8QR GH ORV ºOWLPRV HVFULWRUHV GH JRWKLF VWRULHV ߚDXW©QWLFR SXQWR GH SDUWLGDGHODOLWHUDWXUDIDQW¡VWLFDFRPRJ©QHURSURSLRߚ\TXL]¡HOP¡V JHQXLQRUHSUHVHQWDQWHGHVXVVXFHVRUDVODVJKRVWVWRULHVIXHVLQGXGD DOJXQDHOQRWDEOHHVFULWRULUODQG©V6KHULGDQ/H)DQXXQD GH ODV FLPDV LQGLVFXWLEOHV GH OD OLWHUDWXUD WHUURU­ILFD GH WRGRV ORV WLHPSRV 6XVUHODWRV&DUPLOOD6KRONHQHOSLQWRU(OIDQWDVPDGH0DGDP&URZO(O PLVWHULRVR 7­R 6LODV \ ORV GRV LQFOXLGRV HQ HVWD HGLFL³Q 7© 9HUGH \ (O )DPLOLDUKDQVLGRUHFRJLGRVHQFDVLWRGDVODVDQWRORJ­DVGHFXHQWRVGH PLHGR \ FRQVWLWX\HQ SHTXH±DV REUDV PDHVWUDV TXH PHUHFHQ ߚFRPR GLFH 5 /ORSLVߚ lVDOLU GHO JKHWWR FXOWXUDO HQ TXH VH KDOOD OD OLWHUDWXUD WHUURU­ILFDHQJHQHUDO{ -RVHSK6KHULGDQ/H)DQX (O)DPLOLDU H3XEU *21=$/(= 7­WXORRULJLQDO7KH)DPLOLDU -RVHSK6KHULGDQ/H)DQX 7UDGXFFL³Q$QWRQLR/³SH]&UHVSR 'LVH±RGHFXELHUWD,YRQQH7DOHE (GLWRUGLJLWDO*21=$/(= H3XEEDVHU 3U³ORJR 7©9HUGH 0DUWLQ+HVVHOLXV 0©GLFRDOHP¡Q $XQ KDELHQGR KHFKR VHULRV HVWXGLRV GH 0HGLFLQD \ &LUXJ­D MDP¡V KH HMHUFLGR QLQJXQD GH HVWDV GRV FLHQFLDV VL ELHQ DPEDV PH VLJXHQ LQWHUHVDQGR SURIXQGDPHQWH+HGHD±DGLUDGHP¡VTXHQRIXHURQQLODSHUH]DQLHOFDSULFKR ODVTXHPHHPSXMDURQDDEDQGRQDUODKRQRUDEOHSURIHVL³QHQODFXDODFDEDED GH LQLFLDUPH VLQR P¡V ELHQ XQ OLJHUR UDVJX±R TXH PH KLFH FRQ XQ HVFDOSHOR (VWD YHOHLGDG PH FRVW³ OD S©UGLGD GH GRV GHGRV TXH PH IXHURQ SURQWDPHQWH DPSXWDGRVORP¡VSHQRVRWDPEL©QHVTXHGHVGHHQWRQFHVQXQFDKHWHUPLQDGR GHHQFRQWUDUPHELHQGHOWRGRORFXDOPHREOLJDDTXHUDUDPHQWHSXHGDUHVLGLU P¡VGHGRFHPHVHVVHJXLGRVHQHOPLVPROXJDU (Q HO FXUVR GH PLV GHVSOD]DPLHQWRV WUDE© FRQRFLPLHQWR FRQ HO GRFWRU 0DUWLQ +HVVHOLXV WDQ YLDMHUR FRPR \R \ OR PLVPR TXH \R WDPEL©Q P©GLFR \ OOHQR GH HQWXVLDVPR SRU VX SURIHVL³Q 3HUR VXV YLDMHV HUDQ YROXQWDULRV \ DXQTXH ©O QR IXHUD XQ KRPEUH GH IRUWXQD HQ HO VHQWLGR TXH HQWHQGHPRV HQ ,QJODWHUUD DO PHQRV GLVIUXWDED GH HVR TXH QXHVWURV DQFHVWURV DFRVWXPEUDEDQ OODPDUXQDlPRGHVWDD\XGD{(UDXQDQFLDQRFDVLWUHLQWD\FLQFRD±RVPD\RU TXH\RFXDQGROHYLSRUYH]SULPHUD (Q 0DUWLQ +HVVHOLXV HQFRQWU© XQ PDHVWUR 6X VDEHU HUD LQPHQVR VX GLDJQ³VWLFR XQD YHUGDGHUD LQWXLFL³Q (UD GHVGH OXHJR HO KRPEUH FDSD] GH LQVSLUDUUHVSHWR\DGPLUDFL³QDXQMRYHQH[DOWDGRFRPR\R<PLDGPLUDFL³QKD UHVLVWLGR D OD SUXHED GHO WLHPSR \ KD VREUHYLYLGR D HVWD VHSDUDFL³Q TXH HV OD GXUDFRQVHFXHQFLDGHODPXHUWH(VWR\VHJXURGHTXHHVW¡ELHQIXQGDGD 'XUDQWHFHUFDGHYHLQWHD±RVKHUHSUHVHQWDGRDVXODGRHOUROGHVHFUHWDULR *UDFLDV D PLV FXLGDGRV +HVVHOLXV KD GHMDGR XQD LQPHQVD FROHFFL³Q GH GRFXPHQWRVDILQGHTXHORVFODVLILTXHORVSURYHDGHXQ­QGLFH\ORVFRQMXQWHHQ YROºPHQHV /D PDQHUD HQ TXH ©O KD WUDWDGR DOJXQRV FDVRV TXH LQYHVWLJ³ HV FXULRVD/RVGHVFULEHGHVGHGRVSXQWRVGHYLVWDGLVWLQWRV,QIRUPDSULPHURGH ORTXHKDYLVWR\R­GRFRPRSRGU­DKDFHUORXQSURIDQR\DFRQWLQXDFL³QXQD YH]TXHKDWHQLGRODVXHUWHGHKDFHUTXHVXHQIHUPRVHIUDQTXHHDWUD\©QGRORDO XPEUDOGHVXJDELQHWHOHFRQGXFHKDVWDODOX]GHOG­DRELHQKDVWDHOXPEUDOGH ODVWLQLHEODVDEDQGRQ¡QGROHHQODOLQGHGHODVFDYHUQDVGHODPXHUWHXQDYH] GLJR KD OOHJDGR D HVWH SXQWR UHHPSUHQGH VX UHODWR \ KDFLHQGR XVR GH OD WHUPLQRORJ­DGHVXDUWHFRQWRGDODIXHU]D\RULJLQDOLGDGGHOJHQLRDVXPHHO GHEHUGHDQDOL]DUGHGLDJQRVWLFDU\GHH[SOLFDU 'HHQWUHWRGDVVXVQRWDVXQFDVRPHKDOODPDGRODDWHQFL³QSRUVXHVSHFLDO QDWXUDOH]D GH GLYHUWLU X KRUURUL]DU DO OHFWRU SURIDQR SDUD TXLHQ SXHGH UHSUHVHQWDUXQLQWHU©VGLIHUHQWHDOSDUWLFXODULQWHU©VTXHSXGLHUDWHQHUSDUDXQ HVSHFLDOLVWD&RQXQDVOLJHUDVPRGLILFDFLRQHVVREUHWRGRHQORTXHFRQFLHUQH DO OHQJXDMH \ GHVGH OXHJR FDPELDQGR ORV QRPEUHV WUDQVFULER HO FDVR VLJXLHQWH (O QDUUDGRU HV HO SURSLR GRFWRU 0DUWLQ +HVVHOLXV (VWH FDVR OR KH HQFRQWUDGRHQWUHODVYROXPLQRVDVQRWDVTXH©OWRPDUDHQHOFXUVRGHXQYLDMHD ,QJODWHUUDKDFH\DDOUHGHGRUGHVHVHQWD\FXDWURD±RV (VWHFDVRHVW¡UHODWDGRHQXQDVHULHGHFDUWDVGLULJLGDVSRUHOGRFWRUDVX DPLJR HO SURIHVRU 9DQ /RR GH /H\GH (O SURIHVRU TXH QR HUD P©GLFR VLQR TX­PLFR HUD XQ KRPEUH FX\DV OHFWXUDV IDYRULWDV FRQVLVW­DQ HQ REUDV GH +LVWRULDGH0HWDI­VLFDRGH0HGLFLQD\TXHHQRWURWLHPSRKDE­DHVFULWRXQD REUDGHWHDWUR (VWDV FDUWDV VHJºQ XQD ILFKD TXH OOHYDQ DGMXQWD SDUHFHQ KDEHU VLGR GHYXHOWDVDOGRFWRU+HVVHOLXVDODPXHUWHGHOSURIHVRUHQ$OJXQDVHVW¡Q HVFULWDV HQ LQJO©V RWUDV HQ IUDQF©V SHUR OD PD\RU SDUWH HQ DOHP¡Q 6R\ XQ WUDGXFWRU ILHO DXQTXH GH HOOR PH GR\ FXHQWD WRWDOPHQWH GHVSURYLVWR GH JUDFLDDSDUWHGHKDEHURPLWLGRDOJXQRVSDVDMHV\GHKDEHUDEUHYLDGRDOJXQRV RWURVQRKHD±DGLGRQDGD 7©9HUGH 6KHULGDQ/H)DQX , (OGRFWRU+HVVHOLXV QDUUDFRPRFRQRFL³DO5HYHUHQGR-HQQLQJV (O UHYHUHQGR -HQQLQJV HV DOWR \ GHOJDGR 'H PHGLD HGDG VH YLVWH FRQ HO UHEXVFDPLHQWR\ODHOHJDQFLDGHVXVDGDGHORVHFOHVL¡VWLFRVGHOD+LJK &KXUFK $XQTXH GH SRUWH SRFR PDMHVWXRVR QR SXHGH GHFLUVH TXH VHD XQ KRPEUH HVWLUDGR 6XV UDVJRV VLQ VHU KHUPRVRV VRQ UHJXODUHV \ WLHQHQ XQD H[SUHVL³Q DFRJHGRUD\W­PLGDDODYH] /HIXLSUHVHQWDGRXQDWDUGHHQFDVDGH/DG\0DU\+H\GXNH/DPRGHVWLD\ DIDELOLGDGGHVXWUDWRSUHGLVSRQHQHQH[WUHPRDVXIDYRU (UDPRV SRFR QXPHURVRV \ ©O VH PH]FO³ DJUDGDEOHPHQWH HQ OD FRQYHUVDFL³Q (Q VHJXLGD PH SDUHFL³ TXH OH JXVWDED P¡V HVFXFKDU TXH IRUPXODUVXRSLQL³QORFXDOGLFHPXFKRGHVXUHILQDGDHGXFDFL³Q/DG\0DU\ TXHWLHQHDOUHYHUHQGRHQJUDQHVWLPDSDUHFHTXHOHFRQVXOWDVREUHQXPHURVDV FRVDV SXHV OH FUHH HO KRPEUH P¡V IHOL] \ IDYRUHFLGR GH OD WLHUUD (OOD OH FRQRFHPX\PDO (O UHYHUHQGR -HQQLQJV HV VROWHUR \ SRVHH GLFHQ VHVHQWD PLO OLEUDV HQ IRQGRV GHO (VWDGR 6X PD\RU GHVHR HV HQWUHJDUVH DFWLYDPHQWH D VX VDQWR PLQLVWHULR\VLQHPEDUJRDOGHFLUGH/DG\0DU\DXQTXHJR]DGHEXHQDVDOXG SRUWRGDVSDUWHVHQFXDQWRUHJUHVDDVXSUHVELWHULRHQHOFRQGDGRGH:DUZLFN SDUD DVXPLU ORV GHEHUHV SURSLRV GH VX VDJUDGR FDUJR OD VDOXG OH DEDQGRQD SURQWR\GHODIRUPDP¡VH[WUD±D 3RU OR JHQHUDO OD VDOXG GHO UHYHUHQGR -HQQLQJV VH SRQH D GHFOLQDU GH XQ PRGRWDQEUXVFRFRPRPLVWHULRVR\WDQWRHVDV­TXHDYHFHVOHKDRFXUULGRHQ HOPLVPRPRPHQWRHQTXHHVW¡RILFLDQGRHQVXYLHMD\ERQLWDLJOHVLDGH.HQOLV (VWRSURYLHQHTXL]¡GHOFRUD]³QRTXL]¡GHOFHUHEUR7UHVRFXDWURYHFHVR P¡V DºQ HO UHYHUHQGR -HQQLQJV GHVSX©V GH KDEHU FRPHQ]DGR HO VHUYLFLR UHOLJLRVR VH LQWHUUXPSH HQ VHFR \ DO FDER GH XQ VLOHQFLR DSDUHFH FRPR LQFDSD]GHFRQWLQXDUHQWRQFHVVHSRQHDRUDUHQVLOHQFLRVROLWDULDPHQWHFRQ ORVRMRVHOHYDGRVDOFLHORWUDVORFXDOS¡OLGRFRPRODPXHUWH\VDFXGLGRSRU XQD YHUJ¼HQ]D \ XQ KRUURU H[WUD±RV GHVFLHQGH GHO SºOSLWR \ OOHQR GH WHPEORUHV VH SUHFLSLWD D OD VDFULVW­D DEDQGRQDQGR D VXV RYHMDV D OD SURSLD VXHUWH VLQ H[SOLFDFL³Q DOJXQD (VWR VH SURGXMR XQD YH] FXDQGR VX YLFDULR HVWDEDDXVHQWH $KRUD FXDQGR HO UHYHUHQGR -HQQLQJV YXHOYH D .HQOLV WRPD VLHPSUH OD SUHFDXFL³Q GH KDFHUVH DFRPSD±DU SRU XQ FROHJD D ILQ GH SRGHU VHU UHHPSOD]DGR LQPHGLDWDPHQWH HQ FDVR GH TXH OH VREUHYHQJD HVD HVSHFLH GH LQFDSDFLGDG &XDQGR 0U -HQQLQJV FDH HQIHUPR EDWL©QGRVH HQ UHWLUDGD DEDQGRQD VX SUHVELWHULR \ YXHOYH D /RQGUHV GRQGH KDELWD HQ XQD FDVD PX\ H[LJXD HQ VRPEU­D FDOOHMXHOD SU³[LPD D 3LFDGLOO\ /DG\ 0DU\ VLHPSUH GLFH TXH ©O VH HQFXHQWUD ELHQ <R WHQJR UHVSHFWR D HVWR PL RSLQL³Q SHUVRQDO (Q WRGD LQGLVSRVLFL³QKD\VLHPSUHXQRVJUDGRV3HURYROYHUHPRVDKDEODUGHHVWRP¡V DGHODQWH 0U-HQQLQJVHVXQKRPEUHDEVROXWDPHQWHELHQHGXFDGR<VLQHPEDUJRHQ ©O KD\ DOJR LQV³OLWR TXH OH KDFH GDU XQD LPSUHVL³Q XQ SRFR DPELJXD 8Q GHWDOOHHQVXFRPSRUWDPLHQWRFRQWULEX\HFLHUWDPHQWHDFUHDUHVWDLPSUHVL³Q$ P­ PH SDUHFH TXH OD JHQWH QR UHSDUD HQ HVWH GHWDOOH R TXL]¡V KDVWD VH OHV HVFDSD <R OR REVHUY© FDVL LQPHGLDWDPHQWH 0U -HQQLQJV WLHQH XQD HVSHFLDO IRUPD GH PLUDU REOLFXDPHQWH OD VXSHUILFLH GH OD DOIRPEUD FRPR VL VXV RMRV VLJXLHUDQORVPRYLPLHQWRVGHDOJXQDFRVD'HVGHOXHJRQRVLHPSUHPLUDDV­ HVWRV³OROHVXFHGHGHYH]HQFXDQGR3HUROREDVWDQWHIUHFXHQWHPHQWHSDUDGDU XQDLPSUHVL³QFRPR\DKHGLFKRXQSRFRH[WUD±DDVXFRPSRUWDPLHQWR\HQ HVDPLUDGDIXUWLYDTXHUHFRUUHHOVXHORKD\DOJRDODYH]W­PLGR\DQVLRVR 8QILO³VRIRGHOD0HGLFLQDFRPRXVWHGWLHQHODERQGDGGHOODPDUPHTXH KD HODERUDGR XQDV WHRU­DV EDV¡QGRVH VREUH XQRV FDVRV TXH ©O PLVPR KD GHVFXELHUWR REVHUYDGR \ HVFUXWDGR FRQ P¡V SODFHU \ HQ FRQVHFXHQFLD FRQ LQILQLWDPHQWH P¡V PLQXFLRVLGDG TXH OD TXH KXELHUD SRGLGR SHUPLWLUVH XQ SUDFWLFDQWH RUGLQDULR DGTXLHUH LQVHQVLEOHPHQWH XQRV K¡ELWRV GH REVHUYDFL³Q TXHOHDFRPSD±DQSRUWRGDVSDUWHVGRQGHYD\D\TXHVHHMHUFHQFRPRVLQGXGD GLFHQDOJXQDVSHUVRQDVFRQLPSHUWLQHQFLDVREUHWRGRVORVWHPDVTXHRIUH]FDQ ODPHQRUDSDULHQFLDGHSRGHUUHFRPSHQVDUVXDWHQFL³Q 8QD SURPHVD GH HVWH J©QHUR \R KDOO© HQ HO FDEDOOHUR GHOJDGR W­PLGR DIDEOH SHUR UHVHUYDGR TXH HQFRQWU© SRU SULPHUD YH] HQ DTXHOOD SHTXH±D \ HQFDQWDGRUDYHODGD+HKHFKRVREUH©OSRUVXSXHVWRXQQºPHURPXFKRPD\RU GHREVHUYDFLRQHVTXHQRUHSURGXFLU©DTX­UHVHUYRWRGRORTXHFRQFLHUQHDOD SU¡FWLFDP©GLFDSDUDXQDFRPELQDFL³QHVWULFWDPHQWHFLHQW­ILFD 3HUP­WDPHVH±DODUGHSDVRTXHFXDQGRKDEORDTX­GHFLHQFLDP©GLFDHVHQ HOVHQWLGRTXHHVSHURVHDXQG­DFRPSUHQGLGDHQXQVHQWLGRPXFKRP¡VYDVWR TXH DTXHO TXH VH GHVSUHQGH GH OD FRQFHSFL³Q PDWHULDOLVWD TXH SRU OR JHQHUDO KR\VHHPSOHD&UHRTXHHOPXQGRQDWXUDOSRUHQWHURQRHVP¡VTXHODºOWLPD H[SUHVL³Q GH HVH PXQGR HVSLULWXDO GRQGH \ GRQGH V³OR VH HQFXHQWUD OD YLGD &UHR TXH HO KRPEUH HQ VX HVHQFLD HV XQ HVS­ULWX \ TXH HO HVS­ULWX HV XQD VXVWDQFLD RUJDQL]DGD SHUR WDPEL©Q GLIHUHQWH HQ FXDQWR D VX PDWHULD GH HVR TXHVHHQWLHQGHGHRUGLQDULRSRUDK­FRPRODOX]\ODHOHFWULFLGDG\RFUHRTXH HO FXHUSR PDWHULDO HV HQ HO VHQWLGR P¡V OLWHUDO XQ YHVWLGR \ OD PXHUWH HQ FRQVHFXHQFLD QR HQ DEVROXWR XQD LQWHUUXSFL³Q GH OD H[LVWHQFLD GHO KRPEUH YLYR VLQR VLPSOHPHQWH HO VLQFHUDPLHQWR GH ©VWH HQ VX FXHUSR QDWXUDO RSHUDFL³Q TXH FRPLHQ]D HQ HVH PRPHQWR TXH OODPDPRV PXHUWH \ FX\R W©UPLQRDOJXQRVG­DVGHVSX©VDWRGRORP¡VHVODUHVXUUHFFL³QlHQSRWHQFLD{ /D SHUVRQD TXH FRQVLGHUH ODV FRQVHFXHQFLDV GH HVWRV DVHUWRV YHU¡ SUREDEOHPHQWH HO JUDQ DOFDQFH SU¡FWLFR TXH SXHGHQ WHQHU SDUD OD FLHQFLD P©GLFD1RHV©VWHVLQHPEDUJRHOOXJDUGRQGHH[SRQHUODVSUXHEDV\GLVFXWLU ODVFRQVHFXHQFLDVGHHVWHHVWDGRGHFRVDVJHQHUDOPHQWHQRUHFRQRFLGR 6LJXLHQGR PL FRVWXPEUH REVHUYDED SXHV D 0U -HQQLQJV FRQ GLVLPXOR \ FRQODPD\RUGLVFUHFL³QߚDXQTXHFUHRTXH©OORDGYLUWL³ߚ\PHGLFXHQWDGH TXH©OPHREVHUYDEDWDQGLVFUHWDPHQWHFRPR\RD©O/DG\0DU\KDEL©QGRPH SRU D]DU OODPDGR GRFWRU KL]R TXH \R PH ILMDUD F³PR HO UHYHUHQGR WUDV KDEHUPH ODQ]DGR XQD PLUDGD P¡V SHQHWUDQWH SHUPDQHF­D SHQVDWLYR GXUDQWH XQRVPLQXWRV $ FRQWLQXDFL³Q \ FRPR TXLHUD TXH \R FRQYHUVDUD FRQ DOJXLHQ DO RWUR H[WUHPRGHODKDELWDFL³QDGYHUW­TXHPHPLUDEDFRQP¡VVHJXULGDG\FRQXQ LQWHU©V FX\D QDWXUDOH]D FUH­ FRPSUHQGHU /XHJR OH YL F³PR DSURYHFKDED XQD RFDVL³QSDUDFDPELDUDOJXQDVSDODEUDVFRQ/DG\0DU\\WXYHFRPRPHRFXUUH VLHPSUHODSHUIHFWDVHJXULGDGGHVHU\RHOREMHWRGHVXFRQYHUVDFL³Q (O HFOHVL¡VWLFR VH DFHUF³ SURQWR D P­ \ DO FDER GH XQ SRFR OLJDPRV OD FRQYHUVDFL³Q &XDQGR GRV SHUVRQDV TXH DPDQ OD OHFWXUD TXH FRQRFHQ OD OLWHUDWXUD\KDELHQGRYLDMDGRGHVHDQFRQYHUVDUVHU­DELHQH[WUDRUGLQDULRTXH QR SXGLHUDQ HQFRQWUDU XQ WHPD GH FKDUOD 1R HUD D]DU OR TXH OH OOHYDED D PL ODGR SDUD KDFHUPH KDEODU -HQQLQJV VDE­D DOHP¡Q \ KDE­D OH­GR PLV (QVD\RV VREUH OD 0HGLFLQD 0HWDI­VLFD GRQGH P¡V FRVDV VRQ VXJHULGDV TXH GLFKDV UHDOPHQWH (VWH KRPEUH FRUW©V GXOFH \ W­PLGR PDQLILHVWDPHQWH LQFOLQDGR D OD UHIOH[L³Q\FXOWLYDGRDXQTXHVHPRYLHUDHQWUHQRVRWURV\QRVKDEODUDQRHUD XQR GH ORV QXHVWURV HQ VHJXLGD VRVSHFK© TXH OOHYDED XQD YLGD FX\RV DFRQWHFLPLHQWRV \ FX\DV O¡JULPDV HUDQ FXLGDGRVDPHQWH PDQWHQLGRV VHFUHWRV QR VRODPHQWH SDUD OD JHQWH VLQR WDPEL©Q SDUD VXV DPLJRV P¡V TXHULGRV HQ VHJXLGDWDPEL©QDGLYLQ©TXHFRQVLGHUDEDSUXGHQWHPHQWHSDUDVXVDGHQWURVOD LGHDGHKDFHUFLHUWDJHVWL³QFHUFDGHP­ 3HQHWU©HQVXVSHQVDPLHQWRVVLQTXH©OORDGYLUWLHUD\WXYHHOFXLGDGRGHQR GHFLUQDGDTXHSXGLHUDGHVFXEULUDVXYLJLODQFLDFDXWHORVDODVVRVSHFKDVTXH\R WHQ­D VREUH VX VLWXDFL³Q R PLV VXSRVLFLRQHV UHVSHFWR D VXV SUR\HFWRV SDUD FRQPLJR ߚ'RFWRU +HVVHOLXV ߚPH GLMR ILQDOPHQWH GHVSX©V GH TXH KXELPRV FKDUODGRXQUDWRVREUHXQDVFRVDV\RWUDVߚ\ROOHJX©DVHQWLUXQJUDQLQWHU©V SRUDOJXQRVGHVXVDUW­FXORVVREUHORTXHXVWHGOODPDOD0HGLFLQD0HWDI­VLFDߨ <RORVKHOH­GRHQDOHP¡QKDFHGLH]RGRFHD±RV+DQVLGRWUDGXFLGRV" ߚ1R FUHR TXH QR SXHV GH OR FRQWUDULR OR KXELHUD VDELGR ,PDJLQR TXH KXELHUDQSHGLGRPLDXWRUL]DFL³Q ߚ+DFHXQRVPHVHVOHURJX©DPLOLEUHURTXHPHSURFXUDVHODREUDHQHO WH[WRDOHP¡QRULJLQDOSHURSDUHFHVHUTXHHVW¡DJRWDGD ߚ$V­ HV HQ HIHFWR \ \D GHVGH KDFH DOJXQRV D±RV SHUR \R PH VLHQWR KDODJDGRFRPRDXWRUGHYHUTXHXVWHGQRKDROYLGDGRPLOLEULWR<DXQTXHVHD XQSOD]RFRQVLGHUDEOHߚD±DG­ULHQGRߚHVWRVGLH]D±RVLPDJLQRTXHHOWHPD GHPLOLEURGHEHURQGDUHQHOHVS­ULWXGHXVWHGSRUDOJºQDFRQWHFLPLHQWRTXHOH KD\DVXFHGLGRºOWLPDPHQWH\KD\DUHDYLYDGRVXLQWHU©VSRUPLREUD $O R­U HVWD REVHUYDFL³Q TXH \R DFRPSD±© GH XQD PLUDGD LQTXLVLWLYD 0U -HQQLQJV VH WXUE³ UHSHQWLQDPHQWH TXHG¡QGRVH WDQ HPEDUD]DGR FRPR SXGLHUD HVWDUOR XQ MRYHQ TXH DFDED GH GHFLU XQD WRQWHU­D TXH OH KDFH HQURMHFHU \ WDUWDPXGHDU %DM³ ORV RMRV \ FUX]³ ODV PDQRV FRQ DLUH DSHQDGR \ VX URVWUR DGTXLUL³ GXUDQWH XQ PRPHQWR XQD H[SUHVL³Q H[WUD±D KDVWD FXOSDEOH SRGU­D GHFLU /HD\XG©DGRPLQDUVXWXUEDFL³QGHODPHMRUIRUPDHVGHFLUDIHFWDQGRQR KDEHUUHSDUDGRHQHOOD\FDVLVLQWUDQVLFL³QD±DG­ ߚ$P­WDPEL©QPHVXFHGHDYHFHVHQFRQWUDULQWHU©VHQXQWHPDFXDOTXLHUD XQOLEUROODPDDRWUR\HVWRPHOOHYDHQRFDVLRQHVDTXLP©ULFDVEºVTXHGDVDO FDERGHXQLQWHUYDORGHYHLQWHD±RV3HURVLXVWHGGHVHDDºQXQHMHPSODUGHPL OLEUR\RVHU©PX\IHOL]SURSRUFLRQ¡QGRVHOR7HQJRGRVRWUHVHQPLFDVD\VL XVWHGPHSHUPLWHRIUHFHUOHXQRPHVHQWLU©PX\KRQUDGR ߚ(V XVWHG YHUGDGHUDPHQWH PX\ EXHQR ߚGLMR DO FDER GH XQ LQVWDQWH GH QXHYRDVXVDQFKDVߚ<RGHVHVSHUDEDFDVLߨ1RV©F³PRGDUOHODVJUDFLDV ߚ1R KDEOHPRV P¡V GH HOOR VH OR VXSOLFR HVH RSºVFXOR HV GH WDQ SRFR YDORU TXH YHUGDGHUDPHQWH HVWR\ FRQIXQGLGR SRU KDEHUPH DWUHYLGR D RIUHF©UVHOR \ VL XVWHG VLJXH DJUDGHFL©QGRPHOR FUHR TXH QR WHQGU© P¡V UHPHGLRTXHDUURMDUORDOIXHJRHQXQDFFHVRGHPRGHVWLD 0U -HQQLQJV VH HFK³ D UH­U 0H SUHJXQW³ G³QGH YLY­D HQ /RQGUHV \ WUDV KDEHUFRQYHUVDGRXQSRFRP¡VVREUHGLYHUVRVWHPDVVHPDUFK³ ,, (OGRFWRU+HVVHOLXV LQWHUURJDD/DG\0DU\\HOODUHVSRQGH ߚ/DG\0DU\ߚGLMHHQFXDQWR©OKXERSDUWLGRߚVXHFOHVL¡VWLFRPHJXVWD PXFKR +D OH­GR KD YLDMDGR UHIOH[LRQD \ FUHR TXH KD VXIULGR WDPEL©Q GHEH VHUXQFRPSD±HURSHUIHFWR ߚ/RHV HIHFWLYDPHQWH \ P¡VDºQ HV XQ KRPEUH YHUGDGHUDPHQWH EXHQR /RVFRQVHMRVTXH©OPHSURGLJDUHVSHFWRDPLVHVFXHODV\DWRGDVPLVSHTXH±DV DFWLYLGDGHVGH'DZOEULGJHQRWLHQHQSUHFLR<DGHP¡VHVWDQJDODQWHVHWRPD WDQWDV PROHVWLDV XVWHG QR SXHGH VDEHUOR FDGD YH] TXH ©O SLHQVD TXH SXHGH KDFHUXQIDYRU7LHQHWDQEXHQFDU¡FWHUFRPREXHQVHQWLGR ߚ4X©SODFHUR­UKDODJDUVXVFXDOLGDGHV\VXVRFLDELOLGDG(QFXDQWRDP­ QRSXHGRP¡VTXHDWHVWLJXDUTXHHVXQFRPSD±HURDJUDGDEOH\HQFDQWDGRU< FUHR ߚD±DG­ߚ TXH SRGU­D DJUHJDU DGHP¡V GRV R WUHV FRVDV D OR TXH XVWHG DFDEDGHGHFLUPH ߚ'HYHUDV" ߚ6­(QSULPHUOXJDU©OQRHVW¡FDVDGR ߚ(VFLHUWRߨ<GHVSX©V" ߚ(VFULEH R P¡V ELHQ KD HVFULWR HPSHUR GHVGH KDFH GRV R WUHV D±RV TXL]¡V KD LQWHUUXPSLGR VX WUDEDMR < VX OLEUR WUDWD GH XQ WHPD P¡V ELHQ DEVWUDFWRWDOYH]GHWHRORJ­D ߚ6­HVFRPRXVWHGGLFHHVFULE­DXQOLEUR1RHVWR\PX\VHJXUDGHOWHPD SHUR WHQJR OD FHUWH]D GH TXH GHEH WUDWDUVH GH DOJR TXH PH SXHGH LQWHUHVDU < YHUGDGHUDPHQWH WLHQH XVWHG UD]³Q SRUTXH GHVGH OXHJR QR KD FRQWLQXDGR VX WUDEDMR ߚ<RWUDFRVDP¡V/DG\0DU\$OUHYHUHQGR-HQQLQJVVLELHQHVWDQRFKH QRKDEHELGRP¡VTXHXQSRFRGHFDI©OHJXVWDHOW©RDOPHQRVOHKDJXVWDGR KDVWDODORFXUD ߚ6­WRGRHVRHVH[DFWR ߚ9HUGDG"ߚSURVHJX­ߚ%HE­DPXFKRW©YHUGH" ߚb9D\D (VWR HV PX\ FXULRVR (O W© YHUGH HUD XQD FRVD VREUH OD TXH FDVL GLVSXW¡EDPRV ߚ<VLQHPEDUJRKDUHQXQFLDGRFRPSOHWDPHQWHD©OߚGLMH ߚ([DFWR ߚ<DKRUDRWUDFRVD+DFRQRFLGRXVWHGDVXSDGUHRDVXPDGUH" ߚ/RVFRQRF­DORVGRVߚGLMR/DG\0DU\ߚ+DFHXQRVGLH]D±RVTXHVX SDGUHPXUL³HQVXFDVDFHUFDGH'DZOEULGJH6­ORVFRQRF­DELHQ ߚ<ߚGLMHߚXQRGHVXVPD\RUHVVHDHOSDGUHVHDODPDGUHDXQTXHPH LQFOLQRDFUHHUTXHIXHUDHOSDGUHYLRXQIDQWDVPD ߚb3HURGRFWRU+HVVHOLXV(VXVWHGXQYHUGDGHUREUXMR ߚ%UXMRRQRUHVS³QGDPHDOHJUHPHQWH1RKHDGLYLQDGR" ߚ'HVGHOXHJRV­<VHWUDWDEDHIHFWLYDPHQWHGHVXSDGUH(UDXQKRPEUH VLOHQFLRVR\IDQW¡VWLFRTXHWHQ­DODFRVWXPEUHGHGDUODODWDDPLSDGUHFRQHO UHODWRGHVXVVXH±RV8QG­DOHFRQW³XQDKLVWRULDUHVSHFWRDXQIDQWDVPDTXH KDE­D YLVWR \ FRQ HO FXDO KDE­D KDEODGR HUD XQD KLVWRULD PX\ H[WUD±D (VWR RFXUU­DPXFKRDQWHVGHVXPXHUWHFXDQGR\RHUDXQDQL±D3HURUHSLWRHUDXQ KRPEUH GH DLUH VLOHQFLRVR \ PHODQF³OLFR $ YHFHV DSDUHF­D DO FUHSºVFXOR FXDQGR \R HVWDED VROD HQ HO VDO³Q \ PH GDED HQ LPDJLQDU TXH KDE­D XQRV IDQWDVPDVDVXDOUHGHGRU +LFHXQDVH±DDILUPDWLYDFRQODFDEH]DVRQULHQGR ߚ<DKRUDTXH\DKHHVWDEOHFLGRPLUHSXWDFL³QGHEUXMRߚGLMHߚFUHRTXH VHU¡PHQHVWHUTXHPHPDUFKH ߚ3HURF³PRKDSRGLGRXVWHGVDEHUWRGRHVWR" ߚ3RUORVDVWURVGHVGHOXHJRߚOHGLMHߚFRPRORVJLWDQRV <QRVVHSDUDPRVDOHJUHPHQWH $O G­D VLJXLHQWH GH PD±DQD HQYL© D 0U -HQQLQJV FRQ XQDV O­QHDV HO OLEULWRGHOFXDOPHKDE­DKDEODGR\\DDYDQ]DGDODWDUGHDOYROYHUDPLFDVD VXSH TXH KDE­D SDVDGR D YHUPH \ GHMDGR XQD WDUMHWD +DE­D SUHJXQWDGR VL \R HVWDEDDOO­\DTX©KRUDOHVHU­DP¡VI¡FLOHQFRQWUDUPH 7HQ­D OD LQWHQFL³Q GH H[SRQHUPH VX FDVR \ FRQVXOWDUPH VHJºQ OD H[SUHVL³Q DO XVR lSURIHVLRQDOPHQWH{" <R OR GHVHDED 7HQ­D HODERUDGD XQD WHRU­DDHVWHUHVSHFWR/DKDE­DHVWDEOHFLGRSRUODVUHVSXHVWDVGH/DG\0DU\D PLV ºOWLPDV SUHJXQWDV 0H JXVWDU­D PXFKR UHFLELU OD FRQILUPDFL³Q GH VXV SURSLRVODELRV3HURHQTX©PHGLGDODVUHJODVGHOVDEHUYLYLUPHDXWRUL]DQD FRPSURPHWHUOHDFRQIHVDUVH"(YLGHQWHPHQWHWDOHVUHJODVQRPHDXWRUL]DQHQ DEVROXWR 3HUR HVWR\ LQFOLQDGR D SHQVDU TXH HO UHYHUHQGR SLHQVD DEULUPH VX FRUD]³Q 'H WRGDV IRUPDV PL TXHULGR 9DQ /RR \R QR PH KDU© LQDERUGDEOH PH SURSRQJR PD±DQD GHYROYHUOH VX YLVLWD (VWR QR VHU¡ P¡V TXH OD HVWULFWD FRUWHV­DGHUHVSRQGHUDVXGHOLFDGH]D\©QGROHDYHU\RPLVPR6DOGU¡DOJRGH HVWD HQWUHYLVWD" 6DOJD PXFKR R SRFR QDGD R WRGR WHQJD OD VHJXULGDG PL TXHULGR9DQ/RRGHTXHVHORKDU©VDEHU ,,, (OGRFWRU+HVVHOLXV GHVFXEUHDOJRHQXQRVJUXHVRVOLEURVODWLQRV 3XHVELHQIXLD%ODQN6WUHHW (OFULDGRDODSUHJXQWDTXHOHKLFHPHUHVSRQGL³TXH0U-HQQLQJVHVWDED PX\ RFXSDGR FRQ XQ HFOHVL¡VWLFR YHQLGR GH .HQOLV VX SDUURTXLD 4XHULHQGR JXDUGDUPLYHQWDMDPHFRQWHQW©FRQGHFLUOHDOFULDGRTXHYROYHU­DDSDVDU\ FXDQGR \D GDED PHGLD YXHOWD SDUD LUPH PH SUHJXQW³ H[FXV¡QGRVH \ PLU¡QGRPHFRQP¡VDWHQFL³QGHODTXHVHHVWLODHQODVSHUVRQDVGHVXFODVHVL \RHUDHOGRFWRU+HVVHOLXV$OHQWHUDUVHGHTXHGHVGHOXHJRHUD\RPHGLMR ߚ(QHVHFDVRVH±RUWDOYH]PHSHUPLWDXVWHGLQIRUPDUD0U-HQQLQJVGH VXYLVLWDSXHVHVWR\VHJXURGHTXH©OGHVHDYHUOHDXVWHG (O I¡PXOR UHDSDUHFL³ DO FDER GH XQ LQVWDQWH \ PH URJ³ GH SDUWH GH 0U -HQQLQJVTXHSDVDUDDOJDELQHWHGH©VWHGRQGHVHUHXQLU­DFRQPLJRGHQWURGH XQRVPLQXWRV (UDDTXHOYHUGDGHUDPHQWHXQJDELQHWHGHWUDEDMRFDVLXQDELEOLRWHFD/D HVWDQFLD HUD DOWD GH WHFKR FRQ GRV JUDQGHV \ HVWUHFKDV YHQWDQDV FRQ EHOODV FRUWLQDVGHFRORURVFXUR(UDPXFKRP¡VYDVWDGHORTXHPHKDE­DSDUHFLGRDO SULQFLSLR \ HVWDED JXDUQHFLGD GH OLEURV SRU WRGDV SDUWHV GHVGH HO VXHOR DO WHFKR/DDOIRPEUDGHHQFLPDߚSXHVVHQW­TXHKDE­DGRVRWUHVEDMRPLVSLHVߚ HUDGH7XUTX­D0LVSDVRVQRKDF­DQQLQJºQUXLGR/DVHVWDQWHU­DVFDUJDGDVGH OLEURV VREUHVDO­DQ DOUHGHGRU GH ODV HVWUHFKDV \ SURIXQGDV YHQWDQDV /D KDELWDFL³Q DXQTXH FRQIRUWDEOH H LQFOXVR OXMRVD SURGXF­D XQD LPSUHVL³Q GHFLGLGDPHQWH OºJXEUH \ D\XGDGD SRU HO VLOHQFLR FDVL VRIRFDQWH 6LQ GXGD HPSHURHQPLHVS­ULWXGHEL³GHKDFHUVHXQDDVRFLDFL³QGHLGHDV(QPL¡QLPR HQHIHFWR\RKDE­DXQLGRD0U-HQQLQJVDXQDVQRFLRQHVVLQJXODUHV$YDQF©HQ HVD KDELWDFL³Q VLOHQFLRVD GH XQD FDVD P¡V VLOHQFLRVD WRGDY­D FRQ XQ H[WUD±R SUHVHQWLPLHQWR GHELGR WDO YH] D OD RVFXULGDG TXH ODV VHYHUDV ILODV GH OLEURV SDUHF­DQD±DGLU\ DXPHQWDU PL LPSUHVL³Q SXHV D H[FHSFL³Q GH GRV HVWUHFKRV HVSHMRV FROJDGRV GH OD SDUHG WRGD OD GHP¡V VXSHUILFLH HVWDED RFXSDGD SRU HOORV (VSHUDQGR OD OOHJDGD GH 0U -HQQLQJV PH HQWUHWXYH HQ KRMHDU DOJXQRV GH ORV OLEURV GH ORV DQDTXHOHV 1R HQWUH ©VWRV VLQR MXVWR GHEDMR GH HOORV HQ HO VXHORFRQHOORPRYXHOWRKDFLDDUULEDHQFRQWU©ODFROHFFL³QFRPSOHWDHQHO WH[WRRULJLQDOGHORV$UFDQD&RHOHVWLDGH6ZHGHQERUJHQEHOORVLQIROLRVTXH WHQ­DQ SRU HQFXDGHUQDFL³Q HO FRTXHWR PDWHULDO TXH HQDUEROD OD WHRORJ­D HV GHFLUHOSXURSHUJDPLQRODVOHWUDVGHRUR\ODVUD\DVGHFDUP­Q(QYDULRVGH WDOHV YROºPHQHV KDE­D XQDV VH±DOHV KHFKDV FRQ SDSHO FRJLHQGR HVWRV YROºPHQHV\SRQL©QGRORVVREUHODPHVDORVDEU­SRUODVS¡JLQDVPDUFDGDVSRU ODVVH±DOHVGHSDSHO\OH­HQODVROHPQHIUDVHRORJ­DODWLQDXQDVHULHGHSDVDMHV VH±DODGRV HQ HO PDUJHQ FRQ XQD O­QHD GH O¡SL] &RSLR DTX­ WUDGXFL©QGRORV DOJXQRVGHHVWRVSDVDMHV l&XDQGR VH DEUHQ ORV RMRV LQWHULRUHV GHO KRPEUH ORV RMRV GHO HVS­ULWX DSDUHFHQ FRVDV GH OD RWUD YLGD TXH VRQ LPSRVLEOHV GH SHUFLELU D OD YLVWD I­VLFDߨ{ l*UDFLDVDODYLVWDLQWHULRUPHKDVLGRSHUPLWLGRYHUODVFRVDVTXHKD\HQ ODRWUDYLGDP¡VFODUDPHQWHTXHODVTXHYHRHQHVWHPXQGR5HVXOWDHYLGHQWHGH HVWDV FRQVLGHUDFLRQHV TXH OD YLVL³Q H[WHULRU SURFHGH GH OD YLVL³Q LQWHULRU \ ©VWDGHXQDYLVL³QP¡VLQWHULRUWRGDY­D\DV­VXFHVLYDPHQWHߨ{ l&DGDKRPEUHHVW¡DFRPSD±DGRDOPHQRVGHGRVHVS­ULWXVPDOLJQRVߨ{ l/RV PDOYDGRV JHQLRV WLHQHQ WDPEL©Q OD SDODEUD IOXLGD SHUR GXUD \ GLVFRUGDQWH3HURORVKD\LJXDOPHQWHTXHQRWLHQHQODSDODEUDIOXLGD\HQ©VWRV OD KHUHM­D GH ORV SHQVDPLHQWRV HV SHUFLELGD EDMR OD IRUPD GH DOJR TXH UHSWD KLS³FULWDPHQWH{ l/RV HVS­ULWXV PDOLJQRV TXH DFRVDQ DO KRPEUH YLHQHQ FLHUWDPHQWH GHO LQILHUQR SHUR FXDQGR HVW¡Q FRQ HO KRPEUH QR HVW¡Q HQ HO LQILHUQR (O OXJDU GRQGHHOORVVHHQFXHQWUDQHQWRQFHVHVW¡MXVWRHQWUHHOFLHOR\HOLQILHUQR\VH FRQRFHSRUHOPXQGRGHORVHVS­ULWXVFXDQGRORVHVS­ULWXVPDOLJQRVTXHHVW¡Q FRQ HO KRPEUH VH HQFXHQWUDQ HQ HVWH PXQGR HOORV QR HVW¡Q