0,72/2*$81,9(56$/

/8*$5(60,7,&26

1XHVWURVDQWHSDVDGRVVHVLQWLHURQLQVDWLVIHFKRVDQWHODSREUH]DGHDFRQWHFLPLHQWRVTXHVXYLGDFRWLGLDQDOHVGHSDUDED$GHPiVDOLJQRUDUHOYHUGDGHURDOFDQFHGHFLHUWRVIHQyPHQRVQDWXUDOHVFRPRHOUD\R\HOWUXHQRTXHVHSURGXFtDQFXDQGRVHGHVDWDEDXQDWRUPHQWDHQRFDVLRQHVVHQWtDQLQFHUWLGXPEUH\PLHGR0LHGRDODPXHUWHDOKDPEUHDODHQIHUPHGDGDODLQPHQVLGDGGHOFRVPRVDORGHVFRQRFLGR\DODVROHGDG

$VtORVGLRVHVVXSHUDEDQDORVKRPEUHVHQHVWDWXUD\HQEHOOH]D\DXQTXHVXDVSHFWRH[WHUQRVHDVHPHMDHQORFRUSRUDODOGHORVKXPDQRVVLQHPEDUJRVXYLJRUHUDWDOTXHVLSRUHMHPSORHOJUDQ=HXVSDGUHGHWRGRVORVGLRVHVVDFXGHVXVGLYLQRVEXFOHVFRPRGLFHQORVSRHWDVJUHFRODWLQRVTXHUHFRJLHURQODVKD]DxDV\DQGDQ]DVGHORVGLRVHVHQVXVREUDVWLHPEODHO2OLPSRHQWHUR

HWUHV]DQFDGDVVDOYDHQRUPHVGLVWDQFLDV3RVLGyQHOGLRVGHOPDUDTXLHQODVDJXDVOHDEUHQFDPLQRFXDQGRVHORRUGHQD

(QXQRVLQVWDQWHVODGLRVDGHODVDUWHV3DODV$WHQHDHVFDSD]GHVDOWDUGHO2OLPSRDODVPLVPDVSOD\DVGH,WDFD

7RGRORTXHKDFHQORVPRUWDOHV\ORVKXPDQRVHVDGYHUWLGRSRUHOSRGHURVR=HXVTXHGHVGHVXWURQRHQHO2OLPSRYLJLODFRQSHUVLVWHQFLD

/RVGLRVHVWLHQHQODVPLVPDVQHFHVLGDGHVTXHORVKXPDQRV1HFHVLWDQGHVFDQVDU\DOLPHQWDUVHDXQTXHSXHGHQDJXDQWDUPXFKRPiVWLHPSRTXHORVPRUWDOHVVLQFRPHUQLEHEHU(OQpFWDU\ODDPEURVtDFRQVWLWX\HQVX~QLFRDOLPHQWR7DPELpQVHFXEUHQFRQYHVWLGRVGHKHUPRVDV\ULFDVWHODV\HQVXHOHFFLyQ\GLVHxRSDUWLFLSDQQLQIDV\GLRVDV

/DYLVWDGHORVGLRVHVOOHJDPXFKRPiVDOOiTXHODGHFXDOTXLHUPRUWDO6XRtGRHVWDQDJX]DGRTXHQRWLHQHOtPLWHVSXHVGHVGHORVPiVUHFyQGLWRV\DSDUWDGRVOXJDUHVVHOHVGLULJHQSUHFHV\V~SOLFDVVLQTXHSRUHOORVHDUHTXHULGDVXSUHVHQFLD

,10257$/(6

GLRVHVOHSHUGRQy\KDVWDORWUDMRDO2OLPSRSDUDTXHDFWXDUDFRPRVXDVHVRU\FRQVHMHUR&ODURTXHDQWHV\DKDEtDGHUULEDGRD(URVR&XSLGRSDUDTXLWDUOHODVIOHFKDV\HOFDUFDMORFXDOSXHGHH[SOLFDUODIDOWDGHDIHFWR\DPRUHQGHWHUPLQDGDVpSRFDVKLVWyULFDV

6LQHPEDUJRODPD\RUYHQWDMDTXHORVGLRVHVSRVHHQVREUHORVKXPDQRVQRHVVRODPHQWHVXHWHUQDMXYHQWXG\EHOOH]D\ODWRWDODXVHQFLDHQHOORVGHFXDOTXLHUHQIHUPHGDGRGROHQFLDVLQRVXHWHUQDSUHVWDQFLDVXLQPRUWDOLGDG/RVGLRVHVQRHQYHMHFHQQLSLHUGHQIDFXOWDGHVItVLFDVRHVSLULWXDOHVQLPXHUHQ+HDTXtODVJUDQGHVGLIHUHQFLDVHQWUHHOORV\ORVKXPDQRV

$XQTXHHQDOJXQDRFDVLyQORVGLRVHVSRGtDQFRPHWHUDOJXQDIHFKRUtDGHULYDGDGHODHQYLGLDRGHORVFHORVORFLHUWRHVTXHDERUUHFtDQWRGDLQMXVWLFLD\WRGDPDOGDGGHVSUHFLDEDQORLPSXUR\FDVWLJDEDQDORVKXPDQRVTXHLQIULQJtDQODVQRUPDVPRUDOHV\pWLFDV

(/(1&$172(/2/,032

/DDODEDQ]DGHDOJXQRVOXJDUHVFDUJDGRVGHVHGXFFLyQ\HPEHOHVRQRFHVD8QD\RWUDYH]UHQDFHQHQODKLVWRULDPDVQLQJXQRLJXDODUiDO2OLPSRODJUDQPRQWDxDHQFODYDGDHQORVFRQILQHVGHPDFL]RV\FRUGLOOHUDVLQDFFHVLEOHV\UHFyQGLWRV

$GHPiVGHO2OLPSRGH7HVDOLDFX\DFLPDVHKDOODEDDWUHVPLOPHWURVGHDOWXUDSRUORTXHVLHPSUHVHHQFRQWUDEDFXELHUWRGHQLHYHHOQHYDGR2OLPSR\RFXOWRSRUODVQXEHVHQ*UHFLDDFRWDGRSRUFDGHQDVPRQWDxRVDVFRPRODGH2VVD\SRUSURIXQGDVJDUJDQWDVFRPRODGH6HOHPYULDKDEtDWDPELpQRWURVOXJDUHVTXHVHDVRFLDEDQFRQODIDQWiVWLFDPRUDGDGHODVGHLGDGHVSRGHURVDV(OSULPHURGHHVWRVVLWLRVVHKDOODEDDODYHUDGHOWHUVRODJRGH$SRORQLDHQODUHJLyQGH0LVLD(OVHJXQGRHQ&KLSUHHOWHUFHURHQ(OLGH\ILQDOPHQWHHQFXDUWROXJDUVHKDPHQFLRQDGRDODLGtOLFDWLHUUDGHOD$UFDGLD/DDOWXUDGHWRGRVORVPRQWHVUHVHxDGRVHUDVXSHULRUDGRVPLOPHWURV\SDUDOOHJDUDVXVHVFDUSDGDVFUHVWDVORVGLRVHVVHUHPRQWDEDQSRUORVDLUHVKDVWDDOFDQ]DUODVDOWXUDVGHO2OLPSR

(O2OLPSRQRREVWDQWHVHFRQVWLWX\HHQODSULPHUDXWRStDYRFDEORTXHOLWHUDOPHQWHVLJQLILFDQRKD\OXJDUGHWRGRVORVWLHPSRV

(QHOSyUWLFRGHO2OLPSRVHVLHQWDQORVGLRVHVSDUDFHOHEUDUFRQVHMR8QDXUDGRUDGDORVHQYXHOYH\SURWHJHSXHVOD$XURUDGHD]DIUDQDGRVYHORVVHHVSDUFtD\DSRUWRGDODWLHUUDFXDQGR=HXVDPRGHOWUXHQRUHXQLyODDVDPEOHDGHGLRVHVHQODPiVDOWDGHODVFXPEUHVGHO2OLPSR

$\HUIXH=HXVDO2FpDQRDOSDtVGHORVSURERVHWtRSHVSDUDDVLVWLUDXQEDQTXHWH\WRGRVORVGLRVHVOHVLJXLHURQHDTXtDGRFHGtDVYROYHUiDO2OLPSR

(O2OLPSRHUDSRUORGHPiVHOVLWLRDSURSLDGRSDUDTXHODVDVDPEOHDVGHORVGLRVHVVHOOHYDUDQDFDERFRQODSUHVHQFLDGHODVGHLGDGHVVXSHULRUHV\GHVHJXQGRRUGHQ/DIDOGDGHO2OLPSRHVWDEDRFXSDGDSRUHIHERVQLQIDVKpURHV\PXVDV

(QHO2OLPSRQRVyORGHOLEHUDQORVGLRVHVVLQRTXHWDPELpQVHGLYLHUWHQ\HQWUHWLHQHQ(OHVSOpQGLGRSDODFLRGH=HXVORVDFRJHHQRFDVLRQHVSDUDFRPHUHQFRPXQLGDG+HEHODGLRVDGHODMXYHQWXGOHVVHUYLUiHOVXDYHOLFRURQpFWDUSXHVWDOHVODPLVLyQTXHVXSDGUH=HXVOHKDHQFRPHQGDGR0iVXQGtDIDWtGLFRODKHUPRVD+HEHQRSXHGHFRQHOMDUURDWHVWDGRGHOtTXLGR\VHOHUHVEDODGHVXVILQDV\GHOLFDGDVPDQRVURPSLpQGRVHHQPLOSHGD]RV(VWHFRQWUDWLHPSRWUDHUiFRQVLJRODH[SXOVLyQGH+HEHSRUSDUWHGH=HXVHQSUHVHQFLDGHORVGHPiVGLRVHV$SDUWLUGHDKRUDXQEHOORPXFKDFKRODVXVWLWXLUiVHWUDWDGHOMRYHQHIHER*DQLPHGHVFRQRFLGRFRPRHOFRSHURGHORVGLRVHV\HOPiVEHOORGHORVPRUWDOHV

XUDQWHVXViJDSHV\EDQTXHWHVORVGLRVHVHVFXFKDEDQODFtWDUDPHORGLRVDGH$SROR\ODVGXOFHVFDQFLRQHVGHODVQXHYHPXVDVODVFXDOHVKDEtDQOOHJDGRDO2OLPSRHQHOFDEDOOR3HJDVRTXHPHUFHGDVXVDODVDOFDQ]DEDYHORFLGDGHVGHYpUWLJR(QFXDQWRD$SRORSHUVRQLILFDODFODULGDG\ODOX]\HUDKLMRGH=HXV(UDGHVSXpVGHpVWHHOPiVLPSRUWDQWHGHORVGLRVHVGHO2OLPSR\SUHVHUYDEDDORVPRUWDOHVGHODRVFXULGDG\GHOFULPHQ

$SRORVLHPSUHOOHYDEDVXOLUDHQODPDQR\HQXQDRFDVLyQFRORFyGRVRUHMDVGHEXUURDOOHJHQGDULRUH\0LGDVDTXHOTXHKDEtDSHGLGRFRPRGHVHRDORVGLRVHVTXHOHFRQFHGLHUDQHOGRQGHFRQYHUWLUHQRURWRGRORTXHWRFDUDODFRQVHFXHQFLDGLUHFWDIXHTXHWXYRTXHUHWUDFWDUVHSXHVGHORFRQWUDULRVHKXELHUDPXHUWRGHKDPEUH\DTXHHORURQRVHUYtDFRPRDOLPHQWRSRUTXHpVWHKDEtDPDQLIHVWDGRTXHSUHIHUtDODP~VLFDGHODIODXWDGHRWURVGLRVHVDOVRQLGRDUPRQLRVRGHODOtUDGH$SROR

/DVGLIHUHQWHVGHLGDGHVSDUDPDQWHQHUHQORSRVLEOHVXVLPLOLWXGFRQORVKXPDQRVVHHQFXHQWUDQXQLGRVHQHO2OLPSR\IRUPDQXQDFRPXQLGDGFHOHVWLDODOIUHQWHGHODFXDOVHHQFXHQWUD=HXVUH\GHORVGLRVHV\SDGUHGHORVKRPEUHV/RVGLRVHVGHORVRFpDQRV\GHODVDJXDVGHEHQREHGLHQFLDD3RVLGyQ\ORVGLRVHVGHOPXQGRVXEWHUUiQHR\GHODWLHUUDVHHQFXHQWUDQDODVyUGHQHVGH+DGHVGLRVGHODVSURIXQGLGDGHV\GHORVPXHUWRVDOTXHORVPRUWDOHVQROHOODPDEDQSRUVXQRPEUHFXDQGRGHVDUUROODEDQULWRVHQVXKRQRUSRUPLHGRDHQFROHUL]DUOR3UHIHUtDQOODPDUOH3OXWyQ(O5LFRSRUTXHWRGRVORVPHWDOHVGHODWLHUUDOHSHUWHQHFtDQR&OtPHQR(O,OXVWUHHStWHWRRWtWXORHVWH~OWLPRTXHVHXVDEDFRQODVRODLQWHQFLyQGHDGXODUOR

(;38/6,21(/2/,032

$OLJXDOTXHODVRFLHGDGGHORVKXPDQRVWDPELpQODFRPXQLGDGGHORVGLRVHVVHKDOODUHSOHWDGHHSLVRGLRVTXHFRQOOHYDQGHVDYHQHQFLDVHLQWULJDV

(QDOJXQRVFDVRVHOFDVWLJRLPSXHVWRHVODSURKLELFLyQGHVHJXLUPRUDQGRHQHO2OLPSRFRPRXQDHVSHFLHGHGHVWLHUUR3HURH[LVWHQRFDVLRQHVHQTXHVyORODOH\GHOPiVIXHUWHSUHYDOHFHUi\SRUORPLVPRVHKDFHQHFHVDULRHOHPSOHRGHODIXHU]D8QHMHPSORGHHVWR~OWLPRORFRQVWLWX\HHOPLWRGHORVPDORVYLHQWRVPX\HVSHFLDOPHQWHHOSHUVRQLILFDGRSRUHOPRQVWUXR7LIyQTXHVHJ~QODVOH\HQGDVQDFLyDUDVGHODVIXHUWHVGHVDYHQHQFLDV\GLVFXVLRQHVKDELGDVHQHO2OLPSRHQWUH=HXV\VXHVSRVD+HUDFRQVLGHUDGDFRPRODUHLQDGHO2OLPSR(VWDVHHQIXUHFLyWDQWRDFDXVDGHODEXUODGHTXHHUDREMHWRSRUSDUWHGH=HXVTXHVLHPSUHEXVFDEDRWURVDPRUHVTXHHQXQDUUHEDWRGHFHORVHQJHQGUyDOPRQVWUXR6XFXHUSRHVWDQJLJDQWHVFRTXHQLQJ~QKXPDQRQLKLMRGHODWLHUUDOHLJXDODHQWDOOD

7LIyQDGHPiVSHJDEDFRQVXFDEH]DHQODVHVWUHOODV\VXYROXPLQRVDILJXUDHUDVXSHULRUDORVPiVJUDQGHVPRQWHV6LH[WHQGtDVXVH[WUHPLGDGHVVXSHULRUHVFRQXQDPDQROOHJDEDKDVWDRULHQWH\FRQRWUDKDVWDRFFLGHQWH6XVGHGRV\VXVSLHUQDVHVWDEDQFRPSXHVWRVSRUFDEH]DVGHVHUSLHQWHV\YtERUDV6XFXHUSRHUDDODGR\SRUVXVRMRVGHVSHGtDIXHJR

7LIyQLQIXQGtDWDQWRPLHGRTXHWRGRVORVGLRVHVKXtDQDOYHUOHVyORHOSRGHURVR=HXVVHDWUHYtDDHQIUHQWDUVHFRQpO/HKLULyFRQVXVUD\RV\FRQVXJDUILRGHDFHURSHURVLQHPEDUJRQRFRQVLJXLyDEDWLUOHSRUFRPSOHWR(OPRQVWUXR7LIyQSRUVXSDUWHFRQVLJXLyLQIOLJLUXQGXURJROSHD=HXVDOFRUWDUOHVXVWHQGRQHV/RVRFXOWyHQXQDSLHOGHRVR\HQFDUJyVXFXVWRGLDDOGUDJyQHOILQHPLHQWUDVHOSURSLR7LIyQVHHQFDUJDEDGHHQFHUUDUHQXQDFXHYDGHODUHJLyQGH&LOLFLDDOGLRV=HXV

3HUR+HUPHVTXHFRPR\DVDEHPRVVHGDEDPX\EXHQDPDxDSDUDUREDUHQFRPSDxtDGH3DQGLRVGHORVUHEDxRV\TXHUHFRUUtDORVPRQWHVGHIRUPDYHOR]VLQWHQHUQHFHVLGDGGHGHVFDQVRUHFXSHUyORVWHQGRQHV$PERVORJUDURQFRORFDUORVGHQXHYRHQHOFXHUSRGHOGLYLQR=HXV\DOSXQWRpVWHUHFREUyWRGDVXIXHU]D\SHUVLJXLyD7LIyQKDVWDFRQVHJXLUYHQFHUORSRUFRPSOHWR/RVHSXOWyGHEDMRGHOYROFiQ(WQD\VHJ~QFXHQWDQORVUHODWRUHVGHPLWRVGHVGHHQWRQFHVFDGDYH]TXHDTXpOHQWUDHQHUXSFLyQHVFRPRVLHOPRQVWUXR7LIyQYRPLWDUDIXHJR\D]XIUH

8QHMHPSORGHH[SXOVLyQGHO2OLPSRORHQFRQWUDPRVHQODOH\HQGDGH$WHGHLGDGGHODGLVFRUGLDpVWDKDEUtDFRQVHJXLGRSRUPHGLRGHLQWULJDVTXH+HUDORJUDUDHQJDxDUD=HXVHYLWDQGRDVtTXHHOWURQRGH$UJRVIXHUDSDUD+HUDFOHV+pUFXOHVHOPiVJUDQGHGHORVKpURHVGH

HQWRQFHV0iVFXDQGRHOHPEXVWHIXHGHVFXELHUWRSRUHOSDGUHGHORVGLRVHV\GHORVKRPEUHVODFyOHUDVHDSRGHUyGHpO\H[SXOVyFRQPDORVPRGRVGHO2OLPSRDODPDOpYROD$WHHVGHHQWRQFHVDQGDHUUDQWHSRUORVOXJDUHVGHORVKXPDQRV\VHODFRQRFHFRPRLQVSLUDGRUDGHOGDxR\HOPDO

(/3$51$62

([LVWHQRWURVOXJDUHVTXHKDQVHUYLGRDORVGLRVHVGHUHIXJLR\TXHDSDUHFHQFDUJDGRVGHOH\HQGDV

$OJXQRVGLRVHVVHFDUDFWHUL]DEDQSRUXQDIHEULODFWLYLGDG\FXDQGROOHJDEDODHVWDFLyQHVWLYDOVHHQFDUJDEDQGHUHSDUWLUFDORU\OX]SRUGRTXLHU7DOHUDHOFDVRGH$SRORGLRVGHODPHGLFLQDGHODSRHVtD\GHODP~VLFDSURWHFWRUGHORVFDPSRV\GHORVSDVWRUHV\VXVUHEDxRVTXHYLYtDHQODVDOWDVFXPEUHVGHO3DUQDVRHQFRPSDxtDGHODV0XVDV6HRFXSDEDGHHQVHxDUOHVHODUWHGHODDGLYLQDFLyQHQORFXDOHVWDEDPX\GXFKR6HGLFHTXHOHtDHOIXWXUR\SRUHOORVHOHHQFDUJyFRQIHFFLRQDUODVUHVSXHVWDVGHO2UiFXORGHHOIRV

(O3DUQDVRVHHQFRQWUDEDHQXQPRQWHH[WHQVRGHODUHJLyQGHOD)yFLGD$OFRPLHQ]RGHODSULPDYHUDHUDDWUDYHVDGRSRUXQWRUUHQWHGHDJXDTXHFRUUtDKDVWDHODQILWHDWURGHHOIRV\VHLQWURGXFtDHQORVYHUGHVYDOOHVGH3ODVWRVKDVWDLQXQGDUORV

/DHVFDUSDGDFXPEUHGHO3DUQDVRVHJ~QFXHQWDQODVOH\HQGDVVLUYLyGHUHIXJLRDORVKLMRVGH3URPHWHRORVFXDOHVVHVDOYDURQGHPRULUDKRJDGRVFXDQGR=HXVGHFLGLyDFDEDUFRQORVKXPDQRVSRUPHGLRGHODOOXYLD3HURODVDJXDVQRDQHJDURQHO3DUQDVR\SRUORPLVPRODHVSHFLHKXPDQDQRVXFXPELy

(QODIDOGDGHOPRQWH3DUQDVRVHHQFRQWUDEDODIXHQWHGH&DVWDOLDFX\DVDJXDVWHQtDQODSURSLHGDGGHLQVSLUDUDTXLHQHVDOOtEHELHUDQ3RUWRGRHVWRHUDXQOXJDUYLVLWDGRDPHQXGRSRUORVSRHWDVHQEXVFDGHVXPXVD

/RVUHODWRVPiVDQWLJXRVH[SOLFDQTXHHOQRPEUHGH&DVWDOLDORKDUHFLELGRODIXHQWHHQPHPRULDGHXQDMRYHQGHHOIRV&RPRpVWDIXHUDSHUVHJXLGDSRUHOHQDPRUDGL]R$SROR\QRWHQLHQGRLQWHQFLyQGHFHGHUDODVSUHWHQVLRQHVGHOPXMHULHJRGLRVSUHILULyWLUDUVHDODJXD\DVtSHUHFHUDKRJDGD

%$-2/26&$0326(/,6(26

6LHO2OLPSRHVHOPRQWHVDJUDGR\UHSUHVHQWDFRQVXYHUWLFDOLVPRKDFLDORFHOHVWHHOVHQWLGRGHODWUDVFHQGHQFLD6LHVPRUDGDGHGLRVHV\PXVDV6LHQVXVFXPEUHVRFXOWDVDORVRMRVGHORVKXPDQRVVHXQHHO

FLHORFRQODWLHUUD

VRPEUtROXJDUGHPXHUWH\GHVRODFLyQHUDQHFHVDULRDWUDYHVDUODVHQIDQJDGDVDJXDV3DUDWDOPHQHVWHUVHKDFtDQHFHVDULRFRQWUDWDUORVVHUYLFLRVGHXQFUXHOSHUVRQDMHHOEDUTXHUR&DURQWHTXHH[LJtDDORVPXHUWRVD~QQRVHSXOWDGRVOHSDJDUDQSRUVXVVHUYLFLRV6LQRWHQtDQVXILFLHQWHGLQHURORVJROSHDEDFRQVXVUHPRV\OHVKDFtDEDMDUGHVXEDUFDSRUORTXHYDJDUtDQGHXQODGRDRWURVLQFRQRFHUQXQFDUHSRVRQLQJXQR(VWDWHQHEURVDPRUDGDVXEWHUUiQHDDODTXHDFXGtDQWRGRVORVPDOYDGRVSHUPDQHFtDDGHPiVUHVJXDUGDGDSRUXQIHUR]YLJLODQWHHO&DQFHUEHURXQHQRUPHSHUURGHWUHVFDEH]DVTXHDOHMDEDFRQVXVWULSOHVDXOOLGRVDWRGRVORVYLYLHQWHVTXHSUHWHQGLHUDQHQWUDUHQHO7iUWDUR\DOPLVPRWLHPSRLPSHGtDTXHVDOLHUDQODVDOPDVGHORVFRQGHQDGRV

(O7iUWDURSRUORGHPiVFRQVWLWXtDHOGRPLQLRGH+DGHV3OXWyQGLRVGHORVLQILHUQRVTXHKHUHGyHOPXQGRVXEWHUUiQHR\JRELHUQDVREUHORVPXHUWRVTXHHVWHPLGRSRUHOPiVUHSXJQDQWH\WHUULEOHGHORVGLRVHV

(QHO7iUWDURWDPELpQVHHQFXHQWUDQSULVLRQHURVORVJLJDQWHVTXHLQWHQWDURQRIHQGHUDODPDGUHGH$SROR6XFDVWLJRFRQVLVWtDHQFRQWHPSODUXQDIXHQWHGHDJXDVFULVWDOLQDV\XQiUEROFDUJDGRGHIUXWRVSHURDORVTXHQRSRGtDQDFHUFDUVHDSHVDUGHHVWDUPXULpQGRVHGHVHG\KDPEUH

7DPELpQVHHQFXHQWUDQHQHO7iUWDURODVDQDLGHVKLMDVGHiQDRTXHPDWDURQDVXVPDULGRVH[FHSWRXQDGHHOODVWRGDVODVGHPiVIXHURQFRQGHQDGDVDORVLQILHUQRVHQGRQGHVHHVIXHU]DQHQOOHQDUGHDJXDXQDEDUULFDVLQIRQGR

