7X[LWRQXHVWUR[LWR 7X[LWRQXHVWUR[LWR

4 FINALES EXAMEN SIMULACRO N 2 TIPO

5&$ /D HVSHFLH PV IUHFXHQWHPHQWH LPSOLFDGD HQ VX HWLRORJD HV $VSHUJLOOXV
/DVSUXHEDVUHDJQLFDVVHXWLOL]DQHQHOFULEDGRRGHWHFFLQVRQHQJHQHUDOGH IXPLJDWXV 7UDV DLVODGDV HQ PHQRU SURSRUFLQ VRQ $ IODYXV \ $ QLJHU
IORFXODFLQ\HQWUHHOODVVHLQFOX\HQ9'5/\535(QHOODVVHSXHGHQGRFXPHQWDU 0RUIROJLFDPHQWHSRVHHKLIDVWDELFDGDV6RQPX\XELFXRV\HQHOLQGLYLGXRVDQR

ESSALUD - RESOLUCIN IDOVRVSRVLWLYRVGHELGRDVXHOHYDGDVHQVLELOLGDG/DVSUXHEDVGHFRQILUPDFLQ

VRQHVSHFILFDVHPSOHDQ$JWUHSRQPLFRV\FXDOTXLHUDGHODVLQGLFDGDVHQODV
QRSURGXFHQKDELWXDOPHQWHFXDGURVFOQLFRV3XHGHFRORQL]DUHOUEROEURQTXLDO
OHVLRQDGRRFDYLGDGHVGHSDFLHQWHVFRQQHXPRSDWDVXE\DFHQWHDVSHUJLORPD

RSFLRQHV  D  VH LQFOX\HQ HQ HVWD FDWHJRUD (Q OD SUFWLFD ODV SULPHUDV /DVRWUDVRSFLRQHVUHSDVDQFRQFHSWRVFODYHVVREUHDVSHUJLORVLV
 &XO GH ODV VLJXLHQWHV 12 WH SDUHFH LQGLFDFLQ GH DQJLRSODVWLD GHQHFURVLVVHUHJLVWUDHQODVGHULYDFLRQHVGHODHVSDOGD9\9\HQ9\9
UHDJQLFDV VH HPSOHDQ SDUWD HVWXGLRV GH FULEDGR SDUD PXHVWUHRV 
FRURQDULDSHUFXWQHD" VHREVHUYDODLPDJHQHVSHFXODUHQIRUPDGH5DOWDRSRUORPHQRVHYLGHQWH
VHURHSLGHPLROJLFRV\SDUDPHGLDUFXDQWLWDWLYDPHQWHHOWWXORGH$FHQUHVSXHVWD  3DFLHQWHTXHSUHVHQWDXQFXDGURGHILHEUHGRORUWRUFLFR\OD5[WUD[
$ 3DFLHQWHFRQ6&6(67\OHVLQFXOSDEOHGH'$SUR[LPDOFRPRQLFR /RFDOL]DFLQ'HULYDFLRQHV&ULWHULRV
DOWUDWDPLHQWR PXHVWUD OD LPDJHQ FRPSDWLEOH FRQ DEVFHVR SXOPRQDU 6HDOH FXO GH HVWRV
YDVRUHVSRVDEOH $QWHULRU4!V4!GHO456
 IUPDFRVQRVHUDWLOHQVXWUDWDPLHQWR
% 3DFLHQWHFRQ6&$&(67GHKRUDVGHHYROXFLQFRQFRQWUDLQGLFDFLQ 6HSWDO9\9
 /D EUXFHORVLV HV XQD LQIHFFLQ RULJLQDGD SRU EDFWHULDV GHO JQHUR $ /HYRIOR[DFLQR
GHWURPEROLVLV $SLFDO9\9
%UXFHOODTXHHQHOKRPEUHVHSURGXFHSRUFRQWDFWRVSURIHVLRQDOHVFRQXQDQLPDO % ,PLSHQHP
& 3DFLHQWHFRQ6&$&(67GHKRUDVGHGXUDFLQWURPEROL]DGRKDFH $QWHURVHSWDO9D9
LQIHFWDGRRSRULQJHVWDGHOHFKHSURGXFWRVOFWHRVRWHMLGRVLQIHFWDGRV(QHVWH & &HIR[LWLQD
PLQXWRVPDQWHQLHQGRGRORU\HOHYDFLQGHOVHJPHQWR67 /DWHUDOEDMR9\9
FRQWH[WRFXOGHODVVLJXLHQWHVDILUPDFLRQHVHV)$/6$" ' &OLQGDPLFLQD
' (VWHQRVLVVHYHUDGHE\SDVVFRURQDULRFRQDQJLQDSURJUHVLYD /DWHUDODOWR',\D9/
$ /RVQLRVVRQHVSHFLDOPHQWHSURSHQVRVDODLQIHFFLQVXEFOQLFD ( $PR[LFLOLQDFODYXOQLFR
( 6&$&(67 GH  KRUDV GH GXUDFLQ VLQ GRORU FRQ SHUVLVWHQFLD GH $QWHULRUH[WHQVR',D9/9D9
% (Q OD EUXFHORVLV DJXGD HV WSLFR TXH KD\D PXOWLWXG GH VQWRPDV 
HOHYDFLQGHO67 ,QIHULRU',,',,,\D9)
VXEMHWLYRV SHUR FRQ SRFRV KDOOD]JRV IVLFRV FRPR KHSDWRHVSOHQRPHJDOLD R 5&$
 9HQWUFXORGHUHFKR95\95
DGHQRSDWDV (O DEVFHVR SXOPRQDU WLHQH FRPR FDXVD PV IUHFXHQWH VRQ ORV DQDHURELRV
5&( 3RVWHULRU9\95!6
& /DHQGRFDUGLWLVDIHFWDPVDPHQXGRDODYOYXODPLWUDO\HVODFDXVD /HYRIOR[DFLQR HV XQD IOXRURTXLQRORQD \ QR HV HIHFWLYR IUHQWH D DQDHURELRV /RV
0VDOOGHKRUDVGHVGHHOLQLFLRGHOGRORU\HOHYDFLQGHOVHJPHQWR67QRKD\ 1RWUDQVPXUDO67""YROWDMH5
PVIUHFXHQWHGHPRUWDOLGDG GHPVVVHUDQRSFLRQHV
LQGLFDFLQGHPDQLREUDVGHVWLQDGDVDUHSHUIXQGLUODDUWHULDUHVSRQVDEOHPVDQ 
' 6RQ UDUDV OD PHQLQJRHQFHIDOLWLV PLHOLWLV UDGLFXOLWLV \ QHXURSDWD 
VL\DQRH[LVWHGRORUQLGDWRVGHH[SDQVLQGHOLQIDUWR  8QSDFLHQWHSUHVHQWDXQDGLVPLQXFLQGHODSUHVLQDUWHULDOVLVWOLFD
SHULIULFD  /D RWRWR[LFLGDG HV XQ HIHFWR VHFXQGDULR PV IUHFXHQWHPHQWH
 FRQODLQVSLUDFLQGHPP+JFRQXQDXPHQWRGHODDPSOLWXGGHOSXOVR,QGLTXH
( /D RVWHRPLHOLWLV VXHOH DIHFWDU D ODV YUWHEUDV VLHQGR OD UHJLQ SURGXFLGRSRUXQRGHORVVLJXLHQWHVIUPDFRVWXEHUFXORVWWLFRV
 3DFLHQWHPXMHUGHDRVFRQDQWHFHGHQWHVGHLQVXILFLHQFLDFDUGLDFD ODSDWRORJDTXHSURGXFHFRQPD\RUIUHFXHQFLDHVWHIHQPHQR
OXPERVDFUDODORFDOL]DFLQPVIUHFXHQWH $ 5LIDPSLFLQD
D WUDWDPLHQWR FRQ LQKLELGRUHV GH OD HQ]LPD FRQYHUWLGRWD GH OD DQJLRWHQVLQD $ 1HXPRSDWDVREVWUXFWLYDVFUQLFDV
 % ,VRQLD]LGD
,(&$6 HVSLURQRODFWRQD \ IXURVHPLGD /D SDFLHQWH WLHQH XQ EXHQ FRQWURO % 3HULFDUGLWLVFRQVWULFWLYD
5&& & 3LUD]LQDPLGD
VLQWRPWLFR HQ UHSRVR SHUR SUHVHQWD GLVQHD GH PQLPRV HVIXHU]RV \ IDWLJD DO & 0LRFDUGLRSDWDUHVWULFWLYD
/D HQGRFDUGLWLV HV OD FDXVD PV IUHFXHQWH GH PRUWDOLGDG HQ HQIHUPRV GH ' (WDPEXWRO
GHVDUUROODUVXVDFWLYLGDGHVGLDULDVKDELWXDOHV$TXFODVHSHUWHQHFHODSDFLHQWH ' 7DSRQDPLHQWRFDUGDFR
EUXFHORVLV 6H KD VHDODGR TXH SUHGRPLQD HQ YDURQHV \ TXH DIHFWD PV D ( (VWUHSWRPLFLQD
GHDFXHUGRFRQODFODVLILFDFLQGHOD1<+$1HZ<RUN+HDUW$VVRFLDWLRQ" ( 6KRFNKLSRYROPLFR
PHQXGRDODYOYXODDUWLFD 
$ , 
 5&(
% ,, 5&'
 3DFLHQWH YDUQ GH  DRV GH HGDG TXH DFXGH D OD FRQVXOWD (O DEVFHVR SXOPRQDU WLHQH FRPR FDXVD PV IUHFXHQWH VRQ ORV DQDHURELRV
& ,,, (OSXOVRSDUDGMLFRFRQVLVWHHQXQDGLVPLQXFLQLQVSLUDWRULDGHODSUHVLQDUWHULDO
SUHVHQWDQGR FXDGUR GH UHIOXMR JDVWURHVRIJLFR LPSRUWDQWH GH  DRV GH /HYRIOR[DFLQR HV XQD IOXRURTXLQRORQD \ QR HV HIHFWLYR IUHQWH D DQDHURELRV /RV
' ,9 VLVWOLFD VXSHULRU D OD QRUPDO  PP GH +J (O SXOVR SDUDGMLFR HV XQ VLJQR
HYROXFLQ(QODHQGRVFRSLDVHREVHUYDHQHOHVIDJRGLVWDOXQDOFHUDVREUHXQ GHPVVVHUDQRSFLRQHV
( 9 EVLFRGHOWDSRQDPLHQWRFDUGDFR\VHGDHQDSUR[LPDGDPHQWHXQWHUFLRGHORV
%DUUHWWVLQGLVSODVLDQLPDOLJQL]DFLQSRUHOHVWXGLRELSVLFR(OWUDWDPLHQWRPV (/SULQFLSDOLQFRQYHQLHQWHGHODHVWUHSWRPLFLQDHVVXRWRWR[LFLGDGGLUHFWDPHQWH
 SDFLHQWHVFRQSHULFDUGLWLVFRQVWULFWLYD(VLPSRUWDQWHWHQHUSUHVHQWHTXHHOSXOVR
DGHFXDGRVHUD UHODFLRQDGDFRQODGRVLV\ODGXUDFLQGHOWUDWDPLHQWR
5&& SDUDGMLFRQR HV SDWRJQRPQLFRGHODSDWRORJD SHULFUGLFDSXHVWRTXHSXHGH
$ $QWLFLGRV 
'HQWURGHODFODVLILFDFLQIXQFLRQDOGHODLQVXILFLHQFLDFDUGDFDVHXWLOL]DPXFKR REVHUYDUVH HQ RWUDV SDWRORJDV WDOHV FRPR ODV TXH KDQ VLGR H[SXHVWDV HQ ODV
% $QWL+  8QD PXMHUFRQ XQSDUWRSURORQJDGR\ FRSLRVDKHPRUUDJLDSXHUSHUDO
ODFODVLILFDFLQGHOD1<+$FRQFXDWURFODVHV RSFLRQHVGHUHVSXHVWD
& (VRIDJXHFWRPDGLVWDO SUHVHQWDPVWDUGHDJDODFWLDDVWHQLDSDOLGH]\SUGLGDGHOYHOORFRUSRUDO8QD
/DFODVH,FRUUHVSRQGHUDDOVXMHWRVLQOLPLWDFLRQHVDVLQWRPWLFRFRQODDFWLYLGDG 
' 2PHSUD]RO\VHJXLPLHQWR GHODVVLJXLHQWHVKRUPRQDV12VHXWLOL]DUHQHOWUDWDPLHQWRGHHVWDSDFLHQWH
IVLFDRUGLQDULD  &XOGHORVVLJXLHQWHVULWPRVFDUGLDFRVFUHHVTXHQRUHVSRQGHUQD
( (VRIDJRJDVWUHFWRPD $ 3URODFWLQD
/DFODVH,,VXSRQHXQDOLJHUDOLPLWDFLQGHODDFWLYLGDGIVLFDDSDUHFLHQGRGLVQHD ODFDUGLRYHUVLQHOFWULFD"
 % (VWUJHQRV
DQJLQDIDWLJDRSDOSLWDFLRQHVFRQODDFWLYLGDGIVLFDRUGLQDULD $ 7DTXLFDUGLDDXULFXODUUHHQWUDQWH
5&' & +RUPRQDVWLURLGHDV
/DFODVH,,,HVWH[SXHVWDHQHOHQXQFLDGRGHODSUHJXQWD % )LEULODFLQDXULFXODU
(QHVWHFDVRQRKD\GLVSODVLDQLPDOLJQL]DFLQFRQODTXHODUHVSXHVWDQRHV ' +LGURFRUWLVRQD
/D FODVH ,9 VXSRQH LQFDSDFLGDG SDUD UHDOL]DU FXDOTXLHU DFWLYLGDG IVLFD VLQ & 7DTXLFDUGLDYHQWULFXODUSROLPUILFDVRVWHQLGD
DGHFXDGD KDEUD TXH VHJXLU WUDWDQGR HO UHIOXMR SDUD HYLWDU ODV OFHUDV (V ( 3URJHVWJHQRV
VQWRPDV KD\ VQWRPDV LQFOXVR HQ UHSRVR 3DUD SRGHU SUHFLVDU PV HVWD ' 7DTXLFDUGLDSRUUHHQWUDGDGHOQRGR$9
LPSRUWDQWHGHVWDFDUTXHXQDYH]VHLQVWDXUDHO%DUUHWWODPHWDSODVLDQRUHJUHVD 
FODVLILFDFLQ*ROGPDQ\FRODERUDGRUHVHQGHVDUUROODURQRWUDEDVDGDHQHO ( $VLVWROLD
FRQHOWUDWDPLHQWR 5&$
FRVWH PHWDEOLFR PHW GH YDULDV DFWLYLGDGHV QR 2OYLGHV HVWD SUHJXQWD TXH 
 (O VQGURPH GH 6KHHKDQ HV XQ LQIDUWR GHO OEXOR DQWHULRU GH OD KLSILVLV D
OWLPDPHQWHKDYHQLGRHQHO(1$0\KD\TXHWHQHUSUHVHQWHSDUD(66$/8' 5&(
 6REUHOD$VSHUJLORVLVLQGLTXHOR,1&255(&72 FRQVHFXHQFLDGHXQDKHPRUUDJLDSRVWSDUWRTXHFDXVDKLSRWHQVLQVLVWPLFD'D
 /D DVLVWROLD HV OD DXVHQFLD GH ULWPR /D FDUGLRYHUVLQ R GHVILEULODFLQ FRQVLJXH
$ /D HVSHFLH PV IUHFXHQWHPHQWH LPSOLFDGD HQ FXDGURV FOQLFRV HV OXJDUDKLSRSLWXLWDULVPRFX\RWUDWDPLHQWRHVVXVWLWXLUODVKRUPRQDVGHILFLWDULDV
 (O(&*HVWLOHQHOLQIDUWRGHPLRFDUGLRSDUDODORFDOL]DFLQGHOPLVPR
'HORVVLJXLHQWHVHQXQFLDGRVXQRHV)$/62&XO"
$ /DFDUDSRVWHULRUGDXQDRQGDTHQ99
SRQHU WRGDV ODV FOXODV HQ SHULRGR UHIUDFWDULR SDUD TXH HO QRGR VLQXVDO SXHGD
$VSHUJLOOXVIODYXV (OGDWRFOQLFRPVIUHFXHQWHHVODDJDODFWLDSRUGILFLW GH35/(OUHVWRGH ORV
WRPDUHOPDQGRDOVHUODSULPHUDHQGLVSDUDU(QFDVRGHDVLVWROLDQRWLHQHVHQWLGR
% /D DVSHUJLORVLV HQGREURQTXLDO VH VXHOH SUHVHQWDU HQ SDFLHQWHV FRQ VQWRPDVWDUGDQYDULRVPHVHVDRVHQDSDUHFHU(OGILFLWGH*+TXHHQQLRV
HVWD PDQLREUD \ VL RWUDV SDUD LQWHQWDU TXH HO QGXOR VLQXVDO SXHGD GHVFDUJDU
QHXPRSDWDFUQLFDGHEDVH SURGXFH UHWUDVR GHO FUHFLPLHQWR HQ DGXOWRV VH PDQLILHVWD SRU OD DSDULFLQ GH
% /DFDUDLQIHULRUGDXQDRQGDTHQ',,',,,\D9) DGUHQDOLQD
& /RV DVSHUJLORPDV VH ORFDOL]DQ PV IUHFXHQWHPHQWH HQ OEXORV SHTXHDVDUUXJDVSHULRUELWDULDV\EXFDOHV(OGILFLWGHJRQDGRWURSLQDVRFDVLRQD
& /DFDUDODWHUDOGDXQDRQGDTHQ',D9/R9\9 
SXOPRQDUHVVXSHULRUHV DPHQRUUHDHVWHULOLGDGGLVPLQXFLQGHOYHOORFRUSRUDO/DGHILFLHQFLDGH76+GD
' /DFDUDDQWHURVHSWDOGDXQDRQGDTGH9D9  'HODVVLJXLHQWHVWFQLFDVVHDOHODTXHVH HPSOHDHQFULEDGRSDUD
' /D DVSHUJLORVLV LQYDVLYD SXOPRQDU RFXUUH FRQ PV IUHFXHQFLD HQ OXJDUDIDWLJDLQWROHUDQFLDDOIURSLHOWRVFD\VHFD\HOGILFLWGH$&7+SURGXFH
( /DFDUDVHSWDOH[FOXVLYDPHQWHGDXQDRQGDTHQ99 GLDJQVWLFRVHUROJLFRGHVILOLV
LQPXQRGHSULPLGRV IDWLJD SUGLGD GH SHVR GLVPLQXFLQ GH OD SLJPHQWDFLQ FXWQHD \ UHVSXHVWD
 $ 9'5/
( $QIRWHULFLQD %  )OXRURFLWRVLQD VH HPSOHDQ FRPR WUDWDPLHQWR HQ SDWROJLFDDOVWUHVV(QHOWUDWDPLHQWRVXVWLWXWLYRODKRUPRQDPVLPSRUWDQWHHV
5&$ % )7$
DVSHUJLORVLV,QYDVLYDV HOFRUWLVROTXHVLHPSUHGHEHSUHFHGHUDODOHYRWLUR[LQDSXHVWRTXHHVWDDFHOHUD
/D LPDJHQ HOHFWURFDUGLRJUILFD GH QHFURVLV FRUUHVSRQGH D ODV RQGDV T TXH & )7$$EV
 HO PHWDEROLVPR GHO FRUWLVRO \ SXHGH GHVHQFDGHQDU XQD FULVLV VXSUDUUHQDO HQ
WUDGXFHQ UHDV GH PLRFDUGLR QR H[FLWDEOH WUDV KDEHU VXIULGR QHFURVLV \ ' 0+$73
5&$ SDFLHQWHVFRQUHVHUYDVKLSRILVDULDVOLPLWDGDV(OKLSRJRQDGLVPRHQODPXMHUVH
SHUPDQHFHQFXDQGRVHIRUPDFLFDWUL]6LOD]RQDQHFURVDGDHVODSRVWHULRUODT ( 73+$
WUDWDFRQFRPELQDFLRQHVGHHVWUJHQRV\JHVWJHQRV/DGHILFLHQFLDGH*+QRVH