HQ ORV WRUPHQWRV GHOLQILHUQRSHURHVW¡QHQWRGRVORVSHQVDPLHQWRV\HQWRGDVODVSDVLRQHVGHO KRPEUH DO TXH DFRVDQ \ HQ FRQVHFXHQFLD HQ WRGR DTXHOOR TXH DTX©O H[SHULPHQWD 3HUR FXDQGRHOORV VRQ HQYLDGRV GH YXHOWD DO LQILHUQRYXHOYHQ D VXHVWDGRSULPLWLYRߨ{ l6LORVHVS­ULWXVPDOLJQRVSXHGHQSHUFLELUTXHHVW¡QDVRFLDGRVDOKRPEUH\ TXH VLQ HPEDUJR HOORV WLHQHQ XQRV HVS­ULWXV GLVWLQWRV D ©O FRPR SXHGHQ LQVLQXDUVH HQ ODV FRVDV GH VX FXHUSR LQWHQWDU¡Q GH PLO IRUPDV GHVWUXLUOR SXHVWRTXHRGLDQDOKRPEUHFRQRGLRPRUWDOߨ{ l6DELHQGRSXHVTXH\RHUDKRPEUHSRUHOFXHUSRHOORVVHHVIRU]DEDQVLQ FHVDUHQGHVWUXLUPHQRVRODPHQWHHQWDQWRTXHFXHUSRVLQRVREUHWRGRHQWDQWR TXH DOPD SRUTXH GHVWUXLU XQ KRPEUH R XQ HVS­ULWX HV HO SODFHU P¡V YLYR GH WRGRVDTXHOORVTXHHVW¡QHQHOLQILHUQRSHUR\RVLHPSUHKHHVWDGRSURWHJLGR SRUHO6H±RU'HGRQGHUHVXOWDORSHOLJURVRTXHHVSDUDHOKRPEUHHOHVWDUHQ UHODFLRQHVFRQORVHVS­ULWXVDPHQRVTXHWHQJDODSURWHFFL³QGHODIHߨ{ l1DGD HV P¡V FXLGDGRVDPHQWH RFXOWDGR DO FRQRFLPLHQWR GH ORV HVS­ULWXV DVRFLDGRVTXHVXXQL³QGHHVWDHVSHFLHFRQHOKRPEUHSRUTXHVLHOORVVHGDQ FXHQWDKDEODU¡QDOKRPEUHFRQODLQWHQFL³QGHGHVWUXLUOHߨ{ l/DGHOHFWDFL³QGHOLQILHUQRHVKDFHUPDODOKRPEUH\DSUHVXUDUVXUXLQD HWHUQDߨ{ (Q HO EDMR GH OD S¡JLQD XQD ODUJD QRWD UHGDFWDGD FRQ XQ O¡SL] PX\ SXQWLDJXGR\ILQRFRQODHVFULWXUDHOHJDQWH\SUHFLVDGH0U-HQQLQJVDWUDMR PL PLUDGD (VSHUDED HQFRQWUDU XQD FU­WLFD GHO WH[WR \ OH­ XQDV SDODEUDV 3HUR PH GHWXYH HQ VHFR FRPR VL VH WUDWDUD GH XQD FRVD ELHQ GLIHUHQWH \ TXH FRPHQ]DED SRU ODV SDODEUDV 'HXV PLVHUHDWXU PHL TXH l'LRV WHQJD SLHGDG GH P­{3UHYHQLGRGHODVXHUWHGHOFDU¡FWHU­QWLPRGHHVWDVO­QHDVYROY­ORVRMRV\ FHUUDQGRHOOLEURGHM©RWUDYH]ORVYROºPHQHVHQHOOXJDUGHGRQGHORVKDE­D WRPDGRWRGRVDH[FHSFL³QGHXQRTXHPHLQWHUHVDED\HQHOFXDOFRPRWLHQHQ SRUFRVWXPEUHKDFHUORVKRPEUHVHVWXGLRVRV\VROLWDULRVPHVXPHUJ­KDVWDHO SXQWRGHROYLGDUHOPXQGRH[WHULRUHLQFOXVRHOOXJDUGRQGHPHHQFRQWUDED (VWDEDHQWUDQFHGHOHHUDOJXQDVS¡JLQDVUHIHULGDVDORVlUHSUHVHQWDQWHV{\ D ORV lFRUUHVSRQGLHQWHV{ VHJºQ OD WHUPLQRORJ­D VZHQGHQERUJLDQD \ KDE­D OOHJDGR DO SDVDMH FX\D HVHQFLD HUD TXH ORV HVS­ULWXV PDOLJQRV FXDQGR VRQ YLVWRV SRU RWURV RMRV TXH ORV GH VXV FRQJ©QHUHV LQIHUQDOHV VH SUHVHQWDQ SRU lFRUUHVSRQGHQFLD{FRQODIRUPDGHODEHVWLDVDOYDMHODIHUDTXHVLPEROL]DVXV DSHWLWRV\VXSDUWLFXODUPRGRGHYLGDFRQXQDVSHFWRKRUULEOH\DWUR](QXQ H[WHQVRSDVDMHHQHOFXDOVHGHVFULEHQXQJUDQQºPHURGHIRUPDVEHVWLDOHV ,9 'RVSDUHVGHRMRVOH­DQ HOPLVPRSDVDMH /H­DVLJXLHQGRODVO­QHDVFRQHOH[WUHPRGHPLSRUWDO¡SL]FXDQGRDOJRPH KL]ROHYDQWDUORVRMRV -XVWR GHODQWH GH P­ VH HQFRQWUDED XQR GH ORV HVSHMRV GH ORV FXDOHV \D KH KDEODGR\YLUHIOHMDGDHQ©OODDOWDHVWDWXUDGHPLDPLJR0U-HQQLQJV,QFOLQDGR GHWU¡V GH P­ HVWDED OH\HQGR SRU HQFLPD GH PL KRPEUR OD S¡JLQD TXH KDE­D UHWHQLGR PL DWHQFL³Q SHUR FRQ XQD FDUD WDQ VRPEU­D \ HVSDQWDGD TXH DSHQDV SXGHUHFRQRFHUOH 0H YROY­ \ PH OHYDQW© O VH LUJXL³ WDPEL©Q \ PH GLMR FRQ XQD ULVLWD IRU]DGD ߚ$O HQWUDU OH KH SUHJXQWDGR F³PR HVWDED XVWHG SHUR QR KH FRQVHJXLGR DUUDQFDUOH GH VX OHFWXUD WDPEL©Q LQFDSD] GH UHIUHQDU PL FXULRVLGDG \R VR\ PHWHPRFXOSDEOHGHXQDJUDQLPSHUWLQHQFLDDOKDEHUPLUDGRSRUHQFLPDGHVX KRPEUR1RHVODSULPHUDYH]VLQGXGDTXHXVWHGKRMHDHVDVS¡JLQDV1RKDFH PXFKRWLHPSRTXHXVWHGFRQRFHD6ZHGHQERUJ" ߚ2K FLHUWDPHQWH <R OH GHER PXFKR D 6ZHGHQERUJ XVWHG HQFRQWUDU¡ VX KXHOODHQHOOLEULWRVREUHOD0HGLFLQD0HWDI­VLFDGHOFXDOWXYRXVWHGODERQGDG GHDFRUGDUVHߨ3HURTX©SLHQVDXVWHGGH6ZHGHQERUJ" 3HVHDTXH\RDIHFWDEDXQDLUHDOHJUH©OHVWDEDOLJHUDPHQWHUXERUL]DGR\ \RQRWDEDTXHHQVXLQWHULRUHVWDEDUHDOPHQWHWXUEDGR ߚ0H WHPR QR HVWDU FXDOLILFDGR SDUD GDU XQD RSLQL³Q ߚUHVSRQGL³ߚ &RQR]FR PX\ SRFR D 6ZHGHQERUJ 6³OR KDFH XQD TXLQFHQD TXH WHQJR HVRV YROºPHQHV\FUHRTXHVRQGHXQDQDWXUDOH]DWDOFDSD]GHSRQHUQHUYLRVRDXQ KRPEUHVROLWDULR1RHVTXHGLJDTXHKD\DQSURGXFLGRHVHHIHFWRVREUHP­ߚ D±DGL³ULHQGRߚSHURORTXHTXLHURPDQLIHVWDUOHHVORDJUDGHFLGRTXHOHHVWR\ SRUKDEHUPHGDGRVXOLEUR /HGLODVUHVSXHVWDV\ODVSURWHVWDVGHFRVWXPEUH ߚ-DP¡VKHOH­GRXQOLEURFRQHOFXDOHVW©P¡VGHDFXHUGRTXHFRQHOVX\R ߚFRQWLQX³ߚ +H YLVWR TXH FRQWLHQH P¡V FRVDV GH ODV TXH H[SUHVD &RQRFH XVWHGDOGRFWRU+DUYH\"ߚPHSUHJXQW³GHSURQWRFDVLGHXQDIRUPDEUXVFD <R FRQRF­D DO GRFWRU +DUYH\ \ WHQLHQGR FDUWDV GH SUHVHQWDFL³Q SDUD ©O KDE­D UHFLELGR GH VX SDUWH GXUDQWH PL HVWDQFLD HQ ,QJODWHUUD OD DFRJLGD P¡V FRUW©V\ODD\XGDP¡VFRQVLGHUDEOH>@ ߚ(VWLPR ߚGLMR 0U -HQQLQJVߚ TXH HVH KRPEUH HV XQR GH ORV P¡V JUDQGHVDVQRVTXHPHKD\DVLGRGDGRHQFRQWUDU (UDODSULPHUDYH]TXHOHR­DH[SUHVDUXQMXLFLRVHYHURVREUHDOJXLHQ\XQ W©UPLQR FRPR HO TXH DFDEDED GH DSOLFDU D XQ KRPEUH WDQ JUDQGH PH KL]R VREUHVDOWDU ߚ'HYHUDV"(QTX©VHQWLGR"ߚSUHJXQW© ߚ(QVXSURIHVL³Q <RVRQUH­ ߚ+HDTX­ORTXHTXLHURGHFLUOHߚVLJXL³0U-HQQLQJVߚ(VHKRPEUHPH SDUHFHPHGLRFLHJR4XLHURGHFLUTXHODPLWDGGHWRGRORTXH©OPLUDHVW¡HQOD RVFXULGDG\TXHHOUHVWRHVVREUHQDWXUDOPHQWHEULOODQWH\OXPLQRVR<ORSHRU HVTXHHVRSDUHFHYROXQWDULR<RQRSXHGROOHJDUDSHUVXDGLUOHRPHMRUGLFKR TXLHURGHFLUTXH©OUHKºVDGHMDUVHSHUVXDGLU+HWHQLGRXQSRFRGHWUDWRFRQ©O FRPR SDFLHQWH VX\R SHUR FRQVLGHUR TXH HQ HO HMHUFLFLR GH VX SURIHVL³Q QR YDOH P¡V TXH XQ FHUHEUR SDUDOL]DGR TXH XQ LQWHOHFWR PHGLR PXHUWR 8QR GH HVWRV G­DV ߚD±DGL³ FRQ FLHUWD DJLWDFL³Qߚ \R OH GLU© D XVWHG WHQJD OD VHJXULGDG WRGR D HVWH UHVSHFWR 8VWHG YD D SHUPDQHFHU HQ ,QJODWHUUD DOJXQRV PHVHVWRGDY­D6L\RWXYLHUDTXHDOHMDUPHGH/RQGUHVSRUDOJºQWLHPSRGXUDQWH VXHVWDQFLDPHSHUPLWLU¡TXHOHLPSRUWXQHFRQDOJXQDFDUWD" ߚ8VWHGQRPHLPSRUWXQDU¡DOFRQWUDULR ߚ(VXVWHG GHPDVLDGR DPDEOH 3HUR \R HVWR\ YHUGDGHUDPHQWH GHVFRQWHQWR GH+DUYH\ ߚ7LHQHLQFOLQDFL³QSRUODHVFXHODPDWHULDOLVWDߚGLMH ߚ(V ºQLFDPHQWH XQ PDWHULDOLVWD ߚUHFWLILF³ 0U -HQQLQJVߚ 8VWHG QR SXHGH FUHHU KDVWD TX© SXQWR HVDV FRVDV SXHGHQ DWRUPHQWDU D DOJXLHQ P¡V FODULYLGHQWH 8VWHG QR GLU¡ D QDGLH D QLQJXQR GH QXHVWURV DPLJRV FRPXQHV TXH\RVR\KLSRFRQGU­DFRYHDXVWHGSRUHMHPSORTXHQDGLHVDEHQLVLTXLHUD /DG\ 0DU\ TXH KH FRQVXOWDGR DO GRFWRU +DUYH\ \ D RWURV GRFWRUHV 6H OR UXHJRQRGLJDXVWHGQDGD<VLDOJXQDYH]OOHJDUDDHVWDUDPHQD]DGRGHXQߨ DWDTXH SHUP­WDPH TXH OH HVFULED R VL \R HVWR\ HQ OD FLXGDG WHQHU XQ EUHYH FDPELRGHLPSUHVLRQHVFRQXVWHG <R PH HQWUHJX© D WRGD VXHUWH GH VXSRVLFLRQHV \ PH SHUFDW© GH TXH LQYROXQWDULDPHQWH KDE­D ILMDGR VREUH ©O XQD JUDYH PLUDGD SXHV WUDV KDEHU EDMDGRORVRMRVGXUDQWHXQLQVWDQWHPHGLMR ߚ8VWHGSLHQVDPHGR\FXHQWDGHTXH\RSRGU­DGHFLUOHDKRUDWRGRORTXH WHQJRTXHGHFLUOH$PHQRVFODURTXHQRHVW©XVWHGHQWUDQFHGHHVWDEOHFHUXQD KLS³WHVLV3HURHQWDOFDVRXVWHGSRGU­DSDVDUHOUHVWRGHVXH[LVWHQFLDHQKDFHU FRQMHWXUDV\MDP¡VDGLYLQDU­DODYHUGDG <0U-HQQLQJVDEDWL³ODFDEH]DVRQULHQGR/XHJRVREUHHOVROGHLQYLHUQR VH SXVR XQD QXEH QHJUD \ UHVSLU³ FRQ ORV GLHQWHV DSUHWDGRV FRPR ORV KRPEUHVTXHVXIUHQ ߚ/DPHQWR HYLGHQWHPHQWH ߚOH GLMHߚ VDEHU TXH XVWHG WHPH FRQVXOWDU D DOJºQP©GLFRSHURGLVSRQJDGHP­FX¡QGR\F³PRTXLHUDHQODVHJXULGDGGH TXHWRGDVVXVFRQILGHQFLDVSDUDP­VHU¡QVDJUDGDV 0U -HQQLQJV VH SXVR HQWRQFHV D KDEODUPH GH RWUD FRVD FRQ UHODWLYD MRYLDOLGDG\SRFRUDWRGHVSX©VPHVHSDU©GH©O 9 (OGRFWRU+HVVHOLXV HVOODPDGRD5LFKPRQG 1RV VHSDUDPRV DOHJUHPHQWH SHUR QL HO XQR QL HO RWUR HVW¡EDPRV DOHJUHV +D\FLHUWDVH[SUHVLRQHVGHHVHSRGHURVR³UJDQRGHOHVS­ULWXTXHHVHOURVWUR GHO KRPEUH TXH DXQTXH ODV KD\D REVHUYDGR D PHQXGR \ SRVHD \R OD VDQJUH IU­D GHO P©GLFR PH WXUEDQ SURIXQGDPHQWH 8QD PLUDGD GH 0U -HQQLQJV PH DFRVDED 0LUDGD TXH VH KDE­D DSRGHUDGR GH P­ LPDJLQDFL³Q \ SHVDED WDQ SURIXQGDPHQWH VREUH HOOD TXH PRGLILFDQGR ORV SODQHV TXH PH KDE­D KHFKR SDUDODQRFKHPHIXLDOD³SHUDFRQ¡QLPRGHFDPELDUGHLGHDV 1RKDE­DWHQLGRQRWLFLDVGH©OQLGLUHFWDQLLQGLUHFWDPHQWHGHVGHGRVRWUHV G­DVDQWHVFXDQGRUHFLE­XQELOOHWHGHVXSX±R\OHWUD(QHVWDPLVLYDOOHQDGH EXHQKXPRU\GHHOHJDQFLDPHGHF­DTXHVHHQFRQWUDEDPXFKRPHMRUߚWRGR OR PHMRU TXH SRG­D HVSHUDUVHߚ \ TXH VH SUHSDUDED SDUD KDFHU XQD SHTXH±D H[SHULHQFLDLUDSDVDUXQPHVFHUFDGHVXSDUURTXLDSDUDYHUVLWUDEDMDQGRXQ SRFR SRG­D UHSRQHUVH FRPSOHWDPHQWH (VDV O­QHDV FRQWHQ­DQ WDPEL©Q OD H[SUHVL³Q IHUYLHQWH GH OD JUDWLWXG TXH ©O WHQ­D KDFLD HO FLHOR SRU VX UHVWDEOHFLPLHQWRSXHV\DYH­DODPHMRU­DGHVXHVWDGRFRPRFRVDKHFKD 8QRRGRVG­DVP¡VWDUGHYLD0DU\/DG\TXLHQUHSLWL©QGRPHORTXH0U -HQQLQJV PH GLMHUD HQ VX QRWD PH LQGLF³ TXH ©O VH HQFRQWUDED \D HQ HO :DUZLFNVKLUH \ TXH KDE­D UHHPSUHQGLGR HO HMHUFLFLR GH VX PLQLVWHULR HQ .HQOLV(OODD±DGL³ ߚ&RPLHQ]RDFUHHUTXHWRGRYDELHQ\TXHHQHOIRQGRQXQFDKDWHQLGR QDGD GHEH VHU XQD FXHVWL³Q GH QHUYLRV \ GH LPDJLQDFL³Q 7RGRV WHQHPRV QHUYLRV SHUR \R HVWLPR TXH QR KD\ QDGD FRPR WUDEDMDU XQ SRFR GXUR SDUD OLEUDUVHGHHVDGHELOLGDG\QXHVWURDPLJRKDGHFLGLGRHQVD\DUHVWHP©WRGR1R PHVRUSUHQGHU¡YHUSURORQJDUVHVXDXVHQFLDKDVWDXQD±R $ SHVDU GH HVWH RSWLPLVPR KDE­DQ WUDQVFXUULGR GRV G­DV FXDQGR UHFLE­ IHFKDGRHQODFDVDTXH0U-HQQLQJVWHQ­DHQ3LFDGLOO\HVWHELOOHWH 4XHULGRVH±RU +HYXHOWRYHQFLGR0HVLHQWRLQFDSD]GHLUDYHUOHSHUROHHVFULERSDUD SHGLUOH TXH WHQJD OD ERQGDG GH YHQLU D PL FDVD 3RU HO PRPHQWR HVWR\ GHPDVLDGRDEDWLGR\GHYHUGDGDEVROXWDPHQWHLQFDSD]GHGHFLUWRGRORTXH \RTXLVLHUDGHFLUOH6HORVXSOLFRQRKDEOHGHP­DPLVDPLJRV1RSXHGR YHU D QDGLH 3URQWR VL 'LRV TXLHUH XVWHG WHQGU¡ QRWLFLDV P­DV 7HQJR LQWHQFL³Q GH KDFHU XQD H[FXUVL³Q SRU HO 6KURSVKLUH GRQGH UHVLGHQ XQRV SDULHQWHV P­RV b4XH 'LRV OH EHQGLJD 'HVHR TXH D PL YXHOWD SRGDPRV HQFRQWUDUQRVHQXQDVFLUFXQVWDQFLDVP¡VIHOLFHVTXH©VWDVHQODVFXDOHVOH HVFULERDKRUD $OUHGHGRUGHXQDVHPDQDP¡VWDUGHYLD/DG\0DU\HQVXFDVD(UDMXVWR HV FUHHUOR OD ºOWLPD SHUVRQD TXH TXHGDED HQ /RQGUHV \ VH GLVSRQ­D D SDUWLU SDUD%ULJKWRQSXHVODWHPSRUDGDORQGLQHQVHHVWDEDFRPSOHWDPHQWHWHUPLQDGD 0HGLMRKDEHUUHFLELGRXQDFDUWDGH6KURSVKLUHGHODVREULQDGH0U-HQQLQJV 1RKDE­DQDGDGHSDUWLFXODUHQTXHODMRYHQFLWDOHFRQWDUDDSDUWHGHTXHVXW­R HVWDED GHSULPLGR \ QHUYLRVR (Q HVDV GRV SDODEUDV lGHSULPLGR \ QHUYLRVR{ TXH ODV JHQWHV HOHJDQWHV WRPDQ WDQ D OD OLJHUD bTX© PXQGR GH VXIULPLHQWRV D YHFHVGLVLPXODGRV &HUFDGHFLQFRVHPDQDVWUDQVFXUULHURQVLQQXHYDVQRWLFLDVGH0U-HQQLQJV $OFDERGHHVWHWLHPSRUHFLE­XQDQXHYDFDUWDVX\D <HQGR DO FDPSR ߚHVFULE­Dߚ KH FDPELDGR GH DLUH GH GHFRUDGR GH FDUDV FDPELDGR GH WRGR \ HQ WRGR SHUR QR KH SRGLGR FDPELDUPH D P­ PLVPR+HWRPDGRODGHFLVL³QHQODPHGLGDTXHSXHGHKDFHUORXQVHUWDQ LUUHVROXWRFRPR\RGHH[SRQHUOH­QWHJUDPHQWHPLFDVR6LVXVFRPSURPLVRV VHORSHUPLWHQY©QJDPHDYHUVHORUXHJRKR\PLVPRPD±DQDRSDVDGR SHURVHORVXSOLFRGLILHUDVXYLVLWDORPHQRVSRVLEOH8VWHGQRSXHGHVDEHU KDVWD TX© SXQWR WHQJR QHFHVLGDG GH D\XGD 7HQJR XQD FDVD WUDQTXLOD HQ 5LFKPRQG (V DTX­ GRQGH HVWR\ DKRUD 4XL]¡ SXHGD DUUHJO¡UVHODV SDUD YHQLUDFHQDURDOPRU]DURVLTXLHUDDWRPDUHOW©1RWHQGU¡GLILFXOWDGHQ HQFRQWUDUPH0LODFD\RGH%ODQN6WUHHWTXHOHOOHYDDXVWHGHVWDVO­QHDVOH UHFRJHU¡GHVXFDVDHQFRFKHDODKRUDTXHXVWHGTXLHUD\RHVWR\VLHPSUH HQ FDVD 8VWHG PH GLU¡ TXH QR GHEHU­D HVWDU VROR 7RGR OR KH SUREDGR 9HQJDDYHUORXVWHGPLVPR 'HVSX©VGHKDEHUKDEODGRFRQHOFULDGRGHFLG­SDUWLUDTXHOODPLVPDWDUGH 0U-HQQLQJVKXELHVHHVWDGRPXFKRPHMRUHQXQDSHQVL³QRHQXQKRWHOPH GLMH FXDQGR GHVSX©V GH KDEHU URGDGR HQWUH XQD GREOH \ IºQHEUH KLOHUD GH ROPRV HO FRFKH VH SDU³ GHODQWH GH XQD FDVD GH ODGULOOR GH XQ HVWLOR PX\ DQWLFXDGR \ TXH HQVRPEUHF­D ODV SHVDGDV IURQGRVLGDGHV GH ORV ¡UEROHV TXH FDVLODFHUFDEDQ+DE­DXQDVXHUWHGHSHUYHUVLGDGHQHOKHFKRGHKDEHUHOHJLGR XQD FDVD DV­ SDUD YLYLU SXHV QR SRG­D LPDJLQDUPH QDGD P¡V WULVWH QL P¡V VLOHQFLRVR6XSHTXHODFDVDSHUWHQHF­DD0U-HQQLQJV+DE­DSDVDGRGRVRWUHV G­DVHQ/RQGUHV\HQFRQWUDQGRSRUXQDUD]³QFXDOTXLHUDODSHUPDQHQFLDHQ OD FLXGDG LQVRSRUWDEOH KDE­D YHQLGR DOO­ VLQ GXGD SRUTXH OD FDVD HVWDQGR DPXHEODGD\VLHQGRVX\DOHKDEU­DDKRUUDGRODLQTXLHWXG\ODVGHPRUDVTXHOH KXELHUDQVXSXHVWRDOTXLODURWUD (O VRO VH KDE­D SXHVWR \D \ ORV UHIOHMRV URMRV GHO FLHOR D RFFLGHQWH LOXPLQDEDQ OD HVFHQD SURGXFLHQGR HVH HIHFWR SDUWLFXODU TXH D WRGRV QRV HV IDPLOLDU (O YHVW­EXOR SDUHF­D PX\ VRPEU­R SHUR FXDQGR OOHJX© DO VDO³Q GHO IRQGRFX\DVYHQWDQDVGDEDQDORHVWHPHHQFRQWU©HQODPLVPDSHQXPEUD 6HQW¡QGRPH FRQWHPSO© HO SDLVDMH ERVFRVR \ URML]R FX\D HVSO©QGLGD \ PHODQF³OLFD OX] VH LED GHELOLWDQGR VHJXQGR D VHJXQGR /RV ULQFRQHV GH OD KDELWDFL³Q \D HVWDEDQ D RVFXUDV 7RGR VH KDF­D LPSUHFLVR \ ODV WLQLHEODV LPSUHJQDEDQ LQVHQVLEOHPHQWH PL HVS­ULWX \D SUHSDUDGR D ODV FRVDV P¡V VLQLHVWUDV(VWDEDVRORHVSHUDQGRODOOHJDGDGH0U-HQQLQJVTXHQRWDUG³/D SXHUWD TXH FRPXQLFDED FRQ OD SLH]D GH GHODQWH VH DEUL³ \ OD DOWD VLOXHWD GHO HFOHVL¡VWLFR DSHQDV YLVLEOH DO UHOXPEUH URML]R GHO FUHSºVFXOR DYDQ]³ HQ OD KDELWDFL³QFRQSDVRVOHQWRV\IXUWLYRV 'HVSX©V GH TXH QRV KXELPRV HVWUHFKDGR OD PDQR DFHUF³ XQD VLOOD D OD YHQWDQD MXQWR D OD TXH WRGDY­D XQ SRFR GH OX] SRG­D SHUPLWLUQRV YHUQRV ODV FDUDV\VHVHQW³DPLODGR3XVRHQWRQFHVXQDPDQRVREUHPLEUD]RVLQDSHQDV XQDVSDODEUDVGHSUH¡PEXOR\FRPHQ]³VXUHODWR 9, &³PR0U-HQQLQJVHQFRQWU³ DVXFRPSD±HUR /D G©ELO FODULGDG GHO SRQLHQWH HO HVSOHQGRU GH ORV ERVTXHV HQWRQFHV VROLWDULRV GH 5LFKPRQG VH H[WHQG­DQ DQWH QRVRWURV < GHWU¡V GH QRVRWURV \ DOUHGHGRU QXHVWUR OD KDELWDFL³Q FDGD YH] P¡V VRPEU­D (Q HO URVWUR GHO SDFLHQWH FX\D H[SUHVL³Q HUD GH RUGLQDULR QREOH \ GXOFH HVWDEDQ FRPR FULVSDGRVILMRHQHVHUHVSODQGRULQGLVWLQWR\H[WUD±RTXHSDUHF­DGHVFHQGHUGHO FLHOR\FUHDUFRPRXQURFHXQRVUHIOHMRVUHSHQWLQRV\G©ELOHVTXHVHSHUG­DQ FDVLVLQJUDGDFL³QHQODRVFXULGDG(OVLOHQFLRHUDWRWDO1LQJºQUXLGROOHJDED GHDIXHUD1LHOGHXQDVUXHGDVOHMDQDVQLXQODGULGRVLTXLHUDXQVLOELGR$OO­ DGHQWURUHLQDEDODFDOPDGHSULPHQWHGHODFDVDGHXQVROWHURYDOHWXGLQDULR <RDGLYLQ©ODQDWXUDOH]DDºQVLQVRVSHFKDUVLTXLHUDYDJDPHQWHORVGHWDOOHV GH ODV UHYHODFLRQHV TXH LED D KDFHUPH HVH KRPEUH WRUWXUDGR SRU XQ VXIULPLHQWR GHVFRQRFLGR \ FX\R URVWUR VH UHFRUWDED H[WUD±DPHQWH HPSXUSXUDGR FRPR XQ UHWUDWR SLQWDGR SRU 6FKDOFNHQ VREUH XQ IRQGR GH WLQLHEODV ߚ/DFRVDFRPHQ]³XQGHRFWXEUHߚHFK³DKDEODU0U-HQQLQJVߚKDFH \D WUHV D±RV RQFH VHPDQDV \ GRV G­DV /OHYR OD FXHQWD FRQ JUDQ SUHFLVL³Q SRUTXHFDGDG­DHVXQVXSOLFLR6LXVWHGUHSDUDHQDOJXQDODJXQDHQPLUHODWR G­JDPHOR {+DFHDOUHGHGRUGHFXDWURD±RVHPSUHQG­ODUHGDFFL³QGHXQDREUDTXH\D PHKDE­DFRVWDGRPXFKDVUHIOH[LRQHV\HVWXGLRV6HWUDWDEDGHXQHQVD\RVREUH ODPHWDI­VLFDUHOLJLRVDGHORVDQWLJXRV ߚb$KߚGLMHߚ6XHQVD\RVHUHILHUHSXHVDODUHOLJL³QUHDOGHOSDJDQLVPR FXOWLYDGR \ SHQVDGR HQWHUDPHQWH GLVWLQWR GHO FXOWR VLPE³OLFR 8QD PDWHULD YDVWD\PX\LQWHUHVDQWH ߚ6­ SHUR SHUQLFLRVD SDUD HO HVS­ULWX SDUD XQ HVS­ULWX FULVWLDQR TXLHUR GHFLU (O SDJDQLVPR HQWHUR HV XQ WRGR FRKHUHQWH FX\D XQLGDG HV HVHQFLDO \ FRQVHFXHQFLDGHVXVLPSDW­DSRUHOLQILHUQRVXDUWHWUDQVFLHQGHGHVXUHOLJL³Q \VXVFRVWXPEUHVGHOXQR\GHODRWUD7DPEL©QHOWHPDHMHUFHXQDIDVFLQDFL³Q GHJUDGDQWH VREUH TXLHQ OR HVWXGLD \ OD 1©PHVLV HV LQHYLWDEOH b4XH 'LRV PH SHUGRQH {(VFULE­DPXFKR(VFULE­DKDVWDSURORQJDGDODQRFKH3HQVDEDVLQFHVDUHQ HO WHPD SDVHDQGR HVWXYLHUD GRQGH HVWXYLHUD HQ WRGDV SDUWHV (VWDED FRPSOHWDPHQWHSRVH­GR(VPHQHVWHUUHFRUGDUOHTXHWRGDVODVLGHDVPDWHULDOHV TXHUHODFLRQDEDWHQ­DQFLHUWDEHOOH]D\TXHHOSURSLRWHPDHUDWDQDSDVLRQDQWH TXHQRPHKDE­DFDXVDGRQLQJXQDLQTXLHWXG (OUHYHUHQGR-HQQLQJVODQ]³XQSURIXQGRVXVSLUR ߚ&UHRߚVLJXL³ߚTXHWRGDSHUVRQDTXHHPSUHQGHVHULDPHQWHODWDUHDGH HVFULELUTXHWUDEDMDYHUGDGHUDPHQWHDOLPHQWDVXFHUHEURVHJºQODH[SUHVL³Q GH XQR GH PLV DPLJRV FRQ DOJXQD FRVD W© FDI© R WDEDFR 6XSRQJR TXH WDO DFWLYLGDGDSDUHMDXQDVXHUWHGHFRQVXPRGHPDWHULDTXHGHEHVHUUHJXODUPHQWH FRPSHQVDGD VLQ TXH QRV WHQJDPRV TXH VHQWLU GHPDVLDGR DEVRUELGRV SRU HOOR SDUD TXH HO HVS­ULWX GH DOJXQD IRUPD DEDQGRQDQGR HO FXHUSR QR WHQJD TXH HVWDU UHFRUGDQGR FRQVWDQWHPHQWH TXH HVW¡ XQLGR D ©VWH (Q WRGR FDVR \R H[SHULPHQWDEDHVWDQHFHVLGDG\FODXGLTX©(OW©IXHPLFRPSD±HUR3ULPHURHO W©QHJURRUGLQDULRSUHSDUDGRGHPDQHUDKDELWXDOQRGHPDVLDGRIXHUWH3HUR \R EHE­D XQD JUDQ FDQWLGDG DXPHQWDQGR DV­ OD IXHU]D GH OD LQIXVL³Q 1R H[SHULPHQWDEDQLQJºQPDOHVWDU'HVSX©VFRPHQF©DWRPDUXQSRFRGHW©YHUGH \OHHQFRQWU©XQHIHFWRP¡VDJUDGDEOHHOW©YHUGHLOXPLQDEDPLSHQVDPLHQWR\ DXPHQWDED FRQVLGHUDEOHPHQWH VX SRWHQFLD +DE­D WHUPLQDGR SRU WRPDUOR IUHFXHQWHPHQWHSHURQRORWRPDEDP¡VIXHUWHGHORTXHVHSXHGHWRPDUSDUD PLJXVWR(VFULE­DPXFKRHQHVWHPLVPROXJDUGRQGHODFDOPDHVWDQJUDQGH 7HQ­D OD FRVWXPEUH GH YHODU KDVWD PX\ WDUGH HQ HVWD KDELWDFL³Q GRQGH SUHFLVDPHQWH HVWDPRV DKRUD \ HVWR VH FRQYLUWL³ HQ XQ K¡ELWR SDUD P­ HO EHERUURWHDU PL W© HO W© YHUGH GH YH] HQ YH] PLHQWUDV WUDEDMDED 7HQ­D XQD SHTXH±D WHWHUD VREUH PL PHVD FROJDGD HQFLPD GH XQD O¡PSDUD \ PH KDF­D W© GRVRWUHVYHFHVHQWUHODVRQFHGHODQRFKH\ODVGRVRODVWUHVGHODPD±DQD KRUDDODTXHPHDFRVWDED,EDWRGRVORVG­DVDODFLXGDG1ROOHYDEDXQDYLGD PRQDFDO \ ELHQ TXH PH SDVHDED XQD KRUD R GRV HQ EXVFD GH UHIHUHQFLDV H LQIRUPDFLRQHVUHODWLYDVDOWHPDTXHPHRFXSDEDQRHVWDEDHQPLRSLQL³QHQ XQ HVWDGR P³UELGR 9H­D D PLV DPLJRV H[DFWDPHQWH FRPR VLHPSUH \ PH FRPSODF­D HQ VX WUDWR HQ VXPD TXH FUHR TXH OD H[LVWHQFLD MDP¡V KDE­D VLGR SDUDP­WDQDJUDGDEOH {+DE­DFRQRFLGRDXQKRPEUHTXHSRVH­DDOJXQRVOLEURVYLHMRV\FXULRVRV XQDVREUDVDOHPDQDVHQODW­QPHGLHYDO\\RPHVHQW­DPX\IHOL]SXGL©QGRODV FRQVXOWDUOLEUHPHQWH/RVYROºPHQHVGHHVWDSHUVRQDWDQFRUW©VVHHQFRQWUDEDQ HQ XQD FDVD GH OD &LW\ HQ XQ ULQF³Q PX\ DSDUWDGR GH HVH EDUULR 8QD WDUGH KDEL©QGRVHPHSDVDGRODKRUDTXHPHKDE­DILMDGRSDUDVDOLUDOOOHJDUDODFDOOH QR YL QLQJºQ ILDFUH HQ ORV DOUHGHGRUHV \ HQWRQFHV WXYH OD LGHD GH WRPDU XQ ³PQLEXV TXH HQWRQFHV HQ VX WUD\HFWR OOHJDED KDVWD HVWD FDVD GRQGH HVWDPRV DKRUD(UDP¡VRVFXURTXHHQHVWRVLQVWDQWHVFXDQGRHO³PQLEXVDOFDQ]DEDOD YLHMDFRQVWUXFFL³QTXHWDOYH]XVWHGKD\DYLVWRDOYHQLUDTX­XQDFDVDTXHWLHQH FXDWUR FKRSRV D FDGD ODGR GH VX SXHUWD )XH DOO­ GRQGH GHVFHQGL³ HO ºOWLPR YLDMHUR\\RPHTXHG©VRORHQHOFRFKH9ROYLPRVDSDUWLUDOLQVWDQWHXQSRFR DSULVD (UD HO FUHSºVFXOR \ \R PH UHFRVW© HQ PL ULQF³Q FHUFD GH OD SXHUWD PHGLWDQGRDJUDGDEOHPHQWH {'HQWURGHO³PQLEXVFDVLHUDODRVFXULGDGFRPSOHWD<RKDE­DUHSDUDGRHQ HOULQF³QIUHQWHDP­HQHORWURH[WUHPRGHOFRFKHDOODGRGHORVFDEDOORVGRV SHTXH±RVUHIOHMRVFLUFXODUHVGHORTXHPHSDUHFL³VHUXQDOX]URML]D(VWDEDQ GLVWDQWHVHOXQRGHORWURFRQXQDVHSDUDFL³QGHXQDVGRVSXOJDGDV\HUDQDOJR DV­ FRPR GHO WDPD±R GH HVDV SHTXH±RV ERWRQHV GH PHWDO TXH ORV \DWFKPHQ OOHYDQHQVXVFKDTXHWDV0HSXVHDUHIOH[LRQDUFRPRORKDFHXQRFXDQGRHVW¡ GLVWUD­GR HQ OR TXH PH SDUHFL³ XQD IUXVOHU­D 'H G³QGH SURYHQ­D DTXHOOD OXFHFLWD G©ELO SHUR GH URMR LQWHQVR \ TX© OD UHIOHMDED" 3HUODV GH FULVWDO ERWRQHV" $YDQ]¡EDPRV DKRUD VXDYHPHQWH \ IDOWDED DºQ FDVL XQD PLOOD GH UHFRUULGR 1R KDE­D UHVXHOWR WRGDY­D HVWH SUREOHPD FXDQGR XQ LQVWDQWH P¡V WDUGH VH KL]R WRGDY­D P¡V VLQJXODU /RV GRV SXQWRV OXPLQRVRV VH DFHUFDURQ EUXVFDPHQWH FRPR D HIHFWRV GH XQD VDFXGLGD \ FRQVHUYDQGR VLHPSUH VX GLVWDQFLD UHODWLYD \ SRVLFL³Q KRUL]RQWDO FDPELDURQ GH DOWXUD HQ UHODFL³Q DO VXHOR\VHHOHYDURQKDVWDHOQLYHOGHODVLHQWRVREUHHOFXDO\RHVWDEDVHQWDGR\ \DQRORVYLP¡V {$KRUDPLFXULRVLGDGHVWDEDYHUGDGHUDPHQWHH[FLWDGDSHURDQWHVGHKDEHU WHQLGRWLHPSRGHUHIOH[LRQDUYLGHQXHYRODVGRVWLELDVOXFHVRWUDYH]MXQWDV FHUFD GHO VXHOR GHVSX©V GHVDSDUHFLHURQ GH QXHYR \ RWUD YH] OXHJR ODV YL VREUHHOULQF³QSULPLWLYR {6LQ DSDUWDU ORV RMRV PH GHVOLF© VXDYHPHQWH GHO DVLHQWR GRQGH PH HQFRQWUDED PH IXL GHVSDFLRKDFLD HO H[WUHPR GHO FRFKH GRQGH VHJX­D YLHQGR EULOODUORVGRVPLQºVFXORVGLVFRVURMRV {+DE­DPX\SRFDOX]HQHO³PQLEXV5HLQDEDFDVLXQDRVFXULGDGWRWDO0H LQFOLQ©KDFLDDGHODQWHSDUDGHVFXEULUPHMRUTX©HUDQHQUHDOLGDGDTXHOORVGRV SHTXH±RV F­UFXORV $ PL PRYLPLHQWR HOORV FDPELDURQ OLJHUDPHQWH GH SRVLFL³Q &RPHQF© HQWRQFHV D HQWUHYHU HO FRQWRUQR GH DOJXQD FRVD QHJUD \ SURQWR YL EDVWDQWH GLVWLQWDPHQWH OD VLOXHWD GH XQ SHTXH±R PRQR QHJUR TXH LPLWDQGRPLPRYLPLHQWRDYDQ]³VXFDUDKDFLDPLURVWURHUDQVXVRMRVORTXH \R KDE­D YLVWR \ HQWRQFHV PH GL FXHQWD YDJDPHQWH GH TXH PH PRVWUDED VXV GLHQWHV {7XYHXQJHVWRGHUHWURFHVRLJQRUDQGRTXH©OQRVHGLVSRQ­DDVDOWDUVREUH P­'LFL©QGRPHTXHVLQGXGDDOJºQYLDMHURKDE­DROYLGDGRDOHVSDQWRVRELFKR \GHVHDQGRVDEHUFX¡OHUDVXKXPRUDXQTXHVLQJDQDVGHFRQILDUOHPLVGHGRV OH DFHUTX© VXDYHPHQWH HO SDUDJXDV 3HUPDQHFL³ LQP³YLO (PSXM© HO SDUDJXDV KDFLD©OFRPRVLIXHUDXQHVWRTXH/DSXQWDOHWRF³\SDV³DWUDY©VGH©O6­PL SDUDJXDVSDVDEDDWUDY©VGH©OHQWRGRVORVVHQWLGRVVLQODPHQRUUHVLVWHQFLD {6R\LQFDSD]GHH[SUHVDUOHDXVWHGODHVSHFLHGHKRUURUTXHH[SHULPHQW© &XDQGR PH GL FXHQWD GH TXH OD FRVD HUD XQD LOXVL³Q FRPR HQWRQFHV VXSXVH GXG©GHP­PLVPR\HOWHUURUVHDSRGHU³GHP­IDVFLQ¡QGRPHKDVWDHOSXQWR GH GHMDUPH LQFDSD] GXUDQWH DOJXQRV LQVWDQWHV GH TXLWDU ORV RMRV GHO DQLPDO &RPRTXLHUD TXH \R OH PLUDVH GLR XQ SHTXH±R VDOWR KDFLD DWU¡V JDQDQGRVX ULQF³Q3UHVDGHOS¡QLFR\RPHHQFRQWU©DOODGRGHODSRUWH]XHOD\VDFDQGROD FDEH]DSRUIXHUDDVSLU©DODUJDVERFDQDGDVHODLUHIUHVFRPLUDQGRILMDPHQWH ODVOXFHV\ORV¡UEROHVTXH­EDPRVDGHODQWDQGRIHOL]GHSRGHUPHUHFRQIRUWDU FRQHOFRQWDFWRGHODUHDOLGDG {+LFHGHWHQHUHO³PQLEXV\GHVFHQG­0HGLFXHQWDGHTXHHOFRQGXFWRUPH PLUDEDGHXQDIRUPDH[WUD±DPLHQWUDVOHSDJDEDHOYLDMH'HE­DGHKDEHUDOJR LQV³OLWRHQPLH[SUHVL³Q\HQPLDFWLWXGSXHVQXQFDDQWHVPHKDE­DVHQWLGRWDQ REVHUYDGR 9,, (OYLDMHSULPHUDHWDSD ߚ&XDQGRHO³PQLEXVKXERUHHPSUHQGLGRVXPDUFKDPHHQFRQWU©VRORHQ HO FDPLQR \ PLU© DWHQWDPHQWH D PL DOUHGHGRU SDUD YHU VL HO PRQR PH KDE­D VHJXLGR3DUDPLLQGHVFULSWLEOHDOLYLRQRORYLSRUSDUWHDOJXQD0HHVGLI­FLO GHFLU TX© FKRTXH KDE­D UHFLELGR \ HO VHQWLPLHQWR GH UHDO JUDWLWXG TXH H[SHULPHQWDED FRPSUREDQGR TXH DO PHQRV HVWR VXSRQ­D \R PH KDE­D GHVHPEDUD]DGRGHODQLPDO {+DE­DGHVFHQGLGRXQSRFRDQWHVGHOOHJDUDTX­DGRVFLHQWRVRWUHVFLHQWRV SDVRV GH HVWD FDVD 8Q PXUR GH ODGULOORV ERUGHD OD FDUUHWHUD \ GHWU¡V GH HVH PXUR