(O7iUWDURHVWDEDUHSOHWRGHGHVGLFKDUHPRUGLPLHQWRVHQIHUPHGDGHV\PLVHULDV

$OOtVHHQFRQWUDEDQ

/D*XHUUDFKRUUHDQGRVDQJUH/D0LVHULDYHVWLGDFRQDQGUDMRV7RGRVORVPRQVWUXRVLPDJLQDEOHV4XLHQHVKDEtDQRGLDGR\PDOWUDWDGRDVXVSDGUHVRKHUPDQRV/RVWUDLGRUHV\PHQWLURVRV/RVVHUYLGRUHVLQILHOHV/RVDYDULHQWRV/RVJREHUQDQWHVUH\HV\SUtQFLSHVTXHKDEtDQOOHYDGRDVXVSDtVHVDJXHUUDVLQMXVWDV

)/(*(7217(1$52(5(%225&86$48(5217(

/RV~QLFRVSHUVRQDMHVDSWRVSDUDDGPLQLVWUDUMXVWLFLDSRUDVtGHFLUORHUDQ0LQRVUH\GH&UHWD\VXKHUPDQR5DGDPDQWR\WDPELpQ(DFRTXHJREHUQDEDODLVODGH(JLQD

+DEtDGHOHJDGRHQHOORVHOGLRVGHORVDELVPRVVXEWHUUiQHRVHVGHFLU+DGHV3OXWyQSRUTXHJR]DEDQGHJUDQSURELGDG\KRQUDGH]7RGDVODVDOPDVGHORVPXHUWRVWHQtDQTXHFRPSDUHFHUDQWHHOWULEXQDOIRUPDGRSRUHVWRVWUHV\DFHGRUHVLPSODFDEOHV

/RVFRQGHQDGRVDORVWRUPHQWRVGHO7iUWDUR\DQRSRGUtDQDEDQGRQDUWDQVLQLHVWURHLQIHUQDOOXJDUHOFXDOSHUPDQHFtDDPRMRQDGRSRUWRGRVODGRVQRVyORFRQVyOLGDVIRUWLILFDFLRQHV\PXURVVLQRWDPELpQSRUHOFDXGDORVR\SURIXQGRUtR)OHJHWyQTXHHQOXJDUGHDJXDOOHYDEDIXHJR\FDQWRVGHJUDQWDPDxRTXHDOFKRFDUSURGXFtDQXQUXLGRDSRFDOtSWLFR

(OUtRTXHWHQtDQTXHDWUDYHVDUODVDOPDVGHORVPXHUWRVVLHPSUHTXHHOEDUTXHUR&DURQWHHVWXYLHUHGLVSXHVWRDHOORSDUDVHUMX]JDGDVHQQRPEUHGH+DGHV3OXWyQUHFLEtDHOQRPEUHGH$TXHURQWH6XVDJXDVDSHVWRVDVHUDQODSHUVRQLILFDFLyQGHXQKLMRGH+HOLR6RO\GH*HD7LHUUDOODPDGR$TXHURQWH\DOTXHVHJ~QQDUUDQWRGDVODVOH\HQGDVFDVWLJyHOSRGHURVR=HXVORFRQYLUWLyHQSHVWLOHQWHUtRVXEWHUUiQHRSRUTXHKDEtDGDGRGHEHEHUDORV*LJDQWHVFXDQGRpVWRVOXFKDEDQFRQWUDDTXpOSDUDFRQVHJXLUHOGRPLQLRGHOPXQGR&RPRVHVDEHODYLFWRULDILQDOIXHSDUDHOJUDQ=HXV

2WURGHORVOXJDUHVPtWLFRVDVRFLDGRVDO7iUWDUR\DORLQIHUQDOHUDODURFDGHODUHJLyQGH/DFRQLDTXHDOEHUJDEDHQXQRGHVXVH[WUHPRVXQDHVFDEURVDFDYLGDGGHODFXDOHPDQDEDQWRGDFODVHGHPDORV\QDXVHDEXQGRVRORUHV6HFUHtDTXHHQVXDELVDOSURIXQGLGDGHVWDEDHO7iUWDUR\EXHQDSUXHEDGHHOORHUDODWXIDUDGDYDSRURVDTXHVDOtDSRUODERFDGHODFDYHUQDRVFXUD(VWHHVFDEURVRSHxDVFRHUDFRQRFLGRSRUWRGRVORVKDELWDQWHVGHODFLWDGDUHJLyQFRQHOQRPEUHGH7pQDUR

/RPLVPRVXFHGtDFRQHO(UHERDTXLHQVHOHWHQtDSRUKLMRGHO&DRV\SRUSHUVRQLILFDFLyQGHORWHQHEURVRGHODQRFKH\GHORVRPEUtR

7DPELpQHOQRPEUHGH2UFXV2UFRVHDVRFLDFRQIUHFXHQFLDDO7iUWDUR\DORVLQILHUQRV$YHFHVVHORGHILQHFRPRXQDGHLGDGTXHJRELHUQDHQHOUHLQRGHODPXHUWH(OVHQWLGRGHODIUDVHHQYLDUDO2UFRVLJQLILFDUtDPDQGDUDDOJXLHQDODWpWULFDPDQVLyQGHORVPXHUWRV

LRVHV\KpURHVVXSHUDQDORVKXPDQRVHQEHOOH]DHQMXYHQWXG\HQYLJRU

=(86-83,7(5

=HXV\DVHKDGLFKRIXHHOWHUFHURGHORVKLMRVGH&URQRV\5HD\HOPiVLPSRUWDQWHGHWRGRV

3HURQRHVWDEDQVRODVODVQLQIDVOHVDFRPSDxDEDQRWURVKLMRVGH5HDORV&XUHWHVTXLHQHVSURWHJtDQFRPRJXHUUHURVODYLGDGHOQLxR\FRQHOHVWUpSLWRGHVXVDUPDV\HVFXGRVHYLWDEDQTXHVHILOWUDVHHOOODQWRGHODFULDWXUDPDUFDQGRVXSUHVHQFLDHQODFXHYDGHLFWHORTXHKXELHVHGDGRDOWUDVWHFRQWRGRHOFRPSOLFDGRSODQGHVHJXULGDGPRQWDGRSRU5HD

=(866(&219,(57((15,9$/(&52126

&UHFLyHOKLMRHVFRQGLGRKDVWDKDFHUVHWRGRXQJHQWLOPXFKDFKRSHURQRHUDVXSURJUDPDHOGHKDFHUVHXQKRPEUHSRUVXFXHQWDDQWHVWHQtDTXHUHDOL]DUVXSDUWHHQODWUDJHGLDHVHSDSHOWDQGHGLRVHV\KpURHVGHODOH\HQGDHOGHYHQJDGRUGHVXVGHYRUDGRVKHUPDQRV&RQODD\XGDGH5HDHOEXHQPR]RHQWUyDOVHUYLFLRGHOSDGUHFRPRFRSHURGHVXFRQILDQ]DHQVXFRSDSXVRHOEUHEDMHSUHSDUDGRSDUDHOGLRVGpVSRWDHLQIDQWLFLGD\pVWHYRPLWyODSLHGUDTXHILQJLyVXFXHUSR\WUDVHOODDVXVWUHVKHUPDQRV

(VWDEDQWRGRVORVKHUPDQRVUHVXFLWDGRV\UHXQLGRV\HVHHUDHOPRPHQWRGHKDFHUXQDDOLDQ]DSDUDWHUPLQDUFRQHOSRGHUGH&URQRV=HXVGHEtDHQFDEH]DUODOXFKD\SXHVWRTXHWDQELHQKDEtDOLEUDGRVXEDWDOODpOOHVFRQGXFLUtDFRQWUDHOYLHMR\RGLDGR&URQRVTXLHQQRPEUyDOJLJDQWH$WODQWHFRPRMHIHGHVXVKXHVWHVLH]DxRVKDEUtDGHGXUDUWDQVLQJXODUJXHUUDGLH]DxRVHQORVTXHQRSDUHFtDGHFDQWDUVHODYLFWRULDKDFLDQLQJXQRGHORVEDQGRVHQIUHQWDGRV

*HDOD0DGUH7LHUUDTXH\DKDEtDVLGRHVHQFLDOHQODRSHUDFLyQGHVDOYDPHQWRGHOQLxR=HXVIXHTXLHQGHFLGLyODVXHUWHILQDO&RPXQLFyD=HXVODFODYHHVWUDWpJLFDOLEHUDUD&tFORSHV\JLJDQWHVGHVXFiUFHOGHO7iUWDUR/RV&tFORSHVKDEtDQVLGRSULVLRQHURVHQHO7iUWDURSRUUHEHOGtDDQWH8UDQR\GHVSXpVIXHURQOLEHUDGRVSRU&URQRVSDUDTXHOXFKDUDQGHVXODGRHQODQXHYD\GHILQLWLYDEDWDOODFRQWUD8UDQR7UDVJDQDUHOFRPEDWH&URQRVGHFLGLyTXLWDUVHGHOPHGLRDWDQSRGHURVRV\DJXHUULGRVDOLDGRV\ORVYROYLyDDUURMDUDODSULVLyQVLQHVSHUDQ]DGHO7iUWDUR=HXVPDWDQGRDODFDUFHOHUD&DPSHDSRGHUyGHODVOODYHV\SXVRHQOLEHUWDGDORVWUHV&tFORSHV\DORVWUHVJLJDQWHVGHORVFLHQEUD]RVSHURDGHPiVUHFLELyHOUHJDORGHOUD\RPLHQWUDVTXHVXKHUPDQR+DGHVUHFRJtDHO\HOPRGHODLQYLVLELOLGDG\3RVHLGyQVXWULGHQWH&RQHOFDVFRSXHVWRHOLQYLVLEOH+DGHVSXGROOHJDUKDVWD&URQRVTXLWDUOHODVDUPDV\HVSHUDUDTXHVHDFHUFDUD3RVHLGyQDPHQD]DGRUFRQVXWULGHQWH&XDQGR&URQRVWUDWDEDGHGHIHQGHUVHGHODPDJDGRDWDTXHGH3RVHLGyQ=HXVDWDFyFRQHOUD\R\GLRFRQ&URQRVSRUORVVXHORV$VXYH]ORVWUHVJLJDQWHVGHORVFLHQEUD]RVVHODQ]DURQFRQWUDORV7LWDQHV\HOHMpUFLWRHQHPLJRVHGLRDODIXJD\HO~QLFRUHVLVWHQWH$WODVVDOYyODYLGDSHURTXHGyFRQGHQDGRDVRVWHQHUHO8QLYHUVRWRGRVREUHVXVKRPEURVSRUHOUHVWRGHODHWHUQLGDG

(/+,-2(&521266(+$&(&21(/32(5

)LQDOPHQWHFRQHO7LWiQPi[LPRDEDQGRQDQGRHOFHWURHQPDQRVGHVXVKLMRVWHUPLQDGDODFUXHOEDWDOODFRPRGHEHWRGDOXFKDVLQFXDUWHOHQWUHSDGUHVHKLMRV6HKDEtDFXPSOLGRODYHQJDQ]DFRQWUDHOSDGUHFUXHOTXHHUDHOILQEXVFDGRLQHYLWDEOHPHQWHSRUORVFRQMXUDGRVKHUPDQRV\=HXVUHSDUWLyVLQYDFLODUODJORULD\HOSRGHUFRQVXVKHUPDQRVGHPDQHUDTXHDpOOHTXHGyHODPSOLRFDPSRGHORVFLHORVPLHQWUDVTXHPDU\PXQGRVXEWHUUiQHRSDVDEDQDVHUIHXGRVLQGLVFXWLGRVGH3RVHLGyQ\+DGHV

$OGLRVGHORVFLHORVQROHDSHWHFtDWHQHUHOSRGHUWRWDOVLQRODIHOLFLGDGPi[LPD\DKRUDJREHUQDEDHOPXQGRXQWULXQYLUDWRDUPRQLRVR\IUDWHUQDOHUDOOHJDGRHOPRPHQWRGHODVRWUDVSiJLQDVGHODYLGDOHJHQGDULDGH=HXVVXVDQGDQ]DVGHKRPEUHDWUDFWLYR\GHGLRVWDQDOHJUHFRPRLQFDQVDEOHHQVXVSDVLRQHV

*$1$$/$%$7$//$=(86(-$/$*8(55$

3HURD~QHVSURQWRSDUDKDEODUGHORVDPRUHVGH=HXV(VXQDSDUWHPiVODUJDDOTXHOOHJDUHPRVWUDVWUDWDUGHVXHVWDPSDGHODVSHFWRTXHQRVKDOOHJDGRWUDtGRSRUHVFULWRUHVRSRUUHSUHVHQWDQWHVGHODILJXUDKXPDQL]DGDGHOGLRV6HVDEtDIXHUWH\ORVHVFULWRUHVTXHOHGLHURQODSDODEUDOHKDFtDQYDQDJORULDUVHGHVXIXHU]DSHURQROHSUHRFXSDEDWDQWRVHUHOSULPHURFRPRPDQWHQHUVXOLEHUWDGSRUHQFLPDGHRWUDVFRQVLGHUDFLRQHV$YHFHVVHSUHVHQWDEDFRPRODVXSUHPDOH\RWUDVVHFRQYHUWtDHQDQLPDOGHDVSHFWRSDFtILFRSDUDSDVDULQDGYHUWLGR\UHPDWDUVXKD]DxD(VHOGLRVFRQWUDGLFWRULRJUDQGLRVR\KXPDQDPHQWHGpELOSRUHVRHVHOSULPHURHLQGLVFXWLGRUH\GHO2OLPSRDOTXHVHOHSHUGRQDQVXVGHVPDQHVIUHQWHDVXVPD\RUHVRVXVP~OWLSOHVFRQVRUWHV\SDULHQWHVDVFHQGLHQWHVRGHVFHQGLHQWHVDPiVGHVXVFRUUHUtDVFRQWRGDVODVGRQFHOODVTXHVHTXHUtDRFXOWDUGHVXGLYLQDSDVLyQGHDPDQWH

(/526752(=(86

=HXVVLHPSUHKDVLGRUHWUDWDGRGHXQPRGRIDYRUDEOHQRSRUFDVXDOLGDGVLQRSRUSURSLRVPpULWRV(VXQGLRVDWUDFWLYDPHQWHVLPSiWLFRDOTXHUHVXOWDIiFLODGRUDU\PXFKRPiVIiFLOHVFRPSUHQGHUTXHVHDTXHULGRSRUORVDUWLVWDVHVXQGLRVHQFDQWDGRUIXHUWHSHUROOHQRGHGHELOLGDGHVHQFRQWUDSRVLFLyQDRWURVPXFKRVGHVXFDWHJRUtDSHURGHOJUXSRTXHHVWiVLWXDGRHQHOODGRRVFXURGHOUHODWRHQHOHWHUQRSDSHOGHSHUVRQDMHVWHPLEOHVTXHUHSUHVHQWDEDQODLUDHOFDVWLJRODPXHUWHRHOGRORU=HXVSRUHOFRQWUDULRDSHVDUGHVHUXQGLRVGHOUD\R\HOWUXHQRHVJUDQGHSRUVXSRGHUSHURDGRUDEOHSRUVXLQFOLQDFLyQDODPRUMXJRVDPHQWHFDUQDODODSDVLyQLUUHJXODUHQOD

GXUDFLyQSHURQRHQODLQWHQVLGDG(VXQVHUSRGHURVR\PDJQtILFRSHURDOTXHOHJXVWDMXJDUOLPSLR\HQLJXDOGDGGHFRQGLFLRQHVHVXQGHFLUFRQODVPiVKHUPRVDVPRUWDOHVRFRQODVVREHUELDVFRPSDxHUDVGHO2OLPSR&XDQGRFDHHQXQUHQXQFLR=HXVWUDWDGHKXLUGHODVLWXDFLyQFRQFLHUWDGLJQLGDG\FRQPXFKRPiVKXPRU\HVRWLHQHTXHKDFHUORUHSHWLGDPHQWHDPHGLGDTXHVXVHJUHJLDVHVSRVDVGHVFXEUHQODLQILGHOLGDG\UHFRUUHQORVFLHORVSDUDWUDWDUGHUHSUHQGHUORRHFKDUOHHQFDUDVXFRPSRUWDPLHQWRGHVOHDO\KDVWDJURVHURFXDQGRWLHQHQTXHHQIXUHFHUVHFRQpOSRUVXVJXVWRVWDQUDVWUHUDPHQWHWHUUHQRVLRVHQHOFLHOR\DPDQWHLQIDWLJDEOHGHVYHUJRQ]DGR\WUDPSRVRHQHOVXHOR=HXVHVXQDSHUVRQDOLGDGDWUDFWLYDPHQWHGHVHDEOH&RQHOSLQFHORHOFLQFHOQRFDEHODPHQRUGXGDGHTXHHODUWLVWDKD\DTXHULGRSRQHUHQVXILJXUDWRGRORTXHGHDSHWHFLEOHWLHQHVXJUDGR\VXOH\HQGD7URQDQGRHQODVDOWXUDVRDPDQGRHQ&UHWDHOGLRVHVXQDDGPLUDEOHIRUPDGHSRGHUODSHUIHFWDFRPELQDFLyQGHUH\\DPDQWHDOJRTXHORVKRPEUHVKDQGHVHDGRDOFDQ]DUDXQTXHVyORIXHUDHQSDUWHDORODUJRGHORVVLJORV\GHORVPLOHQLRVVLQORJUDUORSRUTXHHVWDUHDTXHKDQSLQWDGRHVSHFLDOPHQWHSDUDORVGLRVHV\ORVGLRVHVKDQGHTXHGDUSRUIXHU]DOHMRVGHODOFDQFHGHORVORJURVKXPDQRV

520$$237$$/9,(-2=(86

&RQORVURPDQRVHQHOWLPyQGHODKLVWRULD=HXVVHLQVWDOyHQHO,PSHULRFRQHOQRPEUHGH-~SLWHU3DUDHVWDUDODDOWXUDGHODLPDJHQKHJHPyQLFDGHOODWLQRJXHUUHURYLFWRULRVR=HXVVHVXELyDXQDFXDGULJDWUDQVIRUPDGRHQXQ-83,7(5FRQGXFWRUGHFXDWURFDEDOORVEODQFRVORVPiVDLURVRVSRGHURVRV\SHUIHFWRVGHOHVWDEORFHOHVWLDO(UD\DHOKLMRGHOGHYRUDGRU6DWXUQRHOKHUPDQRYLFWRULRVRGHODJXHUUDFRQWUDHOPDOYDGRSDGUH\VXVFyPSOLFHVORV7LWDQHVMXQWRFRQHO1HSWXQRGHORVPDUHV\HO3OXWyQGHORVDELVPRV&RPRORVURPDQRVHUDQVREUHWRGRSUiFWLFRV\XWLOLWDULRVSXVLHURQDHVWHGLRVGHOUD\R\HOWUXHQRFRPRSDWUyQGHORVHOHPHQWRV\DpOVHUHFXUUtDSDUDDVHJXUDUVHGHTXHORVPHWHRURVQRVHGHVERFDVHQFRQWUDORVFDPSRVLPSHULDOHVGHPRGRTXHODOOXYLDOOHJDVHDWLHPSR\FRQODPRGHUDFLyQQHFHVDULDSDUDHOFUHFLPLHQWRPHVXUDGRGHOJUDQRODIUXWD\ODXYDPLHQWUDVTXHHOUD\RODQLHYHRHOJUDQL]RQRVHVDOLHUDQGHVXFDOHQGDULRVLQSRQHUHQSHOLJURHOWUDEDMRGHORVSLDGRVRV\DIDQRVRVDJULFXOWRUHVURPDQRV

$OLJXDOTXH=HXVHQOD$FUySROLV-~SLWHUHUDHOFHQWURGHODYLGDHQVXWLHUUDGHDGRSFLyQSUHVLGLHQGRGHVGHHO)RURURPDQRODYLGDFLYLO\UHOLJLRVDGHOPiVJUDQGHLPSHULRMDPiVKDELGR6XSRSXODULGDGHUDLQFRQWHVWDEOHWHQtDWRGDVODVQRWDVSUHFLVDVSDUDVHUHOSULPHURLQWHUSDUHVSRUVXJDODQXUD\VXWUD\HFWRULDHQOD+pODGHQDWDO&RQORV

DYDQFHVGH5RPDHQQXHYDVWLHUUDV-~SLWHUIXHDEUD]DGRSDUDVXFDXVDHQOHJDOPDWULPRQLRGH(VWDGRDODVGLRVDVGHSULPHUDOtQHDGHORVSDtVHVFRQTXLVWDGRVRDOLDGRV\JDQDQGRGHSDVRODVFDUDFWHUtVWLFDVPiVGHVWDFDGDV\WRGDVODVPHMRUHVYLUWXGHVGHORVGLRVHVDVLPLODGRVSRUHOFUHFLHQWHSRGHUGHODHFOpFWLFDPiTXLQDSROtWLFD\PLOLWDUODWLQD3RFRDSRFR-~SLWHUUHXQLyORVPD\RUHVWHVRURVItVLFRV\ODVPHMRUHVFXDOLGDGHVGHWRGRVORVSDQWHRQHVORFDOHVUiSLGDHLQWHOLJHQWHPHQWHDVLPLODGRVSRUORVYHQFHGRUHVTXHTXHUtDQPiVTXHYHQFHUFRQYHQFHUDORVQXHYRVV~EGLWRVLPSHULDOHVGHPRVWUDQGRVXDSUHFLRSRUODVUHOLJLRQHVGHOOXJDUTXHTXHGDEDQVLWXDGDVDODDOWXUDGHVXGLRVSULPHUR&RQFDGDXQDGHHVDVXQLRQHVVHLQFUHPHQWDODGRWHGHOGLRVSHURWDPELpQVHLEDKDFLHQGRPiVFRPSOHMDVXILJXUD\DTXHGHEtDDVLPLODUODVFRVWXPEUHV\ORVOD]RVIDPLOLDUHVGHORVGLRVHVDEVRUELGRVWDOYH]SRUHVR-~SLWHUUHGREODVXIDPDGHDPDQWHFRQYLUWLpQGRVHHQHOHVSRVROHJDORLOHJDOGHWDQWDVGLRVDVQLQIDVRVHPLGLYLQLGDGHVHPSDUHMDPLHQWRVTXHQRVRQPiVTXHYHUGDGHURVPDWULPRQLRVGH(VWDGRSDUDFRQWHQWDUDODVSDUURTXLDVORFDOHVGHFDGDGLRV\PHMRUDUODJREHUQDELOLGDGGHO,PSHULR/RVURPDQRVSUiFWLFRVDQWHVTXHQDGDWRPDQD-~SLWHUFRPRGLRV\FRPRHPEDMDGRU\ODFRPELQDFLyQOHVUHVXOWDPiVTXHHILFD]

/$9,$$02526$(=(86-83,7(5

=HXVDEXUULGRHQVX2OLPSRHWHUQRVHGHMDFDHUVREUHGRQFHOODVDSHWHFLEOHV\ORKDFHFRQLPDJLQDFLyQ\DOHJUtDDSDUHFLpQGRVHFRPRXQFLVQHHQDPRUDGR\WLHUQRFRPRXQDOOXYLDGHILQRRURRFRPRXQEULRVRWRURSRUQRH[WHQGHUQRVHQGHPDVtD/RVKLMRVKDELGRVGHWDQUDUDVXQLRQHVGHEHQTXHGDUFODVLILFDGRVGHPDQHUDHVSHFtILFDSDUDVHSDUDUORVGHORVOHJtWLPRVKDELGRVGHQWURGHOPDUFRROtPSLFR\OHJDO3DUDFRQRFHUPHMRUD=HXV-~SLWHUKHPRVGHHVWDEOHFHUFRQRUGHQVXVP~OWLSOHVUHODFLRQHVWHQGUHPRVTXHYHUVXPDWULPRQLRFRQ/HWRR/HWRQDRWURFRQHPpWHURWURPiVFRQ+HUDTXHHUDWDPELpQDSDUWHGHHVSRVDKHUPDQDGHOGLRVGHOFLHORPiVORVFHOHEUDGRVFRQ0D\D\LRQH3HURQRSRGUtDPRVROYLGDUORVFRQWDFWRVKDELGRVFRQ,RFRQiQDHFRQ$OFPHQDFRQ(JLQDFRQ/HGDFRQ(XURSDFRQ6HPHOHFRQ$QWtRSHFRQ&DOLVWRTXHHUDKHUPRVDQLQIDDSHVDUGHOHTXtYRFRTXHSXHGDGHVSHUWDUVXQRPEUHHQWUHQRVRWURVFRQ&OLPHQDFRQ0HQDOLSDFRQVXKLMD$IURGLWDFRQ-XQRFRQ(XULQRPHFRQ0QHPRVLQDFRQ&HUHVFRQVXRWUDKHUPDQD7HPLVHWF(QPXFKDVRFDVLRQHVFRPRDFDEDPRVGHFRPHQWDUHVWDVXQLRQHVQRQDFtDQGHOGHVHRGHOGLRVVLQRGHODFRQYHQLHQFLDGHO(VWDGRURPDQR\HOGLRV-~SLWHUWHQtDTXHSOHJDUVHDHOODVSDUDFRQJUDFLDUVHFRQORVQXHYRVV~EGLWRVLQFRUSRUDGRVDO,PSHULRDXQTXHDKRUDYDPRVDUHIHULUQRVVyORDORVDPRUHVFOiVLFRVSRUDVtGHFLUOR

iQDH/DKLVWRULDGHODVHGXFFLyQGHiQDHHVXQDGHODVPiVKHUPRVDVGHODEXOWDGRKLVWRULDOGHOGLRVWUDQVILJXUDGRiQDHHUDKLMDGHOUH\GH$UJRVGH$FULVLRTXLHQKDEtDVLGRDYLVDGRSRUXQRUiFXORGHTXHVHULDPXHUWRSRUVXSURSLRQLHWR3DUDLQWHQWDUYDQDPHQWHFRPRHVOyJLFRWRUFHUODYROXQWDGGHOGHVWLQRGHFLGLySRQHUIXHUDGHWRGDSRVLELOLGDGGHJDODQWHRDVXKLMD$VtKL]RHQFHUUiQGRODHQXQDWRUUHGHEURQFHRHQXQDFXHYDVHJ~QODVGLVWLQWDVOH\HQGDV=HXVH[FLWDGRVLQGXGDSRUODGLILFXOWDGVHWUDQVIRUPyHQXQDVXWLOOOXYLDGHRUR\FRQVLJXLyVXSURSyVLWRHQJHQGUDQGRDOEXHQ3HUVHRTXLHQDODSRVWUHVHUtDFDXVDQWHLQYROXQWDULRGHODPXHUWHGH$FULVLRDOODQ]DUODMDEDOLQDTXHHQOXJDUGHSUREDUODIXHU]D\GHVWUH]DGHOMRYHQDILUPDUtDHOSRGHUGHORVRUiFXORV\ODLQH[RUDELOLGDGGHOGHVWLQRXWLOL]iQGROHDpOFRPRXQVLPSOHYHKtFXORPRUWDOGHODVGHFLVLRQHVGHO(WHUQR

