&DStWXOR9,,

*DLWiQ\ORVLQGXVWULDOHV

(OGRFWRU2VSLQDHVWiWRFDQGRYDOV
PLHQWUDVTXHODQHJUHGXPEUHJDLWDQLVWD
QRVWLHQHEDLODQGRSRUUR

-RVp0HGLQDIXHXQLQGXVWULDODQWLRTXHxRHLQJHQLHURLQGXVWULDOGHOD8QLYHU
VLGDGGH/LYHUSRRO3RVHtDXQDKLODQGHUtDHQ0HGHOOtQFLXGDGGHODFXDOKDEtD
VLGRDOFDOGH0HGLQDVHWUDVODGyD/RQGUHVGRQGHILJXUyFRPRYLFHSUHVLGHQWH
GHOD&iPDUDGH&RPHUFLR$QJOR&RORPELDQD$OOtWXYRVXILFLHQWHWLHPSRSDUD
HVFULELUDUWtFXORVVREUHDVXQWRVILQDQFLHURVTXHIXHURQSXEOLFDGRVHQGLYHUVRV
SHULyGLFRVFRORPELDQRV
(QRFWXEUHGHHO0LQLVWHULRGH5HODFLRQHV([WHULRUHVGH&RORPELD
QRPEUyD0HGLQD\DOFyQVXOFRORPELDQRHQ/RQGUHVFRPRREVHUYDGRUHVRIL
FLDOHVHQOD&RQIHUHQFLDGH&RPHUFLR\(PSOHRGHODV1DFLRQHV8QLGDVHQOD
FDSLWDOEULWiQLFD(QWUHRFWXEUHGHHVHDxR\HQHURGH0HGLQDHQYLyODUJRV
UHSRUWHVDOD&DQFLOOHUtDHQ%RJRWiQRVyORLQIRUPDQGRVREUHHOGHVDUUROORGH
OD&RQIHUHQFLDVLQRWDPELpQGDQGRVXVRSLQLRQHVVREUHODQHFHVLGDGGHEXVFDU
QXHYRVPHUFDGRVSDUDHOFDIpFRORPELDQRHQ(XURSD\FRPHQWDQGRVREUHOR
FRQYHQLHQWHTXHHUDSURWHJHUODLQGXVWULDQDFLRQDO
$SDUHQWHPHQWHORVHQFDUJDGRVGHOPLQLVWHULRVHOLPLWDURQ~QLFDPHQWHDOHHU
\DUFKLYDUORVLQIRUPHVGH0HGLQD3RUHQWRQFHVOD&DQFLOOHUtDQRPEUyD-XOLR

 (U[VUPVÍS]HYLa9LZ[YLWVH/LYUmU1HYHTPSSV6JHTWVVJ[\IYL (79
 7LYY``)Y\NtZ*HYTVUHVWJP[W
 1VZt 4LKPUH H 4PUPZ[LYPV KL 9LSHJPVULZ ,_[LYPVYLZ VJ[\IYL   (5+ *VUMLYLUJPHZ
0U[LYUHJPVUHSLZ,UHKLSHU[L(5+0*04PUPZ[LYPVKL9LSHJPVULZ,_[LYPVYLZ4LTVYPH 
)VNV[m0TWYLU[H5HJPVUHS WW
 1VZt4LKPUHH4PUPZ[LYPVKL9LSHJPVULZ,_[LYPVYLZVJ[\IYL  "LULYV 
(5+0*0

__
5DPtUH]-RKQVRWURLQGXVWULDOGH0HGHOOtQSDUDTXHFRPSDUWLHVHFRQ0HGLQD\
HOFyQVXOODWDUHDGHREVHUYDGRURILFLDOHQOD&RQIHUHQFLD8QDYH]HQ,QJODWHUUD
5DPtUH]-RKQVFRQRFLyWRGDODLQIRUPDFLyQTXH0HGLQDKDEtDHVWDGRUHFRJLHQGR
\HQYLyFRSLDGHpVWDDORVGLUHFWRUHVGHOD$1',HQ0HGHOOtQ
$OJXQRVIXQFLRQDULRVGHO0LQLVWHULRGH5HODFLRQHV([WHULRUHVGH&RORPELD
HVWDEDQILUPHPHQWHFRQYHQFLGRVGHTXHODLQGXVWULDQDFLRQDOGHEtDVHUSURWHJLGD
\WHPtDQTXHORVSODQHVQRUWHDPHULFDQRVGHLPSRQHUHOOLEUHFDPELRVHSRGUtDQ
FRQYHUWLUHQXQDDPHQD]DSHOLJURVDSDUDODVHFRQRPtDVGHOD$PpULFD/DWLQD
$OJXQDV YHFHV HVWH UHFHOR HUD UHVXOWDGR GH VXV YtQFXORV SHUVRQDOHV FRQ ORV
LQGXVWULDOHV7DOHUDHOFDVRGH*RQ]DOR5HVWUHSR-DUDPLOORTXLHQHQIXH
QRPEUDGRHPEDMDGRUFRORPELDQRHQ:DVKLQJWRQ5HVWUHSR-DUDPLOORRSLQDED
TXH$PpULFD/DWLQDGHEtDIRUPDUXQIUHQWHSDUDGHIHQGHUVXHFRQRPtDIUHQWHDO
SRGHUtRQRUWHDPHULFDQR)UHFXHQWHPHQWHHVWHQDFLRQDOLVPRHUDXQDUHDFFLyQ
DODVSUHVLRQHVTXHORVODWLQRDPHULFDQRVVHQWtDQGHSDUWHGHOJRELHUQR\GHODV
ILUPDVHVWDGRXQLGHQVHV\GHORTXHHOORVSHUFLEtDQFRPRXQDGREOHID]GHORV
QRUWHDPHULFDQRVTXHGHIHQGtDQDXOWUDQ]DDVXVLQGXVWULDOHV\SURGXFWRUHVDJUt
FRODVORFDOHVPLHQWUDVTXHSUHGLFDEDQHOOLEUHFDPELRDWUDYpVGHOFRQWLQHQWH

 1VZt4LKPUHH4PUPZ[LYPVKL9LSHJPVULZ,_[LYPVYLZVJ[\IYL "LULYV (5+0*0

 4PUPZ[LYPV KL 9LSHJPVULZ ,_[LYPVYLZ H ,TIHQHKH KL SVZ ,Z[HKVZ <UPKVZ KL(TtYPJH LULYV
 (49,*44PUPZ[LYPVKL9LSHJPVULZ,_[LYPVYLZH,TIHQHKHKL*VSVTIPHLU
>HZOPUN[VUTHYaV (49,*4
 .VUaHSV 9LZ[YLWV 1HYHTPSSV H TPUPZ[YV KL 9LSHJPVULZ ,_[LYPVYLZ TH`V    (49,
4PUPZ[LYPVKL9LSHJPVULZ,_[LYPVYLZH.VUaHSV9LZ[YLWV1HYHTPSSVZM(49,*4 
3VZZLU[PTPLU[VZKL9LZ[YLWV1HYHTPSSVOHJPHSVZ,Z[HKVZ<UPKVZKL5VY[LHTtYPJHJVTVSVZKL
T\JOVZSH[PUVHTLYPJHUVZKLSHtSP[LLYHUIHZ[HU[LHTIP]HSLU[LZ(|VZHU[LZ`[HS]LaPUÅ\PKV
WVYLS(YPLSKL1VZt,UYPX\L9VK}9LZ[YLWV1HYHTPSSVLZJYPIP}!¸:xLS`HUX\PIY\[HSKLSVZZ\L|VZ
H\KHJLZZPU[P}SHSSHTHKHKL\USLQHUVJSHYxUKLIH[HSSH@HHWYLZ[HUSVZI\P[YLZZ\ZWPJVZYHWHJLZ
`HLSSm[PNVPUX\PL[VLUSHTHUVYLZ[HSSH¹*P[HKVLU:LTHUHQ\SPV W
 ;VKH]xHHTLKPHKVZKLSHKtJHKHKLSVZH|VZJPUJ\LU[HZLWVKxHUV[HYLU9LZ[YLWV1HYHTPSSVLS
Z\W\LZ[VHPYLKL¸Z\WLYPVYPKHKLZWPYP[\HS¹KLSVZ¸SH[PUVZ¹ZVIYLSVZ¸HUNSVZHQVULZ¹!¸(SSHUaHYZL
ZVIYLSVZ[LZVYVZL\YVWLVZWHYHJVTWYHYSHZVIYHZTHLZ[YHZKLSHWPU[\YH`SHLZJ\S[\YHSVZ
TPSSVUHYPVZUVY[LHTLYPJHUVZZLLUVYN\SSLJPLYVUTmZKLSWYLJPVWHNHKVX\LKLSHJHSPKHKTPZTH
KLSHVIYH¹=tHZLZ\7LSPNYVLU6JJPKLU[L4LKLSSxU)LKV\[ W :PULTIHYNV9LZ[YLWV
1HYHTPSSVLU]P}HZ\ZOPQVZHLZ[\KPHYH\UP]LYZPKHKLZUVY[LHTLYPJHUHZJVTV5V[YL+HTL`3LOPNO
LULZ[H‚S[PTH\UVKLZ\ZOPQVZLYH\UHWHZPVUHKVOPUJOHKLS¸M‚[IVSHTLYPJHUV¹=tHZLHYJOP]V
WLYZVUHSKL.VUaHSV9LZ[YLWV1HYHTPSSV4LKLSSxU:VIYLLS[LTHKLSHHTIP]HSLUJPHKLSHtSP[L
SH[PUVHTLYPJHUHOHJPHSVZ,Z[HKVZ<UPKVZ]tHZLLU[YLV[YVZSHUV]LSHKL*HYSVZ-\LU[LZ3H
T\LY[LKL(Y[LTPV*Y\a4t_PJV-VUKVKL*\S[\YH,JVU}TPJH 
 1VZt*HTHJOV3VYLUaHUHHTPUPZ[YVKL9LSHJPVULZ,_[LYPVYLZMLIYLYV (49,4PUPZ[LYPV
KL9LSHJPVULZ,_[LYPVYLZH.VUaHSV9LZ[YLWV1HYHTPSSVQ\SPV  (49,*4
.VUaHSV9LZ[YLWV1HYHTPSSVH4PUPZ[LYPVKL9LSHJPVULZ,_[LYPVYLZQ\SPV (49,

__ /$2)(16,9$(035(6$5,$/
 (ODQWLRTXHxR(GXDUGR=XOHWDÉQJHOXQRGHORVRQFHPLQLVWURVGH5HODFLRQHV
([WHULRUHVGXUDQWHORVFXDWURDxRVGHODDGPLQLVWUDFLyQGH2VSLQD3pUH]OHVXJLULy
D&DUORV-(FKDYDUUtDTXHOD$1',GHEHUtDHQYLDUDVXVUHSUHVHQWDQWHVFRPR
SDUWHGHODVGHOHJDFLRQHVFRORPELDQDVDODVFRQIHUHQFLDVLQWHUQDFLRQDOHV/RV
LQGXVWULDOHVDFHSWDURQODLQYLWDFLyQ\QRPEUDURQD$OIRQVR$UD~MR\D*XLOOHUPR
(FKHYHUULVXEJHUHQWHGH&ROWHMHUSDUDTXHORVUHSUHVHQWDVHHQOD&RQIHUHQFLD
GHODV1DFLRQHV8QLGDVHQ*LQHEUD$GHPiVVHDFRUGyTXHOD$1',SDJDUtDORV
KRQRUDULRVGH$UD~MR\TXHHOJRELHUQRFXEULUtDHOFRVWRGHORVSDVDMHVDpUHRV(O
KHFKRGHWHQHUUHSUHVHQWDQWHVHQODVGHOHJDFLRQHVLQWHUQDFLRQDOHVOHSHUPLWLyD
OD$1',SURPRYHUVXVSXQWRVGHYLVWDVREUHHOSURWHFFLRQLVPRLQGXVWULDOFRPR
VLpVWRVIXHVHQODSROtWLFDRILFLDOGHOSDtV
6LQHPEDUJRHQHVHPRPHQWRODGLSORPDFLDHFRQyPLFDGH&RORPELDQRHVWDED
WRWDOPHQWHHQPDQRVGHORVLQGXVWULDOHV-RUJH2UWL]5RGUtJXH]RWURDQWLRTXHxR
PX\FHUFDQRD*XWLpUUH]*yPH]\TXLHQVHUtDQRPEUDGRSUHVLGHQWHGHOD$1',
HQHUDHOFRQVHMHURGHODPLVLyQGH&RORPELDDQWHODV1DFLRQHV8QLGDVHQ
1XHYD<RUN2UWL]5RGUtJXH]SUHSDUyXQODUJR\VHVXGRHVWXGLRGHIHQGLHQGROD
SURWHFFLyQGHODVLQGXVWULDVQDFLRQDOHV\VHORKL]ROOHJDUDOH[SUHVLGHQWH/ySH]
3XPDUHMRMHIHGHODPLVLyQFRORPELDQD(OGRFXPHQWRSHUPDQHFLyGRVPHVHV
VREUHHOHVFULWRULRGH/ySH]3XPDUHMRTXLHQDSDUHQWHPHQWHQRHVWDEDLQWHUHVDGR
HQHVWXGLDUOR\PHQRVDXQHQDSUREDUORFRPRSROtWLFDRILFLDOGHOSDtV(VWHLQFL
GHQWHMXQWRDODGHUURWDDILQDOHVGHGHOSUR\HFWRGHUHIRUPDDUDQFHODULDOH
UHFRUGyDORVLQGXVWULDOHVTXHKDEtDXQODUJRFDPLQRSRUUHFRUUHUSDUDDVHJXUDU
ODSURWHFFLyQGHVXVPDQXIDFWXUDVHQHOPHUFDGRGRPpVWLFR
&RQRVLQSURWHFFLyQODHFRQRPtDFRORPELDQDHVWDEDHQDXJHODVJUDQGHVHP
SUHVDVLQGXVWULDOHVGLVWULEX\HURQGLYLGHQGRVH[WUDRUGLQDULRVHQWUHVXVDFFLRQLVWDV
DOILQDOL]DUHOSULPHUVHPHVWUHGH3RURWUDSDUWHORVLQJUHVRVSURYHQLHQWHV
GHODVH[SRUWDFLRQHVGHFDIpHUDQORVPiVDOWRVHQWRGDODKLVWRULDGHOSDtV