ZZZYLOODPHGLFJURXSFRP 3JLQD_ 3JLQD_ ZZZYLOODPHGLFJURXSFRP

 7X[LWRQXHVWUR[LWR 7X[LWRQXHVWUR[LWR
WUDWDHQHODGXOWRVHQHOQLR\WDPSRFRHVQHFHVDULRWUDWDUHOGILFLWGH35/  &XO HV HO VXEWLSR KLVWROJLFR GH FQFHU GH SXOPQ TXH PV 2WURVIUPDFRVTXHQRUHTXLHUHQDMXVWHGHGRVLVDPORGLSLQRFDSWRSULOFDUYHGLORO HQODVKHULGDVGHOHQIHUPRVLQWWDQRV\TXHFRQIUHFXHQFLDQRVHGHWHFWDHQODV
VORRFDVLRQDDJDODFWLDHQHOSRVWSDUWR\QRGDRWUDFOQLFD(QHOFDVRGHTXHVH IUHFXHQWHPHQWHVHDVRFLDDXQVQGURPHGH&XVKLQJHFWSLFR" GLOWLDFHP GR[D]RVQ ODEHWDORO ORVDUWQ PHWRSURORO PLQR[LGLO QLIHGLSLQR KHULGDVGHORVHQIHUPRVFRQWWDQRV(OUHVWRGHDILUPDFLRQHVVRQYHUGDGHUDV
SURGX]FDGILFLWGH$'+HOWUDWDPLHQWRVHKDFHFRQGHVPRSUHVLQDQDVDO $ &DUFLQRPDHSLGHUPRLGH SURSUDQROROYHUDSDPLOIXURVHPLGDDPLRGDURQDOLGRFDQDTXLQLGLQD 
 % $GHQRFDUFLQRPD (OUHVWRGHIUPDFRVVUHTXLHUHQDMXVWHGHGRVLV  (OJRQRFRFRHV
 8QD PXMHU FRQ SUGLGD GH SHVR GH  NJ HQ ORV OWLPRV WUHV PHVHV & &DUFLQRPDPLFURFWLFR  $ 2[LGDVDQHJDWLYR\PDOWRVDSRVLWLYR
SUHVHQWDOHWDUJLDQLFWXULDHVWUHLPLHQWRHTXPRVLVHQEUD]RV\PXVORV\VLJQRV ' &DUFLQRPDDQDSOVLFRGHFOXODVJUDQGHV  &XOHVHOWUDWDPLHQWRGHHOHFFLQGHODIDULQJLWLVSRU6S\RJHQHVHQ % &DXVDIUHFXHQWHGHYDJLQLWLVHQODPXMHU
GHGHVKLGUDWDFLQ/RVH[PHQHVLQLFLDOHVUHYHODQKHPRJORELQDJG/ ( &DUFLQRPDEURQTXLRORDOYHRODU XQSDFLHQWHDOUJLFRDODSHQLFLOLQD" & *UDPSRVLWLYR
SODTXHWDVPP FDOFLR WRWDO  PJG/ DOEPLQD  JG/ /D HOHFWURIRUHVLV  $ &HIDORVSRULQD ' 3XHGHVHULQWUDFHOXODU
PXHVWUD XQD EDQGD SURWHLFD VXJHVWLYD GH PLHORPD &XO VHUD VX SULPHUD 5&& % 5LIDPSLFLQD ( /DFDXVDPVIUHFXHQWHGHFRQMXQWLYLWLVQHRQDWDO
DFWLWXG" (O FDUFLQRPD PLFURFWLFR HV HO PV IUHFXHQWHPHQWH DVRFLDGR D VQGURPHV & 7HWUDFLFOLQDV 
$ 7UDQVIXVLQGHFRQFHQWUDGRGHKHPDWHV SDUDQHRSOVLFRV HQGRFULQRV LQFOXLGR HO VQGURPH GH &XVKLQJ HFWSLFR 8QD ' ,PLSHQHP 5&'
% 5HKLGUDWDFLQFRQVXHURVDOLQR H[FHSFLQ HV OD KLSHUFDOFHPLD SDUDQHRSOVLFD SRU VHFUHFLQ GH 37+US TXH VH ( (ULWURPLFLQD /DV1HLVVHULDVVRQFRFRVJUDPQHJDWLYRVRSFLQLQFRUUHFWD\R[LGDVDSRVLWLYRV
& $GPLQLVWUDFLQGHFDOFLWRQLQD DVRFLDPVIUHFXHQWHPHQWHDOFDUFLQRPDHSLGHUPRLGH  (O JRQRFRFR D GLIHUHQFLD GH RWUDV HVSHFLHV GH 1HLVVHULD HV PDOWRVD QHJDWLYR
' %RORGHFRUWLFRLGHVSRUYDLQWUDYHQRVD  5&( RSFLQIDOVDWDPSRFRXWLOL]DVDFDURVDQLODFWRVDSHURVJOXFRVD(VLQPYLO
( %LRSVLDGHPGXODVHD  8QD SDFLHQWH GH  DRVFRQ GLDEHWHVPHOOLWXVLQVXOLQRGHSHQGLHQWH /DHYROXFLQKDELWXDOGHODIDULQJLWLVHVWUHSWRFFLFDQRFRPSOLFDGDHVODUHVROXFLQ QR HVSRUXODGR \ FUHFH HQ SDUHMDV (O JRQRFRFR HV XQD FDXVD IUHFXHQWH GH
 WUDWDGD FRQ LQVXOLQD GHVGH KDFH  DRV SUHVHQWD XQD LQIHFFLQ XULQDULD GHORVVQWRPDVWUDQVFXUULGRVHQWUH\GDV(OFXUVRVHDFRUWDOLJHUDPHQWHFRQ HQGRFHUYLFLWLVSHURQRDIHFWDDYDJLQDRSFLQIDOVD3RUOWLPRODFDXVDPV
5&% 3DXODWLQDPHQWHGHVDUUROODXQFXDGURGHSROLXULDSROLGLSVLD\FDQVDQFLR,QJUHVD HO WUDWDPLHQWR TXH VH DGPLQLVWUD IXQGDPHQWDOPHQWH SDUD HYLWDU ODV IUHFXHQWH GH RIWDOPLD QHRQDWRUXP QR HV HO JRQRFRFR VLQR OD LQIHFFLQ SRU &
(OPLHORPDPOWLSOHHVXQDSUROLIHUDFLQPDOLJQDGHFOXODVSODVPWLFDV/DOLVLV HQ 8UJHQFLDV FRQ ORV VLJXLHQWHV SDUPHWURV DQDOWLFRV S+  JOXFHPLD  FRPSOLFDFLRQHV VXSXUDWLYDV \ OD ILHEUH UHXPWLFD(O WUDWDPLHQWR GH HOHFFLQ VH WUDFKRPDWLVRSFLQLQFRUUHFWD
VHDSURYRFDXQDPRYLOL]DFLQLPSRUWDQWHGHFDOFLRSRUORTXHHOFXDGURFOQLFR PJG/FHWRQXULD&XOVHUDVXGLDJQVWLFRGHVRVSHFKD" EDVDHQODLQ\HFFLQLQWUDPXVFXODUQLFDGHEHQFLOSHQLFLOLQDEHQ]DWLQDRELHQ 
SXHGH HVWDU GRPLQDGR SRU ODV FRPSOLFDFLRQHV DJXGDV \ FUQLFDV GH OD $ &RPDKLSRJOXFPLFR GDV GH WUDWDPLHQWR FRQ SHQLFLOLQD RUDO (Q SDFLHQWHV DOUJLFRV D OD SHQLFLOLQD  (QFXOGHORVVLJXLHQWHVSDFLHQWHVLQIHFWDGRVSRU9,+HVWDUD0(126
KLSHUFDOFHPLD YDORUHV QRUPDOHV GH FDOFLR  PJGO /D FOQLFD GH OD % &HWRDFLGRVLVGLDEWLFD SXHGHXWLOL]DUVHHULWURPLFLQD LQGLFDGRLQLFLDUWUDWDPLHQWRDQWLUUHWURYLUDO"
KLSHUFDOFHPLD FRQVLVWH HQ FDQVDQFLR GHSUHVLQ FRQIXVLQ PHQWDO DQRUH[LD & &RPDKLSHURVPRODU  $ &DQGLGLDVLVRUDO/LQIRFLWRV&'FOXODV/&DUJDYLUDOEDMD
QDXVHDV\YPLWRVHVWUHLPLHQWRGHIHFWRVUHYHUVLEOHVHQHOWEXORUHQDOSROLXULD ' ,QVXOLQRPD  6LWUDVFXDWURKRUDVGHLQJHULUXQ0DF'RQDOGVGHVDUUROODVELWDPHQWH % $VLQWRPWLFR/LQIRFLWRV&'FOXODV/&DUJDYLUDOEDMD
DOWHUDFLRQHV GHO (&* DFRUWDPLHQWR GHO 47 \ DUULWPLDV FDUGLDFDV(O SULQFLSLR ( $FLGRVLVOFWLFD XQFXDGURGHQDXVHDVYPLWRV\GRORUDEGRPLQDOHQDXVHQFLDGHILHEUH\GLDUUHD & $VLQWRPWLFR/LQIRFLWRV&'FOXODV/&DUJDYLUDODOWD
EVLFRGHOWUDWDPLHQWRGHODKLSHUFDOFHPLDFRQVLVWHHQUHVWDEOHFHUODKLGUDWDFLQ  VLJQLILFDWLYD&XOFUHH9GTXHVHUHODJHQWHHWLROJLFRFRQPD\RUSUREDELOLGDG" ' +HSDWLWLVFUQLFD&/LQIRFLWRV&'FOXODV/&DUJDYLUDOEDMD
QRUPDO\DHOSDFLHQWHHVWGHVKLGUDWDGRSRUORVYPLWRVODLQDQLFLQRHOGHIHFWR 5&%  ( (QQLQJXQRGHORVDQWHULRUHVKDEUDFULWHULRVGHLQLFLRGHWUDWDPLHQWR
GHODFDSDFLGDGGHFRQFHQWUDFLQXULQDULDLQGXFLGRSRUODKLSHUFDOFHPLD /RVGDWRVIXQGDPHQWDOHVSDUDHVWDEOHFHUHOGLDJQVWLFRGLIHUHQFLDOHQHVWHFDVR $ 9LEULRFKROHUDH 
 FOQLFR VRQ OD KLSHUJOXFHPLD TXH QRV GHVFDUWD XQ FRPD KLSRJOXFPLFR XQ % 6DOPRQHOODHQWHULWLGLV 5&%
 6REUHORVDQWLGLDEWLFRVRUDOHV12HVFRUUHFWRDILUPDU LQVXOLQRPD \ XQD DFLGRVLV OFWLFD \ OD PDUFDGD FHWRQXULD TXH QRV GD HO & &ORVWULGLXPSHUIULQJHQV (VW LQGLFDGR WUDWDU SDFLHQWHV 9,+ VLQWRPWLFRV % \ & RSFLQ (Q SDFLHQWHV
$ /DJOXFRVDSODVPWLFDVHQRUPDOL]DFRQORVDJHQWHVRUDOHVHQDOJXQRV GLDJQVWLFR GH FHWRDFLGRVLV GLDEWLFD IUHQWH DO FRPD KLSHURVPRODU /D ' 6KLJHOODIOH[QHUL DVLQWRPWLFRVLQIHFWDGRVSRU9,+HOFULWHULRGHLQLFLRGHWUDWDPLHQWRDQWLUUHWURYLUDO
SDFLHQWHVFRQHQIHUPHGDGEDVWDQWHOHYHSHURQRVXHOHKDFHUORHQDTXHOORVFRQ FHWRDFLGRVLVGLDEWLFDRFXUUHWSLFDPHQWHHQGLDEWLFRVWUDWDGRVFRQLQVXOLQDELHQ ( (VWDILORFRFRDXUHXV HVWGHWHUPLQDGRSRUODFLIUDGHOLQIRFLWRV&'GHIRUPDTXHSRUGHEDMRGH
KLSHUJOXFHPLDVLJQLILFDWLYDDXQTXHVHSURGX]FDXQDPHMRUD SRUGILFLWGHLQVXOLQDRSRUXQDXPHQWRGHJOXFDJQVHFXQGDULRDOLEHUDFLQGH  VHLQLFLDWUDWDPLHQWRHQWUH\VHVXHOHWUDWDUDXQTXHSXHGHGLIHULUVHVLHO
% /DVVXOIRQLOXUHDVDFWDQIXQGDPHQWDOPHQWHHVWLPXODQGRODOLEHUDFLQ DGUHQDOLQDFRPRFRQVHFXHQFLDGHOHVWUVIVLFRLQIHFFLQFLUXJDXHPRFLRQDO 5&( QPHURGH/&'HVHVWDEOH\OD&9EDMDRSFLQVHSRGUDGLIHULU&RQPVGH
GHLQVXOLQDGHODFOXOD%HWD &RQHVWHGHVHTXLOLEULRKRUPRQDOVHSURGXFHXQDXPHQWRGHODQHRJOXFRJQHVLV (OGLDJQVWLFRGLIHUHQFLDOGHOVQGURPHGLDUUHLFRDJXGRVHUHDOL]DHQODPD\RUD VHSXHGH GLIHULUVH WUDWDUDVLODFDUJDYLUDO HV DOWDR KD\FRPRUELOLGDGWLSR
& /DKLSRJOXFHPLDHVPHQRVIUHFXHQWHFRQORVDQWLGLDEWLFRVRUDOHVTXH FRQ EORTXHR GH OD XWLOL]DFLQ SHULIULFD GH OD JOXFRVD FDXVDQGR KLSHUJOXFHPLD GHORVFDVRVSRUHOFRQWH[WRHSLGHPLROJLFR6LHPSUHTXHQRVSUHJXQWHQSRUXQD KHSDWLWLVFUQLFD&FLUURVLVQHIURSDWD9,+RULHVJRFDUGLRYDVFXODUDOWRRSFLQ
FRQODLQVXOLQD\FXDQGRDSDUHFHVXHOHVHUPHQRVJUDYH\SURORQJDGD DV FRPR DFWLYDFLQ GHO SURFHVR FHWJHQR H LQLFLR GHO GHVDUUROOR GH DFLGRVLV SRVLEOH JDVWURHQWHULWLV FX\R SHULRGR GH LQFXEDFLQ VHD LQIHULRU D  KRUDV \VRQLQGLFDFLRQHVGHWUDWDU
' 1RVHGHEHQDGPLQLVWUDUELJXDQLGDVDORVSDFLHQWHVFRQQHIURSDWDV PHWDEOLFD&OQLFDPHQWHODFHWRDFLGRVLVVHLQLFLDSRUDQRUH[LDQXVHDVYPLWRV GHEHPRVSHQVDULQPHGLDWDPHQWHHQXQDLQWR[LFDFLQDOLPHQWDULDHVWDILORFFLFDR 
\HOWUDWDPLHQWRVHGHEHLQWHUUXPSLUHQSUHVHQFLDGHQXVHDVYPLWRVGLDUUHDR \ DXPHQWR GH OD GLXUHVLV (Q HO WUDWDPLHQWR OD PHGLGD PV LPSRUWDQWH HV OD HQXQDLQIHFFLQSRU%DFLOOXVFHUHXV/DVDOPRQHOOD\VKLJHOODFDXVDQXQVQGURPH  9DUQ GH  DRV EHEHGRU KDELWXDO GH  JUDPRV GH HWDQRO DO GD
FXDOTXLHUHQIHUPHGDGLQWHUFXUUHQWH FRUUHFFLQGHODKLSHUJOXFHPLDPHGLDQWHODDGPLQLVWUDFLQGHLQVXOLQDUSLGD GLVHQWULFR \ HO FOHUD VH FDUDFWHUL]D SRU XQD HVSHFWDFXODU GLDUUHD 4XL]V HO REHVR FRQ KLSHUWHQVLQ \ GLDEHWHV HQ WUDWDPLHQWR FRQ PHWIRUPLQD \ UDPLSULO
( /RVQLYHOHVPHGLRVGHLQVXOLQDSODVPWLFDQRVHHOHYDQGHVSXVGHO  GLDJQVWLFR GLIHUHQFLDO PV FRPSOHMR HV FRQ OD LQWR[LFDFLQ DOLPHQWDULD SRU & DFXGHDXUJHQFLDVSRUGRORUDEGRPLQDOGHKRUDVGHHYROXFLQWUDVKDEHUVDOLGR
WUDWDPLHQWR FRQ ODV VXOIRQLOXUHDV D SHVDU GH OD PHMRUD VLJQLILFDWLYD GH OD  &XOGHORVVLJXLHQWHVIUPDFRVDQWLLQIHFFLRVRV12UHTXLHUHDMXVWH SHUIULQJHQVODFODYHHVWTXHHQHVWHFDVRWUDQVFXUUHQHQWUHKRUDVGHVGHOD D FHQDU FRQ ORV DPLJRV (O GRORU HVW ORFDOL]DGR HQ HSLJDVWULR LUUDGLDGR HQ
FRQFHQWUDFLQPHGLDGHODJOXFRVDSODVPWLFD GHGRVLVRDXPHQWRGHLQWHUYDORHQWUHGRVLVHQODLQVXILFLHQFLDUHQDOFUQLFD" LQJHVWDGHODOLPHQWRFRQWDPLQDGRKDVWDODDSDULFLQGHODFOQLFD FLQWXUQ\ VH DFRPSDD GHQXVHDV \XQYPLWR DOLPHQWLFLR/D DQDOWLFDVOR
 $ )OXFRQD]RO  GHVWDFDODDPLODVDHOHYDGD,QJUHVDFRQHOGLDJQVWLFRGHSDQFUHDWLWLVDJXGD\VH
5&& % $PLNDFLQD  &XO GH ODV VLJXLHQWHV DILUPDFLRQHV UHVSHFWR DO WWDQRV 12 HV LQLFLDWUDWDPLHQWRFRQGLHWDDEVROXWDDQDOJVLFRV\VXHURWHUDSLD$ORVGDVHO
/D KLSRJOXFHPLD HV PHQRV IUHFXHQWH FRQ ORV DQWLGLDEWLFRV RUDOHV TXH FRQ OD & $FLFORYLU FRUUHFWD" SDFLHQWH UHILHUH FRQWLQXDU FRQ HO GRORU DEGRPLQDO OD DPLODVD VH PDQWLHQH HQ
LQVXOLQDSHURFXDQGRDSDUHFHVXHOHVHUJUDYH\SURORQJDGD ' 5LIDPSLFLQD $ /DIRUPDPVIUHFXHQWHHVHOWWDQRVJHQHUDOL]DGR QLYHOHVHOHYDGRV\HQHOUHVWRGHODDQDOWLFDDKRUDKD\SUHVHQFLDGHOHXFRFLWRVLV
 ( 6XOIDPHWR[D]RO % (O FXDGUR FOQLFR VH SURGXFH SRU XQD H[RWR[LQD GHQRPLQDGD FRQ GHVYLDFLQ D OD L]TXLHUGD \ 3&5 HOHYDGD (Q HO IODQFR GHUHFKR DEGRPLQDO
 /D DIHFWDFLQ SXOPRQDU HQ ODV HQIHUPHGDGHV GHO FROJHQR SXHGH  WHWDQRVSDVPLQD DSDUHFHQ XQD OHVLQ FXWQHDVH UHDOL]D XQ 7$& DEGRPLQDO (Q UHODFLQ FRQ OD
LQFOXLUWRGRORVLJXLHQWH 5&' & /D WHWDQRVSDVPLQD GLVPLQX\H OD OLEHUDFLQ GH QHXURWUDQVPLVRUHV OHFWXUDGHODVLPJHQHVVHDOHFXOHVHOGLDJQVWLFRPVSUREDEOHGHOSDFLHQWH
$ 1HXPRQDSRUDVSLUDFLQ (VWLOFRQRFHUDOJXQRVIUPDFRVTXHQRUHTXLHUHQDMXVWHGHGRVLVRGHDXPHQWR LQKLELGRUHVGHOWLSR*$%$ $ 3VHXGRTXLVWHSDQFUHWLFR
% )LEURVLVSXOPRQDU GHLQWHUYDORHQWUHGRVLVSRUVHUVXVFHSWLEOHVGHSUHJXQWDUVH ' (OGLDJQVWLFRVHEDVDHQHODLVODPLHQWRGH&WHWDQLHQODKHULGD % 3DQFUHDWLWLVQHFURKHPRUUJLFD
& %URQTXLROLWLVREOLWHUDQWH /D PD\RUD GH IUPDFRV DQWLLQIHFFLRVRV TXH QR UHTXLHUHQ DMXVWH VRQ ORV ( /RV REMHWLYRV GHO WUDWDPLHQWR VRQ HOLPLQDU HO IRFR GH RULJHQ GH OD & $EVFHVRSDQFUHWLFR
' 7URPERHPEROLVPR VLJXLHQWHV WR[LQDQHXWUDOL]DUODWR[LQDQRILMDGDLPSHGLUORVHVSDVPRVPXVFXODUHV\XWLOL]DU ' 3DQFUHDWLWLVFUQLFDUHFLGLYDQWH
( 7UDVXGDGRSOHXUDO &OR[DFLOLQD ODVPHGLGDVGHVRVWQ ( $GHQRFDUFLQRPDGHSQFUHDV
 &OLQGDPLFLQD  
5&( &ORUDQIHQLFRO 5&' 5&%
/D KLSRJOXFHPLD HV PHQRV IUHFXHQWH FRQ ORV DQWLGLDEWLFRV RUDOHV TXH FRQ OD $QIRWHULFLQD%OLSRVRPDO (O GLDJQVWLFR GHO WWDQRV VH EDVD WRWDOPHQWH HQ ODV PDQLIHVWDFLRQHV FOQLFDV (O SVHXGRTXLVWH SDQFUHWLFR HV XQD FROHFFLQ GH WHMLGRV GHWULWRV \ VDQJUH
LQVXOLQDSHURFXDQGRDSDUHFHVXHOHVHUJUDYH\SURORQJDGD ,WUDFRQD]RO RSFLQ  IDOVD (O WWDQRV HV LPSUREDEOH VL XQD DQDPQHVLV ILDEOH UHFRJH XQD URGHDGDGHSDUHGHVVLQUHYHVWLPLHQWRHSLWHOLDOTXHVXHOHORFDOL]DUVHHQFXHUSRR
/D DUWULWLV UHXPDWRLGH \ HO /(6 SXHGHQ DVRFLDUVH D H[XGDGR SOHXUDO QR D .HWRFRQD]RO YDFXQDFLQFRPSOHWD\GRVLVGHUHFXHUGRDSURSLDGDV$QWHODVRVSHFKDVHGHEHQ FROD/DLPDJHQGHO7$&HVPX\FDUDFWHUVWLFDUHVSXHVWDLQFRUUHFWD7DQWRHO
WUDVXGDGR 5LIDPSLFLQD WRPDUFXOWLYRVGHODKHULGDSHURWHQLHQGRSUHVHQWHTXH&WHWDQLSXHGHDLVODUVH DEVFHVR FRPR HO SVHXGRTXLVWH SDQFUHWLFR WDUGDQ HQWUH  \  VHPDQDV HQ
 IRUPDUVH (O DEVFHVR VXHOH DFRPSDDUVH GH PDOHVWDU JHQHUDO ILHEUH \

ZZZYLOODPHGLFJURXSFRP 3JLQD_ 3JLQD_ ZZZYLOODPHGLFJURXSFRP

 7X[LWRQXHVWUR[LWR 7X[LWRQXHVWUR[LWR
OHXFRFLWRVLV UHVSXHVWD  LQFRUUHFWD /D SDQFUHDWLWLV QHFURKHPRUUJLFD VXHOH   OLPLWDFLQGHODDFWLYLGDG)(9R3()GHD\H[DFHUEDFLRQHVGRVRPV
FXUVDUFRQLQIHFFLQGHODQHFURVLVHQODVGRVSULPHUDVVHPDQDVGHOLQLFLRGHOD  8QSDFLHQWHSUHVHQWDKLSR[HPLDTXHVHQRUPDOL]DFRQR[LJHQRWHUDSLD  3DFLHQWH HQ WUDWDPLHQWR HVSHFILFR SRU WXEHUFXORVLV SXOPRQDU IURWLV YHFHVDODR
SDQFUHDWLWLVGDQGRLPDJHQGHSQFUHDVGHVHVWUXFWXUDGR\VXHOHHVWDUFDXVDGD VLQ KLSHUFDSQLD 'H ODV VLJXLHQWHV HQIHUPHGDGHV FXO HV OD QLFD TXH SXHGH SRVLWLYRDODVHPDQDSUHVHQWDROLJXULDLQFUHPHQWRGHXUHD\FUHDWLQLQD&XOHV /DFODYH(HVPX\LQHVSHFILFDODFODYH%FRUUHVSRQGHUDPVELHQDXQ$VPD
SRU JUDPQHJDWLYRV TXH SXHGHQ OOHYDU D OD VHSVLV (O VLJQR GH *UD\7XUQHU MXVWLILFDUHVRVGDWRV" HOPHGLFDPHQWRSUREDEOHPHQWHUHODFLRQDGR" SHUVLVWHQWHJUDYHODFODYH'HVWDPELQLPSUHFLVD/DPHMRUDOWHUQDWLYDHVODFODYH
FDUDFWHUVWLFRGHHVWDHQWLGDGVHSURGXFHSRUODGLJHVWLQJUDVDGHOWHMLGRFHOXODU (PEROLVPRSXOPRQDU $5LIDPSLFLQD $
VXEFXWQHRHQODSDQFUHDWLWLVDJXGDJUDYHUHVSXHVWDFRUUHFWD/DSDQFUHDWLWLV 1HXPRQDQHXPRFFLFDH[WHQVD %,VRQLDFLGD 6HKDHQFRQWUDGRVHFXHQFLDVGH$'1VLPLODUDOYLUXVKHUSHVKXPDQRWLSRHQHO
FUQLFDVXHOHDSDUHFHUWUDVFRQVXPRGHDOFRKRORFRPLGDVSHVDGDVJUDVDVSHUR 0LDVWHQLDJUDYLV &(WDPEXWRO WHMLGRGHOVDUFRPDGH.DSRVL\HQDOJXQRVOLQIRPDVGHFDYLGDGHVFRUSRUDOHVGH
VXHOH FXUVDU FRQ GRORU DEGRPLQDO SUGLGD GH SHVR HVWHDWRUUHD \ D YHFHV &RUWRFLUFXLWRLQWUDFDUGDFRGHUHFKDL]TXLHUGD '3LUD]LQDPLGD ORVSDFLHQWHV6,'$DXQTXHWRGDYDHVWSRUGHWHUPLQDUVXSDSHOHQODJQHVLV
GLDEHWHV \ FDOFLILFDFLRQHV R FRQGXFWRV GLODWDGRV HQ HO WUD\HFWR GH OD JOQGXOD (GHPDSXOPRQDUFDUGLRJQLFR (3LULGR[LQD GHHVWDVHQIHUPHGDGHV
UHVSXHVWDLQFRUUHFWD(QHODGHQRFDUFLQRPDGHSQFUHDVORPVFDUDFWHUVWLFR   
HVODDSDULFLQGHGRORUDEGRPLQDOHSLJVWULFRSUGLGDGHSHVRHLFWHULFLD(QHO 5&' 5&$  3DFLHQWHGH DRVGH HGDGHQ WUDWDPLHQWRFRQ 1DSUR[HQR SRU XQ
FQFHUGHFDEH]DGHSQFUHDVDGHPVSXHGHGDUVHHOVLJQRGH&RXUYRLVHUTXH SURFHVR GH EDVH UHXPDWROJLFR (Q OD OWLPD VHPDQD OD SDFLHQWH SUHVHQW XQ
FRQVLVWH HQ LFWHULFLD REVWUXFWLYD FRQ YHVFXOD ELOLDU GLVWHQGLGD SRU OD SURSLD FXDGURGHJDVWURHQWHULWLVDJXGD3RVWHULRUPHQWHODSDFLHQWHVLQSUHYLDFRQVXOWD
REVWUXFFLQGHODQHRSODVLDVREUHODYDELOLDUGLVWDOUHVSXHVWDLQFRUUHFWD PGLFD LQFUHPHQW OD GRVLV GHO 1DSUR[HQR SRU DXPHQWR GHO GRORU DUWLFXODU
 $QDOWLFD VRGLR  PHTO SRWDVLR  PHTO DFODUDPLHQWR GH FUHDWLQLQD 
 &RQTXHQIHUPHGDGVHKDUHODFLRQDGRHOYLUXVKHUSHVWLSR" POPLQXWR 8URDQOLVLV GHQVLGDG XULQDULD  RVPRODULGDG XULQDULD 
$ 5RVHRODLQIDQWLO PRVPNJVRGLRXULQDULRPHTOFRQXQDH[FUHFLQIUDFFLRQDOGHVRGLRGH
% 6QGURPHGH)DWLJDFUQLFD (.* RQGDV 7 SLFXGDV DXPHQWR GHO 456 \ GHO 35 &XDO GH ODV VLJXLHQWHV
& /HXFRSODVLDYHOORVDRUDO HQIHUPHGDGHVMXVWLILFDHVWHFXDGURFOQLFR
' 6DUFRPDGH.DSRVL  $ ,QVXILFLHQFLDUHQDOFUQLFDSRUJORPHUXORQHIULWLV
( ([DQWHPDVELWR 8QWHPD PX\ SUHJXQWDGR HQ HO (1$0 \ (66$/8'VREUH WRGR ORV GH SULPHUD % 1HIULWLVLQWHUVWLFLDOSRU$,1(
 OQHD (Q HVWH FDVR OD 5LIDPSLFLQD SXHGH RFDVLRQDU UHDFFLRQHV FXWQHDV & )UDFDVRUHQDODJXGRSUHUUHQDO
5&'  WUDVWRUQRV JDVWURLQWHVWLQDOHV SHUR WDPELQ LQVXILFLHQFLD UHQDO WURPERFLWRSHQLD ' +LSRDOGRVWHURQLVPR
&RPR VH SXHGH REVHUYDU HQ ODWDEOD GH ORV PHFDQLVPRV GH KLSR[HPLD FXDQGR
 8QSDFLHQWHSUHVHQWDGLVQHDSURJUHVLYD\ILHEUH(QODUDGLRJUDIDGH DQHPLD KHPROWLFD TXH VRQ ORV PV FRQRFLGRV 1R ROYLGDU TXH OD DIHFWDFLQ ( 1HFURVLVWXEXODUDJXGD
QRV KDEOHQ GH XQD SDWRORJD HQ OD TXH QR PHMRUD OD KLSR[HPLD DO DGPLQLVWUDU
WUD[VH DSUHFLDXQ GHUUDPHSOHXUDOL]TXLHUGR(ODQOLVLV GHOOTXLGRUHYHOD XQD KHSWLFDHVPVUHODFLRQDGDD,VRQLDFLGD\3LUD]LQDPLGD 
R[JHQRKD\TXHSHQVDUVLHPSUHHQHQIHUPHGDGHVTXHSURGX]FDQHIHFWRVKXQW
UHODFLQSURWHQDVOTXLGRSOHXUDOVXHUR!FRQFXOWLYR\FLWRORJDQHJDWLYRV'H /DULIDPSLFLQDWLHQHDFFLQPVSRWHQWHHQHOFDVHXPGRQGHVHHQFXHQWUDQORV 5&(
(QWUHODVUHVSXHVWDVQRVHQFRQWUDPRVSDWRORJDVTXHSURGXFHQKLSR[HPLDSRU
ORVVLJXLHQWHVSURFHGHUHVGLDJQVWLFRVFXOLQGLFDUD" EDFLORV GH HVFDVD UHSOLFDFLQ R GXUPLHQWHV DO LQKLELU OD VQWHVLV GH FLGRV /DDQDOWLFDTXHSUHVHQWDHVWHSDFLHQWHHQFDMDHQORVQGLFHVGLDJQVWLFRVGHOD
HVWHPHFDQLVPRODQHXPRQD\HOHGHPDDJXGRGHSXOPQSRUTXHORVDOYHRORV
%LRSVLDSOHXUDOFHUUDGD QXFOHLFRVILMQGRVHDOD$51SROLPHUDVD/D3LUD]LQDPLGDHVPVSRWHQWHHQORV LQVXILFLHQFLDUHQDOLQWUQVHFDIUDFFLQH[FUHWDGDGH1D!1DRULQD!(OFXDGUR
HVWQRFXSDGRVSRUSXVROTXLGRUHVSHFWLYDPHQWH\ODVDQJUHSDVDSRUHOSXOPQ
3OHXURVFRSLD\ELRSVLD PDFUIDJRV LQWUDFHOXODU H ,VRQLDFLGD HQ ODV FDYHUQDV 3XHGH D\XGDU OD GH JDVWURHQWHULWLV DJXGD HQ SDFLHQWHV GH HGDG DYDQ]DGD SXHGH RFDVLRQDU
VLQKDFHULQWHUFDPELRGHJDVHVHOFRUWRFLUFXLWRFDUGLDFRGFKDL]TSURGXFHHIHFWR
7RUDFRWRPDGLDJQVWLFD QHPRWHFQLDOD5L&$ULIDPSLFLQD FDVHXP,&$LVRQLDFLGD FDYHUQDVPHGD LVTXHPLDVHFXQGDULDDKLSRSHUIXVLQUHQDOSRUGHSOHFFLQGHYROXPHQ\HQHVWH
VKXQWSRUTXHODVDQJUHQRSDVDSRUHOSXOPQ7DPELQSRGHPRVGHVFDUWDUOD
(FRJUDIDWRUFLFD 3,&$3LUD]LQDPLGD LQWUDFHOXODU FDVRODDVRFLDFLQGHXQIUPDFRQHIURW[LFR$,1(6SHUSHWDHOGDRUHQDO/D
PLDVWHQLDJUDYLVSRUTXHSURGXFHKLSR[HPLDSRUXQPHFDQLVPRGHKLSRYHQWLODFLQ
5HVRQDQFLDPDJQWLFD  ,5$ LVTXPLFD \ ,5$ QHIURW[LFD VH DVRFLDQ IUHFXHQWHPHQWH D QHFURVLV GH ODV
\SURGXFLUDKLSHUFDSQLD)LQDOPHQWHHOHPEROLVPRSXOPRQDUSURGXFHKLSR[HPLD
  &ULWHULR SDUD FODVLILFDU XQ FXDGUR FOQLFR FRPR $VPD SHUVLVWHQWH FOXODV HSLWHOLDOHV GH ORV WEXORV HVWH VQGURPH VH GHQRPLQD QHFURVLV WXEXODU
IXQGDPHQWDOPHQWH SRU DOWHUDFLQ GH OD YHQWLODFLQ SHUIXVLQ 94 SRU OR TXH
5&$ PRGHUDGD% DJXGD
PHMRUDUDFRQR[JHQR\VXHOHFXUVDUFRQKLSRFDSQLDRQRUPRFDSQLD\DTXHORV
(VWDPRV DQWH XQ SDFLHQWH FRQ XQ GHUUDPH SOHXUDO WLSR H[XGDGR GH HWLRORJD $ 6QWRPDVQRFWXUQRVPD\RUDXQDYH]DODVHPDQD 
SDFLHQWHVHVWQWDTXLSQHLFRV
GHVFRQRFLGD&RQ HO DQOLVLV GHO OTXLGR SOHXUDO LQFOXLGRV HO PLFURELROJLFR \ OD % )OXMRHVSLUDWRULRP[LPRPHQRURLJXDOD  8Q SDFLHQWH WLHQH XQD LQVXILFLHQFLD UHQDO DJXGD FRQ GDWRV GH 17$