KD\ XQ VHWR GH WHMRV R GH RWUDV SODQWDV DQ¡ORJDV QR V© GH IROODMH SHUVLVWHQWH \ VRPEU­R \ P¡V DWU¡V DºQ HVW¡ OD GREOH ILOD GH ¡UEROHV TXH VLQ GXGDKDEU¡YLVWRXVWHGDOOOHJDU {(VHPXURGHODGULOORPHOOHJDFDVLDOKRPEUR6XELHQGRSRUD]DUORVRMRV YLDOPRQRTXHDQGDEDRTXHUDPSDEDFHUFDGHP­SRUORDOWRGHODWDSLDD FXDWUR SDWDV 0H GHWXYH \ OH PLU© FRQ XQD PH]FOD GH GLVJXVWR \ GH KRUURU &XDQGR PH GHWXYH ©O KL]R RWUR WDQWR 6H VHQW³ HQ OD WDSLD FRQ VXV ODUJDV PDQRV VREUH VXV URGLOODV PLU¡QGRPH 1R KDE­D EDVWDQWH OX] SDUD GLVWLQJXLU RWUDFRVDTXHVXVLOXHWDSHURV­KDE­DODVXILFLHQWHSDUDGHVWDFDUIXHUWHPHQWHHO EULOORSDUWLFXODUGHVXVRMRV6HJX­DYLHQGRDTXHOYDJRUHIOHMRURMR(ODQLPDO QRPHPRVWUDEDORVGLHQWHVQLWHQ­DVLJQRVGHLUULWDFL³QDOFRQWUDULRSDUHF­D PDQVR\FDQVDGRREVHUY¡QGRPHILMDPHQWH {5HWURFHG­ KDVWD HO FHQWUR GH OD FDUUHWHUD )XH HQ P­ XQ PRYLPLHQWR LQFRQVFLHQWH\SHUPDQHF­DOO­VLQGHMDUGHPLUDUDODQLPDOOQRVHPRYL³ {,QVWLQWLYDPHQWH GHFLG­ LQWHQWDU DOJXQD FRVD QR LPSRUWD FX¡O \ GL PHGLD YXHOWD\PHGLULJ­FRQXQSDVRDOHUWDKDFLDODFLXGDGYLJLODQGRWRGRHOWLHPSR SRU HO UDELOOR GHO RMR ORV PRYLPLHQWRV GHO DQLPDO 6HJX­D UDPSDQGR U¡SLGDPHQWHDORODUJRGHOPXURH[DFWDPHQWHDOPLVPRSDVRTXH\R {$OILQDOGHODWDSLDFHUFDGHODFXUYDGHODFDUUHWHUDGHVFHQGL³\FRQGRV VDOWRVQHUYLRVRVVHYLQRFHUFDGHPLVSLHV\VLJXL³DQGDQGRDPLODGRDSUHW© HOSDVRSHURIXHLQºWLO0HVLJXL³SHJDGRDPLSLHUQDL]TXLHUGDWDQFHUFDTXH DFDGDLQVWDQWHWHP­DSLVDUOH {/DFDUUHWHUDHVWDEDFRPSOHWDPHQWHGHVLHUWD\VLOHQFLRVD\FDGDYH]HVWDED P¡VRVFXUD'HVFRQFHUWDGROOHQRGHWHUURUPHGHWXYH\GDQGRPHGLDYXHOWD HFK©DDQGDUHQODRWUDGLUHFFL³QTXLHURGHFLUHQODGLUHFFL³QDHVWDFDVDGHOD TXH DQWHV PH DOHMDED &XDQGR PH SDU© HO PRQR VH GHWXYR D XQD GLVWDQFLD DSUR[LPDGD VXSRQJR GH FLQFR R VHLV \DUGDV \ VH TXHG³ TXLHWR REVHUY¡QGRPH {7RGR HVWR PH KDE­D WUDVWRUQDGR KDVWD OR LQGHFLEOH $O LJXDO TXH WRGR HO PXQGRGHVGHOXHJR\RKDE­DOH­GRWH[WRVVREUHORVߡIDQWDVPDVߢFRPROODPDQ XVWHGHV ORV P©GLFRV D WDOHV IHQ³PHQRV &RQVLGHUDQGR OD VLWXDFL³Q HQ TXH PH HQFRQWUDEDGHFLG­DIURQWDUGHFDUDPLGHVGLFKD {/DVDIHFFLRQHV GH HVWH J©QHUR KDE­D \ROH­GR VRQ D YHFHV SDVDMHUDV \ D YHFHV VRQ SHUPDQHQWHV +DE­D OH­GR LJXDOPHQWH TXH HQ FLHUWRV FDVRV OD DSDULFL³QSULPHURLQRIHQVLYDKDE­DGHJHQHUDGRSRFRDSRFRHQDOJRKRUULEOH HLQVRSRUWDEOHTXHDFDEDEDSRUGRPLQDUDVXY­FWLPD6LQHPEDUJRGHSLHDOO­ VROR FRQ PL PRQVWUXRVR FRPSD±HUR WUDW© GH UHFRQIRUWDUPH UHSLWLHQGR LQFDQVDEOHPHQWH SDUD PLV DGHQWURV ߡ(VWR HV SXUDPHQWH HQIHUPL]R HV XQD DIHFFL³Q I­VLFD ELHQ FRQRFLGD WDQ FODUDPHQWH GHVFULWD FRPR OD YLUXHOD R ODV QHXUDOJLDV 7RGRV ORV P©GLFRV HVW¡Q GH DFXHUGR HQ HOOR \ OD ILORVRI­D OR GHPXHVWUD1RVHDPRVHVWºSLGRV+HYHODGRKDVWDPX\WDUGH\VLQGXGDWHQJRHO HVW³PDJRXQSRFRIDVWLGLDGRSHURFRQODD\XGDGH'LRVYR\DUHVWDEOHFHUPH GHHVWRTXHQRHVP¡VTXHXQV­QWRPDGHGLVSHSVLDQHUYLRVDߢ0HFUH­DWRGR HVWR"1RPHFUH­DQLXQDSDODEUDORPLVPRTXHQRODVFUHHU­DQLQJXQDGHODV PLVHUDEOHV FULDWXUDV TXH VH HQFXHQWUDQ XQ G­D Y­FWLPDV GH HVH VDW¡QLFR FDXWLYHULR &RQWUD PLV FRQYLFFLRQHV LQFOXVR SRGU­D GHFLU FRQWUD PLV FRQRFLPLHQWRV\RWUDWDEDVLPSOHPHQWHGHIRU]DUPHDXQVLPXODGRFRUDMH {0H GLULJ­D HQWRQFHV KDFLD PL FDVD 1R WHQ­D P¡V TXH UHFRUUHU DOJXQRV FHQWHQDUHV GH \DUGDV 0H VHQW­D LQFOLQDGR D XQD HVSHFLH GH UHVLJQDFL³Q SHUR QR PH KDE­D UHFXSHUDGR GHO FKRTXH DSODVWDQWH QL GHO WUDVWRUQR TXH KDE­D SURGXFLGRHQP­ODFHUWH]DGHTXHIXHUDGRQGHIXHVHDTXHOLQIRUWXQLRVHJXLU­D FRQPLJR {'HFLG­SDVDUODQRFKHHQPLFDVD(OEUXWRPDUFKDEDPX\FHUFDGHP­\ PH SDUHFL³ DGLYLQDU HQ VXV SDVRV DQVLRVRV OD SULVD GH HQWUDU HQ OD FDVD HVD SULVDTXHVHREVHUYDDYHFHVHQORVFDEDOORVRHQORVSHUURVIDWLJDGRVFXDQGR YXHOYHQDOHVWDEOR {7HP­ LU D OD FLXGDG \ VHU YLVWR \ UHFRQRFLGR SRU DOJXLHQ 0L FRPSRUWDPLHQWR \R WHQ­D FRQFLHQFLD GH HOOR WHVWLPRQLDED XQD WHUULEOH DJLWDFL³Q7HP­DDOLJXDOWRGRFDPELRYLROHQWRGHPLVFRVWXPEUHVFRPRLUD DOJºQOXJDUGHGLVWUDFFL³QRDOHMDUPHGHFDVDDSLHSDUDIDWLJDUPH(QODSXHUWD GHOYHVW­EXORHODQLPDOHVSHU³DTXH\RKXELHVHVXELGRORVSHOGD±RV\XQDYH] ODSXHUWDDELHUWDHQWU³FRQPLJR {$TXHOODQRFKHQREHE­W©)XP©XQRVFLJDUURV\WRP©EUDQG\ FRQ DJXD (VWLPDEDTXH\RGHE­DDFWXDUVREUHPLVLVWHPDI­VLFR\YLYLHQGRGXUDQWHDOJºQ WLHPSR SRU ORV VHQWLGRV KDFHUPH SRU GHFLUOR DV­ HQWUDU HQ ODV QXHYDV DFWXDFLRQHVGHPLYLGD {'HVSX©VYLQHDTX­DHVWHVDO³Q\PHVHQW©HQHVWHPLVPROXJDU(OPRQR VDOW³HQWRQFHVVREUHXQYHODGRUTXHVHHQFRQWUDEDMXVWRDOO­7HQ­DXQDVSHFWR HPEUXWHFLGR \ O¡QJXLGR 8QD LUUHVLVWLEOH LQTXLHWXG HQ FXDQWR D VXV PRYLPLHQWRVGHWHQ­DVLHPSUHPLPLUDGDVREUH©OOQRPHTXLWDEDORVRMRVGH HQFLPD(QWRGDVODVVLWXDFLRQHVDWRGDVKRUDVHVWDEDGHVSLHUWR\PHPLUDED 6LHPSUH {1R PH H[WHQGHU© P¡V VREUH HO UHODWR GH HVWD SULPHUD QRFKH 9R\ D GHVFULELUOH PHMRU ORV IHQ³PHQRV GHO SULPHU D±R ORV FXDOHV QXQFD YDULDURQ HVHQFLDOPHQWH9R\DGHVFULELUOHDOPRQRWDOFRPRVHPHDSDUHFL³DODOX]GHO G­D (Q OD RVFXULGDG FRPR KH GLFKR WHQ­D FLHUWDV SDUWLFXODULGDGHV (UD XQ PRQR SHTXH±R HQWHUDPHQWH QHJUR 8Q VROR UDVJR OR GHILQ­D XQ FDU¡FWHU GH PDOLJQLGDGGHLQVRQGDEOHPDOLJQLGDG'XUDQWHHOSULPHUD±RSDUHFL³PRURVR \HQIHUPR3HURHVHFDU¡FWHUGHPDOLFLD\GHYLJLODQFLDLQWHQVDHVWDEDVLHPSUH VXE\DFHQWHHQHORGLRVRELFKR'XUDQWHWRGRHVHWLHPSRSDUHFL³WHQHUSRUO­QHD GH FRQGXFWD HO GDUPH WDQ SRFD LQTXLHWXG FRPR IXHUD SRVLEOH GHQWUR GH VX FRQVWDQWH YLJLODQFLD 6XV RMRV QR PH TXLWDEDQ QXQFD 'HVGH TXH HQWU³ DTX­ MDP¡VORKHSHUGLGRGHYLVWDVDOYRHQPLVXH±RTXHPHREOLJDEDDKDFHUGH QRFKH R GH G­D \ WDPEL©Q FXDQGR LQH[SOLFDEOHPHQWH HO PRQR GHVDSDUHF­D GXUDQWHDOJXQDVVHPDQDV {(Q XQD RVFXULGDG WRWDO HUD WDQ YLVLEOH FRPR D SOHQD OX] 1R VRODPHQWH KDEORGHVXVRMRV7RGR©OHUDYLVLEOHFRQQLWLGH]HQXQDVXHUWHGHKDORFRPR HO TXH IRUPDQ ODV EUDVDV DUGLHQWHV \ TXH OH DFRPSD±DED HQ WRGRV VXV PRYLPLHQWRV {&XDQGRPHDEDQGRQDSRUDOJºQWLHPSRORKDFHVLHPSUHGHQRFKHHQOD RVFXULGDG\GHODPLVPDPDQHUD&RPLHQ]DSULPHURSRUSDUHFHULQF³PRGR OXHJR VH HQIXUHFH \ DYDQ]D KDFLD P­ KDFLHQGR PXHFDV \ WHPEODQGR FRQ ODV SDWDVFULVSDGDV\HQWRQFHVDOJRXQDFRVDTXHGHILQLU­DFRPRXQVLPXODFURGH IXHJR DSDUHFH HQ HO KRJDU <R QXQFD WHQJR IXHJR HQFHQGLGR < HQWRQFHV HO PRQR VH DFHUFD FDGD YH] P¡V D OD FKLPHQHD WHPEODQGR SDUHFH GH UDELD \ FXDQGRVXIXURUDOFDQ]DVXSXQWRP¡VDOWRVDOWDDOKRJDU\GHVDSDUHFHSRUOD FKLPHQHD\GXUDQWHDOJºQWLHPSRQRORYHRP¡V {&XDQGR HVWR VH SURGXMR SRU SULPHUD YH] \R PH FUH­ OLEHUDGR 0H VHQW­ RWUR KRPEUH 3DV³ XQ G­D OXHJR XQD QRFKH VLQ TXH ©O YROYLHUD OXHJR XQD ELHQDYHQWXUDGD VHPDQD RWUD \ RWUD P¡V 'RFWRU +HVVHOLXV \R SDV© WRGR HO WLHPSR GH URGLOODV G¡QGROH JUDFLDV D 'LRV \ RUDQGR 7UDQVFXUUL³ XQ PHV GH OLEHUWDGSHURGHUHSHQWHOHWHQ­DGHQXHYRFRQPLJR 9,,, /DVHJXQGDHWDSD ߚ+DE­D YXHOWR D PL ODGR \ OD PDOLFLD TXH DQWHV HVFRQG­D EDMR XQD ERED PDQVHGXPEUHH[WHULRUDKRUDHUDDFWLYD3RUWRGRORGHP¡VHUDHOPLVPR(VWD QXHYD HQHUJ­D VH PDQLIHVW³ HQ VX FRPSRUWDPLHQWR \ HQ VXV PLUDGDV \ PX\ SURQWRGHYDULDVRWUDVIRUPDV {'XUDQWH DOJºQ WLHPSR FRPSU©QGDPH ELHQ HVWH FDPELR QR VH PDQLIHVW³ P¡V TXH SRU XQD YLYDFLGDG HQ DXPHQWR \ XQ DLUH DPHQD]DQWH FRPR VL HO DQLPDOVLHPSUHKXELHUDHVWDGRHQWUDQFHGHPHGLWDUFXDOTXLHUSODQDWUR]6XV RMRVFRPRDQWHULRUPHQWHQRVHDSDUWDEDQGHP­ ߚ(VW¡DTX­DKRUD"ߚSUHJXQW© ߚ1R ߚUHVSRQGL³ 0U -HQQLQJVߚ KD GHVDSDUHFLGR GHVGH KDFH GRV VHPDQDV\XQG­DH[DFWDPHQWH$YHFHVKDHVWDGRDXVHQWHFHUFDGHGRVPHVHV 6X DXVHQFLD HV VLHPSUH VXSHULRU D XQD TXLQFHQD DXQTXH TXL]¡ SXHGD VHU WDPEL©QGHXQVRORG­D4XLQFHG­DVKDQSDVDGRGHVGHODºOWLPDYH]TXHOHYL SRUORWDQWRSXHGHYROYHUGHXQPRPHQWRDRWUR ߚ6XUHJUHVRVHDFRPSD±DGHIHQ³PHQRVSDUWLFXODUHV"ߚSUHJXQW© ߚ1R ߚGLMRߚ QLQJXQR (VW¡ VLPSOHPHQWH GH QXHYR FRQPLJR /HYDQWR ORVRMRVGHOOLEURTXHHVWR\OH\HQGRRYXHOYRODFDEH]D\OHYHRF³PRPHHVW¡ PLUDQGR FRPR GH FRVWXPEUH \ HQ VHJXLGD SHUPDQHFH LJXDO TXH DQWHV GXUDQWH HO WLHPSR TXH OH KD VLGR DVLJQDGR (V OD SULPHUD YH] TXH \R KDEOR ODUJDPHQWHGHHVWRFRQDOJXLHQFRQWDQWRVGHWDOOHV /DDJLWDFL³QGHOUHYHUHQGR-HQQLQJVQRVHPHHVFDSDED7HQ­DXQDSDOLGH] PRUWDO \ OOHY³ HQ YDULDV RFDVLRQHV HO SD±XHOR D VX IUHQWH <R OH GLMH TXH VXSRQLHQGRTXHGHE­DHVWDUIDWLJDGRVHU­DSUHIHULEOHTXHYROYLHUDDYHUOHSRU ODPD±DQDSHUR©OPHUHSOLF³ ߚ1RVLQROHLPSRUWDDXVWHG\RSUHIHULU­DWHUPLQDUDKRUDPLUHODWR/H KH GLFKR \D WDQWR TXH SUHIHULU­D QR YROYHU D KDFHU HVWH HVIXHU]R RWUD YH] &XDQGROHKDEO©DOGRFWRU+DUYH\QRSXGHH[WHQGHUPHWDQWR8VWHGXVWHGHVXQ P©GLFRILORV³ILFR8VWHGGDDOHVS­ULWXHOUDQJRTXHPHUHFHMXVWDPHQWH6LHVWR HVUHDOߨ 0U-HQQLQJVVHLQWHUUXPSL³SDUDPLUDUPHLQTXLVLWLYRFRQDQVLHGDG ߚ3RGHPRVGLVFXWLUWRGRHVWRDKRUDߚOHGLMHWUDVXQDSDXVDߚ<DIRQGR <ROHKDU©FRQRFHUGHWDOODGDPHQWHPLRSLQL³Q ߚ%LHQߨ0X\ELHQ6LKD\HQWRGRHVWRDOJXQDFRVDUHDOGHF­DQRWRTXH SRFRDSRFRVHKDDSRGHUDGRGHP­\PHDUUDVWUDKDFLDHOLQILHUQR(OGRFWRU +DUOH\ KDEO³ GH QHUYLRV ³SWLFRV b9D\D &RPR VL QR KXELHUD RWURV QHUYLRV VHQVLWLYRVb4XHHO'LRV7RGRSRGHURVRPHD\XGH9DXVWHGDVDEHUHOUHVWR {&RPR\DOHKHGLFKRHOSRGHUGHOPRQVWUXRKDE­DDXPHQWDGR'HDOJXQD IRUPDVXPDOLFLDVHKL]RDJUHVLYD+DFHDOUHGHGRUGHGRVD±RVUHVXHOWDVXQDV FXHVWLRQHV TXH VXUJLHUDQ HQWUH PL RELVSR \ \R YROY­ D PL SDUURTXLD GH :DUZLFNVKLUH LPSDFLHQWH SRU RFXSDUPH GH PL PLQLVWHULR /R TXH VXFHGL³ HQWRQFHVPHSLOO³GHVSUHYHQLGR\VLQHPEDUJRSLHQVRTXH\RKXELHVHGHELGR HVWDUVREUHDYLVR/RTXHPHKDFHGHFLUHVWRHVTXHߨ O KDEODED DKRUD FRQ PXFKR P¡V HVIXHU]R \ UHSXJQDQFLD VXVSLUDQGR IUHFXHQWHPHQWH \ SDUHF­D HQ DOJºQ PRPHQWR FDVL DSODVWDGR 3HUR HQ HVWH ºOWLPRFDVRVXDJLWDFL³QGHVDSDUHF­D\VXDLUHHUDP¡VHOGHXQHQIHUPRFX\R HVWDGRHPSHRUD\TXHVHDEDQGRQDDVXVXHUWH ߚ3HURSULPHURHVPHQHVWHUTXHOHKDEOHGHPLSDUURTXLDGH.HQOLV {(O PRQVWUXR ߚVLJXL³ߚ HVWDED FRQPLJR FXDQGR SDUW­ GH DTX­ SDUD 'DZOEULGJH)XHPLVLOHQFLRVRFRPSD±HURGHYLDMH\VHLQVWDO³FRQPLJRHQHO SUHVELWHULR&XDQGRHPSUHQG­ODWDUHDGHDVXPLUORVGHEHUHVGHOPLQLVWHULRXQ QXHYRFDPELRVHSURGXMRHQ©O(ODQLPDOPDQLIHVW³XQDDWUR]GHWHUPLQDFL³Q FRQWUDULDU PLV LQWHQFLRQHV (VWDED FRQPLJR HQ OD LJOHVLD HQ HO IDFLVWRO HQ HO SºOSLWR HQ OD PHVD GH OD FRPXQL³Q 2FXUUL³ ILQDOPHQWH FXDQGR \R PH GLVSRQ­D D OHHU ODV 6DQWDV (VFULWXUDV D PLV RYHMDV TXH VDOW³ VREUH HO OLEUR DELHUWR \ VH VHQW³ HQFLPD GH IRUPD TXH \R QR SRG­D YHU OD S¡JLQD (VWR RFXUUL³P¡VGHXQDYH] {$EDQGRQ© 'DOZOEULGJH SRU DOJºQ WLHPSR 0H SXVH HQ ODV PDQRV GHO GRFWRU+DUOH\+LFHWRGRFXDQWR©OPHSUHVFULEL³(OGRFWRUUHIOH[LRQ³PXFKR VREUH PL FDVR &UHR TXH OH LQWHUHVDED (O GRFWRU +DUOH\ SDUHFL³ DFHUWDU 'XUDQWHFHUFDGHWUHVPHVHVQRVXIU­QLQJXQDUHFD­GD&RPHQ]DEDDFUHHUPH VDOYDGR&RQVXSOHQRDFXHUGRYROY­D'DZOEULGJH {9LDM© HQ VLOOD GH SRVWDV (VWDED GH EXHQ KXPRU (V P¡V HUD IHOL] \ PH VHQW­DDJUDGHFLGRSRUWRGR/LEUHFUH­D\RGHXQDKRUULEOHDOXFLQDFL³QLEDD SRGHUGHQXHYRHMHUFHUPLPLQLVWHULRGHOFXDOWHQ­D\DQRVWDOJLD/DWDUGHHUD KHUPRVD \ VROHDGD WRGR SDUHF­D VHUHQR \ DOHJUH \ \R HVWDED FRQWHQWR 0H DFXHUGR TXH PH DVRP© SRU OD SRUWH]XHOD SDUD PLUDU HO FDPSDQDULR GH PL LJOHVLDGH.HQOLVHQWUHORV¡UEROHVHQHOOXJDUGRQGHVHODSXHGHDGYHUWLUSRU SULPHUD YH] (VWH OXJDU VH HQFXHQWUD H[DFWDPHQWH DOO­ GRQGH XQ SXHQWHFLOOR FUX]DHODUUR\RTXHOLPLWDODSDUURTXLD&XDQGRKXELPRVUHEDVDGRHVHOXJDU YROY­ D PHWHU OD FDEH]D \ PH VHQW© (QWRQFHV HQ XQ ULQF³Q GHO DVLHQWR YL DO PRQR {'XUDQWHXQPRPHQWRPHVHQW­GHVIDOOHFHU'HVSX©VVHQW­TXHPHYROY­D ORFR GH GHVHVSHUDQ]D \ GH KRUURU +DELHQGR RUGHQDGR DO FRFKHUR TXH VH GHWXYLHUD SXVH SLH D WLHUUD \ \©QGRPH D VHQWDU HQ HO ERUGH GH OD FDUUHWHUD LPSORU©VLOHQFLRVDPHQWHODSURWHFFL³QGH'LRV0HYLQRXQDUHVLJQDFL³QOOHQD GH GHVHVSHUDQ]D 0L FRPSD±HUR HVWDED FRQPLJR FXDQGR YROY­ DO SUHVELWHULR /DSHUVHFXFL³QSURVHJX­D'HVSX©VGHXQDFRUWDOXFKDDEDQGRQ©PX\SURQWR\ PHIXLGH'DZOEULGJHߨ {<DOHKHGLFKRDXVWHGߚD±DGL³0U-HQQLQJVߚTXHGHVGHDQWHVGHHVWRHO DQLPDO VH KDE­D YXHOWR HQ FLHUWR VHQWLGR DJUHVLYR 4XLHUR H[SOLFDUPH XQ SRFR(ODQLPDOSDUHF­DHVWDUDQLPDGRSRUXQIXURULQWHQVR\FUHFLHQWHVREUH WRGRFXDQGR\RGHF­DPLVRUDFLRQHVLQFOXVRFXDQGRV³ORLQWHQWDEDURJDU(VWR FXOPLQ³ILQDOPHQWHHQKRUULEOHVLQWHUUXSFLRQHV8VWHGYDDSUHJXQWDUPHF³PR XQ IDQWDVPD PXGR H LQPDWHULDO SXHGH ORJUDU HVH UHVXOWDGR 6HD FRPR IXHUH VLHPSUH RFXUU­D OR PLVPR FXDQGR LQWHQWDED UH]DU HO DQLPDO VH SODQWDED DQWH P­FDGDYH]P¡VFHUFD {6DOWDEDVREUHXQDPHVDVREUHHOUHVSDOGRGHXQDVLOODRVREUHODUHSLVDGH OD FKLPHQHD \ EDODQFH¡QGRVH OHQWDPHQWH GH GHUHFKD D L]TXLHUGD PH PLUDED WRGR HO UDWR +D\ HQ VX PRYLPLHQWR XQ LQGHILQLEOH SRGHU HO GH GLVWUDHU HO SHQVDPLHQWR \ HO GH DWUDHU LPSHULRVDPHQWH OD DWHQFL³Q VREUH HVD PRQRWRQ­D MXVWRKDVWDTXHODVLGHDVVHUHGXFHQHQDOJºQPRGRDXQSXQWR\ILQDOPHQWHD QDGD<VDOYRFXDQGR\RDFHUWDEDDYHQFHUHVWDHVSHFLHGHFDWDOHSVLDWHQ­DOD VHQVDFL³QGHHVWDUDSXQWRGHSHUGHUHOHVS­ULWX {(O PRQVWUXR WLHQH DGHP¡V RWUDV PDQHUDV GH SURFHGHU ߚFRQWLQX³ 0U -HQQLQJV FRQ XQ SURIXQGR VXVSLURߚ $V­ SRU HMHPSOR FXDQGR \R UH]R FRQ ORVRMRVFHUUDGRV©OVHDFHUFDP¡V\P¡V\\ROHYHR6©TXHQRSXHGHKDEHU H[SOLFDFL³Q I­VLFD D HVWR SHUR YHUGDGHUDPHQWH \R OH YHR SHVH D TXH PLV S¡USDGRV HVW©Q FHUUDGRV \ HQWRQFHV ©O PH DFXQD GH QR V© TXH PDQHUD HO HVS­ULWX \ PH GRPLQD REOLJ¡QGRPH D OHYDQWDUPH 6L XVWHG KXELHUD FRQRFLGR HVWRVDEU­DTX©HVODGHVHVSHUDFL³Q ,; /DWHUFHUDHWDSD ߚ9HRGRFWRU+HVVHOLXVTXHXVWHGQRVHSLHUGHQLXQDVRODSDODEUDGHPL UHODWR(VLQºWLOTXHOHSLGDHVFXFKHP¡VHVSHFLDOPHQWHORTXHYR\DUHIHULUOH DKRUD /RV P©GLFRV KDEODQ GH QHUYLRV ³SWLFRV \ GH IDQWDVPDV FRPR VL HO ³UJDQR GH OD YLVWD IXHUD HO ºQLFR SXQWR H[SXHVWR D ODV LQIOXHQFLDV TXH VH KDQ HQFDUQL]DGR FRQPLJR 3HUR \R V© D TX© DWHQHUPH 'XUDQWH GRV D±RV HQ PL WHUULEOHVLWXDFL³QV³ORODYLVWDKDVLGRDIHFWDGD3HURLJXDOTXHORVDOLPHQWRV VRQOOHYDGRVGHOLFDGDPHQWHDORVODELRV\SXHVWRVHQWUHORVGLHQWHVLJXDOTXHHO GHGRSHTXH±RSLOODGRHQXQHQJUDQDMHKDFHVHJXLUWUDV©ODODPDQRDOEUD]R\ DWRGRHOFXHUSRLJXDOTXHHOGHVGLFKDGRPRUWDOTXHVHKDGHMDGRSUHQGHUXQD VRODYH]SRUODH[WUHPLGDGP¡VSHTXH±DGHVXVILEUDVQHUYLRVDVHVW¡P¡V\P¡V DWUD­GRFDGDYH]SRUHOHQRUPHPHFDQLVPRGHOLQILHUQRDV­PHHQFXHQWUR\R 6­ GRFWRU $V­ PH HQFXHQWUR \R $OO­ PH HQFXHQWUR \R 0LHQWUDV OH KDEOR LPSORURVXDX[LOLRVLHQWRTXHLPSORURORLPSRVLEOH\TXHHVORLQH[RUDEOHOR TXH\RWUDWRGHGRPH±DU ,QWHQW©FDOPDUODDJLWDFL³QYLVLEOHPHQWHFUHFLHQWHGH0U-HQQLQJV\OHGLMH TXHQRKDE­DTXHGHVHVSHUDU 'XUDQWHQXHVWUDFRQYHUVDFL³QQRVKDE­DVRUSUHQGLGRODQRFKH8QYHODGR FODURGHOXQDVHH[WHQG­DSRUHOSDLVDMHTXHVHYH­DSRUODYHQWDQD ߚ4XL]¡ SUHILHUD XVWHG TXH HQFHQGDPRV XQDV EXM­DV ߚOH GLMHߚ (VWD OX] OXQDU XVWHG OR VDEH WLHQH DOJR GH H[WUD±R \ \R GHVHDU­D HQ OD PHGLGD GH OR SRVLEOH TXH XVWHG VH HQFRQWUDUD HQ ODV FRQGLFLRQHV TXH OH VRQ KDELWXDOHV PLHQWUDV \R KDJD GLJ¡PRVOR DV­ PL GLDJQ³VWLFR $SDUWH GH HVWR SRFR PH LPSRUWDSHUPDQHFHUHQODRVFXULGDG ߚ3DUD P­ ߚUHVSRQGL³ߚ WRGDV ODV LOXPLQDFLRQHV VRQ ODV PLVPDV 6DOYR FXDQGR OHR R HVFULER PH VHU­D LQGLIHUHQWH TXH OD QRFKH IXHUD HWHUQD 9R\ D GHFLUOH OR RFXUULGR GHVGH KDFH DSUR[LPDGDPHQWH XQ D±R (O PRQVWUXR FRPHQ]³DKDEODUPH ߚ$ KDEODUOH" &³PR OH R­D XVWHG" 4XLHUH GHFLU TXH KDEODED FRPR XQ KXPDQR" ߚ6­DKDEODUSRUSDODEUDV\SRUIUDVHVFRQVHFXWLYDVFRQXQDFRKHUHQFLD\ XQDDUWLFXODFL³QSHUIHFWDV6³ORKD\XQDSDUWLFXODULGDGHOVRQLGRGHVXYR]QR HV HO GH XQD YR] KXPDQD < QR HV SRU HO FDQDO GH PLV RUHMDV SRU GRQGH PH OOHJDODYR]HVFRPRXQFDQWRTXHPHDWUDYLHVDODFDEH]D {(VWD IDFXOWDG TXH WLHQH OD EHVWLD GH KDEODUPH VHU¡ PL SHUGLFL³Q (O PRQVWUXR QR PH GHMD UHVSRQGHUOH PHLQWHUUXPSH FRQ HVSDQWRVDV EODVIHPLDV <R QR RVR FRQWLQXDU VR\ LQFDSD] 2K GRFWRU HV SRVLEOH TXH OD FLHQFLD HO SHQVDPLHQWRODSOHJDULDKXPDQDVHDQLPSRWHQWHVSDUDP­" ߚ4XLHUR TXH PH SURPHWD PL TXHULGR VH±RU ߚOH GLMHߚ TXH QR YD D DWRUPHQWDUVHFRQLGHDVLQºWLOPHQWHVREUHH[FLWDQWHV/LP­WHVHHVWULFWDPHQWHDOD H[SRVLFL³QGHORVKHFKRV\DFX©UGHVHXVWHGVREUHWRGRDXQHQHOFDVRGHTXH OD FRVD TXH OH WLHQH SRVH­GR VHD FRPR XVWHG SDUHFH VXSRQHU DOJR UHDO TXH WHQJD XQD H[LVWHQFLD UHDO LQGHSHQGLHQWH HVH DOJR HVD FRVD QR WLHQH VLQ HPEDUJRHOSRGHUGHKDFHUOHPDODXVWHGVDOYRTXHKD\DUHFLELGRHVHSRGHUGH OR $OWR (O DVFHQGLHQWH TXH HOOD WLHQH VREUH VXV VHQWLGRV GHSHQGH SULQFLSDOPHQWH GHO HVWDGR I­VLFR GH XVWHG (VW¡ DOO­ FHUFD GH 'LRV VX FRQIRUWDFL³Q \ VX HVSHUDQ]D WRGRV HVWDPRV URGHDGRV GH OR PLVPR /D ºQLFD GLIHUHQFLDHQVXFDVRHVTXHHQXVWHGHOYHORGHODFDUQHHOHVFHQDULRHVW¡XQ SRFRHQPDOHVWDGR\GHMDSDVDULP¡JHQHV\VRQLGRV(VPHQHVWHUPLTXHULGR VH±RUTXHHPSUHQGDPRVXQQXHYRWUDWDPLHQWR7HQJDYDORU9R\DFRQVDJUDU HVWDQRFKHDXQH[DPHQELHQFRPSOHWRGHWRGRVXFDVR ߚ(VXVWHGGHPDVLDGREXHQRVH±RU8VWHGFUHHTXHYDOHODSHQDLQWHQWDUOR QR FRQVLGHUD TXH PL FDVR HV DEVROXWDPHQWH GHVHVSHUDGR 3HUR XVWHG LJQRUD GRFWRUTXHHOPRQVWUXRWLHQHVREUHP­XQDLQIOXHQFLDFDGDYH]PD\RU0HGD ³UGHQHV HV XQ YHUGDGHUR WLUDQR \ \R FDGD YH] SXHGR UHVLVWLU PHQRV b4XLHUD 'LRVD\XGDUPH ߚO OH GD ³UGHQHV" 'HVGH OXHJR TXLHUH XVWHG GHFLU TXH VH ODV GD RUDOPHQWH ߚ6­V­0HLQFLWDVLQFHVDUDFRPHWHUFU­PHQHVFRQWUDHOSU³MLPRRFRQWUD PL PLVPR 9HD XVWHG GRFWRU /D VLWXDFL³Q HV WU¡JLFD V­ YHUGDGHUDPHQWH WU¡JLFD +DFH DOJXQDV VHPDQDV FXDQGR HVWDED \R HQ HO 6KURSVKLUH ߚ0U -HQQLQJV KDEODED DKRUD U¡SLGDPHQWH \ WHPEODQGR PH VXMHWDED HO EUD]R FRQ XQD PDQR \ PH PLUDED ELHQ GH IUHQWHߚ PH IXL XQ G­D D GDU XQ SDVHR FRQ DOJXQRV DPLJRV 0L SHUVHFXWRU HVWDED FRQPLJR 0H UH]DJX© GH ORV RWURV /D FDPSL±DFHUFDGHO'HH\DORVDEHXVWHGHVPDJQ­ILFD6XFHG­DTXHHOFDPLQR TXHVHJX­DPRVQRVRWURVSDVDEDFHUFDGHXQDPLQDGHFDUE³Q(QODOLQGHGHO ERVTXHGRQGH\RPHKDE­DGHWHQLGRKD\XQSR]RSHUSHQGLFXODUSURIXQGRGH XQRVFLHQWR FLQFXHQWD SLHV 0L VREULQDVHKDE­D TXHGDGRDWU¡V FRQPLJR(OOD QR VDEH QDGD GHVGH OXHJR GH OD QDWXUDOH]D GH PLV VXIULPLHQWRV 6DE­D VLQ HPEDUJR TXH \R DFDEDED GH HVWDU HQIHUPR \ TXH QR KDE­D WHUPLQDGR GH UHVWDEOHFHUPH(OODVHKDE­DUH]DJDGRFRQPLJRSDUDTXHQRPHTXHGDUDVROR (QWRQFHVPLHQWUDVGHDPEXO¡EDPRVORVGRVOHQWDPHQWHDORODUJRGHOSR]RGH ODPLQDHOPRQVWUXRTXHPHDFRPSD±DEDPHLQFLWDEDDTXHPHDUURMDUDGHQWUR GHOSR]R<RVHORFRQILHVRDKRUDVH±RUODVRODFRQVLGHUDFL³QTXHPHVDOY³ GH HVD PXHUWH RGLRVD IXH HO PLHGR GH TXH OD YLVL³Q GH WDO FRVD IXHUD GHPDVLDGRJUDQGHSDUDODSREUHQL±D/HSHG­DHOODTXHFRQWLQXDUDDGHODQWH\ DOFDQ]DUD D PLV DPLJRV GLFL©QGROH TXH QR SRG­D LU P¡V OHMRV 3HUR HOOD HQFRQWU³ EXHQRV SUHWH[WRV SDUD QR DEDQGRQDUPH &XDQWR P¡V OD DSUHPLDED P¡VVHUHVLVW­DHOOD/DFKLFDWHQ­DDODYH]XQDLUHLQTXLHWR\DVXVWDGR6XSXVH TXHKDE­DDOJRHQPLPLUDGDRHQPLFRPSRUWDPLHQWRTXHODDODUP³(QILQ TXHUHKXV³DEVROXWDPHQWHPDUFKDUVH\DV­PHVDOY³1RORGXGHXVWHGGRFWRU TXHXQKRPEUHYLYRSXHGDHVWDUWDQDE\HFWDPHQWHVRPHWLGRDODGRPLQDFL³QGH 6DW¡QߚWHUPLQ³HOUHYHUHQGR-HQQLQJVWHPEORURVRFRQXQKRUULEOHJHPLGR ߚ6LQ HPEDUJR ߚGLMH GHVSX©V GH XQ FRUWR VLOHQFLRߚ DTXHOOD YH] XVWHG HVWXYRSUHVHUYDGR<KDGHYHUHQHOORODYROXQWDGGH'LRV(VW¡XVWHGHQWUH6XV PDQRV\QDGLHP¡VWLHQHSRGHUVREUHVXSHUVRQDWHQJDSXHVIHHQHOSRUYHQLU &$378/2; (/),1'(/9,$-( /HGLMHD0U-HQQLQJVTXHKLFLHUDHQFHQGHUODVEXM­DV\DQWHVGHGHMDUOHYL F³PR OD KDELWDFL³Q DGTXLU­D XQ DVSHFWR DOHJUH \ KDELWDGR /H PDQLIHVW© TXH GHE­D FRQVLGHUDU VX HQIHUPHGDG FRPR VL GHSHQGLHUD HVWULFWDPHQWH GH FDXVDV I­VLFDVPX\VXWLOHVSHURI­VLFDV/HGLMHTXHODVROLFLWXG\HODPRUGH'LRVVH PDQLIHVWDEDQ LQFXHVWLRQDEOHPHQWH HQ HO VDOYDPHQWR TXH ©O DFDEDED GH GHVFULELUPHODVSDUWLFXODUHVFLUFXQVWDQFLDVGHGLFKRVDOYDPHQWROHFRQGHQDEDQ D OD UHSUREDFL³Q GLYLQD 4XH QDGD LQVLVW­ SRG­D VHU PHQRV VHJXUR TXH WDO FRQFOXVL³Q<QRVRODPHQWHHVWRVLQRTXHQDGDHUDP¡VFRQWUDULRDORVKHFKRV FRPRORGHPRVWUDEDVXPLVWHULRVDOLEHUDFL³QGHODDVHVLQDLQIOXHQFLDGXUDQWH VX YLDMH SRU HO 6KURSVKLUH 3ULPHUR VX VREULQD KDE­D SHUPDQHFLGR D VX ODGR FXDQGR©OQRODTXHU­DHQVXFRPSD±­D\HQVHJXQGROXJDUVXHVS­ULWXKDE­D VLGR SHQHWUDGR GH XQD LQYHQFLEOH UHSXJQDQFLD TXH OH LPSHG­D HMHFXWDU OD HVSDQWRVDVXJHVWL³QHQSUHVHQFLDGHODMRYHQFLWD 0LHQWUDV OH KDF­D HVWRV UD]RQDPLHQWRV 0U -HQQLQJV OORU³ 7UDV ODV O¡JULPDVSDUHF­DUHFRQIRUWDGR/HDUUDQTX©ODSURPHVDGHPDQGDUPHDEXVFDU LQPHGLDWDPHQWHVLHOPRQRYROY­DHQFXDOTXLHUPRPHQWR<GHVSX©VGHKDEHUOH DVHJXUDGR TXH LED D FRQVDJUDU WRGR PL WLHPSR \ WRGRV PLV SHQVDPLHQWRV DO H[DPHQFRPSOHWRGHVXFDVR\TXHDODPD±DQDFRQRFHU­DHOUHVXOWDGRGHPLV UHIOH[LRQHVPHGHVSHG­GH©O $QWHV GH VXELU DO FRFKH OH GLMH DO GRP©VWLFR TXH VX DPR HVWDED OHMRV GH VHQWLUVHELHQ\TXHGHEHU­DRFXSDUVHGHLUOHDYHUDPHQXGRDVXKDELWDFL³Q (QFXDQWRDP­WRP©ODVGLVSRVLFLRQHVQHFHVDULDVSDUDHVWDUDODEULJRGH WRGDPROHVWLD 0H FRQWHQW© FRQ SDVDU VLPSOHPHQWH SRU PL FDVD SDUD SURYHHUPH GH XQ SXSLWUH GH YLDMH \ GH XQD EROVD OXHJR HQ XQ FRFKH GH DOTXLOHU PH IXL D XQ DOEHUJXH OODPDGR l/RV 9HQDGRV{ VLWXDGR D XQDV GRV PLOODV GH /RQGUHV XQD FDVDPX\WUDQTXLOD\PX\FRQIRUWDEOHFRQEXHQDV\JUXHVDVSDUHGHV<DOO­D VDOYR GH WRGD LQWUXVL³Q \ GLVWUDFFL³Q UHVROY­ FRQVDJUDU DOJXQDV KRUDV GH OD QRFKHHQXQFRQIRUWDEOHVDO³QDOFDVRGH0U-HQQLQJV $TX­ VH VLWºD XQD PLQXFLRVD H[SRVLFL³Q GH ODV RSLQLRQHV GHO GRFWRU +HVVHOLXV VREUH HO FDVR GHO UHYHUHQGR -HQQLQJV VREUH VX J©QHUR GH YLGD \ VREUH HO U©JLPHQ \ ORV PHGLFDPHQWRV TXH SUHVFULEH /D UHFHWD HV FXULRVD $OJXQRVKDVWDGLU­DQTXHHVW¡LPSUHJQDGDGHPLVWLFLVPR3HUR\RGXGRGHTXH HQ VX FRQMXQWR SXHGD HOOD LQWHUHVDU VXILFLHQWHPHQWH D ORV HYHQWXDOHV OHFWRUHV SDUD MXVWLILFDU HO VHU UHSURGXFLGD DTX­ /D FDUWD TXH OD SUHFHGH IXH PDQLILHVWDPHQWH HVFULWD HQ HO DOEHUJXH GRQGH HO GRFWRU +HVVHOLXV VH KDE­D UHIXJLDGR HQ HVWD RFDVL³Q (Q FXDQWR D OD FDUWD VLJXLHQWH HVW¡ IHFKDGD HQ VX GRPLFLOLRORQGLQHQVH $EDQGRQ© HO DOEHUJXH GRQGH SDV© OD QRFKH HQWHUD \ DXQTXH OOHJX© D /RQGUHVD ODV QXHYH \PHGLD QR YROY­ D PL FDVD KDVWD OD XQD HVWH PHGLRG­D (QFRQWU©VREUHPLPHVDXQDFDUWDFRQODHVFULWXUDGH0U-HQQLQJV1RKDE­D OOHJDGR SRU FRUUHR H LQIRUP¡QGRPH VXSH TXH HO FULDGR GH 0U -HQQLQJV OD