&KDQJLQJWKHJDVW\SH
*G UIF DPVOUSZT SFHVMBUJPOT BMMPX UIJT BQQMJBODF DBO CF BEBQUFE UP
PUIFSUZQFTPGHBTTFFTQFDJGJDBUJPOTQMBUF5IFDPNQPOFOUT
SFRVJSFEGPSUIJTBSFJOUIFUSBOTGPSNBUJPOLJUTVQQMJFEEFQFOEJOH
POUIFNPEFMPSBSFBWBJMBCMFGSPNPVS5FDIOJDBM"TTJTUBODF
4FSWJDF
,PSRUWDQW "GUFS GJOJTIJOH TUJDL UIF TUJDLFS JOEJDBUJOH UIF OFX HBT
UZQFDMPTFUPUIFTQFDJGJDBUJPOTQMBUF
5IFGPMMPXJOHTUFQTTIPVMECFUBLFO
$&KDQJLQJWKHQR]]OHVILJ D
3FNPWFUIFQBOTVQQPSUTCVSOFSDBQTBOEEJGGVTFST
$IBOHFUIFOP[[MFTVTJOHUIFTQBOOFSDPEFDPEF
GPSEPVCMFGMBNFCVSOFSTPSUSJQMFGMBNFCVSOFST
QSPWJEFECZPVS5FDIOJDBM"TTJTUBODF4FSWJDFTFFUBCMF **
UBLJOH TQFDJBM DBSF UP FOTVSF UIBU UIF OP[[MF EPFT OPU GBMM XIFO JU
JTSFNPWFEGSPNPSGJUUFEUPUIFCVSOFS
&OTVSFUIBUJUJTDPNQMFUFMZUJHIUFOFEJOPSEFSUPHVBSBOUFFUIF
TFBM
1SJNBSZBJSBEKVTUNFOUJTOPUOFDFTTBSZXJUIUIFTFCVSOFST
1PTJUJPO UIF EJGGVTFST BOE CVSOFS DBQT PO UIF DPSSFTQPOEJOH SJOHT
BOEUIFQBOTVQQPSUTPOUIFJSGBTUFOFST
%$GMXVWLQJWKHWDSV)LJ
4FUUIFDPOUSPMLOPCTUPNJOJNVN
3FNPWF UIF DPOUSPM LOPCT GSPN UIF UBQT *U IBT B GMFYJCMF SVCCFS
WBMWFSFJOGPSDJOHSJOH1SFTTXJUIUIFUJQPGUIFTDSFXESJWFSUP
BDDFTTUIFUBQTBEKVTUJOHTDSFX
1HYHU UHPRYH WKH YDOYH UHLQIRUFLQJ ULQJ 5IF WBMWF SFJOGPSDJOH
SJOHTHVBSBOUFFUIFXBUFSUJHIUOFTTPGUIFBQQMJBODFTJOUFSJPS
GSPNMJRVJETBOEEJSUXIJDINJHIUPUIFSXJTFQSFWFOUJUTDPSSFDU
PQFSBUJPO
"EKVTUUIFNJOJNVNSJOHTFUUJOHCZUVSOJOHUIFCZQBTTTDSFX
VTJOHBGMBUIFBETDSFXESJWFS
%FQFOEJOHPOUIFHBTUPXIJDIZPVSBQQMJBODFJTHPJOHUPCF
BEBQUFETFFUBCMF ***DBSSZPVUUIFDPSSFTQPOEJOHBDUJPO
"GJSNMZUJHIUFOUIFCZQBTTTDSFXT
# MPPTFO UIF CZQBTT TDSFXT VOUJM UIF HBT GMPX GSPN UIF CVSOFST
JTDPSSFDU
$UIFCZQBTTTDSFXTOFFEUPCFDIBOHFECZBOBVUIPSJTFE
FOHJOFFS
%EPOPUUPVDIUIFCZQBTTTDSFXT
8IFOBEKVTUJOHUIFDPOUSPMLOPCCFUXFFONBYJNVNBOE
NJOJNVNUIFCVSOFSEPFTOPUHPPVUOPSJTUIFSFBGMBNF
CBDLESBVHIUDSFBUFE
*G UIF CZQBTT TDSFX DBOOPU CF BDDFTTFE EJTBTTFNCMF UIF HSFBTF
ESJQ USBZ XIJDI JT GJUUFE UP UIF IPC WJB B TFSJFT PG DMJQT BOE TDSFXT
3FNPWFJUBTGPMMPXT
3FNPWFBMMQBOTVQQPSUTCVSOFSDBQTEJGGVTFSTBOEDPOUSPM
LOPCT
3FNPWFUIFTDSFXTGSPNUIFCVSOFST
*GOFDFTTBSZVTFUIFEJTBTTFNCMZMFWFSBWBJMBCMMFGSPN
