Como Leer Un Libro - Mortimer J. Adler.pdf

(VWD JXtD FOiVLFD DQDOL]D HO DFWR GH OHHU HVH SURFHVR SRU HO FXDO OD PHQWH VLQ D\XGD GHO H[WHULRU VH HOHYD JUDFLDV DO SRGHU GH VXV SURSLRV UHFXUVRV SDVD GH FRPSUHQGHU PHQRV D FRPSUHQGHU PiV (O DQiOLVLV GLVWLQJXH FXDWUR QLYHOHV GLIHUHQWHV GH OHFWXUD GHVGH OD OHFWXUD SULPDULD D OD OHFWXUD UiSLGD SDVDQGR SRU OD OHFWXUD GH LQVSHFFLyQ \ OD H[WHQVLYD DGHPiV GH HQVHxDU D FODVLILFDU FXDOTXLHU OLEUR D UDGLRJUDILDUOR D H[WUDHU OR TXH HO DXWRU TXLHUH GHFLU D KDFHU XQD FUtWLFD (O OHFWRU SXHGH DSUHQGHU ODV GLIHUHQWHV WpFQLFDV GH OHFWXUD SDUD OLEURV GH WHPDV SUiFWLFRV GH OLWHUDWXUD WHDWUR SRHVtD KLVWRULD FLHQFLDV \ PDWHPiWLFDV ILORVRItD \ FLHQFLDV VRFLDOHV /D REUD VH FRPSOHWD FRQ GRV DSpQGLFHV XQR FRQ SUXHEDV SDUD TXH HO OHFWRU YHULILTXH VXQLYHOGHFRPSUHQVLyQGHGLVWLQWRVWLSRVGHWH[WRV\HORWURFRQXQDOLVWD GHDXWRUHV\REUDVTXHWRGRVGHEHUtDPRVOHHU\UHOHHU

3UyORJR &yPROHHUXQOLEURVHHGLWyHQORVSULPHURVPHVHVGH3DUDPLVRUSUHVD\ KHGHFRQIHVDUWDPELpQSDUDPLDOHJUtDLQPHGLDWDPHQWHSDVyDVHUXQRGHORV OLEURVPiVYHQGLGRV\ VHPDQWXYRDODFDEH]DGHODOLVWDGHp[LWRVHGLWRULDOHVGH (VWDGRV 8QLGRV GXUDQWH PiV GH XQ DxR 'HVGH HVD IHFKD VH KDQ SXEOLFDGR QXPHURVDV UHHGLFLRQHV GHO PLVPR WDQWR HQ OLEUR GH EROVLOOR FRPR GH FXELHUWD GXUD WUDGXFLpQGRVHOR D GLYHUVDV OHQJXDV IUDQFpV VXHFR DOHPiQ FDVWHOODQR H LWDOLDQR(QWRQFHV¢SRUTXpHVWDWHQWDWLYDGHUHPRGHODU\ UHHVFULELUHOOLEURSDUD ODDFWXDOJHQHUDFLyQGHOHFWRUHV" /RVPRWLYRVUHVLGHQHQORVFDPELRVTXHKDQWHQLGROXJDUHQQXHVWUDVRFLHGDG \  HQ HO WHPD TXH QRV RFXSD GXUDQWH ORV ~OWLPRV WUHLQWD DxRV +R\  HQ GtD KD\ PXFKRVPiVKRPEUHV\ PXMHUHVMyYHQHVTXHUHDOL]DQHVWXGLRVXQLYHUVLWDULRVXQ SRUFHQWDMHPiVHOHYDGRGHSREODFLyQHVPiVFXOWRDSHVDUGHODJUDQGLIXVLyQGH OD WHOHYLVLyQ R TXL]i SUHFLVDPHQWH FRPR FRQVHFXHQFLD GH HOOD 6H KD SURGXFLGR DVLPLVPR XQ FDPELR GH JXVWRV HQ ODV OHFWXUDV \  DFWXDOPHQWH ORV OHFWRUHV SUHILHUHQHOHQVD\ RDODQRYHOD(QOtQHDVJHQHUDOHVORVHGXFDGRUHVSLHQVDQTXH HQVHxDUDOHHUDORVMyYHQHVHQHOVHQWLGRPiVOLWHUDOGHODSDODEUDFRQVWLWX\ HHO SUREOHPD HGXFDWLYR IXQGDPHQWDO (Q (VWDGRV 8QLGRV XQR GH ORV ~OWLPRV VHFUHWDULRV GHO 0LQLVWHULR GH 6DQLGDG (GXFDFLyQ \  $VXQWRV 6RFLDOHV EDXWL]y ORV DxRV  FRQ HO QRPEUH GH 'pFDGD GH OD /HFWXUD KD GHGLFDGR IRQGRV GHO *RELHUQR)HGHUDODSDWURFLQDUGLYHUVDVLQLFLDWLYDVSDUDPHMRUDUODFRPSHWHQFLD HQHVWDGHVWUH]DEiVLFD\ PXFKDVGHHVDVLQLFLDWLYDVKDQWHQLGRFLHUWRp[LWRHQHO QLYHO HQ HO TXH VH LQLFLD D ORV QLxRV HQ HO DUWH GH OHHU $GHPiV VRQ PX\ QXPHURVRV ORV DGXOWRV TXH VH KDQ GHMDGR FDXWLYDU SRU ODV GHVOXPEUDQWHV SURPHVDVGHORVFXUVRVGHOHFWXUDUiSLGDSURPHVDVGHLQFUHPHQWDUHOJUDGRGH FRPSUHQVLyQGHORTXHOHHQDVtFRPRHOGHODYHORFLGDGDODTXHOHHQ 6LQ HPEDUJR KD\  FLHUWDV FRVDV TXH QR KDQ FDPELDGR HQ ORV ~OWLPRV WUHLQWD DxRV8QDGHODVFRQVWDQWHVHVTXHFRQHOILQGHFRQVHJXLUWRGRVORVREMHWLYRVGH OD OHFWXUD HO GHVLGHUiWXP GHEH FRQVLVWLU HQ OD FDSDFLGDG SDUD OHHU FRVDV GLIHUHQWHV D YHORFLGDGHV WDPELpQ GLIHUHQWHV ²ODV DGHFXDGDV² QR WRGDV D OD PD\ RU YHORFLGDG SRVLEOH &RPR REVHUYDUD 3DVFDO KDFH WUHVFLHQWRV DxRV © &XDQGR OHHPRV GHPDVLDGR GHSULVD R GHPDVLDGR GHVSDFLR QR FRPSUHQGHPRV QDGDª  &RPR OD OHFWXUD UiSLGD VH KD FRQYHUWLGR HQ XQD DXWpQWLFD PDQtD HQ

DOJXQRVSDtVHVFRPR(VWDGRV8QLGRVHVWDQXHYDHGLFLyQGH&yPR OHHU XQ OLEUR DQDOL]DHOSUREOHPD\ SURSRQHODVROXFLyQGHODOHFWXUDGHYHORFLGDGYDULDEOHFRQ HO REMHWR GH OHHU PHMRU FDGD YH] PHMRU SHUR HQ XQDV RFDVLRQHV FRQ PD\ RU OHQWLWXG\ HQRWUDVFRQPD\ RUUDSLGH] 2WURDVSHFWRTXHSRUGHVJUDFLDQRKDFDPELDGRHVSURORQJDUODHQVHxDQ]D GH OD OHFWXUD PiV DOOi GHO QLYHO HOHPHQWDO /D PD\ RU SDUWH GH ORV UHFXUVRV HO GLQHUR\ ORVHVIXHU]RVTXHVHGHGLFDQDODHGXFDFLyQYDQDSDUDUDORVSULPHURV DxRVGHHVFRODUL]DFLyQGHVSXpVGHORVFXDOHVVHRIUHFHPX\ SRFDIRUPDFLyQSDUD TXHORVHVWXGLDQWHVDOFDQFHQQLYHOHVVXSHULRUHVGHGHVWUH]DHQODPDWHULD7DOHUD ODVLWXDFLyQHQFXDQGRHOSURIHVRU-DPHV0XUVHOOGHO&ROOHJHGH3URIHVRUHV GH OD 8QLYHUVLGDG GH &ROXPELD HVFULELy XQ DUWtFXOR SDUD 7KH $WODQWLF 0RQWKO\ WLWXODGR © (O IUDFDVR HVFRODUª  /R TXH HVFULELy HQWRQFHV HQ GRV SiUUDIRV TXH FLWDPRVDFRQWLQXDFLyQVLJXHVLHQGRFLHUWRHQODDFWXDOLGDG ¢$SUHQGHQORVDOXPQRVDOHHUHQVXOHQJXDPDWHUQDHILFD]PHQWHHQHO FROHJLR" 6t \  QR (Q OtQHDV JHQHUDOHV VH HQVHxD \  VH DSUHQGH D OHHU GH IRUPD HILFD] KDVWD TXLQWR \  VH[WR JUDGRV +DVWD HVH QLYHO VH REVHUYD XQ SURJUHVRJOREDO\ FRQVWDQWHSHURDFRQWLQXDFLyQODFXUYDGHVFLHQGHKDVWD OOHJDU D XQ SXQWR PXHUWR \  QR SRGHPRV DWULEXLUOR D TXH XQD SHUVRQD DOFDQFH HO OtPLWH QDWXUDO GH UHQGLPLHQWR FXDQGR OOHJD D VH[WR JUDGR SRUTXHVHKDGHPRVWUDGRHQUHSHWLGDVRFDVLRQHVTXHFRQXQDHQVHxDQ]D HVSHFLDO ORV QLxRV PXFKR PD\ RUHV SXHGHQ UHDOL]DU SURJUHVRV LPSUHVLRQDQWHV\ WDPELpQORVDGXOWRV7DPSRFRVLJQLILFDTXHODPD\ RUtD GHORVDOXPQRVGHVH[WRJUDGRVHSDQOHHUVXILFLHQWHPHQWHELHQDWRGRVORV HIHFWRV SUiFWLFRV +D\  PXFKRV DOXPQRV FRQ XQ UHQGLPLHQWR EDMR HQ OD HQVHxDQ]DPHGLDGHELGR6LPSOHPHQWHDVXLQFDSDFLGDGSDUDHQFRQWUDUOH VHQWLGRDXQDSiJLQD,PSUHVD3XHGHQPHMRUDUWLHQHQTXHPHMRUDUSHUR QRRFXUUHDVt $O ILQDOL]DU OD HQVHxDQ]D PHGLD HO DOXPQR QRUPDO \  FRUULHQWH KD UHDOL]DGR QXPHURVDV OHFWXUDV \  VL LQJUHVD HQ OD XQLYHUVLGDG WHQGUi TXH FRQWLQXDUFRQHOODVSHURHVSUREDEOHTXHFRPROHFWRUVHDLQFRPSHWHQWH 2EVpUYHVHTXHORDQWHULRUHVDSOLFDEOHDODOXPQRPHGLRQRDODSHUVRQD TXH GHEH VHJXLU XQD HQVHxDQ]D HVSHFLDO  7DO DOXPQR HV FDSD] GH FRPSUHQGHUXQUHODWRVHQFLOORSRUHMHPSOR\ GHGLVIUXWDUFRQVXOHFWXUD SHUR VL VH YH DQWH XQD H[SRVLFLyQ HVFULWD GHQVD XQD DUJXPHQWDFLyQ FXLGDGRVD \  HFRQyPLFDPHQWH SODQWHDGD R XQ WH[WR TXH UHTXLHUH DWHQWD UHIOH[LyQVHVLHQWHSHUGLGR6H KDGHPRVWUDGRSRUHMHPSOROD LQFUHtEOH LQHSWLWXGGHODOXPQRPHGLRDODKRUDGHVHxDODUODLGHDFHQWUDOGHXQWH[WR FRQFUHWRRORVQLYHOHVGHpQIDVLV\ VXERUGLQDFLyQGHXQDDUJXPHQWDFLyQR H[SRVLFLyQ $ WRGRV ORV HIHFWRV VLJXH DFWXDQGR FRPR XQ OHFWRU GH VH[WR JUDGRFXDQGR\ DKDVXSHUDGRYDULRVFXUVRVHQODHQVHxDQ]DPHGLD

6L &yPR OHHU XQ OLEUR UHVXOWDED QHFHVDULR KDFH WUHLQWD DxRV FRPR SDUHFH GHPRVWUDUODDFRJLGDTXHVHOHGHSDUyDODSULPHUDHGLFLyQGHODREUDKR\ HQGtD ODQHFHVLGDGKDDXPHQWDGRFRQVLGHUDEOHPHQWHSHURFXEULUHVDPD\ RUQHFHVLGDG QR HV HO ~QLFR PRWLYR GH OD SUHVHQWH UHHGLFLyQ /RV QXHYRV HQIRTXHV GH ORV SUREOHPDVTXHSODQWHDHODSUHQGL]DMHGHODOHFWXUDHODQiOLVLVGHOFRPSOHMRDUWH GHODOHFWXUDPXFKRPiVDPSOLR\ PHMRURUGHQDGRODDSOLFDFLyQIOH[LEOHGHODV QRUPDV EiVLFDV GH ORV GLIHUHQWHV WLSRV GH OHFWXUD GH WRGDV ODV YDULHGDGHV GH OD PDWHULDOHFWRUDHOGHVFXEULPLHQWR\ ODIRUPXODFLyQGHQXHYDVQRUPDVGHOHFWXUD \ HOFRQFHSWRGHXQDSLUiPLGHGHOLEURVDOHHUDQFKDHQODEDVH\ DKXVDGDHQOD F~VSLGHWRGRVHVWRVWHPDVVLQRIXHURQWUDWDGRVDGHFXDGDPHQWHRVLQLVLTXLHUDVH WRPDURQHQFRQVLGHUDFLyQHQHOOLEURTXHHVFULEtKDFHWUHLQWDDxRVUHTXHUtDQXQ HQIRTXHGLVWLQWR\ XQDUHFUHDFLyQSUHFLVDPHQWHORTXHRIUHFHPRVHQODSUHVHQWH HGLFLyQ $ODxRVLJXLHQWHGHODSXEOLFDFLyQGH&yPROHHUXQOLEURDSDUHFLyXQDSDURGLD GH OD REUD EDMR HO WtWXOR GH &yPR OHHU GRV OLEURV \  HO SURIHVRU , $ 5LFKDUGV HVFULELy XQ VHVXGR WUDWDGR WLWXODGR &yPR OHHU XQD SiJLQD 0HQFLRQR DPERV KHFKRV FRQ HO ILQ GH VHxDODU TXH ORV SUREOHPDV GH OD OHFWXUD FRPSUHQGLGRV HQ DPERVWtWXORVHOMRFRVR\ HOVHULRVHWUDWDQDPSOLDPHQWHHQODSUHVHQWHHGLFLyQ VREUHWRGRHOSUREOHPDGHFyPROHHUYDULRVOLEURVTXHJXDUGDQUHODFLyQHQWUHVt \ DGHPiV OHHUORV GH WDO PRGR TXH VH FRPSUHQGDQ FRQ FODULGDG ORV WHPDV FRPSOHPHQWDULRV\ FRQIOLFWLYRVTXHH[SRQHQVREUHXQWHPDFRP~Q (QWUHORVGLYHUVRVPRWLYRVTXHPHKDQHPSXMDGRDUHHVFULELU&yPR OHHU XQ OLEURKHKHFKRHVSHFLDOKLQFDSLpHQORVSXQWRVFRQFHUQLHQWHVDODUWHGHODOHFWXUD \  D OD QHFHVLGDG GH DOFDQ]DU QLYHOHV PiV HOHYDGRV HQ HO GRPLQLR GH WDO DUWH WHPDVTXHQRVHWRFDEDQRQRVHGHVDUUROODEDQHQODYHUVLyQRULJLQDOGHODREUD 4XLHQ TXLHUD DYHULJXDU TXp VH KD DxDGLGR D HVD SULPHUD YHUVLyQ OR KDUi UiSLGDPHQWHWDQVyORFRPSDUDQGRHOQXHYRtQGLFHGHPDWHULDVFRQHODQWHULRU'H ODV FXDWUR SDUWHV HQ TXH VH GLYLGH HO OLEUR ~QLFDPHQWH OD VHJXQGD HQ OD TXH VH H[SRQHQ ODV UHJODV GH OD OHFWXUD DQDOtWLFD SUHVHQWD XQ FODUR SDUDOHOLVPR FRQ HO FRQWHQLGRGHOWH[WRRULJLQDO\ DSHVDUGHWRGRVHODKDFDPELDGRHQJUDQPHGLGD /DLQWURGXFFLyQGHODSULPHUDSDUWHHQODTXHVHH[SRQHODGLIHUHQFLDHQWUHORV FXDWUR QLYHOHV GH OHFWXUD ²SULPDULD GH LQVSHFFLyQ DQDOtWLFD \  SDUDOHOD² UHSUHVHQWDHOFDPELRIXQGDPHQWDO\ GRPLQDQWHGHODRUJDQL]DFLyQ\ HOFRQWHQLGR GH OD REUD /D H[SRVLFLyQ GH OD WHUFHUD SDUWH VREUH ORV GLVWLQWRV HQIRTXHV GH ORV GLIHUHQWHVWLSRVGHPDWHULDOGHOHFWXUD²OLEURVSUiFWLFRV\ WHyULFRVOLWHUDWXUDGH LPDJLQDFLyQSRHVtDOtULFDpSLFDQRYHODWHDWUR KLVWRULDFLHQFLD\ PDWHPiWLFDV FLHQFLDV VRFLDOHV ILORVRItD DVt FRPR OLEURV GH FRQVXOWD SHULRGLVPR H LQFOXVR SXEOLFLGDG²HVHODxDGLGRPiVH[WHQVR\SRU~OWLPRODFXDUWDSDUWHTXHWUDWD VREUHODOHFWXUDSDUDOHODHVFRPSOHWDPHQWHQXHYD (QODWDUHDGHPRGHUQL]DUUHFUHDU\ UHHVFULELUHOSUHVHQWHOLEURKHFRQWDGR FRQODFRODERUDFLyQGH&KDUOHVYDQ'RUHQFRQTXLHQWUDEDMRGHVGHKDFHPXFKRV

DxRV HQ HO ,QVWLWXWR GH ,QYHVWLJDFLRQHV )LORVyILFDV +HPRV HVFULWR MXQWRV RWURV OLEURV HQWUH HOORV $QQDOV RI $PHULFD SXEOLFDGR SRU (QF\ FORSDHGLD %ULWDQQLFD ,QFHQ/RTXHTXL]iWHQJDPD\ RUUHOHYDQFLDHQODHPSUHVDFRP~QHQOD TXH QRV KHPRV HPEDUFDGR HV TXH GXUDQWH ORV ~OWLPRV RFKR DxRV &KDUOHV YDQ 'RUHQ \  \ R KHPRV FRODERUDGR HVWUHFKDPHQWH HQ OD GLUHFFLyQ GH JUXSRV GH GHEDWHVREUHJUDQGHVREUDVOLWHUDULDVDVtFRPRHQODPRGHUDFLyQGHVHPLQDULRV HQ &KLFDJR 6DQ )UDQFLVFR \  $VSHQ (Q HO WUDQVFXUVR GH HVWDV H[SHULHQFLDV FRQFHELPRV ODV QXHYDV LGHDV TXH KDQ GHVHPERFDGR HQ OD QXHYD HGLFLyQ GH OD REUD /H DJUDGH]FR D &KDUOHV YDQ 'RUHQ OR PXFKR TXH KD DSRUWDGR D QXHVWUR FRP~Q HVIXHU]R \  DPERV GHVHDPRV H[SUHVDU QXHVWUR DJUDGHFLPLHQWR SRU OD D\ XGD\ ODFUtWLFDFRQVWUXFWLYDTXHKHPRVUHFLELGRGHQXHVWURDPLJR$UWKXU/+ 5XELRTXHQRVFRQYHQFLyGHTXHUHDOL]iUDPRVPXFKRVGHORVQXPHURVRVFDPELRV TXH GLVWLQJXHQ OD SUHVHQWH HGLFLyQ GH OD DQWHULRU \  FRQ ORV TXH HVSHUDPRV TXH UHVXOWHPHMRU\ PiV~WLO

%RFD*UDQGH GHPDU]RGH

0257,0(5-$'/(5

35,0(5$3$57( /DVGLPHQVLRQHVGHODOHFWXUD

 /$$&7,9,'$'<(/$57('(/$/(&785$

(O SUHVHQWH OLEUR HVWi GHGLFDGR D ORV OHFWRUHV \  D TXLHQHV GHVHDQ OOHJDU D VHU OHFWRUHV VREUH WRGR D ORV OHFWRUHV GH OLEURV \  GH IRUPD PX\  HVSHFLDO D ODV SHUVRQDV FX\ R SULQFLSDO REMHWLYR DO OHHU FRQVLVWH HQ REWHQHU XQD PD\ RU FRPSUHQVLyQ $O GHFLU © OHFWRUHVª  QRV UHIHULPRV D TXLHQHV VLJXHQ DFRVWXPEUDGRV FRPR VROtDRFXUULUFRQFDVLWRGDVODVSHUVRQDVFXOWDVHLQWHOLJHQWHVDREWHQHUJUDQSDUWH GH OD LQIRUPDFLyQ \  GH OD FRPSUHQVLyQ GHO PXQGR PHGLDQWH OD SDODEUD HVFULWD DXQTXH QDWXUDOPHQWH QR WRGR LQFOXVR HQ OD pSRFD DQWHULRU D OD UDGLR \  OD WHOHYLVLyQ VH DGTXLUtDQ FLHUWRV FRQRFLPLHQWRV H LQIRUPDFLRQHV PHGLDQWH OD SDODEUDKDEODGD\ ODREVHUYDFLyQ3HURHOORQXQFDKDUHVXOWDGRVXILFLHQWHSDUDODV SHUVRQDVLQWHOLJHQWHV\ FXULRVDVSRUTXHVDEHQTXHDGHPiVWLHQHQTXHOHHU\ DVt ORKDFHQ (QODDFWXDOLGDGKD\ PXFKDJHQWHTXHSLHQVDTXH\ DQRHVWDQQHFHVDULROHHU FRPR DQWHV /D UDGLR \  VREUH WRGR OD WHOHYLVLyQ KDQ DFDSDUDGR PXFKDV GH ODV IXQFLRQHV TXH DQWLJXDPHQWH FXPSOtD OD LPSUHQWD DO LJXDO TXH OD IRWRJUDItD KD DFDSDUDGRFLHUWDVIXQFLRQHVTXHDQWHVFXPSOtDQODSLQWXUD\ RWUDVDUWHVJUiILFDV +D\  TXH UHFRQRFHU TXH OD WHOHYLVLyQ GHVHPSHxD PX\  ELHQ DOJXQDV GH HVWDV IXQFLRQHV OD FRPXQLFDFLyQ YLVXDO GH ODV QRWLFLDV SRU HMHPSOR HMHUFH HQRUPH LQIOXHQFLD/DFDSDFLGDGGHODUDGLRSDUDSURSRUFLRQDUQRVLQIRUPDFLyQPLHQWUDV HVWDPRV UHDOL]DQGR RWUD WDUHD ²FRQGXFLU XQ FRFKH SRU HMHPSOR² HV H[WUDRUGLQDULD \ DGHPiV QRV DKRUUD PXFKR WLHPSR SHUR SRGUtD SRQHUVH VHULDPHQWH HQ GXGD TXH ORV PHGLRV GH FRPXQLFDFLyQ PRGHUQRV KD\ DQ FRQWULEXLGRDPHMRUDUODFRPSUHQVLyQGHOPXQGRHQHOTXHYLYLPRV 4XL]i VHSDPRV PiV VREUH HO PXQGR TXH DQWHV \  HQ OD PHGLGD HQ TXH HO FRQRFLPLHQWR FRQVWLWX\ H XQ SUHUUHTXLVLWR GH OD FRPSUHQVLyQ QRV SDUHFH DOJR H[FHOHQWHSHURHQUHDOLGDGHVWHSUHUUHTXLVLWRQRWLHQHHODOFDQFHTXHVHOHVXHOH DWULEXLU1RHVQHFHVDULRVDEHUORWRGRDFHUFDGHXQWHPDSDUDFRPSUHQGHUOR HQ PXFKDV RFDVLRQHV OD H[LVWHQFLD GH GHPDVLDGRV KHFKRV UHSUHVHQWD XQ REVWiFXOR WDQ JUDQGH FRPR OD H[LVWHQFLD GH GHPDVLDGRV SRFRV (Q OD DFWXDOLGDG YLYLPRV

LQXQGDGRVGHKHFKRVHQGHWULPHQWRGHODFRPSUHQVLyQ 8QD GH ODV UD]RQHV GH HVWD VLWXDFLyQ FRQVLVWH HQ TXH ORV PHGLRV GH FRPXQLFDFLyQHVWiQFRQFHELGRVGHWDO PRGRTXHSHQVDUSDUH]FDLQQHFHVDULR VL ELHQVHWUDWDGHDOJRVXSHUILFLDO /DSUHVHQWDFLyQJOREDOGHSRVWXUDVLQWHOHFWXDOHV HV XQD GH ODV HPSUHVDV PiV DFWLYDV TXH KDQ DFRPHWLGR DOJXQDV GH ODV PHQWHV PiVEULOODQWHVGHQXHVWURVGtDV$OWHOHYLGHQWHDOUDGLR\ HQWHRDOOHFWRUGHUHYLVWDV VH OH RIUHFH WRGR XQ FRPSOHMR GH HOHPHQWRV ²GHVGH XQD UHWyULFD LQWHOLJHQWH KDVWD GDWRV \  HVWDGtVWLFDV² FXLGDGRVDPHQWH VHOHFFLRQDGRV FRQ HO ILQ GH IDFLOLWDUOH© ODIRUPDFLyQGHXQDRSLQLyQSURSLDª FRQHOPtQLPRGHGLILFXOWDGHV\ HVIXHU]RV SHUR D YHFHV HVD SUHVHQWDFLyQ VH HIHFW~D FRQ WDO HILFDFLD TXH HO HVSHFWDGRUHOR\ HQWHRHOOHFWRUQRVHIRUPDHQDEVROXWRXQDRSLQLyQSURSLDVLQR TXH SRU HO FRQWUDULR DGTXLHUH XQD RSLQLyQ SUHFRQFHELGD TXH VH LQVHUWD HQ VX FHUHEUR FDVL FRPR XQD FLQWD TXH VH LQVHUWDVH HQ XQ DSDUDWR GH P~VLFD $ FRQWLQXDFLyQDSULHWDXQERWyQ\ © UHSURGXFHª HVDRSLQLyQHQHOPRPHQWRTXHOH UHVXOWD FRQYHQLHQWH < SRU FRQVLJXLHQWH KD DFWXDGR GH IRUPD DFHSWDEOH VLQ QHFHVLGDGGHSHQVDU /DOHFWXUDDFWLYD &RPR \ D GLMLPRV DO SULQFLSLR HQ ODV VLJXLHQWHV SiJLQDV YDPRV D RFXSDUQRV IXQGDPHQWDOPHQWHGHOGHVDUUROORGHODGHVWUH]DSDUDOHHUOLEURVSHURVLVHSRQHQ HQ SUiFWLFD \  VH VLJXHQ ILHOPHQWH ODV UHJODV TXH FRQWULEX\ HQ D GHVDUUROODU WDO GHVWUH]D WDPELpQ SXHGHQ DSOLFDUVH DO PDWHULDO LPSUHVR HQ JHQHUDO D FXDOTXLHU FODVHGHPDWHULDOOHJLEOHSHULyGLFRVUHYLVWDVSDQIOHWRVDUWtFXORV\ DQXQFLRV 'HVGHHOPRPHQWRHQTXHFXDOTXLHUWLSRGHOHFWXUDVXSRQHXQDDFWLYLGDGWRGD OHFWXUDHVHQFLHUWRJUDGRDFWLYD/DOHFWXUDWRWDOPHQWHSDVLYDHVLPSRVLEOHSXHV QR SRGHPRV OHHU FRQ ORV RMRV LQPyYLOHV \  HO FHUHEUR DGRUPHFLGR 3RU WDQWR DO FRPSDUDUODOHFWXUDDFWLYDFRQODSDVLYDHOREMHWLYRTXHSHUVHJXLPRVFRQVLVWHHQ SULPHU OXJDU HQ GHVWDFDU HO KHFKR GH TXH OD OHFWXUD SXHGH VHU PiV R PHQRV DFWLYD \ HQ VHJXQGR OXJDU TXH FXDQWR PiV DFWLYD WDQWR PHMRU 8Q OHFWRU HV PHMRU TXH RWUR HQ SURSRUFLyQ D VX FDSDFLGDG SDUD XQD PD\ RU DFWLYLGDG HQ OD OHFWXUD\ FRQXQPD\ RUHVIXHU]R(VPHMRUFXDQWRPiVH[LJHGHVtPLVPR\ GHO WH[WRTXHWLHQHDQWHVt 3HURVLELHQHQVHQWLGRHVWULFWRQRSXHGHGDUVHXQDOHFWXUDWRWDOPHQWHSDVLYD PXFKDVSHUVRQDVSLHQVDQTXHHQFRPSDUDFLyQFRQODHVFULWXUD\ FRQHOGLVFXUVR KDEODGROHHU\ HVFXFKDUVRQDFWLYLGDGHVFRPSOHWDPHQWHSDVLYDV4XLHQHVFULEHR TXLHQKDEODWLHQHTXHUHDOL]DUFLHUWRHVIXHU]RPLHQWUDVTXHTXLHQOHHRHVFXFKD QR WLHQH TXH KDFHU QDGD 6H FRQVLGHUD TXH OHHU \  HVFXFKDU HTXLYDOHQ D UHFLELU FRPXQLFDFLyQGHDOJXLHQGHGLFDGRDFWLYDPHQWHDGDUODRHQYLDUOD(QHVWHFDVR HO HUURU UDGLFD HQ VXSRQHU TXH UHFLELU FRPXQLFDFLyQ HV FRPR UHFLELU XQD

ERIHWDGDRXQDKHUHQFLDRODVHQWHQFLDGHXQWULEXQDOGHMXVWLFLD3RUHOFRQWUDULR TXLHQOHHRHVFXFKDSRGUtDFRPSDUDUVHFRQHOMXJDGRUTXHUHFRJHODSHORWDHQHO EpLVERO 5HFRJHUODSHORWDHVXQDWDUHDWDQDFWLYDFRPRODQ]DUODREDWHDUOD(OMXJDGRU TXH OD ODQ]D R OD EDWHD HV HO HPLVRU HQ HO VHQWLGR GH TXH VX DFWLYLGDG LQLFLD HO PRYLPLHQWRGHODSHORWD(OTXHUHFRJHODSHORWDRHOGHIHQVDHVHOUHFHSWRUHQHO VHQWLGRGHTXHVXDFWLYLGDGOHSRQHSXQWRILQDO\ DPERVVRQDFWLYRVVLELHQVXV DFWLYLGDGHV GLILHUHQ 6L H[LVWH DOJR SDVLYR HV OD SHORWD OR LQHUWH TXH VH SRQH HQ PRYLPLHQWR R TXH VH GHWLHQH PLHQWUDV TXH ORV MXJDGRUHV VRQ DFWLYRV SXHV VH PXHYHQSDUDODQ]DUEDWHDURUHFRJHU/DDQDORJtDFRQODHVFULWXUD\ ODOHFWXUD UHVXOWDFDVLSHUIHFWD/RTXHHVHVFULWR\ OHtGRDOLJXDOTXHODSHORWDFRQVWLWX\ HHO REMHWR SDVLYR FRP~Q D ODV GRV DFWLYLGDGHV TXH FRPLHQ]DQ \  FRPSOHWDQ HO SURFHVR 3RGUtDPRVOOHYDUHVWDDQDORJtDXQSRFRPiVOHMRV(ODUWHGHUHFRJHUODSHORWD HTXLYDOHDODGHVWUH]DSDUDUHFRJHUFXDOTXLHUWLSRGHODQ]DPLHQWR3DUDOHODPHQWH HODUWHGHOHHUFRQVLVWHHQODGHVWUH]DSDUDUHFRJHUWRGRWLSRGHFRPXQLFDFLyQOR PHMRUSRVLEOH +HPRVGHGHVWDFDUHOKHFKRGHTXHHOODQ]DGRU\ HOUHFRJHGRUGHODSHORWD ORJUDQVXREMHWLYR~QLFDPHQWHGHSHQGLHQGRGHVXJUDGRGHFRODERUDFLyQVLHQGR VLPLODUODUHODFLyQHQWUHHVFULWRU\ OHFWRU(OHVFULWRUQRLQWHQWDTXHQROHUHFRMDQ TXH QR OH HQWLHQGDQ DXQTXH D YHFHV SXHGD SDUHFHU OR FRQWUDULR \  GH WRGRV PRGRVVHSURGXFHDXWpQWLFDFRPXQLFDFLyQFXDQGRORTXHHOHVFULWRUGHVHDTXHVH UHFLED OOHJD D SRVHVLyQ GHO OHFWRU /D GHVWUH]D GHO HVFULWRU \  OD GHO OHFWRU FRQYHUJHQHQXQREMHWLYRFRP~Q 6DOWDDODYLVWDTXHHQWUHORVHVFULWRUHVH[LVWHQGLIHUHQFLDVDOLJXDOTXHHQWUH ORV ODQ]DGRUHV GH EpLVERO $OJXQRV HVFULWRUHV HMHUFHQ XQ © FRQWUROª  H[FHOHQWH VDEHQH[DFWDPHQWHTXpTXLHUHQWUDQVPLWLU\ ORWUDQVPLWHQGHXQDIRUPDSUHFLVD \ H[DFWD5HVXOWDQPiVIiFLOHVGH© FRJHUª TXHORVHVFULWRUHV© GHVFRQWURODGRVª  3HUR KD\  XQ PRPHQWR HQ HO TXH OD DQDORJtD VH GHVKDFH /D SHORWD HV XQD XQLGDG VLPSOH R VH OD FRJH SRU FRPSOHWR R QR VH OD FRJH HQ DEVROXWR 6LQ HPEDUJR XQ WH[WR HVFULWR HV XQ REMHWR FRPSOHMR 3XHGH VHU UHFLELGR GH XQD IRUPDPiVRPHQRVFRPSOHWDGHVGHHOSXQWRPtQLPRGHODLQWHQFLyQGHODXWRU KDVWDHOPi[LPR3RUORJHQHUDOHOJUDGRHQTXHOR© FRMDª HOOHFWRUGHSHQGHUi GHOJUDGRGHDFWLYLGDGTXHGHGLTXHDOSURFHVRDVtFRPRGHODGHVWUH]DFRQODTXH HMHFXWHORVGLIHUHQWHVDFWRVPHQWDOHVTXHHOPLVPRUHTXLHUH ¢4XpVXSRQHODOHFWXUDDFWLYD"9ROYHUHPRVDHVWHSXQWRHQPXFKDVRFDVLRQHV SHURGHPRPHQWREDVWHFRQGHFLUTXHFRQHOPLVPRWHPDDOHHUXQDSHUVRQDOR OHH PHMRU TXH RWUD HQ SULPHU OXJDU DO OHHUOR PiV DFWLYDPHQWH \ HQ VHJXQGR OXJDU DO UHDOL]DU FDGD XQR GH ORV DFWRV UHTXHULGRV FRQ PD\ RU GHVWUH]D $PERV DVSHFWRV HVWiQ UHODFLRQDGRV /HHU VXSRQH XQD DFWLYLGDG FRPSOHMD DO LJXDO TXH HVFULELU &RQVLVWH HQ JUDQ Q~PHUR GH DFWRV GLVWLQWRV WRGRV ORV FXDOHV KDQ GH

HMHFXWDUVH HQ XQD EXHQD OHFWXUD /D SHUVRQD TXH SXHGD UHDOL]DU HO PD\ RU Q~PHURGHHVWRVDFWRVVHUiODPiVGRWDGDSDUDOHHU 2EMHWLYRVGHODOHFWXUDOHHUSDUDLQIRUPDUVH\ OHHUSDUDFRPSUHQGHU 7RGR HO PXQGR WLHQH FHUHEUR 6XSRQJDPRV TXH XQD SHUVRQD HQ FRQFUHWR WDPELpQ WLHQH XQ OLEUR TXH GHVHD OHHU (O OLEUR FRQVLVWH HQ OHQJXDMH HVFULWR SRU DOJXLHQFRQHOILQGHFRPXQLFDUDOJRHOp[LWRHQODOHFWXUDVHUiGHWHUPLQDGRSRU HOJUDGRGHUHFHSFLyQGHWRGRORTXHHOHVFULWRUWHQtDLQWHQFLyQGHFRPXQLFDU 1DWXUDOPHQWHVHWUDWDGHXQDVLPSOLILFDFLyQH[FHVLYD/DUD]yQUHVLGHHQTXH H[LVWHQGRVSRVLEOHVUHODFLRQHVHQWUHHOFHUHEUR\ HOOLEURQRVyORXQD\ HVWDVGRV UHODFLRQHVTXHGDQLOXVWUDGDVSRUODVGRVH[SHULHQFLDVGLVWLQWDVTXHVHSXHGHQWHQHU DOOHHUHOOLEUR 3RUXQODGRHVWiHOOLEUR\ SRURWURHOFHUHEUR$PHGLGDTXHYDPRVSDVDQGR ODVSiJLQDVHQWHQGHPRVSHUIHFWDPHQWHWRGRFXDQWRHODXWRUTXLHUHGHFLURQROR HQWHQGHPRV (Q HO SULPHU FDVR HV SRVLEOH TXH KD\ DPRV REWHQLGR LQIRUPDFLyQ SHUR TXL]i QR KD\ DPRV DXPHQWDGR QXHVWUD FRPSUHQVLyQ 6L HO OLEUR UHVXOWD WRWDOPHQWHLQWHOLJLEOHGHSULQFLSLRDILQHQWRQFHVHODXWRU\ HOOHFWRUVRQFRPRGRV PHQWHVFRQODPLVPDPROGXUD/RVVtPERORVGHODSiJLQDVLPSOHPHQWHH[SUHVDQ HOHQWHQGLPLHQWRFRP~QTXHOHFWRU\ HVFULWRUFRPSDUWtDQDQWHVGHFRQRFHUVH 9HDPRV OD VHJXQGD DOWHUQDWLYD HO OLEUR QR VH FRPSUHQGH SHUIHFWDPHQWH 6XSRQJDPRVLQFOXVRTXHVHFRPSUHQGHORVXILFLHQWHFRPRSDUDVDEHUTXHQRVH FRPSUHQGH DOJR TXH SRU GHVJUDFLD QR VLHPSUH RFXUUH 6H VDEH TXH HO OLEUR TXLHUHGHFLUDOJRPiVGHORTXHVHFRPSUHQGH\SRUFRQVLJXLHQWHTXHFRQWLHQH DOJRTXHSXHGHLQFUHPHQWDUQXHVWUDFRPSUHQVLyQ ¢4XpKDFHUHQWRQFHV"(OOHFWRUSXHGHGDUOHHOOLEURDDOJXLHQTXHDVXMXLFLR VHSD OHHU PHMRU TXH pO SDUD TXH OH H[SOLTXH ORV FDStWXORV TXH QR DFDED GH HQWHQGHU (VH © DOJXLHQª  SXHGH VHU XQD SHUVRQD YLYD X RWUR OLEUR XQ OLEUR GH WH[WRSRUHMHPSOR 2WDPELpQSXHGHOOHJDUDODFRQFOXVLyQGHTXHQRPHUHFHOD SHQDWRPDUVHWDQWDVPROHVWLDVTXHKDFRPSUHQGLGRORVXILFLHQWH(QFXDOTXLHUD GHORVGRVFDVRVHOOHFWRUQRHVWiUHDOL]DQGRODWDUHDOHFWRUDTXHUHTXLHUHHOOLEUR DOJRTXHVyORSXHGHKDFHUVHGHXQDPDQHUD6LQQLQJXQDFODVHGHD\ XGDH[WHUQD KD\  TXH VHJXLU WUDEDMDQGR FRQ HO OLEUR ÒQLFDPHQWH FRQ HO SRGHU GH OD SURSLD PHQWHVHIXQFLRQDFRQORVVtPERORVTXHVHSUHVHQWDQDQWHQRVRWURVGHWDOIRUPD TXH QRV HOHYDPRV JUDGXDOPHQWH GHVGH XQ HVWDGR GH FRPSUHQVLyQ PHQRU KDVWD RWUR GH FRPSUHQVLyQ PD\RU 7DO DVFHQVR TXH OD PHQWH ORJUD DO WUDEDMDU HQ XQ OLEURVXSRQHXQHOHYDGRJUDGRGHGHVWUH]DHQODOHFWXUDODFODVHGHOHFWXUDTXHVH PHUHFHXQOLEURTXHSUHVHQWDXQUHWRDODFRPSUHQVLyQGHOOHFWRU 3RU FRQVLJXLHQWH SRGUtDPRV GHILQLU HO DUWH GH OD OHFWXUD FRPR VLJXH HO SURFHVRSRUHOFXDOODPHQWHGHXQDSHUVRQDVLQQDGDFRQORTXHIXQFLRQDUVLQR

ORV VtPERORV GH OD PDWHULD OHFWRUD \  VLQ D\ XGD H[WHULRU DOJXQD >@  VH HOHYD PHGLDQWHHOSRGHUGHVXSURSLRIXQFLRQDPLHQWR/DPHQWHSDVDGHFRPSUHQGHU PHQRV D FRPSUHQGHU PiV /DV RSHUDFLRQHV TXH SURGXFHQ HVWH SURFHVR VRQ ORV GLYHUVRVDFWRVTXHFRQVWLWX\ HQHODUWHGHOHHU 3DVDU GH FRPSUHQGHU PHQRV D FRPSUHQGHU PiV PHGLDQWH HO HVIXHU]R LQWHOHFWXDO HQ OD OHFWXUD UHVXOWD XQD WDUHD DJRWDGRUD 1DWXUDOPHQWH VH WUDWD GH XQDOHFWXUDPiVDFWLYDTXHODTXHVHKDUHDOL]DGRDQWHVTXHQRVyORFRQOOHYDXQD DFWLYLGDGPiVYDULDGDVLQRWDPELpQXQDGHVWUH]DPXFKRPD\ RUHQODHMHFXFLyQ GHORVGLYHUVRVDFWRVUHTXHULGRV\GHVGHOXHJRORTXHSRUORJHQHUDOVHFRQVLGHUD GH PiV GLItFLO OHFWXUD \ SRU FRQVLJXLHQWH GHVWLQDGR ~QLFDPHQWH D ORV PHMRUHV OHFWRUHVHVORTXHVXHOHPHUHFHU\ UHTXHULUHVWHWLSRGHOHFWXUD ([LVWHXQDGLIHUHQFLDPiVSURIXQGDTXHOD\ DVHxDODGDHQWUHODOHFWXUDSDUD REWHQHU LQIRUPDFLyQ \  OD OHFWXUD SDUD REWHQHU FRPSUHQVLyQ $ FRQWLQXDFLyQ LQWHQWDUHPRV H[SRQHUOD \  SDUD HOOR KHPRV GH WRPDU HQ FRQVLGHUDFLyQ HVRV GRV REMHWLYRV GH OD OHFWXUD SRUTXH OD OtQHD GLYLVRULD HQWUH OR TXH HV OHJLEOH GH XQD IRUPD\ ORTXHGHEHOHHUVHGHRWUDSDUHFHHQPXFKDVRFDVLRQHVFRQIXVD(QOD PHGLGD HQ TXH HV SRVLEOH VHSDUDU HVWRV GRV REMHWLYRV GH OD OHFWXUD SRGHPRV XWLOL]DUHOWpUPLQR© OHFWXUDª HQGRVVHQWLGRVGLIHUHQWHV (OSULPHUVHQWLGRFRQVLVWHHQFRQVLGHUDUQRVOHFWRUHVGHSHULyGLFRVUHYLVWDVR FXDOTXLHU RWUD FRVD TXH VHJ~Q QXHVWUD FDSDFLGDG \  GHVWUH]D QRV UHVXOWH FRPSOHWDPHQWH FRPSUHQVLEOH GH LQPHGLDWR 7DOHV FRVDV SXHGHQ FRQWULEXLU D DXPHQWDU QXHVWUR EDJDMH GH LQIRUPDFLyQ SHUR QR D LQFUHPHQWDU QXHVWUD FRPSUHQVLyQ SRUTXH WDO FRPSUHQVLyQ VH LJXDODED FRQ HOODV DQWHV GH FRPHQ]DU (QRWURFDVRKXELpUDPRVVHQWLGRODSHUSOHMLGDG\ ODFRQIXVLyQTXHVHSURGXFHQ FXDQGR DOJR QRV VXSHUD VLHPSUH \  FXDQGR KXELpUDPRV PDQWHQLGR XQD DFWLWXG KRQUDGD\ DWHQWD (O VHJXQGR VHQWLGR FRQVLVWH HQ LQWHQWDU OHHU DOJR TXH DO SULQFLSLR QR VH FRPSUHQGHSOHQDPHQWH(QHVWHFDVRHOREMHWRDOHHUHVPHMRURVXSHULRUTXHHO OHFWRU FRPXQLFDQGR HO HVFULWRU DOJR TXH SXHGH LQFUHPHQWDU OD FRPSUHQVLyQ GH DTXpO7DOFRPXQLFDFLyQHQWUHQRLJXDOHVGHEHVHUSRVLEOHSRUTXHGHORFRQWUDULR XQD SHUVRQD MDPiV SRGUtD DSUHQGHU GH RWUD QL SRU PHGLDFLyQ GHO OHQJXDMH KDEODGRQLGHOHVFULWR$OGHFLU© DSUHQGHUª QRVUHIHULPRVDFRPSUHQGHUPiVQR D UHFRUGDU PiV LQIRUPDFLyQ FRQ HO PLVPR JUDGR GH LQWHOLJLELOLGDG TXH RWUDV LQIRUPDFLRQHVTXH\ DSRVHHPRV 1RH[LVWHGLILFXOWDGDOJXQDGHFDUiFWHULQWHOHFWXDODODKRUDGHREWHQHUQXHYD LQIRUPDFLyQ HQ HO WUDQVFXUVR GH OD OHFWXUD VL ORV KHFKRV QXHYRV SHUWHQHFHQ D OD PLVPD FDWHJRUtD TXH ORV TXH \ D VH FRQRFHQ 8QD SHUVRQD TXH FRQR]FD \ FRPSUHQGDDOJXQRVGHORVKHFKRVGHODKLVWRULDHVWDGRXQLGHQVHEDMRFLHUWRSXQWR GH YLVWD SRGUi DSUHKHQGHU PXFKRV PiV KHFKRV EDMR HO PLVPR SXQWR GH YLVWD PHGLDQWHODOHFWXUDHQHOSULPHUVHQWLGRTXHKHPRVGHVFULWRDQWHULRUPHQWH3HUR VXSRQJDPRV TXH HVD SHUVRQD HVWi OH\ HQGR XQ OLEUR KLVWyULFR FX\ R REMHWLYR QR

FRQVLVWH VLPSOHPHQWH HQ SURSRUFLRQDUOH HO FRQRFLPLHQWR GH RWURV KHFKRV VLQR WDPELpQHOGHDUURMDUXQDQXHYDOX]TXL]iPiVUHYHODGRUDVREUHWRGRVORVKHFKRV TXH\ DFRQRFH6XSRQJDPRVDVLPLVPRTXHFRQWDOOHFWXUDSXHGHDFFHGHUDXQD PD\ RU FRPSUHQVLyQ GH OD TXH SRVHtD DQWHV GH FRPHQ]DU DTXpOOD 6L ORJUD XQD PD\ RUFRPSUHQVLyQSRGHPRVGHFLUTXHHVWiOH\ HQGRHQHOVHJXQGRVHQWLGRTXH KHPRVGHVFULWR\ TXHVHKDHOHYDGRPHGLDQWHVXDFWLYLGDGVLELHQWDOHOHYDFLyQ IXHSRVLEOHGHIRUPDLQGLUHFWDJUDFLDVDOHVFULWRUTXHWHQtDDOJRTXHHQVHxDU ¢&XiOHVVRQODVFRQGLFLRQHVEDMRODVTXHVHGDHVWHWLSRGHOHFWXUDODOHFWXUD GHVWLQDGDDODFRPSUHQVLyQ"+D\ GRV(QSULPHUOXJDUODGHVLJXDOGDGLQLFLDOHQ OD FRPSUHQVLyQ (O HVFULWRU GHEH VHU © VXSHULRUª  DO OHFWRU HQ FXDQWR D OD FRPSUHQVLyQ \  VX OLEUR GHEH WUDQVPLWLU GH IRUPD OHJLEOH ODV SHUFHSFLRQHV TXH SRVHH\ GHODVTXHFDUHFHQVXVOHFWRUHVSRWHQFLDOHV(QVHJXQGROXJDUHO OHFWRU GHEH VHU FDSD] GH VXSHUDU HVWD GHVLJXDOGDG HQ FLHUWD PHGLGD TXL]i HQ SRFDV RFDVLRQHV SOHQDPHQWH SHUR DSUR[LPiQGRVH D OD LJXDOGDG FRQ HO HVFULWRU (Q OD PHGLGDTXHVHDSUR[LPHDODLJXDOGDGVHORJUDUiFODULGDGGHFRPXQLFDFLyQ (Q GHILQLWLYD VyOR SRGHPRV DSUHQGHU GH QXHVWURV © PHMRUHVª  \  GHEHPRV VDEHUTXLpQHVVRQ\ FyPRDSUHQGHUGHHOORV/DSHUVRQDTXHSRVHHHVWHWLSRGH FRQRFLPLHQWR GRPLQD HO DUWH GH OD OHFWXUD HQ HO VHQWLGR GHO TXH VH RFXSD OD PD\ RU SDUWH GHO SUHVHQWH OLEUR &XDOTXLHUD TXH VHSD OHHU SUREDEOHPHQWH WLHQH FLHUWD KDELOLGDG SDUD OHHU GH HVWD IRUPD SHUR WRGRV VLQ H[FHSFLyQ SRGHPRV DSUHQGHUDOHHUPHMRU\ DREWHQHUPHMRUHVUHVXOWDGRVPHGLDQWHQXHVWURVSURSLRV HVIXHU]RVDSOLFiQGRORVDPDWHULDOHVPiVSURYHFKRVRV 1R TXLVLpUDPRV GDU OD LPSUHVLyQ GH TXH VLHPSUH UHVXOWH IiFLO GLVWLQJXLU ORV KHFKRV TXH GHVHPERFDQ HQ XQD PD\ RU LQIRUPDFLyQ \  ODV SHUFHSFLRQHV TXH OOHYDQ D XQD PD\ RU FRPSUHQVLyQ \  KHPRV GH DGPLWLU TXH HQ RFDVLRQHV XQD VLPSOHOLVWDGHKHFKRVSXHGHSRUVtPLVPDOOHYDUDXQDPD\ RUFRPSUHQVLyQ(O SXQWRTXHGHVHDPRVGHVWDFDUHVTXHHOSUHVHQWHOLEURWUDWDGHODUWHGHODOHFWXUD GHVWLQDGD DO LQFUHPHQWR GH OD FRPSUHQVLyQ $IRUWXQDGDPHQWH VL VH DSUHQGH D FRQVHJXLU WDO LQFUHPHQWR HO DXPHQWR GH LQIRUPDFLyQ VXHOH SURGXFLUVH SRU Vt PLVPR 1DWXUDOPHQWH OD OHFWXUD SHUVLJXH RWUR JUDQ REMHWLYR DGHPiV GH REWHQHU LQIRUPDFLyQ\ FRPSUHQVLyQHOHQWUHWHQLPLHQWRSHURHQODVVLJXLHQWHVSiJLQDVQR QRVYDPRVDRFXSDUPXFKRGHOWHPD(VWHWLSRGHOHFWXUDHVODTXHSODQWHDPHQRV H[LJHQFLDV \  OD TXH UHTXLHUH PHQRV HVIXHU]RV $GHPiV QR WLHQH UHJODV 7RGD SHUVRQDTXHVHSDOHHUSXHGHKDFHUORSDUDHQWUHWHQHUVHVLHPSUHTXHORGHVHH (Q UHDOLGDG FXDOTXLHU OLEUR TXH SXHGD OHHUVH SDUD REWHQHU FRPSUHQVLyQ R LQIRUPDFLyQSUREDEOHPHQWHWDPELpQSXHGHOHHUVHSDUDHQWUHWHQHUVHDOLJXDOTXH XQ OLEUR TXH SXHGH LQFUHPHQWDU OD FRPSUHQVLyQ SXHGH OHHUVH DVLPLVPR SRU OD LQIRUPDFLyQTXHFRQWLHQH1RFDEHODSRVLELOLGDGGHLQYHUWLUHVWDSURSRVLFLyQQR HV FLHUWR TXH WRGR OLEUR TXH SXHGD OHHUVH SRU HQWUHWHQLPLHQWR SXHGD OHHUVH WDPELpQ SDUD REWHQHU FRPSUHQVLyQ  7DPSRFR TXHUHPRV GHFLU TXH QXQFD VH

GHEDOHHUXQEXHQOLEURSRUSXURHQWUHWHQLPLHQWR'HORTXHVHWUDWDHVGHTXHVL HOOHFWRUGHVHDOHHUXQEXHQOLEURSDUDLQFUHPHQWDUVXFRPSUHQVLyQFUHHPRVTXH SRGHPRVD\ XGDUOH\SRUFRQVLJXLHQWHHOWHPDGHOTXHQRVYDPRVDRFXSDUHVHO DUWH GH OHHU EXHQRV OLEURV FXDQGR HO REMHWLYR TXH VH SHUVLJXH FRQVLVWH HQ DXPHQWDUODFRPSUHQVLyQ /D OHFWXUD FRPR DSUHQGL]DMH 'LIHUHQFLDV HQWUH HO DSUHQGL]DMH PHGLDQWH OD LQVWUXFFLyQ\ PHGLDQWHHOGHVFXEULPLHQWR 2EWHQHU PiV LQIRUPDFLyQ HTXLYDOH D DSUHQGHU \  WDPELpQ OOHJDU D FRPSUHQGHU OR TXH QR VH FRPSUHQGtD DQWHV SHUR H[LVWH XQD GLIHUHQFLD LPSRUWDQWHHQWUHDPERVWLSRVGHDSUHQGL]DMH (VWDULQIRUPDGRHTXLYDOHVLPSOHPHQWHDFRQRFHUDOJRDVDEHUTXHHVGHXQD XRWUDPDQHUD6HUFXOWRVLJQLILFDVDEHUDGHPiVHQTXpFRQVLVWHWRGRSRUTXpHV GH WDO PDQHUD TXp FRQH[LRQHV WLHQH FRQ RWURV KHFKRV HQ TXp DVSHFWRV HV LJXDO TXHRWUDVFRVDVHQFXiOHVGLIHUHQWH\ DVtVXFHVLYDPHQWH (VWD GLVWLQFLyQ SDUHFHUi PiV FHUFDQD VL OD FRPSDUDPRV FRQ ODV GLIHUHQFLDV H[LVWHQWHV HQWUH UHFRUGDU DOJR \  VHU FDSD] GH H[SOLFDUOR 6L UHFRUGDPRV OR TXH GLFH XQ HVFULWRU KDEUHPRV DSUHQGLGR DOJR DO KDEHUOR OHtGR \  VL OR TXH GLFH HV FLHUWR LQFOXVR KDEUHPRV DSUHQGLGR DOJR VREUH HO PXQGR SHUR \ D VHD XQ KHFKR VREUH HO OLEUR R XQ KHFKR VREUH HO PXQGR FRQ OR DSUHQGLGR VyOR KDEUHPRV REWHQLGR LQIRUPDFLyQ VL QRV KHPRV OLPLWDGR D HMHUFLWDU OD PHPRULD \  QR VHUHPRV SRU HOOR PiV FXOWRV (VWR VH FRQVLJXH ~QLFDPHQWH FXDQGR DGHPiV GH VDEHUORTXHGLFHXQDXWRUVDEHPRVDTXpVHUHILHUH\ SRUTXpORGLFH 1DWXUDOPHQWHKD\ TXHVHUFDSD]GHUHFRUGDUORTXHGLFHHODXWRUDGHPiVGH VDEHUFyPR\ SRUTXp(VWDULQIRUPDGRFRQVWLWX\ HXQSUHUUHTXLVLWRSDUDVHUFXOWR SHURQRGHEHPRVFRQIRUPDUQRVFRQHVWDUVLPSOHPHQWHLQIRUPDGRV 0RQWDLJQHKDEODGH© XQDLJQRUDQFLDDOIDEpWLFDTXHSUHFHGHDOFRQRFLPLHQWR \  XQD LJQRUDQFLD GRFWRUDO TXH YLHQH D FRQWLQXDFLyQª  /D SULPHUD HV OD LJQRUDQFLDGHTXLHQHVDOQRFRQRFHUHODOIDEHWRQRVDEHQOHHU\ ODVHJXQGDOD GH TXLHQHV KDQ OHtGR PDO PXFKRV OLEURV 6HJ~Q OD DFHUWDGD GHILQLFLyQ GH $OH[DQGHU3RSHpVWRVVRQ]RSHQFRVOLEUHVFRVSHUVRQDVWDQOHtGDVFRPRLQFXOWDV 6LHPSUH KD KDELGR LJQRUDQWHV FXOWLYDGRV TXH KDQ OHtGR GHPDVLDGR \  QR GHPDVLDGRELHQ/RVDQWLJXRVJULHJRVWHQtDQXQQRPEUHPX\ DGHFXDGRSDUDWDO PH]FODGHFRQRFLPLHQWRV\ HVWXSLGH]TXHSRGUtDDSOLFDUVHDODVSHUVRQDVGHWRGDV ODVHGDGHVTXHKDQOHtGRPXFKR\ PDOVRIyPRURV &RQHOILQGHHYLWDUVHPHMDQWHHUURU²HOGHVXSRQHUTXHKDEHUOHtGRPXFKR HTXLYDOH D KDEHU OHtGR ELHQ² KHPRV GH WHQHU HQ FXHQWD FLHUWD FRQVLGHUDFLyQ UHIHUHQWHDODVFODVHVGHDSUHQGL]DMHTXHUHYLVWHJUDQLPSRUWDQFLDSDUDODOHFWXUD \ VXUHODFLyQFRQODHGXFDFLyQHQJHQHUDO

(Q GLYHUVDV pSRFDV GH OD KLVWRULD GH OD HGXFDFLyQ VH KD HVWDEOHFLGR XQD GLIHUHQFLDHQWUHHODSUHQGL]DMHPHGLDQWHODLQVWUXFFLyQ\ HODSUHQGL]DMHPHGLDQWH HO GHVFXEULPLHQWR /D SULPHUD WLHQH OXJDU FXDQGR XQD SHUVRQD HQVHxD D RWUD PHGLDQWH HO OHQJXDMH KDEODGR R HVFULWR SHUR WDPELpQ VH SXHGHQ REWHQHU FRQRFLPLHQWRVVLQTXHQDGLHQRVHQVHxH6LQRIXHUDDVt\ KXELHUDTXHHQVHxDUD WRGRV ORV SURIHVRUHV OR TXH HOORV D VX YH] YDQ D HQVHxDU QXQFD VH LQLFLDUtD HO SURFHVR GH DGTXLVLFLyQ GH FRQRFLPLHQWRV 3RU FRQVLJXLHQWH GHEH SURGXFLUVH HO GHVFXEULPLHQWR HV GHFLU HO SURFHVR GH DSUHQGHU DOJR SRU PHGLR GH OD LQYHVWLJDFLyQODE~VTXHGDRODUHIOH[LyQVLQQHFHVLGDGGHSURIHVRU (O GHVFXEULPLHQWR HV D OD LQVWUXFFLyQ OR TXH HO DSUHQGL]DMH VLQ SURIHVRU DO DSUHQGL]DMHFRQODD\ XGDGHSURIHVRU(QDPERVFDVRVODDFWLYLGDGGHDSUHQGHU FRQWLQ~D HQ OD SHUVRQD TXH DSUHQGH &RPHWHUtDPRV XQ HUURU DO VXSRQHU TXH HO GHVFXEULPLHQWRFRQVWLWX\ HXQDSUHQGL]DMHDFWLYR\ ODLQVWUXFFLyQXQRSDVLYR1R H[LVWHHODSUHQGL]DMHLQDFWLYRDOLJXDOTXHQRH[LVWHODOHFWXUDLQDFWLYD /R DQWHULRU HV WDQ FLHUWR TXH SDUD GHMDU D~Q PiV FODUD OD GLVWLQFLyQ SRGUtDPRV GHQRPLQDU D OD LQVWUXFFLyQ © GHVFXEULPLHQWR FRQ D\ XGDª  6LQ QHFHVLGDG GH FRQVLGHUDU OD WHRUtD GHO DSUHQGL]DMH FRPR OD FRQFLEHQ ORV SVLFyORJRV VDOWD D OD YLVWD TXH OD HQVHxDQ]D HV XQ DUWH PX\  HVSHFLDO TXH VyOR FRPSDUWH FRQ RWUDV GRV DUWHV OD DJULFXOWXUD \  OD PHGLFLQD XQD FDUDFWHUtVWLFD PX\ LPSRUWDQWH8QPpGLFRSXHGHKDFHUPXFKRSRUXQSDFLHQWHSHURHQ~OWLPD LQVWDQFLDHVHOSDFLHQWHTXLHQWLHQHTXHSRQHUVHELHQTXLHQWLHQHTXHUHFXSHUDUOD VDOXG (O DJULFXOWRU KDFH PXFKR SRU VXV FXOWLYRV R VXV DQLPDOHV SHUR HQ ~OWLPD LQVWDQFLDVRQpVWRVORVTXHWLHQHQTXHFUHFHUHQWDPDxR\ FDOLGDG'HLJXDOPRGR VL ELHQ HO SURIHVRU SXHGH D\ XGDU D VXV DOXPQRV GH PXFKDV IRUPDV VRQ ORV DOXPQRV TXLHQHV WLHQHQ TXH DSUHQGHU (O FRQRFLPLHQWR WLHQH TXH FUHFHU HQ VX PHQWHSDUDTXHVHSURGX]FDHODSUHQGL]DMH /DGLIHUHQFLDHQWUHDSUHQGHUPHGLDQWHODLQVWUXFFLyQ\ DSUHQGHUPHGLDQWHHO GHVFXEULPLHQWR²RHQRWUDVSDODEUDVHQWUHHOGHVFXEULPLHQWRFRQ\ VLQD\ XGD² UHVLGHIXQGDPHQWDOPHQWHHQODGLIHUHQFLD H[LVWHQWHHQWUHORVPDWHULDOHVFRQ ORV TXH WUDEDMD TXLHQ DSUHQGH &XDQGR VH OH LQVWUX\ H ²FXDQGR HVWi GHVFXEULHQGR FRQODD\ XGDGHXQSURIHVRU²WDOSHUVRQDDFW~DVREUHDOJRTXHVHOHFRPXQLFD 5HDOL]D RSHUDFLRQHV FRQ HO GLVFXUVR HVFULWR X RUDO DSUHQGH PHGLDQWH DFWRV GH OHFWXUD R GH HVFXFKD 2EVpUYHVH OD HVWUHFKD UHODFLyQ HQWUH OHHU \  HVFXFKDU 6L SDVDPRV SRU DOWR ODV SHTXHxDV GLIHUHQFLDV HQWUH HVWDV GRV IRUPDV GH UHFLELU FRPXQLFDFLyQSRGHPRVGHFLUTXHOHHU\ HVFXFKDUVRQHOPLVPRDUWHHODUWHGH UHFLELU HQVHxDQ]DV 3HUR FXDQGR HO DSUHQGL] QR FXHQWD FRQ OD D\ XGD GH XQ SURIHVRU ODV RSHUDFLRQHV GHO DSUHQGL]DMH VH UHDOL]DQ FRQ OD QDWXUDOH]D R HO PXQGRQRFRQHOGLVFXUVR/DVUHJODVGHHVWHWLSRGHDSUHQGL]DMHFRQVWLWX\ HQHO DUWH GHO GHVFXEULPLHQWR VLQ D\ XGD 6L HPSOHDPRV OD SDODEUD © OHFWXUDª  HQ XQ VHQWLGR DPSOLR SRGHPRV GHFLU TXH HO GHVFXEULPLHQWR VLQ D\ XGD HQ VHQWLGR HVWULFWR ²FRQVLVWH HQ HO DUWH GH OHHU OD QDWXUDOH]D R HO PXQGR DO LJXDO TXH OD

LQVWUXFFLyQ FRQVLVWH HQ HO DUWH GH OHHU OLEURV R VL LQFOXLPRV OD HVFXFKD GH DSUHQGHUDSDUWLUGHOGLVFXUVRRUDO ¢4Xp SRGHPRV GHFLU VREUH HO SHQVDPLHQWR" 6L FRQ © SHQVDPLHQWRª  QRV UHIHULPRVDXWLOL]DUODPHQWHFRQHOILQGHREWHQHUFRQRFLPLHQWRVRFRPSUHQVLyQ \  VL HO DSUHQGL]DMH PHGLDQWH HO GHVFXEULPLHQWR \  HO DSUHQGL]DMH SRU PHGLDFLyQ GH OD LQVWUXFFLyQ VH SXHGHQ FRQVLGHUDU ODV ~QLFDV IRUPDV GH REWHQHU FRQRFLPLHQWRVHQWRQFHVHOSHQVDPLHQWRKD GHGHVDUUROODUVHHQHOWUDQVFXUVR GH DPEDV DFWLYLGDGHV 3HQVDPRV PLHQWUDV OHHPRV \  HVFXFKDPRV DO LJXDO TXH PLHQWUDV LQYHVWLJDPRV 1DWXUDOPHQWH H[LVWHQ GLVWLQWDV IRUPDV GH SHQVDPLHQWR WDQGLIHUHQWHVFRPRODVGRVIRUPDVGHDSUHQGL]DMH (OPRWLYRSRUHOTXHPXFKDVSHUVRQDVFRQVLGHUDQTXHHOSHQVDPLHQWRJXDUGD XQDUHODFLyQPiVHVWUHFKDFRQODLQYHVWLJDFLyQ\ HOGHVFXEULPLHQWRVLQD\ XGDTXH FRQ HO KHFKR GH UHFLELU HQVHxDQ]DV FRQVLVWH HQ TXH FUHHQ TXH OHHU \  HVFXFKDU UHVXOWDQ DFWLYLGDGHV UHODWLYDPHQWH IiFLOHV TXH QR UHTXLHUHQ GHPDVLDGRV HVIXHU]RV4XL]iVHDFLHUWRTXHVHUHDOL]DQPHQRVHVIXHU]RVPHQWDOHVFXDQGRVH OHHFRQHOILQGHLQIRUPDUVHRGHHQWUHWHQHUVHTXHFXDQGRVHWUDWDGHFRPSUHQGHU SDUDGHVFXEULUDOJRSRUTXHpVWRVVRQORVWLSRVGHOHFWXUDPHQRVDFWLYRVORTXHQR SXHGH DSOLFDUVH D OD OHFWXUD PiV DFWLYD TXH UHTXLHUH XQ HVIXHU]R GH FRPSUHQVLyQ 1DGLH TXH KD\ D UHDOL]DGR HVWD FODVH GH OHFWXUD GLUtD TXH VH OD SXHGHHIHFWXDUVLQSHQVDU 3HQVDUFRQVWLWX\ HVyORXQDSDUWHGHODDFWLYLGDGGHDSUHQGHUSRUTXHDGHPiV KD\  TXH XWLOL]DU ORV VHQWLGRV \  OD LPDJLQDFLyQ +D\  TXH REVHUYDU UHFRUGDU \ FRQVWUXLU GH XQD IRUPD LPDJLQDWLYD OR TXH QR SXHGH VHU REVHUYDGR H[LVWH XQD WHQGHQFLDDGHVWDFDUHOSDSHOTXHGHVHPSHxDQWDOHVDFWLYLGDGHVHQHOSURFHVRGH GHVFXEULPLHQWRVLQD\ XGD\ DROYLGDURUHVWDULPSRUWDQFLDDOOXJDUTXHRFXSDQHQ HO SURFHVR GH OD HQVHxDQ]D PHGLDQWH OD OHFWXUD R OD HVFXFKD 3RQJDPRV XQ HMHPSOR PXFKDV SHUVRQDV FUHHQ TXH DXQTXH XQ SRHWD WLHQH TXH XWLOL]DU OD LPDJLQDFLyQ SDUD HVFULELU VXV REUDV HOODV QR WLHQHQ TXH XWLOL]DU OD VX\ D SDUD OHHUODV(QGHILQLWLYDHQHODUWHGHODOHFWXUDKHPRVGHLQFOXLUWRGDVODVGHVWUH]DV GHO DUWH GHO GHVFXEULPLHQWR VLQ D\ XGD GHVHR GH REVHUYDU XQD PHPRULD SUHSDUDGDSDUDUHDOL]DUVXVIXQFLRQHVDPSOLDLPDJLQDFLyQ\QDWXUDOPHQWHXQD PHQWHHGXFDGDHQHODQiOLVLV\ ODUHIOH[LyQ/DUD]yQSDUDHOORUHVLGHHQTXHOD OHFWXUDHQHVWHVHQWLGRHTXLYDOHDOGHVFXEULPLHQWRVLELHQFRQD\ XGDQRVLQHOOD 3URIHVRUHVSUHVHQWHV\ DXVHQWHV +DVWDHOPRPHQWRKHPRVGDGRDHQWHQGHUTXHWDQWRHOOHHUFRPRHOHVFXFKDU SXHGHQ FRQVLGHUDUVH DSUHQGL]DMH FRQ SURIHVRUHV \  KDVWD FLHUWR SXQWR HV FLHUWR $PEDV VRQ IRUPDV GH LQVWUXFFLyQ \  SDUD ODV GRV KD\  TXH GRPLQDU HO DUWH GH UHFLELU HQVHxDQ]DV (Q GLYHUVRV VHQWLGRV RtU XQD VHULH GH FRQIHUHQFLDV HV FRPR

OHHUXQOLEUR\ RtUUHFLWDUXQSRHPDFRPROHHUOR0XFKDVGHODVQRUPDVTXHVH IRUPXODQHQHOSUHVHQWHOLEURVHDSOLFDQDWDOHVH[SHULHQFLDV6LQHPEDUJRH[LVWH XQDEXHQDUD]yQSDUDKDFHUKLQFDSLpHQVLWXDUODOHFWXUDHQSULPHUOXJDU\ TXHOD HVFXFKD RFXSH XQD SRVLFLyQ VHFXQGDULD TXH DO HVFXFKDU VH DSUHQGH GH XQ SURIHVRU TXH HVWi SUHVHQWH ²GH XQ SURIHVRU YLYR² PLHQWUDV TXH DO OHHU VH DSUHQGHGHXQSURIHVRUDXVHQWH 6LVHOHSODQWHDXQDSUHJXQWDDXQSURIHVRUYLYRSUREDEOHPHQWHUHVSRQGHUi\ VL OD UHVSXHVWD SURGXFH FRQIXVLyQ SRGHPRV HYLWDUQRV OD PROHVWLD GH SHQVDU SUHJXQWiQGROHTXpTXLHUHGHFLUSHURVLOHSODQWHDPRVXQDSUHJXQWDDXQOLEURHV HO SURSLR OHFWRU TXLHQ KDEUi GH FRQWHVWDU (Q HVWH VHQWLGR XQ OLEUR SXHGH FRPSDUDUVH FRQ OD QDWXUDOH]D R FRQ HO PXQGR SRUTXH FXDQGR VH OH KDFH XQD SUHJXQWD VROR FRQWHVWD HQ OD PHGLGD HQ TXH HO OHFWRU OOHYH D FDER OD WDUHD GH SHQVDU\ DQDOL]DUSRUVtPLVPR 1DWXUDOPHQWH OR DQWHULRU QR VLJQLILFD TXH VL HO SURIHVRU UHVSRQGH D XQD SUHJXQWDHQFRQFUHWR\ DQRKD\ DTXHVHJXLUWUDEDMDQGRVDOYRHQHOFDVRGHTXH OD SUHJXQWD SODQWHDGD VHD VLPSOHPHQWH XQD FXHVWLyQ GH KHFKRV SHUR VL OR TXH GHVHDPRVHVXQDH[SOLFDFLyQRVHFRPSUHQGHpVWDRQRKD\ H[SOLFDFLyQDOJXQD 1RREVWDQWHFXDQGRVHGLVSRQHGHXQSURIHVRUYLYRVHDYDQ]DSRUHOFDPLQRTXH OOHYDDODFRPSUHQVLyQGHOPLVPRDOJRTXHQRVXFHGHFXDQGROR~QLFRFRQORTXH VHFXHQWDVRQODVSDODEUDVGHOSURIHVRUHVFULWDVHQXQOLEUR (Q HO FROHJLR ORV DOXPQRV OHHQ HQ PXFKDV RFDVLRQHV OLEURV GLItFLOHV FRQ OD D\ XGD\ ODJXtDGHORVSURIHVRUHVSHURSDUDTXLHQHVQRHVWDPRVHQHOFROHJLR\ WDPELpQ SDUD TXLHQHV Vt OR HVWDPRV DO LQWHQWDU OHHU OLEURV QR REOLJDWRULRV  OD HGXFDFLyQFRQWLQXDGDGHSHQGHIXQGDPHQWDOPHQWHGHORVOLEURVGHODOHFWXUDVLQ OD D\ XGD GH SURIHVRU 3RU FRQVLJXLHQWH VL HVWDPRV GLVSXHVWRV D FRQWLQXDU DSUHQGLHQGR \  GHVFXEULHQGR KHPRV GH VDEHU FyPR H[WUDHU HQVHxDQ]DV GH ORV OLEURVSUHFLVDPHQWHHOREMHWLYRSULRULWDULRTXHSHUVLJXHHOSUHVHQWHOLEUR

 /261,9(/(6'(/(&785$

(Q HO FDStWXOR DQWHULRU KHPRV HVWDEOHFLGR XQD VHULH GH GLIHUHQFLDV TXH UHYLVWHQ JUDQ LPSRUWDQFLD SDUD HO TXH YDPRV D LQLFLDU D FRQWLQXDFLyQ (O REMHWLYR TXH SHUVLJXH HO OHFWRU \ D VHD HO HQWUHWHQLPLHQWR OD LQIRUPDFLyQ R OD FRPSUHQVLyQ GHWHUPLQD VX IRUPD GH OHHU \  OD HILFDFLD FRQ OD TXH UHDOL]D OD OHFWXUD HV GHWHUPLQDGD D VX YH] SRU OD FDQWLGDG GH HVIXHU]R \  GHVWUH]D TXH DSOLFD D OD OHFWXUD (Q WpUPLQRV JHQHUDOHV SRGHPRV HVWDEOHFHU OD VLJXLHQWH UHJOD FXDQWR PD\ RU HO HVIXHU]R WDQWR PHMRU DO PHQRV FXDQGR VH WUDWD GH OLEURV TXH HQ SULQFLSLR VXSHUDQ QXHVWUD FDSDFLGDG FRPR OHFWRUHV \  SRU FRQVLJXLHQWH SXHGHQ HOHYDUQRVGHXQDVLWXDFLyQGHPHQRUFRPSUHQVLyQDRWUDGHPD\ RUFRPSUHQVLyQ 3RU ~OWLPR OD GLIHUHQFLD HQWUH LQVWUXFFLyQ \  GHVFXEULPLHQWR R HQWUH GHVFXEULPLHQWR FRQ \  VLQ D\ XGD  WLHQH JUDQ LPSRUWDQFLD SRUTXH OD PD\ RUtD GH ODVSHUVRQDVWLHQHQTXHOHHUFDVLVLHPSUHVLQTXHOHVD\ XGHQDGLH/DOHFWXUDDO LJXDOTXHHOGHVFXEULPLHQWRVLQD\ XGDFRQVLVWHHQDSUHQGHUSRUPHGLDFLyQGHXQ SURIHVRUDXVHQWHDOJRTXHVyORVHSXHGHFRQVHJXLUVLVHVDEHFyPRSURFHGHU 3HUR SRU LPSRUWDQWHV TXH VHDQ HVWDV GLVWLQFLRQHV UHVXOWDQ UHODWLYDPHQWH LQVLJQLILFDQWHV HQ FRPSDUDFLyQ FRQ ORV SXQWRV TXH YDPRV D GHVWDFDU HQ HO SUHVHQWH FDStWXOR WRGRV HOORV UHODFLRQDGRV FRQ ORV QLYHOHV GH OHFWXUD +D\  TXH FRPSUHQGHU ODV GLIHUHQFLDV HQWUH ORV GLYHUVRV QLYHOHV GH OHFWXUD SDUD TXH VH SURGX]FDXQDPHMRUDHIHFWLYDHQODVGHVWUH]DVOHFWRUDV ([LVWHQFXDWURQLYHOHVGHOHFWXUD\ ORVGHQRPLQDPRVQLYHOHVHQOXJDUGHWLSRV SRUTXH HQ VHQWLGR HVWULFWR pVWRV VRQ GLVWLQWRV XQRV GH RWURV PLHQWUDV TXH HQ DTXpOORV ORV VXSHULRUHV LQFOX\ HQ WDPELpQ ORV LQIHULRUHV \  GLFKRV QLYHOHV VRQ DFXPXODWLYRV(OSULPHURQRVHSLHUGHHQHOVHJXQGRQLHOVHJXQGRHQHOWHUFHUR QL HO WHUFHUR HQ HO FXDUWR 'H KHFKR HVWH ~OWLPR QLYHO GH OHFWXUD HO VXSHULRU DEDUFDWRGRVORVGHPiV6HQFLOODPHQWHOOHJDPiVOHMRV 'HQRPLQDUHPRV DO SULPHU QLYHO OHFWXUD SULPDULD DXQTXH SRGUtDPRV GDUOH RWURV QRPEUHV FRPR OHFWXUD UXGLPHQWDULD EiVLFD R LQLFLDO &XDOTXLHUD GH HVWRV WpUPLQRV QRV VLUYH SDUD LQGLFDU TXH FXDQGR VH GRPLQD HVWH QLYHO VH SDVD GHO DQDOIDEHWLVPRDOPHQRVDORVFRPLHQ]RVGHODDOIDEHWL]DFLyQ\ TXHVHDSUHQGHQ

ORVUXGLPHQWRVGHODUWHGHOHHUVHUHFLEHODLQVWUXFFLyQEiVLFDSDUDODOHFWXUD\ VH DGTXLHUHQ ODV GHVWUH]DV EiVLFDV GH OD PLVPD SHUR SUHIHULPRV GHQRPLQDUOD OHFWXUDSULPDULDSRUTXHHVWHQLYHOJHQHUDOPHQWHVHDSUHQGHHQHOWUDQVFXUVRGHOD HQVHxDQ]DSULPDULD (O SULPHU HQFXHQWUR GHO QLxR FRQ OD OHFWXUD VH SURGXFH HQ HVWH QLYHO \ HQWRQFHV VH OH SODQWHD HO SUREOHPD FRPR D WRGR HO PXQGR FXDQGR HPSLH]D D OHHU GHUHFRQRFHUODVSDODEUDVLQGLYLGXDOHVGHODSiJLQDHVFULWD9HXQDVHULHGH VLJQRVQHJURVVREUHIRQGREODQFRRWDOYH]GHVLJQRVEODQFRVVREUHIRQGRQHJURVL HVWiQ HVFULWRV HQ XQD SL]DUUD \  SRVLEOHPHQWH OR TXH GLFHQ HVRV VLJQRV HV OR VLJXLHQWH © (O JDWR HVWi VHQWDGR HQ HO VRPEUHURª  $ HVD HGDG DO QLxR QR OH SUHRFXSD UHDOPHQWH VL ORV JDWRV VH VLHQWDQ HQ ORV VRPEUHURV QL TXp SXHGH GHGXFLUVHGHWDOKHFKRVREUHORVJDWRVORVVRPEUHURV\ HOPXQGRHQJHQHUDO6yOR VHRFXSDGHOOHQJXDMHWDOFRPRORXWLOL]DHODXWRUGHOWH[WR (QHVWHQLYHOGHOHFWXUDORTXHVHOHSUHJXQWDDOOHFWRUHVTXpGLFHODIUDVH SUHJXQWD TXH GHVGH OXHJR SRGUtD FRQVLGHUDUVH GLItFLO \  FRPSOHMD SHUR DTXt OD SODQWHDPRVHQHOVHQWLGRPiVVHQFLOOR 3UiFWLFDPHQWH WRGDV ODV SHUVRQDV TXH OHHQ HO SUHVHQWH OLEUR KDFH \ D WLHPSR OOHJDURQ D GRPLQDU ODV GHVWUH]DV GH OD OHFWXUD SULPDULD SHUR VHJXLPRV H[SHULPHQWDQGRORVSUREOHPDVGHHVHQLYHOGHOHFWXUDSRUPXFKDFDSDFLGDGTXH SRVHDPRVFRPROHFWRUHVDOJRTXHRFXUUHVLHPSUHTXHWRSDPRVFRQXQWH[WRTXH TXHUHPRV OHHU HVFULWR HQ XQD OHQJXD H[WUDQMHUD TXH QR FRQRFHPRV ELHQ SRU HMHPSOR (Q WDOHV FDVRV HO SULPHU HVIXHU]R KDEUi GH FRQVLVWLU HQ UHFRQRFHU ODV SDODEUDV \ XQD YH] UHFRQRFLGDV pVWDV LQGLYLGXDOPHQWH SRGUHPRV HPSH]DU D LQWHQWDUFRPSUHQGHUODVDOXFKDUSDUDDSUHKHQGHUVXVLJQLILFDGR ,QFOXVRDOOHHUXQWH[WRHVFULWRHQVXSURSLDOHQJXDPXFKDVSHUVRQDVVLJXHQ WHQLHQGR GLILFXOWDGHV GH GLYHUVD tQGROH HQ HVWH QLYHO GH OHFWXUD /D PD\ RUtD GH HVWDVGLILFXOWDGHVWLHQHQFDUiFWHUPHFiQLFR \ DOJXQDVSXHGHQUHPRQWDUVHD ODV SULPHUDVHQVHxDQ]DVGHODOHFWXUD3RUORJHQHUDOVXSHUDUWDOHVGLILFXOWDGHVQRV SHUPLWH OHHU PiV UiSLGDPHQWH SRU OR TXH OD PD\ RUtD GH ORV FXUVRV GH OHFWXUD UiSLGD VH FHQWUDQ HQ HVWH QLYHO (Q HO VLJXLHQWH FDStWXOR DxDGLPRV PiV DSUHFLDFLRQHVDFHUFDGHODOHFWXUDSULPDULD\ HQHOFDStWXORWUDWDPRVHOWHPD GHODOHFWXUDUiSLGD 'HQRPLQDUHPRV OHFWXUD GH LQVSHFFLyQ DO VHJXQGR QLYHO GH OHFWXUD TXH VH FDUDFWHUL]D SRU OD LPSRUWDQFLD TXH VH FRQFHGH DO WLHPSR (Q HVWH QLYHO DO HVWXGLDQWH VH OH GD XQ WLHPSR GHWHUPLQDGR SDUD UHDOL]DU OD OHFWXUD GH XQ WH[WR TXLQFHPLQXWRVSRUHMHPSORSDUDHOSUHVHQWHOLEURLQFOXVRVLVHWUDWDGHXQDREUD HOGREOHGHODUJD 3RU WDQWR WDPELpQ SRGUtDPRV GHFLU TXH HO REMHWLYR GH HVWH QLYHO GH OHFWXUD FRQVLVWH HQ H[WUDHU HO Pi[LPR GH XQ OLEUR HQ XQ WLHPSR GDGR SRU OR JHQHUDO UHODWLYDPHQWH OLPLWDGR \  VLHPSUH SRU GHILQLFLyQ  GHPDVLDGR OLPLWDGR FRPR SDUDH[WUDHUGHpOWRGRORTXHVHUtDSRVLEOHHQRWUDVFLUFXQVWDQFLDV

7DPELpQ SRGUtDPRV DSOLFDU RWUR WpUPLQR D HVWH QLYHO OHFWXUD H[WHQVLYD R SUHOHFWXUD SHUR QR UHILULpQGRQRV D OD OHFWXUD GHVFXLGDGD TXH FDUDFWHUL]D HO VLPSOHKRMHDUXQOLEUR/DOHFWXUDGHLQVSHFFLyQHVHODUWHGHH[DPLQDUGHIRUPD VLVWHPiWLFD (Q HVWH QLYHO GH OHFWXUD HO REMHWLYR FRQVLVWH HQ H[DPLQDU OD VXSHUILFLH GHO OLEURHQDSUHQGHUWRGRFXDQWRSXHGHHQVHxDUQRVORPiVVXSHUILFLDOGHOWH[WR 0LHQWUDV TXH OD FXHVWLyQ TXH VH SODQWHD HQ HO SULPHU QLYHO GH OHFWXUD VHUtD ¢TXp GLFH OD IUDVH" HQ HO VHJXQGR FRQVLVWLUtD HQ ¢GH TXp WUDWD HO OLEUR" XQD SUHJXQWD GH FDUiFWHU VXSHUILFLDO D OD TXH SRGUtDQ DxDGLUVH RWUDV VHPHMDQWHV FRPR¢FXiOHVODHVWUXFWXUDGHOOLEUR"2¢GHTXpSDUWHVFRQVWD" $O WHUPLQDU GH OHHU XQ OLEUR D HVWH QLYHO LQGHSHQGLHQWHPHQWH GHO WLHPSR GH TXHVHGLVSRQJDSDUDHOORKD\ TXHVHUFDSD]GHUHVSRQGHUDODVLJXLHQWHSUHJXQWD ¢TXpFODVHGHOLEURHV"¢8QDQRYHODXQOLEURKLVWyULFRXQWUDWDGRFLHQWtILFR" (OFDStWXORHVWiGHGLFDGRDOQLYHOGHOHFWXUDGHOTXHKHPRVKDEODGRDQWHV\ SRU FRQVLJXLHQWH QR QRV H[WHQGHUHPRV VREUH HO WHPD DKRUD 1R REVWDQWH TXLVLpUDPRV KDFHU KLQFDSLp HQ HO KHFKR GH TXH OD PD\ RUtD GH ODV SHUVRQDV LQFOXVR PXFKRV EXHQRV OHFWRUHV QR FRPSUHQGHQ HO YDORU GH OD OHFWXUD GH LQVSHFFLyQ(PSLH]DQXQOLEURSRUODSULPHUDSiJLQD\ FRQWLQ~DQPDOTXHELHQVLQ VLTXLHUDOHHUHOtQGLFHGHPDWHULDVFRQORFXDOVHOHVSODQWHDODWDUHDGHREWHQHU XQFRQRFLPLHQWRVXSHUILFLDOGHODREUDDOWLHPSRTXHLQWHQWDQ FRPSUHQGHUOD (Q HVWRUDGLFDODGLILFXOWDG 'H DTXt HQ DGHODQWH GHQRPLQDUHPRV DO WHUFHU QLYHO OHFWXUD DQDOtWLFD XQD DFWLYLGDGPiVFRPSOHMD\ VLVWHPiWLFDTXHORVGRVQLYHOHVTXHKHPRVPHQFLRQDGR KDVWDHOPRPHQWR\ TXHUHTXLHUHPD\ RURPHQRUHVIXHU]RSRUSDUWHGHOOHFWRU VHJ~QODGLILFXOWDGGHOWH[WR /DOHFWXUDDQDOtWLFDHVXQDOHFWXUDFXLGDGRVDFRPSOHWDEXHQDHQUHDOLGDGOD PHMRU SRVLEOH 6L OD GH LQVSHFFLyQ FRQVWLWX\ H OD OHFWXUD PHMRU \  PiV FRPSOHWD SRVLEOHHQXQWLHPSROLPLWDGRODDQDOtWLFDHVODPHMRU\ PiVFRPSOHWDSRVLEOHHQ XQWLHPSRQROLPLWDGR (Q HVWH FDVR HO OHFWRU GHEH SODQWHDU QXPHURVDV SUHJXQWDV \  ELHQ RUJDQL]DGDVDOWH[WRTXHHVWiOH\ HQGRSUHJXQWDVTXHQRYDPRVDHVSHFLILFDU\ D TXH HO SUHVHQWH OLEUR WUDWD IXQGDPHQWDOPHQWH GH OD OHFWXUD HQ HVH QLYHO HQ OD VHJXQGDSDUWHH[SRQHPRVODVQRUPDVTXHODULJHQ\ H[SOLFDPRVFyPROOHYDUODD FDER 4XLVLpUDPRV GHVWDFDU HO KHFKR GH TXH OD OHFWXUD DQDOtWLFD HV VLHPSUH LQWHQVDPHQWHDFWLYD(QHVWHQLYHOHOOHFWRUFRPSUHQGHXQOLEUR\ WUDEDMDHQpO KDVWDKDFHUORVX\ R)UDQFLV%DFRQFRPHQWyHQXQDRFDVLyQTXH© +D\ OLEURVSDUD SUREDURWURVSDUDWUDJDU\ RWURVPX\ SRFRVSDUDPDVWLFDU\ GLJHULUª /HHUXQ OLEURDQDOtWLFDPHQWHVLJQLILFDPDVWLFDUOR\ GLJHULUOR 7DPELpQ TXLVLpUDPRV KDFHU KLQFDSLp HQ TXH OD OHFWXUD DQDOtWLFD UDUDPHQWH UHVXOWDQHFHVDULDVLHOREMHWLYRTXHVHSHUVLJXHFRQVLVWHVLPSOHPHQWHHQREWHQHU LQIRUPDFLyQRHQWUHWHQHUVH/DOHFWXUDDQDOtWLFDHVWiGHVWLQDGDIXQGDPHQWDOPHQWH

D OD FRPSUHQVLyQ 3RU HO FRQWUDULR HOHYDU OD PHQWH FRQ OD D\ XGD GH XQ OLEUR GHVGHXQDVLWXDFLyQGHPHQRUFRPSUHQVLyQDRWUDGHPD\ RUFRPSUHQVLyQHVFDVL LPSRVLEOHDPHQRVTXHVHSRVHDFLHUWDGHVWUH]DHQODOHFWXUDDQDOtWLFD $O FXDUWR QLYHO HO PiV HOHYDGR OR GHQRPLQDUHPRV OHFWXUD SDUDOHOD OD PiV FRPSOHMD\ VLVWHPiWLFD5HTXLHUHJUDQHVIXHU]RSRUSDUWHGHOOHFWRULQFOXVRVLHO PDWHULDO HV UHODWLYDPHQWH IiFLO \  QR SODQWHD GHPDVLDGDV FRPSOLFDFLRQHV 7DPELpQSRGUtDPRVOODPDUOROHFWXUDFRPSDUDWLYD SRUTXHHOOHFWRUVHRFXSD GH PXFKRV OLEURV D OD YH] QR GH XQR VROR ORV UHODFLRQD HQWUH Vt \  FRQ XQ WHPD FRP~Q D WRGRV HOORV 3HUR QR EDVWD FRQ OD VLPSOH FRPSDUDFLyQ GH WH[WRV \  OD OHFWXUDSDUDOHODUHTXLHUHDOJRPiV&RQODD\ XGDGHORVWH[WRVOHtGRVTXLHQOOHYH DFDERHVWHWLSRGHOHFWXUDVHUiFDSD]GHUHDOL]DUXQDQiOLVLVGHOWHPDTXHTXL]iQR VHHQFXHQWUHHQQLQJXQRGHORVOLEURVHQFXHVWLyQ3RUFRQVLJXLHQWHVDOWDDODYLVWD TXHODOHFWXUDDQDOtWLFDHVODPiVDFWLYD\ ODTXHUHTXLHUHPD\ RUHVHVIXHU]RV &RPRHQODFXDUWDSDUWHGHODREUDH[SRQHPRVWRGRORUHIHUHQWHDODOHFWXUD SDUDOHODGHPRPHQWRQRVOLPLWDUHPRVDGHFLUTXHQRHVXQDUWHIiFLO\ TXHODV QRUPDVTXHODULJHQQRVRQGHPDVLDGRFRQRFLGDV6LQHPEDUJRVHJXUDPHQWHVH WUDWDGHXQDGHODVDFWLYLGDGHVOHFWRUDVPiVSURYHFKRVDV\ TXHPHUHFHODSHQD WRPDUVHODPROHVWLDGHDSUHQGHUDGHVDUUROODU

 (/35,0(51,9(/'(/(&785$/$/(&785$35,0$5,$

(V OD QXHVWUD XQD pSRFD HQ OD TXH OD OHFWXUD GHVSLHUWD JUDQ LQWHUpV \ SUHRFXSDFLyQ KDELpQGRVH GHFUHWDGR TXH ORV  YDQ D VHU OD 'pFDGD GH OD /HFWXUD/RVWtWXORVPiVYHQGLGRVQRVGLFHQSRUTXpWDORFXDOSHUVRQDVDEHRQR VDEH OHHU \  OD LQYHVWLJDFLyQ \  OD H[SHULPHQWDFLyQ HQ WRGRV ORV FDPSRV GH OD HGXFDFLyQOHFWRUDLQLFLDODYDQ]DQDYHORFLGDGFUHFLHQWH ([LVWHQWUHVWHQGHQFLDVRPRYLPLHQWRVTXHKDQFRQYHUJLGRHQQXHVWUDpSRFD SDUD SURGXFLU HVWH IHUPHQWR (Q (VWDGRV 8QLGRV OD SULPHUD HV HO HVIXHU]R FRQWLQXDGRSRUHGXFDUDWRGRVVXVFLXGDGDQRVORTXHQDWXUDOPHQWHVLJQLILFDDO PHQRV DOIDEHWL]DGRV (VWH HVIXHU]R TXH ORV HVWDGRXQLGHQVHV KDQ DSR\ DGR SUiFWLFDPHQWH GHVGH OD H[LVWHQFLD GHO SDtV \  TXH FRQVWLWX\ H XQD GH ODV SLHGUDV DQJXODUHVGHVXGHPRFUDFLDKDGDGRH[FHOHQWHVUHVXOWDGRV(Q(VWDGRV8QLGRVVH ORJUyODDOIDEHWL]DFLyQFDVLWRWDODQWHVTXHHQQLQJ~QRWURSDtVFLUFXQVWDQFLDTXH KD FRQWULEXLGR D FRQYHUWLUOR HQ OD VRFLHGDG LQGXVWULDO GHVDUUROODGD TXH HV HQ OD DFWXDOLGDGSHURWDPELpQKDQVXUJLGRHQRUPHVSUREOHPDVTXHSRGUtDQUHVXPLUVH HQODVLJXLHQWHREVHUYDFLyQTXHHQVHxDUDOHHUDXQSRUFHQWDMHUHGXFLGRGHQLxRV PX\  PRWLYDGRV OD PD\ RUtD FRQ SDGUHV FXOWRV FRPR RFXUUtD KDFH XQ VLJOR QR WLHQH QDGD TXH YHU FRQ HQVHxDU D OHHU D WRGRV \  FDGD XQR GH ORV QLxRV LQGHSHQGLHQWHPHQWH GH VX JUDGR GH PRWLYDFLyQ R GH VXV FLUFXQVWDQFLDV IDPLOLDUHV /D VHJXQGD WHQGHQFLD KLVWyULFD FRQVLVWH HQ OD HQVHxDQ]D GH OD OHFWXUD HQ Vt LQFOXVR HQ  KDEtD FDPELDGR PX\  SRFR HQ FRPSDUDFLyQ FRQ OD TXH VH LPSDUWtD HQ ODV HVFXHODV GH *UHFLD \  5RPD $O PHQRV HQ (VWDGRV 8QLGRV HO GHQRPLQDGRPpWRGRGHO$%&SUHGRPLQyGXUDQWHODPD\ RUSDUWHGHOVLJOR;,; 6HHQVHxDEDDORVQLxRVDSURQXQFLDUODVOHWUDVGHODEHFHGDULRLQGLYLGXDOPHQWH² GHDKtVXQRPEUH²\ DFRPELQDUODVHQVtODEDVSULPHURGHGRVHQGRV\ GHVSXpV GHWUHVHQWUHV\ GHFXDWURHQFXDWURLQGHSHQGLHQWHPHQWHGHTXHODVVtODEDVDVt IRUPDGDVWXYLHUDQVHQWLGRRQRGHPRGRTXHVHSUDFWLFDEDFRQVtODEDVFRPRDE DFDGLELFFRQHOILQGHDSUHQGHUODOHQJXD&XDQGRXQQLxRSRGtDSURQXQFLDU WRGDVODVFRPELQDFLRQHVSRVLEOHVVHFRQVLGHUDEDTXHFRQRFtDHODEHFHGDULR

(VWH PpWRGR VLQWpWLFR GH HQVHxDU D OHHU UHFLELy VHYHUDV FUtWLFDV D PHGLDGRV GHOVLJORSDVDGRVXUJLHQGRGRVDOWHUQDWLYDVXQDGHHOODVHOGHQRPLQDGRPpWRGR IyQLFR YDULDQWH GHO PpWRGR VLQWpWLFR GHO DEHFHGDULR (Q pO OD SDODEUD VH UHFRQRFH SRU VXV VRQLGRV HQ OXJDU GH SRU ORV QRPEUHV GH ODV OHWUDV VH GHVDUUROODURQ FRPSOLFDGRV H LQJHQLRVRV VLVWHPDV GH LPSUHVLyQ FRQ HO REMHWR GH UHSUHVHQWDU ORV GLIHUHQWHV VRQLGRV GH XQD VROD OHWUD VREUH WRGR ODV YRFDOHV (O OHFWRUHVWDGRXQLGHQVHGHXQRVFLQFXHQWDRPiVDxRVGHHGDGVHJXUDPHQWHKDEUi DSUHQGLGRDOHHUFRQXQDYDULDQWHGHOPpWRGRIyQLFR (Q $OHPDQLD DSDUHFLy XQ PpWRGR WRWDOPHQWH GLVWLQWR DQDOtWLFR HQ OXJDU GH VLQWpWLFR GHIHQGLGR SRU +RUDFH 0DQQ \  RWURV HGXFDGRUHV D SDUWLU GH  (QVHxDEDDUHFRQRFHUYLVXDOPHQWHWRGDVODVSDODEUDVDQWHVGHSUHVWDUDWHQFLyQD ORV QRPEUHV R ORV VRQLGRV GH ODV OHWUDV (VWH PpWRGR YLVXDO VH DPSOLy SRVWHULRUPHQWHGHPRGRTXHDOSULQFLSLRVHLQWURGXFtDQRUDFLRQHVFRPSOHWDVTXH UHSUHVHQWDEDQ XQLGDGHV GH SHQVDPLHQWR FRQ OR TXH ORV DOXPQRV VyOR PiV WDUGH DSUHQGtDQ D UHFRQRFHU ODV SDODEUDV \ SRU ~OWLPR ODV OHWUDV TXH ODV IRUPDEDQ (VWHPpWRGRJR]yGHHVSHFLDOSRSXODULGDGGXUDQWHODGpFDGDGHORV\ ORVGHO VLJORDFWXDOpSRFDTXHWDPELpQVHFDUDFWHUL]ySRUHOSDVRGHODOHFWXUDRUDODOD VLOHQFLRVD DO GHVFXEULUVH TXH OD FDSDFLGDG SDUD OOHYDU D FDER OD SULPHUD QR QHFHVDULDPHQWH FRQOOHYDED OD GHVWUH]D HQ OD VHJXQGD \  TXH OD HQVHxDQ]D GH OD OHFWXUD RUDO QR VLHPSUH UHVXOWDED DGHFXDGD VL HO REMHWLYR FRQVLVWtD HQ OD OHFWXUD VLOHQFLRVD 3RU HOOR HQWUH  \   VH KL]R KLQFDSLp FDVL H[FOXVLYDPHQWH HQ HVWD ~OWLPD VL ELHQ GHVGH pSRFD PiV UHFLHQWH OD EDODQ]D KD YXHOWR D LQFOLQDUVH KDFLD OR IyQLFR TXH HQ UHDOLGDG QXQFD GHMy GH HVWDU SUHVHQWH HQ HO GLVHxR FXUULFXODU 7RGRV HVWRV VLVWHPDV GH HQVHxDQ]D GH OD OHFWXUD SULPDULD IXQFLRQDEDQ FRQ DOJXQRVDOXPQRV\ IUDFDVDEDQFRQRWURV\ HQODVGRVRWUHV~OWLPDVGpFDGDVOR TXHTXL]iKD\ DGHVSHUWDGRPiVDWHQFLyQKD\ DQVLGRORVIUDFDVRV<HVDTXtGRQGH HQWUD HQ MXHJR OD WHUFHUD WHQGHQFLD KLVWyULFD 7UDGLFLRQDOPHQWH HQ (VWDGRV 8QLGRVVHKDFULWLFDGRDODHVFXHOD\ GXUDQWHPiVGHXQVLJORSDGUHVVXSXHVWRV H[SHUWRV HQ HGXFDFLyQ \  HGXFDGRUHV KDQ DWDFDGR \  SXHVWR HQ HQWUHGLFKR HO VLVWHPDHGXFDWLYR1RKD\ QLQJ~QDVSHFWRTXHKD\ DUHFLELGRFUtWLFDVPiVGXUDV TXHODHQVHxDQ]DGHODOHFWXUD/RVOLEURVDFWXDOHVWLHQHQXQDODUJDJHQHDORJtD\ WRGD LQQRYDFLyQ FRQOOHYD XQ DXWpQWLFR EDWDOOyQ GH REVHUYDGRUHV VXVSLFDFHV \ VHJXUDPHQWHLPSRVLEOHVGHFRQYHQFHU /RV FUtWLFRV WHQGUiQ R QR UD]yQ SHUR ORV SUREOHPDV SODQWHDQ QXHYDV H[LJHQFLDVSXHVORVFRQWLQXDGRVHVIXHU]RVSRUHGXFDUDWRGRVORVFLXGDGDQRVKDQ HQWUDGRHQXQDIDVHGLVWLQWDFRQXQDSREODFLyQGHHQVHxDQ]DPHGLD\ VXSHULRUHQ FRQWLQXR FUHFLPLHQWR 8Q MRYHQ TXH QR VHSD OHHU PX\  ELHQ HQFRQWUDUi GLILFXOWDGHVDODKRUDGHKDFHUUHDOLGDGHOVXHxRDPHULFDQRSHURHQJUDQPHGLGD VHWUDWDGHXQDFXHVWLyQSHUVRQDOVLQRYDDOFROHJLRPLHQWUDVTXHVLYDDOFROHJLR R DFFHGH D OD XQLYHUVLGDG WDPELpQ DIHFWDUi D VXV SURIHVRUHV \  D VXV

FRQGLVFtSXORV 3RU HOOR ORV LQYHVWLJDGRUHV HVWiQ GHVDUUROODQGR DFWXDOPHQWH XQD LQWHQVD DFWLYLGDG \  VX WUDEDMR KD GHVHPERFDGR HQ XQD VHULH GH HQIRTXHV GLVWLQWRV \ QXHYRVGHODHQVHxDQ]DGHODOHFWXUD(QWUHORVSURJUDPDVUHFLHQWHVGHVWDFDQHO GHQRPLQDGR HQIRTXH HFOpFWLFR HO GH OD OHFWXUD LQGLYLGXDOL]DGD HO GH OD H[SHULHQFLDGHOOHQJXDMHORVGLYHUVRVHQIRTXHVEDVDGRVHQSULQFLSLRVOLQJtVWLFRV \  RWURV EDVDGRV PiV R PHQRV GLUHFWDPHQWH HQ DOJ~Q WLSR GH HGXFDFLyQ SURJUDPDGD $GHPiV VH KDQ HPSOHDGR QXHYRV PHGLRV FRPR HO DOIDEHWR GH HQVHxDQ]D LQLFLDO TXH HQ DOJXQRV FDVRV WDPELpQ FRQOOHYDQ PpWRGRV LJXDOPHQWH QXHYRV ([LVWHQ RWURV UHFXUVRV \  SURJUDPDV FRPR HO © PpWRGR GH LQPHUVLyQ WRWDOª  HO © PpWRGR GH OD HVFXHOD GH OHQJXDV H[WUDQMHUDVª  \  HO FRQRFLGR FRPR © YHUGHFLUª  © PLUDUGHFLUª  R © PpWRGR GH OD SDODEUDª  6H HVWiQ OOHYDQGR D FDERH[SHULPHQWRVGHLQGXGDEOHYDORUFRQORVPpWRGRV\ HQIRTXHVTXHGLILHUHQ GHWRGRVORVDQWHULRUHV\ TXL]iVHDGHPDVLDGRSURQWRSDUDVDEHUVLFRQDOJXQRGH HOORVVHHQFRQWUDUiODWDQDQVLDGDSDQDFHDSDUDWRGRVORVPDOHVGHODOHFWXUD (WDSDVGHDSUHQGL]DMHGHODOHFWXUD 8QKDOOD]JRPX\ ~WLOGHODVLQYHVWLJDFLRQHVUHFLHQWHVFRQVLVWHHQHODQiOLVLVGH ODV HWDSDV GHO DSUHQGL]DMH GH OD OHFWXUD (Q OD DFWXDOLGDG FDVL WRGR HO PXQGR DGPLWH TXH H[LVWHQ DO PHQRV FXDWUR HWDSDV PiV R PHQRV GLVWLQJXLEOHV HQ HO SURJUHVRTXHUHDOL]DHOQLxRKDFLDORTXHVHGHQRPLQDFDSDFLGDGSDUDODOHFWXUD PDGXUD /D SULPHUD TXH SRGUtD GHQRPLQDUVH © DSWLWXG SDUD OD OHFWXUDª  FRPLHQ]DFRQHOQDFLPLHQWR\ QRUPDOPHQWHFRQWLQ~DKDVWDORVVHLVRVLHWHDxRV GHHGDG /D DSWLWXG SDUD OD OHFWXUD FRPSUHQGH GLYHUVDV FODVHV GH SUHSDUDFLyQ SDUD DSUHQGHUDOHHU/DDSWLWXGItVLFDVXSRQHEXHQRtGR\ EXHQDYLVWDODLQWHOHFWXDOXQ PtQLPR QLYHO GH SHUFHSFLyQ YLVXDO SDUD TXH HO QLxR SXHGD HQWHQGHU \  UHFRUGDU XQD SDODEUD HQWHUD \  ODV OHWUDV TXH OD FRPSRQHQ /D DSWLWXG SDUD HO OHQJXDMH VXSRQH OD FDSDFLGDG GH KDEODU FRQ FODULGDG DVt FRPR OD GH XWLOL]DU YDULDV RUDFLRQHV HQ RUGHQ FRUUHFWR \  OD DSWLWXG SHUVRQDO FRQOOHYD OD FDSDFLGDG GH WUDEDMDUFRQRWURVQLxRVGHPDQWHQHUODDWHQFLyQVHJXLULQVWUXFFLRQHVHWFpWHUD /D DSWLWXG JHQHUDO SDUD OD OHFWXUD VH YDORUD PHGLDQWH SUXHEDV \  WDPELpQ OD HVWLPDQ ORV SURIHVRUHV TXH HQ PXFKRV FDVRV SXHGHQ FRPSUHQGHU IiFLOPHQWH FXiQGR XQ DOXPQR HVWi SUHSDUDGR SDUD HPSH]DU D DSUHQGHU D OHHU /R PiV LPSRUWDQWHTXHKD\ TXHUHFRUGDUHVTXHSUHFLSLWDUODVFRVDVQRVXHOHGDUEXHQRV UHVXOWDGRV (O QLxR TXH D~Q QR HVWi SUHSDUDGR SDUD OHHU VH VHQWLUi IUXVWUDGR VL LQWHQWDPRV HQVHxDUOH \  HV SRVLEOH TXH DUUDVWUH HVD H[SHULHQFLD GHVDJUDGDEOH GXUDQWH ORV DxRV HVFRODUHV SRVWHULRUHV H LQFOXVR KDVWD OD YLGD DGXOWD 5HWUDVDU HO FRPLHQ]R GH OD HGXFDFLyQ OHFWRUD QR HV WDQ JUDYH D SHVDU GH TXH ORV SDGUHV

SXHGDQSHQVDUTXHVXKLMR© YDUHWUDVDGRª RTXH© QRYDDODSDUFRQORVGHPiV QLxRVª  (QODVHJXQGDHWDSDORVQLxRVDSUHQGHQDOHHUPDWHULDOHVPX\ VHQFLOORV$O PHQRVHQ(VWDGRV8QLGRVVXHOHQDSUHQGHUXQDVFXDQWDVSDODEUDV\ GRPLQDQXQDV WUHVFLHQWDVRFXDWURFLHQWDVDOILQDOGHOSULPHUDxR(QHVHPRPHQWRVHLQWURGXFHQ ODVGHVWUH]DVEiVLFDVFRPRODXWLOL]DFLyQGHFODYHVGHFRQWH[WRRGHVLJQLILFDGR\ ORVVRQLGRVLQLFLDOHVGHODVSDODEUDV$OILQDOL]DUHVWHSHUtRGRORVDOXPQRVGHEHQ VHUFDSDFHVGHOHHUOLEURVVHQFLOORVGHIRUPDLQGHSHQGLHQWH\ FRQLQWHUpV +HPRVGHGHVWDFDUTXHHQHVWDHWDSDRFXUUHDOJRPLVWHULRVRFDVLPiJLFR(Q XQ PRPHQWR GDGR GH HVWH SURFHVR HO QLxR DO YHUVH DQWH XQD VHULH GH VtPERORV HVFULWRVHQXQDSiJLQDQROHVHQFXHQWUDVHQWLGRSHURSRFRGHVSXpV²TXL]iVyOR DOFDERGHGRVRWUHVVHPDQDV²GHVFXEUHTXHWLHQHQVLJQLILFDGRVDEHTXHGLFHQ © (OJDWRHVWiVHQWDGRHQHOVRPEUHURª 1DGLHVDEHUHDOPHQWHFyPRRFXUUHHVWH IHQyPHQRDSHVDUGHTXHILOyVRIRV\ SVLFyORJRVOOHYDQHVWXGLiQGRORGHVGHKDFH PiV GH GRV PLOHQLRV \  PHGLR ¢'H GyQGH SURFHGH HVWH VLJQLILFDGR" ¢&yPR HV SRVLEOH TXH XQ QLxR IUDQFpV HQFXHQWUH HO PLVPR VLJQLILFDGR HQ ORV VtPERORV /H FKDWV¶DVVH\DLWVXUOHFKDSHDX"'HKHFKRHVWHGHVFXEULPLHQWRGHVLJQLILFDGRHQ ORV VtPERORV SRGUtD FRQVWLWXLU OD KD]DxD LQWHOHFWXDO PiV IDVFLQDQWH TXH UHDOL]D FXDOTXLHUVHUKXPDQR«£\ ODPD\ RUtDODOOHYDDFDERDQWHVGHORVVLHWHDxRVGH HGDG /DWHUFHUDHWDSDVHFDUDFWHUL]DSRUXQUiSLGRSURJUHVRHQODFRQVWUXFFLyQGH YRFDEXODULR \  SRU XQD GHVWUH]D FUHFLHQWH SDUD © GHVYHODUª  HO VLJQLILFDGR GH SDODEUDVGHVFRQRFLGDVPHGLDQWHODVFODYHV GHOFRQWH[WR$GHPiVHQHVWD HWDSD ORV QLxRV DSUHQGHQ D OHHU FRQ GLIHUHQWHV SURSyVLWRV \  HQ GLIHUHQWHV iUHDV GH FRQWHQLGRFRPRFLHQFLDVHVWXGLRVVRFLDOHVDUWHVGHOOHQJXDMHHWF$SUHQGHQTXH OHHU DSDUWH GH XQD DFWLYLGDG TXH VH UHDOL]D HQ HO FROHJLR HV DOJR TXH WDPELpQ SXHGHQKDFHUDVRODVSDUDGLYHUWLUVHSDUDVDWLVIDFHUODFXULRVLGDGRLQFOXVRSDUD © DPSOLDUKRUL]RQWHVª  3RU ~OWLPR OD FXDUWD HWDSD VH FDUDFWHUL]D SRU HO UHILQDPLHQWR \  OD LQWHQVLILFDFLyQ GH ODV GHVWUH]DV DGTXLULGDV DQWHULRUPHQWH 6REUH WRGR HO DOXPQR HPSLH]D D VHU FDSD] GH DVLPLODU VXV H[SHULHQFLDV OHFWRUDV HV GHFLU D WUDVODGDU FRQFHSWRV GH XQ WH[WR D RWUR \  D FRPSDUDU ORV SXQWRV GH YLVWD GH GLVWLQWRV HVFULWRUHV VREUH HO PLVPR WHPD (VWD HWDSD OD GH OD OHFWXUD PDGXUD GHEH DOFDQ]DUVHHQODDGROHVFHQFLD\GHPDQHUDLGHDOVHJXLUGHVDUUROOiQGRVHGXUDQWH HOUHVWRGHODYLGD (OKHFKRGHTXHDYHFHVQRVHODFRQVLJDHVDOJRHYLGHQWHSDUDPXFKRVSDGUHV \ SDUDODPD\ RUtDGHORVHGXFDGRUHV/DVUD]RQHVGHHVWHIUDFDVRVRQP~OWLSOHV GHVGHGLYHUVRVWLSRVGHFDUHQFLDVHQHOHQWRUQRIDPLOLDU²HFRQyPLFRVVRFLDOHV \ RLQWHOHFWXDOHVFRPRODLQFXOWXUDGHORVSDGUHV ²KDVWDSUREOHPDVSHUVRQDOHV GH WRGD tQGROH FRPR OD UHEHOLyQ WRWDO © &RQWUD HO VLVWHPDª  3HUR H[LVWH XQ PRWLYR GH IUDFDVR TXH HQ PXFKDV RFDVLRQHV QR VH FRQVLJQD 3UHFLVDPHQWH OD

LQVLVWHQFLDHQODDSWLWXGSDUDODOHFWXUD\ HQORVPpWRGRVXWLOL]DGRVSDUDHQVHxDUD ORVQLxRVVXVUXGLPHQWRVKDFRQWULEXLGRDGHVDUUROODUXQDWHQGHQFLDDGDUHVFDVD LPSRUWDQFLD D ORV GHPiV QLYHOHV GH OHFWXUD ORV PiV HOHYDGRV DOJR EDVWDQWH FRPSUHQVLEOH VL WHQHPRV HQ FXHQWD HO DOFDQFH GH ORV SUREOHPDV TXH SODQWHD HO SULPHU QLYHO 1R REVWDQWH QR SRGUiQ KDOODUVH UHPHGLRV HILFDFHV D ODV GHILFLHQFLDVJHQHUDOHVGHODOHFWXUDHQ(VWDGRV8QLGRVDPHQRVTXHVHUHDOLFHQ HVIXHU]RVHQWRGRVVXVQLYHOHV

(WDSDV\ QLYHOHV +HPRV GHVFULWR FXDWUR QLYHOHV GH OHFWXUD \  WDPELpQ KHPRV VHxDODGR ODV FXDWUR HWDSDV GHO DSUHQGL]DMH GH OD OHFWXUD GH IRUPD HOHPHQWDO ¢&XiO HV OD UHODFLyQH[LVWHQWHHQWUHHVWRVQLYHOHV\ HWDSDV" 5HYLVWH LPSRUWDQFLD IXQGDPHQWDO UHFRQRFHU TXH ODV FXDWUR HWDSDV VH FRUUHVSRQGHQ FRQ ODV GHO SULPHU QLYHO GH OHFWXUD FRPR \ D DSXQWiEDPRV HQ HO FDStWXORDQWHULRUHVGHFLUTXHFRQVWLWX\ HQHWDSDVGHODOHFWXUDSULPDULDTXHSRU UD]RQHVSUiFWLFDVSRGUtDQGLYLGLUVHGHODPLVPDIRUPDTXHHOGLVHxRFXUULFXODUHQ ODHQVHxDQ]DHVFRODU/DSULPHUDHWDSDGHODOHFWXUDSULPDULD²ODDSWLWXGSDUDOD OHFWXUD² FRUUHVSRQGH D ODV H[SHULHQFLDV GH OD JXDUGHUtD \  HO SUHHVFRODU OD VHJXQGDHWDSD²HOGRPLQLRGHODVSDODEUDV²DODH[SHULHQFLDGHOSULPHUJUDGR GHOQLxRWtSLFRVLELHQPXFKRVQLxRVQRUPDOHVQRVRQ© WtSLFRVª HQHVWHVHQWLGR  FRQ OR TXH pVWH REWLHQH OR TXH SRGUtDPRV GHQRPLQDU GHVWUH]DV GH OHFWXUD GH OD VHJXQGD HWDSD R FDSDFLGDG GH SULPHU JUDGR SDUD OD OHFWXUD R DOIDEHWL]DFLyQ GH SULPHU JUDGR $ OD WHUFHUD HWDSD GH OD OHFWXUD SULPDULD ²LQFUHPHQWR GHO YRFDEXODULR \  XWLOL]DFLyQ GHO FRQWH[WR² VH VXHOH DFFHGHU DXQTXH QR SXHGH DSOLFDUVHDWRGRVORVQLxRVQLVLTXLHUDDORVQRUPDOHV DOILQDOGHOFXDUWRJUDGRGH OD HQVHxDQ]D SULPDULD GHVHPERFDQGR HQ OR TXH SRGUtD GHQRPLQDUVH DOIDEHWL]DFLyQGHFXDUWRJUDGRRIXQFLRQDOODFDSDFLGDGVHJ~QODGHILQLFLyQPiV H[WHQGLGDGHOHHUVHxDOHVGHWUiILFRRSLHVGHIRWRFRQEDVWDQWHIDFLOLGDGUHOOHQDU SDSHOHVRILFLDOHV\ VLPLODUHV(ODOXPQRDFFHGHDODFXDUWD\ ~OWLPDHWDSDGHOD OHFWXUDSULPDULDDSUR[LPDGDPHQWHFXDQGRWHUPLQDODHQVHxDQ]DSULPDULDORTXH SRGUtDGHQRPLQDUVHRFWDYRQRYHQRRGpFLPRJUDGRGHDOIDEHWL]DFLyQ(OQLxRHV \ DXQOHFWRU© PDGXURª HQHOVHQWLGRGHTXHSXHGHOHHUFDVLFXDOTXLHUFRVDSHUR VLHPSUH \  FXDQGR QR SUHVHQWH GHPDVLDGDV FRPSOLFDFLRQHV (Q SRFDV SDODEUDV KDDOFDQ]DGRODVXILFLHQWHPDGXUH]FRPRSDUDSDVDUDODHQVHxDQ]DPHGLD 6LQ HPEDUJR WRGDYtD QR KD DOFDQ]DGR OD © PDGXUH]ª  FRPR OHFWRU HQ HO VHQWLGR FRQ TXH VH OD HPSOHD HQ HVWH OLEUR 6LPSOHPHQWH GRPLQD OD SULPHUD HWDSDGHODOHFWXUDSXHGHOHHUVROR\ HVWiSUHSDUDGRSDUDDSUHQGHUPiVVREUHOD OHFWXUDSHURWRGDYtDQRVDEHOHHUPiVDOOiGHOQLYHOSULPDULR 6HxDODPRVHVWRVSXQWRVSRUTXHJXDUGDQHVWUHFKDUHODFLyQFRQHOFRQWHQLGRGHO

SUHVHQWH OLEUR 6XSRQHPRV ²KHPRV GH VXSRQHUOR² TXH QXHVWURV OHFWRUHV KDQ OOHJDGR DO QRYHQR JUDGR GH DOIDEHWL]DFLyQ TXH GRPLQDQ HO QLYHO SULPDULR GH OHFWXUD OR TXH HTXLYDOH D KDEHU VXSHUDGR ODV FXDWUR HWDSDV DQWHULRUPHQWH GHVFULWDV \  VL QRV GHWHQHPRV D SHQVDUOR XQ SRFR HV OR PtQLPR QR VH SXHGH DSUHQGHU QDGD GH XQ PDQXDO SRU HMHPSOR KDVWD VHU FDSD] GH OHHUOR DOJR HVSHFLDOPHQWH DSOLFDEOH D XQ OLEUR FX\ R REMHWLYR FRQVLVWD HQ HQVHxDU D OHHU SRUTXHVXVOHFWRUHVWHQGUiQTXHVDEHUOHHUHQDOJ~QVHQWLGRGHOWpUPLQR $TXtHQWUDHQMXHJRODGLIHUHQFLDHQWUHGHVFXEULPLHQWRFRQ\ VLQD\ XGD3RU UHJOD JHQHUDO ODV FXDWUR HWDSDV GH OD OHFWXUD HOHPHQWDO VH VXSHUDQ FRQ OD FRODERUDFLyQ GH SURIHVRUHV YLYRV 1DWXUDOPHQWH ORV QLxRV GLILHUHQ HQ FXDQWR D VXV KDELOLGDGHV \  DOJXQRV QHFHVLWDQ PiV D\ XGD TXH RWURV SHUR QRUPDOPHQWH FXHQWDQFRQXQSURIHVRUSDUDUHVSRQGHUDODVSUHJXQWDV\ UHVROYHUODVGLILFXOWDGHV TXHVXUJHQHQHOWUDQVFXUVRGHORVDxRVHVFRODUHV6yORFXDQGRORJUDGRPLQDUODV FXDWUR HWDSDV GH OD OHFWXUD HOHPHQWDO HVWi SUHSDUDGR HO QLxR SDUD SDVDU D ORV QLYHOHV VXSHULRUHV \  ~QLFDPHQWH HQWRQFHV SXHGH OHHU GH IRUPD LQGHSHQGLHQWH DSUHQGHUSRUVtPLVPR\ HPSH]DUDVHUXQEXHQOHFWRU 1LYHOHVVXSHULRUHVGHOHFWXUD\ HGXFDFLyQVXSHULRU 7UDGLFLRQDOPHQWHHQORVFHQWURVGHHQVHxDQ]DPHGLDGH(VWDGRV8QLGRVQRVH KDSUHVWDGRGHPDVLDGDDWHQFLyQDODHGXFDFLyQSDUDODOHFWXUD\ QLQJXQDHQORV GHHQVHxDQ]DVXSHULRUSHURHVWDVLWXDFLyQKDFDPELDGRHQORV~OWLPRVDxRV+DFH GRVJHQHUDFLRQHVFXDQGRHOQ~PHURGHDOXPQRVGHORVFHQWURVGHHQVHxDQ]DVH LQFUHPHQWy H[WUDRUGLQDULDPHQWH HQ XQ SHUtRGR UHODWLYDPHQWH FRUWR ORV HGXFDGRUHV HPSH]DURQ D FRPSUHQGHU TXH QR SRGtDQ GDU SRU VHQWDGR TXH ODV SHUVRQDVTXHDFXGtDQSRUYH]SULPHUDDODVFODVHVVXSLHUDQOHHUGHIRUPDHILFD] SRU OR TXH VH HPSH]y D LPSDUWLU XQD HQVHxDQ]D FRUUHFWLYD GH OD OHFWXUD HQ DOJXQRV FDVRV KDVWD D XQ  R PiV GH HVWXGLDQWHV (Q OD ~OWLPD GpFDGD VH KD SURGXFLGRODPLVPDVLWXDFLyQHQHOQLYHOXQLYHUVLWDULR\ GHORVDSUR[LPDGDPHQWH DOXPQRVTXHLQJUHVDURQHQOD&LW\ 8QLYHUVLW\ GH1XHYD
SHVDU GH TXH YDULDV XQLYHUVLGDGHV KDQ FUHDGR UHFLHQWHPHQWH FXUVRV GH OHFWXUD UiSLGD R © HILFD]ª  R GH © FRPSHWHQFLDª  OHFWRUD (Q OtQHDV JHQHUDOHV DXQTXH FRQH[FHSFLRQHVHVWHWLSRGHFXUVRVWLHQHQFDUiFWHUFRUUHFWLYR\ HVWiQGHVWLQDGRV D VXSHUDU GLYHUVRV GHIHFWRV GH OD HQVHxDQ]D SULPDULD QR D TXH ORV HVWXGLDQWHV VXSHUHQ HO SULPHU QLYHO R D LQLFLDUORV HQ ORV WLSRV \  QLYHOHV GH OHFWXUD TXH FRQVWLWX\ HQHOWHPDIXQGDPHQWDOGHOSUHVHQWHOLEUR < GHVGH OXHJR QR GHEHUtD VHU DVt &RPR PtQLPR XQ EXHQ FHQWUR GH HQVHxDQ]DPHGLDWHQGUtDTXHSUHSDUDUDVXVDOXPQRVSDUDVHUOHFWRUHVDQDOtWLFRV FRPSHWHQWHV \  GH XQD EXHQD XQLYHUVLGDG WHQGUtDQ TXH VDOLU OLFHQFLDGRV FRPSHWHQWHV HQ OD OHFWXUD SDUDOHOD 8QD OLFHQFLDWXUD XQLYHUVLWDULD GHEHUtD VXSRQHUXQDFRPSHWHQFLDJHQHUDOHQODOHFWXUDGHPRGRTXHHOOLFHQFLDGRIXHUD FDSD]GHOHHUFXDOTXLHUPDWHULDO\ OOHYDUDFDERXQDLQYHVWLJDFLyQLQGHSHQGLHQWH SUiFWLFDPHQWHVREUHFXDOTXLHUWHPDSXHVWRTXHHQWUHRWUDVFRVDVHVRHVORTXH SHUPLWH HO GRPLQLR GH OD OHFWXUD SDUDOHOD  6LQ HPEDUJR HQ PXFKRV FDVRV VH QHFHVLWDQ WUHV R FXDWUR DxRV GH HVWXGLRV XQLYHUVLWDULRV SDUD REWHQHU OD GHVWUH]D OHFWRUDHLQFOXVRHQWRQFHVPXFKDVSHUVRQDVQRORFRQVLJXHQ 1RGHEHUtDVHUQHFHVDULRSDVDUFXDWURDxRVHQODXQLYHUVLGDGSDUDDSUHQGHUD OHHU6LVXPDPRVHVRVFXDWURDxRVDORVGLHFLVpLVGHHQVHxDQ]DSULPDULD\ PHGLD QRVHQFRQWUDPRVQDGDPHQRVTXHFRQYHLQWHDxRVGHHVFRODUL]DFLyQ6LVHWDUGD WDQWRWLHPSRHQDSUHQGHUDOHHUVLJQLILFDTXHDOJRDQGDPDO 3HUR H[LVWHQ SRVLELOLGDGHV GH FRUUHJLU HVH PDO 3RGUtDQ FUHDUVH FXUVRV HQ PXFKRV LQVWLWXWRV \  XQLYHUVLGDGHV EDVDGRV HQ HO SURJUDPD TXH VH H[SRQH HQ HO SUHVHQWHOLEUR/RTXHSURSRQHPRVQRWLHQHQDGDGHPLVWHULRVRQLVLTXLHUDQDGD UHDOPHQWHQXHYRHVXQDFXHVWLyQGHVLPSOHVHQWLGRFRP~Q /DOHFWXUD\ HOLGHDOGHPRFUiWLFRGHHGXFDFLyQ 1R TXLVLpUDPRV GDU OD LPSUHVLyQ GH TXH FULWLFDPRV SRU HO VLPSOH DIiQ GH FULWLFDU6DEHPRVTXHUHVXOWDGLItFLOKDFHUVHRtUSRUUD]RQDEOHTXHVHDORTXHVH GLFH HQWUH HO PDUDVPR GH ODV SLVDGDV GH ORV PLOODUHV GH DOXPQRV UHFLpQ PDWULFXODGRV TXH VXEHQ ODV HVFDOHUDV GH FXDOTXLHU IDFXOWDG \  FRPSUHQGHPRV TXHPLHQWUDVXQDHOHYDGDSURSRUFLyQSRUQRGHFLUXQDPD\ RUtDGHHVWRVQXHYRV DOXPQRV QR VHD FDSD] GH OHHU GH IRUPD HILFD] HQ HO QLYHO SULPDULR OD SULPHUD WDUHDFRQODTXHKHPRVGHHQIUHQWDUQRVFRQVLVWHHQHQVHxDUOHVDOHHUHQHOVHQWLGR PiVVHQFLOORGHODSDODEUD <GHPRPHQWRWDPSRFRTXLVLpUDPRVTXHODVFRVDVIXHUDQPX\ GLVWLQWDV1RV FRQVWD TXH ODV RSRUWXQLGDGHV HGXFDWLYDV LOLPLWDGDV ²R KDEODQGR HQ WpUPLQRV SUiFWLFRV ODV RSRUWXQLGDGHV HGXFDWLYDV OLPLWDGDV ~QLFDPHQWH SRU HO GHVHR OD QHFHVLGDG \  OD FDSDFLGDG LQGLYLGXDOHV² VXSRQHQ HO VHUYLFLR PiV YDOLRVR TXH SXHGHSURSRUFLRQDUODVRFLHGDGDVXVPLHPEURV(OKHFKRGHTXHD~QQRVHSDPRV

FyPRSURSRUFLRQDUORQRHVUD]yQVXILFLHQWHSDUDGHMDUGHLQWHQWDUOR 3HURWDPELpQKHPRVGHFRPSUHQGHU²HVWXGLDQWHVSURIHVRUHV\ SHUVRQDVQR YHUVDGDV HQ HO WHPD² TXH FXDQGR KD\ DPRV OOHYDGR D FDER OD WDUHD TXH VH SUHVHQWDDQWHQRVRWURVHQUHDOLGDGQRODKDEUHPRVWHUPLQDGR1RVHWUDWDVyORGH TXHORVFLXGDGDQRVHVWpQDOIDEHWL]DGRVIXQFLRQDOPHQWHVLQRGHTXHVHDQOHFWRUHV YHUGDGHUDPHQWHFRPSHWHQWHVHQHOSOHQRVHQWLGRGHODSDODEUDFRPSHWHQWH SXHV QLQJXQDRWUDFRVDVDWLVIDUtDODVQHFHVLGDGHVGHOPXQGRGHOSRUYHQLU

 (/6(*81'21,9(/'(/(&785$/$/(&785$'(,163(&&,Ï1

/DOHFWXUDGHLQVSHFFLyQFRQVWLWX\ HXQDXWpQWLFRQLYHOGHOHFWXUDPX\ GLVWLQWRGHO SUHFHGHQWHODOHFWXUDSULPDULD \ GHOVXEVLJXLHQWHODDQDOtWLFD SHURFRPR\ D DSXQWiEDPRVHQHOFDStWXORGLFKRVQLYHOHVWLHQHQFDUiFWHUDFXPXODWLYRSRUOR TXHODOHFWXUDSULPDULDHVWiFRQWHQLGDHQODGHLQVSHFFLyQDOLJXDOTXHpVWDHQOD OHFWXUDDQDOtWLFD\ pVWDDVXYH]HQODSDUDOHOD (QODSUiFWLFDHVWRVLJQLILFDTXHQRVHSXHGHOHHUHQXQQLYHOGHLQVSHFFLyQD PHQRVTXHVHORSXHGDKDFHUHQXQQLYHOSULPDULR+D\ TXHVHUFDSD]GHOHHUXQ WH[WRVLQQHFHVLGDGGHFRQFHQWUDUVHHQEXVFDUHOVLJQLILFDGRGHPXFKDVSDODEUDV QLGHTXHGDUVHSHUSOHMRDQWHODJUDPiWLFD\ ODVLQWD[LV$XQTXHQRVHFRPSUHQGD GHOWRGRHOWH[WRKD\ TXHFRPSUHQGHUODPD\ RUtDGHODVIUDVHV(QWRQFHV¢TXp VXSRQHODOHFWXUDGHLQVSHFFLyQ"¢&yPRGHEHPRVOOHYDUODDFDER" /RSULPHURTXHKHPRVGHWHQHUHQFXHQWDHVTXHH[LVWHQGRVFODVHVGHOHFWXUD GHLQVSHFFLyQTXHDXQTXHFRQVWLWX\ HQDVSHFWRVGLVWLQWRVGHXQDPLVPDGHVWUH]D HOOHFWRUSULQFLSLDQWHGHEHFRQVLGHUDUFRPRGRVSDVRVRDFWLYLGDGHVGLIHUHQWHV(O OHFWRU H[SHULPHQWDGR DSUHQGH D GDU DPERV SDVRV DO PLVPR WLHPSR SHUR GH PRPHQWRORVWUDWDUHPRVFRPRVLIXHUDQWRWDOPHQWHGLVWLQWRV /DOHFWXUDGHLQVSHFFLyQ,OHFWXUDH[WHQVLYDRSUHOHFWXUD 9ROYDPRVDODVLWXDFLyQEiVLFDTXHKHPRVGHVFULWRDQWHULRUPHQWHHQODTXH WHQHPRV XQ OLEUR X RWUR PDWHULDO SDUD OHHU \  OD PHQWH GHO OHFWRU 3ODQWHDGR HO FDVR¢TXpHVORSULPHURTXHKHPRVGHKDFHU" 6XSRQJDPRVTXHH[LVWHQRWURVGRVHOHPHQWRVHQWDOVLWXDFLyQHOHPHQWRVPX\ FRUULHQWHV(QSULPHUOXJDUXQDSHUVRQDQRVDEHVLTXLHUHOHHUHOOLEURTXHWLHQH HQWUHPDQRVQLVLPHUHFHXQDOHFWXUDDQDOtWLFDSHURVRVSHFKDTXHVtRDOPHQRV TXHFRQWLHQHLQIRUPDFLyQ\ FRQRFLPLHQWRVTXHOHUHVXOWDUiQ~WLOHVVLHVFDSD]GH FRPSUHQGHUORVSOHQDPHQWH (QVHJXQGROXJDUVXSRQJDPRVTXHVyORVHGLVSRQHGHXQWLHPSROLPLWDGRSDUD

DYHULJXDUORFRPRRFXUUHHQWDQWDVRFDVLRQHV(QWDOFDVRORTXHKD\ TXHKDFHU HVUHDOL]DUXQDOHFWXUDH[WHQVLYDGHOOLEURRFRPRWDPELpQSRGUtDGHQRPLQDUVH XQDSUHOHFWXUDORTXHFRQVWLWX\ HHOSULPHUVXEQLYHOGHODOHFWXUDGHLQVSHFFLyQ (QWRQFHV HO SULQFLSDO REMHWLYR FRQVLVWH HQ GHVFXEULU VL HO OLEUR UHTXLHUH XQD OHFWXUD PiV GHWHQLGD (Q VHJXQGR OXJDU XQD SUHOHFWXUD QRV UHYHODUi PXFKDV FRVDVVREUHHOOLEURLQFOXVRVLGHFLGLPRVQRYROYHUDOHHUORFRQPiVGHWHQLPLHQWR 'HGLFDUDXQOLEURHVWHUHSDVRUiSLGRVXSRQHXQSURFHVRGHFULEDTXHD\ XGDD VHSDUDU OD SDMD GHO DXWpQWLFR JUDQR JUDFLDV DO FXDO TXL]i VH GHVFXEUD TXH DO ILQDOL]DUORHVOR~QLFRTXHUHDOPHQWHPHUHFHODSHQDGHOOLEURSRUHOPRPHQWR SHURDOPHQRVVHFRQRFHUiQORVDUJXPHQWRVSULQFLSDOHVGHODXWRU\ WDPELpQGH TXpFODVHGHOLEURVHWUDWDGHPRGRTXHHOWLHPSRHPSOHDGRHQHVWDOHFWXUDQRVH KDEUiGHVSHUGLFLDGR 1RVHGHEHUtDWDUGDUPXFKRHQDGTXLULUHOKiELWRGHODOHFWXUDH[WHQVLYD\ D FRQWLQXDFLyQRIUHFHPRVGLYHUVDVVXJHUHQFLDVSDUDHOOR  0,5$5 /$ 3È*,1$ '(/ 7Ë78/2 < 6, (/ /,%52 /2 7,(1( (/ 35Ï/2*2 /HHU DPEDV FRVDV UiSLGDPHQWH ILMiQGRVH VREUH WRGR HQ ORV VXEWtWXORVXRWUDVLQGLFDFLRQHVGHOREMHWLYRRDOFDQFHGHOOLEURRGHOSXQWRGHYLVWD GHO DXWRU VREUH HO WHPD $QWHV GH ILQDOL]DU HVWH SDVR HO OHFWRU GHEHUtD KDEHUVH KHFKR XQD LGHD GHO WHPD VL OR GHVHD SXHGH GHWHQHUVH XQRV PRPHQWRV D FODVLILFDUOR PHQWDOPHQWH HQ HO OXJDU TXH OH FRUUHVSRQGD ¢$ TXp FDWHJRUtD TXH \ DDEDUFDRWURVOLEURVSHUWHQHFHpVWH" (678',$5(/Ë1',&('(0$7(5,$6SDUDKDFHUVHXQDLGHDJHQHUDOGH ODHVWUXFWXUDGHOOLEURFRPRVLFRQVXOWDVHXQPDSDGHFDUUHWHUDVDQWHVGHLQLFLDU XQ YLDMH 5HVXOWD VRUSUHQGHQWH TXH KD\ D WDQWD JHQWH TXH QL VLTXLHUD OH GD XQ YLVWD]R DO tQGLFH GH PDWHULDV GH ORV OLEURV D PHQRV TXH TXLHUD EXVFDU DOJR FRQFUHWR 0XFKRV HVFULWRUHV GHGLFDQ XQ WLHPSR FRQVLGHUDEOH D SUHSDUDUOR \  HV XQDOiVWLPDTXHVXVHVIXHU]RVQRVLUYDQGHQDGD $QWHVHUDEDVWDQWHQRUPDOVREUHWRGRHQORVOLEURVGHHQVD\ RSHURWDPELpQHQ QRYHODV\ ORVGHSRHPDVSUHVHQWDUXQtQGLFHFRPSOHWRFRQORVFDStWXORVGLYLGLGRV HQ P~OWLSOHV VXEWtWXORV TXH LQGLFDEDQ ORV WHPDV WUDWDGRV 0LOWRQ SRU HMHPSOR HVFULELy HQFDEH]DPLHQWRV R © DUJXPHQWRVª  FRPR pO ORV GHQRPLQDED PiV R PHQRVODUJRVSDUDFDGDOLEURGH(O3DUDtVRSHUGLGR\ *LEERQSXEOLFy+LVWRULDGH ODGHFDGHQFLD\FDtGDGHO,PSHULRURPDQRFRQXQDPSOLRtQGLFHGHPDWHULDVSDUD FDGD FDStWXOR DOJR TXH SUiFWLFDPHQWH KD FDtGR HQ GHVXVR VL ELHQ GH YH] HQ FXDQGRHOOHFWRUWURSLH]DFRQDOJRSDUHFLGR8QDGHODVUD]RQHVGHTXHVHKD\ D DEDQGRQDGR HVWD FRVWXPEUH SRGUtD VHU TXH OD JHQWH QR VXHOH OHHU ORV tQGLFHV DGHPiV GH TXH HQ RSLQLyQ GH ORV HGLWRUHV XQ tQGLFH PHQRV H[KDXVWLYR UHVXOWD PiV WHQWDGRU TXH RWUR WRWDOPHQWH FODUR \  HYLGHQWH \  GH TXH ORV OHFWRUHV VH VLHQWHQ PiV DWUDtGRV KDFLD XQ OLEUR HQ HO TXH ORV WtWXORV GH ORV FDStWXORV RFXOWDQ FLHUWRPLVWHULRSRUTXHDVtGHVHDUiQOHHUORSDUDDYHULJXDUGHTXpWUDWDFDGDXQR

$XQ DVt XQ tQGLFH GH PDWHULDV SXHGH UHVXOWDU ~WLO \  YDOLRVR \  GHEHUtD OHHUVH FXLGDGRVDPHQWHDQWHVGHFRQWLQXDUFRQHOUHVWRGHOOLEUR $O OOHJDU D HVWH SXQWR HO OHFWRU SRGUtD YROYHU DO tQGLFH GH PDWHULDV GHO SUHVHQWHOLEURVLD~QQRORKDOHtGR+HPRVKHFKRWRGRORSRVLEOHSDUDTXHIXHUD H[WHQVR H LQIRUPDWLYR \  H[DPLQDUOR GDUi XQD EXHQD LGHD GH ORV REMHWLYRV TXH WUDWDPRVGHFRQVHJXLU &2168/7$5(/Ë1',&( HQ FDVR GH TXH HO OLEUR OR WHQJD FRPR RFXUUH HQODPD\ RUtDGHORVHQVD\ RV6RSHVDUUiSLGDPHQWHHODOFDQFHGHORVWHPDV\ OD FODVH GH REUDV \  DXWRUHV FLWDGRV &XDQGR VH YHDQ WpUPLQRV TXH SDUH]FDQ FUXFLDOHV VH GHEHQ FRQVXOWDU DO PHQRV DOJXQRV GH ORV SiUUDIRV FLWDGRV $xDGLUHPRV PXFKR PiV VREUH ORV WpUPLQRV FUXFLDOHV HQ HO DSDUWDGR VHJXQGR 'HPRPHQWRFRQYLHQHMX]JDUVXLPSRUWDQFLDEDViQGRVHHQHOVHQWLGRJHQHUDOGHO OLEURGHULYDGRGHOSULPHUR\ HOVHJXQGRSDVRV (VSRVLEOHTXHORVSiUUDIRVTXHVH OHDQ FRQWHQJDQ OR HVHQFLDO HO SXQWR HQ WRUQR DO FXDO JLUD HO OLEUR R HO QXHYR HQIRTXHTXHFRQVWLWX\ HODFODYHGHODDFWLWXGGHODXWRU &RPR HQ HO FDVR GHO tQGLFH GH PDWHULDV DO OOHJDU DTXt HO OHFWRU SXHGH FRQVXOWDU HO RWUR \  YHUi TXH H[LVWHQ YDULRV WpUPLQRV FUXFLDOHV TXH \ D KHPRV H[SXHVWR 3RU HMHPSOR ¢SRGUtD LGHQWLILFDU SRU HO Q~PHUR GH UHIHUHQFLDV RWURV TXHWDPELpQSDUH]FDQLPSRUWDQWHV"  6L VH WUDWD GH XQ OLEUR QXHYR TXH VLPSOHPHQWH OOHYD XQD VREUHFXELHUWD &219,(1( /((5 /$ 3523$*$1'$ 38%/,&,7$5,$ '( /$ (',725,$/ 0XFKDVSHUVRQDVFUHHQTXHVHWUDWDGHSXURDXWRERPERSHURHQPXFKRVFDVRV HVWRQRHVFLHUWRVREUHWRGRHQHOGHORVOLEURVGHHQVD\ R(QPXFKDVRFDVLRQHV ODHVFULEHHODXWRUGHOOLEURFRQODD\ XGDGHOGHSDUWDPHQWRGHUHODFLRQHVS~EOLFDV GH OD HGLWRULDO 1R HV UDUR TXH ORV DXWRUHV WUDWHQ GH UHVXPLU FRQ OD PD\ RU H[DFWLWXG SRVLEOH ORV SXQWRV SULQFLSDOHV GH VX REUD HVIXHU]R TXH HO OHFWRU QR GHEHUtD SDVDU SRU DOWR 1DWXUDOPHQWH VL OD SURSDJDQGD QR HV PiV TXH SXUR DXWRERPERSRUORJHQHUDOVHORGHVFXEUHFRQXQDVLPSOHRMHDGDSHURHOODSXHGH RIUHFHU FLHUWD LQIRUPDFLyQ DFHUFD GHO OLEUR 4XL]i OD REUD HQ FXHVWLyQ QR FRQWHQJDQDGDGHLPSRUWDQFLD\ HQWRQFHVODSXEOLFLGDGWDPSRFRGLUiQDGD 8QD YH] ILQDOL]DGRV HVWRV FXDWUR SULPHURV SDVRV TXL]i FRQWHPRV FRQ VXILFLHQWHV GDWRV DFHUFD GHO OLEUR FRPR SDUD VDEHU VL GHVHDPRV OHHUOR PiV GHWHQLGDPHQWHRVLQRGHVHDPRVQLQHFHVLWDPRVOHHUOR(QFXDOTXLHUDGHORVGRV FDVRV SRGHPRV DEDQGRQDUOR SHUR GH OR FRQWUDULR HVWDUHPRV SUHSDUDGRV SDUD UHDOL]DUXQDOHFWXUDH[WHQVLYDHQHOSOHQRVHQWLGRGHODSDODEUD  3DUWLHQGR GHO FRQRFLPLHQWR JHQHUDO \  WRGDYtD EDVWDQWH YDJR GHO OLEUR $ &217,18$&,Ï1 '(%(026 &2168/7$5 /26 &$3Ë78/26 48( 3$5(&(1 )81'$0(17$/(6 3$5$ 68 $5*80(17$&,Ï1 6L FRQWLHQHQ UHV~PHQHVHQODVSiJLQDVLQLFLDOHVRILQDOHVFRPRRFXUUHWDQWDVYHFHVKDEUiTXH OHHUORVGHWHQLGDPHQWH

 3RU ~OWLPR '(%(026 3$6$5 /$6 3$*,1$6 '(7(1,e1'2126 $48Ë < $//È /(<(1'2 812 2 '26 3È55$)26 $ 9(&(6 9$5,$6 3È*,1$66(*8,'$63(52120È6&RQYLHQHKRMHDUHOOLEURGHHVWDIRUPD HQEXVFDGHODVFODYHVGHODUJXPHQWRIXQGDPHQWDO+D\ TXHOHHUODVGRVRWUHV SiJLQDVGHOILQDORVLpVWDVVHHQFXHQWUDQHQHOHStORJRODV~OWLPDVSiJLQDVGHOD VHFFLyQ SULQFLSDO 3RFRV DXWRUHV UHVLVWHQ OD WHQWDFLyQ GH UHVXPLU HQ HOODV OR TXH FRQVLGHUDQQXHYRHLPSRUWDQWHHQVXREUDDOJRTXHQRGHEHSDVDUVHSRUDOWRVL ELHQHOSURSLRDXWRUSRGUtDKDEHUVHHTXLYRFDGRDOMX]JDUVXLPSRUWDQFLD
WLHQHTXHVHUPRWLYRGHGHVHVSHUDFLyQ ¢(Q TXp FRQVLVWH HO HQIRTXH FRUUHFWR" /D UHVSXHVWD UHVLGH HQ XQD UHJOD WDQ LPSRUWDQWHFRPR~WLOTXHVXHOHSDVDUVHSRUDOWRDOHQIUHQWDUVHSRUSULPHUDYH]D XQOLEURGLItFLOVHORGHEHOHHUSRUHQWHURVLQGHWHQHUVHDEXVFDUGHLQPHGLDWRORV DVSHFWRVTXHQRVHHQWLHQGHQRDUHIOH[LRQDUVREUHHOORV /RTXHKD\ TXHKDFHUHVSUHVWDUDWHQFLyQDORTXHVHHQWLHQGH\ QRGHWHQHUVH SRUORTXHQRVHFRPSUHQGHGHLQPHGLDWR6LVHFRQWLQ~DOH\ HQGRPiVDOOiGHOR TXH QRV SODQWHD GLILFXOWDGHV DO SRFR WLHPSR WRSDUHPRV FRQ DVSHFWRV TXH Vt FRPSUHQGHUHPRV \  HQ ORV TXH GHEHPRV FRQFHQWUDUQRV +D\  TXH OHHU HO OLEUR KDVWD HO ILQDO VLQ GHMDUVH GHVDQLPDU SRU ORV SiUUDIRV QRWDV D SLH GH SiJLQD FRPHQWDULRV\ FLWDVTXHHVFDSHQDQXHVWUDFRPSUHQVLyQSXHVGHORFRQWUDULRQR VHREWHQGUiQLQJ~QUHVXOWDGR(QODPD\ RUtDGHORVFDVRVQRVHUiSRVLEOHUHVROYHU ODV GLILFXOWDGHV FRQ HO VLPSOH HPSHxR VLQR TXH UHVXOWDUi PXFKR PiV IiFLO HQWHQGHUODV HQ XQD VHJXQGD OHFWXUD SHUR HVWR UHTXLHUH KDEHU OHtGR HO OLEUR GH SULQFLSLRDILQDOPHQRVXQDYH] /R TXH VH HQWLHQGH DO OHHU OD REUD KDVWD HO ILQDO LQFOXVR VL VyOR HV HO  R PHQRVQRVD\ XGDFXDQGRUHDOL]DPRVHOHVIXHU]RGHUHWRUQDUDORVSiUUDIRVTXH QRVKHPRVVDOWDGRHQODSULPHUDOHFWXUDHLQFOXVRVLQRORKDFHPRVFRPSUHQGHU OD PLWDG GH XQ OLEUR UHDOPHQWH FRPSOLFDGR HV PXFKR PHMRU TXH QR FRPSUHQGHUOR HQ DEVROXWR OR TXH RFXUULUi VL FRQVHQWLPRV TXH QRV GHWHQJDQ ORV SULPHURVSiUUDIRVGLItFLOHVFRQORVTXHQRVHQFRQWUHPRV $ODPD\ RUtDGHODVSHUVRQDVVHOHVKDHQVHxDGRDSUHVWDUDWHQFLyQDORTXHQR HQWLHQGHQDUHFXUULUDOGLFFLRQDULRFXDQGRWRSDQFRQXQDSDODEUDGHVFRQRFLGDD XQD HQFLFORSHGLD X RWUR OLEUR GH FRQVXOWD FXDQGR HQFXHQWUDQ XQD IUDVH R XQD DOXVLyQ LQFRPSUHQVLEOH D FRQVXOWDU QRWDV D SLH GH SiJLQD FRPHQWDULRV X RWUDV IXHQWHV VHFXQGDULDV FRPR D\ XGD SHUR FXDQGR HVWR VH KDFH SUHPDWXUDPHQWH RFXUUHTXHVHREVWDFXOL]DODOHFWXUDHQYH]GHFRQWULEXLUVHDHOOD (OHQRUPHSODFHUTXHSXHGHGHULYDUGHOHHUD6KDNHVSHDUHSRUHMHPSORIXH GHVWUXLGR GXUDQWH JHQHUDFLRQHV HQWHUDV GH HVWXGLDQWHV TXH VH YHtDQ REOLJDGRV D GHVHQWUDxDU -XOLR &pVDU &RPR JXVWpLV R +DPOHW HVFHQD D HVFHQD EXVFDQGR SDODEUDV H[WUDxDV HQ XQ JORVDULR \  H[DPLQDQGR QRWDV D SLH GH SiJLQD FRQ HO UHVXOWDGRGHTXHHQUHDOLGDGQXQFDOHtDQXQDREUDGHOGUDPDWXUJRLQJOpV&XDQGR OOHJDEDQ DO ILQDO KDEtDQ ROYLGDGR HO SULQFLSLR \  KDEtDQ SHUGLGR GH YLVWD HO FRQMXQWR (Q OXJDU GH REOLJDUOHV D DGRSWDU XQD DFWLWXG WDQ SHGDQWH KDEUtD TXH KDEHUOHV DOHQWDGR D OHHU OD REUD GH XQD YH] \  D FRPHQWDU OR TXH VDFDEDQ HQ OLPSLRGHHVDSULPHUDOHFWXUD6yORDVtKDEUtDQHVWDGRSUHSDUDGRVSDUDHVWXGLDUOD REUDFXLGDGRVD\ PLQXFLRVDPHQWHSRUTXHKDEUtDQFRPSUHQGLGRORVXILFLHQWHGH HOODFRPRSDUDVHJXLUDSUHQGLHQGR (VWDQRUPDWDPELpQSXHGHVHUDSOLFDGDDORVOLEURVGHHQVD\ R3UHFLVDPHQWH ODPHMRUSUXHEDGHVXVHQVDWH]²ODGHKDFHUXQDSULPHUDOHFWXUDVXSHUILFLDO² HVORTXHRFXUUHFXDQGRQRVHODVLJXH3RQJDPRVSRUHMHPSORXQOLEUREiVLFRGH

HFRQRPtDFRPRHOFOiVLFRGH$GDP6PLWK,QYHVWLJDFLyQVREUHODQDWXUDOH]D\ODV FDXVDVGHODULTXH]DGHODVQDFLRQHV(OHJLPRVHVWDREUDSRUTXHHVDOJRPiVTXH XQOLEURGHWH[WRRXQDREUDSDUDHVSHFLDOLVWDVHQHOWHPD 6LHOOHFWRUVHHPSHxD HQ FRPSUHQGHU WRGR HO FRQWHQLGR GH XQD SiJLQD KDVWD SDVDU D OD VLJXLHQWH QR OOHJDUi PX\  OHMRV (Q HO HVIXHU]R GH GRPLQDU ORV PDWLFHV SDVDUi SRU DOWR ORV SXQWRVIXQGDPHQWDOHVTXH6PLWKVHxDODFRQWDQWDFODULGDGDFHUFDGHORVIDFWRUHV GHORVVDODULRVODVUHQWDVORVEHQHILFLRVHLQWHUHVHVTXHIRUPDQSDUWHGHOFRVWHGH ODV FRVDV HO SDSHO GHO PHUFDGR HQ ORV SUHFLRV ORV PDOHV GHO PRQRSROLR ODV UD]RQHVGHOOLEUHFRPHUFLR\ QROHHUiELHQDQLQJ~QQLYHO

6REUHODVYHORFLGDGHVGHOHFWXUD (QHOFDStWXORGHVFULEtDPRVODOHFWXUDGHLQVSHFFLyQFRPRHODUWHGHVDFDU HO PD\ RU SURYHFKR SRVLEOH GH XQ OLEUR HQ XQ WLHPSR OLPLWDGR \  DO DPSOLDU OD GHVFULSFLyQHQHOSUHVHQWHFDStWXORQRKHPRVFDPELDGRHQDEVROXWRODGHILQLFLyQ /RVGRVSDVRVTXHUHTXLHUHHVWHWLSRGHOHFWXUDVRQUiSLGRV\ VHSXHGHQGRPLQDU FRQ FHOHULGDG LQGHSHQGLHQWHPHQWH GH OD ORQJLWXG R OD FRPSOHMLGDG GHO OLEUR HQ FXHVWLyQ ,QHYLWDEOHPHQWH OD DQWHULRU GHILQLFLyQ SODQWHD ODV VLJXLHQWHV SUHJXQWDV ¢TXp RFXUUHFRQODOHFWXUDUiSLGD"¢&XiOHVODUHODFLyQHQWUHORVQLYHOHVGHOHFWXUD\ ORV P~OWLSOHV FXUVRV GH OHFWXUD UiSLGD WDQWR DFDGpPLFD FRPR FRPHUFLDO TXH VH RIUHFHQHQODDFWXDOLGDG"
EDVWDQWH OHQWR TXH SHUPLWLHVH XQD FRPSUHQVLyQ WRWDO (V XQD SpUGLGD GH WLHPSR OHHUOHQWDPHQWHXQOLEURTXHVyORPHUHFHXQDOHFWXUDUiSLGD\ ODVGHVWUH]DVGH YHORFLGDGOHFWRUDSXHGHQD\ XGDUDUHVROYHUHVWHSUREOHPDTXHFRQVWLWX\ HXQRGH ORVPXFKRVTXHSXHGHQSUHVHQWDUVHHQODOHFWXUD/RVREVWiFXORVTXHLPSLGHQOD FRPSUHQVLyQGHXQOLEURGLItFLOQRVRQSRUORJHQHUDOQLTXL]iWDPSRFRHQSULPHU OXJDUGHFDUiFWHUILVLROyJLFRRSVLFROyJLFR7DOHVREVWiFXORVVXUJHQVHQFLOODPHQWH SRUTXHHOOHFWRUQRVDEHTXpKDFHUFRQXQOLEURGLItFLO\ TXHPHUHFHODSHQDVHU OHtGR1RFRQRFHODVQRUPDVSRUODVTXHVHULJHODOHFWXUDQLVDEHFyPRRUJDQL]DU VXV UHFXUVRV LQWHOHFWXDOHV SDUD HVWD WDUHD FRQFUHWD &RPR RFXUUH HQ WDQWDV RFDVLRQHV GH SRFR OH VHUYLUi OHHU PX\  GHSULVD VL QR VDEH TXp HVWi EXVFDQGR QL FXiQGRORHQFXHQWUD 3RUWDQWRUHVSHFWRDORVULWPRVGHOHFWXUDORLGHDOQRFRQVLVWH~QLFDPHQWHHQ VHU FDSD] GH OHHU PiV UiSLGR VLQR GH KDFHUOR D GLVWLQWDV YHORFLGDGHV \  VDEHU FXiQGR UHVXOWD PiV FRQYHQLHQWH FDGD XQD GH HOODV /D OHFWXUD GH LQVSHFFLyQ VH GRPLQDUiSLGDPHQWHSHURQRVyORSRUTXHVHOHDPiVGHSULVDVLELHQDVtRFXUUH VLQR WDPELpQ SRUTXH VH OHH PHQRV GH XQ OLEUR FXDQGR VH UHDOL]D XQD OHFWXUD GH HVWHWLSR\ SRUTXHVHODOOHYDDFDERGHIRUPDGLVWLQWDFRQREMHWLYRVLJXDOPHQWH GLVWLQWRVHQPHQWH3RUORJHQHUDOODOHFWXUDDQDOtWLFDHVPXFKRPiVOHQWDTXHOD GHLQVSHFFLyQSHURLQFOXVRFXDQGRVHOOHYDDFDERXQDOHFWXUDDQDOtWLFDQRKDEUtD TXH HIHFWXDUOD HQ VX WRWDOLGDG D OD PLVPD YHORFLGDG &XDOTXLHU OLEUR SRU GLItFLO TXH VHD FRQWLHQH XQ PDWHULDO HQ VXV LQWHUVWLFLRV TXH SXHGH \  GHEH OHHUVH UiSLGDPHQWH \  WRGR EXHQ OLEUR FRQWLHQH DVLPLVPR PDWHULDO GLItFLO TXH GHEH OHHUVHFRQVXPDOHQWLWXG )LMDFLRQHV\ UHJUHVLRQHV /RVFXUVRVGHOHFWXUDUiSLGDFRQWULEX\ HQDGHVFXEULU²HVDOJRVDELGRGHVGH KDFH FLQFXHQWD DxRV R PiV² TXH OD PD\ RUtD GH ODV SHUVRQDV VLJXHQ VXEYRFDOL]DQGR GXUDQWH DxRV GHVSXpV GH KDEHU DSUHQGLGR D OHHU $GHPiV ODV SHOtFXODVUHDOL]DGDVVREUHORVPRYLPLHQWRVGHORVRMRVYLHQHQDGHPRVWUDUTXHORV GH ORV OHFWRUHV MyYHQHV R VLQ H[SHULHQFLD © VH TXHGDQ ILMRVª  KDVWD FLQFR R VHLV YHFHVHQHOWUDQVFXUVRGHFDGDUHQJOyQOHtGR(ORMRHVFLHJRPLHQWUDVVHPXHYH VyORYHFXDQGRVHGHWLHQH3RUHVROHHPRVDOWLHPSRVyORSDODEUDVDLVODGDVRDOR VXPRIUDVHVGHGRVRWUHVSDODEUDVDVDOWRVHQHOUHQJOyQ 3HURKD\ DOJRLQFOXVR SHRU TXH ORV RMRV GH ORV OHFWRUHV LQFRPSHWHQWHV VXIUHQ XQD UHJUHVLyQ FRQ XQD IUHFXHQFLDGHXQDYH]FDGDGRVRWUHVUHQJORQHVHVGHFLUTXHUHJUHVDQDIUDVHVX RUDFLRQHVTXH\ DKDQOHtGR 7RGRVHVWRVKiELWRVVXSRQHQXQDSpUGLGDGHWLHPSR\ HYLGHQWHPHQWHUHGXFHQ OD YHORFLGDG GH OD OHFWXUD SRUTXH OD PHQWH D GLIHUHQFLD GHO RMR QR QHFHVLWD © OHHUª  VyOR XQD SDODEUD R XQD IUDVH EUHYH SRU YH] /D PHQWH HVH LQVWUXPHQWR

KXPDQRWDQIDVFLQDQWHSXHGHDSUHQGHUXQDIUDVHRLQFOXVRXQSiUUDIRDQWHULRUGH XQD VROD © RMHDGDª  VLHPSUH \  FXDQGR ORV RMRV OH SURSRUFLRQHQ OD LQIRUPDFLyQ TXHQHFHVLWD3RUHOORODWDUHDEiVLFD²DOJRUHFRQRFLGRSRUWRGRVORVFXUVRVGH OHFWXUDUiSLGD²FRQVLVWHHQFRUUHJLUODVILMDFLRQHV\ UHJUHVLRQHVTXHUHWUDVDQOD OHFWXUD GH WDQWDV SHUVRQDV WDUHD TXH SRU VXHUWH SXHGH OOHYDUVH D FDER IiFLOPHQWH 8QD YH] UHDOL]DGD HO HVWXGLDQWH OHHUi FRQ WDQWD UDSLGH] FRPR OH SHUPLWDVXPHQWHQRFRQODOHQWLWXGDODTXHOHREOLJXHQVXVRMRV ([LVWHQ GLYHUVRV UHFXUVRV SDUD URPSHU ODV ILMDFLRQHV GH ORV RMRV DOJXQRV GH HOORV FRPSOLFDGRV \  FDURV SHUR SRU OR JHQHUDO QR KDFH IDOWD HPSOHDU QLQJ~Q UHFXUVR PiV VRILVWLFDGR TXH OD SURSLD PDQR TXH HO OHFWRU SXHGH DSUHQGHU D VHJXLUSRUVtPLVPRPLHQWUDVVHPXHYHFRQFUHFLHQWHUDSLGH]SRUODSiJLQD6H WUDWDGHORVLJXLHQWHXQLUHOSXOJDUHOtQGLFH\ HOFRUD]yQ\ GHVOL]DUHVWDHVSHFLH GH© SXQWHURª SRUXQUHQJOyQXQSRFRPiVUiSLGRGHORTXHUHVXOWHFyPRGRDORV RMRV+D\ TXHIRU]DUVHDVHJXLUHOPRYLPLHQWR\ ODYHORFLGDGGHODPDQR\ DO SRFR WLHPSR VHUHPRV FDSDFHV GH OHHU ODV SDODEUDV PLHQWUDV ODV VHJXLPRV FRQ HOOD6LVHFRQWLQ~DSUDFWLFDQGRHVWHPpWRGRDODYHORFLGDGFUHFLHQWHGHODPDQR FDVL VLQ GDUQRV FXHQWD KDEUHPRV GXSOLFDGR R LQFOXVR WULSOLFDGR OD YHORFLGDG GH OHFWXUD (OSUREOHPDGHODFRPSUHVLyQ 3HUR ¢TXp KDEUHPRV REWHQLGR H[DFWDPHQWH VL ORJUDPRV LQFUHPHQWDU GH IRUPD VLJQLILFDWLYD OD YHORFLGDG GH OHFWXUD" 'HVGH OXHJR KDEUHPRV DKRUUDGR WLHPSR SHUR ¢TXp SRGHPRV GHFLU UHVSHFWR D OD FRPSUHQVLyQ" ¢7DPELpQ VH KD LQFUHPHQWDGRRSRUHOFRQWUDULRVHKDUHVHQWLGR" 1R H[LVWH QLQJ~Q FXUVR GH OHFWXUD UiSLGD TXH QR DVHJXUH TXH SXHGH LQFUHPHQWDU OD FRPSUHQVLyQ DO PLVPR WLHPSR TXH OD YHORFLGDG \ HQ OtQHDV JHQHUDOHVHVSRVLEOHTXHWDODILUPDFLyQWHQJDFLHUWRIXQGDPHQWR8WLOL]DGDFRPR PDUFDGRU OD PDQR X RWUR UHFXUVR  WLHQGH QR VyOR D LQFUHPHQWDU HO ULWPR GH OHFWXUD VLQR WDPELpQ D PHMRUDU OD FRQFHQWUDFLyQ HQ OR TXH VH HVWi OH\ HQGR 0LHQWUDVVHVLJXHHOPRYLPLHQWRGHODPDQRUHVXOWDPXFKRPiVGLItFLOTXHGDUVH GRUPLGR IDQWDVHDU R GHVSUHRFXSDUVH GH OD OHFWXUD 0X\  ELHQ SHUR OD FRQFHQWUDFLyQHVRWUDGHQRPLQDFLyQSDUDORTXHDQWHVKHPRVOODPDGRDFWLYLGDG HQODOHFWXUDSRUTXHHOEXHQOHFWRUOHHDFWLYDPHQWHFRQFRQFHQWUDFLyQ $KRUDELHQODFRQFHQWUDFLyQDVRODVQRHMHUFHGHPDVLDGDLQIOXHQFLDVREUHOD FRPSUHQVLyQWRPDGDpVWDHQVXVHQWLGRPiVDSURSLDGR/DFRPSUHQVLyQUHTXLHUH PXFKRPiVTXHFRQWHVWDUDSUHJXQWDVVHQFLOODVVREUHHOWH[WR(VWDFODVHOLPLWDGD GH FRPSUHQVLyQ HQ UHDOLGDG QR HV VLQR OD FDSDFLGDG EiVLFD SDUD UHVSRQGHU D OD VLJXLHQWH SUHJXQWD VREUH XQ OLEUR X RWUR PDWHULDO GH OHFWXUD ¢TXp GLFH" (Q ORV FXUVRVGHOHFWXUDUiSLGDUDUDVYHFHVVHSODQWHDQODVP~OWLSOHVFXHVWLRQHVTXHVL

VH UHVSRQGHQ FRUUHFWDPHQWH VXSRQHQ QLYHOHV VXSHULRUHV GH FRPSUHQVLyQ \ WDPELpQUDUDVYHFHVVHHQVHxDDFRQWHVWDUODV 3DUDDFODUDUHVWHSXQWRWRPHPRVXQHMHPSORGHOHFWXUDOD'HFODUDFLyQGH ,QGHSHQGHQFLDGH(VWDGRV8QLGRV2FXSDPHQRVGHWUHVSiJLQDVLPSUHVDV¢$TXp YHORFLGDGGHEHUtDPRVOHHUOD" (O VHJXQGR SiUUDIR GH OD GHFODUDFLyQ WHUPLQD FRQ OD VLJXLHQWH IUDVH © 3DUD GHPRVWUDUORGHMHPRVTXHORVKHFKRVVHVRPHWDQDXQPXQGRVLQFHURª /DVGRV SiJLQDVGH© KHFKRVª DOJXQRVGHORVFXDOHVVRQXQWDQWRGXGRVRVSXHGHQOHHUVH UiSLGDPHQWH1RKDFHIDOWDPiVTXHXQDLGHDJHQHUDOGHODFODVHGHKHFKRVTXH FLWD-HIIHUVRQDPHQRVQDWXUDOPHQWHTXHHOOHFWRUVHDHVSHFLDOLVWDHQHOWHPD\ OHLQWHUHVHQODVFLUFXQVWDQFLDVKLVWyULFDVHQODVTXHHVFULELyHOSUHVLGHQWH,QFOXVR HO ~OWLPR SiUUDIR TXH DFDED FRQ OD FpOHEUH GHFODUDFLyQ GH TXH ORV ILUPDQWHV © FRPSURPHWHPRV QXHVWUDV YLGDV QXHVWUDV IRUWXQDV \  QXHVWUR VDJUDGR KRQRUª  SXHGHOHHUVHFRQUDSLGH]6HWUDWDGHXQUHFXUVRUHWyULFR\ VHPHUHFHORTXHVH PHUHFHODPHUDUHWyULFDSHURORVGRVSULPHURVSiUUDIRVUHTXLHUHQDOJRPiVTXH XQDSULPHUDOHFWXUDUiSLGD 'XGDPRV TXH KD\ D DOJXLHQ FDSD] GH OHHU HVWRV GRV SULPHURV SiUUDIRV D XQ ULWPR PX\  VXSHULRU D  SDODEUDV SRU PLQXWR 9DOGUtD OD SHQD UHIOH[LRQDU GHWHQLGDPHQWH VREUH XQD VHULH GH SDODEUDV GHO IDPRVR VHJXQGR SiUUDIR FRPR GHUHFKRV LQDOLHQDEOHV OLEHUWDG IHOLFLGDG FRQVHQWLPLHQWR R SRGHUHV MXVWRV 'HELGDPHQWHOHtGRVFRQHOILQGHREWHQHUXQDFRPSUHQVLyQFRPSOHWDHVWRVGRV SULPHURV SiUUDIRV GH OD 'HFODUDFLyQ SXHGHQ UHTXHULU GtDV VHPDQDV H LQFOXVR DxRV 3RUFRQVLJXLHQWHHOSUREOHPDGHODOHFWXUDUiSLGDUDGLFDHQODFRPSUHQVLyQ TXHHQODSUiFWLFDVHFRQFUHWDHQGHILQLUODFRPSUHQVLyQDQLYHOHVVXSHULRUHVDO SULPDULR DOJR TXH QR VH LQWHQWD HQ OD PD\ RUtD GH ORV FXUVRV GH OHFWXUD UiSLGD 3RU WDQWR TXLVLpUDPRV GHVWDFDU TXH HO REMHWLYR GHO SUHVHQWH OLEUR FRQVLVWH SUHFLVDPHQWHHQPHMRUDUODFRPSUHQVLyQHQODOHFWXUD1RVHSXHGHFRPSUHQGHU XQOLEURVLQOHHUORDQDOtWLFDPHQWHFRPR\ DKHPRVDSXQWDGRODOHFWXUDDQDOtWLFD VHDFRPHWHIXQGDPHQWDOPHQWHSDUDFRPSUHQGHU 5HVXPHQGHODOHFWXUDGHLQVSHFFLyQ $xDGLUHPRV XQDV SDODEUDV FRPR UHVXPHQ GHO FDStWXOR 1R H[LVWH XQD VROD YHORFLGDG DGHFXDGD D OD TXH VH GHED OHHU XQ OLEUR VLHQGR OR LGHDO SRVHHU OD GHVWUH]DGHOHHUDGLYHUVDVYHORFLGDGHV\ VDEHUFXiOHVODPiVDGHFXDGDHQFDGD PRPHQWR8QDJUDQYHORFLGDGVXSRQHXQORJURXQWDQWRGXGRVR\ VyORWLHQHYDORU VLHOPDWHULDODOHHUQRPHUHFHUHDOPHQWHODSHQD9DPRVHQWRQFHVDRIUHFHUXQD IyUPXOD PHMRU WRGR OLEUR GHEH OHHUVH D XQD YHORFLGDG QR LQIHULRU D OD TXH VH PHUHFH \ QR VXSHULRU D OD TXH SXHGH DOFDQ]DU HO OHFWRU SDUD VX VDWLVIDFFLyQ \

FRPSUHQVLyQ'HWRGRVPRGRVODYHORFLGDGGHOHFWXUD\ DVHDOHQWDRUiSLGDWDQ VyORUHSUHVHQWDXQDPtQLPDSDUWHGHOSUREOHPDTXHVHOHVSODQWHDDODPD\ RUtD GHORVOHFWRUHV 6LHPSUH HV DFRQVHMDEOH OD SUHOHFWXUD R OHFWXUD H[WHQVLYD GH XQ OLEUR QHFHVDULD FXDQGR QR VH VDEH FRPR RFXUUH HQ WDQWDV RFDVLRQHV VL HO OLEUR TXH WHQHPRV HQ ODV PDQRV PHUHFH VHU OHtGR FRQ DWHQFLyQ DOJR TXH DYHULJXDUHPRV SUHFLVDPHQWHFRQXQDSUHOHFWXUD3RUORJHQHUDOHVGHVHDEOHUHDOL]DUWDOWLSRGH OHFWXUD LQFOXVR FRQ XQ OLEUR TXH YDPRV D OHHU FRQ GHWHQLPLHQWR SDUD KDFHUQRV XQDLGHDGHVXIRUPD\ HVWUXFWXUD 3RU~OWLPRQRVHGHEHLQWHQWDUHQWHQGHUWRGDV\ FDGDXQDGHODVSDODEUDVR SiJLQDV GH XQ OLEUR FRPSOLFDGR GHVGH HO SULQFLSLR FRQVWLWX\ HQGR pVWD OD UHJOD PiVLPSRUWDQWHODHVHQFLDPLVPDGHODOHFWXUDGHLQVSHFFLyQ1RKD\ TXHWHQHU PLHGR GH VHU R SDUHFHU VXSHUILFLDO FRQYLHQH UHFRUUHU UiSLGDPHQWH LQFOXVR HO OLEURPiVGLItFLO\ DOILQDOVHHVWDUiSUHSDUDGRSDUDOHHUORELHQODVHJXQGDYH] $OOOHJDUDHVWHSXQWRKHPRVWHUPLQDGRODH[SRVLFLyQLQLFLDOGHOVHJXQGRQLYHO GH OHFWXUD OD OHFWXUD GH LQVSHFFLyQ 9ROYHUHPRV D WRFDU HO WHPD HQ OD FXDUWD SDUWH GRQGH PRVWUDUHPRV HO LPSRUWDQWH SDSHO TXH GHVHPSHxD HQ OD OHFWXUD SDUDOHODHOQLYHOPiVHOHYDGR 6LQHPEDUJRHQHOWUDQVFXUVRGHODH[SRVLFLyQGHOWHUFHUQLYHOGHOHFWXUD²OD DQDOtWLFD² TXH VH GHVFULEH HQ OD VHJXQGD SDUWH QR GHEHPRV ROYLGDU TXH OD OHFWXUD GH LQVSHFFLyQ WDPELpQ FXPSOH XQD IXQFLyQ LPSRUWDQWH HQ HVH QLYHO 3RGHPRV FRQVLGHUDU ODV GRV HWDSDV GH OD OHFWXUD GH LQVSHFFLyQ FRPR XQD DQWLFLSDFLyQGHORVSDVRVTXHVHGDQHQODOHFWXUDDQDOtWLFD/DSULPHUDHWDSDGH OD OHFWXUD GH LQVSHFFLyQ ²OD TXH KHPRV GHQRPLQDGR SUHOHFWXUD VLVWHPiWLFD² VLUYH SDUD SUHSDUDU DO OHFWRU TXH OOHYD D FDER XQD OHFWXUD DQDOtWLFD FRQ HO SURSyVLWRGHTXHFRQWHVWHDODVSUHJXQWDVTXHGHEHSODQWHDUVHHQODSULPHUDHWDSD GH HVH QLYHO HQ RWUDV SDODEUDV DQWLFLSD OD FRPSUHQVLyQ GH OD HVWUXFWXUD GH XQ OLEUR /D VHJXQGD HWDSD GH OD OHFWXUD GH LQVSHFFLyQ ²TXH KHPRV GHQRPLQDGR OHFWXUDVXSHUILFLDO²OHVLUYHDOOHFWRUFXDQGROOHJDDODVHJXQGDHWDSDGHOQLYHO DQDOtWLFR/DOHFWXUDVXSHUILFLDOHVHOSULPHUSDVRQHFHVDULRSDUDODLQWHUSUHWDFLyQ GHOFRQWHQLGRGHXQOLEUR $QWHV GH DGHQWUDUQRV HQ OD OHFWXUD DQDOtWLFD TXLVLpUDPRV GHWHQHUQRV XQRV PRPHQWRV SDUD YROYHU D UHIOH[LRQDU VREUH HO FDUiFWHU GH OD OHFWXUD FRPR DFWLYLGDG([LVWHQFLHUWRVDFWRVTXHGHEHUHDOL]DUWRGROHFWRUDFWLYRRH[LJHQWHVL GHVHDOHHUELHQWHPDTXHH[SRQHPRVHQHOVLJXLHQWHFDStWXOR

 &Ï026(581/(&725(;,*(17(

/DVQRUPDVSDUDFRQVHJXLUGRUPLUVHOH\ HQGRVRQPiVIiFLOHVGHVHJXLUTXHODV QRUPDVSDUDSHUPDQHFHUGHVSLHUWRPLHQWUDVVHOHH1RKD\ PiVTXHDGRSWDUXQD SRVWXUD FyPRGD HQ OD FDPD SRQHU XQD OX] SRFR DGHFXDGD TXH SURGX]FD FLHUWD IDWLJDRFXODUHOHJLUXQOLEURWHUULEOHPHQWHFRPSOLFDGRRWHUULEOHPHQWHDEXUULGR ²HQGHILQLWLYDXQRTXHUHDOPHQWHQRQRVLQWHUHVH²\ QRVTXHGDUHPRVGRUPLGRV DORVSRFRVPLQXWRV/RVH[SHUWRVHQUHODMDUVHFRQXQOLEURQRQHFHVLWDQHVSHUDU ODQRFKHOHVEDVWDFRQXQDVLOODFyPRGDHQODELEOLRWHFDDFXDOTXLHUKRUDGHOGtD 3RU GHVJUDFLD ODV QRUPDV SDUD PDQWHQHUVH GRUPLGR QR FRQVLVWHQ HQ KDFHU H[DFWDPHQWHORFRQWUDULR(VSRVLEOHPDQWHQHUVHGHVSLHUWROH\ HQGRXQOLEURHQXQ DVLHQWR FyPRGR R LQFOXVR HQ OD FDPD \  KD\  PXFKDV SHUVRQDV TXH IXHU]DQ GHPDVLDGRORVRMRVDOOHHUKDVWDDOWDVKRUDVGHODPDGUXJDGDFRQXQDLOXPLQDFLyQ LQVXILFLHQWH¢4XpPDQWHQtDGHVSLHUWRVDTXLHQHVOHtDQDODOX]GHXQDYHOD"'HVGH OXHJR OHV LQWHUHVDED \  PXFKR HO OLEUR TXH WHQtDQ HQ ODV PDQRV /RJUDU PDQWHQHUVH GHVSLHUWR GHSHQGH HQ JUDQ PHGLGD GHO REMHWLYR TXH VH SUHWHQGD DOFDQ]DU FRQ OD OHFWXUD 6L OR TXH VH SHUVLJXH HV REWHQHU SURYHFKR GH HOOD ²© FUHFHQª PHQWDORHVSLULWXDOPHQWH²KD\ TXHPDQWHQHUVHGHVSLHUWRORTXH HTXLYDOHDOHHUORPiVDFWLYDPHQWHSRVLEOH\ DUHDOL]DUXQHVIXHU]RXQHVIXHU]R SRUHOTXHVHHVSHUDXQDFRPSHQVDFLyQ /RV EXHQRV OLEURV WDQWR GH QDUUDWLYD FRPR GH HQVD\ R PHUHFHQ XQD OHFWXUD GHHVWHWLSR8WLOL]DUXQOLEURFRPRVHGDQWHHVXQDXWpQWLFRGHVSHUGLFLR4XHGDUVH GRUPLGR R VX HTXLYDOHQWH GHMDU YDJDU OD LPDJLQDFLyQ GXUDQWH ODV KRUDV TXH TXHUtDPRV GHGLFDU D OHHU SDUD REWHQHU FLHUWR SURYHFKR HV GHFLU IXQGDPHQWDOPHQWH SDUD FRPSUHQGHU VXSRQH UHQXQFLDU D ORV ILQHV TXH VH SHUVHJXtDQFRQODOHFWXUD 3HURORWULVWHHVTXHPXFKDVSHUVRQDVFDSDFHVGHGLVWLQJXLUHQWUHSURYHFKR\ SODFHU ²HQWUH FRPSUHQGHU SRU XQD SDUWH \  HQWUHWHQHUVH R VLPSOHPHQWH VDWLVIDFHUODFXULRVLGDGSRURWUD²QRFRQVLJXHQOOHYDUVXVSODQHVGHOHFWXUDKDVWD HOILQDOLQFOXVRVLVDEHQTXpOLEURVRIUHFHQFDGDXQDGHHVWDVSDUWLFXODULGDGHV/D UD]yQFRQVLVWHHQTXHQRTXLHUHQDSUHQGHUDVHUOHFWRUHVH[LJHQWHVDPDQWHQHUVH

FRQFHQWUDGRVHQORTXHKDFHQREOLJiQGRVHDUHDOL]DUODWDUHDVLQODFXDOQRSXHGH REWHQHUVHQLQJ~QSURYHFKR /DHVHQFLDGHODOHFWXUDDFWLYDODVFXDWURSUHJXQWDVEiVLFDVTXHSODQWHDXQOHFWRU @  ¢62%5(48e 75$7$ (/ /,%52 (1 68 &21-8172" +D\  TXH LQWHQWDU GHVFXEULU HO WHPD SULQFLSDO \  FyPR OR GHVDUUROOD HO DXWRU GH IRUPD RUGHQDGD VXEGLYLGLpQGRORHQVXVWHPDVHVHQFLDOHVVXERUGLQDGRV  ¢48e ',&( (1 '(7$//( < &Ï02 /2 ',&(" +D\  TXH LQWHQWDU GHVFXEULU ODV LGHDV ORV DUJXPHQWRV \  DVHUWRV SULQFLSDOHV TXH FRQVWLWX\ HQ HO PHQVDMHFRQFUHWRGHODXWRU  ¢(6 (/ /,%52 9(5'$' 727$/ 2 3$5&,$/0(17(" 1R VH SXHGH UHVSRQGHU D HVWD SUHJXQWD VLQ KDEHU FRQWHVWDGR D ODV GRV DQWHULRUHV +D\  TXH VDEHUTXpGLFHHOOLEURSDUDGHFLGLUVLHVYHUGDGRQRSHURFXDQGRVHHQWLHQGHHO WH[WRHQFXHVWLyQH[LVWHODREOLJDFLyQVLVHHVWiUHDOL]DQGRXQDOHFWXUDVHULDGH IRUPDUVHXQDRSLQLyQSURSLD&RQRFHUODGHODXWRUQRHVVXILFLHQWH  ¢48e ,03257$1&,$ 7,(1(" 6L KHPRV REWHQLGR LQIRUPDFLyQ GHO OLEUR KD\ TXHSUHJXQWDUTXpVLJQLILFD¢3RUTXpSLHQVDHODXWRUTXHHVLPSRUWDQWHVDEHU HVWDV FRVDV" ¢(V LPSRUWDQWH VDEHUODV SDUD HO OHFWRU" < VL HO OLEUR QR VyOR QRV KD SURSRUFLRQDGR LQIRUPDFLyQ VLQR TXH QRV KD DSRUWDGR FRQRFLPLHQWRV KD\  TXH EXVFDU PiV FRQRFLPLHQWRV SUHJXQWDQGR TXp YLHQH D FRQWLQXDFLyQ TXp RWUDV FRQVHFXHQFLDVRVXJHUHQFLDVWLHQH 9ROYHUHPRV D HVWDV FXDWUR SUHJXQWDV PiV GHWHQLGDPHQWH HQ HO FXUVR GH ODV VLJXLHQWHVSiJLQDV([SXHVWDVGHRWUDPDQHUDFRQVWLWX\ HQODVQRUPDVEiVLFDVGH OD OHFWXUD GH ODV TXH VH RFXSD OD VHJXQGD SDUWH GHO OLEUR \  VL DFDEDPRV GH SODQWHDUODV FRPR SUHJXQWDV H[LVWH XQD EXHQD UD]yQ SDUD HOOR /HHU XQ OLEUR D FXDOTXLHU QLYHO VXSHULRU DO SULPDULR VXSRQH HVHQFLDOPHQWH XQ HVIXHU]R SRU SODQWHDUOHSUHJXQWDV\ FRQWHVWDUODVFRPRPHMRUSRGDPRV (VXQSXQWRTXHQR