FLWRORJD QR KHPRV OOHJDGR D QLQJQ GLDJQVWLFR (O SDVR VLJXLHQWH HV OD & 6QWRPDVQRFWXUQRVPD\RUDGRVYHFHVDODVHPDQD GHQVLGDG(1)D\RVPRODULGDGXULQDULD0RVP.J6LXVWHGGHFLGH
 $WLHQGHXVWHGDXQSDFLHQWHTXHUHILHUHGLVQHDOHQWDPHQWHSURJUHVLYD
UHDOL]DFLQGHXQDELRSVLDSOHXUDO3XHGHKDFHUVHGHWUHVIRUPDV ' &ULVLVTXHSXHGHQDIHFWDUODDFWLYLGDG SRU OD JUDYHGDG GHO FDVR LQVWDXUDU KHPRGLOLVLV 4X GDWR SHU VH QR VHUD
GH  DRV GH HYROXFLQ TXH HQ ORV OWLPRV  PHVHV KD DXPHQWDGR GH IRUPD
 %LRSVLD SOHXUDO FLHJD 3HUPLWH REWHQHU XQD PXHVWUD GH SOHXUD PHGLDQWH XQD ( 6QWRPDVFRQWLQXRV LQGLFDFLQGHHVWDDFWLWXGWHUDSXWLFD"
DFHOHUDGD 6H WUDWD GH XQ SDFLHQWH YDUQ GH  DRV GH HGDG KELWR SFQLFR
DJXMDHVSHFLDOTXHVHLQWURGXFHDWUDYVGHODSDUHGWRUFLFD/DVDJXMDVSOHXUDOHV  $ 3RWDVLRPHTO
IXPDGRUDFWLYRGHSDTXHWHVDRFRQWRV\H[SHFWRUDFLQKDELWXDOGHVGHKDFH
PV FRQRFLGDV VRQ ODV GH $EUDPV &RSH \ &DVWHODLQ 6H GHEHQ REWHQHU  5&$ % (QFHIDORSDWD
DRV(QODH[SORUDFLQIVLFDGHVWDFDQDFURSDTXLDVURQFXVHQDPEDVEDVHV
PXHVWUDV SDUDHO HVWXGLRDQDWRPRSDWROJLFR\XQD SDUDHVWXGLR PLFURELROJLFR & +LSHUYROHPLDIUDQFD
\ FUHSLWDQWHV  LQWHUVWLFLDO TXH SUHGRPLQD HQ ODV EDVHV SXOPRQDUHV FRQ ]RQDV
/D ELRSVLD SOHXUDO HVW LQGLFDGD HQ WRGR '3 GH HWLRORJD QR ILOLDGD TXH FXPSOD ' S+
SHULIULFDV GH SDQDOL]DFLQ OLJHUD FDUGLRPHJDOLD \ DXPHQWR GH OD WUDPD
FULWHULRVGHH[XGDGRUHVSXHVWDFRUUHFWDHVQXHVWURFDVR1RGHEHUHDOL]DUVH ( &UHDWLQLQDPJGO
EURQFRYDVFXODU'HODVLJXLHQWHFRPELQDFLQGHSUXHEDVIXQFLRQDOHVFXOFUHH
HQ ORV WUDVXGDGRV D QR VHU TXH H[LVWD VRVSHFKD GH PDOLJQLGDG \ HVW 
TXHVHUODPVSUREDEOHHQHVWHSDFLHQWH"
FRQWUDLQGLFDGDHQORV'3SDUDQHXPQLFRVFRPSOLFDGRVSDUDHYLWDUHOGHVDUUROOR 5&(
&3795\7LIIHQHDX
GHDEVFHVRVVXEFXWQHRVHQHOOXJDUGHODELRSVLD/DVFRQWUDLQGLFDFLRQHV\ODV /DGLOLVLVVHUHVHUYDSDUDHOWUDWDPLHQWRGHORVVQWRPDV\VLJQRVGHXUHPLDSDUD
&37)(9\7LIIHQHDX
FRPSOLFDFLRQHV VRQVLPLODUHV D ODV GH OD WRUDFRFHQWHVLV /D UHQWDELOLGDG HOFRQWUROGHODVREUHFDUJDGHYROXPHQODKLSHUSRWDVHPLD\ODDFLGRVLVUHIUDFWDULD
&377LIIHQHDX\)(9
GLDJQVWLFDGHSHQGHGHODH[WHQVLQGHODDIHFWDFLQSOHXUDO&XDQWRPVH[WHQVD DOWUDWDPLHQWRFRQVHUYDGRU
&37)(9\)9&
VHDODDIHFWDFLQSOHXUDOPD\RUHVODUHQWDELOLGDGGHODELRSVLDSOHXUDO/DPD\RU 
&37)(9\3,0
UHQWDELOLGDGVHREWLHQHHQORVGHUUDPHVSOHXUDOHVWXEHUFXORVRV\HQQHRSODVLDV  8Q SDFLHQWH HV OOHYDGR D XUJHQFLDV HQ FRPD FRQ EUD]RV HQ IOH[LQ

 7RUDFRVFRSLD &XDQGR QR VH OOHJD DO GLDJQVWLFR GHO '3 FRQ ELRSVLD SOHXUDO DGGXFFLQ\VXSLQDFLQFRQPXHFDVIOH[LRQDGDV/DVSLHUQDVHVWQH[WHQGLGDV
5&% 
FLHJDVHKDUWRUDFRVFRSLDELHQSRUODWFQLFDFOVLFDRSRUYLGHRWRUDFRVFRSLD 3DUDODFODVLILFDFLQGH$VPDHVLPSRUWDQWHFRQRFHUFXQGRVHGHQRPLQD$VPD HQURWDFLQLQWHUQD\HOSLHHQIOH[LQSODQWDU6HDOHHOSRVLEOHQLYHOGHODOHVLQ
(OSDFLHQWH GHOTXH QRVKDEODQ HQHVWDSUHJXQWDWLHQH GDWRVTXH RULHQWDQD XQ
SHUPLWLHQGR OD YLVXDOL]DFLQ GLUHFWD GH OD SOHXUD \ OD WRPD GLULJLGD GH ELRSVLDV LQWHUPLWHQWH SHUVLVWHQWH OHYH SHUVLVWHQWH PRGHUDGD \ SHUVLVWHQWH JUDYH VREUH $ 'LHQFHIDOLFR
(32&WLSREURQTXLWLVFUQLFDIXPDGRUWRVH[SHFWRUDFLQKDELWXDOFDUGLRPHJDOLD
SOHXUDOHV (VW LQGLFDGD HQ WRGR '3 GH HWLRORJD QR DFODUDGD VL VH VRVSHFKD WRGRSRUTXHFDGDHVFDODGHODJUDYHGDGUHSUHVHQWDUXQVWHSRPHGLGDGLIHUHQWH % 0HVHQFHIOLFR
\DXPHQWRGHODWUDPD EURQFRYDVFXODUHQOD UDGLRJUDID6LQHPEDUJRWDPELQ
SDWRORJD QHRSOVLFD /D UHQWDELOLGDG RVFLOD HQ WRUQR DO  HQ OD SDWRORJD PHGLDQWH HO XVR GH EURQFRGLODWDGRUHV GH DFFLQ FRUWD GH DFFLQ ODUJD & 3URWXEHUDQFLDO
WLHQH GDWRV TXH QRV KDEODQ GH XQD ILEURVLV SXOPRQDU LGLRPWLFD DFURSDTXLDV
WXPRUDOQRGLDJQRVWLFDGDSRUORVSURFHGLPLHQWRVDQWHVFLWDGRV FRUWLFRVWHURLGHV LQKDODGRV R VLVWPLFRV YD RUDO R HQGRYHQRVD HQ DOJXQDV ' %XOEDU
FUHSLWDQWHVHQEDVHVSDWUQLQWHUVWLFLDOHQEDVHVFRQUHDVGHSDQDOL]DFLQ
7RUDFRWRPD/DWRUDFRWRPDDELHUWDSHUPLWHODYLVXDOL]DFLQGLUHFWDDVFRPR HPHUJHQFLDV ( 0HGXODU
3RU OR WDQWR WLHQH  HQIHUPHGDGHV UHVSLUDWRULDV TXH VH VXSHUSRQHQ XQD
OD WRPD GH ELRSVLDV GLULJLGDV D ODV ]RQDV SDWROJLFDV (V HO OWLPR HVFDOQ /D SUHJXQWD VH UHILHUH DO $VPD SHUVLVWHQWH PRGHUDGD TXH VH FDUDFWHUL]D SRU 
REVWUXFWLYD \ OD RWUD UHVWULFWLYD 3RU HOOR HO SDWUQ HVSLURPWULFR HVSHUDEOH VHU
GLDJQVWLFR$SHVDUGHODWRUDFRWRPDKD\XQSHTXHRSRUFHQWDMHGHGHUUDPHV VQWRPDV GLXUQRV TXH RFXUUHQ D GLDULR XVR GH PHGLFDFLQ GH DOLYLR GLDULR 5&$
PL[WR &37 EDMD SRU HO WUDVWRUQR UHVWULFWLYR\ )(9 H ,7 EDMRVSRU HO WUDVWRUQR
SOHXUDOHVTXHTXHGDQVLQGLDJQVWLFR VQWRPDV QRFWXUQRV TXH VH SUHVHQWDQ PV GH XQD YH] D OD VHPDQD EDVWDQWH
REVWUXFWLYR