PVS5FDIOJDBM"TTJTUBODF4FSWJDF5PSFMFBTFUIFGSPOUDMJQT
BQQMZUIFMFWFSUPUIFBSFBTIPXOJOGJHVSF
5PSFJOTUBMMUIFBQQMJBODFQSPDFFEJOUIFSFWFSTFPSEFSUP
EJTBTTFNCMZ
/FWFSSFNPWFUIFUBQTQJOEMF'JH *OUIFFWFOUPGB
NBMGVODUJPODIBOHFUIFXIPMFUBQ
es
Û
*OTUSVDDJPOFTEFNPOUBKF
,QGLFDFLRQHVGHVHJXULGDG
-FBMBTJOTUSVDDJPOFTEFMBQBSBUPBOUFTEFQSPDFEFSBTV
JOTUBMBDJ³OZVTP
-BTJN¡HFOFTSFQSFTFOUBEBTFOFTUBTJOTUSVDDJPOFTUJFOFO
DBS¡DUFSPSJFOUBUJWP
(OIDEULFDQWHTXHGDH[HQWRGHWRGDUHVSRQVDELOLGDGVLQRVH
FXPSOHQODVGLVSRVLFLRQHVGHHVWHPDQXDO
&TUFBQBSBUPTFEFCFVUJMJ[BSºOJDBNFOUFFOMVHBSFT
TVGJDJFOUFNFOUFWFOUJMBEPT/PTFEFCFDPOFDUBSBVOEJTQPTJUJWP
EFFWBDVBDJ³OEFMPTQSPEVDUPTEFDPNCVTUJ³O
7RGRVORVWUDEDMRVGHLQVWDODFLyQFRQH[LyQUHJXODFLyQ\
DGDSWDFLyQ D RWURV WLSRV GH JDV GHEHQ VHU HIHFWXDGRV SRU XQ
WpFQLFRGHLQVWDODFLyQDXWRUL]DGRUHVSHWDQGRWRGDOD
QRUPDWLYD \ OHJLVODFLyQ DSOLFDEOHV \ ODV SUHVFULSFLRQHV GH ODV
FRPSDxtDVORFDOHVSURYHHGRUDVGHJDV\HOHFWULFLGDG6H
SRQGUiHVSHFLDODWHQFLyQDODVGLVSRVLFLRQHVDSOLFDEOHVHQ
FXDQWRDODYHQWLODFLyQ
6HUHFRPLHQGDOODPDUDQXHVWUR6HUYLFLR7pFQLFRSDUDOD
DGDSWDFLyQDRWURVWLSRVGHJDV
&TUFBQBSBUPIBTJEPEJTF±BEPTPMPQBSBVTPEPN©TUJDPOP
FTUBOEP QFSNJUJEP TV VTP DPNFSDJBM P QSPGFTJPOBM &TUF BQBSBUP OP
QVFEF TFS JOTUBMBEP FO ZBUFT P DBSBWBOBT -B HBSBOUB ºOJDBNFOUF
UFOES¡WBMJEF[FODBTPEFRVFTFSFTQFUFFMVTPQBSBFMRVFGVF
EJTF±BEP
"OUFTEFMBJOTUBMBDJ³ODPNQSVFCFRVFMBTDPOEJDJPOFTEF
EJTUSJCVDJ³OMPDBMTPODPNQBUJCMFTDPOFMSFHMBKFEFMBQBSBUPRVF
GJHVSB FO MB QMBDB EF DBSBDUFSTUJDBT OBUVSBMF[B Z QSFTJ³O EFM HBT
QPUFODJBWPMUBKF7FSUBCMB*
$QWHV GH FXDOTXLHU DFWXDFLyQ FRUWH OD DOLPHQWDFLyQ HOpFWULFD \
GHJDVGHODSDUDWR
&MDBCMFEFBMJNFOUBDJ³OEFCFGJKBSTFBMNVFCMFQBSBFWJUBSRVF
UPRVFQBSUFTDBMJFOUFTEFMIPSOPPQMBDBEFDPDDJ³O
-PT BQBSBUPT DPO BMJNFOUBDJ³O FM©DUSJDB EFCFO DPOFDUBSTF B UJFSSB
PCMJHBUPSJBNFOUF
/PNBOJQVMFFMJOUFSJPSEFMBQBSBUP4JFTQSFDJTPMMBNFBOVFTUSP
4FSWJDJP5©DOJDP
$QWHVGHODLQVWDODFLyQ
&TUF BQBSBUP DPSSFTQPOEF B MB DMBTF TFHºO MB OPSNB &/
QBSBBQBSBUPTBHBTBQBSBUPFODBTUSBEPFOVONVFCMF
&MNVFCMFFOFMRVFTFJOTUBMFFMBQBSBUPEFCFFTUBS
DPOWFOJFOUFNFOUFGJKBEPZTFSFTUBCMF