 *HYSVZ1,JOH]HYYxHH(5+04LKLSSxUMLIYLYV  (5+0*S1VZt.\[PtYYLa.}TLaH

*HYSVZ1,JOH]HYYxHMLIYLYV (5+0*0
 1VZt9=mZX\LaH*HYSVZ1,JOH]HYYxHMLIYLYV (5+0*0*HYSVZ1,JOH]HYYxHH1VZt
9=mZX\LaMLIYLYV (5+0*01VZt.\[PtYYLa.}TLaH(SMVUZV(YH‚QVTHYaV
 (5+0*0(5+0(J[H THYaV W"(J[H THYaV WW"
(J[H THYaV WW"(J[H THYaV W
 1VZt.\[PtYYLa.}TLaH)LYUHYKV,JOL]LYYPTH`V (5+0*0)LYUHYKV,JOL]LYYPH
1}ZL.\[PtYYLa.}TLaTH`V (5+0*S(SMVUZV(YH‚QV)LYUHYKV,JOL]LYYP`,UYPX\L
4VYLUV8\L]LKVHTPUPZ[YVKL9LSHJPVULZ,_[LYPVYLZTH`V (5+0*04PUPZ[YV
 1VYNL6Y[Pa9VKYxN\LaH1VZt.\[PtYYLa.}TLaQ\UPVV"HNVZ[VV"VJ[\IYL
 (5+0*S1VZt.\[PtYYLa.}TLaH1VYNL6Y[Pa9VKYxN\LaQ\UPV"Q\SPV"ZLW[PLTIYL
(5+0*0
 :LTHUHLULYV W"THYaVV W"THYaV W

*DLWiQ\ORVLQGXVWULDOHV __
 9DULRVREVHUYDGRUHVH[WUDQMHURVHVWDEDQDOWDQWRGHODSURVSHULGDGGH&RORPELD
HQHOSHUtRGRGHODSRVJXHUUD\HQVHSWLHPEUHGHODUHYLVWD/LIHSXEOLFyXQ
ODUJRHQVD\ROOHQRGHOODPDWLYDVLOXVWUDFLRQHVGH0HGHOOtQ(ODUWtFXORFRQWHQtD
IRWRJUDItDVTXHPRVWUDEDQORVQXHYRVHGLILFLRVHQHOFHQWURGHODFLXGDGODVIi
EULFDVHQOD]RQDPHWURSROLWDQDORVSDODFLRVFRQVWUXLGRVSRUORVLQGXVWULDOHVHQ
HOH[FOXVLYRVHFWRUUHVLGHQFLDOGH(O3REODGRHODUWtFXORWDPELpQFRQWHQtDIRWRV
GHPLHPEURVGHOFODQLQGXVWULDOGHORV(FKDYDUUtD\DIXHVHGHVFDQVDQGRHQFDVD
RHQHO&OXE&DPSHVWUHYLYLHQGRFRPRDQRWDEDHOFURQLVWDXQDYLGDGH´HVWLOR
FRQGRQDLUHµHLQFOXVRFRPSDUWLHQGRXQSODWRGHDUUR]FRQIUtMROHVFRQVXV
REUHURVHQODFDIHWHUtDGH&ROWHMHU/LIHHUDHQIiWLFDHQGHVFULELUD0HGHOOtQFRPR
XQ´SDUDtVRFDSLWDOLVWDµTXL]iFRPRHMHPSORSDUDPXFKRVDOVXUGHO5tR*UDQGH
GRQGHWRGRVVXVKDELWDQWHVGHVGHHODOFDOGHKDVWDHO´VHxRU5HVWUHSRµSURPHGLR
OOHYDEDQ´YLGDVELHQRUGHQDGDV\H[WUHPDGDPHQWHFRQVHUYDGRUDVµ
3HURODJUDQPD\RUtDGHORVFRORPELDQRVSUREDEOHPHQWHWHQtDQXQDYLVLyQ
GHVX´SURVSHULGDGµGLIHUHQWHGHODSUHVHQWDGDSRUODUHYLVWD/LIH3DUDHOORVQR
LPSRUWDEDTXH0HGHOOtQVHKXELHVHFRQYHUWLGRHQXQDHVSHFLHGH´SDUDtVRµ(V
SRVLEOHTXHWDPSRFRHVWXYLHVHQFRQYHQFLGRVSRUODSURSDJDQGDVREUHFyPR
ODVIiEULFDVQRHUDQSURSLHGDGGHXQRVFXDQWRVPRQRSROLVWDVVLQRGHPLOHVGH
SHTXHxRVDFFLRQLVWDVTXHSDJDEDQFXPSOLGDPHQWHVXVLPSXHVWRVDO(VWDGR\
RIUHFtDQDVXVREUHURVDOWRVVDODULRV\H[FHOHQWHVFRQGLFLRQHVGHWUDEDMR(VWDV
UD]RQHVHQWUHRWUDVH[SOLFDUtDQSRUTXpODVPDVDVXUEDQDVHLPSRUWDQWHVJUXSRV
HFRQyPLFRVRSXHVWRVDORVLQGXVWULDOHVDSR\DURQD*DLWiQ\DVXVVHJXLGRUHV
HQODVHOHFFLRQHVSDUD&RQJUHVRHQPDU]RGH'HVGHHQWRQFHVKDVWDHO
PRPHQWRGHVXDVHVLQDWRXQDxRGHVSXpV*DLWiQIXHHOSROtWLFRPiVSRGHURVR
GH&RORPELD
(OWULXQIRGH*DLWiQQRIXHELHQUHFLELGRSRUORVLQGXVWULDOHV&XpOODUHVFULELy
DODVGLUHFWLYDVGHOD$1',HQ0HGHOOtQH[SUHVDQGRVXVWHPRUHVVREUHHOQXHYR
OtGHUGHODPD\RUtDOLEHUDO(QVXUHVSXHVWD*XWLpUUH]*yPH]UHFRQRFLyTXHOD
YLFWRULDGH*DLWiQSRGtDFDXVDUHQHO&RQJUHVR´LQLFLDWLYDV\GHEDWHVHQH[WUHPR
GHPDJyJLFRVµ6LQHPEDUJR*XWLpUUH]*yPH]FRQILDEDHQORV´QXPHURVRVHOHPHQ
WRVOLEHUDOHVGHGHUHFKDTXHVHSRQJDQGHODGRGHODYRWDFLyQFRQVHUYDGRUD
FXDQGRKD\DGHGHFLGLUVHODVXHUWHGHXQSUR\HFWRµ<FRQFOXtDDQRWDQGRTXH
´OD-XQWDGLUHFWLYD>GHOD$1',@HVWiGHDFXHUGRFRQTXHQXHVWUDFRQGXFWDVH
GHEHHQFDPLQDUDGDUUHVSDOGRILUPH\FRQVWDQWHDODVIXHU]DVGHORUGHQGRQGH
TXLHUDTXHHOODVVHSURQXQFLHQµ

 3PMLZLW[PLTIYL  WW 

 :LTHUHQ\UPV 
 1VZt.\[PtYYLa.}TLaH,K\HYKV*\tSSHYTHYaV (5+0)4(5+0(J[H THYaV
 WW

__ /$2)(16,9$(035(6$5,$/
 'HKHFKRODVLGHDV\ODSROtWLFDGH*DLWiQWDPELpQUHSUHVHQWDEDQDODVIXHU]DV
GHORUGHQ6LQHPEDUJRHUDXQRUGHQGLIHUHQWHTXHQREHQHILFLDEDDORVLQWHUHVHV
GHORVJUDQGHVLQGXVWULDOHV(VWRVQRLJQRUDEDQODLGHRORJtDHFRQyPLFDGH*DLWiQ
TXLHQOHKDEtDSHGLGRDVXFRQVHMHUR$QWRQLR*DUFtDXQUHVSHWDGRSURIHVRUGHOD
8QLYHUVLGDG1DFLRQDOTXHOHSUHSDUDVHXQSUR\HFWRSDUDVXSURJUDPDHFRQyPLFR
(OPRGHORGH*DUFtDVHIXQGDEDHQXQDIXHUWHLQWHUYHQFLyQHVWDWDOGHQWURGHO
PDUFRGHOVLVWHPDFDSLWDOLVWD(O&RQJUHVRGHEtDFUHDUXQ&RQVHMR1DFLRQDOGH
3ROtWLFD(FRQyPLFD\HVWDEOHFHUXQVLVWHPDGHSODQHDFLyQLQGLFDWLYDTXHSRU
HQWRQFHVHVWDEDHQERJDHQRWURVSDtVHVFDSLWDOLVWDV(O&RQVHMRWDPELpQIR
PHQWDUtDQXHYRVSURJUDPDVVRFLDOHV\UHJXODUtDORVSUHFLRV\VDODULRV(QFXDQWR
DOWHPDGHODUHIRUPDDUDQFHODULDpVWDGHEHUtDHVWDURULHQWDGDDSURWHJHUDORV
FRQVXPLGRUHV\DORVJUDQGHV\SHTXHxRVDJULFXOWRUHV\QRVRODPHQWHORVLQWHUHVHV
GH´ODROLJDUTXtDLQGXVWULDOµ
*DLWiQLQVLVWtDHQTXHODSURWHFFLyQGHOVHFWRUPDQXIDFWXUHUR~QLFDPHQWH
SRGtDVHUFRQVLGHUDGDVLHOJRELHUQRHVWDEOHFtDOtPLWHVHVWULFWRVDODVJDQDQFLDV
GHORVJUDQGHVLQGXVWULDOHV7DPELpQHUDHQIiWLFRHQVRVWHQHUTXHORVLQWHUHVHV
GHORVSURGXFWRUHVGHPDWHULDVSULPDVFRPHUFLDQWHV\FRQVXPLGRUHVVLHPSUH
GHEtDQVHUWRPDGRVHQFXHQWD
'XUDQWHODVVHVLRQHVGHO&RQJUHVRHQOD$1',FRQWLQXySUHVLRQDQGR
DOD-XQWD1DFLRQDOGH$GXDQDVSDUDUHYLYLUHOWHPDGHODUHIRUPDDUDQFHODULD
<DQWHODSUHVLyQGHORVLQGXVWULDOHVVHJXUDPHQWHFRQHOFRQFXUVRGH/OHUDV
5HVWUHSR ORV PLHPEURV GH OD MXQWD OH VXJLULHURQ DO JRELHUQR QDFLRQDO TXH
UHVWULQJLHVH ODV LPSRUWDFLRQHV GH PDQXIDFWXUDV D WUDYpV GHO PHFDQLVPR GHO
FRQWUROGHFDPELRV
$XQTXHHOJRELHUQRLQVWyDORVPLHPEURVGHODMXQWDDTXHQRFRQVLGHUDVHQ
DTXHOORVSURGXFWRVLQGXVWULDOHVFX\DLPSRUWDFLyQQRSRGtDVHUUHVWULQJLGDGHELGR
DORVWpUPLQRVGHOFRQYHQLRFRPHUFLDOGHVXVFULWRFRQORV(VWDGRV8QLGRV
OD $1', LJQRUy WRWDOPHQWH HVWD DGYHUWHQFLD \ OH VXJLULy D VXV DILOLDGRV TXH
LQVLVWLHVHQGHWRGDVIRUPDVFRQVXVSHWLFLRQHVSURWHFFLRQLVWDV3RUORWDQWR
SUiFWLFDPHQWHFDGDLQGXVWULDOLPSRUWDQWHGHOSDtVKL]ROOHJDUVXVROLFLWXGGH

