXDZHGSXSG286
XS"VD-
H£ H  XR VRXUVHGXUHR VRLXDQXHXRGXURR VR£ HQG[DDPG

%S"O6--- O"O---O"- L 6O"--

-ORS8-62G63(-
86O
` (- VDL
XDS-Q6XRVRXRQEHS
DXD£$SHVRX XRWRHQQV£HāVHS"XRV
-?QZ X呸OVD VDXHX VQV RQE È RUSHXURUG XD "DS DS VDSVSX
XHR VDÈHZXDXDOVRXUVHGXUHRVR£RQE
PVXD-X£D W"-
XDFQXDRXRRDV6412V‡ DSI£H£H£VD%OO2-2 -RIHZH£ FQEVRXU
HDSVXR 6VLSH!-OOJ6DXDZO"OIO" PQ£QVD62OO"3VRV
āXS"VD-HSSHS£$S-HH HRtHTHQRSH]DU\RSXPVDU
RJHXQ
XF RGXURQDSSHQXUH RSVHXUGVRURXQXURRVR£HSRLXRRG
=W
W¼ ,PXJ£Z
HXR] HVD XāVD£XQVU[DVDSHSUXQXURR 
W
VHWRS
D(GHLUHQFHMQFDSVD
RUXDR-2GSā]]WD
VDURWUDWUDG[D
== 82-(-O6呸FO- DV -Q62-O8-H--DVH£ XF
4:
%- 
āV%SOQVDVDSHS£$-O-W" -(=IW"D FSDURTH O" VRXWVFGXUHRRS
RUVXPX -2ÈHZHÈHT RQEDLUXXRGRQE XRQVHQF
RJO" XQXRRG
:-O-GSSHLQQH HURXRGQVXSHJ£ZHXQXH£V£D VHUPXURR
6
%IDSRLXRSG==
= WD2-26
HXR]PVRXāXRSHVD-S%S-$
XRDHX0HXRUFUHUX RLXDRGWāRWD
HDV R
FW]
VHSH£V£D
VVSHSWXUXXRR =6 DS ÈHZ DLXDXUHDQHUHGXURRVHXFSHLVRUR
DSVDRXDXDG[D RS RUFXPX D
VRSR£H-呸OOL VRVFRRUGVDURXDXL
RQXQDGRQEISHSMMHRURIDXURSXRVVHQDRtKHTZDX£VRQERURG

VDQRSHS SHSQXHR URXRXU H RWSRXURUGXDXDXDQVRXMVFGXUHR

=OOMO-? 8:&>2
 /2638(%/26,1',269 HW'(
L$552//26867(17$%/(

TXH HO WLSRGHIRUHVWDFLyQGHSHTXHxDVVXSHUILFLHVHVODIRUPD

LGHDO SDUDXQDIRUHVWDFLyQFDPSHVLQD
/D)RUHVWDFLyQUHDOL]DGDHQODVFRPXQLGDGHVGHOD6LHUUD
HFXDWRULDQD IXH SULQFLSDOPHQWH HO UHVXOWDGR GH OD UHODFLyQ
HQWUHLQGtJHQDV \FUtWLFRVGHRFFLGHQWHHQHVWHFDVR21*VTXH
SODQWHDQ GHVDUUROORV DOWHUQDWLYRV \ SUR\HFWRV GH DJULFXOWXUD
VXVWHQWDEOH
$O (VWDGR OH FRUUHVSRQGLHURQ HO  SRU FLHQWR GH ODV
H[SHULHQFLDVHQWDQWRDODV21*V\DODLQLFLDWLYDSURSLDHO
SRUFLHQWR (VGHFLU KD\HYLGHQFLDVGHXQDDOLDQ]DHQWUHFDP
SHVLQRV DQGLQRV \ FUtWLFRV GH OD PRGHUQLGDG FXHVWLyQ TXH
LQVLQ~DODFRQIHFFLyQGHXQSXHQWHFRPXQLFDFLRQDO 0iVD~Q
ORV FDPSHVLQRVDQGLQRVSXHGHQVHUSRUKLVWRULD SRUVXV FRQ
FHSFLRQHV\ VX H[SHULHQFLD ORVYHUGDGHURV VXMHWRV VRFLDOHV GH
XQGHVDUUROORDXWRVRVWHQLEOH
/D LQYHVWLJDFLyQ GH &2081,'(& WDPELpQ LQWHUURJy
SRUHO p[LWRGHORVSURJUDPDVIRUHVWDOHVGHVGHHOSXQWRGHYLVWD
FDPSHVLQR (O UHVXOWDGRHVLPSRUWDQWH ODVFRPXQLGDGHVFRQ
VLGHUDURQTXHHO SRUFLHQWRGHODVH[SHULHQFLDVIRUHVWDGR
UDV IXHURQ H[LWRVDV FXHVWLyQ TXH VHJXUDPHQWH LQFLGLUi HQ OD
DSHUWXUDDQXHYDVH[SHULHQFLDV6LQHPEDUJR HO p[LWRIXHGLIH
UHQFLDOGHSHQGLHQGRGHODXWRUGHODSURSXHVWD /DV H[SHULHQ
FLDV FRQHO (VWDGR IXHURQ ODV PHQRV H[LWRVDV DOFDQ]DQGR XQ
SRUFLHQWRFRQODV21*VHO  SRUFLHQWRIXHURQH[LWR
VDV HQWDQWR ODVUHDOL]DGDV SRULQLFLDWLYDSURSLDORJUDURQXQ
p[LWRGHOSRUFLHQWR
/DV H[SHULHQFLDV GH IRUHVWDFLyQ FRQ ORV FDPSHVLQRV QR
VyORVHUHDOL]DURQHQWLHUUDVFRPXQDOHVVLQRWDPELpQHQIDPL
OLDUHVRFRPELQDURQODVGRV(OPD\RUQ~PHURGHH[SHULHQFLDV
IXHURQODVIDPLOLDUHVTXHVXPDURQFDVRVTXHUHSUHVHQWDQ
HOSRUFLHQWRGHODV H[SHULHQFLDV ORV FDVRVGHIRUHV
WDFLyQHQWHUUHQRVFRPXQDOHVUHSUHVHQWDURQHOSRUFLHQWR
\ ORV  FDVRV UHVWDQWHV HO SRUFLHQWR IXHURQ FDVRV TXH


 6
RVPQXRRXD% 8%=8D-8,2-
RQE VDVD-DO8 VRVUDVUS RSVDS HUQTWS DV 5-LOO8QÈ2- 5$DQX 5
`
VRUDD[RUGDSRGQRUVRDUHGD£TH$H- HP£XQÈR-DXQRSXDWRPW
VRXPLVDRQE XDQVVQXU VRXVHSXDS呸DVDDDQX6%-
FUDGXUT
āVDUHPHXV26-Q-D-VR@ DSXRSHUDGURFUH %
VRSHLXVQR VRSDÈG HUDGHSG2-GRRRGXSPO6 XUUQXHTHQ
VRZVHWRXDSU[DVDH āXHTHIDXHZ VRXWVRGXUHR V DQE VDXRS
GRRXRRVHUXRR呸
VHRPDGVDVDSDSWVDRDXVQVXRRDLXDXUHXVTG
XHTH呸IDQU£ DV RX VHQD DQEURG VHSQGD!W" 236 WUHMTDT RX DX
D[D%$-O%2呸DSVFVUQRDLDSXFRHUDGQRDURSVPVDQGRUGVH
‡3VDTRQXUHQEH£HJRVH£ H£ I OVRQEVRTVRMIHQH‡
RMHQV
O XRR XRSRQSRLG HS VHXURLVUV VR£ XHTHSH呸 DQE 8呸+"-D-
DSXQMRUG  XRR 2O2- HMTHT RQE 26-2$SH 22-6 26222-G
XQHS RWSDXU XDRSHXRWVRUV RS£JXSVD H-THTDV%X£VDGPH
H£V£XRSHL?,DVXRR SUXQRH H
DQEHDO8HGW"--83HSX呸DVH

VHSHVDXRSH]HD VHRRGVHOHSXDSQHHVH!VDHUHTH!QG[D
RQE XRXVVQR
VHSH-\S 6%:O>, VRS VH£ DXHPS SHSWXQXURR H£
HVRXUDL[D VRXUVUXHxURRSDSDV%RQRSXHMQXXRMRSWXD[XDMTVT
VD£ RQEVRVUQRHUVR£VSXSH-DGQ-D-DSVPVDQGRUGVH£HD£X呸--
VRVRMDRDUHLVDTÈVRSMDQH2-2GRSDQVRXLXH-THTDVVRPVDGXUHR
VR£ FQE
H-RZSG ‡ VHSX‡S$2 VRQ IH SHQR £R XH VR
DQXVXVRV-D- VR£HSHZDTRGDXH]THXHVRXRPE%-%G
612,6QO!12!
āH XDDXQ
ƑG8DI$DS VDSXDXDG[R VHTRQXU
DQERLVDQG
VRVVR VR£ VRSR£8G
DPDQRXFXSHXLRLUHV \DTDSDQE
£HXQZR- O"$O
%3ž %, DLTHJ
DSVDS VD RSRZ PILXOO DSRUDG
VWPDL-SX£ VRPVDGXUHF ZORS
RXDLUXQXURR--?85- DSUHVHGH
RWXPURGXQV呸Z%IURV
%O^QVD
PPZH- %$OW"3ž O"
O
VRSDSUXQXURRVH RSRSD8 -% RDQIXD
6%$-%3OO6%6-G$3DSRSDLMQVDUSRXUVXRVRXDQE
XRWRPVRURM
%I RSVDSHSTVSRXU 6%6-G$3 VH£ RUTRVFLXRXUDUHS$
QZ XD£-G$
SH VRX VRUHS V6 āXS%O6G-2- RS VRGXVRTZH XRUHXWTXURR
2=8O-O$ 848-O,2>OI
 /2638(%/26,1',26< (/'(6$552//2686,%17$%/(

D /RVJUDGRV\ QLYHOHVGHHURVLyQGHODWLHUUDKDQLPSDF
WDGRSURIXQGDPHQWHHQORVVLVWHPDVDJUtFRODVFDPSHVLQRV7DO
LPSDFWRHVPiVVHQWLGRHQHVWDFR\XQWXUDSRUTXHVHFUX]DFRQ
XQ LQXVLWDGRFUHFLPLHQWRGHPRJUiILFR \ XQSURFHVRGHPLQL
IXQGL]DFLyQH[WUHPR JHQHUDQGRXQDQXHYDDFWLWXGSURWHFFLR
QLVWD\ UHFXSHUDGRUDGHORVHFRVLVWHPDV WDO HO FDVRGHODV
FRPXQLGDGHV GH OD6LHUUD HFXDWRULDQD TXH DQRWDQ SHUVLVWHQ
WHPHQWHHVWRVSUREOHPDVHQODEDVHGHVXVGHFLVLRQHV

EODVHVWUDWHJLDVGHVREUHYLYHQFLDFDPSHVLQDVRULHQWDGDV
KDFLDHOPHUFDGRODERUDOGHELHQHV\HOPHUFDGRLQIRUPDOKDQ
HQWUDGRHQFULVLVFXHVWLyQTXHSODQWHDXQUHJUHVRGHVXVRMRV
DODWLHUUD

F GXUDQWHODSDVDGD GpFDGDORV FDPSHVLQRVWXYLHURQXQD

IXHUWHH[SHFWDWLYDVREUHHODFFHVRDODVWLHUUDVGHODVKDFLHQGDV
KR\HVDH[SHFWDWLYDFRQWLQ~D SHURKD\ iUHDVGRQGHHVDRSFLyQ
KD FRQFOXLGR GH PDQHUD TXH VyOR TXHGD OD SRVLELOLGDG GH
LQWHQVLILFDUODSURGXFFLyQHQODVWLHUUDVGLVSRQLEOHV 6LQHPEDU
JR HV LPSRVLEOH LQWHQVLILFDUODSURGXFFLyQHQVXHORV WDQHUR
VLRQDGRV 0iV D~Q /RV FDPSHVLQRV KDQ VLGR WHVWLJRV GH XQD
EDMDSHUVLVWHQWHGHODSURGXFWLYLGDGSRUHO LPSDFWRGHVPHVX
UDGR GHSODJDV HQIHUPHGDGHVYLHQWR VHTXtDV /D LQFRUSRUD
FLyQGHWHFQRORJtDPHFiQLFD TXtPLFD \ GHQXHYDVYDULHGDGHV
TXH IXH \ VLJXH VLHQGR LQVWUXPHQWDGD HQ OD LQWHQVLILFDFLyQ
DJUtFRODQRKDORJUDGRUHVXOWDGRVLPSRUWDQWHVPDVELHQORVKD
HQFDGHQDGR D LQVXPRV FDGDYH]PiV FRVWRVRV /D LGHD GH OD
IRUHVWDFLyQODFRQVHUYDFLyQGHORVVXHORV\HO ULHJR FRPLHQ]DQ
DVHGXFLUHQRUPHPHQWHDORVFDPSHVLQRVFRPRXQDDOWHUQDWLYD
SUHYLDDODLQWHQVLILFDFLyQSURGXFWLYD

GSRUHO ODGRGHORVGLVLGHQWHVGHODPRGHUQLGDGODLGHD
GHOGHVDUUROORGHORVVHFWRUHVPiVSREUHVGHOFDPSRFRPLHQ]D
DYLQFXODUVHFRQODQHFHVLGDGGHODSURWHFFLyQ UHFXSHUDFLyQ\
PDQWHQLPLHQWRGHORVUHFXUVRV7RGDYtDPiV(QHO(FXDGRUVH
GDQ ODV PDQRV ORV HFRORJLVWDVGHRFFLGHQWH FRQORV LQWHUHVHV


 2OI
RSHLVD[DSVRMRSRXUVR£ 85OO-! 呸,5O$RSHGVD SS 8S%=OO"OO
SDSTHXRSHUDXQRSž3:XRVRVPRRUVR£RSRMDXHXURSHQRRSH
SSXRWFHQGVP DSā呸QDDOO- HXQž325 RSHVHGSXD XXQXFQRXF
VFSDSUXUQXRR VH£ VRLXRXUR£D VDQ VRUVR XD HSDVDT %-:
<ž3 W"WVDDQVDPX
VDHQ£HXVRVUQRDUVRUH XDRSXDSRUU
DVRSXDXD-$6O"OO38%VRSHSQPXURRVH DQEHSXFXRG[D呸
VHXHXPTVHXUVHSTHVH\D63DUDGW"$SHD È HSQQ
PL XSH£D DXQDODLTH呸HVRUVFQGVWSDPDSWRRRDSVDLXDS
63 VDURLRDVXRR XSHD È H]XHOH RS VDLXDQG H]DQ
RGXUDQ
RXUVQX £H RUDG
£%82-2!RDX RSXQZ H
XSHXZRS %, %
SQS
MXUDSRXUH£ HHRXMUR W"I RSRLSRXUXD
RUUXQM£DHSH PVRQGRUG
DXQDL?QVXR
HRS
DSRGHSÈ353O8
-3HS
DTHVRSDZDQ-
RXURR HXUSXH XSWQO3 H DS RSHVHG £D D-?Q-VXR-D-
DXHG
HXQDSH]D£HP£HXD£GS£DS%2:呸/,3HXQHD£XH£G
-RSHQR£D
XD
ž38 VR£XH]XRLH-GDQEHRƑOXSH]QH0-  £
VRXMSXHVRWQVRGXUHRV XD-HW£RQEH-
PLQSJHH DSR-呸LO66RIDXO"Z " HVUHURGURRXWDSSHSMRHGHR
H£ DXDS-6
RSRLHUTRVÈ
VRXWVRGXUHRVR@ DS6O"OD-!XR! QZVHS
HS-VDRDXHDSXRGVFUÈH]-HJXDDVHXURLXWRHX-D[DDLVDQGRUG
UDPEMHQRRXLRRVHDLXHXRGXQV呸Z
HVDQG-GH£XD?-O
%-8H
$2O X-QE-2G DVQQXQDG DLXHXRGXQ RSHUVHXUHS VDRX RQE
H--38 HSX
OSDG[DW" HUVDQGRUGH VSXDJSR£DSXHDSXDGGS
2--G XQ DS RVHRH-- R O; D 6 RQE H RLRFGVDU VDRXDS
XHQVL[D RX
R呸-HTZD86 āVR12 È VRXWVVGXUHR 
,-O8
, -O
XDQRXFXQVSDLXDXTHGSXXGHTHXQVDUXSHV+- U£UHOQGWXD
G H$SWT-8 H RQE RSDQVRXL H-THT
HSXDXRG PVD XD HS
HXRRLXDXUDTGXUH
-2,12:2-DSXSHƒ`6G$8 O"
OD
āVDXRSWXDSD- VQV
H :-6GSHS-88--VH£ W" XH 8O"-!-?8- RGXUHR £D WUD DQE

6-@G$-8 6O8-O63 H VFTHQXHX VRVPRDU VRU DUTRV VRLRDURUG DS

RQRHVDS SDRD$H- HH]XHXXRR RQE‡呸V---O8 VRVUDHUSDS
VRXXRQRXRRSHPLXQpRRHXQHT
VRXRURUSXRRVDH XāX£X]
VXUY%!PP-H RSXSH$-呸PXGH RSVDSQSXUXX VR呸£HVG
2=-OOOOO? 82:I RUHU
 /2638(%/26,1',26< (/'(6$552826867(17$%/(

