Agronegocios 23 Julio 2012

Page 1


$"-&/%"3*0 '&3*"4&(6/%" 26*/$&/" +6-*0 %&

+6-

"(0

4&.*/"3*0 %& &/$6&/530 */5&3/"$*0/"- -" 4"$ 1"3" &- %&4"330--0 363"- %&- #033&(0

SÈ B DBCP MB TFDUB &YQPTJDJØO /BDJPOBM EF MBT 3B[BT %PSQFS Z 8IJUF %PSQFS FO FM NBSDP EF MB &YQPTJDJØO &TUBUBM 1F DVBSJB (SBOFYQPFT FO 4FSSB #SBTJM &TUF FWFOUP RVF DPOUB SÈ DPO VOB EFMFHBDJØO DPMPN CJBOB EFM TFDUPS PWJOP QSF TFOUBSÈ MP NFKPS EF FTUF TFH NFOUP QFDVBSJP FO FM NVOEP

-B 4PDJFEBE EF "HSJDVMUPSFT EF $PMPNCJB MMFWBSÈ B DBCP FM */'03.&4 */'0!"4007*/04 03( QSØYJNP KVFWFT EF KVMJP FM ** 4FNJOBSJP *OUFSOBDJPOBM EF %FTBSSPMMP 3VSBM RVF UFOESÈ DPNP TFEF FM "VEJUPSJP .B SJBOP " "MWFBS 0SP[DP EF MB 6OJWFSTJEBE 4BO .BSUÓO FO #PHPUÈ &M FWFOUP CVTDB BCSJS VO EFCBUF JODMVZFOUF EF MB QPMÓUJDB EF EFTBSSPMMP SVSBM RVF BTFHVSF FM DSFDJNJFOUP FDPOØNJDP EFM QBÓT BM UJFN QP RVF TF BOBMJ[BSÈ FM JNQBD 1BDIVDB .ÏYJDP TFSÈ TFEF EFM &OUSF FM Z EF BHPTUP FO $POHSFTP *OUFSOBDJPOBM EF 4BOUB .BSUB TF IBSÈ FM QSJNFS UP EF FTUBT NFEJEBT FO FM #PSSFHP $JCP FODVFOUSP QBSB 4FNJOBSJP *OUFSOBDJPOBM EF TFDUPS FNQSFTBSJBM MPT BDUPSFT EFM TFDUPS PWJOP 3JFHP Z %SFOBKF RVF TF EFTB */'03.&4 "MMÓ MPT BTJTUFOUFT QBSUJDJQBSÈO SSPMMBSÈ FO FM NBSDP EFM FO MPT BOÈMJTJT RVF TF IBSÈO $POHSFTP EF "DPEBM RVF WB FO MPT RVF MPT UFNBT DFOUSBMFT EFM BM EFM NJTNP NFT TFSÈO MB SFOUBCJMJEBE Z MBT %VSBOUF FM FWFOUP EF SJFHP OVFWBT QSPQVFTUBT EF EFTB QBSUJDJQBSÈO DPOGFSFODJTUBT SSPMMP &O FTF TFOUJEP VOB EF JTSBFMÓFT RVJFOFT TPO MPT MÓEF MFHBDJØO EF DPMPNCJBOPT QBS SFT NVOEJBMFT FO FM UFNB UJDJQBSÈ FO VOB HJSB UÏDOJDB Z "EFNÈT TF QPESÈO FTUBCMF DPNFSDJBM B EJGFSFOUFT SBO DFS SFMBDJPOFT EF OFHPDJP DIPT DFSDBOPT B MB QPCMBDJØO DPO PUSBT FNQSFTBT

"(0

4&.*/"3*0 %& 3*&(0 : %3&/"+& &/ 4"/5" ."35"

EFM 1BDÓGJDP EF $BMJ TF SFBMJ[B SÈ FM $POHSFTP "UBMBD 5FDOJ DB×B FWFOUP RVF TF DPODFOUSBSÈ FO MB DB×B EF B[ÞDBS DPNP GVFOUF EF FOFS HÓB &M FODVFOUSP UFOESÈ MV HBS FOUSF FM Z EF TFQ UJFNCSF */'03.&4 888 5&$/*$"/" 03(

0$5 $6.#3& .6/%*"- %& -" ("/"%&3¶" &/ '3"/$*"

+6-

3&6/*»/ 5²$/*$" #"/"/&3" %& $0-0.#*"

&O FM BVEJUPSJP EF MB $ÈNBSB EF $PNFSDJP EF 6SBCÈ FO "QBSUBEØ TF MMFWBSÈ B DBCP MB ** 3FVOJØO 5ÏDOJDB #BOBOFSB EF $PMPNCJB FODVFOUSP RVF TF DFOUSBSÈ FO FM NBOFKP EFM TVFMP MB GJTJPMPHÓB Z OVUSJDJØO EFM DVMUJWP EF CBOBOP Z FM USBUBNJFOUP QBSB FOGFSNFEB EFT DPNP MB TJHBUPLB OFHSB Z FM NPLP &TUF FWFOUP RVF TF IBSÈ FOUSF FM Z EF KVMJP FT PSHBOJ[BEP QPS "VHVSB

*/'03.&4

*/'03.&4

"(0

4&1

-" &9104*$*»/ &- $0/(3&40 %&- 4&$503 "5"-"$ 5&$/*$"º" 07*/0 &/ #3"4*- &/ $"-* %FM BM EF BHPTUP TF MMFWB

*/'03.&4 888 "6(63" $0. $0

&O FM $FOUSP EF &WFOUPT 7BMMF

"(0

7&/5"/" "(301&$6"3*"

&O MB DJVEBE EF $MFSNPOU 'SBODJB TF MMFWBSÈ B DBCP MB $VNCSF .VOEJBM EF MB (BOB EFSÓB RVF TF EFTBSSPMMBSÈ FO USF FM Z EF PDUVCSF EF FTUF B×P 4F FTQFSB RVF QBS UJDJQFO NÈT EF BOJNB MFT FO DPODVSTP EF MPT DVB MFT TFSÈO CPWJOPT PWJOPT Z FRVJOPT "EF NÈT MPT BTJTUFOUFT PCTFSWBS SB[BT CPWJOBT EPCMF QSP QØTJUP SB[BT PWJOBT Z FRVJOBT &O UPUBM TF FTQFSB MB QSFTFODJB EF FYQPTJ UPSFT QSPDFEFOUFT EF OB DJPOFT */'03.&4

&910*/5&3/"$*0/"- &26*/"

(Q HO PDUFR GH OD )HULD GH ODV )ORUHV HQ 0HGHOOtQ VH UHDOL]DUi OD ([SRLQWHUQDFLR QDO (TXLQD *UDGR $ TXH LUi GHO DO GH DJRVWR */'03.&4

0$5

$0/(3&40 %& -" "7*$6-563"

)HQDYL UHDOL]DUi HQWUH HO \ GH RFWXEUH HQ &DOL HO &RQJUHVR \ ([SRVLFLyQ 1DFLRQDO $YtFROD (O HYHQWR TXH VH KDUi HQ HO &HQWUR GH (YHQWRV 9DOOH GHO 3DFtILFR FRQWDUi FRQ FRQIHUHQFLDV \ PXHVWUD FRPHUFLDO GH ODV HPSUHVDV GHO VHFWRU */'03.&4 35(6,'(17( (-(&87,92 ',$5,2 /$ 5(38%/,&$ -25*( +(51È1'(= 5(675(32 ',5(&725 *(1(5$/ )(51$1'2 48,-$12 9(/$6&2 *(5(17( *(1(5$/ -8$1 &$5/26 +(51È1'(= '( /$ &8(67$

&%*503" ."3("3*5" ."5±"4 3&%"$$*¶/ 5&3&4*5" $­-*4 %*"/" "33*&5" 9*.&/" 3".±3&; "%3*"/" 36*; "/" ."3±" #&%0:" '&-*1& 3&453&10 5"5*"/" "3"/(0 %*4&µ0 & */'0(3"'±" &26*10 %& %*4&µ0 -" 3&16#-*$" '050(3"'±" +BWJFS +JNÊOF[ $PMQSFO TB #MPPNCFSH 4UPDL YDIOH 3' 0'*$*/"4 $BMMF % #JT /P " #PHPUÃ % $ $PMPNCJB $PONVUBEPS 0GJDJOB $FOUSP #BSSBORVJMMB $BMJ $BSUBHFOB .BOJ[BMFT .FEFMMÎO 1FSFJSB #VDBSBNBOHB &EJUPSJBM &M (MPCP 4 " &M DPOUFOJEP EFM QFSJÓEJDP "(30/&(0$*04 FT EF QSPQJFEBE EF &%*503*"- &- (-0#0 4 " RVFEB QSPIJCJEB TV SFQSPEVDDJÓO UPUBM P QBSDJBM FO DVBMRVJFS NFEJP DPOPDJEP P QPS DPOPDFSTF BTÎ DPNP TV USBEVDDJÓO B DVBMRVJFS JEJPNB TJO BVUPSJ[BDJÓO FTDSJUB EF TV UJUVMBS 5IF DPOUFOU PG UIF OFXTQBQFS "(30/&(0$*04 JT QSPQFSUZ PG &%*503*"- &- (-0#0 4 " JUT SFQSPEVDUJPO UPUBM PS JO QBSU CZ BOZ LOPXO PG GVUVSF NFBOT BOE JUT USBOTMBUJPO UP BOZ MBOHVBHF JT UPUBMMZ GPSCJEEFO XJUIPVU XXX MBSFQVCMJDB DPN DP EJBSJP!MBSFQVCMJDB DPN DP QSFWJPVT XSJUUFO QFSNJTTJPO GSPN UIF PXOFS ¥ $01: 3*()54 &%*503*"- &- (-0#0 4 " -BT PQJOJPOFT FYQSFTBEBT FO MPT BSUÎDVMPT RVF GJSNBO MPT DPMBCPSBEPSFT TPO MJCSFT Z EF FMMBT TPO SFTQPOTBCMFT TVT BVUPSFT /P DPNQSPNFUFO FM QFOTBNJFOUP FEJUPSJBM EF "(30/&(0$*04

.BSHBSJUB .BUÓBT &%*503" "(30/&(0$*04

&M EFTBSSPMMP EF MB OVFWB HFOÏUJDB CPWJOB &XDQGR VH DQDOL]D HO SD QRUDPD GHO VHFWRU JDQDGH UR TXHGDQ FODURV YDULRV SXQWRV FRPR SRU HMHPSOR TXH KR\ HQ &RORPELD HVWD DFWLYLGDG WLHQH JUDQGHV SR VLELOLGDGHV GH FUHFHU SHUR TXH DO PLVPR WLHPSR HQ IUHQWD SUREOHPDV TXH SR QHQ HQ ULHVJR HVD RSFLyQ $FWXDOPHQWH OD SURGXF WLYLGDG HQ FDUQH \ OHFKH QR HV OD PiV DOWD VL VH FRPSD UD FRQ OD GH RWURV SDtVHV VLQ HPEDUJR FRQ SUR\HF WRV FRPR HO DQXQFLDGR OD VHPDQD SDVDGD SRU HO PL QLVWUR -XDQ &DPLOR 5HVWUH SR HQ GyQGH OD DSXHVWD HV SRU HO PHMRUDPLHQWR JHQp WLFR GH ORV ERYLQRV HVD VH YXHOYH XQD PHWD DOFDQ]D EOH SDUD &RORPELD 3DUD HVD LQLFLDWLYD HO *RELHUQR GHVWLQy PLOORQHV FLIUD TXH SURPH WH QR VROR WUDEDMDU HQ PH MRUDPLHQWR GH OD JHQpWLFD DQLPDO VLQR TXH DO PLVPR WLHPSR VH HQIRFD HQ SDVWRV \ PDTXLQDULD RWURV GRV VHJPHQWRV TXH UHTXLHUHQ XQD SURQWD LQWHUYHQFLyQ SDUD VXSHUDU ORV REVWiFX ORV GH OD DFWLYLGDG $QWH HVWD SURSXHVWD ORV SURGXFWRUHV GH FDUQH \ OH FKH HVSHUDQ TXH VH LQFUH PHQWH FRQVLGHUDEOHPHQWH OD SURGXFWLYLGDG GHO VHF WRU OR TXH OH DEULUi ODV SXHUWDV D ORV PHUFDGRV LQ WHUQDFLRQDOHV HQ HVSHFLDO DO GH (VWDGRV 8QLGRV TXH D SHVDU GH TXH \D WHQHPRV XQ 7UDWDGR GH /LEUH &R PHUFLR VLJXH HVWDQGR FH UUDGR SDUD OD FDUQH FRORP ELDQD HQWUH RWUDV UD]RQHV SRUTXH GLFKD QDFLyQ QR KD UHFRQRFLGR HO HVWDWXV VDQL WDULR GHO JDQDGR FRORPELD QR FRPR OLEUH GH ILHEUH DI WRVD FRQ YDFXQDFLyQ OR TXH GHMD HQ OD PHVD RWUR WHPD GH GHEDWH

