En el país de los ciegos el tuerto es el politoxicómano

(QHOSDtVGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR
6HUJL3XHUWDV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
%LEOLRWHFD%DEDE
ZZZEDEDEFRPELEOLRWHFD
6HSWLHPEUH
,6%1
&RS\ULJKW‹0DxDQD(V$UWH$&
&RS\ULJKW‹6HUJL3XHUWDV
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
7KH\
UHFRPLQJWRWDNHPHDZD\KDKD
7KH\
UHFRPLQJWRWDNHPHDZD\KRKRKHHKHHKDKD
7RWKHIXQQ\IDUP
:KHUHOLIHLVEHDXWLIXODOOWKHWLPH
$QG,
OOEHKDSS\WRVHHWKRVHQLFH\RXQJPHQ
,QWKHLUFOHDQZKLWHFRDWV
$QGWKH\
UHFRPLQJWRWDNHPHDZD\KDKDDDDD
-HOOR%LDIUD
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
'(352*5$0$7,21
&
5LFKHVWMXQNLHVWLOODOLYH
/DEHO0DxDQD
0HGLDGHVFULSWLRQ3DODEUDVVXUWLGDVSDUDIDFLOLWDUHOGHVFHQVRDHVWDGRVGH
DXWRDERUUHFLPLHQWR
'
$SOHDIRUWHQGHUQHVV
/DEHO 0HGLRGLD
0HGLDGHVFULSWLRQ/DHVSHUDQ]DHVOR~OWLPRTXHVHSLHUGH\ORSULPHURTXH
VHVXEDVWD
(
7DOHVIURPWKHKDUGVLGH
/DEHO7DUGH
0HGLDGHVFULSWLRQ$OHJUHEDWLEXUULOORGHULPDV\OH\HQGDVSDUDHVFXFKDUVRJD
HQPDQR
)
0RWKHUP\ERG\GLVJXVWVPH
/DEHO1RFKH
0HGLDGHVFULSWLRQ0DGUHWRGDHVWDPDVDURVDGDPHUHVXOWDPX\GHVDJUDGDEOH
=
6ZDVWLND(\HV
/DEHO0DGUXJDGD
0HGLDGHVFULSWLRQ(QHOSDtVGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
5,&+(67-81.,(67,//$/,9(
$IRUNLVDFROGVKLQQ\WRRO
7RSLHUFHWHDUDQGLQJHVW
:KRHYHUKDVWKHIRUNLQKDQG
&RQWUROVWKHPHDORILWVFKRLFH
-HOOR%LDIUD
)2726
<GLFKR\KHFKR&RQWRGDGHVIDFKDWH]
ODSDUHMDSURFHGLyDDWRUPHQWDUPH
FRQGHFHQDVGHIRWRJUDItDV
TXHKDEtDWRPDGRGXUDQWHVX~OWLPRYLDMH
3HVHDODVVRQULVDVSDLVDMHVPRQXPHQWRV
WDQSDWHQWHUHVXOWDEDHOWHGLRTXHHQDPERVVHUHIOHMDED
TXHPHYLGHSURQWRLQPHUVRHQXQDWHUULEOHEDWDOOD
SRUQRYHQLUPHDEDMR
'HVSXpVPHGHVSHGtPHODUJXpEXHQDVQRFKHVGLMH
PHHPERUUDFKpPHpHQXQSDUNLQJGHFDPLQRDFDVD
5HJUHVHGLJRPRYLHQGRPXFKRODFDEH]DVDWLVIHFKRHQILQ
DOFRQVWDWDUDOPHQRVHOGLQDPLVPRGHPLDEXUULPLHQWR
HQFRQWUDVWHFRQDTXHOHVSDQWRFRQJHODGR
\\DSDUDVLHPSUHLQPRUWDOL]DGR
HQFDUWXFKRVGHKRUURUNRGDNFRS\ULJKW
&$5%21&23<'$=(
3URQWR\FDVLGHPDVLDGRWDUGH
GHVHQPDVFDUHDODFRVWXPEUH
FRPRDODSHRUGHODVSODJDV
LPSODFDEOHFUHDGRUDGHKiELWR
SRUJHQWHV\VXEVWDQFLDV\UHODFLRQHV
VLHPSUHHVSDQWRVDVHLQDSURSLDGDV
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
$VtHQDGHODQWHPHFXLGHELHQ
GHQRLWHUDUQLQJXQRGHPLVSDWURQHVYLWDOHV
PiVDOOiGHORHVWULFWDPHQWHQHFHVDULR
'RUPLUGHGtDGHVD\XQDUGHQRFKHYLFHYHUVD
'HVSLGRVUHQXQFLDVGHHPSOHRDHPSOHR\WLURSRUTXHPHWRFD
1XQFDODVPLVPDVFRSDVHQVLHPSUHGLVWLQWRVEDUHV
\WDQWRVHVWDGRVFRPRVXEVWDQFLDV\GRVLV
$PLVFRPSDxtDVODVPLUpVLHPSUHGHOHMRV
HQHWHUQREDUDMDUGHDJHQGDWHOHIyQLFD
\VLDOJ~QDPRUVHKXELHUDTXHGDGRORVXILFLHQWH
KXELHUDVLGR\RTXLHQILQDOPHQWH
PDUFKDUDKX\HQGRDODFDUUHUDPHORKXHOR
)XHDVtFRPRPLVGtDVIXHURQ\VRQKR\
WDPELpQFDOFDGRVHQWUHVL\FRPRGHOPLVPRFDRV
KLFHFRVWXPEUH\GHVSXpVKDELWR
32(7$7ULS+RS/RYH+RORFDXVW6WUDYDJDQ]D0L[ESP
(OOD2KPDUFKy
GHMDQGRVROR\DSHVDGXPEUDGRDOSRHWD
HVFXFKDGOH2KHYRFDUODHQGHVJDUUDGRYHUVR
6RQYHUVRVTXHOORUDQTXHDPDQTXHVHODPHQWDQ
2KiQJHOPtRDTXHOORVDWDUGHFHUHVHWFpWHUD
\DVtVXFHVLYDPHQWH
QRVDWRUPHQWDKDVWDODMDTXHFD
ELHQFDOODQGRHQVXVYHUVRV
TXHGHVGHVXSDUWLGD
VHPDVWXUEDFRPRXQDEHVWLD
2KDPDGD<GDOH<DYDOH
&ODUDPHQWHKHPRVFRPSUHQGLGR
1XHVWURFUHWLQRIXHFDEDOJDGR
SRUDOJXQDJXDUUDTXH
GHFLGLyGHVSXpVGDUOHSXHUWD
0DVVHDPRVKXPDQRV
7HQJDDOJXLHQODERQGDG
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
GHDOFDQ]DUOHDOKRPEUHXQDVRJD
RHQVXGHIHFWR
HOQ~PHURGHWHOpIRQRGHDOJ~QSURVWtEXORDVHDGR
)5(($6)8&.&KRVH<RXU'LFWDWRU0'0$0L[ESP
$GHFLUYHUGDGQRSXHGRPHQWLU
$OPLUDUDODJDYLRWDKD\TXLHQODFUHHOLEUH
PDVYXHODHOYXHORVHUYLO\YHUJRQ]RVR
GHTXLHQVHPXHYHDOGLFWDGRGHOLQVWLQWR
7DPELpQODSHORWDGHOQLxRTXHUXHGDFDOOHDEDMR
DFKDQWD\DFDWDHQPH]TXLQDVHUYLGXPEUH
DGLYHUVDVJUDYHGDGHV
$VtHVMXVWRTXHKD\DGHFLGLGR\RGHOHJDU
HQPHWDQIHWDPLQDVGLOHWDPLGDV\VHxRUDVGHEXHQYHU
WUDVUHSHWLGDVGHPRVWUDFLRQHVGHTXH
QRKD\SHRUGLFWDGXUDTXHODTXHYLHQHLPSXHVWD
SRUORVHGLFWRVDUELWUDULRVHLQVRQGHDEOHV
GHODSURSLDFDEH]D
1Ð5',&26
/RVQyUGLFRVVLHPSUH
\VLHPSUHVLQH[FHSFLyQ
VHPDWDQ
/RVQyUGLFRVSDVHDQ
SRU=XULFK\SRU9LHQD\SRU(VWUDVEXUJR
HQEXVFDGHXQFRPHUFLRQyUGLFR
GRQGHDGTXLULUFLQWXURQHVGHFXHURUHVLVWHQWHV
$QWHVGHFRPSUDUORVFLQWXURQHV
ORVQyUGLFRVWLUDQGHVXVH[WUHPRVFRQILUPH]D
SDUDFRPSUREDUVXUHVLVWHQFLD
/RVQyUGLFRVFRQGXFHQHQWRQFHVVXV9ROYRV
SRUORVERVTXHVTXHFLUFXQGDQ
=XULFK\9LHQD\(VWUDVEXUJR
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HQEXVFDGHXQiUEROGHWURQFRJUXHVR
GRWDGRGHJUXHVDVUDPDV
TXHVRSRUWHQVXSHVRQyUGLFR
/RVQyUGLFRVVHDKRUFDQ
SUHFLVDPHQWHFRQVXVFLQWXURQHVGHFXHURUHFLpQDGTXLULGRV
GHOiUEROPiVSURSLFLRSDUDDKRUFDUVH
/RVQyUGLFRVVRQKDOODGRVPiVWDUGH\DFDGiYHUHV
SRURWURVQyUGLFRV
TXLHQHVVHYHQFRPSHOLGRVDODSHQRVDWDUHD
GHFRUWDUHOFLQWXUyQ\EDMDUORVGHOiUERO
/RVQyUGLFRVVHGLVWDQFLDQDVt
FRQVXVFLQWXURQHV\VXVERVTXHV\VXV DKRUFDPLHQWRV
DPLOODVGHGLVWDQFLD
HQXQUpFRUGGHVXLFLGLRV
\DWRWDOPHQWHLPEDWLEOH
/RVQyUGLFRVVRQJHQWHDFRPRGDGD\VROYHQWH
DPHQXGRJHQWHULFD
\VLHPSUHJHQWHFXOWLYDGD
¢3RUTXHVHDKRUFDQORVQyUGLFRV"
6RODPHQWHHOVHUDFRPRGDGR\VROYHQWH
\PX\SUHFLVDPHQWHULFR
\HVSHFLDOPHQWHFXOWLYDGR
RIUHFHHVSDFLR\SHUVSHFWLYD\WLHPSR
SDUDDGTXLULU\DSOHQDFRQVFLHQFLD
GHORTXHKXER
GHORTXHKD\
GHORTXH
KDEUi
35238(67$
$WLHQGH\YHUiVFRPRORKDUHPRV
SDUDUHFREUDUDPERVODSD]
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
<RKDUpFRPRTXHPLURHOUHORM
7XKDUiVFRPRTXHVDOHVSRUODSXHUWD
6LQHPEDUJRKDEUiVHQYHUGDGVDOLGR
GHOFXDUWRItMDWH
'DUiHQWRQFHVODLPSUHVLyQ
GHTXHQRYDVDUHJUHVDU\
GDUiDGHPDVODFDVXDOLGDG
GHTXHHIHFWLYDPHQWHQRYROYHUiV
$VtVHUiFRPRQLWHVHQWLUiV
UHFKD]DGRW~QLFXOSDEOH\R
1LWXDEDWLGRQL\RDQLTXLODGR
(VWDHVSHUPtWHPHREVHUYDU
OD~QLFDIRUPDSRVLEOH\FLYLOL]DGD
1DGDKD\PiVHQWULVWHFHGRU
TXHXQSHOPD]RKHULGR\FKLFR
PHKXHORTXHGHXQPRGRXRWUR
WHODVYDVDDSDxDUSDUDGDUPHHOGtD
5e48,(0325&202&2f26(//$0(
4XHGHSULVDSDVDHOWLHPSR
FXDQGRORSDVDXQRELHQ'HFLPRV
3RUTXHORDGPLWDPRVHQPD\RURPHQRUPHGLGD
ORTXHTXHUHPRVHQHOIRQGRHVHVR
4XHODYLGDWUDQVFXUUDUiSLGD
LPSRUWXQHORPHQRVSRVLEOH
\QRVGHMHHVWDU
(16(f$1=$
/DHQVHxDQ]DRILFLDO
PiVDGHODQWHSXGHGDUPHFXHQWDGHHOOR
VHUHGXFtDDDSUHQGHU
XQDEUHYHVHULHGHLGHDVLPSRUWDQWHV
TXHDDTXHOODHGDGDQLQJXQRQRVLPSRUWDEDQ
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
\XQDLQILQLWDVHULHGHLGHDVHVW~SLGDV
TXHFRPRORURVSDWDQHVDVLPLODPRVHVSDVPyGLFDPHQWH
7RGRHVWRSRUSURSLDLQLFLDWLYDQRRILFLDO
ORDSUHQGtHQDxRVSRVWHULRUHV
DOLJXDOTXHWDQWDVRWUDVFRVDVDEVXUGDVHLQ~WLOHVTXH
WDPSRFR
PHVLUYLHURQ
MDPiV
SDUDQDGD
+267,$
<DWRUFLGRGHVGHPX\QLxR
SRUGRVRFDVLRQHVODFRQVXPtLOtFLWDPHQWH
5RGHDQGRODVEDQTXHWDVUHFOLQDWRULRV
\SRQLpQGRPHDODFRODGHOUHEDxRIHOLJUpVDGXOWR
HVSHUpPLWXUQR
DEULHQGRODERFD
VDFDQGRXQPHWURGHOHQJXD
DJXDUGDQGRDTXHOKRMDOGUHGHOJDGR\UDQFLRHLOHJDO
£'LRVFRPRVDEtD
¢$TXHOORHUDFULVWR"£/DFRVDFREUDEDVHQWLGR
(QILQHOWLHPSRWUDQVFXUULy\VXFHGLyFRPRFRQWRGR
$SDUWLUGHTXHFRQPLSULPHUDFRPXQLyQVHPHOHJDOL]RVXXVR
\DHQDGHODQWHQRSXGHVHQWLUHOPHQRULQWHUpV
SRUDTXHOODSDVWDEODQFD\FLUFXODU
TXHGHKDEHUVLGRVHUYLGD
HQFXDOTXLHUQHJRFLRGHKRVWHOHUtD
KXELHUDGDGRHQOOHQDUSRUVtVROD
WRGRHOOLEURGHUHFODPDFLRQHV
7$.($:$/.