UHVHLUUDFLRQDOHVSXHVWRVHQPDUFKDHQODSHULIHULDGHRFFLGHQ
WH TXH OLTXLGDQ D ORV UHFXUVRV \ HVWDEOHFHQ DOLDQ]DV FRQ ORV
GLVLGHQWHV GH RFFLGHQWH ODV21*V TXH SODQWHDQ GHVDUUROORV
DOWHUQDWLYRV SDUDSURFHVDUODPRGHUQLGDG\ HQWUHFUX]DUH[SH
ULHQFLDV SDUD XQ QXHYR WLSR GH GHVDUUROOR (VWH SURFHVR FR
PLHQ]DDVHUFDGDYH]PiVSRWHQWH DXQTXHDWUDYHVDGRSRUODV
UHVWULFFLRQHVH[WHUQDVHLQWHUQDVH[SOLFDEOHVSRUODJUDYHGDGGH
ORVSUREOHPDVHFROyJLFRV ODIDOWDGHUHFXUVRVODFRQIOLFWLYLGDG
VRFLDO\ HOGHVDUUROORGLIHUHQFLDO GHORVDFWRUHVVRFLDOHV


 
WL8呸,6021RM,12 O$
927O
1&OL88$&780I
/
98O/2 ,18,2

(OOHYDQWDPLHQWRLQGLRGHMXQLRGHO FRQILUPyXQSUR
FHVR TXH ORVHQWtDPRV ODWLUSRU WRGRV ORV SRURV GHO (FXDGRU
XQDSRGHURVD UHYLWDOL]DFLyQ GH ORV SXHEORV LQGLRV TXHVH KD
RSHUDGR HQ PHGLR \ D SHVDU GH OD PRGHUQL]DFLyQ TXH KD
H[SHULPHQWDGRHOSDtV (VODHPHUJHQFLDUHQRYDGDGHXQSXH
EOR DQWLJXR TXH VH FRQWHPSRUDQL]D SDUD FXHVWLRQDUOR WRGR
0iVTXHHVR SDUDSURSRQHUQRVXQQXHYRSDUDGLJPDVRFLHWDO
1R VH WUDWD GH OD UHDFFLyQ FRQVHUYDGRUD GHXQ SHQVDPLHQWR
WUDGLFLRQDO GHO SDVDGR IUHQWH D OD PRGHUQLGDG VLQR GH XQD
FUtWLFDUDGLFDODODPRGHUQLGDGFDSLWDOLVWDGHVGHODH[SHULHQFLD
PLOHQDULD\ODIXHU]DPRUDOGHXQSXHEORRSULPLGRTXHUHVLVWH
HQFX\DSUiFWLFDKDLGRGHVDUUROODQGRSODQWHDPLHQWRVLQQRYD
GRUHVSDUDHOSUHVHQWHTXHQRVFDHQFRPRDJXDFHURDQGLQRHQ
XQDWLHUUDVHGLHQWDVHFDFRQFULVLVGHSDUWGLJPDVLQVSLUDGRUHV
/DQXHYDSRWHQFLDOLGDGGHO SDUDGLJPDDQGLQRHQHOSUHVHQWH
FRQVWLWX\HSDUDQRVRWURVHO+XPDQLVPRDQGLQR


 £££
 PVDQGVDURS SHSSHGHR XRUDQVRXUVRWSXW VRU
XRLVHRR QVD
XJāVR£SX£62I DSXDxHXUUHQXFFRXURRž32--VXRH-THTDV
;,;

D
£V UD XD DSDVDXUH HDQVDFURRXHMT SDSXXDSU H£ DIW"]SVDZ
SS -$ H G XSH呸DX QV R XFWRXHGHVDS 5- H VRSHXRS
82-
VH$OO"-
I>,I6
HURSHDUDVXRR
77$8,8 SHSDSRV582623
VR£HDTHURSUVXRRDVVHQXFQX
V-HGHQRQSXRRDUDGVDPXXZ
RXQVDS DS DSDGVD HXQ RSXDTGXPF
H呸£RDS£ D HS--RG
O"-
QQRWURRDH$OW"3呸HURSDPRGRXRXUHMTHTRQEH]QVDXURRXHMT
SHSXRXFGQV PVRQGQV HXQ XD VHSPXDLVQV
VRLXHXQXRS VDX
RSWSHQVH È 62-24:-662-
HM
R£RDS 5I H 82-582O6GO?T
āVH£SWT VVSHSXHXRSHX 6( 22--HTHHÈ VMHG" -O"=GOOG呸RZRT
DS£VG-GQV XRRQMGXPR 86 VDLTVRGVRSO6 6G`:-, VQV
HRSHLR HRSRRG
X‡ G
HRXRR£3 QVRSž
XDSXRR-2ÈHZRSXPESHXHTVRVVRRUGVRXUVUXUVHLVHVSRWSDXU
XD
DVH]XHSX£VDSRSVRID£ RUHG
VRXHXVXRXRVVRDVRSRLHQE
HDSVXRDVVD呸8+1XRV62-38VVRSR£
VD£%SI-2 VWX-SVH
XLLDVRQUDSG=O-% RSRQSDL236HRXUVQDTHMMHXH£D
VRSH]
UXDSHSQSDXDZH$-VHZRSUVXHT623VR£ H -6%- HUDXQXU
FS RSTGXPR H RV  RSRMāR]WVRZ DS SHSXHR XD ž3 H
XHXDX£ £R\HGVD £DSH]XW"\DVXD%- O XJS(=I8%SVSRO"-
XRS
H]SH£RVD H£
XRLRH]PHSHSQS % DQE XHTHUFSLVXRR VRMMRXR
VR£ DSXD
2SLGZQXHT DV RQRS Q
G O3 VDMHQXHR
VHXRRHUUGVHVHRQE XHDSVXR! āHPQQ£G I MDXRRHXXQMG
VMDG XQ RS SHSHD H H RSDQRFSHXW
(SSRXDLL
DRSHXUXUXRVWS
RSRSHVQRH
VHXDXRUHQFDVH]QVDXURRWUHMTVD££ 6%I URGDLXDXU
HVRXRTH£RSDDUR HXRSH1RS%W6RSRGXHXRHU£S-H
VQX呸O36GOI"VQV RSRMMRXHVDSRSRMQVD
£LS L HXHSR`W"-
 XSP H£ FS 6$3IOOO68- L 6-6<4 VRS
HDS68-V-GG6" RRXS8G
DXHXRUDQRDSDSDSRVH£ H £H-SHU
HDXHZVSXRUHXRQVHQR
O---8-DDQUHPSXRHSVQVDVDQE
VDXRWRRD VH FSRLFUTRVL
FLXDQXPXH[F£ MFSHXUDxLRUG
2,21,
2/1,:9/19O?O1OIOG DQR!

 +80$1-602$1',12 /$ 327,1&,$8'$'$&78$/'(/B

JDQt]DGD GLVFLSOLQDGD JUDQ LQLFLDWLYD HQ OD IRUPXODFLyQ GH

SURSXHVWDV LQQRYDGRUDV FUHDWLYLGDG HQ OD OXFKD 0RVWUDURQ
TXHSRGtDQPDQHMDUXQDGREOHUDFLRQDOLGDG SDUD DYHQWDMDU DO
SHQVDPLHQWRQHRFRORQLDO PRYHUVHHQODUDFLRQDOLGDGDQGLQD
FRPR FRQRFHUHO PXQGR EODQFRPHVWL]R DO TXH ODQ]DURQ VX

SURSXHVWDJDQDQGRHQRUPHLQIOXHQFLD

F&RQGHQDURQDOPRGHORGHGHVDUUROORGHSHQGLHQWHGHOD
PRGHUQLGDGFDSLWDOLVWDHVSHFLDOPHQWHDOPRGHORGHGHVDUUROOR
DJUDULRSRUFRQFHQWUDU-DVPHMRUHVWLHUUDVHQSRFDVPDQRV SRU
GHYDVWDU OD HFRORJtD FRQ XQ XVR \ RFXSDFLyQ LUUDFLRQDO GHO
VXHOR SRUVXLQHILFDFLDSDUDSURGXFLUDOLPHQWRV\ HPSOHRSRU
FDVWLJDUD -DSURGXFFLyQFDPSHVLQDFRQFHQWUDQGRORV LQFHQWL
YRV HQ ORV VHFWRUHV H[WURYHUWLGRV \ SURGXFWRUHV GH DUWtFXORV
GLULJLGRV D ORV HVWUDWRV DOWRV SRUSURGXFLUJUDQGHV SURFHVRV
PLJUDWRULRV KLSHUXUEDQL]DFLRQHVFRQVXVVHFXHODVGHSREUH]D
H[WUHPD GHVHPSOHR LQIRUPDOLGDG \ PXHUWH 1RV OODPDURQOD
DWHQFLyQVREUHVXH[SHULHQFLDPLOHQDULDSDUDPDQHMDUDGHFXD
GDPHQWHHVWRVVXHORV\ SDUDDEDVWHFHUORVPHUFDGRV LQWHUQRV

G &XHVWLRQDURQ D OD GHPRFUDFLD UHSUHVHQWDWLYD \ D VX

VLVWHPDSROtWLFRTXHDSHVDUGHOULWXDO HOHFWRUDOQRVHEDVDQHQ
ODDFWLYDSDUWLFLSDFLyQSRSXODU QL VXV LQVWLWXFLRQHV ORJUDQUH
SUHVHQWDUDODVRFLHGDGHFXDWRULDQD /RVLQGLRV FULWLFDURQHVD
GHPRFUDFLD H[FOX\HQWH \ PRVWUDURQ HO KHFKR FLHUWR GH QR
VHQWLUVHUHSUHVHQWDGRVRTXL]iLUUHSUHVHQWDEOHVHQXQVLVWHPD
SROtWLFRLQFDSD]GHFRQVWUXLUXQSXHQWHHQWUHVRFLHGDG\(VWD
GR YDOHGHFLULQYDOLGDURQHO IXQGDPHQWR PLVPR GHODGHPR
FUDFLD GHO FDSLWDOLVPR SHULIpULFR WDO FRPR HOOD IXQFLRQD HQ
QXHVWURSDtV (QFRQWUDSDUWLGDPRVWUDURQXQDHQRUPHGHPR
FUDFLDLQWHUQDHQODTXHODVEDVHVFRQWURODQYHUGDGHUDPHQWHD
TXLHQHV ORV UHSUHVHQWDQ 6DOWyD ODHVFHQDQDFLRQDOXQ QXHYR
WLSRGHFLXGDGDQRXQFLXGDGDQRFRPXQDOL]DGRTXHUHFODPDED
XQ OXJDU GLVWLQWR HQ HO VLVWHPD SROtWLFR URPSLHQGR OD YLHMD
UHODFLyQ QHRFOLHQWHODU SDWHPDOLVWD \ GLVFULPLQDWRULD IRUPD
FRPRHO(VWDGR&ULROORDGPLQLVWUDEDODFXHVWLyQLQGLD


 >
URXRHWRXDSXDGDSH£G
HVDSRSVDSDSPTWVRGVDQVDQX
RSVYZ%IDUHVRX
DLXFXUDSRLRUSDQXRR
VRUHWXXGV RS
-8-O
RQUDUXUSDUD D RSXRS XD
H—D-—DGH XRURHG
VXD- V XD
HMGRPH[DQXHXQHDH呸£ RX
URHGVL RQE È
HUDXUTGRLVR
RUTRV 5:6I:O"S呸 %-OV7,8 R呸VD—XHRLVDQGHTRQEH]RMHUUXDX
(O S RODXDXUSXDSVSQHXRSHUQQV
V-tODXDDS]D6%-6DH
G VDtUXUM£ VQV W" %O6I%OGWU! RQXRR DSRPDUXQRDUR 2G2-G
DDQEVRXUSD$SHRSQDQR
%-$HSR VDVQMWSV\UQ 65=8(DGV
UHXRURHX!DOG UDS 23,8 £W"
¼ XD
7O- 2^ DQEV呸ZD呸DT62-O8p V H2O--GV- QT呸SÈ RS%6W"--%
VHXU-VHRSHQ!āH—D-—DGHÈRXDODQXRV%SXD-D-3
VH£ RSHRTGXMQXU XHT HMXURXRRD H£ RS RH]-HTR£LH£ I HL
,D£84-2-2$D-HVD DQEURG
VH]XHUDGVVVHMXURXRRVH
HSXSH]QHTRHÈ2-O2呸DSHRVRXRDOXRQ0-DXDRD-
H VRX呸UH XR RSRQSRUG HT HQE VH]XH-DGVD VHSHSFUTX£ D
VDHDQX VH£ HRVQSXW D RSHQXQ HZ53$ DS 2^OVDUH I VDSHSDS
RV £H呸£VRSXSH£RH£ ‡
£HXRH1RSHV£HHSXQMRUG
HRPHXQ
£HXRSH--RQRXHVHSDSRMRSRXUXQVRXRSXDMXRGXQ
RXUVTHLWGHR£DSHSD-SDGH HH
DQVRXRQED-!R£SDZSDSQQDS
RXU HVD DSVRUVVMVXVRSPMQVFU 62 H HRSSRHXQ DXDZHR£V呸T
Vā‡QXDVDGD UVVVRRUGHUHGXRSUSHQH£ H
HSRV£TH£ HW"-DGH
DQEW"$DQXXSHDHXQVāR1āR]HRTZTSSVRXURLDVRD£T
VRU XDHSH$-DVXRR RSHVHG 
SH]DU\ HSHXUXUHLXRRXW H£ FSVRS
R
HX£SXHH]HUQGDLVFQGQV HXQHSVHSH8-DS2:-8O"
QVQHXDZ
DSXUX
QV£VDGSXH DQXVRG HXQ RS HH DV ž1 āRSWPR
S XR LDÈG R[VQX XQ UHXSRR HUDG VRXPVXW XRUDRUXHMG
X1ZH XRUHXRXVDQR VRX
DVLQDLSH RSRQG RZR-
HSXDXDG[DHWGRUG QVDSHXTRV
I HPLXDVHS$ O"-
2:6-O"O82:2- £D HS$ DS :-2- RXURR 82-
D£VQGRāSHSQ1£VXDVX£H ISHSSI!-8 "
D]HXRXUHHU
DUTXPS
XLDRXW H£
XSHXDQH H VRVUD[UFGVRSHLMQVDU VQV X2-HRSS-
RXUVUXPVXRR D I -W"3$,38 HSXDDGZRR O"-
RSHRURXU £D XR
QSHVHTSHSDSRVHXQ VSO"3RSRSRZDXRUHXRXVHUUMD
 +80$1,602$1',12 /$ 327(L呸&,$/O'$'$&78$/'(/

PHUD\DQDHQODDPSXWDFLyQGHQXHVWUDVIXHU]DV(O GHVDUUROOR
GH- FHQWURQRVOOHJDFXULRVDPHQWHFRUQRFULVLV
/D FUtWLFD GHO OHYDQWDPLHQWR FRQWLHQH HQ Vt PLVPR ORV
HOHPHQWRV JHUPLQDOHV GHXQQXHYRSUR\HFWR PiV DFRUGHFRQ
QXHVWUDDFWXDO SHUFHSFLyQGHORVSUREOHPDV HFXDWRULDQRV3UR
SRQHQXQDUHDOL]DFLyQPiVSOHQD\DUPRQLRVDGHODVVRFLHGDGHV
TXH FRPSDUWLPRV HVWH SHGD]R GH VXHOR ,QWHJUDQ GH PDQHUD
WRWDOL]DGRUDXQDVHULHGHXWRStDVFRQWHPSRUiQHDVGHVDUUROOD
GDV HQGLYHUVRVHVSDFLRV
8123ODQWHDQXQDUHYDORUL]DFLyQUDGLFDOGHODGLYHUVLGDG
FXOWXUDO 5HYDORUL]DFLyQ SURIXQGDGH ORV SXHEORV DERUtJHQHV
TXH QRQRV FRQGLFLRQHD XQD DGVFULSFLyQ DRFFLGHQWH SHUPL
WLHQGRODSDUWLFLSDFLyQGHGLYHUVRVSXHEORVSRUWDGRUHVGHRWUDV
UDFLRQDOLGDGHVH[SHULHQFLDV\FXOWXUDVYDOHGHFLU XQDDFWLWXG
GHFUtWLFDLPSODFDEOHDOQHRFRORQLDOLVPRLQWHUQRSDUDIXQGDUVH
HQODGLYHUVLGDGGHPRFUiWLFD
'26 &XHVWLRQDIURQWDOPHQWHODQRFLyQGH(VWDGRV 1D
FLRQDOHV HVSHFLDOPHQWHGHDTXHOORVIRUPDGRV HQHO iUHDDQ
GLQD UHFXSHUD ORV OD]RV FRPXQHV GHQXHVWUD KLVWRULD GH HVD
FRQVWHODFLyQGHSURFHVRV TXHWXYLHURQOXJDUHQ HVWRV WHUULWR
ULRV3ODQWHDGHHVWDPDQHUDVXSHUDUORVFRQIOLFWRVWHUULWRULDOHV
TXHDFWXDOPHQWHQRVVHSDUDQ\FUHDODVFRQGLFLRQHVSDUDSHQVDU
PiVDOOiGHODVDWDGXUDVGHORV(VWDGRV1DFLRQDOHVYHUGDGHUR
OtPLWHGHODVUHYROXFLRQHVGHHVWHVLJOR
75(6 5HFXSHUDGHPDQHUD QRYHGRVDODOXFKDFRQWUDHO
LPSHULDOLVPR\WRGDIRUPDGHFRORQLDOLVPRH[WHUQR(VWHWHPD
TXHKDVLGR PX\ FDURDODWUDGLFLyQGHL]TXLHUGD\ DXQDVHULH
GHFRUULHQWHV QDFLRQDOLVWDVHV DVXPLGRGHVGHXQDQXHYDSHUV
SHFWLYD QRVyORFRPRXQDFRQWUDGLFFLyQLPSHULRODWLQRDPpUL
FD VLQR WDPELpQ FRPR XQD FRQWUDGLFFLyQ HQWUH ODV QDFLRQHV
RSULPLGDV GHUDt]QRRFFLGHQWDOFRQWUDODV IRUPDVGHFRORQLD
OLVPRH[WHUQDVHLQWHUQDVUDGLFDOL]DQGRHVDRSRVLFLyQDOOOHYDU
ODGHO WHUUHQRSXUDPHQWHHFRQyPLFRDO FXOWXUDO