ZZZYLOODPHGLFJURXSFRP 3JLQD_ 3JLQD_ ZZZYLOODPHGLFJURXSFRP

 7X[LWRQXHVWUR[LWR 7X[LWRQXHVWUR[LWR
$QWHXQSDFLHQWHHQFRPDODH[SORUDFLQQHXUROJLFDWLHQHFRPRSULQFLSDOILQDOLGDG $ $QHPLDGHWUDVWRUQRVFUQLFRV 5&% $ 3HULFDUGLWLVFRQVWULFWLYD
YDORUDUODJUDYHGDGGHOSDFLHQWH\HVWDEOHFHUODWRSRJUDIDOHVLRQDOGHOFRPD3DUD % $QHPLDIHUURSQLFD /D ORFDOL]DFLQ GHO WXPRU GH .ODWVNLQ HV HQ OD ELIXUFDFLQ GH ORV FRQGXFWRV % +HSDWLWLVDJXGDJUDYH
HOORKD\TXHYDORUDU & $QHPLDVLGHUREOVWLFD KHSWLFRVGHUHFKRHL]TXLHUGRUHVSXHVWDFRUUHFWD & (VTXLVWRVRPLDVLV
$FWLWXGGHOHQIHUPRHQUHSRVRXQHQIHUPRTXHSDUHFHGRUPLGR\TXHVHUDVFD ' $QHPLDPHJDOREOVWLFD  ' 6QGURPHGH%DQWL
QRSDGHFHSDWRORJDJUDYH ( %HWDWDODVHPLD  9DUQ GH  DRV FRQ YPLWRV GRORU VELWR HQ DEGRPHQ \ UHJLQ ( 6DUFRLGRVLV
1LYHOGHFRQFLHQFLDVHFXDQWLILFDPHGLDQWHODUHVSXHVWDDODYR]\DOGRORU  LQJXLQDO$ODSDOSDFLQVHDSUHFLDWXPRUDFLQGXUD\GRORURVD$XVHQFLDGHUXLGRV 
([DPHQGHODVSXSLODV 5&% LQWHVWLQDOHV ILHEUH QR HPLVLQ GH JDVHV QL KHFHV 4XH DFWLWXG FUHH 0(126 5&$
0RYLPLHQWRVRFXODUHV 8QD+EJG/FRQ9&0I/\+&0SJQRVFODVLILFDHVWDDQHPLDFRPR LQGLFDGD" /D SHULFDUGLWLV FRQVWULFWLYD RULJLQD XQD KLSHUWHQVLQ SRUWDO SRVWKHSWLFD FRQ
6LJQRVPHQQJHRV PLFURFWLFD H KLSRFUPLFD (VWR QRV SHUPLWH GHVFDUWDU GLUHFWDPHQWH OD DQHPLD $ 5[WUD[\DEGRPHQ HOHYDFLQGHODSUHVLQGHODVYHQDVVXSUDKHSWLFDVOLEUH
3DWUQUHVSLUDWRULR PHJDOREOVWLFDTXHHVXQDDQHPLDPDFURFWLFD$QWHXQDDQHPLDPLFURFWLFDHO % 5HGXFLUODKHUQLD 
5HVSXHVWDVPRWRUDVDODSOLFDUXQHVWPXORGRORURVRVHGHEHYDORUDVLH[LVWH GDWR PV LPSRUWDQWH SDUD SRGHU KDFHU HO GLDJQVWLFR GLIHUHQFLDO HV HO QLYHO GH & 5HDOL]DUKHUQLRUUDILD\UHVHFFLQGHLQWHVWLQRLQYLDEOH  /DWHUDSXWLFDLQLFLDOGHXQDVYDULFHVVDQJUDQWHVHV
SDUHVLD GH ODV H[WUHPLGDGHV \ VL OD UHVSXHVWD DO GRORU HV DSURSLDGD /DV IHUULWLQD VULFD 8Q YDORU SRU GHEDMR GH  PJ/ SUFWLFDPHQWH QRV FRQILUPD HO ' &RORFDFLQGHVRQGDQDVRJVWULFD $ 5HSRVLFLQGHODYROHPLD
UHVSXHVWDVLQDSURSLDGDVDSDUHFHQHQODH[WUHPLGDGQROHVLRQDGD\QRWLHQHQXQ GLDJQVWLFR GH DQHPLD IHUURSQLFD /D SUHVHQFLD GH XQ 7,%& !  PJG/ \ ( 6XHURWHUDSLD % 9DVRSUHVLQDLQWUDDUWHULDO
FDUFWHULQWHQFLRQDOORFDOL]DGRUGHOGRORUVLQRUHIOHMR VLGHUHPLDPJG/FRUURERUDHVWHGLDJQVWLFR$GHPVODFOQLFDH[SXHVWDHQ  & 6RQGDGH6HQJVWDNHQ%ODNHPRUHRGH/\QWRQ
(VWDVUHVSXHVWDVSDWROJLFDVVRQGRVSULQFLSDOHV OD SUHJXQWD HV OD FDUDFWHUVWLFD GH XQD DQHPLD IHUURSQLFD GH ODUJD HYROXFLQ 5&% ' 6RPDWRVWDWLQDLQWUDYHQRVD
y 5LJLGH] GH GHVFHUHEUDFLQ ODV H[WUHPLGDGHV VXSHULRUHV VH KLSHUH[WLHQGHQ GLVWLQJXLHQGRVQWRPDVVLJQRVJHQHUDOHVGHOVQGURPHDQPLFRDVWHQLDSDOLGH] 6HWUDWDGHXQDKHUQLDHVWUDQJXODGDHVGHFLUTXHHVWDIHFWDGDODLUULJDFLQGHO ( (VFOHURWHUDSLDFRQHWDQRODPLQD
DGXFHQ \ URWDQ PLHQWUDV TXH ODV LQIHULRUHV VH KLSHUH[WLHQGHQ (V LQGLFDWLYD GH WDTXLFDUGLDFHIDOHDHWF\HVSHFILFRVGHODDQHPLDIHUURSQLFDFRLORQLTXLDR FRQWHQLGR GHO VDFR KHUQDULR /RV VQWRPDV GH OD HVWUDQJXODFLQ VRQ XQD 
OHVLQPHVHQFHIOLFDRSURWXEHUDQFLDODOWD XDVHQFXFKDUD\HVFOHUWLFDVD]XOHV WXPRUDFLQGXUD\GRORURVDDFRPSDDGDGHDEGRPHQDJXGR(OWUDWDPLHQWRGH 5&$
y 5LJLGH] GH GHFRUWLFDFLQ ODV H[WUHPLGDGHV VXSHULRUHV HVWQ HQ DGGXFFLQ  HOHFFLQ GHEH VHU OD FLUXJD LQPHGLDWD 1XQFD VH GHEH LQWHQWDU OD UHGXFFLQ $QWHXQFXDGURGHKHPRUUDJLDGLJHVWLYDDOWDGHEHKDFHUVHLQLFLDOPHQWHPDQWHQHU
URWDFLQ LQWHUQD \ IOH[LQ ODV LQIHULRUHV VH KLSHUH[WLHQGHQ $SDUHFH HQ OHVLRQHV  (Q FXO GH ODV VLJXLHQWHV ORFDOL]DFLRQHV DQDWPLFDV HV PV PDQXDO GH XQD KHUQLD HVWUDQJXODGD SRU HO ULHVJR TXH VXSRQH UHLQWHJUDU XQD ODSHUPHDELOLGDGGHODVYDVDUHDVFRORFDFLQGHYDVGHSHUIXVLQ\UHSRVLFLQ
ELODWHUDOHVGHORVKHPLVIHULRVFHUHEUDOHVFRQGDRGLHQFHIOLFR IUHFXHQWHODSLWLULDVLVYHUVLFRORU" YVFHUDQHFURVDGDLQFOXVRHQPXFKRVFDVRVSHUIRUDGD GHODYROHPLDUHVSXHVWDFRUUHFWD
 &RGRV\URGLOODV  
 5HVSHFWRDOLFWXVHPEOLFR&XOHV,1&255(&7$" 'RUVRGHPDQRV\SLHV  /DXUJHQFLDTXLUUJLFDGHXQDKHUQLDYLHQHGDGDSRU  &XOGHODVVLJXLHQWHVPDQLIHVWDFLRQHVFOQLFDVHVH[FHSFLRQDOPHQWH
$ /D FDXVD PV IUHFXHQWH GH FDUGLRSDWD HPEROJHQD HV OD ILEULODFLQ 3HFKR\HVSDOGD $ ,QFDUFHUDFLQ UDUDHQHOSDFLHQWHFRQDSHQGLFLWLVDJXGD"
DXULFXODU &DUD\FXHOOR % &RQWHQLGRGHYHMLJDXULQDULD $ $OLQLFLRGRORUDEGRPLQDOGHWLSRYLVFHUDOGHORFDOL]DFLQSHULXPELOLFDO
% /RV LQIDUWRV FDUGLRHPEOLFRV VH FDUDFWHUL]DQ SRU DIHFWDU VLHPSUH DO *UDQGHVSOLHJXHV & (GDGGHOSDFLHQWH RHSLJVWULFR
PLVPRWHUULWRULRYDVFXODUFHUHEUDO  ' (VWUDQJXODFLQ % $QRUH[LD
& /DVYDOYXORSDWDVVRQFDXVDIUHFXHQWHGHHPEROLDVGHRULJHQFDUGLDFR 5&& ( )LEURVLVGHODQLOOR & 1DXVHDV\YPLWRVTXHSUHFHGHQDOGRORU
' (O VLVWHPD YHQRVR SURIXQGR SHULIULFR SXHGH SURGXFLU HPEROLDV 3UHJXQWDVHQFLOODDFHUFDGHODPLFRVLVPVIUHFXHQWHODSLWLULDVLVYHUVLFRORUTXH  ' 'RORUDODSDOSDFLQGHODIRVDLODFDGHUHFKD
SDUDGMLFDV HVWFDXVDGDSRUODOHYDGXUD3LW\URVSRUXPRYDOHTXHHQVXIRUPDSDWJHQDVH 5&' ( 3RODTXLXULD\GLVXULD
( /DV FRQYXOVLRQHV WUDV XQ LQIDUWR FHUHEUDO VH SURGXFHQ FRQ PD\RU GHQRPLQD 0DODVVH]LD IXUIXU $IHFWD VREUH WRGR D SDFLHQWHV MYHQHV \ (QFDVRGHTXHXQDKHUQLDHVWHVWUDQJXODGDTXLHUHGHFLULVTXHPLD\SXHGHVXIULU 
IUHFXHQFLD FXDQGR HO LFWXV WLHQH RULJHQ HPEOLFR \ QR VH DVRFLDQ FRQ LQIDUWRV FOQLFDPHQWH VH FDUDFWHUL]D SRU PDQFKDV KLSR R KLSHUFUPLFDV GH SUHGRPLQLR QHFURVLVHQSRFRWLHPSRORTXHGDURULJHQGHVHSVLV3RUORWDQWRDQWHXQDKHUQLD 5&&
ODFXQDUHVHQODVXVWDQFLDEODQFDSURIXQGD WURQFXODU0XFKRVGHORVSDFLHQWHVDFXGHQWUDVREVHUYDUVHODHVSDOGDRHOSHFKR HVWUDQJXODGD QR TXH HV XQD XUJHQFLD TXLUUJLFD SRUTXH H[LVWH XQ FRPSURP (QHOGHORVFDVRVDSDUHFHQQXVHDV\YPLWRVDXQTXHHVWRVUDUDYH]
 OOHQRGHPDQFKDVTXHQROHSURGXFHQQLQJXQDFOQLFD LQWHVWLQRUHVSXHVWDFRUUHFWD VRQSURIXVRVRSURORQJDGRV(VH[WUDRUGLQDULDPHQWHUDURTXHHOHQIHUPRWHQJD
5&%   QXVHDV\YPLWRVDQWHVGHTXHDSDUH]FDHOGRORU(OUHVWRGHPDQLIHVWDFLRQHV
8QD FDUDFWHUVWLFD GH ORV LQIDUWRV FDUGLRHPEOLFRV HV OD SRVLELOLGDG GH DIHFWDU  9DUQ GH  DRV +DFH XQ DR GH IRUPD VELWD OH LQYDGL OD  (OPHGLDVWLQRPHGLRFRQWLHQHH[FHSWR FOQLFDVVVRQFDUDFWHUVWLFDVGHODDSHQGLFLWLVDJXGD
VLPXOWQHDPHQWH D YDULRV WHUULWRULRV YDVFXODUHV D GLIHUHQFLD GH ORV LQIDUWRV SRU VHQVDFLQGHTXHWRGDVODVFRVDVWHQDQXQDOPD\SRUHOORKDEDTXHTXHUHUODV D3HULFDUGLR 
DWHURWURPERVLVTXHDIHFWDQDOWHUULWRULRGHODDUWHULDOHVLRQDGD QRHQFRQWUDEDH[SOLFDFLQDHVWDFRQYLFFLQ$ODYH]FRPHQ]DHVFXFKDUXQDV E$RUWDDVFHQGHQWH  /DKHUQLDLQJXLQDOGLUHFWDVHGHEHD
 YRFHV TXHOHFRPHQWDEDQVXVDFWRV\ OHVXJHUDQORTXHGHEDKDFHU1RKXER F7URQFRSXOPRQDU $ 3HUVLVWHQFLDGHOFRQGXFWRSHULWRQHRYDJLQDO
 &XO GH ORV VLJXLHQWHV 12 HV XQ FULWHULR GLDJQVWLFR GH OXSXV FDPELRVVLJQLILFDWLYRVHQODDIHFWLYLGDGGHOSDFLHQWHQLVHGHWHFWDURQDOWHUDFLRQHV GDRUWDGHVFHQGHQWH % 'HELOLGDGGHOOLJDPHQWRGH&RZSHU
HULWHPDWRVRVLVWPLFR" PRWRUDV(OGLDJQVWLFRPVSUREDEOHHV H9HQDFDYDVXSHULRU & 5RWXUDGHOOLJDPHQWRGH*LPEHUQDW
$ $QHPLDKHPROWLFDOHXFRFLWRVLVPVGHPFOFRQOLQIRFLWRVLVR $ (VTXL]RIUHQLDVLPSOH  ' 'HELOLGDG GH OD IDVFLD GHO PVFXOR REOLFXR LQIHULRU HQ HO UHD GH
WURPERFLWRVLVPVGHPFO % (VTXL]RIUHQLDGHVRUJDQL]DGD 5&' +HVVHOEDFK
% 3UXHED9'5/IDOVDPHQWHSRVLWLYD & (VTXL]RIUHQLDFDWDWQLFD 0HGLDVWLQRDQWHULRU 0HGLDVWLQRPHGLR 0HGLDVWLQRSRVWHULRU ( 1LQJXQDGHODVDQWHULRUHVHVFLHUWD
& 7WXOR DQRUPDO GH $1$ PHGLDQWH LQPXQRIOXRUHVFHQFLD HQ FXDOTXLHU ' (VTXL]RIUHQLDSDUDQRLGH x 7LPR x 3HULFDUGLR x (VIDJR 
PRPHQWRGHVSXVGHGHVFDUWDUHOGDRSRUPHGLFDPHQWRVTXHSURGXFHQ$1$ ( (VTXL]RIUHQLDLQGLIHUHQFLDGR x 0XVFXOR FRUD]Q x 7URQFRV 5&(
' &RQYXOVLRQHVVLQQLQJXQDRWUDFDXVD  WULDQJXODUGHOHVWHUQQ x $RUWD YDJDOHV /DKHUQLDLQJXLQDOGLUHFWDVHSURGXFHIXQGDPHQWDOPHQWHSRUGHELOLGDGGHODIDVFLD
( OFHUDVEXFDOHV\QDVRIDUQJHDVREVHUYDGDVSRUHOPGLFR 5&' x 9DVRV DVFHQGHQWH x $UWHULD GHOPVFXORWUDQVYHUVR\QRGHOREOLFXRLQIHULRUHQHOUHDGH+HVVHOEDFK3RU
 /D HVTXL]RIUHQLD SDUDQRLGH VH GLDJQRVWLFD HQ SUHVHQFLD GH GHOLULRV \ PDPDULRVLQWHUQRV x *UDQGHV DRUWDGHVFHQGHQWH WDQWRQLQJXQDGHODVRSFLRQHVDQWHULRUPHQWHGHILQLGDVHVFRUUHFWD
5&$ DOXFLQDFLRQHV FXDQGR QR KD\ XQD DOWHUDFLQ JUDYH GH OD DIHFWLYLGDG ( x /LJDPHQWRV YDVRV x &RQGXFWR 
(O FULWHULR HV DQHPLD KHPROWLFD R OHXFRSHQLD PHQRV GH PFO OLQIRSHQLD GHVRUJDQL]DGDQLHQHOUHDPRWRUD (FDWDWQLFD/DSUHVHQFLDGH GHOLULRV\ HVWHUQRSHULFUGLFRV x 1HUYLRV WRUFLFR  6HDOHODDFWLWXGWHUDSXWLFDDQWHXQDDSHQGLFLWLVGHPVGHKRUDV
PHQRV GH PFO R WURPERSHQLD PHQRV GH PFO GHVSXV GH DOXFLQDFLRQHVGHVFDUWDOD(VLPSOH/D(LQGLIHUHQFLDGDVHUHVHUYDSDUDDTXHOORV IUQLFRV x 7URQFRV FRQXQSODVWUQVLQDEFHVLILFDFLQ
GHVFDUWDUGDRLDWURJQLFRSRUPHGLFDPHQWRV FDVRVHQORVTXHQRUHVXOWDSRVLEOHGHFLGLUHOVXEWLSR x 9DVRV VLPSWLFRV $ $SHQGLFHFWRPDXUJHQWH
  SHULFDUGLRIUQLFRV x 9HQD % 'UHQDMH\UHWUDVDUDSHQGLFHFWRPD
 $FXGH D VX FRQVXOWD XQD PXMHU GH  DRV DTXHMDGD GH DVWHQLD \  &XOHVODORFDOL]DFLQGHOWXPRUGH.ODWVNLQ" x 3HGFXORV FLJRV & +HPLFROHFWRPDGHUHFKD
FHIDOHD$ODH[SORUDFLQIVLFDGHVWDFDSDOLGH]GHPXFRVDVWDTXLFDUGLDXDVHQ $ 9OYXODLOHRFHFDO SXOPRQDUHV x 9HQD ' $QWLELWLFRV\DSHQGLFHFWRPDHOHFWLYD
FXFKDUD \ HVFOHUWLFDV D]XOHV (Q OD DQDOWLFD GHVWDFD XQD KHPRJORELQD GH  % %LIXUFDFLQGHORVFRQGXFWRVKHSWLFRV x 3OH[RV KHPLFLJRV ( 6RORDQWLELWLFRV
JGO FRQ 9&0 GH  I/ \ +&0 GH  SJ (O HVWXGLR IHUURFLQWLFR DUURMD ORV & &RQGXFWRGH6DQWRULQL FDUGDFRVSURIXQGRV 
VLJXLHQWHVUHVXOWDGRV7,%&"JG/VLGHUHPLDPJG/\IHUULWLQDVULFD ' (VSDFLRUHWURIDUQJHR  5&'
PJ/ &RQ WRGR OR DQWHULRUPHQWH PHQFLRQDGR &XO HV HO GLDJQVWLFR GH ( 'LYHUWFXORGH0HFNHO  7RGDV ODV VLJXLHQWHV HQIHUPHGDGHV SURGXFHQ KLSHUWHQVLQ SRUWDO GH (O WUDWDPLHQWR KDELWXDO GH XQD DSHQGLFLWLV HV OD FLUXJD XUJHQWH VLQ OD
SUHVXQFLQ"  FDXVDLQWUDKHSWLFD(;&(372 DGPLQLVWUDFLQGHOD[DQWHVHQHPDVQLDQWLELWLFRV/DQLFDFLUFXQVWDQFLDHQTXH

ZZZYLOODPHGLFJURXSFRP 3JLQD_ 3JLQD_ ZZZYLOODPHGLFJURXSFRP

 7X[LWRQXHVWUR[LWR 7X[LWRQXHVWUR[LWR
QRHVWLQGLFDGDODLQWHUYHQFLQHVFXDQGRH[LVWHXQDPDVDSDOSDEOHDGDV % 3ROLKLGUDPQLRV ' (OWUDWDPLHQWRFRQVLVWHHQORVDQWLELWLFRVDSURSLDGRV\SRUORJHQHUDO  3DFLHQWHTXHDFXGHSRUKHPRUUDJLDJHQLWDOFRQKLSHUWRQDXWHULQDVH
GHVSXVGHOFRPLHQ]RGHORVVQWRPDV(OWUDWDPLHQWRHQHVWRVFDVRVFRQVLVWHHQ & $FUHWLVPRSODFHQWDULR DOJQWLSRGHGUHQDMH OHSUDFWLFD(&2GLDJQRVWLFQGROHGHVSUHQGLPLHQWRSUHFR]GHSODFHQWDHOUHJLVWUR
OD DGPLQLVWUDFLQ GH DQWLELWLFRV GH DPSOLR HVSHFWUR OTXLGRV SDUHQWHUDOHV \ ' 0DFURVRPDIHWDO ( 6LHODEVFHVRVHURPSHGHQWURGHOSHULWRQHRODPRUELOLGDG\PRUWDOLGDG FDUGLRWRFRJUILFRHV QRUPDO(QODDQDOWLFD GHVWDFDSODTXHWDV GH FF 73
UHSRVRFRQORTXHOD PDVD\ORVVQWRPDVVXHOHQUHPLWLU HQXQDVHPDQD6OR ( 3DUWRSRGOLFR SRULQIHFFLQGLVHPLQDGDVHUFRQVLGHUDEOH GHOILEULQJHQRGH\DXPHQWRGH3')6XDFWXDFLQLQPHGLDWDVHU
WUDVXQLQWHUYDORGHPHVHVSXHGH\GHEHKDFHUVHODDSHQGLFHFWRPDGHPRUDGD   $ ,QGXFFLQDOSDUWRSRUYDYDJLQDO
5HVSXHVWDFRUUHFWD 5&' 5&& % 5HSRVLFLQ GH IDFWRUHV GH FRDJXODFLQ H LQWHQWDU PDQWHQHU HO
 9HDPRVHOVLJXLHQWHFXDGURSURYHQLHQWHGHOHVWXGLR+$327KH+\SHUJO\FHPLD 6L HO DEVFHVR HV DQWHULRUFRPR RFXUUH HQ HO ORFDOL]DGR HQWUH ORV OLJDPHQWRVRV HPEDUD]R
 &XO HV OD PHGLGD LQLFLDO LQGLFDGD HQ XQ SDFLHQWH FRQ REVWUXFFLQ DQG$GYHUVH3UHJQDQF\2XWFRPH TXL] VH GHVFXEUD XQD WXPRUDFLQ GRORURVD \ IOXFWXDQWH SRU H[SORUDFLQ & &HVUHD\H[WUDFFLQ
LQWHVWLQDO"  DEGRPLQDO(OH[DPHQJLQHFROJLFRVXHOHVHUPX\WLO(ODEVFHVRGHOIRQGRGH ' 3DUWRYDJLQDOFRQIUFHSV
$ +LGUDWDFLQLQWHQVLYD VDFRGH'RXJODVVREUHVDOHHQHOIRQGRGHVDFRSRVWHULRUGHODYDJLQD\GHVSOD]D ( 7RFROWLFRV,9
% 6RQGDQDVRJVWULFD HOFXHOORXWHULQRDXQODGR 
& $QWLELWLFRV  5&&
' &LUXJD  0XMHU GH  DRV FRQ DVWHQLD DQRUH[LD SUGLGD GH SHVRWRV VHFD 6HJQ OD FOQLFD QRV HQFRQWUDPRV DQWH XQD FODUD DEUXSWLR SODFHQWDH SHUR
 FRLWDOJLD \ DOWHUDFLRQHV PHQVWUXDOHV FRQ OHXFRUUHD EODQFRDPDULOOHQWD (Q OD WHQHPRV XQD DQDOWLFD FRPSDWLEOH FRQ DOWHUDFLQ JUDYH GH OD FRDJXODFLQ
5&$ HFRJUDIDVHYLVXDOL]DQODVWURPSDV\HQODELRSVLDHQGRPHWULDOKD\DXPHQWRGH 7HQHPRVSODTXHWRSHQLDGHVFHQVRGHOILEULQJHQR\GHOWLHPSRGHSURWURPELQD
/RV SDFLHQWHV FRQ FDUDFWHUVWLFDV FOQLFDV GH REVWUXFFLQ LQWHVWLQDO UHTXLHUHQ ORVIROFXORVOLQIRLGHV&XOFUHHHOGLDJQVWLFRPVSUREDEOH" MXQWRFRQDXPHQWRGH3')TXHQRVKDFHQVRVSHFKDUODLQVWDXUDFLQGHXQD&,'
LQJUHVRHQHOKRVSLWDOSDUDHOPDQHMRLQLFLDOTXHLQFOX\HODWHUDSLDLQWUDYHQRVDGH  $ 7%&JHQLWDO /R SULPHUR TXH KD\ TXH KDFHU HV WHUPLQDU HO HPEDUD]R OD LQGXFFLQ GHO SDUWR
IOXLGRV \ UHSRVLFLQ GH HOHFWUROLWRV HQ OD SUHSDUDFLQ SDUD OD FLUXJD VL HVW 3RUWDOPRWLYRODVFRPSOLFDFLRQHVIHWDOHVPVIUHFXHQWHVHQRUGHQGHLPSRUWDQFLD % (3,SRU&KODP\GLD VHUD FRVWRVD HQ WLHPSR GHO TXH FDUHFHPRV HQ HVWD VLWXDFLQ SRU OR TXH OD
LQGLFDGD R FRPR XQ HOHPHQWR GH PDQHMR QR RSHUDWRULR $GHPV 132 VRQ0DFURVRPDIHWDOSROLKLGUDPQLRV\PXHUWHIHWDOLQH[SOLFDGD & 9DJLQLWLVLQHVSHFILFD VROXFLQPVLQPHGLDWDHVODSUFWLFDGHXQDFHVUHD(QHOFDVRGHTXHHOIHWR
FRORFDFLQGH61*SDUDGHVFRPSUHVLQJDVWURLQWHVWLQDO\PDQHMRGHOGRORU  ' *RQRFRFLD HVWXYLHUDPXHUWRRQRIXHUDYLDEOHQRHVHOFDVRGHODSUHJXQWDVHSXHGHLQWHQWDU
  'HORVVLJXLHQWHVIDFWRUHVSDUDFQFHUGHHQGRPHWULR&XOHVHOGH ( (PEDUD]RHFWSLFR HOSDUWRSRUYDYDJLQDOFRQDPQLRWRPDHLQGXFFLQFRQR[LWFLFRVSHURVHGHEH
 3ULPLJHVWD GH  DRV LQJUHVD HQ VX  VHPDQD GH JHVWDFLQ FRQ PD\RUULHVJRUHODWLYR"  UHFXUULU D FHVUHD VL HO SDUWR VH SURORQJD PV DOO GH ODV VHLV KRUDV&RQYLHQH
FRQWUDFFLRQHV UHJXODUHV $ OD H[SORUDFLQ HO FUYL[ HVW ERUUDGR \ FRQ XQD $ +LSHUSODVLDHQGRPHWULDODWSLFD 5&$ DDGLU TXH OD UHVSXHVWD GHO WHUR D ORV R[LWFLFRV VH YH GLVPLQXGD DQWH OD
GLODWDFLQGHFP\VHREMHWLYDSUHVHQWDFLQSRGOLFDGHQDOJDVSXUDVHQ,,SODQR % 1XOLSDULGDG /D IRUPD FOQLFD PV IUHFXHQWH GH OD WXEHUFXORVLV JHQLWDO HV OD DVLQWRPWLFD (O SUHVHQFLD GH 3') D FRQFHQWUDFLRQHV HOHYDGDV TXH LQKLEHQ OD FRQWUDFWLOLGDG
6HDOHODFRQGXFWDREVWWULFDFRUUHFWD & 0HQRSDXVLD7DUGD FXDGUR FOQLFR UHIOHMD XQ VQGURPH FRQVWLWXFLRQDO PV VQWRPDV UHVSLUDWRULRV PLRPHWULDO8QDYH]WHUPLQDGDODJHVWDFLQODFRQGXFWDSULQFHSVVHUHOFRQWURO
$ 7UDWDPLHQWRWRFROWLFRLY\FRUWLFRLGHVSDUDODPDGXUDFLQSXOPRQDU ' 2EHVLGDG GHQWUR GHO DSDUDWR JHQLWDO HO VQWRPD PV IUHFXHQWH HV HO GRORU ORFDOL]DGR HQ \PRQLWRUL]DFLQGHODFRDJXODFLQ\GHODIXQFLQUHQDOGHODSDFLHQWH
% 'HMDUHYROXFLRQDUHOSDUWRGHIRUPDHVSRQWQHD\DSOLFDUODPDQLREUD ( 'LDEHWHV0HOOLWXV DPEDV IRVDV LOLDFDV \ HQ KLSRJDVWULR TXH HQ RFDVLRQHV VH SXHGH H[DFHUEDU 
GH0DXULFHDXSDUDODH[WUDFFLQGHODFDEH]DIHWDO  GXUDQWH HO FRLWR (O FLFOR PHQVWUXDO VXHOH VHU QRUPDO SHUR VH SXHGH DOWHUDU GH  8QDPXMHUGLDEWLFDFRQVXOWDSRUDPHQRUUHDGHVHPDQDV$OKDFHUOH
& )LQDOL]DUHOSDUWRPHGLDQWHFHVUHD 5&$ GLVWLQWDV IRUPDV (Q FDVR GH WXEHUFXORVLV FHUYLFDO SXHGH DSDUHFHU OHXFRUUHD HOWHVWGHHPEDUD]RODLQIRUPDPRVTXHHVWHPEDUD]DGDDODKRUDGHH[SOLFDUOH
' 5HDOL]DUXQDUDGLRJUDIDVLPSOHGHDEGRPHQSDUDGHWHUPLQDUODDFWLWXG DEXQGDQWH \ HVSHVD (O VQWRPD PV FRPQ \ FRQ IUHFXHQFLD HO QLFR HV OD HO FRQWURO GH VX HPEDUD]R \ HO GH OD LQVXOLQD VOR XQD GH ODV VLJXLHQWHV
GHODFDEH]DIHWDO LQIHUWLOLGDG'HQWURGHOHQGRPHWULRVHVXHOHQREVHUYDUJUDQXORPDVHSLWHOLDOHVDV DVHYHUDFLRQHVHVFRUUHFWD
( 5HDOL]DU XQD SUXHED GH SDUWR \ VL OD UHVSXHVWD HV IDYRUDEOH GHMDU FRPRIROFXORVGH.VWHUHQODFDSDEDVDOHQDOJXQRVFDVRVVHREVHUYDQFRPR $ (PSH]DUDQRWDUXQDXPHQWRGHODVQHFHVLGDGHVSULQFLSDOPHQWHHQ
HYROXFLRQDUSRUYDYDJLQDO QLFRVLJQRDEXQGDQWHVIROFXORVOLQIRLGHVVLWXDGRV HQODSRUFLQVXSHUILFLDO GHO HOSULPHUWULPHVWUH
 HQGRPHWULR % /DV QHFHVLGDGHV GH LQVXOLQD FRPHQ]DUDQ D GLVPLQXLU DO VHJXQGR
5&&  WULPHVWUH
/DSULPLSDULGDG\ODSUHPDWXULGDGVRQGRVLQGLFDFLRQHVGHFHVUHDHOHFWLYDHQOD  3DFLHQWH GH  DRV TXH SUHVHQW KHPRUUDJLD \ FRQWUDFFLRQHV FRQ & (OFRQWUROGHODVJOXFHPLDVHVPVIFLOHQHOWHUFHUWULPHVWUH
SUHVHQWDFLQ GH QDOJDV 2WUDV LQGLFDFLRQHV VRQ SHOYLV DQPDOD SUHVHQWDFLQ H[SXOVLQ GH PDWHULDO GXUDQWH ODV PLVPDV HQ OD VHPDQD  GH JHVWDFLQ 1R ' 0X\ SUREDEOHPHQWH GHVSXV GHO SDUWR YROYHU D WHQHU ODV PLVPDV
SRGOLFDLQFRPSOHWD'%3PD\RUGHPP\FDEH]DHQDFWLWXGGHIOH[LRQDGDDV FRQVXOW D IDFXOWDWLYR SRU GLFKR PRWLYR 'RV VHPDQDV GHVSXV DFXGH D QHFHVLGDGHVGHLQVXOLQDTXHDQWHVGHOHPEDUD]R
FRPR RWURV IDFWRUHV DVRFLDGRV SDWRORJD PDWHUQD IHWDO GH OD SODFHQWD R GHO 85*(1&,$6SRUILHEUHGHKDVWD|&FRQGRORUHQKLSRJDVWULR\HOLPLQDFLQGH ( /DVUHSHUFXVLRQHVRUJQLFDVGHVXGLDEHWHVQRVHYHUQLQIOXHQFLDGDV
FRUGQ+R\HQGDH[LVWH XQJUDQGHEDWHVREUHVLWRGD SUHVHQWDFLQ SRGOLFD UHVWRVPDOROLHQWHV6XVRVSHFKDGLDJQVWLFDVHU SRUHOHPEDUD]R
GHEHVHULQGLFDFLQGHFHVUHDHOHFWLYD\DTXHKD\HVWXGLRVFRQWURYHUWLGRVVREUH $ 0RODFRPSOHWD 
PRUELPRUWDOLGDGPDWHUQRIHWDO$ODHVSHUDGHQXHYRVHVWXGLRVODDFWLWXGHQHVWH % 0RODLQFRPSOHWD 5&'
PRPHQWRHQQXHVWURPHGLRVHUDODUHDOL]DFLQGHXQDFHVUHD & $ERUWRFRQLQIHFFLQVHFXQGDULD (Q OD JHVWDQWH QRUPDO ODV UHSHUFXVLRQHV GHO HPEDUD]R VREUH VX KRPHVWDVLV
 ' $PHQD]DGHDERUWR KLGURFDUERQDGD FRQVLVWHQ HQ XQD KLSHUWURILD GH ORV LVORWHV GH /DQJHUKDQV OD
 (QUHODFLQFRQHOFLFORJHQLWDOIHPHQLQR12HVFLHUWRTXH ( ,QIHFFLQGHRULQD FRQVLJXLHQWHKLSHULQVXOLQHPLDMXQWRFRQXQDXPHQWRGHODUHVLVWHQFLDSHULIULFDD
$ (ORYRFLWRGH SULPHURUGHQVH HQFXHQWUDHQODSURIDVHGHODSULPHUD  ODLQVXOLQD(VWRSURYRFDUXQDWHQGHQFLDDODKLSRJOXFHPLDHQD\XQDVHOHYDFLQ
PHLRVLV  5&& GHORVOSLGRVSODVPWLFRV\XQDKLSHUDPLQRDFLGHPLD7DOHVDOWHUDFLRQHVMXVWLILFDQ
(OPD\RUIDFWRUGHULHVJR55DHVODKLSHUSODVLDHQGRPHWULDO$7,3,&$(O
% (QODWHFDH[LVWHQUHFHSWRUHVGH/+ 3DUDDQDOL]DUHVWHFDVRKHPRVGHSHQVDUHQODHYROXFLQFOQLFDGHODSDFLHQWH SOHQDPHQWHHODXPHQWRSURJUHVLYRGHODVQHFHVLGDGHVGHLQVXOLQDHQODGLDEWLFD
JUDGRGHDWLSLDLQGLFDODSUHVHQFLDGHFOXODVLQGLIHUHQFLDGDV
& /DLQKLELQDVHVLQWHWL]D HQODJUDQXORVD HLQKLEHVHOHFWLYDPHQWH DOD (QODSULPHUDSDUWHGHODSUHJXQWDWHQHPRVXQDDPHQRUUHDGHVHPDQDVPV HPEDUD]DGD 3RU OR WDQWR ODV QHFHVLGDGHV GH LQVXOLQD VHUQ FUHFLHQWHV VHJQ