4XLVLHUDSDVHDU0DVKR\\DQRVDEUtD
(QODVUHFWDVFRUURHQODVFXUYDVDFHOHUR
0HSURSXOVRDHPSXMRQHVDWLURQHVDVDFXGLGDV
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
0HFRQVXPHXQDSULVDDQVLRVD\PDOVDQD
4XLHQSXGLHUDSDVHDU6XGR7RVRGHSXUDDVIL[LD
*DVWRERWDVGLODSLGRFLJDUULOORVFRQVXPRJDVGHPHFKHUR
/DFHUWLGXPEUHGHHVWDUOOHJDQGRWDUGHDWRGR
5HEDMRORVGtDVFRUWiQGRORVFRQHVWXSHIDFLHQWHV
$ILORPLVLGHDVDXQDULHVJRGHKHULUPHPDQLSXOiQGRODV
'LVSRQJRGHWDQWRWLHPSR\HVSDFLRTXHFRPSUHQGRMDPiVOOHJDUp
2GHWDQSRFRTXHJROSHRDPLDOUHGHGRUKDFLpQGRPHVLWLR
<HODFFLGHQWH7DQFHUFDQR\DPHQXGRGHVHDEOH
(OVRVLHJRGHXQVLPSOHSDVHR,QDOFDQ]DEOHKR\\DSDUDPt
2%-(7263(5','26
/DUXSWXUDLQHYLWDEOHPHQWHOOHJD
XQDVSRFDVYHFHVV~ELWD\SUHWHQGLGD
PDVHQODPD\RUtDGHFDVRV
SURGXFWRGHSXURDEDQGRQRLQHUFLDWRQWD
7HUPLQRHQWRQFHV\VLHPSUH
UHQXQFLDQGRDPLVFRVDV
QXQFDGHYXHOWDV
\SRUSHUH]D\HPEDUD]R
MDPiVUHFODPDGDV
\DSDUDVLHPSUHGHVWHUUDGDVHQFDVDVDMHQDV
TXH\DQLSLVRQLSLVDUH
UHOHJDGDVDOWULVWHSDSHOGHFHQWLQHODV
WHVWLJRVPXGRVGHOHVSDQWRGHODVUHODFLRQHVKXPDQDV
6(&8(6752
0HWRPHUHKpQ
0HDPHQD]R+DVWDGHPXHUWHPHDPHQD]R
/DVUHODFLRQHVVRQWHQVDV
/DDQJXVWLDDEUXPDGRUDDFDGDLQVWDQWH
'HVRLJRPLVV~SOLFDV\PLSDODEUHUtD
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
<DEDVWDGHWUXFRV\H[FXVDV
/DVSHWLFLRQHV
IXHURQFODUtVLPDPHQWHIRUPXODGDV
GHVGHEXHQSULQFLSLR
1LFHVLRQHVQLFRQFHVLRQHV
0LVVXHxRVUHSLWRPLVVXHxRV
QRDGPLWHQSRVLEOHQHJRFLDFLyQ
&~PSODQVH\D\DSULVDPLVH[LJHQFLDV
RPHDGYLHUWRDOJXLHQORYDDSDJDU
HQVDQJUH
352*5$0$&,Ð1
/DVJHQWHVLQGLVFUHWDVHQILQ
WX\DVDEHVPHFRQWDURQ
FRPRWXELFKRUXLQ
REHGHFHVDKRUDDODSURJUDPDFLyQ
<SURVSHUDV<IRUQLFDVFRQORVIXHUWHV
¢<R"$QGRFRPRVLHPSUH
FRQWUDGLFLpQGRPHDFDGDLQVWDQWH
SDUDGDUHVTXLQD]RDVHFUHWRV
FRPRHOTXHDKRUDWHFXHQWR
6LQRPHDWXYHQXQFDDOSURJUDPD
QLIXHSRUGHFLVLyQSURSLD
QLIXHSRUUHEHOGtD
)XHSRUTXHQLVXSHQLSXGH\DHVWDGLFKR
5$//<'(5$7$6
¢&yPRYDHVR"
¢+DVSHUGLGRRHVWiVSHUGLHQGR"
3HUGLHQGR<RFDOFXORTXHDDTXHOORGHODVGRFH
FXDQGRWHDFXHVWHVDSDJXHVODOX]
KDEUiVSHUGLGRGHOWRGR
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
(QWUHQRVRWURV(V\DFDVLPHGLRGtD
$HVWDVDOWXUDVUHPRQWDUHVXQDIDHQD
1RWHDJRWHVQLKDJDVHVIXHU]RVSRGUtDVURPSHUWH
'HMDPHMRUTXHIOX\DFRPRD\HUFRPRPDxDQD
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
$3/($)257(1'(51(66
/RYHZLOOVDYH\RXIURPWKHHYLODQGJUHHGRILJQRUDQWPHQ
/RYHZLOOVDYH\RXIURPWKHJXLOW\RXIHHOZKHQ\RXEHWUD\\RXU
RQO\IULHQG@
/RYHZLOOVDYH\RXIURP\RXUVHOIZKHQ\RXORVHFRQWURO
$QGORYHZLOOVDYHIURPDOOWKHOLHV\RXUORYHUWROG\RX
/RYHPD\VDYHDOO\RXSOHRSOH
%XWLWZLOOQHYHUQHYHUVDYHPH
0LFKDHO*LUD
$6Ì)81&,21$
6LVXSLHUDV
ORTXHSDVDSRUPLFDEH]DPHDPDUtDV
6LORGLMHUDKXLUtDV
&RPRORFDOORPHLJQRUDV
('8&$'$0(17(
6LVRQUtR\PHRIUH]FRDSDJDUODVFRSDV
\DPDEOHPHQWHWHFHGRHOSDVR
HV~QLFDPHQWHSRUTXHDQGRDOJRFRQIXVR
FRQODVWiFWLFDVTXHDSUHQGtHQHOFLQH
\TXHSRUORYLVWR\DMDPiVUHVXOWDQ
1RVLHQWDVUHSDUR7XVDEHVELHQ
FRPRVDFDUORSHRUGHFDGDXQR
<y\HPHELHQ0LVPRQVWUXRVHVWiQDODTXHVDOWD
4XHMDPiVWHGHVDQLPHQGLJR
PLVPRGDOHVFRPHGLGRVQLPLIDFKDGD
WDQDSDUHQWHPHQWHFiQGLGD
&RPRHVWXGLRVRGHPLYLGD\GHPLFDEH]D
SXHGRSURPHWHUWHVLQPLHGRDHTXLYRFDUPH
7DPELpQSXHGRVHUXQFRPSOHWRFHUGRHQODFDPD
VLHPSUH\FXDQGRVHPHSLGDFRQHGXFDFLyQ
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
0,$0,*$
&XDQGRGHSURQWRFREURLQILQLWDFRQVFLHQFLD
GHODFiUFHOGHODYLGD
HQGRQGHORVGtDVWUDQVFXUUHQOHQWRVYHORFHVORVDxRV
\UHSHQWLQDPHQWHQRSXHGR\DVHQWLURWURGHVHRTXHHOGH
HPERUUDFKDUPHDPXHUWHTXLWDUPHGHHQPHGLR
HOODVLHPSUHDVRPDSRUPLWHOpIRQRPLVKDELWDFLRQHV
PHVDFDGHSDVHRSURQXQFLDODVSDODEUDVPiJLFDV
PHGRPDFRQFLJDUULOORV\GHFUHWDXQDKRUDOtPLWHHQODTXH
LQFRQPRYLEOHDPLUHIXQIXxDUVRORXQDFRSDPiVSLGR\PHHVQHJDGD
PHPDQGDDGRUPLUFXLGDQGRGHTXHQRPHKDJDGHPDVLDGRGDxR
(VHOODPLSVLFRDQDOLVWDPLJXtDPLVDELDPLILOiQWURSDPLPXVD
PLSURYHHGRUDGH0DUOERUROLJKWYLQRURVDGRDWLVERVGHSD]
\FXDQGRHVFXFKRVXVWDFRQHVVXELUODHVFDOHUD
\VXKRODUHWXPEDSRUWRGRHOSDVLOOR
GHSURQWR\DQRPHFDEHODPHQRUGXGD
WRGRYDDLUELHQ
0DUJDULWDHVWHSRHPDHVSDUDWL
\WDPSRFRVHFRPRWHUPLQDUOR
1,+,/,671$1$%/8(
'XHUPHPLQLxDGXHUPH
SHUGLGDHVWDVVLGHVSLHUWDV
ELHQSRUVXHxRVGXOFHV
WDQUHDOHVFRPRTXLHUDV
WDPELpQSRUODVSHVDGLOODV
VLVRxDGDVVHGHVSLHUWD
TXHVXHUWHVLPXHUWHOOHJDUD
\WXGRUPLGDODHQFXHQWUDV
'XHUPHPLQLxDGXHUPH
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
QDGDSDUDWLKD\DIXHUD
+2<(6<$7$5'(
(YDKR\HV\DWDUGH
7DQWRGHMHGRUPLUDODYLGD
TXHFXDQGRTXLVHGHVSHUWDUODODKDOOHPXHUWD
*XDUGRYDJDQRFLyQGHKDEHUODDFKXFKDGR
LQ~WLOPHQWHODSDVDGDQRFKH&XDQGRDPDQHFLy
WX\DQRHVWDEDV
$KRUDWHQJRODFDVDOOHQDGHPDULFDVLWDOLDQRV
0HKHSDVDGRHOGtDUHVDFRVRHQIHUPRYRPLWDQGR
GHMDQGRPHQVDMHVHQWXPyYLO
FDOLEUDQGRPLVSDODEUDVYHOiQGRODV
SRUVLDOPLHUGDDOTXHWHHQWUHJDVOHGDSRUHVFXFKDU
$OQXGRTXHPROHVWDVXSRQJRVHOHGHVKDFH
RVHOHFXEUHKDFLHQGRRWURPiVJRUGRHQFLPD
RVHFRUWDODFXHUGDTXHVp\R
(YD\R\DQRSXHGRPDQHMDUHVWDVLWXDFLyQ
JUDQGH\ULGtFXODTXHYHQJRFUHDQGR
GHVGHTXHPHWUDMHURQDOPXQGR
'HEHVFRPSUHQGHUFRPRWRGRPHVREUHSDVD
(VWRQRHVURPiQWLFR(VWUDXPiWLFR
$OJXLHQVHHPSHxDHQSUHVHQWDUPHDRWURPDULFDLWDOLDQR
$OJXLHQPiVPHRIUHFHGURJD¢3XHGHVFUHHUOR"
+R\HV\DWDUGH
(OPHMRUGtDSDUDDKRUFDUVHVLHPSUHHVD\HU
$6Ì62<<.6LQNLQJ/HDGZHLJKW2I)DLOXUH0L[ESP
3RVLWLYR
FRPRODSUXHEDGHHPEDUD]R
GHOEHEHQRGHVHDGR
5HVSRQVDEOH
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
FRPRHOWHUURULVWD
TXHDUPDODERPED
&HQWUDGR
FRPRODOLQHDOODQD
GHOHOHFWURFDUGLRJUDPDGHOILDPEUH
7UDEDMDGRU
FRPRHOTXHFDYDOD]DQMD
SDUDGHVKDFHUVHGHOFDGiYHU
3UHYLVRU
FRPRTXLHQUHVHUYD
OD~OWLPDEDODSDUDVt
$QGDVpEXHQDGpMDPHSHUPtWHPH
EpVDPHDFpUFDWHPiV
0HKDUiV
IHOL]
FRPRTXLHQREWLHQHDOILQODPXHUWH
UHLWHUDGDPHQWHLPSORUDGDGXUDQWHSURORQJDGRWRUPHQWR
/$%(67,$35(6(17(
$PLSDVDGRSXHGRYROYHU$OOtVpYLYLU
&RQPLOLPDOHUHEDMHODVDVSHUH]DV
PLSDVDGRHVXQDFDPDGHFODYRV
&RQPLHVFREDOHEDUUtODPLHUGD
PLSDVDGRHVXQHVWHUFROHUR
7DPELpQHQPLIXWXURVpYLYLU
&RQPLVSLQ]DVOHDUUDQFRODVS~DV
PLIXWXURHVXQFDFWXV