GHEHPRVROYLGDU\ SRUHOORH[LVWHXQDGLIHUHQFLDHQRUPHHQWUHHOOHFWRUH[LJHQWH \ HOQRH[LJHQWHeVWHQRSODQWHDSUHJXQWDV\ QRREWLHQHUHVSXHVWDV /DVFXDWURSUHJXQWDVPHQFLRQDGDVUHVXPHQODREOLJDFLyQGHWRGROHFWRU\ VRQ DSOLFDEOHV D FXDOTXLHU FRVD GLJQD GH OHHUVH XQ OLEUR XQ DUWtFXOR R LQFOXVR XQ DQXQFLR/DOHFWXUDGHLQVSHFFLyQWLHQGHDSURSRUFLRQDUUHVSXHVWDVPiVH[DFWDVD ODV GRV SULPHUDV SUHJXQWDV TXH D ODV GRV ~OWLPDV SHUR GH WRGRV PRGRV WDPELpQ VLUYHGHD\ XGDSDUDpVWDV1RVHOOHYDDFDERXQDOHFWXUDDQDOtWLFDVDWLVIDFWRULD KDVWD TXH HO OHFWRU FRQRFH ODV UHVSXHVWDV D GLFKDV SUHJXQWDV DXQTXH VyOR VHD VHJ~Q VX SURSLR HVTXHPD GH ODV FRVDV /D ~OWLPD HV GHFLU ¢TXp LPSRUWDQFLD WLHQH" TXL]i VHD OD PiV VLJQLILFDWLYD HQ OD OHFWXUD SDUDOHOD 1DWXUDOPHQWH KD\ TXHFRQWHVWDUDODVWUHVSULPHUDVDQWHVGHLQWHQWDUUHVSRQGHUDOD~OWLPD 6DEHUHQTXpFRQVLVWHQODVFXDWURSUHJXQWDVQRHVVXILFLHQWHKD\ TXHUHFRUGDU IRUPXODUODVPLHQWUDVVHOHH/DFRVWXPEUH GH KDFHUOR FRQVWLWX\ H HO GLVWLQWLYR GH XQ OHFWRU H[LJHQWH $GHPiV KD\  TXH VDEHU FyPR FRQWHVWDU FRQ SUHFLVLyQ /D GHVWUH]DHQHVWDWDUHDHVSUHFLVDPHQWHHODUWHGHOHHU +D\  SHUVRQDV TXH VH GXHUPHQ FXDQGR WLHQHQ HQWUH PDQRV XQ EXHQ OLEUR QR SRUTXHQRGHVHHQUHDOL]DUXQHVIXHU]RVLQRSRUTXHQRVDEHQKDFHUOR/RVEXHQRV OLEURVQRVVXSHUDQHQRWURFDVRQRVHUtDQEXHQRV<HVWHWLSRGHOLEURVQRVFDQVDQ DPHQRVTXHVHDPRVFDSDFHVGHGDUOHVDOFDQFH\ GHSRQHUQRVDVXPLVPRQLYHO 1RHVHOHVIXHU]RORTXHQRVFDQVDVLQRODIUXVWUDFLyQGHQRFRQVHJXLUQDGDFRQ HOOR SRUTXH FDUHFHPRV GH OD KDELOLGDG SDUD KDFHUOR DGHFXDGDPHQWH 3DUD OHHU DFWLYDPHQWHQRVyORKD\ TXHWHQHUODYROXQWDGVLQRWDPELpQODGHVWUH]DHODUWH TXH QRV SHUPLWH HOHYDUQRV FRQ HO GRPLQLR GH OR TXH DO SULQFLSLR QRV SDUHFH LQDOFDQ]DEOH &yPRKDFHUSURSLRXQOLEUR 6LVHKDDGTXLULGRHOKiELWRGHSODQWHDUOHSUHJXQWDVDXQOLEURDPHGLGDTXHVH YD OH\ HQGR HVR VLJQLILFD TXH VH HV PHMRU OHFWRU TXH HQ HO FDVR FRQWUDULR SHUR FRPR \ D KHPRV LQGLFDGR QR EDVWD FRQ SODQWHDU SUHJXQWDV VLQR TXH KD\  TXH LQWHQWDU FRQWHVWDUODV < DXQTXH HQ WHRUtD HVWR SXHGH KDFHUVH WDQ VyOR PHQWDOPHQWH UHVXOWD PXFKR PiV IiFLO UHDOL]DUOR FRQ XQ OiSL] SRUTXH HVWH LQVWUXPHQWRHVHOVLJQRGHTXHHVWDPRVDOHUWDVPLHQWUDVOHHPRV &RPR VH VXHOH GHFLU KD\  TXH VDEHU © OHHU HQWUH OtQHDVª  SDUD REWHQHU HO Pi[LPR SURYHFKR GH FXDOTXLHU FRVD \  ODV QRUPDV GH OHFWXUD FRQVWLWX\ HQ XQ PRGR IRUPDO GH H[SUHVDU OR DQWHULRU 0DV WDPELpQ TXLVLpUDPRV FRQYHQFHU DO OHFWRUGHTXH© HVFULEDHQWUHOtQHDVª SXHVDPHQRVTXHORKDJDQRUHDOL]DUiXQD OHFWXUDPiVSURYHFKRVD &XDQGRFRPSUDPRVXQOLEURHVWDEOHFHPRVXQDSURSLHGDGFRPRRFXUUHFRQ ODURSDRORVPXHEOHVSHURHODFWRGHFRPSUDUQRUHSUHVHQWDVLQRHOSUHOXGLRGH

ODSRVHVLyQHQHOFDVRGHXQOLEUR6yORVHSRVHHFRPSOHWDPHQWHXQOLEURFXDQGR SDVDDIRUPDUSDUWHGHXQRPLVPR\ ODPHMRUIRUPDGHSDVDUDIRUPDUSDUWHGH pO²ORTXHYLHQHDVHUORPLVPR²HVHVFULELUHQpO ¢3RU TXp HV LQGLVSHQVDEOH VXEUD\ DU XQ OLEUR SDUD OHHUOR" (Q SULPHU OXJDU SRUTXH DVt QRV PDQWHQHPRV GHVSLHUWRV WRWDOPHQWH GHVSLHUWRV \  QR VyOR FRQVFLHQWHV (Q VHJXQGR OXJDU OHHU VL OR KDFHPRV DFWLYDPHQWH HTXLYDOH D SHQVDU\ HOSHQVDPLHQWRWLHQGHDH[SUHVDUVHHQSDODEUDVHVFULWDVRKDEODGDV/D SHUVRQDTXHDVHJXUDVDEHUORTXHSLHQVDSHURQRSXHGHH[SUHVDUORQRUPDOPHQWH QR VDEH OR TXH SLHQVD (Q WHUFHU OXJDU DQRWDU ODV SURSLDV UHDFFLRQHV D\ XGD D UHFRUGDUODVLGHDVGHODXWRU /D OHFWXUD GH XQ OLEUR GHEHUtD VHU XQD FRQYHUVDFLyQ HQWUH HO OHFWRU \  HO HVFULWRU/RPiVSUREDEOHHVTXHpVWHVHSDPiVVREUHHOWHPDTXHDTXpOHQRWUR FDVRHOOHFWRUQRVHPROHVWDUtDHQOHHUVXREUDSHURODFRPSUHQVLyQVXSRQHXQD WDUHD GREOH OD SHUVRQD TXH DSUHQGH WLHQH TXH SODQWHDUVH SUHJXQWDV \ SODQWHiUVHODVDOHQVHxDQWHHLQFOXVRWLHQHTXHHVWDUGLVSXHVWDDGLVFXWLUFRQpVWH XQDYH]TXHKDHQWHQGLGRORTXHGLFH/LWHUDOPHQWHVXEUD\ DUXQOLEURHTXLYDOHD ODH[SUHVLyQGHODVGLIHUHQFLDVRGHODFRLQFLGHQFLDGHOOHFWRUFRQHOHVFULWRU\ VXSRQHHOPD\ RUKRQRUTXHDTXpOOHSXHGHUHQGLUDpVWH ([LVWHQGLYHUVDVIRUPDVGHDQRWDUXQOLEURGHIRUPDLQWHOLJHQWH\ IUXFWtIHUD$ FRQWLQXDFLyQRIUHFHPRVYDULRVUHFXUVRV 68%5$<$'2GHORVSXQWRVPiVLPSRUWDQWHVGHORVDUJXPHQWRVGHPD\ RU IXHU]D  /Ë1($6 9(57,&$/(6 (1 (/ 0$5*(1 SDUD GHVWDFDU XQ DUJXPHQWR FRQFUHWR\ DVXEUD\ DGRRXQSiUUDIRGHPDVLDGRODUJRFRPRSDUDVHUVXEUD\ DGR  $67(5,6&26 8 27526 6,*126 (1 (/ 0$5*(1 SDUD GHVWDFDU ORV DUJXPHQWRV R SiUUDIRV PiV LPSRUWDQWHV GHO OLEUR 7DPELpQ VH SXHGH GREODU OD SXQWDGHODSiJLQDRFRORFDUXQDWLUDGHSDSHOHQWUHODVSiJLQDV(QFXDOTXLHUDGH HVWRV FDVRV VH SRGUi VDFDU HO OLEUR GH OD HVWDQWHUtD \ DO DEULUOR SRU OD SiJLQD VHxDODGDUHIUHVFDUODPHPRULD  1Ò0(526 (1 (/ 0$5*(1 SDUD VHxDODU XQD VHFXHQFLD GH SXQWRV UHDOL]DGDSRUHOHVFULWRUHQHOGHVDUUROORGHXQDUJXPHQWR  180(5$&,Ï1 '( 275$6 3$*,1$6 (1 (/ 0$5*(1 SDUD LQGLFDU GyQGH VHxDOD ORV PLVPRV SXQWRV HO DXWRU X RWURV SXQWRV UHIHULGRV D ORV \ D VHxDODGRVRFRQWUDULRVDpVWRV FRQHOILQGHXQLU ODVLGHDVGHOOLEURTXH DXQTXH HVWpQ VHSDUDGDV SRU PXFKDV SiJLQDV SHUWHQH]FDQ DO PLVPR JUXSR 0XFKRV OHFWRUHVHPSOHDQODVOHWUDV© FIª TXHVLJQLILFDQ© FRPSiUHVHª R© UHIHULGRDª  SDUDLQGLFDUHOQ~PHURGHODVRWUDVSiJLQDV  52'($5 &21 81 &Ë5&8/2 /$6 3$/$%5$6 2 )5$6(6 &/$9( FXPSOHSUiFWLFDPHQWHODPLVPDIXQFLyQTXHHOVXEUD\ DGR (6&5,%,5(1(/0$5*(12(1/$3$57(683(5,252,1)(5,25

'( /$ 3È*,1$ SDUD VHxDODU ODV SUHJXQWDV \  WDPELpQ ODV UHVSXHVWDV  TXH SXHGDSODQWHDUXQSiUUDIRFRQFUHWRSDUDUHGXFLUXQDH[SRVLFLyQFRPSOLFDGDDXQ HQXQFLDGR VHQFLOOR SDUD GHMDU FRQVWDQFLD GH OD VHFXHQFLD GH ORV SXQWRV PiV LPSRUWDQWHV GHO OLEUR 6H SXHGHQ XWLOL]DU ODV JXDUGDV GHO ILQDO SDUD FRQIHFFLRQDU XQtQGLFHSHUVRQDOGHGLFKRVSXQWRVSRURUGHQGHDSDULFLyQ 3DUDTXLHQHVWLHQHQODFRVWXPEUHGHSRQHUQRWDVHQORVOLEURVODVJXDUGDVGHO SULQFLSLRVXHOHQVHUODVPiVLPSRUWDQWHV$OJXQDVSHUVRQDVODVUHVHUYDQSDUDH[ OLEULV SHUR HVWR VyOR H[SUHVD OD SRVHVLyQ HFRQyPLFD GHO OLEUR 5HVXOWD PiV FRQYHQLHQWH UHVHUYDU ODV JXDUGDV GHO SULQFLSLR SDUD GHMDU FRQVWDQFLD GH OR TXH SLHQVD HO OHFWRU 'HVSXpV GH WHUPLQDU GH OHHU HO OLEUR \  GH HVFULELU HO tQGLFH SHUVRQDOHQODVJXDUGDVGHOILQDOGHEHPRVYROYHUDOSULQFLSLRHLQWHQWDUSHUILODUHO OLEURQRSiJLQDDSiJLQDRSXQWRSRUSXQWR\ DORKHPRVKHFKRHQODVJXDUGDVGHO ILQDO VLQRFRPRXQDHVWUXFWXUDLQWHJUDGDFRQXQSHUILOEiVLFR\ XQDRUGHQDFLyQ GH ODV GLYHUVDV SDUWHV (VH SHUILO UHSUHVHQWD OD PHGLGD HQ TXH HO OHFWRU KD FRPSUHQGLGR OD REUD \ D GLIHUHQFLD GH XQ H[ OLEULV H[SUHVD OD SURSLHGDG LQWHOHFWXDOGHOOLEUR /DVWUHVIRUPDVGHWRPDUQRWDV (Q ORV OLEURV SXHGHQ WRPDUVH WUHV FODVHV GLVWLQWDV GH QRWDV GHSHQGLHQGR GHO QLYHOGHOHFWXUDTXpWLSRKHPRVGHHOHJLU &XDQGR VH WUDWD GH OHFWXUD GH LQVSHFFLyQ TXL]i QR GLVSRQJDPRV GH PXFKR WLHPSR SDUD HOOR FRPR \ D KHPRV REVHUYDGR HQ HVWD FODVH GH OHFWXUD VLHPSUH KD\ OLPLWDFLyQGHWLHPSR6LQHPEDUJRDOOHHUDHVWHQLYHOVLHPSUHVHSODQWHDQ SUHJXQWDVLPSRUWDQWHVDFHUFDGHXQOLEUR\ VHUtDGHVHDEOHVLQRVLHPSUHSRVLEOH GHMDUFRQVWDQFLDGHODVUHVSXHVWDVFXDQGRD~QHVWiQIUHVFDVHQODPHPRULD /DV SUHJXQWDV D ODV TXH VH UHVSRQGH FRQ OD OHFWXUD GH LQVSHFFLyQ VRQ ODV VLJXLHQWHVHQSULPHUOXJDU¢TXpFODVHGHOLEURHV"(QVHJXQGROXJDU¢GHTXpWUDWD HQFRQMXQWR"<HQWHUFHU\ ~OWLPROXJDU¢FXiOHVHORUGHQHVWUXFWXUDOGHODREUD\ TXH VLJXH HO DXWRU SDUD GHVDUUROODU VX FRQFHSFLyQ R FRPSUHQVLyQ GHO WHPD" (O OHFWRU GHEHUtD WRPDU QRWDV FRQFHUQLHQWHV D VXV UHVSXHVWDV D WDOHV LQWHUURJDQWHV VREUHWRGRVLVDEHTXHYDQDSDVDUGtDVRLQFOXVRPHVHVKDVWDTXHSXHGDYROYHUD FRJHUHOOLEURHQFXHVWLyQSDUDUHDOL]DUXQDOHFWXUDDQDOtWLFD(OPHMRUOXJDUSDUD HVFULELUWDOHVQRWDVHVHOtQGLFHGHPDWHULDVRWDPELpQODSRUWDGLOODTXHHQRWUR FDVRTXHGDQYDFtRVVHJ~QHOHVTXHPDTXHKHPRVWUD]DGRDQWHULRUPHQWH +HPRV GH GHVWDFDU TXH HVWDV QRWDV VH UHILHUHQ IXQGDPHQWDOPHQWH D OD HVWUXFWXUDGHOLEURQRDVXHVHQFLDRDOPHQRVQRHQGHWDOOH3RUFRQVLJXLHQWH SRGHPRVGHILQLUHVWHWLSRGHQRWDVFRPRHVWUXFWXUDO (QHOWUDQVFXUVRGHXQDOHFWXUDGHLQVSHFFLyQHVSHFLDOPHQWHGHXQOLEURODUJR

\ GLItFLOVHSXHGHDFFHGHUDODVLGHDVGHODXWRUDFHUFDGHOWHPDTXHWUDWDSHUR FRQ VXPD IUHFXHQFLD RFXUUH OR FRQWUDULR HQ FX\ R FDVR KD\  TXH SRVSRQHU HO HQMXLFLDPLHQWRGHODH[DFWLWXGRODYHUDFLGDGGHODREUDKDVWDHOPRPHQWRHQTXH VH OHD HO OLEUR PiV GHWHQLGDPHQWH (QWRQFHV HQ HO WUDQVFXUVR GH OD OHFWXUD DQDOtWLFDHOOHFWRUWHQGUiTXHGDUUHVSXHVWDDODVSUHJXQWDVSODQWHDGDVDFHUFDGH ODYHUDFLGDGHLPSRUWDQFLDGHODREUD3RUFRQVLJXLHQWHODVQRWDVTXHVHWRPHQD HVWH QLYHO QR WLHQHQ XQ FDUiFWHU HVWUXFWXUDO VLQR FRQFHSWXDO SXHVWR TXH WUDWDQ VREUH ORV FRQFHSWRV GHO DXWRU \  WDPELpQ GHO OHFWRU DO KDEHUVH H[SDQGLGR \ SURIXQGL]DGRFRQODOHFWXUDGHOOLEUR ([LVWHXQDGLIHUHQFLDHYLGHQWHHQWUHODVQRWDVGHWLSRHVWUXFWXUDO\ FRQFHSWXDO ¢4Xp FODVH GH QRWDV VH WRPDQ FXDQGR VH GHGLFD D YDULRV OLEURV XQD OHFWXUD SDUDOHOD" (VWDV QRWDV WHQGUiQ FDUiFWHU IXQGDPHQWDOPHQWH FRQFHSWXDO \  ODV TXH VH HVFULEDQ HQ XQD SiJLQD VH UHIHULUiQ QR VyOR D RWUDV SiJLQDV GHO PLVPR OLEUR VLQRWDPELpQDODVGHRWURV 3RGHPRV GDU XQ SDVR PiV HQ HVWH VHQWLGR \ XQ OHFWRU UHDOPHQWH H[SHULPHQWDGRVHUiFDSD]GHGDUORFXDQGRUHDOLFHXQDOHFWXUDSDUDOHODGHYDULRV OLEURV FRQVLVWHQWH HQ WRPDU QRWDV VREUH OD IRUPD GH OD H[SRVLFLyQ GHO WHPD H[SRVLFLyQHQODTXHLQWHUYLHQHQWRGRVORVDXWRUHVLQFOXVRVLQVDEHUOR3RUUD]RQHV TXH DFODUDUHPRV HQ HO DSDUWDGR FXDUWR YDPRV D GHQRPLQDU GLDOpFWLFDV D WDOHV QRWDV &RPR VH UHILHUHQ D YDULRV OLEURV QR VyOR D XQR QRUPDOPHQWH KD\  TXH WRPDUODVHQXQDRYDULDVKRMDVDSDUWHORTXHOOHYDDSDUHMDGDVXQDHVWUXFWXUDGH FRQFHSWRV XQD RUGHQDFLyQ GH HQXQFLDGRV \  SUHJXQWDV DFHUFD GH XQ VROR WHPD 9ROYHUHPRVDWUDWDUHVWHWLSRGHQRWDVHQHOFDStWXOR )RUPDFLyQGHOKiELWRGHODOHFWXUD 4XLHQHVSRVHHQXQDGHVWUH]DRKDELOLGDGHQDOJRVRQTXLHQHVVHKDQIRUPDGRHO KiELWRGHIXQFLRQDUGHDFXHUGRFRQODVQRUPDVTXHODVULJHQ(QHVWRFRQVLVWHOD GLIHUHQFLD HQWUH HO DUWLVWD R HO DUWHVDQR \  ODV SHUVRQDV TXH QR GRPLQDQ WDOHV WHUUHQRV 3HURQRH[LVWHQLQJ~QRWURPRGRGHIRUPDUHOKiELWRGHIXQFLRQDUGHRSHUDU VL QR HV SUHFLVDPHQWH IXQFLRQDQGR HQ HVWR FRQVLVWH HO DSUHQGL]DMH FRQ OD SUiFWLFD/DGLIHUHQFLDHQXQDDFWLYLGDGDQWHV\ GHVSXpVGHKDEHUVHIRUPDGRHO KiELWRFRLQFLGHFRQODGLIHUHQFLDGHIDFLOLGDG\ DSWLWXG&RQODSUiFWLFDHVSRVLEOH KDFHU ODV PLVPDV FRVDV PXFKR PHMRU TXH DO SULQFLSLR SRU HVR VH GLFH TXH OD SUiFWLFD SHUIHFFLRQD 6L ELHQ DO SULQFLSLR KDFHPRV DOJR GH PDQHUD LPSHUIHFWD SRFR D SRFR OOHJDPRV D KDFHUOR FRQ OD SHUIHFFLyQ FDVL DXWRPiWLFD GH XQD DFWXDFLyQ LQVWLQWLYD $ HVR QRV UHIHULPRV FXDQGR GHFLPRV TXH OD FRVWXPEUH HO KiELWRHVXQDVHJXQGDQDWXUDOH]D &RQRFHUODVUHJODVGHXQDUWHQRHTXLYDOHDKDEHUDGTXLULGRHOKiELWR&XDQGR

KDEODPRVGHXQDSHUVRQDFRQFLHUWDKDELOLGDGRGHVWUH]DQRTXHUHPRVGHFLUTXH FRQR]FDODVUHJODVSDUDKDFHUHVHDOJRFRQFUHWRVLQRTXHKDDGTXLULGRHOKiELWR GH KDFHUOR 1DWXUDOPHQWH HV FLHUWR TXH FRQRFHU ODV UHJODV PiV R PHQRV H[SOtFLWDPHQWH FRQVWLWX\ H XQD FRQGLFLyQ LQGLVSHQVDEOH SDUD DGTXLULU HO KiELWR SRUTXHQRHVSRVLEOHVHJXLUXQDVUHJODVTXHQRVHFRQRFHQQLDGTXLULUXQKiELWR DUWtVWLFR ²FXDOTXLHU GHVWUH]D HQ GHILQLWLYD² VL QR VH REHGHFHQ ODV QRUPDV (O DUWHFRPRDOJRTXHSXHGHHQVHxDUVHFRQVLVWHHQXQDVHULHGHUHJODVTXHKD\ TXH VHJXLU(ODUWHFRPRDOJRTXHVHDSUHQGH\ TXHVHOOHJDDSRVHHUFRQVLVWHHQHO KiELWRTXHGHULYDGHIXQFLRQDUGHRSHUDUVHJ~QGLFKDVUHJODV 3HUR QR WRGR HO PXQGR FRPSUHQGH TXH VHU DUWLVWD FRQVLVWH HQ IXQFLRQDU DGDSWiQGRVH D FLHUWDV UHJODV (V PX\  QRUPDO RtU HO VLJXLHQWH FRPHQWDULR UHILULpQGRVHDXQSLQWRURXQHVFXOWRUPX\ RULJLQDO© 1RVHDWLHQHDODVQRUPDV VXREUDHVWRWDOPHQWHRULJLQDODOJRTXHQRVHKDEtDKHFKRKDVWDDKRUDDOJRSDUD ORTXHQRH[LVWHQQRUPDVª 3HURTXLHQHVKDFHQWDOHVFRPHQWDULRVQRDOFDQ]DQD FRPSUHQGHU TXp UHJODV KD VHJXLGR HO DUWLVWD (Q VHQWLGR HVWULFWR QR H[LVWHQ QRUPDVGHILQLWLYDVSDUDUHDOL]DUXQFXDGURRXQDHVFXOWXUDSHURVtSDUDSUHSDUDU HOOLHQ]RPH]FODU\ DSOLFDUORVFRORUHV\ WDPELpQSDUDPRGHODUDUFLOODRVROGDU DFHUR(OSLQWRURHOHVFXOWRUWLHQHQTXHKDEHUVHJXLGRWDOHVQRUPDVSXHVHQRWUR FDVR QR SRGUtDQ KDEHU OOHYDGR D WpUPLQR VX REUD ,QGHSHQGLHQWHPHQWH GH OR RULJLQDOGHVXSURGXFFLyQILQDOGHORSRFRTXHSDUH]FDQFXPSOLUODV© UHJODVª GHO DUWH WDO FRPR VH KDQ YHQLGR HQWHQGLHQGR WUDGLFLRQDOPHQWH KDQ GH SRVHHU OD GHVWUH]D SDUD UHDOL]DU GLFKD SURGXFFLyQ \  GH HVH DUWH ²GHVWUH]D R KDELOLGDG² WUDWDHOSUHVHQWHOLEUR 'HODVQRUPDVP~OWLSOHVDOKiELWR~QLFR /HHUHVFRPRHVTXLDU&XDQGRVHKDFHELHQFXDQGRORKDFHXQH[SHUWRDPEDV DFWLYLGDGHV UHVXOWDQ DUPRQLRVDV JUiFLOHV SHUR FXDQGR OR KDFH XQ SULQFLSLDQWH UHVXOWDQWRUSHVIUXVWUDQWHV\ OHQWDV $SUHQGHU D HVTXLDU HV XQD GH ODV H[SHULHQFLDV PiV KXPLOODQWHV SRU ODV TXH SXHGH SDVDU XQ DGXOWR XQD GH ODV UD]RQHV SRU ODV TXH VH GHEH HPSH]DU GHVGH SHTXHxR  $O ILQ \  DO FDER XQD SHUVRQD DGXOWD OOHYD DQGDQGR PXFKR WLHPSR \ VDEHFyPRKDGHSRQHUXQSLHGHODQWHGHORWURSDUDGLULJLUVHDDOJ~QVLWLR3HURHQ FXDQWRVHFRORFDXQRVHVTXtHVHVFRPRVLWXYLHUDTXHDSUHQGHUDDQGDUGHVGHHO SULQFLSLR VH HVFXUUH VH FDH VH OHYDQWD FRQ GLILFXOWDG VH OH FUX]DQ ORV HVTXtHV YXHOYHDFDHUVH\ VXHOHSDUHFHU²\ VHQWLUVH²WRQWR $O SULQFLSLR QL VLTXLHUD HO PHMRU PRQLWRU GH HVTXt SDUHFH VHUYLU GH PXFKD D\ XGD/DIDFLOLGDGFRQODTXHpOUHDOL]DXQDVHULHGHDFWRVTXHVHJ~QDVHJXUD VRQ PX\  VHQFLOORV SHUR TXH D RMRV GHO QR LQLFLDGR UHVXOWDQ SUiFWLFDPHQWH LPSRVLEOHVHVSRFRPHQRVTXHLQVXOWDQWH¢&yPRUHFRUGDUWRGRORTXHHOPRQLWRU

GLFH TXH KD\  TXH UHFRUGDU" 'REODU ODV URGLOODV PLUDU GH IUHQWH FXHVWD DEDMR PDQWHQHUODHVSDOGDUHFWDSHURLQFOLQDUVHKDFLDDGHODQWH/DVUHFRPHQGDFLRQHV SDUHFHQLQILQLWDV¢FyPRHVWDUSHQGLHQWHVGHHOODV\ DGHPiVHVTXLDU" 1DWXUDOPHQWHHOWUXFRGHOHVTXtFRQVLVWHHQQRSHQVDUHQORVGLIHUHQWHVDFWRV TXH DO XQtVRQR FRQVWLWX\ HQ XQ PRYLPLHQWR OLJHUR \  IiFLO R XQD VHULH GH PRYLPLHQWRVHQFDGHQDGRVORTXHKD\ TXHKDFHUHVILMDUODPLUDGDHQODFXHVWD DEDMR HQ SUHYLVLyQ GH REVWiFXORV \  GH ORV GHPiV HVTXLDGRUHV GLVIUXWDU GH OD VHQVDFLyQGHOYLHQWRIUtRHQODFDUDVRQUHtUFRQSODFHUSRUORVPRYLPLHQWRViJLOHV GHOFXHUSRPLHQWUDVVHEDMDDWRGDYHORFLGDGPRQWDxDDEDMR(QRWUDVSDODEUDV KD\  TXH DSUHQGHU D ROYLGDUVH GH ORV DFWRV FRPR DOJR VHSDUDGR FRQ HO ILQ GH UHDOL]DU ELHQ WRGRV \  FDGD XQR GH HOORV SHUR SDUD ROYLGDUORV FRPR DFWRV VHSDUDGRV GLVWLQWRV SULPHUR KD\ TXH DSUHQGHUORV FRPR WDOHV 6yOR HQWRQFHV SRGUHPRVXQLUORV\ VHUEXHQRVHVTXLDGRUHV /RPLVPRRFXUUHFRQODOHFWXUD(VSUREDEOHTXHXQDSHUVRQDOOHYHOH\ HQGR PXFKR WLHPSR HQ FX\ R FDVR HPSH]DU D DSUHQGHU GHVGH HO SULQFLSLR SXHGH UHVXOWDUKXPLOODQWHSHURHVWDQDSOLFDEOHDODOHFWXUDFRPRDOHVTXtHOKHFKRGH TXH QR VH SXHGDQ IXVLRQDU PXFKRV DFWRV GLVWLQWRV HQ XQD DFWXDFLyQ FRPSOHMD \ DUPRQLRVD KDVWD VHU H[SHUWR HQ WRGRV \  FDGD XQR GH HOORV &DGD DFWR UHTXLHUH WRGD OD DWHQFLyQ GH TXLHQ OR UHDOL]D PLHQWUDV OR HVWi UHDOL]DQGR \  GHVSXpV GH KDEHUSUDFWLFDGRFDGDXQDGHODVSDUWHVSRUVHSDUDGRVHSRGUiQUHDOL]DUQRVyOR FRQ PD\ RU IDFLOLGDG \  SUHVWiQGROH PHQRV DWHQFLyQ VLQR TXH SRFR D SRFR VH SRGUiQXQLUSDUDIRUPDUXQWRGR /RDQWHULRUHVDOJRELHQVDELGRSRUWRGRHOPXQGRDFHUFDGHODSUHQGL]DMHGH XQD GHVWUH]D FRPSOLFDGD \  VL LQVLVWLPRV HQ HOOR VH GHEH VLPSOHPHQWH D TXH GHVHDPRV TXH HO OHFWRU FRPSUHQGD TXH DSUHQGHU D OHHU UHVXOWD DO PHQRV WDQ FRPSOHMR FRPR DSUHQGHU D HVTXLDU D PHFDQRJUDILDU R D MXJDU DO WHQLV 6L UHFXHUGDODSDFLHQFLDGHTXHWXYRTXHKDFHUDFRSLRHQFXDOTXLHURWUDH[SHULHQFLD GHDSUHQGL]DMHDQWHULRUVHUiPiVWROHUDQWHFRQORVSURIHVRUHVTXHGHQWURGHSRFR HQXPHUDUiQXQDODUJDOLVWDGHQRUPDVSDUDODOHFWXUD /D SHUVRQD TXH KD WHQLGR OD H[SHULHQFLD GH DGTXLULU XQD GHVWUH]D FRPSOHMD VDEH TXH QR KD GH WHPHU HO GHVSOLHJXH GH UHJODV TXH VH SUHVHQWDQ FXDQGR VH HPSLH]DDDSUHQGHUDOJRQXHYR6DEHTXHQRKDGHSUHRFXSDUVHGHFyPRYDQD IXQFLRQDU FRQMXQWDPHQWH WRGRV ORV DFWRV TXH GHEH UHDOL]DU FRQ HILFDFLD \  SRU VHSDUDGR /DPXOWLSOLFLGDGGHODVQRUPDVLQGLFDODFRPSOHMLGDGGHOKiELWRTXHVHKDGH IRUPDU QR XQD SOXUDOLGDG GH KiELWRV GLVWLQWRV /DV SDUWHV VH IXVLRQDQ D PHGLGD TXHFDGDXQDGHHOODVOOHJDDODHWDSDGHHMHFXFLyQDXWRPiWLFD&XDQGRSXHGDQ OOHYDUVHDFDERWRGRVORVDFWRVVXERUGLQDGRVGHPDQHUDPiVRPHQRVDXWRPiWLFD VHKDEUiFRQVHJXLGRHOKiELWRGHWRGDODDFWXDFLyQ\ HQWRQFHV\ DVHSRGUiSHQVDU HQ LQWHQWDU XQ PRYLPLHQWR GH HVTXt QXHYR R HQ OHHU XQ OLEUR TXH DQWHV VH FRQVLGHUDED GHPDVLDGR GLItFLO $O SULQFLSLR HO DSUHQGL] SUHVWD DWHQFLyQ D Vt

PLVPR\ DVXGHVWUH]DHQORVGLVWLQWRVDFWRV\ FXDQGRpVWRVSLHUGHQVXFDUiFWHU DLVODGRFRQHOGRPLQLRGHWRGDODDFWXDFLyQDOPHQRVSXHGHSUHVWDUDWHQFLyQDO REMHWLYRTXHODWpFQLFDTXHKDDGTXLULGROHSHUPLWHFRQVHJXLU (VSHUDPRV KDEHU DOHQWDGR DO OHFWRU FRQ OR TXH KHPRV GLFKR KDVWD DKRUD 5HVXOWDGLItFLODSUHQGHUDOHHUELHQ/DOHFWXUDVREUHWRGRODDQDOtWLFDQRHVVyOR XQD DFWLYLGDG PX\  FRPSOHMD PXFKR PiV TXH HVTXLDU WLHQH PXFKR PiV GH DFWLYLGDG PHQWDO (O HVTXLDGRU SULQFLSLDQWH GHEH SHQVDU HQ DFWRV ItVLFRV TXH GHVSXpVSXHGHROYLGDU\ HMHFXWDUFDVLDXWRPiWLFDPHQWH\ UHVXOWDUHODWLYDPHQWH VHQFLOORSHQVDUHQHVWHWLSRGHDFWRV\ VHUFRQVFLHQWHGHHOORV3UHVHQWDPXFKDV PiV GLILFXOWDGHV SHQVDU HQ DFWRV PHQWDOHV FRPR KD GH KDFHU HO OHFWRU SULQFLSLDQWH HQ FLHUWR VHQWLGR SLHQVD HQ VXV SURSLRV SHQVDPLHQWRV /D PD\ RUtD GHODVSHUVRQDVQRHVWiDFRVWXPEUDGDDKDFHUWDOFRVDSHURHVSRVLEOHKDFHUOD\ TXLHQORFRQVLJDDSUHQGHUiDOHHUPXFKRPHMRU

6(*81'$3$57( (OWHUFHUQLYHOGHOHFWXUD/DOHFWXUDDQDOtWLFD

 &/$6,),&$&,Ï1'(81/,%52


WRGRV ORV OHFWRUHV UHFRQRFHQ XQD REUD GH ILFFLyQ QDGD PiV YHUOD R HVR SRGUtD SDUHFHUVLQHPEDUJRQRVLHPSUHUHVXOWDWDQIiFLO(OODPHQWRGH3RUWQR\¢HVXQD QRYHODRXQHVWXGLRSVLFRDQDOtWLFR"(ODOPXHU]RGHVQXGR¢HVXQDREUDGHILFFLyQR XQ WUDWDGR FRQWUD HO DEXVR GH GURJDV VLPLODU D ORV OLEURV TXH DQWLJXDPHQWH UHODWDEDQ ORV KRUURUHV GHO DOFRKROLVPR SDUD HGLILFDFLyQ GH ORV OHFWRUHV" ¢(V /R TXHHOYLHQWRVHOOHYyXQDQRYHODRXQDKLVWRULDGHOVXUGH(VWDGRV8QLGRVDQWHVGH \ GXUDQWHODJXHUUDGHVHFHVLyQ"&DOOH0D\RU\ /DVXYDVGHODLUD¢SHUWHQHFHQD OD FDWHJRUtD GH OD OLWHUDWXUD R VRQ DPEDV HVWXGLRV VRFLROyJLFRV OD SULPHUD FHQWUDGDHQODVH[SHULHQFLDVXUEDQDV\ ODVHJXQGDHQODYLGDUXUDO" 1DWXUDOPHQWH WRGRV ORV WtWXORV PHQFLRQDGRV VRQ QRYHODV WRGRV HOORV DSDUHFLHURQHQWUHORVp[LWRVGHYHQWDGHILFFLyQ<VLQHPEDUJRODVSUHJXQWDVTXH KHPRV SODQWHDGR QR VRQ DEVXUGDV 6L QRV JXLiVHPRV ~QLFDPHQWH SRU HO WtWXOR UHVXOWDUtDGLItFLOGHFLUHQHOFDVRGH&DOOH0D\RU\ 0LGGOHWRZQFXiOGHODVGRVHV ILFFLyQ \  FXiO VRFLRORJtD (QFRQWUDPRV WDO PHGLGD GH VRFLRORJtD HQ DOJXQDV QRYHODV FRHWiQHDV \  WDQWD ILFFLyQ HQ DOJXQDV REUDV VRFLROyJLFDV TXH D YHFHV FXHVWDWUDEDMRGLVWLQJXLUXQDVGHRWUDVSHURH[LVWHQRWURVWLSRVGHFLHQFLD²ItVLFD \ TXtPLFDSRUHMHPSOR²HQOLEURVFRPR/DUD]DGH$QGUyPHGDRODVQRYHODVGH 5REHUW +HLQOHLQ R $UWKXU & &ODUNH \  XQ OLEUR FRPR (O XQLYHUVR \ HO GRFWRU (LQVWHLQVLELHQFODUDPHQWHQRHVGHILFFLyQUHVXOWDFDVLWDQ© OHJLEOHª FRPRXQD QRYHODRSUREDEOHPHQWHPiVTXHODVREUDVGH:LOOLDP)DXONQHUSRUHMHPSOR (Q SULPHU OXJDU OR TXH WUDQVPLWH XQ OLEUR GH HQVD\ R HV FRQRFLPLHQWRV HPSOHDGD HVWD SDODEUD HQ XQ VHQWLGR PX\  DPSOLR &XDOTXLHU OLEUR TXH FRQVLVWD IXQGDPHQWDOPHQWH HQ RSLQLRQHV WHRUtDV KLSyWHVLV R HVSHFXODFLRQHV FX\ D YHUDFLGDG VH DVHJXUD PiV R PHQRV H[SOtFLWDPHQWH WUDQVPLWH FRQRFLPLHQWR HQ HVWHVHQWLGR\ HVXQOLEURGHHQVD\ R$OLJXDOTXHRFXUUHFRQODVREUDVGHILFFLyQ OD PD\ RUtD GH ODV SHUVRQDV SXHGHQ UHFRQRFHU LQPHGLDWDPHQWH XQD REUD GH HQVD\ R 6LQ HPEDUJR HQ HVWH FDVR QR VH WUDWD GH GLVWLQJXLU OD ILFFLyQ GH OD QR ILFFLyQ VLQR GH FRPSUHQGHU TXH H[LVWHQ GLYHUVRV WLSRV GH OLEURV GH HQVD\ R /R IXQGDPHQWDOQRFRQVLVWHHQVDEHUTXpOLEURVHVWiQGHGLFDGRVDODLQVWUXFFLyQVLQR WDPELpQDTXpWLSRGHLQVWUXFFLyQ/DVFODVHVGHLQIRUPDFLyQRFRQRFLPLHQWRVTXH WUDQVPLWHQ XQ OLEUR GH KLVWRULD \  RWUR GH ILORVRItD QR VRQ ODV PLVPDV FRPR WDPSRFRORVRQORVSUREOHPDVGHORVTXHWUDWDQXQDREUDGHItVLFD\ RWUDGHpWLFD QLORVPpWRGRVTXHHPSOHDQVXVDXWRUHVSDUDUHVROYHUSUREOHPDVWDQGLIHUHQWHV 3RU FRQVLJXLHQWH HVWD SULPHUD UHJOD GH OD OHFWXUD DQDOtWLFD VL ELHQ HV DSOLFDEOH D WRGR WLSR GH OLEURV VH DSOLFD HVSHFLDOPHQWH D ODV REUDV GH HQVD\ R ¢&yPR SXHGH GHVHQYROYHUVH HO OHFWRU FRQ VHPHMDQWH UHJOD VREUH WRGR FRQ OD ~OWLPDFOiXVXOD" &RPR\ DKHPRVDSXQWDGRHOSULPHUSDVRFRQVLVWHHQLQVSHFFLRQDUHOOLEURHV GHFLUGHGLFDUOHXQDOHFWXUDGHLQVSHFFLyQ+D\ TXHOHHUHOWtWXORHOVXEWtWXORHO tQGLFH GH PDWHULDV \  SRU OR PHQRV KD\  TXH GDUOH XQD EUHYH RMHDGD D OD

LQWURGXFFLyQGHODXWRU\ DORWURtQGLFH6LHOOLEURHQFXHVWLyQWLHQHVREUHFXELHUWD FRQYLHQH OHHU OD SXEOLFLGDG SRUTXH HV FRPR VL HO DXWRU HQDUERODVH EDQGHUDV GH VHxDOHVSDUDTXHHOOHFWRUVHSDGHTXpODGRVRSODHOYLHQWR\ QRVHUiFXOSDVX\ DVL HOOHFWRUQRVHGHWLHQHDPLUDU\ HVFXFKDU 4XpVHSXHGHVDEHUDSDUWLUGHODSRUWDGDGHXQOLEUR +D\ PXFKRVPiVOHFWRUHVGHORTXHVHFUHHTXHQRSUHVWDQODPHQRUDWHQFLyQ D ODV VHxDOHV GH ODV TXH KHPRV KDEODGR H[SHULHQFLD SRU OD TXH KHPRV SDVDGR UHSHWLGDPHQWH FRQ ORV DOXPQRV DO SUHJXQWDUOHV VREUH TXp WUDWDED XQ OLEUR DO SUHJXQWDUOHVHQWpUPLQRVJHQHUDOHVTXpFODVHGHOLEURWHQtDQHQWUHPDQRVeVWD HV XQD EXHQD IRUPD FDVL LQGLVSHQVDEOH GH FRPHQ]DU OD GLVFXVLyQ GH XQD REUD SHURGHWRGRVPRGRVDYHFHVUHVXOWDGLItFLOREWHQHUUHVSXHVWDDODSUHJXQWD $FRQWLQXDFLyQYDPRVDYHUXQSDUGHHMHPSORVGHODFODVHGHFRQIXVLyQTXH VHSXHGHSURGXFLU(Q'DUZLQSXEOLFyXQOLEURTXHDOFDQ]yJUDQIDPD8Q VLJORPiVWDUGHWRGRHOPXQGRGHKDEODLQJOHVDDSODXGtDODDSDULFLyQGHODREUD IXH REMHWR GH LQWHUPLQDEOHV GHEDWHV \  VX LQIOXHQFLD UHFRQRFLGD SRU SHUVRQDV FXOWDV \  QR WDQ FXOWDV (VWD REUD WUDWDED VREUH OD WHRUtD GH OD HYROXFLyQ \  HQ HO WtWXORDSDUHFtDODSDODEUD© HVSHFLHª ¢&XiOHUDHOWtWXOR" 3UREDEOHPHQWHHOOHFWRUKDEUiUHVSRQGLGR(ORULJHQGHODVHVSHFLHVHQFX\ R FDVRKDEUiDFHUWDGR3HURSRGUtDKDEHUUHVSRQGLGRGHRWUDIRUPD\ KDEHUGLFKR (ORULJHQGHODHVSHFLH +DFH SRFR WLHPSR SUHJXQWDPRV D YHLQWLFLQFR SHUVRQDV UHODWLYDPHQWHFXOWDVFXiOHUDH[DFWDPHQWHHOWtWXORGHOOLEURGH'DUZLQ\ PiVGH ODPLWDGUHVSRQGLy(ORULJHQGHODHVSHFLH/DUD]yQGHWDOHUURUSDUHFHHYLGHQWH DOQRKDEHUOHtGRHOOLEURSHQVDEDQTXHJXDUGDEDUHODFLyQFRQHOGHVDUUROORGHOD HVSHFLH KXPDQD (Q UHDOLGDG WLHQH EDVWDQWH SRFR TXH YHU FRQ HVWH WHPD TXH 'DUZLQ WUDWy HQ XQ OLEUR SRVWHULRU /DDVFHQGHQFLDGHOKRPEUH (O RULJHQ GH ODV HVSHFLHV WUDWD SUHFLVDPHQWH HO WHPD TXH VX SURSLR WtWXOR LQGLFD HV GHFLU OD SUROLIHUDFLyQ HQ HO PXQGR QDWXUDO GH XQ JUDQ Q~PHUR GH HVSHFLHV GH SODQWDV \ DQLPDOHV D SDUWLU GH XQ Q~PHUR PXFKR PHQRU GH HVSHFLHV GHELGR IXQGDPHQWDOPHQWHDOSULQFLSLRGHODVHOHFFLyQQDWXUDO0HQFLRQDPRVHVWHHUURU WDQH[WHQGLGRSRUTXHPXFKDVSHUVRQDVFUHHQFRQRFHUHOWtWXORGHOOLEURSHURPX\ SRFDV VH KDQ WRPDGR OD PROHVWLD GH OHHU HO WtWXOR FXLGDGRVDPHQWH \  GH SHQVDU VREUHVXVLJQLILFDGR 3RQJDPRVRWURHMHPSOR(QHVWHFDVRQROHSHGLPRVDOOHFWRUTXHUHFXHUGHHO WtWXORVLQRTXHSLHQVHHQORTXHVLJQLILFD*LEERQHVFULELyXQOLEURTXHREWXYRJUDQ UHQRPEUHVREUHHO,PSHULRURPDQR\ ORWLWXOy+LVWRULDGHODGHFDGHQFLD\FDtGD GHO,PSHULRURPDQR &DVL WRGR HO PXQGR TXH VH HQFXHQWUD FRQ HVWH OLEUR HQ ODV PDQRVUHFRQRFHHOWtWXOR\ ODPD\ RUtDGHODVSHUVRQDVORFRQRFHLQFOXVRVLQROR

WLHQH GHODQWH GH Vt 'H KHFKR OD H[SUHVLyQ © GHFDGHQFLD \  FDtGDª  HV \ D SURYHUELDO6LQHPEDUJRFXDQGRSUHJXQWDPRVDODVPLVPDVYHLQWLFLQFRSHUVRQDV WRGDVHOODVEDVWDQWHFXOWDVSRUTXpHOSULPHUFDStWXORVHGHQRPLQD© ([WHQVLyQ\ IXHU]DPLOLWDUGHO,PSHULRHQODpSRFDGHORV$QWRQLQRVª UHVXOWyTXHQRWHQtDQQL LGHD1RVHGDEDQFXHQWDGHTXHVLHOOLEURFRPRFRQMXQWRVHWLWXOD'HFDGHQFLD \ FDtGDKD\ TXHDVXPLUTXHODQDUUDFLyQGHEHFRPHQ]DUFRQHOSXQWRFXOPLQDQWH GHO ,PSHULR URPDQR \  FRQWLQXDU KDVWD HO ILQDO 'H IRUPD LQFRQVFLHQWH KDEtDQ LQWHUSUHWDGR© GHFDGHQFLD\ FDtGDª FRPR© DVFHQVR\ FDtGDª /HVFRQIXQGtDHO KHFKRGHTXHQRVHWUDWDVHHOWHPDGHOD5HS~EOLFDURPDQDTXHWRFyDVXILQXQ VLJOR \  PHGLR DQWHV GH OD pSRFD GH ORV $QWRQLQRV 6L KXELHUDQ OHtGR HO WtWXOR FXLGDGRVDPHQWHSRGUtDQKDEHUFRPSUHQGLGRTXHHVWDpSRFDIXHSUHFLVDPHQWHHO SXQWR FXOPLQDQWH GHO ,PSHULR LQFOXVR VLQ KDEHUOR VDELGR (Q RWUDV SDODEUDV OH\ HQGRHOWtWXORKDEUtDQREWHQLGRODLQIRUPDFLyQHVHQFLDOVREUHHOOLEURDQWHVGH HPSH]DU D OHHUOR SHUR QR OR KLFLHURQ FRPR OHV RFXUUH D OD PD\ RUtD GH ODV SHUVRQDVLQFOXVRFRQXQOLEURSRFRFRQRFLGR 8QD GH ODV UD]RQHV SRU ODV TXH PXFKRV OHFWRUHV SDVDQ SRU DOWR HO WtWXOR \  OD LQWURGXFFLyQGHORVOLEURVHVTXHQRFRQVLGHUDQLPSRUWDQWHFODVLILFDUODVREUDVTXH OHHQ HV GHFLU QR FXPSOHQ OD SULPHUD UHJOD GH OD OHFWXUD DQDOtWLFD 6L KXELHUDQ LQWHQWDGR VHJXLUOD KDEUtDQ TXHGDGR PX\  DJUDGHFLGRV DO DXWRU SRU OD D\ XGD SUHVWDGD6DOWDDODYLVWDTXHHODXWRUFRQVLGHUDLPSRUWDQWHTXHHOOHFWRUFRQR]FD TXpFODVHGHOLEUROHHVWiRIUHFLHQGR\ SRUHVRVHWRPDODPROHVWLDGHH[SOLFDUOR HQODLQWURGXFFLyQ\ QRUPDOPHQWHLQWHQWDTXHHOWtWXOR²RDOPHQRVHOVXEWtWXOR² UHVXOWH VXILFLHQWHPHQWH GHVFULSWLYR 3RU HVH PRWLYR HQ OD LQWURGXFFLyQ GH /D HYROXFLyQGHOD)tVLFD(LQVWHLQH,QIHOGHVSHUDQTXHHOOHFWRUVHSDTXH© XQOLEUR FLHQWtILFRDXQTXHVHDGHGLYXOJDFLyQQRKD\ TXHOHHUORGHOPLVPRPRGRTXHXQD QRYHODª 3RUDxDGLGXUDRIUHFHQXQtQGLFHGHPDWHULDVFRQHOILQGHSUHVHQWDUDO OHFWRUXQDYDQFHGHORVGHWDOOHVGHODREUD(QFXDOTXLHUFDVRHOHQFDEH]DPLHQWR GH ORV FDStWXORV GHO SULQFLSLR GH OD REUD FXPSOH HO SURSyVLWR GH DPSOLDU HO VLJQLILFDGRGHOWtWXOR (OOHFWRUTXHSDVDSRUDOWRWRGRVHVWRVGHWDOOHVVyORSXHGHFXOSDUVHDVtPLVPR VL VH TXHGD SHUSOHMR DQWH OD VLJXLHQWH SUHJXQWD ¢TXp FODVH GH OLEUR WHQJR HQ ODV PDQRV"<VXSHUSOHMLGDGDXPHQWDUiSRUTXHVLQRSXHGHUHVSRQGHUDWDOSUHJXQWD \  VL QXQFD VH OD SODQWHD VHUi LQFDSD] GH UHVSRQGHU D RWUDV PXFKDV SUHJXQWDV VREUHHOOLEUR 3HURDXQTXHWHQJDJUDQLPSRUWDQFLDOHHUHOWtWXORHVRQRORHVWRGR3RUPX\ FODURTXHUHVXOWHXQWtWXORQRD\ XGDUiDOOHFWRUDFODVLILFDUXQOLEURDPHQRVTXH KD\ DWUD]DGRFRQWRGDFODULGDGODVOtQHDVJHQHUDOHVGHODFODVLILFDFLyQ 1RFRPSUHQGHUiHOVHQWLGRHQHOTXH(OHPHQWRVGHJHRPHWUtD GH (XFOLGHV \ 3ULQFLSLRVGHSVLFRORJtDGH:LOOLDP-DPHVSHUWHQHFHQDODPLVPDFDWHJRUtDVLQR VDEH TXH WDQWR OD JHRPHWUtD FRPR OD SVLFRORJtD VRQ FLHQFLDV \ SRU VXSXHVWR VL WDPSRFRVDEHTXH© HOHPHQWRVª \ © SULQFLSLRVª WLHQHQSUiFWLFDPHQWHHOPLVPR

VLJQLILFDGRHQDPERVWtWXORVDXQTXHQRHQJHQHUDO QLSRGUiGLVWLQJXLUHQWUHHOORV D PHQRV TXH VHSD TXH FRQVWLWX\ HQ GRV WLSRV GH FLHQFLD GLVWLQWRV 'HO PLVPR PRGRHQHOFDVRGH3ROtWLFDGH$ULVWyWHOHV\ GH,QYHVWLJDFLyQVREUHODQDWXUDOH]D \ ODV FDXVDV GH OD ULTXH]D GH ODV QDFLRQHV GH $GDP 6PLWK VyOR VH SXHGHQ HVWDEOHFHU ODV GLIHUHQFLDV \  ODV VLPLOLWXGHV HQWUH DPEDV REUDV VL VH VDEH HQ TXp FRQVLVWHXQSUREOHPDSUiFWLFR\ TXpFODVHVGHSUREOHPDVSUiFWLFRVH[LVWHQ $ YHFHV ORV WtWXORV FRQWULEX\ HQ D IDFLOLWDU OD FODVLILFDFLyQ GH ORV OLEURV &XDOTXLHUD SXHGH VDEHU TXH (OHPHQWRV GH (XFOLGHV *HRPHWUtD GH 'HVFDUWHV \ )XQGDPHQWRV GH JHRPHWUtD GH +LOEHUW VRQ REUDV PDWHPiWLFDV PiV R PHQRV VLPLODUHV HQ FXDQWR DO WHPD SHUR QR VLHPSUH RFXUUH DVt 1R UHVXOWD WDQ IiFLO VDEHUTXH/DFLXGDGGH'LRV GH 6DQ $JXVWtQ /HYLDWiQ GH +REEHV \  (O FRQWUDWR VRFLDO GH 5RXVVHDX VRQ WUDWDGRV VRFLROyJLFRV VL ELHQ XQ H[DPHQ GHWHQLGR GHO HQFDEH]DPLHQWR GH FDGD FDStWXOR QRV UHYHODUtD ORV WHPDV FRPXQHV D ODV WUHV REUDV 3HURLQVLVWLPRVHQTXHDJUXSDUORVOLEURVSRUSHUWHQHFHUDODPLVPDFDWHJRUtD QR HV VXILFLHQWH SDUD FXPSOLU HVWD SULPHUD UHJOD GH OHFWXUD KD\  TXH VDEHU TXp FDWHJRUtDHV(OOHFWRUQRORFRPSUHQGHUiFRQHOWtWXORQLFRQODLQWURGXFFLyQQL VLTXLHUD FRQ HO OLEUR HQ FRQMXQWR HQ DOJXQDV RFDVLRQHV D PHQRV TXH HVWDEOH]FD FLHUWDV FDWHJRUtDV DSOLFDEOHV D XQD FODVLILFDFLyQ LQWHOLJLEOH GH ORV OLEURV \  pVWD VyOR SXHGH UHVXOWDU LQWHOLJLEOH WUD]DQGR GLIHUHQFLDV \ GH HVWH PRGR FUHDQGR FDWHJRUtDVTXHWHQJDQVHQWLGR\ VXSHUHQODSUXHEDGHOWLHPSR
VDEHQTXpVLJQLILFDQ\ TXL]iPHQRVTXHQDGLHODVSHUVRQDVUHDOLVWDV\ SUiFWLFDV TXHGHVFRQItDQGHORVWHyULFRVHVSHFLDOPHQWHVLHVWiQHQHOJRELHUQR3DUDWDOHV SHUVRQDV© WHyULFRª VLJQLILFDYLVLRQDULRRLQFOXVRPtVWLFR\ © SUiFWLFRª DOJRTXH IXQFLRQD DOJR TXH WLHQH XQD UHFRPSHQVD LQPHGLDWD HQ HIHFWLYR ([LVWH XQ HOHPHQWR GH YHUGDG HQ HVWD SRVWXUD /R SUiFWLFR HVWi UHODFLRQDGR FRQ OR TXH IXQFLRQD GH FLHUWR PRGR LQPHGLDWDPHQWH R D OD ODUJD /R WHyULFR VH UHILHUH D DOJRTXHKD\ TXHYHURFRPSUHQGHU6LDILQDPRVXQSRFRODYHUGDGHQFHUUDGDHQ HVWDV SDODEUDV FRPSUHQGHUHPRV OD GLIHUHQFLD HQWUH FRQRFLPLHQWR \  DFFLyQ FRPRORVGRVREMHWLYRVTXHXQHVFULWRUSXHGHWHQHUHQPHQWH 3HURVHSRGUtDREMHWDUTXHDORFXSDUQRVGHOLEURVGHHQVD\ RQRQRVHVWDPRV RFXSDQGRGHREUDVTXHWUDQVPLWHQFRQRFLPLHQWRQLGHFyPRLQWHUYLHQHODDFFLyQ HQHOORV1DWXUDOPHQWHODUHVSXHVWDFRQVLVWHHQTXHODDFFLyQLQWHOLJHQWHGHSHQGH GHOFRQRFLPLHQWRTXHSXHGHXWLOL]DUVHGHPXFKDVPDQHUDVQRVyORSDUDGRPLQDU ODQDWXUDOH]DHLQYHQWDUPiTXLQDVRLQVWUXPHQWRV~WLOHVVLQRWDPELpQSDUDGLULJLU ODFRQGXFWDKXPDQD\ UHJXODUODVRSHUDFLRQHVKXPDQDVHQGLYHUVDVGHVWUH]DV/R TXH WHQHPRV HQ PHQWH TXHGD HMHPSOLILFDGR SRU OD GLIHUHQFLD HQWUH OD FLHQFLD SXUD \  OD DSOLFDGD R FRPR VH H[SUHVD LQH[DFWDPHQWH FRQ PXFKD IUHFXHQFLD HQWUHFLHQFLD\ WHFQRORJtD 9HPRV HQ DOJXQRV OLEURV \  SRU DOJXQRV SURIHVRUHV TXH VyOR OHV LQWHUHVD HO FRQRFLPLHQWRTXHWLHQHQTXHFRPXQLFDUHQVtORFXDOQRVLJQLILFDTXHQLHJXHQVX XWLOLGDGQLTXHVRVWHQJDQTXHHOFRQRFLPLHQWRHVVyOREXHQRHQVt6HQFLOODPHQWH VH OLPLWDQ D XQ WLSR GH FRPXQLFDFLyQ R HQVHxDQ]D \  GHMDQ HO RWUR WLSR D RWUDV SHUVRQDV TXH WLHQHQ XQ LQWHUpV TXH VXSHUD HO GHO FRQRFLPLHQWR HQ Vt OHV SUHRFXSDQ ORV SUREOHPDV GH OD YLGD KXPDQD TXH HO FRQRFLPLHQWR SXHGH FRQWULEXLUDUHVROYHU7DPELpQHOODVFRPXQLFDQFRQRFLPLHQWRSHURVLHPSUHFRQ PLUDVDVXDSOLFDFLyQ 3DUDTXHHOFRQRFLPLHQWRUHVXOWHSUiFWLFRKHPRVGHFRQYHUWLUORHQQRUPDVGH IXQFLRQDPLHQWRKHPRVGHSDVDUGHVDEHUHQTXpFRQVLVWHDOJRDVDEHUTXp KDFHU FRQHVHDOJRVLGHVHDPRVOOHJDUDDOJXQDSDUWH3RGUtDPRVUHVXPLUORDQWHULRUHQ OD GLIHUHQFLD HQWUH VDEHU TXp \  VDEHU FyPR /RV OLEURV WHyULFRV HQVHxDQ OR SULPHUR ORV SUiFWLFRV FyPR KDFHU DOJR TXH VH GHVHD KDFHU R VH FUHH TXH VH GHEHUtDKDFHU (O SUHVHQWH OLEUR HV SUiFWLFR QR WHyULFR FRPR FXDOTXLHU PDQXDO &XDOTXLHU OLEURTXHHQVHxHTXpRFyPRGHEHKDFHUVHDOJRWLHQHFDUiFWHUSUiFWLFR3RUWDQWR YHPRV TXH OD FDWHJRUtD GH ORV OLEURV SUiFWLFRV DEDUFD WRGDV ODV REUDV VREUH DSUHQGL]DMH GH ODV DUWHV WRGRV ORV PDQXDOHV GH SUiFWLFD HQ FXDOTXLHU WHUUHQR FRPR LQJHQLHUtD PHGLFLQD R FRFLQD \  WRGRV ORV WUDWDGRV FODVLILFDGRV FRPR PRUDOHVODVREUDVVREUHSUREOHPDVHFRQyPLFRVpWLFRVRSROtWLFRV0iVDGHODQWH H[SOLFDUHPRV SRU TXp HVWH ~OWLPR JUXSR GH OLEURV GHQRPLQDGRV © QRUPDWLYRVª  FRQVWLWX\ HXQDFDWHJRUtDPX\ HVSHFLDOGHOLEURVSUiFWLFRV 6HJXUDPHQWHQDGLHSRQGUiHQWHODGHMXLFLRTXHODVREUDVGHDSUHQGL]DMHGH

ODVDUWHV\ ORVPDQXDOHVVRQOLEURVSUiFWLFRVSHURODVSHUVRQDV© SUiFWLFDVª DODV TXHQRVKHPRVUHIHULGRDQWHULRUPHQWHSRGUtDQSRQHUREMHFLRQHVDODLGHDGHTXH XQD REUD VREUH pWLFD SRU HMHPSOR R VREUH HFRQRPtD WHQJD FDUiFWHU SUiFWLFR 4XL]iGLJDQTXHWDOREUDQRORHVSRUTXHQRHVYHUGDGRSRUTXHQRIXQFLRQDUtD (QUHDOLGDGWDOREMHFLyQUHVXOWDLUUHOHYDQWHVLELHQXQOLEURVREUHHFRQRPtD TXH QR HV YHUGDG HV XQ PDO OLEUR (Q VHQWLGR HVWULFWR FXDOTXLHU REUD pWLFD QRV HQVHxD D YLYLU QRV GLFH TXp GHEHUtDPRV \  TXp QR GHEHUtDPRV KDFHU \  HQ RFDVLRQHV QRV GD LQIRUPDFLyQ VREUH ODV UHFRPSHQVDV \  ORV FDVWLJRV TXH DPEDV DFWLWXGHVOOHYDQDSDUHMDGDV$VtWDQWRVLHVWDPRVGHDFXHUGRFRQVXVFRQFOXVLRQHV FRPR VL QR WDOHV REUDV WLHQHQ FDUiFWHU SUiFWLFR $OJXQRV HVWXGLRV VRFLROyJLFRV PRGHUQRV VLPSOHPHQWH H[SRQHQ OD FRQGXFWD KXPDQD UHDO VLQ MX]JDUOD \  HVWRV OLEURVQRVRQQLpWLFRVQLSUiFWLFRVVLQRWHyULFRVFLHQWtILFRV  $OJR SDUHFLGR RFXUUH FRQ ODV REUDV GH HFRQRPtD $SDUWH GH ORV HVWXGLRV HVWDGtVWLFRV R PDWHPiWLFRV VREUH HO FRPSRUWDPLHQWR HFRQyPLFR PiV WHyULFRV TXHSUiFWLFRVSRUORJHQHUDOQRVHQVHxDQDRUJDQL]DUODYLGDHFRQyPLFD\ DVHD FRPRLQGLYLGXRVRFRPRVRFLHGDGHVR(VWDGRVQRVGLFHQTXpGHEHPRV\ TXpQR GHEHPRV KDFHU \  QRV GDQ LQIRUPDFLyQ VREUH ODV SHQDOLGDGHV GHULYDGDV GH QR KDFHUOR7DPELpQHQHVWHFDVRSRGHPRVGLVHQWLUSHURQRSRUHVRHOOLEURGHMDUi GHWHQHUFDUiFWHUSUiFWLFR ,PPDQXHO.DQWHVFULELyGRVIDPRVDVREUDVILORVyILFDVXQDWLWXODGD&ULWLFD GH ODUD]yQSXUD\ ODRWUD&UtWLFDGHODUD]yQSUiFWLFD/DSULPHUDWUDWDVREUHORTXH HV \  FyPR OR FRQRFHPRV ²QR FyPR FRQRFHUOR VLQR FyPR OR FRQRFHPRV HQ UHDOLGDG² \  WDPELpQ VREUH OR TXH SXHGH FRQRFHUVH \  OR TXH QR (V OD REUD WHyULFD SRU H[FHOHQFLD &ULWLFD GH OD UD]yQ SUiFWLFD WUDWD VREUH OD FRQGXFWD TXH GHEHUtDQ REVHUYDU ODV SHUVRQDV \  VREUH OR TXH FRQVWLWX\ H HO FRPSRUWDPLHQWR UHFWR R YLUWXRVR KDFLHQGR KLQFDSLp HQ OD REOLJDFLyQ FRPR EDVH GH WRGD DFFLyQ UHFWD DOJR TXH SXHGH UHSHOHU D PXFKRV OHFWRUHV PRGHUQRV TXLHQHV LQFOXVR SRGUtDQDUJXPHQWDUTXHQRHV© SUiFWLFRª FUHHUTXHODREOLJDFLyQFRQVWLWX\ HXQ FRQFHSWRpWLFR~WLO1DWXUDOPHQWHVHUHILHUHQDTXHDVXMXLFLR.DQWVHHTXLYRFD HQHOHQIRTXHEiVLFRGHOWHPDSHURHVRQRVLJQLILFDTXHODREUDHQFXHVWLyQVHD PHQRVSUiFWLFDHQHOVHQWLGRTXHHVWDPRVHPSOHDQGRQRVRWURV $SDUWHGHORVPDQXDOHV\ WUDWDGRVPRUDOHVHQXQVHQWLGRDPSOLR KHPRVGH PHQFLRQDU RWUR HMHPSOR GH REUD SUiFWLFD 8Q GLVFXUVR ²SROtWLFR R XQD H[KRUWDFLyQ PRUDO² VLQ GXGD WUDWD GH GHFLUQRV TXp GHEHUtDPRV KDFHU R SHQVDU DQWH DOJR &XDOTXLHUD TXH HVFULED GH IRUPD SUiFWLFD VREUH XQ WHPD QR VyOR DFRQVHMDVLQRTXHWDPELpQLQWHQWDFRQYHQFHUQRVGHTXHVLJDPRVVXFRQVHMR3RU FRQVLJXLHQWHH[LVWHXQHOHPHQWRGHRUDWRULDRH[KRUWDFLyQHQWRGRWUDWDGRPRUDO HOHPHQWRWDPELpQSUHVHQWHHQORVOLEURVTXHSUHWHQGHQHQVHxDUQRVXQDUWHFRPR HO TXH WHQHPRV DQWH QRVRWURV $Vt DGHPiV GH LQWHQWDU HQVHxDU D OHHU PHMRU KHPRV WUDWDGR \  VHJXLUHPRV WUDWDQGR GH FRQYHQFHU DO OHFWRU GH TXH UHDOLFH HO HVIXHU]RQHFHVDULRSDUDHOOR

6LELHQWRGROLEURSUiFWLFRHVKDVWDFLHUWRSXQWRRUDWRULR\ H[KRUWDWLYRQRVH GHVSUHQGH GH HOOR TXH OD RUDWRULD \  OD H[KRUWDFLyQ YD\ DQ XQLGDV D OR SUiFWLFR ([LVWH GLIHUHQFLD HQWUH XQD DUHQJD SROtWLFD \  XQ WUDWDGR VREUH SROtWLFD HQWUH SURSDJDQGD HFRQyPLFD \  DQiOLVLV GH SUREOHPDV HFRQyPLFRV (O 0DQLILHVWR FRPXQLVWDHVXQDSLH]DGHRUDWRULDSHUR(OFDSLWDOGH0DU[HVPXFKRPiVTXH HVR $ YHFHV VH FRPSUHQGH TXH XQD REUD WLHQH FDUiFWHU SUiFWLFR SRU HO WtWXOR 6L pVWHFRQWLHQHIUDVHVFRPR© HODUWHGHª R© FyPRKDFHUWDOFRVDª ORVDEUHPRVHQ VHJXLGD 6L HO WtWXOR QRPEUD HVSHFLDOLGDGHV TXH HO OHFWRU VDEH TXH VRQ GH WLSR SUiFWLFR FRPR pWLFD R SROtWLFD LQJHQLHUtD R FRPHUFLR \  HQ PXFKRV FDVRV HFRQRPtD GHUHFKR R PHGLFLQD HQWRQFHV SRGUi FODVLILFDU HO OLEUR FRQ EDVWDQWH UDSLGH] /RVWtWXORVSXHGHQLQGLFDUDOJRPiVTXHHVR([LVWHQGRVREUDVGH-RKQ/RFNH FRQ WtWXORV PX\  VLPLODUHV (QVD\R DFHUFD GHO HQWHQGLPLHQWR KXPDQR \  7UDWDGR DFHUFD GHO RULJHQ HO DOFDQFH \ HO ILQ GHO JRELHUQR FLYLO ¢&XiO GH HOODV WLHQH FDUiFWHUSUiFWLFR\ FXiOWHyULFR" $SDUWLUGHORVWtWXORVSRGHPRVOOHJDUDODFRQFOXVLyQGHTXHODSULPHUDHVXQD REUDWHyULFDSRUTXHFXDOTXLHUDQiOLVLVGHOHQWHQGLPLHQWRKDGHWHQHUWDOFDUiFWHU \ TXHODVHJXQGDHVSUiFWLFDSRUTXHORVSUREOHPDVGHJRELHUQRVRQHQVtPLVPR SUiFWLFRV3HURSRGUtDPRVGDUXQSDVRPiV\ HPSOHDUODVWpFQLFDVGHOHFWXUDGH LQVSHFFLyQ TXH \ D KHPRV H[SXHVWR /RFNH HVFULELy XQD LQWURGXFFLyQ DO OLEUR GHGLFDGR DO HQWHQGLPLHQWR HQ HO TXH H[SUHVD VX LQWHQFLyQ OD GH DYHULJXDU © HO RULJHQODFHUWLGXPEUH\ HO DOFDQFHGHOFRQRFLPLHQWRKXPDQRª (VWDV SDODEUDV VHSDUHFHQDODVGHOWtWXORGHODREUDVREUHHOJRELHUQRSHURFRQXQDGLIHUHQFLD LPSRUWDQWH HQ XQ FDVR /RFNH WUDWD HO WHPD GH OD FHUWLGXPEUH R YDOLGH] GHO FRQRFLPLHQWR \  HQ HO RWUR HO WHPD GHO ILQ X REMHWLYR GHO JRELHUQR /RV LQWHUURJDQWHV DFHUFD GH OD YDOLGH] GH DOJR VRQ WHyULFRV PLHQWUDV TXH ODV FXHVWLRQHV TXH VH SODQWHDQ DFHUFD GHO REMHWLYR GH DOJR GHO SURSyVLWR TXH SHUVLJXHWLHQHQFDUiFWHUSUiFWLFR $OH[SRQHUHODUWHGHODOHFWXUDGHLQVSHFFLyQDSXQWDPRVTXHSRUORJHQHUDO QRGHEHPRVGHWHQHUQRVGHVSXpVGHOHHUODFXELHUWD\ TXL]iHOtQGLFHVLQRWDPELpQ ORV SiUUDIRV TXH SDUHFHQ SUHVHQWDU XQ UHVXPHQ 7DPELpQ VH GHEHQ OHHU HO SULQFLSLR\ HOILQDOGHODREUDDVtFRPRVXVSDUWHVPiVLPSRUWDQWHV /R DQWHULRU FREUD FDUiFWHU GH QHFHVLGDG FXDQGR FRPR RFXUUH HQ WDQWDV RFDVLRQHVUHVXOWDLPSRVLEOHFODVLILFDUXQOLEURDSDUWLUGHOWtWXOR\ ODFXELHUWD(Q WDO FDVR KHPRV GH GHSHQGHU GH ODV VHxDOHV TXH VH HQFXHQWUDQ HQ HO FXHUSR SULQFLSDOGHODREUD6LSUHVWDPRVDWHQFLyQDODVSDODEUDV\ WHQHPRVHQPHQWHODV FDWHJRUtDVEiVLFDVSRGUHPRVFODVLILFDUXQOLEURVLQWHQHUTXHOHHUPXFKR 8QD REUD SUiFWLFD UHYHODUi VX FDUiFWHU VLQ PXFKR WDUGDU SRU OD SUHVHQFLD IUHFXHQWH GH SDODEUDV FRPR © GHEHUtDª  \  © GHELHUDª  © EXHQRª  \  © PDORª  © ILQHVª  \  © PHGLRVª  (O HQXQFLDGR FDUDFWHUtVWLFR GH XQ OLEUR SUiFWLFR FRQVLVWH

HQ GHFLU TXH GHEHUtD KDFHUVH DOJR R TXH WDO R FXDO PRGR HV HO FRUUHFWR SDUD KDFHU WDO R FXDO FRVD R TXH XQD FRVD HV PHMRU TXH RWUD FRPR REMHWLYR D SHUVHJXLU R PHGLR D HOHJLU 3RU HO FRQWUDULR HQ XQD REUD WHyULFD HQFRQWUDPRV © HVª QR© GHEHUtDVHUª SRUTXHLQWHQWDGHPRVWUDUODYHUDFLGDGGHDOJRTXHWDO \  WDO FRVD VRQ KHFKRV QR TXH VHUtDQ PHMRUHV VL IXHUDQ GH RWUD PDQHUD QL GH PRVWUDUFyPRSRGUtDQPHMRUDU $QWHVGHLQWHUQDUQRVHQODVREUDVWHyULFDVTXLVLpUDPRVSUHYHQLUDOOHFWRUGH TXHQRVHWUDWDGHXQSUREOHPDWDQVHQFLOORFRPRVDEHUVLHVWRHVEODQFRRQHJUR 1RVKHPRVOLPLWDGRDDSXQWDUXQDVHULHGHVHxDOHVDWUDYpVGHODVFXDOHVVHSXHGH HPSH]DUDWUD]DUGLIHUHQFLDV&XDQWRPHMRUVHFRPSUHQGDODGLIHUHQFLDHQWUHOR WHyULFR\ ORSUiFWLFRPHMRUVHSRGUiQXWLOL]DUODVVHxDOHV 3DUDHPSH]DUKD\ TXHDSUHQGHUDGHVFRQILDUGHHOODV+D\ TXHVHUXQWDQWR VXVSLFD] D OD KRUD GH FODVLILFDU ORV OLEURV
/DKLVWRULDWLHQHFDUiFWHUFURQRWySLFR(QJULHJRFURQRV VLJQLILFD WLHPSR \ WRSRV OXJDU /D KLVWRULD VLHPSUH VH RFXSD GH FRVDV TXH H[LVWLHURQ R GH DFRQWHFLPLHQWRVTXHRFXUULHURQHQXQDIHFKD\ XQOXJDUFRQFUHWRV /DFLHQFLDQRVHRFXSDGHOSDVDGRFRPRWDOVLQRGHWHPDVTXHSXHGHQRFXUULU HQFXDOTXLHUPRPHQWRROXJDU (OFLHQWtILFREXVFDOH\ HVJHQHUDOL]DFLRQHV SXHV TXLHUHDYHULJXDUFyPRRFXUUHQODVFRVDVHQODPD\ RUtDGHORVFDVRVRHQWRGRV HOORVQRDOFRQWUDULRTXHHOKLVWRULDGRUFyPRRFXUULHURQFLHUWDVFRVDVFRQFUHWDV HQXQPRPHQWR\ XQOXJDUGDGRVGHOSDVDGR *HQHUDOPHQWHHOWtWXORGHXQDREUDFLHQWtILFDUHVXOWDPHQRVUHYHODGRUTXHHO GH XQ OLEUR KLVWyULFR $ YHFHV DSDUHFH OD SDODEUD © FLHQFLDª  SHUR PiV IUHFXHQWHPHQWH VyOR ILJXUD HO QRPEUH GHO WHPD FRPR SVLFRORJtD R JHRORJtD R ItVLFD (QWRQFHV HO OHFWRU KD GH VDEHU VL GLFKR WHPD SHUWHQHFH DO iPELWR GH OR FLHQWtILFRFRPRRFXUUHFODUDPHQWHFRQODJHRORJtDRGHORILORVyILFRFRPRHQHO FDVR GH OD PHWDItVLFD (O SUREOHPD VH SUHVHQWD FXDQGR HO FDVR QR UHVXOWD WDQ FODURFRPRVXFHGHFRQODItVLFD\ ODSVLFRORJtDTXHHQGLYHUVDVpSRFDVKDQVLGR UHLYLQGLFDGDVWDQWRSRUORVFLHQWtILFRVFRPRSRUORVILOyVRIRV([LVWHXQSUREOHPD LQFOXVR FRQ ODV SDODEUDV © ILORVRItDª  \  © FLHQFLDª  SRUTXH VH KDQ HPSOHDGR GH GLYHUVDV PDQHUDV $ULVWyWHOHV FRQVLGHUDED VX REUD )tVLFD XQ WUDWDGR FLHQWtILFR PLHQWUDVTXHHQODDFWXDOLGDGODFRQVLGHUDPRVILORVyILFD\ 1HZWRQWLWXOyVXJUDQ REUD 3ULQFLSLRV PDWHPiWLFRV GH ILORVRItD QDWXUDO PLHQWUDV TXH HQ OD DFWXDOLGDG FRQVWLWX\ HXQDGHODVJUDQGHVREUDVPDHVWUDVGHODFLHQFLD /D ILORVRItD VH SDUHFH D OD FLHQFLD \  VH GLVWLQJXH GH OD KLVWRULD HQ WDQWR HQ FXDQWR EXVFD YHUGDGHV JHQHUDOHV QR XQD QDUUDFLyQ GH DFRQWHFLPLHQWRV FRQFUHWRV\ DVHDHQHOSDVDGRFHUFDQRRUHPRWRSHURHOILOyVRIRQRSODQWHDORV PLVPRVLQWHUURJDQWHVTXHHOFLHQWtILFRQLXWLOL]DHOPLVPRPpWRGRSDUDUHVSRQGHU DHOORV 9LVWRTXHQRUHVXOWDIiFLOTXHORVWtWXORV\ ODVFXELHUWDVQRVD\ XGHQGHPDVLDGR D GHWHUPLQDU VL XQD REUD WLHQH FDUiFWHU ILORVyILFR R FLHQWtILFR ¢FyPR SRGHPRV GHFLGLUOR" ([LVWH XQ FULWHULR TXH D QXHVWUR MXLFLR VLHPSUH IXQFLRQD VL ELHQ KD\ TXH OHHU FLHUWD FDQWLGDG GH OLEURV DQWHV GH DSOLFDUOR 6L XQD REUD WHyULFD KDFH KLQFDSLp HQ WHPDV IXHUD GHO DOFDQFH GH OD H[SHULHQFLD QRUPDO \  FRWLGLDQD GHO OHFWRUHQWRQFHVWLHQHFDUiFWHUFLHQWtILFR\ HQRWURFDVRILORVyILFR (VWD GLVWLQFLyQ TXL]i VRUSUHQGD DO OHFWRU 9DPRV D LOXVWUDUOD +HPRV GH UHFRUGDUTXHVyORHVDSOLFDEOHDODVREUDVFLHQWtILFDVRILORVyILFDVQRDODVTXHQR WLHQHQQLQJXQRGHORVGRVFDUDFWHUHV 'RVQXHYDVFLHQFLDV GH *DOLOHR UHTXLHUH TXHHOOHFWRULPDJLQHRUHSLWDHQXQODERUDWRULRFLHUWRVH[SHULPHQWRVFRQSODQRV LQFOLQDGRV ÏSWLFD GH 1HZWRQ WUDWD VREUH H[SHULHQFLDV HQ FXDUWRV RVFXURV FRQ SULVPDV\ HVSHMRV\VREUHWRGRFRQUD\ RVGHOX](VSUREDEOHTXHODH[SHULHQFLD HVSHFLDODODTXHVHUHILHUHHODXWRUQRKD\ DVLGRREWHQLGDSRUpOHQODERUDWRULR 'DUZLQ REVHUYy ORV KHFKRV GH ORV TXH GHMD FRQVWDQFLD HQ (O RULJHQ GH ODV

HVSHFLHV HQ HO WUDQVFXUVR GH PXFKRV DxRV GH WUDEDMR GH FDPSR 6RQ KHFKRV FRPSUREDGRVSRURWURVREVHUYDGRUHVTXHKDQDFRPHWLGRXQDWDUHDVLPLODUSHUR TXHQRSXHGHQFRPSUREDUVHHQODH[SHULHQFLDFRWLGLDQDGHOKRPEUHPHGLR 3RU HO FRQWUDULR XQD REUD ILORVyILFD QR UHFXUUH D KHFKRV QL REVHUYDFLRQHV DMHQDVDODH[SHULHQFLDGHOKRPEUHGHODFDOOH(OILOyVRIRUHPLWHDOOHFWRUDVX SURSLD H[SHULHQFLD QRUPDO \  FRUULHQWH SDUD OD YHULILFDFLyQ R HO DSR\ R GH FXDOTXLHU FRVD TXH TXLHUD HVFULELU $Vt SRU HMHPSOR (QVD\R DFHUFD GHO HQWHQGLPLHQWRKXPDQR GH /RFNH HV XQD REUD ILORVyILFD GH SVLFRORJtD PLHQWUDV TXHPXFKRVGHORVHVFULWRVGH)UHXGVRQFLHQWtILFRV/RFNHGHVWDFDODH[SHULHQFLD TXH WRGRV SRVHHPRV GH QXHVWURV SURFHVRV PHQWDOHV \  )UHXG SXHGH KDFHU OR PLVPR VLPSOHPHQWH GHMDQGR FRQVWDQFLD GH OR TXH KD REVHUYDGR HQ VLWXDFLRQHV FOtQLFDVHQODFRQVXOWDGHOSVLFRDQDOLVWD :LOOLDP-DPHVRWURJUDQSVLFyORJRVLJXLyXQFDPLQRLQWHUPHGLRVXPDPHQWH LQWHUHVDQWH&RQVWDWDQXPHURVRVHMHPSORVGHODH[SHULHQFLDHVSHFLDOTXHVyORXQ REVHUYDGRU PLQXFLRVR \  HQWUHQDGR SDUD HOOR SXHGH FRQRFHU SHUR HQ PXFKDV RFDVLRQHVWDPELpQOHSLGHDOOHFWRUTXHMX]JXHVLORTXHGLFHQRHVFLHUWRGHVGHHO SXQWRGHYLVWDGHVXSURSLDH[SHULHQFLD3RUFRQVLJXLHQWH3ULQFLSLRVGHSVLFRORJtD GH -DPHV HV XQD REUD FLHQWtILFD \  ILORVyILFD DO PLVPR WLHPSR VL ELHQ WLHQH FDUiFWHUIXQGDPHQWDOPHQWHFLHQWtILFR /D PD\ RUtD GH ODV SHUVRQDV GLVWLQJXHQ OD GLIHUHQFLD TXH KHPRV HVWDEOHFLGR FXDQGRGHFLPRVTXHODFLHQFLDHVH[SHULPHQWDORTXHGHSHQGHGHLQYHVWLJDFLRQHV \  REVHUYDFLRQHV FRPSOLFDGDV PLHQWUDV TXH FRQ OD ILORVRItD SRGHPRV SHQVDU WUDQTXLODPHQWHVHQWDGRVHQXQVLOOyQ7DOGLIHUHQFLDWLHQHVXMXVWLILFDFLyQ([LVWHQ FLHUWRV SUREOHPDV DOJXQRV GH HOORV PX\  LPSRUWDQWHV TXH SXHGH UHVROYHU XQD SHUVRQDWUDQTXLODPHQWHVHQWDGDHQXQVLOOyQTXHVHSDFyPRSHQVDUHQHOORVDOD OX]GHODH[SHULHQFLDKXPDQDFRP~Q\ FRUULHQWHSHURKD\ RWURVSUREOHPDVTXH QRSXHGHQUHVROYHUVHDVtSRUPXFKRTXHVHORLQWHQWH3DUDHOORVHUHTXLHUHDOJ~Q WLSRGHLQYHVWLJDFLyQH[SHULPHQWRVGHODERUDWRULRRWUDEDMRGHFDPSR²TXHYDQ PiVDOOiGHODH[SHULHQFLDQRUPDO\ FRWLGLDQDHVGHFLUXQDH[SHULHQFLDHVSHFLDO ² (VWRQRVLJQLILFDTXHHOILOyVRIRVHDXQSHQVDGRUSXUR\ HOFLHQWtILFRXQVLPSOH REVHUYDGRU$PERVWLHQHQTXHREVHUYDU\ SHQVDUSHURVXSHQVDPLHQWRVHUHILHUH DFODVHVGLVWLQWDVGHREVHUYDFLRQHVHLQGHSHQGLHQWHPHQWHGHFyPRKD\ DQOOHJDGR D ODV FRQFOXVLRQHV TXH GHVHDQ GHPRVWUDU ODV GHPXHVWUDQ GH PRGRV GLVWLQWRV HO FLHQWtILFRDSXQWDQGRDORVUHVXOWDGRVGHVXVH[SHULHQFLDVHVSHFLDOHV\ HOILOyVRIR DODVH[SHULHQFLDVFRPXQHVDWRGRVORVVHUHVKXPDQRV (VWD GLIHUHQFLD GH PpWRGR VLHPSUH VH SRQH GH PDQLILHVWR HQ ODV REUDV ILORVyILFDV\ FLHQWtILFDV\ DVtHVFRPRVHSXHGHGLVWLQJXLUHQWUHDPERVJpQHURV 6LHOOHFWRUFRPSUHQGHODFODVHGHH[SHULHQFLDDODTXHVHKDFHUHIHUHQFLDFRPR FRQGLFLyQ GH OD FRPSUHQVLyQ GH OR TXH VH GLFH VDEUi VL OD REUD WLHQH FDUiFWHU ILORVyILFRRFLHQWtILFR

(VWDFRQGLFLyQUHVXOWDPX\ LPSRUWDQWHSRUTXHDSDUWHGHODVGLIHUHQWHVFODVHV GH H[SHULHQFLDV GH ODV TXH GHSHQGHQ FLHQWtILFRV \  ILOyVRIRV QR SLHQVDQ H[DFWDPHQWHGHODPLVPDPDQHUD$GHPiVODWtSLFDREUDKLVWyULFDSUHVHQWDXQD IRUPD GH QDUUDFLyQ \  OD QDUUDWLYD VLHPSUH HV WDO \ D VH WUDWH GH KHFKRV R GH ILFFLyQ(OKLVWRULDGRUKDGHHVFULELUSRpWLFDPHQWHORTXHHTXLYDOHDREHGHFHUODV QRUPDVSDUDSURGXFLUXQEXHQUHODWR3RUPXFKDVRWUDVH[FHOHQFLDVTXHRIUH]FDQ (QVD\RDFHUFDGHOHQWHQGLPLHQWRKXPDQRGH/RFNHR3ULQFLSLRVGH1HZWRQQR SRGHPRVGHFLUTXHVHDQEXHQDVQDUUDFLRQHV (O OHFWRU SRGUtD REMHWDU TXH HVWDPRV OOHJDQGR GHPDVLDGR OHMRV HQ OD FODVLILFDFLyQ GH ORV OLEURV DO PHQRV VLQ KDEHUORV OHtGR DQWHV SHUR ¢HV HVWR UHDOPHQWHWDQLPSRUWDQWH" 3RGUtDPRV UHIXWDU HVWD REMHFLyQ GHVWDFDQGR XQ KHFKR HYLGHQWH 6L XQD SHUVRQD HQWUD HQ XQ DXOD HQ OD TXH XQ SURIHVRU HVWi GDQGR FODVH R XQD FRQIHUHQFLD HQ VHJXLGD DGYHUWLUi VL HO WHPD YHUVD VREUH KLVWRULD FLHQFLD R ILORVRItD&RPSUHQGHUiLQPHGLDWDPHQWHSRUODIRUPDGHSURFHGHUGHOSURIHVRU SRUODWHUPLQRORJtDTXHHPSOHDSRUODFODVHGHDUJXPHQWRVTXHXWLOL]DHOWLSRGH SUREOHPDVTXHH[SRQH\ ODFODVHGHUHVSXHVWDVTXHHVSHUDGHVXVDOXPQRV\ VL HVD SHUVRQD OR FRPSUHQGH SRGUi SHUFLELU OD FRQIHUHQFLD R OD FODVH GH IRUPD LQWHOLJHQWH (Q GHILQLWLYD ORV PpWRGRV GH HQVHxDU GLIHUHQWHV PDWHULDV VRQ LJXDOPHQWH GLIHUHQWHV \  FXDOTXLHU SURIHVRU OR VDEH 'HELGR D OD GLIHUHQFLD GH PpWRGRV \ WHPDV DO ILOyVRIR VXHOH UHVXOWDUOH PiV IiFLO HQVHxDU D ORV DOXPQRV D ORV TXH DQWHULRUPHQWH QR OHV KDQ GDGR FODVH VXV FROHJDV PLHQWUDV TXH HO FLHQWtILFR SUHILHUHDORVDOXPQRVDORVTXH\ DKDQSUHSDUDGRRWURVFLHQWtILFRV <SDUDFRQFOXLUDOLJXDOTXHH[LVWHGLIHUHQFLDHQWUHHODUWHGHHQVHxDUHQORV GLIHUHQWHV FDPSRV WDPELpQ H[LVWH GLIHUHQFLD HQ HO DUWH GH VHU HQVHxDGR (Q FLHUWR PRGR OD DFWLYLGDG GHO DOXPQR GHEH WHQHU FRUUHVSRQGHQFLD FRQ OD GHO SURIHVRU/DUHODFLyQHQWUHOLEURV\ OHFWRUHVHVODPLVPDTXHODGHSURIHVRUHV\ DOXPQRV 3RU FRQVLJXLHQWH DO LJXDO TXH ORV OLEURV GLILHUHQ HQ FXDQWR DO WLSR GH FRQRFLPLHQWRV TXH WUDQVPLWHQ DVt QRV HQVHxDQ FRVDV GLVWLQWDV \ VL TXHUHPRV VHJXLUORVKHPRVGHDSUHQGHUDOHHUFDGDREUDGHODIRUPDPiVDGHFXDGD

 5$',2*5$),$581/,%52

7RGROLEURWLHQHXQHVTXHOHWRRFXOWRHQWUHODVWDSDV\ ODWDUHDGHTXLHQUHDOL]DXQD OHFWXUDDQDOtWLFDFRQVLVWHHQGHVFXEULUOR (O OLEUR OOHJD D ODV PDQRV GHO OHFWRU FRQ FDUQH VREUH ORV KXHVRV GHVQXGRV \ URSDV HQFLPD GH OD FDUQH YHVWLGR GH DUULED DEDMR 1R KDFH IDOWD GHVYHVWLUOR R DUUDQFDUOH OD FDUQH SDUD GHVFXEULU OD HVWUXFWXUD VyOLGD TXH VH HQFXHQWUD GHEDMR GHODVXSHUILFLHEODQGDSHURVtOHHUORVRPHWLpQGRORDXQDHVSHFLHGHUDGLRJUDItD SRUTXHFRPSUHQGHUVXHVWUXFWXUDFRQVWLWX\ HSDUWHHVHQFLDOGHODFRPSUHQVLyQGH XQOLEUR 5HFRQRFHU OD QHFHVLGDG GH YHU OD HVWUXFWXUD GH XQD REUD QRV OOHYD DO GHVFXEULPLHQWR GH OD VHJXQGD \  WHUFHUD UHJODV DSOLFDEOHV D FXDOTXLHU OLEUR \ GHEHPRVLQVLVWLUHQTXHQRVUHIHULPRVD© FXDOTXLHUOLEURª (VWDVQRUPDVULJHQOD OHFWXUD GH OD SRHVtD OD FLHQFLD \  WRGD FODVH GH HQVD\ RV 1DWXUDOPHQWH OD DSOLFDFLyQ HV GLVWLQWD HQ FDGD FDVR VHJ~Q OD FODVH GH OLEUR GH TXH VH WUDWH /D XQLGDGGHXQDQRYHODQRHVODPLVPDTXHODGHXQWUDWDGRSROtWLFRQLORVDSDUWDGRV SHUWHQHFHQDODPLVPDFDWHJRUtDQLHVWiQRUGHQDGRVGHODPLVPDPDQHUDSHUR SRGHPRVGHFLUTXHVLQH[FHSFLyQWRGROLEURTXHPHUH]FDODSHQDVHUOHtGRSRVHH XQDXQLGDG\ XQDRUJDQL]DFLyQGHODVGLYHUVDVSDUWHVTXHORFRPSRQHQSXHVGHOR FRQWUDULR VHUtD XQ DXWpQWLFR FDRV UHODWLYDPHQWH LOHJLEOH FRPR RFXUUH FRQ ORV PDORVOLEURV ([SRQGUHPRVODVGRVUHJODVPHQFLRQDGDVFRQODPD\ RUVHQFLOOH]SRVLEOH\ D FRQWLQXDFLyQODVH[SOLFDUHPRVHLOXVWUDUHPRV /D VHJXQGD UHJOD GH OD OHFWXUD DQDOtWLFD SXHGH H[SUHVDUVH FRPR VLJXH 5(*/$D &2167$7$5/$81,'$''(//,%52(1&21-8172(181$ 62/$ )5$6( 2 81$6 &8$17$6 &202 0È;,02 81 3È55$)2 %5(9(  /R DQWHULRU HTXLYDOH D GHFLU GH TXp WUDWD HO OLEUR FRQ OD PD\ RU EUHYHGDG SRVLEOHQRDTXpFDWHJRUtDSHUWHQHFHSXQWRFXELHUWRSRUODUHJOD/DH[SUHVLyQ © GHTXpª SXHGHUHVXOWDUXQWDQWRFRQIXVDHQHVWHFDVR(QFLHUWRVHQWLGRXQOLEUR

WUDWD VREUH XQ GHWHUPLQDGR WHPD TXH GHVDUUROOD WDPELpQ GH XQD IRUPD GHWHUPLQDGD 6L HO OHFWRU VDEH HVWR WDPELpQ VDEUi TXp FODVH GH OLEUR HV SHUR H[LVWH RWUD LQWHUSUHWDFLyQ FRPR FXDQGR OH SUHJXQWDPRV FRORTXLDOPHQWH D XQD SHUVRQD © GH TXp YDª  SUHJXQWD TXH WDPELpQ SRGHPRV SODQWHDUQRV UHVSHFWR DO DXWRUHVGHFLUTXpLQWHQWDKDFHU(QHVWHVHQWLGRDYHULJXDUGHTXpWUDWDXQOLEUR FRQVLVWHHQGHVFXEULUVXWHPDRSXQWRSULQFLSDO 8QOLEURHVXQDREUDGHDUWH8QDYH]PiVKHPRVGHDGYHUWLUDOOHFWRUTXH QRKD\ TXHHQWHQGHUGHXQDIRUPDGHPDVLDGRUHVWULQJLGDHOFRQFHSWRGH© DUWHª  HQHVWHFDVRQRQRVUHIHULPRVWDQVyORDODV© EHOODVDUWHVª VLQRDTXHXQOLEURHV HOSURGXFWRGHDOJXLHQTXHSRVHHXQDFLHUWDGHVWUH]DHQDOJRXQDSHUVRQDFDSD] GHKDFHUOLEURVTXHKDSURGXFLGRXQRHQFRQFUHWRHQEHQHILFLRGHORVOHFWRUHV  (Q OD PHGLGD HQ TXH VHD EXHQR FRPR OLEUR \  FRPR REUD GH DUWH WHQGUi XQD XQLGDGPiVSHUIHFWDPiVJHQHUDODOJRTXHWDPELpQSXHGHDSOLFDUVHDODP~VLFD \  OD SLQWXUD D ODV QRYHODV \  ODV REUDV GH WHDWUR \ HQ QR PHQRU PHGLGD D ORV OLEURVTXHWUDQVPLWHQFRQRFLPLHQWRV 3HUR QR EDVWD FRQ UHFRQRFHU HVWH KHFKR GH IRUPD YDJD +D\  TXH FRPSUHQGHUODXQLGDGFRQH[DFWLWXG\ VyORH[LVWHXQPRGRGHVDEHUVLVHORKD FRQVHJXLGRRQR+D\ TXHVHUFDSD]GHH[SUHVDUSDUDXQRPLVPRRSDUDRWURV HQ TXp FRQVLVWH HVD XQLGDG \ DGHPiV HQ SRFDV SDODEUDV 6L VH UHTXLHUHQ GHPDVLDGDVVLJQLILFDTXHQRVHKDDSUHKHQGLGRODXQLGDGVLQRXQDPXOWLSOLFLGDG  1R SRGHPRV GDUQRV SRU VDWLVIHFKRV FRQ © DSUHFLDU OD XQLGDGª  VL QR SRGHPRV H[SUHVDUOD(OOHFWRUTXHGLFH© 6pTXpHVSHURQRSXHGRFRQWDUORª VHJXUDPHQWH HVWiHQJDxiQGRVHDVtPLVPR 3RGUtDPRV H[SUHVDU OD WHUFHUD UHJOD GH OD VLJXLHQWH IRUPD 5(*/$ D 

&2167$7$5 /$6 3$57(6 0È6 ,03257$17(6 '(/ /,%52 < 02675$5 48( (67È1 25*$1,=$'$6 < )250$1 81 72'2 6,*8,(1'2 81 25'(1 81$6 5(63(&72 $ 275$6 < 5(63(&72 $ /$ 81,'$' '(/ &21-8172 'HEHUtDVDOWDUDODYLVWD HOSRUTXpGHHVWDQRUPD 6LXQDREUDGHDUWH IXHUD DOJR WRWDOPHQWH VHQFLOOR QR HVWDUtD GLYLGLGD HQ SDUWHV SHUR QXQFD RFXUUH DVt 1LQJXQD GH ODV FRVDV ItVLFDV TXH FRQRFH HO KRPEUH HV VHQFLOOD HQ HVWH VHQWLGR DEVROXWR FRPR WDPSRFR OR HV FXDOTXLHU SURGXFFLyQ KXPDQD SRU HO FRQWUDULR HOODV FRQVWLWX\ HQ XQLGDGHV FRPSOHMDV 1R VH KD DSUHKHQGLGR XQD XQLGDG FRPSOHMDVLOR~QLFRTXHVDEHPRVVREUHHOODHVFyPRHVXQD 7DPELpQ KD\  TXH VDEHUFyPRVRQPXFKDV SHUR QR XQD PXOWLSOLFLGDG FRQVLVWHQWH HQ XQ PRQWyQ GH HOHPHQWRV GLVWLQWRV VLQR XQD PXOWLSOLFLGDG RUJDQL]DGD 6L ODV GLYHUVDV SDUWHV QR HVWXYLHUDQRUJiQLFDPHQWHUHODFLRQDGDVHOWRGRQRVHUtDXQR(QVHQWLGRHVWULFWR QRH[LVWLUtDXQWRGRVLQRXQDVLPSOHFROHFFLyQ ([LVWH XQD GLIHUHQFLD HQWUH XQ PRQWyQ GH ODGULOORV SRU XQD SDUWH \  OD FDVD TXHSXHGHQIRUPDUSRURWUDFRPRWDPELpQH[LVWHXQDGLIHUHQFLDHQWUHXQDFDVD \  XQD VHULH GH FDVDV 8Q OLEUR HV FRPR XQD FDVD DLVODGD XQD YLYLHQGD FRQ

PXFKDVKDELWDFLRQHVHQGLIHUHQWHVQLYHOHVGHWDPDxRV\ IRUPDVGLVWLQWRV\ FRQ XVRV LJXDOPHQWH GLVWLQWRV /DV KDELWDFLRQHV VRQ LQGHSHQGLHQWHV HQ SDUWH SRUTXH FDGD FXDO WLHQH VX SURSLD HVWUXFWXUD \  VX GHFRUDFLyQ LQWHULRU SHUR QR VRQ DEVROXWDPHQWHLQGHSHQGLHQWHV\ QRHVWiQDEVROXWDPHQWHVHSDUDGDVVLQRTXHHVWiQ FRQHFWDGDV SRU SXHUWDV \  DUFRV SDVLOORV \  HVFDOHUDV SRU OR TXH ORV DUTXLWHFWRV GHQRPLQDQ © SDXWD GH WUiILFRª  < SUHFLVDPHQWH SRU WDO FRQH[LyQ OD IXQFLyQ SDUFLDOTXHGHVHPSHxDFDGDXQDGHHOODVFRQWULEX\ HDODXWLOLGDGGHODFDVDHQVX FRQMXQWR(QRWURFDVRQRVHSRGUtDYLYLUHQHOOD /D DQDORJtD HV FDVL SHUIHFWD 8Q EXHQ OLEUR DO LJXDO TXH XQD EXHQD FDVD FRQVWLWX\ HXQDRUGHQDFLyQGHGLYHUVDVSDUWHV&DGDXQDGHODVSDUWHVSULQFLSDOHV GLVIUXWD GH XQ FLHUWR JUDGR GH LQGHSHQGHQFLD \ FRPR YHUHPRV PiV DGHODQWH SXHGHSRVHHUXQDHVWUXFWXUDLQWHUQDSURSLD\ HVWDUGHFRUDGDGHIRUPDGLVWLQWDDO UHVWRGHODVSDUWHVSHURWDPELpQGHEHHVWDUFRQHFWDGDFRQODVGHPiVHVGHFLU UHODFLRQDGD FRQ HOODV SDUD TXH HO FRQMXQWR IXQFLRQH SXHV HQ RWUR FDVR QR DSRUWDUtDVXFRQWULEXFLyQDODLQWHOLJLELOLGDGGHOPLVPR $OLJXDOTXHODVFDVDV VRQPiVRPHQRVKDELWDEOHV DVtVRQORVOLEURVPiV R PHQRVOHJLEOHV(OOLEURPiVOHJLEOHFRQVWLWX\ HXQORJURDUTXLWHFWyQLFRSRUSDUWH GHVXDXWRU\ ORVPHMRUHVOLEURVVRQORVTXHSRVHHQODHVWUXFWXUDPiVLQWHOLJLEOH 6L ELHQ VXHOHQ UHVXOWDU PiV FRPSOHMRV SUHFLVDPHQWH VX PD\ RU FRPSOHMLGDG VXSRQHXQDPD\ RUVLPSOLFLGDGSRUTXHODVSDUWHVGHTXHVHFRPSRQHHVWiQPHMRU RUJDQL]DGDVPiVXQLILFDGDV eVWDHVXQDGHODVUD]RQHVSRUODVTXHORVPHMRUHVOLEURVVRQWDPELpQORVPiV OHJLEOHV /DV REUDV PHQRUHV UHVXOWDQ PiV DEXUULGDV D OD KRUD GH OHHUODV \ VLQ HPEDUJRSDUDOHHUODVELHQ²HVGHFLUORPHMRUTXHSXHGHQVHUOHtGDV²KD\ TXH LQWHQWDUKDOODUXQFLHUWRSODQHQHOODV+DEUtDQWHQLGRPHMRUFDOLGDGVLVXVDXWRUHV KXELHUDQYLVWRFRQPD\ RUFODULGDGGLFKRSODQSHURVLVHVRVWLHQHQVLFRQVWLWX\ HQ XQD XQLGDG FRPSOHMD HQ FLHUWR VHQWLGR \  QR XQD VLPSOH FROHFFLyQ WLHQH TXH H[LVWLUHQHOODVXQSODQTXHHOOHFWRUKDGHGHVFXEULU $FHUFDGHODUJXPHQWR\ HOSODQGHORVOLEURVGHVFULELUODXQLGDGGHXQOLEUR 9DPRV D YROYHU D OD VHJXQGD UHJOD TXH UHTXLHUH TXH HO OHFWRU HQXQFLH OD XQLGDGGHXQOLEUR8QRVFXDQWRVHMHPSORVOHVHUYLUiQGHJXtDSDUDOOHYDUODDOD SUiFWLFD &RPHQ]DUHPRVFRQXQDLOXVWUDFLyQIDPRVD(VSUREDEOHTXHHOOHFWRUFRQR]FD 2GLVHD GH +RPHUR SRU KDEHUOD OHtGR HQ HO FROHJLR 6L QR HV DVt DO PHQRV Vt FRQRFHUi OD KLVWRULD GH 2GLVHR R 8OLVHV HO QRPEUH ODWLQR HO KRPEUH TXH WDUGy GLH]DxRVHQUHJUHVDUDOKRJDUWUDVHODVHGLRGH7UR\ D\ HQFRQWUyDVXILHOHVSRVD 3HQpORSHDVHGLDGDSRUVXVSUHWHQGLHQWHV7DOFRPRODSUHVHQWD+RPHURVHWUDWD GHXQDQDUUDFLyQFRPSOLFDGDGHVERUGDQWHGHDYHQWXUDVIDVFLQDQWHVSRUWLHUUD\

SRU PDU UHSOHWD GH WRGD FODVH GH DFRQWHFLPLHQWRV \  JUDQGHV FRPSOLFDFLRQHV DUJXPHQWDOHV SHUR WDPELpQ SRVHH XQD XQLGDG GH DFFLyQ HO KLOR SULQFLSDO GH OD WUDPDTXHORUH~QHWRGR (Q3RpWLFD $ULVWyWHOHV LQVLVWH HQ TXH HVWR HV OR TXH GHWHUPLQD OD FDOLGDG GH XQDQDUUDFLyQGHXQDQRYHODRGHXQDREUDGHWHDWUR(QDSR\ RGHVXDUJXPHQWR PXHVWUDFyPRSXHGHUHVXPLUVHODXQLGDGGH2GLVHDHQXQDVFXDQWDVIUDVHV 8Q KRPEUH HVWi DXVHQWH GH VX FDVD GXUDQWH PXFKRV DxRV PLHQWUDV 3RVHLGyQ OR YLJLOD FHORVDPHQWH (QWUHWDQWR VX KRJDU DWUDYLHVD XQD VLWXDFLyQSHQRVDORVSUHWHQGLHQWHVGHVXHVSRVDPDOJDVWDQVXIRUWXQD\ VH FRQIDEXODQFRQWUDVXKLMR3RU~OWLPRYXHOYHDOKRJDUHPSXMDGRSRUXQD WHPSHVWDG \  FRQRFH D GHWHUPLQDGDV SHUVRQDV DWDFD D ORV SUHWHQGLHQWHV FRQVXVSURSLDVPDQRVORVGHVWUX\ H\ TXHGDDVDOYR © (Q HVWR FRQVLVWH OD HVHQFLD GHO DUJXPHQWR OR GHPiV HV SXUDPHQWH HSLVyGLFRª GLFH$ULVWyWHOHV 'HVSXpVGHKDEHUFRPSUHQGLGRHODUJXPHQWRGHHVWDIRUPD\ DWUDYpVGHpO WRGD OD QDUUDFLyQ VH SXHGHQ VLWXDU ODV GLYHUVDV SDUWHV HQ HO OXJDU DGHFXDGR 3XHGHUHVXOWDUXQEXHQHMHUFLFLRLQWHQWDUORFRQDOJXQDVQRYHODVTXH\ DVHKD\ DQ OHtGR FRQ REUDV GH FDOLGDG FRPR 7RP -RQHV GH )LHOGLQJ &ULPHQ \ FDVWLJR GH 'RVWRLHYVNLR8OLVHVGH-R\ FH(ODUJXPHQWRGH7RP-RQHV SRU HMHPSOR SXHGH UHGXFLUVH D XQD IyUPXOD PX\  FRQRFLGD HO FKLFR TXH HQFXHQWUD D XQD FKLFD OD SLHUGH \  YXHOYH D HQFRQWUDUOD (Q HVWR FRQVLVWH HO DUJXPHQWR GH WRGD QRYHOD VHQWLPHQWDO\ UHFRQRFHUORHTXLYDOHDVDEHUTXHVyORH[LVWHXQQ~PHURUHGXFLGR GH DUJXPHQWRV /D GLIHUHQFLD HQWUH ODV EXHQDV \  ODV PDODV QDUUDFLRQHV FRQ HO PLVPRDUJXPHQWRHVHQFLDOUDGLFDHQORTXHHODXWRUKDFHFRQpOHQFyPRUHYLVWH ORVKXHVRVGHVQXGRV (OOHFWRUQRVLHPSUHWLHQHTXHGHVFXEULUODXQLGDGGHXQOLEURSRUVtPLVPR SRUTXHDYHFHVFRODERUDHODXWRU(QRFDVLRQHVEDVWDFRQOHHUHOWtWXOR(QHOVLJOR ;9,,, ORV HVFULWRUHV WHQtDQ OD FRVWXPEUH GH UHGDFWDU WtWXORV VXPDPHQWH FRPSOLFDGRVTXHLQGLFDEDQDOOHFWRUGHTXpWUDWDEDODREUD9HDPRVHOWtWXORGH XQD REUD GH -HUHP\  &ROOLHU WHyORJR LQJOpV TXH DUUHPHWLy FRQWUD OR TXH pO FRQVLGHUDEDREVFHQLGDG²TXL]iHQODDFWXDOLGDGORGHQRPLQDUtDPRVSRUQRJUDItD ² HQ HO WHDWUR LQJOpV GH OD pSRFD GH OD 5HVWDXUDFLyQ %UHYH YLVLyQ GH OD LQPRUDOLGDG H LQGHFHQFLD GHO WHDWUR LQJOpV MXQWR D XQD LQWHUSUHWDFLyQ GH OD DQWLJHGDG VREUH WDO WHPD $ SDUWLU GHO WtWXOR VH SXHGH DGLYLQDU TXH &ROOLHU SUHVHQWDQXPHURVRVHMHPSORVGHOXOWUDMHDODPRUDO\ TXHUHVSDOGDVXSURWHVWD FLWDQGR WH[WRV GH DXWRUHV GH OD DQWLJHGDG TXH FRPR 3ODWyQ VRVWHQtDQ TXH HO WHDWURFRUURPSHDODMXYHQWXGRFRPRORVSULPHURVSDGUHVGHOD,JOHVLDTXHODV REUDVGHWHDWURDFW~DQFRPRVHGXFFLyQGHODFDUQH\ GHOGHPRQLR

$YHFHVHODXWRUH[SRQHODXQLGDGGHOSODQGHODREUDHQHOSUyORJR(QHVWH VHQWLGRORVOLEURVGHHQVD\ RGLILHUHQUDGLFDOPHQWHGHORVGHILFFLyQ$OJXLHQTXH HVFULEDXQWUDWDGRFLHQWtILFRRILORVyILFRQRWLHQHUD]yQDOJXQDSDUDPDQWHQHUDO OHFWRU HQ YLOR SRU HO FRQWUDULR FXDQWR PHQRU VHD HO PLVWHULR PD\ RUHV SUREDELOLGDGHVH[LVWLUiQGHTXHHOOHFWRUFRQWLQ~HFRQHOHVIXHU]RGHOHHUODREUD KDVWDHOILQDO$OLJXDOTXHXQDUWtFXORGHSUHQVDXQHQVD\ RSXHGHUHVXPLUVHHQHO SULPHUSiUUDIR (O OHFWRU QR GHEH VHQWLU GHPDVLDGR RUJXOOR \  UHFKD]DU OD D\ XGD GHO DXWRU VL pVWH OD RIUHFH SHUR WDPSRFR FRQILDU SRU FRPSOHWR HQ OR TXH VH GLFH HQ HO SUyORJR 2FXUUH FRQ IUHFXHQFLD TXH ORV SODQHV PHMRU WUD]DGRV SRU ORV DXWRUHV DFDEDQVDOLHQGRPDO&RQYLHQHJXLDUVHSRUHOSURJUDPDLQIRUPDWLYRTXHSURSRQH HO DXWRU SHUR VLQ ROYLGDU MDPiV TXH OD REOLJDFLyQ GH GHVFXEULU OD XQLGDG FRUUHVSRQGHHQ~OWLPDLQVWDQFLDDOOHFWRUHQLJXDOPHGLGDTXHHOHVFULWRUWLHQHOD REOLJDFLyQGHSUHVHQWDUWDOXQLGDG\ TXHDTXpOVyORSRGUiFXPSOLUKRQUDGDPHQWH ODVX\ DOH\ HQGRHOOLEURHQWHUR (OSULPHUSiUUDIRGHODKLVWRULDGH+HUyGRWRVREUHODJXHUUDHQWUHJULHJRV\ SHUVDVQRVSURSRUFLRQDXQH[FHOHQWHUHVXPHQGHODWRWDOLGDGGHODREUD eVWDVVRQODVLQYHVWLJDFLRQHVGH+HUyGRWRGH+DOLFDUQDVRTXHSXEOLFD FRQ OD HVSHUDQ]D GH HYLWDU TXH VH GHVYDQH]FD HO UHFXHUGR GH OR TXH KDQ KHFKR ORV KRPEUHV \  GH TXH SLHUGDQ OD GHELGD JORULD ODV JUDQGHV \ SURGLJLRVDV DFFLRQHV GH ORV JULHJRV \  ORV EiUEDURV DGHPiV GH GHMDU FRQVWDQFLDGHORVPRWLYRVTXHSURYRFDURQVXVGLVHQVLRQHV (VpVWHXQEXHQFRPLHQ]RSDUDHOOHFWRUSRUTXHH[SOLFDVXFLQWDPHQWHVREUH TXpWUDWDWRGRHOOLEURSHURQRKD\ TXHGHWHQHUVHDTXt7UDVKDEHUOHtGRKDVWDHO ILQDO ODV QXHYH SDUWHV HQ ODV TXH VH GLYLGH OD QDUUDFLyQ GH +HUyGRWR SUREDEOHPHQWHWHQGUiTXHUHIOH[LRQDUVREUHHOSiUUDIRLQLFLDOSDUDKDFHUMXVWLFLD DODWRWDOLGDG4XL]iGHVHHKDEODUGHORVUH\ HVSHUVDV&LUR'DUtR-HUMHV\ GHORV KpURHV JULHJRV GH OD JXHUUD VREUH WRGR 7HPtVWRFOHV DVt FRPR GH ORV DFRQWHFLPLHQWRVPiVLPSRUWDQWHVHOSDVRGHO+HOHVSRQWR\ ODVEDWDOODVGHFLVLYDV HVSHFLDOPHQWHODGHODV7HUPySLODV\ ODGH6DODPLQD (O UHVWR GH ORV GHWDOOHV TXH UHVXOWDQ IDVFLQDQWHV \  FRQ ORV TXH +HUyGRWR SUHSDUDDOOHFWRUSDUDHOSXQWRFXOPLQDQWHGHODQDUUDFLyQSXHGHQGHMDUVHDXQ ODGR D OD KRUD GH UHVXPLU HO DUJXPHQWR 2EVpUYHVH TXH OD XQLGDG GH XQD QDUUDFLyQKLVWyULFDIRUPDXQKLOR~QLFRFDVLWDOFRPRRFXUUHHQODILFFLyQ(QOR TXH VH UHILHUH D OD XQLGDG HVWD UHJOD GH OHFWXUD SURYRFD HO PLVPR WLSR GH UHVSXHVWDWDQWRHQORVOLEURVKLVWyULFRVFRPRHQODVQRYHODV 3HUR YDPRV D DSRUWDU RWURV HMHPSORV (Q SULPHU OXJDU WRPHPRV HQ FRQVLGHUDFLyQXQDREUDGHFDUiFWHUSUiFWLFR/DXQLGDGGHeWLFD GH $ULVWyWHOHV SRGUtDH[SUHVDUVHFRPRVLJXH

2IUHFHPRVXQDLQYHVWLJDFLyQVREUHHOFDUiFWHUGHODIHOLFLGDGKXPDQD \ XQDQiOLVLVGHODVFRQGLFLRQHVEDMRODVFXDOHVSXHGHORJUDUVHRSHUGHUVH FRQFRPHQWDULRVVREUHFyPRKDQGHFRQGXFLUVHORVKRPEUHVHQVXIRUPD GH DFWXDU \  GH SHQVDU SDUD VHU IHOLFHV R HYLWDU OD LQIHOLFLGDG KDFLHQGR HVSHFLDO KLQFDSLp HQ HO FXOWLYR GH ODV YLUWXGHV WDQWR PRUDOHV FRPR LQWHOHFWXDOHVVLELHQWDPELpQVHWHQGUiQHQFXHQWDRWURVELHQHVQHFHVDULRV SDUD OD IHOLFLGDG FRPR OD ULTXH]D OD VDOXG OD DPLVWDG \  XQD VRFLHGDG MXVWDHQODTXHYLYLU 2WUD REUD SUiFWLFD HV ,QYHVWLJDFLyQ VREUH OD QDWXUDOH]D \ ODV FDXVDV GH OD ULTXH]DGHODVQDFLRQHV GH $GDP 6PLWK (Q HOOD HO OHFWRU FXHQWD FRQ OD D\ XGD GHO © SODQ GH OD REUDª  UHGDFWDGR SRU HO SURSLR DXWRU TXH DSDUHFH DO SULQFLSLR SHUR HO PLVPR RFXSD YDULDV SiJLQDV \  VX XQLGDG SXHGH H[SUHVDUVH PiV EUHYHPHQWHGHODVLJXLHQWHIRUPD 2IUHFHPRV XQD LQYHVWLJDFLyQ VREUH ODV IXHQWHV GH OD ULTXH]D GH XQD QDFLyQ HQ FXDOTXLHU HFRQRPtD FRQVWUXLGD VREUH OD GLYLVLyQ GHO WUDEDMR WRPDQGR HQ FRQVLGHUDFLyQ OD UHODFLyQ HQWUH HO WUDEDMR DVDODULDGR ORV EHQHILFLRVTXHUHYLHUWHQDOFDSLWDO\ ODVUHQWDVGHELGDVDOSURSLHWDULRFRPR IDFWRUHV EiVLFRV GHO SUHFLR GH ORV SURGXFWRV ([SRQHPRV ODV GLYHUVDV IRUPDV GH HPSOHDU HO FDSLWDO FRQ PD\ RUHV R PHQRUHV JDQDQFLDV \ UHODFLRQDPRVHORULJHQ\ ODXWLOL]DFLyQGHOGLQHURFRQODDFXPXODFLyQ\ HO HPSOHRGHOFDSLWDO$OH[DPLQDUHOGHVDUUROORGHODRSXOHQFLDHQGLYHUVDV QDFLRQHV\ EDMRGLIHUHQWHVFRQGLFLRQHVFRPSDUDPRVORVGLVWLQWRVVLVWHPDV GHHFRQRPtDSROtWLFD\ DERJDPRVSRUODFRQYHQLHQFLDGHOOLEUHFRPHUFLR 6L XQ OHFWRU HV FDSD] GH DSUHQGHU OD XQLGDG GH ,QYHVWLJDFLyQ VREUH OD QDWXUDOH]D\ODVFDXVDVGHODULTXH]DGHODVQDFLRQHVGHHVWDIRUPD\ WDPELpQOD GH(OFDSLWDOGH0DU[SRGHPRVGHFLUTXHYDELHQHQFDPLQDGRSDUDFRPSUHQGHU ODUHODFLyQHQWUHGRVGHODVREUDVPiVLQIOX\ HQWHVGHORVGRV~OWLPRVVLJORV (O RULJHQ GH ODV HVSHFLHV GH 'DUZLQ QRV SURSRUFLRQD XQ EXHQ HMHPSOR GH XQLGDGGHXQDREUDWHyULFDHQHOWHUUHQRGHORFLHQWtILFR 2IUHFHPRV XQD H[SRVLFLyQ GH OD YDULDFLyQ GH ORV VHUHV YLYRV HQ HO WUDQVFXUVRGHLQQXPHUDEOHVJHQHUDFLRQHVDVtFRPRGHODIRUPDHQTXHWDO FLUFXQVWDQFLD GHULYD HQ QXHYDV DJUXSDFLRQHV GH SODQWDV \  GH DQLPDOHV QRVUHIHULPRVWDQWRDODYDULDELOLGDGGHORVDQLPDOHVGRPHVWLFDGRVFRPRD OD YDULDELOLGDG EDMR FRQGLFLRQHV QDWXUDOHV \  PRVWUDPRV HO IXQFLRQDPLHQWR GH IDFWRUHV WDOHV FRPR OD OXFKD SRU OD H[LVWHQFLD \  OD VHOHFFLyQ QDWXUDO D OD KRUD GH SURGXFLU \  PDQWHQHU WDOHV DJUXSDFLRQHV

6RVWHQHPRV TXH ODV HVSHFLHV QR VRQ JUXSRV ILMRV H LQPXWDEOHV VLQR TXH FRQVWLWX\ HQ VLPSOHV YDULHGDGHV HQ WUDQVLFLyQ GH XQ HVWDGR PHQRV SHUPDQHQWH D RWUR PiV PDUFDGR \  UHVSDOGDPRV HVWH DUJXPHQWR FRQ SUXHEDVSURFHGHQWHVGHDQLPDOHVH[WLQWRVKDOODGRVHQODFRUWH]DWHUUHVWUH \ GHODHPEULRORJtD\ ODDQDWRPtDFRPSDUDWLYDV /RDQWHULRUSXHGHSDUHFHUXQSRFRGLItFLOGHGLJHULUSHURODREUDOHVUHVXOWy LQFOXVRPiVLQGLJHULEOHDPXFKRVOHFWRUHVGHOVLJOR;,; HQ SDUWH SRUTXH QR VH WRPDURQODPROHVWLDGHDYHULJXDUVREUHTXpWUDWDED 3RU ~OWLPR FRQVLGHUHPRV (QVD\R DFHUFD GHO HQWHQGLPLHQWR KXPDQR GH /RFNHFRPRHMHPSORGHREUDWHyULFDGHILORVRItD(OOHFWRUTXL]iUHFXHUGHTXH DQWHULRUPHQWHREVHUYDPRVTXHHODXWRUUHVXPLyVXHVWXGLRGLFLHQGRTXHHUD© XQD LQYHVWLJDFLyQ VREUH HO RULJHQ OD FHUWLGXPEUH \  HO DOFDQFH GHO FRQRFLPLHQWR KXPDQR MXQWR D ODV EDVHV \  ORV JUDGRV GH ODV FUHHQFLDV ODV RSLQLRQHV \  HO FRQVHQWLPLHQWRª 1RYDPRVDSRQHUHQWHODGHMXLFLRODH[FHOHQWHH[SRVLFLyQGHO DXWRU VREUH HO SODQ GH OD REUD SHUR Vt SRGUtDPRV DxDGLU GRV FXDOLGDGHV VXERUGLQDGDV SDUD KDFHU MXVWLFLD D OD SULPHUD \  WHUFHUD SDUWHV GHO HQVD\ R HQ HOODV VH GHPRVWUDUi TXH QR H[LVWHQ LGHDV LQQDWDV VLQR TXH WRGR FRQRFLPLHQWR KXPDQRVHDGTXLHUHDSDUWLUGHODH[SHULHQFLD\ HOOHQJXDMHVHSUHVHQWDUiFRPR PHGLR GH H[SUHVLyQ GHO SHQVDPLHQWR LQGLFDQGR HQ TXp FRQVLVWH VX XWLOL]DFLyQ DGHFXDGD\ ORVDEXVRVPiVFRUULHQWHV $QWHV GH FRQWLQXDU TXLVLpUDPRV VHxDODU GRV SXQWRV LPSRUWDQWHV HO SULPHUR FRQTXpIUHFXHQFLDSXHGHHVSHUDUHOOHFWRUTXHHODXWRUVREUHWRGRVLVHWUDWDGH XQEXHQDXWRUOHD\ XGHDFRPSUHQGHUHOSODQGHODREUD$SHVDUGHHVWHKHFKR ODPD\ RUtDGHORVOHFWRUHVQRVDEHQTXpUHVSRQGHUVLVHOHVSLGHXQDGHVFULSFLyQ VXFLQWD GH OD REUD HQ SDUWH GHELGR D OD LPSRVLELOLGDG WDQ JHQHUDOL]DGD GH H[SUHVDUVHDGHFXDGDPHQWHHQIUDVHVFRQFLVDVHQVXSURSLRLGLRPD\HQSDUWHDO ROYLGR GH HVWD UHJOD HQ OD OHFWXUD 3HUR HVWR WDPELpQ GHPXHVWUD TXH PXFKRV OHFWRUHVSUHVWDQWDQSRFDDWHQFLyQDODVSDODEUDVSUHOLPLQDUHVGHODXWRUFRPRDO WtWXORGHODREUD (OVHJXQGRSXQWRHVWiGHVWLQDGRDSUHYHQLUDOOHFWRUFRQWUDODLGHDGHWRPDUVH ORV UHV~PHQHV TXH KHPRV RIUHFLGR FRPR VL IXHUDQ HQ WRGRV \  FDGD XQR GH ORV FDVRV XQD IRUPXODFLyQ DEVROXWD \  GHILQLWLYD GH OD XQLGDG GH OD REUD 'LFKD XQLGDG SXHGH H[SUHVDUVH GH GLYHUVDV IRUPDV \  QR H[LVWH QLQJXQD TXH VHD PiV FRUUHFWD TXH ODV GHPiV 3RU VXSXHVWR WHQGUi PHMRU FDOLGDG OD TXH VHD VXFLQWD H[DFWD\ H[KDXVWLYD (Q HVWH OLEUR SUHVHQWDPRV OD XQLGDG GHO OLEUR GH XQ PRGR GLVWLQWR DO TXH OD H[SUHVD HO DXWRU \ DGHPiV VLQ H[FXVDUQRV 'H LJXDO PRGR HO OHFWRU SXHGH GLVHQWLU GH QXHVWUD RSLQLyQ SRUTXH DO ILQ \  DO FDER XQ OLEUR VLJQLILFD FRVDV GLIHUHQWHV SDUD FDGD SHUVRQD TXH OR OHH \  QR UHVXOWDUtD VRUSUHQGHQWH TXH HVD GLIHUHQFLDVHH[SUHVDVHHQHOHQXQFLDGRGHOOHFWRU6LQHPEDUJRHVWRQRVLJQLILFD

TXHWRGRYDOJD6LELHQH[LVWHQGLIHUHQFLDVHQWUHORVOHFWRUHVHOOLEURHVHOPLVPR \  SXHGH H[LVWLU XQD YLVLyQ REMHWLYD GH OD H[DFWLWXG \  OD ILGHOLGDG GH ODV REVHUYDFLRQHVTXHFXDOTXLHUDKDFHVREUHpO (OGRPLQLRGHODPXOWLSOLFLGDGHODUWHGHSHUILODUXQOLEUR $FRQWLQXDFLyQYDPRVDRFXSDUQRVGHODRWUDUHJODHVWUXFWXUDOODTXHUHTXLHUH OD H[SRVLFLyQ GH ODV SDUWHV PiV LPSRUWDQWHV GHO OLEUR VLJXLHQGR VX RUGHQ \  VX FRUUHODFLyQ\ TXHJXDUGDXQDHVWUHFKDUHODFLyQFRQODVHJXQGD8QDXQLGDGELHQ H[SXHVWD VHxDOD ODV SDUWHV PiV LPSRUWDQWHV TXH FRPSRQHQ HO FRQMXQWR QR VH SXHGH FRPSUHQGHU OD WRWDOLGDG VLQ HQWHQGHU ODV SDUWHV TXH OD LQWHJUDQ 3HUR WDPELpQHVFLHUWRTXHDPHQRVTXHVHDSUHQGDODRUJDQL]DFLyQGHODVSDUWHVQR VHSRGUiFRQRFHUHOFRQMXQWRHQVXWRWDOLGDG (QWRQFHV¢SRUTXpIRUPXODUGRVUHJODVHQOXJDUGHXQDVROD"(QSULPHUOXJDU VH WUDWD GH XQ WHPD GH FRQYHQLHQFLD 5HVXOWD PiV IiFLO FRPSUHQGHU XQD HVWUXFWXUDFRPSOHMD\ XQLILFDGDHQGRVSDVRVTXHHQXQRVROR/DVHJXQGDUHJOD HVWiGHVWLQDGDDODXQLGDGGHXQOLEURODWHUFHUDDVXFRPSOHMLGDG<DGHPiV H[LVWH RWUD UD]yQ SDUD WUD]DU HVWD GLVWLQFLyQ (V SRVLEOH FRPSUHQGHU ODV SDUWHV SULQFLSDOHVGHOOLEURHQFXDQWRVHDSUHKHQGHVXXQLGDGSHURSRUORJHQHUDOGLFKDV SDUWHVVRQHQVtPLVPDVFRPSOHMDV\ SRVHHQXQDHVWUXFWXUDLQWHUQDTXHWDPELpQ KD\  TXH HQWHQGHU OR TXH HTXLYDOH D SHUILODUODV HV GHFLU D WUDWDUODV FRPR WRWDOLGDGHVVXERUGLQDGDVFDGDXQDGHHOODVFRQXQLGDG\ FRPSOHMLGDGSURSLDV 3RGHPRVRIUHFHUXQDIyUPXODSDUDHOIXQFLRQDPLHQWRGHHVWDWHUFHUDUHJOD TXH VHUYLUi DO OHFWRU GH JXtD JHQHUDO 6HJ~Q OD WHUFHUD UHJOD WHQGUtDPRV TXH GHFLUHOOLEURFRPRFRQMXQWRWUDWDVREUHHVWR\ ORRWUR\ ORGHPiVDOOi8QDYH] KHFKRHVWRFXPSOLUHPRVODWHUFHUDQRUPDVHJ~QHOVLJXLHQWHSURFHGLPLHQWR  (ODXWRUKDOOHYDGRDFDERVXSODQHQFLQFRSDUWHVIXQGDPHQWDOHVOD SULPHUDGHODVFXDOHVWUDWDVREUHWDO\ FXDOFRVDODVHJXQGDVREUHWDO \ WDOWHPDODWHUFHUDVREUHHVWHRWURODFXDUWDVREUHWDO\ FXDO\ OD TXLQWDVREUHHVWHRWURWHPD  /DSULPHUDGHHVWDVSDUWHVSULQFLSDOHVHVWiGLYLGLGDHQWUHVVHFFLRQHV ODSULPHUDGHODVFXDOHVVHRFXSDGH;ODVHJXQGDGH<\ ODWHUFHUD GH=  (QODSULPHUDVHFFLyQGHODSULPHUDSDUWHHODXWRUHVWDEOHFHFXDWUR SXQWRVHOSULPHUR$HOVHJXQGR%HOWHUFHUR&\ HOFXDUWR'\ DVt VXFHVLYDPHQWH 4XL]i HO OHFWRU QR HVWp GH DFXHUGR FRQ XQ SHUILODGR WDQ SUROLMR SRUTXH VH WDUGDUtDWRGDXQDYLGDHQOHHUXQOLEURGHHVWDPDQHUDSHURQDWXUDOPHQWHVHWUDWD WDQVyORGHXQDIyUPXOD3DUHFHFRPRVLODIyUPXODUHTXLULHVHXQDFDQWLGDGGH

WUDEDMRLPSRVLEOHPiVHOEXHQOHFWRUUHDOL]DHVWDWDUHDGHIRUPDKDELWXDO\SRU FRQVLJXLHQWHFRQIDFLOLGDG\ QDWXUDOLGDG7DOYH]QRDQRWHWRGRVORVGHWDOOHV\ QL VLTXLHUDORVFRQFUHWHYHUEDOPHQWHPLHQWUDVHVWiOH\ HQGRSHURVLVHOHSLGLHUDTXH H[SOLFDUD OD HVWUXFWXUD GHO OLEUR VH DSUR[LPDUtD D OD IyUPXOD TXH DFDEDPRV GH RIUHFHU (VWD SDODEUD © DSUR[LPDFLyQª  GHEHUtD DOLYLDU OD DQJXVWLD GHO OHFWRU 8QD EXHQD UHJOD VLHPSUH GHVFULEH XQD DFWXDFLyQ LGHDO SHUR XQD SHUVRQD SXHGH SRVHHU JUDQ GHVWUH]D HQ XQ DUWH VLQ VHU HO DUWLVWD LGHDO SUDFWLFDU ELHQ GLFKD GHVWUH]DVLPSOHPHQWHDSUR[LPiQGRVHDODQRUPD+HPRVH[SXHVWRGLFKDQRUPD SDUDORVFDVRVLGHDOHV\ HOOHFWRUGHEHGDUVHSRUVDWLVIHFKRVLSXHGHFXPSOLUORV UHTXLVLWRVGHIRUPDPX\ DSUR[LPDGD ,QFOXVRFXDQGRVHSHUIHFFLRQDODGHVWUH]DQRHVQHFHVDULROHHUWRGRVORVOLEURV FRQ HO PLVPR HVIXHU]R SRUTXH QR UHVXOWD SURYHFKRVR GHGLFDU WRGD OD GHVWUH]D DGTXLULGD D FLHUWDV REUDV ,QFOXVR ORV PHMRUHV OHFWRUHV LQWHQWDQ FXPSOLU ORV UHTXLVLWRV GH HVWD QRUPD GH XQD IRUPD DSUR[LPDGD VyOR SDUD XQ Q~PHUR UHODWLYDPHQWHUHGXFLGRGHOLEURV/DPD\ RUtDGHHOORVVHGDQSRUVDWLVIHFKRVFRQ XQDLGHDDSUR[LPDGDGHODHVWUXFWXUDGHOOLEUR(OJUDGRGHDSUR[LPDFLyQYDUtD VHJ~Q HO FDUiFWHU GHO OLEUR \  HO REMHWLYR TXH VH SHUVLJD FRQ OD OHFWXUD SHUR LQGHSHQGLHQWHPHQWHGHHVWDYDULDELOLGDGODUHJODSHUPDQHFHFRQVWDQWH(OOHFWRU GHEH VDEHU FyPR VHJXLUOD WDQWR VL VH WUDWD GH XQD IRUPD H[DFWD FRPR GH RWUD DSUR[LPDGD +D\  TXH FRPSUHQGHU TXH ODV OLPLWDFLRQHV HQ FXDQWR DO JUDGR GH DSUR[LPDFLyQDODQRUPDQRVHUHILHUHQ~QLFDPHQWHDWLHPSR\ HVIXHU]R6RPRV VHUHV ILQLWRV PRUWDOHV SHUR WDPELpQ XQ OLEUR WLHQH FDUiFWHU ILQLWR \  VL ELHQ QR PRUWDO Vt DO PHQRV GHIHFWXRVR HQ HO PLVPR VHQWLGR TXH WRGDV ODV FRVDV KHFKDV SRUODPDQRGHOKRPEUH1LQJ~QOLEURPHUHFHXQSHUILODPLHQWRSHUIHFWRSRUTXH QLQJXQR GH HOORV HV SHUIHFWR $O ILQ \  DO FDER QR KDFH IDOWD TXH HO OHFWRU LQWURGX]FDHQHOOLEURHOHPHQWRVTXHQRKDEtDSXHVWRHOHVFULWRU(OSHUILOGHEHVHU GHOOLEURHQVtQRGHOWHPDVREUHHOTXH WUDWD(OSHUILODPLHQWRGHOWHPD SRGUtD SURORQJDUVH LQGHILQLGDPHQWH SHUR QR HO GHO OLEUR TXH VyOR GD DO WHPD XQ WUDWDPLHQWR PiV R PHQRV GHILQLWLYR 3RU FRQVLJXLHQWH HO OHFWRU QR GHEH SHQVDU TXHDOHQWDPRVXQDDFWLWXGSHUH]RVDSRUVXSDUWHDODKRUDGHVHJXLUHVWDUHJOD &RQ XQDV FXDQWDV LOXVWUDFLRQHV GH OD UHJOD DOLJHUDUHPRV XQ WDQWR HO DVSHFWR LPSRQHQWH GH OD IyUPXOD GHVWLQDGD D RUGHQDU \  UHODFLRQDU HQWUH Vt ODV GLVWLQWDV SDUWHVGHXQOLEUR'HVJUDFLDGDPHQWHUHVXOWDPiVGLItFLOLOXVWUDUGLFKDUHJODTXH ODTXHVHUHILHUHDODFRPSUHQVLyQGHODXQLGDG$OILQ\ DOFDERpVWDVHSXHGH H[SUHVDUHQXQSDUGH IUDVHVRFRPRPi[LPRHQ XQEUHYHSiUUDIRSHURHQ HO FDVR GH XQ OLEUR ODUJR \  FRPSOHMR VH QHFHVLWDUtDQ PXFKDV SiJLQDV SDUD GHMDU FRQVWDQFLD HVFULWD GH ODV SDUWHV GH ODV VXESDUWHV \  DVt VXFHVLYD PHQWH KDVWD OOHJDU D OD ~OWLPD XQLGDG HVWUXFWXUDO TXH UHVXOWD FRPSUHQVLEOH \  GLJQD GH VHU LGHQWLILFDGD

(QWHRUtDHOSHUILOSRGUtDWHQHUPD\ RUORQJLWXGTXHHORULJLQDO$OJXQRVGHORV JUDQGHVFRPHQWDULRVPHGLHYDOHVVREUHODVREUDVGH$ULVWyWHOHVVRQPiVSUROLMRV TXHODVREUDVSURSLDPHQWHGLFKDVDXQTXHQDWXUDOPHQWHFRQWLHQHQDOJRPiVTXH XQSHUILO\ DTXHDFRPHWHQODWDUHDGHLQWHUSUHWDUDODXWRUIUDVHDIUDVHSiUUDIRD SiUUDIR/RPLVPRSXHGHGHFLUVH GHFLHUWDVHGLFLRQHVFUtWLFDVPRGHUQDV FRPR DOJXQDVGH&ULWLFDGHODUD]yQSXUD GH .DQW < XQD HGLFLyQ FUtWLFD GH XQD REUD WHDWUDO GH 6KDNHVSHDUH TXH FRQWLHQH XQ SHUILO H[KDXVWLYR \  RWURV HOHPHQWRV HV PXFKRPiVODUJD²TXL]iXQDVGLH]YHFHVPiVODUJD²TXHHORULJLQDO&RQYLHQH H[DPLQDU XQ FRPHQWDULR GH HVWH WLSR SDUD YHU FyPR VH VLJXH OD UHJOD TXH DFDEDPRVGHH[SOLFDUDSUR[LPiQGRVHORPiVSRVLEOHDODSHUIHFFLyQ7RPiVGH $TXLQR SRU HMHPSOR HPSLH]D FDGD VHFFLyQ GH VX FRPHQWDULR FRQ XQ KHUPRVR SHUILOGHORVSXQWRVTXHGHVWDFD$ULVWyWHOHVHQXQDSDUWHFRQFUHWDGHVXREUD\ VLHPSUHGLFHH[SOtFLWDPHQWHFyPRHQFDMDHVDSDUWHHQODHVWUXFWXUDGHOFRQMXQWR VREUHWRGRHQVXUHODFLyQFRQODVSDUWHVTXHODSUHFHGHQ\ TXHODVLJXHQ 3HUR YDPRV D WRPDU FRPR HMHPSOR DOJR PiV IiFLO TXH XQ WUDWDGR GH $ULVWyWHOHVDTXLHQTXL]iSRGUtDPRVFRQVLGHUDUHOSURVLVWDPiVFRPSDFWRSRUOR TXHSHUILODUXQDGHVXVREUDVUHVXOWDEDVWDQWHH[WHQVR\ GLItFLO$GHPiV\ FRQHO ILQ GH IDFLOLWDU OD FRPSUHQVLyQ GHO HMHPSOR QR OOHYDUHPRV HO SURFHVR KDVWD HO OtPLWHGHODSHUIHFFLyQUHODWLYDTXHVHUtDSRVLEOHVLGLVSXVLpUDPRVGHJUDQQ~PHUR GHSiJLQDV /D&RQVWLWXFLyQGHORV(VWDGRV8QLGRVHVXQGRFXPHQWRLQWHUHVDQWHSUiFWLFR \SRUDxDGLGXUDXQWH[WRELHQRUJDQL]DGR6LHOOHFWRUORH[DPLQDQRHQFRQWUDUi QLQJXQD GLILFXOWDG HQ HQFRQWUDU ODV SDUWHV PiV LPSRUWDQWHV (VWiQ EDVWDQWH ELHQ LQGLFDGDV DXQTXH KD\  TXH GHGLFDUOHV FLHUWD UHIOH[LyQ SDUD WUD]DU ODV GLYLVLRQHV PiVLPSRUWDQWHV$FRQWLQXDFLyQH[SRQHPRVVXSHUILO 35,0(5$ HO SUHiPEXOR TXH VHxDOD HO REMHWLYR ORV REMHWLYRV GHOD&RQVWLWXFLyQ 6(*81'$HOSULPHUDUWtFXORGHGLFDGRDOFXHUSROHJLVODWLYRGHO JRELHUQR 7(5&(5$HOVHJXQGRDUWtFXORGHGLFDGRDOFXHUSRHMHFXWLYRGHO JRELHUQR &8$57$ HO WHUFHU DUWtFXOR GHGLFDGR DO FXHUSR MXGLFLDO GHO JRELHUQR 48,17$HOFXDUWRDUWtFXORTXHWUDWDVREUHODUHODFLyQHQWUHORV JRELHUQRVHVWDWDOHV\ HOIHGHUDO 6(;7$ ORV DUWtFXORV TXLQWR VH[WR \  VpSWLPR GHGLFDGRV D OD HQPLHQGDGHOD&RQVWLWXFLyQDVXFDUiFWHUGHOH\ VXSUHPDGHOSDtV\ DODVGLVSRVLFLRQHVGHVWLQDGDVDVXVUDWLILFDFLRQHV 6e37,0$ ODV SULPHUDV GLH] HQPLHQGDV TXH FRQVWLWX\ HQ HO DFWD GHGHUHFKRV

2&7$9$ ODV GHPiV HQPLHQGDV TXH VH KDQ GDGR KDVWD OD DFWXDOLGDG eVWDV VRQ ODV SULQFLSDOHV GLYLVLRQHV $ FRQWLQXDFLyQ YDPRV D SHUILODU XQD GH HOODVODVHJXQGD TXH FRPSUHQGH HO SULPHU DUWtFXOR GH OD &RQVWLWXFLyQ $O LJXDO TXHODPD\ RUtDGHORVGHPiVDUWtFXORVpVWHHVWiGLYLGLGRHQVHFFLRQHV ,,  6HFFLyQ  TXH HVWDEOHFH ORV SRGHUHV OHJLVODWLYRV HQ HO &RQJUHVRGH(VWDGRV8QLGRVGLYLGLGRHQGRVRUJDQLVPRVHO6HQDGR\ OD&iPDUDGH5HSUHVHQWDQWHV ,,  6HFFLRQHV  \   TXH GHVFULEHQ OD FRPSRVLFLyQ GH OD &iPDUD GH 5HSUHVHQWDQWHV \  ODV DWULEXFLRQHV GH VXV PLHPEURV UHVSHFWLYDPHQWH$GHPiVVHDFODUDTXHVyOROD&iPDUDWLHQHSRGHU SDUD OD LQFDSDFLWDFLyQ SUHVLGHQFLDO \  ~QLFDPHQWH HO 6HQDGR SDUD MX]JDUODVLQFDSDFLWDFLRQHV ,,  6HFFLRQHV  \   TXH VH RFXSDQ GH OD HOHFFLyQ GH ORV PLHPEURVGHODVGRVUDPDVGHO&RQJUHVR\ GHODRUJDQL]DFLyQ\ ORV DVXQWRVLQWHUQRVGHFDGDXQDGHHOODV ,,6HFFLyQTXHHVSHFLILFDODVSUHEHQGDV\ ORVHPROXPHQWRV GHORVPLHPEURVGHDPEDVUDPDV\ XQDOLPLWDFLyQDORVSXHVWRVGH IXQFLRQDULRVGHVXVPLHPEURV ,,  6HFFLyQ  TXH GHILQH OD UHODFLyQ HQWUH ORV FXHUSRV OHJLVODWLYR \  HMHFXWLYR GHO JRELHUQR \  GHVFULEH HO SRGHU GH YHWR GHO SUHVLGHQWH ,,6HFFLyQTXHGHVFULEHORVSRGHUHVGHO&RQJUHVR ,,  6HFFLyQ  TXH H[SRQH FLHUWDV OLPLWDFLRQHV D ORV SRGHUHV GHVFULWRVHQODVHFFLyQ ,,  6HFFLyQ  TXH H[SRQH ODV OLPLWDFLRQHV GH ORV SRGHUHV GH ORV(VWDGRV\ HQTXpJUDGRGHEHQFHGHUDOJXQRVGHHOORVDO&RQJUHVR $FRQWLQXDFLyQSRGUtDPRVWUD]DUXQSHUILOVHPHMDQWHGHODVGHPiVGLYLVLRQHV SULQFLSDOHV \ XQD YH] WHUPLQDGR YROYHU D SHUILODU ODV VHFFLRQHV XQD SRU XQD $OJXQDVGHHOODVODGHODUWtFXOR,SRUHMHPSORUHTXHULUtDQODLGHQWLILFDFLyQGH PXFKRVWHPDV\ VXEWHPDVGLVWLQWRV 1DWXUDOPHQWH pVWD HV VyOR XQD GH ODV IRUPDV SRVLEOHV GH UHDOL]DU OD WDUHD SHURH[LVWHQRWUDV3RGUtDPRVDJUXSDUORVWUHVSULPHURVDUWtFXORVHQXQDGLYLVLyQ ~QLFDSRUHMHPSORRHQOXJDUGHGRVGLYLVLRQHVUHVSHFWRDODVHQPLHQGDVWUD]DU PiVGLYLVLRQHVIXQGDPHQWDOHVDJUXSDQGRODVHQPLHQGDVVHJ~QORVSUREOHPDVTXH WUDWDQ6XJHULPRVDOOHFWRUTXHLQWHQWHKDFHUVXSURSLDGLYLVLyQGHOD&RQVWLWXFLyQ HQ ODV SULQFLSDOHV SDUWHV TXH FRQWLHQH OOHJDU LQFOXVR PiV OHMRV TXH QRVRWURV \ WUDWDUGHHVWDEOHFHUWDPELpQODVSDUWHVHQTXHVHGLYLGHQODVSDUWHV(VSRVLEOHTXH KD\ DOHtGRHVWHGRFXPHQWRPXFKDVYHFHVSHURVLQRKDDSOLFDGRODQRUPDTXH

DFDEDPRVGHH[SRQHUGHVFXEULUiLQILQLGDGGHFRVDVTXHQRKDEtDYLVWRDQWHV 2IUHFHPRVXQHMHPSORWDPELpQPX\ EUHYH
pVWHVHUHGXFLUiDXQVLPSOHDFLHUWRDXQJROSHGHVXHUWH3RUHVRODWHUFHUDUHJOD UHVXOWDDEVROXWDPHQWHQHFHVDULDFRPRFRPSOHPHQWRGHODVHJXQGD 0RVWUDUHPRV OR TXH TXHUHPRV GHFLU FRQ XQ HMHPSOR PX\  VHQFLOOR 8Q QLxR GHGRVDxRVTXHDFDEHGHHPSH]DUDKDEODUSXHGHGHFLUTXHGRV\ GRVVRQFXDWUR DOJRREMHWLYDPHQWHFLHUWRSHURQRVHTXLYRFDUtDPRVVLGHHOORGHGXMpVHPRVTXH HO QLxR VDEH PXFKR GH PDWHPiWLFDV 3UREDEOHPHQWH HO QLxR QR VDEtD OR TXH HVWDED GLFLHQGR \ SRU FRQVLJXLHQWH DXQTXH OD DILUPDFLyQ HQ Vt VHD FRUUHFWD KHPRV GH FRPSUHQGHU TXH HO QLxR QHFHVLWD LQVWUXFFLyQ HQ OD PDWHULD 'H LJXDO PRGR HO OHFWRU SXHGH DFHUWDU DO DGLYLQDU HO SXQWR R WHPD SULQFLSDO GH XQ OLEUR SHURQHFHVLWDUiUHDOL]DUHOHMHUFLFLRGHGHPRVWUDUFyPR\ SRU TXp KD KHFKR WDO DILUPDFLyQ3RUFRQVLJXLHQWHWUD]DUHOSHUILOGHODVSDUWHVGHXQOLEUR\ PRVWUDU FyPRpVWDVLOXVWUDQ\ GHVDUUROODQHOWHPDSULQFLSDOVLUYHGHDSR\ RDODH[SUHVLyQ GHODXQLGDGGHODREUD 5HODFLyQUHFtSURFDHQWUHODVDUWHVGHODOHFWXUD\ ODHVFULWXUD 3RU OR JHQHUDO ODV GRV UHJODV GH OD OHFWXUD TXH KHPRV H[SXHVWR SDUHFHQ WDPELpQ DSOLFDEOHV D OD HVFULWXUD \  DVt RFXUUH (VFULELU \  OHHU VRQ DFWLYLGDGHV UHFtSURFDV DO LJXDO TXH HQVHxDU \  VHU HQVHxDGR 6L HVFULWRUHV \  SURIHVRUHV QR RUJDQL]DVHQ OR TXH GHVHDQ FRPXQLFDU VL QR ORJUDVHQ XQLILFDUOR \  RUGHQDU ODV GLYHUVDV SDUWHV QR WHQGUtD VHQWLGR UHFRPHQGDU D TXLHQHV OHHQ R HVFXFKDQ TXH EXVFDUDQODXQLGDG\ GHYHODUDQODHVWUXFWXUDGHOFRQMXQWR 3HURDXQTXHODVUHJODVVRQUHFtSURFDVQRVHODVVLJXHGHODPLVPDPDQHUD(O OHFWRUWUDWDGHGHVFXEULUHOHVTXHOHWRTXHRFXOWDHOOLEURPLHQWUDVTXHHOHVFULWRU HPSLH]DSRUHOHVTXHOHWRHLQWHQWDFXEULUOR(OREMHWLYRTXHSHUVLJXHHVWH~OWLPR FRQVLVWH HQ RFXOWDU HO HVTXHOHWR GH IRUPD DUWtVWLFD R HQ RWUDV SDODEUDV SRQHU FDUQHVREUHORVKXHVRVGHVQXGRV6LHVXQEXHQHVFULWRUQRHQWLHUUDXQHVTXHOHWR GpELOEDMRXQDPRQWDxDGHJUDVDSRURWUDSDUWHODFDUQHQRGHEHUtDIRUPDUXQD FDSDGHPDVLDGRGHOJDGDDWUDYpVGHODFXDOSXHGDQYHUVHORVKXHVRV6LHVWDFDSD HVVXILFLHQWHPHQWHJUXHVD\ VHHYLWDODIODFFLGH]VHSHUFLELUiQODVDUWLFXODFLRQHV \ HOPRYLPLHQWRGHODVGLYHUVDVSDUWHV ¢3RUTXpKDGHVHUDVt"¢3RUTXpQRGHEHUtDXQOLEURGHHQVD\ RXQDREUDTXH WUDWDGHSUHVHQWDURUGHQDGDPHQWHXQ FRQMXQWRGHFRQRFLPLHQWRVOLPLWDUVHD XQ SHUILO GHO DUJXPHQWR" /D UD]yQ QR UHVLGH WDQ VyOR HQ TXH OD PD\ RUtD GH ODV SHUVRQDVQRVDEHQOHHUORVSHUILOHV\ TXHXQOLEURGHVHPHMDQWHVFDUDFWHUtVWLFDV UHSHOHUtDDXQOHFWRUTXHVHSUHFLDVHGHWDO\ TXHFRQVLGHUDVHTXHVLpOHVFDSD] GHUHDOL]DUODWDUHDWDPELpQGHEHGHVHUORHOHVFULWRU+D\ DOJRPiV/DFDUQHGH XQOLEURFRQVWLWX\ HXQDSDUWHWDQLPSRUWDQWHGHOPLVPRFRPRHOHVTXHOHWRDOJR DSOLFDEOHDORVOLEURVDORVDQLPDOHV\ DORVVHUHVKXPDQRV/DFDUQH²HOSHUILO GHYHODGR²DxDGHXQDGLPHQVLyQHVHQFLDODxDGHYLGDHQHOFDVRGHXQDQLPDO

'H LJXDO PRGR HVFULELU XQ OLEUR D SDUWLU GHO SHUILO LQGHSHQGLHQWHPHQWH GH OR GHWDOODGR TXH VHD RWRUJD D OD REUD XQD HVSHFLH GH YLGD GH OD TXH HQ RWUR FDVR FDUHFHUtD 3RGHPRVUHVXPLUORDQWHULRUUHFRUGDQGRODDQWLJXDPi[LPDXQWH[WRHVFULWR GHEH WHQHU XQLGDG FODULGDG \  FRKHUHQFLD FRQGLFLRQHV EiVLFDV GH OD EXHQD HVFULWXUD/DVGRVUHJODVTXHKHPRVH[SXHVWRHQHOSUHVHQWHFDStWXORVHUHILHUHQD OD HVFULWXUD TXH VLJXH GLFKD Pi[LPD 6L HO WH[WR SRVHH XQD XQLGDG GHEHPRV KDOODUOD VL WLHQH FODULGDG \  FRKHUHQFLD GHEHPRV DSUHFLDUODV GHVFXEULHQGR OD QLWLGH]\ ODRUGHQDFLyQGHODVGLYHUVDVSDUWHV/RTXHHVFODURORHVJUDFLDVDOD QLWLGH] GH VXV FRQWRUQRV OR TXH HV FRKHUHQWH VH UH~QH VLJXLHQGR XQD GLVSRVLFLyQ RUGHQDGDGHODVSDUWHV 3RUFRQVLJXLHQWHSRGHPRVHPSOHDUHVWDVGRVUHJODVSDUDGLVWLQJXLUORVOLEURV ELHQKHFKRVGHORVPDOKHFKRV6LXQDYH]DGTXLULGDVXILFLHQWHGHVWUH]DHOOHFWRU QRFRQVLJXHDSUHKHQGHUODXQLGDGGHXQDREUDSRUPXFKRVHVIXHU]RVTXHUHDOLFH QLSXHGHGHVFXEULUVXVSDUWHV\ ODUHODFLyQH[LVWHQWHHQWUHHOODVVHJXUDPHQWHVH WUDWDGHXQPDOOLEURSRUPXFKDIDPDTXHWHQJD3HURQRGHEHPRVDSUHVXUDUQRV DHPLWLUWDOMXLFLRSRVLEOHPHQWHODFXOSDHVGHOOHFWRUQRGHODXWRU6LQHPEDUJR VLHPSUHGHEHPRVMX]JDUODREUD\ QRFUHHUTXHODFXOSDHVQXHVWUDHQWRGRVORV FDVRV'HKHFKRSRUPXFKRVGHIHFWRVTXHWHQJDPRVFRPROHFWRUHVHOFXOSDEOH VXHOH VHU HO OLEUR SRUTXH HQ VX PD\ RUtD ²HQ VX LQPHQVD PD\ RUtD² HVWi PDO HVFULWR HQ HO VHQWLGR GH TXH VXV DXWRUHV QR OR GHVDUUROODURQ DWHQLpQGRVH D HVWDV UHJODV 3RGUtDPRVDxDGLUTXHHVWDVGRVQRUPDVWDPELpQVRQDSOLFDEOHVDODOHFWXUDGH FXDOTXLHU SDUWH VXVWDQFLDO GH XQD REUD GH HQVD\ R \  D VX WRWDOLGDG 6L OD SDUWH HOHJLGD FRQVWLWX\ H HQ Vt XQD XQLGDG FRPSOHMD \  UHODWLYDPHQWH LQGHSHQGLHQWH KDEUiTXHGHVFXEULUVXXQLGDG\ VXFRPSOHMLGDGFRQHOILQGHOHHUODELHQ$TXt KDOODPRVXQDGLIHUHQFLDVLJQLILFDWLYDHQWUHORVOLEURVTXHWUDQVPLWHQFRQRFLPLHQWR \ ODVREUDVSRpWLFDVGHWHDWUR\ GHQDUUDWLYD/DVSDUWHVGHORVSULPHURVSXHGHQ VHUPXFKRPiVDXWyQRPDVTXHODVGHODVVHJXQGDV/DSHUVRQDTXHDVHJXUDTXH © KDOHtGRORVXILFLHQWHFRPRSDUDKDFHUVHXQDLGHDGHTXpWUDWDª XQDQRYHODQR VDEHORTXHGLFHSRUTXHVLODREUDHVEXHQDODLGHDVHHQFXHQWUDHQHOFRQMXQWR\ QR VH OD SXHGH GHVFXEULU D PHQRV TXH VH OHD DTXpOOD HQ VX WRWDOLGDG SHUR SRGHPRV KDFHUQRV XQD LGHD GH eWLFD GH $ULVWyWHOHV R GH (O RULJHQ GH ODV HVSHFLHVGH'DUZLQOH\ HQGRGHWHQLGDPHQWHDOJXQDVSDUWHVVLELHQHQWDOFDVRQR REVHUYDUHPRVODWHUFHUDUHJOD 'HVFXEULUODVLQWHQFLRQHVGHODXWRU (Q HVWH FDStWXOR GHVHDPRV H[SRQHU RWUD UHJOD GH OD OHFWXUD TXH SXHGH H[SUHVDUVH VXFLQWDPHQWH SXHV UHTXLHUH SRFDV H[SOLFDFLRQHV \  QLQJXQD

LOXVWUDFLyQ(QUHDOLGDGUHSLWHEDMRRWUDIRUPDORTXHHOOHFWRU\ DKDEUiKHFKRVL KD DSOLFDGR OD VHJXQGD \  WHUFHUD QRUPDV SHUR OD UHSHWLFLyQ UHVXOWD ~WLO SRUTXH DUURMDXQDOX]GLVWLQWDVREUHHOWRGR\ ODVSDUWHV /D FXDUWD UHJOD HV OD VLJXLHQWH 5(*/$ D  $9(5,*8$5 (1 48e

&216,67(1/26352%/(0$648(6(3/$17($(/$8725 (O DXWRU GH XQ OLEUR HPSLH]D FRQ XQD R YDULDV SUHJXQWDV \  OD REUD HQ DSDULHQFLDDOPHQRVFRQWLHQHODUHVSXHVWDRODVUHVSXHVWDV (OHVFULWRUTXL]iGHMHFRQVWDQFLDGHODVSUHJXQWDVRTXL]iQRDVtFRPRGHODV UHVSXHVWDVTXHFRQVWLWX\ HQORVIUXWRVGHVXWUDEDMR7DQWRHQXQFDVRFRPRHQHO RWUR \  VREUH WRGR HQ HO VHJXQGR OD WDUHD GHO OHFWRU FRQVLVWH HQ IRUPXODU ODV SUHJXQWDV FRQ OD PD\ RU SUHFLVLyQ SRVLEOH 'HEH VHU FDSD] GH H[SUHVDU HO LQWHUURJDQWH SULQFLSDO DO TXH OD REUD WUDWD GH UHVSRQGHU \  GH H[SUHVDU ODV SUHJXQWDVVXERUGLQDGDVVLODSULQFLSDOHVFRPSOHMD\ FRQVWDGHPXFKDVSDUWHV1R VyORKDGHKDEHUFRPSUHQGLGREDVWDQWHELHQWRGRVORVLQWHUURJDQWHVVLQRDGHPiV VLWXDUORV HQ XQ RUGHQ LQWHOLJLEOH ¢&XiOHV VRQ ORV SULPDULRV \  FXiOHV ORV VHFXQGDULRV" ¢&XiOHV GHEHQ FRQWHVWDUVH HQ SULPHU OXJDU VL RWURV SXHGHQ UHVSRQGHUVHPiVDGHODQWH" 9HPRV TXH HQ FLHUWR VHQWLGR HVWD UHJOD UHSURGXFH OD WDUHD TXH \ D VH KD UHDOL]DGRDOH[SUHVDUODXQLGDG\ GHVFXEULUVXVSDUWHVSHURTXL]iVLUYDGHD\ XGD DOOHFWRUUHDOL]DUWDOHVIXHU]R(QRWUDVSDODEUDVVHJXLUODFXDUWDQRUPDUHVXOWD~WLO VL VH OD DSOLFD HQ FRQMXQFLyQ FRQ ODV RWUDV GRV \  FRPR HV OLJHUDPHQWH PHQRV FRQRFLGD TXH DTXpOODV LQFOXVR SXHGH UHVXOWDU PiV ~WLO D OD KRUD GH HQIUHQWDUVH FRQ XQ OLEUR GLItFLO 1R REVWDQWH TXLVLpUDPRV KDFHU KLQFDSLp HQ TXH QR SUHWHQGHPRV TXH HO OHFWRU FDLJD HQ OR TXH ORV FUtWLFRV GHQRPLQDQ IDODFLD LQWHQFLRQDGD FRQVLVWHQWH HQ SHQVDU TXH VH SXHGH GHVFXEULU OR TXH XQ HVFULWRU WHQtD HQ PHQWH D SDUWLU GH XQD REUD VX\ D DOJR HVSHFLDOPHQWH DSOLFDEOH D OD OLWHUDWXUDFRQVWLWX\ HXQJUDYHHUURUWUDWDUGHSVLFRDQDOL]DUD6KDNHVSHDUHDSDUWLU GH+DPOHWSRUHMHPSORSHURLQFOXVRFRQXQDREUDSRpWLFDSXHGHUHVXOWDUGHJUDQ D\ XGD WUDWDU GH DYHULJXDU ODV LQWHQFLRQHV GHO DXWRU (Q HO FDVR GH ORV OLEURV GH HQVD\ R OD UHJOD WLHQH XQ YDORU HYLGHQWH \ VLQ HPEDUJR OD PD\ RUtD GH ORV OHFWRUHVDXQTXHSRVHDQJUDQGHVWUH]DHQRWURVDVSHFWRVQRVXHOHQVHUFDSDFHVGH REVHUYDUOR (Q FRQVHFXHQFLD VX FRQFHSFLyQ GHO SXQWR R WHPD SULQFLSDO GH XQD REUD SXHGH VHU PX\  GHILFLHQWH \ SRU VXSXHVWR EDVWDQWH FDyWLFR HO SHUILO TXH WUDFHQ GH OD HVWUXFWXUD 1R OOHJDUiQ D YHU OD XQLGDG GHO OLEUR SRUTXH QR FRPSUHQGHQSRUTXpWLHQHODXQLGDGTXHWLHQH\ VXFRPSUHQVLyQGHODHVWUXFWXUD GHOOLEURFDUHFHUiGHODDSUHKHQVLyQGHOILQTXHSHUVLJXH 6LHOOHFWRUFRQRFHHOWLSRGHSUHJXQWDVTXHFXDOTXLHUDSXHGHSODQWHDUDFHUFD GHFXDOTXLHUFRVDVHFRQYHUWLUiHQXQH[SHUWRDODKRUDGHGHWHFWDUORVSUREOHPDV GHO DXWRU TXH SXHGHQ IRUPXODUVH VXFLQWDPHQWH GH OD VLJXLHQWH PDQHUD ¢H[LVWH DOJR" ¢4Xp FODVH GH SUREOHPD HV" ¢4Xp OR KD SURGXFLGR R EDMR TXp FLUFXQVWDQFLDV SXHGH H[LVWLU R SRU TXp H[LVWH" ¢4Xp REMHWLYR SHUVLJXH" ¢&XiOHV

VRQODVFRQVHFXHQFLDVGHVXH[LVWHQFLD"¢(QTXpFRQVLVWHQVXVFDUDFWHUtVWLFDVVXV UDVJRV"¢&XiOHVVRQVXVUHODFLRQHVFRQRWURVSXQWRVVLPLODUHVRGLIHUHQWHV"¢&yPR VH FRPSRUWD" 7RGDV HVWDV SUHJXQWDV WLHQHQ FDUiFWHU WHyULFR ¢4Xp ILQHV GHEHQ SHUVHJXLUVH"¢4XpPHGLRVKDEUtDTXHHOHJLUSDUDDOFDQ]DUXQILQFRQFUHWR"¢4Xp KD\ TXHKDFHUSDUDREWHQHUXQREMHWLYRGDGR\ TXpRUGHQKD\ TXHVHJXLU"%DMR XQDV FLUFXQVWDQFLDV GHWHUPLQDGDV ¢TXp VH GHEH KDFHU" ¢%DMR TXp FRQGLFLRQHV UHVXOWDUtD PHMRU KDFHU HVWR R OR RWUR" 7RGDV HVWDV SUHJXQWDV WLHQHQ FDUiFWHU SUiFWLFR /DDQWHULRUOLVWDGHSUHJXQWDVQRSUHWHQGHVHUH[KDXVWLYDSHURUHSUHVHQWDODV FODVHV GH SUHJXQWDV TXH VH IRUPXODQ FRQ PD\ RU IUHFXHQFLD FXDQGR GHVHDPRV REWHQHUXQFRQRFLPLHQWRWHyULFRRSUiFWLFR\ SXHGHD\ XGDUDOOHFWRUDGHVFXEULU ORV SUREOHPDV TXH KD LQWHQWDGR UHVROYHU HQ XQ OLEUR VL ELHQ KD\  TXH DGDSWDUOD FXDQGRVHDSOLFDDREUDVOLWHUDULDVHQODVTXHWDPELpQUHVXOWDUiQ~WLOHV 3ULPHUDHWDSDGHODOHFWXUDDQDOtWLFD
&RPR \ D KHPRV GHVFULWR OD SULPHUD HWDSD GH OD OHFWXUD DQDOtWLFD GHWHQJiPRQRV XQRV PRPHQWRV SDUD GHMDU FRQVWDQFLD GH ODV FXDWUR SULPHUDV UHJODVRUGHQDGDPHQWHVHJ~QORVHQFDEH]DPLHQWRVPiVDGHFXDGRV /DSULPHUDHWDSDGHODOHFWXUDDQDOtWLFDRQRUPDVSDUDDYHULJXDUVREUH TXpWUDWDXQOLEUR &ODVLILFDUHOOLEURVHJ~QODFODVH\ HOWHPD (QXQFLDUGHTXpWUDWDHOOLEURORPiVVXFLQWDPHQWHSRVLEOH (QXPHUDUODVSDUWHVSULQFLSDOHVVHJ~QVXRUGHQ\ UHODFLyQ\ SHUILODUODVWDO FRPRVHKDSHUILODGRHOFRQMXQWR 'HILQLUHOSUREOHPDRORVSUREOHPDVTXHWUDWDGHUHVROYHUHODXWRU

 //(*$5$81$&8(5'2&21(/$8725'(81/,%52

6H KDEUi FRPSOHWDGR OD SULPHUD HWDSD GH OD OHFWXUD DQDOtWLFD FXDQGR VH KD\ DQ DSOLFDGR ODV FXDWUR UHJODV HVWDEOHFLGDV DO ILQDO GHO FDStWXOR DQWHULRU TXH HQ FRQMXQWR OH SHUPLWHQ DO OHFWRU TXH GLJD GH TXp WUDWD XQ OLEUR HQ FRQFUHWR DVt FRPRTXHSHUILOHVXHVWUXFWXUD(QHVHPRPHQWR\ DHVWDUiOLVWRSDUDSDVDUDOD VLJXLHQWHHWDSDTXHWDPELpQDEDUFDFXDWURUHJODVGHOHFWXUD9DPRVDGHQRPLQDU DODSULPHUDOOHJDUDXQDFXHUGRFRQHODXWRU 3RU OR JHQHUDO OOHJDU D XQ DFXHUGR HV GHFLU DFHSWDU XQRV WpUPLQRV FRQVWLWX\ H HO ~OWLPR SDVR HQ FXDOTXLHU QHJRFLDFLyQ FRPHUFLDO /R ~QLFR TXH TXHGDSRUKDFHUHVHVWDPSDUODILUPDSHURHQODOHFWXUDDQDOtWLFDGHXQOLEURHV HO ~OWLPR SDVR \  OD FRPXQLFDFLyQ GH FRQRFLPLHQWRV GHO DXWRU DO OHFWRU QR VH SURGXFHDPHQRVTXHVHOOHJXHDHVHDFXHUGRSRUTXHXQWpUPLQRHVHOHOHPHQWR EiVLFRGHOFRQRFLPLHQWRFRPXQLFDEOH

3DODEUDV\ WpUPLQRV 8QWpUPLQRQRHVORPLVPRTXHXQDSDODEUDRDOPHQRVQRXQDSDODEUDVLQ PD\ RUHVDWULEXWRV6LWpUPLQRV\ SDODEUDVFRLQFLGLHUDQSRUFRPSOHWRVyORKDEUtD TXHHQFRQWUDUODVSDODEUDVLPSRUWDQWHVGHXQOLEURSDUDOOHJDUDEXHQRVWpUPLQRV FRQ pO 3HUR XQD SDODEUD SXHGH WHQHU P~OWLSOHV VLJQLILFDGRV VREUH WRGR VL HV LPSRUWDQWH6LHODXWRUODXWLOL]DFRQXQVHQWLGRGHWHUPLQDGR\ HOOHFWRUODHQWLHQGH GH RWUR PRGR VH SXHGH GHFLU TXH HQWUH HOORV KD KDELGR XQ LQWHUFDPELR GH SDODEUDV SHUR TXH QR KDQ OOHJDGR D FRLQFLGLU HQ ORV WpUPLQRV $OOt GRQGH H[LVWH XQD DPELJHGDG GH FRPXQLFDFLyQ VLQ UHVROYHU QR SXHGH H[LVWLU FRPXQLFDFLyQ DOJXQDRHQHOPHMRUGHORVFDVRVpVWDVHUiLQFRPSOHWD )LMpPRQRV SUHFLVDPHQWH HQ OD SDODEUD © FRPXQLFDFLyQª  6X UDt] JXDUGD UHODFLyQFRQRWUDSDODEUD© FRP~Qª 1RVUHIHULPRVDXQDFRPXQLGDGFRPRXQ JUXSR GH SHUVRQDV TXH WLHQHQ DOJR HQ FRP~Q \  OD FRPXQLFDFLyQ VXSRQH HO

HVIXHU]RSRUSDUWHGHXQDSHUVRQDSRUFRPSDUWLUDOJRFRQRWUDSHUVRQDRFRQXQ DQLPDORXQDPiTXLQD VXVFRQRFLPLHQWRVVXVGHFLVLRQHVVXVVHQWLPLHQWRV6yOR ORORJUDFXDQGRODDFFLyQGHVHPERFDHQDOJRFRP~QFRPRXQDLQIRUPDFLyQRXQ FRQRFLPLHQWRGHORVTXHSDUWLFLSDQGRVSDUWHV &XDQGRVHSURGXFHDPELJHGDGHQODFRPXQLFDFLyQGHORVFRQRFLPLHQWRVOR ~QLFRTXHKD\ HQFRP~QVRQODVSDODEUDVTXHHVFULEHRSURQXQFLDXQDSHUVRQD\ TXHRWUDOHHXR\ H0LHQWUDVSHUVLVWHODDPELJHGDGQRH[LVWHQLQJ~QVLJQLILFDGR FRP~Q HQWUH HVFULWRU \  OHFWRU 3DUD TXH OD FRPXQLFDFLyQ VH OOHYH D FDER VDWLVIDFWRULDPHQWHHVQHFHVDULRTXHODVGRVSDUWHVXWLOLFHQODVPLVPDVSDODEUDV\ FRQORVPLVPRVVLJQLILFDGRVHQGHILQLWLYDTXHOOHJXHQDWHQHUWpUPLQRVFRPXQHV &XDQGRHVWRRFXUUHVHSURGXFHODFRPXQLFDFLyQHOPLODJURGHGRVPHQWHVFRQ XQ~QLFRSHQVDPLHQWR 3RGHPRV GHILQLU XQ WpUPLQR FRPR XQD SDODEUD H[HQWD GH DPELJHGDG /D GHILQLFLyQQRHVUHDOPHQWHH[DFWDSRUTXHHQVHQWLGRHVWULFWRQRH[LVWHQSDODEUDV TXHQRVHDQDPELJXDV'HEHUtDPRVKDEHUGLFKRHQWRQFHVTXHXQWpUPLQRHVXQD SDODEUD HPSOHDGD VLQ DPELJHGDG /RV GLFFLRQDULRV HVWiQ UHSOHWRV GH SDODEUDV FDVLWRGDVHOODVDPELJXDVHQHOVHQWLGRGHTXHSRVHHQGLYHUVRVVLJQLILFDGRVSHUR XQDSDODEUDFRQGLYHUVRVVLJQLILFDGRVSXHGHHPSOHDUVHHQXQVHQWLGRGHXQDYH] &XDQGRHVFULWRU\ OHFWRUORJUDQGHXQDYH]XWLOL]DUXQDSDODEUDGDGDFRQXQ~QLFR VLJQLILFDGRGXUDQWHHOSHUtRGRGHXVRQRDPELJXROOHJDQDXQDFXHUGRKDEODQHQ ORVPLVPRVWpUPLQRV 1R HQFRQWUDPRV WpUPLQRV HQ ORV GLFFLRQDULRV VL ELHQ pVWRV FRQWLHQHQ ORV PDWHULDOHV SDUD IRUPDUORV /RV WpUPLQRV VyOR VH GDQ HQ HO SURFHVR GH OD FRPXQLFDFLyQ FXDQGR XQ HVFULWRU WUDWD GH HYLWDU OD DPELJHGDG \  HO OHFWRU OH D\ XGD LQWHQWDQGR VHJXLU HO XVR TXH DTXpO KDFH GH ODV SDODEUDV 3RU VXSXHVWR H[LVWHQ P~OWLSOHV JUDGRV HQ ORV TXH VH SXHGH FRQVHJXLU HVWH REMHWLYR /OHJDU D XQRV WpUPLQRV FRPXQHV FRQVWLWX\ H HO LGHDO DO TXH GHEHUtDQ WHQGHU HVFULWRU \ OHFWRU\ FRPRpVWHHVXQRGHORVSULQFLSDOHVORJURVGHODUWHGHODHVFULWXUD\ GHOD OHFWXUDSRGHPRVFRQVLGHUDUORVWpUPLQRVFRPRXQDGHVWUH]DHQODXWLOL]DFLyQ GH ODVSDODEUDVGHVWLQDGDDOFRQRFLPLHQWRFRPXQLFDWLYR $O OOHJDU D HVWH SXQWR HV SRVLEOH TXH HO OHFWRU KD\ D FRPSUHQGLGR TXH QRV HVWDPRVUHILULHQGRH[FOXVLYDPHQWHDORVOLEURVGHHQVD\ R\ DVXVDXWRUHV(QOD SRHVtD\ ODQDUUDWLYDQRH[LVWHXQDSUHRFXSDFLyQWDQFODUDSRUXWLOL]DUODVSDODEUDV GH XQD IRUPD QR DPELJXD FRPR HQ ORV OLEURV GH HQVD\ R REUDV TXH WUDQVPLWHQ FRQRFLPLHQWRHQHOVHQWLGRPiVDPSOLRGHODSDODEUD(QUHDOLGDGSRGUtDGHFLUVH TXH OD PHMRU SRHVtD HV SUHFLVDPHQWH OD PiV DPELJXD \  HV RSLQLyQ PX\ H[WHQGLGDTXHXQEXHQSRHWDXWLOL]DLQWHQFLRQDGDPHQWHXQOHQJXDMHDPELJXRDOJR VREUHORTXHLQVLVWLUHPRVPiVDGHODQWH6DOWDDODYLVWDTXHVHWUDWDGHXQDGHODV GLIHUHQFLDVIXQGDPHQWDOHVHQWUHHOWHUUHQRSRpWLFR\ HOHQVD\ tVWLFRRFLHQWtILFR $KRUD\ DHVWDPRVSUHSDUDGRVSDUDH[SRQHUODTXLQWDUHJODGHOHFWXUDHQXQ OLEUR GH HQVD\ R  (Q OtQHDV JHQHUDOHV VH WUDWD GH OR VLJXLHQWH HO OHFWRU GHEH

UHFRQRFHUODVSDODEUDVLPSRUWDQWHVGHXQOLEUR\ DYHULJXDUFyPRODVHPSOHDHO DXWRU SHUR SRGHPRV SUHFLVDUOR XQ SRFR PiV 5(*/$ D  (1&2175$5 /$6

3$/$%5$6 ,03257$17(6 < 325 0(',$&,Ï1 '( (//$6 //(*$5 $ 81$&8(5'2$81267e50,126&2081(6&21(/$8725 2EVpUYHVH TXH HVWD UHJOD FRQVWD GH GRV SDUWHV /D SULPHUD FRQVLVWH HQ ORFDOL]DU ODV SDODEUDV LPSRUWDQWHV ODV TXH UHSUHVHQWDQ XQD GLIHUHQFLD GH VLJQLILFDGR\ ODVHJXQGDHQGHWHUPLQDUHOVLJQLILFDGRGHGLFKDVSDODEUDVVHJ~Q VXXWLOL]DFLyQSUHFLVD eVWDHVODSULPHUDUHJODDSOLFDEOHDODVHJXQGDHWDSDGHODOHFWXUDDQDOtWLFD FX\ RREMHWLYRQRFRQVLVWHHQSHUILODUODHVWUXFWXUDGHXQOLEURVLQRHQLQWHUSUHWDU VXFRQWHQLGRRPHQVDMH/DVGHPiVUHJODVGHHVWDHWDSDTXHH[SRQGUHPRVHQHO FDStWXOR VLJXLHQWH VH DVHPHMDQ D OD DQWHULRU HQ XQ VHQWLGR PX\  LPSRUWDQWH 7DPELpQUHTXLHUHGRVSDVRVXQRDFHUFDGHOOHQJXDMHFRPRWDO\ RWURSRVWHULRU TXHYDGHOOHQJXDMHDOSHQVDPLHQWRTXHHVWiRFXOWRWUDVpO 6L HO OHQJXDMH IXHVH XQ PHGLR SXUR \  SHUIHFWR SDUD HO SHQVDPLHQWR HVWRV SDVRV QR VHUtDQ HOHPHQWRV GLVWLQWRV VHSDUDGRV 6L WRGDV ODV SDODEUDV WXYLHVHQ XQ VLJQLILFDGR ~QLFR VL QR SXGLHUDQ XWLOL]DUVH GH IRUPD DPELJXD VL HQ GHILQLWLYD FDGDSDODEUDIXHVHXQWpUPLQRLGHDOHOOHQJXDMHFRQVWLWXLUtDXQPHGLRGLiIDQR(O OHFWRUYHUtDDWUDYpVGHODVSDODEUDVGHOHVFULWRUHOFRQWHQLGRGHVXPHQWH6LDVt RFXUULHVH QR VH QHFHVLWDUtD HVWD VHJXQGD HWDSD GH OD OHFWXUD DQDOtWLFD OD LQWHUSUHWDFLyQUHVXOWDUtDLQQHFHVDULD 3HUR QDWXUDOPHQWH QR RFXUUH DVt 1R KD\  SRU TXp WLUDUVH GH ORV SHORV QL HVIRU]DUVH YDQDPHQWH SRU FUHDU XQ OHQJXDMH LGHDO FRPR WUDWDURQ GH KDFHU HO ILOyVRIR /HLEQL] \  DOJXQRV GH VXV GLVFtSXORV (V PiV VL OR KXELHUDQ ORJUDGR QR H[LVWLUtDODSRHVtD3RUFRQVLJXLHQWHOR~QLFRTXHVHSXHGHKDFHUFRQORVOLEURVGH HQVD\ R HV DSURYHFKDU HO OHQJXDMH DO Pi[LPR WDO FRPR VH QRV SUHVHQWD \  OD ~QLFD IRUPD GH KDFHU WDO FRVD FRQVLVWH HQ HPSOHDUOR FRQ OD PD\ RU GHVWUH]D SRVLEOHFXDQGRTXHUHPRVWUDQVPLWLURUHFLELUFRQRFLPLHQWRV 'HELGR D TXH HO OHQJXDMH HV XQ PHGLR LPSHUIHFWR SDUD WUDQVPLWLU FRQRFLPLHQWRVIXQFLRQDFRPRXQREVWiFXORSDUDODFRPXQLFDFLyQ/DVUHJODVGH ODOHFWXUDLQWHUSUHWDWLYDYDQGLULJLGDVDVXSHUDUGLFKRREVWiFXOR(VGHHVSHUDUTXH XQ EXHQ HVFULWRU KDJD OR PiV SRVLEOH SRU OOHJDU KDVWD HO OHFWRU WUDVSDVDQGR OD EDUUHUDTXHLQHYLWDEOHPHQWHHULJHHOOHQJXDMHSHURORTXHQRSRGHPRVHVSHUDU HVTXHUHDOLFHODWDUHDpOVROR(OOHFWRUGHEHHQFRQWUDUVHFRQpODPHGLRFDPLQR IUDQTXHDUODEDUUHUDGHVGHVXODGR/DSRVLELOLGDGGHXQHQFXHQWURGHODVPHQWHV D WUDYpV GHO OHQJXDMH GHSHQGH GH OD GLVSRVLFLyQ GHO OHFWRU \  GHO HVFULWRU SDUD WUDEDMDU FRQMXQWDPHQWH $O LJXDO TXH OD HQVHxDQ]D QR QRV VHUYLUi GH QDGD D PHQRV TXH H[LVWD XQD DFWLYLGDG UHFtSURFD GH VHU HQVHxDGR QLQJ~Q HVFULWRU LQGHSHQGLHQWHPHQWHGHVXGHVWUH]DHQODHVFULWXUDORJUDUiODFRPXQLFDFLyQVLQR H[LVWHXQDGHVWUH]DUHFtSURFDSRUSDUWHGHOOHFWRU(QRWURFDVRODVGHVWUH]DVGHOD HVFULWXUD\ ODOHFWXUDQRFRQVHJXLUiQXQLUODVGRVPHQWHVSRUPXFKRVHVIXHU]RV

TXHVHUHDOLFHQHTXLYDOGUtDDGRVSHUVRQDVTXHWUDWDQGHHQFRQWUDUVHGHVGHGRV SXQWRV RSXHVWRV GHO W~QHO GH XQD PRQWDxD VLQ DMXVWDU VXV FiOFXORV D ORV PLVPRV SULQFLSLRVGHLQJHQLHUtD &RPR\ DKHPRVVHxDODGRFDGDXQDGHODVUHJODVGHODOHFWXUDLQWHUSUHWDWLYD DEDUFD GRV SDVRV 3RQLpQGRQRV HQ SODQ WpFQLFR SRGUtDPRV GHFLU TXH GLFKDV UHJODV SUHVHQWDQ XQ DVSHFWR JUDPDWLFDO \  RWUR OyJLFR (O DVSHFWR JUDPDWLFDO VH RFXSDGHODVSDODEUDV\ HOOyJLFRGHVXVVLJQLILFDGRVRSDUDVHUPiVSUHFLVRV GHORVWpUPLQRV5HVSHFWRDODFRPXQLFDFLyQDPERVSDVRVVRQLQGLVSHQVDEOHV6L VH XWLOL]D HO OHQJXDMH VLQ SHQVDPLHQWR QR SXHGH FRPXQLFDUVH QDGD \  HO SHQVDPLHQWRRHOFRQRFLPLHQWRQRSXHGHQFRPXQLFDUVHVLQHOOHQJXDMH$OLJXDO TXHODVDUWHVODJUDPiWLFD\ ODOyJLFDVHRFXSDQGHOOHQJXDMHHQUHODFLyQFRQHO SHQVDPLHQWR\ GHOSHQVDPLHQWRHQUHODFLyQFRQHOOHQJXDMH3RUHVRVHDGTXLHUH ODGHVWUH]DWDQWRHQODOHFWXUDFRPRHQODHVFULWXUDPHGLDQWHHVWDVDUWHV (O WHPD GHO OHQJXDMH \  HO SHQVDPLHQWR ²VREUH WRGR OD GLIHUHQFLD HQWUH SDODEUDV\ WpUPLQRV²UHYLVWHWDQWDLPSRUWDQFLDTXHYDPRVDFRUUHUHOULHVJRGH SDUHFHU UHSHWLWLYRV SDUD DVHJXUDUQRV GH TXH HO OHFWRU KD FRPSUHQGLGR HO SXQWR IXQGDPHQWDO<ORIXQGDPHQWDOFRQVLVWHHQTXHXQDSDODEUDSXHGHVHUHOYHKtFXOR GH P~OWLSOHV WpUPLQRV \  XQ WpUPLQR SXHGH H[SUHVDUVH FRQ P~OWLSOHV SDODEUDV 9DPRV D LOXVWUDUOR HVTXHPiWLFDPHQWH GH OD VLJXLHQWH PDQHUD 6H KD XWLOL]DGR OD SDODEUD © OHFWXUDª  HQ P~OWLSOHV VHQWLGRV D OR ODUJR GH QXHVWUD H[SRVLFLyQ \ YDPRV D H[WUDHU WUHV GH HVRV VHQWLGRV SXHGH VLJQLILFDU   OHFWXUD SDUD HQWUHWHQHUVH   OHFWXUD SDUD LQIRUPDUVH \ SRU ~OWLPR   OHFWXUD SDUD REWHQHU FRPSUHQVLyQ $FRQWLQXDFLyQYDPRVDUHGXFLUODSDODEUD© OHFWXUDª DODOHWUD;\ ORVWUHV GLVWLQWRVVLJQLILFDGRVDODVOHWUDVDE\ F/RTXHHQHVWHHVTXHPDVLPEROL]D;D ;E\ ;FQRVRQWUHVSDODEUDVSRUTXH;HVORPLVPRHQWRGDVHOODVSHURVRQWUHV WpUPLQRVQDWXUDOPHQWHDFRQGLFLyQGHTXHORVOHFWRUHV\ GHTXHQRVRWURVFRPR HVFULWRUHVVHSDPRVFXiQGRVHXWLOL]D;HQXQVHQWLGRRHQRWUR6LHVFULELPRV;D HQ XQ OXJDU FRQFUHWR \  HO OHFWRU YH ;E QRVRWURV HVWDPRV HVFULELHQGR \  ORV OHFWRUHV HVWiQ OH\ HQGR OD PLVPD SDODEUD SHUR QR GH OD PLVPD IRUPD /D DPELJHGDGLPSLGHRDOPHQRVUHWUDVDODFRPXQLFDFLyQ6yORFXDQGRHVFULWRU\ OHFWRUSLHQVDQHQODSDODEUDGHODPLVPDPDQHUDVHSURGXFHXQLQWHUFDPELRGH SHQVDPLHQWR/DVPHQWHVGHDPERVQRSXHGHQFRLQFLGLUHQ;VLQRVyORHQ;D R HQ;ERHQ;F