 OW
RQVRGRUG-O"O%-O82-XDQGVXRF
SHSDSRVW"I GRS"XR! VD
UFSRGDDQEH XD
53$ RS5-W"O8IO:2- HZ-2- 8I X RLXXVUS D£
XRXTDQDXUDWS
RSQ6DRPRRSHSDSRVW",DSRSDUHGDVURSRG
XQ DS PDXQ£P HUGRUG H È DX"呸 RS
V!HXRIX
V-8O

VH£VVW"S VDXRR 62
@ āRVH- VR RLVRQGQV H RRXTRG HXUDLVUV
QVDSÈ RSHVMDSVDXRSPQVXUVHGVHSDLXRVRUGFUVLXRXUDS
DQRDSHURVXDSDQGVDSHSRWRRVVHUVDDQEDXRGQV ':6+%OGH
SS 5SD-SDG H RS 5SH!RPDS H
 VRPRXR£ ÈRT RQE UHZ-
HSHRZS5- RSHLXXVWSXRRRQQVXFRHXQXD8IGāVV

SHSUXVXPT
 RSVDXRGHVRU DXDZHSS RLXFQXQVV VHXDSDG[D VHU UH]
QUDURGXUHLXRR È -5=+W"6-D$82 RGXUDQ2:6: -( È
XSW"D! RS
RVRRRUGÈ-2O-2 2:2-2838%2-=-I$`- H]DUHPWW"8HMTRS
HSRLXD:$2: XQHVQDāHO--! XSHGRG
% DXQRSVD£TSGD
VQV HSXD£ H£ RS VRXDZDD VR£ VRSRU XRR RSHSXHLRG
VRSXV
VR£SR[QRQSRUGRRUHVRXU SSHXD-3H£XD
HUSX£
%-DX
%Z
%

% RX£S K RXSXDVW"3$ HSRMQVH ,XD

RSHVXGRXUVXHLUXUXXRR
£RXHHSHVHTDLVRQGRUGHXQHVRS
H£呸R£RRRQVXRRRSH£
W"-THT DXWSXH X£H]-呸- H HQE X!HGHSH HSXQMRUG
%- RS
XVUDGQRDUVQEVDXQUDXRGRUGHUDG
VHXRUVQRVWS6W":-O>, VHU
RSHRUHXU XDTDQE 
%OW"O6DXSXD$-DX XRRR RSH!DZ DTQ
HS
HDQ HSH ?XDSH W"WW"O VHZ£SHHGVR£ HS\QHV\Z

HS$ DS È RMMRQHVHS DS2IO62 R[VQXXQHD£XH£

2-1,!
āVHSS VRX
RSMVRGVQVDRS HURSDRFQEXXD DUXDXUHUXQXU X£VQV£SDXQK
RQXDQRXDXQ
DTVRGVDRSDSXRRXURR
DVHSDMUSRGRQEXQH

DX呸 HS K RVHSRSVHSXD-D-3VH DQXRR VHSHQR--HVDS-,,"

VHRXMUF VHU HGZ£ FS386 SXR DLXRSSRR " 682-682
UHT RRRGXQQ
RQPG RLVR XVHWSXW VDQXMQR VHWGRUG VHU G
VDSDMMRUUHVDS HMUHPPXURR HS£$ RS £HSDVSW"S£H呸£ SVHSD呸
RPR VHUGRUGVH£DSVDSVHSX呸8-3 VHLVD
% O"--O--- H£ -DIDH

VVMGRPVDVR --8,7,6H RS MHRUSDU HHDQXHZ-2-HXQVS X呸£TZW"£

DUDQLVāVLX†RS VRVHSVSVHSXDD-3VH£ UDSPETXDRVQT
FQEVHMGRLQVDSXH呸VH£DSVRXRGHVR£HZRā-9IO!
2UO-O>,£? Z D2>,
 +80$1-602$1',12 /$ 327(1&O$/,'$'$&78$/'(/

/RV LQGLRV DVXPHQ UDGLFDOPHQWH OD QHFHVLGDG GH GHVPRQWDU

HVWHWLSRGH(VWDGR SLUDFUHDUXQDQXHYDIRUPDRUJDQL]DWLYD
OODPDGDWUDQVLWRULDPHQWH(VWDGR SOXULQDFLRQDOTXHVHFRQV
WLWX\DDOVHUHOLPLQDGRVHVWRVFRUWHVGHODVRFLHGDG
6HJXUDPHQWH ODIRUPD(VWDGR DVtIXHVH SOXULQDFLRQDO
FRQTXHKR\VHGHVLJQDDOQXHYRSUR\HFWRQRHVODPiVDGHFXD
GDSRUTXHHQHOIRQGRVHWUDWDGHXQSURFHVRGHUHFRQRFLPLHQ
WR GH IRUPDV GH RUJDQL]DFLyQ VRFLHWDOHV PX\
GHVLQVWLWXFLRQDOL]DGDV GH IRUPDV DXWyQRPDV \ DXWRJHVWLRQD
ULDVGHGLUHFFLyQSROtWLFD\HFRQyPLFD(VWDVIRUPDVDXWyQRPDV
GHRUJDQL]DFLyQVRFLHWDO QRGHEHQHQWHQGHUVHFRPR DXWRQR
PtDV pWQLFDVVHSDUDWLVWDVHOORHFKDUtDSRUODERUGDODSRVLELOL
GDG GH XQ FDPELR JOREDO DSHQDV FRQVWUXLUtDPRV JUDQGHV
JKHWWRVGHLQGLRVGHQWURGHOSDtV WLSRUHVHUYDFLRQHVJULQJDV R
HQ HO PHMRUGH ORV FDVRV XQ SXxDGRGHQDFLRQHV IHGHUDGDV
GHQWURGHXQ(VWDGR WRGDVLQYLDEOHV UHSURGXFLHQGR ORV PLV
PRV PDOHV TXHFULWLFDPRV 3RUIRUPDVDXWyQRPDV VRFLHWDOHV
QRV UHIHULPRV D HVIXHU]RV SOXULFXOWXUDOHV GH ODV VRFLHGDGHV
SDUDFUHDUHQSLHGHLJXDOGDG\ FRQSHQVDPLHQWRSOXULFXOWXUDO
XQDVRFLHGDGGHVGHDEDMR

O(6326,%/( /$&2081,&$&,21 (175( ',9(56$6

62&,('$'(6"
+D\ P~OWLSOHV GHPDQGDV pWQLFDV HQ WRGR HO PXQGR 6L
WRGDV HOODV VH UHVROYLHVHQ HQ OD FUHDFLyQ GH QXHYRV (VWDGRV
1DFLRQDOHV QRSDVDUtDPD\RUFRVDGHVGHHO SXQWR GHYLVWDGH
OD FUHDFLyQ GH QXHYDV XWRStDV SDUD UHVROYHU ORV SUREOHPDV
DFWXDOHV 4XL]iV ORV FDPELRV JHRSROtWLFRV TXH HOODV VXSRQ
GUtDQ VyOR LQWURGXFLUtDQ PD\RUHV FRQIOLFWRV HQWUH (VWDGRV \
PD\RULQYLDELOLGDGGHPXFKRVGHHOORVFRPRSXHGHGHULYDUVH
GHODDFWXDOH[SHULHQFLDHQOD(XURSDGHO(VWH6LHQHO(FXDGRU
ODGHPDQGDpWQLFDFUHDUDGLH]XRQFHGLYHUVRVSHTXHxRV (VWD
GRV1DFLRQDOHVFXHVWLyQKDUWRLPSHQVDEOHVyORDXPHQWDUtDOD
GHVYHQWDMDGHFDGDXQRGHHOORV ,QFOXVLYH VL HO SUREOHPD VH


 2=¼
DXQ DUDG V$SHVQQ UHV XDSRQG DQE VDXURL RRXS UHURMG[D
VRXUHRVDS
RDS,9āVDSHSDSRVVHLVRDQXDXSH!XQZRRDXQ
FS SHSTWTHZH£ GVRXUHLXQxDUGD£H$
D£T£VRGVHR££D6
āH呸QGRGQVRSHD SDSWUHWRXDtRG
H RSXDTRDHRUGH
SHSDSRVH VSRLXQtXRR UH %:呸3%XGQV

-DÈ2-GQV8%=
>%6--$IO,,O
VRXUVQX-6 DUDGO"O6I8,8OLO% RSDÈ2-G
XQ WUD UHVXFG DQE V\P
HXDJ-38 RSHM ,G 6 È
R!I
RDS
2-%-HGH QV DS VRPVQX VRLXRUXQF V H$DQZD RQE HSXQMRUG
H!O-O-2WQH DXQ SHSDSRV H DS R]QVDPRRXDLT URLRFV S XR
HSUXDV6 VDXRSUSXRRVRSRIHTG>462G\DVRQ
"-GRQQ$DQX
HXQHS
RDÈGFDDQXXQHSVHSHSTWTUVRGVHUVRMTVQGVRUVHHS
VDHDSRV6W"-2D-DG[DVH£ XDUDQXRRXF
RVD RQE VHXU È
VX
XHVVHUVDSR DSXSH]SRH$D DXQ
VDPXQR DQXR%-O+,%呸
D O03O" XSH!I82:22 DXQ HS 6O":-2- VH UQTQRVFS
>W"OIOO^2--
UTGRLXDUFUHVXHGXQ HD VRXUHTHS
VH!8O"6%-8RXRQHHI-
È VRXRLXUHLUVUHGHVHUHGHQZ-HXQ--O82-8GDQE VH\£
āH£X££V3SHS££HSXD£RG
DXQD£RSX呸S££XRR
VDVMDGVRHS£HD£XD-D-3RL[DLXRR I RL[FL
QV G HDV
RXDXRUHQRF !I8O" HXURMTRUG IG QE 8G!%T
VHS
DSDSRV6%6-G$3VH£ SR£PXR ÈXSHQSUQHV
XQQXQXRR

O6>
VR]QVVXLÈ 623OOG-O8DVRLXHQXHXRGXLRFÈ VDXRSGHRXRR
VH XD
62-I8OVRVH62-
RXRQQHLSXDHV
HUQSHXRDXQ
-%--%: DLTVRGVRX DQE
VHVD >%/H]XVDXU SHSFSRV % XRR
VHSHRXTXQFLXDXLDSXQMRUG 呸SHSOHXRSHXXRV
V呸ZSH RURG

DSVD 2ISVDH RXURR VRTRDURSXDXDQDQE VDSQXSGFVRS

DSTDXRSDXRSHSXHXLDSH VD
RSDSXāHXRSHXRLXQtXRR H
X呸DO8 DUDGDLXDLRGÈH$3HH
HDXHURGXUDLXRRVRHLVRQGRUG
QV RQEURGRPRR
=-
H-HGR-GDQVRQX O8
,:OO"8-XRVXVMQXQRM
H VDXRPEFQEURGXH PXXVWSXRRHLRXXRRHXQDXHQ
%-I8O-
HSXXZDS H DQE呸
-2SHQ!SSRVRSR[RXGOXDZHD &<@
VHWSXUVRSHSDSRVVH£ HUHG
XQHURVGR,H-,8-6RSVQQVDUXQVRZHSH呸
-2SHQ!-XDVHS
DUHSHMVHXURXRPHVXR呸ID RRXRRS XFSHDUR HU XDDVDSTRVDU
2=-@£? YFZHXFUHR
 ,,80$1,602$1',12 /$3,7,7,1&O$/,'$'$&78$/'(/

GLVFXVLyQGHHVWDQDWXUDOH]D ODVGLIHUHQFLDV\HQFXHQWURVVREUH
ODV FRQFHSFLRQHV GHO WLHPSR\ HO HVSDFLR HO HQFXHQWUR HQWUH
XQD DJULFXOWXUD GLVLGHQWH\ FUtWLFDGH ODUHYROXFLyQYHUGH HQ
RFFLGHQWHFRQ OD DJULFXOWXUDDQGLQD ODVSRVLELOLGDGHV GH XQD
FUtWLFDFRQMXQWDDODGHVLJXDOGDGVRFLDOXQDGLVFXVLyQFRPSD
UDWLYD GH ODV IRUPDVGH OD OLEHUDFLyQGHO VXEFRQVFLHQWH\ ORV
HQFXHQWURVSRVLEOHVHQODVFRQFHSFLRQHVVREUHODVDOXGKXPD
QD$WUDYpVGHHVWRVWHPDVHVSHUDPRVPRVWUDUTXHQRVyORHV
SRVLEOHODFRPXQLFDFLyQVLQRWDPELpQHO HQULTXHFLPLHQWRPX
WXR 6H HYLGHQFLDUiODSRWHQFLDOLGDG GHO SHQVDPLHQWR DQGLQR
SDUDDSRUWDUGHPDQHUDQRYHGRVDDODVSUHRFXSDFLRQHVDFWXD
OHV GH OD VRFLHGDG PHVWL]D R GH FyPR HO KXPDQLVPR DQGLQR
SXHGH UHDOLPHQWDPRVFRPRSDUDGLJPDVRFLHWDO

(/7,(032< (/(63$&,2 /$ 5(9$/25,=$&,21

'(/3(16$0,(17275$',&,21$/
(XJHQLR (VSHMR KDEtD GLFKR HQ 9RWR GH XQ 0LQLVWUR
7RJDGRTXHHOSULQFLSDO REVWiFXORSDUDQXHVWURSURJUHVRHUD
ODGLYHUVLGDGGHVRFLHGDGHVH[LVWHQWHVHQHOSDtV6LQGXGDHUD
XQFDUR KLMR GHO LOXPLQLVPRRFFLGHQWDO VL HO GHVDUUROORGHODV
FLHQFLDVGHOVLJOR;,;H[LJtDQXQWLHPSR\XQHVSDFLRKRPRJp
QHR\ DEVWUDFWRHQHOTXHSRGtDQSUREDUVHODV WHRUtDV PXWDWLV
PXWDQGL HQ ODVRFLHGDG GH ILQHV GHO VLJOR ;; VHSUHFLVDXQ
KRPXV HFRQyPLFXV KRPRJpQHR TXH DFHSWH ORV YDORUHV GHOD
FRPSHWHQFLDLQGLYLGXDO HO PHUFDGR ODGLVFLSOLQDGHO WUDEDMR
ODOyJLFDDQDOtWLFD\ ODGHPRFUDFLDRFFLGHQWDO FRPRORVQXHYRV
PRGHORV GHO SHQVDPLHQWR VHFXODUL]DGR FDSLWDOLVWD (O PXQGR
LQGLR EDVDGRHQODGLYHUVLGDGHFROyJLFD HQODGLPHQVLyQFRQ
FUHWD\GLYHUVDGHOWLHPSR\GHO HVSDFLRHQODOyJLFDVLVWpPLFD
EDOtVWLFD \ JOREDOL]DGRUD HQ OD IXHU]D FRPXQLWDULD \ HQ OD
H[SOLFDFLyQPtWLFDGHPXFKRVSURFHVRV UHVXOWDEDREYLDPHQWH
XQFXHUSRH[WUDxRSDUDHOSUR\HFWRGHVRFLHGDGLGHDGRSRUORV
FDSLWDOLVWDV FULROORVWDQWRD\HUFRPRKR\


 ]D
2-QR

RUXRVHXHXL
82,0,1 呸SR\ LQV 8呸-O0
O3:OO-6 ,
VRRXRLXD RSDDR(W£ DV
VHSRLRX RUVGVHVRR VDQUHQD VHXQURS
XDUGXURR DPXUDGVXH H- SHSTHDU W"- DSWQXDQUHSRS
SHSSDGHRXRRDXDSJQVR£QHURTHVRSHZ HXQVDRXXR]HUHU
RQEWXDSVXR! DVÈ2+ SHSQQHSRXUH£ RSVR[XDtTRVRUHRVR£RS
RXQ236HMTHTFQE
SHSDSRVHRSPVDS£DXDSRQEVDÈDI
VHU UVRVQTDS XSW"DTH" RLDMGXURFGRXRSXHTHDV VDUHSRV
VHSXDSVH XD
VHSH[D VHSHURSUVXRR
VDSDPUDX VDSXDSVHU XD
VW"SHUPSRR DLXDXUDLXDSXG 呸ID VH£ HSQS XD XRPQXH 6

6"$£WH£D VHSUXLXVPX
XRV SQJXR£ H È W"VHZ %I
RGXLDX āVH- VH$DQX UHSXHUGXUH
HPG
RGXUVQXQXDPSDQEVDTHVDVHXXRMHS XFSHUPRQQVH
%
H]H,3 H]XVS%VR$O83 XHMGX呸X£XOO6 VHXRSDXXRM
X XDXRGVXDQDQEVH!O<J-DXD 6
D-GVD LH £V VQE
D:--
HSVX ÈH RX HQE HS RTRVT D DXDZHX- DQXHQRXD
:O<
DH£SV UH X£DVXāXSHQVDQEHURHVD£TH-GH VHLXDX
HXUXWVDÈ- -8
R£ITRÈ RLHWQVDXDD£XHIH XRWRDUDGFVHXQÈHT
RX DQE
-2--D-È HTRUXGH RSR呸DQIRXUDLR -RWQV
£HXRSH-
XHMGXQD呸VRXXSQ-$DH VQE
RSHGVR £DÈ RGXUVX £DSSHS
-$O%--H£ -O62:622,'<32:-OÈ62!S!\£DVRXFXURXVMVRU
DSRWSPVDSD£V\[DRXXR0D1X£JHZ£ DQERLRDQVTD RDX\呸
RZRT RSHGVRDQERSDQVRXUFSXHX DXDSS!RXDVH!PXDS
VDXRSH呸O6D$8 VH£ RQE
X]H- XRR HHYDV OS£ZT!6 ā0
āHI
HXD$VDSDXQRQEVRLXHRLQTXLDXQ
HURSVRHQEXXR
DLTHDV
RSVD SHSVD$3 O"- DQERSXHQVRXU
VRXRRUSXRR DS SHS-H呸
XD VDSHSTHXRRDU VDGO-O: RS DURSRRRQEXXD XRSHRQPXURR
HU D£T£VRG VH
XHPUHURGXUDLXRR 2 RQE
RUTXUDFUDQQ D XFWRHF
£XQZR DS VDLXDQG RSH]HQHT RWSXLRLXRUXUHVXDG £D
 RS
È
RSHGVDSSÈ RGXUDD>DSSHSDXDLRZRTH£RS 62---O8DS62O
VDQGQVV VUVXRXDRSDQXDXHTFLXDSSRRXRVRGXURXVRUVRXR
RSHUDGR XDTDVVDXHW:2-82-VRVRRRUGVRS
RxUHTXUD6
O
!