KDE­DWUD­GR\TXHFXDQGROHGLMHURQTXH\RQRHVWDEDGHYXHOWDKDVWDKR\\TXH QDGLHSRG­DLQGLFDUOHG³QGHPHHQFRQWUDED\RSDUHFL³PX\IDVWLGLDGR\GLMR TXHVXDPROHKDE­DRUGHQDGRQRYROYHUVLQXQDUHVSXHVWD $EU­ODFDUWD\OH­ 4XHULGRGRFWRU+HVVHOLXV O HVW¡ DTX­ $SHQDV XQD KRUD GHVSX©V GH VX PDUFKD ©O KD YXHOWR +DEOD 6DEH WRGR OR TXH KD SDVDGR /R VDEH WRGR O OH FRQRFH D XVWHG \ HVW¡IUHQ©WLFR\DWUR]1RKDFHP¡VTXHLQVXOWDU<ROHHQY­RHVWDVSDODEUDV OVDEHWRGRORTXH\ROHKHHVFULWRWRGRORTXH\RHVFULER/HKHSURPHWLGR DXVWHGHVFULELUOH\SRUHOORORKDJRSHURPHWHPRFRQPXFKDFRQIXVL³Q PXFKD LQFRKHUHQFLD O PH LQWHUUXPSH VLQ FHVDU 0LV LGHDV HVW¡Q HQ XQ HVSDQWRVRGHVRUGHQ(VWR\PRUWDOPHQWHWXUEDGR 6LHPSUH\VLQFHUDPHQWHVX\R 52%(57/<1'(5-(11,1*6 ߚ&X¡QGRKDOOHJDGRHVWDFDUWD"ߚSUHJXQW© ߚ$\HU QRFKH KDFLD ODV RQFH (O KRPEUH TXH OD WUDMR KD YXHOWR +R\ KD SDVDGRWUHVYHFHV/DºOWLPDYH]IXHKDFHDOUHGHGRUGHXQDKRUD 'HVSX©V GH KDEHU UHFLELGR HVWD UHVSXHVWD \ WHQLHQGR HQ PL EROVLOOR ODV QRWDV TXH VREUH HO FDVR KDE­D WRPDGR XQRV PLQXWRV P¡V WDUGH PH SRQ­D HQ FDPLQRKDFLD5LFKPRQG &RPRXVWHGSXHGHGDUVHFXHQWD\RHQDEVROXWRGHVHVSHUDEDGHOFDVRGH0U -HQQLQJV O PLVPR VH KDE­D DSOLFDGR DXQTXH GH IRUPD PX\ HUU³QHD HO SULQFLSLRTXHH[SRQJRHQPL0HGLFLQD0HWDI­VLFD\TXHULJHWRGRVORVFDVRV GH HVWD HVSHFLH (VWH SULQFLSLR HUD HO TXH \R PH SUHSDUDED D DSOLFDU HQ VXV IRUPDVFRUUHFWDV0LLQWHU©VHUDSURIXQGR\HVWDEDPX\DQVLRVRSRUYHUD0U -HQQLQJV\H[DPLQDUOHPLHQWUDVlHOHQHPLJR{HVWDEDHIHFWLYDPHQWHSUHVHQWH /OHJDGR D OD VRPEU­D UHVLGHQFLD VXE­ OD HVFDOLQDWD FRUULHQGR \ OODP© $OJXQRV LQVWDQWHV P¡V WDUGH XQD PXMHU DOWD YHVWLGD GH VHGD QHJUD DEUL³ OD SXHUWD7HQ­DDVSHFWRGHHQIHUPD\SDUHF­DKDEHUOORUDGR0HVDOXG³FRQXQD LQFOLQDFL³Q\HVFXFK³PLSUHJXQWDSHURQRPHUHVSRQGL³7HQGLHQGRODPDQR KDFLD GRV KRPEUHV TXH GHVFHQG­DQ OD HVFDOHUD YROYL³ OD FDUD \ KDEL©QGRPH DV­ GH FLHUWD PDQHUD W¡FLWDPHQWH FRQILDGR D HOORV IUDQTXH³ DSUHVXUDGD XQD SXHUWDODWHUDO\VHHQFHUU³WUDVHOOD $ERUG© LQPHGLDWDPHQWH DO KRPEUH P¡V SU³[LPR DO YHVW­EXOR \ DO DFHUFDUPHD©OUHFLE­XQDFRQPRFL³QDOYHUTXHWHQ­DODVGRVPDQRVOOHQDVGH VDQJUH 7XYHXQLQYROXQWDULRJHVWRGHUHWURFHVR\HOKRPEUHPLHQWUDVFRQWLQXDED EDMDQGRODHVFDOHUDVHFRQWHQW³FRQGHFLUPHDPHGLDYR] ߚ$TX­HVW¡-RQHVVH±RU (OFULDGRVHKDE­DGHWHQLGRHQPLWDGGHODHVFDOHUDPXGR\FRQIXQGLGRDO YHUPH6HHQMXJDEDODVPDQRVHQXQSD±XHORHPEHELGRHQVDQJUH ߚ-RQHVߚSUHJXQW©XQDHVSDQWRVDVRVSHFKDVHDSRGHUDGHP­ߚTX©KD SDVDGR" -RQHVPHURJ³VXELHUDDOSULPHUR(QXQLQVWDQWHHVWDEDDVXODGR&RQODV FHMDVIUXQFLGDVS¡OLGRILMDODPLUDGDPHGLRODKRUULEOHQRWLFLDTXH\RKDE­D DGLYLQDGRDPHGLDV 6XDPRVHKDE­DGDGRPXHUWH )XL FRQ -RQHV DO GRUPLWRULR /R TXH YL QR YR\ D GHVFULE­UVHOR 0U -HQQLQJV VH KDE­D FRUWDGR OD JDUJDQWD FRQ VX QDYDMD GH DIHLWDU (VWH LQVWUXPHQWR SURGXFH XQ HVSDQWRVR WDMR -RQHV \ VX FRPSD±HUR KDE­DQ H[WHQGLGR D VX GXH±R VREUH HO OHFKR H LQWHQWDURQ GDU D VXV PLHPEURV XQD SRVWXUDQDWXUDO/DFRVDKDE­DRFXUULGRFRPRWHVWLPRQLDEDHOJUDQFKDUFRGH VDQJUH TXH KDE­D HQ HO VXHOR D DOJXQD GLVWDQFLD HQWUH HO OHFKR \ OD YHQWDQD +DE­DXQDDOIRPEUDDOUHGHGRUGHODFDPD\RWUDEDMRODPHVDGHOODYDERSHUR QLQJXQDP¡VHQHOUHVWRGHODKDELWDFL³QSRUTXHPHGLMRHOFULDGRDVXDPR QROHJXVWDEDYHUDOIRPEUDVHQHOGRUPLWRULR8QRGHORVJUDQGHVROPRVTXH URGHDEDQ OD FDVD KDF­D PRYHU OHQWDPHQWH XQD GH VXV JUXHVDV UDPDV VREUH HO VXHORVDQJULHQWRGHHVWDOºJXEUH\DKRUDVLQLHVWUDPDQVL³Q +LFH XQD VH±D DO FULDGR \ GHVFHQGLPRV MXQWRV D OD SODQWD EDMD 3DV© GHO YHVW­EXORDXQDKDELWDFL³QDUWHVDQDGDDODPRGDDQWLJXD\DOO­GHSLHHVFXFK© WRGRORTXH-RQHVWHQ­DTXHGHFLUPH1RHUDJUDQFRVD ߚ6H±RU ߚPH GLMRߚ \R KDE­D FRQFOXLGR GH DFXHUGR FRQ ODV SDODEUDV \ FRQODILVRQRP­DGHXVWHGDOPDUFKDUVHD\HUQRFKHTXHXVWHGFUH­DDPLVH±RU JUDYHPHQWH HQIHUPR <R SHQV© TXH XVWHG WHP­D TXL]¡V XQ DWDTXH R DOJR VHPHMDQWH7DPEL©QVLJXLHQGRPX\HVFUXSXORVDPHQWHVXVLQVWUXFFLRQHVIXLD YHU FRQVWDQWHPHQWH D PL DPR TXH YHO³ KDVWD PX\ WDUGH SDVDGDV ODV WUHV 1R HVFULE­DQLOH­D+DEODEDDVRODVSHURHVWRQRHUDH[WUDRUGLQDULR3RFRGHVSX©V GHODVWUHVOHD\XG©DGHVQXGDUVH\OHGHM©HQSDQWXIODV\HQURSDGHGRUPLU 9ROY­ GLVFUHWDPHQWH DO FDER GH PHGLD KRUD (VWDED HQ OD FDPD HQWHUDPHQWH GHVQXGR \ GRV EXM­DV DUG­DQ VREUH OD PHVLWD GH QRFKH &XDQGR HQWU© HVWDED DFRVWDGR GH ODGR PLUDQGR D OD RWUD SDUWH GHO OHFKR /H SUHJXQW© VL WHQ­D QHFHVLGDGGHDOJXQDFRVD\PHUHVSRQGL³TXHQR {,JQRURVLIXHHVWRORTXHXVWHGPHKDE­DGLFKRVH±RURV­KDE­DHQ©ODOJR LQV³OLWRSHUR\RHVWDEDLQTXLHWRH[WUDRUGLQDULDPHQWHLQTXLHWRSRU©ODPHGLGD TXHSDVDEDODQRFKH {$OFDERGHRWUDPHGLDKRUDRTXL]¡GHXQSRFRP¡VVXE­GHQXHYR1ROH R­KDEODUFRPRDQWHV/DVGRVEXM­DVHVWDEDQDSDJDGDVORTXHHUDDQRUPDO<R OOHYDED XQD SDOPDWRULD \ GHM© HQWUDU XQ SRFR V³OR XQ SRTXLWR GH OX] HQ OD KDELWDFL³Q\HFK©XQDPLUDGDFLUFXODU/RYLVHQWDGRHQXQDVLOODDOODGRGHOD PHVLWD GHO WRFDGRU 6H KDE­D YXHOWR D YHVWLU 6H YROYL³ \ PH PLU³ (QFRQWU© H[WUD±RTXHVHKXELHUDODYDGR\YHVWLGR\KXELHVHDSDJDGRODVEXM­DVSDUDHVWDU VHQWDGRHQ DTXHOODRVFXULGDG 0H FRQWHQW© FRQSUHJXQWDUOH GH QXHYR VL SRG­D KDFHU DOJR SRU ©O ߡ1Rߢ PH GLMR P¡V ELHQ VHFDPHQWH /H SUHJXQW© VL SRG­D YROYHU D HQFHQGHU ODV EXM­DV ߡ+D] OR TXH TXLHUDV -RQHVߢ PH GLMR < ODV HQFHQG­\PHHQWUHWXYHHQODKDELWDFL³Qߡ-RQHVߚPHGLMRHQWRQFHVߚGLPHOD YHUGDG 3DUD TX© KDV YXHOWR" $FDVR KDV R­GR EODVIHPDU D DOJXLHQ"ߢ ߡ1R VH±RUߢOHUHVSRQG­SUHJXQW¡QGRPHTX©TXHU­DGHFLUFRQDTXHOOR {ߡ1RߚUHSLWL³GHVSX©VTXH\Rߚ1RGHVGHOXHJRߢ<FRPR\ROHGLMHVH ߡ6H±RUQRVHU­DPHMRUTXHVHDFRVWDUDXVWHG"6RQODVFLQFRߢ©OVHFRQWHQW³ FRQUHVSRQGHUPHߡ6­-RQHVV­%XHQDVQRFKHVߢ<RPHIXLSXHVVH±RUSHUR PHQRVGHXQDKRUDGHVSX©VYROY­/DSXHUWDHVWDEDFHUUDGDFRQOODYH\©OPH SUHJXQW³JULWDQGRGHVGHODFDPDPHSDUHFL³TX©TXHU­D\R\PHURJ³TXHOH GHMDUDHQSD])XLDDFRVWDUPH\GRUPLUXQSRFR'HE­DQVHUHQWUHODVVHLV\ODV VLHWHFXDQGRVXE­GHQXHYR/DSXHUWDVHJX­DFHUUDGDFRQOODYH\©O\DQRPH UHVSRQGL³ \R FUH\©QGROH GRUPLGR \ WHPLHQGR GHVSHUWDUOH OH GHM© WUDQTXLOR KDVWDODVQXHYH7HQ­DODFRVWXPEUHGHOODPDUFXDQGRPHQHFHVLWDED\QRKDE­D XQDKRUDILMDSDUDGHVSHUWDUOR/ODP©VXDYHPHQWH\QRUHFLELHQGRUHVSXHVWDPH DOHM©XQEXHQUDWRVXSRQLHQGRTXHQHFHVLWDEDUHSRVDUDOJRP¡V)XHDODVRQFH FXDQGRFRPHQF©DLQTXLHWDUPHYHUGDGHUDPHQWHSXHVFRPRSRG­DDFRUGDUPH QXQFDVHKDE­DOHYDQWDGRP¡VWDUGHGHODVGLH]\PHGLD1RREWXYHUHVSXHVWD /ODP© JROSH© OD SXHUWD VLHPSUH VLQ UHVSXHVWD $O ILQ QR SXGL©QGROD IRU]DU OODP©D7KRPDV TXH HVWDED HQ OD FXDGUD \ MXQWRV OD KHPRVGHVIRQGDGR SDUD HQFRQWUDUDQXHVWURGXH±RHQHOHVSDQWRVRHVWDGRGHTXHXVWHGORKDYLVWR -RQHVQRWHQ­DQDGDP¡VTXHLQIRUPDU(OSREUH0U-HQQLQJVHUDPX\ILQR \PX\EXHQR7RGDVVXVJHQWHVOHWHQ­DQDIHFWR\\RSXGHFRPSUREDUKDVWDTX© SXQWRHOFULDGRHVWDEDFRQPRYLGR 3URIXQGDPHQWH DIOLJLGR \ WUDVWRUQDGR DEDQGRQ© DTXHOOD WU¡JLFD FDVD\VX VRPEU­D E³YHGD GH ROPRV (VSHUR QR YROYHU D YHUOD $O HVFULELUOH HVWR PL TXHULGR 9DQ /RR \R PH VLHQWR FRPR DOJXLHQ TXH VH KXELHUD GHVSHUWDGR D PHGLDVGHXQVXH±RHVSDQWRVR\PRQ³WRQR0LPHPRULDUHFKD]DFRQKRUURUH LQFUHGXOLGDGHVWHWULVWHFXDGUR6LQHPEDUJR\RV©TXHHVYHUGDGHUR<HVWHHV HO HS­ORJR GH XQD KLVWRULD TXH HV OD GHO SURJUHVR GH XQ YHQHQR TXH H[FLWD OD DFFL³Q UHF­SURFD GHO HVS­ULWX \ GH ORV QHUYLRV \ TXH SDUDOL]D ORV WHMLGRV TXH VHSDUDQHVDVIXQFLRQHVJHPHODVHQORVVHQWLGRVODIXQFL³QH[WHUQD\ODIXQFL³Q LQWHUQD (V DV­ FRPR QRV HQFRQWUDPRV D ORV H[WUD±RV FRPSD±HURV GH OHFKR \ FRPRORPRUWDO\ORLQPRUWDOHQWUDQSUHPDWXUDPHQWHHQUHODFLRQHV &RQFOXVL³Q 8QDVSDODEUDVSDUD DTXHOORVTXHVXIUHQ 0L TXHULGR 9DQ /RR XVWHG KD VXIULGR GH XQD DIHFFL³Q DQ¡ORJD D OD TXH DFDERGHGHVFULELUOH'RVYHFHVVHKDTXHMDGRXVWHGGHVXUHFD­GD 4XL©QSRUODYROXQWDGGH'LRVOHKDFXUDGR"6XKXPLOGHVHUYLGRU0DUWLQ +HVVHOLXV3HUP­WDPHLQFOXVRGHFLUOHFRQODSLHGDGP¡VRVDGDGHFLHUWRYLHMR FLUXMDQR IUDQF©V GH KDFH WUHVFLHQWRV D±RV l<R RV KH FXLGDGR \ 'LRV RV KD FXUDGR{ 9DPRV DPLJR P­R XVWHG QR WLHQH QDGD TXH VH SDUH]FD D OD KLSRFRQGU­D '©MHPHKDEODUOHIUDQFDPHQWH <R KH GHVFXELHUWR \ KH WUDWDGR FRPR OR GHPXHVWUD PL OLEUR FLQFXHQWD \ VLHWH FDVRV GH HVWH J©QHUR GH YLVL³Q TXH OODPR LQGLVWLQWDPHQWH lH[DOWDGR{ lSUHFR]{RlLQWHULRU{ +D\RWUDFODVHGHLOXVLRQHVDXQTXHVHODVFRQIXQGDIUHFXHQWHPHQWHFRQODV TXH\RGHVFULER\TXHVRQODVTXHMXVWDPHQWHOODPDPRVIDQWDVPDV&RQVLGHUR TXHHVWDVºOWLPDVQRVRQP¡VGLI­FLOHVGHWUDWDUTXHXQFRQVWLSDGRRXQDOLJHUD GLVSHSVLD 3HUR VRQ ODV LOXVLRQHV TXH VH FODVLILFDQ HQ OD SULPHUD FDWHJRU­D ODV TXH SRQHQ P¡V D SUXHED OD YLYDFLGDG GH QXHVWUR SHQVDPLHQWR <R KH GHVFXELHUWR FLQFXHQWD\VLHWHFDVRVGHHVWRVQLP¡VQLPHQRV<HQFX¡QWRVGHHVWRVFDVRV KHIUDFDVDGR"1LHQXQRV³OR 1RVHWUDWDGHXQDDIHFFL³QPRUWDO1DGDKD\P¡VF³PRGR\GHP¡VI¡FLO FXUDFL³QFRQXQSRFRGHSDFLHQFLD\GHFRQILDQ]DUD]RQDEOHHQHOP©GLFRTXH HVWDVDIHFFLRQHV6DWLVIHFKDVODVVLPSOHVFRQGLFLRQHVTXHDSXQWRFRQVLGHUROD FXUDFL³QFRPRDEVROXWDPHQWHFLHUWD 8VWHGQRGHEHROYLGDUTXH\RQLVLTXLHUDKDE­DFRPHQ]DGRDWUDWDUHOFDVR GH0U-HQQLQJVORKXELHUDFXUDGRFRPSOHWDPHQWHQRPHFDEHODPHQRUGXGD HQ GLHFLRFKR PHVHV R WRGR OR P¡V HQ GRV D±RV $OJXQRV FDVRV VRQ U¡SLGDPHQWH FXUDEOHV RWURV VRQ H[WUHPDGDPHQWH UHEHOGHV 7RGR P©GLFR LQWHOLJHQWHTXHDSRUWHDVXWDUHDUHIOH[L³Q\GLOLJHQFLDREWHQGU¡ODFXUDFL³Q 8VWHG FRQRFH PL WUDEDMR VREUH ODV )XQFLRQHV &DUGLQDOHV GHO &HUHEUR <R SUXHER PH SDUHFH FRQ HO WHVWLPRQLR GH LQQXPHUDEOHV KHFKRV OD JUDQ SUREDELOLGDGGHXQDFLUFXODFL³QDUWHULDO\YHQRVDHQFXDQWRDVXPHFDQLVPR HQORVQHUYLRV'HOVLVWHPDDV­FRQVLGHUDGRHOFHUHEURHVHOFRUD]³Q(OIOXLGR TXHVHSURSDJDGHVGHHOFHUHEURDWUDY©VGHXQDFODVHGHQHUYLRVYXHOYHDVX SXQWR GH SDUWLGD HQ XQ FLHUWR HVWDGR GH DOWHUDFL³Q D WUDY©V GH RWURV QHUYLRV GLVWLQWRV \ OD QDWXUDOH]D GH HVWH IOXLGR HV HVSLULWXDO DXQTXH HQ DEVROXWR LQPDWHULDOFRPRSXHGDVHUORHOVRQLGRFRPR\DKHKHFKRREVHUYDUODOX]ROD HOHFWULFLGDG &RQVHFXHQFLD GH GLYHUVRV DEXVRV HQWUH ORV TXH ILJXUD HO XVR KDELWXDO GH DJHQWHV WDOHV FRPR HO W© YHUGH OD FDOLGDG GH HVH IOXLGR SXHGH VHU DIHFWDGD SHUR OR P¡V D PHQXGR HV VX HTXLOLEULR HO TXH VH WUDVWRUQD (VWH IOXLGR HV MXVWDPHQWHORTXHWHQHPRVHQFRPºQFRQORVHVS­ULWXV\VHORFDOL]DFRPRXQD FRQJHVWL³QHQODUHJL³QFHUYLFDORHQODPDVDGHOVLVWHPDQHUYLRVRHQXQL³Q FRQHOVHQWLGRLQWHUQRIRUPDXQDVXSHUILFLHLQGHELGDPHQWHH[SXHVWDVREUHOD FXDOSXHGHQDFWXDUXQRVHVS­ULWXVGHVHQFDUQDGRVFRQTXLHQHVODFRPXQLFDFL³Q HVDV­P¡VRPHQRVIXHUWHPHQWHHVWDEOHFLGD(QWUHHVWDFLUFXODFL³QFHUHEUDO\OD FLUFXODFL³Q FDUG­DFD KD\ XQD HVWUHFKD VLPSDW­D /D VHGH R P¡V ELHQ HO LQVWUXPHQWRGHODYLVL³QH[WHULRUHVHORMR/DVHGHGHODYLVL³QLQWHULRUVRQ ORVWHMLGRVQHUYLRVRV\HOFHUHEURLQPHGLDWDPHQWHDOUHGHGRU\HQFLPDGHODV FHMDV 8VWHG GHEH GH DFRUGDUVH FRQ TX© ©[LWR \R KH GLVLSDGR VXV YLVLRQHV PHGLDQWH OD VLPSOH DSOLFDFL³Q GH DJXD GH FRORQLD KHODGD 3RFRV FDVRV VLQ HPEDUJRSXHGHQVHUWUDWDGRVH[DFWDPHQWHGHODPLVPDPDQHUD\REWHQHUDOJR TXHVHSDUH]FDDXQ©[LWRU¡SLGR(OIU­RDFWºDSRGHURVDPHQWHFRPRUHYXOVLYR VREUH HO IOXLGR QHUYLRVR 3URORQJ¡QGROR EDVWDQWH WLHPSR SXHGH LQFOXVR SURGXFLUVH HVD LQVHQVLELOLGDG SHUPDQHQWH TXH QRVRWURV OODPDPRV HPERWDPLHQWR\SURORQJ¡QGRORP¡VDºQOOHJDPRVDODSDU¡OLVLVPXVFXODU\ VHQVLWLYD <R QR WHQJR OD PHQRU GXGD VH OR UHSLWR UHVSHFWR D TXH KXELHUD SRGLGR SULPHUR GHELOLWDU \ ILQDOPHQWH lVHOODU{ HVH RMR LQWHULRU TXH 0U -HQQLQJV KDE­DLQFRQVLGHUDGDPHQWHDELHUWR(VRVVRQORVPLVPRVVHQWLGRVTXHVHDEUHQ HQ HO GHOLULXP WUHPHQV \ TXH VH FLHUUDQ FRPSOHWDPHQWH FXDQGR HO H[FHVR GH DFWLYLGDG GHO FRUD]³Q FHUHEUDO \ ODV SURGLJLRVDV FRQJHVWLRQHV QHUYLRVDV TXH DFRPSD±DQD©VWHVRQLQWHUUXPSLGDVSRUXQFDPELRGHFLVLYRHQHOHVWDGRGHO FXHUSR $FWXDQGR FRQ ILUPH]D VREUH HO FXHUSR \ PHGLDQWH XQ VLPSOH SURFHGLPLHQWR HV FRPR VH REWLHQH HO UHVXOWDGR LQHYLWDEOHPHQWH <R QXQFD QXQFDKHIUDFDVDGR (O SREUH 0U -HQQLQJV VH GLR OD PXHUWH 3HUR HVWD FDW¡VWURIH IXH OD FRQVHFXHQFLDGHXQDHQIHUPHGDGWRWDOPHQWHGLIHUHQWH\TXHHQDOJXQDPDQHUD LQIOX\³VREUHDTXHOODGHODFXDO\DHVWDEDDOFDQ]DGR6XFDVRHUDYLVLEOHPHQWH GREOH\ODDIHFFL³QDTXHVXFXPEL³YHUGDGHUDPHQWHHUDXQDPDQ­DGHVXLFLGLR KHUHGLWDULR<RQRSXHGRFRQVLGHUDUDOSREUH0U-HQQLQJVFRPRXQRGHPLV HQIHUPRV SRUTXH QL VLTXLHUD KDE­D FRPHQ]DGR D WUDWDU VX FDVR \ SRUTXH ©O WRGDY­DQRPHKDE­DRWRUJDGRHVWR\VHJXURVXSOHQD\HQWHUDFRQILDQ]D6LHO SDFLHQWH QR VH SRQH D V­ PLVPR GHO ODGR GH OD HQIHUPHGDG VX FXUDFL³Q HV VHJXUD (OIDPLOLDU 6KHULGDQ/H)DQX 3U³ORJR (QWUH DOUHGHGRU GH GRVFLHQWRV WUHLQWD FDVRV P¡V R PHQRV HVWUHFKDPHQWH HPSDUHQWDGRV FRQ HO TX© KH WLWXODGR l7© YHUGH{ HOLMR HO VLJXLHQWH DO TXH OODPDU©l(OIDPLOLDU{ 6HJºQ VX FRVWXPEUH HO GRFWRU +HVVHOLXV KD D±DGLGR D HVWH PDQXVFULWR DOJXQDVKRMDVGHSDSHOGHFDUWDHQORVFXDOHVYLHQHFRQHVDHVFULWXUDVX\DWDQ DSUHWDGD FRPR ORV FDUDFWHUHV GH LPSUHQWD ODV REVHUYDFLRQHV TXH ©O KLFLHUD VREUHHOFDVR {(QWUH ORV TXH WLHQHQ FRQFLHQFLD ߚGLFHߚ QR KXELHUD SRGLGR HVFRJHU QDUUDGRU P¡V LUUHSURFKDEOH TXH HO YHQHUDEOH HFOHVL¡VWLFR LUODQG©V TXH PH KD GDGR HVWD QRWD VREUH HO FDVR GH 0U %DUWRQ (VWD H[SRVLFL³Q VLQ HPEDUJR HV LPSHUIHFWDGHVGHHOSXQWRGHYLVWDP©GLFR(OLQIRUPHGHXQP©GLFRLQWHOLJHQWH TXHKXELHUDREVHUYDGRHOGHVDUUROORGHHVWHFDVR\SURGLJDGRVXVFXLGDGRVDO HQIHUPR HQ ODV SULPHUDV IDVHV GH OD DIHFFL³Q R DO ILQDO GH ©VWD PH KXELHUD SURYLVWRGHORTXHPHIDOWDEDSDUDSHUPLWLUPHSURQXQFLDUPHFRQVHJXULGDG6L KXELHVH HVWDGR LQVWUXLGR HQ ODV SUREDEOHV GLVSRVLFLRQHV KHUHGLWDULDV GH 0U %DUWRQ KXELHUD VDELGR VLQ GXGD SRU ODV PDQLIHVWDFLRQHV DQWLJXDV DOJXQD FRVD VREUH HO RULJHQ GHO PDO HVH RULJHQ P¡V OHMDQR TXH DKRUD QR VH SXHGH GHFLU {(V LPSRVLEOH HQ FRQMXQWR UHGXFLU WRGRV ORV FDVRV VLPLODUHV D WUHV FDWHJRU­DV GLVWLQWDV (VWDV VH IXQGDQ VREUH OD GLVWLQFL³Q SULPHUD HQWUH HO VXEMHWLYR \ HO REMHWLYR (QWUH ODV JHQWHV HQ ODV FXDOHV VXV VHQWLGRV ODV SUHGLVSRQHQDVHUVXMHWRVGHLPSUHVLRQHVVREUHQDWXUDOHVXQRVVRQVLPSOHPHQWH XQRV YLVLRQDULRV \ HV VX FHUHEUR R VXV QHUYLRV HQIHUPRV TXLHQHV OHV SURGXFHQ ODV LOXVLRQHV GH ODV FXDOHV VH TXHMDQ 2WURV HVW¡Q LQFXHVWLRQDEOHPHQWH LQIHFWDGRVSRUHVRTXHVHOODPDORVDJHQWHVHVSLULWXDOHVTXHOHVVRQH[WHULRUHV 2WURV DºQ GHEHQ VXV VXIULPLHQWRV D XQ HVWDGR PL[WR (O VHQWLGR LQWHULRU HVW¡ ߡDELHUWRߢ HV YHUGDG SHUR ©O HVW¡ \ FRQWLQºD HVWDQGR EDMR OD DFFL³Q GH OD HQIHUPHGDG(VWDIRUPDGHHQIHUPHGDGSXHGHHQXQVHQWLGRVHUFRPSDUDGDD ODS©UGLGDGHODHSLGHUPLVDTXHGDUVHHQHVWDGRGHGHVQXGH]HVGHFLUIDOWRGH VXSHUILFLH SURWHFWRUD GHELGR D OD H[FHVLYD VHQVLELOLGDG \ SDUD OD FXDO \D OD QDWXUDOH]D KDE­D SUHYLVWR OD QHFHVDULD FXELHUWD /D S©UGLGD GH HVWD FDSD HQYROYHQWH VH DFRPSD±D GH VHQVLELOLGDG LQKDELWXDO D XQDV LQIOXHQFLDV FRQWUD ODVFXDOHVHVWDEDGHFUHWDGRTXHHVWDU­DPRVDVDOYR3HURHQHOFDVRGHOFHUHEUR \ GH ORV QHUYLRV LQPHGLDWDPHQWH OLJDGRV D VX IXQFLRQDPLHQWR \ D VXV LPSUHVLRQHV VHQVLWLYDV OD FLUFXODFL³Q FHUHEUDO VXIUH SHUL³GLFDPHQWH HVH WUDVWRUQR YLEUDWRULR TXH \R KH H[DPLQDGR FUHR WHQHU OD VHJXULGDG \ GHPRVWUDGRGHIRUPDVXILFLHQWHPHQWHFODUDHQPLHQVD\RPDQXVFULWR$$V­ FRPR OR SUXHER HQ HO PHQFLRQDGR HQVD\R HVH WUDVWRUQR YLEUDWRULR GLILHUH HVHQFLDOPHQWHGHOWUDVWRUQRFRQJHVWLYRGHOFXDO\DKHDQDOL]DGRORVIHQ³PHQRV HQ PL HQVD\R $ (VWH WUDVWRUQR FXDQGR HV H[FHVLYR VH DFRPSD±D LQYDULDEOHPHQWHGHLOXVLRQHV {6L \R KXELHVH YLVWR D 0U %DUWRQ \ OH KXELHUD H[DPLQDGR UHVSHFWR D ODV FXHVWLRQHVGHVXFDVRTXHUHFODPDEDQXQDH[SOLFDFL³QKDEU­DGHVFXELHUWRVLQ GLILFXOWDG OD HQIHUPHGDG D OD FXDO VH UHILHUHQ ORV DQWHULRUHV IHQ³PHQRV 0L SUHVHQWHGLDJQ³VWLFRHVSXHVSRUQHFHVLGDGFRQMHWXUDO{ (VWR HV OR TXH HVFULEL³ HO GRFWRU +HVVHOLXV $ VX PDQXVFULWR D±DGL³ DGHP¡VJUDQQºPHURGHFRVDVTXHV³ORSXHGHQWHQHULQWHU©VSDUDHOVDELRRHO P©GLFR 6HHQFRQWUDU¡HQORVFDS­WXORVTXHVLJXHQHOUHODWRGHOUHYHUHQGR7KRPDV +HUEHUWTXHFRQWLHQHWRGRORTXHVHVDEHDFHUFDGHHVWHFDVR , 8QRVSDVRV <RHUDXQKRPEUHMRYHQHQOD©SRFDHQTXHFRQRF­PX\ELHQDDOJXQRVGH ORVSHUVRQDMHV GH HVWD H[WUD±D KLVWRULD \ OD LPSUHVL³Q TXH VREUH P­ KLFLHURQ ORV LQFLGHQWHV GH OD PLVPD IXH SURIXQGD \ GXUDGHUD 9R\ D HVIRU]DUPH HQ SUHVHQWDUORV\UHODFLRQDUORVWRGRVFRQSUHFLVL³QKDFLHQGRGHVGHOXHJRHQWUDU HQ PL UHODWR WRGR DTXHOOR TXH SXGH VDEHU SRU GLYHUVDV IXHQWHV \ TXH SXHGH FRQWULEXLUWDQLPSHUIHFWDPHQWHFRPRVHDDGLVLSDUODRVFXULGDGTXHGHVGHHO SULQFLSLRDOILQORHQYXHOYH $OO¡SRUHOD±RHOKHUPDQRP¡VMRYHQGHXQFLHUWREDURQHWDOTXH\R OODPDU© 6LU -DPHV %DUWRQ YROYL³ D 'XEO­Q +DE­D VHUYLGR FRQ DOJXQD GLVWLQFL³Q HQ OD 0DULQD GRQGH KDE­D PDQGDGR XQD GH ODV IUDJDWDV GH 6X 0DMHVWDG GXUDQWH OD PD\RU SDUWH GH OD JXHUUD GH $P©ULFD (O FDSLW¡Q %DUWRQ SDUHF­D WHQHU XQRV FXDUHQWD \ GRV R FXDUHQWD \ FXDWUR D±RV (UD FXDQGR ©O TXHU­D XQ FRPSD±HUR LQWHOLJHQWH \ DJUDGDEOH DXQTXH SRU OR JHQHUDO IXHUD UHVHUYDGRHLQFOXVROOHJDGDODRFDVL³QLUULWDEOH (Q VRFLHGDG VLQ HPEDUJR VH FRQGXF­D FRPR XQ KRPEUH GH PXQGR \ XQ FDEDOOHUR1RKDE­DHQDEVROXWRDGTXLULGRHVDDOERURWDGRUDEUXVTXHGDGTXHD YHFHVVHDGTXLHUHHQHOPDUWRGRORFRQWUDULRVXVPDQHUDVHUDQQRWDEOHPHQWH ILQDV FDOPDV H LQFOXVR HOHJDQWHV (Q FXDQWR D VX SHUVRQD HUD P¡V ELHQ FRUSXOHQWRDOJRP¡VDOWRGHODWDOODPHGLDVXILVRQRP­DHVWDEDPDUFDGDSRU ODVDUUXJDVGHODUHIOH[L³Q\HQVXFRQMXQWRWHQ­DXQDH[SUHVL³QGHJUDYHGDG\ PHODQFRO­D 3HUR VLHQGR FRPR DFDER GH GHFLU XQ KRPEUH GH SHUIHFWD HGXFDFL³Q \ GH EXHQD IDPLOLD GLVIUXWDED GH XQD EXHQD UHQWD \ QR WHQ­D QHFHVLGDGGHFDUWDVGHSUHVHQWDFL³QSDUDVHUUHFLELGRHQODPHMRUVRFLHGDGGH 'XEO­Q 3HUVRQDOPHQWH 0U %DUWRQ WHQ­D HO K¡ELWR GH OD HFRQRP­D 2FXSDED XQ SHTXH±R SLVR HQ XQD GH ODV FDOOHV HQWRQFHV GH PRGD HQ OD ]RQD VXU GH OD FLXGDG \ QR WHQ­D P¡V TXH XQ FDEDOOR \ XQ ºQLFR FULDGR \ DXQTXH OLEUHSHQVDGRUFRQIHVDGROOHYDEDXQDYLGDRUGHQDGD\PRUDOQRHQWUHJ¡QGRVH QLDOMXHJRQLDODEHELGDQLDQLQJXQDRWUDDFWLYLGDGUHSUREDEOH9LY­DVLHPSUH VRORVLQUHODFLRQDUVH­QWLPDPHQWHFRQQDGLHRVLQWHQHUSUHIHUHQFLDSRUWDOR SRUFXDOFRPSD±HUR<HQFXDQWRDIUHFXHQWDUORVVDORQHVGHODEXHQDVRFLHGDG SDUHF­DP¡VELHQKDFHUORDFDXVDGHODDQLPDFL³QTXHUHLQDEDHQHOORV\SDUD GLVWUDHUVHTXHSDUDLQWHUFDPELDULGHDVRRSLQLRQHVFRQVXVVHPHMDQWHV 6HGHFUHW³SXHVTXH%DUWRQHUDXQPXFKDFKRHF³QRPRSUXGHQWH\SRFR VRFLDEOH TXH HUD FDSD] GH GHIHQGHU VX FHOLEDWR FRQWUD ODV HVWUDWDJHPDV \ ORV DVDOWRVTXHYLYLU­DSUREDEOHPHQWHKDVWDXQDHGDGDYDQ]DGD\TXHPRULU­DULFR \GHMDU­DVXGLQHURDXQKRVSLWDO 3URQWRVLQHPEDUJRDOJRLEDDGHVSUHFLDUORVSODQHVTXHVHVXSRQ­DKDE­D KHFKR 0U %DUWRQ UHVSHFWR D VX YLGD 8QD MRYHQFLWD D OD FXDO OODPDU© 0LVV 0RQWDJXHKL]RHQHVWD©SRFDVXHQWUDGDHQVRFLHGDGEDMRORVDXVSLFLRVGHVX W­D OD YLXGD SHQVLRQDGD /DG\ /ߨ 0LVV 0RQWDJXH HUD D OD YH] ERQLWD \ ELHQ FXPSOLGD \ WHQLHQGR QDWXUDOPHQWH XQ FLHUWR HVS­ULWX \ VLHQGR DOHJUH VH FRQYLUWL³HQXQPRPHQWRHQODPDVFRWDGHODEXHQDVRFLHGDG 3RUXQWLHPSRVLQHPEDUJRVXSRSXODULGDGQROHDSRUW³QDGDP¡VTXHHVD DGPLUDFL³Q YDF­D TXH SHUIXP¡QGROD FRPR HO LQFLHQVR GH OD YDQLGDG QR SUHFHGH HPSHUR DO PDWULPRQLR SRUTXH GHVJUDFLDGDPHQWH SDUD OD MRYHQ HQ FXHVWL³QHUDFRVDDGPLWLGDTXHDSDUWHGHVXVHQFDQWRVSHUVRQDOHVQRWHQ­DOD PHQRU IRUWXQD QL OD PHQRU HVSHUDQ]D GH WHQHUOD XQ G­D 6LHQGR HVWD VX VLWXDFL³Q VH FRPSUHQGHU¡ VLQ GLILFXOWDG TXH OD VRUSUHVD JHQHUDO QR IXH SHTXH±D FXDQGR HO FDSLW¡Q %DUWRQ VH GHFODU³ VXVSLUDQWH HQDPRUDGR GH OD LPSHFXQLRVD0LVV0RQWDJXH &RPRSRG­DHVSHUDUVHODFRUWHGHOFDSLW¡Q%DUWRQIXHDFHSWDGD\DOFDER G© SRFR WLHPSR OD YLHMD /DG\ /ߨ FRQIL³ VXFHVLYDPHQWH D FDGD XQR GH VXV FLHQWR FLQFXHQWD DPLJRV ­QWLPRV TXH HO FDSLW¡Q %DUWRQ KDE­D FRQ VX DSUREDFL³Q KHFKR SURSRVLFLRQHV IRUPDOHV GH PDWULPRQLR D 0LVV 0RQWDJXH VXVREULQDODFXDOSRUORGHP¡VKDE­DFRQVHQWLGRHQDFRUGDUOHVXPDQREDMR OD UHVHUYD GHO FRQVHQWLPLHQWR GH VX SDGUH TXH D OD VD]³Q HVWDED D SXQWR GH UHJUHVDUGHODV,QGLDV\DOTXHVHHVSHUDEDHQHOSOD]RP¡[LPRGHGRVRWUHV VHPDQDV (Q FXDQWR D HVWH FRQVHQWLPLHQWR SDWHUQR QR DEULJDED QLQJXQD GXGD HO SOD]R QR HUD P¡V TXH XQD FXHVWL³Q GH IRUPDV \ VH FRQVLGHUDED D 0LVV 0RQWDJXH\DOFDSLW¡QFRPRRILFLDOPHQWHSURPHWLGRV3RUVXSDUWH/DG\/ߨ FRQ HO ULJRU GH XQ GHFRUR GHO TXH VX VREULQD KXELHUD VLQ QLQJXQD GXGD SUHVFLQGLGRDOHJUHPHQWHOHLPSLGL³GHVGHHQWRQFHVTXHVLJXLHUDSDUWLFLSDQGR HQODVGLYHUVLRQHVGHODFLXGDG (O FDSLW¡Q %DUWRQ HUD XQ YLVLWDQWH DVLGXR H LQFOXVR KX©VSHG IUHFXHQWH GH /DG\/ߨTXLHQOHDFRUG³WRGRVORVSULYLOHJLRVTXHKDELWXDOPHQWHVHFRQFHGHQ D XQ SURPHWLGR 7DOHV HUDQ SXHV ODV UHODFLRQHV GH ODV SDUWHV LQWHUHVDGDV FXDQGR ODV PLVWHULRVDV FLUFXQVWDQFLDV TXH HQVRPEUHFHQ HVWH UHODWR FRPHQ]DURQSRUSULPHUDYH]DPDQLIHVWDUVH /DG\/ߨUHVLG­DHQXQDKHUPRVDFDVDDOQRUWHGH'XEO­Q\HODORMDPLHQWR GHOFDSLW¡Q%DUWRQHVWDEDVLWXDGRFRPR\DKHPRVGLFKRDOVXUGHODFLXGDG/D GLVWDQFLDTXHVHSDUDEDXQDFDVDGHODRWUDHUDFRQVLGHUDEOH\HOFDSLW¡Q%DUWRQ WHQ­D SRU FRVWXPEUH YROYHU D VX FDVD D SLH \ VLQ KDFHUVH DFRPSD±DU SRU XQ VHUYLGRUFDGDYH]TXHSDVDEDODYHODGDFRQODYLHMDGDPD\VREULQD (OFDPLQRP¡VFRUWRSDUD©OHQDTXHOORVSDVHRVQRFWXUQRVVHJX­DGXUDQWH XQDGLVWDQFLDFRQVLGHUDEOHHOWUD]DGRGHXQDFDOOHTXHSRUDTXHOHQWRQFHVQR HUD P¡V TXH HVR HO HVER]R GH XQD DYHQLGD HQ OD TXH DSHQDV VREUHVDO­DQ ORV FLPLHQWRVGHODVFDVDVHQFRQVWUXFFL³Q 8QD QRFKH SRFR WLHPSR GHVSX©V GHO LQLFLR GH VXV UHODFLRQHV FRQ 0LVV 0RQWDJXHRFXUUL³TXHVHTXHG³P¡VUDWRGHODFRVWXPEUDGRHQFRPSD±­DGHOD MRYHQ \ GH /DG\ /ߨ /D FRQYHUVDFL³Q KDE­D JLUDGR VREUH ODV SUXHEDV GH OD 5HYHODFL³QTXHHOFDSLW¡QKDE­DQHJDGRFRQHOJURVHURHVFHSWLFLVPRGHOLQILHO HQGXUHFLGR/RVTXHHQWRQFHVVHOODPDEDQORVlSULQFLSLRVIUDQFHVHV{VHKDE­DQ LQWURGXFLGR DPSOLDPHQWH HQ OD VRFLHGDG HOHJDQWH VREUH WRGR HQ DTXHOOD IDFFL³QTXHSURIHVDEDODILGHOLGDGDODVLGHDV:KLJ >@\QLODYLHMDGDPDQLVX SXSLODHVWDEDQOREDVWDQWHH[HQWDVGHHVWDFRUUXSFL³QSDUDGHMDUGHYHUHQODV RSLQLRQHVGH0U%DUWRQXQVHULRREVW¡FXORDODSUR\HFWDGDXQL³Q /D GLVFXVL³Q SULPHUD KDE­D GHJHQHUDGR HQ XQD FRQYHUVDFL³Q VREUH OR VREUHQDWXUDO \ OR PDUDYLOORVR FRQYHUVDFL³Q HQ OD FXDO HO FDSLW¡Q %DUWRQ VH