/+ PHWURUUDJLDHVWDFOQLFDHVFRPSDUWLGDWDQWRSRUHODERUWRHQFXDOTXLHUDGHVXV YD\D DYDQ]DQGR HO HPEDUD]R QR GLVPLQX\HQGR KDVWD TXH QR VH SURGX]FD HO
 (O DEVFHVR SOYLFR SXHGH VHJXLU D LQIHFFLQ SOYLFDFLUXJD SOYLFD
' 'XUDQWHODIDVHVHFUHWRUDVHSURGXFHODWUDQVIRUPDFLQGHFLGXDOGHO IRUPDV FOQLFDV FRPR SRU OD PROD PXFKDV YHFHV HWLTXHWDGDV LQLFLDOPHQWH GH WUPLQRGHOHPEDUD]R3RUHVWHPLVPRPRWLYRHOFRQWUROGHODVFLIUDVGHJOXFHPLD
VHSWLFHPLDHQGRPHWULWLVSXHUSHUDODSHQGLFLWLVSHULWRQLWLVGHFXDOTXLHUFDXVD(O
HVWURPDSRUDFFLQGHODSURJHVWHURQD DPHQD]D GH DERUWR /R TXH QRV GD OD FODYH SDUD OD UHVSXHVWD FRUUHFWD HV OD VHFRPSOLFDUWDPELQKDFLDHOWHUFHUWULPHVWUH$GHPVHOHPEDUD]RDFHQWXDU
DEVFHVRSXHGHORFDOL]DUVHHQHOIRQGRGHVDFRGH'RXJODVHQWUHODVKRMDVGHO
( /DOLEHUDFLQGH/+\)6+GXUDQWHODRYXODFLQHVSURYRFDGDSRUXQ VHJXQGDSDUWHGHODSUHJXQWDDOLQGLFDUQRVHOGDWRFODYHGHODILHEUH(VWHGDWRVH ODWHQGHQFLDKDFLDODFHWRDFLGRVLV\DFWXDUGHVIDYRUDEOHPHQWHVREUHODVOHVLRQHV
OLJDPHQWRDQFKRELHQVHUWXERRYULFR(OLJHODUHVSXHVWD)$/6$
PHFDQLVPRGHUHWURDOLPHQWDFLQSRVLWLYD SXHGH GDU WDPELQ HQ OD LQIHFFLQ GH RULQD SHUR HO DQWHFHGHQWH UHVHDGR GH YDVFXODUHVUHWLQLDQDV\UHQDOHVGHODGLDEHWHV
$ 6LODJRQRUUHDHVODFDXVDSULPDULDHOH[XGDGRSXUXOHQWRQRFRQWLHQH
 DPHQRUUHDPVPHWURUUDJLDMXQWRDODH[SXOVLQGHUHVWRVPDOROLHQWHVQRVKDFHQ 
HOPLFURRUJDQLVPR\DTXHHQHVWDVFLUFXQVWDQFLDVHVGHYLGDPX\EUHYH
5&& GHVFDUWDUHVWDRSFLQ/DQLFDRSFLQTXHFXPSOHWRGDVODVSUHPLVDVHVODGH  8QDPXMHUREHVDSRVWPHQRSXVLFDGHDRVFRQVXOWDSRUVDQJUDGR
% /RV VLJQRV \ VQWRPDV GH DEVFHVR SOYLFR VRQ DXPHQWR GH
/D LQKLELQD LQKLEH VHOHFWLYDPHQWH D OD )6+ TXH HMHUFH VX DFFLQ VREUH OD DERUWRVHFXQGDULDPHQWHLQIHFWDGR/DVFRPSOLFDFLRQHVPVIUHFXHQWHVGHODERUWR YDJLQDO (Q HO H[DPHQ JLQHFROJLFR HO FXHOOR PXHVWUD XQ DVSHFWR VDQR \ HO
WHPSHUDWXUD \ SXOVR GRORU SOYLFR  HQ OD SRUFLQ LQIHULRU GHO DEGRPHQ \
JUDQXORVD VRQODKHPRUUDJLD\ODLQIHFFLQ/DVKHPRUUDJLDVPVLPSRUWDQWHVVHSURGXFHQ 3DSDQLFRODXSUHVHQWDFOXODVHQGRPHWULDOHV/DELRSVLDGHHQGRPHWULRUHYHODXQD
OHXFRFLWRVLV
 VLVHGHVDUUROODXQD&,'SRUXQDERUWRGLIHULGRRDVRFLDFLQDVHSVLV/DLQIHFFLQ KLSHUSODVLDDWSLFD&XOVHUDHOWUDWDPLHQWRPVFRUUHFWR"
& 6LHODEVFHVRHVWHQ'RXJODVVHGHVFXEUHXQDWXPRUDFLQGRORURVD
 (QODGLDEHWHVJHVWDFLRQDOVHSUHVHQWDFRQPD\RUIUHFXHQFLD HVSRFRIUHFXHQWHVLVHWUDWDHODERUWRGHPRGRSUHFR]\DGHFXDGDPHQWH $ ([DPHQFOQLFR\ELRSVLDVHPHVWUDOPHQWH
\IOXFWXDQWHSRUH[SORUDFLQDEGRPLQDO
$ 0XHUWHIHWDODOWDHQGLDEWLFDV$  % 7UDWDPLHQWRKRUPRQDOFRPELQDGRHVWUJHQRV\JHVWDJHQRV

ZZZYLOODPHGLFJURXSFRP 3JLQD_ 3JLQD_ ZZZYLOODPHGLFJURXSFRP

 7X[LWRQXHVWUR[LWR 7X[LWRQXHVWUR[LWR
& 7UDWDPLHQWRFRQSURJHVWHURQDGXUDQWHPHVHV  (Q JHVWDQWHV FRQ SLHORQHIULWLV GHEH WHQHU XQ VHJXLPLHQWR RULJLQDSRUHOGHSVLWRGHILEULQDHQORVFDSLODUHVUHQDOHV\ODDSDULFLQGHXQULQ 
' +LVWHUHFWRPDWRWDO\GREOHDQH[HFWRPD SRVWUDWDPLHQWR SRU OD HYHQWXDOLGDG GH SUHVHQWDU XQD QXHYD LQIHFFLQ XULQDULD GHVKRFNFRQQHFURVLVGHODFRUWH]DUHQDO2WUDVFRPSOLFDFLRQHVVRQODDSRSOHMD 5&'
( +LVWHUHFWRPDVLPSOH &RQTXIUHFXHQFLDGHEHKDFHUVHHOFRQWUROGHXURFXOWLYR" XWHURSODFHQWDULD R WHUR GH &RXYHODLUH TXH FRQVLVWH HQ XQD LQILOWUDFLQ 5HFXHUGDTXHHOIHWRSDUWLFLSDGHODIRUPDFLQGHVXSURSLROTXLGRDPQLWLFRGH
 $ 6HPDQDO KHPRUUJLFDGHODSDUHGXWHULQDHLQFOXVRWURPSDVRYDULRV\OLJDPHQWRVDQFKRV PDQHUDTXHSDUWHGHOOTXLGRIDEULFDGRHVGHJOXWLGR\RULQDGR([LVWHQXQDVHULH
5&' % 4XLQFHQDO ODVKHPRUUDJLDVSRVWSDUWR\ODHPEROLDGHOOTXLGRDPQLWLFR GH VLWXDFLRQHV TXH KDFHQ TXH VH SURGX]FD XQ ROLJRDPQLRV &,5 WUDQVIXVLRQHV
7HQHPRVXQVDQJUDGRYDJLQDOSRVWPHQRSXVLFRDOTXHVHDVRFLDODREHVLGDG & %LPHQVXDO  JHPHORJHPHORGRQDQWHSUGLGDVSRUURWXUDGHODEROVDSUREOHPDVGHODSDUDWR
SRUORTXHHVWDPRVDQWHXQSRVLEOHDGHQRFDUFLQRPDGHHQGRPHWULR3DUHFHTXH
HO FXHOOR XWHULQR QR HVW DIHFWDGR \ ILQDOPHQWH OD DQDWRPD SDWROJLFD QRV OD
LQIRUPDQGHKLSHUSODVLDDWSLFD/DKLSHUSODVLDDWSLFDHVXQDSUROLIHUDFLQLUUHJXODU
GHOHQGRPHWULRRULJLQDGDSRUHOHVWPXORGHORVHVWUJHQRVQRFRPSHQVDGDFRQ
XQDDGHFXDGDVHFUHFLQGHSURJHVWHURQDHVFRQVLGHUDGDXQDOHVLQSUHPDOLJQD
' 7ULPHVWUDO  5HFLQ QDFLGD SUHVHQWD JUDYH GLVWUV UHVSLUDWRULR LQPHGLDWDPHQWH XULQDULR HWF &RPR FRQVHFXHQFLD GHO GILFLW GHO OTXLGR DPQLWLFR VH SXHGH
( 0HQVXDO GHVSXV GH VX QDFLPLHQWR (O HPEDUD]R IXH FRQWURODGR \ DSDUHQWHPHQWH QR SURGXFLU HQ HO UHFLQ QDFLGR XQ VQGURPH GHO DEGRPHQ HQ FLUXHOD SDVD XQD
 H[LVWLHURQFRPSOLFDFLRQHV'HFLGHXVWHGLQJUHVDUOD\ KDFHUOHXQDUDGLRJUDID GH SVHXGREVWUXFFLQLQWHVWLQDORXQDKLSRSODVLDSXOPRQDU(OUHVWRGHODVRSFLRQHV
5&( WUD[ HQ OD TXH REVHUYD LPJHQHV DUHDV FLUFXODUHV TXH RFXSDQ HO KHPLWUD[ GHODSUHJXQWDVRQWRGRFDXVDVGHSROLKLGUDPQLRV
8QDJHVWDQWHQHFHVLWDFRPRPQLPRXQXURFXOWLYRWULPHVWUDOSDUDWHQHUXQEXHQ L]TXLHUGR$QWHHVWRVKDOOD]JRVHOGLDJQVWLFRPVSUREDEOHHV 
(QODKLSHUSODVLDDWSLFDODVDOWHUDFLRQHVDIHFWDQ DQWHWRGR DOHSLWHOLRJODQGXODU FRQWURO GH ODV LQIHFFLRQHV XULQDULDV VLHQGR OD PV IUHFXHQWH OD EDFWHULXULD $ 3XOPQSROLTXVWLFR  1DFHXQSUHPDWXURGHVHPDQDVGHHGDGJHVWDFLRQDO\JUDPRV
TXH PXHVWUD DWLSLDV FHOXODUHV LPSRUWDQWHV (O WUDWDPLHQWR YD D GHSHQGHU GH OD DVLQWRPWLFD $VLPLVPR VL OD SDFLHQWH KD SUHVHQWDGR XQD LQIHFFLQ XULQDULD % 0DOIRUPDFLQDGHQRPDWRLGHD GH SHVR &RPR FRQVHFXHQFLD GH VX LQPDGXUH] VXIUH XQ FXDGUR GH GLVWUV
HGDG GH FDGD SDFLHQWH HQ OD SDFLHQWH SRVWPHQRSXVLFD HO WUDWDPLHQWR GH GXUDQWH HO HPEDUD]R GHEH UHFLELU WUDWDPLHQWR \ FRQWURO FRQ XURFXOWLYR SRVWHULRU & 4XLVWHSXOPRQDUPXOWLORFXODU UHVSLUDWRULR GHVGH HO PRPHQWR GHO QDFLPLHQWR \ HV LQJUHVDGR HQ OD XQLGDG GH
HOHFFLQHVODKLVWHUHFWRPD(QODPXMHUSUHPHQRSXVLFDHOWUDWDPLHQWRVHKDU PHQVXDOKDVWDHOWUPLQRGHOHPEDUD]R ' +HUQLDGLDIUDJPWLFD FXLGDGRV LQWHQVLYRV QHRQDWDOHV GH VX KRVSLWDO GRQGH HV HVWDELOL]DGR $ ODV 
FRQFRQWUDFHSWLYRVKRUPRQDOHVFRPELQDGRV RUDOHVKDVWDORV DRVR FRQ  ( $JHQHVLDEURQTXLDOVHJPHQWDULD KRUDV GH VX LQJUHVR SUHVHQWD XQD KLSRWHQVLQ DFRPSDDGD GH EUDGLFDUGLD
GDQD]RO (Q PXMHUHV DGROHVFHQWHV \ MYHQHV HO WUDWDPLHQWR VH KDFH FRQ  &XO HV OD WXPRUDFLQ RYULFD PV IUHFXHQWH HQ QLDV \  FLDQRVLV\DXPHQWRGHODWHQVLQIRQWDQHODU&XOVHUDODH[SORUDFLQGLDJQVWLFD
FORPLIHQRSDUDLQGXFLUODRYXODFLQRFRQFRQWUDFHSWLYRVKRUPRQDOHVRUDOHV DGROHVFHQWHV" 5&' GHHOHFFLQ"
 $ &LVWRDGHQRPDVHURVR (VWDHVXQDSUHJXQWDFRPRGHFLPRVHQ9LOODPHGLFSDFLHQWH5RERW(QHOODKDFHQ $ 5HDOL]DUDQDOWLFDFRPSOHWDFRQKHPRJUDPDELRTXPLFD\KHPRFXOWLYR
 8QD PXMHU GH  DRV DFXGH D OD FRQVXOWD UHILULHQGR XQD VHFUHFLQ % &LVWRDGHQRPDPXFLQRVR UHIHUHQFLDDXQFXDGURUHVSLUDWRULRGHLQLFLRLQPHGLDWDPHQWHGHVSXV GHO SDUWR % (VWXGLRFHUHEUDOPHGLDQWHHFRJUDIDWUDQVIRQWDQHODU
VDQJXLQROHQWDHVSRQWQHDDWUDYVGHOSH]QGHUHFKR1RVHREVHUYDQOHVLRQHV & 'LVJHUPLQRPD (QWUHORVGLDJQVWLFRVPVSUREDEOHVHVWDUDHOVQGURPHGHPHPEUDQDKLDOLQD & (VWXGLR FRPSOHWR GH FRDJXODFLQ WLHPSR GH SURWURPELQD WLHPSR
SDOSDEOHVRGHFRQVLGHUDFLQ(OGLDJQVWLFRPVSUREDEOHHV ' 7HUDWRPDTXVWLFRPDGXUR HOVQGURPHGHDVSLUDFLQPHFRQLDO\HOSXOPQKPHGR(QFDGDXQRGHHVWRV SDUFLDOGHWURPERSODVWLQDHWF
$ &DUFLQRPDLQWUDGXFWDO ( 7HFRPD FXDGURV PH GDUDQ DOJQ GDWR HQ HO HQXQFLDGR TXH PH RULHQWDVH KDFLD HO ' 7$&FHUHEUDOXUJHQWH
% (QIHUPHGDGGH3DJHW  GLDJQVWLFRVLQHPEDUJRQRPHGLFHQQLTXHODQLDVHDSUHPDWXUDQLTXHKD\D ( 3XQFLQOXPEDU\FXOWLYRGH/&5
& *DODFWRFHOH 5&' KDELGR VXIULPLHQWR GXUDQWH HO SDUWR QL TXH HO SDUWR KD\D VLGR H[FHVLYDPHQWH 
' 3DSLORPDLQWUDGXFWDO USLGR R SRU FHVUHD 7DPSRFR OD UDGLRJUDID RULHQWD KDFLD QLQJXQR GH HVWRV 5&%
( &DUFLQRPDLQILOWUDQWH FXDGURV$VWHQLHQGRHQFXHQWDODUDGLRORJD\ODFOQLFDGHEHPRVGHVFDUWDUOD /R SULPHUR HQ FXDOTXLHU FDVR FOQLFR FRQ HO TXH WH HQFXHQWUHV HV KDFHU HO
 DJHQHVLDEURQTXLDOVHJPHQWDULDHQODTXHYHUDPRVDXVHQFLDGHWHMLGRSXOPRQDU GLDJQVWLFR(QHVWHFDVRHOIDFWRUGHULHVJRPVLPSRUWDQWHGHHVWHQLRHVTXH
5&' HQ HO SXOPQ DIHFWR SHUR QR ODV OHVLRQHV GHVFULWDV /D PDOIRUPDFLQ HV SUHPDWXUR SRU OR TXH GHEHV SHQVDU HQ DTXHOODV SDWRORJDV TXH VRQ PV
&OVLFDPHQWH VH GLVWLQJXHQ GRV WLSRV GH SDSLORPDV QLFRV \ POWLSOHV (O DGHQRPDWRLGHD HO SXOPQ SROLTXVWLFR \ HO TXLVWH SXOPRQDU PXOWLORFXODU VRQ IUHFXHQWHVHQHVWHWLSRGHQLRV(QVHJXQGROXJDUIMDWHTXHQRVKDEODQGHGRV
SDSLORPDQLFRHVWVLWXDGRHQORVFRQGXFWRVJDODFWIRURVSULQFLSDOHVSU[LPRV FXDGURVUDUVLPRV\DXQTXHUDGLROJLFDPHQWHSXHGHQSDUHFHUVHDORGHVFULWR12 WLSRVGHFXDGURVFOQLFRVGLIHUHQWHVHOSULPHURUHVSLUDWRULR\HOVHJXQGRVLVWPLFR
DO SH]Q FDUDFWHUL]QGRVH SRU XQD SUROLIHUDFLQ SDSLODU UHJXODU VLQ PLWRVLV QL VRQ HO GLDJQVWLFR PV SUREDEOH 1XHVWUD SHTXHD SUHVHQWD XQD KHUQLD FRQ FRPSURPLVR QHXUROJLFR /D SDUWH UHVSLUDWRULD SDUHFH HVWDELOL]DGD DXQTXH
KLSHUFURPDWLVPR\VHFRQVLGHUDXQDOHVLQEHQLJQD(QORVSDSLORPDVHOHSLWHOLR GLDIUDJPWLFD VHJXUDPHQWH GH %RFKGDOHN TXH HV PXFKR PV IUHFXHQWH HQ HO HQHOIRQGR HVODFDXVDGHWRGRVORV PDOHVGH HVWHSDFLHQWH\D TXH WRGRV VXV
HVPX\SUROLIHUDWLYR\SXHGHWHQHUFDUDFWHUVWLFDVDWSLFDVTXHVXJLHUHQTXHVH ODGR L]TXLHUGR \ TXH GHELGR D OD HQWUDGD GH DVDV LQWHVWLQDOHV HQ HO WUD[ VH UJDQRV VH KDQ YLVWR VRPHWLGRV D XQD KLSR[LD $ QLYHO FHUHEUDO HO FXDGUR PV
WUDWD GH XQ FDUFLQRPD SRU OR TXH HQ DOJXQDV RFDVLRQHV UHVXOWD GLIFLO DFRPSDD GH XQD KLSRSODVLD SXOPRQDU GHO ODGR DIHFWR TXH LQGXFH GLVWUV IUHFXHQWH \ JUDYH TXH SXHGHQ VXIULU HVWRV SDFLHQWHV HV XQD KHPRUUDJLD
KLVWROJLFDPHQWHGHHVWDEOHFHU XQDGLIHUHQFLDHQWUHSDSLORPDWRVLV POWLSOH\ XQ LPSRUWDQWHGHVGHORVSULPHURVPRPHQWRVGHOQDFLPLHQWR/DLPDJHQUDGLROJLFD LQWUDYHQWULFXODU TXH FOQLFDPHQWH VH PDQLIHVWDU H[DFWDPHQWH FRPR HQ HVWH