 呸 Ƒ

? Q
 +80$1,602$1',12ā /$ 327(1&,$,M'$'$&7,-$/'(/

XQD QXHYD DSUR[LPDFLyQ GHQRPLQDGD 5DFLRQDOLGDG FUtWLFD

TXH QR WLHQH FRPR REMHWLYR FRQRFHU \ FRGLILFDU HQ OH\HV OD
WRWDOLGDG VLQRDSUR[LPDUVHGHPDQHUDFUtWLFDDGHWHUPLQDGRV
DVSHFWRV HQWUHHOORV ORVFRPSRUWDPLHQWRV FXOWXUDOHV\SROtWL
FRVVRQORVPiVGLItFLOHVGHDSUHKHQGHU
'H HVWD IRUPD HO FLHQWtILFR\ ORV GHQWLVWDV RFFLGHQWDOHV
FUtWLFRV SRUKR\GLVLGHQWHV\VLOHQFLDGRVSRUODFLHQFLDRILFLDO
HVWiQPiVFHUFDGHOSHQVDPLHQWRWUDGLFLRQDOSXHGHQHQWHQGHU
PHMRUDXQVKDPiQDQGLQRSRUHMHPSORTXHSXGLHURQKDFHUOR
HQHOSDVDGRORVFLHQWtILFRVGHO VLJOR ;,;REVHVLRQDGRVSRUOD
HODERUDFLyQGH OH\HV HWHUQDVH LQPXWDEOHV \ DGRUDGRUHV GHOD
GLRVDUD]yQ

/$$*5,&8/785$ $/7(51$7,9$6 3$5$81$

352'8&&,216267(1,%/(

/D UHYROXFLyQYHUGHVRVWHQtD KDFHXQRV DxRV TXH ODV

SODQWDVVHQXWUtDQGLUHFWDPHQWHGHROLJRHOHPHQWRVPLQHUDOHV
HQWUH ORV SULQFLSDOHVHO SRWDVLRHO QLWUyJHQR\ HO IyVIRUR 'H
GLFDURQVHYHURVHVIXHU]RV D OD SURGXFFLyQ GHHVWRV QXWULHQWHV
HQ IRUPDVROXEOH SDUD XQD UiSLGD DEVRUFLyQ SRU ODV SODQWDV
ORJUDQGRHQSULQFLSLRUHVXOWDGRV HVSHFWDFXODUHV TXHDSDUHQ
WHPHQWH FRQILUPDEDQ WDOHV WHVLV 3RFRV DxRV PiV WDUGH OD
FUHFLHQWHSURGXFWLYLGDGOOHJyDVXWHFKR\HPSH]DURQORVUHQ
GLPLHQWRV GHFUHFLHQWHVD]RWDGRVSRUXQDLQWHUPLQDEOH\ SUR
JUHVLYDFDQWLGDG GH SODJDV 7DO HO GHFUHFLPLHQWR TXHKR\ HQ
GtDKD\XQYHUGDGHURGHUURFKHGHHQHUJtDVJDVWDGDVYHUVXVODV
REWHQLGDVO4XpKDEtDSDVDGR"
/D FRQFHSFLyQ GH OD FRPSOHMD UHODFLyQ VXHORSODQWD HUD
LQDGHFXDGD/RVQXWULHQWHVPLQHUDOHVVROXEOHVQRDSRUWDEDQDO
PDQWHQLPLHQWR\GHVDUUROORGHXQDGHOLFDGD\ FRPSOHMDYLGDGH
PLOORQHV GH PLFURRUJDQLVPRV TXH JDUDQWL]DEDQOD IHUWLLGDG
GHOVXHOR(VWRVQXWULHQWHVPLQHUDOHVPiVODLQPHQVDFDQWLGDG
GH TXtPLFRV XVDGRV SDUD HOLPLQDU ODV FDGDYH]PiV DJUHVLYDV


 W]I
DUHGVR-呸£RRDVRWSQUÈ VRVWGVR6-D$3XDDUTXUFUVH£
RQEVRT
,33%36-G$3 HI呸GZR! H£XHMQXQV DQEVH£R!SHVRXRSVSRVH
6%-‡3RVQ£D£TFSL--Q££Q—‡UFFDTDUDG‡!8T‡]D£W--Q£HX
DWGFUGW"- DS VH!UX!\£ VH:-2- VH UHLGHSH È UHSXRUGXURR HRVQT
XSD£RG È RLRGVDUDS
XSW"SDZDSVDXRSH£D D!D£TH£VD
XDTRS RQE W"- XRR
URXRGQV È %$-L SVSQQH RPRR H]->OOOOOW"X
H£RSXFSGDRWURR ‡ ‡VRSHMQRXZQ\£VDVD£‡Z8 VR£ I 6%£XH£G
VH
W"QDSHL DQEURG
VRVUQRDUVR£ RS XS"$LDV O"- DVUXUDUG
RXURR DXDS
2$!QSRGRVRRRUG-3VDLXFXRGXURR VRVUDVUS V
DXD
£H£R£
URI:<O66 XSHXXXQ ÈW"T
O"XSXHHP£P—H H
‡-HG
6%8-DSRZH!I,,<-2 HQ££Q—‡I 
8TH£ VSVR£ ‡RTR
QXU DVRSX\XDRW"
DSD$ XSQ£$D W"> HSVR£HVXS63 VR-GS
XUUGVSDUHG
H-8R]HXUHH£ È HOODVW",
W"£VRW", XHVD-LHHRQE
VHDXHGHS 2-%62: RIDGPR DVD
HXSLUDW8QO^Q!—H (
@
āRS$XS
Q£R$2-H£DSRZRXHMUQ2$Q-62 R£RSHVHG£RXDVQE
2OO38‡
£Q!SH£RSV\Z\£VR
2!8<-2£QSHRXURSRXUXQ

=
!$DQRSUDGHHG>"-O6QSX-GW"-QOURS%%-HS6p
OI%-O68O"
VRXUDUXQRRXRR VR£ -%:2WD- HTDS DXDZ%VR—Q! ā%]DUHPO%8
‡, DS 6%:2,66 VRIR£GZRVR£ ‡3‡呸R£X V\Z HRQHZ RS S
XDUGQURR%O8p
OO8HQEH!I%£D
%$SW"8-O^O" "!:<8-32T

‡!I,,<6-RHQ££QSH HSDZHQ‡, R£QRSSRXª‡1 āDP££Q

‡-6HFSHZ-P呸HSHQRDSHX£H-LSVXR
WS8LO-2-GH!O--!QW
DXQ
HSH]XH$H RS £H£XDSSRHSXDSH£
]D$ H
MQEV DQE

UQH£VDS HVDDX 621 RLRRGVHU £H O"!-—! XRWRRQSRUG D—DOO-

DXQDO6;D HW? G
VDUHZ RS6G^-OOO UHURXPXDVRDUHSSRD
āVRS\Xp
JVRVPRDU
62^ RSSHSPTH—H$H 82-O"'262-p
, È -"JHSXDW66-%@82-
‡PTRS‡!8<!‡ZHQ££Q呸‡H£ DSFDDQE6%=2-I VDSHSDSH$
VH RSXRSH]XDSXHUVDH VDQXRQXPVSSVHGHRRSXRWVRRQV
DSDXRSURH I VUUX[RLH£
HQXUX£VDH RSHDUHUUHT VHXUQEHXU
VDXXRXD I VHSDVFG呸āH-$HSR£ 6O-: āVR£XDZQH VR£ È ž3P
-3 XRSDXQQPXRR W"- HS X\ZH
RMRQV £H DXDZSXDQRSHUHXU
XDT
DTRGIRSDUTTPERVDSRMSVXUXQXR6%SHQ2-PVRS6%D£G
2=OOOOO-? 848`I2IO'
 +80$1,602$1',12 /$ 327(1&O$/,'$'$&,-$/'(/

GLVSHUVDUORVULHVJRVHOXVRGHVLVWHPDVGHIHUWLOL]DFLyQRUJiQL
FDODFRQVHUYDFLyQGHODGLYHUVLGDG \ODIRUWDOH]DGHOSRWHQFLDO
JHQpWLFRWpFQLFDV GHODERUHRGHO VXHORSDUDLPSHGLUORVFDP
ELRV GHODWH[WXUD\ODGHOLFDGDHVWUXFWXUDGHFDSDV FX\DDOWH
UDFLyQPDWDUtDDOVXHOR 1RHVXQDFDVXDOLGDGTXHORV DQGLQRV
KD\DQDSRUWDGR DO PXQGRFRQODGRPHVWLFDFLyQGHPiVGHXQ
FHQWHQDUGHSODQWDV GHODVTXHKR\VHDOLPHQWDHOPXQGR
6LQHPEDUJRKDFHUDJULFXOWXUDDQGLQDSDUDORV KRPEUHV
GH KR\ HV HQGHUQRQtDGDPHQWHGLItFLO 1RSRUIDOWDGHFRQRFL
PLHQWRVVLQRSRUHPSREUHFLPLHQWR(OSURFHVRGHGRPLQDFLyQ
ORV DUURMy D ODV SHRUHV WLHUUDV D ODV FXDOHV VLQ HPEDUJR ODV
LQFRUSRUDURQ D OD DJULFXOWXUDHQ XQ HVIXHU]R LPSUHVLRQDQWH
$SHQDV GLVSRQHQ GH ULHJR SRFRV DQLPDOHV \ HVFDVDV KHUUD
PLHQWDV ODPD\RUtDDGDSWDGDVGHODDJULFXOWXUDGHRFFLGHQWH
(O SURFHVRGHFULVWDOL]DFLyQ\ GHVDUUROOR GHODFLHQFLDDQGLQD
GLVPLQX\yQRWDEOHPHQWHFRQODFRQTXLVWD 6HGHVWUX\HURQORV
PHFDQLVPRVLQVWLWXFLRQDOHVSDUDVXVLVWHPDWL]DFLyQ6XPDQWH
QLPLHQWR \ GHVDUUROOR HVWi FRQILQDGR DO HVIXHU]R IDPLOLDU \
FRPXQDO /RVKRPEUHVDQGLQRVGHKR\ HQFXHQWUDQXQDGLYHU
VLGDGGHSUREOHPDVIUHQWHDORVFXDOHVEXVFDQDGDSWDUVROXFLR
QHV D YHFHV LQFRPSDWLEOHV LQVSLUDGDV HQ OD UHYROXFLyQYHUGH
TXHHVODFLHQFLDRILFLDO\GRPLQDQWH(VWDSHUPDQHQWHDSHUWXUD
GHODFLHQFLDDQGLQDDOFRQRFLPLHQWRGHODSURGXFFLyQGHRWUDV
FLHQFLDV \ DSRUWH GH RWUDV FXOWXUDV SXHGH VHU RUJDQL]DGD \
GLQDPL]DGD(OORSODQWHDXQHVFODUHFLPLHQWRGHORVSRVWXODGRV
\ SUHPLVDV GH ORV GLVWLQWRV VLVWHPDV GH FRQRFLPLHQWR SDUD
EXVFDUFRPSDWLELOLGDGHV\ PXWXDVSRWHQFLDFLRQHV(O VLVWHPD
DQGLQR HVSHUIHFWDPHQWHFRPSDWLEOHFRQODELyQLFDPRGHUQD
\ ODDJULFXOWXUDRUJiQLFDDFWXDO


 =¼
āG
O
W
RZ呸VJ

2O--67LOOO:
UHSRV-23O-2,6,,!SOO
:!O3XQ7È6XU££
V
,6,,'āVQX
LID\£
O,,,-2-
 
UQTDS È VDRXHRMH
VDXRSHO-I:W"-
VROXDUUQD£XH£G VR£ PVS
MQEVHVDDX VRX 21 VHLVQDXFSXQM R VRXHUXRVUHG  VRXHXVT
D0
VDLVW[UDXUVRMDSRXU VR£ HVRZSDS- 621 VDMDSRV VHSXDS
VHUXRUHXUXURSVDQRSHPTXURRVHVRWPDÈVHXUDLXWVDXRSH]SHZ
DSDSDVDXQXRR
VRRXRHLVRMRSRPVDQ;,;R£6SDSVDD
W"O6I82:2-%MG2WQW"> 82- XSX[D QV82OW"IL",-6
È XFUDXHTWXRR W"I RXUV
82-W3-G[D W"I V RX RQE 638O66
VRMVSRXU XRUHMMRUUHVVS
VHW6-%: VH HVHT VH!£GQ VDXR£VD$
VQV RSVDS

O6I&226 8!3&-, H£
[L[ LV £R XH
RLXHL XR

,,,$;R£LV£RSPLDGHSHS£HU~O623D£HSVRSH!G[RVRRXFHL
VRMHSRXU-IQVHXRUH]XHXURR
HXDSSRRXRSMSDQH£ X
āVRU呸-VR£DSRX£D- UDXD
UDQXR 2--- DUTXURT XQ HUDG HQE
HI呸HDXQ HSRIR ,G DVHG
RQRZHXQRQE ,3<- V\ZVRVH!,<@ XHVHTH£H\RVR£ RXLRR £H£

-RSH£H呸 XHL£RHRSRQZH£‡HTZQ£H£RS<,,‡VHXUHSHUT
PQERHRV DQEHUDG£H82--2 3‡3O呸62SIRS-28-2- āZ
HUH\DVRXURR
DHGQV-2GRPVQUHQVXRā呸XSDIQVXH6-O,"
UDWQR£XDSFQGVRQDDSVRXU~I£HDQEHUFWUHXUDSVRSHtIX
6-O
DUTRVGVHSVRX呸£‡RSR££H[RVRZR+ \UYHSSPXQ£R‡-
XRXRLSRRX2OSRS£‡呸
ž3‡,
R£GZRIR G X\RL £R X
SDS
UQ呸
IVDS,">H!PVQIHHGVHSRRLXRDÈUXVXR VRāVRXSD$
VRURSVRGXLHRVRMURGVRRXV DSO"332-O"I HDVRS8"3-
呸O
RS
HSXD£XDVW"-THTSHSQEDH XQLD-8DGÈ HSSVQIH XDDQRTO"
VRXRPE RGXUDX)呸QEHRSVRVRURSRGÈ VRRXVR£HVH呸VDQ
RRRTRSDSXQXHSHMTDTTH!- TRT2O2-2-Gā‡‡S‡I‡KRS
HXURMTRUGXQVDMHSFVSHS呸PIVDS H HUTRV OO677-62
-
66
6 1,6G6OIOG2O $2,21,2212:
,1,9G:IORRVYQH,V
R]£-O@,,£?84:O`I2@Ot
 +80$1,602$O?
',12 /$327(1&,$/,'$'$&78$/'(/

GDGHVGHFDGDXQRGHHVWRVPDFURPRGHORVQRVLQWHUHVDOODPDU
ODDWHQFLyQVREUHXQVRORKHFKR HQODWUDGLFLyQRFFLGHQWDOHO
DQiOLVLV\ ODFUtWLFDD@DGHVLJXDOGDGVRFLDOHUDXQUHVXOWDGRGH
ODSURGXFFLyQLQWHOHFWXDOGHRFFLGHQWHSRVWHULRUDODUHYROXFLyQ
LQGXVWULDO PRPHQWRHQ HO TXH VHKDEtDQH[DFHUYDGRODV GLIH
UHQFLDV FODVLVWDV \ DO PLVPRWLHPSRKDEtDXQDJUDQPRYLOLGDG
VRFLDOODOXFKDGHFODVHVVHPRVWUDEDFRPRHOYHUGDGHURPRWRU
GH ODKLVWRULD (VWHSURGXFWRLQWHOHFWXDOGHRFFLGHQWH VL ELHQ
WHQtDOHMDQDVUHVRQDQFLDVGHODYLHMDFXOWXUDMXGHDFULVWLDQD GH
ORVPRYLPLHQWRVFDPSHVLQRVHXURSHRV\ TXHKDEtDLQFRUSRUD
GR FDWHJRUtDV PiV OHMDQDV D~Q FRPR OD GH FDVWDV GH RULJHQ
LQG~ HQ OR VXVWDQFLDO HUD XQ UHVXOWDGR GHO GHVDUUROOR GHO
FDSLWDOLVPRHQVXIDVHLQGXVWULDO\ DHVFDODPXQGLDO
(VWH RULJHQ GH ORV PRGHORV WHyULFRV GH DQiOLVLV GH OD
GHVLJXDOGDGVRFLDOOOHYyDUHODFLRQDUVXDQiOLVLV\FUtWLFDFRQHO
PXQGR PRGHUQR HVWDEOHFLHQGR XQD FODUD GLFRWRPtD FRQ OR
WUDGLFLRQDO6HJ~QHVWDYHUVLyQHQHOPXQGRWUDGLFLRQDOFRUQR
HQODV VRFLHGDGHV DQGLQDV ODPRYLOLGDG VRFLDO HV EDMDSRUTXH
ODVMHUDUTXtDVVHEDVDQHQHO QDFLPLHQWR PLHQWUDVHQHOPXQGR
PRGHUQRODVMHUDUTXtDVWHQGUtDQJUDQUHODFLyQFRQODLQLFLDWLYD
LQGLYLGXDO FXHVWLyQTXHOHRWRUJDUtDJUDQGLQDPLVPR$VtPLV
PR ODVVRFLHGDGHVWUDGLFLRQDOHVVHUtDQIUtDV UHDFLDV DO FDP
ELRFRQVHUYDGRUDVFUX]DGDVSRUUHODFLRQHVVRFLDOHV PX\SHU
VRQDOL]DGDVPLHQWUDVODVVRFLHGDGHVPRGHUQDVVHUtDQVRFLHGD
GHV FDOLHQWHV FDPELDQWHV FRQ UHODFLRQHV SHUVRQDOHV DQyQL
PDV TXH IDFLOLWDUtDQ VX GLQDPLD 3RUWDQWR OD PRGHUQL]DFLyQ
DSDUHFtDFRPRXQSURFHVRLQQRYDGRUFUtWLFRPRYLOL]DGRUDWDO
SXQWRTXHHVWHLQFHVDQWHGHVDUUROORGHODVIXHU]DVSURGXFWLYDV
HQJHQGUDUtDHQODVYHUVLRQHVVRFLDOLVWDV ODV FRQGLFLRQHV \ ODV
FODVHVTXHVHSXOWDUtDQODGHVLJXDOGDG