HPpWHULRVDGHODDJULFXOWXUDHQHOSDQWHyQJULHJRFRPRORIXH&HUHVHQHOURPDQRHVSRVDGH=HXVDGHPiVGHKHUPDQDGHOLRV\GHRWUDGHVXVHVSRVDVODFHORVD\YHQJDWLYD+HUDHPpWHUUHSUHVHQWDHOFXOPHQGHODXQLyQSHUPLWLGDVLHPSUHDORVGLRVHV\DORVKpURHVLQFHVWXRVDSRUH[FHOHQFLD3HUVpIRQHOD3URVHUSLQDGHORVURPDQRVQDFLyGHHVWHDPRU

LRQH8QDQLQIDKLMDGH8UDQRX2FpDQR\7LHUUDR7HWLVGHTXLHQVHHQDPRUyHQVXGtD-~SLWHUDUGLHQWHPHQWH\GLRSDVRDRWUDJUDQGLRVD\JR]RVDGLYLQLGDG9HQXVQDFLGDGHVXVHQRHQDOJXQDVGHODVYHUVLRQHVODWLQDVTXHSUHIHUtDQWHQHUDODGLRVDGHODEHOOH]D\HODPRUWHQLGDHQXQURPDQFHDQWHVTXHYHUODFRPRVXUJLGDSRUDFFLGHQWHGHXQDFDVWUDFLyQGHOSDGUHSRUHOKLMR

(JLQD2WUDQLQIDHVWDQDFLGDGHXQUtRGH%HRFLDGHO$VRSR-~SLWHUWXYRTXHLQJHQLDUVHXQQXHYRDVSHFWRSDUDHOXGLUODFHORVDYLJLODQFLDGHOSDGUHSDVDQGRDVHUXQDOODPDWDQDUGLHQWHFRPRVXSDVLyQSRUODKHUPRVDQLxD(ODPRUVHGLRDFRQRFHUGHODPDQHUDPiVQDWXUDOHQIRUPDGHGRVYDURQHV(DFR\5DGDPDQWR7UDVODSDVLyQ\ODFRUUHVSRQGLHQWHPDWHUQLGDG-~SLWHUVHSRUWyFRPRXQFDEDOOHURKDFLHQGRTXHODQLQIDWRPDUDODIRUPDGHLVODSDUDHYLWDUHOLQPLQHQWHFDVWLJRGHVXDLUDGR\GHFHSFLRQDGRSDGUH

(XULQRPH2WUDPDGUHGHKLMDVIDPRVDV(XULQRPHWXYRDODVWUHV&iULWHVODVWUHV*UDFLDVSDUDORVODWLQRV(XIURVLQD7DOtD\$JOD\DFRQODLQFRPSDUDEOHD\XGDGH=HXV(OODQDFLGDGHODXQLyQGH2FpDQR\7HWLVKHUPDQDSRUWDQWRGHLRQHVHJ~QEXHQDSDUWHGHODVOH\HQGDVFRQVLJXLyODIHOLFLGDGHWHUQDFRQHVWDXQLyQDPRURVD

(XURSD(OUH\$JHQRUGH)HQLFLDHVWDEDPX\RUJXOORVRGHODEHOOH]D\GHORVPXFKRVGRQHVGHVXKLMD(XURSDWDQWRTXH=HXVGHELyHQWHUDUVH

\HVRIXHHODFLFDWHRODPtQLPDH[FXVDTXHDSHQDVQHFHVLWDEDHOIRJRVRGLRVSDUDODQ]DUVHDFRQVHJXLUHOREMHWLYRIHPHQLQRGHOPRPHQWR&RQYHUWLGRHQWRUR=HXVDUUHPHWLyFRQWUDHOJUXSRGHMyYHQHVGRQFHOODVTXHURGHDEDQD(XURSDHQVXEDxR\SXGRKDFHUVHFRQODKHUPRVDMRYHQDODTXHPRQWyHQVXORPR\OOHYyKDVWDODLVODGH&UHWD(QODLVODPHGLWHUUiQHDWUDVKDEHUFUX]DGRODVDJXDVGHXQPRGRSRFRFRQYHQFLRQDO=HXV\(XURSDYLYLHURQDSDVLRQDGRURPDQFH\GHHVWDXQLyQQDFHUtDQWUHVKLMRV0LQRV6DUSHGyQ\5DGDPDQWRTXLHQHVVHUtDQMXHFHVGHORVLQILHUQRV

+HUD&HORVD\SRFRDPLJDGHEURPDVH[WUDFRQ\XJDOHVSXHVWRTXH+HUDGHEtDOOHYDUDUDMDWDEODVXSHUVRQDOLGDGRILFLDOGHGLYLQLGDGGHOPDWULPRQLR+HUDRFXSDXQOXJDUSUHIHUHQWHHQWUHODVJUDQGHVHVSRVDVGH=HXVGHTXLHQWDPELpQIXHKHUPDQDSXHVWRTXHQRVyORHVWiXQLGDHQPDWULPRQLRVLQRTXHVHFRQYLHUWHHQODPXMHULQTXLVLWLYDSRUH[FHOHQFLDSHUVLJXLHQGRDOYHOHLGRVRPDULGRVLQWUHJXDGHVFXEULpQGROHHQWRGDVVXVLQILGHOLGDGHV\VDFiQGROHORVFRORUHVFXDQWDVYHFHVKDJDIDOWD=HXV\+HUDVHFDVDURQHQXQPHVGH*DPHOLyQVHJ~QGLFHODWUDGLFLyQ\HVHHUDHOPHVLQYHUQDO\PDWULPRQLDOSRUDQWRQRPDVLDGHORVPDWULPRQLRVHQOD*UHFLDFOiVLFDDOPHQRVHQSDODEUDVGH+HVtRGRTXLHQHUDPiVSUHFLVR\DTXHDSXQWDEDDOGtDFXDWURGHOPHVFRPRGtDSHUIHFWRSDUDHOKLPHQHRVLQGXGDSRUTXHKDEUtDDYHULJXDGRFRQULJRUTXHWDOVHUtDODIHFKDGHOGHVSRVRULRGHORVGLRVHVGHHVHPDWULPRQLRFRQODGLRVDGHOPDWULPRQLR\HVSRVDWDQH[LJHQWHSDUDXQGLRVWDQOLEHUWLQRSHURDQLPDGRUGHODVWHUWXOLDV\FRPSDGUHRVGHO2OLPSR

,2,QDFRHUDRWURUH\GH$UJRVFRPRORIXH$FULVLRHOSDGUHLQIRUWXQDGRGHiQDH7DPELpQFRPRpO,QDFRWXYRODPDODIRUWXQDGHFRQWDUFRQODEHQGLFLyQGHXQDKLMDKHUPRVDWDQWRTXH=HXVWHUPLQySRUHQDPRUDUVHGHHOOD\KDFHUODDPDQWH+HUDTXHQRHVWDEDGLVSXHVWDDVHUODFRPLGLOODGHORVFLHORVVHSURSXVRLQWHUUXPSLUORVGHYDQHRVGHVXPDULGRFRQODWHUUHQDOEHOOH]D\HOGLRVSHUJHxyXQDLGHDGHODVVX\DVSDUDRFXOWDUODVIRUPDVFRPSURPHWHGRUDVGHODJHQWLOSULQFHVDTXHSDVyDVHUYDFD7HUPLQDGRHOHQFDQWRGHODDYHQWXUD=HXVGHMyODYDFDDXQJLJDQWHD$UJRVSDUDTXHVHRFXSDVHGHODFULDWXUD\VLJXLyVXFDPLQRKDELWXDO$SHVDUGHOGHVSUHFLRFHOHVWLDOORVJULHJRVIXHURQVXELHQGRGHFDWHJRUtDDODKHUPRVD,R\WHUPLQDURQSRUKDFHUGHHOODXQDGHLGDGGHOD/XQDHQSDUDOHORFRQRWUDVPLWRORJtDVHVSHFLDOPHQWHFRQODHJLSFLDTXHJR]DEDGHPHUHFLGDIDPD\FRQVLGHUDFLyQHHVWHDPRUQDFLy(SDIR

-XQR-XQRHVODYHUVLyQURPDQDGH+HUD&RQHOODFRPRSDWUyQORVODWLQRVKLFLHURQWDPELpQDXQDGHODVHVSRVDVSULQFLSDOHVGH-~SLWHUKLMDGH6DWXUQR\&LEHOHVGHLGDGGHSULPHUDOtQHDGHORVFXOWRVS~EOLFRV

\FHORVDLQTXLVLGRUDGHODVDXVHQFLDVVLQMXVWLILFDUGHVXLQILHO\GLYHUWLGRPDULGRHOFRORVDODPDGRU-~SLWHUUH\GHOUD\RGHOWUXHQR\VREUHWRGRGHODSDVLyQUiSLGD\HVSHFWDFXODU

/HGD/HGDHVWDEDFDVDGDFRQ7tQGDURUH\GH(VSDUWD\VXPDWULPRQLRGLVFXUUtDFRQQRUPDOLGDG\VLQVREUHVDOWRV$OPHQRVKDVWDTXHVHSUHVHQWyDQWHODEHOOD/HGDXQQRPHQRVKHUPRVRFLVQH/DMRYHQHVSRVDVHGHMyHPEHOHVDUFRQODJUDFLRVDDYHTXHQRHUDRWUDFRVDTXHXQ]RRPyUILFRGLVIUD]GHOUH\GHOFDUQDYDOHUyWLFRHOVLHPSUHDJXGR\DVWXWR-~SLWHUHQXHYR-~SLWHUREWXYRHQVXURPDQFHHOp[LWRGHVHDGR\GHHVDXQLyQODSDUHMDQRWXYRKLMRVVLQRKXHYRVFXDWURSDUDVHUPiVH[DFWRV\HVWRVKXHYRVVHDEULHURQSDUDGDUYLGDD&iVWRU\3yOX[SRUORVYDURQHV\D+HOHQDGH7UR\D\&OLWHPQHVWUD

/HWRQD(VWDGLYLQLGDGKLMDGHXQWLWiQ&HR\GHODEXHQD)HEDWDPELpQWXYRDPRUHVFRQ-~SLWHU\HVRVDPRUHVFODQGHVWLQRV\IXHUDGHOHVWULFWRFtUFXORROtPSLFRIXHURQPRWLYRPiVTXHVXILFLHQWHSDUDTXHODFHORVD\DLUDGD-XQRODHPSUHQGLHUDFRQWUD/HWRQD/DULYDOLGDGVHKL]RIDPRVD\WHUPLQySRUFRQYHUWLUVHHQQRWDGHILQLWRULDSRUH[FHOHQFLDGHODDWUDFWLYDGDPD/HWRQD

0D\D8QDGHODVVLHWHKLMDVGH$WODVGHHVDVSOp\DGHVTXHHUDQQLHWDVGHOPLVPR=HXV6LQUHSDUDUHQGHWDOOHVGHSDUHQWHVFR=HXVWXYRUHODFLRQHVtQWLPDV\VDWLVIDFWRULDVFRQ0D\D\GHVGHOXHJRXQDOHJHQGDULDGHVFHQGHQFLDHOJUDQ+HUPHV0D\DFRQVXVKHUPDQDVIXHSHUVHJXLGDSRUHOJLJDQWH\JXHUUHUR2ULyQ\VHVDOYyGHODFRVRDOVHUFRQYHUWLGDSRUHO&LHORFRQVXVKHUPDQDVHQHVWUHOODIRUPDQGRHOJUXSRTXHPDQWLHQHSDUDVLHPSUHHOQRPEUHGH3Op\DGHV(VWD/HWRQDIXHWDPELpQFRQRFLGDFRQHOQRPEUHGH/HWRQRPEUHFRPSDUWLGRFRQXQGLRVGHODOX]\ODYHUGDGHQFDUQDGRHQHO6RO

0HQDOLSD2WUDQLQIDPiVHQODVQRFKHVURPiQWLFDVGH=HXV&RQHOODWXYRHOGLYLQRUH\GHORVFLHORVXQKLMRWDPELpQFRQDWULEXWRVPHWHRUROyJLFRVFRPRpO(RORGLYLQLGDGGHORVYLHQWRV

0QHPRVLQD&RPRVXQRPEUHKDFHVXSRQHU0QHPRVLQDHUDODGLRVDGHODPHPRULDKLMDGH8UDQR\*HDORVGLRVHVIXQGDGRUHVGHODJUDQGLQDVWtDPLWROyJLFDROtPSLFD\WtDGH=HXVSRUSDUWHGHSDGUH\PDGUH\DTXH&URQRV\5HDHUDQKHUPDQRVGH0QHPRVLQDHODXQLyQQDFLHURQODVQXHYH0XVDVODVPDUDYLOORVDVGHLGDGHVSURWHFWRUDVGHODVDUWHV&DOtRSHGHODHORFXHQFLD\ODpSLFD&OtRGHODKLVWRULD(UDWRGHODHOHJtD(XWHUSHGHODOtULFD\ODP~VLFD0HOSyQHPHGHODWUDJHGLD7DOtDGHODFRPHGLD7HUSVtFRUHGHODGDQ]D8UDQLDGHODDVWURQRPtD\3ROLPQtDGHOFDQWRVDJUDGR

6HPHOH+LMDGH&DGPRVXQUH\GH7HEDVTXHVHPEUyDVXVSURSLRVV~EGLWRVXWLOL]DQGRFRPRVHPLOODSURSLFLDORVGLHQWHVGHXQGUDJyQ&RQ6HPHOH=HXVWXYRDXQVLPSiWLFR\SRSXODUGLRVGHODYHJHWDFLyQ\VREUHWRGR\DQWHVTXHQDGDGHOYLQR\VXHXIRULDLRQLVRHO%DFRGHORVURPDQRVGHOTXHVLHPSUHVXPDGUHHVWXYRRUJXOORVDSXHVODVDOYyGHODVWLQLHEODVGHO$YHUQR\ODWUDQVSRUWyDO2OLPSRFRVDTXHVXSRGHURVRDPDQWH=HXVQRKL]RRQRTXLVRKDFHU

7DLJHWD8QDGXOFH\ERQLWD3Op\DGHKLMDGH$WODV\3OH\RQDKHUPDQDGH$OFLyQ$VWpURSH&HOHQR(OHFWUD0D\D\0pURSHFRQODTXH=HXVPDQWXYRXQURPDQFHSDVDMHURGHQWURGHVXKDELWXDOFRTXHWHRFRQHVWDVGHLGDGHVPHQRUHVPiVPRUWDOHVTXHGLYLQDVSHURFRQFDUDFWHUtVWLFDVVXPDPHQWHDWUDFWLYDVDORVRMRVGHORVKXPDQRV\GHORVGLYLQRVPLHPEURVGHO2OLPSR7DPELpQHVWDSDVLyQWXYRVXIUXWR$PLGDVHOKpURHGH/DFRQLD

7HPLV/DKHUPDQDPD\RUGH&URQRVSDGUHGH=HXVWtD\VHJXQGDHVSRVDGHQXHVWURGLRV\PDGUHGHGLYLQLGDGHVWHPLEOHVSRUVXLPSODFDELOLGDGFRQORVSREODGRUHVGHODWLHUUDDOOOHJDUQRVODKRUDILQDO7HPLVHVWDPELpQODGLRVDGHODMXVWLFLD\UHVSRQVDEOHGHWRGDVODVOH\HV\QRUPDVODLFDV\UHOLJLRVDVTXHWRGRVORVKXPDQRVKHPRVGHFXPSOLUSDUDYLYLUHQDUPRQtDFRQORVGLRVHV\FRQQRVRWURVPLVPRV7HPLVHVODPDGUHGHODV+RUDV\GHODV3DUFDV

+(5$-812

/DIXHQWHRULJLQDULDSDUDFRQRFHUODVUHODFLRQHVGHODGLRVD+HUDFRQWRGRVORVGHPiVGLRVHV\GLRVDVGHO2OLPSRVHUiHOJUDQFDQWRU+RPHUR

(VWHQRVH[SOLFDTXHODGLRVD+HUDODGHORVJUDQGHVRMRVHVXQDGHLGDGTXHWLHQHHOPLVPROLQDMHTXHHOSRGHURVR=HXV\TXHIXHHQJHQGUDGDFRPRODPiVYHQHUDEOH\TXHDGHPiVVHFRQYLUWLyHQHVSRVDGHOUH\GHO2OLPSR

/DGLRVD+HUDHVWDEDFRQVLGHUDGDFRPRODUHLQDGHO2OLPSR\VHJ~QFXHQWDHOJUDQQDUUDGRU+HVtRGRHUDKLMDGHOWLWiQ&URQR\GH5HDGLRVDGHODWLHUUD

0DVVXVSHFXOLDULGDGHV\FDUDFWHUtVWLFDVDEDUFDQDVSHFWRVGHWRGRWLSR0X\HVSHFLDOPHQWHVHVXHOHFULWLFDUDHVWDGLRVDVXH[FHVLYDWHUTXHGDGVXFUyQLFRPDOKXPRU\VXDFWLWXGFHORVDHLQWUDQVLJHQWHDQWHORVDPRUtRVGHVXHVSRVR=HXV&ODURTXHVLVXFHGLHUDORFRQWUDULRVLpVWDSDJDUDDOUH\GHORVGLRVHV\GHORVKRPEUHVFRQODPLVPDPRQHGDKDEUtDTXHYHUODIXULDTXHWDODFFLyQGHVHQFDGHQDUtDHQDTXpO3HURODIiEXODVHUHVXHOYHGHHVWHPRGRDUELWUDULRTXHFRQVLVWHFRPR\DVDEHPRVHQKDFHUOLEUHVDXQRVDFRVWDGHODVXPLVLyQGHRWURV

/RFLHUWRHVTXHORVDPRUHVHLGLOLRVGH=HXVFROPDUtDQODSDFLHQFLDGHOPiVSLQWDGRSRUDVtGHFLUOR6XVFRUUHUtDVOOHJDQDWDOHVH[WUHPRVTXHKDVWDSRGUtDPRVKDEODUGHVRILVWLFDFLyQ5HSDUHPRVVLQRHQODDUWLPDxDXWLOL]DGDSRUDTXpOSDUDDGHQWUDUVHHQORVGRUPLWRULRVDMHQRVFXDOHVHOFDVRGHVXWUDQVIRUPDFLyQHQOOXYLDGHRURSDUDDVtLQWURGXFLUVHHQODWRUUHGRQGHVHKDOODEDUHFOXLGDiQDHODEHOODKLMDGHOUH\GH$UJRV\(XUtGLFHSRUTXHXQRUiFXORFRQVXOWDGRSRUVXSDGUHKDEtDSUHGLFKRTXHpVWHPRULUtDDPDQRVGHXQGHVFHQGLHQWHVX\R(IHFWLYDPHQWHVXQLHWR3HUVHRQDFLGRGHODVXEUHSWLFLDXQLyQGH=HXV\iQDHPDWDUtDELHQTXHGHPDQHUDDFFLGHQWDODVXSURSLRDEXHORODVDILUPDFLRQHVGHORUiFXORVHFXPSOLHURQFRQFUHFHV

(QRWUDRFDVLyQODKHUPRVtVLPD$OFPHQDKLMDGHOUH\GH0LFHQDVIXHYtFWLPDGHHQJDxRSRUSDUWHGH=HXVHOFXDOFRQRFDVLyQGHXQDODUJDDXVHQFLDGHOPDULGRGH$OFPHQDWRPyVXSURSLDIRUPD\ILJXUD\ORJUyDVtVHGXFLUDODEHOODPXFKDFKDHHVWDXQLyQQDFHUtDHOJUDQKpURH+pUFXOHV6HGLFHTXH$OFPHQDPXULyVLHQGR\DPX\DQFLDQD\TXHVXFXHUSR\DFHHQORV&DPSRV(OtVHRVSXHVDVtORTXLVR=HXVHQDJUDGHFLPLHQWRDORVIDYRUHVTXHGHHOODUHFLELy(/8/&(68(f2

1RHVGHH[WUDxDUTXH+HUDODSULPRJpQLWDIHPHQLQDGH&URQRV\5HDPRVWUDUDXQWDODQWHKRVFRDQWHODVFRUUHUtDVGHVXOXMXULRVRHVSRVR

GRQGHYLYHQORVMLQHWHVWUDFLRVVLQTXHVXVSLHVWRFDUDQODWLHUUDGHVFHQGLySRUHO$WRVDOIOXFWXRVRPDU\OOHJyD/HPQRVFLXGDGGHOGLYLQR7RDQWH$OOtVHHQFRQWUyFRQHO6XHxRKHUPDQRGHOD0XHUWH\DVLpQGROHGHODGLHVWUDOHGLMRHVWDVSDODEUDV2K6XHxRUH\GHWRGRVORVGLRVHV\GHWRGRVORVKRPEUHV6LHQRWUDRFDVLyQHVFXFKDVWHPLYR]REHGpFHPHWDPELpQDKRUD\PLJUDWLWXGVHUiSHUHQQH$GRUPHFHORVEULOODQWHVRMRVGH=HXVGHEDMRGHVXVSiUSDGRVWDQSURQWRFRPRYHQFLGRSRUHODPRUVHDFXHVWHFRQPLJR7HGDUpFRPRSUHPLRXQWURQRKHUPRVRLQFRUUXSWLEOHGHRUR\PLKLMR+HIHVWRHOFRMRGHDPERVSLHVWHKDUiXQHVFDEHOTXHWHVLUYDSDUDDSR\DUODVQtWLGDVSODQWDVFXDQGRDVLVWDVDORVIHVWLQHV

5HVSRQGLyOHHOGXOFH6XHxR+HUDYHQHUDEOHGLRVDKLMDGHOJUDQ&URQRV)iFLOPHQWHDGRUPHFHUtDDFXDOTXLHURWURGHORVVHPSLWHUQRVGLRVHV\DXQDODVFRUULHQWHVGHOUtR2FpDQRTXHHVHOSDGUHGHWRGRVHOORVSHURQRPHDFHUFDUpQLDGRUPHFHUD=HXV-~SLWHUVLpOQRORPDQGD

$025

ERUGDGRFHxLGRUGRQGHWRGRVHKDOOD

/DLFRQRJUDItDGHWRGRVORVWLHPSRVUHSUHVHQWDEDDO6XHxR+LSQRFRPRXQMRYHQDODGRFX\DILJXUDOOHYDEDXQDUDPDFRQODFXDOORVKXPDQRVHUDQWRFDGRVSDUDSURGXFLUOHVXQVXHxRSURIXQGR/DVDODVVHKDOODEDQFRORFDGDVDODDOWXUDGHODVVLHQHV\HUDQVHPHMDQWHVDODVGHORVSiMDURVQRFWXUQRVFRPRORVE~KRV\ODVOHFKX]DVGHIRUPDWDOTXHVXYXHORDSHQDVHUDSHUFHSWLEOHSDUDHORtGRKXPDQR

3URQWRVHKL]RFpOHEUHHODGLYLQRHQWRGDOD%HRFLDSRUODYHUGDGGHVXVKRUyVFRSRV\ODJUDYHGDGGHVXVFRQVHMRV/DEHOOD/LULRSHIXHODSULPHUDTXHFHUWLILFyORPDUDYLOORVRGHVXVUHVSXHVWDV(OUtR&HILVRHQDPRUDGL]RODDSULVLRQyXQGtDHQHOODEHULQWRGHHVHVGHVXVDJXDV\ODYLROyUHLWHUDGDPHQWH4XHGyHPEDUD]DGD/LULRSH\SDULyXQKLMRGHWDOKHUPRVXUDTXHGHVGHHOPRPHQWRGHQDFHU\DIXHDPDGRSRUWRGDVODVQLQIDV6HOHOODPy1DUFLVR6XPDGUHDFXGLyD7LUHVLDVSDUDTXHOHDGLYLQDUDHOGHVWLQRGHVXKLMRSUHJXQWiQGROHVLYLYLUtDPXFKRVDxRV/DUHVSXHVWDIUtYRODDOSDUHFHUIXHpVWD9LYLUiPXFKRVLpOQRVHYHDVtPLVPR3HURHOWLHPSRVHHQFDUJyGHGHPRVWUDUVXWLQRFRQHOPRGRGHSHUGHUODYLGD1DUFLVR\VXSDVLyQLQVDQD