 (U[VUPV .HYJxH ¸4LTVYmUK\T KL JVUJS\ZPVULZ WHYH LS KVJ[VY 1VYNL ,SPtJLY .HP[mU ZLN‚U
HNLUKHHKQ\U[H¹Q\UPV (5+0*VUNYLZV5HJPVUHSLUHKLSHU[L(5+0*5=tHZL
[HTIPtU¸3HWSH[HMVYTHKLS*VS}U,ULYV ¹LU*LU[YV1VYNL,SPtJLY.HP[mULK.HP[mU
`SHJVUZ[P[\`LU[LKLSSPILYHSPZTVKL <ULQLTWSVKLKLTVJYHJPHWHY[PJPWH[P]H)VNV[m
*LU[YV1VYNL,SPtJLY.HP[mU WW
 =tHZL,S;PLTWVVJ[\IYL"UV]PLTIYLV 
  (5+0(J[H LULYV W1VZt.\[PtYYLa.}TLaH(5+0)VNV[mMLIYLYV 
(5+0)4
 (5+0(J[HMLIYLYV W
 ¸4LTVYmUK\T¹HIYPS (5+0)4

*DLWiQ\ORVLQGXVWULDOHV __
SURWHFFLyQDODRILFLQDGHOD$1',HQ0HGHOOtQTXHDVXYH]VHODVHQYLyD/OHUDV
5HVWUHSRVXUHSUHVHQWDQWHHQOD-XQWD1DFLRQDOGH$GXDQDVµ/DMXQWDHUD
FDGDYH]PiVUHFHSWLYDDODVGHPDQGDVGHORVLQGXVWULDOHV\FXDQGRXQRGHVXV
PLHPEURV+HUQiQ,JOHVLDV%HQRLWUHSUHVHQWDQWHGHO0LQLVWHULRGH(FRQRPtD
1DFLRQDOH[SUHVyVXVUHVHUYDVVREUHODIRUPDFRPRVHHVWDEDQOOHYDQGRDFDER
ODVQHJRFLDFLRQHV\GHMyGHDVLVWLUDODVUHXQLRQHV&XpOODUOREXVFy\ORSHUVXDGLy
DTXHVLJXLHVHSDUWLFLSDQGRHQODMXQWD´1RIXHIiFLOµFRQYHQFHUORFRQFOX\y
&XpOODUHQVXFDUWDDOD$1',HQ0HGHOOtQ
/D DVRFLDFLyQ VH PDQWXYR HQ SHUPDQHQWH FRQWDFWR FRQ 2VSLQD 3pUH]
LQVLVWLpQGROH HQ OD XUJHQFLD GH SURWHJHU \ DSR\DU D OD LQGXVWULD QDFLRQDO
6LQ HPEDUJR HO 3UHVLGHQWH DILUPy VX SRVLFLyQ GH FRQGLFLRQDU OD SURWHFFLyQ
DOFRQJHODPLHQWRJHQHUDOGHORVSUHFLRVGHODVPDQXIDFWXUDVGRPpVWLFDV(Q
FRQIRUPLGDG2VSLQD3pUH]QRPEUyD0RLVpV3ULHWRXQSROtWLFRJDLWDQLVWDFRPR
VXPLQLVWURGH(FRQRPtD1DFLRQDO3ULHWRUHVWDEOHFLyGHLQPHGLDWRHOVLVWHPDGH
FRQWUROGHSUHFLRV(QHVHPRPHQWRHOJDELQHWHPLQLVWHULDOHVWDEDGRPLQDGR
SRUXQDFRDOLFLyQGHFRQVHUYDGRUHVRVSLQLVWDV\FXDWUROLEHUDOHVJDLWDQLVWDVFX\RV
SXQWRVGHYLVWDVREUHHOPDQHMRGHODHFRQRPtD\HOSURWHFFLRQLVPRSDUHFtDQ
FRLQFLGLU(VWRIXHFRQILUPDGRHQGRVUHXQLRQHVTXHWXYLHURQOXJDUHQ%RJRWiHQWUH
PLHPEURVGHOJDELQHWH\XQJUXSRGHDOWRVHPSOHDGRVGHOD$1',(QHVWDUHXQLyQ
HOJRELHUQRDFHSWyHQYLDUXQDGHOHJDFLyQRILFLDODOD&RQIHUHQFLDGH&RPHUFLR
GH/D+DEDQDSDUDGHIHQGHUODVLQGXVWULDVGHORVSDtVHVPHQRVGHVDUUROODGRVD
FDPELROD$1',RIUHFLyH[LJLUDVXVDILOLDGRVFXPSOLUFRQHOFRQWUROGHSUHFLRV
\XWLOL]DUPDWHULDVSULPDVSURGXFLGDVSRUORVDJULFXOWRUHVFRORPELDQRV

 (5+0(J[HQ\UPV  WW"(J[HQ\UPV WW "(J[HQ\UPV 

 W "(J[H Q\UPV W"(J[HQ\SPV WW"(J[HQ\SPV
 WW"(J[HQ\SPV WW"(J[HQ\SPV W"(J[H
HNVZ[V W"(J[HHNVZ[V W1VZt.\[PtYYLa.}TLaH1\U[H5HJPVUHS
KL(K\HUHZQ\SPV"HNVZ[V (5+0(+(9(5+04LKLSSxUH1\U[H5HJPVUHSKL
(K\HUHZQ\SPV (5+0(+(91VZt.\[PtYYLa.}TLaH*HYSVZ3SLYHZ9LZ[YLWV
ZLW[PLTIYL (5+0(+(91HPTL7VZHKHH*HYSVZ3SLYHZ9LZ[YLWVZLW[PLTIYL 
(5+0(+(90NUHJPV4LZH:HSHaHYH(5+04LKLSSxUZLW[PLTIYL (5+0+;
 (5+0(J[HQ\SPV W"(J[HQ\SPV W,K\HYKV*\tSSHYH(5+0
4LKLSSxUQ\SPV (5+0)4
 1VZt.\[PtYYLa.}TLaH4HYPHUV6ZWPUH7tYLaHIYPS"Q\UPV (5+0.VIPLYUV
 5HJPVUHSLUHKLSHU[LJP[HKVJVTV(5+0.5,K\HYKV*\tSSHYH4HYPHUV6ZWPUH7tYLa
HNVZ[V (79
 ,K\HYKV*\tSSHYH(5+04LKLSSxU)HYYHUX\PSSH`*HSPTH`V  (5+0)4,S;PLTWV
HIYPS  
 (5+0(J[HQ\SPV WW(J[HQ\SPV W1VZt.\[PtYYLa.}TLaH
,K\HYKV*\tSSHYQ\SPV (5+0*01VZt.\[PtYYLa.}TLaH(5+04LKLSSxU)HYYHUX\PSSH
`*HSPQ\SPV (5+0)4

__ /$2)(16,9$(035(6$5,$/
 (OGHVHSWLHPEUHGHHOJRELHUQRFUHyHO&RPLWpGH$VXQWRV(FRQyPLFRV
,QWHUQDFLRQDOHVSDUDDVHVRUDUDODGHOHJDFLyQFRORPELDQDDOD&RQIHUHQFLDGH/D
+DEDQD/RVPLHPEURVGHO&RPLWpIXHURQHVFRJLGRVGHOD$1',GHOD6RFLHGDG
GH$JULFXOWRUHVGH&RORPELD\GHDOJXQDVGHSHQGHQFLDVRILFLDOHV*XWLpUUH]
*yPH]TXLHQHUDXQRGHORVPLHPEURVGHOQXHYRRUJDQLVPRXUJLyDO&RQJUHVR
DDXWRUL]DUSRUGHFUHWRSUHVLGHQFLDOHOLQFUHPHQWRGHODVWDULIDVDUDQFHODULDV
(OGLULJHQWHGHOD$1',DSR\DEDVXDUJXPHQWRHQTXHVL&RORPELDILUPDED
XQFRQYHQLRPXOWLODWHUDOHQ/D+DEDQDGHVSXpVORVDUDQFHOHVQRSRGUtDQVHU
PRGLILFDGRV$XQTXHHO&RQJUHVRLJQRUyODSHWLFLyQGH*XWLpUUH]*yPH]VH
OOHJyDXQDSDUHQWHHQWHQGLPLHQWRHQWUHORVLQGXVWULDOHV\ORVDJULFXOWRUHV\ORV
PLHPEURVGHOFRPLWpUHFRPHQGDURQXQDSROtWLFDRILFLDOGHSURWHFFLyQ6HJ~Q
HOORVODLQGXVWULDOL]DFLyQWUDHUtD´ODGLJQLILFDFLyQGHODYLGDFROHFWLYDHQODFLXGDG
\HQHOFDPSRµ<FRQFOXtDQTXHVLHOSDtVQRVHLQGXVWULDOL]DEDHVDVLWXDFLyQ´QRV
VXPLUtDGHQXHYRHQXQUpJLPHQGHYLGDFRORQLDOµ
3DUDDWUDHUHODSR\RFRQWLQHQWDODODSRVLFLyQFRORPELDQDHQOD&RQIHUHQFLD
GH/D+DEDQDOD$1',HQYLyHQPLVLyQRILFLDODYDULDVFLXGDGHVVXUDPHULFDQDV
D(QULTXH&DEDOOHUR(VFRYDU\D*UHJRULR2EUHJyQ(Q%XHQRV$LUHV&DEDOOHUR
(VFRYDU \ 2EUHJyQ VH UHXQLHURQ FRQ 0LJXHO 0LUDQGD GLUHFWRU GHO &RQVHMR
(FRQyPLFR1DFLRQDOGHOD$UJHQWLQDPi[LPDDXWRULGDGHQODIRUPXODFLyQGH
ODVSROtWLFDVHFRQyPLFDVGHQWURGHOJRELHUQRSHURQLVWD0LUDQGDOHVH[SOLFyTXH
WDPELpQpOHVWDEDDIDYRUGHODSURWHFFLyQGHODLQGXVWULD\HQVHJXLGDH[SXVR
VXLGHDGHIRUPDUXQIUHQWHXQLGRGHODVQDFLRQHVGH+LVSDQRDPpULFDHOFXDO
REYLDPHQWHH[FOXtDDO%UDVLO
/DSUHQVDDUJHQWLQDUHDFFLRQyHQIRUPDVGLIHUHQWHVDODYLVLWDGHORVFRORP
ELDQRVPLHQWUDVTXH/D1DFLyQYRFHURGHORVLQWHUHVHVGHORVWHUUDWHQLHQWHV
SXEOLFyXQHGLWRULDODIDYRUGHOOLEUHFDPELVPR\SURFODPyTXHODDJULFXOWXUD\OD
JDQDGHUtDHUDQ´ODEDVHIXQGDPHQWDOGHODHFRQRPtDQDFLRQDOµODSXEOLFDFLyQ
FRPXQLVWD/D+RUDVDOXGyD&DEDOOHUR(VFRYDU\D2EUHJyQFRPRORVSRUWDHV
WDQGDUWHVGHODQWLLPSHULDOLVPR8QRGHORVHGLWRULDOHVGH/D+RUDFRQWHQtDODV
VLJXLHQWHVSDODEUDV

 *VTP[tKL(Z\U[VZ,JVU}TPJVZ0U[LYUHJPVUHSLZH4HYPHUV6ZWPUH7tYLaVJ[\IYL"UV]PLTIYL
 (79:LTHUHVJ[\IYL W
 *VTPZP}U KL(Z\U[VZ ,JVU}TPJVZ 0U[LYUHJPVUHSLZ ¸0UMVYTL 5V ¹  ZLW[PLTIYL    
(5+0(+(9
  *VTP[tKL(Z\U[VZ,JVU}TPJVZ0U[LYUHJPVUHSLZH4HYPHUV6ZWPUH7tYLaVJ[\IYL (79
 (5+0(J[HZLW[PLTIYL  W"(J[HVJ[\IYL W"(J[HVJ[\IYL
  W"(J[HUV]PLTIYL W"(J[HUV]PLTIYL W
 (U[VUPV6]PLKVHTPUPZ[YVKL9LSHJPVULZ,_[LYPVYLZVJ[\IYL (79