$*3$6-" (3"5*4 $0/


3&416&45"4 4&(6/%" 26*/$&/" +6-*0 %&

#1" FTUÈO BM BMDBODF EF UPEPT MPT TFDUPSFT 3DUD %HDWUL] $UULHWD UHVSRQVD EOH GH &XVWRGLD \ GHO SURJUDPD $JUR9LGD GH %D\HU &URS6FLHQFH HQ 5HJLyQ $QGLQD HVWDU D OD YDQJXDU GLD HQ HO DJUR LPSOLFD WHQHU %XHQDV 3UiFWLFDV $JUtFRODV 6HJ~Q OD H[SHUWD DGRSWDUODV QR VROR JDUDQWL]D XQD PHMRU SURGXF FLyQ VLQR WDPELpQ PiV RSRUWXQL GDGHV FRPHUFLDOHV FRQ ORV FOLHQWHV

{1PS RVÏ TPO DMBWF MBT #1" /DV %XHQDV 3UiFWLFDV $JUtFRODV %3$ VRQ KHUUDPLHQWDV TXH OH SHU PLWHQ DO DJULFXOWRU PHMRUDU VX SUR FHVR SURGXFWLYR GHVGH GLIHUHQWHV SHUVSHFWLYDV PD\RU UHQWDELOLGDG PD\RU ELHQHVWDU GH ORV WUDEDMDGR UHV LQYROXFUDGRV SURWHFFLyQ GHO PHGLR DPELHQWH

{2VÏ JNQMJDB OP UFOFS FTUF UJQP EF QSPUPDPMPT ,PSOLFD HVWDU XQ SDVR DWUiV GH OD WHQGHQFLD DJUtFROD PXQGLDO FRVWRV LQQHFHVDULRV HQ OD ODERU SURGXFWLYD \ SHUGHU RSRUWXQLGDGHV GH QHJRFLR HQ PHUFDGRV LQWHUQDFLRQDOHV \ JUDQGHV VXSHUILFLHV

NPNFOUP QBSB #1" {$VÈM FT FM NFKPS /D DJULFXOWXUD PXQGLDO VH DGKLH UH FDGD YH] PiV D SURFHVRV VRVWHQL

EOHV \ SRU HVR QR KD\ PHMRU PRPHQWR SDUD TXH ORV DJULFXOWRUHV FRORPELDQRV FRPLHQFHQ D WUDED MDU HQ %3$

{$ØNP TF TBCF TJ IBZ P OP #1" FO MB GJODB

GH OD LPSOHPHQWDFLyQ HVWp GHQWUR GH SDUiPHWURV PDQHMDEOHV SDUD HO DJULFXOWRU

/2.A?6G .??62A. c\PR_N QR .T_\CVQN QR /NfR_

QVFEFO BEPQUBS {&O RVÏ TFDUPSFT TF

/RV SURWRFRORV GH %3$ WLHQHQ XQD OLVWD GH FKH TXHR TXH OH SHUPLWH DO DJULFXOWRU GLDJQRVWLFDU HO HVWDGR GH VX QHJRFLR \ ORV SDVRV D VHJXLU SDUD HV WDU GHQWUR GH ORV UHTXHULPLHQWRV GH ORV SURWRFR ORV VHDQ QDFLRQDOHV FRPR OD 5HVROXFLyQ GHO ,&$ R LQWHUQDFLRQDOHV FRPR *OREDO* $ 3

([LVWHQ SURWRFRORV GH %3$ SDUD WRGRV ORV FXOWLYRV HOORV QR VH HQ PDUFDQ HQ XQR HVSHFtILFR WDPELpQ KD\ SURWRFRORV GH %XHQDV 3UiFWLFDV *DQDGHUDV 3RUFtFRODV 3HFXDULDV GH 0DQXIDFWXUD« +D\ SDUD WRGDV ODV QHFHVLGDGHV

QSPEVDDJØO DPSSJFOUF {$ØNP USBOTGPSNBS VOB

{4F IBDF BMHP QBSB QSPNPWFS TV VTP

(V XQ SURFHVR TXH OR SULPHUR TXH QHFHVLWD HV WRPDU OD GHFLVLyQ GH LPSOHPHQWDU GH DKt HQ DGH ODQWH VH UHTXLHUH FRQVWDQFLD \ HVIXHU]R SDUD DO FDQ]DU OD FHUWLILFDFLyQ 8Q EXHQ LQLFLR VHUtD XQ GLDJQyVWLFR %3$ TXH OH LQGLFDUi DO SURGXFWRU XQD UXWD D VHJXLU SDUD REWHQHU OD FHUWLILFDFLyQ

'HVGH %D\HU HVWDPRV FRQYHQFL GRV GH TXH ODV %3$ OH SHUPLWHQ DO DJULFXOWRU PDQHMDU DGHFXDGDPHQWH ORV SUREOHPDV ILWRVDQLWDULRV GH VX FXOWLYR \ OR SURPRYHPRV D GLDULR D WUDYpV GH QXHVWUD IXHU]D GH YHQWDV &RQ OD LPSOHPHQWDFLyQ GH ORV PR GHORV GH 0DQHMR ,QWHJUDGR GH 3OD JDV HO DJULFXOWRU REWLHQH HO Pi[LPR EHQHILFLR GH QXHVWUR SRUWDIROLR SDUD VX FXOWLYR

{&T OFDFTBSJP IBDFS FM DBNCJP EF VOB TPMB WF[ 8QD FHUWLILFDFLyQ HQ %3$ HV XQ SURFHVR TXH UH TXLHUH WLHPSR HVIXHU]R H LQYHUVLyQ SDUD SRGHU LPSOHPHQWDUOR GH PDQHUD TXH HV LPSRUWDQWH WH QHU VLHPSUH SUHVHQWH TXH QR VH WUDWD GH XQ FDP ELR TXH SRGHPRV KDFHU GH OD QRFKH D OD PDxDQD

{$ØNP FTUÈ $PMPNCJB

{2VÏ UBO DPTUPTP QVFEF TFS UFOFS FM QSPUPDPMP +DVWD DKRUD OR TXH KHPRV WUDEDMDGR DO DSR \DU OD LPSOHPHQWDFLyQ GH %3$ HV DGDSWDU HO SURFHVR SURGXFWLYR D ODV H[LJHQFLDV GH ORV SUR WRFRORV GH PDQHUD TXH HO LPSDFWR HFRQyPLFR

&257(6Ë$

(VWDPRV DYDQ]DQGR (Q FXOWLYRV WUDGLFLRQDOHV FRPR EDQDQR FDIp \ IORUHV VRPRV ORV H[SHUWRV \ HQ ORV FXOWLYRV GH FRQVXPR QDFLRQDO \ GH SURPHVD H[SRUWDGRUD HVWDPRV HQ ODV HWDSDV LQLFLDOHV


Á-5*."4 /05*$*"4 4&(6/%" 26*/$&/" +6-*0 %&

4"/*5"3*0

'*/"/;"4

(0#*&3/0

&M *$" GPSUBMFDF $SÏEJUP QBSB FM DBNQP QPS CJMMPOFT (PCJFSOP BMDBO[Ø UPEPT MPT DPOUSPMFT )LQDJUR HQWUHJy FUp FXPSOLHQGR HO 3ODQ ,QGLFDWLYR HQ FRQ NJMMØO EF IFDUÈSFBT GLWRV SDUD HO FDPSR HQ MXQLR FRORFDFLRQHV SRU ELOORQHV UHSUHVHQ FO MPT QVFSUPT GPSNBMJ[BEBT OR TXH HTXLYDOH D PL WDGRV HQ RSHUDFLRQHV 'H FDUD DO WUDWDGR GH OLEUH FRPHUFLR FRQ (VWDGRV 8QLGRV \ FRQ ORV GHPiV SDtVHV FRQ ORV FXDOHV VH HVWiQ VXVFULELHQGR DFXHUGRV FRPHUFLDOHV HO ,QVWLWXWR &RORP ELDQR $JURSHFXDULR ,&$ KD GHILQLGR FRPR SULRULGDG HO IRUWDOHFLPLHQWR HQ SXHU WRV DHURSXHUWRV \ SDVRV IURQWHUL]RV FRQ HO ILQ GH PDQWHQHU OD VDQLGDG DJURSHFXDULD GHO SDtV DGHPiV GH IDFLOLWDU D ORV H[SRUWD GRUHV H LPSRUWDGRUHV ORV SURFHVRV GRFX PHQWDOHV TXH VX DFWLYLGDG LPSOLFD 'H HVWD PDQHUD VH FUHy HO JUXSR QDFLR QDO GH &XDUHQWHQD 9HJHWDO HO FXDO WLHQH OD WDUHD GH FHUWLILFDU ODV LPSRUWDFLRQHV \ H[ SRUWDFLRQHV \ GH SUHYHQLU HO LQJUHVR \ GLV SHUVLyQ GH SODJDV UHJODPHQWDGDV DGHPiV GH DMXVWDU OD LPSOHPHQWDFLyQ GH LQVSHFFLyQ VLPXOWiQHD HQ DHURSXHUWRV \ HVWUXFWXUDU HO VLVWHPD GH FXDUHQWHQD \ SRVW HQWUDGD DO SDtV HQWUH RWUDV IXQFLRQHV

$6-5*704

6OB PQPSUVOJEBE QBSB GPSUBMFDFS MB DBDBPDVMUVSB

2`aN _RQ `RPa\_VNY R` YN [VPN ^bR ReV`aR QR R`aR aV]\ R[ a\Q\ RY ]N~` (O \ GH MXOLR SDVDGRV VH FRQIRUPy OD 5HG 1DFLRQDO GH 2UJDQL]DFLRQHV GH 3HTXH xRV 3URGXFWRUHV GH &DFDR TXH SHUPLWLUi DJUHPLDU DUWLFXODU H LQWHJUDU HV WDV RUJDQL]DFLRQHV \ VHUYLUi GH KHUUDPLHQ WD SDUD OD JHQHUDFLyQ GH RSRUWXQLGDGHV \ SURPRFLyQ GHO IRUWDOHFLPLHQWR \ FDSDFLGDG FRPSHWLWLYD GH ODV RUJDQL]DFLRQHV FDFDR FXOWRUDV GHO SDtV ODV FXDOHV KDQ YHQLGR VLHQGR DSR\DGDV SRU HO 3'$ /D HVWUXFWXUD RUJDQL]DFLRQDO GH OD 5HG HV GH WLSR KRUL]RQWDO OLGHUDGD SRU XQ &R PLWp 5HJLRQDO GRQGH WLHQHQ DVLHQWR ODV RUJDQL]DFLRQHV PLHPEURV \ VHLV &RQVHMRV 5HJLRQDOHV HQ GLIHUHQWHV QRGRV /D FRQIRU PDFLyQ GH OD 5HG FRQVWLWX\H OD SULPHUD LQL FLDWLYD GH SHTXHxRV SURGXFWRUHV HQ OD E~V TXHGD GHO IRUWDOHFLPLHQWR \ UHSUHVHQWDWLYL GDG GHO JUHPLR FDFDRFXOWRU

OORQHV OD PHMRU FLIUD SDUD FXDO TXLHU PHV HQ OD KLVWRULD GH HVWD HQWLGDG 7HQLHQGR HQ FXHQWD ORV UHVXOWDGRV KLV WyULFRV GH MXQLR \ ORV TXH VH KDQ ORJUDGR GHVGH HQHUR HO SULPHU VHPHVWUH KD DUURMD GR UHVXOWDGRV PX\ SRVLWLYRV \D TXH VH HVWi

(O FUHFLPLHQWR GHO VHPHVWUH HV GH UHSUHVHQWDGRV HQ PLOORQHV FRQ UHODFLyQ DO PLVPR SHULRGR GH /RV FUpGLWRV HVWXYLHURQ RULHQWDGRV HQ PiV GH OD PLWDG D LQYHUVLyQ FRQ XQ \ XQ D FDSLWDO GH WUDEDMR

(0#*&3/0

'VFSPO BEKVEJDBEPT GPOEPT QBSBGJTDBMFT (O 0LQLVWHULR GH $JULFXOWXUD DGMXGLFy OD DX GLWRUtD H[WHUQD D ORV IRQGRV SDUDILVFDOHV GHO JDQDGR OD OHFKH HO FDFDR \ OD KRUWLIUXWtFROD /D DXGLWRULD IXH RWRUJDGD D OD ILUPD %GRDXGLW HQ XQ FRQFXUVR GH PpULWRV HQ HO TXH SDUWLFLSDURQ VLHWH ILU PDV /D DXGLWRULD KDEtD VLGR

DQXQFLDGD GHVGH PHGLDGRV GH PD\R SDVDGR FRQ HO SUR SyVLWR GH HVWDEOHFHU OD SHUWL QHQFLD HQ OD WRPD GH GHFL VLRQHV FRPR HO LPSDFWR GH OD SDUDILVFDOLGDG HQ HO VHFWRU SURGXFWLYR /D DXGLWRULD OH SHUPLWLUi DO 0DGU WRPDU ODV GHFLVLRQHV VREUH HVH H[DPHQ SUHYLR WpFQLFR H LPSDUFLDO FXDQGR OR FRQVLGHUH SHUWLQHQWH

