Boletim Municipal Viana do Alentejo Dezembro 2011

Page 1

9,$1$ '2 $/(17(-2 %2/(7,0 081,&,3$/

GH]HPEUR



(GLWRULDO *HVW¦R $XW¢UTXLFD ([HFXWLYR GD &¤PDUD SURPRYH 6HVV¶HV GH 7UDEDOKR FRP D 3RSXOD¨¦R 8UEDQLVPR &RPLVV¦R 0XQLFLSDO GH 7RSRQ­PLD $F¨¦R 6RFLDO 9LDQD GR $OHQWHMR SURPRYHX 6HPDQD 6©QLRU )UXWD (VFRODU 3URJUDPD &RQIRUWR +DELWDFLRQDO SDUD D 3HVVRD ,GRVD %HQHI­FLRV GR &DUW¦R 6RFLDO GR ,GRVR 2oFLQD 'RPLFLOL¢ULD DMXGD PXQ­FLSHV $VVRFLD¨¦R 7HUUD 0¦H q $ QRVVD k&$6$y FRPH¨D D WRPDU IRUPD &DPSDQKD GH 1DWDO k YRUD 'LVWULWR 0¢JLFRy

ÜQGLFH

(GXFD¨¦R $OXQRV FDQGLGDWDP VH £ EROVD GH HVWXGR 3U©PLR GH 0©ULWR GLVWLQJXH DOXQRV GR &RQFHOKR $JUXSDPHQWR GH (VFRODV GH 9LDQD GR $OHQWHMR 6HQLRUHV IUHTXHQWDP FXUVR GH WHDWUR 3URIHVVRUHV UHFHEHP IRUPD¨¦R VREUH TXDGURV LQWHUDFWLYRV k5LEH E© E©X /DU©X DR /©X y OHYDGR £ FHQD QR 1DWDO k5LEH E© E©X /DU©X DR /©X y ODQ¨DGR HP 9LDQD GR $OHQWHMR Ï FRQYHUVD FRP D LOXVWUDGRUD 'DQXWD :RMFLHFKRZVND 6D·GH (QYHOKHFHU HP VHJXUDQ¨D 2 WUDEDOKR YDL GDU IUXWRV 'HVSRUWR 'LFDV SDUD PHOKRUDU D VXD &DPLQKDGD (VSD¨R £ 3DODYUD 9ROXQWDULDGR $F¨¦R GH LQIRUPD¨¦R H VHQVLELOL]D¨¦R VREUH 9ROXQWDULDGR %DQFR /RFDO GH 9ROXQWDULDGR GR &RQFHOKR GH 9LDQD GR $OHQWHMR 9ROXQWDULDGR © VLQ²QLPR GH GLVSRQLELOLGDGH &XOWXUD k9LDQD HP )HVWDy SDUD WRGRV 6DEHU GRV 6RQV LQLFLD VHJXQGD WHPSRUDGD )HLUD ' $LUHV © ORFDO GH FRQY­YLR H GH IHVWD 0RVWUD GH 'R¨DULD GHX D SURYDU GRFHV LJXDULDV %LEOLRWHFDV GR &RQFHOKR

%2/(7,0 081,&,3$/ '( 9,$1$ '2 $/(17(-2 GH]HPEUR GH )LFKD W©FQLFD 'LUHFWRU %HUQDUGLQR %HQJDOLQKD 3LQWR (GL¨¦R &¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR &RQFHS¨¦R JU¢ILFD H SDJLQD¨¦R ' $ 'HVLJQ H $UTXLWHFWXUD 7H[WRV ' ' 6 + &09$ )ORUEHOD &DEH¨DV

)RWRJUDILDV ' ' 6 + &09$ -RDTXLP )LOLSH %DFDODV

7LUDJHP H[HPSODUHV 3HULRGLFLGDGH 7ULPHVWUDO ,PSUHVV¦R 'LDQD /LWRJU¢ILFD GR $OHQWHMR YRUD 'LVWULEXL¨¦R JUDWXLWD &DVR GHVHMH UHFHEHU R %ROHWLP 0XQLFLSDO HP VXD FDVD VHP FXVWRV EDVWD HQYLDU XP HPDLO FRP R VHX QRPH H PRUDGD SDUD JDELQHWH LQIRUPDFDR#FP YLDQDGRDOHQWHMR SW RX SHOR WHOHIRQH

+LVW²ULD 1RWDV VREUH D RFXSD¨¦R 3U© +LVW²ULFD GR &RQFHOKR GH 9LDQD GR $OHQWHMR q ,, 7XULVPR 3RVWR GH 7XULVPR GH 9LDQD IXQFLRQD QR &DVWHOR 5RPDULD D &DYDOR GLVWLQJXLGD FRP 3U©PLR 0DLV $OHQWHMR 0XQLF­SLR GH 9LDQD SUHVHQWH GD )HLUD GR 0RQWDGR $PELHQWH $MXGH D HTXLSDU RV QRVVRV ERPEHLURV (VFROD (OHFWU¦R QR (QVLQR %¢VLFR H 6HFXQG¢ULR 3URMHFWR 5HFROKD GH 7DPSLQKDV GH 3O¢VWLFR 'HVHQYROYLPHQWR (FRQ²PLFR 0XQLF­SLR DSRLD HPSUHV¢ULRV GR &RQFHOKR 0XQLF­SLR GH 9LDQD GR $OHQWHMR H &DL[D GH &U©GLWR $JU­FROD MXQWRV QR DSRLR £V HPSUHVDV )RUPD¨¦R :RUNVKRS k7©FQLFDV GH 3URFXUD $FWLYD GH (PSUHJRy $OLPHQWD¨¦R H K¢ELWRV GH YLGD VDXG¢YHLV $VVRFLDWLYLVPR 6SRUW &OXE $OFD¨RYHQVH -XQWDV GH )UHJXHVLD $JXLDU $OF¢¨RYDV 9LDQD GR $OHQWHMR HP UHYLVWD $JHQGD


(GLWRULDO

&RQWUDULHGDGHV{ y4XDQGR HP RV DFWXDLV DXWDU FDV SRU HVWH SD­V IRUD VH DSUHVHQ WDUDP D VXIU¢JLR HVWDYDP PXLWR ORQJH GH VDEHU RX GH DGLYLQKDU TXH DV DXWDUTXLDV LULDP VRIUHU RV FRUWHV RU¨DPHQWDLV GH TXH QD UHDOLGDGH W«P YLQGR D VHU DOYR 3RU LVVR HODER UDUDP RV VHXV SURJUDPDV HOHLWRUDLV EDVHDGRV QXPD UHDOLGDGH RU¨DPHQ WDO TXH KRMH M¢ Q¦R H[LVWH 0XLWDV GDV SURSRVWDV HQW¦R DSUHVHQWDGDV V¦R LQHYLWDYHOPHQWH SRVWDV HP FDX VD GHYLGR £ IDOWD GH YHUEDV FRP TXH RV PXQLF­SLRV VH FRQIURQWDP y 3RGLD VHU R LQ­FLR GR PHX HGLWR ULDO PDV SRU DFDVR Q¦R ©{ 7UDWD VH GH XP H[FHUWR GR HGLWRULDO GR SUHVLGHQWH GH XPD RXWUD F¤PDUD PXQLFLSDO WRGDYLD HVWRX WRWDO PHQWH GH DFRUGR FRP R VHX FRQ WH·GR $OJXPDV GDV SURSRVWDV DSUHVHQWDGDV HP WHU¦R REUL JDWRULDPHQWH GH VHU DMXVWDGDV HP FRQVHTX«QFLD GDV WUDQVIRUPD¨¶HV RFRUULGDV QR FRQWH[WR ORFDO IUXWR GH XPD FRQMXQWXUD GH FULVH QDFLR QDO H LQWHUQDFLRQDO HP SDUWLFXODU GD 8QL¦R (XURSHLD (VWRX FRQYHQFLGR TXH HVWD FRQV WDWD¨¦R GD QHFHVVLGDGH GH DMXV WDPHQWR GDV UHIHULGDV SURSRVWDV WHU¢ QDWXUDOPHQWH GLIHUHQWHV OHLWXUDV 8QV GLU¦R TXH HVWRX D IDODU GR DVVXQWR M¢ SRU PRWLYRV HOHLWRUDLV RXWURV GLU¦R TXH VHU¢ SRU PRWLYRV GH SUHRFXSD¨¦R RX VHMD SRU HVWDU kSUHRFXSDGR RX FRQWUDULDGRy SHOR IDFWR GH Q¦R FRQVHJXLU FRQFUHWL]DU DOJXPDV SURSRVWDV TXH WUDULDP GHFHUWR PHOKRU TXDOLGDGH GH YLGD SDUD D SRSXOD¨¦R GR FRQFHOKR GH 9LDQD 3RU RXWUR ODGR SHQVR TXH QLQ

JX©P JRVWD GH SURPHWHU FRLVDV TXH PDLV WDUGH Q¦R OKH VHMD SRV V­YHO FRQFUHWL]DU 3DUD DO©P GLV VR H IUXWR GH RXWUDV kLPSRVL¨¶HVy TXH WHQWDUHPRV HVFODUHFHU GHYL GDPHQWH WHU¦R GH VHU WRPDGDV GHFLV¶HV GLI­FHLV TXH QRV DIHF WDU¦R D WRGRV DSHVDU GD DWHQ¨¦R SHUPDQHQWH GD DXWDUTXLD SDUD FRP DTXHOHV TXH PDLV SUHFLVDP FODUR TXH WRGRV RV WUDEDOKRV GHVWH H[HFXWLYR H UHVSHFWLYDV RS ¨¶HV VHU¦R DYDOLDGRV SRU TXHP GH GLUHLWR RX VHMD SHORV PXQ­FL SHV QD DOWXUD FHUWD{ 4XDQWR DRV FRUWHV RU¨DPHQ WDLV GHL[R YRV XP JU¢oFR FRP D HYROX¨¦R GDV WUDQVIHU«QFLDV GR 2U¨DPHQWR GH (VWDGR 2( SDUD D QRVVD DXWDUTXLD HQWUH H 5HVXPLQGR DV UHGX¨¶HV GDV WUDQV IHU«QFLDV GR 2( SDUD D QRVVD F¤ PDUD VRPDP PDLV GH HXURV Ö IDFH DR TXH HVWDYD SUHYLVWR LQLFLDOPHQWH Ö H Ö 7HQGR HP FRQWD TXH DV WUDQVIH U«QFLDV GR 2( UHSUHVHQWDP FHUFD

GH GR WRWDO GDV UHFHLWDV GD QRVVD DXWDUTXLD R QRVVR 2U ¨DPHQWR SDUD VHU¢ GH VLJQL oFDWLYD FRQWHQ¨¦R WUDGX]LQGR VH QXPD UHGX¨¦R TXH URQGD RV IDFH D 1R HQWDQWR GHQWUR GDV QRVVDV SRVVLELOLGDGHV SUHWHQGHP RV FRQWLQXDU FRP D QRVVD OLQKD GH DFWXD¨¦R QR DSRLR £ HGXFD¨¦R £ DF¨¦R VRFLDO £ FXOWXUD H DR GH VSRUWR D SDU GH RXWURV SURMHF WRV kPDLV YLV­YHLVy TXH SRGHU¦R REVHUYDU QDV S¢JLQDV VHJXLQWHV GHVWH EROHWLP (P MHLWR GH FRQFOXV¦R TXHULD UHIHULU TXH DSHVDU GH WRGDV DV GLoFXOGDGHV SRU TXH HVWDPRV D SDVVDU WHPRV GH FRQWLQXDU FRP XPD DWLWXGH SRVLWLYD H GH HVSH UDQ¨D QD H[SHFWDWLYD TXH HVWH SHU­RGR GLI­FLO VHMD XOWUDSDVVDGR W¦R UDSLGDPHQWH TXDQWR SRVV­YHO H TXH FRQWLQXH D H[LVWLU D SRVVLEL OLGDGH GH XP PHOKRU IXWXUR SDUD WRGRV Q²V SDUD RV QRVVRV oOKRV H SDUD RV QRVVRV QHWRV 'HVHMR D WRGRV RV PXQ­FLSHV %RDV )HVWDV H XP %RP $QR GH

(YROX¨¦R GDV 7UDQVIHU«QFLDV &09$ (YROXomR GDV 7UDQVIHUrQFLDV &09$

7UDQVIHUrQFLDV GR 2(

)RQWH 'LUHF¨¦R *HUDO GDV $XWDUTXLDV /RFDLV H SURSRVWD GH OHL GR 2U¨DPHQWR GH (VWDGR SDUD


([HFXWLYR GD &¤PDUD SURPRYH 6HVV¶HV GH 7UDEDOKR FRP D 3RSXOD¨¦R Ï VHPHOKDQ¨D GR DQR DQWHULRU R ([HFXWLYR HP UHJLPH GH SHUPDQ«QFLD GD &¤PDUD 0XQLFLSDO SURPRYHX VHV V¶HV GH WUDEDOKR QDV WU«V IUHJXHVLDV GR FRQFHOKR QRV GLDV H GH 1RYHPEUR HP $OF¢¨RYDV $JXLDU H 9LDQD UHVSHFWLYDPHQWH FRP R REMHFWLYR GH RXYLU H FRQKHFHU D RSLQL¦R GD SRSXOD¨¦R VREUH R WUDEDOKR UHDOL]DGR QRV GRLV SULPHLURV DQRV GH PDQGDWR DX W¢UTXLFR VREUHWXGR RV JUDQGHV SURMHFWRV H UHFHEHU RV VHXV FRQWULEXWRV TXDQWR £V SULRULGDGHV GH WUDEDOKR D UHDOL]DU IXWXUDPHQWH SHOR 0XQLF­SLR YLVDQGR D HODER UD¨¦R GR 3ODQR GH $FWLYLGDGHV H 2U¨DPHQWR SDUD 1HVVH VHQWLGR R 3UHVLGHQWH GD &¤PDUD IH] XPD V­Q WHVH GRV WUDEDOKRV H LQYHVWLPHQWRV UHDOL]DGRV GHVGH 1RYHPEUR GH H DSUHVHQWRX R SODQR GH WUDEDOKRV SDUD R SU²[LPR DQR TXH SUHWHQGLD YHU GLVFXWLGR FRP D SRSXOD¨¦R (P VXPD IRUDP DSUHVHQWDGRV SRU XP ODGR RV LQYHV WLPHQWRV M¢ H[HFXWDGRV RX HP PRYLPHQWR H RV LQYHVWL PHQWRV SURMHFWDGRV SDUD RV SU²[LPRV GRLV DQRV H SRU RXWUR RV FRQVWUDQJLPHQWRV RU¨DPHQWDLV H oQDQFHLURV HQWUH RXWURV TXH KRMH VH ID]HP VHQWLU H TXH OLPLWDP HP PXLWR D FRQFUHWL]D¨¦R GRV SURMHFWRV GR PXQLF­SLR 3ULQFLSDLV SURMHFWRV GR 0XQLF­SLR 3URMHFWRV FRQFOX­GRV H HP PRYLPHQWR

*HVW¦R $XW¢UTXLFD

3LVFLQDV 0XQLFLSDLV GH $OF¢¨RYDV $ REUD WHYH LQ­FLR QR DQWHULRU PDQGDWR D GH 0DLR GH H IRL FRQFOX­GD SHOR DFWXDO H[HFXWLYR HP -X OKR GH 2 LQYHVWLPHQWR WRWDO HIHFWXDGR IRL GH FHU FD GH Ö GR TXDO R 0XQLF­SLR VXSRUWRX FHUFD GH Ö VHQGR R UHVWDQWH DVVHJXUDGR SRU IXQGRV FRPXQLW¢ULRV 2EUDV 'LYHUVDV HP $JXLDU H $OF¢¨RYDV (VWDV REUDV LQFOX­UDP XPD 9DOD GH 'UHQDJHP MXQWR DR FDPSR GH IXWHERO GH $JXLDU R PHOKRUDPHQWR GD GUHQDJHP H SDYLPHQWRV GDV UXDV GH 6 *HUDOGR H GH 0DU¨R HP $OF¢¨RYDV H GUHQDJHQV QD VD­GD SDUD 6DQWD &DWDULQD WDPE©P HP $OF¢¨RYDV (VWDV REUDV WLYHUDP LQ­FLR D GH 1RYHPEUR GH H WHUPLQDUDP HP $EULO GH 2 LQYHVWLPHQWR WRWDO HIHFWXDGR IRL GH FHUFD GH Ö

$UUDQMRV ([WHULRUHV MXQWR DR (VWDOHLUR 0XQLFLSDO H (VFROD ( % 6 'U ,VLGRUR GH 6RXVD $ REUD WHYH LQ­FLR D GH )HYHUHLUR GH H WHUPLQRX D GH -XQKR GH 2 LQYHVWLPHQWR WRWDO HIHFWXDGR IRL GH FHUFD GH Ö GR TXDO R 0XQLF­SLR VXSRUWRX FHUFD GH Ö

q 3LVFLQDV 0XQLFLSDLV GH $OF¢¨RYDV q 9DOD GH GUHQDJHP MXQWR DR FDPSR GH IXWHERO GH $JXLDU q $UUDQMRV ([WHULRUHV MXQWR DR (VWDOHLUR 0XQLFLSDO H (VFROD ( % 6 'U ,VLGRUR GH 6RXVD


3DYLPHQWD¨¶HV HP $OF¢¨RYDV H HP 9LDQD D )DVH H (VWUDGD GH 6DQWD &DWDULQD ,QLFLDUDP VH DV SDYLPHQWD¨¶HV QDV ¢UHDV XUEDQDV PDLV UHFHQWHV GH $OF¢¨RYDV H 9LDQD TXH DLQGD PDQWLQKDP D SDYLPHQWD¨¦R LQLFLDO GD IDVH GH FRQVWUX¨¦R )RUDP DOYR GH LQWHUYHQ¨¦R RV %DLUURV GR &K¦R GR 0RFKR H GRV %DU UDQF¶HV HP $OF¢¨RYDV H R %DLUUR GD 4XLQWD GR 0DUFR H =RQD ,QGXVWULDO GH 9LDQD GR $OHQWHMR ,QWHUYHLR VH DLQGD QD (VWUDGD GH 6DQWD &DWDULQD FRP D SDYLPHQWD¨¦R GR WUR¨R TXH VH HQFRQWUDYD HP SLRU HVWDGR QXPD H[WHQ V¦R GH TXLO²PHWURV 2 LQYHVWLPHQWR WRWDO HIHFWXDGR IRL GH DSUR[LPDGDPHQWH Ö H R WUDEDOKR IRL DVVH JXUDGR SHORV WUDEDOKDGRUHV GR 0XQLF­SLR 3UHWHQGH VH TXH HVWH WUDEDOKR VHMD IDVHDGR QR WHPSR GHSHQGHQGR GD GLVSRQLELOLGDGH oQDQFHLUD &HQWUR (VFRODU GH (QVLQR 3U© HVFRODU H GR R &LFOR GR (QVLQR %¢VLFR GH 9LDQD GR $OHQWHMR $ REUD WHYH LQ­FLR D GH 6HWHPEUR GH H SUHY« VH D VXD FRQFOXV¦R D GH 6HWHPEUR GH 'H DFRUGR FRP R LQYHVWLPHQWR LQLFLDOPHQWH SUHYLVWR GH Ö FRQVWUX¨¦R H DSHWUHFKDPHQWR FRP PRELOL¢ULR H PDWH ULDO GLG¢FWLFR H WHQGR HP FRQWD TXH R YDORU GD HPSUHL WDGD GD FRQVWUX¨¦R FLYLO IRL VXEVWDQFLDOPHQWH UHGX]LGR HP IXQ¨¦R GDV SURSRVWDV DSUHVHQWDGDV HVWLPD VH TXH R YDORU VH VLWXH SU²[LPR GRV Ö GR TXDO R 0X QLF­SLR LU¢ VXSRUWDU FHUFD GH Ö 5RWXQGD GD =RQD ,QGXVWULDO GH 9LDQD GR $OHQWHMR $ REUD WHYH LQ­FLR D GH 6HWHPEUR GH H SUHY« VH D VXD FRQFOXV¦R HP 0DU¨R GH 2 LQYHVWLPHQWR WRWDO VHU¢ GH FHUFD GH Ö GR TXDO R 0XQLF­SLR LU¢ VX SRUWDU FHUFD GH Ö 3DUD DO©P GD URWXQGD D REUD FRQWHPSOD R DUUDQMR XUEDQ­VWLFR GDTXHOH HVSD¨R FRP D FULD¨¦R GH SDVVHLRV H OXJDUHV GH HVWDFLRQDPHQWR D FR ORFD¨¦R GH VLQDOL]D¨¦R YHUWLFDO H KRUL]RQWDO LOXPLQD¨¦R S·EOLFD H UHSDYLPHQWD¨¦R 'H FDU¢FWHU PDLV LPDWHULDO GHVWDFDP VH RV SURMHFWRV GH SDUWLFLSD¨¦R GD SRSXOD¨¦R QD GHoQL¨¦R GR GHVHQYROYL PHQWR IXWXUR GR &RQFHOKR H QD DF¨¦R VRFLDO

$JHQGD /RFDO $ HODERUD¨¦R GHVWH SODQR TXH YLVD D GHoQL¨¦R GH XPD HVWUDW©JLD GH GHVHQYROYLPHQWR VXVWHQW¢YHO SDUD R &RQ FHOKR WHYH LQ­FLR D GH 2XWXEUR GH H SUHY« VH D VXD FRQFOXV¦R D GH -XOKR GH 2 LQYHVWLPHQWR WRWDO D HIHFWXDU VHU¢ GH FHUFD GH Ö GR TXDO R 0XQLF­SLR VXSRUWDU¢ FHUFD GH Ö %DQFR /RFDO GH 9ROXQWDULDGR (QFRQWUD VH QD IDVH GH DUUDQTXH HVWH SURMHFWR TXH FRQWD FRP XPD SDUFHULD HQWUH R 0XQLF­SLR GH 9LDQD GR $OHQWHMR HQWLGDGH HQTXDGUDGRUD GR EDQFR H DV DV VRFLD¨¶HV 7HUUD 0¦H H 7HUUDV 'HQWUR FRPR HQWLGDGHV SURPRWRUDV 3UHWHQGH HVWH SURMHFWR DODUJDU SDUFHULDV D RXWUDV DVVRFLD¨¶HV H HQWLGDGHV GR FRQFHOKR TXH GHVHQ YROYHP WUDEDOKR QD ¢UHD VRFLDO q 3DYLPHQWD¨¶HV HP $OF¢¨RYDV q %DLUUR &K¦R GR 0RFKR D )DVH q 3URMHFWR GR &HQWUR (VFRODU GH (QVLQR 3U© HVFRODU H GR R &LFOR GR (QVLQR %¢VLFR GH 9LDQD GR $OHQWHMR q ,Q­FLR GDV REUDV GR &HQWUR (VFRODU GH (QVLQR 3U© HVFRODU H GR R &LFOR GR (QVLQR %¢VLFR GH 9LDQD GR $OHQWHMR q ,Q­FLR GDV REUDV GD 5RWXQGD GD =RQD ,QGXVWULDO GH 9LDQD GR $OHQWHMR q )²UXP GH 3DUWLFLSD¨¦R GD $JHQGD /RFDO q $F¨¦R GH ,QIRUPD¨¦R H 6HQVLELOL]D¨¦R VREUH 9ROXQWDULDGR


3URMHFWRV 3UHYLVWRV SDUD R EL©QLR 5HTXDOLoFD¨¦R GR -DUGLP GR $OWLQKR HP 9LDQD ,Q­FLR GD REUD SUHYLVWR SDUD R R WULPHVWUH GH H D VXD FRQFOXV¦R SDUD R R WULPHVWUH GH 3UHY« VH XP LQYHVWLPHQWR WRWDO GH FHUFD GH Ö GR TXDO D &¤ PDUD VXSRUWDU¢ FHUFD GH Ö (VWDOHLUR 0XQLFLSDO FRQWLQXD¨¦R GD REUD

7HQGR HP FRQWD D IDO«QFLD H DEDQGRQR GD REUD SHOR DQ WHULRU HPSUHLWHLUR SUHY« VH R UHLQ­FLR QR R WULPHVWUH GH H D VXD FRQFOXV¦R QR oQDO GH 2 LQYHVWLPHQWR WRWDO VHU¢ GH DSUR[LPDGDPHQWH Ö 5HTXDOLoFD¨¦R GR &HQWUR +LVW²ULFR GH 9LDQD GR $OHQWHMR D )DVH -¢ FRP R FRQFXUVR S·EOLFR ODQ¨DGR HVWD REUD SUHY« VH TXH LQLFLH QR R VHPHVWUH GH H WHUPLQH QR R 6HPHV WUH GH 2 LQYHVWLPHQWR WRWDO SUHYLVWR © GH DSUR[L PDGDPHQWH Ö H DJXDUGD VH D SRVVLELOLGDGH GH FDQGLGDWXUD D IXQGRV FRPXQLW¢ULRV

5HTXDOLoFD¨¦R GRV MDUGLQV GRV ORWHDPHQWRV GR 0DXIRUR H 4XLQWD GR 0DUFR HP 9LDQD 3UHY« VH R LQ­FLR GDV REUDV QR R VHPHVWUH GH H D VXD FRQFOXV¦R QR oQDO GR PHVPR DQR 5HFXSHUD¨¦R GR 3D¨R GRV +HQULTXHV GH $OF¢¨RYDV 2V SURMHFWRV GH DUTXLWHFWXUD H HVSHFLDOLGDGHV HQFRQ WUDP VH HP HODERUD¨¦R SDUD SRVWHULRU FDQGLGDWXUD D IXQGRV FRPXQLW¢ULRV

5HTXDOLoFD¨¦R H (QTXDGUDPHQWR 3DLVDJ­VWLFR GR /DUJR GR 3R¨R 1RYR HP $OF¢¨RYDV 2 SURMHFWR VRIUHX DOJXPDV UHPRGHOD¨¶HV H DJXDUGD D SRVVLELOLGDGH GH FDQGLGDWXUD D IXQGRV FRPXQLW¢ULRV 3DYLOK¦R 0XOWLXVRV GH $JXLDU 2 SURMHFWR HQFRQWUD VH HP HODERUD¨¦R SDUD SRVWHULRU FDQGLGDWXUD D IXQGRV FRPXQLW¢ULRV

5HTXDOLoFD¨¦R GD (VFROD (% GH $JXLDU 2 SURMHFWR HQFRQWUD VH HP HODERUD¨¦R SDUD SRVWHULRU LQWHUYHQ¨¦R %DOF¦R äQLFR GH $WHQGLPHQWR q %DOF¦R 0XQLFLSDO $V REUDV QR U©V GR FK¦R GR HGLI­FLR VHGH GD &¤PDUD 0XQLFLSDO SDUD FULD¨¦R GR HVSD¨R GH DWHQGLPHQWR GR PXQ­FLSH SUHY«HP VH FRQFOX­GDV QR R VHPHVWUH GH 2 LQYHVWLPHQWR WRWDO VHU¢ GH FHUFD GH Ö $PSOLD¨¦R GR &HPLW©ULR GH $OF¢¨RYDV 2 SURMHFWR HQFRQWUD VH HP HODERUD¨¦R

3URMHFWR GH 5HTXDOLoFD¨¦R GR -DUGLP GR $OWLQKR HP 9LDQD VREUH IRWRJUDoD D©UHD H 3URMHFWR GH 5HTXDOLoFD¨¦R GR &HQWUR +LVW²ULFR GH 9LDQD GR $OHQWHMR D )DVH H 3URMHFWR GH 5HFXSHUD¨¦R GR 3D¨R GRV +HQULTXHV GH $OF¢¨RYDV


0XLWRV RXWURV SURMHFWRV W«P VLGR HQFLPDGRV GH LQ YHVWLPHQWR PDLV UHGX]LGR PDV WDPE©P GH JUDQGH LPSRUW¤QFLD SDUD R GHVHQYROYLPHQWR GR &RQFHOKR QR PHDGDPHQWH D 5HYLV¦R GR 3ODQR 'LUHFWRU 0XQLFLSDO D FRQVWLWXL¨¦R GD &RPLVV¦R 0XQLFLSDO GH 7RSRQ­PLD D /RMD 6RFLDO R 3URJUDPD &RQIRUWR +DELWDFLRQDO SDUD D 3HVVRD ,GRVD R &RQVHOKR 0XQLFLSDO GH -XYHQWXGH R 3URMHFWR 7HLDV q 5HGH &XOWXUDO GR $OHQWHMR D 8QLYHUVL GDGH 6©QLRU D SUHSDUD¨¦R GH GRLV &RQFXUVRV GH ,GHLDV HP DUTXLWHFWXUD XP SDUD R -DUGLP GR 5RVVLR GH 9L DQD H RXWUR SDUD D HQYROYHQWH DR 6DQWX¢ULR GH 1D 6D ' $LUHV R 3ODQR 0XQLFLSDO GH 3URPR¨¦R GH $FHVVLELOL GDGHV GR &RQFHOKR D &DQGLGDWXUD GD $UWH &KRFDOKHLUD D 3DWULP²QLR ,PDWHULDO GD +XPDQLGDGH q 81(6&2 D UHDFWLYD¨¦R GR *DELQHWH GH $SRLR DR 'HVHQYROYLPHQWR (FRQ²PLFR *$'( R $SHWUHFKDPHQWR 7HFQRO²JLFR GDV (VFRODV (% RV SURMHFWRV SDUD D HVWUDGDV 9LDQD 2XWHLUR H 9LDQD 9LOD 1RYD R SURFHVVR GH PRGHUQL]D¨¦R GRV VHU YL¨RV GD $XWDUTXLD H R 3ODQR GH 0DUNHWLQJ 7HUULWRULDO

UD DRV IXQGRV FRPXQLW¢ULRV (VWHV IXQGRV SHUPLWHP DR 0XQLF­SLR DXPHQWDU VLJQLoFDWLYDPHQWH RV LQYHVWLPHQ WRV QR &RQFHOKR H DW© PHVPR D YLDELOLGDGH GH SURMHFWRV GH PDLRU GLPHQV¦R