KDE­DPDQWHQLGR HQ OD PLVPD O­QHD GH DUJXPHQWR \ GH ULG­FXOR PHQRVSUHFLR (QWRGRHVWRODYHUGDGPHREOLJDDGHFLUORHOFDSLW¡Q%DUWRQQRHUDFXOSDEOH GHODPHQRUDIHFWDFL³QODVGRFWULQDVVREUHODVTXH©OLQVLVW­DHUDQODEDVHGH VXV SURSLDV FUHHQFLDV VL HV TXH SXHGR OODPDUODV DV­ \ TXL]¡ QR IXHVH ©VWD OD PHQRV H[WUD±D GH ODV H[WUD±DV \ QXPHURVDV FLUFXQVWDQFLDV TXH UHILHUR HQ PL UHODWR\DTXH©OIXHHOVXMHWRGHODVWHUULEOHVLQIOXHQFLDVTXHYR\DGHVFULELU ©OV­DTXLHQORVD±RVGHUHIOH[L³QOHKDE­DQKHFKRXQLQFU©GXORFRQYHQFLGR GHWRGRHVRTXHVHOODPDRUGLQDULDPHQWHORVDJHQWHVVREUHQDWXUDOHV (UDSXHVDOJRP¡VGHPHGLDQRFKHFXDQGR0U%DUWRQVDOL³GHODFDVDSDUD HPSUHQGHUHOVROLWDULRFDPLQRGHUHJUHVR&XDQGR\DKXERDOFDQ]DGRODFDOOH GHODTXHKHKDEODGRHVDFDOOHGRQGHORVPXURVHQDQRVHLQDFDEDGRVPDUFDEDQ HQFDGDODGRORVIXQGDPHQWRVGHODVIXWXUDVILODVGHFDVDVODOXQDEULOODEDHQOD EUXPD\VXFODULGDGLPSUHFLVDD±DG­DWRGDY­DP¡VGHVRODFL³QDOOXJDU\HUDHO VLOHQFLR WRWDO TXH UHLQDED HVH VLOHQFLR WRWDO TXH WLHQH HQ V­ PLVPR DOJR GH LQGHILQLEOHFRQPRFL³QHQHVHVLOHQFLRTXHV³ORURPS­DORVSDVRVGHOFDSLW¡Q UHVRQDQGR FRQ XQD IXHU]D \ XQD QLWLGH] H[WUDRUGLQDULDV GH SURQWR FXDQGR DSHQDVKDE­DUHFRUULGRXQDSDUWHGHODGLVWDQFLD©OR\³WUDVGHV­HOUXPRUGH XQRVSDVRVPHVXUDGRVDFRVDGHXQDVFXDUHQWD\DUGDVDVXVHVSDOGDV 6RVSHFKDU TXH D XQR OH VLJXHQ HV VLHPSUH GHVDJUDGDEOH 3HUR WRGDY­D UHVXOWD P¡V GHVDJUDGDEOH FXDQGR VH SDVD SRU XQ OXJDU VROLWDULR < HVWD VRVSHFKDVHKL]RWDQYHKHPHQWHHQHOHVS­ULWXGHOFDSLW¡Q%DUWRQTXHVHYROYL³ EUXVFDPHQWHSDUDKDFHUIUHQWHDVXSHUVHJXLGRUSHURDXQTXHODOXQDEULOODED FRQ EDVWDQWH LQWHQVLGDG SDUD SHUPLWLUOH GLVWLQJXLU FXDOTXLHU REMHWR HQ HO FDPLQRTXH DFDEDED GH UHFRUUHU QR SXGR GHVFXEULU QLQJXQD IRUPD IXHUDGHO J©QHURTXHIXHVH /RV SDVRV TXH DFDEDED GH R­U QR SRG­DQ VHU HO HFR GH ORV VX\RV SXHV JROSH³IXHUWHPHQWHFRQHOSLH\DQGXYRYLYDPHQWHVLQOHYDQWDUHOP¡VSHTXH±R HFRDXQTXHHQDEVROXWRHUDLPDJLQDWLYRQRWXYRP¡VUHPHGLRTXHLPSXWDUOHD VX LPDJLQDFL³Q ORV VRQLGRV TXH KDE­DQ SHUFLELGR VXV R­GRV \ FRQVLGHUDGRV FRPRXQDLOXVL³Q6DWLVIHFKRFRQHVWDH[SOLFDFL³QUHHPSUHQGL³VXFDPLQR\ DSHQDVKDE­DGDGRXQDGRFHQDGH]DQFDGDVFXDQGRHOPLVWHULRVRUXLGRGHORV SDVRV YROYL³ D KDFHUVH SHUFHSWLEOH WUDV ©O \ HVWD YH] FRPR FRQ OD LQWHQFL³Q ELHQ GHILQLGD GH GHPRVWUDU TXH WDOHV VRQLGRV QR HUDQ IUXWR GHO HFR ORV PLVWHULRVRVSDVRVWDQSURQWRVHKDF­DQOHQWRVRVHDSUHVXUDEDQKDVWDOOHJDUD SDUHFHUTXHFRUU­DQGXUDQWHXQRVLQVWDQWHVDQWHVGHUHHPSUHQGHUGHQXHYRHO ULWPRUHJXODUGHODPDUFKD &RPR DQWHV HO FDSLW¡Q %DUWRQ GLR RWUD PHGLD YXHOWD \ WDPEL©Q HVWD YH] REWXYRHOPLVPRUHVXOWDGRVREUHHOQLYHOGHVLHUWRGHODFDO]DGDQLQJºQREMHWR HUDYLVLEOH5HWURFHGL³HOWUD\HFWRTXHDFDEDEDGHUHFRUUHUGHFLGLGRDTXHOD FDXVD IXHUD FXDO IXHVH GH ORV VRQLGRV TXH WDQWR OH KDE­DQ GHVFRQFHUWDGR QR HVFDSDVHDVXEºVTXHGDSHURWRGDVVXVSHVTXLVDVVHUHYHODURQYDQDV $GHVSHFKRGHWRGRVXHVFHSWLFLVPRVHVLQWL³U¡SLGDPHQWHJDQDGRSRUDOJR TXH VH SDUHF­D D XQ WHPRU VXSHUVWLFLRVR \ HVWR OH KL]R H[SHULPHQWDU VHQVDFLRQHV WDQ GHVDFRVWXPEUDGDV FRPR GHVDJUDGDEOHV $O ILQ GLR PHGLD YXHOWD \ SURVLJXL³ VX FDPLQR (O REVHVLYR UXLGR GH ORV SDVRV QR YROYL³ D UHSHWLUVH KDVWD HO PRPHQWR HQ TXH KXER DOFDQ]DGR HO SXQWR GRQGH DQWHV VH KDE­D GHWHQLGR SDUD YROYHU DWU¡V DOO­ ORV SDVRV VH UHSLWLHURQ \ FRQ WDQWD EUXVTXHGDGHQDOJXQRVPRPHQWRVTXHSDUHF­DQORVSULQFLSLRVGHXQDFDUUHUD SHGHVWUHTXHDPHQD]DVHOOHYDUDOLQYLVLEOHSHUVHJXLGRUDODDOWXUDGHODODUPDGR FDPLQDQWH 'H QXHYR HO FDSLW¡Q %DUWRQ LQWHUUXPSL³ VX PDUFKD /D QDWXUDOH]D LQH[SOLFDEOH GHO LQFLGHQWH OH OOHQDED GH VHQWLPLHQWRV YDJRV \ SHQRVRV \ FHGLHQGR D OD YLYD HPRFL³Q TXH HVWDED D SXQWR GH DYDVDOODUOH JULW³ VHYHUDPHQWH ߚ4XL©QYDDK­" (O VRQLGR GH VX SURSLD YR] UHVRQDQGR HQ DTXHOOD FRPSOHWD VROHGDG \ DSDJ¡QGRVH HQ HO VLOHQFLR WRWDO TXH OD VLJXL³ WXYR HQ V­ PLVPD DOJR GHVDJUDGDEOHPHQWH WXUEDGRU < HO FDSLW¡Q %DUWRQ DOFDQ]DGR SRU XQ JUDGR GH QHUYLRVLVPRWDOVXSRTXHMDP¡VDQWHVOHKDE­DVXFHGLGRQDGDLJXDO /RV SDVRV OH VLJXLHURQ KDVWD HO ILQDO GH OD FDOOH VROLWDULD \ KDFLHQGR XQ JUDQ HVIXHU]R SDUD UHVLVWLU D OD LPSXOVL³Q TXH D FDGD LQVWDQWH OH DVDOWDED HO FDSLW¡Q%DUWRQSXGRFRQWHQHUHOGHVHRGHHVFDSDUFRUULHQGR+DVWDGHVSX©VGH KDEHUDOFDQ]DGRVXFDVD\GHKDEHUVHVHQWDGRIUHQWHDOULQF³QGHVXFKLPHQHD QR VH VLQWL³ OR VXILFLHQWHPHQWH VHUHQDGR SDUD SRQHU RUGHQ HQ VXV LGHDV \ UHSDVDUORVDFRQWHFLPLHQWRVTXHWDQWROHKDE­DQWXUEDGR 'HVSX©VGHWRGRDTXHOORVSDVRVHUDQGHPDVLDGRSRTXLWDFRVDSDUDDEDWLUHO RUJXOORGHOHVFHSWLFLVPR\YHQJDUHQQRVRWURVODVYLHMDV\VLPSOHVOH\HVGHOD QDWXUDOH]D ,, (OHVS­D $ODPD±DQDVLJXLHQWH0U%DUWRQHVWDEDDSXQWRGHWRPDUFRQUHWUDVRVX GHVD\XQR \ UHIOH[LRQDED VREUH ORV LQFLGHQWHV GH OD QRFKH DQWHULRU FRQ P¡V FXULRVLGDG TXH WHPRU SXHV ODV OºJXEUHV LPSUHVLRQHV TXH VX LPDJLQDFL³Q UHFLELHUDGHVDSDUHF­DQSURQWDPHQWHEDMRODUHFRQIRUWDGRUDLQIOXHQFLDGHODOX] GHOG­DFXDQGRXQDPLVLYDTXHHOFDUWHURDFDEDEDGHHQWUHJDUIXHSXHVWDIUHQWH D©OHQODPHVD 1RKDE­DQDGDQRWDEOHHQODFDUWDVLQRTXHVXHVFULWXUDOHHUDGHVFRQRFLGD \ TXL]¡ WDPEL©Q TXH SDUHF­D XQD OHWUD GLVLPXODGD SXHV OD HVFULWXUD DOWD \ HVWUHFKD VH LQFOLQDED KDFLD OD L]TXLHUGD ,PSRQL©QGRVH D V­ PLVPR FRPR OH RFXUU­D HQ FDVRV SDUHFLGRV XQD ODUJD \ HQHUYDQWH HVSHUD 0U %DUWRQ SHUPDQHFL³XQEXHQUDWRH[DPLQDQGRHOVREUHDQWHVGHUDVJDUOR+HFKRHVWR OH\³ODVSDODEUDVVLJXLHQWHVWUD]DGDVFRQODPLVPDHVFULWXUD 0U %DUWRQ H[ FDSLW¡Q GHO l'DXSKLQ{ TXHGD DGYHUWLGR GH XQ 3(/,*52+DU¡ELHQVLHYLWDODFDOOH;ߨߚWDOHUDHOQRPEUHGHODFDOOH TXH OD QRFKH DQWHULRU IXHUD HO HVFHQDULR GH VX DYHQWXUDߚ 6L FRQWLQºD SDVDQGRSRUHOODOHVXFHGHU¡DOJRIXQHVWR3³QJDVHHQJXDUGLDGHXQDYH] SRUWRGDVSXHVWLHQHPXFKRTXHWHPHU (/$&(&+$'25 (OFDSLW¡Q%DUWRQOH\³\UHOH\³ODH[WUD±DPLVLYD/HGLRYXHOWDVHQWRGRV ORVVHQWLGRV\ODFRQVLGHU³EDMRWRGDVODVOXFHVH[DPLQ³HOSDSHOVREUHHOFXDO HVWDEDHVFULWD\XQDYH]P¡VHVFUXW³ODHVFULWXUD1RHQFRQWUDQGRQDGDPLU³ ODUJDPHQWH HO VHOOR TXH QR HUD P¡V TXH XQD SDVWLOOD GH FHUD VREUH OD FXDO OD KXHOODDFFLGHQWDOGHXQSXOJDUHUDDSHQDVYLVLEOH 1RWHQ­DODPHQRUPDUFDHOPHQRULQGLFLRIXHUDGHODFODVHTXHIXHUHTXH OHSXGLHVHKDFHUDGLYLQDUHOSRVLEOHRULJHQGHDTXHOPHQVDMH/DLQWHQFL³QGH TXLHQ OR KDE­D HVFULWR SDUHF­D DPLVWRVD \ D OD YH] VH GHVLJQDED D V­ PLVPR FRPR DOJXLHQ GH TXLHQ HO FDSLW¡Q lWHQ­D PXFKR TXH WHPHU{ (Q FRQMXQWR OD FDUWD VX DXWRU \ HO GHVLJQLR UHDO GH ©VWH HUD SDUD 0U %DUWRQ XQ LQVROXEOH SUREOHPD \ OR TXH HV P¡V XQ SUREOHPD PROHVWR TXH GHVSHUWDED HQ VX PHPRULDODDYHQWXUDGHODQRFKHDQWHULRU 2EHGHFLHQGRVLQGXGDDXQVHQWLPLHQWRGHDPRUSURSLR0U%DUWRQQRKL]R SDUW­FLSHDQDGLHQLVLTXLHUDDVXIXWXUDHVSRVDGHORVDFRQWHFLPLHQWRVFX\RV GHWDOOHV DFDER GH UHODWDU 7DQ LQVLJQLILFDQWHV FRPR SXGLHUDQ SDUHFHU KDE­DQ HPSHURDIHFWDGRGHVDJUDGDEOHPHQWHDVXLPDJLQDFL³Q\QRVHQW­DODVPHQRUHV JDQDV GH UHYHODU QL D OD MRYHQ OR TXH HOOD FRQVLGHUDU­D TXL]¡ FRPR XQD GHELOLGDG $TXHOOD FDUWD TXL]¡ QR IXHUD P¡V TXH XQD PL[WLILFDFL³Q \ HO PLVWHULRVR UXLGR GH ORVSDVRV XQD LOXVL³Q R XQDVXSHUFKHU­D 3HUR DXQTXH ©O HIHFWXDUDWUDWDUWRGRHODVXQWRFRPRLQGLJQRGHXQRV³ORGHVXVSHQVDPLHQWRV ODFRVDOHREVHVLRQDEDFRQSHUVLVWHQFLDOHDFRVDEDFRQHPEDUD]RVDVGXGDV\OH FROPDED GH YDQRV WHPRUHV (V FLHUWR GH WRGRV PRGRV TXH HQ ORV G­DV VLJXLHQWHV 0U %DUWRQ HYLW³ FXLGDGRVDPHQWH OD FDOOH PHQFLRQDGD HQ OD FDUWD FRPROXJDUGHSHOLJUR 1R IXH P¡V XQD VHPDQD GHVSX©V GH OD UHFHSFL³Q GH OD FDUWD TXH KH WUDQVFULWRFXDQGRRWURKHFKRYLQRDUHFRUGDUOHDOFDSLW¡Q%DUWRQHOPLVWHULRVR DVXQWRWDOYH]SDUDLPSHGLUOHTXHGHVDSDUHFLHUDQJUDGXDOPHQWHGHVXHVS­ULWX ODVIDVWLGLRVDVLPSUHVLRQHVTXHUHFLELHUD 8QD QRFKH GHVSX©V GHO LQWHU­Q TXH DFDER GH PHQFLRQDU D OD VDOLGD GHO WHDWUR HQWRQFHV VLWXDGR HQ &URZ 6WUHHW \ KDELHQGR DFRPSD±DGR D 0LVV 0RQWDJXH\D/DG\/ߨKDVWDVXFRFKHVHHQWUHWXYRHQSDVHDUXQUDWRFRQGRV RWUHVSHUVRQDVFRQRFLGDV 6HVHSDU³GHVXVDFRPSD±DQWHVFHUFDGHOD)DFXOWDG\SURVLJXL³VXFDPLQR VROR(UDP¡VGHODXQD\ODVFDOOHVHVWDEDQFRPSOHWDPHQWHGHVLHUWDV'XUDQWH WRGRHOUDWRTXHDQGXYRFRQVXVFRPSD±HURVWXYRODVHQVDFL³QGHSHUFLELUHO UXLGRGHXQRVSDVRVTXHSDUHF­DQVHJXLUOH 8QDRGRVYHFHVKDE­DPLUDGRDWU¡VFRQHOSHQRVRSUHVHQWLPLHQWRGHHVWDU D SXQWR GH H[SHULPHQWDU ORV PLVPR PLVWHULRVRV WHPRUHV TXH WDQWR OH GHVFRQFHUWDUDQXQDVHPDQDDQWHVSHURFRQODHVSHUDQ]DGHSRGHUYHUHVWDYH] XQD IRUPD FXDOTXLHUD TXH GLHVH D DTXHOORV H[WUD±RV VRQLGRV XQD H[SOLFDFL³Q QDWXUDO3HURODFDOOHHVWDEDGHVLHUWD\QRSXGRYHUDQDGLH 6LJXLHQGRDKRUD©OVRORHOFDPLQRTXHOHOOHYDEDDVXFDVD0U%DUWRQVH SXVR YHUGDGHUDPHQWH QHUYLRVR LQF³PRGR FXDQGR VLQWL³ FRQ FUHFLHQWH QLWLGH]HOUXLGR\DELHQFRQRFLGR\HQDTXHOORVPRPHQWRVUHGREODGR 0U %DUWRQ FDPLQDED VLJXLHQGR OD DOWD WDSLD TXH ERUGHD HO SDUTXH GH OD )DFXOWDG\HOUXLGROHVHJX­DYROYLHQGRDHPSH]DUFDVLHQHOPLVPRPRPHQWR TXH©OUHHPSUHQG­DODPDUFKD(OSDVRPLVWHULRVRQRHUDUHJXODU7DQSURQWR HUDOHQWRFRPRR\©QGRVHGHVGHXQDYHLQWH\DUGDVSDUHF­DDFHOHUDGRFRPRXQ SDVRGHFDUUHUDV8QD\RWUDYH]0U%DUWRQVHYROY­D&DGDVHLVSDVRV\DºQ PHQRVHFKDEDU¡SLGDV\IXUWLYDVPLUDGDVSRUHQFLPDGHVXKRPEURVLQYHUD QDGLHQXQFD /DLUULWDFL³QSURGXFLGDSRUHVWDSHUVHFXFL³QLQWDQJLEOHHLQYLVLEOHVHKL]R JUDGXDOPHQWH FDVL LQWROHUDEOH < FXDQGR DO ILQ OOHJ³ D VX FDVD VX WHQVL³Q QHUYLRVD KDE­D DOFDQ]DGR XQ JUDGR WDO TXH OH LPSLGL³ WRGR UHSRVR FRQVHFXHQWH0U%DUWRQQLVLTXLHUDSHQV³HQDFRVWDUVHKDVWDTXHVHKL]RGHG­D 'HVSHUW³FXDQGRVXFULDGROODP³DODSXHUWDGHODKDELWDFL³Q(VWHHQWU³\ OHWHQGL³YDULDV FDUWDV TXH DFDEDEDQ GH OOHJDU SRU HOFRUUHR 8QD GH DTXHOODV FDUWDVDWUDMRLQPHGLDWDPHQWHVXDWHQFL³Q5HFRQRFLHQGRDOLQVWDQWHODHVFULWXUD OH\³ORTXHVLJXH 3UHWHQGD HVFDS¡UVHPH FDSLW¡Q %DUWRQ" (VR VHU­D WDQWR FRPR TXHUHU HVFDSDUDVXVRPEUD+DJDXVWHGORTXHKDJD\ROHYHU©WDQDPHQXGRFRPR PHSOD]FD\XVWHGPHYHU¡WDPEL©QSRUTXHFRQWUDULDPHQWHDORTXHXVWHG FUHH \R QR TXLHUR HVFRQGHUPH 3HUR TXH HVWR QR WXUEH VX UHSRVR FDSLW¡Q %DUWRQSRUTXHVLWLHQHXVWHGlEXHQDFRQFLHQFLD{TX©SXHGHXVWHGWHPHU GHORMRGHO $&(&+$'25" $SHQDVHVQHFHVDULRH[WHQGHUVHVREUHORVVHQWLPLHQWRVTXHDFRPSD±DURQOD OHFWXUD GH HVWD H[WUD±D FRPXQLFDFL³Q 'XUDQWH YDULRV GH ORV G­DV VLJXLHQWHV SXGRREVHUYDUVH FRPRHO FDSLW¡Q %DUWRQ WHQ­D XQ DLUH DQRUPDOGHDXVHQFLD\ DEDWLPLHQWR3HURQDGLHDGLYLQ³ODFDXVDGHVXKXPRU $XQTXH ©O KXELHUD SRGLGR SHQVDU TXH ORV SDVRV TXH OH VLJXLHURQ HUDQ SXUDPHQWH IDQWDVPDJ³ULFRV QR KXELHUD SRGLGR HYDGLUVH HQ FXDQWR D OD UHDOLGDGDEVROXWDGHODVFDUWDVUHFLELGDV<ODOOHJDGDGHHVWDVFDUWDVVLJXLHQGR VLHPSUH D ORV PLVWHULRVRV VRQLGRV TXH OH KDE­DQ REVHVLRQDGR HUDQ SRU OR PHQRVXQDH[WUD±DFRLQFLGHQFLD (Q VX PHQWH HO FDSLW¡Q %DUWRQ UHODFLRQDED YDJD H LQVWLQWLYDPHQWH OD VLWXDFL³QDFLHUWRVPRPHQWRVGHVXYLGDSDVDGDXQRVPRPHQWRVGHORVFXDOHV WHQ­DYHUGDGHURKRUURUDDFRUGDUVH 2FXUUL³VLQHPEDUJRTXHDGHP¡VGHVXSU³[LPDERGDHOFDSLW¡QWXYRTXH RFXSDUVH SUHFLVDPHQWH HQWRQFHV \ VLQ GXGD IHOL]PHQWH SDUD ©O GH XQ DVXQWR PX\ DEVRUEHQWH UHODFLRQDGR DO DUUHJOR GH XQ LPSRUWDQWH H LQWHUPLQDEOH SURFHVRTXHDIHFWDEDDFLHUWDVGHVXVSURSLHGDGHV /D H[LVWHQFLD DFWLYD \ OOHQD GH HPRFLRQHV TXH WXYR TXH OOHYDU HQWRQFHV REU³VREUH©OFRQXQHIHFWRPX\QDWXUDOOHGLVLS³JUDGXDOPHQWHODPHODQFRO­D TXHGXUDQWHDOJºQWLHPSROHKDE­DRSULPLGR\SURQWRVXKXPRUUHFREU³VXV KDELWXDOHVFRORUHV 6LQ HPEDUJR HQ HO WUDQVFXUVR GH HVWH SHU­RGR OD UHSHWLFL³Q GHO PLVPR IHQ³PHQR GH YH] HQ FXDQGR \ EDMR IRUPD LQGLVWLQWD \ DSHQDV SHUFHSWLEOH OH DVXVW³XQSRFR(VWRRFXUU­DVLHPSUHHQOXJDUHVVROLWDULRVSHURDKRUDWDQWR GXUDQWHHOG­DFRPRSRUODQRFKH(OUHWRUQRGHHVWDVPROHVWDVLPSUHVLRQHVTXH WDQWROHKDE­DQKHFKRVXIULUIXHURQVLQHPEDUJRG©ELOHVHLQWHUPLWHQWHVKDVWD HO SXQWR GH TXH D YHFHV \ SDUD VX JUDQ VDWLVIDFFL³Q VH YH­D YHUGDGHUDPHQWH LQFDSD] GH HVWDEOHFHU XQD GLVWLQFL³Q HQWUH DTXHOORV SDVRV \ ODV VLPSOHV VXJHVWLRQHVGHXQDLPDJLQDFL³QVREUHH[FLWDGD 8QDQRFKHDFRPSD±³KDVWDOD&¡PDUDGHORV&RPXQHVDXQPLHPEURGHOD PLVPD XQ KRPEUH TXH HVWDED HQ FRPºQ UHODFL³Q FRQ HO FDSLW¡Q %DUWRQ \ FRQPLJR (VWD IXH XQD GH ODV UDUDV RFDVLRQHV HQ TXH PH HQFRQWU© HQ VX FRPSD±­DPLHQWUDVFDPLQ¡EDPRVORVWUHV\RREVHUY©F³PRHOFDSLW¡QVHSXVR S¡OLGR \ DXVHQWH FRQ XQD LPSUHVL³Q TXH SDUHF­D GHQRWDU OD SUHVL³Q GH XQD DQJXVWLDWDQYLYDFRPRDEVRUEHQWH 6XSHP¡VWDUGHTXHDWRGRORODUJRGHQXHVWURSDVHRKDE­DR­GRPH]FODUVH DOUXPRUGHQXHVWURVSDVRVHOGHDTXHOORVRWURVELHQFRQRFLGRVTXHOHVHJX­DQ (VWD IXH VLQ HPEDUJR OD ºOWLPD YH] TXH ©O GHEL³ VXIULU HVWD IDVH GH OD SHUVHFXFL³Q GH OD FXDO HUD \D XQD DQJXVWLDGD Y­FWLPD 8QD QXHYD IDVH \ ELHQ GLIHUHQWHHVWDEDDSXQWRGHFRPHQ]DU &$378/2,,, 81$181&,2 <RIXLDTXHOODQRFKHWHVWLJRGHODSULPHUDQXHYDVHULHGHLPSUHVLRQHVTXH GHE­DQFRQGXFLUDVXW©UPLQRHOGHVWLQRGHOFDSLW¡Q%DUWRQ6LQRKXELHUDVLGR SRUVXUHODFL³QFRQORVDFRQWHFLPLHQWRVTXHVLJXLHURQDSHQDVVLDKRUD\RPH DFRUGDU­DGHOLQFLGHQWH &XDQGR DOFDQ]¡EDPRV HO SDVDMH TXH YLHQH GH &ROOHJH &UHHQ XQ KRPEUH GHO TXH V³OR UHFXHUGR HUD GH WDOOD SHTXH±D TXH SDUHF­D H[WUDQMHUR \ OOHYDED XQDHVSHFLHGHJRUURGHYLDMHKHFKRGHSLHOHVDYDQ]³PX\DSULVD\FRPREDMR HO LPSHULR GH XQD YLROHQWD H[FLWDFL³Q GHUHFKR KDFLD QRVRWURV JUX±HQGR FRQ YROXELOLGDG\YHKHPHQFLD (VWHSHUVRQDMHGHDVSHFWRVLQJXODUPDUFK³GHUHFKRVREUH%DUWRQTXHQRV SUHFHG­D XQ SRFR \ VH GHWXYR PLU¡QGROH GXUDQWH XQRV LQVWDQWHV FRQ XQD H[SUHVL³Q GH DPHQD]D \ GH IXURU PDQ­DFR GHVSX©V GDQGR PHGLD YXHOWD WDQ EUXVFDPHQWHFRPRVHKDE­DGHWHQLGRVHSXVRDDQGDUGHODQWHGHQRVRWURVFRQ HOPLVPRSDVRSUHFLSLWDGR\GHVDSDUHFL³SRUXQSDVDMHODWHUDO0HDFXHUGRGH KDEHUPH LPSUHVLRQDGR SRU OD H[SUHVL³Q \ HO FRPSRUWDPLHQWR GH DTXHO KRPEUH GHWDOOHV TXH SURGXMHURQ HQ P­ OD VHQVDFL³Q GH XQ YDJR SHOLJUR XQD VHQVDFL³Q FRPR MDP¡V DQWHV KDE­D VHQWLGR DQWH OD SUHVHQFLD GH XQD FRVD KXPDQDHQORTXHPHFRQFLHUQHHVWDVHQVDFL³QHVWDEDOHMRVGHDOFDQ]DUHQPL LQWHULRUSHVHDWRGRHOVXILFLHQWHGHVFRQFLHUWRSDUDFRQPRYHUPHRDJLWDUPH DFDEDED VRODPHQWH GH YHU XQD ILVRQRP­D VLQJXODUPHQWH PDOLJQD \ DQLPDGD TXL]¡SRUODVREUHH[FLWDFL³QGHODORFXUD 'H FXDOTXLHU PRGR HO HIHFWR TXH SURGXMR HVWD DSDULFL³Q VREUH HO FDSLW¡Q %DUWRQ PH VRUSUHQGL³ OLWHUDOPHQWH <R OH VXSRQ­D KRPEUH GH JUDQ YDORU \ OOHQRGHVDQJUHIU­DHQSUHVHQFLDGHXQSHOLJURYHUGDGHURORTXHKL]RTXHVX FRPSRUWDPLHQWR PH SDUHF­D WDQWR P¡V H[WUD±R HQ HVWD RFDVL³Q &XDQGR HO H[WUDQMHUR DYDQ]DED ©O UHWURFHGL³ XQR R GRV SDVRV \ PH FRJL³ VLOHQFLRVDPHQWHGHOEUD]RFRQXQPRYLPLHQWRTXHPHSDUHFL³XQHVSDVPRGH DJRQ­DRWHUURU(QVHJXLGDUHFKD]¡QGRPHUXGDPHQWHFXDQGRHOGHVFRQRFLGR VHDOHM³FRPHQ]³DVHJXLUOHXQRVLQVWDQWHV\OXHJRVHGHWXYRPX\WXUEDGR\ VHVHQW³HQXQEDQFR-DP¡VKHFRQWHPSODGRXQDFDUDP¡VGHVKHFKD\DWXUGLGD TXHODVX\D ߚ(Q QRPEUH GHO FLHOR %DUWRQ TX© WLHQH XVWHG" ߚOH SUHJXQW³ QXHVWUR FRPSD±HUR VLQFHUDPHQWH DODUPDGRߚ 1R HVW¡ XVWHG KHULGR YHUGDG" 1L HQIHUPRTX©WLHQH" ߚ4X© KD GLFKR ©O" ߚSUHJXQW³ %DUWRQ VLQ KDFHU HO PHQRU FDVR D ODV SUHJXQWDVGHQXHVWURFRPSD±HURߚ<RQRKHR­GRQDGD4X©KDGLFKR" ߚ(VDEVXUGRߚGLMR;ߨPX\VRUSUHQGLGRߚ4X©LPSRUWDORTXHKD\D GLFKR HVH LQGLYLGXR" 8VWHG HVW¡ HQIHUPR %DUWRQ '©MHPH OODPDUOH XQ FRFKH 8VWHGHVW¡HQIHUPR ߚb1DGD GH HQIHUPR 1R OR HVWR\ ߚH[FODP³ %DUWRQ KDFLHQGR XQ YLVLEOH HVIXHU]R SDUD YROYHU D VHU GXH±R GH V­ PLVPRߚ 3HUR D GHFLU YHUGDG HVWR\ IDWLJDGRXQSRFRDJLWDGR\TXL]¡VH[DJHUDGDPHQWHLQTXLHWR$FDERGHSDVDU FRPRXVWHGHVVDEHQSRUOD&DQFLOOHU­D\ODYLVWDGHXQSURFHVRHVVLHPSUHXQD SUXHEDSDUDORVQHUYLRV0HKHVHQWLGRXQSRFRPDOWRGDODWDUGHSHURDKRUD \DHVWR\PHMRU%XHQREXHQRTX©HVSHUDPRVSDUDVHJXLUQXHVWURSDVHR" ߚ1R QR QDGD GH SDVHR ߚLQVLVWL³ ;ߨߚ 6LJD PL FRQVHMR %DUWRQ \ YX©OYDVHDVXFDVD8VWHGWLHQHYHUGDGHUDQHFHVLGDGGHUHSRVR3DUHFHHQIHUPR ,QVLVWRYHUGDGHUDPHQWHHQTXHPHSHUPLWDDFRPSD±DUOHDVXFDVD *XVWRVR \R D±DG­ PL YR] D OD GH ;ߨ SXHV HUD HYLGHQWH TXH HO SURSLR %DUWRQ HVWDED GLVSXHVWR D GHMDUVH SHUVXDGLU 1RV DEDQGRQ³ VLQ HPEDUJR UHKXVDQGRQXHVWURRIUHFLPLHQWRGHDFRPSD±DUOH<RQRHUDOREDVWDQWH­QWLPR GH ;ߨ SDUD GLVFXWLU FRQ ©O OD HVFHQD GH OD FXDO DFDE¡EDPRV GH VHU WHVWLJRV 7XYH VLQ HPEDUJR OD FRQYLFFL³Q DO YHU OD FDUD TXH ;ߨ SRQ­D FXDQGR FDPEL¡EDPRVDOJXQDVWULYLDOLGDGHVTXH©OHVWDEDWDQSRFRVDWLVIHFKRFRPR\R GH OD EUXVFD HQIHUPHGDG TXH OH KDE­D VHUYLGR D %DUWRQ GH SUHWH[WR SDUD H[SOLFDU OD H[WUD±D H[KLELFL³Q \ DPERV HVW¡EDPRV GH DFXHUGR HQ VRVSHFKDU TXHDOJºQPLVWHULRVHRFXOWDEDWUDVWRGRHODVXQWR $O G­D VLJXLHQWH SDV© SRU FDVD GH %DUWRQ SDUD LQWHUHVDUPH SRU ©O \ VX FULDGRPHGLMRTXHGHVGHVXUHJUHVRODQRFKHDQWHVVXGXH±RQRKDE­DVDOLGR GHVXGRUPLWRULRSHURTXHVXLQGLVSRVLFL³QQRWHQ­DJUDYHGDG\TXHHVSHUDED VDOLUGHQWURGHSRFRVG­DV$TXHOODWDUGH0U%DUWRQPDQG³DEXVFDUDOGRFWRU 5ߨ TXH D OD VD]³Q WHQ­D XQD QXPHURVD \ HOHJDQWH FOLHQWHOD HQ 'XEO­Q \ VX HQWUHYLVWDSDUHFHVHUTXHIXHPX\VLQJXODU %DUWRQ H[SXVR HQ GHWDOOH WRGR OR TXH VHQW­D SHUR OR KL]R GH XQD IRUPD GLVWUD­GD \ GLVWDQWH TXH SDUHF­D GHQRWDU HO SRFR LQWHU©V TXH ©O WHQ­D HQ VX FXUDFL³Q \ TXH HQ WRGR FDVR GHPRVWUDED SHUHQWRULDPHQWH TXH DOJR P¡V LPSRUWDQWHTXHVXSUHVHQWHLQGLVSRVLFL³QRFXSDEDVXHVS­ULWX6HTXHM³GHWHQHU DYHFHVSDOSLWDFLRQHV\GRORUHVGHFDEH]D (O GRFWRU 5ߨ OH SUHJXQW³ HQWUH RWUDV FRVDV VL DOJR LUULWDQWH DFRQWHFLPLHQWR R LQTXLHWXG OH WRUWXUDED %DUWRQ UHVSRQGL³ QHJDWLYDPHQWH D HVWDFXHVWL³Q\ORKL]RFRQYLYH]DFDVLFRQKXPRU\DFRQWLQXDFL³QHOP©GLFR GHFODU³TXHHQVXRSLQL³QHOFDSLW¡QQRWHQ­DQDGDJUDYHVRODPHQWHXQSRFR GH GLVSHSVLD \ HVWDED D SXQWR GH UHWLUDUVH WUDV KDEHU UHGDFWDGR XQD UHFHWD DGHFXDGDFXDQGR0U%DUWRQYROYL³DOODPDUOHFRPRVLGHSURQWRVHKXELHUD DFRUGDGRGHDOJR ߚ/HSLGRSHUG³QGRFWRUSHURHVWDEDDSXQWRGHROYLGDUPHߨ0HSHUPLWH XVWHG TXH OH KDJD GRV D WUHV SUHJXQWDV P©GLFDV XQDV SUHJXQWDV P¡V ELHQ H[WUD±DV VLQ GXGD SHUR GH FX\DV UHVSXHVWDV GHSHQGH XQD DSXHVWD \ PH SHUPLWLU¡HVSHURH[FXVDUPLH[WUDYDJDQFLD" (OP©GLFRVHGHFODU³GLVSXHVWRDVDWLVIDFHUDVXLQWHUORFXWRU %DUWRQ SDUHFL³ H[SHULPHQWDU DOJXQD GLILFXOWDG HQ SODQWHDU ODV SUHJXQWDV DQXQFLDGDVSXHVSHUPDQHFL³VLOHQFLRVRXQEXHQPRPHQWR\OXHJRGHVSX©VGH KDEHULGRKDVWDVXELEOLRWHFD\YROYHUVHVHQW³DOILQ\GLMR ߚ9D D SHQVDU XVWHG TXH HVWDV SUHJXQWDV VRQ SXHULOHV SHUR \R QR SRGU© JDQDU PL DSXHVWD VL XVWHG QR PH UHVSRQGH (V SXHV QHFHVDULR TXH VH ODV SODQWHH+HODVDTX­<RTXLVLHUDSULPHURXQDLQIRUPDFL³QVREUHHOW©WDQRV6L XQ KRPEUH KD HVWDGR YHUGDGHUDPHQWH HQIHUPR GH HVH PDO \ SDUHFH PXHUWR F³PR XQ P©GLFR FRUULHQWH SXHGH GHFODUDU VLQ YDFLODU TXH WDO KRPEUH HVW¡ YHUGDGHUDPHQWH PXHUWR \ F³PR HVH PLVPR KRPEUH VHJXLGDPHQWH SXHGH UHVWDEOHFHUVHSHVHDWRGR" (OP©GLFRVRQUL³VDFXGLHQGRODFDEH]D ߚ3HURߨ 3HUR ߚVLJXL³ %DUWRQߚ XQ HUURU SXHGH KDEHU VLGR FRPHWLGR 6XSRQJD XVWHG D XQ LJQRUDQWH TXH SUHWHQGH VDEHU 0HGLFLQD 3RGU­D XQ LJQRUDQWHDV­VHUHQJD±DGRSRUXQDIDVHFXDOTXLHUDGHODHQIHUPHGDGKDVWDHO SXQWR GH FRQIXQGLU OR TXH V³OR HV XQD HWDSD HQ OD SURJUHVL³Q GHO PDO FRQ OD PLVPDPXHUWH" ߚ1LQJºQKRPEUHVLKDYLVWRODPXHUWHSRGU­DFRQIXQGLUODFRQXQFDVRGH W©WDQRVߚUHVSRQGL³HOGRFWRU5ߨ %DUWRQUHIOH[LRQ³GXUDQWHDOJXQRVPLQXWRV ߚ9R\ D KDFHUOH RWUD SUHJXQWD TXL]¡ P¡V SXHULO WRGDY­D 3HUR DQWHV SXHGHGHFLUPHXVWHGVLORVUHJODPHQWRVGHORVKRVSLWDOHVH[WUDQMHURVORVGH 1¡SROHVSRUHMHPSORVRQPX\HO¡VWLFRVRHVW¡QPDOUHGDFWDGRV"1RSXHGHQ FRPHWHUVHHUURUHV\HTXLYRFDFLRQHVHQORTXHFRQFLHUQHDODLQVFULSFL³QGHORV LQJUHVDGRVSRUHMHPSOR" (OGRFWRU5ߨVHFRQIHV³LQFRPSHWHQWHVREUHWDOPDWHULD ߚ9HDPRV GRFWRU KH DTX­ OD ºOWLPD GH PLV SUHJXQWDV 8VWHG VH UHLU¡ VLQ GXGD SHUR GHER KDF©UVHOD ([LVWH HQ WRGR HO FRQMXQWR GH ODV HQIHUPHGDGHV KXPDQDV XQD DIHFFL³Q FXDOTXLHUD TXH WHQJD SRU HIHFWR HO UHGXFLU VHQVLEOHPHQWHODHVWDWXUD\HOHVTXHOHWRXQDHQIHUPHGDGTXHHQDOJXQDIRUPD SXHGD HPSHTXH±HFHU D XQ KRPEUH SHUR VLQ DOWHUDU QL XQ V³OR GHWDOOH GH VX ILVRQRP­DJHQHUDOXQDHQIHUPHGDGHQVXPDTXHQRLQIOX\DP¡VTXHVREUHOD HVWDWXUD \ OD FRUSXOHQFLD" 8QD DIHFFL³Q QR LPSRUWD FX¡O I­MHVH ELHQ \ WDQ UDUD TXH LQFOXVR VX H[LVWHQFLD SXHGD VHU SXHVWD HQ GXGD SHUR TXH SXHGD SURGXFLUWDOHIHFWR" (OP©GLFRVRQUL³\UHVSRQGL³FRQILUPH]DTXHXQDHQIHUPHGDGVHPHMDQWH QRH[LVWH ߚ(QWRQFHV SDVHPRV D RWUD FRVD ߚGLMR %DUWRQ FRQ EUXVTXHGDGߚ 6L DOJXLHQ WLHQH UD]RQHV SDUD WHPHU VHU DWDFDGR SRU XQ ORFR HQ OLEHUWDG HVH DOJXLHQ QR SXHGH SURFXUDUVH XQD RUGHQ GH DUUHVWR FRQWUD HVH ORFR \ KDFHUOR HQFHUUDU" ߚ(QYHUGDGߚUHVSRQGL³HOGRFWRU5ߨߚHVWDHVP¡VXQDSUHJXQWDSDUD XQMXULVWDTXHSDUDP­SHURFUHRTXHVLHVHDOJXLHQTXHGLFHXVWHGVHGLULJHD XQPDJLVWUDGROHVHU¡LQGLFDGRORTXHSURFHGD (O P©GLFR VH GHVSLGL³ HQWRQFHV GHO FDSLW¡Q %DUWRQ SHUR HQ HO PLVPR PRPHQWRHQTXHOOHJDEDDODSXHUWDGHOYHVW­EXORVHDFRUG³GHKDEHUROYLGDGR VX EDVW³Q DUULED \ YROYL³ D EXVFDUOR 6X YXHOWD D OD FDVD GHO FDSLW¡Q SXVR DO GRFWRU HQ XQD VLWXDFL³Q HPEDUD]RVD SXHV DO HQWUDU YLR F³PR VH FRQVXP­D OHQWDPHQWHHQHOKRJDUHOSHGD]RGHSDSHOVREUHHOFXDOKDE­DHVFULWRVXUHFHWD %DUWRQ HVWDED VHQWDGR PX\ FHUFD GH OD FKLPHQHD FRQ XQD H[SUHVL³Q GH SURIXQGDWULVWH]D\FRQVWHUQDFL³QSLQWDGDHQVXURVWUR (O GRFWRU 5ߨ WHQ­D GHPDVLDGR WDFWR SDUD SURORQJDU OD QXHYD YLVLWD SHUR KDE­DWHQLGRWLHPSRGHVREUDSDUDFRQYHQFHUVHTXHODVHGHGHORVVXIULPLHQWRV GHOFDSLW¡Q%DUWRQHUDHOHVS­ULWX\QRHOFXHUSR $OJXQRVG­DVP¡VWDUGHHQORVSHUL³GLFRVGH'XEO­QDSDUHFL³HOVLJXLHQWH DQXQFLR l6L 6\OYHVWHU <HOODQG DQWLJXR PDULQHUR D ERUGR GH OD IUDJDWD GH 6X 0DMHVWDG ߡ'DXSKLQߢ R DOJXLHQ GH VX IDPLOLD TXLHUH SUHVHQWDUVH HQ HO EXIHWH GHO OHWUDGR +XEHUW 6PLWK DERJDGR HQ OD FDOOH 'DLQH D ©O R D VXV SDULHQWHVOHVHU¡FRPXQLFDGRDOJRPX\LQWHUHVDQWHSDUD©ORSDUDHOORV(Q HO FDVR GH TXH ORV LQWHUHVDGRV GHVHHQ SDVDU LQDGYHUWLGRV SRGU¡Q VHU UHFLELGRV D FXDOTXLHU KRUD KDVWD OD PHGLDQRFKH 6H SURPHWH FRQ KRQRU JXDUGDU HO VHFUHWR P¡V HVWULFWR VREUH WRGD FRPXQLFDFL³Q GH FDU¡FWHU FRQILGHQFLDO{ (O l'DXSKLQ{ FRPR \D KH GLFKR HUD HO EXTXH TXH KDE­D PDQGDGR HO FDSLW¡Q%DUWRQ<HVWDFLUFXQVWDQFLDMXQWRDORVH[WUDRUGLQDULRVHVIXHU]RVTXH