*DLWiQ\ORVLQGXVWULDOHV __
 6LHO3ODQ7UXPDQWLHQGHDOLTXLGDUODVIXHU]DVDUPDGDVTXHJDUDQWLFHQOD
LQGHSHQGHQFLDGHQXHVWURVSDtVHVSDUDWUDQVIRUPDUORVHQVLPSOHVXQLGDGHVEDMR
FRPDQGR\DQTXLVLQPiVSURYHHGRUGHDUPDVTXHORV(VWDGRV8QLGRVSXHVWDV
DOVHUYLFLRGHORVSODQHVGHH[SDQVLyQPXQGLDOGH:DOO6WUHHWHO3ODQ&OD\WRQ
WLHQGHDDFHQWXDUHOFDUiFWHUGHVLPSOHVSURGXFWRUHVGHPDWHULDVSULPDVGHORV
SXHEORVGH$PpULFD/DWLQDGHSHQGLHQWHVSDUDFXDQWRQHFHVLWHQGHODLQGXVWULD
QRUWHDPHULFDQD&RPSUDUEDUDWDVQXHVWUDVPDWHULDVSULPDV\YHQGHUQRVFDURVORV
DUWtFXORVPDQXIDFWXUDGRVVHUtDHOLGHDOGHODVFRUSRUDFLRQHV
3UREDEOHPHQWHGHVFRQRFHGRUHVGHODUHDOLGDGFRORPELDQDORVFRPXQLVWDV
DUJHQWLQRVLJQRUDEDQTXHODVXSXHVWD´EDWDOODµFRQWUDHO´LPSHULDOLVPR\DQTXLµHQ
&RORPELDHVWDEDVLHQGRQHJRFLDGDHQH[FOXVLYRVFRPLWpV\HQHO&RQJUHVRSRUORV
UHSUHVHQWDQWHVGHXQSHTXHxRJUXSRGHLQGXVWULDOHVUHDFFLRQDULRVTXHHVWDEDQILUPH
PHQWHGHFLGLGRVDSUHVHUYDUVXFRQWUROROLJRSyOLFRVREUHORVPHUFDGRVQDFLRQDOHV\
TXHDGHPiVQRHVWDEDQGLVSXHVWRVDFRQFHGHUQLXQiSLFHSDUDD\XGDUDVDWLVIDFHUODV
QHFHVLGDGHV\ORVLQWHUHVHVGHVXVFRPSDWULRWDVDTXLHQHVHOORVGHFtDQUHSUHVHQWDU
0LHQWUDVWDQWRHQ%RJRWi$OIRQVR5RPHUR$JXLUUHVHQDGRUOLEHUDOSRUHO
GHSDUWDPHQWRGH%ROtYDUSUHVHQWyXQQXHYRSUR\HFWRGHUHIRUPDDUDQFHODULDTXH
SUHWHQGtDSURWHJHUWDQWRDOVHFWRUDJUtFRODFRPRDOLQGXVWULDOPDQWHQLHQGRXQ
UtJLGRFRQWUROGHSUHFLRV/DSURSXHVWDGH5RPHUR$JXLUUHUHIOHMDEDODVLGHDV
GHOPLQLVWUR3ULHWR\SRUWDQWRLQTXLHWDEDDORVLQGXVWULDOHV$XQTXHHOSUR\HFWR
GH5RPHUR$JXLUUHQROOHJyPX\OHMRVORVLQGXVWULDOHVHUDQFRQVFLHQWHVGHTXH
FDGDYH]OHVHUDPiVGLItFLOWUDWDUGHHMHUFHUDOJ~QFRQWUROVREUHHO&RQJUHVR
(OUHSUHVHQWDQWH*XVWDYR0HMtD5DPtUH]SUHVHQWyXQSUR\HFWRTXHUHIOHMDEDHQ
SDUWHHVWRVVHQWLPLHQWRVHQOD&iPDUDVXSURSXHVWDLQFOXtDH[HQFLRQHVWULEXWDULDV
SDUDIRPHQWDUODFUHDFLyQGHQXHYDVLQGXVWULDVTXHHPSOHDVHQ~QLFDPHQWHDFR
ORPELDQRV\TXHDGHPiVXWLOL]DVHQH[FOXVLYDPHQWHPDWHULDVSULPDVQDFLRQDOHV
1DWXUDOPHQWHHVWDVQXHYDVLQGXVWULDVFRPSHWLUtDQFRQODV\DH[LVWHQWHV
/RVLQGXVWULDOHVHQFDUJDURQD*XWLpUUH]*yPH]SDUDTXHSUHSDUDVHVXSURSLD
YHUVLyQGHOSUR\HFWRGHUHIRUPDDUDQFHODULDTXHVHUtDHQWUHJDGRDORVDPLJRVGH
OD$1',HQHO&RQJUHVRSDUDTXHORSUHVHQWDVHQ\GHIHQGLHVHQFRPRSURSLR(O
WH[WRGHODSURSXHVWDUHGDFWDGDSRU*XWLpUUH]*yPH]VRVWHQtDTXHRWURVSDtVHV
VXUDPHULFDQRVHQWUHHOORV%UDVLOKDEtDQGHFUHWDGRDO]DVJHQHUDOHVGHODVWDUL
IDVDUDQFHODULDVKDVWDGHO$XQTXH\DOD$1',KDEtDVLGRLQIRUPDGDSRU

 3H5HJP}UVJ[\IYL 3H/VYHVJ[\IYL 

 (*Q\SPV WW
 1VZt.\[PtYYLa.}TLaH,K\HYKV*\tSSHYHNVZ[V (5+0)4(5+0(J[HHNVZ[V
 WW
 (*VJ[\IYL ,SNVIPLYUVUVLZ[HIHKPZW\LZ[VHHWV`HY\UWYV`LJ[VX\L
YLK\QLZLSVZPTW\LZ[VZ`HX\LZLJHSJ\SHIHX\LLSKtÄJP[ÄZJHSWHYH ZLYxHKLHSYLKLKVY
KLTPSSVULZKLWLZVZ=tHZL:LTHUHHNVZ[V W

__ /$2)(16,9$(035(6$5,$/
)UDQFLVFR8PDxD%HUQDOHPEDMDGRUGH&RORPELDHQ5tRGH-DQHLURTXHHVWH
LQFUHPHQWRQRKDEtDVLGRLPSOHPHQWDGR\DTXHHOVyORSUR\HFWRKDEtDJHQHUDGR
´PXFKDRSRVLFLyQHQPXFKRVVHFWRUHVILQDQFLHURV\SROtWLFRVµORVLQGXVWULDOHV
FRORPELDQRVSUHVHQWDURQHOVXSXHVWRSUHFHGHQWHOHJDOEUDVLOHxRFRPRXQKHFKR
\XQPRGHORDVHJXLU)XHDSHQDVQDWXUDOTXHODSURSXHVWDSURWHFFLRQLVWDUH
GDFWDGDSRUOD$1',IXHVHIHUR]PHQWHDWDFDGDWDQSURQWRFRPRVHKL]RS~EOLFD
LQFOXVLYHSRUHOSHULyGLFR(O/LEHUDOGH/ySH]3XPDUHMR
(OGHRFWXEUHGHHOVHQDGRU$OIRQVR%RQLOOD*XWLpUUH]SUHVHQWyXQ
QXHYRSUR\HFWRGHUHIRUPDDUDQFHODULDTXHKDEtDUHFLELGRODDSUREDFLyQGH*DLWiQ
\GH2VSLQD3pUH](OQXHYRSUR\HFWRLQVLVWtDHQODVSROtWLFDVGHFRQWUROGHSUHFLRV\
GHSURWHFFLyQDOVHFWRUDJUtFROD,QWURGXFtDXQDFOiXVXODTXHDXWRUL]DEDDOJRELHUQR
DLQYHVWLJDUORVFRVWRVGHSURGXFFLyQGHODVHPSUHVDVSULYDGDVHVSHFLDOPHQWHODV
PDQXIDFWXUHUDV<HQXQDUHIHUHQFLDFODUDDORVLQGXVWULDOHV%RQLOOD*XWLpUUH]
DGYLUWLyTXHKDEUtDDOJXQDVSHUVRQDVDTXLHQHVOHVLEDDGLVJXVWDUHOSUR\HFWR\D
TXHHOODVDFWXDEDQ´GHQWURGHOHVWUHFKRFtUFXORGHOHJRtVPRµ
9HLQWLFXDWURKRUDVPiVWDUGH*DLWiQDQXQFLyVXFDQGLGDWXUDSUHVLGHQFLDOSDUD
ODVHOHFFLRQHVGH(VDQRFKHIXHPX\FODURHQGHFODUDUHQIiWLFDPHQWHTXHOD
UHIRUPDDUDQFHODULDGHEtDHVWDURULHQWDGDDSURWHJHUDWRGRVORVFRORPELDQRV\QR
VyOR´ORVEHQHILFLRVGHXQJUXSRµ&RQVFLHQWHVGHVXGHELOLGDGHQHO&RQJUHVR
ODVGLUHFWLYDVGHOD$1',HQ0HGHOOtQDFHSWDURQDSR\DUHOSUR\HFWRSUHVHQWDGR
SRU%RQLOOD*XWLpUUH]SHURVXSULPLHQGRODVFOiXVXODVVREUHHOFRQWUROGHSUHFLRV
\VREUHODLQWHUYHQFLyQHVWDWDOHQODLQGXVWULD
(OSUR\HFWRIXHHQYLDGRSURQWDPHQWHDODFRPLVLyQFRUUHVSRQGLHQWHHQHO
6HQDGR*XWLpUUH]*yPH]YLDMyD%RJRWiSDUDSHUPDQHFHUHQHVWUHFKRFRQWDFWR
FRQORVVHQDGRUHVSHURHVWDYH]QRHQFRQWUyHQWUHHOORVXQJUXSRWDQUHFHSWLYR
DORVLQWHUHVHVGHORVLQGXVWULDOHVFRPRVtKDEtDRFXUULGRXQDxRDQWHVHQOD
&RPLVLyQ7HUFHUDGHOD&iPDUD3RUORWDQWRHOSUHVLGHQWHGHOD$1',OODPyD
&DUORV-(FKDYDUUtDSDUDFRPHQWDUOHTXHVHKDOODEDSURIXQGDPHQWH´GHVLOXVLR
QDGR\GHVDOHQWDGRµSRUODV´LQWHUIHUHQFLDVSROtWLFDVµHQFRQWUDGHODXPHQWRHQ
ODVWDULIDVDUDQFHODULDV

 =tHZL¸,_WVZPJP}UKLTV[P]VZHSWYV`LJ[VKLSL`ZVIYLH\[VYPaHJPVULZHSZL|VYWYLZPKLU[LKLSH
9LW‚ISPJHWHYHTVKPÄJHYLSHYHUJLSKLHK\HUHZ¹ZM(5+0(+(9-YHUJPZJV<TH|H)LYUHS
H1VZt.\[PtYYLa.}TLaZLW[PLTIYL (5+0(+(9(5+0(J[HZLW[PLTIYL
W
 ,S3PILYHSVJ[\IYL 
 (*VJ[\IYL WW  :LTHUHVJ[\IYL W
  ,S;PLTWVVJ[\IYL 
 (5+0(J[HVJ[\IYL WW
 (*UV]PLTIYL W"UV]PLTIYL W
 1VZt.\[PtYYLa.}TLaH(5+04LKLSSxUVJ[\IYL (5+0)4(5+0(J[HVJ[\IYL
  WW  WW

*DLWiQ\ORVLQGXVWULDOHV __
 $OPLVPRWLHPSRÉOYDUR0iUTXH]\$XJXVWR(VSLQRVD9DOGHUUDPDGRVMyYHQHV
UHSUHVHQWDQWHVOLEHUDOHVHVWDEDQHQHO&RQJUHVRLPSXOVDQGRODVLGHDVGH*DLWiQ
VREUHHOSURWHFFLRQLVPR0iUTXH]HUDRULXQGRGH7XPDFRHQHOGHSDUWDPHQWRGH
1DULxR\(VSLQRVD9DOGHUUDPDTXLHQHUDXQDGHODVSHUVRQDVPiVULFDVGHOGHSDU
WDPHQWRGH6DQWDQGHUSHUWHQHFtDD´ODROLJDUTXtDGRUDGDµFRPROREDXWL]DUDXQD
UHYLVWDGHODpSRFD$PERVHUDQPLHPEURVGHODVVHFFLRQDOHVORFDOHVGHOD6RFLHGDG
GH$JULFXOWRUHVGH&RORPELD\WHQtDQLQWHUHVHVHQHOVHFWRUJDQDGHUR
*DLWiQVHUHXQLyFRQ%RQLOOD*XWLpUUH]\FRQ(VSLQRVD9DOGHUUDPD\OHVSURSXVR
ODFUHDFLyQGHXQDQXHYD´-XQWD1DFLRQDOGH3ROtWLFD$UDQFHODULDµTXHKDEUtDGH
UHPSOD]DUDODYLHMD-XQWD1DFLRQDOGH$GXDQDVHQODFXDOORVLQGXVWULDOHVWHQtDQ
PXFKDLQIOXHQFLD$GHPiVFRPR*DLWiQ\VXVDVRFLDGRVH[SOLFDURQDODSUHQVD
ORVPLHPEURVGHODQXHYDMXQWDVHUtDQWRGRV´WpFQLFRVµVXSXHVWDPHQWHVLQFRQ
H[LRQHVFRQQLQJ~QJUXSRGHHPSUHVDULRV$QWHODTXHMDGHORVLQGXVWULDOHVGH
TXHODUHRUJDQL]DFLyQGHODMXQWDHQFDUJDGDGHODUHIRUPDDUDQFHODULDSURORQJDUtD
LQQHFHVDULDPHQWHHOSURFHVR*DLWiQOHVUHVSRQGLyGHLQPHGLDWRFRQXQWHOHJUDPD
TXHFRQWHQtDXQDJUDQGRVLVGHFLQLVPR\TXHUDWLILFDEDVXVLQWHQFLRQHV
1RVVDWLVIDFHPXFKRKD\DPRVFRLQFLGLGRFRQXVWHGHVUHVSHFWRQHFHVLGDG
FRPLWpHQFDUJDGRUHYLVDUWDULIDDGXDQHUDLQWpJUHVHFRQSHUVRQDOYHUVDGRDVXQWRV
HFRQyPLFRVSHURHTXLGLVWDQWHLQWHUHVHVHQSXJQD
(QWRQFHV OD $1', GHFLGLy LQYLWDU D *DLWiQ \ D YDULRV SDUODPHQWDULRV \
SHULRGLVWDVDTXHYLVLWDVHQODVIiEULFDVGHOiUHDPHWURSROLWDQDGH0HGHOOtQGRQGH
VXSXHVWDPHQWHOHVPRVWUDUtDQ´REMHWLYDPHQWHVXRUJDQL]DFLyQVXSROtWLFDVRFLDO
>\@VXVSUREOHPDVGHSURGXFFLyQµ
*DLWiQQRIXHD0HGHOOtQSHUROHVVROLFLWyD%RQLOOD*XWLpUUH]\DGRVGHORV
GLUHFWLYRV GHO SHULyGLFR -RUQDGD TXH YLDMDUDQ HQ VX UHSUHVHQWDFLyQ 8QD YH]
OOHJDURQDODFDSLWDODQWLRTXHxDORVDPLJRVGH*DLWiQ\RWURJUXSRGHYLVLWDQWHV
IXHURQDWHQGLGRVSHUVRQDOPHQWHSRUORVLQGXVWULDOHVPiVSRGHURVRVGH&RORPELD
LQFOXLGRVORV(FKDYDUUtD\-HV~V0RUD-RVp*LRUGDQHOOLGH(O7LHPSRTXLHQ\D
KDEtDWRPDGRSDUWLGRHQHODVXQWRHVFULELyTXHODVIiEULFDVGH$QWLRTXLDHUDQ´XQ