3DUD WRGDV DV REUDV H SURMHFWRV SDVV­YHLV GH VHUHP o QDQFLDGRV WHP KDYLGR XP JUDQGH HVIRU¨R SRU SDUWH GR PXQLF­SLR SDUD GHVHQYROYHU RV SURFHVVRV GH FDQGLGDWX

3URMHFWR GR 3DYLOK¦R 0XOWLXVRV GH $JXLDU 3URMHFWR 5HTXDOLoFD¨¦R H (QTXDGUDPHQWR 3DLVDJ­VWLFR GR /DUJR GR 3R¨R 1RYR HP $OF¢¨RYDV $ q SRUPHQRU GR /DUJR GR 3R¨R 1RYR % q SRUPHQRU GR SR¨R FREHUWR & q SRUPHQRU GR FKDIDUL]

$ YLDELOLGDGH GRV SURMHFWRV SUHYLVWRV GHSHQGH QHFHV VDULDPHQWH GD GLVSRQLELOLGDGH oQDQFHLUD GR 0XQLF­SLR D TXDO GDGD D FRQMXQWXUD HFRQ²PLFD GH FULVH HP TXH VH YLYH VH WRUQD EDVWDQWH UHVWULWLYD H LQGHoQLGD 2V 0X QLF­SLRV HQIUHQWDP QHVWH PRPHQWR DYXOWDGRV FRUWHV QDV WUDQVIHU«QFLDV GR 2U¨DPHQWR GR (VWDGR EHP FRPR RXWUDV LPSRVL¨¶HV OHJLVODWLYDV VREUHWXGR GH FDU¢FWHU RU¨DPHQWDO TXH W«P FRPR FRQVHTX«QFLD D OLPLWD¨¦R GD DFWLYLGDGH GDV $XWDUTXLDV 0HVPR Q¦R VHQGR DV SHUVSHFWLYDV IXWXUDV DV PDLV DQL PDGRUDV WRGRV RV HVIRU¨RV HVW¦R D VHU GHVHQYROYLGRV SDUD TXH R PDLRU Q·PHUR GH SURMHFWRV H LQYHVWLPHQWRV VHMDP FRQFUHWL]DGRV


&RPLVV¦R 0XQLFLSDO GH 7RSRQ­PLD &RQVLGHUDQGR D WRSRQ­PLD FRPR XP VLVWHPD HoFLHQWH GH UHIHUHQFLD¨¦R JHRJU¢oFD TXH DR PHVPR WHPSR GHVHPSHQKD XP SDSHO LPSRUWDQWH QD YDORUL]D¨¦R GR SDWULP²QLR FXOWXUDO H FRHV¦R VRFLDO GDV FRPXQLGDGHV UH pHFWLQGR DVSHFWRV LPSRUWDQWHV GD VXD PHP²ULD FROHFWLYD IRL DSURYDGR HP UHXQL¦R S·EOLFD GH &¤PDUD GH R 5HJXODPHQWR 0XQLFLSDO GH 7RSRQ­PLD H 1XPHUD¨¦R GH 3RO­FLD 1R VHJXLPHQWR GHVWD GHOLEHUD¨¦R IRL FRQVWLWX­GD D &RPLVV¦R 0XQLFLSDO GH 7RSRQ­PLD TXH LQWHJUD RV VHJXLQWHV HOHPHQWRV 9HUHDGRU -R¦R 3HUHLUD 3UHVLGHQWH GD -XQWD GH )UHJXHVLD GH $OF¢¨RYDV q 'UD 6DUD 3DMRWH 3UHVLGHQWH GD -XQWD GH )UHJXHVLD GH $JXLDU q -RV© )UDQFLVFR 5DWR 3UHVLGHQWH GD -XQWD GH )UHJXHVLD GH 9LDQD GR $OHQWHMR q -RDTXLP 5RGROIR 9LHJDV 7U«V SHUVRQDOLGDGHV GR &RQFHOKR FRRSWDGDV )UDQFLVFR -RV© %DL¦R -RV© 0DULD )RQWHV ,OK©X 0DULDQD GD 9LVLWD¨¦R 3HUHLUD )LVFDO 0XQLFLSDO q 0DUWD 3DOPD &KHIH GD 'LYLV¦R GH $GPLQLVWUD¨¦R 8UEDQ­VWLFD 'UD &O¢XGLD 5LEHLUR

8UEDQLVPR

3UHWHQGH VH TXH R WUDEDOKR GHVWD &RPLVV¦R DJRUD FRQVWLWX­GD FRQWULEXD SDUD VXSULU DOJXPDV FDU«QFLDV HP PDW©ULD GH WRSRQ­PLD QR &RQFHOKR RQGH DLQGD VH REVHUYD QRPHDGDPHQWH D H[LVW«QFLD GH OXJDUHV H DUUXDPHQWRV VHP QRPHV SDUWLFXODUPHQWH QRV QRYRV ORWHDPHQWRV &RQVLGHUD VH SRU LVVR TXH SDUD DO©P GD UHJXODUL]D¨¦R GHVWH WLSR GH VLWXD¨¶HV H FRQVHTXHQWH EHQH I­FLR SDUD RV PXQ­FLSHV VH FRQoUD DR QRVVR 0XQLF­SLR XPD LPDJHP GH ULJRU H UHVSHLWR SHOR VHX SDWULP²QLR


$F¨¦R 6RFLDO

9LDQD GR $OHQWHMR SURPRYHX 6HPDQD 6©QLRU 'HFRUUHX HQWUH H GH 2XWX EUR D 6HPDQD 6©QLRU SURPRYLGD SHOD $XWDUTXLD GH 9LDQD GR $OHQ WHMR 'XUDQWH GLDV IRUDP GHVHQ YROYLGDV GLYHUVDV DF¨¶HV DR Q­YHO GD FXOWXUD OD]HU H GHVSRUWR FRP R REMHFWLYR GH SURSRUFLRQDU DRV LGRVRV PRPHQWRV GH OD]HU YDORUL ]DU R VHX SDSHO QD FRPXQLGDGH H IRPHQWDU R FRQY­YLR H TXDOLGDGH GH YLGD GRV VHQLRUHV GR &RQFHOKR 2 SURJUDPD HVWHQGHX VH £V WU«V

IUHJXHVLDV FRP XPD QRLWH GH ID GRV HP $JXLDU XP SDVVHLR D 0RQVDUD] FRP SLTXHQLTXH H XP HVSHFW¢FXOR FRP RV %RQHFRV GH 6DQWR $OHL[R QR &LQH WHDWUR 9LD QHQVH +RXYH DLQGD DXODV GH KL GURJLQ¢VWLFD H WRUQHLR GH VXHFD XP ZRUNVKRS LQWLWXODGR k2QWHP $PDQK¦ +RMHy QR &LQH WHDWUR EDLOH GD 3LQKD HP $OF¢¨RYDV H XPD VHVV¦R GH HVFODUHFLPHQWR GD 'HFR VXERUGLQDGD DR WHPD k*HULU H 3RXSDUy $ HQFHUUDU XPD VHPDQD UHSOHWD GH DFWLYLGDGHV GHFRUUHX R WUDGLFLRQDO DOPR¨R QR 6DO¦R GRV %RPEHLURV 9ROXQW¢ULRV GH 9LDQD GR $OHQWHMR QR TXDO SDUWLFLSDUDP FHUFD GH

LGRVRV VHJXLGR GH EDLOH 0DLV XPD YH] R 3UHVLGHQWH GR 0XQLF­SLR GH 9LDQD GR $OHQWHMR PRVWURX VH kVDWLVIHLWR SHOD IRUWH SDUWLFLSD¨¦R GRV LGRVRV QD 6H PDQD 6©QLRU SUHSDUDGD SHOD $X WDUTXLD FRP WRGR R FDULQKRy 2 DXWDUFD GL] TXH HVWD IRL kD IRUPD HQFRQWUDGD SHOR 0XQLF­SLR SDUD PLQLPL]DU D VROLG¦R H SURSRU FLRQDU PRPHQWRV GH OD]HU EHP FRPR FRQWULEXLU SDUD D SUR PR¨¦R GD TXDOLGDGH GH YLGD H EHP HVWDU GRV LGRVRV DWUDY©V GH Y¢ULDV DFWLYLGDGHVy $ LQLFLDWLYD FRQWRX FRP R DSRLR GDV -XQWDV GH )UHJXHVLD GH $JXLDU $OF¢¨RYDV H 9LDQD GR $OHQWHMR

)UXWD (VFRODU

WHQWHV FRPR R GR OHLWH HVFRODU QHP D GLVWULEXL¨¦R GH IUXWD QDV UHIHL¨¶HV HVFRODUHV 1R ¤PELWR GR 5HJLPH GD )UXWD (VFRODU D (%, -, GH $OF¢¨RYDV DSUHVHQWD FRPR PHGLGDV GH DFRPSDQKDPHQWR D GLQDPL]D¨¦R GH XP PHUFDGR VXERUGLQDGR DR WHPD k$OLPHQWD ¨¦R 6DXG¢YHOy H DLQGD D FULD¨¦R H PDQXWHQ¨¦R GR EORJ k&RPHU %HP H %HP &RPHU G¢ VD·GH H ID] FUHVFHUy -¢ R $JUXSDPHQWR GH (VFRODV GH 9LDQD GR $OHQWHMR DSUHVHQWD FRPR PHGLGDV GH DFRPSDQKDPHQWR D HQWUHJD GH IROKHWRV R IRUQHFLPHQWR GH XP SHTXHQR VDFR GH VHPHQWHV SDUD D VHPHQWHLUD GD FULDQ¨D H DLQGD D UHDOL]D¨¦R GH DFWLYLGDGHV O·GLFDV WHDWUR GDQ¨DV FDQ¨¶HV H SRHPDV DOXVLYRV DR SURJUDPD 1DV HVFRODV GR R FLFOR GR &RQFH OKR D GLVWULEXL¨¦R GD IUXWD LQLFLRX VH QR SDVVDGR GLD GH 1RYHPEUR H LU¢ FRQWLQXDU DW© oQDO GR DQR OHFWLYR GRLV GLDV SRU VHPDQD

3HOR VHJXQGR DQR FRQVHFXWLYR IRL DSURYDGD D FDQGLGDWXUD GR 0XQLF­SLR GH 9LDQD GR $OHQWHMR DR 5HJLPH GH )UXWD (VFRODU $ FDQGLGDWXUD DSUHVHQWDGD DR ,QVWLWXWR GH )LQDQFLDPHQWR GD $JULFXOWXUD H 3HVFDV ,)$3 DSOLFD VH £V HVFRODV GR R FLFOR QDV TXDLV VHU¦R GLVWULEX­GDV SH¨DV GH IUXWD DR ORQJR GR DQR OHFWLYR 2 5HJLPH GH )UXWD (VFRODU LQVWL WX­GR QR ¤PELWR GD 8QL¦R (XUR SHLD FRQVLVWH QD GLVWULEXL¨¦R GH XPD SH¨D GH IUXWD SHOR PHQRV GXDV YH]HV SRU VHPDQD DRV DOX QRV GR R FLFOR GR HQVLQR E¢VLFR GDV HVFRODV S·EOLFDV 2 REMHFWLYR © SURPRYHU K¢ELWRV GH FRQVXPR GH DOLPHQWRV EHQ©oFRV SDUD D VD·GH GDV SRSXOD¨¶HV PDLV MR YHQV H SDUD D UHGX¨¦R GRV FXVWRV GH VD·GH DVVRFLDGRV D UHJLPHV DOL PHQWDUHV PHQRV VDXG¢YHLV Q¦R VXEVWLWXLQGR SURJUDPDV M¢ H[LV


3URJUDPD &RQIRUWR +DELWDFLRQDO SDUD D 3HVVRD ,GRVD

%HQHI­FLRV GR &DUW¦R GR ,GRVR

2 0XQLF­SLR GH 9LDQD GR $OHQWHMR H R ,QVWLWXWR GH 6HJXUDQ¨D 6RFLDO , 3 DV VLQDUDP XP SURWRFROR FRP YLVWD £ LPSOHPHQWD¨¦R GR 3URJUDPD &RQIRUWR +DELWDFLRQDO SDUD D 3HVVRD ,GRVD 3&+, (VWH SURJUDPD YLVD D SUHYHQ¨¦R GD GHSHQG«QFLD H LQVWLWXFLRQDOL]D¨¦R GRV FLGDG¦RV PDLV LGRVRV LQWHUYLQGR QD TXDOLoFD¨¦R KDELWDFLRQDO DWUDY©V GR PH OKRUDPHQWR GDV FRQGL¨¶HV E¢VLFDV GH KDELWDELOLGDGH H PRELOLGDGH GDV SHVVRDV LGRVDV TXH XVXIUXDP GRV VHUYL¨RV GH $SRLR 'RPLFLOL¢ULR RX IUHTXHQWHP XP &HQWUR GH 'LD RX FXMD SUHVWD¨¦R GHVWHV VHUYL¨RV HVWHMD GHSHQGHQWH GD TXDOL oFD¨¦R KDELWDFLRQDO $ LQWHUYHQ¨¦R DVVHQWD HP GRLV Q­YHLV HGLI­FLR PHOKRUDPHQWR GD FREHUWXUD SDUHGHV FDL[LOKDULD GH SRUWDV H MDQHODV FULD¨¦R RX DGDSWD¨¦R GH HVSD¨RV PHOKRUDPHQWR GH HVSD¨RV M¢ H[LVWHQWHV RX DLQGD DGDSWD¨¶HV TXH IDFLOLWHP R DFHVVR £ KDELWD¨¦R H HTXLSDPHQWR FRPSUD GH PRELOL¢ULR H HOHFWURGR P©VWLFRV 3RGHP EHQHoFLDU GR 3&+, SHVVRDV FRP DQRV RX PDLV FXMR UHQGLPHQWR PHQVDO SHU FDSLWD VHMD LJXDO RX LQIHULRU DR YDORU DFWXDO GR LQGH[DQWH GRV DSRLRV VRFLDLV Ö GHVGH TXH YLYDP HP KDELWD¨¦R SU²SULD RX UHVLGDP QXPD KD ELWD¨¦R K¢ SHOR PHQRV DQRV GH IRUPD SHUPDQHQWH XVXIUXDP GH VHUYL¨RV GH DSRLR GRPLFLOL¢ULR IUHTXHQWHP D UHVSRVWD &HQWUR GH 'LD UHVLGDP VR]LQKDV RX DLQGD D W­WXOR H[FHSFLRQDO SHVVRDV TXH Q¦R XVXIUXDP GH DSRLR GRPLFLOL¢ULR PHGLDQWH GHVSDFKR GR 'LUHFWRU GR &HQWUR 'LVWULWDO GH 6HJXUDQ¨D 6RFLDO GD ¢UHD GH UHVLG«QFLD $ VLQDOL]D¨¦R GH SHVVRDV FRP QHFHVVLGDGH GH TXDOLoFD¨¦R KDELWDFLRQDO SRGH VHU HIHFWXDGD SHOR 0XQLF­SLR -XQWDV GH )UHJXHVLD &HQWUR 'LVWULWDO RX SRU ,366 RX HTXLSDUDGDV FRP XWHQWHV GH &HQWUR GH 'LD H 6HUYL¨R 'RPLFLOL¢ULR 2 SHU­RGR GH FDQGLGDWXUDV HVWHYH DEHUWR HQWUH GH 1RYHPEUR H GH 'H]HPEUR

$WHQWD £ VLWXD¨¦R VRFLDO H HFRQ²PL FD GRV PXQ­FLSHV HP SDUWLFXODU GRV UHIRUPDGRV SHQVLRQLVWDV H LGRVRV D &¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR UHOHPEUD D H[LV W«QFLD GR &DUW¦R 6RFLDO GR 5HIRU PDGR 3HQVLRQLVWD H ,GRVR

2oFLQD 'RPLFLOL¢ULD DMXGD PXQ­FLSHV 'H HQWUH DV YDQWDJHQV GR &DUW¦R GR ,GRVR HVW¢ D 2oFLQD 'RPLFLOL¢ULD (QWUH DV UHSDUD¨¶HV PDLV VROLFLWDGDV HVW¦R D UHSDUD¨¦R GH WHOKDGRV VXEVWLWXL¨¦R GH EDQKHLUD SRU SROLE¦ UHSDUD¨¦R GH LQVWDOD¨¦R HO©FWULFD UHSDUD¨¦R GH FD QDOL]D¨¶HV H VXEVWLWXL¨¦R GH SRUWDV H MDQHODV 5HFRUGH VH TXH RV VHUYL¨RV GD 2oFLQD 'RPLFLOL¢ULD V¦R SUHVWDGRV GH IRUPD JUDWXLWD SRU SHVVRDO W©FQLFR FRPSHWHQWH 2 0XQLF­SLR GH 9LDQD GR $OHQWHMR DVVXPH RV FXVWRV FRP D P¦R GH REUD H PDWHULDLV SDUD VXEVWLWXL¨¦R H RX UHSDUD¨¦R DW© DR YDORU JOREDO GH Ö SRU DQR SRU KDELWD¨¦R 2 SURJUDPD 2oFLQD 'RPLFLOL¢ULD XOWUDSDVVRX M¢ RV SURFHVVRV WHQGR DW© £ GDWD VLGR UHDOL]DGDV LQWHUYHQ¨¶HV HP HP H HP 2 PRQWDQWH WRWDO GR LQYHVWLPHQWR GD $XWDUTXLD QHVWDV REUDV HP KDELWD¨¶HV GRV LGRVRV WRWDOL]D QHVWD DOWXUD Ö 1R SUHVHQWH DQR SDUD DO©P GDV REUDV M¢ UHDOL]DGDV HVW¦R HP IDVH GH DSUHFLD¨¦R H GHVHQYROYLPHQWR GR SURFHVVR RXWURV SHGLGRV

$ DWULEXL¨¦R GR FDUW¦R FRQIHUH DRV LGRVRV 5HGX¨¦R GH QR SDJDPHQWR GH WD[DV OLFHQ¨DV H WDULIDV PX QLFLSDLV UHGX¨¦R GH QD IDF WXUD GD ¢JXD 5HGX¨¦R GH QR SUH¨R GRV ELOKHWHV GR FLQHPD ,VHQ¨¦R GH SDJDPHQWR QD HQWUD GD GDV SLVFLQDV PXQLFLSDLV $FHVVR £ 2oFLQD 'RPLFLOL¢ULD SDUD REWHQ¨¦R GH SHTXHQDV UHSD UD¨¶HV GR GLD D GLD FRPR PX GDQ¨D GH WRUQHLUDV O¤PSDGDV SHTXHQRV VHUYL¨RV GH FDUSLQWDULD HQWUH RXWURV 3DUD UHTXHUHU R &DUW¦R 6RFLDO GR 5HIRUPDGR 3HQVLRQLVWD H ,GRVR © QHFHVV¢ULR 5HVLGLU QR &RQFHOKR K¢ SHOR PH QRV XP DQR H HVWDU UHFHQVHDGR QXPD GDV IUHJXHVLDV $XIHULU XPD UHIRUPD RX SHQV¦R LQIHULRU DR VDO¢ULR P­QLPR QDFLR QDO TXH © GH Ö 6H Q¦R UHFHEHU TXDOTXHU UH IRUPD RX SHQV¦R H Q¦R H[HUFHU TXDOTXHU DFWLYLGDGH SURoVVLRQDO SRGH REWHU R &DUW¦R VH WLYHU SHOR PHQRV DQRV GH LGDGH 2 FDUW¦R © Y¢OLGR SRU DQRV SR GHQGR VHU UHQRYDGR SRU LJXDO SHU­RGR PHGLDQWH UHTXHULPHQWR 2V LQWHUHVVDGRV SRGHP VROLFLWDU R &DUW¦R QD &¤PDUD 0XQLFLSDO QD GHOHJD¨¦R HP $OF¢¨RYDV H QD -XQWD GH )UHJXHVLD GH $JXLDU


$VVRFLD¨¦R 7HUUD 0¦H q $ QRVVD k&$6$y FRPH¨D D WRPDU IRUPD

&DPSDQKD GH 1DWDO k YRUD 'LVWULWR 0¢JLFRy 2QGH D 6ROLGDULHGDGH $FRQWHFH $ $VVRFLD¨¦R &RPHUFLDO GR 'LV WULWR GH YRUD SURPRYHX GXUDQWH D ©SRFD GH 1DWDO XPD FDPSDQKD GH VROLGDULHGDGH TXH YLVRX D GLV WULEXL¨¦R GH YDOHV SHODV SHVVRDV H IDP­OLDV FDUHQFLDGDV GH FDGD &RQFHOKR VLWXDGR QD VXD ¢UHD GH LQWHUYHQ¨¦R QXPD SDUFHULD FRP RV 0XQLF­SLRV H DV HPSUHVDV DV VRFLDGDV GD $&'( $ &¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR MXQWRX VH D HVWD LQL FLDWLYD FRQWULEXLQGR FRP XP PRQWDQWH GH Ö TXH SHUPL WLX D GLVWULEXL¨¦R GH YDOHV SRU IDP­OLDV UHVLGHQWHV QR FRQFHOKR GHYLGDPHQWH VHOHFFLRQDGDV SHOD 6HJXUDQ¨D 6RFLDO SHOD $VVRFLD¨¦R 7HUUD 0¦H H SHOD &¤PDUD 0XQLFL SDO TXH IRUDP WURFDGRV SRU EHQV H VHUYL¨RV QRV HVWDEHOHFLPHQWRV

3DVVDGRV DQRV GH XPD FDPL QKDGD FRQMXQWD © ERP VHQWLU TXH D QRVVD FDVD FRPH¨D D WRPDU IRUPD 8PD HTXLSD TXH WRGRV RV GLDV G¢ R VHX PHOKRU DFUHGLWDQGR TXH © SRVV­YHO WUDQVIRUPDU RV SUREOH PDV HP GHVDoRV H TXH DV RSRU WXQLGDGHV DSDUHFHP SDUD DOFDQ ¨DU DV PHWDV (VWH DQR © HVSHFLDO SDUD Q²V SDUD DO©P GRV DQRV GH WUDEDOKR SRGHPRV YHU R LQ­FLR GD FRQV WUX¨¦R GD 1266$ VHGH DFUHGLWD PRV TXH HVWD DF¨¦R YDL VHU XP SL ODU E¢VLFR SDUD R GHVHQYROYLPHQWR GDV QRVVDV DFWLYLGDGHV H SDUD D PHOKRULD GR QRVVR WUDEDOKR HP

SURO GRV PDLV QHFHVVLWDGRV 7UDWD VH GD FRQVWUX¨¦R GD SULPHL UD IDVH GXPD REUD TXH VH GHVHMD DLQGD PDLRU PDV VHP G·YLGD GH XPD HQRUPH LPSRUW¤QFLD SDUD WRGRV Q²V (VWH SDVVR Q¦R VHULD SRVV­YHO VHP D SRQWH H[LVWHQWH HQWUH D $VVR FLD¨¦R H R 0XQLF­SLR GH 9LDQD GR $OHQWHMR TXH DSRLRX FRP GR YDORU GD REUD H R 3URJUDPD GH 'HVHQYROYLPHQWR 5XUDO GR &RQ WLQHQWH GHVLJQDGR SRU 352'(5 PHGLGD QR DF¨¦R QR l6HUYL¨RV E¢VLFRV SDUD D SRSXOD ¨¦R UXUDOz TXH DSRLD FRP GR LQYHVWLPHQWR EHP FRPR R DSRLR GH PXLWRV kDPLJRVy GHVWD FDXVD

DGHUHQWHV HP 9LDQD GR $OHQWHMR $JXLDU H $OF¢¨RYDV FRQVRDQWH DV QHFHVVLGDGHV GH FDGD IDP­OLD EHQHoFL¢ULD $ YHUED GLVSRQLEL OL]DGD SHOR 0XQLF­SLR © IUXWR GD UHGX¨¦R GRV FXVWRV FRP D LOXPL QD¨¦R GH 1DWDO TXH HVWH DQR DSH QDV H[LVWH QDV HQWUDGDV GDV YLODV H SUD¨DV SULQFLSDLV 'H VDOLHQWDU TXH DV HPSUHVDV

DGHUHQWHV WDPE©P FRQWULEX­UDP SDUD D DF¨¦R FRP GR YDORU GRV YDOHV R TXH FRQVWLWXLX XPD PDLV YDOLD SDUD DEDUFDU XP PDLRU Q·PHUR GH IDP­OLDV DSHQDV XP SHTXHQR JHVWR GHQWUR GRV UHFXU VRV OLPLWDGRV GH TXH GLVSRPRV PDV HVSHUDPRV TXH VHMD XPD DMXGD TXH VH SRVVD UHSHWLU QRV SU²[LPRV DQRV


$OXQRV FDQGLGDWDP VH £ EROVD GH HVWXGR

(GXFD¨¦R

3U©PLR GH 0©ULWR GLVWLQJXH DOXQRV GR &RQFHOKR 2 0XQLF­SLR GH 9LDQD GR $OHQWHMR SUHWHQGH SUHPLDU DQXDOPHQWH D FXOWXUD GH P©ULWR H HVIRU¨R GRV DOXQRV GR HQVLQR VHFXQG¢ULR TXHU GRV FXUVRV FLHQW­oFR KXPDQ­VWL FRV TXHU GRV FXUVRV SURoVVLRQDLV WHFQRO²JLFRV 1HVWH ¤PELWR SUH WHQGH UHFRQKHFHU D FRPSHW«QFLD H SUHPLDU RV PHOKRUHV DOXQRV GDV HVFRODV GR &RQFHOKR &RP D PLVV¦R GH LQVWLWXLU XPD FXOWXUD GH ERDV SU¢WLFDV SUHWHQGH VH TXH R UHFRQKHFLPHQWR GRV PHOKRUHV DOXQRV FRQVWLWXD XP IRUWH LQFHQ WLYR SDUD R HPSHQKR H VXFHVVR HVFRODU QR &RQFHOKR GH 9LDQD GR $OHQWHMR 2 5HJXODPHQWR GHVWLQD VH D HV WDEHOHFHU RV WHUPRV H FRQGL¨¶HV GH DWULEXL¨¦R GR 3U©PLR GH 0©UL WR DR PHOKRU DOXQR GR HQVLQR VHFXQG¢ULR GRV FXUVRV FLHQW­ oFR KXPDQ­VWLFRV H DR PHOKRU DOXQR GRV FXUVRV SURoVVLRQDLV WHFQRO²JLFRV TXH IUHTXHQWHP

1R ¤PELWR GR DSRLR VRFLDO HVFRODU R 0XQLF­SLR GH 9LDQD GR $OHQWHMR DWULEXL %ROVDV GH (VWXGR D DOXQRV GR &RQFHOKR TXH IUHTXHQWDP R (QVLQR 6XSHULRU $ SDU GR 5HJXODPHQWR M¢ H[LV WHQWH GDV %ROVDV GH (VWXGR D &¤PDUD FULRX QHVWH DQR OHFWLYR XP QRYR 5HJXODPHQWR GH $WULEXL¨¦R GH %ROVDV GH (VWXGR SRU &DU«QFLD (FRQ²PLFD SDUD DOX QRV GR (QVLQR 6XSHULRU 3·EOLFR HP FXUVR TXH FRQoUD JUDX GH OL FHQFLDWXUD PHVWUDGR LQWHJUDGR H PHVWUDGR (VWH 5HJXODPHQWR YLVD SURSRUFLRQDU LQFHQWLYRV DRV HVWXGDQWHV PDLV FDUHQFLDGRV HFR QRPLFDPHQWH UHGX]LQGR GHVWH PRGR DV GHVLJXDOGDGHV VRFLDLV 1R SUHVHQWH DQR OHFWLYR FDQGLGD WDUDP VH D %ROVDV GH (VWXGR SRU

&DU«QFLD (FRQ²PLFD TXLQ]H DOX QRV VHQGR GLIHULGRV GR]H SURFHV VRV 2V DOXQRV TXH M¢ IUHTXHQWDYDP R (QVLQR 6XSHULRU HP DQRV OHFWLYRV DQWHULRUHV H M¢ EHQHoFLDYDP GH %ROVDV GH (VWXGR GR 0XQLF­SLR FRQWLQXDP D WHU HQTXDGUDPHQWR QR DQWHULRU 5HJXODPHQWRê 0XQLFL SDO GH $WULEXL¨¦R GH %ROVDV GH (V WXGR 1HVWH FDVR R 0XQLF­SLR UH JLVWRX YLQWH H GXDV FDQGLGDWXUDV £ %ROVD GH (VWXGR 5HFRUGH VH TXH R PRQWDQWH D DWULEXLU © o[DGR DQXDOPHQWH SHOR 0XQLF­SLR H VHU¢ SDJR HP GXDV SUHVWD¨¶HV $ SULPHLUD GH © SDJD HP 'H]HPEUR H D VHJXQGD GH QD SDXVD OHFWLYD GDV I©ULDV GD 3¢VFRD $FWXDOPHQWH R YDORU PHQVDO © GH Ö

HVWDEHOHFLPHQWRV GH HQVLQR QR &RQFHOKR 1R DQR OHFWLYR IRUDP DWULEX­GRV RV 3U©PLRV GH 0©ULWR QR YDORU GH Ö FDGD £V DOX QDV $OLFH ,VDEHO 0DQLOKDV 1XQHV &XUVR &LHQW­oFR +XPDQ­VWLFR GH &L«QFLDV H 7HFQRORJLDV H 0DULVD ,VDEHO 0HQLQDV )HUQDQGHV &XU VR 7HFQRO²JLFR GH 'HVSRUWR $

FHULP²QLD GH HQWUHJD GR SU©PLR GHFRUUHX QR SDVVDGR GLD GH 6HWHPEUR QR &LQH WHDWUR 9LD QHQVH 2 5HJXODPHQWR SRGH VHU FRQVXOWD GR QD S¢JLQD HOHFWU²QLFD GD &¤PD UD 0XQLFLSDO GH 9LDQD GR $OHQWHMR HP ZZZ FP YLDQDGRDOHQWHMR SW QD ¢UHD GR JDELQHWH GH PXQ­FLSH q UHJXODPHQWRV HP YLJRU