(O 3UHVLGHQWH -XDQ 0DQXHO 6DQWRV \ HO PLQLVWUR GH $JULFXO WXUD \ 'HVDUUROOR 5XUDO -XDQ &DPLOR 5HVWUHSR 6DOD]DU FHOH EUDURQ HO GH MXOLR SDVDGR OD KLVWyULFD FLIUD GHO PLOOyQ GH KHFWiUHDV GH WLHUUDV IRUPDOL]D GDV D IDPLOLDV FDPSHVLQDV LQGtJHQDV \ DIUR GHVFHQGLHQWHV TXH KDQ EHQHILFLDGR D PiV GH PLO IDPLOLDV GHVGH DJRVWR GHO ³(V XQD FLIUD PX\ LPSRUWDQWH GH OD FXDO VH VLHQWH PX\ KRQUDGR \ VH XIDQD H[WUHPD GDPHQWH HO *RELHUQR 1DFLRQDO´ DILUPy 5HV WUHSR 'LMR DGHPiV TXH OD WLWXODFLyQ GH WLHUUDV UHIOHMD XQD GH ODV SULRULGDGHV PiV LPSRUWDQ WHV GH OD SROtWLFD DJUDULD \ GH GHVDUUROOR UXUDO GH OD DGPLQLVWUDFLyQ 6DQWRV ³/D LQIRUPDOLGDG HQ OD WHQHQFLD GH OD WLH UUD GH &RORPELD HV XQR GH ORV SUREOHPDV PiV GHOLFDGRV TXH HVWDPRV URPSLHQGR´ VXEUD\y HO PLQLVWUR GH $JULFXOWXUD

$6-5*704

"NFOB[BT DPOUSB FM BMHPEØO DPMPNCJBOP &RQDOJRGyQ HPLWLy XQ FR PXQLFDGR HQ HO TXH DILUPD TXH HO PHUFDGR QDFLRQDO HVWi VLHQGR LQYDGLGR SRU FRQIHF FLRQHV FKLQDV \ SRU KLOD]DV LQGLDV $Vt HQWUH \ ODV LPSRUWDFLRQHV GH KLOD]DV WH[WLOHV \ FRQIHFFLRQHV FUHFLHURQ \ UHVSHFWLYDPHQWH PLHQWUDV ODV H[SRUWDFLRQHV GHO SDtV SHUGLHURQ GLQDPLVPR \ FRPSHWLWLYL GDG SRU OD UHYDOXDFLyQ GHO SHVR 6H J~Q &RQDOJRGyQ ³HVWDV UHDOLGDGHV DPHULWDQ PHGLGDV JXEHUQDPHQWDOHV XUJHQWHV \ QR SXHGHQ VHU UHVXHOWDV HVWUDQJXODQGR DO VHFWRU DOJRGRQHUR´ /D DJUHPLDFLyQ DILUPD DGHPiV TXH OD LQGXVWULD WH[WLO QD FLRQDO HVWi DSURYHFKDQGR OD HQWUDGD HQ YLJRU GHO 7/& FRQ (VWDGRV 8QLGRV SDUD H[LJLU DO DOJRGyQ FR

ORPELDQR PD\RUHV YHQWDMDV TXH ODV GHO DOJRGyQ LPSRUWDGR LPSRQLHQGR FRPR FRQGLFLyQ SDUD FRPSUDU OD ILEUD UHGX FLU VX SUHFLR HQ SRU WRQHODGD OR TXH KDFH TXH HO FXOWLYR GH DOJRGyQ QR VHD YLDEOH HQ WRGR HO WHUULWRULR QD FLRQDO

103 $*&/50

4&3¦ -" 3&%6$$*¶/ %&- ¦3&" : -" 130%6$$*¶/ %& "-(0%¶/ 1"3" -04 %&1"35".&/504 %& -" $045" 1"3" "4&(63"3 -" $0.13" %& -" $04&$)" /"$*0/"-

1&$6"3*0

$PSQPJDB SFBMJ[B TFHVOEB QSVFCB EF MFDIF DSVEB &RUSRLFD UHDOL]DUi OD VHJXQ GD SUXHED LQWHUODERUDWRULR SDUD HO DQiOLVLV GH OD OHFKH FUX GD (O SURFHGLPLHQWR FRQVLVWLUi HQ HQYLDU D WRGRV ORV LQVFULWRV XQD PXHVWUD LGpQWLFD GH OHFKH TXH VHUYLUi FRPR PDWH ULDO GH UHIHUHQFLD SDUD HYDOXDU VX GHVHPSH xR 3DUD JDUDQWL]DU TXH WRGRV ORV ODERUDWR ULRV HVWpQ HQ LJXDOGDG GH FRQGLFLRQHV ODV PXHVWUDV VHUiQ HQYLDGDV GH WDO PDQHUD TXH VHD SRVLEOH VX DQiOLVLV GH PDQHUD IRUPD VL PXOWiQHD HQ ODV GLIHUHQWHV UHJLRQHV GHO SDtV /RV UHVXOWDGRV VH SXEOLFDUiQ HQ OD SiJL QD :HE GH &RUSRLFD HO GH DJRVWR $Vt VH GD FXPSOLPLHQWR D OR HVWDEOHFLGR SRU HO 0LQLVWHULR GH $JULFXOWXUD \ 'HVDUUROOR 5X UDO VREUH HO QXHYR VLVWHPD GH SDJR D ORV SURYHHGRUHV FRQ EDVH HQ OD FDOLGDG GHO SUR GXFWR GHILQLGD HQ JUDPRV GH SURWHtQD JUD VD \ VyOLGRV \ UHFXHQWR GH EDFWHULDV PHVy ILODV FRQWHQLGRV HQ XQ OLWUR GH OHFKH FUXGD



/&(0$*04 4&(6/%" 26*/$&/" +6-*0 %&

&VSPQB $PSFB Z +BQØO MPT EFTUJOPT EF FYQPSUBDJØO EFM MVMP DPMPNCJBOP $ SHVDU GH TXH &RORP ELD DFWXDOPHQWH QR DOFDQ]D D SURGXFLU HO OXOR VXILFLHQWH SDUD DWHQGHU OD GHPDQGD LQWHUQD OD DSXHVWD GH ORV SURGXFWRUHV GH HVWD IUXWD HV KDFLD ORV PHUFDGRV LQ WHUQDFLRQDOHV SULQFLSDO PHQWH SRUTXH VH WUDWD GH XQ DOLPHQWR H[FOXVLYR GH ORV FOLPDV WURSLFDOHV GH DKt TXH HO PD\RU LQWHUpV HVWp HQ (VWDGRV 8QLGRV (XURSD \ $VLD (O FDVR GHO OXOR HV VLPL ODU DO GH OD JUDQ PD\RUtD GH IUXWDV SURGXFLGDV SDUD ORV PHUFDGRV H[WUDQMHURV GRQ GH OD SRVLELOLGDG GH H[SRU WDU HQ IUHVFR HV SUiFWLFD PHQWH LQH[LVWHQWH (V DVt FRPR ODV RSFLRQHV VH OLPL WDQ D SURGXFWRV FRQ YDORU DJUHJDGR TXH HQ HO FDVR GH HVWD IUXWD HQ SDUWLFXODU VH FHQWUD HQ SXOSD \ VDOVD $FWXDOPHQWH &RORPELD OH YHQGH D SDtVHV GH (XUR SD -DSyQ \ &RUHD HQWUH \ WRQHODGDV DQXDOHV (VWD FLIUD YDUtD SRUTXH HO YROXPHQ GH H[SRUWDFLyQ HVWi VXMHWR D OD GLVSRQLELOL GDG GH SURGXFFLyQ

HVWi GLUHFFLRQDQGR HO SUR FHVR GH DSUREDFLyQ GH SUR GXFWRV IUXWDOHV GHVWLQDQGR XQD JUDQ FDQWLGDG GH UHFXU VRV SDUD QLYHODU OD LQIUDHV WUXFWXUD GH ODV HQWLGDGHV TXH OOHYDQ D FDER SURFHGL PLHQWRV ILWRVDQLWDULRV FRQ PLUDV D KDFHU SUHVHQFLD HQ HO PHUFDGR GH (VWDGRV 8QL GRV \ DVt DEULU PiV RSFLR QHV GH QHJRFLDFLyQ /R DQWHULRU VHUtD XQ 3DUD DPSOLDU ODV SRVLEL DYDQFH VLJQLILFDWLYR SDUD HO OLGDGHV GH FRPHUFLDOL]D FUHFLPLHQWR GH ODV H[SRUWD FLyQ &RORPELD OOHYD D FDER FLRQHV GHO OXOR GHELGR D DFWXDOPHQWH WRGR XQ SUR TXH GHVGH KDFH DxRV VH KD JUDPD SDUD PHMRUDU ORV HV LQWHQWDGR LQWURGXFLU HVWH FXOWLYR HQ (VWDGRV 8QLGRV WiQGDUHV GH SURGXFFLyQ (V DVt FRPR WDQ SURQWR GH IRUPD H[WHQVLYD H[DFWD ILQDOL]D OD HWDSD GH DQiOLVLV PHQWH HQ HO HVWDGR GH /D GH ULHVJRV ILWRVDQLWDULRV GH )ORULGD VLQ UHVXOWDGRV H[L SODJDV SRU SDUWH GHO &() WRVRV TXH VHJ~Q H[ GRQGH DFWXDOPHQWH VH DGH SRUWDGRUHV VH ODQWDQ HQVD\RV SUHYLRV DO GHEH DO GHV WUDWDPLHQWR GH YDSRU FD FRQRFL OLHQWH HQ HO FHQWUR GH H[FH OHQFLD GH PLWLJDFLyQ GH SODJDV &HPLS FRQ OD IL QDOLGDG GH TXH VH DSUXHEHQ ODV PHGLGDV GH PLWLJDFLyQ GH SODJDV (O *RELHUQR HQ HO PDUFR GHO 7/& 3HUR HVH QR HV HO ~QLFR REVWiFXOR TXH H[LVWH SDUD FRPHUFLDOL]DU OD IUXWD SXHV DGHPiV GH OD RIHUWD ORV SD UiPHWURV VDQLWDULRV TXH VH PDQHMDQ HQ HO SDtV OH LPSL GHQ D ORV SURGXFWRUHV SRU HMHPSOR HQWUDU D PHUFDGRV FRPR HO GH (VWDGRV 8QLGRV D SHVDU GH TXH \D H[LVWH XQ 7UDWDGR GH /LEUH &RPHUFLR 461&3"3 130#-&."4

i-"4 $0/%*$*0/&4 %&- $6-5*70 1&3.*5&/ 26& $3&;$" $0/ .":03 $"-*%"% : 4& $6&/5& $0/ 6/" 1-"/5" &'&$5*7"u 1&%30 $"$6" "HSØOPNP

-"4 13*/$*1"-&4 ;0/"4 130%6$503"4 &O MB BDUVBMJEBE OP FYJTUF VOB DBEFOB DPOTUJUVJEB EFM MVMP FO FM QBÓT TJO FNCBSHP MPT QSPEVDUPSFT IBO EFTBSSPMMB EP BMJBO[BT QBSB NFKPSBS MB QSPEVDUJWJEBE EFM DVMUJWP MP RVF IBTUB FM NPNFOUP MFT IB QFSNJUJEP FYQPSUBS B MPT NFSDBEPT JOUFS OBDJPOBMFT 4FHÞO FM .JOJTUFSJP EF "HSJDVMUVSB Z %FTBSSPMMP 3VSBM FO MB QSPEVDDJØO EF FTUF GSVUP GVF EF UPOFMBEBT JEFOUJGJ DÈOEPTF FM EFQBSUBNFOUP EFM )VJMB DPNP FM NBZPS QSPEVDUPS DPO UPOFMBEBT &O FTF PSEFO EF JEFBT MF TJHVJFSPO 7BMMF EFM $BVDB #PZBDÈ 5PMJNB Z 4BOUBOEFS 4F FTUJNB RVF QBSB FTF B×P MBT IFDUÈSFBT DPTFDIBEBT BTDFOEJFSPO B DJGSB JOUFSFTBOUF RVF EFNVFTUSB RVF BVORVF FM UFSSFOP EFTUJOBEP BM MVMP OP FT NVZ HSBOEF FO DPNQBSBDJØO DPO PUSPT MBT DPOEJDJPOFT EF $PMPNCJB TPO QSPQJDJBT QBSB TV EFTBSSPMMP

&- %"50

50/&-"%"4 %& -6-0

$0-0.#*"/0 4& &91035"/ &/ 130.&%*0 "- "µ0 " -04 1"±4&4 %& &6301" "%&.¦4 %& $03&" : +"1¶/

9N ZRaN R` Re]\_aN_ YbY\ S_R`P\ N Y\` ZR_PNQ\` PYNcR

PLHQWR GH HVWH IUXWR HQ HO SDtV GHO QRUWH (QWUH WDQWR H[LVWHQ SH TXHxDV H[WHQVLRQHV GH WLH UUD VHPEUDGDV TXH SURGX FHQ OXOR GXUDQWH HO LQYLHU QR OR TXH VLJQLILFD TXH HV XQ FXOWLYR FRQ SRVLELOLGD GHV GH WUDQVIRUPDUVH D SH VDU GHO FOLPD $0.&3$*"-*;"$*»/ (O OXOR FRORPELDQR VH H[SRUWD HQ HPSDTXHV GH SROLSURSLOHQR ORV FXDOHV WLHQHQ ORV FRORUHV GH OD EDQ GHUD TXH LGHQWLILFDQ HO OX JDU GH RULJHQ GHO SURGXFWR HVWR FRPR SDUWH GH XQD HV WUDWHJLD TXH EXVFD JHQHUDU UHFRUGDFLyQ HQ HO FRQVXPL GRU OR TXH DO PLVPR WLHP SR SHUPLWH JDUDQWL]DU FRP SUDV IXWXUDV DVt FRPR OD DPSOLDFLyQ GH OD GHPDQGD FRQ QXHYRV FRQVXPLGRUHV $~Q DVt OD DSXHVWD HV OOHJDU D HVH PHUFDGR FRQ HO IUXWR HQWHUR \ SDUWLGR D OD PLWDG SDUD TXH PXHVWUH VX IUHVFXUD FRORUDFLyQ \ HVWD GR \ DVt VH LPSXOVH HO FRQVXPR LQ PHGLDWR