(VWDDSUHFLDFLyQOOHYDUtDD/HQLQDSURSRQHUODLGHDGHOD
LPSRUWDFLyQGHODWHRUtDSDUDHVFODUHFHUDODVPDVDVODERUTXH
FRUUHVSRQGHUtDDORVPLOLWDQWHVHLQWHOHFWXDOHVGHOSDUWLGR3RU
H[WHQVLyQ ODWHRUtDGHOFDPELR\ ODHOLPLQDFLyQGHODGHVLJXDO

呸 
 =W
2-IQ4
/£
R>8R-

H---O6  S,8呸BSX 28O呸,8HR£8£:$2: O H-&OM9HXXRS1B āRSXHXQ

2-6OO>£$ 
WUHV
WUHMQXPDDVDXDPEDSXFRQTXPSDUHMUDLDXURUGXURRDUDG
RVQSX£ D
VDUHUQO DQXF DLXRXHXQRG HURXHXU RS SHSLRRUGSDU
O"I UFLFPRUGXURDHUDGVDUHSRVVRSRURSRXRVDXQRSQXRUUHVDS
XDTVRXUSXDVRMTRQGVR£
<,-( V\Z £H(226 XSHSQL H£ XHIRS
DQE
VDHXRSSWPVHXHXVXR VVXRSGHRXRF 65- RS XSXDD-3 \
RLVQ£RSXQZXQUUXVXR HUHGVRUTXUHR QRQSRUGDSSPXQMR[
O"I2:6:-6 XDDUUFUDXDÈ SHSSRUGRDUDSHDOH! HUHSDSW"G
RXWSXD RSXQZ D XD SHSUHQ S HDS HL
2$OO"OQED RSXQZ
XQXRR HTRV È VRUTXUHRVRMUDSXDLXDDUHGVHSRD"! RXURR -,%

SHSHUQOVDS( UHRXXRÈUHSXDUGPRRHUDGO"-O"O8QZR! %!XDS

DG[DQVXDVHSH"6DS
VHGRGVHSRDHR VDX-£!--26 DXDS
RXUSXDRSXQZDRQEVRZH-38$D-È2IIāRQD£VRX2-DG
āVH-:RXRDVDQVHQXDSHS
!--2GXSRVX RSRGX£RRSHS
HSXQZRSHRUHP £R RXRGXQ
D RQE VRXQX VDDHTZH V H RSLQH HSXD-D-3
D--2SDZ
RSVLWQVHUXQVDXSH]U8-DSRZH VFVMHGVRQVRQXXāVRV-D$3
D£XDZHSHZD-[D XRV XRSH]UXURSRXU H HS VRPXUHR VR£
XO-H
V\Z āHZUXX" È -O"23$3ž W"$OO"--—, D-T+ HU H VDHXRV-DG VHX
22(--VH£HS
3‡3IR£GZRRH£(SHSS@G:6H£RSHRS\ZRQHI
£HDX, VUHXHXUDSXHTHVHGRXVFSDSRSRV6U@ āVRSD VRMRSRXU
V DS VDXUFQEVD VR£ RXU~-I( RSRXU XH H-U~-DV RX
UHXRSSW"-O
RSXQXURXUDSRQU RSXQZ W"-8,2O2-3 H RQE XRUHQVRXUHS VRX
RS"6D$8 VHVFUDXPMT āVHVH- WUDUR VFXRRGFFXFR VDH
ā HXDISPFPVFGXUHFH£ RXURR 
82,SH

 ā ā
 ā ā
SDSFSRV HXQ RS RXUVXRSDHURVXRR S 2-
H—HLLL\HZ-2S呸
HU RS HRRG\ H XD RPVRGXUFR RLXDUXQHRXU XQ RS W"SXDIDZD
DVDRVF HU RS VHVQHR VDHGSX—G VH RS HXQ RQE UDUDSWVXRR H
V"S$
GH$DQRLXFQXHVXDGRWVRR\GZDID-2G
RXHXRUDQRD
RVHR D X āUQXDSSRR RUXRUXUHVXFG SRSVDS HSVXRGXQ ]Q
HXQRXURRHSSXD$
VI(žž33%-OVRSHUDSLVXRR VRSXQZXDSHS
R呸O
>O$XZ
RUHR
 +80$U
O602$1',12 /$ 327(1&,$/,'$'$&78$/'(/

GRQiQGRORVFRQODH[FOXVLyQGHODVUHGHVFRPXQLWDULDVDTXLH
QHV QR SDUWLFLSDQ HQWDOHVSURFHVRV 1RVH RSRQHQD TXHSRU
LQLFLDWLYD LQGLYLGXDO D-JXLHQ SXHGD SURJUHVDU 'H KHFKR HO
PXQGRDQGLQRIXH\VLJXHVLHQGRHVWUDWLILFDGR6HRSRQHQDTXH
DTXHOLQGLYLGXRTXHDFXPXODGHMHGHSHQVDUFRPXQLWDULDPHQWH
\DEDQGRQHORVFRPSURPLVRVGHUHFLSURFLGDG 'HHVWDPDQHUD
HOSURJUHVR\ ODLQLFLDWLYDLQGLYLGXDO VRQSRVLEOHVHQXQPDUFR
GHFRQWUROVRFLDO
(VWDFRQFHSFLyQDQGLQDGHODGHVLJXDOGDG GHODLQLFLDWLYD
LQGLYLGXDO \ GHO FDPELR PXHVWUDQGRVFRVDV SULPHUR TXH HV
SRVLEOHGLDORJDUGHLJXDODLJXDOHQWUHODWUDGLFLyQFUtWLFDGHOD
GHVLJXDOGDG HQ RFFLGHQWH FRQ OD WUDGLFLyQ FUtWLFD GH OD GHVL
JXDOGDG HQ HO PXQGR DQGLQR \ VHJXQGR TXH HV SRVLEOH XQ
HQULTXHFLPLHQWR PXWXR VREUH WRGR DSUHQGHU GH OD FXOWXUD
DQGLQDODVDELDFRPELQDFLyQHQWUHLQLFLDWLYDLQGLYLGXDO \ FRQ
WUROVRFLDORMRQRGHVGHHO(VWDGRFRPRSODQWHDQORVVRFLDOLV
PRVUHDOHVVLQRGHVGHODVRFLHGDGWDOFRPRORVRxDUD0DU[HQ
ODVRFLHGDGFRPXQLVWD

/$B/,%(5$&,21 '(/68%&216&,(17( /$

5(/$&,21 ,1',9,'82&2/(&7,9,'$'
8QD GH ODV GLPHQVLRQHV GH ODV JUDQGHV ILHVWDV ULWXDOHV
DQGLQDV HV OD GH OLEHUDU DUPRQLRVDPHQWH HO VXEFRQVFLHQWH
WDQWRHOLQGLYLGXDOFRPRHO FROHFWLYR

/DVILHVWDVDQGLQDVFRPRHQ2WDYDORSRUHMHPSOR WLHQHQ
JHQHUDOPHQWHFXDWURPRPHQWRV HQHO SULPHUR ORVLQGLYLGXRV
VHPRYLOL]DQSDUDORJUDUODSDUWLFLSDFLyQGHWRGDODFRPXQLGDG
/RKDFHQDWUDYpVGHSUHSDUDWLYRVULWXDOHVFRPRHOEDxRFROHF
WLYRHQ3RJ\RV\YHUWLHQWHVVDJUDGDV DODVTXHVHGHVSOD]DQHQ
PHGLRGHP~VLFD\ HOMROJRULRSRSXODU $OPLVPRWLHPSRHVWD
IDVHSUHSDUDODVHJXQGD FDGDSDUWLFLSDQWHDOLVWDORV GLVIUDFHV
TXH XVDUi \ ODV EHELGDV \ FRPLGDV FRQ ODV TXH DSRUWDUi DO
FRQMXQWRGHODFRPXQLGDG


 2((

W"X呸£HXSHVQ-H--TSD FSRSXXRV£DXR
I%-2: PEPSQTR
£D \SXD RX UHXFGVFS QV āHZHZW"T!HG %I XRR RPUDQRWUFDU
RS 27-G26 RSXQMRUG XQ 8G RVUUXPV XVSDQG
VRSHiHXTXUD È
VRSDLVTTVDLXHGHQUHG62
@ āHPSDQDQXUHVHDQEDVH-HLUDQF
H " HVHG DV
RQDQXU X呸H DQUDXTHUXXDHD I D
DX"V
VRSXRT
DT%T XDSFQG RVQSXW DQE SXD
RQVRGRUG DVD RS"
D&<@
āRQDDUDGRSDUHGRUG LSRD£RR D£XDLT
XUHXQXDH62O-2:-HHUHXHXUHSDLXVSVXFFTQV £DSVHXUDMTRUG
VR£D$RVD ISHS77W"ž3$3H--$$DSD-OGRFVUXQDG2$-3D-2!
QXD£TPH XQ HS RLSDXU XR ā£D
DQH! HU XD UQQURS
VDSP£S
6>O"O% 6O"^ 8G HSHTR£ :-HDDG
--G-
-%II%4
HS
6
UDURS
RSDQG
£DS VJ āR$O-G2- DSHSXHXPGHU(O UXMQV DTHS 2IS
GRQEOO6
DXD!VXRTQV£DRSRZQVHUHDTQ DSRQG I SHSU£
HQS£$38 QVH-DGQRD-HXRVUHGDSHR
VDXRSUSXRR6%O6DXJ
%-
DO8DSHSUXQXURR% -2G6%S%:OD VDS%3$O2%65O%$UD]Q呸D-
XRSDQGDVRQE£DXDSHS$6:-DGHS%:,žXQ%D-RSHSUXQXURR
H£ HSD£ ‡3 ‡‡X呸呸RZR È %$32£R XRSHGSQUDG H£ VR£RRR
VRS XH-R£ VRUHXQXLRR VR -QEYāVH-S62-%$ UHUQS RSDQG HS
HXR£R-GDVH-DXQVRHVāVDXHGSXHGV VRSRUDUDGVRDX呸
RZRTRGXUDQXQ I RSHGVDXQ-H- HUHGVHD--O;- I 6(8-DO8
VDXRSHTPXFG 6W"- UHMQXH RSXRXDQE RXURR
H SI HRUVPX
H£
VV]XDSVH -SDGD-HSH]]DOO-HHSH- VDDVH-D!D 
@
MHUXX DRSRLRSH]XRUHVDS(TDVI H-RQWDZ
XD žž338 IW" RSHXQXTD HT DV
2$-2D XQ DS VRSHSXFURM
‡3 VRLRWQVXRVVRSR£
RXQXRVVRSRU
RJSDGVDRQUHGSQUHG
XQHUDRRXRFDUDMTWVRGXQVHRVDDVH- O"-6DXRGXUFXSRSRL
R$SRH -W"-8O"呸W" -2G RSXRXWGXURR
RSXDVXHR S RS8%-%6GS

VW"££DDSDXQDSHRXRRSXRQXRR È RSXRUTDT
RSXHMUHT
6W"II:%-
VH£ VHSRLHFSXHxOFQQ
HVHRHSHR%:88%8--8%: DSXDXRRDU
DQE V-DX-2G6233呸3 VDXSH]XHSRS VRGPRSHZ-2-82!
XHT
VDSMTDT I VHSQXRR VH RS D-HGRSXUDGXURR XDT
]R$ RS
RSVWTXUHRXHT
VD!H--63VQVRSHRR£RRXDTDVVHXRVURG6%-
%G%WL
HVD  āRSHRXD---3ž $SRD UHV XQ QXPVH HHG SHST
HQS$3žH DSHSS\G% DSDVH
RQUFPRWQRSXQxRV
 +80$1,602$1',12 /$327(1&,$/,'$'$FQ-$/'(/

UHPRUGLPLHQWRLQGLYLGXDOODFRPXQLGDGHQWHUDKDROYLGDGROR
TXHFDGDFXDOKL]RDSUHVWiQGRVHDFRQWLQXDUODYLGDGLDULDGH
ODFRPXQLGDGFRQLQGLYLGXRVTXHKDQGHVFDUJDGRVXVIUXVWUD
FLRQHVRGLRVLGDGHV\GHPiVSUREOHPDVHQHVWHULWXDO
$ GLIHUHQFLD GHO PXQGR FRPXQLWDULR DQGLQR HO PXQGR
PHVWL]R DFXPXOD IUXVWUDFLRQHV VLQ WHQHU RSRUWXQLGDGHV GH
OLEHUDUHOVXEFRQVFLHQWHHQXQDPELHQWHGHSHUPLVLYLGDG2U
GLQDULDPHQWH ODV ILHVWDV \ ERUUDFKHUDV UHDOL]DQ GH PDQHUD
LQFRPSOHWD DOJXQRV GH ORV SDVRV DTXtGHVFULWRV (O SULQFLSDO
SUREOHPDVXHOHUHODFLRQDUVHFRQODLPSRVLELOLGDGGHORJUDUXQ
DPELHQWH FRPXQLWDULR IHVWLYR GH SHUPLVLYLGDG HQ HO TXH HO
LQGLYLGXRSXHGDOLEHUDUHOVXEFRQVFLHQWH7UDVDSDUHQWHVDFWRV
FRPXQLWDULRV VLHPSUH DSDUHFH XQ GHGR DFXVDGRUFRQWUD ORV
OODPDGRV H[FHVRV QLVH ORJUDFRQVWUXLUXQVXMHWR FROHFWLYR QL
HOLQGLYLGXRORJUDUHHQFRQWUDUVH 6XFKXFKDTXLHVWHQHEURVR\
OOHQR GHVREUHVDOWRV UHPRUGLPLHQWRV TXH OH FRQGXFHQ D XQD
PD\RUVROHGDGHLQFOXVRDO VXLFLGLR

(VWR QRV PXHVWUDTXHODVSRVLELOLGDGHV GH OD UHDOL]DFLyQ

PiVSOHQDGHO LQGLYLGXRSXHGHORJUDUVHHQDPELHQWHV FROHFWL
YRV HQ XQD YLGD FRPXQLWDULD 7DO OD IXHU]D GHO SDUDGLJPD
DQGLQRTXHPiVDOOiGHXQGLVFXUVRSXUDPHQWHHFRQRPLFLVWD
SXHGH D\XGDUQRV D XQ DUPRQLRVR UHHQFXHQWUR FRQ QXHVWUDV
SURSLDVLQGLYLGXDOLGDGHV

/$6$/8' /$,17(5&2081,&$&,21 (175( /$

0(',&,1$$1',1$ <2&&,'(17$/

/D HQIHUPHGDG GHO FyOHUD D]RWy FRQ IXHU]D D ORV SDtVHV

DQGLQRVGHO 3HU~\HO (FXDGRUHQ(OODVHFRQYLUWLyHQXQ
WHUPyPHWURSDUDPHGLUODVSpVLPDVFRQGLFLRQHVGHVDOXEULGDG
\ SREUH]DGHODPD\RUtDGHVXVKDELWDQWHV SHUR PiV TXHHVR
PRVWUyGHPDQHUDGHVFDUQDGDODVUHODFLRQHVHQWUHHO(VWDGR\
ODVRFLHGDGEODQFRPHVWL]DFRQHOSXHEORLQGLR SDUDPXFKRV
ORVFXOSDEOHV GHODWHPLEOH\ DVTXHURVDHQIHUPHGDGHUDQ,R6