FDUFLQRPDSDSLODUQRLQILOWUDQWH(OPRWLYRGHFRQVXOWDHVHOVDQJUDGRSRUSH]Q 'H DFXHUGR DO SUHVHQWH FXDGUR HO WHUDWRPD PDGXUR YLHQH D VHU OD WXPRUDFLQ GHVFULWDHVODWSLFD\ORTXHVHREVHUYDHVHOJDVLQWHVWLQDOGHQWURGHOWUD[ SDFLHQWH KLSRWHQVLQ EUDGLFDUGLD GHVDWXUDFLRQHV \ FLDQRVLV DFRPSDDGDV GH
VLQSDOSDFLQGHPDVDVPDPDULDV6HUHFRPLHQGDODFLWRORJDGHODVHFUHFLQ\OD RYULFDEHQLJQDPVIUHFXHQWHHQQLDV\DGROHVFHQWHV  DXPHQWRGHSUHVLQLQWUDFUDQHDOWRGRHOORFRQVHFXHQFLDGHOVDQJUDGR
JDODFWRJUDID SDUD GHWHUPLQDU HO GLDJQVWLFR (O WUDWDPLHQWR HV TXLUUJLFR   8QD UHFLQ QDFLGD GH  VHPDQDV SUHVHQWD GXUDQWH HO SDUWR 
PHGLDQWHODH[WLUSDFLQGHOFRQGXFWRJDODFWIRURGLODWDGRFRQWXPRUSDOSDEOHHQ  $FXGH D XUJHQFLDV XQD HPEDUD]DGD HQ HO WHUFHU WULPHVWUH GH OD GHVDFHOHUDFLRQHV WLSR ,, \ OTXLGR DPQLWLFR WHLGR GH PHFRQLR &XDQGR QDFH  8QQLRGHGDVGHHGDGTXHQDFLDODVVHPDQDVFRQJGH
HOLQWHULRURLQFOXVRODH[WLUSDFLQGHXQVHFWRUGHODJOQGXOD JHVWDFLQSUHVHQWDQGRXQDKHPRUUJLDYDJLQDOHVFDVDGHVDQJUHRVFXUDGRORUH XVWHGREVHUYDTXHHVWFLDQWLFDDSQHLFDEUDGLFUGLFDHKLSRWQLFD6HDOHFXO SHVRSUHVHQWDGHVGHKDFHSRFDVKRUDVXQFXDGURGHJUDQGLVWHQVLQDEGRPLQDO
 KLSHUWRQDXWHULQD6HREVHUYDHQODPRQLWRUL]DFLQXQFLHUWRJUDGRGHVXIULPLHQWR VHUDODSULPHUDPHGLGDDWRPDU ODVWRPDVVHDGPLQLVWUDQSRUVRQGD\SUHVHQWDDEXQGDQWHVUHVWRVJVWULFRVFRQ
 8QD PXMHU UHODWD KDEHU LQJHULGR FRFDQD GXUDQWH OD JHVWDFLQ QR IHWDO \ HO HVWDGR PDWHUQR HV SHRU GHO TXH VH SRGUD VXSRQHU FRQ UHODFLQ D OD $ $VSLUDFLQGHFDYLGDGRURIDUQJHDFRQVRQGDJUXHVD DOJQYPLWR(QODUDGLRJUDIDVLPSOHGHDEGRPHQVHREVHUYDQDVDVDEGRPLQDOHV
FRQWURODGD/DVFRQVHFXHQFLDV TXHOH SXHGHDFDUUHDUVRQWRGDVODVVLJXLHQWHV FXDQWD GH OD KHPRUUDJLD 4X FRPSOLFDFLQ QR HVSHUDUD HQFRQWUDU HQ HVWD % 3URYRFDUODUHVSLUDFLQPHGLDQWHHVWPXORVIVLFRV \ QHXPDWRVLV VLQ QHXPRSHULWRQHR 8VWHG SLHQVD LQPHGLDWDPHQWH HQ XQ
(;&(372 SDFLHQWH" & 9HQWLODFLQFRQSUHVLQSRVLWLYDPHGLDQWHPDVFDULOOD GLDJQVWLFRVHDOHFXOGHODVVLJXLHQWHVRSFLRQHVHVFRUUHFWD
$ $EUXSWLRSODFHQWDH $ 6KRFN ' ,QWXEDFLQ\YHQWLODFLQPDQXDOFRQSUHVLQSRVLWLYD $ /D SDWRORJD TXH VRVSHFKD VH DVRFLD D GHUUDPH SOHXUDO DVFLWLV \
% &,5 % ,QFDSDFLGDGSDUDODFWDUDOQHRQDWRVLVWHOOHJDDWUPLQR ( ,QWXEDFLQWUDTXHDO\DVSLUDFLQ GHUUDPHSHULFUGLFR
& 3DUWRSUHPDWXUR & 3LHORQHIULWLV  % (ODJHQWHFDXVDOPVIUHFXHQWHHVHO6WUHSWRFRFFXVSQHXPRQLDH
' 3DUWRSRVWHUPLQR ' +LSRYROHPLD\KHPRFRQFHQWUDFLQ 5&& & (Q HVWXGLRV H[SHULPHQWDOHV VH KD REVHUYDGR OD GLVPLQXFLQ GH VX
( 6XIULPLHQWRIHWDO ( ,QVXILFLHQFLDUHQDO (VWD SUHJXQWD HV PX\ EXHQD FKLFRV VHJQ HO 5&3 GHO  VH LQWXEDED \ LQFLGHQFLDFRQODODFWDQFLDPDWHUQD
  DVSLUDEDGRQGHODFODYHVHUDOD(VHJQHO5&3ORVEHEHFRQVQGURPHGH ' (V XQ FXDGUR TXH VH DVRFLD FRQ FLHUWD IUHFXHQFLD D OD DOLPHQWDFLQ
5&' 5&& DVSLUDFLQGHOTXLGRDPQLWLFRVLQRVRQYLJRURVRVVHOHVGD5&3FRPRFXDOTXLHU WDUGDHQVLWXDFLQGHDFLGRVLV\DODVDQHPLDVGHOUHFLQQDFLGR
/D DGLFFLQ D OD FRFDQD HV OD GH SHRU SURQVWLFR REVWWULFR /RV HIHFWRV GH OD (QHOGHVSUHQGLPLHQWRSUHPDWXURGHSODFHQWDQRUPDOPHQWHLQVHUWDODDSDULFLQGH RWURRVHDLQLFLDPRVYHQWLODFLQDSUHVLQSRVLWLYDHQHVWHFDVRFODYH& ( /D LQGLFDFLQ TXLUUJLFD HV REOLJDGD VL SUHVHQWD KHFHV
FRFDQDVREUHHOHPEDUD]RVRQYDULDGRVDXPHQWDODSUHVLQDUWHULDOPDWHUQD\ FRPSOLFDFLRQHVGHSHQGHWDQWRGHODLQWHQVLGDGFRPRGHODGXUDFLQGHOSURFHVR  PXFRVDQJXLQROHQWDV
GLVPLQX\HHOIOXMRSODFHQWDULRVLHQGRGHVWDFDEOHHOYDVRHVSDVPRGHODVDUWHULDV /D HQIHUPD SXHGH SUHVHQWDU XQ HVWDGR GH DQHPLD DJXGD \ VKRFN SDOLGH]  &XO GH ODV VLJXLHQWHV SDWRORJDV HVW UHODFLRQDGD FRQ OD IDOWD GH 
XWHULQDVVXFRQVXPRGXUDQWHODJHVWDFLQVHFRUUHODFLRQDFRQPDORVUHVXOWDGRV VXGRUDFLQ IUD WDTXLFDUGLD KLSRWHQVLQ DUWHULDO ROLJXULD DOWHUDFLRQHV GH OD SURGXFFLQQRUPDOGHOTXLGRDPQLWLFR" 5&&
SHULQDWDOHV FRPR DERUWR EDMR SHVR SUHPDWXULGDG VXIULPLHQWR IHWDO URWXUD FRQFLHQFLDHWF GHVSURSRUFLRQDGR DODKHPRUUDJLDYLVLEOH/RVWUDVWRUQRVGHOD $
SUHPDWXUD GH PHPEUDQDV \ PXHUWH IHWDO SRU DEUXSWLR SODFHQWDH /RV QLRV FRDJXODFLQVDQJXQHDDSDUHFHQHQHOGHORVFDVRV\FRQVWLWX\HQODFDXVD %
H[SXHVWRVDODFRFDQDLQWUDWHURSXHGHQSUHVHQWDUDOWHUDFLRQHVGHODFRQGXFWD PVIUHFXHQWHGHWUDVWRUQRVGHODFRDJXODFLQGXUDQWHHOHPEDUD]R8QDVSHFWR &
EDMRSHVR\WDOOD\DXPHQWRGHPDOIRUPDFLRQHVFRQJQLWDVVREUHWRGRFDUGLDFDV LPSRUWDQWHGHHVWDVFRDJXORSDWDVREVWWULFDVGHRULJHQQRVSWLFRHVVXFDUFWHU '
 DXWROLPLWDGRVLVHHOLPLQDODFDXVDUHVSRQVDEOH/DLQVXILFLHQFLDUHQDODJXGDVH (
$QHQFHIDOLD 5HFXHUGDELHQHVWHFDVRFOQLFRSRUTXHHVORTXHWSLFDPHQWHSUHVHQWDXQQLR
'LDEHWHVPHOOLWXVPDWHUQD FRQHQWHURFROLWLVQHFURWL]DQWH(VHOFXDGURPVJUDYHDQLYHOJDVWURLQWHVWLQDOTXH
)VWXODWUDTXHRHVRIJLFD SXHGHSUHVHQWDUXQUHFLQQDFLGR\VHDVRFLDHVSHFILFDPHQWHDXQDVLWXDFLQGH
+LSRSODVLDSXOPRQDU KLSR[LDDQLYHOGHODPXFRVDJDVWURLQWHVWLQDOTXHKDFHTXHVHQHFURVHSDUWHGH
0DOIRUPDFLQDGHQRPDWRLGHTXVWLFDSXOPRQDU VWD\TXHODVEDFWHULDVLQWHVWLQDOHVSDVHQDODFDYLGDGDEGRPLQDO'LFKRFXDGUR

ZZZYLOODPHGLFJURXSFRP 3JLQD_ 3JLQD_ ZZZYLOODPHGLFJURXSFRP

 7X[LWRQXHVWUR[LWR 7X[LWRQXHVWUR[LWR
QRVHDVRFLDDGHUUDPHVHQQLQJXQDRWUDSDUWHGHORUJDQLVPR/DVEDFWHULDVFRQ GHO FXDGUR VXHOH VHU QHRQDWDO SUHFR] FXDQGR LQLFLDQ OD LQJHVWD GH ODFWRVD \ 5HIOHMRGHODPDUFKD YPLWRV &RQ OD SDWRORJD TXH XVWHG VRVSHFKD VHDOH FXO GH ODV VLJXLHQWHV
ODV TXH VH UHODFLRQD VXHOHQ VHU ODV GHO LQWHVWLQR \ SRU WDQWR HO 6WUHSWRFRFFXV VXHOHQ DSDUHFHU VLJQRV FOQLFRV LQHVSHFILFRV FRPR HO UHFKD]R DO DOLPHQWR \ HO  DQDOWLFDVOHSDUHFHPVFRPSDWLEOH
SQHXPRQLDH QR MXHJD QLQJQ SDSHO HQ HVWH FXDGUR (O WUDVWRUQR DSDUHFH FRQ HVFDVR DXPHQWR GH SHVR MXQWR FRQ SUHGLVSRVLFLQ D SDGHFHU FLHUWDV  /DODFWDQFLDPDWHUQD $ S+1DP(TO&OP(TO.P(TO
IUHFXHQFLDHQVLWXDFLRQHVTXHVREUHFDUJXHQDXQLQWHVWLQRLVTXPLFRSRUORTXH HQIHUPHGDGHV PD\RU ULHVJR GH VHSVLV QHRQDWDO SRU (FROL 2WUDV $ 3UHYLHQHHOUDTXLWLVPRJUDFLDVDVXDGHFXDGRFRQWHQLGRHQYLWDPLQD. % S+1DP(TO&OP(TO.P(TO
VHGHEHUHWUDVDUODDOLPHQWDFLQHQVLWXDFLRQHVGHDFLGRVLV/DSROLFLWHPLD\QR PDQLIHVWDFLRQHVFRPRODVFDWDUDWDVODGLVIXQFLQKHSWLFD\ODUHQDOFRPSOHWDQ % 6XFRQWHQLGRSURWHLFRHVPD\RUTXHHOGHODOHFKHDUWLILFLDO & S+1DP(TO&OP(TO.P(TO
ODDQHPLDORIDYRUHFHQGDGRTXHGHDOJQPRGRVHSURGXFHHVWDVLVVDQJXQHR HOFXDGUR & 6XFRQWHQLGRJUDVRHVPD\RUTXHHOGHODOHFKHDUWLILFLDO ' S+1DP(TO&OP(TO.P(TO
HQORVYDVRVLQWHVWLQDOHV/DVLQGLFDFLRQHVTXLUUJLFDVVRQPX\UHVWULQJLGDV\VOR  ' 6XFRPSRVLFLQYDUDDORODUJRGHODPLVPDWRPD ( S+1DP(TO&OP(TO.P(TO
VL IUDFDVD HO WUDWDPLHQWR PGLFR R VH VRVSHFKD SHUIRUDFLQ LQWHVWLQDO  $FXGHDVXFRQVXOWDGHHQGRFULQRORJDXQQLRGHDRVSRUTXHVX ( 6HUHFRPLHQGDODODFWDQFLDPDWHUQDH[FOXVLYD KDVWDORVPHVHVGH 
QHXPRSHULWRQHRVHGHEHLQWHUYHQLUTXLUUJLFDPHQWH(IHFWLYDPHQWHODODFWDQFLD SHGLDWUDUHILHUHTXHVXWDOODHVPVEDMDGHORQRUPDODXQTXHURQGDHOSHUFHQWLO HGDG 5&&
PDWHUQDSDUHFHWHQHUXQFLHUWRSDSHOSURWHFWRU SDUD VX HGDG \ VH[R ,QWHUURJDQGR D ORV SDGUHV XVWHG GHVFXEUH TXH HO SDGUH  1RROYLGHVTXHSDUDHO(1$0XQYDUQGHGDVSULPRJQLWR\TXHYRPLWDHV
 WDPELQHUDHOPVEDMLWRGHVXFODVH\TXHGLRHOHVWLUQPVWDUGHTXHHOUHVWR 5&' XQD HVWHQRVLVKLSHUWUILFDGHSORURKDVWDTXH VH GHPXHVWUHORFRQWUDULR&RPR
 8QUHFLQQDFLGRGHVHPDQDVGHHGDGGHJHVWDFLQFRQGDVGH GH ORV QLRV GH VX HGDG &RQ UHVSHFWR D OD SDWRORJD TXH VRVSHFKDVHDOH OD /D SULPHUD GH ODV RSFLRQHV HV GREOHPHQWH IDOVD HQ SULPHU OXJDU SRUTXH OD FRQVHFXHQFLD GH ORV YPLWRV HO QLR SLHUGH +&O \ 1D SRU OR TXH HV HVSHUDEOH
YLGDSUHVHQWDGHVGHHOWHUFHUGDXQDLFWHULFLDTXHKDLGRHQDXPHQWR/DPDGUH RSFLQ,1&255(&7$ YLWDPLQDTXHVHUHODFLRQDFRQHOUDTXLWLVPRHVOD'QROD.\HQVHJXQGROXJDU HQFRQWUDU XQD DOFDORVLV OR FXDO HOLPLQD ODV RSFLRQHV   \  KLSRFORUPLFD H
HV SULPLJHVWD \ WLHQH XQ JUXSR VDQJXQHR $ 5K QHJDWLYR \ HO QLR HV  5K $ /D HWLRORJD GHO FXDGUR HV GHVFRQRFLGD TXL] VH GHED D XQ GILFLW SRUTXHODODFWDQFLDPDWHUQDHV GHILFLWDULDHQYLWDPLQD.\SRUHVRHVQHFHVDULR KLSRQDWUPLFDORTXHQRVGHMDFRQODRSFLQ$GHPVODGLVPLQXFLQGHO1D
SRVLWLYR /D ELOLUUXELQD WRWDO HO | GD GH YLGD HV GH  PJGO D H[SHQVDV GH OD SDUFLDO\WUDQVLWRULRGH*+ DGPLQLVWUDUGLFKDYLWDPLQDGHIRUPDSURILOFWLFD DWRGRVORV UHFLQ QDFLGRV SDUD KDFHTXHVHSURGX]FDXQKLSHUDOGRVWHURQLVPRTXHLQGXFLUXQGHVFHQVRGH.HO
IUDFFLQLQGLUHFWD(OQLRWLHQHEXHQHVWDGRJHQHUDO\ORVYDORUHVGHKHPDWRFULWR % /DWDOODDOQDFHUHVQRUPDO HYLWDU OD HQIHUPHGDG KHPRUUJLFD /DV IUPXODV DUWLILFLDOHV \ OD OHFKH PDWHUQD FXDO VH HVW LQWHUFDPELDQGR D QLYHO UHQDO FRQ SURWRQHV \ VH HVW LQWURGXFLHQGR
KHPRJORELQD \ UHWLFXORFLWRV VRQ QRUPDOHV &RQ UHVSHFWR D OD SDWRORJD TXH & /DHGDGVHDHVWUHWUDVDGDFRQUHVSHFWRDODHGDGFURQROJLFD FRQWLHQHQDSUR[LPDGDPHQWHODPLVPDFDQWLGDGGHJUDVDV\GHSURWHQDVDXQTXH GHQWURGHODVFOXODV
VRVSHFKDVHDOHFXOGHODVVLJXLHQWHVRSFLRQHVOHSDUHFH)$/6$ ' 1RUPDOPHQWHODWDOODGHILQLWLYDHVWGLVPLQXLGD VX FRPSRVLFLQ HV GLIHUHQWH OD OHFKH PDWHUQD WLHQH IXQGDPHQWDOPHQWH 
$ 'XUDDOUHGHGRUGHXQPHV ( /DYHORFLGDGGHFUHFLPLHQWRHVQRUPDODSDUWLUGHORVDRV ODFWRDOEPLQD \ FDVHQD PLHQWUDV TXH ODV IUPXODV DUWLILFLDOHV FRQWLHQHQ  8QODFWDQWHGHGDVGHYLGDSUHVHQWDVDQJUHURMDPH]FODGDFRQODV
% (VPVLQWHQVDHQWUHHO|\HO|GDGHYLGD  VODFWRDOEPLQDFDVHQD\IHQLODODQLQD$GHPVODOHFKH PDWHUQDHVULFDHQ $* KHFHVHQODVOWLPDVGHSRVLFLRQHV7RPDOHFKHPDWHUQDH[FOXVLYDVHHQFXHQWUD
& (OHVWDGRJHQHUDOGHOQLRQRVXHOHYHUVHDIHFWDGR 5&' HVHQFLDOHVLQVDWXUDGRV\ODOHFKHDUWLILFLDOHQ$*VDWXUDGRV/DFRPSRVLFLQGHOD DIHEULO\ODH[SORUDFLQIVLFDHVQRUPDO6HWRPDXQDPXHVWUDSDUDFRSURFXOWLYR
' /DFLIUDGHELOLUUXELQDWRWDOQRVXHOHVHUVXSHULRUDPJGO (OFXDGURFOQLFRTXHQRVGHVFULEHQFRUUHVSRQGHDXQUHWUDVRFRQVWLWXFLRQDOGHO OHFKH PDWHUQD YDUD D OR ODUJR GH OD PLVPD WRPD GH IRUPD TXH OD PD\RUDGHO TXH UHVXOWDQHJDWLYR(QORTXHVHUHILHUH DVXVRVSHFKD GLDJQVWLFDVHDOHOD
( /DRULQDQRFDPELDVXVFDUDFWHUVWLFDV FUHFLPLHQWR\WRGDVODVRSFLRQHVTXHQRVGDQVDOYRODVRQFRUUHFWDV5HFXHUGD DSRUWHGHQXWULHQWHV\FDORUDVVHSURGXFHDOSULQFLSLRVLHQGRPVOTXLGDDOILQDO RSFLQTXHOHSDUH]FDFRUUHFWD
 TXHHQHVWRVQLRVHOGHVDUUROORSXEHUDOHVWUHWUDVDGR\VORHQDOJXQRVFDVRV $ SDUWLU GHO |  | PHV OD ODFWDQFLD PDWHUQD HV LQVXILFLHQWH \ SUHFLVD GH OD $ /RPVSUREDEOHHVTXHKD\DWHQLGRWDPELQXQDUHDFFLQSUXULJLQRVD
5&$ HQORVTXHHVWHVHUHWUDVDGHPDVLDGRORQRUPDOHVTXHWHQJDQXQDWDOODGHILQLWLYD LQWURGXFFLQGHDOLPHQWDFLQFRPSOHPHQWDULD DXQTXHODPDGUHQRORUHILHUD
(V LPSRUWDQWH TXH GLIHUHQFLHV ORV GRV FXDGURV TXH SURGXFHQ LFWHULFLD GH IRUPD QRUPDO  % 6HLQLFLDUWUDWDPLHQWRHPSULFRFRQD]LWURPLFLQD
ILVLROJLFD ODLFWHULFLDILVLROJLFD GHO UHFLQ QDFLGR \ OD TXH VH GHEH D ODFWDQFLD   /DFWDQWHGHPHVHVGHHGDGTXHGHVGHKDFHWUHVGDVSUHVHQWDWRV & /D,J(VHHQFRQWUDUHOHYDGDHQVXHUR
PDWHUQD GH WRGRV ORV GHPV TXH OR KDFHQ GH IRUPD SDWROJLFD LQIHFFLRQHV  8QDPDGUHHVWSUHRFXSDGDSRUTXHSLHQVDTXHORVGHPVQLRVGHOD PRFRVQDVDOHVDFXRVRV\HVWRUQXGRV'HVGHKDFHKRUDVWLHQHXQDWDTXLSQHD ' 6HUHFRPHQGDUDODPDGUHTXHHYLWHORVOFWHRVHQVXGLHWDGXUDQWH
PHWDERORSDWDV FROHVWDVLV HWF 5HFXHUGD FXDOHV VRQ ODV FDUDFWHUVWLFDV GH OD JXDUGHUD HVWQ PV DYDQ]DGRV TXH VX KLMR GH  PHVHV 4X HVSHUDUD GH  USP WLUDMH LQWHUFRVWDO FRQ DOHWHR QDVDO \ UHFKD]D OD DOLPHQWDFLQ (Q OD XQRVGDVSDUDYHUODHYROXFLQGHOFXDGUR
LFWHULFLDILVLROJLFD HQFRQWUDUHQODH[SORUDFLQSVLFRPRWRUD" H[SORUDFLQ VH REVHUYD XQ GLVWUV UHVSLUDWRULR FRQ VLELODQFLDV LQVSLUDWRULDV \ ( /RPVIUHFXHQWHHVTXHHOQLRSUHVHQWHXQDILVXUDDQDO
%LOLUUXELQDGLUHFWDPJGO $ &RPELQDFLQGHSDODEUDV HVSLUDWRULDV\DOJXQRVFUHSLWDQWHVELODWHUDOHV(QODUDGLRJUDIDGHWUD[VHREVHUYD 
%LOLUUXELQDLQGLUHFWDHQVDQJUHGHFRUGQPJGO % ,QLFLRGHODGHDPEXODFLQ XQDKLSHULQVXIODFLQELODWHUDOFRQXQDDWHOHFWDVLDODPLQDU\XQFRUD]QSHTXHR 5&'
,QFUHPHQWRGHELOLUUXELQDWRWDOPJGOGDPJGOK & 3UHQVLQSDOPRSODQWDU (QODJDVRPHWUDHOS+HVGHFRQS&2GHPP+J\+&2GH&RQ (OFXDGURFOQLFRTXHQRVGHVFULEHQFRUUHVSRQGHDXQDLQWROHUDQFLDDODVSURWHQDV
'XUDFLQLQIHULRUDGDV5137PVSURORQJDGR ' 5HIOHMRGHPRURSUHVHQWH UHVSHFWRDODSDWRORJDTXHVRVSHFKDVHDOHODRSFLQTXHOHSDUH]FD)$/6$ GH OD OHFKH GH YDFD ,3/9 \ HQ FRQFUHWR VH WUDWD GH XQD SURFWRFROLWLV DOUJLFD
%LOLUUXELQDWRWDOPJGOHQ517PJGOHQ5137 ( 3LQ]DGHOSXOJDUDXVHQWH $ (QODPD\RUDGHORVFDVRVHVWLPSOLFDGRHO956 FXDQGRDSDUHFHQGHSRVLFLRQHVVDQJXLQROHQWDV(OKHFKRGHTXHODDOLPHQWDFLQ
,QLFLRGHVSXVGHODVSULPHUDVKRUDVGHYLGD5137PVWDUGR  % 6XHOH DSDUHFHU FRPR FRPSOLFDFLQ GH XQD LQIHFFLQ GH YDV VHD H[FOXVLYDPHQWH FRQ ODFWDQFLD PDWHUQD QR FRQWUDLQGLFD OD DSDULFLQ GH OD
$XVHQFLDGHSDWRORJDGHEDVH 5&% UHVSLUDWRULDVVXSHULRUHVSUHYLD HQIHUPHGDG\DTXHODVSURWHQDVGHODOHFKHGHYDFDTXHODPDGUHLQJLHUHHQVX
(QHVWDSUHJXQWDWHGDQGDWRVVREUHORVJUXSRVVDQJXQHRVGHODPDGUH\HOQLR (VWDSUHJXQWDVHUHILHUHDORVJUDQGHVKLWRVGHOGHVDUUROORSRUORPHQRVGHEHV & /DGHWHFFLQGHOYLUXVSRUWFQLFDVGH(/,6$HVLPSUHVFLQGLEOHSDUDHO DOLPHQWDFLQSDVDQDOQLRDWUDYVGHVXOHFKHSRUORTXHSDUDREVHUYDUPHMRUD
SDUDTXHSLHQVHVWDPELQHQORVSRVLEOHVFXDGURVKHPROWLFRV5HFXHUGDTXHOD UHFRUGDUORVVLJXLHQWHV GLDJQVWLFR HQHOFXDGURKD\TXHUHWLUUVHODVDODPDGUHGHODGLHWD+D\TXHGLIHUHQFLDUHQWUH
HQIHUPHGDGSRULQFRPSDWLELOLGDGGH5KQRVHGDHQSULPRJQLWRVSRUORTXHQROD 51IOH[LQ\DOJRUJLGRYXHOYHODFDEH]DQRVRVWQFHIOLFRILMDODPLUDGD\ ' 1RH[LVWHWUDWDPLHQWRHVSHFILFRDXQTXHVYDFXQD XQD,3/9\XQDDOHUJLDDODVSURWHQDVGHODOHFKHGHYDFD$3/9HQHOSULPHUR
SXHGHSDGHFHUHVWHSDFLHQWH(QFXDOTXLHUDGHORVFDVRVVHREVHUYDUDQGDWRVGH RMRVGHPXHFD ( /RVEURQFRGLODWDGRUHVQRVXHOHQVHUWLOHVHQHOWUDWDPLHQWR GHORVFXDGURVODVPDQLIHVWDFLRQHVVRQIXQGDPHQWDOPHQWHGLJHVWLYDVFRPRODV
KHPOLVLVHQHOUHFLQQDFLGRFRVDTXHQRYHPRVHQHVWHQLR PHVVRQULVDVRFLDOVLJXHREMHWRVFRQORVRMRV  GH QXHVWUR SDFLHQWH \ HQ HO VHJXQGR GH HOORV DGHPV GH ODV PDQLIHVWDFLRQHV
 PHVHVVRVWQFHIOLFR 5&& GLJHVWLYDVKD\FOQLFDDOUJLFDXUWLFDULDGLILFXOWDGUHVSLUDWRULDDXPHQWRGHOD,J(
 3DVDXVWHGYLVLWDDORVUHFLQQDFLGRVGHVXPDWHUQLGDGSDUDGDUOHVGH PHVHVFRJHREMHWRVJUDQGHVFRQODPDQR 3URFXUD DFRUGDUWH ELHQ GHO FDVR SRUTXH FRUUHVSRQGH D OD FOQLFD WSLFD GH XQD HQ VDQJUHHWF&RQ UHVSHFWR DO UHVWR GH ODV RSFLRQHV HV FLHUWR TXH GHEHPRV
DOWD\VHHQFXHQWUDFRQXQUHFLQQDFLGRDWUPLQRTXHSUHVHQWDDODVKRUDV |PHVVHGHVWDFLQLQLFLDPRQRVODERV EURQTXLROLWLV DJXGD *HQHUDOPHQWH FRPLHQ]D SRU XQD LQIHFFLQ GH YDV DUHDV GHVFDUWDU TXH HO QLR WHQJD XQD LQIHFFLQ JDVWURLQWHVWLQDO OD RSFLQ  LUD
GH YLGD KLSRJOXFHPLDV GH UHSHWLFLQFRORUDFLQ JULVFHD \ KHSDWRPHJDOLD(Q |PHVRSRVLFLQGHOSXOJDU VXSHULRUHV TXHHQ HOFDVRGHORVODFWDQWHVSHTXHRVDFDEDSRUDIHFWDUDYDV HQFDPLQDGD D WUDWDU HPSULFDPHQWH XQD LQIHFFLQ SRU &DPS\OREDFWHU SHUR HQ
FXOGHODVVLJXLHQWHVSDWRORJDVSHQVDUDHQSULPHUOXJDU" |PHVFRPLHQ]DODUHSWDFLQ UHVSLUDWRULDV PV SHTXHDV \ GLVWDOHV EURQTXLRORV \ SURYRFDU HO FXDGUR GH HVH FDVR QRV FRQWDUDQ DXPHQWR GHO QPHUR R FDQWLGDG GH ODV GHSRVLFLRQHV
$ 'LDEHWHVPDWHUQD |PHVVHSRQHGHSLH GLILFXOWDG UHVSLUDWRULD $XQTXH VRQ PXFKRV ORV YLUXV LPSOLFDGRV VXHOH HVWDU 7DPELQHVSRVLEOHTXHWHQJDXQDILVXUDDQDOSHURHVWRHVWDUDHQHOFRQWH[WRGH
% 3ROLFLWHPLDJUDYH |PHVGHDPEXODFLQSULPHUDVSDODEUDV FDXVDGDSRUHOYLUXVUHVSLUDWRULRVLQFLWLDO956HOFXDOSXHGHVHUGHWHFWDGRHQ XQHVWUHLPLHQWRTXHQRVHPHQFLRQDHQHOHQXQFLDGR
& 1HVLRGLREODVWRVLV PHVHVFRPELQDGRVSDODEUDV\FRUUH PRFRQDVDOPHGLDQWHWFQLFDVGHLQPXQRDQOLVLVHQ]LPWLFRTXHGHWHFWDQHO$J 
' 6HSVLVQHRQDWDO 5HFXHUGD WDPELQ FXOHV VRQ ORV UHIOHMRV DUFDLFRV PV LPSRUWDQWHV \ FXQGR SHUR HQ QLQJQ FDVR HV LPSUHVFLQGLEOH SDUD HO GLDJQVWLFR TXH HV  8QDQLDGHDRVSDGHFHXQ598JUDGR,9GLDJQRVWLFDGRSRU&806
( *DODFWRVHPLD GHVDSDUHFHQ IXQGDPHQWDOPHQWH FOQLFR 1R H[LVWH QLQJQ WUDWDPLHQWR HVSHFILFR OD DQWLJXD GXUDQWH VX SULPHU HSLVRGLR GH LQIHFFLQ XULQDULD 8VWHG GHVHD UHDOL]DU XQD
 5HIOHMRGH0RURGHVDSDUHFHKDFLDHO||PHV ULEDYLULQD HVW HQ GHVXVR FRQVLVWH HQ WUDWDU ORV VQWRPDV FRQ DVSLUDFLRQHV JDPPDJUDIDUHQDOSDUDLQYHVWLJDUODFLFDWUL]DFLQ&XQWRWLHPSRGHVSXVGHOD
5&( 5HIOHMRGHSUHQVLQSDOPDUGHVDSDUHFHKDFLDHO||PHV IUHFXHQWHV ILVLRWHUDSLD UHVSLUDWRULD \ DEXQGDQWH KLGUDWDFLQ /RV IUPDFRV ,78HVSHUDUDYHUVLJQRVLQLFLDOHVGHODFLFDWUL]DFLQSHUPDQHQWH"
7RGRV ORV FXDGURV TXH QRV GDQ HQ ODV RSFLRQHV FXUVDQ FRQ KLSRJOXFHPLD VLQ 5HIOHMRGHSUHQVLQSODQWDUGHVDSDUHFHKDFLDORVPHVHV EURQFRGLODWDGRUHVQRKDQGHPRVWUDGRWHQHUGHPDVLDGRHIHFWR$QLYHOSURILOFWLFR $ DVHPDQDV
HPEDUJR OD FRORUDFLQ JULVFHD GHVFDUWDUD ODV  SULPHUDV UHVSXHVWDV \ OD 5HIOHMRGHVXFFLQGHVDSDUHFHKDFLDHO|PHV H[LVWHQYDFXQDV$FPRQRFORQDOHVSDOLYL]XPDELQGLFDGDVIXQGDPHQWDOPHQWHHQ % DPHVHV
KHSDWRPHJDOLD RULHQWD PV KDFLD XQD JDODFWRVHPLD TXH KDFLD HO UHVWR GH ODV 3UHVHQWHGHVGHODVVHPDQDV SUHPDWXURV\SDFLHQWHVFRQHQIHUPHGDGHVSXOPRQDUHVRFDUGLDFDVFUQLFDV & DPHVHV
SDWRORJDV/DJDODFWRVDHVXQPRQRVDFULGRTXHSURFHGHGHODKLGUOLVLVGHOD &RRUGLQDGRFRQGHJOXFLQGHVGHODVVHPDQDV  ' DPHVHV
ODFWRVD TXH HV HO KLGUDWR GH FDUERQR PD\RULWDULR HQ OD OHFKH PDWHUQD (Q OD 5HIOHMRGH*DODQWRLQFXUYDFLQGHOWURQFRGHVDSDUHFHKDFLDHO||PHV  8QODFWDQWH YDUQ GH  GDV GH YLGD SUHVHQWD YPLWRV SUR\HFWLYRV ( DPHVHV
JDODFWRVHPLD VH SURGXFH XQ DFPXOR GH JDODFWRVD \ GH VXV PHWDEROLWRV SRU 5HIOHMRWQLFRGHOFXHOOR DEXQGDQWHV\GHFRQWHQLGRJVWULFRWUDVFDGDWRPDGHVGHKDFHXQDVHPDQD(O 
HUURUHVFRQJQLWRVHQODVHQ]LPDVHQFDUJDGDVGHVXGHJUDGDFLQ(OFRPLHQ]R 5HIOHMRGHOSDUDFDGDVQRGHVDSDUHFHQXQFD SDFLHQWHWRPDFRQ EXHQ DSHWLWRORVELEHURQHV\VHTXHGD PX\LQTXLHWR WUDVORV 5&&