&RQPLVWHQD]DVOHH[WLUSRORVFROPLOORV
PLIXWXURHVXQDFREUDORFD
&RQHODKRUDHQFDPELRQRSXHGR
6HPHHVFXUUHHQWUHPDQRVFRPRXQDDQJXLOD
6HUHWXHUFHPiVGHSULVDGHORTXHDOFDQ]RDPROGHDU
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
(QHOSUHVHQWH\RQRVDEUpYLYLUQXQFD
1RVHHVWiTXLHWR(VLQGRPDEOH
'LRVQRVDVLVWDQRVYDDPDWDUDWRGRV
$50$5,2&XW5XQV'HHS/RYH3RHPV
'HODSROLOODGRDUPDULRGHODOPD
UHVFDWRDXQRGHPLVYLHMRVSHUVRQDMHV
+DEOD*HVWLFXOD
3URSXOVDVXVPDQRVDWUDYpVGHOKXPR
¢,QWHUSUHWR"1RLPSRUWD
(OSDSHOPHFDHDPHGLGD
PHFDO]DFRPR]DSDWLOODVYLHMDV\FRQIRUWDEOHV
8QDSRVHVLyQWDOYH]Vt
0DVSRUHVWDQRFKHVHODSHUFLEHEHQLJQD
¢2WURYRGND"%LHQ
6LTXLVLHUDUHIUHQDUPHGHYLYLU
KR\\DQRSRGUtD
4XHQRVDOJDGHDTXt$ODOX]GHWXPLUDGD
PLVPiVQHJURVWUDMHV
WLHPEODQ\VHFRQYXOVLRQDQHQHODUPDULR
DQWHSHUVSHFWLYDGHGHVDKXFLRLQPLQHQWH
/,6%2$$QG1RZ6RPHWKLQJ&RPSOHWHO\'LIIHUHQW3K\WRQ0L[
ESP
/LVERDHVWDQERQLWDTXH
VL\RWHFRQWDUD\QRWHYR\DFRQWDU
WHDEXUULUtD
\VLWXPHFRQWDUDV\WXWLHQHVFDUDGHVHUGHORVTXHFXHQWDQ
PHDEXUULUtDV
/LVERDFRPRWRGDVODV
FRVDVERQLWDVPXMHUHVSLQWXUDVFLXGDGHV
PHUHFHVHUVLHPSUHYLVWD\QXQFDFRQWDGD
DVtTXHHQVXEHQHILFLRFHUUHPRVWRGRVHOSLFR
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
\SDVHPRVD
RWUDFRVD
/(<
6HPHFXHQWDWHQORSUHVHQWH
HQWUHORVWHyULFRV\HVWXGLRVRV
GHODOH\GHOPtQLPRHVIXHU]R
+DJRORLPSRVLEOHSRUQRDPDQHFHUGHVSLHUWR
&RFLQRVRORORMXVWRSDUDQRPRULUGHVQXWULGR
$GRURFDHUHQIHUPR\JXDUGDUFDPD
*XDUGRVLHPSUHHOPLVPRFRPSDFWRHQODEDQGHMDGHO&'
KDVWDDERUUHFHUORFRQWDOGHQRFDPELDUOR
7DQWRUHVSLUDUVHPHKDFHFXHVWDDUULED
&DGDGLJHVWLyQHVXQDIDHQD
'HVSHJDUORVODELRVPHDJRWD
6LFDPLQRPHDVXVWR
&RUUHUMDPiVKDHQWUDGRHQPLVSODQHV
'HMRHVFDSDUPHWURV\DXWREXVHV
\TXHYD\DQFRQGLRV\TXHGLRVOHVEHQGLJD
/DFRFDtQDPHGDVXHxR
3UHILHURHOSLFRUDUDVFDUPH
<DVtVXFHVLYDPHQWH
SRGUtDSURVHJXLUKDVWDHOLQILQLWR
SHURDKRUDQRHVHOPRPHQWR
6LWHKDJRFRQILGHQFLDGHWRGRHVWR
HVSRUTXHQRTXLHURTXHWHPROHVWHV
VLGHQXHYRWHSLGR
3RUIDYRUFDULxR7XDUULED
0(75269$//$6
(UDSHUIHFWDGHOHMRV
\DSDUWLUGHTXHDOSDVDUMXQWRDHOOD
ODHVFXFKHFKLOODUFRPRXQDEHVWLDKHULGD
DWUDYpVGHVX1RNLD
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
\DVRODPHQWHSXGHYHUHQHOOD
DXQDFUHWLQDYHERUUpLFD
(PSDFKDGRGHGHVDJUDGRODUHEDVpSURVHJXtPLFDPLQR
'HQXHYRLQWHUSRQLpQGRVHHQWUHPL\HOFRxR
/DSHUVRQD
32(0$'((/',*121RPRUH0U1LFH*X\3RHWU\6HULHV
+HHVWDGRPX\GLJQR0HKHFDO]DGRODVJDIDVGHVRO
0HKHOHYDQWDGRGHODPHVDWRGRHOORVLQSHUGHUiSLFHGHGLJQLGDG
(QVLOHQFLRKHSDJDGRODFXHQWDGHDPERV~OWLPRHLQHTXtYRFRVLJQRGH
GLJQLGDG@
1LXQDVRODSUHJXQWDHVFDEURVD
1LQJXQDTXHMD5HSURFKHQLQJXQR
7DQVRORXQLPSHUFHSWLEOHDVHQWLUGHFDEH]D
\XQDVSRFDVSDODEUDVFRQFLOLDGRUDVFRPRVRxDGDV
/DVLWXDFLyQYLROHQWD<RGLJQR
&DVRGHTXHDOJXLHQQRVKXELHUDSUHVWDGRDWHQFLyQ
KDEUtDSHQVDGRSDUDVt$KtOHWHQHPRV/DYLYDLPDJHQGHODGLJQLGDG
\KDEUtDSHQVDGRELHQ8QDDFWXDFLyQPiVGLJQDQRFDEHLPDJLQDUOD
+HPRVVDOLGRDODFDOOH
/DVJDIDVGHVROVLHPSUHPHKDQFDtGR
GHXQPRGRTXHVRORVHPHRFXUUHGHILQLUFRPR
GLJQR(OEHVRHQODPHMLOODHVHPL~OWLPREHVRKDVLGRWUHPHQGR
%DVWHGHFLUTXHKDHVWDGRDODDOWXUDGHPLGHVSOLHJXHGHGLJQLGDGSUHFHGHQWH@
$WUDYpVGHODVJDIDVGHVRO
MXVWRDQWHVGHYROYHUPHGHFRPHQ]DUDFDPLQDU
KHFUHtGRSHUFLELUDFXRVLGDGHQVXVRMRV0DVSRGUtDKDEHUPHILMDGRPDO@
WDQDEVRUWRHVWDEDHQPLGHVSOLHJXHGHFRPSRVWXUDPHMRU
'HGLJQLGDG0DVVLVHKDYLVWRFRQPRYLGDSRUPLDFWXDFLyQ
QRFDEUtDUHSURFKiUVHOR7DOHUDPLGLJQLGDG
8QVHDFDEyDVtHGXFDGRFLYLOL]DGR
PHUHFHXQDUHVSXHVWDDVtGLJQDFLYLOL]DGD
3RUGLRV¢1RVRPRVDFDVRJHQWHFLYLOL]DGD"
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
6t&LYLOL]DGRV)UtRVFRPRFRPDGUHMDV
&RQDYDULFLDGHYLHMRSRGULGRJXDUGDPRVORVUHSURFKHV
TXHSLGHQVHUFKLOODGRV\TXHDFDPELRDFDOODPRVFRQ LPSODFDELOLGDGFDUFHODULD@
'HQHJDPRVDOFXHOORDMHQRHODSUHWyQPRUWDOTXHSLGH\PHUHFH
$OSURSLRHODEUD]RGHODVRJDTXHVROLFLWDVHODOOHQH
6t7DQGLJQRV\FLYLOL]DGRV
TXHQLVLTXLHUDHVRV~OWLPRVSHQVDPLHQWRVFRPSDUWLPRV
WHUPLQDQGRVLHPSUHVRORV
6LQDSHQDVPHGLDUSDODEUD
QRVYROYHPRV\PX\OHQWDPHQWHHFKDPRVDDQGDU
HQ~QLFDFRPSDxtDGHXQDVJDIDVGHVROGHGRVSLHV
GHFDUJDPHQWRVHQWHURVGHGLJQLGDG
TXHDPHQD]DQ\DFRQTXHEUDUORVKRPEURV
%8(1,17(172
$ODVDOLGDGHOUHVWDXUDQWH
ELHQFRPLGRELHQEHELGR
KDFLDWDQWRVRO
TXHFDVLPHGHVOXPEURFDVLPHGLVWUDLJR
0DVDOJXLHQDOOiDUULEDQRFRQWyFRQTXH
DPLQRVHPHHQJDxDWDQIiFLOPHQWH
$OSRFR\DHVWDEDGHQXHYRLQPHUVR\UHFRQFHQWUDGR
HQORVSUREOHPDVHQPLVSUREOHPDV\HQORVGHWRGRV
%(67:,6+(6
2MDOiWRGRKXELHUDLGRELHQHQWUHQRVRWURV
+DEUtDPRVFRQYLYLGR'HVSXpVODERGD
PiVWDUGHORVFUtRV
$HOORVORVKDEUtDODQ]DGREDUUDQFRDEDMR
/DFXFKLOODGDKDEUtDVLGRSDUDWL$VtVXFHGH
$ODFDUUHWHUD\DOZKLVN\QRVHOHVSXHGHGHVRtU
<DODEXUULPLHQWRDXQTXHFDPLQDUDGHSXQWLOODV
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
VHOHROtDDSUR[LPDUVHDSXHEORVGHGLVWDQFLD
2MDOiWRGRKXELHUDLGRELHQHQWUHQRVRWURV
2MDOiHQYHMH]FDVVRODFRPRXQDSHUUD
726
/DWRVFRQYXOVD
EURWDQGRDPHGLRFDPLQRGHOXFLGDH[SRVLFLyQGHLGHDV
LUUXPSLHQGRGHUHSHQWHHQWUH
GHVSOLHJXHGHVHQWLPLHQWRV
DFDULFLDUGHPDQRV
HVDWRVWDQFRP~QDPLV
FyPSOLFHVDPLJRVDPLJDVDPDQWHV
ODPD\RUtDIXPDGRUHV
HVDWRVGLJRVHQWLGD
EURWDGDGHODOPD
TXHOOHQDORVRMRVGHOiJULPDVDUUDQFDVRQULVDLQFyPRGD
YDOHPiVHQPLFRUD]yQ
TXHSODQHWDVGHGLVFXUVR
XQLYHUVRVGHVLOHQFLR
\TXHODPHQWLUD
TXHDPRUWLJXDHOYDFtRHQWUHDPERV
/$12&+(
$QRFKHFHVVROD\HOFLHORDPHQD]DWRUPHQWD
%LHQDSURYHFKDODQRFKH
WLpQGHWHHQHOOHFKR
\PHWHWHORVGHGRVELHQDGHQWUR
HQHVSHUDGHTXHDOJRRFXUUD
$FDULFLDMXJXHWHDFRQHOWHOpIRQRPDVMDPiVPHOODPHV
)~PDWHWXVVXHxRVHQIRUPDGHPDUOERURV
\FXDQGRWHOOHYHVODFRSDDORVODELRV
QRROYLGHVPXUPXUDUPLQRPEUH
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
0DVVREUHWRGRYLGDPtD
$FXpUGDWHGHODVVHPDQDVTXHWHGL
3DODGpDODVHQHOUHFXHUGR1RKDEUiPiV
$SURYHFKDKR\(VXQDQRFKHGHVDSDFLEOH
/DPiVSURSLFLDSDUDOORUDU
FXDQWRHVW~SLGDPHQWHSRVHtVWH\UHFKD]DVWH
1RWHFRQWHQJDV(VRQRHVEXHQRQXQFD+D]OR
<RORKDJR
0$5=20DUFK2YHU0\%RQHV(PSOR\HU2I7KH0RQWK3RHWU\
6HULHV
(QPDU]R
ORVFDIpVVHOOHQDQGHWLSHMRV
TXHOHUD]RQDQDXQRTXHHODPRUYHUGDGHURGXHOH