IXHURQ GHVSOHJDGRV SDUD DVHJXUDU D WDQ H[WUD±R DYLVR HO P¡[LPR GH SXEOLFLGDGWDQWRSRUODGLVWULEXFL³QGHSURVSHFWRVFRPRSRUODUHSHWLFL³QGHO DQXQFLR OOHY³ DO GRFWRU 5ߨ D SHQVDU TXH HO H[WUD±R PDOHVWDU GHO FDSLW¡Q %DUWRQWHQ­DDOJXQDUHODFL³QFRQHOSHUVRQDMHDOTXHHVWDEDGLULJLGRHODQXQFLR \TXHSRUVXSXHVWRHOFDSLW¡QHUDHODXWRUGHOPLVPR (VWRLQºWLOHVGHFLUORQRHUDVLQHPEDUJRP¡VTXHXQDVXSRVLFL³Q1LQJºQ LQIRUPHGHODHVSHFLHTXHIXHUDHQFXDQWRDOREMHWLYRYHUGDGHURGHODQXQFLR IXHGLYXOJDGRSRUHODERJDGRHOFXDOVHDEVWXYRLQFOXVRGHODPHQRUDOXVL³Q TXHSXGLHVHSRQHUVREUHODSLVWDGHODLGHQWLGDGGHODSHUVRQDTXHHPSOHDEDVXV VHUYLFLRV ,9 (QWUHYLVWDFRQXQHFOHVL¡VWLFR $XQTXH HVWRV ºOWLPRV DFRQWHFLPLHQWRV KXELHVHQ GDGR D 0U %DUWRQ OD UHSXWDFL³Q GH KLSRFRQGU­DFR HVWDED WRGDY­D PX\ OHMRV GH PHUHFHU WDO FDOLILFDFL³Q1RHUDHQDEVROXWRXQERQYLYDQWSHURSRVH­DSRUQDWXUDOH]DHVR TXHOODPDXQlKXPRULJXDO{\QRHUDGDGRDH[FHVLYRVDEDWLPLHQWRV &RPHQ]³ SXHV D UHHPSUHQGHU SURQWR VXV DQWLJXDV FRVWXPEUHV \ XQR GH ORV SULPHURV V­QWRPDV GH HVWD P¡V VDQD GLVSRVLFL³Q GH HVS­ULWX IXH VX DVLVWHQFLDDXQEDQTXHWHGHORVIUDQFPDVRQHVSXHVSHUWHQHF­DHQHIHFWRDHVWD KRQRUDEOH FRIUDG­D %DUWRQ TXH SULPHUR KDE­D HVWDGR PRURVR \ GLVWUD­GR EHEL³PXFKRP¡VFRSLRVDPHQWHTXHGHFRVWXPEUHTXL]¡VDILQGHGLVLSDUVXV VHFUHWDV LQTXLHWXGHV \ EDMR OD LQIOXHQFLD GHO EXHQ YLQR \ GH OD DJUDGDEOH FRPSD±­DVHSXVRSRFRDSRFRORTXHSDUHFHUDURHQ©OFKDUODW¡QHLQFOXVR F¡XVWLFR (QHVWHHVWDGRGHH[FLWDFL³QDQRUPDOKDFLDODVGLH]\PHGLDVHGHVSLGL³GH ORV RWURV FRPHQVDOHV \ VLHQGR HO FDORU FRPXQLFDWLYR GH ORV EDQTXHWHV XQ SRGHURVR HVWLPXODQWH GH OD JDODQWHU­D VH OH RFXUUL³ LU D WHUPLQDU OD YHODGD D FDVDGH/DG\/ߨSDUDSDVDUDV­XQSDUGHKRUDVFHUFDGH0LVV0RQWDJXH $V­TXHSRFRUDWRGHVSX©VHVWDEDHQODFDOOH;ߨFKDUODQGRDOHJUHPHQWH FRQ ODV GRV GDPDV 1R GHEH VXSRQHUVH VLQ HPEDUJR TXH HO FDSLW¡Q %DUWRQ KXELHUD UHEDVDGR ORV O­PLWHV TXH HO ELHQHVWDU LPSRQH D OD FHOHEUDFL³Q GH OD DPLVWDGKDE­DEHELGRV³ORHOYLQRVXILFLHQWHSDUDDOHJUDUVHSHURHQDEVROXWR SDUDDOWHUDUVXUD]³QRSDUDPRGLILFDUVXFRPSRUWDPLHQWRKDELWXDO $ HVWH EXHQ KXPRU GHVDFRVWXPEUDGR VH D±DG­D XQ ROYLGR WRWDO R VL VH SUHILHUH XQ GHVSUHFLR FRPSOHWR GH ODV YDJDV DSUHQVLRQHV TXH GXUDQWH WDQWR WLHPSRKDE­DQSHVDGRVREUHVXHVS­ULWXKDVWDHOSXQWRGHWHQHUOHDOHMDGRGHOD VRFLHGDG SHUR OD QRFKH DYDQ]DED \ HVWD DOHJU­D DUWLILFLDO FRPHQ]DED D GLVPLQXLU \ ODV SHQRVDV LGHDV VH DSRGHUDEDQ JUDGXDOPHQWH GH ©O \ OH YROY­DQ GLVWUD­GR\DQVLRVRFRPRDQWHV (Q FXDQWR VH PDUFK³ GH FDVD GH /DG\ /ߨ \ GH 0LVV 0RQWDJXH WXYR HO GHVDJUDGDEOH SUHVHQWLPLHQWR GH XQD GHVJUDFLD LQPLQHQWH \ VH IXH HO HVS­ULWX DFRVDGRSRUPLOPLVWHULRVDVDSUHQVLRQHVFRQWUDODVTXHOXFKDEDLQWHULRUPHQWH \TXHDºQDIHFWDQGRGHVSUHFLDUODVVHQW­DYLYDPHQWHVXSHVR )XHHVHRUJXOORVRGHVG©QGHORTXHFRQVLGHUDEDFRPRXQDGHELOLGDGVX\D OR TXH OH GLFW³ HQ HVWD RFDVL³Q OD FRQGXFWD TXH GHE­D WHUPLQDUVH FRQ OD DYHQWXUDTXHYR\DKRUDDUHODWDU /HKXELHUDVLGRI¡FLOD0U%DUWRQOODPDUXQFRFKHSHURHUDFRQVFLHQWHGH TXH ODV JDQDV TXH WHQ­D GH SHGLU HO FDUQDMH QR REHGHF­DQ D RWUD FDXVD TXH DO SHUVLVWHQWH\GHVHVSHUDGRWHPRUGHVHUVXSHUVWLFLRVR ,JXDOPHQWHKXELHUDSRGLGRYROYHUDVXFDVDSRUXQFDPLQRGLVWLQWRDDTXHO FRQWUDHOFXDOOHKDE­DSXHVWRHQJXDUGLDVXPLVWHULRVRFRUUHVSRQVDOSHURSRU OD PLVPD UD]³Q DSDUW³ LJXDOPHQWH HVWD LGHD \ FRQ OD GHFLVL³Q REVWLQDGD \ PHGLRGHVHVSHUDGDGHOOHYDUODVFRVDVDXQDFULVLVFXDOTXLHUD\YHUVLODFDXVD GH VXV VXIULPLHQWRV SDVDGRV WHQ­D DOJR GH UHDOLGDG SDUD HQ FDVR FRQWUDULR REWHQHUGHIRUPDVDWLVIDFWRULDODSUXHEDGHVXFDU¡FWHULOXVRULRUHVROYL³WRPDU SUHFLVDPHQWHHOFDPLQRTXHKDE­DUHFRUULGRDTXHOODQRFKHWDQGRORURVDPHQWH JUDEDGDHQVXPHPRULD\HQODFXDOODH[WUD±DSHUVHFXFL³QKDE­DFRPHQ]DGR /DYHUGDGPHREOLJDDGHFLUVLQHPEDUJRTXHHOSLORWRTXHSRUSULPHUDYH] GLULJHXQEDUFREDMRHOIXHJRGHODVEDWHU­DVHQHPLJDVQRQHFHVLWDDVXPLUP¡V YDORUTXHHOTXHVHLPSXVRHOFDSLW¡Q%DUWRQFXDQGRVHPHWL³WHPEODQGRHQ DTXHOODFDOOHVROLWDULDXQDFDOOHTXHSUHVHQW­DSHVHDWRGRVORVHVIXHU]RVGHVX HVFHSWLFLVPR \ GH VX UD]³Q FRPR HO UHLQR LQFXHVWLRQDEOH GH XQD FULDWXUD PDO©ILFDTXHQRTXHU­DP¡VTXHD©O $YDQ]DED UHVXHOWR \ FRQ UDSLGH] UHVSLUDQGR DSHQDV WDQ JUDQGH HUD VX LQTXLHWXGHOUXLGRGHORVSDVRVPLVWHULRVRVQRVHKL]RVLQHPEDUJRVHQWLUGH QXHYR\HOFDSLW¡Q%DUWRQVLQWL³UHQDFHUVXVHJXULGDG&XDQGRKDE­DUHFRUULGR LPSXQHPHQWH ODV WUHV FXDUWDV SDUWHV GHO FDPLQR VH DFHUF³ D OD ODUJD ILOD GH IDUROHV GH DFHLWH TXH JXL±RWHDQWHV DQXQFLDEDQ OD SUR[LPLGDG GH ODV FDOOHV IUHFXHQWDGDV (VWHVHQWLPLHQWRGHVDWLVIDFFL³QQRIXHHPSHURP¡VTXHPRPHQW¡QHR/D GHWRQDFL³QGHXQPRVTXHWHDXQDVFLHQ\DUGDVGHWU¡VGH©O\HOVLOELGRGHXQD EDOD FHUFD GH VX FDEH]D GLVLSDURQ GHVDJUDGDEOH \ EUXVFDPHQWH DTXHO VHQWLPLHQWR(OSULPHUPRYLPLHQWRGH%DUWRQIXHYROYHUVREUHVXVSDVRVSDUD GHVFXEULUDODVHVLQRSHURFRPR\DKHPRVGLFKRODFDO]DGDHVWDEDERUGHDGDD DPERVODGRVSRUORVFLPLHQWRVGHODFDOOHP¡VDOO¡GHORVFXDOHVVHH[WHQG­DQ ORVGHVFDPSDGRVOOHQRVGHJUDYDGHKRUQRVGHFDO\GHODGULOORVDEDQGRQDGRV \ WRGR HOOR WDQ VLOHQFLRVR FRPR V­ MDP¡V QLQJºQ VRQLGR KXELHUD WXUEDGR DTXHOOD VRPEU­D \ HVSDQWRVD VROHGDG /D IXWLOLGDG GH HPSUHQGHU VROR \ HQ WDOHV FLUFXQVWDQFLDV OD EºVTXHGD GHO FULPLQDO VH OH PDQLIHVWDURQ FODUDPHQWH VREUHWRGRSXHVWRTXHHOFDSLW¡QQRR­DQLQJºQUXLGRTXHSXGLHUDRULHQWDUVX EºVTXHGD $JLWDGRSRUORVVHQWLPLHQWRVGHVRUGHQDGRVGHDOJXLHQFX\DYLGDDFDEDGH VHU REMHWR GH XQ LQWHQWR GH DVHVLQDWR \ TXH KD HVFDSDGR GH PX\ FHUFD D OD PXHUWH HO FDSLW¡Q %DUWRQ GLR GH QXHYR PHGLD YXHOWD \ VLQ DFHOHUDU HO SDVR KDVWDOOHJDUDFRUUHUSURVLJXL³VXFDPLQR $V­TXHFRPRDFDERGHGHFLUKDE­DGDGRPHGLDYXHOWDWUDVXQRVVHJXQGRV GH SDXVD \ FRPHQ]DED VX SUHFLSLWDGD UHWLUDGD FXDQGR GH UHSHQWH VH HQFRQWU³ IUHQWHDOKRPEUHFLOORGHOJRUURGHSLHO(OHQFXHQWURIXHGHSRFDGXUDFL³Q(O KRPEUHPDUFKDEDFRQHOPLVPRSDVRH[DJHUDGDPHQWHDSUHVXUDGRGH%DUWRQ\ WHQ­D OD PLVPD H[WUD±D H[SUHVL³Q GH DPHQD]D TXH OD RWUD YH] \ FXDQGR SDV³ FHUFD GHO FDSLW¡Q ©VWH FUH\³ HQWHQGHU TXH GHF­D HQ XQ PXUPXOOR IXULRVR l7RGDY­DFRQYLGDWRGDY­DFRQYLGD{ $ UD­] GH HVWH LQFLGHQWH HO HVWDGR GH HVS­ULWX GH 0U %DUWRQ FRPHQ]³ D SURYRFDUXQDDOWHUDFL³QTXHVHWUDGXF­DHQVXVDOXG\ILVRQRP­DKDVWDXQSXQWR WDOTXHHVWHFDPELRQRHVFDSDEDDQDGLH 3RU DOJXQDV UD]RQHV FRQRFLGDV SRU ©O VROR 0U %DUWRQ QR KL]R OD PHQRU JHVWL³QSDUDSRQHUHQFRQRFLPLHQWRGHODVDXWRULGDGHVFRPSHWHQWHVHODWHQWDGR GHO FXDO KDE­D HVWDGR D SXQWR GH VHU Y­FWLPD ELHQ DO FRQWUDULR VH JXDUG³ FHORVDPHQWHHOVHFUHWR<KDVWDYDULDVVHPDQDVGHVSX©VGHOLQFLGHQWHQRKDEO³ GH©O\FRQILGHQFLDOPHQWHGHDOJXQRVGHORVWRUPHQWRVGHVXHVS­ULWX 3HVH D VX QHJUR KXPRU HO SREUH %DUWRQ TXH QR WHQ­D XQD UD]³Q VDWLVIDFWRULDSDUDHQWLELDUODVDWHQFLRQHVTXHOHLPSRQ­DHOOD]RH[LVWHQWHHQWUH 0LVV0RQWDJXH\©OVHYLRREOLJDGRDKDFHUSURGLJLRVSDUDRIUHFHUDODJHQWH XQDFDUDFRQILDGD\FRQWHQWD &DOODEDODYHUGDGHUDIXHQWHGHVXVVXIULPLHQWRV\WRGRORTXHVHUHIHU­DDV­ PLVPRFRQXQDUHVHUYDWDQFHORVDTXHSDUHF­DGLFWDGDSRUODSRVLELOLGDGGHTXH HORULJHQGHODH[WUD±DSHUVHFXFL³QGHTXHHUDREMHWROHIXHUDFRQRFLGD\TXH HORULJHQIXHUDGHXQDQDWXUDOH]DWDOTXHHVWLPDVHQRSRGHURQRVHDWUHYLHUD GLYXOJDU 6X HVS­ULWX HQFHUUDGR HQ V­ PLVPR \ VLQ FHVDU DFRVDGR SRU XQD DQJXVWLD TXHQRVHDWUHY­DDFRQILDUQLDUHYHODUDXQR­GRKXPDQRVHWXUEDEDFDGDG­D P¡V\VHYROY­DFDGDG­DP¡VLPSUHVLRQDEOHHVWDQGRVXVLVWHPDQHUYLRVRHQ FLHUWD PHGLGD DIHFWDGR (Q HVWH HVWDGR SXHV 0U %DUWRQ V³OR SRG­D HVWDU GHVWLQDGR D VXIULU FDGD YH] P¡V IUHFXHQWHPHQWH ORV IXUWLYRV UHJUHVRV GH DTXHOODDSDULFL³QTXH\DWDQWHUULEOHLPSHULRHMHUF­DVREUHVXPHQWH )XH SRU HVWD ©SRFD FXDQGR YLVLW³ DO SDVWRU ;ߨ SUHGLFDGRU F©OHEUH D OD VD]³Q\DOTXHFRQRF­DYDJDPHQWH(VWDYLVLWDGLROXJDUDXQDH[WUDRUGLQDULD FRQYHUVDFL³Q (OHFOHVL¡VWLFRHVWDEDVHQWDGRHQVXJDELQHWHGHWUDEDMRURGHDGRGHREUDV UHODFLRQDGDV FRQ VXV HVWXGLRV IDYRULWRV OD WHRORJ­D FXDQGR %DUWRQ OH IXH LQWURGXFLGR +DE­D HQ OD DFWLWXG GHO FDSLW¡Q %DUWRQ DOJR GH HPEDUD]DGR \ IHEULO TXH VXPDGRDVXURVWURS¡OLGR\KRVFRLPSUHVLRQ³GHVDJUDGDEOHPHQWHDOVDELR\ OH KL]R SHQVDU TXH VLQ QLQJXQD GXGD VX YLVLWDQWH KDEU­D VXIULGR ºOWLPDPHQWH GH XQD IRUPD WDQ WHUULEOH TXH MXVWLILFDED XQD DOWHUDFL³Q WDQ FKRFDQWH \ FDVL DWHUUDGRUD 'HVSX©V GH KDEHU LQWHUFDPELDGR ODV VDOXWDFLRQHV DO XVR \ DOJXQDV REVHUYDFLRQHVWULYLDOHVHOFDSLW¡Q%DUWRQTXHVHGDEDFXHQWDYLVLEOHPHQWHGH OD VRUSUHVD TXH KDE­D SURYRFDGR VX YLVLWD HQ HO SDVWRU ;ߨ LQFDSD] GH GLVLPXODUURPSL³XQFRUWRVLOHQFLR\GLMR ߚ/D P­D HV XQD H[WUD±D YLVLWD VH±RU \ TXL]¡V XQD UHODFLRQHV WDQ SRFR ­QWLPDV FRPR ODV QXHVWUDV QR OD DXWRUL]DQ (Q FLUFXQVWDQFLDV QRUPDOHV QR KXELHUD WHQLGR OD DXGDFLD GH YHQLUOH D PROHVWDU SHUR PL YLVLWD QR HV OD LQWUXVL³QGHXQRFLRVRQLGHXQLPSHUWLQHQWH(VWR\VHJXURGHTXHXVWHGQROD MX]JDU¡DV­FXDQGROHKD\DGLFKRFXDOHVPLDIOLFFL³Q (O SDVWRU ;ߨ OH LQWHUUXPSL³ FRQ ODV SURWHVWDV TXH OH GLFWDED VX FDEDOOHURVLGDG\%DUWRQVLJXL³ ߚ+HYHQLGRDSRQHUDSUXHEDVXSDFLHQFLDSLGL©QGROHFRQVHMR<FXDQGR GLJR SDFLHQFLD SRGU­D GHFLU PHMRU SRQHU D SUXHED VX KXPDQLGDGߨ VX FRPSDVL³QSRUTXH\RVXIURVXIURPXFKR ߚ0LTXHULGRVH±RUߚUHVSRQGL³HOHFOHVL¡VWLFRߚVHU¡SDUDP­XQDDOHJU­D LQILQLWDVLSXHGRDSRUWDUDOLYLRDODSHQDGHVXDOPDSHURߨ ߚ<DV©\DV©ORTXHXVWHGYDDGHFLUPHߚUHSOLF³%DUWRQYLYDPHQWHߚVR\ XQ LQFU©GXOR \ SRU OR WDQWR LQFDSD] GH HQFRQWUDU XQ UHIXJLR HQ OD UHOLJL³Q SHURQRHVW©XVWHGGHPDVLDGRVHJXURGHHVWR7DQG©ELOHVFRPRSXHGDQVHUPLV FRQYLFFLRQHV QR HV PHQHVWHU TXH XVWHG VXSRQJD TXH \R QR H[SHULPHQWR XQ SURIXQGR XQ LQWHU©V PX\ SURIXQGR SRU HVDV FXHVWLRQHV (VWRV ºOWLPRV WLHPSRVODVFLUFXQVWDQFLDVPHKDQREOLJDGRDOOHYDUPLDWHQFL³QDFRQVLGHUDU SRU HQWHUR WRGDV HVWDV FXHVWLRQHV FRQ XQ HVS­ULWX P¡V DELHUWR \ P¡V G³FLO FUHRTXHHOTXHKDE­DSXHVWRHQHOSDVDGR ߚ/DVGLILFXOWDGHVTXHXVWHGHQFXHQWUDDUUDVWUDQVLQGXGDODVSUXHEDVGHOD 5HYHODFL³QߚVXJLUL³HOHFOHVL¡VWLFR ߚ0L IHߨ 1R FUHR TXH \Rߨ (Q YHUGDG VLHQWR YHUJ¼HQ]D SRU WHQHU TXH GHFLUOH TXH QL VLTXLHUD KH H[DPLQDGR VXILFLHQWHPHQWH PLV REMHFLRQHV SDUD H[SRQHUODVGHIRUPDFRKHUHQWHSHURKD\XQWHPDSRUHOFXDOH[SHULPHQWRXQ LQWHU©VSDUWLFXODU %DUWRQVHFDOO³GHQXHYR\HOSDVWRU;ߨOHDSUHPL³DTXHFRQWLQXDUD ߚ(O KHFKR HV ߚGLMR %DUWRQߚ TXH FXDOTXLHUD TXH SXHGD VHU PL FHUWLGXPEUH HQ FXDQWR D OD DXWHQWLFLGDG GH HVR TXH GDPRV HQ OODPDU 5HYHODFL³QHVXQDFRVDGHODTXHHVWR\SURIXQGD\KRUULEOHPHQWHFRQYHQFLGR \ HV TXH H[LVWH YHUGDGHUDPHQWH P¡V DOO¡ GH HVWH PXQGR HQ HO FXDO QRVRWURV HVWDPRV XQ PXQGR GH HVS­ULWXV XQ PXQGR FX\R IXQFLRQDPLHQWR QRV HV HQ JHQHUDO\SRUSLHGDGKDFLDQRVRWURVRFXOWDGRXQPXQGRTXHQRVSXHGHVHU\ TXH QRV HV D YHFHV SDUFLDOPHQWH \ SDUD QXHVWUR WHUURU UHYHODGR <R HVWR\ VHJXUR\RV©ߚFRQWLQX³%DUWRQFRQXQDILHEUHFUHFLHQWHߚTXHKD\XQ'LRV XQ 'LRV WHPLEOH \ TXH HO FDVWLJR VLJXH D OD IDOWD TXH QRV DOFDQ]D SRU ORV FDPLQRVP¡VPLVWHULRVRV\P¡VH[WUDRUGLQDULRV\TXHQRVHVLQIOLJLGRSRUORV P¡V LQH[SOLFDEOHV \ ORV P¡V WHUULEOHV GH ORV DJHQWHV +D\ XQ PXQGR GH HVS­ULWXVRK'LRVbFRQTX©IXHU]DHVWR\\RFRQYHQFLGRXQPXQGRPDO©ILFR XQ PXQGR LPSODFDEOH XQ PXQGR RPQLSRWHQWH GHO TXH VXIUR \ GHO TXH KH VXIULGR ODV SHUVHFXFLRQHV bXQ PXQGR GHO FXDO KH FRQRFLGR ORV WRUPHQWRV GH ORV FRQGHQDGRV b6­ VH±RU V­ߨ \R FRQR]FR ODV OODPDV \ ODV IXULDV GHO LQILHUQR 0LHQWUDV%DUWRQKDEODEDVXDJLWDFL³QGHYLQRWDQYLROHQWDTXHHOSUHGLFDGRU VHVLQWL³FRQPRYLGRHLQFOXVRDODUPDGRSRUODLPSHWXRVLGDG\ODILHEUHFRQOD FXDOHOFDSLW¡QVHH[SUHVDED\VREUHWRGRSRUHOLQGHILQLEOHKRUURUPDUFDGR HQ VXV UDVJRV TXH DQWH VX FDOPD \ VDQJUH IU­D KDELWXDOHV IRUPDEDQ XQ FRQWUDVWHWRGDY­DP¡VVREUHFRJHGRU\SHQRVR 9 0U%DUWRQH[SRQHVXFDVR ߚ0L TXHULGR VH±RU ߚGLMR HO SDVWRU ;ߨ WUDV XQD SDXVDߚ WHPR HQ YHUGDGTXHKD\DVLGRXVWHGPX\GHVJUDFLDGRSHURPHDWUHYRDSUHGHFLUTXHVH HQFRQWUDU¡ HO RULJHQ GH OD GHSUHVL³Q TXH XVWHG VXIUH HQ FDXVDV SXUDPHQWH I­VLFDV\TXHFRQXQFDPELRGHDLUHV\ODD\XGDGHDOJXQRVW³QLFRVUHFXSHUDU¡ VX KXPRU QRUPDO OR PLVPR TXH VX VHUHQLGDG DFRVWXPEUDGD +DE­D VLQ GXGD DOJXQDP¡VSDUWHGHYHUGDGGHODTXHQRVRWURVTXHUHPRVDGPLWLUHQODVWHRU­DV FO¡VLFDVTXHDWULEX\HQODSUHGRPLQDQFLDDQRUPDOGHFXDOTXLHUHQIHUPHGDGGHO HVS­ULWXHQHOIXQFLRQDPLHQWRGHXQRXRWURGHQXHVWURV³UJDQRV&U©DPHKDJD XQSRFRGHU©JLPHQKDJDHMHUFLFLR\HQXQDSDODEUDOOHYHEDMRODGLUHFFL³Q GHDOJXLHQFRPSHWHQWHXQDYLGDVDQD\XVWHGYROYHU¡DHQFRQWUDUVHLJXDOTXH DQWHVWDOFRPRXVWHGSXHGHHVWDU ߚ6H±RUSDVWRUߚGLMR%DUWRQFRQXQDHVSHFLHGHHVWUHPHFLPLHQWRߚPHHV LPSRVLEOH DFXQDUPH HQ HVD HVSHUDQ]D 1R OD VROD HVSHUDQ]D TXH PH UHVWD OD VROD FRVD D TXH PH SXHGR DIHUUDU HV TXH HO DJHQWH HVSLULWXDO TXH PH WRUWXUD SXHGDVHUFRPEDWLGRSRURWURDJHQWHHVSLULWXDOP¡VSRGHURVRTXH©O\TXHDV­ SXHGD OLEUDUPH 6L HVWR QR HV SRVLEOH HVWR\ SHUGLGR SHUGLGR GHVGH DKRUD \ SDUDVLHPSUH ߚ3HUR 0U %DUWRQ ߚLQVLVWL³ HO HFOHVL¡VWLFRߚ HV PHQHVWHU TXH XVWHG QR ROYLGHTXHRWURVKDQVXIULGRFRPRXVWHG\TXHߨ ߚ1R QR QR ߚOH LQWHUUXPSL³ HO FDSLW¡Q FRQ LUULWDFL³Qߚ QR OH GLJR D XVWHG \R QR VR\ XQ KRPEUH FU©GXOR \ PHQRV DºQ XQ KRPEUH VXSHUVWLFLRVR 4XL]¡V KH VLGR \ HQ GHPDV­D OR FRQWUDULR PX\ HVF©SWLFR GHPDVLDGR UHVLVWHQWH D OD FUHHQFLD SHUR D PHQRV GH TXH DOJXLHQ SUXHEH QR SXHGH FRQYHQFHU D PHQRV GH GHVSUHFLDU HO WHVWLPRQLR UHSHWLGR FRQWLQXDGR GH PLV SURSLRV VHQWLGRV \R HVWR\ DKRUD HQ ILQ FRQVWUH±LGR D FUHHUߨ <R QR SXHGR HVFDSDUDKRUDDODFRQYLFFL³QDODDSODVWDQWHFHUWH]DߨGHTXHVR\DFRVDGR\ WRUWXUDGRYD\DGRQGHYD\DSRUߨbSRUXQGHPRQLR 0LHQWUDV 0U %DUWRQ VH H[SUHVDED GH HVWD PDQHUD WHQ­D HQ VX URVWUR HQ DTXHOORVUDVJRVKºPHGRV\FDGDY©ULFRVXQDHQHUJ­DVREUHQDWXUDOQDFLGDGHVX KRUURU ߚ'LRV YHQGU¡ HQ VX D\XGD PL SREUH DPLJR ߚGLMR HO SDVWRU PX\ FRQPRYLGRߚ'LRVOHD\XGDU¡SRUTXHXVWHGHVHQYHUGDGDOJXLHQTXH VXIUH VHDFX¡OIXHUHODFDXVDGHVXVVXIULPLHQWRV ߚ6­ V­ TXH 'LRV PH D\XGH ߚUHSLWL³ %DUWRQ FRQ DLUH VRPEU­Rߚ SHUR TXHUU¡OD\XGDUPHTXHUU¡" ߚ,PSO³UHOHUX©JXHOHKXPLOGHPHQWHߚGLMRHOSDVWRU ߚb5RJDU URJDU ߚJULW³ HO FDSLW¡Q FRQ HO PLVPR DLUH VRPEU­Rߚ <R QR SXHGRURJDUVHU­DWDQWRFRPRWUDWDUGHPRYHUXQDPRQWD±DFRQODVRODIXHU]D GH PL YROXQWDG <R QR WHQJR IH VXILFLHQWH SDUD URJDU KD\ DOJR GHQWUR GH P­ TXH VH QLHJD D RUDU /R TXH XVWHG PH SUHVFULEH HV LPSRVLEOH OLWHUDOPHQWH LPSRVLEOH ߚ<D YHU¡ FRPR QR V³OR GHEH XVWHG SUREDUOR \ YHU¡ TXH WDO FRVD QR HV LPSRVLEOH ߚb3UREDU<DKHSUREDGR\HVDVWHQWDWLYDVQRPHKDQSURGXFLGRP¡VTXH WHUURU\FRQIXVL³Q KH SUREDGR \ HQ YDQR P¡VTXH HQ YDQR (O HVSDQWRVR HO LQH[SOLFDEOHSHQVDPLHQWRGHODHWHUQLGDG\GHOLQILQLWRDSODVWDQPLFHUHEUR\OH HPSXMDQ DO FDPLQR GH OD ORFXUD FDGD YH] TXH PL DOPD VH YXHOYH KDFLD HO &UHDGRU \ HVWH HVIXHU]R PH GHMD WHPEORURVR \ HVSDQWDGR (V PHQHVWHU TXH KD\D RWURV PHGLRV /D LGHD GH XQ &UHDGRU HWHUQR HV SDUD P­ LQWROHUDEOH PL HVS­ULWXQRSXHGHVRSRUWDUOD ߚ(QWRQFHV PL TXHULGR VH±RU ߚGLMR HO HFOHVL¡VWLFR FRQ XQ WRQR DSUHPLDQWHߚHQWRQFHVG­JDPHTX©VRFRUURGHVHDUHFLELUGHP­G­JDPHTX© GHVHDVDEHUGHP­TX©SXHGR\RKDFHUOHRGHFLUOHSDUDDOLYLDUOH" ߚ3ULPHURTXHTXLHUDXVWHGHVFXFKDUPHߚUHSOLF³HOFDSLW¡QFRQXQWRQR P¡VVXDYH\KDFLHQGRXQHVIXHU]RSDUDGRPLQDUVXDJLWDFL³Qߚ'©MHPHTXHOH UHODWHORVGHWDOOHV\ODVFLUFXQVWDQFLDVGHODSHUVHFXFL³QTXHKDKHFKRPLYLGD LQWROHUDEOHߨXQDSHUVHFXFL³QTXHPHKDFHWHPLEOHODPXHUWH\HOPXQGRTXH KD\P¡VDOO¡GHODWXPEDWDQWHPLEOHFRPRHVWDH[LVWHQFLDTXH\DRGLR %DUWRQVHSXVRHQWRQFHVDUHODWDUODVFLUFXQVWDQFLDVTXH\R\DKHFRQWDGR /XHJRD±DGL³ ߚ/DFRVDVHKDKHFKRDKRUDFRUULHQWHKDELWXDO1RHVHQDEVROXWRHOKHFKR GH YHUOH HIHFWLYDPHQWH HQ FDUQH \ KXHVR JUDFLDV D 'LRV HVWR QR VXFHGH DºQ WRGRVORV G­DV $ 'LRV JUDFLDV PH KDQ VLGR PLVHULFRUGLRVDPHQWH FRQFHGLGRV XQRV LQWHUYDORV GH UHSRVR \ DV­ QR FRQR]FR FRQVWDQWHPHQWH ORV LQHIDEOHV KRUURUHVGHHVDSUHVHQFLDVLPHKDQVLGRDFRUGDGRVXQRVLQWHUYDORVSHURVLQ QLQJXQDVHJXULGDGSHURQXQFDVLTXLHUDGXUDQWHXQV³ORLQVWDQWH\RGHMRGH VHU FRQVFLHQWH GH TXH YD\D SRU GRQGH YD\D SRU WRGDV SDUWHV XQ HVS­ULWX PDO©ILFR PH SHUVLJXH %ODVIHPLDV JULWRV GH GHVHVSHUR HVSDQWRVRV JULWRV GH RGLR PH SHUVLJXHQ &XDQGR YXHOYR OD HVTXLQD GH XQD FDOOH ORV RLJR HVRV KRUULEOHV JULWRV JROSHDQGR PLV RUHMDV \ D OD QRFKH FXDQGR HVWR\ VROR VHQWDGR HQ PL KDELWDFL³Q ORV JULWRV UHWXPEDQ WDPEL©Q HQ WRGR OXJDU HVRV JULWRVPHDFRVDQPHDFXVDQGHFU­PHQHVRGLRVRV\bRK'LRVPHDPHQD]DQ FRQXQFDVWLJRSU³[LPR\XQRVVXIULPLHQWRVHWHUQRVb&KLWVVV2\HXVWHGHVR" ߚGLMR %DUWRQ GH SURQWR FRQ XQD KRUULEOH VRQULVD GH WULXQIRߚ 2\H XVWHG" 6HFRQYHQFHDKRUD" (O HFOHVL¡VWLFR VH VLQWL³ VREUHFRJLGR SRU XQ UHSHOX]QR GH KRUURU FXDQGR VLQWL³RFUH\³VHQWLUDOPLVPRWLHPSRTXHHOJHPLGRGHXQDEUXVFDU¡IDJDGH YLHQWR XQRV LQGLVWLQWRV VRQLGRV GH UDELD \ GH HVFDUQLR TXH VH PH]FODEDQ DO VLOELGRGHODERUUDVFD ߚ<ELHQ"ߚH[FODP³ILQDOPHQWH%DUWRQUHVSLUDQGRODUJDPHQWHHQWUHVXV GLHQWHVDSUHWDGRVߚ<ELHQTX©SLHQVDXVWHGGHHVWR" ߚ+H R­GR HO YLHQWR ߚGLMR HO SDVWRU ;ߨߚ 4X© SXHGR SHQVDU" 4X© WLHQHHVRGHQRWDEOH" ߚ(OSU­QFLSHGHODVSRWHQFLDVGHODLUHߚPXUPXU³%DUWRQFRQXQWHPEORU ߚ9DPRV YDPRV PL TXHULGR VH±RU ߚGLMR HO VDELR KDFLHQGR XQ HVIXHU]R SDUD VHUHQDUVH SXHV DXQTXH IXHUD ELHQ GH G­D KDE­D VLQ HPEDUJR DOJR GHVDJUDGDEOHPHQWH FRQWDJLRVR HQ OD VREUHH[FLWDFL³Q QHUYLRVD GH VX LQWHUORFXWRU \ GH OD FXDO ©O HUD OD SUHVDߚ (V PHQHVWHU TXH DEDQGRQH XVWHG HVDV LGHDV H[WUDYDJDQWHV HV PHQHVWHU TXH UHVLVWD XVWHG ODV LPSXOVLRQHV GH VX LPDJLQDFL³Q ߚb6­V­l5HVLVWHDOGHPRQLR\©OKXLU¡GHWL{3HURF³PRUHVLVWLUOH"(VV­ GRQGH\DFHODGLILFXOWDG4X©GHERKDFHU"4X©SXHGRKDFHU" ߚ0LTXHULGRVH±RUWRGRHVRHVGHKHFKRGHVXLPDJLQDFL³Q(VXVWHGVX SURSLRYHUGXJR ߚ1RQRߚUHVSRQGL³%DUWRQFRQFLHUWDUXGH]Dߚ/DLPDJLQDFL³QQRWLHQH QDGDTXHYHUHQHOORb/DLPDJLQDFL³Q(VHOODTXLHQQRVKDKHFKRR­UKDFHXQ LQVWDQWH WDQWR D XVWHG FRPR D P­ HVRV DFHQWRV YHQLGRV GHO LQILHUQR" b/D LPDJLQDFL³QGHVGHOXHJRQRQR ߚ3HUR ߚGLMR HO HFOHVL¡VWLFRߚ VL XVWHG KD YLVWR IUHFXHQWHPHQWH D HVD SHUVRQDSRUTX©QRODKDDERUGDGRRODKDSXHVWRIXHUDGHFLUFXODFL³QSDUD TXHQROHHQRMHP¡V"(VFRQFOXLUXQSRFRU¡SLGDPHQWHSRUQRGHFLUP¡VTXH HVXVWHGPLVPRHOTXHLQYRFDXQDLQWHUYHQFL³QVREUHQDWXUDO\QROHTXHSDOD PHQRU GXGD TXH VL VH HPSOHDVH XVWHG HQ H[DPLQDU DWHQWD \ FRQYHQLHQWHPHQWH WRGRHOIHQ³PHQROHHQFRQWUDU­DXQDH[SOLFDFL³Q ߚ+D\ XQDV FLUFXQVWDQFLDV TXH VH UHODFLRQDQ D HVD DSDULFL³Q SHUR VRQ VXSHUILQDV GH FRQRFHU SDUD DOJXLHQ P¡V 6RQ ODV SUXHEDV GH VX KRUULEOH QDWXUDOH]D <D V© TXH HO VHU TXH PH SHUVLJXH QR HV KXPDQR \R OH DILUPR D XVWHG TXH OR V© LQFOXVR SRGU­D FRQYHQFHUOH (Q FXDQWR D DERUGDUOH QR PH DWUHYR D KDFHUOR VR\ LQFDSD] &XDQGR OH YHR PH VLHQWR UHGXFLGR D OD LPSRWHQFLD 0H HQFXHQWUR IUHQWH D OD PXHUWH HQ OD WULXQIDQWH SUHVHQFLD GHO SRGHU \ GH OD PDOLJQLGDG GHO LQILHUQR 0LV IXHU]DV PLV IDFXOWDGHV PL PHPRULD WRGR PH DEDQGRQD <R WHPR D\ TXH XVWHG LJQRUH HVWR GH TXH OH KDEORb*UDFLDJUDFLDb(OFLHORWHQJDSLHGDGGHP­ $SR\DQGR VX FRGR HQ OD PHVD %DUWRQ SDV³ VX PDQR SRU VXV RMRV FRPR SDUDERUUDUXQDYLVL³QGHKRUURU\PXUPXU³YDULDVYHFHVODVºOWLPDVSDODEUDV GHVXSDUODPHQWR ߚ6H±RU SDVWRU ߚGLMR DO ILQ OHYDQW¡QGRVH EUXVFDPHQWH \ PLUDQGR GH IUHQWH DO HFOHVL¡VWLFR FRQ PLUDGD VXSOLFDQWHߚ \R V© TXH KDU¡ XVWHG SRU P­ WRGRFXDQWRSXHGDKDFHU8VWHGFRQRFHDKRUD­QWHJUDPHQWHODVFLUFXQVWDQFLDV\ OD QDWXUDOH]D GH PL DIOLFFL³Q /H UHSLWR TXH \R QR SXHGR KDFHU QDGD SRU P­ PLVPR 1R WHQJR HVSHUDQ]D GH VDOYDUPH (VWR\ DEVROXWDPHQWH SDVLYR 7DPEL©Q OH FRQMXUR D H[DPLQDU PL FDVR \ VL ODV VºSOLFDV GH RWURV SXHGHQ KDFHU DOJR SRU P­ OD LQWHUFHVL³Q GH ORV MXVWRV XQD D\XGD XQD LQIOXHQFLD FXDOTXLHUD\ROHLPSORUROHFODPRHQQRPEUHGHO0X\$OWRTXHPHEHQHILFLH GHHVDLQIOXHQFLD TXHPH DUUDQTXH GH HVWD PXHUWH OHQWD/XFKHSRU P­ WHQJD SLHGDG GH P­ \R V© TXH XVWHG OR KDU¡ XVWHG QR SXHGH QHJ¡UPHOD HVWH HV HO PRWLYR\HOREMHWRGHPLYLVLWD1RPHGHMHPDUFKDUVLQGDUPHXQDHVSHUDQ]D SRU IODFD TXH VHD OD HVSHUDQ]D GH TXH SXHGD YHUPH DO ILQ OLEHUDGR \ \R HQFRQWUDU©HOFRUDMHGHVRSRUWDUKRUDWUDVKRUDODSHVDGLOODRGLRVDHQTXHPL H[LVWHQFLDVHKDFRQYHUWLGR (OSDVWRU;ߨDVHJXU³DOFDSLW¡Q%DUWRQTXHWRGRORTXH©OSRG­DKDFHUHUD UH]DUDUGLHQWHPHQWH\TXHHVWRQRGHMDU­DGHKDFHUOR6HVHSDUDURQFDPELDQGR XQRVDGLRVHVVRPHURV\PHODQF³OLFRV%DUWRQVHSUHFLSLW³KDFLDHOFRFKHTXH OHHVSHUDEDHQODSXHUWDEDM³ODVFRUWLQLOODV\VHDOHM³PLHQWUDVHOSDVWRU;ߨ YROY­DDVXJDELQHWHSDUDUXPLDUDVXVDQFKDVVREUHODH[WUD±DHQWUHYLVWDTXH DFDEDEDGHLQWHUUXPSLUVXVHVWXGLRV 9, 0U%DUWRQlOH{YHXQDYH]P¡V &RPR SRG­D HVSHUDUVH ODV QXHYDV \ H[F©QWULFDV FRVWXPEUHV GHO FDSLW¡Q %DUWRQQRHVFDSDURQDODVKDEODGXU­DV1XPHURVDVIXHURQODVKLS³WHVLVTXHVH IRUMDURQSDUDH[SOLFDUHOFDPELRGHVXFRPSRUWDPLHQWR/RVXQRVODDWULEX­DQ DVHFUHWDVGLILFXOWDGHVGHGLQHURRWURVDODUHSXJQDQFLDTXHVHQW­DSDUDDVXPLU HOFRPSURPLVRWRPDGRXQSRFRDODOLJHUDRWURVDWULEX­DQVXVPDQHUDVDODV SULPHUDV PDQLIHVWDFLRQHV GH XQD HQIHUPHGDG PHQWDO \ HVWD ºOWLPD WHRU­D HUD HQYHUGDGODP¡VSODXVLEOH\ODP¡VJHQHUDOPHQWHDGPLWLGD 0LVV 0RQWDJXH GHVGH OXHJR HQ VHJXLGD VH KDE­D GDGR FXHQWD GH HVH FDPELR HQ VX SURPHWLGR \ FX\RV SURJUHVRV HUDQ JUDGXDOHV /D LQWLPLGDG UHVXOWDQWHGHOSDUWLFXODUOD]RTXHKDE­DHQWUHDPERVMXQWRDOYLYRLQWHU©VTXH©O OH LQVSLUDED SUHYHQ­DQ D OD MRYHQ GH RFDVLRQHV SDUD HMHUFHU FRQ ©[LWR HVD IDFXOWDGGHREVHUYDFL³QOºFLGD\SHQHWUDQWHTXHHVSULYDWLYDGHVXVH[R /DV YLVLWDV GH 0U %DUWRQ VH KLFLHURQ DO ILQ WDQ UDUDV \ VX DFWLWXG WDQ GLVWUD­GDGXUDQWHVXVYLVLWDVWDQH[WUD±D\WDQDJLWDGDTXH/DG\/ߨGHVSX©V GH KDEHU GHMDGR XQD YH] HQWUHYHU VX LQTXLHWXG \ VXV VRVSHFKDV GLMR DO ILQ FODUDPHQWHORTXHSHQVDED\H[LJL³XQDH[SOLFDFL³Q (VWD H[SOLFDFL³Q IXH VDWLVIHFKD \ DXQTXH VX QDWXUDOH]D DSDFLJX³ HQ SULQFLSLR ORV WHPRUHV GH OD DQFLDQD GDPD \ GH VX VREULQD ODV FLUFXQVWDQFLDV TXHODDFRPSD±DEDQ\ODVFRQVHFXHQFLDVYHUGDGHUDPHQWHWHUULEOHVTXHODFRVD LPSOLFDEDHQFXDQWRDODPRUDO\DODUD]³QGHOKRPEUHPLVHUDEOHDKRUDTXH DFDEDED GH KDFHUOHV OD