$JUXSDPHQWR GH HVFRODV GH 9LDQD GR $OHQWHMR 2 $JUXSDPHQWR GH 9LDQD GR $OHQWHMR © DEUDQJLGR SHOR 3URJUDPD 0DLV 6XFHVVR (VFRODU GHVGH R DQR OHWLYR )RL LPSOHPHQWDGR QHVVH DQR £V WXUPDV TXH VH HQFRQWUDYDP QR R DQR GH HVFRODULGDGH H WHP VH SURORQJDGR DW© DR SUHVHQWH SDUD RV PHVPRV JUXSRV GH DOXQRV 1R QRVVR DJUXSDPHQWR R 3URJUDPD DVVX PLX D IRUPD GH 3URMHWR 7XUPD 0DLV KDYHQGR RXWUDV PRGDOLGDGHV 2 3URJUDPD 0DLV 6XFHVVR (VFRODU DUUDQFRX HP FHUFD GH HVFRODV D Q­YHO QDFLRQDO QHVVH DQR OHWLYR GH 2 EHU¨R GHVWH SURJUDPD QDFLRQDO IRL XPD HVFROD DOHQWHMDQD q D (VFROD 6HFXQG¢ULD 5DLQKD 6DQWD ,VDEHO GH (VWUHPR] (VWD HVFROD IRL SUHFXUVRUD GHVWH WLSR GH WUDEDOKR FRP DOXQRV WHQGR GHPRQVWUDGR WDQ WRV H ERQV IUXWRV TXH IRL DGRWDGR D Q­YHO QDFLRQDO SHOR 0LQLVW©ULR GD (GXFD¨¦R $ LPSOHPHQWD¨¦R GR SURJUDPD IRL IHLWD DWUDY©V GH FRQWUDWRV FHOHEUDGRV HQWUH DV HVFR ODV H DV 'LUH¨¶HV 5HJLRQDLV GH (GXFD¨¦R $V LGHLDV VXEMDFHQWHV DR 3URMHWR 7XUPD 0DLV V¦R D DGR¨¦R GH XP FLFOR GH HVWXGRV FRPR XQLGDGH GH WUD EDOKR H GH DQ¢OLVH GH DOXQRV Q¦R UHVWULQJLQGR D XP V² DQR GH HVFRODULGDGH R FULW©ULR GH kWUDQVLWD Q¦R WUDQ VLWDy R PHOKRUDPHQWR GD IRUPD FRPR DV HVFRODV VH RU JDQL]DP R PHOKRUDPHQWR GD DSUHQGL]DJHP R PHOKR UDPHQWR GRV UHVXOWDGRV HVFRODUHV R GHVHQYROYLPHQWR GH PHFDQLVPRV GH FRRUGHQD¨¦R H UHJXOD¨¦R GHQWUR GD HVFROD H HQWUH DV Y¢ULDV HVFRODV DJUXSDPHQWRV $VVLP RV DOXQRV GDV WXUPDV H[LVWHQWHV V¦R UHDJUXSD GRV H UHRUJDQL]DGRV SHODV WXUPDV H[LVWHQWHV PDLV XPD TXH © D 7XUPD 0DLV 2V SURIHVVRUHV DQDOLVDP D VLWXD¨¦R GH WRGRV RV DOXQRV GDV WXUPDV RULJLQDLV H FRQVWLWXHP JUXSRV GH DOXQRV FRP PDLRU KRPRJHQHLGDGH HP UHOD ¨¦R DR VHX ULWPR GH DSUHQGL]DJHP H HP UHOD¨¦R DR VHX GHVHPSHQKR QDV FKDPDGDV GLVFLSOLQDV FRQWUDWXD OL]DGDV $V GLVFLSOLQDV FRQWUDWXDOL]DGDV V¦R DTXHODV TXH QD DOWXUD GD DGHV¦R DR SURMHWR 7XUPD 0DLV SRU SDUWH GR $JUXSDPHQWR DSUHVHQWDYDP UHVXOWDGRV HVFRODUHV SRXFR RX TXH HUDP FRQVLGHUDGDV FRPR EDVLODUHV QD IRUPD¨¦R GRV DOXQRV 2V DOXQRV GD 7XUPD 0DLV Q¦R V¦R VHPSUH RV PHVPRV $ VXD HQWUDGD H D VXD VD­GD V¦R IHLWDV URWDWLYDPHQWH HP PRPHQWRV FKDYH GR DQR OHWLYR QR LQ­FLR GH FDGD SHU­R

GR H QR PRPHQWR LQWHUFDODU GH DYDOLD¨¦R 6XEMDFHQWH D HVWD URWDWLYLGDGH HVW¢ R DSURYHLWDPHQWR GRV DOXQRV 1R SURFHVVR GH DQ¢OLVH H VHOH¨¦R GH DOXQRV RV GLUH WRUHV GH WXUPD W«P WDPE©P XPD SDUWLFLSD¨¦R DWLYD HVWDQGR SUHVHQWHV QDV UHXQL¶HV GH WUDEDOKR &DEH DLQGD DRV GLUHWRUHV GH WXUPD LQIRUPDU SDLV HQFDUUHJDGRV GH HGXFD¨¦R H DOXQRV GRV VHXV UHVXOWDGRV HP WRGDV DV GLV FLSOLQDV QRV Y¢ULRV SDU¤PHWURV DOHUWDQGR SDUD DTXHOHV HP TXH RV DOXQRV HVW¦R FRP PDLV IUDFRV UHVXOWDGRV (VWH SURMHWR WHP QRV OHYDGR D DVVXPLU FRPSURPLVVRV SHUDQWH R 0LQLVW©ULR GD (GXFD¨¦R FRPR DV PHWDV GH VXFHVVR TXH R DQR GH HVFRODULGDGH HP FDXVD WHP TXH DWLQJLU EHP FRPR DV PHWDV GH VXFHVVR GH FDGD GLV FLSOLQD FRQWUDWXDOL]DGD 2 TXH IRL FRQVHJXLGR DW© DR PRPHQWR 'LVFLSOLQD R DQR R DQR

&RQWUDWXDOL]DGR

$WLQJLGR

1R ‘ DQR D PHWD JOREDO GH WUDQVL¨¦R Q¦R IRL DWLQJLGD PDLRULWDULDPHQWH GHYLGR DRV UHVXOWDGRV GRV DOXQRV QDV GLVFLSOLQDV Q¦R FRQWUDWXDOL]DGDV &RQWXGR GDGD D SHU FHQWDJHP KLVW²ULFD GD HVFROD SDUD R ‘ DQR VHU LQIHULRU DRV DWLQJLGRV R DJUXSDPHQWR FRQWLQXRX DEUDQ JLGR SHOR SURMHWR 3RU GLVFLSOLQD FRQWUDWXDOL]DGD RV UHVXOWDGRV W«P VH UHYHODGR EDVWDQWH VDWLVIDW²ULRV 'LVFLSOLQD

&RQWUDWXDOL]DGR SDUD

/­QJXD 3RUWXJXHVD ,QJO«V &L«QFLDV 1DWXUDLV &L«QFLDV )­VLFR 4X­PLFDV 0DWHP¢WLFD Q¦R FRQWUDWXDOL]DGD 'LVFLSOLQD /­QJXD 3RUWXJXHVD ,QJO«V &L«QFLDV 1DWXUDLV

$WLQJLGR HP

&RQWUDWXDOL]DGR SDUD

$WLQJLGR HP

3DUD DO©P GHVWHV FRPSURPLVVRV DVVXPLGRV SHOR DJUX SDPHQWR WDPE©P RV DOXQRV W«P DVVXPLGR FRPSUR PLVVRV SRLV DXWR UHJXODP R VHX FDPLQKR QD DSUHQ GL]DJHP HVWDEHOHFHQGR PHWDV SDUD VL SU²SULRV 7DPE©P RV SDLV H HQFDUUHJDGRV GH HGXFD¨¦R DVVXPHP FRPSURPLVVRV SRU HVFULWR H V¦R UHJXODUPHQWH LQIRU PDGRV GD VLWXD¨¦R GRV VHXV HGXFDQGRV HP FDGD SDU¤ PHWUR GH FDGD GLVFLSOLQD 5HVWD DLQGD GL]HU TXH DSHVDU GD GLYLV¦R GRV JUXSRV WXUPD WRGRV RV DOXQRV DSUHQGHP R PHVPR Q¦R VH UH WLUDQGR QHP DFUHVFHQWDQGR FRQWH·GRV $SHQDV VH RUJD QL]DP RV DOXQRV FRQVWLWXLQGR JUXSRV PDLV UHGX]LGRV H KRPRJ©QHRV DGHTXDQGR HVWUDW©JLDV H DWLYLGDGHV DR Q­YHO GH DSUHQGL]DJHP GRV UHVSHFWLYRV JUXSRV 7RGRV V¦R WDPE©P DYDOLDGRV VHJXQGR RV PHVPRV FULW©ULRV H SDVVDP SHORV PHVPRV PRPHQWRV IRUPDLV GH DYDOLD¨¦R $UWLJR UHGLJLGR VHJXQGR R QRYR DFRUGR RUWRJU¢oFR


6©QLRUHV IUHTXHQWDP FXUVR GH WHDWUR 'HFRUUHX HQWUH RV GLDV H GH 1RYHPEUR R &XUVR %UHYH GH 7HDWUR GLQDPL]DGR SHOR &HQWUR 'UDP¢WLFR GH YRUD q &(1'5(9 GLULJLGR £ SRSXOD¨¦R V©QLRU GR &RQFHOKR (VWH :RUNVKRS UHD OL]DGR QR ¤PELWR GR 3URMHFWR 7HL DV q 5HGH &XOWXUDO GR $OHQWHMR H

k5LEH E© E©X /DU©X DR /©X y OHYDGR £ FHQD QR 1DWDO &HUFD GH FULDQ¨DV GRV MDUGLQV GH LQI¤QFLD H GR R FLFOR GH 9LDQD GR $OHQWHMR H $JXLDU SDUWLFLSDUDP GLD GH 'H]HPEUR QD )HVWD GH 1DWDO SURPRYLGD SHOR 0XQLF­SLR GH 9LDQD GR $OHQWHMR 2 HVSHFW¢FXOR LQWLWXODGR k5LEH E© E©X /DU©X DR /©X y OHYDGR £ FHQD SHOD &XODUWHV VRE D GLUHF¨¦R GH FHQD GH 'LDQD 5HJDO IRL EDVHD GR QR FRQWR FRP R PHVPR QRPH GH -RDQLQKD GH &DEH¨¦R ODQ¨DGR GLD GH 'H]HPEUR QR &LQH WHDWUR

LQVHULGR QD SURJUDPD¨¦R GD 8QL YHUVLGDGH 6©QLRU 7·OLR (VSDQFD 3²OR GH 9LDQD GR $OHQWHMR FRQWRX FRP D SDUWLFLSD¨¦R GH PXQ­FL SHV TXH £ YROWD GD FULD¨¦R GH XP SHUVRQDJHP FRQFUHWR H[SORUD UDP H GHVHQYROYHUDP W©FQLFDV H[SUHVVLYDV FHQWUDGDV QR FRUSR H QD YR] GR DFWRU (VWD LQLFLDWLYD FXOPLQRX GLD GH 'H]HPEUR FRP D YLVLWD GRV VHXV SDUWLFLSDQWHV DR 7HDWUR *DUFLD GH 5HVHQGH SDUD DVVLVWLU £ SH¨D GH WHDWUR UHFHQWH PHQWH HVWUHDGD SHOR &(1'5(9 k&DI© 0¢ULRy

9LDQHQVH 3DODYUDV LPDJHQV P·VLFD H PXLWR PDLV IRL D UHFHLWD SDUD FRQKHFHU D KLVW²ULD GD k9H OKD 3DVVDy TXH FRP RV VHXV GRLV JDWLQKRV SDUWH HP DYHQWXUD SDUD DV WHUUDV GR k1¦R VDEHUy 2 HVSHFW¢FXOR WHYH D GXUD¨¦R GH PLQXWRV H IRL H[LELGR HP GXDV VHVV¶HV XPD GH PDQK¦ SDUD RV MDUGLQV GH LQI¤QFLD GH $JXLDU 9L DQD GR $OHQWHMR H &HQWUR ,PDFX ODGR &RUD¨¦R GH 0DULD 'XUDQWH D WDUGH IRL D YH] GRV PHQLQRV GR R FLFOR DVVLVWLUHP £ IHVWD GH 1DWDO 3DUD HVWH DQR D &¤PDUD 0XQLFL SDO GH 9LDQD GR $OHQWHMR HP SDU FHULD FRP DV -XQWDV GH )UHJXHVLD GR &RQFHOKR H DOJXPDV HQWLGDGHV SDWURFLQDGRUDV GD HGL¨¦R GR FRQ WR RIHUHFHX XP OLYUR D WRGDV DV FULDQ¨DV

3URIHVVRUHV UHFHEHP IRUPD¨¦R VREUH TXDGURV LQWHUDFWLYRV 1R VHJXLPHQWR GD DTXLVL¨¦R GH TXDGURV LQWHUDFWLYRV SHOR 0X QLF­SLR GH 9LDQD GR $OHQWHMR SDUD DV HVFRODV GR R FLFOR QRPHDGD PHQWH SDUD DV VDODV GH DXOD GR R H R DQRV GHFRUUH DW© GLD GH )HYHUHLUR GH HP KRU¢ULR S²V ODERUDO D IRUPD¨¦R GLUHFFLRQDGD SDUD RV SURIHVVRUHV (VWH FXUVR GH IRUPD¨¦R 4,&217:(% q 4XDGUR ,QWHUDFWLYRV &RQWH·GRV H :HE SUHWHQGH GRWDU RV IRUPDQGRV GH FRPSHW«QFLDV QD XWLOL]D¨¦R GDV QRYDV WHFQRORJLDV HP FRQWH[WR GH VDOD GH DXOD HP SDUWLFXODU QD XWLOL]D¨¦R H SURGX¨¦R GH FRQWH· GRV LQWHUDFWLYRV XWLOL]DQGR R VRIW ZDUH GH TXDGUR LQWHUDFWLYR 3UH WHQGH DLQGD GRWDU RV SURIHVVRUHV GH FRPSHW«QFLDV FRPR D SHVTXL VD GH PRWRUHV GH EXVFD H DLQGD D XWLOL]D¨¦R GH IHUUDPHQWDV GLV SRQ­YHLV QD :HE QD FRQVWUX¨¦R GH FRQWH·GRV LQWHUDFWLYRV


k5LEH E© E©X /DU©X DR /©X y ODQ¨DGR HP 9LDQD GR $OHQWHMR 1D WDUGH GR SDVVDGR GLD GH 'H]HPEUR R &LQH WHDWUR 9LD QHQVH IRL SDOFR GR ODQ¨DPHQWR GR FRQWR k5LEH E© E©X /DU©X DR /©X y GH -RDQLQKD GH &DEH¨¦R FRP LOXVWUD¨¶HV GH 'DQXWD :RMFLHFKRZVND H GH SHTXHQRV DUWLVWDV GR &RQFHOKR GH 9LDQD GR $OHQWHMR $ REUD IRL DSUHVHQWDGD SRU $QD 3DXOD *XLPDU¦HV GR ,(/7 ,QVWLWXWR GH (VWXGRV GH /LWHUD WXUD 7UDGLFLRQDO GD )DFXOGDGH GH

&L«QFLDV 6RFLDLV H +XPDQDV GD 8QLYHUVLGDGH 1RYD GH /LVERD H &DUORV $XJXVWR 5LEHLUR DUWLVWD SO¢VWLFR 1D LQLFLDWLYD PDUFDUDP DLQGD SUHVHQ¨D RV SHTXHQRV DUWLVWDV TXH QR DQR OHFWLYR IUH TXHQWDYDP R R H R DQRV GR R FLFOR GR $JUXSDPHQWR GH (VFRODV GH 9LDQD GR $OHQWHMR H SDUWLFL SDUDP QD 6HPDQD GD ,OXVWUD¨¦R VXERUGLQDGD DR WHPD k2oFLQD GH ID]HU OLYURV FRPR QDVFH XP OLYURy LQWHJUDGD QR SURMHFWR /HLWXUDV £ /DUHLUD XPD SDUFHULD HQWUH D %(&5( GR $JUXSDPHQWR GH (VFRODV GH 9LDQD GR $OHQWHMR &ROHF¨¦R % $VVRFLD¨¦R &XOWXUDO H 2oFLQD GD &ULDQ¨D GD &¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR 2V SHTXHQRV DUWLVWDV UHFHEHUDP

Ï FRQYHUVD FRP D LOXVWUDGRUD 'DQXWD :RMFLHFKRZVND XP H[HPSODU GR FRQWR k5LEH E© E©X /DU©X DR /©X y $ LQLFLDWLYD WLQKD FRPR REMHFWLYR VHQVLELOL]DU RV PDLV QRYRV SDUD D LPSRUW¤QFLD GR OLYUR GD OHLWXUD H GD LOXVWUD¨¦R H WDPE©P SDUD R SURFHVVR GH FRQVWUX¨¦R GH XP OLYUR GHVGH D KLVW²ULD DW© £ VXD HGL¨¦R 'HSRLV GH HVFXWDUHP R FRQWR HV FULWR SRU -RDQLQKD 'XDUWH GHGL FDGR £V FULDQ¨DV GR &RQFHOKR

GH 9LDQD GR $OHQWHMR RV DOXQRV SXVHUDP £ SURYD D VXD LPDJLQD ¨¦R H FULDWLYLGDGH QDV SLQWXUDV TXH LOXVWUDP R OLYUR 'LYLGLGRV HP JUXSRV WLYHUDP D RSRUWXQLGDGH GH S´U QR SDSHO DWUDY©V GH SLQWX UD HP DJXDUHOD H SDSHO PROKDGR DV GLYHUVDV SHUVRQDJHQV GR FRQWR $ (GLWRUD /XSD 'HVLJQ H R HVW·GLR GH &DUORV 0HQH]HV DVVRFLDUDP VH D HVWH SURMHFWR D SULPHLUD QD SURGX¨¦R GR OLYUR R VHJXQGR QD SURGX¨¦R GR &' 2 SURMHFWR FRQWRX DLQGD FRP D FRODERUD¨¦R GH 6²QLD 0HQGHV TXH FRPS´V D P·VLFD GR &' (VWH SURMHFWR FRQVLGHUDGR LQRYD GRU H ·QLFR QR 3DLV FRQWRX DLQGD FRP R DSRLR GH GLYHUVDV HQWLGDGHV S·EOLFDV H SULYDGDV GR &RQFHOKR H D Q­YHO QDFLRQDO

k5LEH E© E©X /DU©X DR /©Xy $VVLP G¢ SHOR QRPH R FRQWR HGLWDGR SHOD /XSD 'HVLJQ FRP LOXVWUD¨¶HV EDVHDGDV HP SLQWX UDV GH FULDQ¨DV GR $JUXSDPHQWR GH (VFRODV GH 9LDQD GR $OHQ WHMR VRE RULHQWD¨¦R GH 'DQXWD :RMFLHFKRZVND 2 %0 HVWHYH £ FRQYHUVD FRP D LOXVWUDGRUD H oFRX D VDEHU FRPR GHFRUUHX WRGR R SURFHVVR FULD WLYR kGHVWHV SHTXHQRV DUWLVWDVy TXH Y¦R DJRUD YHU R VHX WUDED OKR HGLWDGR %ROHWLP 0XQLFLSDO (P 0DLR GR DQR SDVVDGR D 'DQXWD SDUWLFL SRX HP 9LDQD GR $OHQWHMR QD 6HPDQD GD ,OXVWUD¨¦R 'HSRLV GH HVFXWDUHP R FRQWR GH -RDQLQKD 'XDUWH DV FULDQ¨DV SXVHUDP £ SURYD D VXD LPDJLQD ¨¦R H FULDWLYLGDGH QRV GHVHQKRV TXH Y¦R DJRUD LOXVWUDU R OLYUR &RPR © TXH RV DOXQRV HQFDUD UDP D SDUWH FULDWLYD" +DYLD WHPDV HVSHF­oFRV SDUD RV Y¢ULRV JUXSRV" 'DQXWD :RMFLHFKRZVND 6LP R FRQWR IRL SDJLQDGR H GLYLGLGR HP DEHUWRV GH S¢JLQD 'HVWH PRGR FDGD WXUPD LOXVWURX SDUWHV GD KLVW²ULD $SUHVHQWHL OKHV XPD W©FQLFD GH DJXDUHOD HP SDSHO PROKDGR SHUPLWLQGR TXH D FRU IRVVH D VXD PDLV LPSRUWDQWH IHU UDPHQWD FULDWLYD (X TXHULD SUR SRUFLRQDU D HVWHV DOXQRV XPD H[SHUL«QFLD IRUWHPHQWH DUW­VWLFD H GH JUDQGH OLEHUGDGH H[SUHVVLYD % 0 4XDQWR WHPSR GHPRURX D HIHFWXDU RV GHVHQKRV" ' : $FKR TXH SRGHPRV IDODU DQWHV GH SLQWXUDV &DGD VHVV¦R GHPRURX FHUFD GH KRUDV PDV Q¦R QRV SRGHPRV HVTXHFHU TXH RV DOXQRV M¢ HVWDYDP LQVHULGRV QXP SURFHVVR GH LQWHULRUL]D¨¦R GD KLVW²ULD TXH OKHV WLQKD VLGR FRQWDGR M¢ K¢ PDLV WHPSR H LVVR © XP IDFWRU GHWHUPLQDQWH


4XDQWR PDLV VHQWLPRV RX YL YHPRV GHQWUR GH XPD KLVW²ULD PDLV IRUWH © D QRVVD FDSDFLGDGH H[SUHVVLYD % 0 4XDQGR LQLFLDUDP DV LOXV WUD¨¶HV DV FULDQ¨DV M¢ VDELDP TXH LD VHU HGLWDGR XP OLYUR FRP R VHX WUDEDOKR" &RPR © TXH UHFHEHUDP D QRW­FLD" ' : 6DELDP TXH HVVH HUD R QRVVR GHVHMR H FRODERUDUDP SOH QDPHQWH (ODV HQFDUDUDP D DFWLYLGDGH FRP PXLWR UHVSHLWR H VHULHGDGH DSH VDU GH VHU XPD DFWLYLGDGH O·GLFD XP SRXFR IRUD GR FXUULFXOXP HV FRODU KDELWXDO % 0 )LFRX VXUSUHHQGLGD FRP R UHVXOWDGR" ' : $FUHGLWR PXLWR QDV FDSD FLGDGHV FULDWLYDV GDV FULDQ¨DV FRQVHJXHP VXUSUHHQGHU PH H LQVSLUDU PH VHPSUH % 0 $ 'DQXWD © LOXVWUDGRUD H M¢ UHFHEHX R 3U©PLR 1DFLRQDO GH ,OXVWUD¨¦R HP )RL DLQGD GLVWLQJXLGD HP H &RQVLGHUD TXH HVWDV DF WLYLGDGHV MXQWR GRV PDLV QRYRV V¦R LPSRUWDQWHV SDUD FRPEDWHU D kLOLWHUDFLDy YLVXDO GD LPDJHP" ' : &UHLR TXH PXLWDV YH]HV DV SHVVRDV GHVSUH]DP DV DFWLYL GDGHV FKDPDGDV DUW­VWLFDV &R OHFWLYDPHQWH © QHFHVV¢ULR JDQKDU FRQVFL«QFLD GH TXH D LOXVWUD¨¦R FRPR IRUPD GH DUWH © WDPE©P XPD PDQHLUD GH Q¦R V² GHVHQ YROYHU D GLPHQV¦R FRJQLWLYD GD LQWHOLJ«QFLD PDV WDPE©P R ODGR HPRFLRQDO 2EULJD QRV D FRQKH FHU R PXQGR TXH QRV URGHLD 7H PRV GH VHU DWHQWRV FDSD]HV GH REVHUYDU PHPRUL]DU OLGDU FRP PDWHULDLV LQWHUSUHWDU PHQVD JHQV DR PHVPR WHPSR TXH WDP E©P VRPRV DXWRUHV RX FULDGRUHV GH OLQJXDJHQV RULJLQDLV $SURYHLWDU DV FDSDFLGDGHV QDWX UDLV GDV FULDQ¨DV H FXOWLY¢ ODV © HVVHQFLDO QXPD VRFLHGDGH HP TXH D LPDJHP WHP FDGD YH] PDLV XP SDSHO LPSRUWDQWH 3RGH FRUUHV SRQGHU D XPD IRUPD GH JDQKDU XP HVS­ULWR FU­WLFR HP UHOD¨¦R DR QRVVR SDSHO GH FRQVXPLGRUHV 3RGHPRV DW© LQYHUWHU HVWHV SD S©LV H D UHOD¨¦R GH GHSHQG«QFLD

% 0 $SHVDU GH SRVVXLUPRV XPD FXOWXUD PXLWR OLJDGD £ SD ODYUD D IUDVH kXPD LPDJHP YDOH PDLV TXH PLO SDODYUDVy ID] FDGD YH] PDLV VHQWLGR" ' : $ LPDJHP IDOD GH RXWUD PDQHLUD HPERUD QXP SULPHLUR PRPHQWR FRPXQLFD GLUHFWD PHQWH FRP RV QRVVRV VHQWL PHQWRV (OD WDPE©P QRV REULJD D UHpHFWLU H TXHVWLRQDU 1HVWH VHQWLGR SHUPLWH DPSODV OHLWXUDV GLYHUVLoFD D OHLWXUD % 0 &RPR FODVVLoFD HVWH SUR MHFWR GD HGL¨¦R GR FRQWR SHOD VXD (GLWRUD /XSD 'HVLJQ TXH MXQWRX Y¢ULDV HQWLGDGHV H © FRQ VLGHUDGR LQRYDGRU H ·QLFR QR 3D­V" ' : XP GHVDoR PXLWR RULJL QDO 7DPE©P VHU¢ R SULPHLUR OLYUR HGLWDGR SHOD /XSD 'HVLJQ HPERUD R SRUWI²OLR GR DWHOL« WHQKD LPHQVRV H[HPSORV GH GH VLJQ DSOLFDGR D HGL¨¶HV SXEOLFD GDV QDV SULQFLSDLV HGLWRUDV GHVWH SD­V 3HQVR TXH R LQWHUHVVH GHVWH OLYUR WHU¢ WU«V YHUWHQWHV 3RU XP ODGR © XPD IRUPD GH FHOHEUDU D FULDWLYLGDGH GHVWHV SHTXHQRV DUWLVWDV DV FULDQ¨DV

TXH R LOXVWUDUDP $ DGHV¦R GH WRGD D FRPXQLGDGH QHVWH SUR FHVVR © D SURYD GH TXH H[LVWH LQWHUHVVH HP FXOWLYDU HVVD FDSD FLGDGH 3RU RXWUR ODGR © XP OLYUR TXH ID] XPD SRQWH TXH OLJD WUDGL¨¦R RUDO £ HVFULWD H QHVWH VHQWLGR YDORUL]D R WUDEDOKR GD FRQWDGR UD GH KLVW²ULDV H LQYHVWLJDGRUD -RDQLQKD 'XDUWH -RDQLQKD GH &DEH¨¦R TXH VH LQWHUHVVD SHOD SDVVDJHP GH XP FRQKHFLPHQWR DUFDLFR W¦R SUHVHQWH QR FRQWR WUDGLFLRQDO H QDV IRUPDV QDUUD WLYDV XWLOL]DGDV SDUD SDVVDU HV VHV FRQKHFLPHQWRV HVVHQFLDLV GH JHUD¨¦R HP JHUD¨¦R 7DPE©P IRL ERP WHU VLGR SRVV­YHO SURGX]LU XP &' ¢XGLR H DVVLP WDPE©P RV Q¦R OHLWRUHV WHU¦R D SRVVL ELOLGDGH GH DFRPSDQKDU D VXD OHLWXUD GDV LPDJHQV FRP D YR] GD -RDQLQKD H P·VLFD GH 6²QLD 0HQGHV &UHLR TXH HVWH WUDEDOKR SRGHU¢ VHU LQVSLUDGRU SDUD RXWUDV H[ SHUL«QFLDV HP RXWUDV FRPX QLGDGHV TXH TXHLUDP H[SORUDU D VXD LGHQWLGDGH H o[DU HVVDV H[SHUL«QFLDV QD IRUPD GH SXEOL FD¨¶HV FRQWULEXLQGR SDUD D VXD PHP²ULD


6D·GH

(QYHOKHFHU HP VHJXUDQ¨D 3UHYHQ¨¦R GH TXHGDV QR GRPLF­OLR 2 DXPHQWR GD SRSXOD¨¦R LGRVD GHYLGR £V EDL[DV WD[DV GH QDWDOL GDGH H DXPHQWR GD HVSHUDQ¨D P©GLD GH YLGD DOLDGRV D RXWURV IDFWRUHV HVW¦R D SURYRFDU XP IHQ²PHQR PXQGLDO GHVLJQDGR SRU HQYHOKHFLPHQWR GHPRJU¢ oFR FRP PDLRU LPSDFWR QRV SD­VHV GHVHQYROYLGRV SHOR TXH DV TXHVW¶HV UHODFLRQDGDV FRP R HQ YHOKHFLPHQWR DOFDQ¨DUDP PDLRU SURMH¨¦R 2 HQYHOKHFLPHQWR DFDUUHWD DOWH UD¨¶HV oVLRO²JLFDV H QXPD IDVH PDLV DYDQ¨DGD RV SUREOHPDV GH VD·GH H D FRQVHTXHQWH SURFXUD GRV VHUYL¨RV GH VD·GH DXPHQ WDP HQW¦R LPSRUWDQWH DSRV WDU QD SUHYHQ¨¦R GD GRHQ¨D H SURPR¨¦R GD VD·GH GH PRGR D SUHVHUYDU D FDSDFLGDGH IXQFLRQDO LQGHSHQG«QFLD H DXWRQRPLD LQGL YLGXDO R PDLV WHPSR SRVV­YHO GH IRUPD D GHWHUPLQDU XP HQYHOKH FLPHQWR DFWLYR 3RUTX« YLYHU PDLV DQRV VH HVVH WHPSR GH YLGD Q¦R IRU YLYLGR FRP TXDOLGDGH" $ VHJXUDQ¨D © XP GRV GLUHLWRV TXH DVVLVWH D WRGRV Q²V FRP HVSHFLDO UHOHY¤QFLD SDUD DTXHOHV TXH VH SR GHP HQFRQWUDU PDLV YXOQHU¢YHLV SRU Y¢ULRV PRWLYRV GH JUDQGH LPSRUW¤QFLD XPD VHJXUDQ¨D HIH WLYD SDUD DWLQJLU XP HQYHOKHFL PHQWR DFWLYR H GH VXFHVVR $V PXGDQ¨DV oVLRO²JLFDV TXH RFRUUHP GXUDQWH R SURFHVVR GH HQYHOKHFLPHQWR SRGHP DXPHQWDU R ULVFR GH TXHGDV 2V PDLV LGRVRV