&yPRKDOODUODVSDODEUDVFODYH
SDUDKDFHUWDOFRVD"¢&yPRSXHGHHQFRQWUDUODVSDODEUDVLPSRUWDQWHVRFODYH" (OOHFWRUSXHGHHVWDUVHJXURGHXQDFRVDTXHQRWRGDVODVSDODEUDVTXHXWLOL]D XQHVFULWRUVRQLPSRUWDQWHV1RVyORHVRWDPELpQSXHGHWHQHUODFHUWH]DGHTXHOD PD\ RUtDGHHOODVQRORVRQ6yORODVSDODEUDVTXHHPSOHDGHIRUPDHVSHFLDOVRQ LPSRUWDQWHVSDUDpO\ WDPELpQSDUDORVOHFWRUHV3RUVXSXHVWRQRVHWUDWDGHXQD FXHVWLyQ DEVROXWD VLQR GH JUDGDFLyQ /DV SDODEUDV SXHGHQ VHU PiV R PHQRV LPSRUWDQWHV\ OR~QLFRTXHGHEHSUHRFXSDUOHDOOHFWRUHVHOKHFKRGHTXHHQXQ OLEUR DOJXQDV SDODEUDV WLHQHQ PiV LPSRUWDQFLD TXH RWUDV (Q XQ H[WUHPR VH HQFXHQWUDQ ODV TXH HPSOHD HO DXWRU FRPR SRGUtD HPSOHDUODV HO KRPEUH GH OD FDOOH\ HQWDQWRHQFXDQWRHODXWRUODVHPSOHDGHHVWDPDQHUDFRPRORKDFHWRGR HOPXQGRHQHOGLVFXUVRFRP~Q\ FRUULHQWHQRWLHQHQSRUTXpSODQWHDUOHQLQJ~Q SUREOHPD DO OHFWRU (VWi DFRVWXPEUDGR D VX DPELJHGDG \  D OD YDULHGDG GH VXV VLJQLILFDGRVVHJ~QVHGHQHQXQRXRWURFRQWH[WR 3RQJDPRVXQHMHPSORHQ/DQDWXUDOH]DGHOPXQGRItVLFRGH$6(GGLQJWRQ DSDUHFHODSDODEUD© OHFWXUDª \ KDEODGH© OHFWXUDVFRQLQGLFDGRUª HVGHFLUGH ODOHFWXUDGHORVFDOLEUDGRUHV\ ODVHVIHUDVGHORVLQVWUXPHQWRVFLHQWtILFRV(ODXWRU GHHVWDREUDXWLOL]DODSDODEUD© OHFWXUDª HQXQRGHVXVVHQWLGRVPiVQRUPDOHVQR HQXQVHQWLGRWpFQLFR\SRUWDQWRSXHGHFRQILDUHQTXHHOOHFWRUFRPSUHQGHUiVX PHQVDMH© FRWLGLDQRª ,QFOXVRVLXWLOL]DUDODPLVPDSDODEUDHQXQVHQWLGRGLVWLQWR HQVXOLEUR²FRPRSRUHMHPSOR© ODQDWXUDOH]DGHODOHFWXUDª ²VDEUtDTXHHO OHFWRU FRPSUHQGHUtD HO FDPELR GH VLJQLILFDGR SRUTXH VL QR IXHUD FDSD] GH KDFHUORQRSRGUtDKDEODUFRQVXVDPLJRVRUHDOL]DUVXVDFWLYLGDGHVFRWLGLDQDV 3HUR (GGLQJWRQ QR XWLOL]D OD SDODEUD © FDXVDª  WDQ D OD OLJHUD 3XHGH HQFRQWUDUVH HQ HO KDEOD GH WRGRV ORV GtDV SHUR HQ HVWH FDVR OD HPSOHD HQ XQ VHQWLGR PX\  HVSHFLDO DO H[SRQHU OD WHRUtD GH OD FDXVDOLGDG \  FyPR KD\  TXH HQWHQGHUOD VXSRQH XQD GLIHUHQFLD TXH WDQWR D pO FRPR DO OHFWRU OHV GHEH SUHRFXSDU3RUODPLVPDUD]yQODSDODEUD© OHFWXUDª UHYLVWHJUDQLPSRUWDQFLDHQ HVWH OLEUR \  QR SRGHPRV FRQIRUPDUQRV FRQ XWLOL]DUOD GH OD IRUPD FRP~Q \ FRUULHQWH 8Q HVFULWRU HPSOHD OD PD\ RUtD GH ODV SDODEUDV WDO FRPR VH KDFH QRUPDOPHQWHHQODFRQYHUVDFLyQFRQXQDYDULHGDGGHVLJQLILFDGRV\ FRQILDQGR HQTXHHOFRQWH[WRLQGLTXHORVFDPELRV&RQRFHUHVWHKHFKRVLUYHGHFLHUWDD\ XGD DODKRUDGHGHWHFWDUODVSDODEUDVPiVLPSRUWDQWHVSHURQRGHEHPRVROYLGDUTXH HQGLIHUHQWHVOXJDUHV\ pSRFDVODVPLVPDVSDODEUDVQRVRQLJXDOPHQWHFRUULHQWHV HQ HO XVR GLDULR /RV HVFULWRUHV FRQWHPSRUiQHRV HPSOHDQ OD PD\ RUtD GH ODV SDODEUDV VHJ~Q VX XVR FRUULHQWH HQ OD DFWXDOLGDG \  HO OHFWRU ODV FRPSUHQGHUi SRUTXHYLYHHQHOGtDGHKR\ SHURDOOHHUOLEURVHVFULWRVHQHOSDVDGRSXHGHTXH OHUHVXOWHPiVGLItFLOGHVFXEULUODVSDODEUDVWDOFRPRVHHPSOHDEDQHQHOWLHPSR\ HOOXJDUHQTXHHODXWRUHVFULELyODREUD(OKHFKRGHTXHDOJXQRVDXWRUHVXWLOLFHQ LQWHQFLRQDGDPHQWHSDODEUDVDUFDLFDVRXQVHQWLGRDUFDLFRGHOOHQJXDMHFRPSOLFD D~Q PiV ODV FRVDV FRPR RFXUUH FRQ ODV WUDGXFFLRQHV GH OLEURV GH OHQJXDV

H[WUDQMHUDV 6LQHPEDUJRVLJXHVLHQGRFLHUWRTXHODPD\ RUtDGHODVSDODEUDVGHXQOLEUR SXHGHQOHHUVHWDOFRPRVHHPSOHDUtDQDOKDEODUFRQORVDPLJRV6LHOOHFWRUVHILMD HQ XQD SiJLQD FXDOTXLHUD GH OD SUHVHQWH REUD \  FXHQWD ODV SDODEUDV TXH XWLOL]DPRV FRPSUREDUi TXH HVR HV OR TXH RFXUUH FRQ ODV SUHSRVLFLRQHV ODV FRQMXQFLRQHV\ ORVDUWtFXORV\ FRQFDVLODPD\ RUtDGHORVYHUERVVXVWDQWLYRV\ DGMHWLYRV +DVWD HO PRPHQWR HQ HVWH FDStWXOR VyOR KDQ DSDUHFLGR XQDV FXDQWDV SDODEUDV LPSRUWDQWHV © SDODEUDª  © WpUPLQRª  © DPELJHGDGª  © FRPXQLFDFLyQª \ WDOYH]XQDRGRVPiV'HWRGDVHOODV© WpUPLQRª HVVLQGXGD ODPiVLPSRUWDQWHODVGHPiVWLHQHQLPSRUWDQFLDHQUHODFLyQFRQpVWD 1R HV SRVLEOH ORFDOL]DU ODV SDODEUDV FODYH VLQ UHDOL]DU XQ HVIXHU]R SRU FRPSUHQGHU HO SiUUDIR HQ HO TXH DSDUHFHQ VLWXDFLyQ TXH UHVXOWD XQ WDQWR SDUDGyMLFD 1DWXUDOPHQWH VL VH FRPSUHQGH HO SiUUDIR VH VDEUi FXiOHV VRQ ODV SDODEUDVPiVLPSRUWDQWHV6LQRVHORFRPSUHQGHSOHQDPHQWHHVSUREDEOHTXHVH GHEDDTXHQRVHVDEHGHTXpPRGRHVWiXWLOL]DQGRFLHUWDVSDODEUDVHOHVFULWRU6L HO OHFWRU VHxDOD ODV SDODEUDV TXH OH FDXVDQ SUREOHPDV SRVLEOHPHQWH HQFRQWUDUi ODVTXHHODXWRUXWLOL]DGHIRUPDHVSHFLDO\ DTXHQRGHEHSUHRFXSDUVHSRUODVTXH HPSOHDGHOPRGRPiVFRUULHQWH 3RU FRQVLJXLHQWH GHVGH HO SXQWR GH YLVWD GHO OHFWRU ODV SDODEUDV PiV LPSRUWDQWHVVRQODVTXHOHFUHDQSUREOHPDV\ FDEHODSRVLELOLGDGGHTXHWDPELpQ WHQJDQLPSRUWDQFLDSDUDHOHVFULWRUSHURQRVLHPSUHRFXUUHDVt 7DPELpQFDEHODSRVLELOLGDGGHTXHODVSDODEUDVLPSRUWDQWHVSDUDHOHVFULWRU QROHSUHRFXSHQDOOHFWRUSUHFLVDPHQWHSRUTXHODVFRPSUHQGH(QWDOFDVRpVWH KDEUiHQFRQWUDGRORVWpUPLQRVGHXQDFXHUGRFRQDTXpO 3DODEUDVWpFQLFDV\ YRFDEXODULRVHVSHFLDOHV +DVWDDKRUDKHPRVSURFHGLGRGHXQDIRUPDQHJDWLYDHOLPLQDQGRODVSDODEUDV FRUULHQWHV(OOHFWRUGHVFXEUHDOJXQDVSDODEUDVLPSRUWDQWHVJUDFLDVDTXHQR VRQ FRUULHQWHVSDUDpO\ SRUHVROHFDXVDQSUREOHPDVSHUR¢KD\ DOJXQDRWUDIRUPDGH ORFDOL]DUODV"¢([LVWHQDOJXQDVVHxDOHVSRVLWLYDVTXHODVGHVWDTXHQ" ([LVWHQ YDULDV /D SULPHUD \  PiV HYLGHQWH FRQVLVWH HQ HO KLQFDSLp H[SOtFLWR TXHKDFHHODXWRUHQDOJXQDVSDODEUDV\ QRHQRWUDV3XHGHKDFHUORGHGLYHUVDV PDQHUDV FRQ UHFXUVRV WLSRJUiILFRV FRPR FRPLOODV R FXUVLYDV H[SRQLHQGR H[SOtFLWDPHQWH VXV GLYHUVRV VLJQLILFDGRV H LQGLFDQGR FyPR YD D HPSOHDU OD SDODEUDHQFXHVWLyQHQODVGLYHUVDVSDUWHVGHOOLEURRGHVWDFDUODGHILQLHQGRORTXH GHVLJQDGLFKDSDODEUD 1R VH SXHGH OHHU D (XFOLGHV VLQ VDEHU TXH SDODEUDV WDOHV FRPR © SXQWRª  © OtQHDª  © iQJXORª  © SDUDOHORª  HWF WLHQHQ LPSRUWDQFLD SULPRUGLDO SXHV VH WUDWD GH SDODEUDV TXH GHVLJQDQ HQWLGDGHV JHRPpWULFDV GHILQLGDV SRU HO DXWRU

$SDUHFHQ DVLPLVPR RWUDV PX\  LPSRUWDQWHV FRPR © LJXDOHVª  © WRGRª  \ © SDUWHª  SHUR QR GHVLJQDQ QDGD TXH VH GHILQD HQ HO WH[WR 6H VDEH TXH VRQ LPSRUWDQWHV SRU HO KHFKR GH TXH DSDUHFHQ HQ ORV D[LRPDV (XFOLGHV D\ XGD DO OHFWRUKDFLHQGRH[SOtFLWDVODVSURSRVLFLRQHVIXQGDPHQWDOHVGHVGHHOSULQFLSLRGH PRGRTXHpVWHSXHGHDGLYLQDUTXHORVWpUPLQRVTXHLQWHJUDQGLFKDVSURSRVLFLRQHV VRQEiVLFRV\ GHVWDFDQODVSDODEUDVTXHH[SUHVDQWDOHVWpUPLQRV3RVLEOHPHQWHHO OHFWRUQRHQFRQWUDUiQLQJXQDGLILFXOWDGFRQHVWDVSDODEUDVSRUTXHSHUWHQHFHQDO KDEODFRUULHQWH\ SDUHFHTXH(XFOLGHVODVHPSOHDGHHVDIRUPD 3RGUtDDUJXPHQWDUVHTXHVLWRGRVORVHVFULWRUHVHVFULELHUDQFRPR(XFOLGHVOD OHFWXUDUHVXOWDUtDPXFKRPiVIiFLOSHURQDWXUDOPHQWHHVWRQRHVSRVLEOHVLELHQ KDQH[LVWLGRDXWRUHVTXHSHQVDEDQTXHFXDOTXLHUWHPDSRGtDH[SRQHUVHFRPROD JHRPHWUtD(OSURFHGLPLHQWR²HOPpWRGRGHH[SRVLFLyQ\ SUXHED²TXHIXQFLRQD HQ PDWHPiWLFDV QR HV DSOLFDEOH D WRGRV ORV FDPSRV GHO FRQRFLPLHQWR 'H WRGRV PRGRVSDUDHOREMHWLYRTXHSHUVHJXLPRVEDVWDUiFRQVHxDODUORTXHHVFRP~QD WRGRWLSRGHH[SRVLFLyQ7RGD UDPD GHO FRQRFLPLHQWR WLHQH VX SURSLR YRFDEXODULR WpFQLFR(XFOLGHVGHMDELHQFODURHOVX\ RGHVGHHOSULQFLSLR\ ORPLVPRVHSXHGH GHFLU GH FXDOTXLHU DXWRU FRPR *DOLOHR R 1HZWRQ TXH HVFULEHQ DO PRGR JHRPpWULFR(QREUDVHVFULWDVGHRWUDPDQHUDRSHUWHQHFLHQWHVDRWURVFDPSRV HOOHFWRUGHEHGHVFXEULUHOYRFDEXODULRWpFQLFR 6LHODXWRUQRGHVWDFDODVSDODEUDVHOOHFWRUSXHGHORFDOL]DUODVVLSRVHHFLHUWRV FRQRFLPLHQWRVVREUHHOWHPDDQWHVGHLQLFLDUODOHFWXUD6LVDEHDOJRGHELRORJtDR GH HFRQRPtD DQWHV GH HPSH]DU D OHHU D 'DUZLQ R D $GDP 6PLWK VLQ GXGD FRQWDUi FRQ FLHUWDV SLVWDV SDUD GLVWLQJXLU ODV SDODEUDV WpFQLFDV (Q HVWR SXHGHQ D\ XGDUQRVODVQRUPDVSDUDDQDOL]DUODHVWUXFWXUDGHXQOLEUR6LHOOHFWRUVDEHD TXp FDWHJRUtD SHUWHQHFH VREUH TXp WUDWD HQ FRQMXQWR \  FXiOHV VRQ VXV SDUWHV SULQFLSDOHV OH VHUYLUi GH JUDQ D\ XGD VHSDUDU HO YRFDEXODULR WpFQLFR GH ODV SDODEUDV FRUULHQWHV (O WtWXOR GHO DXWRU HO HQFDEH]DPLHQWR GH ORV FDStWXORV \  HO SUyORJRSXHGHQUHVXOWDU~WLOHVDHVWHUHVSHFWR $ SDUWLU GH OR DQWHULRU VDEHPRV SRU HMHPSOR TXH © ULTXH]Dª  HV XQ YRFDEOR WpFQLFR SDUD $GDP 6PLWK DO LJXDO TXH © HVSHFLHVª  SDUD 'DUZLQ &RPR XQD SDODEUD WpFQLFD FRQGXFH D RWUD VLQ GDUQRV FXHQWD GHVFXEULUHPRV ODV GHPiV GH IRUPD SDUHFLGD $O FDER GH SRFR WLHPSR SRGUHPRV FRQIHFFLRQDU XQD OLVWD FRQ ODV SDODEUDV LPSRUWDQWHV TXH HPSOHD $GDP 6PLWK WUDEDMR FDSLWDO WLHUUD VDODULRV EHQHILFLRV UHQWDV SURGXFWRV SUHFLRV LQWHUFDPELR SURGXFWLYR LPSURGXFWLYR GLQHUR HWF < D FRQWLQXDFLyQ FRQVLJQDPRV DOJXQDV GH ODV TXH HQFRQWUDUHPRV HQ 'DUZLQ YDULHGDG JpQHUR VHOHFFLyQ VXSHUYLYHQFLD DGDSWDFLyQKtEULGRPHMRUGRWDGRFUHDFLyQ &XDQGR XQD UDPD GHO FRQRFLPLHQWR WLHQH XQ YRFDEXODULR WpFQLFR ELHQ HVWDEOHFLGR OD WDUHD GH ORFDOL]DU ODV SDODEUDV LPSRUWDQWHV GH XQD REUD TXH WUDWH VREUH HVH WHPD UHVXOWD UHODWLYDPHQWH IiFLO 3XHGHQ GHVFXEULUVH SRVLWLYDPHQWH VL VH VDEH DOJR VREUH HO WHPD R QHJDWLYDPHQWH VDELHQGR TXp SDODEUDV GHEHQ VHU

WpFQLFDVSRUTXHQRVRQGHXVRFRUULHQWH3RUGHVJUDFLDKD\ PXFKRVFDPSRVHQ ORVTXHQRH[LVWHXQYRFDEXODULRWpFQLFRELHQHVWDEOHFLGR /RV ILOyVRIRV VH GLVWLQJXHQ SRU VX YRFDEXODULR SURSLR 1DWXUDOPHQWH KD\ DOJXQDVSDODEUDVFRQXQDWUDGLFLyQHQHOWHUUHQRGHODILORVRItD\ DXQTXHQRWRGRV ORV ILOyVRIRV ODV HPSOHHQ FRQ HO PLVPR VHQWLGR VRQ YRFDEORV WpFQLFRV TXH DSDUHFHQHQODH[SRVLFLyQGHFLHUWRVSUREOHPDV3HURHQRFDVLRQHVORVILOyVRIRV FRQVLGHUDQ QHFHVDULR DFXxDU RWUDV QXHYDV R H[WUDHU XQD SDODEUD GHO KDEOD FRUULHQWH \  FRQYHUWLUOD HQ XQ YRFDEOR WpFQLFR (VWH ~OWLPR SURFHGLPLHQWR VHJXUDPHQWHGHMDUiXQWDQWRFRQIXVRDOOHFWRUTXHFUHHFRQRFHUHOVLJQLILFDGRGH GLFKDSDODEUDTXLHQODWRPDUiSRUFRQVLJXLHQWHFRPRDOJRFRP~Q\ FRUULHQWH 3HUR HQ SUHYLVLyQ GH HVWD FRQIXVLyQ OD PD\ RUtD GH ORV EXHQRV DXWRUHV RIUHFHQ XQDH[SOLFDFLyQH[SOtFLWDVLHPSUHTXHDGRSWDQWDOSURFHGLPLHQWR $HVWHUHVSHFWRDOJRTXHSXHGHVHUYLUQRVGHSLVWDSDUDHQFRQWUDUXQDSDODEUD LPSRUWDQWH FRQVLVWH HQ TXH HO DXWRU GLVFXWD FRQ RWURV VREUH HOOD &XDQGR YHPRV TXHXQHVFULWRUQRVGLFHFyPRKDQXWLOL]DGRRWURVXQDSDODEUDFRQFUHWD\ SRUTXp KD GHFLGLGR pO HPSOHDUOD GH RWUD IRUPD SRGHPRV WHQHU OD FHUWH]D GH TXH OH DWULEX\ HJUDQLPSRUWDQFLD +HPRV KHFKR JUDQ KLQFDSLp HQ HO YRFDEXODULR WpFQLFR SHUR QR KD\  TXH WRPiUVHORHQXQVHQWLGRGHPDVLDGRUHVWULQJLGR/RTXHFRQVWLWX\ HHOYRFDEXODULR HVSHFLDOGHXQDXWRUHVXQDVHULHUHODWLYDPHQWHOLPLWDGDGHSDODEUDVTXHH[SUHVDQ VXV SULQFLSDOHV LGHDV VXV FRQFHSWRV IXQGDPHQWDOHV 6L HVWi WUDQVPLWLHQGR XQD FRPXQLFDFLyQ RULJLQDO OR PiV SUREDEOH HV TXH HPSOHH WDOHV SDODEUDV GH IRUPD PX\ HVSHFLDOVLELHQSXHGHXWLOL]DURWUDVGHXQPRGRTXH\ DVHKD\ DFRQYHUWLGR HQ DOJR WUDGLFLRQDO HQ VX FDPSR (Q FXDOTXLHUD GH ORV GRV FDVRV VH WUDWD GH SDODEUDVVXPDPHQWHLPSRUWDQWHVSDUDpO7DPELpQGHEHUtDQVHUORSDUD HO OHFWRU SHURSDUDpVWHFXDOTXLHURWUDSDODEUDFX\ RVLJQLILFDGRQRUHVXOWHFODURWDPELpQ UHYLVWHLPSRUWDQFLD (OSUREOHPDTXHVHSODQWHDFRQODPD\ RUtDGHORVOHFWRUHVHVTXHQRSUHVWDQ VXILFLHQWH DWHQFLyQ D ODV SDODEUDV FRPR SDUD GHVFXEULU VXV GLILFXOWDGHV 1R GLVWLQJXHQ HQWUH ODV SDODEUDV TXH QR FRPSUHQGHQ OR VXILFLHQWH GH ODV TXH Vt FRPSUHQGHQ 1R VHUYLUi GH QDGD WRGR OR TXH KHPRV VXJHULGR DO OHFWRU SDUD D\ XGDUOH D KDOODU ODV SDODEUDV LPSRUWDQWHV GH XQ OLEUR D PHQRV TXH UHDOLFH XQ HVIXHU]R GHOLEHUDGR \  FRQVFLHQWH SRU REVHUYDU ORV YRFDEORV VREUH ORV TXH GHEH WUDEDMDU FRQ HO ILQ GH HQFRQWUDU ORV WpUPLQRV TXH ORV H[SUHVDQ 4XLHQ QR ORJUH UHIOH[LRQDU VREUH ODV SDODEUDV TXH QR FRPSUHQGH R DO PHQRV VHxDODUODV QR FRQVHJXLUiQDGD &yPRGHVFXEULUHOVLJQLILFDGR /RFDOL]DUODVSDODEUDVLPSRUWDQWHVQRHVVLQRHOSULQFLSLRGHODWDUHDFRQHVWR

VLPSOHPHQWHVDEUHPRVVREUHTXpSXQWRVGHOWH[WRKHPRVGHWUDEDMDU(QODTXLQWD UHJODGHODOHFWXUDKD\ RWURDSDUWDGR6XSRQJDPRVTXHHOOHFWRU\ DKDVHxDODGR ODVSDODEUDVTXHOHUHVXOWDQSUREOHPiWLFDV¢4XpKDGHKDFHUDFRQWLQXDFLyQ" ([LVWHQGRVSRVLELOLGDGHVIXQGDPHQWDOHVHODXWRUHVWiXWLOL]DQGRHVWDVSDODEUDV FRQ XQ ~QLFR VHQWLGR HQ WRGR HO WH[WR R OR KDFH FRQ GRV R PiV VHQWLGRV FDPELDQGRHOVLJQLILFDGR(QHOSULPHUFDVRODSDODEUDH[SUHVDXQVRORWpUPLQR (Q(XFOLGHVSRGHPRVHQFRQWUDUXQEXHQHMHPSORGHSDODEUDVLPSRUWDQWHVFRQXQ VRORVLJQLILFDGR(QHOVHJXQGRFDVRODVSDODEUDVH[SUHVDQGLYHUVRVWpUPLQRV $ OD OX] GH HVWDV DOWHUQDWLYDV HO SURFHGLPLHQWR HV HO VLJXLHQWH (Q SULPHU OXJDUWUDWDUGHGHWHUPLQDUVLODSDODEUDWLHQHXQRRP~OWLSOHVVLJQLILFDGRV6LWLHQH PXFKRV KHPRV GH LQWHQWDU FRPSUHQGHU TXp UHODFLyQ H[LVWH HQWUH HOORV 3RU ~OWLPRKHPRVGHREVHUYDUORVOXJDUHVHQORVTXHVHXWLOL]DODSDODEUDHQXQRXRWUR VHQWLGR\ YHUVLHOFRQWH[WRRIUHFHXQDFODYHFODUDSDUDFRPSUHQGHUODUD]yQGH OD GLIHUHQFLD GH VLJQLILFDGR DOJR TXH SHUPLWLUi TXH HO OHFWRU VLJD GLFKD SDODEUD VHJ~QVXFDPELRGHVLJQLILFDGRFRQODPLVPDIOH[LELOLGDGTXHFDUDFWHUL]DDOXVR TXHHODXWRUOHGD 3HUR HO OHFWRU SRGUtD ODPHQWDUVH GH TXH WRGR HVWi PX\  FODUR H[FHSWR OR SULQFLSDO¢&yPRDYHULJXDUHQTXpFRQVLVWHQORVVLJQLILFDGRV"/DUHVSXHVWDVLELHQ VHQFLOOD SXHGH SDUHFHU SRFR VDWLVIDFWRULD SHUR OD SDFLHQFLD \  OD SUiFWLFD GHPRVWUDUiQ TXH VH WUDWD H[DFWDPHQWH GH OR FRQWUDULR /D UHVSXHVWD FRQVLVWH HQ TXHKD\TXHGHVFXEULUHOVLJQLILFDGRGHXQDSDODEUDTXHQRVHFRQRFHHPSOHDQGR HO VLJQLILFDGR GH WRGDV ODV GHPiV SDODEUDV GHO FRQWH[WR TXH QR VH FRPSUHQGHQ eVWHHVHOPpWRGRSRUGHOLUDQWHTXHSDUH]FD 9DPRVDLOXVWUDUORDQWHULRUFRQXQDGHILQLFLyQ8QDGHILQLFLyQVHH[SUHVDFRQ SDODEUDV VL HO OHFWRU QR FRPSUHQGH QLQJXQD GH HOODV HYLGHQWHPHQWH QR FRPSUHQGHUi HO VLJQLILFDGR GH OD SDODEUD TXH GHVLJQD OR GHILQLGR © 3XQWRª  HV XQD SDODEUD EiVLFD HQ JHRPHWUtD \  HO OHFWRU SXHGH SHQVDU TXH VDEH OR TXH VLJQLILFDHQJHRPHWUtD SHUR(XFOLGHVTXLHUHDVHJXUDUVHGHTXHVHODXWLOL]DVyOR GHXQDPDQHUD1RVDFODUDDTXpVHUHILHUHHPSH]DQGRSRUGHILQLUHOREMHWRTXH GHVSXpVYDDGHVLJQDUFRQXQDSDODEUD'LFHORVLJXLHQWH© 8QSXQWRHVORTXHQR WLHQHSDUWHVª  ¢&yPR D\ XGD HVWR DO OHFWRU D FRPSUHQGHU DO DXWRU" eVWH VXSRQH TXH DTXpO VDEHFRQVXILFLHQWHSUHFLVLyQTXpVLJQLILFDQWRGDVODVGHPiVSDODEUDVGHODIUDVH (OOHFWRUVDEHTXHORTXHHVWiFRPSXHVWRGHSDUWHVHVXQWRGRFRPSOHMR\ TXHOR FRQWUDULRGHFRPSOHMRHVVLPSOHDOJRTXHFDUHFHGHSDUWHV6DEHWDPELpQTXHHO XVRGHODVSDODEUDV© HVª \ © ORTXHª VLJQLILFDTXHHOREMHWRDOTXHVHUHILHUHQ WLHQHTXHVHUXQDHQWLGDGGHDOJXQDFODVH'HWRGRORDQWHULRUVHGHGXFHTXHVLQR H[LVWHQFRVDVItVLFDVVLQSDUWHVXQSXQWRFRPRORGHQRPLQD(XFOLGHVQRSXHGH VHUDOJRItVLFR (VWH HMHPSOR WLSLILFD HO SURFHVR PHGLDQWH HO FXDO VH DGTXLHUHQ ORV VLJQLILFDGRV6HRSHUDVHIXQFLRQDFRQVLJQLILFDGRVTXH\ DVHGRPLQDQ6LHQXQD

GHILQLFLyQKXELHUDTXHGHILQLUD VXYH]WRGDV\ FDGD XQDGHODVSDODEUDVTXH VH HPSOHDQMDPiVVHOOHJDUtDDGHILQLUQDGD6LWRGDV\ FDGDXQDGHODVSDODEUDVGHO OLEUR TXH HVWDPRV OH\ HQGR QRV UHVXOWDUDQ WRWDOPHQWH GHVFRQRFLGDV FRPR HQ HO FDVR GH XQD REUD HQ XQD OHQJXD H[WUDQMHUD TXH QR FRQRFHPRV HQ DEVROXWR QR SRGUtDPRVUHDOL]DUQLQJ~QSURJUHVR $ HVR VH UHILHUHQ ODV JHQWHV DO GHFLU TXH XQ OLEUR OHV VXHQD D FKLQR 6HQFLOODPHQWH QR KDQ LQWHQWDGR FRPSUHQGHUOR DOJR MXVWLILFDEOH VL UHDOPHQWH HVWXYLHUDHVFULWRHQFKLQRSHURODPD\ RUtDGHODVSDODEUDVHQVXSURSLRLGLRPD WLHQHQTXHUHVXOWDUOHVFRQRFLGDV(VWDVSDODEUDVURGHDQDRWUDVPiVH[WUDxDVDORV YRFDEORVWpFQLFRVTXHSXHGHQSODQWHDUFLHUWRVSUREOHPDVDOOHFWRU/DVSDODEUDV FROLQGDQWHVFRQVWLWX\ HQHOFRQWH[WRGHODVSDODEUDVDLQWHUSUHWDU(OOHFWRUFXHQWD FRQWRGRVORVPDWHULDOHVTXHQHFHVLWDSDUDOOHYDUDFDERVXWDUHD 1RTXHUHPRVGHFLUTXHVHWUDWHGHXQDWDUHDIiFLOVLPSOHPHQWHLQVLVWLPRVHQ TXH QR HV LPSRVLEOH (Q FDVR FRQWUDULR QDGLH SRGUtD OHHU XQ OLEUR SDUD LQFUHPHQWDU OD FRPSUHQVLyQ (O KHFKR GH TXH XQ OLEUR SXHGD DSRUWDU QXHYRV FRQRFLPLHQWRVRSHUFHSFLRQHVHVLQGLFLRGHTXHSUREDEOHPHQWHFRQWLHQHSDODEUDV TXH TXL]i HO OHFWRU QR KD\ D FRPSUHQGLGR GH LQPHGLDWR \  VL QR SXGLHUD HQWHQGHUODV JUDFLDV D VXV SURSLRV HVIXHU]RV OD FODVH GH OHFWXUD GH OD TXH KDEODPRVHQHOSUHVHQWHOLEURVHUtDLPSRVLEOH1RVHSRGUtDSDVDUGHXQDPHQRU FRPSUHQVLyQDXQDPD\ RUFRPSUHQVLyQGHXQOLEUR 1RH[LVWHQLQJXQDUHJODGHILQLWLYDSDUDHVWR(OSURFHVRVHSDUHFHDOPpWRGR GH WDQWHR TXH VH XWLOL]D SDUD FRPSOHWDU XQ URPSHFDEH]DV &XDQWDV PiV SLH]DV ORJUHPRV XQLU PiV IiFLO UHVXOWD HQFDMDU ODV GHPiV DXQTXH VyOR VHD SRUTXH TXHGDQ PHQRV 8Q OLEUR \ D OOHJD D QXHVWUDV PDQRV FRQ XQ JUDQ Q~PHUR GH SDODEUDVHQVXVLWLR\ QRVRWURVKHPRVGHFRORFDUHOUHVWRHQHOVX\ RWUDWDQGRGH DGDSWDUODVGHXQDXRWUDPDQHUD&XDQWRPHMRUVHFRPSUHQGDHOFXDGURSDUFLDO TXH FRPSRQHQ ODV SDODEUDV \ D VLWXDGDV HQ VX OXJDU PiV IiFLO QRV UHVXOWDUi FRPSOHWDU GLFKR FXDGUR FRQYLUWLHQGR HQ WpUPLQRV ODV SDODEUDV UHVWDQWHV &DGD SDODEUD TXH FRQVLJDPRV SRQHU HQ HO OXJDU DGHFXDGR QRV IDFLOLWDUi HO VLJXLHQWH DMXVWH 1DWXUDOPHQWHHQHVWHSURFHVRVHFRPHWHQHUURUHV(OOHFWRUSHQVDUiTXHKD FRQVHJXLGR XELFDU XQD SDODEUD \  GH SURQWR DGYHUWLUi TXH OD XELFDFLyQ GH RWUD UHTXLHUHXQDVHULHGHUHDMXVWHV3HURHVWRVHUURUHVVHFRUUHJLUiQSRUTXHPLHQWUDV QRVHGHVFXEUDQQRVHSRGUiFRPSOHWDUHOFXDGURJHQHUDO(QFXDQWRKD\ DPRV SDVDGRSRUHVWDH[SHULHQFLDVHUHPRVFDSDFHVGHFRQWURODUQXHVWURVPRYLPLHQWRV \  VDEUHPRV VL KHPRV UHDOL]DGR OD WDUHD ELHQ R QR 1R FUHHUHPRV TXH KHPRV FRPSUHQGLGRVLUHDOPHQWHQRORKHPRVKHFKR $OFRPSDUDUXQOLEURFRQXQURPSHFDEH]DVKHPRVVXSXHVWRDOJRTXHQRHV FLHUWR 1DWXUDOPHQWH HQ XQ EXHQ URPSHFDEH]DV WRGDV ODV SLH]DV HQFDMDQ \  HO FXDGUR SXHGH FRPSOHWDUVH D OD SHUIHFFLyQ (VWR WDPELpQ HV DSOLFDEOH DO OLEUR LGHDO SHUR QR H[LVWH XQ OLEUR GH WDOHV FDUDFWHUtVWLFDV (Q OD PHGLGD HQ TXH ORV

OLEURV VHDQ EXHQRV VXV WpUPLQRV HVWDUiQ WDQ ELHQ GHILQLGRV SRU HO DXWRU TXH HO OHFWRU SRGUi OOHYDU D FDER OD WDUHD GH LQWHUSUHWDFLyQ IUXFWtIHUDPHQWH (Q HVWH FDVR FRPR HQ HO GH WRGDV ODV GHPiV UHJODV GH OD OHFWXUD ORV PDORV OLEURV VRQ PHQRV OHJLEOHV TXH ORV EXHQRV /DV UHJODV QR IXQFLRQDQ VDOYR SDUD GHPRVWUDU KDVWD TXp SXQWR VRQ GH PDOD FDOLGDG 6L HO DXWRU HPSOHD ODV SDODEUDV GH IRUPD DPELJXD HO OHFWRU QR SRGUi FRPSUHQGHU TXp LQWHQWD GHFLU VRODPHQWH FRPSUHQGHUiTXHHOPLVPRQRHVSUHFLVR 3HURSRGUtDPRVSODQWHDUQRVORVLJXLHQWHXQHVFULWRUTXHHPSOHDXQDSDODEUD FRQPiVGHXQVLJQLILFDGR¢QRODXWLOL]DGHIRUPDDPELJXD"¢<QRHVORQRUPDO\ FRUULHQWHTXHORVHVFULWRUHVXVHQODVSDODEUDVFRQGLVWLQWRVVLJQLILFDGRVVREUHWRGR ODVSDODEUDVPiVLPSRUWDQWHV" /D UHVSXHVWD D OD SULPHUD SUHJXQWD HV QHJDWLYD D OD VHJXQGD DILUPDWLYD 8WLOL]DUXQDSDODEUDGHIRUPDDPELJXDHTXLYDOHDXWLOL]DUODHQGLYHUVRVVHQWLGRV VLQ GLVWLQJXLU HQWUH VXV GLIHUHQWHV VLJQLILFDGRV R VLQ UHODFLRQDUORV HQWUH Vt 3RU HMHPSOR SRVLEOHPHQWH KHPRV HPSOHDGR OD SDODEUD © LPSRUWDQWHª  GH IRUPD DPELJXDHQHVWHFDStWXORSRUTXHQRVLHPSUHHVWDEDFODURVLQRVUHIHUtDPRVDVL UHYHVWtD LPSRUWDQFLD SDUD HO DXWRU R SDUD HO OHFWRU  (O HVFULWRU TXH KDFH VHPHMDQWH FRVD QR SUHVHQWD XQRV WpUPLQRV FODURV D ORV TXH SXHGD DFFHGHU HO OHFWRU SHUR HO TXH WUD]D XQD GLVWLQFLyQ HQWUH ORV GLYHUVRV VHQWLGRV HQ ORV TXH HPSOHD XQD SDODEUD FUtWLFD \  SHUPLWH TXH HO OHFWRU HVWDEOH]FD XQD UHVSXHVWD GLVFULPLQDWRULDVtHVWiRIUHFLHQGRWDOHVWpUPLQRV 1R KHPRV GH ROYLGDU TXH XQD SDODEUD SXHGH UHSUHVHQWDU YDULRV WpUPLQRV \ XQD IRUPD GH UHFRUGDUOR FRQVLVWH HQ HVWDEOHFHU XQD GLVWLQFLyQ HQWUH HO YRFDEXODULR \  OD WHUPLQRORJtD GHO DXWRU 6L KDFHPRV XQD OLVWD FRQ ODV SDODEUDV LPSRUWDQWHV \  RWUD FRQ VXV VLJQLILFDGRV LPSRUWDQWHV YHUHPRV OD UHODFLyQ HQWUH YRFDEXODULR\ WHUPLQRORJtD 3HURSXHGHQSUHVHQWDUVHRWUDVFRPSOLFDFLRQHV(QSULPHUOXJDUXQDSDODEUD FRQ GLYHUVRV VLJQLILFDGRV SXHGH HPSOHDUVH HQ XQ VROR VHQWLGR R HQ YDULRV 3RQJDPRVSRUHMHPSORODSDODEUD© OHFWXUDª XQDYH]PiV(QDOJXQDVRFDVLRQHV ODKHPRVHPSOHDGRSDUDODOHFWXUDGHFXDOTXLHUFODVHGHOLEUR\ HQRWUDVSDUDOD OHFWXUDGHOLEURVTXHVLUYHQSDUDLQVWUXLUQRSDUDHQWUHWHQHU3HURRWUDVYHFHVQRV KD VHUYLGR SDUD UHIHULUQRV D OD OHFWXUD GHVWLQDGD D DGTXLULU FRQRFLPLHQWRV QR LQIRUPDFLyQ 6L D FRQWLQXDFLyQ FRPR \ D KLFLPRV DQWHULRUPHQWH XWLOL]DPRV ORV VtPERORV ;D;E\ ;FSDUDORVWUHVVLJQLILFDGRVHOSULPHUXVRTXHKHPRVPHQFLRQDGRVHUtD ;DEF HO VHJXQGR ;EF \  HO WHUFHUR ;F (Q RWUDV SDODEUDV VL H[LVWHQ YDULRV VLJQLILFDGRV TXH JXDUGDQ UHODFLyQ VH SXHGH XWLOL]DU XQD VROD SDODEUD TXH ORV UHSUHVHQWHDWRGRVDYDULRVGHHOORVRVyORDXQR(QWDQWRHQFXDQWRFDGDXVRVHD GHILQLGRODSDODEUDDVtHPSOHDGDVHFRQVLGHUDUiXQWpUPLQR (Q VHJXQGR OXJDU QRV HQIUHQWDPRV FRQ HO SUREOHPD GH ORV VLQyQLPRV /D UHSHWLFLyQGHODPLVPDSDODEUDUHVXOWDDOJRWRUSH\ DEXUULGRVDOYRHQORVWH[WRV

PDWHPiWLFRVUD]yQSRUODTXHORVEXHQRVHVFULWRUHVVXHOHQSUHVHQWDUVXVWLWXWRVGH ODV SDODEUDV LPSRUWDQWHV HQ VXV OLEURV VL ELHQ FRQ HO PLVPR VLJQLILFDGR X RWUR PX\  VLPLODU 6H WUDWD GH OD VLWXDFLyQ FRQWUDULD D DTXpOOD HQ OD TXH XQD SDODEUD SXHGH UHSUHVHQWDU GLYHUVRV WpUPLQRV HQ HVWH FDVR HO PLVPR WpUPLQR HVWi UHSUHVHQWDGRSRUGRVRPiVSDODEUDVXWLOL]DGDVFRPRVLQyQLPRV 3RGUtDPRVUHSUHVHQWDUORDQWHULRUGHIRUPDVLPEyOLFDFRPRVLJXH'LJDPRV TXH;H<VRQGRVSDODEUDVGLVWLQWDVFRPR© FRQRFLPLHQWRª \ © SHUFHSFLyQª \ TXHODOHWUDDUHSUHVHQWDHOPLVPRVLJQLILFDGRTXHSXHGHH[SUHVDUFDGDXQDHV GHFLU XQ LQFUHPHQWR GH OD FRPSUHQVLyQ (QWRQFHV ;D H
GREOHYDPRVDVXVWLWXLUXQDIUDVHPiVFRPSOLFDGDFRPR© HOSURFHVRGHSDVDU GH XQD FRPSUHQVLyQ PHQRU D RWUD PD\ RU PHGLDQWH ODV RSHUDFLRQHV PHQWDOHV VREUHXQOLEURª $TXtVyORHQFRQWUDPRVXQWpUPLQRTXHVHUHILHUHDODFODVHGH OHFWXUDVREUHODTXHWUDWDODPD\ RUSDUWHGHOSUHVHQWHOLEURSHURHVWHWpUPLQRVH KDH[SUHVDGRFRQXQDVRODSDODEUDXQDIUDVHFRUWD\ RWUDPiVODUJD (VWH FDStWXOR KD UHVXOWDGR GLItFLO GH HVFULELU \  SUREDEOHPHQWH GLItFLO GH OHHU /D UD]yQ VDOWD D OD YLVWD /D UHJOD GH OHFWXUD TXH KHPRV H[SXHVWR QR SXHGH VHU SOHQDPHQWH LQWHOLJLEOH VLQ DGHQWUDUVH HQ QXPHURVDV H[SOLFDFLRQHV GH FDUiFWHU JUDPDWLFDO\ OyJLFRDFHUFDGHODVSDODEUDV\ ORVWpUPLQRV 'HKHFKRKHPRVRIUHFLGRPX\ SRFDVH[SOLFDFLRQHV\ QHFHVLWDUtDPRVYDULRV FDStWXORVSDUDH[SRQHUDGHFXDGDPHQWHWRGRVHVWRVWHPDV1RVKHPRVOLPLWDGRD WRFDUORVSXQWRVHVHQFLDOHVSHURHVSHUDPRVKDEHUGLFKRORVXILFLHQWHFRPRSDUD TXHODUHJODUHVXOWH~WLOHQODSUiFWLFD&XDQWRPiVODSRQJDHQSUiFWLFDHOOHFWRU PHMRUFRPSUHQGHUiORVHQWUHVLMRVGHOSUREOHPD1DWXUDOPHQWHWDPELpQTXHUUi VDEHU DOJR VREUH HO XVR PHWDIyULFR \  OLWHUDO GH ODV SDODEUDV VREUH OD GLIHUHQFLD HQWUH SDODEUDV DEVWUDFWDV \  FRQFUHWDV \  HQWUH QRPEUHV FRPXQHV \  SURSLRV 6HJXUDPHQWH OH LQWHUHVDUi FyPR IXQFLRQDQ ODV GHILQLFLRQHV OD GLIHUHQFLD HQWUH GHILQLU SDODEUDV \  GHILQLU FRVDV SRU TXp DOJXQDV SDODEUDV VRQ LQGHILQLEOHV \  VLQ HPEDUJR SRVHHQ XQ VLJQLILFDGR GHILQLGR HWF 4XHUUi FRPSUHQGHU D TXp QRV UHIHULPRV DO KDEODU GHO © XVR HPRWLYR GH ODV SDODEUDVª  HV GHFLU HO XVR GH ODV SDODEUDVTXHGHVSLHUWDQHPRFLRQHVTXHHPSXMDQDODVSHUVRQDVDODDFFLyQRTXH OHVKDFHQFDPELDUGHRSLQLyQDOJRGLVWLQWRGHODFRPXQLFDFLyQGHFRQRFLPLHQWRV < SRVLEOHPHQWH WDPELpQ OH LQWHUHVH OD UHODFLyQ H[LVWHQWH HQWUH HO GLVFXUVR © UDFLRQDOª \ ODFKDUOD© H[WUDxDª R© GHOLUDQWHª HOGLVFXUVRGHORVSHUWXUEDGRV PHQWDOHVHQHOTXHFDVLWRGDVODVSDODEUDVSUHVHQWDQFRQQRWDFLRQHVLQHVSHUDGDV\ UDUDVSHURGHWRGRVPRGRVLGHQWLILFDEOHV 6LODSUiFWLFDGHODOHFWXUDDQDOtWLFDGHVSLHUWDHVWRVLQWHUHVHVHOOHFWRUSRGUi VDWLVIDFHUORV OH\ HQGR OLEURV VREUH WDOHV WHPDV \  REWHQGUi PiV SURYHFKR GH OD OHFWXUDSRUTXHSODQWHDUiXQDVHULHGHSUHJXQWDVVXUJLGDVGHVXSURSLDH[SHULHQFLD FRPR OHFWRU (O HVWXGLR GH OD JUDPiWLFD \  OD OyJLFD ODV FLHQFLDV HQ ODV TXH VH EDVDQHVWDVUHJODVVyORWLHQHFDUiFWHUSUiFWLFRHQODPHGLGDHQTXHHOOHFWRUVHSD UHODFLRQDUORFRQODSUiFWLFD (VSRVLEOHTXHHOOHFWRUQRTXLHUDOOHJDUPiVDOOiSHURDXQDVtGHVFXEULUiTXH VH LQFUHPHQWD FRQVLGHUDEOHPHQWH VX FRPSUHQVLyQ GH XQ OLEUR VL VH WRPD OD PROHVWLD GH KDOODU ODV SDODEUDV LPSRUWDQWHV GH UHFRQRFHU ORV FDPELRV GH VLJQLILFDGR 5DUDPHQWH XQ FDPELR WDQ SHTXHxR HQ XQD FRVWXPEUH WLHQH FRQVHFXHQFLDVWDQDPSOLDV

 '(6&8%5,5/248(48,(5(&2081,&$581$8725

1RVyOROOHJDUDXQDFXHUGRVLQRWDPELpQKDFHUSURSRVLFLRQHVVRQGRVDFWLWXGHV TXHVHKDFHQSUHVHQWHVWDQWRHQHOPXQGRGHOFRPHUFLRFRPRHQHOGHORVOLEURV /R TXH TXLHUH GHFLU XQ FRPSUDGRU R XQ YHQGHGRU FRQ XQD SURSRVLFLyQ HV XQD HVSHFLH GH SURSXHVWD XQD HVSHFLH GH RIHUWD (Q ORV WUDWRV KRQUDGRV OD SHUVRQD TXH KDFH OD SURSRVLFLyQ HQ HVWH VHQWLGR GHFODUD VXV LQWHQFLRQHV GH GHWHUPLQDGD PDQHUD SHUR SDUD TXH XQ QHJRFLR OOHJXH D EXHQ WpUPLQR VH QHFHVLWD DOJR PiV TXH KRQUDGH] /D SURSXHVWD R SURSRVLFLyQ GHEH SUHVHQWDUVH FRQ FODULGDG \ QDWXUDOPHQWHFRQFLHUWRDWUDFWLYR(VHQWRQFHVFXDQGRORVFRPHUFLDQWHVSXHGHQ OOHJDUDXQDFXHUGR 8QD SURSRVLFLyQ GH XQ OLEUR WDPELpQ HV XQD GHFODUDFLyQ XQD H[SUHVLyQ GHO MXLFLRGHODXWRUVREUHDOJR(ODXWRUDILUPDDOJRTXHFRQVLGHUDYHUGDGHURRQLHJD DOJR TXH FRQVLGHUD IDOVR VRVWLHQH TXH HVWR R DTXHOOR FRQVWLWX\ H XQ KHFKR 8QD SURSRVLFLyQ GH HVWH WLSR HTXLYDOH D XQD GHFODUDFLyQ GH FRQRFLPLHQWRV QR GH LQWHQFLRQHV &DEH OD SRVLELOLGDG GH TXH HO DXWRU GH XQD REUD HQXQFLH VXV LQWHQFLRQHVDOSULQFLSLRHQHOSUyORJR(QXQOLEURGHHQVD\ RVXHOHSURPHWHUTXH YD D LQVWUXLUQRV VREUH XQ WHPD FRQFUHWR SHUR SDUD FRPSUREDU VL UHDOPHQWH FXPSOHVXVSURPHVDVKHPRVGHH[DPLQDUVXVSURSRVLFLRQHV 3RUORJHQHUDOODOHFWXUDSUHVHQWDXQRUGHQFRQWUDULRDOGHORVQHJRFLRV(QOD ILUPD GH XQ WUDWR FRPHUFLDO ODV SDUWHV VXHOHQ OOHJDU D XQ DFXHUGR GHVSXpV GH KDEHUYLVWRHQTXpFRQVLVWHODSURSXHVWD6LQHPEDUJRHOOHFWRUGHEHOOHJDUDXQ DFXHUGRFRQHODXWRUGHVGHHOSULQFLSLRDQWHVGHDYHULJXDUTXpSURSRQHpVWHTXp MXLFLR HVWi H[SRQLHQGR 7DO HV OD UD]yQ SRU OD TXH OD TXLQWD UHJOD GH OD OHFWXUD DQDOtWLFD VH RFXSD GH ODV SDODEUDV \  GH ORV WpUPLQRV \  SRU OD TXH OD VH[WD TXH YDPRVDH[SRQHUDFRQWLQXDFLyQVHRFXSDGHODVRUDFLRQHV\ ODVSURSRVLFLRQHV ([LVWH XQD VpSWLPD UHJOD TXH JXDUGD HVWUHFKD UHODFLyQ FRQ OD VH[WD (O HVFULWRU SXHGH PDQWHQHU XQD DFWLWXG KRQUDGD DO SUHVHQWDU HQXQFLDGRV VREUH KHFKRVRVREUHWHPDVGHFRQRFLPLHQWR\ QRUPDOPHQWHHOOHFWRUFRQILDUiHQpO SHURDPHQRVTXHDpVWHOHLQWHUHVHH[FOXVLYDPHQWHODSHUVRQDOLGDGGHODXWRUQR TXHGDUiVDWLVIHFKRFRQFRQRFHUVXVRSLQLRQHV6XVSURSRVLFLRQHVQRVRQPiVTXH

H[SUHVLRQHVGHVXVRSLQLRQHVSHUVRQDOHVDPHQRVTXHFXHQWHFRQHOUHVSDOGRGH XQDV UD]RQHV 6L OR TXH QRV LQWHUHVD HV HO OLEUR \  HO WHPD TXH WUDWD QR VyOR VX DXWRUQRTXHUUHPRVFRQRFHU~QLFDPHQWHVXVSURSRVLFLRQHVVLQRWDPELpQSRUTXp SLHQVDTXHYDDFRQYHQFHUQRVGHTXHODVDFHSWHPRV 3RU FRQVLJXLHQWH OD VpSWLPD UHJOD VH RFXSD GH ORV GLYHUVRV WLSRV GH DUJXPHQWRV ([LVWHQ PXFKRV WLSRV GH UD]RQDPLHQWRV P~OWLSOHV IRUPDV GH UHVSDOGDU OR TXH GHFLPRV $ YHFHV SRGHPRV GHPRVWUDU TXH OR TXH GHFLPRV HV FLHUWRRWUDVYHFHVVyORSRGHPRVGHIHQGHUXQDSUREDELOLGDGSHURWRGRDUJXPHQWR FRQVWDGHXQDVHULHGHHQXQFLDGRVTXHJXDUGDQFLHUWDUHODFLyQHQWUHVt'HFLPRV SRU HMHPSOR HVWR VH GHEH D DTXHOOR (Q HVWH FDVR ODV SDODEUDV © VH GHEH Dª H[SUHVDQODUD]yQTXHRIUHFHPRV /D H[LVWHQFLD GH DUJXPHQWRV VH LQGLFD FRQ RWUDV SDODEUDV TXH UHODFLRQDQ GLYHUVRVHQXQFLDGRVWDOHVFRPRVLHVWRHVDVtHQWRQFHVORRWURHVDVtRVLHVWRDVt SRUFRQVLJXLHQWH«RGHHVWRVHGHGXFHTXH«
SDUWHVIXQGDPHQWDOHV\GHVSXpVDVXVGLYLVLRQHVVXERUGLQDGDV&RPR\ DKDEUi FRPSUHQGLGRHOOHFWRUDPERVPRYLPLHQWRVWLHQHQTXHFRLQFLGLUHQFLHUWRSXQWR /DV SDUWHV IXQGDPHQWDOHV GH XQ OLEUR \  VXV GLYLVLRQHV SULQFLSDOHV FRQWLHQHQ P~OWLSOHVSURSRVLFLRQHV\SRUORJHQHUDOGLYHUVRVDUJXPHQWRVSHURVLVHJXLPRV GLYLGLHQGR HO OLEUR HQ VXV GLIHUHQWHV SDUWHV DO PHQRV SRGUHPRV GHFLU © (Q HVWD SDUWH VH H[SRQHQ ORV VLJXLHQWHV SXQWRVª  (V PX\  SUREDEOH TXH FDGD GH XQR GH HVWRV SXQWRV FRQVWLWX\ D XQD SURSRVLFLyQ \  TXH YDULRV WRPDGRV HQ FRQMXQWR FRQIRUPHQXQDUJXPHQWR 3RU FRQVLJXLHQWH ORV GRV SURFHVRV HV GHFLU HO SHUILODGR \  OD LQWHUSUHWDFLyQ FRLQFLGHQ HQ HO QLYHO GH ODV SURSRVLFLRQHV \  GH ORV DUJXPHQWRV 6H OOHJD D ODV SURSRVLFLRQHV\ ORVDUJXPHQWRVGLYLGLHQGRODREUDHQODVSDUWHVTXHODLQWHJUDQ\ VHGHVDUUROODQORVDUJXPHQWRVYLHQGRFyPRHVWiQLQWHJUDGRVSRUSURSRVLFLRQHV\ HQ ~OWLPD LQVWDQFLD SRU WpUPLQRV 8QD YH] UHDOL]DGRV DPERV SURFHVRV HO OHFWRU SXHGHGHFLUTXHFRQRFHHOFRQWHQLGRGHOOLEUR 2UDFLRQHV\ SURSRVLFLRQHV
QLQJ~QERWyQ 9DPRV D LOXVWUDU OR DQWHULRU HQ HO FDVR GH ODV RUDFLRQHV \  ODV SURSRVLFLRQHV 1R WRGD RUDFLyQ GH XQ OLEUR H[SUHVD XQD SURSRVLFLyQ 3DUD HPSH]DU DOJXQDV RUDFLRQHV H[SUHVDQ SUHJXQWDV HV GHFLU SODQWHDQ SUREOHPDV QR UHVSXHVWDV /DV SURSRVLFLRQHV VRQ UHVSXHVWDV D SUHJXQWDV GHFODUDFLRQHV GH FRQRFLPLHQWR R GH RSLQLyQ \  SRU HOOR GHQRPLQDPRV D ODV RUDFLRQHV TXH ODV H[SUHVDQ FRPR GHFODUDWLYDV SDUD GLVWLQJXLUODV GH ODV TXH SODQWHDQ SUHJXQWDV D ODV TXH GH QRPLQDPRVLQWHUURJDWLYDV3XHGHQDSRUWDUQRVXQDSDUWHGHORVFRQRFLPLHQWRVTXH SHUVLJXHHODXWRUSHURQRQRVWUDQVPLWHQHOFRQRFLPLHQWRTXHpVWHGHVHDH[SRQHU $GHPiV QR WRGDV ODV RUDFLRQHV GHFODUDWLYDV SXHGHQ OHHUVH FRPR VL WRGDV \ FDGDXQDGHHOODVH[SUHVDVHQXQDSURSRVLFLyQ([LVWHQDOPHQRVGRVUD]RQHVSDUD HOOR/DSULPHUDHVWULEDHQHOKHFKRGHTXHODVSDODEUDVVRQDPELJXDV\ SXHGHQ HPSOHDUVHHQGLYHUVDVRUDFLRQHV3RUFRQVLJXLHQWHSXHGHRFXUULUTXHODPLVPD RUDFLyQH[SUHVHGLVWLQWDVSURSRVLFLRQHVVLVHSURGXFHXQFDPELRHQORVWpUPLQRV TXHH[SUHVDQODVSDODEUDV© /HHUHVDSUHQGHQª HVXQDRUDFLyQVLPSOHSHURVL SRUXQDSDUWHFRQ© DSUHQGHUª QRVUHIHULPRVDDGTXLULULQIRUPDFLyQ\ SRURWUD DO GHVDUUROOR GH OD FRPSUHQVLyQ OD SURSRVLFLyQ QR HV OD PLVPD SRUTXH ORV WpUPLQRVYDUtDQ<VLQHPEDUJRODRUDFLyQHVODPLVPD /D VHJXQGD UD]yQ FRQVLVWH HQ TXH QR WRGDV ODV RUDFLRQHV VRQ WDQ VHQFLOODV FRPR© /HHUHVDSUHQGHUª &XDQGRODVSDODEUDVVHHPSOHDQVLQDPELJHGDGXQD RUDFLyQVLPSOHH[SUHVDSRUORJHQHUDOXQDVRODSURSRVLFLyQSHURFXDQGRVHWUDWD GH XQD RUDFLyQ FRPSXHVWD H[SUHVD GRV R PiV SURSRVLFLRQHV (Q UHDOLGDG XQD RUDFLyQ FRPSXHVWD HV XQD VHULH GH RUDFLRQHV FRQHFWDGDV SRU SDODEUDV FRPR © \ ª R© VLª «© HQWRQFHVª R© QRVyOR«VLQRWDPELpQª (OOHFWRUSRGUtDOOHJDU D OD FRQFOXVLyQ GH TXH UHVXOWD GLItFLO HVWDEOHFHU OD GLIHUHQFLD HQWUH XQD RUDFLyQ FRPSXHVWD ODUJD \  XQ SiUUDIR FRUWR $TXpOOD SXHGH H[SUHVDU XQD VHULH GH SURSRVLFLRQHVUHODFLRQDGDVHQWUHVtHQIRUPDGHDUJXPHQWR $YHFHVFXHVWDWUDEDMRLQWHUSUHWDUWDOHVRUDFLRQHV7RPHPRVFRPRHMHPSOR XQDGH(OSUtQFLSHGH0DTXLDYHORSDUDGHPRVWUDUDTXpQRVUHIHULPRV 8Q SUtQFLSH GHEHUtD LQVSLUDU WHPRU GH WDO PRGR TXH VL QR ORJUD HO DPRUHYLWHHORGLRSRUTXHSXHGHSHUPLWLUVHVHUWHPLGRPLHQWUDVQRVHD RGLDGR OR TXH RFXUULUi VLHPSUH \  FXDQGR VH PDQWHQJD DOHMDGR GH ODV SURSLHGDGHV\ GHODVPXMHUHVGHVXVV~EGLWRV 'HVGH HO SXQWR GH YLVWD JUDPDWLFDO OR DQWHULRU HV XQD VROD RUDFLyQ VL ELHQ VXPDPHQWH FRPSOHMD (O SXQWR \  FRPD \  HO © SRUTXHª  VHxDODQ OD SDXVD PiV LPSRUWDQWH/DSULPHUDSURSRVLFLyQFRQVLVWHHQTXHXQSUtQFLSHGHEHUtDLQVSLUDU WHPRUGHDOJ~QPRGR (PSH]DQGRSRUODSDODEUD© SRUTXHª QRVHQFRQWUDPRVHQUHDOLGDGFRQRWUD

RUDFLyQ 3RGUtD VHU LQGHSHQGLHQWH VL OD H[SUHViUDPRV GH OD VLJXLHQWH PDQHUD © /D UD]yQ GH HVWR HV TXH SXHGH SHUPLWLUVHª  \  DVt VXFHVLYDPHQWH  < HVWD RUDFLyQ H[SUHVD DO PHQRV GRV SURSRVLFLRQHV   OD UD]yQ SRU OD TXH HO SUtQFLSH GHEHUtD LQVSLUDU WHPRU FRQVLVWH HQ TXH SXHGH SHUPLWLUVH VHU WHPLGR VLHPSUH \ FXDQGR QR VHD RGLDGR   SXHGH HYLWDU VHU RGLDGR ~QLFDPHQWH VL QR SRQH ODV PDQRVHQODVSURSLHGDGHV\ ODVPXMHUHVGHVXVV~EGLWRV (V LPSRUWDQWH GLVWLQJXLU ODV GLYHUVDV SURSRVLFLRQHV TXH FRQWLHQH XQD RUDFLyQ ODUJD\ FRPSOHMD3DUDFRPSDUWLURQRFRPSDUWLUODRSLQLyQGH0DTXLDYHORHQ SULPHUOXJDUKD\ TXHHQWHQGHUTXpGLFHSHURHQHVWDRUDFLyQGLFHWUHVFRVDV(O OHFWRU TXL]i QR HVWp GH DFXHUGR FRQ XQD GH HOODV SHUR Vt FRQ ODV GHPiV 4XL]i SLHQVH TXH HO DXWRU VH HTXLYRFD DO UHFRPHQGDU D XQ SUtQFLSH TXH LPSRQJD HO WHUURU SHUR WDPELpQ UHFRQRFHUtD VX DVWXFLD FXDQGR DILUPD TXH PiV OH YDOH QR LQVSLUDURGLRDGHPiVGHWHPRU\ TXHPDQWHQHUVHDOHMDGRGHODVSURSLHGDGHV\ ODV PXMHUHV GH VXV V~EGLWRV FRQVWLWX\ H XQD FRQGLFLyQ LQGLVSHQVDEOH SDUD QR VHU RGLDGR $ PHQRV TXH UHFRQR]FDPRV ODV GLVWLQWDV SURSRVLFLRQHV GH XQD RUDFLyQ FRPSOLFDGD QR SRGUHPRV HPLWLU XQ MXLFLR GLVFULPLQDWRULR VREUH OR TXH GLFH HO HVFULWRU /RVDERJDGRVFRQRFHQHVWHKHFKRVREUDGDPHQWHSRUTXHWLHQHQTXHH[DPLQDU ODV IUDVHV FRQ VXPR FXLGDGR SDUD YHU TXp DOHJD HO GHPDQGDQWH \  TXp QLHJD HO GHPDQGDGR/DRUDFLyQ© )XODQRGH7DOILUPyHOFRQWUDWRGHDUUHQGDPLHQWRHO GH PDU]Rª  SDUHFH PX\  VHQFLOOD SHUR GLFH YDULDV FRVDV DOJXQDV GH ODV FXDOHV SXHGHQ VHU YHUGDGHUDV \  RWUDV IDOVDV (V SRVLEOH TXH )XODQR GH 7DO ILUPDVH HO FRQWUDWRSHURQRHOGHPDU]R\ HVWHKHFKRSXHGHUHYHVWLUJUDQLPSRUWDQFLD (Q GHILQLWLYD HQ RFDVLRQHV LQFOXVR XQD RUDFLyQ JUDPDWLFDOPHQWH VLPSOH SXHGH H[SUHVDUGRVRPiVSURSRVLFLRQHV
ORVHOHPHQWRVGHOSHQVDPLHQWR²KDVWDQRVHUFDSD]GHWUDVSDVDUODVXSHUILFLHGHO OHQJXDMH0LHQWUDVSDODEUDVRUDFLRQHV\ SiUUDIRVSHUPDQH]FDQRSDFRV\ QRVH SXHGDQ DQDOL]DU IRUPDUiQ XQD EDUUHUD SDUD OD FRPXQLFDFLyQ QR XQ PHGLR 6H OHHUiQODVSDODEUDVSHURQRVHUHFLELUiFRQRFLPLHQWR 9DPRVDH[SRQHUODVUHJODV/DTXLQWDUHJODGHODOHFWXUDFRPRUHFRUGDUiHO OHFWRU TXH GLMLPRV HQ HO ~OWLPR FDStWXOR FRQVLVWtD HQ OR VLJXLHQWH 5(*/$ D 

(1&2175$5 /$6 3$/$%5$6 ,03257$17(6 < //(*$5 $ 81 $&8(5'2 /D VH[WD UHJOD SRGUtD H[SUHVDUVH FRPR VLJXH 5(*/$ D  6(f$/$5 /$6

25$&,21(6 0È6 ,03257$17(6 '( 81 /,%52 < '(6&8%5,5 /$6 352326,&,21(648(&217,(1(1 < OD VpSWLPD 5(*/$ D  /2&$/,=$5 /26 $5*80(1726 %È6,&26

'(//,%520(',$17(/$&21(;,Ï1'(/$625$&,21(6 (O OHFWRU FRPSUHQGHUi PiV DGHODQWH SRU TXp QR GHFLPRV © SiUUDIRVª  HQ OD IRUPXODFLyQGHHVWDUHJOD +HPRV GH DxDGLU TXH HVWDV QXHYDV UHJODV VH DSOLFDQ DO LJXDO TXH OD FRQFHUQLHQWHDOOHJDUDXQDFXHUGRFRQHODXWRUIXQGDPHQWDOPHQWHDODVREUDVGH HQVD\ R /DV QRUPDV FRQFHUQLHQWHV D ODV SURSRVLFLRQHV \  ORV DUJXPHQWRV SUHVHQWDQGLIHUHQFLDVFXDQGRVHOHHXQDREUDOLWHUDULDXQDQRYHODXQDREUDGH WHDWURXQSRHPD 0iVDGHODQWHKDEODUHPRVVREUHORVFDPELRVTXHVHUHTXLHUHQ SDUDDSOLFDUODVDHVWDFODVHGHREUDV +DOODUODVRUDFLRQHVFODYH

¢&yPRVHSXHGHQORFDOL]DUODVRUDFLRQHVPiVLPSRUWDQWHVGHXQOLEUR"¢&yPR LQWHUSUHWDUODVSDUDGHVFXEULUODRODVSURSRVLFLRQHVTXHFRQWLHQHQ" 8QD YH] PiV GHVHDPRV KDFHU KLQFDSLp HQ OR TXH HV UHDOPHQWH LPSRUWDQWH 'HFLUTXHHQXQOLEURVyORH[LVWHXQQ~PHURUHODWLYDPHQWHUHGXFLGRGHRUDFLRQHV FODYHQRVLJQLILFDTXHQRKD\ DTXHSUHVWDUDWHQFLyQDOUHVWR\QDWXUDOPHQWHKD\ TXHFRPSUHQGHUWRGDV\ FDGDXQDGHODVRUDFLRQHVSHURODPD\ RUtDGHpVWDVDO LJXDOTXHODPD\ RUtDGHODVSDODEUDVQRWLHQHSRUTXpSODQWHDUQLQJXQDGLILFXOWDG &RPR \ D DSXQWiEDPRV HQ HO DSDUWDGR GHGLFDGR D ODV YHORFLGDGHV GH OHFWXUD SXHGHQ OHHUVH UHODWLYDPHQWH GHSULVD 'HVGH HO SXQWR GH YLVWD GHO OHFWRU ODV RUDFLRQHVTXHUHYLVWHQLPSRUWDQFLDSDUDpOVRQODVTXHUHTXLHUHQXQHVIXHU]RGH LQWHUSUHWDFLyQ SRUTXH D SULPHUD YLVWD QR OH UHVXOWDQ WRWDOPHQWH LQWHOLJLEOHV \ FRPSUHQGHORVXILFLHQWHFRPRSDUDVDEHUTXHWLHQHTXHFRPSUHQGHUPXFKRPiV 6RQ ODV RUDFLRQHV TXH OHH FRQ PXFKD PiV OHQWLWXG \  FRQ PiV FXLGDGR TXH ODV GHPiV 4XL]i QR FRLQFLGDQ FRQ ODV RUDFLRQHV PiV LPSRUWDQWHV SDUD HO HVFULWRU SHUR HV SRVLEOH TXH Vt SRUTXH OR PiV SUREDEOH HV TXH HO OHFWRU WRSH FRQ ODV

PD\ RUHV GLILFXOWDGHV DQWH ODV DILUPDFLRQHV PiV LPSRUWDQWHV TXH H[SUHVD HO HVFULWRU \  QR KDUi IDOWD LQVLVWLU HQ TXH pVWDV VRQ SUHFLVDPHQWH ODV TXH KD\  TXH OHHUFRQPiVFXLGDGR\ GHWHQLPLHQWR 'HVGH HO SXQWR GH YLVWD GHO HVFULWRU ODV RUDFLRQHV LPSRUWDQWHV VRQ ODV TXH H[SUHVDQORVMXLFLRVVREUHORVTXHVHDSR\ DVXDUJXPHQWDFLyQ3RUORJHQHUDOXQ OLEUR WLHQH XQ FRQWHQLGR PXFKR PiV DPSOLR TXH HO VLPSOH HQXQFLDGR GH XQ DUJXPHQWRRXQDVHULHGHDUJXPHQWRV(ODXWRUSXHGHH[SOLFDUFyPRKDOOHJDGR DO SXQWR GH YLVWD TXH VRVWLHQH R SRU TXp SLHQVD TXH VX SRVWXUD WLHQH VHULDV FRQVHFXHQFLDV 7DPELpQ SXHGH H[SOLFDU ODV SDODEUDV TXH XWLOL]D R FRPHQWDU OD REUD GH RWURV DXWRUHV R H[SOD\ DUVH HQ H[WHQVDV DUJXPHQWDFLRQHV TXH VLUYDQ GH DSR\ RDODVVX\ DVSHURHOQ~FOHRGHVXFRPXQLFDFLyQUHVLGHHQODVDILUPDFLRQHV\ QHJDFLRQHVTXHKDFH\HQODVUD]RQHVTXHDSRUWDSDUDHOOR 3RU FRQVLJXLHQWH HO OHFWRU WLHQH TXH DSUHFLDU ODV RUDFLRQHV SULQFLSDOHV FRPR VL VREUHVDOLHUDQ GH OD SiJLQDHQDOWRUHOLHYH $OJXQRVHVFULWRUHVFRODERUDQHQHVWDWDUHDVXEUD\ DQGRODVRUDFLRQHVSRUDVt GHFLUOR 2 DILUPDQ H[SOtFLWDPHQWH TXH DOJR HV LPSRUWDQWH R VH VLUYHQ GH XQ UHFXUVR WLSRJUiILFR SDUD GHVWDFDU ODV IUDVHV PiV LPSRUWDQWHV 1DWXUDOPHQWH QR KD\  QDGD TXH SXHGD D\ XGDU D TXLHQ QR VH PDQWLHQH GHVSLHUWR PLHQWUDV OHH FRQRFHPRVDPXFKRVOHFWRUHV\ HVWXGLDQWHVTXHQRSUHVWDQDWHQFLyQQLVLTXLHUDD XQDVVHxDOHVWDQFODUDV\ TXHSUHILHUHQVHJXLUOH\ HQGRHQOXJDUGHGHWHQHUVHXQRV PRPHQWRVDH[DPLQDUGHWHQLGDPHQWHODVRUDFLRQHVLPSRUWDQWHV (Q DOJXQRV OLEURV QR PXFKRV ODV SURSRVLFLRQHV IXQGDPHQWDOHV VH SUHVHQWDQ HQ RUDFLRQHV TXH RFXSDQ XQ OXJDU HVSHFLDO HQ FXDQWR DO HVWLOR \  HO RUGHQ GH OD H[SRVLFLyQ\ GHQXHYR(XFOLGHVQRVSURSRUFLRQDXQH[FHOHQWHHMHPSOR1RVyOR HQXQFLD ODV GHILQLFLRQHV ORV SRVWXODGRV \  ORV D[LRPDV ²ODV SURSRVLFLRQHV SULQFLSDOHV²DOSULQFLSLRVLQRTXHGDXQWtWXORDWRGDVODVSURSRVLFLRQHVTXHYDD GHPRVWUDU (V SRVLEOH TXH HO OHFWRU QR FRPSUHQGD WRGRV VXV HQXQFLDGRV TXH QR VHD FDSD] GH VHJXLU WRGDV ODV DUJXPHQWDFLRQHV SHUR QR SDVDUi SRU DOWR ODV RUDFLRQHV R JUXSRV GH RUDFLRQHV LPSRUWDQWHV GHVWLQDGRV DO HQXQFLDGR GH ODV SUXHEDV 6XPDWHROyJLFDGH7RPiVGH$TXLQRHVRWUDREUDFX\ RHVWLORGHH[SRVLFLyQ GHVWDFD ODV RUDFLRQHV IXQGDPHQWDOHV HQ DOWR UHOLHYH 6H GHVDUUROOD D EDVH GH SUHJXQWDV FDGD FDStWXOR YD HQFDEH]DGR SRU XQD (O DXWRU RIUHFH QXPHURVRV LQGLFLRV GH ODV UHVSXHVWDV TXH WUDWD GH GHIHQGHU HQXQFLDQGR XQD ODUJD VHULH GH REMHFLRQHVTXHVHRSRQHQDODVUHVSXHVWDV(OOXJDUHQHOTXHHODXWRUFRPLHQ]DD GLVFXWLUVXSURSLRUD]RQDPLHQWRTXHGDFODUDPHQWHVHxDODGRFRQODVSDODEUDV©
HVWRHTXLYDOHDGHFLUTXHWRGRFDUHFHGHLPSRUWDQFLD $SDUWH GH ORV OLEURV FX\ R HVWLOR R IRUPDWR OODPD OD DWHQFLyQ KDFLD OR TXH QHFHVLWD PD\ RU LQWHUSUHWDFLyQ SRU SDUWH GHO OHFWRU XELFDU ODV RUDFLRQHV PiV LPSRUWDQWHVUHSUHVHQWDXQDWDUHDTXHHOOHFWRUGHEHUHDOL]DUSRUVtPLVPR3DUD HOOR SXHGH SURFHGHU GH GLYHUVDV PDQHUDV XQD GH ODV FXDOHV \ D KHPRV PHQFLRQDGR 6L HV VHQVLEOH D OD GLIHUHQFLD HQWUH ORV SiUUDIRV TXH HQWLHQGH LQPHGLDWDPHQWH \  ORV TXH OH SODQWHDQ GLILFXOWDGHV SUREDEOHPHQWH SRGUi GHVFXEULUODVRUDFLRQHVTXHFRQWLHQHQHOPD\ RUSHVRGHVLJQLILFDGR4XL]iKD\ D HPSH]DGR D FRPSUHQGHU FXiQ HVHQFLDO HV SDUD OD OHFWXUD VHQWLU SHUSOHMLGDG \ VDEHUOR 3ODQWHDUVH SUHJXQWDV UHSUHVHQWD HO LQLFLR GHO FRQRFLPLHQWR FXDQGR VH WUDWD GH DSUHQGHU DOJR GH ORV OLEURV \  WDPELpQ GH OD QDWXUDOH]D 6L QXQFD QRV SODQWHDPRV LQWHUURJDQWHV DFHUFD GHO VLJQLILFDGR GH XQ SiUUDIR HQ FRQFUHWR HO OLEUR TXH WHQHPRV HQ ODV PDQRV QR QRV DSRUWDUi QLQJ~Q FRQRFLPLHQWR TXH QR SRVHDPRVDQWHULRUPHQWH (QFRQWUDUHPRV RWUD SLVWD SDUD UHFRQRFHU ODV RUDFLRQHV LPSRUWDQWHV HQ ODV SDODEUDV TXH ODV LQWHJUDQ 6L HO OHFWRU \ D KD VHxDODGR ODV SDODEUDV LPSRUWDQWHV pVWDVOHOOHYDUiQDODVRUDFLRQHVTXHPHUHFHQHVSHFLDODWHQFLyQ'HHVWHPRGRHO SULPHU SDVR GH OD OHFWXUD LQWHUSUHWDWLYD FRQVWLWX\ H XQD SUHSDUDFLyQ SDUD HO VHJXQGRSHURWDPELpQSXHGHRFXUULUDODLQYHUVDHVGHFLUTXHVHVHxDOHQFLHUWDV SDODEUDVGHVSXpVGHKDEHUVHQWLGRFLHUWDFRQIXVLyQDQWHHOVLJQLILFDGRGHXQIUDVH (OKHFKRGHTXHKD\ DPRVHQXPHUDGRHVWDVQRUPDVFRQXQRUGHQILMRQRTXLHUH GHFLU TXH KD\ D TXH VHJXLUODV HQ GLFKR RUGHQ /RV WpUPLQRV FRQVWLWX\ HQ SURSRVLFLRQHV\ ODVSURSRVLFLRQHVFRQWLHQHQWpUPLQRV6LFRQRFHPRVORVWpUPLQRV H[SUHVDGRV SRU ODV SDODEUDV FRPSUHQGHUHPRV OD SURSRVLFLyQ H[SXHVWD HQ OD RUDFLyQ \  VL HQWHQGHPRV OD SURSRVLFLyQ H[SUHVDGD SRU XQD RUDFLyQ WDPELpQ HQWHQGHUHPRVORVWpUPLQRV /R DQWHULRU VXJLHUH RWUD SLVWD TXH QRV VLUYH SDUD ORFDOL]DU ODV SURSRVLFLRQHV SULQFLSDOHVTXHp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yQ RWUD \ GHVSXpV RWUD PiV 8Q DUJXPHQWR HPSLH]D SRU XQ OXJDU FRQFUHWR \  OOHJD D RWUR HV XQ PRYLPLHQWR GHO SHQVDPLHQWR 3XHGH FRPHQ]DU FRQ OR TXH HQ UHDOLGDG HV OD FRQFOXVLyQ\ FRQWLQXDUH[SRQLHQGRODVUD]RQHVRHPSH]DUFRQODVSUXHEDV\ ODV UD]RQHV\ WHUPLQDUFRQODFRQFOXVLyQTXHVHGHVSUHQGHGHHOODV 1DWXUDOPHQWHHQHVWRFRPRHQWRGRWDOSLVWDQRVHUYLUiGHQDGDDPHQRVTXH VHSDPRVXWLOL]DUOD+D\ TXHUHFRQRFHUXQDUJXPHQWRFXDQGRWRSDPRVFRQpO$

SHVDUGHFLHUWDVH[SHULHQFLDVGHFHSFLRQDQWHVLQVLVWLPRVHQTXHODPHQWHKXPDQD HV SRU QDWXUDOH]D WDQ VHQVLEOH D ORV DUJXPHQWRV FRPR HO RMR D ORV FRORUHV £DXQTXH SXHGH KDEHU SHUVRQDV FLHJDV SDUD ORV DUJXPHQWRV  SHUR ORV RMRV QR YHQVLQRVHPDQWLHQHQDELHUWRV\ ODPHQWHQRVHJXLUiXQDUJXPHQWRVLQRHVWi GHVSLHUWD 0XFKDV SHUVRQDV FUHHQ TXH VDEHQ OHHU SRUTXH OR KDFHQ D GLVWLQWDV YHORFLGDGHVSHURVHGHWLHQHQ\ YDQPiVGHVSDFLRHQODVRUDFLRQHVTXHQRGHEHQ HQODVTXHOHVLQWHUHVDQQRHQODVTXHODVGHMDQSHUSOHMDVORTXHFRQVWLWX\ HXQRGH ORV PD\ RUHV REVWiFXORV SDUD OHHU XQ OLEUR TXH QR HV WRWDOPHQWH FRHWiQHR &XDOTXLHU OLEUR DQWLJXR FRQWLHQH KHFKRV TXH FDXVDQ FLHUWD VRUSUHVD SRUTXH SUHVHQWDQ GLIHUHQFLDV FRQ ORV TXH FRQRFHPRV SHUR FXDQGR OHHPRV SDUD LQFUHPHQWDU OD FRPSUHQVLyQ QR YDPRV HQ EXVFD GH HVH WLSR GH QRYHGDG 8QD FRVDHVHOLQWHUpVSRUHODXWRUHQVtRSRUVXOHQJXDMHRSRUHOPXQGRHQHOTXH HVFULELy VXV REUDV \  RWUD HO LQWHUpV SRU FRQRFHU VXV LGHDV (VWH ~OWLPR DVSHFWR SXHGHD\ XGDUQRVDFXPSOLUODVUHJODVTXHHVWDPRVH[SRQLHQGRQRODFXULRVLGDG VREUHRWURVWHPDV +DOODUODVSURSRVLFLRQHV 6XSRQJDPRVTXHHOOHFWRU\ DKDORFDOL]DGRODVRUDFLRQHVFODYH/DVH[WDUHJOD UHTXLHUHRWURSDVRGHVFXEULUODSURSRVLFLyQRODVSURSRVLFLRQHVTXHFRQWLHQHFDGD XQDGHODVRUDFLRQHV(QRWUDVSDODEUDVKD\ TXHVDEHUTXpVLJQLILFDODRUDFLyQHQ FXHVWLyQ6HGHVFXEUHQORVWpUPLQRVDYHULJXDQGRTXpVLJQLILFDXQDSDODEUDFRQXQ XVRFRQFUHWRGHIRUPDVHPHMDQWHVHGHVFXEUHQODVSURSRVLFLRQHVLQWHUSUHWDQGR WRGDVODVSDODEUDVTXHLQWHJUDQODRUDFLyQ\VREUHWRGRODVSDODEUDVSULQFLSDOHV ,QVLVWLPRVHQTXHQRHVSRVLEOHKDFHUORDQWHULRUGHELGDPHQWHDPHQRVTXHVH VHSD XQ SRFR GH JUDPiWLFD +D\  TXH FRQRFHU HO SDSHO TXH GHVHPSHxDQ ORV DGMHWLYRV \  ORV DGYHUELRV FyPR IXQFLRQDQ ORV YHUERV HQ UHODFLyQ FRQ ORV QRPEUHV FyPR UHVWULQJHQ R DPSOtDQ ORV PRGLILFDGRUHV HO VLJQLILFDGR GH ODV SDODEUDVTXHPRGLILFDQHWF,GHDOPHQWHHOOHFWRUGHEHUtDVHUFDSD]GHDQDOL]DU XQDRUDFLyQVHJ~QODVUHJODVGHODVLQWD[LVVLELHQQRQHFHVDULDPHQWHGHXQPRGR IRUPDO $ SHVDU GH OD DFWXDO WHQGHQFLD D QR HQVHxDU JUDPiWLFD HQ ORV FROHJLRV KHPRVGHVXSRQHUTXHHOOHFWRUFRQRFHORTXHDFDEDPRVGHGHFLU1RSRGHPRV FUHHUORFRQWUDULRDXQTXHFDEHODSRVLELOLGDGGHTXHKD\ DROYLGDGRXQWDQWRGH HOODGHELGRDODIDOWDGHSUiFWLFDHQORVUXGLPHQWRVGHODUWHGHODOHFWXUD 6yOR H[LVWHQ GRV GLIHUHQFLDV HQWUH GHVFXEULU ORV WpUPLQRV H[SUHVDGRV SRU ODV SDODEUDV\ ODVSURSRVLFLRQHVH[SUHVDGDVSRUODVRUDFLRQHV8QDFRQVLVWHHQTXHHQ HO ~OWLPR FDVR VH HPSOHD XQ FRQWH[WR PD\ RU 6H UHODFLRQDQ WRGDV ODV RUDFLRQHV FROLQGDQWHV FRQ OD RUDFLyQ HQ FXHVWLyQ DO LJXDO TXH VH HPSOHDQ ODV SDODEUDV FROLQGDQWHVSDUDLQWHUSUHWDUXQDHQFRQFUHWR(QDPERVFDVRVVHFRPLHQ]DSRUOR

TXH VH FRPSUHQGH \  VH FRQWLQ~D GLOXFLGDQGR SRFR D SRFR OR TXH DO SULQFLSLR UHVXOWDUHODWLYDPHQWHLQLQWHOLJLEOH /DRWUDGLIHUHQFLDHVWULEDHQHOKHFKRGHTXHODVRUDFLRQHVFRPSOHMDVVXHOHQ H[SUHVDUPiVGHXQDSURSRVLFLyQ1RVHOOHYDDWpUPLQRODLQWHUSUHWDFLyQGHXQD RUDFLyQ LPSRUWDQWH KDVWD KDEHU VHSDUDGR ODV GLVWLQWDV SURSRVLFLRQHV TXH QR REVWDQWHSXHGHQHVWDUUHODFLRQDGDV/DGHVWUH]DHQHVWDWDUHDVHGHVDUUROODFRQOD SUiFWLFD 5HFRPHQGDPRV DO OHFWRU TXH HOLMD DOJXQDV GH ODV RUDFLRQHV FRPSOLFDGDVTXHDSDUHFHQHQHOSUHVHQWHOLEURHLQWHQWHH[SUHVDUFRQVXVSURSLDV SDODEUDV FDGD XQD GH ODV DILUPDFLRQHV TXH VH HQXQFLDQ TXH ODV QXPHUH \  ODV UHODFLRQHVHQWUHVt ([SUHVDUODVFRQODVSURSLDVSDODEUDVQRVSDUHFHODPHMRUSUXHEDSDUDVDEHUVL VHKDQFRPSUHQGLGRODSURSRVLFLyQRODVSURSRVLFLRQHVGHODRUDFLyQ6LFXDQGRVH QRVSLGHTXHH[SOLTXHPRVORTXHTXLHUHGHFLUXQHVFULWRUFRQXQDIUDVHFRQFUHWD OR~QLFRTXHSRGHPRVKDFHUHVUHSHWLUVXVSDODEUDVFRQSHTXHxRVFDPELRVHQHO RUGHQ H[LVWHQ UD]RQHV SDUD VRVSHFKDU TXH QR VDEHPRV D TXp VH UHILHUH ,GHDOPHQWH HO OHFWRU GHEHUtD VHU FDSD] GH GHFLU OR PLVPR FRQ SDODEUDV GLIHUHQWHV/DLGHDSRUVXSXHVWRSXHGHDSUR[LPDUVHHQGLYHUVRVJUDGRVSHURVL HO OHFWRU QR HV FDSD] GH YDULDU HQ DEVROXWR ODV SDODEUDV GHO DXWRU TXHGDUi GHPRVWUDGRTXHHQWUHDPERVVHKDSURGXFLGRXQLQWHUFDPELRGHSDODEUDVQRGH SHQVDPLHQWRRGHFRQRFLPLHQWR(OOHFWRUFRQRFHODVSDODEUDVGHOHVFULWRUSHURQR VX PHQWH eVWH WUDWDED GH FRPXQLFDU FRQRFLPLHQWR \  OR ~QLFR TXH KD UHFLELGR DTXpOVRQSDODEUDV (O SURFHVR GH WUDGXFFLyQ GH XQD OHQJXD H[WUDQMHUD WLHQH UHOHYDQFLD FRQ UHVSHFWRDODSUXHEDTXHDFDEDPRVGHVXJHULU6LHOOHFWRUQRSXHGHHQXQFLDUFRQ XQDRUDFLyQHQVXSURSLDOHQJXDORTXHGLFHRWUDRUDFLyQHQIUDQFpVSRUHMHPSOR VLJQLILFD TXH QR FRPSUHQGH HVWD ~OWLPD SHUR LQFOXVR VL OD FRPSUHQGLHVH OD WUDGXFFLyQ SRGUtD OLPLWDUVH DO QLYHO YHUEDO SRUTXH DXQTXH KD\ D FRQVWUXLGR XQD UHSURGXFFLyQILHOHQVXSURSLDOHQJXDTXL]iQRVHSDTXpTXHUtDWUDQVPLWLUHODXWRU GHODRUDFLyQRULJLQDO 6LQHPEDUJRODWUDGXFFLyQGHXQDRUDFLyQDRWUDHQODPLVPDOHQJXDQRHV VLPSOHPHQWH YHUEDO /D QXHYD RUDFLyQ IRUPXODGD QR VXSRQH XQD UHSURGXFFLyQ YHUEDOGHODRULJLQDOVLHVSUHFLVDVHUiILHO~QLFDPHQWHDOSHQVDPLHQWR 3RU HVWH PRWLYRDVHJXUDPRVTXHWDOHVWUDGXFFLRQHVFRQVWLWX\ HQODPHMRUSUXHEDDODTXH SXHGH DXWRVRPHWHUVH XQ OHFWRU VL GHVHD DVHJXUDUVH GH TXH KD GLJHULGR OD SURSRVLFLyQQRVyORWUDJDGRODVSDODEUDV6LQRSDVDODSUXHEDPRVWUDUiXQIDOOR GH FRPSUHQVLyQ 6L GLFH TXH VDEH D TXp VH UHILHUH HO DXWRU SHUR WLHQH TXH OLPLWDUVHDUHSHWLUODRUDFLyQHVFULWDSRUpVWHSDUDGHPRVWUDUORQRVHUiFDSD]GH UHFRQRFHUWDOSURSRVLFLyQVLpVWDVHOHSUHVHQWDFRQRWUDVSDODEUDV (ODXWRUSXHGHH[SUHVDUODPLVPDSURSRVLFLyQFRQGLVWLQWDVSDODEUDVDORODUJR GHO WH[WR (O OHFWRU TXH QR KD ORJUDGR WUDVSDVDU ODV SDODEUDV \  OOHJDU KDVWD OD SURSRVLFLyQ TXH H[SUHVDQ DTXpOODV SUREDEOHPHQWH WUDWDUi ODV RUDFLRQHV

HTXLYDOHQWHV FRPR VL IXHVHQ HQXQFLDGRV GH SURSRVLFLRQHV GLVWLQWDV ,PDJLQHPRV TXH XQD SHUVRQD QR VDEH TXH ©     ª  \  TXH ©     ª  VRQ QRWDFLRQHV GLIHUHQWHVGHODPLVPDUHODFLyQDULWPpWLFDODGHFXDWURFRPRHOGREOHGHGRVR GRVFRPRODPLWDGGHFXDWUR /OHJDUtDPRVDODFRQFOXVLyQGHTXHHVDSHUVRQDVHQFLOODPHQWHQRHQWLHQGHOD HFXDFLyQODPLVPDFRQFOXVLyQTXHH[WUDHUtDHOOHFWRUTXHQRVXSLHUDFXiQGRVH SUHVHQWDQ HQXQFLDGRV HTXLYDOHQWHV GH OD PLVPD SURSRVLFLyQ R TXH QR SXGLHUD RIUHFHU SRU Vt XQ HQXQFLDGR HTXLYDOHQWH D SHVDU GH DVHJXUDU TXH FRPSUHQGH OD SURSRVLFLyQTXHFRQWLHQHXQDRUDFLyQ 7RGR OR DQWHULRU HMHUFH LQIOXHQFLD HQ OD OHFWXUD SDUDOHOD HQ OD OHFWXUD GH GLYHUVRVOLEURVVREUHHOPLVPRWHPD2FXUUHFRQIUHFXHQFLDTXHGLVWLQWRVDXWRUHV GLFHQ OR PLVPR FRQ SDODEUDV WDPELpQ GLVWLQWDV R DOJR GLIHUHQWH FDVL FRQ ODV PLVPDV SDODEUDV (O OHFWRU LQFDSD] GH YHU D WUDYpV GHO OHQJXDMH \  OOHJDU D ORV WpUPLQRV\ SURSRVLFLRQHVQRSRGUiFRPSDUDUYDULDVREUDVTXHJXDUGHQUHODFLyQ HQWUHVtSRUTXHGHELGRDVXVGLIHUHQFLDVYHUEDOHVSUREDEOHPHQWHKDUiXQDPDOD OHFWXUD\ SHQVDUiTXHORVDXWRUHVGLILHUHQRSDVDUiSRUDOWRVXVGLIHUHQFLDVUHDOHV GHELGRDODVVHPHMDQ]DVYHUEDOHVGHVXVHQXQFLDGRV +D\ RWUDSUXHEDSDUDGHPRVWUDUVLHOOHFWRUKDFRPSUHQGLGRODSURSRVLFLyQGH XQD RUDFLyQ TXH KD OHtGR ¢3XHGH VHxDODU XQD H[SHULHQFLD TXH KD\ D WHQLGR TXH GHVFULED OD SURSRVLFLyQ R TXH JXDUGH DOJ~Q WLSR GH UHODFLyQ FRQ HOOD" ¢3XHGH SRQHUXQHMHPSORGHODYHUGDGJHQHUDOTXHKDVLGRHQXQFLDGDUHILULpQGRVHDXQ FDVR FRQFUHWR" $ YHFHV LPDJLQDU XQ FDVR SRVLEOH HV WDQ YiOLGR FRPR FLWDU XQR UHDO 6L HO OHFWRU HV LQFDSD] GH LOXVWUDU OD SURSRVLFLyQ FRQ OD LPDJLQDFLyQ R SRU UHIHUHQFLDDH[SHULHQFLDVUHDOHVGHEHVRVSHFKDUTXHQRVDEHORTXHVHGLFHHQHO WH[WR 1R WRGDV ODV SURSRVLFLRQHV UHVXOWDQ LJXDOPHQWH DGHFXDGDV SDUD HVWD SUXHED 3XHGH VHU QHFHVDULR WHQHU OD H[SHULHQFLD HVSHFLDO TXH VyOR SURSRUFLRQD XQ ODERUDWRULR SDUD DVHJXUDUVH GH TXH VH KDQ HQWHQGLGR FLHUWDV SURSRVLFLRQHV FLHQWtILFDVSHURORSULQFLSDOSDUHFHPX\ FODUR/DVSURSRVLFLRQHVQRVHGDQHQHO YDFtR VH UHILHUHQ DO PXQGR HQ TXH YLYLPRV $ PHQRV TXH HO OHFWRU SXHGD GHPRVWUDUFLHUWDIDPLOLDULGDGFRQKHFKRVUHDOHVRSRVLEOHVDORVTXHVHUHILHUHOD SURSRVLFLyQRDORVTXHDWDxHGHDOJXQDPDQHUDHVWDUiMXJDQGRFRQODVSDODEUDV QRRFXSiQGRVHGHOSHQVDPLHQWR\ GHOFRQRFLPLHQWR 9DPRV D RIUHFHU XQ HMHPSOR /DV VLJXLHQWHV SDODEUDV H[SUHVDQ XQD SURSRVLFLyQEiVLFDGHODPHWDItVLFD© 1DGDDFW~DVDOYRORTXHHVUHDOª +HPRV RtGR D PXFKRV DOXPQRV UHSHWLU HVDV PLVPDV SDODEUDV FRQ DLUH VDWLVIHFKR FRQYHQFLGRVGHHVWDUFXPSOLHQGRVXREOLJDFLyQSDUDFRQHOSURIHVRU\ SDUDFRQHO DXWRUFRQXQDUHSHWLFLyQYHUEDOWDQSHUIHFWDSHURVHSRQtDGHPDQLILHVWRTXHVH WUDWDED GH XQD LPLWDFLyQ HQ FXDQWR OHV SHGtDPRV TXH HQXQFLDVHQ OD SURSRVLFLyQ FRQ RWUDV SDODEUDV 5DUDPHQWH GHFtDQ SRU HMHPSOR TXH VL DOJR QR H[LVWH QR SXHGH KDFHU QDGD \ VLQ HPEDUJR HV pVWD OD WUDGXFFLyQ HYLGHQWH HYLGHQWH DO

PHQRVSDUDFXDOTXLHUDTXHKD\ DHQWHQGLGRODSURSRVLFLyQHQHOVHQWLGRRULJLQDO 6LQRFRQVHJXtDPRVTXHQRVGLHUDQXQDWUDGXFFLyQHQWRQFHVOHVSHGtDPRVTXH HMHPSOLILFDVHQ OD SURSRVLFLyQ 6L DOJXQR QRV GHFtD TXH OD KLHUED QR FUHFH VLPSOHPHQWH FRQ SRVLEOHV FKDSDUURQHV R TXH XQD FXHQWD GH EDQFR QR VH LQFUHPHQWD VLPSOHPHQWH JUDFLDV D XQ SRVLEOH DXPHQWR VDEtDPRV TXH KDEtD FRPSUHQGLGRODSURSRVLFLyQ 3RGHPRV GHILQLU HO YLFLR GHO © YHUEDOLVPRª  FRPR HO PDO KiELWR GH XWLOL]DU SDODEUDV VLQ UHODFLRQDUODV FRQ ORV SHQVDPLHQWRV TXH GHEHUtDQ H[SUHVDU \  VLQ FRQFLHQFLDGHODVH[SHULHQFLDVDODVTXHGHEHUtDQUHIHULUVH(VRHTXLYDOHDMXJDU FRQ ODV SDODEUDV &RPR LQGLFDQ ODV GRV SUXHEDV TXH KHPRV VXJHULGR HO © YHUEDOLVPRª  HV HO SHFDGR FDSLWDO GH TXLHQHV QR VDEHQ OHHU DQDOtWLFDPHQWH 7DOHVSHUVRQDVQXQFDOOHJDQPiVDOOiGHODVSDODEUDV3RVHHQORTXHOHHQFRPR XQDPHPRULDYHUEDOTXHUHFLWDQHQHOYDFtR8QDGHODVDFXVDFLRQHVGHDOJXQRV HGXFDGRUHV PRGHUQRV FRQWUD ODV DUWHV OLEHUDOHV FRQVLVWH SUHFLVDPHQWH HQ OD WHQGHQFLD DO YHUEDOLVPR SHUR SDUHFH RFXUULU H[DFWDPHQWH OR FRQWUDULR (O IDOOR TXH FRPHWHQ HQ OD OHFWXUD ²HO RPQLSUHVHQWH YHUEDOLVPR² TXLHQHV QR KDQ UHFLELGR LQVWUXFFLyQ HQ ODV DUWHV GH OD JUDPiWLFD \  OD OyJLFD GHPXHVWUD TXH OD FDUHQFLDGHGLFKDGLVFLSOLQDGHVHPERFDHQODHVFODYLWXGGHODVSDODEUDVQRHQVX GRPLQLR +DOODUORVDUJXPHQWRV 3XHVWR TXH \ D KHPRV GHGLFDGR VXILFLHQWH WLHPSR D ODV SURSRVLFLRQHV D FRQWLQXDFLyQ YDPRV D KDEODU GH OD VpSWLPD UHJOD GH OD OHFWXUD DQDOtWLFD TXH UHTXLHUH TXH HO OHFWRU VH RFXSH GH ODV VHULHV GH RUDFLRQHV &RPR GLMLPRV DQWHULRUPHQWH H[LVWH XQD UD]yQ SDUD QR IRUPXODU HVWD UHJOD GH LQWHUSUHWDFLyQ GLFLHQGRTXHHOOHFWRUGHEHUtDGHVFXEULUORVSiUUDIRVPiVLPSRUWDQWHV\ WDOUD]yQ FRQVLVWH HQ TXH QR KD\  FRQYHQFLRQHV ILMDV HQWUH ORV HVFULWRUHV VREUH OD FRQVWUXFFLyQGHORVPLVPRV$OJXQRVJUDQGHVHVFULWRUHVFRPR0RQWDLJQH/RFNH R 3URXVW SUHVHQWDQ SiUUDIRV VXPDPHQWH ODUJRV PLHQWUDV TXH RWURV FRPR 0DTXLDYHOR+REEHVR7ROVWyLORVSUHVHQWDQUHODWLYDPHQWHFRUWRV(QORV~OWLPRV WLHPSRV \  EDMR OD LQIOXHQFLD GHO HVWLOR SHULRGtVWLFR VH DSUHFLD XQD WHQGHQFLD D UHFRUWDU ORV SiUUDIRV FRQ HO ILQ GH IDYRUHFHU XQD OHFWXUD UiSLGD \  IiFLO 3UREDEOHPHQWH HO SiUUDIR TXH QRV RFXSD DKRUD HV GHPDVLDGR ODUJR 6L KXELpUDPRV TXHULGR PLPDU D QXHVWURV OHFWRUHV GHEHUtDPRV KDEHU LQLFLDGR RWUR FRQODVSDODEUDV© $OJXQRVJUDQGHVHVFULWRUHV«ª  1RVHWUDWDVyORGHXQDFXHVWLyQGHORQJLWXG(OSXQWRFRQIOLFWLYRDIHFWDDOD UHODFLyQHQWUHOHQJXD\ SHQVDPLHQWR/DXQLGDGOyJLFDDODTXHODVpSWLPDUHJOD HQIRFDHQODOHFWXUDHVHODUJXPHQWRHVGHFLUXQDVHFXHQFLDGHSURSRVLFLRQHV DOJXQDVGHODVFXDOHVRIUHFHQUD]RQHVSDUDRWUDV(VWDXQLGDGOyJLFDQRPDQWLHQH

XQD UHODFLyQ ~QLFD FRQ QLQJXQD XQLGDG UHFRQRFLEOH GH OD HVFULWXUD DO PRGR HQ TXH ORV WpUPLQRV HVWiQ UHODFLRQDGRV FRQ ODV SDODEUDV \  ODV IUDVHV \  ODV SURSRVLFLRQHV FRQ ODV RUDFLRQHV 8Q DUJXPHQWR SXHGH H[SUHVDUVH HQ XQD VROD RUDFLyQFRPSOHMDRHQXQDVHULHGHRUDFLRQHVTXH~QLFDPHQWHIRUPHQSDUWHGH XQ SiUUDIR (Q RFDVLRQHV XQ DUJXPHQWR FRLQFLGH FRQ XQ SiUUDIR SHUR WDPELpQ SXHGHRFXUULUTXHVHGHVDUUROOHDORODUJRGHYDULRVRPXFKRVSiUUDIRV 6H SODQWHD RWUD GLILFXOWDG (Q FXDOTXLHU OLEUR KD\ PXFKRV SiUUDIRV TXH QR H[SUHVDQ XQ DUJXPHQWR TXL]i QL VLTXLHUD XQD SDUWH GH XQ DUJXPHQWR 3XHGHQ FRQVLVWLU HQ FROHFFLRQHV GH RUDFLRQHV TXH GHWDOODQ SUXHEDV R H[SOLFDQ FyPR VH KDQ UHFRJLGR GLFKDV SUXHEDV $O LJXDO TXH KD\  RUDFLRQHV GH LPSRUWDQFLD VHFXQGDULDSRUTXHVRQVLPSOHVGLJUHVLRQHVRFRPHQWDULRVWDPELpQSXHGHKDEHU SiUUDIRVGHHVWHWLSR\ DSHQDVKDUiIDOWDGHFLUTXHGHEHQOHHUVHEDVWDQWHGHSULVD 'HELGRDWRGRORDQWHULRUVXJHULPRVRWUDIRUPXODFLyQVpSWLPDUHJOD5(*/$ D  (1&2175$5 6, 6( 38('( /26 3È55$)26 '( 81 /,%52 48(

(181&,(1 /26 $5*80(1726 ,03257$17(6 3(52 6, e6726 12 (67È1 $6Ë (;35(6$'26 /$ 7$5($ '(/ /(&725 &216,67( (1 &216758,5/26720$1'281$25$&,Ï1'((67(3È55$)2<275$ '( $48e/ +$67$ +$%(5 5(81,'2 /$ 6(&8(1&,$ '( 25$&,21(6 48(&2167,78<((/$5*80(172 8QD YH] GHVFXELHUWDV ODV RUDFLRQHV IXQGDPHQWDOHV OD FRQVWUXFFLyQ GH SiUUDIRVGHEHUtDUHVXOWDUUHODWLYDPHQWHIiFLO+D\ YDULDVIRUPDVGHKDFHUOR8QD GH HOODV FRQVLVWH HQ HVFULELU HQ XQ SDSHO ODV SURSRVLFLRQHV TXH LQWHJUDQ XQ DUJXPHQWRSHURFRPR\ DKHPRVDSXQWDGRXQDIRUPDPHMRUHVSRQHUQ~PHURV HQHOPDUJHQMXQWRDRWUDVVHxDOHVSDUDLQGLFDUORVOXJDUHVHQORVTXHDSDUHFHQ ODVRUDFLRQHVTXHGHEHUtDQXQLUVHHQXQDVHFXHQFLD /RV HVFULWRUHV SUHVWDQ PD\ RU R PHQRU D\ XGD D VXV OHFWRUHV D OD KRUD GH DFODUDU ORV DUJXPHQWRV /RV EXHQRV DXWRUHV GH HQVD\ RV WUDWDQ GH GHYHODU VX SHQVDPLHQWRQRGHRFXOWDUORSHURQLVLTXLHUDWRGRVORVEXHQRVHVFULWRUHVORKDFHQ GHO PLVPR PRGR $OJXQRV FRPR (XFOLGHV *DOLOHR R 1HZWRQ TXH HPSOHDQ XQ HVWLORJHRPpWULFRRPDWHPiWLFR VHDSUR[LPDQDOLGHDOGHKDFHUFRLQFLGLUXQVROR SiUUDIRFRQXQDXQLGDGGHDUJXPHQWDFLyQ(OHVWLORHQODPD\ RUtDGHORVWHUUHQRV QR PDWHPiWLFRV GH OD HVFULWXUD WLHQGH D SUHVHQWDU GRV R PiV DUJXPHQWRV HQ XQ VRORSiUUDIRRDTXHXQDUJXPHQWRVHGHVDUUROOHHQYDULRVSiUUDIRV &XDQWRPiVLPSUHFLVDODFRQVWUXFFLyQGHXQOLEURPiVGLIXVRVVXHOHQVHUORV SiUUDIRV (Q PXFKDV RFDVLRQHV KD\  TXH EXVFDU HQ WRGRV ORV SiUUDIRV GH XQ FDStWXORSDUDKDOODUODVRUDFLRQHVFRQODVTXHVHSXHGHFRQVWUXLUHOHQXQFLDGRGH XQ VROR DUJXPHQWR $OJXQRV OLEURV QRV REOLJDQ D EXVFDU HQ YDQR \  RWURV QL VLTXLHUDDOLHQWDQHVDE~VTXHGD 8Q EXHQ OLEUR VH DXWRUUHVXPH D PHGLGD TXH VH YDQ GHVDUUROODQGR ORV DUJXPHQWRV 6L HO DXWRU UHVXPH ORV DUJXPHQWRV DO ILQDO GH XQ FDStWXOR R GH XQD SDUWHFRPSOLFDGDHOOHFWRUGHEHUtDVHUFDSD]GHYROYHUDODVSiJLQDVDQWHULRUHV\

HQFRQWUDU ORV PDWHULDOHV TXH KD UHXQLGR HQ HO UHVXPHQ (Q (O RULJHQ GH ODV HVSHFLHV 'DUZLQ UHVXPH WRGR HO DUJXPHQWR HQ HO ~OWLPR FDStWXOR WLWXODGR © 5HFDSLWXODFLyQ \  FRQFOXVLyQª  (O OHFWRU TXH KD WUDEDMDGR FRQFLHQ]XGDPHQWH FRQWRGRHOOLEURVHPHUHFHHVDD\ XGD\ HOTXHQRORKDKHFKRQRVDEHXWLOL]DUOD 6LVHKDLQVSHFFLRQDGRELHQHOOLEURDQWHVGHHPSH]DUDOHHUORDQDOtWLFDPHQWH VHVDEUiVLKD\ SiUUDIRVTXHUHVXPHQODREUD\ GyQGHVHHQFXHQWUDQ(QWRQFHV SRGUHPRVHPSOHDUORVGHODPHMRUIRUPDSRVLEOHDOLQWHUSUHWDUOD 2WUDVHxDOTXHGHODWDXQOLEURPDORRFRQVWUXLGRFRQLPSUHFLVLyQHVODRPLVLyQ GH SDVRV HQ XQ DUJXPHQWR $ YHFHV pVWRV SXHGHQ RPLWLUVH VLQ SHUMXLFLR QL LQFRQYHQLHQWHV SRUTXH ODV SURSRVLFLRQHV TXH QR VH KDQ LQFOXLGR SRU OR JHQHUDO SXHGHQDSRUWDUODVORVFRQRFLPLHQWRVFRPXQHV \ FRUULHQWHVGHORVOHFWRUHV SHUR HQRWUDVRFDVLRQHVHVWDRPLVLyQFUHDFRQIXVLyQTXL]iSUHFLVDPHQWHHOILQTXHVH SHUVLJXH8QRGHORVWUXFRVPiVFRQRFLGRVGHORUDGRURGHOSURSDJDQGLVWDFRQVLVWH HQ QR GHFLU FLHUWDV FRVDV FRVDV VXPDPHQWH UHOHYDQWHV SDUD HO DUJXPHQWR SHUR TXHSRGUtDQVHUUHIXWDGDVVLVHH[SUHVDUDQH[SOtFLWDPHQWH6LELHQQRHVSHUDPRV TXHXQHVFULWRUKRQUDGRTXHGHVHDLQVWUXLUDFXGDDWDOHVUHFXUVRVHVXQDPi[LPD VHQVDWDGHODOHFWXUDFXLGDGRVDKDFHUH[SOtFLWRVWRGRVORVSDVRVGHXQDUJXPHQWR 6HDFXDOIXHUHODFODVHGHOLEURHQFXHVWLyQODREOLJDFLyQGHOOHFWRUQRYDUtD 6L OD REUD FRQWLHQH DUJXPHQWRV GHEH VDEHU GH TXp WUDWDQ \  VHU FDSD] GH UHVXPLUORVHQSRFDVSDODEUDV&XDOTXLHUEXHQDUJXPHQWRSXHGHUHVXPLUVHGHHVWH PRGR 1DWXUDOPHQWH KD\  DUJXPHQWRV FRQVWUXLGRV VREUH RWURV (Q HO WUDQVFXUVR GH XQ DQiOLVLV FRPSOHMR SXHGH GHPRVWUDUVH XQD FRVD FRQ HO ILQ GH GHPRVWUDU RWUD\ XWLOL]DUHVWRDVXYH]SDUDVXEUD\ DURWURSXQWR6LQHPEDUJRODVXQLGDGHV GH UD]RQDPLHQWR VRQ DUJXPHQWRV ~QLFRV 6L HO OHFWRU SXHGH HQFRQWUDUORV HQ HO WH[WRTXHWLHQHDQWHVtUDUDPHQWHSDVDUiSRUDOWRODVVHFXHQFLDVPiVDPSOLDV 4XL]i DOJXLHQ REMHWH TXH WRGR HVWR HV PX\  IiFLO GHFLUOR SHUR TXH D PHQRV TXH VH FRQR]FD OD HVWUXFWXUD GH ORV DUJXPHQWRV FRPR ORV FRQRFH XQ OyJLFR ¢FyPR HQFRQWUDUORV HQ XQ OLEUR R DXQ SHRU FRQVWUXLUORV FXDQGR HO DXWRU QR ORV HQXQFLDHQXQVRORSiUUDIRGHIRUPDFRPSDFWD" /DUHVSXHVWDHVWULEDHQTXHHYLGHQWHPHQWHHOOHFWRUQRWLHQHSRUTXpFRQRFHU ORV DUJXPHQWRV DO LJXDO TXH ORV FRQRFH XQ OyJLFR ([LVWHQ UHODWLYDPHQWH SRFRV OyJLFRV HQ HO PXQGR SDUD ELHQ R SDUD PDO /D PD\ RUtD GH ORV OLEURV TXH WUDQVPLWHQ FRQRFLPLHQWRV \  TXH SXHGHQ LQVWUXLU FRQWLHQHQ DUJXPHQWRV \  HVWiQ GHVWLQDGRVDOOHFWRUPHGLRQRDORVHVSHFLDOLVWDVHQOyJLFD 1R KDFH IDOWD JUDQ FRPSHWHQFLD OyJLFD SDUD OHHU HVWD FODVH GH OLEURV 5HSLWLHQGR OR TXH KHPRV GLFKR DQWHULRUPHQWH OD PHQWH KXPDQD WLHQH XQD QDWXUDOH]DWDOTXHVLIXQFLRQDGXUDQWHHOSURFHVRGHODOHFWXUDVLOOHJDDFRLQFLGLU FRQ ORV WpUPLQRV GHO DXWRU \  D FRPSUHQGHU VXV SURSRVLFLRQHV WDPELpQ FRPSUHQGHUiVXVDUJXPHQWRV 6LQ HPEDUJR KD\  XQD VHULH GH DVSHFWRV TXH SXHGHQ UHVXOWDU ~WLOHV DO OHFWRU SDUDFXPSOLUHVWDUHJOD(QSULPHUOXJDUKD\ TXHUHFRUGDUTXHWRGRDUJXPHQWR

GHEHLQFOXLUYDULRVHQXQFLDGRVDOJXQRVGHORVFXDOHVRIUHFHQODVUD]RQHVSRUODV TXH VH GHEHUtD DFHSWDU XQD FRQFOXVLyQ SURSXHVWD SRU HO DXWRU 6L VH HQFXHQWUD SULPHUR OD FRQFOXVLyQ D FRQWLQXDFLyQ KD\  TXH EXVFDU ODV UD]RQHV \  VL VH HQFXHQWUDQpVWDVSULPHURKD\ TXHYHUDGyQGHFRQGXFHQ (Q VHJXQGR OXJDU KD\  TXH GLVWLQJXLU HQWUH HO WLSR GH DUJXPHQWR TXH VHxDOD XQRRPiVKHFKRVFRQFUHWRVFRPRSUXHEDGHXQDJHQHUDOL]DFLyQ\ HOTXHRIUHFH XQD VHULH GH HQXQFLDGRV JHQHUDOHV SDUD GHPRVWUDU RWUDV JHQHUDOL]DFLRQHV (O SULPHU WLSR GH UD]RQDPLHQWR VXHOH GHQRPLQDUVH LQGXFWLYR \  HO VHJXQGR GHGXFWLYR SHUR ODV GHQRPLQDFLRQHV QR VRQ OR LPSRUWDQWH /R TXH LPSRUWD HV OD FDSDFLGDGSDUDGLVWLQJXLUHQWUHDPERV (QODVREUDVFLHQWtILFDVVHDSUHFLDWDOGLVWLQFLyQVLHPSUHTXHVHKDFHKLQFDSLp HQODGLIHUHQFLDHQWUHODSUXHEDGHXQDSURSRVLFLyQPHGLDQWHHOUD]RQDPLHQWR\ VXHVWDEOHFLPLHQWRPHGLDQWHODH[SHULPHQWDFLyQ(Q'RVQXHYDVFLHQFLDV*DOLOHR KDEODGHLOXVWUDUPHGLDQWHFRQFOXVLRQHVH[SHULPHQWDOHVDODVTXH\ DVHKDOOHJDGR SRUPHGLRGHXQDGHPRVWUDFLyQPDWHPiWLFD\ HQXQRGHORVFDStWXORVILQDOHVGH 6REUH HO PRYLPLHQWR GHO FRUD]yQ HO JUDQ ILVLyORJR :LOOLDP +DUYH\  HVFULEH OR VLJXLHQWH © /D UD]yQ \  OD H[SHULPHQWDFLyQ KDQ GHPRVWUDGR TXH PHGLDQWH HO ODWLGRGHORVYHQWUtFXORVODVDQJUHIOX\ HDWUDYpVGHORVSXOPRQHV\ GHOFRUD]yQ\ HVERPEHDGDKDVWDWRGRHOFXHUSRª $YHFHVSXHGHUHVSDOGDUVHXQDSURSRVLFLyQ PHGLDQWHHOUD]RQDPLHQWRSURFHGHQWHGHRWUDVYHUGDGHVJHQHUDOHV\ FRQSUXHEDV H[SHULPHQWDOHVSHURHQRWURVFDVRVVyORVHGLVSRQHGHXQPpWRGR (QWHUFHUOXJDUKD\ TXHREVHUYDUTXpFRVDVGLFHHODXWRUTXHGHEHQGDUVHSRU VXSXHVWDVFXiOHVSXHGHQGHPRVWUDUVH\ FXiOHVQRKD\ TXHGHPRVWUDUSRUTXHVRQ HYLGHQWHV 4XL]i HO HVFULWRU WUDWH GH GHFLUQRV KRQUDGDPHQWH FXiOHV VRQ VXSRVLFLRQHVRTXL]iFRQXQDDFWLWXGLJXDOPHQWHKRQUDGDGHMHTXHODVDYHULJH HO OHFWRU 'HVGH OXHJR QR WRGR SXHGH GHPRVWUDUVH DO LJXDO TXH QR WRGR SXHGH GHILQLUVH 6L KXELHUD TXH GHPRVWUDU WRGDV ODV SURSRVLFLRQHV QR SRGUtD LQLFLDUVH QLQJXQD SUXHED 3DUD SUREDU RWUDV SURSRVLFLRQHV KDFHQ IDOWD D[LRPDV \ SRVWXODGRV 1DWXUDOPHQWH VL VH GHPXHVWUDQ RWUDV SURSRVLFLRQHV VH ODV SXHGH HPSOHDUFRPRSUHPLVDVHQRWUDVSUXHEDV (Q GHILQLWLYD WRGD OtQHD GH DUJXPHQWDFLyQ KD GH HPSH]DU HQ DOJXQD SDUWH H[LVWLHQGRQRUPDOPHQWHGRVIRUPDVRSXQWRVHQORVTXHHVWRSXHGHRFXUULUFRQ VXSXHVWRVHQORVTXHFRLQFLGHQHVFULWRU\ OHFWRURFRQORTXHKHPRVGHQRPLQDGR SURSRVLFLRQHV HYLGHQWHV TXH QR SXHGHQ QHJDU QL HO HVFULWRU QL HO OHFWRU (Q HO SULPHU FDVR SXHGH WUDWDUVH GH FXDOTXLHU FRVD VLHPSUH \  FXDQGR H[LVWD XQ DFXHUGRXQVHJXQGRFDVRUHTXLHUHPD\ RUFRQVLGHUDFLyQ ÒOWLPDPHQWH HV OXJDU FRP~Q UHIHULUVH D ODV SURSRVLFLRQHV HYLGHQWHV FRPR © WDXWRORJtDVª FRPRVLVHHQWHQGLHUDHVWHWpUPLQRFRQFLHUWRGHVSUHFLRFRPRVL VH WUDWDVH GH DOJR WULYLDO R VRVSHFKRVR GH VHU SXUD SUHVWLGLJLWDFLyQ FRPR TXLHQ VDFDFRQHMRVGHXQVRPEUHURGHFRSD6HLQWURGXFHHQpVWHODYHUGDGGHILQLHQGR

ODVSDODEUDV\ GHVSXpVVHODH[WUDHFRPRFRQVRUSUHVDGHTXHHVWXYLHUDDOOt3HUR QRVLHPSUHRFXUUHDVt 3RQJDPRV XQ HMHPSOR H[LVWH XQD GLIHUHQFLD FRQVLGHUDEOH HQWUH XQD SURSRVLFLyQFRPR© (OSDGUHGHXQSDGUHHVXQDEXHORª \ RWUDFRPR© (OWRGRHV PD\ RU TXH VXV SDUWHVª  (O SULPHU HQXQFLDGR HV XQD WDXWRORJtD OD SURSRVLFLyQ HVWi FRQWHQLGD HQ OD GHILQLFLyQ \  VyOR OHYHPHQWH RFXOWD OD HVWLSXODFLyQ YHUEDO © 'LJDPRV TXH HO SDGUH GH XQ SDGUH HV HO SDGUH GH pVWHª  SHUR QR RFXUUH HQ DEVROXWRORPLVPRFRQODVHJXQGDSURSRVLFLyQ9HDPRVSRUTXp (O HQXQFLDGR © (O WRGR HV PD\ RU TXH VXV SDUWHVª  H[SUHVD QXHVWUD FRPSUHQVLyQ GH ODV FRVDV FRPR VRQ DVt FRPR OD GH VXV UHODFLRQHV TXH SHUPDQHFHUtDQ LJXDOHV LQGHSHQGLHQWHPHQWH GH ODV SDODEUDV TXH XViUDPRV R GH FyPR HVWDEOHFLpVHPRV ODV FRQYHQFLRQHV OLQJtVWLFDV ([LVWHQ WRGRV FXDQWLWDWLYDPHQWHILQLWRVFRQSDUWHVILQLWDV\ GHILQLGDVHVWDSiJLQDSRUHMHPSOR SXHGHFRUWDUVHHQPLWDGHVRHQFXDUWRV$KRUDELHQDOLJXDOTXHHQWHQGHPRVXQ WRGRILQLWRHVGHFLUFXDOTXLHUWRGRILQLWR \ XQDSDUWHGHILQLGDGHXQWRGRILQLWR WDPELpQHQWHQGHPRVTXHHOWRGRHVPD\ RUTXHODSDUWHRODSDUWHPHQRUTXHHO WRGR/RDQWHULRUVHDOHMDWDQWRGHDOJRSXUDPHQWHYHUEDOTXHQRSRGHPRVGHILQLU HO VLJQLILFDGR GH ODV SDODEUDV © WRGRª  \  © SDUWHª  \ D TXH pVWDV H[SUHVDQ LGHDV SULPLWLYDVRLQGHILQLEOHV&RPRHVLPSRVLEOHGHILQLUODVSRUVHSDUDGROR~QLFRTXH SRGHPRV KDFHU HV H[SUHVDU OR TXH HQWHQGHPRV SRU WRGR \  SDUWH PHGLDQWH XQ HQXQFLDGRGHFyPRHVWiQUHODFLRQDGRVORVWRGRV\ ODVSDUWHV (O HQXQFLDGR HV D[LRPiWLFR R HYLGHQWH HQ HO VHQWLGR GH TXH YHPRV LQPHGLDWDPHQWHODIDOVHGDGGHOR RSXHVWR3RGHPRVXWLOL]DUODSDODEUD © SDUWHª SDUDHVWDSiJLQD\ ODSDODEUD© WRGRª SDUDODPLWDGGHVSXpVGHKDEHUODFRUWDGR HQ GRV SHUR QR SHQVDU TXH DQWHV GH FRUWDUOD HUD PHQRU TXH OD PLWDG XQD YH] FRUWDGD ,QGHSHQGLHQWHPHQWH GH FyPR XWLOLFHPRV HO OHQJXDMH QXHVWUD FRPSUHQVLyQ GH ORV WRGRV ILQLWRV \  GH VXV SDUWHV GHILQLGDV HV WDO TXH QRV YHPRV REOLJDGRV D GHFLU TXH VDEHPRV TXH HO WRGR HV PD\ RU TXH OD SDUWH \  OR TXH VDEHPRV FRQVWLWX\ H OD UHODFLyQ HQWUH ORV WRGRV H[LVWHQWHV \  VXV SDUWHV QR DOJR DFHUFDGHOXVRGHODVSDODEUDVRVXVLJQLILFDGR 3RU FRQVLJXLHQWH HVWDV SURSRVLFLRQHV HYLGHQWHV SRVHHQ OD FDWHJRUtD GH YHUGDGHVLQGHPRVWUDEOHVSHURDOPLVPRWLHPSRLQQHJDEOHV6HEDVDQ~QLFDPHQWH HQODH[SHULHQFLDFRWLGLDQD\ IRUPDQSDUWHGHOFRQRFLPLHQWRFRP~Q\ FRUULHQWH SRUTXH QR SHUWHQHFHQ D XQ FXHUSR RUJDQL]DGR GH FRQRFLPLHQWR QR PiV D OD ILORVRItD R ODV PDWHPiWLFDV TXH D OD FLHQFLD R OD KLVWRULD 3RU HVR (XFOLGHV ODV GHQRPLQDED© QRFLRQHVFRPXQHVª 6RQDGHPiVLQVWUXFWLYDVVLELHQ/RFNHSRU HMHPSOR SHQVDED OR FRQWUDULR 1R YHtD OD GLIHUHQFLD HQWUH XQD SURSRVLFLyQ TXH UHDOPHQWHQRLQVWUX\ HFRPROD TXHKHPRVPHQFLRQDGRDQWHULRUPHQWHVREUH HO DEXHOR\ RWUDTXHVtORKDFH²XQDSURSRVLFLyQTXHQRVHQVHxDDOJRTXHHQRWUR FDVR QR FRQRFHUtDPRV² FRPR OD UHIHUHQWH D ODV SDUWHV \  ORV WRGRV \  TXLHQHV FODVLILFDQ WDOHV SURSRVLFLRQHV FRPR © WDXWRORJtDVª  FRPHWHQ HO PLVPR HUURU 1R

FRPSUHQGHQ TXH DOJXQDV GH HOODV UHDOPHQWH LQFUHPHQWDQ HO FRQRFLPLHQWR PLHQWUDVTXHRWUDVQDWXUDOPHQWHQRORKDFHQ +DOODUODVVROXFLRQHV 3RGHPRVOOHYDUDXQSXQWRGHFLVLYRHVWDVWUHVUHJODVGHODOHFWXUDDQDOtWLFD² ODV UHIHUHQWHV D ORV WpUPLQRV ODV SURSRVLFLRQHV \  ORV DUJXPHQWRV² IRUPXODQGR XQDRFWDYDTXHULJHHO~OWLPRSDVRGHODLQWHUSUHWDFLyQGHOFRQWHQLGRGHXQOLEUR $~QPiVYLQFXODODSULPHUDHWDSDGHODOHFWXUDDQDOtWLFDSHUILODUODHVWUXFWXUD FRQODVHJXQGDLQWHUSUHWDUHOFRQWHQLGR  (O~OWLPRSDVRHQODWHQWDWLYDGHDYHULJXDUVREUHTXpWUDWDXQOLEURFRQVLVWHHQ GHVFXEULUORVSULQFLSDOHVSUREOHPDVTXHHODXWRUWUDWDGHUHVROYHUHQVXREUD(O OHFWRUUHFRUGDUiTXHWDOWHPDTXHGDFXELHUWRSRUODFXDUWDUHJOD 8QDYH]TXHVH KD OOHJDGR D FRPSUHQGHU ORV WpUPLQRV GHO DXWRU \  VXV SURSRVLFLRQHV \ DUJXPHQWRV KD\  TXH SRQHU D SUXHED OR TXH VH KD KDOODGR SODQWHiQGRVH PiV SUHJXQWDV ¢&XiO GH ORV SUREOHPDV TXH LQWHQWDED UHVROYHU HO DXWRU KD ORJUDGR VROXFLRQDU"(QHOWUDQVFXUVRGHODUHVROXFLyQ¢KDSODQWHDGRRWURV"(QWUHORVTXH QRKDORJUDGRUHVROYHUORVSULPHURVRORVVHJXQGRV¢GHFXiOHVHVFRQVFLHQWHTXH QRORKDORJUDGR"8QEXHQHVFULWRUDOLJXDOTXHXQEXHQOHFWRUGHEHVDEHUVLXQ SUREOHPDVHKDUHVXHOWRRQRDXQTXHQDWXUDOPHQWHHVEDVWDQWHSUREDEOHTXHDO OHFWRUOHFXHVWHPHQRVWUDEDMRUHFRQRFHUODVLWXDFLyQ /D UHJOD TXH ULJH HVWH ~OWLPR SDVR GH OD OHFWXUD LQWHUSUHWDWLYD HV OD RFWDYD 5(*/$ D  $9(5,*8$5 (1 48e &216,67(1 /$6 62/8&,21(6 '(/ $8725 8QDYH]TXHHOOHFWRUKD\ DDSOLFDGRHVWDUHJODGHODOHFWXUDLQWHUSUHWDWLYD\ ODVWUHVDQWHULRUHVSRGUiVHQWLUVHUD]RQDEOHPHQWHVHJXURGHKDEHUFRPSUHQGLGR HO OLEUR 6L KDEtD HPSH]DGR FRQ XQD REUD TXH OH VXSHUDED ²\  TXH SRU FRQVLJXLHQWH SRGtD HQVHxDUOH DOJR² KDEUi DYDQ]DGR FRQVLGHUDEOHPHQWH H LQFOXVRVHUiFDSD]GHOOHYDUDWpUPLQRODOHFWXUDDQDOtWLFDGHOOLEUR/DWHUFHUD\ ~OWLPDHWDSDGHODWDUHDOHUHVXOWDUiUHODWLYDPHQWHIiFLO6LKDPDQWHQLGRORVRMRV \  OD PHQWH ELHQ DELHUWRV \  OD ERFD FHUUDGD KDEUi HVWDGR VLJXLHQGR DO DXWRU $ SDUWLUGHHVWHSXQWRWHQGUiODSRVLELOLGDGGHGLVFXWLUFRQpO\ H[SUHVDUVH /DVHJXQGDHWDSDGHODOHFWXUDDQDOtWLFD +HPRV GHVFULWR OD VHJXQGD HWDSD GH OD OHFWXUD DQDOtWLFD 2WUD IRUPD GH H[SUHVDUOD FRQVLVWLUtD HQ GHFLU TXH KHPRV SUHVHQWDGR ORV PDWHULDOHV QHFHVDULRV SDUDUHVSRQGHUDODVHJXQGDSUHJXQWDEiVLFDTXHGHEHSODQWHDUVHHOOHFWRUDFHUFD GHXQOLEURRGHFXDOTXLHURWURWH[WR\ VHJXUDPHQWHVHUHFRUGDUiTXHODVHJXQGD

SUHJXQWD HV ¢TXp VH GLFH HQ GHWDOOH \ FyPR VH GLFH" 6L DSOLFDPRV ODV UHJODV FRPSUHQGLGDVHQWUHOD\ ODFRQWDUHPRVFRQXQDJUDQD\ XGDSDUDFRQWHVWDUOD &XDQGR VH OOHJDQ D FRPSUHQGHU ORV WpUPLQRV GHO DXWRU VH GHVFXEUHQ ODV SURSRVLFLRQHV\ DUJXPHQWRVFODYH\ VHUHFRQRFHQODVVROXFLRQHVDORVSUREOHPDV SODQWHDGRVVHVDEUiTXpGLFHODREUD\ VHHVWDUiSUHSDUDGRSDUDSODQWHDUODVGRV ~OWLPDVSUHJXQWDVEiVLFDV 'DGRTXH\ DKHPRVFRPSOHWDGRRWUDHWDSDGHOSURFHVRGHODOHFWXUDDQDOtWLFD YDPRV D GHWHQHUQRV XQRV PRPHQWRV FRPR \ D KLFLPRV DQWHULRUPHQWH SDUD UHYLVDUODVUHJODVTXHODULJHQ /DVHJXQGDHWDSDGHODOHFWXUDDQDOtWLFDRODVUHJODVDDSOLFDUSDUD DYHULJXDUTXpGLFHXQOLEURLQWHUSUHWDUVXFRQWHQLGR  /OHJDUDXQDFXHUGRFRQHODXWRULQWHUSUHWDQGRODVSDODEUDVFODYH &RPSUHQGHUODVSURSRVLFLRQHVIXQGDPHQWDOHVGHODXWRUHQIUHQWiQGRVHDODV RUDFLRQHVPiVLPSRUWDQWHV  &RQRFHU ORV DUJXPHQWRV GHO DXWRU KDOOiQGRORV HQ ODV VHFXHQFLDV GH RUDFLRQHVRFRQVWUX\ pQGRORVDSDUWLUGHpVWDV 'HWHUPLQDUTXpSUREOHPDVKDUHVXHOWRHODXWRU\ FXiOHVQR\ UHVSHFWRD HVWRV~OWLPRVGHFLGLUFXiOHVVDEHHODXWRUTXHQRKDUHVXHOWR

 /$&5Ë7,&$-867$'(81/,%52

$OILQDOGHO~OWLPRFDStWXORGHFtDPRVTXHKDEtDPRVDYDQ]DGRFRQVLGHUDEOHPHQWH +HPRV DSUHQGLGR D SHUILODU XQ OLEUR \  ODV FXDWUR UHJODV SDUD LQWHUSUHWDU VX FRQWHQLGR 3RU FRQVLJXLHQWH \ D HVWDPRV SUHSDUDGRV SDUD OD ~OWLPD HWDSD GH OD OHFWXUD DQDOtWLFD HQ OD TXH HO OHFWRU UHFRJHUi ORV IUXWRV GH ORV HVIXHU]RV UHDOL]DGRV /HHUXQOLEURHVXQDHVSHFLHGHFRQYHUVDFLyQ$OJXQDVSHUVRQDVSHQVDUiQOR FRQWUDULRSRUTXHHO~QLFRTXHKDEODHVHOHVFULWRU\ HOOHFWRUQRWLHQHQDGDTXH GHFLU SHUR WDOHV SHUVRQDV QR FRPSUHQGHQ SOHQDPHQWH VX REOLJDFLyQ FRPR OHFWRUHVQLODVRSRUWXQLGDGHVTXHVHOHVRIUHFHQ 'HKHFKRHVHOOHFWRUTXLHQWLHQHOD~OWLPDSDODEUD(ODXWRUKDGLFKRWRGROR TXH WHQtD TXH GHFLU \  D FRQWLQXDFLyQ OH WRFD HO WXUQR DO OHFWRU 3DUHFH TXH OD FRQYHUVDFLyQ HQWUH XQ OLEUR \  HO OHFWRU GHEHUtD VHJXLU XQ RUGHQ VHJ~Q HO FXDO FDGDXQRGHHOORVKDEODUtDVLJXLHQGRVXWXUQRVLQLQWHUUXSFLRQHVSHURVLHOOHFWRU HVLQGLVFLSOLQDGR\ SRFRHGXFDGRSXHGHRFXUULUWRGRORFRQWUDULR(OSREUHDXWRU QRWLHQHODRSRUWXQLGDGGHGHIHQGHUVHGHGHFLU© 8QPRPHQWRHVSHUHKDVWDTXH KD\ D WHUPLQDGR DQWHV GH HPSH]DU D SRQHU REMHFLRQHVª  1R SXHGH DUJXPHQWDU TXHHOOHFWRUOHKDLQWHUSUHWDGRPDORTXHQROHKDFRPSUHQGLGR /DVFRQYHUVDFLRQHVQRUPDOHV\ FRUULHQWHVHQWUHSHUVRQDVVyORIXQFLRQDQELHQ FXDQGRVHOOHYDQDFDERGHIRUPDFLYLOL]DGD\ QRQRVUHIHULPRV~QLFDPHQWHDOD XUEDQLGDGVHJ~QODVFRQYHQFLRQHVVRFLDOHVSRUTXHHQUHDOLGDGWDOHVFRQYHQFLRQHV QR VRQ LPSRUWDQWHV /R TXH Vt LPSRUWD HV OD HWLTXHWD LQWHOHFWXDO TXH KD\  TXH UHVSHWDU VLQ OD FXDO XQD FRQYHUVDFLyQ VH FRQYLHUWH HQ ULxD HQ OXJDU GH HQ FRPXQLFDFLyQSURYHFKRVD1DWXUDOPHQWHGDPRVSRUVHQWDGRTXHVHWUDWDGHXQD FRQYHUVDFLyQVREUHXQWHPDVHULRHQWRUQRDOFXDOODVSHUVRQDVSXHGHQHVWDUGH DFXHUGR R GLVHQWLU \  HQWRQFHV UHYLVWH JUDQ LPSRUWDQFLD TXH REVHUYHQ EXHQ FRPSRUWDPLHQWR (Q RWUR FDVR WDO HPSUHVD QR UHSRUWDUi QLQJ~Q EHQHILFLR HO EHQHILFLR TXH VH REWLHQH GH XQD EXHQD FRQYHUVDFLyQ HVWULED HQ OR TXH VH SXHGH DSUHQGHUGHHOOD /RTXHHVDSOLFDEOHDXQDFRQYHUVDFLyQFRP~Q\ FRUULHQWHWDPELpQORHVH

LQFOXVRPiVDODVLWXDFLyQHVSHFLDOHQODTXHXQOLEURKDEODFRQHOOHFWRU\ pVWHOH UHVSRQGH'HPRPHQWRYDPRVDGDUSRUVHQWDGRTXHHODXWRUHVGLVFLSOLQDGR\ HQ HO FDVR GH ORV EXHQRV OLEURV WDPELpQ TXH HO DXWRU KD GHVHPSHxDGR ELHQ VX SDSHOHQODFRQYHUVDFLyQ¢4Xp SXHGH KDFHU HO OHFWRU SDUD FRUUHVSRQGHU" ¢4Xp GHEHKDFHUSDUDGHVHPSHxDUVXSURSLRSDSHO" (OOHFWRUWLHQHWDQWRODREOLJDFLyQFRPRODRSRUWXQLGDGGHUHVSRQGHU\ VHWUDWD GH XQD RSRUWXQLGDG PX\  FODUD 1DGD SXHGH LPSHGLUOH TXH HQMXLFLH OD REUD HQ FXHVWLyQ 6LQ HPEDUJR ODV UDtFHV GH VX REOLJDFLyQ VH HQFXHQWUDQ D PD\ RU SURIXQGLGDGHQHOFDUiFWHUGHODUHODFLyQHQWUHOLEURV\ OHFWRUHV 6LVHWUDWDGHXQOLEURTXHWUDQVPLWHFRQRFLPLHQWRHOREMHWLYRTXHSHUVLJXHHO DXWRUFRQVLVWHHQLQVWUXLU\ KDEUiLQWHQWDGRHQVHxDU+DEUiWUDWDGRGHFRQYHQFHU RSHUVXDGLUDOOHFWRUGHDOJR\ VXHVIXHU]R~QLFDPHQWHVHYHUiFRURQDGRSRUHO p[LWRVLpVWHDFDEDSRUGHFLU© +HDSUHQGLGR(ODXWRUPHKDFRQYHQFLGRGHTXH WDOHV\ WDOHVFRVDVVRQFLHUWDVRPHKDSHUVXDGLGRGHTXHVRQSUREDEOHVª 3HUR LQFOXVR VL HO OHFWRU QR TXHGD FRQYHQFLGR QL SHUVXDGLGR KD\  TXH UHVSHWDU OD LQWHQFLyQ\ ORVHVIXHU]RVGHOHVFULWRU\ DTXpOGHEHHQMXLFLDUOHFRQFRQVLGHUDFLyQ 6L QR SXHGH GHFLU © (VWR\  GH DFXHUGRª  DO PHQRV GHEH WHQHU PRWLYRV SDUD GLVHQWLURLQFOXVRSDUDVXVSHQGHUHOHQMXLFLDPLHQWRGHOWHPDHQFXHVWLyQ (QUHDOLGDGQRHVWDPRVDxDGLHQGRQDGDDORTXH\ DKHPRVGLFKR8QEXHQ OLEURPHUHFHXQDOHFWXUDDFWLYD\ ODDFWLYLGDGGHOHHUQRVHOLPLWDDODWDUHDGH FRPSUHQGHUORTXHGLFHODREUDVLQRTXHKDGHFRPSOHWDUVHFRQRWUDWDUHDODGH OD FUtWLFD OD GHO HQMXLFLDPLHQWR (O OHFWRU QR H[LJHQWH QR FXPSOH WDO UHTXLVLWR SUREDEOHPHQWHLQFOXVRHQPHQRUPHGLGDTXHHOGHDQDOL]DUHLQWHUSUHWDU1RVyOR QR UHDOL]D QLQJ~Q HVIXHU]R SRU FRPSUHQGHU VLQR TXH UHFKD]D XQ OLEUR VLPSOHPHQWH GHMiQGROR D XQ ODGR \  ROYLGiQGRVH GH pO KDFH DOJR SHRU TXH DODEDUORFRQWLELH]DSRUTXHORFRQGHQDDOQRSUHVWDUOHODPtQLPDFRQVLGHUDFLyQ FUtWLFD /DHQVHxDELOLGDGFRPRYLUWXG $ OR TXH QRV UHIHULPRV FRQ UHVSRQGHU QR GLILHUH GH OD OHFWXUD VLQR TXH UHSUHVHQWDODWHUFHUDHWDSDGHODOHFWXUDDQDOtWLFDGHXQOLEURSDUDODTXHH[LVWHQ UHJODVDOLJXDOTXHHQHOFDVRGHODVGRVSULPHUDVHWDSDV$OJXQDVGHHVWDVUHJODV VRQ Pi[LPDV JHQHUDOHV GH HWLTXHWD LQWHOHFWXDO \  ODV WUDWDUHPRV HQ HO SUHVHQWH FDStWXOR 2WUDV FRQVWLWX\ HQ FULWHULRV PiV HVSHFtILFRV SDUD GHILQLU SXQWRV UHIHUHQWHVDODFUtWLFD\ QRVRFXSDUHPRVGHHOODVHQHOVLJXLHQWHFDStWXOR ([LVWH XQD WHQGHQFLD D SHQVDU TXH XQ EXHQ OLEUR VXSHUD OD FDSDFLGDG FUtWLFD GHO OHFWRU PHGLR (O HVFULWRU \  HO OHFWRU QR VRQ LJXDOHV \ VHJ~Q HVWH SXQWR GH YLVWD DTXpO GHEH VHU VRPHWLGR D MXLFLR WDQ VyOR SRU VXV SDUHV 5HFRUGHPRV ODV UHFRPHQGDFLRQHVGH%DFRQDORVOHFWRUHV© 1ROHiLVSDUDFRQWUDGHFLU\ UHIXWDU

QLSDUDFUHHURFRQYHQFHURVQLSDUDKDOODUGLVFXUVR\ WHPDGHFRQYHUVDFLyQVLQR SDUD VRSHVDU \  UHIOH[LRQDUª  :DOWHU 6FRWW GD PXHVWUDV LQFOXVR GH PD\ RU VHYHULGDGDQWH© TXLHQHVOHHQSDUDGXGDURSDUDEXUODUVHª  1DWXUDOPHQWH OR DQWHULRU FRQWLHQH FLHUWD SDUWH GH YHUGDG SHUR KHPRV GH DGPLWLUTXHHODXUDGHLPSHFDELOLGDGTXHURGHDDORVOLEURVHVXQWDQWRDEVXUGDDO LJXDOTXHODIDOVDGHYRFLyQTXHGHVSLHUWDQ/RVOHFWRUHVSXHGHQVHUFRPRQLxRV HQ HO VHQWLGR GH TXH UHFLEHQ HQVHxDQ]DV GH ORV JUDQGHV HVFULWRUHV SHUR HVR QR VLJQLILFDTXHQRKD\ DTXHWHQHUHQFXHQWDVXVRSLQLRQHV&HUYDQWHVSRGtDWHQHUR QR UD]yQ FXDQGR HVFULELy OR VLJXLHQWH © 1R H[LVWH QLQJ~Q OLEUR WDQ PDOR FRPR SDUDQRHQFRQWUDUQDGDEXHQRHQpOª 6HUtDPiVFLHUWRGHFLUTXHQRH[LVWHQLQJ~Q OLEURWDQEXHQRTXHQRSXHGDHQFRQWUDUVHQLQJ~QGHIHFWRHQpO (V YHUGDG TXH XQ OLEUR GHO TXH ORV OHFWRUHV SXHGHQ UHFLELU FRQRFLPLHQWR H LQVWUXFFLyQ \  TXH HQ WDO VHQWLGR OHV VXSHUD QR GHEHUtD VHU FULWLFDGR SRU HOORV KDVWD TXH OR KXELHUDQ FRPSUHQGLGR &XDQGR OR FULWLFDQ VLJQLILFD TXH VH KDQ HOHYDGRFDVLKDVWDLJXDODUVHFRQHODXWRU\ TXHHVWiQSUHSDUDGRVSDUDHMHUFHUORV GHUHFKRV\ SULYLOHJLRVGHVXQXHYDVLWXDFLyQ$PHQRVTXHDOOOHJDUDHVWHSXQWR SRQJDQ HQ IXQFLRQDPLHQWR VXV IDFXOWDGHV FUtWLFDV HVWDUiQ FRPHWLHQGR XQD LQMXVWLFLD FRQ HO DXWRU SRUTXH pVWH KD KHFKR FXDQWR KD SRGLGR SDUD TXH ORV OHFWRUHV VH LJXDOHQ FRQ pO PHUHFLpQGRVH TXH HOORV DFW~HQ FRPR VL IXHUDQ VXV SDUHVTXHLQLFLHQXQDFRQYHUVDFLyQFRQpOTXHOHUHVSRQGDQ (Q HO SUHVHQWH FDStWXOR HVWDPRV H[SRQLHQGR OD YLUWXG GH OD HQVHxDELOLGDG YLUWXG TXH QRUPDOPHQWH VH PDOLQWHUSUHWD SRUTXH VH FRQIXQGH FRQ OD VXERUGLQDFLyQRHOVHUYLOLVPR6HFRPHWHXQJUDYHHUURUDOSHQVDUTXHVHSXHGH HQVHxDU IiFLOPHQWH D XQD SHUVRQD VyOR SRUTXH VHD SDVLYD \  IOH[LEOH 3RU HO FRQWUDULR VHU FDSD] GH UHFLELU HQVHxDQ]DV FRQVWLWX\ H XQD YLUWXG VXPDPHQWH DFWLYD DOJR TXH QR SXHGH RFXUULUOH D TXLHQ QR HMHUFLWD OD FDSDFLGDG GH OLEUH MXLFLR4XL]iSXHGDUHFLELUDGLHVWUDPLHQWRSHURQRHQVHxDQ]DV3RUFRQVLJXLHQWH HO OHFWRU FRQ PHMRU GLVSRVLFLyQ SDUD VHU HQVHxDGR HV SUHFLVDPHQWH HO TXH SRVHH XQDPD\RUFDSDFLGDGFUtWLFDHOTXHDFDEDSRUUHVSRQGHUDXQOLEURUHDOL]DQGRHO HVIXHU]RQHFHVDULRSDUDIRUPDUVHXQD RSLQLyQSURSLDVREUHORVWHPDV H[SXHVWRV SRUHODXWRU 'HFLPRV TXH © DFDED SRUª  SRUTXH HVWD YLUWXG UHTXLHUH TXH HO SURIHVRU VHD HVFXFKDGR\PiVD~QFRPSUHQGLGRSOHQDPHQWHDQWHVGHVHUMX]JDGR$GHPiV KHPRVGHDxDGLUTXHODFDQWLGDGGHHVIXHU]RQRFRQVWLWX\ HXQFULWHULRDGHFXDGR SDUD OD FDSDFLGDG GH UHFLELU HQVHxDQ]D (O OHFWRU GHEH VDEHU FyPR MX]JDU XQ OLEURDOLJXDOTXHGHEHVDEHUFyPROOHJDUDFRPSUHQGHUVXFRQWHQLGR3RUWDQWR HVWHWHUFHUJUXSRGHUHJODVSDUDODOHFWXUDVHUYLUiGHJXtDKDVWDOD~OWLPDHWDSD GHOHMHUFLFLRGLVFLSOLQDGRGHODHQVHxDELOLGDG (OSDSHOGHODUHWyULFD

+HPRV KDOODGR XQD FLHUWD UHFLSURFLGDG HQWUH HO DUWH GH HQVHxDU \  HO GH VHU HQVHxDGRHQWUHODGHVWUH]DGHODXWRUTXHOHKDFHVHUFRQVLGHUDGR\ ODGHVWUH]D GHOOHFWRUTXHOHSHUPLWHHQIUHQWDUVHDXQOLEURFRQFRQVLGHUDFLyQ\ KHPRVYLVWR TXHEDMRODVUHJODVGHODEXHQDHVFULWXUD\ GHODEXHQDOHFWXUDVHHQFXHQWUDQORV PLVPRV SULQFLSLRV JUDPDWLFDOHV \  OyJLFRV +DVWD HO PRPHQWR ODV UHJODV TXH KHPRVH[SXHVWRVHDSOLFDQDFRQVHJXLUODLQWHOLJLELOLGDGSRUSDUWHGHOHVFULWRU\ OD FRPSUHQVLyQSRUSDUWHGHOOHFWRU(VWH~OWLPRJUXSRGHUHJODVYDPiVDOOiGHOD FRPSUHQVLyQ SXHV SHUVLJXH HO HQMXLFLDPLHQWR FUtWLFR \  DTXt HQWUD HQ MXHJR OD UHWyULFD 1DWXUDOPHQWH OD UHWyULFD WLHQH P~OWLSOHV XVRV 6H OD VXHOH UHODFLRQDU FRQ HO RUDGRURHOSURSDJDQGLVWDSHURHQVXVLJQLILFDGRPiVJHQHUDOLQWHUYLHQHHQWRGD VLWXDFLyQHQODTXHVHSURGXFHFRPXQLFDFLyQHQWUHORVVHUHVKXPDQRV6LVRPRV QRVRWURVORVKDEODQWHVQRVyORGHVHDPRVTXHQRVFRPSUHQGDQVLQRTXHFRLQFLGDQ HQFLHUWRPRGRFRQORTXHGHFLPRV6LORTXHWUDWDPRVGHFRPXQLFDUHVDOJRVHULR GHVHDPRVDGHPiVFRQYHQFHURSHUVXDGLURSDUDPD\ RUSUHFLVLyQFRQYHQFHUGH WHPDV WHyULFRV \  SHUVXDGLU GH WHPDV TXH HQ ~OWLPD LQVWDQFLD LQIOX\ HQ VREUH OD DFFLyQRORVVHQWLPLHQWRV 3DUD PDQWHQHU XQD DFWLWXG LJXDOPHQWH VHULD DO UHFLELU WDO FRPXQLFDFLyQ QR VyORKD\ TXHVHUVHQVLEOHVLQRWDPELpQUHVSRQVDEOHFRPRR\ HQWH6HHVVHQVLEOH HQ OD PHGLGD HQ TXH VH VLJXH OR TXH GLFH RWUD SHUVRQD \  VH FRPSUHQGH OD LQWHQFLyQ TXH OD PRWLYD SHUR DGHPiV KD\  TXH DVXPLU OD UHVSRQVDELOLGDG GH WRPDUSRVWXUDTXHXQDYH]WRPDGD\ DQRSHUWHQHFHDODXWRU&RQVLGHUDUDRWUR UHVSRQVDEOH GHO SURSLR MXLFLR HTXLYDOH D HVFODYL]DUVH D QR VHU OLEUH \  GH DTXt SUHFLVDPHQWHGHULYDHOQRPEUHGHODVDUWHVOLEHUDOHV 3RU SDUWH GHO KDEODQWH R GHO HVFULWRU OD GHVWUH]D UHWyULFD FRQVLVWH HQ VDEHU FRQYHQFHURSHUVXDGLU&RPRHQHVWRHVWULEDHOREMHWLYR~OWLPRWRGRVORVGHPiV DVSHFWRV GH OD FRPXQLFDFLyQ GHEHQ FRQWULEXLU D VX FRQVHFXFLyQ /D GHVWUH]D OyJLFD\ JUDPDWLFDOSDUDHVFULELUFODUDHLQWHOLJLEOHPHQWHWLHQHYDORUHQVtSHUR DGHPiV FRQVWLWX\ H XQ PHGLR HQFDPLQDGR D XQ ILQ 'H IRUPD UHFtSURFD SRU SDUWHGHOOHFWRURGHOR\ HQWHODGHVWUH]DUHWyULFDFRQVLVWHHQVDEHUUHDFFLRQDUDQWH FXDOTXLHUD TXH LQWHQWH FRQYHQFHUOR R SHUVXDGLGR 7DPELpQ HQ HVWH FDVR OD GHVWUH]DJUDPDWLFDO\ OyJLFDTXHQRVSHUPLWHFRPSUHQGHUTXpGLFHRWUDSHUVRQD SUHSDUDHOFDPLQRSDUDODUHDFFLyQFUtWLFD /DLPSRUWDQFLDGHVXVSHQGHUHOMXLFLR 3RU FRQVLJXLHQWH YHPRV TXH HVWDV WUHV DUWHV OD JUDPiWLFD OD OyJLFD \  OD UHWyULFD FRODERUDQ HQ OD WDUHD GH UHJXODU ORV FRPSOHMRV SURFHVRV GH HVFULELU \ OHHU /D GHVWUH]D HQ ODV GRV SULPHUDV HWDSDV GH OD OHFWXUD DQDOtWLFD GHULYD GHO

GRPLQLRGHODJUDPiWLFD\ ODOyJLFD\ HQODWHUFHUDGHSHQGHGHORWURDUWH/DV UHJODV GH HVWD HWDSD GH OD OHFWXUD VH EDVDQ HQ ORV SULQFLSLRV GH OD UHWyULFD FRQVLGHUDGDpVWDHQVXVHQWLGRPiVDPSOLR9DPRVDHQWHQGHUODVFRPRXQFyGLJR GH HWLTXHWD SDUD TXH HO OHFWRU QR VyOR SXHGD FRPSRUWDUVH FRQ DPDELOLGDG VLQR TXH UHVXOWH HILFD] D OD KRUD GH UHVSRQGHU $XQTXH QR VLHPSUH VH OR UHFRQR]FD DVtODHWLTXHWDFXPSOHDPERVREMHWLYRVQRVyORHOSULPHUR  (OOHFWRUSUREDEOHPHQWHKDEUiFRPSUHQGLGRHQTXpFRQVLVWHODQRYHQDUHJOD
SXHGHSDUHFHUVXPDPHQWHVHQVDWDSRFDVSHUVRQDVODREVHUYDQHQODSUiFWLFD$O LJXDOTXHODUHJODGHRURSURGXFHPiVSDODEUHUtDTXHREHGLHQFLDLQWHOLJHQWH 7RGR HVFULWRU KD SDVDGR SRU OD H[SHULHQFLD GH FUtWLFDV FX\ RV DXWRUHV QR VH VLHQWHQREOLJDGRVDOOHYDUDFDERODWDUHDTXHLPSRQHQODVGRVSULPHUDVHWDSDV &RQGHPDVLDGDIUHFXHQFLDHOFUtWLFRSLHQVDTXHQRWLHQHTXHVHUOHFWRUDGHPiV GH MXH] \  WRGR FRQIHUHQFLDQWH KD SDGHFLGR OD H[SHULHQFLD GH TXH OH SODQWHHQ SUHJXQWDV TXH QR VH EDVDQ HQ OD FRPSUHQVLyQ GH OR TXH DFDED GH H[SRQHU &XDOTXLHU OHFWRU UHFRUGDUi DOJXQD RFDVLyQ HQ OD TXH DOJXLHQ KD UHVSRQGLGR D OD SHUVRQDTXHHVWDEDKDEODQGR© 1RVpTXpTXLHUHVGHFLUSHURFUHRTXHQRWLHQHV UD]yQª  &DUHFHGHVHQWLGRUHVSRQGHUDHVWDFODVHGHFUtWLFRVORPiVFRUUHFWRFRQVLVWH HQSHGLUOHVTXHDFODUHQVXSRVWXUDODSRVWXUDTXHSUHWHQGHQUHEDWLU6LQRORKDFHQ GHIRUPDVDWLVIDFWRULDVLQRVRQFDSDFHVGHUHSHWLUORTXHKDGLFKRXQDSHUVRQD FRQVXVSURSLDVSDODEUDVQRVGDUHPRVFXHQWDGHTXHQRKDQFRPSUHQGLGR\SRU FRQVLJXLHQWH WHQGUHPRV WRGRV ORV PRWLYRV GHO PXQGR SDUD QR KDFHU FDVR D VXV FUtWLFDV SRUTXH VRQ LUUHOHYDQWHV FRPR WRGDV ODV TXH QR VH EDVDQ HQ OD FRPSUHQVLyQ &XDQGR HQ UDUtVLPDV RFDVLRQHV HQFRQWUDPRV D OD SHUVRQD TXH FRPSUHQGH OR TXH GHFLPRV WDQWR FRPR QRVRWURV PLVPRV HQWRQFHV Vt SRGHPRV FRQJUDWXODUQRVVLFRLQFLGHFRQQRVRWURVRSUHRFXSDUQRVHQFDVRFRQWUDULR (Q HO WUDQVFXUVR GH PXFKRV DxRV GH KDEHU OHtGR OLEURV FRQ DOXPQRV GH GLYHUVDVFODVHVKHPRVOOHJDGRDODFRQFOXVLyQGHTXHHVWDUHJODVXHOHURPSHUVH PiVTXHUHVSHWDUVH4XLHQHVQRVDEHQTXpGLFHHODXWRUVRQSUHFLVDPHQWHORVTXH QR GXGDQ HQ HULJLUVH HQ VXV MXHFHV 1R VyOR GLVLHQWHQ FRQ DOJR TXH QR FRPSUHQGHQVLQRTXHDOJRLJXDOPHQWHDEVXUGRHQPXFKDVRFDVLRQHVFRLQFLGHQ FRQ XQD SRVWXUD TXH QR SXHGHQ H[SUHVDU FRQ VXV SURSLDV SDODEUDV GH IRUPD LQWHOLJLEOH 6X H[SRVLFLyQ DO LJXDO TXH VX OHFWXUD VH UHGXFH D SXUD SDODEUHUtD &XDQGR QR VH GD OD FRPSUHQVLyQ WDQWR ODV DILUPDFLRQHV FRPR ODV QHJDFLRQHV FDUHFHQGHVHQWLGR\ UHVXOWDQLQLQWHOLJLEOHV\ XQDSRVWXUDGHGXGDRGHVDSHJRQR HV PiV LQWHOLJHQWH SRU SDUWH GHO OHFWRU TXH QR FRPSUHQGH VREUH TXp WHPD HVWi VXVSHQGLHQGRHOMXLFLR +HPRV GH KDFHU KLQFDSLp HQ RWURV SXQWRV UHODWLYRV D OD REVHUYDQFLD GH HVWD UHJOD6LHVWDPRVOH\ HQGRXQEXHQOLEURGHEHUtDPRVSHQViUQRVORGRVYHFHVDQWHV GHGHFLU© /RHQWLHQGRª /ROyJLFRVHUtDVXSRQHUTXHHOOHFWRUWLHQHTXHWUDEDMDU EDVWDQWH DQWHV GH DILUPDU WDO FRVD KRQUDGDPHQWH \  FRQ WRGD FHUWH]D 1DWXUDOPHQWHKDGHVHUMXH]GHVtPLVPRHQHVWHWHPDFLUFXQVWDQFLDTXHDJUDYD D~QPiVVXUHVSRQVDELOLGDG 3RU VXSXHVWR GHFLU © 1R OR FRPSUHQGRª  WDPELpQ VXSRQH XQ MXLFLR FUtWLFR SHURVyORGHVSXpVGHKDEHUORLQWHQWDGRSRUWRGRVORVPHGLRVVHUHIOHMDUiHQHOOLEUR \QRHQHOOHFWRU6LpVWHKDKHFKRWRGRORTXHHVWDEDHQVXPDQR\ VLQHPEDUJR VLJXH VLQ FRPSUHQGHU TXL]i HOOR VH GHED D TXH HO OLEUR HV LQLQWHOLJLEOH 1R REVWDQWHKHPRVGHVXSRQHUHQSULQFLSLRTXHQRORHVVREUHWRGRVLVHWUDWDGHXQD

REUDEXHQD$OOHHUEXHQRVOLEURVVLQRVHORJUDFRPSUHQGHUORVODFXOSDVXHOHVHU GHO OHFWRU TXH SRU FRQVLJXLHQWH HVWi REOLJDGR D SHUPDQHFHU FRQ OD WDUHD LPSXHVWD SRU ODV GRV SULPHUDV HWDSDV GH OD OHFWXUD DQDOtWLFD GXUDQWH PXFKR WLHPSR DQWHV GH LQLFLDU OD WHUFHUD &XDQGR GHFLPRV © 1R OR FRPSUHQGRª GHEHPRV WHQHU FXLGDGR FRQ HO WRQR GH YR] TXH HPSOHDPRV DFHSWDQGR OD SRVLELOLGDGGHTXHQRVHDFXOSDGHODXWRU ([LVWHQ RWUDV GRV FRQGLFLRQHV EDMR ODV FXDOHV KD\  TXH SUHVWDU HVSHFLDO DWHQFLyQDHVWDUHJOD6LVyORHVWDPRVOH\ HQGRXQDSDUWHGHXQOLEURUHVXOWDPiV GLItFLO WHQHU OD FHUWH]D GH TXH VH FRPSUHQGH \ SRU FRQVLJXLHQWH KD\  TXH SHQViUVHORPX\ ELHQDQWHVGHHPLWLUXQMXLFLRFUtWLFR$GHPiVDYHFHVXQOLEUR JXDUGD UHODFLyQ FRQ RWURV GHO PLVPR DXWRU \  VX SOHQR VLJQLILFDGR GHSHQGH GH HOORV(QWDOVLWXDFLyQWDPELpQKD\ TXHVHUPiVSUXGHQWHDODKRUDGHGHFLU© /R FRPSUHQGRª \ ODQ]DUODIOHFKDGHODFUtWLFD 1RV RIUHFHQ XQ EXHQ HMHPSOR GH LPSHWXRVLGDG HQ HVWH VHQWLGR ORV FUtWLFRV OLWHUDULRVTXHFRLQFLGHQRGLVLHQWHQFRQ3RpWLFDGH$ULVWyWHOHVVLQDGYHUWLUTXHORV SULQFLSLRV IXQGDPHQWDOHV GHO DQiOLVLV GH OD SRHVtD TXH UHDOL]D HO ILOyVRIR GHSHQGHQ HQ SDUWH GH FLHUWRV SXQWRV TXH DSDUHFHQ HQ RWUDV REUDV VX\ DV ORV WUDWDGRV VREUH SVLFRORJtD OyJLFD \  PHWDItVLFD 6H KDQ IRUPDGR XQD RSLQLyQ VLQ KDEHUHQWHQGLGRHOWHPDHQFXHVWLyQ 3RGUtDDSOLFDUVHORPLVPRDRWURVDXWRUHVFRPR3ODWyQ\ .DQW$GDP6PLWK \  0DU[ TXH QR GLMHURQ WRGR OR TXH VDEtDQ HQ XQD VROD REUD 4XLHQHV MX]JXHQ &ULWLFD GH OD UD]yQ SXUD GH .DQW VLQ OHHU &ULWLFD GH OD UD]yQ SUiFWLFD R ,QYHVWLJDFLyQ VREUH OD QDWXUDOH]D \ ODV FDXVDV GH OD ULTXH]D GH ODV QDFLRQHV GH $GDP 6PLWK VLQ OHHU VX 7HRUtD GH ORV VHQWLPLHQWRV PRUDOHV R HO 0DQLILHVWR FRPXQLVWD GH 0DU[ VLQ FRQRFHU DVLPLVPR (O FDSLWDO OR PiV SUREDEOH HV TXH KD\ DQ FRLQFLGLGR R GLVHQWLGR FRQ ORV DXWRUHV VLQ KDEHUORV FRPSUHQGLGR SOHQDPHQWH /DLPSRUWDQFLDGHHYLWDUODSROpPLFD /DVHJXQGDPi[LPDJHQHUDODSOLFDEOHDODOHFWXUDFUtWLFDUHVXOWDLJXDOPHQWH HYLGHQWH DO SULQFLSLR SHUR UHTXLHUH XQ HQXQFLDGR H[SOtFLWR \  SRU XQD UD]yQ FRQFUHWD5(*/$ D  &8$1'2 (/ /(&725 ',6,(17( '(%( +$&(5/2

'()250$5$=21$%/(123$5$32/(0,=$52',6387$5 1RWLHQHQLQJ~QVHQWLGRVDOLUYHQFHGRUGHXQDGLVFXVLyQFXDQGRVHVDEHRVH VRVSHFKDTXHVHSXHGHHVWDUHTXLYRFDGR1DWXUDOPHQWHHQODSUiFWLFDQRVSXHGH D\ XGDUDDYDQ]DUHQHOPXQGRGXUDQWHDOJ~QWLHPSRSHURDODODUJDODKRQUDGH] HVODPHMRUSROtWLFDDVHJXLU +HPRVDSUHQGLGRHVWDPi[LPDSULPHUR HQ3ODWyQ\ GHVSXpVHQ $ULVWyWHOHV

(QXQSiUUDIRGH6LPSRVLRHQFRQWUDPRVHOVLJXLHQWHGLiORJR 1R SXHGR UHIXWDUWH 6yFUDWHV GLMR $JDWyQ 9DPRV D VXSRQHU TXH OR TXHGLFHVHVFLHUWR $JDWyQVHUtDPHMRUGHFLUTXHQRSXHGHVUHIXWDUODYHUGDGSRUTXHD 6yFUDWHVVHOHUHIXWDIiFLOPHQWH (VWHSiUUDIRTXHGDUHIOHMDGRHQXQFRPHQWDULRGHeWLFDGH$ULVWyWHOHV © 6H SHQVDUtD TXH HV PHMRUª  GLFH TXH IXHUD QXHVWUR GHEHU HQ DUDV GH PDQWHQHU OD YHUGDG LQFOXVR GHVWUXLU OR TXH QRV DIHFWD GLUHFWDPHQWH VREUH WRGR SRUTXH VRPRV ILOyVRIRV DPDQWHV GH OD VDELGXUtD SRUTXH PLHQWUDV TXH DPEDV QRV VRQ FDUDV OD SLHGDG QRV REOLJD D YHQHUDU OD YHUGDGSRUHQFLPDGHQXHVWURVDPLJRV 3ODWyQ \  $ULVWyWHOHV QRV DFRQVHMDQ DOJR TXH VXHOH ROYLGDU OD PD\ RUtD GH ODV SHUVRQDVTXHSLHQVDQTXHORLPSRUWDQWHHVYHQFHUHQXQDGLVFXVLyQQRFRQRFHU ODYHUGDG 4XLHQFRQVLGHUDODFRQYHUVDFLyQXQDEDWDOODVyORSXHGHJDQDUHQIUHQWiQGRVH GLVLQWLHQGR WDQWR VL WLHQH UD]yQ FRPR VL QR \  TXLHQ VH DSUR[LPD D XQ OLEUR FRQ HVWHHVStULWXOROHH~QLFDPHQWHFRQHOILQGHKDOODUDOJRFRQORTXHGLVHQWLU (QODFRQYHUVDFLyQTXHHQWDEODXQOHFWRUFRQXQOLEURHQODLQWLPLGDGQRKD\ QDGDTXHOHLPSLGDFUHHUTXHKDJDQDGRODGLVFXVLyQeOGRPLQDODVLWXDFLyQ\ HO DXWRUQRHVWiDOOtSDUDGHIHQGHUVH6LOR~QLFRTXHGHVHDHVODYDQDVDWLVIDFFLyQGH GDUODLPSUHVLyQGHKDEHUGHVHQPDVFDUDGRDODXWRUORFRQVHJXLUiIiFLOPHQWHQR WLHQHPiVTXHOHHUHOOLEURLQFOXVRHFKDUXQYLVWD]RDODVSULPHUDVSiJLQDV3HUR VLFRPSUHQGHTXHHO~QLFRSURYHFKRTXHSXHGHH[WUDHUGHODFRQYHUVDFLyQFRQ SURIHVRUHVYLYRVRPXHUWRVFRQVLVWHHQORTXHSXHGHDSUHQGHUGHHOORVTXHVyOR VHJDQDREWHQLHQGRFRQRFLPLHQWRVQRGHUULEDQGRDODRWUDSHUVRQDTXL]iYHDOR LQ~WLO GH OD PHUD SROpPLFD 1R TXHUHPRV GHFLU TXH XQ OHFWRU QR SXHGD GLVHQWLU FRQXQHVFULWRUQLWUDWDUGHPRVWUDUHQTXpVHHTXLYRFDpVWHVLQRVyORTXHGHEHUtD HVWDUWDQGLVSXHVWRDFRLQFLGLUFRPRDGLVHQWLU+DJDORTXHKLFLHUHVyORGHEHUtD PRWLYDUOHXQDFRQVLGHUDFLyQORVKHFKRVODYHUGDG 6HUHTXLHUHDOJRPiVTXHKRQUDGH]HQHVWDVLWXDFLyQ1RKDUiIDOWDGHFLUTXH XQOHFWRUGHEHDGPLWLUXQSXQWRFRQFUHWRFXDQGRORYHSHURQRVHQWLUVHFDVWLJDGR VLWLHQHTXHDGPLWLUTXHHVWiGHDFXHUGRFRQXQDXWRUHQOXJDUGHGLVHQWLU6LWDOHV VRQ VXV VHQWLPLHQWRV KHPRV GH GHFLU TXH PDQWLHQH XQD DFWLWXG DEVXUGDPHQWH SROpPLFD$ODOX]GHHVWDVHJXQGDPi[LPDKDEUHPRVGHFRQFOXLUTXHWLHQHXQ SUREOHPDGHFDUiFWHUHPRFLRQDOQRLQWHOHFWXDO

6REUHODUHVROXFLyQGHODVGHVDYHQHQFLDV /DWHUFHUDPi[LPDJXDUGDHVWUHFKDUHODFLyQFRQODVHJXQGD([SUHVDRWUDGH ODVFRQGLFLRQHVUHTXHULGDVDQWHVGHDGHQWUDUVHHQODFUtWLFDUHFRPHQGDQGRTXHHO OHFWRU FRQVLGHUH TXH HV SRVLEOH TXH VH SXHGHQ UHVROYHU ODV GHVDYHQHQFLDV 0LHQWUDV TXH OD VHJXQGD Pi[LPD QRV DOLHQWD D QR GLVHQWLU SROpPLFDPHQWH pVWD QRV DFRQVHMD TXH QR GLVLQWDPRV LQ~WLOPHQWH DOJR TXH RFXUUH FXDQGR QR VH HVSHUDQIUXWRVGHXQDGLVFXVLyQSRUQRUHFRQRFHUTXHWRGRVORVVHUHVUDFLRQDOHV SXHGHQ SRQHUVH GH DFXHUGR 2EVpUYHVH TXH KHPRV GLFKR © SXHGHQ SRQHUVH GH DFXHUGRª  QR TXH WRGRV ORV VHUHV UDFLRQDOHV OR KDJDQ SHUR LQFOXVR FXDQGR QR HVWiQ GH DFXHUGR SXHGHQ HVWDUOR /R TXH GHVHDPRV GHVWDFDU HV TXH OD GHVDYHQHQFLD HV LQ~WLO D PHQRV TXH VH OD DFRPHWD FRQ OD HVSHUDQ]D GH TXH QRV OOHYHDODUHVROXFLyQGHXQSUREOHPD (VWRV GRV KHFKRV TXH ODV SHUVRQDV SXHGHQ GLVHQWLU \  SRQHUVH GH DFXHUGR VXUJHQ GH OD FRPSOHMLGDG GH OD QDWXUDOH]D KXPDQD /DV SHUVRQDV VRQ DQLPDOHV UDFLRQDOHV\ VXUDFLRQDOLGDGFRQVWLWX\ HODIXHQWHGHVXFDSDFLGDGSDUDSRQHUVH GHDFXHUGRPLHQWUDVTXHVXDQLPDOLGDG\ ODVLPSHUIHFFLRQHVGHODUD]yQVRQOD FDXVDGHODPD\ RUtDGHORVGHVDFXHUGRVTXHVHSURGXFHQ/RVKRPEUHVVRQVHUHV GHSDVLyQ\ SUHMXLFLR\ HOOHQJXDMHTXHKDQGHXWLOL]DUSDUDFRPXQLFDUVHHVXQ PHGLR LPSHUIHFWR HQVRPEUHFLGR SRU ODV HPRFLRQHV \  ORV LQWHUHVHV DVt FRPR SRFR WUDQVSDUHQWH SDUD HO SHQVDPLHQWR 6LQ HPEDUJR HQ OD PHGLGD HQ TXH VRQ UDFLRQDOHVSXHGHQVXSHUDUHVWRVREVWiFXORVSDUDFRPSUHQGHUVHHQWUHVt/DFODVH GH GHVDYHQHQFLD TXH HV WDQ VyOR DSDUHQWH OD TXH GHULYD GH ORV PDOHQWHQGLGRV WLHQHVROXFLyQ 1DWXUDOPHQWHH[LVWHRWURWLSRGHGHVDYHQHQFLDTXHVHGHEH~QLFDPHQWHDOD GHVLJXDOGDG GH FRQRFLPLHQWRV /RV UHODWLYDPHQWH LJQRUDQWHV D YHFHV HVWiQ HQ GHVDFXHUGR FRQ ORV UHODWLYDPHQWH FXOWRV VREUH WHPDV TXH VXSHUDQ VXV FRQRFLPLHQWRV \  ORV PiV FXOWRV WLHQHQ HO GHUHFKR GH FULWLFDU ORV HUURUHV GH TXLHQHV FDUHFHQ GH FRQRFLPLHQWRV UHOHYDQWHV (VWD FODVH GH GHVDYHQHQFLDV WDPELpQ SXHGHQ FRUUHJLUVH SXHV OD LQVWUXFFLyQ VLHPSUH SXHGH UHPHGLDU OD GHVLJXDOGDGGHFRQRFLPLHQWRV 3XHGHQ GDUVH RWUDV GHVDYHQHQFLDV HVFRQGLGDV D PD\ RU SURIXQGLGDG TXH VXEVLVWHQ HQ HO FXHUSR GH OD UD]yQ PLVPD 5HVXOWD GLItFLO WHQHU SOHQD FHUWH]D GH HOODV\ HVSUiFWLFDPHQWHLPSRVLEOHTXHODUD]yQODVGHVFULED(QFXDOTXLHUFDVR OR TXH DFDEDPRV GH GHFLU VH DSOLFD D OD PD\ RUtD GH ODV GHVDYHQHQFLDV TXH SXHGHQUHVROYHUVHHOLPLQDQGRORVPDOHQWHQGLGRVRODLJQRUDQFLD1RUPDOPHQWH DPERV UHPHGLRV VRQ SRVLEOHV VL ELHQ FRQ IUHFXHQFLD GLItFLOHV 'H DTXt TXH OD SHUVRQD TXH GLVLHQWH HQ FXDOTXLHU HWDSD GH OD FRQYHUVDFLyQ DO PHQRV GHEHUtD WHQHU OD HVSHUDQ]D GH OOHJDU D XQ DFXHUGR ILQDO 'HEHUtD HVWDU WDQ GLVSXHVWD D FDPELDU GH RSLQLyQ FRPR D LQWHQWDU FDPELDU OD GH RWURV WHQLHQGR VLHPSUH HQ

FXHQWD OD SRVLELOLGDG GH KDEHU FRPSUHQGLGR PDO R GH TXH LJQRUD GHWHUPLQDGR SXQWR 1DGLH TXH FRQVLGHUH OD GHVDYHQHQFLD FRPR RFDVLyQ SDUD HQVHxDU D RWUR GHEHROYLGDUTXHWDPELpQHVXQDRFDVLyQSDUDVHUHQVHxDGR (OSUREOHPDHVWULEDHQTXHPXFKDVSHUVRQDVQRUHODFLRQDQODGHVDYHQHQFLDQL FRQHQVHxDUQLFRQVHUHQVHxDGDVSHQVDQGRTXHWRGRHVXQDVLPSOHFXHVWLyQGH RSLQLyQ
HQWUHHOHQXQFLDGRUD]RQDGRGHOFRQRFLPLHQWR\ ODVLPSOHH[SUHVLyQGHODRSLQLyQ QROHHSDUDDSUHQGHU$ORVXPROHLQWHUHVDODSHUVRQDOLGDGGHODXWRU\ XWLOL]DHO OLEURFRPRELRJUDItD1DWXUDOPHQWHXQOHFWRUGHWDOHVFDUDFWHUtVWLFDVQLGLVHQWLUi QLHVWDUiGHDFXHUGRSRUTXHQRMX]JDODREUDVLQRDODSHUVRQDTXHODHVFULELy 6L SRU HO FRQWUDULR DO OHFWRU OH LQWHUHVD IXQGDPHQWDOPHQWH OD REUD \  QR VX DXWRU GHEH WRPDUVH FRQ VHULHGDG VXV REOLJDFLRQHV FUtWLFDV OR TXH VXSRQH DSOLFDUVHDVtPLVPRODVGLIHUHQFLDVHQWUHFRQRFLPLHQWRUHDO\ VLPSOHRSLQLyQQR VyOR DO DXWRU 3RU FRQVLJXLHQWH KD GH KDFHU DOJR PiV TXH HPLWLU MXLFLRV GH DFXHUGR R GHVDFXHUGR WLHQH TXH GDU UD]RQHV 1DWXUDOPHQWH HQ HO SULPHU FDVR EDVWDFRQTXHFRPSDUWDGHIRUPDDFWLYDODVUD]RQHVGHODXWRUVREUHHOSXQWRHQHO TXH FRLQFLGH FRQ pVWH SHUR FXDQGR GLVLHQWH GHEH RIUHFHU VXV SURSLRV PRWLYRV SDUDHOORSRUTXHGHORFRQWUDULRHVWDUiWUDWDQGRXQWHPDGHFRQRFLPLHQWRFRPR VLIXHUDGHRSLQLyQ3RUWDQWRSRGHPRVHQXQFLDUODUHJODFRPRVLJXH5(*/$ D  5(63(7$5 /$ ',)(5(1&,$ (175( &212&,0,(172 < 6,03/(

23,1,Ï13(5621$/$3257$1'25$=21(63$5$&8$/48,(5-8,&,2 &5Ë7,&2 +HPRVGHDxDGLUTXHQRTXLVLpUDPRVGDUDHQWHQGHUTXHODVSHUVRQDVWHQJDQ DFFHVR D XQD JUDQ FDQWLGDG GH FRQRFLPLHQWR © DEVROXWRª  /DV SURSRVLFLRQHV HYLGHQWHV HQ HO VHQWLGR HQ TXH ODV KHPRV GHILQLGR HQ HO FDStWXOR DQWHULRU QRV SDUHFHQ YHUGDGHV LQGHPRVWUDEOHV H LQQHJDEOHV SHUR OD PD\ RU SDUWH GH ORV FRQRFLPLHQWRVFDUHFHGHWDOFRQGLFLyQDEVROXWD6DEHPRVTXHORTXHFRQRFHPRV HVWiVXMHWRDFRUUHFFLRQHV\ ORVDEHPRVSRUTXHWRGRVORVKHFKRVRDOPHQRVOD JUDQPD\ RUtDDVtORGHPXHVWUDQSHURQRWHQHPRVQLSRGHPRVWHQHUODFHUWH]DGH TXHQXHYRVKHFKRVLQYDOLGHQORTXHFRQVLGHUDPRVFLHUWR 'HVGH OXHJR OR DQWHULRU QR HOLPLQD OD GLIHUHQFLD HQWUH FRQRFLPLHQWR \ RSLQLyQVREUHODTXHWDQWRKLQFDSLpKHPRVKHFKR3RGUtDPRVGHFLUTXHHOSULPHUR FRQVLVWH HQ DTXHOODV RSLQLRQHV TXH SXHGHQ GHIHQGHUVH RSLQLRQHV SDUD ODV TXH H[LVWHQSUXHEDVGHXQDXRWUDFODVH6LUHDOPHQWHVDEHPRVDOJRHQHVWHVHQWLGR KHPRV GH FUHHU TXH SRGHPRV FRQYHQFHU D RWURV /D RSLQLyQ HQ HO VHQWLGR TXH KHPRVHPSOHDGRODSDODEUDHTXLYDOHDXQMXLFLRVLQQDGDTXHORUHVSDOGHPRWLYR SRU HO FXDO KHPRV HPSOHDGR PRGLILFDGRUHV FRPR © VLPSOHª  R © SHUVRQDOª  HQ UHODFLyQFRQHOOD1RKDFHPRVVLQRRSLQDUTXHDOJRHVFLHUWRFXDQGRQRFRQWDPRV FRQ RWUDV SUXHEDV R UD]RQHV TXH QXHVWURV VHQWLPLHQWRV R SUHMXLFLRV SHUVRQDOHV 3RGHPRV GHFLU TXH DOJR HV FLHUWR \  TXH OR VDEHPRV FXDQGR WHQHPRV SUXHEDV REMHWLYDVGHTXHSUREDEOHPHQWHWDPELpQORDGPLWDQRWUDVSHUVRQDVUD]RQDEOHV $ FRQWLQXDFLyQ YDPRV D UHVXPLU ODV WUHV Pi[LPDV JHQHUDOHV TXH KHPRV H[SXHVWR HQ HO SUHVHQWH FDStWXOR TXH HQXQFLDQ ODV FRQGLFLRQHV SDUD XQD OHFWXUD FUtWLFD\ ODIRUPDHQTXHGHEHUtDSURFHGHUHOOHFWRUSDUD© UHVSRQGHUª DODXWRU /DSULPHUDUHTXLHUHTXHHOOHFWRUOOHYHDFDERODWDUHDGHFRPSUHQGHUDQWHV GH SUHFLSLWDUVH /D VHJXQGD OH DOLHQWD D QR PDQWHQHU XQD DFWLWXG SROpPLFD /D WHUFHUD OH UXHJD TXH FRQVLGHUH UHPHGLDEOH OD GHVDYHQHQFLD VREUH WHPDV GH

FRQRFLPLHQWRDOPHQRVHQOtQHDVJHQHUDOHV3HURHVWD~OWLPDUHJODYDDOJRPiV DOOi OH RUGHQD TXH RIUH]FD UD]RQHV SDUD VXV GHVDYHQHQFLDV GH PRGR TXH QR VH OLPLWH D HQXQFLDU ORV WHPDV VLQR TXH WDPELpQ ORV GHILQD (Q HVWR UHVLGH OD HVSHUDQ]DGHUHVROYHUORVSUREOHPDV

 $9(1(1&,$62'(6$9(1(1&,$6'(81(6&5,725

/R SULPHUR TXH SXHGH GHFLU XQ OHFWRU HV TXH FRPSUHQGH R QR FRPSUHQGH XQ WH[WR\GHKHFKRGHEHGHFLUTXHORFRPSUHQGHFRQHOILQGHGHFLUPiV6LQROR FRPSUHQGHGHEHYROYHUDWUDEDMDUHQHOOLEUR ([LVWH XQD H[FHSFLyQ D OD VHJXQGD DOWHUQDWLYD XQ WDQWR GXUD © 1R OR FRPSUHQGRª  SXHGH VXSRQHU HQ Vt XQ FRPHQWDULR FUtWLFR SDUD OR FXDO HO OHFWRU GHEH VHU FDSD] GH UHVSDOGDUOR 6L OD FXOSD HV GHO OLEUR \  QR VX\ D WLHQH TXH ORFDOL]DUHORULJHQGHOSUREOHPDGHPRVWUDUTXHODHVWUXFWXUDGHODREUDFDUHFHGH RUGHQTXHVXVSDUWHVQRHVWiQYLQFXODGDVTXHDOJXQDVQRVRQUHOHYDQWHVRTXL]i TXHHODXWRUFRPHWHHUURUHVDOXWLOL]DUSDODEUDVLPSRUWDQWHVFRQODFRQVLJXLHQWH FRQIXVLyQ (Q OD PHGLGD HQ TXH HO OHFWRU VHD FDSD] GH MXVWLILFDU TXH XQ OLEUR UHVXOWDLQLQWHOLJLEOH\ DQRWHQGUiPiVREOLJDFLRQHVFUtWLFDV 6LQ HPEDUJR VXSRQJDPRV TXH HVWDPRV OH\ HQGR XQ EXHQ OLEUR HV GHFLU DO PHQRVUHODWLYDPHQWHLQWHOLJLEOH\ VXSRQJDPRVWDPELpQTXHSRUILQGHFLPRV© /R HQWLHQGRª  6L DGHPiV GH FRPSUHQGHU OD REUD HVWDPRV WRWDOPHQWH GH DFXHUGR FRQ OR TXH GLFH HO DXWRU OD WDUHD GHO OHFWRU KD WRFDGR D VX ILQ +D OOHYDGR D WpUPLQR OD OHFWXUD DQDOtWLFD KD DGTXLULGR FRQRFLPLHQWR \  KD VLGR FRQYHQFLGR R SHUVXDGLGR3RUWDQWRVDOWDDODYLVWDTXHVyORKDEUiGHGDURWURVSDVRVHQHOFDVR GH TXH H[LVWDQ GHVDYHQHQFLDV R GH TXH VXVSHQGD HO MXLFLR (O SULPHU FDVR HV HO PiVKDELWXDO (Q OD PHGLGD HQ TXH ORV HVFULWRUHV GLVFXWDQ FRQ VXV OHFWRUHV ²\  GH TXH HVSHUHQTXHpVWRVOHVUHVSRQGDQ²HOEXHQOHFWRUGHEHFRQRFHUORVSULQFLSLRVGH OD GLVFXVLyQ VHU FDSD] GH DUJXPHQWDU FLYLOL]DGD H LQWHOLJHQWHPHQWH 3RU HOOR QR FRQVLGHUDPRVQHFHVDULRGHGLFDUXQFDStWXORDOWHPDHQHOSUHVHQWHOLEUR1R VyOR VLJXLHQGRORVDUJXPHQWDVGHXQDXWRUVLQRWDPELpQHQFRQWUiQGRVHFRQHOORVSRGUi HOOHFWRUSRQHUVHGHDFXHUGRRGLVHQWLUFRQGLFKRDXWRU (O VLJQLILFDGR GH DYHQHQFLD \  GHVDYHQHQFLD PHUHFH XQ SRFR PiV GH UHIOH[LyQ (O OHFWRU TXH VH SRQH GH DFXHUGR FRQ XQ DXWRU \  HQWLHQGH VXV SURSRVLFLRQHV \  UD]RQDPLHQWRV FRPSDUWH OD PHQWH GH pVWH (Q UHDOLGDG WRGR HO SURFHVR GH LQWHUSUHWDFLyQ YD GLULJLGR DO HQFXHQWUR GH ODV PHQWHV SRU PHGLDFLyQ

GHOOHQJXDMH3RGUtDPRVGHVFULELUODFRPSUHQVLyQGHXQOLEURFRPRXQDHVSHFLH GHDFXHUGRHQWUHHVFULWRU\ OHFWRU$PERVHVWiQGHDFXHUGRHQHOXVRGHOOHQJXDMH SDUD H[SUHVDU LGHDV \  GHELGR D WDO DFXHUGR HO OHFWRU SXHGH YHU D WUDYpV GHO OHQJXDMHODVLGHDVTXHVHWUDWDQGHH[SUHVDU 6L FRPSUHQGHPRV XQ OLEUR ¢FyPR HVWDU HQ GHVDFXHUGR FRQ pO" /D OHFWXUD FUtWLFDUHTXLHUHTXHQRVIRUPHPRVXQDRSLQLyQSURSLDSHURODGHODXWRU\ ODGHO OHFWRUVHKDQKHFKRXQDVLVHKDORJUDGRFRPSUHQGHUHOWH[WR(QWRQFHV¢FyPRHV SRVLEOHPDQWHQHUXQDRSLQLyQLQGHSHQGLHQWH" $OJXQDVSHUVRQDVFRPHWHQHOHUURU TXHSURYRFDHVWDDSDUHQWHGLILFXOWDG QR VDEHQ GLVWLQJXLU HQWUH ORV GRV VHQWLGRV GH © DFXHUGRª  \ HQ FRQVHFXHQFLD VH HTXLYRFDQDOVXSRQHUTXHFXDQGRH[LVWHFRPSUHQVLyQHQWUHGRVVHUHVKXPDQRVQR SXHGH KDEHU GHVDFXHUGR 6RVWLHQHQ TXH WRGR GHVDFXHUGR REHGHFH D XQ PDOHQWHQGLGR (OHUURUVDOWDDODYLVWDHQFXDQWRUHFRUGDPRVTXHHODXWRUHPLWHMXLFLRVVREUH HO PXQGR HQ HO TXH YLYLPRV DVHJXUD SURSRUFLRQDUQRV FRQRFLPLHQWRV WHyULFRV VREUHODH[LVWHQFLD\ HOFRPSRUWDPLHQWRGHODVFRVDVRFRQRFLPLHQWRVSUiFWLFRV VREUH OR TXH KDEUtD TXH KDFHU \  SXHGH HVWDU HQ OR FLHUWR R HTXLYRFDUVH QDWXUDOPHQWH 6X SUHWHQVLyQ VyOR TXHGDUi MXVWLILFDGD HQ WDQWR HQ FXDQWR GLJD OD YHUGDGHQWDQWRHQFXDQWRH[SRQJDORTXHHVSUREDEOHDODOX]GHORVKHFKRV(Q RWURFDVRVXSUHWHQVLyQFDUHFHUiGHIXQGDPHQWR 6LDOJXLHQGLFHSRUHMHPSORTXH© WRGRVORVKRPEUHVVRQLJXDOHVª SRGHPRV HQWHQGHUTXHWRGRVORVKRPEUHVHVWiQLJXDOPHQWHGRWDGRVDOQDFHUGHLQWHOLJHQFLD IXHU]D \  RWUDV FDSDFLGDGHV $ OD OX] GH ORV KHFKRV WDO FRPR ORV FRQRFHPRV QRVRWURV GLVHQWLPRV SHQVDPRV TXH VH WUDWD GH XQ HUURU 3HUR TXL]i KD\ DPRV FRPSUHQGLGRPDOTXL]iHVDSHUVRQDTXLHUDGHFLUTXHWRGRVORVKRPEUHVGHEHUtDQ WHQHU ORV PLVPRV GHUHFKRV SROtWLFRV &RPR KDEtDPRV KHFKR XQD LQWHUSUHWDFLyQ LQFRUUHFWDQXHVWUDGHVDYHQHQFLDHVLUUHOHYDQWH6XSRQJDPRVDFRQWLQXDFLyQTXH FRUUHJLPRV HO HUURU $~Q TXHGDQ GRV DOWHUQDWLYDV SRGHPRV HVWDU GH DFXHUGR R GLVHQWLUSHURDKRUDHQHOVHJXQGRFDVRH[LVWHXQDDXWpQWLFDGHVDYHQHQFLDHQWUH QRVRWURV&RPSUHQGHPRVODSRVWXUDSROtWLFDGHHVDSHUVRQDSHURPDQWHQHPRVOD FRQWUDULD /DVGHVDYHQHQFLDVHQWRUQRDFXHVWLRQHVGHKHFKRRGHSROtWLFD²VREUHFyPR VRQRGHEHUtDQVHUODVFRVDV²VyORVRQUHDOHVHQHVWHVHQWLGRFXDQGRVHEDVDQHQ XQD FRPSUHQVLyQ FRP~Q GH OR TXH VH GLFH (O DFXHUGR HQ FXDQWR DO XVR GH ODV SDODEUDV FRQVWLWX\ H OD FRQGLFLyQ LQGLVSHQVDEOH SDUD XQD DYHQHQFLD R XQD GHVDYHQHQFLD DXWpQWLFDV VREUH ORV KHFKRV TXH VH GLVFXWHQ 'HELGR DO HQFXHQWUR FRQODPHQWHGHODXWRU\ QRDSHVDUGHpOPHGLDQWHXQDLQWHUSUHWDFLyQVHQVDWDGH VXOLEURHOOHFWRUSXHGHIRUPDUVHXQDRSLQLyQTXHFRLQFLGDRGLILHUDGHODSRVWXUD GHDTXpO