/OHJDGRVDHVWHSXQWRVHKDFHQHFHVDULRFRQILUPDUTXHGHHQWUHWDQWRSUHWHQGLHQWHFRQTXHFXHQWD1DUFLVRVREUHVDOHODKHUPRVDQLQID(FR(VWDVHHQDPRUyGHOMRYHQHIHERHQFXDQWROHYLRPDVSRUKDEHUWHQLGRUHODFLRQHVFRQHOSRGHURVR=HXVDOTXHKDEtDQFDXWLYDGRORVHQFDQWRVWDQWRItVLFRVFRPRSHUVRQDOHVGH(FRVXIULyDOLJXDOTXHWRGRVORVTXHRVDEDQFRQWUDULDUODGHXQPRGRXRWURODLUDGHODGLRVD+HUDODFXDOFRQGHQyD(FRDQRSRGHUDUWLFXODUHQORVXFHVLYRPiVTXHOD~OWLPDVtODEDGHWRGDSDODEUDTXHVHSURSXVLHUDSURQXQFLDU

6HPHMDQWHOLPLWDFLyQOp[LFDLPSHGLUiD(FRVHUYLUVHGHKHUPRVDV\VXDYHVIUDVHVSDUDOODPDUODDWHQFLyQGHOMRYHQ1DUFLVR\DOPLVPRWLHPSRDWUDHUORKDFLDVXUHJD]RGHHQDPRUDGD(QWDQDGYHUVDVFRQGLFLRQHVQRHVSRVLEOHHQWHQGHUVH\SRUHOORPLVPR1DUFLVRUHFKD]DHODPRUGH(FRTXLHQHQXQPRPHQWRGHDUUHEDWR\GHVSXpVGHVHQWLUVHPHQRVSUHFLDGDXQDYH]TXHVHKDUHIXJLDGRHQODHVSHVXUDGHORVERVTXHVH[FODPDDPRGRGHPDOGLFLyQ2MDOiFXDQGRpODPHFRPR\RDPRGHVHVSHUHFRPRPHGHVHVSHUR\R

2%-(729$1$0(17($0$2$,26

/DGXOFH(FRKDEtDOOHJDGRDXQH[WUHPRFRPRHOGHVFULWRGHVSXpVGHDJRWDUWRGRVORVLQWHQWRVGHHQWHQGLPLHQWRFRQHOMRYHQ1DUFLVR0DVSRUPXFKRTXHVHORSURSXVLHUDQXQFDOOHJDUtDDHQWDEODUFRQYHUVDFLyQFRQpVWHSXHVHOFDVWLJRTXHODGLRVDKDEtDLPSXHVWRDDTXpOODKDFtDLPSRVLEOHODFRPXQLFDFLyQSRUPHGLRGHOYHUERRODSDODEUD\HVRTXHODKHUPRVD(FRWHQtDIDPDGHSDUODQFKLQD5HSDUHPRVXQLQVWDQWHHQODGHVFULSFLyQTXHKDFH2YLGLRGHWDOHVDYDWDUHV

3XHVELHQYLHQGR(FRD1DUFLVRTXHGyHQDPRUDGDGHHO\OHIXHVLJXLHQGRSHURVLQTXHpOVHGLHUDFXHQWD$OILQGHFLGHDFHUFiUVHOH\H[SRQHUOHFRQDUGLHQWHSDODEUHUtDVXSDVLyQ3HUR"FRPRSRGUiVLODVSDODEUDVOHIDOWDQ"3RUIRUWXQDODRFDVLyQOHIXHSURSLFLD(QFRQWUiQGRVHVRORHOPDQFHERGHVHDGDUVHFXHQWDSRUGyQGHSXHGHQFDPLQDUVXVDFRPSDxDQWHV\JULWD"4XLpQHVWiDTXt"(FRUHSLWHODV

~OWLPDVSDODEUDVHVWiDTXt0DUDYLOODGRTXHGD1DUFLVRGHHVWDYR]GXOFtVLPDGHTXLHQQRYH9XHOYHDJULWDU"yQGHHVWiV"(FRUHSLWHGHHVWiV1DUFLVRUHPLUDVHSDVPD"3RUTXpPHKX\HV"(FRUHSLWHPHKX\HV

/DLUDGH+HUDVHKDFHH[WHQVLYDWDPELpQDKpURHV\DSHUVRQDMHVOHJHQGDULRVWDOHVFRPRD+pUFXOHV\D3DULV

(OSULPHURIXHFDVWLJDGRSRU+HUDHQFXDQWRODFHORVDGLRVDWXYRQRWLFLDGHTXH=HXVHUDVXSDGUH(VWHFRQRFLHQGRODILGHOLGDGTXH$OFPHQDHVSRVDGH$PILWULyQHOFXDOKDEtDFRQVHJXLGRVHUVXHVSRVRGHELGRDTXHIXHFDSD]GHYHQJDUODPXHUWHGHORVKHUPDQRVGH$OFPHQDJXDUGDEDSDUDFRQVXYDOHURVRPDULGR\SUHQGDGRGHVXKHUPRVXUDXQDYH]TXHKXERWRPDGRODDSDULHQFLDGHXQHVSRVRWDQDIRUWXQDGRPDQGyTXHODQRFKHVHSURORQJDUDSRUHVSDFLRGHWUHVGtDVFRPSOHWRV(OSRGHURVR=HXVSDGUHGHORVGLRVHV\GHORVKRPEUHVHVWXYRHQFRPSDxtDGHODEHOOD$OFPHQDKDVWDHOFXDUWRGtDHQTXH\DHOVROVDOLyGHQXHYR

&XDQGR\D$QILWULyQYROYtDSDUDFRQVXPDUVXPDWULPRQLRREVHUYyTXHVXKHUPRVDPXMHUVHFRPSRUWDEDFRPRVL\DOHKXELHUDYLVWRDSHQDVXQRVLQVWDQWHVDQWHV([WUDxDGRSRUVHPHMDQWHDFWLWXG\GHVSXpVGH\DFHUFRQHOODVHHQFDPLQyKDFLDODPRUDGDGHODGLYLQR7LUHVLDVFRQHOSURSyVLWRGHKDOODUXQDVDELDUHVSXHVWDDVXSHUVLVWHQWHVRVSHFKD

(ODQFLDQRFLHJRGLVLSyFRQVXVH[SOLFDFLRQHVDFHUWDGDVWRGDGXGDTXHHOYDOHURVR$QILWULyQSXGLHUDD~QDOEHUJDUUHVSHFWRDOSRVLEOHFRPSRUWDPLHQWRGHVYLDGRSRUDVtGHFLUORGHVXKHUPRVtVLPDHVSRVD$OFPHQD(VWDGXUDQWHODDXVHQFLDGHDTXpOKDEtDWHQLGRUHODFLRQHVFRQRWUDSHUVRQD0DVORTXHQRSRGtDVRVSHFKDUHOGROLGR$QILWULyQHUDTXHODLGHQWLGDGGHODFRPSDxDQWHGHVXHVSRVDFRUUHVSRQGDDOSURSLR=HXVHOUH\GHO2OLPSRKDEtDUHDOL]DGRRWUDGHVXVRVDGDVWUHWDVSDUDFRQVHJXLUORVIDYRUHVGHXQDPXMHUEHOOD

/RFLHUWRHVTXH$QILWULyQOOHQRGHFRQWHQLGDLUDGHFLGLyFDVWLJDUDVXHVSRVDGHIRUPDFRQWXQGHQWH3UHWHQGLyTXHPDUODHQXQDKRJXHUDSHURGHVSXpVGHYDULRVLQWHQWRVQRFRQVLJXLyHQFHQGHUIXHJRDOJXQRSXHVHQHOPRPHQWRHQTXHODVEUDVDVVHGLVSRQtDQDDUGHUXQDOOXYLDWRUUHQFLDOORLPSHGtD(OIXULRVR\GHVSHFKDGRHVSRVRUHIUHQyVXLUDDQWHVHPHMDQWHVHxDOYHQLGDGHOFLHOR\SHUGRQyDVXPXMHUSXHVDVXHQWHQGHUHVWDEDFODURTXHHOGLRVGHOWUXHQR\GHODOOXYLDHVGHFLUHOSURSLR=HXVWHQtDDOJRTXHYHUFRQHODVXQWRGHPDUUDV

HORVGRVJHPHORVTXH$OFPHQDGLRDOX]XQRIXHKLMRGH=HXV\HORWURTXHQDFLyXQDQRFKHGHVSXpVWXYRSRUSDGUHD$QILWULyQVyORVREUHYLYLyXQRTXHFRQHOWLHPSRDOFDQ]DUtDODFDWHJRUtDGHKpURH6HWUDWDGH+pUFXOHV+HUDFOHVTXLHQ\DGLRSUXHEDVGHVXIXHU]DHQFXDQWRDFDEDEDGHQDFHU(QHVWHVHQWLGRFXHQWDQODVFUyQLFDVTXH$QILWULyQKDEtDLQWURGXFLGRHQHOGRUPLWRULRGHORVJHPHORVGRVVHUSLHQWHVFRQHOSURSyVLWRGHFRQRFHUODLGHQWLGDGGHFDGDXQRGHHOORV0LHQWUDVHOKLMR

GHOGLRVHOKpURH+pUFXOHVVHHQIUHQWyDORVUHSWLOHV\ORVDKRJyHOKLMRGH$QILWULyQVHDUURMySRUXQDYHQWDQD

2WUDVYHUVLRQHVH[SOLFDQTXHIXHODYHQJDWLYD+HUDTXLHQLQWURGXMRGRVHQRUPHVVHUSLHQWHVHQODDOFREDGHORVJHPHORVSDUDGHHVWHPRGRDFDEDUFRQHOIUXWRGHVXSURSLDGHVKRQUD$GHPiVIXHHVWDPLVPDGLRVDTXLHQLPSXVRD+pUFXOHVHOFDVWLJRFRQRFLGRSRUORVGRFHWUDEDMRVGHOKpURH(OSULPHURGHHOORVFRQVLVWDHQHVWUDQJXODUDSHQDVQDFLGRDGRVVHUSLHQWHVFRVDTXHKL]R+pUFXOHVFRQFLHUWDIDFLOLGDG/RVUHVWDQWHVFDVWLJRVRWUDEDMRVIXHURQGHWDOPDJQLWXGTXHODGLRVD+HUDQRSXGRSRUPHQRVTXHSHUGRQDUDOKpURH+pUFXOHV,QFOXVROHGLRDVXKLMD+HEHSRUHVSRVD

/$0$1=$1$(/$,6&25,$

6LQHPEDUJRHOHSLVRGLRPiVFRQRFLGR\FRPHQWDGR\HOTXHWDOYH]KDGDGRPiVIDPDD+HUD\VXJHQLREUXVFRHVHOGHQRPLQDGRFRP~QPHQWH-XLFLRGH3DULV

(OYHUHGLFWRFRQWUDULRDODGLRVD+HUDKDFHTXHpVWDDSDUH]FDHPEUDYHFLGD

WHQtDHQHODOPDDTXHOMXLFLRGH3DULV\ODLQMXULD\GXUDDIUHQWDGHVXEHOOH]DHQWRQFHVGHVSUHFLDGD

7RGRFRPHQ]yHQORVGHVSRVRULRVGH7HWLV\3HOHRDORVTXHWRGRVORVGLRVHVIXHURQLQYLWDGRV6yORODLVFRUGLD(ULGHIXHH[FOXLGDGHODILHVWD$FDVRSRUWHPRUDTXHWUDMHUDFRQVLJRSXHVVHODFRQVLGHUDEDFRPRODSURYRFDGRUDGHODVJXHUUDVORVDWULEXWRVTXHSURGXFtDQGHVDYHQHQFLDV\DQLPDGYHUVLyQHQWUHGLRVHV\KXPDQRV

/RFLHUWRHVTXHODLVFRUGLD(ULGHGROLGDSRUODPDUJLQDFLyQDODTXHVHYLRVRPHWLGDDUURMyFRQGHVSHFKR\UDELDXQDPDQ]DQDHQWUHORVLQYLWDGRV(VWHIUXWRVHJ~QODDPRQHVWDFLyQKHFKDSRUODLVFRUGLDGHEHUtDVHUGHJXVWDGRSRUODPiVKHUPRVDGHODVGHLGDGHVSUHVHQWHV

6HWRPyHQWRQFHVHODFXHUGRGHTXHIXHUDHOKLMRGHOUH\GH7UR\DHVGHFLU3DULVTXLHQMX]JDUDVREUHHOSDUWLFXODU(OMRYHQSUtQFLSHTXHVHKDEtDKHFKRFpOHEUHSRUVXGHVWUH]DHQORVMXHJRVS~EOLFRV\WDPELpQSRUVXEHOOH]DFRQVLGHUyTXHODPiVKHUPRVDGHODVWUHVGLRVDVHUD$IURGLWDHQDGDVLUYLHURQODVSURPHVDVTXHDPRGRGHVRERUQROHKDEtDQKHFKR$WHQHD\+HUD(VWDOHFRQFHGtDHOGRPLQLRVREUHHOXQLYHUVRDTXpOODOHSRQtDHQFRQWDFWRFRQODVDELGXUtD\VXSRGHUVREUHODLJQRUDQFLD3HUR$IURGLWD9HQXVTXHFRQRFtDODGHELOLGDGGH3DULVSRUODEHOOH]DIHPHQLQDOHSURPHWLyTXHOHD\XGDUtDDFRQVHJXLUODPiVKHUPRVDGHODVPXMHUHV(VWDQRHUDRWUDTXHODHVSRVDGH0HQHODRHVGHFLUODEHOOD+HOHQDWLWXODUGHOWURQRGH(VSDUWD\DTXLHQWRGRVFRQVLGHUDEDQODPiVEHOODGHOPXQGR3DULVQRGXGyQLXQLQVWDQWHHQFXiOGHORVWUHVSUHVHQWHVOHFRQYHQtDPiV\GHHVWHPRGRGHFLGLyTXHODPDQ]DQDGHRURGHEtDFRUUHVSRQGHUD$IURGLWD9HQXV

(OGLVJXVWR\ODFyOHUDGHODGLRVD+HUDQRVHKLFLHURQHVSHUDUGHVGHHVHPLVPRPRPHQWRVHHQHPLVWyFRQ3DULV\$IURGLWD\DGHPiVVHSURSXVRGHVEDUDWDUORVSODQHVTXHDPERVKDEtDQPDTXLQDGRSDUDUDSWDUD+HOHQD$WDOILQIDEULFyXQIDQWDVPDXQDLPDJHQVLPLODUDODILJXUDUHDOGHODEHOOD+HOHQD\PLHQWUDV3DULVFUHtDKDEHUODDUUHEDWDGR\VHGXFLGRODYHUGDGHUD+HOHQDYLDMDEDHQFRPSDxtDGH+HUPHVKDFLDODWLHUUDHJLSFLDHQGRQGHVHUtDFXLGDGD\FXVWRGLDGDSRUHOUH\3URWHR

0DVVHJ~QFXHQWDQODVFUyQLFDV3DULVD\XGDGRHQWRGRPRPHQWRSRU$IURGLWDQRVyORFRQVLJXLyUDSWDUD+HOHQDVLQRTXHWDPELpQVHOOHYyORVWHVRURVTXH0HQHODRHOHVSRVRGHODEHOOD+HOHQDWHQtDJXDUGDGRVHQVXUHLQRGH(VSDUWD

&XDQGRHOHQJDxR\ODUDSLxDIXHURQGHVFXELHUWRV0HQHODRGHFODUyODJXHUUDD7UR\D\UHXQLyDQXPHURVRV\H[SHUWRVJXHUUHURVTXH]DUSDURQHQVHVHQWDQDYHVDOPDQGRGHOJUDQ$JDPHQyQKHUPDQRGHDTXpO\UH\GH$UJRV

8QRGHORVHSLVRGLRVPiVGHVWDFDGRVGHODJXHUUDGH7UR\DVHUiDTXHOHQHOTXHVHHQIUHQWDQ0HQHODR\3DULVHQFRPEDWHFXHUSRDFXHUSR$SXQWRHVWXYRHOSULPHURGHDFDEDUSDUDVLHPSUHFRQHOVHJXQGRGHQRVHUSRU$IURGLWDTXHSDUDVDOYDUDVXSURWHJLGR3DULVSURYRFyXQDQXEHGHSROYRTXHKL]RDOHMDUD0HQHODR\VXHMpUFLWRGHOFDPSRGHEDWDOOD

+(5$-867,&,(5$3HURODLUDGHODGLRVD+HUDVHKDFtDH[WHQVDDGHPiVDWRGRVORVDPRUHVGHVXHVSRVR=HXV3DUDORJUDUVXVSURSyVLWRVQRYDFLODUiHQXWLOL]DUWRGRVXSRGHUGHVHGXFFLyQ\WRGDVVXVPDxDV/RPLVPRMXUDUiVLQLQWHQFLyQDOJXQDGHFXPSOLUFRQVXSURPHVDTXHUHDOL]DUiHQRWURV

FDVRVDFFLRQHVHQFRQWUDGHVXVSULQFLSLRVSRUWHPRUDODVUHSUHVDOLDVGHOSRGHURVR=HXV

(OKHFKRHVTXH+HUDWLHQHPDODIDPDHQWUHORVPRUWDOHVSXHVVHODWHPHFRPRGLRVDFDVWLJDGRUD\YHQJDWLYD6XIXULDOOHJDKDVWDORVGHVFHQGLHQWHVGHTXLHQHVKDQDFHSWDGRODUHODFLyQFRQ=HXV\KDQFODXGLFDGRDQWHVXVSUHWHQVLRQHV(OFDVRGH(SDIRDOUHVSHFWRHVVLJQLILFDWLYR6XFHGLyTXH=HXVFRPRHUDFRVWXPEUHHQpOVHHQDPRUyGHXQDEHOODVDFHUGRWLVDGHVXHVSRVD+HUDDODTXHWUDQVIRUPyHQYDFDSDUDTXHpVWDQRVRVSHFKDUDGHVXVDPRUHVKDFLD,RSXHVWDOHUDHOQRPEUHGHODQXHYDDPDQWHGHOUH\GHO2OLPSR

$OSULQFLSLR,RUHKX\yDOSRGHURVRGLRV\UHFKD]yXQD\RWUDYH]VXVRIUHFLPLHQWRV0DVGHVSXpVGHFRQVXOWDUDORUiFXORGHFLGLyDFHSWDUODVSURSRVLFLRQHVGH=HXVSXHVODUHVSXHVWDGHODVLELODLQGLFDEDTXHGHQRFHGHU,RSURYRFDUtDODFyOHUDGHOSRGHURVRGLRV

+HUDVLQHPEDUJRGHVFXEULyODVUHODFLRQHVGHVXHVSRVR\VXVDFHUGRWLVD\DGHPiVVXSRGHODDUWLPDxDHPSOHDGDSRU=HXVSDUDGHVSLVWDUOD(QWRQFHV+HUDXQDYH]TXHGHVFXEULyFXiOHUDODYDFDTXHSHUVRQLILFDEDD,RHQYLyFRQWUDHOODDXQHQRUPHWiEDQRTXHODSLFDEDSHUVLVWHQWHPHQWH\ODLPSHGtDSDUDUHQOXJDUQLQJXQRHHVWHPRGRKX\yKDFLDRWUDVODWLWXGHVVHGLFHTXHKX\yKDFLD(JLSWRSRUHOSDVRGHO%yVIRURTXHVLJQLILFDGHVGHHQWRQFHVSDVRGHODYDFDKDVWDOOHJDUDXQOXJDUTXHXQDYH]GHYXHOWDVXIRUPDKXPDQDIXQGyHOODPLVPDFRQHOQRPEUHGH0HQILV

$OOtDRULOODVGHO1LORHQ(JLSWRQDFHUtD(SDIRKLMRGH=HXV\GH,R+HUDGROLGDSRUQRKDEHUSRGLGRFRQVHJXLUVXVSURSyVLWRVTXHFRQVLVWtDQSUHIHUHQWHPHQWHHQLPSHGLUODFRQVXPDFLyQGHORVDPRUHVGHVXHVSRVR=HXVFRQODEHOOD,RRUGHQyHOUDSWRGHOKLMRGHDPERV3HUR=HXVOXFKyFRQWUDWRGRDTXHOTXHLQWHQWDUDKDFHUGDxRD(SDIR\DOSURSLRWLHPSRKL]RKXLUDORVVHFXHVWUDGRUHVGHOPXFKDFKR

$OSULQFLSLR=HXVGXGyHQDFFHGHUDORVGHVHRVGHVXHVSRVDSHURPHUFHGDODVGRWHVGHSHUVXDVLyQTXHFDUDFWHUL]DQD+HUDpVWDQRWDUGyHQWHQHUDEXHQUHFDXGRDODQLPDO$OSURSLRWLHPSRHQFDUHFLyDVXILHOJXDUGLiQ$UJR3DQRSWHV TXHWRGRORYHHOFXLGDGRGHWDQSUHFLDGRUHJDOR

$XQTXHFXHQWDQODVOH\HQGDVTXH$UJRWHQtDPXFKRVRMRV\TXHSRUORPLVPRQRKDEtDSRVLELOLGDGGHEXUODUVXYLJLODQFLD6LQHPEDUJRHOSRGHURVR=HXVUHFDEyORVVHUYLFLRVGHXQFXPSOLGRUPHQVDMHURHOGHVSDELODGR+HUPHV(VWHSXVRHQSUiFWLFDFRQSUHVWH]DORVSODQHVGHVXHQJUHtGRPDQGDQWHTXHFRQVLVWtDQHQOLEHUDUD,RGHPDQRVGHOJXDUGLiQ$UJR

/DVFRQVHFXHQFLDVIXHURQGUiVWLFDV\DTXHDSHVDUGHKDEHUVLGR$UJRXQFpOHEUHJXHUUHURTXHVHKDEtDKHFKRIDPRVRSRUGDUPXHUWHDXQEUDYRWRURTXHDVRODEDODUHJLyQGHOD$UFDGLDHQDGHODQWHVLHPSUHYHVWLUtDFRQODSLHOGHHVHDQLPDO\DFDEDUSDUDVLHPSUHFRQODYLGDGHOKRUULEOHPRQVWUXR(TXLGQDKLMRGHO7iUWDUR\TXHKDELWDEDHQODVFHQDJRVDVDJXDVGHODODJXQD(VWLJLDQRSXGRVLQHPEDUJRUHVLVWLUORVHPEDWHVGH+HUPHV\PXULyDFDXVDGHXQFDQWD]RTXHpVWHOHSURSLQy

$SHVDUGHOGLVJXVWRTXH+HUDVHOOHYyDOVDEHUORVXFHGLGRGHFLGLySUHPLDUDVXILHOVHUYLGRU\SDFLHQWHPHQWHWUDVODGyWRGRVORVRMRVGH$UJRDODFRODGHXQSDYRUHDO\DWRGRVXSOXPDMHFRQORTXHGHVGHHQWRQFHVODEHOOH]DGHHVWDDYHFRQVDJUDGDD+HUDUHVSODQGHFH\GHVWDFDHQFRORULGR\EULOOR

$OJXQRVDXWRUHVH[SOLFDQTXHHOJXDUGLiQ$UJRGH3DQRSWHVWHQtDHQUHDOLGDGGRVRMRVPLUDQGRKDFLDGHODQWH\GRVPLUDQGRKDFLDDWUiV2WUDVYHUVLRQHVHQFDPELRKDEODQGHTXHWHQtDXQVRORRMRHQODPLWDGGHODIUHQWHRHQRWURVFDVRVVHDPSOLDEDDWUHVHOQ~PHURGHRMRV

0,50,21(6

7DPELpQHVVLJQLILFDWLYRUHVSHFWRDODYHQJDQ]DGHODGLRVD+HUDHOFDVRGH(DFRPiVFRQRFLGRSRUORVGLIHUHQWHVPLWyORJRVFRPRHOMXH]GHORVLQILHUQRV$FDVRSRUHOORVHOHVXHOHUHSUHVHQWDUSRUWDQGRXQDOODYH\XQFHWURDWULEXWRVTXHKDFHQUHIHUHQFLDDODOHJDOLGDG\ODMXVWLFLD

7RGRFRPHQ]yHOGtDHQTXH=HXVGHVFXEULyODEHOOH]DRFXOWDGHODKLMDGH$VRSRVHxRUGHORVPDQDQWLDOHV\GHORVUtRVHVGHHOPLVPRPRPHQWRHQTXHODYLRHOGLRVROtPSLFRVHSUHQGyGHHOOD\GHFLGLyUDSWDUODFRPR\DKDEtDKHFKRHQRWURVPXFKRVFDVRV(QXQSULQFLSLR$VRSRTXLVRFDVWLJDUDOODGUyQGHVXKLMD(JLQD\HQWHUDGRSRU6tVLIRGH

