Š
9LHZ6RQLF
ꢇꢃ8VHUꢃ*XLGH
3-ꢀꢁꢂ'
ꢇꢃ*XLGHꢃGHꢃO¶XWLOLVDWHXU
ꢇꢃ%HGLHQXQJVDQOHLWXQJ
ꢇꢃ*XtDꢃGHOꢃXVXDULR
ꢇꢃ*XLGDꢃGHOO¶XWHQWH
ꢇꢃ*XLDꢃGRꢃXVXiULR
ꢇꢃ$QYlQGDUKDQGERN
ꢇꢃ.l\WW|RSDV
'/3ꢃ3URMHFWRU
ꢇꢃɊɭɤɨɜɨɞɫɬɜɨꢃɩɨɥɶɡɨɜɚɬɟɥɹ
ꢇꢃ
ٺ ҢЙыġĩᖅᡝĪ ꢇꢃሢ၊࿁ġĩ⇷␅Ī
ꢇꢃ㇠㟝㣄G㙼⇨㉐
1~PHURꢃGHꢃPRGHORꢄꢃ96ꢅꢅꢆꢁꢀ
,PSRUWDQWHVꢃ,QVWUXFFLRQHVꢃGHꢃ6HJXULGDG
ꢁꢃꢀꢀ ꢀ/HDꢀHVWDVꢀLQVWUXFFLRQHVꢃ
ꢈꢃꢀꢀ ꢀ*XDUGHꢀHVWDVꢀLQVWUXFFLRQHVꢃ
ꢋꢃꢀꢀ ꢀ+DJDꢀFDVRꢀDꢀWRGDVꢀODVꢀDGYHUWHQFLDVꢃ
ꢑꢃꢀꢀ ꢀ6LJDꢀWRGDVꢀODVꢀLQVWUXFFLRQHVꢃ
ꢂꢃꢀꢀ ꢀ1RꢀXVHꢀHVWHꢀDSDUDWRꢀFHUFDꢀGHOꢀDJXDꢃꢀ3DUDꢀUHGXFLUꢀHOꢀULHVJRꢀGHꢀLQFHQGLRꢀRꢀGHVFDUJDVꢀ
HOpFWULFDVꢇꢀQRꢀH[SRQJDꢀHVWHꢀDSDUDWRꢀDꢀODꢀOOXYLDꢀQLꢀDꢀODꢀKXPHGDGꢃ
ꢏꢃꢀꢀ ꢀ/LPSLHꢀVyORꢀFRQꢀXQꢀWUDSRꢀVHFRꢃ
ꢐꢃꢀꢀ ꢀ1RꢀEORTXHHꢀQLQJXQDꢀDEHUWXUDꢀGHꢀYHQWLODFLyQꢃꢀ,QVWDOHꢀGHꢀDFXHUGRꢀDꢀODVꢀLQVWUXFFLRQHVꢀGHOꢀ
IDEULFDQWHꢃ
ꢌꢃꢀꢀ ꢀ1RꢀLQVWDOHꢀFHUFDꢀGHꢀQLQJXQDꢀIXHQWHꢀGHꢀFDORUꢀFRPRꢀUDGLDGRUHVꢇꢀDFXPXODGRUHVꢀGHꢀFDORUꢇꢀ
HVWXIDVꢇꢀXꢀRWURVꢀDSDUDWRVꢀꢅLQFOX\HQGRꢀDPSOL¿FDGRUHVꢆꢀTXHꢀSURGX]FDQꢀFDORUꢃ
ꢍꢃꢀꢀ ꢀ1RꢀDQXOHꢀHOꢀSURSyVLWRꢀGHꢀVHJXULGDGꢀGHOꢀWLSRꢀGHꢀHQFKXIHꢀSRODUL]DGRꢀRꢀFRQHFWDGRꢀDꢀWLHUUDꢃꢀ8Qꢀ
HQFKXIHꢀSRODUL]DGRꢀWLHQHꢀGRVꢀFODYLMDVꢀFRQꢀXQDꢀPDVꢀDQFKDꢀTXHꢀODꢀRWUDꢃꢀ8QꢀWLSRꢀGHꢀDUFKLYRꢀ
FRQHFWDGRꢀDꢀWLHUUDꢀWLHQHꢀGRVꢀFODYLMDVꢀ\ꢀXQꢀWHUFHUꢀGLHQWHꢀGHꢀWLHUUDꢃꢀ/DꢀFODYLMDꢀDQFKDꢀRꢀHOꢀWHUFHUꢀ
GLHQWHꢀHVWiQꢀSHQVDGRVꢀSDUDꢀVXꢀVHJXULGDGꢃꢀ6LꢀHOꢀHQFKXIHꢀVXPLQLVWUDGRꢀQRꢀHQFDMDꢀHQꢀVXꢀWRPDꢇꢀ
FRQVXOWHꢀFRQꢀXQꢀHOHFWULFLVWDꢀSDUDꢀUHHPSOD]DUꢀODꢀWRPDꢀREVROHWDꢃ
ꢁꢊꢃꢀꢀ ꢀ3URWHMDꢀHOꢀFDEOHꢀGHꢀDOLPHQWDFLyQꢀSDUDꢀQRꢀVHUꢀSLVRWHDGRꢀRꢀSHOOL]FDGRꢀHQꢀSDUWLFXODUꢀHQꢀORVꢀ
HQFKXIHVꢇꢀUHFHSWiFXORVꢀGHꢀFRQYHQLHQFLDꢇꢀ\ꢀHQꢀHOꢀSXQWRꢀGRQGHꢀVDOHQꢀGHOꢀSURGXFWRꢃ
ꢁꢁꢃꢀꢀ ꢀ8VHꢀVyORꢀDGDSWDGRUHVꢎDFFHVRULRVꢀHVSHFL¿FDGRVꢀSRUꢀHOꢀIDEULFDQWHꢃ
ꢁꢈꢃꢀꢀ ꢀ
8VHꢀVyORꢀFRQꢀXQꢀFDUURꢇꢀEDVHꢇꢀWUtSRGHꢇꢀVRSRUWHꢇꢀRꢀPHVDꢀHVSHFL¿FDGRVꢀSRUꢀHOꢀ
IDEULFDQWHꢇꢀRꢀYHQGLGRVꢀFRQꢀHOꢀDSDUDWRꢃꢀ&XDQGRꢀXVHꢀXQꢀFDUURꢇꢀWHQJDꢀFXLGDGꢀDOꢀ
PRYHUꢀODꢀFRPELQDFLyQꢀGHꢀFDUURꢎDSDUDWRꢀSDUDꢀHYLWDUꢀGDxRVꢀSRUꢀVREUHVDOLUꢀODꢀSXQWDꢃ
ꢁꢋꢃꢀꢀ ꢀ'HVHQFKXIHꢀHVWHꢀDSDUDWRꢀGXUDQWHꢀWRUPHQWDVꢀHOpFWULFDVꢀRꢀDOꢀQRꢀVHUꢀXVDGRꢀGXUDQWHꢀODUJRVꢀ
SHULRGRVꢀGHꢀWLHPSRꢃ
ꢁꢑꢃꢀꢀ ꢀ3LGDꢀWRGRꢀWLSRꢀGHꢀVHUYLFLRꢀDꢀSHUVRQDOꢀGHꢀVHUYLFLRꢀFXDOL¿FDGRꢃꢀ6HꢀUHTXLHUHꢀVHUYLFLRꢀFXDQGRꢀ
HOꢀDSDUDWRꢀKDꢀVLGRꢀGDxDGRꢀGHꢀFXDOTXLHUꢀPRGRꢇꢀFRPRꢀFXDQGRꢀHOꢀFDEOHꢀGHꢀDOLPHQWDFLyQꢀRꢀ
HQFKXIHꢀHVWiꢀGDxDGRꢇꢀVHꢀKDꢀGHUUDPDGRꢀOtTXLGRꢀRꢀKDQꢀFDtGRꢀREMHWRVꢀGHQWURꢀGHOꢀDSDUDWRꢇꢀHOꢀ
DSDUDWRꢀKDꢀVLGRꢀH[SXHVWRꢀDꢀOOXYLDꢀRꢀKXPHGDGꢇꢀQRꢀIXQFLRQDꢀQRUPDOPHQWHꢇꢀRꢀVHꢀKDꢀFDtGRꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
KK
'HFODUDFLyQꢃGHꢃ&XPSOLPLHQWRꢃGHꢃ5R+6
(VWHꢀSURGXFWRꢀKDꢀVLGRꢀGLVHxDGRꢀ\ꢀIDEULFDGRꢀFXPSOLHQGRꢀODꢀ'LUHFWLYDꢀꢈꢊꢊꢈꢎꢍꢂꢎ(&ꢀGHOꢀ3DUODPHQWRꢀ
(XURSHRꢀ\ꢀHOꢀ&RQVHMRꢀSDUDꢀODꢀUHVWULFFLyQꢀGHOꢀXVRꢀGHꢀFLHUWDVꢀVXVWDQFLDVꢀSHOLJURVDVꢀHQꢀHTXLSRVꢀ
HOpFWULFRVꢀ\ꢀHOHFWUyQLFRVꢀꢅ'LUHFWLYDꢀ5R+6ꢆꢀ\ꢀVHꢀFRQVLGHUDꢀTXHꢀFXPSOHꢀFRQꢀORVꢀYDORUHVꢀGHꢀ
FRQFHQWUDFLyQꢀPi[LPRVꢀSXEOLFDGRVꢀSRUꢀHOꢀ(XURSHDQꢀ7HFKQLFDOꢀ$GDSWDWLRQꢀ&RPPLWWHHꢀꢅ&RPLWpꢀ
(XURSHRꢀGHꢀ$GDSWDFLRQHVꢀ7pFQLFDVꢆꢀꢅ7$&ꢆꢀWDOꢀ\ꢀFRPRꢀVHꢀPXHVWUDꢀDꢀFRQWLQXDFLyQꢄꢀ
&RQFHQWUDFLyQꢀ
0i[LPDꢀ3URSXHVWD
6XVWDQFLD
&RQFHQWUDFLyQꢀ5HDO
3ORPRꢀꢅ3Eꢆ
ꢊꢃꢁꢒ
ꢊꢃꢁꢒ
ꢊꢃꢊꢁꢒ
ꢊꢃꢁꢒ
ꢊꢃꢁꢒ
ꢊꢃꢁꢒ
ꢓꢀꢊꢃꢁꢒ
ꢓꢀꢊꢃꢁꢒ
ꢓꢀꢊꢃꢊꢁꢒ
ꢓꢀꢊꢃꢁꢒ
ꢓꢀꢊꢃꢁꢒ
ꢓꢀꢊꢃꢁꢒ
0HUFXULRꢀꢅ+Jꢆ
&DGPLRꢀꢅ&Gꢆ
ꢏꢔ
&URPRꢀ+H[DYDOHQWHꢀꢅ&U
ꢆ
%LIHQLORꢀ3ROLEURPDGRꢀꢅ3%%ꢆ
eWHUHVꢀGHꢀ'LIHQLORꢀ3ROLEURPDGRꢀꢅ3%'(ꢆ
&LHUWRVꢀFRPSRQHQWHVꢀGHꢀORVꢀSURGXFWRVꢀLQGLFDGRVꢀPiVꢀDUULEDꢀHVWiQꢀH[HQWRVꢀEDMRꢀHOꢀ$SpQGLFHꢀGHꢀODVꢀ
'LUHFWLYDVꢀ5R+6ꢀWDOꢀ\ꢀFRPRꢀVHꢀLQGLFDꢀDꢀFRQWLQXDFLyQꢄ
(MHPSORVꢀGHꢀORVꢀFRPSRQHQWHVꢀH[HQWRVꢄ
ꢁꢃꢀꢀ0HUFXULRꢀHQꢀERPELOODVꢀÀXRUHVFHQWHVꢀFRPSDFWDVꢀTXHꢀQRꢀH[FHGDꢀORVꢀꢂꢀPJꢀSRUꢀERPELOODꢀ\ꢀHQꢀ
RWUDVꢀERPELOODVꢀQRꢀPHQFLRQDGDVꢀHVSHFt¿FDPHQWHꢀHQꢀHOꢀ$SpQGLFHꢀGHꢀODꢀ'LUHFWLYDꢀ5R+6ꢃ
ꢈꢃꢀꢀ3ORPRꢀHQꢀHOꢀFULVWDOꢀGHꢀORVꢀWXERVꢀGHꢀUD\RVꢀFDWyGLFRVꢇꢀFRPSRQHQWHVꢀHOHFWUyQLFRVꢇꢀWXERVꢀ
ÀXRUHVFHQWHVꢀ\ꢀSLH]DVꢀHOHFWUyQLFDVꢀGHꢀFHUiPLFDꢀꢅSꢃHMꢃꢀGLVSRVLWLYRVꢀSLH]RHOHFWUyQLFRVꢆꢃ
ꢋꢃꢀꢀ3ORPRꢀHQꢀVROGDGXUDVꢀGHOꢀWLSRꢀGHꢀDOWDꢀWHPSHUDWXUDꢀꢅSꢃHMꢃꢀODVꢀDOHDFLRQHVꢀEDVDGDVꢀHQꢀSORPRꢀTXHꢀ
FRQWLHQHꢀHQꢀSHVRꢀXQꢀꢌꢂꢒꢀRꢀPiVꢀGHꢀSORPRꢆꢃ
ꢑꢃꢀꢀ3ORPRꢀFRPRꢀHOHPHQWRꢀDOHDGRUꢀHQꢀDFHURꢀTXHꢀFRQWHQJDꢀKDVWDꢀXQꢀꢊꢇꢋꢂꢒꢀGHꢀSORPRꢀHQꢀSHVRꢇꢀ
DOXPLQLRꢀTXHꢀFRQWHQJDꢀKDVWDꢀXQꢀꢊꢇꢑꢒꢀGHꢀSORPRꢀHQꢀSHVRꢀ\ꢀFRPRꢀDOHDFLyQꢀGHꢀFREUHꢀTXHꢀ
FRQWHQJDꢀKDVWDꢀXQꢀꢑꢒꢀGHꢀSORPRꢀHQꢀSHVRꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
KKK
,QIRUPDFLRQyQꢃGHOꢃFRS\ULJKW
‹
‹
&RS\ULJKW ꢀꢈꢊꢊꢐꢀ9LHZ6RQLF ꢀ&RUSRUDWLRQꢃꢀ7RGRVꢀORVꢀGHUHFKRVꢀUHVHUYDGRVꢃ
$SSOHꢇꢀ0DFꢀ\ꢀ$'%ꢀVRQꢀPDUFDVꢀUHJLVWUDGDVꢀGHꢀ$SSOHꢀ&RPSXWHUꢇꢀ,QFꢃ
0LFURVRIWꢇꢀ:LQGRZVꢇꢀ:LQGRZVꢀ17ꢇꢀ\ꢀHOꢀORJRWLSRꢀGHꢀ:LQGRZVꢀVRQꢀPDUFDVꢀUHJLVWUDGDVꢀGHꢀ
0LFURVRIWꢀ&RUSRUDWLRQꢀHQꢀORVꢀ(VWDGRVꢀ8QLGRVꢀ\ꢀRWURVꢀSDtVHVꢃ
9LHZ6RQLFꢇꢀHOꢀORJRWLSRꢀGHꢀORVꢀWUHVꢀSiMDURVꢀ\ꢀ2Q9LHZꢀVRQꢀPDUFDVꢀUHJLVWUDGDVꢀGHꢀ9LHZ6RQLFꢀ
&RUSRUDWLRQꢃ
9(6$ꢀ\ꢀ69*$ꢀVRQꢀPDUFDVꢀUHJLVWUDGDVꢀGHꢀODꢀ$VRFLDFLyQꢀGHꢀ(VWiQGDUHVꢀGHꢀ(OHFWUyQLFDꢀGHꢀ9tGHRꢃꢀ
'306ꢀ\ꢀ''&ꢀVRQꢀPDUFDVꢀUHJLVWUDGDVꢀGHꢀ9(6$ꢃ
36ꢎꢈꢇꢀ9*$ꢀ\ꢀ;*$ꢀVRQꢀPDUFDVꢀUHJLVWUDGDVꢀGHꢀ,%0ꢀ&RUSRUDWLRQꢃ
5HQXQFLDꢄꢀ9LHZ6RQLFꢀ&RUSRUDWLRQꢀQRꢀVHꢀKDFHꢀUHVSRQVDEOHꢀGHꢀORVꢀHUURUHVꢀWpFQLFRVꢀRꢀHGLWRULDOHVꢀ
FRQWHQLGRVꢀHQꢀHOꢀSUHVHQWHꢀGRFXPHQWRꢇꢀQLꢀGHꢀORVꢀGDxRVꢀLQFLGHQWDOHVꢀRꢀFRQVHFXHQWHVꢀUHVXOWDQWHVꢀGHOꢀ
PDOꢀXVRꢀGHꢀHVWHꢀPDWHULDOꢇꢀRꢀGHOꢀUHQGLPLHQWRꢀRꢀXVRꢀGHꢀHVWHꢀSURGXFWRꢃ
3DUDꢀFRQWLQXDUꢀFRQꢀODꢀPHMRUDꢀGHOꢀSURGXFWRꢇꢀ9LHZ6RQLFꢀ&RUSRUDWLRQꢀVHꢀUHVHUYDꢀHOꢀGHUHFKRꢀGHꢀ
FDPELDUꢀODVꢀHVSHFL¿FDFLRQHVꢀVLQꢀSUHYLRꢀDYLVRꢃꢀ/DꢀLQIRUPDFLyQꢀSUHVHQWHꢀHQꢀHVWHꢀGRFXPHQWRꢀSXHGHꢀ
FDPELDUꢀVLꢀDYLVRꢀSUHYLRꢃ
(VWHꢀGRFXPHQWRꢀQRꢀGHEHꢀVHUꢀFRSLDGRꢇꢀUHSURGXFLGRꢀRꢀWUDQVPLWLGRꢀWRWDOꢀRꢀSDUFLDOPHQWHꢀSRUꢀQLQJ~Qꢀ
PHGLRꢀ\ꢀSDUDꢀQLQJ~QꢀSURSyVLWRꢀVLQꢀSHUPLVRꢀHVFULWRꢀGHꢀ9LHZ6RQLFꢀ&RUSRUDWLRQꢃ
5HJLVWURꢃGHOꢃSURGXFWR
3DUDꢀTXHꢀQXHVWURVꢀSURGXFWRVꢀVHꢀDMXVWHQꢀDꢀVXVꢀIXWXUDVꢀQHFHVLGDGHVꢇꢀDVtꢀFRPRꢀSDUDꢀUHFLELUꢀ
LQIRUPDFLyQꢀDGLFLRQDOꢀVREUHꢀHOꢀSURGXFWRꢀFXDQGRꢀHVWpꢀGLVSRQLEOHꢇꢀUHJtVWUHORꢀDꢀWUDYpVꢀGHꢀ,QWHUQHWꢀHQꢄꢀ
ZZZꢃYLHZVRQLFꢃFRPꢃꢀ(Oꢀ&'ꢉ520ꢀGHOꢀ$VLVWHQWHꢀGHꢀ9LHZ6RQLFꢀOHꢀRIUHFHꢀWDPELpQꢀODꢀSRVLELOLGDGꢀ
GHꢀLPSULPLUꢀHOꢀIRUPXODULRꢀGHꢀUHJLVWURꢀSDUDꢀHQYLDUORꢀSRUꢀFRUUHRꢀRꢀID[ꢀDꢀ9LHZ6RQLFꢃ
3DUDꢃHOꢃKLVWRULDO
1RPEUHꢃGHOꢃSURGXFWRꢄ
3-ꢀꢁꢂ'
9LHZ6RQLFꢃ'/3ꢃ3URMHFWRU
96ꢅꢅꢆꢁꢀ
1~PHURꢃGHꢃPRGHORꢄ
1~PHURꢃGHOꢃGRFXPHQWRꢄ
1~PHURꢃGHꢃVHULHꢄ
3-ꢀꢁꢂ'B8*B631ꢃ5HYꢈꢃꢅBꢃꢁꢅꢇ19ꢇꢁꢆ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)HFKDꢃGHꢃFRPSUDꢄ
/DꢀOiPSDUDꢀHQꢀHVWHꢀSURGXFWRꢀFRQWLHQHꢀPHUFXULRꢃꢀ
3RUꢀIDYRUꢀGHVpFKHODꢀGHꢀDFXHUGRꢀFRQꢀODVꢀOH\HVꢀDPELHQWDOHVꢀGHꢀVXꢀUHJLyQꢀRꢀSDtVꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
KX
&RQWHQLGRV
,QWURGXFFLyQꢀꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢂ
)XQFLRQHVꢀGHOꢀ3UR\HFWRUꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢁ
&RQWHQLGRꢀGHOꢀSDTXHWHꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢁ
9LVWDꢀH[WHULRUꢀGHOꢀSUR\HFWRUꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢈ
&RQWUROHVꢀ\ꢀIXQFLRQHVꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢋ
3RVLFLRQDUꢀVXꢀSUR\HFWRUꢀꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢃ
6HOHFFLRQDUꢀXQDꢀORFDOL]DFLyQꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢏ
2EWHQHUꢀXQꢀSUHIHULULGRꢀWDPDxRꢀGHꢀODꢀLPDJHQꢀSUR\HFWDGDꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢐ
&RQH[LyQꢀꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢂꢄ
&RQH[LyQꢀDꢀXQDꢀFRPSXWDGRUDꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢁꢊ
&RQH[LyQꢀ&RQꢀ$SDUDWRVꢀGHꢀ)XHQWHꢀ9LGHRꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢁꢁ
2SHUDFLyQꢀꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢂꢅ
,QLFLRꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢁꢑ
3XOVDQGRꢀGHOꢀVHxDOꢀLQSXWꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢁꢂ
$MXVWHꢀGHꢀODꢀLPDJHQꢀSUR\HFWDGDꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢁꢏ
2SWLPL]DUꢀODꢀLPDJHQꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢁꢍ
(VFRQGHUꢀODꢀLPDJHQꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢈꢁ
&RQJHODUꢀODꢀLPDJHQꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢈꢁ
2SHUDFLRQHVꢀHQꢀDPELHQWHVꢀGHꢀDOWLWXGHVꢀHOHYDGDVꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢈꢈ
$SDJDGRꢀGHOꢀSUR\HFWRUꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢈꢋ
2SHUDFLRQHVꢀGHOꢀ0HQ~ꢀ6LVWHPDꢀGHOꢀPHQ~ꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢈꢑ
0DQWHQLPLHQWRꢀꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢆꢄ
&XLGDGRꢀGHOꢀSUR\HFWRUꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢋꢊ
,QIRUPDFLyQꢀVREUHꢀODꢀOiPSDUDꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢋꢁ
)DOODVꢀ\ꢀVROXFLRQHVꢀꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢆꢇ
(VSHFL¿FDFLRQHVꢀꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢆꢈ
(VSHFL¿FDFLRQHVꢀGHOꢀSUR\HFWRUꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢋꢌ
&DUWDꢀGHꢀWLHPSRVꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢋꢍ
2WUDVꢀ,QIRUPDFLRQHVꢀꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢁꢅꢄ
6HUYLFLRꢀGHꢀDWHQFLyQꢀDOꢀFOLHQWHꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢑꢊ
*DUDQWtDꢀOLPLWDGDꢀꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢑꢁ
,QWURGXFFLyQ
)XQFLRQHVꢃGHOꢃ3UR\HFWRU
(OꢀSUR\HFWRUꢀYLHQHꢀLQWHJUDGRꢀFRQꢀHOꢀySWLFRꢀPRWRUꢀGHꢀSUR\HFFLyQꢀGHꢀDOWRꢀUHQGLPLHQWRꢀ\ꢀGHꢀGLVHꢉ
xRꢀDPLJDEOHꢀSDUDꢀVHUꢀRSHUDGRꢀGHꢀPDQHUDꢀIiFLOꢀ\ꢀGHꢀDOWDꢀVHJXULGDGꢃ
(OꢀSUR\HFWRUꢀYLHQHꢀFRQꢀODVꢀVLJXLHQWHVꢀFDUDFWHUtVWLFDVꢃ
‡ꢀ &RPSDFWRꢀ\ꢀSRUWiWLO
‡ꢀ $MXVWHꢀDXWRPiWLFRꢀFRQꢀXQDꢀWHFODꢀSDUDꢀODꢀPHMRUꢀFDOLGDGꢀGHꢀLPDJHQ
‡ꢀ &RUUH[LyQꢀGLJLWDOꢀ.H\VWRQHꢀSDUDꢀLPiJHQHVꢀWRUFLGDV
‡ꢀ $MXVWDEOHꢀFRQWUROꢀGHꢀEDODQFHꢀGHꢀFRORUꢀSDUDꢀGDWRVꢎYLGHR