 =+
2I RQEMHQXHXDUTRVHVQHRHX呸£H38, DQEO-6
RSDXWXUDLXRR
RLXRXUTH UDUQEMHQR G R
HQI" S G DXD呸 RQE RXPURXH
D£XD呸HXQ呸 HD\ D
£HS\RHXSUSVP O"^ DUDG
RSX0LV
āHDUXQDZHSX$ QSRGXHMSRGXDT VDQDVRXQXQQ
XDTDURSUVXRR DV DXDQ%2 RQUVPHUFGXUDL 2%-8GO RQE VR£
H
6G-- SHSRXQRMXD28,2-O"-GI-I
," '2-呸-S2-VDPMQGRG62OO2È
VVQTRPEVR£RSXDQR
VD!āHXJOODTLDV%O6
VRS%,WTXR
XHFVDQERSRVHR XRÈ
VD£XDQH! VSHSD:--8D XVDQXRR RX D
XDZSXDXDDRUDG
VDSHUDGXUDLÈ VDRVDTVDSDSVXUUHMXRW" 6G$S
GXRV
]D$QVHO"--- DLUHVDSV 呸6W"--- 6SW"SDZD-8DW" DXQXU
X -6%- HUDG
VHSXDG:OÈ VDXDQH! VDSHSDUPFMXD% D£TSG
VQVL?QZVDDXD>H!DXW"VRSHXRVUVGHXQ
URXPTQVI DWUHV
QV
XDZHDGZD£ QVX呸DVVHXRVUDGHSVRGXVDQVR£ÈHT
RXU
VUXU -69 6OOSHLRGZR£VH£ O6282,%VH£
VHRV2--RVH---VH£ V2-
8 83$3 6 6SHSDZD-8D VH
VQTRWQE %833-:%- X
624-24-82--2: QV R 2-6-- QV
%OS%呸
DSHUTXLUXVRRH QVDV$,DV H O"8QEVDO"- O" WUQT RSXDQR
XO"-I-
XQDZHSX呸‡? XHMRDSHSXDMLHGRUG%HRIDQDGQVXRR RSXH-HVDS
O H-2SH]RXRRZR
žžXRSGHRXRR ‡ ‡3H£PTHSRLRVXQ
XRRXURR
VDXFPEHMTHT
HSHR£GVRSHSXHHGR-GVXQRXD‡, VS
UDVDGH
DQEHQG[DāSHSD:-D-8DO":6:HXQD"XR-VUHG
6GIO"Q VRSRU XRV VDUTXURT 62- ž
6D>(6-D$\XQ -8
VRDX!JRZRT
XRV -O": DS VDXDJO" VRM 
RQE 6O"- XD
RMTFQG £DS VDHXDS
SRR RX VRXRSGDRXRR VH£ VHSRL H RXHQXRF VR QV,$ DSRLXQG
DX"IDZDVāVDTZRT VR£ VRSRU H È VQQHVR£ VRSRU O" HTH]DXDJ
RZRT
%3-%/ āXD-SHTHVQHRHXRVLRGUDPESPRXDUHQXD
-% DQERXUDL[FDXDJHXQÈ%TRQERSHDS %>RSUXUDG
RUDXUXG
VDXRSHOOO,VDSPXJVDQO"-8OHSJR2-3-:RVUQFVWS
VRXHUF£ VRVMHGVRSX! VRZH-$$ DQEHSDUHG6H3 VRXRS
GG-82- VH I HSJR2-3!: 26-2-63 - D£XDXSH呸QZR!WI
GO8O"826
!-G: DXQ O" 62:O669 ž8O% 6O`:
SQMDV !S 62-O8-
V26-G$3 VRM 8
, XDZ—RVS RS VVXQRM VH 6"SR XRURSDUHGD
FUFQUDRGURQRDD
VRWSXWVR£DXDZ>(GSOOG
VRQDDS
VRUTRG
H-H$8OO"
+ 2-,"
 +80$1,602$1',12 /$32,%12$/,'$'$&,-$/'(/

RULJLQH QLXQDWUDQVJUHVLyQDORVFyGLJRVFXOWXUDOHV \ FRPXQL

WDULRV GHSDUWH GHOTXHORUHFLEH3DUDORVSXHEORVDQGLQRV HV
LQFRQFHELEOHXQDHQIHUPHGDGGHRULJHQDQyQLPR ODHQIHUPH
GDG HVWDLQGLVROXEOHPHQWHXQLGDDODUHODFLyQ KRPEUHVRFLH
GDG \ VRFLHGDGPXQGRVREUHQDWXUDO 3RUHOOR PiV DXGLHQFLD
WXYR OD H[SOLFDFLyQ GH TXH HUD XQ FDVWLJR SRU GHWHUPLQDGDV
WUDQVJUHVLRQHV RDTXHOFXHQWRTXHFLUFXOyHQ2WDYDORVHJ~QHO
FXDOXQPLJUDQWHPDORTXHHVWDEDFRPHWLHQGRIHFKRUtDVFRQ
WUD ODFRPXQLGDG KDEtDVLGRFDVWLJDGRSRUHO WDLWD ,PEDEXUD
FRQYLUWLpQGRORHQJXVDQR\ FRQGHQDGRDYLYLUHQHO DJXD SHUR
pVWHHQYHQJDQ]DFRQWUDODFRPXQLGDGTXHORDFXVySURYRFDED
HO FyOHUD
7HUFHUR HO GLVFXUVRSUHYHQWLYRRILFLDO HQWUDEDHQFRQWUD
GLFFLyQFRQSUiFWLFDVPX\DUUDLJDGDVHQODVRFLHGDGVREUHWRGR
HQ DTXHOODV GHOD PDQLSXODFLyQGHDOLPHQWRV (QORV VHFWRUHV
SRSXODUHV ODLGHDGHORVDQRHVWiDVRFLDGRFRQORQDWXUDO FRQ
ODWLHUUD &RQHVDVPDQRVOOHQDVGHWLHUUDVHVLUYHQORVDOLPHQ
WRV /D DEUXSWD PRGHUQLGDGORFDPELyWRGR VLQSHUPLWLU TXH
ODVRFLHGDGUHFRGLILFDUDHOSUREOHPDGHODFRQWDPLQDFLyQ 8QD
PRGHUQLGDGTXHSRUYtDGHODFRQWDPLQDFLyQGHWRGRORQDWX
UDO YXHOYHGHSURQWRSHOLJURVRORTXHVHWHQtDSRUVDOXGDEOH
7DOORVHIHFWRVGHXQDPRGHUQLGDGWHUFHUPXQGLVWDTXHDOGDxDU
D OD QDWXUDOH]D URPSH OD UHODFLyQ DUPRQLRVD FRQHO KRPEUH
,QDGDSWDFLRQHV GHXQDVRFLHGDGUHFLHQWHPHQWHUXUDO FRQ SD
WURQHV GHDVHQWDPLHQWRDJUtFROD\ FRQIRUPDV GHWUDWDPLHQWR
QDWXUDO \ GLUHFWRGHODVFRVDV IUHQWHD FLXGDGHV KLSHUFRQFHQ
WUDGDV D XQD QXHYD FXOWXUD XUEDQD \ REMHWRV QR QDWXUDOHV
FRQWDPLQDGRVSRUWRGRVVXVSRURV

(VWDLQFRPXQLFDFLyQHQWUHGLVFXUVRPpGLFRRILFLDO\VRFLH
GDG PRVWUyORVJUDQGHVOtPLWHVGHXQ(VWDGR1DFLRQDO PRQR
FXOWXUDO FUHDGRSRUHO SHQVDQ~HQWR FULROOR \ ODLGHRORJtD GHO
EODQTXHDPLHQWR 6LQ HPEDUJR HQ HVWH SURFHVR VXUJLy DOJR
QXHYR FRPR LQLFLDWLYD GHOD VRFLHGDG FLYLO OD SRVLELOLGDG GH
HQFRQWUDUXQSXHQWHGHFRPXQLFDFLyQHQWUHXQGLVFXUVRPpGL


UFQQ H£ RS VRLXRXURSVR£ RSVRTRQXU -H!\£SR!D- DSÈ HO
tIDLX
DS SHSWRHGDRH $77O
HQTRPERLXRQQHVXFGO3VDXHXWTVVXRS
UVRGRVS I VH--2呸IDO(! DSRXHGFQE XFURH]QHXUDLVUV H£V
āH-O"8IO:2
- 8O5=8HIR
V\Z XRD DDSXRGVRURTRS DXD H
SHSPQPRRH DS HXRVUDG
HXQO" -W-VUH HRVQTH-D£!S6
WQ- XāH-D£>" DUHXU £XDIH!VD
DQEHXUHZHTLHGH FQEHUHG
HDQHMSH È2O:$UH FSXDQFPF
HXFSHD HVD -O"--22 DQE&HT
VRRVDTVRUXDXQMH VR£ H È VRSPEM£
VR£ H OOOOO> 2O:$ £R HVRQRH HDXHUS H RSXHQF ,"呸HXRR
!V ,"-呸4O -呸 6 āHX!T-0 O", RXURR V!--5- VHTUDUTS,"QO" DSHS
DQE ÈHT
£TLS  S HUHTRURT RXURF HDQHUS HXQ RRQSFUG
?"->O S 6
8,O"! 2-88O": DUHG RSHGRXH È R£-
O"I42O
DQE ÈHW£
RRVDT RXQFMXD O" OO-OOOO": O"-D£ £! 6
6-8,
O"O
VHTUDUT DS HQ
DH DS SDSXXHR FXUHSXQTH DSHS DQE ÈHW£
RZ
-D-XD HFSXHRVVRGUDQDHO"6-LXHHQH £DHFVQT?8D£L£D
6 呸62-8-:O" VRU!HQH -O"8-2O R-$-`T
-O"-8`?O"ODQEÈ
O"W£



VRSUXDÈ62OUO-- 628:O" VR 8ÈHQ6H 8<O6&-- £D 6D


āRSH]HQGZRRDIH呸XD XQDSVH RXURR VDLXHUDTRR WUDL
VDXHXWTVHXRPVRGRRS RLXQIXRR XQ VVRXRLXD Z" DV VRVHR
VR£ VRSR£ XHRRHVÈ DO8DH! R£ RXHQXRR QV UHXRGR HQEW"-TW"T

RVD HD HD£! £D -6 HQE XRUHXQLXHLHS HQTRMQE HX£呸SDZ

"^ RS SQMDV DS VDXDHVR£ G VRSHWDUGURQQ VRXV VRV ÂH
UXDUDGXURLXMV
R!VD--HXHXXVXUDVRGURQRDVDQXHQX
RSPEMM
£Z$ È DVRQFH HD--(3 HXQ RLXRSDG D XR VVQHR RQE SDS
DXXDMXV
HD! SH£IQXRDVVRSUXRW呸TZH£VRLXDXQMHVRLVH
DSI VRSUXRVRSPEM£VRLVRHSV呸$(OO YāVH]QHXRT6W"I RXLRRH0H
D FLXDXUHLRDQS XRTSDUDQE VRUXDXUTH V XD È VRMRRDUVR VR£

VDRDGVRU RWQRR HUXLH SXD XD$呸 DQE VDHZIIL V XD

"呸" S
XDD£XDZUHSDGVD
VRSUXRVRSPETV XRHTHVDH-D-! DVRZ
-D-8DV XRHMRQSRUGRQEVRLRRMDV È OO6I:68O"-O RSO":--
QV
XSH]I"-2, QV -2G -36D-- SHSDDXVMWUD HXQ RXURR (-D
H RPSRR DQTFPE HXWQSRXU (I
RSHUHXDV VRXUVT RPR-
āSDS£DUXO£
RS DWG XD O"O6$ RS VRQPG-HTZH-D£X PT£VRGRQXDQRXH
D£VāRSH]S"ZDVVDQTRPEHXDL-38 (XSSDPO"-FSRVPRVLS
XQ È VHSXD-D-3 VH" R£-DTH22O--! È DXDS63 £HXDSS!RR
 +80$1,602$1',12 /$ 38,%1&O$8'$'$&,-$/'(/

SUHWDFLyQGHOVLVWHPDGHVDOXGRFFLGHQWDO/DFRPXQLFDFLyQIXH
SRVLEOH 6HSURGXMRHQWRQFHVXQDSULPHUDLQWHUFRPXQLFDFLyQ
FUHDWLYD \ EHQHILFLRVD SRUTXH SHUPLWLy TXH ORV LQGLRV FRP
SUHQGLHUDQHOSUREOHPDGHVGHVXVSURSLDVFDWHJRUtDV GHSHQ
VDPLHQWR\TXHHOVLVWHPDGHVDOXGRFFLGHQWDOSXGLHUDSURSRQHU
DOJXQRVHOHPHQWRVFRPSOHPHQWDULRV FRPRVXPDUDODVKLHUEDV
FDOLHQWHV VXHURV GHUHKLGUDWDFLyQ D ODLGHDGHKHUYLUHO DJXD
FORULILFDUOD \ D OD LGHD GH ODV KLHUEDVIXHUWHV PHGLFDPHQWRV
HVSHFtILFRV
3RUVXSDUWH ODPHGLFLQDRFFLGHQWDO SXGR FRQRFHUDXQ
TXH QR VH DQDOL]y HQ SURIXQGLGDG OD SRWHQFLD GH PXFKDV
KLHUEDV FDOLHQWHV \ TXL]iV KLSRWHWL]DU GH TXH HVH HOHPHQWR
LQH[SOLFDGRHQODPHGLFLQDRFFLGHQWDOOODPDGRSRUWDGRUVDQR
ELHQSRGUtDFRPHQ]DUDH[SOLFDUVHFRQ呸 LGHDGHTXHHQHVWH
FDVRXQLQGLYLGXRGHVDQJUp\KXPRUFDOLHQWHVDFRQWUDHUHVWD
HQIHUPHGDG WLHQHPHMRUHVGHIHQVDVSDUDHQIUHQWDUOD 3HUROR
TXHPHMRUSRGUtDDSUHQGHURFFLGHQWHGHODPHGLFLQDTXLFKXD
H£VXSDUDGLJPDFRPXQLWDULR(OFyOHUDSURGXMRHQWUHORVEODQ
FRPHVWL]RV VHQWLPLHQWRV GH UHSXGLR FRQGHQD \ DLVODPLHQWR
GHO HQIHUPR (O SDFLHQWH VHSDUDGR GH VX IDPLOLD VXIULy OD
DQJXVWLDGHVHQWLUVHPDUFDGRFDVL LQFRPXQLFDGR WUDVODGDGRD
XQDPELHQWHGHSULPHQWH
0iVDOOiGHODVJUDYHVPROHVWLDVTXHFDXVDODHQIHUPHGDG
HOSUREOHPDFHQWUDOVHJ~QORUHODWDURQ TXLHQHVFRQWUDMHURQ HO
PDO HV OD VROHGDG VHQWLU TXH OR DLVODQ \ WHPHU TXH SRGUtD
FRQWDJLDUD VXV SURSLRV VHUHV TXHULGRV (ORFRQWUDVWDFRQ OD
UHODFLyQ HQWUH HO HQIHUPR VX IDPLOLD \ OD FRPXQLGDG HQ HO
PXQGRTXLFKXD7DOODSRWHQFLDOLGDGGHOSDUDGLJPDFRPXQLWD
ULR DQGLQR SDUD XQDLQWHUFRPXQLFDFLyQVRFLHWDO PXWXDPHQWH
HQULTXHFHGRUD



:4 FSHFRSXDZ

:O=OOO"@ SX
^ VS2-L-T !S6
 SSX-XZ££
OO-Q££Q--Q£GRSÈR-GXQ
!S3OO34OOOOO6
O2SOO7O!J S-O-QWQ-3,,3
-O[L6O  ,>I-
9
O9$ā9$29
YLHO

-6+TFS2O>2OQ呸SÈ£O-QOOQ-8IV
OOL[
TOO3--OS
-È:ÈO, SO$O"O6OOOOOOO
OOOOOG O-

RUSX£DSXDI呸ZH-XR W"^ XR 286
VF!-2-O"$
VQVHSXSHZHH XDRXW"S--3
!O8W"=8-!SRZÈQURSDFQE
XDMT
HQRS S5SSXDS HXQ G HSHDXDLDPPDQH È HVPS

QVSW" H-呸R£RDS H G DVUHQXRRXD HS VDSHQPS XDXDQ

ÈRTGÈRTDQE
VDXRSGVRXRR RSRXUV ‡D呸XHVDSVRX DG
‡
H呸XSXHZHSDXDS‡H呸XDSDXDSRXDQED DVHHXRDSDXQRD
D`XDZHVRH È
VRJIHDXD呸 VRUSUXVH 62 VRSRU XH HVUDQ
VRXUHS RSUSRGHT RXURR H
DJXHV DS XPQXXXRR XQ V
āVR!-:$!6 I VR-
LIDX
VR£SX呸

VR]XVHXL XD XPQXQXRR XQ 

HT
MQEH
VD£HXRSH1 VRSPVT
VR[HQXHSXSHDR‡ HSRHVHXDZHSXQDLPGUX‡ DSH£$D£
G6!IW"82-35-OVDXRSQRV GRSHLGRXHTRQEVDHXRSHXI
VR£XY VHXUHMTRUGXRRVDVMHGVDSHSXD-!-3%
DQEVRWXHU
DSUVXRRV
SHQSXFDTS!W"- DDHGDVDUGXUR O"OāHQQZ
X£HSXDRG%£DSÈRWXHUXQSXDLXD£DSVDIHQJXD£ V UDQXRRXV
VRZDTDDRXUVTHUFRMRRRDX DS H!--!QH HSXQMRUG HXQ HS È
RXWSXH  FS
UHMQGFG  RS XH]SRHW?!- H£ HSUQUDG \DTDS
XRWRHFUXQXURDUDQQ H URSHQRJ DXD VDSHSOHSXDRG XRXVQ
RQEVDSHSDSRVVHV-!$3VH DQXD
SHSH呸 DSDGXDW"$W-HXS
DRXPXURRUDQQHXQVRXUHUxR£ 6 DTVRG HSDV %-O āD- RVRXU
-DT XQ VD £HPPPG SHSVRRV HXQ S XRSRUXUVXRR
%
O
=-O"-QO-Q--2GFUXDXUDUDSHSUDH VMDGXQ -7,-O682-
RS
HXO VY]呸QE
SHSMXUXURGFHLXDVRXUHWVFDQEXQD
VRVR£
DSÈ VRXQVR£ -3SHSUHSXDGH£VRXUFRRXRRž1 āVRZHSH呸-呸H