\OXHJRVRQUtHQFRQGHVFHQGLHQWHPHQWH
FRQPXHFDVXEQRUPDO
(QPDU]R
ODVFDVDVVHOOHQDQGHODV
VHUSHQWHDQWHVVLQXRVDVIUHFXHQFLDVPHOyGLFDV
GHOSLDQRGH)UDQ]/LV]W
TXHKRVWLJiQGROHDXQRSRUWRGRHOSLVR
QRFHMDQHQVXSHUVHFXFLyQ
KDVWDFRQVHJXLUDORMiUVHOHHQODJDUJDQWD
IRUPDQGRQXGRTXHLQGHIHFWLEOHPHQWHGHVHPERFDUiHQOiJULPD
(QPDU]R
ORVEDUHVVHOOHQDQGHWD[LVWDVERUUDFKRV
TXHDOWHUQDQHOODPHQWRFRQODDPHQD]D
HOUHVHQWLPLHQWRFRQHOLQVXOWR
KDVWDILQDOPHQWHFDHUUHGRQGRVGHOWDEXUHWHDOVXHOR
FRQHVWUpSLWRWDO
TXHXQRDFDEDLQYROXQWDULDPHQWHOHYDQWDQGRODYLVWD
GLVWUDtGRGHVXOHFWXUDGH'RVWRLHYVNL
(QPDU]R
ORVFOXEVVHOOHQDQGHVXMHWRVTXHGLVSXWDQ
XQDFRPSHWLFLyQSRUPRVWUDUVXLQFRPSHWHQFLD
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
DORVPDQGRVGHOPiVWLOGHXQD)HQGHU6WUDWRFDVWHU
XQRKLQFDPiV\PiVIUHFXHQWHPHQWH
VXVURGLOODVHQHOVXHORGHORVXULQDULRV
XQELOOHWHHQUROODGRHQODGLHVWUD
PLHQWUDVDOJXLHQJROSHDODSXHUWDLPSDFLHQWH
(QPDU]RWRGRVHOOHQD
DOWLHPSRTXHXQRVHYDFtD
6LWHQJRODLPSUHVLyQGHTXHUHUWHGHVGHVLHPSUH
HVSRUTXHWHKHFRQRFLGRKDFHFLQFRPLQXWRV
6LWHFRQRFLHUDGHVGHVLHPSUH
QLFLQFRPLQXWRVSRGUtDTXHUHUWH
/267)281'
/DVFDQFLRQHVTXHSHQVp
TXHWRTXp\TXHQRHVFULEt
FLHQ\FLHQWRV\PLO
VXVDFRUGHVREVFHQDPHQWHGHJOXWLGRV
SRUHVWDDWPyVIHUDKRVWLO
/DVFDQFLRQHVTXHSHUGt
/DVPXMHUHVTXH\RYL
TXHVRxp\TXHQRDERUGp
FLHQ\FLHQWRV\PLO
VXVWUDVHURVEDPEROHiQGRVHFDOOHDEDMR
WDQDEVRUWDPHQWHLJQRUDQWHVGHPt
/DVPXMHUHVTXHSHUGt
/DYLGDTXH\RYLYt
ODGHUUXtVLQHOHJLU
(UDXQDOXHJRPHGLDGHVSXpVIUDJPHQWRV
\DKRUDHVWRJUDYLOOD\PLJDVUHVWDQWHV
GHRSRUWXQLGDGHVTXHSHUGt
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
75$'(0$5.(GLW
/DFXHUGDTXHGHODELVPRPHL]D
WLHQHVLHPSUHPDUFDGHPXMHU
3HVHDORVFRGD]RVHQODVFRVWLOODV
GHODPHPRULDLQFyPRGD
FRQFRPSXOVLyQDHOODPHDIHUURXQDYH]PiV
UH]DQGRSRUIDYRUSRUIDYRUSRUIDYRU
HVWDYH]QRVHURPSD
75$'(0$5.1RWRULRXVO\+XUWIXO7R2WKHUV5HPL[E\'-
:RUPER\ESP
0HUHFHODSHQDFDHU
6RODPHQWHEUD]RVFREDUGHV
VLJXHQDEUD]DQGRDOSHxDVFR
FXDQGRHOSHxDVFRKLHUH
/DFDtGD\SRVWHULRUHVFDODGD
6HQWLUHOIRQGREDMRODVERWDV
\DQWLFLSDUVHHQVXHxRVDOWDFWRGHODFRUQLVD
$EULUODVPDQRVVROWDUVH
DVFHQGHUWXOOLGRVDQDUWDUGHRWHPSUDQR
SDUDFDHUGHQXHYRTXHPiVGD
9LYLU
%$55<$'$0621
6RORYHUODGDEDKDPEUH
3XVRRWURGLVFR\VHVHQWyHQHOVRIi
6XVRQULVDFRORUKHPRUUDJLD
<RVXGDQGRXQFDORUGHWHUFHUDJXHUUDPXQGLDO
$OUDWR
VHOHYDQWRGHOVRIi\OHVXVXUURDVXKHUPDQR
TXHVHEDMDUDDWRPDUXQFDIp
<RFRPSUHQGtODVHxDOVRQUHtFyPSOLFH
'HORVDOWDYRFHVOOHJDEDDOJR
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
TXHSDUHFtD%DUU\$GDPVRQ
SHURTXHQRHUD%DUU\$GDPVRQ
$%DUU\\RORFRQWUROR
6HVHQWyHQHOVRIiMXQWRDPt
PHDUULPHSDUDGDUOHIXHJR
\DTXHOORTXHSDUHFtD%DUU\$GDPVRQ
SHURTXHGHQLQJ~QPRGRHUD%DUU\$GDPVRQ
PHWHTXHWHUHWXPEDHQHOVWHUHR
)XHPX\DPDEOHSRUVXSDUWHDFRPSDxDUPHDOUHFLELGRU
DSHVDUGHODHVFHQDYHUJRQ]RVDTXH
DFDEDED\RGHSURWDJRQL]DU
'HFDPLQRDDKRUFDUPHGLJRDODSXHUWD
OHSUHJXQWpSRUHOLQWHUSUHWHGHOGLVFR
5HVXOWRVHU%DUU\$GDPVRQ
&2.(<RX/RRN/LNH5DLQ/RYHO\'HDOHU&KLFN0L[ESP
6HxRU&DPHOOR
WLHQHXQUHVWDXUDQWH
GRQGHSDVDIDUORSDGHWDSDGLOOR
PHGLDQWHODVRFRUULGDHVWUDWDJHPD
GHOSLWR\HOSDTXHWHGHWDEDFR
WLHQHODDFWLWXG\WLHQHORVFRMRQHV
WLHQHDXQDFKDYDODGHOJDGLWDFRPRXQELFKR
&KDYDODGH6HxRU&DPHOOR
WLHQHD6HxRU&DPHOOR
WLHQHXQDVWHWLWDVDGRUDEOHV
WLHQHODSODFLGH]HQODPLUDGDGHOVXELGyQGHOEDGER\
WLHQHXQFKDOQHJUREDUDWR\GHPHQFLDO
WLHQHHVHGLVFRGHORV6WUDQJOHUVTXHPHIDOWD
<RWHQJRXQPDOGtD
WHQJRXQJUDPRHPEXWLGRHQXQSDTXHWHGH &DPHO
WHQJRQXHYHELOOHWHVPHQRV
\SRUIRUWXQDQRWHQJRFRUD]yQ
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
6LORWXYLHUDVHUtDSDUDHOOD
\HQWRQFHVKDUtDGRVPDORVWUDWRV
HQYH]GHVRODPHQWHXQR
%20%$5'(2
&RQJUDQH[FLWDFLyQ
PHVXHOWDQDGDPiVOOHJDU\RGHOWUDEDMR
£+DQERPEDUGHDGRDORV6HUELRV
$K¢<HVRHVEXHQRRPDOR"
3UHJXQWRFRQGHVJDQDFDPLQRGHPLFXDUWR
%XHQRFODUR
UHVSRQGHHOODWRGDYtDVRQULHQGR
/XHJRVHWUDWDGHXQERPEDUGHREXHQR
6tGLFHHOOD
PDVGXGD
<DQRVRQUtH
$VtSXHVVHWUDWDGHXQERPEDUGHREXHQR
HQGRQGHKDQFDtGR~QLFDPHQWHERPEDVEXHQDV
UD]RQRFRQIRUPHPHTXLWRORV]DSDWRV
(OOD\DQRUHVSRQGH7DPSRFRVRQUtH\D
&RQWUDULDGDPDUFKDDVXFXDUWR
HQWDQWRPHSUHSDURXQDFRSD
2WUDYH]VHPDQLILHVWDPLPDO
$SODVWRODLOXVLyQDMHQD
)UXVWURODVH[SHFWDWLYDVHQPtSXHVWDV
08/7$/6',]&RRO&KHFN,W2XW0XWKDIXFND7ULS2YHU0L[
ESP
+DQVLGRSUHFLVDV
KRUDVFHUYH]DVFLJDUULOORV
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
SDUDEDMDUPHGHOWULSL
GDUHVTXLQD]RDORVJXDUGLDVGHODSDUDQRLD
DSDUFDUODFDEH]DIXHUDGHOD]RQDSURKLELGD
\DOFDQ]DUPtQLPRVGHHVWDELOLGDGDFHSWDEOHV
7UDVKRUDVGHYLDMHHOpFWULFR\iFLGR
ODPXOWDTXHOHYDPRVDKDFHUVHSDJDDJXVWR
(QRWUDVRFDVLRQHVVXHORQHFHVLWDU
PHVHVGHVWLOHUtD
SRUFLyQVLJQLILFDWLYDGHODWDEDFDOHUDHVSDxROD
SDUDVDOLUEDMRILDQ]DGHODSULVLyQGHOGHVDPRU
KDFHUGHPLVVHQWLPLHQWRVXQDSHORWDDUUXJDGD
GiUVHODGHFRPHUDOJDWR
L]DUHOSXHQWHOHYDGL]RFXDGUDUPHGHKRPEURV
SRGHUGHFLUKRODTXHWDO
7DPELpQWUDVHOYLDMHFiOLGR\K~PHGR
ODPXOWDVHSDJD<VHWUDWDGHDSHQDVPLQXWRV
DGXUDVSHQDVXQDH[FXUVLyQ\DWHGLJR
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
7$/(6)5207+(+$5'6,'(
-40XUGHUZHDUVVDQGSDSHUVXLWV
%URNHQJODVVLQSRFNHWEDUEHGZLUHERRWV
1RWEHFDXVHKH
VPHDQEXWEHFDXVHKH
VDPDUW\U
+HPDNHV-DFNLH&ROOLQVORRNOLNH-HDQ3DXO6DUWUH
+HPDNHV-HVXV&KULVWORRNOLNH)UDQN6LQDWUD
-DPHV*7KLUOZHOO
52%27
0LVQRSRFDVGXGDV
DQWHDTXHOFKLSGHVLOLFLR
DOLPHQWDGRSRUXQDSLODGHYROWLRV
TXHOHLQVHUWDURQDOURERW\TXH
VHJ~QDVHJXUDURQORVWpFQLFRVGHOURERW
GRWDUtDDOURERWGH$OPD
TXHGDURQGLVLSDGDVFXDQGR
QDGDPiVORVWpFQLFRVGHOURERWDFWLYDURQDOURERW
HOURERWVHDUUDQFyLQPHGLDWDPHQWHDTXHOFKLSGHVLOLFLR
DJULWRVGHRKGLRVFRPRGXHOH
\\DQRDOEHUJXHGHKHFKRQLQJXQDGXGD
DOSUHVHQFLDUFRPR
WUDVUHLQVHUWDUOHORVWpFQLFRVGHOURERWDOURERW
SRUVHJXQGDYH]
DTXHOFKLSGHVLOLFLR
DOLPHQWDGRSRUXQDSLODGHYROWLRV
HOURERWDOOtPLVPR\SDUDHVWXSHIDFFLyQGHWRGRV
VHPDWy
QRVLQDQWHV
PDWDUFRPSOHWD\H[KDXVWLYDPHQWH
DWRGRVORVWpFQLFRVGHOURERWDOOtSUHVHQWHV
',57<=(15($/,6032(0+LJK2Q%RUHGRP&UDFN5DYH0L[
ESP