‡ꢀ &DSD]ꢀGHꢀPRQVWUDUꢀFRORUHVꢀGHꢀꢁꢏꢃꢐꢀPLOORQHV
‡ꢀ 0HQ~Vꢀ2Qꢉ3DQWDOODꢀ'LVSOD\ꢀꢅ26'ꢆꢀꢅ9LVXDOL]DFLyQꢀHQꢀ3DQWDOODꢆꢀHQꢀPXOWLSOHVꢀLGLRPDV
‡ꢀ ,QWHUFDPELDEOHVꢀPRGRVꢀQRUPDOꢀ\ꢀHFRQyPLFRꢀSDUDꢀUHGXFLUꢀGHꢀFRQVXPRꢀGHꢀHOHFWULFLGDG
‡ꢀ &RPSDWLELOLGDGꢀGHꢀFRPSRQHQWHVꢀ+'79ꢀꢅ<3E3Uꢆ
‡ꢀ +DVWDꢀꢐꢀMXHJRVꢀGHꢀPRGRꢀGHꢀLPDJHQꢀFRQꢀP~OWLSOHVꢀRSFLRQHVꢀSDUDꢀGLIHUHQWHVꢀSURSyVLWRVꢀGHꢀ
SUR\HFFLyQ
ꢀ (OꢀDSDUHQHWꢀEUOORꢀGHꢀODꢀLPDJHQꢀSUR\HFWDGDꢀYDUtLDꢀGHSHQGLHQGRꢀGHꢀODVꢀFRQGLFLRQHVꢀGHꢀ
LOXPLQDFLyQꢀDPELHQWDOHVꢁꢀ6HOHFFLRQDUꢀODꢀIXHQWHꢀGHꢀLQSXWꢀGHꢀFRQWUDVWHꢂEULOORꢁꢀ\ꢀHVRꢀYLHQHꢀ
GLUHFWDPHQWHꢀSURSRUFLRQDGDꢀDꢀODꢀGLVWDQFLDꢀGHꢀSUR\HFDFLyQꢃ
ꢀ
(OꢀEULOORꢀGHꢀODꢀOiPSDUDꢀEDMDꢀFRQꢀHOꢀWLHPSRꢀSXHGHꢀYDULDUꢀGHQWURꢀGHꢀODVꢀHVSHFL¿FDFLRQHVꢀGHOꢀ
PDQXIDFWXUHURRꢀGHꢀODꢀOiPSDUDꢃꢀ(VWRꢀHVꢀDOJRꢀQRUPDOꢀ\ꢀHVSHUDGRꢃ
&RQWHQLGRꢃGHOꢃSDTXHWH
(OꢀSUR\HFWRUꢀHVꢀHPEDUFDGRꢀFRQꢀORVꢀFDEOHVꢀSDUDꢀODꢀFRQH[LyQꢀFRQꢀXQꢀ3&ꢃꢀ'HVHPSDTXHꢀFXLGDꢉ
GRVDPHQWHꢀSDUDꢀYHUL¿FDUꢀTXHꢀ8GꢃꢀWLHQHꢀWRGRVꢀORVꢀHOHPHQWRVꢀLQGLFDGRVꢀDEDMRꢃꢀ'HꢀIDOWDUꢀFXDOHVꢉ
TXLHUDꢀGHꢀORVꢀPLVPRVꢇꢀIDYRUꢀFRQWDFWDUꢀHOꢀOXJDUꢀGHꢀODꢀFRPSUDꢃ
/LVWDꢃGHOꢃSDTXHWHꢃVWDQGiU
ꢁꢃꢀ 3UR\HFWRU
ꢈꢃꢀ &RQWUROꢀUHPRWRꢀWLSRꢀWDUMHWDꢀ\ꢀODꢀEDWHUtD
ꢋꢃꢀ *XtDꢀGHꢀ,QLFLRꢀ5iSLGRꢀ\ꢀHOꢀ9LHZ6RQLFꢀ
:L]DUGꢀ&'
ꢁꢂꢃ
ꢁꢄꢃ
ꢑꢃꢀ &DEOHꢀ5*%ꢀ
ꢂꢃꢀ &RUGyQꢀHOpFWULFR
ꢁꢆꢃ
ꢁꢇꢃ
ꢁꢅꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢀ
9LVWDꢃH[WHULRUꢃGHOꢃSUR\HFWRU
/DGRꢃIURQWDOꢉVXSHULRU
ꢁꢃꢀ 3DQHOꢀGHꢀFRQWUROꢀH[WHUQR
ꢁ
ꢈ
ꢈꢃꢀ 9HQWLODFLyQꢀꢅHVFDSHꢀGHꢀDLUHꢀFDOLHQWHꢆ
ꢋꢃꢀ 6HQVRUꢀUHPRWRꢀ,5ꢀIURQWDO
ꢑꢃꢀ 7HFODꢀGHꢀOLEHUDFLyQꢀUiSLGD
ꢂꢃꢀ *RUUDꢀGHꢀOHQWH
ꢏꢃꢀ $QLOORꢀGHꢀHQIRTXH
ꢐꢃꢀ 9HQWLODFLyQꢀꢅHQWUDGDꢀGHꢀDLUHꢀIUtRꢆ
ꢌꢃꢀ /HQWHꢀGHꢀSUR\HFFLyQ
ꢏ
ꢐ
ꢋ
ꢑ
ꢌ
ꢂ
/DGRꢃWUDVHUR
ꢁꢁ
ꢁꢈ ꢁꢋ
ꢁꢑ
ꢁꢂ
ꢁꢏ
ꢁꢊ
ꢍ
ꢍꢃꢀꢀ 3LpꢀGHꢀDMXVWHꢀWUDVHUR
ꢁꢑꢃꢀ ꢀ5*%ꢀꢅ3&ꢆꢎ6RTXHWHꢀGHꢀLQSXWꢀGHꢀ
VHxDOꢀYLGHRꢀGHꢀFRPSRHQWHꢀꢅ<3E3Uꢎ
<&E&Uꢆ
ꢁꢊꢃꢀ (QWUDGDꢀGHOꢀFRUGyQꢀHOpFWULFR$&
ꢁꢁꢃꢀ 6HQVRUꢀUHPRWRꢀ,5ꢀWUDVHUR
ꢁꢈꢃꢀ 6RTXHWHꢀ86%ꢀꢅSDUDꢀVHUYLFLRꢆ
ꢁꢋꢃꢀ 3XHUWRꢀGHꢀFRQWUROꢀ56ꢈꢋꢈ
ꢁꢂꢃꢀ 6RTXHWHꢀGHꢀLQSXWꢀYLGHR
ꢁꢏꢃꢀ 6RTXHWHꢀGHꢀLQSXWꢀ6ꢉ9LGHR
/DGRꢃLQIHULRU
ꢁꢐ
ꢁꢌ
ꢁꢐꢃꢀ 3LpꢀGHꢀOLEHUDFLyQꢀUiSLGD
ꢁꢌꢃꢀ 7DSDꢀGHꢀOiPSDUD
ꢁꢍ
ꢁꢍ
ꢁꢍꢃꢀ +R\RVꢀSDUDꢀWRUQLOORVꢀGHꢀPRQWDMHꢀGHꢀ
WHFKR
ꢍ
ꢀ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢀ
&RQWUROHVꢃ\ꢃIXQFLRQHV
3UR\HFWRU
ꢁ
ꢋ
ꢑ
ꢌ
ꢈ
ꢂ
ꢏ
ꢐ
ꢍ
ꢁꢊ
ꢍ
ꢁꢁ
ꢂꢁꢀ
$
QLOORꢀGHꢀHQIRTXH
ꢇꢁꢀ Ÿꢀ 6$/,5
6DOLUꢀ\ꢀJXDUGDUꢀGHꢀPHQ~ꢃ
3DUDꢀDMXVWDUꢀGHꢀHQIRTXHꢀGHꢀLPDJHQꢀ
SUR\HFWDGDꢃ
6HOHFFLRQDUꢀORVꢀGHVHDGRVꢀHOHPHQWRVꢀGHOꢀ
PHQ~ꢃ
ꢈꢁꢀ ꢀ/X]ꢀLQGLFDGRUDꢀGHꢀOiPSDUD
3DUDꢀLQGLFDUꢀGHꢀHVWDGRꢀGHꢀODꢀOiPSDUDꢃꢀ
/X]ꢀSUHQGLGDꢀRꢀSDUSDGHDꢀFRQꢀODꢀOiPSDUDꢀ
HQꢀSUREOHPDꢃ
ꢎꢁꢀ ꢀ ꢀ(QFHQGLGRꢊ$SDJDGRꢊ/X]ꢀ
LQGLFDGRUDꢀGHꢀ(QFHQGLGRꢊ$SDJDGR
3DUDꢀHQFHQGHUꢀRꢀDSDJDUꢀHOꢀSUR\HFWRUꢃ
/X]ꢀSUHQGLGDꢀRꢀSDUSDGHDꢀFRQꢀHOꢀ
SUR\HFWRUꢀHQꢀRSHUDFLyQꢃ
ꢉꢁꢀ ꢀ%RWRQHVꢀ.H\VWRQHꢊ)OHFKDꢀ
ꢆꢁꢀ ꢀ$872
ꢀ
ꢋ
ꢀꢊŻ,]TXLHUGRꢌꢀ ꢀꢊŹ'HUHFKRꢍ
$XWRPiWLFDPHQWHꢀGHWHUPLQDꢀORVꢀ
PHMRUHVꢀWLHPSRVꢀGHꢀLPDJHQꢀSDUDꢀ
PRVWUDUꢃ
&RUUHJLUꢀGHꢀPDQHUDꢀPDQXDOꢀLPiJHQHVꢀ
WRUFLGDVꢀGHꢀXQDꢀSUR\HFFLyQꢀGHꢀiQJXORꢃ
6HOHFFLRQDUꢀORVꢀGHVHDGRVꢀPHQ~VꢀSDUDꢀ
DMXVWHVꢃ
ꢅꢁꢀ 6285&(ꢀꢋ)8(17(ꢍ
6HOHFFLRQDUꢀHQꢀVHFXHQFLDꢀHOꢀVHxDOꢀGHꢀ
LQSXWꢀ'ꢉ6XEꢎ&RPSꢃꢀꢅ&RPSRQHQWHꢀ
9LGHRꢆꢇꢀ6ꢉ9LGHRꢀRꢀ9LGHRꢃ
ꢂꢄꢁꢀꢀ02'(ꢀꢋ02'2ꢍ
6HOHFFLRQDUꢀHQꢀVHFXHQFLDꢀXQDꢀ
GLVSRQLEOHꢀFRQ¿JXUDFLyQꢀGHꢀLPiJHQHVꢀ
SUHFRQ¿JXUDGDVꢀSDUDꢀFDGDꢀLQSXWꢃ
ꢂꢂꢁꢀźꢀ 0(1Ò
ꢏꢁꢀ ꢀ%/$1.ꢀꢋ%/$1&2ꢍ
8VDUGRꢀSDUDꢀHVFRQGHUꢀODꢀLPDJHQꢀHQꢀODꢀ
SDQWDOODꢃ
ꢃꢁꢀ /X]ꢀGHꢀDGYHUWHQFLDꢀGHꢀWHPSHUDWXUD
/DꢀOX]ꢀVHꢀSRQHꢀURMDꢀFXDQGRꢀODꢀ
WHPSHUDWXUDꢀGHOꢀSUR\HFWRUꢀHVWiꢀPX\ꢀ
DOWDꢃ
(QFHQGHUꢀDOꢀPHQ~ꢀꢅ26'ꢆꢀꢅ9LVXDOL]DFLyQꢀ
HQꢀ3DQWDOODꢆꢃ
6HOHFFLRQDUꢀORVꢀGHVHDGRVꢀHOHPHQWRVꢀGHOꢀ
PHQ~ꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢁ
&RQWUROꢃUHPRWR
ꢏꢁꢀ ꢀ ꢀ.H\VWRQHꢀ
ꢀ
&RUUHJLUꢀGHꢀPDQHUDꢀPDQXDOꢀLPiJHQHVꢀ
WRUFLGDVꢀGHꢀXQDꢀSUR\HFFLyQꢀGHꢀiQJXORꢃ
ꢁ
ꢈ
ꢃꢁꢀ ꢀ$872
$XWRPDWLFDPHQWHꢀGHWHUPLQDꢀORVꢀPHMRUHVꢀ
WLHPSRVꢀGHꢀLPDJHQꢀSDUDꢀPRVWUDUꢃꢀ
ꢋ
ꢋ
ꢇꢁꢀ ꢀ6285&(ꢀꢋ)8(17(ꢍ
ꢏ
6HOHFFLRQDUꢀHQꢀVHFXHQFLDꢀHOꢀVHxDOꢀGHꢀ
LQSXWꢀ'ꢉ6XEꢎ&RPSꢃꢀꢅ&RPSRQHQWHꢀ
9LGHRꢆꢇꢀ6ꢉ9LGHRꢀRꢀ9LGHRꢃꢀ
ꢐ
ꢌ
ꢑ
ꢋ
ꢈꢁꢀ %/$1.ꢀꢋ%/$1&2ꢍ
ꢍ
8VDUGRꢀSDUDꢀHVFRQGHUꢀODꢀLPDJHQꢀHQꢀODꢀ
SDQWDOODꢃꢀ3XOVHꢀFXDOTXLHUꢀWHFODꢀHQꢀHOꢀ
FRQWUROꢀUHPRWRꢀSDUDꢀUHVWDXUDUꢀODꢀLPDJHQꢃꢀ
ꢂ
ꢉꢁꢀ ꢀ02'(ꢀꢋ02'2ꢍ
ꢂꢁꢀ ꢀ ꢀ(QFHQGLGRꢊ$SDJDGR
3DUDꢀHQFHQGHUꢀRꢀDSDJDUꢀHOꢀSUR\HFWRUꢃ
ꢎꢁꢀ ꢀ ꢀ&RQJHODU
6HOHFFLRQDUꢀHQꢀVHFXHQFLDꢀXQDꢀGLVSRQLEOHꢀ
FRQ¿JXUDFLyQꢀGHꢀLPiJHQHVꢀSUR\RH¿QLGDVꢀ
SDUDꢀFDGDꢀLQSXꢃ
3DUDꢀFRQJHODUꢀODꢀLPDJHQꢀSUR\HFWDGDꢃꢀ
ꢆꢁꢀ ꢀŸ8Sꢀꢋ$UULEDꢍꢌꢀź'RZQꢀꢋ$EDMRꢍꢌꢀŻ
/HIWꢀꢋ,]TXLHUGDꢍꢌꢀŹ5LJKWꢀꢋ'HUHFKDꢍ
$OꢀDFWLYDUꢀHOꢀPHQ~ꢅ26'ꢆꢅ9LVXDOL]DFLyQꢀ
HQꢀ3DQWDOODꢆꢇꢀORVꢀERWRQHVꢀVHꢀXVDQGRꢀ
FRPRꢀÀHFKDVꢀGLUHFFLRQDOHVꢀSDUDꢀ
VHOHFFLRQDUꢀORVꢀGHVHDGRVꢀHOHPHQWRVꢀGHOꢀ
PHQ~ꢀ\ꢀKDFHUꢀDMXVWHVꢃ
ꢅꢁꢀ ꢀ0(18ꢀꢋ0(1Òꢍ
3DUDꢀPRVWUDUꢀRꢀHVFRQGHUꢀHOꢀVLVWHPDꢀ
GHOꢀPHQ~ꢀꢅ26'ꢆꢅ9LVXDOL]DFLyQꢀHQꢀ
3DQWDOODꢆꢃꢀ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢂ
(IHFWLYDꢃUDQJRꢃGHOꢃFRQWUROꢃUHPRWR
/RVꢀVHQVRUHVꢀGHOꢀFRQWUROꢀUHPRWRꢀ,QIUDUURMRꢀꢅ,5ꢆꢀYLHQHQꢀORFDOL]DGRVꢀHQꢀODꢀSDUWHꢀIURQWDOꢀ\ꢀWUDVHUDꢀ
GHOꢀSUR\HFWRUꢃꢀ(OꢀFRQWUROꢀUHPRWRꢀGHEHꢀVHUꢀPDQWHQLGDꢀDꢀꢋꢊꢀJUDGRVꢀSHUSHQGLFXODUꢀDꢀORVꢀVHQVRUHVꢀ
GHOꢀFRQWUROꢀUHPRWRꢀ,5ꢀGHOꢀSUR\HFWRU¶VꢀSDUDꢀODꢀFRUUHFWDꢀIXQFLyQꢃꢀ/DꢀGLVWDQFLDꢀHQWUHꢀHOꢀFRQWUROꢀ
UHPRWRꢀ\ꢀORVꢀVHQVRUHVꢀQRꢀGHEHꢀH[FHHGHUꢀORVꢀꢏꢀPHWURVꢀꢅaꢀꢈꢊꢀSLpVꢆꢃ
(VWDUꢀVHJXURꢀGHꢀTXHꢀQRꢀKD\ꢀREVWiFXORVꢀDOJXQRVꢀHQWUHꢀHOꢀFRQWUROꢀUHPRWRꢀ\ꢀORVꢀVHQVRUHVꢀ,5ꢀHQꢀHOꢀ
SUR\HFWRUꢀTXHꢀSXHGDQꢀREVWXLUꢀHOꢀUD\RꢀLQIUDUURMRꢃ
Ɣꢀ 2SHUDUꢀHOꢀSUR\HFWRUꢀDꢀDSUR[LPDGDPHQWHꢀꢀƔꢀ 2SHUDUꢀHOꢀSUR\HFWRUꢀDꢀDSUR[LPDGDPHQWHꢀ
ꢀ
ꢂꢏƒꢀGHꢀODꢀSDUWHꢀIURQWDOꢀ
ꢂꢏƒꢀGHꢀODꢀSDUWHꢀWUDVHUD
ꢀꢁꢂꢃ
&DPELDUꢃGHꢃODꢃEDWHUtDꢃGHOꢃFRQWUROꢃUHPRWR
ꢁꢃꢀ 6DFDUꢀHOꢀSRUWDEDWHUtDVꢃ
ꢀꢀ)DYRUꢀVHJXLUꢀODVꢀLQVWUXFFLRQHVꢀLOXVWUDGDVꢃꢀ3XOVHꢀ\ꢀ
UHWHQJDꢀHOꢀEUD]RꢀFHUUDGXUDꢀPLHQWUDVꢀWLUHꢀHOꢀSRUWDEDꢄ
WHUtDVꢃ
ꢈꢃꢀ ,QVHUWHꢀODꢀQXHYDꢀEDWHUtDꢀHQꢀHOꢀSRUWDEDWHUtDVꢃꢀ1RWHꢀ
TXHꢀODꢀSRODULGDGꢀSRVLWLYDꢀGHEHꢀPLUDUꢀKDFLDꢀDIXHUDꢃ
ꢋꢃꢀ (PSXMHꢀHOꢀOꢀSRUWDEDWHUtDVꢀHQꢀHOꢀFRQWUROꢀUHPRWRꢃ
ꢀƔꢀ(YLWHꢀH[FHVLYRꢀYDORUꢀ\ꢀKXPHGDGꢃ
ꢀ
ꢀ
Ɣꢈ'HꢀQRꢀFDPELDUꢀODꢀEDWHUtDꢁꢀODꢀPLVPDꢀSXHGHꢀTXHGDUꢀGDxDGDꢃ
Ɣꢈ&DPELHꢀVRODPHQWHꢀODꢀEDWHUtDꢀFRQꢀRWUDꢀGHOꢀPLVPRꢀWLSRꢀRꢀHTXLYDOHQHꢀUHFRPHQGDGRꢀSRUꢀHOꢀ
PDQXIDFWXUHURꢀGHꢀODꢀEDWHUtDꢃꢀ
ꢀ
ꢀ
ꢀ
Ɣꢈ%RWHꢀEDWHUtDVꢀXVDGDVꢀGHꢀDFXHUGRꢀFRQꢀODVꢀLQVWUXFFLRQHVꢀGHOꢀPDQXIDFWXUHURꢀGHꢀODꢀEDWHUtD
Ɣꢈ1XQFDꢀERWHꢀEDWHUtDꢀDꢀIXHJRꢁꢀ\DꢀTXHꢀSXHGHꢀSURGXFLUꢀH[SORVLRQHVꢃ
Ɣꢈ6LꢀODꢀEDWHUtDꢀHVWiꢀDJRWDGDꢀRꢀVLꢀ8GꢃQRꢀYDꢀDꢀXVDUꢀHOꢀFRQWUROꢀUHPRWRꢀSRUꢀXQꢀH[WHQGLGRꢀWLHPꢄ
SRꢁꢀUHPXHYDꢀODꢀEDWHUtDꢀSDUDꢀSUHYHQLUꢀGDxRVꢀDOꢀFRQWUROꢀUHPRWRꢀGHꢀSRVLEOVꢀHVFDSHVꢀGHOꢀ
ÀXLGRꢀGHꢀODꢀEDWHUtꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢃ
3RVLFLRQDUꢀVXꢀSUR\HFWRU
6HOHFFLRQDUꢃXQDꢃORFDOL]DFLyQ
6XꢀSUR\HFWRUꢀYLHQHꢀGLVHxDGRꢀSDUDꢀVHUꢀLQVWDODGRꢀHQꢀXQDꢀGHꢀODVꢀꢑꢀSRVLEOHVꢀORFDOL]DFLRQHVꢀGHꢀ
LQVWDODFLyQꢄ
ꢂꢁꢀ 7DEODꢀIURQWDO
ꢆꢁꢀ 7HFKRꢀWUDVHUR
6HOHFFLRQHꢀHVWDꢀORFDOL]DFLyQꢀFRQꢀHOꢀ
6HOHFFLRQHꢀHVWDꢀORFDOL]DFLyQꢀFRQꢀHOꢀSUR\HFWRUꢀ
SUR\HFWRUꢀFRORFDGRꢀFHUFDꢀGHOꢀSLVRꢀDOꢀIUHQWHꢀ VXVSHQGLGRꢀSDWDVꢀDUULEDꢀGHOꢀWHFKRꢀDOꢀIUHQWHꢀ
GHꢀODꢀSDQWDOODꢃꢀ(VWDꢀHVꢀODꢀPDQHUDꢀPiVꢀ
FRP~QꢀGHꢀSRVLFLRQDUꢀHOꢀSUR\HFWRUꢀSDUDꢀODꢀ
UiSLGDꢀLQVWDODFLyQꢀ\ꢀVHUꢀSRUWiWLOꢃ
GHꢀODꢀSDQWDOODꢃ
1yWHVHꢀTXHꢀXQDꢀHVSHFLDOꢀSDQWDOODꢀGHꢀ
SUR\HFFLyQꢀWUDVHUDꢀ\ꢀXQꢀDSURSLDGRꢀSUR\HFWRUꢀ
GHꢀPRQWDMHꢀGHꢀWHFKRꢀVRQꢀUHTXHULGRVꢀSDUDꢀODꢀ
LQVWDODFLyQꢀHQꢀHVWDꢀORFDOL]DFLyQꢃꢀ
3URJUDPHꢀ
ꢀHQꢀHOꢀPHQ~ꢀ
ꢀ
$YDQ]DGRꢀ!ꢀ(VSHMRꢀOXHJRꢀGHꢀHQFHQGHUꢀHOꢀ
SUR\HFWRUꢃ
ꢀ
ꢎꢁꢀ 7HFKRꢀIURQWDO
6HOHFFLRQHꢀHVWDꢀORFDOL]DFLyQꢀFRQꢀHOꢀ
SUR\HFWRUꢀVXVSHQGLGRꢀSDWDVꢀDUULEDꢀGHOꢀ
WHFKRꢀDOꢀIUHQWHꢀGHꢀODꢀSDQWDOODꢃ
&RPSUHꢀXQꢀUHFRPPHQGDGRꢀSUR\HFWRUꢀGHꢀ
PRQWDMHꢀGHꢀWHFKRꢀGHꢀVXꢀFRQFHVLRQDULRꢀSDUDꢀ
PRQWDUꢀVXꢀSUR\HFWRUꢀHQꢀHOꢀWHFKRꢃ
ꢀ
ꢅꢁꢀ 7DEODꢀUDVHUD
6HOHFFLRQHꢀHVWDꢀORFDOL]DFLyQꢀFRQꢀHOꢀSUR\HFWRUꢀ
FRORFDGRꢀFHUFDꢀGHOꢀSLVRꢀGHWUiVꢀGHꢀODꢀSDQWDOODꢃ
1yWHVHꢀTXHꢀXQDꢀHVSHFLDOꢀSDQWDOODꢀGHꢀ
SUR\HFFLyQꢀWUDVHUDꢀHVꢀUHTXHULGDꢃ
3URJUDPHꢀ
ꢀHQꢀHOꢀPHQ~ꢀ
ꢀ
$YDQ]DGRꢀ!ꢀ(VSHMRꢀOXHJRꢀGHꢀHQFHQGHUꢀHOꢀ
SUR\HFWRUꢃ
3URJUDPHꢀ
ꢀHQꢀHOꢀPHQ~ꢀ
ꢀ
$YDQ]DGRꢀ!ꢀ(VSHMRꢀOXHJRꢀGHꢀHQFHQGHUꢀHOꢀ
SUR\HFWRUꢃ
ꢀ
(OꢀHVTXHPDꢀGHꢀVXꢀFXDUWRꢀRꢀSUHIHULUHQFLDꢀSHUVRQDOꢀSXHGHꢀGHWHUPLQDUꢀFXiOꢀORFDOL]DFLyQꢀGHꢀLQVWDꢉ
ODFLyQꢀDꢀVHOHFFLRQDUꢃꢀ7RPHꢀHQꢀFXHQWDꢀHOꢀWDPDxRꢀ\ꢀSRVLFLyQꢀGHꢀVXꢀSDQWDOODꢃꢀ/DꢀORFDOL]DFLyQꢀGHꢀ
XQꢀDSURSLDGRꢀWRPDFRUULHQWHVꢇꢀFRPRꢀWDPELpQꢀODꢀORFDOL]DFLyQꢀ\ꢀGLVWDQFLDꢀHQWUHꢀHOꢀSUR\HFWRUꢀ\ꢀHOꢀ
UHVWRꢀGHꢀVXꢀHTXLSRꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢀ
2EWHQHUꢃXQꢃSUHIHULULGRꢃWDPDxRꢃGHꢃODꢃLPDJHQꢃ
SUR\HFWDGD
/DꢀGLVWDQFLDꢀGHOꢀOHQWHꢀGHOꢀSUR\HFWRUꢀDꢀODꢀSDQWDOODꢀ\ꢀHOꢀYLGHRꢀIRUPDWHDꢀFDGDꢀIDFWRUꢀHQꢀHOꢀWDPDxRꢀ
GHꢀODꢀLPDJHQꢀSUR\HFWDGDꢃ
/DꢀQDWLYDꢀUHVROXVLyQꢀGHꢀXQꢀSUR\HFWRUꢀHVꢀꢌꢊꢊꢀ[ꢀꢏꢊꢊꢀSL[HOHVꢇꢀHOꢀFXDOꢀLQGLFDꢀXQDꢀUHODFLyQꢀGHꢀ
DVSHFWRꢀꢑꢄꢀꢋꢀꢅH[SXOVDGRꢀFRPRꢀꢑꢄꢋꢆꢃꢀ3DUDꢀSRGHUꢀSUR\HFWDUꢀXPDꢀFRPSOHWDꢀLPDJHQꢀGHꢀUHODFLyQꢀGHꢀ
DVSHFWRꢀGHꢀꢁꢏꢄꢍꢀꢅSDQWDOODꢀDQFKDꢆꢇꢀHOꢀSUR\HFWRUꢀSXHGHꢀUHFRQ¿JXUDUꢀHOꢀWDPDxRꢀ\ꢀODꢀHVFDODꢀGHꢀXQDꢀ
LPDJHQꢀGHꢀSDQWDOODꢀDQFKDꢀDꢀODꢀQDWLYDꢀDQFKXUDꢀGHꢀDVSHFWRRꢀGHOꢀSUR\HFWRUꢃꢀ(VWRꢀUHVXOWDUiꢀHQꢀXQDꢀ
DOWXUDꢀDOWXUDꢀPXFKDꢀPiVꢀLQIHULRUꢀDOꢀꢐꢂꢒꢀGHOꢀDVSHFWRRꢀQDWLYRꢀGHOꢀSUR\HFWRUꢃ
,PDJHQꢀGHꢀDVSHFWRRꢀꢅꢐꢆꢀHQꢀXQDꢀiUHDꢀ
GHꢀYLVXDOL]DFLyQꢀGHꢀꢅꢐꢆꢀ
,PDJHQꢀGHꢀDVSHFWRRꢀꢂꢃꢐꢉꢀHQꢀHVFDODꢀDOꢀ
iUHDꢀGHꢀYLVXDOL]DFLyQꢀGHꢀꢅꢐꢆ
3RUꢀORꢀWDQWRꢇꢀXQDꢀLPDJHQꢀGHꢀDVSHFWRꢀꢁꢏꢄꢍꢀQRꢀXVDUiꢀHOꢀꢈꢂꢒꢀGHꢀODꢀDOWXUDꢀGHꢀXPDꢀLPDJHQꢀGHꢀDVSHFWRꢀ
ꢑꢄꢋꢀPRVWUDGDꢀSRUꢀHOꢀSUR\HFWRUꢃꢀ(VWRꢀQRꢀVHꢀYHUiꢀFRPRꢀEDUDVꢀRVFXUDVꢀꢅVLQꢀHQFHQGLGRꢆꢀDꢀORꢀODUJRꢀGHꢀ
ODꢀSDUWHꢀVXSHULRUꢀ\ꢀHOꢀIRQGRꢀꢅDOWXUDꢀYHUWLFDOꢀꢁꢈꢃꢂꢒꢀUHVSHFWLYDPHQWHꢆꢀGHOꢀiUHDꢀSUR\HFWDGDꢀGHꢀꢑꢄꢋꢀ
FXDQGRTXLHUDꢀVHꢀPXHVWUHꢀXQDꢀLPDJHQꢀGHꢀDVSHFWRꢀꢁꢏꢄꢍꢀHQꢀHOꢀFHQWURꢀYHUWLFDOꢀGHOꢀiUHDꢀSUR\HFWDGDꢀGHꢀꢑꢄꢋ
$OꢀGHWHUPLQLQDUꢀODꢀSRVLFLyQꢀGHꢀVXꢀSUR\HFWRUꢇꢀ8GꢃꢀGHEHꢀWRPDUꢀHQꢀFXHQWDꢀGHOꢀXVRꢀSURSXHVWRꢀ\ꢀODVꢀ