H[WUD±D GHFODUDFL³Q HUDQ VXILFLHQWHV QDGD P¡V TXH SHQVDQGRXQSRFRSDUDOOHQDUVXVHVS­ULWXVGHDJLWDFL³Q\GHDODUPD (O JHQHUDO 0RQWDJXH SDGUH GH OD MRYHQFLWD DUULE³ DO ILQ O KDE­D \D FRQRFLGRD%DUWRQGLH]RGRFHD±RVDQWHV\FRQRF­DVXIRUWXQD\VXIDPLOLD\ HVWDED GLVSXHVWR D FRQVLGHUDUOR FRPR XQ SDUWLGR H[FHSFLRQDO LQFOXVR DOWDPHQWHGHVHDEOHSDUDVXKLMD/DKLVWRULDGHODVlYLVLWDV{VREUHQDWXUDOHVGH ODVTXH%DUWRQVHTXHMDEDOHKLFLHURQUH­UPXFKR\QRWDUG³HQLUDYHUDVX IXWXUR\HUQR ߚ0L TXHULGR %DUWRQ ߚGLMR DOHJUHPHQWH GHVSX©V GH KDEHU FDPELDGR DOJXQDV SDODEUDV FRQ ©Oߚ PL KHUPDQD PH KD GLFKR TXH XVWHG HVW¡ HQ WUDWRV FRQORHVS­ULWXVTXHVHOHPDQLILHVWDQGHXQDPDQHUDKDUWRRULJLQDO %DUWRQFDPEL³GHH[SUHVL³Q\VXVSLU³SURIXQGDPHQWH ߚ9DPRV YDPRV ߚVLJXL³ HO JHQHUDOߚ FU©DPH XVWHG HVWR QR SXHGH FRQWLQXDU DV­ 8VWHG WLHQH P¡V HO DVSHFWR GH XQ KRPEUH HQ FDPLQR KDFLD HO SDW­EXOR TXH HO GH XQ QRYLR HQ FDPLQR GHO DOWDU 6XV GHPRQLRV KDQ KHFKR GH XVWHGXQVDQWR %DUWRQLQWHQW³FDPELDUGHFRQYHUVDFL³Q ߚ1R QR ߚSURWHVW³ VX LQWHUORFXWRU ULHQGRߚ QDGD GH HVR <R HVWR\ GHFLGLGRDGHFLUOHORTXHWHQJRTXHGHFLUOHDXVWHGVREUHVXIDPRVRPLVWHULR 1RORWRPHDPDOSHURHVGHPDVLDGRODVWLPRVRYHUDXQKRPEUHGHVXHGDG OOHYDUXQDYLGDGHDQDFRUHWDSRUTXHWHQJDPLHGRFRPRVLIXHUDXQQL±RWRQWR TXH WLHQH PLHGR DO FRFR DO P¡V GHVSUHFLDEOH GH ORV FRFRV 6LQFHUDPHQWH OR TXH PH KDQ FRQWDGR PH KD IDVWLGLDGR EDVWDQWH 3HUR DO PLVPR WLHPSR KH OOHJDGR D OD FRQFOXVL³Q GH TXH QR KD\ QDGD HQ VX KLVWRULD TXH QR SXHGD VHU DFODUDGR WRGR OR P¡V HQ XQD VHPDQD VL VH SRQH XQ SRFR GH FXLGDGR \ DWHQFL³Q ߚ$KJHQHUDOXVWHGQRVDEHߨ ߚ1RSHUR\RV©EDVWDQWHSDUDMXVWLILFDUPLFRQILDQ]DߚOHLQWHUUXPSL³HO VROGDGRߚ 6© TXH WRGRV VXV HQRMRV SURYLHQHQ GH OD DSDULFL³Q GH XQ KRPEUHFLOOR WRFDGR FRQ XQ FDVTXHWH \ YHVWLGR FRQ XQ DEULJR TXH WLHQH XQ FKDOHFRURMR\PDODFDUDTXHWHVLJXHSRUWRGDVSDUWHVTXHVHOHDSDUHFHHQORV ULQFRQHV GH ODV FDOOHV \ TXH OH SURYRFD DFFHVRV IHEULOHV 'HVGH DKRUD PL TXHULGR DPLJR \R PH HQFDUJR GH DWUDSDU D HVH PDOKHFKRU D HVH HQDQR VDOWLPEDQTXL\VHDSDUDFRQYHUWLUORFRQPLVSURSLDVPDQRVHQSLFDGLOORVHD SDUD KDFHUOH DWUDYHVDU OD FLXGDG D SXQWD GH O¡WLJR DWDGR D OD WUDVHUD GH XQD FDUUHWDOHOLEURDXVWHGGH©ODQWHVGHTXHSDVHXQPHV ߚ6LXVWHGVXSLHUDORTXH\RV©ߚGLMR%DUWRQFRQXQDRVFXUDDJLWDFL³Qߚ XVWHGKDEODU­DGHIRUPDPX\GLVWLQWD1RPHFUHDOREDVWDQWHG©ELOSDUDKDEHU VLQ ODV SUXHEDV P¡V DSODVWDQWHV DFHSWDGR OD FRQFOXVL³Q TXH PH KD VLGR LPSXHVWDߨ(VWDVSUXHEDVHVW¡QDTX­HVW¡QHQFHUUDGDVDTX­ +DEODQGR %DUWRQ VH JROSHDED HO SHFKR \ H[KDODQGR XQ VXVSLUR GH DQJXVWLDVHSXVRDDQGDUDORODUJR\DORDQFKRGHODKDELWDFL³Q ߚ9DPRVYDPRV%DUWRQߚGLMRHOJHQHUDO0RQWDJXHߚ\ROHDSXHVWRXQD FHQDDTXHFRJHU©DVXIDQWDVPDSRUHOFXHOORDQWHVGHTXHSDVHQXQRVG­DV\OH FRQYHQFHU©DXVWHG (O JHQHUDO FRQWLQXDED KDEODQGR DV­ FXDQGR DO YHU D %DUWRQ DFHUFDUVH D OD YHQWDQD REVHUY³ FRPR XQ LQVWDQWH GHVSX©V VH OH GHPXGDED HO VHPEODQWH \ UHWURFHG­D D WURSH]RQHV FRPR VL XQ JROSH LQHVSHUDGR OH DWXUGLHUD &RQ HO EUD]RVH±DODQGRDODFDOOHHOFDSLW¡QWHQ­DHOURVWUR\KDVWDORVODELRVGHXQD SDOLGH]FRORUFHQL]D0XUPXUDEDlb$OO­ߨSRUHOFLHORߨDOO­ߨDOO­{ (OJHQHUDO0RQWDJXHVHOHYDQW³PDTXLQDOPHQWH\YLRGHVGHODYHQWDQDGHO VDO³Q XQD VLOXHWD JHPHOD D OD TXH OH KDE­DQ GHVFULWR FRPR SHUWHQHFLHQWH DO LQGLYLGXR FX\D DSDULFL³Q WXUEDED WDQ REVWLQDGDPHQWH HO UHSRVR GH VX IXWXUR \HUQR (O PLVWHULRVR SHUVRQDMH FXDQGR HO JHQHUDO OR DGYLUWL³ FRPHQ]DED D DOHMDUVH GH OD YHUMD TXH ERUGHDED OD HQWUDGD GH VHUYLFLR GH XQD FDVD YHFLQD YHUMDHQODTXHKDVWDHQWRQFHVKDE­DHVWDGRDSR\DGR6LQHVSHUDUDYHUORQLXQ VHJXQGR P¡V HO DQFLDQR JHQHUDO DJDUU³ VX EDVW³Q \ VX VRPEUHUR \ VDOL³ GLVSDUDGR HVFDOHUDV DEDMR FRQ OD ORFD HVSHUDQ]D GH DWUDSDU DO HQLJP¡WLFR GHVFRQRFLGR\DSOLFDUOHODFRUUHFFL³QFRUUHVSRQGLHQWH 0LU³DVXDOUHGHGRUPDVHQYDQRHUDLQFDSD]GHGHVFXEULUODPHQRUWUD]D GHO LQGLYLGXR TXH ©O PLVPR DFDEDED GH YHU SHUIHFWDPHQWH &RUUL³ KDVWD SHUGHUHODOLHQWRSDUDOOHJDUDODHVTXLQDP¡VSU³[LPDFRQODVHJXULGDGGHTXH LEDDYHUODIRUPDIXJLWLYDGHOKRPEUHGHJRUURGHSLHOSHURVXHVSHUDQ]DVH IUXVWU³ &RPR XQ VDEXHVR HO JHQHUDO FRUUL³ HQ WRGRV VHQWLGRV GH HVTXLQD HQ HVTXLQD\QRSDU³KDVWDTXHODVPLUDGDVFXULRVDV\ODH[SUHVL³QGLYHUWLGDGH ORVSDVHDQWHVOHGLHURQODPHGLGDGHORDEVXUGRGHVXSHUVHFXFL³Q0HVXUDQGR VXV SDVRV EDM³ VX EDVW³Q TXH PDTXLQDOPHQWH KDE­D VXELGR KDVWD XQD DOWXUD DPHQD]DQWHVHFDO³ELHQHOVRPEUHUR\YROYL³UHSRVDGDPHQWHVREUHVXVSDVRV SURIXQGDPHQWHDJLWDGR\YHMDGR(QFRQWU³D%DUWRQS¡OLGRFRPRXQDV¡EDQD\ WHPEODQGR FRQ WRGRV VXV PLHPEURV ORV GRV KRPEUHV HVWXYLHURQ PXFKR UDWR HQ VLOHQFLR KDVWD TXH DPERV OR URPSLHURQ GH YH] EDMR HO LPSHULR GH ELHQ GLYHUVDVHPRFLRQHV ߚ+DYLVWRXVWHGODFRVD"ߚPXUPXU³%DUWRQ ߚ/DFRVD"ߨ8VWHGTXHUU¡GHFLU©OߨHVHKRPEUHߨ(YLGHQWHPHQWHOHKH YLVWR ߚUHVSRQGL³ 0RQWDJXH FRQ KXPRUߚ 3HUR GH TX© PH KD YDOLGR" (O DQLPDOFRUUHFRPRXQHQFHQGHGRUGHIDUROHV<RTXHU­DDWUDSDUORSHURDQWHV LQFOXVR GH TXH SXGLHUD DOFDQ]DU OD SXHUWD GHO YHVW­EXOR PH KDE­D HVTXLYDGR 3HURQRLPSRUWDODSU³[LPDYH]SXHGHXVWHGHVWDUVHJXURORKDU©PHMRU\D IHTXHVLPHWURSLH]RFRQ©OOHFRQRFHU©FRQPLEDVW³Q 3HUR SHVH D ODV SURPHVDV \ D ODV H[KRUWDFLRQHV GHO JHQHUDO 0RQWDJXH %DUWRQFRQWLQX³VXIULHQGRSRUODPLVPDPLVWHULRVDUD]³Q<DSRG­DLUGRQGH TXLVLHVH TXH HQ WRGR PRPHQWR \ HQ FXDOTXLHU FLUFXQVWDQFLD HVWDED VLHPSUH DWRUPHQWDGRSRUHOVHUTXHWDQKRUULEOHLQIOXHQFLDKDE­DDGTXLULGRVREUH©O 1L HQ QLQJXQD SDUWH QL HQ QLQJºQ PRPHQWR HVWDED DO DEULJR GH OD RGLRVD DSDULFL³QTXHOHDFRVDEDFRQWDQGLDE³OLFDREVWLQDFL³Q 6XDEDWLPLHQWRVXGHVHSHUDFL³Q\VXHVWDGRQHUYLRVRGHYLQRFDGDG­DP¡V FODUR \ P¡V DODUPDQWH /DV WRUWXUDV PHQWDOHV TXH OH UR­DQ FRQWLQXDPHQWH FRPHQ]DURQ ILQDOPHQWH D DIHFWDU VX VDOXG FRVD TXH WDQWR /DG\ /ߨFRPR HO JHQHUDO DGYLUWLHURQ VLQ GLILFXOWDG $PERV SXVLHURQ LQWHU©V HQ SHUVXDGLUOH GH TXHWUDWDUDGHKDFHUXQFRUWRYLDMHSRUHOFRQWLQHQWHFRQODHVSHUDQ]DGHTXHXQ FDPELR FRPSOHWR GH GHFRUDGR WHQGU­D HO HIHFWR GH GLVLSDU OD LQIOXHQFLD TXH SRG­D WHQHU VREUH ©O OD YLVWD FRWLGLDQD GH ORV OXJDUHV GH VX SHUVHFXFL³Q LQIOXHQFLD TXH ORV P¡V HVF©SWLFRV GH VXV DPLJRV HVWLPDEDQ FRPR XQD VLPSOH IRUPDGHDOXFLQDFL³QQHUYLRVD (O JHQHUDO 0RQWDJXH FRQWUDULDPHQWH HVWDED FRQYHQFLGR GH TXH OD IRUPD TXH DFRVDED D VX IXWXUR \HUQR QR HUD HQ DEVROXWR XQD FUHDFL³Q GH OD LPDJLQDFL³Q GH ©VWH VLQR ELHQ DO FRQWUDULR XQD IRUPD PDWHULDO KHG­D GH FDUQH \ GH VDQJUH \ ILUPHPHQWH GHFLGLGD TXL]¡ FRQ XQ REMHWR KRPLFLGD D YLJLODU\DVHJXLUDOGHVGLFKDGR 3HURVLTXLHUDHVWDKLS³WHVLVHUDDJUDGDEOH(UDHYLGHQWHVLQHPEDUJRTXH VL %DUWRQ ORJUDED FRQYHQFHUVH GH TXH QR KDE­D QDGD GH VREUHQDWXUDO HQ HO IHQ³PHQR HO DVXQWR SHUGHU­D D VXV RMRV WRGR OR TXH WHQ­D GH WHUURU­ILFR \ FHVDU­D SRU HQWHUR GH HMHUFHU VREUH VX VDOXG \ VREUH VX PRUDO OD IXQHVWD LQIOXHQFLD TXH KDVWD HO PRPHQWR HMHUF­D (O FDSLW¡Q QR SRG­D GHMDU GH GDUVH FXHQWDVLDGYHUW­DTXHSRG­DHVFDSDUYHUGDGHUDPHQWHDVXVWRUPHQWRVQDGDP¡V TXH GHVSOD]¡QGRVH \ FDPELDQGR GH OXJDU TXH DTXHOORV QR SRG­DQ WHQHU PDQLILHVWDPHQWHXQDFDXVDVREUHQDWXUDO 9,, )XJD &HGLHQGR D VXV UHSURFKHV %DUWRQ HQ FRPSD±­D GHO JHQHUDO 0RQWDJXH VDOL³GH'XEO­QFRQGHVWLQRD,QJODWHUUD6LQSHUGHUWLHPSROOHJDURQD/RQGUHV FRQODSRVWD\GHVGHDOO­VHGLULJLHURQD'RXYUHVGRQGHHPEDUFDURQFRQEXHQ YLHQWR KDFLD &DODLV /D FRQILDQ]D TXH WHQ­D HO JHQHUDO HQ HO HIHFWR TXH SURGXFLU­DHVWDH[SHGLFL³QVREUHODPRUDOGH%DUWRQKDE­DDXPHQWDGRG­DDG­D GHVGHTXHVHDOHMDURQGHODVFRVWDVGH,UODQGDSDUDVX LQH[SUHVDEOH DOLYLRVX IXWXUR \HUQR OH FRQIL³ TXH HPSH]DED D SHQVDU TXH DTXHOODV SHQRVDV LPSUHVLRQHV TXH OH DFRVDEDQ HQ 'XEO­Q \ TXH OH KDE­DQ DWUD­GR SURJUHVLYDPHQWHDODFLPDGHODGHVHVSHUDFL³QFRPHQ]DEDQDGHVYDQHFHUVH (VWDOLEHUDFL³QGHORTXHKDE­D\DFRQVLGHUDGRFRPRLQHYLWDEOHFRQGLFL³Q GHVXH[LVWHQFLD\HOVHQWLPLHQWRGHVHJXULGDGTXHFRPHQ]DEDDDSRGHUDUVHGH VXHVS­ULWXHUDQSDUD%DUWRQXQDLQHIDEOHGHOLFLD\HQODHPEULDJXH]GHORTXH PLUDED \D FRPR VX UHGHQFL³Q VH DEDQGRQ³ D PLO SUR\HFWRV IHOLFHV SDUD HO SRUYHQLU DOJR TXH DSHQDV XQRV G­DV DQWHV QL VH DWUHY­D D VR±DU \ HQ XQD SDODEUDVXFRPSD±HUR\©OVHIHOLFLWDEDQVHFUHWDPHQWH\WDQWRXQRFRPRRWUR YLHQGRWHUPLQDGDHVWDSHUVHFXFL³QTXHKDE­DVLGRSDUDVXY­FWLPDLQPHGLDWDOD IXHQWHGHWDQLQGHFLEOHVWRUWXUDV (OG­DHUDHVSO©QGLGR\HQHODFDQWLODGRXQDPXOWLWXGGHRFLRVRVKDE­DLGR D HVSHUDU OD OOHJDGD GHO EXTXH SDUD GLYHUWLUVH FRQ HO HVSHFW¡FXOR GHO GHVHPEDUTXH GH ORV YLDMHURV 0RQWDJXH PDUFKDED XQRV SDVRV GHODQWH GH VX DPLJR \ FRPR TXLHUD TXH VH DEULHVH XQ SDVLOOR HQWUH OD PXOWLWXG XQ KRPEUHFLOOROHWRF³HOEUD]R\OHGLMRFRQYLROHQWRDFHQWRSDWRLV ߚ6H±RUPDUFKDXVWHGGHPDVLDGRGHSULVDYDDSHUGHUHQWUHODJHQWHDVX FRPSD±HURHQIHUPRSRUTXHPHGDODLPSUHVL³QGHTXHHOSREUHVH±RUHVW¡D SXQWRGHGHVPD\DUVH 0RQWDJXH VH YROYL³ EUXVFDPHQWH \ FRPSUREDQGR TXH %DUWRQ OXF­D HIHFWLYDPHQWHXQDSDOLGH]PRUWDOVHSUHFLSLW³KDFLD©O ߚ4X© WLHQH XVWHG DPLJR P­R" 6H VLHQWH XVWHG PDO" ߚSUHJXQW³ FRQ DQVLHGDG (O JHQHUDO WXYR TXH UHSHWLU GRV YHFHV HVWD SUHJXQWD DQWHV GH REWHQHU XQD UHVSXHVWD ߚ/HKHYLVWRߚWDUWDPXGH³ߚb%XHQ'LRVDFDERGHYHUOR ߚ$ ©O" $O PLVHUDEOH TXHߨ" '³QGH" '³QGHߨ" '³QGH HVW¡ ©O" ߚ JULW³0RQWDJXHPLUDQGRDVXDOUHGHGRU ߚ$FDERGHYHUORߨSHURKDGHVDSDUHFLGRߚGLMR%DUWRQG©ELOPHQWH ߚ3HUR G³QGH" '³QGH" b5HVSRQGD HQ QRPEUH GHO FLHOR ߚOH H[KRUW³ 0RQWDJXHFRQXQWRQRYHKHPHQWH ߚ+DFHXQLQVWDQWHDSHQDVߨb$TX­PLVPRߚEDOEXFL³HOFDSLW¡Q ߚ4X© DVSHFWR WHQ­D" &³PR HVWDED YHVWLGR" b3URQWR SURQWR ߚLQVLVWL³ 0RQWDJXHPX\H[FLWDGR\GLVSXHVWRDODQ]DUVHHQWUHODPXOWLWXG\HFKDUPDQR DOFULPLQDO ߚOOHKDWRFDGRHOEUD]RߨOHKDKDEODGRDXVWHGߨ0HKDVH±DODGR'LRV WHQJD SLHGDG GH P­ QR KD\ PHGLR GH HVFDSDUOH ߚGLMR %DUWRQ FRQ HO DFHQWR WHPHURVR\HVWUDQJXODGRGHODGHVHVSHUDFL³Q 0RQWDJXH\DVHKDE­DDOHMDGRDWRGDSULVDOOHQRGHUDELD\HVSHUDQ]DSHUR SHVH D TXH HO VLQJXODU DVSHFWR GHO GHVFRQRFLGR TXH OH KDE­D DERUGDGR VH KXELHVHLPSUHVRIXHUWHPHQWHHQVXPHPRULDIXHLQFDSD]GHGHVFXEULUHQWUHOD JHQWHDDOJXLHQTXHVHOHSDUHFLHUDXQSRFR 'HVSX©V GH LQIUXFWXRVDV SHVTXLVDV HQ TXH OH D\XGDURQ WUHV R FXDWUR SHUVRQDV FRQ WDQWR R P¡V FHOR SXHVWR TXH FUH­DQ OH KDE­DQ UREDGR UHQXQFL³ ILQDOPHQWHGHVPRUDOL]DGR\VLQDOLHQWRDGDUFRQHOLQGLYLGXR ߚ$KDPLJRP­RߚOHGLMR%DUWRQFRQYR]G©ELO\FRQHODLUHDVXVWDGR\ SHUGLGR TXH SXHGH WHQHU DOJXLHQ D TXLHQ XQ JROSH PRUWDO DFDED GH DWXUGLUߚ $KDPLJRP­RQRKD\QDGDTXHKDFHU(VLQºWLOOXFKDU4XLHQTXLHUDTXHVHD HVHKRPEUHWDQKRUULEOHVHDFX¡OVHDHOOD]RTXHQRVXQHDORVGRVDKRUDV© TXHMDP¡VSRGU©URPSHUORb1XQFDQXQFDHVFDSDU©GH©O ߚ9DPRVYDPRVTXHULGR%DUWRQQRGLJDWRQWHU­DVߚH[FODP³0RQWDJXH FRQXQDPH]FODGHLUULWDFL³Q\ERFKRUQRߚ5HS³QJDVH(VHFRQGHQDGRWRGDY­D QRKDGLFKRVXºOWLPDSDODEUD\QRVRWURVWDPSRFR1RVHDWRUPHQWHOHGLJR QRVHDWRUPHQWH 3HUR GHVGH DKRUD HUDQ HVIXHU]RV SHUGLGRV HO SUHWHQGHU GDU D %DUWRQ OD PHQRUHVSHUDQ]DHOGHVGLFKDGRFHG­DDOP¡VDE\HFWRGHVFRUD]RQDPLHQWR (VWD LQIOXHQFLD LQWDQJLEOH \ HQ DSDULHQFLD GHVSURSRUFLRQDGD HVWDED HQ Y­DVGHGHVWUXLUU¡SLGDPHQWHWRGDVODVIXHU]DVGHVXLQWHOHFWRGHVXFDU¡FWHU\ GH VX VDOXG 6X SULPHU SHQVDPLHQWR HUD DKRUD UHJUHVDU D ,UODQGD SDUD WDO FRPR©OFUH­D\HVSHUDEDFDVLPRULUSURQWDPHQWH 5HJUHV³SXHVD,UODQGD\XQRGHORVSULPHURVURVWURVTXHDSHUFLEL³HQOD RULOOD IXH HO GH VX LPSODFDEOH SHUVHJXLGRU %DUWRQ SDUHF­D DO ILQ QR KDEHU SHUGLGR VRODPHQWH WRGD DOHJU­D GH YLYLU \ WRGD HVSHUDQ]D VLQR WDPEL©Q WRGD LQGHSHQGHQFLDGHYROXQWDG6HVRPHW­DDKRUDFRQSDVLYLGDGDORVFRQVHMRVGH VXVDPLJRVP¡VSUHRFXSDGRVSRUVXELHQHVWDU &RQODDSDW­DGHODGHVHVSHUDFL³QWRWDOFRQVLQWL³LPSO­FLWDPHQWHSOHJDUVHD WRGDV ODV PHGLGDV TXH VXJHU­DQ R DFRQVHMDEDQ VXV DPLJRV \ FRPR ºOWLPR UHFXUVRGHFLGLHURQOOHYDUORDXQDFDVDTXHWHQ­D/DG\/ߨHQORVDOUHGHGRUHV GH&ORQWDUIGRQGHGHDFXHUGRFRQVXP©GLFRTXHSHUVLVW­DHQODLGHDGHTXH WRGRVORVWUDVWRUQRVWHQ­DQSRUºQLFDFDXVDXQGHVDUUHJORQHUYLRVRVHFRQYLQR HQTXH%DUWRQGHE­DFRQILQDUVHULJXURVDPHQWHHQODFDVD\QRRFXSDUP¡VTXH ODV KDELWDFLRQHV TXH GDEDQ VREUH XQ SDWLR FHUUDGR \ FX\DV SXHUWDV GHEHU­DQ PDQWHQHUVHFHORVDPHQWHFHUUDGDV (VWDVSUHFDXFLRQHVSURWHJHU­DQVLQQLQJXQDGXGDDOFDSLW¡Q%DUWRQFRQWUD OD DSDULFL³Q IRUWXLWD GH WRGD IRUPD YLYD TXH VX LPDJLQDFL³Q VREUHH[FLWDGD SXGLHUD FRQIXQGLU FRQ HO HVSHFWUR TXH VH VXSRQ­D VXV HVWUDJDGRV VHQWLGRV LPDJLQDEDQ YHU HQ WRGDV ODV VLOXHWDV TXH SUHVHQWDUDQ XQD VHPHMDQ]D DXQTXH OHMDQDRYDJDFRQODVSDUWLFXODULGDGHVTXHGHVGHHOSULQFLSLRFDUDFWHUL]DEDQDO VXSXHVWRHVSHFWUR 8Q PHV R VHLV VHPDQDV GH DLVODPLHQWR DEVROXWR HQ DTXHOODV FRQGLFLRQHV HVSHUDEDQ LQWHUUXPSLU­D OD VHULH GH DTXHOODV WHUULEOHV LPSUHVLRQHV \ KDU­D GLVLSDU JUDGXDOPHQWH ODV SHUFHSFLRQHV HQJD±RVDV \ ODV DVRFLDFLRQHV GH LGHDV TXH KDE­DQ FRQWULEXLGR DO GHVDUUROOR GH DTXHOOD HQIHUPHGDG TXH SRU HO PRPHQWRSDUHF­DVLQHVSHUDQ]DGHFXUDFL³Q (O FDSLW¡Q GHE­D HVWDU FRQVWDQWHPHQWH URGHDGR GH 6XV DPLJRV \ GH XQD DOHJUH FRPSD±­D \ DV­ HQWUHJ¡QGRVH D XQD ILUPH HVSHUDQ]D TXH JUDFLDV DO WUDWDPLHQWRTXHDFDEDGHVHUH[SXHVWRVHHVSHUDEDTXHODWHQD]KLSRFRQGU­DGHO HQIHUPRWHUPLQDU­DSRUGHVDSDUHFHU (QFRQVHFXHQFLDDFRPSD±DGRGH/DG\/ߨGHOJHQHUDO0RQWDJXH\GHVX SURPHWLGD 0LVV 0RQWDJXH HO SREUH %DUWRQ TXH QR VH DWUHY­D ©O PLVPR D DFXQDUVHHQODHVSHUDQ]DGHYHUVHILQDOPHQWHOLEUDGRGHOKRUURUHQHOFXDOVX YLGDVHFRQVXP­DWRP³SRVHVL³QGHODVKDELWDFLRQHVFX\DVLWXDFL³QOHGHIHQG­D FRQWUDODVLQWUXVLRQHVDQWHODVFXDOHV©OUHWURFHG­DFRQWDOLQGHFLEOHWHUURU $O FDER GH SRFR WLHPSR OD SHUVHYHUDQFLD FRQ TXH IXH DSOLFDGR HO WUDWDPLHQWR FRPHQ]³ D GDU VXV IUXWRV \ D WUDGXFLUVH SRU XQ PHMRUDPLHQWR DSHQDVSHUFHSWLEOHSHURSURJUHVLYRHQODVDOXG\HQODPRUDOGHOHQIHUPR1R HV TXH HVWR SXGLHUD SDUHFHUVH DO DQXQFLR GH XQD FRPSOHWD FXUDFL³Q HQ DEVROXWR %LHQ DO FRQWUDULR SXHV DTXHOORV TXH QR WH KDE­DQ YLVWR GHVGH HO SULQFLSLR GH VXV H[WUD±RV VXIULPLHQWRV KXELHUDQ HQFRQWUDGR WDO FDPELR HQ ©O TXHVHKDEU­DQVHQWLGRSURIXQGDPHQWHLPSUHVLRQDGRV (VWH PHMRUDPLHQWR SRU G©ELO TXH IXHUD IXH VLQ HPEDUJR DFRJLGR FRQ DOHJU­D\UHFRQRFLPLHQWRVREUHWRGRSRUODMRYHQFLWDSXHVFRQHODSHJRTXH OHWHQ­DD%DUWRQORPLVPRTXHODSHQRVDVLWXDFL³QHQTXHVHHQFRQWUDEDHOODD FDXVDGHODSURORQJDGDLQGLVSRVLFL³QGHVXQRYLRODKDF­DQFDVLWDQGLJQDGH FRQPLVHUDFL³QFRPRD©O 8QDVHPDQDTXLQFHG­DVXQPHVWUDQVFXUUL³VLQTXHUHDSDUHFLHVHHORGLRVR SHUVRQDMH +DVWD HQWRQFHV HO WUDWDPLHQWR KDE­D VLGR FRURQDGR FRQ XQ ©[LWR FRPSOHWR /D FDGHQD GH DVRFLDFLRQHV GH LGHDV VH KDE­D URWR /D SUHVL³Q FRQVWDQWH HMHUFLGD VREUH HO HVS­ULWX HQ IUDQFR VXUPHQDJH GHO FDSLW¡Q %DUWRQ KDE­D VLGR VXSULPLGD \ HQ HVWDV FLUFXQVWDQFLDV UHODWLYDPHQWH IDYRUDEOHV XQ VHQWLPLHQWRFRPXQLWDULRFRQHOPXQGRTXHOHURGHDED\XQDVXHUWHGHLQWHU©V KXPDQRXQDYHUGDGHUDDOHJU­DGHYLYLUFRPHQ]DURQGHQXHYRDDQLPDUOH )XHSRUHVWRVG­DVFXDQGR/DG\/ߨTXHFRPRODPD\RU­DGHODVVH±RUDV DQFLDQDV GH DTXHOOD ©SRFD VH ODV GDED GH FRQRFHU EXHQDV UHFHWDV \ JR]DU GH H[FHOHQWHV FRQRFLPLHQWRV P©GLFRV PDQG³ D VX GRQFHOOD D KHUERUL]DU FRQ OD PLVL³QGHUHFRJHUFLHUWDVSODQWDVTXHHQWUHJDU­DDODLQWHQGHQWDSDUDTXH©VWD FRPSXVLHUDXQDPLU­ILFDWLVDQDSDUDHOFDSLW¡Q%DUWRQ3HURODFULDGLWDQRWDUG³ HQ UHJUHVDU SUHVD GH JUDQ DODUPD \ DJLWDFL³Q VLQ TXH KXELHVH WHUPLQDGR VX WDUHD/DPDQHUDFRPRODFKLFDMXVWLILF³VXSUHFLSLWDGRUHJUHVR\VXHYLGHQWH DJLWDFL³QWDQH[WUD±DKLFLHURQVREUHVDOWDUDODYLHMDGDPD 9,,, 6RVHJDPLHQWR /DVLUYLHQWDSDUHF­DVHUKDE­DLGRDKHUERUL]DUREHGHFLHQGRODV³UGHQHVGH VXVH±RUD\DOOOHJDUDOO­FRPHQ]³DUHFRJHU\DHOHJLUODVPDODVKLHUEDVTXH FUHF­DQ HQ XQ ULQF³Q GHO OXJDU \ PLHQWUDV VH HQWUHJDED D HVWH DJUDGDEOH WUDEDMR FDQWDQGR VLQ DSHQDV GDUVH FXHQWD HO DLUH GH XQD YLHMD WRQDGD SDUD VHJºQ VX H[SUHVL³Q lWHQHU FRPSD±­D{ 'H SURQWR XQD ULVD VLQLHVWUD OD LQWHUUXPSL³ < OHYDQWDQGR OD FDEH]D YLR D WUDY©V GH OD YDOOD GH URVDOHV TXH URGHDEDQ HO MDUG­Q D XQ KRPEUH GH EDMD HVWDWXUD \ GH DVSHFWR VLQJXODUPHQWH VLQLHVWUR \ FX\D ILVRQRP­D HVWDED PDUFDGD SRU XQD H[SUHVL³Q D OD YH] DPHQD]DQWH\PDOLJQDTXHHVWDEDGHSLHIUHQWHDHOODP¡VDOO¡GHOPDFL]RGH ORVURVDOHV $SHQDV IXH FDSD] GH PRYHUVH R GH KDEODU SHUR SXGR HVFXFKDU OR TXH HO KRPEUHOHGLMR©VWHOHKDE­DHQFDUJDGRTXHWUDQVPLWLHVHXQPHQVDMHDOFDSLW¡Q %DUWRQ UHFDGR TXH HQ HVHQFLD FRQVLVW­D HQ TXH HO FDSLW¡Q GHEHU­D VDOLU FRPR DQWHV \ PRVWUDUVH FRQ VXV DPLJRV DO DLUH OLEUH SXHV GH OR FRQWUDULR GHE­D SUHSDUDUVHSDUDUHFLELUXQDYLVLWDHQVXSURSLDKDELWDFL³Q &XDQGR HO GHVFRQRFLGR KXER WHUPLQDGR VX EUHYH PHQVDMH VDOW³ DO IRVR H[WHULRU \ DJDUU¡QGRVH FRQ ODV GRV PDQRV D ORV DUEXVWRV HVSLQRVRV SDUHFL³ GLVSXHVWR D HVFDODU OD YDOOD FRVD TXH KXELHUD SRGLGR KDFHU VLQ JUDQGHV GLILFXOWDGHV 6LQHVSHUDUGHVGHOXHJRDTXHHOKRPEUHORKXELHUDORJUDGRODMRYHQFLWD UHFRJLHQGRVXPDQRMRGHWRPLOOR\URPDULQRGLRPHGLDYXHOWD\VHODQ]³FRQ WRGDODYHORFLGDGTXHD±DGHHOWHUURUKDFLDODFDVD/DG\/ߨOHRUGHQ³FRQOD DPHQD]D GH HFKDUOD LQPHGLDWDPHQWH TXH JXDUGDUD HO P¡V DEVROXWR VLOHQFLR VREUHHOLQFLGHQWH HQHVSHFLDO VREUH OR TXH FRQFHUQ­D DO FDSLW¡Q %DUWRQ< DO PLVPRWLHPSRRUGHQ³DVXVFULDGRVTXHGLHUDQXQDEDWLGDSRUHOMDUG­Q\ORV FDPSRVDG\DFHQWHV3HURFRPRVLHPSUHQLQJºQ©[LWRFRURQ³HVWDEºVTXHGD\ /DG\ /ߨ OOHQD GH LQGHILQLEOH DSUHQVL³Q GLR FXHQWD GHO LQFLGHQWH D VX KHUPDQR'XUDQWHXQWLHPSRODFRVDQRIXHP¡VOHMRV$%DUWRQREYLDPHQWH VH OH RFXOW³ FRQ FHOR HO VHFUHWR PLHQWUDV VX HVWDGR VHJX­D PHMRUDQGR OHQWDPHQWH $KRUDFRPHQ]DEDDYHFHVDSDVHDUVHSRUHOSDWLRTXH\DKHGHVFULWR\FX\D YLVWDHVWDEDOLPLWDGDSRUHODOWRPXURTXHORERUGHDEDSRUWRGDVSDUWHV%DUWRQ VH FRQVLGHUDED HQ DEVROXWD VHJXULGDG GHQWUR GHO SDWLR \ D QR VHU SRU OD QHJOLJHQFLDGHXQODFD\RTXHROYLG³HOFXPSOLPLHQWRGHODV³UGHQHVUHFLELGDV HOFDSLW¡QKXELHUDSRGLGRVHJXLUJR]DQGRDOPHQRVGXUDQWHXQWLHPSRP¡VGH DTXHOOD SUHFLRVD LQPXQLGDG 6H HQWUDED HQ HVWH SDWLR TXH FRPXQLFDED DO FDPLQRUHDOSRUXQDSXHUWDGHPDGHUDSURYLVWDGHXQYHQWDQXFR\WUDVODFXDO KDE­D XQD V³OLGD UHMD GH KLHUUR +DE­DQ VLGR GDGDV ³UGHQHV VHYHUDV SDUD TXH DTXHOODV GRV SXHUWDV HVWXYLHUDQ VLHPSUH FHUUDGDV SHUR D GHVSHFKR GH HVWDV ³UGHQHV RFXUUL³ XQ G­D TXH PLHQWUDV %DUWRQ SDVHDED OHQWDPHQWH SRU HO UHGXFLGROXJDUYLRDWUDY©VGHOYHQWDQXFRTXHKDE­DQGHMDGRDELHUWRHOURVWUR GH VX YHUGXJR TXH OH PLUDED ILMDPHQWH D WUDY©V GH ORV EDUURWHV GH OD UHMD 'XUDQWH DOJXQRV VHJXQGRV HO GHVGLFKDGR FDSLW¡Q SHUPDQHFL³ FODYDGR HQ HO VXHOR VLQ DOLHQWR HO FRUD]³Q FHV¡QGROH GH SDOSLWDU IDVFLQDGR SRU DTXHOOD HVSDQWRVDPLUDGDOXHJRVHGHUUXPE³HQHOSDWLRLQDQLPDGR $OO­OHHQFRQWUDURQXQRVPLQXWRVP¡VWDUGH/ROOHYDURQDVXGRUPLWRULR DTXHOGRUPLWRULRGHOFXDO\DQRYROYHU­DDVDOLUYLYR$SDUWLUGHHVWHLQVWDQWH VH REVHUY³ HQ VX KXPRU XQ FODUR H LQH[SOLFDEOH FDPELR $KRUD HO FDSLW¡Q %DUWRQ \D QR HUD HO KRPEUH IHEULO \ GHVHVSHUDGR GH SRFR DQWHV XQD H[WUD±D DOWHUDFL³Q VH KDE­D DSRGHUDGR GH©O XQD WUDQTXLOLGDG VREUHQDWXUDOUHLQDED HQ VXDOPDXQDWUDQTXLOLGDGTXHHUDHODQXQFLRGHODFDOPDGHODWXPED ߚ0RQWDJXH PL TXHULGR DPLJR ߚGLMR WUDQTXLODPHQWH SHUR FRQ XQD H[SUHVL³QGHWHQD]\HVSDQWRVRWHUURUߚ$KRUDHOFRPEDWHWRFD\DDVXILQ$O PHQRVKHUHFLELGRDOJºQFRQVXHORGHHVHPXQGRGHHVS­ULWXVGHOTXHPHYLHQH HOFDVWLJR6©TXHDKRUDPLVVXIULPLHQWRVSURQWRWHQGU¡QILQ 0RQWDJXHOHDSUHPL³DTXHFRQWLQXDUDKDEODQGR ߚ6­ߚVLJXL³%DUWRQFRQYR]P¡VGXOFHߚPLFDVWLJRHVW¡FDVLWHUPLQDGR /RVGRORUHVDORVFXDOHVKHVLGRFRQGHQDGRWDOYH]GXUDU¡QHWHUQDPHQWHSHUR PLVWRUWXUDVWRFDQFDVLDVXW©UPLQR0LSHQDKDVLGRDOLJHUDGD\VRSRUWDU©FRQ VXPLVL³QLQFOXVRFRQHVSHUDQ]DORTXHPHTXHGDSRUSHQDU ߚ0HKDFHIHOL]R­UOHKDEODUWDQVHUHQDPHQWHTXHULGR%DUWRQ/DSD]\OD VHUHQLGDGGHODOPDVRQWRGRORTXHXVWHGQHFHVLWDSDUDYROYHUDVHUTXLHQHUD DQWHV ߚ1RQRߚGLMR%DUWRQWULVWHPHQWHߚMDP¡VVHU©FRPRDQWHV<DQRWHQJR P¡VWLHPSRTXHYLYLU0X\SURQWRPRULU©&XDQGROHKD\DYLVWRXQDYH]P¡V WRGRKDEU¡DFDEDGR ߚ(V©OTXLHQOHKDGLFKRHVR"ߚLQTXLUL³0RQWDJXH ߚOߨ"1RQR©OHVLQFDSD]GHWUDHUEXHQDVQRWLFLDV\©VWDVVRQEXHQDV \ ELHQYHQLGDV PH KDQ OOHJDGR GH XQD IRUPD PX\ VROHPQH \ PX\ GXOFH DFRPSD±DGDV GH XQ DPRU \ GH XQD PHODQFRO­D LQGHFLEOHV XQ DPRU \ XQD PHODQFRO­DGHODVFXDOHVQRSRGU©KDEODUOHP¡VVLQGHFLUOHDQWHVORTXHHVºWLO\ FRQYHQLHQWH VREUH XQRV HSLVRGLRV \ XQDV SHUVRQDV KDFH PXFKR WLHPSR ROYLGDGDV <SURQXQFLDQGRHVWDVSDODEUDV%DUWRQDUURM³XQDVO¡JULPDV ߚ9DPRV YDPRV ߚGLMR 0RQWDJXH TXH QR LPDJLQDED FXDO SXGLHUD VHU OD FDXVDGHHVWDHPRFL³QߚQRVHGHMHOOHYDU'HTX©VHWUDWDGHVSX©VGHWRGR VLQRGHXQDPDVLMRGHVXH±RV\WRQWHU­DV"1RH[DJHUHPRVODFRVD%DUWRQ(VWR TXHOHVXFHGHDXVWHGQRHVP¡VTXHHOPDQJRQHRGHXQLQJHQLRVRFU¡SXODTXH DSURYHFKD OD IDFXOWDG TXH WLHQH SDUD MXJDU FRQ VXV QHUYLRV \ SDUD HMHUFHU HO PDOGLWR FDQDOOD VREUH XVWHG OD LQIOXHQFLD \ HO RGLR YHQJ¡QGRVH DV­ VLQ DWUHYHUVHDKDFHUORGHXQDIRUPDP¡VYLULO ߚb2GLR V­ HVR HV OR TXH WLHQHQ FRQWUD PL ELHQ SXHGH XVWHG GHFLUOR ߚ H[FODP³ %DUWRQ FRQ XQ EUXVFR HVWUHPHFLPLHQWRߚ b2GLR V­ b2K 'LRV P­R &XDQGRODMXVWLFLDGHOFLHORSHUPLWHDO0DOLJQRSRQHUHQHMHUFLFLRXQSODQGH YHQJDQ]D \ FXDQGR OD HMHFXFL³Q GH HVWD YHQJDQ]D HV FRQILDGD DO SHFDGRU LUUHPHGLDEOHPHQWH SHUGLGR TXH GHEH VX SURSLD UXLQD DO KRPEUH DO KRPEUH PLVPR TXH HVW¡ HQFDUJDGR GH SHUVHJXLU HQWRQFHV V­ HQWRQFHV VH SXHGH FRQRFHU DQWLFLSDGDPHQWH VREUH OD WLHUUD ORV WRUPHQWRV \ ORV WHUURUHV GHO LQILHUQR3HURHOFLHORPHKDVLGRFOHPHQWH\DOILQODVSXHUWDVGHODHVSHUDQ]D VHKDQDELHUWRSDUDP­\VLODPXHUWHSXGLHUDVREUHYHQLUVLQVHUDFRPSD±DGD GHODYLVL³QWHUULEOHTXHHVWR\FRQGHQDGRDYHUJXVWRVRFHUUDU­DHQHVHLQVWDQWH ORVRMRVD HVWH PXQGR 3HUR DXQTXH OD PXHUWH VHD ELHQYHQLGD UHWURFHGR FRQ XQ KRUURU TXH XVWHG QR SXHGH VRVSHFKDU XQ KRUURU TXH PH GHVJDUUD \ PH DWHQD]DDQWHHVHºOWLPRHQFXHQWURFRQHVHߨFRQHVHGHPRQLRTXHPLVXHUWHKD DWUD­GRGHVGHHOIRQGRGHODVLPDLQIHUQDO\TXH©OPLVPRYDDSUHFLSLWDUPH HQHOOD'HERYHUOHXQDYH]P¡VWRGDY­DSHURHQFLUFXQVWDQFLDVLQGHFLEOHPHQWH P¡VHVSDQWRVDV 0LHQWUDVTXH%DUWRQKDEODEDDV­VHSXVRDWHPEODUWDQYLROHQWDPHQWHTXH 