ODFDWHJRUtDGHOUDWHURQDGDPHQRVTXHHOUH\GHO2OLPSRLQWHQWyHQIUHQWDUVHDpOSDUDTXHOHUHVWLWX\HUDDVXEHOODKLMD3HUR=HXVFRUWySRUORVDQRSXHVUHVSHFWRDVXVFDSULFKRVDPRURVRVQRDGPLWtDLPSRVLFLRQHVGHQDGLH(QFXDQWRWXYRDQWHVtDVXRSRQHQWHORIXOPLQyFRQVXSRGHURVRUD\R\REOLJyDVtD$VRSRDUHWRUQDUDOOHFKRGHVXFDXFH6HGLFHTXHGHVGHHQWRQFHVHOUtRGH$VRSRFRQWLHQHHQYH]GHGRUDGD\ILQDDUHQDQHJUDFDUERQLOOD\RVFXUDFHUQDGD

8QDYH]UHVXHOWRHVWHSULPHUHVFROOR=HXVVHGLULJLyHQFRPSDxtDGHODEHOOD(JLQDKDFLDODLVODGH(QRQHWDPELpQVHODFRQRFHFRQHOQRPEUHGH(SRQLDOXJDUHQHOTXHQDFHUtD(DFR

&XDQGR+HUDVHHQWHUyGHOQDFLPLHQWRGHXQKLMRGH=HXV\(JLQDPRQWyHQFyOHUD\VHGLVSXVRDSHUSHWUDUHLQIOLJLUHOPD\RUGDxRSRVLEOHHQHOIUXWRGHODGHVFHQGHQFLDGHDPERV3DUDHOORHQYLyXQDHQIHUPHGDGSHVWtIHUDVREUHODLVOD\FDVLGHIRUPDIXOPLQDQWHPXULHURQWRGRVVXVKDELWDQWHVHHVWHPRGRVHTXHGy(DFRFRPR~QLFRKDELWDQWHGHDTXHOOXJDUGHPXHUWH3HURFRPRpVWHSLGLHUDD=HXVTXHUHSREODVHDTXHOOXJDUSDUDDVtWHQHUFRPSDxtDKXPDQDHOSRGHURVRGLRVWUDQVIRUPyDODVKRUPLJDVTXHKDEtDHQODLVODHQVHUHVKXPDQRV(QDGHODQWHORVSREODGRUHVGHODFLWDGDLVODVHOODPDUtDQ0LUPLGRQHVSDODEUDTXHVLJQLILFDKRUPLJD

-812(6/$+(5$520$1$

FRQFUHWDPHQWHOD/XQD\GLULJH\JXtDVXVPRYLPLHQWRVFRQRUGHQ\UHJXODULGDG

(QKRQRUGH-XQR/XFLQDVHKDEtDQHULJLGRDOWDUHVHQ5RPDFDEDHOOHYDQWDGRSRUHOUH\VDELQR7LWLXV7DWLXVHQHODxRD&6XILHVWDFRLQFLGtDFRQHOSULQFLSLRGHOPHVGHPDU]R\VHGHQRPLQDEDILHVWDGHOD0DWURQDOLD6XVLJQLILFDGRDSDUHFtDUHODFLRQDGRFRQHOFDUiFWHUFRQIHULGRDODIDPLOLDSRUORVURPDQRVURVFRPRTXLHQHVDSDUHFtDQUHFXELHUWRVGHXQKDORGHYLGDFRQVLGHUDGDGXGRVDHVGHFLUDOHMDGDGHORVFiQRQHVUHSUHVHQWDGRVSRUHOSDGUHODPDGUH\ORVKLMRVTXHGDUDQUHOHJDGRV\H[FOXLGRVGHORVIHVWHMRV

+(5$-812(1(/$57(

7RGRVORVDUWLVWDVGHODDQWLJHGDGVHSUHRFXSDURQGHUHSUHVHQWDUDODGLRVD+HUD\DGHVWDFDUODURGHDGDSRUORFRP~QGHVXVPXFKRVDWULEXWRVWDOHVFRPRHOYHORODODQ]DHOHVFXGRODRFDHOSDYRUHDOORVOLULRVODJUDQDGD\HOFXFOLOOR

7DPELpQVHHULJLHURQWHPSORVHQORVTXHHOFXOWRDODGLRVDDGTXLUtDVHQWLGRVGLYHUVRV3RUHMHPSORHQ$UJRVVHOHYDQWDEDXQRGHORVPiVJUDQGLRVRVWHPSORVGHFXDQWRVVHKDEtDQFRQVWUXLGRHQKRQRUGH+HUD6HODDGRUDEDHQQXPHURVDVRFDVLRQHVFRPRGLRVDGHOPDWULPRQLR\SRUORPLVPRVHODUHODFLRQDEDFRQODVFXDOLGDGHVPRUDOHVGHODPXMHU

$GHPiVXQDGHODVFROLQDVGHODFLXGDGGH(VSDUWDKDEtDVLGREDXWL]DGDFRQHOQRPEUHGHODFpOHEUHGLRVD1RREVWDQWHODVSULPHUDVHVFXOWXUDVUHDOL]DGDVHQUHFXHUGR\PHPRULDGH+HUDQRJR]DEDQGHODFDOLGDGDUWtVWLFDTXHPiVDGHODQWHORJUDURQFRQVHJXLUORVPiVDIDPDGRVHVFXOWRUHVJULHJRVHHQWUHWRGDODLFRQRJUDItDVREUHODGLRVD+HUDFDEHGHVWDFDUODHVWDWXDUHDOL]DGDSRU3ROLFOHWR7DPELpQODGHQRPLQDGD+HUD%DUEHULQL\ODFRQRFLGDFRPR+HUD)DUQHVLR$SDUHFHHQWRGRFDVRUHSUHVHQWDGDHQPRQHGDV\UHOLHYHV

XQDPXMHUGHXQDVRODSLH]DVLQILVXUDVQLDWDGXUDVIDPLOLDUHVSRUHVRQRHVQDGDUDURTXHVHODYHDFRPRXQDGLYLQLGDGH[FOXVLYDPHQWHGLVHxDGDSDUDODYLFWRULDGHORVVX\RVGHORVKLMRVGHOD+pODGH&RQHOSDVRGHOWLHPSR$WHQHDVHYDGXOFLILFDQGR\WRPDXQSDSHOPiVPDWHUQDOSDUDFRQVXVILHOHV\DTXHSDVDGHVHUXQDPXMHUGHDFFLyQDXQDPDWURQDWXWHODUKDVWDTXHVHFRQYLHUWHHQODGLRVDJXDUGLDQDGHO(VWDGR\GHORVKRJDUHVDWHQLHQVHVSULPHUR\GHWRGRHOiUHDJULHJDGHVSXpV&RQHOFDPELRVXIULGR$WHQHD\DQRHVODEUDYDGLRVDTXHDFRPSDxDODVH[SHGLFLRQHVDUPDGDVGHFRQTXLVWDRGHFDVWLJRFRQHOSDVRGHOWLHPSRODGLRVDQRVDOHPiVDOFRPEDWHVLQRTXHVHPDQWLHQHSHUPDQHQWHPHQWHHQJXDUGLDFRQWUDORVHQHPLJRVTXHSXHGHQYHQLUGHIXHUD/DFLXGDGVLQyQLPRGHO(VWDGRQXFOHDUJULHJRHVVXiPELWRQDWXUDO\DHOODVHGHGLFDVXUHLQDGR&RQODFLXGDGWDPELpQVHHQJOREDQPXFKRPiVDGHODQWHORVTXHYLYHQ\WUDEDMDQGHQWURGHVXVOtPLWHV\DVtODJXHUUHUD$WHQHDSDVDDSUHRFXSDUVHSRUODVXHUWHGHORVDUWHVDQRV\WHUPLQDDWHQGLHQGRDORVDJULFXOWRUHVTXHDOLPHQWDQDVXVSURWHJLGRVFLXGDGDQRV

$6,&20(1=2689,$(7(51$

$WHQHDQDFLyGH=HXVVDOLHQGRGHVXFDEH]DFRPR\DVHKDGLFKRSHUR=HXVQRHUDEXHQSDGUHSDUDVXVP~OWLSOHVKLMRV\DEDQGRQyDODQLxDDUPDGDHQPDQRVGHOGLRVUtR7ULWyQ(OEXHQGLRVWRPyDODFKLTXLOODEDMRVXWXWHODFRPRVLIXHUDRWUDGHVXVKLMDV&ULDGDHQHVHDPELHQWHIDPLOLDUODMRYHQ$WHQHDHQFRQWUyVXPHMRUDPLJDHQODKLMDGH7ULWyQ\FRQHVWDQLxDGHVXPLVPDHGDGFRQODJHQWLO3DODVHQWUHWXYRORVGtDVIHOLFHVGHODLQIDQFLD3HURODLQRFHQFLDVHLEDDDFDEDUGHXQPRGRWHUULEOHHQXQRGHORVPXFKRVFRPEDWHVVLPXODGRVHQWUHODVQLxDV3DODVHVWXYRDSXQWRGHJROSHDUVHULDPHQWHDVXFRPSDxHUD$WHQHDSHUR=HXVTXHQRHUDWDQPDOSDGUHGHVSXpVGHWRGRYLRODHVFHQD\VDOLyHQGHIHQVDGHVXKLMDGLVWUD\HQGRD3DODVFRQVX]XUUyQ$WHQHDOLEUDGDGHODWDTXHPDWyDODGLVWUDtGD3DODVVLQGDUVHWDPSRFRFXHQWDGHORTXHHVWDEDVXFHGLHQGRGHODQWHGHVXVRMRV(QRWUDVYHUVLRQHVGHOPLWRVHUHODWDTXHODGLRVD$WHQHDQDFLyHQ/LELDDODRULOODGHOODJR7ULWyQR7ULWRQLV\IXHUHFRJLGDSRUWUHVQLQIDVTXLHQHVVHHQFDUJDURQGHVXFXLGDGR\HGXFDFLyQXUDQWHXQRGHORVMXHJRVGHJXHUUDHQORVTXHVHHQWUHWHQtD$WHQHDFRPRSUHOXGLRLQIDQWLOGHVXYRFDFLyQGHJXHUUHUDFRQVXLQVHSDUDEOHFRPSDxHUD3DODVSHUGLyHOFRQWUROGHVXODQ]D\pVWDDOFDQ]yPRUWDOPHQWHDODRWUDQLxD$WHQHDTXHGyKRUURUL]DGDSRUORRFXUULGR\HQVXHVFXGRTXH\DQXQFDPiVVHUYLUtDGHMXJXHWHHVFULELyHOQRPEUHGH3DODVHKL]RTXH\DSDUDVLHPSUHHOQRPEUHGHODSHUGLGDDPLJDIXHUDSUHFHGLHQGRDOVX\RSURSLR3DODV$WHQHD

275$69(56,21(6(/0,72

2WUDVIXHQWHVQRVUHODWDQXQDPRUEDVWDQWHFRQWUDULDGRHQWUH=HXV\0HWLVODWLWiQLGHHVTXLYD$SHVDUGHWRGRVORVPXFKRVWUXFRVTXHHPSOHDEDHOFDSULFKRVRDPDQWHFHOHVWLDO0HWLVFRQVHJXtDGHVSLVWDUORXQD\RWUDYH]ORTXHQRKDFtDVLQRDXPHQWDUORVGHVHRVGH=HXVKDFLDODWLWiQLGH\FRPRpOHUDGLYLQLGDGVXSUHPDWHUPLQySRUKDFHUVHFRQHOOD\ORJUDUVXSURSyVLWR0HWLVTXHGyHPEDUD]DGDSHURQRHUDWDQVHQFLOORHOSURFHVRGHOSDUWR\DTXHHORUiFXORVHxDODEDTXHHQHVWDRFDVLyQ0HWLVSDULUtDXQDKHPEUDSHURTXHDVXVLJXLHQWHHPEDUD]RVHLEDDHQJHQGUDUHOYDUyQTXHGHVWURQDUtDD=HXV(VWHUHFRUGDQGRORTXHVXSDGUH&URQRVKDEtDSDVDGRSRUGHVWUXLUOHDpO\FyPRpOPLVPRKDEtDFXPSOLGRODSURIHFtDQRORGXGy\VHFRPLyDODHPEDUD]DGDFRQHOIHWRGHHVD$WHQHD\WRGR3HURHQODFXULRVDGLJHVWLyQROtPSLFDHOIHWRVLJXLyVXSURFHVR\DOFDERGHOWLHPSRUHJODPHQWDULR=HXVVLQWLyORVGRORUHVGHOSDUWR\QRVDELHQGRDTXHVHGHEtDWDOSHQDUVHWLUyDOODJR7ULWyQSDUDDSODFDUHQVXVDJXDVHOH[WUDxRVtQWRPDHQDGDOHYDOLyHOFKDSX]yQDKRUDHUDODFDEH]DODTXHGROtDFRPRQXQFDVHSRGUtDLPDJLQDUXQGLRV$OYHUORHQWDQSHQRVDVLWXDFLyQVHOHDFHUFDURQVXVFROHJDV\+HUPHVGLDJQRVWLFyFHUWHUDPHQWHODFDXVDGHODMDTXHFDHUDXQHPEDUD]RFUDQHDO$OJXQRGHORVSUHVHQWHVVHDSLDGyGH=HXV\OHDEULyHOFUiQHRFRQXQJROSHGHPD]DVREUHODFXxDGLVSXHVWDSDUDUDMDUODFDEH]DVDJUDGD3RUODYLROHQWDWUHSDQDFLyQHQXQDHVSHFWDFXODUDUULEDGDDOPXQGRPiJLFRGHORVDQWLJXRVVDOLyODWULXQIDQWH$WHQHDDUPDGDGHSLHVDFDEH]D\EUDPDQGRFRPRXQVROGDGRHPEUDYHFLGRDQWHODVILODVHQHPLJDVPiVTXHFRPRVHVXSRQHTXHGHEHUtDJULWDUXQQDFLGRGHYDUyQ\KHPEUD

/$275$+,6725,$(3$/$67DPELpQKD\TXLHQHVSURFODPDQTXH$WHQHDHUDKLMDGHOJLJDQWHVFR\]RRPyUILFR3DODVXQVHUSRFRDJUDFLDGRTXHWHQtDDODV\FXHUSRGHFDEUDFRPRXQViWLURYRODGRU6iWLURGHEtDVHUHOSUHWHQGLGRSDGUHSXHVLQWHQWyOOHJDUDPD\RUHVFRQVXFULDWXUDVLQFRQWDUFRQTXHODKLMDHUDGXFKDHQHOFRPEDWHDXQTXHIXHUDFRQWUDSDGUHWDQGHVQDWXUDOL]DGR\QRVyORVHTXLWyGHHQFLPDDWDQGHVDJUDGDEOHSDULHQWHVLQRTXHORGHVROOy\FRQVXSLHOGHFDEUDVHKL]RVXEROVDSRQLpQGRVHFRPRDGRUQRVREUHVXVKRPEURVODVDODVGHOGHUURWDGRHLQFHVWXRVRYLRODGRU3DUHFHTXHHVWHPLWRHVPiVELHQXQSURGXFWROLELRFRPRHOGHODGLRVD1HLWK$YHFHVVHGLFHTXH3RVHLGyQHUDHOSDGUHSHURTXH$WHQHDSRFRFRQWHQWDGHWHQHUWDOSURJHQLWRUXQGtDGHFLGLGDVHIXHKDFLDHOVXSUHPR=HXV\OHSLGLyVHUDGRSWDGDSRUpOFRVDTXHKL]RVLQGXGDUHOEXHQGLRV\WtRFDUQDODSDUWLUGHHVDDGRSFLyQHOUHVWRGHODKLVWRULDVHPDQWLHQHHQODVOtQHDVJHQHUDOHVGHOPLWRFOiVLFR7DPELpQVHQDUUDODSXJQDHQWUH3RVHLGyQ\$WHQHDSRUHOSDWURFLQLRGH$WHQDV/DGLVSXWDOOHJyDFRQYHUWLUVHHQFXHVWLyQGH(VWDGRHQHO2OLPSR\WHUPLQyHQYRWDFLyQHQWUHORVGLRVHVSDUDYHUDTXLHQVHDGMXGLFDEDVXWXWHOD$OUHFXHQWRGHORVYRWRVVHYLR

UiSLGDPHQWHTXHORVGLRVHVDSR\DEDQD3RVHLGyQ\ODVGLRVDVD$WHQHD(QHVDYRWDFLyQVH[LVWDJDQyODPD\RUtDGHPXMHUHVGLYLQDVSRUXQ~QLFR\GHILQLWRULRYRWR\$WHQHDVHTXHGyDSHUSHWXLGDGFRQODFRGLFLDGDSOD]D/RTXHVtHVXQDFRQVWDQWHHQPLWRORJtDHVHOHQIUHQWDPLHQWRHQWUH$WHQHD\3RVHLGyQVHDFRPRVHDODKLVWRULDTXHVHWRPHFRPRUHIHUHQFLD\ODMXVWLILFDFLyQGHTXHFRQHVDH[FXVDSUHWHQGLGDPHQWHUHOLJLRVDODFLXGDGGH$WHQDVGHFLGLHUDTXHODVPXMHUHVGHODWLHUUDDWHQLHQVHTXHGDUDQVLQGHUHFKRDYRWRQRIXHUDTXHRWUDQXHYDFRQVXOWDWHUPLQDVHFRQVXYLFWRULD

/,%,$7,(55$(25,*(1

/RTXHVtSDUHFHVHUFLHUWRHVHOKHFKRGHTXH/LELDVHDHOOXJDUGHRULJHQGHOPLWRLJDPRVTXHOD/LELDFOiVLFDHVXQJUDQWHUULWRULRGHFDUDDO0HGLWHUUiQHRTXHDUUDQFDMXVWRHQHOGHOWDGHO1LOR\TXHVHH[WLHQGHLQGHILQLGDPHQWHKDVWDOOHJDUDOD1XPLGLDVLWXDGDHQORTXHDKRUDVHOODPD/LELD\7~QH]HVGHHVDFRVWDKR\(JLSWRDWUDYpVGH&UHWDXQFUXFHGHUXWDVPX\LPSRUWDQWHHQHOFHQWURPLVPRGHOPXQGRFLYLOL]DGRGHODpSRFD$WUDYpVGHODHVFDODLQVXODUWRGDVODVLQIOXHQFLDVGHYLDMHURV\FRPHUFLDQWHVIXHURQXQDFRQWLQXDGDYtDGHFRPXQLFDFLyQFXOWXUDO\UHOLJLRVD3ODWyQFXHQWDTXH1HLWKGLRVDOLELDHVODEDVHVREUHODFXDOVHFRQVWUX\HODQXHYDKLVWRULDJULHJDEDMRODGHQRPLQDFLyQGH$WHQHD1DWXUDOPHQWHHQWUHODLFRQRJUDItDHJLSFLDVHSXHGHQHQFRQWUDUPXFKDVLPiJHQHVGH1HLWKDVLPLODGDDOFXOWRRILFLDOIDUDyQLFR2WURVDXWRUHVWDPELpQVHxDODQHORULJHQOLELRGHODGLYLQLGDGFRQWDQGRORVULWRVGHHVDGHLGDGHQORVTXHILJXUDEDODOXFKDVDJUDGDDQXDOHQWUHODVVDFHUGRWLVDVGH1HLWKFRPRODIRUPDGHDFFHVRDODSRVLFLyQGHVDFHUGRWLVDPi[LPDHQXQDUHFUHDFLyQGHODPXHUWHGHODQLxDDQWDJRQLVWD\GHODVLQJXODULGDGSRVWHULRUGHODQXHYDGLYLQLGDGTXHVHHULJHFRPRWDOXQDYH]TXHVHSURGXFHHOGHVHQODFHIDWDOHOTXHHOGHVWLQRKDVHxDODGRFRPRWUiPLWHLQLFLDOGHVXLPSHULR

(/0$/(17(1,2(+()(672

/DYLUJLQDO$WHQHDUHFLELyHQPXFKDVRFDVLRQHVHOUHTXHULPLHQWRDPRURVRGHVXVSDGUHVSHURVLHPSUHVHPDQWXYRILHODVXLGHDLQLFLDOGHVHUYLUJHQSRUYRFDFLyQ$OILQ\DOFDERHVDHUDODSHWLFLyQPiVLPSRUWDQWHGHVXYLGD\HVWDEDFODURTXHQRORKDEtDKHFKRSRUFDSULFKRVLQRSRUTXHFRPSUHQGtDTXHVXQDFLPLHQWRPDUFDEDVXGHVWLQRVHSDUDGDDEVROXWDPHQWHGHOVH[RTXHQLVLTXLHUDKDEtDH[LVWLGRHQVXFRQFHSFLyQ3HURKD\XQHSLVRGLRTXHYLHQHDDERQDUVXGHFLVLyQPHMRUTXHFXDOTXLHURWURWLSRGHFRQVLGHUDFLyQ6HWUDWDGHDTXHOPRPHQWRHQHOTXH$WHQHDGHEHEXVFDUDUPDVSDUDLQWHUYHQLUHQ7UR\D=HXVKDGHFODUDGRVROHPQHPHQWHTXHQRYDDWRPDUSDUWLGRSRU

QLQJXQRGHORVGRVEDQGRV3DODV$WHQHDQRTXLHUHGHMDUGHUHVSHWDUODVDJUDGDYROXQWDGSDWHUQD\VHGLULJHDOGLRVGHODIUDJXDD+HIHVWRSDUDTXHpOVHDHOIRUMDGRUGHVXDUVHQDO+HIHVWRDFHSWDHOHQFDUJR\VHSRQHDWUDEDMDUHQDPRUDGRGHODEHOOD\GHFLGLGDGLRVD$SHVDUGHVXIHDOGDG+HIHVWRKDVLGRHOPDULGRGHODEHOODHQWUHODVEHOODVGH$IURGLWDDXQTXHVXPDWULPRQLRQRKD\DUHVXOWDGRWDQVDWLVIDFWRULR\QREOHFRPRGHEtDGHKDEHUVLGR\ODSUHVHQFLDGH$WHQHDOHKDFHSHQVDUGHQXHYRHQODSRVLEOHIHOLFLGDGGHHVWDUFRQXQDPXMHUWDQPDUDYLOORVDFRPRDTXHOODTXHWLHQHDQWHVt$OKDEODUGHOSUHFLRDSDJDUSRUHOWUDEDMR+HIHVWRLQGLFDTXHOHEDVWDHODPRUGH$WHQHDHOODQRSXHGHFRPSUHQGHUTXHVHDPXFKRPiVTXHXQFXPSOLGRORTXHWDQVHULDPHQWHKDGLFKRHOKHUUHURGHORVGLRVHVSHURSDUD+HIHVWRVtTXHVLJQLILFDWRGRODSDODEUDGLFKD

/$75,67(%520$(326(,21

(QDPRUDGRYLVLEOHPHQWH+HIHVWRIDOWySRFRSDUDTXH3RVHLGyQDOTXHWDQSRFRHVWLPDED$WHQHDVLWHQHPRVHQFXHQWDHVDOH\HQGDGHODKLMDGH3RVHLGyQTXHEXVFDODDGRSFLyQHQVXWtR=HXVIXHUDFRQHOFXHQWRGHTXHODVHULD$WHQHDTXHUtDHQUHDOLGDGSURYRFDUXQDYLROHQWDSDVLyQHQHODUPHURTXHWRGRORTXHEXVFDEDFRQODH[FXVDGHODVDUPDV\HQFRPELQDFLyQFRQ=HXVHUDHOPRPHQWRGHVHUSRVHtGDEUXWDOPHQWHSRUXQGLRVFRPRpO$ORLUODHQWUDUHQODIRUMD\VLQGXGDUORXQPRPHQWR+HIHVWRVHODQ]yVREUHODYLUJHQFUH\HQGRTXHHVWDEDFXPSOLHQGRFRQHOFDSULFKRGH3DODVSHURODVLWXDFLyQTXHGyFRQJHODGDFXDQGRODGLRVDUHDFFLRQyVRUSUHQGLGDHLQGLJQDGDDQWHWDODWDTXH

+HIHVWRTXH\DQRHQWHQGtDQDGDPiVTXHODVSXOVLRQHVVH[XDOHVH\DFXOyFRQWUDHOPXVORGHVXDPDGD

GHOLQFLGHQWHWRPyODGHFLVLyQGHKDFHUVHFDUJRGHODFULDWXUDWDQSURQWRIXHUDSDULGRSRU*HD

&RVDTXHKL]R\HOKLMR(ULFWRQLRJXDUGDGRGHODYLVWDGHWRGRVVREUHWRGRSDUDHOLPLQDUODSRVLELOLGDGGHTXHHOSRFRTXHULGR3RVHLGyQVLJXLHUDFRQODEURPDIXHVDFDGRGHO2OLPSR\OOHYDGRDODFRUWHGHOUH\&pFURSHSDUDPiVWDUGHOOHJDUWDPELpQDOWURQRGH$WHQDVFRPRVXFHVRUGHVXSDGUHDGRSWLYRTXLHQDGHPiVGHFDXWR\SUXGHQWHHQVXUHLQDGRDPHGLRFDPLQRHQWUHGLRVHV\KpURHVIXHFpOHEUHSRUVHUDGPLQLVWUDGRUSHUIHFWRHLQQRYDGRUHQODVOH\HVGHODUHOLJLyQ\GHODSROtWLFD