UHODFLyQꢀGHꢀDVSHFWRꢀGHOꢀVHxDOꢀGHꢀLQSXWꢃꢀ7RGRVꢀORVꢀLQSXWVꢀꢅTXHꢀQRꢀVHDQꢀORVꢀGHꢀYLGHRꢀFRPSXHVWRꢀ
LQWURGXFLGRVꢀDꢀXQꢀVHxDOꢀGHꢀDVSHFWRꢀꢁꢏꢄꢍꢆꢀDSDUHFHQꢀHQꢀXQDꢀUHODFLyQꢀGHꢀDVSHFWRꢀꢑꢄꢋꢀꢅVLQꢀUHTXUHUꢀ
XQDꢀꢋꢋꢒꢀGHꢀDOWXUDꢀGHꢀH[KLELFLyQꢀDGLFLRQDOꢀDꢀODꢀGHOꢀiUHDꢀSUR\HFWDGDꢀGHꢀDVSHFWRꢀꢁꢏꢄꢍꢆꢃ
ꢀꢀ1RꢀVHOHFFLRQHꢀXQDꢀSRVLFLyQꢀGHꢀSUR\HFWRUꢀEDVDGDꢀDꢀXQDꢀSUR\HFFLyQꢀGHꢀꢅꢆꢇꢈꢀVLꢀ8GꢃꢀQRꢀYDꢀ
DꢀQHFHVLWDUꢀDꢀVHOHFFLRQDUꢀXQꢀLQSXWꢀTXHꢀQRꢀVHDꢀXQꢀYLGHRꢀFRPSXHVWRꢀLQWURGXFLGRꢀDꢀXQꢀVHQDOꢀ
GHꢀDVSHFWRꢀꢅꢆꢇꢈꢉꢃ
(OꢀSUR\HFWRUꢀGHEHꢀVLHPSUHꢀYHQLUHꢀFRORFDGRꢀGHꢀPDQHUDꢀKRUL]RQWDOꢀꢅSODQRꢀHQꢀXQDꢀWDEODꢆꢀ\ꢀSRVLFLRQDGRꢀ
GHꢀPDQHUDꢀSHUSHQGLFXODUꢀꢅꢍꢊƒꢀGHꢀiQJXORꢀGHUHFKRꢀ\ꢀFXDGUDGRꢆꢀDOꢀFHQWURꢀKRUL]RQWDOꢀGHꢀODꢀSDQWDOODꢃꢀ(VWRꢀ
SUHYLHQHꢀODꢀGLVWRUVLyQꢀFDXVDGDꢀSRUꢀSUR\HFFLRQHVꢀGHꢀiQJXORꢀꢅRꢀSUR\HFFLyQꢀHQꢀVXSHU¿FLHVꢀDQJXODUHVꢆꢃ
(OꢀPRGHUQRꢀSUR\HFWRUꢀGLJLWDOꢀQRꢀSUR\HFWDꢀKDFLDꢀDGHODQWHꢀ\ꢀGHꢀPDQHUDꢀGLUHFWDꢀꢅFRPRꢀORVꢀSURꢉ
\HFWRUHVꢀGHꢀSHOtFXODꢀGHꢀFDUUHWHꢀDꢀFDUUHWHꢀGHꢀHVWLORꢀDQWLJXRꢆꢃꢀ(QꢀFDPELRꢇꢀORVꢀSUR\HFWRUHVꢀGLJLꢉ
WDOHVꢀYLHQHQꢀSDUDꢀSUR\HFWDUꢀDꢀXQꢀiQJXORꢀSRFRꢀKDFLDꢀDUULEDꢀGHOꢀSODQRꢀKRUL]RQWDOꢀGHOꢀSUR\HFWRUꢃꢀ
(VWRꢀHVꢀSDUDꢀTXHꢀSXHGDQꢀYHQLUꢀFRORFDGRVꢀHQꢀXQDꢀWDEODꢀSDUDꢀSUR\HFWDUꢀKDFLDꢀDGHODQWHꢀ\ꢀDWUiVꢀHQꢀ
XQDꢀSRVLFLRQDGDꢀSDUDꢀTXHꢀHOꢀPDUJHQꢀGHꢀIRQGRꢀGHꢀODꢀSDQWDOODꢀTXHGHꢀVREUHꢀHOꢀQLYHOꢀGHꢀODꢀWDEODꢀꢅ\ꢀ
WRGRVꢀHQꢀHOꢀFXDUWRꢀSXHGDQꢀYHUꢀODꢀSDQWDOODꢆꢃ
6LꢀHOꢀSUR\HFWRUꢀYLHQHꢀPRQWDGRꢀHQꢀXQꢀWHFKRꢇꢀGHEHꢀVHUꢀPRQWDGRꢀSDWDVꢀDUULEDꢀSDUDꢀTXHꢀSUR\HFWHꢀ
GHꢀXQꢀiQJXORꢀSRFRꢀKDFLDꢀDEDMRꢃ
8GꢃꢀSXHGHꢀYHUꢀGHOꢀGLDJUDPDꢀHQꢀ3iJLQDꢀꢍꢇꢀTXHꢀHVWHꢀWLSRꢀGHꢀSUR\HFFLyQꢀKDFHꢀTXHꢀHOꢀIRQGRꢀGHꢀODꢀ
LPDJHQꢀSUR\HFWDGDꢀVHDꢀFRPSHQVDGRꢀGHOꢀSODQRꢀKRUL]RQWDOꢀGHOꢀSUR\HFWRUꢃꢀ(QꢀFDVRꢀGHꢀPRQWDMHꢀ
GHꢀWHFKRꢇꢀVHꢀUH¿HUHꢀDOꢀPDUJHQꢀVXSHULRUꢀGHꢀODꢀLPDJHQꢀSUR\HFWDGDꢃ
6LꢀHOꢀSUR\HFWRUꢀYLHQHꢀSRVLFLRQDGRꢀPiVꢀDOHMDGRꢀGHꢀODꢀSDQWDOODꢇꢀHOꢀWDPDxRꢀGHꢀODꢀLPDJHQꢀSUR\HFꢉ
WDGDꢀDXPHQWDꢀ\ꢀODꢀFRPSHQVDFLyQꢀYHUWLFDOꢀWDPELpQꢀDXPHQWDꢀSURSRUFLRQDOPHQWHꢃ
$OꢀGHWHUPLQHUꢀODꢀSRVLFLyQꢀGHꢀODꢀSDQWDOODꢀ\ꢀHOꢀSUR\HFWRUꢇꢀ8GꢃꢀQHFHVLWDUiꢀWHQHUꢀHOꢀWDPDxRꢀGHꢀODVꢀ
ꢈꢀLPiJHQHVꢀSUR\HFWDGDVꢀ\ꢀODꢀGLPHQVLyQꢀGHꢀFRPSHQVDFLyQꢀYHUWLFDOꢇꢀORVꢀFXDOHVꢀYLHQHQꢀGLUHFWDꢀ\ꢀ
SURSRUFLRQDOPHQWHꢀDꢀODꢀGLVWDQFLDꢀGHꢀSUR\HFFLyQꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢁ
7HQHPRVꢀXQDꢀWDEODꢀGHꢀSDQWDOODꢀGHꢀUHODFLyQꢀGHꢀDVSHFWRꢀꢑꢄꢋꢀSDUDꢀD\XGDUORꢀDꢀGHWHUPLQHDUꢀODꢀLGHDOꢀ
ORFDOL]DFLyQꢀSDUDꢀVXꢀSUR\HFWRUꢃꢀ+D\ꢀꢈꢀGLPHQVLRQHVꢀFRPRꢀRSFLRQHVꢇꢀODꢀGLVWDQFLDꢀSHUSHQGLFXODUꢀ
KRUL]RQWDOꢀGHOꢀFHQWURꢀGHꢀODꢀSDQWDOODꢀꢅGLVWDQFLDꢀGHꢀSUR\HFFLyQꢆꢇꢀ\ꢀODꢀDOWXUDꢀGHꢀFRPSHQVDFLyQꢀ
YHUWLFDOꢀGHOꢀSUR\HFWRUꢀGHOꢀPDUJHQꢀKRUL]RQWDOꢀGHꢀODꢀSDQWDOODꢀꢅFRPSHQVDFLyQꢆꢃ
0DQHUDVꢃGHꢃGHWHUPLQHDUꢃODꢃSRVLFLyQꢃGHOꢃSUR\HFWRUꢃ
SDUDꢃXQDꢃSDQWDOODꢃGHꢃWDPDxRꢃHVSHFt¿FR
ꢁꢃꢀ 6HOHFFLRQDUꢀGHꢀWDPDxRꢀGHꢀVXꢀSDQWDOODꢃ
ꢈꢃꢀ &RQVXOWHꢀDꢀODꢀWDEODꢀSDUDꢀLJXDODUꢀHOꢀWDPDxRꢀGHꢀVXꢀSDQWDOODꢀHQꢀODꢀFROXPQDꢀGHꢀODꢀL]TXLHUGDꢀFRꢉ
QRFLGDꢀFRPRꢀ³ꢑꢄꢋꢀ3DQWDOODꢀ'LDJRQDO´ꢃꢀ&RQꢀHVWHꢀYDORUꢀ\ꢀEXVTXHꢀHQꢀHVWDꢀ¿ODꢀGHꢀODꢀGHUHFKDꢀ
SDUDꢀWHQHUꢀODꢀGLVWDQFLDꢀHQꢀSURPHGLRꢀFRUUHVSRQGLHQWHꢀGHOꢀYDORUꢀGHꢀSDQWDOODꢀHQꢀODꢀFROXPQDꢀ
FRQRFLGDꢀFRPRꢀ³5HFRPPHQGDGDVꢀGLVWDQFLDVꢀGHꢀSUR\HFFLyQꢀGHꢀSDQWDOODꢀHQꢀPP´ꢃꢀ(VWDꢀHVꢀ
ODꢀGLVWDQFLDꢀGHꢀSUR\HFFLyQꢃꢀ
ꢋꢃꢀ (QꢀODꢀPLVPDꢀ¿ODꢇꢀEXVTXHꢀHQꢀODꢀFROXPQDꢀGHꢀODꢀGHUHFKDꢀSDUDꢀWRPDUꢀQRWDꢀGHOꢀYDORUꢀGHꢀFRPꢉ
SHQVDFLyQꢀYHUWLFDOꢃꢀ(VWRꢀGHWHUPLQDꢀODꢀFRPSHQVDFLyQꢀYHUWLFDOꢀGHOꢀSUR\HFWRUꢀHQꢀUHODFLyQꢀDOꢀ
PDUJHQꢀGHꢀODꢀSDQWDOODꢃ
ꢑꢃꢀ /DꢀUHFRPHQGDGDꢀSRVLFLyQꢀSDUDꢀHOꢀSUR\HFWRUꢀYLHQHꢀDOLQHDGDꢀHQꢀIRUPDꢀSHUSHQGLFXODUꢀDOꢀFHQꢉ
WURꢀKRUL]RQWDOꢀGHꢀODꢀSDQWDOODꢇꢀDꢀODꢀGLVWDQFLDꢀGHꢀODꢀSDQWDOODꢀGHWHUPLQDGDꢀHQꢀ3DVRꢀꢈꢀGHꢀDUULEDꢀ
\ꢀFRPSHQVDGRꢀSRUꢀHOꢀYDORUꢀGHWHUPLQHGRꢀHQꢀ3DVRꢀꢋꢀGHꢀDUULEDꢃ
3RUꢀHMHPSORꢇꢀVLꢀ8GꢃꢀXVDꢀXQDꢀSDQWDOODꢀGHꢀꢁꢈꢊ´ꢇꢀODꢀUHFRPHQGDGDꢀGLVWDQFLDꢀGHꢀSUR\HFFLyQꢀHVꢀ
ꢑꢌꢊꢊꢀPPꢀ\ꢀFRQꢀXPDꢀFRPSHQVDFLyQꢀYHUWLFDOꢀGHꢀꢁꢌꢋꢀPPꢃ
6Lꢀ8GꢃꢀFRORFDꢀXQꢀSUR\HFWRUꢀDꢀXQDꢀGLIHUHQWHꢀSRVLFLyQꢀꢅTXHꢀODꢀUHFRPHQGDGDꢆꢇꢀGHEHꢀGHMDUORꢀLQꢉ
FOLQDGRꢀRꢀHOHYDGRꢀDOꢀFHQWURꢀGHꢀODꢀLPDJHQꢀGHꢀODꢀSDQWDOODꢃꢀ(QꢀODVꢀꢈꢀVLWXDFLRQHVꢇꢀODꢀLPDJHQꢀSXHGHꢀ
VDOLUꢀWRUFLGDꢀGHꢀDOJXQDꢀPDQHUDꢃꢀ8VHꢀODꢀIXQFLyQꢀ.H\VWRQHꢀSDUDꢀFRUUHJLUꢀODꢀGLVWRUVLyQꢃ
0DQHUDVꢃGHꢃFRQ¿JXUDUꢃHOꢃWDPDxRꢃGHꢃODꢃSDQWDOODꢃ
UHFRPHQGDGDꢃDꢃXQDꢃGLVWDQFLDꢃHVSHFt¿FD
(VWRꢀVHꢀXVDꢀSDUDꢀVLWXDFLRQHVꢀHQꢀTXHꢀ8GꢃꢀKD\DꢀFRPSUDGRꢀHOꢀSUR\HFWRUꢀ\ꢀTXLHUDꢀFRQRFHUꢀHOꢀ
WDPDxRꢀGHꢀODꢀSDQWDOODꢀTXHꢀTXHSDꢀHQꢀVXꢀFXDUWRꢃꢀ
(OꢀWDPDxRꢀPi[LPRꢀGHꢀODꢀSDQWDOODꢀYLHQHꢀOLPLWDGDꢀSRUꢀHOꢀItVLFRꢀHVSDFLRꢀGLVSRQLEOHꢀGHꢀVXꢀFXDUWRꢃ
ꢁꢃꢀ 7RPHꢀODꢀPHGLGDꢀGHꢀODꢀGLVWDQFLDꢀHQWUHꢀHOꢀSUR\HFWRUꢀ\ꢀGRQGHꢀ8GꢃꢀGHVHHꢀFRORFDUꢀODꢀSDQWDOODꢃꢀ
(VWDꢀHVꢀODꢀGLVWDQFLDꢀGHꢀSUR\HFFLyQꢃ
ꢈꢃꢀ &RQVXOWHꢀDꢀODꢀWDEODꢀSDUDꢀLJXDODUꢀHOꢀWDPDxRꢀGHꢀVXꢀSDQWDOODꢀHQꢀODꢀFROXPQDꢀFRQRFLGDꢀFRPRꢀ
³5HFRPHQGDGDVꢀGLVWDQFLDVꢀGHꢀSUR\HFFLyQꢀGHꢀSDQWDOODꢀHQꢀPP´ꢃ
ꢋꢃꢀ &RQꢀHVWHꢀYDORUꢇꢀEXVTXHꢀDKRUDꢀKDFLDꢀODꢀL]TXLHUGDꢀSDUDꢀWHQHUꢀODꢀFRUUHVSRQGLHQWHꢀSDQWDOODꢀGLDJRQDOꢀ
HQꢀODꢀ¿ODꢃꢀ(VWDꢀHVꢀHOꢀWDPDxRꢀGHꢀODꢀLPDJHQꢀSUR\HFWDGDꢀGHOꢀSUR\HFWRUꢀDꢀWDOꢀGLVWDQFLDꢀGHꢀSUR\HFFLyQꢃ
ꢑꢃꢀ (QꢀODꢀPLVPDꢀ¿ODꢇꢀEXVTXHꢀKDFLDꢀODꢀGHUHFKDꢀ\ꢀWRPHꢀQRWDꢀGHOꢀYDORUꢀGHꢀFRPSHQVDFLyQꢀYHUWLFDOꢃꢀ
(VWRꢀGHWHUPLQDꢀODꢀFRORFDFLyQꢀ¿QDOꢀGHꢀODꢀSDQWDOODꢀHQꢀUHODFLyQꢀDOꢀSODQRꢀKRUL]RQWDOꢀSODQHꢀGHOꢀ
SUR\HFWRUꢃ
3RUꢀHMHPSORꢇꢀVLꢀVXꢀGLVWDQFLDꢀWRPDGDꢀGHꢀGLVWDQFLDꢀGHꢀSUR\HFFLyQꢀIXHꢀꢑꢇꢂꢀPꢀꢅꢑꢂꢊꢊPPꢆꢇꢀODꢀPHꢉ
GLGDꢀPiVꢀFHUFDꢀHQꢀODꢀ³5HFRPHQGDGDVꢀGLVWDQFLDVꢀGHꢀSUR\HFFLyQꢀGHꢀSDQWDOODꢀHQꢀPP´ꢀHVꢀꢑꢋꢈꢊꢀ
PPꢃꢀ(OꢀEXVFDUꢀHQꢀHVWDꢀ¿ODꢀPXHVWUDꢀTXHꢀXQDꢀSDQWDOODꢀGHꢀꢍ¶ꢀꢅꢁꢊꢌ¶¶ꢆꢀVHꢀUHTXLUHꢃꢀ6Lꢀ8GꢃꢀVRODPHQWHꢀ
REWLHQHꢀXQDꢀSDQWDOODꢀGHꢀWDPDxRꢀPpWULFRꢇꢀHVꢀꢈꢐꢑꢋꢀPPꢀHQꢀGLDJRQDOꢃꢀ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢂ
'LPHQVLRQHVꢃGHꢃSUR\HFFLyQ
&RQVXOWHꢀDꢀODVꢀ³'LPHQVLRQHV´ꢀSDUDꢀODVꢀGLPHQVLRQHVꢀGHOꢀFHQWURꢀGHOꢀOHQWHꢀGHꢀHVWHꢀSUR\HFWRUꢀ
DQWHVꢀGHꢀFDOFXODUꢀODꢀDSSURSLDGDꢀSRVLFLyQꢃ
7DPDxRꢀGHꢀSDQWDOOD
'LVWDQFLD
PP
$OWXUDꢀGHꢀFRPSHQVDFLyQ
3LpV
ꢋꢇꢁ
ꢑ
3XOJDGD
ꢋꢐꢇꢂ
ꢑꢌ
PP
ꢍꢂꢋ
PP
ꢂꢐ
ꢐꢋ
ꢌꢌ
ꢍꢁ
ꢁꢁꢊ
ꢁꢈꢊ
ꢁꢈꢌ
ꢁꢑꢏ
ꢁꢂꢊ
ꢁꢏꢂ
ꢁꢌꢊ
ꢁꢌꢋ
ꢈꢊꢍ
ꢈꢁꢍ
ꢈꢈꢌ
ꢁꢂꢊꢊ
ꢁꢍꢈꢊ
ꢈꢋꢏꢈ
ꢈꢑꢊꢊ
ꢈꢌꢌꢊ
ꢋꢁꢑꢍ
ꢋꢋꢏꢊ
ꢋꢌꢑꢊ
ꢋꢍꢋꢐ
ꢑꢋꢈꢊ
ꢑꢐꢈꢑ
ꢑꢌꢊꢊ
ꢂꢂꢁꢈ
ꢂꢐꢏꢊ
ꢏꢊꢊꢊ
ꢁꢈꢁꢍ
ꢁꢂꢊꢊ
ꢁꢂꢈꢑ
ꢁꢌꢈꢍ
ꢈꢊꢊꢊ
ꢈꢁꢋꢑ
ꢈꢑꢋꢌ
ꢈꢂꢊꢊ
ꢈꢐꢑꢋ
ꢋꢊꢊꢊ
ꢋꢊꢑꢌ
ꢋꢂꢊꢊ
ꢋꢏꢂꢌ
ꢋꢌꢁꢊ
ꢂ
ꢏ
ꢏꢊ
ꢐꢈ
ꢐ
ꢌ
ꢌꢑ
ꢍꢏ
ꢍ
ꢁꢊꢌ
ꢁꢈꢊ
ꢁꢊ
ꢁꢈ
ꢁꢈꢇꢂ
ꢁꢑꢑ
ꢁꢂꢊ
ꢀ +D\ꢀXQDꢀWROHUDQFLDꢀGHꢀꢊꢋꢀHQꢀORVꢀQ~PHURVꢀFRQꢀODꢀYDULDFLyQꢀySWLFDꢀGHꢀFRPSRQHQWHꢃ
(VꢀUHFRPHQGDEOHꢁꢀVLꢀ8GꢃꢀGHVHDꢀLQVWDODUꢀHOꢀSUR\HFWRUꢀGHꢀPDQHUDꢀSHUPDQHQWHꢁKDJDꢀSUXHEDꢀ
GHOꢀWDPDxRꢀ\ꢀODꢀGLVWDQFLDꢀGHꢀSUR\HFFLyQꢀFRQꢀHOꢀDFWXDOꢀSUR\HFWRUDQWHVꢀGHꢀLQVWDODUORꢀGHꢀPDꢄ
QHUDꢀSHUPDQHQWHꢀSDUDꢀSHUPLWLUꢀUHQGHUꢀGHꢀODVꢀFDUDFWHUtVWLFDVꢀySWLFDVꢀGHOꢀSUR\HFWRUꢃꢀ(VWRꢀORꢀ
D\XGDꢀDꢀ8GꢃꢀꢃHQꢀGHWHUPLQHUꢀODꢀH[DFWDꢀSRLFFLyQSDUDꢀODꢀPHMRUꢀORFDOL]DFLLyQꢀGHꢀLQVWDODFLyQꢃ
ꢀ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢃ
&RQH[LyQ
$OꢀFRQHFWDUꢀXQDꢀIXHQWHꢀGHꢀVHxDOꢀDOꢀSUR\HFWRUꢇꢀ8GꢃꢀGHEHꢀHVWDUꢀVHJXURꢀGHꢄ
$SDJDUꢀWRGRꢀHTXLSRꢀDQWHVꢀGHꢀWRGDꢀFRQH[LyQꢃ
8VDUꢀFRUUHFWRVꢀFDEOHVꢀGHꢀVHxDOꢀSDUDꢀFDGDꢀIXHQWHꢃ
(VWDUꢀVHJXURꢀGHꢀLQVHUWHUꢀORVꢀFDEOHVꢀ¿UPHPHQWHꢃ
ꢀ ,QꢀODVꢀFRQH[LRQHVꢀLQGLFDGDVꢀDEDMRꢁꢀDOJXQRVꢀFDEOHVꢀSXHGHQꢀYHQLUꢀLQFOXLGRVꢀFRQꢀHOꢀSUR\HFꢄ
WRUꢃꢀ9LHQHQꢀGLVSRQLEOVꢀHQꢀWLHQGDVꢀGHꢀSURGXFWRVꢀHOHFWUyꢀQLFRVꢃ
&RQH[LyQꢃDꢃXQDꢃFRPSXWDGRUD
(OꢀSUR\HFWRUꢀYLHQHꢀFRQꢀXQꢀVRTXHWHꢀGHꢀLQSXWꢀ9*$ꢀTXHꢀSHUPLWHꢀDꢀ8GꢃꢀFRQHFWDUꢀDꢀXQꢀFRPSXWDGRꢉ
UDꢀVREUHPHVDꢀRꢀSRUWiWLOꢃ
+DFHUꢀFRQH[LyQꢀGHOꢀSUR\HFWRUꢀDꢀXQꢀFRPSXWDGRUDꢀVREUHPHVDꢀRꢀSRUWiWLOꢁꢐ
ꢁꢃꢀ 7RPDUꢀHOꢀFDEOHꢀ9*$ꢀSDUDꢀKDFHUꢀODꢀFRQH[LyQꢀGHꢀXQDꢀSXQWDꢀDOꢀVRTXHWHꢀRXWSXWꢀ'ꢉ6XEꢀGHꢀODꢀ
FRPSXWDGRUDꢃ
ꢈꢃꢀ +DFHUꢀFRQH[LyQꢀGHꢀODꢀRWUDꢀSXQWDꢀGHOꢀFDEOHꢀ9*$ꢀDOꢀVRTXHWHꢀGHꢀLQSXWꢀGHꢀVHxDOꢀ'ꢉ68%ꢀHQꢀHOꢀ
SUR\HFWRUꢃ
(OꢀSDVRꢀGHꢀODꢀFRQH[LyQꢀ¿QDOꢀGHꢀDSDUHFHꢀFRPRꢀLQGLFDGRꢀHQꢀHOꢀVLJXLHQWHꢀGLDJUDPD
&RPSXWDGRUDꢀVREUHPHVDꢀRꢀSRUWiWLO
&DEOHꢀ9*$
ꢀꢀ0XFKDVꢀSRUWiWLOHVꢀQRꢀWLHQHQꢀORVꢀSXHUWRVꢀGHꢀYLGHRꢀH[WHUQRVꢀHQFHQGLGRVꢀDOꢀFRQHFWDUVHꢀDꢀXQꢀ
SUR\HFWRUꢃꢀ8VXDOPHQWHꢀXQDꢀWHFODꢀFRPRꢀ)1ꢀꢌꢀ)ꢊꢀRꢀ&57ꢂ/&'ꢀSUHQGHꢀRꢀDSDJDꢀODꢀSDQWDOODꢀ
H[WHUQDꢃꢀ8ELTXHꢀXQDꢀWHFODꢀGHꢀIXQFLyQꢀFRQꢀODꢀHWLTXHWDꢀ&57ꢂ/&'ꢀRꢀXQDꢀWHFODꢀGHꢀIXQFLyQꢀFRQꢀ
HOꢀVtPERORꢀPRQLWRUꢀHQꢀODꢀSRUWiWLOꢃꢀ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢄꢅ
&RQH[LyQꢃ&RQꢃ$SDUDWRVꢃGHꢃ)XHQWHꢃ9LGHR
8GꢃꢀSXHGHꢀKDFHUꢀFRQH[LRQHVꢀGHꢀVXꢀSUR\HFWRUꢀFRQꢀYDULRVꢀDSDUDWRVꢀGHꢀIXHQWHꢀ9LGHRꢀFRQꢀFXDOHVꢉ
TXLHUDꢀGHꢀORVꢀVLJXLHQWHVꢀVRTXHWHVꢀGHꢀRXWSXWꢄ
Ɣꢀ &RPSRQHQWHꢀ9LGHR
Ɣꢀ 6ꢉ9LGHRꢀꢀꢅ6ꢉ9tGHRꢆꢀ
Ɣꢀ 9LGHRꢀꢅ9tGHRꢆꢀꢅFRPSXHVWRꢆ
8GꢃꢀQHFHVLWDꢀVRODPHQWHꢀFRQHFWDUꢀHOꢀSUR\HFWRUꢀDꢀXQꢀDSDUDWRꢀGHꢀIXHQWHꢀ9LGHRꢀFRQꢀXQRꢀGHꢀORVꢀPpꢉ
WRGRVꢀLQGLFDGRVꢀDUULEDꢃꢀ6LQꢀHPEDUJRꢇꢀFDGDꢀXQRꢀYLHQHꢀFRQꢀXQꢀGLIHUHQWHꢀQLYHOꢀGHꢀFDOLGDGꢀYLGHRꢃꢀ
(OꢀPpWRGRꢀ8GꢃꢀVHOHFFLRQHꢀGHSHQGꢀPXFKDVꢀYHFHVꢀGHꢀODꢀGLVSRQLELOLGDGꢀGHꢀORVꢀWHUPLQDOVꢀFRUUHVꢉ
SRQGLHQWHVꢀWDQWRꢀHQꢀHOꢀSUR\HFWRUꢀFRPRꢀHQꢀHOꢀDSDUDWRꢀGHꢀIXHQWHꢀ9LGHRꢀLQGLFDGRꢀDEDMRꢄ
/DꢀPHMRUꢀFDOLGDGꢀYLGHR
(OꢀPDMRUꢀPpWRGRꢀGHꢀFRQH[LyQꢀYLGHRꢀGLVSRQLEOHꢀHVꢀHOꢀ&RPSRQHQWHꢀ9LGHRꢀꢅQRꢀFRQIXQGLUORꢀFRQꢀ
HOꢀ&RPSXHVWRꢀ9LGHRꢆꢃꢀ&RPRꢀHOꢀ$¿QDGRUꢀ79ꢀ\ꢀORVꢀ'9'ꢀSOD\HUVꢀYLHQHQꢀFRQꢀHOꢀ&RPSRQHQWHꢀ
9LGHRꢀGHꢀRXWSXWꢀSRUꢀVtꢇꢀVLꢀYLHQHꢀGLVSRQLEOHꢀHQꢀVXVꢀDSDUDWRVꢇꢀGHEHꢀVHUꢀHOꢀPpWRGRꢀGHꢀFRQH[LyQꢀ
PiVꢀSUHIHULEOHꢀTXHꢀHOꢀꢅFRPSXHVWRꢆꢀ9LGHRꢃ
0HMRUꢀFDOLGDGꢀYLGHR
(OꢀPpWRGRꢀ6ꢉ9LGHRꢀYLHQHꢀFRQꢀHOꢀYLGHRꢀDQiORJRꢀGHꢀPHMRUꢀFDOLGDGꢀTXHꢀHOꢀVWDQGiUꢀFRPSXHVWRꢀ
9LGHRꢃꢀ6Lꢀ8GꢃꢀFXHQWDꢀFRQꢀORVꢀWHUPLQDOHVꢀFRPSXHVWRꢀ9LGHRꢀ\ꢀ6ꢉ9LGHRꢀRXWSXWꢀHQꢀVXꢀDSDUDWRꢀGHꢀ
IXHQWHꢀ9LGHRꢇꢀ8GꢃꢀGHEHꢀXVDUꢀODꢀRSFLyQꢀ6ꢉ9LGHRꢃꢀ
0HQRVꢀFDOLGDGꢀYLGHR
(Oꢀ&RPSXHVWRꢀ9LGHRꢀHVꢀXQꢀYLGHRꢀDQiORJRꢀ\ꢀUHVXOWDUiꢀDFHSWDEOHꢀSHUIHFWDPHQWHꢇꢀSHURꢀPHQRVꢀ
ySWLPRꢀGHꢀVXꢀSUR\HFWRUꢇꢀSRUꢀODꢀPHQRVꢀFDOLGDGꢀYLGHRꢀTXHꢀORVꢀGLVSRQLEOHVꢀPpWRGRVꢀLQGLFDGRVꢀ
DFiꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢄꢄ
&RQH[LyQꢃ&RQꢃ$SDUDWRVꢃGHꢃ)XHQWHꢃ&RQꢃ
&RPSRQHQWHVꢃ9LGHR
([DPLQHꢀVXꢀDSDUDWRꢀIXHQWHꢀ9LGHRꢀSDUDꢀGHWHUPLQDUꢀVLꢀYLHQHꢀFRQꢀXQꢀMXHJRꢀGHꢀVRTXHWHVꢀGHꢀRXWSXWꢀ