W«P PDLRU ULVFR GH VRIUHU TXHGDV VHQGR HVWDV PDLV IUHTXHQWHV QR SU²SULR GRPLF­OLR QRPHDGDPHQWH QD FDVD GH EDQKR QR TXDUWR QD FR]LQKD H QR TXLQWDO 2XWURV IDF WRUHV GH ULVFR LQFOXHP RV HVWLORV GH YLGD D PRELOLGDGH D GLPLQX L¨¦R GD FDSDFLGDGH VHQVRULDO H D SHUFHS¨¦R GR ULVFR GH TXHGDV $ IUDTXH]D PXVFXODU H XPD GHVFR RUGHQD¨¦R GR HTXLO­EULR V¦R RV SULQFLSDLV IDFWRUHV GH ULVFR SDUD D RFRUU«QFLD GH TXHGDV 7DPE©P RV LQGLY­GXRV FRP GLPLQXL¨¦R GD DFXLGDGH DXGLWLYD H RX YLVXDO HV W¦R HP JUDQGH ULVFR GH YLU D VRIUHU TXHGDV 3RWWHU 3HUU\ 'DV TXHGDV SRGHP UHVXOWDU FRQVH TX«QFLDV I­VLFDV JUDYHV TXH SRGHP LQGX]LU £ GLPLQXL¨¦R GD IXQFLR QDOLGDGH H FRQVHTXHQWHPHQWH D DXWRQRPLD H LQGHSHQG«QFLD SR GHP oFDU FRPSURPHWLGDV (P UH VXOWDGR GLVWR D SDUWH SVLFRO²JLFD SRGHU¢ WDPE©P VHU DIHFWDGD SHOR PHGR GH RFRUU«QFLD GH QRYDV TXH GDV LQGX]LQGR VHQWLPHQWRV GH DQ VLHGDGH PHGR GLPLQXL¨¦R GD DX WR HVWLPD H LVRODPHQWR VRFLDO $V TXHGDV V¦R UHVSRQV¢YHLV SRU GRV LQWHUQDPHQWRV KRVSLWDODUHV VHQGR D IUDFWXUD GR FROR GR I©PXU D OHV¦R TXH RFRUUH FRP PDLRU LQ FLG«QFLD 3RWWHU $ RULHQWD¨¦R SDUD R DXWRFXLGDGR WHP FRPR SULQF­SLR TXH WRGDV DV SHVVRDV GHYHP VHU HVWLPXODGDV D PHOKRUDU D VXD FRQGL¨¦R GH YLGD SUHVHUYDQGR H PHOKRUDQGR D VXD VD·GH WDQWR TXDQWR SRVV­YHO 4XHVW¶HV PXLWR LPSRUWDQWHV SDUD RV LGRVRV SDVVDP SHOD PDQXWHQ ¨¦R GD VXD DXWRQRPLD H LQGH SHQG«QFLD GXUDQWH R PDLRU WHPSR SRVV­YHO SDUD TXH SRVVDP VHQWLU

VH HOHPHQWRV DFWLYRV H GLJQRV QD VXD FRQGL¨¦R KXPDQD $VVLP HVW¢ DWXDOPHQWH D VHU GH VHQYROYLGR SHOD (QIHUPHLUD )¢WL PD %DWLQDV QR &HQWUR GH 6D·GH GH 9LDQD GR $OHQWHMR q H[WHQV¦R GH $OF¢¨RYDV XP SURMHWR LQWL WXODGR k(QYHOKHFHU HP VHJXUDQ¨D SUHYHQ¨¦R GH TXHGDV QR GRPLF­ OLRy 2 UHIHULGR SURMHWR VXUJH QR ¤PELWR GR &XUVR GH 0HVWUDGR HP (QIHUPDJHP &RPXQLW¢ULD H GHFRUUH VRE D RULHQWD¨¦R DFDG©PL FD GD SURIHVVRUD 'RXWRUD /DXU«Q FLD *HPLWR H VRE SUHFHSWRULD GD (QIHUPHLUD (VSHFLDOLVWD 0DU­OLD 5DVTXLQKR (VWH SURMHWR WHP FRPR REMHFWLYR SUHYHQLU DV TXHGDV QR GRPLF­OLR GRV LGRVRV XWHQWHV GR 6HUYL¨R GH $SRLR 'RPLFLOL¢ULR GD 6DQWD &DVD GD 0LVHULF²UGLD GH $OF¢¨RYDV 7H[WR GD (QIHUPHLUD )¢WLPD %DWLQDV 5HIHU«QFLDV %LEOLRJU¢oFDV 'XDUWH 1 %DUERVD & 6LQWD VH VH JXUR LQ 5LEHLUR 2 3D·O & 0DQXDO GH HQYHOKHFLPHQWR DFWLYR /LVERD H 3RUWR /LGHO 0LQLVW©ULR GD 6D·GH 'LUHF¨¦R *HUDO GH 6D·GH &LUFXODU 1RUPDWLYD 1 '*&* GH 3URJUDPD 1DFLRQDO SDUD D 6D·GH GDV 3HVVRDV ,GRVDV /LVERD >2EWLGR D GH $JRVWR GH GH KWWS ZZZ SRUWDO GDVDXGH SW 15 UGRQO\UHV & ')) ( ( '(' $ ) ($ % $$ L SGI@ 3RWWHU 3 3HUU\ $ )XQGDPHQWRV GH HQIHUPDJHP FRQFHLWRV SURFHVVR H SU¢WL FD HG 5LR GH -DQHLUR *XDQDEDUD .RRJDQ 3RWWHU 3 )XQGDPHQWRV GH HQIHUPD JHP FRQFHLWRV H SURFHGLPHQWRV D HG /RX UHV /XVRFL«QFLD 7RUUHV 0 0DUTXHV ( (QYHOKH FLPHQWR DFWLYR XP ROKDU PXOWLGLPHQVLRQDO VREUH D SURPR¨¦R GD VD·GH (VWXGR GH FDVR HP 9LDQD GR &DVWHOR 9, FRQJUHVVR SRUWXJX«V GH VRFLRORJLD /LVERD 8QLYHUVLGDGH 1RYD >2E WLGR HP GH -XQKR GH GH KWWS ZZZ DSV SW YLFRQJUHVVR SGIV SGI@

8QLGDGH GH &XLGDGRV QD &RPXQLGDGH &HQWUR GH 6D·GH GH 9LDQD GR $OHQWHMR 7HOI ( PDLO JHUWUXGHV JDUFLD#DOHQWHMRFHQWUDO PLQ VDXGH SW +RU¢ULR GH IXQFLRQDPHQWR D D D K £V K 6¢EDGRV 'RPLQJRV H IHULDGRV K £V K


2 WUDEDOKR YDL GDU IUXWR &RQIRUPH WHPRV YLQGR IDODQGR RV VHUYL¨RV GH VD·GH GHVHQYROYHP XP FRQ MXQWR GH DF¨¶HV HP SDUFHULD FRP RXWUDV HQWLGDGHV H PXLWR HVSHFLDOPHQWH FRP DV HVFRODV TXH YLVDP HQVLQDU H DFRPSDQKDU RV MRYHQV QD FRQVWUX¨¦R GD VXD 6D·GH XP UHFXUVR HVVHQFLDO SDUD TXH RV LQGLY­GXRV H JUXSRV SRVVDP FRQVWUXLU XP SURMHWR GH YLGD SURGXWLYR GR SRQWR GH YLVWD LQGLYLGXDO VRFLDO H HFRQ²PLFR 4XH UHVXOWDGRV WHPRV DOFDQ¨DGR" $OJXQV M¢ RV FRQKHFHPRV RXWURV DLQGD HVW¦R HP HVWXGR q H © LPSRUWDQWH Q¦R HVTXHFHU TXH HVWH WLSR GH WUDEDOKR V² G¢ UHVXOWDGRV YLV­YHLV DR oP GH G©FDGDV 8P GRV IHQ²PHQRV PDLV YLV­YHLV WHP VLGR R SURJUHVVLYR DXPHQWR GD HVWDWXUD GRV MRYHQV SRUWXJXHVHV (VWLPDP RV LQYHVWLJDGRUHV TXH D SRSXOD¨¦R SRUWX JXHVD HVW¢ D DXPHQWDU FHUFD GH XP FHQW­PHWUR SRU G©FDGD 4XHU GL]HU TXH TXDQGR HX WLQKD DQRV ROKDYD SRU FLPD GD FDEH¨D D PDLRULD GDV SHVVRDV TXH FRPLJR SDUWLOKDYDP D FDUUXDJHP GR PHWUR +RMH TXDQGR SRU O¢ DQGR oFR D ROKDU OKHV SDUD R ELJRGH{ 7DPE©P VH SRGH GL]HU TXH WDPDQKR Q¦R © GRFXPHQWR 3HGUR ÙOYDUHV &DEUDO HUD XP JLJDQWH FRP XP PHWUR H QRYHQWD GH DOWXUD QXPD ©SRFD HP TXH D PDLRULD GRV SRUWXJXHVHV SRXFR VXELD DFLPD GR PHWUR H PHLR 0DV DSDUHQWHPHQWH Q¦R IRL HVVD TXDOLGDGH TXH R OHYRX DR FRPDQGR GD IURWD TXH QRV OHYRX DR %UDVLO 6HJXQGR FRQVWD HUD FDVDGR FRP XPD GDV PXOKHUHV PDLV ULFDV GR UHLQR GH 3RUWXJDO{ 0DV GH DFRUGR FRP R ·OWLPR UHODW²ULR GR k+HDOWK %HKDYLRXU LQ 6FKRRO $JHG &KLOGUHQy SXEOLFDGR HP q TXH D FDGD TXDWUR DQRV DYDOLD D VD·GH H SUR FHGLPHQWRV HP VD·GH GDV FULDQ¨DV HXURSHLDV HVFRODUL]DGDV q R SDQRUDPD GH PHOKRULD © HP JHUDO DQLPDGRU H XOWUDSDVVD DV TXHVW¶HV GR WDPDQKR{ (P RV MRYHQV SRUWXJXHVHV QD VXD PDLRULD GL]HP VHQWLU VH IHOL]HV H VDWLVIHLWRV FRP D VXD LPDJHP FRUSRUDO VHQGR FRPXQV RV UDSD]HV FRQVLGHUD UHP WHU R FRUSR LGHDO 3DUD WDO FHUWDPHQWH WHP FRQWULEX­GR R DXPHQWR GD SU¢WLFD GHVSRUWLYD VHQGR TXH FHUFD GH PHWDGH GRV DGROHVFHQWHV HP HVSHFLDO RV UDSD]HV H RV PDLV QRYRV SUDWLFD DFWLYLGDGH I­VLFD WRGDV DV VHPDQDV 2XWUR IDFWRU TXH FHUWDPHQWH WHP FRQWULEX­GR SDUD D KDUPRQLD I­VLFD GDV QRVVDV FULDQ¨DV H DGROHVFHQWHV © R K¢ELWR TXH VH YHP HVWDEHOHFHQGR GH WRPDU R SHTXHQR DOPR¨R DQWHV GH VDLU GH FDVD SDUD D HVFROD $ JUDQGH PDLRULD GRV DGROHVFHQWHV DoUPD Q¦R IXPDU HPERUD WHQKD KDYLGR XP OLJHLUR DFU©VFLPR GH UDSDULJDV IXPDGRUDV 7DPE©P R FRQVXPR GH ¢OFRRO H GH RXWUDV GURJDV DSUHVHQWD YDORUHV EDL[RV VHQGR TXH D JUDQGH PDLRULD GRV MRYHQV LQTXLULGRV DoUPDUDP QXQFD WHU XVDGR TXDOTXHU WLSR GH GURJDV

$ 6D·GH Q¦R © XPD FRLVD TXH RV HQIHUPHLURV RX RV P©GLFRV G«HP £V SHVVRDV 7DPE©P Q¦R VH FRPSUD QD IDUP¢FLD RX QR KRVSLWDO $ 6D·GH © VLP R UHVXOWDGR GH XP WUDEDOKR FRQWLQXDGR TXH WHP TXH QRV HQYROYHU D WRGRV

1R FDPSR VH[XDO YHULoFD VH XP OLJHLUR DXPHQWR GR Q·PHUR GH MRYHQV TXH GL] M¢ WHU LQLFLDGR XPD YLGD VH[XDO DWLYD 0DV D SU¢WLFD GR XVR GH SUHVHUYDWLYR DXPHQWRX FHUFD GH GH] SRQWRV SHUFHQWXDLV HP RLWR DQRV ( DTXL RV MRYHQV GDV QRVVDV HVFRODV XOWUDSDVVDP HP GXDV YH]HV RV VHXV FROHJDV XQLYHUVLW¢ULRV H HP TXDWUR YH]HV RV DGXOWRV PDLRUHV GH DQRV 3DUHFH SRLV TXH DOJXPD FRLVD GH ERP YDL UHVXOWDQGR GHVWH WUDEDOKR GH 3UR PR¨¦R GD 6D·GH HP TXH D &RPXQLGDGH GHVGH D )DP­OLD £ (VFROD SDVVDQGR SHOD 6D·GH H DV $XWDUTXLDV YHP GHVHQYROYHQGR H HP TXH WHP GH VH HPSH QKDU FDGD YH] FRP PDLRU HQWXVLDVPR GHGLFD¨¦R H VHQWLGR GD RSRUWXQLGDGH 2EULJDGR $XJXVWR 6DQWDQD %ULWR


'HVSRUWR

'LFDV SDUD PHOKRUDU D VXD &DPLQKDGD $ SU¢WLFD UHJXODU GH DFWLYLGDGH I­VLFD $) FRQWULEXL SDUD XPD YLGD VDXG¢YHO XP FRUSR HP IRUPD H H OHYDGRV Q­YHLV GH DXWR HVWLPD 1¦R REVWDQWH WRGD D SU¢WLFD GH H[HU F­FLR I­VLFR UHTXHU FXLGDGRV XPD YH] TXH WDPE©P H[LVWHP ULVFRV SDUD D VD·GH 6HUYH R SUHVHQWH DU WLJR SDUD GDU D FRQKHFHU DR OHLWRU RV SULQFLSDLV DVSHFWRV D WHU HP FRQVLGHUD¨¦R TXDQGR VH SUDWLFD $) $SUHVHQWDU VH ¦R DOJXQV FRQ VHOKRV ·WHLV SDUD LQLFLDU H RX PH OKRUDU D VXD H[HUFLWD¨¦R DWUDY©V GDV FDPLQKDGDV (VWD SU¢WLFD HVW¢ FDGD YH] PDLV HQUDL]DGD QD QRVVD VRFLHGDGH LVWR SRUTXH © XPD IRU PD JUDWXLWD H VLPSOHV GH UHDOL]DU H[HUF­FLR VHJXUD H FRP UHVXOWDGRV HIHFWLYRV QRV EHQHI­FLRV DFLPD LQ GLFDGRV 2V VHJXLQWHV FRQVHOKRV V¦R Y¢OLGRV SDUD D HVPDJDGRUD PDLRULD GDV DFWLYLGDGHV I­VLFR GHV SRUWLYDV HP JHUDO H SDUD D FDPL QKDGD HP SDUWLFXODU 3H¨D XPD DYDOLD¨¦R P©GLFD 2 H[DPH P©GLFR SDUD D SU¢WLFD UH JXODU GH $) YLVD VREUHWXGR DYD OLDU VH R LQGLY­GXR PDQLIHVWD RX Q¦R TXDOTXHU FRQWUD LQGLFD¨¦R SDUD D PRGDOLGDGH TXH SUDWLFD 2 P©GLFR LQWHUURJD RV DQWHFHGHQWHV SHVVRDLV H IDPLOLDUHV H FDVR FRQ VLGHUH QHFHVV¢ULR SRGH SHGLU DO JXQV H[DPHV FRPSOHPHQWDUHV GH GLDJQ²VWLFR ·WHLV SDUD HVFODUHFHU TXDOTXHU G·YLGD 1R H[DPH P©GL FR LGHQWLoFD VH R SUREOHPD SRV WHULRUPHQWH GHYHU VH ¢ FULDU XP SURJUDPD GH H[HUF­FLRV DGHTXDGR D FDGD FDVR 3DUD D FRQVWUX¨¦R SODQHDPHQWR H H[HFX¨¦R GR SUR JUDPD GH H[HUF­FLRV GHYH KDYHU XPD FRRSHUD¨¦R HQWUH R P©GLFR

H R SURoVVLRQDO GR H[HUF­FLR SUR IHVVRU GH GHVSRUWR H RX WUHLQDGRU SHVVRDO $GTXLUD XP HTXLSDPHQWR DG HTXDGR SRVV­YHO DGTXLULU XP H TXLSDPHQWR GHVSRUWLYR DGHTXDGR SDUD FDPLQKDGDV VHP TXH WHQKD TXH GHVSHQGHU PXLWR GLQKHLUR 3H¨D FRQVHOKRV D XP SURoVVLRQDO GR H[HUF­FLR 5HFRPHQGD VH WDP E©P D SRVVH GH XP UHO²JLR FDUGLR IUHTXHQF­PHWUR TXH SHUPLWD VD EHU D IUHTX«QFLD FDUG­DFD GXUDQWH WRGD D VHVV¦R GH WUHLQR 7HQKD FXLGDGR FRP RV VHXV S©V 'HYH FDPLQKDU GH W©QLV $V SULQFLSDLV PDUFDV RIHUHFHP GL YHUVRV PRGHORV FRP VLVWHPD GH DPRUWHFLPHQWR TXH DWHQXDP R LPSDFWR GR S© QR VROR 'HYH WHU HP FRQVLGHUD¨¦R R WLSR GD VXD SLVDGD ([LVWHP RS¨¶HV GH W©QLV SDUD TXHP SLVD SDUD GHQWUR S©V SURQDGRUHV SDUD TXHP SLVD SDUD IRUD S©V VXSLQDGRUHV H SDUD TXHP WHP XPD SLVDGD UHJXODU 1¦R HVWUHLH R FDO¨DGR HP JUDQGHV FDPLQKDGDV GHYHU¢ FRPH¨DU SRU SHTXHQDV GHVORFD¨¶HV HP FDVD RX

QD VXD UXD LVVR LU¢ kDPDFLDUy R FDO¨DGR 3UHRFXSH VH FRP D DOLPHQWD ¨¦R H KLGUDWD¨¦R 1XQFD LQLFLH XPD FDPLQKDGD HP MHMXP 3DUD HYLWDU D TXHGD GH SUHVV¦R DUWHULDO Q¢XVHDV H IDGLJD DQWHV GH FDPL QKDU ID¨D XPD UHIHL¨¦R OHYH £ EDVH GH IUXWD RX VXPRV QDWXUDLV 0DQWHQKD D KLGUDWD¨¦R DGHTXDGD DQWHV GXUDQWH H GHSRLV GD $) -DPDLV VXEVWLWXD D ¢JXD SRU UH IULJHUDQWHV EHED ¢JXD IUHTXHQWH PHQWH SDUD HYLWDU R DSDUHFLPHQWR GD VHGH VH HVWD DSDUHFHU VLJQLoFD TXH M¢ HVW¢ GHVLGUDWDGR 1¦R PHQRVSUH]H D LPSRUW¤Q FLD GR DTXHFLPHQWR 7RGDV DV $) GHYHP WHU XP DTXHFLPHQWR H D FDPLQKDGD Q¦R © H[FHS¨¦R ,QLFLH D FDPLQKDGD FRP XPD SDVVDGD FXUWD H Y¢ DXPHQWDQGR SDUD TXH RFRUUD XP LQFUHPHQWR JUDGXDO GD IUHTX«QFLD FDUG­DFD 8P DTXHFL PHQWR DGHTXDGR SUHSDUD WRGDV DV HVWUXWXUDV FRUSRUDLV SDUD D SDUWH IXQGDPHQWDO GD VHVV¦R 2V SULQFL SDLV REMHFWLYRV GHVWD IDVH V¦R L $XPHQWR GD IUHTX«QFLD UHVSLUD W²ULD LL $XPHQWR GD )UHTX«QFLD &DUG­DFD LLL $XPHQWR GD 7HP SHUDWXUD &RUSRUDO 5HVSLUH FRUUHFWDPHQWH 2 LGHDO © LQVSLUDU SHOR QDUL] XPD YH] TXH HVWH WHP PHFDQLVPRV SDUD oOWUDU R DU H SHUPLWH XPD YHQWLOD¨¦R PDLV HoFLHQWH H VHJXUD 3DUD D H[SLUD¨¦R © SUHIHU­YHO XWLOL]DU D ERFD TXH WRUQD R SURFHVVR PDLV U¢SLGR 4XDQGR R HVIRU¨R © JUDQGH D WHQG«QFLD © LQVSLUDU WDPE©P SHOD ERFD TXDQGR LVWR DFRQWHFH R LGHDO © GLPLQXLU R ULWPR H UHVSLUDU SURIXQGDPHQWH FRQWDQGR DW© SDUD YROWDU D LQVSLUDU SHOR QDUL] H H[SLUDU SHOD ERFD '« D GHYLGD LPSRUW¤QFLD DRV DORQJDPHQWRV 2V DORQJDPHQWRV V¦R PXLWR GHVSUH]DGRV $ SDUWH oQDO GD VXD VHVV¦R GHYHU¢ LQFOXLU R DORQJDPHQWR GRV JUXSRV PXV FXODUHV PDLV XWLOL]DGRV &RP R DORQJDPHQWR UHJXODU GR P·VFXOR FRQVHJXH VH PDQWHU RV Q­YHLV GH pH[LELOLGDGH GLPLQXLU D WHQV¦R PXVFXODU H H[HFXWDU PRYLPHQWRV GH XP PRGR PDLV I¢FLO 3UHRFXSH VH FRP D VXD VD·GH LQ YLVWD QXPD YLGD VDXG¢YHO $UWLJR UHGLJLGR SHOR 6HFWRU GH 'HVSRUWR VH JXQGR VXJHVW¦R GR FROHJD /X­V )LOLSH 0DUWLQV %UDQFR


(VSD¨R £ 3DODYUD 9HUGH H 5XEUR 3RHPDV 9HUGH H 5XEUR 3RHPDV 2 9HUGH GDTXHODV IROKDV $V ¢UYRUHV GDTXHOH MDUGLP 6¦R FRPR D FRU GDV SDSRLODV 7¦R UXEUDV FRPR R FDUPLP $QGD R YHUGH QR PDU DOWR $QGD QRV ROKRV GH DOJX©P 1RV DOJXUHV GR SODQDOWR ( WDPE©P QDV WHUUDV GH DO©P 1D QRVVD EDQGHLUD DOWLYD $ RQGH D YLVWD VH DIXJHQWD 1XPD FRU VHUHQD H YLYD 7DPE©P R YHUGH VH RVWHQWD ( R YHUPHOKR W¦R EULOKDQWH &RPR IDYRV HP FROPHLDV ( HVWH YLYH SDOSLWDQWH 4XH VDL FRUUHQGR GDV QRVVDV YHLDV $XWRU -XYHQLDQR 3HUHLUD


%DQFR /RFDO GH 9ROXQWDULDGR GR &RQFHOKR GH 9LDQD GR $OHQWHMR 9ROXQWDULDGR

$F¨¦R GH LQIRUPD¨¦R H VHQVLELOL]D¨¦R VREUH 9ROXQWDULDGR 5HDOL]RX VH QR 6DO¦R 1REUH GD -XQWD GH )UHJXHVLD GH 9LDQD GR $OHQWHMR QR SDVVDGR GLD GH 'H]HPEUR XPD DF¨¦R GH LQIRU PD¨¦R VHQVLELOL]D¨¦R VREUH 9R OXQWDULDGR (VWD LQLFLDWLYD WHYH D FRODERUD¨¦R GD 'U D 0DULD (OLVD %RUJHV FRRUGHQDGRUD W©FQLFD H PHPEUR GR &RQVHOKR 1DFLRQDO SDUD D 3URPR¨¦R GR 9ROXQWDUL DGR (VWD LQLFLDWLYD TXH GHFRUUHX HP SOHQR $QR (XURSHX GR 9ROXQWDUL DGR FRQWRX FRP D FRODERUD¨¦R GDV $VVRFLD¨¶HV 7HUUDV 'HQWUR H 7HUUD 0¦H UHJLVWRX D SDUWLFLSD ¨¦R GH PDLV GH TXDUHQWD SHVVRDV GHL[DQGR ERDV SHUVSHFWLYDV HP UHOD¨¦R DR HQYROYLPHQWR GRV QRV VRV PXQ­FLSHV QR %DQFR /RFDO GH 9ROXQWDULDGR %/9 1R LQ­FLR GH YROWDUHPRV D SURPRYHU RXWUDV DF¨¶HV HQ TXDGUDGDV QD GLQDPL]D¨¦R GR %/9

,QVFUL¨¶HV H LQIRUPD¨¶HV VREUH R %/9 &¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR 5XD %ULWR &DPDFKR 9LDQD GR $OHQWHMR 7HO _ )D[ ( PDLO YROXQWDULDGR#FP YLDQDGRDOHQWHMR SW ZZZ FP YLDQDGRDOHQWHMR SW

2 TXH © 2V %DQFRV /RFDLV GH 9ROXQWDULDGR LQVWLWXHP VH FRPR XP HVSD¨R GH HQ FRQWUR HQWUH SHVVRDV TXH H[SUHVVDP D VXD GLVSRQLELOLGDGH H YRQWDGH SDUD VHUHP YROXQW¢ULDV H HQWLGDGHV TXH SUHWHQGHP LQWHJUDU YROXQW¢ULRV GHVL JQDGDV RUJDQL]D¨¶HV SURPRWRUDV GH 9ROXQWDULDGR 2EMHFWLYRV ,QFHQWLYDU H IRPHQWDU D SU¢WLFD GR 9ROXQWDULDGR D IDYRU GD FRPXQLGDGH 3URPRYHU R HQFRQWUR HQWUH D RIHUWD H D SURFXUD GH 9ROXQWDULDGR )RUPDU 9ROXQW¢ULRV H DJHQWHV LQVWLWXFLRQDLV QR ¤PELWR GD SU¢WLFD GR 9R OXQWDULDGR 'LYXOJDU SURMHFWRV H RSRUWXQLGDGHV GH 9ROXQWDULDGR &RPR IXQFLRQD $ &¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR © D HQWLGDGH HQTXDGUDGRUD GR %DQFR /RFDO GH 9ROXQWDULDGR TXH YLVD LQFHQWLYDU H SURPRYHU R WUDEDOKR YROXQW¢ULR QR &RQFHOKR (VWD LQLFLDWLYD YDL LQWHJUDU RV FLGDG¦RV TXH TXHL UDP SUHVWDU VHUYL¨R YROXQW¢ULR QDV GLYHUVDV LQVWLWXL¨¶HV RX HQWLGDGHV GR &RQFHOKR ÙUHDV GH LQWHUYHQ¨¦R 6¦R PXLWR GLYHUVLoFDGDV DV ¢UHDV GH DFWLYLGDGH RQGH © SRVV­YHO H[HUFHU RX DSUHVHQWDU SURMHFWRV GH 9ROXQWDULDGR H GLVSRQLELOL]DP RSRUWXQLGDGHV GH HQTXDGUDPHQWR QRV GRP­QLRV GR LQWHUHVVH VRFLDO H FRPXQLW¢ULR WDLV FRPR $F¨¦R 6RFLDO $F¨¦R &­YLFD $PELHQWH &XOWXUD 'HVSRUWR (GXFD¨¦R 3DWULP²QLR 6D·GH{ 4XHP SRGH VHU YROXQW¢ULR 7RGDV DV SHVVRDV TXH SUHWHQGDP SDUWLFLSDU YROXQWDULDPHQWH HP SURMHFWRV GH LQWHUHVVH VRFLDO H FRPXQLW¢ULR 9ROXQW¢ULR © D SHVVRD TXH GH IRUPD OLYUH GHVLQWHUHVVDGD H UHVSRQV¢YHO VH FRPSURPHWH GH DFRUGR FRP DV DS WLG¶HV SU²SULDV H QR VHX WHPSR OLYUH D UHDOL]DU DF¨¶HV GH 9ROXQWDULDGR QR ¤PELWR GH XPD RUJDQL]D¨¦R SURPRWRUD 4XDLV SRGHP VHU DV RUJDQL]D¨¶HV SURPRWRUDV GH 9ROXQWDULDGR (QWLGDGHV S·EOLFDV RX SULYDGDV FRP RX VHP oQV OXFUDWLYRV TXH SURPRYHP RX SUHWHQGDP SURPRYHU SURMHFWRV H SURJUDPDV GH YROXQWDULDGR QR &RQ FHOKR 3RGHP LQVFUHYHU VH DR HQTXDGUDPHQWR GH YROXQW¢ULRV HQWLGDGHV H LQVWL WXL¨¶HV GR &RQFHOKR GH 9LDQD GR $OHQWHMR WDLV FRPR $VVRFLD¨¶HV (VFRODV 0LVHULF²UGLDV ,366 V -XQWDV GH )UHJXHVLD 6HUYL¨RV GH 6D·GH HWF (QTXDGUDPHQWR OHJDO /HL Q R GH GH 1RYHPEUR (VWDEHOHFH DV EDVHV GR HQTXDGUDPHQWR MXU­GLFR GR 9ROXQWDULDGR 'HFUHWR /HL Q R GH GH 6HWHPEUR 5HJXODPHQWD D /HL Q R GH GH 1RYHPEUR FULDQGR DV FRQGL¨¶HV TXH SHUPLWDP SURPRYHU H DSRLDU R 9ROXQWDULDGR