3$&,),&$25$

6LVHHVWXGLDQORVWH[WRVFOiVLFRVDSDUWHGHHVWDVGLVSDULGDGHVVREUHVXQDFLPLHQWRSDWHUQLGDG\VXVFRPSOLFDGDVUHODFLRQHVFRQHOUHVWRGHORVGLRVHVPD\RUHV\PHQRUHVYHPRVFyPRODOHFFLyQGHODPXHUWHGH3DODVWUDQVIRUPDODSULPLWLYDILJXUDGHJXHUUHUDGHFLGLGDHQRWUDGLYLQLGDGDODTXHOHSUHRFXSDPiVODVHJXULGDGODHVWDELOLGDG\ODSD]TXHODVDUPDVYLFWRULRVDV(VXQGLRVDGHVDUPDGDQRFRPR$UWHPLVTXHYDHTXLSDGDGHVXDUFR\VHJXLGDSRUVXVOHEUHOHVQLWLHQHHOSRUWHEULOODQWHGHOXQLIRUPDGR$UHV$WHQHDHVWiPiVSUHRFXSDGDHQHOKRJDUTXHHQORVIUHQWHVGHEDWDOOD\VXLGHDHVTXHODSD]VHSXHGHORJUDUTXHXQDFXHUGRHVPHMRUTXHXQDEDWDOODDXQTXHHOFODPRUGHODYLFWRULDFXDQGRH[LVWHWDOVXHQD\UHVXHQDFRQPD\RULQWHQVLGDGVHFRQYLHUWHHQUHJRFLMRSRSXODU\HQLQVWUXPHQWRGHDVFHQVLyQSDUDORVKpURHV$WHQHDWLHQHDVXODGRDOE~KRSiMDURGHODVDELGXUtD\WDPELpQOHDFRPSDxDHOFXHUYRTXHHVXQDYHGRWDGDGHXQDHVSHFLDOLQWHOLJHQFLDVLPEyOLFD

,19(1725$3$5$/$+80$1,$

6DELD\GRPpVWLFDGHVSXpVGHKDEHUGHPRVWUDGRVXYDOtDPLOLWDU$WHQHDVHGHGLFDDSHQVDUHQSURGHVXSXHEORDVXGHGLFDFLyQSRUORVKXPDQRVVHOHDWULEX\HQLQYHQFLRQHVGHWRGRWLSRSHURVLHPSUHLQGXVWULRVDVGHVGHHODUDGR\HO\XJRTXHYDDXQFLUDODVEHVWLDVDODSDUHMRGHXQFDUURRGHHVHDUDGRKDVWDLQVWUXPHQWRVPXVLFDOHVFRPRODIODXWDRODFRUQHWDPHWiOLFD\PDUFLDO7DPELpQHVTXLHQGLVHxDORVYHKtFXORVWHUUHVWUHVRORVPDULQRV\QRFRQWHQWDFRQHVHUHSHUWRULRGHPiTXLQDV\GHLQVWUXPHQWRVVHSRQHDSHQVDUHQFyPRVHJXLUIDFLOLWDQGRODH[LVWHQFLDDVXJUH\3DUDODVPXMHUHV$WHQHDGHVDUUROODODVDUWHVFXOLQDULDVODKLODWXUD\HOWHMLGR3DUDORVTXHTXLHUHQFRQRFHUORVVHFUHWRVGHOFiOFXOR$WHQHDSUHSDUDODDULWPpWLFD

ODEULGDSDUDORVFDEDOORVDXQTXHSDUHFHVHUFLHUWRTXHHQHOWLHPSRODGLRVDIXHSUHGHFHVRUD

/$0,6(5,&25,$//(*$&21/$0$85(=

$SHVDUGHVXSDVDGRGHVXDSDULFLyQVREUHODID]GHODWLHUUDGHKDEHUQDFLGRDUPDGD\SUHGLVSXHVWDDODOXFKD3DODV$WHQHDODFRQYHQFLGDSDFLILVWDVyORHPSXxDODVDUPDVFXDQGRKD\TXHGHIHQGHUHOVDJUDGRVXHORSURSLRSHURHQWRQFHVWLHQHTXHUHFXUULUDVXSDGUH=HXVTXHHVWiVLHPSUHGLVSXHVWRDDFXGLUHQVXD\XGD\DSURSRUFLRQDUODHODUVHQDOQHFHVDULRVDOYRFXDQGR=HXVGHFODUyVXLQWHQFLyQGHQRHQWUDUHQHOFRQIOLFWRWUR\DQR\$WHQHDWXYRTXHUHFXUULUDRWURSURYHHGRUSDUDQRKDFHUTXH=HXVLQFXUULHUDHQODFRQWUDGLFFLyQGHVHUQHXWUDO\DUPDUDVXKLMDHQEHQHILFLRH[FOXVLYRGHXQDGHODVSDUWHVFRQWHQGLHQWHV3HURHQWRGRVORVFDVRVHQORVTXHLQWHUYLHQHHOODFXDQGRWRGRVORVWUiPLWHVGHFRQFLOLDFLyQVHKDQFXPSOLGR\VyORHQWRQFHVXQDYH]TXHWRGDVODVPX\SRQGHUDGDV\VDELDPHQWHPHGLWDGDVSURSXHVWDVGHSDFLILFDFLyQVHKDQLJQRUDGRRHVHOFDVRTXHORVULYDOHVKD\DQGHFLGLGRGHILQLWLYDPHQWHTXHVHSUHILHUHHOGHVTXLWHYLROHQWRODKDVWDHQWRQFHVSDFtILFD\HTXLOLEUDGDVHxRUDDOLQVWDQWHHTXLSDGDFRQODVDUPDVFHGLGDVSDUDODRFDVLyQSRUHOSRGHURVRSDGUH=HXVDUUDQFDFRPRXQKXUDFiQDOTXHVyORODYLFWRULD$WHQHDVHODQ]DDIRQGR\QRSHUGRQDDQDGLHHQWUHVXVHQHPLJRVDQLQJXQRSRUTXHVHWUDWDGHORVPLVPRVTXHKDQVLGRUHVSRQVDEOHVGHTXHODSD]QRVHDXQKHFKR

6XUD]yQHVWULEDORGLUHPRVRWUDYH]HQTXHOHFLHORHOHWHUQRODKDUHVSRQVDELOL]DGRGHODGHIHQVDXOWUDQ]D$WHQHDHVODUHSUHVHQWDFLyQGHODYLFWRULDILQDOQRVyORXQDGHLGDGGHOFRPEDWHHQWUHORVKRPEUHVGHODWLHUUD\QDGDSXHGHGHWHQHUODHQPHGLRGHOFDPSRGHEDWDOOD(VWRQRREVWDSDUDTXH3DODV$WHQHDDXQTXHHOODWHQJDXQRULJHQJXHUUHURQRVHDOXHJRFRQHOSDVRGHOWLHPSRHOPiVEHQpYRORGHORVMXHFHV\GHVXVODELRVVyORVDOJDQSURSRVLFLRQHVGHDEVROXFLyQGHSHUGyQSDUDORVTXHHVWiQVLHQGRMX]JDGRV\FRQWUDORVTXHHOWULEXQDOQRWLHQHVXILFLHQWHVFDUJRV\SRUWDQWRQRVDEHTXpVHQWHQFLDU(QWRQFHVDQWHODGXGDUD]RQDGDODJHQWLOGDPDGHOFLHORVHFRQYLHUWHHQLQWHUFHVRUDSDUDVXGHIHQVDHQODSHUPDQHQWHOLEHUDGRUDGHOLQFXOSDGR$SHVDUGHTXHGDUWDQELHQGHILQLGDFRPRSURWHFWRUDGHOGpELOFRPRPDHVWUDGHPLVHULFRUGLDVHGDQFDVRVHQORVTXHODJHQWLOGLYLQLGDGFRQYLYHFRQRWUDVLQWHUSUHWDFLRQHVVRUSUHQGHQWHPHQWHRSXHVWDVFRPRHOVXFHVRTXHVHQDUUDRFXUULyHQWUH$WHQHD\ODGRQFHOOD$UDFQHFRPRYDPRVDYHUDFRQWLQXDFLyQ

/26&(/26352)(6,21$/(6($7(1($

$WHQHDVHJ~QFRQVWDHQORVDUFKLYRVPLWROyJLFRVQLFRQRFLyYDUyQQLVHSUHRFXSySRUQLQJXQRGHHOORVPRUWDOVHPLGLYLQRRSOHQDPHQWHHQWURQL]DGRHQHO2OLPSR3HURODGLRVDYLUJHQWDPELpQIXHODVDJUDGDLQYHQWRUDGHODPD\RUSDUWHGHODVFRVDV\RILFLRV~WLOHVSDUDODKXPDQLGDGTXHHQHOODFRQILDED(QWUHVXVLQYHQFLRQHVHVWiHOKLODGR\HOWHMLGR\HQHVDVFXHVWLRQHVVXVFHORVSURIHVLRQDOHVHUDQWDQIXHUWHVFRPRORVGHXQDPXMHUDSDVLRQDGDHQHODPRU3XHVELHQKD\PRPHQWRHQODFUyQLFDGH$WHQHDHQHOTXHVXUJHHODSDVLRQDPLHQWR\ODGLYLQDGDPDSLHUGHHOFRQWUROGHVXVWHPSODGRVQHUYLRVGHDFHUR(OFDVRIXHTXH$UDFQHSULQFHVDGH/LGLDTXHHUDXQDKiELO\SULPRURVDGRQFHOODFRQHOWHODUHODERUyXQDWHODPDUDYLOORVDODTXHKDEUtDGHVHUVX~OWLPDREUD$WHQHDWXYRHQVXVPDQRVHOSDxRGH$UDFQH\DPHGLGDTXHORH[DPLQDEDFUHFtDVXHQRMRSRUTXHHOSDxRGHODSULQFHVDHUDDPiVGHKHUPRVRFRPRQLQJXQRTXHMDPiVVHKXELHUDYLVWRWDQSHUIHFWRFRPRVLKXELHUDVLGRREUDGHORVSRGHUHVFHOHVWLDOHV$TXHOODGHPRVWUDFLyQGHSHUIHFFLyQ\DUWHHUDGHPDVLDGDKXPLOODFLyQSDUDODGLRVD$QWHHOGHOLFDGRGLEXMRGHXQ2OLPSROOHQRGHFXDGURVSOHQRVGHFRORULGRHLQWHQFLyQHQORVTXHVHGHVFULEtDQODVPiVURPiQWLFDVHVFHQDVGHORVSREODGRUHVGHWDQLOXVWUHPRUDGD$WHQHDQRVXSRKDFHUPiVGHORTXHQRGHEtDGHVWUR]DUHOSDxRKDVWDUHGXFLUORDKDUDSRV$UDFQHGROLGDRDWHUURUL]DGDSRUODFUXHOGDGGHVXULYDOWH[WLOVHVXLFLGyDKRUFiQGRVHGHOWHFKR/DYHQJDQ]DGH$WHQHDQRWHUPLQyFRQVXPXHUWH\ODGLRVDVHFRPSODFLyKDVWDHOLQILQLWRKDFLHQGRTXHDSDUWLUGHHVHPRPHQWRODSREUH$UDFQHSDVDUDDVHUXQDDUDxDFRQVXFXHUGDGHPXHUWHWUDQVIRUPDGDHQKLORVDOYDGRUTXHOHSHUPLWLyGHVDQGDUHOFDPLQRGHODPXHUWHKDVWDYROYHUDODYLGDDXQTXHHVRVt\DFRQYHUWLGDHQXQLQVHFWRSRFRDJUDFLDGR\D~QPHQRVDSUHFLDGR

0,1(59$5(&,%($$7(1($(1520$

3DODV$WHQHDODGLRVDJULHJDSURWHFWRUDGHODQWLJXRFHQWURGHOPXQGRGH$WHQDVWDPELpQVHWUDVODGDD5RPDFRQHOUHVWRGHOSDQWHyQROtPSLFR\HQHVDVWLHUUDVVHIXQGHFRQHOFXOWRD0LQHUYDHPSDSDQGRHOULWRODWLQRGH0LQHUYDTXHFRQWDEDFRQXQDFXOWXUDPiVLPSHULDOHVGHFLUPiVSUiFWLFD\FRPHUFLDOFRQODUHFLDSHUVRQDOLGDGDWHQLHQVH(Q5RPD0LQHUYDFRPLHQ]DDGLEXMDUVHFRPRXQDGLYLQLGDGGHODLQWHOLJHQFLDGHOSHQVDPLHQWRGHODPHPRULD(QORVLGXVGHPDU]RFXDQGR\DHPSLH]DDDGLYLQDUVHODOOHJDGDGHODSULPDYHUD\HOPXQGRUHVXUJHORVURPDQRVFHOHEUDEDQORVFLQFRGtDVGHIHVWLYLGDGSXHVWRVEDMRHOSDWURFLQLRGH0LQHUYD(UDQGtDVGHILHVWDSDUDWRGRVSHURPiVVHxDODGDPHQWHSDUDORVLQWHOHFWXDOHV\ORVDUWLVWDVSRUVXQXHYD\SDFtILFDFRQGLFLyQGHVHxRUDGHODVDELGXUtD\HOHQFDQWRDUWtVWLFREDMR0LQHUYDTXHGDEDODFHOHEUDFLyQGHODVILHVWDVKDVWDORVHVWXGLDQWHVWHQtDQTXHDERQDUDVXVSURIHVRUHV\PDHVWURVODSDJDHQHVRVGtDVHUDODpSRFDGHORVPLQHUYDOHVGtDVLPSDFLHQWHPHQWHHVSHUDGRVSRUORV

HQVHxDQWHVSDUDUHFLELUVXVLHPSUHHVFDVRVDODULR3HURODEXHQDLPDJHQGH0LQHUYDVHYDOOHQDQGRSRFRDSRFRGHODVFRQQRWDFLRQHVPDUFLDOHVGH3DODV$WHQHDDSHVDUGHTXH$WHQHD\DHVFXDQGRVHFRQVROLGDFRPRGHIHQVRUDGHOKRJDUJULHJRXQDGLYLQLGDGSDFLILFDGRUD0LQHUYDUHFLEHHOPHQVDMHPDUFLDOGHORVFRPLHQ]RVGH$WHQHD\WHUPLQDSRUKDFHUVHXQDGLYLQLGDGDUPDGDFRQDTXHOODVFDVLROYLGDGDVFDUDFWHUtVWLFDVEpOLFDVGHOSDVDGRDWHQLHQVHKDVWDDOHMDUVHWRWDOPHQWHHQWUHORVEXHQRVILHOHVURPDQRVGHORWURUDERQGDGRVRSDWURFLQLRH[FOXVLYRGHOSHQVDPLHQWR\HOHVWXGLR\OOHJDUDHVWDEOHFHUVHFRPRODVLPEyOLFDGLRVDJXHUUHUDTXHIXHRULJLQDOPHQWHHQ*UHFLDHQVXVSULPHURVSDVRVHQWUHORVVHUHVKXPDQRV

81$,9,1,$(6(*81$),/$

(QODFDSLWDOLPSHULDO0LQHUYDHVWDEDFRPRXQDPXHVWUDGHUHIOH[LyQ\GHHVWXGLRSHURFRQODLPSRUWDFLyQGHORVPLWRVGHIRUPDGRVSRUTXLHQHVWUDHQD5RPDDXQDPX\HVSHFtILFD$WHQHDODGHILQLWLYD0LQHUYDDFDEDSRUKDFHUVHVLHPSUHSUHVHQWHFRPRXQDPXMHUGHVWLQDGDDOFXOWRGHODVEDWDOODVHUJXLGD\GHVDILDQWHVLHPSUHFRQVXFDVFRGHJXHUUDFRQVXHVFXGR\VXEUD]RDUPDGR$XQTXHODWUDGLFLyQKHOpQLFDQRVKDEODEDGHXQDERQGDGRVDGDPDTXHKDEtDDSUHQGLGRHQVXLQIDQFLDODGXUDOHFFLyQGHODVDQJUHGHODTXHVHGHFtDTXHSHGtDD=HXVVXVDUPDVVyORFXDQGRVHKDEtDUHFKD]DGRODSD]HQVXQXHYRSDSHOGHDYDQ]DGLOODUHOLJLRVDGHXQLPSHULRVLHPSUHRUJXOORVRGHVXVVROGDGRVDKRUD\DVHHQFXHQWUDGHILQLWLYDPHQWHDOHMDGDGHOHVWXGLR\ODVEHOODVDUWHVGHODLQYHQFLyQGHEDUFRV\FDUURVGHORV~WLOHVGHODEUDQ]D\GHLQGXVWULDVGRPpVWLFDVVXSDSHOHQODVRFLHGDGODWLQDHVHOGHJXHUUHUDFHOHVWLDODOLDGDDODVXHUWHGHVXVHMpUFLWRV/DSULPLWLYDSURWHFWRUDGHODVSURIHVLRQHVOLEHUDOHVODSDFtILFD\VDELD0LQHUYDVHTXHGDIXHUDGHOFRQWH[WRGHSDUWLGD\SDVDDODOXFKDSHUPDQHQWHSHURHQVHJXQGRSODQRWUDVPXFKDVRWUDVGLYLQLGDGHVPDVFXOLQDV\IHPHQLQDVTXHODJDQDQHQSUHVWLJLR\HQIHUYRUSRSXODU\VRQRWUDVTXLHQHVRFXSDQVXSXHVWRFRPRGLRVDVWXWHODUHVGHODVIDHQDVGRPpVWLFDV\GHOWUDEDMRGHODPLVHULFRUGLD\GHODLQWHUFHVLyQSDFLILFDGRUD

$7(1($

HQFRQWUDUHQHVWDWXLOODRHQUHOLHYHHQPXFKDVIRUPDVGHPHQRUHQWLGDGSDUDSUHVLGLUODFDVD\GDUSUXHEDGHVXFRPSURPLVRFRQORVKRJDUHV\FRQHOPDUFRIDPLOLDU0LQHUYDODODWLQDYHUVLyQGHODGLRVDHVRWUDILJXUDHVFXOWyULFDTXHVHVLJXHYLHQGRFRPRVtPERORGHHPSUHVDVSXMDQWHVGHOVLJOR;,;UHPDWDQGRHGLILFLRV\SUHVLGLHQGRGHQXHYRHQVROLWDULR\FRQPDMHVWXRVLGDGLQFRPSDUDEOHODDFWLYLGDGGHXQDVRFLHGDGLQGXVWULRVDTXHTXLHUHDGVFULELUVHDOSURJUHVRXQLHQGRLQGXVWULRVLGDG\FRQRFLPLHQWRFRPR\DORKLFLHUDHQVXVOHMDQRVGtDVRULJLQDOHVDOOiHQOD*UHFLDGHOHVSOHQGRUPi[LPR0LQHUYDHVXQQRPEUHFRPHUFLDOTXHVHSXHGHHQFRQWUDUHQPXOWLWXGGHPDUFDVGH(XURSD\$PpULFDFDVLWDQDEXQGDQWHPHQWHFRPRVXFROHJDGLYLQR+HUPHVR0HUFXULR3RUTXHHVGLRVDGHODDFFLyQ\GHODYLFWRULDGHODVDELGXUtD\ODSUXGHQFLD\GHHOODQRVHUHFXHUGDQYHOHLGDGHVRGHVPDQHV0LQHUYDVHFRQYLHUWHFRQODUHYROXFLyQLQGXVWULDOHQODPiVSRVLWLYDGHODVGLYLQLGDGHVIHPHQLQDVHQODTXHPHMRUSXHGHVHUFRUSRUHL]DGDHQHOEURQFHLQGXVWULDO

$32/2/(720$5(($32/2

(ORULJHQ\QDFLPLHQWRGHOGLRV$SRORVHKDOODURGHDGRGHXQKDOROHJHQGDULRTXHVHSUHVWDDVHUGHVFULWRSRUORVFDQWRUHVGHPLWRVGHXQDPDQHUDEDVWDQWHOtULFD

6HGHFtDGHpOTXHFRQGXFtDHOFDUURGHOVROFRQORFXDOVHTXHUtDLQGLFDUTXHHUDODGHLGDGGHODOX]\GHODFODULGDG

YHUGDGHUDOX]\HOPLVPR6ROYLQRDOPXQGRHQWDOUHFyQGLWR\KDVWDHQWRQFHVGHVFRQRFLGROXJDU

-8(*263,7,26

/DQLxH]GHOGLRV$SRORWUDQVFXUULyFRQFLHUWDUDSLGH]\DSHQDVH[LVWHHQHOODGDWRDOJXQRGLJQRGHHQFRPLRDXQTXHVHDGLYLQDEDHQVXVJHVWRVHOWDODQWHDFWLYR\JXHUUHURTXHFRQSRVWHULRULGDGOHOOHYDUtDDUHVROYHUGHWHUPLQDGDVVLWXDFLRQHVKDFLHQGRXVRGH~WLOHVFRPRHODUFR\ODVIOHFKDVORVFXDOHVTXHGDUtDQFRPRVLJQLILFDWLYRVDWULEXWRVGHVXSHUVRQDOLGDG\GHVXSRGHU

/DSULPHUDGHODVKD]DxDVTXH$SRORUHDOL]DUiHVDTXHOODTXHWXYRFRPRGHVHQODFHODPXHUWHGHXQUHSWLOTXHVHPRYtDSRUORVFDPSRVGH7HVDOLD\FDXVDEDHQWUHVXVPRUDGRUHVPLHGR\SiQLFR

6HJ~QODOH\HQGDHVWHILHURDQLPDOIRUPDEDSDUWHGHORVGLIHUHQWHVPRQVWUXRVTXHVHJHQHUDURQGHODFRQIOXHQFLDGHOOLPRREDUURSURGXFLGRSRUODVDJXDVGHODWLHUUD\HOFDORUUHYHUEHUDQWHGHVSUHQGLGRSRUHO6RO

HHQWUHWRGRVHVRVPRQVWUXRVHOPiVEHVWLDOHUDHOIHUR]UHSWLOTXH\DKHPRVFLWDGR6HWUDWDEDGHXQDHQRUPHVHUSLHQWHDODTXHWRGRVWHPtDQGHELGRDVXWHUURUtILFDSUHVHQFLD\DORVGHVPDQHVTXHSURGXFtDHQWUHORVKXPDQRV\VXVFRVHFKDV\SURSLHGDGHV5HFLEtDHOQRPEUHGHVHUSLHQWH3LWyQ\VHJ~QQRVFXHQWD2YLGLRHQ/DV0HWDPRUIRVtVFD\yPXHUWD\GHVWUR]DGDEDMRODVIOHFKDVGH$SROR\SRUFX\DVPLOKHULGDVVDOLyODYHQHQRVDVDQJUH0XFKRWLHPSRGHVSXpVHOUHFXHUGRGHHVWDVLQJXODUYLFWRULDGLRRULJHQSRUYROXQWDGGHOPLVPR$SRORHQRUJXOOHFLGRSRUVXYDOHURVDKD]DxDDXQRVVROHPQHVMXHJRVTXHUHFLELHURQHOQRPEUHGH3LWLRV\HQORVFXDOHVHOYHQFHGRUELHQHQODOXFKDELHQHQODFDUUHUDSHGHVWUHRHQODFRQGXFFLyQGHFDUURVPHUHFtDXQDFRURQDGHKRMDVGHHQFLQDSRUTXHD~QQRODVKDEtDGHODXUHO\SRUTXHODVFRURQDVFRQTXH$SRORVHDGRUQDEDHVWDEDQKHFKDVFRQODVKRMDVGHOiUEROPiVFHUFDQRDOOXJDUHQHOTXHpOHVWDED

/DIXHU]D\GHVWUH]DGH$SRORIXHURQGHELGDVDORVFXLGDGRVTXHODGLRVD7HPLVOHSURGLJyGHVGHQLxR0HUFHGDHOORVHFRQYHUWLUtDSURQWRHQXQMRYHQDSXHVWRIXHUWH\iJLOGHPRYLPLHQWRV/DGLRVDOHDOLPHQWyFRQODDPEURVtD\HOQpFWDUTXHFRQVWLWXtDQHOPDQMDUSURSLRGHORVGLRVHVGHO2OLPSR$GHPiVHQHOPRPHQWRGHQDFHU$SRORODWLHUUDGHODLWLQHUDQWHLVODGHHORVVHFXEULyGHXQDDPSOLDFDSDGHJUiQXORVGHRUR\DHOODDFXGLHURQORVFLVQHVVDJUDGRVHQYLDGRVSRU=HXV\TXHGLHURQVLHWHYXHOWDVDODLVOD\FRQGXMHURQHOKHUPRVRFDUURTXHWUDQVSRUWDUtDDOGLRV$SRORKDVWDHOJUDQGLRVRWHUULWRULRGHHOIRVOXJDUHQHOTXHVHDVHQWDUiGHVGHHQWRQFHVHORUiFXORGHHOIRVTXHVH

KDOODEDJXDUGDQGRODYHWXVWD\RVFXUDJUXWDTXHKDFtDGHHQWUDGDDOWHUULWRULRGHO2UiFXORODVHUSLHQWH3LWyQTXH$SRORDFULELOODUtDFRQVXVWHPLEOHVGDUGRV6HJ~QFXHQWDQORVQDUUDGRUHVGHPLWRVHOQRPEUH3LWyQVLJQLILFDSXGULU\HOFpOHEUH+LPQRGH$SRORUHFRJHHOVHQWLGRGHHVWHFRQFHSWR3~GUHWHDKRUDDKtGRQGHHVWiVVREUHODWLHUUDQXWULGRUDGHORVKXPDQRV7DPELpQSRUHQWRQFHVIXHFXDQGR=HXVSXVRHQPDQRVGH$SRORODPLWUD\ODOLUDTXHVHFRQVWLWXLUtDQHQVXVVtPERORVYLVLEOHV\UHFRQRFLGRV