(OQLxRFDPLQDEDMXQWRDO6DELR
\HOQLxRSUHJXQWyDO6DELR
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
'LPH6DELR¢TXpVLJQLILFDDWROODGHUR"
<HO6DELRVHxDOyFRQHOGHGRDXQRILFLQLVWD
KRUDVMRUQDGDODERUDOSWDVVDODULREUXWR
(OQLxRFKXSDEDGHXQ-%MXQWRDO6DELR
\HOQLxRSUHJXQWyDO6DELR
'LPH6DELR¢TXpVLJQLILFDSDOHWR"
<HO6DELRFRQGXMRDOQLxRDODLJOHVLD
HQGRQGHFRQHOGHGRWUD]yXQFtUFXOR
HQWRUQRDOVDFHUGRWH\DVXIHOLJUHVtD
(OQLxRSUHSDUDEDODSDSHOLQDSDUDHO6DELR
\HOQLxRSUHJXQWyDO6DELR
'LPHVDELR¢TXpVLJQLILFDKLMRSXWD"
<HO6DELRFHUURODPDQR
HQWRUQRDXQJORERWHUUiTXHRDHVFDOD
\GiQGROHLPSXOVRORKL]RJLUDUVREUHVXHMH
(OQLxRFKXSDED/6'MXQWRDO6DELR
\HOQLxRSUHJXQWyDO6DELR
'LPH6DELR¢TXpVLJQLILFDOXFLGR"
<HO6DELRUHVLJXLyFRQHOGHGR
ODLPDJHQTXHHOQLxR\HO6DELRSUR\HFWDEDQHQHOUtR
SDUDLQPHGLDWDPHQWHGHVSXpVVDOWDUDOUtR
MXVWRDOPLVPRSXQWRGHOUtR
DGRQGHVDOWyWDPELpQHOQLxR
DSHQDVXQDVHPDQDGHVSXpV
)(1'(57(/(&$67(5VQ6L[6WULQJV*XLWDU7XQHG3RHP
( QODWLHQGDGHLQVWUXPHQWRVTXHH[SURSLDURQFXDQGRDUGLy(O/LFHR
$ XQWHUFLRGHVXSUHFLRSRUFLHUUH\OLTXLGDFLyQGHH[LVWHQFLDV
' HVFXEUt\DGTXLUtPLLQVWUXPHQWRVLHPSUHVRxDGR
* XDUGDQGRPHELHQGHODSHQDFROHFWLYD\FUHWLQDGHVDWDGDSRUHOLQFHQGLR@
% ULQGHVRQULHQWHHQWRQFHV\EULQGRKR\SRUTXH
( O/LFHRGH%DUFHORQDDUGDPiVDPHQXGR\VLHPSUHTXHVHDSRVLEOH
*(1(52(5Ð7,&2
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
7UDVVHUFRQGXFLGRDSUHVHQFLDGHODVDXWRULGDGHV
SRUKDEHUDJUHGLGRFRQVXHVWLORJUiILFDDODPXFKDFKD
DSXxDODQGRDSXxRFHUUDGRDODPXFKDFKDFRQVXHVWLORJUiILFD
TXHVHGHVOL]RHQWUHODVFRVWLOODVGHODPXFKDFKD
SURYRFDQGRDODPXFKDFKDJUDYHVOHVLRQHVHQHOSXOPyQGHUHFKR
TXHOHKLFLHURQSUHFLVDODH[WLUSDFLyQGHOSXOPyQGHUHFKR
DTXHOHVFULWRUXUXJXD\R
TXHGXUDQWHGHFHQLRVKDEtDFXOWLYDGRHODVtOODPDGR JHQHURHUyWLFR
VHH[FXVRDQWHODVDXWRULGDGHVDOHJDQGRTXH
GHSURQWR\GXUDQWHODSUHVHQWDFLyQGHVXOLEUR
KDEtDVHQWLGRODXUJHQFLDGHSHQHWUDU DODPXFKDFKD
35(&,6,Ð1,',20É7,&$
$TXHOHPEDMDGRU
UHFLHQWHPHQWHOOHJDGRGH9HQXVD/D7LHUUD
\TXHSURQWRVHJUDQMHRODVVLPSDWtDVGHOJUDQS~EOLFR
TXHWHOHYLVLYDPHQWHSUHVHQFLRHODFWR
DOVHxDODUODPHVDGHFRQIHUHQFLDV
\SURQXQFLDUHQSXOFURLQJOpVSUHFLVDPHQWHODSDODEUD PHVD
LQPHGLDWDPHQWHGHVSXpVRYDFLRQDGRHQDSODXVRXQiQLPH
DOWRPDUDVLHQWRHQXQDVLOOD
DODYH]TXHSURQXQFLDEDSUHFLVDPHQWHODSDODEUD VLOOD
SURQWRFRPSUHQGLyTXH
HQFRQWUDSRVLFLyQDOUHVWRGHOHQJXDVGHODJDOD[LD
QRVHYDORUDEDHQ/D7LHUUDHOXVRGHOYRFDEORVLHPSUHPiVSUHFLVR
FXDQGRFRQWRGDQDWXUDOLGDG
\HQYHUGDGVLQPDODLQWHQFLyQDOJXQD
VHUHILULyDOSUHVLGHQWHFRPRDHOKLMRGHSHUUD
GHVHQFDGHQDQGRHQVXFDQGLGH]\GHIRUPDWRWDOPHQWHLQYROXQWDULD
DTXHOWULVWHPHQWHFHOHEUHFRQIOLFWR
TXHVHVDOGyFRQHOH[WHUPLQLRGHGHODSREODFLyQ
32&$&26$
&XDQGRHOLQGLJQDGRMXH]GHJXDUGLDQHR\RUTXLQR
LQWHUURJRDOFRUUHGRUGHEROVDDSHOOLGDGR,VFDULRWH
DFHUFDGHODPRQHGDGHFLQFRFHQWDYRV
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
TXHKDEtDSHUFLELGRSRUYHQGHUD-HV~V
DXQRVQHJURVIXQGDPHQWDOLVWDVLVOiPLFRV
TXLHQHVOLQFKDURQVDOYDMHPHQWHD-HV~V
SDUDGHVSXpVUHSHWLGDPHQWHDFXFKLOODUD-HV~V
HQHOFHQWURPLVPRGH&HQWUDO3DUN
HOFRUUHGRUGHEROVD,VFDULRWHVHHQFRJLyGHKRPEURV
DOHJDQGRTXHHOFDWROLFLVPR LEDDODEDMD
\TXHSRUWDQWRWDPELpQ-HV~VDQGDEDGHYDOXDGR
QHJDQGR,VFDULRWHGXUDQWHHOMXLFLR
\WDPELpQIUHQWHDODVFiPDUDV
\HQYHUGDGHQWRGRPRPHQWR
TXHDOEHUJDUDLQWHQFLyQDOJXQDGHTXLWDUVHODYLGD
FRPRHOPLVPRGLMR
SRUWDQSRFDFRVD
)$//(&(816(f259,(-2
7UDVKDOODUOH\DFDGiYHUVHQWDGRHQVXVRIi
ORVSDULHQWHVGHWHUFHURUGHQ
TXHDSDUHFLHURQSRUDOOtSUHVWRVDODUDSLxD
HQFRQWUDURQWDPELpQHQHOiWLFR
XQDFDMDUHSOHWDGHYLHMRVSUR\HFWRVGHMXYHQWXG
/LEURVGHSRHVtDDPHGLRWHUPLQDU
FLQWDVFRQFDQFLRQHVPHGLRGHVRODGDV
FDUWDVGHDPRUMDPiVHQYLDGDVHQILQHVDVFRVDV
6XIpUHWURIXHLQFLQHUDGRHQODIXQHUDULD
ODFDMDGHOiWLFRTXHPDGDHQHOYHUWHGHURGHEDVXUD
PDVHVWRGHEHTXHGDUFODUR
6LVHKL]RDVt\QRDOFRQWUDULR
IXHVRODPHQWHHQKRQRUDXQDWUDGLFLyQLQFRPSUHQVLEOH
<VLELHQWRGRVVHPRVWUDURQGHDFXHUGR
HQTXHHQODFDVDDSHVWDEDDFHUUDGRDUDQFLRDSRGULGR
QDGLHVXSRSURQXQFLDUVH
VREUHVLHOKHGRUSURYHQtDGHOPXHUWR
RGHDTXHOODFDMDGHOiWLFR
0,1872
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
0HDSHQRGHYHUDV\PXFKR
HOIDOOHFLPLHQWRGHDTXHOVHxRUPD\RUTXH
SHVHDKDEHUVLGRVRPHWLGRSRUODVDXWRULGDGHV
DGHFHQDVGHFRQGHQDV\PXOWDV
VLJXLyHPSHUUiQGRVHHQFRQGXFLU
SRUWRGRHOSDtV
GHDFWRVLPEyOLFRHQDFWRVLPEyOLFR
$OOOHJDUDODFWRVLPEyOLFR
\GXUDQWHWRGRHOFRUUHVSRQGLHQWH
PLQXWRGHVLOHQFLRGHODFWRVLPEyOLFR
VHDIDQDEDHQJULWDU
VXSURSLRQRPEUH
XQD\RWUDYH]
DJDUJDQWDDELHUWD
0HHQWULVWHFLySURIXQGDPHQWH\HVFLHUWR
ODGHIXQFLyQGHDTXHOVHxRUPD\RUTXH
GXUDQWHHOFRUUHVSRQGLHQWHPLQXWRGHVLOHQFLR
GHOHQpVLPRDFWRVLPEyOLFRSRUODSD]
IXHSDWHDGR\FRPSOHWDPHQWHOLQFKDGR
SRUORVDVtOODPDGRVSDUWLGDULRVGHODSD]
KDVWDSURGXFLUVHODPXHUWHSRUOLQFKDPLHQWRGHOKRPEUHPD\RU
TXHQRGHMRSRUHOORGHJULWDUVXSURSLRQRPEUH
XQD\RWUDYH]
DJDUJDQWDDELHUWD
LQFOXVRGXUDQWHWRGDODSDOL]DHQWHUDTXHORPDWR
0HDIOLJLyFDVLFRPRIDPLOLDUHQILQ
ODGHIHQHVWUDFLyQGHDTXHOKRPEUHPD\RU
FX\RQRPEUHDXOODGRDEHUULGROLPSLR
GHDFWRVLPEyOLFRHQDFWRVLPEyOLFR
IDPRVRHQODSUHQVD\HQODUDGLR\HQUHDOLGDGHQWUHWRGRV
QRFRQVLJRDKRUDUHFRUGDU
'8(/2
£1RORKDJiLV
£(VFXFKDGDYXHVWURVFRUD]RQHV
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
LPSORUDURQWRGRVDORVGXHOLVWDV
SUHFLVDPHQWHHQORVPRPHQWRVSUHYLRV
DTXHORVGXHOLVWDVVHEDWLHUDQHQGXHOR
£(VFXFKDGDYXHVWURVFRUD]RQHV
(OGXHOLVWDPiVDYDQ]DGRHQHGDG
HVFXFKRDVXFRUD]yQ
HVFXFKDQGRSUHFLVDPHQWH
XQVLOHQFLRSHUPDQHQWH\FRQWLQXDGR
TXHORFDOODEDWRGRWRGRHOWLHPSR
(OGXHOLVWDPiVMRYHQ
HVFXFKRDVXFRUD]yQ
HVFXFKDQGRSUHFLVDPHQWH
XQDFDFRIRQtDWHMLGDSRUPLOYRFHV
GHODFXDOHUDLPSRVLEOHDUUHEDxDUQDGDHQFODUR
(OGXHORVHUHVROYLy
FRQORVGRVUHVSHFWLYRVFRUD]RQHVGHORVGXHOLVWDV
HOPXGR\WDPELpQHOYHERUUHLFR
GDQGRDORMDPLHQWRSUHFLVDPHQWH DGRVEDODV
&$/$9(5$
/DPtWLFDFDODYHUDLQFRUUXSWD
ODFXVWRGLR\YHQHURGXUDQWHVLJORV
XQDVHFWDLVUDHOtTXHVHKDFLDOODPDU3XELV &ULVWL
/DPtWLFDFDODYHUDLQFRUUXSWD
VHJ~QDILUPDURQTXLHQHVDVtPLVPRVVHOODPDEDQ3XELV &ULVWL