(VWR VH FRQYLHUWH HQ XQ IDFWRU IXQGDPHQWDO SDUD TXH ORV LQGLFDGRUHV GH FRQ VXPR VH HOHYHQ HQ (VWDGRV 8QLGRV $GHPiV OOHJDU D HVH QLFKR FRQ YDORU DJUHJD GR SHUPLWH XQ PHMRU SDQR UDPD SDUD ORV SURGXFWRUHV ORFDOHV \D TXH VH RIUHFH XQ SURGXFWR DWUDFWLYR TXH JD UDQWL]D D~Q PiV OD FRPSUD 6LQ HPEDUJR OD FODVLIL FDFLyQ DUDQFHODULD DFWXDO GHWHUPLQD TXH OD SUHVHQWD FLyQ GHO OXOR HV GH FDUiFWHU SURFHVDGR HV GHFLU TXH OD ~QLFD IRUPD GH FRPHUFLDOL ]DUOR HV D WUDYpV GH FRQVHU YDV \ SXOSD 'HELGR D TXH &RORPELD WRGDYtD QR WLHQH ORV QLYHOHV PiV LGyQHRV GH SURGXF FLyQ GH KHFKR KR\ VH LP SRUWD SDUWH GH OD IUXWD GH (FXDGRU TXH OD ~QLFD DOWHU QDWLYD GH H[SRUWDFLyQ VHD D WUDYpV GH SURFHVDGRV OH SHUPLWH D ORV SURGXFWRUHV FUHDU LQYHQWDULRV ORV FXDOHV VRQ HVWUDWpJLFRV SXHV VH GLVSRQH GH XQ FRQWLQJHQWH MXVWR HQ HO PRPHQWR HQ HO TXH HO FOLHQWH LQWHUQDFLRQDO OR UHTXLHUH


1&$6"3*0 4&(6/%" 26*/$&/" +6-*0 %&

"QVFTUB QPS DPOTFSWBS FM FTUBUVT 'HVGH HO &RORPELD HV XQR GH ORV SDtVHV OL EUHV GH ILHEUH DIWRVD HQIHU PHGDG HSLGpPLFD TXH DIHF WD D ORV JDQDGRV ERYLQR RYLQR SRUFLQR FDSULQR \ EXIDOLQR FDXViQGROHV OD DSDULFLyQ GH ~OFHUDV HQ OD ERFD \ HURVLRQHV GH YHVtFX ODV HQ SDWDV \ XEUH DGHPiV GH ILHEUHV DOWDV /D ILHEUH DIWRVD VH GLIXQ GH SRU YtD UHVSLUDWRULD KD FLHQGR TXH HO FRQWDFWR GH DQLPDOHV HQIHUPRV FRQ ORV VDQRV SXHGD DIHFWDU D JUDQ GHV SREODFLRQHV ³$ HVWR VH D~QD TXH XQ DQLPDO HQIHU PR TXH VH WUDQVSRUWH SXHGH RULJLQDU D GRQGH OOHJXH JUDQGHV EURWHV GH OD HQIHU PHGDG GH PDQHUD PX\ Ui SLGD´ DILUPD ,VPDHO =~xL JD VXEJHUHQWH GH VDQLGDG DQLPDO GH )HGHJDQ /D FHUWLILFDFLyQ FRPR SDtV OLEUH GH ILHEUH DIWRVD JDUDQWL]D TXH ORV DQLPDOHV TXH VH H[SRUWDQ QR HVWiQ FRQWDPLQDGRV FRQ GLFKD HQIHUPHGDG 6LQ HPEDUJR HO FRQWUDEDQGR GH JDQDGR SURYHQLHQWH GH SDtVHV FRPR 9HQH]XHOD \ (FXDGRU SRQH HQ ULHVJR HO HVWDWXV VDQLWD ULR FRQ HO TXH FXHQWD QXHV WUR SDtV 3DUD =~xLJD HVRV GRV SDtVHV QR KDQ UHDOL]DGR ODV PLVPDV DFFLRQHV TXH &R ORPELD \ SRU HVD UD]yQ HO YLUXV FLUFXOD HQ VXV WHUULWR ULRV \ KD\ ERYLQRV DIHFWD GRV SRU OD HQIHUPHGDG ³(VWR QRV H[SRQH D GLDULR D TXH VH UHSURGX]FD OD LQIHF FLyQ HQ QXHVWURV DQLPDOHV \ D LQLFLDU WRGR HO SURFHVR GH HUUDGLFDFLyQ \ GH FHUWLILFD FLyQ FRPR VL DTXt WXYLpUD PRV OD HQIHUPHGDG´ 6HJ~Q HO PLQLVWUR GH $JULFXOWXUD \ 'HVDUUROOR 5XUDO -XDQ &DPLOR 5HVWUH SR ³HO PiV JUDYH GH ORV FRQWUDEDQGRV HV HO GH JDQD GR HQ SLH GHELGR D TXH KD\ PDILDV GH ORV GRV ODGRV GH OD IURQWHUD (O GtD TXH OOH JXH OD DIWRVD DO SDtV VH SLHU GH HO WUDEDMR TXH KHPRV KH FKR HQ &RORPELD´ $XQTXH HQ &RORPELD H[LVWH XQD DSOLFDFLyQ FtFOLFD GH OD YDFXQD FRQWUD OD ILH EUH DIWRVD OR TXH VHJ~Q =~ xLJD ³SURWHJH H LQPXQL]D D ORV DQLPDOHV \ HQ FDVR GH TXH HQWUH HO YLUXV HO LPSDF WR VHD PHQRU HQ WpUPLQRV GHO Q~PHUR GH DQLPDOHV LQ IHFWDGRV \ GH FRVWRV SDUD OD HUUDGLFDFLyQ GH OD HQIHUPH GDG´ HO ,&$ KD LPSOHPHQ WDGR XQD VHULH GH PHGLGDV SDUD TXH HO SDtV QR WHQJD TXH DIURQWDU HVWDV FRQVH FXHQFLDV SRU OD OOHJDGD GHO YLUXV DO SDtV D WUDYpV GHO FRQWUDEDQGR GH JDQDGR SURYHQLHQWH GH 9HQH]XHOD \ (FXDGRU 6HJ~Q 5DIDHO 6DQPL JXHO VXEJHUHQWH GH SURWHF

9\` PVPY\` QR cNPb[NPV [ P\[a_N YN NSa\`N `R UNPR[ Q\` cRPR` NY N \

$0.130.*404 &/53& $0-0.#*" : &$6"%03 &OUSF MPT DPNQSPNJTPT RVF $PMPNCJB Z &DVBEPS FTUÈO BEF MBOUBOEP TF FODVFOUSBO MB BSNPOJ[BDJØO FO TJTUFNBT EF JOGPSNBDJØO FOUSF MPT EPT QBÓTFT MB VOJGJDBDJØO EF DPODFQUPT Z QSPDFEJNJFOUPT QBSB MB WJHJMBODJB Z DPOUSPM EF MB FOGFSNF EBE FO MB GSPOUFSB MB DPPQFSBDJØO UÏDOJDB Z DBQBDJUBDJØO DPOKVOUB Z FM EFTBSSPMMP EF FTUSBUFHJBT EF DPNVOJDBDJØO FO MB [POB EF GSPOUFSB " SBÓ[ EF MB DBQBDJUBDJØO UÏDOJDB TF MMFWB SÈ B DBCP VO TJNVMBDSP SFHJPOBM FO FM TFHVOEP TFNFTUSF EF FTUF B×P Z MB TPDJBMJ[BDJØO EF NFUPEPMPHÓBT Z FYQFSJFODJBT B USBWÏT EF MB SFE EF TFOTPSFT FO $PMPNCJB Z FM BQPZP BM GPSUB MFDJNJFOUP EF MB DBQBDJEBE EJBHOØTUJDB FO 11$ RVF $PMPNCJB CSJOEBSÈ B &DVBEPS

i&450 /04 &910/& " %*"3*0 " 26& 4& 3&130%6;$" -" */'&$$*¶/ &/ /6&45304 "/*."-&4 : " */*$*"3 50%0 &- 130$&40 %& &33"%*$"$*¶/u

i4& )" "%&-"/5"%0 53"#"+0 $0/ "(30$"-*%"% : $0/ &- */*" 26& 40/ -04 )0.¶-0(04 %&- *$" &/ &$6"%03 : &/ 7&/&;6&-" 3&41&$5*7".&/5&u

*4."&- ;Áº*(" 4VCHFSFOUF EF TBOJEBE EF 'FEFHBO

3"'"&- 4"/.*(6&- 4VCHFSFOUF EF QSPUFDDJØO GSPOUFSJ[B EFM *$"

FLyQ IURQWHUL]D GHO ,&$ DO JXQDV GH HVDV HVWUDWHJLDV KDQ VLGR HO UHIXHU]R GH ODV YDFXQDFLRQHV HQ ODV IURQWH UDV HO HVWDEOHFLPLHQWR GH ]RQDV GH DOWD YLJLODQFLD FRQ SDtVHV YHFLQRV OD SXHVWD HQ PDUFKD GH SXHVWRV GH FRQ WURO SDUD YHULILFDU TXH OD PRYLOL]DFLyQ GH DQLPDOHV VH KDJD EDMR ODV FRQGLFLR QHV UHTXHULGDV \ VH KD DGH ODQWDGR WUDEDMR FRQ $JURFD OLGDG \ FRQ HO ,QLD ORV KR PyORJRV GHO ,&$ HQ (FXD GRU \ HQ 9HQH]XHOD UHVSHF WLYDPHQWH (O ,&$ DQXQFLy HVWH PHV TXH HV IXQGDPHQWDO HVWD EOHFHU XQD FRRSHUDFLyQ SHUPDQHQWH HQ HO PRPHQWR GH HVWDEOHFHU DFFLRQHV TXH SHUPLWDQ PHMRUDU HO HVWDWXV VDQLWDULR HQ DPERV SDtVHV 3RU HVD UD]yQ GXUDQWH HO VHJXQGR VHPHVWUH GH HVWH DxR \ HQ OD SULPHUD PLWDG GHO VH GHVDUUROODUiQ DFWLYLGDGHV FRQMXQWDV HQ OD IURQWHUD SDUD XQLILFDU FULWH ULRV GH FRQWURO \ YLJLODQFLD

&- %"50

1"¶4&4 %&- .6/%0 &45¦/ -*#3&4 %& '*&#3& "'504" %&4%& &- "µ0 $0-0.#*" )"$& 1"35& %& &45& (3610


/&(0$*04 4&(6/%" 26*/$&/" +6-*0 %&

"QSPWFDIF MBT WFOUBKBT EFM NBÓ[ $XQTXH SDUH]FD TXH VH WUDWD GH XQ WHPD TXH QR WLH QH TXH YHU FRQ &RORPELD TXH HQ ORV SDtVHV DVLiWLFRV HVWpQ FDPELDQGR OD GLHWD \ RSWHQ SRU SURWHtQDV DQLPD OHV OH SHUPLWH D ORV SURGXFWR UHV ORFDOHV GH PDt] PHMRUDU VX SHUVSHFWLYD SXHV HV FODUR TXH DGHPiV GH GHVWLQDUVH D OD DOLPHQWDFLyQ KXPDQD HVWH SURGXFWR VH HPSOHD HQ OD IDEULFDFLyQ GH FRQFHQWUD GRV SDUD DQLPDOHV 3UHYLHQGR OD RSRUWXQL GDG FRPHUFLDO HO iUHD FXOWL YDGD GH PDt] HQ JUDQ SDUWH GHO WHUULWRULR VH KD YHQLGR LQFUHPHQWDQGR FRQ ORV DxRV SDVDQGR GH KHFWiUHDV HQ D HVWLPDGDV SDUD < OD SUR\HFFLyQ SDUD DVFLHQGH D KHFWiUHDV 6HJ~Q HVWDGtVWLFDV GHO 0LQLVWHULR GH $JULFXOWXUD \ )HQDOFH FRQ HO PDt] SURGX FLGR ORFDOPHQWH KR\ VH VXSOH VROR GH OD GHPDQGD LQ WHUQD GHMiQGROH HO UHV WDQWH D ODV LPSRUWDFLRQHV 1R REVWDQWH SDUD ORV SUy[LPRV GRV DxRV VH HVSHUD FXEULU HO SUHFLVD PHQWH SRU HO DXPHQWR HQ HO iUHD FXOWLYDGD SUHYLVWD &'&$5*7*%"% 3DUD HO PLQLVWUR -XDQ &DPLOR 5HVWUHSR JUDFLDV DO C3ODQ 3DtV 0Dt]C TXH EXVFD LQFHQWLYDU OD VLHPEUD \ YRO YHU DO VHFWRU PiV SURGXFWL YR HQ HO ~OWLPR DxR VH SXGR UHGXFLU HQ OD LPSRUWD FLyQ GHO FHUHDO ³< OD DSXHVWD HV EDMDU PXFKR PiV OD GH SHQGHQFLD GHO PDt] GH (VWD GRV 8QLGRV \ ORV SDtVHV GHO 0HUFRVXU´ PHWD TXH VH YLH QH ORJUDQGR GHVGH 6HJ~Q HO JHUHQWH GH )H QDOFH +HQU\ 9DQHJDV KDQ VLGR PXFKRV ORV IDFWRUHV TXH KDQ SHUPLWLGR TXH ORV DJULFXOWRUHV VH HQIRTXHQ HQ HVWH FXOWLYR GH FLFOR FRUWR ³+R\ HO SUHFLR HQ OD %RO VD GH &KLFDJR VXSHUy ORV 86 SRU WRQHODGD OR TXH YXHOYH DO FHUHDO SURGXFL