SDUDꢀFRPSRQHQWHVꢀ9LGHRꢀVLQꢀXVRꢄꢀ
Ɣꢀ (QꢀWDOꢀFDVRꢇꢀ8GꢃꢀGHEHꢀFRQWLQXDUꢀFRQꢀHVWHꢀSURFHGLPLHQWRꢃ
Ɣꢀ (QꢀFDVRꢀQRꢇꢀ8GꢃꢀQHFHVLWDꢀGHFLGHUꢀTXpꢀPpWRGRꢀXVDUꢀSDUDꢀODꢀFRQH[LyQꢀDOꢀDSDUDWRꢃ
&RQH[LyQꢀGHOꢀSUR\HFWRUꢀFRQꢀXQꢀ$SDUDWRꢀIXHQWHꢀ9LGHRꢀFRPSRQHQWHꢐ
ꢁꢃꢀ 7RPDUꢀHOꢀꢅRSFLRQDOꢀDFFHVRULRꢆꢀ&RPSRQHQWHꢀ9LGHRꢀDOꢀFDEOHꢀGHꢀDGDSWDGRUꢀ9*$ꢀꢅ'ꢉ6XEꢆꢀ
SDUDꢀFRQHFWDUꢀODꢀSXQWDꢀFRQꢀꢋꢀFRQHFWRUHVꢀWLSRꢀ5&$ꢀDꢀORVꢀVRTXHWHVꢀGHꢀRXWSXWꢀ9LGHRꢀ&RPSRꢉ
QHQWHꢀGHOꢀDSDUDWRꢀIXHQWHꢀ9LGHRꢃꢀ,JXDOHꢀHOꢀFRORUꢀGHꢀORVꢀHQFKXIHVꢀDOꢀGHꢀORVꢀVRTXHWHVꢕꢀYHUGHꢀ
FRQꢀYHUGHꢇꢀD]XOꢀFRQꢀD]XOꢀ\ꢀURMRꢀFRQꢀURMRꢃ
ꢈꢃꢀ &RQHFWDUꢀODꢀRWUDꢀSXQWDꢀGHOꢀ&RPSRQHQWHꢀ9LGHRꢀDOꢀFDEOHꢀGHꢀDGDSWDGRUꢀ9*$ꢀꢅ'ꢉ6XEꢆꢀꢅFRQꢀ
XQꢀFRQHFWRUꢀWLSRꢀ'ꢉ6XEꢆꢀDOꢀVRTXHWHꢀ'ꢉ68%ꢀHQꢀHOꢀSUR\HFWRUꢃꢀ(OꢀSDVRꢀGHꢀODꢀFRQH[LyQꢀ¿QDOꢀ
GHEHꢀSDUHFHUꢀFRPRꢀLQGLFDGRꢀHQꢀHOꢀVLJXLHQWHꢀGLDJUDPDꢄ
$DSDUDWRꢀ$ꢎ9
&RPSRQHQWHꢀ9LGHRꢀDOꢀ
FDEOHꢀDGDSWDGRUꢀ9*$ꢀ
ꢅ'ꢉ6XEꢆ
'HꢀFRQHFWDUꢀHOꢀSUR\HFWRUꢀDꢀXQꢀD¿QDGRUꢀ'LJLWDOꢀ79ꢀꢅ'79ꢆꢇꢀODꢀVLJXLHQWHꢀUHVROXFLyQꢀYLHQHꢀDSRꢉ
\DGDꢄ
Ɣꢀ ꢑꢌꢊLꢀ
Ɣꢀ ꢑꢌꢊS
Ɣꢀ ꢂꢐꢏLꢀ
Ɣꢀ ꢂꢐꢏS
Ɣꢀ ꢐꢈꢊSꢀꢅꢂꢊꢎꢀꢏꢊꢀ+]ꢆꢀ
Ɣꢀ ꢁꢊꢌꢊLꢀꢅꢂꢊꢎꢀꢏꢊꢀ+]ꢆ
ꢀꢀ(Oꢀ&RPSRQHQWHꢀ9LGHRꢀHVꢀHOꢀ~QLFRꢀRXWSXWꢀYLGHRꢀSDUꢀDODVꢀQDWLYDVꢀLPiJHQHVꢀGHꢀUHODFLRQꢀGHꢀ
DVSHFWRꢀꢅꢆꢇꢈꢃꢀ
ꢀ
6LꢀODꢀVHOHFFLRQDGDꢀLPDJHQꢀYLGHRꢀQRꢀDSDUHFHꢀOXHJRꢀGHꢀHQFHQGHUꢀHOꢀSUR\HFWRUꢀ\ꢀTXHꢀODꢀFRꢄ
UUHFWDꢀIXHQWHꢀYLGHRꢀKD\DꢀVLGRꢀVHOHFFLRQDGDꢁꢀUHYLVHꢀHOꢀDSDUDWRꢀGHꢀIXHQWHꢀ9LGHRꢀSDUDꢀYHUꢀVLꢀ
VHꢀKDQꢀHQFHQGLGRꢀ\ꢀRSHUDꢀFRUUHFWDPHQWHꢃꢀ,JXDOPHQWHꢀUHYLVHꢀTXHꢀORVꢀFDEOHVꢀGHꢀVHxDOꢀKDQꢀ
VLGRꢀFRQHFWDGRVꢀFRUUHFWDPHQWHꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢄꢆ
&RQH[LyQꢃFRQꢃXQꢃDSDUDWRꢃGHꢃIXHQWHꢃ6ꢄ9LGHRꢃRꢃXQꢃ
FRPSXHVWRꢃ9LGHR
([DPLQHꢀVXꢀDSDUDWRꢀGHꢀIXHQWHꢀ9LGHRꢀSDUDꢀGHWHUPLQDUꢀVLꢀWLHQHꢀXQꢀGLVSRQLEOHꢀ6ꢉ9LGHRꢀRꢀFRPꢉ
SXHVWRꢀ9LGHRꢀRXWSXWꢀVRTXHWHꢀVLQꢀXVRꢄ
Ɣꢀ (QꢀWDOꢀFDVRꢇꢀ8GꢃꢀGHEHꢀFRQWLQXDUꢀFRQꢀHVWHꢀSURFHGLPLHQWRꢃ
Ɣꢀ (QꢀFDVRꢀQRꢇꢀ8GꢃꢀQHFHVLWDꢀGHFLGHUꢀTXpꢀPpWRGRꢀXVDUꢀSDUDꢀODꢀFRQH[LyQꢀDOꢀDSDUDWRꢃ
ꢀ 6Lꢀ8GꢃꢀKDꢀKHFKRꢀXQDꢀFRQH[LyQꢀ&RPSRQHQWHꢀ9LGHRꢀHQWUHꢀHOꢀSUR\HFWRU\ꢀHOꢀDSDUDWRꢀIXHQꢄ
WHꢀYLGHRꢁꢀQRꢀQHFHVLWDꢀKDFHUꢀODꢀFRQH[LyQꢀDꢀHVWHꢀDSDUDWRꢀQXHYDPHQWHꢀFRQꢀXQꢀ6ꢄ9LGHRꢀRꢀ
FRQH[LyQꢀGHꢀFRPSXHVWRꢀ9LGHRꢁꢀ\DꢀTXHꢀHVWRꢀKDFHꢀXQDꢀVHJXQGDꢀFRQH[LyQꢀDꢀLPiJHQHVꢀGHꢀ
FDOLGDGꢀLQIHULRUꢀLQQHFHVDULDꢃ
ꢀ
8GꢃꢀQHFHVLWDꢀVRODPHQWHꢀKDFHUꢀODꢀFRQH[LyQꢀFRQꢀXQꢀFRPSXHVWRꢀ9LGHRꢀVLQLꢀHOꢀ&RPSRQHQWHꢀ
9LGHRꢀQLꢀHOꢀ6ꢄ9LGHRꢀYLHQHꢀGLVSRQLEOHꢀHQꢀHOꢀDSDUDWRꢀGHꢀIXHQWHꢀYLGHRꢀꢍSRUꢀHMHPSORꢁꢀFRQꢀDOJXꢄ
QDVꢀFiPDUDVꢀYLGHRꢀDQiORJRꢉꢃꢀ
&RQH[LyQꢀGHOꢀSUR\HFWRUꢀFRQꢀXQꢀDSDUDWRꢀIXHQWHꢀ6ꢑ9LGHRꢊ9LGHRꢐ
ꢁꢃꢀ 7RPDUꢀHOꢀFDEOHꢀꢅDFFHVRULRꢀRSFLRQDOꢆꢀ6ꢉ9LGHRꢎ&DEOHꢀ9LGHRꢀSDUDꢀODꢀFRQH[LyQꢀFRQꢀXQDꢀSXQWDꢀ
GHOꢀVRTXHWHꢀRXWSXWꢀ6ꢉ9LGHRꢎ9LGHRꢀGHOꢀDSDWDWRꢀIXHQWHꢀ9LGHRꢃ
ꢈꢃꢀ &RQHFWDUꢀODꢀRWUDꢀSXQWDꢀGHOꢀFDEOHꢀ6ꢉ9LGHRꢎ&DEOHꢀ9LGHRꢀDOꢀVRTXHWHꢀ6ꢉ9,'(2ꢎ9,'(2ꢀHQꢀHOꢀ
SUR\HFWRUꢃ
(OꢀSDVRꢀGHꢀODꢀFRQH[LyQꢀ¿QDOꢀGHEHꢀSDUHFHUꢀFRPRꢀLQGLFDGRꢀHOꢀHOꢀVLJXLHQWHꢀGLDJUDPDꢄ
$SDUDWRꢀ$ꢎ9
R
&DEOHꢀ9LGHR
&DEOHꢀ6ꢉ9LGHR
ꢀꢀ6LꢀODꢀVHOHFFLRQDGDꢀLPDJHQꢀYLGHRꢀQRꢀDSDUHFHꢀOXHJRꢀGHꢀHQFHQGHUꢀHOꢀSUR\HFWRUꢀ\ꢀTXHꢀODꢀFRꢄ
UUHFWDꢀIXHQWHꢀYLGHRꢀKD\DꢀVLGRꢀVHOHFFLRQDGDꢁꢀUHYLVHꢀHOꢀDSDUDWRꢀGHꢀIXHQWHꢀ9LGHRꢀSDUDꢀYHUꢀVLꢀ
VHꢀKDQꢀHQFHQGLGRꢀ\ꢀRSHUDꢀFRUUHFWDPHQWHꢃꢀ,JXDOPHQWHꢀUHYLVHꢀTXHꢀORVꢀFDEOHVꢀGHꢀVHQDOꢀKDQꢀ
VLGRꢀFRQHFWDGRVꢀFRUUHFWDPHQWHꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢄꢇ
2SHUDFLyQ
,QLFLR
ꢁꢃꢀ ꢀ(QFKXIHꢀHOꢀFRUGyQꢀHOpFWULFRꢀHQꢀHOꢀSUR\HFWRUꢀ\ꢀXQꢀVRTXHWHꢀ
GHꢀSDUHGꢃꢀ(QFLHQGDꢀHOꢀLQWHUUXSWRUꢀGHOꢀVRTXHWHꢀGHꢀSDUHGꢀ
ꢅGRQGHꢀDSOLFDEOHꢆꢃꢀ([DPLQHꢀTXHꢀODꢀLQGLFDGRUDꢀGHꢀHOHFꢑ
WULFLGDGꢀHQꢀHOꢀSUR\HFWRUꢀVHꢀSRQHꢀGHꢀFRORUꢀQDUDQMDꢀFRQꢀODꢀ
HOHFWULFLGDGꢃ
ꢀꢀ(OꢀFRUGyQꢀHOpFWULFRꢀXVDGRꢀHQꢀHOꢀLOXVWUDGRꢀSXHGHꢀDSDUHFHUꢀ
GLIHUHQWHꢀDOꢀGHꢀWLSRꢀXVDGRꢀHQꢀVXꢀiUHDꢃꢀ8VHꢀVRODPHQWHꢀHOꢀ
FRUGyQꢀHOpFWULFRꢀSURSRUFLRQDGRꢀFRQꢀHOꢀSUR\HFWRUꢁꢀHOꢀFXDOꢀ
HVꢀDGHFXDGRꢀSDUDꢀVXꢀiUHDꢃ
ꢈꢃꢀ ꢀ5HPXHYDꢀODꢀJRUUDꢀGHꢀOHQWHꢃꢀ6LꢀVLJXHꢀSXHVWDꢇꢀSRGUtDꢀTXHGDUꢀGHIRUꢉ
PDGDꢀFRQꢀHOꢀFDORUꢀGHꢀODꢀOiPSDUDꢀGHOꢀSUR\HFWRUꢃ
275*
ꢋꢃꢀ ꢀ3XOVHꢀ\ꢀGHWHQJDꢀꢅSRUꢀꢈꢀVHJXQGRVꢆꢀ
ꢀ
ꢀ
ꢀ(1&,(1'$ꢀHOꢀSUR\HFWRUꢀRꢀFRQWUROꢀUHPRWRꢀ
SDUDꢀLQLFLDUꢀHOꢀSUR\HFWRUꢃꢀ/DꢀOX]ꢀLQGLFDGRUDꢀ3RZHUꢀ
SDUSDGHDꢀGHꢀFRORUꢀYHUGHꢀ\ꢀVLJXHꢀYHUGHꢀFRQꢀHOꢀ
SUR\HFWRUꢀHQFHQGLGRꢃ
ꢀ
ꢀ
ꢀ(OꢀSURFHGLPLHQWRꢀGHꢀHQFHQGLGRꢀGXUDꢀXQRVꢀꢋꢊꢀ
VHJXQGRVꢃꢀ/XHJRꢀGHOꢀLQLFLRꢇꢀXQꢀORJRꢀGHꢀLQLFLRꢀVHꢀ
SUR\HFWDꢃ
ꢀꢅ&XDQGRꢀQHFHVDULRꢆꢀ*LUHꢀHOꢀDQLOORꢀGHꢀHQIRTXHꢀSDUDꢀDMXVWDUꢀGHꢀFODULGDGꢀGHꢀLPDJHQꢃ
ꢀꢀ6LꢀHOꢀSUR\HFWRUꢀVLJXHꢀFDOLHQWHꢀGHꢀODꢀDFWLYLGDGꢀDQWHURULꢁꢁHOꢀYHQWLODGRUꢀVLJXHꢀGXUDQWHꢀꢅꢅꢎꢀ
VHJXQGRVꢀDQWHVꢀGHꢀDFWLYDUꢀODꢀOiPSDUDꢃ
ꢑꢃꢀ (QFLHQGDꢀWRGRꢀHTXLSRꢀFRQHFWDGRꢃ
ꢀ
(OꢀSUR\HFWRUꢀHPSH]DUiꢀDꢀDQGDUꢀSDUDꢀEXVFDUꢀVHxDOHVꢀLQSXWꢃꢀ/DꢀIXHQWHꢀLQSXWꢀHVFRQGLGDꢀDFꢉ
WXDOPHQWHꢀDSDUHFHꢀHQꢀHOꢀFHQWURꢀGHꢀODꢀSDQWDOODꢃꢀ6LꢀHOꢀSUR\HFWRUꢀQRꢀGHWHFWDꢀXQꢀVHxDOꢀYiOLGRꢇꢀ
HOꢀPHQVDMHꢀGHꢀEXVFDUꢀFRQWLQ~DꢀKDVWDꢀHQFRQWUDUꢀXQꢀVHQDOꢀGHꢀIXHQWHꢀLQSXWꢃꢀ
ꢀ
8GꢃꢀSXHGHꢀWDPELpQꢀSXOVDUꢀ6285&(ꢀꢅ)8(17(ꢆꢀHQꢀHOꢀSUR\HFWRUꢀRꢀFRQWUROꢀUHPRWRꢀSDUDꢀ
VHOHFFLRQDUꢀHOꢀGHVHDGRꢀVHQDOꢀLQSXWꢃ
ꢀꢀ6LꢀODꢀIUHFXHQFLDꢂUHVROXFLyQꢀGHOꢀVHxDOꢀLQSXWꢀH[FHHGꢀHOꢀUDQJRꢀGHꢀRSHUDFLyQꢀGHOꢀSUR\HFWRUꢁꢀ
8GꢃꢀYHUiꢀHOꢀPHQVDMHꢀµ)XHUDꢀGHꢀ5DQJR¶HQꢀODꢀSDQWDOODꢃꢀ)DYRUꢀFDPELDUꢀDꢀXQꢀVHxDOꢀLQSXWꢀFRPꢄ
SDWLEOHꢀFRQꢀODꢀUHVROXFLyQꢀGHOꢀSUR\HFWRUꢀRꢀFRQ¿JXUHꢀHOꢀVHQDOꢀLQSXWꢀDꢀXQDꢀLQIHULRUꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢄꢈ
3XOVDQGRꢃGHOꢃVHxDOꢃLQSXW
(OꢀSUR\HFWRUꢀSXHGHꢀFRQHFWDUVHꢀDꢀYDULRVꢀDSDUDWRVꢀDOꢀPLVPRꢀWLHPSRꢃꢀ6LQꢀHPEDUJRꢇꢀSXHGHꢀVRODꢉ
PHQWHꢀPRVWUDUꢀXQRꢀDꢀODꢀYH]ꢃꢀ
3DUDꢀYHUꢀORVꢀVHxDOHVꢀLQSXWꢀGLVSRQLEOHVꢄ
ꢁꢃꢀ ꢀ3XOVHꢀ6285&(ꢀꢋ)8(17(ꢍꢀHQꢀHOꢀSUR\HFWRUꢀRꢀHOꢀ
FRQWUROꢀUHPRWRꢀSDUDꢀPRVWUDUꢀXQDꢀEDUUDꢀSDUDꢀVHOHFFLRQDUꢀ
IXHQWHVꢃꢀ'HꢀQRꢀVHOHFFLRQDUꢀXQꢀVHxDOꢇꢀSXOVHꢀ6285&(ꢀ
ꢋ)8(17(ꢍꢀꢈꢀYHFHVꢃꢀ(OꢀSULPHUꢀERWyQꢀSXOVDGRꢀPXHVWUDꢀ
ODꢀDFWXDOꢀLQIRUPDFLyQꢀGHꢀIXHQWHVꢀ\ꢀODꢀVHJXQGDꢀPXHVWUDꢀ
ODꢀEDUUDꢀSDUDꢀVHOHFFLRQDUꢀIXHQWHVꢃ
ꢀ
ꢀ
ꢈꢃꢀꢀ 8GꢃꢀSXHGHꢀSXOVDUꢀPDQXDOPHQWHꢀ6285&(ꢀꢋ)8(17(ꢍꢀUHSHWLGDPHQWHꢀKDVWDꢀWHQHUꢀDꢀVXꢀ
GHVHDGRꢀVHxDOꢀVHOHFFLRQDGRꢀRꢀGHMDUꢀTXHꢀHOꢀSUR\HFWRUꢀEXVTXHꢀHOꢀVHxDOꢀGLVSRQLEOHꢀDXWRPiWLꢉ
FDPHQWHꢃꢀ
ꢀ
8QDꢀYH]ꢀGHWHFWDGRꢇꢀODꢀLQIRUPDFLyQꢀGHꢀODꢀIXHQWHꢀVHOHFFLRQDGDꢀDSDUHFHUiꢀHQꢀODꢀSDUWHꢀGHUHFKDꢀ
LQIHULRUꢀGHꢀODꢀSDQWDOODꢀGXUDQWHꢀꢋꢀVHJXQGRVꢃꢀ'HꢀKDEHUꢀYDULRVꢀHTXLSRVꢀFRQHFWDGRVꢀDOꢀSUR\HFꢉ
WRUꢇꢀ8GꢃꢀSXHGHꢀSXOVDUꢀHOꢀERWyQꢀQXHYDPHQWHꢀSDUDꢀEXVFDUꢀRWURꢀVHxDOHꢃ
(VWpꢀVHJXURꢀGHꢀWHQHUꢀDꢀ(VFDQGLUꢀ)XHQWHVꢀHQꢀHOꢀPHQ~ꢀ
ꢀ$YDQ]DGRꢀDFWLYDGRꢀVLꢀ8Gꢃꢀ
GHVHDꢀTXHꢀHOꢀSUR\HFWRUꢀEXVTXHꢀORVꢀVHxDOHVꢀDXWRPiWLFDPHQWHꢃ
3DUDꢀSUHYHQLUꢀLQQHFHVDULRꢀJDVWRꢀGHOꢀWLHPSRꢀGHꢀODꢀOiPSDUDꢇꢀ8GꢃꢀSXHGHꢀDFWLYDUꢀ$XWRꢀ2IIꢀSDUDꢀ
DSDJDUꢀHOꢀSUR\HFWRUꢀDXWRPiWLFDPHQWHꢀFXDQGRꢀQRꢀKD\ꢀVHxDOHVꢀGHWHFWDGRVꢀOXHJRꢀGHꢀXQꢀSHUtRGRꢀ
GHꢀWLPHꢃꢀ3DUDꢀFRQ¿JXUDUꢀHOꢀWLHPSRꢀGHꢀ$XWRꢀ2IIꢇꢀSDVHꢀDOꢀPHQ~ꢀ
ꢀ$YDQ]DGRꢀ!ꢀ$XWRꢀ
2IIꢀ\ꢀSXOVHꢀŻꢀ/HIWꢊŹꢀ5LJKWꢀSDUDꢀFRQ¿JXUDUꢀHOꢀWLHPSRꢀGHꢀꢂꢀDꢀꢈꢊꢀPLQXWRVꢀHQꢀDXPHQWRVꢀGHꢀꢂꢀ
PLQXWRVꢃ
ꢀꢀ(OꢀQLYHOꢀGHꢀEULOORꢀGHꢀODꢀLPDJHQꢀSUR\HFWDGDꢀFDPELDUiꢀGHELGDPHQWHꢀFXDQGRꢀ8Gꢃꢀ6HꢊOHFFLRQHꢀ
HQWUHꢀORVꢀGLIHUHQWHVꢀVHxDOHVꢀLQSXWꢃꢀ'DWRVꢀꢍJUi¿FRVꢉꢀ³3&´ꢀFRQꢀODVꢀLPiJHQHVꢀHVWiWLFDVꢀUHꢄ
VXOWDꢀJHQHUDOPHQWHꢀPiVꢀEULOODQWHꢀTXHꢀ³9LGHR´ꢀFRQꢀLPiJHQHVꢀPyYLOHVꢀꢍSHOtFXODVꢉꢃ(OꢀWLSRꢀGHꢀ
LQSXWꢀDIHFWDꢀODVꢀRSFLRQHVꢀGLVSRQLEOHVꢀSDUDꢀHOꢀ0RGRꢀ3UHGHWHUPLQDGRꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢄꢉ
$MXVWHꢃGHꢃODꢃLPDJHQꢃSUR\HFWDGD
$MXVWHꢃGHꢃiQJXORꢃGHꢃSUR\HFFLyQ
(OꢀSUR\HFWRUꢀYLHQHꢀFRQꢀXQꢀSLpꢀGHꢀDMXVWHꢀGHꢀOLEHUDFLyQꢀUiSLGDꢀ
\ꢀXQꢀSLpꢀGHꢀDMXVWHꢀWUDVHURꢃꢀ(VWRVꢀDMXVWDGRUHVꢀFDPELDQꢀGHꢀ
DOWXUDꢀGHꢀLPDJHQꢀ\ꢀiQJXORꢀGHꢀSUR\HFFLyQꢃꢀ3DUDꢀDMXVWDUꢀHOꢀ
SUR\HFWRUꢄꢀ
ꢁꢃꢀ /HYDQWHꢀHOꢀSUR\HFWRUꢀ\ꢀSXOVHꢀHOꢀERWyQꢀDMXVWDGRUꢀSDUDꢀ
OLEHUDUꢀHOꢀDMXVWDGRUꢃꢀ(OꢀDMXVWDGRUꢀFDHUiꢀHQꢀSRVLFLyQꢀ\ꢀ
TXHGDꢀEORTXHDGDꢃ
ꢀꢀ 1RꢀEORTXHHꢀHOꢀOHQWHꢀPLHQWUDVꢀODꢀOiPSDUDꢀVLJXHꢀHQFHQGLGDꢃꢀ/DꢀOX]ꢀIXHUWHꢀGHꢀODꢀOiPSDUDꢀ
FDXVDUiꢀGDxRVꢀHQꢀVXVꢀRMRVꢃ
ꢈꢃꢀ ꢀ$WRUQLOOHꢀHOꢀSLpꢀGHꢀDMXVWHꢀWUDVHURꢀSDUDꢀD¿QDUꢀGHꢀiQJXORꢀKRUL]RQWDOꢃ
3DUDꢀUHWUDHUꢀHOꢀSLpꢇꢀGHWHQJDꢀHOꢀSUR\HFWRUꢀPLHQWUDVꢀSXOVHꢀHOꢀERWyQꢀGHꢀOLEHUDFLyQꢀUiSLGDꢇꢀOXHJRꢀ
EDMHꢀHOꢀSUR\HFWRUꢀOHQWDPHQWHꢃꢀ$WRUQLOOHꢀHOꢀSLpꢀDMXVWDGRUꢀWUDVHURꢀHQꢀHOꢀVHQWLGRꢀFRQWUDULRꢃ
ꢀꢀ6LꢀODꢀSDQWDOODꢀ\ꢀHOꢀSUR\HFWRUQRꢀYLHQHQꢀHQꢀIRUPDꢀSHUSHQGLFXODUꢀXQRꢀDOꢀRWURꢁꢀODꢀLPDJHQꢀ
SUR\HFWDGDꢀVHꢀSRQHꢀHQꢀWUDSH]RLGHꢀYHUWLFDOꢃꢀ3DUDꢀFRUUHJLUꢀODꢀVLWXDFLyQꢁꢀDMXVWHꢀGHꢀYDORUꢀGHꢀ
.H\VWRQHꢀHQꢀHOꢀPHQ~ꢀGHꢀLPiJHQHVꢀHQꢀHOꢀSDQHOꢀFRQWUROꢀGHOꢀSUR\HFWRUꢀRꢀHQꢀHOꢀFRQWUROꢀUHPRꢄ
WRꢃ
$MXVWHꢃDXWRPiWLFRꢃGHꢃODꢃLPDJHQ
(QꢀDOJXQRVꢀFDVRVꢀFRPRꢀWLHPSRVꢀGHꢀODꢀFRPSXWDGRUDꢇꢀ
8GꢃꢀQHFHVLWDUiꢀRSWLPL]DUꢀODꢀFDOLGDGꢀGHꢀODꢀLPDJHQꢃꢀ3DUDꢀ
KDFHUORꢇꢀꢇꢀSXOVHꢀ$872ꢀHQꢀHOꢀSUR\HFWRUꢀRꢀHOꢀFRQWUROꢀUHꢉ
PRWRꢃꢀ(QꢀꢋꢀVHJXQGRVꢇꢀHOꢀLQFRUSRUDGRꢀ,QWHOOLJHQWꢀ$XWRꢀ
$MXVWPHQWꢀUHDMXVWDUiꢀGHꢀYDORUꢀGHꢀ)UHFXHQFLDꢀ\ꢀ5HORMꢀ
SDUDꢀPDMRUꢀFDOLGDGꢀGHꢀLPDJHQꢃꢀ
/DꢀDFWXDOꢀLQIRUPDFLyQꢀDSDUHFHꢀHQꢀODꢀSDUWHꢀGHUHFKDꢀ
LQIHULRUꢀGHꢀODꢀSDQWDOODꢀGXUDQWHꢀꢋꢀVHJXQGRVꢃꢀ
ꢀꢀ/DꢀSDQWDOODꢀYLHQHꢀHQꢀEODQFRꢀ$872ꢃ
$¿QDFLyQꢃGHꢃFODULGDGꢃGHꢃLPDJHQ
&XDQGRꢀQHFHVDULRꢇꢀD¿QHꢀODꢀLPDJHQꢀJLUDQGRꢀHOꢀDQLOORꢀGHꢀHQIRTXHꢃ
ꢀ ꢀ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢄꢀ
&RUUHFFLyQꢃGHꢃ.H\VWRQH
(Oꢀ.H\VWRQHꢀVHꢀUH¿HUHꢀDꢀODꢀVLWXDFLyQꢀHQꢀTXHꢀODꢀLPDJHQꢀSUR\HFWDGDꢀYLHQHꢀHYLGHQWHPHQWHꢀPiVꢀ
DQFKDꢀWDQWRꢀHQꢀODꢀSDUWHꢀDUULEDꢀFRPRꢀHQꢀHOꢀIRQGRꢃꢀ(VWRꢀRFXUUHꢀFXDQGRꢀHOꢀSUR\HFWRUꢀQRꢀYLHQHꢀHQꢀ
SHUSHQGLFXODUꢀDꢀODꢀSDQWDOODꢃꢀ
3DUDꢀFRUUHJLUORꢇꢀDSDUWHꢀGHꢀDMXVWDUꢀGHꢀDOWXUDꢀGHOꢀSUR\HFꢉ
WRUꢇꢀ8GꢃꢀGHEHꢀFRUHJLUORꢀGHꢀPDQHUDꢀPDQXDOꢀVLJXLHQGRꢀDꢀ
812ꢀGHꢀHVWRVꢀSDVRVꢃ
Ɣꢀ 3XOVHꢀ ꢀꢎꢀ ꢀꢀHQꢀHOꢀSUR\HFWRUꢀRꢀFRQWUROꢀUHPRWRꢀ
SDUDꢀPRVWUDUꢀHOꢀHVWDGRꢀGHꢀODꢀEDUUDꢀFRQꢀODꢀHWLTXHWDꢀ
.H\VWRQHꢃꢀ/XHJRꢇꢀSXOVHꢀ ꢀSDUDꢀFRUUHJLUꢀ.H\XVꢉ
WRQHꢀHQꢀODꢀSDUWHꢀDUULEDꢀGHꢀODꢀLPDJHQꢀRꢀSXOVHꢀ
ꢀ
SDUDꢀFRUUHJLUꢀ.H\XVWRQHꢀHQꢀHOꢀIRQGRꢀGHꢀODꢀLPDJHQꢃ
Ɣꢀꢀ 3XOVHꢀϰꢀ0(18ꢀHQꢀHOꢀSUR\HFWRUꢀRꢀ0(18ꢀHQꢀHOꢀFRQWUROꢀUHPRWRꢃꢀ3DVDUꢀDOꢀPHQ~!