 7LYY`VWJP[ WW:LTHUHZLW[PLTIYL W 

 ,S;PLTWVVJ[\IYLUV]PLTIYL 
 ,SZ\IYH`HKVLZKLSH\[VY¸;LSLNYHTHH1,.((SMVUZV)VUPSSH.\[PtYYLa`(\N\Z[V,ZWPUVZH
=HSKLYYHTH¹VJ[\IYL (5+0(+(9,S;PLTWVUV]PLTIYL  
 1VZt.\[PtYYLa.}TLaH*VTPZP}U;LYJLYHKLS:LUHKVUV]PLTIYL (5+0(+(91VZt
.\[PtYYLa.}TLaH*VTPZP}U;LYJLYHKLSH*mTHYHUV]PLTIYL (5+0(+(91VZt
.\[PtYYLa.}TLaH,K\HYKV*\tSSHYUV]PLTIYL (5+0(+(91VZt.\[PtYYLa.}TLa
H.PSILY[V(SaH[L(]LUKH|VUV]PLTIYL (5+0(+(91VZt.\[PtYYLa.}TLaH
,K\HYKV*\tSSHYUV]PLTIYL (5+0+;(*UV]PLTIYL W
 ,S;PLTWVUV]PLTIYL :LTHUHUV]PLTIYL 

__ /$2)(16,9$(035(6$5,$/
JUDQFDSLWDODOVHUYLFLRGHOD5HS~EOLFDµ\DJUHJyTXHODSURWHFFLyQDUDQFHODULD
WUDHUtDPD\RUSURGXFFLyQLQGXVWULDO\FRPRFRQVHFXHQFLDSUHFLRVPiVEDMRV
SDUDORVFRQVXPLGRUHV(OPLVPR*XWLpUUH]*yPH]VHHQFDUJyGHDVHJXUDUD
VXVLQYLWDGRVTXHOD$1',KDUtDWRGRORTXHHVWXYLHUDDVXDOFDQFHFRQHOILQGH
UHEDMDUORVSUHFLRVGHODVPDQXIDFWXUDVQDFLRQDOHV
'HVSXpVTXHHOJUXSRDEDQGRQyD0HGHOOtQORVLQGXVWULDOHVSHQVDURQTXH
KDEtDQFRQYHQFLGRDVXVLQYLWDGRVLQFOX\HQGRDORVHQYLDGRVGH*DLWiQ\TXHHO
SUR\HFWRGHODUHIRUPDDUDQFHODULDVHUtDUHYLVDGRGHDFXHUGRFRQODVVXJHUHQFLDVGH
OD$1',6LQHPEDUJRORVLQGXVWULDOHVH[DJHUDURQVXVSRGHUHVGHSHUVXDVLyQ\
IXHURQVRUSUHQGLGRVXQRVSRFRVGtDVPiVWDUGHFXDQGRHOSUR\HFWRIXHSUHVHQWDGR
HQHO&RQJUHVRVLJXLHQGRODVLQGLFDFLRQHVGH*DLWiQ/DVFOiXVXODVSULQFLSDOHV
TXHGLVWDEDQSRUFRPSOHWRGHSURWHJHUDODJUDQEXUJXHVtDLQGXVWULDOLQFOXtDQ
ORVVLJXLHQWHVSXQWRV
‡ /RV´IUXWRVGHODSURWHFFLyQµ VHUtDQGLVWULEXLGRV HQWUH WRGRV ´ORV VHFWRUHV
FRQVWLWXWLYRVGHOPHUFDGRQDFLRQDOµHVRHVSURGXFWRUHVGHPDWHULDVSULPDV
LQGXVWULDOHVFRPHUFLDQWHV\FRQVXPLGRUHV
‡ &RPEDWLUODIRUPDFLyQGHPRQRSROLRVHQHOSDtV
‡ &UHDFLyQ GH OD &RPLVLyQ GH 3ROtWLFD $UDQFHODULD OD FXDO KDUtD SDUWH GHO
0LQLVWHULRGHOD(FRQRPtD1DFLRQDO$GHPiV´GXUDQWHHOHMHUFLFLRGHVXFDUJR
ORVPLHPEURVGHODFRPLVLyQQRSRGUiQWHQHULQWHUpVSULYDGRHQODVHPSUHVDV
LQGXVWULDOHVRFRPHUFLDOHVFX\DVLWXDFLyQKD\DGHHVWXGLDUVHµ'HEHUHFRUGDUVH
TXHHOPLQLVWURGHOD(FRQRPtD1DFLRQDOHQHVHPRPHQWRHUDOXJDUWHQLHQWH
GH*DLWiQ
‡ /D DQWLJXD -XQWD 1DFLRQDO GH $GXDQDV KDVWD HQWRQFHV SHUWHQHFLHQWH DO
0LQLVWHULR GH +DFLHQGD VH FRQYHUWLUtD HQ XQD GHSHQGHQFLD GH FDUiFWHU
PHUDPHQWHFRQVXOWLYRGHOD&RPLVLyQGH3ROtWLFD$UDQFHODULD
‡ &RQWUROGHSUHFLRV
‡ /DVLQGXVWULDVQDFLRQDOHVWHQGUtDQODREOLJDFLyQGHXWLOL]DUPDWHULDVSULPDV
GRPpVWLFDV
‡ (VWDEOHFLPLHQWRGHFRQWUROHVGHFDOLGDG
‡ /DVHPSUHVDVLQGXVWULDOHVVyORSRGUtDQLPSRUWDU´HOHPHQWRVQHFHVDULRVSDUDHO
GHVDUUROORSURSLRGHVXVWUDEDMRV\HOPHMRUDPLHQWRGHVXVLQVWDODFLRQHVµ(VWD
FOiXVXODHUDWDPELpQXQDWDTXHGLUHFWRDODVIiEULFDVWH[WLOHUDVTXHLPSRUWDEDQ
SURGXFWRVWHUPLQDGRVTXHDVXYH]HUDQYHQGLGRVSRUVXVSURSLDVDJHQFLDV
PD\RULVWDV

 ,S;PLTWVUV]PLTIYL 

  ,S;PLTWVUV]PLTIYL 
 (5+0(J[HUV]PLTIYL WW

*DLWiQ\ORVLQGXVWULDOHV __
 ‡ /DVILUPDVTXHLQWHQWDVHQGHDOJXQDIRUPDHOLPLQDUODFRPSHWHQFLDQRWHQGUtDQ
GHUHFKRDOLFHQFLDVGHLPSRUWDFLyQ\H[SRUWDFLyQ(VWRSRGUtDLQWHUSUHWDUVH
FRPRXQDWDTXHIURQWDODODFDUWHOL]DFLyQGHODLQGXVWULDQDFLRQDOTXHDXQTXH
WXYRVXVRUtJHQHVHQODGpFDGDGHORVDxRVVHJXtDVLHQGRLPSXOVDGDSRUORV
PDJQDWHVTXHGRPLQDEDQOD$1',
‡ (OGHORVLPSXHVWRVVREUHODUHQWDSDJDGRVSRUORVLQGXVWULDOHVVHUtDGHV
WLQDGRDOD&DMDGH&UpGLWR$JUDULR\DO,1$
‡ /RVLQGLYLGXRV\ODVILUPDVTXHSDJDVHQLPSXHVWRVSRU´H[FHVRGHXWLOLGDGHVµ
VHUtDQREOLJDGRVDFRPSUDU%RQRVGH)RPHQWR$JUtFROD/RVGLQHURVUHFDX
GDGRVSRUHVWHPHGLRVHUtDQFDQDOL]DGRVDIRUWDOHFHUILQDQFLHUDPHQWHOD&DMD
GH&UpGLWR$JUDULR\DO,1$(VWDVGRV~OWLPDVFOiXVXODVVRQWDPELpQPX\
VLJQLILFDWLYDV\DTXHFRPRVHDQRWyHQFDStWXORVDQWHULRUHVOD)HGHUDFLyQ
1DFLRQDOGH&DIHWHURVHUDDFFLRQLVWDGHO,1$
(VSLQRVD9DOGHUUDPDTXLHQDGHPiVGHVHUSRQHQWHGHOSUR\HFWRHUDDVHVRUGHO
3DUWLGR/LEHUDOHQDVXQWRVHFRQyPLFRVIXHHQIiWLFRHQDILUPDUTXH´HOSURWHF
FLRQLVPRTXHVHHVWDEOHFHUiSRUPHGLRGHODOH\VHUiFRQGLFLRQDGRDOELHQHVWDU
GHWRGRVORVFRORPELDQRVµ<DSHVDUGHVXVSRVLWLYDVDOXVLRQHVDODVLGHDVGHO
HFRQRPLVWDDUJHQWLQR5D~O3UHELVFKDWDFyDODVJUDQGHVILUPDVLQGXVWULDOHVTXH
HQVXRSLQLyQVHFRPSRUWDEDQFRPRFDUWHOHV\ILMDEDQDVXDQWRMRORVSUHFLRVTXH
SDJDUtDQSRUORVLQVXPRVDJUtFRODVGRPpVWLFRV(VSLQRVD9DOGHUUDPDDUJXPHQWy
YHKHPHQWHPHQWHHQHO&RQJUHVRTXH
1RSRGHPRVVHJXLUDVLVWLHQGRLPSiYLGRVDOKHFKRLQVyOLWRGHTXHHOWUDEDMRGH
ORVOXFKDGRUHVFRORPELDQRVTXHVHGHGLFDQDFXOWLYDUODWLHUUDQRREWHQJDQLQJXQD
UHPXQHUDFLyQHQYLUWXGGHODDFWLYLGDGGHPXFKDVHPSUHVDVSUHSRWHQWHVTXHVH
DWULEX\HQHOGHUHFKRGHVHxDODUORVSUHFLRVDVXFDSULFKR6LVHYDDSURWHJHUDODV
HPSUHVDVTXHVHGHGLFDQDODWUDQVIRUPDFLyQLQGXVWULDOQRHVSDUDTXHDXPHQWHQ
FRSLRVDPHQWHVXVGLYLGHQGRVVLQRSDUDTXHSDJXHQDOSUHFLRMXVWRODPDWHULD
SULPDTXHVHSURGXFHHQQXHVWURVXHOR
/RVLQGXVWULDOHVHVWDEDQWDQDWXUGLGRVFRPRVLKXELHVHQVLGRDPHQD]DGRVSRU
XQDUHYROXFLyQ,QPHGLDWDPHQWHGHVSXpVGHODSRQHQFLDGH(VSLQRVD9DOGHUUDPD
HQHO&RQJUHVRVHUHXQLHURQHQ0HGHOOtQ\VHTXHMDURQGHTXHHOSUR\HFWRWDO
FRPRKDEtDVLGRILQDOPHQWHSUHVHQWDGRWHQtD´FRQVHFXHQFLDV\ILQDOLGDGHVTXH

 (*KPJPLTIYL WW,S;PLTWVUV]PLTIYL 

 ¸,_WVZPJP}U KL TV[P]V KLS OVUVYHISL YLWYLZLU[HU[L(\N\Z[V ,ZWPUVZH=HSKLYYHTH ZVIYL LS
WYV`LJ[VKLSL`WVYLSJ\HSZLVYKLUHSHYL]PZP}UKLSHYHUJLSHK\HULYVZLKPJ[HUUVYTHZKL
WVSx[PJHLJVU}TPJH`ZLPU]PZ[LKLMHJ\S[HKLZL_[YHVYKPUHYPHZHSWYLZPKLU[LKLSH9LW‚ISPJH¹
(*KPJPLTIYL WW