3UHMXLFLR\ MXLFLR $FRQWLQXDFLyQFRQVLGHUHPRVODVLWXDFLyQHQODTXHHOOHFWRUWUDVKDEHUGLFKR TXH FRPSUHQGH SDVD D GLVHQWLU 6L KD LQWHQWDGR REUDU VHJ~Q ODV Pi[LPDV H[SXHVWDVHQHOFDStWXORDQWHULRUGLVHQWLUiSRUTXHSLHQVDTXHVHSXHGHGHPRVWUDU TXH HO DXWRU VH HTXLYRFD HQ XQ WHPD FRQFUHWR VLQ OLPLWDUVH D H[SUHVDU VXV SUHMXLFLRV R HPRFLRQHV 'HELGR D TXH GHVGH XQ SXQWR GH YLVWD LGHDO HVWR HV FLHUWR H[LVWHQ WUHV FRQGLFLRQHV TXH GHEHQ VDWLVIDFHUVH SDUD HQFDX]DU DGHFXDGDPHQWHODFRQWURYHUVLD /DSULPHUDHVODVLJXLHQWH'DGRTXHORVVHUHVKXPDQRVVRQDQLPDOHVDGHPiV GHUDFLRQDOHVKD\ TXHUHFRQRFHUODVHPRFLRQHVTXHSRQHPRVHQXQDGLVSXWDR ODVTXHVXUJHQHQHOWUDQVFXUVRGHODPLVPD(QRWURFDVRFDEHODSRVLELOLGDGGH OLPLWDUVHDGDUVDOLGDDORVVHQWLPLHQWRVHQOXJDUGHHVWDEOHFHUUD]RQHVHLQFOXVR SHQVDU TXH WHQHPRV UD]RQHV FXDQGR OR ~QLFR TXH WHQHPRV VRQ IXHUWHV VHQWLPLHQWRV (Q VHJXQGR OXJDU KD\  TXH KDFHU H[SOtFLWR OR TXH GDPRV SRU VXSXHVWR FRQRFHU ORV SURSLRV SUHMXLFLRV (Q RWUR FDVR UHVXOWDUi GLItFLO DGPLWLU TXH HO DGYHUVDULRSXHGHWHQHUHOPLVPRGHUHFKRDGDUSRUVXSXHVWDVRWUDVRSLQLRQHV/D EXHQD FRQWURYHUVLD QR GHEHUtD FRQYHUWLUVH HQ XQD SHOHD SRU XQD FXHVWLyQ GH VXSRVLFLRQHV6LXQDXWRUSRUHMHPSOROHSLGHDOOHFWRUTXHGpDOJRSRUVHQWDGRHO KHFKRGHTXHORFRQWUDULRWDPELpQSXHGDGDUVHSRUVHQWDGRQRGHEHLPSHGLUTXH VH FXPSOD VX GHVHR 6L ORV SUHMXLFLRV GHO OHFWRU VRQ GH VLJQR FRQWUDULR \  QR UHFRQRFHTXHVHWUDWDGHSUHMXLFLRVQRSRGUiWUDWDUFRQMXVWLFLDDODXWRU (Q WHUFHU \ ~OWLPR OXJDU LQWHQWDU PRVWUDUVH LPSDUFLDO FRQVWLWX\ H XQ EXHQ DQWtGRWR SDUD OD FHJXHUD TXH UHVXOWD FDVL LQHYLWDEOH FXDQGR VH WRPD SDUWLGR 1DWXUDOPHQWH OD FRQWURYHUVLD VLQ WRPDU SDUWLGR HV LPSRVLEOH SHUR SDUD DVHJXUDUVHGHTXHVHDUURMDHQHOODPiVOX]TXHSXURDFDORUDPLHQWRODVSDUWHVHQ GLVSXWDGHEHUtDQLQWHQWDUDOPHQRVDGRSWDUHOSXQWRGHYLVWDGHORWUR6LQRKHPRV ORJUDGR OHHU XQ OLEUR FRPSUHQVLYDPHQWH HV SUREDEOH TXH QXHVWUR GHVDFXHUGR REHGH]FDDOSXURDIiQGHSROpPLFD ,GHDOPHQWH HVWDV WUHV FRQGLFLRQHV UHVXOWDQ LQGLVSHQVDEOHV SDUD XQD FRQYHUVDFLyQLQWHOLJHQWH\ SURYHFKRVD\ SXHGHQDSOLFDUVHDODOHFWXUDHQFXDQWR TXHpVWDFRQVWLWX\ HXQDHVSHFLHGHFRQYHUVDFLyQHQWUHOHFWRU\ HVFULWRU&DGDXQD GH HOODV FRQWLHQH FRQVHMRV VHQVDWRV SDUD ORV OHFWRUHV GLVSXHVWRV D UHVSHWDU ODV QRUPDVGHFRUWHVtDTXHULJHQODGHVDYHQHQFLD 3HURHQHVWHFDVRFRPRHQWRGRVVyORSRGHPRVDSUR[LPDUQRVDOLGHDODOJR TXHMDPiVSRGHPRVHVSHUDUGHORVVHUHVKXPDQRV/RVDXWRUHVGHOSUHVHQWHOLEUR VRPRVFRQVFLHQWHVGHQXHVWURVGHIHFWRVKHPRVYLRODGRQXHVWUDVSURSLDVQRUPDV VREUHORVEXHQRVPRGDOHVLQWHOHFWXDOHVHQODFRQWURYHUVLDQRVKHPRVVRUSUHQGLGR

DWDFDQGRXQOLEURHQOXJDUGHFULWLFDUORGHUULEDQGR\ GHQXQFLDQGRDOOtGRQGHQR SRGtDPRV HQFRQWUDU UHVSDOGR SURFODPDQGR QXHVWURV SUHMXLFLRV FRPR VL ORV FRQVLGHUiVHPRVPHMRUHVTXHORVGHOHVFULWRU 6LQ HPEDUJR VHJXLPRV FUH\ HQGR TXH OD FRQYHUVDFLyQ \  OD OHFWXUD FUtWLFD SXHGHQGLVFLSOLQDUVHSRUORTXHYDPRVDVXVWLWXLUODVWUHVFRQGLFLRQHVLGHDOHVSRU XQD VHULH GH UHJODV TXH VHJXUDPHQWH UHVXOWDUiQ PiV IiFLOHV GH VHJXLU (OODV VH UHILHUHQDODVFXDWURIRUPDVGHFULWLFDUDGYHUVDPHQWHXQOLEURFRQILDQGRHQTXH VL HO OHFWRU ODV UHVSHWD H[LVWLUiQ PHQRV SRVLELOLGDGHV GH TXH VH DEDQGRQH D H[SUHVLRQHVGHHPRFLyQRSUHMXLFLR 3RGHPRV UHVXPLU HVWRV FXDWUR SXQWRV VL LPDJLQDPRV TXH HO OHFWRU PDQWLHQH XQD FRQYHUVDFLyQ FRQ HO DXWRU TXH OH UHVSRQGH 'HVSXpV GH KDEHU GLFKR © &RPSUHQGR SHUR QR HVWR\  GH DFXHUGRª  SXHGH KDFHUOH ORV VLJXLHQWHV FRPHQWDULRV (VWiXVWHGGHVLQIRUPDGR (VWiXVWHGPDOLQIRUPDGR (V XVWHG LOyJLFRVXUD]RQDPLHQWRFDUHFHGHFRQVLVWHQFLD 6XDQiOLVLVHVLQFRPSOHWR 4XL]iQRVHWUDWHGHXQDOLVWDH[KDXVWLYDDXQTXHQRVRWURVSHQVDPRVTXHVt(Q FXDOTXLHUFDVRQRFDEHGXGDGHTXHVRQORVSXQWRVSULQFLSDOHVTXHSXHGHVHxDODU XQ OHFWRU TXH QR HVWi GH DFXHUGR FRQ HO DXWRU (Q FLHUWR PRGR ORV PLVPRV VRQ LQGHSHQGLHQWHVSRUTXHQRVHHOLPLQDQHQWUHVtDOUHIHULUVHDGHIHFWRVTXHQRVH H[FOX\ HQPXWXDPHQWH 1RREVWDQWHKHPRVGHDxDGLUTXHHOOHFWRUQRSXHGHKDFHUQLQJXQRGHHVWRV FRPHQWDULRVVLQIRUPXODUFRQWRWDOSUHFLVLyQUHVSHFWRDTXpHVWiGHVLQIRUPDGRR PDOLQIRUPDGRHODXWRURSRUTXpORFRQVLGHUDLOyJLFRSRUTXHXQOLEURQRSXHGH FDUHFHU SRU FRPSOHWR GH LQIRUPDFLyQ SRU HMHPSOR QL WDPSRFR GH WRGD OyJLFD $GHPiV HO OHFWRU TXH KDFH FXDOTXLHUD GH HVWRV FRPHQWDULRV QR VyOR GHEH SODQWHDUORFRQSUHFLVLyQHVSHFLILFDQGRDTXpDVSHFWRVHUHILHUHVLQRUHVSDOGDUOR FRQDUJXPHQWRVRIUHFHUUD]RQHVSDUDORTXHGLFH -X]JDUODFRKHUHQFLDGHODXWRU /RV WUHV SULPHURV SXQWRV GLILHUHQ XQ WDQWR GHO FXDUWR FRPR YHUHPRV D FRQWLQXDFLyQ 9DPRV D GHWHQHUQRV EUHYHPHQWH HQ FDGD XQR GH HOORV \  GHVSXpV YROYHUHPRVDOFXDUWR  'HFLU TXH XQ HVFULWRU HVWi GHVLQIRUPDGR HTXLYDOH D GHFLU TXH FDUHFH GH DOJ~Q FRQRFLPLHQWR TXH WLHQH UHOHYDQFLD UHVSHFWR DO SUREOHPD TXH WUDWD GH UHVROYHU2EVpUYHVHTXHDPHQRVTXHWDOFRQRFLPLHQWRVLORKXELHUDSRVHtGRHO DXWRU IXHUD UHOHYDQWH QR WHQGUtD QLQJ~Q VHQWLGR KDFHU HVWH FRPHQWDULR 3DUD UHVSDOGDUOR KD\  TXH FRQVWDWDU HO FRQRFLPLHQWR GHO TXH FDUHFH HO DXWRU \ GHPRVWUDUTXHWLHQHUHOHYDQFLDTXHVXVFRQFOXVLRQHVSRGUtDQVHUGLVWLQWDV %DVWDUiQ XQRV FXDQWRV HMHPSORV 'DUZLQ FDUHFtD GH ORV FRQRFLPLHQWRV GH

JHQpWLFD FRQ ORV TXH FRQWDPRV DFWXDOPHQWH JUDFLDV D ODV LQYHVWLJDFLRQHV GH 0HQGHO\ RWURVFLHQWtILFRVSRVWHULRUHV6XGHVFRQRFLPLHQWRGHOPHFDQLVPRGHOD KHUHQFLD FRQVWLWX\ H XQR GH ORV PD\ RUHV GHIHFWRV GH (O RULJHQ GH ODV HVSHFLHV *LEERQ GHVFRQRFtD FLHUWRV IDFWRUHV FX\ D LQIOXHQFLD HQ OD FDtGD GHO ,PSHULR URPDQRKDQGHPRVWUDGRORVKLVWRULDGRUHVGHpSRFDSRVWHULRU3RUORJHQHUDOODV FDUHQFLDV GH LQIRUPDFLyQ HQ HO WHUUHQR GH ODV FLHQFLDV \  OD KLVWRULD VRQ GHVFXELHUWDVSRULQYHVWLJDGRUHVSRVWHULRUHVJUDFLDVDODPHMRUDGHODVWpFQLFDVGH REVHUYDFLyQ \  GH ODV SURORQJDGDV LQYHVWLJDFLRQHV SHUR HQ ILORVRItD QR QHFHVDULDPHQWH RFXUUH OR PLVPR &RQ HO SDVR GHO WLHPSR H[LVWHQ WDQWDV SRVLELOLGDGHV GH TXH VH SURGX]FDQ DYDQFHV FRPR UHWURFHVRV (Q OD DQWLJHGDG SRUHMHPSORVHHVWDEOHFtDXQDFODUDGLIHUHQFLDHQWUHORTXHORVKXPDQRVSXHGHQ SHUFLELUHLPDJLQDU\ ORTXHSXHGHQFRPSUHQGHUVLQHPEDUJRHQHOVLJOR;9,,, 'DYLG +XPH SXVR GH PDQLILHVWR TXH LJQRUDED OD GLIHUHQFLD HQWUH LPiJHQHV H LGHDV D SHVDU GH KDEHU TXHGDGR WDQ FODUDPHQWH HVWDEOHFLGD SRU ILOyVRIRV DQWHULRUHV 'HFLUTXHXQHVFULWRUHVWiPDOLQIRUPDGRHTXLYDOHDGHFLUTXHDILUPDDOJR TXH QR HV FLHUWR (Q HVWH FDVR HO HUURU SXHGH GHEHUVH D IDOWD GH FRQRFLPLHQWR SHURWDOHUURUOOHJDDOJRPiVOHMRV&XDOHVTXLHUDTXHVHDQODVFDXVDVFRQVLVWHHQ DILUPDUDOJRFRQWUDULRDORVKHFKRVUHDOHV(ODXWRUSURSRQHFRPRFLHUWRRPiV SUREDEOHORTXHHVHQUHDOLGDGIDOVRRPHQRVSUREDEOHDVHJXUDQGRSRVHHUXQRV FRQRFLPLHQWRVGHORVTXHFDUHFH1DWXUDOPHQWHKDEUiTXHVHxDODUHVWRVGHIHFWRV VyORVLDIHFWDQDODVFRQFOXVLRQHVGHOHVFULWRU\ SDUDUHVSDOGDUWDOSRVLFLyQKD\ TXHVHUFDSD]GHDUJXPHQWDUODYHUDFLGDGRPD\ RUSUREDELOLGDGGHXQDSRVLFLyQ FRQWUDULDDODTXHPDQWLHQHpVWH 6SLQR]D HQ XQR GH VXV WUDWDGRV SROtWLFRV SRU HMHPSOR SDUHFH GHFLU TXH OD GHPRFUDFLD HV XQ WLSR GH JRELHUQR PiV SULPLWLYR TXH OD PRQDUTXtD DOJR WRWDOPHQWH FRQWUDULR D ORV GDWRV VXILFLHQWHPHQWH FRPSUREDGRV GH OD KLVWRULD SROtWLFD(OHUURUTXHFRPHWHHOILOyVRIRDHVWHUHVSHFWRJXDUGDHVWUHFKDUHODFLyQ FRQ VXV DUJXPHQWRV $ULVWyWHOHV HVWDED PDO LQIRUPDGR DFHUFD GHO SDSHO TXH GHVHPSHxD HO IDFWRU IHPHQLQR HQ OD UHSURGXFFLyQ DQLPDO \ HQ FRQVHFXHQFLD OOHJyDFRQFOXVLRQHVVLQIXQGDPHQWRVREUHORVSURFHVRVGHODSURFUHDFLyQ7RPiV GH$TXLQRFRPHWLyHOHUURUGHVXSRQHUTXHODPDWHULDGHORVFXHUSRVFHOHVWHVHV HVHQFLDOPHQWH GLIHUHQWH GH OD GH ORV FXHUSRV WHUUHVWUHV SRUTXH FUHtD TXH ORV SULPHURVVyORFDPELDQGHSRVLFLyQSHURTXHVRQHQWRGRORGHPiVLQDOWHUDEOHV /D DVWURItVLFD PRGHUQD KD FRUUHJLGR HVWH HUURU \  KD PHMRUDGR OD DVWURQRPtD DQWLJXD \  PHGLHYDO SHUR HQ HVWH FDVR VH WUDWD GH XQ HUURU GH LPSRUWDQFLD OLPLWDGDTXHQRDIHFWDDODH[SOLFDFLyQPHWDItVLFDGH7RPiVGH$TXLQRVREUHOD QDWXUDOH]DGHWRGDVODVFRVDVVHQVLEOHVFRPSXHVWDVGHPDWHULD\ IRUPD (VWRVGRVSULPHURVSXQWRVGHODFUtWLFDSXHGHQJXDUGDUUHODFLyQ&RPRKHPRV YLVWR OD IDOWD GH LQIRUPDFLyQ SXHGH FRQVWLWXLU HO RULJHQ GH DVHUWRV HUUyQHRV \ DGHPiV FXDQGR DOJXLHQ HVWi PDO LQIRUPDGR HQ DOJ~Q VHQWLGR WDPELpQ HVWi

GHVLQIRUPDGR HQ HO PLVPR VHQWLGR SHUR H[LVWHQ GLIHUHQFLDV VL VH WUDWD GH XQ GHIHFWR VLPSOHPHQWH QHJDWLYR R WDPELpQ SRVLWLYR /D IDOWD GH FRQRFLPLHQWRV UHOHYDQWHVLPSLGHUHVROYHUFLHUWRVSUREOHPDVRUHVSDOGDUFLHUWDVFRQFOXVLRQHV6LQ HPEDUJR ODV VXSRVLFLRQHV HUUyQHDV OOHYDQ D FRQFOXVLRQHV IDOVDV \  D VROXFLRQHV LQVRVWHQLEOHV &RQVLGHUDGRV FRQMXQWDPHQWH HVWRV GRV SXQWRV DFXVDQ DO DXWRU GH XQDREUDGHSUHVHQWDUGHIHFWRVHQVXVSUHPLVDVQHFHVLWDPiVFRQRFLPLHQWRVGH ORVTXHSRVHH\ VXVSUXHEDV\ UD]RQHVQRVRQVXILFLHQWHVHQFXDQWRDFDOLGDGR FDQWLGDG  'HFLU TXH XQ DXWRU HV LOyJLFR HTXLYDOH D GHFLU TXH KD FRPHWLGR DOJXQD IDODFLD HQ VX UD]RQDPLHQWR 3RU OR JHQHUDO ODV IDODFLDV VH LQFOX\ HQ HQ GRV FDWHJRUtDVODQRQVHTXLWXUHVGHFLUXQDFRQFOXVLyQTXHQRGHULYDGHODVUD]RQHV DGXFLGDV\ ODGHODLQFRKHUHQFLDHQODTXHGRVFRVDVTXHKDLQWHQWDGRGHFLUHO DXWRUVRQLQFRPSDWLEOHV3DUDHIHFWXDUFXDOTXLHUDGHHVWDVGRVFUtWLFDVHOOHFWRU KDGHVHUFDSD]GHGHPRVWUDUFRQSUHFLVLyQTXpDVSHFWRGHODUJXPHQWRGHODXWRU FDUHFHGHVROLGH]6yORKD\ TXHSUHRFXSDUVHGHHVWHGHIHFWRHQODPHGLGDHQTXH DIHFWHDODVFRQFOXVLRQHVPiVLPSRUWDQWHV8QOLEURSXHGHFDUHFHUGHVROLGH]HQ DVSHFWRVLUUHOHYDQWHV 5HVXOWD PiV GLItFLO LOXVWUDU HVWH WHUFHU SXQWR SRUTXH KD\  SRFRV OLEURV UHDOPHQWH EXHQRV FRQ JUDYHV GHIHFWRV GH UD]RQDPLHQWR &XDQGR HVWR RFXUUH VXHOHQHVWDUFXLGDGRVDPHQWHRFXOWRV\ VyORXQOHFWRUUHDOPHQWHKiELOHVFDSD]GH GHVFXEULUORV SHUR SRGHPRV PRVWUDU XQD IDODFLD HYLGHQWH HQ (O SUtQFLSH GH 0DTXLDYHOR /RVFLPLHQWRVGHWRGRVORV(VWDGRVWDQWRQXHYRVFRPRDQWLJXRVVRQODV EXHQDV OH\ HV &RPR QR SXHGHQ H[LVWLU EXHQDV OH\ HV HQ HO (VWDGR TXH QR HVWi ELHQ DUPDGR KHPRV GH FRQFOXLU TXH ORV TXH HVWiQ ELHQ DUPDGRV WLHQHQEXHQDVOH\ HV 6HQFLOODPHQWHQRVHGHVSUHQGHGHOKHFKRGHTXHODVEXHQDVOH\ HVGHSHQGDQ GH XQDV IXHU]DV SROLFLDOHV DGHFXDGDV HO TXH DOOt GRQGH H[LVWHQ IXHU]DV SROLFLDOHV DGHFXDGDVODVOH\ HVVRQQHFHVDULDPHQWHEXHQDV(QHVWHFDVRSDVDPRVSRUDOWR HOFDUiFWHUVXPDPHQWHGXGRVRGHODSULPHUDDVHYHUDFLyQ\ VyORQRVLQWHUHVDOD QRQ VHTXLWXU (V PiV FLHUWR GHFLU TXH OD IHOLFLGDG GHSHQGH GH OD VDOXG TXH ODV EXHQDV OH\ HV GH XQDV IXHU]DV GH VHJXULGDG HILFDFHV SHUR GH OR DQWHULRU QR VH GHVSUHQGHTXHWRGDVODVSHUVRQDVVDQDVVHDQIHOLFHV (Q(OHPHQWRVGH'HUHFKR+REEHVVRVWLHQHTXHWRGRVORVFXHUSRVQRVRQVLQR FDQWLGDGHV GH PDWHULD HQ PRYLPLHQWR 6HJ~Q pO HO PXQGR GH ORV FXHUSRV QR SRVHH FDUiFWHU FXDOLWDWLYR (Q RWUD SDUWH GH OD REUD VRVWLHQH TXH HO KRPEUH PLVPR QR HV VLQR XQ FXHUSR R XQD FROHFFLyQ GH FXHUSRV DWyPLFRV HQ PRYLPLHQWR6LQHPEDUJRWUDVDGPLWLUODH[LVWHQFLDGHODVFXDOLGDGHVVHQVRULDOHV

²FRORUHVRORUHVJXVWRVHWF²OOHJDDODFRQFOXVLyQGHTXHpVWDVVRQ~QLFDPHQWH ORV PRYLPLHQWRV GH ORV iWRPRV HQ HO FHUHEUR /D FRQFOXVLyQ FDUHFH GH FRKHUHQFLDUHVSHFWRDODSRVWXUDSULPHUDDVDEHUTXHHOPXQGRGHORVFXHUSRV HQ PRYLPLHQWR GHEH DSOLFDUVH D FXDOTXLHU JUXSR FRQFUHWR GH ORV PLVPRV LQFOX\ HQGRORViWRPRVGHOFHUHEUR (VWHWHUFHUSXQWRGHFUtWLFDJXDUGDUHODFLyQFRQORVRWURVGRV1DWXUDOPHQWH HVSRVLEOHTXHXQDXWRUQRORJUHGHULYDUODVFRQFOXVLRQHVLPSOtFLWDVHQODVSUXHEDV R ORV SULQFLSLRV TXH GHILHQGH \  HQWRQFHV VX UD]RQDPLHQWR TXHGDUi LQFRPSOHWR SHUR QRV HVWDPRV RFXSDQGR IXQGDPHQWDOPHQWH GHO FDVR HQ HO TXH VX UD]RQDPLHQWR UHVXOWD LQVXILFLHQWH D SDUWLU GH XQDV EXHQDV EDVHV 5HYLVWH LQWHUpV SHURPHQRULPSRUWDQFLDGHVFXEULUIDOWDGHVROLGH]HQXQUD]RQDPLHQWRDSDUWLUGH SUHPLVDVTXHVRQHQVtIDOVDVDSDUWLUGHSUXHEDVLQVXILFLHQWHV /DSHUVRQDTXHOOHJDDXQDFRQFOXVLyQLQYiOLGDDSDUWLUGHSUHPLVDVVHQVDWDV HVWi HQ FLHUWR VHQWLGR PDO LQIRUPDGD SHUR PHUHFH OD SHQD GLVWLQJXLU HQWUH OD FODVH GH HQXQFLDGR FX\ RV HUURUHV VH GHEHQ D XQ PDO UD]RQDPLHQWR \  OD FODVH H[SXHVWD DQWHULRUPHQWH TXH VH GHEH D RWURV GHIHFWRV VREUH WRGR D XQ FRQRFLPLHQWRLQVXILFLHQWHGHGHWDOOHVUHOHYDQWHV -X]JDUODLQWHJULGDGGHODXWRU /RVWUHVSXQWRVSULQFLSDOHVGHFUtWLFDVREUHORVTXHDFDEDPRVGHUHIOH[LRQDU VHRFXSDQGHODVHQVDWH]\ ODVROLGH]GHORVHQXQFLDGRV\ UD]RQDPLHQWRVGHODXWRU 3DVHPRVDFRQWLQXDFLyQDOFXDUWRFRPHQWDULRDGYHUVRTXHSXHGHKDFHUXQOHFWRU TXHVHUHILHUHDODLQWHJULGDGGHODXWRUDODKRUDGHHMHFXWDUVXSODQODHILFDFLD FRQODTXHGHVHPSHxDODWDUHDTXHKDDFRPHWLGR $QWHVGHDGHQWUDUQRVHQpOKHPRVGHREVHUYDUXQDVSHFWRHQSDUWLFXODU'DGR TXHHOOHFWRUKDGLFKRTXHFRPSUHQGHHOWH[WRVLQRORJUDUHVSDOGDUQLQJXQRGH ORVWUHVSULPHURVSXQWRVHVWDUiREOLJDGRDFRLQFLGLUFRQHODXWRUKDVWDGRQGHpVWH KD\ DOOHJDGR1RWLHQHOLEHUWDGGHHOHFFLyQDHVWHUHVSHFWRQRSRVHHHOVDJUDGR SULYLOHJLRGHGHFLGLUFXiQGRYDDHVWDUGHDFXHUGR\ FXiQGRKDEUiGHGLVHQWLU 6LQRKDORJUDGRGHPRVWUDUTXHHODXWRUHVWiGHVLQIRUPDGRRPDOLQIRUPDGR R TXH HV LOyJLFR UHVSHFWR D WHPDV UHOHYDQWHV VHQFLOODPHQWH QR SXHGH GLVHQWLU 7LHQH TXH DVHQWLU 1R SXHGH GHFLU FRPR KDFHQ WDQWRV HVWXGLDQWHV \  RWUDV SHUVRQDV© 1RYHRQDGDLQFRUUHFWRHQVXVSUHPLVDVQLHUURUHVGHUD]RQDPLHQWR SHURQRHVWR\ GHDFXHUGRFRQODVFRQFOXVLRQHVª /R~QLFRTXHVHGDDHQWHQGHU FRQVHPHMDQWHVSDODEUDVHVTXHQRQRVJXVWDQODVFRQFOXVLRQHVSHURHQUHDOLGDG QR HVWDPRV H[SUHVDQGR GHVDFXHUGR VLQR HPRFLRQHV R SUHMXLFLRV 6L HO OHFWRU VH KDFRQYHQFLGRGHEHDGPLWLUOR6LDSHVDUGHQRKDEHUORJUDGRUHVSDOGDUXQRR PiV GH ORV WUHV SXQWRV GH FUtWLFD SLHQVD KRQUDGDPHQWH TXH QR KD TXHGDGR FRQYHQFLGRTXL]iQRGHEHUtDKDEHUDILUPDGRTXHFRPSUHQGtDHOWH[WR 

/RVWUHVSULPHURVSXQWRVJXDUGDQUHODFLyQFRQORVWpUPLQRVODVSURSRVLFLRQHV \  ORV DUJXPHQWRV GHO DXWRU ORV HOHPHQWRV TXH KD XWLOL]DGR SDUD UHVROYHU ORV SUREOHPDVTXHGLHURQOXJDUDODWDUHDDFRPHWLGD(OFXDUWR²TXHHOOLEURQRHV tQWHJUR²DIHFWDDODHVWUXFWXUDGHOWRGR 'HFLUTXHXQDXWRUKDUHDOL]DGRXQDQiOLVLVLQFRPSOHWRHTXLYDOHDGHFLUTXH QR KD UHVXHOWR WRGRV ORV SUREOHPDV TXH KDEtD SODQWHDGR R TXH QR KD KHFKR HO PHMRU XVR SRVLEOH GH ORV PDWHULDOHV HPSOHDGRV TXH QR KD YLVWR WRGDV VXV FRQVHFXHQFLDV\ UDPLILFDFLRQHVRTXHQRKDVDELGRWUD]DUGLIHUHQFLDVTXHWLHQHQ UHOHYDQFLDUHVSHFWRDODHPSUHVDDFRPHWLGD1REDVWDFRQGHFLUTXHXQOLEURHV LQFRPSOHWRFXDOTXLHUDHVFDSD]GHGHFLUVHPHMDQWHFRVD/RVVHUHVKXPDQRVVRQ ILQLWRV\ WDPELpQVXVREUDVSRUWDQWRFDUHFHGHVHQWLGRKDFHUWDOFRPHQWDULRD PHQRVTXHHOOHFWRUSXHGDGHILQLUHOGHIHFWRFRQWRGDSUHFLVLyQ\ DJUDFLDVDVX SURSLRHVIXHU]RFRPRFRQRFHGRUGHODPDWHULD\ DDODD\ XGDGHRWURVOLEURV 9DPRVDLOXVWUDUHVWHSXQWREUHYHPHQWH(ODQiOLVLVTXHUHDOL]D$ULVWyWHOHVGH ODVFODVHVGHJRELHUQRHQ3ROtWLFDHVLQFRPSOHWRGHELGRDODVOLPLWDFLRQHVGHVX pSRFD\ GHVXDFHSWDFLyQGHODHVFODYLWXGHOILOyVRIRQRWRPDHQFRQVLGHUDFLyQR QLVLTXLHUDFRQFLEHODFRQVWLWXFLyQUHDOPHQWHGHPRFUiWLFDEDVDGDHQHOVXIUDJLR XQLYHUVDO QL LPDJLQD XQ JRELHUQR UHSUHVHQWDWLYR R OD IHGHUDFLyQ GH HVWDGRV PRGHUQD +DEUtD TXH DPSOLDU VX DQiOLVLV SDUD DSOLFDUOR D HVWDV UHDOLGDGHV SROtWLFDV(OHPHQWRVGHJHRPHWUtDGH(XFOLGHVHVXQDREUDLQFRPSOHWDSRUTXHHO DXWRUQRWLHQHHQFXHQWDRWURVSRVWXODGRVDFHUFDGHODVUHODFLRQHVHQWUHODVOtQHDV SDUDOHODV $O WRPDUORV HQ FRQVLGHUDFLyQ ODV REUDV VREUH JHRPHWUtD PRGHUQDV FRPSHQVDQ HVWDV GHILFLHQFLDV &yPR SHQVDPRV GH 'HZH\ HV XQ DQiOLVLV LQFRPSOHWR GHO SHQVDPLHQWR SRUTXH QR WUDWD OD FODVH GH SHQVDPLHQWR TXH VH SURGXFHHQODOHFWXUDRHODSUHQGL]DMHPHGLDQWHODLQVWUXFFLyQVLQRVyORHOTXHVH GD HQ OD LQYHVWLJDFLyQ \  HO GHVFXEULPLHQWR 8Q FULVWLDQR TXH FUHH HQ OD LQPRUWDOLGDGGHODOPDFRQVLGHUDUiTXHHQODVREUDVGH(SLFWHWRR0DUFR$XUHOLR VHUHDOL]DXQDQiOLVLVLQFRPSOHWRGHODIHOLFLGDGKXPDQD (QVHQWLGRHVWULFWRHVWHFXDUWRSXQWRQRFRQVWLWX\ HXQDEDVHSDUDGLVHQWLU(V FUtWLFDPHQWHDGYHUVRVyORHQWDQWRHQFXDQWRVHxDODODVOLPLWDFLRQHVGHORVORJURV GHODXWRU8QOHFWRUTXHHVWiGHDFXHUGRSDUFLDOPHQWHFRQXQOLEUR²SRUTXHQR HQFXHQWUDQLQJXQDUD]yQSDUDKDFHURWURVFRPHQWDULRVFUtWLFRVDGYHUVRV²SXHGH QRREVWDQWHVXVSHQGHUHOMXLFLRDFHUFDGHODWRWDOLGDGGHODREUDDODOX]GHHVWH FXDUWRSXQWRUHIHUHQWHDVXIDOWDGHLQWHJULGDGFLUFXQVWDQFLDTXHREHGHFHDTXH HODXWRUQRKDORJUDGRUHVROYHUDODSHUIHFFLyQORVSUREOHPDVSODQWHDGRV 3XHGHQFRPSDUDUVHFUtWLFDPHQWHRWUDVREUDVSHUWHQHFLHQWHVDOPLVPRFDPSR KDFLHQGR UHIHUHQFLD D HVWRV FXDWUR FULWHULRV 8QD HV PHMRU TXH RWUD VHJ~Q OD SURSRUFLyQ HQ TXH GLJD PiV YHUGDGHV \  FRPHWD PHQRV HUURUHV 6L HVWDPRV OH\ HQGRSDUDREWHQHUFRQRFLPLHQWRVDOWDDODYLVWDTXHHOPHMRUOLEURVHUiHOTXH GpPHMRUWUDWDPLHQWRDXQWHPDHQFRQFUHWR8QHVFULWRUSXHGHFDUHFHUGHXQRV

FRQRFLPLHQWRV TXH RWUR SRVHH R KDFHU VXSRVLFLRQHV HUUyQHDV TXH RWUR QR VRVWHQJDRPRVWUDUPHQRUFRQVLVWHQFLDTXHRWURHQXQUD]RQDPLHQWRDSDUWLUGH SUHPLVDVVLPLODUHVSHURODFRPSDUDFLyQPiVSURIXQGDVHHVWDEOHFHUHVSHFWRDOD LQWHJULGDG GHO DQiOLVLV TXH RIUHFH FDGD XQR GH HOORV /D PHGLGD GH GLFKD LQWHJULGDGVHHQFRQWUDUiHQHOQ~PHURGHGLVWLQFLRQHVYiOLGDV\ VLJQLILFDWLYDVTXH FRQWHQJDQORVWH[WRVFRPSDUDGRV 6HJXUDPHQWH HO OHFWRU KDEUi FRPSUHQGLGR OD XWLOLGDG GH HQWHQGHU ORV WpUPLQRVGHXQDXWRUHOQ~PHURGHWpUPLQRVGLIHUHQWHVHVFRUUHODWLYRDOQ~PHUR GHGLIHUHQFLDVHVWDEOHFLGDV (V SUREDEOH TXH WDPELpQ KD\ D FRPSUHQGLGR TXH HO FXDUWR SXQWR FUtWLFR YLQFXODODVWUHVHWDSDVGHODOHFWXUDDQDOtWLFDGHFXDOTXLHUOLEUR(O~OWLPRSDVRGHO SHUILODGR HVWUXFWXUDO FRQVLVWH HQ FRQRFHU ORV SUREOHPDV TXH WUDWD GH UHVROYHU HO DXWRU\ HO~OWLPRSDVRGHODLQWHUSUHWDFLyQHQVDEHUFXiOHVKDORJUDGRUHVROYHU\ FXiOHVQR(O~OWLPRSDVRGHODFUtWLFDHVGDGRSRUHOSXQWRGHODLQWHJULGDGTXH DIHFWD DO SHUILODGR HVWUXFWXUDO HQ WDQWR HQ FXDQWR WRPD HQ FRQVLGHUDFLyQ OD HIHFWLYLGDG FRQ TXH HO DXWRU KD HQXQFLDGR ORV SUREOHPDV DVt FRPR D OD LQWHUSUHWDFLyQSRUTXHFDOLEUDHQTXpPHGLGDORVKDUHVXHOWR 7HUFHUDHWDSDGHODOHFWXUDDQDOtWLFD (QOtQHDVJHQHUDOHV\ DKHPRV FRPSOHWDGRODHQXPHUDFLyQ\ H[SRVLFLyQ GH ODV UHJODV GH OD OHFWXUD DQDOtWLFD $ FRQWLQXDFLyQ SRGHPRV SUHVHQWDUODV HQ VX WRWDOLGDGVHJ~QHORUGHQTXHVLJXHQ\ EDMRORVHQFDEH]DPLHQWRVDGHFXDGRV ,3ULPHUDHWDSDGHODOHFWXUDDQDOtWLFDUHJODVSDUDGHVFXEULUVREUH TXpWUDWDXQOLEUR &ODVLILFDUHOOLEURVHJ~QODFODVH\ HOWHPD (QXQFLDUVREUHTXpWUDWDHOOLEURFRQODPD\ RUEUHYHGDGSRVLEOH  (QXPHUDU ODV SDUWHV PiV LPSRUWDQWHV VHJ~Q VX RUGHQ \  FRUUHODFLyQ \ SHUILODUGLFKDVSDUWHVDOLJXDOTXHVHKDKHFKRFRQHOWRGR 'HILQLUHOSUREOHPDRORVSUREOHPDVTXHKDWUDWDGRGHUHVROYHUHODXWRU ,,6HJXQGDHWDSDGHODOHFWXUDDQDOtWLFDUHJODVSDUDLQWHUSUHWDUHO FRQWHQLGRGHXQOLEUR /OHJDUDXQDFXHUGRFRQHODXWRULQWHUSUHWDQGRODVSDODEUDVFODYH  &RPSUHQGHU ODV SURSRVLFLRQHV PiV GHVWDFDGDV GHO DXWRU UHIOH[LRQDQGR VREUHODVRUDFLRQHVPiVLPSRUWDQWHV

 &RQRFHU ORV DUJXPHQWRV GHO DXWRU KDOOiQGRORV HQ ODV VHFXHQFLDV GH RUDFLRQHVRFRQVWUX\ pQGRORVDSDUWLUGHpVWDV  'HWHUPLQDU TXp SUREOHPDV KD UHVXHOWR HO DXWRU \  FXiOHV QR \  GH HQWUH HVWRV~OWLPRVFXiOHVVDEHHODXWRUTXHQRKDORJUDGRUHVROYHU ,,,7HUFHUDHWDSDGHODOHFWXUDDQDOtWLFDUHJODVSDUDFULWLFDUXQOLEUR FRPRFRPXQLFDFLyQGHFRQRFLPLHQWRV $0i[LPDVJHQHUDOHVGHODHWLTXHWDLQWHOHFWXDO  1R HPSH]DU OD FUtWLFD DQWHV GH KDEHU FRPSOHWDGR HO SHUILODGR \  OD LQWHUSUHWDFLyQ GHO OLEUR 1R GHFLU TXH VH HVWi GH DFXHUGR R VH GLVLHQWH QL VXVSHQGHUHOMXLFLRKDVWDSRGHUGHFLU© /RFRPSUHQGRª  1RGLVHQWLUSRUSXURDIiQGHSROpPLFD  'HPRVWUDU TXH VH UHFRQRFH OD GLIHUHQFLD HQWUH FRQRFLPLHQWR \  VLPSOH RSLQLyQSHUVRQDODSRUWDQGREXHQDVUD]RQHVSDUDFXDOTXLHUMXLFLRFUtWLFR %&ULWHULRVHVSHFLDOHVSDUDORVSXQWRVGHFUtWLFD 0RVWUDUGyQGHHVWiGHVLQIRUPDGRHODXWRU 0RVWUDUGyQGHHVWiPDOLQIRUPDGRHODXWRU 0RVWUDUGyQGHHVLOyJLFRHODXWRU

0RVWUDUGyQGHHVLQFRPSOHWRHODQiOLVLVGHODXWRU >@  1RWD 'H ORV FXDWUR ~OWLPRV FULWHULRV ORV WUHV SULPHURV VH DSOLFDQ D OD GHVDYHQHQFLD6LHOOHFWRUQRORJUDKDFHUORWHQGUiTXHFRLQFLGLUFRQHODXWRUDO PHQRVHQSDUWHVLELHQSXHGHVXVSHQGHUHOHQMXLFLDPLHQWRGHODWRWDOLGDGDODOX] GHO~OWLPRSXQWR $OILQDOGHOFDStWXORREVHUYiEDPRVTXHODDSOLFDFLyQGHODVFXDWURSULPHUDV UHJODVGHODOHFWXUDDQDOtWLFDD\ XGDDUHVSRQGHUDODSULPHUDSUHJXQWDEiVLFDTXH KD\ TXHSODQWHDUOHDXQOLEURDVDEHU¢VREUHTXpWUDWDHOOLEURFRPRXQWRGR"'H LJXDOPRGRDOILQDOGHOFDStWXORVHxDOiEDPRVTXHDSOLFDUODVFXDWURUHJODVGHOD LQWHUSUHWDFLyQD\ XGDDFRQWHVWDUODVHJXQGDSUHJXQWDTXHKD\ TXHSODQWHDU¢TXp VHGLFHHQGHWDOOH\ FyPRVHORGLFH"3UREDEOHPHQWHHOOHFWRUKD\ DFRPSUHQGLGR TXHODV~OWLPDVVLHWHUHJODVGHODOHFWXUD²ODVPi[LPDVGHODHWLTXHWDLQWHOHFWXDO \ ORVFULWHULRVDFHUFDGHORVSXQWRVGHFUtWLFD²FRQWULEXLUiQDFRQWHVWDUODWHUFHUD \ FXDUWDSUHJXQWDVEiVLFDVHVGHFLU¢HVFLHUWR"\ ¢TXpLPSRUWDQFLDWLHQH" /D WHUFHUD SXHGH SODQWHDUVH DQWH FXDOTXLHU FRVD TXH OHDPRV (V DSOLFDEOH D WRGRWLSRGHHVFULWXUDHQXQRXRWURVHQWLGRGH© YHUGDGª PDWHPiWLFDFLHQWtILFD ILORVyILFD KLVWyULFD \  SRpWLFD 1R SXHGH KDEHU PD\ RU HORJLR GH ODV REUDV GH OD

PHQWH KXPDQD TXH DODEDUODV SRU OD PHGLGD GH YHUGDG TXH KDQ DOFDQ]DGR \ VHJ~Q OD PLVPD IyUPXOD FULWLFDUODV DGYHUVDPHQWH SRU OR FRQWUDULR HTXLYDOH D WUDWDUODV FRQ OD VHULHGDG TXH VH PHUHFH XQD REUD VHULD 6LQ HPEDUJR \  SRU H[WUDxR TXH SDUH]FD HQ DxRV UHFLHQWHV KD HPSH]DGR D GLVPLQXLU HO LQWHUpV SRU HVWRV FULWHULRV GH FDOLGDG SRU SULPHUD YH] HQ OD KLVWRULD RFFLGHQWDO /RV OLEURV REWLHQHQHOEHQHSOiFLWRGHODFUtWLFD\ HODSODXVRSRSXODUFDVLKDVWDHOH[WUHPRGH PRIDUVHGHODYHUGDG\ FXDQWRPiVGHVFDUDGDPHQWHPHMRU0XFKRVOHFWRUHV\ VREUH WRGR TXLHQHV UHVHxDQ ODV SXEOLFDFLRQHV XWLOL]DQ RWURV EDUHPRV SDUD HQMXLFLDUORV HORJLDQ R FRQGHQDQ ORV OLEURV TXH OHHQ SRU VX QRYHGDG VX VHQVDFLRQDOLVPRVXDWUDFWLYRVXIXHU]DRLQFOXVRHOSRGHUTXHSRVHHQSDUDFUHDU FRQIXVLyQSHURQRSRUODYHUGDGTXHHQFLHUUDQSRUVXFODULGDGRFDSDFLGDGGH DSRUWDU FRQRFLPLHQWRV 4XL]i VH KD\ D OOHJDGR D WDO VLWXDFLyQ GHELGR D OD H[LVWHQFLDGHWDQWDVREUDVDMHQDVDOFDPSRGHODVFLHQFLDVH[DFWDVTXHPXHVWUDQ WDQSRFDSUHRFXSDFLyQSRUODYHUGDG1RVDYHQWXUDPRVDSHQVDUTXHVLGHFLUDOJR TXH HV YHUGDG HQ FXDOTXLHU VHQWLGR GHO WpUPLQR YROYLHUD D FRQVWLWXLU HO LQWHUpV IXQGDPHQWDO FRPR RFXUUtD DQWHV VH HVFULELUtDQ VH SXEOLFDUtDQ \  VH OHHUtDQ PHQRVOLEURV $ PHQRV TXH OR TXH KD\ DPRV OHtGR FRQWHQJD DOJR GH YHUGDG QR KD\ QHFHVLGDGDOJXQDGHFRQWLQXDUOH\ HQGRSHURHQRWURFDVRKDEUiTXHHQIUHQWDUVH FRQ OD ~OWLPD SUHJXQWD 1R VH SXHGH OHHU SDUD REWHQHU LQIRUPDFLyQ GH IRUPD LQWHOLJHQWHVLQGHWHUPLQDUTXpLPSRUWDQFLDVHDWULEX\ HRVHGHEHUtDDWULEXLUDORV KHFKRV H[SXHVWRV /RV KHFKRV UDUDPHQWH OOHJDQ D QXHVWUDV PDQRV VLQ FLHUWD LQWHUSUHWDFLyQ H[SOtFLWD R LPSOtFLWD DOJR DSOLFDEOH VREUH WRGR D OD OHFWXUD GH UHV~PHQHV LQIRUPDWLYRV HQ ORV TXH QHFHVDULDPHQWH KD\  TXH VHOHFFLRQDU ORV GDWRV VHJ~Q FLHUWD YDORUDFLyQ GH VX LPSRUWDQFLD VHJ~Q FLHUWRV SULQFLSLRV GH LQWHUSUHWDFLyQ<VLOHHPRVSDUDREWHQHUFRQRFLPLHQWRVHQUHDOLGDGQRVHSXHGH SRQHUILQDODLQGDJDFLyQTXHHQWRGDVODVHWDSDVGHODSUHQGL]DMHVHUHQXHYDFRQ ODSUHJXQWD¢TXpLPSRUWDQFLDWLHQH" &RPR \ D KHPRV VHxDODGR HVWDV FXDWUR SUHJXQWDV UHVXPHQ WRGDV ODV REOLJDFLRQHVGHOOHFWRU$GHPiVODVWUHVSULPHUDVFRUUHVSRQGHQDDOJRLPEULFDGR HQ HO FDUiFWHU PLVPR GHO GLVFXUVR KXPDQR 6L OD FRPXQLFDFLyQ QR IXHUD FRPSOHMD QR VH QHFHVLWDUtD HO SHUILODGR HVWUXFWXUDO \  VL HO OHQJXDMH IXHVH XQ PHGLRSHUIHFWRQRUHODWLYDPHQWHRSDFRQRKDEUtDQHFHVLGDGGHLQWHUSUHWDFLyQ 6L HO HUURU \  OD LJQRUDQFLD QR OLPLWDVHQ OD YHUGDG \  HO FRQRFLPLHQWR QR WHQGUtDPRV TXH VHU FUtWLFRV /D FXDUWD SUHJXQWD DIHFWD D OD GLIHUHQFLD HQWUH LQIRUPDFLyQ \  HQWHQGLPLHQWR &XDQGR HO PDWHULDO OHtGR WLHQH FDUiFWHU IXQGDPHQWDOPHQWH LQIRUPDWLYR QRV HQFRQWUDPRV DQWH HO UHWR GH FRQWLQXDU HQ EXVFD GH FRQRFLPLHQWR H LQFOXVR VL \ D KHPRV DGTXLULGR FLHUWR FRQRFLPLHQWR JUDFLDVDODOHFWXUDKHPRVGHSURVHJXLUODE~VTXHGDODGHOVLJQLILFDGRGHOWH[WR $QWHVGHDGHQWUDUQRVHQODWHUFHUDSDUWHTXL]iGHEHUtDPRVGHVWDFDUXQDYH] PiVTXHHVWDVQRUPDVGHODOHFWXUDDQDOtWLFDGHVFULEHQXQDDFWXDFLyQLGHDO3RFDV

SHUVRQDV KDEUiQ OHtGR XQ OLEUR GH HVWD IRUPD LGHDO \  ODV TXH OR KD\ DQ KHFKR SUREDEOHPHQWHORKDEUiQUHDOL]DGRFRQPX\ SRFDVREUDV6LQHPEDUJRHOLGHDO VLJXH FRQVWLWX\ HQGR OD PHGLGD GHO p[LWR DOFDQ]DGR HQ OD WDUHD \  VHUHPRV PHMRUHVOHFWRUHVFXDQWRPiVQRVDSUR[LPHPRVDpO &XDQGRGHFLPRVGHDOJXLHQTXHHV© PX\ OHtGRª GHEHUtDPRVWHQHUHQPHQWH HVWH LGHDO SRUTXH PXFKDV YHFHV XWLOL]DPRV OD H[SUHVLyQ SDUD UHIHULUQRV D OD FDQWLGDG\ QRDOD FDOLGDGGHODOHFWXUD8QD SHUVRQDTXHKDOHtGRPXFKR SHUR PDOPHUHFHPiVOiVWLPDTXHHORJLRV&RPRGLFH+REEHV© 6LOH\ HUDWDQWRVOLEURV FRPRODPD\ RUtDGHODVSHUVRQDVVHUtDWDQHVW~SLGRFRPRHOODVª  /RV JUDQGHV HVFULWRUHV KDQ VLGR VLHPSUH JUDQGHV OHFWRUHV SHUR HVR QR VLJQLILFDTXHKD\ DQOHtGRWRGRVORVOLEURVFRQVLGHUDGRVLQGLVSHQVDEOHVHQVXpSRFD (Q PXFKRV FDVRV OH\ HURQ PHQRV GH ORV TXH VH UHTXLHUHQ DFWXDOPHQWH HQ OD PD\ RUtD GH ODV XQLYHUVLGDGHV SHUR UHDOL]DURQ XQD EXHQD OHFWXUD $O KDEHU GRPLQDGRHVWDVREUDVVHLJXDODURQFRQVXVDXWRUHVDGTXLULHURQHOGHUHFKRDVHU DXWRULGDGHV (Q HO WUDQVFXUVR QDWXUDO GH ORV DFRQWHFLPLHQWRV RFXUUH FRQ IUHFXHQFLDTXHXQEXHQHVWXGLDQWHOOHJDDVHUSURIHVRUGHOPLVPRPRGRTXHXQ EXHQOHFWRUOOHJDDVHUHVFULWRU 1RWHQHPRVLQWHQFLyQGHDOHQWDUHOSDVRGHODOHFWXUDDODHVFULWXUDVLQRGH UHFRUGDU DO OHFWRU TXH VH DSUR[LPDUi DO LGHDO GH OD EXHQD OHFWXUD DSOLFDQGR ODV UHJODVTXHKHPRVGHVFULWRDORFXSDUQRVGHXQVROROLEUR\ QRLQWHQWDQGRFRQRFHU VXSHUILFLDOPHQWH PXFKRV 'HVGH OXHJR KD\  PXFKRV OLEURV TXH PHUHFHQ XQD EXHQDOHFWXUD\ XQQ~PHURD~QPD\ RUGHORVPLVPRVDORVTXHVyORVHGHEHUtD GHGLFDU XQD LQVSHFFLyQ 3DUD VHU XQD SHUVRQD OHtGD HQ WRGRV ORV VHQWLGRV GH OD SDODEUD KD\  TXH VDEHU XWLOL]DU WRGDV ODV GHVWUH]DV TXH VH SRVHHQ FRQ GLVFHUQLPLHQWROH\ HQGRFDGDOLEURVHJ~QVXVPpULWRV

 $<8'$63$5$(//(&725

3RGHPRV GHQRPLQDU H[WUtQVHFD D FXDOTXLHU D\ XGD SDUD OD OHFWXUD TXH VH HQFXHQWUH IXHUD GHO OLEUR TXH HVWDPRV OH\ HQGR &RQ © OHFWXUD LQWUtQVHFDª  QRV UHIHULPRVDOHHUXQOLEURHQVtLQGHSHQGLHQWHPHQWHGHWRGRVORVGHPiVPLHQWUDV TXH FRQ © OHFWXUD H[WUtQVHFDª  QRV UHIHULPRV D OHHU XQ OLEUR D OD OX] GH RWURV +DVWD HO PRPHQWR KHPRV HYLWDGR LQWHQFLRQDGDPHQWH PHQFLRQDU FXDOTXLHU D\ XGD H[WUtQVHFD /DV QRUPDV TXH KHPRV H[SXHVWR DIHFWDQ D OD OHFWXUD LQWUtQVHFDSXHVQRFRQWHPSODQVDOLUGHOOLEURSDUDDYHULJXDUTXpVLJQLILFD([LVWHQ EXHQDV UD]RQHV SDUD TXH KD\ DPRV LQVLVWLGR HQ OD WDUHD IXQGDPHQWDO GHO OHFWRU WUDEDMDU HQ HO OLEUR D VRODV FRQ HO SRGHU GH VX PHQWH VLQ QLQJXQD RWUD D\ XGD 3HURVXSRQGUtDXQHUURUVHJXLULQVLVWLHQGRHQHVWHH[WUHPR/DVD\ XGDVH[WHUQDV SXHGHQUHVXOWDU~WLOHV\ DYHFHVQHFHVDULDVSDUDXQDSOHQDFRPSUHQVLyQ 8QD GH ODV UD]RQHV SRU ODV TXH QR KHPRV GLFKR QDGD VREUH OD OHFWXUD H[WUtQVHFD KDVWD HO PRPHQWR HVWULED HQ TXH WDQWR HVWH WLSR GH OHFWXUD FRPR OD LQWUtQVHFDWLHQGHQDIXVLRQDUVHHQHOSURFHVRGHFRPSUHQVLyQ\ FUtWLFDGHXQOLEUR ,QHYLWDEOHPHQWH QXHVWUD H[SHULHQFLD DIHFWD D ODV WDUHDV GH LQWHUSUHWDFLyQ \ FUtWLFD H LQFOXVR GH SHUILODGR HVWUXFWXUDO &XDOTXLHU SHUVRQD KDEUi OHtGR RWURV OLEURVDQWHVTXHpVWHQDGLHHPSLH]DSRUODOHFWXUDDQDOtWLFD4XL]iQRH[SORWHPRV QXHVWUDH[SHULHQFLDGHRWURVOLEURV\ GHODYLGDFRPRGHEHUtDPRVSHURGHWRGRV PRGRV VRSHVDPRV ORV HQXQFLDGRV \  FRQFOXVLRQHV GH XQ HVFULWRU FRQ RWURV HOHPHQWRVTXHFRQRFHPRVSURFHGHQWHVGHPX\ GLYHUVDVIXHQWHV3RUWDQWRHVGH VHQWLGR FRP~Q GHFLU TXH QR VH GHEH OHHU QLQJ~Q OLEUR SRUTXH QR VH SXHGH GH IRUPDWRWDOPHQWHDLVODGD 3HUR OD SULQFLSDO UD]yQ SDUD KDEHU HYLWDGR ODV D\ XGDV H[WUtQVHFDV KDVWD HO PRPHQWR HVWULED HQ TXH PXFKRV OHFWRUHV GHSHQGHQ GHPDVLDGR GH HOODV \ GHVHiEDPRVTXHVHFRPSUHQGLHUDTXHQRHVQHFHVDULR1RQRVSDUHFHEXHQDLGHD OHHUXQOLEURFRQXQGLFFLRQDULRDOODGRDXQTXHHVWRQRVLJQLILFDTXHQXQFDGHED FRQVXOWDUVHXQRSDUDDYHULJXDUHOVLJQLILFDGRGHSDODEUDVGHVFRQRFLGDV'HLJXDO PRGRHQPXFKRVFDVRVQRFRQYLHQHEXVFDUHOVLJQLILFDGRGHXQOLEURTXHFDXVD FRQIXVLyQ HQ XQD REUD GH FRQVXOWD (Q FRQMXQWR OR PHMRU HV KDFHU FXDQWR VH

SXHGDSRUXQRPLVPRDQWHVGHLUHQEXVFDGHD\ XGDH[WHULRUSXHVVLVHUHVSHWD HVWHSULQFLSLRFDGDYH]VHODQHFHVLWDUiPHQRV /DVD\ XGDVH[WUtQVHFDVSDUDODOHFWXUDSHUWHQHFHQDFXDWURFDWHJRUtDV6HJ~Q HO RUGHQ HQ TXH ODV H[SRQGUHPRV HQ HO SUHVHQWH FDStWXOR VRQ ODV VLJXLHQWHV SULPHUD H[SHULHQFLDV UHOHYDQWHV VHJXQGD RWURV OLEURV WHUFHUD FRPHQWDULRV \ UHV~PHQHV\ FXDUWDOLEURVGHFRQVXOWD 1RVHSXHGHGHILQLUFXiQGR\ FyPRXWLOL]DUODVHQFDGDFDVRFRQFUHWRSHURVt RIUHFHUDOJXQDVVXJHUHQFLDVJHQHUDOHV(VXQDPi[LPDGHVHQWLGRFRP~QSDUDOD OHFWXUDTXHKD\ TXHEXVFDUD\ XGDH[WHULRUVLHPSUHTXHXQOLEURVLJDUHVXOWDQGR LQLQWHOLJLEOH \ D VHD HQ SDUWH R HQ VX WRWDOLGDG GHVSXpV GH KDEHU KHFKR WRGR OR SRVLEOHSRUOHHUORDWHQLpQGRVHDODVQRUPDVGHODOHFWXUDLQWUtQVHFD

(OSDSHOGHODH[SHULHQFLDUHOHYDQWH ([LVWHQ GRV WLSRV GH H[SHULHQFLD UHOHYDQWH D ORV TXH VH SXHGH UHFXUULU SDUD FRPSUHQGHUOLEURVGLItFLOHV
TXH HVWDPRV GiQGROH D HVWD SDODEUD $OJXQDV SHUVRQDV QXQFD OR H[SHULPHQWDQ SHUR OD H[SHULHQFLD HV FRPSDUWLGD SRU XQD SURSRUFLyQ WDQ HOHYDGD GH VHUHV KXPDQRVTXHQRSXHGHFRQVLGHUDUVHHVSHFLDO(VWRQRVLJQLILFDTXHODDFWLYLGDG VH[XDO QR SXHGD HVWXGLDUVH HQ HO ODERUDWRULR FRPR GH KHFKR KD RFXUULGR  7DPSRFR OD H[SHULHQFLD GH VHU HQVHxDGR HV XQLYHUVDO SRUTXH DOJXQDV SHUVRQDV QXQFDYDQDOFROHJLRSHURVtFRP~Q /RV GRV WLSRV GH H[SHULHQFLD VRQ DSOLFDEOHV D GLIHUHQWHV FODVHV GH OLEURV /D FRP~QWLHQHPD\ RUUHOHYDQFLDDODKRUDGHOHHUILFFLyQSRUXQDSDUWH\ GHOHHU ILORVRItDSRURWUD/RVMXLFLRVUHODWLYRVDODYHURVLPLOLWXGGHXQDQRYHODVHEDVDQ FDVLSRUFRPSOHWRHQODH[SHULHQFLDFRP~QHOOLEURHVYHUGDGHURRQRYHUGDGHUR SDUDQXHVWUDH[SHULHQFLDGHODYLGDWDOFRPRODOOHYDODPD\ RUtDGHODVSHUVRQDV $OLJXDOTXHHOSRHWDHOILOyVRIRUHFXUUHDODH[SHULHQFLDFRP~QGHODKXPDQLGDG \  QR WUDEDMD HQ ODERUDWRULRV QL UHDOL]D WUDEDMRV GH FDPSR 'H DTXt TXH SDUD FRPSUHQGHU\ SRQHUDSUXHEDORVSULQFLSLRVIXQGDPHQWDOHVGHXQILOyVRIRQRVH QHFHVLWHODD\ XGDH[WUtQVHFDGHODH[SHULHQFLDHVSHFLDOSRUTXHUHPLWHQDOOHFWRU DOVHQWLGRFRP~Q\ DODREVHUYDFLyQFRWLGLDQDGHOPXQGRHQHOTXHYLYH /DH[SHULHQFLDHVSHFLDOHVIXQGDPHQWDOPHQWHDSOLFDEOHDODOHFWXUDGHOLEURV FLHQWtILFRV 3DUD FRPSUHQGHU \  MX]JDU ORV DUJXPHQWRV LQGXFWLYRV GH XQD REUD FLHQWtILFDKD\ TXHVHUFDSD]GHVHJXLUODVSUXHEDVTXHSUHVHQWDHOFLHQWtILFRFRPR EDVH$YHFHVVHGHVFULEHXQH[SHULPHQWRWDQYtYLGR\ FODUDPHQWHTXHQRVHQRV SODQWHDQ SUREOHPDV \  HQ RWUDV RFDVLRQHV ODV LOXVWUDFLRQHV \  ORV GLDJUDPDV D\ XGDQDIDPLOLDUL]DUVHFRQORVIHQyPHQRVGHVFULWRV $PEDV H[SHULHQFLDV VH DSOLFDQ D OD OHFWXUD GH OLEURV KLVWyULFRV SRUTXH OD KLVWRULD SDUWLFLSD GH OR ILFWLFLR \  GH OR FLHQWtILFR 3RU XQD SDUWH XQD KLVWRULD QDUUDWLYD HV XQ UHODWR FRQ WUDPD \  SHUVRQDMHV HSLVRGLRV FRPSOLFDFLRQHV GH OD DFFLyQ XQ SXQWR FXOPLQDQWH \  XQDV FRQVHFXHQFLDV /D H[SHULHQFLD FRP~Q DSOLFDEOH D OD OHFWXUD GH QRYHODV \  REUDV GH WHDWUR WDPELpQ OR HV D HVWDV REUDV SHURODKLVWRULDHVDVLPLVPRFRPRODFLHQFLDHQHOVHQWLGRGHTXHDOPHQRVXQD SDUWH GH OD H[SHULHQFLD HQ OD TXH HO KLVWRULDGRU EDVD VX WUDEDMR WLHQH FDUiFWHU EDVWDQWHHVSHFLDO3XHGHKDEHUOHtGRXQRRPXFKRVGRFXPHQWRVTXHHOOHFWRUQR FRPSUHQGHUtD VLQ JUDQGHV GLILFXOWDGHV R KDEHU UHDOL]DGR SURORQJDGDV LQYHVWLJDFLRQHV HQWUH ORV YHVWLJLRV GH FLYLOL]DFLRQHV SDVDGDV R PHGLDQWH HQWUHYLVWDVDSHUVRQDVYLYDVHQOXJDUHVGLVWDQWHV ¢&yPRVDEHUVLVHHVWiXWLOL]DQGRGHELGDPHQWHODH[SHULHQFLDSDUDTXHVLUYD GHD\ XGDDODKRUDGHFRPSUHQGHUXQOLEUR"/DSUXHEDPiVVHJXUDFRLQFLGHFRQ ODTXH\ DKHPRVUHFRPHQGDGR SDUDFRPSUREDUODFRPSUHQVLyQSUHJXQWDUVH VL VH SXHGH RIUHFHU XQ HMHPSOR FRQFUHWR GH XQ SXQWR TXH VH FUHH FRPSUHQGHU +HPRV SHGLGR D PXFKRV DOXPQRV QXHVWURV TXH KLFLHUDQ RWUR WDQWR \  KHPRV GHVFXELHUWRTXHQRHUDQFDSDFHVGHHOOR'DEDQODLPSUHVLyQGHKDEHUHQWHQGLGR XQSXQWRFRQFUHWRSHURVHVHQWtDQWRWDOPHQWHSHUGLGRVFXDQGRWHQtDQTXHGDUXQ HMHPSORHVGHFLUTXHQRKDEtDQFRPSUHQGLGRHOOLEUR5HFRPHQGDPRVDOOHFWRU

TXHVHVRPHWDDHVWDSUXHEDFXDQGRQRWHQJDODDEVROXWDFHUWH]DGHKDEHUOOHJDGR DO IRQGR GH XQ OLEUR 3RQJDPRV SRU HMHPSOR OD H[SRVLFLyQ VREUH OD YLUWXG TXH DSDUHFHHQeWLFDGH$ULVWyWHOHV(OILOyVRIRLQVLVWHHQTXHODYLUWXGFRQVWLWX\ HHO PHGLR HQWUH ORV H[WUHPRV GHO GHIHFWR \  HO H[FHVR \  DSRUWD YDULRV HMHPSORV FRQFUHWRV¢3XHGHRIUHFHUHOOHFWRUDOJXQRVPiV"(QWDOFDVRKDEUiFRPSUHQGLGR HODUJXPHQWRJHQHUDOGHORFRQWUDULRGHEHUiYROYHUDOHHUODH[SRVLFLyQ 2WURVOLEURVFRPRD\ XGDH[WUtQVHFDSDUDODOHFWXUD 3RVWHULRUPHQWHDxDGLUHPRVDOJRPiVDFHUFDGHODOHFWXUDSDUDOHODHQODTXH VH OHH PiV GH XQ OLEUR VREUH XQ WHPD ~QLFR 'H PRPHQWR TXLVLpUDPRV GHFLU DOJXQDV FRVDV VREUH OD FRQYHQLHQFLD GH DFXGLU D RWURV OLEURV FRPR D\ XGD H[WUtQVHFDSDUDODOHFWXUDGHXQDREUDHQFRQFUHWR 1XHVWUR FRQVHMR VH DSOLFD HVSHFLDOPHQWH D OD OHFWXUD GH ODV GHQRPLQDGDV JUDQGHV REUDV (O HQWXVLDVPR FRQ TXH OD DFRPHWH OD PD\ RUtD GH ODV SHUVRQDV PXFKDV YHFHV VH FRQYLHUWH DO SRFR WLHPSR HQ XQD VHQVDFLyQ GH LPSRWHQFLD 1DWXUDOPHQWHXQDGHODVUD]RQHVHVWULEDHQTXHPXFKDVSHUVRQDVQRVDEHQOHHU XQ VROR OLEUR GHPDVLDGR ELHQ SHUR HVR QR HV WRGR ([LVWH RWUD UD]yQ FUHHQ TXH GHEHUtDQ FRPSUHQGHU HO SULPHU OLEUR TXH FDH HQ VXV PDQRV VLQ KDEHU OHtGR ORV GHPiVFRQORVTXHJXDUGDHVWUHFKDUHODFLyQ4XL]iLQWHQWHQOHHU/RV GRFXPHQWRV GH ORV IHGHUDOLVWDV VLQ KDEHU OHtGR DQWHV ORV DUWtFXORV GH OD &RQIHGHUDFLyQ \  OD &RQVWLWXFLyQ R (O HVStULWX GH ODV OH\HV GH 0RQWHVTXLHX (O FRQWUDWR VRFLDO GH 5RXVVHDX\ HOVHJXQGRWUDWDGRGH'HOJRELHUQRFLYLOGH/RFNH 1R VyOR PXFKDV GH ODV JUDQGHV REUDV HVWiQ UHODFLRQDGDV HQWUH Vt VLQR TXH HVWiQHVFULWDVVHJ~QFLHUWRRUGHQTXHQRGHEHUtDSDVDUVHSRUDOWR/RVHVFULWRUHV GHpSRFDVPiVDQWLJXDVHMHUFHQLQIOXHQFLDVREUHORVGHpSRFDVPiVPRGHUQDV\ VLVHOHHSULPHURDOPiVDQWLJXRTXL]ipVWHD\ XGHDFRPSUHQGHUDOPiVPRGHUQR /HHU OLEURV TXH JXDUGDQ UHODFLyQ HQWUH Vt \  VLJXLHQGR XQ RUGHQ TXH KDFH PiV LQWHOLJLEOHV ORV ~OWLPRV FRQVWLWX\ H XQD UHJOD EiVLFD GH VHQWLGR FRP~Q SDUD OD OHFWXUDH[WUtQVHFD /DXWLOLGDGGHHVWHWLSRGHOHFWXUDUDGLFDVLPSOHPHQWHHQXQDDPSOLDFLyQGHO YDORU GHO FRQWH[WR DO OHHU XQ VROR OLEUR +HPRV YLVWR FyPR KD\  TXH XWLOL]DU HO FRQWH[WR SDUD LQWHUSUHWDU SDODEUDV \  RUDFLRQHV FRQ HO ILQ GH KDOODU WpUPLQRV \ SURSRVLFLRQHV$OLJXDOTXHHOOLEURHQFRQMXQWRHVHOFRQWH[WRSDUDFXDOTXLHUDGH VXV SDUWHV ORV OLEURV TXH HVWiQ UHODFLRQDGRV HQWUH Vt SURSRUFLRQDQ XQ FRQWH[WR LQFOXVRPiVDPSOLRTXHD\ XGDDLQWHUSUHWDUODREUDTXHVHHVWiOH\ HQGR 6H KD REVHUYDGR FRQ IUHFXHQFLD TXH ODV JUDQGHV REUDV SDUWLFLSDQ HQ XQD SURORQJDGDFRQYHUVDFLyQ/RVJUDQGHVDXWRUHVIXHURQWDPELpQJUDQGHVOHFWRUHV \  XQD IRUPD GH FRPSUHQGHUORV FRQVLVWH HQ OHHU ORV OLEURV TXH HOORV OH\ HURQ &RPROHFWRUHVHQWDEODURQFRQYHUVDFLyQFRQRWURVDXWRUHVDOLJXDOTXHFDGDXQR

GH QRVRWURV HQWDEOD XQD FRQYHUVDFLyQ FRQ ORV OLEURV TXH OHH DXQTXH TXL]i QR HVFULEDRWURV 3DUD SDUWLFLSDU HQ HVWD FRQYHUVDFLyQ KHPRV GH OHHU ODV JUDQGHV REUDV UHODFLRQiQGRODV HQWUH Vt \  VLJXLHQGR XQ RUGHQ TXH HQ FLHUWR PRGR UHVSHWH OD FURQRORJtD /D FRQYHUVDFLyQ GH ORV OLEURV VH GHVDUUROOD HQ HO WLHPSR HOHPHQWR HVHQFLDO TXH QR GHEHPRV GHVSUHFLDU 6H ORV SXHGH OHHU UHWURFHGLHQGR GHVGH HO SUHVHQWHKDFLDHOSDVDGRRDODLQYHUVD6LELHQHORUGHQTXHYDGHVGHHOSDVDGR KDVWD HO SUHVHQWH SUHVHQWD FLHUWDV YHQWDMDV SRU VHU PiV QDWXUDO OD FURQRORJtD SXHGHUHVSHWDUVHGHDPEDVPDQHUDV +HPRVGHVHxDODUTXHODQHFHVLGDGGHOHHUOLEURVGHHVWHPRGRVHDSOLFDPiV DODKLVWRULD\ ODILORVRItDTXHDODFLHQFLD\ ODILFFLyQ(OFDVRPiVLPSRUWDQWHHV HO GH OD ILORVRItD SRUTXH ORV ILOyVRIRV VH OHHQ PXWXDPHQWH \  TXL]i HO PHQRV LPSRUWDQWH FRUUHVSRQGD D ODV QRYHODV R HO WHDWUR TXH VL VRQ UHDOPHQWH EXHQRV SXHGHQOHHUVHDLVODGDPHQWHDXQTXHHOFUtWLFROLWHUDULRQRVHOLPLWDUiDHVR 8WLOL]DFLyQGHFRPHQWDULRV\ UHV~PHQHV ([LVWH XQD WHUFHUD FDWHJRUtD GH D\ XGD H[WUtQVHFD SDUD OD OHFWXUD TXH FRPSUHQGHORVFRPHQWDULRV\ UHV~PHQHV/RTXHKHPRVGHGHVWDFDUHQHVWHFDVR HV TXH HVWDV REUDV GHEHQ XWLOL]DUVH FRQ SUXGHQFLD OR TXH HTXLYDOH D GHFLU FRQ SDUTXHGDG\ HOORSRUGRVUD]RQHV /DSULPHUDHVWULEDHQTXHTXLHQHVUHDOL]DQORVFRPHQWDULRVVREUHXQOLEURQR VLHPSUHHVWiQHQORFLHUWR1DWXUDOPHQWHHQRFDVLRQHVVXVREUDVUHVXOWDQGHJUDQ D\ XGD SHUR QR FRQ WDQWD IUHFXHQFLD FRPR VHUtD GH GHVHDU /DV JXtDV \  ORV PDQXDOHVTXHVHSXHGHQHQFRQWUDUHQODVELEOLRWHFDVGHODVXQLYHUVLGDGHV\ HQODV OLEUHUtDV D ODV TXH DFXGHQ ORV HVWXGLDQWHV GH HQVHxDQ]D PHGLD SXHGHQ SURGXFLU JUDQ FRQIXVLyQ (VWDV REUDV SUHWHQGHQ HQVHxDU DO HVWXGLDQWH WRGR OR TXH KD GH VDEHUDFHUFDGHXQOLEURDVLJQDGRSRUXQRGHVXVSURIHVRUHVSHURPXFKDVYHFHV FRPHWHQSHQRVRVHUURUHVGHLQWHUSUHWDFLyQ\ DGHPiVHQODSUiFWLFDGHVDJUDGDQ DDOJXQRVHQVHxDQWHV (QGHIHQVDGHORVPDQXDOHVKHPRVGHUHFRQRFHUTXHFRQIUHFXHQFLDUHVXOWDQ LQDSUHFLDEOHV D OD KRUD GH DSUREDU XQ H[DPHQ $GHPiV SDUD FRQWUDUUHVWDU HO KHFKRGHTXHDDOJXQRVSURIHVRUHVOHVLUULWHQORVHUURUHVTXHFRQWLHQHQRWURVORV XWLOL]DQHQODHQVHxDQ]D /DVHJXQGDUD]yQSDUDXWLOL]DUORVFRQSDUTXHGDGFRQVLVWHHQTXHLQFOXVRVLVRQ FRUUHFWRV TXL]i QR VHDQ H[KDXVWLYRV HV GHFLU TXH HO OHFWRU SXHGH GHVFXEULU VLJQLILFDGRV LPSRUWDQWHV HQ XQ OLEUR TXH HO DXWRU TXH KD HVFULWR HO FRPHQWDULR VREUH pO QR KD REVHUYDGR 3RU WDQWR OHHU XQ WUDEDMR GH HVWH WLSR VREUH WRGR VL SDUHFHPX\ VHJXURGHVtWLHQGHDOLPLWDUODFRPSUHQVLyQGHXQOLEURLQFOXVRVL pVWDHVFRUUHFWD

'HDTXtTXHGHVHHPRVGDUXQFRQVHMRDOOHFWRUDFHUFDGHODXWLOL]DFLyQGHHVWD FODVHGHREUDVTXHHQUHDOLGDGVHDSUR[LPDEDVWDQWHDXQDQRUPDEiVLFDGHOD OHFWXUDH[WUtQVHFD0LHQWUDVTXHXQDGHODVUHJODVGHODOHFWXUDLQWUtQVHFDFRQVLVWH HQ OHHU HO SUyORJR \  OD LQWURGXFFLyQ GHO DXWRU DQWHV GH DGHQWUDUVH HQ HO OLEUR SURSLDPHQWH GLFKR HQ HO FDVR GH OD OHFWXUD H[WUtQVHFD QR VH GHEH OHHU XQ FRPHQWDULR HVFULWR SRU RWUD SHUVRQD KDVWD GHVSXpV GH KDEHU OHtGR HO OLEUR DOJR DSOLFDEOHVREUHWRGRDODVLQWURGXFFLRQHVFUtWLFDV\ HUXGLWDV6yORVHODVXWLOL]DUtD DGHFXDGDPHQWH VL VH KLFLHVH WRGR OR SRVLEOH SRU OHHU HO OLEUR HQ SULPHU OXJDU \ GHVSXpV\ VyORGHVSXpVVHUHFXUULHVHDHOODVSDUDEXVFDUODUHVSXHVWDDSUHJXQWDV TXHVLJXHQFDXVDQGRSHUSOHMLGDG6LVHOHHQDQWHVSUREDEOHPHQWHGLVWRUVLRQDUiQ ODOHFWXUDGHOOLEUR\ VHWHQGHUiDYHU~QLFDPHQWHORVSXQWRVTXHVHxDODHOFUtWLFR VLQOOHJDUDYHURWURVTXL]iLJXDOPHQWHLPSRUWDQWHV 6H SXHGH REWHQHU FRQVLGHUDEOH SODFHU FRQ OD OHFWXUD GH HVWDV LQWURGXFFLRQHV FXDQGR VH OD OOHYD D FDER GH HVWD IRUPD +HPRV OHtGR HO OLEUR \  OR KHPRV FRPSUHQGLGR (O DXWRU GH OD LQWURGXFFLyQ WDPELpQ OR KD OHtGR WDO YH] PXFKDV YHFHV\ VHKDIRUPDGRVXSURSLDFRQFHSFLyQGHOPLVPR3RUFRQVLJXLHQWHQRV DSUR[LPDPRV D pO HQ LJXDOGDG GH FRQGLFLRQHV SHUR VL OHHPRV OD LQWURGXFFLyQ DQWHVTXHHOOLEURHVWDUHPRVDVXPHUFHG (VWDUHJODSRUODTXHORVFRPHQWDULRVGHEHQOHHUVHGHVSXpVTXHHOOLEURVREUH HO TXH WUDWDQ \  QR DQWHV VH DSOLFD LJXDOPHQWH D ORV PDQXDOHV REUDV TXH QR FDXVDUiQ QLQJ~Q SHUMXLFLR VL \ D VH KD OHtGR HO OLEUR \  VH VDEH GyQGH IDOOD HO PDQXDOVLWDOHVHOFDVRSHURVLVHGHSHQGHSRUFRPSOHWRGHpO\ QXQFDVHOHHQ ORVRULJLQDOHVVHFUHDUiQJUDQGHVGLILFXOWDGHV < DGHPiV KD\  RWURV GHWDOOHV 6L VH DGTXLHUH HO KiELWR GH GHSHQGHU GH FRPHQWDULRV\ PDQXDOHVQRVHHQFRQWUDUiVHQWLGRDQLQJXQDREUDVLQHOORV4XL]i SRGDPRV FRPSUHQGHU XQ OLEUR HQ FRQFUHWR FRQ D\ XGD GH XQ PDQXDO SHUR HQ OtQHDVJHQHUDOHVVHUHPRVSHRUHVOHFWRUHV /DUHJODGHODOHFWXUDH[WUtQVHFDTXHDFDEDPRVGHH[SRQHUWDPELpQVHDSOLFD DORVUHV~PHQHV5HVXOWDQ~WLOHVHQGRVVHQWLGRVSHURVyORHQHVRVGRVVHQWLGRV(Q SULPHUOXJDUSXHGHQD\ XGDUDUHIUHVFDUODPHPRULDUHVSHFWRDOFRQWHQLGRGHXQ OLEUR VLHPSUH \  FXDQGR \ D VH KD\ D OHtGR pVWH ,GHDOPHQWH HO OHFWRU GHEHUtD KDEHUUHDOL]DGRHOUHVXPHQSRUVtPLVPRHQHOWUDQVFXUVRGHODOHFWXUDDQDOtWLFD SHURVLQRORKDKHFKRHOGHRWUDSHUVRQDSXHGHFRQVWLWXLUXQDD\ XGDLPSRUWDQWH (QVHJXQGROXJDUUHVXOWDQ~WLOHVFXDQGRVHOOHYDDFDERXQDOHFWXUDSDUDOHOD\ VH GHVHDVDEHUVLXQDREUDHQFRQFUHWRSXHGHHVWDUUHODFLRQDGDFRQHOSUR\ HFWRTXH WHQHPRVHQWUHPDQRV8QUHVXPHQQRSXHGHVXVWLWXLUDODOHFWXUDGHXQOLEURSHUR DYHFHVVtSXHGHGHFLUQRVVLTXHUHPRVOHHUHOOLEURHQFXHVWLyQRQR 8WLOL]DFLyQGHORVOLEURVGHFRQVXOWD

([LVWHQPXFKDVFODVHVGHOLEURVGHFRQVXOWD(QHOSUHVHQWHDSDUWDGRYDPRVD OLPLWDUQRV IXQGDPHQWDOPHQWH D ODV GRV PiV XWLOL]DGDV ORV GLFFLRQDULRV \  ODV HQFLFORSHGLDV 6LQ HPEDUJR PXFKDV GH ODV DILUPDFLRQHV TXH HIHFWXDUHPRV VH DSOLFDQWDPELpQDRWURVWLSRVGHOLEURVGHFRQVXOWD $XQ FXDQGR QR WRGR HO PXQGR VH GD FXHQWD GH HOOR OR FLHUWR HV TXH SDUD XWLOL]DU HVWD FODVH GH OLEURV GHELGDPHQWH VH UHTXLHUHQ DPSOLRV FRQRFLPLHQWRV FRQFUHWDPHQWHFXDWURWLSRV3RUFRQVLJXLHQWHXQOLEURGHFRQVXOWDFRQVWLWX\ HXQ DQWtGRWRSDUDODLJQRUDQFLDVyORKDVWDFLHUWRSXQWRQRSXHGHSRQHUUHPHGLRDOD LJQRUDQFLDDEVROXWDQLSHQVDUHQOXJDUGHOOHFWRU 3DUDXWLOL]DUELHQXQOLEURGHFRQVXOWDHQSULPHUOXJDUKD\ TXHWHQHUXQDLGHD SRUYDJDTXHVHDGHORTXHVHTXLHUHVDEHU/DLJQRUDQFLDGHEHLPDJLQDUVHFRPR XQFtUFXORGHRVFXULGDGURGHDGRGHOX]\ HOOHFWRUGHVHDOOHYDUOX]DHVHFtUFXOR DOJR TXH QR SRGUi KDFHU D PHQRV TXH VHD FDSD] GH SODQWHDU XQD SUHJXQWD LQWHOLJLEOH(OOLEURGHFRQVXOWDQROHVHUYLUiGHQLQJXQDD\ XGDVLVHSLHUGHHQXQD QLHEODGHLJQRUDQFLD (QVHJXQGROXJDUGHEHVDEHUGyQGHDYHULJXDUORTXHGHVHDVDEHUTXpFODVH GH SUHJXQWD HVWi SODQWHDQGR \  TXp WLSR GH OLEURV GH FRQVXOWD RIUHFHQ ODV UHVSXHVWDV DGHFXDGDV 1R H[LVWH QLQJXQR TXH UHVSRQGD D WRGDV ODV SUHJXQWDV SRUTXH WRGRV HOORV HVWiQ HVSHFLDOL]DGRV SRU DVt GHFLUOR 3UiFWLFDPHQWH HVWR HTXLYDOHDDILUPDUTXHHOOHFWRUGHEHSRVHHUXQDPSOLRFRQRFLPLHQWRJHQHUDOGH WRGRVORVWLSRVSULQFLSDOHVGHOLEURVGHFRQVXOWDSDUDSRGHUXWLOL]DUFXDOTXLHUDGH HOORVDGHFXDGDPHQWH ([LVWHXQDWHUFHUDFODVHGHFRQRFLPLHQWRFRUUHODWLYDQHFHVDULDSDUDTXHOD REUDUHVXOWHGHXWLOLGDGVDEHUFyPRHVWiRUJDQL]DGD1RVHUYLUiGHQDGDVDEHUOR TXHVHTXLHUHVDEHU\ TXpFODVHGHOLEURGHFRQVXOWDKD\ TXHXWLOL]DUVLQRVHVDEH XWLOL]DUHVDREUDHQFRQFUHWR3RUFRQVLJXLHQWHKD\ XQDUWHSDUDOHHUHVWHWLSRGH OLEURV FRPR SDUD WRGRV ORV GHPiV DGHPiV GHO DUWH GH HVFULELUORV (O DXWRU R UHFRSLODGRU GHEH VDEHU TXp LQIRUPDFLyQ EXVFDUiQ ORV OHFWRUHV RUGHQDQGR VX WUDEDMR SDUD DGDSWDUVH D ODV QHFHVLGDGHV GH pVWRV 4XL]i QR VLHPSUH SXHGD SUHYHUODVUD]yQSRUODTXHODUHJODTXHDFRQVHMDOHHUODLQWURGXFFLyQ\ HOSUyORJR GHXQOLEURDQWHVGHDGHQWUDUVHHQpOVHDSOLFDGHIRUPDHVSHFLDODHVWHFDVR1R VHGHEHLQWHQWDUXWLOL]DUXQDREUDGHFRQVXOWDDQWHVGHOHHUORVFRQVHMRVGHOHGLWRU VREUHVXPDQHMR 1DWXUDOPHQWH HVWDV REUDV QR UHVSRQGHQ D WRGDV ODV SUHJXQWDV SRU HMHPSOR ODVTXH'LRVOHSODQWHDDOiQJHOHQ'HTXpYLYHQORVKRPEUHVGH7ROVWyLDVDEHU ¢TXp KDELWD HQ HO KRPEUH" ¢TXp QR OH HV GDGR DO KRPEUH" < ¢GH TXp YLYHQ ORV KRPEUHV" \  RWUDV PXFKDV SUHJXQWDV VHPHMDQWHV /RV OLEURV GH FRQVXOWD ~QLFDPHQWH VRQ GH XWLOLGDG FXDQGR VDEHPRV D TXp FODVH GH SUHJXQWDV SXHGHQ UHVSRQGHU\ DFXiOHVQRORTXHHTXLYDOHDVDEHUHQTXpFRVDVVXHOHQFRLQFLGLUODV SHUVRQDVSUHFLVDPHQWHODVTXHVHHQFRQWUDUiQHQHVWDVREUDVTXHQRVHRFXSDQ GHRSLQLRQHVVLQDSR\ RVLELHQDYHFHVSXHGDVXUJLUDOJXQD

7RGRVFRLQFLGLPRVHQTXHHVSRVLEOHVDEHUFXiQGRQDFLyXQDSHUVRQDFXDQGR PXULy\ FRQRFHUKHFKRVVREUHWHPDVVLPLODUHV7DPELpQFRLQFLGLPRVHQTXHHV SRVLEOH GHILQLU SDODEUDV \  FRVDV DVt FRPR HVER]DU OD KLVWRULD GH FDVL FXDOTXLHU FRVD1RFRLQFLGLPRVHQFXHVWLRQHVPRUDOHVRVREUHHOIXWXURPRWLYRSRUTXHHO TXHQRODVHQFRQWUDUHPRVHQORVOLEURVGHFRQVXOWD(QQXHVWUDpSRFDGDPRVSRU VHQWDGRTXHHOPXQGRItVLFRHVRUGHQDEOHSRUORTXHSRGHPRVDYHULJXDUFDVLWRGR OR UHIHUHQWH D pO HQ HVWD FODVH GH REUDV 1R VLHPSUH KD RFXUULGR DVt \ HQ FRQVHFXHQFLDODKLVWRULDGHORVOLEURVGHUHIHUHQFLDUHYLVWHLQWHUpVHQVtSRUTXH SXHGHGHFLUQRVPXFKRDFHUFDGHORVFDPELRVHQODVRSLQLRQHVGHODKXPDQLGDG UHVSHFWRDFXDQWRHVFRJQRVFLEOH &RPR KDEUi FRPSUHQGLGR HO OHFWRU HVWDPRV VXJLULHQGR OD H[LVWHQFLD GH XQ FXDUWR UHTXLVLWR SDUD OD XWLOL]DFLyQ LQWHOLJHQWH GH ORV OLEURV GH FRQVXOWD +D\  TXH VDEHUTXpVHGHVHDVDEHUHQTXpOLEURGHFRQVXOWDHQFRQWUDUORFyPR HQFRQWUDUOR \ VLORVDXWRUHVRUHFRSLODGRUHVORFRQVLGHUDQFRJQRVFLEOH 7RGR HVWR LQGLFD TXH KHPRVGHVDEHUEDVWDQWHDQWHVGHHPSH]DUDHPSOHDUXQDREUDGHHVWHWLSRTXH OHVUHVXOWDUiLQ~WLODTXLHQHVQRVDEHQQDGDSXHVQRHVXQDJXtDSDUDSHUSOHMRV 8WLOL]DFLyQGHORVGLFFLRQDULRV (Q WDQWR TXH OLEUR GH FRQVXOWD HO GLFFLRQDULR HVWi VXMHWR D WRGDV ODV FRQVLGHUDFLRQHV TXH KHPRV VHxDODGR DQWHULRUPHQWH SHUR DGHPiV LQYLWD D XQD OHFWXUDO~GLFD3ODQWHDXQUHWRDFXDOTXLHUDTXHWHQJDXQRVPRPHQWRVOLEUHVSDUD VHQWDUVH HQ VX FRPSDxtD $O ILQ \  DO FDER KD\  SHRUHV IRUPDV GH PDWDU HO WLHPSR /RVGLFFLRQDULRVHVWiQUHSOHWRVGHFRQRFLPLHQWRVDUFDQRV\ GHFXULRVLGDGHV SHUR QDWXUDOPHQWH DGHPiV \  SRU HQFLPD GH HVWR WLHQHQ DSOLFDFLRQHV PiV VREULDV 3DUD KDFHU HO PHMRU XVR SRVLEOH GH HOORV KD\  TXH VDEHU OHHUORV SRU WUDWDUVHGHOLEURVHVSHFLDOHV (OFRPHQWDULRGH6DQWD\ DQDVREUHORVJULHJRV²TXHIXHHO~QLFRSXHEORVLQ HGXFDFLyQ GH OD KLVWRULD GH (XURSD² SRVHH GREOH VLJQLILFDGR 'HVGH OXHJR ODV PDVDVVtHUDQLQFXOWDVSHURLQFOXVRODVSRFDVSHUVRQDVFXOWDV²ODFODVHRFLRVD² QR OR HUDQ HQ HO VHQWLGR GH TXH WXYLHUDQ TXH VHQWDUVH D ORV SLHV GH PDHVWURV H[WUDQMHURV(QWDOVHQWLGRODHGXFDFLyQVHLQLFLDFRQORVURPDQRVTXHDVLVWtDQD OD HVFXHOD FRQ SHGDJRJRV JULHJRV \  VH FXOWLYDURQ JUDFLDV DO FRQWDFWR FRQ OD FXOWXUDJULHJDTXHKDEtDQFRQTXLVWDGR 3RU FRQVLJXLHQWH QR SXHGH VRUSUHQGHU TXH ORV SULPHURV GLFFLRQDULRV IXHUDQ JORVDULRVGHSDODEUDVKRPpULFDVGHVWLQDGRVDD\ XGDUDORVURPDQRVDOHHU,OtDGD \  2GLVHD DVt FRPR RWUDV REUDV GH OD OLWHUDWXUD JULHJD FRQ XQ YRFDEXODULR KRPpULFR © DUFDLFRª  'H LJXDO PRGR PXFKRV GH QRVRWURV QHFHVLWDPRV XQ JORVDULRSDUDOHHUD6KDNHVSHDUHRD&KDXFHUSRUHMHPSOR

(Q HO PHGLHYR KDEtD GLFFLRQDULRV SHUR SRU OR JHQHUDO VH WUDWDED GH HQFLFORSHGLDVGHFRQRFLPLHQWRVPXQGDQRVHQEDVHDH[SRVLFLRQHVGHORVWpUPLQRV WpFQLFRV PiV LPSRUWDQWHV HPSOHDGRV HQ HO GLVFXUVR FXOWR (Q HO 5HQDFLPLHQWR VXUJLHURQ GLFFLRQDULRV GH OHQJXDV H[WUDQMHUDV JULHJR \  ODWtQ  FX\ D QHFHVLGDG GHULYDED GHO KHFKR GH TXH ODV REUDV TXH SUHVLGtDQ OD HGXFDFLyQ GH OD pSRFD HVWDEDQHVFULWDVHQHVDVOHQJXDV,QFOXVRFXDQGRODVOODPDGDVOHQJXDVYXOJDUHV² LWDOLDQR IUDQFpV LQJOpV² IXHURQ UHHPSOD]DQGR JUDGXDOPHQWH DO ODWtQ FRPR OHQJXDMH GHO DSUHQGL]DMH pVWH VLJXLy VLHQGR SULYLOHJLR GH XQRV SRFRV (Q WDOHV FLUFXQVWDQFLDV ORV GLFFLRQDULRV HVWDEDQ GHVWLQDGRV D XQ S~EOLFR OLPLWDGR VREUH WRGRFRPRD\ XGDSDUDOHHU\ HVFULELUOLWHUDWXUDGHPpULWR 3RUWDQWRYHPRVTXHODHGXFDFLyQFRQVWLWX\ yGHVGHHOSULQFLSLRODPRWLYDFLyQ SULQFLSDOGHODFRQIHFFLyQGHGLFFLRQDULRVDXQTXHWDPELpQKDEtDJUDQLQWHUpVSRU PDQWHQHU OD SXUH]D \  HO RUGHQ GHO LGLRPD 3RU HO FRQWUDULR HO 2[IRUG (QJOLVK 'LFWLRQDU\ SRU HMHPSOR LQLFLDGR HQ  VXSXVR XQ QXHYR HQIRTXH SXHV QR WUDWDED GH LPSRQHU HO XVR VLQR GH RIUHFHU XQD FRQVWDWDFLyQ KLVWyULFD SUHFLVD GH WRGRWLSRGHXVRVORVPHMRUHV\ ORVSHRUHVWRPDGRVGHODHVFULWXUDSRSXODU\ GH OD FXOWD SHUR HVWH FRQIOLFWR HQWUH HO OH[LFyJUDIR FRPR iUELWUR \  HO OH[LFyJUDIR FRPR KLVWRULDGRU SXHGH FRQVLGHUDUVH XQ DVXQWR VHFXQGDULR SXHV HO GLFFLRQDULR LQGHSHQGLHQWHPHQWH GH FyPR HVWp FRQVWUXLGR FRQVWLWX\ H VREUH WRGR XQ LQVWUXPHQWRHGXFDWLYR (VWHKHFKRHVDSOLFDEOHDODVQRUPDVSDUDXWLOL]DUELHQXQGLFFLRQDULRFRPR D\ XGD H[WUtQVHFD SDUD OD OHFWXUD 6L OR FRQVXOWDPRV FRPR VL VH WUDWDVH GH XQ VLPSOHOLEURGHRUWRJUDItDRXQPDQXDOGHIRQpWLFDQRORHPSOHDUHPRVELHQ(O OHFWRU TXH FRPSUHQGD TXH FRQWLHQH XQ DXWpQWLFR WHVRUR GH GDWRV KLVWyULFRV FULVWDOL]DGRV HQ HO FUHFLPLHQWR \  HO GHVDUUROOR GHO LGLRPD QR VyOR SUHVWDUi DWHQFLyQ D ORV GLYHUVRV VLJQLILFDGRV TXH DSDUHFHQ EDMR FDGD SDODEUD VLQR D VX RUGHQ\ UHODFLyQ 3RU HQFLPD GH WRGR VL DO OHFWRU OH LQWHUHVD SURJUHVDU HQ VX HGXFDFLyQ HPSOHDUi ORV GLFFLRQDULRV GH DFXHUGR FRQ VX LQWHQFLyQ IXQGDPHQWDO HV GHFLU FRPR D\ XGD SDUD OHHU OLEURV TXH HQ RWUR FDVR UHVXOWDUtDQ GHPDVLDGR GLItFLOHV SRUTXH VX YRFDEXODULR LQFOX\ H SDODEUDV WpFQLFDV DUFDLFDV DOXVLRQHV OLWHUDULDV R LQFOXVRSDODEUDVFRQRFLGDVSHURFRQXVRVREVROHWRV 1DWXUDOPHQWH D OD KRUD GH OHHU XQ OLEUR KD\  TXH UHVROYHU PXFKRV PiV SUREOHPDVTXHORVGHULYDGRVGHOYRFDEXODULRGHODXWRU\ \ DKHPRVGLFKRTXHQR FRQYLHQHVHQWDUVHFRQHOOLEURHQXQDPDQR\ HOGLFFLRQDULRHQODRWUDVREUHWRGR HQ OD SULPHUD OHFWXUD GH XQD REUD FRPSOLFDGD 6L WHQHPRV TXH EXVFDU GHPDVLDGDVSDODEUDVDOSULQFLSLRSHUGHUHPRVHOKLORGHODXQLGDG\ HORUGHQGHO OLEUR(OSULQFLSDOVHUYLFLRTXHSUHVWDHOGLFFLRQDULRVHUHVHUYDSDUDODVRFDVLRQHV HQODVTXHWRSDPRVFRQXQDSDODEUDWpFQLFDRWRWDOPHQWHGHVFRQRFLGDSHURDXQ HQWRQFHV QR FRQVLGHUDPRV FRQYHQLHQWH EXVFDUOD HQ HO WUDQVFXUVR GH OD SULPHUD OHFWXUDGHXQEXHQOLEURDPHQRVTXHSDUH]FDUHYHVWLULPSRUWDQFLDSDUDORTXH

TXLHUHFRPXQLFDUHODXWRU 'H OR DQWHULRU SXHGHQ GHVSUHQGHUVH RWUDV QRUPDV QHJDWLYDV 1R H[LVWH SHUVRQD PiV LUULWDQWH TXH OD TXH LQWHQWD SODQWHDU XQ DUJXPHQWR VREUH HO FRPXQLVPRRODMXVWLFLDRODOLEHUWDGFRQFLWDVGHOGLFFLRQDULR/RVOH[LFyJUDIRV PHUHFHQ UHVSHWR FRPR DXWRULGDGHV HQ HO XVR GH ODV SDODEUDV SHUR QR VRQ ODV IXHQWHV GHILQLWLYDV GH OD VDELGXUtD +D\  RWUD QRUPD QHJDWLYD QR WUDJDUVH HO GLFFLRQDULR 1R WLHQH QLQJ~Q VHQWLGR WUDWDU GH HQULTXHFHU UiSLGDPHQWH HO SURSLR YRFDEXODULR PHPRUL]DQGR XQD OLVWD GH SDODEUDV FXULRVDV FX\ RV VLJQLILFDGRV QR JXDUGDQUHODFLyQFRQQLQJXQDH[SHULHQFLDUHDO(QVXPDQRKD\ TXHROYLGDUTXH HOGLFFLRQDULRHVXQOLEURVREUHSDODEUDVQRVREUHFRVDV 6LUHFRUGDPRVORDQWHULRUSRGUHPRVGHULYDUWRGDVODVUHJODVSDUDXWLOL]DUORV GLFFLRQDULRV GH IRUPD LQWHOLJHQWH /DV SDODEUDV SXHGHQ HQWHQGHUVH GH FXDWUR PDQHUDV /$63$/$%5$6621&26$6)Ë6,&$6SDODEUDVTXHVHSXHGHQHVFULELU\ VRQLGRV SURQXQFLDEOHV 3RU FRQVLJXLHQWH WLHQHQ TXH H[LVWLU PRGRV XQLIRUPHV GH HVFULELUODV\ SURQXQFLDUODVVLELHQRFXUUHFRQIUHFXHQFLDTXHGLFKDXQLIRUPLGDG TXHGD URWD SRU ODV YDULDFLRQHV \ DGHPiV QR HV XQ WHPD WDQ WHUULEOHPHQWH LPSRUWDQWHFRPRLQWHQWDQKDFHUFUHHUDOJXQRVSURIHVRUHV  /$6 3$/$%5$6 )250$1 3$57( '(/ ',6&8562 &DGD SDODEUD GHVHPSHxD XQ SDSHO JUDPDWLFDO HQ OD HVWUXFWXUD PiV FRPSOHMD GH XQD IUDVH X RUDFLyQ/DPLVPDSDODEUDSXHGHYDULDUVHJ~QORVGLIHUHQWHVXVRVFDPELDQGRGH XQDSDUWHGHOGLVFXUVRDRWUDVREUHWRGRHQXQDOHQJXDVLQGHFOLQDFLRQHV /$63$/$%5$66216,*1267LHQHQP~OWLSOHVVLJQLILFDGRVQRXQRVROR \ HVWiQUHODFLRQDGDVGHGLYHUVDVIRUPDV$YHFHVVHWUDWDGHGLVWLQWRVPDWLFHVD YHFHVXQDSDODEUDWLHQHGRVRPiVVHULHVGHVLJQLILFDGRVTXHQRJXDUGDQQLQJXQD UHODFLyQ HQWUH Vt $ WUDYpV GH VXV VLJQLILFDGRV KD\  GLVWLQWDV SDODEUDV TXH VH UHODFLRQDQFRPRORVVLQyQLPRVTXHFRPSDUWHQHOPLVPRVLJQLILFDGRDSHVDUGH GLIHULU HQ FXDQWR DO PDWL] R FRPR VXFHGH FRQ ORV DQWyQLPRV PHGLDQWH OD RSRVLFLyQRHOFRQWUDVWHGHVLJQLILFDGR$GHPiVHVSRUVXFRQGLFLyQGHVLJQRVSRU OR TXH HVWDEOHFHPRV XQD GLVWLQFLyQ GH ODV SDODEUDV HQWUH QRPEUHV SURSLRV \ FRPXQHVGHSHQGLHQGRGHVLGHVLJQDQXQDVRODFRVDRPXFKDVTXHVHSDUHFHQHQ DOJ~QVHQWLGR \ QRPEUHVFRQFUHWRVRDEVWUDFWRVGHSHQGLHQGRGHTXHVHUHILHUDQ D DOJR TXH SRGHPRV VHQWLU R D DOJ~Q DVSHFWR GH ODV FRVDV TXH FRPSUHQGHPRV PHGLDQWHHOSHQVDPLHQWRSHURTXHQRSRGHPRVSHUFLELUFRQORVVHQWLGRV  3RU~OWLPR/$63$/$%5$6621&219(1&,21(66RQVLJQRVFUHDGRV SRU HO KRPEUH UD]yQ SRU OD FXDO FDGD XQD GH HOODV WLHQH XQD KLVWRULD XQD WUD\ HFWRULD FXOWXUDO HQ HO WUDQVFXUVR GH OD FXDO H[SHULPHQWD FLHUWDV WUDQVIRUPDFLRQHV /D KLVWRULD GH ODV SDODEUDV HV GDGD SRU VX GHULYDFLyQ HWLPROyJLFD D SDUWLU GH ODV UDtFHV ORV SUHILMRV \  ORV VXILMRV RULJLQDOHV \  DEDUFD VXV FDPELRV ItVLFRV WDQWR RUWRJUiILFRV FRPR IRQpWLFRV H[SOLFD ORV FDPELRV GH

VLJQLILFDGR \  FXiOHV VRQ DUFDLFRV \  REVROHWRV FXiOHV DFWXDOHV FRORTXLDOHV R GH DUJRW 8QEXHQGLFFLRQDULRGDUiUHVSXHVWDDHVWDVFXDWURFODVHVGLVWLQWDVGHSUHJXQWDV VREUH ODV SDODEUDV (O DUWH GH HPSOHDU XQ GLFFLRQDULR FRQVLVWH HQ VDEHU TXp SUHJXQWDV VH KDQ GH SODQWHDU DFHUFD GH ODV SDODEUDV \  FyPR HQFRQWUDU ODV UHVSXHVWDV1RVRWURVKHPRVVXJHULGRODVSUHJXQWDV(OGLFFLRQDULRQRVGLFHFyPR KDOODUODVUHVSXHVWDV &RPRWDOHOGLFFLRQDULRHVXQDREUDGHDXWRD\ XGDSRUTXHQRVLQGLFDDTXp GHEHPRV SUHVWDU DWHQFLyQ \  FyPR LQWHUSUHWDU ORV GLYHUVRV VtPERORV \ DEUHYLDWXUDV TXH VH XWLOL]DQ SDUD RIUHFHU ODV FXDWUR YDULHGDGHV GH LQIRUPDFLyQ VREUH ODV SDODEUDV 4XLHQ QR FRQVXOWH ODV QRWDV DFODUDWRULDV \  OD OLVWD GH DEUHYLDWXUDVTXHDSDUHFHQDOSULQFLSLRVyORVHSRGUiFXOSDUDVtPLVPRVLQRHV FDSD]GHXWLOL]DUXQGLFFLRQDULRGHELGDPHQWH 8WLOL]DFLyQGHHQFLFORSHGLDV 0XFKDV GH ODV FRQVLGHUDFLRQHV TXH KHPRV HIHFWXDGR VREUH ORV GLFFLRQDULRV WDPELpQVHDSOLFDQDODVHQFLFORSHGLDV$OLJXDOTXHDTXpOORVpVWDVLQYLWDQDXQD OHFWXUD O~GLFD WDPELpQ VRQ GLYHUWLGDV HQWUHWHQLGDV \ SDUD DOJXQDV SHUVRQDV UHODMDQWHV 3HUR UHVXOWD WDQ YDQR LQWHQWDU OHHU XQD HQFLFORSHGLD GH FDER D UDER FRPR XQ GLFFLRQDULR /D SHUVRQD TXH FRQRFLHUD XQD HQFLFORSHGLD GH PHPRULD FRUUHUtDHOJUDYHULHVJRGHVHUWDFKDGDGHLGLRWVDYDQW© HVW~SLGRLQVWUXLGRª  0XFKDV SHUVRQDV HPSOHDQ XQ GLFFLRQDULR SDUD VDEHU FyPR VH HVFULEHQ \ SURQXQFLDQODVSDODEUDV/DXWLOL]DFLyQDQiORJDGHXQDHQFLFORSHGLDFRQVLVWLUtDHQ EXVFDU VyOR IHFKDV OXJDUHV \  RWURV GDWRV VHQFLOORV SHUR HVWR VXSRQGUtD XQD LQIUDXWLOL]DFLyQ R PDO XVR SRUTXH DO LJXDO TXH ORV GLFFLRQDULRV HVWDV REUDV FRQVWLWX\ HQ LQVWUXPHQWRV HGXFDWLYRV QR VyOR LQIRUPDWLYRV /R FRQILUPDUHPRV GDQGRXQDRMHDGDDVXKLVWRULD 6L ELHQ OD SDODEUD © HQFLFORSHGLDª  SURFHGH GHO JULHJR HVWH SXHEOR QR WHQtD WDOHV REUDV OD PLVPD UD]yQ SRU OD TXH QR FRQRFtDQ ORV GLFFLRQDULRV 3DUD HOORV HVWD SDODEUD QR VLJQLILFDED XQ OLEUR VREUH FRQRFLPLHQWRV HQ HO TXH pVWRV VH DOPDFHQDEDQ VLQR HO FRQRFLPLHQWR PLVPR HO TXH GHEtD SRVHHU XQD SHUVRQD FXOWD )XHURQ WDPELpQ ORV URPDQRV TXLHQHV SULPHUR YLHURQ OD QHFHVLGDG GH ODV HQFLFORSHGLDVHOHMHPSORPiVDQWLJXRTXHVHFRQRFHHVODGH3OLQLR 5HVXOWD LQWHUHVDQWH YHU TXH OD SULPHUD HQFLFORSHGLD SRU RUGHQ DOIDEpWLFR QR DSDUHFLy KDVWD DOUHGHGRU GH  \  GHVGH HQWRQFHV OD PD\ RUtD KD VHJXLGR HO PLVPRVLVWHPDODGLVSRVLFLyQPiVIiFLOTXHKL]RSURJUHVDUODFRQIHFFLyQGHHVWDV REUDV /DVHQFLFORSHGLDVSUHVHQWDQXQSUREOHPDGLVWLQWRDOGHORVGLFFLRQDULRVHQORV

TXHHVQDWXUDOVHJXLUXQRUGHQDOIDEpWLFRSHUR¢DFDVRHOPXQGRTXHFRQVWLWX\ HHO WHPDGHDTXpOODVHVWiRUGHQDGRDOIDEpWLFDPHQWH"'HVGHOXHJRTXHQR(QWRQFHV ¢FyPR HVWi GLVWULEXLGR \  RUGHQDGR" (VWD SUHJXQWD HTXLYDOH D SODQWHDUVH FyPR HVWiRUGHQDGRHOFRQRFLPLHQWR /D RUGHQDFLyQ GHO FRQRFLPLHQWR KD FDPELDGR HQ HO WUDQVFXUVR GH ORV VLJORV $QWDxR VH DJUXSDED HQ ODV VLHWH DUWHV OLEHUDOHV HV GHFLU JUDPiWLFD UHWyULFD \ OyJLFDHOGHQRPLQDGRWULYLXP\ DULWPpWLFDJHRPHWUtDDVWURQRPtD\ P~VLFDHO TXDGULYLXP GLVWULEXFLyQ TXH TXHGD UHIOHMDGD HQ ODV HQFLFORSHGLDV PHGLHYDOHV 3XHVWR TXH ODV XQLYHUVLGDGHV VLJXLHURQ HO PLVPR VLVWHPD \  ORV HVWXGLDQWHV WDPELpQVHDWXYLHURQDpOHOPLVPRUHVXOWy~WLOSDUDODHGXFDFLyQ /D XQLYHUVLGDG PRGHUQD GLILHUH FRQVLGHUDEOHPHQWH GH OD PHGLHYDO UHIOHMiQGRVH HO FDPELR HQ ODV HQFLFORSHGLDV DFWXDOHV /RV FRQRFLPLHQWRV TXH pVWDVFRQWLHQHQVHGLYLGHQHQHVSHFLDOLGDGHVTXHHTXLYDOHQDSUR[LPDGDPHQWHD ODVGLYHUVDVIDFXOWDGHVXQLYHUVLWDULDVSHURHVWDGLVWULEXFLyQDXQTXHFRQVWLWX\ HOD HVWUXFWXUD IXQGDPHQWDO GH XQD HQFLFORSHGLD TXHGD RFXOWD SRU OD GLVWULEXFLyQ DOIDEpWLFDGHOPDWHULDO (V HVWD LQIUDHVWUXFWXUD ²WRPDQGR XQ WpUPLQR VRFLROyJLFR² OD TXH HO EXHQ OHFWRU\ XVXDULREXVFDUi\ HQFRQWUDUi&LHUWRTXHORTXHGHVHDHQSULPHUOXJDU VRQ GDWRV LQIRUPDFLRQHV VREUH KHFKRV SHUR QR GHEHUtD FRQIRUPDUVH FRQ ORV KHFKRVDLVODGRV/DHQFLFORSHGLDOHRIUHFHXQDVHULHGHKHFKRVUHODFLRQDGRVFRQ RWURV\ ODFRPSUHQVLyQTXHOHSXHGHSURSRUFLRQDUXQDHQFLFORSHGLDDOFRQWUDULR TXHODVLPSOHLQIRUPDFLyQGHSHQGHGHTXHUHFRQR]FDWDOHVUHODFLRQHV (Q XQD HQFLFORSHGLD RUGHQDGD DOIDEpWLFDPHQWH HVWDV UHODFLRQHV TXHGDQ HQ JUDQ PHGLGD HQVRPEUHFLGDV PLHQWUDV TXH HQ XQD RUGHQDGD SRU WHPDV HOODV VH SRQHQ GH UHOLHYH SHUR HVWDV ~OWLPDV WLHQHQ QXPHURVDV GHVYHQWDMDV HQWUH HOODV TXHODPD\ RUtDGHORVOHFWRUHVQRHVWiQDFRVWXPEUDGRVDXWLOL]DUODV,GHDOPHQWH OD PHMRU HQFLFORSHGLD VHUtD OD TXH WXYLHUD DPEDV GLVWULEXFLRQHV DOIDEpWLFD \ WHPiWLFDODSULPHUDSDUDODVGLVWLQWDVHQWUDGDVSHURTXHWDPELpQFRQWXYLHVHXQD HVSHFLH GH FODYH WHPiWLFD XQ tQGLFH GH PDWHULDV 4XH QRVRWURV VHSDPRV QR H[LVWHHQHOPHUFDGRXQDHQFLFORSHGLDGHWDOHVFDUDFWHUtVWLFDVSHURPHUHFHUtDOD SHQDLQWHQWDUFUHDUOD (QDXVHQFLDGHOLGHDOHOOHFWRUGHEHUHFXUULUDODD\ XGD\ HOFRQVHMRTXHOH SURSRUFLRQDQ ORV HGLWRUHV (Q WRGD EXHQD HQFLFORSHGLD VH LQFOX\ HQ GLUHFWULFHV SDUD VX XWLOL]DFLyQ HILFD] TXH GHEHUtDQ OHHUVH FRQ VXPR FXLGDGR $ YHFHV HV QHFHVDULR TXH HO XVXDULR FRQVXOWH HO tQGLFH JHQHUDO DQWHV GH SDVDU D XQR GH ORV WRPRVRUGHQDGRVDOIDEpWLFDPHQWH(QHVWHFDVRWDOtQGLFHFXPSOHODVIXQFLRQHV GH tQGLFH GH PDWHULDV DXQTXH QR GHPDVLDGR ELHQ SRUTXH UH~QH EDMR XQ VROR HQFDEH]DPLHQWR UHIHUHQFLDV D WHPDV GH OD HQFLFORSHGLD TXH SXHGHQ HVWDU PX\ VHSDUDGRV HVSDFLDOPHQWH SHUR TXH GH WRGRV PRGRV WUDWDQ OD PLVPD PDWHULD JHQHUDO (VWR UHIOHMD HO KHFKR GH TXH QDWXUDOPHQWH XQ tQGLFH VLJXH XQ RUGHQ DOIDEpWLFRSHURODVGLYHUVDVGLYLVLRQHVEDMRXQDPLVPDHQWUDGDHVWiQGLVWULEXLGDV

WHPiWLFDPHQWH6LQHPEDUJRORVWHPDVGHEHQVHJXLUXQRUGHQDOIDEpWLFRTXHQR QHFHVDULDPHQWH FRLQFLGH FRQ OD PHMRU GLVWULEXFLyQ $Vt HO tQGLFH GH XQD HQFLFORSHGLD UHDOPHQWH EXHQD FRPR OD %ULWiQLFD UHYHOD DO PHQRV HQ SDUWH OD GLVWULEXFLyQGHORVFRQRFLPLHQWRVTXHUHIOHMDODREUD\ SRUHVWDUD]yQVLHOOHFWRU QRXWLOL]DHOtQGLFHVyORSXHGHFXOSDUVHDVtPLVPRVLODHQFLFORSHGLDQRFXEUHVXV QHFHVLGDGHV ([LVWHQQRUPDVQHJDWLYDVUHVSHFWRDO XVRGHODVHQFLFORSHGLDVFRPR RFXUUH FRQ ORV GLFFLRQDULRV $PERV VRQ LQVWUXPHQWRV GH D\ XGD YDOLRVRV SDUD OD OHFWXUD GH EXHQRV OLEURV ORV PDORV OLEURV QRUPDOPHQWH QR UHTXLHUHQ VX FRODERUDFLyQ  SHURWDPELpQHQHVWHFDVRODSUXGHQFLDDFRQVHMDQRDIHUUDUVHGHPDVLDGRDODV HQFLFORSHGLDV TXH DO LJXDO TXH ORV GLFFLRQDULRV QR GHEHQ XWLOL]DUVH SDUD HVWDEOHFHUDUJXPHQWRVFXDQGRpVWRVHVWiQEDVDGRVHQGLIHUHQFLDVGHRSLQLyQ6LQ HPEDUJR VL GHEHQ HPSOHDUVH SDUD SRQHU ILQ D GLVSXWDV HQ ODV TXH LQWHUYLHQHQ KHFKRVORPiVUiSLGD\ SHUPDQHQWHPHQWHSRVLEOHSRUTXHHQSULPHUOXJDUQRVH GHEHGLVFXWLUVREUHORVKHFKRV6LXQDHQFLFORSHGLDUHDOL]DWDOHVIXHU]RDTXpOVHUi XQHVIXHU]RYDQR\ DTXHHVWHWLSRGHREUDVHVWiQUHSOHWDVGHKHFKRV3RU~OWLPR DXQTXHORVGLFFLRQDULRVVXHOHQFRLQFLGLUHQODUHODFLyQGHODVSDODEUDVQRVLHPSUH VXFHGH OR PLVPR FRQ ODV HQFLFORSHGLDV \  VX UHODFLyQ GH ORV KHFKRV 3RU FRQVLJXLHQWHVLDOOHFWRUOHLQWHUHVDUHDOPHQWHXQWHPD\ GHSHQGHGHOWUDWDPLHQWR TXHOHGDQODVHQFLFORSHGLDVQRGHEHOLPLWDUVHDXQDVRODOHFRQYLHQHFRQVXOWDU PiVSUHIHULEOHPHQWHHVFULWDVHQGLIHUHQWHVpSRFDV +HPRVVHxDODGRYDULRVSXQWRVVREUHODVSDODEUDVTXHGHEHUtDWHQHUHQFXHQWD HOXVXDULRGHXQGLFFLRQDULR(QHOFDVRGHODVHQFLFORSHGLDVORVSXQWRVDQiORJRV YHUVDQVREUHORVKHFKRV /26+(&+26621352326,&,21(6(QHOHQXQFLDGRGHORVKHFKRVVH HPSOHDQSDODEUDVFRPR© $EUDKDP/LQFROQQDFLyHOGHIHEUHURGHª R © /DYDOHQFLDGHORURHVª /RVKHFKRVQRVRQFRVDVItVLFDVDGLIHUHQFLDGHODV SDODEUDVSHURUHTXLHUHQH[SOLFDFLyQ3DUDXQFRQRFLPLHQWR\ XQDFRPSUHQVLyQ SOHQRV WDPELpQ KD\  TXH FRQRFHU OD LPSRUWDQFLD GH XQ KHFKR HV GHFLU FyPR DIHFWD D OD YHUGDG TXH HVWDPRV EXVFDQGR 1R VDEUHPRV PXFKR VL OR ~QLFR TXH FRQRFHPRVHVHOKHFKR  /26 +(&+26 621 352326,&,21(6 © 9(5'$'(5$6ª  /RV KHFKRV QR VRQ RSLQLRQHV &XDQGR DOJXLHQ GLFH © HV XQ KHFKR TXHª  VH UHILHUH D TXH HV DOJR DFHSWDGR SRU OD JUDQ PD\ RUtD QR D TXH VyOR pO R pO PiV XQD PLQRUtD SLHQVDQWDOFRVD(VWDFDUDFWHUtVWLFDGHORVKHFKRVFRQILHUHVXWRQR\ HVWLORDODV HQFLFORSHGLDV8QDHQFLFORSHGLDTXHSUHVHQWHODVRSLQLRQHVGHVSURYLVWDVGHDSR\ R GHVXVHGLWRUHVQRHVKRQUDGD\ DXQTXHSXHGHGHMDUFRQVWDQFLDGHRSLQLRQHVSRU HMHPSOR HQ XQD IUDVH FRPR © DOJXQRV VRVWLHQHQ TXH HVWR HV DVt RWURV TXH GH GLVWLQWDPDQHUDª HYLGHQWHPHQWHGHEHFODVLILFDUODV(OUHTXLVLWRGHSUHVHQWDUORV KHFKRV VREUH XQ WHPD \  QR ODV RSLQLRQHV VREUH HO PLVPR VDOYR HQ HO FDVR \ D

PHQFLRQDGR  WDPELpQ OLPLWD OD FREHUWXUD GH OD REUD 1R SXHGH WUDWDU DGHFXDGDPHQWH PDWHULDV VREUH ODV TXH QR H[LVWH XQ FRQVHQVR FRPR ODV FXHVWLRQHVPRUDOHVSRUHMHPSOR6LODVWUDWDVyORSXHGHGHMDUFRQVWDQFLDGHODV GHVDYHQHQFLDVTXHH[LVWHQ /26+(&+26 621 5()/(-26 '( /$ 5($/,'$' /RV KHFKRV SXHGHQ VHU D  VLQJXODULGDGHV LQIRUPDWLYDV R E  JHQHUDOL]DFLRQHV UHODWLYDPHQWH LQFXHVWLRQDEOHVSHURHQDPERVFDVRVVHFRQVLGHUDTXHUHSUHVHQWDQODIRUPDUHDO GH VHU GH ODV FRVDV /D IHFKD GHO QDFLPLHQWR GH /LQFROQ FRQVWLWX\ H XQD VLQJXODULGDG LQIRUPDWLYD OD YDOHQFLD GHO RUR XQD JHQHUDOL]DFLyQ UHODWLYDPHQWH LQFXHVWLRQDEOHVREUHODPDWHULD 3RUWDQWRORVKHFKRVQRVRQLGHDVRFRQFHSWRV QLWDPSRFRWHRUtDVHQHOVHQWLGRGHVLPSOHVHVSHFXODFLRQHVVREUHODUHDOLGDG'H PRGRVHPHMDQWHXQDH[SOLFDFLyQGHODUHDOLGDGRGHXQDSDUWHGHHOOD QRHVXQ KHFKRKDVWDTXH\ DPHQRVTXHH[LVWDXQFRQVHQVRJHQHUDOVREUHVXFRUUHFFLyQ ([LVWH XQD H[FHSFLyQ D OR DQWHULRU 8QD HQFLFORSHGLD SXHGH GHVFXEULU DGHFXDGDPHQWH XQD WHRUtD TXH \ D QR VH FRQVLGHUD FRUUHFWD HQ FRQMXQWR R SDUFLDOPHQWH R XQD TXH D~Q QR VH KD GDGR WRWDOPHQWH SRU YiOLGD FXDQGR YD DVRFLDGDDXQDVXQWRXQDSHUVRQDRXQDHVFXHODTXHFRQVWLWX\ HQHOWHPDGHXQD HQWUDGDHQFRQFUHWR$VtSRUHMHPSORODVLGHDVGH$ULVWyWHOHVVREUHODQDWXUDOH]D GH OD PDWHULD FHOHVWH SRGUtDQ H[SRQHUVH HQ XQD HQWUDGD GHGLFDGD D OD ILORVRItD DULVWRWpOLFDDXQTXH\ DQRODVFRQVLGHUHPRVYHUGDGHUDV 3RU ~OWLPR  +$67$ &,(572 38172 /26 +(&+26 621 &219(1&,21(6 &XDQGR GHFLPRV TXH ORV KHFKRV FDPELDQ QRV UHIHULPRV D TXHFLHUWDVSURSRVLFLRQHVTXHVHWRPDQFRPRKHFKRVHQXQDpSRFDHQRWUDGHMDQ GH FRQVLGHUDUVH WDOHV (Q OD PHGLGD HQ TXH ORV KHFKRV VRQ © YHUGDGHURVª  \ UHSUHVHQWDQODUHDOLGDGQRSXHGHQFDPELDUSRUTXHODYHUGDGHQVHQWLGRHVWULFWR QR FDPELD FRPR WDPSRFR OR KDFH OD UHDOLGDG 3HUR QR WRGDV ODV SURSRVLFLRQHV TXH WRPDPRV FRPR YHUGDGHUDV OR VRQ HQ UHDOLGDG \  KHPRV GH DGPLWLU TXH SUiFWLFDPHQWH FXDOTXLHU SURSRVLFLyQ TXH FRQVLGHUDPRV YHUGDGHUD SXHGH VHU UHYDORUDGD PHGLDQWH XQD REVHUYDFLyQ \  XQD LQYHVWLJDFLyQ PiV H[DFWD R PiV SDFLHQWHFLUFXQVWDQFLDHVSHFLDOPHQWHDSOLFDEOHDORVKHFKRVGHODFLHQFLD $GHPiV ORV KHFKRV HVWiQ ²WDPELpQ KDVWD FLHUWR SXQWR² GHWHUPLQDGRV FXOWXUDOPHQWH 8Q FLHQWtILFR DWyPLFR SRU HMHPSOR PDQWLHQH XQD HVWUXFWXUD PHQWDO GH OD UHDOLGDG FRPSOLFDGD H KLSRWpWLFD TXH SDUD pO GHWHUPLQD FLHUWRV KHFKRVGLIHUHQWHVORVTXHHVWiQGHWHUPLQDGRV\ DFHSWDGRVSRUXQDSHUVRQDPiV SULPLWLYD OR TXH QR VLJQLILFD TXH DPERV QR SXHGDQ HVWDU GH DFXHUGR HQ QLQJ~Q KHFKRWLHQHQTXHFRLQFLGLUSRUHMHPSORHQTXHGRVPiVGRVVRQFXDWURRHQTXH XQWRGRItVLFRHVPD\ RUTXHFXDOTXLHUDGHVXVSDUWHV3HURHOSULPLWLYRTXL]iQR FRLQFLGDFRQORVKHFKRVGHOFLHQWtILFRUHODFLRQDGRVFRQODVSDUWtFXODVQXFOHDUHVDO LJXDOTXHpVWHTXL]iQRFRLQFLGDFRQDTXpOHQFXDQWRDORVKHFKRVGHORVULWXDOHV GH PDJLD /R DQWHULRU KD UHVXOWDGR EDVWDQWH GLItFLO GH HVFULELU \ D TXH DO HVWDU WDPELpQQRVRWURVFXOWXUDOPHQWHGHWHUPLQDGRVWHQHPRVWHQGHQFLDDFRLQFLGLUFRQ

HO FLHQWtILFR \  KHPRV VHQWLGR OD WHQWDFLyQ GH HVFULELU ORV VHJXQGRV © KHFKRVª HQWUHFRPLOODVSHURSUHFLVDPHQWHGHHVRVHWUDWD  8QDEXHQDHQFLFORSHGLDFRQWHVWDUiDSUHJXQWDVVREUHORVKHFKRVVLHOXVXDULR UHFXHUGDORVSXQWRVUHIHUHQWHVDpVWRVTXHKHPRVH[SXHVWR(ODUWHGHXWLOL]DUXQD HQFLFORSHGLD FRPR D\ XGD SDUD OD OHFWXUD FRQVLVWH HQ SODQWHDU ODV SUHJXQWDV DGHFXDGDV DFHUFD GH ORV KHFKRV $O LJXDO TXH FRQ ORV GLFFLRQDULRV QRV KHPRV OLPLWDGRDVXJHULUODVSUHJXQWDVODHQFLFORSHGLDSURSRUFLRQDUiODVUHVSXHVWDV (OOHFWRUGHEHUHFRUGDUDVLPLVPRTXHXQDHQFLFORSHGLDQRHVHOPHMRUOXJDU SDUD LU HQ EXVFD GH HQWHQGLPLHQWR 3XHGHQ REWHQHUVH GDWRV VREUH HO RUGHQ \  OD GLVWULEXFLyQ GHO FRQRFLPLHQWR SHUR DXQTXH VH WUDWH XQ WHPD LPSRUWDQWH pVWH WDPELpQ HV OLPLWDGR ([LVWHQ PXFKRV IDFWRUHV QHFHVDULRV SDUD OD FRPSUHQVLyQ TXHQRVHHQFXHQWUDQHQXQDHQFLFORSHGLD 6H REVHUYDQ GRV RPLVLRQHV HVSHFLDOPHQWH FKRFDQWHV +DEODQGR FRQ SURSLHGDGXQDHQFLFORSHGLDQRFRQWLHQHDUJXPHQWRVVDOYRHQODPHGLGDHQTXH GHMD FRQVWDQFLD GH OD HYROXFLyQ GH ORV TXH DKRUD VH FRQVLGHUDQ FRUUHFWRV R DO PHQRVGHLQWHUpVKLVWyULFR3RUWDQWRFDUHFHGHXQHOHPHQWRIXQGDPHQWDOGHOD HVFULWXUDHQVD\ tVWLFD7DPSRFRFRQWLHQHSRHVtDROLWHUDWXUDLPDJLQDWLYDVLELHQVt SXHGH RIUHFHU KHFKRV VREUH SRHVtD \  SRHWDV 'DGR TXH SDUD OD FRPSUHQVLyQ VH UHTXLHUHQWDQWRODLPDJLQDFLyQFRPRODUD]yQHVWRVLJQLILFDTXHODHQFLFORSHGLD GHEHFRQVLGHUDUVHXQLQVWUXPHQWRUHODWLYDPHQWHLQVDWLVIDFWRULRSDUDDOFDQ]DUOD

7(5&(5$3$57( (QIRTXHVGHORVGLIHUHQWHVWLSRVGHPDWHULDOGHOHFWXUD

 &Ï02/((5/,%526'(&$5$&7(535È&7,&2

(Q FXDOTXLHU DUWH R WHUUHQR SUiFWLFR ODV UHJODV WLHQGHQ D VHU GHPDVLDGR JHQHUDOHV \ QDWXUDOPHQWH FXDQWR PiV JHQHUDOHV PHQRV QXPHURVDV OR TXH VXSRQH XQD YHQWDMD $GHPiV UHVXOWDQ PiV LQWHOLJLEOHV SXHV FXHVWD PHQRV WUDEDMRFRPSUHQGHUODVSHURWDPELpQHVFLHUWRTXHFXDQWRPiVJHQHUDOHVPiVVH DOHMDQGHODVFRPSOHMLGDGHVGHODVLWXDFLyQUHDOHQODVTXHLQWHQWDPRVFXPSOLUODV +HPRVIRUPXODGRODVUHJODVGHODOHFWXUDDQDOtWLFDHQOtQHDVJHQHUDOHVGHWDO PRGR TXH SXHGDQ DSOLFDUVH D FXDOTXLHU REUD GH HQVD\ R D FXDOTXLHU OLEUR TXH WUDQVPLWDFRQRFLPLHQWRVHQHOVHQWLGRHQTXHKHPRVHPSOHDGRHVWHWpUPLQRSHUR QRVHSXHGHOHHUXQOLEURHQJHQHUDOVLQRXQRHQFRQFUHWRGHXQDFODVHWDPELpQ FRQFUHWD3XHGHVHUGHKLVWRULDRGHPDWHPiWLFDVXQRS~VFXORSROtWLFRXQDREUD GH FLHQFLDV QDWXUDOHV R XQ WUDWDGR ILORVyILFR R WHROyJLFR SRU OR TXH KHPRV GH WHQHUFLHUWDIOH[LELOLGDG\ FDSDFLGDGGHDGDSWDFLyQDODKRUDGHVHJXLUODVUHJODV 3RUVXHUWHHOOHFWRUQRWDUiSRFRDSRFRFyPRIXQFLRQDQpVWDVHQGLIHUHQWHVWLSRV GHOLEURVDPHGLGDTXHYD\ DDSOLFiQGRODV 5HYLVWHJUDQLPSRUWDQFLDREVHUYDUTXHODVTXLQFHUHJODVGHODOHFWXUDEDMROD IRUPD HQ OD TXH ODV SUHVHQWiEDPRV DO ILQDO GHO FDStWXOR  QR VH DSOLFDQ D OD OHFWXUD GH ILFFLyQ \  SRHVtD (O SHUILODGR GH OD HVWUXFWXUD GH XQ OLEUR OLWHUDULR GLILHUH GHO GH XQ HQVD\ R /RV SRHPDV ODV QRYHODV \  ODV REUDV GH WHDWUR QR IXQFLRQDQPHGLDQWHWpUPLQRVSURSRVLFLRQHV\ DUJXPHQWRVHQRWUDVSDODEUDVVX FRQWHQLGR IXQGDPHQWDO QR HV OyJLFR \  OD FUtWLFD GH WDOHV REUDV VH EDVD HQ GLIHUHQWHV SUHPLVDV 6LQ HPEDUJR FRPHWHUtDPRV XQ HUURU DO SHQVDU TXH QR VH SXHGHQ DSOLFDU UHJODV D OD OHFWXUD GH OD OLWHUDWXUD LPDJLQDWLYD 'H KHFKR H[LVWH XQD VHULH SDUDOHOD GH QRUPDV TXH GHVFULELUHPRV HQ HO VLJXLHQWH FDStWXOR \  TXH UHVXOWDQ~WLOHVSRUVtPLVPDVSHURVXH[DPHQ\ HOGHVXVGLIHUHQFLDVUHVSHFWRD ODVTXHVHDSOLFDQDODOHFWXUDGHODVREUDVGHHQVD\ RWDPELpQDUURMDUiOX]VREUH HOODV 4XHQRWHPDHOOHFWRUWHQHUTXHDSUHQGHUXQDQXHYDVHULHGHTXLQFHRPiV UHJODV SDUD OHHU ILFFLyQ \  SRHVtD SRUTXH OD UHODFLyQ HQWUH ODV GRV FODVHV VH DSUHFLD IiFLOPHQWH &RQVLVWH HQ XQ KHFKR TXH DIHFWD D DPEDV \  TXH \ D KHPRV

UHSHWLGRHQQXPHURVDVRFDVLRQHVKD\ TXHSODQWHDUSUHJXQWDVDPHGLGDTXHVHYD OH\ HQGR FRQFUHWDPHQWH FXDWUR DSOLFDEOHV D FXDOTXLHU OLEUR GH OLWHUDWXUD R GH HQVD\ R \ D VH WUDWH GH FLHQFLD KLVWRULD ILORVRItD R SRHVtD +HPRV YLVWR TXH ODV QRUPDVTXHULJHQODOHFWXUDGHODVREUDVGHHQVD\ RHVWiQUHODFLRQDGDVFRQHVWDV FXDWUR SUHJXQWDV \  TXH GHULYDQ GH HOODV 3XHV ELHQ WDPELpQ ODV TXH ULJHQ OD OHFWXUDGHODOLWHUDWXUDVHGHVDUUROODQDSDUWLUGHHOODVDXQTXHHOGLVWLQWRFDUiFWHU GHORVPDWHULDOHVGDOXJDUDFLHUWDVGLIHUHQFLDVHQHOGHVDUUROOR $ SDUWLU GH DKRUD KDUHPRV PD\ RU KLQFDSLp HQ HVWDV SUHJXQWDV TXH HQ ODV UHJODV GH OD OHFWXUD 'H YH] HQ FXDQGR SUHVHQWDUHPRV XQD QXHYD QRUPD R XQD UHYLVLyQRDGDSWDFLyQGHRWUDDQWHULRUSHURHQODPD\ RUtDGHORVFDVRVDPHGLGD TXHYD\ DPRVVXJLULHQGRHQIRTXHVSDUDODOHFWXUDGHODVGLYHUVDVFODVHVGHOLEURV \ RWURVPDWHULDOHVGHVWDFDUHPRVODVGLVWLQWDVSUHJXQWDVTXHVHGHEHQSODQWHDU\ ODVUHVSXHVWDVTXHVHSXHGHQHVSHUDU (QHOWHUUHQRGHOHQVD\ RKHPRVREVHUYDGRTXHODGLYLVLyQEiVLFDFRQVLVWHHQ ORSUiFWLFR\ ORWHyULFRHQWUHORVOLEURVTXHWUDWDQSUREOHPDVGHDFFLyQ\ ORVTXH WUDWDQ XQ WHPD TXH VH SXHGH DSUHQGHU /R WHyULFR SXHGH GLYLGLUVH D VX YH] HQ KLVWRULDFLHQFLD\ PDWHPiWLFDV \ ILORVRItD/DGLYLVLyQSUiFWLFDWUDVSDVDWRGDV ODVEDUUHUDVSRUORTXHQRVSURSRQHPRVH[DPLQDUHOFDUiFWHUGHWDOHVREUDVFRQ PiVGHWDOOH\ DSXQWDUXQDVHULHGHGLUHFWULFHV\ SUHFDXFLRQHVSDUDVXOHFWXUD /RVGRVWLSRVGHOLEURVSUiFWLFRV /RPiVLPSRUWDQWHTXHKD\ TXHUHFRUGDUDFHUFDGHFXDOTXLHUOLEURSUiFWLFR HVTXHQRSXHGHUHVROYHUORVSUREOHPDVWDPELpQGHFDUiFWHUSUiFWLFRTXHWUDWD 8Q OLEUR WHyULFR Vt SXHGH UHVROYHU VXV SURSLRV SUREOHPDV SHUR XQ SUREOHPD SUiFWLFR VyOR VH VROXFLRQD PHGLDQWH OD DFFLyQ PLVPD &XDQGR HO SUREOHPD SUiFWLFRFRQVLVWHHQFyPRJDQDUVHODYLGDQRORVROXFLRQDUiXQOLEURTXHH[SOLTXH FyPRKDFHUDPLJRVHLQIOXLUVREUHODVSHUVRQDVVLELHQSXHGHVXJHULUXQRVSRFRV HOHPHQWRVDOUHVSHFWR6yORODDFFLyQPLVPDUHVROYHUiFyPRJDQDUVHODYLGD 3RQJDPRVFRPRHMHPSORHOSUHVHQWHOLEURTXHWLHQHXQFDUiFWHUSUiFWLFR6L DOOHFWRUOHLQWHUHVDFRPRWDOQDWXUDOPHQWHSXHGHLQWHUHVDUOHGHXQDIRUPDVyOR WHyULFD  TXHUUi UHVROYHU HO SUREOHPD GH DSUHQGHU D OHHU \  QR FRQVLGHUDUi TXH KD\ D VROXFLRQDGR pVWH KDVWD KDEHU DSUHQGLGR (O OLEUR QR UHVROYHUi HO SUREOHPD HQVXOXJDU~QLFDPHQWHOHVHUYLUiGHD\ XGD(OOHFWRUWLHQHTXHOOHYDUDFDEROD DFWLYLGDGGHODOHFWXUDQRVyORGHODREUDTXHDKRUDWLHQHHQODVPDQRVVLQRGH PXFKDVRWUDV$HVRQRVUHIHULPRVDOGHFLUTXH~QLFDPHQWHODDFFLyQUHVXHOYHORV SUREOHPDVSUiFWLFRV\ ODDFFLyQVHGHVDUUROODHQHOPXQGRQRHQORVOLEURV 7RGD DFFLyQ WLHQH OXJDU HQ XQD VLWXDFLyQ FRQFUHWD VLHPSUH HQ HO DTXt \  HO DKRUD \  EDMR XQD VHULH GH FLUFXQVWDQFLDV GHWHUPLQDGDV 1R VH SXHGH DFWXDU HQ JHQHUDO/DFODVHGHMXLFLRSUiFWLFRTXHSUHFHGHLQPHGLDWDPHQWHDODDFFLyQHV

WDPELpQFRQFUHWR\ SXHGHH[SUHVDUVH FRQSDODEUDVSHURUDUDPHQWHRFXUUH DVt &DVLQXQFDVHORHQFXHQWUDHQORVOLEURVSRUTXHHODXWRUGHXQDREUDSUiFWLFDQR SXHGHSUHYHUODVVLWXDFLRQHVSUiFWLFDVFRQFUHWDVHQODVTXHWHQGUiQTXHDFWXDUVXV OHFWRUHV3RUPXFKRTXHLQWHQWHD\ XGDUQRSXHGHRIUHFHUOHVFRQVHMRVSUiFWLFRV \ SUHFLVRV\ DTXHVyORRWUDSHUVRQDTXHVHHQFXHQWUHH[DFWDPHQWHHQODPLVPD VLWXDFLyQSXHGHKDFHUOR 6LQ HPEDUJR ORV OLEURV SUiFWLFRV Vt SXHGHQ HVWDEOHFHU UHJODV PiV R PHQRV JHQHUDOHVDSOLFDEOHVDQXPHURVDVVLWXDFLRQHVGHOPLVPRWLSR4XLHQGHVHHXWLOL]DU WDOHV OLEURV GHEH DSOLFDU ODV UHJODV D FDVRV GHWHUPLQDGRV \ SRU FRQVLJXLHQWH HMHUFHU XQ MXLFLR SUiFWLFR DO KDFHUOR (Q RWUDV SDODEUDV HO SURSLR OHFWRU GHEH DxDGLU DOJR DO OLEUR FRQ HO ILQ GH TXH UHVXOWH DSOLFDEOH HQ OD SUiFWLFD DxDGLU VX FRQRFLPLHQWRGHODVLWXDFLyQHQFXHVWLyQ\ VXMXLFLRDFHUFDGHODDSOLFDFLyQGHOD QRUPDDOFDVRTXHOHRFXSD 6H SXHGH UHFRQRFHU LQPHGLDWDPHQWH HO FDUiFWHU SUiFWLFR GH FXDOTXLHU OLEUR TXH FRQWHQJD UHJODV HV GHFLU QRUPDV Pi[LPDV R DOJ~Q WLSR GH GLUHFWULFHV JHQHUDOHVSHURXQDREUDGHHVWHWLSRSXHGHFRQWHQHUDOJRPiVTXHUHJODVFRPR ORVSULQFLSLRVTXHODVKDFHQLQWHOLJLEOHV3RUHMHPSORHQHOSUHVHQWHOLEURKHPRV LQWHQWDGR H[SOLFDUODV PHGLDQWH EUHYHV H[SRVLFLRQHV GH SULQFLSLRV GH JUDPiWLFD UHWyULFD \  OyJLFD /RV SULQFLSLRV HQ ORV TXH VH EDVDQ ODV UHJODV VXHOHQ VHU FLHQWtILFRV HV GHFLU WHPDV GH FRQRFLPLHQWR WHyULFR 7RPDGRV HQ FRQMXQWR FRQVWLWX\ HQ XQD WHRUtD FRPR FXDQGR KDEODPRV SRU HMHPSOR GH OD WHRUtD GH OD FRQVWUXFFLyQ GH SXHQWHV 1RV UHIHULPRV D ORV SULQFLSLRV WHyULFRV TXH KDFHQ TXH ODVUHJODVSDUDSURFHGHUFRUUHFWDPHQWHVHDQORTXHVRQ /RV OLEURV SUiFWLFRV VH GLYLGHQ HQ GRV JUXSRV SULQFLSDOHV $OJXQRV FRPR HO SUHVHQWH R XQ UHFHWDULR GH FRFLQD R XQ FyGLJR GH FLUFXODFLyQ FRQVLVWHQ IXQGDPHQWDOPHQWHHQXQDIRUPXODFLyQGH UHJODV\ FXDOTXLHURWURHOHPHQWR GH H[SRVLFLyQTXHFRQWHQJDQHVWiGHVWLQDGRDDFODUDUODV1RH[LVWHQPXFKRVJUDQGHV OLEURVGHHVWHWLSR(ORWURJUXSRVHRFXSDVREUHWRGRGHORVSULQFLSLRVTXHJHQHUDQ ODVUHJODV\ DpOSHUWHQHFHODPD\ RUtDGHODVJUDQGHVREUDVGHHFRQRPtDSROtWLFD \ pWLFD (VWDGLYLVLyQQRHVGHILQLWLYD\ DEVROXWDSRUTXHVHSXHGHQHQFRQWUDUUHJODV\ SULQFLSLRV HQ HO PLVPR OLEUR (V XQD FXHVWLyQ GH pQIDVLV UHODWLYR \  HO OHFWRU QR WRSDUiFRQQLQJXQDGLILFXOWDGDODKRUDGHDVLJQDUODVREUDVDXQDXRWUDFDWHJRUtD (O FDUiFWHU SUiFWLFR GHO OLEUR GH UHJODV VREUH FXDOTXLHU PDWHULD VH UHFRQRFH LQPHGLDWDPHQWH(OGHSULQFLSLRVSUiFWLFRVSXHGHSDUHFHUWHyULFRDOSULQFLSLR\ HQFLHUWRVHQWLGRDVtHVFRPR\ DKHPRVYLVWRSRUTXHWUDWDVREUHODWHRUtDGHXQ WLSRFRQFUHWRGHSUiFWLFD6LQHPEDUJRVLHPSUHVHVDEHTXHHVSUiFWLFRSRUTXH ORGHODWDHOFDUiFWHUGHORVSUREOHPDVTXHH[SRQHVLHPSUHDFHUFDGHXQDHVIHUD GHOFRPSRUWDPLHQWRKXPDQRHQODTXHODVSHUVRQDVSXHGHQDFWXDUPHMRURSHRU 1DWXUDOPHQWH DO OHHU XQ OLEUR TXH VREUH WRGR FRQWLHQH UHJODV pVWDV VRQ ODV SULQFLSDOHV SURSRVLFLRQHV TXH KD\  TXH EXVFDU /D IRUPD PiV GLUHFWD GH

H[SUHVDUODV FRQVLVWH HQ XQD VHQWHQFLD LPSHUDWLYD QR GHFODUDWLYD © $KyUUHVH QXHYH SXQWDGDV GDQGR XQD GH FDGD YH]ª  SRU HMHPSOR WDPELpQ SRGUtD H[SUHVDUVH GHO VLJXLHQWH PRGR © 8QD SXQWDGD SRU YH] DKRUUD QXHYHª  $PERV HQXQFLDGRV VXJLHUHQ ²HO LPSHUDWLYR XQ SRFR PiV HQIiWLFDPHQWH² TXH YDOH OD SHQDDFWXDUFRQGLOLJHQFLD 7DQWRVLVHODHQXQFLDGHIRUPDGHFODUDWLYDFRPRHQIRUPDGHRUGHQVLHPSUH SXHGH UHFRQRFHUVH XQD UHJOD SRUTXH UHFRPLHQGD KDFHU DOJR FRQ HO ILQ GH DOFDQ]DUXQREMHWLYR$VtODQRUPDGHOHFWXUDTXHRUGHQDOOHJDUDXQDFXHUGRFRQ HO DXWRU WDPELpQ SXHGH HQXQFLDUVH FRPR UHFRPHQGDFLyQ OD EXHQD OHFWXUD VXSRQHOOHJDUDXQDFXHUGRFRQHODXWRU/DSDODEUD© EXHQDª HVODFODYH\ TXH FRQYLHQHOOHYDUDFDERHVDFODVHGHOHFWXUDYDLPSOtFLWRHQODRUDFLyQ /RV DUJXPHQWRV GH XQ OLEUR SUiFWLFR GH HVWH WLSR VXSRQGUiQ WHQWDWLYDV GH GHPRVWUDUDOOHFWRUTXHODVUHJODVVRQYiOLGDV(ODXWRUTXL]iWHQJDTXHUHFXUULUD ORVSULQFLSLRVSDUDFRQYHQFHUOHRWDOYH]VHOLPLWHDLOXVWUDUVXYDOLGH]PRVWUDQGR FyPRIXQFLRQDQORVPLVPRVHQFDVRVFRQFUHWRV+D\ TXHEXVFDUDPEDVFODVHVGH DUJXPHQWRV (O UHFXUVR D ORV SULQFLSLRV VXHOH UHVXOWDU PHQRV SHUVXDVLYR SHUR WLHQHXQDYHQWDMDTXHSXHGHH[SOLFDUODUD]yQHQTXHVHEDVDQODVUHJODVPHMRU TXHORVHMHPSORVGHVXXWLOL]DFLyQ 1DWXUDOPHQWHHQRWURWLSRGHOLEURVSUiFWLFRVORVTXHKDEODQVREUHWRGRGHORV SULQFLSLRV HQ ORV TXH VH EDVDQ ODV UHJODV ORV DUJXPHQWRV \  ODV SURSRVLFLRQHV SULQFLSDOHV SDUHFHQ H[DFWDPHQWH LJXDOHV TXH ORV GH XQD REUD WHyULFD /DV SURSRVLFLRQHV GLUiQ TXH DOJR HV DVt R DVt \  ORV DUJXPHQWRV WUDWDUiQ GH GHPRVWUDUOR 3HUR H[LVWH XQD LPSRUWDQWH GLIHUHQFLD HQWUH OHHU XQ OLEUR GH WDOHV FDUDFWHUtVWLFDV \  RWUR SXUDPHQWH WHyULFR 'DGR TXH HQ ~OWLPD LQVWDQFLD ORV SUREOHPDVDUHVROYHUVRQSUiFWLFRV²SUREOHPDVGHDFFLyQHQWHUUHQRVHQORVTXH ODVSHUVRQDVSXHGHQGHVHQYROYHUVHPHMRURSHRU²HOOHFWRULQWHOLJHQWHGHREUDV VREUH© SULQFLSLRVSUiFWLFRVª VLHPSUHOHHHQWUHOtQHDVRHQORVPiUJHQHVWUDWDQGR GHYHUXQDVQRUPDVTXHTXL]iQRHVWpQH[SOtFLWDVSHURTXHGHWRGRVPRGRVSXHGHQ GHULYDU GH ORV SULQFLSLRV \  DYDQ]D XQ SRFR PiV SDUD LQWHQWDU DYHULJXDU FyPR KDEUtDTXHDSOLFDUODVUHJODVHQODSUiFWLFD $PHQRVTXHVHOROHDDVtQRVHFRQVLGHUDUiSUiFWLFRXQOLEURGHHVWHWLSROR TXHHTXLYDOHDGHFLUTXHVHOROHHPDOTXHQRVHORHQWLHQGH\ TXHQRVHORSXHGH FULWLFDUGHELGDPHQWH6LODLQWHOLJLELOLGDGGHODVQRUPDVUHVLGHHQORVSULQFLSLRVQR HV PHQRV FLHUWR TXH OR VLJQLILFDWLYR GH ORV SULQFLSLRV SUiFWLFRV UHVLGH HQ ODV QRUPDVDODVTXHFRQGXFHQDODVDFFLRQHVTXHUHFRPLHQGDQUHDOL]DU (VWR LQGLFD TXp KD\  TXH KDFHU SDUD FRPSUHQGHU DPEDV FODVHV GH OLEURV SUiFWLFRV\ WDPELpQORVFULWHULRVDVHJXLUSDUDHPLWLUXQMXLFLRFUtWLFR(QHOFDVR GHODVREUDVSXUDPHQWHWHyULFDVORVFULWHULRVSDUDODDYHQHQFLDRODGHVDYHQHQFLD JXDUGDQUHODFLyQFRQODYHUGDGGHORTXHVHGLFHSHURODYHUGDGSUiFWLFDGLILHUH GH OD WHyULFD 8QD QRUPD GH FRQGXFWD HV YHUGDGHUD HQ OD SUiFWLFD FRQ GRV

FRQGLFLRQHV XQD TXH IXQFLRQH RWUD TXH VX IXQFLRQDPLHQWR OOHYH DO REMHWLYR FRUUHFWRDOREMHWLYRGHVHDGR 6XSRQJDPRVTXHHOREMHWLYRTXHXQDXWRUFUHHTXHGHEHSHUVHJXLUHOOHFWRUQR OHSDUHFHDpVWHFRUUHFWR(QWDOFDVRLQFOXVRVLODVUHFRPHQGDFLRQHVVRQYiOLGDV GHVGH HO SXQWR GH YLVWD SUiFWLFR SRUTXH OOHYDQ D OD FRQVHFXFLyQ GHO REMHWLYR HO OHFWRU QR FRLQFLGLUi FRQ pO HQ ~OWLPD LQVWDQFLD \  HQMXLFLDUi OD YHUDFLGDG R IDOVHGDGSUiFWLFDGHOOLEURVHJ~QHVWDRSLQLyQ6LDOJXLHQSLHQVDTXHQRPHUHFHOD SHQD OHHU FXLGDGRVD H LQWHOLJHQWHPHQWH HO SUHVHQWH OLEUR FRQWHQGUi PX\  SRFD YHUGDGSUiFWLFDSDUDHVDSHUVRQDSRUYiOLGDVTXHVHDQODVUHJODV 2EVpUYHVHTXpVLJQLILFDORTXHDFDEDPRVGHGHFLU$OMX]JDUXQOLEURWHyULFR HOOHFWRUGHEHDSUHFLDUODFRLQFLGHQFLDRGLVFUHSDQFLDHQWUHVXVSURSLRVSULQFLSLRV EiVLFRV \  ORV GHO DXWRU $O MX]JDU XQ OLEUR SUiFWLFR WRGR VH GLULJH KDFLD ORV REMHWLYRV R ILQHV 6L XQD SHUVRQD QR FRPSDUWH HO HQWXVLDVPR GH 0DU[ SRU OD MXVWLFLD HFRQyPLFD VX GRFWULQD HFRQyPLFD \  ODV UHIRUPDV TXH SURSRQH SRGUiQ SDUHFHUOH SUiFWLFDPHQWH IDOVDV R LUUHOHYDQWHV 4XL]i SLHQVH FRPR (GPXQG %XUNHSRUHMHPSORTXHHOREMHWLYRPiVGHVHDEOHFRQVLVWHHQPDQWHQHUHOVWDWX TXR TXH FRQVLGHUDGR HQ FRQMXQWR HV PiV LPSRUWDQWH TXH HOLPLQDU ODV GHVLJXDOGDGHV GHO FDSLWDOLVPR (Q WDO FDVR VHJXUDPHQWH SHQVDUi TXH HO 0DQLILHVWRFRPXQLVWD HV SXUD IDOVHGDG (O MXLFLR SULQFLSDO VH H[SUHVDUi VLHPSUH HQ UHODFLyQ FRQ ORV ILQHV QR FRQ ORV PHGLRV SRUTXH QDGLH WLHQH LQWHUHVHV SUiFWLFRV HQ XQRV PHGLRV SRU EXHQRV TXH VHDQ HQFDPLQDGRV D DOFDQ]DU XQRV ILQHVTXHQRDSUXHEDRTXHQROHSUHRFXSDQ (OSDSHOGHODSHUVXDVLyQ (VWDEUHYHH[SRVLFLyQGDUiDOOHFWRUXQDSLVWDSDUDGHVFXEULUODVGRVSUHJXQWDV SULQFLSDOHVTXHGHEHSODQWHDUFXDQGROHHFXDOTXLHUOLEURSUiFWLFR/DSULPHUDHV FRPR VLJXH ¢FXiOHV VRQ ORV REMHWLYRV GHO DXWRU" \  OD VHJXQGD ¢TXp PHGLRV SURSRQHSDUDFRQVHJXLUORV"3XHGHUHVXOWDUPiVGLItFLOUHVSRQGHUHQHOFDVRGHXQ OLEURVREUHSULQFLSLRVTXHHQHOGHRWURVREUHUHJODVSRUTXHSUREDEOHPHQWHILQHV \ PHGLRVSDUHFHUiQPHQRVHYLGHQWHV6LQHPEDUJRKD\ TXHFRQWHVWDUHQDPERV FDVRVSDUDFRPSUHQGHU\ FULWLFDUXQOLEURSUiFWLFR 7DPELpQOHUHFRUGDUiXQDVSHFWRGHODHVFULWXUDSUiFWLFDTXHKHPRVVHxDODGR DQWHULRUPHQWH (Q WRGR OLEUR SUiFWLFR H[LVWH XQ HOHPHQWR GH RUDWRULD R LQFOXVR GHPDJRJLD 1R KHPRV OHtGR QLQJ~Q OLEUR GH ILORVRItD SROtWLFD ²SRU WHyULFR TXH SXGLHUD SDUHFHU SRU © DEVWUDFWRVª  TXH IXHUDQ ORV SULQFLSLRV TXH SUHVHQWDED² TXHQRLQWHQWDVHSHUVXDGLUDOOHFWRUGH© ODPHMRUIRUPDGHJRELHUQRª 'HLJXDO PRGRORVWUDWDGRVPRUDOHVLQWHQWDQSHUVXDGLUDOOHFWRUVREUH© ODEXHQDYLGDª \ OHGDQFRQVHMRVSDUDYLYLUOD\ ORVDXWRUHVGHOOLEURTXHWLHQHDKRUDHQODVPDQRV KHPRVLQWHQWDGRSHUVXDGLUOHGHTXHOHDGHFLHUWDIRUPDFRQHOILQGHTXHOOHJXHD

XQDPHMRUFRPSUHQVLyQ 1R FRVWDUi QLQJ~Q WUDEDMR YHU SRU TXp HO HVFULWRU GH OLEURV SUiFWLFRV GHEH WHQHUDOJRGHRUDGRURSURSDJDQGLVWD&RPRHOMXLFLRTXHHPLWLUiHOOHFWRUVREUH VX REUD VH GLULJLUi D VX DFHSWDFLyQ GHO ILQ SDUD HO TXH HO DXWRU SURSRQH XQRV PHGLRVGHSHQGHGHpVWHFRQYHQFHUOH3DUDHOORHODXWRUWHQGUiTXHSUHVHQWDUVXV DUJXPHQWRVGHWDOIRUPDTXHVHJDQHORVVHQWLPLHQWRV\ ODPHQWHGHOOHFWRUFRQ FX\ DV HPRFLRQHV TXL]i WHQJD TXH MXJDU SDUD KDFHUVH FRQ HO FRQWURO GH VX YROXQWDG (VWDDFWLWXGQRHVLQFRUUHFWDQLFUXHO)RUPDSDUWHGHOFDUiFWHUPLVPRGHORV DVXQWRVSUiFWLFRVSHUVXDGLUDODVSHUVRQDVGHTXHSLHQVHQ\ DFW~HQGHXQDIRUPD GHWHUPLQDGD 1L HO SHQVDPLHQWR QL OD DFFLyQ SUiFWLFD VRQ DVXQWRV SXUDPHQWH PHQWDOHV SRUTXH QR VH SXHGHQ GHMDU D XQ ODGR ODV HPRFLRQHV 1DGLH HPLWH MXLFLRV SUiFWLFRV VHULRV QL UHDOL]D DFFLRQHV VLQ FLHUWRV VHQWLPLHQWRV 4XL]i HO PXQGRVHUtDPHMRUVLRFXUULHVHGHRWUDPDQHUDSHURWDPELpQGLIHUHQWH(ODXWRU GHOLEURVSUiFWLFRVTXHQRFRPSUHQGDHVWHKHFKRUHVXOWDUiLQHILFD]\ DOOHFWRUGH HVWDVREUDVTXHWDPSRFRORFRPSUHQGDSUREDEOHPHQWHOHWRPDUiQHOSHOR /D PHMRU SURWHFFLyQ FRQWUD OD GHPDJRJLD GH FXDOTXLHU tQGROH FRQVLVWH HQ UHFRQRFHU OR TXH DFDEDPRV GH GHFLU 6yOR OD RUDWRULD RFXOWD HV UHDOPHQWH LQVLGLRVD/RTXHOOHJDDOFRUD]yQVLQSDVDUSRUODPHQWHVHJXUDPHQWHVHYROYHUi FRQWUDHOOD\ ODGHMDUiIXHUDGHVHUYLFLR/DSURSDJDQGDDVtFRQVLGHUDGDHVFRPR XQDGURJDTXHWRPDPRVVLQGDUQRVFXHQWDWLHQHXQHIHFWRPLVWHULRVR\ GHVSXpV QR FRPSUHQGHPRV SRU TXp SHQVDPRV R QRV VHQWLPRV GH XQD PDQHUD GHWHUPLQDGD /D SHUVRQD TXH OHH XQ OLEUR SUiFWLFR LQWHOLJHQWHPHQWH TXH FRQRFH VXV WpUPLQRV SURSRVLFLRQHV \  DUJXPHQWRV EiVLFRV VLHPSUH SRGUi GHWHFWDU VX RUDWRULD'HVFXEULUiVLQHVIXHU]RORVOXJDUHVHQORVTXHVHKDFHXQ© XVRHPRWLYR GHODVSDODEUDVª \FRQVFLHQWHGHTXHWLHQHTXHHVWDUGLVSXHVWRDVHUSHUVXDGLGR KDUiDOJRSDUDVRSHVDUORVDUJXPHQWRV6HUHVLVWLUiDODWUDFWLYRGHFRPSUDUHQODV UHEDMDV SHUR QR QHFHVDULDPHQWH SRU FRPSOHWR 5HVLVWLUVH DO DWUDFWLYR GH ODV UHEDMDV HV EXHQR FXDQGR QRV LPSLGH FRPSUDU SUHFLSLWDGD H LQFRQVFLHQWHPHQWH SHURHOOHFWRUTXHSLHQVDTXHGHEHSUHVWDURtGRVVRUGRVDWRGRVORVDWUDFWLYRVGHXQ WH[WRHQUHDOLGDGQRGHEHUtDOHHUOLEURVSUiFWLFRV +HPRV GH KDFHU RWUD REVHUYDFLyQ 'HELGR DO FDUiFWHU GH ORV SUREOHPDV SUiFWLFRV \  DO HOHPHQWR GH RUDWRULD TXH FRQWLHQH WRGD REUD SUiFWLFD OD © SHUVRQDOLGDGª  GHO DXWRU UHYLVWH PD\ RU LPSRUWDQFLD HQ HO FDVR GH ORV OLEURV SUiFWLFRVTXHHQHOGHORVWHyULFRV1RKDFHIDOWDVDEHUQDGDVREUHHODXWRUGHXQ WUDWDGRGHPDWHPiWLFDVVXVUD]RQDPLHQWRVVRQEXHQRVRPDORV\ QRLPSRUWDTXp FODVH GH SHUVRQD HV SHUR SDUD FRPSUHQGHU \  MX]JDU XQ WUDWDGR PRUDO XQ RS~VFXORSROtWLFRRXQOLEURGHHFRQRPtDKD\ TXHVDEHUDOJRVREUHHOFDUiFWHUGHO DXWRUVREUHVXYLGD\ VXpSRFD$OOHHU3ROtWLFDGH$ULVWyWHOHVSRUHMHPSOR HV PX\ LPSRUWDQWHVDEHUTXHODVRFLHGDGJULHJDHVWDEDFLPHQWDGDHQHOHVFODYLVPR

'HO PLVPR PRGR FRQRFHU OD VLWXDFLyQ SROtWLFD GH ,WDOLD HQ OD pSRFD GH 0DTXLDYHOR \  OD UHODFLyQ GH pVWH FRQ ORV 0pGLFLV DUURMD OX] VREUH VX REUD (O SUtQFLSH R HQ HO FDVR GH /HYLDWiQ GH +REEHV HV PX\  VLJQLILFDWLYR TXH HO ILOyVRIR YLYLHUD GXUDQWH ODV JXHUUDV FLYLOHV LQJOHVDV \  TXH OD YLROHQFLD \  ORV GHVyUGHQHVVRFLDOHVOHSURYRFDUDQXQDDQJXVWLDFDVLSDWROyJLFD 4XpFRQOOHYDODDYHQHQFLDFRQHODXWRUHQHOFDVRGHORVOLEURVSUiFWLFRV (VWDPRVVHJXURVGHTXHHOOHFWRUFRPSUHQGHUiTXHODVFXDWURSUHJXQWDVTXH GHEH SODQWHDUVH DQWH FXDOTXLHU OLEUR YDUtDQ OLJHUDPHQWH HQ HO FDVR GH XQD REUD SUiFWLFD,QWHQWDUHPRVHVSHFLILFDUODVYDULDFLRQHV /DSULPHUDSUHJXQWDDVDEHU ¢VREUH TXp WUDWD HO OLEUR" QR FDPELD PXFKR &RPRXQDREUDSUiFWLFDWLHQHFDUiFWHUGHHQVD\ RVLJXHVLHQGRQHFHVDULRHQHO WUDQVFXUVRGHODUHVSXHVWDSHUILODUODHVWUXFWXUD 6LQHPEDUJR\ DXQTXHVLHPSUHKD\ TXHLQWHQWDUDYHULJXDUHQTXpFRQVLVWHQ ORVSUREOHPDVGHODXWRU5HJOD HQHOFDVRGHORVOLEURVSUiFWLFRVHVWHUHTXLVLWR HVHOGRPLQDQWH+HPRVGLFKRTXHKD\ TXHWUDWDUGHGHVFXEULUORVREMHWLYRVGHO DXWRU R HQ RWUDV SDODEUDV VDEHU TXp SUREOHPDV WUDWD GH UHVROYHU (V QHFHVDULR VDEHUTXpGHVHDKDFHUSRUTXHHQHOFDVRGHODVREUDVSUiFWLFDVVDEHUORHTXLYDOH D VDEHU TXp GHVHD TXH KDJD HO OHFWRU DOJR TXH HYLGHQWHPHQWH UHYLVWH JUDQ LPSRUWDQFLD 7DPSRFRODVHJXQGDSUHJXQWDFDPELDGHPDVLDGR&RQHOILQGHUHVSRQGHUD OD SUHJXQWD VREUH HO FRQWHQLGR GHO OLEUR KD\  TXH GHVFXEULU ORV WpUPLQRV SURSRVLFLRQHV \  DUJXPHQWRV GHO DXWRU SHUR WDPELpQ HV HO ~OWLPR DVSHFWR GH DTXHOOD WDUHD FXELHUWD SRU OD 5HJOD   HO TXH DKRUD GHEH RFXSDUQRV HQ SULPHU OXJDU(OOHFWRUUHFRUGDUiTXHODUHJODUHFRPLHQGDDYHULJXDUFXiOHVGHHQWUHORV SUREOHPDV SODQWHDGRV HQ HO OLEUR KD ORJUDGR UHVROYHU HO DXWRU \  FXiOHV QR
DFFLyQSRUSDUWHGHOOHFWRU6LHODXWRUOHKDFRQYHQFLGRRSHUVXDGLGRGHTXHORV ILQHVTXHSURSRQHWLHQHQPpULWR\ VLKDRFXUULGRORPLVPRFRQORVPHGLRVTXH UHFRPLHQGD SDUD DOFDQ]DU HVRV ILQHV GLItFLOPHQWH SRGUi QHJDUVH D DFWXDU GH OD IRUPDTXHHODXWRUGHVHD 1DWXUDOPHQWHUHFRQRFHPRVTXHHVWRQRVLHPSUHVXFHGHSHURTXHUHPRVTXH HOOHFWRUFRPSUHQGDTXpVLJQLILFDFXDQGRQRVXFHGHTXHDSHVDUGHVXDSDUHQWH DYHQHQFLDFRQORVILQHVGHODXWRU\ GHODDFHSWDFLyQGHVXVPHGLRVHQUHDOLGDGQL VHDYLHQHQLDFHSWD6LKLFLHUDODVGRVFRVDVQRKDEUtDUD]yQSDUDTXHQRDFWXDVH 9DPRV D RIUHFHU XQ HMHPSOR 6L GHVSXpV GH KDEHU WHUPLQDGR OD VHJXQGD SDUWH GHO SUHVHQWH OLEUR HO OHFWRU   HVWi GH DFXHUGR HQ TXH OD OHFWXUD DQDOtWLFD PHUHFH OD SHQD \    KD DFHSWDGR ODV UHJODV GH OD OHFWXUD SRU FRQVLGHUDUODV XQ DSR\ RVXVWDQFLDOSDUDDOFDQ]DUHOREMHWLYRSURSXHVWRKDEUiHPSH]DGRDLQWHQWDU OHHUGHODIRUPDTXHKHPRVGHVFULWR(OFDVRFRQWUDULRQRVHGHEHUi~QLFDPHQWH DODSHUH]DRDOFDQVDQFLRVLQRDTXHHQUHDOLGDGQRFXPSOHHOSXQWR RHO  3XHGHH[LVWLUXQDH[FHSFLyQDORDQWHULRU6XSRQJDPRVSRUHMHPSORTXHXQD SHUVRQD OHH XQ DUWtFXOR TXH H[SOLFD FyPR KDFHU PRXVVH GH FKRFRODWH $ HVD SHUVRQDOHJXVWDWDOSRVWUH\ HVWiGHDFXHUGRFRQHODXWRUGHODUWtFXORHQTXHHOILQ TXH VH SHUVLJXH HV EXHQR 7DPELpQ DFHSWD ORV PHGLRV TXH VH SURSRQHQ SDUD REWHQHUHOILQHVGHFLUODUHFHWDSHURVHWUDWDGHXQOHFWRUQRGHXQDOHFWRUDTXH QXQFD VH PHWH HQ OD FRFLQD \  QR OOHJD D KDFHU HO GXOFH ¢,QYDOLGD HVWD FLUFXQVWDQFLDORTXHDFDEDPRVGHGHFLU" &ODURTXHQRSHURVtVHxDODXQDLPSRUWDQWHGLIHUHQFLDHQWUHORVWLSRVGHOLEURV SUiFWLFRV 5HVSHFWR D ORV ILQHV SURSXHVWRV SRU ORV DXWRUHV GH GLFKRV OLEURV HQ RFDVLRQHV pVWRV VRQ JHQHUDOHV DSOLFDEOHV D WRGRV ORV VHUHV KXPDQRV \  HQ RWUDV VyORDFLHUWRQ~PHURGHHOORV6LHOILQHVJHQHUDO²FRPRHQHOFDVRGHOSUHVHQWH OLEUR TXH VRVWLHQH TXH WRGDV ODV SHUVRQDV GHEHUtDQ OHHU PHMRU QR VyOR XQDV FXDQWDV²ODVGHULYDFLRQHVGHHVWHFDStWXORVHDSOLFDQDWRGRVORVOHFWRUHV6LHO ILQHVVHOHFWLYR\ VHDSOLFDVyORDFLHUWRVVHUHVKXPDQRVHOOHFWRUGHEHGHFLGLUVL SHUWHQHFHRQRDHVDFDWHJRUtD6LHVDVtODVGHULYDFLRQHVWDPELpQVHOHDSOLFDQD pO\ HVWiPiVRPHQRVREOLJDGRDDFWXDUVHJ~QORTXHHVSHFLILTXHHODXWRU(QHO FDVRFRQWUDULRTXL]iQRHVWpWDQREOLJDGR +HPRV GLFKR © TXL]i QR HVWp WDQ REOLJDGRª  SRUTXH H[LVWH XQD SRVLELOLGDG GH TXHHOOHFWRUVHHVWpHQJDxDQGRDVtPLVPRRGHTXHQRFRPSUHQGDVXVSURSLDV PRWLYDFLRQHVDOGHFLGLUTXHQRSHUWHQHFHDODFDWHJRUtDKXPDQDSDUDODTXHHOILQ WLHQHUHOHYDQFLD(QHOFDVRGHOOHFWRUGHODUWtFXORVREUHODPRXVVHGHFKRFRODWH SUREDEOHPHQWHH[SUHVHPHGLDQWHVXLQDFWLYLGDGODRSLQLyQGHTXHDXQTXHWRGR HO PXQGR VDEH TXH HVH GXOFH HV GHOLFLRVR RWUD SHUVRQD ²TXL]i VX PXMHU² GHEHUtD KDFHUOR < HQ PXFKDV RFDVLRQHV DGPLWLPRV OR GHVHDEOH GH XQ ILQ \  OD YLDELOLGDGGHORVPHGLRVSHURGHXQDXRWUDIRUPDH[SUHVDPRVUHQXHQFLDDOOHYDU DFDERODDFFLyQ4XHORKDJDRWURGHFLPRVPiVRPHQRVH[SOtFLWDPHQWH 'HVGHOXHJRHVWRQRFRQVWLWX\ HXQSUREOHPDIXQGDPHQWDOGHODOHFWXUDVLQR

GH OD SVLFRORJtD 6LQ HPEDUJR HO IDFWRU SVLFROyJLFR LQIOX\ H HQ OD HILFDFLD D OD KRUD GH OHHU XQ OLEUR SUiFWLFR UD]yQ SRU OD FXDO OR KHPRV H[SXHVWR HQ HVWDV SiJLQDV

 &Ï02/((5/,7(5$785$,0$*,1$7,9$

+DVWDHOPRPHQWRVyORQRVKHPRVRFXSDGRGHODPLWDGGHORTXHOHHODPD\ RUtD GH ODV SHUVRQDV \  TXL]i VHD XQ FiOFXOR GHPDVLDGR JHQHURVR 6HJXUDPHQWH OD PD\ RU SDUWH GHO WLHPSR TXH VH GHGLFD D OD OHFWXUD VH SDVD HQWUH SHULyGLFRV \ UHYLVWDV\ HQWHPDVUHODFLRQDGRVFRQHOWUDEDMR<HQORUHIHUHQWHDORVOLEURVOD PD\ RUtDOHHPiVILFFLyQTXHHQVD\ R$GHPiVGHHQWUHHVWRV~OWLPRVOLEURVORV TXHJR]DQGHPiVSRSXODULGDGVRQORVTXHDOLJXDOTXHODSUHQVDWUDWDQDVXQWRV GHLQWHUpVDFWXDOFRQHVWLORSHULRGtVWLFR 1R KHPRV HQJDxDGR DO OHFWRU UHVSHFWR D ODV UHJODV IRUPXODGDV HQ ORV DQWHULRUHVFDStWXORV$QWHVGHH[SRQHUODVHQGHWDOOHH[SOLFDPRVTXHWHQGUtDPRV TXHOLPLWDUQRVDODOHFWXUDGHOLEURVGHHQVD\ RVHULRVSRUTXHGHKDEHUIRUPXODGR ODV UHJODV SDUD OD OHFWXUD GH OLWHUDWXUD DO PLVPR WLHPSR TXH ODV RWUDV KDEUtDPRV FUHDGRFRQIXVLyQSHURQRSRGHPRVVHJXLUGHMDQGRDXQODGRODVGHPiVFODVHVGH OHFWXUDGXUDQWHPiVWLHPSR $QWHVGHLQLFLDUODWDUHDTXLVLpUDPRVGHVWDFDUXQDSDUDGRMDEDVWDQWHFXULRVD (OSUREOHPDGHVDEHUOHHUOLWHUDWXUDHVLQKHUHQWHPHQWHPXFKRPiVGLItFLOTXHHO TXH SODQWHD OD OHFWXUD GH HQVD\ RV VLQ HPEDUJR SDUHFH XQ KHFKR TXH KD\ PXFKDVPiVSHUVRQDVTXHSRVHHQHVWDGHVWUH]DTXHODGHOHHUFLHQFLD\ ILORVRItD SROtWLFDHFRQRPtDHKLVWRULD¢&yPRHVSRVLEOH" 1DWXUDOPHQWHSXHGHRFXUULUTXHODJHQWHVHDXWRHQJDxHVREUHVXFDSDFLGDG SDUD OHHU QRYHODV LQWHOLJHQWHPHQWH 3RU QXHVWUD H[SHULHQFLD HQ OD HQVHxDQ]D VDEHPRVORFDOODGDVTXHVHTXHGDQPXFKDVSHUVRQDVFXDQGRVHOHVSUHJXQWDTXp OHVKDJXVWDGRGHXQDQRYHOD6DEHQSHUIHFWDPHQWHTXHOHVKDJXVWDGRSHURQR SXHGHQ H[SOLFDU SRU TXp QL TXp FRQWLHQH HO OLEUR TXH OHV KD\ D SURSRUFLRQDGR SODFHU (VWD FLUFXQVWDQFLD SRGUtD LQGLFDU TXH TXL]i KD\ D EXHQRV OHFWRUHV GH ILFFLyQTXHQRVRQEXHQRVFUtWLFRVSHURVRVSHFKDPRVTXHVHWUDWDHQHOPHMRUGH ORVFDVRVGHXQDYHUGDGDPHGLDV/DOHFWXUDFUtWLFDGHFXDOTXLHUWH[WRGHSHQGH GHODSOHQLWXGGHODFRPSUHQVLyQ\ TXLHQHVQRSXHGHQGHFLUTXpOHVJXVWDGHXQD QRYHODVHJXUDPHQWHQRODKDQOHtGRSRUGHEDMRGHODVXSHUILFLHPiVYLVLEOH6LQ HPEDUJR HQ OD SDUDGRMD KD\  DOJR PiV TXH HVR /D OLWHUDWXUD LPDJLQDWLYD

IXQGDPHQWDOPHQWHDJUDGDQRHQVHxD5HVXOWDPXFKRPiVIiFLOVHQWLUDJUDGRTXH VHUHQVHxDGRSHURPXFKRPiVGLItFLOVDEHUSRUTXp&XHVWDPiVWUDEDMRDQDOL]DU ODEHOOH]DTXHODYHUGDG $FODUDU HVWH SXQWR UHTXHULUtD XQ H[WHQVR DQiOLVLV GH OD HVWpWLFD TXH QR SRGHPRV DFRPHWHU DTXt SHUR VL SRGHPRV RIUHFHU FRQVHMRV VREUH FyPR OHHU OLWHUDWXUDLPDJLQDWLYD(QSULPHUOXJDUSURFHGHUHPRVSRUODYtDGHODQHJDFLyQ IRUPXODQGR ORV © QRHVª  PiV HYLGHQWHV HQ OXJDU GH ODV UHJODV FRQVWUXFWLYDV $ FRQWLQXDFLyQVHJXLUHPRVODYtDGHODDQDORJtDWUDGXFLHQGREUHYHPHQWHODVUHJODV SDUDOHHUHQVD\ RDVXVHTXLYDOHQWHVSDUDOHHUILFFLyQ3RU~OWLPRHQHOVLJXLHQWH FDStWXORH[DPLQDUHPRVORVSUREOHPDVTXHSODQWHDODOHFWXUDGHWLSRVHVSHFtILFRV GHOLWHUDWXUDDVDEHUQRYHODVREUDVGHWHDWUR\ SRHPDVOtULFRV &yPRQROHHUOLWHUDWXUDLPDJLQDWLYD 3DUD SURFHGHU SRU OD YtD GH OD QHJDFLyQ HQ SULPHU OXJDU HV QHFHVDULR FRPSUHQGHU ODV GLIHUHQFLDV IXQGDPHQWDOHV HQWUH HO HQVD\ R \  OD OLWHUDWXUD LPDJLQDWLYDSXHVH[SOLFDUiQSRUTXpQRSRGHPRVOHHUXQDQRYHODLJXDOTXHXQD DUJXPHQWDFLyQ ILORVyILFD QL XQ SRHPD OtULFR FRPR XQD GHPRVWUDFLyQ PDWHPiWLFD /DGLIHUHQFLDPiVHYLGHQWHTXH\ DKHPRVVHxDODGRJXDUGDUHODFLyQFRQHO REMHWLYR GH ORV GRV WLSRV GH HVFULWXUD /RV OLEURV GH HQVD\ R LQWHQWDQ WUDQVPLWLU FRQRFLPLHQWR FRQRFLPLHQWR VREUH ODV H[SHULHQFLDV TXH KD WHQLGR R TXH SRGUtD WHQHUHOOHFWRU/RVGHOLWHUDWXUDWUDWDQGHFRPXQLFDUXQDH[SHULHQFLDHQVtPLVPD ²TXHHOOHFWRUVyORSXHGHWHQHURFRPSDUWLUSRUPHGLDFLyQGHODOHFWXUD²\ VL ORORJUDQRIUHFHQSODFHU'HELGRDODGLYHUVLGDGGHVXVLQWHQFLRQHVORVGRVWLSRV GHREUDVLQWHUHVDQGHIRUPDVGLVWLQWDVDOLQWHOHFWR\ DODLPDJLQDFLyQ ([SHULPHQWDPRV FRVDV HMHUFLWDQGR ORV VHQWLGRV \  OD LPDJLQDFLyQ 3DUD FRQRFHU DOJR GHEHPRV XWLOL]DU ORV SRGHUHV GH UDFLRFLQLR \  MXLFLR TXH VRQ LQWHOHFWXDOHVORTXHQRVLJQLILFDTXHSRGDPRVSHQVDUVLQXVDUODLPDJLQDFLyQQL TXH OD H[SHULHQFLD VHQVRULDO HVWp WRWDOPHQWH GLYRUFLDGD GHO UDFLRFLQLR R OD UHIOH[LyQ6HWUDWDWDQVyORGHXQDFXHVWLyQGHpQIDVLV/DILFFLyQDWUDHVREUHWRGR D OD LPDJLQDFLyQ XQD GH ODV UD]RQHV SRU ODV TXH KDEODPRV GH OLWHUDWXUD LPDJLQDWLYDSRUFRQWUDVWHFRQODFLHQFLD\ ODILORVRItDTXHVRQLQWHOHFWXDOHV (VWHKHFKRGHODOLWHUDWXUDLPDJLQDWLYDQRVOOHYDDODTXHSUREDEOHPHQWHVHD OD PiV QHJDWLYD GH ODV QRUPDV TXH YDPRV D IRUPXODU QR KD\ TXH LQWHQWDU UHVLVWLUVHDOHIHFWRTXHQRVSURGXFHXQDREUDGHOLWHUDWXUDLPDJLQDWLYD
DFHFKR GLVSXHVWR D VDOWDU /D FODVH GH DFWLYLGDG DSURSLDGD SDUD OHHU SRHVtD \ ILFFLyQGLILHUHGHODDQWHULRU(VXQDHVSHFLHGHDFFLyQSDVLYDVLVHQRVSHUPLWHOD H[SUHVLyQRGHSDVLyQDFWLYD$OOHHUXQDQDUUDFLyQGHEHPRVDFWXDUGHWDOIRUPD TXH OD GHMHPRV DFWXDU VREUH QRVRWURV FRQPRYHUQRV KDFHU OR TXH TXLHUD HQ QXHVWURLQWHULRU'HEHPRVDEULUQRVDHOOD 'HEHPRVPXFKRDOHQVD\ R²ILORVRItDFLHQFLDVPDWHPiWLFDV²TXHKDGDGR IRUPDDOPXQGRUHDOHQHOTXHYLYLPRVSHURQRSRGUtDPRVYLYLUHQpOVLGHYH]HQ FXDQGRQRIXpUDPRVFDSDFHVGHDOHMDUQRV1RTXHUHPRVGHFLUTXHODOLWHUDWXUD LPDJLQDWLYD VHD VLHPSUH R HVHQFLDOPHQWH HVFDSLVWD WpUPLQR SH\ RUDWLYR HQ VX VHQWLGR PiV H[WHQGLGR 6L KHPRV GH HVFDSDU GH OD UHDOLGDG GHEHUtD VHU D XQD UHDOLGDG PiV SURIXQGD R PiV DPSOLD OD UHDOLGDG GH QXHVWUD YLGD LQWHULRU GH QXHVWUDYLVLyQSURSLD\ ~QLFDGHOPXQGRFX\ RGHVFXEULPLHQWRQRVKDFHIHOLFHV ODH[SHULHQFLDHVSURIXQGDPHQWHVDWLVIDFWRULDSDUDXQDSDUWHGHQXHVWURVHUDOD TXH QRUPDOPHQWH QR WHQHPRV DFFHVR (Q FXDOTXLHU FDVR ODV UHJODV SDUD OD OHFWXUDGHXQDJUDQREUDOLWHUDULDGHEHUtDQSHUVHJXLUFRPRILQXQDH[SHULHQFLDGH VHPHMDQWHSURIXQGLGDG\ HOLPLQDUWRGRVORVREVWiFXORVTXHSXGLHUDQLPSHGLUOR /DGLIHUHQFLDIXQGDPHQWDOHQWUHOLWHUDWXUDLPDJLQDWLYD\ HQVD\ RGHVHPERFD HQ RWUD GLIHUHQFLD 'HELGR D VXV REMHWLYRV UDGLFDOPHQWH GLVWLQWRV HQ HVWRV GRV WLSRVGHHVFULWXUDVHHPSOHDHOOHQJXDMHGHGLYHUVDIRUPD(QHOSULPHUFDVRHO HVFULWRUWUDWDGHDXPHQWDUDOPi[LPRODVDPELJHGDGHVODWHQWHVGHODVSDODEUDV FRQ HO ILQ GH REWHQHU WRGD OD ULTXH]D \  OD IXHU]D LQKHUHQWHV D VXV P~OWLSOHV VLJQLILFDGRV (PSOHD ODV PHWiIRUDV FRPR XQLGDGHV GH VX FRQVWUXFFLyQ DO LJXDO TXHHOOyJLFRXWLOL]DODVSDODEUDVDILOiQGRODVKDVWDFRQVHJXLUXQ~QLFRVLJQLILFDGR /RTXHGLMR'DQWHVREUH'LYLQDFRPHGLDTXHGHEHOHHUVHFRPRVLWXYLHUDYDULRV VLJQLILFDGRVGLIHUHQWHVSHURUHODFLRQDGRVHQWUHVtSRUORJHQHUDOSXHGHDSOLFDUVH DODSRHVtD\ DODILFFLyQ/DOyJLFDGHXQDREUDGHHQVD\ RWLHQGHDXQLGHDOGH OHQJXDMH H[SOtFLWR VLQ DPELJHGDGHV 1DGD GHEH TXHGDU HQWUH OtQHDV \  WRGR OR TXH HV UHOHYDQWH \  HQXQFLDEOH GHEH GHFLUVH OR PiV H[SOtFLWD \  FODUDPHQWH SRVLEOH 3RU HO FRQWUDULR OD HVFULWXUD LPDJLQDWLYD VH DSR\ D WDQWR HQ OR LPSOtFLWR FRPR HQ OR TXH VH GLFH /D PXOWLSOLFDFLyQ GH ODV PHWiIRUDV SRQH FDVL PiV FRQWHQLGR HQWUH OtQHDV TXH HQ ODV SDODEUDV TXH ODV FRPSRQHQ (O SRHPD R OD QDUUDFLyQ HQ VX WRWDOLGDG GLFHQ DOJR TXH QR GLFH QL SXHGH GHFLU QLQJXQD GH VXV SDODEUDV 'HHVWHKHFKRGHULYDRWUDQRUPDQHJDWLYDHQODOLWHUDWXUDLPDJLQDWLYDQRKD\ TXH EXVFDU WpUPLQRV SURSRVLFLRQHV QL DUJXPHQWRV 7DOHV HOHPHQWRV VRQ LQVWUXPHQWRV GH OD OyJLFD QR GH OD SRHVtD © (Q OD SRHVtD \  HQ HO WHDWUR OD H[SRVLFLyQ HV XQR GH ORV PHGLRV PiV RVFXURVª  FRPHQWD HO SRHWD 0DUN YDQ 'RUHQ/RTXH© H[SRQHª XQSRHPDOtULFRSRUHMHPSORQRSXHGHHQFRQWUDUVHHQ QLQJXQD GH VXV RUDFLRQHV \  HO FRQMXQWR TXH DEDUFD WRGDV ODV SDODEUDV HQ VXV UHODFLRQHV \  UHDFFLRQHV UHFtSURFDV GLFH DOJR TXH QR SXHGH FRQILQDUVH D OD FDPLVD GH IXHU]D GH ODV SURSRVLFLRQHV 6LQ HPEDUJR OD OLWHUDWXUD LPDJLQDWLYD