!ꢀ
3URꢑ,PDJHQꢀ!ꢀ.H\VWRQHꢀSDUDꢀDMXVWDUꢀGHꢀYDORUꢀSXOVDQGRꢀŻꢀ/HIWꢊŹꢀ5LJKWꢀHQꢀHOꢀSUR\HFWRUꢀ
RꢀFRQWUROꢀUHPRWRꢀKDVWDꢀTXHꢀ8GꢃꢀTXHGHꢀVDWLVIHFKRꢀFRQꢀODꢀIRUPDꢃ
3RUꢀHMHPSORꢌ
Ɣꢀ3XOVHꢀ
ꢀ HQꢀ HOꢀ SUR\HFWRUꢀ Rꢀ
FRQWUROꢀUHPRWRꢃ
Ɣꢀ3XOVHꢀŻꢀ/HIWꢀHQꢀHOꢀSUR\HFWRUꢀRꢀ
FRQWUROꢀUHPRWRꢀFXDQGRꢀ8GꢀYLHQHꢀHQꢀ
HOꢀPHQ~ꢀ3URꢉ,PDJHQꢀ!ꢀ.H\VWRQHꢃ
-G[UVQPG
-G[UVQPG
ꢅ
ꢊꢀ
Ɣꢀ3XOVHꢀ
ꢀ HQꢀ HOꢀ SUR\HFWRUꢀ Rꢀ
FRQWUROꢀUHPRWRꢃ
Ɣꢀ3XOVHꢀŹꢀ5LJKWꢀHQꢀHOꢀSUR\HFWRUꢀRꢀ
FRQWUROꢀUHPRWRꢀFXDQGRꢀ8GꢀYLHQHꢀHQꢀ
HOꢀPHQ~ꢀ3URꢉ,PDJHQꢀ!ꢀ.H\VWRQHꢃ
-G[UVQPG
-G[UVQPG
ꢅ
ꢋꢀ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢄꢁ
6HOHFFLyQꢃGHꢃUHODFLyQꢃGHꢃDVSHFWRꢃ
/DꢀµDVSHFWꢀUDWLR¶ꢀꢅµ5HODFLyQꢀGHꢀ$VSHFWR¶ꢆꢀVHꢀUH¿HUHꢀDꢀODꢀUHODFLyQꢀGHꢀODꢀDQFKXUDꢀGHꢀLPDJHQꢀ
UHODFLRQDGDꢀFRQꢀODꢀDOWXUDꢀGHꢀODꢀPLVPDꢃꢀ/DꢀPD\RUtDꢀGHꢀODVꢀ79ꢀDQiORJRꢀ\ꢀFRPSXWDGRUHVꢀYLHQHQꢀ
GHꢀUHODFLyQꢀꢑꢄꢋꢀPLHQWUDVꢀODVꢀ79ꢀGLJLWDOHVꢀ\ꢀ'9'VꢀDꢀYLHQHQꢀGHꢀUHODFLyQꢀꢁꢏꢄꢍꢃ
&RQꢀODꢀYHQWDMDꢀGHOꢀSURFHVRꢀGHꢀVHxDOHVꢀGLJLWDOHVꢇꢀORVꢀDSDUDWRVꢀGLJLWDOHVꢀFRPRꢀHVWHꢀSUR\HFWRUꢀ
SXHGHQꢀHVWLUDUꢀ\ꢀHVFDODUꢀGHꢀPDQHUDꢀGLQiPLFDꢀORVꢀRXWSXWVꢀGHꢀLPDJHQꢀDꢀXQꢀGLIHUHQWHꢀDVSHFWRꢀTXHꢀ
HOꢀGHꢀODꢀIXHQWHꢀLQSXWꢀGHꢀODꢀLPDJHQꢃ
8GꢃꢀSXHGHꢀFDPELDUꢀGHꢀUHODFLyQꢀGHꢀODꢀLPDJHQꢀSUR\HFWDGDꢀꢅLQGHSHQGLHQWHPHQWHꢀGHOꢀDVSHFWRꢀGHꢀ
IXHQWHꢆꢀHQWUDQGRꢀHQꢀHOꢀPHQ~ꢀ
ꢀ3URꢑ,PDJHQꢀ!ꢀ$VSHFWꢀ5DWLRꢀꢋ5HODFLyQꢀGHꢀ$VSHFWRꢍꢃꢀ
6HOHFFLRQHVꢀXQDꢀUHODFLyQꢀGHꢀDVSHFWRꢀSDUDꢀHOꢀIRUPDWRꢀGHOꢀVHxDOꢀYLGHRꢀ\ꢀORVꢀUHTXLVLWRVꢀGHꢀVXꢀ
PRQLWRUꢃꢀ+D\ꢀꢋꢀUHODFLRQHVꢀGHꢀDVSHFWRꢀGLVSRQLEOHVꢄ
ꢀꢀ(QꢀODVꢀLPiJHQHVꢀGDGDVꢀDꢀFRQWLQXDFLyQꢁꢀODVꢀSRUFLRQHVꢀEORTXHDGDVꢀYLHQHQꢀLQDFWLYDVꢀ\ꢀODVꢀ
HQꢀEODQFRꢀLQGLFDQꢀiUHDVꢀDFWLYDVꢃ
ꢂꢁꢀ ꢀ1DWLYRꢐꢀ/DꢀLPDJHQꢀYLHQHꢀSUR\HFWDGDꢀHQꢀVXꢀRULJLQDOꢀUHVROXFLyQꢇꢀVLQꢀFRQꢉ
YHUVLRQHVꢀGHꢀSL[HOHVꢃꢀ3DUDꢀVHxDOHVꢀLQSXWꢀFRQꢀUHVROXFLRQHVꢀPiVꢀEDMDVꢇꢀODꢀ
LPDJHQꢀSUR\HFWDGDꢀDSDUHFHꢀPiVꢀFKLFDꢀTXHꢀHOꢀWDPDxRꢀQXHYRꢀHQꢀSDQWDOODꢀ
FRPSOHWDꢃꢀ8Gꢃꢀ3RGUtDꢀPRYHUꢀHOꢀSUR\HFWRUꢀKDFLDꢀODꢀSDQWDOODꢀSDUDꢀDXPHQWDUꢀ
GHꢀWDPDxRꢀGHꢀLPDJHQꢀHQꢀFDVRꢀQHFHVDULRꢃꢀ8GꢃꢀWDPELpQꢀSXHGHꢀQHFHVLWDUꢀDꢀ
UHHQIRFDUꢀOXHJRꢀGHꢀPRYHUORꢃ
ꢎꢁꢀꢀ ꢅꢐꢆꢐꢀ(VFDODꢀXPDꢀLPDJHQꢀSDUDꢀTXHꢀDSDUH]FDꢀHQꢀHOꢀFHQWURꢀGHꢀODꢀSDQWDOODꢀFRQꢀ
ODꢀUHODFLyQꢀGHꢀDVSHFWRꢀꢑꢄꢋꢃꢀ(VWRꢀHVꢀDSWRꢀSDUDꢀLPiJHQHVꢀꢑꢄꢋꢀFRPRꢀPRQLꢉ
WRUHVꢀGHꢀFRPSXWDGRUDꢇꢀ79ꢀGHꢀFRQ¿JXUDFLyQꢀVWDQGiUꢀ\ꢀSHOtFXODVꢀ'9'ꢀGHꢀ
DVSHFWRꢀꢑꢄꢋꢇꢀVLQꢀDOWHUDFLRQHVꢀGHꢀUHODFLyQꢀGHꢀDVSHFWRꢃ
ꢆꢁꢀꢀ ꢂꢃꢐꢉꢐꢀ(VFDODꢀXPDꢀLPDJHQꢀSDUDꢀTXHꢀDSDUH]FDꢀHQꢀHOꢀFHQWURꢀGHꢀODꢀSDQWDOODꢀ
FRQꢀODꢀUHODFLyQꢀGHꢀDVSHFWRꢀꢁꢏꢄꢍꢃꢀ(VWRꢀHVꢀDSWRꢀSDUDꢀLPiJHQHVꢀGHꢀꢁꢏꢄꢍꢇꢀWDOHVꢀ
FRPRꢀ79ꢀGHꢀDOWDꢀFRQ¿JXUDFLyQꢇꢀVLQꢀDOWHUDFLRQHVꢀGHꢀUHODFLyQꢀGHꢀDVSHFWRꢃ
ꢀꢀ/DꢀUHODFLyQꢀGHꢀDVSHFWRꢀꢅꢆꢇꢈꢀYLHQHꢀVRODPHQWHꢀGHOꢀ&RPSRQHQWHꢀ9LGHRꢀLQSXWꢀFXDQGRꢀLQWURꢄ
GXFLGRꢀXQꢀDSURSLDGRꢀVHxDOꢀGHꢀDVSHFWRꢀꢅꢆꢇꢈꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢄꢂ
2SWLPL]DUꢃODꢃLPDJHQꢃ
6HOHFLRQDUꢃPRGRVꢃSDUDꢃXQDꢃLPDJHQ
(OꢀSUR\HFWRUꢀYLHQHꢀSURJUDPDGRꢀFRQꢀDOJXQRVꢀSUHFRQꢉ
¿JXUDGRVꢀPRGRVꢀGHꢀLPDJHQꢀSDUDꢀTXHꢀ8GꢃꢀVHOHFFLRQHꢀ
XQRꢀSDUDꢀVXꢀDPELHQWHꢀGHꢀRSHUDFLyQꢀ\ꢀWLSRꢀGHꢀLPDJHQꢀ
GHꢀIXHQWHꢀLQSXWꢃ
3DUDꢀVHOHFFLRQDUꢀXQꢀPRGHORꢀGHꢀLPDJHQꢀSDUDꢀVXꢀQHFHVLꢉ
GDGꢇꢀ8GꢃꢀSXHGHꢀVHJXLUꢀDꢀXQRꢀGHꢀORVꢀVLJXLHQWHVꢀSDVRVꢃ
Ɣꢀ 3XOVHꢀ02'(ꢀHQꢀHOꢀFRQWUROꢀUHPRWRꢀRꢀHOꢀSUR\HFꢉ
WRUꢀUHSHWLGDPHQWHꢀKDVWDꢀTXHꢀVXꢀGHVHDGRꢀPRGRꢀVHDꢀ
VHOHFFLRQDGRꢃ
Ɣꢀꢀ 3DVDUꢀDOꢀPHQ~ꢀ
ꢀ,PDJHQꢀ!ꢀ3UHVHWꢀ0RGRꢀ\ꢀSXOVHꢀŻꢀ/HIWꢊŹꢀ5LJKWꢀSDUDRꢀVHOHFFLRꢉ
QDUꢀXQꢀGHVHDGRꢀPRGRꢃ
/RVꢀSURJUDPDGRVꢀPRGRVꢀGHꢀLPDJHQꢀYLHQHQꢀJXDUGDGRVꢀHQꢀHOꢀSUR\HFWRUꢀMXQWRVꢀFRQꢀODꢀFRQ¿JXUDꢉ
FLyQꢀGHꢀDFWXDOHVꢀWHPSHUDWXUDVꢀGHꢀFRORUꢀSDUDꢀFDGDꢀLQSXWꢃꢀ8GꢃꢀSXHGHꢀFDPELDUꢀGHꢀPRGRꢀGHꢀLPDJHQꢀ
\ꢀODVꢀFRQ¿JXUDFLRQHVꢀGHꢀWHPSHUDWXUDꢀGHꢀFRORUꢀSDUDꢀHOꢀDFWLYRꢀLQSXWꢀDFWXDOPHQWHꢇꢀ\ꢀVXꢀVHOHFFLyQꢀ
YLHQHꢀDXWRPiWLFDPHQWHꢀJXDUGDGDꢀHQꢀHOꢀSUR\HFWRUꢀ\ꢀDVRFLDGDꢀFRQꢀODꢀIXHQWHꢀGHꢀLQSXWꢃ
&DGDꢀYH]ꢀ8GꢃꢀFDPELDꢀGHꢀPRGRꢀGHꢀLPDJHQꢇꢀHOꢀSUR\HFWRUꢀWDPELpQꢀFDPELDꢀODꢀFRQ¿JXUDFLyQꢀ
GHꢀWHPSHUDWXUDꢀGHꢀFRORUꢀDꢀXQDꢀTXHꢀIXHꢀVHOHFFLRLQDGDꢀ~OWLPRꢀSDUDꢀTXHꢀWDOꢀPRGRꢀGHꢀLPDJHQꢀ
SDUWLFXODUꢀHVWpꢀHQꢀHOꢀLQSXWꢀSDUWLFXODUꢃꢀ'HꢀFDPELDUꢀGHꢀIXHQWHꢀGHꢀLQSXWꢇꢀHOꢀPRGRꢀGHꢀLPDJHQꢀ\ꢀODꢀ
WHPSHUDWXUDꢀGHꢀFRORUꢀXVDGRVꢀ~OWLPRꢀSDUDꢀHOꢀLQSXWꢀ\ꢀODꢀUHVROXFLyQꢀTXHGDQꢀUHHVWDEOHFLGRVꢃ
/DVꢀRWUDVꢀSURSLHGDGHVꢀGHꢀLPDJHQꢇꢀWDOHVꢀFRPRꢀEULOORꢇꢀFRORUꢇꢀFRQWUDVWHꢇꢀWRQDOLGDGꢀ\ꢀFRQ¿JXUDꢉ
FLyQꢇꢀQRꢀYLHQHQꢀFDPELDGRVꢀFRQꢀXQRꢀHQꢀPRGRꢀGHꢀLPDJHQꢃꢀ6LQꢀHPEDUJRꢇꢀYLHQHQꢀDOWHUDGRVꢀFRQꢀ
XQꢀFDPELRꢀGHꢀLQSXWꢃꢀ6LJXHQꢀFRQVWDQWHVꢀ\ꢀHQꢀWRGRꢀHOꢀVLVWHPDꢇꢀLQGHSHQGLHQWHPHQWHꢀGHꢀFDPELRVꢀ
GHꢀODVꢀRWUDVꢀSURSLHGDGHVꢀGHꢀLPDJHQꢃ
(OꢀPRGRꢀGHꢀODVꢀLPiJHQHVꢀGLVSRQLEOHVꢀSDUDꢀORVꢀGLIHUHQWHVꢀWLSRVꢀGHꢀVHQDOHVꢀYLHQHQꢀHQꢀODꢀVLJXLHQꢉ
WHꢀOLVWDꢃ
Ŷꢀ )XHQWHVꢀGHꢀLQSXWVꢀJUi¿FRV
ꢀꢀ/DVꢀ)XHQWHVꢀJUi¿FDVꢀGHꢀLQSXWꢀYLHQHQꢀEDVDGDVꢀHQꢀODꢀFRPSXWDGRUDꢀꢍGDWRVꢉ\ꢀGHꢀWLHPSRꢀGHꢀVHꢄ
xDOꢀGHꢀWDUMHWDꢀJUi¿FDꢀ\ꢀYLHQHQꢀVRODPHQWHꢀFRQHFWDGDVꢀFRQꢀHOꢀFDEOHꢀ9*$ꢀꢍ'ꢄ6XEꢉꢃꢀ/DVꢀ)XHQWHVꢀ
JUi¿FDVꢀYLHQHQꢀDFWLYDVꢀVRODPHQWHꢀFXDQGRꢀ³5*%´HLVꢀVHOHFFLRQDGRꢀFRPRꢀIXHQWHꢀGHꢀLQSXWꢃ
ꢂꢁꢀ ꢀ0RGRꢀGHꢀEULOORꢀPi[LPRꢀꢋ3RUꢀGHIHFWRꢍꢐꢀ3DUDꢀPD[LPL]DUꢀGHꢀEULOORꢀGHꢀODꢀLPDJHQꢀSUR\HFWDꢉ
GDꢃꢀ(VWHꢀPRGRꢀHVꢀDSWRꢀSDUDꢀDPELHQWHVꢀHQꢀTXHꢀEULOORꢀH[WUDꢉDOWRꢀVHDꢀUHTXHULGRꢇꢀWDOꢀFRPRꢀHOꢀ
XVRꢀGHOꢀSUR\HFWRUꢀHQꢀXQꢀFXDUWRꢀELHQꢀLOXPLQDGRꢃ
ꢎꢁꢀꢀ 0RGRꢀSUHVHQWDFLyQꢐꢀ'LVHxDGRꢀSDUDꢀSUHVHQWDFLRQHVꢃꢀ(OꢀEULOORꢀYLHQHQꢀHQIDWL]DGRꢀHQꢀHVWHꢀ
PRGRꢀSDUDꢀLJXDODUꢀHOꢀFRORUꢀGHꢀODꢀ3&ꢀ\ꢀODꢀSRUWiWLOꢃ
ꢆꢁꢀꢀ 0RGRꢀIRWRꢐꢀ3DUDꢀPD[LPL]DUꢀGHꢀSXUH]DꢀGHꢀORVꢀFRORUHVꢀ5*%ꢀSDUDꢀLPiJHQHVꢀYHUGDGHUDVꢀ
LQGHSHQGLHQWHPHQWHVꢀGHꢀODꢀFRQ¿JXUDFLyQꢀGHꢀEULOORꢃꢀ(VꢀDSWRꢀSDUDꢀYLVXDOL]DUꢀIRWRVꢀWRPDGDVꢀ
FRQꢀXQDꢀFiPDUDꢀV5*%ꢀFRPSDWLEOHꢀ\ꢀELHQꢀFDOLEUDGDꢇꢀ\ꢀSDUDꢀYLVXDOL]DUꢀODVꢀDSOLFDFLRQHVꢀ
JUi¿FDVꢀGHꢀ3&ꢀ\ꢀGLEXMRVꢇꢀWDOꢀFRPRꢀHOꢀ$XWR&$'ꢃ
ꢅꢁꢀꢀ 0RGRꢀ&LQHꢐꢀ(VꢀDSWRꢀSDUDꢀSHOtFXODVꢇꢀYLGHRꢀFOLSVꢀGHꢀFRORUꢀGHꢀFiPDUDVꢀGLJLWDOHVꢀRꢀ'9VꢀFRQꢀ
HOꢀLQSXWꢀ3&ꢀSDUDꢀPHMRUꢀYLVXDOL]DFLyQꢀHQꢀXQꢀDPELHQWHꢀRVFXUHFLGRꢀꢅSRFDꢀOX]ꢆꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢄꢃ
Ŷꢀ )XHQWHVꢀGHꢀLQSXWꢀ9LGHR
ꢀꢀ/DVꢀIXHQWHVꢀGHꢀLQSXWꢀ9LGHRꢀVRQꢀWLHPSRVꢀGHꢀVHxDOꢀEDVDGRꢀHQꢀYLGHRꢀꢍSHOtFXODꢉꢀFRQHFWDGRꢀ
FRQꢀORVꢀFDEOHVꢀYLGHRꢀ&RPSRQHQWHꢀ9LGHRꢀꢍ<3E3Uꢉꢁꢀ6ꢄ9LGHRꢁꢀRꢀFRPSXHVWRꢀ9LGHRꢃꢀ/DVꢀ
)XHQWHVꢀGHꢀLQSXWꢀ9LGHRꢀYLHQHQꢀDFWLYDVꢀVRODPHQWHꢀFXDQGRꢀ³<3E3Uꢀꢍ&RPSꢃꢉ´ꢁꢀ³6ꢄ9LGHR´ꢁꢀRꢀ
³9LGHR´HLVꢀVHOHFFLRQDGRꢀFRPRꢀIXHQWHꢀGHꢀLQSXWꢃ
ꢂꢁꢀ 0RGRꢀVWDQGiUꢀꢋ3RUꢀGHIHFWRꢍꢐꢀ(VꢀDSWRꢀSDUDꢀSHOtFXODVꢇꢀYLGHRꢀFOLSVꢀGHꢀFRORUꢀGHꢀFiPDUDVꢀ
GLJLWDOHVꢀRꢀ'9Vꢃ
ꢎꢁꢀ 0RGRꢀGHꢀEULOORꢀPi[LPRꢐꢀ(VꢀDSWRꢀSDUDꢀMXHJRVꢀYLGHRꢀEDVDGRVꢀHQꢀFDMDꢀGHꢀMXHJRVꢀHQꢀXQꢀ
QRUPDOꢀOLYLQJꢀFRPRꢀDPELHQWHꢀFRQꢀOX]ꢃ
ꢆꢁꢀ 0RGRꢀFLQHꢐꢀ(VꢀDSWRꢀSDUDꢀSHOtFXODVꢀRVFXUDVꢀRꢀSHOtFXODVꢀ'9'ꢀHQꢀXQꢀDPELHQWHꢀFRPRꢀFXDUWRꢀ
RVFXURꢀGHꢀODꢀFDVDꢀꢅSRFDꢀOX]ꢆꢀRꢀVDOyQꢃ
$¿QDFLyQꢃGHꢃFDOLGDGꢃGHꢃLPDJHQ
/RVꢀVLJXLHQWHVꢀDMXVWHVꢀYLHQHQꢀDFFHVLEOHVꢀHQꢀHOꢀPHQ~ꢀ
ꢀ,PDJHQꢃꢀ5HVDOWHꢀHOꢀHOHPHQWRꢀSDUDꢀ
DMXVWHVꢀSXOVDQGRꢀŸꢀ8Sꢊźꢀ'RZQꢀ\ꢀŻꢀ/HIWꢊŹꢀ5LJKWꢀSDUDꢀDMXVWHVꢀGHꢀDFXHUGRꢀFRQꢀVXVꢀQHFHVLGDGHVꢃ
6HOHFFLRQDUꢀGHꢀWHPSHUDWXUDꢀGHꢀFRORU
+D\ꢀꢑꢀFRQ¿JXUDFLRQHVꢀGHꢀSURJUDPDUꢀWHPSHUDWXUDVꢀGHꢀFRORUꢖꢀGLVSRQLEOHVꢃ
ꢂꢁꢀ ꢀ7ꢂꢐꢀ/DꢀPiVꢀDOWDꢀWHPSHUDWXUDꢀGHꢀFRORUꢇꢀ7ꢁꢀKDFHꢀDSDUHFHUꢀODꢀLPDJHQꢀPiVꢀD]XOꢀEODQFRꢀTXHꢀ
ODVꢀRWUDVꢀFRQ¿JXUDFLRQHVꢃ
ꢎꢁꢀ 7ꢎꢐꢀ+DFHꢀDSDUHFHUꢀODꢀLPDJHQꢀPiVꢀD]XOꢀEODQFRꢃ
ꢆꢁꢀ 7ꢆꢐꢀ0DQWLHQHꢀFRORUHVꢀQRUPDOHVꢀSDUDꢀHOꢀEODQFRꢃ
ꢅꢁꢀ 7ꢅꢐꢀ+DFHꢀDSDUHFHUꢀODꢀLPDJHQꢀPiVꢀURMRꢀEODQFRꢃ
ꢒ6REUHꢀWHPSHUDWXUDꢀGHꢀFRORUꢐ
+D\ꢀGLIHUHQWHVꢀIRUPDVꢀGHꢀ³EODQFR´ꢀSDUDꢀYDULRVꢀSURSyVLWRVꢃꢀ8QRꢀGHꢀORVꢀPpWRGRVꢀFRPXQHVꢀGHꢀ
LQGLFDUꢀHOꢀFRORUꢀEODQFRꢀYLHQHꢀFRQRFLGRꢀFRPRꢀ³WHPSHUDWXUDꢀGHꢀFRORU´ꢃꢀ8QꢀFRORUꢀEODQFRꢀGHꢀEDMDꢀ
WHPSHUDWXUDꢀGHꢀFRORUꢀDSDUHFHꢀEODQFRꢀURML]Rꢃꢀ8QꢀFRORUꢀEODQFRꢀGHꢀDOWDꢀWHPSHUDWXUDꢀGHꢀFRORUꢀ
DSDUHFHꢀPiVꢀD]XOꢀHQꢀHOORꢃ
$MXVWHꢀGHꢀ%ULOOR
&XDQWRꢀPiVꢀDOWRꢀHOꢀYDORUꢇꢀWDQWRꢀPiVꢀEULOORꢀHQꢀODꢀLPDJHQꢃꢀ&XDQWRꢀPHQRVꢀHOꢀQLYHOꢇꢀWDQWRꢀPiVꢀRVꢉ
FXUDꢀODꢀLPDJHQꢃꢀ$MXVWHꢀHVWHꢀFRQWUROꢀSDUDꢀTXHꢀODVꢀiUHDVꢀRVFXUDVꢀGHꢀODꢀLPDJHQꢀDSDUHF]FDQꢀFRPRꢀ
QHJURꢀFRQꢀORVꢀGHWDOOHVꢀHQꢀODVꢀiUHDVꢀRVFXUDVꢀYLVLEOHVꢀ
ꢋꢁꢅ
ꢉꢅ
ꢀ ꢀ
ꢀ
ꢊꢇꢅ
$MXVWHꢀGHꢀ&RQWUDVWH
&XDQWRꢀPiVꢀDOWRꢀHOꢀYDORUꢇꢀWDQWRꢀPiVꢀFRQWUDVWHꢃꢀ$MXVWHꢀHVWHꢀFRQWUROꢀSDUDꢀTXHꢀODVꢀiUHDVꢀEODQFDVꢀGHꢀ
ODꢀLPDJHQꢀDSDUHF]FDQꢀFRPRꢀFRQꢀPiVꢀEULOORꢀFRQꢀORVꢀGHWDOOHVꢀHQꢀODVꢀiUHDVꢀRVFXUDVꢀYLVLEOHVꢀ8VHꢀHVWRꢀ
OXHJRꢀGHꢀDMXVWDUꢀSUHYLDPHQWHꢀGHꢀEULOORꢀSDUDꢀVXꢀLQSXWꢀVHOHFFLRQDGRꢀ\ꢀHOꢀDPELHQWHꢀGHꢀYLVXDOL]DFLyQꢃ
ꢋꢁꢅ
ꢊꢇꢅ
ꢉꢅ
ꢀ ꢀ
ꢀ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢆꢅ
2WURVꢀDMXVWHV
8GꢃꢀWLHQHꢀWDPELpQꢀRWUDVꢀVHOHFFLRQHVꢀGHꢀD¿QDFLyQꢀGHꢀFDOLGDGꢀGHꢀLPDJHQꢀHQꢀHOꢀPHQ~ꢀ
ꢀ
,PDJHQꢃꢀ
ꢀꢀ8QꢀFDPELRꢀGHꢀLQSXWꢀKDUiꢀTXHꢀHOꢀSUR\HFWRUꢀUHVWDEOH]FDꢀODVꢀFRQ¿JXUDFLRQHVꢀGHꢀLPDJHQꢀ
FRPRꢀDFWXDOHVꢀFXDQGRꢀHOꢀLQSXWIXHꢀVHOHFLRQDGRꢀ~OWLPRꢃ6LQꢀDMXVWHVꢀGHꢀFOLHQWHODHꢀKHFKRVꢀHQꢀ
ODVꢀFRQ¿JXUDFLRQHVꢀGHꢀLPDJHQꢀSDUDꢀWDOꢀLQSXWꢁODVꢀFRQ¿JXUDFLRQHVꢀSRUꢀGHIHFWRꢀSDUDꢀWDOꢀWKDWꢀ
LQSXWꢀVHꢀXVDUiQꢃ
(VFRQGHUꢃODꢃLPDJHQ
3DUDꢀOODPDUꢀODꢀDWHQFLyQꢀGHOꢀS~EOLFRꢀDOꢀSUHVHQWDGRUꢇꢀ8Gꢃꢀ
SXHGHꢀXVDUꢀ%/$1.ꢀꢋ%/$1&2ꢍꢀSDUDꢀHVFRQGHUꢀODꢀLPDꢉ
JHQꢀGHꢀSDQWDOODꢃꢀ3XOVHꢀFXDOTXLHUꢀWHFODꢀHQꢀHOꢀSUR\HFWRUꢀRꢀ
FRQWUROꢀUHPRWRꢀSDUDꢀUHHVWDEOHFHUꢀODꢀLPDJHQꢃꢀ/DꢀSDODEUDꢀ
³%/$1.ꢀ³ꢋ³%/$1&2´ꢍꢀDSDUHFHꢀHQꢀODꢀSDUWHꢀGHUHFKDꢀ
LQIHULRUꢀGHꢀODꢀSDQWDOODꢀFRQꢀODꢀLPDJHQꢀHVFRQGLGDꢃ
8GꢃꢀSXHGHꢀHVWDEOHFHUꢀHOꢀWLHPSRꢀGHꢀEODQFRꢀHQꢀHOꢀPHQ~ꢀ
!6HWWLQJꢀ!ꢀ%ODQNꢀ7LPHUꢀꢋ%ODQFRꢀ7LHPSRUꢍꢀSDUDꢀTXHꢀHOꢀSUR\HFWRUꢀYXHOYDꢀDꢀWHQHUꢀODꢀ
LPDJHQꢀDXWRPiWLFDPHQWHꢀOXHJRꢀGHꢀXQꢀSHULRGRꢀGHꢀWLHPSRꢀFXDQGRꢀQRꢀKD\ꢀDFFLRQHVꢀWRPDGDVꢀHQꢀ
ODꢀSDQWDOODꢀHQꢀEODQFRꢃꢀ(OꢀWLHPSRꢀSXHGHꢀVHUꢀHVWDEOHFLGRꢀGHꢀꢊꢀDꢀꢏꢊꢀPLQXWRVꢀFRQꢀDXPHQWRVꢀGHꢀꢁꢀ
PLQXWRꢃꢀ6HOHFFLRQHꢀꢊꢀPLQXWRꢀSDUDꢀGHVDFWLYDUꢀODꢀIXQFLyQꢃ
ꢀ 8QDꢀYH]ꢀ%/$1.ꢀꢍ%/$1&2ꢉꢀVHDꢀSXOVDGRꢁꢀHOꢀSUR\HFWRUꢀHQWUDꢀHQꢀHOꢀPRGRꢀ(FRQyPLFRꢀDXWRꢄ
PiWLFDPHQWHꢃ
ꢀ
1RꢀEORTXHHꢀHOꢀOHQWHꢀGHꢀSUR\HFFLyQꢀ\DꢀTXHꢀHVWRꢀSRGUtDꢀFDXVDUꢀTXHꢀHOꢀREMHWRꢀEORTXHDGRꢀVHꢀ
FDOLHQWHꢀ\ꢀGHIRUPHꢀRꢀLQFHQGLRꢀHQꢀHOꢀKRUQRꢃ
&RQJHODUꢃODꢃLPDJHQ
3XOVH! !HQꢀHOꢀFRQWUROꢀUHPRWRꢀSDUDꢀFRQJHODUꢀODꢀLPDJHQꢃꢀ8QꢀLFRQR!ѝѝ!
DSDUHFHꢀHQꢀODꢀSDUWHꢀGHUHFKDꢀLQIHULRUꢀGHꢀODꢀSDQWDOODꢃꢀ3DUDꢀOLEHUDUꢀODꢀIXQFLyQꢇꢀ
SXOVH! !HQꢀHOꢀFRQWUROꢀUHPRWRꢇꢀRꢀ6285&(ꢀꢋ)8(17(ꢍꢀHQꢀHOꢀSUR\HFWRUꢃꢀ
1yWHVHꢀTXHꢀHOꢀSXOVDUꢀ6285&(ꢀꢋ)8(17(ꢍꢀWDPELpQꢀFDPELDꢀGHꢀIXHQWHꢀ
LQSXWꢃ
,QFOXVRꢀDOꢀFRQJHODUꢀXQDꢀLPDJHQꢀHQꢀODꢀSDQWDOODꢇꢀODVꢀLPiJHQHVꢀDQGDQꢀHQꢀHOꢀ
YLGHRꢀXꢀRWURꢀDSDUDWRꢃꢀ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢆꢄ
2SHUDFLRQHVꢃHQꢃDPELHQWHVꢃGHꢃDOWLWXGHVꢃ
HOHYDGDV
5HFRPHQGDPRVꢀXVDUꢀHOꢀ0RGRꢀ$OWLWXGHVꢀ(OHYDGDVꢀFXDQGRꢀVXꢀDPELHQWHꢀYLHQHꢀHQWUHꢀꢁꢂꢊꢊꢀPꢉꢋꢊꢊꢊꢀ
PꢀVREUHꢀQLYHOꢀGHOꢀPDUꢀ\ꢀODꢀWHPSHUDWXUDꢀYLHQHꢀHQWUHꢀꢊƒ&ꢉꢋꢂƒ&ꢃ
ꢀꢀ 1RꢀXVHꢀHOꢀ0RGRꢀ$OWLWXGHVꢀ(OHYDGDVꢀVLꢀVXꢀDOWXUDꢀYLHQHꢀHQWUHꢀꢎꢀPꢀ\ꢀꢅꢏꢎꢎꢀPꢀ\ꢀODꢀWHPSHUDWXUDꢀ
HQWUHꢀꢎƒ&ꢀ\ꢀꢊꢏƒ&ꢃꢀ(OꢀSUR\HFWRUꢀSXHGHꢀTXHGDUꢀH[FHVLYDPHQWHꢀHQIULDGRꢀVLꢀ8GꢃꢀYXHOYHꢀDOꢀ
PRGRꢀHQꢀWDOꢀFRQGLFLyQꢃ
3DUDꢀDFWLYDUꢀHOꢀ0RGRꢀ$OWLWXGHVꢀ(OHYDGDVꢇꢀSDVHꢀDOꢀPHQ~ꢀ
ꢀ$YDQ]DGRꢀ!ꢀ+LJKꢀ$OWLWXGHꢀ
0RGHꢀꢋ0RGRꢀ$OWLWXGHVꢀ(OHYDGDVꢍꢇꢀVHOHFFLRQHꢀ2Qꢀꢋ(QFHQGLGRꢍꢀSXOVDQGRꢀŻ/HIWꢊ5LJKWꢀHQꢀHOꢀ
SUR\HFWRUꢀRꢀHOꢀFRQWUROꢀUHPRWRꢃꢀ$SDUHFHꢀXQꢀPHQVDMHꢀGHꢀFRQ¿UPDFLyQꢃꢀ3XOVHꢀźꢀ'RZQꢃ
ꢀ ꢀ