__ /$2)(16,9$(035(6$5,$/
ODDVRFLDFLyQQRHVSHUDEDQLKDEtDSUHYLVWRµ8QJUXSRGHORVGLUHFWLYRVGHOD
$1',VHDSUHVXUyDYLDMDUD%RJRWiSDUDHMHUFHUODVSUHVLRQHVSROtWLFDVGHOFDVR
PLHQWUDVORVUHSUHVHQWDQWHVGHILUPDVLQGXVWULDOHVVHUHXQLHURQGHQXHYRHQOD
FDSLWDODQWLRTXHxD8QRGHHOORVFRPHQWyHQWRQFHVTXHODVSURSXHVWDVLQVSLUDGDV
SRU*DLWiQHUDQ´SHOLJURVDVµ\HVWDEDQGHVWLQDGDVDSURPRYHU´XQYXHOFRWRWDODODV
LQVWLWXFLRQHVHFRQyPLFDVTXHQRVKDQUHJLGRµ7RGRVDVLQWLHURQ\FRQYLQLHURQHQ
TXHKDEtDOOHJDGRHOPRPHQWRGHFRPEDWLUDELHUWDPHQWHFRQWRGDVVXVHQHUJtDV
QRVyORHOSUR\HFWRVLQRWDPELpQD*DLWiQ
7DPELpQORVLQGXVWULDOHVHQ%RJRWiHVWDEDQPX\DJLWDGRV&XpOODUVHQWtDTXH
VXVSUHYHQFLRQHV\WHPRUHVVREUH*DLWiQVHHVWDEDQFXPSOLHQGR\HQYLyXQD
FDUWDDWRGRVORVDILOLDGRVGHOD$1',HQHOSDtVHQODFXDOGHVFULEtDHOSUR\HFWR
TXHFXUVDEDHQHO&RQJUHVRFRPRXQDWHQWDGR´FRQWUDODVROLGH]\ODHVWDELOLGDG
GHODLQGXVWULDFRORPELDQDµ
/DDWPyVIHUDSROtWLFDQRSRGtDHVWDUPiVFDOGHDGD(XJHQLR*yPH]3DUUDXQ
WHUUDWHQLHQWHGH6DQWDQGHU\YHWHUDQRGHOD*XHUUDGHORV0LO'tDVHUDHOUHSUH
VHQWDQWHGHORVDJULFXOWRUHVHQOD-XQWD1DFLRQDOGH$GXDQDV*yPH]3DUUDFUH\y
OOHJDGRVXWXUQRSDUDDWDFDUHOSURWHFFLRQLVPR\DORVLQGXVWULDOHVDTXLHQHVDFXVy
GHREWHQHUJDQDQFLDVWDQH[RUELWDQWHVTXHVXSXHVWDPHQWHOHVKDEtDQSHUPLWLGR
PXOWLSOLFDUVXVDFWLYRVGRFHYHFHVHQXQSHUtRGRGHVyORVLHWHDxRV
6LPXOWiQHDPHQWH DO GHEDWH VREUH HO SURWHFFLRQLVPR \ OD DUUHPHWLGD HQ
FRQWUDGHORVLQGXVWULDOHVORVOLEHUDOHV\ORVFRQVHUYDGRUHVHVWDEDQDWDFiQGRVH
PXWXDPHQWHHQHO&RQJUHVR\HQODSUHQVD/RVOLEHUDOHVHVWDEDQHPSHxDGRVHQ
UHIRUPDUOD3ROLFtD1DFLRQDODORFXDOVHRSRQtDQORVFRQVHUYDGRUHV(OPLQLVWUR
GH*RELHUQRHOFRQVHUYDGRU-RVp$QWRQLR0RQWDOYRGHFODUyTXHHVWDEDGLVSXHVWR
DGHIHQGHUODVLQVWLWXFLRQHV´DVDQJUH\IXHJRµ2WURGHUHFKLVWD*LOEHUWR$O]DWH
$YHQGDxRHVFULELyXQHGLWRULDOHQVXSHULyGLFR(FR1DFLRQDOH[LJLHQGRDO3DUWLGR
&RQVHUYDGRUODH[FOXVLyQGHORVOLEHUDOHVGHORVRUJDQLVPRVJXEHUQDPHQWDOHV
3DUDVDWLVIDFFLyQGHORVHOHPHQWRVPiVUDGLFDOHVGHVXSDUWLGR2VSLQD3pUH]
SUiFWLFDPHQWHGHVWLWX\yDOJREHUQDGRUGH&XQGLQDPDUFDHOOLEHUDO$QWRQLR
,]TXLHUGR7ROHGR6LQHPEDUJRHVWRQRIXHVXILFLHQWHSDUDH[WUHPLVWDVFRPR
/DXUHDQR*yPH]TXLHQUHSLWLyHQXQGLVFXUVRSRUODUDGLRVXYLHMDKLVWRULDGH
TXHHO3DUWLGR/LEHUDOWHQtDHQVXSRGHUFpGXODVGHFLXGDGDQtDIDOVDV
SDUDXWLOL]DUODVFRQILQHVHOHFWRUDOHV

 (5+0(J[HUV]PLTIYL WW1VZt.\[PtYYLa.}TLaH(5+0)VNV[HUV]PLTIYL

 (5+0+;
 (5+0(J[H  UV]PLTIYL    WW (5+0 4LKLSSxU H 1VZt .\[PtYYLa .}TLa
UV]PLTIYL 
 ,K\HYKV*\tSSHY¸*PYJ\SHYHSVZHZVJPHKVZ¹5VUV]PLTIYL (5+0(+(9
 *P[HKVKL,S9LSH[VY*HSPLU,S;PLTWVUV]PLTIYL 

*DLWiQ\ORVLQGXVWULDOHV __
 &RPRUHVSXHVWDDOHPEDWHGHORVFRQVHUYDGRUHVORVOLEHUDOHVDPHQD]DURQ
FRQUHWLUDUVXVPLQLVWURVGHOJDELQHWHGH2VSLQD3pUH]ORFXDOSURIXQGL]DUtDD~Q
PiVODFULVLVSROtWLFDSHURODPXHUWHV~ELWDGH*DEULHO7XUED\³TXLHQDPDUJDGR
SRUVXGHUURWDHQVHKDEtDLGRDYLYLUHQ3DUtV³VDFXGLyDORVSROtWLFRVGH
DPERVSDUWLGRV\FRQWULEX\ySUREDEOHPHQWHDFDOPDUORViQLPRV'HVSXpVGH
DOJXQDVQHJRFLDFLRQHV*DLWiQGHFLGLySHUPDQHFHUHQHOJRELHUQRGHFRDOLFLyQ
FRQHO3UHVLGHQWH\VHDEVWXYRGHH[LJLUDVXVVHJXLGRUHVTXHUHQXQFLDUDQDVXV
FDUJRVGHPLQLVWURV
(OGHQRYLHPEUHGHVXSHUDGDODFULVLVSROtWLFDORVLQGXVWULDOHV
LQYLWDURQD*DLWiQDDOPRU]DUFRQHOORVHQHOH[FOXVLYR´*XQ&OXEµHQ%R
JRWi $OOt *XWLpUUH] *yPH] \ YDULRV LQGXVWULDOHV GH 0HGHOOtQ \ %RJRWi VH
UHXQLHURQFRQ*DLWiQ%RQLOOD*XWLpUUH]\(VSLQRVD9DOGHUUDPD*XWLpUUH]
*yPH]WRPyODLQLFLDWLYD\HPSH]yDFULWLFDUSXQWRSRUSXQWRFDGDXQDGH
ODVFOiXVXODVGHOSUR\HFWRGHUHIRUPDDUDQFHODULDSUHVHQWDGRHQHO&RQJUHVR
*DLWiQUHVSRQGLyFRQHODUJXPHQWRGHTXHpOQRWHQtDQDGDHQFRQWUDGHO
SURWHFFLRQLVPRFRQWDOGHTXHpVWHIXHUD´JOREDOµ\OHLQVLQXyD*XWLpUUH]
*yPH]TXHOD$1',VXJLULHVHXQSUR\HFWRDOWHUQDWLYR(OGLULJHQWHJUHPLDO
UHKXVySDUDHYLWDUDVtTXHKXELHVHQGRVSUR\HFWRVXQR´GHOSDUWLGROLEHUDOµ
\ RWUR ´GH ORV LQGXVWULDOHVµ )LQDOPHQWH VH DFRUGy VROLFLWDU DO FRQJUHVLVWD
0iUTXH] TXH UHGDFWDVH XQ QXHYR SUR\HFWR HO FXDO WHQGUtD HQ FXHQWD ORV
LQWHUHVHVGHORVLQGXVWULDOHV
(ODSDUHQWHHQWHQGLPLHQWRHQWUH*DLWiQ\ORVLQGXVWULDOHVVHKL]RS~EOLFR
UiSLGDPHQWH\OHWUDMRIXHUWHVFUtWLFDVDOOtGHUOLEHUDO(QHO&RQJUHVRXQSDUOD
PHQWDULRGHVFULELyHODOPXHU]RHQHO´*XQµFRPRXQD´FRPLORQDXQIHVWtQGH
FDEHFLOODVGHO¶SDtVQDFLRQDO·YHUVLyQPRGHUQDGHODQWLJXR\GHVDFUHGLWDGR¶SDtV
SROtWLFR·\GHSULPDWHVGHODDVLPLVPROODPDGD¶ROLJDUTXtDILQDQFLHUD·µ<FRQFOX\y
GLFLHQGRTXHVL*DLWiQKDEtDDFHSWDGRUHXQLUVHFRQORVLQGXVWULDOHVHUDSRUTXH
HVWRV~OWLPRV´DXQTXHLPSRWHQWHVSDUDKDFHUSUHVLGHQWHVQRORVRQWDQWRSDUD
LPSHGLUTXHGHWHUPLQDGRFDQGLGDWRORVHDµ
0LHQWUDV WDQWR ORV LQGXVWULDOHV VH UHXQtDQ HQ 0HGHOOtQ \ HQFDUJDEDQ D
*XWLpUUH]*yPH]\DXQRGHORVDVHVRUHVOHJDOHVGHOD$1',SDUDTXHSUHSDUDVHQ
ODVSURSXHVWDVTXHVHUtDQSUHVHQWDGDVD*DLWiQ\D0iUTXH])XHUDGHODSRVLEOH
LQVWLWXFLRQDOL]DFLyQGHOFRQWUROGHSUHFLRV\GHODFOiXVXODTXHORVREOLJDUtDD
FRQVXPLUPDWHULDVSULPDVQDFLRQDOHVORTXHPiVSUHRFXSDEDDORVLQGXVWULDOHV
HUDODFUHDFLyQGHOD´&RPLVLyQGH3ROtWLFD$UDQFHODULDµTXHHOORVFRQVLGHUDEDQ

 ,S;PLTWVUV]PLTIYL 

 (5+0(J[HUV]PLTIYL WW ,S;PLTWVUV]PLTIYL 
  (*UV]PLTIYL WW  

__ /$2)(16,9$(035(6$5,$/
FRPR´LQWHUYHQFLyQHVWDWDOµXQHXIHPLVPRDSURSyVLWRSDUDFXDOTXLHUDJHQFLD
JXEHUQDPHQWDOTXHHOORVQRSXGLHVHQFRQWURODUDVXDQWRMR
'HVSXpVGHODUHXQLyQGH0iUTXH]FRQORVUHSUHVHQWDQWHVGHOD$1',)HQDOFR
\OD6RFLHGDG&RORPELDQDGH$JULFXOWRUHV6$&VHORJUyXQDFXHUGRHQWUHORV
GLIHUHQWHVJUHPLRV\VHSUHVHQWyXQSUR\HFWRGHFRPSURPLVRDOD&RPLVLyQ7HUFHUD
GHOD&iPDUD(OQXHYRSUR\HFWRLQVLVWtDHQODVFOiXVXODVTXHSURWHJtDQDOVHFWRU
DJUtFROD\PDQWHQtDORVFRQWUROHVGHSUHFLRVSHURHOLPLQDEDOD´&RPLVLyQGH
3ROtWLFD$UDQFHODULDµTXHVHKDEtDSURSXHVWRDQWHV/RVLQGXVWULDOHVDFHSWDURQ
ORVFDPELRV\XUJLHURQDO&RQJUHVRDTXHDSUREDVHODUHIRUPD
'HRWUDSDUWHQL%RQLOOD*XWLpUUH]QL(VSLQRVD9DOGHUUDPDHVWDEDQVDWLVIHFKRV
FRQODQXHYDVLWXDFLyQ(OSULPHURLQVLVWLyHQFUHDUOD´&RPLVLyQGH3ROtWLFD
$UDQFHODULDµ GH OR FRQWUDULR VRVWHQtD pO OD $1', WHQGUtD XQD LQIOXHQFLD
GHVSURSRUFLRQDGDHQHOFXUVRGHODUHIRUPDGDGRVORVYtQFXORVGHODDVRFLDFLyQ
FRQPLHPEURVLPSRUWDQWHVGHOSRGHUHMHFXWLYRLQFOXLGR-RVp0DUtD%HUQDOQXHYR
PLQLVWURGH+DFLHQGD(VSLQRVD9DOGHUUDPDWDPELpQH[SUHVyVXVREMHFLRQHV
HQS~EOLFR\HQVHJXLGDVHUHXQLyHQSULYDGRFRQ0iUTXH]\%HUQDO'HWRGDV
IRUPDVODQXHYDSURSXHVWDIXHGLVFXWLGD\DSUREDGDSRUOD&RPLVLyQ7HUFHUD\
HQYLDGDDODUHXQLyQSOHQDULDGHOD&iPDUD
3DUHFtDTXHWRGRVVHHQFRQWUDEDQVDWLVIHFKRVFRQHODFXHUGR/RVLQGXVWULD
OHVSHQVDEDQTXHGDGDVODVFLUFXQVWDQFLDVHUDORPHMRUTXHSRGUtDQREWHQHU
ORVDJULFXOWRUHVIHOLFLWDURQD0iUTXH]SRUVXVEXHQRVVHUYLFLRV\2VSLQD3pUH]
UHFRUGyDO&RQJUHVRTXHHO(VWDGRGHEHUtDKDFHUWRGRORSRVLEOHSDUDUHFRQFLOLDU
ORVLQWHUHVHVGHORVGLIHUHQWHVJUXSRVGHHPSUHVDULRVVLQROYLGDUORVSURJUDPDV
TXHDVHJXUDVHQXQGHVDUUROORHFRQyPLFREDODQFHDGRGHOSDtV