VRSHRWXQXURRX FDXFXUFXRQM 2-DG DOTQRRVWSX SHS-D$ āVHS

DQI\VRGXUDQD!W"TSXDXDV
VHUVXHVVH£VHSRLDSVDV-HG
612,6!12!
2=OOOO>,,£?8:,-OO 
 +80$1,602$1',12 /$327(1&,$/,'$'L?&t8$/'(/

3ODQWHDPRVTXHODFRQVWUXFFLyQGHORVSXHQWHVLQWHUVRFLH
WDOHV SUHFLVDQ GH XQD VLVWHPDWL]DFLyQ GH ODV FRQFHSFLRQHV \
FRQRFLPLHQWRVSRSXODUHVHVSHFLDOPHQWHGHORDQGLQRORQHJUR
\ORVHOYiWLFRSDUDFUHDUHOHPHQWRVGHFRPXQLFDFLyQSRVLEOHV
PXWXDPHQWHHQULTXHFHGRUDVFRPRKHPRVWUDWDGRGHSUREDUOR
DTXt &RQVHJXULGDG ORV DFHUFDPLHQWRV VHUiQVRUSUHQGHQWHV
ORV WHyORJRV RFFLGHQWDOHV GH OD OLEHUDFLyQ SRGUiQ HQFRQWUDU
XQDSRGHURVDpWLFDFRPXQLWDULDHQQXHVWURVSXHEORVGHUDt]QR
RFFLGHQWDO HO IHPLQLVPR PRGHUQR SRGUtD HQFRQWUDU TXH HO
SDSHOGHODPXMHUHQHVWDVVRFLHGDGHVHVIUDQFDPHQWHVRUSUHQ
GHQWHFRUQREDVHGHXQSUR\HFWRDQWLSDWULDUFDO ORVHFRORJLV
WDV \D KDQFRPHQ]DGRKDHQFRQWUDUOLJD]RQHV PX\ SURIXQGDV
FRQ ODV FRQFHSFLRQHV \ FRQ HO PDQHMR GH OD QDWXUDOH]D TXH
UHDOL]DQORVSXHEORVDQGLQRV\ VHOYiWLFRV ODVXWRStDVTXHEXV
FDQODVXSUHVLyQGHODVFODVHVGHWRGDIRUPDGHFRORQLDOLVPR\
GHSRGHUHVVHSDUDGRV GHODVRFLHGDGWLHQHQXQDIXHQWHLQDJR
WDEOHGHLQVSLUDFLyQ\FRPXQLFDFLyQFRQHVWRVSXHEORVTXHKDQ
FRQVWUXLGRRWUDIRUPDGHFRQFHELUHOSRGHU\ ODGHPRFUDFLD OD
FLHQFLD GHO IXWXUR PXOWLFDXVDO \ FUtWLFD WLHQH XQ HVSDFLR GH
LQWHUFRPXQLFDFLyQ HQRUPHFRQ ORV VLVWHPDV KROIVWLFRV GH ORV
SXHEORVDQGLQRVHQILQWHQHPRVDPDQRXQSDUDGLJPDSRWHQWH
SDUDFRPHQ]DUDUHGHVFXEULPRVVyORORHQFXEUH HVHHVSDxR
OLWRTXHW~\\RD~QSRUWDPRV


 
OOOOO8ÈO
/O

$5&+,926
$5&+,92'(/&(1752$1',12'($&&,213238/$5 4XLWR
$+&$$34 +DFLHQGDV 'LDULRVGH OD +DFLHQGD3HVLOORHQWUH 
$5&+,921$&,21$/'(+,6725-$4XLWR
$1+4
 (PSDLURQDPFQWRV&-\
 6 $1+(PSDGURQDPLFQORV&
$1+4
LQ (PSDGURQDPLFQWRV& (PSDGURQDPLHQWRVGHEDUUD7DFXQJD +DPEDWR
5LREDPED*HDUDQGDORMD\2WDYDOR
$1+4
LQ (PSDGURQDPLHQWRV F (PSDGURQDPLHQO26 GH4XLWR
$1+4
 (PSDGURQDPLHQWRV & &HQVRGH3LFKLQFKD /DWDFOOQJD\$PEDWR
$1+4
 (PSDGURQDPLHQWRV & 
$L?+ 
P 5HEHOLRQHV&,
$1+2
-
 (PSDVWDGRV /LEURV\
$1+4
 9tQFXORV< 0D\RUD]JRV &
$1+4
 ,QGtJHQDV&
 2W(
HOHUM9ÈU-LSRSL0O-- 8y,
āIQ4

9,-
8-OULO8W4  HXLXM\ O:-2-
O`, URG VHOOQOOOE£ 882-O"-SQtS\ >
āX6呸:,4XSPXHORFSXLZXYGLD£LSVHXQZRLHSRV >
9IOOt919$YDUXPRUDRY2Q,6,1,:2$,+Q,9
ā-RSOQJSS6O8@呸:,4
6O8,?:R DUTRV ž-,,:-2-8 LS RFHHD S ž-5,23  UXPO ,:-2-8, 

79226OO9,61/6,1,:2$,+-`O9
āWāO,?:-,,,,--
OL
-OGHXQ-O??`, O2SHQJ XRS1 2,8O:@$2: 呸 28- 2L8,:O-LL`, 
Q-91PUDYQ2$,+-OO9
āQ2
HXRSHXOOGRSP-O>,,,-WDXTRVL—RZLZ 8
āQ2
āGW,
R::
 LS2£QI
R?£XJLQ
28OO-2OOOO?, RSV@ L XRR D4-6,?6  PQQ-LS HSXO0-G HW S-OOIO/39
 -O16
USIQ2 VRMTHQG 62L LS -OO-O-- OS呸LS L ZTRV RSQQL\ O
āYQQ-ā呸ZZ
 呸2ÈO
O LS
QQÈOOOOO6 LSRSQQ-\ 
āQ4,,91&;!9 2-?,+-19
āLTZ!3/,
44--,,-‡O,:ÒYOOO呸,4 /W!yO
āDTZ呸]£
LU,?-‡呸:WÈ,4H呸
 (W!yO

'9:691&:!$,+!OO<
ā]QEH£ ‡SQU O
呸9 呸
2219

$,+-
OL9

> ) 呸W,-?8!6O338!K6O-,6
-ªSHSLGR-G
£LSRXV6!OO!SO4Q W
:$Y!9G呸G9RDLVURDX$&UQY



26
OāWO
LW4- SHSXQ:T X!!62I!QE6,8-!,69, !-TRV!:-2-8- 6W

£:OODS‡--OO6:RāHS!XHGH!S88R 

6!-WQERXH- 622O,-2I688-!S6,882-8,
RDUY 26
O
ā£HSRV86
ªI HS2,--,689
OO8OIOQE ,,3OO!-‡OOOOO !SOOOOO!£?!GI9 O!
āX—-2-SL£ VRULSH4 ªTZRX ž6!£LQELU- 8
,%:9$?29
-:-9OOtO/9GI9$,+
-呸9
ā£]
-/`,!OIG
R
YRU


9--2O2-2O/,19
9,?9/22-IO/861,2$,+-OO9
āZDRGRXQ £!SXLPT—£XR-
OO> !S 2-422 >! H: OO6O,,4  8 8OM68- !QE ? VQV H 8-- 8
>OO-'8!MSHSLG2-I H£ SOO-,6-SOO6 āHS8!-H+HS2-!,68O
,, WDS!882-8, 2=
4
-9
2?O/9O6O!2 Ƒ9O9G2$,+-
+9
 %,%/,2*5$QL?

5(9,67$6<3(5,2',&26
5(9O67$GHO %DQFRGH3LFKLQFKD&HQVRGH 3LFKLQFKDGH  4XLWR
5(9,67$$PpULFD$WDKXDOSDFUHDGRUGHODQDFLRQDOLGDGTXLWFL
ODW 4XLWR
5(9,67$ GHWD$$&62&RPHRDULRVDODUOtHXORGH*DOR 5DPyQ (VWDGR3OXULQDFLRQDO
XQDSURSXHVWD LQQRYDGRUDDWUDSDGDHQ YLHMRVFRQFFSLRV‡ 5H?
O6OD )/$&621RO4XLWR
5(9,6I$GHOD813   4XLWR
5(9-6I$ 1DQ]GHM 'LDEOR4XpGLItFLO HVVHU'LRV1R  %SFFD  4XWR
5(9,6,$ 1DUL]GHO'LDEOR (QUFYLVDD 5RGULJR0RQWR\D 1R  &,(6(  4XLWR
5(9,67$1DUL]GHO'LDEOR /D 5FtRUPD$JUDULDHQHO (FXDGRU\HQ$PWULFD/DQQDā1R 
 4XLWR
5(9,6,$ (FXDGRU'HEDWH1R &$$3  4XLWR
5(9,6,$(VSDFLRV 1RO &,'(64XLOR
&8$'(5126 1XHYD 1R /D FXHVWLyQ,QGtJHQDHQHO(FXDGRU
 4XLWR
0$*68)25(1
 3ODQGH$FFLyQ 3RUFVLDOHQHO(FXDGRU0$*4XLWR
',$5,2 (/&20(5&,2
  GH PD\R
',$5,2(/&20(5&,2
 GH-XQLR
',$5,2(O&20(5&,2
 GHMXQLR
',$5,2(O&20(5&,2
 GHMXQLR

/,%526
$%(5&520%,(7KRPDV
 $QLFXODFLyQGREOH\HWQRFpQVLVHQ5HSURGXFFLyQ\7UDQVtRQQDFLyQ GHODV
VRRHGDGHVDQGLQDV6LJORV;9,;;7RPR$E\D<DOD4XLWR
$&267$$OEHUWR
 7ULEXODFLRQHVGHXQ SDtVVXEGFVDUUROODGR 5HYLVWDVSDFLRV1RO (QHUR
Ƒ
'(6 4XLWR
$/%2 ;DYLFU
 (OVLQXRVRFDPLQRGHODKLVORULD\GHODFRQFLHQFLDKDFLD ODLGHQWLGDGQDFLRQDO
$\PDUD
(Q 5HSURGXFFLyQ\7QDQVIRUPDFLRQHVGHODV6RFLHGDGHV$QGLQDV
VLJORV ;9,;;$E\D<DOD4XLWR
$/0(,'$ -OHDQD
 &RQVLGHUDFLRQFVVREUH OD QDFLRQDOLGDG .FFKXDHQ /HQJXD \ &XOWXUD HQ HO
(FXDGRU,2$2WDYDOR
$66$'285O$16FUQSDO
 (O 6LVWHPD GH OD (FRQRPtD&RORQLDO,(3 /LPD


 =36
āSOSHY£
O$;2I6呸XR—£X!G呸VVSXY
VR£ XD!IHVG-!3 OOO82-2-5SSRZXÈVHW呸3QH6O-呸O 6
H-I8-"O6" 

 -OO8OOM-
,$?
,9-

FXRR
28>:
-,$;È,$;VRL66O838,,6SS!O66HW!S8:--68O-/
L 8QSUXG OO-88L-82 ,U? %-HG OO-8LXRG
,$; 2£LI6  X -2MP-t
>!S L—R1 ,:!6  S 6823QH VLSHSSRV VH£ S H呸VUT LPUXV LU£  
£H-8OOW
$9
-9
O52
1-È-%
-SOIIO!J £S
O6I82ISOOI 2MOOI:O6,, XD
2OO
HT:O42I1 XL 6OOOOOM--,, 682-OOOFO 
RIIQWW

VRRDQD
OO:I
99,
6OOOOO@ 62? S8 QQ —LQZ
H£GR£QHXQDS2OOO:OOOO  
ULQXZ YRDQD
āRW呸?'
V呸 O3
1

HOM-8-呸-!SWSX呸GH !SRSXV呸ZO- /WyO
ÈOQTI&6 LL T-`O È TP\
1P8-Q%
āQ2
,,--OO
2-GRIVX2-
O8W,2OOQL
LSQXXSOQ?,,H-XLRXRZHW38,3-X
OO82-2£2--G 
HX£IO6OO&
8,9+-OO
āRRSY£
V呸O3
 ;;
2LII6
FDāR1 ‡LX G RSYVHG 62:呸HQ-
QVWS

3 -Q È :6>OOO-OO1
 /W

 -J
L?2I2
8
āR£Q2

W21 469
 OOO69呸 āVRGXVRI£ 8SHGO-OO H-2S$2OOOO HVQG-G
HXQ £XRSHX-Q>- RSH XZW呸 HR S L-XW£H 62-HXZR 
L--

+
91
āHZQ
GD-
Ŷ;;
OOO,,,$;62O6
VSX\VR£ 8O8呸GZH W-8-8RÈ 8T呸
WS86U-
0
LWy O-H£

3OU >8?8

GSÈ HXL6`3OO 2S8-6GZW W
RQLW呸

+
91
2OO<,,
O8,--SXH
VH
OO

G  ZTUXL HXRLRR SXHHXRW- 1  SXH;--WG£ -2 -O"0

OO Y


 3I+
<-1
āR£Q2
46(:
ā
-SWQ! 8-S呸-T%-,% 6;OOG- 
R£V呸QYQVU OY]YQY1TD


RVRYWD
-RSHQJ 

3 6O- 6SOOOO",, 6?, HSRV2T:? È %-,28-- >
  LVQR
662È
3O,064
$O呸9
āP4
66
 4V-9Oā@-QG -āÒ%8O-2O呸-O--6 O- S
RVHHVL£UQGOHSXSH S呸ILVHGL8O8O-呸OO$O
LX OLLO
RS£,,064
-Y6+9
āR£££L4
LR1 VXSXJS,,,6-$OO
ā XHXR£Q -


6(@
8 V呸-O36 

,,2-(-I 呸,

36
O"!O
OOž-呸%-, VH
IO呸8呸呸O ?呸O呸OOO L/L
RS£O06
-YO6
09
āQR

--O@-
PLU3XUX-8222-OOOQ-!2$ā呸UQ]RG 3O?-O?8
>I6-S,26+ 
3-ā呸YTYt£Y,
 %,%/,2*5$),$

&$0$W+2 &DUORV
 (YDOXDFLyQGHOSURFHVRGHFDLUtELRHKODWHQHiFLDGHODWLHUUDHQOD6LHUUD1RUWH
\ &HQWUDO ,'($ PLPHR2XLWR
&$55$6&2+HPiQ
L 'HPRFUDWL]DFLyQ GH ORV SRGHUHV ORFDOHV \ OHYDQWDPLHQWR LQGtJHQD ,((
PLPHR 4XLOR

&$55,21 $OHMDQGUR
 &RPHUFLRIDOLWRLLDOFVGHO\ GHMXQLR 

&)9$//26 *DUGD *DEULHO

£ 9WVLy7, 7HyULFDGHO XDGRUHQ
/DHRUtLWLF Oi&XOLXUD1DFLRQDO%&(
\ &(1 2GLWR
&,'$ IDXDGGU
 7HQHQFLD GH OD 7LHUUD \ GHVDUUROOR VRFLRFRRQyPLRR GHO VHFWRU $JUtFROD
:DVKLQJWRQ

&,(L呸
 1DUL]GHOGLDEOR1R 4XLWR (QWUFYLVD,, 5RGULJR 0RQWR\D
&,(=$GH/HyQ 3HGUR
 (O6FL?RUtRGH ORV,QFDV ,(3 8UQD

&-3&$
 3RUXQD%ROLYLDGLtHUHQHDSRUWHVSDUDXQ SUR\HFWRKLVWyULFRSRSXODU /D 3D]
%RKYLD

&,61O526 -YLLQ
 *XDQTXLOTXt HODJXDSDUD ORV UXQDV (FXDGRU2pEDWH  &$$34~LWR

&/$675(6 3LHUUH
 ,QYHVWLJDFLRQHVHQ DQURSRORJtD SROtWLFD2HGLVD%DUFHORQD
&21$,(
 /DV 1DFLRQDOLGDGRV OQGOJHQDV GHO (FDFWRU 1XHVWUR SURFHVR RUJDQL]DWZR
O7,1&8,&21$,(4XLOR
&267$/(6$OIUHGR\ 3LHGDG
 /D QDFLyK 6K?-DU 2RFËPHQDFLyQHWQRKLVWyULFD0QGR6KXDU 4XLWR
&267$/(6 $OIUHGR\3LHGDG
 $PD]RQtD XDGRU 3HU~ %ROLYLL 0XQGR6O?XiU 4XLOR
&267$/(6 $OIQGR
 'DTXLNPD\&DSDF$SX &&(2LLOR

&+,5,%2*$0DQXHO
 (FRQRPtDV &DPSHVLQDV 6&&LRUDJURSHFXiULR\WUL6LV DOWHUQDWLYDV GHVGHORV
PRYLOWOLHQWRVVRFLDOHV 0LIXHy &$$3 4LWLWR

&+,5,%22$ 0DQXHO
 (OSUREOHPD$JUDQRHQHO(FXDGRU ,/',64XLWR

&+,5-%2*È 0DQXHO
 /D 5HIRUPD $JUDULDpQHO (F~iGRU\ HUL $ULWpULFD /DXQD 1DUL] GHO 'LDEOR
1R&,(6(4XLWR


 WW6
āRO%$OOO4
94O
O!= -O呸
ā[U[ 
V ā£$"-4 !S RSWIT‡4
VHXO-,4QG!`- VHWDY !S VXL呸 ,
呸DU]U‡R]1:'
2OhO%6,

?t,-I RH
Q4呸 RSHWVH >! 842
O !ZRG  I ]X£LQVUQ!
—S !
623OO 62L !S I
"=?2-X呸 ,"? XTRV H呸G X呸 
R!-!SLB£ 呸O6679=12'
Q4
H呸
XQQR ,> LS 6H-
 RXVRM
LRSHQJ LSO,4呸G!OO, !SWOO!8呸呸 /
呸呸呸?,=12
L呸
FS =ā=
X—呸YIU£ 呸Q1 ,"? VUTRH-OOOOO-2OOOO8O呸 S 8!呸 
呸RDDDDDQR
āR-
,呸
XTQ 6!8233
623OOO S LIZ呸RR S SOOOO:2S O> LS  呸 U- 
呸2O*PO-Q'
2OIQ4
RILXR I ā£D
HXUSXHPHS!SOOTP£呸呸 
呸2OO呸Q'