.PabNYZR[aR `\Y\ RY & QR YN QRZN[QN V[aR_[N QR ZN~g `R `b]YR P\[ YN ]_\QbPPV [ Y\PNY R`\ QRZbR`a_N ^bR YN VZ]\_aNPV [ N [ R` [RPR`N_VN

i$0/ &- $0.1035".*&/50 %& -04 13&$*04 */5&3/"$*0/"-&4 26& 4& 7& "$56"-.&/5& &4 .6$)0 .¦4 3&/5"#-& $0.13"3 &- ."±; 130%6$*%0 %&/530 %&- 1"±4u )&/3: 7"/&("4 (FSFOUF EF 'FOBMDF

%*4.*/6:& *.1035"$*»/ %&- $&3&"-

GR HQ &RORPELD PXFKR PiV EDUDWR TXH HO TXH VH SXHGD LPSRUWDU´ H[SOLFy HO GLUL JHQWH JUHPLDO TXLHQ DJUHJy TXH D HVWH IDFWRU VH VXPDQ OD JUDQ GHPDQGD LQWHUQDFLRQDO \ OD FREHUWXUD SRU SUHFLR LQ WHUQDFLRQDO

$GHPiV HO *RELHUQR RIUHFH XQ LQFHQWLYR DO WUDQV SRUWH IDFLOLGDGHV SDUD DFFH GHU D FUpGLWR VXEDVWDV VH JXURV DJURSHFXDULRV \ DVLV WHQFLD WpFQLFD ³6L KR\ QRV FRPSDUiUD PRV FRQ (VWDGRV 8QLGRV

HV HYLGHQWH TXH QR WHQGUtD PRV QDGD TXH KDFHU SULQ FLSDOPHQWH SRU HO WHPD GH UHQGLPLHQWR´ H[SOLFy 9D QHJDV 6LQ HPEDUJR DFODUy TXH HO PHUFDGR HV WDQ JUDQGH TXH KD\ HVSDFLR SDUD WRGRV

-B NFUB EFM (PCJFSOP Z EFM TFDUPS DFSFBMFSP FT EJTNJOVJS MBT JNQPSUBDJPOFT Z EF IFDIP FM B×P QBTBEP FTUBT TF SFEVKFSPO 4FHÞO FTUBEÓT UJDBT EFM .JOJTUFSJP EF "HSJDVMUVSB Z %FTBSSPMMP 3VSBM FM B×P QBTBEP TF JNQPSUBSPO NJMMPOFT EF UPOFMBEBT QPS VO WBMPS EF 64 NJMMPOFT i1FSP DPO FM DPNQPSUBNJFOUP EF MPT QSFDJPT JOUFSOBDJPOBMFT BIPSB FT NÈT SFOUBCMF DPN QSBS FM RVF TF QSPEVDF BRVÓw EJKP FM HFSFOUF EF 'FOBMDF )FOSZ 7BOFHBT 1BSB FM EJSJ HFOUF HSFNJBM BVORVF IPZ $PMPNCJB OP TFB UBO DPNQF UJUJWP GSFOUF B PUSPT QSPEVD UPSFT QSPHSBNBT DPNP A1MBO 1BÓ[ .BÓ[ JNQVMTBO FM EFTB SSPMMP EFM TFDUPS

&- %"50

.*--0/&4 %& 50/&-"%"4

%& ."±; $0/46.& "$56"-.&/5& &- .&3$"%0 -0$"- : -" 130%6$$*¶/ 5*&/& 6/ 7"-03 %& #*--¶/


1&$6"3*0 4&(6/%" 26*/$&/" +6-*0 %&

1PSDJDVMUPSFT EFCFO CBKBS MPT DPTUPT EF QSPEVDDJØO /D H[SHFWDWLYD TXH WLH QHQ ORV SRUFLFXOWRUHV FR ORPELDQRV HV FUHFHU HVWH DxR VREUH SHUR HO UHWR GHO UHQJOyQ HQ HO IXWXUR FHU FDQR HVWi FRQ ORV WUDWDGRV GH OLEUH FRPHUFLR (VWH IXH XQR GH ORV WH PDV SULQFLSDOHV GH 3RUFLD PpULFDV HO FRQJUHVR QDFLRQDO GHO VHFWRU TXH VH UHDOL]y HQ 3HUHLUD \ HQ HO FXDO VH PRVWUy FRQ FDVRV UHDOHV GH GLYHUVRV SDtVHV OR TXH GHEHQ KDFHU ORV HPSUH VDULRV SDUD PHMRUDU ORV HV TXHPDV SURGXFWLYRV TXH OHV GH PD\RU FRPSHWLWLYL GDG GH FDUD D ORV DFXHUGRV FRPHUFLDOHV ³&RQ ORV WUDWDGRV GH (V WDGRV 8QLGRV \ &DQDGi WH QHPRV PiV UHWRV TXH RSRU WXQLGDGHV \ FRQ HO GH &RUHD GHO 6XU YHPRV PXFKDV SRVL

ELOLGDGHV GH HQWUDU HQ HVH PHUFDGR´ GLMR HO SUHVLGHQ WH HMHFXWLYR GH OD $VRFLD FLyQ &RORPELDQD GH 3RUFL FXOWRUHV &DUORV $OEHUWR 0D\D /R H[SUHVDGR SRU HO GL UHFWLYR WLHQH XQ VHQWLGR SDUD FRPSHWLU FRQ ORV SDt VHV GH $PpULFD GHO 1RUWH OD B[\ QR Y\` ZNf\_R` _Ra\` ^bR aVR[R[ Y\` ]\_PVPbYa\_R` QRY ]N~` R` ONWN_ Y\` P\`a\` QR SRUFLFXOWXUD QDFLRQDO GHEH ]_\QbPPV [ ]N_N P\Z]RaV_ R[ ZR_PNQ\` ReaR_[\` f P\[ YN` VZ]\_aNPV\[R` DOLQHDUVH FRQ ORV FRVWRV GH i&* 13*/$*1"- 3&50 %&- 4&$503 &4 SURGXFFLyQ TXH HVWRV SDt WXDOPHQWH ODV LPSRUWDFLR -0(3"3 &426&."4 "40$*"5*704 & VHV PDQHMDQ QHV GH FDUQH GH FHUGR DO */5&(3"$*¶/ 7&35*$"- 10326& &40 4& ³(OORV WLHQHQ EDMRV FRV SDtV QR DOFDQ]DQ D WRWDOL]DU 53"%6$& &/ $04504 %& 130%6$$*¶/ : .&3$"%&0u WRV PXFKD H[SHULHQFLD HQ HO GHO FRQVXPR \ VH $"3-04 "-#&350 .":" DFFHVR D PHUFDGRV VRQ xDOy TXH OD SURGXFFLyQ QD QSFTJEFOUF FKFDVUJWP "TPDJBDJØO $PMPNCJBOB EF 1PSDJDVMUPSFT JUDQGHV H[SRUWDGRUHV \ FLRQDO HVWi FUHFLHQGR D TXHUUiQ HQWUDU D &RORPELD EXHQ ULWPR 3HUR DGPLWH HVWiQ DJUHJDQGR HO FHUGR D VRVWXYR (O SDtV SURGXFH DO (VR LQGLFD TXH D IXWXUR ORV TXH KD\ H[FHVR GH RIHUWD VXV FRPLGDV GLDULDV (VR HV DxR PLOORQHV GH FHU SRUFLFXOWRUHV FRORPELDQRV SRU HVR EXVFDQ JHQHUDU PiV EXHQR SHUR HV LQGLVSHQVD GRV TXH UHSUHVHQWDQ GHEHQ SUHSDUDUVH PX\ ELHQ FRQVXPR FRQ FDPSDxDV \ EOH TXH HO SRUFLFXOWRU PHMR WRQHODGDV GH FDU UH VXV FRVWRV GH SURGXFFLyQ QH (Q ORV ~OWLPRV DxRV OD SDUD FRPSHWLU FXDQGR HO GLQDPL]DQGR OD GHPDQGD DUDQFHO VHD FHUR´ DJUHJy ³+D\ XQD WHQGHQFLD TXH SDUD DEULU PHUFDGRV \ GDU SURGXFFLyQ KD FUHFLGR XQ (O GLUHFWLYR LQGLFy TXH DF VHxDOD TXH ORV FRORPELDQRV YDORU FRQ QXHYRV FRUWHV´ HQ SURPHGLR DQXDO

4*(6& #"+0 &- $0/46.0 : 13&$*0 &M DPOTVNP EF DBSOF EF DFSEP TJHVF TJFOEP CBKP FO $PMPNCJB DPNQBSBEP DPO PUSPT QBÓTFT JODMVTP EF MB SFHJØO 4FHÞO MB "TPDJBDJØO $PMPNCJBOB EF 1PSDJDVMUPSFT BDUVBMNFOUF FT EF LJMPT QPS QFSTPOB BM B×P NJFOUSBT FM QSPNFEJP NVOEJBM FTUÈ QPS FODJNB EF MPT LJMPT )PZ VO LJMPHSBNP EF DFSEP FO QJF FTUÈ B RVF EFKB EF BDVFSEP B MB BHSF NJBDJØO VO NBSHFO EF SFO UBCJMJEBE BM QSPEVDUPS QFRVF×P DBTJ B SBT DPO MPT DPTUPT EF QSPEVDDJØO

&- %"50

103 $*&/50 &/ 130.&%*0 %63"/5& -04 ¼-5*.04 "µ04 )" $3&$*%0 -" 130%6$$*¶/ %& $"3/& %& $&3%0


"(3¶$0-" 4&(6/%" 26*/$&/" +6-*0 %&

'SVUBT Z GMPSFT TVQFSBO BM DBGÏ FO FM 1*# EFM BHSP /D UHYDOXDFLyQ OD DSD ULFLyQ GH OD UR\D \ ORV HIHF WRV GHO LQYLHUQR KDQ VLGR VXILFLHQWHV SDUD TXH HO FXO WLYR GH FDIp HQ HO SDtV VHD XQR GH ORV PiV DIHFWDGRV GHO DJUR HQ PDWHULD GH SURGXFWLYLGDG < SUHFLVDPHQWH ODV GLIL FXOWDGHV SRU ODV TXH KD WH QLGR TXH DWUDYHVDU OD FDIL FXOWXUD HQ ORV ~OWLPRV FXD WUR DxRV OH SDVDURQ XQD FODUD FXHQWD GH FREUR DO VXEVHFWRU FRQ UHVSHFWR D OD SDUWLFLSDFLyQ TXH DFWXDO PHQWH WLHQH GHQWUR GHO 3URGXFWR ,QWHUQR %UXWR 3,% DJURSHFXDULR 6HJ~Q XQ HVWXGLR GH OD 6RFLHGDG GH $JULFXOWRUHV GH &RORPELD 6$& PLHQ WUDV TXH SDUD HO HO FDIp SHVDED GHQWUR GHO 3,% DO WpUPLQR GHO DxR SDVDGR HO LQGLFDGRU VH XELFy HQ GDWR TXH RWURV VXEVHFWRUHV FRPR IUXWDV \ IORUHV \D VREUHSD VDURQ FRQ \ UHVSHFWLYDPHQWH /DV UD]RQHV TXH H[SOL FDQ HVH FRPSRUWDPLHQWR TXH YDOH OD SHQD DFODUDU TXH KDFH UHIHUHQFLD D SUH FLRV FRQVWDQWHV GH ODV KD VHxDODGR HQ LQFRQ WDEOHV RSRUWXQLGDGHV OD )HGHUDFLyQ 1DFLRQDO GH &DIHWHURV DQWH ODV FUtWLFDV GHO *RELHUQR (QWUH ORV PRWLYRV HVWi OD UHQRYDFLyQ GH FDIHWDOHV