9ROXQWDULDGR © VLQ²QLPR GH GLVSRQLELOLGDGH 0DULD (OLVD %RUJHV © GHVGH K¢ VHWH DQRV FRRUGHQDGRUD W©FQLFD H PHPEUR GR &RQVHOKR 1DFLRQDO SDUD D 3URPR¨¦R GR 9ROXQWDUL DGR HQWLGDGH D TXHP FRPSHWH GHVHQYROYHU DV DF¨¶HV LQGLVSHQ V¢YHLV £ SURPR¨¦R FRRUGHQD¨¦R H TXDOLoFD¨¦R GR 9ROXQWDULDGR 2 %ROHWLP 0XQLFLSDO IDORX FRP HOD QXPD DOWXUD HP TXH R 0X QLF­SLR FULRX R %DQFR /RFDO GH 9ROXQWDULDGR GR &RQFHOKR GH 9L DQD GR $OHQWHMR %ROHWLP 0XQLFLSDO q $ 'U D 0DULD (OLVD %RUJHV WUDEDOKD K¢ Y¢ULRV DQRV OLJDGD DR 9ROXQWDULDGR &RPR GHoQH R FRQFHLWR GH 9R OXQWDULDGR" 0DULD (OLVD %RUJHV q 9ROXQWDUL DGR © XPD DFWLYLGDGH SHVVRDO TXH FDGD XP GHVHQYROYH QR VHX WHPSR OLYUH HP SURO GRV RXWURV 1XQFD © HP SURYHLWR SU²SULR ( R 9ROXQWDULDGR © GHVHQYROYLGR QR ¤PELWR GH XPD RUJDQL]D¨¦R % 0 q 2 TXH © SUHFLVR SDUD VHU YROXQW¢ULR" 0 ( % q 3DUD VHU YROXQW¢ULR © SUHFLVR WHU YRQWDGH H GLVSRQLELOL GDGH TXH © PDLV TXH WHU WHPSR OLYUH H FRPH¨DU D DFWLYLGDGH QHFHVV¢ULR DGTXLULU FRPSHW«QFLDV H IRUPD¨¦R H LQWHJUDU VH QXP SURMHFWR DFLPD GH WXGR FRP R VHQWLGR GD UHVSRQVDELOLGDGH GR FXPSULPHQWR GR FRPSURPLVVR 6H HX PH FRPSURPHWR D ID]HU 9ROXQWDULDGR © SDUD FXPSULU ID¨D VRO RX ID¨D FKXYD % 0 q 1XPD ©SRFD GH FULVH HFRQ²PLFD H VRFLDO FRPR DTXHOD TXH YLYHPRV DFWXDOPHQWH FRQ VLGHUD TXH DV DF¨¶HV GH 9ROXQ WDULDGR V¦R FDGD YH] PDLV UH OHYDQWHV" 0 ( % q 4XDQGR GHoQL 9ROXQWDUL DGR HVW¢ VXEMDFHQWH TXH © XPD DFWLYLGDGH GHVHQYROYLGD OLYUH PHQWH HP SURO GR RXWUR FRP XPD FDUDFWHU­VWLFD q © XPD DFWLYL GDGH TXH HX DVVXPR VRE XP FRP SURPLVVR H UHVSRQVDYHOPHQWH 6H

LVWR © D FDUDFWHU­VWLFD GR 9ROXQ WDULDGR HP WHPSRV GH FULVH H GH GLoFXOGDGH WHP DLQGD XPD PDLRU LPSRUW¤QFLD SRUTXH K¢ FDGD YH] PDLV XP Q·PHUR HOHYDGR GH SHV VRDV TXH SUHFLVDP GH Q²V Q¦R V² QR DVSHFWR HFRQ²PLFR H D­ M¢ Q¦R WHP D YHU FRP 9ROXQWDULDGR PDV VLP FRP VROLGDULHGDGH PDV WDPE©P SRUTXH K¢ GLoFXOGDGHV DFUHVFLGDV SDUD DV IDP­OLDV H R 9ROXQWDULDGR © LPSRUWDQWH % 0 q 'LVVH DQWHULRUPHQWH TXH K¢ FDGD YH] PDLV SHVVRDV D SUH FLVDU GR 9ROXQWDULDGR 7DPE©P K¢ FDGD YH] PDLV SHVVRDV D GHGL FDUHP VH DR 9ROXQWDULDGR" 0 ( % q (X Q¦R VHL VH K¢ FDGD YH] PDLV SHVVRDV 3HQVR TXH © GDGD PDLRU YLVLELOLGDGH D LVVR QDWXUDO TXH KDMD PDLV JHQWH PDV DFLPD GH WXGR DFKR TXH H[LVWH XPD PDLRU YLVLELOLGDGH QR 9ROXQ WDULDGR % 0 q 6DEHQGR TXH DOJXPDV HQ WLGDGHV M¢ GHVHQYROYHP DF¨¶HV GH 9ROXQWDULDGR QR &RQFHOKR GH 9LDQD GR $OHQWHMR TXDO © QD VXD RSLQL¦R D LPSRUW¤QFLD GH LQLFLD WLYDV GH 9ROXQWDULDGR SDUD R GH VHQYROYLPHQWR GDV RUJDQL]D¨¶HV ORFDLV" 0 ( % q 2V YROXQW¢ULRV TXH LQ WHJUDP DV RUJDQL]D¨¶HV SRGHP H GHYHP FRPSOHPHQWDU D DFWLYL GDGH TXH RV SURoVVLRQDLV GHVHQ YROYHP GDQGR OKH XPD UHOD¨¦R GLIHUHQWH SRUTXH DV LQVWLWXL¨¶HV H DV SHVVRDV SRGHP WHU ²SWLPRV SURJUDPDV PDV R TXH RV YROXQ W¢ULRV ID]HP © FRPSOHPHQWDU D DFWLYLGDGH GRV SURoVVLRQDLV SR GHP GDU XPD DWHQ¨¦R PDLRU D FDGD XP R TXH RV SURoVVLRQDLV FRP UD]¶HV TXH W«P D YHU FRP D VXD DFWLYLGDGH H FRP R SRXFR WHPSR TXH GLVS¶HP Q¦R SRGHP ID]HU VHPSUH XPD PDLV YDOLD SDUD DV SHVVRDV H SDUD DV RUJD QL]D¨¶HV % 0 q $V &¤PDUDV 0XQLFLSDLV V¦R DJHQWHV LPSRUWDQWHV QD SUR PR¨¦R GR 9ROXQWDULDGR" 0 ( % q $V &¤PDUDV 0XQLFLSDLV V¦R HVWUXWXUDV HOHLWDV SRU VX IU¢JLR GLUHFWR H QHVWH FDVR FRQ FUHWR GH 9LDQD GR $OHQWHMR R TXH HOD YDL ID]HU © HQTXDGUDU XP %DQFR /RFDO GH 9ROXQWDULDGR D

HQWLGDGH TXH YDL JDUDQWLU R IXQ FLRQDPHQWR GR %DQFR /RFDO GH 9ROXQWDULDGR QR &RQFHOKR 3RGH VHU VLPXOWDQHDPHQWH SURPRWRUD GH DOJXQV SURMHFWRV PDV SDUD M¢ YDL DVVXPLU D UHVSRQVDELOLGDGH GH HQWLGDGH HQTXDGUDGRUD GR %DQFR /RFDO GH 9ROXQWDULDGR % 0 q ([LVWHP FHUWDPHQWH H[HP SORV GH ERDV SU¢WLFDV QRXWURV FRQ FHOKRV GR 3D­V 0 ( % q &RQKH¨R Y¢ULRV H[HPSORV GH ERDV SU¢WLFDV GH 9ROXQWDULDGR QR QRVVR 3D­V JUD¨DV D 'HXV % 0 q 6HQGR R DQR (XURSHX GR 9ROXQWDULDGR H WHQGR HP FRQ WD D LPSOHPHQWD¨¦R GR %DQFR /RFDO GH 9ROXQWDULDGR QR &RQ FHOKR GH 9LDQD GR $OHQWHMR TXH PHQVDJHP JRVWDULD GH GHL[DU DRV QRVVRV PXQ­FLSHV 0 ( % q 0DLV TXH DRV PXQ­FLSHV JRVWDULD GH GHL[DU £V SHVVRDV TXH UHVLGHP H W«P D VXD YLGD HP 9L DQD GR $OHQWHMR XP DSHOR SDUD TXH ID¨DP SHOD VXD FRPXQLGDGH WXGR R TXH SXGHUHP


&XOWXUD

k9LDQD HP )HVWDy SDUD WRGRV 0DLV XPD YH] 6HWHPEUR YROWRX D VHU P«V GH IHVWD QR QRVVR &RQ FHOKR ( FRPH¨RX ORJR GLD FRP R LQ­FLR GD k9LDQD HP )HVWDy 'XUDQWH GLDV D SRSXOD¨¦R SDU WLFLSRX HP PDVVD QXP FRQMXQWR GH DFWLYLGDGHV GHVSRUWLYDV FXO WXUDLV H GH OD]HU TXH DEUDQJHX Y¢ULRV S·EOLFRV ( HVVD © XPD GDV SUHRFXSD¨¶HV GR 0XQLF­SLR FRPR UHIHUH %HUQDUGLQR %HQ

6DEHU GRV 6RQV LQLFLD VHJXQGD WHPSRUDGD ,QLFLRX D GH 2XWXEUR D VHJXQGD WHPSRUDGD GR SURMHFWR 6DEHU GRV 6RQV SURPRYLGR SHOR 0XQLF­SLR GH 9LDQD GR $OHQWHMR HP FRODER UD¨¦R FRP R 0DHVWUR &KULVWRSKHU %RFKPDQQ $W© GH -XQKR GH GHFRUUH D LQLFLDWLYD k0·VLFD SDUD WRGRVy £V VH[WDV IHLUDV D SDUWLU GDV KRUDV QR &LQH WHDWUR 9LDQHQVH 1D YHUWHQWH &RQFHUWRV &O¢VVLFRV R &LQH WHDWUR 9LDQHQVH IRL SDOFR GH XP 5HFLWDO GH $FRUGH¦R FRP R VROLVWD *RQ¨DOR 3HVFDGD QR

JDOLQKD 3LQWR k3URFXUDPRV FULDU LQLFLDWLYDV TXH Y¦R GH HQFRQWUR DRV LQWHUHVVHV GRV PXQ­FLSHV H LQFOXLU RXWUDV GH DVVRFLD¨¶HV RX LQVWLWXL¨¶HV TXH TXHLUDP MXQWDU VH D Q²Vy H[SOLFD R FDVR GD FDPLQKDGD QRFWXUQD RUJDQL]DGD SHOR &HQWUR GH 6D·GH ORFDO H GR 3DVVHLR GH &LFORWXULV PR SURPRYLGR SHOD &DVD GR %HQ oFD HP 9LDQD GR $OHQWHMR 0DV KRXYH PDLV D H[SRVL¨¦R k$ $UWH GH -RV© 0DQXHO ÙJXD 0RUQDy R HVSHFW¢FXOR PXVLFDO k,E©ULFD 3HGUR )ULDVy H D DFWXD¨¦R GR *UX SR GH 0·VLFD 7UDGLFLRQDO GR &RUR

SDVVDGR GLD GH 1RYHPEUR 'X UDQWH XPD KRUD R SURJUDPD SHU FRUUHX Y¢ULRV FDPLQKRV GHVGH D WUDQVFUL¨¦R GD IDPRVD &KDFRQQH HP 5© PHQRU GH -RKDQQ 6HEDV WLDQ %DFK DW© £ P·VLFD RULJLQDO FRQWHPSRU¤QHD GRV FRPSRVL WRUHV (GLVRQ 'HQLVRY H )UDQFR 'RQDWRQL 1R SDVVDGR GLD GH 'H]HPEUR R (QVHPEOH 9RFDO 0DQXHO 0HQGHV YROWRX DR &LQH WHDWUR SDUD PDLV XP UHFLWDO 5HFRUGH VH TXH R JUX SR WHP FRPR SULQFLSDLV OLQKDV RULHQWDGRUDV R DSURIXQGDPHQWR H SU¢WLFD DOLDGD D XPD FRPSR QHQWH SHGDJ²JLFD GH P·VLFD SU© EDUURFD FRP DOJXPDV LQpH[¶HV SRU RXWUDV ©SRFDV 2 UHSHUW²ULR FHQWURX VH PDLRULWDULDPHQWH HP FDQ¨¶HV GH 1DWDO

GH 3URI GH &RLPEUD GR *UXSR GH 0·VLFD 7UDGLFLRQDO $UFR GD 9HOKD H GR *UXSR &RUDO H ,QVWUXPHQWDO k&DPSRV GR $OHQWHMRy 6HJXLX VH D DSUHVHQWD¨¦R GR OLYUR k$ (VFROD GD 9LGDy GH /XUGHV 3UDWDV 1LFR DV /HLWXUDV £ /DUHLUD H D SH¨D GH WHDWUR k5XD GH 'HQWURy $ LQLFLDWLYD k9LDQD HP )HVWDy HQFHUURX FRP XP HVSHFW¢FXOR GH )DGR 3HUDQWH XPD VDOD FKHLD RV HVSHFWDGRUHV WLYHUDP D RSRUWXQL GDGH GH RXYLU WHPDV EHP FRQKH FLGRV QDV YR]HV GH -R¦R )LFDOKR -RV© *HDGDV 3DXOD )LFDOKR H 3DWU­ FLD /HDO


)HLUD ' $LUHV © ORFDO GH FRQY­YLR H GH IHVWD 7HUPLQRX FRP «[LWR GLD GH 6HWHPEUR PDLV XPD HGL¨¦R GD )HLUD ' $LUHV HP 9LDQD GR $OHQWHMR &HUFD GH HPSUHVDV H LQVWLWXL¨¶HV HVSDOKDGDV SRU FHUFD GH P SURPRYHUDP RV VHXV SURGXWRV H VHUYL¨RV GX UDQWH TXDWUR GLDV QXP FHUWDPH TXH FHOHEURX DQRV 3URPRYLGD SHOR 0XQLF­SLR GH 9L DQD GR $OHQWHMR FRP D FRODERUD ¨¦R GD -XQWD GH )UHJXHVLD ORFDO D IHLUD SUHWHQGH SURPRYHU DFLPD GH WXGR DV HPSUHVDV GD UHJL¦R HP SDUWLFXODU DV GR FRQFHOKR LQFHQWLYDQGR R VHX GHVHQYROYL PHQWR H SRVVLELOLWDQGR QRYRV FRQWDFWRV 1D LQDXJXUD¨¦R RoFLDO GD IHLUD GLD HVWLYHUDP SUHVHQWHV HQ WLGDGHV GD UHJL¦R EHP FRPR PXLWRV YLVLWDQWHV 1R GLVFXUVR GH DEHUWXUD R 3UHVLGHQWH GR 0X QLF­SLR %HUQDUGLQR %HQJDOLQKD 3LQWR FRPH¨RX SRU HQXPHUDU RV REMHFWLYRV GD IHLUD VDOLHQWDQGR DLQGD D LQWURGX¨¦R GD VH[WD IHLUD FRPR SULPHLUR GLD GR FHUWDPH kXP SHGLGR GRV H[SRVLWRUHV QR DQR DQWHULRUy 2 SUHVLGHQWH GD (QWLGDGH 5HJLRQDO GH 7XULVPR GR $OHQWHMR &HLD GD 6LOYD HQDOWHFHX D SDUFHULD HQWUH &¤PDUD H -XQWD UHDoUPDQGR TXH k© HVWH R FDPL QKR D VHJXLUy &HLD GD 6LOYD DSURYHLWRX D RFDVL¦R SDUD UHYHODU TXH R $OHQWHMR UHFH EHX SHOR R DQR FRQVHFXWLYR R SU©PLR SDUD D PHOKRU UHJL¦R GH WXULVPR DWULEX­GR QD *DOD GD 3X EOLWXULV 3RUWXJDO 7UDYHO $ZDUGV

2 UHVSRQV¢YHO SHOD (QWLGDGH 5H JLRQDO GH 7XULVPR DQXQFLRX D LQGD TXH HVW¢ D VHU GHVHQYROYLGD XPD SDUFHULD FRP R 0XQLF­SLR GH 9LDQD GR $OHQWHMR FRP YLVWD £ VDOYDJXDUGD GD DUWH FKRFDOKHLUD 7DO GL] &HLD GD 6LOYD kPRVWUD D SUHRFXSD¨¦R GH WRUQDU 9LDQD GR $OHQWHMR XP FRQFHOKR GH GHVWLQR H GH R TXDOLoFDUy (P WHUPRV FXOWXUDLV D D QRLWH IRL GHGLFDGD £ GDQ¨D FRP D SUHVHQ¨D GH JUXSRV GR &RQFHOKR H DLQGD £V WXQDV TXH DQLPDUDP RV SUH VHQWHV QRLWH GHQWUR 3HOD WHQGD GD JDVWURQRPLD SDVVDUDP DLQGD R FDQWH GD WHUUD H FDQWH YL]LQKR EHP FRPR R ,, )HVWLYDO GH )RO FORUH )HLUD ' $LUHV 1D WDUGH GH GRPLQJR DR VRP GD FRQFHUWLQD ERPERV IHUULQKRV H FDYDTXLQKR RV Y¢ULRV JUXSRV FDQWDUDP H GDQ ¨DUDP D FKXOD R YLUD H DV VDLDV $ %DQGD 2XWU +RUD &DUPLQ WDP E©P SRU O¢ SDVVRX 2V FDEH¨DV GH FDUWD] GD )HLUD ' $LUHV IRUDP k4XHP © R %RE"y TXH DR VRP GR UHJJDH GH %RE 0DUOH\ DTXHFHUDP D QRLWH GH V¢EDGR -RV© &LG IRL R VHQKRU

TXH VH VHJXLX QD VHJXQGD IHLUD QR HVSHFW¢FXOR GH HQFHUUDPHQWR &DQWRU DXWRU H FRPSRVLWRU -RV© &LG MXQWRX QR PHVPR HVSD¨R Y¢ULDV JHUD¨¶HV TXH GXUDQWH PDLV GH GXDV KRUDV FDQWDUDP H GDQ ¨DUDP DR VRP GH Y¢ULRV «[LWRV GR FDQWRU 6HJXLUDP VH DLQGD k7UHV 6DQJUHVy XP JUXSR GH UXPEDV H pDPHQFR TXH DQLPRX D IHVWD DW© DOWDV KRUDV 'HVWDTXH DLQGD SDUD R 7RUQHLR GH )XWVDO )HLUD ' $LUHV RUJDQL]D GR SHOR 6SRUWLQJ &OXEH GH 9LDQD GR $OHQWHMR H D &RUULGD GH 7RX URV SURPRYLGD SHOD $VVRFLD¨¦R (TXHVWUH GH 9LDQD GR $OHQWHMR 6HP HVTXHFHU WDPE©P D FRPSR QHQWH UHOLJLRVD TXH HVW¢ QD RUL JHP GD )HLUD 2 SRQWR DOWR GDV FHOHEUD¨¶HV UHOLJLRVDV WHYH OXJDU QR GRPLQJR FRP D SURFLVV¦R HP WRUQR GR 6DQWX¢ULR 1R oQDO GR FHUWDPH R EDODQ¨R © PXLWR SRVLWLYR k0DLV XPD YH] VH FRQoUPRX TXH D IHLUD © XP HV SD¨R ­PSDU GH FRQY­YLR H IHVWD H XPD PRQWUD GR QRVVR &RQFHOKRy GL] R SUHVLGHQWH GR 0XQLF­SLR %HUQDUGLQR %HQJDOLQKD 3LQWR


0RVWUD GH 'R¨DULD GHX D SURYDU GRFHV LJXDULDV 7HUPLQRX FRP «[LWR QR SDVVDGR GLD GH 'H]HPEUR HP $OF¢¨R YDV D ;,, 0RVWUD GH 'R¨DULD RU JDQL]DGD SHOR 0XQLF­SLR GH 9L DQD GR $OHQWHMR H SHOD -XQWD GH )UHJXHVLD GH $OF¢¨RYDV 7ULQWD H WU«V GRFHLUDV H GR FHLURV GH Y¢ULRV SRQWRV GR 3D­V DGR¨DUDP D ERFD DRV PXLWRV YLVL WDQWHV TXH GXUDQWH RV WU«V GLDV SDVVDUDP SHOR FHUWDPH 3HOD SULPHLUD YH] D 0RVWUD GH 'R¨D ULD FRQWRX FRP D SUHVHQ¨D GH XP SDUWLFLSDQWH GD *DOL]D (VSDQKD $ SDUWLFLSD¨¦R GRV 0RQJHV GR 0RVWHLUR GH 2VHLUD FRP OLFRUHV £ EDVH GH HXFDOLSWR VXUJLX D FRQ YLWH GD &¤PDUD DTXDQGR GD YLVLWD £ )HLUD GH 'RFHV H /LFRUHV GH $O FRED¨D 8PD SUHVHQ¨D FRQVLGHUD GD kEDVWDQWH VDWLVIDW²ULDy SHOR IUHL -XDQ -DYLHU 0DUWLQ $EDGH GH 2VHLUD k0DLV GR TXH D YHQGD GRV QRVVRV SURGXWRV RV FRQWDFWRV LQVWLWXFLRQDLV V¦R PXLWR LPSRU WDQWHV SDUD R IXWXURy JDUDQWH $SHVDU GD VLWXD¨¦R TXH R 3D­V DWUDYHVVD D PDLRULD GRV SDUWLFL SDQWHV GL] Q¦R WHU VHQWLGR D FULVH WHQGR R QHJ²FLR FRUULGR EHP (P GHVWDTXH QHVWD HGL¨¦R WHYH D HPSUHVD 0DULD 9LW²ULD )LOKRV D PDLRU GR FRQFHOKR DR Q­YHO GD SURGX¨¦R H FRPHUFLDOL]D¨¦R GH SURGXWRV GH GR¨DULD H TXH QD 0RVWUD IH] D DSUHVHQWD¨¦R GD VXD QRYD LPDJHP FRUSRUDWLYD

8PD GDV QRYLGDGHV HVWH DQR H TXH YHLR D UHYHODU VH XP «[LWR IRL R /DERUDW²ULR GR 'RFH SDUD FUL DQ¨DV 7U«V GRFHLUDV GR &RQFHOKR FRP D DMXGD GH YHUGDGHLURV kPLQL FKHIVy FRQIHFFLRQDUDP DXW«QWLFDV GHO­FLDV q %ROR &RQGH GH $OF¢¨R YDV 6DUGLQKDV $OEDUGDGDV H ERORV VHFRV 1XPD FR]LQKD kDSLQKDGDy FRORFDUDP D P¦R QD PDVVD H SXVHUDP D VXD LPDJLQD¨¦R H FUL DWLYLGDGH £ SURYD QD GHFRUD¨¦R GRV ERORV 2XWURV GRV GHVWDTXHV IRL D SUH VHQ¨D GR &KHI /X­V %DHQD TXH HIHFWXRX QD WDUGH GH GRPLQJR SHUDQWH XPD SODWHLD DWHQWD XPD GHPRQVWUD¨¦R GH VREUHPHVDV JRXUPHW FRP GR¨DULD FRQYHQ WXDO )RL D SULPHLUD YH] TXH /X­V %DHQD YLVLWRX D 0RVWUD GH 'R¨D ULD QR HQWDQWR oFRX PXLWR DJUD GDGR FRP kFRLVDV PXLWR ERDVy TXH HQFRQWURX H GHX RV SDUDE©QV £ &¤PDUD SHOD RUJDQL]D¨¦R GR FHUWDPH 0DV QHP V² GH QRYDV WH[WXUDV H SDODGDUHV VH IH] D 0RVWUD GH 'R¨DULD $ SDU GR HVSD¨R GHGL FDGR DRV PDLV QRYRV GLQDPL]DGR SHOD 2oFLQD GD &ULDQ¨D KRXYH

PXLWD P·VLFD GDQ¨D H XPD PRVWUD IRWRJU¢oFD VREUH R FHU WDPH 1D KRUD GH ID]HU R EDODQ¨R GD LQLFLDWLYD R 3UHVLGHQWH GR 0X QLF­SLR GH 9LDQD GR $OHQWHMR %HU QDUGLQR %HQJDOLQKD 3LQWR Q¦R SRGLD HVWDU PDLV VDWLVIHLWR k$SH VDU GD FULVH DV SHVVRDV GHVOR FDUDP VH D $OF¢¨RYDV YLVLWDUDP D PRVWUD H GHVIUXWDUDP GR SUR JUDPD TXH R 0XQLF­SLR H D -XQWD GH )UHJXHVLD SUHSDUDUDPy GL] R DXWDUFD %HQJDOLQKD 3LQWR GHVWD FD DLQGD FRPR SRVLWLYR R /DER UDW²ULR GR 'RFH k XPD IRUPD GH VHQVLELOL]DU RV PDLV QRYRV SDUD D QRVVD GR¨DULD H SDWULP²QLR JDV WURQ²PLFR SURPRYHQGR R FRQ WDFWR FRP DV QRVVDV GRFHLUDVy H[SOLFD k3DUD DO©P GD FRQIHF¨¦R DV FULDQ¨DV DFDEDUDP SRU SURYDU H OHYDU SDUD FDVDy UHPDWD -¢ D SUHVLGHQWH GD -XQWD GH )UHJXHVLD GH $OF¢¨RYDV SUHIHULX GHVWDFDU R FDU¢FWHU LQWHUQDFLRQDO GD 0RVWUD GH 'R¨DULD TXH QD VXD D HGL¨¦R kDEULX DV SRUWDV £ SUHVHQ¨D GRV QRVVRV YL]LQKRV HVSDQK²LVy FRP D SUHVHQ¨D GRV 0RQJHV GR 0RV WHLUR GH 2VHLUD


%LEOLRWHFDV GR &RQFHOKR

6XJHVW¶HV GH /HLWXUD

6HUYL¨RV GLVSRQ­YHLV &DW¢ORJR RQOLQH KWWS ELEOLRWHFD FP YLDQGRDOHQWHMR SW /HLWXUD ORFDO (PSU©VWLPR GH OLYURV MRUQDLV UHYLVWDV '9' H 9+6 )RWRF²SLDV 9LDQD

,PSUHVV¶HV 'LJLWDOL]D¨¶HV $FHVVR £ LQWHUQHW $SRLR DRV XWLOL]DGRUHV QD UHDOL]D¨¦R GDV VXDV WDUHIDV 3DUD DFHGHU DR VHUYL¨R GH HPSU©VWLPR GRPLFLOL¢ULR LQVFUHYD VH QD %LEOLRWHFD %LOKHWH GH ,GHQWLGDGH &LGDG¦R &RPSURYDWLYR GH PRUDGD WUDEDOKR QR &RQFHOKR )RWRJUDoD $XWRUL]D¨¦R GR HQFDUUHJDGR GH HGXFD¨¦R SDUD PHQRUHV GH DQRV ,QVFUHYHUDP VH GH]DVVHWH XWLOL]DGRUHV QDV %LEOLRWHFDV QRV PHVHV GH 6HWHPEUR 2XWXEUR H 1RYHPEUR &RQWDPRV FRQVLJR SDUD PHOKRUDU RV VHUYL¨RV

7LWXOR $ oOKD GD PLQKD PHOKRU DPLJD $XWRU 'RURWK\ .RRPVRQ

7LWXOR $ YHUGDGH GD PHQWLUD $XWRU *RQ¨DOR $PDUDO

7LWXOR 7HUUD GH 'UDJ¶HV $XWRU -DPHV $ 2ZHQ

87,/,=$'25(6

7LWXOR &DUWHLUR 3DXOR $XWRU -RKQ &XQOLIIH

7LWXOR $QWHV GR $PDQKHFHU $XWRU 6DUD 0DF'RQDOG

(035 67,026 '20,&,/,Ù5,26

/HLD R OLYUR{ YHMD R oOPH{

7LWXOR +DQQLEDO $XWRU 7KRPDV +DUULV

7LWXOR (QVDLR 6REUH &HJXHLUD $XWRU -RV© 6DUDPDJR 3DUD PDLV LQIRUPD¨¶HV FRQWDFWH %LEOLRWHFD GH 9LDQD GR $OHQWHMR 5XD &¤QGLGR GRV 5HLV 9LDQD GR $OHQWHMR 7HO %LEOLRWHFD GH $OF¢¨RYDV 7HO %LEOLRWHFD GH $JXLDU 7HO

KWWS ELEOLRWHFD FP YLDQGRDOHQWHMR SW (PDLO ELEOLRWHFDYLDQD#FP YLDQDGRDOHQWHMR SW +RU¢ULR 9LDQD GR $OHQWHMR K £V K K £V K $OF¢¨RYDV K £V K K £V K $JXLDU K £V K