FRQWLHQHHOHPHQWRVDQiORJRVDORVWpUPLQRVORVDUJXPHQWRV\ ODVSURSRVLFLRQHV WHPDTXHWRFDUHPRVHQEUHYH  1DWXUDOPHQWHVHSXHGHDSUHQGHUGHODOLWHUDWXUDLPDJLQDWLYDGHODSRHVtD\ OD QDUUDWLYD \  TXL]i VREUH WRGR GHO WHDWUR SHUR QR GH OD PLVPD IRUPD TXH QRV HQVHxDQORVOLEURVFLHQWtILFRV\ ILORVyILFRV$SUHQGHPRVGHODH[SHULHQFLDGHOD H[SHULHQFLDTXHWHQHPRVHQHOWUDQVFXUVRGHODYLGDFRWLGLDQD'HOPLVPRPRGR WDPELpQSRGHPRVDSUHQGHUGHODVH[SHULHQFLDVGHRWURVFUHDGDVDUWtVWLFDPHQWH TXHODILFFLyQSURGXFHHQQXHVWUDLPDJLQDFLyQ(QHVWHVHQWLGRODQDUUDWLYD\ OD SRHVtDHQVHxDQ\ GHOHLWDQSHURODFLHQFLD\ ODILORVRItDHQVHxDQHQRWURVHQWLGR /DVREUDVGHHQVD\ RQRSURSRUFLRQDQH[SHULHQFLDVQXHYDVVLQRTXHFRPHQWDQODV TXH\ DKHPRVWHQLGRRSRGHPRVWHQHUUD]yQSRUODTXHQRVSDUHFHFRUUHFWRGHFLU TXH HQ SULPHU OXJDU HQVHxDQ PLHQWUDV TXH ODV REUDV GH ILFFLyQ OR KDFHQ SRU GHULYDFLyQ FUHDQGR H[SHULHQFLDV GH ODV TXH SRGHPRV H[WUDHU HQVHxDQ]DV 3DUD DSUHQGHU GH WDOHV OLEURV KHPRV GH SHQVDU SRU QXHVWUD FXHQWD VREUH OD H[SHULHQFLD SDUD DSUHQGHU GH FLHQWtILFRV \  ILOyVRIRV HQ SULPHU OXJDU WHQHPRV TXHLQWHQWDUFRPSUHQGHUVXSHQVDPLHQWR < SRU ILQ OD ~OWLPD UHJOD QHJDWLYD QR FULWLFDU ODV REUDV GH ILFFLyQ FRQ ORV FULWHULRV GH YHUGDG \ FRKHUHQFLD TXH VH DSOLFDQ D OD FRPXQLFDFLyQ GH FRQRFLPLHQWRV/D© YHUGDGª GHXQDEXHQDQDUUDFLyQUDGLFDHQVXYHURVLPLOLWXG HQ VX FUHGLELOLGDG R SUREDELOLGDG LQWUtQVHFDV 3XHGH WUDWDUVH GH XQD QDUUDFLyQ FUHtEOHSHURQRWLHQHSRUTXpGHVFULELUKHFKRVGHODYLGDRGHODVRFLHGDGGHXQD IRUPDYHULILFDEOHPHGLDQWHODH[SHULPHQWDFLyQRODLQYHVWLJDFLyQ+DFHPXFKRV VLJORV $ULVWyWHOHV GLMR TXH © HO FULWHULR GH FRUUHFFLyQ QR HV HO PLVPR SDUD OD SRHVtD TXH SDUD OD SROtWLFDª  R SDUD OD ItVLFD R OD SVLFRORJtD SRGUtDPRV DxDGLU +DEUtD TXH FULWLFDU ODV LQH[DFWLWXGHV WpFQLFDV VREUH DQDWRPtD R ORV HUURUHV HQ JHRJUDItD R KLVWRULD FXDQGR HO OLEUR HQ HO TXH DSDUHFHQ VH SUHVHQWD FRPR XQ WUDWDGRVREUHWDOHVWHPDVSHURORVHUURUHVHQORVKHFKRVQRDIHFWDQDXQUHODWRVL HO QDUUDGRU FRQVLJXH URGHDUORV GH YHURVLPLOLWXG &XDQGR OHHPRV KLVWRULD TXHUHPRVODYHUGDGHQDOJ~QVHQWLGR\ WHQHPRVGHUHFKRDTXHMDUQRVVLQRVHQRV ODRIUHFH&XDQGROHHPRVXQDQRYHODTXHUHPRVXQDQDUUDFLyQTXHVyORGHEHVHU YHUGDGHQHOVHQWLGRGHTXHSRGUtDKDEHUVXFHGLGRHQHOPXQGRGHSHUVRQDMHV\ DFRQWHFLPLHQWRVTXHHOQRYHOLVWDKDFUHDGR\ UHFUHDGRHQQRVRWURV ¢4XpKDFHUFRQXQOLEURGHILORVRItDXQDYH]OHtGR\ FRPSUHQGLGR"3RQHUORD SUXHED FRPSDUiQGROR FRQ OD H[SHULHQFLD FRP~Q HQ OD TXH VH LQVSLUy \  TXH FRQVWLWX\ HVX~QLFDUD]yQGHVHU3UHJXQWDPRV¢HVYHUGDG"¢+HPRVVHQWLGRHVWR" ¢+HPRVSHQVDGRVLHPSUHDVtVLQGDUQRVFXHQWD"¢(VHYLGHQWHHVWRDKRUDDXQTXH QRORIXHUDDQWHV"3RUFRPSOLFDGDTXHUHVXOWHODWHRUtDRODH[SOLFDFLyQGHODXWRU ¢HVUHDOPHQWHPiVVHQFLOODTXHODVLGHDV\ RSLQLRQHVFDyWLFDVTXHWHQtDPRVDQWHV VREUHHOWHPD" 6L SRGHPRV FRQWHVWDU DILUPDWLYDPHQWH D OD PD\ RUtD GH HVWDV SUHJXQWDV HVWDPRVFRPSURPHWLGRVSRUODFRPXQLGDG GHHQWHQGLPLHQWRTXHH[LVWHHQWUH HO

DXWRU\ QRVRWURV6LFRPSUHQGHPRV\ QRGLVHQWLPRVGLUHPRV© eVWHHVHOVHQWLGR FRPSDUWLGRVREUHHODVXQWR+HPRVSXHVWRDSUXHEDODWHRUtD\ GHVFXELHUWRTXHHV FRUUHFWDª  1R RFXUUH RWUR WDQWR FRQ OD SRHVtD 1R VH SXHGH SRQHU D SUXHED 2WHOR SRU HMHPSOR FRPSDUiQGROR FRQ QXHVWUD SURSLD H[SHULHQFLD D PHQRV TXH WDPELpQ VHDPRV PRURV \  HVWHPRV FDVDGRV FRQ XQD GDPD YHQHFLDQD GH FX\ D ILGHOLGDG VRVSHFKDPRVSHURLQFOXVRVLDVtIXHUD2WHORQRUHSUHVHQWDDWRGRVORVPRURVQL 'HVGpPRQD D WRGDV ODV GDPDV YHQHFLDQDV DGHPiV GH TXH OD PD\ RUtD GH HVWH WLSRGHSDUHMDVWHQGUtDODVXHUWHGHQRFRQRFHUDXQ
ORJUDGRHVWRVLHVFDSD]GHH[SUHVDUGLFKDXQLGDGFRQXQDRGRVIUDVHV(Q~OWLPD LQVWDQFLD OD XQLGDG GH XQ HQVD\ R UHVLGH HQ HO SULQFLSDO SUREOHPD TXH WUDWD GH UHVROYHU SRU OR TXH OD PLVPD SXHGH VHU HQXQFLDGD IRUPXODQGR HVWD SUHJXQWD R ODV SURSRVLFLRQHV TXH OD UHVSRQGHQ /D XQLGDG GH XQD REUD GH ILFFLyQ WDPELpQ JXDUGDUHODFLyQFRQHOSUREOHPDDOTXHVHKDHQIUHQWDGRHODXWRUSHUR\ DKHPRV YLVWR TXH WDO SUREOHPD VXSRQH XQD WHQWDWLYD GH WUDQVPLWLU XQD H[SHULHQFLD HQ FRQFUHWR3RUWDQWRODXQLGDGGHXQDQDUUDFLyQUHVLGHVLHPSUHHQODWUDPD \  QR VHKDEUiFRPSUHQGLGRODWRWDOLGDGGHODREUDKDVWDSRGHUUHVXPLUVXWUDPDHQXQD EUHYHFRPSRVLFLyQQRXQDSURSRVLFLyQRXQDUJXPHQWR(QHVRHVWULEDODXQLGDG 2EVpUYHVH TXH QR H[LVWH FRQWUDGLFFLyQ UHDO HQWUH OR TXH DFDEDPRV GH GHFLU VREUHODXQLGDGGHODWUDPD\ VREUHHOFDUiFWHU~QLFRGHOOHQJXDMHGHXQDREUDGH ILFFLyQ,QFOXVRXQSRHPDOtULFRWLHQHXQD© WUDPDª HQHOVHQWLGRHQTXHHVWDPRV XWLOL]DQGR HO WpUPLQR HQ HVWDV SiJLQDV SHUR HVWH HOHPHQWR QR HV OD H[SHULHQFLD FRQFUHWDTXHUHFUHDODREUD HQHOOHFWRU\ DVH WUDWHGHSRHVtDWHDWURR QRYHOD VLQRVyORVXPDUFRRDFDVRODRFDVLyQSDUDHOOD5HSUHVHQWDODXQLGDGGHODREUD TXHGLFKRFRQSURSLHGDGHVWiHQODH[SHULHQFLDPLVPDDOLJXDOTXHHOUHVXPHQ OyJLFRGHOVLJQLILFDGRGHXQDREUDGHHQVD\ RUHSUHVHQWDHODUJXPHQWRGHOWRGR   1R VyOR UHGXFLU HO WRGR D OD XQLGDG PiV VHQFLOOD VLQR GHVFXEULU WDPELpQ FyPRVHKDFRQVWUXLGRHVHWRGRPHGLDQWHODYLQFXODFLyQGHVXVSDUWHV (QXQHQVD\ RODVSDUWHVVHRFXSDQGHSDUWHVGHOSUREOHPDWRWDOODVVROXFLRQHV SDUFLDOHV TXH FRQWULEX\ HQ D OD VROXFLyQ GHO WRGR PLHQWUDV TXH HQ XQD REUD GH ILFFLyQFRQVWLWX\ HQORVGLYHUVRVSDVRVTXHGDHODXWRUSDUDGHVDUUROODUODWUDPD² ORVGHWDOOHVGHORVSHUVRQDMHV\ ORVDFRQWHFLPLHQWRV²\ VXGLVSRVLFLyQGLILHUHHQ DPERV FDVRV (Q ILORVRItD \  FLHQFLD GHEHQ HVWDU RUGHQDGDV OyJLFDPHQWH \  HQ XQD QDUUDFLyQ GHEHQ HQFDMDU HQ XQ HVTXHPD WHPSRUDO XQD SURJUHVLyQ GH SULQFLSLR D ILQ FRQ XQ SDVR LQWHUPHGLR 3DUD FRQRFHU OD HVWUXFWXUD GH XQD QDUUDFLyQ KD\  TXH VDEHU GyQGH FRPLHQ]D ²QR QHFHVDULDPHQWH HQ OD SULPHUD SiJLQD SRU VXSXHVWR² TXp VXFHGH D FRQWLQXDFLyQ \ DO ILQDO YHU GyQGH DSDUHFHQODVGLYHUVDVFULVLVTXHGHVHPERFDQHQHOFOtPD[GyQGH\ FyPRVXFHGH pVWH\ FXiOHVVRQODVUHSHUFXVLRQHV&RQ© UHSHUFXVLRQHVª QRQRVUHIHULPRVDOR TXH RFXUUH FXDQGR WHUPLQD OD QDUUDFLyQ DOJR TXH QDGLH SXHGH VDEHU VLQR D OR TXHRFXUUHGHQWURGHODQDUUDFLyQGHVSXpVGHOFOtPD[  'H OR DQWHULRU GHULYD XQD FRQVHFXHQFLD LPSRUWDQWH ([LVWHQ PiV SUREDELOLGDGHVGHSRGHUOHHULQGHSHQGLHQWHPHQWHODVSDUWHVRVXEWRGRVGHXQOLEUR GH HQVD\ R TXH ODV GH XQD QDUUDFLyQ (OHPHQWRV GH (XFOLGHV FRQVWD GH WUHFH SDUWHV R OLEURV FRPR ORV GHQRPLQDED HO DXWRU \  OD SULPHUD SXHGH OHHUVH DLVODGDPHQWH FDVR SDUHFLGR DO GH FXDOTXLHU HQVD\ R ELHQ RUJDQL]DGR FX\ RV FDStWXORV WRPDGRV SRU VHSDUDGR R HQ VXEJUXSRV WLHQHQ VHQWLGR SRU Vt PLVPRV SHURORVFDStWXORVGHXQDQRYHODORVDFWRVGHXQDREUDWHDWUDORORVYHUVRVGHXQ SRHPD OtULFR SXHGHQ SDUHFHU UHODWLYDPHQWH DEVXUGRV VL VH GHVSUHQGHQ GH OD WRWDOLGDG

(Q VHJXQGR OXJDU ¢FXiOHV VRQ ODV UHJODV LQWHUSUHWDWLYDV SDUD OD OHFWXUD GH REUDVGHILFFLyQ"/DDQWHULRUUHIOH[LyQVREUHODGLIHUHQFLDH[LVWHQWHHQWUHHOXVR SRpWLFR \  HO OyJLFR GH OD OHQJXD QRV SUHSDUD SDUD WUDVODGDU D HVWH WHUUHQR ODV UHJODV HQFDPLQDGDV D HQFRQWUDU ORV WpUPLQRV DUJXPHQWRV \  SURSRVLFLRQHV 6DEHPRVTXHQRGHEHUtDPRVKDFHUVHPHMDQWHFRVDSHURVtDOJRDQiORJR   /RV HOHPHQWRV GH XQD REUD GH ILFFLyQ VRQ ORV HSLVRGLRV H LQFLGHQWHV ORV SHUVRQDMHV\ VXVSHQVDPLHQWRVGLVFXUVRVVHQWLPLHQWRV\ DFFLRQHVFDGDXQRGH ORVFXDOHVFRQVWLWX\ HXQHOHPHQWRGHOPXQGRFUHDGRSRUHODXWRUTXHFXHQWDXQD KLVWRULD PDQLSXOiQGRORV HQ VX WRWDOLGDG 6RQ FRPR ORV WpUPLQRV GHO GLVFXUVR OyJLFR$OLJXDOTXHHOOHFWRUKDGHOOHJDUDXQDFXHUGRFRQHODXWRUGHXQHQVD\ R HQ HVWH FDVR GHEH IDPLOLDUL]DUVH FRQ ORV GHWDOOHV GH ORV DFRQWHFLPLHQWRV \  ORV SHUVRQDMHV 1R VH KDEUi FRPSUHQGLGR XQD QDUUDFLyQ KDVWD FRQRFHU D VXV SHUVRQDMHVKDVWDKDEHUYLYLGRORVDFRQWHFLPLHQWRVSRUORVTXHHOORVKDQSDVDGR  /RVWpUPLQRVHVWiQYLQFXODGRVHQSURSRVLFLRQHV/RVHOHPHQWRVGHODVREUDV GH ILFFLyQ VH YLQFXODQ PHGLDQWH HO HVFHQDULR R WHOyQ GH IRQGR FRQWUD HO TXH VH UHFRUWDQFRPRHQUHOLHYH
$QWHVGHSDVDUGHORVHTXLYDOHQWHVGHODILFFLyQDODVUHJODVLQWHUSUHWDWLYDVGH VXOHFWXUDTXLVLpUDPRVDGYHUWLUDOOHFWRUTXHQRH[DPLQHODDQDORJtDGHPDVLDGR PLQXFLRVDPHQWH 8QD DQDORJtD GH HVWH WLSR HV FRPR XQD PHWiIRUD TXH VH GHVLQWHJUDUtD VL VH OD IRU]DVH GHPDVLDGR /RV WUHV SDVRV TXH KHPRV VXJHULGR SHUILODQ OD IRUPD HQ TXH YDPRV WRPDQGR SURJUHVLYDPHQWH FRQFLHQFLD GH ORV ORJURV DUWtVWLFRV GH XQ HVFULWRU \ OHMRV GH GLVPLQXLU HO GLVIUXWH GH XQD QRYHOD R XQD REUD WHDWUDO GHEHUtDQ HQULTXHFHU HO SODFHU GH OD OHFWXUD DO FRQRFHU tQWLPDPHQWHODVIXHQWHVGHHVHGHOHLWH(OOHFWRUQRVyORVDEUiTXpOHJXVWDVLQR SRUTXp 2WUD SUHFDXFLyQ ODV UHJODV DQWHULRUPHQWH IRUPXODGDV VH DSOLFDQ IXQGDPHQWDOPHQWH D ODV QRYHODV \  ODV REUDV WHDWUDOHV DVt FRPR D ORV SRHPDV OtULFRV HQ OD PHGLGD HQ TXH FRQWLHQHQ XQD OtQHD QDUUDWLYD SHUR WDPELpQ D ORV SRHPDVOtULFRVQRQDUUDWLYRVVLELHQODFRQH[LyQHVPXFKRPHQRVHVWUHFKD8QD FRPSRVLFLyQGHHVWHWLSRVXSRQHODUHSUHVHQWDFLyQGHXQDH[SHULHQFLDFRQFUHWD DO LJXDO TXH XQD QDUUDFLyQ ODUJD \  WUDWD GH UHFUHDUOD HQ HO OHFWRU ,QFOXVR HO SRHPDOtULFRPiVEUHYHWLHQHXQSULQFLSLRXQLQWHUPHGLR\ XQILQDODOLJXDOTXH KD\  XQD VHFXHQFLD WHPSRUDO HQ WRGD H[SHULHQFLD SRU EUHYH \  HWpUHD TXH pVWD VHD < DXQTXH HQ XQ SRHPD OtULFR EUHYH HO HOHQFR SXHGH VHU PX\  UHGXFLGR VLHPSUHH[LVWHDOPHQRVXQSHUVRQDMHHOQDUUDGRU (Q WHUFHU \ ~OWLPR OXJDU ¢FXiOHV VRQ ODV UHJODV FUtWLFDV SDUD OD OHFWXUD GH ILFFLyQ" (O OHFWRU TXL]i UHFXHUGH OD GLVWLQFLyQ TXH HVWDEOHFLPRV HQ ODV REUDV GH HQVD\ R HQWUH ODV Pi[LPDV JHQHUDOHV TXH ULJHQ OD FUtWLFD \  XQD VHULH GH SXQWRV FRQFUHWRVGHFRPHQWDULRVFUtWLFRVHVSHFtILFRV5HVSHFWRDODVSULPHUDVSRGHPRV IRUPXODU OD DQDORJtD PHGLDQWH XQD WUDVSRVLFLyQ 6L HQWRQFHV DFRQVHMiEDPRV QR FULWLFDUXQOLEUR²QRGHFLUVLVHHVWiGHDFXHUGRRHQGHVDFXHUGRFRQpO²KDVWD SRGHU GHFLU TXH VH OR KD FRPSUHQGLGR DKRUD UHFRPHQGDPRV OR VLJXLHQWH QR FULWLFDU XQD REUD GH OLWHUDWXUD LPDJLQDWLYD KDVWD KDEHU DSUHFLDGR SOHQDPHQWH OR TXHHODXWRUKDLQWHQWDGRKDFHUQRVH[SHULPHQWDU 'H OR DQWHULRU VH GHVSUHQGH XQ FRURODULR LPSRUWDQWH (O EXHQ OHFWRU GH XQD QDUUDFLyQ QR SRQH HQ WHOD GH MXLFLR HO PXQGR FUHDGR SRU HO DXWRU HO PLVPR PXQGRTXHVHUHFUHDHQVXLQWHULRU© 'HEHPRVDGPLWLUHOWHPDODLGHDHOGRQQp GHODUWLVWDQXHVWUDFUtWLFDVyORVHDSOLFDDORTXHKDFHFRQWRGRHOORª GLFH+HQU\ -DPHVHQ(ODUWHGHODILFFLyQ(VGHFLUGHEHPRVOLPLWDUQRVDDSUHFLDUHOKHFKR GH TXH XQ HVFULWRU GHVDUUROOH VX QDUUDFLyQ HQ 3DUtV SRU HMHPSOR < QR REMHWDU TXH KDEUtD VLGR PHMRU HQ 0LQQHDSROLV SHUR WHQHPRV GHUHFKR D FULWLFDU OR TXH KDFHFRQORVSDULVLHQVHV\ FRQODFLXGDGTXHSUHVHQWD (Q RWUDV SDODEUDV KHPRV GH UHFRUGDU TXH FRQ OD OLWHUDWXUD LPDJLQDWLYD QR SRGHPRV FRLQFLGLU QL GLVHQWLU R QRV JXVWD R QR QRV JXVWD (O MXLFLR FUtWLFR HQ HO FDVRGHOHQVD\ RVHUHILHUHDODYHUGDGTXHHQFLHUUDPLHQWUDVTXHHQODFUtWLFDGH

ODOLWHUDWXUDKHPRVGHWHQHUHQFRQVLGHUDFLyQIXQGDPHQWDOPHQWHVXEHOOH]D\ OD EHOOH]D GH FXDOTXLHU REUD GH DUWH HVWi UHODFLRQDGD FRQ HO SODFHU TXH QRV SURSRUFLRQDFXDQGRODFRQRFHPRVELHQ $ FRQWLQXDFLyQ YDPRV D UHIRUPXODU ODV Pi[LPDV GH RWUD PDQHUD $QWHV GH H[SUHVDU VXV JXVWRV \  VXV DYHUVLRQHV HO OHFWRU GHEH WHQHU OD FHUWH]D GH KDEHU UHDOL]DGR XQ HVIXHU]R KRQUDGR SDUD DSUHFLDU HO OLEUR &RQ DSUHFLDFLyQ QRV UHIHULPRV D WHQHU OD H[SHULHQFLD TXH HO DXWRU KD LQWHQWDGR SURGXFLU LQIOX\ HQGR VREUH ODV HPRFLRQHV \  OD LPDJLQDFLyQ GHO OHFWRU 3RU FRQVLJXLHQWH QR VH DSUHFLDUiXQDQRYHODVLVHOHHSDVLYDPHQWHFRPR\ DKHPRVVHxDODGRKD\ TXH OHHUODDSDVLRQDGDPHQWH FRPRWDPSRFRVHFRPSUHQGHUi XQD REUD GH ILORVRItD 3DUDOOHJDUDODDSUHFLDFLyQDOLJXDOTXHHQHOFDVRGHODFRPSUHQVLyQKD\ TXH OHHU DFWLYDPHQWH \  HVWR VLJQLILFD OOHYDU D FDER WRGRV ORV DFWRV GH OD OHFWXUD DQDOtWLFDTXHKHPRVSHUILODGREUHYHPHQWH 8QD YH] UHDOL]DGD GLFKD OHFWXUD VH KD DOFDQ]DGR VXILFLHQWH FRPSHWHQFLD FRPR SDUD MX]JDU \ QDWXUDOPHQWH HO SULPHU MXLFLR HVWDUi UHODFLRQDGR FRQ HO JXVWR3RGUHPRVGHFLUQRVyORTXHQRVJXVWDRGLVJXVWDXQOLEURVLQRWDPELpQSRU TXp3RUFLHUWRTXHODVUD]RQHVTXHVHDGX]FDQWHQGUiQFLHUWDUHOHYDQFLDFUtWLFD UHVSHFWRDOOLEURSHURHQVXSULPHUDH[SUHVLyQHVPiVSUREDEOHTXHVHUHILHUDQDO SURSLR OHFWRU ²D VXV SUHIHUHQFLDV \  SUHMXLFLRV² TXH DO OLEUR 3RU WDQWR SDUD OOHYDU D FDER OD WDUHD GH OD FUtWLFD HO OHFWRU WLHQH TXH REMHWLYDU ODV UHDFFLRQHV VHxDODQGRODVFRVDVGHOOLEURTXHODVKDQSURYRFDGR\ SDVDUGHGHFLUTXpOHJXVWD RGHVDJUDGDDpO\ SRUTXpDGHFLUTXpWLHQHGHEXHQRRGHPDORHOOLEUR \  SRU TXp &XDQWRPHMRUORJUHGLVFHUQLUODVFDXVDVGHOSODFHUTXHOHSURGXFHOHHUILFFLyQ RSRHVtDPHMRUFRQRFHUiODVYLUWXGHVDUWtVWLFDVGHODREUDOLWHUDULD3RFRDSRFR LUiGHVDUUROODQGRXQDSDXWDSDUDUHDOL]DUODFUtWLFD\ SUREDEOHPHQWHHQFRQWUDUiD JUDQQ~PHURGHSHUVRQDVFRQVXVPLVPDVSUHIHUHQFLDVFRQTXLHQHVFRPSDUWLUVXV MXLFLRV FUtWLFRV H LQFOXVR GHVFXEULUi TXH FXDOTXLHUD TXH DSUHQGD D OHHU SXHGH DGTXLULUHOEXHQJXVWRHQOLWHUDWXUD

 68*(5(1&,$63$5$/$/(&785$'(1$55$7,9$7($752<32(6Ë$

/DVUHJODVSDUDOHODVSDUDODOHFWXUDGHOLWHUDWXUDLPDJLQDWLYDTXHH[SRQtDPRV HQ HO FDStWXOR DQWHULRU WLHQHQ FDUiFWHU JHQHUDO \  VH DSOLFDQ D QRYHODV \  UHODWRV WDQWRHQSURVDFRPRHQYHUVRpSLFDLQFOXLGD REUDVGHWHDWUR\ DVHDQWUDJHGLDV R FRPHGLDV R DOJR D PHGLR FDPLQR HQWUH DPERV JpQHURV \  SRHPDV OtULFRV GH FXDOHVTXLHUDORQJLWXG\ FRPSOHMLGDG 3RU VX FDUiFWHU JHQHUDO KD\  TXH WUDQVIRUPDU XQ WDQWR HVWDV UHJODV SDUD DGDSWDUODV D ODV GLIHUHQWHV FODVHV GH OLWHUDWXUD LPDJLQDWLYD (Q ODV VLJXLHQWHV SiJLQDV QRV SURSRQHPRV VXJHULU ODV DGDSWDFLRQHV TXH FRQVLGHUDPRV QHFHVDULDV 'LUHPRVDOJRHVSHFLDOVREUHODOHFWXUDGHQDUUDFLRQHVREUDVWHDWUDOHV\ SRHPDV OtULFRV FRQ QRWDV VREUH ORV SUREOHPDV HVSHFtILFRV TXH SODQWHD OD OHFWXUD GH ORV SRHPDVpSLFRV\ ODVWUDJHGLDVJULHJDV 3HURDQWHVGHDGHQWUDUQRVHQHVWRVWHPDVGHVHDUtDPRVFRPHQWDUOD~OWLPDGH ODV FXDWUR SUHJXQWDV TXH HO OHFWRU DFWLYR \  H[LJHQWH GHEH SODQWHDUOH D FXDOTXLHU OLEURFXDQGRVHWUDWDGHXQDREUDGHOLWHUDWXUDLPDJLQDWLYD 5HFRUGHPRV ODV RWUDV WUHV SUHJXQWDV /D SULPHUD ¢VREUH TXp WUDWD HO OLEUR FRPRXQWRGR"ODVHJXQGD¢TXpVHGLFHHQGHWDOOH\ FyPRVHGLFH"\ ODWHUFHUD ¢HVHOOLEURYHUGDGHQVXWRWDOLGDGRHQSDUWH"(QHO~OWLPRFDStWXORH[SOLFiEDPRV ODDSOLFDFLyQGHHVWDVWUHVSUHJXQWDVDODOLWHUDWXUDLPDJLQDWLYD/DSULPHUDUHFLEH UHVSXHVWD FXDQGR HO OHFWRU HV FDSD] GH GHVFULELU OD XQLGDG GH OD WUDPD GH XQD QDUUDFLyQ XQD REUD GH WHDWUR R XQ SRHPD HQWHQGLHQGR © WUDPDª  HQ XQ VHQWLGR DPSOLRTXHDEDUFDODDFFLyQRHOPRYLPLHQWRWDQWRGHXQSRHPDOtULFRFRPRGH XQ UHODWR /D VHJXQGD SUHJXQWD TXHGD FRQWHVWDGD FXDQGR HO OHFWRU HV FDSD] GH GLVWLQJXLU HO SDSHO TXH GHVHPSHxDQ ORV GLVWLQWRV SHUVRQDMHV \  GH FRQWDU FRQ VXV SURSLDVSDODEUDVORVLQFLGHQWHV\ DFRQWHFLPLHQWRVFODYHHQORVTXHLQWHUYLHQHQ< VH UHVSRQGH D OD WHUFHUD FXDQGR VH SXHGH HPLWLU XQ MXLFLR UD]RQDGR VREUH OD YHUGDG SRpWLFD GH OD REUD ¢(V XQD KLVWRULD YHURVtPLO" ¢6DWLVIDFH OD REUD ORV VHQWLPLHQWRV\ HOLQWHOHFWR"¢$SUHFLDHOOHFWRUVXEHOOH]D"(QDPERVFDVRV¢SXHGH GHFLUSRUTXp" /D FXDUWD SUHJXQWD VH IRUPXOD GH OD VLJXLHQWH PDQHUD ¢TXp LPSRUWDQFLD

WLHQH"&XDQGRVHWUDWDGHXQHQVD\ RODUHVSXHVWDFRQOOHYDFLHUWDDFFLyQSRUSDUWH GHO OHFWRU &RQ © DFFLyQª  QR VLHPSUH QRV UHIHULPRV D KDFHU DOJR
LPSXOVDGRDDFWXDUSRUXQOLEURTXHKDOHtGRGHEHSUHJXQWDUVHVLODREUDFRQWLHQH DOJ~QHQXQFLDGRLPSOtFLWRTXHKD\ DGHVSHUWDGRWDOHVVHQWLPLHQWRV+DEODQGRFRQ SURSLHGDGODSRHVtDQRHVHOWHUUHQRGHORVHQXQFLDGRVVLELHQpVWRVDSDUHFHQHQ QXPHURVRV SRHPDV \  QDUUDFLRQHV PiV R PHQRV VRWHUUDGRV &RQYLHQH WRPDUORV HQFRQVLGHUDFLyQ\ UHDFFLRQDUDQWHHOORVSHURVLQROYLGDUTXHHQWRQFHVHVWDUHPRV UHDFFLRQDQGRDQWHDOJRGLIHUHQWHGHODQDUUDFLyQRHOSRHPDHQVtTXHVXEVLVWHQ SRU GHUHFKR SURSLR 3DUD OHHUORV ELHQ OR ~QLFR TXH KD\  TXH KDFHU HV H[SHULPHQWDUORV &yPROHHUQDUUDFLRQHV (OSULPHUFRQVHMRTXHTXLVLpUDPRVGDUSDUDODOHFWXUDGHXQDQDUUDFLyQHVHO VLJXLHQWHOHHUODFRQUDSLGH]\ VXPHUJLpQGRVHHQHOODSRUFRPSOHWR/RLGHDOVHUtD OHHUODGHXQDYH]DOJRTXHUDUDPHQWHSXHGHQKDFHUODVSHUVRQDVPX\ DWDUHDGDV VREUHWRGRHQHOFDVRGHODVQRYHODVODUJDV1RREVWDQWHKDEUtDTXHDSUR[LPDUVH DO LGHDO FRQGHQVDQGR OD OHFWXUD GH XQD EXHQD QDUUDFLyQ HQ HO PHQRU WLHPSR SRVLEOHSXHVGHRWURPRGRVHROYLGDORTXHKDRFXUULGR\ VHGLIXPLQDODXQLGDG GHODWUDPD &XDQGRUHDOPHQWHOHVJXVWDXQDQRYHODDOJXQDVSHUVRQDVTXLHUHQVDERUHDUOD GHWHQLGDPHQWH SURORQJDU OD OHFWXUD OR PiV SRVLEOH SHUR HQ HVWH FDVR SUREDEOHPHQWHPiVTXHOHHUHOOLEURHVWiQVDWLVIDFLHQGRXQRVVHQWLPLHQWRVPiVR PHQRV LQFRQVFLHQWHV VREUH ORV DFRQWHFLPLHQWRV \  ORV SHUVRQDMHV 9ROYHUHPRV D WRFDUHVWHSXQWRPiVDGHODQWH +HPRVVXJHULGROHHUFRQUDSLGH]\ VXPHUJLpQGRVHSRUFRPSOHWRHQHOWHPD \  WDPELpQ KHPRV GHVWDFDGR OD LPSRUWDQFLD GH GHMDU TXH XQD REUD LQFLGD HQ QRVRWURV $ HVWR QRV UHIHULPRV FRQ OD ~OWLPD IUDVH SHUPLWLU TXH ORV SHUVRQDMHV HQWUHQHQHOFRUD]yQ\ HQODPHQWHGHMDUHQVXVSHQVRODLQFUHGXOLGDGVLWDOHVHO FDVRDFHUFDGHORVDFRQWHFLPLHQWRV(OOHFWRUQRGHEHFRQGHQDUDOJRTXHKDFHXQ SHUVRQDMHDQWHVGHKDEHUFRPSUHQGLGRSRUTXpORKDFH\ DXQHQWRQFHVGHEHUtD SHQViUVHORGRVYHFHV+DGHLQWHQWDUSRUWRGRVORVPHGLRVYLYLUHQHOPXQGRGHO SHUVRQDMH QR HQ HO VX\ R SRUTXH DOOt ODV FRVDV TXH DTXpO KDFH SXHGHQ UHVXOWDU FRPSUHQVLEOHV\ QRMX]JDUHOPXQGRFRPRXQWRGRKDVWDKDEHUVHDVHJXUDGRGH TXH© KDYLYLGRª HQpOKDVWDHOH[WUHPRTXHVXFDSDFLGDGOHSHUPLWD 6HJXLU HVWD UHJOD OH SHUPLWLUi UHVSRQGHU D OD SULPHUD SUHJXQWD TXH KD\  TXH SODQWHDUDFXDOTXLHUOLEURDVDEHU¢GHTXpWUDWDFRPRXQWRGR"$PHQRVTXHOHD UiSLGDPHQWH QR ORJUDUi FRPSUHQGHU OD XQLGDG GH OD QDUUDFLyQ \  D PHQRV TXH OHDLQWHQVDPHQWHQRFRQVHJXLUiYHUORVGHWDOOHV &RPR\ DKHPRVVHxDODGRORVWpUPLQRVGHXQDQDUUDFLyQVRQVXVSHUVRQDMHVH LQFLGHQWHV(OOHFWRUGHEHIDPLOLDUL]DUVHFRQHOORVVHUFDSD]GHGLVWLQJXLUORV3HUR DO OOHJDU D HVWH SXQWR TXLVLpUDPRV GHFLU XQDV SDODEUDV GH DGYHUWHQFLD WRPDQGR

FRPRHMHPSOR*XHUUD\SD]0XFKRVOHFWRUHVHPSLH]DQHVWDQRYHOD\ VHVLHQWHQ DEUXPDGRVSRUHOJUDQQ~PHURGHSHUVRQDMHVTXHYDQFRQRFLHQGRGHELGRVREUH WRGRDVXVH[WUDxRVQRPEUHV$OSRFRWLHPSRDEDQGRQDQODOHFWXUDFRQYHQFLGRV GH TXH QXQFD VHUiQ FDSDFHV GH GLVWLQJXLU ODV FRPSOLFDGDV UHODFLRQHV GH VDEHU TXLpQHVTXLpQ(VWRVHSXHGHDSOLFDUDWRGDJUDQQRYHOD\ VLVHWUDWDGHXQDREUD UHDOPHQWHEXHQDORHQWHQGHPRVFRPRDSOLFDEOHDODPiVJUDQGHSRVLEOH $ HVWRV OHFWRUHV WDQ SXVLOiQLPHV QR VH OHV RFXUUH SHQVDU TXH OHV VXFHGH H[DFWDPHQWHORPLVPRFXDQGRYDQDXQDFLXGDGQXHYDFDPELDQGHFROHJLRRGH OXJDUGHWUDEDMRRLQFOXVRFXDQGROOHJDQDXQDILHVWD(QHVDVFLUFXQVWDQFLDVQR VHULQGHQVDEHQTXHDOFDERGHSRFRWLHPSRORVLQGLYLGXRVHPSH]DUiQDKDFHUVH YLVLEOHV HQWUH OD PDVD TXH DSDUHFHUiQ DPLJRV HQWUH OD PXOWLWXG DQyQLPD GH FRPSDxHURV GH WUDEDMR GH FODVH R HQWUH ORV LQYLWDGRV 7DO YH] QR UHFXHUGHQ HO QRPEUHGHWRGDVODVSHUVRQDVTXHKDQFRQRFLGRHQXQDILHVWDSHURVtUHFRUGDUiQ HOGHOFKLFRFRQHOTXHHVWXYLHURQKDEODQGRGXUDQWHXQDKRUDRHOGHODFKLFDFRQ OD TXH TXHGDURQ SDUD VDOLU DO GtD VLJXLHQWH R HO GH OD VHxRUD FX\ R KLMR YD DO PLVPR FROHJLR TXH HO VX\ R 3XHV ELHQ OR PLVPR RFXUUH HQ XQD QRYHOD 1R SRGHPRV HVSHUDU UHFRUGDU D WRGRV ORV SHUVRQDMHV PXFKRV GH HOORV VLUYHQ GH VLPSOH WHOyQ GH IRQGR FRPR UHVSDOGR GH ODV DFFLRQHV GH ORV SURWDJRQLVWDV 6LQ HPEDUJR FXDQGR WHUPLQDPRV GH OHHU *XHUUD \ SD] R FXDOTXLHU JUDQ QRYHOD VDEHPRVTXLpQHVVRQLPSRUWDQWHV\ QRORVROYLGDPRV3HGUR$QGUpV1DWDFKDOD SULQFHVD 0DUtD 1LFROiV« OR PiV SUREDEOH HV TXH ORV QRPEUHV QRV YHQJDQ LQPHGLDWDPHQWHDODPHPRULDDXQTXHKDJDPXFKRVDxRVTXHKD\ DPRVOHtGROD QRYHODGH7ROVWyL $GHPiV\ DSHVDUGHODSOpWRUDGHLQFLGHQWHVQRWDUGDPRVPXFKRHQUHSDUDU HQ TXp HV LPSRUWDQWH /RV HVFULWRUHV VXHOHQ SURSRUFLRQDU JUDQ D\ XGD HQ HVWH VHQWLGRSDUDHYLWDUTXHHOOHFWRUSDVHSRUDOWRORTXHHVHVHQFLDOSDUDHOGHVDUUROOR GH OD WUDPD OR VHxDODQ GH GLYHUVDV PDQHUDV 3HUR TXHUHPRV LQVLVWLU HQ TXH QR KD\ TXHSUHRFXSDUVHVLWRGRQRHVWiFODURGHVGHHOSULQFLSLRHVPiVQR GHEHUtD HVWDUOR 8QD QDUUDFLyQ HV FRPR OD YLGD PLVPD \  HQ OD YLGD QR HVSHUDPRV FRPSUHQGHU ORV DFRQWHFLPLHQWRV HQ FXDQWR RFXUUHQ DO PHQRV FRQ DEVROXWD FODULGDGSHURDOYROYHUDH[DPLQDUORVVtORVHQWHQGHPRV'HLJXDOPRGRFXDQGR HO OHFWRU GH XQD QDUUDFLyQ YXHOYH D H[DPLQDUOD XQD YH] TXH KD WHUPLQDGR GH OHHUODFRPSUHQGHODUHODFLyQGHORVDFRQWHFLPLHQWRV\ HORUGHQGHODVDFFLRQHV 7RGRORDQWHULRUVHUHGXFHDOPLVPRSXQWRKD\ TXHWHUPLQDUXQDQDUUDFLyQ SDUD SRGHU GHFLU TXH VH KD OHtGR ELHQ 3DUDGyMLFDPHQWH VLQ HPEDUJR XQD QDUUDFLyQ GHMD GH VHU FRPR OD YLGD HQ OD ~OWLPD SiJLQD PLHQWUDV TXH pVWD FRQWLQ~DDTXpOODVHGHWLHQH/RVSHUVRQDMHVQRWLHQHQYLWDOLGDGIXHUDGHOOLEUR\ OR TXH XQ OHFWRU LPDJLQH VREUH OR TXH OHV RFXUUH DQWHV GH OD SULPHUD SiJLQD \ GHVSXpV GH OD ~OWLPD SXHGH VHU WDQ LQWHUHVDQWH FRPR OR TXH LPDJLQH FXDOTXLHU RWUR (Q UHDOLGDG WDOHV HVSHFXODFLRQHV VRQ DEVXUGDV 6H KDQ HVFULWR SUHiPEXORV GH+DPOHWSHURUHVXOWDQULGtFXORV1RGHEHPRVSUHJXQWDUTXpOHVVXFHGHD3HGUR

\  D 1DWDFKD FXDQGR DFDED *XHUUD \ SD] 1RV VDWLVIDFHQ ODV FUHDFLRQHV GH 6KDNHVSHDUH \  7ROVWyL HQ SDUWH SRUTXH WLHQHQ OLPLWDFLyQ WHPSRUDO \  QR QHFHVLWDPRVQDGDPiV /DJUDQPD\ RUtDGHORVOLEURVTXHVHOHHQVRQQDUUDFLRQHVGHXQRXRWURWLSR \ TXLHQHVQRVDEHQOHHUODVR\ HQ,QFOXVRODVLQYHQWDPRVSDUDQRVRWURVPLVPRV /DILFFLyQSDUHFHVHUXQDQHFHVLGDGKXPDQD¢3RUTXp" 8QD GH ODV UD]RQHV HVWULED HQ TXH OD ILFFLyQ VDWLVIDFH PXFKDV H[LJHQFLDV VXEFRQVFLHQWHV \  FRQVFLHQWHV VHUtD LPSRUWDQWH LQFOXVR VL VyOR DIHFWDVH D OD FRQFLHQFLD FRPR RFXUUH FRQ HO HQVD\ R SHUR WDPELpQ OR HV SRUTXH DGHPiV DIHFWDDOVXEFRQVFLHQWH (QHOQLYHOPiVVHQFLOOR²\ XQDH[SRVLFLyQGHHVWHWHPDSRGUtDFRPSOLFDUVH GHPDVLDGR² QRV JXVWD R QRV GHVDJUDGD FLHUWR WLSR GH SHUVRQDV PiV TXH RWUDV PXFKDV YHFHV VLQ VDEHU ELHQ SRU TXp 6L HQ XQD QRYHOD WDOHV SHUVRQDV VRQ UHFRPSHQVDGDV R FDVWLJDGDV SRGHPRV H[SHULPHQWDU XQRV VHQWLPLHQWRV PiV IXHUWHVKDFLDHOOLEURDIDYRURHQFRQWUDGHORTXHVHPHUHFHGHVGHHOSXQWRGH YLVWDDUWtVWLFR 3RU HMHPSOR D YHFHV QRV DJUDGD TXH XQ SHUVRQDMH GH XQD QRYHOD KHUHGH GLQHUR R TXH WHQJD VXHUWH SHUR VXHOH RFXUULU VyOR FXDQGR GLFKR SHUVRQDMH QRV UHVXOWD © VLPSiWLFRª  HV GHFLU FXDQGR SRGHPRV LGHQWLILFDUQRV FRQ pO 1R UHFRQRFHPRV TXH D QRVRWURV QRV JXVWDUtD KHUHGDU HVH GLQHUR VLPSOHPHQWH WHUPLQDPRVSRUDILUPDUTXHQRVJXVWDHOOLEUR 7DO YH] D WRGRV QRV JXVWDUtD DPDU FRQ PiV YHKHPHQFLD 0XFKDV QRYHODV WUDWDQ HO WHPD GHO DPRU ²WDO YH] OD PD\ RUtD² \  QRV FRPSODFH LGHQWLILFDUQRV FRQ ORV SHUVRQDMHV TXH DPDQ (OORV VRQ OLEUHV \  QRVRWURV QR SHUR TXL]i QR TXHUDPRV DGPLWLUOR SRUTXH VL OR KLFLpUDPRV SRGUtDPRV UHSDUDU HQ TXH QXHVWUR DPRUHVLQFRPSOHWR (Q HO FDUiFWHU GH FDVL WRGDV ODV SHUVRQDV KD\  XQ HOHPHQWR LQFRQVFLHQWH GH VDGLVPR \  GH PDVRTXLVPR TXH FRQ IUHFXHQFLD VH VDWLVIDFH FRQ ODV QRYHODV GRQGHSRGHPRVLGHQWLILFDUQRVFRQHOFRQTXLVWDGRURFRQODYtFWLPDHLQFOXVRFRQ DPERV(QDPERVFDVRVH[LVWHXQDSURSHQVLyQDGHFLUVLPSOHPHQWHTXHQRVJXVWD © HVDFODVHGHOLEURª VLQHVSHFLILFDURVLQVDEHUUHDOPHQWHSRUTXp 3RU~OWLPRVRVSHFKDPRVTXHODYLGDWDOFRPRODFRQRFHPRVHVLQMXVWD¢3RU TXp VXIUHQ ODV EXHQDV SHUVRQDV \  ODV PDODV SURVSHUDQ" 1R OR VDEHPRV QR SRGHPRV VDEHUOR SHUR HO KHFKR HQ Vt SURGXFH XQD JUDQ DQJXVWLD HQ WRGR HO PXQGR (Q ODV QDUUDFLRQHV HVWD VLWXDFLyQ FDyWLFD \  GHVDJUDGDEOH VH VROXFLRQD DOJRTXHQRVVDWLVIDFHH[WUDRUGLQDULDPHQWH (Q ODV QDUUDFLRQHV ²QRYHODV HSRSH\ DV \  REUDV WHDWUDOHV² VXHOH H[LVWLU OD MXVWLFLD/DVSHUVRQDVUHFLEHQORTXHVHPHUHFHQHODXWRUTXHHVFRPRXQGLRV SDUDVXVSHUVRQDMHVVHHQFDUJDGHTXHVHDQUHFRPSHQVDGDVRFDVWLJDGDVVHJ~Q VXV YHUGDGHURV PpULWRV R HVR HV OR TXH VXHOH RFXUULU DO PHQRV HQ ODV EXHQDV QDUUDFLRQHV8QRGHORVHOHPHQWRVPiVLUULWDQWHVGHXQDPDODQDUUDFLyQHVTXH

VXV SHUVRQDMHV SDUHFHQ UHFLELU UHFRPSHQVDV \  FDVWLJRV VLQ WRQ QL VRQ (O EXHQ QDUUDGRU QR FRPHWH HUURUHV (V FDSD] GH FRQYHQFHUQRV GH TXH VH KD KHFKR MXVWLFLDMXVWLFLDSRpWLFD /R DQWHULRU HV DSOLFDEOH LQFOXVR D ODV WUDJHGLDV HQ ODV TXH D ODV SHUVRQDV EXHQDVOHVVXFHGHQFRVDVWHUULEOHVSHURHQHOODVYHPRVTXHHOKpURHLQFOXVRVLQR PHUHFH WRWDOPHQWH VX GHVWLQR DO PHQRV OOHJD D FRPSUHQGHUOR \  VHQWLPRV XQ SURIXQGR GHVHR GH FRPSDUWLU HVD FRPSUHQVLyQ 6L QRVRWURV OR FRQRFLpUDPRV VHUtDPRV FDSDFHV GH HQIUHQWDUQRV D FXDOTXLHU FRVD TXH HO PXQGR SXGLHUD GHSDUDPRV4XLHURVDEHUSRUTXpHVHOWtWXORGHXQUHODWRGH6KHUZRRG$QGHUVRQ SHUR DVt SRGUtDQ WLWXODUVH RWURV PXFKRV (O KpURH WUiJLFR VDEH SRU TXp DXQTXH QDWXUDOPHQWH HQ PXFKDV RFDVLRQHV GHVSXpV GH TXH VX YLGD KD\ D TXHGDGR GHVWUR]DGD3RGHPRVFRPSDUWLUVXFRQRFLPLHQWRVLQFRPSDUWLUVXVXIULPLHQWR 3RUHOORDOFULWLFDUXQDREUDGHILFFLyQKHPRVGHWHQHUFXLGDGRDODKRUDGH GLVWLQJXLU HQWUH ORV OLEURV TXH VDWLVIDFHQ QXHVWUDV SURSLD QHFHVLGDGHV VXEFRQVFLHQWHV²ODVTXHQRVKDFHQGHFLU© 0HJXVWDHVWHOLEURSHURHQUHDOLGDG QRVpSRUTXpª ²\ ORVTXHVDWLVIDFHQODVSURIXQGDVQHFHVLGDGHVVXEFRQVFLHQWHV GH FDVL WRGDV ODV SHUVRQDV 1R FDEH GXGD GH TXH pVWDV VRQ ODV JUDQGHV QDUUDFLRQHV ODV TXH SHUYLYHQ GXUDQWH VLJORV \  JHQHUDFLRQHV 0LHQWUDV HO VHU KXPDQR VLJD VLpQGROR FRQWLQXDUiQ VDWLVIDFLpQGROH RIUHFLpQGROH DOJR TXH QHFHVLWDFUHHUHQODMXVWLFLDHQODFRPSUHQVLyQ\ HQHODOLYLRGHODDQJXVWLD1R VDEHPRV QR SRGHPRV HVWDU VHJXURV GH TXH HO PXQGR UHDO VHD EXHQR SHUR HO PXQGRGHXQDJUDQQDUUDFLyQHVHQFLHUWRPRGREXHQR\ TXHUHPRVYLYLUHQpO GXUDQWHHOPD\ RUWLHPSR\ FRQODPD\ RUIUHFXHQFLDSRVLEOHV 1RWDVVREUHpSLFD 4XL]iORVOLEURVPiVUHVSHWDGRVSHURWDPELpQORVPHQRVOHtGRVHQODWUDGLFLyQ GHO PXQGR RFFLGHQWDO VHDQ ORV JUDQGHV SRHPDV pSLFRV VREUH WRGR ,OtDGD \ 2GLVHDGH+RPHUR(QHLGDGH9LUJLOLR'LYLQDFRPHGLDGH'DQWH\ (O 3DUDtVR SHUGLGRGH0LOWRQ(VWDSDUDGRMDLQYLWDDODUHIOH[LyQ $MX]JDUSRUHOUHGXFLGRQ~PHURGHHOORVTXHVHKDOOHYDGRDWpUPLQRGXUDQWH ORV~OWLPRVDxRVSDUHFHTXHXQODUJRSRHPDpSLFRHVXQDGHODVFUHDFLRQHV PiVGLItFLOHVGHHVFULELUDOJRTXHQRVHGHEHDIDOWDGHWHQWDWLYDVVHKDQLQLFLDGR FHQWHQDUHV GH HOORV \  DOJXQRV ²(O SUHOXGLR GH :RUGVZRUWK \  'RQ -XDQ GH %\ URQ SRU HMHPSOR² OOHJDURQ D DOFDQ]DU JUDQGHV SURSRUFLRQHV SHUR TXHGDURQ LQDFDEDGRV 3RU HOOR HV GLJQR GH HORJLR HO SRHWD TXH FRQWLQ~D OD WDUHD KDVWD ILQDOL]DUOD\ PiVD~QHOTXHUHDOL]DXQDREUDFRQODVFXDOLGDGHVGHODVFLQFRTXH DFDEDPRV GH FLWDU SHUR QR FDEH GXGD GH TXH ODV PLVPDV QR VH OHHQ FRQ IDFLOLGDG (VWRQRVHGHEHVyORDTXHHVWpQHVFULWRVHQYHUVRSRUTXHHQWRGRVORVFDVRV

VDOYRHOGH(O 3DUDtVR SHUGLGR H[LVWHQ YHUVLRQHV HQ SURVD /D GLILFXOWDG SDUHFH UHVLGLU PiV ELHQ HQ VX WRQR HOHYDGR HQ HO HQIRTXH TXH VH OH KD GDGR DO WHPD &XDOTXLHUD GH HVWRV JUDQGHV SRHPDV LPSRQH HQRUPHV H[LJHQFLDV DO OHFWRU GH DWHQFLyQ GH SDUWLFLSDFLyQ \  GH LPDJLQDFLyQ 6X OHFWXUD UHTXLHUH XQ HVIXHU]R HQRUPH /DPD\ RUtDGHODVSHUVRQDVQRFDHQHQODFXHQWDGHORTXHVHSLHUGHQSRUQR UHDOL]DUHOHVIXHU]RSRUTXHODUHFRPSHQVDTXHVHREWLHQHGHXQDEXHQDOHFWXUD ²XQD OHFWXUD DQDOtWLFD² GH HVWDV REUDV HV DO PHQRV WDQ JUDQGH FRPR OD TXH GHULYDGHFXDOTXLHURWUDREUDGHILFFLyQ (VSHUDPRVTXHHOOHFWRUKDJDXQLQWHQWRGHOHHUHVWRVFLQFRJUDQGHVSRHPDV pSLFRV\ TXHFRQVLJDOOHJDUKDVWDHOILQDO(VWDPRVVHJXURVGHTXHQRVHVHQWLUi GHFHSFLRQDGR\ GHTXHGLVIUXWDUiFRQHOORV+RPHUR9LUJLOLR'DQWH\ 0LOWRQORV DXWRUHVTXHWRGREXHQSRHWDSRUQRGHFLURWURVHVFULWRUHVKDOHtGR\ TXHMXQWR FRQOD%LEOLDFRQVWLWX\ HQODFROXPQDYHUWHEUDOGHFXDOTXLHUSURJUDPDGHOHFWXUD VHULR &yPROHHUREUDVGHWHDWUR 8QDREUDWHDWUDOHVILFFLyQXQDKLVWRULD\ HQODPHGLGDHQTXHHVWRHVFLHUWR GHEHUtD OHHUVH FRPR XQD QDUUDFLyQ 4XL]i HQ HVWH FDVR HO OHFWRU WHQJD TXH DGRSWDU XQD DFWLWXG PiV FUHDWLYD SDUD FUHDU HO DPELHQWH HO PXQGR HQ HO TXH YLYHQ \  VH PXHYHQ ORV SHUVRQDMHV SRUTXH HQ HO WHDWUR QR DEXQGDQ ODV GHVFULSFLRQHV DO FRQWUDULR TXH HQ ODV QRYHODV SHUR ORV SUREOHPDV VRQ VLPLODUHV HQORHVHQFLDO 6LQ HPEDUJR H[LVWH XQD GLIHUHQFLD LPSRUWDQWH &XDQGR VH OHH XQD REUD WHDWUDOQRQRVHQFRQWUDPRVDQWHXQDREUDFRPSOHWD SRUTXH FRPR WDO VyOR VH OD SXHGHDSUHFLDUFXDQGRVHODUHSUHVHQWDHQXQHVFHQDULR$OLJXDOTXHODP~VLFD TXHKD\ TXHRtUXQDREUDGHWHDWURFDUHFHGHXQDGLPHQVLyQItVLFDFXDQGRVHOD OHH\ HVHOOHFWRUTXLHQGHEHDSRUWDUHVDGLPHQVLyQ /D ~QLFD IRUPD GH KDFHUOR FRQVLVWH HQ VLPXODU TXH OD YHPRV UHSUHVHQWDGD 3RUWDQWRXQDYH]TXHHOOHFWRUKD\ DGHVFXELHUWRVREUHTXpWUDWDHQVXFRQMXQWR \  HQ GHWDOOH \  TXH KD\ D FRQWHVWDGR D ODV GHPiV SUHJXQWDV TXH KD\  TXH SODQWHDUOH D FXDOTXLHU QDUUDFLyQ GHEH LQWHQWDU GLULJLU OD REUD LPDJLQDU TXH FXHQWDFRQPHGLDGRFHQDGHEXHQRVDFWRUHVDODHVSHUDGHVXVyUGHQHVDORVTXH GLUi FyPR UHFLWDU XQ YHUVR FyPR UHSUHVHQWDU WDO HVFHQD R OHV H[SOLFDUi OD LPSRUWDQFLDGHFLHUWDVSDODEUDV\ TXHWDODFFLyQFRQVWLWX\ HHOFOtPD[GHODREUD 6HGLYHUWLUi\ DSUHQGHUiPXFKR ,OXVWUDUHPRV OR TXH TXHUHPRV GHFLU FRQ XQ HMHPSOR (Q +DPOHW DFWR ,, HVFHQD9, 3RORQLD DQXQFLD DO UH\  \  D OD UHLQD TXH +DPOHW VH KD YXHOWR ORFR D FDXVDGHVXDPRUSRU2IHOLDTXHOHKDUHFKD]DGR&RPRORVUH\ HVGXGDQGHVXV

SDODEUDV 3RORQLD SURSRQH TXH DPERV VH HVFRQGDQ SDUD HVFXFKDU XQD FRQYHUVDFLyQ HQWUH HO SUtQFLSH \  pO ,QPHGLDWDPHQWH GHVSXpV DFWR ,, HVFHQD 9,,  HQWUD +DPOHW OH\ HQGR &XDQGR VH GLULJH D 3RORQLD VXV SDODEUDV UHVXOWDQ HQLJPiWLFDV\ 3RORQLDFRPHQWD© $XQTXHWRGRHVORFXUDKD\ FLHUWRPpWRGRHQ OR TXH GLFH«ª  0iV DGHODQWH HQ HO DFWR ,,, HVFHQD ,9 HO SUtQFLSH YXHOYH D HQWUDU \  UHFLWD HO IDPRVR PRQyORJR TXH HPSLH]D FRQ © 6HU R QR VHUª  \  VH LQWHUUXPSHDOYHUD2IHOLD+DEODFRQHOODGHIRUPDEDVWDQWHUD]RQDEOHGXUDQWH XQPRPHQWRSHURGHSURQWRH[FODPD© £2K£RK¢(UHVKRQHVWD"ª /DSUHJXQWD TXH VH SODQWHD HV OD VLJXLHQWH ¢R\ y +DPOHW D 3RORQLD FXDQGR HO UH\  \  pO SODQHDEDQHVSLDUOH"¢<TXL]iWDPELpQFXDQGR3RORQLDFRPHQWDUDTXHSHUGHUtDD VXKLMDFRQpO"(QWDOFDVRODVFRQYHUVDFLRQHVGHOSUtQFLSHFRQ2IHOLD\ 3RORQLD VLJQLILFDUtDQXQDFRVDPLHQWUDVTXHVLQRVHKDEtDHQWHUDGRGHORTXHVHWUDPDED VLJQLILFDUtDQ RWUD 3XHVWR TXH 6KDNHVSHDUH QR GHMy HVFULWDV GLUHFWULFHV SDUD OD UHSUHVHQWDFLyQ HO OHFWRU R HO GLUHFWRU  WLHQH TXH GHFLGLU SRU Vt \  HVWD GHFLVLyQ UHYHVWLUiLPSRUWDQFLDFUXFLDOSDUDODFRPSUHQVLyQGHODREUD 0XFKDV REUDV GH 6KDNHVSHDUH UHTXLHUHQ HVWH WLSR GH DFWLYLGDG SRU SDUWH GHO OHFWRU /R TXH TXHUHPRV GHVWDFDU HV TXH HOOD VLHPSUH HV GHVHDEOH SRU H[SOtFLWDPHQWH TXH H[SXVLHUD HO GUDPDWXUJR OR TXH GHEtDPRV HVSHUDU YHU 1R SRGHPRV GXGDU GH OR TXH RtPRV \ D TXH WHQHPRV DQWH QRVRWURV HO WH[WR  3UREDEOHPHQWH QR VH OHH XQD REUD GH WHDWUR GHELGDPHQWH KDVWD VLPXODU TXH VH SRQHHQHVFHQDGHHVWDPDQHUDFRPRPXFKRSRGUHPRVGHFLUTXHVHOHKDGDGR XQDOHFWXUDSDUFLDO
LQWHQFLRQDGDPHQWH D XQD LPSRUWDQWH D\ XGD SDUD FRPSUHQGHUOD 2WURV GUDPDWXUJRVFRQWHPSRUiQHRVKDQLPLWDGRHVWHUHFXUVRSHURFRPRHQHOFDVRGH $ULVWyIDQHVQRFRQWDQWDHILFDFLDFRPR6KDZ $ FRQWLQXDFLyQ YDPRV D GDU RWUR FRQVHMR TXH SXHGH UHVXOWDU ~WLO VREUH WRGR SDUD OHHU D 6KDNHVSHDUH
GHPDUFROLWHUDULRSDUDPXFKDVRWUDVREUDVGHOPLVPRJpQHURHVFULWDVHQpSRFDV PX\  SRVWHULRUHV FRPR ODV GH 5DFLQH \  2¶1HLOO SRU HMHPSOR 4XLVLpUDPRV RIUHFHUGRVFRQVHMRVTXHSXHGHQUHVXOWDUGHXWLOLGDG (O SULPHUR FRQVLVWH HQ UHFRUGDU TXH OD HVHQFLD GH OD WUDJHGLD UHVLGH HQ HO WLHPSR R PHMRU GLFKR HQ OD IDOWD GH WLHPSR 1LQJXQD WUDJHGLD JULHJD SODQWHD QLQJ~Q SUREOHPD TXH QR KXELHUD SRGLGR UHVROYHUVH VL KXELHUD KDELGR EDVWDQWH WLHPSRSHURQXQFDRFXUUHDVt+D\ TXHWRPDUGHFLVLRQHV\ HOHJLUHQFXHVWLyQGH PRPHQWRV VLQ GHWHQHUVH D SHQVDU QL D VRSHVDU ODV FRQVHFXHQFLDV SRU OR TXH FRPRLQFOXVRORVKpURHVWUiJLFRVVRQIDOLEOHV²TXL]iPiVTXHQDGLH²VHWRPDQ GHFLVLRQHV HUUyQHDV $O OHFWRU R HVSHFWDGRU OH UHVXOWD IiFLO YHU TXp VH GHEHUtD KDEHUKHFKRSHUR¢ORKDEUtDYLVWRDWLHPSR"eVDHVODSUHJXQWDTXHVLHPSUHKD\ TXHSODQWHDUVHDOOHHUXQDWUDJHGLDJULHJD (OVHJXQGRFRQVHMRHVHOVLJXLHQWH$OJRTXHVDEHPRVVREUHODHVFHQLILFDFLyQ GH ODV REUDV WHDWUDOHV JULHJDV HV TXH ORV DFWRUHV WUiJLFRV FDO]DEDQ FRWXUQRV TXH ORV HOHYDEDQ YDULRV FHQWtPHWURV SRU HQFLPD GHO VXHOR \  TXH DGHPiV OOHYDEDQ PiVFDUDV SHUR ORV PLHPEURV GHO FRUR QR FDO]DEDQ DTXpOORV DXQTXH Vt D YHFHV OOHYDEDQ PiVFDUDV 3RU FRQVLJXLHQWH OD GLIHUHQFLD GH HVWDWXUD HQWUH ORV SURWDJRQLVWDV WUiJLFRV \  HO FRUR HUD PX\  VLJQLILFDWLYD \  DO OHHU ORV YHUVRV UHFLWDGRV SRU HVWH ~OWLPR VLHPSUH KD\  TXH LPDJLQDU TXH KDEODQ SHUVRQDV GH OD PLVPD HVWDWXUD TXH HO OHFWRU PLHQWUDV TXH ORV UHFLWDGRV SRU ORV SURWDJRQLVWDV FRUUHVSRQGHQDJLJDQWHVDSHUVRQDMHVTXHQRVyORSDUHFtDQVLQRTXHGHYHUGDG WHQtDQXQWDPDxRVXSHULRUDOKXPDQR &yPROHHUSRHVtDOtULFD /D GHILQLFLyQ PiV VLPSOH GH SRHVtD HQ HO VHQWLGR XQ WDQWR OLPLWDGR TXH FRQOOHYDHOHQFDEH]DPLHQWRGHHVWHDSDUWDGR VHUtDODVLJXLHQWHORTXHHVFULEHQ ORV SRHWDV 3DUHFH HYLGHQWH SHUR DOJXQDV SHUVRQDV SRQHQ HQ HQWUHGLFKR WDO GHILQLFLyQ SRUTXH VRVWLHQHQ TXH OD SRHVtD HV XQD HVSHFLH GH GHVERUGDPLHQWR HVSRQWiQHRGHODSHUVRQDOLGDGTXHSXHGHH[SUHVDUVHFRQSDODEUDVHVFULWDVSHUR TXHWDPELpQSXHGHDGRSWDUODIRUPDGHDFFLyQItVLFDRGHVRQLGRPiVRPHQRV PXVLFDORLQFOXVRGHSXURVHQWLPLHQWR1DWXUDOPHQWHKD\ DOJRGHFLHUWRHQWRGR HVWR\ ORVSRHWDVVLHPSUH ORKDQUHFRQRFLGR(VLGHD PX\ DQWLJXDODGHTXH HO SRHWD SURIXQGL]D HQ VX LQWHULRU SDUD SURGXFLU VXV SRHPDV TXH VX RULJHQ VH HQFXHQWUD HQ XQ PLVWHULRVR © SR]R GH OD FUHDFLyQª  VLWXDGR HQ OD PHQWH R HQ HO DOPD (Q HVWH VHQWLGR GHO WpUPLQR FXDOTXLHUD SXHGH KDFHU SRHVtD HQ FXDOTXLHU PRPHQWR HQ XQD HVSHFLH GH VHVLyQ GH VHQVLELOLGDG HQ VROLWDULR SHUR DXQTXH DGPLWLPRV TXH H[LVWH XQ Q~FOHR GH YHUGDG HQ HVWD GHILQLFLyQ QRVRWURV HPSOHDUHPRVHOWpUPLQRHQXQVHQWLGRPXFKRPiVUHVWULQJLGR6HDFXDOIXHUHHO RULJHQGHOLPSXOVRSRpWLFRSDUDQRVRWURVODSRHVtDFRQVLVWHHQSDODEUDVPiVD~Q

HQSDODEUDVGLVSXHVWDVGHIRUPDPiVRPHQRVRUGHQDGD\ GLVFLSOLQDGD +D\  RWUDV GHILQLFLRQHV GHO WpUPLQR TXH WDPELpQ FRQWLHQHQ FLHUWD YHUGDG FRPRTXHODSRHVtD\ YROYHPRVDUHIHULUQRVIXQGDPHQWDOPHQWHDODOtULFD QRHV DXWpQWLFDDPHQRVTXHHPSXMHDODDFFLyQSRUORJHQHUDOUHYROXFLRQDULD RTXH OD HQVDOFH R D PHQRV TXH WHQJD ULPD R TXH HPSOHH XQ OHQJXDMH HVSHFLDOL]DGR TXHVHGHQRPLQD© GLFFLyQSRpWLFDª +HPRVPH]FODGRLQWHQFLRQDGDPHQWHLGHDV PX\ PRGHUQDV\ PX\ DQWLFXDGDVWUDWDPRVGHGHFLUTXHWRGDVHVWDVGHILQLFLRQHV \ RWUDVGLH]RGRFHTXHSRGUtDPRVPHQFLRQDUVRQGHPDVLDGROLPLWDGDVDOLJXDO TXH OD TXH H[SRQtDPRV HQ HO ~OWLPR SiUUDIR HV GHPDVLDGR DPSOLD D QXHVWUR MXLFLR  (QWUH ORV GRV H[WUHPRV H[LVWH XQ Q~FOHR TXH OD PD\ RUtD GH ODV SHUVRQDV VL RSLQDVH UD]RQDEOHPHQWH VREUH HO WHPD DGPLWLUtD FRPR SRHVtD 6L LQWHQWiVHPRV HQXQFLDUFRQSUHFLVLyQHQTXpFRQVLVWHHVHQ~FOHRVHJXUDPHQWHQRVYHUtDPRVHQ DSXURVGHPRGRTXHQRORLQWHQWDUHPRV6LQHPEDUJRHVWDPRVVHJXURVGHTXHHO OHFWRU VDEH D TXp QRV UHIHULPRV \  GH TXH QXHYH GH FDGD GLH] YHFHV R LQFOXVR QRYHQWD \  QXHYH YHFHV GH FDGD FLHQ FRLQFLGLUtD FRQ QRVRWURV HQ TXH ; HV XQ SRHPD H < QR (VWR HV PiV TXH VXILFLHQWH SDUD HO REMHWLYR TXH GHVHDPRV FRQVHJXLUHQODVVLJXLHQWHVSiJLQDV 0XFKDV SHUVRQDV VH FRQVLGHUDQ LQFDSDFHV GH OHHU SRHVtD OtULFD VREUH WRGR FRQWHPSRUiQHD &UHHQ TXH HV GLItFLO RVFXUD \  FRPSOHMD \  TXH UHTXLHUH WDQWD DWHQFLyQ\ WDQWRWUDEDMRTXHQRPHUHFHODSHQD+HPRVGHREMHWDUGRVFRVDVD HVWH UHVSHFWR (Q SULPHU OXJDU OD SRHVtD OtULFD LQFOXVR OD FRQWHPSRUiQHD QR VLHPSUH UHTXLHUH WDQWR WUDEDMR FRPR VH FUHH VL VH OD OHH GHELGDPHQWH (Q VHJXQGROXJDUHQPXFKRVFDVRVPHUHFHODSHQDGHGLFDUOHORVPD\ RUHVHVIXHU]RV TXHVHHVWpQGLVSXHVWRVDKDFHU 1RTXHUHPRVGDUDHQWHQGHUTXHQRKD\ DTXHWUDEDMDUDIRQGRFRQODSRHVtD 8QEXHQSRHPDVHSXHGHOHHUUHOHHU\ UHIOH[LRQDUVREUHpOGXUDQWHWRGDXQDYLGD \  QXQFD GHMDUi GH DSRUWDUQRV VRUSUHVDV GH SURSRUFLRQDUQRV QXHYRV SODFHUHV \ QXHYDV LGHDV VREUH QRVRWURV PLVPRV \  VREUH HO PXQGR 1RV UHIHULPRV D TXH OD WDUHDLQLFLDOGHDSUR[LPDUVHORVXILFLHQWHDXQSRHPDFRPRSDUDWUDEDMDUHQpO QRUHVXOWDWDQGLItFLOFRPRFUHHQPXFKDVSHUVRQDV /D SULPHUD QRUPD D VHJXLU DQWH XQ SRHPD OtULFR FRQVLVWH HQ OHHUOR KDVWD HO ILQDOVLQGHWHQHUVHWDQWRVLHOOHFWRUFUHHFRPSUHQGHUORFRPRVLQRQRUPDTXH FRLQFLGHFRQODTXHKHPRVVXJHULGRSDUDPXFKRVWLSRVGHWH[WRVSHURTXHWLHQH PD\ RULPSRUWDQFLDHQSRHVtDTXHHQXQWUDWDGRILORVyILFRRFLHQWtILFRHLQFOXVR TXHHQXQDQRYHODRXQDREUDWHDWUDO 'H KHFKR OD GLILFXOWDG TXH SDUHFHQ HQFRQWUDU PXFKDV SHUVRQDV DO OHHU SRHPDV VREUH WRGR FRQWHPSRUiQHRV GHULYD GH TXH QR UHVSHWDQ HVWD SULPHUD QRUPD $QWH XQ SRHPD GH 7 6 (OLRW R '\ ODQ 7KRPDV R FXDOTXLHU RWUR SRHWD © RVFXURª FRQWHPSRUiQHRVHVXPHUJHQHQpOFRQWRGDVXEXHQDYROXQWDGSHUR VHGHWLHQHQHQVHFRWUDVHOSULPHUYHUVRRHVWURID1RORFRPSUHQGHQLQPHGLDWD\

SOHQDPHQWH \  FUHHQ TXH GHEHUtDQ KDEHUOR KHFKR 6H TXHGDQ SHUSOHMRV DQWH ODV SDODEUDV WUDWDQ GH GHVHQPDUDxDU OD PDGHMD GH OD VLQWD[LV \  DO SRFR VH ULQGHQ OOHJDQGR D OD FRQFOXVLyQ GH TXH WDO FRPR VRVSHFKDEDQ OD SRHVtD PRGHUQD HV GHPDVLDGRGLItFLOSDUDHOORV 1RVyORODSRHVtDOtULFDPRGHUQDSUHVHQWDGLILFXOWDGHV0XFKRVGHORVPHMRUHV SRHPDVVRQVXPDPHQWHFRPSOLFDGRVHQFXDQWRDODOHQJXD\ DOSHQVDPLHQWR\ DGHPiV PXFKRV SRHPDV VHQFLOORV HQ DSDULHQFLD RFXOWDQ HQRUPH FRPSOHMLGDG EDMRODVXSHUILFLH 3HURFXDOTXLHUEXHQSRHPDOtULFRSRVHHXQDXQLGDGTXHQRDSUHFLDUHPRVD PHQRV TXH OR OHDPRV HQWHUR \  GH XQD VROD YH] 1R GHVFXEULUHPRV VDOYR SRU FDVXDOLGDG OD H[SHULHQFLD R HO VHQWLPLHQWR EiVLFRV TXH VH RFXOWDQ HQ pO &DVL QXQFDVHHQFXHQWUDODHVHQFLDGHXQSRHPDHQHOSULPHUYHUVRQLVLTXLHUDHQOD SULPHUDHVWURIDVLQRHQODWRWDOLGDG /D VHJXQGD QRUPD SDUD OD OHFWXUD GH SRHVtD OtULFD HV FRPR VLJXH YROYHU D OHHU HO SRHPD GH SULQFLSLR D ILQ SHUR HQ HVWD RFDVLyQ HQ YR] DOWD
HVWi LPSOtFLWR 3RU HMHPSOR KD\  QXPHURVRV SRHPDV OtULFRV ²TXL]i LQFOXVR OD PD\ RUtD²TXHYHUVDQVREUHHOFRQIOLFWRHQWHHODPRU\ HOWLHPSRHQWUHODYLGD\ ODPXHUWHHQWUHODEHOOH]DGHORSDVDMHUR\ HOWULXQIRGHORHWHUQRSHURHVSRVLEOH TXHHVWDVSDODEUDVQRDSDUH]FDQHQHOSRHPD 6HKDGLFKRTXHFDVLWRGRVORVVRQHWRVGH6KDNHVSHDUHWUDWDQVREUHORVHVWUDJRV GH OR TXH HO SRHWD GHQRPLQD © HO WLHPSR GHYRUDGRUª  (O WHPD HV HYLGHQWH HQ DOJXQRVGHHOORVSRUTXHHVUHSHWLGRXQD\ RWUDYH]H[SOtFLWDPHQWH :KHQ,KDYHVHHQE\7LPH¶VIHOOKDQGGHIDFHG 7KHULFKSURXGFRVWRIRXWZRUQEXULHGDJH >@ (VFULEHHQHOVRQHWRMXQWRDRWUDVYLFWRULDVGHOWLHPSRVREUHWRGRORTXHHO KRPEUHGHVHDUtDTXHIXHUDQSUXHEDVFRQWUDpO<FRQWLQ~D 5XLQEDWKWDXJKWPHWKXVWRUXPLQDWH 7KDW7LPHZLOOFRPHDQGWDNHP\ORYHDZD\ >@ 1R FDEH GXGD VREUH HO WHPD GHO SRHPD \  OR PLVPR RFXUUH FRQ HO IDPRVR VRQHWRDOTXHSHUWHQHFHQORVVLJXLHQWHVYHUVRV /RYH¶VQRW7LPH¶VIRROWKRXJKURV\OLSVDQGFKHHNV :LWKLQKLVEHQGLQJVLFNOH¶VFRPSDVVFRPH /RYHDOWHUVQRWZLWKKLVEULHIKRXUVDQGZHHNV %XWEHDUVLWRXWHYHQWRWKHHGJHRIGRRP>@ 3HUR HO VRQHWR  LJXDOPHQWH FpOHEUH TXH FRPLHQ]D FRQ ORV VLJXLHQWHV YHUVRV :KHQP\ORYHVZHDUVWKDWVKHLVPDGHRIWUXWK ,GREHOLHYHKHUWKRXJK,NQRZVKHOLHV>@ 7DPELpQ WUDWD VREUH HO FRQIOLFWR HQWUH DPRU \  WLHPSR VL ELHQ HVWD ~OWLPD SDODEUDQRDSDUHFHSRUQLQJXQDSDUWH 3RGHPRV YHUOR VLQ GLILFXOWDG DO LJXDO TXH HQ HO IDPRVR SRHPD OtULFR GH 0DUYHOO$VXWtPLGDDPDQWHTXHWUDWDVREUHHOPLVPRWHPDFRPRDFODUDGHVGHHO SULQFLSLR +DGZHEXWZRUOGHQRXJKDQGWLPH

7KLVFR\QHVVODG\ZHUHQRFULPH >@ 1RWHQHPRVWRGRHOWLHPSRGHOPXQGRGLFH0DUYHOOSRUTXH «DWP\EDFN,DOZD\VKHDU 7LPH¶VZLQJHGFKDULRWKXUU\LQJQHDU $QG\RQGHUDOOEHIRUHXVOLH 'HVHUWVRIYDVWHWHUQLW\ >@ <OHUXHJDHQFDUHFLGDPHQWHDVXDPDQWH /HWXVUROODOORXUVWUHQJWKDQGDOO 2XUVZHHWQHVVXSLQWRRQHEDOO $QGWHDURXUSOHDVXUHVZLWKURXJKVWULIH 7KRURXJKWKHLURQJDWHVRIOLIH 7KXVWKRXJKZHFDQQRWPDNHRXUVXQ 6WDQGVWLOO\HWZHZLOOPDNHKLPUXQ>@ 4XL]iUHVXOWHXQSRFRPiVGLItFLODSUHFLDUTXHHOWHPDGH7~$QGUHZ0DUYHOO GH$UFKLEDOG0DF/HLVKHVH[DFWDPHQWHHOPLVPR(PSLH]DDVt $QGKHUHIDFHGRZQEHQHDWKWKHVXQ $QGKHUHXSRQHDUWK¶VQRRQZDUGKHLJKW 7RIHHOWKHDOZD\VFRPLQJRQ 7KHDOZD\VULVLQJRIWKHQLJKW>@ 0DF/HLVK QRV SLGH TXH LPDJLQHPRV D DOJXLHQ ¢HO SRHWD" ¢HO QDUUDGRU" ¢HO OHFWRU"  WHQGLGR DO 6RO GH PHGLRGtD« SHUR VHD TXLHQ IXHUH HQ PHGLR GHO UHVSODQGRU\ HOFDORUFRQVFLHQWHGHO© IUtRWHUUHQDOGHODQRFKHFHUª ,PDJLQDOD OtQHD GH VRPEUD GHO 6RO SRQLHQWH ²GH WRGRV ORV VROHV SRQLHQWHV VXFHVLYRV \ DFXPXODWLYRVGHODKLVWRULD²PRYLpQGRVHSRUHOPXQGRSRU3HUVLD\ %DJGDG« VLHQWHTXH© /tEDQRVHGLIXPLQD\ &UHWDª © <(VSDxDVHVXPHUJH\ ODVRULOODV GHO ÈIULFD OD GRUDGD DUHQDª  \ « © \ D OD ODUJD OX] VREUH HO PDUª  WDPELpQ VH GHVYDQHFH<FRQFOX\ H $QGKHUHIDFHGRZQZDUGLQWKHVXQ 7RIHHOKRZVZLIWKRZVHFUHWO\

7KHVKDGRZRIWKHQLJKWFRPHVRQ«>@ /D SDODEUD © WLHPSRª  QR DSDUHFH HQ HO SRHPD QL VH PHQFLRQD QLQJXQD DPDQWH 6LQ HPEDUJR HO WtWXOR QRV UHFXHUGD HO SRHPD GH 0DUYHOO FRQ VX WHPD VREUH© 6LPXQGRQRVVREUDVH\ WLHPSRª \ ODFRPELQDFLyQGHOSRHPD\ GHVX WtWXORHYRFDHOPLVPRFRQIOLFWRHQWUHHODPRURODYLGD \ HOWLHPSRWHPDGHORV GHPiVSRHPDVTXHKHPRVH[DPLQDGR 8Q~OWLPRFRQVHMRSDUDODOHFWXUDGHSRHVtDOtULFD(QJHQHUDOORVOHFWRUHVGH WDOHVREUDVSLHQVDQTXHGHEHUtDQVDEHUPiVVREUHORVDXWRUHV\ ODpSRFDHQTXH YLYLHURQ GH OR TXH HQ UHDOLGDG WLHQHQ TXH VDEHU 7HQHPRV JUDQ FRQILDQ]D HQ FUtWLFDV ELRJUDItDV HWF SHUR TXL]i VH GHED ~QLFDPHQWH D TXH GXGDPRV GH QXHVWUD FDSDFLGDG SDUD OD OHFWXUD &DVL WRGR HO PXQGR SXHGH OHHU FXDOTXLHU SRHPDVLWUDEDMDDIRQGRHQpO&XDOTXLHUFRVDTXHVHGHVFXEUDVREUHODYLGDROD pSRFDGHXQDXWRUHVYiOLGD\ SXHGHUHVXOWDU~WLOSHURHOKHFKRGHSRVHHUDPSOLRV FRQRFLPLHQWRV VREUH HO FRQWH[WR GH XQ SRHPD QR JDUDQWL]D TXH OR FRPSUHQGDPRV 3DUD HOOR KD\  TXH OHHUOR XQD \  RWUD YH] /HHU XQ JUDQ SRHPD OtULFRHVXQDWDUHDSDUDWRGDODYLGDDXQTXHQDWXUDOPHQWHQRHQHOVHQWLGRGHTXH KD\ D TXH SURORQJDU VX OHFWXUD LQGHILQLGDPHQWH VLQR HQ HO GH TXH FRPR JUDQ SRHPDVHPHUHFHTXHYROYDPRVDpOPXFKDVYHFHV0LHQWUDVGHVFDQVDPRVGH XQSRHPDHQFRQFUHWRSRGHPRVDSUHQGHUVREUHpOPiVGHORTXHFUHHPRV

 &Ï02/((5+,6725,$

© +LVWRULDª  FRPR © SRHVtDª  HV XQD SDODEUD FRQ P~OWLSOHV VLJQLILFDGRV \  SDUD TXHHVWHFDStWXOROHUHVXOWH~WLODOOHFWRUGHEHPRVOOHJDUDXQDFXHUGRVREUHHOOD HVGHFLUH[SOLFDUFyPRYDPRVDHPSOHDUOD (Q SULPHU OXJDU H[LVWH XQD GLIHUHQFLD HQWUH OD KLVWRULD FRPR KHFKRV \  OD KLVWRULDFRPRGRFXPHQWRHVFULWRGHORVKHFKRV(YLGHQWHPHQWHHQODVVLJXLHQWHV SiJLQDVYDPRVDXWLOL]DUHOWpUPLQRHQVX~OWLPDDFHSFLyQSXHVWRTXHWDOFRPR HQWHQGHPRV © OHHUª  QR HV SRVLEOH OHHU ORV KHFKRV SHUR KD\  PXFKDV FODVHV GH GRFXPHQWRVHVFULWRVTXHVHGHQRPLQDQKLVWyULFRV3RGUtDPRVGHFLUTXHXQDVHULH GH GRFXPHQWRV SHUWHQHFLHQWHV D XQD pSRFD R D XQ VXFHVR GHWHUPLQDGRV HV XQD KLVWRULDGHORVPLVPRVFRPRWDPELpQORHVODWUDQVFULSFLyQGHXQDHQWUHYLVWDRUDO FRQ DOJXLHQ TXH KD\ D SDUWLFLSDGR HQ HO VXFHVR R XQD VHULH GH HQWUHYLVWDV 8Q GRFXPHQWRFRQXQDLQWHQFLyQGLVWLQWDFRPRXQGLDULRSHUVRQDORXQDFROHFFLyQGH FDUWDV SRGUtD LQWHUSUHWDUVH FRPR XQD KLVWRULD GH OD pSRFD (VWD SDODEUD SRGUtD DSOLFDUVH \  DVt KD RFXUULGR SUiFWLFDPHQWH D FXDOTXLHU HVFULWR VXUJLGR HQ XQ GHWHUPLQDGR SHUtRGR R HQ HO FRQWH[WR GH XQ DFRQWHFLPLHQWR TXH LQWHUHVDED DO OHFWRU (OVHQWLGRHQHOTXHQRVRWURVHPSOHDUHPRVODSDODEUD© KLVWRULDª HVDODYH] PiV UHVWULQJLGR \  PiV DPSOLR TXH ORV \ D PHQFLRQDGRV PiV UHVWULQJLGR SRUTXH TXHUHPRV OLPLWDUQRV D UHODFLRQHV HVHQFLDOPHQWH QDUUDWLYDV SUHVHQWDGDV GH PDQHUD PiV R PHQRV IRUPDO GH XQD pSRFD XQ DFRQWHFLPLHQWR R XQD VHULH GH DFRQWHFLPLHQWRV GHO SDVDGR 6H WUDWD GH XQ XVR WUDGLFLRQDO GHO WpUPLQR \  QR YDPRV D H[FXVDUQRV SRU HOOR $O LJXDO TXH FRQ OD GHILQLFLyQ GH OD SRHVtD OtULFD SHQVDPRV TXH HO OHFWRU FRLQFLGLUi FRQ QRVRWURV HQ TXH pVWD HV OD DFHSFLyQ PiV FRP~QGHOWpUPLQR\ GHVHDPRVPDQWHQHUQRVILHOHVDORPiVFRP~Q 3HUR WDPELpQ OR HPSOHDUHPRV HQ XQ VHQWLGR PiV DPSOLR TXH HO GH PXFKDV GHILQLFLRQHV TXH FLUFXODQ HQ OD DFWXDOLGDG $XQTXH QR WRGRV ORV KLVWRULDGRUHV FRLQFLGHQ FRQ QRVRWURV SHQVDPRV TXH OD HVHQFLD GH OD KLVWRULD HV OD QDUUDFLyQ ,QFOXVR XQD FROHFFLyQ GH GRFXPHQWRV FRPR WDO FROHFFLyQ FXHQWD XQD KLVWRULD TXHTXL]iQRHVWpH[SOtFLWDHVGHFLUTXHHOKLVWRULDGRUQRLQWHQWDUiFODVLILFDUORV

GRFXPHQWRV VHJ~Q XQ RUGHQ © VLJQLILFDWLYRª  SHUR Vt LPSOtFLWD HVWpQ R QR RUGHQDGRV (Q FDVR FRQWUDULR SHQVDPRV TXH WDO FROHFFLyQ QR SRGUtD OODPDUVH KLVWRULDGHVXpSRFD 6LQ HPEDUJR QR WLHQH LPSRUWDQFLD TXH WRGRV ORV KLVWRULDGRUHV FRPSDUWDQ QXHVWUD LGHD +D\  EDVWDQWH KLVWRULD GH OD FODVH TXH HVWDPRV GLVFXWLHQGR \  HO OHFWRUTXHUUiRWHQGUiTXHOHHUDOPHQRVXQDSDUWHWDUHDHQODTXHLQWHQWDUHPRV D\ XGDUOH &DUiFWHUHVTXLYRGHORVKHFKRVKLVWyULFRV 3UREDEOHPHQWH HO OHFWRU KDEUi IRUPDGR SDUWH GH XQ MXUDGR \  KDEUi WHQLGR TXHRtUWHVWLPRQLRVVREUHXQKHFKRVHQFLOORFRPRXQDFFLGHQWHGHWUiILFRRVREUH DOJR PiV FRPSOHMR FRPR GHFLGLU VL XQD SHUVRQD KDEtD PDWDGR D RWUD 6L VH KD HQFRQWUDGR HQ DPEDV VLWXDFLRQHV VDEUi OR GLItFLO TXH UHVXOWD UHFRQVWUXLU HO SDVDGRLQFOXVRXQVRORDFRQWHFLPLHQWRDSDUWLUGHORVUHFXHUGRVGHODVSHUVRQDV TXHORSUHVHQFLDURQ 8Q WULEXQDO GH MXVWLFLD VH RFXSD GH VXFHVRV TXH KDQ RFXUULGR HQ IHFKD EDVWDQWH UHFLHQWH \  HQ SUHVHQFLD GH WHVWLJRV YLYRV D ORV TXH VH DSOLFDQ QRUPDV PX\  HVWULFWDV 8Q WHVWLJR QR SXHGH VXSRQHU QDGD QR SXHGH FRQMHWXUDU QL KDFHU KLSyWHVLVVDOYRHQFRQGLFLRQHVPLQXFLRVDPHQWHFRQWURODGDV \QDWXUDOPHQWHQR GHEHPHQWLU $SHVDUGHODVQRUPDVTXHVHLPSRQHQDORVWHVWLJRV\SRUDxDGLGXUDGHORV FDUHRV SUHJXQWDPRV DO OHFWRU VL FRPR PLHPEUR GH XQ MXUDGR KD WHQLGR DOJXQD YH]ODDEVROXWDFHUWH]DGHVDEHUUHDOPHQWHORTXHKDEtDRFXUULGR /D OH\  GD SRU VXSXHVWR TXH QR VH SXHGH WHQHU DEVROXWD FHUWH]D TXH ORV PLHPEURVGHXQMXUDGRVLHPSUHDOEHUJDUiQGXGDV(QODSUiFWLFD\ FRQHOILQGH SRGHUWRPDUXQDGHFLVLyQHQORVMXLFLRVGLFHTXHODGXGDGHEHVHU© UD]RQDEOHª VL VHSHUPLWHTXHLQIOX\ DHQODGHFLVLyQHQRWUDVSDODEUDVGHEHVHUVXILFLHQWHSDUD FUHDUFRQIOLFWRVGHFRQFLHQFLD 8QKLVWRULDGRUVHRFXSDGHKHFKRVTXHRFXUULHURQHQODPD\ RUtDGHORVFDVRV KDFHPXFKRWLHPSR7RGRVORVWHVWLJRVVXHOHQHVWDUPXHUWRV\ QRGDQWHVWLPRQLR HQ XQD VDOD GH MXLFLRV HV GHFLU QR HVWiQ VRPHWLGRV D QRUPDV UHVWULFWLYDV \ PXFKDV YHFHV DGLYLQDQ VXSRQHQ FRQMHWXUDQ 1R SRGHPRV YHUOHV OD FDUD SDUD MX]JDUVLPLHQWHQVLDFDVRVHSXHGHVDEHUVHPHMDQWHFRVDGHQDGLH 1RVHORV VRPHWH D FDUHRV \  QR H[LVWH OD PHQRU JDUDQWtD GH TXH VHSDQ GH TXp HVWiQ KDEODQGR 6L UHVXOWD GLItFLO WHQHU OD FHUWH]D GH FRQRFHU OD YHUGDG VREUH DVXQWRV UHODWLYDPHQWH VHQFLOORV FRPR ORV TXH GHFLGH XQ MXUDGR HQ XQD VDOD GH MXLFLRV PXFKR PiV OR VHUi VDEHU OR TXH UHDOPHQWH RFXUULy HQ HO WHUUHQR GH OD KLVWRULD $XQTXH SRGDPRV H[SHULPHQWDU XQ VHQWLPLHQWR GH FRQILDQ]D \  VROLGH] DQWH OD

SDODEUDXQKHFKRKLVWyULFRHVXQDGHODVFRVDVPiVHVTXLYDVGHOPXQGR 1DWXUDOPHQWH KD\  FLHUWRV KHFKRV KLVWyULFRV VREUH ORV TXH SRGHPRV HVWDU EDVWDQWHVHJXURV(VWDGRV8QLGRVSDGHFLyODJXHUUDGHVHFHVLyQTXHFRPHQ]yFRQ ODFDUJDFRQWUD)RUW6XPWHUHOGHDEULOGH\ DFDEyFRQODUHQGLFLyQGHO JHQHUDO /HH DO JHQHUDO *UDQW HQ HO 3DODFLR GH -XVWLFLD GH $SSRPDWWR[ HO  GH DEULO GH  7RGR HO PXQGR DFHSWD HVWDV IHFKDV 1R HV SUREDEOH VL ELHQ QR FRPSOHWDPHQWHLPSRVLEOH TXHWRGRVORVFDOHQGDULRVHVWDGRXQLGHQVHVGHODpSRFD WXYLHUDQHUURUHV 3HUR¢FXiQWRKHPRVHVSHFXODGRSRUSURFXUDUVDEHUFXiQGRHPSH]y\ FXiQGR DFDEy H[DFWDPHQWH OD JXHUUD GH VHFHVLyQ" /R FLHUWR HV TXH HVDV IHFKDV VH KDQ SXHVWR HQ WHOD GH MXLFLR QR EDViQGRVH HQ TXH ORV FDOHQGDULRV WXYLHUDQ HUURUHV VLQRHQTXHHOFRQIOLFWRUHDOPHQWHHPSH]yFRQODHOHFFLyQGH/LQFROQHQHORWRxR GH  \  DFDEy FRQ VX DVHVLQDWR FLQFR GtDV GHVSXpV GH OD UHQGLFLyQ GH /HH 6HJ~Q RWUDV RSLQLRQHV FRPHQ]y LQFOXVR DQWHV ²QDGD PHQRV TXH FLQFR GLH] R YHLQWHDxRVDQWHVGH²\ VDEHPRVTXHFRQWLQXDURQORVFRPEDWHVHQSXQWRV UHPRWRVGH(VWDGRV8QLGRVDGRQGHD~QQRKDEtDOOHJDGRODQRWLFLDGHOWULXQIRGHO 1RUWH GXUDQWH PD\ R MXQLR \  MXOLR GH  7DPELpQ KD\  TXLHQ SLHQVD TXH OD JXHUUD GH VHFHVLyQ D~Q QR KD DFDEDGR TXH QR DFDEDUi KDVWD TXH ORV HVWDGRXQLGHQVHV QHJURV VHDQ FRPSOHWDPHQWH OLEUHV H LJXDOHV R KDVWD TXH VH HVWDEOH]FDHOGHUHFKRGHO*RELHUQR)HGHUDODFRQWURODUWRGRVORV(VWDGRV\ HVWR VHDDFHSWDGRSRUWRGRVORVHVWDGRXQLGHQVHV 3RGUtDPRV GHFLU TXH DO PHQRV VDEHPRV TXH WDQWR VL HO DWDTXH FRQWUD )RUW 6XPWHU GHVHQFDGHQy OD JXHUUD FRPR VL QR HO KHFKR RFXUULy HO  GH DEULO GH (VRHVFLHUWR«GHQWURGHORVOtPLWHVGHODSRVLELOLGDGTXHPHQFLRQiEDPRV DQWHV3HUR¢SRUTXpIXHDWDFDGR6XPWHU"eVWDHVODSUHJXQWDPiVHYLGHQWHTXH KHPRVGHSODQWHDUDFRQWLQXDFLyQ¢3RGUtDKDEHUVHHYLWDGRODJXHUUDGHVSXpVGHO DWDTXH" (Q WDO FDVR ¢QRV LPSRUWDUtD PXFKR TXH VH KXELHUD GHVDUUROODGR XQ FRPEDWHHQWDOGtDGHSULPDYHUDKDFHPiVGHXQVLJOR"6LQRQRVLPSRUWDUD²\ QRQRVSUHRFXSDQRWURVPXFKRVDWDTXHVFRQWUDIXHUWHVTXHVLQGXGDWXYLHURQOXJDU SHURGHORVTXHQRVDEHPRVQDGD²¢VHJXLUtDVLHQGRODFDUJDFRQWUD6XPWHUXQ KHFKRKLVWyULFRVLJQLILFDWLYR" 7HRUtDVGHODKLVWRULD /DKLVWRULDODQDUUDFLyQGHOSDVDGRHVFODVLILFDGDFRQPiVIUHFXHQFLDHQOD FDWHJRUtDGHODILFFLyQTXHHQODGHODFLHQFLDVLDFDVRKD\ TXHDILOLDUODDXQDX RWUD'HORFRQWUDULRVLVHSHUPLWHTXHODKLVWRULDTXHGHDPHGLRFDPLQRHQWUHORV GRV JUXSRV SULQFLSDOHV HQ ORV TXH VH GLYLGHQ ORV OLEURV QRUPDOPHQWH VH DGPLWH TXHHVWiPiVSUy[LPDDODILFFLyQTXHDODFLHQFLD (VWR QR VLJQLILFD TXH XQ KLVWRULDGRU LQYHQWH ORV KHFKRV FRPR XQ SRHWD R XQ

QRYHOLVWD 6LQ HPEDUJR SRGUtDPRV YHUQRV HQ DSXURV VL LQVLVWLpVHPRV GHPDVLDGR HQ TXH XQ HVFULWRU GH ILFFLyQ LQYHQWD ORV KHFKRV &RPR RV KH GLFKR FUHD XQ PXQGRSHURHVHQXHYRPXQGRQRHVFRPSOHWDPHQWHGLVWLQWRGHOQXHVWUR²PiV YDOHDVt²\ XQSRHWDHVXQDSHUVRQDQRUPDO\ FRUULHQWHFRQVHQWLGRVQRUPDOHV PHGLDQWHORVFXDOHVKDDSUHQGLGR1RYHFRVDVTXHQRYHDPRVORVGHPiVSXHGH YHU PHMRU R GH XQD IRUPD OLJHUDPHQWH GLVWLQWD  6XV SHUVRQDMHV HPSOHDQ SDODEUDV TXH XWLOL]DPRV ORV GHPiV HQ RWUR FDVR QR FUHHUtDPRV HQ HOORV  /RV VHUHV KXPDQRV VyOR FUHDQ PXQGRV YHUGDGHUDPHQWH H[WUDxRV HQ VXHxRV SHUR LQFOXVR HQ HO VXHxR PiV IDQWiVWLFR ORV DFRQWHFLPLHQWRV \  ORV VHUHV GH OD LPDJLQDFLyQ HVWiQ FRPSXHVWRV SRU HOHPHQWRV GH OD H[SHULHQFLD FRWLGLDQD 6HQFLOODPHQWHVHHQWUHPH]FODQFRQIRUPDVQXHYDV\ H[WUDxDV 1DWXUDOPHQWH XQ EXHQ KLVWRULDGRU QR VH LQYHQWD HO SDVDGR 6H FRQVLGHUD UHVSRQVDEOHPHQWHFRPSURPHWLGRFRQXQFRQFHSWR RFULWHULRGHH[DFWLWXGGH ORV KHFKRV 6LQ HPEDUJR KHPRV GH UHFRUGDU TXH VLHPSUH WLHQH TXH LQYHQWDU DOJR HQFRQWUDU XQD SDXWD JHQHUDO HQ ORV DFRQWHFLPLHQWRV LPSRQHUOD VREUH HOORV R VXSRQHU TXH VDEH SRU TXp KLFLHURQ ODV FRVDV TXH KLFLHURQ ODV SHUVRQDV TXH LQWHUYLHQHQ HQ VX QDUUDFLyQ 3XHGH WHQHU XQD WHRUtD R ILORVRItD JHQHUDO SRU HMHPSOR TXH OD 3URYLGHQFLD ULJH ORV DVXQWRV KXPDQRV \  HQFDMDU OD KLVWRULD HQ HOODRSXHGHUHQXQFLDUDWDOSDXWDLPSXHVWDSRUDVtGHFLUORGHVGHIXHUDRGHVGH DUULED\ DVHJXUDUTXHVHOLPLWDDGHMDUFRQVWDQFLDGHORVDFRQWHFLPLHQWRVUHDOHV TXHKDQWHQLGROXJDU3HURHQHVWHFDVRSUREDEOHPHQWHVHYHUiREOLJDGRDDWULEXLU FDXVDV D ORV DFRQWHFLPLHQWRV \  PRWLYDFLRQHV D ODV DFFLRQHV (V HVHQFLDO VDEHU UHFRQRFHUFyPRWUDEDMDHOKLVWRULDGRUDOTXHHVWDPRVOH\ HQGR /D~QLFDIRUPDGHHYLWDUXQDXRWUDSRVWXUDFRQVLVWHHQVXSRQHUTXHORVVHUHV KXPDQRV QR KDFHQ ODV FRVDV FRQ XQ REMHWLYR R TXH HO REMHWLYR VL H[LVWH QR VH SXHGHGHVFXEULUHQRWUDVSDODEUDVTXHODKLVWRULDQRVHULJHSRUQLQJXQDSDXWD 7ROVWyL VRVWHQtD XQD WHRUtD VHPHMDQWH 'HVGH OXHJR QR HUD KLVWRULDGRU VLQR QRYHOLVWD SHUR PXFKRV KLVWRULDGRUHV KDQ PDQWHQLGR HO PLVPR SXQWR GH YLVWD VREUH WRGR HQ OD pSRFD DFWXDO 6HJ~Q 7ROVWyL ODV FDXVDV GH WRGD DFFLyQ KXPDQD VRQ WDQ FRPSOHMDV \  HVWiQ RFXOWDV D WDO SURIXQGLGDG HQ PRWLYDFLRQHV VXEFRQVFLHQWHVTXHUHVXOWDLPSRVLEOHVDEHUSRUTXpRFXUUHORTXHRFXUUH 'HELGR D TXH ODV WHRUtDV GH OD KLVWRULD GLILHUHQ \  D TXH OD WHRUtD GH XQ KLVWRULDGRU LQFLGH HQ VX UHODFLyQ GH ORV KHFKRV HV QHFHVDULR OHHU PiV GH XQD YHUVLyQGHODKLVWRULDGHXQKHFKRRGHXQDpSRFDVLTXHUHPRVFRQRFHUORV(QHVWR FRQVLVWH SUHFLVDPHQWH OD SULPHUD UHJOD SDUD OHHU KLVWRULD \  UHYLVWH D~Q PD\ RU LPSRUWDQFLD VL HO VXFHVR TXH QRV LQWHUHVD WLHQH VLJQLILFDFLyQ SUiFWLFD SDUD QRVRWURV 6HJXUDPHQWH WHQGUi VLJQLILFDFLyQ SUiFWLFD SDUD WRGRV ORV HVWDGRXQLGHQVHVVDEHUDOJRVREUHODKLVWRULDGHODJXHUUDGHVHFHVLyQSXHVWRTXH D~Q YLYLPRV HQ OD HVWHOD GH DTXHO SHQRVR FRQIOLFWR YLYLPRV HQ HO PXQGR TXH FRQWULEX\ yDFUHDU3HURQRSRGHPRVHVSHUDUFRPSUHQGHUORVLORREVHUYDPRVFRQ ORVRMRVGHXQDVRODSHUVRQDRGHVGHXQEDQGRRXQDIDFFLyQGHORVKLVWRULDGRUHV

FRQWHPSRUiQHRV+DFHXQRVGtDVDEULPRVXQOLEURUHFLpQSXEOLFDGRVREUHHOWHPD \  REVHUYDPRV TXH VX DXWRU OR SUHVHQWDED FRPR © XQD KLVWRULD GH OD JXHUUD GH VHFHVLyQLPSDUFLDO\ REMHWLYDGHVGHHOSXQWRGHYLVWDGHO6XUª (ODXWRUSDUHFtD VHULR\ TXL]iORVHDTXL]iVHDSRVLEOHXQDFRVDDVt(QFXDOTXLHUFDVRKHPRVGH DGPLWLUTXHWRGDKLVWRULDWLHQHTXHHVWDUHVFULWDGHVGHDOJ~QSXQWRGHYLVWDSHUR SDUDOOHJDUDODYHUGDGGHEHPRVFRQVLGHUDUODGHVGHPiVGHXQR /RXQLYHUVDOHQODKLVWRULD 1R VLHPSUH SRGHPRV OHHU PiV GH XQD KLVWRULD GH XQ DFRQWHFLPLHQWR \ FXDQGRHVWRRFXUUHKHPRVGHDGPLWLUTXHQRWHQHPRVPXFKDVRSRUWXQLGDGHVGH FRQRFHU OD YHUGDG GHO DVXQWR HQ FXHVWLyQ GH VDEHU TXp VXFHGLy UHDOPHQWH 6LQ HPEDUJRQRHVpVWDOD~QLFDUD]yQSDUDOHHUKLVWRULD3RGUtDDGXFLUVHTXHVyORDO KLVWRULDGRUSURIHVLRQDOODSHUVRQDTXHHVFULEHXQDKLVWRULDKD\ TXHH[LJLUOHTXH VRPHWD D XQ FDUHR VXV IXHQWHV TXH ODV FRWHMH H[KDXVWLYDPHQWH HQIUHQWiQGRODV HQWUHVt1RSXHGHGHMDUSLHGUDVLQUHPRYHUVLGHVHDVDEHUVREUHHOWHPDTXHOH RFXSD WRGR OR TXH GHEHUtD VDEHU &RPR OHFWRUHV SURIDQRV QRVRWURV TXHGDPRV D PHGLRFDPLQRHQWUHHOKLVWRULDGRUSURIHVLRQDO\ HODILFLRQDGRLUUHVSRQVDEOHTXH OHHKLVWRULDVyORSDUDHQWUHWHQHUVH 3RQJDPRV FRPR HMHPSOR D 7XFtGLGHV (O OHFWRU TXL]i VHSD TXH HVFULELy OD ~QLFDKLVWRULDFRHWiQHDLPSRUWDQWHGHODJXHUUDGHO3HORSRQHVRDILQDOHVGHOVLJOR 9D&(QFLHUWRVHQWLGRQRKD\ QDGDFRQORTXHFRWHMDUVXREUD(QWRQFHV¢TXp SRGHPRVHVSHUDUDSUHQGHUGHHOOD" *UHFLDHVHQODDFWXDOLGDGXQSDtVGLPLQXWR\ XQDJXHUUDTXHHVWDOOyDOOtKDFH YHLQWLFLQFR VLJORV SXHGH WHQHU SRFDV FRQVHFXHQFLDV UHDOHV SDUD OD YLGD DFWXDO 7RGRV ORV TXH OD OLEUDURQ KDFH WLHPSR TXH PXULHURQ DO LJXDO TXH ODV FRVDV FRQFUHWDVSRUODVTXHOXFKDURQ/DVYLFWRULDVQRWLHQHQQLQJ~QVLJQLILFDGRKR\ HQ GtD \  ODV GHUURWDV \ D QR FDXVDQ GRORU /DV FLXGDGHV TXH IXHURQ FRQTXLVWDGDV \ SHUGLGDV KDQ TXHGDGR UHGXFLGDV D SROYR 6L QRV GHWHQHPRV D SHQVDUOR FDVL OR ~QLFR TXH TXHGD GH OD JXHUUD GHO 3HORSRQHVR HV OR TXH 7XFtGLGHV FXHQWD VREUH HOOD 6LQHPEDUJRORTXHFXHQWD VLJXHWHQLHQGRLPSRUWDQFLDSRUTXHOD QDUUDFLyQ GH 7XFtGLGHV ²SRGHPRV XWLOL]DU HVWD SDODEUD² KD HMHUFLGR LQIOXHQFLD HQ OD KLVWRULD VXEVLJXLHQWH GH OD KXPDQLGDG /D KDQ OHtGR GLULJHQWHV GH pSRFDV SRVWHULRUHVDOHQFRQWUDUVHHQVLWXDFLRQHVTXHLQFOXVROLJHUDPHQWHVHDVHPHMDEDQ D OD GH ODV FLXGDGHV HVWDGR JULHJDV WUiJLFDPHQWH GLYLGLGDV FRPSDUDEDQ VX SRVLFLyQ FRQ OD GH $WHQDV R (VSDUWD \  VH VHUYtDQ GH 7XFtGLGHV FRPR H[FXVD \ MXVWLILFDFLyQLQFOXVRFRPRPRGHORGH FRPSRUWDPLHQWR(OUHVXOWDGRIXHTXH VL ELHQ HQ XQD PHGLGD PX\  SHTXHxD SHUR GH WRGRV PRGRV SHUFHSWLEOH OD KLVWRULD GHOPXQGRFDPELyJUDFLDVDODYLVLyQTXHWHQtD7XFtGLGHVGHXQDSHTXHxDSDUFHOD

GHOSODQHWDHQHOVLJOR9D&1ROROHHPRVSRUTXHGHVFULEDSHUIHFWDPHQWHORTXH RFXUULyDQWHVGHHVFULELUVXJUDQREUDVLQRSRUTXHKDVWDFLHUWRSXQWRGHWHUPLQy ORTXHRFXUULUtDGHVSXpV\SRUH[WUDxRTXHSXHGDSDUHFHUSDUDVDEHUTXpHVWi RFXUULHQGRDKRUD © /D SRHVtD HV PiV ILORVyILFD TXH OD KLVWRULDª  HVFULELy $ULVWyWHOHV 4XHUtD GHFLUTXHODSRHVtDHVPiVJHQHUDOPiVXQLYHUVDO8QEXHQSRHPDHVYHUGDGHUR QRVyORHQVXpSRFD\ OXJDUVLQRHQWRGDVODVpSRFDV\ WRGRVORVOXJDUHV7LHQH VLJQLILFDGR\ IXHU]DSDUDWRGDVODVSHUVRQDV/DKLVWRULDQRHVWDQXQLYHUVDO\ HVWi XQLGDDORVDFRQWHFLPLHQWRVGHXQDIRUPDTXHQRORHVWiODSRHVtDSHURFXDOTXLHU EXHQDKLVWRULDWLHQHFDUiFWHUXQLYHUVDO (O SURSLR 7XFtGLGHV GLMR TXH HVFULEtD VX KLVWRULD SDUD TXH ODV JHQHUDFLRQHV IXWXUDVQRWXYLHUDQTXHUHSHWLUORVHUURUHVTXHpOKDEtDYLVWRFRPHWHUSRUORVTXH KDEtD VXIULGR SHUVRQDOPHQWH \  KDEtD YLVWR VXIULU D VX SDtV 'HVFULEH ORV HUURUHV KXPDQRVTXHWHQtDQVHQWLGRSDUDRWURVKRPEUHVQRSDUDpORSDUDORVJULHJRV\ VLQ HPEDUJR DOJXQRV GH ORV TXH FRPHWLHURQ DWHQLHQVHV \  HVSDUWDQRV KDFH  DxRVVHHVWiQUHSLWLHQGRHQODDFWXDOLGDGORPLVPRTXHKDRFXUULGRXQD\ RWUDYH] GHVGHODpSRFDGH7XFtGLGHV 6LHOOHFWRUWLHQHXQDYLVLyQOLPLWDGDGHODKLVWRULDVLVyORGHVHDGHVFXEULUOR TXHUHDOPHQWHRFXUULyQRFRPSUHQGHUi HOSXQWRSULQFLSDOTXHSXHGH HQVHxDUOH 7XFtGLGHVRWRGREXHQKLVWRULDGRU6LOHHGHELGDPHQWHDDTXpOTXL]iGHFLGDGHMDU GHLQWHQWDUGHVFXEULUTXpVXFHGLyUHDOPHQWHHQHOSDVDGR /D KLVWRULD QRV FXHQWD OR TXH QRV KD OOHYDGR DGRQGH HVWDPRV DKRUD /R TXH QRVLQWHUHVDHVHOSUHVHQWHHVWR\ HOIXWXURTXHHVWDUiGHWHUPLQDGRHQSDUWHSRU HOSUHVHQWH3RUWDQWRWDPELpQVHSXHGHDSUHQGHUDOJRGHXQKLVWRULDGRUVREUHHO IXWXURLQFOXVRVLFRPR7XFtGLGHVYLYyKDFHPiVGHGRVPLODxRV 5HVXPDPRVODVGRVVXJHUHQFLDVSDUDOHHUKLVWRULD/DSULPHUDHVODVLJXLHQWH D VHU SRVLEOH OHHU PiV GH XQD KLVWRULD VREUH XQ DFRQWHFLPLHQWR R pSRFD TXH GHVSLHUWHLQWHUpV\ ODVHJXQGDOHHUXQDKLVWRULDQRVyORSDUDHQWHUDUVHGHORTXH RFXUULy UHDOPHQWH HQ XQD pSRFD \  XQ OXJDU FRQFUHWRV GHO SDVDGR VLQR WDPELpQ SDUD VDEHU FyPR DFW~DQ ORV VHUHV KXPDQRV HQ WRGRV ORV OXJDUHV \  pSRFDV HVSHFLDOPHQWHDKRUD 3UHJXQWDVDSODQWHDUDQWHXQOLEURGHKLVWRULD $ SHVDU GH TXH OD PD\ RUtD GH ORV OLEURV GH KLVWRULD VH DSUR[LPDQ PiV D OD ILFFLyQTXHDODFLHQFLDSXHGHQ\ GHEHQOHHUVHFRPRHQVD\ RV3RUWDQWRKHPRV GHIRUPXODUODVPLVPDVSUHJXQWDVTXHDHVWDFODVHGHREUDV$FDXVDGHOFDUiFWHU HVSHFLDO GH OD KLVWRULD ODV SUHJXQWDV VH SODQWHDQ GH XQD IRUPD OLJHUDPHQWH GLVWLQWD\ ODVUHVSXHVWDVWDPELpQSUHVHQWDQSHTXHxDVGLIHUHQFLDV &RQ UHVSHFWR D OD SULPHUD SUHJXQWD WRGD KLVWRULD WUDWD XQ WHPD FRQFUHWR \

OLPLWDGR3RUWDQWRUHVXOWDVRUSUHQGHQWHODIUHFXHQFLDFRQTXHORVOHFWRUHVQRVH WRPDQ OD PROHVWLD GH DYHULJXDU HQ TXp FRQVLVWH WDO WHPD \ VREUH WRGR TXH QR VLHPSUHREVHUYHQODVOLPLWDFLRQHVTXHVHDXWRLPSRQHHODXWRU8QDKLVWRULDGHOD JXHUUDGHVHFHVLyQQRHVXQDKLVWRULDGHOPXQGRGHOVLJOR;,;\ SUREDEOHPHQWH WDPSRFR GHO 2HVWH HVWDGRXQLGHQVH HQ OD VH[WD GpFDGD GHO PLVPR VLJOR 3RGUtD DXQTXH TXL]i QR GHEHUtD SDVDU SRU DOWR HO HVWDGR GH OD HGXFDFLyQ HQ HO SDtV HQ DTXHOODpSRFDRHOPRYLPLHQWRGHODIURQWHUDRHODYDQFHGHODVOLEHUWDGHV3RU WDQWRSDUDOHHUELHQXQDKLVWRULDKHPRVGHVDEHUFRQSUHFLVLyQVREUHTXpWUDWD\ VREUH TXp QR WUDWD 'HVGH OXHJR VL YDPRV D FULWLFDUOD KHPRV GH FRQRFHU HO ~OWLPR SXQWR \ D TXH QR VH SXHGH DFXVDU D XQ DXWRU GH QR KDFHU OR TXH QR LQWHQWDEDKDFHU 5HVSHFWR D OD VHJXQGD SUHJXQWD HO KLVWRULDGRU FXHQWD XQD KLVWRULD TXH QDWXUDOPHQWHVXFHGLyHQHOWLHPSR$VtVHGHWHUPLQDQVXVFRQWRUQRVJHQHUDOHV\ QRWHQHPRVTXHEXVFDUORVSHURKD\ PiVGHXQDIRUPDGHFRQWDUXQDKLVWRULD\ WHQHPRVTXHVDEHUFyPRKDGHFLGLGRHOKLVWRULDGRUFRQWDUODVX\ D¢+DGLYLGLGR VX REUD HQ FDStWXORV TXH FRUUHVSRQGHQ D DxRV GpFDGDV R JHQHUDFLRQHV R KD VHJXLGRRWURVFULWHULRV"¢([SRQHHQXQFDStWXORODKLVWRULDHFRQyPLFDGHODpSRFD TXH OH RFXSD \  FXEUH ODV JXHUUDV ORV PRYLPLHQWRV UHOLJLRVRV \  OD SURGXFFLyQ OLWHUDULDHQRWURV"¢$TXpOHDWULEX\ HPD\ RULPSRUWDQFLD"6LDYHULJXDPRVHVWRVL SRGHPRV GHFLU TXp DVSHFWR GH OD KLVWRULD TXH HVWi FRQWDQGR OH SDUHFH IXQGDPHQWDO OH HQWHQGHUHPRV PHMRU 7DO YH] QR FRLQFLGDPRV FRQ OR TXH FRQVLGHUDEiVLFRSHURGHWRGRVPRGRVSRGHPRVDSUHQGHUGHpO /D FUtWLFD GH OD KLVWRULD DGRSWD GRV IRUPDV 3RGHPRV MX]JDU ²SHUR FRPR VLHPSUH QR DQWHV GH KDEHU FRPSUHQGLGR HO WH[WR² \  SHQVDU TXH FDUHFH GH YHURVLPLOLWXG\ TXHODJHQWHQRUHDFFLRQDGHHVHPRGR,QFOXVRVLHOKLVWRULDGRU GRFXPHQWD OR TXH GLFH SHUPLWLpQGRQRV HO DFFHVR D VXV IXHQWHV H LQFOXVR VL FRQVLGHUDPRVUHOHYDQWHVDpVWDVSRGHPRVSHQVDUTXHODVKDHQWHQGLGRPDOTXH ODVKDMX]JDGRHUUyQHDPHQWHTXL]iSRUXQDGHILFLHQFLDGHVXFRPSUHQVLyQGHOD QDWXUDOH]D R ORV DVXQWRV KXPDQRV (V OR TXH VXHOH RFXUULU FRQ PXFKRV KLVWRULDGRUHV GH HGDG TXH QR GHGLFDQ PXFKDV SiJLQDV D OD HFRQRPtD 4XL]i SHQVHPRV TXH OD JHQWH DFW~D SRU VX SURSLR LQWHUpV \  FXDQGR VH DWULEX\ H GHPDVLDGDQREOH]DDO© KpURHª GHXQDKLVWRULDVHQWLPRVFLHUWRUHFHOR 3RU RWUD SDUWH SRGUtDPRV SHQVDU VREUH WRGR VL SRVHHPRV FLHUWRV FRQRFLPLHQWRVHVSHFLDOL]DGRVVREUHHOWHPDTXHHODXWRUQRKDHPSOHDGRELHQVXV IXHQWHV\ VHQWLULQGLJQDFLyQDOFRPSUREDUTXHQRKDOHtGRXQOLEURTXHQRVRWURVVt KHPRVOHtGR<WDPELpQSXHGHRFXUULUTXHHVWpPDOLQIRUPDGRVREUHORVKHFKRV HQ FX\ R FDVR QR SXHGH KDEHU HVFULWR XQD EXHQD KLVWRULD 'H XQ KLVWRULDGRU HVSHUDPRVTXHHVWpELHQLQIRUPDGR 'H WRGRV PRGRV OD SULPHUD FUtWLFD HV PiV LPSRUWDQWH 8Q EXHQ KLVWRULDGRU GHEH FRPELQDU HO WDOHQWR GHO QRYHOLVWD FRQ HO GHO FLHQWtILFR 'HEH VDEHU TXp HV YHURVtPLORSUREDEOH\ TXpRFXUULyUHDOPHQWH

5HVSHFWR D OD ~OWLPD SUHJXQWD ¢TXp LPSRUWDQFLD WLHQH" HV SRVLEOH TXH QR KD\ DRWURWLSRGHOLWHUDWXUDTXHHMHU]DPD\ RULQIOXHQFLDVREUHODVDFFLRQHVGHORV VHUHV KXPDQRV TXH OD KLVWRULD /DV ViWLUDV \  ODV GHVFULSFLRQHV GH XWRStDV ILORVyILFDV SURGXFHQ SRFD LPSUHVLyQ D WRGRV QRV JXVWDUtD TXH HO PXQGR IXHVH PHMRUSHURUDUDYH]QRVLQIOX\ HQODVUHFRPHQGDFLRQHVGHDXWRUHVTXHVHOLPLWDQ DGHVFULELUHQPXFKDVRFDVLRQHVFRQDPDUJXUDODGLIHUHQFLDHQWUHORUHDO\ OR LGHDO /D KLVWRULD TXH QRV FXHQWD ODV DFFLRQHV GH OD KXPDQLGDG HQ HO SDVDGR D YHFHV QRV HPSXMD D HIHFWXDU FDPELRV D LQWHQWDU FDPELDU QXHVWUD VXHUWH (Q JHQHUDOORVHVWDGLVWDVVLHPSUHKDQWHQLGRPD\ RULQVWUXFFLyQHQKLVWRULDTXHHQHO UHVWRGHODVGLVFLSOLQDV/DKLVWRULDVXJLHUHORSRVLEOHSRUTXHGHVFULEHFRVDVTXH \ D VH KDQ KHFKR \  TXH SRU FRQVLJXLHQWH VH SXHGHQ YROYHU D KDFHU R SRU HO FRQWUDULRVHSXHGHQHYLWDU 3RUWDQWRODSULQFLSDOUHVSXHVWDDODSUHJXQWD¢TXpLPSRUWDQFLDWLHQH"HVWULED HQODGLUHFFLyQGHODDFFLyQSUiFWLFDSROtWLFD3RUHVWDUD]yQHVIXQGDPHQWDOOHHU ELHQ OD KLVWRULD 3RU GHVJUDFLD ORV GLULJHQWHV KDQ DFWXDGR FRQ IUHFXHQFLD SRVH\ HQGR FLHUWRV FRQRFLPLHQWRV GH KLVWRULD SHUR QR ORV VXILFLHQWHV (Q XQ PXQGR WDQ SHTXHxR \  SHOLJURVR FRPR HO QXHVWUR VHUtD EXHQD LGHD TXH WRGRV HPSH]iVHPRVDOHHUPHMRUORVOLEURVGHKLVWRULD &yPROHHUELRJUDItDV\ DXWRELRJUDItDV 8QD ELRJUDItD HV XQ UHODWR VREUH XQD SHUVRQD UHDO FLUFXQVWDQFLD TXH OH FRQILHUHXQFDUiFWHUPL[WR $OJXQRV ELyJUDIRV VH RSRQGUtDQ D HVWD GHVFULSFLyQ SHUR DO PHQRV QRUPDOPHQWH XQD ELRJUDItD HV XQD UHODFLyQ QDUUDWLYD GH OD YLGD OD KLVWRULD GH XQDPXMHUXQKRPEUHRXQJUXSRGHSHUVRQDVSRUORTXHHQJUDQPHGLGDSODQWHD ORVPLVPRVSUREOHPDVTXHXQOLEURGHKLVWRULD(OOHFWRUGHEHIRUPXODUODPLVPD FODVHGHSUHJXQWDV¢FXiOHVHOREMHWLYRGHODXWRU"¢FXiOHVVRQVXVFULWHULRVGHOD YHUGDG"DGHPiVGHODVSUHJXQWDVTXHGLULJHDFXDOTXLHUOLEUR ([LVWHQ GLYHUVDV FODVHV GH ELRJUDItD /D GHILQLWLYD GHVWLQDGD D VHU OD REUD ILQDO H[KDXVWLYD \  GRFXPHQWDGD VREUH OD YLGD GH DOJXLHQ VXILFLHQWHPHQWH LPSRUWDQWHFRPRSDUDPHUHFHUXQWUDEDMRGHHVWHWLSRTXHQRSXHGHHVFULELUVH VREUHSHUVRQDVYLYDV5DUDPHQWHVHODFRPSRQHKDVWDTXHKDQDSDUHFLGRYDULDV ELRJUDItDV QR GHILQLWLYDV FRQ IUHFXHQFLD GH QR PX\  EXHQD FDOLGDG (O DXWRU DFXGHDWRGDVODVIXHQWHVOHHWRGDVODVFDUWDV\ H[DPLQDQXPHURVRVGRFXPHQWRV GHKLVWRULDFRHWiQHD'DGRTXHODGHVWUH]DSDUDUHXQLUPDWHULDOHVGLILHUHXQWDQWR GHOWDOHQWRSDUDGDUOHVIRUPDGHEXHQOLEURODVELRJUDItDVGHILQLWLYDVQRVLHPSUH UHVXOWDQGHIiFLOOHFWXUD8QDYHUGDGHUDOiVWLPDSRUTXHXQOLEURHUXGLWRQRWLHQH SRU TXp VHU DEXUULGR 8QD GH ODV PHMRUHV ELRJUDItDV HV 9LGD GH -RKQVRQ GH %RVZHOO UHDOPHQWH IDVFLQDQWH 6H WUDWD VLQ GXGD GH XQD ELRJUDItD GHILQLWLYD VL

ELHQ KDQ DSDUHFLGR RWUDV ELRJUDItDV GHO GRFWRU -RKQVRQ GHVGH HQWRQFHV  SHUR WDPELpQVXPDPHQWHLQWHUHVDQWH 8QDELRJUDItDGHILQLWLYDHVXQDSRUFLyQGHKLVWRULDODKLVWRULDGHXQDSHUVRQD \ VXpSRFDYLVWDSRUVXVSURSLRVRMRV\ KDEUtDTXHOHHUODFRPRWDO8QDELRJUDItD DXWRUL]DGDQRHVORPLVPRHQDEVROXWR1RUPDOPHQWHHVWDVREUDVVHHVFULEHQSRU HQFDUJR GH ORV KHUHGHURV R DPLJRV GH XQ SHUVRQDMH LPSRUWDQWH FRQ VXPR FXLGDGR SDUD TXH ORV HUURUHV TXH FRPHWLy OD SHUVRQD HQ FXHVWLyQ \  ORV WULXQIRV TXH REWXYR VH YHDQ D OD PHMRU OX] SRVLEOH $ YHFHV VRQ PX\  EXHQDV SRUTXH HO DXWRUFXHQWDFRQODYHQWDMD²TXHQRVLHPSUHVHOHVFRQFHGHDRWURVHVFULWRUHV² GH WHQHU DFFHVR GLUHFWR D WRGRV ORV PDWHULDOHV SHUWLQHQWHV JUDFLDV D TXLHQHV ORV FRQWURODQ SHUR QDWXUDOPHQWH QR VH SXHGH FRQILDU HQ HOODV WDQWR FRPR HQ ODV GHILQLWLYDV(QOXJDUGHOHHUODVVLPSOHPHQWHFRPRKLVWRULDKD\ TXHFRPSUHQGHU TXHSXHGHQVHUSDUFLDOHVTXHDVtHVFRPRVHORGHEHWRPDUHOOHFWRUSRUTXHDVtHV FRPRORVDPLJRV\ DOOHJDGRVGHOELRJUDILDGRTXLHUHQTXHHOPXQGROHFRQR]FD /D ELRJUDItD DXWRUL]DGD HV XQ WLSR GH KLVWRULD SHUR FRQ FLHUWDV GLIHUHQFLDV 3RGHPRVVHQWLUFXULRVLGDGSRUYHUTXpTXLHUHQODVSHUVRQDVLQWHUHVDGDVTXHVHSD HO S~EOLFR VREUH OD YLGD SULYDGD GH XQD SHUVRQD SHUR VLQ HVSHUDU FRQRFHUOD UHDOPHQWH 3RU WDQWR OD OHFWXUD GH XQD GH HVWDV ELRJUDItDV QRUPDOPHQWH SURSRUFLRQD PXFKRV GDWRV VREUH OD pSRFD HQ OD TXH IXH HVFULWD VREUH VXV FRVWXPEUHVVREUHODVDFWLWXGHVTXHVHFRQVLGHUDEDQDFHSWDEOHVHLPSOtFLWDPHQWH \  H[WUDSRODQGR XQ SRFR VREUH ODV LQDFHSWDEOHV SHUR QR GHVFXEULUHPRV OD YLGD UHDO GH XQ VHU KXPDQR R QR PiV TXH VL HVSHUiVHPRV FRQRFHU OD YHUGDGHUD KLVWRULD GH XQD JXHUUD OH\ HQGR ORV SDUWHV GH XQ VROR EDQGR (Q HVWH FDVR SDUD OOHJDUDODYHUGDGWHQGUtDPRVTXHOHHUWRGRVORVSDUWHVSUHJXQWDUDODVSHUVRQDV TXH HVWXYLHURQ HQ HO IUHQWH \  UHIOH[LRQDU SDUD GHVHQWUDxDU ORV GDWRV 8QD ELRJUDItD GHILQLWLYD \ D KD UHDOL]DGR WRGR HVWH WUDEDMR PLHQWUDV TXH FRQ XQD DXWRUL]DGD\ ODPD\ RUtDGHGLFDGDDSHUVRQDVYLYDVSHUWHQHFHDHVWDFDWHJRUtD D~QTXHGDPXFKRSRUKDFHU ([LVWHQRWUDVELRJUDItDVTXHQRVRQGHILQLWLYDVQLDXWRUL]DGDVDODVTXHTXL]i SRGUtDPRV GHQRPLQDU ELRJUDItDV FRUULHQWHV (Q WDOHV REUDV HVSHUDPRV TXH HO DXWRU VHD H[DFWR TXH FRQR]FD ORV KHFKRV TXH PDQHMD 3RU HQFLPD GH WRGR TXHUHPRV WHQHU OD VHQVDFLyQ GH HVWDU DQWH OD YLGD GH XQD SHUVRQD UHDO GH RWUD pSRFD \  RWUR OXJDU /RV VHUHV KXPDQRV VRPRV FXULRVRV FRQ XQD FXULRVLGDG HVSHFLDOSRURWURVVHUHVKXPDQRV 7DOHVOLEURVVLELHQQRVRQILGHGLJQRVGHODPLVPDPDQHUDTXHODVELRJUDItDV GHILQLWLYDV FRQ IUHFXHQFLD FRQVWLWX\ HQ XQD EXHQD OHFWXUD (O PXQGR SHUGHUtD PXFKR VLQ OD ELRJUDItD HVFULWD SRU ,]DDN :DOWRQ 9LGDV VREUH VXV DPLJRV ORV SRHWDV-RKQ'RQQH\ *HRUJH+HUEHUWSRUHMHPSORQDWXUDOPHQWH:DOWRQHVPiV FRQRFLGR SRU VX REUD (O SHVFDGRU FRQVXPDGR  R VLQ HO UHODWR GH -RKQ 7\ QGDOO VREUHVXDPLJR0LFKDHO)DUDGD\)DUDGD\HOGHVFXEULGRU $OJXQDV ELRJUDItDV WLHQHQ FDUiFWHU GLGiFWLFR \  SHUVLJXHQ XQ REMHWLYR PRUDO


H[DJHUDPRV WDO DFWLWXG pVWD GHULYD HQ OD GHQRPLQDGD IDODFLD SDWpWLFD SHUR KHPRV GH UHFRUGDU TXH ODV SDODEUDV QR VH HVFULEHQ SRU Vt VRODV ODV TXH OHHPRV KDQ VLGR KDOODGDV \  HVFULWDV SRU XQD SHUVRQD YLYD 3ODWyQ \  $ULVWyWHOHV GHFtDQ FRVDV VLPLODUHV \  WDPELpQ RSXHVWDV SHUR LQFOXVR VL KXELHUDQ FRLQFLGLGR SRU FRPSOHWRQRKDEUtDQHVFULWRORVPLVPRVOLEURVSRUVHUSHUVRQDVGLVWLQWDV,QFOXVR SRGUtDPRV GHVFXEULU DOJR DXWRELRJUiILFR HQ XQD REUD HQ DSDULHQFLD WDQ SRFR UHYHODGRUDFRPR6XPDWHROyJLFD 3RUWDQWRLPSRUWDPX\ SRFRTXHODDXWRELRJUDItDIRUPDOFRQVWLWX\ DXQJpQHUR UHODWLYDPHQWH QXHYR 1LQJ~Q DXWRU HV FDSD] GH VHSDUDUVH SRU FRPSOHWR GH VX REUD©
TXHOHDPRV(VWRVLJQLILFDTXHKD\ TXHSODQWHDUODVFXDQGRQRVHQIUHQWDPRVFRQ ODVOHFWXUDVDODVTXHODPD\ RUtDGHODVSHUVRQDVGHGLFDPiVWLHPSRSHULyGLFRV UHYLVWDVOLEURVVREUHDFRQWHFLPLHQWRVGHDFWXDOLGDGHWFpWHUD $O ILQ \  DO FDER OD KLVWRULD QR VH GHWXYR KDFH PLO DxRV QL FLHQ (O PXQGR FRQWLQ~D\ KRPEUHV\ PXMHUHVVLJXHQHVFULELHQGRVREUHORTXHHVWiRFXUULHQGR\ VREUHFyPRHVWiQFDPELDQGRODVFRVDV4XL]iQLQJXQDKLVWRULDPRGHUQDVHDWDQ EXHQDFRPRODGH7XFtGLGHVODSRVWHULGDGMX]JDUi3HURFRPRVHUHVKXPDQRV\ FRPR FLXGDGDQRV WHQHPRV OD REOLJDFLyQ GH LQWHQWDU FRPSUHQGHU HO PXQGR TXH QRVURGHD (OSUREOHPDFRQVLVWHHQVDEHUTXpHVWiRFXUULHQGRHQODDFWXDOLGDG3RUDOJR ODSDODEUDIUDQFHVDSDUDQRWLFLDULRHVDFWXDOLWpVHOFRQFHSWRGHVXFHVRVDFWXDOHV VH DVHPHMD DO GH © QRWLFLDVª  ¢&yPR QRV HQWHUDPRV GH ODV QRWLFLDV \  FyPR VDEHPRVTXHVRQFLHUWDV" (O OHFWRU KDEUi FRPSUHQGLGR TXH QRV HQIUHQWDPRV DO PLVPR SUREOHPD TXH SODQWHDODSURSLDKLVWRULD1RSRGHPRVWHQHUODFHUWH]DGHFRQRFHUORVKHFKRVQR SRGHPRVHVWDUPiVVHJXURVGHVDEHUORTXHHVWiRFXUULHQGRDKRUDTXHGHORTXH RFXUULyHQHOSDVDGR<VLQHPEDUJRGHEHPRVLQWHQWDUVDEHUORVLHPSUHTXHVHD SRVLEOH 6L SXGLpUDPRV HVWDU HQ WRGDV SDUWHV DO PLVPR WLHPSR RtU WRGDV ODV FRQYHUVDFLRQHV TXH VH GHVDUUROODQ VREUH OD WLHUUD YHU HQ HO FRUD]yQ GH WRGD SHUVRQDYLYDTXL]iSXGLpUDPRVDSUR[LPDUQRVDODYHUGDGGHORVDFRQWHFLPLHQWRV $OVHUKXPDQRV\SRUFRQVLJXLHQWHOLPLWDGRVWHQHPRVTXHUHFXUULUDOVHUYLFLRGH ORVUHSRUWHURVSHUVRQDVTXHVXSXHVWDPHQWHVDEHQORTXHHVWiRFXUULHQGRHQXQD ]RQD SHTXHxD 'DQ OD LQIRUPDFLyQ HQ SHULyGLFRV UHYLVWDV R OLEURV \  OR TXH VDEHPRVGHSHQGHGHHOORV ,GHDOPHQWH XQ UHSRUWHUR HV XQ FULVWDO HQ HO TXH VH UHIOHMD OD UHDOLGDG R D WUDYpV GHO FXDO VH UHIOHMD pVWD 3HUR OD PHQWH KXPDQD QR HV SUHFLVDPHQWH XQ FULVWDOWUDQVSDUHQWH1RHVXQEXHQUHIOHFWRU\ FXDQGRODDWUDYLHVDODUHDOLGDGOD PHQWH QR SXHGH MXJDU HO SDSHO GH EXHQ ILOWUR 6HSDUD OR TXH FRQVLGHUD LUUHDO IDOVR\ HVWRHVFRUUHFWRQDWXUDOPHQWH8QUHSRUWHURQRGHEHUtDLQIRUPDUGHOR TXHFRQVLGHUDIDOVRSHURSXHGHHTXLYRFDUVH 3RUHOORDOOHHUXQUHSRUWDMHGHDFRQWHFLPLHQWRVDFWXDOHVORPiVLPSRUWDQWH HVVDEHUTXLpQORKDHVFULWR1RVHWUDWDGHFRQRFHUDOUHSRUWHURPLVPRVLQRGH VDEHU FyPR IXQFLRQD VX PHQWH /DV GLYHUVDV FODVHV GH UHSRUWHURV ²ILOWUR VH GLYLGHQHQGRVJUXSRV\ SDUDFRPSUHQGHUTXpFODVHGHILOWURSRVHHODPHQWHGHO UHSRUWHURKHPRVGHSODQWHDUXQDVHULHGHSUHJXQWDVORTXHHTXLYDOHDIRUPXODU XQD VHULH GH LQWHUURJDQWHV VREUH FXDOTXLHU PDWHULDO TXH WUDWH VREUH DFRQWHFLPLHQWRVDFWXDOHV²6RQORVVLJXLHQWHV  ¢4XpTXLHUHGHPRVWUDUHODXWRU"  ¢$TXLpQTXLHUHFRQYHQFHU"

 ¢4XpFRQRFLPLHQWRHVSHFLDOSUHVXSRQHHQHOOHFWRU"  ¢4XpOHQJXDMHHVSHFLDOXWLOL]D"  ¢6DEHUHDOPHQWHGHTXpKDEOD" (Q WpUPLQRV JHQHUDOHV SRGHPRV VXSRQHU TXH WRGRV ORV OLEURV VREUH DFRQWHFLPLHQWRVDFWXDOHVGHVHDQSUREDUDOJRUHVXOWDQGRDYHFHVIiFLOGHVFXEULU GH TXp VH WUDWD (Q PXFKRV FDVRV OD SXEOLFLGDG GH OD HGLWRULDO H[SOLFD OD WHVLV SULQFLSDOTXHVHGHILHQGHHQHOOLEUR\ VLQRDSDUHFHHQODSRUWDGDHVSRVLEOHTXH HOSURSLRDXWRUODH[SOLTXHHQXQSUyORJR 7UDV KDEHU SUHJXQWDGR TXp WUDWD GH GHPRVWUDU HO OLEUR KD\  TXH SUHJXQWDU D TXLpQHVWiLQWHQWDQGRFRQYHQFHUHODXWRU¢9DHOOLEURGLULJLGRD© ORVHQWHUDGRVª \ SHUWHQHFHHOOHFWRUDHVDFDWHJRUtD"¢9DGLULJLGRDXQSHTXHxRJUXSRGHSHUVRQDV TXH SXHGH KDFHU DOJR \  UiSLGDPHQWH DFHUFD GH OD VLWXDFLyQ TXH GHVFULEH HO DXWRU"¢2HVSDUDWRGRHOPXQGR"6LHOOHFWRUQRSHUWHQHFHDODFODVHGHS~EOLFRDO TXHYDGLULJLGRHOOLEURTXL]iQRTXLHUDOHHUOR $ FRQWLQXDFLyQ KD\  TXH GHVFXEULU TXp FRQRFLPLHQWR HVSHFLDO SUHVXSRQH HO DXWRUTXHSRVHHHOOHFWRU(QHVWHFDVRHPSOHDPRVODSDODEUD© FRQRFLPLHQWRª HQ XQ VHQWLGR PX\  DPSOLR \  TXL]i VHUtD PHMRU GHFLU © RSLQLyQª  R © SUHMXLFLRª  0XFKRV DXWRUHV HVFULEHQ VyOR SDUD ORV OHFWRUHV TXH FRLQFLGHQ FRQ HOORV 6L QR HVWDPRVGHDFXHUGRFRQORVSUHVXSXHVWRVGHXQUHSRUWHURORPiVSUREDEOHHVTXH VXOLEURQRVLUULWH $ YHFHV UHVXOWD PX\  GLItFLO GHVFXEULU ORV SUHVXSXHVWRV GH XQ DXWRU TXLHQ DGHPiVSLHQVDTXHORVPLVPRVVRQFRPSDUWLGRVSRUHOOHFWRU(Q/RVDQWHFHGHQWHV GHOVLJOR;9,,%DVLO:LOOH\ GLFHORVLJXLHQWH « FRQVWLWX\ H XQD GLILFXOWDG FDVL LQVXSHUDEOH WHQHU FRQFLHQFLD FUtWLFD GH ORV SURSLRV SUHVXSXHVWRV © ODV GRFWULQDV VHQWLGDV FRPR KHFKRVª  VyOR SXHGHQYHUVHFRPRGRFWULQDVQRFRPRKHFKRVWUDVJUDQGHVHVIXHU]RVGH UHIOH[LyQ\ SRUORJHQHUDOVyORFRQODD\ XGDGHXQPHWDItVLFRGHSULPHUD FDWHJRUtD :LOOH\  FRQWLQ~D GLFLHQGR TXH UHVXOWD PiV IiFLO GHVFXEULU © ODV GRFWULQDV VHQWLGDVFRPRKHFKRVª GHXQDpSRFDGLVWLQWDDODQXHVWUD\ HVRHVSUHFLVDPHQWH ORTXHLQWHQWDKDFHUHQVXREUD6LQHPEDUJRDOOHHUOLEURVVREUHQXHVWUDpSRFDQR FRQWDPRVFRQODYHQWDMDGHODGLVWDQFLD3RUWDQWRWHQHPRVTXHLQWHQWDUYHUQR VyOR D WUDYpV GHO ILOWUR GH OD PHQWH GHO DXWRUUHSRUWHUR VLQR WDPELpQ GHO GH OD QXHVWUD $ FRQWLQXDFLyQ KD\  TXH SUHJXQWDU VL HO DXWRU HPSOHD XQ OHQJXDMH HVSHFLDO DOJRDSOLFDEOHVREUHWRGRDSHULyGLFRV\ UHYLVWDVSHURWDPELpQDWRGRVORVOLEURV VREUH DFRQWHFLPLHQWRV DFWXDOHV +D\  FLHUWDV SDODEUDV TXH SURYRFDQ UHVSXHVWDV HVSHFLDOHVTXHVHJXUDPHQWHQRFRLQFLGLUtDQFRQODVUHVSXHVWDVGHORVOHFWRUHVGHO

SUy[LPR VLJOR 3RQJDPRV SRU HMHPSOR OD SDODEUD © &RPXQLVPRª  R © FRPXQLVWDª  'HEHPRV LQWHQWDU FRQWURODU HVWDV UHVSXHVWDV R DO PHQRV VDEHU FXiQGRVHSURGXFHQ 3RU ~OWLPR KD\  TXH FRQVLGHUDU OD ~OWLPD SUHJXQWD SUREDEOHPHQWH OD PiV GLItFLO GH UHVSRQGHU (O UHSRUWHUR FX\ R WUDEDMR HVWDPRV OH\ HQGR ¢FRQRFH ORV KHFKRV" ¢7LHQH DFFHVR D ORV SHQVDPLHQWRV \  GHFLVLRQHV TXL]i VHFUHWRV GH ODV SHUVRQDVVREUHODVTXHHVFULEH"¢6DEHWRGRORTXHGHEHUtDVDEHUSDUDRIUHFHUXQD UHODFLyQMXVWD\ HTXLOLEUDGDGHODVLWXDFLyQ" (QRWUDVSDODEUDVVXJHULPRVTXHQRVyORKD\ TXHWHQHUHQFXHQWDXQDSRVLEOH DFWLWXG SDUFLDO SRU SDUWH GHO DXWRUUHSRUWHUR ÒOWLPDPHQWH VH KD RtGR KDEODU PXFKR VREUH © OD PDQLSXODFLyQ GH ODV QRWLFLDVª  \  HV LPSRUWDQWH VDEHU TXH QR VyOR OD PLVPD QRV HV DSOLFDGD D QRVRWURV FRPR OHFWRUHV VLQR WDPELpQ D ORV UHSRUWHURVTXHVXSXHVWDPHQWH© HVWiQHQWHUDGRVª DXQTXHSXHGHVHUTXHQRVHD DVt ,QFOXVR FRQ OD PHMRU YROXQWDG GHO PXQGR FRQ OD PHMRU LQWHQFLyQ GH RIUHFHUQRV OD YHUGDG GH XQ DVXQWR HV SRVLEOH TXH XQ UHSRUWHUR HVWp © GHVLQIRUPDGRª  UHVSHFWR D DFFLRQHV WUDWDGRV HWF GH FDUiFWHU VHFUHWR eO PLVPR SXHGH VHU FRQVFLHQWH GH HOOR SHUR TXL]i QR OR VHD HQ FX\ R FDVR OD VLWXDFLyQHQWUDxDSHOLJURVSDUDHOOHFWRU 2EVHUYDUi HO OHFWRU TXH HVWDV FLQFR SUHJXQWDV QR VRQ HQ UHDOLGDG PiV TXH YDULDFLRQHV VREUH ODV TXH KD\  TXH SUHJXQWDU DQWH FXDOTXLHU OLEUR GH HQVD\ R &RQRFHU HO OHQJXDMH HVSHFLDO GH XQ DXWRU SRU HMHPSOR QR HV VLQR OOHJDU D XQ DFXHUGR FRQ pO SHUR FRPR ORV OLEURV \  RWURV PDWHULDOHV VREUH HO PXQGR FRQWHPSRUiQHR QRV SODQWHDQ SUREOHPDV HVSHFLDOHV FRPR OHFWRUHV KHPRV IRUPXODGRODVSUHJXQWDVGHIRUPDGLVWLQWD 4XL]iFRQYHQJDUHVXPLUODGLIHUHQFLDHQXQVRORFRQVHMRHQOXJDUGHGDUXQD VHULHGHQRUPDVSDUDOHHUOLEURVGHHVWHWLSRFDYHDWOHFWRU© TXHHOOHFWRUWHQJD FXLGDGRª  1R KD\  SRU TXp SUHRFXSDUVH DO OHHU D $ULVWyWHOHV 'DQWH R 6KDNHVSHDUH SHUR HO DXWRU GH XQ OLEUR FRQWHPSRUiQHR SXHGH WHQHU LQWHUpV HVSHFLDO ²VL ELHQ QR QHFHVDULDPHQWH² HQ TXH HO OHFWRU OR HQWLHQGD GH XQD PDQHUD GHWHUPLQDGD 2 SRU HO FRQWUDULR SXHGH VXFHGHU TXH WHQJDQ WDO LQWHUpV VXV IXHQWHV GH LQIRUPDFLyQ (O OHFWRU GHEH FRQRFHU HVH LQWHUpV \  WHQHUOR HQ FXHQWDDQWHFXDOTXLHUFRVDTXHOHD 1RWDVVREUHORVUHV~PHQHV 'H OD GLVWLQFLyQ EiVLFD TXH KHPRV H[SXHVWR ²HQWUH OD OHFWXUD SDUD REWHQHU LQIRUPDFLyQ \  OD GHVWLQDGD D REWHQHU FRPSUHQVLyQ² VH GHVSUHQGH RWUD FRQVHFXHQFLD TXH D YHFHV WHQHPRV TXH OHHU SDUD LQIRUPDUQRV VREUH OD FRPSUHQVLyQ DYHULJXDU FyPR KDQ LQWHUSUHWDGR RWUDV SHUVRQDV ORV KHFKRV HQ FXHVWLyQ9DPRVDLQWHQWDUH[SOLFDUHVWRXQSRFRPiV

/HHPRV SHULyGLFRV UHYLVWDV H LQFOXVR DQXQFLRV SXEOLFLWDULRV HQ FDQWLGDGHV HQRUPHVSRUODLQIRUPDFLyQTXHFRQWLHQHQWDQWRTXHQDGLHWLHQHWLHPSRKR\ HQ GtD GH OHHU PiV GH XQD SHTXHxD SDUWH GH OR SXEOLFDGR /D QHFHVLGDG KD VLGR OD PDGUH GH QXPHURVRV LQYHQWRV HQ HVWH WHUUHQR GH OD OHFWXUD /DV UHYLVWDV GH QRWLFLDV FRPR 1HZVZHHN R 7LPH UHDOL]DQ XQD YDOLRVtVLPD IXQFLyQ SDUD OD PD\ RUtD DO OHHU ODV QRWLFLDV \  UHGXFLUODV D ORV HOHPHQWRV HVHQFLDOHV GH LQIRUPDFLyQ /DV SHUVRQDV TXH HVFULEHQ HVWDV UHYLVWDV VRQ HQ SULPHU OXJDU OHFWRUHV\ KDQGHVDUUROODGRHODUWHGHOHHUKDVWDXQSXQWRTXHVXSHUDFRQPXFKR ODFRPSHWHQFLDGHOOHFWRUPHGLR /R PLVPR SXHGH GHFLUVH GH XQD SXEOLFDFLyQ FRPR 5HDGHU¶V 'LJHVW TXH SUHWHQGHOOHYDUDOOHFWRUJUDQSDUWHGHORTXHPHUHFHODSHQDOHHUHQODVUHYLVWDV GHLQIRUPDFLyQJHQHUDOHQIRUPD FRQGHQVDGDHQXQVROROLEULWR 1DWXUDOPHQWH ORVPHMRUHVDUWtFXORVDOLJXDOTXHORVPHMRUHVOLEURVQRVHSXHGHQFRQGHQVDUVLQ TXHSLHUGDQDOJR6LSRUHMHPSORORVHQVD\ RVGH0RQWDLJQHDSDUHFLHVHQHQXQD SXEOLFDFLyQSHULyGLFDGLItFLOPHQWHQRVVDWLVIDUtDOHHUXQUHVXPHQ(QHVWHFDVR VyOR VHUtD DGHFXDGR VL QRV HPSXMDVH D OHHU HO RULJLQDO 6LQ HPEDUJR SDUD HO DUWtFXOR PHGLR VXHOH VHU VXILFLHQWH XQD FRQGHQVDFLyQ D YHFHV PHMRU TXH HO RULJLQDO SRUTXH HO DUWtFXOR PHGLR VXHOH WHQHU FDUiFWHU IXQGDPHQWDOPHQWH LQIRUPDWLYR /D GHVWUH]D TXH VLUYH SDUD SURGXFLU 5HDGHU¶V 'LJHVW \  GHFHQDV GH SXEOLFDFLRQHVVLPLODUHVVHDSR\ DHQSULPHUOXJDUHQODOHFWXUD\ VyORGHVSXpV HQODHVFULWXUDFODUD\ VHQFLOOD+DFHQSRUORVOHFWRUHVORTXHSRFRVSXHGHQKDFHU SRUFDUHFHUGHODWpFQLFDDGHFXDGDLQFOXVRVLWXYLHUDQWLHPSRSDUDHOORDUUDQFDQ HO Q~FOHR GH OD LQIRUPDFLyQ VyOLGD GH SiJLQDV \  SiJLQDV GH PDWHULDO PHQRV LPSRUWDQWH 3HURDOILQ\ DOFDERWDPELpQWHQHPRVTXHOHHUODVSXEOLFDFLRQHVHQODVTXH VHEDVDQORVUHV~PHQHVGHQRWLFLDV\ DFRQWHFLPLHQWRVGHDFWXDOLGDG6LTXHUHPRV HVWDU LQIRUPDGRV QR SRGHPRV HYLWDU OD WDUHD GH OHHU SRU EXHQRV TXH VHDQ ORV UHV~PHQHV<HQ~OWLPDLQVWDQFLDODWDUHDGHOHHUORVHVODPLVPDTXHUHDOL]DQORV HGLWRUHV GH HVWDV UHYLVWDV FRQ HO PDWHULDO RULJLQDO \  TXH GHVSXpV SUHVHQWDQ GH IRUPDPiVFRPSDFWD1RVDKRUUDQWUDEDMRHQFXDQWRDODH[WHQVLyQGHODOHFWXUD VHUHILHUHSHURQRSXHGHQDKRUUDUQRVSRUFRPSOHWRODWDUHDGHOHHUDGHPiVGH TXH VyOR REWHQGUHPRV SURYHFKR GH VXV UHV~PHQHV GH LQIRUPDFLyQ VL VRPRV FDSDFHV GH GDUOHV XQD OHFWXUD WDQ EXHQD FRPR OD TXH HIHFWXDURQ ORV HGLWRUHV DQWHULRUPHQWHFRQHOILQGHHODERUDUORV < HVWR VXSRQH XQD OHFWXUD SDUD REWHQHU FRPSUHQVLyQ QR VyOR LQIRUPDFLyQ (YLGHQWHPHQWHFXDQWRPiVFRQGHQVDGRVORVUHV~PHQHVPiVVHOHFFLyQVHKDEUi UHDOL]DGR DOJR TXH QR GHEHUtD SUHRFXSDUQRV GHPDVLDGR VL PLO SiJLQDV SRU HMHPSORVHUHGXMHUDQDQRYHFLHQWDVSHURFXDQGRVHUHGXFHQDGLH]RLQFOXVRD XQDVHSODQWHDXQDSUHJXQWDFUtWLFDFXiQWRVHKDVXSULPLGR'HDTXtTXHFXDQWR PD\ RUODFRQGHQVDFLyQPiVLPSRUWDQFLDUHYLVWHVDEHUDOJRVREUHHOFDUiFWHUGH TXLpQ OD KD OOHYDGR D FDER \  HO PLVPR FDYHDW GH DQWHV VH DSOLFD D HVWH FDVR

LQFOXVR FRQ PiV IXHU]D 4XL]i HQ ~OWLPD LQVWDQFLD HTXLYDOJD D OHHU HQWUH ODV OtQHDV GH XQD FRQGHQVDFLyQ UHDOL]DGD FRQ SHULFLD 1R SRGHPRV UHPLWLUQRV DO RULJLQDO SDUD DYHULJXDU TXp VH KD H[FOXLGR \  KD\  TXH GHGXFLUOR GH OD SURSLD FRQGHQVDFLyQ 3RU FRQVLJXLHQWH OD OHFWXUD GH HVWH WLSR GH UHV~PHQHV HV HQ RFDVLRQHVODPiVGLItFLO\ DEVRUEHQWH

 &Ï02/((5&,(1&,$6<0$7(0È7,&$6

(OWtWXORGHOFDStWXORTXHLQLFLDPRVSXHGHOODPDUDFRQIXVLyQ1RQRVSURSRQHPRV RIUHFHUFRQVHMRVSDUDODOHFWXUDGHWRGDVODVFODVHVGHFLHQFLDV\ PDWHPiWLFDV VLQRTXHQRVOLPLWDUHPRVDGRVFODVHVORVJUDQGHVFOiVLFRVGHDPEDVPDWHULDVGH QXHVWUD WUDGLFLyQ SRU XQD SDUWH \  ODV REUDV GH GLYXOJDFLyQ FLHQWtILFD PRGHUQDV SRU RWUD /R TXH GLJDPRV HQ PXFKDV RFDVLRQHV VHUi DSOLFDEOH D PRQRJUDItDV HVSHFLDOL]DGDV VREUH WHPDV DEVWUXVRV \  UHGXFLGRV SHUR QR SRGHPRV D\ XGDU DO OHFWRU HQ HVWRV WHUUHQRV SRU GRV UD]RQHV XQD GH HOODV VHQFLOODPHQWH TXH QR HVWDPRVFXDOLILFDGRVSDUDVHPHMDQWHWDUHD /DRWUDHVWULEDHQORVLJXLHQWHKDVWDILQDOHVGHOVLJOR;,; DSUR[LPDGDPHQWH ODVJUDQGHVREUDVFLHQWtILFDVLEDQGLULJLGDVDORVOHFWRUHVSURIDQRV6XVDXWRUHV² KRPEUHVFRPR*DOLOHR1HZWRQ\ 'DUZLQ²QRVHPRVWUDEDQUHDFLRVDTXHORV OH\ HVHQ HVSHFLDOLVWDV HQ VXV UHVSHFWLYRV FDPSRV \ GH KHFKR TXHUtDQ OOHJDU D HOORV SHUR WRGDYtD QR H[LVWtD XQD HVSHFLDOL]DFLyQ LQVWLWXFLRQDOL]DGD HQ DTXHOOD pSRFDDODTXH$OEHUW(LQVWHLQGHQRPLQy© ODLQIDQFLDIHOL]GHODFLHQFLDª /DV SHUVRQDVLQWHOLJHQWHV\ FXOWDVOHtDQOLEURVFLHQWtILFRVKLVWyULFRV\ ILORVyILFRVQRVH HVWDEOHFtDQGLVWLQFLRQHVUtJLGDVQLOtPLWHVTXHQRSXGLHUDQWUDVSDVDUVH7DPSRFR VH PDQLIHVWDED OD LQGLIHUHQFLD KDFLD HO OHFWRU PHGLR R SURIDQR TXH SUHGRPLQD KR\ HQGtDHQODHVFULWXUDFLHQWtILFD$ODPD\ RUtDGHORVFLHQWtILFRVDFWXDOHVQR OHV LPSRUWD OR TXH SXHGDQ SHQVDU ORV OHFWRUHV SURIDQRV \  QL VLTXLHUD LQWHQWDQ OOHJDUDHOORV +R\  H[LVWH XQD WHQGHQFLD D TXH OD FLHQFLD VHD HVFULWD SRU H[SHUWRV SDUD H[SHUWRV 8QD FRPXQLFDFLyQ VHULD VREUH XQ WHPD FLHQWtILFR SUHVXSRQH WDQWRV FRQRFLPLHQWRV HVSHFLDOL]DGRV SRU SDUWH GHO OHFWRU TXH QRUPDOPHQWH QR SXHGH OHHUOR QDGLH TXH QR HVWp YHUVDGR HQ OD PDWHULD (VWH HQIRTXH SUHVHQWD YHQWDMDV HYLGHQWHV \  QR HV OD PHQRU OD GH TXH FRQWULEX\ H DO DYDQFH PiV UiSLGR GH OD FLHQFLD&XDQGRORVH[SHUWRVKDEODQHQWUHVtVREUHVXHVSHFLDOLGDGSXHGHQOOHJDU HQVHJXLGD D VXV IURQWHUDV SXHGHQ YHU ORV SUREOHPDV LQPHGLDWDPHQWH H LQWHQWDU UHVROYHUORV 3HUR HO FRVWH HV LJXDOPHQWH HYLGHQWH TXH HO OHFWRU PHGLR H LQWHOLJHQWHDOTXHQRVGLULJLPRVHQHOSUHVHQWHOLEURVHTXHGDDOPDUJHQ

(QUHDOLGDGHVWDVLWXDFLyQDXQTXHPiVH[WUHPDGDHQHOWHUUHQRGHODFLHQFLD VH SURGXFH HQ RWURV PXFKRV (Q OD DFWXDOLGDG ORV ILOyVRIRV UDUDPHQWH HVFULEHQ VLQR SDUD RWURV ILOyVRIRV ORV HFRQRPLVWDV SDUD VXV FROHJDV H LQFOXVR ORV KLVWRULDGRUHV KDQ HPSH]DGR D GHVFXEULU TXH HVD HVSHFLH GH WDTXLJUDItD GH FRPXQLFDFLyQPRQRJUiILFDFRQRWURVH[SHUWRVTXH\ DOOHYDWLHPSRGRPLQDQGROD FLHQFLD FRQVWLWX\ H XQD IRUPD PiV FRQYHQLHQWH GH WUDQVPLWLU LGHDV TXH OD REUD QDUUDWLYDPiVWUDGLFLRQDOGHVWLQDGDDWRGRVORVOHFWRUHV ¢4Xp SXHGH KDFHU HO OHFWRU PHGLR HQ HVWDV FLUFXQVWDQFLDV" &RPR QR SXHGH HVSHFLDOL]DUVH HQ WRGRV ORV FDPSRV WLHQH TXH UHFXUULU D ODV GLYXOJDFLRQHV FLHQWtILFDV DOJXQDV GH ODV FXDOHV VRQ EXHQDV \  RWUDV PDODV 3HUR QR VyOR HV LPSRUWDQWHVDEHUGLVWLQJXLUHQWUHDPEDVWDPELpQKD\ TXHVDEHUOHHUODVEXHQDV FRQFRPSUHQVLyQ &RPSUHVLyQGHORVREMHWLYRVFLHQWtILFRV 8QD GH ODV GLVFLSOLQDV TXH VH HVWi GHVDUUROODQGR D PD\ RU YHORFLGDG HV OD KLVWRULD GH OD FLHQFLD GRQGH KHPRV DSUHFLDGR FDPELRV H[WUDRUGLQDULRV HQ ORV ~OWLPRV DxRV 1R KDFH PXFKR ORV FLHQWtILFRV © VHULRVª  GHVSUHFLDEDQ D ORV KLVWRULDGRUHVGHODFLHQFLDDOFRQVLGHUDUORVSHUVRQDVTXHHVWXGLDEDQODKLVWRULDGH XQDPDWHULDSRUTXHQRHUDQFDSDFHVGHH[WHQGHUVXVIURQWHUDV/DDFWLWXGGHORV FLHQWtILFRV DQWH ORV KLVWRULDGRUHV SRGUtD UHVXPLUVH HQ HO IDPRVR FRPHQWDULR GH *HRUJH %HUQDUG 6KDZ © /RV TXH SXHGHQ KDFHQ DOJR ORV TXH QR SXHGHQ VH GHGLFDQDODHQVHxDQ]Dª  +R\ HQGtDDSHQDVDSDUHFHQH[SUHVLRQHVGHHVWHWLSR/RVGHSDUWDPHQWRVGH KLVWRULDGHODFLHQFLDVRQUHVSHWDEOHV\ KD\ H[FHOHQWHVFLHQWtILFRVTXHHVWXGLDQ\ HVFULEHQ VREUH OD KLVWRULD GH OD PDWHULD 3RGUtDPRV SRQHU HO HMHPSOR GH OD GHQRPLQDGD © LQGXVWULD 1HZWRQª  (Q OD DFWXDOLGDG VH HVWiQ OOHYDQGR D FDER LPSRUWDQWHV LQYHVWLJDFLRQHV HQ PXFKRV SDtVHV VREUH OD REUD \  OD H[WUDxD SHUVRQDOLGDGGHVLU,VDDF1HZWRQ\ \ DVHKDQSXEOLFDGRPHGLDGRFHQDGHOLEURV VREUHHOWHPD/DUD]yQHVWULEDHQTXHORVFLHQWtILFRVHVWiQPiVSUHRFXSDGRVTXH QXQFDSRUHOFDUiFWHUGHORVREMHWLYRVFLHQWtILFRV 3RU HVR QR GXGDPRV HQ UHFRPHQGDU DO OHFWRU TXH LQWHQWH OHHU DO PHQRV DOJXQRVGHORVFOiVLFRVGHODFLHQFLDGHQXHVWUDWUDGLFLyQ(QUHDOLGDGQRH[LVWH H[FXVD DOJXQD SDUD QR LQWHQWDU OHHUORV 1LQJXQR SUHVHQWD XQD GLILFXOWDG LQIUDQTXHDEOH QL VLTXLHUD XQD REUD FRPR 3ULQFLSLRV GH ILORVRItD QDWXUDO GH 1HZWRQVLHOOHFWRUHVWiGLVSXHVWRDUHDOL]DUHOHVIXHU]R (OFRQVHMRPiV~WLOTXHSRGHPRVRIUHFHUOHHVHOVLJXLHQWHXQDGHODVUHJODV SDUD OD OHFWXUD GH HQVD\ RV UHTXLHUH TXH VH H[SRQJD FRQ OD PD\ RU FODULGDG SRVLEOH HO SUREOHPD TXH KD LQWHQWDGR UHVROYHU HO DXWRU UHJOD GH OD OHFWXUD DQDOtWLFDDSOLFDEOHDWRGDVODVREUDVGHHQVD\ RSHURHVSHFLDOPHQWHDSOLFDEOHDODV

REUDVSHUWHQHFLHQWHVDORVWHUUHQRVGHODFLHQFLD\ODVPDWHPiWLFDV 3RGUtDPRVH[SUHVDUORDQWHULRUGHRWUDIRUPD&RPROHFWRUHVSURIDQRVQRVH WUDWDGHOHHUORVFOiVLFRVGHODFLHQFLDSDUDDGTXLULUFRQRFLPLHQWRVVREUHHOWHPD GHTXHVHRFXSDQHQXQVHQWLGRFRQWHPSRUiQHRVLQRSDUDFRPSUHQGHUODKLVWRULD \ ODILORVRItDGHODFLHQFLD(QHVWRFRQVLVWHODUHVSRQVDELOLGDGGHOOHFWRUSURIDQR UHVSHFWRDODFLHQFLD\ ODPHMRUIRUPDGHFXPSOLUODHVWRPDUFRQFLHQFLDGHORV SUREOHPDV TXH ORV JUDQGHV FLHQWtILFRV LQWHQWDEDQ UHVROYHU FRQFLHQFLD GH ORV SUREOHPDV\ WDPELpQGHVXVDQWHFHGHQWHV 6HJXLUHOGHVDUUROORFLHQWtILFRDYHULJXDUGHTXpIRUPDHVWiQLQWHUUHODFLRQDGRV ORVKHFKRVORVSUHVXSXHVWRVORVSULQFLSLRV\ ODVSUXHEDVHTXLYDOHDDFRPHWHUOD DFWLYLGDG GH OD UD]yQ KXPDQD DOOt GRQGH SUREDEOHPHQWH KD RSHUDGR FRQ PiV p[LWR4XL]iHVWRVHDVXILFLHQWHSRUVtPLVPRSDUDMXVWLILFDUHOHVWXGLRKLVWyULFRGH ODFLHQFLD$GHPiVWDOHVWXGLRVHUYLUiSDUDGLVLSDUHQFLHUWDPHGLGDODDSDUHQWH LQLQWHOLJLELOLGDG GH OD FLHQFLD \ OR PiV LPSRUWDQWH HV XQD DFWLYLGDG PHQWDO HVHQFLDOSDUDODHGXFDFLyQHOREMHWLYRFHQWUDOTXHKDVLGRUHFRQRFLGRGHVGHOD pSRFD GH 6yFUDWHV HQ DGHODQWH FRPR OD OLEHUDFLyQ GH OD PHQWH PHGLDQWH OD GLVFLSOLQDGHVRUSUHQGHUVH\ SUHJXQWDUVH 6XJHUHQFLDVSDUDODOHFWXUDGHOLEURVGHFLHQFLDFOiVLFRV 3RU OLEUR FLHQWtILFR HQWHQGHPRV OD UHODFLyQ GH KDOOD]JRV R FRQFOXVLRQHV HQ DOJ~QWHUUHQRGHODLQYHVWLJDFLyQWDQWRVLVHOOHYDQDFDERH[SHULPHQWDOPHQWHHQ XQODERUDWRULRFRPRVLVHUHDOL]DQDSDUWLUGHODREVHUYDFLyQGHODQDWXUDOH]DHQ YLYR(OSUREOHPDFLHQWtILFRVLHPSUHFRQVLVWHHQGHVFULELUORVIHQyPHQRVFRQOD PD\ RU SUHFLVLyQ SRVLEOH \  DYHULJXDU ODV LQWHUFRQH[LRQHV HQWUH ODV GLIHUHQWHV FODVHVGHIHQyPHQRV (QODVJUDQGHVREUDVFLHQWtILFDVQRKD\ RUDWRULDQLGHPDJRJLDVLELHQSXHGH GDUVHXQDDFWLWXGSDUFLDOHQHOVHQWLGRGHXQRVSUHVXSXHVWRVLQLFLDOHVDOJRTXHVH GHWHFWD GLVWLQJXLHQGR HQWUH OR TXH HO DXWRU GD SRU VXSXHVWR \  OR TXH HVWDEOHFH PHGLDQWH VXV DUJXPHQWRV &XDQWR PiV © REMHWLYRª  VHD XQ DXWRU FLHQWtILFR PiV SHGLUi DO OHFWRU TXH SUHVXSRQJD HVWR R DTXHOOR /D REMHWLYLGDG FLHQWtILFD QR HTXLYDOHDODLQH[LVWHQFLDGHSUHMXLFLRVLQLFLDOHVVLQRDODIUDQFDFRQIHVLyQGHVX H[LVWHQFLD /RV WpUPLQRV SULQFLSDOHV GH XQD REUD FLHQWtILFD VXHOHQ H[SUHVDUVH FRQ SDODEUDVSRFRFRUULHQWHVRWpFQLFDV5HVXOWDQUHODWLYDPHQWHIiFLOHVGHGHVFXEULU \  D WUDYpV GH HOODV VH SXHGHQ FRPSUHQGHU ODV SURSRVLFLRQHV /DV SURSRVLFLRQHV JHQHUDOHV VRQ VLHPSUH GH FDUiFWHU JHQHUDO 3RU FRQVLJXLHQWH OD FLHQFLD QR HV FURQRWySLFD3RUHOFRQWUDULRXQFLHQWtILFRDGLIHUHQFLDGHXQKLVWRULDGRUWUDWDGH DOHMDUVHGHORORFDOHQHOWLHPSR\ HQHOHVSDFLRLQWHQWDGHFLUFyPRVRQODVFRVDV HQJHQHUDOFyPRIXQFLRQDQHQOtQHDVJHQHUDOHV

(VPX\ SUREDEOHTXHVHSODQWHHQGRVGLILFXOWDGHVIXQGDPHQWDOHVDODKRUDGH OHHU XQ OLEUR FLHQWtILFR 8QD GH HOODV HVWi UHODFLRQDGD FRQ ORV DUJXPHQWRV /D FLHQFLD HV IXQGDPHQWDOPHQWH LQGXFWLYD HV GHFLU VXV DUJXPHQWRV SULPDULRV VRQ ORVTXHHVWDEOHFHQXQDSURSRVLFLyQJHQHUDOSRUUHIHUHQFLDDSUXHEDVREVHUYDEOHV XQFDVR~QLFRFUHDGRSRUXQH[SHULPHQWRRXQDH[WHQVDVHULHGHFDVRVUHFRJLGRV PHGLDQWHXQDSDFLHQWHLQYHVWLJDFLyQ([LVWHQRWURVDUJXPHQWRVSHUWHQHFLHQWHVD OD FDWHJRUtD GHQRPLQDGD GHGXFWLYD HQ ORV TXH XQD SURSRVLFLyQ VH GHPXHVWUD PHGLDQWH RWUDV TXH \ D HVWiQ GH DOJ~Q PRGR HVWDEOHFLGDV &RQ UHVSHFWR D ODV SUXHEDV OD FLHQFLD QR GLILHUH GHPDVLDGR GH OD ILORVRItD SHUR HO DUJXPHQWR LQGXFWLYRHVFDUDFWHUtVWLFRGHHOOD /DSULPHUDGLILFXOWDGVXUJHSRUTXHFRQHOILQGHFRPSUHQGHUORVDUJXPHQWRV LQGXFWLYRVGHXQOLEURFLHQWtILFRKD\ TXHVHUFDSD]GHVHJXLUODVSUXHEDVTXHHO FLHQWtILFR SUHVHQWD FRPR EDVH 3RU GHVJUDFLD HVWR QR VLHPSUH HV SRVLEOH VL QR FRQWDPRV PiV TXH FRQ HO OLEUR 6L HO OLEUR QR ORJUD LOXVWUDUOH DO OHFWRU VyOR OH TXHGDXQUHFXUVRTXHFRQVLVWHHQREWHQHUODH[SHULHQFLDHVSHFLDOSRUVtPLVPR\ GHSULPHUDPDQR4XL]iWHQJDTXHSUHVHQFLDUXQDGHPRVWUDFLyQGHODERUDWRULR PLUDU \  PDQHMDU DSDUDWRV VLPLODUHV D ORV TXH DSDUHFHQ HQ HO OLEUR R LU D XQ PXVHRDYHUHMHPSODUHVRPDTXHWDV 4XLHQTXLHUDFRPSUHQGHUODKLVWRULDGHODFLHQFLDQRVyORGHEHOHHUORVWH[WRV FOiVLFRV VLQR WDPELpQ IDPLOLDUL]DUVH PHGLDQWH OD H[SHULHQFLD GLUHFWD FRQ VXV H[SHULPHQWRV FUXFLDOHV $O LJXDO TXH KD\  REUDV FOiVLFDV WDPELpQ KD\ H[SHULPHQWRV FOiVLFRV $TXpOODV VRQ PiV LQWHOLJLEOHV SDUD TXLHQHV KDQ YLVWR FRQ VXVSURSLRVRMRV\ KHFKRFRQVXVSURSLDVPDQRVHOSURFHGLPLHQWRTXHGHVFULEHXQ JUDQFLHQWtILFRSDUDDOFDQ]DUORVUHVXOWDGRVDORVTXHKDOOHJDGR (VWR QR VLJQLILFD TXH QR VH SXHGD HPSH]DU VLQ GDU WRGRV ORV SDVRV TXH VH GHVFULEHQ 7RPHPRV FRPR HMHPSOR XQ OLEUR FRPR (OHPHQWRV GH TXtPLFD GH /DYRLVLHU3XEOLFDGRHQ\ DQRVHORFRQVLGHUD~WLOFRPROLEURGHWH[WRVREUH OD PDWHULD \ GH KHFKR XQ HVWXGLDQWH FRPHWHUtD XQ JUDYH HUURU VL SHQVDUD TXH SRGUtD DSUREDU XQ H[DPHQ LQFOXVR GH HQVHxDQ]D PHGLD FRQ pO 6LQ HPEDUJR HO PpWRGRVXSXVRXQDUHYROXFLyQHQVXpSRFD\ VXFRQFHSWRGHHOHPHQWRTXtPLFR VLJXHPDQWHQLpQGRVHPiVRPHQRVLQDOWHUDGRHQODDFWXDOLGDG/RTXHGHVHDPRV GHVWDFDUHVTXHQRKD\  TXHOHHUHOOLEURGH FDERDUDER\ GHWDOODGDPHQWH SDUD H[WUDHUHVWDVFRQFOXVLRQHV(OSUyORJRSRUHMHPSORGRQGHVHKDFHKLQFDSLpHQOD LPSRUWDQFLDGHOPpWRGRHQODFLHQFLDHVVXPDPHQWHUHYHODGRU© 7RGDUDPDGH ODFLHQFLDItVLFDª HVFULELy/DYRLVLHU GHEHFRQVLVWLUHQWUHVFRVDVODVHULHGHKHFKRVTXHVRQORVREMHWRVGHOD FLHQFLDODVLGHDVTXHUHSUHVHQWDQWDOHVKHFKRV\ ODVSDODEUDVFRQODVTXH VH H[SUHVDQ HVWRV KHFKRV« < FRPR ODV LGHDV VH PDQWLHQHQ \  VH FRPXQLFDQ PHGLDQWH ODV SDODEUDV QHFHVDULDPHQWH VH GHGXFH TXH QR SRGHPRV PHMRUDU HO OHQJXDMH GH XQD FLHQFLD VLQ PHMRUDU DO PLVPR

WLHPSRODFLHQFLDPLVPDQLPHMRUDUXQDFLHQFLDVLQPHMRUDUHOOHQJXDMH RODQRPHQFODWXUDTXHOHSHUWHQHFH (VWRIXHH[DFWDPHQWHORTXHKL]R/DYRLVLHU0HMRUyODTXtPLFDPHMRUDQGRVX OHQJXDMH DO LJXDO TXH 1HZWRQ XQ VLJOR DQWHV KDEtD PHMRUDGR OD ItVLFD DO VLVWHPDWL]DU\ RUGHQDUVXOHQJXDMH\ GHSDVRFRPRTXL]iUHFXHUGHHOOHFWRUDO GHVDUUROODUHOFiOFXORGLIHUHQFLDOHLQWHJUDO $OKDEODUGHOFiOFXORGHEHPRVWRPDUHQFRQVLGHUDFLyQODVHJXQGDGLILFXOWDG TXHVHSODQWHDHQODOHFWXUDGHREUDVFLHQWtILFDV(QHVWRFRQVLVWHHOSUREOHPDGH ODVPDWHPiWLFDV (OSUREOHPDGHODVPDWHPiWLFDV +D\ PXFKDVSHUVRQDVDODVTXHOHVDVXVWDQODVPDWHPiWLFDV\ SLHQVDQTXHQR SXHGHQ OHHU XQD REUD VREUH HO WHPD 1DGLH VDEH SRU TXp RFXUUH HVWR $OJXQRV SVLFyORJRV SLHQVDQ TXH H[LVWH OD OODPDGD © FHJXHUD VLPEyOLFDª  OD LQFDSDFLGDG SDUDGHMDUDXQODGRODGHSHQGHQFLDGHORFRQFUHWR\ VHJXLUHOFDPELRFRQWURODGR GH ORV VtPERORV 3RGUtD KDEHU DOJR GH HVWR SHUR VLHPSUH WHQLHQGR HQ FXHQWD QDWXUDOPHQWHTXHWDPELpQODVSDODEUDVFDPELDQ\ TXHVXVFDPELRVDOVHUPiVR PHQRV LQFRQWURODGRV UHVXOWDQ TXL]i PiV GLItFLOHV GH VHJXLU 2WURV FUHHQ TXH HO SUREOHPDUDGLFDHQODHQVHxDQ]DGHODVPDWHPiWLFDV(QHVWHFDVRGHEHUtDPRV DJUDGHFHU TXH VH KD\ DQ GHGLFDGR WDQWDV LQYHVWLJDFLRQHV HQ pSRFD UHFLHQWH D OD FXHVWLyQGHFyPRHQVHxDUPHMRUODPDWHULD (OSUREOHPDHVWULEDSDUFLDOPHQWHHQHVWR1RQRVGLFHQRQRQRVORGLFHQD XQD HGDG VXILFLHQWHPHQWH WHPSUDQD FRPR SDUD LQFXOFiUQRVOR TXH ODV PDWHPiWLFDV VRQ XQ OHQJXDMH \  TXH SRGHPRV DSUHQGHUOR FRPR FXDOTXLHU RWUR FRPR OD OHQJXD PDWHUQD 7HQHPRV TXH DSUHQGHU OD SURSLD OHQJXD GRV YHFHV SULPHURFXDQGRDSUHQGHPRVDKDEODUOD\ GHVSXpVFXDQGRDSUHQGHPRVDOHHUOD 3RUVXHUWHVyORKD\ TXHDSUHQGHUODVPDWHPiWLFDVXQDYH]SXHVWRTXHVHWUDWDGH XQOHQJXDMHHVFULWRFDVLHQVXWRWDOLGDG &RPR \ D KHPRV REVHUYDGR DSUHQGHU XQ QXHYR OHQJXDMH HVFULWR VLHPSUH VXSRQH SUREOHPDV GH OHFWXUD SULPDULD &XDQGR LQLFLDPRV HO DSUHQGL]DMH GH OD OHFWXUDHQODHQVHxDQ]DSULPDULDHOSUREOHPDHVWULEDEDHQDSUHQGHUDUHFRQRFHU FLHUWRV VtPERORV DUELWUDULRV FXDQGR DSDUHFtDQ HQ XQD SiJLQD \  D UHFRQRFHU FLHUWDV UHODFLRQHV HQWUH GLFKRV VtPERORV ,QFOXVR ORV PHMRUHV OHFWRUHV VLJXHQ OH\ HQGR HQ GHWHUPLQDGDV RFDVLRQHV DO QLYHO SULPDULR SRU HMHPSOR FXDQGR WRSDQFRQXQDSDODEUDTXHQRFRQRFHQ\ WLHQHQTXHEXVFDUODHQHOGLFFLRQDULR6L QRV FRQIXQGH OD VLQWD[LV GH XQD RUDFLyQ WDPELpQ IXQFLRQDPRV HQ HO QLYHO SULPDULR 6yOR FXDQGR UHVROYHPRV HVWRV SUREOHPDV SRGHPRV FRQWLQXDU OH\ HQGR HQQLYHOHVVXSHULRUHV

'DGR TXH ODV PDWHPiWLFDV FRQVWLWX\ HQ XQ OHQJXDMH WLHQHQ YRFDEXODULR JUDPiWLFD\ VLQWD[LVSURSLRV\ HOOHFWRUSULQFLSLDQWHWLHQHTXHDSUHQGHUORV+D\ TXH PHPRUL]DU FLHUWRV VtPERORV \  UHODFLRQHV HQWUH pVWRV (O SUREOHPD HV GLIHUHQWH SRUTXH WDPELpQ OR HV HO OHQJXDMH SHUR WHyULFDPHQWH QR PiV GLItFLO TXH DSUHQGHU D OHHU IUDQFpV R LQJOpV R DOHPiQ (Q HO QLYHO SULPDULR LQFOXVR SXHGHUHVXOWDUPiVIiFLO &XDOTXLHU OHQJXDMH HV XQ PHGLR GH FRPXQLFDFLyQ HQWUH ODV SHUVRQDV VREUH WHPDV TXH ORV FRPXQLFDQWHV SXHGHQ FRPSUHQGHU /RV WHPDV GHO GLVFXUVR FRUULHQWHVRQIXQGDPHQWDOPHQWHKHFKRV\ UHODFLRQHVHPRFLRQDOHVTXHTXL]iQR UHVXOWHQWRWDOPHQWHFRPSUHQVLEOHVSDUDGRVSHUVRQDVGLVWLQWDV3HURGRVSHUVRQDV GLVWLQWDV Vt SXHGHQ FRPSUHQGHU XQD WHUFHUD FRVD TXH VH HQFXHQWUH IXHUD \ VHSDUDGD GH HOODV FRPR XQ FLUFXLWR HOpFWULFR XQ WULiQJXOR LVyVFHOHV R XQ VLORJLVPR(VIXQGDPHQWDOPHQWHFXDQGRGRWDPRVDHVWDVFRVDVGHFRQQRWDFLRQHV HPRFLRQDOHV FXDQGR SRGHPRV WHQHU SUREOHPDV D OD KRUD GH HQWHQGHUODV /DV PDWHPiWLFDV QRV SHUPLWHQ HYLWDUORV 1R H[LVWHQ FRQQRWDFLRQHV HPRFLRQDOHV HQ ORV WpUPLQRV SURSRVLFLRQHV \  HFXDFLRQHV PDWHPiWLFRV FXDQGR VH ORV HPSOHD DGHFXDGDPHQWH 7DPSRFR VH QRV GLFH DO PHQRV D XQD HGDG WHPSUDQD OR ERQLWDV H LQWHOHFWXDOPHQWH VDWLVIDFWRULDV TXH SXHGHQ UHVXOWDU ODV PDWHPiWLFDV 3UREDEOHPHQWH QXQFD HV GHPDVLDGR WDUGH SDUD FRPSUHQGHUOR VL QRV WRPDPRV DOJXQDVPROHVWLDV3RGHPRVHPSH]DUFRQ(XFOLGHVFX\ R(OHPHQWRVGHJHRPHWUtD FRQVWLWX\ HXQDGHODVREUDVPiVO~FLGDV\ KHUPRVDVTXHVHKD\ DQHVFULWRMDPiV &RQVLGHUHPRV SRU HMHPSOR ODV FLQFR SULPHUDV SURSRVLFLRQHV GHO OLEUR , GH (OHPHQWRV6LHOOHFWRUGLVSRQHGHXQHMHPSODUGHEHUtDHFKDUOHXQDRMHDGD (Q JHRPHWUtD HOHPHQWDO ODV SURSRVLFLRQHV VH GLYLGHQ HQ GRV FDWHJRUtDV   HO HQXQFLDGRGHSUREOHPDVSDUDODFRQVWUXFFLyQGHILJXUDV\  ORVWHRUHPDVVREUH ODV UHODFLRQHV HQWUH ODV ILJXUDV R VXV SDUWHV /RV SUREOHPDV GH FRQVWUXFFLyQ UHTXLHUHQTXHVHKDJDDOJRORVWHRUHPDVTXHVHGHPXHVWUHDOJR$OILQDOGHXQD FRQVWUXFFLyQHXFOLGLDQDVHHQFXHQWUDQODVVLJODV4()TXHVLJQLILFDQ4XRG HUDW IDFLHQGXP © 6LHQGR  OR TXH VH UHTXHUtD KDFHUª  \  DO ILQDO GH XQ WHRUHPD ODV VLJODV4('HVGHFLU4XRGHUDWGHPRQVWUDQGXP© 6LHQGR ORTXHVHUHTXHUtD GHPRVWUDUª  /DV WUHV SULPHUDV SURSRVLFLRQHV GHO OLEUR , GH (OHPHQWRV VRQ SUREOHPDV GH FRQVWUXFFLyQ ¢3RU TXp" 8QD UHVSXHVWD SRGUtD FRQVLVWLU HQ TXH VH QHFHVLWDQ ODV FRQVWUXFFLRQHVHQODVSUXHEDVGHORVWHRUHPDVDOJRTXHQRVDOWDDODYLVWDHQODV FXDWUR SULPHUDV SURSRVLFLRQHV SHUR Vt HQ OD TXLQWD TXH HV XQ WHRUHPD FX\ R HQXQFLDGR HV HO VLJXLHQWH HQ XQ WULiQJXOR LVyVFHOHV XQ WULiQJXOR FRQ GRV ODGRV LJXDOHV ORViQJXORVGHODEDVHVRQWDPELpQLJXDOHV(VWRVXSRQHODXWLOL]DFLyQGH ODSURSRVLFLyQQ~PHURSRUTXHFRQHOODVHWRPDXQDWDMR'DGRTXHDVXYH]OD SURSRVLFLyQ Q~PHUR  GHSHQGH GHO XVR GH OD FRQVWUXFFLyQ GH OD SURSRVLFLyQ