$0/4&37" 46 1"1&- &/ -" 10#-"$*»/ 1BSB -VJT (FOBSP .V×P[ HFSFOUF EF MB 'FEFSBDBGÏ MB NFUB FT NFKPSBS MPT JOEJDB EPSFT FOUSF PUSBT SB[POFT QPSRVF TF USBUB EF VO TFDUPS RVF BQPSUB B MB QPCMBDJØO SVSBM EFM QBÓT i" QFTBS EF MB DBÓEB FO MB QSPEVDDJØO MB DBGJDVMUVSB DPOTFSWB TV JNQPSUBODJB TPDJBM Z FDPOØ NJDB QVFT EF FMMB EFQFOEFO NJM QSPEVDUPSFT DVZBT GBNJMJBT FTUÈO DPNQVFTUBT QPS NÈT EF NJMMPOFT EF QFSTPOBT RVF DPSSFTQPOEFO BM EF MB QPCMBDJØO SVSBM EFM QBÓT 1BSB FTUBT QFSTPOBT FO FM DBGÏ TJHOJGJDØ JOHSFTPT QPS CJMMPOFT RVF JSSJHBSPO MBT FDPOPNÓBT MPDB MFT HFOFSBOEP NBZPS DBQBDJ EBE EF DPOTVNPw FYQMJDØ FM EJSJHFOUF HSFNJBM RVJFO BHSFHØ RVF FM DBGÏ EJOBNJ[B FM DSFDJNJFOUP EFM TFDUPS

9N P_V`V` QRY `RPa\_ PNSRaR_\ `R ]_R`R[aN QR`QR UNPR ! N \`

OD DIHFWDFLyQ GH ODV OOXYLDV \ HO IRUWDOHFLPLHQWR GH HQ IHUPHGDGHV FRPR OD UR\D ³$ SHVDU GH OD FDtGD HQ OD SURGXFFLyQ OD FDILFXOWX UD FRQVHUYD VX LPSRUWDQ FLD VRFLDO \ HFRQyPLFD SXHV GH HOOD GHSHQGHQ

SURGXFWRUHV FX \DV IDPLOLDV HVWiQ FRP SXHVWDV SRU PiV GH PLOORQHV GH SHUVRQDV TXH FRUUHVSRQGHQ DO GH OD SREODFLyQ UXUDO GHO SDtV 3DUD HOODV HQ HO FDIp VLJQLILFy LQJUHVRV SRU

ELOORQHV TXH LUULJDURQ ODV HFRQRPtDV ORFDOHV JHQH UDQGR PD\RU FDSDFLGDG GH FRQVXPR´ DVHJXUy HO JH UHQWH GH OD )HGHUDFDIp /XLV *HQDUR 0XxR] (O GLULJHQWH JUHPLDO DJUHJy TXH ODV IORUHV DO LJXDO TXH HO FDIp VH KDQ YLVWR JROSHDGDV SRU OD UH YDOXDFLyQ \ SRU HO LQYLHUQR GH ORV ~OWLPRV WUHV DxRV ³<D HVWDPRV UHFXSHUDQ GR OD SURGXFFLyQ (O SUR EOHPD JUDQGH GH OD FDIL FXOWXUD \ OD DJULFXOWXUD GHO SDtV VH OODPD UHYDOXDFLyQ 1R OR GXGH´ GLMR .&/03&4 */(3&404 3DUD HO PLQLVWUR GH $JULFXOWXUD -XDQ &DPLOR 5HVWUHSR HV YiOLGR HO HV IXHU]R TXH KDQ YHQLGR KD FLHQGR ORV FDIHWHURV VLQ HPEDUJR DFODUy TXH SRU FXHQWD GH OD GLVPLQXFLyQ HQ OD SURGXFFLyQ ODV IDPL OLDV GHGLFDGDV D HVWD DFWL YLGDG KDQ GHMDGR GH UHFL ELU HVWH DxR PL OORQHV ³+D\ XQ PDOHVWDU SUR IXQGR SRU OD VLWXDFLyQ TXH VH YLYH \ SRU HVR KD\ TXH SRQHUOH OD IUHQWH DO DVXQ WR´ DILUPy HO PLQLVWUR TXLHQ GLMR DGHPiV TXH HVWH HV XQ VHFWRU TXH HVWi µUHFRVWDGR¶ HQ HO 3UHVX SXHVWR 1DFLRQDO \ TXH DGHPiV FRQFHQWUD HO GHO WRWDO GH ORV FUpGLWRV TXH RWRUJD HO %DQFR $JUD ULR DO VHFWRU

i)": 6/ ."-&45"3 130'6/%0 103 -" 4*56"$*¶/ 26& 4& 7*7& &/ -" $"'*$6-563" : 103 &40 )": 26& 10/&3-& -" '3&/5& "- "46/50u

i3&$61&3"3 -" 130%6$$*¶/ 4& )" $0/7&35*%0 &/ /6&453" 0#4&4*¶/ 103 &40 %&4%& )"$& "µ04 */*$*".04 6/" &453"5&(*" 1"3" -" 3&/07"$*¶/u

+6"/ $".*-0 3&453&10 .JOJTUSP EF "HSJDVMUVSB

-6*4 (&/"30 .6º0; (FSFOUF EF MB 'FEFSBDBGÏ

&RQ UHVSHFWR DO FRP SRUWDPLHQWR TXH KDQ WHQL GR ORV IORULFXOWRUHV HO GL UHFWRU GH SURPRFLyQ GH OD $VRFLDFLyQ &RORPELDQD GH ([SRUWDGRUHV GH )ORUHV $VRFROIORUHV -DLUR &DGD YLG VHxDOy TXH OD HVWUDWH JLD SDUD PDQWHQHUVH D SH VDU GH ODV FRPSOLFDFLRQHV TXH OHV KD WUDtGR HO FOLPD \ OD UHYDOXDFLyQ GHO SHVR IUHQWH DO GyODU HV OD GLYHU VLILFDFLyQ GH PHUFDGRV OR TXH OOHYy D TXH ORV SURGXF WRUHV SDVDUDQ GH GHSHQGHU H[FOXVLYDPHQWH GH (VWD GRV 8QLGRV D FRPHUFLDOL ]DU ODV IORUHV HQ SDtVHV HQWUH HOORV 5XVLD -DSyQ \ $XVWUDOLD ³&RORPELD H[SRUWD HQ OD DFWXDOLGDG PiV GH YDULHGDGHV GH IORUHV \ DO YHQGHU DUUHJORV IORUDOHV SDUWLFXODUPHQWH D (VWDGRV 8QLGRV H ,QJODWHUUD KD JH QHUDGR XQ YDORU DJUHJDGR ~QLFR \ GLIHUHQFLDGR IUHQ WH D RWURV SDtVHV FRPSHWL GRUHV´ FRPHQWy

&- %"50

.*- .*--0/&4 %& 1&404 )"/ %&+"%0 %& 3&$*#*3 &45& "µ0 -04 $"'*$6-503&4 103 $6&/5" %& -" 4*56"$*¶/ %&- 46#4&$503


"$"%&.*" 4&(6/%" 26*/$&/" +6-*0 %&

'BMUB HFTUJØO Z MJEFSB[HP FO FM DBNQP (Q HO SDtV H[LVWH XQ DXJH GH FDUUHUDV DILQHV FRQ HO VHF WRU DJURSHFXDULR TXH EXVFDQ FUHDU SURIHVLRQDOHV SDUD HO GHVDUUROOR UXUDO PHGLDQWH OD RSWLPL]DFLyQ GH ORV UHFXU VRV OD LQYHVWLJDFLyQ \ EXV FDQGR HO PtQLPR GHWHULRUR GH ORV UHFXUVRV QDWXUDOHV (Q OD DFWXDOLGDG OD IRU PDFLyQ FXPSOH XQ SDSHO LP SRUWDQWH SDUD HO PHMRUD PLHQWR GH SUiFWLFDV HQ HO FDPSR DVt FRPR HQ HO IRUWD OHFLPLHQWR GH ODV HVWUDWHJLDV SDUD OOHYDU ORV SURGXFWRV D RWURV QLYHOHV 3DUD (GJDU 0RUHQR 0RQ UR\ GLUHFWRU GHO 0%$ HQ JHVWLyQ GH DJUR QHJRFLRV GH OD 8QLYHUVLGDG 6DQ 0DUWtQ KD\ GRV WLSRV GH IRUPDFLyQ SDUD FUHDU HIHFWLYLGDG HQ HO VHFWRU DJURSHFXDULR 3ULPH UR OD HGXFDFLyQ WpFQLFD \ SURIHVLRQDO SDUD HVWDEOHFHU PHMRUDV HQ ORV SURFHVRV HV SHFtILFRV GHO FDPSR \ VH JXQGR IRUPDU OtGHUHV GH ODV HPSUHVDV TXH VHDQ ORV HQ FDUJDGRV GH GLUHFFLRQDU ODV HVWUDWHJLDV \ EXVFDU QXHYRV PHUFDGRV ³/RV JHUHQWHV VRQ IXQGD PHQWDOHV SDUD GHVDUUROODU

HILFLHQWHPHQWH OD DJURLQGXV WULD HO WUDEDMR QR VROR GHEH TXHGDUVH HQ HO FDPSR VLQR WUDVFHQGHU \ EXVFDU OD PDQH UD GH UHDOL]DU H[SRUWDFLRQHV KDFLHQGR ORV GHELGRV HVWX GLRV VREUH ODV SUHIHUHQFLDV GHO PHUFDGR´ GLMR 0RUHQR /RV SURIHVLRQDOHV SXH GHQ JHQHUDU HQ HO VHFWRU DJURSHFXDULR HVH YDORU DJUHJDGR TXH VH QHFHVLWD SDUD VHU PiV SURGXFWLYRV \ UHQWDEOHV ³(O DJUR QHFHVLWD H[SHU WRV FRQ JHVWLyQ TXH SXHGDQ WUDQVIRUPDU ORV SURGXFWRV \ ORV OOHYHQ KDFLD OR TXH TXLH UH HO FRQVXPLGRU 1HFHVLWD PRV OtGHUHV TXH QRV LPSXO VHQ D FRPSHWLU FRQ FDOLGDG HQ RWURV SDtVHV´ DJUHJy 8Q HMHPSOR GH OR TXH VH SXHGH KDFHU DSOLFDQGR XQD EXHQD JHVWLyQ HV HO FDIp FR ORPELDQR +DQ ORJUDGR GH VDUUROODU SURJUDPDV HQ EH QHILFLR GH FOLHQWHV \ FRQVX PLGRUHV HQ ORV SULQFLSDOHV PHUFDGRV GHO PXQGR 7LH QHQ XQD RUJDQL]DFLyQ GH WUiV GHO SURGXFWR TXH YHOD SRU ORV LQWHUHVHV GH ORV SUR GXFWRUHV \ KDQ SRVLFLRQDGR D &RORPELD FRPR XQ UHIH

i-" (&45*¶/ %& -" "(30*/%6453*" /0 4& 16&%& 26&%"3 40-0 &/ &- $".10 )": 26& #64$"3 -±%&3&4 26& 5026&/ 16&35"4u &%("3 .03&/0 .0/30: %JSFDUPS .#" EF (FTUJØO EF "HSP /FHPDJPT

&- %"50

103 $*&/50 $3&$*» 2e]R_a\` P_RR[ ^bR RY PNZ]\ aVR[R ^bR a_N`PR[QR_

"$503&4 &%6$"5*704 #64$"/ &41&$*"-*45"4

UHQWH PXQGLDO HQ FDIp ³+D FHQ IDOWD PiV JHVWRUHV TXH SXHGDQ ORJUDU TXH DGHPiV GHO FDIp \ ODV IORUHV RWURV SURGXFWRV GH QXHVWUD DJUL FXOWXUD SXHGDQ FRPSHWLU HQ ORV PHUFDGRV LQWHUQDFLRQD OHV´ FRQFOX\y HO H[SHUWR

4FHÞO .PSFOP QPS NFEJP EFM QSPHSBNB EF .#" FO HFTUJØO EF BHSP OFHPDJPT TF CVTDB GPSNBS BDUPSFT FEVDBUJWPT RVF DPO TVT QSPHSBNBT UÏDOJDPT Z EF QSFHSBEP DPOGPSNFO VO DVB ESP EF FTQFDJBMJTUBT FO ÈSFBT FTQFDÓGJDBT QBSB EFTBSSPMMP F JOWFTUJHBDJØO i6O .#" DPO QSPGFTJPOBMFT EF QSJNFS OJWFM CVTDB BQPSUBS B FTUF UJQP EF FEVDBDJØO QBSB FNQF[BS B DSFBS HFTUPSFT RVF QJFOTFO FO HSBOEF QSPZFDUBOEP Z WJTVBMJ[BOEP OVFTUSPT QSPEVDUPT FO FTDFOBSJPT JOUFSOBDJPOBMFT Z OBDJPOB MFTw BGJSNØ 'JOBMNFOUF BHSFHØ RVF TJO HFTUJØO Z MJEFSB[HP FM DBNQP TFHVJSÈ TJFOEP SVSBM Z OP JOEVTUSJBM