ZZZYLOODPHGLFJURXSFRP 3JLQD_ 3JLQD_ ZZZYLOODPHGLFJURXSFRP

 7X[LWRQXHVWUR[LWR 7X[LWRQXHVWUR[LWR
(VWDHVXQDSUHJXQWD FOVLFD\ HVXQDSUHJXQWDGLUHFWD6LPSOHPHQWH UHFXHUGD  2WURVGHDFXHUGRGHFDGD5HJLQ ' (V LPSRUWDQWH GHWHUPLQDU ORV QLYHOHV SODVPWLFRV GH SDUDFHWDPRO
TXHODVFLFDWULFHVUHQDOHVHPSLH]DQDDSDUHFHUDSDUWLUGHORVPHVHV   (O +RVSLWDO GH 3XHQWH 3LHGUD DWLHQGH D XQD SREODFLQ GH   $WHQFLQ D SULRULGDGHV VDQLWDULDV \ GDRV SUHYDOHQWHV GHO PELWR QDFLRQDO SDVDGDVKRUDVWUDVODLQJHVWDSDUDGHWHUPLQDUODQHFHVLGDGGHDQWGRWR
 KDELWDQWHV$OFDERGHXQPHVGDVVHKDQUHJLVWUDGRXQWRWDOGHLQJUHVRV UHJLRQDO \ ORFDO 'HWHFFLQ GH HQIHUPHGDGHV SUHYDOHQWHV SUREOHPDV YLVXDOHV ( /D KHSDWRWR[LGDG GHO DFHWDPLQRIQ QR DXPHQWD SRU HO XVR
 8Q QLR GH  DRV GH HGDG VXIUH XQD JDVWURHQWHULWLV \ SRFRV GDV KRVSLWDODULRVTXHKDQVXPDGRHVWDQFLDVKRVSLWDODULDV'HORVLQJUHVRV DXGLWLYRVVDOXGRUDO\VLJQRVGHYLROHQFLDRPDOWUDWR FRQFRPLWDQWHGHLQGXFWRUHVGHOPHWDEROLVPRKHSWLFRRHWDQRO
GHVSXVVHDJUDYDVXHVWDGRGHPDQHUDTXHHQODH[SORUDFLQIVLFDVHREVHUYDQ KXERLQJUHVRVSRUYDGHXUJHQFLDV\LQJUHVRVSURJUDPDGRV+DQVLGR  
SHWHTXLDVGHVKLGUDWDFLQHGHPDKHSDWRHVSOHQRPHJDOLD\JUDQLUULWDELOLGDG6H RSHUDGRV TXLUUJLFDPHQWH  SDFLHQWHV TXH HQ WRWDO VXPDURQ  HVWDQFLDV  8Q 0GLFR LQWHUYLHQH XQ EURWH GH HQIHUPHGDG WUDQVPLWLGD SRU 5&&
OH HQFXHQWUDQ GDWRV GH DQHPLD KHPROWLFD PLFURDQJLRSWLFD WURPERFLWRSHQLD H KRVSLWDODULDVDQWHVGHSRGHURSHUDUVH&XOHVODHVWDQFLDPHGLDSUHRSHUDWRULD DOLPHQWRV(7$HQWUDEDMDGRUHVGHXQDIEULFDLGHQWLILFDQGRFRPRIDFWRUFRPQ (QHODGXOWRVHFRQVLGHUDJUDYHOHWDOODLQJHVWDGHJUDPRVGHDFHWDPLQRIQ
LQVXILFLHQFLD UHQDO DJXGD 6HDOH FXO GH ODV VLJXLHQWHV FRPSOLFDFLRQHV 12 GHO+RVSLWDO3XHQWH3LHGUD" HODOPXHU]RFRQVXPLGRHOGDDQWHULRUHQHOFRPHGRULQVWLWXFLRQDO3DUDORFXDOHO FRUUHVSRQGHD
HVSHUDUDHQFRQWUDUHQHVWHHQIHUPR $  DOLPHQWRDVRFLDGRIXHODPD\RQHVDFRQXQ25GH\XQ,&D4X PJNJSDUDXQDGXOWRHQWUHNJUHVSXHVWDLQFRUUHFWD
$ 8UHPLD %  WLSRGHHVWXGLRUHDOL]RSDUDHQFRQWUDUHODOLPHQWRDVRFLDGRDOD(7$" /DWR[LFLGDGKHSWLFDDSDUHFHHQWUHODVKRUDVTXHFRUUHVSRQGHDOHVWDGR
% ,QFUHPHQWRGHODDQHPLD &  $ &RKRUWHV GHLQWR[LFDFLQPDUFDGRSRUXQDDSDUHQWHPHMRUDFOQLFDFRQDXPHQWRGHORV
& ,QVXILFLHQFLDFDUGLDFDFRQJHVWLYD '  % 7UDQVYHUVDO QLYHOHVGHWUDQVDPLQDVDVJOXWPLFRR[DODFWLFR\JOXWPLFRSLUYLFRELOLUUXELQD\
' $FLGRVLVFRQKLSRSRWDVHPLD (  & &DVRV\FRQWUROHV SURWURPELQDUHVSXHVWDLQFRUUHFWD
( +LSHUWHQVLQ  ' (FROJLFR (O DQWGRWR GH HOHFFLQ HV OD 1DFHWLOFLVWHQD UHVSXHVWD  FRUUHFWD TXH GHEH
 5&$ ( &RUUHODFLRQDO DGPLQLVWUDUVH SRU YD RUDO R LQWUDYHQRVD VL HV SRVLEOH GHQWUR GH ODV SULPHUDV 
5&' /D HVWDQFLD PHGLD SUHRSHUDWRULD HV HO SURPHGLR GH GDV GH HVWDQFLD TXH  KRUDVWUDVODLQJHVWDSHURTXHGHEHUVHUDGPLQLVWUDGDLJXDOPHQWHVLQRVHFRQRFH
&RPR HQ FXDOTXLHU FDVR FOQLFR OR SULPHUR HV KDFHU HO GLDJQVWLFR GH OD WUDQVFXUUHQ GHVGH TXH ORV SDFLHQWHV LQJUHVDQ KDVWD TXH VRQ LQWHUYHQLGRV 5&& HOWLHPSRGHLQJHVWDQLODGRVLVUHVSXHVWDLQFRUUHFWD
HQIHUPHGDG HQ HVWH FDVR OR PV SUREDEOH HV TXH HVWHPRV DQWH XQ VQGURPH TXLUUJLFDPHQWH(03 6XPDWRWDOGHHVWDQFLDVSUHRSHUDWRULDV1|GHSDFLHQWHV (Q HVWH FDVR HO PGLFR LQWHUYLQR FXDQGR \D RFXUUL HO EURWH GH OD HQIHUPHGDG /D KHSDWRWR[LFLGDG DXPHQWD FRQ HO XVR SURORQJDGR GH IUPDFRV LQGXFWRUHV GHO
KHPROWLFR XUPLFR 5HFXHUGD TXH OR TXH VH SURGXFH HV XQD DIHFWDFLQ GH ORV LQWHUYHQLGRV EXVFDQGR FXDOHV VRQ ORV IDFWRUHV DVRFLDGRV D HVWD HV GHFLU SDUWH GH OD PHWDEROLVPR KHSWLFR EDUELWULFRV KLGDQWRQDV ULIDPSLFLQD R FRQ HO XVR GH
SHTXHRVYDVRVSRUPLFURWURPERVLVTXHWLHQHQOXJDUDHVHQLYHOORFXDOSURYRFD (03  HQIHUPHGDGDODH[SRVLFLQDVPLVPRODPHGLGDGHDVRFLDFLQXWLOL]DGDIXHHO HWDQROUHVSXHVWDLQFRUUHFWD
TXHORVKHPDWHVTXHSDVHQSRUHVRVYDVRVVHURPSDQGDQGROXJDUDODDQHPLD  2GGV5DWLR25FDUDFWHUVWLFDVTXHVRQFRPSDWLEOHVFRQHOWLSRGHHVWXGLRGH 
KHPROWLFD$VXQRGHORVUJDQRVTXHPVVHDIHFWDSRUHVWRVPLFURWURPERVHV  &XOHVHOSURSVLWRGHODSUHYHQFLQSULPDULD" FDVRV\FRQWUROHV  /DELRGLVSRQLELOLGDGGHXQSURGXFWRDGPLQLVWUDGRSRUYDLQWUDYHQRVD
HO ULQ SRU OR TXH FRPR FRQVHFXHQFLD GH VX LQVXILFLHQFLD UHQDO DJXGD HV $ (YLWDUVXUJLPLHQWRGHSDWURQHVGHYLGDVRFLDO  HVGH
HVSHUDEOH HQFRQWUDU DFLGRVLV SRUTXH QR UHWLHQH HO VXILFLHQWH ELFDUERQDWR FRQ % /LPLWDULQFLGHQFLDPHGLDQWHFRQWUROGHIDFWRUHVGHULHVJR  &XOGHORVVLJXLHQWHVHVXQLQGLFDGRUGHPRJUILFRGHODHVWUXFWXUD $ 
+,3(5327$6(0,$ (O UHVWR GH ODV DOWHUDFLRQHV SXHGHQ REVHUYDUVH & (YLWDUHVWDGRVJUDYHVGHHQIHUPHGDG SREODFLRQDO" % 
IUHFXHQWHPHQWHHQHVWHVQGURPH$SURYHFKDHVWDSUHJXQWDSDUDILMDUWHHQFXOHV ' $XPHQWDUFXUDFLQGHSDFLHQWHV $ 7DVDJOREDOGHIHFXQGLGDG & 
VRQVXVGLIHUHQFLDVFRQRWURVFXDGURVFRPROD37, ( 5HGXFFLQGHOSURJUHVRGHFRPSOLFDFLRQHV % (VSHUDQ]DGHYLGDDOQDFHU ' 
  & 5D]QGHGHSHQGHQFLD ( (VYDULDEOHHQIXQFLQGHODFRPSRVLFLQGHOSURGXFWR
 (O SULQFLSLR GH OD ELRWLFD TXH KDFH UHIHUHQFLD D TXH FDGD LQGLYLGXR 5&% ' 'HQVLGDGSREODFLRQDO 
SXHGDWHQHUDFFHVR\UHFLELUODVSUHVWDFLRQHVTXHOHFRUUHVSRQGDQFRPRPLHPEUR /DSUHYHQFLQSULPDULDDFWDHQHOSHULRGRSUHSDWRJQLFRGHODKLVWRULDQDWXUDOGH ( 7DVDGHFUHFLPLHQWRDQXDOGHSREODFLQ 5&'
GHODVRFLHGDGVHGHQRPLQD ODHQIHUPHGDGHVGHFLUFXDQGRQRHVWSUHVHQWHODHQIHUPHGDG\VXREMHWLYRHV  /DELRGLVSRQLELOLGDGLQGLFDODYHORFLGDG\ODFDQWLGDGGHODIRUPDLQDOWHUDGDGHXQ
$ /HJLWLPLGDG HYLWDUODDSDULFLQGHODHQIHUPHGDGSDUDHVWRUHDOL]DDFFLRQHVSDUDHOFRQWUROGH 5&' IUPDFRTXHDFFHGHDODFLUFXODFLQVLVWPLFD\SRUORWDQWRHVWGLVSRQLEOHSDUD
% $XWRQRPD ORVIDFWRUHVGHULHVJRTXHSRGUDQGHVHQFDGHQDUODHQIHUPHGDG /RV LQGLFDGRUHV GH HVWUXFWXUD SREODFLRQDO SHUPLWHQ HO DQOLVLV GH OD HVWUXFWXUD DFFHGHUDORVWHMLGRV\SURGXFLUXQHIHFWR/DELRGLVSRQLELOLGDGGHXQIUPDFRSRU
& %HQHILFHQFLD  SREODFLRQDO SRU HGDGHV \R SRU GLVWULEXFLQ JHRJUILFD LQFOX\HQGR OD YDLQWUDYHQRVDHVGHOUHVSXHVWDVLQFRUUHFWD\UHSXHVWDFRUUHFWD
' -XVWLFLD  3DUDHOQLRTXHVHHQFXHQWUDHQODHWDSDGHGDVDPHVHV GHVDJUHJDFLQSRUVH[R'HQWURGHHVWRVLQGLFDGRUHVWHQHPRVDSRUFHQWDMHGH 3DUDFDOFXODUODELRGLVSRQLELOLGDGGHXQIUPDFRSRURWUDYDEDVWDFRQGLYLGLUHO
( $FFHVLELOLGDG GDV4XHVORTXH12LQFOX\HHOSDTXHWHGHDWHQFLQLQWHJUDOVHJQHO0RGHOR SREODFLQVHJQPELWRJHRJUILFRSRUFHQWDMHGHSREODFLQSRUJUXSRVGHHGDG UHD%DMROD&XUYD$%&GHODYDHOHJLGDHQWUHHO$%&GHODYDLQWUDYHQRVD
 GH$WHQFLQ,QWHJUDOGH6DOXG%DVDGRHQ)DPLOLD\&RPXQLGDG" QGLFHGHHQYHMHFLPLHQWRQGLFHGHGHSHQGHQFLDGHQVLGDGSREODFLRQDOQGLFHGH /D ELRGLVSRQLELOLGDG GHSHQGHIXQGDPHQWDOPHQWHGHOSURFHVRGH DEVRUFLQ\ HQ
5&' $ &RQWUROGHFUHFLPLHQWR\GHVDUUROOR PDVFXOLQLGDGHQWUHRWURV PHQRUPHGLGDGHODGLVWULEXFLQ\HOLPLQDFLQUHVSXHVWDLQFRUUHFWD
(OSULQFLSLRWLFRGHVFULWRHQHOHQXQFLDGRHVHOGHMXVWLFLDWDPELQGHQRPLQDGR % $GPLQLVWUDFLQGHPLFURQXWULHQWHV  
MXVWLFLD GLVWULEXWLYD RSFLQ  FRUUHFWD (V XQ FRQFHSWR UHODFLRQDGR FRQ OD & /DFWDQFLDPDWHUQDH[FOXVLYD  (QORVGLVHRVH[SHULPHQWDOHVWLSRHQVD\RFOQLFRFRQWURODGR$TX  &XOGHORVVLJXLHQWHVIUPDFRV12HPSOHDUDHQHOWUDWDPLHQWRGH
DFFHVLELOLGDGQRHQFRQWUDUEDUUHUDV\YLQFXODGRDODOHJLWLPLGDGFRQVLGHUDFLQ ' 6HVLQGHHVWLPXODFLQWHPSUDQD VHGHQRPLQDHIHFWR+DZWKRUQH" ODKLSHUWHQVLQDUWHULDOJHVWDFLRQDO"
GHORVSULQFLSLRVWLFRVHQODVDFWXDFLRQHVVDQLWDULDVSHURODGHQRPLQDFLQGHO ( 6DOXGRUDO $ 3DUWLFLSDU HQ XQ HVWXGLR KDFHQ TXH ODV SHUVRQDV PRGLILTXHQ $ $QWDJRQLVWDGHORVUHFHSWRUHVGHDQJLRWHQVLQD
SULQFLSLRWLFRHVODGHMXVWLFLD\QRODVRWUDVRSFLRQHV  FRPSRUWDPLHQWRV % /DEHWDORO
 5&& % 6HQWLUVHELHQUHFLELHQGRSURGXFWRVVLQDFFLQIDUPDFROJLFD & $QWDJRQLVWDGHOFDOFLR
 6LHQXQUHDGHVDOXGPHGLPRVODPHMRUDHQORVLQGLFDGRUHVSURPHGLR (O 0RGHOR GH $WHQFLQ ,QWHJUDO GH 6DOXG %DVDGR HQ )DPLOLD \ &RPXQLGDG & $OSUREOHPDGHWLFDTXHVHSURGXFHHQHOGLVHRH[SHULPHQWDO ' 0HWLOGRSD
GHVXSHUYLYHQFLDGHFQFHUGHPDPDWUDVYDULDVGFDGDVGHLPSODQWDFLQGHXQ DSUREDGR PHGLDQWH 5HVROXFLQ 0LQLVWHULDO 1r 0,16$ HVWDEOHFH ' (QPDVFDUDPLHQWRHQHOHQVD\RFOQLFRFRQWURODGR ( +LGUDOD]LQD
SURJUDPDGHVFUHHQLQJHVWDPRVHYDOXDQGR SDTXHWHVGHDWHQFLQLQWHJUDOSRUHWDSDVGHYLGD(OSDTXHWHGHDWHQFLQLQWHJUDO ( 5HQXQFLDDOFRQVHQWLPLHQWRLQIRUPDGR 
$ /DHVWUXFWXUD GHVDOXGGHOQLRGHGDVDPHVHVGDVLQFOX\H  5&$
% (OSURFHVR  &RQWURO GH &UHFLPLHQWR \ 'HVDUUROOR (YDOXDFLQ 1XWULFLRQDO HYDOXDFLQ 5&$ (O WUDWDPLHQWR GH OD KLSHUWHQVLQ DUWHULDO HQ XQD JHVWDQWH GHEH UHDOL]DUVH FRQ
& /DHIHFWLYLGDG DXGLWLYDHYDOXDFLQPVFXORHVTXHOWLFR\ORFRPRWRU (O HIHFWR +DZWKRUQH IRUPD SDUWH GH ORV VHVJRV GH LQIRUPDFLQ TXH SURYRFDQ PHWLOGRSD R KLGUDOD]LQD UHVSXHVWDV  \  FRUUHFWDV /RV EHWDEORTXHDQWHV
' /DHILFDFLD  $GPLQLVWUDFLQ GH PLFURQXWULHQWHV VXOIDWR IHUURVR YLWDPLQD $ RWURV VHJQ HUURUHVHQODPHGLFLQGHODYDULDEOHGHHVWXGLR(OHIHFWR+DZWKRUQHFRQVLVWHHQ ODEHWDORO ORV DQWDJRQLVWDV GH ORV FDQDOHV GH FDOFLR SXHGHQ XVDUVH FRQ
( /DFREHUWXUD FULWHULRVGHULHVJRQRUPDV\SURWRFRORV TXHORVSDUWLFLSDQWHVGHOHVWXGLRPXHVWUDQXQDPRGLILFDFLQHQDOJQDVSHFWRGH SUHFDXFLQ UHVSXHVWDV  \  FRUUHFWDV (O XVR GH LQKLELGRUHV GH OD HQ]LPD
 9DFXQDVVHJQQRUPDYLJHQWH VXFRQGXFWDFRPRFRQVHFXHQFLDGHOKHFKRGHVDEHUTXHHVWQVLHQGRHVWXGLDGRV FRQYHUWLGRUD GH DQJLRWHQVLQD DQWDJRQLVWDV GH ORV UHFHSWRUHV GH DQJLRWHQVLQD
5&& 6HVLQGHHVWLPXODFLQWHPSUDQD XREVHUYDGRV UHVSXHVWDLQFRUUHFWDGHEHHYLWDUVHGXUDQWHHOHPEDUD]R
/D PHMRUD GH OD VXSHUYLYHQFLD LQGLFD TXH ODV PHGLGDV DGRSWDGDV R ODV ,QWHUYHQFLRQHV(GXFDWLYRV\FRPXQLFDFLRQDOHVDORVSDGUHVHQ  
LQWHUYHQFLRQHVVDQLWDULDVUHDOL]DGDVKDQVLGRIUXFWIHUDVHQODSREODFLQUHDO/D 3UFWLFDVFODYHVSDUDHOFUHFLPLHQWR\GHVDUUROORVDOXGDEOH  6HDOHOR)$/62HQODLQWR[LFDFLQSRUDFHWDPLQRIQSDUDFHWDPRO  &RQ UHVSHFWR D ORV HIHFWRV IDUPDFROJLFRV GH ORV GLVWLQWRV
HYDOXDFLQGHODHIHFWLYLGDGVORGHEHUDOOHYDUVHDFDERFXDQGRODLQWHUYHQFLQ 9LVLWD)DPLOLDU,QWHJUDO $ (QHODGXOWRVRQJUDYHVODVLQJHVWDDSDUWLUGHPJ.J PHGLFDPHQWRVHQVXLQWHUDFFLQFRQORVDQWLFRDJXODQWHVRUDOHVGLFXPDUQLFRV
KD\DGHPRVWUDGRSUHYLDPHQWHTXHHVHILFD]HQXQHQVD\RFOQLFRFRQWURODGR/D 9DFXQDVQRDFXGLDVXFLWD % /DWR[LFLGDGKHSWLFDVXHOHDSDUHFHUDODVKRUDVGHODLQJHVWD VHDOHODFRUUHFWD
FREHUWXUDHVLQGLFDGRUGHOSRUFHQWDMHGHPXMHUHVPDPRJUDILD]DVUHVSHFWRGHOD &RQWUROGHFUHFLPLHQWR\GHVDUUROORQRDFXGLDVXFLWD & (O IUPDFR GH HOHFFLQ D XWLOL]DU HQ HO WUDWDPLHQWR HV HO VXFFLQDWR $ /RV6DOLFLODWRVVRQSRWHQFLDGRUHVGHOHIHFWRDQWLFRDJXODQWH
SREODFLQ GLDQD SHUR QR GHO UHVXOWDGR GHO SURJUDPD SXHGH KDEHU XQD DOWD  &RQWURO GHO GDR VHJXLPLHQWR GH QHXPRQDV (QIHUPHGDG GLDUUHLFD FRQ VGLFR % /DV 7HWUDFLFOLQDV VRQ LQKLELGRUHV GH OD DFFLQ DQWLFRDJXODQWH SRU
FREHUWXUDGHXQSURJUDPDLQHILFD] GHVKLGUDWDFLQVKRFNGHVQXWULFLQ PHFDQLVPRGLUHFWR