-RUQDLV H UHYLVWDV TXH HVSHUDP SRU VL


+LVW²ULD

7UDEDOKRV GH HVFDYD¨¦R DUTXHRO²JLFD QR 0RQWH GD $QJHULQKD HP $EULO GH SURPRYLGRV SHOR ,QVWLWXWR $UTXHRO²JLFR $OHP¦R

1RWDV VREUH D RFXSD¨¦R 3U© +LVW²ULFD GR &RQFHOKR GH 9LDQD GR $OHQWHMR q ,, $ LQHYLWDELOLGDGH GD PRUWH VHP SUH DWRUPHQWRX R HVS­ULWR GR KRPHP 6HU¢ TXH D H[LVW«QFLD GR VHU KXPDQR VH SURORQJD PDWH ULDO RX LPDWHULDOPHQWH SDUD O¢ GR VHX ·OWLPR VXVSLUR" $ OHLWXUD GRV PDWHULDLV DUTXHRO²JLFRV SHUPLWH QRV VDEHU FRP JUDQGH JUDX GH FHUWH]D TXH HVWD TXHVW¦R M¢ VH FR ORFDYD DR KRPHP SULPLWLYR 'D­ DV SUHRFXSD¨¶HV TXH WLQKD FRP R GHVWLQR D GDU DRV VHXV UHVWRV PRU WDLV H DRV GRV VHXV HQWHV TXHULGRV 'D­ R WHUHP VXUJLGR RQWHP FRPR KRMH H SHUWR GD FLGDGH GRV YLYRV D FLGDGH GRV PRUWRV 1¦R © UDUR TXH GRV YHOKRV SRYRD GRV DSHQDV WHQKDP FKHJDGR DRV GLDV GH KRMH RV YHVW­JLRV GDV VXDV QHFU²SROHV GR JUHJR kQHFURy PRUWH kSROLVy FLGDGH ,VWR SRUTXH R KRPHP DQWLJR ID]LD XP JUDQGH LQYHVWLPHQWR QDV HVWUXWX UDV GHVWLQDGDV D SUHVHUYDU SDUD

DO©P GD PRUWH R VHX FRUSR H D VXD DOPD LQYHVWLPHQWR JHUDOPHQWH PDLRU GR TXH R TXH ID]LD QDV HV WUXWXUDV GH DSRLR £ SU²SULD YLGD &RPR DQWHULRUPHQWH YLPRV IRL D SDUWLU GR SHU­RGR GHVLJQDGR SRU 1HRO­WLFR TXH VXUJLUDP DV SULPHL UDV FRPXQLGDGHV VHGHQW¢ULDV LVWR © TXH R KRPHP SDVVRX D o[DU VH £ WHUUD DEDQGRQDQGR D YLGD Q²PDGD 'HVVDV DOGHLDV SULPL WLYDV FRQVWLWX­GDV SRU FDEDQHMRV FRQVWUX­GRV SRU PDWHULDLV PXLWR SHUHF­YHLV PDGHLUDV FROPRV SHOHV GH DQLPDLV SRXFR RX QDGD VREUHYLYHX DR SDVVDU GRV WHPSRV DR FRQWU¢ULR GR TXH VXFHGHX FRP RV ORFDLV GRV VHXV HQWHUUDPHQ WRV HVFUXSXORVDPHQWH HVFROKLGRV HP V­WLRV DIDVWDGRV GDV OLQKDV GH ¢JXD SRU YH]HV WUDEDOKRVDPHQWH HVFDYDGRV QDV URFKDV GXUDV H TXH SRU LVVR PHVPR ORJUDUDP FRQVHU YDU VH GXUDQWH PLO©QLRV 6H QD YLGD RV KRPHQV Q¦R HUDP WRGRV LJXDLV WDPE©P QD PRUWH DV GLIHUHQ¨DV VH ID]LDP QRWDU $OJXQV LQGLY­GXRV FRP UHFXUVRV SDUD WDO HQWHQGLDP PDUFDU SDUD VHP SUH HVVD GHVLJXDOGDGH PDQGDQGR ID]HU UREXVWRV PRQXPHQWRV HP SHGUD RQGH SXGHVVHP MD]HU FRP RV VHXV IDPLOLDUHV 6¦R DV DQWDV RX G²OPHQV PXLWR FRPXQV QR WHU ULW²ULR SRUWXJX«V TXH PDLV Q¦R V¦R TXH RV DQWHSDVVDGRV GRV DF WXDLV MD]LJRV 1D ¢UHD GR FRQFHOKR

GH 9LDQD SRVVX­PRV R EHO­VVLPR H[HPSODU GR =DPEXMHLUR HP $ JXLDU M¢ WUDWDGR QDV S¢JLQDV GHVWH %ROHWLP 0XQLFLSDO YLGH DUWLJR GH )ORULYDO %DLRD 0RQWHLUR QR Q·PHUR GH -XOKR GH 0DLV PRGHVWDV WHPRV DLQGD DV DQWDV GR &DYDOHWH HP 9LDQD RX D GR 9DOH GD 3DOKD HP $OF¢¨RYDV $ HVWDV FRQVWUX¨¶HV IXQHU¢ULDV IHL WDV FRP JUDQGHV SHGUDV VH XVD FKDPDU GH kPHJDO­WLFDVy WHUPR XPD YH] PDLV GHULYDGR GR JUHJR kPHJDy JUDQGH kOLWKRVy SH GUD $VVRFLDGRV DR DSRJHX GD FXOWXUD PHJDO­WLFD q TXH RFRUUHX K¢ FHUFD GH DQRV VXUJL UDP WDPE©P QR $OWR $OHQWHMR RV PHQLUHV kJUDQGHV EORFRV RX ODMHV VXPDULDPHQWH DIHL¨RDGRV LQWHQ FLRQDOPHQWH oQFDGRV QR VROR QD YHUWLFDO 3RGHP RFRUUHU LVRODGRV RX HP Q·FOHRV VREUHWXGR IRUPDQGR UHFLQWRV WDPE©P GHVLJQDGRV SRU FURPHOHTXHV y 7DPE©P HOHV HVW¦R PXLWR PDO HVWXGDGRV H LGHQWLo FDGRV QR QRVVR FRQFHOKR (P $O F¢¨RYDV H[LVWHP DOJXPDV SHGUDV GH IHL¨¦R IXVLIRUPH LVWR © HP IRUPD GH IXVR HVWUHLWDV H FRPSUL GDV TXH D &¤PDUD 0XQLFLSDO IRL DUUXPDQGR QXP WHUUHQR GR &K¦R GH 0RFKR 6HJXQGR LQIRUPD¨¦R GR 6U 2UODQGR %RWDV DOFD¨RYHQVH PXLWR LQWHUHVVDGR SHOD KLVW²ULD GD VXD WHUUD WHULDP DOJXPDV GHODV DSDUHFLGR DTXDQGR GRV WUDEDOKRV


GH WHUUDSODQDJHP GD YL]LQKD XU EDQL]D¨¦R GH &DEH¨RV GH 0DQXHO RXWUDV WHULDP YLQGR GR DQWLJR 5RVVLR GH 6 3HGUR ODUJR IURQ WHLUR £ HUPLGD KRP²QLPD RQGH IRL FRQVWUX­GD D (VFROD 3ULP¢ULD GR k3ODQR GRV &HQWHQ¢ULRVy KRMH RFXSDGD SRU VHUYL¨RV FDPDU¢ULRV $OJXQV GHVVHV FDOKDXV DSUHVHQ WDP VLQDLV GH HQWHUUDPHQWR SDU FLDO QD YHUWLFDO 1¦R © GH H[FOXLU D KLS²WHVH GR WRS²QLPR k&K¦R GR 0RFKRy RX GRV 0RFKRV HV WDU UHODFLRQDGR FRP D SUHVHQ¨D GDTXHODV SHGUDV SRLV Q¦R GHL[D GH VHU QRW²ULD D VHPHOKDQ¨D GDV VXDV VLOKXHWDV HVW¢WLFDV TXDQGR FROR FDGDV HP SRVL¨¦R FRP D GDTXHOD DYH GH UDSLQD QRFWXUQD 1HVWD U¢SLGD YLDJHP SHOR WHPSR HLV QRV FKHJDGRV DR oQDO GR SHU­R GR QHRO­WLFR TXDQGR R KRPHP FRPH¨RX D GRPLQDU D W©FQLFD GH FRQVWUX¨¦R GH IHUUDPHQWDV H DU PDV HP PHWDO PXLWR PDLV HoFD ]HV GR TXH DV GH PDGHLUD RX GH SHGUD ,QLFLRX VH HQW¦R D FKDPD GD ,GDGH GRV 0HWDLV 2 SULPHLUR D VHU WUDEDOKDGR IRL R FREUH GH SRLV R EURQ]H 3RU oP DOFDQ¨RX R KRPHP WUDEDOKDU R IHUUR TXDQGR FRQVHJXLX OLGDU FRP DV WHPSH UDWXUDV HOHYDGDV QHFHVV¢ULDV £ VXD IXQGL¨¦R Ï ,GDGH GR &REUH WDP E©P VH XVD FKDPDU GH kSHU­RGR FDOFRO­WLFRy GR JUHJR kNKDONRV FREUH kOLWKRVy SHGUD 2FRUULGD K¢ FHUFD GH DQRV FRH[LVWLX FRP D FXOWXUD PHJDO­WLFD -¢ DTXL IRL HVFULWR TXH HVWDV PXGDQ¨DV GH kSHU­RGRVy Q¦R IRUDP DEUXSWDV TXH PXLWDV GDV SU¢WLFDV DQWHUL RUHV VH PDQWLYHUDP SRU ORQJRV V©FXORV $ SUHVHQ¨D GD FXOWXUD FDOFRO­WLFD QD ¢UHD GR QRVVR FRQFHOKR HVW¢ KRMH FRQoUPDGD PHUF« GH WUDED OKRV GH LQYHVWLJD¨¦R DUTXHRO²JLFD SURPRYLGRV HP SHOR ,QVWL WXWR $UTXHRO²JLFR $OHP¦R 1D +HUGDGH GD $QJHULQKD SHUWR GH $JXLDU IRL LGHQWLoFDGD DWUDY©V GR UHFXUVR £ IRWRJUDoD D©UHD XPD SHTXHQD PLQD GH FREUH 8P IUDJ PHQWR GH FHU¤PLFD HQFRQWUDGR QRV UHVWRV GD H[SORUD¨¦R PLQ HLUD DWHVWD R LQ­FLR GD XWLOL]D¨¦R GDTXHOD PLQD QD ,GDGH GR &REUH RX GR %URQ]H WHQGR VH SURORQJD GR SHOD ,GDGH GR )HUUR H LQ­FLR GD RFXSD¨¦R URPDQD KDYHQGR DLQGD

LQG­FLRV GH DFWLYLGDGH QR SHU­RGR LVO¤PLFR &RP D ,GDGH GR )HUUR HQWUDPRV QXP SHU­RGR TXH VH XVD FKDPDU GH k3URWR +LVW²ULFRy GH WUDQVL¨¦R HQWUH D SU© KLVW²ULD H D KLVW²ULD 8P SHU­RGR TXH VH LQLFLRX K¢ FHUFD GH WU«V PLO DQRV H TXH o FRX PDUFDGR SHOD FKHJDGD GR 2ULHQWH GH WULERV LQGR HXURSHLDV TXH VH HVSDOKDUDP XP SRXFR SRU WRGD D 3HQ­QVXOD ,E©ULFD $ UHJL¦R GH YRUD YLX VH HQW¦R KDELWDGD SRU WULERV &HOWDV R PHVPR DFRQ WHFHQGR FRP R WHUULW²ULR TXH KRMH LQWHJUD R QRVVR FRQFHOKR 1HP VHPSUH DV UHOD¨¶HV HQWUH HVVHV SRYRV HUDP DV PHOKRUHV SHOR TXH HUDP IUHTXHQWHV RV FRQIURQWRV HQWUH HOHV $VVLP DV SRSXOD¨¶HV SURFXUDUDP LQVWDODU VH QR FLPR GDV VHUUDV H PRQWHV HP SRYRD GRV GH DOWLWXGH RQGH R GRP­QLR YLVXDO VREUH D SDLVDJHP HUD XP IDFWRU TXH LQFUHPHQWDYD D VHJX UDQ¨D 6¦R RV FKDPDGRV FDVWURV TXH GH QRUWH D VXO VH HVSDOKDP XP SRXFR SRU WRGR R QRVVR SD­V 1R QRVVR FRQFHOKR IRUDP DW© DR PRPHQWR LGHQWLoFDGRV SRYRDGRV GD ,GDGH GR )HUUR QD 6HUUD GH 6 9LFHQWH QR &DEH¨R GH $JXLDU H WDPE©P QD 6HQKRUD GD (VSH UDQ¨D HP $OF¢¨RYDV 1RV FDVRV GH 6 9LFHQWH H GD 6HQKRUD GD (V SHUDQ¨D WUDWDU VH LDP GH KDELWDWV GH DOJXPD GLPHQV¦R VHLV H QRYH

KHFWDUHV UHVSHFWLYDPHQWH GLV SRQGR SURYDYHOPHQWH GH PXURV GH SURWHF¨¦R H TXH SURFXUDYDP WLUDU SDUWLGR GD JUDQGH ULTXH]D DJU­FROD FLQHJ©WLFD VLOY­FROD KL GURO²JLFD H JHRO²JLFD RIHUHFLGD SHODV UHJL¶HV HQYROYHQWHV 1R FDVR GH $JXLDU R SRYRDGR HVWDULD DVVRFLDGR £ PLQD GD $QJHULQKD 4XDQGR SRU YROWD GR DQR D & H QD VHTX«QFLD GDV JXHUUDV TXH YLQKDP WUDYDQGR FRP &DUWDJR RV URPDQRV HQWUDUDP QD 3HQ­Q VXOD ,E©ULFD IRUDP HVVHV QRVVRV kWHWUDY²Vy FHOWDV TXH DTXL YLHUDP HQFRQWUDU (VWUDE¦R KLVWRULDGRU H JH²JUDIR JUHJR TXH HVWHYH DR VHU YL¨R GH 5RPD GHVFUHYH RV DVVLP k'RUPLDP QR FK¦R RX HP OHLWRV GH SDOKD 8VDYDP RV FDEHORV FRPSUL GRV DR PRGR IHPLQLQR H QR FRPEDWH FLQJLDP D IURQWH FRP XPD EDQGD 2 YHVWX¢ULR GDV PXOKHUHV HUD VXEOL QKDGR FRP DGRUQRV pRUDLV $OLPHQ WDYDP VH GH FDUQH GH FDEUD PDV D PDLRU SDUWH GR DQR QXWULDP VH GH ERORWDV 6HFDV PR­DP QDV SDUD ID ]HU S¦R TXH SRGLD FRQVHUYDU VH PXL WR WHPSR 8VDYDP PDQWHLJD HP YH] GH D]HLWH %HELDP ¢JXD H WDPE©P FHUYHMD HP YDVRV GH PDGHLUD y 'HL[HPRV HQW¦R SDUD R SU²[LPR Q·PHUR R SDVVHLR SHOD k9LDQDy URPDQD 7H[WR GH )UDQFLVFR %DL¦R

3HGUDV IXVLIRUPHV DOJXPDV FRP PDLV GH PHWURV GH FRPSULPHQWR kDUUXPDGDVy QD ]RQD GR &K¦R GR 0RFKR HP $OF¢¨RYDV


7XULVPR

3RVWR GH 7XULVPR GH 9LDQD IXQFLRQD QR &DVWHOR 'HVGH R GLD GH 2XWXEUR GH TXH R 3RVWR GH 7XULVPR GH 9LDQD GR $OHQWHMR IXQFLRQD QR &DVWHOR GD YLOD 'XUDQWH D FHULP²QLD GH DEHUWXUD GR QRYR HVSD¨R TXH FRQWRX FRP D SUHVHQ¨D GR 3UHVLGHQWH GR 0XQLF­SLR %HUQDUGLQR %HQJDOLQKD 3LQWR GD 'LUHFWRUD 5H JLRQDO GH &XOWXUD GR $OHQWHMR $XURUD &DUDSLQKD H GH UHSUHVHQWDQWHV GH Y¢ULDV HQWLGDGHV GR &RQFHOKR IRL DVVLQDGR XP SURWRFROR GH FRODERUD¨¦R HQWUH DV GXDV HQWLGDGHV FRP YLVWD £ JHVW¦R SDUWLOKDGD GR &DVWHOR 2 DXWDUFD VDOLHQWRX D LPSRUW¤QFLD GD DEHUWXUD GR 3RVWR GH 7XULVPR QR &DV WHOR %HQJDOLQKD 3LQWR FRQVLGHUD kTXH IRL GDGR XP SDVVR QR VHQWLGR GH UHFH EHU TXHP QRV YLVLWD FRP PDLV TXDOLGDGHy -¢ D GLUHFWRUD 5HJLRQDO GH &XOWXUD GR $OHQWHMR $XURUD &DUDSLQKD UHIHULX TXH IRL XP SURFHVVR ORQJR LQLFLDGR HP FRP XP FRQMXQWR GH LQWHUYHQ¨¶HV QR &DVWHOR GH 9LDQD GR $OHQWHMR 2 LQYHVWLPHQWR IRL GH FHUFD GH PLO HXURV WHQGR VLGR oQDQFLDGR SRU IXQGRV FRPXQLW¢ULRV q 4XDGUR &RPXQLW¢ULR GH $SRLR ,,, H 45(1 k(VWH © XP HVSD¨R SDUD DV SHVVRDVy UHDoUPRX $XURUD &DUDSLQKD $SHVDU GH FRQFOX­GDV DV REUDV TXH DVVHQWDUDP QD FRQVHUYD¨¦R H SUHYHQ¨¦R GR LP²YHO H GH OHYDGDV D FDER GLYHUVDV LQWHUYHQ¨¶HV HP SDWULP²QLR P²YHO q SLQWXUDV WDOKD HVFXOWXUD H YLWUDLV kR SURFHVVR GH UHFXSHUD¨¦R H PDQXWHQ¨¦R © FRQW­QXRy JDUDQWH $QD &ULVWLQD 3DLV UHVSRQV¢YHO W©FQLFD SHOR HGLI­FLR 'HVGH R GLD GH 2XWXEUR R 3RVWR GH 7XULVPR GH 9LDQD GR $OHQWHMR HVW¢ DEHUWR WRGRV RV GLDV H[FHSWR HP DOJXQV IHULDGRV q H GH -DQHLUR GH $EULO GH 0DLR H GH 'H]HPEUR (QWUH RV GLDV GH 2XWXEUR H GH 0DU¨R HVW¢ DEHUWR HQWUH DV K H DV K H GDV K £V K 'H GH $EULO D GH 6HWHPEUR LU¢ IXQFLRQDU GDV K £V K IHFKDQGR SDUD DOPR¨R GDV K £V K 'LD GH 2XWXEUR GH IRUDP DLQGD LQDXJXUDGRV RV HVSD¨RV GH LQWHUSUHWD ¨¦R H H[SRVL¨¦R UHFHS¨¦R H ORMD GR &DVWHOR GH 9LDQD GR $OHQWHMR $ QRYD ¢UHD GH LQWHUSUHWD¨¦R H H[SRVL¨¦R GLVS¶H GH DFWLYLGDGHV HVSHF­oFDV SDUD FULDQ¨DV GRV DRV DQRV TXH VHU¦R GLQDPL]DGDV SHOD $VVRFLD¨¦R &XOWXUDO &ROHF¨¦R % 1R TXH WRFD DR Q·PHUR GH YLVLWDQWHV HP R 3RVWR GH 7XULVPR GH 9LDQD GR $OHQWHMR UHJLVWRX D SUHVHQ¨D GH QDFLRQDLV H HVWUDQJHLURV -¢ HVWH DQR R Q·PHUR DXPHQWRX FRQVLGHUDYHOPHQWH DW© DR P«V GH 2XWXEUR DOWXUD HP TXH R 3RVWR GH 7XULVPR SDVVRX D IXQFLRQDU QR &DVWHOR GH 9LDQD GR $OHQWHMR 6² HP 2XWXEUR ·OWLPR WXULVWDV QDFLRQDLV YLVLWDUDP R QRYR 3RVWR GH 7XULVPR 7DPE©P R Q·PHUR GH WXULVWDV HVWUDQJHLURV VXELX GXUDQWH HVWH DQR IDFH D $W© 2XWXEUR SDVVDUDP SHOR 3RVWR GH 7XULVPR H &DVWHOR SHVVRDV

5RPDULD D &DYDOR GLVWLQJXLGD FRP 3U©PLR 0DLV $OHQWHMR $ 5RPDULD D &DYDOR 0RLWD q 9LDQD GR $OHQWHMR SURPRYLGD SHODV &¤ PDUDV GD 0RLWD H 9LDQD GR $OHQWH MR H SHOD $VVRFLD¨¦R GRV 5RPHLURV GD 7UDGL¨¦R 0RLWHQVH H $VVRFLD ¨¦R (TXHVWUH GH 9LDQD GR $OHQWHMR IRL GLVWLQJXLGD FRP R 3U©PLR 0DLV $OHQWHMR QD FDWHJRULD k0DLV 7UDGL¨¦Ry QXPD FHULP²QLD TXH GHFRUUHX QR SDVVDGR GLD GH 1R YHPEUR QR 7HDWUR *DUFLD GH 5H VHQGH HP YRUD 5HFRUGH VH TXH SDUD HVWD FDWHJR ULD HVWDYDP DLQGD QRPHDGDV D &RQIUDULD *DVWURQ²PLFD GR $OHQ WHMR DV )HVWDV GR 3RYR GH &DPSR 0DLRU D 2YLEHMD H 5HGRQGR q 5XDV )ORULGDV 2 YHQFHGRU IRL HVFROKLGR SHORV OHLWRUHV GD 5HYLVWD 0DLV $OHQWHMR TXH DQXDOPHQWH DWULEXL RV 3U©PLRV 0DLV $OHQWHMR FRP R LQWXLWR GH JDODUGRDU SHUVRQD OLGDGHV LQLFLDWLYDV H LQVWLWXL¨¶HV FRP OLJD¨¦R DR $OHQWHMR QDV PDLV YDULDGDV ¢UHDV )RUDP DLQGD KR PHQDJHDGDV SHUVRQDOLGDGHV GD YLGD S·EOLFD SRUWXJXHVD

0XQLF­SLR GH 9LDQD SUHVHQWH GD )HLUD GR 0RQWDGR 2 0XQLF­SLR GH 9LDQD GR $OHQWHMR HVWHYH SUHVHQWH HP PDLV XPD HGL ¨¦R GD )HLUD GR 0RQWDGR HP 3RU WHO HQWUH RV GLDV GH 1RYHPEUR H GH 'H]HPEUR 3DUD DO©P GH SURPRYHU R FRQFHOKR R FHUWDPH VHUYLX WDPE©P SDUD GLYXOJDU D ;,, 0RVWUD GH 'R¨DULD TXH WHYH OXJDU HP $OF¢¨RYDV GH D GH 'H]HP EUR FRP XPD SURYD GH GRFHV FRQ YHQWXDLV VHJXLGD GD DFWXD¨¦R GR *UXSR &RUDO )HPLQLQR GH 9LDQD GR $OHQWHMR


3URMHFWR 5HFROKD GH 7DPSLQKDV GH 3O¢VWLFR

$PELHQWH

$MXGH D HTXLSDU RV QRVVRV ERPEHLURV $ $PE ( q $VVRFLD¨¦R 3RUWXJXHVD GH *HVW¦R GH 5HV­GXRV ODQ¨RX XP SURMHFWR SDUD VHQVLELOL]DU D SRSX OD¨¦R SDUD D SUREOHP¢WLFD DP ELHQWDO GRV UHV­GXRV GH HTXLSD PHQWRV HO©FWULFRV H HOHFWU²QLFRV 5((( H GH SLOKDV H DFXPXODGRUHV SRUW¢WHLV 3 $ HP oP GH YLGD D TXH GHX R QRPH GH k4XDUWHO (OHF WU¦Ry H TXH FRQWRX FRP R DSRLR LQVWLWXFLRQDO GD /LJD GRV %RP EHLURV 3RUWXJXHVHV $ DF¨¦R k4XDUWHO (OHFWU¦Ry GHV WLQRX VH £V $VVRFLD¨¶HV GH %RP EHLURV 9ROXQW¢ULRV H SUHWHQGHX LQFHQWLYDU DV FRUSRUD¨¶HV H D FR PXQLGDGH ORFDO D UHXQLU R PDLRU

SHVR SRVV­YHO GH 5((( H UHV­GXRV GH 3 $ HQWUH 2XWXEUR H 'H]HP EUR GH $V FRUSRUD¨¶HV GH ERPEHLURV TXH UHJLVWDUHP RV PHOKRUHV UH VXOWDGRV SRGHP UHFHEHU DOJXQV SU©PLRV QRPHDGDPHQWH XPD DPEXO¤QFLD GH WUDQVSRUWH GH GRHQWHV (OHFWURGRP©VWLFRV DSDUHOKRV HO©F WULFRV H SLOKDV M¢ Q¦R XWLOL]DGRV IRUDP HQWUHJXHV QDV FRUSRUD¨¶HV GH ERPEHLURV DW© GH 'H]HPEUR SDUD DMXGDU D HTXLSDU RV QRVVRV ERPEHLURV 3DUD PDLV LQIRUPD¨¶HV DFHGD D ZZZ DPE H SW TXDUWHOHOHFWUDR

(VFROD (OHFWU¦R QR (QVLQR %¢VLFR H 6HFXQG¢ULR $ (VFROD (OHFWU¦R © XP 3URMHFWR GD $VVRFLD¨¦R 3RUWXJXHVD GH *HVW¦R GH 5HV­GXRV $PE ( TXH SUHWHQGH VHQVLELOL]DU H HQYROYHU D FRPX QLGDGH HVFRODU H D SRSXOD¨¦R HP JHUDO SDUD D UHFLFODJHP H YDORUL]D ¨¦R GRV 5HV­GXRV GH (TXLSDPHQ WRV (O©FWULFRV H (OHFWU²QLFRV 5((( H GRV 5HV­GXRV GH 3LOKDV H $FXPX ODGRUHV 3RUW¢WHLV 53$ (VWD DF¨¦R WHYH LQ­FLR QR DQR OHF WLYR GH H © GHVWLQDGD £V HVFRODV GR (QVLQR %¢VLFR H 6HFXQG¢ULR 1HVWH DQR OHFWLYR R 3URMHFWR (VFROD (OHFWU¦R DVVRFLD VH £ *LQFDQD 5RFN LQ 5LR TXH DEUDQJH XP FRQMXQWR GH WDUHIDV GH FDUL] VRFLDO H DPELHQWDO 3UHWHQGH VH TXH DV HVFRODV DGHUHQ WHV UHFROKDP D PDLRU TXDQWLGDGH SRVV­YHO GH 5((( H 53$ DW© DR GLD GH 0DU¨R 3RVWHULRUPHQWH HV WHV UHV­GXRV V¦R SHVDGRV H UHFR OKLGRV SHOD $PE ( TXH OKH GDU¢

R HQFDPLQKDPHQWR DGHTXDGR $V HVFRODV PDLV DFWLYDV QD UHFROKD GHVWHV UHV­GXRV UHFHEHU¦R SU©PLRV HP IXQ¨¦R GR SHVR DEVROXWR H SHU FDSLWD GRV UHV­GXRV HQWUHJXHV 2V SU©PLRV VHU¦R (TXLSDPHQWRV (O©F WULFRV H (OHFWU²QLFRV GHVWLQDGRV DRV HVWDEHOHFLPHQWRV GH HQVLQR $ (% 6 'U ,VLGRUR GH 6RXVD HP 9LDQD GR $OHQWHMR DGHULX PDLV XPD YH] £ (VFROD (OHFWU¦R H HVWH DQR WDPE©P £ *LQFDQD 5RFN LQ 5LR 'HVWD IRUPD WRGD D SRSXOD¨¦R SRGHU¢ FRQWULEXLU HQWUHJDQGR R PDLV UDSLGDPHQWH SRVV­YHO RV VHXV 5((( H 53$ QD HVFROD SDUD TXH HVWD UH·QD D PDLRU TXDQ WLGDGH SRVV­YHO GHVWHV UHV­GXRV 3DUD DO©P GH FRQWULEXLU SDUD R HQFDPLQKDPHQWR FRUUHFWR GHVWHV UHV­GXRV HVWDU¢ WDPE©P D DSRLDU D HVFROD H SRVVLYHOPHQWH D DMXGDU QD DWULEXL¨¦R GH SU©PLRV

2V FLQFR 0XQLF­SLRV GD $0&$/ $VVRFLD¨¦R GH 0XQLF­SLR GH $OHQ WHMR &HQWUDO GD TXDO ID] SDUWH R 0XQLF­SLR GH 9LDQD GR $OHQWHMR HVW¦R D UHFROKHU WDPSDV GH SO¢VWL FR SDUD UHFLFODJHP $V YHUEDV V¦R GLULJLGDV SDUD SURMHFWRV GH FDUL] VRFLDO $ &¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR SUHWHQGH UHFROKHU R PDLRU Q·PHUR‘ SRVV­YHO GH WDPSLQKDV GH SO¢VWLFR H HQWUHJ¢ ODV SRVWHULRUPHQWH QD HVWD¨¦R GH WULDJHP GD $0&$/ HP 9LOD 5XLYD 3RVWHULRUPHQWH D $0&$/ HQFDPLQKDU¢ DV WDPSLQKDV GH SO¢VWLFR SDUD UHFLFODJHP $V YHU EDV UHIHUHQWHV £V TXDQWLGDGHV GH WDPSDV HQWUHJXHV UHYHUWHP SDUD SURMHFWRV GH ¤PELWR VRFLDO $V WDPSLQKDV q GH JDUUDIDV H JDU UDI¶HV GH ¢JXD LRJXUWHV O­TXLGRV JDUUDIDV GH ²OHR GHWHUJHQWHV HWF q SRGHP VHU HQWUHJXHV GHQWUR GH VDFRV GH SO¢VWLFR RX JDUUDI¶HV GH ¢JXD QR DUPD]©P VLWXDGR QR (V WDOHLUR 0XQLFLSDO HP 9LDQD GR $OHQWHMR &RODERUH QHVWH SURMHFWR $MXGH QRV D DMXGDU