 (5+0(J[H UV]PLTIYL WW"(J[HUV]PLTIYL WmZZPT3HZLJJP}U

ÄUHUJPLYHKL,S;PLTWVJVU]LY[PKHLU\UVKLSVZ]VJLYVZUVVÄJPHSLZKLSH(5+0JYP[PJHIHSH
PU[LY]LUJP}ULZ[H[HSJ\HUKVtZ[HUVMH]VYLJxHSVZPU[LYLZLZKLSVZPUK\Z[YPHSLZ`Z\W\LZ[HTLU[L
HTLUHaHIHJVUKLZ[Y\PYLSZPZ[LTHKLSPIYLLTWYLZH=tHZL,S;PLTWVUV]PLTIYL 
 1VZt.\[PtYYLa.}TLaH(5+04LKLSSxU)HYYHUX\PSSH`*HSPUV]PLTIYL (5+0)4
(5+0(J[HUV]PLTIYL WW(*UV]PLTIYL WW
 (5+0 4LKLSSxU H WYLZPKLU[L :LUHKV KPJPLTIYL   (5+0(+(9(5+0 4LKLSSxU H
WYLZPKLU[L*mTHYHKPJPLTIYL (5+0(+(9(5+04LKLSSxUHTPLTIYVZ*VTPZP}U
;LYJLYH:LUHKVKPJPLTIYL (5+0(+(9(5+04LKLSSxUHTPLTIYVZ*VTPZP}U;LYJLYH
*mTHYHKL9LWYLZLU[HU[LZKPJPLTIYL (5+0(+(9
 ,S;PLTWVKPJPLTIYL 
 (*KPJPLTIYL WW ,S;PLTWVKPJPLTIYL 
 (*KPJPLTIYL W"KPJPLTIYL WW"LULYV WW 
"LULYV WW"HIYPS W"HIYPS W 
 1VZt.\[PtYYLa.}TLaH(5+04LKLSSxU)HYYHUX\PSSH`*HSPKPJPLTIYL (5+0)4
(5+04LKLSSxUH(5+0)VNV[mKPJPLTIYL (5+0+;(5+0(J[HKPJPLTIYL
 WW"(J[HKPJPLTIYL W,S;PLTWVKPJPLTIYL (*KPJPLTIYL
 WW

*DLWiQ\ORVLQGXVWULDOHV __
 6LQHPEDUJRHQODQRFKHGHOGHGLFLHPEUHGHXQDQXHYDFULVLVSROtWLFD
VHGHVDWyHQHO&RQJUHVRFXDQGR$XJXVWR5DPtUH]0RUHQRXQFRQRFLGRSROtWLFR
GHGHUHFKDGHOFRQVHUYDWLVPRGHQXQFLyTXHHQVXSDUWLGRKDEtDFRQWULEXLGR
HFRQyPLFDPHQWHDODFDPSDxDSUHVLGHQFLDOGH*DLWiQ5DPtUH]0RUHQRPRVWUy
HQS~EOLFRYDULRVUHFLERVTXHDSDUHQWHPHQWHSUREDEDQTXHYDULRVJDLWDQLVWDV
HQWUHHOORVHOKHUPDQRGH*DLWiQKDEtDQDFHSWDGRGLQHURGHORVFRQVHUYDGRUHV
SDUDILQDQFLDUODFDPSDxDHQ%R\DFi$~QPiVWDPELpQUHYHOyTXHHOVHFUHWDULR
JHQHUDO GHO GLUHFWRULR JDLWDQLVWD HQ 0HGHOOtQ KDEtD UHFLELGR  SHVRV GHO
GLUHFWRULRFRQVHUYDGRUORFDOSDUDFXEULUORVJDVWRVGHXQDYLVLWDGH*DLWiQDOD
FDSLWDODQWLRTXHxD&RQHVHGLQHURVHKDEUtDILQDQFLDGRQRVyORODUHFHSFLyQGHO
HQWRQFHVFDQGLGDWRDOD3UHVLGHQFLDVLQRWDPELpQHOSUHFLRGHORVDILFKHVFRQOD
IRWRGH*DLWiQ\ORVKRQRUDULRVGHXQJUXSRGHP~VLFRV
 (VD QRFKH QDGLH FRQWHVWy D ODV JUDYHV DFXVDFLRQHV 1R REVWDQWH DO GtD
VLJXLHQWHHQHOUHFLQWRGHOD&iPDUD&pVDU2UGyxH]4XLQWHURXQFRQJUHVLVWD
JDLWDQLVWDGH6DQWDQGHUUHWyDGXHORD5DPtUH]0RUHQR(QPHGLRGHLQVXOWRV
\DFXVDFLRQHV2UGyxH]4XLQWHUR\3DEOR7RURXQSDUODPHQWDULRFRQVHUYDGRU
GHVHQIXQGDURQVXVUHYyOYHUHV$XQTXHQRVHSURGXMRHQWRQFHVQLQJ~QGLVSDUR
XQSHULRGLVWDGHVFULELyDO&RQJUHVRFRPR´XQVHWGHSHOtFXODPH[LFDQDGXUDQWH
ODILOPDFLyQGHODYLGDKXUDFDQDGDGH3DQFKR9LOODµDJUHJDQGRTXH´HOUHSUH
VHQWDQWH>FRQVHUYDGRU@3ODWD%HUP~GH]FDGDGtDVHSDUHFHPiVD-RUJH1HJUHWH
>XQFRQRFLGRDFWRUPH[LFDQRGHODpSRFD@µ(VHPLVPRGtD*DLWiQVHUHXQLy
FRQODMXQWDDVHVRUDGHO3DUWLGR/LEHUDOHQHOROLJiUTXLFR´-RFNH\&OXEµGRQGH
DSDUHQWHPHQWHVHOHVXJLULyTXHFRPSDUWLHVHHOSRGHUFRQ'DUtR(FKDQGtDHQ
XQDFRGLUHFFLyQGHOGLUHFWRULRQDFLRQDOGHOSDUWLGR
'RVGtDVGHVSXpVFXDQGRSURQXQFLyXQGLVFXUVRDQWHORVGHOHJDGRVDO1RYHQR
&RQJUHVR6LQGLFDOGHOD&7&HQ&DOL*DLWiQFRQWUDDWDFyHQFDUDQGRORVUHWRVTXH
YHQtDQGHOVHQRGHVXPLVPRSDUWLGR$OOtGHQXQFLyDOD´SOXWRFUDFLDOLEHUDOµ\
HQIDWL]yTXHQRKDEtDQLQJXQDGLIHUHQFLDHQWUHROLJDUFDVFRQVHUYDGRUHV\ROLJDUFDV
OLEHUDOHV3HURODERPEDSROtWLFDGHODxRH[SORWyODQRFKHGHOYLHUQHVGH
GLFLHPEUHFXDQGR*DLWiQSURQXQFLyXQDPX\IRUWtVLPDDUHQJDHQHO7HDWUR&DSLWRO
GH%RJRWi(VDQRFKHDGPLWLyTXHFRQVLGHUDUtDFRPSDUWLUHOSRGHUFRQ(FKDQGtD

 ,S;PLTWVKPJPLTIYL 

 ,S;PLTWVKPJPLTIYL 
  ,S;PLTWVKPJPLTIYL  
 ,S;PLTWVKPJPLTIYL :LTHUHKPJPLTIYL W 
 ,S;PLTWVKPJPLTIYL ,SPULZWLYHKVHJLYJHTPLU[VKL.HP[mUHSH*;*HSVZZPUKPJH[VZ
WL[YVSLYVZLPUJS\ZP]LHPTWVY[HU[LZTPLTIYVZKLS7HY[PKV*VT\UPZ[HLULZ[L*VUNYLZV:PUKP
JHSM\LT\`[LUPKVLUJ\LU[HWVYLS+LWHY[HTLU[VKL,Z[HKV`WVYSHZJVTWH|xHZWL[YVSLYHZ
UVY[LHTLYPJHUHZ=tHZL*HYSVZ1>HYULYH+LWHY[HTLU[VKL,Z[HKVKPJPLTIYL 5(
9. *HYSVZ1>HYULYH+LWHY[HTLU[VKL,Z[HKVLULYV 5(
9.  

__ /$2)(16,9$(035(6$5,$/
SHURVyORGHVSXpVGHOD´LQWHUYHQFLyQGHOSXHEORµHQODFRQYHQFLyQGHOSDUWLGRHQ
PD\RGH$GHPiVPLQLPL]yFtQLFDPHQWHODVDFXVDFLRQHVGHUHFLELUGLQHUR
GHORVFRQVHUYDGRUHVDXQTXHQRODVQHJyGHSODQR\DTXHVHJ~QpOHVWHDSRUWH
GHH[LVWLUHUDPLQ~VFXORFRPSDUDGRFRQHOFRVWRWRWDOGHVXFDPSDxDSUHVLGHQFLDO
'HVSXpVHLQHVSHUDGDPHQWH*DLWiQFRPHQ]yDKDEODUVREUHHOWHPDGHODUHIRUPD
DUDQFHODULD\DDWDFDUDOD$1',(VDQRFKHpVWDVIXHURQVXVSDODEUDV
>(O@SUR\HFWRGHORVDUDQFHOHVQRWUDWDGHGHIHQGHUODLQGXVWULDQDFLRQDO
VLQRDEXVFDUDO]DVGHODYLGD(VXQGHVHRGHODVIXHU]DVSOXWRFUiWLFDVTXHYDQ
FRQWUDHOSURJUHVRGHOSDtV\FRQWUDORVWUDEDMDGRUHV
$KRUD HVWi WRGR HO JRELHUQR GRPLQDGR SRU OD $1', $TXt KD\ XQ SODQ
FRPELQDGR\SRUHVRKD\TXHGHVDUUROODUWRGDVODVEDWHUtDV(VTXH\RQRVR\
YXOQHUDEOH$KRUDVHFRPSUDQHVFULWRUHV\GHVGHKDFHGtDVVHSUHSDUDDODRSLQLyQ
FRQDUWtFXORVTXHSDUHFHQLQWHOHFWXDOHV\VRQSDJDGRVSRUOD$1',4XHUHFWLILTXHQ
\GR\ODVSUXHEDV1RHVVyORHVRHVPXFKRPiVJUDYHHVTXHVHHVWiKDFLHQGR
XQDREUDGHGRPLQLRDEVROXWRVREUHHO(VWDGR
2tGPHELHQFRQVHUYDGRUHV\OLEHUDOHVFRPHUFLDQWHV\DJULFXOWRUHVSRUTXHORV
WpUPLQRVYDQFDPELDQGR+R\ODFDPSDxDVHGLULJHDDFDEDUFRQHOFRPHUFLRFRQORV
SURGXFWRUHVGHPDWHULDVSULPDVSRUHVRQRDFHSWDQQXHVWURSUR\HFWR\QRSHUPLWHQ
VLQRXQDVDXWRUL]DFLRQHVLQFRQGLFLRQDOHVSRUTXH\DWLHQHQKHFKRHODUDQFHOSDUD
SURGXFLUXQDQXHYDDO]DHQHOFRVWRGHODYLGD¢4XLpQHVHOPLQLVWURGH+DFLHQGD"
8QPLHPEURGHOD$1',¢4XLpQHVHOFRQWUDORUGH3UHFLRV"HVRWURGHOD$1',
¢4XLHQHVVRQORVGHOHJDGRVDOD&RQIHUHQFLDGH/D+DEDQD"LOXVWUHVPXFKDFKRV
HOORVSHURDJHQWHVHVFULWRUHVGHOD$1',(VXQDJUDQFRQVSLUDFLyQUHDFFLRQDULD
3RUHVRHO3DUWLGR&RQVHUYDGRUHQHO&RQJUHVRVHKDSXHVWRGHOODGRGHOD$1',
<DKRUDSLGHQSURWHFFLyQ/RTXHVHSUHWHQGHHVFUHDUXQPRQRSROLRTXH
QRKD\DSURJUHVRTXHVLJDPRVHQWUHJDGRVDYHLQWHIDPLOLDVDXQTXHHOGHVDUUROOR
GHOSDtVVHGHWHQJD,QLFXDSROtWLFD<RQRSLGRTXHGHMHQGHJDQDUVLQRTXHKD\D
QXHYDVSRVLELOLGDGHVHFRQyPLFDVQXHYDVLQGXVWULDVTXHQRVHH[FOX\DFRPRVH
HVWiH[FOX\HQGRDOSURGXFWRUGHWDEDFRGHFHEDGDDOFXOWLYDGRUGHDOJRGyQTXH
QRKD\DHVDLQLFXDSROtWLFDFRQWUDORVDJULFXOWRUHVTXHQRVUHYHODHOVDERWDMHTXHVH
KDUHYHODGRHQHOFRQWUROGHSUHFLRVHMHUFLWDGRSRUXQPLHPEURGHOD$1',
,GD&DUWDJHQD\YHGXQDIiEULFDSDUDGDHOORVSDJDQORVGLYLGHQGRVSDUDVRVWHQHU
XQDUWtFXORFDUR+D\XQDFRQVSLUDFLyQFRQWUDODULTXH]DFRORPELDQDKD\GHVHRGHXQ
PRQRSROLRDEVROXWRHOORVHVWiQFRUURPSLHQGRODVFRQFLHQFLDV\RVpGHSDUODPHQWDULRV
TXHVHKLFLHURQFDPELDUDFRPLVLRQHVGRQGHVHGHFLGHQHVWDVFRVDV
/RVDWDTXHVGH*DLWiQHUDQSHUVRQDOHV\GLUHFWRVDGHPiVWRGDVVXVDFXVDFLRQHV
HUDQFLHUWDV(O7LHPSRVLQHPEDUJRVRVWXYRTXH*DLWiQQRWHQtDFyPRSUREDUVXV