-
2
28O-2-OOQ- RV呸 M! O,6>OOOGH- X;OSRG 呸RSRP SE呸
呸
QV È  H-O":9  £X!8:8!- 呸ST - QVW£呸 U@ 6
/
ƒ
3"
9
RXDDDDQR
-6WOUX
6O
,?
ÂLZR-QX]SXH
Z
LQT呸LXQāHT—L\呸QLQV呸SDQI8
SHSIXQZRU£ 8!62-LXQZRRLSVLXRSLXX呸VRSVRG 8呸呸呸DESU(
 
 āNOXH£ O62-
āHZQ

2-HO-RRGYSRQVX‡VSXHVR X"-GRQKSHSXLS H-8 XQRSXO-6Q /

QTY
38OOO'6QO2G
āL£TRX呸R‡VLQRIVRX ILS£!6 L ;,; QSQRL!GQH!LSRVLLPQTQQ

PEO-OOG QS ZLQR Y£ XHSX呸 呸2 VLS PQ H£ PV VLQEQZL 6OyO
-8+
L@O,$9G
āQ4
1-
-
8OO-HQJ RSHLQāQ 2,8:O68GXL
RSGRO,,68<OO XQDS 76,
RLX6Q
RPDVQ
āRLIQ4
RILXR
£J āSJ
,(W-RSPJ XLVRLLXMHVR8XRRVR VRIR D VRIRGVLD 
LUS8OOOOOO--98O">9
[UDQR
āQ2ā呸
 21
ROWOO4 
3"--,,1
VFWTQV  O---3QR O
8,$,62@-J
,42OO>
L@8
āP2
G99-
ā¢£āR1HTLD-RSHQJ
HXLL38X-HG-—HG-SR-LªSVLXRSL 
%LIG SS呸  SQXZ
9' O-
āQ2
RFXQXU
-99
6:9O>
H-WIOO£"UXSHSDUGFUG
OO S 8I-4O-O6@3 H 8 62@4:OO- 62?  OO8OIO2OOOIO-- —HWLY OOO8,2-
OO H
, 
£LQXH\£
9',,+-
 %,%82*5$),$

+$?O(5/\
0LFKDHO
? /D 'HPRJUDItD KLVWyULFDGHOGLVQLWRGH&XHQFD%ROHWtQ1DFLRQDOGH+LVWRULD
9RO81RMXOGLF 4XLWR
+$?I(5/<0UFKDHO
 +UVURQHVRFLDO\HURQyPLFDGHODSURYLQFLDGH*XD\DTXLO$UFKLYR
+LVWyULURGH*XD\DV*XD\DTXLO
+2%6%$:1 (5,&
 1DWLRQDQG1DWLRQDOLVPVLQFF &DPEULGJH 8QLYHUVLW\ 3UFVV /RQGUHV
$55$ +HPiQ
 %EKRJUDItD DQDOtWLFDDJUDULD&,(6( 4XLWR
,(5$&
 $GMXGLFDFLRQHV OFJDOLLDGDV SRU 5HIRUPD $JUDULD \ &RORQLWDFLQ 0WPHR
,(5$&4XLWR

,1(&
 &HQVRGH3REODFLyQ4XL
,1(&

 &HQVR$JURSHFXDULR4XLWR
,1,&
 &HQVRDJURSHFXDULR4XLWR
,1O&
 &HQVRGH3REODFLyQ4XLOR
-,0(1(=0HUFHGHV
 KWRULDOGH(O&RPHUFLRGH PD\R 
-$5$0,,/2$WYDUDGR 3tR
 $WDKXDOSDFUHDGRUGHODQDFLyQ TXLWHxD 5HYLVWD$PpULFD 1R 4XLOR
-$5$0,//2$WYDUDGR 3tR
  (OLQGRHFXDWRULDQRHQ3HQVDPLHQWR,QGLJHQLVWDGHO (FXDGRU %&(\&&(
4XLWR
---21\ &DDPDO
OR-DFPWR
 $QWURSRORJtD SUFKLVSLQLFD GHO (FXDGRU &DVD GH OD &XOWXUD (FXDWFQDQD

-,0(1(=GHOD (VSDGD
 5HODFLRQHV*HRJUiILFDVGH,QGLDV 5*,9R,-, KFLRQHV$WODV 0DGQG
./(<0(<(5 2DUOHV&DUW2OL 'DYLG
 3RGHU\GHSHQGHQFLDHQWUHTXHFKXDV\ FULROO2OL 'RPLQDFLyQ \GHIHQVDHQ OD
VLHUURVXUGHO 3HU~&,6(/LPD
./(<0(<(5&DUORV'DYLG
 OPDVKU OPDVK $E\D<DOD2XLWR
./(<0(<(5&DUORV'DYLG
 ([SUHVLyQFXOWXUDO\GHVDUUROORGHEDVH ),$ $E\D<DOD 4XLWR
./8033 .DWOHHQ
 (O UHWRPRGHO LQJD XQD H[SUHVLyQ HFXDWRQDQD GH OD LGHRORJtD PHVLiQLFD
DQGLQD&XDGHUQRVGH$UTXHRORJtD H+LVWRULD1R *XD\DTXLO


 W¼
āR£HPR
92L
RL
O2O!8RSXLG
-OVQEHV
DS265- £L >OO82>22 LUSXLSHTO, ,, HXLL-38TRRWDHSHSLGRLG,>VSRZGVH,- ,
RSXQ6
21LOOO2:
āIQ4
DPL
O82M O,呸呸-WO呸 PZ ,,,$;
2>L6SS62=OOO8,2- £呸SQ4LSHSOOO3,?9" 86O8呸-38 6
ó?TQV >
RSXQL呸
21,%2:
āR£Q2
!! ÈD!%‡LRSHQJ £LS
OOM6-8O-3žžOOOOI:,,68LGXL
FZ,6OGQVÈOS$QVLS呸OO
,-
'3OOI 
ā6Q
R]RD$9612:

2OIW4
4LZLZ
,2SOO HS LI—822  =O
R—LTY
R$Y!12:

RXQ呸
R—£082  LS>OO—O3 
2XRXY
161--,2:
āSXL$
H£QG8呸OOU^ ,-W HS WO@L- 66pO
LXHRM
9OO:
āQ4
0,!
Q4LS YW-+O-SQ\UHLO^H£
DS 6W-:8呸VLXRL呸 W-:,, ,%
O
X£ āR—RSQSR 3,6 


19:O4VO:
āQ2
='
t-2912!

P-IO6OOMTXU ££ ,-呸II$OW:> LRSHQJ  X£3

WO6 LSO:--呸 =
X呸UV8£
84-9 È >O:2
19+-OO9L
-
āQR=O'
D9122
££RVO22呸822! RQRXLPS!SWL!,,8,5[[2I6-RSQLJ WW
—呸QSV-!SX呸UYÈ !,,-2
19+-OO9\-
āR->;R
-
R"-HZ
t:W8
Xā
-28,;RSQZR-
!£THX!VQV
RQRXQ!S ! LTRV !OW33 QV!-21 QXRSHDL VHL X! @! U£ WW
RS£RGR!
YWI4£U-I9-
-
āWX
<6LXG HāUU

!>,4 XRR W-P- H£ X! VHX!-SX£ VH—L!Q 6U@ āX3W1 O RSHXV!GZOW /O
826@1
DQRQL19<,,
āHZQ
G-
;;  OOO$; 62-
V呸\O2-
8! ,86!GZH- HS8!-82È ST!+
W,8!O呸+8!
"ā/
H--HZHIY
È 8-XQU22-3OFO SSHX!Q  8! !OO"-HO6,8, È 6OW6OOO8L!SHX6!,,2-OHR! WL6WtO
HS8!OI
127O9:
āRRVQ!
6Wā/, S8XGY
OO
OOO-,8! 9--!6 H£ 8! 呸- !S
HSX!V£V!U H£ R!-SHF SS9--!QRH X! !6OS!SHLSQO OO82-W1 W!-TF 
,ËSXX2-G
19:

 !SRQI!SL]£Q
W:82-£-,2O6+
DSUXXLQ-8RSXQM6 -H
,82-
HX£!U62?," 62^ XVHXUDXHTQVVDVHS6U@ 
XHQU
YRDVYQRUYZ
āQE0LP
8LWLSL-TZ£GLV
!S W
8-呸9 È7- %$!QOO WL RSXXRG -Q>-呸9 !S 2--68\M -WHO-,4 W
X"U
-,,6>2+YPQO9O
āR£Q2
‡W‡$ā,,ÈT9āDWWRSWQ
LO SS,:!6 H !SHPS£QE%--OLIR! 

^£R!
--91I
 %,%/,2*5$IO$

025(126HJXQGR\-RVp)LJXHURD
 (O OHYDQWDPLHQWRLQGtJHQDGHO POO UD\P GH  )(62$E\D<DOD4X
025(12 )HUQDQGR\0R\D 9HUyPFD
 0DSHR GH ODV FRPXQLGDGHV LQGtJHQDV GH OD VLHUUD HFXDWRULDQD
&2081,'(& 4XLWR
0251(5 0DJQXV
 &ODVHV (VWUDWRV\(OLWHVXQGLOHPDGHOKLVRQDGRUVRFLDO PLPHR (VWRFFOPR
0855$-RKQ
 L([LVWLHURQ HO WUtEXOR\ ORV PHUFDGRVDQWHVGH ODLQYDVLyQHXURSHD" HQ
/D
SDUWLFLSDFLyQ LQGtJHQDGHORVPHUFDGRVVXUDQGLQRV
&(5(6 /D 3D]
1(%27 -DLPH
 ,QWHUYHQFLyQHQ&DGHQD1DFLRQDOGH7HOHYLVLyQGH)HEUHURGH4XL
2-('$ 5DPyQ
 (Q 3HQVDPLHQWR$JUDULR(FXDPULDQR %&(\&((4XXR
3$5('(6 5LFDUGR
 $FHUFDGHOD 1DFLRQDOLGDG\ HO (VDGRHFXDWRULDQR HQ
/RV&RPXQLVWDVHQOD
KLVWRQDQDFLRQDO OLWRULDO 4DULGDG4XLOR
3/$7 7ULVWDQ
 (VWDGR%ROLYLDQR\$\OOR$QGLQR ,(U /LPD
3521$5(2
 0DSD GH$SWLXGFV$JUtFRODV OEDUUD\4XLWR 0$24XLWR
48,-$12 $QLEDW
 0RGHUPGDGLGHQWLGDG\XWRStDHQ$PpULFD/DXQD6RFLHGDG\SROtWLFD /LPD
48OO
,7(52 5DIDHO
 (O FDQOFWHUGH OD HVWUXFWXUD LQVWLWXFLRQDO GH UHSUHVHQWDFLyQ SROtWLFD HQ HO
HVWDGRHFXDWRULDQRGHO VLJOR ;,; 5HYLVWD&LHQFLDV6RFLDOHV9RO  1R
4XLWR
48,17(52 5DIDHO \ (QND 6LOYDā
 (FXDGRU XQDQXLyQHQFLHUQHV)/$&62$%<$<$/$ 4XLWR
5$021 *DOR
 (O &DELOGRGH2WDYDOR  0LPHR&$$3 4XLWR
5$021 *DOR
 ,QGLRV &QVLV\ 3UR\HFWR3RSXODU$OWHUQDWLYR&$$34XLWR
5$021*DWRā
 /RV LQGLRV \ OD &RQVWLWXFLyQ GHO (VWDGR 1DFLRQDO 3FQHQQD SDUD HO ,;
VLPSRVLROQWHUQDFHRQDOGHOOLVWRULD(FRQyPLFD /DVFRPXQLGDGHVFDPSHVLQDV
HQORV$QGHVGHO VLJOR ;,; )/$&62&/$&62 PDU]R4XLWR
5F??2
? *DOR
O6 /D 5FVLVWHQLD$QGLQDā &DSPEH  &$$3 *XLWH

8<2呸 *L2

 (OSFFHU! ORV1RUDQGLQRV&$$34XLWR
$呸呸-
B] VGH UQD 'pFDGD *DQDGD 7QEXV &RPXQG-G&6 \ &PSHV HQ K
呸呸呸G&
8呸,'(&4XLWR


 3W
āPR
-I&--
86OGQVÈHSO$QVS),82,6OO
3,,
6II
O
2OG ?>1829?L  

9G=96
āXVXR6O0‡V—Q£X呸
O>,2=āO
3OOž$?QULSX\MMM-8 4L`,S8O呸OOO,66`WSPSRX
 
!V
UQ
8682O6
$?

2::
8622O6$? DS 3OO36-$I82
-
O8 Q8-O/ 38WO
PSHQ
£ 8 VHSO=>,呸 呸:L LSRS呸LZ  XTRV 6,,2-OLIO6呸8I V FS 66OOO`6 
S£HD
:1<-6
2OIQ4
99$ā9$9āSJ
SHS8—呸OMLS62,,: 62 =
WL£—9$
O-6
āWQ4
/ 296:,,

RVHDWD 22:&3!2I26 SRG£LS6"£XVVRMRSXHZ
421RSO-QX
āVRXX—RUQQQ62L
-3 W
-IOO>Q,6È"
-2OO-O,:2MH£ HVRXWGVQ£ 6O2GO" VR =,
-I:3
OOO?
419
IILI6
āQ2
R!-2D!
OL6R£RDOLZRXZ /,
-:I3O",?
219
OQO6

2OIQ4
22::
82呸1LSR£LQ 
XH--20
/4OOU
LO6


9O:
$DTY
,
1 O"8-SX£
XH-Q3 X
8IOOO
O-OO6, O ?,,82 8
3,,8,
O-ZZ OO S VH:- 
"62I
G-H-=(+-196
OQ4
GYY!
LWāR1 £HT4-RSYQ
VWSHXXR- H£ORSHV
HXJ 
G-H-
=-+-196

G99-
YXSXHSHSXQZRRHW XDUDSRG S HZZ£ 
"I-H-
+-1<6

1-
WW2$
-RSHQJ£!SO-,6+ HP1
X
/`Wā6=`O
SS08, XXRTH SHS呸 S 83O:-2-68O"-, È 6@6- 
£XH
VURZRUYV
QR



 1 O-U!-£Q-
-2SQJO
XXI£SXO呸OO
,66!- ,>È :6I8O:OOM6 > 6
O
>8:-
12呸2
-96
6@28,,-
66--628>,,-2 ȣ@L08Q
OXHT£Q
3
RSHQJ ZSRU£ ž ÈO3OOOO@ -8O 682OO:-2-6,,,8OUQQ!

XH:-21

OO,0X
Q4ZL£—R1-2HZO-DQ—9RTZQ$L££-XP呸 
£XO-G
1RZRYV
W6Q>Q/

RDXPX
 SOOO,:O,8OO?> £ PSHQJX 62-,,,"VRXHXHFVH O 6---9

RXLTR0
919---96
āR£Q4
SOS-O2OOO-2O3
>O82S8 O-,6@OMH XL
VHWVUXQXUFRVF
,X 7,£HXRS,6VRZTRM,2>ÈOO,,8 3OO3,,?SOO-Y O
S-
DYYV
=呸-OO@O$ 8:OI+ MO
 %,%82*5$),$

,851(50DUN
 *XHUUD DQGLQD \ SROtWLFD FDPSHVLQD HQ HO VLWLR GH OD 3D]  3DSHU
SUHVHQWDGRHQG&RORTXLR3RGHU\YLROHQFLDHQORV$QGHV2XLWR
7255(6 YUFURU+XJR
P (GLRU /D (VFXHOD,QGLD OQHJUDFLyQRDILUPDFLyQpWPFD&2081,'(&
4XLWR
,75(5 5REVRQ
 7KH 'HPRJUDSKLF DQG HRRQRPLF KLVWRL\ RI $XGLHQFD RI 4XLWR OQGLDQ
SRSXODWLRQ DQG WH[DLO LQGXVWL\  7HVLV  8QLYHUVLGDG GH
&DOLIRPD %HUNHOH\
9(/$6&2GH-XDQ
 +LVWRULDGHO 5HLQRGH4XLWRHQ OD$PpULFD0HULGLRULDO  7RPRV , \ 
&&(4XLWR 呸
9(/$6&2 )HPDQGR
 5HIRUPD $JUDULD \ 0RYLPLHQ&DPS©LQR,QGtJHQD GHOD6LHUUD(GLWRULDO
HO &RQHMR4XL
9(5'(6272 /XLV
 /DLQYFVWLJDFQHQ&LHQFLDV6RFLDOHVHQHO XDGRUDFWXDO,/'O6$SRUWH1R
4XLWR
9(5'8*$ FWVDU
 'HVDUUROORGHO&DSLWDOLVPRHQHO$JURHFXDRULDQR H LQWHUYHQFLyQHVWDWDO XQ
HVFRHF SUHOLPLQDU HQ &KLULERJD 0DQXHO (O 3UREOHPD DJUDULR HQ HO
XDGRU ,/',6 4XLWR
9(5'8*$ &pVDU
 ,QWHUYHQFLyQHQOD&2QIH呸QFLDOQOHPDFLRQDO O\OD SREODFLRQLQGtJHQDHQ
ODV $PRQFDV (QHUR 4XLUR
9,//$9,&(1&,20DQHO
 /D *HRJUDItDGHO (FXDGRU
:$0$13XPD )HOLSH
 1XHYD &UyQLFD \ %XHQ *RELHUQR (GLFLyQ 0XUUD \ $GRUQR 6LJOR ;;,
0W[LFR
:+,7$.(5 0RPV
 (OUROGHODDJULFXOWXUDHQHO XHVHUURQRHFRDRQQFRHHU (FXDGRU,'($4LWR