SHUWHQHFLyDODPtWLFD\DQFHVWUDOUDPHUDMXGtD
(QODPtWLFDFDODYHUDLQFRUUXSWD
IXHUHVFDWDGDGHODVHFWDLVUDHOt3XELV&ULVWL
SRUXQRVFLHQWtILFRVHVWDGRXQLGHQVHVGH&KLFDJR
\WUDtGDGHVGH,VUDHOSUHFLVDPHQWHDODXQLYHUVLGDGGH&KLFDJR
SRUDTXHOORVPLVPRVFLHQWtILFRVHVWDGRXQLGHQVHVGH&KLFDJR
(QWUHORVGLHQWHVGHODFDODYHUD
LQFRUUXSWD\PtWLFD\WDPELpQDQFHVWUDO
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
VHHQFRQWUDEDDSULVLRQDGRHO
LQFRUUXSWR\PtWLFR\WDPELpQDQFHVWUDO
SHORS~ELFRGH&ULVWR
(OSHORS~ELFRLQFRUUXSWRGH&ULVWR
IXHH[WUDtGRFRQVXPRFXLGDGR
GHHQWUHORVGLHQWHVGHODFDODYHUDLQFRUUXSWDGHODUDPHUDPtWLFD
SRUORVFLHQWtILFRVHVWDGRXQLGHQVHVGH&KLFDJR
\FRORFDGREDMRXQPLFURVFRSLRGH~OWLPDJHQHUDFLyQ
'LHFLVLHWHFLHQWtILFRVHVWDGRXQLGHQVHVGH&KLFDJR
SUHFLVDPHQWHORVPLVPRVTXHREVHUYDURQEUHYHPHQWH
DWUDYpVGHDTXHOPLFURVFRSLRGH~OWLPDJHQHUDFLyQ
HOSHORS~ELFRLQFRUUXSWRGH&ULVWR
LQJUHVDURQGHVTXLFLDGRV\EDEHDQWHV
\\DGHKHFKRWRWDOPHQWHLUUHFXSHUDEOHV
HQHOIUHQRSiWLFRGHDOWDVHJXULGDGGH&KLFDJR
7UDQVFXUULHURQPHVHVDQWHVGHTXHQDGLHVHDSHUFLELHUDGHHOOR
&DGDYH]TXHXQRGHDTXHOORVFLHQWtILFRVREVHUYDED
DWUDYpVGHDTXHOPLFURVFRSLRGH~OWLPDJHQHUDFLyQ
HOSHORS~ELFRLQFRUUXSWRGH&ULVWR
SDUDDFWRVHJXLGRVHULQJUHVDGRHQHOIUHQRSiWLFR
GHVTXLFLDGR\EDEHDQWH\\DGHKHFKRWRWDOPHQWHLUUHFXSHUDEOH
ORVGLHQWHVGHODFDODYHUDGHOD9LUJHQ0DUtD
HQWUHFKRFDEDQIUHQpWLFDPHQWH
UHYHUEHUDQGRXQDULVDH[WUDxD
GHVGHVXULQFyQHQHOODERUDWRULR
$)7(5/,)(
$TXHOH[HPSOHDGRGHEDQFD
HVSHUDEDSHUSOHMLGDGGH6DQ3HGUR
FXDQGR
UHFLpQIDOOHFLGR
DSHQDVKHFKDVXHQWUDGDHQHOFLHOR
OHFRQIHVRD6DQ3HGURTXHVXLQWHQFLyQ
HUDPDWDUVHFDVLLQPHGLDWDPHQWH
SDUDYHUTXHKDEtDSUHFLVDPHQWHGHVSXpVGHOFLHOR
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
0DVIXHDTXHOPLVPRH[HPSOHDGRGHEDQFD
TXLHQTXHGRSHUSOHMR
FXDQGR6DQ3HGUR
DGXFLHQGRTXHWDPELpQpOVHQWtDFXULRVLGDG
GHSRVLWRXQUHYROYHUVREUHODPHVD
'HVSXpVXQODUJRVLOHQFLR
\DFWRVHJXLGR
GRV
HVWDOOLGRV
&/$&.
6XSDUHMDHV
ODSLH]D
HQHOSX]]OH
TXHSDUDpOFRQFLELHURQ
\TXHpOFRQIXQGLyFRPRVX\R
/DTXLHUH
FRPRVHTXLHUHDXQHOHFWURGRPpVWLFR
DO%0:WXUERGLHVHO
DODVFHQVRHQHOEXIHWH
$SXHVWRDTXHMRGHFRPRHYDFXD
4XLHURXQDPXMHUTXHQRPHGpGRORUHVGHFDEH]D
FRPHQWDED\DGXUDQWHQXHVWUDDGROHVFHQFLD
6HFDVD/DILUPDTXHHVWDPSDHQHOFRQWUDWR
HVPLOYHFHVLQGLVFHUQLEOH
DODTXHILJXUDHQVX'1,
/DSLH]DFDHFDHFDHDSORPR
MXVWRHQWUHORVYLDMHVD0DGULG
\ODVOHWUDVGHODODYDGRUD
HQFDMDQGRREVFHQDPHQWH
FRQXQFKDVTXLGRVRUGR
&8(1&$&UyQLFDV'H/D6HPDQD6DQWD$IULFDQD
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
)XHVREUHODVFLQFRGHODPDGUXJDGDHQXQDFDOOHGHVLHUWDGH&XHQFD
FXDQGRQRVFUX]DPRVFRQDTXHOYDPSLURFULVWLDQRGHO NXNX[NODQ
6XMHWDGHPDPDUUDFKRFRPSOHPHQWRLGHDODVXJURWHVFDLQGXPHQWDULD
¢4XLpQSRGUtDFXOSDUQRVSRUHOOR"
/DFDUFDMDGDFXDQGRTXLHUH\SXHGH
WHUPLQDDEULpQGRVHFDPLQRDODERFD
\UHVXHQDSRUWRGDODFDOOHYDFtD
1DGDPiVOOHJDUDODSHQVLyQ
FDtPRVFRPRWURQFRVODVRQULVDDXQHQHOURVWUR
$SXHVWRDTXHDpOOHFRVWRFRQFLOLDUHOVXHxR
¢&yPRKDEUtDPRVSRGLGRHYLWDUOR"
$ODVEXHQDVRDODVPDODVVHDSUHQGH
\GHEHVDSUHQGHU
1RKD\SD]SDUDHOLGLRWDQD]DUHQR
'(6*$67(
(OSRHWDHVWRGDYtDMRYHQ
7LHQHFODUtVLPRORTXHTXLHUHGHFLU
3XHVQRYD\ORVXHOWDWDOFXDOGHPRQLRGHWtR
0XFKRVTXHGDQKRUURUL]DGRV
+D\WDTXLFDUGLDV7UHVGHVPD\RV
'RVDQFLDQLWDVGHYXHOYHQ
8QVHxRUFDOYRGHODWHUFHUDILODVHYXHOYHORFR\FRPLHQ]DDPDVWXUEDUVH
/RVGHOVHUYLFLRGHVHJXULGDGVHSRQHQHQSLHQHUYLRVRV
0LUDQHQGLUHFFLyQDO$PRDJXDUGDQGRODRUGHQ
(O$PRFRQFLOLDGRUHOHYDODSDOPDGHODPDQR\QLHJDFRQODFDEH]D
/RVGHVHJXULGDGREHGHFHQ\WRPDQDVLHQWRGHQXHYR
7UDQVFXUUHQORVDxRV(OSRHWDHV\DXQVHxRUPDGXUR
<DQRRIHQGHFRPRDQWDxR
6LQHPEDUJRVLJXHHUUHTXHHUUHODUJDQGRSRUVX ERTXLWD
(OSRHWDHVDKRUDHVRTXHOODPDQXQLQWHOHFWXDO
6XGLVFXUVRHVPiVHODERUDGRPiVOLWHUDULR
(QWUHHOS~EOLFRHVIUHFXHQWHHOFHxRIUXQFLGR
0XFKRVDEDQGRQDQODVDODLQFyPRGRV
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
/RVGHVHJXULGDGOHHFKDQGHYH]HQFXDQGRXQDPLUDGDLQWHUURJDQWHDO$PR
(O$PRSURVLJXHREVHUYDQGRDOSRHWDFRQH[SUHVLyQQHXWUD
+DFLDHOILQDOHOSRHWDQRHVQLPiVQLPHQRVTXHXQYLHMRTXHKDEOD
/HVXHQDFRPRTXHWHQtDFRVDVTXHGHFLU
&RPRHVWiIDWLJDGR\PHGLRFKRFKR\DQROROOHYDFODUR
'HVXKR\RGHVGHQWDGREURWDXQFKRUURGHSDODEUHUtDLQFRPSUHQVLEOH
'HYH]HQFXDQGRVHOHHVFDSDXQDERUUHFLEOH RXQDSHVWRVR
LQPHGLDWDPHQWHVLOHQFLDGRSRUHOWpFQLFRGHDXGLRFRQXQSLWLGRGLJLWDO
(OS~EOLFRDWLHQGHDKRUDIDVFLQDGRDVXVVRUSUHQGHQWHVULPDV
DVXVLQJHQLRVRVMXHJRVGHSDODEUDV
KDVWDTXHVLQSRGHU\DFRQWHQHUVHSRUPiVWLHPSR
HVWDOODHQXQDSODXVR
(OSRHWDDWXUGLGROHYDQWDODPLUDGDGHVXVSDSHOHV
6XH[SUHVLyQUHYHODTXH\DQLVDEHGRQGHHVWiQLSRUTXp
(O$PRVRQUtH6HJXULGDGVRQUtH
&UHRTXHOHYDQDSXEOLFDU
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
027+(50<%2'<',6*86760(
$OO,UHDOO\UHDOO\UHDOO\ZDQWWRVHH
LVDWRWDOHFOLSVHRIWKHVXQ
%OL[D%DUJHOG
',62&,$&,Ð1
(QSHORWDSLFDGD\IUHQWHDOHVSHMR
LQFDSD]\DGHFRQVLGHUDFLyQDOJXQD
SRUHVHPDPRWUHWRURVDGRUHSOHWRGH
YtVFHUDVFHMDVSHVWDxDV
TXHORVGHPiVLQH[SOLFDEOHPHQWH
DVRFLDQDPLSHUVRQD
IURWRIXULRVDPHQWHGLHQWHVPXHUWRVFDOFiUHRV
LQH[SOLFDEOHVLQWUXVRVJRUURQHVGHPLKR\RK~PHGR
KDVWDKDFHUPHVDQJUDUODVHQFtDV
0HYXHOYRDODFDPD
GRQGHHQVLOHQFLR\FRPRHOTXHQRTXLHUHODFRVD
HFKROD]DUSDVREUH
RWURELFKRSiOLGRHLJXDOPHQWHDEVXUGR
DOTXHWDPSRFRHQWLHQGRQLFRPSUHQGR
'(02&5$&,$6WRS7KH9RWH&DPSDLJQ5DYH+DUGFRUH0L[
ESP
/RVURVWURVEDERVRVGHORVSURJHQLWRUHV
/DHVWXOWLFLDGHORVPDHVWURV
/DFUXHOGDGGHODFKXVPD
8QDFDQFLyQIXHUDGHWRQR
¢<DKRUDTXp"
$WURSHOODUDXQSHUUR\QRVHQWLUQDGD
&RQVXPLUSUHIHUHQWHPHQWHDQWHVGH
3DJDUODVIDFWXUDV
%XFHDUHQQDYDMDVDGLDULR
¢<DKRUDTXp"
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
8QDKLMDDQRUp[LFD
/DQRPLQDHVWDID
3DVHRVSRUXQVXSHUPHUFDGRYDPStULFR
'HFLUJUDFLDVHWHUQDPHQWHDJHQWHVGHWHVWDEOHV
¢<DKRUDTXp"
$KRUDGHSRVLWDUODSDSHOHWD
\FUX]DUORVGHGRVFRQIXHU]DVXILFLHQWHFRPRSDUDURPSHUORV
FRQIHUXWLQDULD\WDPELpQDQLTXLODGRUD
18(675$6&26$6
(OGtDHQTXHFXPSOtRFKRDxRV
PHDFHUTXHDPLKHUPDQDPD\RU
TXHOORUDED
¢3RUTXpOORUDV"3UHJXQWp