0RQWDJXH H[SHULPHQW³ XQD UHDO DODUPD DQWH HO HVSHFW¡FXOR GH HVWD H[WUHPD \ EUXVFD DJLWDFL³Q (O JHQHUDO VH DSUHVXU³ D OOHYDU D %DUWRQ DO WHPD TXH SRFR DQWHVKDE­DSDUHFLGRHMHUFHUVREUHVXHVS­ULWXWDQVRVHJDGRUDLQIOXHQFLD ߚ1RHUDXQVXH±RߚGLMR%DUWRQDOFDERGHXQLQVWDQWHߚ<RHVWDEDHQXQ HVWDGR GLIHUHQWH PLV VHQVDFLRQHV HUDQ GLVWLQWDV \ H[WUD±DV \ VLQ HPEDUJR HO FRQMXQWRGHWRGRHUDUHDOWDQFODUR\WDQQ­WLGRFRPRORTXHDKRUDYHR\RLJR (UDDOJRUHDO ߚ3HUR TX© KD YLVWR XVWHG \ TX© KD R­GR" ߚSUHJXQW³ HO JHQHUDO FRQ XQ WRQRDSUHPLDQWH ߚ&XDQGRVDO­GHOGHVYDQHFLPLHQWRHQTXHVXYLVWDPHKDE­DVXPLGRߚGLMR %DUWRQTXHSDUHF­DQRKDEHUR­GRODSUHJXQWDGHVXFRPSD±HURߚIXHFRPR XQOHQWRPX\OHQWRVXH±R+DE­DGHVFHQGLGRDOERUGHGHXQJUDQODJRURGHDGR GHEUXPRVDVFROLQDV8QDOX]GXOFHPHODQF³OLFDXQDOX]URVDGDED±DEDWRGR HO SDLVDMH (O OXJDU HUD H[WUDRUGLQDULDPHQWH WULVWH \ VROLWDULR \ HPSHUR P¡V EHOORTXHQLQJºQOXJDUWHUUHVWUH<RWHQ­DODFDEH]DDSR\DGDHQODVURGLOODVGH XQDMRYHQTXHFDQWDEDXQDFDQFL³QTXHKDEODEDQRV©F³PRVLFRQSDODEUDVR FRQVXVRODPºVLFDGHPLYLGDHQWHUDGHWRGRORTXHKDSDVDGR\GHWRGROR TXH KD GH YHQLU \ HVWD FDQFL³Q PH WUDMR YLHMRV VHQWLPLHQWRV TXH \R FUH­D PXHUWRV SDUD VLHPSUH \ XQDV O¡JULPDV HPSH]DURQ D UHVEDODU GH PLV RMRV HQ SDUWHDFDXVDGHODGXO]XUDGHODYR]GHODMRYHQFLWD\VLQHPEDUJR\RFRQRF­D DTXHOODYR]RKV­ODFRQRF­DELHQ\HVWDEDFRPRHQYXHOWRHQXQDE³YHGD\ HVFXFKDED\FRQWHPSODEDDTXHOOXJDUVROLWDULRVLQPRYHUPHFDVLVLQUHVSLUDU \D\D\VLQYROYHUORVRMRVKDFLDDTXHOURVWURTXHVDE­DWDQSU³[LPRDOP­R WDOHUDHOGXOFH\SRGHURVRHQFDQWDPLHQWRGHOTXHHVWDEDSULVLRQHUR<DV­OD FDQFL³Q \ HO SDLVDMH VH KLFLHURQ OHQWDPHQWH P¡V \ P¡V LQGLVWLQWRV SDUD PLV VHQWLGRVKDVWDHOPRPHQWRHQTXHWRGRIXHGHQXHYRVRPEU­R\VLOHQFLRVR< HQWRQFHVPHGHVSHUW©DHVWHPXQGRUHFRQIRUWDGR\DORKDYLVWRXVWHGSRUTXH V©TXHPXFKRPHKDVLGRSHUGRQDGR <%DUWRQOORU³GHQXHYRODUJD\DPDUJDPHQWH $SDUWLUGHHVWHLQVWDQWHFRPR\DKHPRVGLFKRDQWHVODQRWDSUHGRPLQDQWH GHVXKXPRUIXHODGHXQDSURIXQGD\FDOPDPHODQFRO­D(VWDSD]VLQHPEDUJR VXIU­D DOJXQDV LQWHUUXSFLRQHV (O FDSLW¡Q HVWDED DEVROXWDPHQWH FRQYHQFLGR GH TXHLEDDVXIULUXQDQXHYD\ºOWLPDYLVLWDGHOGHVFRQRFLGRTXHVREUHSDVDU­DHQ KRUURUDWRGRORTXHSUHYLDPHQWHKDE­DFRQRFLGR&D­DDPHQXGRHQODLGHDGH HVWDSU³[LPD\H[FHSFLRQDOWRUWXUD\OHSURGXF­DWDOHVSDUR[LVPRVGHDE\HFWR WHUURU \ GH WDQ YLROHQWR HVSDQWR TXH WRGD OD FDVD VH OOHQDED GH XQ WRUYR PDOHVWDU\GHXQVXSHUVWLFLRVRS¡QLFR,QFOXVRDTXHOORVTXHDIHFWDEDQQRFUHHU HQHOFDU¡FWHUVREUHQDWXUDOGHOIHQ³PHQRHUDQDPHQXGRODSUHVDGXUDQWHOD QRFKH HQ OR P¡V VHFUHWR GH VX DOPD GH DQJXVWLDV \ DSUHQVLRQHV TXH KDEU­DQ WHQLGR YHUJ¼HQ]D GH FRQIHVDU < QLQJXQR GH HQWUH HOORV LQWHQW³ FRQYHQFHU D %DUWRQGHTXHROYLGDUDVXGHFLVL³QTXHKDE­DWRPDGRDKRUDGHHQFODXVWUDUVH HQ VX GRUPLWRULR \ QR YROYHU D VDOLU /DV FRUWLQDV GH HVWD KDELWDFL³Q KDE­DQ VLGR FHORVDPHQWH EDMDGDV \ G­D \ QRFKH HO D\XGD GH F¡PDUD GHO FDSLW¡Q SHUPDQHF­D DO ODGR GH VX DPR QR DEDQGRQ¡QGROH P¡V TXH UDUDPHQWH \ DFRVW¡QGRVHLQFOXVRHQXQOHFKRTXHOHKDE­DQGLVSXHVWRDOO­ (VWHVHUYLGRUHUDXQKRPEUHWDQILHOFRPRUHVSHWDEOH\ORVGHEHUHVTXH©O GHE­D FXPSOLU TXH VRQ MXVWDPHQWH ORV TXH LQFXPEHQ GH RUGLQDULR D ODV SHUVRQDVGHVXRILFLRSHURDOTXHODVLQGHSHQGLHQWHVFRVWXPEUHVGH%DUWRQOH GLVSHQVDEDQ JHQHUDOPHQWH HUDQ ORV GH YHODU DWHQWDPHQWH TXH IXHUDQ ELHQ WRPDGDVODVVLPSOHVSUHFDXFLRQHVJUDFLDVDODVFXDOHVVXDPRHVSHUDEDHYLWDU ODWHPLEOHLQWUXVL³QGHOl$FHFKDGRU{<GHP¡VGHODUHVSRQVDELOLGDGGHHVWDV SUHFDXFLRQHV TXH FRQVLVW­DQ VREUH WRGR HQ SUHYHQLU OD SRVLELOLGDG GH TXH VX DPRIXHUDH[SXHVWRDFDXVDGHXQDYHQWDQDPDOWDSDGDRGHXQDSXHUWDDELHUWD DODLQIOXHQFLDWHPLEOHHOFULDGRQRGHE­DSHUPLWLUMDP¡VTXHTXHGDUDDVRODV VLTXLHUDXQVRORLQVWDQWHSXHVWDQLQWROHUDEOHHUDODVROHGDGSDUD%DUWRQFRPR OD LGHD GH HQFRQWUDUVH HQ SºEOLFR 7RGR HVWR HUD FRPR XQD SUHPRQLFL³Q LQVWLQWLYDGHORTXHLEDDSDVDU ,; 5HTXLHVFDW ,QºWLO GHFLU TXH HQ HVWDV FLUFXQVWDQFLDV IXHUD WRPDGD DOJXQD GLVSRVLFL³Q FRQYLVWDVDODFHOHEUDFL³QGHODVERGDVTXHKDE­DQVLGRSUR\HFWDGDVHQWUH0LVV 0RQWDJXH \ HO FDSLW¡Q %DUWRQ ([LVW­D HQWUH ORV GRV QRYLRV XQD GLIHUHQFLD GH HGDGHLQFOXVRGHFRVWXPEUHVEDVWDQWHJUDQGHSDUDLPSHGLUTXHHQWUHDPERV VH HVWDEOHFLHUD XQD LQFOLQDFL³Q HQ YHUGDG YLROHQWD R VLPSOHPHQWH QRYHOHVFD $V­TXHDSHQDGD\DQVLRVDODMRYHQHVWDEDOHMRVHPSHURGHHVWDUGHVHVSHUDGD (OOD FRQVDJUDED VLQ HPEDUJR OD PD\RU SDUWH GH VX WLHPSR HQ LQWHQWDU SDFLHQWHPHQWHSHURHQYDQRUHFRQIRUWDUDOGHVGLFKDGRFDSLW¡Q(OODOHOH­D\ FRQYHUVDED FRQ ©O 3HUR HUD YLVLEOH TXH SRU PXFKR TXH VH HVIRU]DUD HQ LQWHQWDU VDFDU DO FDSLW¡Q GHO VXIULPLHQWR GHO FXDO HUD SUHVD VXV WUDEDMRV VH UHYHODEDQVLHPSUHWRWDO\ODPHQWDEOHPHQWHLQRSHUDQWHV /RVM³YHQHVVRQPX\GDGRVDWHQHUDQLPDOHVIDYRULWRV\HQWUHHOQºPHUR GHORVTXHFRPSDUW­DHODIHFWRGH0LVV0RQWDJXHVHFRQWDEDXQHVSO©QGLGR\ YLHMR EºKR TXH HO MDUGLQHUR KDE­D HQFRQWUDGR GRUPLGR HQWUH OD \HGUD GH XQ HVWDEORHQUXLQDV\OHKDE­DUHJDODGRJUDFLRVDPHQWH (OFDSULFKRTXHSUHVLGHWDOHVSUHIHUHQFLDVVHPDQLIHVW³LQPHGLDWDPHQWHSRU HO H[WUDYDJDQWH IDYRU TXH OD QXHYD GXH±D GH HVH SDMDUUDFR VLQLHVWUR \ GLIDPDGR FRPHQ]³ D GLVSHQVDUOH \ DºQ OR LQVLJQLILFDQWH TXH SXHGD SDUHFHU HVWDIDQWDV­DGHODMRYHQFLWD\RHVWR\WDQWRP¡VREOLJDGRDPHQFLRQDUODSXHVWR TXHWDQH[WUD±DPHQWHHVW¡OLJDGDDODHVFHQDILQDOGHODKLVWRULD %DUWRQ OHMRV GH FRPSDUWLU OD DILFL³Q GH VX SURPHWLGD SRU DTXHO QXHYR IDYRULWR GHVGH HO SULPHU LQVWDQWH OR DFRJL³ FRQ XQD DQWLSDW­D WDQ YLROHQWD FRPRLQMXVWLILFDGD+DVWDODYHFLQGDGGHOS¡MDUROHHUDLQVRSRUWDEOHDOFDSLW¡Q 3DUHF­D RGLDU \ WHPHU D DTXHO DQLPDO FRQ XQD IXHU]D YHUGDGHUDPHQWH ULVLEOH SDUD DTXHOORV TXH QXQFD KDQ VLGR WHVWLJRV GH DQWLSDW­DV GH HVWH J©QHUR LQFUH­EOHLQFOXVRSRGU­DSDUHFHUOHV 'HVSX©V GH HVWDV SDODEUDV GH H[SOLFDFL³Q SUHOLPLQDU YR\ DKRUD D SDVDU D ORV GHWDOOHV GH OD ºOWLPD HVFHQD GH HVWD H[WUD±D VHULH GH LQFLGHQWHV (UD HQ LQYLHUQR FDVL D ODV GRV GH OD PD±DQD \ %DUWRQ HVWDED DFRVWDGR FRPR DFRVWXPEUDED D WDOHV KRUDV HO VHUYLGRU GHO TXH \D KHPRV KDEODGR WHQ­D XQ OHFKRP¡VSHTXH±RHQODPLVPDKDELWDFL³Q/DOX]HVWDEDHQFHQGLGD(OFULDGR IXHVDFDGREUXVFDPHQWHGHVXVXH±RSRUODYR]GHVXDPR ߚ1RVHPHTXLWDODLGHDߚGLMRߚGHTXHHVHPDOGLWRS¡MDURKDHQFRQWUDGR OD IRUPD GH HVFDSDUVH \ HVW¡ HVFRQGLGR HQ DOJºQ ULQF³Q GH HVWH GRUPLWRULR /HY¡QWHVH XVWHG 6PLWK \ EºVTXHOR SRU WRGD OD KDELWDFL³Q EºVTXHOR b4X© HVSDQWRVRVXH±R (O VHUYLGRU VH OHYDQW³ \ UHJLVWU³ OD KDELWDFL³Q <D HVWDED D SXQWR GH DEDQGRQDU OD EºVTXHGD FXDQGR R\³ HO VRQLGR ELHQ FRQRFLGR P¡V SDUHFLGR D XQDEUXVFDLQVSLUDFL³QTXHDXQVLOELGRFRQHOFXDOORVS¡MDURVRFXOWRVHQVXV VHFUHWRVUHWLURVWXUEDQHOVLOHQFLRGHODQRFKH (VWD IDQWDVPDJ³ULFD LQGLFDFL³Q GH OD SUR[LPLGDG GHO S¡MDUR ߚSRUTXH HO VRQLGRSURYHQ­DGHOFRUUHGRUDOFXDOGDEDODSXHUWDGHODKDELWDFL³QGH%DUWRQ ߚ JXL³ ODV SHVTXLVDV GHO VHUYLGRU TXH KDELHQGR DELHUWR OD SXHUWD DYDQ]³ DOJXQRV SDVRV FRQ OD LQWHQFL³Q GH DWUDSDU DO EºKR 3HUR DSHQDV DFDEDED GH HQWUDUHQ HO SDVLOOR TXH WUDV ©O ODSXHUWD VHFHUU³JLU³ OHQWDPHQWH VREUH VXV JR]QHV FRPR HPSXMDGD OH SDUHFL³ SRU XQD OLJHUD FRUULHQWH GH DLUH SHUR SXHVWR TXH VREUH OD SXHUWD HQ HO GLQWHO KDE­D XQ WUDJDOX] GHVWLQDGR D TXH GXUDQWH HO G­D OOHJDUD OD OX] DO FRUUHGRU \ D WUDY©V GHO FXDO SDVDED HO UHVSODQGRU GH OD EXM­D HO FULDGR SRG­D YHU OR VXILFLHQWH SDUD OR TXH OH HUD PHQHVWHU &XDQGRVHLQWHUQDEDSRUHOSDVLOORR\³DVXGXH±RߚHOFXDOWHQGLGRHQXQ OHFKR URGHDGR GH FRUWLQDV QR VH KDE­D GDGR FXHQWD YHUGDGHUDPHQWH GH OD DXVHQFLDGHOFULDGRߚTXHOHOODPDEDSDUDTXHSXVLHUDODEXM­DVREUHODPHVD FHUFDQDDVXFDPD(OVHUYLGRUTXHHVWDEDXQSRFRDOHMDGRQRTXLVROHYDQWDU ODYR]\UHVSRQGHUOHSRUWHPRUDGHVSHUWDUDORVGHP¡VRFXSDQWHVGHODFDVD\ YROYLHQGRDSDVRVIXUWLYRV\DSUHVXUDGRVKDFLDODKDELWDFL³QR\³XQDYR]TXH UHVSRQG­D FDOPRVDPHQWH HQ HO LQWHULRU GHO GRUPLWRULR \ SXGR YHU JUDFLDV DO WUDJDOX] F³PR OD OX] VH GHVSOD]DED OHQWDPHQWH FRPR OOHYDGD D WUDY©V GHO GRUPLWRULR SDUD FRPSODFHU D OD GHPDQGD GHO FDSLW¡Q %DUWRQ 8Q UXPRU GH FRUWLQDV OOHJ³ HQWRQFHV MXQWR D ©O \ OXHJR FRPR OD YR] GH DOJXLHQ TXH DGRUPHFLHUDDXQQL±RFRQVXVXUURV\GHJROSHHQPHGLRGHORVVXVXUURVR\³ D%DUWRQTXHGHF­DFRQXQDFHQWRGHKRUURUFRQWHQLGRlb2K'LRVRK'LRV P­R{ 2\³ F³PR UHSHW­D YDULDV YHFHV HVWD H[FODPDFL³Q 6LJXL³ XQ VLOHQFLR TXHGHQXHYRIXHURWRSRUDTXHOPLVPRVRQLGRH[WUD±DPHQWHVRVHJDGRU<DO ILQHVWDOO³XQDOXFLQDQWHDODULGRGHDJRQ­DWDQRGLRVR\HVSDQWRVRTXHEDMRHO LPSHULR GH XQ LQFRQWURODEOH KRUURU HO FULDGR VH SUHFLSLW³ FRQ WRGDV VXV IXHU]DVFRQWUDODSXHUWDLQWHQWDQGRDEULU6HDTXHHQVXDJLWDFL³Q©OQRKXELHUD PRYLGRORVXILFLHQWHPHQWHHOSRPRVHDTXHODSXHUWDKXELHUDVLGRUHDOPHQWH FHUUDGDSRUGHQWURHOFDVRHVTXHHOFULDGRQRSXGRHQWUDUHQODKDELWDFL³Q\ PLHQWUDVHPSXMDED\HPSXMDEDODSXHUWDORVDODULGRVVHVXFHG­DQDGHQWURFDGD YH]P¡VHQVRUGHFHGRUHV\IUHQ©WLFRVDFRPSD±DGRVWRGRHOUDWRSRUDTXHOORV VXVXUURVDKRJDGRV /LWHUDOPHQWH KHODGR GH WHUURU \ VDELHQGR DSHQDV TX© KDF­D HO GRP©VWLFR DEDQGRQ³ODSXHUWD\VHSUHFLSLW³SDVLOORDGHODQWHUHWRUFL©QGRVHODVPDQRVGH KRUURU H LQGHFLVL³Q (Q OR DOWR GH OD HVFDOHUD HQFRQWU³ DO JHQHUDO 0RQWDJXH TXHYHQ­DDVXHQFXHQWURLQTXLHWR\DVXVWDGR\HQDTXHOPLVPRVLQVWDQWHORV HVSDQWRVRVVRQLGRVFHVDURQ ߚ4X©SDVDDK­"4X©ߨG³QGHHVW¡YXHVWURDPR"ߚSUHJXQW³0RQWDJXH FRQODLQFRKHUHQFLDGDODH[WUHPDDJLWDFL³Qߚ(QQRPEUHGHOFLHORHVTXHKD RFXUULGRXQDGHVJUDFLD" ߚb'LRV WHQJD SLHGDG GH QRVRWURV WRGD KD WHUPLQDGR ߚGLMR HO VLUYLHQWH HFKDQGRXQDVHVSDQWDGDVPLUDGDVKDFLDHOGRUPLWRULRGHVXDPRߚ+DPXHUWR VH±RUHVWR\VHJXURGHTXHKDPXHUWR 6LQP¡VSUHJXQWDV0RQWDJXHVHSUHFLSLW³KDFLDODSXHUWDGHODKDELWDFL³Q VHJXLGRGHFHUFDSRUHOFULDGRJLU³HOSRPR\DEUL³(QHOPRPHQWRHQTXHOD SXHUWD FHG­D D VX SUHVL³Q HO S¡MDUR GH PDO DXJXULR D OD EºVTXHGD GHO FXDO VDOLHUD HO FULDGR VH HOHY³ GH UHSHQWH GH XQ ULQF³Q GH OD KDELWDFL³Q HQ HO H[WUHPRP¡VDOHMDGRGHOOHFKR\ODQ]DQGRVXFKLOOLGRGHSHVDGLOODYRO³SRUOD SXHUWD UR]DQGR VXV FDEH]DV \ DSDJDQGR DO SDVDU OD EXM­D TXH VRVWHQ­D 0RQWDJXHSDUDXQLQVWDQWHGHVSX©VGHVDSDUHFHUSRUODFODUDER\DTXHGDEDD ODVWLQLHEODVH[WHULRUHV ߚ'LRV QRV SURWHMD HO SDMDUUDFR HVWDED HQ HO GRUPLWRULR ߚEDOEXFL³ HO GRP©VWLFRFXDQGRSXGRUHFXSHUDUHODOLHQWR ߚb0DOGLWR VHD HVH S¡MDUR ߚPXUPXU³ HO JHQHUDO VRUSUHQGLGR SRU OR UHSHQWLQRGHVXDSDULFL³QHLQFDSD]GHGLVLPXODUVXHPRFL³Q ߚ/D EXM­D KD VLGR PRYLGD ߚGLMR HO VHUYLGRU WUDV XQ QXHYR \ SHVDGR VLOHQFLR VH±DODQGR OD SDOPDWRULD TXH VHJX­D DUGLHQGR HQ OD KDELWDFL³Qߚ 9©DORXVWHGODKDQSXHVWRFHUFDGHOOHFKR ߚ&RUUDODVFRUWLQDVHQOXJDUGHTXHGDUVHFRQODERFDDELHUWDߚPXUPXU³ 0RQWDJXHFRQGXUH]D (OFULDGRYDFLO³ ߚ(QWRQFHV WHQJD HVWR ߚGLMR 0RQWDJXH FRQ LPSDFLHQFLD SRQL©QGROH HO FDQGHOHURHQODPDQRWUDVHOORDFHUF¡QGRVHDODFDEHFHUDGHOOHFKRDSDUW³ODV FRUWLQDV /D OX] GH OD EXM­D TXH VHJX­D DUGLHQGR FHUFD GHO OHFKR FD\³ VREUH XQD IRUPDPHGLRLQFRUSRUDGD\DSUHWXMDGDFRQWUDODFDEHFHUDGHODFDPD3DUHF­D TXH %DUWRQ KDE­D UHWURFHGLGR WDQWR FRPR OH SHUPLWLHURQ ODV PDGHUDV GHO UHVSDOGRGHOOHFKR6XVPDQRVSHUPDQHF­DQDºQFULVSDGDVVREUHODVV¡EDQDV ߚb%DUWRQ %DUWRQ %DUWRQ ߚJULW³ HO JHQHUDO FRQ XQD H[WUD±D PH]FOD GH WHPRU\GHYLROHQFLD 0RQWDJXHWRP³ODEXM­D\ODWXYRHQIRUPDTXHLOXPLQDVHELHQODFDUDGHO FDSLW¡Q /RV UDVJRV HVWDEDQ FRQYXOVRV U­JLGRV \ HVSDQWRVDPHQWH S¡OLGRV OD PDQG­EXOD OH FROJDED \ ORV RMRV YDJRV WUHPHQGDPHQWH DELHUWRV PLUDEDQ VLQ YHUXQSXQWRFXDOTXLHUDGHODSDUWHIURQWDOGHOOHFKR ߚb'LRV 7RGRSRGHURVR HVW¡ PXHUWR ߚPXUPXU³ HO JHQHUDO DO YHU HO HVSDQWRVRHVSHFW¡FXOR 'XUDQWH XQ PLQXWR R P¡V ORV GRV KRPEUHV VLJXLHURQ PLUDQGR DO GHVGLFKDGRHQVLOHQFLR ߚ<\DHVW¡IU­RߚFRPSURE³HOJHQHUDODOHMDQGRVXPDQRGHODGHOPXHUWR ߚ0LUHPLUHߚGLMRWHPEODQGRHOFULDGRWUDVRQQXHYRVLOHQFLRߚ0LUH VH±RU SRU PL YLGD KD\ DOJR HQ OD FDPD b0LUH DTX­ PLUH 9H XVWHG HVWR VH±RU" (O FULDGR PRVWUDED FRQ OD SXQWD GHO GHGR XQD RTXHGDG TXH SDUHF­D KDEHU VLGRFDXVDGDSRUXQDIXHUWHSUHVL³QDOSLHGHOOHFKR 0RQWDJXHJXDUG³VLOHQFLR ߚb9HQJD VH±RU Y¡PRQRV HQ QRPEUH GHO FLHOR ߚPXUPXU³ HO FULDGR HFKDQGR D VX DOUHGHGRU PHGURVDV PLUDGDV \ DFHUF¡QGRVH DO JHQHUDO \ FRJL©QGROHGHOEUD]Rߚ3DUDTX©VHJXLUDTX­DKRUD"b9¡PRQRVSRU'LRV (Q DTXHO LQVWDQWH XQ UXLGR GH SDVRV OHV GLMR TXH YDULDV SHUVRQDV VH DFHUFDEDQ 0RQWDJXH GHVSX©V GH KDEHU RUGHQDGR DO FULDGR TXH VDOLHUD SDUD FRUWDUOHV HO SDVR VH HVIRU]³ HQ VHSDUDU ORV U­JLGRV GHGRV GHO PXHUWR DSUHWDGRVHQODVV¡EDQDVHLQWHQW³ORPHMRUTXHSXGRH[WHQGHUVREUHHOOHFKR DOFRQWUD­GRFDG¡YHUGHVSX©VWUDVKDEHUFHUUDGRFXLGDGRVDPHQWHODVFRUWLQDV VHSUHFLSLW³©OWDPEL©QDOHQFXHQWURGHORVTXHOOHJDEDQ (VLQºWLOUHODWDUORVXFHGLGRVHJXLGDPHQWHDORVSHUVRQDMHVVHFXQGDULRVGH HVWDKLVWRULDVHU¡VXILFLHQWHGHFLUTXHMDP¡VSXGRGHVFXEULUVHODFODYHGHHVWRV PLVWHULRVRV DFRQWHFLPLHQWRV \ DKRUD FXDQGR WDQ ODUJR LQWHUYDOR KD WUDQVFXUULGR DSHQDV SXHGH HVSHUDUVH TXH HO WLHPSR QRV DSRUWH RWUDV OXFHV VREUHHOVLQLHVWURHLQH[SOLFDEOHGHVDUUROORGHORVKHFKRV6HU¡PHQHVWHUSXHV TXHHVWRVKHFKRVVLJDQHQYXHOWRVHQVXRVFXULGDGSULPHUDKDVWDHOG­DHQTXH ORVVHFUHWRVGHOPXQGRGHMHQGHHVWDURFXOWRV (O ºQLFR DFRQWHFLPLHQWR GH OD YLGD DQWHULRU GHO FDSLW¡Q %DUWRQ DO FXDO ©O MDP¡VKL]RDOXVL³QFRPRVLWXYLHUDXQDUHODFL³QSRVLEOHFRQORVVXIULPLHQWRV TXHSXVLHURQILQDVXH[LVWHQFLD\TXH©OSDUHF­DYHUFRPRHOFDVWLJRGHXQD IDOWD JUDYH FRPHWLGD HQ HO WUDQVFXUVR GH VX YLGD SDVDGD HV HVWH DFRQWHFLPLHQWR GHFLPRV XQD FLUFXQVWDQFLD TXH QR IXH FRQRFLGD VLQR YDULRV D±RV GHVSX©V GH VX PXHUWH /D QDWXUDOH]D GH HVWD UHYHODFL³Q IXH SHQRVD SDUD ORVSDULHQWHVGHOFDSLW¡Q%DUWRQ\GHVKRQURVDSDUDVXPHPRULD 6H VXSR TXH VHLV D±RV DQWHV GHO GHILQLWLYR UHJUHVR GHO FDSLW¡Q %DUWRQ D 'XEO­QKDE­DFRQWUD­GRHQ3O\PRXWKXQDUHODFL³QFXOSDEOHFX\RREMHWRHUDOD KLMDGHXQRGHORVWULSXODQWHVGHVXEDUFR(OSDGUHKDE­DDFRJLGRODIDOWDGHVX GHVGLFKDGD KLMD FRQ XQD GXUH]D H[WUHPD H LQFOXVR FRQ EUXWDOLGDG \ VH GHF­D TXH HOOD KDE­D PXHUWR GH SHQD &DUJDQGR SUREDEOHPHQWH D %DUWRQ OD FXOSD HQWHUD GH OD IDOWD GH VX KLMD HO KRPEUH DTXHO VH FRPSRUW³ UHVSHFWR D %DUWRQ FRQ XQD PDQLILHVWD LQVROHQFLD \ HO FDSLW¡Q FRPR UHSUHVDOLDV FRQWUD VX WULSXODQWH \ FRQ XQD PDQHUD P¡V YLROHQWD WRGDY­D SRU OD IRUPD HQ TXH HO PDULQHUR KDE­D WUDWDGR D VX KLMD %DUWRQ VH YHQJ³ SXHV HMHUFLHQGR VLVWHP¡WLFDPHQWH FRQWUD ©O OD WHUULEOH \ DUELWUDULD VHYHULGDG TXH ORV UHJODPHQWRV GH OD 0DULQD SRQHQ D GLVSRVLFL³Q GH ORV UHVSRQVDEOHV GH OD GLVFLSOLQDDERUGRGHXQEXTXH(OKRPEUHILQDOPHQWHKDE­DGHVHUWDGRXQG­D HQTXHHOEXTXHIRQGHDEDHQHOSXHUWRGH1¡SROHVSHURSDUHFHVHUTXHKDE­D PXHUWR HQ XQ KRVSLWDO GH DTXHOOD FLXGDG FRPR FRQVHFXHQFLD GH ODV KHULGDV UHFLELGDVHQHOWUDQVFXUVRGHXQRGHVXVºOWLPRV\VDQJXLQDULRVFDVWLJRV 5HVXOWD LPSRVLEOH GHVGH OXHJR GHFLU VL HVWDV FLUFXQVWDQFLDV WLHQHQ R QR XQD UHODFL³Q UHDO FRQ ORV DFRQWHFLPLHQWRV VLJXLHQWHV GH OD YLGD GH %DUWRQ 3DUHFH VLQ HPEDUJR P¡V TXH SUREDEOH TXH V­ HVWXYLHUDQ DO PHQRV HQ VX HVS­ULWXHVWUHFKDPHQWHDVRFLDGRV3HURFXDOTXLHUDTXHSXGLHUDVHUODYHUGDGHQ FXDQWRDORULJHQ\DORVPRWLYRVGHODPLVWHULRVDSHUVHFXFL³QQRKD\QLQJXQD GXGDTXHHQFXDQWRFRQFLHUQHDORVLQVWUXPHQWRVGHVXUHDOL]DFL³QHOPLVWHULR SUHYDOHFHU¡KDVWDHOG­DGHO-XLFLR)LQDO 3RVWVFULSWXPGHOHGLWRU (O UHODWR SUHFHGHQWH HVW¡ UHFRJLGR GH ORV LSLVVLPD YHUED GHO YLHMR \ EXHQ HFOHVL¡VWLFR HQ OD PLVPD IRUPD HQ TXH IXH UHPLWLGR DO GRFWRU +HVVHOLXV $ GHVSHFKRGHODSHVDGH]\ODVUHGXQGDQFLDVGHVXVIUDVHVKHMX]JDGRSUHIHULEOH FRQWHQWDUPHFRQDVHJXUDUOHDOOHFWRUTXHHOHGLWRUGHHVWHPDQXVFULWRGRQGHVH UHODWDQWDQH[WUD±RVDFRQWHFLPLHQWRVQRKDPRGLILFDGRXQDVRODOHWUDGHOWH[WR RULJLQDO(OHGLWRUGHORV3DSHOHVGHO'U+HVVHOLXV $31',&( -RVHSK 6KHULGDQ /H )DQX LUODQG©V GH DVFHQGHQFLD KXJRQRWH H KLMR GH XQ FO©ULJRQDFL³HQ'XEO­QHQ\SDV³DOO­ODPD\RUSDUWHGHVXYLGD)XHOD YLGD GH XQ HVFULWRU GHGLFDGD D VX RILFLR DXQTXH HVFULE­D QDUUDFLRQHV GH PLVWHULR \ KRUURU (UD XQ KRPEUH DSXHVWR LQJHQLRVR VREULQR QLHWR GHO GUDPDWXUJR6KHULGDQHVWDEDRUJXOORVRGHVXSDUHQWHVFR\HVFULE­DHQXQDPHVD TXH KDE­D SHUWHQHFLGR D VX W­R DEXHOR %ULOODQWH SROHPLVWD HQ 7ULQLW\ &ROOHJH IXHOODPDGRDOIRURSHURSUHILUL³HOSHULRGLVPR\DGTXLUL³XQGLDULR\DOJXQDV UHYLVWDV&RPHQ]³FRPRHVFULWRUGHQDUUDFLRQHV\EDODGDVLUODQGHVD(VFULEL³ P¡V WDUGH GRV URPDQFHV KLVW³ULFRV LUODQGHVHV TXH QR WXYLHURQ PX\ EXHQD DFRJLGD 'XUDQWH TXLQFH D±RV GHM³ GH HVFULELU QRYHODV SDUD GHGLFDUVH DO SHULRGLVPR\ORVFXHQWRVFRUWRV'HVSX©VGHODSUHPDWXUDPXHUWHGHVXHVSRVD HVFULEL³ VXV GRV PHMRUHV QRYHODV l/D &DVD &RQWLJXD DO &HPHQWHULR{ \ l(O 0LVWHULRVR7­R6LODV{ODVTXHSXEOLF³HQHOl'XEOLQ8QLYHUVLW\0DJD]LQH{GHO TXHHUDSURSLHWDULRHQ\UHVSHFWLYDPHQWH $ SDUWLU GH OD PXHUWH GH VX PXMHU VH FRQYLUWL³ FDVL HQ XQ UHFOXVR SUHRFXS¡QGRVH GH ORV IHQ³PHQRV VREUHQDWXUDOHV l,Q D *ODVV 'DUNO\{ XQR GH VXVPHMRUHVOLEURVGHKLVWRULDVVREUHQDWXUDOHVIXHSXEOLFDGRHQ/H)DQX IDOOHFL³XQD±RGHVSX©V 6XV SULPLWLYDV EDODGDV QRV SDUHFHQ DKRUD DQWLFXDGDV SHUR VXV SULPHURV FXHQWRV FRUWRV PXHVWUDQ XQD SUHRFXSDFL³Q SRU ORV GHWDOOHV \ XQ VHQWLGR GHO DPELHQWHTXHHFKDQVRPEUDVVREUHVXVWUDEDMRVVLJXLHQWHV8QRGHVXVSULPHURV FXHQWRV l(O 3DVDMH HQ OD +LVWRULD 6HFUHWD GH XQD &RQGHVD ,UODQGHVD{ HV OD SULPHUDHQWUHJDGHl(O0LVWHULRVR7­R6LODV{DXQTXHODWUDPDVHGHVDUUROODHQ OD ,UODQGD GHO VLJOR ;9,,, HQ YH] GH ,QJODWHUUD HQ HO VLJOR ;,; SD­V TXH FRQRFLHUDFRPRWXULVWD l/D&DVD&RQWLJXDDO&HPHQWHULR{VXSULPHUDREUDPDHVWUDVHGHVDUUROOD HQ&KDSHOL]RGFHUFDGH'XEO­QGRQGHKDE­DYLYLGR\HVHOP¡VSUHFLVRGHVXV OLEURV/RVSDLVDMHVVRQFODURV\ORVSHUVRQDMHVVHFXQGDULRVVRQP¡VUHDOHVTXH ORVGHl(O0LVWHULRVR7­R6LODV{7DPEL©QVHDFHUFDDHVWHºOWLPRHQPLVWHULR\ FRQWLHQHXQIDQWDVPDH[FHOHQWHHOIDQWDVPDGHXQDPDQR3HURl(O0LVWHULRVR 7­R6LODV{ORVREUHSDVDHQODFUHDFL³QGHOSHUVRQDMHFHQWUDO/H)DQXGHVFULEH OD SULPHUD DSDULFL³Q GH 6LODV 5XWK\Q HQ IRUPD SDUHFLGD D XQD SLQWXUD KRODQGHVDHQUHDOLGDGDWUDY©VGHWRGRHOOLEURKDXVDGRHOP©WRGRGHHFKDU XQD OX] EULOODQWH VREUH FLHUWDV ILJXUDV GHMDQGR HO VHJXQGR SODQR HQ ODV VRPEUDV (O SULPHU KRUURU OR FRQVWLWX\H 0DGDPH GH OD 5RXJLHUUH VºELWDPHQWH UHYHODGDFRUWHMDQGRHQODSDUWHH[WHULRUGHXQDYHQWDQDFHUUDGDDODOX]GHOD OXQD\SURQXQFLDQGRSDODEUDVTXHVRQLQLQWHOLJLEOHVDWUDY©VGHOYLGULR6HYD KDFLHQGRP¡V\P¡VWHUULEOHSDUDXQSXSLORQHUYLRVR6HGLFHTXH/H)DQXIXH DWHPRUL]DGRSRUXQDLQVWLWXWUL]VXL]DFXDQGRHUDSHTXH±RSHUR0DGDPHV³OR FRQVWLWX\H HO FRPLHQ]R GH XQ PLVWHULR FX\D FXOPLQDFL³Q HVW¡ HQ HO W­R 6LODV PLVPR6XVPRGDOHVH[TXLVLWRVVXLURQ­DVXFRQYHUVDFL³QUHOLJLRVDVXVRQULVD VLPXOW¡QHDFRQXQVHPEODQWHFH±XGRVXSDVDGRDPELJXR\VXVH[WUD±RVUDVJRV QRVRQP¡VTXHHOFRPLHQ]RGHOPLVWHULR (VWD HV OD REUD HQ TXH /H )DQX H[KLEH VX PD\RU SRWHQFLD SDUD FUHDU PLVWHULRPHGLDQWHGHWDOOHVFXLGDGRVDPHQWHREVHUYDGRV7LHQHYLVL³QFHUWHUDGH OH DUTXLWHFWXUD WDQWR .QDZO FRPR %DUWUDP+DXJK HVW¡Q FODURV HQ VX PHQWH /DVUHMDVGH%DUWUDP+DXJKDODOX]GHODOXQD\VXIDFKDGDVXFLDHOLQWHULRU GHVFXLGDGRHLOXPLQDGRSRUYHODVVRQSHUIHFWDPHQWHYLVLEOHV7DPEL©QWLHQHOD YLVL³Q GH ODV LQGXPHQWDULDV \ SHUPLWH TXH 0DXG 5XWK\Q GHVFULED YHVWLPHQWDV IHPHQLQDV\PDVFXOLQDVSRULJXDOFRQXQFXLGDGRTXHQRHVW¡IXHUDGHOXJDUHQ XQDMRYHQLQTXLHWD<FRQRFHORVOLEURV\FXDGURVGHODVFDVDVGHFDPSR3HUR GRQGH HV P¡V FXLGDGRVR DºQ HV HQ VXV GHVFULSFLRQHV GH WHUURUHV PHQWDOHV \ I­VLFRV (OORV QR VRQ H[DJHUDGRV QL HOLPLQDGRV FRQ XQ OXJDU FRPºQ VLQR TXH SDUHFHQ HVWDU UHFL©Q REVHUYDGRV SRU OD PXFKDFKD TXH HVW¡ KDFLHQGR OD UHODFL³Q 6LJXH D ©VWH D WUDY©V GH VXV GXGDV DSUHQVLRQHV S¡QLFRV GHVHVSHUDFLRQHV KLVWHULDV \ HVWXSRUHV \ D YHFHV YXHOYH FRQ HOOD D ODV GXGDV FRQXQDILGHOLGDGDGPLUDEOH6XVROHGDGVXQDWXUDOWHPRULQIDQWLODIDQWDVPDV \FHPHQWHULRV\HODPELHQWHH[WUD±RTXHURGHDDVXSDGUH\DVXW­RDXPHQWDQ VL WHPRU D OR VREUHQDWXUDO 3HUR ©VWD QR HV XQD KLVWRULD GH OR VREUHQDWXUDO DXQTXH KD\D XQD VRVSHFKD GH TXH 6LODV 5XWK\Q HV XQ VHU lDMHQR DO J©QHUR KXPDQR{ 0-DPHVGLMRTXH/H)DQXlHVW¡HQSULPHUOXJDUFRPRHVFULWRUGHKLVWRULDV HVSHOX]QDQWHV{3HURHVWDQRHVXQDKLVWRULDGHIDQWDVPDV\KDVWDHOPLVPR/H )DQX SURWHVW³ FRQWUD HO FDOLILFDWLYR GH lQRYHODV VHQVDFLRQDOLVWDV{ TXH VH DSOLF³ D VX REUD DO SXEOLFDUVH OD TXH VHJºQ ©O VLJXH OD WUDGLFL³Q GH ORV WU¡JLFRVURPDQFHVGH6LU:DOWHU6FRWW6LQHPEDUJRVLHPSUHVHU¡UHFRUGDGRSRU VXVKLVWRULDVGHWHUURU\GHPLVWHULRl(O0LVWHULRVR7­R6LODV{WLHQHMXQWRFRQ VXVKLVWRULDVGHIDQWDVPDVVXVPHMRUHVKDOOD]JRVODFUHDFL³QGHODPELHQWHHO GHVDUUROORGHOPLVWHULRHOHVWLOR\ODGHPRVWUDFL³QGHXQDH[FHSFLRQDOFXOWXUD KXPDQ­VWLFDOPLVPRIUHFXHQW³ODLQWULJDXWLOL]¡QGRODHQXQDGHODVPHMRUHV KLVWRULDVVREUHQDWXUDOHVTXHVHKD\DHVFULWRMDP¡Vl7©9HUGH{FRPRWDPEL©Q XWLOL]³VXVFRQRFLPLHQWRVGHRFXOWLVPRHQl&DUPLOOD{ /D YLGD GH /H )DQX FRPR DQDFRUHWD VH DGDSWDED D OD HVFULWXUD GH QDUUDFLRQHVWHUURU­ILFDV)XHOODPDGRl(O3U­QFLSH,QYLVLEOH{\UDUDVYHFHVVH OH YH­D HQ SºEOLFR H[FHSWR HQ ODV OLEUHU­DV GH YLHMR (VFULE­D HQ ODV QRFKHV PDQWHQL©QGRVHFRQW©ELHQFDUJDGRHKL]RTXHHOYLFLRVRGHl7©9HUGH{GLMHUD l&UHRTXHWRGRHOTXHVHGHGLFDDHVFULELUHQVHULRKDFHVXWUDEDMRVREUHDOJR \DVHDW©FDI©RWDEDFR{6HKDLQVLQXDGRTXH$XVWLQ5XWK\QHQl(O0LVWHULRVR 7­R 6LODV{ HVWDED LQVSLUDGR HQ HO PLVPR DXWRU XQ YLXGR GHVFRQVRODGR \ H[WUD±R3XHGHTXHOHKD\DGDGRVXSURSLRURVWUR\ILJXUDD0U5XWK\QSHURHO PLVPRYLXGRHVWXGLRVRFRQXQDKLMDMRYHQHLQRFHQWHDSDUHFHHQl&DUPLOOD{\ VLJXH HO PRGHOR GH l0LVWHULRV GH 8GROSK{ \ GH l7HPSHVWDG{ 7HQ­D FXULRVDV SHVDGLOODVTXHWHGLHURQH[SHULHQFLDVSHUVRQDOHVGHOKRUURU\XQDHQIHUPHGDG FDUG­DFDDFRQVHFXHQFLDVGHODFXDOORPLVPRTXH$XVWLQ5XWK\QIDOOHFL³ &+5,67,1(/21*)25' 127$6 >@(O'U+DUYH\IXHXQRGHORVP©GLFRVP¡VHPLQHQWHVTXHKD\DQHMHUFLGRHQ ,QJODWHUUD >@(Q,QJODWHUUDORVSDUWLGDULRVGHORVGHUHFKRVGHO3DUODPHQWRTXHIRUPDQHO SDUWLGR OLEHUDO HQ RSRVLFL³Q D ORV WRULHV GHIHQVRUHV GH OD SUHUURJDWLYD UHDO TXHLQWHJUDQHOSDUWLGRFRQVHUYDGRU1GHO7