 ,S;PLTWVKPJPLTIYL =tHZL[HTIPtU:LTHUHKPJPLTIYL WW 

*DLWiQ\ORVLQGXVWULDOHV __
DFXVDFLRQHVTXHVXFRQGXFWDHUD´DORFDGDµ\GHPRVWUDEDVXVXSXHVWRGHVSUHFLR
SRUODOLEHUWDGGHSUHQVD&DOLEiQHVFULELy´6HQHFHVLWDHQYHUGDGGHJUDQGRVLV
GHSDFLHQFLDRGHPtVWLFDSDUDDJXDQWDUGXUDQWHWUHVKRUDVODVHVWULGHQFLDVGHXQD
RUDFLyQHQWRQRPD\RU$VtVHWUDWHGHODYR]GHODPRµ<DJUHJyTXHHQXQ
DPLJRVX\RXQ´GLVWLQJXLGRµOLEHUDOKDEtDYLVWRHQODVRILFLQDVGH(O6LJORDILFKHV
FRQODIRWRGH*DLWiQOLVWRVSDUDVHUGLVWULEXLGRVHQODVFDOOHV&RQFOX\yVXVFR
PHQWDULRVFRQHOUXPRUGHTXH´DO3DUWLGR&RQVHUYDGRUOHFRVWyPiVODFDPSDxD
SUHVLGHQFLDO>GH*DLWiQ@TXHODGH0DULDQR2VSLQD3pUH]µ
7RWDOTXHODVDFXVDFLRQHVPXWXDVHQWUH*DLWiQ\VXVHQHPLJRVLEDQ\YHQtDQ\
DSDUHQWHPHQWHWRGRVWHQtDQODUD]yQ(OPLVPR%HUQDOPLQLVWURGH+DFLHQGDWUDWyGH
GHIHQGHUVHGHODVGHQXQFLDV³YHUGDGHUDV³FRQWUDpOFRQODVVLJXLHQWHVSDODEUDV

$VtFRPRQRVHKDFHDOGRFWRU*DLWiQODDFXVDFLyQGHVHUXQFULPLQDOSRUKDEHU
HVWDGRHQFRQWDFWRGLUHFWRFRQHOORVDWUDYpVGHVXHVSHFLDOL]DFLyQGHDERJDGR
HVSHFLDOL]DGRHQPDWHULDVSHQDOHVQRH[LVWHODPHQRUUD]yQSDUDTXHVHPHKDJDD
PtHOFDUJRGHSDUFLDOLGDGHQIDYRUGHGHWHUPLQDGRVJUXSRVHFRQyPLFRVSRUKDEHU
HVWDGRWDPELpQHQGLUHFWRFRQWDFWRFRQHOORVHQpSRFDVDQWHULRUHV
/RVFRQVHUYDGRUHVHVWDEDQIXULRVRV\SLGLHURQD*DLWiQTXHVHSUHVHQWDVHDQWH
HO6HQDGRSDUDSUREDUVXVDFXVDFLRQHV7DPELpQDOJXQRVOLEHUDOHVHQWUHHOORV
(VSLQRVD9DOGHUUDPD\0iUTXH]VHVLQWLHURQRIHQGLGRVSRUVXOtGHU
2EYLDPHQWHORVLQGXVWULDOHVHVWDEDQWDPELpQPX\GLVJXVWDGRV6HVLQWLHURQ
WUDLFLRQDGRVGHVSXpVGHHVWDUFRQYHQFLGRVGHKDEHUDUUHJODGRVXVGLIHUHQFLDVFRQ
pOGXUDQWHHODOPXHU]RHQHO´*XQµ(QWRQFHVILHOHVDVXVWiFWLFDVFRPLVLRQDURQ
D&DEDOOHUR(VFRYDUSDUDTXHSUHSDUDVHXQD´HQWUHYLVWDµHQODFXDO&XpOODUGH
IHQGHUtDDOD$1',GHORVDWDTXHVGH*DLWiQ,JXDOPHQWHSXEOLFDURQHQYDULRV
SHULyGLFRVXQDGHFODUDFLyQILUPDGDSRUODVGLUHFWLYDVGHWRGDVODVVHFFLRQDOHVGH
ODDVRFLDFLyQHQHOSDtV3HURORTXHPiVIUXVWUDEDDORVLQGXVWULDOHVDGHPiVGH
ODVDFXVDFLRQHVHQS~EOLFRHUDWHQHUTXHFRQIURQWDUHOKHFKRGHTXHGHVSXpV
GHDxRVGHXQDODUJD\FRVWRVDFDPSDxDODUHIRUPDDUDQFHODULDVHUtDGHWHQLGD
GHQXHYRHQHO&RQJUHVR<HVWDYH]HQDSDULHQFLDGHILQLWLYDPHQWHRSRUOR
PHQRVPLHQWUDV*DLWiQSHUPDQHFLHVHFRPROtGHUGHO3DUWLGR/LEHUDO

 ,S;PLTWVKPJPLTIYL 

 ,S;PLTWVKPJPLTIYL 
 ,S;PLTWVKPJPLTIYL 
 ,S;PLTWVKPJPLTIYL 
 ,S;PLTWVKPJPLTIYL 
 (5+0(J[HKPJPLTIYL WW¸7YV`LJ[VKLKLJSHYHJP}U¹ZM(5+0(+(9
,S;PLTWVKPJPLTIYL 
  (5+0(J[HKPJPLTIYL W¸;LSLNYHTH¹(5+0)VNV[mH.\[PtYYLa.}TLa
KPJPLTIYL (5+0+;¸;LSLNYHTH¹(5+0)VNV[mH(5+04LKLSSxUKPJPLTIYL
 (5+0+;

__ /$2)(16,9$(035(6$5,$/
 (OGLVFXUVRGH*DLWiQFLHUWDPHQWHQRKDEtDVLGR´DORFDGRµ'HKHFKRDGHPiV
GHKDEHUVLGRFDOFXODGROHSHUPLWLyRSDFDUODVDFXVDFLRQHVSROtWLFDVTXHUHWDEDQ
VXOLGHUD]JRGHQWURGHOSDUWLGR/DSUXHEDGHIXHU]DVGHPRVWUDEDTXHVXSRVLFLyQ
SROtWLFDHUDPiVIXHUWHTXHQXQFD\ODUHIRUPDDUDQFHODULDQRIXHVLTXLHUDVHULD
PHQWHFRQVLGHUDGDHQODVVHVLRQHVILQDOHVGHO&RQJUHVRHQ
*DLWiQWDPELpQOHGHPRVWUyD2VSLQD3pUH]TXHSRGtDDWDFDUDVXJRELHUQRVLQ
VDFULILFDUVXFXRWDGHSRGHUGHQWURGHOJDELQHWHSUHVLGHQFLDO0LHQWUDVWDQWRORV
JDLWDQLVWDV\ORVFRQVHUYDGRUHVVHJXtDQLQVXOWiQGRVHPXWXDPHQWHHQHO&RQJUHVR
,VDtDV+HUQiQ,EDUUDXQUHSUHVHQWDQWHJDLWDQLVWDGH&DOLFDOLILFDEDDORVFRQVHUYD
GRUHVGH´UHDFFLRQDULRVµ\´UHSUHVLYRVµ\HVWRV~OWLPRVDFXVDEDQDORVOLEHUDOHVGH
VHUPD\RUtDHQHO6HQDGR\HQOD&iPDUDJUDFLDVDXQVXSXHVWRIUDXGHHOHFWRUDO
8QDVVHPDQDVPiVWDUGHHOOLEHUDO0DUWtQGHO&RUUDOSUHVLGHQWHGH$YLDQFD\
DQWLJXRJHUHQWHGHXQDGHODVIiEULFDVWH[WLOHUDVGHORV(FKDYDUUtDVHUHXQLyFRQ
*DLWiQ'HO&RUUDOFRQVLGHUyTXHWRGRORTXHpOSRGtDKDFHUHUDGDUOHD*DLWiQ
XQDOHFFLyQVREUHFyPRGHEtDQIXQFLRQDUODSROtWLFD\HOVLVWHPDGHOLEUHHPSUHVD
FXDQGROHGLMRHVWDVSDODEUDV
8QSDUWLGR>HO/LEHUDO@HVXQDFRDOLFLyQGHPDWLFHVLGHROyJLFRV\TXHFRPSUHQGH
HQVXVHQRGLYHUVDVFDWHJRUtDVVRFLDOHVKRPEUHVGHGLIHUHQWHVSRVLFLRQHVILQDQFLHUDV
\>HV@XQPDJQRHUURUIRPHQWDUGHQWURGHpOODOXFKDGHFODVHVSRUTXHHTXLYDOtD
DUHGXFLUVXVHIHFWLYRVGHVHFKDQGRDWRGRVDTXHOORVTXHKXELHUDQFRQVHJXLGRSRU
VXVPpULWRVRSRURWUDVFRQGLFLRQHVXQDSRVLFLyQGHUHOLHYHHQODVRFLHGDG
'HO&RUUDOQRHQWHQGtDRTXL]iSUHIHUtDLJQRUDUTXH*DLWiQQRVHRSRQtDDO
VLVWHPDGHOLEUHHPSUHVD\D~QPHQRVDOORJURGH´SRVLFLRQHVGHLPSRUWDQFLDµD
WUDYpVGHPpULWRVSHUVRQDOHV$ORTXH*DLWiQVHRSRQtDFODUDPHQWHHUDDORVPR
QRSROLRVLQGXVWULDOHVSHURDSR\DEDDRWURV´SOXWyFUDWDVµFRPRORVFRPHUFLDQWHV\
ORVDJULFXOWRUHV'HKHFKRDSHVDUGHFRQWDUFRQHODSR\RGHXQHOHFWRUDGRXUEDQR\
GHVXUHFLHQWHDFHUFDPLHQWRDOVLQGLFDOLVPRRUJDQL]DGR*DLWiQEiVLFDPHQWHHVWDED
GHIHQGLHQGRORVLQWHUHVHVGHODYLHMDEXUJXHVtDFRPSUDGRUDTXHVHVHQWtDDPHQD]DGD
SRUXQJUXSRGHSRGHURVRVLQGXVWULDOHVTXLHQHVTXHUtDQWHQHUXQFRQWUROFRPSOHWR
VREUHORVPHUFDGRVGRPpVWLFRV\VREUHODSROtWLFDFRPHUFLDOGH&RORPELD
(ODVHVLQDWRGH*DLWiQSRFRVPHVHVPiVWDUGHWUDHUtDFRPRFRQVHFXHQFLDGHODV
UHYXHOWDVVRFLDOHVFRQRFLGDVFRPR´%RJRWD]RµXQDWUHJXDWHPSRUDOHQWUHORVGLIHUHQ
WHVVHFWRUHVGHODEXUJXHVtDFRORPELDQDDXQTXHPiVWDUGHORVLQGXVWULDOHVVHJXLUtDQ
LQVLVWLHQGRHQORJUDUHOSUHGRPLQLRVREUHODVSROtWLFDVHFRQyPLFDVGHOSDtV

 (*KPJPLTIYL WW"KPJPLTIYL W"KPJPLTIYL W

 (*KPJPLTIYL 
 4HY[xUKLS*VYYHSH(5+04LKLSSxULULYV (5+0(+(9

*DLWiQ\ORVLQGXVWULDOHV __