0XQLF­SLR DSRLD HPSUHV¢ULRV GR &RQFHOKR

'HVHQYROYLPHQWR (FRQ²PLFR

2 0XQLF­SLR GH 9LDQD GR $OHQ WHMR H D &DL[D GH &U©GLWR $JU­FROD 0·WXR GR *XDGLDQD ,QWHULRU DV VLQDUDP GLD GH 2XWXEUR XP SURWRFROR GH SDUFHULD FRP YLVWD £ FRQVWLWXL¨¦R H IXQFLRQDPHQWR GR 3URJUDPD GH $SRLR DR ,QYHV WLPHQWR (PSUHVDULDO QR &RQFHOKR GH 9LDQD GR $OHQWHMR 35$,( 8P SURJUDPD TXH YLVD HVWLPXODU H RULHQWDU LQYHVWLPHQWRV D UHDOL]DU SRU PLFUR H SHTXHQDV HPSUHVDV TXH GHVHQYROYDP RX SUHWHQGDP GHVHQYROYHU DFWLYLGDGHV HFRQ²PL FDV QR &RQFHOKR $ FHULP²QLD TXH FRQWRX FRP D SUHVHQ¨D GR 3UHVLGHQWH GR 0X QLF­SLR GH 9LDQD GR $OHQWHMR %HU QDUGLQR %HQJDOLQKD 3LQWR H GH -R¦R ,OK©X HP UHSUHVHQWD¨¦R GR 3UHVLGHQWH GR &RQVHOKR GH $G PLQLVWUD¨¦R GD &DL[D GH &U©GLWR $JU­FROD 0·WXR GR *XDGLDQD ,QWH ULRU GHFRUUHX QR oQDO GR :RUN VKRS k,QVWUXPHQWRV GH $SRLR D (PSUHVDV (PSUHHQGHGRUHVy TXH MXQWRX QR &LQH WHDWUR FHUFD GH HPSUHV¢ULRV GR &RQFHOKR 1D DEHUWXUD GD LQLFLDWLYD R DXWDU FD VDOLHQWRX D LPSRUW¤QFLD GHVWH R ZRUNVKRS kFRPR VHQGR R SRQ WDS© GH VD­GD SDUD R WUDEDOKR HP FRQMXQWR HQWUH R 0XQLF­SLR H RV HPSUHV¢ULRV GR &RQFHOKRy %HU QDUGLQR %HQJDOLQKD 3LQWR IDORX DLQGD GDV YDQWDJHQV GR *DELQHWH GH $SRLR DR 'HVHQYROYLPHQWR (FRQ²PLFR GH 9LDQD GR $OHQWHMR TXH SRGH GLVSRQLELOL]DU LQIRUPD ¨¦R VREUH DOJXQV SURJUDPDV GH

DSRLR DRV HPSUHV¢ULRV 1R TXH WRFD £ DVVLQDWXUD GR SURWRFROR R DXWDUFD © GH RSLQL¦R TXH SRGH YLU D VHU XP FRQWULEXWR H XP FRPSOH PHQWR D RXWURV SURJUDPDV TXH M¢ H[LVWHP k1¦R © XPD VROX¨¦R SDUD WRGRV PDV SRGH DMXGDU DOJXQVy DVVHJXUD 3DUD -R¦R ,OK©X HVWD SDUFHULD © EDVWDQWH SRVLWLYD SRUTXH GL] TXH k© QHFHVV¢ULR DSRLDU DV FRPX QLGDGHV ORFDLVy 1XPD DOWXUD GH FULVH -R¦R ,OK©X FRQVLGHUD kHVWD SDUFHULD XPD PDLV YDOLD H LQ GLVSHQV¢YHOy (VWH DQR R *UXSR &U©GLWR $JU­FROD FRPHPRUD DQRV $R ORQJR GRV DQRV WHP DV VXPLGR XP kSDSHO PXLWR DFWLYR QD UHJL¦Ry /LJDGD DR FRUSRUDWLY LVPR -R¦R ,OK©X FRQVLGHUD TXH D &DL[D GH &U©GLWR $JU­FROD © R kEDQFR GD WHUUDy 1R GHFRUUHU GR :RUNVKRS IRUDP DSUHVHQWDGRV DOJXQV SURJUDPDV GH )RUPD¨¦R q $F¨¦R SDUD DV 30( V GLVSRQLELOL]DGR SHOD $J«Q FLD 5HJLRQDO GR $OHQWHMR $'5$/ H R 3URJUDPD 'LQDPL]DU GD $V VRFLD¨¦R &RPHUFLDO GR 'LVWULWR GH YRUD TXH DV HPSUHVDV SRGHP EHQHoFLDU D FXVWR ]HUR )RUDP DLQGD DSUHVHQWDGDV PH GLGDV GH DSRLR DR LQYHVWLPHQWR H[LVWHQWHV QR (L[R q 'LQDPL]D ¨¦R GDV =RQDV 5XUDLV GR 352'(5 q 3URJUDPD GH 'HVHQYROYLPHQWR 5HJLRQDO SDUD R SHU­RGR 7DPE©P R )$0( q )XQGR GH DSRLR £V PLFUR H SHTXHQDV HPSUHVDV XP LQVWUXPHQWR oQDQFHLUR FULDGR SHOD $'5$/ q $J«QFLD 5HJLRQDO GR $OHQWHMR H TXH WHP FRPR SDU FHLURV R 0XQLF­SLR GH 9LDQD GR $OHQWHMR R ,$30(, D /,6*$5$17( H R %DQFR (VS­ULWR 6DQWR IRL DSUH VHQWDGR DRV HPSUHV¢ULRV


0XQLF­SLR GH 9LDQD GR $OHQWHMR H &DL[D GH &U©GLWR $JU­FROD MXQWRV QR DSRLR £V HPSUHVDV $ &¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR H D &DL[D GH &U©GLWR $JU­ FROD 0·WXR GR *XDGLDQD ,QWHULRU DVVLQDUDP QR SDVVDGR GLD GH 2XWXEUR QR &LQH WHDWUR 9LDQHQVH XP SURWRFROR GH SDUFHULD FRP YLV WD D HVWDEHOHFHU RV WHUPRV GH FR ODERUD¨¦R QD FRQVWLWXL¨¦R H IXQFL RQDPHQWR GR 3URJUDPD GH $SRLR DR ,QYHVWLPHQWR (PSUHVDULDO QR &RQFHOKR GH 9LDQD GR $OHQWHMR 35$,( 2 SURWRFROR WHP R SUD]R GH XP DQR VHQGR DXWRPDWLFD PHQWH SURUURJDGR SRU SHU­RGRV LJXDLV H VXFHVVLYRV (VWH SURJUDPD YLVD HVWLPXODU H RULHQWDU LQYHVWLPHQWRV D UHDOL]DU SRU PLFUR H SHTXHQDV HPSUHVDV TXH GHVHQYROYDP RX SUHWHQGDP GHVHQYROYHU DFWLYLGDGHV HFRQ²PL FDV QR &RQFHOKR 2 35$,( JHULGR SHOD &¤PDUD HP SDUFHULD FRP D &DL[D GH &U©GLWR $JU­FROD GHVWLQD VH D HQWLGDGHV FRQVLGHUDGDV PLFUR H SHTXHQDV HPSUHVDV FRQVWLWX­GDV RX HP YLDV GH FRQVWLWXL¨¦R LQGHSHQGHQWH

PHQWH GD VXD IRUPD MXU­GLFD TXH VH GHGLTXHP RX VH SURSRQKDP GHGLFDU DR GHVHQYROYLPHQWR GH DFWLYLGDGHV GH FDU¢FWHU HPSUH VDULDO 2 SURJUDPD SUHWHQGH DSRLDU SUR MHFWRV TXH FRQWULEXDP SDUD D FULD¨¦R GH QRYDV HPSUHVDV QRPH DGDPHQWH RV TXH GHFRUUDP GD FUL D¨¦R GR SU²SULR HPSUHJR RX SDUD D UHYLWDOL]D¨¦R H GLQDPL]D¨¦R GH HPSUHVDV TXH M¢ H[LVWDP 2 DSRLR WUDGX] VH QXP HPSU©VWL PR EDQF¢ULR FRQFHGLGR SHOD &DL[D GH &U©GLWR $JU­FROD 0·WXR GR *XDGLDQD ,QWHULRU QXP P¢[LPR GH Ö SRU SURMHFWR FRP XP SUD]R GH UHHPEROVR GH D DQRV 1R R DQR RV MXURV V¦R VX SRUWDGRV SHOD &¤PDUD 0XQLFLSDO D W­WXOR GH VXEV­GLR Q¦R UHHPERO V¢YHO 3RGHP VHU DSRLDGRV DWUDY©V GR 35$,( DV GHVSHVDV FRP HVWXGRV GH SURMHFWRV IXQGR GH PDQHLR FRQWULEXL¨¶HV HP HVS©FLH LQYHV WLPHQWRV HP LQIUD HVWUXWXUDV H

HTXLSDPHQWRV HTXLSDPHQWRV GH FDUJD H WUDQVSRUWH SDUD XWLOL]D ¨¶HV HVSHF­oFDV LQVWDOD¨¦R GR HVWDEHOHFLPHQWR FRPHUFLDO RX RXWURV HVSD¨RV GH DSRLR £ DFWLYL GDGH HFRQ²PLFD SDUWLFLSD¨¦R HP HYHQWRV H IRUPD¨¦R DF¨¶HV GH SURPR¨¦R H PDUNHWLQJ 2V LQWHUHVVDGRV GHYHP DSUHVHQWDU R SHGLGR GH oQDQFLDPHQWR MXQWR GR 0XQLF­SLR GH 9LDQD GR $OHQWH MR XWLOL]DQGR SDUD WDO XP IRUPX O¢ULR SU²SULR 7RGRV RV FDQGLGDWRV GHYHP FXPSULU DV FRQGL¨¶HV GH DFHVVR DR 35$,( TXH SRGHP VHU VROLFLWDGDV MXQWR GD &¤PDUD RX FRQVXOWDGDV QR V­WLR GR 0XQLF­SLR HP ZZZ FP YLDQDGRDOHQWHMR SW QD ¢UHD GR *DELQHWH GH 'HVHQ YROYLPHQWR (FRQ²PLFR 3DUD PDLV LQIRUPD¨¶HV FRQVXOWH R *DELQHWH GH $SRLR DR 'HVHQYROYL PHQWR (FRQ²PLFR VLWXDGR QD &¤ PDUD 0XQLFLSDO GH 9LDQD GR $OHQ WHMR DWUDY©V GR WHOHIRQH RX SRU H PDLO SDUD JDGHFRQ# FP YLDQDGRDOHQWHMR SW


:RUNVKRS 7©FQLFDV GH 3URFXUD $FWLYD GH (PSUHJR HP $JXLDU )RUPD¨¦R

:RUNVKRS VREUH $OLPHQWD¨¦R 6DXG¢YHO 1R VHJXLPHQWR GH XP ZRUNVKRS VREUH DOLPHQWD¨¦R VDXG¢YHO GL ULJLGR DRV FRODERUDGRUHV R 0X QLF­SLR GH 9LDQD GR $OHQWHMR SURPRYHX XP RXWUR GHVWLQDGR D WRGD D SRSXOD¨¦R $ LQLFLDWLYD WHYH OXJDU QR SDVVDGR GLD GH 2XWXEUR DR oQDO GD WDUGH QR &LQH WHDWUR 9LDQHQVH H FRQWRX FRP D SDUWLFLSD¨¦R GH SHVVRDV GH WRGDV DV LGDGHV 1R GHFRUUHU GR ZRUNVKRS PLQLV WUDGR SHOD QXWULFLRQLVWD 5DTXHO &UX] RV SDUWLFLSDQWHV oFDUDP D FRQKHFHU XP SURJUDPD GH DOL PHQWD¨¦R VDXG¢YHO TXDLV DV HV FROKDV DFHUWDGDV GRV DOLPHQWRV H DV W©FQLFDV SDUD SHUGHU PDQWHU RX JDQKDU SHVR 1R oQDO GD LQLFLDWLYD WLYHUDP DLQ GD D RSRUWXQLGDGH GH UHDOL]DUHP XP UDVWUHLR ,QGLYLGXDOPHQWH o FDUDP D FRQKHFHU R VHX SHVR D PDVVD PXVFXODU SHUFHQWDJHP GH UHWHQ¨¦R GH O­TXLGRV H PDVVD JRUGD 7RUQD VH FDGD YH] PDLV LPSRU WDQWH WHU XPD DOLPHQWD¨¦R HTXL OLEUDGD H VDXG¢YHO SDUD JDUDQWLU XPD YLGD SOHQD H SUHYHQLU GHWHU PLQDGDV GRHQ¨DV ( QXQFD VH ID ORX WDQWR QRV EHQHI­FLRV GD SU¢WL FD GH XPD DOLPHQWD¨¦R VDXG¢YHO FRPR KRMH

$WHQGHQGR £ HOHYDGD WD[D GH GHVHPSUHJR QR &RQFHOKR R 0XQLF­SLR GH 9L DQD GR $OHQWHMR SURPRYH QRV GLDV H GH )HYHUHLUR GH QD IUHJXHVLD GH $JXLDU R :RUNVKRS q 7©FQLFDV GH 3URFXUD $FWLYD GH (PSUHJR 'XUDQWH R ZRUNVKRS RV IRUPDQGRV LU¦R GHVHQYROYHU XPD DWLWXGH GLQ¤PL FD DFWLYD H SRVLWLYD êLU¦R HODERUDU êXP SODQR GH SURFXUD GH HPSUHJR Y¦R VHU DLQGD GHVHQYROYLGDV FRPSHW«QFLDV QR VHQWLGR GH êHODERUDU R &XUU­FXOR 9LWDH D FDUWD GH DSUHVHQWD¨¦R H VLPXODU HQWUHYLVWDV GH VHOHF¨¦R ê 2 :RUNVKRS FRQWDU¢ FRP D SDUWLFLSD¨¦R GD 7HPSR 7HDP GHOHJD¨¦R GH YRUD TXH LU¢ DSUHVHQWDU DOJXPDV RIHUWDV GH HPSUHJR 2V LQWHUHVVDGRV HP SDUWLFLSDU SRGHP LQVFUHYHU VH QD -XQWD GH )UHJXHVLD GH $JXLDU &¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR RX QR *,3


:RUNVKRS (PSUHHQGHGRULVPR 8PD 6ROX¨¦R FRP )XWXUR $SRLRV GLVSRQ­YHLV SDUD D &ULD¨¦R GR 3U²SULR (PSUHJR 9LDQD GR $OHQWHMR &,1( 7($752 9LDQHQVH GH -DQHLUR GH 352*5$0$ K 5HFHS¨¦R DRV 3DUWLFLSDQWHV K $EHUWXUD GD 6HVV¦R 3UHVLGHQWH GD &¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR K (PSUHHQGHGRULVPR q 2 TXH ©" &¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR K 3URJUDPD GH $SRLR DR (PSUHHQGHGRULVPR H £ &ULD¨¦R GR 3U²SULR (PSUHJR 3$(&3(

,()3 q ,QVWLWXWR GR (PSUHJR H GD )RUPD¨¦R 3URoVVLRQDO K 0LFURFU©GLWR 6RFLDO $SRLR £ &ULD¨¦R GH 3HTXHQRV 1HJ²FLRV $VVRFLD¨¦R 1DFLRQDO GH 'LUHLWR DR &U©GLWR K /LQKD GH 0LFURFU©GLWR GR %(6 &RPEDWHU D ([FOXV¦R 6RFLDO H (VWLPXODU R (VS­ULWR (PSUHHQGHGRU %(6 q %DQFR (VS­ULWR 6DQWR K 'HEDWH K (QFHUUDPHQWR GD 6HVV¦R 1RWD $ YHUV¦R oQDO GHVWH SURJUDPD VHU¢ SXEOLFDGD QR VLWH GD &¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR ZZZ FP YLDQDGRDOHQWHMR SW $ &¤PDUD GLVSRQLELOL]DU¢ WUDQVSRUWH SDUD RV LQVFULWRV TXH R VROLFLWHP DTXDQGR GD UHDOL]D¨¦R GD LQVFUL¨¦R

$JUDGHFHPRV LQVFUL¨¦R SDUD R ZRUNVKRS DW© DR GLD GH -DQHLUR GH DWUDY©V GRV VHJXLQWHV FRQWDFWRV 7HOHIRQH )$; /LQGD %DL[LQKR q *$'( q *DELQHWH GH $SRLR DR 'HVHQYROYLPHQWR (FRQ²PLFR

(PDLO JDGHFRQ#FP YLDQDGRDOHQWHMR SW

3HVVRDV IUHTXHQWDUDP FXUVR GH FRPXQLFD¨¦R LQWHUSHVVRDO 2 *DELQHWH GH ,QVHU¨¦R 3URoV VLRQDO GH 9LDQD GR $OHQWHMR HP SDUFHULD FRP D %HVFHQWHU SUR PRYHX HQWUH GH 1RYHPEUR H GH 'H]HPEUR R FXUVR GH &R PXQLFD¨¦R ,QWHUSHVVRDO q &RPX QLFD¨¦R $VVHUWLYD QR VDO¦R GD -XQWD GH )UHJXHVLD GH 9LDQD GR $OHQWHMR 'HVWLQDGR D GHVHPSUHJDGRV FRP KDELOLWD¨¶HV GH Q­YHO ,,, GR R DQR DR R DQR R FXUVR FRQWRX FRP D SDUWLFLSD¨¦R GH IRUPDQGRV TXH TXLVHUDP GHVWD IRUPD GH VHQYROYHU FRPSHW«QFLDV DR Q­YHO GD FRPXQLFD¨¦R LQWHUSHVVRDO H DGTXLULU QRYDV FRPSHW«QFLDV &RP XPD FDUJD KRU¢ULD GH KRUDV GXUDQWH D IRUPD¨¦R IRUDP DERUGDGRV WHPDV FRPR R SURFHV VR GH FRPXQLFD¨¦R H SHUoV FRPX QLFDFLRQDLV D IXQ¨¦R H LPSRUW¤Q FLD GRV HOHPHQWRV TXH LQWHUY«P QR SURFHVVR GH FRPXQLFD¨¦R EHP FRPR RV GLIHUHQWHV SHUoV FRPXQLFDFLRQDLV DV SDUWLFXODUL GDGHV H YDQWDJHQV GR SHUoO DV VHUWLYR H DV EDUUHLUDV W­SLFDV GDV GLIHUHQWHV IDVHV GR SURFHVVR GH FRPXQLFD¨¦R $WUDY©V GR FXUVR RV IRUPDQGRV FRQVHJXLUDP LGHQ WLoFDU H FDUDFWHUL]DU RV HOHPHQ WRV LQWHUYHQLHQWHV QR SURFHVVR GH FRPXQLFD¨¦R GHVHQYROYHU D FR PXQLFD¨¦R DVVHUWLYD LGHQWLoFDU H WUDQVSRU EDUUHLUDV TXH VXUJHP QDV GLIHUHQWHV IDVHV GR SURFHVVR GH FRPXQLFD¨¦R H DLQGD DSOLFDU RV Y¢ULRV WLSRV GH SHUJXQWDV QR SURFHVVR GH FRPXQLFD¨¦R 2 FXUVR IRL oQDQFLDGR SHOR 323+ q 3URJUDPD 2SHUDFLRQDO 3RWHQ FLDO +XPDQR H Q¦R WHYH TXDLV TXHU FXVWRV SDUD RV IRUPDQGRV UHFHEHQGR DLQGD R VXEV­GLR GH DOLPHQWD¨¦R


PL·GRV SHTXHQRV WRGRV GH $O F¢¨RYDV 6² WHPRV XPD HTXLSD GH MXYHQLV TXH WHP PL·GRV GH YRUD

$VVRFLDWLYLVPR

6SRUW &OXE $OFD¨RYHQVH XP GRV FOXEHV PDLV DQWLJRV GR FRQFHOKR )H] DQRV HP -DQHLUR ·OWLPR 2 6SRUW &OXE $O FD¨RYHQVH RUJXOKD VH GH QD VXD KLVW²ULD WHU WLGR VHPSUH HTXLSD V©QLRU GH IXWHERO SRU RQGH M¢ SDVVDUDP FHQWHQDV GH MRJDGRUHV 0DV D VLWXD¨¦R oQDQFHLUD GR FOXEH H D IDOWD GH DSRLRV DOLDGD DR IDFWR GH Q¦R SRVVXLU XP FDP SR UHOYDGR ID]HP DQWHYHU R SLRU H OHYDP R WHVRXUHLUR -RDTXLP &DUYDOKR HP UHSUHVHQWD¨¦R GR 3UHVLGHQWH GD 'LUHF¨¦R D WHU DO JXPDV G·YLGDV TXH R kSURMHFWR WHQKD SHUQDV SDUD DQGDUy DR Q­ YHO GD HTXLSD V©QLRU %ROHWLP 0XQLFLSDO q 2 6SRUW &OXE $OFD¨RYHQVH WHP DQRV 'HVGH -XQKR GHVWH DQR TXH WHP XPD QRYD GLUHF¨¦R &RPR FD UDFWHUL]D QR HQWDQWR RV ·OWLPRV DQRV GR 6SRUW &OXE $OFD¨RYHQVH" -RDTXLP &DUYDOKR q 2 6SRUW &OXE $OFD¨RYHQVH © XP FOXEH DQWLJR TXH VREUHYLYH FRP PXLWDV GLoFXO GDGHV QRPHDGDPHQWH oQDQFHL UDV SRUTXH DV GHVSHVDV SDUD WHU HTXLSDV FRPSHWLWLYDV FRPR RV V²FLRV TXHUHP V¦R PXLWDV 2 DQR SDVVDGR o]HPRV XPD DSRVWD HP SHVVRDO GD WHUUD H SHVVRDO TXH TXDVH Q¦R JDQKDYD GLQKHLUR QH QKXP H RV UHVXOWDGRV Q¦R DSD UHFHUDP $ ©SRFD IRL GHVDVWURVD (VWH DQR D DSRVWD © PDLRU QR HQWDQWR HVWDPRV D DXPHQWDU DV GLoFXOGDGHV oQDQFHLUDV % 0 'H RQGH Y«P DV UHFHLWDV GR FOXEH" - & q )D]HPRV WRGR R WLSR GH HYHQWRV H WUDEDOKDPRV DUGX DPHQWH SDUD DQJDULDU GLQKHLUR SDUD R FOXEH 7HPRV WDPE©P R

DSRLR GD &¤PDUD H GD -XQWD GH )UHJXHVLD % 0 q 1D ©SRFD SDVVDGD R 6SRUW &OXE $OFD¨RYHQVH DUUHFDGRX QD D *DOD GH )XWHERO 'LVWULWDO R 3U©PLR 'LVWULWDO GH ,QIDQWLV GH )XWVDO $ HTXLSD GH LQLFLDGRV DU UHFDGRX R SU©PLR GLVFLSOLQD GH LQLFLDGRV GH )XWVDO $ DSRVWD SDVVD SHOD IRUPD¨¦R" - & q 6LP D QRVVD DSRVWD SULQ FLSDO © QD IRUPD¨¦R SRUTXH FKHJ¢PRV £ FRQFOXV¦R TXH VH Q¦R IRUPDUPRV MRJDGRUHV Q¦R FRQVHJXLPRV GDU FRQWLQXLGDGH DR IXWHERO V©QLRU 1R IXWHERO V©QLRU RX K¢ MRJDGRUHV GD WHUUD TXH JRVWDP GR FOXEH H GH YHVWLU D FDPLVROD RX © PXLWR FRPSOLFD GR SRUTXH TXDOTXHU MRJDGRU TXH YHP GH IRUD TXHU JDQKDU GLQKHL UR 3RU LVVR D QRVVD DSRVWD IRUWH © PHVPR QD IRUPD¨¦R 7HPRV WU«V HTXLSDV GH IXWHERO GH GXDV HTXLSDV GH IXWHERO GH H XPD HTXLSD GD IRUPD¨¦R MRJD £ EROD 1R SDVVDGR oP GH VHPDQD WLYHPRV DTXL XP HQFRQWUR GR -RJD £ %ROD QR TXDO SDUWLFLSDUDP PL· GRV 2XWUR SUREOHPD TXH WHPRV © D IDOWD GH XP FDPSR UHOYDGR $V SHVVRDV TXDQGR FKHJDP DTXL TXHL[DP VH GR FDPSR SRU FDXVD GD ODPD 6H FRQVHJX­VVHPRV GDU PDLV FRQGL¨¶HV DRV DWOHWDV FRQ VHJXLU­DPRV FKHJDU PDLV DO©P H GL]HU TXH Q¦R SRGHPRV GDU GLQKHLUR PDV WHPRV WRGDV DV FRQGL¨¶HV $ SULQFLSDO ODFXQD © PHVPR D IDOWD GH XP FDPSR UHO YDGR SRUTXH GH UHVWR SRVVX­PRV WRGDV DV FRQGL¨¶HV 2V PL·GRV Q¦R UHFODPDP SRUTXH JRVWDP GH MRJDU IXWHERO PDV RV VHQLRUHV M¢ Q¦R © DVVLP % 0 q 4XDQWRV DWOHWDV W«P QD IRUPD¨¦R GDV FDPDGDV MRYHQV" - & HP IXWHERO GH VHWH H HP IXWHERO GH H GHSRLV WHPRV

% 0 q 2 &RQFHOKR GH 9LDQD GR $OHQWHMR © GRV SRXFRV TXH Q¦R WHP XP FDPSR UHOYDGR 4XDO D VXD RSLQL¦R" - & q 2V FOXEHV Q¦R W«P SRVVLELOL GDGHV SDUD ID]HU XPD REUD GHVWD QDWXUH]D +¢ TXDWUR DQRV TXDQ GR HVWDYD QD GLUHF¨¦R GR FOXEH o]HPRV XP SURMHFWR PDV FXVWDYD PLO HXURV &RPR GHYH FDOFX ODU © LQFRPSRUW¢YHO XPD GHVSHVD GHVWD SDUD XP FOXEH SHTXHQR $ ·QLFD IRUPD GH VH FRQVHJXLU GDU D YROWD © DV SHVVRDV VHQWDUHP VH £ PHVD FRP DV HQWLGDGHV RoFLDLV H YHU DW© RQGH VH FRQVHJXH FKHJDU SDUD YHU TXDO D IDWLD TXH FDEH DR FOXEH H VH FRQVHJXH RX Q¦R VX SRUWDU XP LQYHVWLPHQWR GHVVHV 6H WLY©VVHPRV XP FDPSR UHOYDGR HP FRQGL¨¶HV FRP DV LQIUD HV WUXWXUDV TXH DTXL WHPRV HUD RXUR VREUH D]XO % 0 q 1R IXWHERO D ©SRFD SDVVD GD oFRX DTX©P GDV H[SHFWDWLYDV )RUDP UHQRYDGRV DOJXQV FRQWUD WRV H IRUDP FRQWUDWDGDV DOJXPDV FDUDV QRYDV SDUD HVWD ©SRFD 2 TXH © TXH HVSHUD GHVWD ©SRFD" - & q $ ©SRFD SDVVDGD oFRX DTX©P GDV H[SHFWDWLYDV (VWD ©SRFD R TXH SHGLPRV £ HTXLSD W©FQLFD H DRV MRJDGRUHV © SDUD


WHQWDUHP PDQWHU VH QRV SULPHL URV OXJDUHV SRUTXH WDPE©P Q¦R WHPRV PXLWR LQWHUHVVH HP VXELU SRUTXH GHSRLV Q¦R FRQVHJXLPRV VXSRUWDU ( HOHV HVW¦R D FRUUHV SRQGHU 7HPRV TXH PDQWHU QRV QRV SULPHLURV OXJDUHV SDUD DJUD GDU DRV V²FLRV XPD YH] TXH V¦R HOHV TXH QRV DMXGDP D PDQWHU HVWD FDVD GH S© 7HPRV GH GHVSH VDV FRUUHQWHV PHQVDLV PDLV GH Ö PDQXWHQ¨¦R FRP EXVW­YHO HOHFWULFLGDGH ¢JXD J¢V 6² RV UHVXOWDGRV GD HTXLSD FRQ VHJXHP WUD]HU RV V²FLRV £ VHGH (OHV DW© Y«P YHU RV PL·GRV MRJDU PDV DSRVWDP QD HTXLSD V©QLRU R FDUW¦R GH YLVLWD GR FOXEH 6H D H TXLSD V©QLRU Q¦R IXQFLRQDU QDGD IXQFLRQD % 0 q SUHFLVR PXLWD FDUROLFH SDUD HVWDU £ IUHQWH GR &OXEH" - & q 7RGD D FDUROLFH 4XDQGR Q¦R K¢ ©SRFD GHVSRUWLYD WUDED OKDPRV XP YHU¦R LQWHLUR DoQFD GDPHQWH SDUD DUUDQMDU GLQKHLUR 1²V ID]HPRV D TXLQ]HQD FXOWXUDO D )HLUD H RXWUDV IHVWDV SRUTXH V² HVWH DQR SDUD LQVFUHYHU DV HTXL SDV GH IXWHERO SDJ¢PRV PDLV GH PLO HXURV £ $VVRFLD¨¦R GH )XWH ERO GH YRUD % 0 q 4XDQGR QR ·OWLPR Q·PH UR HQWUHYLVW¢PRV R 3UHVLGHQWH GR 6SRUWLQJ GH 9LDQD HOH TXHL[RX VH GD IDOWD GH DSRLR GRV DGHSWRV $TXL SDVVD VH R PHVPR" - & q $TXL © XP SRXFR GLIHUHQWH 9RX FRP D HTXLSD D WRGRV RV MR JRV H Q¦R HQFRQWUR FDPSR QH QKXP FRP WDQWD PDVVD DVVRFLD WLYD D YHU D EROD FRPR HQFRQWUR DTXL ,VWR DFRQWHFH SRUTXH DV SHV VRDV Y«HP R VDFULI­FLR IHLWR SHODV SHVVRDV TXH FRPDQGDP R FOXEH 0DV D QRVVD PDVVD DVVRFLDWLYD © FDSD] GR PHOKRU H GR SLRU 2 DQR SDVVDGR R LQ­FLR GD ©SRFD IRL H[ FHOHQWH WXGR SURPHWLD TXH LD VHU XPD ©SRFD IDEXORVD 0DV D PHLR GD ©SRFD DV FRLVDV FRPH¨DUDP D FRUUHU PDO H D­ FRPH¨DUDP DV FU­WLFDV SRU SDUWH GRV V²FLRV 6H D HTXLSD HVWLYHU EHP H RV UHVXO WDGRV DSDUHFHUHP © XPD PDVVD DVVRFLDWLYD TXH DFRPSDQKD D HTXLSD SDUD WRGR R ODGR 6H RV UHVXOWDGRV Q¦R DSDUHFHUHP GHV SUH]DP SRU FRPSOHWR