-PT NVFCMFT QS³YJNPT BM BQBSBUP MPT SFWFTUJNJFOUPT FTUSBUJGJDBEPT
ZMBDPMBRVFMPTGJKBEFCFOTFSEFNBUFSJBMFTOPJOGMBNBCMFTZ
SFTJTUFOUFTBMDBMPS
&TUFBQBSBUPOPTFQVFEFJOTUBMBSTPCSFOFWFSBTMBWBEPSBT
MBWBWBKJMMBTPTJNJMBSFT
1BSBJOTUBMBSMBQMBDBEFDPDDJ³OTPCSFVOIPSOPFTUFEFCFUFOFS
WFOUJMBDJ³OGPS[BEB$PNQSVFCFMBTEJNFOTJPOFTEFMIPSOPFOTV
NBOVBMEFJOTUBMBDJ³O
4JJOTUBMBVOFYUSBDUPSUFOHBFODVFOUBTVNBOVBMEFJOTUBMBDJ³O
SFTQFUBOEPTJFNQSFMBEJTUBODJBWFSUJDBMNOJNBBMBQMBDBEF
DPDDJ³OGJH
3UHSDUDFLyQGHOPXHEOHILJ
)BHBVODPSUFEFMBTEJNFOTJPOFTOFDFTBSJBTFOMBTVQFSGJDJFEF
USBCBKP
4J MB QMBDB EF DPDDJ³O FT FM©DUSJDB P NJYUB HBT Z FMFDUSJDJEBE Z OP
IBZVOIPSOPEFCBKPDPMPRVFVOTFQBSBEPSEFNBUFSJBMOP
JOGMBNBCMFQFKNFUBMPNBEFSBDPOUSBDIBQBEBB NNEFMB
CBTFEFMBQMBDBEFDPDDJ³O"TJNQJEFFMBDDFTPBMBQBSUF
JOGFSJPSEFFTUB4JMBQMBDBEFDPDDJ³OFTEFHBTTFSFDPNJFOEB
DPMPDBSFMTFQBSBEPSBMBNJTNBEJTUBODJB
&OTVQFSGJDJFTEFUSBCBKPEFNBEFSBCBSOJDFMBTTVQFSGJDJFTEF
DPSUFDPOVOBDPMBFTQFDJBMQBSBQSPUFHFSMBTEFMBIVNFEBE
,QVWDODFLyQGHODSDUDWR
4FHºO NPEFMP MB KVOUB BEIFTJWB QVFEF TBMJS QVFTUB EF G¡CSJDB 4J
FTBTOPMBRVJUFCBKPOJOHºODPODFQUPMBKVOUBBEIFTJWBFWJUB
GJMUSBDJPOFT4JMBKVOUBOPFTU¡QVFTUBEFG¡CSJDBQ©HVFMBFOFM
CPSEFJOGFSJPSEFMBQMBDBEFDPDDJ³O'JH
1BSBMBGJKBDJ³OEFMBQBSBUPBMNVFCMFEFFODBTUSBNJFOUP
"UPSOJMMF DBEB VOB EF MBT HSBQBT FO MB QPTJDJ³O JOEJDBEB EFKBOEP
RVFHJSFOMJCSFNFOUF
&ODBTUSFZDFOUSFMBQMBDBEFDPDDJ³O
1SFTJPOFTPCSFTVTFYUSFNPTIBTUBRVFTFBQPZFFOUPEPTV
QFSNFUSP
(JSFMBTHSBQBTZBQSJ©UFMBTBGPOEP
-BQPTJDJ³OEFMBTHSBQBTEFQFOEFEFMFTQFTPSEFMBTVQFSGJDJF
EFUSBCBKP'JH
'HVPRQWDMHGHODSODFDGHFRFFLyQ
%FTDPOFDUFFMBQBSBUPEFMBTUPNBTFM©DUSJDBZEFHBT
%FTBUPSOJMMFMBTHSBQBTZQSPDFEBEFNPEPJOWFSTPBMNPOUBKF
&RQH[LyQGHJDVILJ
&MFYUSFNPEFMBDPOFYJ³OEFFOUSBEBEFMBQMBDBEFDPDDJ³OEF
HBTFTU¡QSPWJTUPEFVOBSPTDBEF࣐࣐ NNRVFQFSNJUF
■ MBDPOFYJ³OSHJEB
■ -BDPOFYJ³ODPOVOUVCPGMFYJCMFNFU¡MJDP- NJO N
NBY N
*OUFSDBMFMBKVOUBEFFTUBORVJEBETVNJOJTUSBEBPEJTQPOJCMFB
USBW©TEFM4FSWJDJP5©DOJDPD³EJHP FOUSFMBTBMJEBEFM
DPMFDUPSZMBBDPNFUJEBEFHBT
&WJUFFMDPOUBDUPEFMUVCPDPOQBSUFTN³WJMFTEFMBVOJEBEEF
FODBTUSBNJFOUPQPSFKFNQMPVODBK³OZFMQBTPBUSBW©TEF
FTQBDJPTRVFTFBOTVTDFQUJCMFTEFPCTUSVJSTF