Q~PHUR  PLHQWUDV TXH pVWD SUHVXSRQH OD Q~PHUR  SRGHPRV YHU TXH QHFHVLWDPRVODVWUHVSDUDODSURSRVLFLyQQ~PHUR /DV FRQVWUXFFLRQHV WDPELpQ SXHGHQ VHUYLU D RWUR SURSyVLWR 3UHVHQWDQ XQD VHPHMDQ]D HYLGHQWH FRQ ORV SRVWXODGRV \ D TXH DPERV DILUPDQ TXH SXHGHQ OOHYDUVH D FDER ODV RSHUDFLRQHV JHRPpWULFDV (Q HO FDVR GH ORV SRVWXODGRV OD SRVLELOLGDGVHSUHVXSRQHHQHOGHODVSURSRVLFLRQHVVHGHPXHVWUD 1DWXUDOPHQWH OD SUXHED VXSRQH HO XVR GH ORV SRVWXODGRV $Vt SRGHPRV SUHJXQWDUQRV SRU HMHPSOR VL H[LVWH DOJR OODPDGR WULiQJXOR HTXLOiWHUR TXH FRUUHVSRQGH D OD GHILQLFLyQQ~PHUR1RYDPRVDSUHRFXSDUQRVDKRUDSRUODHVSLQRVDFXHVWLyQ GH OD H[LVWHQFLD GH REMHWRV PDWHPiWLFRV SHUR DO PHQRV SRGHPRV YHU TXH OD SURSRVLFLyQ Q~PHUR  GHPXHVWUD TXH GHVGH HO SUHVXSXHVWR TXH PXHVWUD TXH H[LVWHQOtQHDVUHFWDV\ FtUFXORVVHGHGXFHTXHH[LVWHQWULiQJXORVHTXLOiWHURV 9ROYDPRV D OD SURSRVLFLyQ Q~PHUR  DO WHRUHPD VREUH OD LJXDOGDG GH ORV iQJXORVGHODEDVHGHXQWULiQJXORLVyVFHOHV&XDQGRVHOOHJDDODFRQFOXVLyQWUDV XQD VHULH GH SDVRV TXH KDFHQ UHIHUHQFLD D ORV SRVWXODGRV \  SURSRVLFLRQHV DQWHULRUHVODSURSRVLFLyQTXHGDGHPRVWUDGD6HGHPXHVWUDTXHVLDOJRHVYHUGDG DVDEHUODKLSyWHVLVGHTXHWHQHPRVXQWULiQJXORLVyVFHOHV \ TXHVLRWUDVFRVDV VRQ YiOLGDV ODV GHILQLFLRQHV ORV SRVWXODGRV \  ODV SURSRVLFLRQHV DQWHULRUHV  HQWRQFHV KD\ DOJR PiV TXH WDPELpQ HV FLHUWR D VDEHU OD FRQFOXVLyQ /D SURSRVLFLyQHQXQFLDODUHODFLyQVLHQWRQFHVQRODYHUGDGGHODFRQFOXVLyQVDOYR FXDQGR OD KLSyWHVLV HV YHUGDGHUD QL VH YH TXH VHD YHUGDG HVWD FRQH[LyQ HQWUH KLSyWHVLV\ FRQFOXVLyQKDVWDTXHVHGHPXHVWUDODFRQFOXVLyQ(VSUHFLVDPHQWHOD YHUGDGGHHVWDFRQH[LyQORTXHVHGHPXHVWUD\ QDGDPiV ¢([DJHUDPRVDOGHFLUTXHHVWRHVXQDPDUDYLOOD"1RVRWURVQRORFUHHPRVDVt /R TXH WHQHPRV DTXt HV XQD H[SRVLFLyQ UHDOPHQWH OyJLFD GH XQ SUREOHPD UHDOPHQWH OLPLWDGR \  KD\  DOJR PX\  DWUD\ HQWH WDQWR HQ OD FODULGDG GH OD H[SRVLFLyQFRPRHQHOFDUiFWHUOLPLWDGRGHOSUREOHPD(QHOGLVFXUVRFRUULHQWHH LQFOXVRHQHOILORVyILFRGHPHMRUFDOLGDGUHVXOWDGLItFLOOLPLWDUORVSUREOHPDVGH HVWD IRUPD \  HO XVR GH OD OyJLFD HQ HO FDVR GH ORV SUREOHPDV ILORVyILFRV UDUDPHQWHHVWDQFODURFRPRHQHVWHHMHPSOR &RQVLGHUHPRVODGLIHUHQFLDHQWUHHODUJXPHQWRGHODSURSRVLFLyQQ~PHURH LQFOXVRHOPiVVHQFLOORGHORVVLORJLVPRVFRPRHOVLJXLHQWH 7RGRVORVDQLPDOHVVRQPRUWDOHV 7RGRVORVKRPEUHVVRQDQLPDOHV /XHJRWRGRVORVKRPEUHVVRQPRUWDOHV $GHPiVKD\ DOJRVDWLVIDFWRULRHQHOSODQWHDPLHQWRSRGHPRVWUDWDUORFRPR XQ UD]RQDPLHQWR PDWHPiWLFR 'DQGR SRU VXSXHVWR TXH ORV DQLPDOHV \  ORV KRPEUHV H[LVWHQ \  TXH ORV DQLPDOHV VRQ PRUWDOHV OD FRQFOXVLyQ GHULYD FRQ OD

PLVPD FHUWH]D TXH OD TXH VH GHVSUHQGH GH ORV iQJXORV GHO WULiQJXOR 3HUR HO SUREOHPDHVWULEDHQTXHUHDOPHQWHKD\ DQLPDOHV\ KRPEUHVHVWDPRVGDQGRSRU VXSXHVWRDOJRVREUHODVFRVDVUHDOHVDOJRTXHSXHGHVHURQRFLHUWR(QHVWHFDVR WHQHPRVTXHH[DPLQDUORVSUHVXSXHVWRVGHXQDIRUPDTXHQRWHQHPRVTXHKDFHU HQ PDWHPiWLFDV DOJR TXH QR DIHFWD D OD SURSRVLFLyQ GH (XFOLGHV $ pVWH QR OH LPSRUWDTXHH[LVWDDOJROODPDGRWULiQJXORLVyVFHOHV/RTXHGLFHHVTXHVL H[LVWHQ WDOHVFRVDV\ VLVHGHILQHQGHWDO\ WDOIRUPDHQWRQFHVVHGHGXFHTXHORViQJXORV GHVXEDVHVRQ,JXDOHV1RFDEHODPHQRUGXGDVREUHHOWHPDQLDKRUDQLQXQFD /DVPDWHPiWLFDVHQORVOLEURVFLHQWtILFRV (VWD GLJUHVLyQ VREUH (XFOLGHV QRV KD DSDUWDGR XQ WDQWR GHO WHPD SULQFLSDO +HPRV YLVWR TXH OD SUHVHQFLD GH ODV PDWHPiWLFDV HQ ORV OLEURV FLHQWtILFRV FRQVWLWX\ HXQRGHORVSULQFLSDOHVREVWiFXORVSDUDOHHUORV4XLVLpUDPRVGHFLUDOJR DOUHVSHFWR (Q SULPHU OXJDU HO OHFWRU TXL]i FRPSUHQGD DO PHQRV ODV PDWHPiWLFDV HOHPHQWDOHV PHMRU GH OR TXH FUHH
OHVRFXUUHDPXFKDVSHUVRQDV VLPSOHPHQWHRMHDQGRHOPDWHULDOTXHKD\ HQWUH PHGLDV SHUR DVHJXUiQGRVH GH GHVFXEULU \  OHHU ORV SiUUDIRV HQ ORV TXH 1HZWRQ HQXQFLD ORV SXQWRV PiV LPSRUWDQWHV 8QR GH HOORV DSDUHFH DO ILQDO GH OD REUD FXDQGR DFDED HO OLEUR ,,, TXH OOHYD SRU WtWXOR © (O VLVWHPD GHO PXQGRª  (VWH (VFROLR JHQHUDO FRPR OR OODPDED 1HZWRQ UHVXPH WRGR OR DQWHULRU \  WDPELpQ HQXQFLDHOJUDQSUREOHPDGHODItVLFDSRVWHULRU ÏSWLFDGHOPLVPRDXWRUHVRWURFOiVLFRGHODFLHQFLDTXHVHGHEHUtDLQWHQWDU OHHU &RQWLHQH PX\  SRFDV PDWHPiWLFDV DXQTXH D SULPHUD YLVWD SDUH]FD OR FRQWUDULR SRUTXH ODV SiJLQDV HVWiQ VDOSLFDGDV GH GLDJUDPDV SHUR VH WUDWD GH VLPSOHV LOXVWUDFLRQHV TXH GHVFULEHQ ORV H[SHULPHQWRV GH 1HZWRQ FRQ DJXMHURV SDUDTXHHQWUHHO6ROHQXQDKDELWDFLyQRVFXUDFRQSULVPDVTXHLQWHUFHSWDQORV UD\ RVGH6RO\ FRQWUR]RVGHSDSHOEODQFRVLWXDGRVGHWDOIRUPDTXHORVGLYHUVRV FRORUHV GHO UD\ R VH UHIOHMHQ VREUH HOORV (O OHFWRU SXHGH UHSHWLU IiFLOPHQWH DOJXQRVGHHVWRVH[SHULPHQWRV\ VHGLYHUWLUiSRUTXHORVFRORUHVVRQPX\ ERQLWRV \  ODV GHVFULSFLRQHV VXPDPHQWH FODUDV $GHPiV GH ODV GHVFULSFLRQHV GH ORV H[SHULPHQWRV TXHUUi OHHU ORV HQXQFLDGRV GH ORV GLYHUVRV WHRUHPDV R SURSRVLFLRQHV \  ODV H[SRVLFLRQHV TXH DSDUHFHQ DO ILQDO GH ORV WUHV OLEURV HQ ODV TXH1HZWRQUHVXPHVXVKDOOD]JRV\ VXJLHUHVXVFRQVHFXHQFLDV(OILQDOGHOOLEUR ,,,HVFpOHEUHSRUTXHFRQWLHQHFLHUWRVHQXQFLDGRVVREUHORVREMHWLYRVFLHQWtILFRV TXHYDOHODSHQDOHHU /RV FLHQWtILFRV XWLOL]DQ IUHFXHQWHPHQWH ODV PDWHPiWLFDV VREUH WRGR SRUTXH SRVHHQODVFXDOLGDGHVGHSUHFLVLyQFODULGDG\ OLPLWDFLyQTXHKHPRVGHVFULWR3RU ORJHQHUDOVHSXHGHHQWHQGHUDOJRGHHVWHPDWHULDOVLQQHFHVLGDGGHSURIXQGL]DU GHPDVLDGRHQODVPDWHPiWLFDVFRPRHQHOFDVRGH1HZWRQ6LQHPEDUJR\ SRU H[WUDxRTXHSDUH]FDLQFOXVRVLODVPDWHPiWLFDVDWHUURUL]DQDOOHFWRUVXDXVHQFLD HQFLHUWDVREUDVSXHGHFUHDULQFOXVRPD\ RUHVSUREOHPDV8QFDVRGHVWDFDGRHV 'RV QXHYDV FLHQFLDV GH *DOLOHR HO IDPRVR WUDWDGR VREUH OD UHVLVWHQFLD GH ORV PDWHULDOHV \  HO PRYLPLHQWR (VWD REUD UHVXOWD HVSHFLDOPHQWH GLItFLO SDUD ORV OHFWRUHVDFWXDOHVSRUTXHQRWLHQHXQFDUiFWHUIXQGDPHQWDOPHQWHPDWHPiWLFRSRU HOFRQWUDULRVHSUHVHQWDHQIRUPDGHGLiORJR(OGLiORJRVLELHQDSURSLDGRSDUD XQHVFHQDULR\ ~WLOHQILORVRItDFXDQGRORHPSOHDXQPDHVWURFRPR3ODWyQQRHV UHDOPHQWHDGHFXDGRSDUDODFLHQFLD\SRUFRQVLJXLHQWHUHVXOWDGLItFLOGHVFXEULU TXpGLFH*DOLOHRDXQTXHFXDQGRVHORFRQVLJXHVHGHVFXEUHTXHKDFHSURSXHVWDV UHYROXFLRQDULDV 1DWXUDOPHQWHQRWRGRVORVFOiVLFRVGHODFLHQFLDHPSOHDQODVPDWHPiWLFDVQL QHFHVLWDQHPSOHDUODV/DVREUDVGH+LSyFUDWHVIXQGDGRUGHODPHGLFLQDJULHJD QRWLHQHQWDOFDUiFWHU5HFRPHQGDPRVVXOHFWXUDSDUDGHVFXEULUHOSXQWRGHYLVWD GHODXWRUVREUHODPHGLFLQDHODUWHGHPDQWHQHUVDQDVDODVSHUVRQDVPiVTXHHO GH FXUDUODV FXDQGR HQIHUPDQ 3RU GHVJUDFLD HVWD LGHD QR HV OD PiV H[WHQGLGD KR\ HQGtD7DPSRFRWLHQHFDUiFWHUPDWHPiWLFRHOGLVFXUVRGH:LOOLDP+DUYH\ VREUHODFLUFXODFLyQGHODVDQJUHQLODREUDGH:LOOLDP*LOEHUWVREUHORVLPDQHV

3XHGHQOHHUVHVLQGHPDVLDGDVGLILFXOWDGHVVLHPSUH\ FXDQGRVHWHQJDHQFXHQWD TXH OD REOLJDFLyQ IXQGDPHQWDO QR FRQVLVWH HQ DOFDQ]DU FRPSHWHQFLD HQ HO WHPD VLQRHQFRPSUHQGHUHOSUREOHPD

1RWDVVREUHODFLHQFLDSRSXODU (Q FLHUWR VHQWLGR SRFR PiV SRGHPRV DxDGLU DFHUFD GH ORV OLEURV GH GLYXOJDFLyQ FLHQWtILFD 3RU GHILQLFLyQ VH WUDWD GH REUDV ²OLEURV R DUWtFXORV² GHVWLQDGDVDXQS~EOLFRPX\ DPSOLRQRDORVHVSHFLDOLVWDV3RUFRQVLJXLHQWHVLVH KD FRQVHJXLGR OHHU YDULRV FOiVLFRV GH OD WUDGLFLyQ FLHQWtILFD QR VXUJLUiQ GHPDVLDGRVSUREOHPDVGHELGRDTXHDXQTXHWUDWDQWHPDVFLHQWtILFRVHYLWDQORV GRV SUREOHPDV SULQFLSDOHV TXH VH OH SODQWHDQ DO OHFWRU FRQ XQD FRQWULEXFLyQ RULJLQDO D OD FLHQFLD (Q SULPHU OXJDU FRQWLHQHQ UHODWLYDPHQWH SRFDV GHVFULSFLRQHVGHH[SHULPHQWRVVHOLPLWDQDFRQVWDWDUVXVUHVXOWDGRV (QVHJXQGR OXJDU FRQWLHQHQ UHODWLYDPHQWH SRFDV PDWHPiWLFDV D PHQRV TXH VHDQ OLEURV SRSXODUHVGHPDWHPiWLFDV  $XQFXDQGRQRVLHPSUHSRUUHJODJHQHUDOUHVXOWDPiVIiFLOOHHUORVDUWtFXORV GH GLYXOJDFLyQ FLHQWtILFD TXH ORV OLEURV $OJXQRV GH HVWRV DUWtFXORV WLHQHQ YHUGDGHUD FDOLGDG SRU HMHPSOR ORV TXH VH HQFXHQWUDQ HQ 6FLHQWLILF $PHULFDQ SXEOLFDFLyQPHQVXDORHQ6FLHQFHSXEOLFDFLyQVHPDQDOGHFDUiFWHUPiVWpFQLFR 1DWXUDOPHQWH HVWDV SXEOLFDFLRQHV LQGHSHQGLHQWHPHQWH GH VX FDOLGDG R GH OR FXLGDGRVR \  UHVSRQVDEOH GH OD HGLFLyQ SODQWHDQ HO SUREOHPD TXH H[SXVLPRV DO ILQDO GHO ~OWLPR FDStWXOR $O OHHUORV TXHGDPRV D PHUFHG GH ORV UHSRUWHURV TXH ILOWUDQODLQIRUPDFLyQ6LVRQEXHQRVUHSRUWHURVORVOHFWRUHVHVWDPRVGHVXHUWH6L QRORVRQSUiFWLFDPHQWHQRFRQWDPRVFRQQLQJ~QUHFXUVR /DVSXEOLFDFLRQHVGHGLYXOJDFLyQFLHQWtILFDQXQFDUHVXOWDQIiFLOHVGHOHHUHQ HO PLVPR VHQWLGR TXH XQ UHODWR OR HV R SDUHFH VHUOR ,QFOXVR XQ DUWtFXOR GH WUHV SiJLQDV VREUH HO $'1 TXH QR FRQWHQJD H[SOLFDFLRQHV VREUH H[SHULPHQWRV QL GLDJUDPDV QL IyUPXODV PDWHPiWLFDV UHTXLHUH XQ JUDQ HVIXHU]R SRU SDUWH GHO OHFWRU 1R VH SXHGH OHHU VL GH OR TXH VH WUDWD HV GH REWHQHU FRPSUHQVLyQ VLQ PDQWHQHU OD PHQWH ELHQ GHVSLHUWD \ SRU FRQVLJXLHQWH HO UHTXLVLWR GH OHHU DFWLYDPHQWH HV PiV LPSRUWDQWH HQ HVWH FDVR TXH HQ FXDOTXLHU RWUR 6H WUDWD GH GHVFXEULUHOWHPDGHGHVFXEULUODUHODFLyQHQWUHHOWRGR\ VXVSDUWHVGHOOHJDUD XQDFXHUGR\ FRPSUHQGHUODVSURSRVLFLRQHV\ ORVDUJXPHQWRVGHWUDEDMDUSDUD DOFDQ]DU OD FRPSUHQVLyQ DQWHV GH HPSH]DU D FULWLFDU R GH UHFRQRFHU OD LPSRUWDQFLDGHODREUD(OOHFWRU\ DHVWiIDPLOLDUL]DGRFRQHVWDVUHJODVSHURHQHO SUHVHQWHFDVRVHODVDSOLFDFRQHVSHFLDOILUPH]D 3RUORJHQHUDOORVDUWtFXORVEUHYHVWLHQHQFDUiFWHULQIRUPDWLYR\FRPRWDOHV UHTXLHUHQ PHQRU DFWLYLGDG SHQVDQWH SRU SDUWH GHO OHFWRU TXLHQ GHEH UHDOL]DU XQ

HVIXHU]R SRU FRPSUHQGHU SRU VHJXLU OD DUJXPHQWDFLyQ GHO DXWRU SHUR QR WLHQH TXH OOHJDU PiV DOOi (Q HO FDVR GH REUDV GH GLYXOJDFLyQ WDQ H[FHOHQWHV FRPR ,QWURGXFFLyQDODVPDWHPiWLFDVGH:KLWHKHDG(O8QLYHUVR\HOGRFWRU (LQVWHLQ GH /LQFROQ %DUQHWW R (O FtUFXOR FLUFXQGDQWH GH %DUU\  &RPPRQHU VH QHFHVLWD DOJRPiVDOJRHVSHFLDOPHQWHDSOLFDEOHDXQDREUDFRPRODGH&RPPRQHUTXH WUDWD XQ WHPD ²OD FULVLV DPELHQWDO² TXH UHYLVWH HVSHFLDO LQWHUpV H LPSRUWDQFLD KR\ HQGtD/DHVFULWXUDHVPX\ FRPSDFWD\ UHTXLHUHXQDFRQVWDQWHDWHQFLyQSRU SDUWHGHOOHFWRUSHURODREUDFRPRXQWRGRWLHQHXQDVFRQVHFXHQFLDVTXHHOOHFWRU FXLGDGRVRQRSDVDUiSRUDOWR$XQTXHQRVHWUDWDGHXQDREUDGHFDUiFWHUSUiFWLFR HQ HO VHQWLGR GHVFULWR HQ HO FDStWXOR  VXV FRQFOXVLRQHV WHyULFDV WLHQHQ FRQVHFXHQFLDV LPSRUWDQWHV DOJR TXH VXJLHUH OD VLPSOH PHQFLyQ GHO WHPD GHO OLEURDVDEHUODFULVLVDPELHQWDO(ODPELHQWHDOTXHVHUHILHUHHVHOQXHVWURVt pVWH HVWi H[SHULPHQWDQGR XQD FULVLV GHO WLSR TXH IXHUH HV DOJR TXH VH GHGXFH LQHYLWDEOHPHQWHDXQTXHHODXWRUQRORPHQFLRQHSHURORFLHUWRHVTXHVtORKDFH TXHWRGRVSDUWLFLSDPRVGHDOJ~QPRGRHQGLFKDFULVLV&XDQGRQRVHQFRQWUDPRV HQWDOVLWXDFLyQORQRUPDOHVDFWXDUGHXQDXRWUDIRUPDRGHMDUGHDFWXDUGHXQD X RWUD IRUPD 3RU HOOR OD REUD GH &RPPRQHU VL ELHQ HVHQFLDOPHQWH WHyULFD VXSHUDHVWHFDUiFWHU\ VHDGHQWUDHQHOWHUUHQRGHORSUiFWLFR &RQ HVWR QR TXHUHPRV GDU D HQWHQGHU TXH OD REUD GH &RPPRQHU VHD LPSRUWDQWH\ TXHQRORVHDQODVGH:KLWHKHDG\ %DUQHWW&XDQGRVHHVFULELy(O 8QLYHUVR\HOGRFWRU(LQVWHLQFRPRKLVWRULDGHODVLQYHVWLJDFLRQHVVREUHHOiWRPR GLULJLGD D XQ DPSOLR S~EOLFR OD JHQWH \ D HUD FRQVFLHQWH GH ORV SHOLJURV TXH HQWUDxDEDODItVLFDQXFOHDUXQDGHFX\ DVUHSUHVHQWDFLRQHVUDGLFDEDHQODUHFLpQ GHVFXELHUWD ERPED DWyPLFD SRU WDQWR HVD REUD WHyULFD WHQtD UHSHUFXVLRQHV SUiFWLFDV3HURLQFOXVRVLQRKXELHUDHQODDFWXDOLGDGXQDKRQGDSUHRFXSDFLyQSRU ODLQPLQHQFLDGHXQDJXHUUDDWyPLFDRQXFOHDUVHJXLUtDH[LVWLHQGRORTXHSRGUtD GHQRPLQDUVHXQDQHFHVLGDGSUiFWLFDGHOHHUHVWDREUDWHyULFDXRWUDVLPLODU/D UD]yQHVWULEDHQODItVLFDQXFOHDUXQRGHORVJUDQGHVORJURVGHQXHVWUDpSRFDTXH SURPHWH JUDQGHV UHDOL]DFLRQHV D OD KXPDQLGDG DO WLHPSR TXH OH SODQWHD JUDYHV SHOLJURV\ HOOHFWRULQIRUPDGR\ SUHRFXSDGRGHEHUtDVDEHUORPiVSRVLEOHVREUH HOWHPD ,QWURGXFFLyQ D ODV PDWHPiWLFDV GH :KLWHKHDG SUHVHQWD XQ SUREOHPD DOJR GLVWLQWR /DV PDWHPiWLFDV FRQVWLWX\ HQ XQR GH ORV SULQFLSDOHV PLVWHULRV DFWXDOHV TXL]i HO IXQGDPHQWDO DO RFXSDU HQ QXHVWUD VRFLHGDG XQ OXJDU VLPLODU DO TXH RFXSDEDQ ORV PLVWHULRV UHOLJLRVRV HQ pSRFDV SDVDGDV 6L TXHUHPRV VDEHU DOJR VREUHHOIXQFLRQDPLHQWRGHODVRFLHGDGDFWXDOGHEHPRVFRPSUHQGHUXQSRFRHQ TXpFRQVLVWHQODVPDWHPiWLFDV\ FyPRIXQFLRQDQ\ SLHQVDQORVPDWHPiWLFRV6L ELHQODREUDGH:KLWHKHDGQRSURIXQGL]DGHPDVLDGRHQODVUDPDVPiVDEVWUXVDV GHO WHPD Vt UHVXOWD VXPDPHQWH HORFXHQWH HQ FXDQWR D ORV SULQFLSLRV GHO UD]RQDPLHQWR PDWHPiWLFR 6L QR RWUD FRVD DO PHQRV Vt PXHVWUD DO OHFWRU DWHQWR TXH HO PDWHPiWLFR HV XQD SHUVRQD QRUPDO \  FRUULHQWH QR XQ PDJR \  WDO

GHVFXEULPLHQWR UHYLVWH JUDQ LPSRUWDQFLD SDUD FXDOTXLHU OHFWRU TXH GHVHH H[SDQGLUVXVKRUL]RQWHVPiVDOOiGHODTXt\ HODKRUDLQPHGLDWRVGHOSHQVDPLHQWR \ ODH[SHULHQFLD

 &Ï02/((5),/262)Ë$

/RVQLxRVKDFHQSUHJXQWDVIDQWiVWLFDV¢SRUTXpKD\ SHUVRQDV"¢3RUTXpVHUDVFDQ ORV JDWRV" ¢&yPR VH OODPD HO PXQGR" ¢7XYR 'LRV DOJXQD UD]yQ SDUD FUHDU OD 7LHUUD" 3RU ERFD GH ORV QLxRV SHTXHxRV VDOH VL QR OD VDELGXUtD Vt DO PHQRV OD E~VTXHGDGHODVDELGXUtD6HJ~Q$ULVWyWHOHVODILORVRItDHPSLH]DFRQODVRUSUHVD FRPLHQ]D FXDQGR QRV SUHJXQWDPRV HO SRUTXp GH ODV FRVDV VLHPSUH GXUDQWH OD QLxH]TXHHVFXDQGRWDPELpQFHVDSDUDODPD\ RUtDGHORVVHUHVKXPDQRV )RUPDSDUWHGHODQDWXUDOH]DGHOQLxRSODQWHDUSUHJXQWDV\ QRHVHOQ~PHUR VLQRHOFDUiFWHUGHpVWDVORTXHOHGLVWLQJXHGHODGXOWR/RVDGXOWRVQRSLHUGHQOD FXULRVLGDGTXHFRQVWLWX\ HXQUDVJRKXPDQRSHURODFXDOLGDGGHGLFKDFXULRVLGDG VHGHWHULRUDFRQODHGDG/RVDGXOWRVTXLHUHQVDEHUVLDOJRHVDVtQRSRUTXpSHUR ODVSUHJXQWDVTXHSODQWHDQORVQLxRVQRVHUHGXFHQDODVTXHSXHGHUHVSRQGHUXQD HQFLFORSHGLD ¢4Xp RFXUUH HQWUH HO SDUYXODULR \  OD XQLYHUVLGDG SDUD TXH OD FRUULHQWH GH SUHJXQWDV VH GHWHQJD R PiV ELHQ SDUD TXH VH WUDQVIRUPH HQ HVH FDQDO PiV LQVtSLGRGHODFXULRVLGDGGHORVDGXOWRVSRUORVVLPSOHVKHFKRV"8QDPHQWHTXHQR VLHQWD OD DJLWDFLyQ GH ODV EXHQDV SUHJXQWDV QR SXHGH DSUHFLDU VLTXLHUD OD LPSRUWDQFLDGHODVPHMRUHVUHVSXHVWDV$SUHQGHUODVUHVSXHVWDVHVWDUHDEDVWDQWH IiFLO SHUR GHVDUUROODU XQD PHQWH DFWLYD H LQTXLVLWLYD YLYLILFDGD FRQ SUHJXQWDV UHDOPHQWHSURIXQGDVHVRHVRWUDKLVWRULD ¢3RU TXp GHEHPRV LQWHQWDU GHVDUUROODU XQD PHQWH DVt FXDQGR ORV QLxRV \ D QDFHQFRQHOOD"(QHOSURFHVRGHFUHFLPLHQWRORVDGXOWRVSLHUGHQODFXULRVLGDGGH ORV QLxRV VX SURIXQGLGDG RULJLQDO SRU DOJXQD UD]yQ 4XL]i OD HQVHxDQ]D PLVPD TXHVHUHFLEHHQHOFROHJLRDGRUPH]FDXQWDQWRHOLQWHOHFWRGHELGRDOSHVRPXHUWR TXH VXSRQH DSUHQGHU FRVDV GH PHPRULD PXFKDV GH ODV FXDOHV VRQ QHFHVDULDV 3UREDEOHPHQWH JUDQ SDUWH GH OD FXOSD OD WLHQHQ ORV SDGUHV ¢FXiQWDV YHFHV OH GHFLPRV DO QLxR TXH QR KD\  UHVSXHVWD D VX SUHJXQWD DXQTXH Vt OD KD\ D R TXH GHMH GH SUHJXQWDU" /RV DGXOWRV DSHQDV VRPRV FDSDFHV GH RFXOWDU QXHVWUD LUULWDFLyQDQWHXQDSUHJXQWDDSDUHQWHPHQWHVLQUHVSXHVWD7RGRHVWRGHVDOLHQWDDO QLxR TXH QRUPDOPHQWH DFDED SRU WHQHU OD LPSUHVLyQ GH TXH XQD DFWLWXG

GHPDVLDGRLQTXLVLWLYDHVGHPDODHGXFDFLyQ/DDFWLWXGLQTXLVLWLYDHQORVKXPDQRV QXQFDPXHUHSHURDOFDERGHSRFRWLHPSRVHUHGXFHDODFODVHGHSUHJXQWDVTXH SODQWHDQ ORV HVWXGLDQWHV GH HQVHxDQ]D PHGLD TXLHQHV DO LJXDO TXH ORV DGXOWRV DFDEDQSRUSUHJXQWDU~QLFDPHQWHSDUDREWHQHULQIRUPDFLyQ 1RWHQHPRVQLQJXQDVROXFLyQSDUDHVWHSUREOHPDQRVRPRVWDQSUHVXQWXRVRV FRPRSDUDSHQVDUTXHSRGHPRVGHFLUOHDOOHFWRUFyPRUHVSRQGHUDODVSURIXQGDV SUHJXQWDVTXHSODQWHDQORVQLxRVSHURVtGHVHDUtDPRVTXHFRPSUHQGLHUDTXHXQD GH ODV FRVDV PiV LPSRUWDQWHV GH ODV JUDQGHV REUDV ILORVyILFDV FRQVLVWH HQ TXH SODQWHDQODPLVPDFODVHGHSUHJXQWDVSURIXQGDVTXHORVQLxRV/DFDSDFLGDGGH PDQWHQHU OD YLVLyQ LQIDQWLO GHO PXQGR \  FRPSUHQGHU DO PLVPR WLHPSR FRQ PDGXUH]ORTXHVLJQLILFDPDQWHQHUODHVDOJRVXPDPHQWHUDUR\ ODSHUVRQDTXH SRVHH WDOHV FXDOLGDGHV VHJXUDPHQWH SRGUi DSRUWDU DOJR PX\  LPSRUWDQWH DO SHQVDPLHQWR 1R HV UHTXLVLWR LQGLVSHQVDEOH SHQVDU FRPR ORV QLxRV SDUD FRPSUHQGHU OD H[LVWHQFLD 'HVGH OXHJR ORV QLxRV QL OD HQWLHQGHQ QL SXHGHQ HQWHQGHUOD HQ UHDOLGDG FDEUtD SUHJXQWDUVH VL DOJXLHQ SXHGH KDFHUOR 3HUR WHQHPRV TXH VHU FDSDFHVGHYHUFyPRYHQHOORVGHVRUSUHQGHUQRV\ GHSUHJXQWDUFRPRHOORV/DV FRPSOHMLGDGHVGHODYLGDDGXOWDLQWHUILHUHQFRQODYHUGDG/RVJUDQGHVILOyVRIRV GHWRGDVODVpSRFDVWLHQHQODFDSDFLGDGGHGHMDUDXQODGRWDOHVFRPSOHMLGDGHV\ YHUODVGLIHUHQFLDVVLPSOHVVLPSOHVXQDYH]TXHVHFRQVWDWDQSHURHQRUPHPHQWH GLItFLOHV DQWHV GH KDFHUOR 6L TXHUHPRV VHJXLU HVH PLVPR FDPLQR KHPRV GH SUHJXQWDUFRQVHQFLOOH]LQIDQWLO\ UHVSRQGHUFRQVHQVDWH]\ PDGXUH] /DVSUHJXQWDVTXHSODQWHDQORVILOyVRIRV ¢(Q TXp FRQVLVWHQ HVDV SUHJXQWDV TXH SODQWHDQ ORV ILOyVRIRV © FRQ VHQFLOOH] LQIDQWLOª " &XDQGR ODV HVFULELPRV QR SDUHFHQ WDQ VHQFLOODV SRUTXH GDUOHV UHVSXHVWDUHVXOWDPX\ FRPSOLFDGR\VLQHPEDUJRHQSULQFLSLRVRQVHQFLOODVHQ HOVHQWLGRGHTXHVRQEiVLFDVRIXQGDPHQWDOHV 7RPHPRV FRPR HMHPSOR ODV VLJXLHQWHV SUHJXQWDV DFHUFD GH VHU R H[LVWLU ¢FXiOHVODGLIHUHQFLDHQWUHH[LVWLU\ QRH[LVWLU"¢4XpHVFRP~QDWRGDVODVFRVDV TXHH[LVWHQ\ FXiOHVODVSURSLHGDGHVGHWRGRORTXHH[LVWH"¢+D\ GLYHUVDVIRUPDV HQ ODV TXH SXHGHQ H[LVWLU ODV FRVDV GLIHUHQWHV PRGRV GH VHU R H[LVWLU" ¢([LVWHQ DOJXQDVFRVDVVyORHQODPHQWHRSDUDODPHQWHPLHQWUDVTXHRWUDVH[LVWHQIXHUD GH HOOD \  VRQ R QR FRQRFLGDV SRU QRVRWURV R LQFOXVR FRJQRVFLEOHV" 7RGR OR TXH H[LVWH ¢H[LVWH ItVLFDPHQWH R DOJXQDV FRVDV H[LVWHQ VLQ HQFDUQDFLyQ PDWHULDO" ¢&DPELDQ WRGDV ODV FRVDV R KD\  DOJR LQPXWDEOH" ¢+D\  DOJR TXH H[LVWD QHFHVDULDPHQWH R KHPRV GH GHFLU TXH WRGR OR TXH H[LVWH SRGUtD QR KDEHU H[LVWLGR" ¢(V OD HVIHUD GH OD SRVLEOH H[LVWHQFLD PD\ RU TXH OD HVIHUD GH OR TXH UHDOPHQWHH[LVWH"

eVWD HV OD FODVH GH SUHJXQWDV TXH SODQWHD XQ ILOyVRIR FXDQGR VH SURSRQH H[SORUDU OD QDWXUDOH]D GHO VHU DVt FRPR ODV HVIHUDV GHO VHU (Q WDQWR TXH SUHJXQWDVQRVRQGLItFLOHVGHHQXQFLDUQLGHFRPSUHQGHUSHURVtGHFRQWHVWDUDO SXQWR TXH VREUH WRGR HQ pSRFD UHFLHQWH KD\  ILOyVRIRV TXH VRVWLHQHQ TXH QR SXHGHQUHVSRQGHUVHGHIRUPDVDWLVIDFWRULD 2WUDVHULHGHSUHJXQWDVILORVyILFDVVHUHILHUHQDFDPELDURWUDQVIRUPDUVHQRD VHU'HODVFRVDVDODVTXHVHJ~QQXHVWUDH[SHULHQFLDDWULEXLUtDPRVVLQGXGDUXQD H[LVWHQFLD WDPELpQ GLUtDPRV TXH HVWiQ VXMHWDV D FDPELRV /OHJDQ D VHU \ GHVDSDUHFHQPLHQWUDVVRQODPD\ RUtDVHPXHYHQGHXQOXJDUDRWUR\ PXFKDV GH HOODV FDPELDQ FXDQWLWDWLYD R FXDOLWDWLYDPHQWH DXPHQWDQ R GLVPLQX\ HQ VH KDFHQPiVSHVDGDVRPiVOLJHUDVRFRPRODPDQ]DQDTXHPDGXUD\ ODFDUQH TXHHPSLH]DDSXGULUVHFDPELDQGHFRORU ¢4XpVXSRQHWRGRFDPELR"(QWRGRSURFHVRGHWUDQVIRUPDFLyQ¢KD\ DOJRTXH VHUHVLVWHDOFDPELRDVtFRPRDOJ~QVHQWLGRRDVSHFWRGHHOORTXHQRFDPELDSHUR TXH Vt H[SHULPHQWD FDPELRV" &XDQGR XQD SHUVRQD DSUHQGH DOJR TXH QR VDEtD DQWHVQRFDEHGXGDGHTXHGLFKDSHUVRQDFDPELDUHVSHFWRDOFRQRFLPLHQWRTXH KDDGTXLULGRSHURDOPLVPRWLHPSRVLJXHVLHQGRHOPLVPRLQGLYLGXRGHDQWHVVL QRIXHUDDVtQRSRGUtDPRVGHFLUTXHKXELHUDFDPELDGRDWUDYpVGHODSUHQGL]DMH ¢(VHVWRFLHUWRSDUDWRGRVORVFDPELRV"3RUHMHPSOR¢HVHVWRFLHUWRHQFDPELRV WDQ QRWDEOHV FRPR QDFHU \  PRULU ²OOHJDU D VHU \  GHVDSDUHFHU² R VyOR HQ FDPELRV PHQRV IXQGDPHQWDOHV FRPR HO PRYLPLHQWR ORFDO HO FUHFLPLHQWR R OD DOWHUDFLyQFXDOLWDWLYD"¢&XiQWDVFODVHVGLVWLQWDVGHFDPELRVH[LVWHQ"¢,QWHUYLHQHQ ORV PLVPRV HOHPHQWRV R FRQGLFLRQHV IXQGDPHQWDOHV HQ WRGRV ORV SURFHVRV GH FDPELR \  VRQ ODV PLVPDV FDXVDV ODV RSHUDWLYDV HQ WRGRV HOORV" ¢$ TXp QRV UHIHULPRV DO GHFLU FDXVD GH FDPELR" ¢+D\  GLIHUHQWHV FODVHV GH FDXVDV UHVSRQVDEOHVGHOFDPELR"¢6RQODVFDXVDVGHOFDPELRODVPLVPDVTXHODVGHOVHU RODVGHODH[LVWHQFLD" eVWDVVRQODVSUHJXQWDVTXHSODQWHDHOILOyVRIRTXHVHFHQWUDHQHOFDPELRQR HQ HO VHU \  TXH DGHPiV WUDWD GH UHODFLRQDU DPEDV FRVDV 7DPSRFR pVWDV VRQ SUHJXQWDVGLItFLOHVGHSODQWHDURGHFRPSUHQGHUSHURVtVXPDPHQWHFRPSOLFDGDV D OD KRUD GH FRQWHVWDUODV ELHQ \  FRQ FODULGDG 'H WRGRV PRGRV YHPRV TXH HPSLH]DQFRQDFWLWXGGHVHQFLOOH]LQIDQWLOKDFLDHOPXQGR\ ODH[SHULHQFLDTXHGH pOWHQHPRV 3RUGHVJUDFLDQRGLVSRQHPRVGHHVSDFLRVXILFLHQWHSDUDDGHQWUDUQRVHQWRGDV ODVSUHJXQWDVPiVSURIXQGDPHQWH\ WHQHPRVTXHOLPLWDUQRVDDSXQWDURWUDVTXH ORVILOyVRIRVSODQWHDQ\ WUDWDQGHFRQWHVWDU1RVyORKD\ SUHJXQWDVDFHUFDGHOVHU \  HO WUDQVIRUPDUVH VLQR WDPELpQ VREUH OD QHFHVLGDG \  OD FRQWLQJHQFLD VREUH OR PDWHULDO \  OR LQPDWHULDO VREUH OR ItVLFR \  OR QR ItVLFR VREUH OD OLEHUWDG \  OD LQGHWHUPLQDFLyQVREUHORVSRGHUHVGHODPHQWHKXPDQDVREUHODQDWXUDOH]D\ HO DOFDQFHGHOFRQRFLPLHQWRKXPDQRVREUHODOLEHUWDGGHODYROXQWDG 7RGRV HVWRV LQWHUURJDQWHV VRQ HVSHFXODWLYRV R WHyULFRV HQ HO VHQWLGR GH ORV

WpUPLQRVTXHKHPRVHPSOHDGRSDUDGLVWLQJXLUHQWUHODVHVIHUDVGHORWHyULFR\ OR SUiFWLFR 3HUR FRPR WRGRV VDEHPRV OD ILORVRItD QR VH OLPLWD D ODV FXHVWLRQHV WHyULFDV 3RQJDPRVSRUHMHPSORHOELHQ\ HO PDO $ ORV QLxRV OHV SUHRFXSD PXFKR OD GLIHUHQFLD HQWUH OR EXHQR \  OR PDOR SRUTXH VL FRPHWHQ HUURUHV DO UHVSHFWR VX WUDVHUR SXHGH VXIULU ODV FRQVHFXHQFLDV SHUR QR GHMDPRV GH SODQWHDUQRV OD GLIHUHQFLDFXDQGRQRVKDFHPRVPD\ RUHV¢([LVWHXQDGLVWLQFLyQXQLYHUVDOPHQWH YiOLGDHQWUHHOELHQ\ HOPDO"¢+D\ FRVDVTXHVLHPSUHVRQEXHQDV\ RWUDVTXHVRQ VLHPSUHPDODVLQGHSHQGLHQWHPHQWHGHODVFLUFXQVWDQFLDV"¢2WLHQHUD]yQ+DPOHW FXDQGR FRPR XQ UHIOHMR GH 0RQWDLJQH GLFH © 1R KD\  QDGD EXHQR QL PDOR HO SHQVDPLHQWRORKDFHWDOª " 1DWXUDOPHQWH EXHQR \  PDOR QR HV OR PLVPR TXH FRUUHFWR H LQFRUUHFWR ORV GRV SDUHV GH WpUPLQRV SDUHFHQ UHIHULUVH D GLIHUHQWHV FODVHV GH FRVDV (Q FRQFUHWRLQFOXVRVLSHQVDPRVTXHORTXHHVFRUUHFWRHVEXHQRSUREDEOHPHQWHQR SHQVDUHPRVTXHORTXHHVLQFRUUHFWRHVPDORSHUR¢FyPRSUHFLVDUWDOGLIHUHQFLD" © %XHQRª R© HOELHQª HVXQDSDODEUDLPSRUWDQWHHQILORVRItDSHURWDPELpQ HQ QXHVWUR YRFDEXODULR FRWLGLDQR ,QWHQWDU GHFLU OR TXH VLJQLILFD VXSRQH XQ HMHUFLFLRPX\ FRPSOHMR\ VL HOOHFWRUORLQWHQWDVH YHUiPHWLGRGHOOHQRHQ OD ILORVRItD VLQ GDUVH FXHQWD +D\  PXFKDV FRVDV TXH VRQ EXHQDV R FRPR SUHIHULUtDPRV GHFLU KD\  PXFKRV ELHQHV ¢(V SRVLEOH RUGHQDU ORV ELHQHV" ¢6RQ DOJXQRV PiV LPSRUWDQWHV TXH RWURV" ¢'HSHQGHQ DOJXQRV GH RWURV" ¢6H GDQ FLUFXQVWDQFLDV HQ ODV TXH ORV ELHQHV HQWUDQ HQ FRQIOLFWR GH PRGR TXH KD\  TXH HOHJLUXQELHQDFRVWDGHUHQXQFLDUDRWUR" 7DPSRFR GLVSRQHPRV GH HVSDFLR SDUD H[WHQGHUQRV HQ HVWDV SUHJXQWDV VyOR SRGHPRV H[SRQHU RWUDV HQ HO WHUUHQR SUiFWLFR 1R VyOR H[LVWHQ LQWHUURJDQWHV DFHUFDGHOELHQ\ HOPDOGHORFRUUHFWR\ ORLQFRUUHFWR\ GHORUGHQGHORVELHQHV VLQRWDPELpQDFHUFDGHORVGHEHUHV\ ODVREOLJDFLRQHVGHODVYLUWXGHV\ ORVYLFLRV GH OD IHOLFLGDG GHO REMHWLYR R ILQ GH OD YLGD GH OD MXVWLFLD \  ORV GHUHFKRV HQ OD HVIHUD GH ODV UHODFLRQHV KXPDQDV \  OD LQWHUDFFLyQ VRFLDO GHO (VWDGR \  VXV UHODFLRQHVFRQHOLQGLYLGXRGHODVRFLHGDGEXHQDODSROtWLFDMXVWD\ ODHFRQRPtD MXVWDODJXHUUD\ ODSD] /RVGRVJUXSRVGHSUHJXQWDVTXHKHPRVIRUPXODGRGHWHUPLQDQRLGHQWLILFDQ GRVGLYLVLRQHVIXQGDPHQWDOHVGHODILORVRItD/DVGHOSULPHUJUXSRODVUHIHUHQWHV DOVHU\ DOWUDQVIRUPDUVHJXDUGDQUHODFLyQFRQORTXHHVXRFXUUHHQHOPXQGR\ SHUWHQHFHQDODGLYLVLyQGHODILORVRItDGHQRPLQDGDWHyULFDRHVSHFXODWLYD/DVGHO VHJXQGR JUXSR ODV UHIHUHQWHV DO ELHQ \  DO PDO R D OR FRUUHFWR \  OR LQFRUUHFWR JXDUGDQ UHODFLyQ FRQ OR TXH GHEHUtD KDFHUVH R EXVFDUVH \  SHUWHQHFHQ D OD GLYLVLyQ GH OD ILORVRItD TXH HQ RFDVLRQHV VH GHQRPLQD SUiFWLFD R FRQ PD\ RU SUHFLVLyQQRUPDWLYD/RVOLEURVTXHQRVGLFHQFyPRKDFHUDOJRFRPRXQOLEURGH FRFLQDRXQFyGLJRGHFLUFXODFLyQQRQHFHVLWDQDUJXPHQWDUTXHHOOHFWRUGHEHUtD OOHJDUDVHUXQEXHQFRFLQHURRDSUHQGHUDFRQGXFLUELHQXQFRFKHSXHGHQGDU

SRUVXSXHVWRTXHTXLHQOROHHTXLHUHKDFHUDOJR\ VHOLPLWDQDGHFLUFyPRSXHGHQ GDU IUXWRV ORV HVIXHU]RV TXH VH UHDOLFHQ 3RU HO FRQWUDULR ODV REUDV GH ILORVRItD QRUPDWLYDVHRFXSDQEiVLFDPHQWHGHORVREMHWLYRVTXHGHEHUtDQ SHUVHJXLU WRGRV ORVVHUHVKXPDQRV²FyPROOHYDUXQDYLGDEXHQDRLQVWLWXLUXQDVRFLHGDGEXHQD² \DGLIHUHQFLDGHORVOLEURVGHFRFLQD\ GHORVFyGLJRVGHFLUFXODFLyQVHOLPLWDQD SUHVFULELUHQORVWpUPLQRVPiVXQLYHUVDOHVORVPHGLRVTXHGHEHUtDQ HPSOHDUVH SDUDFRQVHJXLUWDOHVREMHWLYRV /DV SUHJXQWDV TXH SODQWHDQ ORV ILOyVRIRV WDPELpQ VLUYHQ SDUD GLVWLQJXLU ODV UDPDVVXERUGLQDGDVGHODVGRVGLYLVLRQHVSULQFLSDOHVGHODILORVRItD8QDREUDGH ILORVRItD WHyULFD R HVSHFXODWLYD HV PHWDItVLFD VL WUDWD IXQGDPHQWDOPHQWH FXHVWLRQHV UHIHUHQWHV DO VHU R OD H[LVWHQFLD (V XQD REUD GH ILORVRItD GH OD QDWXUDOH]D VL WUDWD VREUH OD WUDQVIRUPDFLyQ VREUH OD QDWXUDOH]D \  ODV FODVHV GH FDPELRVVXVFRQGLFLRQHV\ FDXVDV6LVXSUHRFXSDFLyQIXQGDPHQWDOHVWULEDHQHO FRQRFLPLHQWR²HQSUHJXQWDVVREUHORTXHLQWHUYLHQHHQQXHVWURFRQRFLPLHQWRGH DOJRVREUHODVFDXVDVHODOFDQFH\ ORVOtPLWHVGHOFRQRFLPLHQWRKXPDQR\ VREUH VXVFHUWLGXPEUHVHLQFHUWLGXPEUHV²HQWRQFHVHVXQDREUDGHHSLVWHPRORJtDRWUD IRUPDGHGHQRPLQDUODWHRUtDGHOFRQRFLPLHQWR3DVDQGRGHODILORVRItDWHyULFDD OD QRUPDWLYD OD SULQFLSDO GLIHUHQFLD HVWULED HQ ODV SUHJXQWDV DFHUFD GH OD YLGD EXHQD\ ORTXHHVFRUUHFWRRLQFRUUHFWRHQODFRQGXFWDGHOLQGLYLGXRWRGRORFXDO SHUWHQHFH D OD HVIHUD GH OD pWLFD \  ODV SUHJXQWDV VREUH OD VRFLHGDG EXHQD \  OD FRQGXFWDGHOLQGLYLGXRHQUHODFLyQFRQODFRPXQLGDGODHVIHUDGHODSROtWLFDROD ILORVRItDSROtWLFD /DILORVRItDPRGHUQD\ ODJUDQWUDGLFLyQ (QDUDVGHODEUHYHGDGHQODVSiJLQDVVLJXLHQWHVOODPDUHPRV© SUHJXQWDVGH SULPHURUGHQª DODVFRQFHUQLHQWHVDORTXHHV\ RFXUUHHQHOPXQGRRDORTXH GHEHUtDQKDFHUREXVFDUORVVHUHVKXPDQRV(QWRQFHVKHPRVGHUHFRQRFHUTXH WDPELpQ H[LVWHQ © SUHJXQWDV GH VHJXQGR RUGHQª  ODV UHODFLRQDGDV FRQ HO FRQRFLPLHQWR GH SULPHU RUGHQ FRQ HO FRQWHQLGR GHO SHQVDPLHQWR FXDQGR LQWHQWDPRV UHVSRQGHU D ODV FXHVWLRQHV GH SULPHU RUGHQ FRQ ODV IRUPDV GH H[SUHVDUWDOHVSHQVDPLHQWRVSRUPHGLRGHOOHQJXDMH (VWD GLVWLQFLyQ HQWUH SUHJXQWDV GH SULPHUR \  VHJXQGR RUGHQ UHVXOWD ~WLO SRUTXHD\ XGDDH[SOLFDUTXpOHKDRFXUULGRDODILORVRItDHQORV~OWLPRVDxRV(Q OD DFWXDOLGDG OD PD\ RUtD GH ORV ILOyVRIRV SURIHVLRQDOHV \ D QR FUHHQ TXH HOORV SXHGDQ UHVSRQGHU D ORV LQWHUURJDQWHV GH SULPHU RUGHQ \  WDPELpQ OD PD\ RUtD FHQWUDQVXDWHQFLyQH[FOXVLYDPHQWHHQORVGHVHJXQGRRUGHQHQPXFKRVFDVRVHQ ODVSUHJXQWDVUHODFLRQDGDVFRQHOOHQJXDMHHQTXHVHH[SUHVDQORVSHQVDPLHQWRV 7RGRHVWRFRQWULEX\ HDPHMRUDUODVFRVDVSRUTXHQXQFDSHUMXGLFDVHUFUtWLFR (O SUREOHPD UDGLFD HQ UHQXQFLDU SRU FRPSOHWR D ODV SUHJXQWDV ILORVyILFDV GH

SULPHU RUGHQ TXH VRQ ODV TXH FRQ FDVL WRGD VHJXULGDG PiV LQWHUHVDQ D ORV OHFWRUHV SURIDQRV 'H KHFKR OD ILORVRItD DFWXDO DO LJXDO TXH OD FLHQFLD R ODV PDWHPiWLFDVQRVHHVFULEHSDUDORVSURIDQRV&DVLSRUGHILQLFLyQODVSUHJXQWDV GH VHJXQGR RUGHQ SUHVHQWDQ XQ DWUDFWLYR PX\  OLPLWDGR \  D ORV ILOyVRIRV SURIHVLRQDOHV FRPR D ORV FLHQWtILFRV VyOR OHV LQWHUHVDQ ODV RSLQLRQHV GH RWURV HVSHFLDOLVWDV (VWR GLILFXOWD HQRUPHPHQWH OD OHFWXUD GH OD ILORVRItD PRGHUQD SDUD ORV QR ILOyVRIRVWDQWRFRPRODGHODFLHQFLDSDUDORVQRFLHQWtILFRV(QHOSUHVHQWHOLEUR QRSRGHPRVGDUFRQVHMRVSDUDOHHUILORVRItDPRGHUQDVLHPSUH\ FXDQGRVHRFXSH H[FOXVLYDPHQWH GH ODV SUHJXQWDV GH VHJXQGR RUGHQ SHUR KD\  OLEURV GH ILORVRItD TXHVHSXHGHQOHHU\ TXHDQXHVWURMXLFLRVHGHEHUtDQOHHU(VWDVREUDVSODQWHDQ OD FODVH GH SUHJXQWDV TXH KHPRV GHQRPLQDGR GH SULPHU RUGHQ \  QR HV FDVXDO TXHIXHUDQHVFULWDVIXQGDPHQWDOPHQWHSDUDXQS~EOLFRQRHVSHFLDOL]DGR\ QRVyOR SDUDRWURVILOyVRIRV +DVWDDSUR[LPDGDPHQWHRTXL]iLQFOXVRKDVWDIHFKDSRVWHULRUORVOLEURV GH ILORVRItD HVWDEDQ GHVWLQDGRV DO OHFWRU PHGLR /RV ILOyVRIRV HVSHUDEDQ TXH ORV OH\ HVHQ VXV LJXDOHV SHUR WDPELpQ TXHUtDQ TXH ORV FRQRFLHVHQ ODV SHUVRQDV FRUULHQWHV LQWHOLJHQWHV \  FRPR ODV SUHJXQWDV TXH SODQWHDEDQ H LQWHQWDEDQ UHVSRQGHUDIHFWDEDQDWRGRVFUHtDQTXHWRGRVGHEtDQVDEHUTXpSHQVDEDQ /DV JUDQGHV REUDV FOiVLFDV GH OD ILORVRItD GHVGH 3ODWyQ HQ DGHODQWH HVWiQ HVFULWDV GHVGH HVWH SXQWR GH YLVWD \  VRQ DFFHVLEOHV DO OHFWRU SURIDQR /R TXH YDPRV D GHFLU HQ HO SUHVHQWH FDStWXOR HVWi GHVWLQDGR D D\ XGDUOH D UHDOL]DU WDO OHFWXUD 6REUHHOPpWRGRILORVyILFR 5HYLVWHJUDQLPSRUWDQFLDFRPSUHQGHUHQTXpFRQVLVWHHOPpWRGRILORVyILFRDO PHQRV HQ OD PHGLGD HQ TXH OD ILORVRItD VH FRQFLEH FRPR SODQWHDU SUHJXQWDV GH SULPHU RUGHQ H LQWHQWDU UHVSRQGHUODV 6XSRQJDPRV TXH HO OHFWRU HV XQ ILOyVRIR SUHRFXSDGR SRU XQR GH ORV LQWHUURJDQWHV GH VHQFLOOH] LQIDQWLO TXH KHPRV PHQFLRQDGR ODV SURSLHGDGHV GH WRGR OR TXH H[LVWH R OD QDWXUDOH]D \  ODV FDXVDV GHOFDPELRSRUHMHPSOR¢&yPRGHEHSURFHGHU" 6LODSUHJXQWDWXYLHVHFDUiFWHUFLHQWtILFRHOOHFWRUVDEUtDTXHSDUDUHVSRQGHUOD WHQGUtD TXH OOHYDU D FDER DOJ~Q WLSR GH LQYHVWLJDFLyQ HVSHFLDO GHVDUUROODU XQ H[SHULPHQWR SDUD SRQHU D SUXHED OD UHVSXHVWD X REVHUYDU XQD DPSOLD JDPD GH IHQyPHQRV6LODSUHJXQWDWXYLHVHFDUiFWHUKLVWyULFRVDEUtDTXHWDPELpQWHQGUtD TXH UHDOL]DU LQYHVWLJDFLRQHV VL ELHQ GH RWUR WLSR SHUR QR H[LVWH QLQJ~Q H[SHULPHQWRTXHSXHGDGHFLUQRVTXpWLHQHQHQFRP~QWRGDVODVFRVDVTXHH[LVWHQ SUHFLVDPHQWH UHVSHFWR D WHQHU H[LVWHQFLD 1R KD\  QLQJXQD FODVH HVSHFLDO GH IHQyPHQRVTXHVHSXHGDQREVHUYDUQLGRFXPHQWRVTXHVHSXHGDQEXVFDU\ OHHU

FRQHOILQGHDYHULJXDUTXpHVHOFDPELRRSRUTXpFDPELDQODVFRVDV/R~QLFR TXHVHSXHGHKDFHUHVUHIOH[LRQDUVREUHODSUHJXQWDHQGHILQLWLYDQRKD\ QDGD TXHKDFHUVDOYRSHQVDU 1DWXUDOPHQWHQRSHQVDPRVHQPHGLRGHXQYDFtRWRWDO&XDQGRHVEXHQDOD ILORVRItDQRHV© SXUDª HVSHFXODFLyQSHQVDPLHQWRGLYRUFLDGRGHODH[SHULHQFLD 1RVHSXHGHQXQLUODVLGHDVGHFXDOTXLHUPDQHUD([LVWHQSUXHEDVULJXURVDVSDUD YHULILFDU OD YDOLGH] GH ODV UHVSXHVWDV D ORV LQWHUURJDQWHV ILORVyILFRV SHUR WDOHV SUXHEDVVHEDVDQWDQVyORHQODH[SHULHQFLDFRP~Q\ FRUULHQWHHQODH[SHULHQFLD TXH \ D WHQHPRV SRU HO KHFKR GH VHU KXPDQRV QR ILOyVRIRV (O OHFWRU HVWi WDQ IDPLOLDUL]DGR FRQ ORV IHQyPHQRV GHO FDPELR PHGLDQWH OD H[SHULHQFLD FRP~Q FRPR FXDOTXLHU RWUD SHUVRQD WRGR OR TXH KD\  HQ HO PXQGR TXH OH URGHD PDQLILHVWD PXWDELOLGDG (Q OR UHIHUHQWH D OD PHUD H[SHULHQFLD GHO FDPELR VH HQFXHQWUD HQ XQD SRVLFLyQ WDQ IDYRUDEOH SDUD SHQVDU VREUH VX QDWXUDOH]D \  VXV FDXVDVFRPRORVPHMRUHVILOyVRIRV/RTXHGLVWLQJXHDpVWRVHVTXHKDQSHQVDGR VREUH HO WHPD H[WUDRUGLQDULDPHQWH ELHQ KDQ IRUPXODGR ODV SUHJXQWDV PiV SHQHWUDQWHV TXH SRGtDQ SODQWHDUVH \  KDQ DFRPHWLGR OD WDUHD GH GHPiV SURIXQGDPHQWHTXHORVGHPiVVREUHODH[SHULHQFLD 1REDVWDFRQFRPSUHQGHUORDQWHULRU7DPELpQKHPRVGHFRPSUHQGHUTXHQR WRGDV ODV SUHJXQWDV TXH SODQWHDQ ORV ILOyVRIRV \  TXH WUDWDQ GH UHVSRQGHU VRQ YHUGDGHUDPHQWH ILORVyILFDV (OORV QR VLHPSUH VRQ FRQVFLHQWHV GH HVWD FLUFXQVWDQFLD \  VX LJQRUDQFLD R VX HUURU HQ HVWH SXQWR FUXFLDO SXHGH FDXVDU DO OHFWRUSRFRDYLVDGRFRQVLGHUDEOHVGLILFXOWDGHV3DUDHYLWDUODVKD\ TXHVHUFDSD] GHGLVWLQJXLUODVSUHJXQWDVYHUGDGHUDPHQWHILORVyILFDVGHODVRWUDVSUHJXQWDVTXH SXHGH WUDWDU XQ ILOyVRIR SHUR D ODV TXH GHEHUtD KDEHU UHQXQFLDGR GHMiQGRODV SDUD XQD LQYHVWLJDFLyQ FLHQWtILFD SRVWHULRU FRQ HO ILQ GH GDUOHV UHVSXHVWD (O ILOyVRIR OOHJD D FRQFOXVLRQHV HUUyQHDV DO QR YHU TXH SXHGH FRQWHVWDUVH D WDOHV SUHJXQWDVFRQXQDLQYHVWLJDFLyQFLHQWtILFDDXQTXHTXL]iQRSXGLHUDVDEHUORHQOD pSRFDHQODTXHHVFULEtD 8Q HMHPSOR GH OR DQWHULRU FRQVLVWLUtD HQ HO LQWHUURJDQWH TXH IRUPXODEDQ ORV ILOyVRIRVGHODDQWLJHGDGDFHUFDGHODGLIHUHQFLDHQWUHODPDWHULDGHORVFXHUSRV WHUUHVWUHV \  FHOHVWHV 6HJ~Q VXV REVHUYDFLRQHV SDUD ODV TXH QR FRQWDEDQ FRQ OD D\ XGDGHOWHOHVFRSLRWDOHVFXHUSRVQRSDUHFtDQHPSH]DUDH[LVWLUQLGHVDSDUHFHU FRPRODVSODQWDVRORVDQLPDOHVQLFDPELDUGHWDPDxRRFXDOLGDGHV'DGRTXH ORVFXHUSRVFHOHVWHVVyORHVWiQVXMHWRVDXQWLSRGHFDPELR²HOPRYLPLHQWRORFDO ²PLHQWUDVTXHWRGRVORVFXHUSRVWHUUHVWUHVWDPELpQFDPELDQHQRWURVDVSHFWRV ORVDQWLJXRVOOHJDURQDODFRQFOXVLyQGHTXHWHQtDQTXHHVWDUFRPSXHVWRVSRUXQ WLSR GLVWLQWR GH PDWHULD 1R VH OHV RFXUULy QL VHJXUDPHQWH SRGUtD KDEpUVHOHV RFXUULGR TXH FRQ OD LQYHQFLyQ GHO WHOHVFRSLR ORV FXHUSRV FHOHVWHV QRV SURSRUFLRQDUtDQ XQRV FRQRFLPLHQWRV VREUH VX PXWDELOLGDG PX\  VXSHULRUHV D ORV TXH SRGHPRV DGTXLULU PHGLDQWH OD H[SHULHQFLD FRP~Q \  GH DTXt TXH VH SODQWHDVHQ XQD SUHJXQWD TXH FRQVLGHUDEDQ SURSLD GH ILOyVRIRV FXDQGR GHEHUtDQ

KDEHUODUHVHUYDGRSDUDORVLQYHVWLJDGRUHVFLHQWtILFRVGHpSRFDVSRVWHULRUHV(VWH WLSRGHLQYHVWLJDFLyQVHLQLFLyFRQ*DOLOHRTXHXWLOL]yHOWHOHVFRSLR\ GHVFXEULyODV OXQDVGH-~SLWHUKDOOD]JRTXHGHVHPERFyHQODUHYROXFLRQDULDWHRUtDGH.HSOHU TXLHQDILUPDEDTXHODPDWHULDGHORVFXHUSRVFHOHVWHVHVH[DFWDPHQWHODPLVPD TXH OD GH ORV FXHUSRV WHUUHVWUHV WHRUtD TXH D VX YH] VHQWy ODV EDVHV GH OD IRUPXODFLyQGHODPHFiQLFDFHOHVWHGH1HZWRQHQODTXHVHDSOLFDQODVPLVPDV OH\ HVGHOPRYLPLHQWRVLQFXDOLILFDFLyQDWRGRVORVFXHUSRVFXDOTXLHUDTXHVHDHO OXJDUTXHRFXSHQHQHOXQLYHUVRItVLFR (Q FRQMXQWR \  DSDUWH GH ODV FRQIXVLRQHV TXH SXHGH FUHDU OD IDOWD GH LQIRUPDFLyQRPDODLQIRUPDFLyQVREUHWHPDVFLHQWtILFRVTXHDIHFWDDODREUDGH ORVILOyVRIRVFOiVLFRVHVLUUHOHYDQWH/DUD]yQHVWULEDHQTXHFXDQGROHHPRVXQD REUD GH ILORVRItD QRV LQWHUHVDQ ODV FXHVWLRQHV ILORVyILFDV QR ODV FLHQWtILFDV R KLVWyULFDV\DXQDULHVJRGHUHSHWLUQRVKHPRVGHKDFHUKLQFDSLpHQTXHQRH[LVWH RWUDIRUPDGHUHVSRQGHUODVVLQRSHQVDQGR6LSXGLpUDPRVFRQVWUXLUXQWHOHVFRSLR R XQ PLFURVFRSLR SDUD H[DPLQDU ODV SURSLHGDGHV GH OD H[LVWHQFLD GHEHUtDPRV KDFHUORSRUVXSXHVWRSHURWDOHVLQVWUXPHQWRVVRQLPSRVLEOHV 1RTXLVLpUDPRVGDUODLPSUHVLyQGHTXHVyORORVILOyVRIRVFRPHWHQORVHUURUHV TXH HVWDPRV GHVFULELHQGR 6XSRQJDPRV TXH D XQ FLHQWtILFR OH SUHRFXSD OD FXHVWLyQ GH OD FODVH GH YLGD TXH GHEHUtD OOHYDU XQD SHUVRQD FXHVWLyQ SHUWHQHFLHQWHDODILORVRItDQRUPDWLYDFRQVLVWLHQGROD~QLFDIRUPDGHUHVSRQGHU HQUHIOH[LRQDUVREUHHOODSHURHOFLHQWtILFRTXL]iQRVHGpFXHQWDGHHVR\ HQVX OXJDU SXHGH VXSRQHU TXH XQ H[SHULPHQWR R XQD LQYHVWLJDFLyQ OH SURSRUFLRQDUi XQD UHVSXHVWD 7DO YH] GHFLGD SUHJXQWDU D PLO SHUVRQDV TXp FODVH GH YLGD OHV JXVWDUtDOOHYDU\ EDVDUVXUHVSXHVWDHQODVGHHVWDVSHUVRQDVSHURVDOWDDODYLVWD TXH HQ WDO FDVR VX UHVSXHVWD VHUi WDQ LUUHOHYDQWH FRPR ODV HVSHFXODFLRQHV GH $ULVWyWHOHVVREUHODPDWHULDGHORVFXHUSRVFHOHVWHV 6REUHHOPpWRGRILORVyILFR $XQFXDQGRVyORKD\ XQPpWRGRILORVyILFRH[LVWHQDOPHQRVFLQFRHVWLORVGH H[SRVLFLyQTXHKDQHPSOHDGRORVJUDQGHVILOyVRIRVGHODWUDGLFLyQRFFLGHQWDO(O HVWXGLDQWH R HO OHFWRU GH OD PDWHULD GHEHUtD VHU FDSD] GH GLVWLQJXLUORV \  GH FRQRFHUODVYHQWDMDV\ GHVYHQWDMDVGHFDGDXQRGHHOORV (/',È/2*2),/26Ï),&2(OSULPHUHVWLORILORVyILFRGHH[SRVLFLyQHQ FXDQWRDOWLHPSR\ DTXHQRHQFXDQWRDODHILFDFLDVHUHILHUHHVHOTXHDGRSWy 3ODWyQ HQ 'LiORJRV 6H WUDWD GH XQ HVWLOR IDPLOLDU LQFOXVR FRORTXLDO YDULRV KRPEUHV GLVFXWHQ XQ WHPD FRQ 6yFUDWHV R HQ GLiORJRV SRVWHULRUHV FRQ XQ LQWHUORFXWRUFRQRFLGRFRPRHO)RUDVWHUR$WHQLHQVH HQQXPHURVDVRFDVLRQHV\ WUDVDOJXQRVURGHRV6yFUDWHVDFRPHWHXQDVHULHGHSUHJXQWDV\ FRPHQWDULRVTXH

D\ XGDQDHVFODUHFHUHODVXQWR(QPDQRVGHXQPDHVWURFRPR3ODWyQHVWHHVWLOR HVKHXUtVWLFRHVGHFLUSHUPLWHTXHHOOHFWRUGHVFXEUDODVFRVDVSRUVtPLVPRH LQFOXVR OH OOHYD D GHVFXEULUODV &XDQGR VH HQULTXHFH FRQ HO GUDPD ²DOJXQRV OR OODPDUtDQODDOWDFRPHGLD²GHOUHODWRGH6yFUDWHVDGTXLHUHXQDHQRUPHIXHU]D +HPRV GLFKR © XQ PDHVWUR FRPR 3ODWyQª  SHUR QR KD\  QDGLH © FRPRª 3ODWyQ 2WURV ILOyVRIRV KDQ LQWHQWDGR HO GLiORJR ²&LFHUyQ \  %HUNHOH\ SRU HMHPSOR² SHUR FRQ SRFR p[LWR 6XV GLiORJRV UHVXOWDQ SODQRV DEXUULGRV FDVL LOHJLEOHV1RVGDODPHGLGDGHODJUDQGH]DGH3ODWyQHOKHFKRGHTXHIXHUDFDSD] GH HVFULELU GLiORJRV ILORVyILFRV TXH HQ FXDQWR D LQJHQLR HQFDQWR \  SURIXQGLGDG LJXDODQ D RWURV OLEURV HVFULWRV SRU FXDOTXLHUD VREUH FXDOTXLHU WHPD \ VLQ HPEDUJRSRGUtDVHUVHxDOGHODHVFDVDLGRQHLGDGGHHVWHHVWLORGHILORVRIDUHOTXH QDGLHVDOYR3ODWyQKD\ DVLGRFDSD]GHPDQHMDUORHILFD]PHQWH +XHOJD GHFLU TXH 3ODWyQ Vt OR FRQVLJXLy (Q SDODEUDV GH :KLWHKHDG WRGD OD ILORVRItDRFFLGHQWDOQRHVVLQR© XQDQRWDDSLHGHSiJLQDGH3ODWyQª \ ORVJULHJRV GH pSRFD SRVWHULRU WHQtDQ HO VLJXLHQWH GLFKR © 'RQGHTXLHUD TXH YD\ D FRQ PL FDEH]DPHHQFXHQWURD3ODWyQGHUHJUHVRª 6LQHPEDUJRKHPRVGHFRPSUHQGHU FRUUHFWDPHQWH HVWRV FRPHQWDULRV (Q DSDULHQFLD 3ODWyQ QR WHQtD XQ VLVWHPD ILORVyILFR XQD GRFWULQD D PHQRV TXH VH WUDWDVH GH TXH QR GHEH H[LVWLU QLQJXQD GRFWULQDTXHVHQFLOODPHQWHGHEHPRVKDEODU\ SODQWHDUSUHJXQWDV3RUTXH3ODWyQ \  6yFUDWHV DQWHV TXH pO ORJUDURQ IRUPXODU OD PD\ RUtD GH ODV SUHJXQWDV LPSRUWDQWHVTXHORVILOyVRIRVSRVWHULRUHVKDQFRQVLGHUDGRQHFHVDULRWUDWDU  (/ 75$7$'2 2 (16$<2 ),/26Ï),&2 $ULVWyWHOHV IXH HO PHMRU GLVFtSXORGH3ODWyQ\ HVWXGLyEDMRVXGLUHFFLyQGXUDQWHYHLQWHDxRV6HFUHHTXH WDPELpQ HVFULELy GLiORJRV SHUR QR VH KD FRQVHUYDGR QLQJXQR HQWHUR /R TXH VH FRQVHUYDVRQHQVD\ RVRWUDWDGRVHVSHFLDOPHQWHGLItFLOHVVREUHGLYHUVRVWHPDV1R FDEH GXGD GH TXH $ULVWyWHOHV HUD XQ SHQVDGRU FODUR SHUR OD GLILFXOWDG TXH SUHVHQWDQODVREUDVTXHKDQVREUHYLYLGRKDOOHYDGRDSHQVDUDORVLQYHVWLJDGRUHV TXHHQSULQFLSLRHUDQQRWDVSDUDFRQIHUHQFLDVROLEURVGHOSURSLRILOyVRIRRGHXQ GLVFtSXOR TXH IXH HVFULELHQGR OR TXH OH RtD GHFLU DO PDHVWUR 4XL]i QXQFD OOHJXHPRV D FRQRFHU OD YHUGDG VREUH HVWH SXQWR SHUR HQ FXDOTXLHU FDVR HO WUDWDGRDULVWRWpOLFRUHSUHVHQWDEDXQHVWLORQXHYRHQILORVRItD /RV WHPDV TXH FXEULy $ULVWyWHOHV HQ VXV WUDWDGRV \  ORV GLYHUVRV HVWLORV TXH DGRSWy SDUD SUHVHQWDU VXV KDOOD]JRV WDPELpQ FRQWULEX\ HURQ D HVWDEOHFHU ODV UDPDV \  ORV HQIRTXHV GH OD ILORVRItD HQ ORV VLJORV SRVWHULRUHV (Q SULPHU OXJDU WHQHPRV ODV GHQRPLQDGDV REUDV SRSXODUHV GLiORJRV HQ VX PD\ RUtD GH ORV TXH VyOR IUDJPHQWRV KDQ OOHJDGR KDVWD QRVRWURV 'HVSXpV HVWiQ ODV FROHFFLRQHV GRFXPHQWDOHV /D PiV LPSRUWDQWH TXH FRQRFHPRV HVWi FRPSXHVWD SRU  FRQVWLWXFLRQHVGHORV(VWDGRVJULHJRV6yORVHFRQVHUYDXQDODGH$WHQDVTXHIXH UHFXSHUDGDGHXQSDSLURHQ3RU~OWLPRORVWUDWDGRVSULQFLSDOHVDOJXQRVGH ORV FXDOHV FRPR )tVLFD \  0HWDItVLFD R eWLFD 3ROtWLFD \  3RpWLFD VRQ REUDV SXUDPHQWHILORVyILFDVWHyULFDVRQRUPDWLYDV RDOJXQDVGHHOODVFRPR 6REUH HO

DOPDVRQPH]FODVGHWHRUtDILORVyILFDHLQYHVWLJDFLyQFLHQWtILFD\ RWUDVFRPRORV WUDWDGRV GH ELRORJtD IXQGDPHQWDOPHQWH REUDV FLHQWtILFDV HQ HO WHUUHQR GH OD KLVWRULDQDWXUDO $XQ FXDQGR SUREDEOHPHQWH UHFLELy PiV LQIOXHQFLD GH 3ODWyQ HQ XQ VHQWLGR ILORVyILFR.DQWDGRSWyHOHVWLORGHH[SRVLFLyQDULVWRWpOLFR6XVWUDWDGRVVRQREUDV GH DUWH DFDEDGDV D GLIHUHQFLD GH ODV GH $ULVWyWHOHV D HVWH UHVSHFWR (Q SULPHU OXJDUHQXQFLDQHOSUREOHPDSULQFLSDOH[DPLQDQHOWHPDGHIRUPDH[KDXVWLYD\ REMHWLYD\ WRFDQORVSUREOHPDVHVSHFLDOHVGHSDVRRDOILQDO3RGUtDGHFLUVHTXHOD FODULGDGGHDPERVILOyVRIRVFRQVLVWHHQHORUGHQTXHLPSRQHQDXQWHPD(QVXV REUDV DSUHFLDPRV XQ SULQFLSLR XQD SDUWH LQWHUPHGLD \  XQ ILQDO ILORVyILFRV $GHPiV\ VREUHWRGRHQHOFDVRGH$ULVWyWHOHVQRVRIUHFHQXQDUHODFLyQGHODV RSLQLRQHV \  REMHFLRQHV GH RWURV WDQWR ILOyVRIRV FRPR SHUVRQDV FRUULHQWHV 3RU HOOR HQ FLHUWR VHQWLGR HO HVWLOR GHO WUDWDGR VH DVHPHMD DO GHO GLiORJR SHUR HO HOHPHQWR GUDPiWLFR IDOWD HQ HO WUDWDGR NDQWLDQR \  DULVWRWpOLFR HO SXQWR GH YLVWD ILORVyILFRVHGHVDUUROODPHGLDQWHXQDH[SRVLFLyQGLUHFWDQRPHGLDQWHHOFRQIOLFWR GHSRVWXUDV\ RSLQLRQHVFRPRRFXUUHHQODVREUDVGH3ODWyQ /$5e3/,&$$/$62%-(&,21(6(OHVWLORILORVyILFRGHVDUUROODGRHQHO PHGLHYR \  SHUIHFFLRQDGR SRU 7RPiV GH $TXLQR HQ 6XPD WHROyJLFD SUHVHQWD VHPHMDQ]DV FRQ ORV GRV TXH DFDEDPRV GH H[SRQHU &RPR \ D KHPRV VHxDODGR 3ODWyQ SODQWHD OD PD\ RUtD GH ORV SUREOHPDV ILORVyILFRV SHUVLVWHQWHV \  6yFUDWHV FRPRTXL]iVHKD\ DREVHUYDGRHQHOWUDQVFXUVRGHORVGLiORJRVIRUPXODHOWLSRGH SUHJXQWDV VHQFLOODV SHUR SURIXQGDV TXH KDFHQ ORV QLxRV < $ULVWyWHOHV FRPR WDPELpQKHPRVDSXQWDGRUHFRQRFHODVREMHFLRQHVGHRWURVILOyVRIRV\ UHVSRQGHD HOODV (O HVWLOR GH 7RPiV GH $TXLQR HV XQD FRPELQDFLyQ GH IRUPXODFLyQ GH SUHJXQWDV\ UHVSXHVWDVDODVREMHFLRQHV6XPD WHROyJLFD HVWi GLYLGLGD HQ SDUWHV WUDWDGRV SUHJXQWDV \  DUWtFXORV 7RGRV ORV DUWtFXORV WLHQHQ OD PLVPD IRUPD 6H SODQWHD XQD SUHJXQWD VH OH GD OD UHVSXHVWD FRQWUDULD LQFRUUHFWD  VH DGXFHQ DUJXPHQWRV GH DSR\ R D OD UHVSXHVWD LQFRUUHFWD TXH VH UHIXWDQ SULPHUR FRQ XQ WH[WR GH DXWRULGDG FRQ IUHFXHQFLD XQD FLWD GH ODV (VFULWXUDV  \ SRU ~OWLPR 7RPiV LQWURGXFH VX SURSLD UHVSXHVWD R VROXFLyQ FRQ ODV SDODEUDV ©
DELHUWDVDODVTXHPXFKDVYHFHVDVLVWtDQYHUGDGHUDVPXOWLWXGHVGHHVWXGLDQWHV\ RWUDVSHUVRQDVLQWHUHVDGDV/DFLYLOL]DFLyQPHGLHYDOHUDHVHQFLDOPHQWHRUDOHQ SDUWH SRUTXH ORV OLEURV HVFDVHDEDQ 1R VH DFHSWDED FRPR YHUGDGHUD XQD SURSRVLFLyQDPHQRVTXHVXSHUDVHODSUXHEDGHODGLVFXVLyQDELHUWDHOILOyVRIRQR HUDXQSHQVDGRUVROLWDULRVLQRTXHVHHQIUHQWDEDDVXVRSRQHQWHVHQHOPHUFDGR LQWHOHFWXDO FRPR SRGUtD KDEHU GLFKR 6yFUDWHV  3RU HOOR 6XPD WHROyJLFD HVWi LPEXLGDGHOHVStULWXGHGHEDWH\ GLVFXVLyQ  /$ 6,67(0$7,=$&,Ï1 '( /$ ),/262)Ë$ (Q HO VLJOR ;9,, GRV GHVWDFDGRV ILOyVRIRV 'HVFDUWHV \  6SLQR]D GHVDUUROODURQ XQ FXDUWR HVWLOR GH H[SRVLFLyQILORVyILFD)DVFLQDGRVSRUHOp[LWRTXHSURPHWtDQODVPDWHPiWLFDVHQ ODRUJDQL]DFLyQGHOFRQRFLPLHQWRKXPDQRGHODQDWXUDOH]DWUDWDURQGHRUJDQL]DU ODILORVRItDPLVPDGHIRUPDVHPHMDQWHDODVPDWHPiWLFDV 'HVFDUWHVHUDXQJUDQPDWHPiWLFR\DXQTXHTXL]iVHHTXLYRFDVHHQDOJXQRV SXQWRVXQILOyVRIRIRUPLGDEOH/RTXHLQWHQWyKDFHUFRQVLVWLyHVHQFLDOPHQWHHQ YHVWLUODILORVRItDFRQURSDMHVPDWHPiWLFRVGRWDUODGHODFHUWH]D\ ODHVWUXFWXUD IRUPDO TXH KDEtD GDGR (XFOLGHV D OD JHRPHWUtD GRV PLO DxRV DQWHV 1R IUDFDVy SRU FRPSOHWR HQ OD WDUHD \  VX H[LJHQFLD GH FODULGDG \  WUDQVSDUHQFLD HQ HO SHQVDPLHQWRVHMXVWLILFDEDHQFLHUWDPHGLGDHQHOFDyWLFRFOLPDLQWHOHFWXDOGHVX pSRFD 7DPELpQ HVFULELy WUDWDGRV ILORVyILFRV D OD PDQHUD PiV R PHQRV WUDGLFLRQDO HQWUH ORV TXH GHVWDFD XQD VHULH GH UpSOLFDV D ODV REMHFLRQHV D VXV RSLQLRQHV 6SLQR]D OOHYy HVWD LGHD LQFOXVR PiV OHMRV 6X eWLFD HVWi HVFULWD GH IRUPD HVWULFWDPHQWH PDWHPiWLFD FRQ SURSRVLFLRQHV SUXHEDV FRURODULRV OHPDV HVFROLRV HWF 6LQ HPEDUJR HO WHPD GH OD PHWDItVLFD \  OD PRUDO QR VH WUDWD VDWLVIDFWRULDPHQWH GH HVWH PRGR PiV LGyQHR SDUD OD JHRPHWUtD \  RWURV WHPDV PDWHPiWLFRVTXHSDUDORVILORVyILFRV8QDVHxDOGHHVWRHVTXHDOOHHUD6SLQR]D SRGHPRV VDOWDUQRV PXFKDV FRVDV H[DFWDPHQWH LJXDO TXH OR TXH RFXUUH FRQ 1HZWRQ1RVHSXHGHKDFHURWURWDQWRFRQ.DQWR$ULVWyWHOHVSRUTXHODOtQHDGH UD]RQDPLHQWRHVFRQWLQXDQLWDPSRFRFRQ3ODWyQRQRPiVTXHORKDUtDPRVFRQ XQSRHPDRXQDREUDGHWHDWUR 3UREDEOHPHQWH QR H[LVWDQ UHJODV DEVROXWDV GH UHWyULFD 6LQ HPEDUJR HV FXHVWLRQDEOH TXH VH SXHGD HVFULELU XQD REUD ILORVyILFD VDWLVIDFWRULD GH IRUPD PDWHPiWLFDFRPRWUDWyGHKDFHU6SLQR]DRXQDREUDFLHQWtILFDVDWLVIDFWRULDHQ IRUPDGHGLiORJRFRPRLQWHQWyKDFHU*DOLOHR(OKHFKRHVTXHHQFLHUWDPHGLGD QLQJXQRGHORVGRVORJUyFRPXQLFDUORTXHGHVHDEDFRPXQLFDU\ SDUHFHEDVWDQWH SUREDEOHTXHODIRUPDTXHHOLJLHURQFRQVWLWX\ HUDXQDUD]yQIXQGDPHQWDOSDUDVX IUDFDVR  (/ (67,/2 $)25Ë67,&2 +D\  RWUR HVWLOR GH H[SRVLFLyQ ILORVyILFD TXH PHUHFHVHUPHQFLRQDGRVLELHQTXL]iQRWHQJDWDQWDLPSRUWDQFLDFRPRORVRWURV FXDWUR1RVUHIHULPRVDOHVWLORDIRUtVWLFRTXHDGRSWDURQ1LHW]VFKHHQREUDVFRPR $VtKDEODED=DUDWXVWUD\ RWURVILOyVRIRVIUDQFHVHVPRGHUQRV/DSRSXODULGDGTXH

DOFDQ]y HVWH HVWLOR GXUDQWH HO VLJOR SDVDGR TXL]i VH GHED DO JUDQ LQWHUpV TXH GHVSHUWDURQ HQ 2FFLGHQWH ORV OLEURV GH VDELGXUtD RULHQWDOHV HVFULWRV HQ HVWLOR DIRUtVWLFR\ WDPELpQSRGUtDGHEHUDOJRDOHMHPSORGH3HQVDPLHQWRV GH 3DVFDO SHUR QDWXUDOPHQWH HVWH ILOyVRIR QR WHQtD LQWHQFLyQ GH GHMDU VX JUDQ REUD HQ IRUPD GH HQXQFLDGRV EUHYHV \  HQLJPiWLFRV 0XULy VLQ KDEHU WHUPLQDGR GH HVFULELUODHQIRUPDGHHQVD\ R /DJUDQYHQWDMDGHOHVWLORDIRUtVWLFRHQILORVRItDFRQVLVWHHQTXHHVKHXUtVWLFR HO OHFWRU WLHQH OD LPSUHVLyQ GH TXH VH GLFH PiV GH OR TXH VH GLFH HQ UHDOLGDG SRUTXH pO PLVPR OOHYD D FDER JUDQ SDUWH GH OD WDUHD GH SHQVDU GH HVWDEOHFHU FRQH[LRQHV HQWUH ORV HQXQFLDGRV \  FRQVWUXLU DUJXPHQWRV SDUD DILUPDFLRQHV SURSLDV 6LQ HPEDUJR HVWR FRQVWLWX\ H DO PLVPR WLHPSR OD JUDQ GHVYHQWDMD GHO HVWLORTXHUHDOPHQWHQRHVHQDEVROXWRH[SRVLWLYR(ODXWRUHVFRPRXQFRQGXFWRU TXHVHGDDODIXJDWUDVXQDFROLVLyQWRFDXQWHPDVXJLHUHXQDYHUGDGRXQDLGHD VREUHpO\ DFRQWLQXDFLyQSDVDDRWURWHPDVLQGHIHQGHUDGHFXDGDPHQWHORTXHKD GLFKR $Vt DXQTXH HO HVWLOR DIRUtVWLFR DJUDGD D TXLHQHV WLHQHQ LQFOLQDFLRQHV SRpWLFDVUHVXOWDLUULWDQWHSDUDORVILOyVRIRVVHULRVTXHSUHIHULUtDQLQWHQWDUVHJXLU\ FULWLFDUODOtQHDGHSHQVDPLHQWRGHXQDXWRU 4XH QRVRWURV VHSDPRV QR H[LVWH RWUR HVWLOR GH H[SRVLFLyQ ILORVyILFD LPSRUWDQWHTXHVHKD\ DHPSOHDGRHQODWUDGLFLyQRFFLGHQWDO8QDREUDFRPR'H OD QDWXUDOH]D GH ODV FRVDV GH /XFUHFLR QR UHSUHVHQWD XQD H[FHSFLyQ 2ULJLQDULDPHQWH HVWDED HQ YHUVR SHUR UHVSHFWR DO HVWLOR QR GLILHUH GH RWURV HQVD\ RVILORVyILFRV\DGHPiVHQODDFWXDOLGDGVXHOHOHHUVHHQWUDGXFFLRQHVHQ SURVD  (VWR VLJQLILFD TXH WRGRV ORV JUDQGHV ILOyVRIRV KDQ HPSOHDGR XQR GH ORV FLQFRHVWLORVGHVFULWRVQDWXUDOPHQWHDOJXQRVILOyVRIRVKDQWUDEDMDGRFRQPiVGH XQR 3UREDEOHPHQWH OD IRUPD PiV H[WHQGLGD HV HO WUDWDGR R HQVD\ R WDQWR HQ pSRFDVSDVDGDVFRPRHQODDFWXDOLGDGTXHSXHGHDEDUFDUGLYHUVDVSRVLELOLGDGHV GHVGH REUDV VXPDPHQWH IRUPDOHV \  FRPSOLFDGDV FRPR ODV GH .DQW KDVWD HQVD\ RVRFDUWDVSRSXODUHV/RVGLiORJRVUHVXOWDQPX\ GLItFLOHVGHHVFULELU\ HO HVWLOR JHRPpWULFR HV HQRUPHPHQWH FRPSOLFDGR WDQWR HQ HVFULWXUD FRPR HQ OHFWXUD (O HVWLOR DIRUtVWLFR HV PX\  LQVDWLVIDFWRULR GHVGH XQ SXQWR GH YLVWD ILORVyILFR\ HOWRPLVWDQRVHKDHPSOHDGRGHPDVLDGRHQpSRFDVUHFLHQWHV &ODYHVSDUDOHHUILORVRItD 4XL]iKD\ DTXHGDGRFODURFRQORH[SXHVWRKDVWDDKRUDTXHORPiVLPSRUWDQWH TXH KD\  TXH GHVFXEULU FXDQGR VH OHH XQD REUD ILORVyILFD HV OD SUHJXQWD R ODV SUHJXQWDVTXHWUDWDGHUHVSRQGHU'LFKDVSUHJXQWDVSXHGHQVHUH[SOtFLWDVRKDVWD FLHUWRSXQWRLPSOtFLWDV(QDPERVFDVRVHOOHFWRUGHEHLQWHQWDUDYHULJXDUHQTXp FRQVLVWHQ

&yPRUHVSRQGHHODXWRUDHVWDVSUHJXQWDVGHSHQGHUiHQJUDQPHGLGDGHORV SULQFLSLRV UHFWRUHV TXH KD\ D HVWDEOHFLGR DOJR GH OR TXH WDPELpQ SXHGH GHMDUVH FRQVWDQFLDH[SOtFLWDSHURTXHQRVLHPSUHRFXUUH
DXWRSHUIHFFLRQDPLHQWRQLHQORVELHQHVGHODDXWRPHMRUDLQFOXVRDSHVDUGHTXH pVWRV FRQVWLWX\ HQ ORV PiV HOHYDGRV GH HQWUH ORV ELHQHV SDUFLDOHV &RPR GLFH $ULVWyWHOHVODIHOLFLGDGHVODFXDOLGDGGHXQDYLGDFRPSOHWD\ FRQ© FRPSOHWDª QRVHUHILHUHVyORDOVHQWLGRWHPSRUDOVLQRWDPELpQDWRGRVORVDVSHFWRVGHVGHORV TXH VH SXHGH FRQVLGHUDU XQD YLGD &RPR SRGUtDPRV GHFLU HQ OD DFWXDOLGDG OD SHUVRQDIHOL]HVDTXpOODTXH ORXQHWRGR\ OR PDQWLHQHDVtGXUDQWHWRGDVX YLGD (VWDLGHDHVUHFWRUDHQHOVHQWLGRGHTXHDIHFWDDFDVLWRGDVODVGHPiVLGHDVGH eWLFDSHURQRHVWiH[SUHVDGDWDQH[SOtFLWDPHQWHFRPRSRGUtDHVWDUOR < RWUR HMHPSOR PiV (O SHQVDPLHQWR GH PDGXUH] GH .DQW VH FRQRFH FRPR ILORVRItD FUtWLFD eO PLVPR HVWDEOHFLy XQD RSRVLFLyQ HQWUH © FUtWLFDª  \ © GRJPDWLVPRª  TXH LPSXWDED D PXFKRV ILOyVRIRV DQWHULRUHV &RQ © GRJPDWLVPRª  VH UHIHUtD D OD VXSRVLFLyQ GH TXH HO LQWHOHFWR KXPDQR SXHGH OOHJDU D ODV YHUGDGHV PiV LPSRUWDQWHV FRQ HO SHQVDPLHQWR SXUR VLQ WHQHU FRQFLHQFLD GH VXV OLPLWDFLRQHV $ VX MXLFLR OR SULPHUR TXH VH QHFHVLWD HV XQ H[DPHQ\ XQDHYDOXDFLyQFUtWLFRVGHORVUHFXUVRV\ ORVSRGHUHVGHODPHQWH3RU HOOR OD OLPLWDFLyQ GH OD PHQWH UHSUHVHQWD XQ SULQFLSLR UHFWRU HQ .DQW GH XQD IRUPD TXH QR OR HV HQ QLQJ~Q ILOyVRIR TXH OH SUHFHGD WHPSRUDOPHQWH SHUR PLHQWUDVTXHVHODYHFRQWRGDFODULGDGSRUTXHVHODH[SUHVDH[SOtFLWDPHQWHHQ &UtWLFD GH OD UD]yQ SXUD QR RFXUUH RWUR WDQWR SRUTXH TXHGD SUHVXSXHVWD HQ &ULWLFDGHOMXLFLRODREUDNDQWLDQDPiVLPSRUWDQWHVREUHHVWpWLFD (VWRHVFXDQWRSRGHPRVGHFLUUHVSHFWRDHQFRQWUDUORVSULQFLSLRVUHFWRUHVGH XQDREUDILORVyILFDSRUTXHQRHVWDPRVVHJXURVGHSRGHUH[SOLFDUDOOHFWRUFyPR KDOODUORV $ YHFHV VH WDUGDQ DxRV HQWHURV HQ ORJUDUOR \  VH QHFHVLWDQ PXFKDV OHFWXUDV \  UHOHFWXUDV 6LQ HPEDUJR FRQVWLWX\ H HO REMHWLYR LGHDO GH XQD OHFWXUD FRPSOHWD\ HOOHFWRUKDGHWHQHUVLHPSUHSUHVHQWHTXHHQ~OWLPDLQVWDQFLDHVOR TXH GHEH LQWHQWDU KDFHU VL TXLHUH FRPSUHQGHU DO DXWRU 3HUR D SHVDU GH ODV GLILFXOWDGHVTXHHQWUDxDGHVFXEULUHVWRVSULQFLSLRVUHFWRUHVQROHUHFRPHQGDPRV TXH VLJD HO DWDMR FRQVLVWHQWH HQ OHHU OLEURV VREUH ORV ILOyVRIRV VX YLGD \  VXV RSLQLRQHV (O GHVFXEULPLHQWR TXH UHDOLFH SRU Vt PLVPR VHUi PXFKR PiV YDOLRVR TXHODVLGHDVGHRWUDSHUVRQD 8QDYH]HQFRQWUDGRVORVSULQFLSLRVUHFWRUHVGHXQDXWRUHOOHFWRUWHQGUiTXH GHFLGLUVLVHDGKLHUHDHOORVHQWRGDODREUD3RUGHVJUDFLDORVILOyVRIRVLQFOXVR ORVPHMRUHVIUHFXHQWHPHQWHQRORKDFHQ(QSDODEUDVGH(PHUVRQODFRKHUHQFLD © HVHOGXHQGHGHODVPHQWHVSHTXHxDVª (VXQFRPHQWDULRXQWDQWRLQFRQVFLHQWH SHUR DXQTXH SUREDEOHPHQWH FRQYHQJD UHFRUGDUOR QR FDEH GXGD GH TXH OD LQFRKHUHQFLD HQ XQ ILOyVRIR FRQVWLWX\ H XQ JUDYH SUREOHPD 6L XQ ILOyVRIR HV LQFRKHUHQWH HO OHFWRU WLHQH TXH GHFLGLU FXiO GH ORV GRV JUXSRV GH SURSRVLFLRQHV UHDOPHQWH PDQWLHQH VL ORV SULPHURV SULQFLSLRV WDO FRPR ORV HQXQFLD R ODV FRQFOXVLRQHVTXHHQUHDOLGDGQRVHGHVSUHQGHQGHORVSULQFLSLRVWDOFRPRHVWiQ HQXQFLDGRV2WDPELpQSXHGHOOHJDUDODFRQFOXVLyQGHTXHQLQJXQRGHORVGRVHV YiOLGR

/DOHFWXUDGHREUDVILORVyILFDVSUHVHQWDXQRVDVSHFWRVHVSHFLDOHVTXHJXDUGDQ UHODFLyQ FRQ OD GLIHUHQFLD HQWUH OD ILORVRItD \  OD FLHQFLD (Q HVWDV SiJLQDV VyOR HVWDPRV FRQVLGHUDQGR ODV REUDV WHyULFDV GH ILORVRItD FRPR ORV WUDWDGRV GH PHWDItVLFDRORVOLEURVVREUHILORVRItDGHODQDWXUDOH]D (O SUREOHPD ILORVyILFR FRQVLVWH HQ H[SOLFDU QR HQ GHVFULELU FRPR KDFH OD FLHQFLDODQDWXUDOH]DGHODVFRVDV/DILORVRItDSODQWHDSUHJXQWDVVREUHDOJRPiV TXH ODV FRQH[LRQHV GH ORV IHQyPHQRV WUDWD GH OOHJDU KDVWD ODV FDXVDV \ FRQGLFLRQHV~OWLPDVTXHVHHQFXHQWUDQHQVXEDVHSUREOHPDVTXHVHH[DPLQDUiQ VDWLVIDFWRULDPHQWH VyOR FXDQGR ODV UHVSXHVWDV FXHQWHQ FRQ HO DSR\ R GH DUJXPHQWRV\ DQiOLVLVFODURV 3RUFRQVLJXLHQWHHOSULQFLSDOHVIXHU]RTXHKDGHUHDOL]DUHOOHFWRUVHUHILHUHD ORVWpUPLQRV\ DODVSURSRVLFLRQHVLQLFLDOHV$XQTXHDOLJXDOTXHHOFLHQWtILFRHO ILOyVRIR HPSOHD XQD WHUPLQRORJtD WpFQLFD VXHOH WRPDU ODV SDODEUDV FRQ TXH H[SUHVD VXV WpUPLQRV GHO GLVFXUVR FRWLGLDQR VL ELHQ ORV HPSOHD FRQ XQ VHQWLGR PX\ HVSHFLDODOJRTXHUHTXLHUHXQFXLGDGRWDPELpQPX\ HVSHFLDOSRUSDUWHGHO OHFWRU 6L pVWH QR VXSHUD OD WHQGHQFLD D XWLOL]DU SDODEUDV IDPLOLDUHV GH IRUPD LJXDOPHQWH IDPLOLDU SUREDEOHPHQWH HO OLEUR TXH HVWi OH\ HQGR OH SDUHFHUi XQ DXWpQWLFRJDOLPDWtDV\ QROHYHUiSLHVQLFDEH]D 1DWXUDOPHQWH ORV WpUPLQRV EiVLFRV GH ODV H[SRVLFLRQHV ILORVyILFDV VRQ DEVWUDFWRVSHURWDPELpQORVRQORVGHODFLHQFLD1LQJ~QFRQRFLPLHQWRJHQHUDOHV H[SUHVDEOH VDOYR HQ WpUPLQRV DEVWUDFWRV \  ODV DEVWUDFFLRQHV QR HQFLHUUDQ QDGD HVSHFLDOPHQWH GLItFLO /DV XWLOL]DPRV D GLDULR \  HQ WRGR WLSR GH FRQYHUVDFLRQHV 6LQ HPEDUJR ODV SDODEUDV © DEVWUDFWRª  \  © FRQFUHWRª  SDUHFHQ SODQWHDUOHV SUREOHPDVDPXFKDVSHUVRQDV 6LHPSUHTXHVHKDEODGHDOJRHQJHQHUDOVHHPSOHDQDEVWUDFFLRQHV/RTXHVH SHUFLEHSRUPHGLDFLyQGHORVVHQWLGRVHVVLHPSUHFRQFUHWR\ SDUWLFXODUPLHQWUDV TXHORTXHVHSLHQVDVLHPSUHHVDEVWUDFWR\ JHQHUDO&RPSUHQGHUXQD© SDODEUD DEVWUDFWDª HTXLYDOHDWHQHUODLGHDTXHH[SUHVD© 7HQHUXQDLGHDª HVRWUDIRUPD GHGHFLUTXHVHFRPSUHQGHXQDVSHFWRJHQHUDOGHODVFRVDVTXHVHH[SHULPHQWDQ GHXQDIRUPDFRQFUHWD1RVHSXHGHYHUQLWRFDUQLVLTXLHUDLPDJLQDUHODVSHFWR JHQHUDODVtH[SUHVDGR6LVHSXGLHUDQRKDEUtDGLIHUHQFLDHQWUHORVVHQWLGRV\ OD PHQWH4XLHQHVLQWHQWDQLPDJLQDUDTXpVHUHILHUHQODVLGHDVFRPHWHQXQHUURU\ DFDEDQFRQXQVHQWLPLHQWRGHLPSRWHQFLDDQWHWRGDVODVDEVWUDFFLRQHV $O LJXDO TXH HO OHFWRU GHEH FHQWUDUVH IXQGDPHQWDOPHQWH HQ ORV DUJXPHQWRV LQGXFWLYRV HQ HO FDVR GH ORV OLEURV FLHQWtILFRV HQ HO GH OD ILORVRItD GHEH SUHVWDU PD\ RUDWHQFLyQDORVSULQFLSLRVGHOILOyVRIRTXHSXHGHQFRQVLVWLUELHQHQFRVDV TXHOHSLGHTXHGpSRUVXSXHVWDVFRQpOELHQHQSXQWRVTXHGHQRPLQDHYLGHQWHV /RVVXSXHVWRVQRSODQWHDQQLQJ~QSUREOHPD3RGHPRVDFHSWDUORVSDUDYHUDTXp FRQGXFHQLQFOXVRVLVRVWHQHPRVORVSUHVXSXHVWRVFRQWUDULRV(VXQEXHQHMHUFLFLR PHQWDO VLPXODU FUHHU DOJR TXH UHDOPHQWH QR VH FUHH \  FXDQWR PiV VHJXURV HVWHPRVGHQXHVWURVSURSLRVSUHMXLFLRVPD\ RUHVSUREDELOLGDGHVWHQGUHPRVGHQR

MX]JDUHUUyQHDPHQWHORVGHRWURV (V OD RWUD FODVH GH SUHMXLFLRV OD TXH SXHGH FUHDU SUREOHPDV 3RFDV REUDV ILORVyILFDV GHMDQ GH HQXQFLDU FLHUWDV SURSRVLFLRQHV TXH HO DXWRU FRQVLGHUD HYLGHQWHV SURSRVLFLRQHV WRPDGDV GLUHFWDPHQWH GH OD H[SHULHQFLD QR SUREDGDV FRQRWUDV /R TXH KD\  TXH UHFRUGDU HV TXH OD H[SHULHQFLD GH OD TXH HOODV VH WRPDQ FRPR\ DKHPRVVHxDODGRHQPiVGHXQDRFDVLyQDGLIHUHQFLDGHODH[SHULHQFLD HVSHFLDO GHO FLHQWtILFR HV FRP~Q D WRGD OD KXPDQLGDG (O ILOyVRIR QR XWLOL]D ODERUDWRULRVQLUHDOL]DWUDEDMRGHFDPSR\SRUFRQVLJXLHQWHSDUDFRPSUHQGHU\ SRQHUDSUXHEDVXVSULQFLSLRVIXQGDPHQWDOHVQRVHQHFHVLWDODD\ XGDH[WUtQVHFD GHODH[SHULHQFLDHVSHFLDOTXHVHREWLHQHPHGLDQWHODLQYHVWLJDFLyQPHWyGLFD(O ILOyVRIRUHPLWHDOOHFWRUDOVHQWLGRFRP~Q\ DODREVHUYDFLyQFRWLGLDQDGHOPXQGR HQHOTXHYLYH (Q RWUDV SDODEUDV HO PpWRGR TXH KD\  TXH VHJXLU SDUD OHHU XQD REUD GH ILORVRItDVHDVHPHMDDOPpWRGRTXHVHVLJXLySDUDHVFULELUOD(QIUHQWDGRFRQXQ SUREOHPDHOILOyVRIRQRSXHGHKDFHURWUDFRVDTXHSHQVDUHQpO(QIUHQWDGRFRQ XQD REUD GH ILORVRItD HO OHFWRU QR SXHGH KDFHU RWUD FRVD TXH OHHUOD OR TXH VLJQLILFDFRPR\ DVDEHPRVSHQVDUHQHOOD1RH[LVWHQPiVD\ XGDVTXHODPHQWH PLVPD 3HURHVWDVROHGDGHVHQFLDOGHOHFWRU\ OLEURHVSUHFLVDPHQWHODVLWXDFLyQTXH LPDJLQiEDPRVDOSULQFLSLRGHQXHVWUDODUJDH[SRVLFLyQGHODVUHJODVGHODOHFWXUD DQDOtWLFD\ HOOHFWRUFRPSUHQGHUiSRUTXpGHFLPRVTXHGLFKDVUHJODVWDOFRPR ODV KHPRV IRUPXODGR \  H[SOLFDGR VH DSOLFDQ PiV GLUHFWDPHQWH D ORV OLEURV ILORVyILFRVTXHDORVGHFXDOTXLHURWUDFODVH 6REUHODIRUPDFLyQGHXQDRSLQLyQSURSLD 8QD EXHQD REUD ILORVyILFD HVWi WDQ OLEUH GH RUDWRULD \  GHPDJRJLD FRPR XQ EXHQ WUDWDGR FLHQWtILFR (O OHFWRU QR WLHQH SRU TXp SUHRFXSDUVH GH OD © SHUVRQDOLGDGª  GHO DXWRU QL LQYHVWLJDU VX KLVWRULDO VRFLDO \  HFRQyPLFR 6LQ HPEDUJRUHVXOWD~WLOOHHUODVREUDVGHRWURVJUDQGHVILOyVRIRVTXHKD\ DQWUDWDGR ORVPLVPRVSUREOHPDV/RVILOyVRIRVKDQPDQWHQLGRXQDODUJDFRQYHUVDFLyQHQWUH HOORV HQ OD KLVWRULD GHO SHQVDPLHQWR \  HO OHFWRU GHEHUtD HVFXFKDUOD DQWHV GH IRUPDUVHXQDRSLQLyQVREUHORTXHGLFHFXDOTXLHUDGHHOORV 1R GHEHUtD SUHRFXSDUOH HO KHFKR GH TXH QR FRLQFLGDQ SRU GRV UD]RQHV (Q SULPHUOXJDUODGHVDYHQHQFLDVLHVSHUVLVWHQWHSXHGHLQGLFDUXQJUDQSUREOHPD VLQ UHVROYHU \  WDO YH] LUUHVROXEOH &RQYLHQH VDEHU GyQGH VH HQFXHQWUDQ ORV YHUGDGHURV PLVWHULRV (Q VHJXQGR OXJDU ODV GHVDYHQHQFLDV GH RWURV FDUHFHQ GH LPSRUWDQFLD/DUHVSRQVDELOLGDGGHOOHFWRUFRQVLVWHWDQVyORHQIRUPDUVHVXSURSLD RSLQLyQ$QWHODODUJDFRQYHUVDFLyQTXHKDQPDQWHQLGRORVILOyVRIRVHQVXVREUDV

GHEH MX]JDU TXp HV YHUGDGHUR \  TXp IDOVR 8QD YH] OHtGD XQD REUD ILORVyILFD GHELGDPHQWH ²OR TXH HTXLYDOH D OHHU WDPELpQ ODV GH RWURV ILOyVRIRV VREUH HO PLVPRWHPD²VHHQFRQWUDUiHQVLWXDFLyQGHMX]JDU (OUDVJRPiVGLVWLQWLYRGHODVSUHJXQWDVILORVyILFDVFRQVLVWHHQTXHWRGRVGHEHQ UHVSRQGHUODVSRUVtPLVPRV$GRSWDUODRSLQLyQGHRWURVQRHTXLYDOHDUHVROYHUODV VLQRDHYDGLUODV<ODVUHVSXHVWDVGHEHQWHQHUXQDEDVHVyOLGDFRQDUJXPHQWRVHQ ORVTXHDSR\ DUVHORTXHVLJQLILFDSRUHQFLPDGHWRGRTXHQRVHSXHGHGHSHQGHU GHOWHVWLPRQLRGHORVHVSHFLDOLVWDVFRPRTXL]iKD\ DTXHKDFHUHQHOFDVRGHOD FLHQFLD /D UD]yQ HVWULED HQ TXH ODV SUHJXQWDV TXH IRUPXODQ ORV ILOyVRIRV VRQ PiV LPSRUWDQWHVTXHODVTXHIRUPXODFXDOTXLHURWUDSHUVRQDVDOYRORVQLxRV 1RWDVVREUHWHRORJtD +D\  GRV FODVHV GH WHRORJtD OD QDWXUDO \  OD GRJPiWLFD /D SULPHUD HV XQD UDPD GH OD ILORVRItD HO ~OWLPR FDStWXOR SRU DVt GHFLUOR GH OD PHWDItVLFD 6L HO OHFWRUSUHJXQWDSRUHMHPSORVLODFDXVDFLyQHVXQSURFHVRLQILQLWRVLWRGRWLHQH XQDFDXVDTXL]iVHYHDHQYXHOWRHQXQUHJUHVRWDPELpQLQILQLWR3RUFRQVLJXLHQWH WHQGUi TXH SURSRQHU XQD FDXVD JHQHUDGRUD TXH QR VHD D VX YH] FDXVDGD $ULVWyWHOHV GHQRPLQDED D HVWD FDXVD QR FDXVDGD PRYHGRU LQPyYLO (O OHFWRU SRGUtDOODPDUODGHRWUDIRUPD²LQFOXVRGHFLUTXHHVRWURQRPEUHSDUD'LRV² SHURORLPSRUWDQWHHVTXHKDEUtDOOHJDGRDHVHFRQFHSWRJUDFLDVDORVHVIXHU]RV² DOIXQFLRQDPLHQWRQDWXUDO²GHVXPHQWHVLQQLQJXQDRWUDD\ XGD /D WHRORJtD GRJPiWLFD VH GLVWLQJXH GH OD ILORVRItD HQ TXH VXV SULPHURV SULQFLSLRV VRQ DUWtFXORV GH IH D ORV TXH VH DGKLHUHQ WRGRV ORV TXH SURIHVDQ XQD UHOLJLyQ8QDREUDGHHVWDFODVHVLHPSUHGHSHQGHGHGRJPDV\ GHODDXWRULGDGGH OD LJOHVLD TXH ORV GLFWD $XQ FXDQGR QR VH FRPSDUWD HO FUHGR DXQTXH QR VH SHUWHQH]FDDODLJOHVLDHQFXHVWLyQVHSXHGHOHHUGHELGDPHQWHXQDREUDWHROyJLFD WUDWDQGR VXV GRJPDV FRQ HO PLVPR UHVSHWR TXH VH WUDWDQ ORV VXSXHVWRV GH XQ PDWHPiWLFR SHUR KD\  TXH WHQHU VLHPSUH SUHVHQWH TXH XQ DUWtFXOR GH IH QR HV DOJRTXHORVFUH\ HQWHVSUHVXSRQJDQ3DUDTXLHQHVODWLHQHQODIHHVODIRUPDPiV FLHUWDGHFRQRFLPLHQWRQRXQDRSLQLyQ &RPSUHQGHU OR DQWHULRU OHV UHVXOWD GLItFLO D PXFKRV OHFWRUHV DFWXDOHV TXH VXHOHQFRPHWHUXQRGHORVGRVHUURUHVWtSLFRVDQWHODWHRORJtDGRJPiWLFDRDPERV D OD YH] (O SULPHUR FRQVLVWH HQ QHJDUVH D DFHSWDU LQFOXVR WHPSRUDOPHQWH ORV DUWtFXORVGHIHTXHFRQVWLWX\ HQORVSULPHURVSULQFLSLRVGHODXWRU(QFRQVHFXHQFLD HO OHFWRU FRQWLQ~D OXFKDQGR FRQ GLFKRV SULQFLSLRV VLQ OOHJDU D SUHVWDU UHDOPHQWH DWHQFLyQDOOLEURHQVt(OVHJXQGRFRQVLVWHHQVXSRQHUTXHGDGRTXHORVSULPHURV SULQFLSLRVVRQGRJPiWLFRVORVDUJXPHQWRVEDVDGRVHQHOORVHOUD]RQDPLHQWRTXH DSR\ DQ\ ODVFRQFOXVLRQHVDODVTXHOOHYDQVRQGRJPiWLFRVGHODPLVPDPDQHUD

1DWXUDOPHQWH HV YHUGDG TXH VL VH DFHSWDQ FLHUWRV SULQFLSLRV \  HO UD]RQDPLHQWR TXH VH EDVD HQ HOORV HV VyOLGR WDPELpQ KDEUi TXH DFHSWDU ODV FRQFOXVLRQHV DO PHQRV HQ OD PHGLGD TXH OR VHDQ ORV SULQFLSLRV SHUR VL HO UD]RQDPLHQWR HV GHIHFWXRVR SRU DFHSWDEOHV TXH VHDQ ORV SULQFLSLRV OOHYDUiQ D FRQFOXVLRQHV QR YiOLGDV &RPR VH YH HVWDPRV KDEODQGR GH ODV GLILFXOWDGHV TXH DIURQWD HO OHFWRU QR FUH\ HQWH DQWH XQD REUD WHROyJLFD 6X WDUHD HVWULED HQ DFHSWDU FRPR YHUGDGHURV ORVSULPHURVSULQFLSLRVPLHQWUDVODOHH\ GHVSXpVOHHUODFRQWRGRHOFXLGDGRTXH PHUHFHFXDOTXLHUEXHQHQVD\ R(OOHFWRUFUH\ HQWHGHXQDREUDHVHQFLDOSDUDVX IHVHHQIUHQWDDRWUDVGLILFXOWDGHVSHURWDOHVSUREOHPDVQRVHOLPLWDQDODOHFWXUD GHODWHRORJtD &yPROHHUOLEURV© FDQyQLFRVª +D\ XQDFODVHGHOLEURVPX\ LQWHUHVDQWHXQWLSRGHOHFWXUDGHODTXHD~QQR KHPRV KDEODGR 8WLOL]DPRV HO WpUPLQR © FDQyQLFRª  SDUD GHVLJQDU WDOHV OLEURV VHJ~Q XQD WUDGLFLyQ PiV DQWLJXD SRGUtDPRV GHQRPLQDUORV © VDJUDGRVª  R © VDQWRVª  SHUR HVWDV SDODEUDV \ D QR VH DSOLFDQ D WRGDV ODV REUDV GH HVWDV FDUDFWHUtVWLFDVDXQTXHVtDDOJXQDV 8QHMHPSORHVHQFLDOVHUtDOD%LEOLDQRFXDQGRVHODOHHFRPROLWHUDWXUDVLQR FRPRODSDODEUDUHYHODGDGH'LRV3DUDORVPDU[LVWDVRUWRGR[RVKD\ TXHOHHUODV REUDVGH0DU[SUiFWLFDPHQWHGHODPLVPDIRUPDTXHORVMXGtRVRORVFULVWLDQRV RUWRGR[RV OHHQ OD %LEOLD DVt FRPR HO /LEUR URMR GH 0DR =H 'RQJ SRVHH XQ FDUiFWHULJXDOPHQWHFDQyQLFRSDUDXQFRPXQLVWDFKLQR© FUH\ HQWHª  /D LGHD GH OLEUR FDQyQLFR SXHGH H[WHQGHUVH PiV DOOi GH HVWRV HMHPSORV WDQ HYLGHQWHV &RQVLGHUHPRV FXDOTXLHU LQVWLWXFLyQ ²XQD LJOHVLD XQ SDUWLGR SROtWLFR XQD VRFLHGDG² TXH HQWUH RWUDV FRVDV   VHD XQD LQVWLWXFLyQ GH HQVHxDQ]D  SRVHD XQ FXHUSR GH GRFWULQD TXH HQVHxDU \    WHQJD XQRV PLHPEURV ILHOHV \ REHGLHQWHV /RV PLHPEURV GH WDO RUJDQL]DFLyQ OHHQ FRQ UHYHUHQFLD 1L SRQHQ QL SXHGHQSRQHUHQWHODGHMXLFLRODOHFWXUDDXWRUL]DGDRFRUUHFWDGHORVOLEURVTXH SDUD HOORV VRQ FDQyQLFRV /D IH OHV SURKtEH HQFRQWUDU HUURUHV HQ HO WH[WR © VDJUDGRª SRUQRKDEODUGHHQFRQWUDUDEVXUGRV /RVMXGtRVRUWRGR[RVOHHQDVtHO$QWLJXR7HVWDPHQWRORVFULVWLDQRVHO1XHYR 7HVWDPHQWR ORV PXVXOPDQHV HO &RUiQ ORV PDU[LVWDV RUWRGR[RV ODV REUDV GH 0DU[\ /HQLQ\GHSHQGLHQGRGHOFOLPDSROtWLFRODVGH6WDOLQORVSVLFRDQDOLVWDV IUHXGLDQRV ODV GH )UHXG ORV RILFLDOHV GHO HMpUFLWR HVWDGRXQLGHQVH HO PDQXDO GH LQIDQWHUtD<HOOHFWRUSXHGHSHQVDUHQRWURVPXFKRVHMHPSORV 'HKHFKRFDVLWRGRVQRVRWURVLQFOXVRVLQRKHPRVOOHJDGRDHOODSOHQDPHQWH QRVKHPRVDSUR[LPDGRDODVLWXDFLyQHQODTXHKD\ TXHOHHUFDQyQLFDPHQWH8Q DERJDGRHQFLHUQHVHPSHxDGRHQLQJUHVDUHQHO&ROHJLRGH$ERJDGRVWLHQHTXH

OHHU FLHUWRV WH[WRV GH XQD IRUPD GHWHUPLQDGD FRQ HO ILQ GH REWHQHU HO UHVXOWDGR SHUIHFWR HQ ORV H[iPHQHV \  OR PLVPR OHV RFXUUH D ORV PpGLFRV \  D RWURV SURIHVLRQDOHVDOLJXDOTXHDWRGRHVWXGLDQWHFXDQGRVHOHH[LJHTXHOHDXQWH[WR VHJ~Q OD LQWHUSUHWDFLyQ TXH GH pO KDFH HO SURIHVRU D ULHVJR GH © IUDFDVDUª  £1DWXUDOPHQWHQRWRGRVORVSURIHVRUHVVXVSHQGHQDVXVDOXPQRVSRUQRFRLQFLGLU FRQHOORV  4XL]i SRGUtDQ UHVXPLUVH ODV FDUDFWHUtVWLFDV GH HVWD FODVH GH OHFWXUD HQ OD SDODEUD© 2UWRGR[Dª TXHHVFDVLVLHPSUHDSOLFDEOH7DOSDODEUDWLHQHGRVUDtFHV JULHJDVTXHVLJQLILFDQ© RSLQLyQFRUUHFWDª 3DUDHVWRVOLEURVH[LVWHXQD\VyORXQD OHFWXUD FRUUHFWD \  FXDOTXLHU RWUD OHFWXUD R LQWHUSUHWDFLyQ HVWi FDUJDGD GH SHOLJURV GHVGH OD SpUGLGD GHO DSUREDGR KDVWD OD FRQGHQDFLyQ GHO DOPD (VWD FDUDFWHUtVWLFD FRQOOHYD XQD REOLJDFLyQ (O OHFWRU FUH\ HQWH GH XQ OLEUR FDQyQLFR HVWiREOLJDGRDHQFRQWUDUOHVHQWLGR\ DGHVFXEULUTXHHVYHUGDGHURHQXQRXRWUR VHQWLGRGHODSDODEUD© YHUGDGª 6LQRSXHGHKDFHUORSRUVtVRORHVWi REOLJDGR D DFXGLU D DOJXLHQ TXH Vt SXHGD XQ VDFHUGRWH R XQ UDELQR R VX VXSHULRU HQ OD MHUDUTXtDGHOSDUWLGRRVXSURIHVRU(QFXDOTXLHUFDVRHVWiREOLJDGRDDFHSWDUOD VROXFLyQTXHVHOHRIUH]FDDVXSUREOHPD/HHHVHQFLDOPHQWHSULYDGRGHOLEHUWDG SHURDFDPELRREWLHQHXQDHVSHFLHGHVDWLVIDFFLyQTXHSRVLEOHPHQWHQRORJUDUiDO OHHURWURVOLEURV $OOOHJDUDHVWHSXQWRGHEHPRVGHWHQHUQRV(OSUREOHPDGHOHHUOD%LEOLD²VL VHFUHHTXHHVODSDODEUDGH'LRV²HVXQRGHORVPiVGLItFLOHVTXHVHSODQWHDQHQ HOWHUUHQRGHODOHFWXUD6HKDQHVFULWRPiVOLEURVVREUHFyPROHHUODV(VFULWXUDV TXHVREUHWRGRVORVGHPiVDVSHFWRVGHODUWHGHODOHFWXUDMXQWRV(YLGHQWHPHQWH OD SDODEUD GH 'LRV HV OD HVFULWXUD PiV GLItFLO TXH SXHGH OHHU FXDOTXLHU SHUVRQD SHUR DGHPiV VL VH FUHH TXH HV OD SDODEUD GH 'LRV WDPELpQ OD PiV LPSRUWDQWH /RVHVIXHU]RVGHORVFUH\ HQWHVHVWiQHQSURSRUFLyQFRQODGLILFXOWDGGHODWDUHD\ VHUtD FLHUWR GHFLU TXH DO PHQRV HQ OD WUDGLFLyQ HXURSHD OD %LEOLD HV HO OLEUR HQ PiV GH XQ VHQWLGR 1R VyOR KD VLGR OD REUD PiV OHtGD VLQR WDPELpQ OD TXH KD PHUHFLGRPiVDWHQFLyQ

 &Ï02/((5&,(1&,$662&,$/(6

/RVFRQFHSWRV\ ODWHUPLQRORJtDGHODVFLHQFLDVVRFLDOHVLPSUHJQDQFDVLWRGROR TXHVHOHHHQODDFWXDOLGDG (O SHULRGLVPR PRGHUQR SRU HMHPSOR QR VH OLPLWD D LQIRUPDU VREUH ORV KHFKRVVDOYRHQHVDHVSHFLHGHHVWLORWHOHJUiILFRGH© TXLpQTXpSRUTXpFXiQGR GyQGHª TXHHQFRQWUDPRVHQODVSULPHUDVSiJLQDVGHORVSHULyGLFRV&RQPXFKD PiV IUHFXHQFLD ORV SHULRGLVWDV HQUHGDQ ORV KHFKRV D SDUWLU GH LQWHUSUHWDFLRQHV FRPHQWDULRV\ DQiOLVLVGHODVQRWLFLDVSDUDORFXDOUHFXUUHQDORVFRQFHSWRV\ OD WHUPLQRORJtD GH ODV FLHQFLDV VRFLDOHV TXH WDPELpQ VH UHIOHMDQ HQ OD HQRUPH FDQWLGDG GH OLEURV \  DUWtFXORV TXH SRGUtDQ DJUXSDUVH HQ OD FDWHJRUtD GH FUtWLFD VRFLDO1RVHQIUHQWDPRVDXQFRQVWDQWHIOXMRGHSXEOLFDFLRQHVVREUHWHPDVFRPR ORVSUREOHPDVUDFLDOHVODGHOLQFXHQFLDODDSOLFDFLyQGHODVOH\ HVODSREUH]DOD HGXFDFLyQ OD VHJXULGDG VRFLDO OD JXHUUD \  OD SD] ORV EXHQRV \  ORV PDORV JRELHUQRV\ JUDQSDUWHGHHVWDVSXEOLFDFLRQHVWRPDQVXLGHRORJtD\ VXOHQJXDMH GHODVFLHQFLDVVRFLDOHV /DV SXEOLFDFLRQHV VREUH HVWDV PDWHULDV QR VH OLPLWDQ D OD QR ILFFLyQ SRUTXH H[LVWH XQD LPSRUWDQWH FDWHJRUtD GH OD OLWHUDWXUD FRQWHPSRUiQHD TXH SRGUtD GHQRPLQDUVHVRFLRFLHQFLDILFFLyQ/RTXHVHSUHWHQGHFRQHOODHVFUHDUPRGHORV DUWLILFLDOHV GH VRFLHGDG TXH QRV SHUPLWDQ SRU HMHPSOR H[DPLQDU ODV FRQVHFXHQFLDV VRFLDOHV GH ODV LQQRYDFLRQHV WHFQROyJLFDV /D RUJDQL]DFLyQ GHO SRGHUVRFLDOORVWLSRVGHSURSLHGDG\ ODGLVWULEXFLyQGHODULTXH]DVHGHVFULEHQGH GLYHUVDV IRUPDV VH GHSORUDQ R DODEDQ HQ QRYHODV REUDV WHDWUDOHV WHOHYLVLYDV \ SHOtFXODV 6LHPSUH \  FXDQGR SODQWHHQ WDOHV SUREOHPDV SRGHPRV GHFLU TXH UHYLVWHQLPSRUWDQFLDVRFLDORTXHFRQWLHQHQ© PHQVDMHVVLJQLILFDWLYRVª DOWLHPSR TXHVHLQVSLUDQHQODVFLHQFLDVVRFLDOHV\ SURSDJDQVXVHOHPHQWRV $GHPiV GLItFLOPHQWH H[LVWLUi XQ SUREOHPD VRFLDO HFRQyPLFR R SROtWLFR TXH QR KD\ D VLGR WUDWDGR SRU ORV HVSHFLDOLVWDV HQ HVWRV FDPSRV ELHQ SRU LQLFLDWLYD SURSLDELHQSRULQYLWDFLyQGHODVSHUVRQDVTXHVHHQFDUJDQGHWDOHVDVXQWRV/RV HVSHFLDOLVWDV HQ FLHQFLDV VRFLDOHV D\ XGDQ D IRUPXODU ORV SUREOHPDV \  VH OHV UHTXLHUHDODKRUDGHHQIUHQWDUVHDHOORV

/HMRV GH UHSUHVHQWDU HO IDFWRU PHQRV LPSRUWDQWH HQ OD FUHFLHQWH RPQLSUHVHQFLDGHODVFLHQFLDVVRFLDOHVVXLQWURGXFFLyQHQODHQVHxDQ]DPHGLDH LQFOXVR HQ QLYHOHV LQIHULRUHV KD VXSXHVWR XQ JUDQ DYDQFH 'H KHFKR ODV PDWUtFXODV HQ HVWH WLSR GH DVLJQDWXUDV VXSHUDQ FRQ PXFKR D ODV GH ODV PiV WUDGLFLRQDOHVFRPROLWHUDWXUD\ OHQJXDORPLVPRTXHRFXUUHFRQODVDVLJQDWXUDV GHFLHQFLDV© SXUDVª  ¢4XpVRQODVFLHQFLDVVRFLDOHV" +HPRVKDEODGRGHODVFLHQFLDVVRFLDOHVFRPRVLVHWUDWDUDGHXQDVRODHQWLGDG SHURQRHVDVt ¢&XiOHV VRQ ODV FLHQFLDV VRFLDOHV" 8QD IRUPD GH UHVSRQGHU D OD SUHJXQWD FRQVLVWLUtD HQ YHU TXp GHSDUWDPHQWRV \  DVLJQDWXUDV DJUXSDQ ODV XQLYHUVLGDGHV EDMR HVWH QRPEUH 3RU OR JHQHUDO HQ ODV GLYLVLRQHV GH ODV FLHQFLDV VRFLDOHV VH LQFOX\ HQ ORV GHSDUWDPHQWRV GH DQWURSRORJtD FLHQFLDV HFRQyPLFDV FLHQFLDV SROtWLFDV \  VRFLRORJtD ¢3RU TXp QR VXHOHQ LQFOXLU WDPELpQ ODV IDFXOWDGHV GH GHUHFKR HGXFDFLyQ FRPHUFLR DVLVWHQFLD VRFLDO \  DGPLQLVWUDFLyQ S~EOLFD WRGDV ODVFXDOHVUHFXUUHQSDUDVXGHVDUUROORDORVFRQFHSWRV\ PpWRGRVGHODVFLHQFLDV VRFLDOHV" /D UD]yQ TXH VXHOH DGXFLUVH SDUD VHSDUDU HVWDV IDFXOWDGHV GH ODV GH FLHQFLDVVRFLDOHVHVWULEDHQTXHHOSULQFLSDOREMHWLYRGHWDOHVIDFXOWDGHVFRQVLVWH HQ RIUHFHU SUHSDUDFLyQ SDUD HO WUDEDMR SURIHVLRQDO IXHUD GH OD XQLYHUVLGDG PLHQWUDVTXHORVGHSDUWDPHQWRVPHQFLRQDGRVDQWHULRUPHQWHVHGHGLFDQGHIRUPD PXFKR PiV H[FOXVLYD D FRQVHJXLU HO FRQRFLPLHQWR VLVWHPiWLFR GH OD VRFLHGDG KXPDQDDFWLYLGDGTXHQRUPDOPHQWHVHFRQWLQ~DHQODXQLYHUVLGDG (QODDFWXDOLGDGH[LVWHXQDWHQGHQFLDHQODVXQLYHUVLGDGHVDHVWDEOHFHUFHQWURV H LQVWLWXWRV SDUD ORV HVWXGLRV LQWHUGLVFLSOLQDULRV 7DOHV FHQWURV QR UHVSHWDQ ORV OtPLWHV WUDGLFLRQDOHV GH ORV GHSDUWDPHQWRV GH FLHQFLDV VRFLDOHV UHDOL]iQGRVH HQ HOORVHVWXGLRVVREUHODVWHRUtDV\ ORVPpWRGRVGHODHVWDGtVWLFDODGHPRJUDItDOD SVHIRORJtD FLHQFLD GH ODV HOHFFLRQHV \  ODV HQFXHVWDV  OD SROtWLFD \  OD WRPD GH GHFLVLRQHV OD FRQWUDWDFLyQ \  HO WUDWDPLHQWR GH SHUVRQDO OD DGPLQLVWUDFLyQ S~EOLFD OD HFRORJtD KXPDQD \  PXFKDV RWUDV GLVFLSOLQDV (VWRV FHQWURV HVWiQ GHVDUUROODQGR HVWXGLRV TXH DSRUWDQ KDOOD]JRV HQ GRFH R PiV GH HVWDV HVSHFLDOLGDGHV +D\  TXH SRVHHU HQRUPHV FRQRFLPLHQWRV LQFOXVR SDUD GLVWLQJXLU HQWUHODVGLYHUVDVUDPDVGHWDOHVHVWXGLRVSRUQRKDEODUGHOHQMXLFLDPLHQWRGHOD YDOLGH]GHORVKDOOD]JRV\ ODVFRQFOXVLRQHV ¢4XpSRGHPRVGHFLUVREUHODSVLFRORJtD"/RVHVSHFLDOLVWDVHQFLHQFLDVVRFLDOHV TXH LQWHUSUHWDQ VX FDPSR GH IRUPD HVWULFWD WLHQHQ WHQGHQFLD D H[FOXLU OD SVLFRORJtD EDViQGRVH HQ TXH HVWD GLVFLSOLQD VH RFXSD GH ODV FDUDFWHUtVWLFDV LQGLYLGXDOHV \  SHUVRQDOHV PLHQWUDV TXH ODV FLHQFLDV VRFLDOHV VH FHQWUDQ HQ ORV IDFWRUHV FXOWXUDOHV LQVWLWXFLRQDOHV \  DPELHQWDOHV /RV HVSHFLDOLVWDV PHQRV

HVWULFWRV VL ELHQ DGPLWHQ TXH OD SVLFRORJtD ILVLROyJLFD GHEHUtD LQFOXLUVH HQ ODV FLHQFLDVELROyJLFDVVRVWLHQHQTXHODSVLFRORJtDWDQWRODQRUPDOFRPRODDQRUPDO GHEHUtD FRQVLGHUDUVH XQD FLHQFLD VRFLDO EDViQGRVH HQ OD LQVHSDUDELOLGDG GHO LQGLYLGXR\ VXHQWRUQRVRFLDO /D SVLFRORJtD FRQVWLWX\ H XQ HMHPSOR LPSRUWDQWH GH FLHQFLD VRFLDO TXH HQ OD DFWXDOLGDGJR]DGHJUDQSRSXODULGDGHQWUHORVHVWXGLDQWHV\ SUREDEOHPHQWHKD\ D PiV PDWUtFXODV HQ HVWD PDWHULD TXH HQ FXDOTXLHU RWUD /D ELEOLRJUDItD VREUH HO WHPD HQ WRGRV ORV QLYHOHV GHVGH HO PiV WpFQLFR KDVWD HO PiV GLYXOJDWLYR HV HQRUPH ¢4Xp SRGHPRV GHFLU VREUH ODV FLHQFLDV GH OD FRQGXFWD" ¢'yQGH HQFDMDQ GHQWURGHOFXDGURJHQHUDOGHODVFLHQFLDVVRFLDOHV"7DOFRPRVHORHPSOHDEDHQ XQ SULQFLSLR HO WpUPLQR FLHQFLDV GH OD FRQGXFWD DEDUFDED OD VRFLRORJtD OD DQWURSRORJtD\ ORVDVSHFWRVGHODFRQGXFWDUHIHULGRVDODELRORJtDODHFRQRPtDOD JHRJUDItD HO GHUHFKR OD SVLFRORJtD \  OD SVLTXLDWUtD \  ODV FLHQFLDV SROtWLFDV (O KLQFDSLpTXHVHKDFtDHQODFRQGXFWDVHUYtDSDUDGHVWDFDUODFRQGXFWDREVHUYDEOH \  PHQVXUDEOH VXVFHSWLEOH GH VHU LQYHVWLJDGD VLVWHPiWLFDPHQWH \  GH SURGXFLU KDOOD]JRV YHULILFDEOHV (Q pSRFD UHFLHQWH FLHQFLDV GH OD FRQGXFWD VH KD FRQYHUWLGRSUiFWLFDPHQWHHQVLQyQLPRGH FLHQFLDVVRFLDOHVVLELHQKD\  PXFKRV SXULVWDVTXHVHRSRQHQDWDOXVRGHOWpUPLQR 3RU ~OWLPR YDPRV D WRPDU HQ FRQVLGHUDFLyQ OD KLVWRULD 7RGR HO PXQGR UHFRQRFH TXH ODV FLHQFLDV VRFLDOHV VH EDVDQ HQ HO HVWXGLR GH OD KLVWRULD SDUD HQFRQWUDUGDWRV\ HMHPSORVGHVXVJHQHUDOL]DFLRQHV6LQHPEDUJR\ DSHVDUGH TXH OD KLVWRULD FRQVLGHUDGD FRPR UHODFLyQ GH KHFKRV \  SHUVRQDV FRQFUHWRV SXHGH WHQHU FDUiFWHU FLHQWtILFR HQ HO VHQWLGR PtQLPR GH FRQVWLWXLU XQ FRQRFLPLHQWR VLVWHPiWLFR QR HV XQD FLHQFLD HQ HO VHQWLGR GH TXH SRU Vt PLVPD RIUH]FD XQ FRQRFLPLHQWR VLVWHPiWLFR GH ODV SDXWDV R OH\ HV GH OD FRQGXFWD \  HO GHVDUUROOR ¢(V HQWRQFHV SRVLEOH GHILQLU D TXp QRV UHIHULPRV FRQ FLHQFLDV VRFLDOHV" 1RVRWURV SHQVDPRV TXH Vt DO PHQRV D HIHFWRV GHO SUHVHQWH FDStWXOR 7HUUHQRV FRPR OD DQWURSRORJtD OD HFRQRPtD OD SROtWLFD \  OD VRFLRORJtD FRQVWLWX\ HQ XQD HVSHFLHGHQ~FOHRFHQWUDOGHODVFLHQFLDVVRFLDOHVTXHFDVLWRGRVORVHVSHFLDOLVWDV LQFOXLUtDQ HQ FXDOTXLHU GHILQLFLyQ $GHPiV SHQVDPRV TXH OD PD\ RUtD GH ORV HVSHFLDOLVWDV HQ OD PDWHULD UHFRQRFHUtDQ TXH JUDQ SDUWH GH OD ELEOLRJUDItD VL QR WRGD UHODFLRQDGD FRQ ORV WHPDV GHO GHUHFKR OD HGXFDFLyQ \  OD DGPLQLVWUDFLyQ S~EOLFD\ XQDSDUWHGHODUHODFLRQDGDFRQHOFRPHUFLR\ ORVVHUYLFLRVVRFLDOHV DGHPiVGHXQSRUFHQWDMHLPSRUWDQWHGHODELEOLRJUDItDSVLFROyJLFDFDEHQGHQWUR GH ORV OtPLWHV GH XQD GHILQLFLyQ UD]RQDEOH 9DPRV D VXSRQHU TXH WDO GHILQLFLyQ DXQTXHLPSUHFLVDVHUYLUiDOOHFWRUSDUDORTXHH[SRQGUHPRVDFRQWLQXDFLyQ /DDSDUHQWHIDFLOLGDGGHOHHUFLHQFLDVVRFLDOHV

*UDQ SDUWH GH OD ELEOLRJUDItD GH ODV FLHQFLDV VRFLDOHV SDUHFH XQ PDWHULDO IDFLOtVLPR GH OHHU (Q PXFKRV FDVRV ORV GDWRV VH H[WUDHQ GH H[SHULHQFLDV FRQRFLGDV SRU ORV OHFWRUHV ²HQ HVWH VHQWLGR ODV FLHQFLDV VRFLDOHV VRQ FRPR OD SRHVtD R OD ILORVRItD² \  HO HVWLOR GH H[SRVLFLyQ HV QRUPDOPHQWH QDUUDWLYR WDPELpQFRQRFLGRSRUHOOHFWRUJUDFLDVDODOHFWXUDGHILFFLyQHKLVWRULD $GHPiV WRGRV QRV KHPRV IDPLOLDUL]DGR FRQ OD MHUJD GH HVWD PDWHULD \  OD XWLOL]DPRVFRQIUHFXHQFLD7pUPLQRVFRPRFXOWXUDFRQWUDFXOWXUD\ VXEFXOWXUD  DOLHQDFLyQ HVWDWXV LQSXWRXWSXW LQIUDHVWUXFWXUD pWQLFR FRQGXFWLVWD FRQVHQVR \ GRFHQDV \  GRFHQDV PiV DSDUHFHQ HQ WRGD FRQYHUVDFLyQ \  HQ FDVL WRGR OR TXH OHHPRV &RQVLGHUHPRV OD SDODEUD © VRFLHGDGª  YHUGDGHUDPHQWH FDPDOHyQLFD D OD TXH VH OH SXHGHQ DSOLFDU QXPHURVRV DGMHWLYRV \  TXH VLQ HPEDUJR VLJXH H[SUHVDQGRODDPSOLDLGHDGHXQJUXSRGHSHUVRQDVTXHYLYHQMXQWDVQRDLVODGDV 2tPRV KDEODU GH OD VRFLHGDG DEHUUDQWH GH OD VRFLHGDG DERUWLYD GH OD VRFLHGDG DGTXLVLWLYD\ SRGUtDPRVFRQWLQXDUFRQODVGHPiVOHWUDVGHODOIDEHWRKDVWDOOHJDUD OD VRFLHGDG ]LPyWLFD OD TXH VH HQFXHQWUD HQ FRQWLQXR HVWDGR GH IHUPHQWDFLyQ TXHSUHVHQWDSRFDVGLIHUHQFLDVFRQODQXHVWUD &RPR DGMHWLYR WDPELpQ © VRFLDOª  HV XQD SDODEUD GH XVRV P~OWLSOHV \ FRQRFLGRV SRU HMHPSOR SRGHU VRFLDO SUHVLyQ VRFLDO \  SURPHVD VRFLDO \ QDWXUDOPHQWHORVRPQLSUHVHQWHVSUREOHPDVVRFLDOHVDOJRTXHFRQVWLWX\ HXQEXHQ HMHPSORGHODIDFLOLGDGWDQWRGHODHVFULWXUDFRPRGHODOHFWXUDGHODVREUDVGH FLHQFLDVVRFLDOHV$SRVWDUtDPRVFXDOTXLHUFRVDDTXHHQORV~OWLPRVPHVHVSRUQR GHFLU HQ ODV ~OWLPDV VHPDQDV HO OHFWRU KD OHtGR R HVFULWR OD IUDVH © SUREOHPDV SROtWLFRV HFRQyPLFRV \  VRFLDOHVª  \  TXH FXDQGR OD OH\ y R OD HVFULELy SUREDEOHPHQWH VDEtD FRQ FODULGDG TXp VLJQLILFDED ORV SUREOHPDV SROtWLFRV \ HFRQyPLFRVSHUR¢TXpTXHUtDGHFLUHODXWRUFRQSUREOHPDVVRFLDOHV" /DMHUJD\ ODVPHWiIRUDVGHJUDQSDUWHGHODVREUDVVREUHFLHQFLDVVRFLDOHV MXQWRDOSURIXQGRVHQWLPLHQWRGHOTXHHQPXFKDVRFDVLRQHVHVWiQLPEXLGDVKDFHQ TXHVXOHFWXUDUHVXOWHHQJDxRVDPHQWHIiFLO6HUHILHUHQDWHPDVDORVTXHHOOHFWRU \ DHVWiDFRVWXPEUDGRSRUTXHOHHXR\ HKDEODUVREUHHOORVFDVLDGLDULRDGHPiV VXDFWLWXG\ VXVVHQWLPLHQWRVKDFLDGLFKRVWHPDVQRUPDOPHQWHHVWiQILUPHPHQWH GHVDUUROODGRV 7DPELpQ OD ILORVRItD VH RFXSD GHO PXQGR WDO FRPR OR FRQRFHPRV FRUULHQWHPHQWH SHUR SRU OR JHQHUDO QR HVWDPRV © FRPSURPHWLGRVª  FRQ ODV FXHVWLRQHV ILORVyILFDV PLHQWUDV TXH HQ OR UHIHUHQWH D ORV DVXQWRV TXH WUDWDQ ODV FLHQFLDVVRFLDOHVSUREDEOHPHQWHVtPDQWHQHPRVXQDVRSLQLRQHVILUPHV 'LILFXOWDGHVSDUDOHHUFLHQFLDVVRFLDOHV 3DUDGyMLFDPHQWH ORV PLVPRV IDFWRUHV TXH DFDEDPRV GH H[SRQHU ORV TXH FRQWULEX\ HQ D TXH UHVXOWH IiFLO OHHU FLHQFLDV VRFLDOHV WDPELpQ GLILFXOWDQ VX

OHFWXUD 3RQJDPRV FRPR HMHPSOR HO ~OWLPR IDFWRU TXH KHPRV PHQFLRQDGR HO FRPSURPLVRTXHSXHGHWHQHUHOOHFWRUFRQXQDRSLQLyQVREUHHOWHPDTXHWUDWDHO DXWRU0XFKRVOHFWRUHVWHPHQTXHFRPHWHUtDQXQDGHVOHDOWDGFRQVXFRPSURPLVR DO DSDUWDUVH \  FXHVWLRQDU LPSHUVRQDOPHQWH OR TXH HVWiQ OH\ HQGR 6LQ HPEDUJR HVWRHVQHFHVDULRVLHPSUHTXHVHUHDOL]DXQDOHFWXUDDQDOtWLFD7DOVLWXDFLyQGHULYD GHODVUHJODVGHODOHFWXUDDOPHQRVGHODVUHJODVSDUDHOSHUILOHVWUXFWXUDO\ OD LQWHUSUHWDFLyQ6LTXHUHPRVUHVSRQGHUDODVGRVSULPHUDVSUHJXQWDVTXHVHGHEHQ SODQWHDU DQWH FXDOTXLHU FRVD TXH OHDPRV HQ SULPHU OXJDU WHQHPRV TXH JXDUGDUQRVQXHVWUDVSURSLDVRSLQLRQHVHQHOEROVLOORSRUDVtGHFLUOR1RSRGUHPRV FRPSUHQGHUXQOLEURVLQRVQHJDPRVDYHUORTXHGLFH 3UHFLVDPHQWHODFRWLGLDQHLGDGGHORVWpUPLQRV\ ODVSURSRVLFLRQHVGHODVREUDV GH FLHQFLDV VRFLDOHV FRQVWLWX\ HQ XQ REVWiFXOR SDUD OD FRPSUHQVLyQ DOJR TXH UHFRQRFHQPXFKRVHVSHFLDOLVWDVHQODPDWHULDTXHVHRSRQHQYLJRURVDPHQWHDOD XWLOL]DFLyQ GH WpUPLQRV \  FRQFHSWRV PiV R PHQRV WpFQLFRV HQ HO SHULRGLVPR SRSXODU\ HQRWUDVFODVHVGHHVFULWXUD3RGUtDPRVSRQHUFRPRHMHPSORGHWDOHV FRQFHSWRV HO 3URGXFWR 1DFLRQDO %UXWR 31%  (Q ODV REUDV VHULDV GH HFRQRPtD HVWHFRQFHSWRVHHPSOHDHQXQVHQWLGRUHODWLYDPHQWHOLPLWDGRSHURVHJ~QFLHUWRV HVSHFLDOLVWDVHQFLHQFLDVVRFLDOHVKD\ SHULRGLVWDV\ UHSRUWHURVTXHORXWLOL]DQFRQ GHPDVLDGDIUHFXHQFLDVLQFRPSUHQGHUUHDOPHQWHTXpVLJQLILFD(YLGHQWHPHQWH VLHODXWRUGHXQWH[WRWLHQHXQDLGHDFRQIXVDVREUHODXWLOL]DFLyQGHXQWpUPLQR WDPELpQODWHQGUiHOOHFWRU 9DPRV D LQWHQWDU DFODUDU HVWH SXQWR HVWDEOHFLHQGR XQD GLIHUHQFLD HQWUH ODV FLHQFLDV VRFLDOHV SRU XQD SDUWH \  ODV GHQRPLQDGDV FLHQFLDV GXUDV ²ItVLFD TXtPLFD HWF² SRU RWUD +HPRV YLVWR TXH HO DXWRU GH XQD REUD FLHQWtILFD WRPDQGR© FLHQWtILFRª HQHVWH~OWLPRVHQWLGR GHMDELHQFODURTXpSUHVXSRQH\ TXp GHVHD GHPRVWUDU \  DGHPiV VH DVHJXUD GH TXH SXHGDQ GHVFXEULUVH IiFLOPHQWHVXVWpUPLQRV\ SURSRVLFLRQHV&yPROOHJDUDXQDFXHUGRFRQHODXWRU \  GHVFXEULU ODV SURSRVLFLRQHV FRQVWLWX\ H OD WDUHD SULQFLSDO GH OD OHFWXUD GH FXDOTXLHUREUDGHHQVD\ RHQHOFDVRGHWDOHVOLEURVVHOHDKRUUDPXFKRWUDEDMRDO OHFWRU 'H WRGRV PRGRV pVWH SXHGH HQFRQWUDUVH FRQ GLILFXOWDGHV SRU OD IRUPD PDWHPiWLFDGHSUHVHQWDFLyQ\ VLQRFRPSUHQGHFODUDPHQWHORVDUJXPHQWRV\ OD EDVHH[SHULPHQWDORGHREVHUYDFLyQGHODVFRQFOXVLRQHVOHUHVXOWDUiGLItFLOFULWLFDU HO OLEUR HV GHFLU FRQWHVWDU D ODV VLJXLHQWHV SUHJXQWDV ¢HV YHUGDG" ¢4Xp LPSRUWDQFLDWLHQH"6LQHPEDUJRH[LVWHXQDVSHFWRPX\ LPSRUWDQWHHQHOTXHOD OHFWXUDGHHVWDFODVHGHOLEURVFLHQWtILFRVHVPiVIiFLOTXHODGHODPD\ RUtDGHORV HQVD\ RV 3RGUtDPRV H[SUHVDU GH RWUD PDQHUD OR TXH KDFH HO FLHQWtILFR © GXURª  © HVWLSXODUVXXVRª HVGHFLUSRQHUHQFRQRFLPLHQWRGHOOHFWRUTXpWpUPLQRVVRQ HVHQFLDOHV SDUD VX DUJXPHQWR \  FyPR YD D HPSOHDUORV 3RU OR JHQHUDO WDOHV HVWLSXODFLRQHV DSDUHFHQ DO SULQFLSLR GHO OLEUR HQ IRUPD GH GHILQLFLRQHV SRVWXODGRV D[LRPDV HWF &RPR OD HVWLSXODFLyQ GHO XVR FRQVWLWX\ H XQD

FDUDFWHUtVWLFD GH HVWRV FDPSRV VH GLFH TXH VRQ FRPR MXHJRV R TXH WLHQHQ XQD © HVWUXFWXUDGHMXHJRª /DHVWLSXODFLyQGHOXVRHTXLYDOHDHVWDEOHFHUODVUHJODVGH XQ MXHJR 6L TXHUHPRV MXJDU DO SyTXHU QR GLVFXWLPRV VL WUHV FDUWDV GH XQ SDOR WLHQHQPiVYDORUTXHGRVSDUHVGHRWURVLTXHUHPRVMXJDUDOEULGJHWDPSRFRVH QRVRFXUUHSRQHUHQWHODGHMXLFLRODVQRUPDVVHQFLOODPHQWHODVUHVSHWDPRV'H LJXDOPRGRQRFXHVWLRQDPRVODVHVWLSXODFLRQHVGHXQFLHQWtILFR© GXURª DOOHHUXQ OLEURVX\ R/DVDFHSWDPRV\ SURFHGHPRVDSDUWLUGHHOODV +DVWDpSRFDEDVWDQWHUHFLHQWHODHVWLSXODFLyQGHOXVRQRHUDWDQFRUULHQWHHQ ODVFLHQFLDVVRFLDOHVFRPRHQODV© GXUDVª FRQVLVWLHQGRXQDGHODVUD]RQHVHQTXH DTXpOODVQRHVWDEDQWDQVRPHWLGDVDODVPDWHPiWLFDV2WUDUD]yQHVWULEDEDHQTXH HVD HVWLSXODFLyQ GHO XVR UHVXOWD PiV GLItFLO HQ ODV FLHQFLDV VRFLDOHV R GH OD FRQGXFWD 8QD FRVD HV GHILQLU XQ FtUFXOR R XQ WULiQJXOR LVyVFHOHV \  RWUD PX\ GLVWLQWDGHILQLUXQDGHSUHVLyQHFRQyPLFDRODVDOXGPHQWDO,QFOXVRVLXQFLHQWtILFR VRFLDO LQWHQWD GHILQLU WDOHV WpUPLQRV VXV OHFWRUHV WHQGHUiQ D FXHVWLRQDUVH HO XVR TXH KDFH GH HOORV HQ FRQVHFXHQFLD HVH HVSHFLDOLVWD WLHQH TXH VHJXLU OXFKDQGR FRQ VXV SURSLRV WpUPLQRV GXUDQWH WRGD OD REUD \  VX OXFKD OH FUHD SUREOHPDV DO OHFWRU /DVGLILFXOWDGHVPiVLPSRUWDQWHVDODKRUDGHOHHUFLHQFLDVVRFLDOHVSURFHGHQ GHOKHFKRGHTXHHVWHFDPSRHVXQJpQHURHQVD\ tVWLFRPL[WRQRSXUR
FDER VLQR WDPELpQ OD SULQFLSDO 6L HV FDSD] GH LGHQWLILFDU WRGRV ORV KLORV TXH FRQIRUPDQHOOLEURTXHHVWiOH\ HQGRKDEUiUHFRUULGRXQODUJRFDPLQRKDFLDVX FRPSUHQVLyQ 3HUILODU XQ OLEUR VREUH FLHQFLDV VRFLDOHV QR SODQWHD SUREOHPDV HVSHFLDOHV SHURFRPR\ DKHPRVLQGLFDGROOHJDUDXQDFXHUGRFRQHODXWRUSXHGHUHVXOWDU VXPDPHQWHGLItFLOGHELGRDODUHODWLYDLQFDSDFLGDGGHpVWHSDUDHVWLSXODUHOXVR GH ORV WpUPLQRV 1R REVWDQWH QRUPDOPHQWH VH SXHGH OOHJDU D XQ HQWHQGLPLHQWR FRP~QGHORVWpUPLQRVFODYH'HORVWpUPLQRVSDVDPRVDODVSURSRVLFLRQHV\ DORV DUJXPHQWRV DOJR TXH WDPSRFR VXHOH SODQWHDU SUREOHPDV VL VH WUDWD GH XQ EXHQ OLEUR SHUR OD ~OWLPD SUHJXQWD D VDEHU ¢TXp LPSRUWDQFLD WLHQH" UHTXLHUH XQD DFWLWXGVXPDPHQWHPRGHUDGDSRUSDUWHGHOOHFWRU(VDKRUDFXDQGRSXHGHGDUVH OD VLWXDFLyQ TXH KHPRV GHVFULWR DQWHULRUPHQWH R VHD OD VLWXDFLyQ HQ OD TXH HO OHFWRUGLFH© 1ROHHQFXHQWURGHIHFWRVDODVFRQFOXVLRQHVGHODXWRUSHURGHWRGRV PRGRV QR HVWR\  GH DFXHUGR FRQ pOª  1DWXUDOPHQWH HVWR RFXUUH GHELGR D ORV SUHMXLFLRVTXHWHQJDHOOHFWRUUHVSHFWRDOHQIRTXH\ ODVFRQFOXVLRQHVGHODXWRU /DOHFWXUDGHREUDVGHFLHQFLDVVRFLDOHV (Q HO SUHVHQWH FDStWXOR KHPRV XWLOL]DGR OD H[SUHVLyQ © ELEOLRJUDItD GH ODV FLHQFLDV VRFLDOHVª  HQ OXJDU GH © REUDV VREUH FLHQFLDV VRFLDOHVª  HQ PiV GH XQD RFDVLyQ/DUD]yQHVWULEDHQTXHHQHVWHWHUUHQRHVFRVWXPEUHOHHUYDULRVOLEURV VREUHHOWHPDQRVyORXQR\ QRVyORSRUTXHODVFLHQFLDVVRFLDOHVFRQVWLWX\ DQXQ FDPSR UHODWLYDPHQWH QXHYR TXH D~Q QR FXHQWD FRQ GHPDVLDGRV FOiVLFRV VLQR WDPELpQSRUTXHFXDQGROHHPRVVREUH HOWHPDQRUPDOPHQWHQRVILMDPRV HQ XQ SUREOHPDRSXQWRFRQFUHWRVQRHQXQDXWRURXQOLEURFRQFUHWRV6LQRVLQWHUHVDOD DSOLFDFLyQ GH ODV OH\ HV SRU HMHPSOR OHHPRV PHGLD GRFHQD GH REUDV VREUH HO WHPDRQXHVWURVLQWHUHVHVSXHGHQFRQVLVWLUHQODVUHODFLRQHVHQWUHODVUD]DVROD HGXFDFLyQRORVLPSXHVWRVRORVSUREOHPDVGHODDGPLQLVWUDFLyQORFDO&RPRQR VXHOH H[LVWLU XQD VROD REUD FRQ VXILFLHQWH DXWRULGDG HQ QLQJXQR GH HVWRV WHPDV WHQHPRVTXHOHHUYDULDV8QLQGLFLRGHORTXHDFDEDPRVGHGHFLUHVTXHLQFOXVR ORVHVSHFLDOLVWDVWLHQHQTXHUHYLVDU\ UHHGLWDUFRQVWDQWHPHQWHVXVOLEURVFRQHOILQ GH PDQWHQHUVH DO GtD \  ODV REUDV PiV UHFLHQWHV GHMDQ UiSLGDPHQWH REVROHWDV D ODVDQWHULRUHV &RPR \ D KHPRV REVHUYDGR HQ HO WHUUHQR GH OD ILORVRItD VH SURGXFH XQD VLWXDFLyQ KDVWD FLHUWR SXQWR VHPHMDQWH 3DUD FRPSUHQGHU SOHQDPHQWH D XQ ILOyVRIR KD\  TXH LQWHQWDU OHHU D ORV ILOyVRIRV TXH pO KD OHtGR ORV TXH OH KDQ LQIOXLGR 7DPELpQ HV HVWR DSOLFDEOH KDVWD FLHUWR SXQWR DO WHUUHQR GH OD KLVWRULD GRQGHVXJHULPRVTXHSDUDDYHULJXDUODYHUGDGGHOSDVDGRVHOHDQYDULRVOLEURV QRVyORXQR3HURHQHVWRVFDVRVH[LVWHQPiVSRVLELOLGDGHVGHHQFRQWUDUXQDREUD FRQDXWRULGDG(QODVFLHQFLDVVRFLDOHVHVWRQRRFXUUHFRQWDQWDIUHFXHQFLD\ SRU

WDOPRWLYRKDFHPiVIDOWDOHHUYDULDVREUDV /DVUHJODVGHODOHFWXUDDQDOtWLFDQRVRQHQVtDSOLFDEOHVDODOHFWXUDGHYDULDV REUDVVREUHHOPLVPRWHPD1DWXUDOPHQWHVtSXHGHQDSOLFDUVHDFDGDXQRGHORV OLEURV SRU VHSDUDGR \  KHPRV GH VHJXLU WDOHV UHJODV VL TXHUHPRV OHHUORV GHELGDPHQWH SHUR VH UHTXLHUHQ QXHYDV UHJODV DO SDVDU GHO WHUFHU QLYHO HO DQDOtWLFR DOFXDUWRHOSDUDOHOR $KRUD\ DHVWDPRVSUHSDUDGRVSDUDDFRPHWHUOR WUDVKDEHUYLVWRVXQHFHVLGDGSRUHVWDFDUDFWHUtVWLFDGHODVFLHQFLDVVRFLDOHV &UHHPRV TXH HO OHFWRU FRPSUHQGHUi SRU TXp KHPRV UHOHJDGR OD H[SRVLFLyQ VREUH ODV FLHQFLDV VRFLDOHV DO ~OWLPR FDStWXOR GH OD WHUFHUD SDUWH \  SRU TXp OD KHPRVRUJDQL]DGRGHHVWDPDQHUD(PSH]DPRVFRQODOHFWXUDGHOLEURVSUiFWLFRV TXHSUHVHQWDQGLIHUHQFLDVFRQWRGRVORVGHPiVGHELGRDXQDREOLJDFLyQHVSHFLDO ODGHDFWXDUVLHOOHFWRUHVWiGHDFXHUGRFRQHOORV\ DFHSWDORTXHHVWiOH\ HQGR$ FRQWLQXDFLyQWUDWDPRVODILFFLyQ\ ODSRHVtDTXHSODQWHDQSUREOHPDVHVSHFLDOHV GLVWLQWRV D ORV GH ODV REUDV GH HQVD\ R 3RU ~OWLPR WRFDPRV ORV WUHV WLSRV GH HVFULWXUD WHyULFD HQVD\ tVWLFD FLHQFLD \  PDWHPiWLFDV ILORVRItD \  FLHQFLDV VRFLDOHV3RUHOORHOSUHVHQWHFDStWXORVLUYHDODYH]FRPRILQDOGHODWHUFHUDSDUWH \ FRPRLQWURGXFFLyQDODFXDUWD

&8$57$3$57( 2EMHWLYRV~OWLPRVGHODOHFWXUD

 (/&8$5721,9(/'(/(&785$/$/(&785$3$5$/(/$

+DVWD HO PRPHQWR QR KHPRV GLFKR QDGD HQ FRQFUHWR VREUH OD OHFWXUD GH GRV R PiV OLEURV VREUH HO PLVPR WHPD 6t KHPRV LQWHQWDGR VXJHULU TXH FXDQGR VH GLVFXWHQ FLHUWRV WHPDV KD\  TXH OHHU PiV GH XQ OLEUR \  WDPELpQ KHPRV PHQFLRQDGR GH PRGR XQ WDQWR LQIRUPDO REUDV \  DXWRUHV UHODFLRQDGRV HQ GLYHUVRVFDPSRV6DEHUTXHPiVGHXQOLEURWLHQHUHOHYDQFLDUHVSHFWRDXQWHPD HQ FRQFUHWR FRQVWLWX\ H HO SULPHU UHTXLVLWR SDUD FXDOTXLHU SUR\ HFWR GH OHFWXUD SDUDOHOD VLHQGR HO VHJXQGR UHTXLVLWR VDEHU TXp OLEURV KD\  TXH OHHU HQ OtQHDV JHQHUDOHV (O VHJXQGR UHTXLVLWR UHVXOWD PXFKR PiV GLItFLO GH FXPSOLU TXH HO SULPHUR /D GLILFXOWDG VH SRQH GH PDQLILHVWR HQ FXDQWR H[DPLQDPRV OD IUDVH © GRV R PiV OLEURV VREUH HO PLVPR WHPDª  ¢$ TXp QRV UHIHULPRV FXDQGR GHFLPRV © HO PLVPR WHPDª " 4XL]i UHVXOWH FODUR FXDQGR VH WUDWD GH XQ VROR SHUtRGR R DFRQWHFLPLHQWR KLVWyULFR SHUR QR VH HQFXHQWUD WDO FODULGDG SUiFWLFDPHQWH HQ QLQJXQD RWUD HVIHUD 7DQWR /R TXH HO YLHQWR VH OOHYy FRPR *XHUUD \ SD] VRQ QRYHODVVREUHXQDJUDQJXHUUDSHURVyORHQHVHSXQWRVHDVHPHMDQ/DFDUWXMDGH 3DUPD GH 6WHQGKDO © WUDWDª  HO PLVPR FRQIOLFWR D VDEHU ODV JXHUUDV QDSROHyQLFDVRPiVELHQODJXHUUDFRPRWDOHQJHQHUDO/DJXHUUDSURSRUFLRQD HOFRQWH[WRRWHOyQGHIRQGR²FRPRRFXUUHFRQJUDQSDUWHGHODYLGDGHORVVHUHV KXPDQRV² SHUR ORV DXWRUHV FHQWUDQ OD DWHQFLyQ GH ORV OHFWRUHV HQ ODV QDUUDFLRQHV3RGHPRVDSUHQGHUDOJRVREUHODJXHUUD²GHKHFKR7ROVWyLGLMRHQ XQDRFDVLyQTXHKDEtDDSUHQGLGRJUDQSDUWHGHORTXHVDEtDVREUHODVEDWDOODVHQ ODQDUUDFLyQGH6WHQGKDOVREUHODEDWDOODGH:DWHUORR²SHURQRUHFXUULPRVQLD pVWDV QL D RWUDV QRYHODV VL HO REMHWLYR IXQGDPHQWDO TXH SHUVHJXLPRV FRQVLVWH HQ HVWXGLDUODJXHUUD (O OHFWRU SRGUtD KDEHU DQWLFLSDGR TXH HVWD VLWXDFLyQ VH DSOLFD DO FDVR GH OD ILFFLyQ IDFWRU LQKHUHQWH D OD PLVPD SRU HO KHFKR GH TXH HO QRYHOLVWD QR VH FRPXQLFD DO PRGR GHO DXWRU GH HQVD\ RV SHUR OD VLWXDFLyQ WDPELpQ VH DSOLFD D HVWDFODVHGHREUDV

6XSRQJDPRVSRUHMHPSORTXHQRVLQWHUHVDOHHUVREUHODLGHDGHODPRU&RPR OD ELEOLRJUDItD VREUH HO WHPD HV PX\  H[WHQVD QR QRV YHUtDPRV HQ GHPDVLDGDV GLILFXOWDGHVDODKRUDGHFRQIHFFLRQDUXQDOLVWDGHREUDVDOUHVSHFWR6XSRQJDPRV WDPELpQTXHODREWHQHPRVSLGLHQGRFRQVHMRDGLYHUVDVSHUVRQDVEXVFDQGRHQXQD EXHQD ELEOLRWHFD \  H[DPLQDQGR WtWXORV HQ XQ EXHQ WUDWDGR VREUH HO WHPD 3RU ~OWLPR VXSRQJDPRV DGHPiV TXH QRV OLPLWDPRV D ORV HQVD\ RV D SHVDU GHO LQGXGDEOHLQWHUpVGHQRYHOLVWDV\ SRHWDVHQHOWHPD0iVDGHODQWHH[SOLFDUHPRV SRUTXpFRQVLGHUDPRVDFRQVHMDEOHWDODFWLWXG (PSH]DPRVDH[DPLQDUORVWtWXORV GHODELEOLRJUDItDUHXQLGD\ ¢TXpHQFRQWUDPRV" ,QFOXVR FRQ XQ H[DPHQ VXSHUILFLDO YHUtDPRV XQD DPSOLD JDPD GH UHIHUHQFLDV$SHQDVH[LVWHDFFLyQKXPDQDTXHQRVHKD\ DGHQRPLQDGRGHXQDX RWUDIRUPDDFWRGHDPRUQROLPLWiQGRVHpVWHDODHVIHUDGHORVVHUHVKXPDQRV6L OOHJDPRVOREDVWDQWHOHMRVHQODOHFWXUDGHVFXEULUHPRVTXHVHKDDWULEXLGRDPRU DFDVLWRGRORTXHH[LVWHHQHO8QLYHUVR +DVWDGHODVSLHGUDVVHGLFHTXHDPDQHOFHQWURGHODWLHUUD\ GHOPRYLPLHQWR DVFHQGHQWH GHO IXHJR TXH HV XQD IXQFLyQ GH VX DPRU /D DWUDFFLyQ GH ODV OLPDGXUDVGHKLHUURKDFLDXQLPiQVHGHVFULEHFRPRXQHIHFWRGHODPRU6HKDQ HVFULWRWUDWDGRVVREUHODYLGDDPRURVDGHODVDPHEDVGHODGHORVSDUDPHFLRVORV JXVDQRV\ ODVKRUPLJDVSRUQRKDEODUGHORVGHQRPLQDGRVDQLPDOHVVXSHULRUHV GHORVTXHVHSLHQVDTXHTXLHUHQDVXVDPRV\ TXHWDPELpQVHTXLHUHQHQWUHVt &XDQGRVHWUDWDGHVHUHVKXPDQRVYHPRVTXHORVDXWRUHVKDEODQ\ HVFULEHQVREUH VXDPRUSRUKRPEUHVPXMHUHVXQKRPEUHXQDPXMHUORVQLxRVHOORVPLVPRV OD KXPDQLGDG HO GLQHUR HO DUWH ORV SULQFLSLRV XQD FDXVD XQD RFXSDFLyQ R SURIHVLyQODDYHQWXUDODVHJXULGDGODVLGHDVODYLGDFDPSHVWUHHOKHFKRPLVPR GHDPDUXQILOHWHRXQDFODVHGHYLQR(QFLHUWRVWUDWDGRVPX\ VHVXGRVVHGLFH TXH ORV PRYLPLHQWRV GH ORV FXHUSRV FHOHVWHV HVWiQ LQVSLUDGRV SRU HO DPRU HQ RWURV iQJHOHV \  GHPRQLRV VH GLVWLQJXHQ SRU ODV FXDOLGDGHV GH VX DPRU < QDWXUDOPHQWH'LRVHVDPRU $QWHWDOFDQWLGDGGHGDWRV¢FyPRHVWDEOHFHUHOWHPDGHQXHVWUDLQYHVWLJDFLyQ" ¢3RGHPRVWHQHUODFHUWH]DGHTXHH[LVWHXQVRORWHPD"$XQTXHHPSOHDQGRRWUR YHUERFXDQGRXQDSHUVRQDGLFH© $GRURHOTXHVRª \ RWUD© $GRURHOI~WEROª \ XQD WHUFHUD © $GRUR D OD KXPDQLGDGª  ¢HVWiQ XWLOL]DQGR HVD SDODEUD FRQ XQ VLJQLILFDGR FRP~Q" $O ILQ \  DO FDER HO TXHVR VH FRPH SHUR QR HO I~WERO QL OD KXPDQLGDG\ FXDOTXLHUDTXHVHDHOVLJQLILFDGRGH© $GRURDODKXPDQLGDGª QR SDUHFH DSOLFDEOH QL DO TXHVR QL DO I~WERO < VLQ HPEDUJR ODV WUHV SHUVRQDV KDQ XWLOL]DGRODPLVPDSDODEUD¢([LVWHXQDUD]yQSURIXQGDSDUDHOORXQDUD]yQTXH QRUHVXOWDHYLGHQWHDSULPHUDYLVWD"'LItFLOFRPRHVODSUHJXQWD¢SRGHPRVGHFLU TXHKHPRVLGHQWLILFDGR© HOPLVPRWHPDª KDVWDKDEHUODFRQWHVWDGR" $QWH WDQ FDyWLFD VLWXDFLyQ HO OHFWRU SXHGH GHFLGLU OLPLWDUVH D LQYHVWLJDU HO DPRUKXPDQRHODPRUHQWUHVHUHVKXPDQRVGHOPLVPRRGHORVGRVVH[RVGHOD PLVPD HGDG R GH HGDGHV GLIHUHQWHV \  DVt VXFHVLYDPHQWH &RQ HVR H[FOXLUtD ORV

WUHV HQXQFLDGRV DQWHULRUHV SHUR GH WRGRV PRGRV LQFOXVR OH\ HQGR XQD SHTXHxD SDUWH GH ORV OLEURV GLVSRQLEOHV VREUH HO WHPD D~Q WHQGUtD PXFKR TXH FRQVXOWDU 'HVFXEULUtD SRU HMHPSOR TXH VHJ~Q DOJXQRV HVFULWRUHV HO DPRU HV XQ VLPSOH QRPEUH SDUD OD DWUDFFLyQ TXH FDVL WRGRV ORV DQLPDOHV VLHQWHQ SRU ORV PLHPEURV GHO VH[R FRQWUDULR SHUR WDPELpQ TXH RWURV DXWRUHV VRVWLHQHQ TXH HO DPRU SURSLDPHQWH GLFKR QR FRQWLHQH QLQJ~Q GHVHR DGTXLVLWLYR \  TXH FRQVLVWH HQ SXUD JHQHURVLGDG ¢7LHQHQ DOJR HQ FRP~Q HO GHVHR DGTXLVLWLYR \  OD JHQHURVLGDG FRQVLGHUDQGRTXHHOSULPHURVLHPSUHVXSRQHTXHUHUDOJ~QELHQSDUDXQRPLVPR PLHQWUDVTXHODJHQHURVLGDGVXSRQHTXHUHUXQELHQSDUDRWUR" $O PHQRV HO GHVHR DGTXLVLWLYR \  OD JHQHURVLGDG WLHQHQ HQ FRP~Q XQD WHQGHQFLDHOGHVHRHQXQVHQWLGRPX\ DEVWUDFWRGHOWpUPLQRSHURODLQYHVWLJDFLyQ GH OD ELEOLRJUDItD VREUH HO WHPD UHYHODUi DO SRFR WLHPSR OD H[LVWHQFLD GH HVFULWRUHV TXH FRQFLEHQ OD HVHQFLD GHO DPRU FRPR DOJR FRJQLWLYR QR DSHWLWLYR 6HJ~Q WDOHV HVFULWRUHV HO DPRU HV XQ DFWR LQWHOHFWXDO QR HPRFLRQDO R HQ RWUDV SDODEUDVVDEHUTXHRWUDSHUVRQDHVDGPLUDEOHVLHPSUHSUHFHGHGHVHDUOD HQ XQR GHORVGRVVHQWLGRVGHOGHVHR1RQLHJDQTXHLQWHUYHQJDHOGHVHRSHURVtTXHVH GHQRPLQHDPRUDOGHVHR $ FRQWLQXDFLyQ YDPRV D VXSRQHU ²FUHHPRV TXH SXHGH KDFHUVH WDO FRVD² TXH HO OHFWRU VDEH LGHQWLILFDU XQ VLJQLILFDGR FRP~Q D ODV GLYHUVDV FRQFHSFLRQHV GHO DPRU $XQ DVt QR KDEUi UHVXHOWR WRGRV ORV SUREOHPDV SODQWHDGRV &RQVLGHUHPRV ODV IRUPDV GH PDQLIHVWDUVH TXH WLHQH HO DPRU HQWUH ORV VHUHV KXPDQRV ¢(V LJXDO HO DPRU HQWUH XQ KRPEUH \  XQD PXMHU GXUDQWH HO QRYLD]JR TXHHQHOPDWULPRQLRFXDQGRWLHQHQYHLQWHDxRVTXHFXDQGRWLHQHQVHWHQWD"¢(VHO DPRU TXH VLHQWH XQD PXMHU SRU VX PDULGR LJXDO DO TXH SURIHVD D VXV KLMRV" ¢&DPELDHODPRUGHXQDPXMHUSRUVXVKLMRVFXDQGRpVWRVVHKDFHQPD\ RUHV"¢(V HO DPRU GH XQ KRPEUH SRU VX KHUPDQD LJXDO TXH HO TXH VLHQWH SRU VX SDGUH" ¢&DPELDHODPRUGHXQQLxRSRUVXVSDGUHVDPHGLGDTXHYDFUHFLHQGR"(ODPRU TXH VLHQWH XQ KRPEUH SRU XQD PXMHU \ D VHD VX HVSRVD R QR ¢HV LJXDO TXH OD DPLVWDGTXHPDQWLHQHFRQRWURKRPEUH\ VXSRQHDOJXQDGLIHUHQFLDODFODVHGH UHODFLyQTXHWHQJDFRQpOHVGHFLUVLYDFRQpODWRPDUFRSDVVLVRQFRPSDxHURV GHWUDEDMRRVLGLVIUXWDGHVXFRPSDxtDLQWHOHFWXDO"(OKHFKRGHTXH© DPRUª \ © DPLVWDGª  VHDQ SDODEUDV GLVWLQWDV ¢VLJQLILFD TXH GLILHUHQ ODV HPRFLRQHV TXH GHVLJQDQ VL HV HVWR HQ UHDOLGDG OR TXH GHVLJQDQ " ¢3XHGHQ VHU DPLJRV GRV KRPEUHVGHGLVWLQWDVHGDGHV"¢3XHGHQVHUDPLJRVVLWLHQHQPDUFDGDVGLIHUHQFLDV HQRWURVDVSHFWRVFRPRHQFXDQWRDULTXH]DVHUHILHUHRDJUDGRGHLQWHOLJHQFLD" ¢3XHGHQ PDQWHQHU XQD UHODFLyQ GH DPLVWDG ODV PXMHUHV" ¢3XHGHQ VHU DPLJRV KHUPDQRV\ KHUPDQDVRGRVKHUPDQRVRGRVKHUPDQDV"¢3XHGHPDQWHQHUVHOD DPLVWDGFRQXQDSHUVRQDDODTXHVHSUHVWDGLQHURRDODTXHVHOHSLGHSUHVWDGR" &DVRFRQWUDULR¢SRUTXp"¢3XHGHXQPXFKDFKRTXHUHUDVXSURIHVRU"¢6XSRQHXQD GLIHUHQFLD TXH HO SURIHVRU VHD KRPEUH R PXMHU" 6L H[LVWLHUDQ DXWyPDWDV KXPDQRLGHV ¢SRGUtDQ TXHUHUORV ORV VHUHV KXPDQRV" 6L GHVFXEULpVHPRV VHUHV

LQWHOLJHQWHV HQ 0DUWH X RWUR SODQHWD ¢SRGUtDPRV TXHUHUORV" ¢3RGHPRV TXHUHU D DOJXLHQ D TXLpQ QR FRQRFHPRV FRPR XQD HVWUHOOD GH FLQH R DO SUHVLGHQWH GHO JRELHUQR" 6L VHQWLPRV TXH RGLDPRV D DOJXLHQ ¢VH WUDWD HQ UHDOLGDG GH XQD H[SUHVLyQGHDPRU" eVWDVVRQWDQVyORDOJXQDVGHODVSUHJXQWDVTXHVXUJLUtDQDSDUWLUGHODOHFWXUD GH XQD SHTXHxD SDUWH GH ODV REUDV GH HQVD\ R VREUH HO DPRU SHUR SRGUtDQ SODQWHDUVHPXFKDVRWUDV6LQHPEDUJRFUHHPRVKDEHUGHMDGRVXILFLHQWHPHQWHHQ FODURORTXHTXHUtDPRVGHFLU&XDOTXLHUSUR\ HFWRGHOHFWXUDSDUDOHODFRQOOHYDXQD FXULRVD SDUDGRMD $XQTXH GHILQLPRV HVWH QLYHO FRPR OD OHFWXUD GH GRV R PiV OLEURV VREUH HO PLVPR WHPD OR TXH VLJQLILFD TXH DQWHV GH LQLFLDUOD OR KHPRV LGHQWLILFDGR HQ FLHUWR VHQWLGR HV YHUGDG TXH WDO LGHQWLILFDFLyQ GHEH VHJXLU D OD OHFWXUD QR SUHFHGHUOD (Q HO FDVR GHO DPRU TXL]i VH KD\ DQ OHtGR GRFH R FLHQ REUDVDQWHVGHSRGHUGHFLGLUVREUHTXpKHPRVOHtGR\ XQDYH]KHFKRHVWRTXL]i VHOOHJXHDODFRQFOXVLyQGHTXHODPLWDGGHODVREUDVOHtGDVQRWLHQHQQDGDTXH YHUFRQHOWHPD /DIXQFLyQGHODLQVSHFFLyQHQODOHFWXUDSDUDOHOD +HPRV VHxDODGR HQ PiV GH XQD RFDVLyQ TXH ORV QLYHOHV GH OHFWXUD VRQ DFXPXODWLYRV TXH XQ QLYHO VXSHULRU DEDUFD WRGRV ORV TXH OR SUHFHGHQ R VH HQFXHQWUDQ SRU GHEDMR GH pO +D OOHJDGR HO PRPHQWR GH H[SOLFDU TXp VLJQLILFD HVWRHQHOFDVRGHODOHFWXUDSDUDOHOD 5HFRUGDUiHOOHFWRUTXHDOH[SRQHUODUHODFLyQHQWUHODOHFWXUDGHLQVSHFFLyQ\ ODDQDOtWLFDGHFtDPRVTXHORVGRVSDVRVGHODSULPHUD²ODSUHOHFWXUD\ ODOHFWXUD VXSHUILFLDO² DQWLFLSDEDQ ORV GRV SULPHURV SDVRV GH OD VHJXQGD /D SUHOHFWXUD D\ XGDDSUHSDUDUVHSDUDHOSULPHUSDVRGHODOHFWXUDDQDOtWLFDHQHOWUDQVFXUVR GHODFXDOVHLGHQWLILFDHOWHPDGHORTXHVHHVWiOH\ HQGRVHHQXQFLDODFODVHGH OLEUR TXH HV \  VH SHUILOD OD HVWUXFWXUD /D OHFWXUD VXSHUILFLDO DXQTXH WDPELpQ UHVXOWD ~WLO HQ HO SULPHU SDVR GH OD OHFWXUD DQDOtWLFD FRQVWLWX\ H VREUH WRGR XQD SUHSDUDFLyQ SDUD HO VHJXQGR SDVR D OD KRUD GH LQWHUSUHWDU HO FRQWHQLGR GH XQD REUD OOHJDQGR D XQ DFXHUGR FRQ HO DXWRU UHFRQRFLHQGR VXV SURSRVLFLRQHV \ VLJXLHQGRVXVDUJXPHQWRV $QiORJDPHQWH WDQWR OD OHFWXUD GH LQVSHFFLyQ FRPR OD DQDOtWLFD SXHGHQ FRQVLGHUDUVHDQWLFLSDFLyQRSUHSDUDFLyQSDUDODSDUDOHOD\ GHKHFKRHVHQHVWH SXQWR GRQGH OD SULPHUD VH FRQYLHUWH HQ XQ LQVWUXPHQWR IXQGDPHQWDO SDUD HO OHFWRU 6XSRQJDPRVXQDYH]PiVTXHpVWHFXHQWDFRQXQDELEOLRJUDItDGHXQRVFLHQ WtWXORV WRGRV ORV FXDOHV SDUHFHQ WUDWDU HO WHPD GHO DPRU 6L GHGLFD XQD OHFWXUD DQDOtWLFDDWRGRV\ FDGDXQRGHHOORVQRVyORDFDEDUiFRQXQDLGHDEDVWDQWHFODUD VREUHHOWHPDTXHHVWiLQYHVWLJDQGR²HO© PLVPRWHPDª GHOSUR\ HFWRGHOHFWXUD

SDUDOHOD²VLQRTXHWDPELpQVDEUiTXpREUDGHHQWUHWRGDVODVOHtGDVQRYHUVD VREUHGLFKRWHPD\SRUFRQVLJXLHQWHFDUHFHGHUHOHYDQFLDSDUDVXVQHFHVLGDGHV SHUR SDUD OHHU FLHQ OLEURV DQDOtWLFDPHQWH QHFHVLWDUtD GLH] DxRV H LQFOXVR VL SXGLHVH GHGLFDU WRGR VX WLHPSR DO SUR\ HFWR WDUGDUtD PXFKRV PHVHV 6DOWD D OD YLVWDTXHWHQGUiTXHWRPDUXQDWDMRDQWHODSDUDGRMDGHODOHFWXUDSDUDOHODTXH \ DKHPRVPHQFLRQDGR (O DWDMR VH OR SURSRUFLRQDUi OD GHVWUH]D HQ OD OHFWXUD GH LQVSHFFLyQ /R SULPHURTXHKD\ TXHKDFHUXQDYH]UHXQLGDWRGDODELEOLRJUDItDHVLQVSHFFLRQDU WRGRVORVOLEURVGHOD OLVWD 1R GHEH UHDOL]DU XQD OHFWXUD DQDOtWLFD GH QLQJXQR GH HOORV DQWHV GH KDEHUORV LQVSHFFLRQDGR WRGRV /D OHFWXUD GH LQVSHFFLyQ QR OH IDPLOLDUL]DUiFRQWRGDVODVFRPSOHMLGDGHVGHOWHPDQLFRQWRGDVODVLGHDVGHORV DXWRUHV SHUR Vt GHVHPSHxDUi GRV IXQFLRQHV HVHQFLDOHV (Q SULPHU OXJDU OH RIUHFHUi XQD LGHD VXILFLHQWHPHQWH FODUD GHO WHPD GH PRGR TXH UHVXOWH SURGXFWLYDODSRVWHULRUOHFWXUDDQDOtWLFDGHDOJXQRVOLEURV\HQVHJXQGROXJDUOH SHUPLWLUi UHFRUWDU XQ WDQWR OD ELEOLRJUDItD 1R VH QRV RFXUUH RWUR FRQVHMR TXH SXHGD WHQHU PD\ RU XWLOLGDG SDUD ORV HVWXGLDQWHV VREUH WRGR SDUD OLFHQFLDGRV H LQYHVWLJDGRUHVTXHHOTXHDFDEDPRVGHVXJHULU6HJ~QQXHVWUDH[SHULHQFLDKD\ HVWXGLDQWHV GH HVWRV QLYHOHV DYDQ]DGRV FRQ FLHUWD FDSDFLGDG SDUD OHHU DFWLYD \ DQDOtWLFDPHQWH 7DO YH] QR VHDQ PX\  QXPHURVRV QL OHFWRUHV SHUIHFWRV SHUR DO PHQRV VDEHQ FyPR OOHJDU DO Q~FOHR GH XQ OLEUR IRUPXODU HQXQFLDGRV UD]RQDEOHPHQWH LQWHOLJLEOHV VREUH pO \  HQFDMDUOR HQ XQ SODQ SDUD GHVDUUROODU HO WHPD HOHJLGR 6LQ HPEDUJR VH HVIXHU]DQ HQ YDQR SRUTXH QR FRPSUHQGHQ TXH KD\TXHOHHUXQRVOLEURVFRQPD\RUUDSLGH]TXHRWURV'HGLFDQHOPLVPRWLHPSR\ ORV PLVPRV HVIXHU]RV D WRGRV \  FDGD XQR GH ORV OLEURV R DUWtFXORV \ HQ FRQVHFXHQFLDQROHHQORVTXHUHDOPHQWHPHUHFHQXQDEXHQDOHFWXUDWRGRORELHQ TXHGHEHUtDQKDFHUORGHVDSURYHFKDQGRHOWLHPSRFRQREUDVTXHPHUHFHQPHQRV DWHQFLyQ /DSHUVRQDTXHKDORJUDGRGHVWUH]DHQODOHFWXUDGHLQVSHFFLyQKDFHDOJRPiV TXHFODVLILFDUXQOLEURPHQWDOPHQWH\ REWHQHUXQFRQRFLPLHQWRVXSHUILFLDOGHVX FRQWHQLGR(QHOHVFDVRWLHPSRTXHWDUGDHQOOHYDUDFDERODLQVSHFFLyQWDPELpQ GHVFXEUHVLHOOLEURHQFXHVWLyQGLFHDOJRLPSRUWDQWHVREUHHOWHPDTXHOHLQWHUHVD R QR 4XL]i QR VHSD WRGDYtD HQ TXp FRQVLVWH FRQ SUHFLVLyQ HVH DOJR \ SUREDEOHPHQWHWHQGUiTXHHVSHUDUDRWUDOHFWXUDSDUDUHDOL]DUWDOGHVFXEULPLHQWR SHUR Vt KDEUi DSUHQGLGR XQR GH ORV GRV DVSHFWRV VLJXLHQWHV ELHQ VH WUDWD GH XQ OLEURDOTXHGHEHYROYHUELHQSRULQIRUPDWLYRRDPHQRTXHVHDpVWHQRFRQWLHQH QDGDHVFODUHFHGRU\SRUFRQVLJXLHQWHQRWLHQHTXHYROYHUDOHHUOR ([LVWHXQDUD]yQSDUDTXHFRQPXFKDIUHFXHQFLDQRVHVLJDHVWHFRQVHMR(Q HOFDVRGHODOHFWXUDDQDOtWLFDGHFtDPRVTXHHOOHFWRUGLHVWURGDDODYH]XQDVHULH GH SDVRV TXH HO SULQFLSLDQWH WLHQH TXH FRQVLGHUDU GLVWLQWRV 3RU DQDORJtD SRGUtD SDUHFHUTXHHVWDSUHSDUDFLyQSDUDODOHFWXUDSDUDOHOD²ODLQVSHFFLyQGHWRGRVORV