% 0 q 1HVWD DOWXUD TXDO © D FODV VLoFD¨¦R GD HTXLSD V©QLRU" - & q $ HTXLSD V©QLRU SRU HQ TXDQWR HVW¢ HP TXDUWR OXJDU (VWDPRV DLQGD PXLWR QR LQ­FLR H FRP PXLWDV DGDSWD ¨¶HV 2 WUHLQDGRU 1XQR &DQHODV © PXLWR H[LJHQWH XPD SHVVRD TXH Q¦R IDFLOLWD XP KRPHP GR FOXEH TXH IH] DTXL D VXD IRUPD ¨¦R H SDVVRX SHOD GLUHF¨¦R % 0 q 1R TXH GL] UHVSHLWR DRV DSRLRV D PDLRULD YHP GD &¤ PDUD" - & 'D &¤PDUD Y«P RV DSRLRV QRUPDLV SDUD DV HTXLSDV GH IXWHERO (X FRPSUHHQGR TXH D VLWXD¨¦R GR 3D­V H GDV &¤PD UDV 0XQLFLSDLV Q¦R © D PHOKRU PDV HP GHWHUPLQDGRV DVSHFWRV DV DVVRFLD¨¶HV Q¦R SRGHP VHU WUDWDGDV GH LJXDO IRUPD SUH FLVR YHU DV DVVRFLD¨¶HV TXH W«P WXGR £V FRVWDV H DTXHODV TXH Q¦R W«P GHVSHVDV 1²V WHPRV DV GHVSHVDV FRUUHQWHV WRGRV RV PHVHV KDMD YHUED RX Q¦R +¢ RXWUDV TXH V² W«P GHVSHVDV VH IL]HUHP DOJXPD DFWLYLGDGH $ GLVWULEXL¨¦R GDV YHUEDV Q¦R SRGH VHU ROKDGD GH LJXDO IRUPD SDUD WRGRV % 0 q $LQGD DVVLP R IDFWR GH WHU XPD VHGH SU²SULD © XPD PDLV YDOLD" - & XPD PDLV YDOLD PDV DFDUUHWD D GHVSHVD TXH M¢ YLX 1¦R FRQVHJXLPRV WHU D VHGH H R EDU FRPR JRVWDU­DPRV 8P EDU PRGHUQR H DSHODWLYR TXH FKDPDVVH DV SHVVRDV R PXUR SLQWDGR PDV Q¦R FRQVHJXLPRV IUXWR GD IDOWD GH YHUEDV

% 0 q &RPR Y« R IXWXUR GR &OXEH" - & q &RP DOJXPD GLoFXOGDGH SRU YH]HV WHQKR G·YLGDV VH R IXWXUR GR FOXEH VHU¢ ULVRQKR $ Q­YHO GH IRUPD¨¦R QHP WDQWR SRUTXH FRQVHJXLPRV VHPSUH FRQ WLQXDU 1²V DVVHJXUDPRV WXGR RV SDLV GHL[DP DTXL RV PL·GRV GXUDQWH GXDV KRUDV H Q¦R SD JDP QDGD DR FRQWU¢ULR GR TXH DFRQWHFH QRXWURV ORFDLV $ Q­YHO V©QLRU WHQKR DOJXPDV G·YLGDV TXH R SURMHFWR WHQKD SHUQDV SDUD DQGDU 7HPRV PXLWDV GHVORFD¨¶HV H WHPRV TXH SDJDU WXGR 'RX OKH XP H[HPSOR HP FDGD MRJR HP FDVD WHPRV Ö Ö GH SUHMX­]R )D]HPRV Ö GH EL OKHWHLUD SDJDPRV Ö £ *15 H Ö DRV ¢UELWURV LQFRPSRU W¢YHO 3RU LVVR TXHVWLRQR PXLWDV YH]HV DW© TXDQGR FRQVHJXLUHPRV OHYDU D ¢JXD DR PRLQKR 1R TXH WRFD £ HTXLSD V©QLRU FRQ VHJXLD UHGX]LU D GHVSHVD SDUD PHWDGH VH WLYHVVH XP FDPSR VLQ W©WLFR 1R FRQFHOKR VH FDOKDU XPD RX GXDV DVVRFLD¨¶HV QR P¢[LPR SDV VDP SHOD PHVPD VLWXD¨¦R GDV DVVRFLD¨¶HV GR &RQFHOKR RX © D &¤PDUD TXH VXSRUWD DV GHVSH VDV GH PDQXWHQ¨¦R RX D OX] RX D -XQWD TXH VXSRUWD RXWUDV FRLVDV 2 6SRUW &OXE $OFD¨RYHQVH Q¦R WHP TXDOTXHU DSRLR (QWUHYLVWD UHDOL]DGD D

)XQGD¨¦R GH -DQHLUR GH 1R GH 6²FLRV 4XRWDV Ö P«V 6HGH 7UDYHVVD GH 6 7HRW²QLR $OF¢¨RYDV $FWLYLGDGHV )XWHERO )RUPD¨¦R


-XQWDV GH IUHJXHVLD

$JXLDU

$OF¢¨RYDV

&DURV 0XQ­FLSHV

&DURV 0XQ­FLSHV

FRP DJUDGR TXH R H[HFXWLYR GD )UHJXHVLD GH $JXLDU LQIRUPD D SRSXOD¨¦R GH TXH QHVWH PRPHQWR M¢ GLVS¶H GH IXQFLRQ¢ULRV SDUD D PDQXWHQ¨¦R GD OLPSH]D GD YLD S·EOLFD EHP FRPR SDUD D PDQXWHQ¨¦R GRV HVSD¨RV YHUGHV HPERUD SRU WHPSR OLPLWDGR XPD YH] TXH VH WUDWD GH SHVVRDO TXH R , ( ) 3 GLVSRQLELOL]RX DWUDY©V GRV SURJUDPDV GH DSRLR DR GHVHPSUHJR 1R SDVVDGR P«V GH 2XWXEUR D )UHJXHVLD RIHUHFHX XP ODQFKH £ SRSXOD¨¦R VHJXL GR GH XPD PDWLQ© SDUD DVVLQDODU PDLV XP DQLYHUV¢ULR GD )UHJXHVLD GH $JXLDU 1R GHFRUUHU GHVWH ODQFKH IRL DSUHVHQWDGD D FDPSDQKD k'DU H 5HFHEHUy D TXDO FRQVLVWH QD UHFROKD GH OLYURV HVFRODUHV XVDGRV SDUD UHXWLOL]D¨¦R &RP HVWD FDPSDQKD D -XQWD SUHWHQGH DMXGDU DV IDP­OLDV PDLV FDUHQFLDGDV GD )UHJXHVLD D DOLYLDU RV FXVWRV FRP RV PDWHULDLV HVFRODUHV GRV VHXV HGXFDQGRV $ )UHJXHVLD DSURYHLWD SDUD DJUDGHFHU D SUHVHQ¨D GRV PXQ­FLSHV QHVWH ODQFKH $ SDUWLU GH 1RYHPEUR GR SUHVHQWH DQR D )UHJXHVLD GH $JXLDU HVWDEHOHFHX XPD SDUFHULD FRP D DVVRFLD¨¦R k7HUUD 0¦Hy TXH YLVD R DWHQGLPHQWR SRU SDUWH GH XP IXQFLRQ¢ULR GD UHIHULGD DVVRFLD¨¦R £ SRSXOD¨¦R FRP R REMHF WLYR GH HVFODUHFLPHQWRV DFHUFD GH DSRLR VRFLDO 'HFRUUH QHVWH PRPHQWR XPD FDPSDQKD SDUD DMXGDU D HQFRQWUDU XP GDGRU FRPSDW­YHO FRP R SHTXHQR *XVWDYR oOKR GR FRQKHFLGR MRJDGRU GH IXWHERO &DUORV 0DUWLQV FDVDGR FRP D 0²QLFD XPD SHVVRD FRP UD­]HV QD )UHJXHVLD GH $JXLDU $RV LQWHUHVVDGRV HP FRODERUDU SHGH VH TXH OLJXH SDUD QR SDUD HIHFWXDU D VXD LQVFUL¨¦R 2 H[HFXWLYR GD -XQWD )UHJXHVLD GH $JXLDU GHVHMD XP 6DQWR 1DWDO H 3U²VSHUR $QR 1RYR WRGRV RV 0XQ­FLSHV

0DLV XP DQR VH DSUR[LPD GR oP SHU­RGR GH ID]HU R EDODQ¨R GR WUDEDOKR GHVHQYROYLGR EHP FRPR R SODQHDPHQWR GDV DFWLYL GDGHV H RU¨DPHQWR SDUD 8P RU¨DPHQWR TXH GHYHU¢ VHU UHGX ]LGR IDFH DR GH GDGR TXH WDO FRPR DFRQWHFHX QR ·OWLPR DQR R 2U¨DPHQWR GH (VWDGR FRQWHPSOD XP QRYR FRUWH QDV WUDQVIHU«Q FLDV SDUD DV IUHJXHVLDV 'HSRLV GR 2( WHU SURSRUFLRQDGR XPD TXHGD D URQGDU RV HP UH JLVWD VH XP QRYR FRUWH QHVWD TXH © D SULQFLSDO IRQWH GH oQDQFLD PHQWR GDV IUHJXHVLDV 1R FDVR GD )UHJXHVLD GH $OF¢¨RYDV LU¢ VRIUHU QD WUDQVIHU«QFLD GR )XQGR GH )L QDQFLDPHQWR GDV )UHJXHVLDV ))) XP GHFU©VFLPR JOREDO GH 2 PRQWDQWH TXH VH LU¢ UHFHEHU HP FRP RV VXFHVVLYRV FRUWHV HVW¢ DJRUD DR Q­YHO GR UHJLVWDGR HP 1R HQWDQWR HVWHV FRUWHV Q¦R DIHFWDP V² DV IUHJXHVLDV (VWH H[HFXWLYR HVW¢ SUHRFXSDGR FRP DV SRO­WLFDV VRFLDLV TXH VHU¦R GH VHQYROYLGDV QHVWH FRQWH[WR GH DXVWHULGDGH 6H D IRUPD GH UH DJLU £ FULVH WDPE©P SDVVDU SHOD UHGX¨¦R GH DSRLRV VRFLDLV KDYHU¢ SURYDYHOPHQWH XP DXPHQWR GDV GLoFXOGDGHV HP IDP­OLDV PDLV YXO QHU¢YHLV 'XUDQWH R SU²[LPR DQR YDPRV SURFXUDU HVWDU DWHQWRV D HYHQWXDLV VLWXD¨¶HV GH GLoFXOGDGH H SURFXUDU GDU R DSRLR TXH HVWHMD DR DOFDQFH GD -XQWD GH )UHJXHVLD 5HODWLYDPHQWH DRV WUDEDOKRV GH VHQYROYLGRV QHVWD IDVH oQDO GR DQR SDUD DO©P GD DFWLYLGDGH GH OLPSH]D XUEDQD H PDQXWHQ¨¦R

2 3UHVLGHQWH GD -XQWD GH )UHJXHVLD -RV© )UDQFLVFR 5DWR


GRV HVSD¨RV YHUGHV SURFXURX VH ID]HU D FRQVHUYD¨¦R GRV HGLI­ FLRV GD -XQWD GH )UHJXHVLD FRP D 3LQWXUD GD IDFKDGD SRUWDV H IHU UDJHQV GD VXD VHGH FDLD¨¦R GR FHPLW©ULR )RQWH GR &RQFHOKR H 3R¨R 1RYR 2 (GLI­FLR GR 3RVWR GD *15 FRQVLGHUDGR XPD HVWUXWXUD IXQGDPHQWDO GD QRVVD IUHJXHVLD

WDPE©P IRL DSRLDGR FRP D FDLD ¨¦R GDV SDUHGHV H[WHULRUHV 1R SDVVDGR GLD GH 1RYHPEUR D -XQWD GH )UHJXHVLD HP FRQMXQWR FRP D $VVRFLD¨¦R GH 3DLV H (QFDU UHJDGRV GH (GXFD¨¦R GD ( % , - , GH $OF¢¨RYDV FRPHPRURX PDLV XP GLD GH 6 0DUWLQKR FRP D RIHUWD GH FDVWDQKDV DVVDGDV D WR

GRV RV DOXQRV GD HVFROD ( % , - , H D GLVWULEXL¨¦R GH XPD EURFKXUD FRP D KLVW²ULD LOXVWUDGD GD OHQGD GR 6 0DUWLQKR 2 H[HFXWLYR GD -XQWD GH )UHJXHVLD MXOJD IXQGD PHQWDO D GLYXOJD¨¦R GHVWDV GDWDV FRPHPRUDWLYDV MXQWR GRV PDLV QRYRV GD TXDO R 0DJXVWR ID] SDU WH GDV WUDGL¨¶HV GR QRVVR SD­V GH IRUPD D Q¦R SHUGHUPRV D QRVVD LGHQWLGDGH 5HVWD PH GHVHMDU D WRGRV RV 0XQ­FLSHV XP 6DQWR 1DWDO H XP $QR 1RYR UHQRYDGR RQGH R HV S­ULWR GD 3D] H GD 8QL¦R UHLQH HQ WUH WRGRV %RDV )HVWDV $ 3UHVLGHQWH GD -XQWD GH )UHJXHVLD 6DUD &ULVWLQD &XSLGR &DUPR *URX 6LP 6LP 3DMRWH

9LDQD GR $OHQWHMR &DURV 0XQ­FLSHV $SUR[LPD VH R oQDO GH FRPSOHWDQGR DVVLP GRLV DQRV GH JHVW¦R GHVWH H[HFXWLYR WHPSR GH EDODQ¨R WHPSR GH DQ¢OLVH H UHpH[¦R GR SHUFXUVR UH DOL]DGR DW© DTXL 9ROYLGRV HVWHV GRLV DQRV GH WUD EDOKR £ IUHQWH GRV GHVWLQRV GD QRVVD )UHJXHVLD LPSRUWD UHIHULU TXH Q¦R REVWDQWH RV REVW¢FXORV HQFRQWUDGRV QR QRVVR FDPLQKR WHQW¢PRV VHPSUH DJLU FRP ULJRU H GHWHUPLQD¨¦R QR VHQWLGR GH k&RQVWUXLU R SUHVHQWH SDUD XP IX WXUR PHOKRUy $VVLP UHFRUGDPRV RV SULPHLURV WHPSRV HP TXH QRV GHSDU¢YDPRV FRQVWDQWHPHQWH FRP SUREOHPDV oQDQFHLURV SRU VROXFLRQDU FRP DXV«QFLD GH P©WRGR GH WUDEDOKR H ULJRU QRV VHUYL¨RV GHVWD -XQWD GH )UHJXHVLD (UD SUHFLVR FRPH¨DU D GHOLQHDU HVWUDW©JLDV TXH QRV SHU PLWLVVHP VXSHUDU XPD VLWXD¨¦R o QDQFHLUD EDVWDQWH GHELOLWDGD H UH IRUPXODU WRGDV DV ¢UHDV GH DF¨¦R TXH FRQVLGHU¢PRV SHUWLQHQWHV 1HVWH ¤PELWR SURFHGHPRV D UH QHJRFLD¨¶HV VREUHWXGR FRP RV DJHQWHV HFRQ²PLFRV ORFDLV UHD

YDOL¢PRV H DOWHU¢PRV D GLVWUL EXL¨¦R GH SURGXWRV GH OLPSH]D SHODV HVFRODV FRQWLQXDQGR D SUHVWDU R PHVPR VHUYL¨R HQWUH RXWURV RV TXDLV SHUPLWLUDP XPD VLJQLoFDWLYD UHGX¨¦R GH GHVSHVDV 7HUPLQDGR R SULPHLUR DQR FRQ FOX­PRV TXH W­QKDPRV XPD VLWXD¨¦R HTXLOLEUDGD VHP TXH WLY©VVHPRV GHL[DGR GH FXP SULU H UHDOL]DU DV LQLFLDWLYDV TXH DJHQG¢PRV QR QRVVR SODQR GH DFWLYLGDGHV )RUDP FRPHPRUD GRV R GLD GH 6 0DUWLQKR D )HVWD GH 1DWDO FRP RV LGRVRV HVFRODV H IXQFLRQ¢ULRV GRV VHUYL¨RV R GLD GD 0XOKHU FRP D KRPHQDJHP D GXDV JUDQGHV VHQKRUDV TXH VH GHV WDFDUDP QD QRVVD FRPXQLGDGH D LUP¦ 0DULD &HOHVWH H D 'U 0DULD $QW²QLD )LDOKR GHVoOH GH &DUQD YDO R GLD GD ¢UYRUH GLD GD FULDQ ¨D VDQWRV SRSXODUHV RUJDQL]D¨¦R GH FDPLQKDGDV H FRODERU¢PRV HP WRGRV RV HYHQWRV GD UHVSRQVDELOL GDGH GD &¤PDUD 0XQLFLSDO QRPH DGDPHQWH R GH $EULO D 5RPDULD D &DYDOR 9LDQD HP )HVWD )HVWLYDO -RYHP H )HLUD ' $LUHV 3DUD DO©P GLVWR FRQWULEX­PRV SDUD DV DF WLYLGDGHV GDV HVFRODV DSRL¢PRV DV DVVRFLD¨¶HV UHDOL]¢PRV SLQ WXUDV QDV KDELWD¨¶HV GRV LGRVRV SUHVW¢PRV DSRLR GRPLFLOL¢ULR H FUL¢PRV R UHJXODPHQWR GH DSRLR £ QDWDOLGDGH 3URFHGHPRV D REUDV

GH UHSDUD¨¦R H PDQXWHQ¨¦R QR QRVVR SDWULP²QLR H DLQGD DGTXLUL PRV GLYHUVRV HTXLSDPHQWRV GH IRUPD D PHOKRUDU R QRVVR HVSD¨R GH WUDEDOKR D SURSRUFLRQDU PDLRU FRQIRUWR DRV QRVVRV IXQFLRQ¢ULRV H D WRGRV RV TXH QHFHVVLWDP GRV QRVVRV VHUYL¨RV ,PSOHPHQW¢PRV DLQGD R VLVWHPD GH DYDOLD¨¦R GH IXQFLRQ¢ULRV 6,$'$3 DVVLP FRPR R 6HUYL¨R GH +LJLHQH H 6HJXUDQ¨D QR 7UDEDOKR REULJD¨¶HV OHJDLV TXH Q¦R HVWDYDYDP D VHU FXPSULGDV 3RU ·OWLPR H WHQGR HP FRQWD D FRQMXQWXUD HFRQ²PLFD TXH YL YHPRV WHPRV D FRQVFL«QFLD GDV GLoFXOGDGHV TXH HVWDU¦R QR QRVVR KRUL]RQWH QRV WHPSRV PDLV SU²[L PRV 4XHUHPRV FRQWXGR FRQ WLQXDU D WUDEDOKDU FRP D PHVPD oUPH]D H HPSHQKR FXLGDQGR GD OLPSH]D XUEDQD DSRLDQGR D HFR QRPLD ORFDO RV LGRVRV DV HVFRODV H R PRYLPHQWR DVVRFLDWLYR H DG TXLULU XPD YDUUHGRUD PHF¤QLFD HTXLSDU GRLV SDUTXHV LQIDQWLV FULDU R UHJXODPHQWR GH DSRLR DRV DUWHV¦RV H RIHUHFHU XP SDVVHLR DQXDO DRV LGRVRV H FULDQ¨DV GD QRVVD )UHJXHVLD 5HVWD QRV GHVHMDU D WRGRV RV PXQ­FLSHV XPD DJUDG¢YHO TXDGUD IHVWLYD 2 3UHVLGHQWH GD -XQWD GH )UHJXHVLD -RDTXLP 5RGROIR 9LHJDV


HP UHYLVWD

&RPHPRUD¨¶HV GR GH -DQHLUR &RPHPRUD¨¶HV GR GH $EULO 5RPDULD D &DYDOR 0RLWD 9LDQD GR $OHQWHMR )HVWD GD 3ULPDYHUD 9LDQD 6XPPHU 3URMHFWR 7HLDV 6HUYL¨R (GXFDWLYR $EDQD 9LDQD )HVWLYDO -RYHP )HLUD GR &KRFDOKR 9LDQD HP )HVWD )HLUD ' $LUHV 6HPDQD 6©QLRU /DQ¨DPHQWR GR OLYUR k5LEH E© E©X /DU©X DR /©X y 0RVWUD GH 'R¨DULD $JHQGD ;;, /RFDO ,QWHUYHQ¨¶HV HP SDVVHLRV PXQLFLSDLV 3DYLPHQWD¨¶HV HP $OFD¨RYDV 9LDQD H HVWUDGD GH 6W &DWDULQD &DQDOL]D¨¦R GH ¢JXDV SOXYLDLV HP $JXLDU %DLUUR GD 5RPHLULQKD

2EUD GD URWXQGD GD =,9$ &DQDOL]D¨¶HV GH ¢JXDV GR 7DQTXH GR 5RVVLR 2EUD GH &RQVWUX¨¦R GR &HQWUR (VFRODU 2EUD GD HQWUDGD GH 9LDQD MXQWR £ (% 3RGH YHU HVWDV H RXWUDV LPDJHQV GR DQR QR ZHEVLWH GD &¤ PDUD JDOHULD PXOWLP©GLD

ZZZ FP YLDQDGRDOHQWHMR SW



$JHQGD

&LQH WHDWUR 9LDQHQVH 5XD 'U $QW²QLR GH $OPHLGD 9LDQD GR $OHQWHMR FLQH WHDWUR#FP YLDQDGRDOHQWHMR SW

)(9(5(,52

oOPHV -$1(,52

K

2V 6PXUIV 5HDOL]DGRU 5DMD *RVQHOO *©QHUR $QLPD¨¦R &RP©GLD &ODVVLoFD¨¦R 0 (8$ %©OJLFD

K $ &RVWXUHLULQKD GD 6© &LQHPD GRV $Y²V 5HDOL]DGRU 0DQXHO *XLPDU¦HV *©QHUR 5RPDQFH &ODVVLoFD¨¦R 0 3RUWXJDO

K 6HP 7HPSR 5HDOL]DGRU $QGUHZ 1LFFRO &RP &LOOLDQ 0XUSK\ -XVWLQ 7LPEHUODNH *©QHUR )LF¨¦R &LHQW­oFD $F¨¦R 7KULOOHU &ODVVLoFD¨¦R 0 (8$

K

:LQQLH 7KH 3RRK 5HDOL]DGRU 6WHSKHQ - $QGHUVRQ 'RQ +DOO 9R]HV 5XL 0HQGHV &DUORV )UHL[R 5LWD *XHUUD *©QHUR $QLPD¨¦R &ODVVLoFD¨¦R 0 (8$

K

$ 6DJD 7ZLOLJKW $PDQKHFHU 3DUWH , 5HDOL]DGRU %LOO &RQGRQ &RP 5REHUW 3DWWLQVRQ .ULVWHQ 6WHZDUW 0LFKDHO 6KHHQ *©QHUR 'UDPD )DQWDVLD 5RPDQFH 7KULOOHU &ODVVLoFD¨¦R 0 (8$

K

K

6KHUORFN +ROPHV q 2 -RJR GDV 6RPEUDV 5HDOL]DGRU *X\ 5LWFKLH &RP -DUHG +DUULV -XGH /DZ 1RRPL 5DSDFH 5DFKHO 0F$GDPV 5REHUW 'RZQH\ -U *©QHUR $F¨¦R $YHQWXUD &ODVVLoFD¨¦R 0 (8$

+DSS\ )HHW 5HDOL]DGRU *HRUJH 0LOOHU 9R]HV $XUHD )HUQDQGR )HUU¦R )HUQDQGR /X­V *XLOKHUPH 'LDV -RUJH 0RXUDWR 0DQXHO 0DUTXHV 0LOD %HOR 3DXOR % 3HGUR *UDQJHU 3HWHU 0LFKDHO ,, 4XLPE© 5XL 3DXOR 5XL 8QDV 7LDJR 5HWU« 9HUD .RORG]LJ *©QHUR $QLPD¨¦R &RP©GLD &ODVVLoFD¨¦R 0 $XVWU¢OLD

K

K 3URMHFWR 6DEHU GRV 6RQV 6HVV¶HV k0·VLFD SDUD 7RGRVy FRP R 0DHVWUR &KULVWRSKHU %RFKPDQQ

$OWD *ROSDGD 5HDOL]DGRU %UHWW 5DWQHU &RP %HQ 6WLOOHU (GGLH 0XUSK\ &DVH\ $IpHFN $ODQ $OGD 0DWWKHZ %URGHULFN 7©D /HRQL 0LFKDHO 3H±D *©QHUR $F¨¦R &RP©GLD &ULPH &ODVVLoFD¨¦R 0 (8$

K 6DQJXH 7RXUHLUR &LQHPD GRV $Y²V 5HDOL]DGRU $XJXVWR )UDJD *©QHUR 'UDPD &ODVVLoFD¨¦R 0 3RUWXJDO

K

7UDQVJUHVV¦R 5HDOL]DGRU -RHO 6FKXPDFKHU &RP 1LFRODV &DJH 1LFROH .LGPDQ &DP *LJDQGHW *©QHUR &ULPH 'UDPD 7KULOOHU &ODVVLoFD¨¦R 0 (8$

K

2 *DWR GDV %RWDV 5HDOL]DGRU &KULV 0LOOHU *©QHUR $QLPD¨¦R $YHQWXUD &RP©GLD &ODVVLoFD¨¦R 0 (8$

WHDWUR H P·VLFD -$1(,52

K

'HVJUD¨DV GH XPD FULDQ¨D 3URMHFWR 7HLDV q 5HGH &XOWXUDO GR $OHQWHMR

H

)(9(5(,52

K =DUDJDWDV HP &KLR]]D 3URMHFWR 7HLDV q 5HGH &XOWXUDO GR $OHQWHMR

H K

3URMHFWR 6DEHU GRV 6RQV 6HVV¶HV k0·VLFD SDUD 7RGRVy FRP R 0DHVWUR &KULVWRSKHU %RFKPDQQ

HYHQWRV -$1(,52

&RPHPRUD¨¶HV GR R $QLYHUV¢ULR GD 5HVWDXUD¨¦R GR &RQFHOKR

K

:RUNVKRS k*HULU H 3RXSDU )D¨DV &RQWDV £ 9LGDy '(&2

&LQH WHDWUR 9LDQHQVH


&¤PDUD 0XQLFLSDO GH 9LDQD GR $OHQWHMR 5XD %ULWR &DPDFKR 9LDQD GR $OHQWHMR WHO ID[ FDPDUD#FP YLDQDGRDOHQWHMR SW

%LEOLRWHFD GH $JXLDU

*DELQHWH GH $SRLR £ 9HUHD¨¦R JDYHU#FP YLDQDGRDOHQWHMR SW

3LVFLQDV 0XQLFLSDLV GH $OF¢¨RYDV

'LYLV¦R GH $GPLQLVWUD¨¦R 8UEDQ­VWLFD H 3URFHVVXDO GDXUE#FP YLDQDGRDOHQWHMR SW

3DYLOK¦R *LPQRGHVSRUWLYR GH 9LDQD

'LYLV¦R GH *HVW¦R GH 5HFXUVRV GDoQ#FP YLDQDGRDOHQWHMR SW FRPSUDV#FP YLDQDGRDOHQWHMR SW 'LYLV¦R GH 'HVHQYROYLPHQWR 6RFLDO H +XPDQR GDVHGX#FP YLDQDGRDOHQWHMR SW 'LYLV¦R GH ,QIUD HVWUXWXUDV 0XQLFLSDLV H 6HUYL¨RV 8UEDQRV GRP#FP YLDQDGRDOHQWHMR SW *DELQHWH GH $SRLR DR 'HVHQYROYLPHQWR (FRQ²PLFR JDGHFRQ#FP YLDQDGRDOHQWHMR SW 'HOHJD¨¦R GD &¤PDUD HP $OF¢¨RYDV -XQWD GH )UHJXHVLD GH $JXLDU -XQWD GH )UHJXHVLD GH $OF¢¨RYDV -XQWD GH )UHJXHVLD GH 9LDQD GR $OHQWHMR (VWDOHLUR 6HUYL¨R GH ÙJXDV K K &LQH WHDWUR 9LDQHQVH 3RVWR GH 7XULVPR GH 9LDQD GR $OHQWHMR 3RVWR GH 7XULVPR H %LEOLRWHFD GH $OF¢¨RYDV %LEOLRWHFD GH 9LDQD GR $OHQWHMR

3LVFLQDV 0XQLFLSDLV GH 9LDQD GR $OHQWHMR

2oFLQD GD &ULDQ¨D /LQKD GH 3URWHF¨¦R £ )ORUHVWD /LQKD GH 6D·GH 3·EOLFD $VVRFLD¨¦R +XPDQLW¢ULD GRV %RPEHLURV 9ROXQW¢ULRV GH 9LDQD GR $OHQWHMR &HQWUR GH 6D·GH GH 9LDQD GR $OHQWHMR ([WHQV¦R GH 6D·GH GH $JXLDU ([WHQV¦R GH 6D·GH GH $OF¢¨RYDV *XDUGD 1DFLRQDO 5HSXEOLFDQD $OF¢¨RYDV *XDUGD 1DFLRQDO 5HSXEOLFDQD 9LDQD GR $OHQWHMR &RPLVV¦R GH 3URWHF¨¦R GH &ULDQ¨DV H -RYHQV GH 9LDQD GR $OHQWHMR &RUUHLRV GH 3RUWXJDO 9LDQD GR $OHQWHMR $OF¢¨RYDV 6HUYL¨R GH )LQDQ¨DV GH 9LDQD GR $OHQWHMR &RQVHUYDW²ULDV H &DUW²ULR 1RWDULDO GH 9LDQD GR $OHQWHMR


&×0$5$ '( 9,$1$ '2 $/(17(-2 %2/(7,0 081,&,3$/ GH]HPEUR


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.