)/(&+$($025

UHTXHULPLHQWRVGHOGLRVODQLQIDUHVSRQGtDLQGHIHFWLEOHPHQWHFRQHOUHSXGLR\ODKXLGD

(VSpUDPHKHUPRVDPtDFODPDED$SROR(VSpUDPH4XHQRVR\QLQJ~QHQHPLJRGHIXQHVWDVLGHDV+~\DOHHOFRUGHURDOORERHOFLHUYRDOOHyQ\ODSDORPDDOiJXLODSRUTXHVXVHQHPLJRVVRQSHURQRPHKX\DVSRUTXH~QLFDPHQWHHOPiVLQPHQVRDPRUPHLPSXOVD

(QYDQRFODPDED$SRORLQ~WLOHVUHVXOWDEDQVXVV~SOLFDV\VXVUXHJRVSXHVDIQHGHELGRDODLQIOXHQFLDGHOFHUWHURGDUGRGH&XSLGRQRUHSDUyHQpOQLXQLQVWDQWHVLTXLHUD

/DVODPHQWDFLRQHVGH$SRORQRSDUHFtDQSURSLDVGHXQGLRVWDQYDOHURVR\YLFWRULRVRFRPRKDVWDHQWRQFHVVHKDEtDDSDUHFLGRDQWHpOPLVPR\DQWHORVGHPiV/DIOHFKDGHOGHVDPRUTXH&XSLGROHKDEtDFODYDGRHQHOFHQWURPLVPRGHVXFRUD]yQHVWDEDSURGXFLHQGRHOHIHFWRGHVHDGRSRUHOFHUWHURDUTXHUR

+2-$6(/$85(/

5HIOH[LRQDED$SRORVREUHWRGDVODVFXDOLGDGHVGHODVTXHHVWDEDDGRUQDGR\QRKDOODEDIDOORQLWDFKDQLQJXQRHQVXSURSLDSHUVRQD$FDVR\DQRVHDFRUGDEDGHVXDUURJDQFLDSDUDFRQHODIHPLQDGR&XSLGR&XDQWRPiVVHPLUDEDDVtPLVPRPHQRVYHtDVXVSRVLEOHVIDOORV)LQDOPHQWH\PX\DVXSHVDU$SRORQRSXGRFRQVHJXLUHODPRUQLHODIHFWRGH/HWRODFXDOVHWUDQVIRUPyHQiUEROFRQFUHWDPHQWHHQXQODXUHOTXHSRURWURODGRVHFRQYLUWLyHQHOVtPERORGH$SROR\VXVYLFWRULDV(OUHODWRGH2YLGLRQRVGDFXHQWDH[DFWDGHORVDYDWDUHVGHOGLRV\GHODQLQID

+LMRGH-~SLWHUVR\\DGLYLQRHOSRUYHQLU\VR\VDELRGHOSDVDGR

YDURQLOHVGHGRVUR]DQODVSUHQGDVIHPHQLQDV

6RORODSUHVHQFLDGHO6RODOOiDUULEDORJUDUtDPHUPDUFRQHOSRGHUFDORUtILFRGHVXVUD\RVHOGHVERFDGRFDXGDOGHOWRUUHQWH1RVKDOODPRV\DHQHOHVWtR\$SRORODSHUVRQLILFDFLyQGHO6RO\GHODOX]VHGLVSRQHDIUHQDUKDVWDDJRVWDUORDTXHOODPRYLOLGDGH[DFHUWDGDGHOWRUUHQWH\GHVXVGHVERFDGDVDJXDV(OGLRV$SRORKDYHQFLGRDODVHUSLHQWH3LWyQSXHVGRQGHKDEtDXQFUHFLGRUtRDSHQDVDKRUDVHGLVWLQJXHXQLQVLJQLILFDQWHUHJDWR/RVUD\RVGHOVROVLPEROL]DUtDQODVIOHFKDVTXH$SRORHQYtDFRQIXHU]DLQXVLWDGDORFXDOLQGLFDUtDTXHQRVKDOOiEDPRV\DHQSOHQRYHUDQRFRQWUDODVKDVWDDTXtDEXQGDQWHVDJXDVGHOWRUUHQWH(OUHVXOWDGRVHUiODPXHUWHGHpVWHHOWRUUHQWHDPDQRVGHDTXpOHO6ROHVGHFLUODSHUVRQLILFDFLyQGHOGLRV$SROR\DVtVHFXPSOHQORVYDWLFLQLRVGHORVFDQWRUHVGHKLPQRVFXDQGRVHUHILHUHQDODPXHUWHGHOD3LWyQSRU$SROR1RODPXHUWHFUXHOQRSRGUiVHUDSDUWDGDGHWLWHSXGULUiVDKtEDMRODDFFLyQGHODWLHUUDQHJUD\GHOEULOODQWH6RO

9$//((7(6$/,$

/RFLHUWRHVTXHODPXHUWHGHODVHUSLHQWH3LWyQKL]RTXHHOSURWDJRQLVWDGHVHPHMDQWHVXFHVRHVGHFLUPX\HVSHFLDOPHQWHHOGLRV$SRORWXYLHUDTXHSXULILFDUVH/DPXHUWHGHODVHUSLHQWH3LWyQFRQILULyDOGLRVFLHUWDLPSXUH]DGHHVStULWXSXHVDSHVDUGHODVPXFKDVLQWHUSUHWDFLRQHVHQIDYRUGHODDFWXDFLyQGHOGLRVVLQHPEDUJRH[LVWHQDXWRUHVTXHSLHQVDQTXH$SRORPDWyDOD3LWyQSRUXQLQWHUpVSHUVRQDO\QRSRUTXHKLFLHUDGDxRDKRPEUHV\JDQDGRGHULYDGRGHODTXHUHQFLDGHOGLRVSRUWHQHUXQRUiFXORSURSLRFRVDFRPSUHQVLEOHGDGDVODVGRWHVGHDGLYLQRTXHLQGXGDEOHPHQWHSRVHtD3XHVWRTXHODVHUSLHQWHHUDKLMDGHODPDGUH7LHUUDSRVHtDODYLUWXGGHHPLWLUYHUHGLFWRVDQWHGHWHUPLQDGDVFXHVWLRQHVTXHVHOHSODQWHDUDQ3RUORPLVPRDOGHFLUGHFLHUWRVPLWyORJRVGHVDUUROODEDWDUHDVGHRUiFXOR(VWRFRQYHUWtDDOPRQVWUXRHQHQHPLJR\ULYDOGHOGLRV$SRORGHDTXtODOXFKDHQWUHDPERV\ODSRVWHULRUYLFWRULDGHHVWH~OWLPR3RUORGHPiVWRGDVODVVRFLHGDGHVDQFHVWUDOHVKDQWHQLGRPX\HQFXHQWDHOPLWRGHODVHUSLHQWHUHSUHVHQWDQGRHOPDO\HOGDxRODRVFXULGDG\HODELVPR\HOGLRVSRGHURVRTXHORJUDGDUOHPXHUWH\TXHVLPEROL]DODOXFKDGHOPDOFRQWUDHOELHQGHODOX]FRQWUDODRVFXULGDGGHODPRUFRQWUDHORGLR

3DUDFXPSOLUFRQHOULWRGHVXSXULILFDFLyQ$SRORVXEHDOFDUURWLUDGRSRUEODQFRVFLVQHODEODQFXUDGHORVFLVQHVVLPEROL]DODOX]\ODFODULGDGLUUDGLDGDVSRU$SROR\DXQTXHHQXQSULQFLSLRVHGLULJLUiKDFLDHOIRVVLQHPEDUJRWHUPLQDUtDSRUDVHQWDUVHHQXQSOiFLGR\YHUGHYDOOHVLWXDGRHQWUHODVGRVPtWLFDVPRQWDxDVGH2VVD\2OLPSRV$TXtOOHYyD

FDERHOGLRV$SRORVXSXULILFDFLyQ\GHVGHHQWRQFHVHVHLGtOLFR\SDUDGLVtDFROXJDUVHUiFRQRFLGRFRQHOQRPEUHGH9DOOHGH7HVDOLD

/$+(502685$($32/2

&XHQWDQODVOH\HQGDVTXHHOGLRV$SRORHUDPX\EHOOR\VLHPSUHVHOHUHSUHVHQWDEDHQSOHQDMXYHQWXG$GHPiVVXDWUDFWLYRQRVyORHUDItVLFRVLQRTXHWHQtDWDPELpQFLHUWDVFXDOLGDGHVGHWLSRPRUDO\HQFXDOTXLHUFDVROODPDEDODDWHQFLyQSRUVXJUDFLD\VXSUHVWDQFLD(UDXQGLRVVHPHMDQWHDOPiVEHOOR\YLULOGHORVPRUWDOHVSOHQRGHVDYLD\YLJRUVLHPSUHMRYHQXQDFDEHOOHUDDEXQGDQWHVHHVSDUFtDSRUVXVDQFKRVKRPEURV+LPQRD$SROR

1RREVWDQWHWRGDVXEHOOH]D\IRUWDOH]D$SRORQRSXGRHQDPRUDUFRPR\DKHPRVYLVWRDODQLQIDDIQHDXQTXHQROHVXFHGLyORPLVPRFRQODKHUPRVtVLPD&LUHQHDTXLHQ$SRORFRQRFLyFXDQGRJXDUGDEDORVUHEDxRVGHVXSDGUHUH\GHORVODSLWDVTXHVHKLFLHURQFpOHEUHVSRUOXFKDUFRQWUDORVFHQWDXURV

(VWDQLQIDWHVDOLDSUHIHUtDFD]DUDFXDOTXLHURWUDGLYHUVLyQFRQORTXH\DWHQtDDOJRHQFRP~QFRQ$SRORUHFRQRFLGRFRPRXQJUDQFD]DGRU(QFLHUWDRFDVLyQODQLQID&LUHQHVHHQIUHQWyDXQDSHOLJURVDSLH]D1DGDPHQRVTXHDXQOHyQ\QLVLTXLHUDXWLOL]yHQODUHIULHJDDUPDDOJXQD$SRORREVHUYDEDODIHUR]OXFKD\YLRFRPRODQLQIDORJUyPDWDUDOOHyQ$OLQVWDQWHVHHQDPRURGHHOOD\VLJXLHQGRHOFRQVHMRGHXQYHOR]FHQWDXURGHFLGLyVXELUODHQVXFDUURGHRUR\UDSWDUOD+X\yFRQHOODKDVWDHOQRUWHGH$IULFD\XQDYH]HQODUHJLyQGH/LELDUHJDOyHOGLRV$SRORDODFDULxRVDQLQIDXQWHUUHQRTXHGHVGHHQWRQFHVVHGHQRPLQDUtDODUHJLyQGH&LUHQH$GHPiVDPERVWXYLHURQXQKLMRDOTXHVXVSDGUHVFRQILDUtDQDODV0XVDV

$5,67(2

(QXQDOHJHQGDULDWLHUUDEDxDGDSRUODVDJXDVPDULQDVQDFLy$ULVWHR/DYHQWXURVDWLHUUDKDEtDDFRJLGRHQVXVHQRDGRVLOXVWUHVSHUVRQDMHVHVGHFLUD$SROR\DODEHOODQLQID&LUHQHHVXXQLyQQDFHUtD$ULVWHR

HVGHPX\QLxRIXHHGXFDGRSRUODV0XVDVTXLHQHVOHHQVHxDURQWRGRORFRQFHUQLHQWHDODUWHGHODSUHGLFFLyQ\GHODDGLYLQDFLyQWDPELpQOHPRVWUDURQHOSRGHUFXUDWLYRGHODVSODQWDV\WRGRVORVOHQLWLYRV\UHPHGLRVFRQWUDODVGLYHUVDVHQIHUPHGDGHV

0DVDGHODQWHWDPELpQODV1LQIDVFRODERUDURQHQODWDUHDGHKDFHUGH$ULVWHRXQKRPEUHGHSURYHFKR0HUFHGDWRGRHOORFRQRFLyODWpFQLFDGHODDSLFXOWXUD\ODVGLIHUHQWHVIRUPDVGHFXOWLYRGHORVROLYRVDGHPiVOHHQVHxDURQORVYDULDGRVPRGRVGHFREUDUSLH]DVFRQORTXH

VHFRQYLUWLyHQXQH[SHUWRFD]DGRU\GRPLQDGRUGHODSUiFWLFDGHODFLQHJpWLFD

(QFLHUWDRFDVLyQ$ULVWHROLEUyDORVKDELWDQWHVGHODVLVODV&tFODGHVGHODWHUULEOHHQIHUPHGDGGHODSHVWH0DVFXULRVDPHQWHSDUDHVWRQRXWLOL]yVXVDELGXUtDFXUDWLYDVLQRTXHDUPiQGRVHGHSDFLHQFLDFXPSOLyGLDULDPHQWHFRQXQULWXDOHQKRQRUGH=HXV(OGLRVDJUDGHFLGRHQYLyXQYLHQWRIUHVFR\ERQDQFLEOHDDTXHOOXJDUGHGHVDKXFLR\ODWHUULEOHHQIHUPHGDGVHDOHMySDUDVLHPSUHGHDOOt

3520(6$(&$6$15$

$SRORWDPELpQVHHQDPRUyGHODMRYHQ&DVDQGUDTXLHQOHSURPHWLyTXHDFFHGHUtDDVXVSHWLFLRQHVVtHOGLRVOHFRQFHGtDHOGRQGHODSURIHFtD+t]RORDVt$SRORSHUR&DVDQGUDQRFXPSOLyODSURPHVDGHFDVDUVHFRQpOSRUORTXHHOGLRVVHVLQWLyHQJDxDGR\XWLOL]DGR(QWRQFHVGHFLGLyFRQIXQGLUGHDTXtHQDGHODQWHWRGDSUHGLFFLyQKHFKDSRU&DVDQGUD

/DVOH\HQGDVFXHQWDQTXH$SRORXQDYH]TXHGHVFXEULyODEXUODGH&DVDQGUDPRQWyHQFyOHUD\HVFXSLyHQVXVODELRVFRQORTXHDSDUWLUGHDKRUD&DVDQGUDQXQFDVHUtDWHQLGDHQFXHQWD1DGLHSRUORGHPiVGDUtDFUpGLWRHQORVXFHVLYRDVXVSDODEUDV

GHODJHRPHWUtD\GHODDJULFXOWXUD\TXHVHOHDWULEXtDHOFXLGDGRGHODYHJHWDFLyQ\HOFUHFLPLHQWRGHORViUEROHV

$32/2)(%2

$5%2/(,1&,(162

3RUHVWRPLVPRHQFXDQWRVHHQFXHQWUDQKHULGRVSRUHOHQHPLJRHQVHJXLGDFODPDQD$SROR)HERSDUDTXHPHGLDQWHVXSRGHUVREUHODHQIHUPHGDG\HOGRORUVDQHVXVFXHUSRVPDOKHULGRV

+RPHURQRVRIUHFHYDULDVPXHVWUDVGHHVDFDSDFLGDGFXUDGRUDTXHHOGLRV$SROR)HERSRVHtD\HQODTXHFUHtDQDSLHVMXQWLOODVSRUDVtGHFLUORORVPiVUHQRPEUDGRVJXHUUHURV7DOHVHOHSLVRGLRTXHPXHVWUDHODUURMDGRJXHUUHUR*ODXFRTXHFDHKHULGRGXUDQWHODJXHUUDGH7UR\DDOLQWHQWDUVRFRUUHUDVXDPLJR6DUSHGyQ$OPRPHQWRGLULJHVXVV~SOLFDVDOGLRV$SROR\WDPELpQDOLQVWDQWHVRQDWHQGLGDVSRUHOGLRVFRQORTXH*ODXFRTXHGDFXUDGRGHVXVKHULGDVODVFXDOHVKDEtDQVLGRFDXVDGDVSRUODVDUPDVGHVXRSRQHQWH7HXFUR$XQTXHORJUDUHVFDWDUHOFDGiYHUGHVXFRPSDxHUR6DUSHGyQVLQHPEDUJRFRPRSURVLJXLHUDOXFKDQGRFRQSRVWHULRULGDGHQDFWLWXGWHPHUDULD\GHIHQGLHQGRRWUDVFDXVDVHQWUHHOODVHOLQWHQWRSRUUHVFDWDUHOFDGiYHUGH3DWURFORFRPSDxHURGHOUHQRPEUDGR$TXLOHV\DUWtILFHGLUHFWRGHODPXHUWHGH6DUSHGyQKDOOyHOILQDOSRVWUHUR)XHPXHUWRDPDQRVGH$\D[HOPiVIRUQLGR\DOWRGHORVJXHUUHURVJULHJRVTXHSRUWDEDODVPiVWHPLEOHV\SHVDGDVDUPDVDVtFRPRHOIDPRVRHVFXGRFRPSXHVWRSRUXQDSODQFKDGHEURQFHIRUUDGDGHDOPHQRVVLHWHSLHOHVGHEXH\7UDVODPXHUWHGH*ODXFRHOGLRV$SRORVHSUHRFXSyGHTXHVXFDGiYHUQRSXGLHUDVHUH[KLELGRSRUQLQJXQRGHVXVYHUGXJRVSDUDHOOROODPyDORVYLHQWRV\OHVRUGHQyTXHOROOHYDUDQKDVWD/LFLDODWLHUUDTXHOHKDEtDYLVWRQDFHU\HQODTXHKDEtDJREHUQDGRVXUH\6DUSHGyQ

(OSURSLR=HXVRUGHQyWDPELpQD$SRORTXHWUDVODGDUDHOFDGiYHUGH6DUSHGyQKDFLDODWLHUUDGH/LFLD(DTXHULGR)HER9H\GHVSXpVGHVDFDUD6DUSHGyQGHHQWUHORVGDUGRVOtPSLDOHODQHJUDKHULGDFXELHUWDGHRVFXUDVDQJUHFRQG~FHOHDXQVLWLROHMDQR\OiYDOHHQODFRUULHQWHGHXQUtR~QJHOHFRQDPEURVtDSRQOHYHVWLGXUDVGLYLQDV\HQWUpJDORDORVYHORFHVFRQGXFWRUHV\KHUPDQRVJHPHORVHO6XHxR\OD0XHUWH

7DOIXHVXSOHJDULDR\yOH)HER$SROR\HQVHJXLGDFDOPyORVGRORUHVVHFyODQHJUDVDQJUHGHODKHULGDHLQIXQGLyYDORUHQHOiQLPRGHOWHXFUR*ODXFRDOQRWDUORVHKROJyGHTXHHOJUDQGLRVKXELHVHHVFXFKDGRVXUXHJR(QVHJXLGDIXHSRUWRGDVSDUWHV\H[KRUWyDORVFDSLWDQHVOLFLRVSDUDTXHFRPEDWLHUDQHQWRUQRD6DUSHGyQ

/$/(

FXDQGRVREUHYLQRODFDWiVWURIH(OGLVFRTXHKDEtDODQ]DGRHOGLRVFKRFyDSDUDWRVDPHQWHFRQWUDXQDGXUDURFD\GHVYLySHOLJURVDPHQWHVXWUD\HFWRULDYLQLHQGRDHVWUHOODUVHFRQLQXVLWDGDYLROHQFLDFRQWUDODFDEH]DGH-DFLQWR+LDFLQWR(OKHUPRVRHIHERPXULyDOLQVWDQWH\QLVLTXLHUDHOGLRV$SRORSXGRVRFRUUHUOHVyORWXYRWLHPSRGHWUDQVIRUPDUODVDQJUHTXHPDQDEDGHODFDEH]DGHOPXFKDFKRHQXQDKHUPRVDIORUGHFRORUURMRS~USXUDTXHGHVGHHQWRQFHVSDUDSHUSHWXDUVXQRPEUH\VXUHFXHUGRSDVDUtDDOODPDUVHOD)ORUGHO-DFLQWR

(/5,2(/$,5$

$OJXQRVUHODWRVQRVSUHVHQWDQHOGLRV$SRORQRVyORFDUJDGRGHODDQLPDGYHUVLyQTXH\DKHPRVGHVFULWRKDFLDVXVDGYHUVDULRVFRPRHVHOFDVRGHOSRHWD\FDQWRU7iPLULVVLQRWDPELpQUHYHVWLGRGHXQDFUXHOGDGFXDQGRPHQRVLPSURSLDGHXQGLRVFRQORVSRGHUHV\ODVFXDOLGDGHVGH$SROR

9DOJDDOUHVSHFWRFRPRSDUDGLJPDGHORTXHDFDEDPRVGHDSXQWDUHOEUXWDOILQDOGHOVLOHQR0DUVLDVDPDQRVGHOFUXHO$SROR

0DUVLDVHUDGHDVFHQGHQFLDIULJLD\VHJ~QFXHQWDQODVGLYHUVDVFUyQLFDVKDEtDFRQIHFFLRQDGRXQLQVWUXPHQWRPXVLFDOTXHHPLWtDPHORGLRVRVVRQLGRVVHWUDWDEDGHXQDIODXWDGHGRVWXERV2WUDVOH\HQGDVQRVKDEODQGHTXHIXH$WHQHD0LQHUYDTXLHQKDEtDLQYHQWDGRHOLQVWUXPHQWRPXVLFDOGHVFULWRSHURDOPLUDUVHHQXQPDQDQWLDO\YHUVXFDUDKLQFKDGDSRUWRFDUODIODXWDODDUURMyOHMRVGHVt\SURILULyWRGDXQDVDUWDGHPDOGLFLRQHVSDUDTXLHQODHQFRQWUDUD\ODUHFRJLHUD

/DFDVXDOLGDGKL]RTXHHOVLOHQR0DUVLDVSDVDUDSRUHOOXJDUHQGRQGHVHHQFRQWUDEDODIODXWD/DUHFRJLy\DOGHFLUGHODVGLIHUHQWHVQDUUDFLRQHVPX\SURQWRORJUyVDFDUWRGDXQDVHULHGHVRQLGRV\QRWDVTXHOHKLFLHURQFpOHEUH6XYLUWXRVLVPROOHJyDRtGRVGHOPLVPtVLPR$SRORTXLHQVHTXHGyVRUSUHQGLGRDQWHORTXHpOFRQVLGHUDEDDWUHYLPLHQWRJUDWXLWRSRUSDUWHGH0DUVLDV(VWHKDEtDSURSDODGRTXHGRPLQDEDWRGRVORVVRQLGRVGHODIODXWDPHMRUTXH$SRORVXVLQJX,DUOLUD$PERVVHUHWDURQ\FRQYLQLHURQTXHTXLHQJDQDUDSRGUtDKDFHUFRQHORWURORTXHGHVHDUD$SRORVHVLUYLyGHDUGLGHVWDOHVFRPRWRFDUHOLQVWUXPHQWRDOUHYpVDXQTXHHVRQRHQWUDEDGHQWURGHORSDFWDGRSRUDPERV\DTXHODIODXWDQRSXHGHWRFDUVHSRUHOH[WUHPRRSXHVWRDVXOHQJHWD\GHHVWDPDQHUDWDQGHVOHDOORJUySURFODPDUVHYHQFHGRU6HGLFHTXHDOJXQRVGHORVSHUVRQDMHVSUHVHQWHVGXUDQWHODVLQJXODUMXVWDHQWUHSDUWLFLSDQWHVGHWDQGHVSURSRUFLRQDGDFDWDGXUDQRDSUREDURQHOUHVXOWDGRVDWLVIDFWRULRDOGLRV\SRUORPLVPR$SRORORVFDVWLJyDOLQVWDQWH7DOIXHHOFRQRFLGRFDVRGHOUH\0LGDVTXLHQPDQLIHVWyVXRSRVLFLyQDOUHVXOWDGRTXHGDUiODYLFWRULDD$SRORpVWHDPDQHUDGHFDVWLJROHFRORFyGRVRUHMDVGHDVQRVREUHVXFDEH]D

/RPiVJUDYHGHOFDVRIXHHOWUDWRTXHHOYHQFLGRHQHVWHFDVRHOVLOHQR0DUVLDVUHFLELyGHOYHQFHGRUHVGHFLUGH$SROR(OFUXHOGLRVGHVSXpVGHTXHODV0XVDVHQFDUJDGDVGHGLOXFLGDUODFXHVWLyQHQWUH0DUVLDV\$SRORSURFODPDUDQODVXSHULRULGDGGH$SRORpVWHQLFRUWRQLSHUH]RVRFRJLyD0DUVLDVOHDWyDXQROLYRTXHKDEtDHQHOOXJDU\OHLQIOLJLyXQDFUXHOPXHUWHORGHVROOyYLYR

$OSDUHFHUHOSURSLRGLRVVHDUUHSLQWLyGHVXFUXHODFWXDFLyQ\FRQYLUWLyDOGHVJUDFLDGR0DUVLDVHQXQUtRGHDJXDVFULVWDOLQDVTXHQDFtDHQODVUDtFHVGHOFLWDGRROLYR