&- 4&$503 "(301&$6"3*0 %63"/5& &- 13*.&3 53*.&453& %&- 13&4&/5& "µ0


/&(0$*04 4&(6/%" 26*/$&/" +6-*0 %&

1SPEVDUPSFT EF DBSBDPM TF FOGPDBO FO MPT NFSDBEPT JOUFSOBDJPOBMFT /RV FDUDFROHV FRQVWLWX \HQ XQ DOLPHQWR GH DOWD FD OLGDG QXWULFLRQDO TXH SUH VHQWD FDGD YH] PiV GHPDQ GD LQWHUQDFLRQDO SRU OR WDQWR OD KHOLFLFXOWXUD R FXO WLYR GH FDUDFROHV HV XQD LQ WHUHVDQWH RSRUWXQLGDG GH QHJRFLR SDUD VDWLVIDFHU XQ VHJPHQWR GH SDODGDUHV PX\ H[LJHQWHV &RORPELD HV XQ SDtV FRQ DPSOLDV SRVLELOLGDGHV SDUD OD H[SORWDFLyQ GHO FDUDFRO +pOL[ SRU VXV FRQGLFLRQHV DPELHQWDOHV FOLPDWROyJLFDV \ GLVSRQLELOLGDG GH PDWH ULDV SULPDV /D SURGXFFLyQ GH FDUD FRO JHQHUD XQD UHQWDELOLGDG GH DSUR[LPDGDPHQWH FRQ XQD LQYHUVLyQ GH DOUH GHGRU GH PLOORQHV SRU SUR\HFWR 6HJ~Q -DYLHU =DPEUDQR GLUHFWRU GH OD $VRFLDFLyQ &RORPELDQD GH +HOLFLFXOWR UHV $VRFRKHOL[ HQ HVWH PRPHQWR HO VHFWRU HVWi H[ SRUWDQGR SURGXFWRV WUDQV IRUPDGRV GH FDUDFRO D SDt

VHV FRPR (VWDGRV 8QLGRV 5HS~EOLFD 'RPLQLFDQD \ )UDQFLD $Vt PLVPR +XJR 'DPD WR %DVVL JHUHQWH GH &DUDFR OHV (O 3LQDO DVHJXUy TXH VX HPSUHVD DWUDYLHVD XQ EXHQ PRPHQWR \ TXH HVWiQ EXV FDQGR H[SRUWDU D 3DQDPi 0p[LFR \ (VWDGRV 8QLGRV WHQLHQGR EXHQD DFRJLGD HQ HO SDtV YHFLQR SRU HO LQWH UpV HQ VXV SURGXFWRV (Q OD DFWXDOLGDG QR HV SRVLEOH FRPHUFLDOL]DU HO FDUDFRO YLYR \ SRU HVR ORV HPSUHVDULRV OH HVWiQ DSRVWDQGR D ODV WUDQVIRU PDFLRQHV FRPR SURGXF WRV HVWpWLFRV HQ GRQGH VH HQFXHQWUDQ OD %DED GHO &D UDFRO R SDUD OD FRFLQD HQ SODWRV FRPR HO FDYLDU \ FHYLFKH 6HJ~Q /X] +HOH QD /D 5RWWD JHUHQ WH GH &DUDFROHV +H OL[ GH &RORPELD ³OR TXH KDFHPRV HV SUR GXFLU FDUDFRO SDUD WUDQVIRUPDUOR (Q OD HP

2Y `RPa\_ URYVP~P\YN ^bVR_R ZRW\_N_ `b ]_\QbPPV [ ]N_N

SUHVD WRGDYtD QR WHQHPRV H[SRUWDFLRQHV GH FDUDFRO YLYR 'HQWUR GH QXHVWURV GHULYDGRV HVWiQ ORV SURGXF WRV FRVPpWLFRV \ DOLPHQWL FLRV´ GLMR &DUDFROHV +HOL[ GH &R ORPELD HV XQD HPSUHVD GHO VHFWRU TXH EXVFD LQFHQWLYDU D QXHYRV SURGXFWRUHV SDUD JHQHUDU PiV YROXPHQ \ OR JUDU VXSOLU OD GHPDQGD ³(O SDtV LPSRUWD FDUD FRO GH ,QGRQHVLD \ )UDQ FLD SDUD HO FRQVXPR OR FDO 1RVRWURV EXVFDPRV TXH ORV SURGXFWRUHV GH FDUDFRO SRGDPRV VX SOLU ODV QHFHVLGDGHV


/&(0$*04 4&(6/%" 26*/$&/" +6-*0 %&

TXH KD\ HQ HO PHUFDGR´ SXQWXDOL]y /D 5RWWD 6LQ HPEDUJR HO VHFWRU KHOLFtFROD KD WHQLGR TXH HQ IUHQWDU YDULDV GLILFXOWDGHV SRU OD OOHJDGD DO SDtV GH FD UDFROHV DIULFDQRV (VWD HVSHFLH HV HO PiV JUDQGH GH ORV PROXVFRV WH UUHVWUHV DOFDQ]D XQ WDPDxR GH FHQWtPHWURV VH UH SURGXFH GH IRUPD UiSLGD \ SXHGH

&- %"50

103 $*&/50 3&/5"#*-*%"% 26& 16&%& 5&/&3 -" 130%6$$*¶/ %& $"3"$0- 4* 4& */7*&35&/ "-3&%&%03 %& .*--0/&4 103 130:&$50

OOHJDU D YLYLU KDVWD VLHWH DxRV 'DPDWR H[SOLFD TXH HVWH FDUDFRO QR VH SXHGH FXOWLYDU HQ &RORPELD SRUTXH VH FRQYLHUWH HQ SODJD \D TXH GHELGR D VX JUDQ WDPDxR FRPH H[FHVLYDPHQWH \ SXH GH DFDEDU FRQ FXOWLYRV HQWH URV DGHPiV HVWD HVSHFLH SXHGH YLYLU HQ WRGR WLSR GH FOLPD 'H HVWD PDQHUD =DP EUDQR DVHJXUy TXH HVWH WHPD HV XQD HVWUDWHJLD SDUD GHVYLUWXDU HO FDUDFRO TXH SURGXFH HO SDtV ³1R HV YHU GDG TXH HVWD HVSHFLH JHQHUD HQIHUPHGDGHV 6L HO FDUDFRO ORFDO HV ELHQ PDQHMDGR HQ OXJDUHV WRWDOPHQWH WDSDGRV FRQ OD WHPSHUDWXUD QHFHVD ULD QR KD\ QLQJ~Q SUREOH PD &RPR VHFWRU EXVFDPRV TXH VH VHSDUH FRPSOHWD PHQWH HO FDUDFRO DIULFDQR GHO ORFDO SRUTXH VRQ FRP SOHWDPHQWH GLIHUHQWHV´ DFODUy 3DUD HO SUy[LPR DxR ORV SURGXFWRUHV GH FDUDFRO HV SHUDQ TXH ORV YRO~PHQHV GH H[SRUWDFLRQHV DXPHQWHQ LJXDO TXH VX SURGXFWLYLGDG HQ HO PHUFDGR

i&- /&(0$*0 %& -" 130%6$$*¶/ %& $"3"$0- &4 #"45"/5& 3&/5"#-& $6"/%0 -" &.13&4" :" 5*&/& 6/ #6&/ .&3$"%0 &45"#-&$*%0u -6; )&-&/" -" 3055" (FSFOUF EF $BSBDPMFT )FMJY EF $PMPNCJB

i&- $"3"$0- "'3*$"/0 &4 %*'&3&/5& "- -0$"- -"4 $03103"$*0/&4 &45¦/ (&/&3"/%0 %&4*/'03."$*¶/ 40#3& &- 5&." : &40 1&3+6%*$" &- 4&$503u +"7*&3 ;".#3"/0 %JSFDUPS EF "TPDPIFMJY

&- 4&$503 "-&(" 10$" ":6%" %& $03103"$*0/&4 -PT QSPEVDUPSFT EF DBSBDPM FO FM QBÓT IBO FWJEFODJBEP QPDB EJTQPTJDJØO EF MBT $PSQPSBDJPOFT 3FHJPOBMFT QBSB TV GPSUBMFDJNJFOUP ZB RVF TFHÞO +BWJFS ;BNCSBOP EJSFDUPS EF MB "TPDJBDJØO $PMPNCJBOB EF )FMJDJDVMUPSFT UPEBWÓB TF FTUÈ WJFOEP BM DBSBDPM DPNP VOB QMBHB Z BM CVTDBS MBT MJDFODJBT BNCJFOUBMFT TF FTUÈO UPNBOEP NVDIP UJFNQP QBSB BVUPSJ[BS B MPT QSPEVDUPSFT BGFDUBOEP OPUBCMFNFOUF BM TFDUPS QPS TV EFNPSB "MHVOPT QSPEVDUPSFT IBO EFDJEJEP BCBOEPOBS FM OFHPDJP B QFTBS EF TV JOWFSTJØO EFCJEP B MBT USBCBT QBSB SFDJCJS MBT MJDFODJBT RVF MFT QFSNJUFO PQFSBS DPSSFDUBNFOUF "VORVF ;BNCSBOP BSHVNFOUB RVF FO "OUJPRVJB Z $VOEJOBNBSDB TF IB FWJEFODJBEP NBZPS BHJMJEBE FO PUSPT MVHBSFT UPEBWÓB FYJTUF EFTDPOPDJNJFOUP TPCSF MB BDUJWJEBE

"WJDVMUPSFT TF QSFQBSBO QBSB MB DSFBDJØO EF $FOJBWÓDPMB 6RQ PX\ UHSXWDGRV &H QLFDIp &HQLSDOPD &HQLFD xD &HQLDFXD \ &OD\XFD HQ WUH RWURV FHQWURV GH LQYHVWL JDFLyQ VHFWRULDOHV 3XHV ELHQ ORV DYLFXOWR UHV GH 6DQWDQGHU YDQ WUDV HO &HQWUR GH ,QQRYDFLyQ \ 'H VDUUROOR 7HFQROyJLFR &H QLDYtFROD XQ SUR\HFWR DSR\DGR SRU OD &iPDUD GH &RPHUFLR OD *REHUQDFLyQ GH 6DQWDQGHU OD 8QLYHUVL GDG ,QGXVWULDO GH 6DQWDQ GHU 8,6 \ GHPiV FHQWURV GH HGXFDFLyQ VXSHULRU 'H DFXHUGR FRQ 0DUWD 5XWK 9HOiVTXH] 4XLQWHUR GLUHFWRUD HMHFXWLYD GH OD )HGHUDFLyQ 1DFLRQDO GH $YLFXOWRUHV VHFFLRQDO 6DQ WDQGHU SDUD WDO ILQ VH SUH VHQWy HO SUR\HFWR TXH WLHQH FRPR ILQDOLGDG ³OD FUHDFLyQ GH XQ FHQWUR GH LQQRYDFLyQ \ GHVDUUROOR WHFQROyJLFR SDUD HO GHVDUUROOR GHO VHF WRU DYtFROD´ (VD LQLFLDWLYD QR H[LVWH HQ HO SDtV \ VH HVWDEOHFHUtD HQ 6DQWDQGHU GH GRQGH VH LUUDGLDUtDQ LQYHVWLJDFLRQHV SDUD HO UHVWR GHO VHFWRU HQ &RORPELD 6HJ~Q 9HOiVTXH] 4XLQ WHUR HO SUR\HFWR WLHQH XQ YDORU DSUR[LPDGR GH PLOORQHV \ VH IL QDQFLDUi HQ VX JUDQ PD\R UtD FRQ GLQHURV GH ODV UHJD OtDV (O FHQWUR GH LQYHVWLJD FLyQ DYtFROD GH WHQHU OX]

9N` V[cR`aVTNPV\[R` `R PR[a_N_s[ R[ RY ZRW\_NZVR[a\ TR[zaVP\ f QR`N__\YY\ QR [bRc\` ]_\QbPa\` YHUGH HVWDUtD XELFDGR HQ ODV LQVWDODFLRQHV ItVLFDV TXH WLHQH OD 8,6 HQ HO 9DOOH GH *XDWLJXDUi HQ 3LHGH FXHVWD 3DUD OD GLUHFWLYD GH )H QDYL HO SUR\HFWR VH LQLFLD UtD HQ \ VX PRQWDMH H LPSOHPHQWDFLyQ GXUDUtD KDVWD HO ³(V OD PHMRU QRWLFLD TXH KHPRV WHQLGR HQ ORV ~OWL PRV WLHPSRV ORV DYLFXOWR UHV \D TXH HO VHFWRU VH KD YHQLGR HQIUHQWDQGR D VL WXDFLRQHV TXH QR OH KDQ VLGR PX\ IDYRUDEOHV FRPR HO FRQWUDEDQGR GH KXHYR OD IDOWD GH LQIUDHVWUXFWXUD SpUGLGD GH FRPSHWLWLYLGDG XQ 7UDWDGR GH /LEUH &R PHUFLR TXH QRV JROSHDUi \ XQD UHIRUPD WULEXWDULD HQ OD TXH QR VDEHPRV FyPR

TXHGH HO VHFWRU´ DJUHJy 9HOiVTXH] 4XLQWHUR (O FHQWUR GH LQYHVWLJD FLyQ DYtFROD WUDEDMDUi HQ OD E~VTXHGD GH PHMRUDPLHQWR JHQpWLFR RYRSURGXFWRV YD ORU DJUHJDGR DO SROOR \ KXH YR GHVDUUROOR LQGXVWULDO QXHYDV WHQGHQFLDV DOLPHQ WLFLDV LQYHVWLJDFLRQHV HQ ODERUDWRULR \ DOWHUQDWLYDV GH PHMRUDPLHQWR HQ JUDQ MDV HQWUH RWURV HVWDGLRV 6RQ FXDWUR SLODUHV EiVL FRV HQ ORV TXH FHQWUDUi VXV LQYHVWLJDFLRQHV SDWRORJtD DYLDU HSLGHPLRORJtD ItVL FR TXtPLFD WR[LFRORJtD DJXDV \ JHQHUDFLyQ GH QXH YRV SURGXFWRV /RV ODERUDWRULRV FRQWD UiQ FRQ WHFQRORJtD GH SXQ WD HQ HVD PDWHULD SDUD PH MRUDU OD FRPSHWLWLYLGDG