3RUTXHORVDEXHORVVHYDQDPRULUSURQWR
\GHVSXpVORVSDSiV
\WDPELpQQRVRWURV
WDPELpQQRVRWURVQRVPRULUHPRVXQGtD
(VWUHPHFLGRFRPRXQDSREUHEHVWLDSRUODUHYHODFLyQ
WDPELpQ\RPHHFKHDOORUDU
DOOtPLVPR
MXQWRDPLKHUPDQD
¢4XpOHVKDVKHFKRDORVQLxRVTXHOORUDQWDQWR"
3UHJXQWRPLSDGUHDOOOHJDUGHOWUDEDMR
1DGDGpMDORVHVWDU
5HVSRQGLyPDPD
&RVDVGHFUtRVTXHVp\R
/ORUDQSRU
VXVFRVDV
62%5(72'2
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
(VHQWDUGHVEREDVRHQPDxDQDVGHVFDEHOODGDV
FXDQGRSURIDQRHODFXHUGRWiFLWR
GHSHUFLELUDOGtD\DODVJHQWHV
\DODVFRVDVLQVHUYLEOHVGHSOiVWLFRURMR
FRPRGHSHTXHxRPHHQVHxDURQDSHUFLELUODV
XQSDGUHVLPSOHXQDPDPDFRQIRUPH
\XQUHEDxRGHPDHVWURVREWXVRV\FLHJRV
(OVXHxRGHFRUGXUD\VHQVDWH]VHGLOX\HGHSURQWR
HQXQDYRUiJLQHGHVLQUD]yQGHODTXH
QDGLHVDOHELHQOLEUDGR(ODXWRE~VHVWDQLUUDFLRQDO
FRPRHOWLFNHWGHODFRPSUDRPLFROHFFLyQGHFDPLVHWDVQHJUDV
7DQH[WUDYDJDQWHHOVHxRUTXHPHYHQGHWDEDFR
FRPRPLDPLJDGHODOPD
/DQRUPDOLGDGVHPHGHUULWHFRPRXQKHODGRGHSLxD
GHOTXHWRGRVPDPDQ\TXH\R\DQRDWLQRQLDROLVTXHDU
6R\HO~QLFRTXHSXHGHYHUDORVH[WUDWHUUHVWUHV\HVWR\VROR
6LKDEODUDPHHQFHUUDUtDQ\WLUDUtDQODOODYHDOUtR
4XHGRHQWRQFHVGHSLHSDVPDGR
FKXSDQGRGHXQFLJDUULOORLOyJLFR
HQWUHWDQWRHQPLVWULSDVVHUHYXHOYHQ
ODVSUHJXQWDVTXHKDVWDHQWRQFHVORJUHDPDQVDU
GiQGROHVWRQWHUtD\FHUYH]D\DOJ~QTXHRWURSROYRRFDVLRQDO
&RPRFXDQGRGRQGHSRUTXH\VREUHWRGRSDUDTXH
6REUHWRGRSDUDTXpWRGR
%85*(5.,1*
(QDTXHOORV~OWLPRVPLQXWRV
PLHQWUDVVHDQXGDEDORVFRUGRQHV
\WRPDEDGHODVDVDVODSHVDGDEROVDGHGHSRUWH
SHQVRHQHOSDQFRQFKRFRODWHGHODDEXHODHOWLRYLYR
HQHORORUGHOFpVSHGPRMDGRHQHOGHOFORURGHOD
SLVFLQDHQEHVRVDGROHVFHQWHVGHGLVFRWHFDGHWHUFHUD
HQELFLFOHWDV\JRORVLQDVROYLGDGDV
(QORVQRWLFLDULRVVLQHPEDUJR
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
QDGDGHHVWRVHPHQFLRQR
VRODPHQWHORVQXHYHFXHUSRVTXHFD\HURQ
DQWHVGHTXHIXHUDILQDOPHQWHDEDWLGRSDUHFtD
XQEXHQWLSRGLMRXQYHFLQR<ODORFXWRUDGHPRVSDVRDKRUD
DODLQIRUPDFLyQGHSRUWLYDJUDFLDVSRUVLQWRQL]DUQRV
<HQWRQFHVXQDVLQWRQtDFKDEDFDQD
$75$&&,21(6
8QDYH]LQFOXVROHGLWRGRHOPRUUR
DXQDJRUGDSDUDQRWHQHUTXHHVFXFKDUVXFRQYHUVDFLyQ
7RWDOPHQWHDOFRKROL]DGR\SULYDGRGHOtELGR
ODPDJUHpVLQGHVHRVLPSOHPHQWHSRUTXHVt
$OGHVSHUWDUPHVHSXOWRXQDOXGGHVHQWLPLHQWRVRVFXURV
'HVGHHQWRQFHVWDPSRFRKHDSUHQGLGRQDGD
+R\WUDWHGHHFKDUDDQGDU
SHURHOWHWUDSOpMLFR\DQRFDPLQD
SRUPXFKRTXHVHDUUHSLHQWD
GHODFXUYD\GHOYRODQWD]R
6LORLQWHQWDRORILQJH
WHUPLQDSRUKDFHUHOULGtFXOR
&RPRVREDQGRGHQXHYRDODJRUGD
PHDEDQGRQRDODYRUiJLQHGHODLQHUFLD
6RODPHQWHVLSXGLHUDGRUPLUWRGRHOGtD\WRGDODQRFKH
VHULDIHOL]0DxDQDHVWDUpWDPELpQPX\VROR\PX\VREULR
(OGtDWRGRHQWHURORVEROVLOORVOOHQRVGHGLQHUR
WLFNHWVSDUDODQRULDGHOUHPRUGLPLHQWR
ILFKDVSDUDORVDXWRVGHFKRTXHGHODDXWRFRPSDVLyQ
$UGDQODVDWUDFFLRQHVDUGHUp\R
ODFDUDVXFLDGHDOJRGyQGHD]~FDUGHPLVHULD
XQVREUHFRJHGRUQXGRHQHOHVWRPDJR
ODFDEH]D]XPEDQGRFRPRXQWXERIOXRUHVFHQWHGHIHFWXRVR
(QODJDULWDGHORVSD\DVRVGHODSRFDOLSVLV
VLUYHQPDQ]DQDVGHFDUDPHORSRGULGR
6DFRXQIDMRGHELOOHWHVGpPHODVWRGDVGLJR
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
/DVGHYRURDFXFOLOODGRPLHQWUDVODVOODPDVPHFRQVXPHQ
&255(
&RUUH7LHQHVTXHFRUUHU
7~ORVDEHVELHQ
1RKD\FDORUQLUHGHQFLyQ
HQODVSDODEUDVYRPLWDGDV
GHOGHVHQFXHQWURVRFLDO
/DFKDUODSHUSHWUDGD
/DIDFKDGD6tODIDFKDGD
/DVRQULVDSRGULGD
SUHYLDDOGHUUXPEDPLHQWR
DQLTXLODWDUGHRWHPSUDQRDTXLHQODHVJULPH
0DVWDPELpQSRUH[SRVLFLyQ
VXUDGLDFLyQ
SXHGHPDWDU
&RUUH7LHQHVTXHFRUUHU
7XVDEHVTXHODSDSDUUXFKD
ODPDPDUUDFKDGD
QRVRORGHVJDVWD\HPEUXWHFH
(VDODODUJDPRUWDOGHQHFHVLGDG
$\~GDWH+D]WHXQIDYRU
1RUHVSRQGDVQLWHH[FXVHV
6ROROHYiQWDWH&RUUH+X\H
DQWHVGHTXHVHD\DWDUGH
SDUDWL
SDUDWRGRV
$)/25$&,Ð1
6L
GHUHSHQWH
GHVGHORSURIXQGR
VHQRVDIORMDUDQ
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
DODSLHO
DODVDUWLFXODFLRQHV
DODFDUQH
WRGDVODVKHULGDV
WRGDVODVDPDUJXUDV
HOGRORU
DYHFHVFDOODGR
RWUDVYRPLWDGRDOSR]RFLHJR
GHRtGRVTXHMDPiVFRPSUHQGHQ
PDVVLHPSUHVXIULGRSRUTXHVt
QRSRGUtDPRV\DVHQWLU
FRPSDVLyQ
SRU
ORVWXOOLGRV
ORVPXWLODGRV
ORVOHSURVRV
HQHVHQXHYRPXQGRGH
PRQVWUXRVRVQRVRWURVWRGRV
GHIRUPHV\UHQTXHDQWHV
UHWRUFLGRVKDVWDOR
LPSRVLEOH
/$&2035$
(QRVWHQWRVRGHVSOLHJXHGHSRGHU
ILUPRHOFRPSUREDQWHJXDUGRPLWDUMHWDGHFUpGLWR
$PDUUDQGRODDGTXLVLFLyQHQWUHORVGHGRV
FDPLQRKDFLDODVDOLGD
$OFRQWDFWRFRQHOREMHWRVRORYDJDPHQWHGHVHDGR
\HQYHUGDGLQ~WLO
PHLQYDGHGHSURQWRXQGLVJXVWRVRUGR
(OSODFHERGHIHOLFLGDGSURPHWLGD
PHVDEHDKRUDDHVWLpUFROHQODERFD
4XHGDVRODODYHUGDGGHVQXGD
GHODWRQWHUtDSHUSHWUDGDHLUUHYHUVLEOH
/RTXHDQWHVUHOXFtDHQHOHVFDSDUDWH
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
PHDSHVWDDKRUDODPDQR\ODYLGD
'HSXURDVFR\FRQPLFRQVHQWLPLHQWRWiFLWR
PLPDQRDIORMDODSUHVD
2WDOYH]HVHOREMHWRTXLHQPHVXHOWD
QRVDEUtDGHFLUOR
&DHDODYtDSXEOLFD
\GHUHSHQWHVRORSXHGRVHJXLUFDPLQDQGR
VXVWUD\pQGRPHDVtDVXUHSURFKH
VLOHQFLRVR\SXEOLFLWDULR\KRVWLO
7+$1.<289(5<08&+
7HQJRSRUFRVWXPEUHUHFODPDUDTXHOORTXHHVWLPRPHSHUWHQHFH
$ORVFXDUHQWDGLFHQ
WLHQHVODFDUDTXHPHUHFHV
<RODKLFHPtDDQWHVGHODWUHLQWHQD
6HJ~QRLJR\WHQJRHQWHQGLGR
PLFXHUSROOHYDXQDVHPDQDHQWHUUDGRHQXQEORTXHGHDSDUWDPHQWRV
3REUHPDPyQ&XHQWDQTXHGLRHVTXLQD]RDORVEXHQRVSURSyVLWRV
\DKRUDKDUHJUHVDGRDODEHELGDFRQHILFDFLDVRUSUHQGHQWH
1RKD\TXHFXOSDUOHFDQVDGRGHFDQVDUVH
DUUHSHQWLGRGHDUUHSHQWLUVHFRPRDQGD
/RVRUSUHQGtGURJiQGRVH\EDLODQGRVRORHQOD VDOLWD
'HEHVFRPSUHQGHUOHVHxDOpTXH
WXFRPSRUWDPLHQWRQRHVQLQRUPDOQLVDQR
<FRPRPHLJQRURDxDGt¢<DPtTXHPHGHMDUDV
HQWXWHVWDPHQWR"
$WLQDGDDWLGHXGDV
\PHYHQGUpGHVGHHOPiVDOODDSXWHDUWH
\GDUiPXFKRPLHGRIDVWLGLDUD
PXFKRWXHVSHUD\YHUDV
1$9,'$'0\)DYRXULWH:HDSRQ,V7KDW/RRN,Q<RXU(\HV-LQJOH
0L[ESP
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
1REXVTXHVODQDYLGDG
HQODVOXFHVGHODFDOOH
HQORVYLOODQFLFRVWUHSLGDQWHV
%~VFDODHQORVRMRV
GHORVDQFLDQRV
TXHKDFHQODIRWRVtQWHVLVHQHOSDUTXH
)XHURQORVUH\HVPDJRV
\VXPDODULDGHUHJDORVGHVRQULVDV
TXLHQHVDVtOHVWLQWDURQODVSXSLODV
&RORUUHVLJQDFLyQSRVWPHQWLUD
7DPSRFRFRQQRVRWURVFRQRFHUiSLHGDGHVWDQDYLGDG