$32/2(1(/$57(

/RVDUWLVWDV\HQWHQGLGRVVLHPSUHGLFHQGH$SRORTXHSHUWHQHFHDODVHJXQGDJHQHUDFLyQGHORV2OtPSLFRV(VWRVLJQLILFDEDDOPHQRVSDUDORVFOiVLFRV\VLHPSUHGHVGHXQDSHUVSHFWLYDHVWpWLFDTXHWDOGHLGDGSRGtDHVFXOSLUVHFRQWRGRVORVPDWHULDOHVQREOHVORFXDOHUDFRQVLGHUDGRXQSULYLOHJLRUHVHUYDGRVyORDORVGLRVHVGHO2OLPSR\DORVGLRVHVVXSHULRUHVpVWRVHUDQYHLQWLGyV\GHHOORVGRFHFRPSRQtDQODFRUWHFHOHVWLDO\ODVRWUDVGLH]GHLGDGHVVHGHQRPLQDEDQHOHJLGDVRVHOHFWDVFRPRSRUHMHPSORRURSODWDEURQFHPDUILO

$SRORSRUORGHPiVHUDUHSUHVHQWDGRFRPRXQGLRVUHYHVWLGRGHYDORU\YLFWRULRVR$SROR3tWLFR3HURDGHPiVH[LVWtDQRWUDVLPiJHQHVHQODVTXHDSDUHFtDHQXQDSRVWXUDHUHFWDHQDFWLWXGGHPDUFKDFRQVXFRUWDFDSDFOiPLGHHFKDGDKDFLDDWUiV\VXFDEH]DHUJXLGD

7DPELpQHVIUHFXHQWHUHSUHVHQWDUORHQSOHQDMXYHQWXGFDVLFRPRXQDGROHVFHQWH2HQRWURVFDVRVDSDUHFHDSR\DGRHQXQDFROXPQDFRQVXEUD]RGHUHFKRVXMHWDVXFDEH]D\WRGDODILJXUDLUUDGLDFLHUWDFODVHGHVHUHQLGDGGHiQLPR7DOVHUtDHOFDVRGHO$SRORGH3UD[LWHOHVTXHVHDSR\DHQHOWURQFRGHXQiUEROHQHOFXDOVHGHVWDFDODILJXUDGHXQODJDUWR

8QDSLHGUDFyQLFDRUHGRQGDHUDHQORVSULPHURVWLHPSRVOD~QLFDUHSUHVHQWDFLyQGHOGLRV$SROR/XHJRDSDUHFLyUHYHVWLGRGHHYRFDFLRQHVPXVLFDOHVVREUHWRGRHQODpSRFDFOiVLFD7DPELpQVRQQXPHURVDVODVRFDVLRQHVHQODVTXHDSDUHFHUHSUHVHQWDGRGHVQXGRRELHQFXELHUWRFRQXQDDPSOLDFDSDRW~QLFDSHURVLHPSUHSRUWDQGRODOLUDHQWUHVXVPDQRV

&RQIUHFXHQFLDVHOHUHSUHVHQWDUHYHVWLGRGHRWURVDWULEXWRVGLVWLQWRVGHODOLUDTXHWDPELpQGHILQHQDOFRPSOHMRGLRVWDOHVFRPRHODUFR\ODVIOHFKDVHOWUtSRGH\HOFHWURHOODXUHO\ORVUD\RVVRODUHVODPLWUD

$57(0,6,$1$

(VWDDGVFULSFLyQD6HOHQHSDUDORVJULHJRVR/XQDSDUDVXVKHUHGHURVURPDQRVHVXQKHFKRTXHDSDUHFHPiVWDUGHFXDQGR\DODLPDJHQGH$UWHPLVDHVWDEDFRQVROLGDGDFRPRUHLQDGHORVERVTXHVFRQVXFRUWHGHGRQFHOODVSURGLJLRVDV&XDQGRVHODOOHYDDVHUGLYLQLGDGGHOVDWpOLWHVHHVWiGHVSOD]DQGRDVXSURSLHWDULD)HEHR6HOHQHXQDWLWiQLGDGHODSULPHUDRODGHODPLWRORJtDSULPLJHQLDKHUPDQDGH+HOLRVODGLYLQLGDGGHO6RO3RUFLHUWRTXHDOGHVSOD]DUD$UWHPLVDODSRVLFLyQOXQDUVXJHPHOR$SRORWDPELpQVHGHVSOD]DKDVWDRFXSDUHOSXHVWRGH+HOLRVORTXHUHVXOWDSOHQDPHQWHHTXLOLEUDGRSDUDHOFRQMXQWRIUDWHUQDOGHFDUDDODSDUHMDLPSRUWDQFLDTXHKDQGHRFXSDUORVGRVKHUPDQRVHQHOFXDGURPLWROyJLFR3HURQRVHGHWLHQHDKtHOPRYLPLHQWR\$UWHPLVDVLJXHDYDQ]DQGRKDVWDTXHWDPELpQVHHQFDMDHQHOKXHFRGH+pFDWHHQHOVLWLRTXHDQWHVSHUWHQHFtDDHVWDGLYLQLGDGGHODVRPEUDGHODOXQD&RQODVWUHVSHUVRQDOLGDGHVVXLGHQWLGDGVHFRPSOLFD\\DHVWiDQWHVXVILHOHVXQDGLRVDFRQWUHVURVWURVHOGH$UWHPLVVREUHODID]GHOSODQHWDGH6HOHQHHQHOILUPDPHQWR\GH+pFDWHHQODVVRPEUDVHWHUQDVGHORVLQILHUQRV$VtSRUWUDQVODFLyQVHREWLHQHXQDGHLGDGTXHRFXSDORVPLVPRVWUHVHVSDFLRVTXHHQVXGtD\WUDVYHQFHUD&URQRVRFXSDURQ=HXV3RVHLGyQ\+DGHVFRPRXQDVHJXQGDHGLFLyQGHOLPSHULRGHODpSRFDSDWHUQDHQHOTXHVHKXELHUDHOLPLQDGRHOWULXQYLUDWRDIDYRUGHXQDFRQFHQWUDFLyQWRWDOGHOSRGHU/DGLRVDWHUPLQDSRUVHUXQDSRGHURVDFULDWXUDTXHWDQIiFLOPHQWHSXHGHSURYRFDUODHQIHUPHGDG\ODPXHUWHFRPRSXHGHFXUDUDWRGDXQDQDFLyQFRQVXYROXQWDG6HYDKDFLHQGRFDGDYH]PiVSRGHURVDSHURQRHV$UWHPLVTXLHQQDWXUDOPHQWHH[LJHHVHSRGHUWRWDOVLQRTXHVRQVXVILHOHVTXLHQHVFRQHOSDVRGHOWLHPSRYDQUHLYLQGLFDQGRSDUDHOODSDUDVXGLYLQLGDGIDYRULWDHOPRQRSROLRGHOSRGHUODXQLyQGHWRGRVORVSRVLEOHVDWULEXWRVROtPSLFRVHQVXVPDQRVFRPRSUXHEDGHVXSRSXODULGDGGHODIHFWRGHVXVVHJXLGRUHV\GHOHQFDQWRTXHGHVSHUWDEDODGHLGDGFD]DGRUDODGHFLGLGDPXMHUTXHYLYHHQODQDWXUDOH]DHQWUHODVILHUDV\DPHUFHGGHORVHOHPHQWRVDTXtDEDMRHQHOPLVPRPXQGRTXHORVKXPDQRVGDQGRSUXHEDGHVHUDSHVDUGHWRGRGHODPLVPDPDGHUDTXHQRVRWURVORVKLMRVGHODWLHUUDSUHRFXSDGDSRUORVUHWRxRVGHODVEHVWLDV\HQWXVLDVPDGDFRQODLGHDGHGDUFD]DDFXDOTXLHUDQLPDOGHEXHQSRUWHTXHVHSRQJDDWLUR

"48,(1(6$57(0,6"

$ILQGHFXHQWDVODSHUVRQDOLGDGFODUD\FRQFUHWDGHODGRQFHOODFHORVDGHVXYLUJLQLGDG\GHIHQVRUDDXOWUDQ]DGHODGHVXVSURWHJLGDVVHYDHQWXUELDQGR\OOHJDDXQSXQWRHQHOTXH$UWHPLVLDQDVHYHWUHPHQGDPHQWHFRPSOLFDGDFRPRXQDPDQLSXODGRUDGHORVSRGHUHVRFXOWRVGHODPXHUWH\ODVWLQLHEODV(VODUHSUHVHQWDFLyQYLYDGHWRGDODPDOGDGSRVLEOHHQHOFLHORDXQTXHHQWRQFHVORILUPDVH+pFDWHGHODOX]TXHQRVDUURSDHQODQRFKH\VLUYHGHJXtDSDUDFDPLQDQWHV\

HQDPRUDGRV\DFRPR6HOHQH\ODLQTXLHWDGHIHQVRUDGHDQLPDOHVSDUDSURYHFKRGHFD]DGRUHVGHSURWHFWRUDGHORVERVTXHVSDUDGLVIUXWHGHORVPRUWDOHV

&RPRSDVDFRQFDVLWRGRVORVGLRVHVGHODDQWLJHGDGVXSDSHOQXQFDTXHGDSHUIHFWDPHQWHGHILQLGRDXQRXRWURODGRGHODUD\DHQWUHERQGDG\PDOGDG\$UWHPLVIOXFW~DDODPDQHUDTXHORVVHUHVKXPDQRVVDEHQTXHHOORVORKDFHQHQWUHPXFKRVPDWLFHVVLQTXHGDUHQWHUDPHQWHHQHOEODQFRSXURQLHQHOGHVHVSHUDGRSR]RVLQVDOLGDGHOQHJURDEVROXWRDOPRGRGHODVKDJLRJUDItDVRGHODVFRQGHQDVWRWDOHVGHODVUHOLJLRQHVGHOOLEURGHOWUtRMXGHRFULVWLDQROiPLFR3HURWDPELpQHVQHFHVDULRGHFLUTXHHVDWULQLGDGWDQTXHULGDGHVSXpVSRUORVFULVWLDQRVQRHVH[FOXVLYDGH$UWHPLVVLQRTXHRWUDGHVXVJUDQGHVFRPSDxHUDVROtPSLFDV$WHQHDWDPELpQHUDQLxDTXHMXJDEDDODJXHUUDFRQ3DODVGRQFHOODYHVWLGDGHSLHOHVGHFDEUDDOHVWLORGHORVOLELRV\DUPDGDFRPRJXHUUHURSDUDODVRFDVLRQHVHQODVTXHODEDWDOODHUDLQHYLWDEOH\PXMHUPDGXUD\VDELDHQFRPSDxtDGHOFXHUYR\GHOE~KR7UHVHUDQODVHVWDFLRQHVGHODxRSDUDORVJULHJRVLQYLHUQRSULPDYHUD\YHUDQRWUHVODVHVIHUDVGHO8QLYHUVRFHOHVWLDOWHUUHQD\VXEWHUUiQHDWUHVODVIDVHVGHODOXQDQXHYDFUHFLHQWH\YLHMD(OQ~PHURWUHVWHQtDXQVLJQLILFDGRPiJLFRGLYLQR\QRHVGHH[WUDxDUSXHVTXHXQDGHLGDGGHODFDWHJRUtDGH$UWHPLVIXHUDDVFHQGLHQGRSRUODHVFDODGHOUHFRQRFLPLHQWRKDVWDOOHJDUDSRVHHUHOODWDPELpQODVWUHVFDUDVTXHODGDEDQODFDWHJRUtDGHPi[LPDUHSUHVHQWDFLyQGLYLQD

$57(0,6

68635,0(526$f26

=HXVHQVXURPDQFHFRQODEHOOD/HWRWXYRRWURGHVXVURPiQWLFRVUDSWRVDPRURVRV\HQFHUUyDVXSDUHMD\DpOPLVPRHQODFRUSRUHLGDGPiJLFDGHXQDSDUHMDGHFRGRUQLFHVHQFHODGRV7UDVHVHUDSWRSRpWLFR/HWRTXHGyHQFLQWDOOHYDEDHQVXVHQRDORVJHPHORV$SROR\$UWHPLV7UDVHOLGLOLR\VLQWHQHUFDVLWLHPSRSDUDGHVSHGLUVHGHVXDPDQWHQLFRPSUHQGHUELHQHODOFDQFHGHVXDFWRGHDPRUODIXWXUDPDGUHGHORVJUDQGHVGLRVHVGHELyKXLUGHODWDTXHGHODFHORVD+HUDHVSRVDOHJtWLPD\YHUGDGHUDGH=HXVKDUWDGHVXVKLVWRULDVURPiQWLFDV\H[WUDPDWULPRQLDOHV3DUDFDVWLJDUDTXLHQWDQWRKDEtDDUUHERODGRDVXYHOHLGRVRPDULGR+HUDODQ]yDODVHUSLHQWH3LWyQHQSHUVHFXFLyQGHODKRUURUL]DGDHPEDUD]DGDFRQODPDOGLFLyQGHTXHQRFRQVHQWLUtDHOSDUWRHQQLQJ~QULQFyQGHODWLHUUDTXHHVWXYLHUDDOXPEUDGDSRUHOVRO&RQODD\XGDGHOYLHQWR/HWRIXHKDVWDODVSUR[LPLGDGHVGHHORV$OOtSDULyDOSULPHURGHORVJHPHORVLQLFLiQGRVHXQODUJRSURFHVRGHSDUWR1DFLGD$UWHPLV\\DFRQVFLHQWHGHOSHOLJURTXHFRUUtDVXLQRFHQWHPDGUHHVWDSHTXHxDHPSH]yDXWLOL]DUSDUWHGHORVUHFXUVRVGHODGLYLQLGDG\DSHVDUGHVHUWDQVyORXQDQLxDUHFLpQQDFLGDD\XGyDVXPDGUHDSDVDUDORWURODGRGHWLHUUDILUPHDXQDLVODKXLGL]D

$57(0,63527(&725$(0$5(6(+,-26

(VWHKHFKRDEVROXWDPHQWHPLODJURVR\VRUSUHQGHQWHGHTXH$UWHPLVQDGDPiVVDOWDUDOPXQGRHPSUHQGLHVHVXWDUHDD\XGDQGRDTXHVXPDGUHVLJXLHUDVXGHVWLQR\FUX]DUDODVDJXDVSDUDSRGHUDUULEDUILQDOPHQWHDODLVODGHHORVHVSUXHEDGHTXHVHWUDWDGHXQDSHUVRQDOLGDGPLWROyJLFDH[WUDRUGLQDULD3LWyQ\GHODFRQVLJXLHQWHYHQJDQ]DGH+HUD/HWRVHFRORFDHQODODGHUDQRUWHGHOPRQWH&LQWRDFXELHUWRGHODOX]GHOVRODOOtODIDWLJDGD\DVXVWDGDSDUWXULHQWDGLRDOX]D$SRORWUDVQXHYHGtDVGHFRQWUDFFLRQHV\GRORUHVHORVWUDVHOQDFLPLHQWRGHOGLRVTXHGySDUDVLHPSUHDQFODGDHQVXOXJDU\DKtHVWiFRPRSUXHEDWDQJLEOHGHTXHORTXHVHFXHQWDHVFLHUWRFRPRWRGRORTXHODPLWRORJtDQRVUHODWD

&RQWDQFRPSOLFDGRSDUWRQRHVGHH[WUDxDUTXHD$UWHPLVSRUVHUODKHPEUDGHODSDUHMDGHJHPHORVVHODDVRFLDUDGHVGHHVHQDFLPLHQWRVREUHQDWXUDODODVPXMHUHVHQFLQWDVFRPRSURWHFWRUDGHORVSDUWRV\TXHVHFRQYLUWLHUDSRUDVLPLODFLyQWDPELpQHQGLRVDWXWHODUGHODVFUtDVGHWRGRVORVDQLPDOHVPDPtIHURV\PX\HVSHFLDOPHQWHGHORVQLxRVGHSHFKRDXQTXHQRIXHUDWDQVROtFLWDFRQORVPDPtIHURVFUHFLGRVQLFRQORVVHUHVKXPDQRVDGXOWRV\DTXHXQRVHUDQVXVEODQFRVPyYLOHVHQODFD]D\ORVRWURVVHSRGtDQFRQYHUWLUHQREMHWLYRGHVXHVSHFLDODQGURJLQLDGHVXSHUVHFXFLyQWHUULEOHGHORVYDURQHVFUHFLGLWRV3HURFDVLWRGRVORVSHUVRQDMHVGHO2OLPSRWLHQHQVXV

YLUWXGHV\GHIHFWRVFRQVWUXLGRVFRPRORVKXPDQRV\YLYLGRVWDQGHVPHVXUDGDPHQWHFRPRVyORORSXHGHQKDFHUHOORVORVGLRVHV

(/5(*$/2(=(86

&XDQGRXQSRFRPiVFUHFLGDVHHQFXHQWUDFRQVXSDGUH=HXVODQLxDSLGHXQUDURIDYRUVHUYLUJHQSDUDVLHPSUH\OOHYDUDUFR\IOHFKDVFRPROOHYDVXKHUPDQR$SROR$GHPiVTXLHUHWHQHUHOSULYLOHJLRGHVHUSRUWDGRUDGHODOX]YHVWLUXQDSUHFLRVDFDSDGHFD]DGRUDFRTXHWDPHQWHUHPDWDGDHQURMRV\TXHWHUPLQDDODDOWXUDGHVXVURGLOODVWDPELpQSLGHXQDFRPSDxtDGHVHVHQWDQLQIDVGHORFpDQRRWUDVYHLQWHGHOUtR$PQLVRVSHUURVGHFD]DWRGRVORVPRQWHVGHO8QLYHUVR\VLWXYLHUDWDODQWRMRFXDOHVTXLHUDFLXGDGTXHOHFRPSODFLHVHSRVHHU$OSDGUH=HXVSRGHURVRGLRV\KXPDQRSHUVRQDMHOHKDFHJUDFLDODSHWLFLyQGHODQLxD\OHFRQFHGHWRGRORUHVHxDGRVDEHTXHORTXHODQLxDTXLHUHSDUDVtHVPXFKRSHURHVRHVWDPELpQXQFODURVLJQRGHFUHFLPLHQWR\HOSDGUHDFHSWDODODUJDOLVWDGHREVHTXLRV\SULYLOHJLRV\VHPXHVWUDPiVJHQHURVRWRGDYtD\DTXHOHGDWUHLQWDFLXGDGHVSDUDHPSH]DUPLHQWUDVTXHFRQVLGHUDQGRTXH\DHVORVXILFLHQWHPHQWHVHULDFRPRSDUDDFHSWDUUHVSRQVDELOLGDGHVSURWHFWRUDVODSRQHDOFXLGDGRGHORVFDPLQRV\ORVSXHUWRVGHVXPXQGRTXHQRHVRWURTXHHOJULHJRHOPXQGRGHVXUHLQDGRLQLFLDOFRPRGLRVDGHORVPRQWHV\GHODFD]DTXHHQHOORVVHHQFLHUUD\OHGLFHTXHDKtQRYDDDFDEDUVXIDPDQLVXJORULD\DTXHVHUiQPXFKDVODVFLXGDGHVTXHVHSRQGUiQEDMRVXSURWHFFLyQ

/248(6(&8(17$((//$

7UDVFRQVHJXLUGHVXSDGUHHOORWHGHGHVHRV$UWHPLVYDDODLVODGH/LSDWDLQYLWDGDGH+HIHVWRHOIHRGLRVKHUUHUR$ODVQLQIDVYLUJLQDOHVTXHDFRPSDxDQD$UWHPLVOHVDWHUURUL]DHODVSHFWRGHORVPRUDGRUHVGHODLVODORVJLJDQWHVFRV&tFORSHVSHURODGLRVDKDYLVWRTXHORVPRQVWUXRVHVWiQWUDEDMDQGRHQVXIRUMDFXPSOLHQGRXQHQFDUJRGH3RVHLGyQSDUDHOWLURGHFDEDOORVGHVXFDUUR\DOYHUORVWUDEDMDUWDQGLHVWUDPHQWHVDEHTXHHOORVGHEHQVHUTXLHQHVHODERUHQHOGHVHDGRDUFR\HOFRUUHVSRQGLHQWHFDUFDMGRQGHJXDUGDUVXVIOHFKDV(ODUFRWLHQHTXHVHUGHSODWDHVWHGHWDOOHTXHDKRUDVLJQLILFDSRFRHVLPSRUWDQWHSXHVWRTXHODSODWDHUDPiVYDOLRVDSDUDORVJULHJRVTXHHORUR\HOODORQHFHVLWDSDUDHVHPLVPRPRPHQWRDVtTXHORV&tFORSHVGHEHQDEDQGRQDUHOHQFDUJRGH3RVHLGyQ\SRQHPDQRVDODREUDSDUDTXH$UWHPLVWHQJDXQDUFRFRPRHOGHVXKHUPDQRJHPHOR/RVKHUUHURVGXGDQSHURODMRYHQOHVFRQYHQFHFRQODSURPHVDGHTXHWDQSURQWRHODUFRHVWpHQVXVPDQRVVDOGUiDFD]DUFDUQHIUHVFD\ODSULPHUDSUHVDVHUiSDUDHOORV/DRIHUWDVHDFHSWD\ORVKDELOLGRVRVDUWHVDQRVHQFDUJDGRVWDPELpQGHIRUMDUORVUD\RVGH-~SLWHUHQHO(WQDHQ6LFLOLDHQODPLWRORJtDURPDQDUHDOL]DQHOSUHFLRVRDUFRSDUD

ODFD]DGRUD(QUHDOLGDGPiVTXHODSLH]DSURPHWLGDORTXHPXHYHDORV&tFORSHVDWUDEDMDUWDQUiSLGDPHQWHHVODRUGHQUHFLELGDGHVXVXSHULRUGHTXHFXDOTXLHUGHVHRGHODMRYHQVHDDWHQGLGRGHLQPHGLDWR\FRQH[DFWLWXG

6835,0(5$&$=$

HODLVOD$UWHPLVVDOWDDOD$UFDGLDGHMDQGRDWUiVDVXVLQIDQWLOHV\DVXVWDGL]DVQLQIDVPDUFKDQGRFRQVXDUFROLVWRSDUDDEDWLUWRGDSLH]DTXHVHSRQJDDWLUR$OOtVHHQFXHQWUDFRQ3DQ\pVWHOHSURSRUFLRQDXQDMDXUtDFRQORVGLH]PHMRUHVVDEXHVRVTXHVHSXHGHQFRQVHJXLUHQHOSODQHWD(PSUHQGHODPDUFKD\FDSWXUDGXUDQWHHOFDPLQRXQSDUGHKHUPRVDVFRU]DVTXHYDQDVHUYLUOHGHHVSOpQGLGRHLQVyOLWRWLURSDUDVXFDUURFRQVWUXLGRHQRUR

HQRMRHVWUHPHQGR\ODVHGXFFLyQGHODGRQFHOODHVFDVWLJDGDWHUULEOHPHQWH\DTXHQRSXHGHDO]DUVHFRQWUDHOGLRVVXSUHPR$OSDUHFHUWUDVORVDPRUHVGHODMRYHQFRQHOGLRVHOODVHDSDUWDGHVXGLRVD\GHODVGHPiVQLQIDVWUDWDQGRGHRFXOWDUHVDLQTXLHWDQWHFXUYDTXHVHGLEXMDSHOLJURVDPHQWHHQVXYLHQWUH3HURHORFXOWDUVHQRIXQFLRQDHWHUQDPHQWH\&DOLVWRHVOOHYDGDDSUHVHQFLDGHVXGLRVD\MHIHPiVTXHHVSLULWXDO6HODRUGHQDTXHVHGHVQXGH\DVtDQWHODDLUDGD$UWHPLVVHSURGXFHODFRQILUPDFLyQGHODVRVSHFKD$UWHPLVXQDYH]TXHVHHQFXHQWUDFRQODLQILHO&DOLVWRHPEDUD]DGDSRUVXSDGUHODFRQYLHUWHHQRVD\RUGHQDDODMDXUtDGHVDEXHVRVTXHWHUPLQHQFRQHODQLPDO=HXVFRQPRYLGRSRUHOILQTXHVXGHVHRKDSURYRFDGRVHDSLDGDGHODRVDHQFDQWDGD\ODFRORFDHQORVFLHORVDVDOYRGHODFyOHUDGHVXKLMD7DPELpQVHFXHQWDTXHODKLMDKDELGDODSHTXHxDRVDWDPELpQHQFXHQWUDVXQXHYD\HWHUQDPRUDGDHQHOILUPDPHQWR\TXHDPEDVPDGUHHKLMDQRVRQRWUDFRVDTXHODVFRQVWHODFLRQHVPiVFHUFDQDVDOQRUWH2VD0D\RU\2VD0HQRU

$UWHPLVQRSRGtDFRPSUHQGHUQLMXVWLILFDUTXHXQDYLUJHQFRPRHOODPLVPDIDOWDUDDVXSURPHVDGHFDVWLGDG\HVDIDOWDHUDVXILFLHQWHFRQGHQDGHSRUVtFRPRSDUDPROHVWDUVHHQMX]JDUVLODLQWHUYHQFLyQGHXQGLRVWDQSRGHURVRFRPR=HXVQRSRGtDKDEHUWHUJLYHUVDGRORVVHQWLGRV\ODPHQWHGHVXQLxD&DOLVWR(QRWUDVYHUVLRQHVHV=HXVTXLHQKDFHGH&DOLVWR\VXKLMDGRVRVDVSHURTXHVRQORVFHORVGH+HUDORVPLVPRVTXHSURPRYLHURQODHVFDQGDORV