/DꢀSUy[LPDꢀYH]ꢀ8GꢃꢀHQFLHQGDꢀHOꢀSUR\HFWRUꢇꢀXQꢀPHQVDMHꢀFRPRꢀHOꢀVLJXLHQWHꢀDSDUHFHꢀGHꢀUHFRUGDꢉ
WRULRꢀGXUDQWHꢀHOꢀLQLFLRꢃ
ꢀ ꢀ
/DVꢀRSHUDFLRQHVꢀHQꢀ³0RGRꢀ$OWLWXGHVꢀ(OHYDGDV´ꢀSXHGHꢀSURGXFLUꢀUXLGRVꢀGHꢀGHFLEHOꢀDOWRꢀFRQꢀODꢀ
DXPHQWDGDꢀYHORFLGDGꢀGHOꢀYHQWLODGRUꢀSDUDꢀPHMRUDUꢀHOꢀHQIULDPLHQWRꢀ\ꢀUHQGLPLHQWRꢀGHꢀWRGRꢀHOꢀ
VLVWHPDꢃ
6Lꢀ8GꢃꢀXVDꢀHVWHꢀSUR\HFWRUꢀHQꢀRWUDVꢀFRQGLFLRQHVꢀH[WUHPDVꢀH[FOX\HQGRꢀODVꢀGHꢀDUULEDꢇꢀSXHGHQꢀ
DSDUHFHUꢀVtQWRPDVꢀGHꢀGHVFRQH[LRQꢀDXWRPiWLFDꢇꢀORꢀTXHꢀYLHQHꢀSDUDꢀSURWHJHUꢀVXꢀSUR\HFWRUꢀGHꢀ
UHFDOHQWDPLHQWRꢃ
(QꢀXQꢀFDVRꢀGHꢀHVWDꢀQDWXUDOH]Dꢇꢀ8GꢃꢀGHEHꢀFDPELDUꢀDꢀ0RGRꢀ$OWLWXGHVꢀ(OHYDGDVꢀSDUDꢀVROXFLRQDUꢀ
ORVꢀVtQWRPDVꢃꢀ6LQꢀHPEDUJRꢇꢀHVWRꢀQRꢀLQGLFDꢀTXHꢀHVWHꢀSUR\HFWRUꢀSXHGDꢀVHUꢀRSHUDGRꢀHQꢀFXDOHVꢉ
TXLHUDꢀ\ꢀWRGDVꢀRꢀH[WUHPHDVꢀFRQGLFLRQHVꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢆꢆ
$SDJDGRꢃGHOꢃSUR\HFWRU
ꢁꢃꢀ 3XOVHꢀ ꢀ32:(5ꢀ\ꢀXQꢀPHQVDMHꢀDSDUHFHꢃꢀ3XOVHꢀ
ꢀ
32:(5ꢀSRUꢀODꢀVHJXQGDꢀYH]ꢀSDUDꢀDSDJDUꢀHOꢀSUR\HFWRUꢃ
ꢈꢃꢀ /DꢀOX]ꢀLQGLFDGRUDꢀ3RZHUꢀSDUSDGHDꢀGHꢀFRORUꢀQDUDQMDꢀ\ꢀODꢀ
OiPSDUDꢀVHꢀDSDJDꢇꢀORVꢀYHQWLODGRUHVꢀVLJXHQꢀDQGDQGRꢀSRUꢀ
XQRVꢀꢁꢁꢊꢀVHJXQGRVꢀSDUDꢀHQIULDUꢀHOꢀSUR\HFWRUꢃ
ꢀꢀ 3DUDꢀSURWHJHUꢀODꢀOiPSDUDꢁꢀHOꢀSUR\HFWRUꢀQRꢀUHVSRQGHUiꢀDꢀ
QLQJXQRVꢀFRPDQGRVꢀGXUDQWHꢀHOꢀSURFHVRꢀGHꢀHQIULDPLHQWRꢃ
ꢋꢃꢀ 6LꢀHOꢀSUR\HFWRUꢀQRꢀVHꢀXVDUiꢀGXUDQWHꢀXQꢀODUJRꢀSHUtRGRꢀGHꢀ
WLHPSRꢇꢀGHVFRQHFWHꢀHOꢀFRUGyQꢀHOpFWULFRꢀGHOꢀVRTXHWHꢀGHꢀ
SDUHGꢃ
ꢀƔꢀꢀ1RꢀGHVFRQHFWHꢀHOꢀFRUGyQꢀHOpFWULFRꢀDQWHVꢀGHꢀFRPSOHWDUꢀ
ODꢀVHFXHQFLDꢀGHꢀGHVFRQH[LyQꢀGHOꢀSUR\HFWRUꢀRꢀGXUDQWHꢀHOꢀ
SURFHVRꢀGHꢀHQIULDPLHQWRꢀGHꢀꢁꢁꢊꢀVHJXQGRVꢃ
ꢀƔꢀ6LꢀHOꢀSUR\HFWRUꢀQRꢀVHꢀFLHUUDꢀGHELGDPHQWHꢇꢀSDUDꢀSURWHJHUꢀODꢀOiPSDUDꢇꢀFXDQGRꢀ8GꢃꢀLQWHQWHꢀ
UHLQLFLDUꢀHOꢀSUR\HFWRUꢇꢀORVꢀYHQWLODGRUHVꢀDQGDUiQꢀXQRVꢀPLQXWRVꢀSDUDꢀHOꢀHQIULDPLHQWRꢃꢀ3XOVHꢀ
32:(5ꢀQXHYDPHQWHꢀSDUDꢀLQLFLDUꢀHOꢀSUR\HFWRUꢀOXHJRꢀGHꢀTXHꢀORVꢀYHQWLODGRUHVꢀSDUHQꢀ\ꢀODꢀ
OX]ꢀLQGLFDGRUDꢀ3RZHUꢀVHꢀSRQJDꢀGHꢀFRORUꢀQDUDQMDꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢆꢇ
2SHUDFLRQHVꢃGHOꢃ0HQ~
6LVWHPDꢃGHOꢃPHQ~
1yWHVHꢀTXHꢀORVꢀPHQ~Vꢀ26'ꢀꢅ9LVXDOL]DFLyQꢀHQꢀ3DQWDOODꢆꢀFDPELDQꢀGHꢀDFXHUGRꢀFRQꢀHOꢀWLSRꢀGHꢀ
VHQDOꢀVHOHFFLRQDGRꢃ
)XQFLRQHVꢀGLVSRQLEOHVꢀDOꢀUHFLELUꢀVHQDOHVꢀGHꢀ¿HUHQWHVꢀWLSRV
6XEꢑ0HQ~
3&
9LGHRꢊ6ꢑ9LGHR
&RPSRQHQWHꢀ9LGHR
Ɣꢀ3UHVHWꢀ0RGHꢀꢅ0RGRꢀSUHGHWHUPLQDGRꢆ
Ɣꢀ&RORUꢀ7HPSHUDWXUHꢀꢅ7HPSꢃꢀFRORUꢆ
Ɣꢀ%ULJKWQHVVꢀꢅ%ULOORꢆ
Ɣꢀ&RQWUDVWꢀꢅ&RQWUDVWHꢆ
Ɣꢀ&RORU7LQWꢖꢀꢅ7RQDOLGDGꢖꢆ
Ɣꢀ6KDUSQHVVꢀꢅ'H¿QLFLyQꢆ
Ɣꢀ3UHVHWꢀ0RGHꢀꢅ0RGRꢀ
SUHGHWHUPLQDGRꢆ
Ɣꢀ&RORUꢀ7HPSHUDWXUHꢀꢅ7HPSꢃꢀ
FRORUꢆ
Ɣꢀ%ULJKWQHVVꢀꢅ%ULOORꢆ
Ɣꢀ&RQWUDVWꢀꢅ&RQWUDVWHꢆ
3LFWXUH
ꢀ,PDJHQꢁ
Ɣꢀ$XWRꢀ5HVL]Hꢀ
ꢅ5HGLPHQVLRQDPLHQWRꢀ$XWRꢆ
Ɣꢀ$VSHFWꢀ5DWLRꢀꢅ5HODFLyQꢀGHꢀ
DVSHFWRꢆ
Ɣꢀ.H\VWRQH
Ɣꢀ+RUL]RQWDOꢀ3RVLWLRQꢀꢅ3RVLFLyQꢀ+ꢃꢆ
Ɣꢀ9HUWLFDOꢀ3RVLWLRQꢀꢅ3RVLFLyQꢀ9ꢃꢆ
Ɣꢀ3KDVHꢀꢅ)DVHꢆ
Ɣꢀ$XWRꢀ5HVL]Hꢀꢅ5HGLPHQVLRQDPLHQWRꢀ$XWRꢆ
Ɣꢀ$VSHFWꢀ5DWLRꢀꢅ5HODFLyQꢀGHꢀDVSHFWRꢆ
Ɣꢀ.H\VWRQHꢀ
3URꢂ3LFWXUH
ꢀ3URꢂ,PDJHQꢁ
Ɣꢀ+RUL]RQWDOꢀ6L]Hꢀꢅ7DPDxRꢀ+ꢃꢆ
Ɣꢀ26'ꢀ7LPHꢀꢅ7LHPSRꢀ26'ꢆ
Ɣꢀ5HVHWꢀꢅ5HHVWDEOHFHUꢆ
6HWWLQJ
ꢀ&RQÀJXUDFLyQꢁ
Ɣꢀ0LUURUꢀꢅ(VSHMRꢆ
Ɣꢀ%ODQNꢀ7LPHUꢀꢅ7LHPSRꢀEODQFRꢆ
Ɣꢀ6RXUFHꢀ6FDQꢀꢅ%XVFDQGRꢀIXHQWHꢆ
Ɣꢀ/DQJXDJHꢀꢅ,GLRPDꢆ
Ɣꢀ6SODVKꢀ6FUHHQꢀꢅ$JUDQGDUꢀ3DQWDOODꢆ
Ɣꢀ0RGRꢀDOWLWXGHVꢀHOHYDGDV
Ɣꢀ$XWRꢀ2II
$GYDQFHG
ꢀ$YDQ]DGRꢁ
Ɣꢀ(FRQRPLFꢀ0RGHꢀꢅ0RGRꢀFRQyPLFRꢆ
Ɣꢀ6RXUFHꢀꢅ)XHQWHꢆ Ɣꢀ6RXUFHꢀꢅ)XHQWHꢆ
Ɣꢀ6\VWHPꢀꢅ6LVWHPDꢆ Ɣꢀ5HVROXWLRQꢀ
Ɣꢀ6RXUFHꢀꢅ)XHQWHꢆ
Ɣꢀ5HVROXWLRQꢀꢅ5HVROXFLyQꢆ
Ɣꢀ3UHVHWꢀ0RGHꢀꢅ0RGRꢀꢀ
SUHGHWHUPLQDGRꢆ
Ɣꢀ(TXLYDOHQWꢀ/DPSꢀ+RXUꢀꢅ+RUDꢀ
GHꢀOiPSDUDꢀHTXLYDOHQWHꢆ
ꢅ5HVROXFLyQꢆ
Ɣꢀ3UHVHWꢀ0RGHꢀ
ꢅ0RGRꢀ
SUHGHWHUPLQDGRꢆ
Ɣꢀ3UHVHWꢀ0RGHꢀꢅ0RGRꢀ
SUHGHWHUPLQDGRꢆ
,QIRUPDWLRQ
Ɣꢀ(TXLYDOHQWꢀ/DPSꢀ Ɣꢀ(TXLYDOHQWꢀ/DPSꢀ
ꢀ,QIRUPDFLyQꢁ
+RXUꢀꢅ+RUDꢀ
GHꢀOiPSDUDꢀ
HTXLYDOHQWHꢆ
+RXUꢀꢅ+RUDꢀ
GHꢀOiPSDUDꢀ
HTXLYDOHQWHꢆ
ꢖꢀ'HꢀVHOHFFLRQDUꢀXQꢀVHxDOꢀ9LGHRꢀRꢀ6ꢉ9LGHRꢇꢀODꢀIXQFLyQꢀYLHQHꢀVRODPHQWHꢀGLVSRQLEOHꢀFRQꢀHOꢀ
VLVWHPDꢀ176&ꢀVHOHFFLRQDGRꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢆꢈ
8VRꢃGHꢃORVꢃPHQ~Vꢃ26'ꢃꢅ9LVXDOL]DFLyQꢃHQꢃ3DQWDOODꢆ
(OꢀSUR\HFWRUꢀYLHQHꢀHTXLSDGRꢀFRQꢀORVꢀPHQ~Vꢀ26'ꢀꢅ9LVXDOL]DFLyQꢀHQꢀ3DQWDOODꢆꢀSDUDꢀORVꢀYDULRVꢀ
DMXVWHVꢀ\ꢀFRQ¿JXUDFLRQHVꢃ
(OꢀVLJXLHQWHꢀH[DPSOHꢀGHVFULEHꢀHOꢀDMXVWHꢀGHOꢀ.H\VWRQHꢃ
ꢁꢃꢀ ꢀ3XOVHꢀźꢀ0(18ꢀHQꢀHOꢀSUR\HFWRUꢀRꢀ
0(1ÒꢀHQꢀHOꢀFRQWUROꢀUHPRWRꢀSDUDꢀ
HQFHQGHUꢀHOꢀPHQ~ꢀ26'ꢃ
ꢑꢃꢀ ꢀ$MXVWHꢀGHꢀYDORUꢀGHOꢀ.H\VWRQHꢀSXOVDQGRꢀꢀ
Żꢀ/HIWꢊŹꢀ5LJKWꢀHQꢀHOꢀSUR\HFWRUꢀRꢀ
FRQWUROꢀUHPRWRꢃ
ꢈꢃꢀ 8VHꢀŻꢀ/HIWꢊŹꢀ5LJKWꢀHQꢀHOꢀSUR\HFWRUꢀ
ꢂꢃꢀ ꢀ3XOVHꢀ6$/,5ꢀHQꢀHOꢀSUR\HFWRUꢀ
UHSHWLGDPHQWHꢀRꢀSXOVHꢀ0(1ÒꢀHQꢀHOꢀ
FRQWUROꢀUHPRWRꢀSDUDꢀVDOLUꢀ\ꢀJUDEDUꢀODꢀ
FRQ¿JXUDFLyQꢃ
RꢀFRQWUROꢀUHPRWRꢀSDUDꢀVHOHFFLRQDUꢀHOꢀ
PHQ~ꢀ
ꢀ3URꢑ,PDJHQꢃ
ꢋꢃꢀ 3XOVHꢀŸꢀ8Sꢊźꢀ'RZQꢀ$EDMRꢀHQꢀ
HOꢀSUR\HFWRUꢀRꢀFRQWUROꢀUHPRWRꢀSDUDꢀ
VHOHFFLRQDUꢀHOꢀ.H\VWRQHꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢆꢉ
0HQ~ꢃGHꢃLPiJHQHV
ꢀꢀ$OJXQRVꢀDMXVWHVꢀGHꢀLPDJHQꢀYLHQHQꢀGLVSRQLEOHVꢀVRODPHQWHꢀFXDQGRꢀFLHUWDVꢀIXHQWHVꢀGHꢀDMXVꢄ
WHꢀGHꢀLQSXWꢀHVWiQꢀHQꢀXVRꢃꢀ$MXVWHVꢀQRꢀGLVSRQLEOHVꢀQRꢀDSDUHFHQꢀHQꢀODꢀSDQWDOODꢃ
)81&,Ï1
'(6&5,3&,Ï1
ꢋ&RQ¿JXUDFLyQꢊYDORUꢀSRUꢀ
GHIHFWRꢍ
/RVꢀPRGRVꢀSUHGHWHUPLQDGRVꢀYLHQHQꢀSDUDꢀTXHꢀ8GꢃꢀSXHGDꢀ
RSWLPL]DUꢀ/DꢀLPDJHQꢀGHꢀVXꢀSUR\HFWRUꢀSDUDꢀHOꢀVLWSRꢀGHꢀVXꢀ
SURJUDPꢃ
0RGRꢃSUHGHWHUPLQDGR
ꢌ2%ꢍꢎ$TKNNQGUVꢏꢎ;2D2Tꢐ5ꢊ8KFGQꢐ
8KFGQꢍꢎ5VCPFCTFꢑ
ꢀꢀ8GꢃꢀSXHGHꢀXVDUꢀHOꢀFRQWUROꢀUHPRWRꢀ02'2ꢀSDUDꢀVHOHFFLRQDUꢀ
XQꢀ0RGRꢀSUHGHWHUPLQDGRꢃ
7HPSꢄꢃFRORU
ꢌFGRGPFGꢎFGN/QFQꢎ
2TGFGVGTOKPCFQꢎUGNGEEKQPCFQꢑ
+D\ꢀꢑꢀFRQ¿JXUDFLRQHVꢀGHꢀWHPSHUDWXUDꢀGHꢀFRORUꢀGLVSRQLEOHVꢃ
$MXVWDꢀGHꢀEULOORꢀGHꢀODꢀLPDJHQꢃ
%ULOOR
ꢌFGRGPFGꢎFGꢎNCꢎUGNGEEKQPCFCꢎ
HWGPVGꢎFGꢎKPRWVꢑ
&RQWUDVWH
ꢌFGRGPFGꢎFGꢎNCꢎUGNGEEKQPCFCꢎ
HWGPVGꢎFGꢎKPRWVꢑ
$MXVWDꢀGHꢀJUDGRꢀGHꢀGVLHUHQFLDꢀHQWUHꢀRVFXURꢀ\ꢀEULOODQWHꢀGHꢀODꢀ
LPDJHQꢃ
&RORU
$XPHQWDꢀRꢀGLVPLQX\HꢀGHꢀLQWHQVLGDGꢀGHꢀFRORUꢀGHꢀODꢀLPDJHQꢃ
ꢌFGRGPFGꢎFGꢎNCꢎUGNGEEKQPCFCꢎ
HWGPVGꢎFGꢎKPRWVꢑ
$MXVWDꢀGHꢀWRQDOLGDGHVꢀGHꢀFRORUꢀGHꢀODꢀLPDJHQꢃꢀ&XDQWRꢀPiVꢀDOWRꢀ
HOꢀYDORUꢇꢀWDQWRꢀPiVꢀURML]DꢀODꢀLPDJHQꢃꢀ&XDQWRꢀPiVꢀEDMRꢀHOꢀYDORUꢇꢀ
WDQWRꢀ&XDQWRꢀPiVꢀYHUGHꢀODꢀLPDJHQꢃ
7RQDOLGDG
ꢌꢉꢅꢑ
ꢀꢀ&XDQGRꢀXQꢀVHxDOꢀ9LGHRꢀRꢀ6ꢄ9LGHRꢀVHxDOꢀYLHQHꢀFRQHFWDGRꢁꢀ
ODꢀIXQFLyQꢀYLHQHꢀVRODPHQWHꢀGLVSRQLEOHꢀFRQꢀHOꢀVLVWHPDꢀ176&ꢀ
VHOHFFLRQDGRꢃ
&RQÀJXUDFLyQ
ꢌꢄꢉꢑ
$MXVWDꢀODꢀLPDJHQꢀSDUDꢀTXHꢀDSDUH]FDꢀPiVꢀDJXGRꢀRꢀVXDYHꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢆꢀ
0HQ~ꢃGHꢃ3URꢄ,PDJHQ
ꢀꢀ$OJXQRVꢀDMXVWHVꢀGHꢀLPDJHQꢀYLHQHQꢀGLVSRQLEOHVꢀVRODPHQWHꢀFXDQGRꢀFLHUWDVꢀIXHQWHVꢀGHꢀDMXVꢄ
WHꢀGHꢀLQSXWꢀHVWiQꢀHQꢀXVRꢃꢀ$MXVWHVꢀQRꢀGLVSRQLEOHVꢀQRꢀDSDUHFHQꢀHQꢀODꢀSDQWDOODꢃ
)81&,Ï1
'(6&5,3&,Ï1
ꢋ&RQ¿JXUDFLyQꢊYDORUꢀSRUꢀ
GHIHFWRꢍ
$XWRPiWLFDPHQWHꢀUHGLPHQFLRQDꢀODꢀUHVROXFLyQꢀGHꢀSL[HOꢀGHOꢀVHxDOꢀ
LQSXWꢀDꢀODꢀQDWLYDꢀGHOꢀSUR\HFWRUꢃ
2Qꢀꢋ(QFHQGLGRꢍꢐꢀ/DꢀUHVROXFLyQꢀGHꢀSL[HOꢀDꢀUHVROXFLyQꢀGHꢀSL[HOꢀLQSXWꢀ
YLHQHꢀFRQYHUWLGDꢀDꢀODꢀQDWLYDꢀGHOꢀSUR\HFWRUꢀꢅꢌꢊꢊꢀ[ꢀꢏꢊꢊꢆꢃꢀ3DUDꢀVHxDOHVꢀ
GHꢀLQSXWꢀFRQꢀUHVRORFLRQHVꢀPiVꢀEDMDVꢇꢀORVꢀKXHFRVꢀHQꢀORVꢀSL[HOHVꢀYLHQHꢀ
DXWRPiWLFDPHQWHꢀLQWHUSRODGDꢀHQꢀODꢀLPDJHQꢀDQWHVꢀGHꢀVHUꢀSUR\HFWDGDꢃꢀ
(VWRꢀSXHGHꢀWRUFHUꢀODꢀFDOLGDGꢀGHꢀLPDJHQꢃ
2IIꢀꢋ$SDJDGRꢍꢐꢀ/DꢀLPDJHQꢀYLHQHꢀSUR\HFWDGDꢀFRPRꢀVXꢀUHVROXFLyQꢀ
RULJLQDOꢇꢀVLQꢀFRQYHUWHUꢀGHꢀSL[HOHVꢃꢀ3DUDꢀVHxDOHVꢀGHꢀLQSXWꢀFRQꢀ
UHVRORFLRQHVꢀPiVꢀEDMDVꢇꢀODꢀLPDJHQꢀSUR\HFWDGDꢀDSDUHFHꢀPiVꢀSHTXHxDꢀ
TXHꢀUHGLPHQVLRRQDGDꢀDꢀSDQWDOODꢀFRPSOHWDꢃꢀ8GꢃꢀSXHGHꢀPRYHUꢀHOꢀ
SUR\HFWRUꢀKDFLDꢀODꢀSDQWDOODꢀSDUDꢀDXPHQWDUꢀODꢀVLꢀHVꢀQHFHVDULRꢃꢀ8Gꢃꢀ
SXHGHꢀWDPELpQꢀQHFHVLWDUꢀUHHQIRFDUꢀHOꢀSUR\HFWRUꢀOXHJRꢀGHꢀPRYHUORꢃ
$XWRꢃ5HVL]Hꢃ
ꢀ5HGLPHQVLRQDPꢄꢃ
$XWRꢄꢁ
ꢌ1Pꢑ
ꢀꢀ(OꢀSUR\HFWRUꢀYLHQHꢀVLHPSUHꢀLQLFLDGRꢀFRQꢀODꢀFRQ¿JXUDFLyQꢀSRUꢀ
GHIHFWRꢀ\ꢀQRꢀJUDEDꢀQLꢀJXDUGDꢀHOꢀ~OWLPRꢀFDPELRꢀKHFKRꢀHQꢀHOORꢃꢃ
$VSHFWꢃ5DWLRꢃ
ꢀ5HODFLyQꢃGHꢃ
DVSHFWRꢁ
+D\ꢀꢋꢀRSFLRQHVꢀSDUDꢀGH¿QLUꢀODꢀUHODFLyQꢀGHꢀDVSHFWRꢀGHꢀODꢀLPDJHQꢀ
GHSHQGLHQGRꢀGHꢀODꢀIXHQWHꢀGHꢀVXꢀVHxDOꢀLQSXWꢃ
0CVKXGꢎꢌ0CVKXQꢑ
.H\VWRQH
ꢌꢅꢑ
&RUUHFWDꢀFXDOTXLHUꢀ.H\VWRQHꢀGHꢀODꢀLPDJHQꢃ
+RUL]RQWDOꢃ3RVLWLRQꢃ
ꢀ3RVLFLyQꢃ+ꢄꢁ
ꢌꢅꢑ
$MXVWDꢀGHꢀSRVLFLyQꢀKRUL]RQWDOꢀGHꢀODꢀ
LPDJHQꢀSUR\HFWDGDꢃ
ꢊꢇꢅ
ꢋꢇꢅ
9HUWLFDOꢃ3RVLWLRQꢃ
ꢀ3RVLFLyQꢃ9ꢄꢁ
ꢌꢅꢑ
$MXVWDꢀGHꢀSRVLFLyQꢀYHUWLFDOꢀGHꢀODꢀ
LPDJHQꢀSUR\HFWDGDꢃ
ꢋꢇꢅ
ꢊꢇꢅ
3KDVHꢃꢀ)DVHꢁ
$MXVWDꢀGHOꢀUHORMꢀGHꢀYLGHRꢀLQSXWꢀSDUDꢀ
VLQFURQL]DUꢀFRQꢀHOꢀVHxDOꢀYLGHRꢃꢀ(VWRꢀD\XGDꢀ
HQꢀUHGXFLUꢀGHꢀGLVWRUVLyQꢀGHꢀODꢀLPDJHQꢀ
SURGXFLGDꢀSRUꢀWLHPSRVꢀYLGHRꢀHQꢀDOJXQDVꢀ3&ꢃ
ꢌFGRGPFGꢎFGꢎNCꢎ
UGNGEEKQPCFCꢎHWGPVGꢎFGꢎ
KPRWVꢑ
+RUL]RQWDOꢃ6L]Hꢃ
ꢀ7DPDxRꢃ+ꢄꢁ
$MXVWDꢀGHꢀDQFKXUDꢀKRUL]RQWDOꢀGHꢀODꢀLPDJHQꢃ
ꢌꢅꢑ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢆꢁ
&RQ¿JXUDUꢃHOꢃPHQ~
)81&,Ï1
'(6&5,3&,Ï1
ꢋ&RQ¿JXUDFLyQꢊYDORUꢀ
SRUꢀGHIHFWRꢍ
26'ꢃ7LPHꢃꢀ7LHPSRꢃ
3DUDꢀGH¿QLUꢀGHꢀODUJRꢀGHꢀWLHPSRꢀHOꢀ26'ꢀVLJDꢀDFWLYRꢀOXHJRꢀGHꢀVXꢀ~OWLPRꢀ
SXOVRꢀGHOꢀERWyQꢃꢀ(OꢀUDQJRꢀYLHQHꢀHQWUHꢀꢂꢀ\ꢀꢁꢊꢊꢀVHJXQGRVꢃ
26'ꢁ
ꢌꢆꢅꢑ
9ROYHUꢀWRGDVꢀODVꢀFRQ¿JXUDFLRQHVꢀDꢀORVꢀYDORUHVꢀFRQ¿JXUDGRVꢀHQꢀODꢀIiEULFDꢃ
5HVHWꢃ
ꢀꢀ/DVꢀVLJXLHQWHVꢀFRQ¿JXUDFLRQHVꢀVLJXHQꢀDFWLYDVꢇꢀ(VSHMRꢁꢀ,GLRPDꢁꢀ
0RGRꢀGHꢀ$OWLWXGHVꢀ(OHYDGDVꢁꢀ)DVHꢁꢀ3RVLFLyQꢀ+RUL]RQWDOꢁꢀ3RVLFLyQꢀ
9HUWLFDOꢀ\ꢀ7DPDxRꢀ+RUL]RQWDOꢃ
ꢀ5HVWDEOHFHUꢁ
ꢌ0Qꢑ
0HQ~ꢃDYDQ]DGR
)81&,Ï1
ꢋ&RQ¿JXUDFLyQꢊYDORUꢀSRUꢀ
GHIHFWRꢍ
'(6&5,3&,Ï1
ꢋ&RQ¿JXUDFLyQꢊYDORUꢀSRUꢀGHIHFWRꢍ
(OꢀSUR\HFWRUꢀSXHGHꢀYHQLUꢀLQVWDODGRꢀHQꢀXQꢀWHFKRꢀRꢀGHWUiVꢀGHꢀXQDꢀ
SDQWDOODꢇꢀRꢀFRQꢀXQRꢀRꢀPiVꢀHVSHMRVꢃꢀ&RQWDFWHꢀFRQꢀVXꢀFRQFHVLRQDULRꢀ
SRUꢀODꢀUHSLVDꢀGHꢀPRQWDMHꢀGHꢀWHFKRꢀꢅDFFHVRULRꢀRSFLRQDOꢆꢀVLꢀQHFHVLWDꢀ
LQVWDODUꢀHOꢀSUR\HFWRUꢀHQꢀVXꢀWHFKRꢃ
0LUURUꢃꢀ(VSHMRꢁ
ꢌ
ꢑ
%ODQNꢃ7LPHUꢃ
&RQ¿JXUDUꢀHOꢀWLHPSRꢀEODQFRꢀGHꢀODꢀLPDJHQꢀFXDQGRꢀ%ODQFRꢀYLHQHꢀ
DFWLYDGRꢇꢀXQDꢀYH]ꢀSDVDGDꢀODꢀLPDJHQꢇꢀYROYHUiꢀDꢀODꢀSDQWDOODꢃ
ꢀ7LHPSRꢃEODQFRꢁ
ꢌꢆꢅꢑ
&RQ¿JXUDUꢀVLꢀHOꢀSUR\HFWRUꢀEXVFDꢀVHxDOHVꢀGHꢀLQSXWꢀDXWRPiWLFDPHQWHꢃ6Lꢀ
ODꢀIXHQWHꢀVFDQꢀYLHQHꢀ2QꢇꢀHOꢀSUR\HFWRUꢀHVFDQGHꢀVHxDOHVꢀLQSXWꢀKDVWDꢀTXHꢀ
ORJUHꢀXQꢀVHxDOꢃꢀ6LꢀODꢀIXQFLyQꢀQRꢀYLHQHꢀDFWLYDGDꢇꢀHOꢀSUR\HFWRUꢀVHOHFFLRQDꢀ
HOꢀVHQDOꢀLQSXWꢀXVDGRꢀ~OWLPRꢃꢀ(OꢀYDORUꢀSRUꢀGHIHFWRꢀYDORUꢀHVꢀµ5*%¶ꢃ
6RXUFHꢃ6FDQꢃ
ꢀ%XVFDQGRꢃIXHQWHꢁ
ꢌ1Pꢑ
&RQ¿JXUDUꢀHOꢀLGLRPDꢀSDUDꢀORVꢀPHQ~Vꢀ26'ꢀꢅYLVXDOL]DFLyQꢀHQꢀ
SDQWDOODꢆꢃ
+D\ꢀꢁꢂꢀLGLRPDVꢀSDUDꢀVXꢀVHOHFFLyQꢄꢀ,QJOpVꢀꢅSRUꢀGHIHFWRꢆꢇꢀ)UDQFpVꢇꢀ
$OHPiQꢇꢀ,WDOLDQRꢇꢀ(VSDxROꢇꢀ5XVRꢇꢀ&KLQRꢀVLPSOVLLFDRꢇꢀ-DSRQpVꢇꢀ6XHFRꢇꢀ
+RODQGpVꢇꢀ&KHFRꢇꢀ3RUWXJXpVꢇꢀ&KLQRꢀWUDGLFLRQDOꢇꢀ&RUHDQRꢀ\ꢀ3RODFRꢃ
/DQJXDJHꢃꢀ,GLRPDꢁ
ꢌ'PINKUJꢑꢎꢌ+PINÃUꢑ
6SODVKꢃ6FUHHQꢃ
6HOHFFLRQDUꢀGHꢀSDQWDOODꢀGHꢀORJRꢀGXUDQWHꢀHOꢀLQLFLRꢀGHOꢀSUR\HFWRUꢃꢀ+D\ꢀ
ꢋꢀPRGRVꢀGLVSRQLEOHVꢄ3DQWDOODꢀD]XOꢀ\ꢀQHJURꢃ
ꢀ$JUDQGDUꢃ3DQWDOODꢁ
ꢌ.QIQꢎC#\WNꢑ
+LJKꢃ$OWLWXGHꢃ0RGHꢃ
ꢀ0RGRꢃDOWLWXGHVꢃ
HOHYDGDVꢁ
8QꢀPRGRꢀGHꢀRSHUDFLyQꢀHQꢀiUHDVꢀFRPRꢀDOWLWXGHVꢀHOHYDGDVꢀRꢀDOWDꢀ
WHPSHUDWXUDꢃ
ꢌ1HHꢑꢎꢌ#RCICFQꢑ
$XWRꢃ2II
ꢌ1HHꢑꢎꢌ#RCICFQꢑ
&RQ¿JXUDUꢀHOꢀSUR\HFWRUꢀSDUDꢀDSDJDUORꢀDXWRPiWLFDPHQWHꢀGHꢀQRꢀ
GHWHFWRUꢀVHxDOHVꢀLQSXWꢀOXHJRꢀGHꢀXQꢀSHUtRGRꢀGHꢀWLHPSRꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢆꢂ
8VHꢀHVWHꢀPRGRꢀSDUDꢀUHGXFLUꢀUXLGRꢀ\ꢀFRQVXPRꢀGHꢀHOHFWULFLGDGꢀGHOꢀ
VLVWHPDꢀSRUꢀꢈꢊꢒꢃꢀ'HꢀDFWLYDUꢀHVWHꢀPRGRꢇꢀHOꢀRXWSXWꢀGHꢀOX]ꢀTXHGDꢀ
UHGXFLGRꢀ\ꢀUHVXOWDꢀHQꢀXQDꢀLPDJHQꢀSUR\HFWDGDꢀPiVꢀRVFXUDꢃ
(FRQRPLFꢃ0RGHꢃ
ꢀ0RGRꢃHFRQyPLFRꢁ
ꢌ1HHꢑꢎꢌ#RCICFQꢑ
'H¿QDꢀHOꢀSUR\HFWRUꢀHQꢀ0RGRꢀ(FRQyPLFRꢀSDUDꢀH[WHQGHUꢀODꢀ
GHVFRQH[LyQꢀDXWRPiWLFDꢀGHOꢀWLHPSRUꢃꢀGHꢀODꢀOiPSDUDꢃꢀ3DUDꢀGHWDOOHVꢀHQꢀ
PDQHUDVꢀGHꢀFDOFXODUꢀODVꢀWRWDOHVꢀKRUDVꢀGHꢀODꢀOiPSDUDꢃ