5HJUHVDUDSXQWXDOFDGDDxR
KDVWDSRUDFXPXODFLyQILQDOPHQWHOLTXLGDUQRV
1RWRPHVPLSDODEUDSRUFLHUWD
&RPSUXpEDORSRUWLPLVPR
HQORVRMRVGHORVYLHMRV
GHOSDUTXH
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
6:$67,.$(<(6
+HZDVVPDUWKHZDVZLVH
+H
GSURIRXQGO\SKLORVRSKL]HHPSDWK\IRUDOOKXPDQLW\
WLORQHGD\E\DQRSHQZLQGRZWKHUH
VDQRWHWKDWUHDG
,
YHJRQHRXWWKHZLQGRZ,
PGHDG
*RUGRQ*DQR
(/+20%5('(/6$&29HUWLGRV7y[LFRV
7HQPXFKRFXLGDGRFRQORTXHDSUHQGHV
0HMRUiQGDWHFRQRMR\MDPiVDSUHQGDV
/RTXHWUDWHQGHHQVHxDUWH
ILQJHDVLPLODUOR
\JXiUGDORHQXQDVDFDDEXHQUHFDXGR
'HMDSDVDUPHVHVDxRVWRGDXQDYLGD
'HODVDFDWHUPLQDUiHPDQDQGR\DORYHUiV
XQRORUWHUULEOH1RWHHQWULVWH]FDV
3RGUtDVKDEHUVLGRWXTXLHQDSHVWDUDDVt
$JpQFLDWHXQDEDUFDGHIRQGRWUDQVSDUHQWH
5HPDUtRDGHQWUR
9DFtDODVDFDSRUODERUGD\GLVIUXWDGHOHVSHFWiFXOR
3ULPHURSHFHVJRUGRV
GHVSXpVSHFHVOHQWRV
ILQDOPHQWHSHFHVPXHUWRV
,QWR[LFDGRV
*5$19Ì$'(/(6&2576&$7$/$1(6
'HWRGRDTXHOLQILHUQRLQGXVWULDOHWHUQDPHQWHPDOROLHQWH
WXYHODPDODIRUWXQDGHLUDGDUFRQODPLUDGD
HQXQDSDUHMDDGROHVFHQWHTXHMRGtDHQXQEDQFRS~EOLFR
6LQWHQHUHOORVQLQJXQDFXOSD
DTXHOORPHGLRHOGtD
6XEtDFDORUDGRODHVFDOHUD
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
VRODPHQWHSDUDVHUUHFLELGRSRUXQDJDWDJORWRQD
SRUODTXHGHUHSHQWHQRSXGHVHQWLUPiVTXHRGLR
'HSXURDEXUULPLHQWRPHHPERUUDFKp)XPp0HPDVWXUEp
%DKPHGLMHELHQSRUHOORVSURQWRVHUiODWX\DGHQXHYR
\PHGLXQDSDOPDGDHQHOKRPEUR
TXHWDPSRFRVXUWLyHIHFWR
8/7,0$67(1'(1&,$6
&XDQWRPiVOXPLQRVRHOGtD
\PiVMRYLDOODFRPSDxtD
WDQWRPiVWLHQGRDOGHVDQLPRDODDSDWtD
/DLQWHQGHQFLDGHOWHUURU
WRPDHQWRQFHVODVULHQGDVGHPLHVWDGR
\\DVRORPHTXHGDDFDWDUHOOXWRQDFLRQDO
HQWRQDUPDQRHQSHFKRHOKLPQRWHQHEURVR
VRPHWHUPHHQXQDSDODEUD
DXQDSRWHQFLDDQLTXLODGRUD\SHOLJURVD
$ODPSDURGHODQRFKHVLQHPEDUJR
DUPDGRGHZKLVN\\FLJDUULOORVFRQWURSH]RQHV
MXHJRDODJXHUULOOD*ROSHR\KX\R
HQORTXHDODPDxDQDVLJXLHQWH
VHUHYHODQFRPRHVWUHSLWRVRVIUDFDVRV
SRUGHVEDQFDUDOUpJLPHQGHOKRUURU
1RFDEHORVpUHVLVWHQFLD&DHUp
$FDEDUHWDUGHRWHPSUDQRSRUEHVDUODEDQGHUDQHJUD
0DVHVSUHIHULEOHSUHVHQWDUXQEODQFRPyYLO
6HUDEDWLGRKX\HQGRDFDHUTXLHWRGHSXURDVFR
,192/8&,Ð1
0DGXUDUHVVHJ~QVHHQWLHQGH
DFHSWDUODTXLHEUDODQRFRQVHFXFLyQ
GHFXDQWRVRxDPRV&RQIRUPDUVH6LQPiV
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
'HFKDYDOVXSHDJXDUGDUFRQIRUPHSHQVDED%LHQVR\MRYHQ
PHGHFtDHOGHVSHJXHHOWULXQIR
PDVQRORQRWH\RVHPHDSUR[LPDQUDXGRV
$KRUDPLWLHPSRWHUPLQD$SULVD0HLPSDFLHQWR
/DVSRVLELOLGDGHVVHPHHVFXUUHQHQWUHGHGRV
3URQWRWRGDSXHUWDTXHGDUDFODXVXUDGDSDUDWL0HDSUHVXUR
0DGXUDUHVVHJ~QHQWLHQGR
SDWHDUFDGDYH]PiVGXUR\FRQWUDUHORM
VLQUHFXODUXQiSLFHHQQXHVWUDVH[SHFWDWLYDV
\FDVRGDGRTXHVHDSUHFLVDFXDOTXLHUVXHUWHGHUHWLUDGD
HQWRQFHVVLQDIHFWDFLyQQLSXFKHURV
WRPDUODVRJD\TXLWDUVHGHHQPHGLR6LQPiV
1:2$1HZ:RUOG2UGHU
(VWR\HVFXOSLHQGRDXQDEHVWLDHQPLPLUDGD
$MXVWDQGRPLPDTXLQDULD
GLHFLVLHWHSXQWRVSRUHQFLPDGHORJHQpWLFDPHQWHSUHYLVWR
1RWHVRUSUHQGDVDOQRUHFRQRFHUPH
7LHPSRWHQGUiVGHGHVFLIUDU
HOMHURJOtILFRTXHVHGLEXMDHQODVXHODGHPLERWD
/DLOXVLyQVHWHH[WLQJXHDWRGDSULVD(VWXFXOSD
$ODPtDODDFRVWXPEUDUHSURQWRDREWHQHUORTXHGHVHD
0LWDUMHWDGHYLVLWDUH]D3XxHWD]RV\FRxRV\FRFDtQD
SDUDVHUYLUOHDXVWHG\DGLRV
6LQFpUDWH6LHPSUHTXLVLVWHWHQHUFHUFDDDOJXLHQFRPR\R
DDOJXLHQTXHWHSRQJDHQWXOXJDU
$KRUDQRVSHUWHQHFHPRVHQVXMXVWRRUGHQ<RDUULED
0LERWDHQWXFDUD0LHVSXWRHQWXURVWUR
7XVRQULVDGHDQLPDOIHOL]PHQWHVRPHWLGR
HQYXHOWDDOUHGHGRUGHPLFHQWUR<VXFFLRQDQGR
<$12
*UDFLDVSRUKDEHUYHQLGRSHUR
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
\DQRTXHGDQKRPEUHV
7RGRVHOORVDQGDQGHPDVLDGRSUHRFXSDGRV
HQVXSODQWDUDXQIDUGRDWHUUDGRU\DXWRVXILFLHQWH
TXHYLHURQHQWHOHYLVLyQ
6LPSOHPHQWHVHGLVWUDMHURQGHVXFRQGLFLyQPDVFXOLQD
*UDFLDVGLJRSHUR
\DQRTXHGDQPXMHUHV&RPRORFXHQWR
1DUFRWL]DURQVXIHPLQHLGDGFRQODVFDUDFWHUtVWLFDV
TXHOHFDOFDURQDOIDUGRUHSXJQDQWH\WHOHYLVLYR
6HH[WLQJXLHURQGDQGRSDVRDXQDQXHYDUD]D
GHQHXUyWLFDVGHSHUGLGDV
&RPSUHQGRHQILQTXHTXHUiLVPDUFKDURV
DQWHWDOFDQWLGDGGHPXFKHGXPEUHVROD
UHFRQFHQWUDGDHQVRQUHtU
GLVSHUVDHQJUXSRVGHDGRV
$OSHUIHFFLRQDPLHQWRDEVROXWR
GHODVWHFQRORJtDVGHFRPXQLFDFLyQ
VDQWLILFDGDVKR\SRUHOJUDQS~EOLFR
OHVHJXLUiGHVHJXUR
XQUHFKD]RYLROHQWR\XQiQLPH
GHODVWHFQRORJtDVGHFRPXQLFDFLyQ
SRUSDUWHGHHVHPLVPRJUDQS~EOLFR
$PiVLQWHUDFWLYDODH[SHULHQFLD
\DVHVDEH
PiVDQLTXLODGRUDUHVXOWD
6HUiQSUHFLVDVHQWRQFHV
QXHYDVWHFQRORJtDVHQFDPLQDGDV
DDEULUGLVWDQFLDVHQWUHQRVRWURVFDYDUIRVRV
TXHQRVSUHVHUYHQDVtGHORWUR
TXHQRVJXDUGHQGHVDOLUGHOFRQWDFWR
GLJLWDOPHQWHWXOOLGRV
ELQDULDPHQWHHVFDOGDGRV
KH[DGHFLPDOPHQWHGHIUDXGDGRV
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
'Ì$662/($'26
7DPELpQHOQHXURFLUXMDQR\HOVH[DGRUGHSROORV
HQURMHFHQ\VHSHODQHQODSOD\DFRPRODJDUWRV
6RODPHQWHDQLPDOHVGHWDPDxRPHGLDQR
6LVHOHVSHUIRUDHQSURIXQGLGDGVHOHVGHVDFWLYD
6LHQWRFRPRPHYR\PXWDQGRDXQDJHODWLQDLQIRUPH
FRPSHQGLRGHSDMDVWULSLV\3URNRILHYPDOGLJHULGR
$IXHUDOOXHYH$VtQRKD\TXLHQSXHGD
/DWULVWH]DTXHDUUDVWUDPRV\DQRVRUSUHQGHDQDGLH
$EXUUH7RGRVVDEHQGHTXpYD&RQWURODQYDPRV
6HJXUDPHQWHDFDEDUHPRVKDEODQGRVRORVSRUODFDOOH
DFHSWDQGRDOILQTXHQDGLHMDPiVHVFXFKD
/RQDWXUDOGDGDVODVFRQGLFLRQHV
HVTXHWHUPLQHPRVSHUSHWUDQGRXQFULPHQKRUURURVR
6HUHPRVUXWLQDULDPHQWHMX]JDGRV
(OYHUGXJRQRVILQLTXLWDUiVLQJUDFLDFRPRXQFiQFHUGHVJDQDGR
(VHGtDQROORYHUi1XHVWURVIXQHUDOHV
TXHGDUDQGHVOXFLGRVSRUXQVROUDGLDQWH
32(0$3$5$/(&725$6%21,7$6<.2QO\7KH/RQHO\&KLOO
2XW5HPL[ESP
1DGLHPHFRQVXOWR\DORKHFKRSHFKR
SHUR\DTXHORSUHJXQWDV
ORTXH\RTXHUtDHUDFRQVHJXLUDXQJUDQDPRU
\QRWHQHUTXHKDFHUQXQFDRWUROLEUR
0XFKRVKDFHQOLEURV
\FDVLQDGLHFRQVLJXHDXQJUDQDPRU
&DVLWRGRVORVTXHKDFHQOLEURV
HVSHFLDOPHQWHDTXHOORVSHUWHQHFLHQWHV
DODVtOODPDGRJHQHURGHDPRU
ORVKDFHQ~QLFDPHQWHHQUHSUHVDOLD
(QHOPXQGRGHORVFLHJRVHOWXHUWRHVHOSROLWR[LFyPDQR6HUJL3XHUWDV
%LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
SRUFDUHFHUGHXQJUDQDPRU
'DKDVWDSHUH]DDUUHSHQWLUVH
<RTXHTXLHUHVTXHOHKDJD
+HWHQLGRTXHKDFHURWUROLEUR