OLEURV GH OD OLVWD DQWHV GH LQLFLDU OD OHFWXUD DQDOtWLFD GH FXDOTXLHUD GH HOORV² GHEHUtD UHDOL]DUVH DO PLVPR WLHPSR TXH OD RWUD SHUR QR FUHHPRV TXH QLQJ~Q OHFWRU VHD FDSD] GH KDFHUOR SRU PXFKD GHVWUH]D TXH KD\ D ORJUDGR < HQ HVWR FRQVLVWH SUHFLVDPHQWH HO HUURU TXH FRPHWHQ PXFKRV LQYHVWLJDGRUHV MyYHQHV $O SHQVDUTXHSXHGHQUHXQLUORVGRVSDVRVHQXQRVRORDFDEDQOH\ pQGRORWRGRDOD PLVPDYHORFLGDGRGHPDVLDGRGHSULVDRGHPDVLDGRGHVSDFLRSDUDXQDREUDHQ FRQFUHWRSHURHQFXDOTXLHUFDVRLQDGHFXDGRSDUDODPD\ RUtDGHHOODV 8QD YH] LGHQWLILFDGRV PHGLDQWH OD LQVSHFFLyQ ORV OLEURV UHOHYDQWHV SDUD HO WHPD TXH RFXSD DO OHFWRU pVWH SXHGH SURFHGHU D UHDOL]DU XQD OHFWXUD SDUDOHOD 2EVpUYHVH TXH QR KHPRV GLFKR © SURFHGHU D UHDOL]DU XQD OHFWXUD DQDOtWLFDª  FRPRVHUtDGHHVSHUDU3RUVXSXHVWRHQFLHUWRVHQWLGRWLHQHTXHOHHUFDGDXQDGH ODVREUDVLQGLYLGXDOHVTXHHQFRQMXQWRFRQVWLWX\ HQODELEOLRJUDItDGHOWHPDFRQ ODV GHVWUH]DV DGTXLULGDV DO DSOLFDU ODV UHJODV GH HVWH WLSR GH OHFWXUD SHUR VLQ ROYLGDUMDPiVTXHHODUWHGHODOHFWXUDDQDOtWLFDVHDSOLFDDODOHFWXUDGHXQVROR OLEURFXDQGRHOREMHWLYRDFRQVHJXLUFRQVLVWHHQFRPSUHQGHUGLFKROLEUR&RPR YHUHPRVPiVDGHODQWHHOREMHWLYRGHODOHFWXUDSDUDOHODHVGLVWLQWR /RVFLQFRSDVRVGHODOHFWXUDSDUDOHOD
QHFHVLGDGHV(VEDVWDQWHLPSUREDEOHTXHODWRWDOLGDGGHFXDOTXLHUDGHHVWDVREUDV WUDWH GLUHFWDPHQWH HO WHPD HOHJLGR SHUR LQFOXVR HQ WDO FDVR VH GHEH OHHU UiSLGDPHQWH1RKD\ TXHSHUGHUGHYLVWDHOKHFKRGHTXHVHHVWiOH\ HQGRSDUD FXPSOLU XQ ILQ SRVWHULRU D VDEHU OD OX] TXH SXHGH DUURMDU VREUH HO SUREOHPD SODQWHDGRQRSRUVtPLVPD 3XHGH SDUHFHU TXH HV SRVLEOH GDU HVWH SDVR DO PLVPR WLHPSR TXH OD LQVSHFFLyQGHOOLEURDQWHULRUPHQWHGHVFULWDFX\ RREMHWLYRFRQVLVWtDHQGHVFXEULU VLWHQtDUHOHYDQFLDSDUDORVLQWHUHVHVGHOOHFWRU(QPXFKRVFDVRVDVtRFXUUHSHUR QR FRQYLHQH SHQVDU TXH VLHPSUH HV SRVLEOH +HPRV GH UHFRUGDU TXH XQR GH ORV REMHWLYRV GH OD SULPHUD LQVSHFFLyQ FRQVLVWtD HQ LGHQWLILFDU HO WHPD GHO SUR\ HFWR GHOHFWXUDSDUDOHOD\ \ DKHPRVGLFKRTXHQRVLHPSUHVHFRPSUHQGHSOHQDPHQWH HO SUREOHPD KDVWD KDEHU UHDOL]DGR XQD OHFWXUD GH LQVSHFFLyQ GH PXFKRV GH ORV OLEURV GH OD OLVWD RULJLQDO 3RU FRQVLJXLHQWH WUDWDU GH LGHQWLILFDU ORV SDVDMHV UHOHYDQWHVDOPLVPRWLHPSRTXHODVREUDVUHOHYDQWHVSXHGHHQWUDxDUULHVJRV\D PHQRVTXHHOOHFWRUKD\ DDGTXLULGRJUDQGHVWUH]DRTXHVHKD\ DIDPLOLDUL]DGROR VXILFLHQWHFRQHOWHPDFRQYLHQHTXHGpORVGRVSDVRVSRUVHSDUDGR /RLPSRUWDQWHDTXtHVUHFRQRFHUODGLIHUHQFLDHQWUHORVSULPHURVOLEURVTXHVH OHHQHQHOWUDQVFXUVRGHODOHFWXUDSDUDOHOD\ ORVTXHVLJXHQWUDVKDEHUOHtGRRWURV PXFKRVVREUHHOWHPD(QHOFDVRGHHVWRV~OWLPRVHOOHFWRUSUREDEOHPHQWH\ DVH KDEUi IRUPDGR XQD LGHD EDVWDQWH FODUD GHO SUREOHPD TXH VH OH SODQWHD \ HQWRQFHV Vt SXHGHQ IXQGLUVH ORV GRV SDVRV SHUR DO SULQFLSLR pVWRV GHEHQ PDQWHQHUVH ULJXURVDPHQWH VHSDUDGRV 'H RWUR PRGR HV PX\  SUREDEOH TXH VH FRPHWDQ JUDYHV HUURUHV D OD KRUD GH LGHQWLILFDU ORV SDVDMHV UHOHYDQWHV HUURUHV TXH KDEUi TXH VXEVDQDU GHVSXpV FRQ OD FRQVLJXLHQWH SpUGLGD GH WLHPSR \ HVIXHU]RV 3RUHQFLPDGHWRGRHOOHFWRUGHEHUHFRUGDUTXHVXWDUHDQRHVWULEDWDQWRHQ FRQVHJXLU XQD FRPSUHQVLyQ JOREDO GHO OLEUR HQ FRQFUHWR TXH WLHQH HQ ODV PDQRV FXDQWRHQDYHULJXDUVLSXHGHUHVXOWDUOH~WLOHQ XQD FRQH[LyQ TXH TXL]i HVWp PX\ OHMRVGHOSURSyVLWRTXHSHUVHJXtDHODXWRUFXDQGRORHVFULELyHVDOJRTXHFDUHFH GHLPSRUWDQFLDHQHVWDHWDSD(ODXWRUSXHGHD\ XGDUDUHVROYHUORVSUREOHPDVGHO OHFWRU VLQ WHQHU LQWHQFLyQ GH KDFHUOR &RPR KHPRV VHxDODGR HQ OD OHFWXUD SDUDOHOD ORV OLEURV VLUYHQ DO OHFWRU QR DO UHYpV (Q HVWH VHQWLGR WDO OHFWXUD HV OD PiV DFWLYD TXH VH SXHGH OOHYDU D FDER 1DWXUDOPHQWH WDPELpQ OR HV OD OHFWXUD DQDOtWLFD SHUR HQ HVWH FDVR HQWUH OHFWRU \  OLEUR VH HVWDEOHFH OD UHODFLyQ GH GLVFtSXOR \  PDHVWUR PLHQWUDV TXH HQ OD OHFWXUD SDUDOHOD HO OHFWRU GHEH VHU HO GXHxRGHODVLWXDFLyQ 'HELGR D OR H[SXHVWR DQWHULRUPHQWH KD\  TXH OOHJDU D XQ DFXHUGR FRQ ORV GLYHUVRVDXWRUHVGHIRUPDXQWDQWRGLIHUHQWH 6(*81'2 3$62 '( /$ /(&785$ 3$5$/(/$ /2*5$5 48( /26 ',9(5626 $8725(6 //(*8(1 $ 81 $&8(5'2 /D SULPHUD UHJOD GH OD

OHFWXUDLQWHUSUHWDWLYDVHJXQGDHWDSDGHODOHFWXUDDQDOtWLFD UHTXLHUHTXHHOOHFWRU OOHJXH D XQ DFXHUGR FRQ HO DXWRU HV GHFLU TXH LGHQWLILTXH ODV SDODEUDV FODYH \ GHVFXEUDFyPRODVXWLOL]DSHURDKRUDVHHQIUHQWDFRQGLYHUVRVDXWRUHV\ UHVXOWD EDVWDQWHLPSUREDEOHTXHWRGRVKD\ DQXWLOL]DGRODVPLVPDVSDODEUDVRLQFOXVRORV PLVPRV WpUPLQRV 3RU WDQWR HV HO OHFWRU TXLHQ GHEH HVWDEOHFHU ORV WpUPLQRV \ KDFHUTXHORVDFHSWHQORVDXWRUHVQRDOUHYpV 3UREDEOHPHQWHVHDpVWHHOSDVRPiVGLItFLOGHODOHFWXUDSDUDOHODHQUHDOLGDG HTXLYDOH D REOLJDU D XQ DXWRU D XWLOL]DU HO OHQJXDMH GHO OHFWRU HQ OXJDU GH TXH HO OHFWRUXWLOLFHHOGHODXWRU DOJR D OR TXH VH RSRQHQ WRGRV ORV KiELWRV QRUPDOHV GH OHFWXUD&RPR\ DKHPRVVHxDODGRHQGLYHUVDVRFDVLRQHVGDPRVSRUVXSXHVWRTXH HODXWRUGHXQOLEURTXHGHVHDPRVOHHUHVPHMRUTXHQRVRWURVDOJRHVSHFLDOPHQWH FLHUWRVLVHWUDWDGHXQDJUDQREUD7HQHPRVWHQGHQFLDDDFHSWDUORVWpUPLQRVGHO DXWRU \  OD RUJDQL]DFLyQ TXH KD GDGR DO WHPD DXQTXH KD\ DPRV DGRSWDGR XQD DFWLWXGPX\ DFWLYDDODKRUDGHLQWHQWDUFRPSUHQGHUOH6LQHPEDUJRHQODOHFWXUD SDUDOHOD QRV SHUGHUHPRV LQPHGLDWDPHQWH VL DFHSWDPRV OD WHUPLQRORJtD GH FXDOTXLHUDXWRU3RGHPRVFRPSUHQGHUVXOLEURSHURQRORJUDUHPRVFRPSUHQGHU DORVGHPiV\ DFDEDUHPRVYLHQGRTXHQRVHDUURMDPXFKDOX]VREUHHOWHPDTXH QRVLQWHUHVD 1R VyOR GHEHPRV QHJDUQRV UHVXHOWDPHQWH D DFHSWDU OD WHUPLQRORJtD GH FXDOTXLHUDXWRUVLQRTXHDGHPiVGHEHPRVHVWDUGLVSXHVWRVDHQIUHQWDUQRVDOD SRVLELOLGDG GH TXH QR QRV UHVXOWH ~WLO OD WHUPLQRORJtD GH QLQJXQR (Q RWUDV SDODEUDVKHPRVGHDFHSWDUHOKHFKRGHTXHODFRLQFLGHQFLDGHODWHUPLQRORJtDGH FXDOTXLHUD GH ORV DXWRUHV LQFOXLGRV HQ OD OLVWD \  OD QXHVWUD VHD SXUDPHQWH DFFLGHQWDO &RQ IUHFXHQFLD WDO FRLQFLGHQFLD QR VHUi FRQYHQLHQWH SRUTXH VL XWLOL]DPRV XQ WpUPLQR R XQD VHULH GH WpUPLQRV GH XQ DXWRU TXL]i VLQWDPRV OD WHQWDFLyQGHXWLOL]DURWURVDOJRTXHQRVSHUMXGLFDUiHQOXJDUGHD\ XGDUQRV (QGHILQLWLYDODOHFWXUDSDUDOHODFRQVLVWHHQJUDQPHGLGDHQXQHMHUFLFLRGH WUDGXFFLyQHQHOTXHQRWUDGXFLPRVGHXQDOHQJXDDRWUDSHURVtLPSRQHPRVXQD WHUPLQRORJtD FRP~Q D XQD VHULH GH DXWRUHV D TXLHQHV FXDOTXLHUD TXH VHD OD OHQJXDTXHKD\ DQFRPSDUWLGRTXL]iQROHVKD\ DSUHRFXSDGRHVSHFtILFDPHQWHHO SUREOHPDTXHHVWDPRVWUDWDQGRGHUHVROYHU\SRUFRQVLJXLHQWHWDOYH]QRKD\ DQ FUHDGRODWHUPLQRORJtDLGHDOSDUDWUDWDUOR (VWR VLJQLILFD TXH D PHGLGD TXH DYDQ]DPRV HQ HO SUR\ HFWR GH OHFWXUD SDUDOHOD KHPRV GH HPSH]DU D FRQVWUXLU XQD VHULH GH WpUPLQRV TXH HQ SULPHU OXJDUQRVD\ XGHQDFRPSUHQGHU DWRGRVORVDXWRUHVHOHJLGRV QRVyORDXQRR D XQRVFXDQWRV\HQVHJXQGROXJDUTXHQRVD\ XGHQDUHVROYHUQXHVWURSUREOHPD 7(5&(5 3$62 '( /$ /(&785$ 3$5$/(/$ $&/$5$5 /$6 35(*817$6 /D VHJXQGD UHJOD GH OD OHFWXUD LQWHUSUHWDWLYD UHTXLHUH TXH GHVFXEUDPRV ODV RUDFLRQHV FODYH \  TXH D SDUWLU GH HOODV FRPSUHQGDPRV ODV SURSRVLFLRQHVTXHHVWiQLQWHJUDGDVSRUWpUPLQRV1DWXUDOPHQWHGHEHPRVKDFHU

DOJRVLPLODUFRQODVREUDVDODVTXHGHGLFDPRVXQDOHFWXUDSDUDOHODSHURFRPR HQHVWHFDVRHVHOSURSLROHFWRUTXLHQHVWDEOHFHODWHUPLQRORJtDVHHQIUHQWDFRQOD WDUHD GH HVWDEOHFHU WDPELpQ XQD VHULH GH SURSRVLFLRQHV QHXWUDOHV /D PHMRU IRUPD GH KDFHUOR FRQVLVWH HQ IRUPXODU XQD VHULH GH SUHJXQWDV TXH DUURMHQ OX] VREUH HO SUREOHPD SODQWHDGR \  DO TXH GD UHVSXHVWD FDGD XQR GH ORV DXWRUHV HOHJLGRV 7DPELpQHVWRUHVXOWDGLItFLO+D\ TXHIRUPXODUODVSUHJXQWDVGHXQDIRUPD\ VLJXLHQGR XQ RUGHQ WDOHV TXH QRV D\ XGHQ D UHVROYHU HO SUREOHPD FRQ HO TXH HPSH]DPRV SHUR WDPELpQ KD\  TXH SODQWHDUODV GH WDO PRGR TXH SXHGD LQWHUSUHWDUVHTXHWRGRVORVDXWRUHVRODPD\ RUtDGHHOORVRIUHFHQUHVSXHVWDV/D GLILFXOWDGHVWULEDHQTXHWDOYH]ORVDXWRUHVQRKD\ DQFRQVLGHUDGRFRPRWDOHVODV SUHJXQWDVSDUDODVTXHGHVHDPRVUHVSXHVWDVHQTXHVXYLVLyQGHOWHPDSXHGHVHU PX\ GLVWLQWD (Q RFDVLRQHV WHQHPRV TXH DFHSWDU HO KHFKR GH TXH HO DXWRU QR RIUH]FD QLQJXQD UHVSXHVWD D XQD GH QXHVWUDV SUHJXQWDV HQ FX\ R FDVR KHPRV GH FRQVLGHUDUTXHJXDUGDVLOHQFLRRTXHPDQWLHQHXQDDFWLWXGGHLQGHWHUPLQDFLyQDO UHVSHFWR SHUR LQFOXVR VL QR H[SRQH HO DVXQWR H[SOtFLWDPHQWH D YHFHV HQFRQWUDPRV XQD UHVSXHVWD LPSOtFLWD 3RGHPRV FRQFOXLU SRU WDQWR TXH VL VH KXELHUDSODQWHDGRODSUHJXQWDKDEUtDUHVSRQGLGRGHWDO\ WDOPDQHUD$TXtKHPRV GHVHUSUXGHQWHVQRSRGHPRVSRQHUSHQVDPLHQWRVHQODPHQWHGHORVDXWRUHVTXH HVWDPRV OH\ HQGR QL SDODEUDV HQ VX ERFD SHUR WDPSRFR SRGHPRV GHSHQGHU SRU FRPSOHWR GH OR TXH GLJDQ H[SOtFLWDPHQWH VREUH HO SUREOHPD SRUTXH VL SXGLpUDPRV GHSHQGHU GH HVD IRUPD GH DOJXQR GH HOORV SUREDEOHPHQWH QR WHQGUtDPRVQLQJ~QSUREOHPDTXHUHVROYHU +HPRVLQGLFDGRTXHWHQHPRVTXHFRORFDUODVSUHJXQWDVHQXQRUGHQTXHQRV D\ XGH HQ OD LQYHVWLJDFLyQ TXH QDWXUDOPHQWH YDULDUi VHJ~Q HO WHPD TXH QRV RFXSHSHURSRGHPRVVXJHULUXQDVGLUHFWULFHVJHQHUDOHV/DVSULPHUDVSUHJXQWDV VXHOHQHVWDUUHODFLRQDGDVFRQODH[LVWHQFLDRHOFDUiFWHUGHOIHQyPHQRRODLGHD TXHHVWDPRVLQYHVWLJDQGR6LXQDXWRUGLFHTXHH[LVWHWDOIHQyPHQRRTXHODLGHD HQ FXHVWLyQ WLHQH XQ FDUiFWHU GHWHUPLQDGR SRGUHPRV IRUPXODU PiV SUHJXQWDV VREUH VX OLEUR TXH TXL]i VH UHILHUDQ D FyPR VH FRQRFH HO IHQyPHQR R FyPR VH PDQLILHVWDODLGHD \  OD VHULH ILQDO GH SUHJXQWDV SRGUtD HVWDU UHODFLRQDGD FRQ ODV FRQVHFXHQFLDVGHODVUHVSXHVWDVDODVSUHJXQWDVDQWHULRUHV 1RGHEHPRVHVSHUDUTXHWRGRVORVDXWRUHVTXHHVWDPRVOH\ HQGRFRQWHVWHQD QXHVWUDV SUHJXQWDV GH OD PLVPD PDQHUD 6L DVt IXHUD QR WHQGUtDPRV QLQJ~Q SUREOHPD TXH UHVROYHU VH KDEUtD VROXFLRQDGR SRU FRQVHQVR &RPR ORV DXWRUHV GLIHULUiQHQWUHVtWHQGUHPRVTXHGDUHOVLJXLHQWHSDVRGHODOHFWXUDSDUDOHOD &8$572 3$62 '( /$ /(&785$ 3$5$/(/$ '(),1,&,Ï1 '( /$6 &8(67,21(6 6L XQD SUHJXQWD HV FODUD \  VL SRGHPRV WHQHU XQD FHUWLGXPEUH UD]RQDEOHGHTXHORVDXWRUHVUHVSRQGHQDHOODGHGLIHUHQWHVPDQHUDV²WDOYH]D

IDYRU\ HQFRQWUD²HQWRQFHVVHKDEUiGHILQLGRXQDFXHVWLyQODTXHVHSODQWHD HQWUHORVDXWRUHVTXHUHVSRQGHQDODSUHJXQWDGHXQDPDQHUD\ ORVTXHUHVSRQGHQ GHIRUPDFRQWUDULD &XDQGRWRGRVORVDXWRUHVH[DPLQDGRVGDQVyORGRVUHVSXHVWDVVHWUDWDGHXQD FXHVWLyQ UHODWLYDPHQWH IiFLO SHUR FRQ IUHFXHQFLD VH RIUHFHQ PiV GH GRV VROXFLRQHV DOWHUQDWLYDV HQ FX\ R FDVR KD\  TXH RUGHQDU ODV UHVSXHVWDV FRQWUDULDV UHODFLRQiQGRODVHQWUHVt\ FODVLILFDUDORVUHVSHFWLYRVDXWRUHVVHJ~QVXVSXQWRVGH YLVWD 6H GDQ GRV VROXFLRQHV UHDOPHQWH RSXHVWDV FXDQGR GRV DXWRUHV TXH FRPSUHQGHQXQDSUHJXQWDGHODPLVPDPDQHUDUHVSRQGHQGHIRUPDFRQWUDULDR FRQWUDGLFWRULDSHURHVWRQRRFXUUHFRQODIUHFXHQFLDTXHVHUtDGHGHVHDU3RUOR JHQHUDO KD\  TXH DWULEXLU ODV GLIHUHQFLDV HQ ODV UHVSXHVWDV D ODV GLVWLQWDV FRQFHSFLRQHVGHODSUHJXQWDFRQWDQWDIUHFXHQFLDFRPRDORVGLIHUHQWHVSXQWRVGH YLVWDVREUHHOWHPD/DWDUHDDUHDOL]DUFRQODOHFWXUDSDUDOHODFRQVLVWHHQGHILQLU ODVFXHVWLRQHVGHWDOPRGRTXHVHRSRQJDQGHODPHMRUPDQHUDSRVLEOHORTXHD YHFHV REOLJD DO OHFWRU D IRUPXODU OD SUHJXQWD GH XQD PDQHUD TXH QR HPSOHD H[SOtFLWDPHQWHQLQJ~QDXWRU 3XHGHQ LQWHUYHQLU PXFKDV FXHVWLRQHV HQ OD H[SRVLFLyQ GHO SUREOHPD TXH WUDWDPRV SHUR SUREDEOHPHQWH VH GLYLGLUiQ HQ JUXSRV /DV SUHJXQWDV VREUH HO FDUiFWHUGHODLGHDTXHH[DPLQDPRVSRUHMHPSORSXHGHQJHQHUDUXQDVHULHGH FXHVWLRQHV UHODFLRQDGDV HQWUH Vt \  XQD VHULH GH SXQWRV HQ WRUQR D XQD VHULH GH SUHJXQWDV TXH JXDUGDQ HVWUHFKD UHODFLyQ SXHGH GHQRPLQDUVH OD FRQWURYHUVLD VREUH HVH DVSHFWR GHO WHPD TXH D YHFHV UHVXOWD PX\  FRPSOLFDGD (QWRQFHV OD WDUHD FRQVLVWLUi HQ GLVSRQHUOD RUGHQDGD \  FODUDPHQWH LQFOXVR VL QR KD ORJUDGR KDFHUORQLQJXQRGHORVDXWRUHV(VWDRUGHQDFLyQGHODVFRQWURYHUVLDVDVtFRPRGH ORVSXQWRVLQWHJUDQWHVQRVOOHYDDO~OWLPRSDVRGHODOHFWXUDSDUDOHOD 48,172 3$62 '( /$ /(&785$ 3$5$/(/$ $1È/,6,6 '( /$ (;326,&,Ï1+DVWDHOPRPHQWRKHPRVGHVFXELHUWRORVSiUUDIRVUHOHYDQWHVGH ODVREUDVH[DPLQDGDVFUHDGRXQDWHUPLQRORJtDQHXWUDOTXHVHDSOLFDDWRGRVORV DXWRUHV OHtGRV R D OD PD\ RUtD GH HOORV \  IRUPXODGR \  RUGHQDGR XQD VHULH GH SUHJXQWDV \  GHILQLGR \  GLVSXHVWR ORV WHPDV VXUJLGRV FRPR FRQVHFXHQFLD GH ODV GLVWLQWDVUHVSXHVWDVDODVSUHJXQWDV¢4XpQRVTXHGDSRUKDFHU" /RVFXDWURSULPHURVSDVRVFRUUHVSRQGHQDORVGRVSULPHURVJUXSRVGHUHJODV SDUD OD OHFWXUD DQDOtWLFD TXH FXDQGR VH DSOLFDQ D FXDOTXLHU OLEUR QRV SHUPLWHQ UHVSRQGHUDORVLJXLHQWH¢TXpGLFH"<¢FyPRORGLFH"$OOOHJDUDHVWHSXQWRGHO SUR\ HFWRGHOHFWXUDSDUDOHODWDPELpQVRPRVFDSDFHVGHFRQWHVWDUDODVPLVPDV SUHJXQWDVUHODWLYDVDODH[SRVLFLyQGHQXHVWURSUREOHPD(QHOFDVRGHODOHFWXUD DQDOtWLFD GH XQD VROD REUD D~Q TXHGDEDQ SRU UHVSRQGHU GRV SUHJXQWDV D VDEHU ¢HV YHUGDG" < ¢TXp LPSRUWDQFLD WLHQH" (Q HO GH OD OHFWXUD SDUDOHOD \ D HVWDPRV SUHSDUDGRVSDUDIRUPXODULQWHUURJDQWHVVLPLODUHVVREUHODH[SRVLFLyQ

6XSRQJDPRV TXH QR HPSH]DPRV FRQ XQ SUREOHPD VHQFLOOR VLQR FRQ XQR GH HVRVSHUHQQHVFRQHOTXHORVSHQVDGRUHVOOHYDQVLJORVOXFKDQGR\ VREUHHOTXHORV EXHQRV LQWHOHFWRV GLILHUHQ \  SUREDEOHPHQWH VHJXLUiQ KDFLpQGROR 6REUH WDO VXSRVLFLyQGHEHUtDPRVUHFRQRFHUTXHQXHVWUDWDUHDHQODOHFWXUDSDUDOHODQRVH OLPLWD D UHVSRQGHU D ODV SUHJXQWDV ODV TXH KHPRV IRUPXODGR \  RUGHQDGR WDQ FXLGDGRVDPHQWHSDUDHVFODUHFHUODH[SRVLFLyQGHOWHPD\ HOWHPDPLVPR1RVH HQFXHQWUD IiFLOPHQWH OD YHUGDG VREUH XQ SUREOHPD GH HVWD FODVH HV PiV VHJXUDPHQWHSHFDUtDPRVGHSUHVXQWXRVRVVLSHQViUDPRVTXHVHSXHGHHQFRQWUDU OD YHUGDG HQ XQD VHULH GH UHVSXHVWDV D ODV SUHJXQWDV SODQWHDGDV 6L DFDVR VH HQFRQWUDUi HQ HO FRQIOLFWR HQWUH ODV UHVSXHVWDV FRQWUDSXHVWDV PXFKDV GH ODV FXDOHVVLQRWRGDVSXHGHQFRQWHQHUSUXHEDVSHUVXDVLYDV\ UD]RQHVFRQYLQFHQWHV TXHODVUHVSDOGHQ 3RUWDQWRHQODPHGLGDHQTXHVHODSXHGHKDOODUODYHUGDG²ODVROXFLyQDO SUREOHPDWDPELpQHQODPHGLGDHQODTXHSRGHPRVDFFHGHUDHOOD²FRQVLVWHHQ ODSURSLDH[SRVLFLyQRUGHQDGDQRHQXQDVHULHGHSURSRVLFLRQHVRDVHUWRVVREUH HOOD &RQ HO ILQ GH SUHVHQWDU HVWD YHUGDG D QXHVWUD PHQWH ²\  D OD GH RWURV² WHQHPRV TXH KDFHU DOJR PiV TXH OLPLWDUQRV D IRUPXODU ODV SUHJXQWDV \ UHVSRQGHUODV+HPRVGHSODQWHDUODVFRQFLHUWRRUGHQ\ VHUFDSDFHVGHGHIHQGHU pVWHGHPRVWUDUODVGLVWLQWDVUHVSXHVWDVHLQWHQWDUH[SUHVDUSRUTXp\ VHxDODUORV WH[WRVGHORVOLEURVH[DPLQDGRVVREUHORVTXHVHDSR\ DQXHVWUDFODVLILFDFLyQGHODV UHVSXHVWDV 6yOR XQD YH] UHDOL]DGR WRGR OR DQWHULRU SRGUHPRV GHFLU TXH KHPRV DQDOL]DGRODH[SRVLFLyQGHQXHVWURSUREOHPD\ VyORHQWRQFHVSRGUHPRVDVHJXUDU TXHORKHPRVFRPSUHQGLGR ,QFOXVRHVSRVLEOHTXHKD\ DPRVKHFKRDOJRPiV8QDQiOLVLVFRQFLHQ]XGRGH OD H[SRVLFLyQ GH XQ SUREOHPD SXHGH SURSRUFLRQDU ODV EDVHV GH XQ WUDEDMR SRVWHULRU SURGXFWLYR VREUH HO SUREOHPD TXH UHDOL]DUiQ RWUDV SHUVRQDV HOLPLQDU HOHPHQWRV LQ~WLOHV \  SUHSDUDU HO FDPLQR SDUD TXH XQ SHQVDGRU RULJLQDO KDJD XQ GHVFXEULPLHQWR LPSRUWDQWH DOJR LPSRVLEOH VLQ HO DQiOLVLV SXHV TXL]i QR VH KXELHUDQDSUHFLDGRODVGLPHQVLRQHVGHOSUREOHPD /DQHFHVLGDGGHREMHWLYLGDG 8Q DQiOLVLV DGHFXDGR GH OD H[SRVLFLyQ GH XQ SUREOHPD R WHPD LGHQWLILFD \ GHMD FRQVWDQFLD GH ODV FXHVWLRQHV IXQGDPHQWDOHV X RSRVLFLRQHV LQWHOHFWXDOHV EiVLFDV GH GLFKD H[SRVLFLyQ OR TXH QR VLJQLILFD TXH OD GHVDYHQHQFLD FRQVWLWX\ D VLHPSUH VX UDVJR GRPLQDQWH 3RU HO FRQWUDULR HQ OD PD\ RUtD GH ORV FDVRV DYHQHQFLD\ GHVDYHQHQFLDYDQXQLGDVHVGHFLUHQODPD\ RUtDGHODVFXHVWLRQHV YDULRV DXWRUHV HQ RFDVLRQHV PXFKRV FRPSDUWHQ ORV SXQWRV GH YLVWD X RSLQLRQHV TXHSUHVHQWDQH[WUHPRVRSXHVWRVGHODGLVSXWD5DUDPHQWHVHHQFXHQWUDXQ~QLFR H[SRQHQWHGHXQDSRVWXUDFRQWURYHUWLGD

/DDYHQHQFLDGHORVVHUHVKXPDQRVHQWRUQRDODQDWXUDOH]DGHODVFRVDVHQ FXDOTXLHU FDPSR GH LQYHVWLJDFLyQ HVWDEOHFH XQD VXSRVLFLyQ GH OD YHUGDG GH ODV RSLQLRQHVTXHPDQWLHQHQSHURODGHVDYHQHQFLDHVWDEOHFHODFRQWUDVXSRVLFLyQTXH QLQJXQD GH ODV RSLQLRQHV HQ FRQIOLFWR FRPSDUWLGDV R QR SXHGH VHU FLHUWD HQ VX WRWDOLGDG 'HVGH OXHJR HQWUH GLYHUVDV RSLQLRQHV FRQWUDSXHVWDV XQD SXHGH VHU FLHUWD HQ VX WRWDOLGDG \  ODV GHPiV FRPSOHWDPHQWH IDOVDV SHUR WDPELpQ FDEH OD SRVLELOLGDGGHTXHFDGDXQDGHHOODVH[SUHVHXQDSDUWHGHWRGDODYHUGDG\VDOYR ODV FRQWUDGLFFLRQHV DLVODGDV HVFDVDV HQ OD H[SRVLFLyQ GH OD FODVH GH SUREOHPDV TXHHVWDPRVWUDWDQGRHQHVWDVSiJLQDV LQFOXVRHVSRVLEOHTXHWRGDVODVRSLQLRQHV HQ FRQIOLFWR VHDQ IDOVDV R TXH OR VHD OD RSLQLyQ VREUH OD TXH WRGRV SDUHFHQ FRLQFLGLU 4XL]i XQD TXH D~Q QR VH KD H[SUHVDGR VHD OD YHUGDGHUD R OD PiV SUy[LPDDODYHUGDG /RDQWHULRUHVRWUDIRUPDGHGHFLUTXHHOREMHWLYRGHXQSUR\ HFWRGHOHFWXUD SDUDOHOD QR FRQVLVWH HQ GDU UHVSXHVWDV GHILQLWLYDV D ODV SUHJXQWDV TXH VH GHVDUUROODQ PLHQWUDV VH OOHYD D FDER WDO SUR\ HFWR QL OD VROXFLyQ GHILQLWLYD GHO SUREOHPDFRQHOTXHVHLQLFLyDOJRHVSHFLDOPHQWHDSOLFDEOHDOLQIRUPHTXHTXL]i LQWHQWHPRV KDFHU GH WDO OHFWXUD TXH UHVXOWDUtD GRJPiWLFR QR GLDOpFWLFR VL DVHJXUDVHRWUDWDVHGHGHPRVWUDUODYHUGDGRIDOVHGDGGHFXDOTXLHURSLQLyQVREUH FXDOTXLHUDGHODVFXHVWLRQHVLPSRUWDQWHVTXHVHKDQLGHQWLILFDGR\ DQDOL]DGR(Q WDOFDVRHODQiOLVLVSDUDOHORGHMDUtDGHVHUORVHFRQYHUWLUtDVLPSOHPHQWHHQXQD YR] PiV HQ OD GLVFXVLyQ \ SRU FRQVLJXLHQWH SHUGHUtD VX FDUiFWHU REMHWLYR H LPSDUFLDO 1RVHWUDWDGHTXHXQDYR]PiVFDUH]FDGHIXHU]DHQHOIRURGHODGLVFXVLyQ KXPDQDVREUHFXHVWLRQHVLPSRUWDQWHVVLQRGHTXHSXHGH\ GHEHKDFHUVHXQWLSR GLVWLQWR GH FRQWULEXFLyQ D OD E~VTXHGD GH OD FRPSUHQVLyQ 7DO FRQWULEXFLyQ FRQVLVWHHQPDQWHQHUXQDDFWLWXGUHVXHOWDPHQWHREMHWLYDHLPSDUFLDOGHKHFKROD FXDOLGDG HVSHFLDO TXH VH LQWHQWD FRQVHJXLU FRQ XQ DQiOLVLV SDUDOHOR SRGUtD UHVXPLUVHHQODVSDODEUDV© REMHWLYLGDGGLDOpFWLFDª  (QGHILQLWLYDFRQODOHFWXUDSDUDOHODVHLQWHQWDPLUDUWRGRVORVDVSHFWRV\ QR WRPDU SDUWLGR SRU QLQJXQR 1DWXUDOPHQWH HO OHFWRU QR DOFDQ]DUi XQ LGHDO WDQ H[LJHQWH/DREMHWLYLGDGGLDOpFWLFDSHUIHFWDQRTXHGDJDUDQWL]DGDSRUHOKHFKRGH HYLWDU ORV MXLFLRV H[SOtFLWRV VREUH OD YHUGDG GH ODV RSLQLRQHV HQ FRQIOLFWR /D SDUFLDOLGDGSXHGHHQWUDUHQMXHJRGHIRUPDVPX\ GLYHUVDV\ VXWLOHVHOPRGRGH UHVXPLU ORV DUJXPHQWRV ORV PDWLFHV GH pQIDVLV X RPLVLRQHV HO WRQR GH XQD SUHJXQWD R GH XQ FRPHQWDULR GH SDVDGD \  HO RUGHQ HQ TXH VH SUHVHQWDQ ODV GLIHUHQWHVUHVSXHVWDVDODVSUHJXQWDVFODYH &RQ HO ILQ GH HYLWDU DOJXQRV GH HVWRV ULHVJRV HO OHFWRU FRQFLHQ]XGR SXHGH DFXGLUDXQUHFXUVRHYLGHQWH\ XWLOL]DUORORPiVSRVLEOHUHPLWLUVH FRQVWDQWHPHQWH DOWH[WRGHORVDXWRUHVOHHUORVSiUUDIRVUHOHYDQWHVXQD\ RWUDYH]\DOSUHVHQWDU ORV UHVXOWDGRV GH VX WUDEDMR DQWH XQ S~EOLFR PiV DPSOLR FLWDU OD RSLQLyQ R HO

DUJXPHQWR GH XQ DXWRU FRQ ODV PLVPDV SDODEUDV FRQ ODV TXH pVWH OR HVFULELy $XQTXHSXHGDSDUHFHUORFRQWUDULRHVWRQRVHFRQWUDGLFHFRQORTXHVHxDOiEDPRV DQWHVVREUHODQHFHVLGDGGHKDOODUXQDWHUPLQRORJtDQHXWUDOFRQODTXHDQDOL]DUHO SUREOHPD 7DO QHFHVLGDG VH PDQWLHQH \  FXDQGR VH SUHVHQWDQ UHV~PHQHV GH ORV DUJXPHQWRV GH XQ DXWRU GHEH KDFHUVH HVWR FRQ HVH OHQJXDMH \  QR FRQ HO GHO DXWRUSHURODVSDODEUDVGHpVWHFXLGDGRVDPHQWHFLWDGDVSDUDQRGHVJDMDUODVGHO FRQWH[WRGHEHQDFRPSDxDUDOUHVXPHQGHPRGRTXHHOOHFWRUSXHGDMX]JDUSRU VtPLVPRVLHVFRUUHFWDODLQWHUSUHWDFLyQGHOHVFULWRU 6yORODILUPHGHWHUPLQDFLyQGHHYLWDUORSRUSDUWHGHTXLHQUHDOL]DXQDOHFWXUD SDUDOHODLPSHGLUiTXHVHGHVYtHGHODREMHWLYLGDGGLDOpFWLFD(VWHLGHDOUHTXLHUH XQ HVIXHU]R GHOLEHUDGR SRU VRSHVDU ODV SUHJXQWDV SRU UHQXQFLDU D FXDOTXLHU FRPHQWDULR TXH SXHGD HVWDU FDUJDGR GH SUHMXLFLRV SRU UHIUHQDU OD WHQGHQFLD DO pQIDVLV LQQHFHVDULR WDQWR SRU H[FHVR FRPR SRU GHIHFWR (Q ~OWLPD LQVWDQFLD \ DXQTXH XQ OHFWRU SXHGH VHU HO MXH] GH OD HILFDFLD GH XQ LQIRUPH HVFULWR GH XQD H[SRVLFLyQ GLDOpFWLFD VyOR TXLHQ OR KD HVFULWR ²TXLHQ KD UHDOL]DGR XQD OHFWXUD SDUDOHOD²VDEUiVLKDVDWLVIHFKRHVWRVUHTXLVLWRV 0RGHORGHHMHUFLFLRGHOHFWXUDSDUDOHODHOFRQFHSWRGHSURJUHVR 8Q HMHPSOR UHVXOWDUi ~WLO SDUD H[SOLFDU HO IXQFLRQDPLHQWR GH OD OHFWXUD SDUDOHOD&RQVLGHUHPRVODLGHDGHSURJUHVRWHPDTXHQRKHPRVHOHJLGRDOD]DU \ DTXHKHPRVOOHYDGRDFDERH[WHQVDVLQYHVWLJDFLRQHVVREUHpO>@ (QRWURFDVR

HOPRGHORQRWHQGUtDWDQWDXWLOLGDGSDUDHOOHFWRU /DV LQYHVWLJDFLRQHV VREUH HVWD LGHD ILORVyILFD H KLVWyULFD WDQ LPSRUWDQWH VH SURORQJDURQGXUDQWHYDULRVDxRV/DSULPHUDWDUHDFRQVLVWLyHQFRQIHFFLRQDUXQD OLVWD GH REUDV HQ ODV TXH KDEtD TXH GHVFXEULU ORV SDVDMHV UHOHYDQWHV HQ UHFRJHU ELEOLRJUDItDTXHILQDOPHQWHDVFHQGLyDPiVGHWtWXORV5HDOL]DPRVHVWDWDUHD PHGLDQWHXQDVHULHGHOHFWXUDVGHLQVSHFFLyQGHHVHQ~PHURGHOLEURVDUWtFXORV\ RWURV PDWHULDOHV +HPRV GH VHxDODU TXH HQ HO FDVR GH OD LGHD GHO SURJUHVR DO LJXDOTXHHQHOGHODPD\ RUtDGHODVLGHDVLPSRUWDQWHVPXFKRVGHORVWtWXORVTXH DOILQDOVHFRQVLGHUDURQUHOHYDQWHVVHHQFRQWUDURQPiVRPHQRVSRUFDVXDOLGDGR DOPHQRVFRQODD\ XGDGHFRQMHWXUDV(QDOJXQDVRFDVLRQHVVDOWDEDDODYLVWDSRU GyQGHKDEtDTXHHPSH]DUSRUTXHHQHOWtWXORGHPXFKRVOLEURVUHFLHQWHVDSDUHFH ODSDODEUD© SURJUHVRª SHURHQRWURVQR\ ODPD\ RUtDGHORVOLEURVPiVDQWLJXRV DXQTXHUHOHYDQWHVSDUDHOWHPDQLVLTXLHUDODHPSOHDQ /HtPRV DOJXQDV QRYHODV \  REUDV SRpWLFDV SHUR HQ FRQMXQWR GHFLGLPRV FHQWUDUQRVHQORVHQVD\ RV
ORFXDFHV UDUDPHQWH DGRSWDQ SRVWXUDV FODUDV UHVSHFWR D XQD FXHVWLyQ VXHOHQ KDEODUGHRWURVDVXQWRVVREUHWRGRGHODVUHODFLRQHVHPRFLRQDOHV(QWHUFHUOXJDU LQFOXVR VL XQ SHUVRQDMH KDFH XQ GLVFXUVR GH HVWH WLSR FRPR SRU HMHPSOR 6HWWHPEULQL UHVSHFWR DO SURJUHVR HQ /D PRQWDxD PiJLFD GH 7KRPDV 0DQQ QR SRGHPRV WHQHU OD FHUWH]D GH TXH OR TXH VH UHSUHVHQWD HV OD RSLQLyQ GHO DXWRU ¢0DQWLHQHpVWHXQDDFWLWXGLUyQLFDDOSHUPLWLUTXHHOSHUVRQDMHWUDWHDVtHOWHPD" ¢&RQVLVWH VX LQWHQFLyQ HQ KDFHU YHU DO OHFWRU OR DEVXUGR QR OR DFHUWDGR GH VHPHMDQWH SRVWXUD" 3RU OR JHQHUDO VH UHTXLHUH JUDQ HVIXHU]R GH LQWHUSUHWDFLyQ VLQWpWLFDSDUDVLWXDUXQDREUDGHILFFLyQHQXQRXRWURH[WUHPRGHXQDFXHVWLyQXQ HVIXHU]R GH WDOHV GLPHQVLRQHV \  FRQ XQRV UHVXOWDGRV WDQ GXGRVRV TXH HV PiV SUXGHQWHDEVWHQHUVH /DH[SRVLFLyQVREUHHOSURJUHVRHQODVPXFKDVREUDVTXHD~QTXHGDEDQSRU H[DPLQDUSDUHFtDFDyWLFDFRPRVXHOHRFXUULU$QWHHVWHKHFKRODWDUHDFRQVLVWtD FRPR \ D KHPRV VHxDODGR HQ GHVDUUROODU XQD WHUPLQRORJtD QHXWUDO HPSUHVD FRPSOHMDSHURXQHMHPSORFRQWULEXLUiDH[SOLFDUTXpKLFLPRV /RV HVFULWRUHV HPSOHDQ OD SDODEUD © SURJUHVRª  GH GLYHUVDV PDQHUDV OD PD\ RUtD GH ODV FXDOHV QR UHIOHMDQ PiV TXH PDWLFHV GH VLJQLILFDGR TXH SXHGHQ PDQHMDUVH HQ HO DQiOLVLV SHUR DOJXQRV OD XWLOL]DQ SDUD GHQRWDU FLHUWR WLSR GH PRYLPLHQWRKDFLDDGHODQWHHQODKLVWRULDTXHQRUHSUHVHQWDXQDPHMRUD&RPROD PD\ RUtDGHQRWDFRQHOODXQFDPELRGHODFRQGLFLyQKXPDQDSDUDPHMRU\ FRPR OD PHMRUD SHUWHQHFH D OD HVHQFLD PLVPD GHO FRQFHSWR QR SRGtDPRV DSOLFDU OD PLVPDSDODEUDDDPERVSXQWRVGHYLVWD(QHVWHFDVRYHQFLyODPD\ RUtD\ KXER TXHUHIHULUVHDODPLQRUtDFRPRDXWRUHVTXHGHILHQGHQ© HODYDQFHVLQPHMRUDª HQODKLVWRULD(OSUREOHPD UDGLFDEDHQTXHDOH[SRQHU ORVSXQWRVGHYLVWDGH OD PLQRUtDQRSRGtDPRVHPSOHDUODSDODEUD©SURJUHVRªDXQTXHODKXELHVHQXWLOL]DGR ORVDXWRUHVHQFXHVWLyQ &RPR KHPRV VHxDODGR HO WHUFHU SDVR GH OD OHFWXUD SDUDOHOD FRQVLVWH HQ DFODUDUODVSUHJXQWDV/DLQWXLFLyQTXHKDEtDPRVWHQLGRVREUHODSUHJXQWDEiVLFD HQHOFDVRGHOSURJUHVRUHVXOWyDFHUWDGDWUDVHOH[DPHQ/DSULPHUDSUHJXQWDTXH KD\ TXHSODQWHDUFX\ DVGLYHUVDVUHVSXHVWDVSRGHPRVFRQVLGHUDUTXHRIUHFHUiQ ORVDXWRUHVHVODVLJXLHQWH¢VHSURGXFHHOSURJUHVRHQODKLVWRULD"¢(VXQKHFKR TXHODGLUHFFLyQJHQHUDOTXHVLJXHHOFDPELRKLVWyULFRDSXQWDKDFLDODPHMRUDGH OD FRQGLFLyQ KXPDQD" ([LVWHQ WUHV UHVSXHVWDV GLVWLQWDV D HVWH LQWHUURJDQWH TXH SODQWHDODELEOLRJUDItDVREUHHO WHPD Vt QR \  QRSRGHPRVVDEHUOR 6LQ HPEDUJR KD\  GLIHUHQWHV IRUPDV GH UHVSRQGHU Vt OR PLVPR RFXUUH FRQ OD UHVSXHVWD QHJDWLYD \  DO PHQRV H[LVWHQ WUHV IRUPDV GLVWLQWDV GH GHFLU TXH QR SRGHPRVVDEHUVLVHSURGXFHHOSURJUHVRKXPDQRRQR /D GLYHUVLGDG H LQWHUUHODFLyQ GH ODV UHVSXHVWDV D HVWD SUHJXQWD EiVLFD FRQVWLWX\ H OR TXH GHFLGLPRV GHQRPLQDU FRQWURYHUVLD JHQHUDO VREUH HO SURJUHVR JHQHUDO HQ HO VHQWLGR GH TXH WRGRV ORV DXWRUHV TXH HVWXGLDPRV WLHQHQ DOJR VLJQLILFDWLYRTXHGHFLUVREUHHOWHPD\ WRPDQSDUWLGRHQODVGLYHUVDVFXHVWLRQHV

LGHQWLILFDEOHV HQ pO SHUR KD\  DVLPLVPR XQD FRQWURYHUVLD HVSHFLDO VREUH HO SURJUHVR LQWHJUDGD SRU FXHVWLRQHV D ODV TXH VyOR VH RSRQHQ ORV DXWRUHV GHO SURJUHVRHVGHFLUORVTXHVRVWLHQHQTXHVtVHSURGXFHWDOFRVD(VWDVFXHVWLRQHV JXDUGDQUHODFLyQFRQHOFDUiFWHURODVSURSLHGDGHVGHOSURJUHVRTXHWRGRVHOORVDO VHUDXWRUHVGHOSURJUHVR VRVWLHQHQ FRPR KHFKR KLVWyULFR $TXt VyOR VH SODQWHDQ WUHV FXHVWLRQHV SHUR VX GLVFXVLyQ UHYLVWH JUDQ FRPSOHMLGDG 3XHGHQ IRUPXODUVH EDMRODIRUPDGHODVVLJXLHQWHVSUHJXQWDV ¢HVHOSURJUHVRQHFHVDULRRGHSHQGH GH RWURV DFRQWHFLPLHQWRV"   ¢FRQWLQXDUi SURGXFLpQGRVH LQGHILQLGDPHQWH R OOHJDUi D XQ SXQWR PXHUWR" \    ¢H[LVWH SURJUHVR HQ OD QDWXUDOH]D KXPDQD DVt FRPRHQODVLQVWLWXFLRQHVFUHDGDVSRUHOKRPEUHHQHODQLPDOKXPDQRFRPRWDO RVRODPHQWHHQODVFRQGLFLRQHVH[WHUQDVGHVXYLGD" 3RU~OWLPRKD\ XQDVHULHGHFXHVWLRQHVVXERUGLQDGDVFRPRODVGHQRPLQDPRV QRVRWURV VyOR HQWUH ORV DXWRUHV GHO SURJUHVR VREUH ORV DVSHFWRV HQ ORV TXH VH SURGXFHDTXpO(QFRQWUDPRVVHLVFDPSRVHQORVTXHVHJ~QDOJXQRVDXWRUHVVtVH GDDXQTXHRWURVORQLHJDQHQXQRRPiVGHGLFKRVFDPSRVVLELHQQXQFDHQWRGRV SXHVWRTXHSRUGHILQLFLyQVRQDXWRUHVTXHVRVWLHQHQTXHVHGDEDMRXQDXRWUD IRUPD  6RQ ORV VLJXLHQWHV   SURJUHVR HQ HO FRQRFLPLHQWR   SURJUHVR WHFQROyJLFR SURJUHVRHFRQyPLFR SURJUHVRSROtWLFR SURJUHVRPRUDO\  SURJUHVR HQ ODV EHOODV DUWHV /D GLVFXVLyQ GHO ~OWLPR SXQWR SODQWHD SUREOHPDV HVSHFLDOHV\ DTXHHQQXHVWUDRSLQLyQQLQJ~QDXWRUVRVWLHQHUHDOPHQWHTXHVHGp WDOSURJUHVRHVWpWLFRVLELHQDOJXQRVQLHJDQTXHVHSURGX]FD /DHVWUXFWXUDGHODQiOLVLVGHOSURJUHVRTXHDFDEDPRVGHGHVFULELUHMHPSOLILFD ORV HVIXHU]RV TXH UHDOL]DPRV SDUD GHILQLU ODV FXHVWLRQHV GH OD GLVFXVLyQ VREUH HO WHPD\ DQDOL]DUODGLVFXVLyQHQVtHQRWUDVSDODEUDVSDUDGDUHOFXDUWR\ TXLQWR SDVRVGHODOHFWXUDSDUDOHOD<VLHPSUHKD\ TXHKDFHUDOJRSDUHFLGRHQHVWDFODVH GHOHFWXUDDXQTXHQDWXUDOPHQWHHOOHFWRUQRVLHPSUHWLHQHTXHHVFULELUXQODUJR OLEURVREUHVXVLQYHVWLJDFLRQHV>@  (O6\QWRSLFRQ\ VXXWLOL]DFLyQ 4XLHQKD\ DOHtGRFXLGDGRVDPHQWHHVWHFDStWXORKDEUiREVHUYDGRTXHDXQTXH KHPRVGHGLFDGREDVWDQWHWLHPSRDVXH[SRVLFLyQUHDOPHQWHQRKHPRVUHVXHOWROR TXH GHQRPLQDPRV SDUDGRMD GH OD OHFWXUD SDUDOHOD TXH SRGUtD GHILQLUVH FRPR VLJXHDPHQRVTXHVHSDPRVTXpOLEURVKHPRVGHOHHUQRSRGUHPRVUHDOL]DUXQD OHFWXUDSDUDOHODSHURDPHQRVTXHSXHGDOOHYDUVHDFDERHVWHWLSRGHOHFWXUDQR VDEUHPRV TXp OHHU 2WUD IRUPD GH HQXQFLDU OD SDUDGRMD FRQVLVWLUtD HQ OR TXH SRGUtDPRVOODPDUHOSUREOHPDIXQGDPHQWDOGHODOHFWXUDSDUDOHODVLQRVDEHPRV SRU GyQGH HPSH]DU QR SRGUHPRV UHDOL]DU WDO OHFWXUD H LQFOXVR VL WHQHUQRV XQD LGHDDSUR[LPDGDGHSRUGyQGHHPSH]DUHOWLHPSRQHFHVDULRSDUDHQFRQWUDUORV

OLEURV\ ORVSDVDMHVUHOHYDQWHVTXL]iVXSHUHDOTXHVHUHTXLHUHSDUDGDUWRGRVORV GHPiVSDVRVHQFRQMXQWR 1DWXUDOPHQWH H[LVWH DO PHQRV XQD VROXFLyQ WHyULFD GH OD SDUDGRMD \  GHO SUREOHPD(QWHRUtDHOOHFWRUSXHGHFRQRFHUWDQELHQODVREUDVPiVLPSRUWDQWHV GH QXHVWUD WUDGLFLyQ TXH SRVHD QRFLRQHV GH GyQGH VH GLVFXWH FDGD XQD GH ODV LGHDV SHUR HQ WDO FDVR QR QHFHVLWDUi D\ XGD GH QDGLH \  QRVRWURV QR SRGHPRV GHFLUOHQDGDVREUHODOHFWXUDSDUDOHODTXHQRVHSD\ D 3RURWUDSDUWHLQFOXVRVLQRSRVHHWDOHVFRQRFLPLHQWRVTXL]iSXHGDUHFXUULUD DOJXLHQTXHVtORVWHQJDSHURGHEHFRPSUHQGHUTXHVLORKDFHHOFRQVHMRGHHVD SHUVRQDSXHGHUHVXOWDUWDQWRXQREVWiFXORFRPRXQDD\ XGD6LVHWUDWDGHXQWHPD VREUH HO TXH KD OOHYDGR D FDER LQYHVWLJDFLRQHV HVSHFLDOHV OH FRVWDUi WUDEDMR OLPLWDUVH D GHFLUOH DO OHFWRU TXp SDVDMHV UHOHYDQWHV GHEH OHHU VLQ H[SOLFDUOH WDPELpQ FyPR OHHUORV FLUFXQVWDQFLD TXH VHJXUDPHQWH HQWRUSHFHUi OD WDUHD GH pVWHSHURVLQRKDOOHYDGRDFDERLQYHVWLJDFLRQHVHVSHFLDOHVVREUHHOWHPDTXL]i QR VHSD PXFKR PiV TXH HO OHFWRU DXQTXH SRVLEOHPHQWH ORV GRV FUHHUiQ OR FRQWUDULR 3RUWDQWRORTXHVHQHFHVLWDHVXQOLEURGHFRQVXOWDTXHGLJDGyQGHHQFRQWUDU ORV SDVDMHV UHOHYDQWHV GH JUDQ Q~PHUR GH WHPDV GH LQWHUpV TXH QR LQGLTXH DO PLVPR WLHPSR FyPR GHEHUtDQ OHHUVH TXH QR SUHMX]JXH VX VLJQLILFDGR R VX LPSRUWDQFLD(OGHQRPLQDGR6\QWRSLFRQ FRQVWLWX\ H XQ HMHPSOR GH HVWD FODVH GH REUD (VFULWR HQ OD GpFDGD GH ORV  HV XQ tQGLFH WHPiWLFR GH OD VHULH GH OLEURV WLWXODGD*UHDW%RRNVRIWKH:HVWHUQ:RUOG*UDQGHVOLEURVGHOPXQGRRFFLGHQWDO  %DMR FDGD XQR GH ORV WHPDV R PDWHULDV RIUHFH XQD OLVWD GH UHIHUHQFLDV D ODV SiJLQDVGHORVOLEURVGHOJUXSRHQODVTXHVHH[SRQHQDTXpOORVDOJXQDVDSDVDMHV TXHRFXSDQSiJLQDVHQWHUDVRWUDVDSiUUDIRVRLQFOXVRSDUWHVGHSiUUDIRVFODYH 1RVHQHFHVLWDPiVWLHPSRSDUDHQFRQWUDUORVTXHSDUDFRJHUODREUDLQGLFDGD\ FRQVXOWDUOD 1DWXUDOPHQWHWLHQHXQGHIHFWRLPSRUWDQWHTXHHVXQtQGLFHGHXQVRORJUXSR GH OLEURV VL ELHQ H[WHQVR  \  ~QLFDPHQWH GD LQGLFDFLRQHV PX\  DSUR[LPDGDV GH GyQGH EXVFDU SDVDMHV GH RWURV OLEURV TXH QR HVWiQ LQFOXLGRV HQ pO 6LQ HPEDUJR WDPELpQ SURSRUFLRQD DO PHQRV XQ SXQWR HQ HO TXH HPSH]DU XQ SUR\ HFWR GH OHFWXUD SDUDOHOD \ DGHPiV FXDOTXLHUD TXHUUtD OHHU OD PD\ RUtD GH ODV REUDV LQFOXLGDV HQ HO JUXSR HQ HO WUDQVFXUVR GH XQ SUR\ HFWR GH HVWH WLSR 3RU HOOR GHEHUtD DKRUUDUOH DO HVWXGLRVR PDGXUR R DO OHFWRU TXH HPSLH]D D LQYHVWLJDU XQ SUREOHPD HQ FRQFUHWR JUDQ SDUWH GH OD ODERU SUHOLPLQDU GH OD LQYHVWLJDFLyQ \ KDFHUOHDYDQ]DUUiSLGDPHQWHKDVWDHOSXQWRHQHOTXHSXGLHUDFRPHQ]DUDSHQVDU SRUVXFXHQWDVREUHHOWHPD 6L ELHQ HO 6\QWRSLFRQ UHVXOWD ~WLO SDUD HVD FODVH GH OHFWRU OR HV PXFKR PiV SDUD HO SULQFLSLDQWH SRUTXH OH D\ XGD GH WUHV PDQHUDV FRPR LQLFLDFLyQ FRPR VXJHUHQFLD\ FRPRLQVWUXFFLyQ &XPSOHODSULPHUDIXQFLyQDOVXSHUDUODGLILFXOWDGLQLFLDODODTXHVHHQIUHQWD

FXDOTXLHU SHUVRQD DQWH ODV REUDV FOiVLFDV GH QXHVWUD WUDGLFLyQ TXH SXHGHQ SDUHFHUXQWDQWRLPSRQHQWHV4XL]iGHVHDUtDPRVKDEHUODVOHtGRSHURHQPXFKDV RFDVLRQHVQRORKDFHPRV3RUWRGRVODGRVQRVDFRQVHMDQTXHODVOHDPRV\ QRVGDQ SURJUDPDVGHOHFWXUDTXHHPSLH]DQFRQODVPiVIiFLOHV\ FRQWLQ~DQFRQODVPiV GLItFLOHV 6LQ HPEDUJR WRGRV HVWRV SURJUDPDV UHTXLHUHQ OD OHFWXUD GH OLEURV HQWHURVRDOPHQRVODOHFWXUDLQWHJUDOGHODUJRVSDVDMHV\VHJ~QODH[SHULHQFLD JHQHUDOHVWDVROXFLyQUDUDPHQWHGDORV²UHVXOWDGRVGHVHDGRV² /DOHFWXUDSDUDOHODGHHVWDVJUDQGHVREUDVFRQODD\ XGDGHO6\QWRSLFRQRIUHFH XQD VROXFLyQ UDGLFDOPHQWH GLVWLQWD LQLFLD HQ VX OHFWXUD SHUPLWLHQGR TXH VH GHVFXEUDQDOJXQDVREUDVHQFRQFUHWR VREUHORVWHPDVTXHLQWHUHVDQ SXGLpQGRVH OHHUSDVDMHVUHODWLYDPHQWHFRUWRVGHQXPHURVRVDXWRUHVVREUHGLFKRVWHPDV /DOHFWXUDSDUDOHODGHHVWDVREUDVFRQODD\ XGDGHO6\QWRSLFRQWDPELpQSXHGH VHUYLUFRPRVXJHUHQFLD&RPHQ]DQGRSRUHOLQWHUpVTXH\ DWLHQHHOOHFWRUSRUXQ WHPD HQ FRQFUHWR SXHGH FUHDU R GHVSHUWDU RWURV HQ WHPDV UHODFLRQDGRV FRQ HO SULPHUR\ XQDYH]TXHHOOHFWRUVHKDLQLFLDGRHQXQDXWRUGLItFLOPHQWHGHMDGGH H[SORUDU HO FRQWH[WR &XDQGR TXLHUD GDUVH FXHQWD KDEUi OHtGR EXHQD SDUWH GHO OLEUR 3RU ~OWLPR WDPELpQ VLUYH GH LQVWUXFFLyQ GH WUHV PDQHUDV GLVWLQWDV OR TXH FRQVWLWX\ HXQDGHODVPD\ RUHVYHQWDMDVGHHVWHQLYHOGHOHFWXUD (Q SULPHU OXJDU HO WHPD UHODFLRQDGR FRQ HO SDVDMH TXH VH HVWi OH\ HQGR RIUHFHXQDVGLUHFWULFHVSDUDLQWHUSUHWDUGLFKRSDVDMHSHURQRGLFHTXpVLJQLILFD SXHVWRTXHSXHGHVHUUHOHYDQWHSDUDHOWHPDGHYDULRVPRGRV3RUFRQVLJXLHQWH HO OHFWRU WLHQH TXH GHVFXEULU H[DFWDPHQWH SRU TXp HV UHOHYDQWH \  DSUHQGHU D KDFHUHVWRHTXLYDOHDDGTXLULUXQDGHVWUH]DIXQGDPHQWDOHQHODUWHGHODOHFWXUD (QVHJXQGROXJDUODVHULHGHSDVDMHVVREUHHOPLVPRWHPDSHURGHGLIHUHQWHV REUDV\ DXWRUHVVLUYHSDUDDJXGL]DUODLQWHUSUHWDFLyQTXHKDFHHOOHFWRUGHFDGD SDVDMHOHtGR(QRFDVLRQHVFXDQGRVHOHHQFRQVHFXWLYDPHQWHYDULRVSDVDMHVGHOD PLVPDREUD\ HQHOFRQWH[WRUHFtSURFRVHDFODUDFDGDXQRGHHOORV2WUDVYHFHV VH DFHQW~D HO VLJQLILFDGR GH FDGD VHULH GH SDVDMHV RSXHVWRV R HQ FRQIOLFWR GH OLEURVGLVWLQWRVFXDQGRVHORVFRQIURQWD\ WDPELpQSXHGHRFXUULUTXHORVSDVDMHV GH XQ DXWRU DO DPSOLDU R FRPHQWDU ORV GH RWUR D\ XGHQ PDWHULDOPHQWH D FRPSUHQGHUDHVWH~OWLPR (Q WHUFHU OXJDU VL VH OOHYD D FDER XQD OHFWXUD SDUDOHOD VREUH XQD VHULH GH WHPDVGLIHUHQWHVHOKHFKRGHTXHFRQIUHFXHQFLDVHHQFXHQWUHHOPLVPRSDVDMH FLWDGRHQHO6\QWRSLFRQ\ UHIHULGRDGRVRPiVWHPDVUHVXOWDUiLQVWUXFWLYRSRUTXH WLHQH XQD DPSOLWXG GH VLJQLILFDGR TXH HO OHFWRU SHUFLELUi DO LQWHUSUHWDUOR GH GLYHUVDVPDQHUDVVHJ~QORVGLIHUHQWHVWHPDV(VWDLQWHUSUHWDFLyQP~OWLSOHQRVyOR FRQVWLWX\ HXQHMHUFLFLREiVLFRHQHODUWHGHODOHFWXUDVLQRTXHDGHPiVWLHQGHD KDFHU TXH OD PHQWH VH PDQWHQJD FRQVWDQWHPHQWH DOHUWD DQWH ORV P~OWLSOHV VLJQLILFDGRVTXHSXHGHFRQWHQHUXQSDVDMHFRPSOHMR

&RPRFUHHPRVTXHHO6\QWRSLFRQ SXHGH VHU GH XWLOLGDG SDUD OD SHUVRQD TXH TXLHUDOHHUVHJ~QODGHVFULSFLyQTXHKHPRVGDGRHQHVWHFDStWXOR\ DVHWUDWHGH XQ OHFWRU SULQFLSLDQWH R GH XQ LQYHVWLJDGRU \  HVWXGLRVR PDGXUR QRV KHPRV WRPDGR OD OLEHUWDG GH DGRSWDU VX QRPEUH FRPR RWUD GH ODV GHQRPLQDFLRQHV GH HVWHQLYHOGHOHFWXUDODVLQWySLFDFRQODHVSHUDQ]DGHTXHHOOHFWRUQRVSHUGRQHHO H[FHVR $ FDPELR GH VX SHUGyQ TXLVLpUDPRV GHVWDFDU XQ KHFKR LPSRUWDQWH ([LVWHXQDGLIHUHQFLDFRQVLGHUDEOHHQWUHODOHFWXUDVLQWySLFDFRQ© Vª PLQ~VFXOD \  OD OHFWXUD 6LQWySLFD HVWD ~OWLPD UHIHULGD D OD OHFWXUD GH JUDQGHV REUDV FRQ OD D\ XGD GHO 6\QWRSLFRQ (Q HO ~OWLPR VHQWLGR SXHGH FRQVWLWXLU XQD SDUWH GH FXDOTXLHUSUR\ HFWRGHOHFWXUDSDUDOHODRVLQWySLFDFXDQGRVHHPSOHDHOWpUPLQR HQHOSULPHUVHQWLGR\ TXL]iVLHPSUHVHGHEHUtDHPSH]DUDVt 6REUHORVSULQFLSLRVTXHULJHQODOHFWXUDSDUDOHOD +D\ TXLHQHVVRVWLHQHQTXHODOHFWXUDSDUDOHODRVLQWySLFDHQHOVHQWLGRPiV DPSOLRTXHDFDEDPRVGHPHQFLRQDU HVLPSRVLEOH$VHJXUDQTXHVHFRPHWHXQ HUURU DO LPSRQHU XQD WHUPLQRORJtD LQFOXVR © QHXWUDOª  VL H[LVWH WDO FRVD  D XQ DXWRU 6X SURSLD WHUPLQRORJtD VH FRQVLGHUD VDFURVDQWD SRUTXH ORV OLEURV QXQFD GHEHQ OHHUVH © IXHUD GH FRQWH[WRª  \ DGHPiV OD WUDGXFFLyQ GH XQD VHULH GH WpUPLQRVDRWUDVLHPSUHHQWUDxDULHVJRVSRUTXHQRVHSXHGHHMHUFHUXQFRQWURO VREUHODVSDODEUDVFRPRVLVHWUDWDVHGHVtPERORVPDWHPiWLFRV3RUVLIXHUDSRFR ODOHFWXUDSDUDOHODVXSRQHOHHUDDXWRUHVVHSDUDGRVHQHOHVSDFLR\ HQHOWLHPSR\ TXH GLILHUHQ UDGLFDOPHQWH HQ FXDQWR D HVWLOR \  HQIRTXH FRPR VL IXHUDQ PLHPEURV GHO PLVPR XQLYHUVR GH GLVFXUVR FRPR VL KDEODVHQ HQWUH Vt FLUFXQVWDQFLDTXHGHIRUPDORVKHFKRV&DGDDXWRUHVXQSHTXHxRXQLYHUVRHQVt\ DXQTXH SXHGHQ HVWDEOHFHUVH FRQH[LRQHV HQWUH GLIHUHQWHV REUDV HVFULWDV SRU HO PLVPR DXWRU HQ pSRFDV GLVWLQWDV H LQFOXVR DTXt KD\  ULHVJRV DVHJXUDQ TXLHQHV SRQHQ REMHFLRQHV D HVWH WLSR GH OHFWXUD  QR H[LVWHQ FRQH[LRQHV FODUDV HQWUH XQ DXWRU\ RWUR3RU~OWLPRVRVWLHQHQTXHORVWHPDVWUDWDGRVSRUORVHVFULWRUHVFRPR WDOHVQRUHYLVWHQWDQWDLPSRUWDQFLDFRPRODPDQHUDGHWUDWDUORV6HJ~QHOORV HO HVWLOR HV OD SHUVRQD \  VL QR WHQHPRV HQ FXHQWD FyPR GLFH DOJR XQ DXWRU HQ HO SURFHVRGHLQWHQWDUGHVFXEULUTXp GLFH DFDEDUHPRV SRU QR FRPSUHQGHU QLQJXQR GHORVGRVDVSHFWRV 6DOWD D OD YLVWD TXH QR FRLQFLGLPRV FRQ WRGDV HVWDV DFXVDFLRQHV \  TXH SRU FRQVLJXLHQWHSURFHGHGDUOHVUHVSXHVWD/DVSUHVHQWDUHPRVSRUVHSDUDGR (Q SULPHU OXJDU HO SXQWR UHIHUHQWH D OD WHUPLQRORJtD 1HJDU TXH SXHGD H[SUHVDUVH XQD LGHD FRQ PiV GH XQD VHULH GH WpUPLQRV HV VLPLODU D QHJDU TXH SXHGD WUDGXFLUVH GH XQD OHQJXD D RWUD SRVWXUD TXH QDWXUDOPHQWH PDQWLHQHQ DOJXQDV SHUVRQDV 3RU HMHPSOR KDFH SRFR OHtPRV OD LQWURGXFFLyQ D XQD QXHYD WUDGXFFLyQ GHO &RUiQ TXH FRPHQ]DED SRU GHFLU TXH WUDGXFLU HVWH OLEUR HV

LPSRVLEOHSHURFRPRDFRQWLQXDFLyQHODXWRUH[SOLFDEDFyPRODKDEtDOOHYDGRD FDEROR~QLFRTXHSRGHPRVVXSRQHUHVTXHVHUHIHUtDDTXHODWUDGXFFLyQUHVXOWD HVSHFLDOPHQWH GLItFLO HQ HO FDVR GH XQ OLEUR FRQVLGHUDGR VDQWR SRU PXFKDV SHUVRQDV(QHVRFRLQFLGLPRVSHURGLItFLOQRHTXLYDOHDLPSRVLEOH 'HKHFKRODRSLQLyQTXHVRVWLHQHTXHORVWpUPLQRVGHXQDXWRUGHEHQWUDWDUVH FRPRDOJRVDFURVDQWRSUREDEOHPHQWHQRVHDVLQRRWUDIRUPDGHGHFLUTXHUHVXOWD GLItFLO WUDGXFLU GH XQD WHUPLQRORJtD D RWUD 7DPELpQ HVWDUtDPRV GH DFXHUGR HQ HVWHSXQWRSHURXQDYH]PiVLQVLVWLPRVHQTXHGLItFLOQRHTXLYDOHDLPSRVLEOH (QVHJXQGROXJDUHOSXQWRFRQFHUQLHQWHDOFDUiFWHU~QLFRGHORVDXWRUHV (VWR VXSRQGUtD GHFLU TXH VL $ULVWyWHOHV SRU HMHPSOR HQWUDVH HQ QXHVWUR GHVSDFKR DWDYLDGRVLQGXGDFRQXQDW~QLFD\ DFRPSDxDGRSRUXQLQWpUSUHWHTXHFRQRFLHVH QXHVWUD OHQJXD \  JULHJR DQWLJXR QR SRGUtDPRV FRPSUHQGHUOH QL pO D QRVRWURV 6HQFLOODPHQWHQRORFUHHPRV'HVGHOXHJRHOILOyVRIRVHTXHGDUtDSHUSOHMRDQWH DOJXQDV GH ODV FRVDV TXH YLHUD SHUR QRV FRQVWD TXH DO FDER GH GLH] PLQXWRV SRGUtDPRVVLTXLVLpUDPRVHQIUDVFDUQRVHQXQDGLVFXVLyQILORVyILFDGHSUREOHPDV FRPSDUWLGRV4XL]iVXUJLHUDQGLILFXOWDGHVHQUHSHWLGDVRFDVLRQHVSHURHQFXDQWR ODVUHFRQRFLpVHPRVFRPRWDOHVODVUHVROYHUtDPRV 6L HVR HV SRVLEOH \  QR FUHHPRV TXH QDGLH SXHGD QHJDUOR  HQWRQFHV QR HV LPSRVLEOHTXHXQOLEUR© KDEOHª FRQRWURSRUPHGLDFLyQGHXQLQWpUSUHWHDVDEHU OD SHUVRQD TXH OOHYD D FDER XQD OHFWXUD SDUDOHOD 'HVGH OXHJR KD\  TXH WHQHU PXFKR FXLGDGR \  HO OHFWRU KD GH FRQRFHU DPERV © LGLRPDVª  HV GHFLU DPERV OLEURVORPHMRUSRVLEOHSHURHOSUREOHPDQRHVLQVXSHUDEOH 3RU ~OWLPR HO SXQWR FRQFHUQLHQWH D OD PDQHUD R HO HVWLOR $ QXHVWUR MXLFLR HTXLYDOH D GHFLU TXH QR H[LVWH FRPXQLFDFLyQ UDFLRQDO HQWUH ORV VHUHV KXPDQRV TXH VyOR SXHGHQ FRPXQLFDUVH HQ HO QLYHO HPRFLRQDO HO PLVPR HQ HO TXH VH FRPXQLFDQFRQVXVSHUURVRVXVJDWRV6LHOOHFWRUOHGLFHDVXSHUUR© 7HTXLHURª HQWRQRFROpULFRHODQLPDOVHHQFRJHUiGHPLHGRSHURVLQFRPSUHQGHUORTXHOH KDGLFKR¢3XHGHDOJXLHQVRVWHQHUVHULDPHQWHTXHQRH[LVWHQDGDPiVTXHHOWRQR GH YR] R HO JHVWR HQ ODV FRPXQLFDFLRQHV YHUEDOHV HQWUH GRV VHUHV KXPDQRV" /R SULPHURHVLPSRUWDQWHVREUHWRGRFXDQGRODVUHODFLRQHVHPRFLRQDOHVFRQVWLWX\ HQ HO FRQWHQLGR IXQGDPHQWDO GH OD FRPXQLFDFLyQ \  SUREDEOHPHQWH HO OHQJXDMH FRUSRUDO WLHQH FRVDV TXH GHFLUQRV VL HVWDPRV GLVSXHVWRV D HVFXFKDUODV ¢D PLUDUODV" SHURHQODFRPXQLFDFLyQKXPDQDKD\ DOJRPiV6LOHSUHJXQWDPRVD DOJXLHQSRUODSXHUWDGHVDOLGD\ QRVLQGLFDTXHVLJDPRVHOSDVLOOR%QRLPSRUWD TXpWRQRGHYR]HPSOHH2WLHQHUD]yQRVHHTXLYRFDRGLFHODYHUGDGRPLHQWH SHURGHORTXHVHWUDWDHVGHTXHORDYHULJXDUHPRVHQVHJXLGDVLVHJXLPRVSRUHO SDVLOOR%+HPRVFRPSUHQGLGRORTXH KD GLFKR DGHPiV GH UHDFFLRQDU VLQ GXGD GHPXFKDVPDQHUDVDQWHFyPRORKDGLFKR 3RUWDQWRDOFUHHUTXHODWUDGXFFLyQHVSRVLEOHSRUTXHHVDOJRTXHVHKDFH FRQWLQXDPHQWH TXHORVOLEURVSXHGHQ© KDEODUVHª PXWXDPHQWHSRUTXHORKDFHQ ORV VHUHV KXPDQRV  \  TXH H[LVWH XQ FRQWHQLGR UDFLRQDO REMHWLYR HQ OD

FRPXQLFDFLyQ HQWUH pVWRV FXDQGR LQWHQWDQ VHU UDFLRQDOHV SRUTXH SRGHPRV DSUHQGHU\ DSUHQGHPRVXQRVGHRWURV WDPELpQFUHHPRVTXHODOHFWXUDSDUDOHOD HVSRVLEOH 5HVXPHQGHODOHFWXUDSDUDOHOD 3XHVWR TXH \ D KHPRV FRQFOXLGR OD H[SRVLFLyQ GH OD OHFWXUD SDUDOHOD D FRQWLQXDFLyQ YDPRV D VHxDODU ORV GLYHUVRV SDVRV TXH KD\  TXH GDU HQ HVWH QLYHO SDUDWUD]DUXQSHUILO &RPRKHPRVYLVWRH[LVWHQGRVHWDSDVSULQFLSDOHVHQODOHFWXUDSDUDOHODXQD SUHSDUDWRULD \  RWUD OD OHFWXUD SDUDOHOD R VLQWySLFD SURSLDPHQWH GLFKD ([DPLQHPRVWRGRVHVWRVSDVRV ,([DPHQGHOWHUUHQRSUHSDUDWRULRSDUDODOHFWXUDSDUDOHOD  (ODERUDU XQD ELEOLRJUDItD SURYLVLRQDO VREUH HO WHPD TXH LQWHUHVH UHFXUULHQGR D FDWiORJRV GH ELEOLRWHFDV DVHVRUHV \  ELEOLRJUDItDV TXH DSDUH]FDQHQOLEURV  ([DPLQDUWRGRVORVOLEURVGHODELEOLRJUDItDSURYLVLRQDOSDUDDYHULJXDU FXiOHVHVWiQUHODFLRQDGRVFRQHO WHPD\ WDPELpQSDUDKDFHUVH XQD LGHDPiVFODUDGHOPLVPR 1RWD(VWRVGRVSDVRVQRVRQHQVHQWLGRHVWULFWRFURQROyJLFDPHQWHGLVWLQWRVHV GHFLU TXH ORV GRV VH LQIOX\ HQ PXWXDPHQWH \  VREUH WRGR TXH HO VHJXQGR VLUYH SDUDPRGLILFDUDOSULPHUR ,,/HFWXUDSDUDOHODGHODELEOLRJUDILDUHFRJLGDHQODHWDSD,  ([DPLQDUORVOLEURVFX\ DUHOHYDQFLDSDUDHOWHPDVHFRQRFHGHVGHOD SULPHUDHWDSDFRQHOILQGHGHVFXEULUORVSDVDMHVPiVVREUHVDOLHQWHV  +DFHU TXH ORV DXWRUHV OOHJXHQ D XQ DFXHUGR FRQVWUX\ HQGR XQD WHUPLQRORJtDQHXWUDOGHOWHPDHLQWHUSUHWDQGRTXHODHPSOHDQWRGRV ORV DXWRUHV R OD JUDQ PD\ RUtD WDQWR VL XWLOL]DQ ODV SDODEUDV FRPR VL QR  (VWDEOHFHUXQDVHULHGHSURSRVLFLRQHVQHXWUDOHVSDUDWRGRVORVDXWRUHV IRUPXODQGR XQD VHULH GH SUHJXQWDV H LQWHUSUHWDQGR TXH WRGRV R OD PD\ RUtD GH ORV DXWRUHV ODV FRQWHVWDQ WDQWR VL WUDWDQ ODV SUHJXQWDV H[SOtFLWDPHQWHFRPRVLQR  'HILQLUODVFXHVWLRQHVODVPiV\ ODVPHQRVLPSRUWDQWHVFODVLILFDQGR

ODVUHVSXHVWDVFRQWUDSXHVWDVGHORVDXWRUHVDODVGLYHUVDVSUHJXQWDVHQ XQR X RWUR H[WUHPR GH OD FXHVWLyQ (O OHFWRU GHEH UHFRUGDU TXH QR VLHPSUHH[LVWHXQDFXHVWLyQH[SOtFLWDDGHEDWLUHQWUHORVDXWRUHVVLQR TXH D YHFHV KD\  TXH FRQVWUXLUOD PHGLDQWH OD LQWHUSUHWDFLyQ GH ODV RSLQLRQHVGHpVWRVVREUHSXQWRVTXHTXL]iHQSULQFLSLRQRFRQVWLWXtDQ VXSULQFLSDOSUHRFXSDFLyQ  $QDOL]DU OD GLVFXVLyQ RUGHQDQGR ODV SUHJXQWDV \  ODV FXHVWLRQHV GH PRGRTXHVHDUURMHODPD\ RUFDQWLGDGGHOX]SRVLEOHVREUHHOWHPD /DVFXHVWLRQHVPiVJHQHUDOHVGHEHQSUHFHGHUDODVPHQRVJHQHUDOHV \  KD\  TXH LQGLFDU FODUDPHQWH ODV UHODFLRQHV HQWUH ODV GLVWLQWDV FXHVWLRQHV 1RWD ,GHDOPHQWH KDEUtD TXH PDQWHQHU OD LPSDUFLDOLGDG X REMHWLYLGDG GLDOpFWLFD GH SULQFLSLR D ILQ 8QD IRUPD GH JDUDQWL]DU WDO DFWLWXG FRQVLVWH HQ DFRPSDxDUODLQWHUSUHWDFLyQGHORVSXQWRVGHYLVWDGHXQDXWRUVREUHXQDFXHVWLyQ FRQFLWDVGHVXWH[WR

 /$/(&785$<(/'(6$552//20(17$/

+HPRVILQDOL]DGRODWDUHDTXHVHSUHVHQWDEDDQWHQRVRWURVDOSULQFLSLRGHOOLEUR +HPRVPRVWUDGRTXHODDFWLYLGDGFRQVWLWX\ HODHVHQFLDGHODEXHQDOHFWXUD\ TXH FXDQWRPiVDFWLYDVHDpVWDPHMRUVHUi +HPRVGHILQLGRODOHFWXUDDFWLYDFRPRODIRUPXODFLyQGHSUHJXQWDV\ KHPRV LQGLFDGR TXp SUHJXQWDV GHEHQ SODQWHDUVH DQWH FXDOTXLHU OLEUR \  FyPR GHEHQ UHVSRQGHUVHGHGLYHUVDVIRUPDVVHJ~QODVGLIHUHQWHVFODVHVGHOLEURV +HPRVLGHQWLILFDGR\ H[SXHVWRORVFXDWURQLYHOHVGHOHFWXUD\ PRVWUDGRTXH VRQ DFXPXODWLYRV TXH ORV PiV WHPSUDQRV R LQIHULRUHV HVWiQ LQFOXLGRV HQ ORV SRVWHULRUHVRVXSHULRUHV&RQVHFXHQWHVFRQODLQWHQFLyQTXHKDEtDPRVH[SUHVDGR KHPRVKHFKRPD\ RUKLQFDSLpHQpVWRVTXHHQDTXpOORVSRQLHQGRDVtGHUHOLHYHOD OHFWXUD DQDOtWLFD \  SDUDOHOD &RPR OD DQDOtWLFD UHVXOWD TXL]i OD PHQRV FRQRFLGD SDUD OD PD\ RUtD GH ORV OHFWRUHV KHPRV UHDOL]DGR XQD H[SRVLFLyQ GHO WHPD PiV SUROLMDTXHODGHORVGHPiVQLYHOHVSUHVHQWDGR\ H[SOLFDGRODVUHJODVHQHORUGHQ TXHGHEHQDSOLFDUVHSHURFDVLWRGRORGLFKRVREUHODOHFWXUDDQDOtWLFDWDPELpQHV DSOLFDEOHFRQFLHUWDVDGDSWDFLRQHVTXHVHPHQFLRQDQHQHO~OWLPRFDStWXORDOD OHFWXUDSDUDOHOD +HPRVFRQFOXLGRODWDUHDSHURHOOHFWRUTXL]iQRKD\ DILQDOL]DGRODVX\ D1R KDUi IDOWD UHFRUGDUOH TXH VH HQFXHQWUD DQWH XQ OLEUR SUiFWLFR QL TXH VL OHH XQD REUD GH HVWH WLSR WLHQH XQD REOLJDFLyQ HVSHFLDO FRQ UHVSHFWR D HOOD &RPR \ D KHPRVGLFKRVLHOOHFWRUGHXQOLEURSUiFWLFRDFHSWDORVILQHVTXHpVWHSURSRQH\ HVWi GH DFXHUGR HQ TXH ORV PHGLRV UHFRPHQGDGRV VRQ DGHFXDGRV \  HILFDFHV WHQGUi TXH DFWXDU FRPR VH OH SURSRQH TXH KDJD 4XL]i QR DFHSWH HO REMHWLYR IXQGDPHQWDOTXHKHPRVDSXQWDGRDVDEHUTXHGHEHVHUFDSD]GHOHHUORPHMRU SRVLEOHQLORVPHGLRVTXHKHPRVSURSXHVWRSDUDORJUDGRHVGHFLUODVUHJODVGHOD OHFWXUDGHLQVSHFFLyQDQDOtWLFD\ SDUDOHODHQFX\ RFDVRVHJXUDPHQWHQRHVWDUtD OH\ HQGR HVWD SiJLQD  SHUR VL DFHSWD HO REMHWLYR \  HVWi GH DFXHUGR HQ TXH ORV PHGLRV VRQ DGHFXDGRV GHEH UHDOL]DU HO HVIXHU]R GH OHHU FRPR TXL]i QR KD\ D OHtGRQXQFD (Q HVR FRQVLVWHQ OD WDUHD \  OD REOLJDFLyQ GHO OHFWRU \  TXL]i SRGDPRV

D\ XGDUOH 1RVRWURV DVt OR FUHHPRV /D WDUHD UHFDH VREUH WRGR HQ pO TXH VHUi TXLHQ KDJD WRGR HO WUDEDMR D SDUWLU GH DKRUD \  TXLHQ REWHQJD WRGRV ORV EHQHILFLRV SHURD~QTXHGDQYDULDVFRVDVSRUGHFLUDFHUFDGHOILQ\ ORVPHGLRV SXQWRHVWH~OWLPRTXHGLVFXWLUHPRVHQSULPHUOXJDU $TXpSXHGHQD\ XGDUQRVORVEXHQRVOLEURV (O WpUPLQR © PHGLRVª  SXHGH LQWHUSUHWDUVH GH GRV PDQHUDV (Q HO SiUUDIR DQWHULRUQRVUHIHUtDPRVDODVUHJODVGHODOHFWXUDHVGHFLUDOPpWRGRFRQHOTXH VHOOHJDDVHUPHMRUOHFWRUSHURWDPELpQSRGtDPRVUHIHULUQRVDODVFRVDVTXHVH OHHQ7HQHUXQPpWRGRVLQPDWHULDOHVDORVTXHDSOLFDUORVUHVXOWDWDQLQ~WLOFRPR WHQHUORVPDWHULDOHVVLQQLQJ~QPpWRGRTXHDSOLFDU (Q HO ~OWLPR VHQWLGR GHO WpUPLQR ORV PHGLRV TXH VHUYLUiQ DO OHFWRU SDUD PHMRUDU OD OHFWXUD VRQ ORV OLEURV +HPRV GLFKR TXH HO PpWRGR VH DSOLFD D FXDOTXLHUPDWHULDOGHOHFWXUD\ HVFLHUWRVLFRQHOORVHHQWLHQGHFXDOTXLHUFODVH GHOLEURGHOLWHUDWXUDGHHQVD\ RSUiFWLFRRWHyULFRSHURHQUHDOLGDGHOPpWRGR DOPHQRVFRPRORKHPRVHMHPSOLILFDGRHQODH[SRVLFLyQVREUHODOHFWXUDDQDOtWLFD \ ODSDUDOHODQRVHDSOLFDDWRGRVORVOLEURVSRUODVHQFLOODUD]yQGHTXHQRWRGRV ORUHTXLHUHQ +HPRV GHVDUUROODGR HVWH SXQWR DQWHULRUPHQWH SHUR TXHUHPRV LQVLVWLU HQ pO SRU VX LPSRUWDQFLD SDUD OD WDUHD TXH DJXDUGD DO OHFWRU 6L OHH FRQ HO ILQ GH VHU PHMRUOHFWRUQRSXHGHOHHUFXDOTXLHUOLEURRDUWtFXOR1RPHMRUDUiVLOR~QLFRTXH OHHVRQREUDVGHQWURGHORVOtPLWHVGHVXFDSDFLGDG3RUHVRGHEHDFRPHWHURWUDV TXH OH VXSHUHQ SXHV VyOR FRQ HOODV VH HQVDQFKD OD PHQWH OD ~QLFD IRUPD GH DSUHQGHU 3RUWDQWRUHYLVWHLPSRUWDQFLDFUXFLDOQRVyORVDEHUOHHUELHQVLQRLGHQWLILFDU ORV OLEURV TXH LPSRQHQ ODV H[LJHQFLDV TXH UHTXLHUH HO PHMRUDPLHQWR GH OD GHVWUH]D OHFWRUD 8QD REUD TXH VyOR HQWUHWHQJD SXHGH UHVXOWDU XQD GLYHUVLyQ DJUDGDEOHSDUDSDVDUXQSDUGHKRUDVGHRFLRSHURGHHOODQRVHSXHGHHVSHUDU PiV TXH VLPSOH HQWUHWHQLPLHQWR 1R HVWDPRV HQ FRQWUD GH OD GLYHUVLyQ SRU GHUHFKR SURSLR SHUR GHVHDPRV LQVLVWLU HQ TXH QR YD DFRPSDxDGD SRU XQ PHMRUDPLHQWRHQODGHVWUH]DOHFWRUD \  OR PLVPR SRGUtD GHFLUVH GH XQ OLEUR TXH VLPSOHPHQWH LQIRUPD GH KHFKRV TXH HO OHFWRU QR FRQRFtD VL QR FRQWULEX\ H D DXPHQWDU OD FRPSUHQVLyQ GH WDOHV KHFKRV /HHU SDUD LQIRUPDUVH QR HQVDQFKD PiVODPHQWHTXHOHHUSDUDGLYHUWLUVH3XHGHSDUHFHUORFRQWUDULRSHURVHGHEH WDQVyORDTXHODPHQWHGHOOHFWRUHVWiPiVOOHQDGHKHFKRVTXHDQWHVGHOHHUHO OLEUR 6LQ HPEDUJR HQ HVHQFLD VH HQFXHQWUD HQ OD PLVPD VLWXDFLyQ TXH HVWDED DQWHULRUPHQWHVHKDSURGXFLGRXQFDPELRFXDQWLWDWLYRSHURQRXQDPHMRUDGHOD GHVWUH]D

+HPRV GLFKR HQ UHSHWLGDV RFDVLRQHV TXH HO EXHQ OHFWRU HV H[LJHQWH FRQVLJR PLVPR /HH DFWLYDPHQWH UHDOL]DQGR HVIXHU]RV $ FRQWLQXDFLyQ YDPRV D GHFLU DOJR GLVWLQWR TXH ORV OLEURV FRQ ORV TXH GHVHDUi SUDFWLFDU VREUH WRGR OD OHFWXUD DQDOtWLFDWDPELpQGHEHQSODQWHDUOHH[LJHQFLDVDOOHFWRU 'HEHQ GDU OD LPSUHVLyQ GHVXSHUDUVXFDSDFLGDGVLELHQpVWHQRKDGHWHPHUTXHRFXUUDDVtHQODUHDOLGDG SRUTXH QR H[LVWH QLQJ~Q OLEUR FRPSOHWDPHQWH LQLQWHOLJLEOH VL VH OH DSOLFDQ ODV UHJODVSDUDODOHFWXUDTXHKHPRVGHVFULWRORTXHQDWXUDOPHQWHQRVLJQLILFDTXH YD\ DQ D REUDU PLODJURV LQPHGLDWRV +D\  FLHUWRV OLEURV TXH FRQWLQXDUiQ HQVDQFKDQGRODPHQWHSRUPX\ EXHQOHFWRUTXHVHVHDSUHFLVDPHQWHORVTXHVH GHEHQ EXVFDU FRQ PiV DKtQFR SRUTXH VRQ ORV TXH PHMRU SXHGHQ D\ XGDUQRV D DXPHQWDUODGHVWUH]DOHFWRUD $OJXQRV OHFWRUHV FRPHWHQ HO HUURU GH SHQVDU TXH WDOHV REUDV ²ODV TXH SUHVHQWDQXQFRQVWDQWHUHWRD VXGHVWUH]D²VLHPSUHWUDWDQWHPDV UHODWLYDPHQWH GHVFRQRFLGRV (Q OD SUiFWLFD HTXLYDOH D FUHHU TXH VyOR ODV REUDV FLHQWtILFDV \ TXL]iWDPELpQODVILORVyILFDVVDWLVIDFHQGLFKRFULWHULRSHURQRHVFLHUWR
KXPDQRVREUHODVTXHQDGLHSXHGHGHFLUOD~OWLPDSDODEUDDOJRDSOLFDEOHQRVyOR D WHUUHQRV FRPR OD FLHQFLD \  OD ILORVRItD GRQGH VDOWD D OD YLVWD TXH QDGLH KD ORJUDGRQLORJUDUiXQDFRPSUHQVLyQGHILQLWLYDGHODQDWXUDOH]D\ VXVOH\ HV\ GHO VHU\ HOWUDQVIRUPDUVHVLQRWDPELpQDDVXQWRVWDQIDPLOLDUHV\ FRWLGLDQRVFRPR ODUHODFLyQHQWUHKRPEUHV\ PXMHUHVSDGUHVHKLMRVRHQWUHORVVHUHVKXPDQRV\ 'LRV6RQpVWRVWHPDVVREUHORVTXHQRVHSXHGHSHQVDUGHPDVLDGRQLGHPDVLDGR ELHQ /DV JUDQGHV REUDV D\ XGDQ D SHQVDU PHMRU VREUH HOORV SRUTXH IXHURQ HVFULWDVSRUKRPEUHV\ PXMHUHVTXHSHQVDURQPHMRUTXHRWUDVSHUVRQDV /DSLUiPLGHGHOLEURV /DJUDQPD\ RUtDGHORVYDULRVPLOORQHVGHOLEURVTXHVHKDQHVFULWRVyORHQOD WUDGLFLyQ RFFLGHQWDO ²PiV GHO  SRU ² QR H[LJLUiQ OR VXILFLHQWH GHO OHFWRU FRPRSDUDTXHPHMRUHVXGHVWUH]DHQODOHFWXUDFLUFXQVWDQFLDTXHSXHGHUHVXOWDU GHVDOHQWDGRUD DGHPiV GH FRQVLGHUDUVH TXH ORV SRUFHQWDMHV TXL]i VHDQ H[DJHUDGRVSHURHYLGHQWHPHQWH\ WHQLHQGRHQFXHQWDODVFDQWLGDGHVHVFLHUWR 6RQpVWRVORVOLEURVTXHVyORVHOHHQSRUHOHQWUHWHQLPLHQWRRODLQIRUPDFLyQTXH SURSRUFLRQDQTXHSXHGHQSHUWHQHFHUDGLYHUVDVFODVHV6LQHPEDUJRQRVHSXHGH HVSHUDU DSUHQGHU QDGD LPSRUWDQWH FRQ HOORV 'H KHFKR QL VLTXLHUD KD\  TXH OHHUORV²DQDOtWLFDPHQWH²SRUTXHEDVWDFRQXQDSUHOHFWXUD ([LVWHRWUDFODVHGHOLEURVGHORVTXHVtVHSXHGHDSUHQGHUWDQWRDOHHUFRPRD YLYLU$HVWDFDWHJRUtDSHUWHQHFHPHQRVGHXQRGHFDGDFLHQRPiVELHQXQRGH FDGD PLO eVWRV VRQ ORV OLEURV EXHQRV FXLGDGRVDPHQWH IRUMDGRV SRU VXV DXWRUHV TXH WUDQVPLWHQ DO OHFWRU LGHDV LPSRUWDQWHV VREUH WHPDV GH LQWHUpV SHUHQQH SDUD ORV VHUHV KXPDQRV (Q WRWDO SUREDEOHPHQWH QR KD\  PiV GH XQRV PLOODUHV \ H[LJHQPXFKRGHOOHFWRU0HUHFHODSHQDOHHUORVDQDOtWLFDPHQWHXQDYH]6LVHKD DGTXLULGRVXILFLHQWHGHVWUH]DVHSRGUiH[WUDHUGHHOORVWRGRORTXHRIUHFHQHQHO WUDQVFXUVR GH XQD EXHQD OHFWXUD 6H WUDWD GH OLEURV TXH VH OHHQ XQD YH] \  VH JXDUGDQHQODHVWDQWHUtDVDELHQGRTXH\ DQRKDEUiTXHYROYHUDOHHUORVDXQTXH WDO YH] VH FRQVXOWHQ DOJXQD YH] SDUD FRPSUREDU FLHUWRV SXQWRV R SDUD UHFRUGDU FLHUWRV HSLVRGLRV R LGHDV /DV QRWDV HQ HO PDUJHQ R HQ RWUR OXJDU UHVXOWDQ HVSHFLDOPHQWHYDOLRVDVHQHVWHFDVR  ¢&yPR VH VDEH TXH QR KDEUi TXH YROYHU D OHHU HVWD FODVH GH OLEURV" 6H OR FRPSUHQGHUiDVtSRUODSURSLDUHDFFLyQPHQWDODQWHODH[SHULHQFLDGHVXOHFWXUD (QVDQFKDQODPHQWHHLQFUHPHQWDQODFRPSUHQVLyQSHURFRQWDOHQVDQFKDPLHQWR \ WDOLQFUHPHQWRVHHQWLHQGHPHGLDQWHXQSURFHVRPiVRPHQRVPLVWHULRVRTXH HO OLEUR HQ FXHVWLyQ \ D QR YROYHUi D FDPELDUQRV HQ HO IXWXUR TXH VH OR KD DSUHKHQGLGR HQ VX WRWDOLGDG (O OHFWRU KD H[WUDtGR GH pO WRGR OR TXH KDEtD TXH H[WUDHU HVWi DJUDGHFLGR SRU OR TXH HO OLEUR OH KD GDGR SHUR VDEH TXH QR WLHQH QDGDPiVTXHGDUOH

'HORVHVFDVRVPLOODUHVGHOLEURVGHHVWHWLSRKD\ XQQ~PHURPXFKRPHQRU ²SUREDEOHPHQWHPHQRVGHFLHQ²TXHQLVLTXLHUDODPHMRUOHFWXUDSXHGHDJRWDU ¢&yPRUHFRQRFHUORV"7DPELpQHQHVWHFDVRVHWUDWDGHDOJRPLVWHULRVRSHURXQD YH] FHUUDGR HO OLEUR WUDV KDEHUOR OHtGR DQDOtWLFDPHQWH FRQ OD PD\ RU GHVWUH]D SRVLEOHVHWLHQHODVRVSHFKDGHTXHFRQWLHQHDOJRPiVGHORTXHKHPRVREWHQLGR 'HFLPRV © VRVSHFKDª  SRUTXH TXL]i HQ HVD HWDSD VH OLPLWH D WDO VHQVDFLyQ 6L VXSLHUDORTXHKDSDVDGRSRUDOWRHOOHFWRUHQFXPSOLPLHQWRGHVXREOLJDFLyQHQ OD OHFWXUD DQDOtWLFD YROYHUtD LQPHGLDWDPHQWH D OD REUD SDUD DYHULJXDUOR 1R SXHGH WRFDUOD SHUR VDEH TXH HVWi DOOt TXH QR SXHGH ROYLGDUOD \  FRQWLQ~D SHQVDQGRHQHOOD\ HQODUHDFFLyQTXHOHSURYRFyKDVWDTXHSRU~OWLPRYXHOYHD FRJHUOD(QWRQFHVRFXUUHDOJRVXPDPHQWHFXULRVR 6L OD REUD SHUWHQHFH D OD VHJXQGD FDWHJRUtD TXH PHQFLRQiEDPRV DQWHULRUPHQWH HO OHFWRU GHVFXEULUi DO YROYHU D WHQHUOD HQ VXV PDQRV TXH QR SUHVHQWDWDQWRLQWHUpVFRPRFUHtDUHFRUGDU1DWXUDOPHQWHODUD]yQHVWULEDHQTXH HQWUHWDQWRHOOHFWRUKDFUHFLGRVXPHQWHKDDOFDQ]DGRPD\ RUSOHQLWXG\ VHKD LQFUHPHQWDGR VX FRPSUHQVLyQ (O OLEUR QR KD FDPELDGR SHUR HO OHFWRU Vt \  HO UHHQFXHQWURLQHYLWDEOHPHQWHOHGHFHSFLRQD 3HURVLSHUWHQHFHDODFDWHJRUtDVXSHULRU²HOPX\ UHGXFLGRQ~PHURGHREUDV LQDJRWDEOHV²HOOHFWRUGHVFXEULUiTXHSDUHFHKDEHUFUHFLGRDOPLVPRWLHPSRTXH pO\ YHUiFRVDVQXHYDVTXHQRKDEtDYLVWRDQWHV1RTXHGDLQYDOLGDGDODDQWHULRU FRPSUHQVLyQGHOOLEURVXSRQLHQGRTXHVHOROH\ HUDELHQODSULPHUDYH] FRQWLHQH WDQWDYHUGDGFRPRDQWHV\ HQORVPLVPRVVHQWLGRVTXHDQWHVSHURDKRUDWDPELpQ HQRWURVVHQWLGRV ¢&yPR SXHGH FUHFHU XQ OLEUR FRPR OR KDFH HO OHFWRU" 1DWXUDOPHQWH HV LPSRVLEOH XQD YH] HVFULWR \  SXEOLFDGR QR FDPELD SHUR HO OHFWRU HPSLH]D D DGYHUWLUTXHHOOLEUROHVXSHUDEDKDVWDWDOH[WUHPRTXHKDSHUPDQHFLGRDVt\ TXH SRVLEOHPHQWH VLHPSUH RFXUULUi OR PLVPR &RPR VH WUDWD GH XQ OLEUR UHDOPHQWH EXHQR²GHXQDJUDQREUDSRGUtDPRVGHFLU²HVDFFHVLEOHDGLVWLQWRVQLYHOHV/D LPSUHVLyQ TXH VH H[SHULPHQWD GH KDEHU JDQDGR HQ FRPSUHQVLyQ UHVSHFWR D OD DQWHULRUOHFWXUDQRHVIDOVDSRUTXHHQWRQFHVQRVHOHYySHURDKRUDLQFOXVRVLKDQ DXPHQWDGR QXHVWURV FRQRFLPLHQWRV \  QXHVWUD VDELGXUtD SXHGH HOHYDUQRV PiV D~QDOJRTXHVHJXLUiVXFHGLHQGRKDVWDHOGtDGHODPXHUWH 6DOWD D OD YLVWD TXH QR H[LVWHQ PXFKRV OLEURV TXH FRQVLJDQ WDO FRVD VHJ~Q QXHVWURVFiOFXORVEDVWDQWHPHQRVGHFLHQSHURHOQ~PHURGHVFLHQGHPiVWRGDYtD SDUD FXDOTXLHU OHFWRU HQ FRQFUHWR /RV VHUHV KXPDQRV SUHVHQWDQ PXFKDV GLIHUHQFLDV HQWUH Vt QR VyOR HQ FXDQWR DO SRGHU GH VX PHQWH 7LHQHQ JXVWRV GLYHUVRV\ KD\ FRVDVGLVWLQWDVTXHDWUDHQDXQDSHUVRQDPiVTXHDRWUD(VSRVLEOH TXHQRVHSLHQVHORPLVPRVREUH1HZWRQTXHVREUH6KDNHVSHDUH\ DVHDSRUTXH VRPRVFDSDFHVGHOHHUWDQELHQDOSULPHURTXHQRKDJDIDOWDYROYHUDKDFHUORR SRUTXHORVVLVWHPDVPDWHPiWLFRVGHOPXQGRRQRVDWUDHQHVSHFLDOPHQWHRHQHO FDVRFRQWUDULR²&KDUOHV'DUZLQFRQVWLWX\ HXQHMHPSOR²SRGUtDPRVFRQVLGHUDU

ODVREUDVGH1HZWRQUHDOPHQWHJUDQGHVQRODVGH6KDNHVSHDUH 1R GHVHDPRV LQVLVWLU DXWRULWDULDPHQWH HQ TXH XQ OLEUR R XQD VHULH GH OLEURV VHDQODVJUDQGHVREUDVVLELHQHQHOSULPHUDSpQGLFHRIUHFHPRVXQDOLVWDGHORV TXH VHJ~Q PXHVWUD OD H[SHULHQFLD SXHGHQ SRVHHU WDO YDORU SDUD PXFKDV SHUVRQDV 3RU HO FRQWUDULR SHQVDPRV TXH HO OHFWRU GHEH EXVFDU ORV SRFRV OLEURV TXHWHQJDQHVHYDORUSDUDpOSRUTXHVRQORVTXHPiVOHHQVHxDUiQWDQWRVREUHOD OHFWXUDFRPRVREUHODYLGDDORVTXHGHVHDUiYROYHUXQD\ RWUDYH]\ ORVTXHOH D\ XGDUiQDPDGXUDU 9LGD\ GHVDUUROORGHODJHQWH ([LVWH XQD DQWLJXD SUXHED ²EDVWDQWH SRSXODU HQWUH OD SDVDGD JHQHUDFLyQ² GHVWLQDGDDGHFLUOHDOOHFWRUTXpFODVHGHOLEURVFRQWULEXLUtDQDORTXHDFDEDPRV GH VHxDODU 6XSRQJDPRV TXH XQD SHUVRQD VDEH TXH YD D WHQHU TXH TXHGDUVH HQ XQD LVOD GHVLHUWD HO UHVWR GH VX YLGD R DO PHQRV GXUDQWH XQD ODUJD WHPSRUDGD 6XSRQJDPRVWDPELpQTXHOHGDWLHPSRDSUHSDUDUVHSDUDODH[SHULHQFLDHQFX\ R FDVR GHEH OOHYDUVH XQD VHULH GH REMHWRV SUiFWLFRV \  ~WLOHV \  TXH DGHPiV VH OH SHUPLWHTXHHVFRMDGLH]OLEURV¢3RUFXiOHVVHGHFLGLUtD" 7UDWDU GH HOHJLU D SDUWLU GH XQD OLVWD HV LQVWUXFWLYR \ QR VyOR SRUTXH SXHGH D\ XGDUDLGHQWLILFDUORVOLEURVTXHSUHIHULUtDOHHU\ UHOHHUDOJRSUREDEOHPHQWHGH LPSRUWDQFLDVHFXQGDULDHQFRPSDUDFLyQFRQORTXHVHDSUHQGHGHXQRPLVPRDO LPDJLQDU FyPR VHUtD OD YLGD DSDUWDGRV GH FXDOTXLHU FODVH GH GLYHUVLyQ LQIRUPDFLyQ \  HQWHQGLPLHQWR TXH QRUPDOPHQWH QRV URGHDQ (O OHFWRU KD GH UHFRUGDUTXHHQODLVODQRKDEUtDQLUDGLRQLWHOHYLVLyQQLWDPSRFRELEOLRWHFDVVyOR pO\ GLH]OLEURV (VWDVLWXDFLyQLPDJLQDULDSDUHFHH[WUDxDHLUUHDOFXDQGRVHHPSLH]DDSHQVDU HQHOODSHUR¢HVGHYHUGDGWDQLUUHDO"1RVRWURVQRORFUHHPRV(QFLHUWDPHGLGD WRGRVHVWDPRVVRORVHQXQDLVODGHVLHUWDWRGRVQRVHQIUHQWDPRVDOPLVPRUHWRFRQ HOTXHQRVHQFRQWUDUtDPRVVLUHDOPHQWHHVWXYLpVHPRVDOOtHOUHWRGHGHVFXEULUHQ QXHVWURLQWHULRUORVUHFXUVRVSDUDOOHYDUXQDEXHQDYLGDKXPDQD ([LVWH XQ HOHPHQWR H[WUDxR HQ OD PHQWH KXPDQD TXH OD GLVWLQJXH UDGLFDOPHQWHGHOFXHUSRTXHWLHQHXQDVOLPLWDFLRQHVDMHQDVDODPHQWH8QVLJQR GH HVWD FLUFXQVWDQFLD HV TXH HO FXHUSR QR VLJXH LQFUHPHQWDQGR VX YLJRU \ GHVDUUROODQGRGHVWUH]D\ HOHJDQFLDLQGHILQLGDPHQWH&XDQGRXQDSHUVRQDOOHJDD ORV WUHLQWD DxRV VX FXHUSR \ D QR PHMRUD PiV D~Q HQ DOJXQRV FDVRV \ D KD HPSH]DGR D GHWHULRUDUVH D HVD HGDG 3HUR QR H[LVWH QLQJ~Q OtPLWH SDUD HO FUHFLPLHQWR\HOGHVDUUROORGHODPHQWHSRUTXHpVWDQRGHMDGHFUHFHUDQLQJXQD HGDGHQFRQFUHWRVyORFXDQGRHOFHUHEURSLHUGHYLJRUFRQODVHQHFWXGSLHUGHOD PHQWHHOSRGHUGHLQFUHPHQWDUVXGHVWUH]D\ VXFDSDFLGDGGHFRPSUHQVLyQ (VXQRGHORVUDVJRVPiVGHVWDFDEOHVGHORVVHUHVKXPDQRV\ SRGUtDFRQVWLWXLU

ODGLIHUHQFLDPiVLPSRUWDQWHHQWUHHO+RPRVDSLHQV \  ORV GHPiV DQLPDOHV TXH SDUHFHQ GHMDU GH FUHFHU PHQWDOPHQWH D SDUWLU GH FLHUWD HWDSD GH VX GHVDUUROOR SHURHVWDJUDQYHQWDMDTXHSRVHHHOKRPEUHFRQOOHYDXQJUDYHSHOLJUR/D PHQWH SXHGHDWURILDUVHFRPRORVP~VFXORVVLQRVHODXWLOL]D/DDWURILDGHORVP~VFXORV PHQWDOHVHVODPXOWDTXHSDJDPRVSRUQRKDFHUHMHUFLFLRPHQWDO\ HVXQDPXOWD WHUULEOH SRUTXH H[LVWHQ SUXHEDV GH TXH VH WUDWD GH XQD HQIHUPHGDG PRUWDO 1R SDUHFH KDEHU QLQJXQD RWUD UD]yQ TXH H[SOLTXH SRU TXp WDQWDV SHUVRQDV VLHPSUH PX\  DWDUHDGDV PXHUHQ SRFR GHVSXpV GH OD MXELODFLyQ /HV PDQWLHQHQ YLYDV ODV H[LJHQFLDV TXH OHV LPSRQH HO WUDEDMR D VX PHQWH HVWiQ DSXQWDODGDV DUWLILFLDOPHQWHSRUDVtGHFLUORSRUIXHU]DVH[WHUQDVSHURHQFXDQWRFHVDQWDOHV H[LJHQFLDV DO QR FRQWDU FRQ UHFXUVRV LQWHUQRV FRQ DFWLYLGDG PHQWDO GHMDQ GH SHQVDU\ PXHUHQ /D WHOHYLVLyQ OD UDGLR \  WRGRV ORV PHGLRV GH HQWUHWHQLPLHQWR H LQIRUPDFLyQ TXHQRVURGHDQHQODYLGDFRWLGLDQDWDPELpQVRQSXQWDOHVDUWLILFLDOHV1RVGDQOD LPSUHVLyQGHTXHQXHVWUDPHQWHHVWiDFWLYDSRUTXHWHQHPRVTXHUHDFFLRQDUDQWH ORV HVWtPXORV GHO H[WHULRU SHUR HO SRGHU GH HVRV HVWtPXORV H[WHUQRV SDUD PDQWHQHUQRV HV OLPLWDGR 6H SDUHFHQ D FLHUWDV GURJDV 1RV DFRVWXPEUDPRV D HOODV \  ODV QHFHVLWDPRV FDGD GtD PiV FRQWLQXDPHQWH KDVWD TXH SRU ~OWLPR GHMDQGHKDFHUHIHFWRRVXHIHFWRHVPHQRU'HLJXDOPDQHUDVLFDUHFHPRVGH UHFXUVRV LQWHULRUHV GHMDPRV GH FUHFHU LQWHOHFWXDO PRUDO \  HVSLULWXDOPHQWH \ FXDQGRGHMDPRVGHFUHFHUHPSH]DPRVDPRULU 3RU WDQWR OHHU GHELGDPHQWH TXH HTXLYDOH D OHHU DFWLYDPHQWH QR VyOR FRQVWLWX\ HXQELHQHQVtQLXQVLPSOHPHGLRSDUDSURJUHVDUHQQXHVWURWUDEDMRR FDUUHUDWDPELpQVLUYHSDUDPDQWHQHUODPHQWHYLYD\ HQFUHFLPLHQWR

$SpQGLFH$ /,67$'(/(&785$65(&20(1'$'$6

(QODVVLJXLHQWHVSiJLQDVRIUHFHPRVXQDOLVWDGHOLEURVTXHPHUHFHODSHQDOHHU\ GHFLPRV © PHUHFH OD SHQDª  FRQ WRGD VHULHGDG $XQTXH QR WRGDV ODV REUDV VRQ © JUDQGHVª HQQLQJXQRGHORVVHQWLGRVGHOWpUPLQRJHQHUDOPHQWHDFHSWDGRVWRGDV HOODV UHFRPSHQVDUiQ DO OHFWRU SRU HO HVIXHU]R UHDOL]DGR $VLPLVPR WRGDV HOODV VXSHUDQ D OD PD\ RUtD GH ODV SHUVRQDV DO PHQRV OR VXILFLHQWH FRPR SDUD REOLJDUODVDGLODWDUVXPHQWHSDUDFRPSUHQGHUODV\ DSUHFLDUODV<QDWXUDOPHQWH HV OD FODVH GH REUDV TXH GHEH EXVFDU HO OHFWRU VL GHVHD PHMRUDU ODV GHVWUH]DV OHFWRUDV\ DOPLVPRWLHPSRGHVFXEULUORPHMRUTXHVHKDSHQVDGR\ VHKDGLFKR HQQXHVWUDWUDGLFLyQOLWHUDULD\ FLHQWtILFD $OJXQRVOLEURVVRQJUDQGHVHQHOVHQWLGRTXHHPSOHDPRVHQHO~OWLPRFDStWXOR $OYROYHUDHOORVVLHPSUHVHHQFXHQWUDDOJRQXHYRDYHFHVPXFKDVFRVDV\ VH ORV SXHGH UHOHHU LQGHILQLGDPHQWH 2WUD IRUPD GH GHFLUOR FRQVLVWLUtD HQ TXH DOJXQRVOLEURV²QRYDPRVDGHFLUH[DFWDPHQWHFXiQWRVQLDLQWHQWDULGHQWLILFDUORV ²VXSHUDQDWRGRVORVOHFWRUHVSRUGLHVWURVTXHVHDQ&RPRKHPRVREVHUYDGRHQ HO ~OWLPR FDStWXOR VRQ ODV REUDV TXH WRGR HO PXQGR GHEHUtD KDFHU XQ HVIXHU]R HVSHFLDOSRUOHHUODVYHUGDGHUDVJUDQGHVREUDVODVTXHFXDOTXLHUDHOHJLUtDSDUD OOHYiUVHODVDVXLVODGHVLHUWDSDUWLFXODU /DOLVWDHVODUJD\ SXHGHSDUHFHUXQWDQWRLPSRQHQWHSHURLQVWDPRVDOOHFWRU D TXH QR VH GHMH LQWLPLGDU SRU HOOD (Q SULPHU OXJDU HV PX\  SUREDEOH TXH UHFRQR]FD HO QRPEUH GH OD PD\ RUtD GH ORV DXWRUHV QR SUHVHQWDPRV QDGD WDQ UHFyQGLWRFRPRSDUDTXHSHUWHQH]FDDODFDWHJRUtDGHORHVRWpULFR<DOJRPiV LPSRUWDQWHTXHUHPRVUHFRUGDUOHTXHHVSUXGHQWHHPSH]DUFRQORVOLEURVTXHOH LQWHUHVHQ SRU FXDOHVTXLHUD UD]RQHV &RPR \ D KHPRV GHVWDFDGR HQ PiV GH XQD RFDVLyQHOREMHWLYREiVLFRFRQVLVWHHQOHHUELHQQRPXFKR\ HOOHFWRUQRGHEHUtD VHQWLUVHGHFHSFLRQDGRVLVyOROHHXQRVFXDQWRVOLEURVDODxR1RVHWUDWDGHDFDEDU OD OLVWD HQ XQ SHUtRGR GDGR 1R VH WUDWD GH XQ UHWR DO TXH VyOR SRGDPRV HQIUHQWDUQRVOH\ HQGRWRGRV\ FDGDXQRGHORVWtWXORVVLQRSRUHOFRQWUDULRGHXQD LQYLWDFLyQTXHKD\ TXHDFHSWDUFRQHOHJDQFLDHPSH]DQGRSRUGRQGHPiVDJXVWR QRVVLQWDPRV

6H KD FRQIHFFLRQDGR XQD OLVWD FURQROyJLFD GH DXWRUHV VHJ~Q OD IHFKD GH VX QDFLPLHQWRFRQRFLGDRVXSXHVWD&XDQGRDSDUHFHQYDULDVREUDVGHOPLVPRDXWRU WDPELpQKHPRVVHJXLGRXQFULWHULRFURQROyJLFRVLHPSUHTXHKDVLGRSRVLEOH/RV HVSHFLDOLVWDVQRVLHPSUHFRLQFLGHQVREUHODSULPHUDHGLFLyQGHXQOLEURSHURHVWD FLUFXQVWDQFLDQRWLHQHSRUTXpSUHRFXSDUDOOHFWRU/RTXHWLHQHTXHUHFRUGDUHV TXHODOLVWDHVFURQROyJLFDORFXDOQRVLJQLILFDTXHWHQJDTXHOHHUODVREUDVGHOD PLVPDPDQHUD3XHGHHPSH]DUSRUHOILQDOGHODOLVWD\ UHWURFHGHUKDVWDOOHJDUD +RPHUR\ HO$QWLJXR7HVWDPHQWR 1RKHPRVLQFOXLGRWRGDVODVREUDVGHFDGDDXWRUQRVKHPRVOLPLWDGRDFLWDU ORVWtWXORVPiVLPSRUWDQWHVVHOHFFLRQiQGRORVHQHOFDVRGHORVHQVD\ RVFRQHOILQ GH PRVWUDU OD GLYHUVLGDG GH VX FRQWULEXFLyQ D GLIHUHQWHV FDPSRV (Q DOJXQRV FDVRV PHQFLRQDPRV ODV REUDV FRPSOHWDV \  HVSHFLILFDPRV HQWUH SDUpQWHVLV ORV WtWXORVHVSHFLDOPHQWHLPSRUWDQWHVR~WLOHV $OHODERUDUXQDOLVWDGHWDOHVFDUDFWHUtVWLFDVODPD\ RUGLILFXOWDGVLHPSUHVH SUHVHQWDFRQORVWtWXORVUHODWLYDPHQWHFRQWHPSRUiQHRV&XDQWRPiVFHUFDQRHVWi XQDXWRUDQXHVWUDpSRFDPiVGLItFLOUHVXOWDHPLWLUXQMXLFLRLPSDUFLDOVREUHpO (VWiPX\ ELHQGHFLUTXHHOWLHPSRORGLUiSHURTXL]iQRTXHUDPRVHVSHUDU3RU WDQWR UHVSHFWR D ORV HVFULWRUHV \  ORV OLEURV PiV UHFLHQWHV FDEHQ PXFKDV GLIHUHQFLDVGHRSLQLyQ\ QRSRGHPRVDVHJXUDUTXHORV~OWLPDVWtWXORVGHODOLVWD WHQJDQODPLVPDDXWRULGDGTXHORVSULPHURV 7DPELpQ SXHGH KDEHU GLIHUHQFLDV GH RSLQLyQ UHVSHFWR D DOJXQRV GH ORV SULPHURV WtWXORV \  VH QRV SRGUtD DFXVDU GH DOEHUJDU SUHMXLFLRV FRQWUD DOJXQRV DXWRUHV TXH QR KHPRV LQFOXLGR (VWDPRV GLVSXHVWRV D DGPLWLU TXH HV FLHUWR HQ DOJXQRVFDVRVeVWDHVODOLVWDTXHQRVRWURVKHPRVFRQIHFFLRQDGR\ SXHGHGLIHULU GH ODV HODERUDGDV SRU RWURV HQ FLHUWRV DVSHFWRV SHUR QR GHPDVLDGR VL WRGRV FRLQFLGHQVHULDPHQWHHQHOREMHWLYRGHSUHVHQWDUXQSURJUDPDGHOHFWXUDDOTXH YDOGUtD OD SHQD GHGLFDU WRGD XQD YLGD 1DWXUDOPHQWH HQ ~OWLPD LQVWDQFLD HV HO OHFWRU TXLHQ GHEH HODERUDU VX SURSLD OLVWD \  GHVSXpV WUDEDMDU VREUH HOOD SHUR FRQYLHQH TXH OHD EXHQ Q~PHUR GH ODV REUDV TXH KDQ VLGR XQiQLPHPHQWH DFODPDGDVDQWHVGHFHQWUDUVHHQODVTXHpOKD\ DHOHJLGR1XHVWUDOLVWDUHSUHVHQWD XQSXQWRGHSDUWLGD 4XLVLpUDPRV PHQFLRQDU XQD RPLVLyQ TXH D DOJXQRV OHFWRUHV OHV SDUHFHUi H[WUDxD 1XHVWUD OLVWD HVWi LQWHJUDGD ~QLFDPHQWH SRU OLEURV \  HVFULWRUHV RFFLGHQWDOHVQRKHPRVLQFOXLGRREUDVFKLQDVMDSRQHVDVRLQGLDV\ H[LVWHQYDULDV UD]RQHV SDUD HOOR 8QD HVWULED HQ TXH QR WHQHPRV FRQRFLPLHQWRV HVSHFLDOL]DGRV IXHUDGHODWUDGLFLyQOLWHUDULDGH2FFLGHQWHSRUORTXHQXHVWUDVUHFRPHQGDFLRQHV WHQGUtDQSRFDIXHU]D2WUDFRQVLVWHHQTXHHQ2ULHQWHQRH[LVWHXQDVRODWUDGLFLyQ DOFRQWUDULRGHORTXHRFXUUHHQ2FFLGHQWH\ WHQGUtDPRVTXHHVWDUPX\ YHUVDGRV HQ WRGDV ODV WUDGLFLRQHV RULHQWDOHV SDUD SRGHU GDU EXHQRV FRQVHMRV +D\  PX\ SRFRVHVWXGLRVRVTXHVHSDQORVXILFLHQWHVREUHODVREUDVGH2ULHQWH<HQWHUFHU OXJDU HV LPSRUWDQWH FRQRFHU OD SURSLD WUDGLFLyQ DQWHV GH DFRPHWHU OD WDUHD GH

LQWHQWDUFRPSUHQGHUODVGHRWUDVSDUWHVGHOPXQGR+R\ HQGtDPXFKDVSHUVRQDV TXHLQWHQWDQOHHUHO,&KLQJRHO%KDJDYDG*LWDVHTXHGDQFRQIXVDVQRVyORSRUOD GLILFXOWDG LQKHUHQWH D WDOHV REUDV VLQR SRUTXH QR KDQ DSUHQGLGR D OHHU GHELGDPHQWHSUDFWLFDQGRFRQREUDVPiVDFFHVLEOHV²PiVDFFHVLEOHVSDUDHOODV ²GHVXSURSLDFXOWXUD<SRU~OWLPRODOLVWDHVVXILFLHQWHPHQWHSUROLMD +HPRVGHFRPHQWDURWUDRPLVLyQ$OWUDWDUVHIXQGDPHQWDOPHQWHGHXQDOLVWD GHOLEURVLQFOX\ HSRFRVQRPEUHVGHHVFULWRUHVFRQRFLGRVFRPRSRHWDVOtULFRV3RU VXSXHVWR DOJXQRV GH ORV DXWRUHV LQFOXLGRV HQ OD OLVWD HVFULELHURQ SRHPDV OtULFRV SHUR VRQ PiV FRQRFLGRV SRU RWUDV REUDV PiV H[WHQVDV (O OHFWRU QR GHEH FRQVLGHUDU TXH DOEHUJDPRV SUHMXLFLRV DO UHVSHFWR VLPSOHPHQWH OH UHFRPHQGDPRV TXH HPSLHFH FRQ XQD EXHQD DQWRORJtD QR FRQ ODV REUDV FRPSOHWDVGHXQDXWRU +HPRVFRQIHFFLRQDGRXQDOLVWDGHDXWRUHV\ WtWXORVSHURQRUHFRPHQGDPRV QLQJXQDHGLFLyQHQFRQFUHWR&DVLWRGDVODVREUDVVHSXHGHQHQFRQWUDUHQGLYHUVDV HGLFLRQHVWUDGXFLGDV  +RPHURVLJOR,;D&" ,OtDGD 2GLVHD  (O$QWLJXR7HVWDPHQWR  (VTXLORKD& 7UDJHGLDV  6yIRFOHVKD& 7UDJHGLDV  +HUyGRWRKD& +LVWRULDV  (XUtSLGHVKD& 7UDJHGLDVHVS0HGHD+LSyOLWR/DV%DFDQWHV  7XFtGLGHVKD& +LVWRULDGHODJXHUUDGHO3HORSRQHVR  +LSyFUDWHVK"D& (VFULWRVPpGLFRV  $ULVWyIDQHVKD& &RPHGLDVHVS/DVQXEHV/DVDYHV/DVUDQDV  3ODWyQKD& 'LiORJRV HVS /D 5HS~EOLFD 6LPSRVLR )HGyQ 0HQyQ $SRORJtD)HGUR3URWiJRUDV*RUJLDV6RILVWD7HHWHWR  $ULVWyWHOHVD& 2EUDV HVS WUDWDGRV GH /yJLFD \ 0HWDItVLFD $FHUFD GHO DOPD(WLFDD1LFyPDFR3ROtWLFD5HWyULFD3RpWLFD

 (SLFXURKD& &DUWDD+HUyGRWR &DUWDD0HQHFHR  (XFOLGHVKD& (OHPHQWRVGHJHRPHWUtD  $UTXtPHGHVKD& 2EUDVHVS6REUH HO HTXLOLEULR GH ORV SODQRV (O PpWRGR 6REUHORVFXHUSRVIORWDQWHV  &LFHUyQD& 2EUDVHVS'LVFXUVRV'HODDPLVWDG'HODYHMH]  /XFUHFLRKD& 'HODQDWXUDOH]DGHODVFRVDV  9LUJLOLRD& 2EUDV%XFyOLFDV*HyUJLFDV(QHLGD  +RUDFLRD& 2EUDVHVS(SRGRV2GDV$UWHSRpWLFD  7LWR/LYLRD& +LVWRULDGH5RPD  2YLGLRD& 2EUDVHVS0HWDPRUIRVLV  6pQHFDD& 6REUHODIHOLFLGDG (StVWRODVPRUDOHVD/XFLOLR  3OXWDUFRK 9LGDVSDUDOHODV  7iFLWRKK +LVWRULDV $QDOHV $JUtFROD *HUPDQLD  (SLFWHWRK 'LVHUWDFLRQHV0DQXDO(QTXLULGLyQ )UDJPHQWRV  7RORPHRK $OPDJHVWR  /XFLDQRGH6DPRVDWDKK 2EUDV HVS 'LiORJRV GH ORV GLRVHV 'LiORJRV GH ORV PXHUWRV+LVWRULDYHUGDGHUD  0DUFR$XUHOLR

0HGLWDFLRQHV  6H[WR(PStULFRK (VER]RVSLUUyQLFRV  (O1XHYR7HVWDPHQWR  3ORWLQR (QpDGDV  6DQ$JXVWtQ 2EUDVHVS/DFLXGDGGH'LRV&RQIHVLRQHV  &DQWDUGH5ROGiQVLJOR;,,  /RV1LEHOXQJRVVLJOR;,,,  6DQWR7RPiVGH$TXLQRK 6XPDWHROyJLFD  'DQWH$OLJKLHUL 2EUDVHVS9LGDQXHYD/DPRQDUTXtD'LYLQDFRPHGLD  &KDXFHUK &XHQWRVGH&DQWHUEXU\  /HRQDUGRGD9LQFL &XDGHUQRVGHQRWDV  0DTXLDYHOR (OSUtQFLSH 'LVFXUVRVVREUHODSULPHUD'pFDGDGH7LWR/LYLR 'HODUWHGHODJXHUUD  (UDVPRK (ORJLRGHODORFXUD  &RSpUQLFR 6REUHODVUHYROXFLRQHVGHODVHVIHUDVFHOHVWHV  7RPiV0RURK 8WRStD  )HUQDQGRGH5RMDV" /D&HOHVWLQD  /XWHUR (VFULWRVSROtWLFRV  5DEHODLVK *DUJDQW~D\3DQWDJUXHO  &DOYLQR ,QVWLWXFLyQGHODUHOLJLyQFULVWLDQD  0RQWDLJQH (QVD\RV  $QyQLPR

/D]DULOORGH7RUPHV  &HUYDQWHV 2EUDV HVS (O LQJHQLRVR KLGDOJR GRQ 4XLMRWH GH OD 0DQFKD 1RYHODVHMHPSODUHV  6SHQVHUK 5RWKDODPLRQ /DUHLQDGHODVKDGDV  )UDQFLV%DFRQ 1RYXP2UJDQXP /DQXHYD$WOiQWLGD (ODYDQFHGHOVDEHU  6KDNHVSHDUH 2EUDV  *DOLOHR (OPHQVDMHURVLGHUDO 'LiORJRVVREUHGRVQXHYDVFLHQFLDV 'LiORJR VREUH ORV GRV Pi[LPRV VLVWHPDV GHO PXQGR WROHPDLFR\FRSHUQLFDQR  .HSOHU (OVHFUHWRGHO8QLYHUVR  +DUYH\  (MHUFLWDFLyQDQDWyPLFDVREUHHOPRYLPLHQWRGHOFRUD]yQ\ GHODVDQJUHHQORVDQLPDOHV  4XHYHGR /DYLGDGHOEXVFyQ  +REEHV /HYLDWiQ (OFLXGDGDQR  'HVFDUWHV 'LVFXUVRGHOPpWRGR 5HJODVSDUDODGLUHFFLyQGHOHVStULWX 0HGLWDFLRQHVPHWDItVLFDV *HRPHWUtD 7UDWDGRGHODVSDVLRQHVGHODOPD  0LOWRQ (O3DUDtVRSHUGLGR  0ROLHUH

&RPHGLDV HVS (O DYDUR /D HVFXHOD GH ODV PXMHUHV (O HQIHUPRLPDJLQDULR(OPLViQWURSR7DUWXIR  3DVFDO 3HQVDPLHQWRV 7UDWDGRVGHSQHXPiWLFD  +X\ JHQV 7UDWDGRVREUHODOX]  6SLQR]D eWLFD  /RFNH &DUWDVREUHODWROHUDQFLD (QVD\RDFHUFDGHOHQWHQGLPLHQWRKXPDQR  5DFLQH 7UDJHGLDVHVS)HGUD$QGUyPDFD  1HZWRQ ÏSWLFD 3ULQFLSLRVPDWHPiWLFRVGHILORVRItDQDWXUDO  /HLEQL] 1XHYRWUDWDGRVREUHHOHQWHQGLPLHQWRKXPDQR 0RQDGRORJtD  'DQLHO'HIRH 5RELQVRQ&UXVRH  -RQDWKDQ6ZLIW /RVYLDMHVGH*XOOLYHU +LVWRULDGHXQDEDUULFD  %HUNHOH\  7UDWDGRVREUHORVSULQFLSLRVGHOFRQRFLPLHQWRKXPDQR  0RQWHVTXLHX (OHVStULWXGHODVOH\HV &DUWDVSHUVDV  9ROWDLUH &DUWDVLQJOHVDV 'LFFLRQDULRILORVyILFR 7UDWDGRGHODWROHUDQFLD &iQGLGRRHORSWLPLVPR  +HQU\ )LHOGLQJ 7RP-RQHV  6DPXHO-RKQVRQ 9LGDGHORVSRHWDVLQJOHVHV

 'DYLG+XPH (QVD\RVPRUDOHV\SROtWLFRV ,QYHVWLJDFLyQVREUHHOFRQRFLPLHQWRKXPDQR  5RXVVHDX /DVFRQIHVLRQHV(PLOLRR'HODHGXFDFLyQ (OFRQWUDWRVRFLDO 'LVFXUVR VREUH HO RULJHQ \ ORV IXQGDPHQWRV GH OD GHVLJXDOGDGHQWUHORVKRPEUHV  /DXUHQFH6WHUQH /DYLGD\ODVRSLQLRQHVGHOFDEDOOHUR7ULVWUDP6KDQG\ 9LDMHVHQWLPHQWDOSRU)UDQFLDH,WDOLD  $GDP6PLWK ,QYHVWLJDFLyQ VREUH OD QDWXUDOH]D \ ODV FDXVDV GH OD ULTXH]DGHODVQDFLRQHV  .DQW &UtWLFDGHODUD]yQSXUD &UtWLFDGHODUD]yQSUiFWLFD &UtWLFDGHOMXLFLR /DSD]SHUSHWXD  (GZDUG*LEERQ +LVWRULDGHODGHFDGHQFLD\FDtGDGHO,PSHULRURPDQR $XWRELRJUDItD  /DYRLVLHU 7UDWDGRHOHPHQWDOGHTXtPLFD  -HUHP\ %HQWKDP ,QWURGXFFLyQDORVSULQFLSLRVGHODPRUDO  /DSODFH (QVD\RILORVyILFRVREUHODVSUREDELOLGDGHV  *RHWKH )DXVWR 3RHVtD\YHUGDG  )RXULHU 7HRUtDDQDOtWLFDGHOFDORU  +HJHO )HQRPHQRORJtDGHOHVStULWX )LORVRItDGHOGHUHFKR /HFFLRQHVVREUHODILORVRItDGHODKLVWRULD  :RUGVZRUWK 3RHPDVHVS%DODGDVOtULFDV(OSUHOXGLR

 &ROHULGJH 3RHPDVHVS.XEOD.KDQ/DEDODGDGHOYLHMRPDULQHUR %LRJUDItDOLWHUDULD  -DQH$XVWHQ 2UJXOOR\SUHMXLFLR (PPD  .DUOYRQ&ODXVHZLW] 6REUHODJXHUUD  6WHQGKDO 5RMR\QHJUR /DFDUWXMDGH3DUPD 'HODPRU  /RUG%\ URQ 'RQ@XDQ  6FKRSHQKDXHU 6REUHODYROXQWDGHQODQDWXUDOH]D 'HODFXiGUXSOHUDt]GHOSULQFLSLRGHUD]yQVXILFLHQWH  )DUDGD\  +LVWRULDTXtPLFDGHXQDYHOD ,QYHVWLJDFLyQH[SHULPHQWDOHQHOHFWULFLGDG  /\ HOO 3ULQFLSLRVGHJHRORJtD  &RPWH /DILORVRItDSRVLWLYLVWD  %DO]DF 3DSi*RULRW (XJHQLD*UDQGHW /DFRPHGLDKXPDQD  (PHUVRQ +RPEUHVUHSUHVHQWDWLYRV (QVD\RVHVFRJLGRV  +DZWKRUQH /DOHWUDHVFDUODWD /DFDVDGHORVVLHWHWHMDGRV  7RFTXHYLOOH /DGHPRFUDFLDHQ$PpULFD  6WXDUW0LOO 6REUHODOLEHUWDG (OXWLOLWDULVPR

$XWRELRJUDItD /DVHUYLGXPEUHGHODVPXMHUHV  'DUZLQ (ORULJHQGHODVHVSHFLHVSRUVHOHFFLyQQDWXUDO $XWRELRJUDItD\FDUWDVHVFRJLGDV (ORULJHQGHOKRPEUH  &KDUOHV'LFNHQV 2EUDVHVS/RVGRFXPHQWRVSyVWXPRVGHOFOXE3LFNZLFN 'DYLG&RSSHUILHOG7LHPSRVGLItFLOHV  &ODXGH%HUQDUG ,QWURGXFFLyQDOHVWXGLRGHODPHGLFLQDH[SHULPHQWDO  7KRUHDX /DGHVREHGLHQFLDFLYLO :DOGHQ  0DU[ %UXPDULRGH/XLV%RQDSDUWH (OFDSLWDO 0DQLILHVWRFRPXQLVWD&RQ(QJHOV  *HRUJH(OLRW $GDP%HGH0LGGOHPDUFK  0HOYLOOH 0RE\'LFN %LOO\%XGG  %DXGHODLUH /DVIORUHVGHOPDO  'RVWRLHYVNL 2EUDV HVS &ULPHQ \ FDVWLJR (O LGLRWD /RV KHUPDQRV .DUDPD]RY(OMXJDGRU  )ODXEHUW 0DGDPH%RYDU\ 7UHVFXHQWRV /DHGXFDFLyQVHQWLPHQWDO  ,EVHQ 3LH]DVWHDWUDOHVHVS&DVDGHPXxHFDV+HGGD*DEOHU(O SDWRVDOYDMH8QHQHPLJRGHOSXHEOR  7ROVWRL 2EUDV HVS *XHUUD \ SD] $QD .DUHQLQD ¢4Xp HV HO DUWH"/DPXHUWHGH,YiQOOOLFK  0D[ZHOO

0DWHULD\PRYLPLHQWR  0DUN7ZDLQ /DVDYHQWXUDVGH7RP6DZ\HU /DVDYHQWXUDVGH+XFNOHEHUU\)LQQ (OH[WUDQMHURPLVWHULRVR  :LOOLDP-DPHV 3UDJPDWLVPR /DVYDULHGDGHVGHODH[SHULHQFLDUHOLJLRVD 3ULQFLSLRVGHSVLFRORJtD  +HQU\ -DPHV (ODPHULFDQR /RVHPEDMDGRUHV 2WUDYXHOWDGHWXHUFD  *DOGyV )RUWXQDWD\-DFLQWD /RSURKLELGR  %ROW]PDQQ (VFULWRVVREUHPHFiQLFD\WHUPRGLQiPLFD  1LHW]VFKH $VtKDEODED=DUDWXVWUD 0iVDOOiGHOELHQ\HOPDO /DJHQHDORJtDGHODPRUDO /DYROXQWDGGHSRGHU (OQDFLPLHQWRGHODWUDJHGLD  3iYORY 5HIOHMRVFRQGLFLRQDGRV  &ODUtQ /DUHJHQWD  5DPyQ\ &DMDO +LVWRULDGHPLODERUFLHQWtILFD  3RLQFDUp /DFLHQFLDHKLSyWHVLV &LHQFLD\PpWRGR  )UHXG 2EUDVHVS/DLQWHUSUHWDFLyQGHORVVXHxRV,QWURGXFFLyQ DO SVLFRDQiOLVLV 1XHYDV OHFFLRQHV LQWURGXFWRULDV DO SVLFRDQiOLVLV(OPDOHVWDUHQODFXOWXUD  %HUQDUG6KDZ

3LH]DVWHDWUDOHV\ VXVSUHIDFLRV HVS3LJPDOLyQ &pVDU \ &OHRSDWUD 6DQWD -XDQD /D FRPDQGDQWH %iUEDUD +RPEUH\VXSHUKRPEUH  6DXVVXUH &XUVRGHOLQJtVWLFDJHQHUDO  3ODQFN 2ULJHQ\GHVDUUROORGHODWHRUtDFXiQWLFD ¢+DFLDGyQGHYDODFLHQFLD" $XWRELRJUDItDFLHQWtILFD  +XVVHUO /DLGHDGHODIHQRPHQRORJtD  %HUJVRQ /DHYROXFLyQFUHDGRUD  /HQLQ (O(VWDGR\ODUHYROXFLyQ  3URXVW (QEXVFDGHOWLHPSRSHUGLGR  %HUWUDQG5XVVHOO /RVSUREOHPDVGHODILORVRItD 6LJQLILFDGR\YHUGDG /yJLFD\FRQRFLPLHQWR /RVSULQFLSLRVGHODPDWHPiWLFD  7KRPDV0DQQ /DPRQWDxDPiJLFD -RVp\VXVKHUPDQRV  (LQVWHLQ 6REUHODWHRUtDGHODUHODWLYLGDGHVSHFLDO\JHQHUDO /DHYROXFLyQGHODItVLFDFRQ/,QIHOG 1RWDVDXWRELRJUiILFDV  -R\ FH 2EUDV HVS 8OLVHV 5HWUDWR GHO DUWLVWD DGROHVFHQWH © /D PXHUWHª HQ'XEOLQHVHV  2UWHJD\ *DVVHW /DUHEHOLyQGHODVPDVDV  .DIND 2EUDV HVS &DUWD DO SDGUH (O SURFHVR (O FDVWLOOR /D PHWDPRUIRVLV  %RKU /DWHRUtDDWyPLFD\ODGHVFULSFLyQGHODQDWXUDOH]D

 6FKU|GLQJHU ¢4XpHVODYLGD"  :LWWJHQVWHLQ 7UDFWDWXV/RJLFR3KLORVRSKLFXV  +HLGHJJHU 6HU\WLHPSR  7R\ QEHH (VWXGLRGHODKLVWRULD  3RSSHU /DOyJLFDGHODLQYHVWLJDFLyQFLHQWtILFD /DVRFLHGDGDELHUWD\VXVHQHPLJRV  +HLVHQEHUJ 'LiORJRVVREUHODItVLFDDWyPLFD  6DUWUH (OVHU\ODQDGD /DQiXVHD (OPXUR

1RWDGHORVHGLWRUHV /D OLVWD RULJLQDO KD VLGR UHYLVDGD \  FRPSOHWDGD HQ DOJXQDV ODJXQDV GH OLEURV FLHQWtILFRV \  WHQLHQGR HQ FXHQWD ODV SHFXOLDULGDGHV GH OD FXOWXUD KLVSiQLFD DGHPiVGHODIDFLOLGDGSDUDHQFRQWUDUORVWH[WRVHQFDVWHOODQR

$SpQGLFH% (-(5&,&,26<358(%$63$5$/26&8$7521,9(/(6'(/(&785$

,QWURGXFFLyQ (VWHDSpQGLFHRIUHFHXQDPXHVWUDVXPDPHQWHDEUHYLDGDGHHMHUFLFLRVGHOHFWXUD SDUD HO HVWXGLR LQGHSHQGLHQWH R HQ JUXSR 1DWXUDOPHQWH QR SRGHPRV SUHVHQWDU XQDPXHVWUDH[KDXVWLYDWDOFRPRVHHQFRQWUDUtDHQXQPDQXDOSHURTXL]iVLUYD SDUD VXJHULU FyPR GHEHUtDQ VHU WDOHV HMHUFLFLRV \  FyPR REWHQHU HO Pi[LPR SURYHFKRGHHOORV (O DSpQGLFH FRQWLHQH EUHYHV HMHUFLFLRV \  SUHJXQWDV HQ ORV FXDWUR QLYHOHV GH OHFWXUD (Q HO SULPHU QLYHO ²OHFWXUD SULPDULD² ORV WH[WRV HPSOHDGRV VRQ QRWDV ELRJUiILFDVVREUH-RKQ6WXDUW0LOL\ VLU,VDDF1HZWRQ (QHOVHJXQGRQLYHO²OHFWXUDGHLQVSHFFLyQ²ORVWH[WRVXWLOL]DGRVVRQtQGLFHV GHPDWHULDVGH'LYLQDFRPHGLDGH'DQWH\ (ORULJHQGHODVHVSHFLHVGH'DUZLQ (QHOWHUFHUQLYHO²OHFWXUDDQDOtWLFD²VHXWLOL]DXQWH[WRGHOSUHVHQWHOLEUR &yPROHHUXQOLEUR (QHOFXDUWRQLYHO²OHFWXUD SDUDOHOD²ORVWH[WRVVRQSDVDMHV VHOHFFLRQDGRV GH3ROtWLFDGH$ULVWyWHOHV\ (OFRQWUDWRVRFLDOGH5RXVVHDX (O OHFWRU SUREDEOHPHQWH DSUHFLDUi TXH ORV HMHUFLFLRV GH ORV GRV SULPHURV QLYHOHV VRQ PiV FRQRFLGRV \  FRQYHQFLRQDOHV TXH ORV GH ORV ~OWLPRV QLYHOHV $ GLIHUHQFLD GH XQ PDQXDO PiV FRPSOHMR HVWH DSpQGLFH SXHGH KDFHU SRFR PiV TXH DFODUDU ODV GLIHUHQFLDV HQWUH ORV GLYHUVRV QLYHOHV GH OHFWXUD \  HQWUH ORV GLYHUVRV WLSRV GH OLEURV \ D TXH QR SXHGH SUHWHQGHU RIUHFHU XQ FXDGHUQR GH WUDEDMRUHDOPHQWHH[KDXVWLYRHLQWHQVLYR 6HKDFRQYHUWLGRHQOXJDUFRP~QFULWLFDUORVHMHUFLFLRV\ SUXHEDVGHOHFWXUD EDViQGRVHHQTXHQRHVWiQQRUPDOL]DGRVFLHQWtILFDPHQWHTXHVRQFXOWXUDOPHQWH GLVFULPLQDWRULRV TXH SRU Vt PLVPRV QR VLUYHQ SDUD SUHGHFLU HO p[LWR HQ OD

HQVHxDQ]DTXHODVSUHJXQWDVDYHFHVDGPLWHQPiVGHXQDUHVSXHVWDDGHFXDGDR © FRUUHFWDª \ TXHFDOLILFDUDWHQLpQGRVHDHVWDVSUXHEDVHVXQWDQWRDUELWUDULR +HPRVGHVHxDODUTXHORVWH[WRVHPSOHDGRVHQODPD\ RUtDGHORVHMHUFLFLRV GH OHFWXUD VH VHOHFFLRQDQ IXQGDPHQWDOPHQWH SRU ODV SUHJXQWDV TXH VH EDVDQ HQ HOORV'HDTXtTXHODPD\ RUtDGHORVWH[WRVQRJXDUGHQUHODFLyQHQPXFKRVFDVRV VHWUDWDGHIUDJPHQWRVWUR]RVGHSHGDQWHUtDWpFQLFDRVLPSOHVWULYLDOLGDGHV (Q HVWH DSpQGLFH DXQTXH VyOR VLUYH GH HMHPSOR KDFHPRV KLQFDSLp HQ RWURV WHPDV/RVWH[WRVXWLOL]DGRVSDUDSUDFWLFDU\ FRPRPDWHULDOSDUDODVSUXHEDVVRQ HQVtPLVPRVGLJQRVGHVHUOHtGRV0iVD~QFRQVWLWX\ HQOHFWXUDLQGLVSHQVDEOHSDUD FXDOTXLHUD TXH GHVHH DYDQ]DU PiV DOOi GH ORV SULPHURV QLYHOHV /RV WH[WRV VHOHFFLRQDGRV\ ODVSUHJXQWDVEDVDGDVHQHOORVVHFRQVLGHUDQKHUUDPLHQWDVSDUD DSUHQGHUDOHHUORTXHPHUHFHODSHQDVHUOHtGR 4XLVLpUDPRVDxDGLUXQDVSDODEUDVVREUH ODIRUPDGHODVSUHJXQWDV XWLOL]DGDV HQODVSUXHEDVTXHDSDUHFHQHQODVVLJXLHQWHVSiJLQDV(QWDOHVSUXHEDVVHVXHOHQ HPSOHDU GLYHUVDV FODVHV GH SUHJXQWDV ODV GH FRPSRVLFLyQ \  ODV GH VHOHFFLyQ P~OWLSOH1DWXUDOPHQWHODVSULPHUDVUHTXLHUHQTXHHOOHFWRUUHVSRQGDDDOJRTXH KDOHtGRFRQFLHUWDDPSOLWXG/DVVHJXQGDVVHDJUXSDQHQGLYHUVDVFDWHJRUtDV\ QRUPDOPHQWHVHSUHVHQWDQHQVHULHVKRPRJpQHDV$YHFHVDOHMHUFLFLROHVLJXH XQDVHULHGHHQXQFLDGRVSLGLpQGRVHOHDOOHFWRUTXHLQGLTXHFXiOH[SUHVDPHMRUOD LGHDRODVLGHDVSULQFLSDOHVGHOSDVDMHOHtGR(QRWURVFDVRVVHOHRIUHFHXQDVHULH GH HQXQFLDGRV VREUH XQ GHWDOOH GHO WH[WR HQ OD TXH VyOR XQR GH HOORV HV XQD LQWHUSUHWDFLyQ YiOLGD GHO WH[WR R DO PHQRV PiV DGHFXDGD TXH ODV GHPiV R DO UHYpV 7DPELpQ SXHGH DSDUHFHU XQD FLWD OLWHUDO GHO WH[WR SDUD DYHULJXDU VL HO OHFWRU OD KD DQRWDGR \  OD UHFXHUGD $ YHFHV HQ XQ HQXQFLDGR WRPDGR GLUHFWDPHQWHGHOWH[WRRH[WUDtGRGHOPLVPRVHHQFXHQWUDQHVSDFLRVHQEODQFR OR TXH LQGLFD TXH VH KDQ RPLWLGR XQD R PiV SDODEUDV HVHQFLDOHV SDUD TXH HO HQXQFLDGR WHQJD VHQWLGR $ FRQWLQXDFLyQ KD\  XQD OLVWD GH SDODEUDV FRQ OHWUDV R Q~PHURV HQWUH ODV TXH HO OHFWRU GHEH HOHJLU ODV TXH XQD YH] LQVHUWDGDV HQ HO HVSDFLRHQEODQFRPHMRUFRPSOHWHHOWH[WR /DPD\ RUtDGHODVSUHJXQWDVSXHGHQVHUFRQWHVWDGDVGLUHFWDPHQWHDSDUWLUGHO SDVDMHOHtGRSHURSDUDDOJXQDVGHHOODVHOOHFWRUWLHQHTXHVDOLUGHOWH[WR\ EXVFDU PDWHULDOTXHVXSXHVWDPHQWHFRQRFH2WUDVSUHJXQWDVKD\ TXHLQIHULUODVGHOWH[WR 6H OH SLGH D OD SHUVRQD TXH HVWp UHDOL]DQGR OD SUXHED TXH VHOHFFLRQH HQWUH XQD VHULH GH SRVLELOLGDGHV ODV LQIHUHQFLDV TXH SXHGHQ GHULYDUVH UD]RQDEOHPHQWH GHO WH[WRRTXHUHFRQR]FD\ GHVHFKHODVLQIHUHQFLDVHVS~UHDV\ TXHQRVHEDVDQHQHO WH[WR 6L QRV SODQWHDPRV OD WDUHD GH FUHDU XQD SUXHED QRUPDOL]DGD SDUD TXH VH XWLOLFHHQFtUFXORVDFDGpPLFRV\ SURIHVLRQDOHVODHOHFFLyQGHOWLSRGHSUHJXQWDV\ VXIRUPXODFLyQSDVDQDVHUXQDFXHVWLyQFUtWLFD3RUVXHUWHHQHVWHDSpQGLFHQR QRV HQIUHQWDPRV D VHPHMDQWH WDUHD 3RU HO FRQWUDULR QRV OLPLWDPRV D VXJHULU DOJXQRV HQIRTXHV TXH SRGUtDQ SRQHUVH HQ SUiFWLFD HQ XQ FXUVR GH HVWXGLR

LQGHSHQGLHQWH GHVWLQDGR D PHMRUDU ODV GHVWUH]DV OHFWRUDV (Q ODV SiJLQDV VLJXLHQWHVXWLOL]DUHPRVODPD\ RUtDGHODVSUHJXQWDVTXHDFDEDPRVGHGHVFULELU² QR VHSDUDQGR ODV GLYHUVDV FODVHV HQ JUXSRV FRPR VH VXHOH KDFHU² \  WDPELpQ RWUDV$OJXQDVVRQEDVWDQWHIiFLOHVRWUDVPX\ GLItFLOHV\ HVWDV~OWLPDVTXL]iVHDQ ODVPiVHQWUHWHQLGDV 'DGRTXHDOJXQDVGHODVSUHJXQWDVVRQPX\ GLItFLOHV\ SXHVWRTXHODVKHPRV IRUPXODGRGHWDOPRGRTXHHOOHFWRUUHIOH[LRQHVREUHORTXHKDOHtGR\ DOPLVPR WLHPSROHSRQJDPRVXQDSUXHEDHQPXFKRVFDVRVRIUHFHPRVDOJRPiVTXHODV UHVSXHVWDVFRUWDV\ FUtSWLFDVGHFRVWXPEUHHVSHFLDOPHQWHFRQODVSUHJXQWDVGHOD ~OWLPD SDUWH GHO SUHVHQWH DSpQGLFH GHGLFDGD D OD OHFWXUD SDUDOHOD $TXt QRV KHPRV WRPDGR OD OLEHUWDG GH FRJHU DO OHFWRU GH OD PDQR SRU DVt GHFLUOR SODQWHDQGR ODV SUHJXQWDV GH WDO PRGR TXH VXJHULPRV XQD LQWHUSUHWDFLyQ JHQHUDO GHORVWH[WRVOHtGRV\ FRQWHVWiQGRODVFRPRVLQRVRWURVHVWXYLpUDPRVSUHVHQWHVHQ ODPHGLGDGHORSRVLEOH ,(MHUFLFLRV\ SUXHEDVSDUDHOSULPHUQLYHOGHOHFWXUDOHFWXUDSULPDULD (QHVWDSDUWHGHODSpQGLFHSUHVHQWDPRVGRVHVER]RVELRJUiILFRVXQRSHUILODOD YLGDGH-RKQ6WXDUW0LOOHORWURODGHVLU,VDDF1HZWRQ(OGH0LOOVHSUHVHQWDHQ SULPHUOXJDUDSHVDUGHTXH1HZWRQYLYLyFDVLGRVVLJORVDQWHVTXHpO (OHVER]RELRJUiILFRGH0LOOVHKDH[WUDtGRGHOWRPRGH*UHDW%RRNVRIWKH :HVWHUQ:RUOG$GHPiVGHOD'HFODUDFLyQGH,QGHSHQGHQFLDOD&RQVWLWXFLyQGH ORV (VWDGRV 8QLGRV ORV $UWtFXORV GH OD &RQIHGHUDFLyQ \  ORV 'RFXPHQWRV IHGHUDOLVWDVGH+DPLOWRQ0DGLVRQ\ -D\ ²VREUHORVTXHVHIXQGy(VWDGRV8QLGRV ² HVWH WRPR FRQWLHQH WUHV REUDV FRPSOHWDV GH 0LOO 6REUH OD OLEHUWDG &RQVLGHUDFLRQHVVREUHHOJRELHUQRUHSUHVHQWDWLYR\ (OXWLOLWDULVPR6RQWUHVGHODV JUDQGHVREUDVGH0LOOSHURVXVHVFULWRVQRVHUHGXFHQDHOODV/DVHUYLGXPEUHGH ODV PXMHUHV SRU HMHPSOR UHYLVWH JUDQ LQWHUpV HQ OD DFWXDOLGDG QR VyOR SRUTXH 0LOOIXHUDXQRGHORVSULPHURVSHQVDGRUHVGHODKLVWRULDRFFLGHQWDOTXHDERJySRU ODWRWDOLJXDOGDGGHODVPXMHUHVVLQRSRUHOHVWLORLQFLVLYRGHOOLEUR\ ODVP~OWLSOHV LGHDV TXH UHFRJH VREUH ODV UHODFLRQHV HQWUH KRPEUHV \  PXMHUHV HQ FXDOTXLHU WLHPSR\ OXJDU (QHOSULPHUQLYHOGHOHFWXUDODYHORFLGDGQRHVDOJRIXQGDPHQWDO(OHVER]R ELRJUiILFRTXHDSDUHFHDFRQWLQXDFLyQWLHQHXQDVSDODEUDV6XJHULPRVTXH VH OR OHD D XQD YHORFLGDG FyPRGD HQWUH VHLV \  GLH] PLQXWRV \  TXH GHVSXpV VH LQWHQWHFRQWHVWDUDODVSUHJXQWDV -2+1678$570,// 

(Q VX $XWRELRJUDItD 0LOO GLFH TXH VX GHVDUUROOR LQWHOHFWXDO VH GHELy IXQGDPHQWDOPHQWH D OD LQIOXHQFLD GH GRV SHUVRQDV VX SDGUH -DPHV 0LOO \  VX PXMHU -DPHV0LOOHODERUySDUDVXKLMRXQSURJUDPDHGXFDWLYRLQWHJUDOVLJXLHQGRODV WHRUtDVGH+HOYpWLXV\ %HQWKDP7HQtDXQDYLVLyQHQFLFORSpGLFD\ OHSURSRUFLRQy D0LOOHOHTXLYDOHQWHGHXQDHQVHxDQ]DXQLYHUVLWDULDFXDQGRFRQWDEDWUHFHDxRV (OSDGUHDFWXyFRPRPDHVWUR\ FRQVWDQWHFRPSDxHURGHOPXFKDFKROHSHUPLWtD HVWXGLDU HQ OD PLVPD KDELWDFLyQ H LQFOXVR LQWHUUXPSLUOH PLHQWUDV HVFULEtD VX +LVWRULD GH ,QGLD R ODV HQWUDGDV SDUD (QF\FORSDHGLD %ULWDQQLFD 0iV DGHODQWH 0LOO GHVFULELUtD ORV UHVXOWDGRV GH WDO HGXFDFLyQ © FRPR VL PH KLFLHUD DSDUHFHU FXDOXQKRPEUH³KHFKR´RPDQXIDFWXUDGRFRQXQDVRSLQLRQHVHVWDPSDGDVVREUH PtTXH~QLFDPHQWHSRGtDUHSURGXFLUª  6X HGXFDFLyQ FRPHQ]y FRQ OD HQVHxDQ]D GHO JULHJR \  OD DULWPpWLFD FXDQGR FRQWDED WUHV DxRV $ ORV RFKR 0LOO KDEtD OHtGR WRGR +HUyGRWR VHLV GLiORJRV GH 3ODWyQ\ QXPHURVRVOLEURVGHKLVWRULD$QWHVGHFXPSOLUORVGRFHKDEtDHVWXGLDGR D (XFOLGHV \  iOJHEUD D ORV SRHWDV JULHJRV \  ODWLQRV \  DOJR GH SRHVtD LQJOHVD &RQWLQXy VLQWLHQGR LQWHUpV SRU OD KLVWRULD H LQFOXVR LQWHQWy HVFULELU XQ HQVD\ R VREUH HO JRELHUQR GH ORV URPDQRV $ ORV GRFH DxRV VH LQLFLy HQ OD OyJLFD FRQ 2UJDQRQ GH $ULVWyWHOHV \  ORV PDQXDOHV HVFROiVWLFRV ODWLQRV VREUH HO WHPD 'HGLFy HO ~OWLPR DxR GH OD HGXFDFLyQ EDMR OD GLUHFFLyQ GH VX SDGUH HO GHFLPRWHUFHUR D OD HFRQRPtD SROtWLFD \  VXV QRWDV OH VHUYLUtDQ GH D\ XGD PiV DGHODQWHSDUD(OHPHQWRV GH HFRQRPtD SROtWLFD $PSOLy VX HGXFDFLyQ HVWXGLDQGR FRQ DPLJRV GH VX SDGUH GHUHFKR FRQ $XVWLQ \  HFRQRPtD FRQ 5LFDUGR \  OD FRPSOHWySRUVtPLVPRFRQHOWUDWDGRVREUHOHJLVODFLyQGH%HQWKDPTXHVHJ~Q VXVSURSLDVSDODEUDVOHGLR© XQFUHGRXQDGRFWULQDXQDILORVRItD«XQDUHOLJLyQª \ OHWUDQVIRUPy© HQXQDSHUVRQDGLVWLQWDª  $XQFXDQGR0LOOQXQFDOOHJyDFRUWDUODVUHODFLRQHVFRQVXSDGUHDODHGDGGH YHLQWH DxRV H[SHULPHQWy XQD © FULVLVª  HQ VX KLVWRULD PHQWDO \  VH OH RFXUULy OD VLJXLHQWH SUHJXQWD © 6XSRQJDPRV TXH VH KDQ UHDOL]DGR WRGRV ORV REMHWLYRV GH QXHVWUD YLGD TXH SXHGHQ OOHYDUVH D FDER HQ HVWH PLVPR PRPHQWR WRGRV ORV FDPELRV HQ ODV LQVWLWXFLRQHV \  RSLQLRQHV TXH OOHYDPRV WLHPSR GHVHDQGR ¢VXSRQGUtD HVWR XQD JUDQ DOHJUtD"ª  6HJ~Q VXV SURSLDV SDODEUDV © 8QD LUUHSULPLEOHLQVHJXULGDGPHGLMR³1R´ª \ DFRQWLQXDFLyQIXHSUHVDGHXQDJUDQ GHSUHVLyQ TXH GXUy YDULRV DxRV /D SULPHUD OX] TXH YLR HQ WDO RVFXULGDG IXH FXDQGROH\ y0HPRULDVGH0DUPRQWHO© «/OHJXpDOSDVDMHHQHOTXHQDUUDOD PXHUWHGHVXSDGUHODSUHFDULDVLWXDFLyQGHODIDPLOLD\ ODUHSHQWLQDLQVSLUDFLyQ SRUODTXHpOXQVLPSOHPXFKDFKRVLQWLyHKL]RVHQWLUDORVVX\ RVTXHORVHUtDWRGR SDUDHOORVTXHOHVGDUtDORTXHKDEtDQSHUGLGRª /DHVFHQDOHFRQPRYLyKDVWDODV OiJULPDV\ DSDUWLUGHDTXHOPRPHQWRVX© FDUJDVHKL]RPiVOLJHUDª  'HVGHORVGLHFLVLHWHDxRV0LOOVHJDQyODYLGDWUDEDMDQGRSDUDOD(DVW,QGLD

&RPSDQ\ GH OD TXH VX SDGUH HUD IXQFLRQDULR $XQTXH HPSH]y FRPR VLPSOH RILFLQLVWDDOSRFRWLHPSROHDVFHQGLHURQ\ GXUDQWHYHLQWHDxRVGHVGHODPXHUWH GHVXSDGUHDFDHFLGDHQKDVWDTXHHOJRELHUQREULWiQLFRVHKL]RFDUJRGH ODVDFWLYLGDGHVGHODFRPSDxtDHVWXYRDOIUHQWHGHODVUHODFLRQHVFRQORV(VWDGRV LQGLRV OR TXH OH SURSRUFLRQy JUDQ H[SHULHQFLD SUiFWLFD VREUH ORV SUREOHPDV GH JRELHUQR$GHPiVGHVXWUDEDMR SDUWLFLSyHQP~OWLSOHVDFWLYLGDGHVGHVWLQDGDV D SUHSDUDUDODRSLQLyQS~EOLFDSDUDODUHIRUPDOHJLVODWLYD-XQWRDVXSDGUH\ ORV DPLJRVGHDPERVFUHDURQXQJUXSRGHQRPLQDGR© ILOyVRIRVUDGLFDOHVª TXHKL]R JUDQGHVFRQWULEXFLRQHVDORVGHEDWHVTXHGHVHPERFDURQHQODOH\ GHUHIRUPDGH  0LOO GHQXQFLy OR TXH pO FRQVLGHUDED GHVYLDFLRQHV GH ORV SULQFLSLRV GHO 3DUODPHQWR\ ORVWULEXQDOHVGHMXVWLFLD(VFULELyQXPHURVRVDUWtFXORVHQGHIHQVD GH OD FDXVD © UDGLFDOª  FRODERUy HQ OD IXQGDFLyQ \  HGLFLyQ GH :HVWPLQVWHU 5HYLHZ yUJDQR © UDGLFDOª  \  IRUPy SDUWH GH GLYHUVDV VRFLHGDGHV GH OHFWXUD \ GHEDWH GHGLFDGDV D OD GLVFXVLyQ GH ORV SUREOHPDV LQWHOHFWXDOHV \  VRFLDOHV GH OD pSRFD (VWDV DFWLYLGDGHV QR LPSLGLHURQ TXH VH RFXSDUD GH VXV SURSLRV LQWHUHVHV LQWHOHFWXDOHV )XH HO UHVSRQVDEOH GH OD HGLFLyQ GH %DVHV OyJLFDV GH ODV SUXHEDV MXGLFLDOHVGH%HQWKDP(VWXGLyOyJLFD\ FLHQFLDFRQHOILQGHUHFRQFLOLDUODOyJLFD VLORJtVWLFDFRQORVPpWRGRVGHODFLHQFLDLQGXFWLYD\ SXEOLFyVXREUD6LVWHPD GH OyJLFD HQ  DO WLHPSR TXH SURVHJXtD ODV LQYHVWLJDFLRQHV HQ HO WHUUHQR GH OD HFRQRPtDTXHDSDUHFLHURQDODOX]EDMRHOWtWXORGH&XHVWLRQHVVLQUHVROYHUVREUH SROtWLFD HFRQyPLFD \  TXH PiV DGHODQWH UHFLELHURQ XQ WUDWDPLHQWR PiV VLVWHPiWLFRHQ3ULQFLSLRVGHHFRQRPtDSROtWLFD  0LOO DWULEX\ y HO GHVDUUROOR \  OD FUHDWLYLGDG GH HVWRV DxRV D VX UHODFLyQ FRQ +DUULHW7D\ ORUFRQTXLHQVHFDVDUtDHQ/DFRQRFtDGHVGHKDFtDYHLQWHDxRV GHVGHSRFRGHVSXpVGHVX© FULVLVª \ QRFHVyGHHORJLDUODLQIOXHQFLDTXHKDEtD HMHUFLGRHQVXWUDEDMR$SHVDUGHTXHGXUDQWHORVVLHWHDxRVGHFDVDGRSXEOLFy PHQRVTXHHQQLQJXQDRWUDpSRFDGHVXYLGDSHQVy\ HVFULELyHQSDUWHPXFKDV GH VXV REUDV LPSRUWDQWHV HQWUH ODV TXH VH FXHQWDQ 6REUH OD OLEHUWDG   3HQVDPLHQWRVVREUHODUHIRUPDSDUODPHQWDULDTXHPiVDGHODQWHGHVHPERFDUtDHQ &RQVLGHUDFLRQHV DFHUFD GHO JRELHUQR UHSUHVHQWDWLYR   \  (O XWLOLWDULVPR  0LOLDWULEXtDDVXPXMHUVREUHWRGRVXFRPSUHQVLyQGHOODGRKXPDQRGH ODVUHIRUPDVDEVWUDFWDVTXHGHIHQGtD7UDVODPXHUWHGH+DUULHWGLMRORVLJXLHQWH © 6XUHFXHUGRHVSDUDPtUHOLJLyQ\ VXDSUREDFLyQHOEDUHPRSRUHOTXHDOUHXQLU WRGRORPiVGLJQRWUDWDUpGHUHJLUPLYLGDª  0LOO GHGLFy JUDQ SDUWH GH ORV ~OWLPRV DxRV GH VX YLGD D OD DFWLYLGDG SROtWLFD $GHPiVGHVXVHVFULWRVIXHXQRGHORVIXQGDGRUHVGHOPRYLPLHQWRVXIUDJLVWDGH ODV PXMHUHV \  HQ  DFHSWy VHU PLHPEUR GHO 3DUODPHQWR 9RWDQWH GHO DOD UDGLFDOGHO3DUWLGR/LEHUDOSDUWLFLSyDFWLYDPHQWHHQORVGHEDWHVVREUHODOH\ GH UHIRUPDGH'LVUDHOLHLPSXOVyODVPHGLGDVTXHWDQWRWLHPSROOHYDEDGHIHQGLHQGR

FRPR OD UHSUHVHQWDFLyQ IHPHQLQD OD UHIRUPD GHO JRELHUQR GH /RQGUHV \  HO FDPELRGHODSURSLHGDGWHUULWRULDOHQ,UODQGD(QJUDQSDUWHGHELGRDVXDSR\ RD PHGLGDVTXHIXHURQELHQDFRJLGDVSRUODPD\ RUtDGHODSREODFLyQQRYROYLHURQD HOHJLUOR6HUHWLUyDVXFDVDGHFDPSRHQ$YLxyQTXHKDEtDFRQVWUXLGRSDUDSRGHU HVWDUFHUFDGHODWXPEDGHVXPXMHU\ DOOtPXULyHOGHPD\ RGH 2EVpUYHVHTXHQRWRGDVODVSUHJXQWDVTXHSUHVHQWDPRVDFRQWLQXDFLyQVRQGH ODPLVPDFODVHODVKD\ GHFRPSRVLFLyQ\ GHVHOHFFLyQP~OWLSOH3DUDUHVSRQGHU D DOJXQDV GH HOODV VH UHTXLHUHQ GDWRV QR LQFOXLGRV HQ HO SDVDMH \  HO OHFWRU ELHQ SUHSDUDGRWLHQHTXHFRQRFHUORV6HWUDWDGHVHOHFFLRQDUWRGDVODVUHVSXHVWDVTXH SDUH]FDQYiOLGDVWDQWRVLDSDUHFHQLPSOtFLWDRH[SOtFLWDPHQWHHQHOWH[WRRVLVyOR SDUHFHQWHQHUXQDEDVHOyJLFDVHJ~QORVGDWRVFRQTXHVHFXHQWD 3UXHED$3UHJXQWDVVREUHHOHVER]RELRJUiILFRGH-RKQ6WXDUW0LOO 'XUDQWHORV~OWLPRVDxRVGHODYLGDGH0LOLHQ,QJODWHUUDUHLQDED D -RUJH,9 E *XLOOHUPR,9 F 9LFWRULD G (GXDUGR9,, /DHGXFDFLyQLQIDQWLOGH0LOLIXHHQJUDQSDUWHGHFLGLGDSRU D -HUHP\ %HQWKDP E 6XSDGUH F -DPHV0LOO G /D(QF\FORSDHGLD%ULWDQQLFDSDUDODTXHHVFULEtDVXSDGUH H /DV0HPRULDVGH0DUPDQWHO $ORVRFKRDxRVGHHGDG0LOLKDEtDOHtGR D $+HUyGRWR E 6HLVGLiORJRVGH3ODWyQ F (OGLVFXUVRGH/LQFROQHQ*HWW\ VEXUJ 0LOOHPSH]yDJDQDUVHODYLGDHQOD(DVW,QGLD&RPSDQ\ DODHGDGGH D  E  F  G  $ORVYHLQWHDxRVGHHGDG0LOOWXYR

D 8QDSHOHDFRQVXSDGUH E 8QDFULVLVHQVXKLVWRULDPHQWDO F 8QD© FULVLVª HQVXKLVWRULDPHQWDO G 8QDUHODFLyQDPRURVDFRQXQDPXMHUFDVDGD 0LOOVXSDGUH\ ORVDPLJRVGHDPERVVHOODPDEDQ© ILOyVRIRVUDGLFDOHVª SRUTXHFUHtDQ D (QHOGHUURFDPLHQWRGHOJRELHUQRPHGLDQWHODYLROHQFLD E 4XHGHEtDQUHDOL]DUVHUHIRUPDVHQODUHSUHVHQWDFLyQ SDUODPHQWDULD F 4XHGHEtDDEDQGRQDUVHHOHVWXGLRGHODILORVRItDHQODV XQLYHUVLGDGHV (QWUHORVDXWRUHVTXH0LOOOH\ yHQVXMXYHQWXG\ TXHSUREDEOHPHQWHLQIOX\ HURQ HQVXVLGHDVVHFRQWDEDQ D $ULVWyWHOHV E 'HZH\ F 5LFDUGR G %HQWKDP ¢&XiOGHHVWDVIDPRVDVREUDVGH0LOOQRVHPHQFLRQDHQHOWH[WR" D 6REUHODOLEHUWDG E &RQVLGHUDFLRQHVDFHUFDGHOJRELHUQRUHSUHVHQWDWLYR F (OXWLOLWDULVPR G /DVHUYLGXPEUHGHODVPXMHUHV 6LHVWXYLHUDYLYRKR\ HQGtDHVSUREDEOHRLPSUREDEOHTXH0LOO D $SR\ DUDHOPRYLPLHQWRGHOLEHUDFLyQGHODVPXMHUHV E 'HIHQGLHUDODHGXFDFLyQSDUDWRGRV F )XHUDVHJUHJDFLRQLVWD G $ERJDUDSRUODFHQVXUDGHODSUHQVD\ RWURVPHGLRVGH FRPXQLFDFLyQ 'HOWH[WRSXHGHLQIHULUVHTXH0LOOFRQVLGHUDEDDVXPXMHUWDQWRGXUDQWHVX PDWULPRQLRFRPRWUDVODPXHUWHGHpVWD D 6XFUtWLFRPiVGXUR E 6XPHMRUDPLJD F 6XPD\ RUHQHPLJD G 6XPXVD

&RQV~OWHVHSDUDYHUODVUHVSXHVWDVDODSUXHED$>@  6LU,VDDF1HZWRQUHYLVWHHQRUPHLQWHUpVSDUDORVHVWXGLRVRV\ ORVKLVWRULDGRUHV GHODFLHQFLDDFWXDOHV\ HOORSRUGRVUD]RQHVIXQGDPHQWDOHV/DSULPHUDHVELHQ FRQRFLGD &RQ OD FRPELQDFLyQ GH DQiOLVLV \  H[SHULPHQWDFLyQ ²OD FRPELQDFLyQ GHWHRUL]DFLyQ\ REVHUYDFLyQVLVWHPiWLFDGHORVIHQyPHQRVQDWXUDOHV²KRPEUHV FRPR*DOLOHR\ 1HZWRQLQLFLDURQXQDUHYROXFLyQLQWHOHFWXDO\ FRQWULEX\ HURQDOD DSDULFLyQGHODHUDGHODFLHQFLD1RVyORGHVFXEULHURQYHUGDGHVVREUHHOPXQGR ItVLFRTXHVLJXHQVLHQGRLPSRUWDQWHVVLQRTXHGHVDUUROODURQQXHYRVPpWRGRVSDUD HVWXGLDUODQDWXUDOH]DTXHKDQGHPRVWUDGRVXJUDQXWLOLGDGHQP~OWLSOHVWHUUHQRV GHOHVWXGLR\ ODLQYHVWLJDFLyQ &RPRKHPRVGLFKRHVWRHVDOJRELHQVDELGRSRUWRGRVHVWHDVSHFWRGHODYLGD \ GHORVGHVFXEULPLHQWRVGH1HZWRQVHFRQRFHGHVGHKDFHVLJORV(QpSRFDPiV UHFLHQWH1HZWRQKDSDVDGRDVHUFHQWURGHXQHVWXGLRDQLYHOPXQGLDOVREUHOD QDWXUDOH]DGHOJHQLR(VWXGLRVRV\ HVWXGLDQWHVGHODFLHQFLD\ ODOLWHUDWXUDVLW~DQD ORVFLHQWtILFRV\ ORVHVFULWRUHVHQOXJDUHVPiVRPHQRVHPLQHQWHVRHQXQDHVFDOD TXHYDGHVGHORVVHUHVH[WUDRUGLQDULRVKDVWDORVJHQLRV(VRSLQLyQPX\ H[WHQGLGD TXH1HZWRQIXHHOJHQLRPi[LPRHOLQWHOHFWRPiVEULOODQWHGHWRGRVORVWLHPSRV KDELpQGRVH UHDOL]DGR QXPHURVRV HVIXHU]RV SRU FDUDFWHUL]DU \  H[SOLFDU HO JHQLR 3UHFRFLGDG FDSDFLGDG GH FRQFHQWUDFLyQ DJXGD LQWXLFLyQ FDSDFLGDG GH DQiOLVLV ULJXURVRHQHVWRVWpUPLQRVVHGHILQHHOJHQLR\ WRGRVHOORVSDUHFHQDSOLFDEOHVD 1HZWRQ /DVVLJXLHQWHVQRWDVELRJUiILFDVVHKDQH[WUDtGRGHOWRPRGH*UHDW%RRNVRI WKH:HVWHUQ:RUOGHQHOTXHHVWiQLQFOXLGRVORVWH[WRVQHZWRQLDQRVGH3ULQFLSLRV PDWHPiWLFRVGHILORVRItDQDWXUDO WDPELpQ FRQRFLGRV FRPR 3ULQFLSLRV  \  ÏSWLFD (VWH WRPR WDPELpQ LQFOX\ H 7UDWDGR VREUH OD OX] GHO ItVLFR KRODQGpV &KULVWLDDQ +X\ JHQV /D ELRJUDItD GH 1HZWRQ HV XQ SRFR PiV ODUJD TXH OD GH 0LOL SRU FRQVLJXLHQWHHOOHFWRUGHEHUiWRPDUVHHQWUHGLH]\ GRFHPLQXWRVSDUDOHHUOD\ FRPRHQHOFDVRDQWHULRUDWHQGHUDORVSDVDMHVPiVGHVWDFDGRVWRPDUQRWDV\ D FRQWLQXDFLyQLQWHQWDUFRQWHVWDUDODVSUHJXQWDV 6,5,6$$&1(:721  1HZWRQ QDFLy HQ :RROVWKRUSH /LQFROQVKLUH HO GtD GH QDYLGDG GH  6X SDGUHODEUDGRUPXULyXQRVPHVHVDQWHVGHTXHQDFLHUD\ FXDQGRHQVX PDGUHYROYLyDFDVDUVHFRQHOSiUURFRGH1RUWK:LWKDP1HZWRQVHTXHGyFRQ VXDEXHODPDWHUQDHQ:RROVWKRUSH7UDVDGTXLULUORVUXGLPHQWRVGHODHQVHxDQ]D HQFROHJLRVFHUFDQRVFXUVyHVWXGLRVGHVHJXQGDHQVHxDQ]DHQ*UDQWKDPGRQGH

OHDORMyXQERWLFDULR$OSULQFLSLRHUDXQDOXPQRSRFREULOODQWHKDVWDTXHODSHOHD FRQXQFRQGLVFtSXORGHVSHUWyHQpOXQHVStULWXGHHPXODFLyQTXHOHOOHYyDVHUHO SULPHURGHOFROHJLR'HVGHHGDGPX\ WHPSUDQDPRVWUyJXVWR\ DSWLWXGKDFLDORV DUWLOXJLRV PHFiQLFRV FRQVWUXtD PROLQRV GH YLHQWR UHORMHV GH DJXD \  GH VRO FRPHWDV\ VHGLFHTXHLQYHQWyXQFDUUXDMHGHFXDWURUXHGDVTXHVHGHVSOD]DED JUDFLDVDTXLHQLEDPRQWDGRHQpO 7UDVODPXHUWHGHVXVHJXQGRPDULGRHQODPDGUHGH1HZWRQUHJUHVyD :RROVWKRUSH\ VDFyDVXKLMRPD\ RUGHOFROHJLRSDUDTXHVHKLFLHUDFDUJRGHODV WLHUUDVSHURHQVHJXLGDVHSXVRGHPDQLILHVWRTXHD1HZWRQQROHLQWHUHVDEDVHU ODEUDGRU\ SRUFRQVHMRGHVXWtRHOSiUURFRGH%XUWRQ&RJJOHVIXHPDWULFXODGR HQ HO 7ULQLW\  &ROOHJH GH &DPEULGJH D FDPELR GH SUHVWDU VXV VHUYLFLRV HQ OD LQVWLWXFLyQ $XQTXH QR WHQHPRV FRQVWDQFLD GH VXV SURJUHVRV FRPR HVWXGLDQWH Vt VDEHPRVTXHVHHPSOHyDIRQGRHQHOHVWXGLRGHODVPDWHPiWLFDV\ ODPHFiQLFD $ORSULPHURTXHVHGHGLFyHQ&DPEULGJHIXHDODVREUDVVREUHySWLFDGH.HSOHU HPSH]DQGR D HVWXGLDU D (XFOLGHV SRUTXH QR HQWHQGtD FLHUWRV GLDJUDPDV GH XQ OLEURGHDVWURORJtDTXHKDEtDFRPSUDGRHQXQDIHULD3HQVyTXHODVSURSRVLFLRQHV GHODREUDHUDQHYLGHQWHV\ VHROYLGyGHHOODSRUFRQVLGHUDUOD© XQDWULYLDOLGDGª KDVWDTXHVXSURIHVRU,VDDF%DUURZOHDFRQVHMyTXHYROYLHUDDOHHUOD $O SDUHFHU IXH *HRPHWUtD GH 'HVFDUWHV OR TXH OH LQGXMR D FRPHQ]DU VX SURSLR WUDEDMR HQ PDWHPiWLFDV (Q XQ FXDGHUQR HQ HO TXH HVFULEtD DQWHV GH OLFHQFLDUVHHQFRQWUDPRVFiOFXORVVREUHQRWDVPXVLFDOHVYDULRVDUWtFXORVVREUHOD FXDGUDWXUD GH ODV FXUYDV SUREOHPDV JHRPpWULFRV GH 9LHWD \  9DQ 6FKRRWHQ DQRWDFLRQHV H[WUDtGDV GH $ULWPpWLFD GH ORV LQILQLWRV GH :DOOLV DVt FRPR REVHUYDFLRQHV VREUH OD UHIUDFFLyQ ORV HUURUHV GH ODV OHQWHV \  OD H[WUDFFLyQ GH WRGDFODVHGHUDtFHV(QHODxRGHVXOLFHQFLDWXUDGHVFXEULyHOWHRUHPDGH ORVELQRPLRV 'HVSXpV FXDQGR OD SHVWH QHJUD VH H[WHQGLy KDVWD &DPEULGJH VH FHUUy OD XQLYHUVLGDG \  1HZWRQ VH UHWLUy D VX FDVD GH /LQFROQVKLUH GRQGH OOHYy D FDER H[SHULPHQWRV GH ySWLFD \  TXtPLFD \  FRQWLQXy FRQ VXV HVSHFXODFLRQHV PDWHPiWLFDV (Q HO WUDQVFXUVR GH HVWH UHWLUR IRU]RVR HQ  UHDOL]y HO GHVFXEULPLHQWRGHODWHRUtDGHODJUDYLWDFLyQ© (VHPLVPRDxRHPSHFpDSHQVDU VREUHODJUDYHGDGHQODyUELWDGHOD/XQD«DFRPSDUDUODIXHU]DUHTXHULGDSDUD PDQWHQHUOD/XQDHQVX yUELWDFRQODIXHU]DGH JUDYHGDGHQODVXSHUILFLHGH OD 7LHUUD \  HQFRQWUp OD UHVSXHVWD PX\  SURQWRª  $SUR[LPDGDPHQWH DO PLVPR WLHPSR TXH UHDOL]DED ODV LQYHVWLJDFLRQHV GH ySWLFD KDOOy OD H[SOLFDFLyQ GH OD FRPSRVLFLyQ GH OD OX] EODQFD 6REUH HO WUDEDMR GH DTXHOORV DxRV 1HZWRQ FRPHQWDUtD PiV DGHODQWH © 7RGR HVWR RFXUULy HQ GRV DxRV HQWUH  \   SRUTXHHQWRQFHVHVWDEDHQODIORUGHODYLGDSDUDODLQYHQFLyQ\ PHLQWHUHVDEDQ ODV PDWHPiWLFDV \  OD ILORVRItD PiV TXH QXQFDª  &XDQGR YROYLy D DEULUVH HO 7ULQLW\ &ROOHJHHQ1HZWRQIXHHOHJLGRPLHPEURGHODMXQWDGHJRELHUQR\ GRV DxRV PiV WDUGH SRFR DQWHV GH VX YLJHVLPRVpSWLPR FXPSOHDxRV IXH