0HQ~ꢃGHꢃ,QIRUPDFLyQ
(VWHꢀPHQ~ꢀOHꢀLQGLFDꢀHOꢀDFWXDOꢀHVWDGRꢀGHꢀRSHUDFLyQꢀGHOꢀSUR\HFWRUꢃ
ꢀꢀ$OJXQRVꢀDMXVWHVꢀGHꢀLPDJHQꢀYLHQHQꢀGLVSRQLEOHVꢀVRODPHQWHꢀFXDQGRꢀFLHUWDVꢀIXHQWHVꢀGHꢀDMXVꢄ
WHꢀGHꢀLQSXWꢀHVWiQꢀHQꢀXVRꢃꢀ$MXVWHVꢀQRꢀGLVSRQLEOHVꢀQRꢀDSDUHFHQꢀHQꢀODꢀSDQWDOODꢃ
)81&,Ï1
'(6&5,3&,Ï1
ꢋ&RQ¿JXUDFLyQꢊYDORUꢀ
SRUꢀGHIHFWRꢍ
ꢋ&RQ¿JXUDFLyQꢊYDORUꢀSRUꢀGHIHFWRꢍ
0XHVWUDꢀODꢀDFWXDOꢀIXHQWHꢀGHꢀVHxDOHVꢃ
6RXUFHꢃꢀ)XHQWHꢁ
5HVROXWLRQꢃ
ꢀ5HVROXFLyQꢁ
0XHVWUDꢀODꢀUHVROXFLyQꢀGHOꢀVHxDOꢀLQSXWꢃ
0XHVWUDꢀHOꢀIRUPDWRꢀGHOꢀVLVWHPDꢀLQSXWꢀ9LGHRꢇꢀ176&ꢇꢀ6(&$0ꢀRꢀ3$/ꢃ
6\VWHPꢃꢀ6LVWHPDꢁ
3UHVHWꢃ0RGHꢃꢀ0RGRꢃ
SUHGHWHUPLQDGRꢁ
0XHVWUDꢀHOꢀVHOHFFLRQDGRꢀPRGRꢀHQꢀHOꢀPHQ~ꢀ
ꢀ,PDJHQꢃ
(TXLYDOHQWꢃ
/DPSꢃ+RXUꢃ
ꢀ+RUDꢃ/iPSDUDꢃ
(TXLYDOHQWHꢁꢃ
0XHVWUDꢀODꢀKRUDꢀGHꢀOiPSDUDꢀ(TXLYDOHQWHꢀFDOFXODGDꢀFRQꢀHOꢀWLHPSRUꢃꢀ
LQFRUSRUDGRꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢆꢃ
0DQWHQLPLHQWR
&XLGDGRꢃGHOꢃSUR\HFWRU
6XꢀSUR\HFWRUꢀQHFHVLWDꢀPX\ꢀSRFRꢀGHꢀPDQWHQLPLHQWRꢃꢀ/Rꢀ~QLFRꢀTXHꢀ8GꢃꢀQHFHVLWDꢀKDFHUꢀUHJXODUꢉ
PHQWHꢀHVꢀPDQWHQHUꢀHOꢀOHQWHꢀOLPSLRꢃ
1XQFDꢀUHPXHYDꢀQLQJXQDꢀSDUWHꢀGHOꢀSUR\HFWRUꢀH[FHSWRꢀODꢀOiPSDUDꢃꢀ&RQWDFWHꢀFRQꢀVXꢀFRQFHVLRQDꢉ
ULRꢀSRUꢀRWUDVꢀSLH]DVꢀSDUDꢀFDPELDUꢃ
/LPSLH]DꢃGHOꢃOHQWH
/LPSLHꢀHOꢀOHQWHꢀFXDQGRTXLHUDꢀ8GꢃꢀYHDꢀPXJUHꢀRꢀWLHUUDꢀHQꢀODꢀVXSHU¿FLHꢃ
Ɣꢀ 8VHꢀXQꢀWDUURꢀGHꢀDLUHꢀFRPSULPLGRꢀSDUDꢀVDFDUꢀWLHUUDꢃꢀ
Ɣꢀ 'HꢀKDEHUꢀPXJUHꢀRꢀPDQFKDVꢇꢀXVHꢀXQꢀSDSHOꢀSDUDꢀOLPSLDUꢀHOꢀOHQWHꢀRꢀPRMHꢀXQꢀSDxRꢀVXDYHꢀFRQꢀ
GHWHUJHQWHꢀSDUDꢀOLPSLDUꢀHOꢀOHQWHꢀSDUDꢀODꢀVXSHU¿FLHꢀGHOꢀPLVPRꢃ
ꢀ
1XQFDꢀIURWHꢀHOꢀOHQWHꢀFRQꢀPDWHULDOVꢀDEUDVLYRVꢃ
/LPSLH]DꢃGHꢃODꢃFDMDꢃGHOꢃSUR\HFWRU
$QWHVꢀGHꢀOLPSLDUꢀODꢀFDMDꢇꢀDSDJXHꢀHOꢀSUR\HFWRUꢀVLJXLHQGRꢀHOꢀGHELGRꢀSURFHGLPLHQWRꢀGHꢀDSDJDGRꢀ
GDGRꢀHQꢀ³$SDJDGRꢀGHOꢀ3UR\HFWRU´ꢀ\ꢀHQFKXIDQGRꢀHOꢀFRUGyQꢀHOpFWULFRꢃꢀ
Ɣꢀ 3DUDꢀTXLWDUꢀWLHUUDꢀRꢀPDQFKDVꢀGXUDVꢇꢀOLPSLHꢀODꢀFDMDꢀFRQꢀXQꢀXQꢀSDxRꢀVXDYHꢀ\ꢀVLQꢀKLODVꢃ
Ɣꢀ 3DUDꢀTXLWDUꢀWLHUUDꢀRꢀPDQFKDVꢀGXUDVꢇꢀPRMHꢀXQꢀSDxRꢀVXDYHꢀVLQꢀKLODVꢀFRQꢀDJXDꢀ\ꢀGHWHUJHQWHꢀGHꢀ
S+ꢀQHXWUDOꢃꢀ/XHJRꢀOLPSLHꢀODꢀFDMDꢃ
ꢀ
1XQFDꢀXVHꢀFHUDꢁꢀDOFRKROꢁꢀEHQFLQDꢁGLVROYHQWHꢀXꢀRWURVꢀGHWHUJHQWVꢀTXtPLFRVꢁꢀ\DꢀTXHꢀSXHGHQꢀ
GDxDUꢀODꢀFDMDꢃ
*XDUGDGRꢃGHOꢃSUR\HFWRUꢃ
6Lꢀ8GꢃꢀQHFHVLWDꢀJXDUGHUꢀHOꢀSUR\HFWRUꢀSRUꢀXQꢀH[WHQGLGRꢀWLHPSRꢇꢀIDYRUꢀVHJXLUꢀODVꢀLQVWUXFFLRQHVꢀ
GDGDVꢀDEDMRꢄꢀ
Ɣꢀ (VWDUꢀVHJXURꢀGHꢀTXHꢀODꢀWHPSHUDWXUDꢀ\ꢀKXPHGDGꢀGHOꢀiUHDꢀSDUDꢀJXDUGDUꢀYLHQHQꢀHQꢀHOꢀUDQJRꢀ
UHFRPHQGDGRꢀSDUDꢀHOꢀSUR\HFWRUꢃꢀ)DYRUꢀFRQVXOWDUꢀDꢀ³(VSHFL¿FDFLRQHV´ꢀRꢀFRQVXOWDUꢀFRQꢀVXꢀ
FRQFHVLRQDULRꢀVREUHꢀHOꢀUDQJRꢃꢀ
Ɣꢀ 5HWUDHUꢀHOꢀSLpꢀDMXVWDGRUꢃꢀ
Ɣꢀ 6DFDUꢀODꢀEDWHUtDꢀGHOꢀFRQWUROꢀUHPRWRꢃꢀ
Ɣꢀ (PSDFDUꢀHOꢀSUR\HFWRUꢀHQꢀODꢀFDMDꢀRULJLQDOꢀRꢀHTXLYDOHQWHꢃꢀ
7UDODGDUꢃHOꢃSUR\HFWRUꢃ
6HꢀOHꢀUHFRPLHQGDꢀHQYLDUꢀHOꢀSUR\HFWRUꢀHQꢀVXꢀRULJLQDOꢀFDMDꢀRꢀHTXLYDOHQWHꢃꢀ3DUDꢀOOHYDUꢀHOꢀSUR\HFꢉ
WRUꢀ8GꢃꢀPLVPRꢇꢀXVHꢀODꢀFDMDꢀRULJLQDOꢀRꢀXQDꢀFDMDꢀEODQGDꢀTXHꢀYLHQHꢀGLVSRQLEOHꢀFRQꢀVXꢀFRQFHVLRQDꢉ
ULRꢃꢀ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢇꢅ
,QIRUPDFLyQꢃVREUHꢃODꢃOiPSDUD
&DOFXODUꢃODꢃKRUDꢃGHꢃODꢃOiPSDUD
&XDQGRꢀHOꢀSUR\HFWRUꢀYLHQHꢀHQꢀRSHUDFLyQꢇꢀODꢀGXUDFLyQꢀꢅHQꢀKRUDVꢆꢀGHꢀODꢀOiPSDUDꢀHVꢀDXWRPiWLFDꢉ
PHQWHꢀFDOFXODGDꢀSRUꢀHOꢀWHPSRUꢃꢀLQFRUSRUDGRꢃꢀ(OꢀPpWRGRꢀGHꢀFDOFXODUꢀODꢀKRUDꢀHTXLYDOHQWHꢀHVꢀHOꢀ
VLJXLHQWHꢄ
7RWDOꢀꢅHTXLYDOHQWꢆꢀKRUDꢀGHꢀOiPSDUDꢀ
ꢀꢁꢀꢅKRUDVꢀXVDGDVꢀHQꢀ0RGRꢀ(FRQyPLFRꢆꢀꢔꢀꢋꢎꢈꢀꢅKRUDVꢀXVDGDVꢀHQꢀ0RGRꢀQRUPDOꢆ
/DꢀKRUDꢀOiPSDUDꢀHQꢀ0RGRꢀ(FRQyPLFRꢀYLHQHꢀFDOFXODGDꢀHQꢀ0RGRꢀ1RUPDOꢃꢀ(VꢀGHFLUꢇꢀHVWDQGRꢀHOꢀ
SUR\HFWRUꢀHQꢀ0RGRꢀ(FRQyPLFRꢀD\XGDꢀHQꢀH[WHQGHUꢀODꢀYLGDꢀGHꢀVHUYLFLRꢀGHꢀODꢀOiPSDUDꢀSRUꢀꢁꢎꢈꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢇꢄ
0HQVDMHꢃGHꢃDGYHUWHQFLD
&XDQGRꢀODꢀOiPSDUDꢀLQGLFDWRUDꢀVHꢀSRQHꢀURMDꢀRꢀXQꢀPHQVDMHꢀTXHꢀVXJLHUHꢀTXHꢀHVꢀKRUDꢀGHꢀFDPELDUꢀ
ODꢀPLVPDꢇꢀVHꢀOHꢀUXHJDꢀLQVWDODUꢀXQDꢀQXHYDꢀOiPSDUDꢀRꢀFRQVXOWHꢀFRQꢀVXꢀFRQFHVLRQDULRꢃꢀ8QDꢀOiPꢉ
SDUDꢀXVDGDꢀSXHGHꢀFDXVDUꢀPDOIXQFWLRQDPLHQWRꢀHQꢀHOꢀSUR\HFWRUꢀ\ꢀHQꢀDOJXQRVꢀFDVRVꢇꢀODꢀOiPSDUDꢀ
SXHGHꢀH[SORWDUꢃꢀ
3DUDꢀPD\RUꢀLQIRUPDFLyQꢀVREUHꢀODVꢀDGYHUWHQFLDVꢀHQꢀHOꢀSUR\HFWRUꢇꢀFRQVXOWHꢀDꢀ³,QGLFDGRUDV´ꢃꢀ
ꢀ
/DꢀOiPSDUDꢀLQGLFDWRUDꢀ\ꢀODꢀGHꢀDGYHUWHQFLDꢀDꢀWHPSHUDWXUHꢀVHꢀSUHQGHQꢀVLꢀODꢀOiPSDUDꢀVHꢀ
SRQHꢀPX\ꢀFDOLHQWHꢃꢀ$SDJXHꢀHOꢀDSDUDWRꢀSDUDꢀTXHꢀHOꢀSUR\HFWRUꢀVHꢀHQIUtHꢀGXUDQWHꢀꢐꢏꢀPLQXꢄ
WRVꢃ6LꢀODꢀOiPSDUDꢀRꢀLQGLFDWRUDꢀGHꢀWHPSHUDWXUHꢀVLJXHQꢀSUHQGLGDVꢀOXHJRꢀGHYROYHUꢀDꢀHQFHQꢀ
GHUꢀHOꢀDSDUDWRꢁꢀIDYRUꢀGHꢀFRQWDFWDUꢀDꢀVXꢀFRQFHVLRQDULRꢃ
/DꢀVLJXLHQWHꢀWDEODꢀGHꢀDGYHUWHQFLDꢀGHꢀODꢀOiPSDUDꢀORꢀUHFRUGDUiꢀGHꢀFDPELDUꢀGHꢀODꢀPLVPDꢃ
0HQVDMH
(VWDGR
/DꢀWRWDOꢀꢅHTXLYDOHQWHꢆꢀKRUDꢀGHꢀOiPSDUDꢀKDꢀDOFDQ]DGRꢀDꢀXQꢀ
QLYHOꢀQXHYRꢀSDUDꢀHOꢀySWLPRꢀUHQGLPLHQWRꢃꢀ6LꢀHOꢀSUR\HFWRUꢀ
DQGDꢀQRUPDOꢀHQꢀHOꢀ³(FRQRPLFꢀ0RGH´ꢀꢅ³0RGRꢀ(FRQyPLFR´ꢆꢀ
VHOHFFLRQDGRꢇꢀ8GꢃꢀSXHGHꢀFRQWLQXDUꢀRSHUDQGRꢀHOꢀSUR\HFWRUꢀ
KDVWDꢀTXHꢀDSDUH]FDꢀODꢀOiPSDUDꢀGHꢀDGYHUWHQFLDꢀGHꢀꢈꢍꢂꢊꢀKRUDVꢃ
/DꢀWRWDOꢀꢅHTXLYDOHQWHꢆꢀKRUDꢀGHꢀOiPSDUDꢀKDꢀDOFDQ]DGRꢀ
ꢈꢍꢂꢊꢀKRUDVꢃꢀ8QDꢀQXHYDꢀOiPSDUDꢀVHꢀGHEHꢀSRQHUꢀSDUDꢀHYLWDUꢀ
LQFRQYHQLHQWHVꢀFXDQGRꢀHOꢀSUR\HFWRUꢀDQGDꢀIXHUDꢀGHꢀWLHPSRꢀGHꢀ
ODꢀOiPSDUDꢃ
/DꢀWRWDOꢀꢅHTXLYDOHQWHꢆꢀKRUDꢀGHꢀOiPSDUDꢀKDꢀDOFDQ]DGRꢀꢋꢊꢊꢊꢀ
KRUDVꢃꢀ(VWHꢀPHQVDMHꢀSDUSDGHDꢀHQꢀHOꢀFHQWURꢀGHꢀODꢀSDQWDOODꢀSRUꢀ
ꢋꢊꢀVHJXQGRVꢀ\ꢀODꢀOiPSDUDꢀLQGLFDGRUDꢀVHꢀSRQHꢀURMDꢀSRUꢀꢑꢊꢀ
VHJXQGRVꢃ
5HFRPHQGDPRVꢀYLJRURVDPHQWHꢀTXHꢀ8GꢃꢀFDPELDHꢀODꢀOiPSDUDꢀ
HQꢀHVWHꢀPRPHQWRꢃꢀ/DꢀOiPSDUDꢀHVꢀXQꢀHOHPHQWRꢀGHꢀFRQVXPRꢃꢀ
&RQꢀHOꢀWLHPSRꢀGHꢀXVRꢀHQꢀDXPHQWRꢇꢀHOꢀEULOORꢀGHꢀODꢀOiPSDUDꢀ
GLVPLQX\HꢀJUDGXDOPHQWHꢃꢀ(VWRꢀHVꢀQRUPDOꢀHQꢀODꢀOiPSDUDꢃꢀ8Gꢃꢀ
SXHGHꢀFDPELDUꢀGHꢀOiPSDUDꢀFXDQGRTXLHUDꢀTXHꢀQRWHꢀQRWDEOHꢀ
GLVPLQXFLyQꢀHQꢀHOꢀEULOORꢀGHꢀODꢀPLVPDꢃꢀ'HꢀQRꢀFDPELDUꢀODꢀ
OiPSDUDꢀGHꢀDQWHPDQRꢇꢀVHꢀGHEHꢀFDPELDUꢀOXHJRꢀGHꢀXVDUODꢀSRUꢀ
ꢋꢊꢊꢊꢀKRUDVꢃ
'HꢀDSDUHFHUꢀHVWHꢀPHQVDMHꢀGHꢀDGYHUWHQFLDꢇꢀHOꢀSUR\HFWRUꢀVHꢀ
DSDJDꢀGXUDQWHꢀꢑꢊꢀVHJXQGRVꢃꢀ/DꢀOiPSDUDꢀ'(%(ꢀVHUꢀFDPELDGDꢀ
DQWHVꢀGHꢀKDFHUꢀIXQFLRQDUꢀDOꢀSUR\HFWRUꢀQRUPDOPHQWHꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢇꢆ
&DPELDUꢃODꢃOiPSDUDꢃ
3DUDꢀSUHSDUDUꢀXQDꢀQXHYDꢀOiPSDUDꢇꢀFRQWDFWHꢀVXꢀFRQFHVLRQDULRꢀFRQꢀHOꢀQ~PHURꢀWLSRꢀGHꢀODꢀOiPSDUDꢃ
1~PHURꢀWLSRꢀꢐꢀ5/&ꢑꢄꢆꢄ
ꢀƔꢀꢀ3DUDꢀUHGXFLUꢀHOꢀULHVJRꢀGHꢀHOHFWURFXFLyQꢁꢀVLHPSUHꢀDSDJXHꢀHOꢀSUR\HFWRUꢀ\ꢀGHVFRQHFWHꢀHOꢀ
FRUGyQꢀHOpFWULFRꢀDQWHVꢀGHꢀFDPELDUꢀODꢀOiPSDUDꢃ
Ɣꢀ3ꢀ DUDꢀUHGXFLUꢀHOꢀULHVJRꢀGHꢀVHYHUDVꢀTXHPDGXUDVꢁꢀGHMHꢀTXHꢀHOꢀSUR\HFWRUꢀVHDꢀHQIULDGRꢀ
GXUDQWHꢀSRUꢀORꢀPHQRVꢀꢐꢏꢀPLQXWRVꢀDQHVꢀGHꢀFDPELDUODꢃ
Ɣꢀ3ꢀ DUDꢀUHGXFLUꢀHOꢀULHVJRꢀGHKHULGDVꢀHQꢀGHGRVꢀ\ꢀGDxRVꢀHQꢀORVꢀFRPSRQHQWHꢀLQWHUQRVVꢁꢀWHQJDꢀ
FXLGDGRꢀHQꢀUHPRYHUꢀHOꢀYLGULRꢀGHꢀODꢀOiPSDUDꢀTXHꢀVHꢀKDꢀTXHEUDGRꢀHQꢀSLH]DVꢀDJXGDVꢃ
Ɣꢀ3ꢀ DUDꢀUHGXFLUꢀHOꢀULHVJRꢀGHꢀKHULGDVꢀHQꢀGHGRVꢀ\ꢂRꢀSHUMXGLFDUꢀODꢀFDOLGDGꢀGHꢀLPDJHQꢀWRFDQGRꢀHOꢀ
OHQWHꢁꢀQRꢀWRTXHꢀHOꢀFRPSDUWLPLHQWRꢀGHꢀOiPSDUDꢀGHVRFXSDGRDOꢀUHPRYHUꢀODꢀPLVPDꢃ
Ɣꢀ(ꢀ VWDꢀOiPSDUDꢀFRQWLHQHꢀPHUFXULRꢃꢀ&RQVXOWHꢀDꢀVXVꢀUHJODPHQWRVꢀORFDOHVꢀVREUHꢀGHVSHUGLFLRꢀ
GDxLQRꢀSDUDꢀERWDUꢀHVWDHꢀOiPSDUDꢀGHꢀPDQHUDꢀDSURSLDGDꢃ
ꢁꢃꢀ ꢀ(QFLHQGDꢀ\ꢀGHVFRQHFWHꢀHOꢀSUR\HFWRUꢀGHOꢀ
VRTXHWHꢀGHꢀSDUHGꢃꢀ6LꢀODꢀOiPSDUDꢀHVWꢀiꢀ
FDOLHQWHꢇꢀHYLWHꢀTXHPDGXUDꢀHVSHUDQGRꢀ
SRUꢀXQRVꢀꢑꢂꢀPLQXWRVꢀSDUDꢀTXHꢀODꢀPLVPDꢀ
VHꢀHQIUtHꢃ
ꢂꢃꢀ ꢀ'HVFRQHFWHꢀHOꢀFRQHFWRUꢀGHꢀODꢀOiPSDUDꢀ
HPSXMiQGRORꢀFRQWUDꢀHOꢀSUR\HFWRUꢀSDUDꢀ
WLUDUORꢀSDUDꢀDUULEDꢃ
ꢈꢃꢀ ꢀ/HꢀGDꢀYXHOWDꢀDOꢀSUR\HFWRUꢃꢀ/XHJRꢀDÀRMHꢀ
ORVꢀWRUQLOORVꢀHQꢀODꢀWDSDꢀGHꢀODꢀOiPSDUDꢃ
ꢏꢃꢀ ꢀ$ÀRMHꢀHOꢀWRUQLOORꢀTXHꢀD¿UPDꢀODꢀOiPSDUDꢃ
ꢐꢃꢀ ꢀ/HYDQWHꢀODꢀPDQLOODꢀSDUDꢀTXHꢀVHꢀSRQJDꢀ
YHUWLFDOꢃꢀ8VHꢀODꢀPDQLOODꢀSDUDꢀVDFDUꢀODꢀ
OiPSDUDꢀGHVSDFLRꢀGHOꢀSUR\HFWRUꢃ
ꢋꢃꢀ ꢀ5HPXHYDꢀODꢀWDSDꢀGHꢀODꢀOiPSDUDꢀGHOꢀ
SUR\HFWRUꢃ
ꢀꢀ1RꢀHQFLHQGDꢀODꢀOiPSDUDꢀFRQꢀODꢀWDSDꢀ
UHPRYLGDꢃ
ꢑꢃꢀ ꢀ5HPXHYDꢀORVꢀFRUGRQHVꢀGHꢀODꢀOiPSDUDꢀ
GHꢀODVꢀUDQXUDVꢃ
ꢀꢀ(OꢀWLUDUODꢀPX\ꢀUiSLGRꢀSXHGHꢀTXHEUDUꢀODꢀ
OiPSDUDꢀFRQꢀHOꢀYLGULRꢀTXHEUDGRꢀHQꢀHOꢀ
SUR\HFWRUꢃ
ꢀ
ꢀ
1RꢀFDPELHꢀODꢀOiPSDUDꢀGRQGHꢀHOꢀDJXDꢀSXHGDꢀ
DJUDQGDUꢀHQꢀHOODꢀRꢀQLxRVꢀPHQRUHVꢀSXHGDQꢀ
WRFDUODꢁꢀRꢀFHUFDꢀGHꢀPDWHULDOHVꢀLQÀDPDEOHVꢃ
1RꢀLQVHUWHꢀVXVꢀPDQRVꢀHQꢀHOꢀSUR\HFWRUꢀ
OXHJRꢀGHꢀUHPRYHUꢀODꢀOiPSDUDꢃꢀ'HꢀWRFDUꢀ
ORVꢀFRPSRQHQWHVꢀySWLFRVꢀHQꢀHOꢀLQWHULRUꢁꢀ
FDXVDUtDꢀFRORUHVꢀGLVSDUHMRVꢀ\ꢀGLVWRUVLyQꢀGHꢀ
ODVꢀLPiJHQHVꢀSUR\HFWDGDVꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢇꢇ
ꢌꢃꢀ ꢀ&RPRꢀLQGLFDGRꢀHQꢀODꢀ¿JXUDꢇꢀGHWHQJDꢀ
ODꢀQXHYDꢀOiPSDUDꢀSULPHURꢀSDUDꢀOXHJRꢀ
DOLQHDUODꢀFRQꢀHOꢀFRPSDUWLPLHQWRꢀHQꢀ
HOꢀSUR\HFWRUꢀ\ꢀ¿QDOPHQWHꢀLQVHUWDUꢀODꢀ
OiPSDUDꢀWRGRꢀHQꢀHOꢀSUR\HFWRUꢃ
ꢁꢋꢃꢀꢀ$SUHWHꢀORVꢀWRUQLOORVꢀTXHꢀD¿UPDQꢀODꢀWDSDꢀGHꢀ
ODꢀOiPSDUDꢃ
ꢀꢀ(OꢀDÀRMDUꢀHOꢀWRUQLOORꢀSXHGHꢀFDXVDUꢀ
XQDꢀPDODꢀFRQH[LyQꢀ\ꢀUHVXOWDUtDꢀHQꢀ
PDOIXQFLRQDPLHQWRꢃ
ꢀ
1RꢀDSUHWHꢀHOꢀWRUQLOORꢀGHPDVLDGRꢃ
ꢍꢃꢀ ꢀ$SUHWHꢀHOꢀWRUQLOORꢀTXHꢀD¿UPDꢀODꢀ
OiPSDUDꢃ
ꢁꢑꢃꢀ5HLQLFLHꢀHOꢀSUR\HFWRUꢃ
ꢀꢀ1RꢀHQFLHQGDꢀHOꢀSUR\HFWRUꢀFRQꢀODꢀWDSDꢀGHꢀODꢀ
OiPSDUDꢀUHPRYLGDꢃ
ꢁꢂꢃꢀ5HGH¿QDꢀODꢀFRQWDGRUDꢀGHꢀODꢀOiPSDUDꢃ
ꢀꢀ(OꢀDÀRMDUꢀHOꢀWRUQLOORꢀSXHGHꢀFDXVDUꢀ
XQDꢀPDODꢀFRQH[LyQꢀ\ꢀUHVXOWDUtDꢀHQꢀ
PDOIXQFLRQDPLHQWRꢃ
ꢀ
1RꢀDSUHWHꢀHOꢀWRUQLOORꢀGHPDVLDGRꢃ
ꢀꢀ1RꢀUHGH¿QHꢀVLꢀODꢀOiPSDUDꢀQRꢀVHꢀKDꢀ
FDPELDGRꢁꢀ\DꢀTXHꢀFDXVDUtDꢀGDxRVꢃ
Lꢃꢀ ꢀ3XOVHꢀ\ꢀGHWHQJDꢀŸꢀ8SꢀHQꢀHOꢀSUR\HFWRUꢀ
SRUꢀꢂꢀVHJXQGRVꢀSDUDꢀPRVWUDUꢀHOꢀWRWDOꢀ
WLHPSRꢀXVDGRꢀGHꢀODꢀOiPSDUDꢃ
ꢁꢊꢃꢀꢀ&RQHFWHꢀHOꢀFRQHFWRUꢀGHꢀODꢀOiPSDUDꢀDOꢀ
SUR\HFWRUꢃ
ꢁꢁꢃꢀꢀ&RORTXHꢀORVꢀFRUGRQHVꢀGHꢀODꢀOiPSDUDꢀHQꢀ
ODVꢀUDQXUDVꢃ
LLꢃꢀ ꢀ3XOVHꢀ$872ꢀHQꢀHOꢀSUR\HFWRUꢀRꢀHOꢀ
FRQWUROꢀUHPRWRꢀSDUDꢀUHFRQ¿JXUDUꢀODꢀ
KRUDꢀGHꢀODꢀOiPSDUDꢀDꢀ³ꢊ´ꢃ
ꢁꢈꢃꢀꢀ&DPELHꢀODꢀWDSDꢀGHꢀODꢀOiPSDUDꢀHQꢀHOꢀ
SUR\HFWRUꢃ
LLLꢃꢀꢀ(VSHUHꢀXQRVꢀꢂꢀVHJXQGRVꢀSDUDꢀTXHꢀ
26'ꢀꢅ9LVXDOL]DFLyQꢀHQꢀ3DQWDOODꢆꢀ
GHVDSDUH]FDꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢇꢈ
,QIRUPDFLyQꢃGHꢃ7HPSHUDWXUD
&XDQGRꢀODꢀOX]ꢀGHꢀDGYHUWHQFLDꢀGHꢀWHPSHUDWXUDꢀVHꢀSUHQGDꢇꢀOHꢀGDꢀODꢀDGYHUWHQFLDꢀGHꢀORVꢀSRVLEOHVꢀ
SUREOHPDVꢀLQGLFDGRVꢀDEDMRꢄ
ꢁꢃꢀ /DꢀLQWHUQDꢀWHPSHUDWXUDꢀPX\ꢀDOWDꢃ
ꢈꢃꢀ /RVꢀYHQWLODGRUHVꢀQRꢀIXQFLRQDQꢃ
$SDJXHꢀHOꢀSUR\HFWRUꢀSDUDꢀFRQWDFWDUꢀHOꢀFDOL¿FDGRꢀSHUVRQDOꢀGHꢀVHUYLFLRꢀSRUꢀDVLVWHQFLDꢃꢀ3DUDꢀ
PD\RUꢀLQIRUPDFLyQꢇꢀIDYRUꢀFRQVXOWDUꢀDꢀ³,QGLFDGRUDV´ꢃ
,QGLFDGRUDV
,OXVWUDGR
Ɣꢀ%ODQNꢀꢑꢄꢀ/X]ꢀ2))ꢀ
ꢀ
Ɣꢀ
Ɣꢀ
Ɣꢀ
2ꢄꢀ/X]ꢀQDUDQMD
5ꢄꢀ/X]ꢀURMD
Ɣꢀ
Ɣꢀ
ꢄꢀ/XVꢀHQꢀSDUSDGHRꢀꢀ
ꢄꢀ/X]ꢀ21ꢀ
ꢀ
*ꢄꢀ/X]ꢀYHUGH
/X]
3RZHU 7HPS /DPSꢃ
(VWDGRꢃ ꢃ'HVFULSFLyQ
ꢀ/iPSDUDꢁ
(YHQWRVꢃGHꢃHOHFWULFLGDG
(OꢀSUR\HFWRUꢀQRꢀKDꢀVLGRꢀFRQHFWDGRꢀDꢀXQꢀWRPDFRUULHQWHVꢃ
0RGRꢀ6WDQGꢉE\ꢃ
(QFHQGLGRꢃ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
1RUPDOꢀRSHUDFLyQꢃ
ꢁꢃꢀ ꢀ(OꢀSUR\HFWRUꢀQHFHVLWDꢀꢍꢊꢀVHJXQGRVꢀSDUDꢀHQIULDUVHꢇꢀ\DꢀTXHꢀ
IXHꢀDSDJDGRꢀDQRUPDOPHQWHꢀVLQꢀHQIULDUVHꢀQRUPDOPHQWHꢃꢀ2ꢀ
ꢂ
ꢂ
ꢈꢃꢀ ꢀ(OꢀSUR\HFWRUꢀQHFHVLWDꢀꢍꢊꢀVHJXQGRVꢀSDUDꢀHQIULDUVHꢀOXHJRꢀ
GHꢀDSDJDUVHꢃ
(OꢀSUR\HFWRUꢀVHꢀKDꢀDSDJDGRꢀDXWRPiWLFDPHQWHꢃꢀ6Lꢀ8GꢃꢀWUDWDꢀGHꢀ
UHLQLFLDUꢀHOꢀSUR\HFWRUꢇꢀVHꢀDSDJDUiꢀGHꢀQXHYRꢃꢀ)DYRUꢀFRQWDFWDUꢀ
FRQꢀVXꢀFRQFHVLRQDULRꢀSRUꢀDVLVWHQFLDꢃ
ꢂ
ꢂ
(YHQWRVꢃGHꢃHOHFWULFLGDG
ꢂ
(OꢀSUR\HFWRUꢀVHꢀKDꢀDSDJDGRꢀDXWRPiWLFDPHQWHꢃꢀ6Lꢀ8GꢃꢀWUDWDꢀGHꢀ
UHLQLFLDUꢀHOꢀSUR\HFWRUꢇꢀVHꢀDSDJDUiꢀGHꢀQXHYRꢃꢀ)DYRUꢀFRQWDFWDUꢀ
FRQꢀVXꢀFRQFHVLRQDULRꢀSRUꢀDVLVWHQFLDꢃ
ꢁꢃꢀ ꢀ(OꢀSUR\HFWRUꢀQHFHVLWDꢀꢍꢊꢀVHJXQGRVꢀSDUDꢀHQIULDUVHꢃꢀ2
ꢂ
ꢂ
ꢈꢃꢀ ꢀ)DYRUꢀFRQWDFWDUꢀFRQꢀVXꢀFRQFHVLRQDULRꢀSRUꢀDVLVWHQFLDꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢇꢉ
/X]