ZZZYLOODPHGLFJURXSFRP 3JLQD_ 3JLQD_ ZZZYLOODPHGLFJURXSFRP

 7X[LWRQXHVWUR[LWR 7X[LWRQXHVWUR[LWR
& /D5LIDPSLFLQDHVXQIXHUWHSRWHQFLDGRUGHOHIHFWRDQWLFRDJXODQWH  0XMHU GH  DRV OOHJD D OD FRQVXOWD FRQ GRORU SRVW WUDXPWLFR GH ,5,7,6 $*8'$ 2-252-2'2/2581,/$7(5$/ IUHFXHQWH GHOYDUQVLHQGRODVHJXQGDFDXVDGH PXHUWHSRUFQFHUHQ HOYDUQ
' (O0HWURQLGD]ROHVXQIUPDFRLQKLELGRUGHOHIHFWRDQWLFRDJXODQWH KRPEUR GHUHFKR \ OLPLWDFLQ GH PRYLPLHQWR ([DPHQ EUD]R FRQ KHPDWRPD HQ GHVSXVGHOFQFHUGHSXOPQ
89(,7,6 ',60,18&,21$9
( /RVEDUELWULFRVSRWHQFLDQODDFFLQGHORVDQWLFRDJXODQWHV FDUDLQWHUQDGHOVXSHULRUFRQFLHUWDDQJXODFLQ&XOHVHOGLDJQRVWLFR" 
$%5$6,21 '( '2/25)272)2%,$/$*5,0(2
 $)UDFWXUDGHFODYFXOD  (QFXOGHHVWRVSDFLHQWHVHOWUDWDPLHQWRTXLUUJLFRDGHFXDGRVHUD
&251($
5&$ %/X[DFLQDFURPLRFODYLFXODU ODUHDOL]DFLQGHXQDJDVWUHFWRPLDDWSLFDHQFXDSRUODSDURVFRSLDVLQ

/RV VDOLFLODWRV \ RWURV $,1(V LQKLEHQ OD IXQFLQ SODTXHWDULD OR TXH SRWHQFLD HO &)UDFWXUDGHHVFSXOD OLQIDGHQHFWRPDDPSOLDGD"
 &XOHVHOWUDWDPLHQWRLQLFLDOGHODHSLVWD[LVSRVWHULRU"
HIHFWRDQWLFRDJXODQWHUHVSXHVWDFRUUHFWD ')UDFWXUDGHOFXHOORGHOKXPHUR $GHQRFDUFLQRPDJVWULFRLQILOWUDQWH\XOFHUDGRDQLYHOGHDQWURSLORUR
$7DSRQDPLHQWRSRVWHULRU
/DVWHWUDFLFOLQDVDXPHQWDQODDFFLQGHORVDQWLFRDJXODQWHVRUDOHVUHVSXHVWD (/X[DFLQHVFDSXORKXPHUDO $GHQRFDUFLQRPDJVWULFRLQILOWUDQWHVXEFDUGLDO
%7DSRQDPLHQWRDQWHULRU
LQFRUUHFWD  7XPRUGHOHVWURPDJDVWURLQWHVWLQDODQLYHOGHFXHUSRJVWULFRFXUYDWXUDPD\RU
&&RDJXODQWHVPVYDSHULIULFD
/DULIDPSLFLQD\ORVEDUELWULFRVVRQSRWHQWHVLQKLELGRUHVGHOHIHFWRDQWLFRDJXODQWH 5&' /LQIRPD0$/7
'&DXWHUL]DFLQ
\DTXHDXPHQWDQHODFODUDPLHQWRPHWDEOLFRGHORVDQWLFRDJXODQWHVUHVSXHVWDV /DV IUDFWXUDV GHO FXHOOR TXLUUJLFR GHO KPHUR VRQ IUHFXHQWHV HQ ORV SDFLHQWHV (VIDJRGH%DUUHWWFRQPHWDSODVLDLQWHVWLQDO\GLVSODVLD
($QWLELWLFRVPVFDXWHUL]DFLQ
\LQFRUUHFWDV $GXOWRV 0D\RUHV TXH VXIUHQ FDGDV GH EDMRLPSDFWR VREUH H[WUHPLGDG VXSHULRU 

(O PHWURQLGD]RO HV XQ SRWHQFLDGRU GHO HIHFWR DQWLFRDJXODQWH UHSXHVWD  H[WHQGLGD\HVWQFRQGLFLRQDGDVSRUPDODFDOLGDGVHDKXHVRRVWHRSRUWLFR/D 5&&
5&$
LQFRUUHFWD SULQFLSDOFDUDFWHUVWLFDHVHOGRORUHQKRPEUROLPLWDFLQIXQFLRQDODVRFLDGDDOD (QHOWUDWDPLHQWRGHORV7XPRUHVGHO(VWURPD*DVWURLQWHVWLQDO*,67HOREMHWLYR
 DSDULFLQGHXQKHPDWRPDHQFDUDPHGLDOGHEUD]RTXHVHH[WLHQGHKDVWDUHJLQ HVUHDOL]DUXQDUHVHFFLQFRQ PUJHQHVOLEUHV'DGR TXHWLHQHQXQFUHFLPLHQWR
 $QWH XQD DIHFWDFLQ XQLODWHUDO GH ORV SDUHV FUDQHDOHV ,,, ,9 9, ORV D[LODU\WRUFLFDGHQRPLQDGR6LJQRGH+HQQHTXLQ(QHVWRVFDVRVODH[SORUDFLQ PX\OLPLWDGRDQLYHOLQWUDPXUDOWDPSRFRVRQQHFHVDULDVUHVHFFLRQHVDQWPLFDV
QHUYLRV PD[LODU VXSHULRU \ RIWOPLFR \ OD DUWHULD FDUWLGD LQWHUQD D TX QLYHO QHXURYDVFXODUHVLPSRUWDQWHSDUDGHVFDUWDUOHVLRQHVGHODVHVWUXFWXUDVD[LODUHV DPSOLDVWDOFRPRXQDJDVWUHFWRPDWRWDO\PX\UDUDPHQWHVRQLQGLFDGDV(VWRV
DQDWPLFRGHEHPRVORFDOL]DUHOSURFHVRSDWROJLFR"  WXPRUHV UDUDPHQWH PHWDVWDWL]DQ D ORV JDQJOLRV OLQIWLFRV SRU OR TXH QR HV
$ +HQGLGXUDHVIHQRLGDO  &XO HV HO WUDWDPLHQWR GH XQD IUDFWXUD GLVWDO GHO UDGLR TXH QR QHFHVDULDODUHDOL]DFLQGHXQDOLQIDGHQHFWRPDUHVSXHVWDFRUUHFWD
% 6HQRFDYHUQRVR FRPSURPHWHODDUWLFXODFLQ\TXHQRHVWDGHVSOD]DGD" (Q HO FDVR GH DGHQRFDUFLQRPDV OD FLUXJD LQGLFDGD SRGUD VHU PV UDGLFDO
& )RUDPHQ\XJXODU $ &ODYRVSHUFXWQHRV DVRFLDGDDGHPVDODOLQIDGHQHFWRPDUHVSXHVWDV\LQFRUUHFWDV
' )RVDSRVWHULRU % &ODYRVSHUFXWQHRVILMDFLQH[WHUQD (QHOFDVRGHO/LQIRPD0$/7HOWUDWDPLHQWRHQHVWDGLRVLQLFLDOHVHVODHUUDGLFDFLQ
( $JXMHURRYDO & ,QPRYLOL]DFLQFRQ\HVR GH + 3\ORUL \ HQ HVWDGLRV PV DYDQ]DGRV OD TXLPLRWHUDSLD UHVSXHVWD 
 ' 5HGXFFLQDELHUWD LQFRUUHFWD
5&% ( 5HGXFFLQFHUUDGD (OHVIDJRGH%DUUHWFRQGLVSODVLDGHEDMRJUDGRVHWUDWDFRQ,%3V\VHJXLPLHQWR
/DVHVWUXFWXUDVTXHDWUDYLHVDQFDGDXQRGHORVRULILFLRVUHIHULGRVVRQ  HQGRVFSLFR\VLODGLVSODVLDHVGHDOWRJUDGRFRQPXFRVHFWRPDHQGRVFSLFDR
y+HQGLGXUDHVIHQRLGDOQHUYLRVRFXORPRWRUHVHVGHFLUSDUHVFUDQHDOHV,,,,99, 5&& HVRIDJHFWRPDUHVSXHVWDLQFRUUHFWD
UHVSXHVWDLQFRUUHFWD /DLQPRYLOL]DFLQFRQ\HVRHVWLQGLFDGDHQIUDFWXUDVGHUDGLRGLVWDOQRDUWLFXODUHV 
y6HQRFDYHUQRVRSDUHVFUDQHDOHV,,,,99,ORVQHUYLRVPD[LODUVXSHULRUUDPD QRGHVSOD]DGDV\HVWHGHEHFRORFDUVHHYLWDQGRODIOH[LQH[WUHPDGHODPXHFD  8QDPXMHUGHDRVDFXGHDXUJHQFLDVUHILULHQGRGRORUHQODLQJOH

\RIWOPLFRUDPDGHOSDUFUDQHDO9\ODDUWHULDFDUWLGDLQWHUQDUHVSXHVWD \SHUPDQHFHGXUDQWHVHPDQDVKDVWDTXHVHREVHUYDFRQVROLGDFLQUDGLROJLFD GHUHFKD \ YPLWRV GHVGH KDFH XQDV  KRUDV $ OD H[SORUDFLQ VH SDOSD XQD
/DHSLVWD[LVHVODHPHUJHQFLDPVFRPQHQOD2WRUULQRODULQJRORJD(OPDQHMR
FRUUHFWD /RV &ODYRV SHUFXWQHRV VRQ HPSOHDGRV HQ IUDFWXUDV H[WUDDUWLFXODUHV WXPRUDFLQGHFRQVLVWHQFLDGXUDMXVWR SRU GHEDMRGHODOQHDTXH XQHODHVSLQD
FDPELDGHSHQGLHQGRGHORULJHQGHOSXQWRGHVDQJUDGR\ODSUHVHQFLDGHIDFWRUHV
y)RUDPHQ\XJXODUSDUHVFUDQHDOHV,;;\;,\YHQD\XJXODULQWHUQDUHVSXHVWD LQWUDDUWLFXODUHV HQ GRV IUDJPHQWRV \ VH UHDOL]D FRQ $JXMDV .LUVFKQHU \ VH LOLDFD DQWHURVXSHULRU \ HO SXELV TXH VH FRUUHVSRQGH FRQ OD ORFDOL]DFLQ GHO
SUHFLSLWDQWHV7RGRSDFLHQWHTXHLQJUHVDDOVHUYLFLRGHHPHUJHQFLDSRUHSLVWD[LV
LQFRUUHFWD
y)RVDSRVWHULRUWLHQHYDULRVRULILFLRVPDJQXP\XJXODUFRQGOHR\PDVWRLGHRSRU
GRQGH SDVDQ ORV SDUHV FUDQHDOHV ,; D ;,, DUWHULDV YHUWHEUDOHV YHQD \XJXODU
FRPSOHPHQWDFRQ\HVRRILMDFLQH[WHUQD OLJDPHQWRLQJXLQDO/RPVSUREDEOHHVTXHVHWUDWHGHXQD
GHEHVHUHYDOXDQGRLQLFLDOPHQWHVLJXLHQGRHOSURWRFRORGHYDDUHDUHVSLUDFLQ
/DVWFQLFDVGHUHGXFFLQDELHUWDRFHUUDGDVHLQGLFDQHQIUDFWXUDVGHVSOD]DGDV +HUQLDLQJXLQDOGLUHFWD
\ FLUFXODFLQ 'HVSXV GH HVWDELOL]DU VLJQRV YLWDOHV VH UHDOL]D OD OLPSLH]D GH OD
 +HUQLDGH6SLHJHO
FDYLGDG QDVDO \ DSOLFDFLQ GH DQHVWHVLD ORFDO \ VL VH WUDWD GH XQD (3,67$;,6
LQWHUQD\HPLVDULDUHVSXHVWDLQFRUUHFWD  0XMHUGHDRVDFXGHDODFRQVXOWDSRUSUHVHQWDUFRQJHVWLQRFXODU +HUQLDLQJXLQDOLQGLUHFWD
$17(5,25 QRV SHUPLW,U OD YLVXDOL]DFLQ SWLPD GH ORV SRVLEOHV SXQWRV GH
y $JXMHUR RYDO UDPD  GHO 9 QHUYLR PDGLEXODU \ DUWHULD PHQQJHD DFFHVRULD ELODWHUDO TXH VH FRUURERUD DO H[DPHQ VLQ DQWHFHGHQWH GH WUDXPDWLVPR RFXODU +HUQLDIHPRUDOFUXUDO
VDQJUDGRORVFXDOHVSXHGDQVHUFDXWHUL]DGRVFRQQLWUDWRGHSODWDTXHHVODWFQLFD
UHVSXHVWDLQFRUUHFWD &XOHVODFDXVDPVIUHFXHQWHGHRMRURMRTXHSUHVHQWDODSDFLHQWH" +HUQLDREWXUDWUL]
PVFRPQPHGLDQWHHOHFWURFDXWHULRRHQVXGHIHFWRPHGLDQWHXQWDSRQDPLHQWR
 $&RQMXQWLYLWLV 
QDVDODQWHULRU3HURVLHVWDPDQLREUDQRQRVSHUPLWHREVHUYDURFRQWURODUHOSXQWR
 ,QGLTXHFDOGHODVVLJXLHQWHVDILUPDFLRQHVVREUHHOFXGULFHSVFUXUDO %8YHWLVDQWHULRUDJXGD 5&'
GHVDQJUDGR\DOH[DPLQDUODRURIDULQJHYHPRVTXHFRQWLQDODSUGLGDVDQJXQHD
HVFRUUHFWD &*ODXFRPDDJXGR /DV KHUQLDV IHPRUDOHV R FUXUDOHV WLHQHQ OXJDU D WUDYV GHO FRQGXFWR IHPRUDO
HVWDPRVIUHQWHDXQD(3,67$;,63267(5,25GRQGHODDUWHULDHVIHQRSDODWLQDVH
$ (VWLQHUYDGRSRUHOQHUYLRFUXUDOIHPRUDO 'LULWLVDJXGD GHOLPLWDGR SRU DUULED SRU OD FLQFWLOOD LOLRSXELDQD SRU DEDMR SRU HO OLJDPHQWR GH
HQFXHQWUDIUHFXHQWHPHQWHLQYROXFUDGDHVWHWLSRGHHSLVWD[LVHVPHQRVIUHFXHQWH
% (VHOPVFXORPVSRWHQWH\YROXPLQRVRGHWRGRHOFXHUSRKXPDQR ($EUDVLQGHODFUQHD &RRSHUSRUHOODGRH[WHUQRSRUODYHQDIHPRUDO\SRUHOLQWHUQRSRUODFRQIOXHQFLD
TXH OD HSLVWD[LV DQWHULRU HV PV JUDYH \ HV REVHUYDGD HQ DGXOWRV PD\RUHV HQ
& 6H FRPSRQH GH FXDWUR PVFXORV YDVWR LQWHUQR YDVWR LQWHUPHGLR R  HQWUHODFLQWLOODLOLSXELDQD\HOOLJDPHQWRGH&RRSHU/DKHUQLDFUXUDOSURGXFHXQD
DOJXQRVFDVRVKLSHUWHQVRVQRFRQWURODGRVHVWHFXDGURDPHULWDXQWDSRQDPLHQWR
PVFXORFUXUDO\PVFXORVXEFUXUDO 5&$ PDVDRDEXOWDPLHQWREDMRHOOLJDPHQWRLQJXLQDOUHVSXHVWDFRUUHFWD/DVKHULQDV
QDVDO SRVWHULRU HO FXDO SXHGH UHDOL]DUVH FRQ JDVDV VRQGD )ROH\ R FRQ EDOQ
' (O YDVWR LQWHUQR VH LQVHUWD FRPR WHQGQ URWXOLDQR HQ OD WXEHURVLGDG /DFRQMXQWLYLWLVHVODFDXVDPVFRPQGHVQGURPHGHRMRURMRDQLYHOPXQGLDO LQJXLQDOHVGLUHFWDVHLQGLUHFWDVVDOHQSRUHQFLPDGHOOLJDPHQWRLQJXLQDOUHVSXHVWD
FRORFDGRV HQ OD FRDQD (O WDSRQDPLHQWR WDQWR DQWHULRU FRPR SRVWHULRU GHEH
DQWHULRUGHODWLELD PD\RUPHQWH GHELGR DOJQ WLSR GH LQIHFFLQ VHD EDFWHULDQD R YLUDO 8Q GDWR \LQFRUUHFWDV/DKHUQLDGH6SLHJHORFXUUHDWUDYVGHOD IDVFLDGH6SLHJHO
SHUPDQHFHUSRUORPHQRVKRUDV\HOSDFLHQWHTXHGDUEDMRFREHUWXUDDQWLELWLFD
( 6HHQFDUJDGHODIOH[LQGHODFDGHUD\GHODSLHUQD/DIOHVLQGHOD LPSRUWDQWHHVTXHFDVLVLHPSUHHVELODWHUDOQRKD\DOJQDQWHFHGHQWHSUHYLRGH TXH VH FRPSRQH GH OD FDSD DSRQHXUWLFD VLWXDGD HQWUH HO PVFXOR UHFWR
\DQDOJVLFD
SLHUQDWHUPLQDHQ XQDURWDFLQLQWHUQDOOHYDGDDFDERSRUHOOLJDPHQWRFUX]DGR LPSRUWDQFLD\QR FDXVDGRORUVLQR SUXULWR\VHFUHFLQVHDSXUXOHQWD X DFXRVD PHGLDOPHQWH\ODOQHDVHPLOXQDUODWHUDOPHQWHUHVSXHVWDLQFRUUHFWD

DQWHULRU\HOPVFXORYDVWRLQWHUQR GHSHQGLHQGRGHODJHQWHHWLROJLFR (OFRQGXFWRREWXUDGRUVHIRUPDSRUODXQLQGHOSXELV\GHOLVTXLRQ\HVWFXELHUWR
 (QUHODFLQDODGHQRFDUFLQRPDSURVWWLFRVHDOHODUHVSXHVWDIDOVD
 &21-817,9,7,6 2-2 52-2 %,/$7(5$/ 12 SRU XQD PHPEUDQD SHUIRUDGD SRU HO QHUYLR \ ORV YDVRV REWXUDGRUHV (O
(VHOWXPRUVROLGRPVIUHFXHQWHGHOYDUQ
5&$ GHELOLWDPLHQWR GHOD PHPEUDQD REWXUDWUL]SXHGH GHWHUPLQDUXQHQVDQFKDPLHQWR
'2/25 6(&5(&,21 (VPVIUHFXHQWHHQODUD]DQHJUD
(OPVFXORFXGULFHSVIHPRUDORFUXUDOHVHOPVFXORPVSRWHQWHGHVSXVGHO GHO FRQGXFWR \ OD DSDULFLQ GH XQ VDFR KHUQLDULR FRQ SRVLEOH LQFDUFHUDFLQ \
6(16$&,21 '( &8(532 (OVRQDFLQDUHV
PXVFXORPDVHWHUR\YROXPLQRVRUHVSXHVWDLQFRUUHFWD HVWUDQJXODFLQ LQWHVWLQDOHV (O SDFLHQWH DFXGH FRQ VLJQRV GH FRPSUHVLQ GHO
(;75$2 (O36$HVXQPDUFDGRUHVSHFLILFRGHOFQFHUGHSUVWDWD
6HFRPSRQHGHFXDWURPVFXORVYDVWRLQWHUQRYDVWRLQWHUPHGLRRPVFXORFUXUDO QHUYLR REWXUDGRU HV GHFLU FRQ GRORU HQ OD FDUD LQWHUQD GHO PXVOR VLJQR GH
(OWDFWRUHFWDOVRVSHFKRVRHVLQGLFDFLQGHELRSVLDFRQFXDOTXLHUYDORUGH36$
\UHFWRDQWHULRUTXHVHLQVHUWDFRPRWHQGQURWXOLDQRHQODWXEHURVLGDGDQWHULRUGH 89(,7,6 2-252-281,/$7(5$/'2/25 +RZVKLS5RPEHUJ

ODWLELDUHVSXHVWDV\LQFRUUHFWDVLQFRUUHFWD $17(5,25 0,26,6',60,18&,21$9 
5&'
6HHQFDUJDGHODIOH[LQGHODFDGHUD\H[WHQVLQGHODSLHUQD/DH[WHQVLQGHOD */$8&20$ 2-2 52-2 81,/$7(5$/ '2/25 (O36$QRHVHVSHFLILFRGHOFQFHUGHSUVWDWDSXHVWRTXHWDPELQVHHOHYDHQ
 %RPEHURGHDRVTXHVXIUHTXHPDGXUDGHGR\HUJUDGRHQ
SLHUQDWHUPLQDHQ XQDURWDFLQLQWHUQDOOHYDGDDFDERSRUHOOLJDPHQWRFUX]DGR $*8'2 ,17(162 1$86($6 920,726 HOGHODVXSHUILFLHFRUSRUDO\SHVDNJ&XOHVHOYROXPHQGHOTXLGRTXH
SURVWDWLWLV+%3HOPDUFDGRUPVHVSHFLILFRGHOFQFHUGHSUVWDWDHVODIRVIDWDVD
DQWHULRU\HOPVFXORYDVWRLQWHUQRUHVSXHVWDLQFRUUHFWD VHGHEHLQGLFDUGXUDQWHODVSULPHUDVKRUDV"
',60,18&,21$9 DFLGD HO PDUFDGRU PV VHQVLEOH HV HO 36$ HV FLHUWR TXH HV HO WXPRU PV
 $ FF

ZZZYLOODPHGLFJURXSFRP 3JLQD_ 3JLQD_ ZZZYLOODPHGLFJURXSFRP

 7X[LWRQXHVWUR[LWR
% FF
& FF
' FF
( 

5&&
6HJQOD)RUPXODGH3DUNODQGFFNJ6&4[[FF
+RUDV 9ROXPHQFDOFXODGRFF
+RUDV 9ROXPHQFDOFXODGR
+RUDV 9ROXPHQFDOFXODGR

ZZZYLOODPHGLFJURXSFRP 3JLQD_