QRPEUDGR FDWHGUiWLFR GH PDWHPiWLFDV HQ VXVWLWXFLyQ GH VX DPLJR \  PDHVWUR %DUURZ3RUHQWRQFHV1HZWRQ\ DKDEtDFRQVWUXLGRXQWHOHVFRSLRUHIOHFWDQWHHQ SUHVHQWDQGRHOVHJXQGRTXHFRQVWUX\ yDQWHOD5R\ DO6RFLHW\ HQGLFLHPEUH GH  'RV PHVHV GHVSXpV HQ FDOLGDG GH PLHPEUR GH GLFKD VRFLHGDG KL]R S~EOLFRVVXVGHVFXEULPLHQWRVVREUHODOX]\ DVtLQLFLyXQDFRQWURYHUVLDTXHGXUDUtD PXFKRV DxRV \  HQ OD TXH SDUWLFLSDURQ +RRNH /XFDV /LQXV \  RWURV 1HZWRQ D TXLHQVLHPSUHOHGHVDJUDGyOD FRQWURYHUVLD© FXOSDEDDPLSURSLD LPSUXGHQFLD SRUUHQXQFLDUDDOJRWDQLPSRUWDQWHFRPRPLSURSLDWUDQTXLOLGDGSDUDSHUVHJXLU XQD VRPEUDª  6XV QRWDV VREUH ySWLFD ODV PiV LPSRUWDQWHV GH ODV FXDOHV IXHURQ SUHVHQWDGDV DQWH OD 5R\ DO 6RFLHW\  HQWUH  \   VH UHFRJLHURQ HQ VX REUD ÏSWLFD  +DVWD  1HZWRQ QR HPSH]y D SHQVDU HQ GDU D OD OX] S~EOLFD VXV LQYHVWLJDFLRQHVVREUHODJUDYHGDG'HIRUPDLQGHSHQGLHQWH+RRNH+DOOH\ \ VLU &KULVWRSKHU :UHQ KDEtDQ OOHJDGR D FLHUWDV FRQFOXVLRQHV VREUH ODV OH\ HV GH OD JUDYHGDGSHURQRKDEtDQORJUDGRH[SOLFDUODyUELWDGHORVSODQHWDV$TXHOPLVPR DxR+DOOH\ FRQVXOWyHOSUREOHPDFRQ1HZWRQ\ VHTXHGyDWyQLWRDOFRPSUREDU TXHpVWHORKDEtDUHVXHOWR1HZWRQOHHQWUHJyFXDWURWHRUHPDV\ VLHWHSUREOHPDV HOQ~FOHRGHVXREUDPiVLPSRUWDQWH(QXQRVGLHFLVLHWHRGLHFLRFKRPHVHVHQWUH \ HVFULELyHQODWtQ3ULQFLSLRVPDWHPiWLFRVGHILORVRItDQDWXUDO 'XUDQWH DOJ~Q WLHPSR SHQVy HQ VXSULPLU HO WHUFHU OLEUR DOJR TXH VH HYLWy JUDFLDV D OD LQVLVWHQFLDGH+DOOH\TXLHQFRVWHyODSXEOLFDFLyQGHODREUDHQGHVSXpVGH TXHOD5R\ DO6RFLHW\ GHFODUDVHTXHQRSRGtDKDFHUVHFDUJRGHORVJDVWRV/DREUD FDXVy JUDQ UHYXHOR HQ WRGD (XURSD \  HQ  +X\ JHQV SRU HQWRQFHV HO FLHQWtILFRPiVIDPRVRDFXGLyD,QJODWHUUDDFRQRFHUD1HZWRQ 0LHQWUDV WUDEDMDED HQ 3ULQFLSLRV 1HZWRQ HPSH]y D GHVHPSHxDU XQ SDSHO PiV GHVWDFDGR HQ ORV DVXQWRV XQLYHUVLWDULRV 3RU VX RSRVLFLyQ D OD WHQWDWLYD GH -DLPHGHUHSXGLDUHOMXUDPHQWRGHOHDOWDG\ VXSUHPDFtDHQODXQLYHUVLGDGIXH HOHJLGR GLSXWDGR SRU &DPEULGJH $O UHJUHVDU D OD XQLYHUVLGDG VXIULy XQD JUDYH HQIHUPHGDGTXHOHGHMyLQFDSDFLWDGRGXUDQWHODPD\ RUSDUWHGH\ \ TXHFDXVyJUDYHSUHRFXSDFLyQDVXVDPLJRV\ FRPSDxHURVGHWUDEDMR8QDYH] UHFXSHUDGRDEDQGRQyODXQLYHUVLGDG\ HPSH]yDWUDEDMDUSDUDHOJRELHUQR3RU PHGLDFLyQGHVXVDPLJRV/RFNH:UHQ\ ORUG+DOLID[IXHQRPEUDGRJXDUGLiQGH OD&DVDGHOD0RQHGDHQ\ FXDWURDxRVPiVWDUGHGLUHFWRUGHODLQVWLWXFLyQ SXHVWRHQHOTXHSHUPDQHFHUtDKDVWDVXPXHUWH 'XUDQWH ORV ~OWLPRV WUHLQWD DxRV GH VX YLGD 1HZWRQ SURGXMR SRFDV REUDV RULJLQDOHVGHPDWHPiWLFDV6LQHPEDUJRVHJXtDLQWHUHViQGROHHOWHPD\ HQ UHVROYLy GH XQ GtD SDUD RWUR XQ SUREOHPD TXH OH SUHVHQWy %HUQRXOOL HQ XQD FRPSHWLFLyQ SDUD OD TXH VH KDEtDQ FRQFHGLGR VHLV PHVHV GH SOD]R HQ  UHVROYLy HQ XQDV FXDQWDV KRUDV XQ SUREOHPD SURSXHVWR SRU /HLEQL] SDUD © WRPDUOHVHOSXOVRDORVDQDOLVWDVLQJOHVHVª /HFDXVyJUDQDQJXVWLDRFXSDUVHGH GRV FRQWURYHUVLDV PDWHPiWLFDV XQD UHIHUHQWH D ODV REVHUYDFLRQHV DVWURQyPLFDV

GHODVWUyQRPRUHDO\ RWUDFRQ/HLEQL]VREUHODLQYHQFLyQGHOFiOFXOR$OPLVPR WLHPSRHVWDEDWUDEDMDQGRHQODUHYLVLyQGHODVHJXQGDHGLFLyQGH3ULQFLSLRV TXH DSDUHFLyHQ /DV REUDV FLHQWtILFDV GH 1HZWRQ OH UHSRUWDURQ JUDQ IDPD 9LVLWDED OD FRUWH FRQ PXFKD IUHFXHQFLD FRQFHGLpQGRVHOH WtWXOR QRELOLDULR HQ  )XH PX\ FHOHEUDGR \  KRQUDGR HQ HO UHVWR GH (XURSD PDQWHQtD FRUUHVSRQGHQFLD FRQ ORV FLHQWtILFRVPiVGHVWDFDGRV\ OHYLVLWDEDQWDQWDVSHUVRQDVTXHHVWDFLUFXQVWDQFLD OOHJy D UHSUHVHQWDU XQ JUDYH LQFRQYHQLHQWH SDUD pO 3HUR D SHVDU GH VX IDPD 1HZWRQ VLJXLy VLHQGR XQD SHUVRQD PRGHVWD 3RFR DQWHV GH VX PXHUWH KL]R HO VLJXLHQWH FRPHQWDULR © 1R Vp TXp SHQVDUi HO PXQGR GH Pt SHUR \ R WHQJR OD LPSUHVLyQGHVHUXQQLxRTXHMXHJDHQODSOD\ DTXHVHHQWUHWLHQHHQFRQWUDQGRXQ JXLMDUUR PiV SXOLGR TXH ORV GHPiV R XQD FRQFKD PiV ERQLWD GH OR QRUPDO PLHQWUDVHOJUDQRFpDQRGHODYHUGDGVHH[WLHQGHPLVWHULRVRDQWHpOª  'HVGHHGDGWHPSUDQDOHKDEtDQLQWHUHVDGRD1HZWRQORVHVWXGLRVWHROyJLFRV\ DQWHVGHHPSH]yDHVWXGLDUODVSURIHFtDV(VHPLVPRDxRHVFULELyHQIRUPD GHFDUWDGLULJLGDD/RFNH 5HODFLyQ KLVWyULFD GH GRV GHVWDFDGDV FRUUXSFLRQHV GH ODV (VFULWXUDV VREUH GRV SDVDMHV UHIHULGRV D OD 7ULQLGDG 'HMy PDQXVFULWR 2EVHUYDFLRQHV VREUH ODV SURIHFtDV GH 'DQLHO \ HO $SRFDOLSVLV \  RWUDV REUDV GH H[pJHVLV $SDUWLUGHODVDOXGGH1HZWRQHPSH]yDHPSHRUDU\ RWUDSHUVRQDVH KL]RFDUJRGHVXVUHVSRQVDELOLGDGHVHQOD&DVDGHOD0RQHGD(QIHEUHURGH SUHVLGLySRU~OWLPDYH]XQDVHVLyQGHOD5R\ DO6RFLHW\GHODTXHHUDSUHVLGHQWH GHVGHPXULHQGRHOGHPDU]RGHDORVRFKHQWD\ FLQFRDxRV)XH HQWHUUDGRHQODDEDGtDGH:HVWPLQVWHU 3UXHED%3UHJXQWDVVREUHODELRJUDItDGH,VDDF1HZWRQ $QWHVGHDFFHGHUDO7ULQLW\ &ROOHJHGH&DPEULGJHD1HZWRQOHLQWHUHVDEDQ HVSHFLDOPHQWH D /DSROtWLFD E /DWHRORJtD F /RVDSDUDWRVPHFiQLFRV G /DFLHQFLD\ ODVPDWHPiWLFDV 1HZWRQUHFLELyWtWXORQRELOLDULRGHPDQRVGH D (OUH\ &DUORV,,  E (OUH\ -DLPH,,  F /DUHLQD$QD  G (OUH\ -RUJH, 

&XDQGRVHFHUUy7ULQLW\ &ROOHJHGXUDQWHGRVDxRVGHELGRDODSURSDJDFLyQGHOD SHVWHQHJUD1HZWRQ\ PXFKRVRWURVHVWXGLDQWHVVHWRPDURQXQDVODUJDV YDFDFLRQHVHQ(XURSD¢9HUGDGHURRIDOVR" 1HZWRQIXHHOHJLGRSDUDHO3DUODPHQWRGHELGRDTXH D 6HHQIUHQWyDORVGHVyUGHQHVDQWLPRQiUTXLFRVHQWUHORVHVWXGLDQWHV E 6HRSXVRDODWHQWDWLYDGH-DLPH,,GHUHSXGLDUHOMXUDPHQWRGH OHDOWDG\ VXSUHPDFtD F 6HHQIUHQWyDOSiQLFRTXHVHH[WHQGLyHQWUHHVWXGLDQWHV\ SURIHVRUHVDQWHODDSDULFLyQGHODSHVWHQHJUDHQ&DPEULGJH 'XUDQWHORV~OWLPRVDxRVGHVXYLGD1HZWRQVHGHGLFyDXQDVHULHGH FRQWURYHUVLDVTXHOHSURGXMHURQJUDQPDOHVWDUVREUH D /DVREVHUYDFLRQHVDVWURQyPLFDVGHODVWUyQRPRUHDO E /DLQYHQFLyQGHOFiOFXOR F /DVSURIHFtDVGH'DQLHO 1HZWRQHVFULELy3ULQFLSLRVPDWHPiWLFRVGHILORVRItDQDWXUDOHQ D *ULHJR E /DWtQ F ,QJOpV (QWUHRWURVWHPDVHVWDREUDH[SOLFD D 3RUTXpVHFDHQODVPDQ]DQDV E /DyUELWDGHORVSODQHWDV F &yPRVHKDFHODFXDGUDWXUDGHXQFtUFXOR G (QTXpVHQWLGRVHV'LRVJHyPHWUD /DySWLFDHV D (OQRPEUHJHQHUDOTXHVHGDDOHVWXGLRGHODOX]ODHQHUJtDTXH PHGLDQWHVXDFWXDFLyQVREUHORVyUJDQRVGHODYLVLyQOHSHUPLWHDO KRPEUHHQWUHRWUDVFRVDVYHU E (OQRPEUHJHQHUDOSDUDHOHVWXGLRGHORMRGHOKRPEUH\ GHRWURV DQLPDOHV F /DWHFQRORJtDGHODSURGXFFLyQGHOHQWHV\ VXDSOLFDFLyQDORV WHOHVFRSLRV (QÏSWLFD1HZWRQ D 'HPXHVWUDTXHODOX]YLDMDDNPK

E 5HYHODODFRPSRVLFLyQGHODOX]EODQFD F 'HVFULEHFyPRSXHGHGHVFRPSRQHUVHODOX]EODQFDHQORVFRORUHV GHOHVSHFWURPHGLDQWHXQSULVPD G 6XJLHUHGLYHUVRVXVRVPLOLWDUHVGHOWHOHVFRSLR @  (OOHFWRUKDWHUPLQDGRHOHMHUFLFLRGLYLGLGRHQGRVSDUWHVTXHFRUUHVSRQGHDO SULPHU QLYHO GH OHFWXUD +DEUi REVHUYDGR TXH WDO FRPR OH LQGLFiEDPRV ODV FXHVWLRQHVVHEDVDQQRVyORHQORVWH[WRVOHtGRVVLQRHQGDWRVKLVWyULFRV\ GHRWUR WLSRTXHQRDSDUHFHQH[SOtFLWDPHQWHHQGLFKRVWH[WRV,QFOXVRHQHOSULPHUQLYHO HO OHFWRU ELHQ SUHSDUDGR SXHGH DSRUWDU LQIRUPDFLyQ YDOLRVD D OR TXH OHH \ HQ OtQHDVJHQHUDOHVFXDQWRPHMRULQIRUPDGRHVWpPHMRUOHHUi 6L KD FRQWHVWDGR UD]RQDEOHPHQWH ELHQ D ODV SUHJXQWDV FRPSUHQGHUi TXH KD DOFDQ]DGR H LQFOXVR VXSHUDGR ORV EDUHPRV GHO QLYHO GH OHFWXUD SULPDULR &RQILDPRV DVLPLVPR HQ TXH VH KD\ D GDGR FXHQWD GH TXH HVWRV HMHUFLFLRV \ SUXHEDVHVWDEDQGHVWLQDGRVQRVyORDPHMRUDUVXVGHVWUH]DOHFWRUDVLQRDD\ XGDUOH D DSUHQGHU DOJR TXH PHUHFH OD SHQD VDEHU R D DSOLFDU DOJR TXH \ D VDEH D OD OHFWXUD ,,(MHUFLFLRV\ SUXHEDVSDUDHOVHJXQGRQLYHOGHOHFWXUDOHFWXUDGHLQVSHFFLyQ (Q HVWD VHFFLyQ GHO DSpQGLFH % VH XWLOL]D HO tQGLFH GH PDWHULDV GH GRV REUDV LQFOXLGDV HQ *UHDW %RRNV RI WKH :HVWHUQ :RUOG FRPR WH[WRV GH OHFWXUD \ HMHUFLFLRV$GHPiVUHSURGXFLPRVEUHYHVERVTXHMRVELRJUiILFRVGHORVDXWRUHV² 'DQWH\ 'DUZLQ²SDUDLQIRUPDFLyQGHOOHFWRU\ WDPELpQFRPRPDWHULDOGHOTXH GHULYDQDOJXQDVSUHJXQWDV /D ELRJUDItD GH 'DQWH \  HO tQGLFH GH PDWHULDV GH 'LYLQD FRPHGLD VH KDQ WRPDGRGHOWRPRGH*UHDW%RRNVRIWKH:HVWHUQ:RUOGTXHVyORFRQWLHQHHVWD REUDSHUR'DQWHHVFULELyRWUDVHQSURVD\ HQYHUVRGHJUDQLQWHUpV\ EHOOH]D/R TXH RFXUUH HV TXH VX &RPHGLD HO DGMHWLYR © GLYLQDª  VH DxDGLy WUDV VX PXHUWH WLHQH DPSOLD GLIXVLyQ HQ OD DFWXDOLGDG 5HFRUGDUi HO OHFWRU TXH HQ HO FDStWXOR  GHFtDPRV TXH OD OHFWXUD GH LQVSHFFLyQ FRQVWD GH GRV SDVRV DO SULPHUR GH ORV

FXDOHV GHQRPLQiEDPRV SUHOHFWXUD \  DO VHJXQGR OHFWXUD VXSHUILFLDO &RPR QR WHQHPRVDQWHQRVRWURVHOWH[WRFRPSOHWRGH'LYLQDFRPHGLDWUDWDUHPRVHOtQGLFH GHPDWHULDVGHODREUDTXHSUHVHQWDPRVtQWHJURFRPRVLIXHUDXQOLEURHQVtHV GHFLU VXJHULPRV TXH HO OHFWRU GHGLTXH PHQRV GH GLH] PLQXWRV HQ HVWH FDVR OD YHORFLGDGHVHVHQFLDO DRMHDUVLVWHPiWLFDPHQWHHOtQGLFHGHPDWHULDVWUDVORFXDO LQWHQWDUi FRQWHVWDU D DOJXQDV SUHJXQWDV \  D FRQWLQXDFLyQ OH SHGLUHPRV TXH YXHOYD D OHHUOR VXSHUILFLDOPHQWH HV GHFLU GHGLFiQGROH XQRV YHLQWH PLQXWRV \ TXHFRQWHVWHDPiVSUHJXQWDV 3RU WDQWR HO WLHPSR TXH HQ WRWDO KD GH GHGLFDUVH DO tQGLFH GH PDWHULDV GH 'LYLQD FRPHGLD HV XQD PHGLD KRUD 7HQLHQGR HQ FXHQWD TXH ORV HVWXGLRVRV VRQ FDSDFHV GH SDVDU WUHLQWD DxRV GH VX YLGD LQPHUVRV HQ HVWD REUD SRGHPRV DVHJXUDU TXH WUHLQWD PLQXWRV GH H[DPHQ HV DOJR UHDOPHQWH VXSHUILFLDO SHUR DO PLVPR WLHPSR QR QRV SDUHFH QL SUHVXQWXRVR QL VXSHUILFLDO SRUTXH VH SXHGH DSUHQGHUPXFKRVREUHHVWHJUDQSRHPDHQPHGLDKRUD\ DTXpOORVSDUDPHQHV 'DQWH\ 'LYLQDFRPHGLD VRQ QRPEUHV XQ WDQWR YDJRV XQD LQVSHFFLyQ FXLGDGRVD GHO tQGLFH GH PDWHULDV SRGUtD LQGXFLUOHV D H[DPLQDU WRGD OD REUD R LQFOXVR D OHHUODDQDOtWLFDPHQWHHQHOWHUFHUQLYHOGHOHFWXUD $QWHV GH HIHFWXDU OD SULPHUD LQVSHFFLyQ GHO tQGLFH GH PDWHULDV ²DQWHV GH GHGLFDUOHXQDSUHOHFWXUDRXQDRMHDGDVLVWHPiWLFD²HOOHFWRUGHEHOHHUODVQRWDV ELRJUiILFDVVREUH'DQWHHQXQRVPLQXWRVSRUTXHOHD\ XGDUiQDFRPSUHQGHUTXp SODQHD\ TXpKDFHHODXWRUHQ'LYLQDFRPHGLD\ WDPELpQDFRQWHVWDUDDOJXQDV GHODVSUHJXQWDV '$17($/,*+,(5,  'DQWH$OLJKLHULQDFLyHQ)ORUHQFLDDPHGLDGRVGHPD\ RGH/DFLXGDG TXHSRUHQWRQFHVJR]DEDGHVXSULPHUDFRQVWLWXFLyQGHPRFUiWLFDHVWDEDGLYLGLGD HQWUH ORV SDUWLGDULRV GHO 3DSD ORV JHOIRV \  ORV GHO ,PSHULR ORV JLEHOLQRV /D IDPLOLD GH 'DQWH HUD SDUWLGDULD GH ORV SULPHURV TXH FXDQGR 'DQWH FRQWDED DSHQDV XQRV PHVHV GH HGDG REWXYLHURQ XQD YLFWRULD GHFLVLYD HQ OD EDWDOOD GH %HQHYHQWR $XQTXH GH DVFHQGHQFLD QREOH OD IDPLOLD $OLJKLHUL QR HUD HVSHFLDOPHQWHULFDQLGHVWDFDGD 3DUHFH SUREDEOH TXH 'DQWH LQLFLDUD VX HGXFDFLyQ HQ OD HVFXHOD IUDQFLVFDQD GH6DQWD&URFH(YLGHQWHPHQWHGHEHPXFKRDODLQIOXHQFLDGH%UXQHWWR/DWLQLHO ILOyVRIRTXHGHVHPSHxySDSHOPX\ GHVWDFDGRHQODFRPXQLGDGIORUHQWLQD$QWHV GHFXPSOLUORVYHLQWHDxRV'DQWHHPSH]yDHVFULELUSRHVtD\ HVWDEOHFLyUHODFLyQ FRQORVSRHWDVLWDOLDQRVGHO© GXOFHHVWLORQXHYRª TXHH[DOWDEDQVXDPRU\ DVXV GDPDV HQ YHUVR ILORVyILFR /D © GDPDª  GH 'DQWH D OD TXH FDQWy FRQ HVSHFLDO GHGLFDFLyQVHOODPDED%HDWUL]6HJ~QODYLGDGH'DQWHHVFULWDSRU%RFFDFFLRVH

WUDWDED GH %HDWULFH 3RUWLQDUL KLMD GH XQ FLXGDGDQR IORUHQWLQR TXH FDVy FRQ XQ DFDXGDODGREDQTXHUR\ PXULyDORVYHLQWLFXDWURDxRVGHHGDG'DQWHGHGLFySRU SULPHUDYH]VXVYHUVRVD%HDWUL]HQ9LWD1XRYD XQDVHULHGHSRHPDVFRQ FRPHQWDULRV HQ SURVD HQ ORV TXH QDUUD OD KLVWRULD GH VX DPRU GH VX SULPHU HQFXHQWURFXDQGRDPERVWHQtDQQXHYHDxRVGHORVVDOXGRVTXHLQWHUFDPELDURQHO GHPD\ RGH\ GHODPXHUWHGH%HDWUL]HQ $O OOHJDU D ORV WUHLQWD DxRV 'DQWH HPSH]y D SDUWLFLSDU DFWLYDPHQWH HQ OD SROtWLFD IORUHQWLQD /D FRQVWLWXFLyQ GH OD FLXGDG VH EDVDED HQ ORV JUHPLRV \ 'DQWH DO HVWDU DILOLDGR DO GH PpGLFRV \  ERWLFDULRV TXH WDPELpQ LQFOXtD D ORV YHQGHGRUHV GH OLEURV HUD HOHJLEOH SDUD XQ FDUJR LPSRUWDQWH ,QWHUYLQR HQ ODV GHOLEHUDFLRQHVGHORVFRQFHMRVIRUPySDUWHGHXQDHPEDMDGDHVSHFLDO\ HQ IXHHOHJLGRFRPRXQRGHORVJREHUQDQWHVGHODFLXGDG/DDQWLJXDGLVSXWDHQWUH JHOIRV \  JLEHOLQRV YROYLy D DSDUHFHU DGRSWDQGR QXHYD IRUPD HQ HO FRQIOLFWR HQWUH EODQFRV \  QHJURV 3RU HO GHVWDFDGR SXHVWR TXH RFXSDED 'DQWH GHELy GH GHVHPSHxDUXQSDSHOLQIOX\ HQWHDODKRUDGHOLPDUODVGLIHUHQFLDVH[SXOVDQGRGH )ORUHQFLD D ORV GLULJHQWHV GH DPEDV IDFFLRQHV LQFOX\ HQGR HQWUH ORV GHO SDUWLGR QHJUR D XQ IDPLOLDU GH VX PXMHU &RUVR 'RQDWL \  HQWUH ORV GHO EODQFR D VX © SULPHUDPLJRª HOSRHWD*XLGR&DYDOFDQWL$SHVDUGHODRSRVLFLyQGHOSRHWD\ GHORVGLULJHQWHVEODQFRVDODLQWHUYHQFLyQGHO3DSDHQORVDVXQWRVGH)ORUHQFLDHQ HOSDSD%RQLIDFLR9,,,LQYLWyD&DUORVGH9DORLVKHUPDQRGHOUH\ )HOLSHGH )UDQFLDDTXHDFXGLHUDD)ORUHQFLDSDUDVROXFLRQDUODVGLIHUHQFLDVHQWUHODVGRV IDFFLRQHV (Q UHDOLGDG D\ XGy DO SDUWLGR GH ORV QHJURV D WRPDU HO SRGHU UHVXOWDQGRFRQGHQDGRVDOH[LOLRPiVGHVHLVFLHQWRVPLHPEURVGHOSDUWLGREODQFR (Q  'DQWH \  RWURV FXDWUR VHJXLGRUHV GH ORV EODQFRV IXHURQ DFXVDGRV GH FRUUXSFLyQ/HLPSXVLHURQXQDPXOWDGHFLQFRPLOIORULQHVTXHVLQRSDJDEDHQHO SOD]RGHWUHVGtDVVLJQLILFDUtDODSpUGLGDGHVXVSURSLHGDGHVHOH[LOLRGXUDQWHGRV DxRV \  OD GHQHJDFLyQ GHO GHUHFKR GH YROYHU D HMHUFHU XQ FDUJR S~EOLFR 7UHV PHVHVPiVWDUGHDQWHVXQHJDWLYDDSDJDUODPXOWD'DQWHIXHFRQGHQDGRDVHU TXHPDGRYLYRVLFDtDHQPDQRVGHOSRGHUGHOD5HS~EOLFD © 'HVSXpVGHKDEHUVLGRJXVWRGHORVFLXGDGDQRVGHODPiVKHUPRVD\ FpOHEUH KLMD GH 5RPD )ORUHQFLD H[SXOVDUPH GH VX GXOFH VHQR KH LGR D FDVL WRGDV ODV UHJLRQHVSRUODVTXHVHH[WLHQGHHVWDQXHVWUDOHQJXDPRVWUDQGRHQFRQWUDGHPL YROXQWDGODKHULGDGHODIRUWXQDª HVFULEH'DQWHVREUHVXH[LOLRHQ&RQYLYLR 6H VDEH TXH HO SRHWD DVLVWLy D XQD UHXQLyQ HQ 6DQ *RGHQ]R GRQGH VH IRUPy XQD DOLDQ]D HQWUH ORV EODQFRV GHO H[LOLR \  ORV JLEHOLQRV SHUR DO SDUHFHU QR HVWDED SUHVHQWH HQ  FXDQGR IXHURQ GHUURWDGDV ODV IXHU]DV GH DPEDV IDFFLRQHV HQ /DVWUD4XL]i\ DVHKXELHUDDSDUWDGRGH© ODPDOD\ HVW~SLGDFRPSDxtDª GHORV GHPiV H[LOLDGRV © IRUPDGR XQ SDUWLGR pO PLVPRª  \  HQFRQWUDGR © VX SULPHU UHIXJLR \  KRVSLWDOLGDGª  HQ OD FRUWH GH 'HOLD 6FDOD HQ 9HURQD 3UREDEOHPHQWH GXUDQWHORVVLJXLHQWHVDxRVSDVyWLHPSRHQ%RORQLD\ GHVSXpVHQ3DGXDGRQGHVH GLFHTXH*LRWWROHLQYLWDEDDVXFDVD$ILQDOHVGHIXHKXpVSHGGH0DODVSLQD

HQ/XQLJLDQDDFWXDQGRFRPRHPEDMDGRUVX\ RDODKRUDGHILUPDUODSD]FRQHO RELVSRGH/XQL3RFRGHVSXpVGHHVWDIHFKDTXL]iIXHUDD3DUtVDHVWXGLDUHQOD XQLYHUVLGDG 6HFUHHTXHGXUDQWHORVSULPHURVDxRVGHH[LOLR'DQWHHVWXGLyORVWHPDVTXH OHUHSRUWDURQORVWtWXORVGHILOyVRIR\ WHyORJRDVtFRPRHOGHSRHWD(Q&RQYLYLR HVFULWRSUREDEOHPHQWHHQWUH\ FXHQWDTXHWUDVODPXHUWHGH%HDWUL] HPSH]yDOHHU'HODDPLVWDGGH&LFHUyQ\ &RQVRODFLyQGHODILORVRItDGH%RHFLR TXHGHVSHUWDURQHQpOODDILFLyQDODILORVRItD3DUDFDQWDUVXVDODEDQ]DVFRPHQ]y D HVFULELU &RQYLYLR FRQ OD LQWHQFLyQ GH TXH IXHUD XQD HVSHFLH GH WHVRUR GH FRQRFLPLHQWRV XQLYHUVDO HQ IRUPD GH SRHPDV UHODFLRQDGRV HQWUH Vt SRU SUROLMRV FRPHQWDULRVHQSURVDDOWLHPSRTXHWUDEDMDEDHQ'H9XOJDUL(ORTXHQWLD WUDWDGR HQODWtQHQHOTXHGHIHQGtDHOXVRGHOLWDOLDQRFRPROHQJXDOLWHUDULD /DHOHFFLyQGH(QULTXHGH /X[HPEXUJRFRPRHPSHUDGRUHQ GHVSHUWy GH QXHYR ODV HVSHUDQ]DV SROtWLFDV GH 'DQWH &XDQGR (QULTXH OOHJy D ,WDOLD HQ HQFDEH]DQGRXQHMpUFLWR'DQWHOHGLRODELHQYHQLGDFRPRVDOYDGRUHQXQD HStVWRODGLULJLGDDORVSUtQFLSHV\ HOSXHEORGH,WDOLD<OHULQGLyKRPHQDMHFRPR VREHUDQR HQ 0LOiQ &XDQGR )ORUHQRD DOLDGD FRQ HO UH\  5REHUWR GH 1iSROHV VH SUHSDUy SDUD OD UHVLVWHQFLD FRQWUD HO HPSHUDGRU 'DQWH HVFULELy XQD VHJXQGD HStVWRODGHQXQFLiQGRORVSRUVXREVWLQDFLyQ\ SURIHWL]yVXGHVWLQR(QXQDWHUFHUD HStVWROD UHSUHQGLy DO SURSLR HPSHUDGRU SRU VX WDUGDQ]D \  OH LQVWy D ODQ]DUVH FRQWUD )ORUHQFLD 3UREDEOHPHQWH IXH GXUDQWH HVWD pSRFD FXDQGR HVFULELy /D PRQDUTXtD GHIHQVD LQWHOHFWXDO GHO HPSHUDGRU FRPR VREHUDQR GHO RUGHQ WHPSRUDO/DPXHUWHGH(QULTXHHQWUDVXQDxRGHYDQDVOXFKDVSXVRSXQWR ILQDO D ODV DVSLUDFLRQHV SROtWLFDV GH 'DQWH \  VX SDUWLGR /D FLXGDG GH )ORUHQFLD UHQRYyVXFRQGHQDFRQWUDpOHQ\ HQ 7UDVODPXHUWHGH(QULTXH'DQWHSDVyHOUHVWRGHVXYLGDEDMRODSURWHFFLyQ GHGLYHUVRVVHxRUHVGH/RPEDUGtD7RVFDQD\ 5RPDxD6HFUHHTXHVHUHWLUyXQD WHPSRUDGD DO PRQDVWHULR GH 6DQWD &URFH GL )RQWH $YHOODQD HQ ORV $SHQLQRV GRQGH WUDEDMy HQ 'LYLQD FRPHGLD FX\ R SODQ TXL]i KXELHUD WUD]DGR HQ IHFKD PXFKR PiV WHPSUDQD HQ  3RGHPRV GHFLU FDVL FRQ WRGD FHUWH]D TXH SDVy XQDWHPSRUDGDHQODFRUWHGH&DQ*UDQGHGHOOD6FDODDTXLHQGHGLFy3DUDGLVR (Q  )ORUHQFLD UHFODPy D WRGRV ORV H[LOLDGRV SHUR 'DQWH VH QHJy D SDJDU OD PXOWD \  D © OOHYDU OD PDUFD GH OD REODFLyQª  SHQVDQGR TXH UHJUHVDU LUtD HQ GHWULPHQWR GH VX IDPD \  GH VX KRQRU 3DUHFH VHU TXH KDVWD HO ILQDO GH VX YLGD FRQILyHQTXHVX&RPHGLDOHDEULHVHODVSXHUWDVGHODFLXGDG (O SRHWD SDVy VXV ~OWLPRV DxRV HQ 5iYHQD EDMR HO SDWURFLQLR GH *XLGR GD 3ROHQWDVREULQRGH)UDQFHVFDGD5LPLQL%HDWUL]ODKLMDGH'DQWHHUDPRQMDHQ HVD FLXGDG \  WDPELpQ XQR GH VXV KLMRV UHVLGtD HQ OD PLVPD PLHQWUDV TXH VX PXMHU KDEtD SHUPDQHFLGR HQ )ORUHQFLD GXUDQWH WRGR VX H[LOLR (Q 5iYHQVH OH WHQtDHQJUDQHVWLPD\ GLVIUXWyGHXQDPSOLRFtUFXORGHDPLJRV\ VLPSDWL]DQWHV

)XHDOOtGRQGHWHUPLQy'LYLQDFRPHGLD \  GRQGH HVFULELy GRV pJORJDV HQ ODWtQ OR TXH LQGLFD TXH XQD FLHUWD IHOLFLGDG URGHy VXV ~OWLPRV GtDV $O UHJUHVDU GH 9HQHFLDGHXQDPLVLyQGLSORPiWLFDSDUDVXSURWHFWRUFRJLyXQDVILHEUHV\ PXULy HO  GH VHSWLHPEUH GH  )XH HQWHUUDGR HQ 5iYHQD DQWH OD SXHUWD GH OD FDWHGUDOFRQORVPD\ RUHVKRQRUHV\ FRPR© JUDQSRHWD\ ILOyVRIRª  $ FRQWLQXDFLyQ HO OHFWRU GHEH GHGLFDU GLH] PLQXWRV D OD SUHOHFWXUD GHO VLJXLHQWHtQGLFHGHPDWHULDV Ë1',&('(0$7(5,$6'(/$',9,1$&20(',$ (/,1),(512 &$172,'DQWHH[WUDYLDGRHQXQDVHOYDOOHJDDOSLHGHXQDFROLQD\ FRPLHQ]DDVXELUHVLQWHUFHSWDGRSRUWUHVDQLPDOHVVDOYDMHVUHWURFHGH\ VH HQFXHQWUD FRQ 9LUJLOLR TXH OH SURSRQH FRQGXFLUOH KDVWD HO PXQGR HWHUQR &$172 ,, 'DQWH GXGDQGR GH VXV SURSLDV IXHU]DV VH GHVDQLPD DO SULQFLSLR 9LUJLOLR FRQVLJXH DQLPDUOH FRQWiQGROH TXH XQ HVStULWX ELHQDYHQWXUDGRSURFHGHQWHGHOFLHOROHKDHQYLDGRSDUDD\ XGDUOH\ TXH OHKDUHYHODGRTXHHVDSURSLD%HDWUL]'DQWHDEDQGRQDVXVWHPRUHV\ ORV SRHWDVVLJXHQVXFDPLQR &$172,,,/DSXHUWDGHO,QILHUQR9LUJLOLRFRQGXFHD'DQWHDQWHHOOD (OFDVWLJRGHDTXpOORVTXHYLYLHURQVLQYLUWXGHVQLYLFLRV/RVSHFDGRUHVD RULOODVGHO$TXHURQWH&DURQWH(OVHtVPR'DQWHVHGHVPD\ D &$172,9 (O RWUR ODGR GHO $TXHURQWH 9LUJLOLR FRQGXFH D 'DQWH DO SULPHUFtUFXORGHO,QILHUQRHO/LPERHQHOTXHVHHQFXHQWUDQODVDOPDV GHDTXpOORVTXHYLYLHURQYLUWXRVDPHQWHSHURDOHMDGRVGHODIHHQ&ULVWR /RV SRHWDV VDOXGDQ D 9LUJLOLR (QWUDQ HQ XQ FDVWLOOR GRQGH UHVLGHQ ODV VRPEUDV GH ORV SHUVRQDMHV QRWDEOHV GH OD DQWLJHGDG 'HVSXpV GH FRQWHPSODUORV9LUJLOLR\ 'DQWHVDOHQGHOOXJDU &$17296HJXQGRFtUFXORHOGHORVOXMXULRVRV0LQRV/DVFpOHEUHV VRPEUDVGHOSDVDGR)UDQFHVFDGD5LPLQL &$1729,7HUFHUFtUFXORHOGHORVJORWRQHV&HUEHUR&LDFR &$1729,,&XDUWRFtUFXORHOGHORVDYDURV\ ORVSUyGLJRV3OXWyQ/D )RUWXQD/DODJXQD(VWLJLD4XLQWRFtUFXORHOGHORVFROpULFRV &$1729,,,4XLQWRFtUFXOR)OHJLDV\ VXEDUFD9LDMHSRUODODJXQD (VWLJLD )HOLSH $UJHQWL /D FLXGDG GH 'LWH /RV GHPRQLRV LPSLGHQ OD HQWUDGDDORVSRHWDV &$172,;/DFLXGDGGH'LWH(ULFWyQ/DVWUHV)XULDV(OPHQVDMHUR FHOHVWLDO6H[WRFtUFXORHOGHORVKHUHMHV

&$172 ; 6H[WR FtUFXOR )DULQDWD GHJOL 8EHUWL &DYDOFDQWH &DYDOFDQWL)HGHULFR,, &$172;,6H[WRFtUFXOR(OVHSXOFURGHOSDSD$QDVWDVLR'LVHUWDFLyQ GH9LUJLOLRVREUHODVGLYLVLRQHVGHODSDUWHPiVSURIXQGDGHO,QILHUQR &$172;,,6pSWLPRFtUFXORHOGHORVYLROHQWRV3ULPHUUHFLQWRHOGH ORVTXHKDQFRPHWLGRYLROHQFLDFRQWUDRWURV(O0LQRWDXUR/RV&HQWDXURV 4XLUyQ1HVR/RVSHFDGRUHVVXPHUJLGRVHQHOUtRGHVDQJUHKLUYLHQGR &$172;,,,6HJXQGRUHFLQWRGHOVpSWLPRFtUFXORHOGHORVYLROHQWRV FRQWUD Vt PLVPRV \  FRQWUD VXV ELHQHV (O ERVTXH GH ORV VXLFLGDV /DV $UStDV3HGUR'HVYLJQHV/DQRGH6LHQD\ RWURV &$172 ;,9 7HUFHU UHFLQWR GHO VpSWLPR FtUFXOR HO GH ORV YLROHQWRV FRQWUD'LRV(ODUHQDODUGLHQWH&DSDQHR/DLPDJHQGHOJUDQDQFLDQRGH &UHWD/RVUtRVGHO,QILHUQR &$172 ;9 7HUFHU UHFLQWR GHO VpSWLPR FtUFXOR HO GH ORV YLROHQWRV FRQWUD OD QDWXUDOH]D %UXQHWWR /DWLQL 3UHGLFFLRQHV GH GHVJUDFLDV SDUD 'DQWH &$172 ;9, 7HUFHU UHFLQWR GHO VpSWLPR FtUFXOR HO GH ORV YLROHQWRV FRQWUD OD QDWXUDOH]D *XLGR *XHUUD 7HJJKLDMR $OGREUDQGLQL \  -DFRER 5XVWLFXFFL (O HVWUXHQGR GHO )OHJHWyQ DO SUHFLSLWDUVH KDFLD ODV SURIXQGLGDGHV/DFXHUGDDUURMDGDDODELVPR &$172;9,, 7HUFHU UHFLQWR GHO VpSWLPR FtUFXOR HO GH ORV YLROHQWRV FRQWUDHODUWH*HULyQ/RVXVXUHURV'HVFHQVRDORFWDYRFtUFXOR &$172;9,,,2FWDYRFtUFXORHOGHORVIUDXGXOHQWRV3ULPHUDIRVD ORV UXILDQHV \  ORV VHGXFWRUHV 9HQHGLFR &DFFLDQLPLFR -DVyQ 6HJXQGD IRVDORVDGXODGRUHV$OHMR,QWHUPLQHL7KDLV &$172;,;7HUFHUDIRVDGHORFWDYRFtUFXORORVVLPRQtDFRV(OSDSD 1LFROiV,,, &$172;;&XDUWDIRVDGHORFWDYRFtUFXORORVDXJXUHVORVDGLYLQRV \  ORV PDJRV $QILDUDR 7LUHVLDV $URQWH 0DQWR (XULSLOR 0LJXHO 6FRWW $VGHQWH &$172;;, 4XLQWD IRVD GHO RFWDYR FtUFXOR ORV SUHYDULFDGRUHV 8Q PDJLVWUDGRGH/XFFD/RV0DOHEUDQFKH(OSDFWRFRQHVWR~OWLPRV &$172 ;;,, 4XLQWD IRVD GHO RFWDYR FtUFXOR ORV SUHYDQFDGRUHV &LDPSROR GH 1DYDUUD )UD\  *RPLWD 0LJXHO =DQFKH /XFKD HQWUH ORV 0DOHEUDQFKH &$172 ;;,,, 2FWDYR FtUFXOR +XLGD GH OD TXLQWD IRVD 6H[WD IRVD ORV KLSyFULWDV FXELHUWRV FRQ FDSDV GH SORPR GRUDGDV /RV +HUPDQRV *R]RVRV&DLIiV$QiV(OKHUPDQR&DWDODQR &$172;;,92FWDYRFtUFXOR/RVSRHWDVDVFLHQGHQGHODVH[WDIRVD 6pSWLPD IRVD OOHQD GH VHUSLHQWHV TXH DWRUPHQWDQ D ORV ODGURQHV 9DQQL )XFFL3UHGLFFLyQGHGHVJUDFLDVSDUD'DQWH

&$172 ;;9 6pSWLPD IRVD GHO RFWDYR FtUFXOR ORV ODGURQHV IUDXGXOHQWRV&DFR$JQROR%UXQHOOHVFKL\ RWURV &$172;;9,2FWDYDIRVDGHORFWDYRFtUFXORORVPDORVFRQVHMHURV 8OLVHV\ 'LRPHGHV &$172;9,,2FWDYDIRVDGHORFWDYRFtUFXORORVPDORVFRQVHMHURV *XLGRGH0RPHIHOWUR &$172;;9,,,1RYHQDIRVDGHORFWDYRFtUFXORORVSURSDJDGRUHVGH HVFiQGDORV \  FLVPDV 0DKRPD \  $Ot )UD\  'ROFtQ 3HGUR GH 0HGLFLQD &XULyQ0RVFD%HUWUiQGH%RUQ &$172 ;;,; 1RYHQD IRVD GHO RFWDYR FtUFXOR *HUL GHO %HOOR 'pFLPD IRVD IDOVLILFDGRUHV GH WRGD FODVH $OTXLPLVWDV *ULIIROLQR GH $UH]]R&DSRFFKLR &$172;;;'pFLPDIRVDGHORFWDYRFtUFXORORVVXSODQWDGRUHVORV IDOVLILFDGRUHV GH PRQHGD \  ORV FDOXPQLDGRUHV 0LUUD *LDQQL 6FKLFFKL 0DHVH$GDP6LQyQGH7UR\ D &$172;;;,2FWDYRFtUFXOR/RVJLJDQWHV1HPURG(ILDOWR$QWHR FRQGXFHDORVSRHWDVDOQRYHQRFtUFXOR &$172;;;,,1RYHQRFtUFXORHOGHORVWUDLGRUHV3ULPHUDQLOOROD © &DtQDª /RVFRQGHVGH0DQJRQD&DPLFFLRQHGH3D]]L6HJXQGRDQLOOR OD© $PHQRUDª %RFHDGHORV$EDWWL%XRVRGH6XHUD(OFRQGH8JROLQR &$172;;;,,,6HJXQGRDQLOORGHOQRYHQRFtUFXOROD© $PHQRUDª  (OFRQGH8JROLQR7HUFHUDQLOOROD© 3WRORPHDª )UD\ $OEHULJR%UDQFD G¶2ULD &$172 ;;;,9 &XDUWR DQLOOR GHO QRYHQR FtUFXOR OD © -XGHVFDª  /XFLIHU-XGDV%UXWR\ &DVLR(O&HQWURGHO8QLYHUVR6DOLGDGHO,QILHUQR $VFHQVRDODVXSHUILFLHGHOKHPLVIHULRPHULGLRQDO (/385*$725,2 &$172, 7HPD QXHYR ,QYRFDFLyQ D ODV 0XVDV 'tD GH 3DVFXD D OD RULOODGHO3XUJDWRULR/DVFXDWURHVWUHOODV&DWyQ$'DQWHOHODYDQHOURVWUR SDUDERUUDUORVYHVWLJLRVGHO,QILHUQR &$172,,$PDQHFHU/RVSRHWDVHQODRULOOD/OHJDGDGHXQDEDUFD FRQGXFLGD SRU XQ iQJHO TXH OOHYD D ODV DOPDV DO 3XUJDWRULR (O GHVHPEDUFR &DVHOOD \  VX FDQWR &DWyQ DSUHPLD D ODV DOPDV SDUD TXH DYDQFHQKDFLDODPRQWDxD &$172 ,,, $QWHSXUJDWRULR $OPDV GH ORV PXHUWRV TXH IXHURQ H[FRPXOJDGRVSRUOD,JOHVLD0DQIUHGR &$172 ,9 $QWHSXUJDWRULR $VFHQVR D XQD SODWDIRUPD GH OD PRQWDxD/RVQHJOLJHQWHVTXHVHDUUHSLQWLHURQD~OWLPDKRUD%HODFTXD &$172 9 $QWHSXUJDWRULR (VStULWXV GH ORV TXH UHWUDVDURQ VX

DUUHSHQWLPLHQWR\ PXULHURQGHIRUPDYLROHQWDSHURTXHVHDUUHSLQWLHURQ DQWHV GH PRULU -DFRER GHO &DVVHUR %XRQFRQWH GD 0RPHIHOWUR 3tD GH 7RORPHL &$172 9, $QWHSXUJDWRULR 0iV HVStULWXV TXH DSOD]DURQ VX DUUHSHQWLPLHQWR KDVWD TXH VH YLHURQ VRUSUHQGLGRV SRU PXHUWH YLROHQWD (ILFDFLDGHODRUDFLyQ6RUGHOOR$SyVWURIHFRQWUD,WDOLD &$1729,,9LUJLOLRVHGDDFRQRFHUD6RUGHOOR6RUGHOORFRQGXFH D ORV SRHWDV DO YDOOH GRQGH VH HQFXHQWUDQ ORV SUtQFLSHV QHJOLJHQWHV \  OHV LQGLFDVXVQRPEUHV &$172 9,,, 9DOOH GH ORV SUtQFLSHV 'RV iQJHOHV FXVWRGLRV 1LQR 9LVFRPt/DVHUSLHQWH&RQUDGR0DODVSLQD &$172,;6XHxR\ YLVLyQGH'DPH(OiJXLOD/XFtD/DSXHUWDGHO 3XUJDWRULR (O iQJHO JXDUGLiQ /DV VLHWH OHWUDV 3 LQVFULWDV HQ OD IUHQWH GH 'DQWH(QWUDGDDOSULPHUUHOODQR &$172;(O3XUJDWRULR3ULPHUUHOODQRORVRUJXOORVRV(MHPSORVGH KXPLOGDGJUDEDGRVHQODURFD &$172 ;, 3ULPHU UHOODQR ORV RUJXOORVRV 2UDFLyQ 8PEHUWR $OGREUDQGHVFKL2GHULVLGH*LXEELR3URYHQ]DQR6DOYDQL &$172;,, 3ULPHU UHOODQR ORV RUJXOORVRV (MHPSORV GH FDVWLJR SRU RUJXOORJUDEDGRVHQHOVXHOR&RQYHUVDFLyQFRQXQiQJHOTXHERUUDXQDGH ODVOHWUDV3$VFHQVRDOVHJXQGRUHOODQR &$172 ;,,, 6HJXQGR UHOODQR ORV HQYLGLRVRV (MHPSORV GH DPRU« /DVVRPEUDVFRQFLOLFLR\ FRQORVRMRVFRVLGRVFRQDODPEUH/D© 6DStDª GH6LHQD &$172;,96HJXQGRUHOODQRORVHQYLGLRVRV*XLGRGHO'XFD5LQLHUL GH&DOEROL(MHPSORVGHFDVWLJRSRUHQYLGLD &$172 ;9 6HJXQGR UHOODQR ORV HQYLGLRVRV 8Q iQJHO ERUUD OD VHJXQGD 3 GH OD IUHQWH GH 'DQWH 'LVFXUVR VREUH OD SDUWLFLSDFLyQ HQ ORV ELHQHV $VFHQVR DO WHUFHU UHOODQR ORV ,UDFXQGRV 9LVLyQ GH HMHPSORV GH SDFLHQFLD &$172 ;9, 7HUFHU UHOODQR ORV LUDFXQGRV 0DUFR /RPEDUGR 6X GLVHUWDFLyQVREUHHOOLEUHDOEHGUtR\ ODFRUUXSFLyQGHOPXQGR &$172 ;9,, 7HUFHU UHOODQR ORV LUDFXQGRV &RQVHFXHQFLDV GH OD KXPDUHGD 9LVLyQ GH HMHPSORV GH FDVWLJR SRU LUD $VFHQVR DO FXDUWR UHOODQR GRQGH VH SXUJD OD SHUH]D 6HJXQGR DQRFKHFHU HQ HO 3XUJDWRULR 9LUJLOLR H[SOLFD FyPR HO DPRU HV HO RULJHQ WDPR GH OD YLUWXG FRPR GHO SHFDGR &$172 ;9,,, &XDUWR UHOODQR ORV SHUH]RVRV 'LVFXUVR GH 9LUJLOLR VREUH HO DPRU \  OD OLEHUWDG 0XOWLWXGHV GH HVStULWXV FRUULHQGR SUHFLSLWDGDPHQWHSDUDUHGLPLUVXSHFDGR (MHPSORVGHFHOR(ODEDG GH 6DQ=HQyQ(MHPSORVGHOFDVWLJRSRUSHUH]D'DQWHVXFXPEHDOVXHxR

&$172;,;&XDUWRUHOODQR'DQWHVXHxDFRQODVLUHQD(OiQJHOGHO FDPLQR$VFHQVRDOTXLQWRUHOODQRORVDYDURV(OSDSD$GULiQ9 &$172 ;; 4XLQWR UHOODQR ORV DYDURV /RV HVStULWXV DODEDQ ORV HMHPSORVGHSREUH]D\ JHQHURVLGDG+XJR&DSHWD'LVHUWDFLyQVREUHVXV GHVFHQGLHQWHV (MHPSORV GH FDVWLJR SRU DYDULFLD (O WHPEORU GH OD PRQWDxD &$172;;,4XLQWRUHOODQR/DVRPEUDGH6WDFLR&DXVDGHOWHPEORU GHODPRQWDxD6WDFLRULQGHKRQRUHVD9LUJLOLR &$172;;,,$VFHQVRDOVH[WRUHOODQR'LVFXUVRGH6WDFLR\ 9LUJLOLR (QWUDGDDOUHOODQRORVJORWRQHV(OiUEROPtVWLFR(MHPSORVGHWHPSODQ]D &$172 ;;,,, 6H[WR UHOODQR ORV JORWRQHV )RUHVH 'RQDWL 1HOOD &HQVXUDDODVPXMHUHVGH)ORUHQFLD &$172 ;;,9 6H[WR UHOODQR ORV JORWRQHV )RUHVH 'RQDWL 3LFFDUGD 'RQDWL %RQDJLXQWD GH /XFFD (O SDSD 0DUWtQ ,9 8EDOGLQR GH OD 3LOD %RQLIDFLR 0HVHU 0DUFKHVH 3URIHFtD GH %RQDJLXQWD VREUH *HQWXFFD \ GH )RUHVH VREUH &RUVR GH 'RQDWL 6HJXQGR iUERO PtVWLFR (MHPSORV GH FDVWLJRSRUJORWRQHUtD(OiQJHOGHOFDPLQR &$172;;9$VFHQVRDOVpSWLPRUHOODQR'LVFXUVRGH6WDFLRVREUHOD JHQHUDFLyQGHFyPRVHLQIXQGHHODOPDHQHOFXHUSR\ GHODDSDULHQFLD FRUSyUHD GH ODV DOPDV GHVSXpV GH OD PXHUWH (O VpSWLPR UHOODQR ORV OXMXULRVRV0RGRVGHSXULILFDFLyQ(MHPSORVGHFDVWLGDG &$172 ;;9, 6pSWLPR UHOODQR ORV OXMXULRVRV /RV SHFDGRUHV HQ HO IXHJRFRUULHQGRHQGLUHFFLRQHVRSXHVWDV(MHPSORVGHFDVWLJRSRUOXMXULD *XLGR*XQLFHOOR$UQDXG'DQLHO &$172;;9,, 6pSWLPR UHOODQR ORV OXMXULRVRV 3DVR D WUDYpV GH ODV OODPDV/DHVFDOHUDHQODURFD1RFKHHQODVHVFDOHUDV6XHxRGH'DQWH $PDQHFHU$VFHQVRDO3DUDtVRWHUUHQDO/DV~OWLPDVSDODEUDVGH9LUJLOLR &$172;;9,,,(O3DUDtVRWHUUHQDO(OERVTXH8QDGDPDFRJLHQGR IORUHVDODRULOODGHXQSHTXHxRHVWDQTXH&RQYHUVDFLyQFRQHOODVREUHOD QDWXUDOH]DGHOOXJDU &$172;;,;(O3DUDtVRWHUUHQDO3URFHVLyQPtVWLFDRWULXQIRGHOD ,JOHVLD &$172 ;;; (O 3DUDtVR WHUUHQDO $SDULFLyQ GH %HDWUL] 6DOLGD GH 9LUJLOLR%HDWUL]UHSUHQGHD'DQWH &$172;;;,(O3DUDtVRWHUUHQDO'LVFXUVRGHUHSURFKHGH%HDWUL]\ FRQIHVLyQ GH 'DQWH 3DVR SRU HO /HWHR /DV YLUWXGHV OODPDQ D %HDWUL] %HDWUL]VHGHVSRMDGHOYHOR &$172;;;,,(O3DUDtVRWHUUHQDO5HJUHVRGHODSURFHVLyQWULXQIDO (O FDUUR VH GLULJH KDFLD HO iUERO PtVWLFR 'DQWH VXFXPEH DO VXHxR DO GHVSHUWDU HO 7ULXQIR KD GHVDSDUHFLGR 7UDQVIRUPDFLyQ GHO FDUUR /D UDPHUD\ HOJLJDQWH

&$172;;;,,,(O3DUDtVRWHUUHQDO3URIHFtDGH%HDWUL]VREUHTXLpQ UHVWDXUDUi HO ,PSHULR 6X FRQYHUVDFLyQ FRQ 'DQWH (O UtR (XQRH 'DQWH EHEHGHVXVDJXDV\ VHSXULILFDSDUDDVFHQGHUDOFLHOR (/3$5$Ë62 &$172, 3URHPLR ,QYRFDFLyQ %HDWUL] \  'DQWH WUDQVIRUPDGR pVWH HQXQVHUGLYLQRDVFLHQGHQKDFLDOD/XQDDWUDYpVGHOD(VIHUDGHO)XHJR %HDWUL]H[SOLFDODFDXVDGHVXDVFHQVLyQ &$172,,3URHPLR$VFHQVRDOD/XQD&DXVDGHODVPDQFKDVGHOD /XQD,QIOXHQFLDGHORVFLHORV &$172,,,(OFLHORGHOD/XQD/RVHVStULWXVTXHQRFXPSOLHURQVXV SURPHVDV3LFFDUGD'RQDWL/DHPSHUDWUL]&RQVWDQ]D &$172,9%HDWUL]UHVXHOYHD'DQWHVXVGXGDVUHVSHFWRDODMXVWLFLD GHO&LHOR\ DODPRUDGDGHORVELHQDYHQWXUDGRV3UHJXQWDGH'DQWHVREUH ODSRVLELOLGDGGHVDWLVIDFFLyQGHODVSURPHVDVLQFXPSOLGDV &$1729/DVDQWLGDGGHORVYRWRV\ ODVHULHGDGFRQODTXHKD\ TXH FXPSOLUORV R FDPELDUORV $VFHQVR DO FLHOR GH 0HUFXULR /D VRPEUD GH -XVWLQLDQR &$1729,-XVWLQLDQRQDUUDDVSHFWRVGHVXYLGD/DKLVWRULDGHOiJXLOD URPDQD/RVHVStULWXVHQHOSODQHWD0HUFXULR5RPHR &$1729,, 'LVHUWDFLyQ GH %HDWUL] /D FDtGD GHO KRPEUH (VTXHPD GHVXUHGHQFLyQ &$1729,,,$VFHQVRDOFLHORGH9HQXV/RVHVStULWXVGHORVDPDQWHV &DUORV0DUWHO6XGLVHUWDFLyQVREUHHORUGHQ\ ODGLYHUVLGDGGHORVDVXQWRV WHUUHQDOHV &$172,;(OSODQHWD9HQXV&RQYHUVDFLyQGH'DQWHFRQ&XQL]]DGH 5RPDQR&RQ)RXOTXHVGH0DUVHOOD5DKDE/DDYDULFLDGHODFRUWHSDSDO &$172;$VFHQVRDO6RO/RVHVStULWXVGHORVVDELRV\ GHORVGRFWRUHV HQWHRORJtD6DQWR7RPiVGH$TXLQR(OVDQWRLQGLFDD'DQWHORVQRPEUHV GHDTXpOORVTXHOHURGHDQ &$172 ;, /D YDQLGDG GH ORV GHVHRV PXQGDQRV 6DQWR 7RPiV GH $TXLQRGHVYDQHFHGRVGXGDVDOFRQIXVR'DQWH/HUHILHUHODYLGDGHVDQ )UDQFLVFRGH$VtV &$172;,,6HJXQGRFtUFXORGHORVHVStULWXVGHORVUHOLJLRVRVVDELRV GRFWRUHV GH OD ,JOHVLD \  PDHVWURV 6DQ %XHQDYHQWXUD FXHQWD OD YLGD GH VDQWR'RPLQJR\ QRPEUDDDTXpOORVTXHIRUPDQHOFtUFXORFRQpO &$172 ;,,, 6DQWR 7RPiV GH $TXLQR KDEOD GH QXHYR \  H[SOLFD OD UHODFLyQ HQWUH OD VDELGXUtD GH 6DORPyQ \  OD GH $GiQ \  OD GH &ULVWR \ SURFODPDODYDQLGDGGHOMXLFLRKXPDQR &$172 ;,9 (Q OD RUDFLyQ GH %HDWUL] 6DORPyQ KDEOD GHO FXHUSR

JORULRVRGHORVELHQDYHQWXUDGRVGHVSXpVGHOMXLFLRILQDO$VFHQVRDOFLHOR GH 0DUWH /RV HVStULWXV GH ORV VROGDGRV GH &ULVWR GLVSXHVWRV HQ FUX] IRUPDQGRODILJXUDGH&ULVWR+LPQRGHORVHVStULWXV &$172;9&DFFLDJXLGDDQWHSDVDGRGH'DQWHOHGDODELHQYHQLGD &DFFLDJXLGDFXHQWDODKLVWRULDGHVXOLQDMH\ ODYLGDVHQFLOODHQODDQWLJXD )ORUHQFLD &$172 ;9, /D QREOH]D GH VDQJUH &DFFLDJXLGD FRQWLQ~D VX UHODWR VREUHOD)ORUHQFLDDQWLJXD\ QXHYD &$172 ;9,, 'DQWH SUHJXQWD D &DFFLDJXLGD VREUH VX GHVWLQR &DFFLDJXLGD FRQWHVWD SURQRVWLFDQGR D 'DQWH HO H[LOLR \  OD IDPD TXH DOFDQ]DUiFRQVXSRHPD &$172;9,,,/RVHVStULWXVTXHIRUPDQOD&UX]GH0DUWH$VFHQVRDO FLHOR GH -~SLWHU /RV HVStULWXV IRUPDQ SDODEUDV OXPLQRVDV HQ HO SODQHWD 'HQXQFLDGHODDYDULFLDGHORVSDSDV &$172;,;/DYR]GHOiJXLOD+DEODGHORVPLVWHULRVGHODMXVWLFLD GLYLQDGHODQHFHVLGDGGHODIHSDUDFRQVHJXLUODVDOYDFLyQGHORVSHFDGRV GHFLHUWRVUH\ HV &$172 ;; /D FDQFLyQ GHO MXVWR 3UtQFLSHV TXH SUDFWLFDURQ OD MXVWLFLD HQ HO RMR GHO iJXLOD /D IHOLFLGDG GH ORV HVStULWXV TXH DQWHULRUPHQWHIXHURQSDJDQRV)H\ VDOYDFLyQ3UHGHVWLQDFLyQ &$172;;,$VFHQVRDOFLHORGH6DWXUQR/RVHVStULWXVGHORVTXHVH GHGLFDURQ D OD YLGD FRQWHPSODWLYD /D HVFDOHUD GRUDGD 6DQ 3HGUR 'DPLiQ 3UHGHVWLQDFLyQ (O OXMR GH ORV PRGHUQRV SUHODGRV 'DQWH VH DODUPDDORtUXQJULWRGHORVHVStULWXV &$172 ;;,, %HDWUL] WUDQTXLOL]D D 'DQWH $SDULFLyQ GH VDQ %HQLWR 5HODWR VREUH OD IXQGDFLyQ GH VX RUGHQ \  VREUH HO GHFOLQDU GH VXV KHUPDQRV%HDWUL]\ 'DQWHDVFLHQGHQDOFLHORHVWUHOODGR/DFRQVWHODFLyQ GHORV*HPHORV9LVWDGHOD7LHUUD &$172;;,,(OWULXQIRGH&ULVWR &$172;;,,,6DQ3HGURSUHJXQWDD'DQWHVREUHODIH\ DSUXHEDVX UHVSXHVWD &$172 ;;,9 6DQWLDJR SUHJXQWD D 'DQWH VREUH OD HVSHUDQ]D $SDULFLyQGHVDQ-XDQFRQ XQDOXPLQRVLGDGWDQGHVOXPEUDQWHTXH 'DQWH SLHUGHODYLVLyQGXUDQWHDOJ~QWLHPSR &$172 ;;9, 6DQ -XDQ SUHJXQWD D 'DQWH VREUH OD FDULGDG 'DQWH UHFREUD OD YLVWD $SDULFLyQ GH $GiQ TXH UHVSRQGH D ODV SUHJXQWDV GH 'DQWH &$172 ;;9,, 6DQ 3HGUR GHQXQFLD OD GHJHQHUDFLyQ GH VXV VXFHVRUHV 'DQWH GLULJH VX PLUDGD KDFLD OD 7LHUUD $VFHQVR GH %HDWUL] \ 'DQWHDOFLHORFULVWDOLQR6XQDWXUDOH]D%HDWUL]GHQXQFLDODFRGLFLDGHORV PRUWDOHV

&$172;;9,,,/DMHUDUTXtDFHOHVWLDO &$172 ;;,; 'LVHUWDFLyQ GH %HDWUL] VREUH OD FUHDFLyQ \  OD QDWXUDOH]D GH ORV iQJHOHV &HQVXUD D OD SUHVXQFLyQ \  QHFHGDG GH ORV SUHGLFDGRUHV &$172;;;$VFHQVRDO(PStUHR(OUtRGHODOX]/DURVDFHOHVWLDO (OWURQRGH(QULTXH9,,/DV~OWLPDVSDODEUDVGH%HDWUL] &$172 ;;;, /D URVD GHO 3DUDtVR 6DQ %HUQDUGR 2UDFLyQ SRU %HDWUL]/DJORULDGHOD6DQWtVLPD9LUJHQ &$172 ;;;,, 6DQ %HUQDUGR GHVFULEH OD GLVSRVLFLyQ GH OD URVD \ VHxDOD OD GH PXFKRV GH ORV VDQWRV /RV QLxRV HQ HO 3DUDtVR (O IHVWLYDO DQJpOLFR/RVSDWULFLRVGHODFRUWHFHOHVWLDO &$172 ;;;,,, 2UDFLyQ D OD 9LUJHQ /D YLVLyQ EHDWLILFD /D VDOYDFLyQ~OWLPD 3UXHED&3ULPHUDVHULHGHSUHJXQWDVVREUH'LYLQDFRPHGLDGH'DQWH 'DQWHGLYLGHVXREUDHQ D 7UHV E &XDWUR F 6HLVSDUWHVSULQFLSDOHV /DVSDUWHVSULQFLSDOHVVHWLWXODQ D /DWLHUUDODOXQDHOFLHORORV&tUFXORV$QJpOLFRV E (O,QILHUQRHO3XUJDWRULRHO3DUDtVR F ,QILHUQR3XUJDWRULR3DUDtVR /DVSDUWHVSULQFLSDOHVVHVXEGLYLGHQHQ D &DQWRV E &DStWXORV F 6HFFLRQHV (OQ~PHURGHVXEGLYLVLRQHVGHFDGDXQDGHODVSDUWHVSULQFLSDOHV D (VDSUR[LPDGDPHQWHLJXDO E (VR F 9DUtDHQWUH\  (OQ~PHURWRWDOGHVXEGLYLVLRQHVGHODREUDHV D  E  F 

(O,QILHUQRVHGLYLGHHQ D &tUFXORV E 5HOODQRV F )RVDV (O3XUJDWRULRVHGLYLGHHQ D &tUFXORV E 5HOODQRV F )RVDV /DGLYLVLyQGHO3DUDtVRVHULJHSRU D (ORUGHQGHODVYLUWXGHV\ ORVYLFLRV E (ORUGHQGHODMHUDUTXtDGHORViQJHOHV F (ORUGHQGHORVSODQHWDVGHOVLVWHPDVRODU (QHO,QILHUQRHOPRYLPLHQWRVLJXHXQDGLUHFFLyQ D +DFLDDEDMR E +DFLDDUULED (QHO3XUJDWRULRHOPRYLPLHQWRVLJXHXQDGLUHFFLyQ D +DFLDDEDMR E +DFLDDUULED 'DQWHHQFXHQWUDHO3DUDtVR7HUUHQDO D (QODSDUWHGHOSRHPDWLWXODGD3XUJDWRULR E (QODWLWXODGD3DUDtVR &RQV~OWHVHSDUDYHUODVUHVSXHVWDVDODSUXHED&>@  $FRQWLQXDFLyQWUDVKDEHUUHDOL]DGRXQDSUHOHFWXUDGHOtQGLFHGHPDWHULDVGH 'LYLQDFRPHGLD\ KDEHUFRQWHVWDGRDODSULPHUDVHULHGHSUHJXQWDVLQYLWDPRVDO OHFWRUDOHHUORVXSHUILFLDOPHQWH 3UXHED'0iVSUHJXQWDVVREUH'LYLQDFRPHGLDGH'DQWH (QHO,QILHUQRD'DQWHOHVLUYHGHJXtD D %HDWUL]

E 9LUJLOLR F /XFLIHU $9LUJLOLROHHQYtDHQD\ XGDGH'DQWH D %HDWUL] E 'LRV F 6DQ%HUQDUGR (OSULQFLSDOLQWHUpVGH'DQWHHVWULEDHQGHVFULELU D /DYLGDGHVSXpVGHODPXHUWH E /DVFODVHVGHYLGDTXHOOHYDQORVKRPEUHVHQOD7LHUUD 'LYLQDFRPHGLDHV D )XQGDPHQWDOPHQWHXQSRHPDFyPLFR E 8QDYLVLyQSRpWLFDGHGLYHUVDVWHVLVGHWHRORJtDPRUDO F 8QDFRQVWUXFFLyQLPDJLQDWLYDGHWRGRHO8QLYHUVR ¢'HFXiOGHHVWDVLGHRORJtDV\ HQVHxDQ]DVSDUHFHGHSHQGHUHOSRHPD" D +XPDQtVWLFD E *ULHJD\ ODWLQD F &ULVWLDQD (OFXDUWRUHOODQRGHO3XUJDWRULRVHFDVWLJDDORVSHUH]RVRV¢(VVLJQLILFDWLYRTXH DQWHVGHDEDQGRQDUHVWHUHOODQR'DQWHVHTXHGHGRUPLGR"¢6tRQR" (QHOFDQWR;;;,9GHO,QILHUQR'DQWH\ 9LUJLOLROOHJDQDOFHQWURGHO 8QLYHUVR¢3RUTXp" (QHOFDQWR,;GHO3XUJDWRULRKD\ VLHWHSHVLQVFULWDVHQODIUHQWHGH'DQWH\ XQDGHHOODVGHVDSDUHFHFXDQGRHOSRHWDUHPRQWDXQRGHORVUHOODQRVGHOD PRQWDxDGHO3XUJDWRULR¢4XpVLJQLILFDQHVWDVOHWUDV" 9LUJLOLRDFRPSDxDD'DQWHDO3DUDtVR7HUUHQDOFDQWRV;;9,,,;;;,,,GHO 3XUJDWRULR SHURVHPDUFKDHQHOFDQWR;;;\ QRYDFRQHOSRHWDDO3DUDtVR ¢3RUTXp" (QORVFDQWRV;,\ ;,,GHO3DUDtVRVDQWR7RPiVGH$TXLQRQDUUDODYLGDGH VDQ)UDQFLVFR\ VDQ%XHQDYHQWXUDODGHVDQWR'RPLQJR¢4XpVLJQLILFDGRWLHQH HVWR" /DV~OWLPDVFLQFRSUHJXQWDVGHODSUXHED'GHGLFDGDVIXQGDPHQWDOPHQWHDO

VLPEROLVPRGH'LYLQDFRPHGLD SXHGHQ UHVXOWDU GLItFLOHV R LQFOXVR LPSRVLEOHV GH FRQWHVWDUWUDVXQDVLPSOHOHFWXUDGHOtQGLFHGHPDWHULDV3RUWDOUD]yQ\ DTXHQR SRU RWUD RIUHFHPRV UHVSXHVWDV FRPSOHWDV SHUR H[LVWH XQD GREOH MXVWLILFDFLyQ SDUDKDEHUSODQWHDGRODVSUHJXQWDV(QSULPHUOXJDUQRWHQHPRVSOHQDFHUWH]DGH TXH QR SXHGDQ FRQWHVWDUVH D SDUWLU GH OD OHFWXUD GHO tQGLFH GH PDWHULDV HQ VHJXQGROXJDUHVWiQGHVWLQDGDVDVXJHULUXQDGHODVFDUDFWHUtVWLFDVIXQGDPHQWDOHV GHODJUDQREUDGH'DQWHSUHFLVDPHQWHVXFDUiFWHUVLPEyOLFRGHSULQFLSLRDILQ &DVL WRGDV ODV GHVFULSFLRQHV GH OXJDUHV DFRQWHFLPLHQWRV R SHUVRQDV WLHQHQ GRV VLJQLILFDGRV \  HQ RFDVLRQHV WUHV R FXDWUR 3HQVDPRV TXH HV SUREDEOH TXH HVWH KHFKR VH SRQJD FODUDPHQWH GH PDQLILHVWR D SDUWLU GH OD OHFWXUD GHO tQGLFH GH PDWHULDVDXQTXHVLQGHWDOOHV3RUFRQVLJXLHQWHSRGUtDUHVXOWDULQWHUHVDQWHWUDWDU GH FRQWHVWDU D ODV SUHJXQWDV  GH HVWD SUXHED VLQ UHFXUULU D QLQJXQD D\ XGD H[WHUQD LQFOXVR VLQ KDEHU OHtGR D 'DQWH DQWHULRUPHQWH (Q RWUDV SDODEUDV VL HO OHFWRU WLHQH TXH KDFHU FRQMHWXUDV YHDPRV HQ TXp JUDGR VH DSUR[LPDQ D OD YHUGDG &RQV~OWHVHSDUDYHUODVUHVSXHVWDVDODSUXHED'>@  /DELRJUDItDGH&KDUOHV'DUZLQ\ HOtQGLFHGHPDWHULDVGHVXREUD(O RULJHQ GHODVHVSHFLHVTXHDSDUHFHQHQODVVLJXLHQWHVSiJLQDVVHKDQH[WUDtGRGHOWRPR GH*UHDW %RRNV RI WKH :HVWHUQ :RUOG TXH WDPELpQ FRQWLHQH /D DVFHQGHQFLD KXPDQDREUDHQODTXH'DUZLQDSOLFDVXWHRUtDJHQHUDODODFRQIXVDFXHVWLyQGH ODHYROXFLyQGHODHVSHFLHKXPDQD &RPR HQ HO FDVR GH 'DQWH UHFRPHQGDPRV OHHU OD ELRJUDItD GH 'DUZLQ UiSLGDPHQWH²HQFLQFRRVHLVPLQXWRV²\ DFRQWLQXDFLyQUHDOL]DUXQDSUHOHFWXUD GHOtQGLFHGHPDWHULDVGH(ORULJHQGHODVHVSHFLHVGHGLFiQGROHQRPiVGH GLH] PLQXWRV &+$5/(6'$5:,1  $O HYDOXDU ODV FXDOLGDGHV TXH H[SOLFDEDQ VX © p[LWR FRPR KRPEUH GH FLHQFLDª  &KDUOHV 'DUZLQ HQ VX PRGHVWD DXWRELRJUDItD TXH HVFULELy © SRUTXH TXL]iOHVLQWHUHVHDPLVKLMRVª UHFXHUGDGHVGHVXMXYHQWXG© HOSURIXQGRGHVHR GH FRPSUHQGHU \  H[SOLFDUª  FXDQWR REVHUYDED (Q VXV IDQWDVtDV LQIDQWLOHV KDFtD GHVFXEULPLHQWRVIDEXORVRVHQHOWHUUHQRGHODKLVWRULDQDWXUDO<VHMDFWDEDDQWH VXV FRPSDxHURV GH FODVH GH SRGHU SURGXFLU IORUHV GH GLYHUVRV FRORUHV GH OD PLVPDSODQWDUHJiQGRODVFRQFLHUWRVOtTXLGRV $VXSDGUHPpGLFRTXHJR]DEDGHJUDQUHFRQRFLPLHQWRVRFLDOOHVRUSUHQGtDQ

XQWDQWRODVFXULRVDVDILFLRQHVGHVXVHJXQGRKLMR\ HOKHFKRGHTXHQRGHVWDFDUD HVSHFLDOPHQWHHQORVHVWXGLRVFOiVLFRVGHODpSRFDGHOGRFWRU%XWOHUUD]yQSRUOD FXDOGHFLGLyHQYLDUORD(GLPEXUJRSDUDTXHHVWXGLDVHPHGLFLQD(QHVWDFLXGDG 'DUZLQ VH GHGLFy D UHFRJHU DQLPDOHV GH ODV FKDUFDV D SHVFDU RVWUDV FRQ ORV SHVFDGRUHV GH 1HZKDYHQ SDUD REWHQHU HMHPSODUHV \  UHDOL]y GRV SHTXHxRV GHVFXEULPLHQWRV TXH SUHVHQWy HQ HO HVWXGLR TXH OH\ y HQ OD 3OLQLDQ 6RFLHW\ 1R DSOLFy© H[FHVLYRVHVIXHU]RVª DDSUHQGHUPHGLFLQD 6X SDGUH OH SURSXVR LQJUHVDU HQ OD ,JOHVLD FRPR DOWHUQDWLYD FRQ FLHUWD DVSHUH]D/DYLGDHFOHVLiVWLFDHQXQSXHEORDWUDtDDOMRYHQ'DUZLQ\ WUDVKDEHU DSODFDGR VXV GXGDV VREUH OD FUHHQFLD © HQ WRGRV ORV GRJPDV GH OD ,JOHVLDª  HPSH]y HVWD QXHYD FDUUHUD HQ &DPEULGJH 3HUR QR ORJUy UHSULPLU VXV LQWHUHVHV FLHQWtILFRV \  VH GHGLFy FRQ HQWXVLDVPR D OD HQWRPRORJtD VREUH WRGR D UHFRJHU HVFDUDEDMRVWXYRODVDWLVIDFFLyQGHYHUSXEOLFDGRXQRGHVXVUDURVHMHPSODUHVHQ ,OXVWUDWLRQVRI%ULWLVK,QVHFWV,OXVWUDFLRQHVGHLQVHFWRVEULWiQLFRV GH6WHSKHQ$O LJXDO TXH HQ (GLPEXUJR GLVIUXWy GH OD HVWLPXODQWH DPLVWDG GH QXPHURVRV FLHQWtILFRV\ IXHXQFDWHGUiWLFRGHERWiQLFDGH&DPEULGJH-6+HQVORZTXLHQ ORJUyTXHOHQRPEUDVHQQDWXUDOLVWDGHOEDUFRJXEHUQDPHQWDOHO%HDJOH (QWUH\ HO%HDJOHQDYHJySRUDJXDVGHOVXU/DVLQYHVWLJDFLRQHVGH /\ HOO VREUH ORV FDPELRV SURGXFLGRV SRU ORV SURFHVRV QDWXUDOHV SXEOLFDGDV HQ 3ULQFLSLRVGHJHRORJtDVLUYLHURQGHGLUHFWULFHVD'DUZLQSDUDVXVREVHUYDFLRQHV VREUHODHVWUXFWXUDJHROyJLFDGHODVLVODVGH&DER9HUGH7DPELpQUHDOL]yHVWXGLRV VREUHORVDUUHFLIHVGHFRUDO\ VREUHODVUHODFLRQHVGHORVDQLPDOHVGHOFRQWLQHQWH FRQORVGHODVLVODVDG\ DFHQWHVDVtFRPRVREUHODUHODFLyQHQWUHORVDQLPDOHVYLYRV FRQORVUHVWRVIyVLOHVGHODVPLVPDVHVSHFLHV 'DUZLQFDOLILFyHOYLDMHGHO%HDJOHFRPR© HODFRQWHFLPLHQWRPiVLPSRUWDQWH GHPLYLGDª $GHPiVGHFRQYHUWLUOHHQXQRGHORVQDWXUDOLVWDVPiVFXDOLILFDGRV GHVXpSRFDGHVDUUROOyHQpO© ODFRVWXPEUHGHOWUDEDMRHQWXVLDVWD\ GHODDWHQWD REVHUYDFLyQª 6XSDGUHREVHUYyHOFDPELRGHDFWLWXGDOUHJUHVRGHODWUDYHVtD\ FRPHQWyORVLJXLHQWH© 9D\ D/HKDFDPELDGRGHIRUPDODFDEH]Dª  7UDV VX UHJUHVR 'DUZLQ VH HVWDEOHFLy HQ /RQGUHV H LQLFLy OD WDUHD GH RUJDQL]DU \  HVFULELU VXV REVHUYDFLRQHV 7UDEy tQWLPD DPLVWDG FRQ /\ HOO HO JHyORJRLQJOpVPiVGHVWDFDGR\ PiVDGHODQWHFRQ+RRNHULPSRUWDQWHERWiQLFR (QFDVyFRQVXSULPD(PPD:HGJZRRG\ DILQDOHVGHO  GHELGR D VXV SUREOHPDV FUyQLFRV GH VDOXG OD IDPLOLD VH WUDVODGy D 'RZQGRQGH'DUZLQOOHYyXQDYLGDUHWLUDGDKDVWDHOILQDOGHVXVGtDV'XUDQWHORV VHLVDxRVGHVXHVWDQFLDHQ/RQGUHVSUHSDUyVX'LDULR FRQ ODV QRWDV GHO YLDMH \ SXEOLFyXQGRFXPHQWDGRHVWXGLRVREUHORVDUUHFLIHVGHFRUDO 'HGLFyORVRFKRDxRVVLJXLHQWHVDODODERULRVDFODVLILFDFLyQGHSHUFHEHVSDUD VXREUDGHFXDWURWRPRVVREUHHOWHPD© 0HKDGHMDGRDWyQLWRODYDULDELOLGDGGH FDGD SDUWH HQ WRGDV \  FDGD XQD GH ODV HVSHFLHV DXQTXH VHD HQ XQ JUDGR PX\ SHTXHxRª  OH HVFULELy D +RRNHU 7UDV HVWD pSRFD GH WUDEDMR PLQXFLRVR FRQ XQD

VROD HVSHFLH 'DUZLQ VH VLQWLy SUHSDUDGR SDUD DFRPHWHU HO SUREOHPD GH OD PRGLILFDFLyQGHODVHVSHFLHVVREUHHOTXHOOHYDEDUHIOH[LRQDQGRDxRVHQWHURV 'XUDQWHHOYLDMHGHO%HDJOHVDOLHURQDODOX]XQDVHULHGHKHFKRVTXHDMXLFLR GH'DUZLQ© VyORSRGtDQH[SOLFDUVHVXSRQLHQGRTXHODVHVSHFLHVVHPRGLILFDVHQ JUDGXDOPHQWHª 0iVDGHODQWHDOUHJUHVDUD,QJODWHUUDUHFRJLyWRGRHOPDWHULDO TXH HQFRQWUy © UHODFLRQDGR GH DOJXQD PDQHUD FRQ OD YDULDFLyQ GH ODV SODQWDV \ ORV DQLPDOHV EDMR FRQGLFLRQHV GH GRPHVWLFDFLyQª  $O FDER GH SRFR WLHPSR FRPSUHQGLy TXH © OD VHOHFFLyQ HV OD SLHGUD DQJXODU GHO p[LWR GHO KRPEUH SHUR GXUDQWH DOJ~Q WLHPSR VLJXLy FRQVWLWX\ HQGR XQ PLVWHULR FyPR SXHGH DSOLFDUVH OD VHOHFFLyQDORVRUJDQLVPRVTXHYLYHQHQHVWDGRQDWXUDOª 8QGtDPLHQWUDVOHtDHO HVWXGLR VREUH OD SREODFLyQ GH 0DOWKXV VH OH RFXUULy TXH HQ OD OXFKD SRU OD H[LVWHQFLD © H[LVWtD XQD WHQGHQFLD D TXH VH FRQVHUYDUDQ ODV FRQGLFLRQHV IDYRUDEOHV\ DTXHVHGHVWUX\ HVHQODVGHVIDYRUDEOHVFRQHOUHVXOWDGRGHTXHVH IRUPDEDQ QXHYDV HVSHFLHV $O ILQ KDEtD GDGR FRQ XQD WHRUtD FRQ OD TXH SRGHU WUDEDMDUª  /HV FRQILy HVWD WHRUtD D +RRNHU \  D /\ HOO TXLHQHV OH DQLPDURQ D TXH OD SXEOLFDVH SHUR 'DUZLQ FXDQGR KDEtD OOHJDGR D OD PLWDG GHO OLEUR TXH HVWDED SUHSDUDQGR HQ HO YHUDQR GH  UHFLELy XQ HQVD\ R GH $ 5 :DOODFH SURFHGHQWH GH ODV LVODV 0DOXFDV TXH FRQWHQtD H[DFWDPHQWH OD PLVPD WHRUtD (VFULELyD+RRNHU\ /\ HOOORVLJXLHQWH© 9XHVWUDVSDODEUDVVHKDQKHFKRUHDOLGDG SHURYHQJiQGRVHSRUTXHVHPHKDQDQWLFLSDGRª )XHGHFLVLyQGHVXVGRVDPLJRV SXEOLFDUXQH[WUDFWRGHODWHRUtDGH'DUZLQTXHOHVKDEtDHQYLDGRHQXQDFDUWDHO DxRDQWHULRUMXQWRFRQHOHQVD\ RGH:DOODFH\ GLHURQHOVLJXLHQWHWtWXORDODREUD FRQMXQWD 6REUH OD WHQGHQFLD GH ODV HVSHFLHV D IRUPDU YDULHGDGHV \ VREUH OD SHUSHWXDFLyQGHODVYDULHGDGHV\ODVHVSHFLHVSRUPHGLRVGHVHOHFFLyQQDWXUDOHV 8Q DxR PiV WDUGH HQ HO PHV GH QRYLHPEUH DSDUHFLy (O RULJHQ GH ODV HVSHFLHV \  HO PLVPR GtD GH VX SXEOLFDFLyQ HO  VH DJRWDURQ ORV  HMHPSODUHVGHODSULPHUDHGLFLyQ(OOLEURGHVSHUWyXQDHQRUPHFRQWURYHUVLDTXH OOHJyDVXSXQWRFXOPLQDQWHHQXQDUHXQLyQGHOD%ULWLVK$VVRFLDWLRQHQ2[IRUG GRQGH WXYR OXJDU HO FpOHEUH GXHOR YHUEDO HQWUH 7 + +X[OH\  \  HO RELVSR :LOEHUIRUFH 'DUZLQ TXH HUD LQFDSD] GH GRUPLU GHVSXpV GH KDEHU FRQWHVWDGR FRQ DVSHUH]D D XQ DQWDJRQLVWD VLJXLy HO FRQVHMR GH /\ HOO \  HYLWy HO FRQIOLFWR DKRUUiQGRVHDVt© WLHPSR\ GLVJXVWRVª  6LQ HPEDUJR HQ VX REUD VH PDQWXYR PX\  SUy[LPR D VX WHVLV $PSOLy HO PDWHULDO GHO SULPHU FDStWXOR GH (O RULJHQ GH ODV HVSHFLHV \  SXEOLFy FRQ pO 9DULDFLRQHV GH ODV SODQWDV \ ORV DQLPDOHV EDMR FRQGLFLRQHV GH GRPHVWLFDFLyQ  (Q/DDVFHQGHQFLDGHOKRPEUH\ODVHOHFFLyQFRQUHODFLyQDOVH[R   KL]RUHDOLGDGORTXH\ DGHFtDHQ(ORULJHQ © 6H DUURMDUi OX] VREUH HO RULJHQ GHO KRPEUH \  VX KLVWRULDª  (Q /D H[SUHVLyQ GH ODV HPRFLRQHV   RIUHFH XQD H[SOLFDFLyQ QDWXUDO GH IHQyPHQRV TXH SDUHFtDQ UHSUHVHQWDU GLILFXOWDGHV D OD

DFHSWDFLyQGHODHYROXFLyQ'HGLFyVXV~OWLPDVREUDVDODIRUPDHOPRYLPLHQWR\ ODIHUWLOL]DFLyQGHODVSODQWDV /D YLGD GH 'DUZLQ HQ 'RZQ VH DGDSWy D ODV QHFHVLGDGHV GH FRQVHUYDU VXV IXHU]DVSDUDFRQWLQXDUVXDFWLYLGDG'HELGRDVXPDODVDOXGVXPXMHUVHRFXSy GH © SURWHJHUOH GH WRGD PROHVWLD HYLWDEOHª  6LJXLy OD PLVPD UXWLQD GXUDQWH FDVL FXDUHQWD DxRV GLYLGLHQGR VXV GtDV PHWLFXORVDPHQWH HQWUH HMHUFLFLRV ItVLFRV \ OHFWXUDVOLJHUDVGHWDOPRGRTXHSXGLHUDDSURYHFKDUDOPi[LPRODVFXDWURKRUDV TXH GHGLFDED D WUDEDMDU 7DPELpQ RUJDQL]y FRQ H[WUDRUGLQDULD HFRQRPtD VXV OHFWXUDV \  H[SHULPHQWRV FLHQWtILFRV H LQFOXVR ODV IDVHV GH VX YLGD QR HVHQFLDOHV SDUD VX WUDEDMR © VH DWURILDURQª  VHJ~Q VXV SURSLDV SDODEUDV FLUFXQVWDQFLD TXH ODPHQWySRUFRQVLGHUDUODXQD© SpUGLGDGHIHOLFLGDGª 6XVOHFWXUDVQRFLHQWtILFDV OHVHUYtDQSDUDUHODMDUVH\ SHQVDEDTXH© KDEUtDTXHGLFWDUXQDOH\ ª FRQWUDORV ILQDOHVGHVJUDFLDGRVHQODVQRYHODV 7HQtDXQDDFWLWXGWDQFDULxRVDSDUDFRQVXPXMHU\ VXVVLHWHKLMRVTXHXQRGH HOORV )UDQFLV VH PDUDYLOODED GH TXH SXGLHUD PDQWHQHUOD FRQ © XQD IDPLOLD WDQ SRFR H[SUHVLYD FRPR OD QXHVWUDª  &XDQGR PXULy HO  GH DEULO GH  TXLVLHURQ HQWHUUDUOH HQ 'RZQ SHUR DFDEDURQ KDFLpQGROR HQ OD DEDGtD GH :HVWPLQVWHUMXQWRDVLU,VDDF1HZWRQ Ë1',&('(0$7(5,$6'(© (/25,*(1'(/$6(63(&,(6ª 81(6%2=2+,67Ï5,&2 ,1752'8&&,Ï1 &$3Ë78/2,9DULDFLyQGHOHVWDGRGRPpVWLFR &DXVDVGHODYDULDELOLGDG(IHFWRVGHODFRVWXPEUH\ GHOXVR\ GHVXVR GHODVSDUWHV9DULDFLyQFRUUHODWLYD+HUHQFLD&DUiFWHUGHODVYDULHGDGHV GRPpVWLFDV 'LILFXOWDG GH GLVWLQJXLU HQWUH YDULHGDGHV \  HVSHFLHV 2ULJHQ GH ODV YDULHGDGHV GRPpVWLFDV D SDUWLU GH XQD R PiV HVSHFLHV 3DORPDV GRPpVWLFDV VXV GLIHUHQFLDV \  RULJHQ 3ULQFLSLRV GH VHOHFFLyQ VHJXLGRV DQWLJXDPHQWH<VXVHIHFWRV6HOHFFLyQPHWyGLFD\ QRLQWHQFLRQDO2ULJHQ GHVFRQRFLGR GH QXHVWUDV SURGXFFLRQHV GRPpVWLFDV &LUFXQVWDQFLDV IDYRUDEOHVDOSRGHUGHVHOHFFLyQGHOKRPEUH &$3Ë78/2,,9DULDFLyQHQODQDWXUDOH]D 9DULDELOLGDG'LIHUHQFLDVLQGLYLGXDOHV(VSHFLHVGXGRVDV/DVHVSHFLHV FRPXQHVPiVGLIXQGLGDV\ PiVH[WHQGLGDVVRQODVTXHPiVYDUtDQ/DV HVSHFLHVGHORVJpQHURVPD\ RUHVHQFDGDSDtVYDUtDQPiVIUHFXHQWHPHQWH TXH ODV HVSHFLHV GH ORV JpQHURV PHQRUHV 0XFKDV GH ODV HVSHFLHV GH ORV JpQHURV PD\ RUHV SDUHFHQ YDULHGDGHV SRU VHU PX\  DILQHV HQWUH Vt SHUR HVWiQGHVLJXDOPHQWHUHODFLRQDGDVHQWUHHOODV\ WLHQHQUDQJRVUHVWULQJLGRV

&$3Ë78/2,,,/DOXFKDSRUODH[LVWHQFLD &RPSRUWDPLHQWRGHODVHOHFFLyQQDWXUDO(OWpUPLQRXVDGRHQVHQWLGR DPSOLR3URJUHVLyQJHRPpWULFDGHODXPHQWR$XPHQWRUiSLGRGHDQLPDOHV \  SODQWDV DFOLPDWDGRV 1DWXUDOH]D GH ORV REVWiFXORV SDUD HO DXPHQWR &RPSHWLFLyQ XQLYHUVDO (IHFWRV GHO FOLPD 3URWHFFLyQ GHO Q~PHUR GH LQGLYLGXRV 5HODFLRQHV FRPSOHMDV GH WRGRV ORV DQLPDOHV \  SODQWDV HQ OD QDWXUDOH]D /D OXFKD SRU OD YLGD HV PiV ULJXURVD HQWUH LQGLYLGXRV \ YDULHGDGHV GH OD PLVPD HVSHFLH D PHQXGR HQWUH HVSHFLHV GHO PLVPR JpQHUR/DUHODFLyQHQWUHVHUHVRUJiQLFRVHVODPiVLPSRUWDQWHGHWRGDV &$3Ë78/2,96HOHFFLyQQDWXUDORODVXSHUYLYHQFLDGHORVPiVDSWRV 6HOHFFLyQ QDWXUDO 6X SRGHU FRPSDUDGR FRQ OD VHOHFFLyQ KXPDQD 6X SRGHU VREUH ORV FDUDFWHUHV GH HVFDVD LPSRUWDQFLD 6X SRGHU HQ WRGDV ODV HGDGHV \  HQ DPERV VH[RV 6HOHFFLyQ VH[XDO 6REUH OD JHQHUDOLGDG GH ORV FUXFHVHQWUHLQGLYLGXRVGHODPLVPDHVSHFLH&LUFXQVWDQFLDVIDYRUDEOHV\ GHVIDYRUDEOHV GH ORV UHVXOWDGRV GH OD VHOHFFLyQ QDWXUDO D VDEHU FUX]DPLHQWR DLVODPLHQWR Q~PHUR GH LQGLYLGXRV $FFLyQ OHQWD ([WLQFLyQ FDXVDGDSRUODVHOHFFLyQQDWXUDO'LYHUJHQFLDGHFDUDFWHUHVUHODFLRQDGRV FRQ OD GLYHUVLGDG GH KDELWDQWHV GH FXDOTXLHU iUHD SHTXHxD \  FRQ OD QDWXUDOL]DFLyQ$FFLyQGHODVHOHFFLyQQDWXUDOPHGLDQWHODGLYHUJHQFLDGH FDUDFWHUHV \  OD H[WLQFLyQ VREUH ORV GHVFHQGLHQWHV GH XQ DQWHSDVDGR FRP~Q ([SOLFDFLyQ GH ORV JUXSRV GH ORV VHUHV RUJiQLFRV $YDQFH HQ OD RUJDQL]DFLyQ )RUPDV GH RUJDQL]DFLyQ LQIHULRUHV SUHVHUYDGDV &RQYHUJHQFLD GH FDUDFWHUHV 0XOWLSOLFDFLyQ LQGHILQLGD GH HVSHFLHV 5HVXPHQ &$3Ë78/29/H\ HVGHODYDULDFLyQ (IHFWRVGHODVFRQGLFLRQHVFDPELDQWHV8VR\ GHVXVRFRPELQDGRFRQ OD VHOHFFLyQ QDWXUDO yUJDQRV GHO YXHOR \  GH OD YLVLyQ $FOLPDWDFLyQ 9DULDFLyQFRUUHODWLYD&RPSHQVDFLyQ\ HFRQRPtDGHFUHFLPLHQWR)DOVDV FRUUHODFLRQHV/DVHVWUXFWXUDVP~OWLSOHVUXGLPHQWDULDV\ GHRUJDQL]DFLyQ LQIHULRU VRQ YDULDEOHV /DV SDUWHV GHVDUUROODGDV GH IRUPD LQXVXDO VRQ DOWDPHQWH YDULDEOHV ORV FDUDFWHUHV HVSHFtILFRV VRQ PiV YDULDEOHV TXH ORV JHQpULFRV FDUDFWHUHV VH[XDOHV VHFXQGDULRV YDULDEOHV /DV HVSHFLHV GHO PLVPR JpQHUR YDUtDQ GH IRUPD DQiORJD 5HJUHVLyQ D FDUDFWHUHV GH XQ DQWHSDVDGRUHPRWR5HVXPHQ &$3Ë78/29,'LILFXOWDGHVGHODWHRUtD 'LILFXOWDGHV GH OD WHRUtD GH OD GHVFHQGHQFLD $XVHQFLD R UDUH]D GH YDULHGDGHVGHWUDQVLFLyQ7UDQVLFLRQHVHQORVKiELWRVGHYLGD&RVWXPEUHV GLYHUVLILFDGDV HQ OD PLVPD HVSHFLH (VSHFLHV FRQ FRVWXPEUHV PX\

GLIHUHQWHV GH DTXHOODV SURSLDV GH VX HVSHFLH ÏUJDQRV GH SHUIHFFLyQ H[WUHPD 0RGRV GH WUDQVLFLyQ &DVRV GLItFLOHV 1DWXUD QRQ IDFLW VDOWXP ÏUJDQRV GH SRFD LPSRUWDQFLD ÏUJDQRV QR DEVROXWDPHQWH SHUIHFWRV HQ WRGRV ORV FDVRV /D OH\  GH OD XQLGDG GHO WLSR \  GH ODV FRQGLFLRQHV GH H[LVWHQFLDHVWiQFRPSUHQGLGDVHQODWHRUtDGHODVHOHFFLyQQDWXUDO &$3Ë78/2 9,, 2EMHFLRQHV GLYHUVDV D OD WHRUtD GH OD VHOHFFLyQ QDWXUDO /RQJHYLGDG 0RGLILFDFLRQHV QR QHFHVDULDPHQWH VLPXOWiQHDV 0RGLILFDFLRQHV DSDUHQWHPHQWH LQ~WLOHV 'HVDUUROOR SURJUHVLYR /RV FDUDFWHUHV GH SRFD LPSRUWDQFLD IXQFLRQDO VRQ ORV PiV FRQVWDQWHV 6XSXHVWD LQFRPSHWHQFLD GH OD VHOHFFLyQ QDWXUDO D OD KRUD GH H[SOLFDU ORV HVWDGRV LQFLSLHQWHV GH HVWUXFWXUDV ~WLOHV &DXVDV TXH LQWHUILHUHQ HQ OD DGTXLVLFLyQ GH HVWUXFWXUDV ~WLOHV PHGLDQWH OD VHOHFFLyQ QDWXUDO *UDGDFLRQHV GH HVWUXFWXUD FRQ IXQFLRQHV FDPELDQWHV ÏUJDQRV PX\ GLIHUHQWHV HQ PLHPEURV GH OD PLVPD FODVH GHVDUUROODGRV D SDUWLU GHO PLVPR RULJHQ 5D]RQHV SDUD QR FUHHU HQ JUDQGHV \  EUXVFDV PRGLILFDFLRQHV &$3Ë78/29,,,,QVWLQWR /RV LQVWLQWRV VRQ FRPSDUDEOHV FRQ ODV FRVWXPEUHV SHUR GH RULJHQ GLIHUHQWH *UDGDFLyQ GH ORV LQVWLQWRV ÈILGRV \  KRUPLJDV 9DULDELOLGDG GH ORV LQVWLQWRV ,QVWLQWRV GRPpVWLFRV VX RULJHQ ,QVWLQWRV QDWXUDOHV GHO FXFR GHO ER\ HUR GHO DYHVWUX] \  GH ODV DEHMDV SDUiVLWDV +RUPLJDV HVFODYDV ,QVWLQWR GH FRQVWUXFFLyQ GH FHOGLOODV GH OD DEHMD PHOtIHUD &DPELRV GH LQVWLQWR \  HVWUXFWXUD QR QHFHVDULDPHQWH VLPXOWiQHRV 'LILFXOWDGHV GH OD WHRUtDGHODVHOHFFLyQQDWXUDOHQUHODFLyQFRQORVLQVWLQWRV,QVHFWRVQHXWURV RHVWpULOHV5HVXPHQ &$3Ë78/2,;+LEULGLVPR 'LVWLQFLyQ HQWUH OD HVWHULOLGDG GH ORV SULPHURV FUX]DPLHQWRV \  GH ORV KtEULGRV 'LIHUHQWHV JUDGRV GH HVWHULOLGDG QR XQLYHUVDO LQIOXLGRV SRU HQWUHFUX]DPLHQWRV DILQHV HOLPLQDGRV SRU OD GRPHVWLFDFLyQ /H\ HV TXH GHWHUPLQDQODHVWHULOLGDGGHORVKtEULGRV/DHVWHULOLGDGQRHVXQDFXDOLGDG HVSHFLDO SHUR HV LQFLGHQWDO VREUH RWUDV GLIHUHQFLDV QR DFXPXOD DV SRU OD VHOHFFLyQQDWXUDO&DXVDVGHHVWHULOLGDGGHORVSULPHURVFUX]DPLHQWRV\ GH ORVKtEULGRV3DUDOHOLVPRHQWUHORVHIHFWRVGHODVFRQGLFLRQHVGHFDPELRGH YLGD \  GHO FUX]DPLHQWR 'LPRUILVPR \  WULPRUILVPR /D IHUWLOLGDG GH ODV YDULHGDGHV FXDQGR VH FUX]DQ \  GH VX GHVFHQGHQFLD PHVWL]D QR HV XQLYHUVDO &RPSDUDFLyQ HQWUH ORV KtEULGRV \  ORV PHVWL]RV LQGHSHQGLHQWHPHQWHGHVXIHUWLOLGDG5HVXPHQ

&$3Ë78/2;$FHUFDGHODLPSHUIHFFLyQGHOUHJLVWURJHROyJLFR 6REUHODDXVHQFLDGHYDULHGDGHVLQWHUPHGLDVHQODDFWXDOLGDG6REUHOD QDWXUDOH]D GH ODV YDULHGDGHV LQWHUPHGLDV H[WLQWDV VX Q~PHUR 6REUH HO ODSVRGHWLHPSRWUDQVFXUULGRVHJ~QVHGHGXFHGHODYHORFLGDGGHGHSyVLWR \  GH OD H[WHQVLyQ GH OD HURVLyQ 'H OD SREUH]D GH QXHVWUDV FROHFFLRQHV SDOHRQWROyJLFDV 6REUH OD LQWHUPLWHQFLD GH ODV IRUPDFLRQHV JHROyJLFD 6REUHODHURVLyQGHODViUHDVJUDQtWLFDV6REUHODDXVHQFLDGHYDULHGDGHV LQWHUPHGLDV HQ FXDOTXLHU IRUPDFLyQ 6REUH OD DSDULFLyQ V~ELWD GH JUXSRV GH HVSHFLHV 6REUH OD DSDULFLyQ V~ELWD HQ ORV HVWUDWRV IRVLOtIHURV PiV LQIHULRUHVTXHVHFRQRFHQ$QWLJHGDGGHODWLHUUDKDELWDEOH &$3Ë78/2 ;, $FHUFD GH OD VXFHVLyQ JHROyJLFD GH ORV VHUHV RUJiQLFRV 6REUH OD OHQWD \  VXFHVLYD DSDULFLyQ GH QXHYDV HVSHFLHV 6REUH VXV GLIHUHQWHVSURSRUFLRQHVGHFDPELR(VSHFLHVGHVDSDUHFLGDVQRYXHOYHQD DSDUHFHU*UXSRVGHHVSHFLHVTXHVLJXHQODVPLVPDVUHJODVJHQHUDOHVHQ VXDSDULFLyQ\ GHVDSDULFLyQFRPRORKDFHQODVHVSHFLHVVLPSOHV6REUHOD H[WLQFLyQ6REUHODVIRUPDVGHYLGDTXHFDPELDQFDVLVLPXOWiQHDPHQWHHQ WRGRHOPXQGR6REUHODVDILQLGDGHVGHODVHVSHFLHVH[WLQJXLGDVHQWUHVt\ FRQ ODV HVSHFLHV YLYLHQWHV 6REUH HO HVWDGR GH GHVDUUROOR GH ODV IRUPDV DQWLJXDV 6REUH OD VXFHVLyQ GH ORV PLVPRV WLSRV HQ ODV PLVPDV ]RQDV 5HV~PHQHVGHOFDStWXORDQWHULRU\ GHOSUHVHQWH &$3Ë78/2;,,'LVWULEXFLyQJHRJUiILFD /D GLVWULEXFLyQ DFWXDO QR SXHGH H[SOLFDUVH SRU ODV GLIHUHQFLDV HQ ODV FRQGLFLRQHV ItVLFDV ,PSRUWDQFLD GH ODV EDUUHUDV $ILQLGDG GH ODV SURGXFFLRQHV GHO PLVPR FRQWLQHQWH &HQWURV GH FUHDFLyQ 0HGLRV GH GLVSHUVLyQ GHELGRV D ORV FDPELRV GHO FOLPD \  GHO QLYHO GH OD WLHUUD \ RFDVLRQDOHV'LVSHUVLyQGXUDQWHHOSHUtRGRJODFLDO$OWHUQDQFLDGHSHUtRGRV JODFLDOHVHQHOQRUWH\ HQHOVXU &$3Ë78/2;,,,'LVWULEXFLyQJHRJUiILFDFRQWLQXDFLyQ 'LVWULEXFLyQGHODVSURGXFFLRQHVGHDJXDGXOFH6REUHORVKDELWDQWHVGH ODV LVODV RFHiQLFDV $XVHQFLD GH EDWUDFLRV \  GH PDPtIHURV WHUUHVWUHV 6REUHODUHODFLyQGHORVKDELWDQWHVGHODVLVODVFRQORVGHOFRQWLQHQWHPiV SUy[LPR 6REUH OD FRORQL]DFLyQ GH ORV FHQWURV PiV FHUFDQRV FRQ OD PRGLILFDFLyQVXEVHFXHQWH5HVXPHQGHO~OWLPR\ GHOSUHVHQWHFDStWXOR &$3Ë78/2 ;,9 $ILQLGDGHV PXWXDV GH ORV VHUHV RUJiQLFRV 0RUIRORJtDHPEULRORJtDyUJDQRVUXGLPHQWDULRV &ODVLILFDFLyQ*UXSRVVXERUGLQDGRVDJUXSRV6LVWHPDQDWXUDO5HJODV\

GLILFXOWDGHV HQ OD FODVLILFDFLyQ H[SOLFDFLyQ GH OD WHRUtD GHO GHVFHQGLHQWH FRQ PRGLILFDFLRQHV &ODVLILFDFLyQ GH ODV YDULHGDGHV /RV GHVFHQGLHQWHV VLHPSUHXWLOL]DGRVHQODFODVLILFDFLyQ&DUDFWHUHVDQDOyJLFRVRDGDSWDWLYRV $ILQLGDGHVJHQHUDOHVFRPSOHMDV\ UDGLDOHV/DH[WLQFLyQVHSDUD\ GHILQH JUXSRV 0RUIRORJtD HQWUH PLHPEURV GH OD PLVPD FODVH HQWUH SDUWHV GHO PLVPRLQGLYLGXR/H\ HVGHODHPEULRORJtDH[SOLFDFLyQSRUYDULDFLRQHVQR H[LVWHQWHV HQ XQ SHUtRGR WHPSUDQR \  KHUHGDGDV HQ XQD HGDG FRUUHVSRQGLHQWH ÏUJDQRV UXGLPHQWDULRV H[SOLFDFLyQ GH VX RULJHQ 5HVXPHQ &$3Ë78/2;95HFDSLWXODFLyQ\ FRQFOXVLRQHV 5HFDSLWXODFLyQ GH ODV REMHFLRQHV D OD WHRUtD GH OD VHOHFFLyQ QDWXUDO 5HFDSLWXODFLyQ GH ODV FLUFXQVWDQFLDV JHQHUDOHV \  HVSHFLDOHV D VX IDYRU &DXVDVGHODFUHHQFLDJHQHUDOHQODLQPXWDELOLGDGGHODVHVSHFLHV+DVWD TXpSXQWRSXHGHH[WHQGHUVHODWHRUtDGHODVHOHFFLyQQDWXUDO(IHFWRVGHVX DGRSFLyQHQHOHVWXGLRGHODKLVWRULDQDWXUDO&RQFOXVLRQHV 3UXHED(3UHJXQWDVVREUH'DUZLQ\(ORULJHQGHODVHVSHFLHV (Q(ORULJHQGHODVHVSHFLHV'DUZLQGHVFULEHHORULJHQ\ ODHYROXFLyQGHO KRPEUH¢9HUGDGHURRIDOVR" /DREUDVHGLYLGHHQ D FDStWXORV E FDStWXORV F FDStWXORV (OOLEURKDFHKLQFDSLpHQHOSDSHOGHODGRPHVWLFDFLyQHQODVHOHFFLyQQDWXUDO ¢9HUGDGHURRIDOVR" 'DUZLQDVHJXUDTXHODOXFKDSRUODH[LVWHQFLDHV D 0iVGXUD E 0HQRVGXUDHQWUHORVLQGLYLGXRVGHODPLVPDHVSHFLHTXHHQWUH LQGLYLGXRVGHHVSHFLHVGLVWLQWDV 'DUZLQQRWLHQHHQFXHQWDODVGLILFXOWDGHVGHVXWHRUtD\ ODVREMHFLRQHVTXHVH OHSODQWHDQQLLQWHQWDUHIXWDUODV¢9HUGDGHURRIDOVR" 'DUZLQQRORJUyWHUPLQDU(ORULJHQGHODVHVSHFLHV\SRUWDQWRHQHVWDREUD QRKD\ XQFDStWXORTXHUHVXPDVXWHRUtD\ VXVFRQFOXVLRQHV¢9HUGDGHURRIDOVR"

$'DUZLQOHJXVWDEDWRPDUSDUWHHQODVGLVSXWDVTXHSURYRFDEDQVXVREUDV ¢9HUGDGHURRIDOVR" (QHOFpOHEUHGHEDWHHQWUH7++X[OH\ \ HORELVSR:LOEHUIRUFHTXHWXYR OXJDUHQ2[IRUG¢TXLpQGHIHQGLyD'DUZLQ\ VXWHRUtD" 'DUZLQFDOLILFyGH© DFRQWHFLPLHQWRPiVLPSRUWDQWHHQPLYLGDª  D /DOHFWXUDGH(QVD\ RVREUHORVSULQFLSLRVGHSREODFLyQGH 0DOWKXV E (OHVWXGLRGHODPHGLFLQDGXUDQWHVXMXYHQWXG F 6XYLDMHHQHO%HDJOH 'DUZLQSHQVDEDTXH© KDEUtDTXHGLFWDUXQDOH\ ª FRQWUD D /DVQRYHODV E /DVQRYHODVSRUQRJUiILFDV F /DVQRYHODVFLHQWtILFDVFRPRSURWDJRQLVWDV G /DVQRYHODVFRQILQDOHVGHVJUDFLDGRV &RQV~OWHVHSDUDYHUODVUHVSXHVWDVDODSUXHED(>@  /DVDQWHULRUHVSUHJXQWDVHUDQPX\ VHQFLOODV$FRQWLQXDFLyQUHFRPHQGDPRV DO OHFWRU TXH GHGLTXH YHLQWH PLQXWRV D XQD OHFWXUD VXSHUILFLDO GHO tQGLFH GH PDWHULDV GH (O RULJHQ GH ODV HVSHFLHV \  GHVSXpV IRUPXODUHPRV SUHJXQWDV PiV FRPSOLFDGDV 3UXHED)0iVSUHJXQWDVVREUH(ORULJHQGHODVHVSHFLHVGH'DUZLQ $OXWLOL]DUGDWRVJHROyJLFRV'DUZLQORVFRQVLGHUD D 3OHQRV\ VDWLVIDFWRULRV E ,QFRPSOHWRVSHURXQDYDOLRVDIXHQWHGHLQIRUPDFLyQVREUHHO RULJHQGHODVHVSHFLHV &RQODSDODEUDHVSHFLH'DUZLQVHUHILHUHDXQJUXSRGHDQLPDOHVRSODQWDV D ,QIHULRU E 6XSHULRUDXQJpQHUR /RVPLHPEURVGHXQDHVSHFLHWLHQHQFDUDFWHUtVWLFDVFRPXQHV\ SXHGHQ FUX]DUVH\ UHSURGXFLUVXHVSHFLH¢9HUGDGHURRIDOVR"

/RVPLHPEURVGHXQJpQHURWLHQHQFDUDFWHUtVWLFDVFRPXQHVSHURQR QHFHVDULDPHQWHSXHGHQFUX]DUVH\ UHSURGXFLUVXHVSHFLH¢9HUGDGHURRIDOVR" 'HORVVLJXLHQWHVIDFWRUHV¢FXiOHVGHVHPSHxDQXQSDSHOLPSRUWDQWH\ FXiOHV XQSDSHOVHFXQGDULRHQODVHOHFFLyQQDWXUDO" ,03257$17(6(&81'$5,2 D /DOXFKDSRUODH[LVWHQFLD E /DYDULDFLyQGHLQGLYLGXRV F /DKHUHQFLDGHUDVJRV 'DUZLQFRPSDUDHOSRGHUGHODVHOHFFLyQQDWXUDOFRQODGHODVHOHFFLyQGHO KRPEUH¢&XiOFRQVLGHUDPD\ RU" (QHOtQGLFHGHPDWHULDVDSDUHFHODIUDVHODWLQD1DWXUDQRQIDFLWVDOWXP¢3XHGH WUDGXFLUOD"¢3XHGHH[SOLFDUVXLPSRUWDQFLDSDUDODWHRUtDGH'DUZLQ" ¢&XiOHVODLPSRUWDQFLDGHODGLVSHUVLyQJHROyJLFD\ GHODVEDUUHUDVQDWXUDOHV FRPRORVRFpDQRVHQODHYROXFLyQGHODVHVSHFLHV" (QODLQWURGXFFLyQGH(ORULJHQGHODVHVSHFLHV'DUZLQGLFHTXHWDORULJHQ FRQVWLWX\ H© HOPLVWHULRGHPLVWHULRVFRPRORKDGHQRPLQDGRXQRGHQXHVWURV JUDQGHVILOyVRIRVª ¢3XHGHH[SOLFDUHOOHFWRUHOSUREOHPDTXHWUDWDGHUHVROYHU FRQVXREUD"1RVRQQHFHVDULDVPiVGHGRVRUDFLRQHV ¢(QTXpFRQVLVWHODWHRUtDGH'DUZLQ"¢3XHGHH[SUHVDUODFRQQRPiVGH SDODEUDV" &RQV~OWHVHSDUDYHUODVUHVSXHVWDVDODSUXHED)>@  (OOHFWRUKDWHUPLQDGRHOHMHUFLFLRGHOVHJXQGRQLYHOGHOHFWXUD&RPRDQWHV KDEUiREVHUYDGRTXHODVSUHJXQWDVQRVyORVHEDVDQHQORVWH[WRVOHtGRVVLQRHQ GDWRV KLVWyULFRV \  GH RWUR WLSR 4XL]i SLHQVH TXH HVWR QR HV MXVWR \  DVt VHUtD VL FXDOTXLHU GHFLVLyQ FUtWLFD GHSHQGLHVH GH SRGHU UHVSRQGHU D WDOHV SUHJXQWD FRVD TXHQRRFXUUH(VSHUDPRVTXHQRVHLUULWHSRUQRKDEHUSRGLGRFRQWHVWDUODVVLQR TXH OH DOLHQWHQ D EXVFDU HQ ODV REUDV PHMRUHV UHVSXHVWDV TXH ODV TXH QRVRWURV RIUHFHPRV ,,,(MHUFLFLRV\ SUXHEDVSDUDHOWHFHUQLYHOGHOHFWXUDOHFWXUDDQDOtWLFD (OWH[WRHPSOHDGRDFRQWLQXDFLyQHVHVWHPLVPROLEUR1RTXLVLpUDPRVTXHDVt

RFXUULHVH SRUTXH KD\  RWURV OLEURV PiV SURYHFKRVRV SDUD SUDFWLFDU OD OHFWXUD DQDOtWLFD SHUR VREUH ODV SUHIHUHQFLDV KDQ YHQFLGR RWUDV FRQVLGHUDFLRQHV TXH OD SUHVHQWHREUDHVOD~QLFDFRQODTXHSRGHPRVWHQHUODFHUWH]DGHTXHODKDQOHtGR WRGDVODVSHUVRQDVTXHVHVRPHWDQDODSUXHED/D~QLFDDOWHUQDWLYDFRQVLVWLUtDHQ UHSURGXFLURWUROLEURMXQWRDpVWHDOJRTXHHYLGHQWHPHQWHQRKHPRVKHFKR 6HUHFRUGDUiTXHHQODOHFWXUDDQDOtWLFDVLHPSUHGHEHPRVLQWHQWDUUHVSRQGHU D FXDWUR SUHJXQWDV   ¢GH TXp WUDWD HO OLEUR FRPR XQ WRGR"   ¢TXp VH GLFH HQ GHWDOOH\ FRPRVHGLFH" ¢HVHOOLEURYHUGDGHQVXWRWDOLGDGRHQSDUWH" ¢TXp LPSRUWDQFLDWLHQH"/DVTXLQFHUHJODVGHODOHFWXUDWDOFRPRDSDUHFHQHQODVSiJV  \  HQ OD VHJXQGD SDUWH HVWiQ GHVWLQDGDV D D\ XGDU DO OHFWRU D FRQWHVWDU HVWDVSUHJXQWDV¢3XHGHFRQWHVWDUODVUHIHUHQWHVDOSUHVHQWHOLEUR" (OSURSLROHFWRUGHEHMX]JDUVLHVFDSD]RQRGHHOOR\ QRKD\ UHVSXHVWDVDO ILQDOGHODSpQGLFHSRUTXH\ DHVWiQLQFOXLGDVHQHOOLEUR 1R VyOR HV FLHUWR TXH KHPRV KHFKR FXDQWR HVWDED HQ QXHVWUD PDQR SDUD DFODUDU OR PiV SRVLEOH ODV FRVDV DGHPiV QR VHUtD DGHFXDGR LQWHQWDU D\ XGDU DO OHFWRU PiV D~Q 1R VyOR VH WUDWD GH XQD WDUHD GH OHFWXUD DQDOtWLFD VLQR GH XQD WDUHDVROLWDULDHOOHFWRUVHHQFXHQWUDDVRODVFRQHOOLEUR1RSXHGHUHFXUULUDRWUD FRVDTXHVXSURSLRSHQVDPLHQWRQRSXHGHEXVFDULGHDV\ FRPSUHQVLyQPiVTXH HQVXSURSLDPHQWH
LQWHUSUHWDFLyQ (O OHFWRU GHEH DSOLFDU ODV WUHV SULPHUDV UHJODV GH HVWD HWDSD VLQ QXHVWUDD\ XGDODVUHJODVTXHUHTXLHUHQOOHJDUDXQDFXHUGRFRQHODXWRUKDOODU ODV SURSRVLFLRQHV FODYH \  FRQVWUXLU ORV DUJXPHQWRV 1R WHQGUtD VHQWLGR TXH WUDWiVHPRV GH FRQIHFFLRQDU XQD OLVWD GH OR TXH D QXHVWUR MXLFLR FRQVWLWX\ HQ ORV WpUPLQRV GH OD SUHVHQWH REUD GH ODV SDODEUDV LPSRUWDQWHV TXH GHEHPRV FRPSUHQGHU HO OHFWRU \  ORV DXWRUHV VL TXHUHPRV TXH HO OLEUR FRPR XQ WRGR FRPXQLTXH FRQRFLPLHQWRV R LPSDUWD GHVWUH]DV 7DPSRFR YDPRV D UHSHWLU ODV SURSRVLFLRQHV TXH \ D KHPRV HQXQFLDGR \  TXH HO OHFWRU VL KD UHDOL]DGR XQD OHFWXUD DQDOtWLFD VHUi FDSD] GH H[SUHVDU FRQ VXV SURSLDV SDODEUDV QL WDPSRFR YDPRVDUHSHWLUORVDUJXPHQWRVSRUTXHHVRHTXLYDOGUtDDUHHVFULELUHOOLEUR 1R REVWDQWH SRGHPRV GHFLU DOJR DFHUFD GH ORV SUREOHPDV TXH KHPRV \  QR KHPRVUHVXHOWR&UHHPRVKDEHUUHVXHOWRHOTXHVHSODQWHDEDDOSULQFLSLR\ TXHHO OHFWRUGHEHGHKDEHULGHQWLILFDGRDODSOLFDUODFXDUWDUHJODGHODQiOLVLVHVWUXFWXUDO 1RFUHHPRVKDEHUUHVXHOWRWRGRVORVSUREOHPDVGHOHFWXUDDORVTXHVHHQIUHQWDQ ORV HVWXGLDQWHV \  ORV OHFWRUHV DGXOWRV SRUTXH SDUD HPSH]DU PXFKRV GH HOORV VXSRQHQGLIHUHQFLDVLQGLYLGXDOHVHQWUHORVVHUHVKXPDQRV\ QLQJ~QOLEURVREUHXQ WHPDJHQHUDOSXHGHSUHWHQGHUDOODQDUWDOHVGLILFXOWDGHV &RPR VH UHFRUGDUi OD FUtWLFD GH XQ OLEUR FRPR FRPXQLFDFLyQ GH FRQRFLPLHQWR UHTXLHUH OD DSOLFDFLyQ GH VLHWH UHJODV WUHV GH ODV FXDOHV VRQ Pi[LPDV JHQHUDOHV GH HWLTXHWD LQWHOHFWXDO \  FXDWUR FULWHULRV HVSHFtILFRV SDUD FLHUWRV SXQWRV GH FUtWLFD +HPRV KHFKR FXDQWR KHPRV SRGLGR SDUD UHFRPHQGDU ODVPi[LPDVGHHWLTXHWDLQWHOHFWXDOFDStWXOR \ UHVSHFWRDORVWUHVSULPHURV SXQWRV GH FUtWLFD QR SRGHPRV GHFLU QDGD SHUR XQDV SDODEUDV VREUH ORV ~OWLPRV FULWHULRV ²GHPRVWUDU VL HO DQiOLVLV HV LQFRPSOHWR² QRV SDUHFHQ DGHFXDGDV HQ HVWHPRPHQWR 'LUtDPRV TXH HO DQiOLVLV HV LQFRPSOHWR HQ GRV VHQWLGRV (O SULPHUR HQ UHODFLyQFRQHOSULPHUQLYHOGHOHFWXUD+DEUtDPXFKRTXHDxDGLUVREUHODOHFWXUD SULPDULD \  QR SRGHPRV GHFLU TXH QXHVWUD H[SRVLFLyQ GHO WHPD WHQJD FDUiFWHU GHILQLWLYR(VWDHWDSDGHODOHFWXUDSRGUtDH[SRQHUVHGHIRUPDVPX\ GLVWLQWDV (ORWURVHQWLGRHQHOTXHQXHVWURDQiOLVLVHVLQFRPSOHWRUHYLVWHPXFKDPD\ RU LPSRUWDQFLD1RKHPRVGLFKRWRGRORTXHSRGUtDPRVKDEHUGLFKRVREUHODOHFWXUD SDUDOHOD\ HOORSRUGRVUD]RQHV (Q SULPHU OXJDU UHVXOWD VXPDPHQWH GLItFLO GHVFULELU \  H[SOLFDU HVWH WLSR GH OHFWXUDVLQWHQHUDQWHVtORVWH[WRVGHGLYHUVRVDXWRUHV3RUVXHUWHHQHOVLJXLHQWH DSpQGLFH WHQGUHPRV OD RSRUWXQLGDG GH RIUHFHU XQ HMHUFLFLR GH OHFWXUD SDUDOHOD SHUR LQFOXVR HQ pO KDEUHPRV GH OLPLWDUQRV D GRV WH[WRV FRUWRV GH GRV DXWRUHV GLVWLQWRV8QHMHUFLFLRDJUDQHVFDODUHTXHULUtDPXFKRVWH[WRVGHPXFKRVDXWRUHV \ HOH[DPHQGHSUHJXQWDVPX\ FRPSOHMDVDOJRTXHQRQRVSHUPLWHHOHVSDFLRGH TXHGLVSRQHPRV (Q VHJXQGR OXJDU UHVXOWD FDVL LPSRVLEOH GHVFULELU OD H[FLWDFLyQ \  OD VDWLVIDFFLyQLQWHOHFWXDOHVGHULYDGDVGHODOHFWXUDSDUDOHODVLQFRPSDUWLUUHDOPHQWH

OD H[SHULHQFLD GH KDFHUOR \  QR VH OOHJD D VX FRPSUHQVLyQ HQ XQ VROR GtD (Q PXFKDVRFDVLRQHVVHWDUGDQPHVHVHLQFOXVRDxRVHQGHVHQUHGDUODPDGHMDGHOD H[SRVLFLyQGHXQSXQWRLPSRUWDQWHXQDPDGHMDTXHTXL]iOOHYHHQUHGiQGRVHFDGD YH] PiV HQ XQ SURFHVR GH VLJORV HQWHURV 6H GDQ PXFKRV SDVRV HQ IDOVR VH SURSRQHQ P~OWLSOHV DQiOLVLV \  RUJDQL]DFLRQHV GH OD GLVFXVLyQ KDVWD TXH VH SXHGH DUURMDU OX] VREUH HO WHPD 1RVRWURV KHPRV SDGHFLGR PXFKRV SUREOHPDV GH HVWH WLSR \  VDEHPRV FXiQ GHVFRUD]RQDGRU SXHGH UHVXOWDU 3RU FRQVLJXLHQWH WDPELpQ VDEHPRVFXiQPDUDYLOORVRSXHGHSDUHFHUFXDQGRDOILQVHKDOODXQDVROXFLyQ ¢+D\ RWURVDVSHFWRVHQORVTXHQXHVWURDQiOLVLVSXHGDVHULQFRPSOHWR"6HQRV RFXUUHQYDULDVSRVLELOLGDGHV3RUHMHPSOR¢QRORJUDQXHVWUDREUDHVWDEOHFHUXQD GLIHUHQFLD VXILFLHQWHPHQWH FODUD HQWUH OR TXH SRGUtD GHQRPLQDUVH OHFWXUD GH SULPHUDLQWHQFLyQHVGHFLUOHHUXQWH[WR \ OHFWXUDGHVHJXQGDLQWHQFLyQOHHUXQ FRPHQWDULR VREUH XQ WH[WR " ¢'HFLPRV OR VXILFLHQWH VREUH OD OHFWXUD GH REUDV KHUpWLFDV HQ FRQWUDSRVLFLyQ D OD GH ORV WH[WRV FDQyQLFRV R VREUH ORV WH[WRV TXH RFXSDQ XQ OXJDU LQGHSHQGLHQWH SRU HQFLPD GH ORV GHQRPLQDGRV FDQyQLFRV \ KHUpWLFRV" ¢3UHVWDPRV VXILFLHQWH DWHQFLyQ D ORV SUREOHPDV TXH SODQWHDQ ORV YRFDEXODULRV HVSHFLDOHV VREUH WRGR HQ ODV FLHQFLDV \  ODV PDWHPiWLFDV" (VWH DVSHFWR GHO SUREOHPD JHQHUDO GH OD OHFWXUD VH WRFD HQ HO FDStWXOR VREUH ODV FLHQFLDVVRFLDOHV 4XL]iQRKD\ DPRVGHGLFDGRVXILFLHQWHHVSDFLRDODOHFWXUDGH OD SRHVtD OtULFD SHUR DSDUWH GH HVR QR HVWDPRV VHJXURV GH TXH KD\ D QDGD PiV TXHPHUH]FDVHUFULWLFDGRDWDOUHVSHFWRSHURQRQRVVRUSUHQGHUtDTXHHOOHFWRU GHVFXEULHVHGHIHFWRVTXHDQRVRWURVQRVKDQSDVDGRLQDGYHUWLGRV ,9(MHUFLFLRV\ SUXHEDVSDUDHOFXDUWRQLYHOGHOHFWXUDOHFWXUDSDUDOHOD (Q OD FXDUWD \  ~OWLPD SDUWH GHO DSpQGLFH HPSOHDPRV GRV WH[WRV SDUD ORV HMHUFLFLRV8QRGHHOORVFRQVLVWHHQXQDVHULHGHSDVDMHVVHOHFFLRQDGRVGHORVGRV SULPHURVFDStWXORVGHOOLEUR,GH3ROtWLFDGH$ULVWyWHOHV(ORWURHVWiLQWHJUDGRSRU SDVDMHVVHOHFFLRQDGRVGHOOLEUR,GH(OFRQWUDWRVRFLDOGH5RXVVHDXXQDIUDVHGH ODLQWURGXFFLyQ\ XQRVIUDJPHQWRVGHORVFDStWXORV,,,,9\ 9, 3ROtWLFDGH$ULVWyWHOHVDSDUHFHHQHOWRPRGH*UHDW%RRNVRIWKH:HVWHUQ :RUOG/RVWRPRV\ HVWiQGHGLFDGRVDODVREUDVFRPSOHWDVGHOILOyVRIRJULHJR DGHPiVGHODFLWDGDREUDHOWRPRUHFRJHeWLFD5HWyULFD\ 3RpWLFD DVt FRPR XQDVHULHGHWUDWDGRVVREUHELRORJtD(OFRQWUDWRVRFLDOGH5RXVVHDXDSDUHFHHQ HOWRPRGHODREUDTXHWDPELpQLQFOX\ HRWURVWtWXORVGHOPLVPRDXWRUFRPRHO HQVD\ R 'LVFXUVR VREUH HO RULJHQ \ ORV IXQGDPHQWRV GH OD GHVLJXDOGDG HQWUH ORV KRPEUHV \  'LVFXUVR VREUH OD HFRQRPtD SROtWLFD MXQWR D RWUD LPSRUWDQWH REUD SROtWLFDGHOVLJOR;9,,,IUDQFpV(OHVStULWXGHODVOH\HVGH0RQWHVTXLHX (OOHFWRUUHFRUGDUiTXHHQODOHFWXUDSDUDOHODKD\ GRVHWDSDV8QDHVHOSDVR

SUHSDUDWRULR OD RWUD OD OHFWXUD SDUDOHOD SURSLDPHQWH GLFKD 3DUD ORV REMHWLYRV TXHSHUVLJXHHVWHHMHUFLFLRYDPRVDVXSRQHUTXH\ DVHKDGDGRHOSULPHUSDVR HV GHFLU TXH \ D KHPRV WRPDGR XQD GHFLVLyQ VREUH HO WHPD TXH GHVHDPRV FRQVLGHUDU\ WDPELpQVREUHORVWH[WRVTXHTXHUHPRVOHHU(QHVWHFDVRHOWHPD SRGUtD GHILQLUVH FRPR © HO FDUiFWHU \  HO RULJHQ GHO (VWDGRª  WHPD PX\ LPSRUWDQWHVREUHHOTXHVHKDSHQVDGR\ GLFKRPXFKR +HPRV GH VXSRQHU DGHPiV SDUD TXH HVWH HMHUFLFLR QR VXSHUH ORV OtPLWHV LPSXHVWRV SRU HO HVSDFLR GH TXH GLVSRQHPRV TXH KHPRV UHGXFLGR HO SODQWHDPLHQWR FRQ OD D\ XGD GH ORV GRV WH[WRV D XQD VROD SUHJXQWD TXH SXHGH IRUPXODUVH FRPR VLJXH ¢HV HO (VWDGR XQD VLWXDFLyQ QDWXUDO FRQ WRGR OR TXH FRQOOHYD GH ERQGDG \  QHFHVLGDG R VH WUDWD GH XQD VLWXDFLyQ FRQYHQFLRQDO R DUWLILFLDO" eVWD HV OD SUHJXQWD TXH SODQWHDPRV $ FRQWLQXDFLyQ UHFRPHQGDPRV XQD OHFWXUDFXLGDGRVDGHORVGRVWH[WRVWRPiQGRVHHOWLHPSRTXHVHQHFHVLWHRTXHVH GHVHH (Q OD OHFWXUD SDUDOHOD HO WLHPSR FDUHFH GH LPSRUWDQFLD (O OHFWRU SXHGH WRPDU QRWDV R VXEUD\ DU SiUUDIRV \  YROYHU DO WH[WR FXDQWDV YHFHV TXLHUD SDUD UHIOH[LRQDUVREUHODVSUHJXQWDV '(//,%52,'(© 32/Ë7,&$ª '($5,67Ï7(/(6 '(/&$3Ë78/2, &DGD(VWDGRHVXQWLSRGHFRPXQLGDG\ WRGDFRPXQLGDGVHHVWDEOHFH DFDXVDGHDOJ~QELHQ\ DTXHORVKRPEUHVVLHPSUHDFW~DQSDUDREWHQHUOR TXHSLHQVDQTXHHVXQELHQ3HURVLWRGDVODVFRPXQLGDGHVWLHQGHQDDOJ~Q ELHQ HO (VWDGR R FRPXQLGDG SROtWLFD TXH HV OD PiV HOHYDGD GH WRGDV \ TXH LQFOX\ H D WRGDV ODV GHPiV WLHQGH DO ELHQ HQ XQ JUDGR VXSHULRU D FXDOTXLHURWUR\ HQHOPiVHOHYDGRGHORVELHQHV« '(/&$3Ë78/2,, /D IDPLOLD HV OD DVRFLDFLyQ HVWDEOHFLGD SRU OD QDWXUDOH]D SDUD FXEULU ODV QHFHVLGDGHV FRWLGLDQDV GH ORV KRPEUHV \  ORV PLHPEURV TXH OD FRPSRQHQ VRQ ORV OODPDGRV SRU &DURQGDV © FRPSDxHURV GH OD PLVPD DUWHVDª  \  SRU (SLPpQLGHV GH &UHWD © FRPSDxHURV GHO PLVPR FRPHGHURª 3HURFXDQGRYDULDVIDPLOLDVVHXQHQ\ ODDVRFLDFLyQWLHQGHD DOJR PiV TXH DO DEDVWHFLPLHQWR GH ODV QHFHVLGDGHV GLDULDV OD SULPHUD VRFLHGDG TXH VH IRUPD HV OD DOGHD < OD IRUPD PiV QDWXUDO GH OD DOGHD SDUHFH VHU OD GH XQD FRORQLD GH OD IDPLOLD FRPSXHVWD SRU ORV KLMRV \ QLHWRVTXHDOJXQRVOODPDQ© KHUPDQRVGHOHFKHª <pVWDHVODUD]yQSRU OD TXH ORV (VWDGRV JULHJRV HVWXYLHURQ JREHUQDGRV DO SULQFLSLR SRU UH\ HV SRUTXHORVJULHJRVHVWXYLHURQEDMRHOJRELHUQRGHORVUH\ HVDQWHVGHTXH OOHJDUDQDXQLUVHFRPRWRGDYtDHVWiQORVEiUEDURV«

&XDQGR YDULDV DOGHDV OR EDVWDQWH H[WHQVDV FRPR SDUD TXH HVWpQ SUy[LPDV R TXH VHDQ DXWRVXILFLHQWHV VH XQHQ HQ XQD ~QLFD FRPXQLGDG FRPSOHWD QDFH HO (VWDGR VXUJLGR GH ODV QHFHVLGDGHV HOHPHQWDOHV GH OD YLGD\ FRQWLQ~DVXH[LVWHQFLDHQLQWHUpVGHXQDYLGDEXHQD<SRUWDQWRVL ODV SULPHUDV VRFLHGDGHV OR VRQ SRU QDWXUDOH]D GH OD PLVPD IRUPD HV HO (VWDGR\ DTXHHVHOILQGHHOODV\ ODQDWXUDOH]DGHXQDFRVDHVVXILQ(Q HIHFWR OR TXH FDGD FRVD HV XQD YH] GHVDUUROODGD GHFLPRV TXH HV VX QDWXUDOH]D WDQWR VL VH WUDWD GH XQ KRPEUH XQ FDEDOOR R XQD IDPLOLD $GHPiV OD FDXVD ILQDO \  HO ILQ GH XQD FRVD HV OR PHMRU \  OD DXWRVXILFLHQFLDHVHOILQ\ ORPHMRU 3RUWDQWRHVHYLGHQWHTXHHO(VWDGRHVXQDFUHDFLyQQDWXUDO\ TXHHO KRPEUHHVSRUQDWXUDOH]DXQDQLPDOSROtWLFR« (QWRQFHVHVHYLGHQWHTXHHOKRPEUHHVXQDQLPDOSROtWLFRPiVTXHODV DEHMDV R FXDOTXLHU RWUR DQLPDO JUHJDULR /D QDWXUDOH]D FRPR KHPRV GLFKR PXFKDV YHFHV QR KDFH QDGD HQ YDQR \  HO KRPEUH HV HO ~QLFR DQLPDO D TXLHQ KD GRWDGR GHO GRQ GH OD SDODEUD < SXHVWR TXH OD YR] HV WDQWR XQ VLJQR GHO SODFHU FRPR GHO GRORU \  SRU HOOR OD WLHQHQ RWURV DQLPDOHV SXHV SRU VX QDWXUDOH]D FRQVLJXHQ VHU VHQVLEOHV DO SODFHU \  DO GRORUFRQXQDUHODFLyQUHFtSURFDHQWUHDPERVSHURTXHQRYDPiVDOOi  HO GRQ GH OD SDODEUD HVWi GHVWLQDGR D H[SUHVDU OR FRQYHQLHQWH \  OR LQFRQYHQLHQWH H LJXDOPHQWH OR MXVWR \  OR LQMXVWR < HVWR HV XQD FDUDFWHUtVWLFDGHOKRPEUH\ DTXHVyORpOSRVHHHOVHQWLGRGHOREXHQR\ OR PDORGHORMXVWR\ ORLQMXVWR\ GHYDORUHVVHPHMDQWHV\ ODDVRFLDFLyQGH ORVVHUHVYLYRVTXHWLHQHQHVWDDSWLWXGFRQVWLWX\ HODIDPLOLD\ HO(VWDGR (O(VWDGRHVSRUQDWXUDOH]DDQWHULRUDODIDPLOLD\ DOLQGLYLGXR\ DTXH HOWRGRHVQHFHVDULDPHQWHDQWHULRUDODSDUWH3RUHMHPSORVLVHGHVWUX\ H WRGRHOFXHUSRQRKDEUiSLHQLPDQRDQRVHUHQVHQWLGRHTXtYRFRFRPR SRGHPRVKDEODUGHXQDPDQRGHSLHGUDSXHVFXDQGRVHODGHVWUX\ HVHUi XQDPDQRPXHUWD3HURODVFRVDVVHGHILQHQSRUVXDFFLyQ\ VXSRWHQFLD \ QRGHEHPRVGHFLUTXHVRQODVPLVPDVFXDQGR\ DQRWLHQHQVXVSURSLDV FXDOLGDGHV VLQR VyOR TXH WLHQHQ HO PLVPR QRPEUH /D SUXHED GH TXH HO (VWDGRHVXQDFUHDFLyQGHODQDWXUDOH]D\ DQWHULRUDOLQGLYLGXRHVTXHHO LQGLYLGXR FXDQGR HVWi DLVODGR QR HV DXWRVXILFLHQWH \  SRU HVWD UD]yQ HV FRPRXQDSDUWHHQUHODFLyQFRQHOWRGR3HURTXLHQHVLQFDSD]GHYLYLUHQ VRFLHGDGRQRQHFHVLWDQDGDSRUTXHHVVXILFLHQWHSRUVtPLVPRQRHVSDUWH GHO (VWDGR VLQR XQD EHVWLD R XQ GLRV /D QDWXUDOH]D HV OD TXH LPSXOVD D WRGRVORVKRPEUHVDSRVHHUXQLQVWLQWRVRFLDO\ HOSULPHURTXHHVWDEOHFLy HO (VWDGR IXH HO PiV JUDQGH GH ORV EHQHIDFWRUHV 3RUTXH HO KRPEUH FXDQGR HV SHUIHFWR HV HO PHMRU GH ORV DQLPDOHV SHUR FXDQGR HVWi VHSDUDGRGHODOH\ \ ODMXVWLFLDHVHOSHRUGHWRGRVHOORV

'(//,%52,'(© (/&2175$7262&,$/ª '(52866($8 4XLVLHUD SUHJXQWDU VL HQ HO RUGHQ FLYLO SXHGH H[LVWLU XQD QRUPD GH DGPLQLVWUDFLyQVHJXUD\ OHJtWLPDWRPDQGRDORVKRPEUHVWDOFRPRVRQ\ DODVOH\ HVWDOFRPRSRGUtDQVHU« '(/&$3Ë78/2,7(0$'(/35,0(5/,%52 (O KRPEUH QDFH OLEUH \  HQ WRGDV SDUWHV HVWi HQFDGHQDGR 8QR VH FRQVLGHUD DPR GH RWURV \ VLQ HPEDUJR VLJXH VLHQGR PiV HVFODYR TXH HOORV¢&yPRVHSURGXFHHVWHFDPELR"1RORVp¢4XpSXHGHOHJLWLPDUOR"$ HVDSUHJXQWDFUHRTXHSXHGRUHVSRQGHU« '(/&$3Ë78/2,,/$635,0(5$662&,('$'(6 /D PiV DQWLJXD GH WRGDV ODV VRFLHGDGHV \  OD ~QLFD QDWXUDO HV OD IDPLOLD \  DXQ DVt ORV KLMRV FRQWLQ~DQ DSHJDGRV DO SDGUH PLHQWUDV OR QHFHVLWDQSDUDVREUHYLYLU(QFXDQWRWDOQHFHVLGDGWRFDDVXILQVHGHVKDFH HOYtQFXORQDWXUDO/RVKLMRVOLEHUDGRVGHODREHGLHQFLDGHELGDDOSDGUH\ pVWH OLEHUDGR GHO FXLGDGR GH ORV KLMRV UHFREUDQ OD LQGHSHQGHQFLD 6L VLJXHQXQLGRVQRVHUiGHIRUPDQDWXUDOVLQRSRUVXSURSLDYROXQWDG\ OD IDPLOLD VH PDQWLHQH D SDUWLU GH HQWRQFHV ~QLFDPHQWH JUDFLDV D OD FRQYHQFLyQ« 3RUWDQWRSRGHPRVGHFLUTXHODIDPLOLDFRQVWLWX\ HHOSULPHUPRGHOR GHVRFLHGDGSROtWLFDHOJREHUQDQWHFRLQFLGHFRQHOSDGUH\ HOSXHEORFRQ ORVKLMRV\ WRGRVHOORVDOKDEHUQDFLGROLEUHVHLJXDOHVDOLHQDQVXOLEHUWDG ~QLFDPHQWHHQEHQHILFLRSURSLR« '(/&$3Ë78/2,9/$(6&/$9,78' &RPRQLQJ~QKRPEUHSRVHHDXWRULGDGQDWXUDOVREUHVXVVHPHMDQWHV\ ODIXHU]DQRFUHDQLQJ~QGHUHFKRKHPRVGHOOHJDUDODFRQFOXVLyQGHTXH ODVFRQYHQFLRQHVFRQVWLWX\ HQODEDVHGHWRGDOHJtWLPDDXWRULGDGHQWUHORV KRPEUHV« '(/&$3Ë78/29,(/&2175$7262&,$/ 'R\ SRUVXSXHVWRTXHORVKRPEUHVKDQOOHJDGRDOSXQWRHQHOTXHORV REVWiFXORV TXH VH LQWHUSRQHQ D OD FRQVHUYDFLyQ GH VX HVWDGR HQ OD QDWXUDOH]D PXHVWUDQ SRVHHU XQD FDSDFLGDG GH UHVLVWHQFLD PD\ RU TXH ORV UHFXUVRV DO DOFDQFH GH FDGD LQGLYLGXR SDUD VX PDQWHQLPLHQWR HQ WDO HVWDGR3RUWDQWRHVDVLWXDFLyQWDQSULPLWLYDQRSXHGHFRQWLQXDU\ ODUD]D KXPDQDSHUHFHUiDPHQRVTXHFDPELHVXIRUPDGHYLGD 3HURFRPRORVKRPEUHVQRSXHGHQHQJHQGUDUQXHYDVIXHU]DVVLQRVyOR XQLU\ GLULJLUODV\ DH[LVWHQWHVQRSRVHHQRWURVPHGLRVGHDXWRPDQWHQHUVH TXH OD IRUPDFLyQ SRU DJUHJDFLyQ GH XQD VXPD GH IXHU]DV

VXILFLHQWHPHQWH JUDQGH FRPR SDUD VXSHUDU OD UHVLVWHQFLD IXHU]DV TXH KDUiQHQWUDUHQMXHJRSRUPHGLRGHXQVRORPRWLYRLPSXOVRU (VWDVXPDGHIXHU]DV~QLFDPHQWHSXHGHSURGXFLUVHFXDQGRVHUH~QHQ YDULDV SHUVRQDV SHUR FRPR OD IXHU]D \  OD OLEHUWDG GH FDGD SHUVRQD FRQVWLWX\ HQ ORV SULQFLSDOHV LQVWUXPHQWRV GH VX DXWRFRQVHUYDFLyQ ¢FyPR SXHGH GHIHQGHUORV VLQ SHUMXGLFDU VXV SURSLRV LQWHUHVHV \  DEDQGRQDU HO FXLGDGR GH Vt PLVPR" (VWD GLILFXOWDG SRGUtD H[SUHVDUVH HQ ORV VLJXLHQWHV WpUPLQRV (OSUREOHPDHVWULEDHQKDOODUXQDIRUPDGHDVRFLDFLyQTXHGHILHQGD\ SURWHMD FRQ WRGD OD IXHU]D FRP~Q D OD SHUVRQD \ ORV ELHQHV GH FDGD DVRFLDGR \ HQ OD TXH FDGD XQR PLHQWUDV VH XQH FRQ WRGRV ORV GHPiV SXHGDVHJXLUREHGHFLpQGRVH~QLFDPHQWHDVtPLVPR\FRQWLQXDUWDQOLEUH FRPR DQWHV (Q HVWR UDGLFD HO SUREOHPD IXQGDPHQWDO SDUD HO TXH (O FRQWUDWRVRFLDOSURSRUFLRQDODVROXFLyQ« 6L GHVSXpV GHVFDUWDPRV GHO FRQWUDWR VRFLDO OR TXH QR OH HV HVHQFLDO HQFRQWUDUHPRVTXHVHUHGXFHDORVVLJXLHQWHVWpUPLQRV &DGD XQR GH QRVRWURV SRQH VX SHUVRQD \ WRGDV VXV IXHU]DV EDMR OD GLUHFFLyQ VXSUHPD GH OD YROXQWDG JHQHUDO \ HQ QXHVWUD FDSDFLGDG FRUSRUDWLYDUHFLELPRVDFDGDPLHPEURFRPRSDUWHLQGLYLVLEOHGHOWRGR ,QPHGLDWDPHQWHHQOXJDUGHODLQGLYLGXDOLGDGSHUVRQDOGHFDGDSDUWH FRQWUDWDQWH HVWH DFWR GH DVRFLDFLyQ FUHD XQ FXHUSR PRUDO \  FROHFWLYR FRPSXHVWRGHWDQWRVPLHPEURVFRPRH[LVWDQHQODDVDPEOHD\ HVWHDFWR OH SURSRUFLRQD XQLGDG VX LGHQWLGDG FRP~Q VX YLGD \  YROXQWDG (VWD SHUVRQDS~EOLFDDVtIRUPDGDSRUODXQLyQGHWRGDVODVGHPiVSHUVRQDVDO SULQFLSLRVHGHQRPLQDEDFLXGDGSROLV \ DKRUDKDDGRSWDGRHOQRPEUHGH UHS~EOLFD R FXHUSR SROtWLFR VXV PLHPEURV OD OODPDQ (VWDGR HQ VHQWLGR SDVLYR VREHUDQtD FXDQGR HV DFWLYD \  SRGHU FXDQGR VH OD FRPSDUD FRQ RWUDV FRPR HOOD PLVPD /RV TXH HVWiQ DVRFLDGRV HQ VX VHQR DGRSWDQ HO QRPEUHFROHFWLYRGHSXHEOR\ DOJXQRVVHGHQRPLQDQFLXGDGDQRV SRUTXH FRPSDUWHQ HO SRGHU VREHUDQR \  RWURV V~EGLWRV DO HVWDU VRPHWLGRV D ODV OH\ HVGHO(VWDGR3HURHVWRVWpUPLQRVVHFRQIXQGHQFRQIUHFXHQFLDEDVWD VDEHUGLVWLQJXLUORVFXDQGRVHORVHPSOHDFRQSUHFLVLyQ $ FRQWLQXDFLyQ URJDPRV DO OHFWRU TXH UHIOH[LRQH VREUH GRV VHULHV GH SUHJXQWDV DFHUFD GH HVWRV GRV WH[WRV WUDV OR FXDO VXJHULUHPRV DOJXQDV FRQFOXVLRQHVTXHDQXHVWURMXLFLRSXHGHQGHULYDUGHORVWH[WRV 3UXHED*3ULPHUDVHULHGHSUHJXQWDVVREUH$ULVWyWHOHV\5RXVVHDX $ULVWyWHOHVUHFRQRFHWUHVFODVHVGLVWLQWDVGHDVRFLDFLyQKXPDQD¢&XiOHVVRQ"

(VWDVWUHVFODVHVGHDVRFLDFLyQWLHQHQFLHUWDVFRVDVHQFRP~Q\ WDPELpQ GLILHUHQHQDVSHFWRVLPSRUWDQWHV¢4XpWLHQHQHQFRP~Q\ HQTXpVHGLVWLQJXHQ" /DVWUHVFODVHVGHDVRFLDFLyQGLILHUHQHQFXDQWRDVXFDSDFLGDGGHLQFOXVLyQ ¢3XHGHRUGHQDUODVVHJ~QXQDHVFDODGHPHQRUDPD\ RU" /DVWUHVFODVHVGHDVRFLDFLyQWLHQHQFRPRREMHWLYRVDWLVIDFHUXQDQHFHVLGDG QDWXUDOHVGHFLUREWHQHUDOJ~QELHQ(OELHQTXHORJUDODIDPLOLD²ODVHJXULGDG GHVXVPLHPEURV\ ODSHUSHWXDFLyQGHODHVSHFLH²WDPELpQVHREWLHQHFRQOD DOGHDSHURHQJUDGRPiVHOHYDGR(OELHQTXHREWLHQHRWUDWDGHREWHQHUHO (VWDGR¢HVHOPLVPRSHURHQPHGLGDVXSHULRURHVWRWDOPHQWHGLVWLQWR" 2WUDIRUPDGHFRPSUHQGHUHVWDGLIHUHQFLDUHTXLHUHXQDSUHJXQWDPiV3DUD $ULVWyWHOHVODVWUHVFODVHVGHDVRFLDFLyQVRQQDWXUDOHVSHUR¢VRQQDWXUDOHVGHOD PLVPDPDQHUD" $QWHVGHFHQWUDUQRVHQFLHUWDVSUHJXQWDVVREUH5RXVVHDXHQHVWDSULPHUDVHULH KHPRVGHPHQFLRQDUXQFRPHQWDULRGH$ULVWyWHOHVTXHSUHVHQWDXQDGLILFXOWDG(O ILOyVRIRJULHJRDODEDDOSULPHUKRPEUHTXHIXQGyHO(VWDGR¢+DEODUtDHQORV PLVPRVWpUPLQRVGHOKRPEUHTXHIXQGyODIDPLOLDRODFLXGDG" ¢&XiOHVHOSULQFLSDOSUREOHPDTXHSODQWHD5RXVVHDXDFHUFDGHO(VWDGR" ¢3ODQWHD5RXVVHDXHOPLVPRSUREOHPDUHVSHFWRDODIDPLOLD" ¢4XpHVORFRQWUDULRGHQDWXUDOSDUD5RXVVHDX" ¢&XiOHVODFRQYHQFLyQEiVLFDTXHGDOHJLWLPLGDGDO(VWDGRVHJ~Q5RXVVHDX" &RQV~OWHVHSDUDYHUODVUHVSXHVWDVDODSUXHED*>@  7UDVODSULPHUDVHULHGHSUHJXQWDVGDODLPSUHVLyQGHTXHKHPRVOOHJDGRD XQD LQWHUSUHWDFLyQ GH ORV GRV WH[WRV TXH GLILHUH VREUH OD SUHJXQWD TXH KHPRV SODQWHDGR &RPR UHFRUGDUi HO OHFWRU OD SUHJXQWD HV OD VLJXLHQWH ¢HV HO (VWDGR QDWXUDO R HV FRQYHQFLRQDO R DUWLILFLDO" 5RXVVHDX SDUHFH GHFLU TXH HO (VWDGR HV FRQYHQFLRQDORDUWLILFLDOPLHQWUDVTXHSDUD$ULVWyWHOHVSDUHFHVHUDOJRQDWXUDO $FRQWLQXDFLyQLQYLWDPRVDOOHFWRUDUHIOH[LRQDUVREUHVLHVWDLQWHUSUHWDFLyQHV FRUUHFWD ¢([LVWH DOJR VREUH HO FRPHQWDULR GH $ULVWyWHOHV TXH SRQJD HQ GXGD WDO LQWHUSUHWDFLyQ" ¢+D\  DOJR HQ ORV HQXQFLDGRV GH 5RXVVHDX TXH QR KD\ DPRV GLVFXWLGR\ TXHSXHGDSRQHUHQGXGDODLQWHUSUHWDFLyQ" 6L HO OHFWRU YH SRU TXp QR HV FRUUHFWD OD LQWHUSUHWDFLyQ SUREDEOHPHQWH VH

KDEUiGDGRFXHQWDGHSRUTXpTXHUHPRVSODQWHDUPiVSUHJXQWDV 3UXHED+6HJXQGDVHULHGHSUHJXQWDV 3DUD5RXVVHDX¢HVHO(VWDGRWDQQDWXUDOFRPRFRQYHQFLRQDO" ¢&RLQFLGH$ULVWyWHOHVFRQHVWHSXQWRGHYLVWD" ¢3XHGHH[WHQGHUVHHVWHDFXHUGREiVLFRHQWUH$ULVWyWHOHV\ 5RXVVHDXDRWURV SXQWRV" (QODUHVSXHVWDDOD~OWLPDSUHJXQWDKDEODPRVGHO© ELHQª TXHORJUDHO(VWDGR \ TXHQRSXHGHFRQVHJXLUVHVLQpO(VWH© ELHQª ¢VLJQLILFDORPLVPRSDUD $ULVWyWHOHVTXHSDUD5RXVVHDX" 8QD~OWLPDSUHJXQWD/DFRLQFLGHQFLDTXHKHPRVHQFRQWUDGRHQODSUHJXQWD HVHQFLDO¢VLJQLILFDTXHHVWRVGRVWH[WRVDSHVDUGHVHUWDQFRUWRVHVWiQGH DFXHUGRHQWRGRVORVSXQWRV" &RQV~OWHVHSDUDYHUODVUHVSXHVWDVDODSUXHED+>@  'HFtDPRV DO SULQFLSLR GH HVWH HMHUFLFLR TXH KD\  GHWHUPLQDGDV FRQFOXVLRQHV TXH VH SXHGHQ H[WUDHU SRU PHGLR GH XQD OHFWXUD FXLGDGRVD GH HVWRV GRV LPSRUWDQWHV WH[WRV SROtWLFRV (QWUH HOODV HVWiQ ODV TXH VLJXHQ 3ULPHUR HV XQD YHUGDG EiVLFD TXH HO KRPEUH HV XQ DQLPDO SROtWLFR ²SXHGH XWLOL]DUVH RWUR DGMHWLYRVLVHORGHVHD²DGLIHUHQFLDGHRWURVDQLPDOHVVRFLDOHVRJUHJDULRVHV GHFLUHOKRPEUHHVXQDQLPDOVRFLDOUDFLRQDOTXHFRQVWLWX\ HXQDVRFLHGDGSDUD VHUYLUDRWURVILQHVTXHORVPHUDPHQWHELROyJLFRV'HORDQWHULRUVHGHGXFHTXHHO (VWDGRHVWDQWRQDWXUDOFRPRFRQYHQFLRQDOTXHHVWDQWRPiVRPHQRVQDWXUDOTXH ODIDPLOLD\ VHGHGXFHWDPELpQTXHHO(VWDGRGHEHVHUFRQVWLWXLGR IRUPDOPHQWH RWUDV VRFLHGDGHV QR VRQ YHUGDGHURV (VWDGRV 6HJXQGR SRGHPRV FRQFOXLU GH IRUPDUD]RQDEOHTXHHO(VWDGRHVXQPHGLR\ QRXQILQ(OILQHVHOELHQFRP~Q KXPDQRXQDYLGDEXHQD3RUWDQWRHOKRPEUHQRHVWiKHFKRSDUDHO(VWDGRVLQR HO(VWDGRSDUDHOKRPEUH (VWDV FRQFOXVLRQHV QRV SDUHFHQ MXVWLILFDGDV \  WDPELpQ FUHHPRV TXH ODV UHVSXHVWDV TXH KHPRV GDGR D ODV SUHJXQWDV VRQ FRUUHFWDV 3HUR HQ XQ SUR\ HFWR JHQXLQRGHOHFWXUDVLQySWLFDVHUHTXLHUHPiVTXHXQVHQWLPLHQWRRXQDFUHHQFLD +HPRVGLFKRHQQXHVWURSODQWHDPLHQWRGHHVWHQLYHOGHOHFWXUDTXHVLHPSUHHV GHVHDEOHTXHGRFXPHQWHPRVQXHVWUDVFRQWHVWDFLRQHV\ FRQFOXVLRQHVSDUWLHQGRGH ORVWH[WRVGHORVSURSLRVDXWRUHV1RORKHPRVKHFKRDTXt(VSRVLEOHTXHHOOHFWRU

TXLVLHUDLQWHQWDUORSRUVtPLVPR6LVHVLHQWHGHVFRQFHUWDGRSRUDOJXQDGHQXHVWUDV UHVSXHVWDVGHEHUiLQWHQWDUHQFRQWUDUHOIUDJPHQWRRORVIUDJPHQWRVHQODVREUDV WDQWR GH $ULVWyWHOHV FRPR GH 5RXVVHDX TXH KDQ SRGLGR VHUYLU GH EDVH SDUD OD UHVSXHVWD TXH KHPRV GDGR < VL QR HVWi GH DFXHUGR FRQ FXDOTXLHUD GH QXHVWUDV UHVSXHVWDV R FRQFOXVLRQHV HO OHFWRU GHEHUi SURFXUDU SUREDU VX GHVDFXHUGR SRU PHGLRGHODVSDODEUDVGHORVSURSLRVDXWRUHV

5(638(67$6$/$635(*817$6

>@ F  E 6LHOOHFWRUFRQWHVWDD \ E QRHVWRWDOPHQWHLQFRUUHFWR D \ E  E  H ¢(VSHGDQWHGHFLUTXHE HVXQDFRQWHVWDFLyQLQFRUUHFWD"¢6H SODQWHDUtDXQDVLWXDFLyQGLIHUHQWHVLH QRIXHUDXQDFRQWHVWDFLyQ YiOLGD" E  D H \ G (OWH[WRLQGLFDTXH%HQWKDPHUDHOTXHPiVLQIOXtD G  D \ E SRVLEOHVH \ G LPSRVLEOHV D E \ G   >@ F  F  )DOVR E  D \ E  E  E /DSULPHUDFRQWHVWDFLyQ© 3RUTXHVHFDHQODVPDQ]DQDVª SRGUtDVHUFRQVLGHUDGDFRUUHFWDVLVHKXELHUDSODQWHDGR© &yPRVH FDHQODVPDQ]DQDVª DXQTXHQDWXUDOPHQWHHQ3ULQFLSLDQRVH PHQFLRQDQODVPDQ]DQDV/DFXHVWLyQHVTXHODREUDGHVFULEHOD JUDYHGDG\ H[SOLFDVXIXQFLRQDPLHQWRSHURQRGLFHSRUTXp IXQFLRQD

D  E \ H  (VWDVRUSUHQGHQWHGHFODUDFLyQKDPDUFDGRDJHQHUDFLRQHVTXH KDQKHFKRGH1HZWRQVXtGROR$OKDFHUXQFRPHQWDULRVREUHHOODHO OHFWRUSUREDEOHPHQWHGLVFUHSDUiGHODPRGHVWLDGHVXDXWRU¢3XHGH HVWHOHFWRUKDFHUDOJXQDDOXVLyQDODPHWiIRUDTXHHPSOHD1HZWRQ" (VPHPRUDEOH  >@ D  E /RVWtWXORVTXHSXVR'DQWHDVXREUDVRQORVTXHDSDUHFHQHQF  VLHOOHFWRUFRQWHVWDHVWDRSFLyQE ODFRQVLGHUDUHPRVFRUUHFWD D  D \ E  E 1DWXUDOPHQWHHVWRQRHVDFFLGHQWDO&DGDGLYLVLyQPD\ RUGHO SRHPDOODPDGRFDQWLFKHHQLWDOLDQR FRQWLHQHFDQWRVHOSULPHU FDQWRGHO,QILHUQRLQWURGXFHODWRWDOLGDGGHODREUD D 6yORHORFWDYRFtUFXORHVWiGLYLGLGRHQIRVDV E &tUFXORVD QRHVGHOWRGRLQFRUUHFWR H 3HURE SRGUtDVHUWDPELpQFRUUHFWR\ DTXHHQODFRVPRORJtD GH'DQWHODVQXHYHyUGHQHVGHiQJHOHVFRUUHVSRQGHQDORVQXHYH FXHUSRVFHOHVWHV D E  D   >@ E  %HDWUL]DFW~DHQQRPEUHGH'LRVDVtTXHE QRHVLQFRUUHFWD E  E \ H 'DQWHQRKDEtDOHtGR3RpWLFDGH$ULVWyWHOHVDXQTXHVt KDEtDOHtGRXQDVLQRSVLVTXHVXJLHUHTXH$ULVWyWHOHVGHILQHXQD FRPHGLDFRPRFXDOTXLHUREUDTXHWLHQHILQDOIHOL](OSRHPDGH 'DQWHWHUPLQDHQHO&LHORSRUWDQWRWLHQHILQDOIHOL]\ SRUHOOROR WLWXOy&RPHGLDSHURQDWXUDOPHQWHQRHVXQDREUDFyPLFD H (OSRHPDGHSHQGHGHODVWUHVSHURORVWHPDVFULVWLDQRVVRQORV PiVLPSRUWDQWHV 6t'DQWHFUH\ yTXHODSHUH]DKDEtDVLGRXQRGHVXVSULQFLSDOHV SHFDGRV\ ODVLPEROL]DDTXtPHGLDQWHHOVXHxR (QODFRVPRORJtDGH'DQWHOD7LHUUDHVHOFHQWURGHOXQLYHUVR\ HO

,QILHUQRHOFHQWURGHOD7LHUUD /DVOHWUDV3VLJQLILFDQORVSHFDGRVGHODSDODEUDODWLQDSHFFDWD KD\ VLHWHSHVSRUTXHKD\ VLHWHSHFDGRVPRUWDOHVGHORVTXHVH DEVXHOYHDODVDOPDVHQVXDVFHQVRDODPRQWDxDGHO3XUJDWRULR (QHOSRHPD9LUJLOLRHVHOVtPERORGHWRGRHOFRQRFLPLHQWR\ OD YLUWXGKXPDQRVSHURDOVHUSDJDQRSRUTXHPXULyDQWHVGHO QDFLPLHQWRGH&ULVWRQRSXHGHDFRPSDxDUD'DQWHDO3DUDtVR /RVIUDQFLVFDQRV\ ORVGRPLQLFRVIXHURQODVGRVJUDQGHVyUGHQHV PRQiVWLFDVGHOPHGLHYR/RVIUDQFLVFDQRVVHGHGLFDURQDODYLGD FRQWHPSODWLYDORVGRPLQLFRVIXHURQHUXGLWRV\ PDHVWURV'DQWH VLPEROL]DDTXtODUHVROXFLyQFHOHVWLDOGHODVGLIHUHQFLDVHQWUHODVGRV yUGHQHVSRUPHGLRGHVDQWR7RPiVHOPiVJUDQGHUHSUHVHQWDQWHGH ORVGRPLQLFRVTXHQDUUDODYLGDGHVDQ)UDQFLVFRHOIXQGDGRUGHOD RUGHQGHORVIUDQFLVFDQRVPLHQWUDVTXHVDQ%XHQDYHQWXUD UHSUHVHQWDQWHGHORVIUDQFLVFDQRVQDUUDODYLGDGHVDQWR'RPLQJRHO IXQGDGRUGHODRUGHQGHORVGRPLQLFRV  >@ )DOVR E  )DOVR(QUHDOLGDGHOSODQWHDPLHQWRQRWLHQHVHQWLGR D  )DOVR )DOVR )DOVR +X[OH\ GHIHQGLyD'DUZLQ F  G 3DUDORVSDUWLGDULRVGH'DUZLQpVWHHVXQRGHORVDVSHFWRV PiVDVRPEURVRVVREUHHOKRPEUH  >@ E  D  9HUGDGHUR(QUHDOLGDGFDVLHVODGHILQLFLyQGHODVHVSHFLHV 9HUGDGHUR/RVPLHPEURVGHXQJpQHURSXHGHQHQWUHFUX]DUVH\ UHSURGXFLUVXWLSR~QLFDPHQWHVLVRQWDPELpQPLHPEURVGHODPLVPD HVSHFLH D E \ H WRGRVMXHJDQORVSULQFLSDOHVSDSHOHVHQODVHOHFFLyQ QDWXUDO

/DVHOHFFLyQQDWXUDO¢+DEUtDFDPELDGRGHRSLQLyQ'DUZLQVL YLYLHUDHQQXHVWURVGtDVDQWHODHYLGHQFLDGHORVHIHFWRVGHVWUXFWLYRV GHOKRPEUHVREUHHOPHGLRDPELHQWH"4XL]i3HURSRGUtDVHJXLU LQVLVWLHQGRHQTXHHQODODUJDFDUUHUDODQDWXUDOH]DHVPiVSRGHURVD TXHHOKRPEUH<WDPELpQTXHHOSURSLRKRPEUHHVXQDSDUWHGHOD QDWXUDOH]D 6HSXHGHWUDGXFLUODIUDVHSRU© /DQDWXUDOH]DQRSURFHGHSRU VDOWRVª HVGHFLUTXHQRH[LVWHQYDULDFLRQHVV~ELWDVJUDQGHV\ EUXVFDVHQODQDWXUDOH]DVLQRVyORSHTXHxDV\ JUDGXDOHV,QFOXVRVLHO OHFWRUQRIXHUDFDSD]GHWUDGXFLUGHOODWtQ¢TXHGDUtDFODURHOVHQWLGR GHHVWHSODQWHDPLHQWRHQHOtQGLFHGHPDWHULDV"/DLGHDHV VLJQLILFDWLYDSRUTXH'DUZLQFRQVLGHUiQGRODYHUGDGHUDH[SOLFDHO KHFKRGHTXHH[LVWDQJUDQGHVGLIHUHQFLDVHQWUHODVHVSHFLHVPHGLDQWH ODKLSyWHVLVGHORVYDFtRVHQHOUHJLVWURJHROyJLFR²OODPDGRV HVODERQHVSHUGLGRV²HQOXJDUGHSRUODKLSyWHVLVGHODVGLIHUHQFLDV FUHDGDVHQWUHODVHVSHFLHV 'HDFXHUGRFRQ'DUZLQVLGRVYDULHGDGHVGHXQDHVSHFLHVLPSOH HVWiQVXILFLHQWHPHQWHVHSDUDGDVSRUXQFRQVLGHUDEOHSHUtRGRGHWDO IRUPDTXHHVItVLFDPHQWHLPSRVLEOHVXHQWUHFUX]DPLHQWRODV YDULHGDGHVWLHQGHQDVHUHVSHFLHVVHSDUDGDVHVGHFLUOOHJDUiQDVHU LQFDSDFHVGHHQWUHFUX]DUVH)XHVXGHVFXEULPLHQWRGHPXFKDV HVSHFLHVGLVWLQWDVGHSiMDURVHQODVLVODVRFHiQLFDVGXUDQWHVXYLDMHHQ HO%HDJOHORTXHOHFRQGXMRSRUYH]SULPHUDDFRQWHPSODUHVWH DVSHFWRIXQGDPHQWDO ([LVWHQSUREDEOHPHQWHPXFKDVPDQHUDVGHHQIRFDUHOSUREOHPD SHURXQDGHHOODVHVSUHJXQWDUVHSRUGRVFXHVWLRQHVDSDUHQWHPHQWH VLPSOHV3ULPHUR¢SRUTXpKD\ PXFKDVFODVHVGHyUJDQRVYLYLHQWHV HQOXJDUGHVyORXQRRXQRVSRFRV"6HJXQGR¢FyPRORJUDQH[LVWLUODV HVSHFLHV\ FyPRGHVDSDUHFHQ"+HFKRTXHKDEtDVXFHGLGRPXFKDV YHFHVVHJ~Q'DUZLQ\ VXVFRQWHPSRUiQHRVFRQRFtDQSRUHOUHJLVWUR JHROyJLFR(VQHFHVDULRSHQVDUSRUXQPRPHQWRHQHVWDVFXHVWLRQHV SDUDUHSDUDUHQSRUTXpVRQWDQGLItFLOHV\ WDQPLVWHULRVDVSHURKD\ TXHSHQVDUHQHOODV1RHVWDPRVVHJXURVGHTXHSXHGDFRQVHJXLUVH XQDUHVSXHVWDDGHFXDGDDHVWDSUHJXQWDWHQLHQGRHQFXHQWDTXHVyOR VHKDUHDOL]DGRXQDVLPSOHOHFWXUDDXQTXHLQWHQVLYDGHOtQGLFHGH PDWHULDVGH(ORULJHQGHODVHVSHFLHV6LHOOHFWRUIXHUDFDSD]GH H[SUHVDUODWHRUtDHQFLHQSDODEUDVVLQKDEHUOHtGRHOOLEURVHUtDXQ OHFWRUH[WUDRUGLQDULR(VPiVODSUHJXQWDQRHVIiFLOGHFRQWHVWDU EUHYHPHQWHLQFOXVRVLVHKDOHtGRHOOLEURHOOHFWRUSRGUtDUHPLWLUVHD QXHVWURLQWHQWRGHUHVXPLUODWHRUtDHQHOFDStWXOR(QXQFRUWR IUDJPHQWRGHVXSURSLD,QWURGXFFLyQDODREUD'DUZLQVtSXHGH

KDEHUORKHFKRSRUORTXHUHSURGXFLPRVHOIUDJPHQWRHQVXWRWDOLGDG SRUVLSXHGHHVFODUHFHUHOWHPD 'DGRTXHGHFDGDHVSHFLHQDFHQPXFKRVPiVLQGLYLGXRVGH ORVTXHSXHGHQVREUHYLYLU\ SXHVWRTXHHQFRQVHFXHQFLDKD\ XQDOXFKDSRUODH[LVWHQFLDTXHVHUHSLWHIUHFXHQWHPHQWHVH GHULYDTXHWRGRVHUVLYDUtDSRUGpELOPHQWHTXHVHDGHDOJ~Q PRGRSURYHFKRVRSDUDpOEDMRODVFRPSOHMDV\ DYHFHV YDULDEOHVFRQGLFLRQHVGHODYLGDWHQGUiPD\ RUSUREDELOLGDG GHVREUHYLYLU\ GHVHUDVtQDWXUDOPHQWHVHOHFFLRQDGR6HJ~QHO SRGHURVRSULQFLSLRGHODKHUHQFLDWRGDYDULHGDGVHOHFFLRQDGD WHQGHUiDSURSDJDUVXQXHYD\ PRGLILFDGDIRUPD  >@ /DIDPLOLDODDOGHDHO(VWDGR 7LHQHQHQFRP~QTXHVRQIRUPDVGHDVRFLDFLyQKXPDQDV\ TXH VRQQDWXUDOHV$ULVWyWHOHVHVSUHFLVRUHVSHFWRDHVWH~OWLPRSXQWR© (V HYLGHQWH²GLFH²TXHHO(VWDGRHVXQDFUHDFLyQGHODQDWXUDOH]Dª  6LQHPEDUJRODVGLIHUHQFLDVHQWUHORVWLSRVGHDVRFLDFLyQVRQ LPSRUWDQWHV6LHOOHFWRUQRKDLGHQWLILFDGRWRGDYtDHVWDVGLIHUHQFLDV VHJ~QODVGHVFULEH$ULVWyWHOHVSXHGHQVHUYLUOHGHD\ XGDRWUDV FXHVWLRQHV /DIDPLOLDHVODTXHWLHQHXQFDUiFWHUPHQRVDPSOLR/DDOGHD LQFOX\ HDYDULDVIDPLOLDV\SRUHOORHVPiVDPSOLDTXHODIDPLOLD(O (VWDGRHVHOPiVDPSOLRGHWRGRV\ DTXHVXUJH© FXDQGRYDQDV DOGHDVVHXQHQHQXQD~QLFDFRPXQLGDGFRPSOHWDª  $ULVWyWHOHVGLFHTXHHO(VWDGRVXUJHGH© ODVQHFHVLGDGHV HOHPHQWDOHVGHODYLGDª SHURTXHFRQWLQ~DH[LVWLHQGR© HQLQWHUpVGH XQDYLGDEXHQDª 8QD© YLGDEXHQDª SDUHFHTXHHVGLIHUHQWHGHXQD VLPSOH© YLGDª (IHFWLYDPHQWHpVWDSDUHFHVHUODSULQFLSDO GLIHUHQFLDHQWUHHO(VWDGR\ ORVRWURVGRVWLSRVGHDVRFLDFLyQKXPDQD (QHIHFWRDXQTXHORVWLSRVGHDVRFLDFLyQVRQQDWXUDOHVQRORVRQ HQODPLVPDPHGLGD$ULVWyWHOHVREVHUYDTXHPXFKRVDQLPDOHVDO LJXDOTXHHOKRPEUHYLYHQHQIDPLOLD<UHSDUDHQTXHDQLPDOHV WDOHVFRPRODVDEHMDVSDUHFHQHVWDURUJDQL]DGRVGHIRUPDDQiORJDD ODGHODVDOGHDV3HURHOKRPEUHHVGLIHUHQWHHQODPHGLGDHQTXH DXQTXHHVXQVHUVRFLDOFRPRPXFKRVRWURVDQLPDOHVHVWDPELpQ SROtWLFR(QVXSODQWHDPLHQWRVREUHHOKHFKRGHTXHHOKRPEUHHV ~QLFRHQODSRVHVLyQGHOGRQGHODSDODEUD$ULVWyWHOHVHVWiGLFLHQGR

TXH~QLFDPHQWHHOKRPEUHHVSROtWLFReOHVSRUQDWXUDOH]DXQDQLPDO SROtWLFR\SRUWDQWRHO(VWDGRTXHVLUYHDODVQHFHVLGDGHVGHHVWH DVSHFWRGHVXVHUHVQDWXUDO3HURVyORHO(VWDGRHQWUHORVWLSRVGH DVRFLDFLyQTXHKDREVHUYDGRVLUYHDHVWDQHFHVLGDGSDUWLFXODU $SDUHQWHPHQWH$ULVWyWHOHVQRHORJLDHQODPLVPDPHGLGDDO KRPEUHTXHHVWDEOHFLySRUSULPHUDYH]ODDOGHDRODIDPLOLDTXHDO KRPEUHTXHIXQGyHO(VWDGR<HVWHFRPHQWDULRHQFLHUUDXQD GLILFXOWDG\ DTXHVLHO(VWDGRIXHIXQGDGRSRUSULPHUDYH]SRU DOJXLHQHQWRQFHVVHSXHGHGHFLUTXHIXHLQYHQWDGR\ VLIXH LQYHQWDGRHQWRQFHV¢QRHVDUWLILFLDO"3HURKHPRVOOHJDGRDOD FRQFOXVLyQGHTXHHVQDWXUDO (OSULQFLSDOSUREOHPDTXH5RXVVHDXSODQWHDVREUHHO(VWDGRHVVX OHJLWLPLGDG6LHO(VWDGRQRHVWXYLHUDOHJLWLPDGRDILUPD5RXVVHDX ODVOH\ HVTXHGHpOGLPDQDQQRWHQGUtDQTXHREHGHFHUVH 1RSODQWHDHOPLVPRSUREOHPDUHVSHFWRDODIDPLOLD'LFHFRQ FODULGDGTXHODEDVHGHODIDPLOLDHVXQDQHFHVLGDGQDWXUDOODPLVPD QHFHVLGDGQDWXUDOTXHGHVFULEH$ULVWyWHOHV /RFRQYHQFLRQDO3DUD5RXVVHDXHO(VWDGRHVFRQYHQFLRQDO\ DTXH VLHO(VWDGRIXHUDLJXDOTXHODIDPLOLDHVWHKHFKROHJLWLPDGHO GRPLQLRSDWHUQRHOGRPLQLRGHOGpVSRWDEHQHYROHQWHTXHHVORTXHHO SDGUHVLJQLILFDUHVSHFWRDVXIDPLOLD/DIXHU]D²TXHHVORTXHWLHQH HOSDGUH²QRSXHGHFRQVWUXLUXQ(VWDGROHJtWLPR6yORXQDFXHUGR EDVDGRHQHOHQWHQGLPLHQWR²XQFRQYHQLR²SXHGHFRQVWUXLUOR (OFRQWUDWRVRFLDOHVSDUD5RXVVHDXHOFRQYHQLRGHIXQGDFLyQ HPSUHQGLGRHQXQSULPHUPRPHQWRFXDQGRWRGRVORVPLHPEURVGHO (VWDGRVHPDQLILHVWDQGHIRUPDXQiQLPHSDUDGHVHDUOR\ HVFRJHUOR (VWRHVORTXHOHJLWLPDODLQVWLWXFLyQGHO(VWDGR  >@ £6t(ODILUPDURWXQGDPHQWHTXHHOKRPEUHSRUQDWXUDOH]DQHFHVLWD HO(VWDGRSHURHO(VWDGRVXUJHHQHOPRPHQWRHQTXHODYLGDHQOD FRQGLFLyQGHQDWXUDOH]D\ DQRHVSRVLEOHSDUDHOKRPEUH\ VLQHO (VWDGRpVWH\ DQRSRGUtDFRQWLQXDUH[LVWLHQGR'HHVWDIRUPD OOHJDPRVDODFRQFOXVLyQGHTXHGHVGHHOSXQWRGHYLVWDGH5RXVVHDX HO(VWDGRHVDODYH]QDWXUDO\ FRQYHQFLRQDO(VQDWXUDOHQHOVHQWLGR GHTXHVLUYHDXQDQHFHVLGDGQDWXUDOSHURHVWiOHJLWLPDGR ~QLFDPHQWHVLVHEDVDHQXQFRQYHQLRGHIXQGDFLyQHOFRQWUDWR VRFLDO 6t$ULVWyWHOHV\ 5RXVVHDXHVWiQGHDFXHUGRHQTXHHO(VWDGRHVDOD YH]QDWXUDO\ FRQYHQFLRQDO

$ULVWyWHOHV\ 5RXVVHDXWDPELpQFRLQFLGHQHQTXHODQDWXUDOLGDGGHO (VWDGRQRHVODPLVPDTXHODGHODVVRFLHGDGHVDQLPDOHV6X QDWXUDOLGDGVHRULJLQDHQODFDUHQFLDRODQHFHVLGDGVHFRQVLJXHXQ ELHQTXHQRSXHGHDOFDQ]DUVHVLQpO3HURDXQTXHHO(VWDGRHVQDWXUDO ²HVGHFLUQHFHVDULR²FRPRXQPHGLRSDUDEXVFDUSRUQDWXUDOH]D XQILQHVWDPELpQXQSURGXFWRGHODUD]yQ\ GHODYROXQWDG/D SDODEUDFODYHSDUDGHILQLURLGHQWLILFDUHVWDRWUDFRLQFLGHQFLDHQWUH ORVGRVHVFULWRUHVHV© FRQVWLWXFLyQª 3DUD$ULVWyWHOHVHOTXHSULPHUR © FRQVWUX\ yª XQDVRFLHGDG© IXQGyª XQ(VWDGR3DUD5RXVVHDXORV KRPEUHVDOSDUWLFLSDUHQXQFRQYHQLRGHJRELHUQRRFRQWUDWRVRFLDO © FRQVWLWX\ HQª XQ(VWDGR 1RHO© ELHQª TXHDOFDQ]DHO(VWDGRQRHVHOPLVPRSDUD 5RXVVHDXTXHSDUD$ULVWyWHOHV/DVUD]RQHVVRQFRPSOHMDV\ QRVH GRFXPHQWDQFRQH[DFWLWXGHQORVIUDJPHQWRVUHFRJLGRVDTXt3HUROD FRQFHSFLyQGH$ULVWyWHOHVGHOD© YLGDEXHQDª TXHHVHOILQDOTXH VLUYHHO(VWDGRHVGLIHUHQWHGHODFRQFHSFLyQGH5RXVVHDXGHOD © YLGDGHOFLXGDGDQRª TXHSDUDpOHVHOILQDOTXHHO(VWDGRVLUYH 3DUDHQWHQGHUHVWDGLIHUHQFLDVHUtDQHFHVDULROHHUHQVXWRWDOLGDG 3ROtWLFD\ (OFRQWUDWRVRFLDO (VHYLGHQWHTXHODVGRVREUDVQRFRLQFLGHQHQVXWRWDOLGDG,QFOXVR HQHVWRVFRUWRVIUDJPHQWRVVHOHFFLRQDGRVFDGDXQRGHORVDXWRUHV SODQWHDDVSHFWRVTXHHORWURQRGLVFXWH3RUHMHPSORHQHOWH[WRGH 5RXVVHDXQRVHKDFHPHQFLyQDXQDVSHFWRYHUGDGHUDPHQWH LPSRUWDQWHSDUD$ULVWyWHOHVDVDEHUTXHHOKRPEUHHVHVHQFLDOPHQWH WDQWRXQDQLPDOSROtWLFRFRPRVRFLDO1LODSDODEUD© MXVWLFLDª DSDUHFHHQHOWH[WRGH5RXVVHDXTXHSDUHFHVHUXQWpUPLQRFODYH SDUD$ULVWyWHOHV3RURWUDSDUWHHQHOWH[WRGH$ULVWyWHOHVQRVH PHQFLRQDQWpUPLQRVHLGHDVEiVLFDVFRPRHOFRQWUDWRVRFLDOOD OLEHUWDGGHOLQGLYLGXRODDOLHQDFLyQGHHVDOLEHUWDGODYROXQWDG JHQHUDOHWFDVSHFWRVTXHSDUHFHQVHUGHFDSLWDOLPSRUWDQFLDHQHO WUDWDPLHQWRGHOWHPDSRUSDUWHGH5RXVVHDX 

0257,0(5 - $'/(5   )LOyVRIR SURIHVRU \  HVFULWRU HVWDGRXQLGHQVHGHRULJHQMXGtR 'RFWRUDGR SRU OD 8QLYHUVLGDG GH &ROXPELD $GOHU SDUWLFLSy HQ OD IXQGDFLyQ GH GLVWLQWDVLQVWLWXFLRQHV\ UHYLVWDVSDUDODGLYXOJDFLyQILORVyILFD$ORODUJRGHYLGD GHIHQGLyHOYDORUGHODVREUDVFOiVLFDVHQODHGXFDFLyQ (VFULELyPiVGHFLQFXHQWDOLEURV(QGLULJLyHOSDQHOGHHGLWRUHVGHODD HGLFLyQGHOD(QF\FORS GLD%ULWDQQLFD(QWUHVXVREUDVGHVWDFDQVXH[KDXVWLYR$ 6\QWRSLFRQ $Q ,QGH[ WR 7KH *UHDW ,GHDV   \  RWURV FRPR +RZ WR 5HDG D %RRN \ +RZWR7KLQN$ERXW:DUDQG3HDFH  &+$5/(69$1'25(1 (VFULWRU\ SURIHVRUHVWDGRXQLGHQVH *UDGXDGRHQOD(VFXHOD6XSHULRUGH$UWH\ 0~VLFDGH1XHYD
0RUWLPHU-$GOHU\ FRPRSURIHVRUHQOD8QLYHUVLGDGGH&RQQHFWLFXW

1RWDV

>@ ([LVWHXQDVLWXDFLyQHQODTXHFRQYLHQHSHGLUD\ XGDH[WHUQDSDUDOHHUXQOLEUR GLItFLOH[FHSFLyQTXHWUDWDPRVHQHOFDStWXOR

>@ (VWDVFXDWURSUHJXQWDVMXQWRDODH[SRVLFLyQTXHVLJXHVRQDSOLFDEOHVVREUH

WRGR D ORV OLEURV GH HQVD\ R 6LQ HPEDUJR VL ODV DGDSWDPRV WDPELpQ SXHGHQ DSOLFDUVHDODILFFLyQ\ ODSRHVtD/DVDGDSWDFLRQHVQHFHVDULDVVHH[SOLFDQHQORV FDStWXORV\ 

>@ 'HORVFXDWUR~OWLPRVFULWHULRVORVWUHVSULPHURVVHDSOLFDQDODGHVDYHQHQFLD

6LHOOHFWRUQRORJUDKDFHUORWHQGUiTXHFRLQFLGLUFRQHODXWRUDOPHQRVHQSDUWH VLELHQSXHGHVXVSHQGHUHOHQMXLFLDPLHQWRGHODWRWDOLGDGDODOX]GHO~OWLPRSXQWR 

>@  &XDQGR KH YLVWR SRU OD FDtGD PDQR GHO WLHPSR GHVILJXUDGR  (O PDJQtILFR FRVWHGHODFDGXFDHGDGHQWHUUDGR

>@ /DUXLQDHVWDUHIOH[LyQPHKDHQVHxDGR4XHHOWLHPSRYHQGUiDOOHYDUVHPL

DPRU

>@ (ODPRUQRHVXQMXJXHWHGHOWLHPSRDXQTXHPHMLOODV\ ODELRVGHURVD3DVHQ

EDMRVXHQFRUYDGDKR](ODPRUQRFDPELDFRQVXVEUHYHVKRUDV\ VHPDQDV 0DVORHPSXMDKDVWDHOILORPLVPRGHODPXHUWH

>@ &XDQGRMXUDPLDPRUTXHHVWRGDYHUGDG
>@ 6LPXQGRQRVVREUDVH\ WLHPSR7DOWLPLGH]VHxRUDQRVHUtDSHFDGR

>@  «D PL HVSDOGD VLHPSUH RLJR  (O DODGR FDUUR GHO WLHPSR SUy[LPR  < OD

ORQWDQDQ]DDQWHQRVRWURVVHH[WLHQGHQ/RVGHVLHUWRVGHYDVWDHWHUQLGDG

>@ (QUHGHPRVQXHVWUDIXHU]DWRGD\ WRGR(OGXO]RUQXHVWURHQXQDVRODEROD <DUUDVWUHPRVQXHVWURVSODFHUHVHQUHxLGDSXJQD3RUODVIpUUHDVSXHUWDVGHOD YLGD3XHVVLQRSRGHPRVDQXHVWUR6RO'HWHQHUORREOLJDUHPRVDFRUUHU

>@  < DTXt WHQGLGR EDMR HO 6RO  < DTXt VREUH HO DSRJHR GH OD 7LHUUD  3DUD

VHQWLUODVLHPSUHSUy[LPDODVRPEUDGHODQRFKH

>@ <DTXtWHQGLGRDO6RO3DUDVHQWLUFXiQYHOR]FXiQVHFUHWD6HDSUR[LPDOD

VRPEUDGHODQRFKH

>@  /RV UHVXOWDGRV GH HVWDV LQYHVWLJDFLRQHV IXHURQ SXEOLFDGRV HQ 7KH ,GHD RI 3URJUHVV(OFRQFHSWRGHSURJUHVR  3UDHJHU 1XHYD
>@  $KRUD TXH VH KD HVFULWR \  SXEOLFDGR XQ OLEUR GH WDOHV FDUDFWHUtVWLFDV HVSHUDPRVTXHHOPLVPRSRVLELOLWHXQDYDQFHHQHOSHQVDPLHQWRWDOFRPRHOTXH QRVRWURVKDEtDPRVSUHYLVWRFRPRIUXWRGHODOHFWXUDSDUDOHOD\ TXHHOOLEURVREUH HOSURJUHVRFRQWULEX\ DDODVLQYHVWLJDFLRQHVTXHVHOOHYHQDFDERSRVWHULRUPHQWH HQHVWHWHUUHQRDOLJXDOTXHKDRFXUULGRFRQRWUDVREUDVUHDOL]DGDVSRUHO,QVWLWXWR GH ,QYHVWLJDFLRQHV )LORVyILFDV VREUH ODV LGHDV GH OLEHUWDG IHOLFLGDG MXVWLFLD \ DPRU SRU ORV VX\ RV WDUHD YHUGDGHUDPHQWH GLItFLO DQWHV GH OD DSDULFLyQ GH HVWRV OLEURV