(VWDGRꢃ ꢃ'HVFULSFLyQ
3RZHU 7HPS /DPSꢃꢀ/iPSDUDꢁ
(YHQWRVꢃGHꢃHOHFWULFLGDG
ꢂ
ꢂ
ꢂ
ꢂ
(OꢀSUR\HFWRUꢀVHꢀKDꢀDSDJDGRꢀDXWRPiWLFDPHQWHꢃꢀ6Lꢀ
8GꢃꢀWUDWDꢀGHꢀUHLQLFLDUꢀHOꢀSUR\HFWRUꢇꢀVHꢀDSDJDUiꢀGHꢀ
QXHYRꢃꢀ)DYRUꢀFRQWDFWDUꢀFRQꢀVXꢀFRQFHVLRQDULRꢀSRUꢀ
DVLVWHQFLDꢃ
ꢂ
ꢂ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢇꢀ
)DOODVꢀ\ꢀVROXFLRQHV
ꢃ(OꢃSUR\HFWRUꢃQRꢃVHꢃHQFLHQGHꢇ
&DXVD
5HPHGLR
(QFKXIHꢀHOꢀFRUGyQꢀHOpFWULFRꢀHQꢀODꢀHQWUDGDꢀ$&ꢀ
GHOꢀSUR\HFWRUꢀ\ꢀHQFKXIHꢀHOꢀFRUGyQꢀHOpFWULFRꢀHQꢀHOꢀ
WRPDFRUULHQWHVꢃꢀ6LꢀHOꢀWRPDFRUULHQWHVꢀYLHQHꢀFRQꢀ
XQꢀLQWHUUXSWRUꢇꢀHVWpꢀVHJXURꢀTXHꢀVHꢀKDꢀHQFHQGLGRꢃ
1RꢀKD\ꢀHOHFWULFLGDGꢀHQꢀHOꢀFDEOHꢀHOpFWULFRꢃ
,QWHQWHꢀGHꢀHQFHQGHUꢀHOꢀSUR\HFWRUꢀQXHYDPHQWHꢀ
GXUDQWHꢀHOꢀHQIULDPLHQWRꢃ
(VSHUHꢀKDVWDꢀTXHꢀHOꢀHQIULDPLHQWRꢀVHDꢀFRPSOHWRꢃ
ꢃ1RꢃLPDJHQ
&DXVD
5HPHGLR
/DꢀIXHQWHꢀYLGHRꢀQRꢀVHꢀHQFLHQGHꢀRꢀFRQHFWHꢀ(QFLHQGDꢀODꢀIXHQWHꢀYLGHRꢀSDUDꢀUHYLVHUꢀVLꢀHOꢀFDEOHꢀ
FRUUHFWDPHQWHꢃ
GHꢀVHQDOꢀHVWiꢀFRQHFWDGRꢀFRUUHFWDPHQWHꢃ
(OꢀSUR\HFWRUꢀQRꢀVHꢀKDꢀFRQHFWDGRꢀFRUUHFWDPHQWHꢀ
DOꢀDSDUDWRꢀGHꢀIXHQWHꢀLQSXWꢃ
5HYLVHꢀODꢀFRQH[LyQꢃ
6HOHFFLRQHꢀHOꢀFRUUHFWRꢀVHxDOꢀLQSXWꢀSXOVDQGRꢀ
6285&(ꢀꢋ)8(17(ꢍꢀHQꢀHOꢀSUR\HFWRUꢀRꢀFRQWUROꢀ
UHPRWRꢃ
(OꢀSUR\HFWRUꢀQRꢀVHꢀKDꢀFRQHFWDGRꢀFRUUHFWDPHQWHꢀ
DOꢀDSDUDWRꢀGHꢀIXHQWHꢀLQSXWꢃ
/DꢀJRUUDꢀGHꢀOHQWHꢀVLJXHꢀSHJDGDꢀDOꢀOHQWHꢃ
ꢃ,PDJHQꢃERUURVD
&DXVD
5HPXHYDꢀODꢀJRUUDꢀGHꢀOHQWHꢃ
5HPHGLR
(OꢀOHQWHꢀGHꢀSUR\HFFLyQꢀQRꢀVHꢀKDꢀHQIRFDGRꢀ
FRUUHFWDPHQWHꢃ
$MXVWHꢀHOꢀIRFRꢀGHOꢀOHQWHꢀFRQꢀHOꢀDQLOORꢀGHꢀHQIRTXHꢃ
$MXVWHꢀGHꢀiQJXORꢀ\ꢀGLUHFFLyQꢀGHꢀSUR\HFFLyQꢇꢀ
FRPRꢀWDPELpQꢀODꢀDOWXUDꢀGHꢀODꢀXQLGDGꢀHQꢀFDVRꢀ
QHFHVDULRꢃ
(OꢀSUR\HFWRUꢀ\ꢀODꢀSDQWDOODꢀQRꢀHVWiQꢀDOLQHDGRVꢀ
GHELGDPHQWHꢃ
/DꢀJRUUDꢀGHꢀOHQWHꢀVLJXHꢀSHJDGDꢀDOꢀOHQWHꢃ
5HPXHYDꢀODꢀJRUUDꢀGHꢀOHQWHꢃ
ꢃ&RQWUROꢃUHPRWRꢃQRꢃIXQFLRQD
&DXVD
5HPHGLR
/DꢀEDWHUtDꢀVLQꢀFDUJDꢃ
&DPELHꢀODꢀEDWHUtDꢀFRQꢀXQDꢀQXHYDꢃ
+D\ꢀXQꢀREVWiFXORꢀHQWUHꢀHOꢀFRQWUROꢀUHPRWRꢀ\ꢀHOꢀ
SUR\HFWRUꢃ
5HPXHYDꢀHOꢀREVWiFXORꢃ
(VWpꢀ GHQWURꢀ GHꢀ ꢏꢀ PHWURVꢀ ꢅꢁꢍꢃꢂꢀ SLpVꢆꢀ GHOꢀ
SUR\HFWRUꢃ
8GꢃꢀHVWiꢀPX\ꢀOHMRVꢀGHOꢀSUR\HFWRUꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢇꢁ
(VSHFL¿FDFLRQHV
(VSHFL¿FDFLRQHVꢃGHOꢃSUR\HFWRU
ꢀ 7RGDꢀHVSHF¿FDFLyQꢀYLHQHꢀVXMHWDꢀDꢀFDPELRꢀVLQꢀDYLVRꢃ
*HQHUDO
3URGXFWRꢀ
ꢀ3UR\HFWRUꢀGLJLWDO
ÐSWLFR
5HVROXFLyQꢀ
ꢌꢊꢊꢀ[ꢀꢏꢊꢊꢀ69*$
ꢁꢉ&+,3ꢀ'0'
) ꢈꢇꢂꢐꢀꢅ¿MRꢆ
6LVWHPDꢀGHꢀPRVWUDUꢀꢀ
/HQWHꢀ)ꢎ1~PHURꢀ
/DPSꢀꢅ/iPSDUDꢆꢀ
(OpFWULFR
/iPSDUDꢀꢁꢏꢊꢀ:
3RZHUꢀ
$&ꢁꢊꢊꢉꢈꢑꢊ9ꢇꢀꢈꢇꢂ$ꢇꢀꢂꢊꢉꢏꢊꢀ+]ꢀꢅ$XWRPiWLFRꢆ
ꢈꢂꢊꢀ:ꢀꢅ0i[ꢆ
&RQVXPRꢀHOHFWULFLGDGꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ
0HFiQLFR
3HVRꢀ
ꢂꢇꢐꢀOEVꢀꢅꢈꢇꢏꢀ.Jꢆ
7HUPLQDOꢃLQSXW
,QSXWꢀFRPSXWDGRUD
,QSXWꢀ5*%ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ
6HQDOꢀLQSXWꢀYLGHR
'ꢉ6XEꢀꢁꢂꢉSLQꢀꢅFyQFDYRꢆꢀ[ꢀꢁ
6ꢉ9,'(2ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ
9,'(2ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ
6HQDOꢀLQSXWꢀ+'79ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ
0LQLꢀSHUWRꢀ',1ꢀꢑꢉSLQ]DVꢀ[ꢀꢁ
(QFKXIHꢀ5&$ꢀ[ꢁ
'ꢉ6XEꢀꢓꢉꢉ!ꢀ(QFKXIHꢀFRPSRQHQWHꢀ5&$ꢀ[ꢀꢋꢇꢀSRUꢀLQSXWꢀ5*%
&RQWUROꢃꢀSDUDꢃVHUYLFLRꢁ
&RQHFWRUꢀ86%ꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ
6HULHꢀ$ꢎ%ꢀ[ꢀꢁ
&RQWUROꢀVHULDOꢀ56ꢉꢈꢋꢈꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ
0LQLꢀ'LQꢀꢍꢀSLQ]DVꢀ[ꢀꢁ
'LPHQVLRQHVꢃꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀꢀ
ꢈꢏꢋꢀPPꢀꢅ$ꢆꢀ[ꢀꢁꢊꢌꢀPPꢀꢅ$ꢆꢀ[ꢀꢈꢁꢌꢀPPꢀꢅ)ꢆ
ꢈꢏꢋ
ꢈꢁꢌ
ꢁꢊꢌ
ꢐꢐꢃꢂ
ꢏꢍ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢇꢂ
&DUWDꢃGHꢃWLHPSRV
7LHPSRꢃDSR\DGRꢃSDUDꢃLQSXWVꢃ3&
)UHFXHQFLDꢃ )UHFXHQFLDꢃ )UHFXHQFLDꢃ
5HVROXFLyQ
+RUL]RQWDO
ꢀN+]ꢁ
ꢋꢁꢇꢑꢏꢍ
ꢋꢐꢇꢌꢏꢁ
ꢋꢐꢇꢂꢊꢊ
ꢑꢋꢇꢈꢏꢍ
ꢋꢁꢇꢑꢏꢍ
ꢋꢐꢇꢌꢐꢍ
ꢑꢌꢇꢊꢐꢐ
ꢑꢏꢇꢌꢐꢂ
ꢂꢋꢇꢏꢐꢑ
ꢑꢌꢇꢋꢏꢋ
ꢂꢏꢇꢑꢐꢏ
ꢏꢊꢇꢊꢈꢋ
ꢏꢌꢇꢏꢏꢐ
ꢏꢋꢇꢍꢌꢁ
9HUWLFDO
ꢀ+]ꢁ
GHꢃSL[HO
ꢀ0+]ꢁ
ꢈꢂꢇꢁꢐꢂ
ꢋꢁꢇꢂꢊꢊ
ꢋꢁꢇꢂꢊꢊ
ꢋꢏꢇꢊꢊꢊ
ꢈꢌꢇꢋꢈꢈ
ꢑꢊꢇꢊꢊꢊ
ꢂꢊꢇꢊꢊꢊ
ꢑꢍꢇꢂꢊꢊ
ꢂꢏꢇꢈꢂꢊ
ꢏꢂꢇꢊꢊꢊ
ꢐꢂꢇꢊꢊꢊ
ꢐꢌꢇꢐꢂꢊ
ꢍꢑꢇꢂꢊꢊ
ꢁꢊꢌꢇꢊꢊꢊ
0RGR
ꢂꢍꢇꢍꢑꢊ
ꢐꢈꢇꢌꢊꢍ
ꢐꢂꢇꢊꢊꢊ
ꢌꢂꢇꢊꢊꢌ
ꢐꢊꢇꢊꢌꢐ
ꢏꢊꢇꢋꢁꢐ
ꢐꢈꢇꢁꢌꢌ
ꢐꢂꢇꢊꢊꢊ
ꢌꢂꢇꢊꢏꢁ
ꢏꢊꢇꢊꢊꢑ
ꢐꢊꢇꢊꢏꢍ
ꢐꢂꢇꢊꢈꢍ
ꢌꢑꢇꢍꢍꢐ
ꢏꢊꢇꢊꢈꢊ
9*$Bꢏꢊ
9*$Bꢐꢈ
9*$Bꢐꢂ
ꢏꢑꢊꢀ[ꢀꢑꢌꢊ
ꢐꢈꢊꢀ[ꢀꢑꢊꢊ
ꢌꢊꢊꢀ[ꢀꢏꢊꢊ
9*$Bꢌꢂ
ꢐꢈꢊꢀ[ꢀꢑꢊꢊBꢐꢊ
69*$Bꢏꢊ
69*$Bꢐꢈ
69*$Bꢐꢂ
69*$Bꢌꢂ
;*$Bꢏꢊ
;*$Bꢐꢊ
;*$Bꢐꢂ
;*$Bꢌꢂ
6;*$Bꢏꢊ
ꢁꢊꢈꢑꢀ[ꢀꢐꢏꢌ
ꢁꢈꢌꢊꢀ[ꢀꢁꢊꢈꢑ
7LHPSRꢃDSR\DGRꢃSDUDꢃLQSXWVꢃGHꢃFRPSRQHQWHꢄ<3E3U
)RUPDWRꢃGHꢃ
VHxDO
)UHFXHQFLDꢃ+RUL]RQWDOꢃ
)UHFXHQFLDꢃ9HUWLFDOꢃ
ꢀN+]ꢁ
ꢁꢂꢇꢐꢋ
ꢋꢁꢇꢑꢐ
ꢁꢂꢇꢏꢋ
ꢋꢁꢇꢈꢂ
ꢑꢂꢇꢊꢊ
ꢋꢐꢇꢂꢊ
ꢋꢋꢇꢐꢂ
ꢈꢌꢇꢁꢋ
ꢀ+]ꢁ
ꢂꢍꢇꢍꢑ
ꢂꢍꢇꢍꢑ
ꢂꢊꢇꢊꢊ
ꢂꢊꢇꢊꢊ
ꢏꢊꢇꢊꢊ
ꢂꢊꢇꢊꢊ
ꢏꢊꢇꢊꢊ
ꢂꢊꢇꢊꢊ
ꢑꢌꢊLꢅꢂꢈꢂLꢆ#ꢏꢊ+]
ꢑꢌꢊSꢅꢂꢈꢂSꢆ#ꢏꢊ+]
ꢂꢐꢏLꢅꢏꢈꢂLꢆ#ꢂꢊ+]
ꢂꢐꢏSꢅꢏꢈꢂSꢆ#ꢂꢊ+]
ꢐꢈꢊSꢅꢐꢂꢊSꢆ#ꢏꢊ+]
ꢐꢈꢊSꢅꢐꢂꢊSꢆ#ꢂꢊ+]
ꢁꢊꢌꢊLꢅꢁꢁꢈꢂLꢆ#ꢏꢊ+]
ꢁꢊꢌꢊLꢅꢁꢁꢈꢂLꢆ#ꢂꢊ+]
7LHPSRꢃDSR\DGRꢃSDUDꢃLQSXWVꢃGHꢃ9LGHRꢃ\ꢃ6ꢄ9LGHR
)UHFXHQFLDꢃ
GHꢃFRORUꢃVXEꢂ
SRUWDGRUꢀ0+]ꢁ
)UHFXHQFLDꢃ
+RUL]RQWDOꢃꢀN+]ꢁ
)UHFXHQFLDꢃ
9HUWLFDOꢃꢀ+]ꢁ
0RGRꢃYLGHR
176&
3$/
6(&$0
3$/ꢉ0
3$/ꢉ1
ꢁꢂꢇꢐꢋ
ꢁꢂꢇꢏꢋ
ꢁꢂꢇꢏꢋ
ꢁꢂꢇꢐꢋ
ꢁꢂꢇꢏꢋ
ꢁꢂꢇꢐꢋ
ꢁꢂꢇꢐꢋ
ꢏꢊ
ꢂꢊ
ꢂꢊ
ꢏꢊ
ꢂꢊ
ꢏꢊ
ꢏꢊ
ꢋꢇꢂꢌ
ꢑꢇꢑꢋ
ꢑꢇꢈꢂꢀRꢀꢑꢇꢑꢁ
ꢋꢇꢂꢌ
ꢋꢇꢂꢌ
ꢑꢇꢑꢋ
ꢑꢇꢑꢋ
3$/ꢉꢏꢊ
176&ꢑꢇꢑꢋ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢇꢃ
Otras Informaciones
Servicio de atención al cliente
Para obtener asistencia técnica o para reparar el equipo, consulte la tabla siguiente o póngase en
contacto con el distribuidor.
Nota : Tendrá que facilitar el número de serie del producto.
País/
Región
Sitio Web
Teléfono
Correo electrónico
uk/Support/Calldesk.htm
España
uk/Support/Calldesk.htm
ViewSonic PJ503D
40
*DUDQWtDꢃOLPLWDGD
Š
352<(&725ꢃ'(ꢃ9,(:621,&
&REHUWXUDꢃGHꢃODꢃJDUDQWtDꢈ
9LHZ6RQLFꢀJDUDQWL]DꢀTXHꢀVXVꢀSURGXFWRVꢀQRꢀWHQGUiQꢀGHIHFWRVꢀGHꢀPDWHULDOHVꢀQLꢀGHꢀIDEULFDFLyQꢀ
GXUDQWHꢀHOꢀSHUtRGRꢀGHꢀJDUDQWtDꢃꢀ6LꢀDOJ~QꢀSURGXFWRꢀSUHVHQWDꢀDOJXQRꢀGHꢀHVWRVꢀGHIHFWRVꢀGXUDQWHꢀHOꢀ
SHUtRGRꢀGHꢀJDUDQWtDꢇꢀ9LHZ6RQLFꢀGHFLGLUiꢀVLꢀUHSDUDꢀRꢀVXVWLWX\HꢀHOꢀSURGXFWRꢀSRUꢀRWURꢀVLPLODUꢃꢀ/RVꢀ
SURGXFWRVꢀRꢀODVꢀSLH]DVꢀVXVWLWXLGRVꢀSXHGHQꢀLQFOXLUꢀFRPSRQHQWHVꢀRꢀSLH]DVꢀUHSDUDGDVꢀRꢀUHFLFODGDVꢃ
'XUDFLyQꢃGHꢃODꢃJDUDQWtDꢈ
1RUWHDPpULFDꢀ\ꢀ6XUDPpULFDꢐꢀꢋꢀDxRVꢀSDUDꢀWRGDVꢀODVꢀSLH]DVꢀH[FHSWRꢀODꢀOiPSDUDꢇꢀꢋꢀDxRVꢀSRUꢀODꢀ
PDQRꢀGHꢀREUDꢇꢀꢏꢀPHVHVꢀSDUDꢀODꢀOiPSDUDꢀRULJLQDOꢀDꢀSDUWLUꢀGHꢀODꢀIHFKDꢀGHꢀFRPSUDꢀGHOꢀSULPHUꢀFOLHQWHꢃ
(XURSDꢐꢀꢋꢀDxRVꢀSDUDꢀWRGDVꢀODVꢀSLH]DVꢀH[FHSWRꢀODꢀOiPSDUDꢇꢀꢋꢀDxRVꢀSDUDꢀODꢀPDQRꢀGHꢀREUDꢇꢀꢏꢀPHVHVꢀ
SRUꢀODꢀOiPSDUDꢀRULJLQDOꢀDꢀSDUWLUꢀGHꢀODꢀIHFKDꢀGHꢀFRPSUDꢀGHOꢀSULPHUꢀFOLHQWHꢃ
2WUDVꢀUHJLRQHVꢀRꢀSDtVHVꢐꢀSyQJDVHꢀHQꢀFRQWDFWRꢀFRQꢀVXꢀGLVWULEXLGRUꢀORFDOꢀRꢀFRQꢀODꢀRILFLQDꢀGHꢀ
9LHZ6RQLFꢀORFDOꢀSDUDꢀREWHQHUꢀLQIRUPDFLyQꢀVREUHꢀODꢀJDUDQWtDꢃ
/DꢀJDUDQWtDꢀGHꢀODꢀOiPSDUDꢀHVWiꢀVXMHWDꢀDꢀWpUPLQRVꢇꢀFRQGLFLRQHVꢇꢀYHUL¿FDFLyQꢀ\ꢀDSUREDFLyQꢃꢀ6HꢀDSOLFDꢀ
~QLFDPHQWHꢀDꢀODꢀOiPSDUDꢀLQVWDODGDꢀGHOꢀIDEULFDQWHꢃ
7RGDVꢀODVꢀOiPSDUDVꢀVHFXQGDULDVꢀFRPSUDGDVꢀSRUꢀVHSDUDGRꢀWLHQHQꢀXQDꢀJDUDQWtDꢀGHꢀꢏꢀPHVHVꢃ
'HVWLQDWDULRꢃGHꢃODꢃJDUDQWtDꢈꢃ
(VWDꢀJDUDQWtDꢀVyORꢀHVꢀYiOLGDꢀSDUDꢀHOꢀFRPSUDGRUꢀRULJLQDOꢀGHꢀHVWHꢀSURGXFWRꢃ
/DꢃJDUDQWtDꢃQRꢃFXEUHꢈ
ꢂꢁꢀꢀ 1LQJ~QꢀSURGXFWRꢀFX\RꢀQ~PHURꢀGHꢀVHULHꢀKD\DꢀVLGRꢀPDQLSXODGRꢇꢀPRGL¿FDGRꢀRꢀHOLPLQDGRꢃ
ꢎꢁꢀꢀ 1LQJ~QꢀGDxRꢇꢀGHWHULRURꢀRꢀIXQFLRQDPLHQWRꢀLQFRUUHFWRꢀFDXVDGRꢀSRUꢄ
Dꢁꢀꢀ $ꢀ FFLGHQWHꢇꢀXWLOL]DFLyQꢀLQFRUUHFWDꢇꢀQHJOLJHQFLDꢇꢀLQFHQGLRꢇꢀLQXQGDFLyQꢇꢀUD\RꢀRꢀFXDOTXLHUꢀ
GHVDVWUHꢀQDWXUDOꢇꢀPRGLILFDFLyQꢀVLQꢀDXWRUL]DFLyQꢀGHOꢀSURGXFWRꢀRꢀSRUꢀQRꢀVHJXLUꢀODVꢀ
LQVWUXFFLRQHVꢀSURSRUFLRQDGDVꢀFRQꢀHOꢀSURGXFWRꢃ
Eꢁꢀꢀ 5ꢀ HSDUDFLyQꢀRꢀLQWHQWRꢀGHꢀUHSDUDFLyQꢀSRUꢀSHUVRQDOꢀQRꢀDXWRUL]DGRꢀSRUꢀ9LHZ6RQLFꢃ
Fꢁꢀꢀ &XDOTXLHUꢀGDxRꢀHQꢀHOꢀSURGXFWRꢀGHELGRꢀDOꢀWUDQVSRUWHꢃ
Gꢁꢀꢀ (OLPLQDFLyQꢀRꢀLQVWDODFLyQꢀGHOꢀSURGXFWRꢃ
Hꢁꢀꢀ &DXVDVꢀH[WHUQDVꢀDOꢀSURGXFWRꢇꢀFRPRꢀÀXFWXDFLRQHVꢀRꢀIDOORVꢀHOpFWULFRVꢃ
Iꢁꢀꢀ (OꢀXVRꢀGHꢀVXPLQLVWURVꢀRꢀSLH]DVꢀTXHꢀQRꢀFXPSOHQꢀODVꢀHVSHFL¿FDFLRQHVꢀGHꢀ9LHZ6RQLFꢃ
Jꢁꢀꢀ 'HVJDVWHꢀ\ꢀGHWHULRURꢀQRUPDOHVꢃ
Kꢁꢀꢀ &XDOTXLHUꢀFDXVDꢀQRꢀUHODFLRQDGDꢀFRQꢀGHIHFWRVꢀGHOꢀSURGXFWRꢃ
ꢆꢁꢀꢀ &ꢀ XDOTXLHUꢀSURGXFWRꢀTXHꢀPXHVWUHꢀXQDꢀFRQGLFLyQꢀFRP~QPHQWHꢀFRQRFLGDꢀFRPRꢀ³LPDJHQꢀ
TXHPDGD´ꢀTXHꢀFRQVLVWHꢀHQꢀXQDꢀLPDJHQꢀHVWiWLFDꢀHVꢀPRVWUDGDꢀSRUꢀXQꢀSHULRGRꢀODUJRꢀGHꢀWLHPSRꢃ
ꢅꢁꢀꢀ &DUJRVꢀSRUꢀUHWLUDGDꢇꢀLQVWDODFLyQꢇꢀWUDQVSRUWHꢇꢀVHJXURꢀ\ꢀVHUYLFLRꢀGHꢀFRQ¿JXUDFLyQꢃ
&yPRꢃREWHQHUꢃDVLVWHQFLDꢈ
ꢂꢁꢀꢀ 3ꢀ DUDꢀREWHQHUꢀLQIRUPDFLyQꢀVREUHꢀFyPRꢀUHFLELUꢀDVLVWHQFLDꢀFXELHUWDꢀHQꢀODꢀJDUDQWtDꢇꢀSyQJDVHꢀHQꢀ
FRQWDFWRꢀFRQꢀHOꢀ6HUYLFLRꢀGHꢀDWHQFLyQꢀDOꢀFOLHQWHꢀGHꢀ9LHZ6RQLFꢃꢀ7HQGUiꢀTXHꢀSURSRUFLRQDUꢀHOꢀ
Q~PHURꢀGHꢀVHULHꢀGHOꢀSURGXFWRꢃ
ꢎꢁꢀꢀ 3ꢀ DUDꢀUHFLELUꢀDVLVWHQFLDꢀEDMRꢀJDUDQWtDꢇꢀWHQGUiꢀTXHꢀSURSRUFLRQDUꢀꢅDꢆꢀHOꢀUHFLERꢀFRQꢀODꢀIHFKDꢀGHꢀ
FRPSUDꢀRULJLQDOꢇꢀꢅEꢆꢀVXꢀQRPEUHꢇꢀꢅFꢆꢀGLUHFFLyQꢇꢀꢅGꢆꢀGHVFULSFLyQꢀGHOꢀSUREOHPDꢀ\ꢀꢅHꢆꢀHOꢀQ~PHURꢀ
GHꢀVHULHꢀGHOꢀSURGXFWRꢃ
ꢆꢁꢀꢀ /ꢀ OHYHꢀRꢀHQYtHꢀꢅFRQꢀWRGRVꢀORVꢀJDVWRVꢀSDJDGRVꢆꢀHOꢀSURGXFWRꢀHQꢀVXꢀHPEDODMHꢀRULJLQDOꢀDꢀXQꢀ
FHQWURꢀGHꢀDVLVWHQFLDꢀGHꢀ9LHZ6RQLFꢀRꢀDꢀ9LHZ6RQLFꢃ
ꢅꢁꢀꢀ 3ꢀ DUDꢀREWHQHUꢀHOꢀQRPEUHꢀGHOꢀFHQWURꢀGHꢀDVLVWHQFLDꢀGHꢀ9LHZ6RQLFꢀPiVꢀFHUFDQRꢇꢀSyQJDVHꢀHQꢀ
FRQWDFWRꢀFRQꢀ9LHZ6RQLFꢃ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢈꢄ
/tPLWHꢃGHꢃODVꢃJDUDQWtDVꢃLPSOtFLWDVꢈ
1RꢀH[LVWHꢀQLQJXQDꢀJDUDQWtDꢇꢀH[SUHVDꢀRꢀLPSOtFLWDꢇꢀDSDUWHꢀGHꢀODꢀGHVFULWDꢀHQꢀHVWHꢀGRFXPHQWRꢇꢀLQFOXLGDꢀ
ODꢀJDUDQWtDꢀLPSOtFLWDꢀGHꢀFRPHUFLDELOLGDGꢀRꢀDGHFXDFLyQꢀDꢀXQꢀ¿QꢀFRQFUHWRꢃ
([FOXVLyQꢃGHꢃGDxRVꢈ
/DꢀUHVSRQVDELOLGDGꢀGHꢀYLHZVRQLFꢀVHꢀOLPLWDꢀDOꢀFRVWHꢀGHꢀODꢀUHSDUDFLyQꢀRꢀVXVWLWXFLyQꢀGHOꢀSURGXFWRꢃꢀ
9LHZVRQLFꢀQRꢀVHꢀKDFHꢀUHVSRQVDEOHꢀGHꢄ
ꢂꢁꢀꢀ 'ꢀ DxRVꢀHQꢀRWUDVꢀSHUWHQHQFLDVꢀFDXVDGRVꢀSRUꢀGHIHFWRVꢀGHOꢀSURGXFWRꢇꢀꢀLQFRQYHQLHQWHVꢇꢀSpUGLGDꢀ
GHꢀXVRꢀGHOꢀSURGXFWRꢇꢀGHꢀWLHPSRꢇꢀGHꢀEHQH¿FLRVꢇꢀGHꢀRSRUWXQLGDGHVꢀFRPHUFLDOHVꢇꢀGHꢀIRQGRꢀGHꢀ
FRPHUFLRꢇꢀLQWHUIHUHQFLDꢀHQꢀUHODFLRQHVꢀFRPHUFLDOHVꢀXꢀRWUDVꢀSpUGLGDVꢀFRPHUFLDOHVꢇꢀLQFOXVRꢀVLꢀ
H[LVWHꢀHOꢀFRQRFLPLHQWRꢀGHꢀODꢀSRVLELOLGDGꢀGHꢀGLFKRVꢀGDxRVꢃ
ꢎꢁꢀꢀ &XDOTXLHUꢀGDxRꢇꢀ\DꢀVHDꢀIRUWXLWRꢇꢀUHVXOWDQWHꢀRꢀGHꢀFXDOTXLHUꢀWLSRꢃ
ꢆꢁꢀꢀ &XDOTXLHUꢀUHFODPDFLyQꢀDOꢀXVXDULRꢀSRUꢀWHUFHURVꢃ
$OFDQFHꢃGHꢃODVꢃOHJLVODFLRQHVꢃHVWDWDOHVꢈ
(VWDꢀJDUDQWtDꢀSURSRUFLRQDꢀGHUHFKRVꢀOHJDOHVꢀFRQFUHWRVꢀWDPELpQꢀGLVSRQHꢀGHꢀRWURVꢀGHUHFKRVꢀTXHꢀ
SXHGHQꢀYDULDUꢀVHJ~QꢀHOꢀHVWDGRꢃꢀ(QꢀDOJXQRVꢀHVWDGRVꢀHVWiꢀSURKLELGDꢀODꢀOLPLWDFLyQꢀGHꢀODVꢀJDUDQWtDVꢀ
LPSOtFLWDVꢀ\ꢎRꢀODꢀH[FOXVLyQꢀGHꢀGDxRVꢀIRUWXLWRVꢀRꢀUHVXOWDQWHVꢇꢀSRUꢀORꢀTXHꢀHVꢀSRVLEOHꢀTXHꢀQRꢀVHꢀ
DSOLTXHQꢀODVꢀOLPLWDFLRQHVꢀ\ꢀH[FOXVLRQHVꢀDQWHULRUHVꢃ
9HQWDVꢃIXHUDꢃGHꢃ((ꢇ88ꢇꢃ\ꢃGHꢃ&DQDGiꢈ
3DUDꢀREWHQHUꢀLQIRUPDFLyQꢀ\ꢀDVLVWHQFLDꢀVREUHꢀORVꢀSURGXFWRVꢀGHꢀ9LHZ6RQLFꢀTXHꢀVHꢀYHQGHQꢀIXHUDꢀ
GHꢀ((ꢃ88ꢃꢀ\ꢀGHꢀ&DQDGiꢇꢀSyQJDVHꢀHQꢀFRQWDFWRꢀFRQꢀ9LHZ6RQLFꢀRꢀFRQꢀHOꢀGLVWULEXLGRUꢀORFDOꢀGHꢀ
9LHZ6RQLFꢃ
(OꢀSHUtRGRꢀGHꢀJDUDQWtDꢀSDUDꢀHVWHꢀSURGXFWRꢀHQꢀODꢀ&KLQDꢀFRQWLQHQWDOꢀꢅH[FOXLGRꢀ+RQJꢀ.RQJꢇꢀ0DFDRꢀ\ꢀ
7DLZiQꢆꢀHVWiꢀVXMHWRꢀDꢀORVꢀWpUPLQRVꢀ\ꢀFRQGLFLRQHVꢀGHꢀODꢀ7DUMHWDꢀGHꢀJDUDQWtDꢀGHꢀPDQWHQLPLHQWRꢃ
ꢈꢒꢇꢍꢎ2TQLGEVQTꢎ9CTTCPV[ꢎ
24,A.9ꢅꢄꢎ4GXꢒꢎꢄIꢎꢅꢀꢊꢇꢅꢊꢅꢀ
9LHZ6RQLF 3-ꢀꢁꢂ'
ꢈꢆ
|
Telex Headphones Aviation Headsets User Manual
Toshiba All in One Printer 2500C User Manual
Toshiba Camcorder B10 User Manual
Toshiba CRT Television 20DF47 User Manual
Toshiba DVD Player SD P1500 User Manual
Tripp Lite Surge Protector SWIVEL6 User Manual
True Manufacturing Company Freezer THF 41FL User Manual
Vector Power Supply VEC018 AC User Manual
Vermont Casting Fan VCBV10 User Manual
ViewSonic Computer Monitor VX2270Smh LED User Manual