5&$/0-0(¶" 4&(6/%" 26*/$&/" +6-*0 %&

i&- $*"5 4& &45¦ 13&1"3"/%0 1"3" &/'3&/5"3 -04 /6&704 %&4"'±04 26& 5*&/& -" */7&45*("$*¶/ "(3±$0-" &45"3&.04 &/'0$"%04 &/ &- $".#*0 $-*.¦5*$0 : -" &$0&'*$*&/$*"u

i)&.04 5&/*%0 3&46-5"%04 104*5*704 &45".04 '6/$*0/"/%0 $0/ 6/" */7&45*("$*¶/ '6&35& -" $6"- 5*&/& 26& &45"3 "$0.1"µ"%" %& 4&37*$*04 .6: #6&/04u

36#²/ &$)&7&33¶" %JSFDUPS HFOFSBM EFM $JBU

"-#*/ )6#4$)&3 %JSFDUPS EF 4FSWJDJPT $PSQPSBUJWPT EFM $JBU

&M $JBU MF BQVFTUB B EFTBSSPMMBS 5HGXFLU HO KDPEUH \ OD SREUH]D \ PHMRUDU OD VDOXG KXPDQD HQ ORV WUySLFRV PH GLDQWH XQD LQYHVWLJDFLyQ HQIRFDGD HQ ORJUDU XQD DJULFXOWXUD HFRHILFLHQWH VRQ ORV SLODUHV IXQGDPHQWD OHV GHO &HQWUR ,QWHUQDFLRQDO GH $JULFXOWXUD 7URSLFDO &LDW HQWLGDG GHGLFDGD D OD LQYHVWLJDFLyQ DJUtFROD PXQGLDO FRQ VHGH HQ 3DOPL UD 9DOOH GHO &DXFD 'XUDQWH VXV DxRV GH WUDEDMR FRQPHPRUDGRV D SULQFLSLRV GH HVWH PHV KD ORJUDGR SRVLFLRQDUVH HQ HO SODQR PXQGLDO SRU OD FDOL GDG GH VX LQYHVWLJDFLyQ \ ORV UHVXOWDGRV REWHQLGRV HQ SURGXFWRV EiVLFRV WDOHV FRPR HO IUtMRO OD \XFD \ ORV IRUUDMHV WURSLFDOHV WDPELpQ WUDEDMD FRQ DUUR] FRQ XQ HQIRTXH KDFLD $PpULFD /D WLQD \ HO &DULEH 6LQ GXGD D WUDYpV GH FHUFD GH PHGLR VLJOR GH RSHUDFLyQ HO &LDW KD DSRU WDGR D &RORPELD PDWHULDOHV PHMRUDGRV \ WHFQRORJtDV TXH KDQ SHUPLWLGR HO DX PHQWR GH LQJUHVRV GH XQ JUDQ Q~PHUR GH SHTXHxRV \ PHGLDQRV DJULFXOWRUHV $GHPiV KD FRQWULEXLGR FRQ HO GHVDUUROOR GHO 3LHGH PRQWH /ODQHUR FRQ DUUR] \ SDVWRV OD $OWLOODQXUD \ $PD]RQtD FRQ SDVWRV ]R QDV DUURFHUDV GH SHTXHxRV \ PHGLDQRV SURGXFWRUHV \ OD FRVWD $WOiQWLFD HQ VXV iUHDV PiV SREUHV \ GHSUL PLGDV FRQ \XFD \ IUtMRO $GLFLRQDOPHQWH KD IRU WDOHFLGR OD FDSDFLGDG WpFQL FR FLHQWtILFD GH ODV LQVWLWX FLRQHV DJUtFRODV SDUWLFL SDQWHV FRPR &RUSRLFD D WUDYpV GH DOLDQ]DV HQ EXVFD GHO EHQHILFLR GH ORV DJULFXO WRUHV \ FRQVXPLGRUHV FR ORPELDQRV ³(O &LDW OH KD VHUYLGR DO VLVWHPD QDFLRQDO GH LQYHVWL JDFLyQ DJUtFROD GH SXHQWH SDUD PDQWHQHUVH FRQHFWDGR \ DFWXDOL]DGR FRQ ORV DYDQ FHV FLHQWtILFRV \ WpFQLFRV TXH HVWiQ DIHFWDQGR GLUHF

3&("-¶"4 4&3¶"/ 1"3" -" */7&45*("$*»/ &/ &- 4&$503 %F BDVFSEP DPO FM .JOJTUSP EF "HSJDVMUVSB +VBO $BNJMP 3FTUSFQP FM (PCJFSOP FTUÈ USBCBKBOEP QBSB GPSUBMFDFS MB JOWFTUJHBDJØO DJFOUÓGJDB FO FM TFDUPS Z TF QSFWÏ RVF VOB QBSUF EF MPT SFDVSTPT EF MBT SFHBMÓBT TF JOWJFSUBO FO FTUF DBNQP i-B JEFB FT UFOFS NÈT SFDVSTPT QBSB MB JOWFTUJHBDJØO $PO FM $JBU WBNPT B QPOFS VO DFOUSP EF FYDFMFODJB FTQFDJBMJ[BEP FO QBTUPT IÓCSJEPT WBSJFEBEFT NBOFKPT EF TVFMP Z DPOUJOVBSFNPT DPO MBT BMJBO[BT QBSB BWBO[BS EF NBOFSB DPNQFUJUJWBw EJKP 3FTUSFQP &OUSF UBOUP 3VCÏO &DIFWFSSÓB BGJSNØ RVF MB FOUJEBE TFHVJSÈ BQPTUÈOEPMF BM EFTBSSPMMP DJFOUÓGJDP QBSB BTFHVSBS FM BVNFOUP MB QSPEVDUJWJEBE Z MB SFEVDDJØO EF MPT DPTUPT FO MB BHSJDVMUVSB Z USBCBKBSÈ FO MPT OVFWPT EFTBGÓPT EF MB GSPOUFSB BHSÓDPMB WDPHQWH ORV HVFHQDULRV GH SURGXFFLyQ DJURSHFXDULD PXQGLDO \ ORV IOXMRV GH FR PHUFLR LQWHUQDFLRQDO GH SURGXFWRV \ PDWHULDV SUL PDV GH RULJHQ DJUtFROD´ DILUPy 5XEpQ (FKHYHUUtD GLUHFWRU JHQHUDO GHO &LDW 3RU VX SDUWH HO PLQLVWUR GH $JULFXOWXUD -XDQ &DPL OR 5HVWUHSR GHVWDFy OD OD ERU FLHQWtILFD DGHODQWDGD SRU HO &LDW D WUDYpV GHO GH VDUUROOR GH LQYHVWLJDFLRQHV HQ GLIHUHQWHV FXOWLYRV FDPELR FOLPiWLFR \ DJULFXO WXUD TXH KDQ FRQWULEXLGR D VXSHUDU ODV QHFHVLGDGHV GHO SDtV ³/DV LQYHVWLJDFLRQHV TXH YLHQHQ KDFLpQGRVH HQ HO &LDW HQ PDWHULD GH DJUL FXOWXUD VRQ GH JUDQ XWLOL GDG SDUD &RORPELD´ GLMR 5HVWUHSR 'H KHFKR UHFDOFy OD LQ WHQFLyQ GHO *RELHUQR GH VH JXLU WUDEDMDQGR GH PDQHUD FRQMXQWD FRQ OD HQWLGDG HQ HO SURSyVLWR GH IRUWDOHFHU OD LQYHVWLJDFLyQ FLHQWtILFD SDUD HO GHVDUUROOR VRVWHQL EOH \ RUGHQDGR GHO VHFWRU DJUtFROD "7"/$&4 %&- $*"5

&LDW OD \XFD HV HO WHUFHU FXOWLYR DOLPHQWLFLR PiV LP SRUWDQWH HQ ORV WUySLFRV GHVSXpV GHO DUUR] \ GHO (Q HO FDVR GHO FXOWLYR GH PDt] SHUR FRQ ORV FDPELRV \XFD OD HQWLGDG KD GHVDUUR DPELHQWDOHV SURJUHVLYRV OODGR LQYHVWLJDFLRQHV SDUD GHO SODQHWD SRGUtD H[WLQ XQD YDULHGDG GH \XFD FDSD] JXLUVH 3RU HOOR HO GHVDUUR GH VRSRUWDU ORV HVWUDJRV OOR GH HVWD QXHYD YDULHGDG TXH HO FDOHQWDPLHQWR JOREDO TXH VHJ~Q DILUPD %HFHUUD KD FRPHQ]DGR D JHQHUDU HQ FRQWLHQH WUHV YHFHV PiV EH ORV FXOWLYRV GHO WXEpUFXOR WDFDURWHQR TXH XQD \XFD 6HJ~Q /XLV $XJXVWR %H FRP~Q OR TXH VH WUDGXFH FHUUD ELyORJR PROHFXODU HQ PD\RU SRUFHQWDMH QXWUL GHO 3URJUDPD GH <XFD GHO WLYR PHMRU FDOLGDG PHQRU

2Y 0VNa UN YVOR_NQ\ R[ 0\Y\ZOVN cN_VRQNQR` QR S\__NWR` PV[P\ T_NZ~[RN` f `RV` QR YRTbZV[\`N`

# ]R_`\[N` a_NONWN[ R[ RY 0R[a_\ QR 6[cR`aVTNPV [ 2Y 0VNa QR`N__\YYN V[cR`aVTNPV\[R` QR QVSR_R[aR` PbYaVc\` WLHPSR GH FRVHFKD PD\RU QHQ PD\RU UHQGLPLHQWR \ GXUDELOLGDG \ KDVWD XQ PH PiV UHVLVWHQFLD D SODJDV \ HQIHUPHGDGHV MRU VDERU 3RU RWUR ODGR HQ PDWH 2WUR GH ORV SURGXFWRV FRQ ORV TXH WUDGLFLRQDO ULD GH SDVWRV WURSLFDOHV OD PHQWH KD WUDEDMDGR OD HQWL HQWLGDG KD WHQLGR DYDQFHV GDG HV HO IUtMRO 'H DFXHUGR LPSRUWDQWHV 7DQ VROR HQ FRQ GDWRV GHO &LDW HQ &RORPELD HO &LDW KD GHVD $PpULFD /DWLQD OD SURGXF UUROODGR YDULHGDGHV GH FLyQ GH IUtMRO KD DXPHQWDGR IRUUDMHV 'H HOODV VRQ GH HQ XQ WHUFLR \ VH KDQ OLEHUD JUDPtQHDV \ GH OHJXPLQR GR YDULHGDGHV RULJLQD VDV TXH SDXODWLQDPHQWH GDV GH JHUPRSODVPD GHO KDQ VLGR DGRSWDGDV SRU ORV &HQWUR GH pVWDV VH KDQ JDQDGHURV GDQGR FRPR UH OLEHUDGR HQ &RORPELD \ WLH VXOWDGR XQ DXPHQWR HQ OD

SURGXFFLyQ GH OHFKH \ FDU QH DO WLHPSR TXH GHVHPSH xDQ XQ SDSHO HVHQFLDO HQ OD UHFXSHUDFLyQ GH WLHUUDV GH ODGHUD HURVLRQDGDV \ HQ OD LQWURGXFFLyQ GH VLVWHPDV DJUtFRODV VRVWHQLEOHV "(3*$6-563" .0%&3/" /D FRPSHWLWLYLGDG GH OD DJULFXOWXUD FRORPELDQD GH SHQGH GH OD LQYHVWLJDFLyQ FLHQWtILFD VREUH OD DGDSWD FLyQ DO FDPELR FOLPiWLFR HO HILFLHQWH PDQHMR DJURQyPL


5&$/0-0(¶" 4&(6/%" 26*/$&/" +6-*0 %&

VO BHSP FDPFGJDJFOUF -FZ EF 5JFSSBT "/«-*4*4

MPT MÓNJUFT EF MB EJTUSJCVDJØO

FR GH ORV VXHORV \ OD WUDQVIH UHQFLD GH WHFQRORJtD 'H DFXHUGR FRQ (FKHYH UUtD OD PLJUDFLyQ KDFLD XQD DJULFXOWXUD PRGHUQD \ VRV WHQLEOH HV XQ WHPD FODYH SDUD OD UHGXFFLyQ GH ORV FRVWRV GH SURGXFFLyQ \ HO LQFUHPHQWR GH ORV UHQGL PLHQWRV GH ORV FXOWLYRV ³/D WUDQVIHUHQFLD WHFQR OyJLFD LPSOLFD XQ GLiORJR FRQ HO SURGXFWRU UXUDO WHQ GLHQWH D PHMRUDU ODV WpFQL FDV HQ HO XVR GH OD WLHUUD \ HO XVR GH ORV UHFXUVRV HVWR FRQ HO ILQ GH EDMDU FRVWRV \ WHQHU LQFUHPHQWRV HQ SUR GXFFLyQ´ GLMR (FKHYHUUtD $JUHJy TXH XQR GH ORV UHWRV TXH DIURQWDQ ORV LQ YHVWLJDGRUHV HV UHVSRQGHU D ODV FUHFLHQWHV GHPDQGDV GH OD VRFLHGDG \ FRQWLQXDU

SURGXFLHQGR DOLPHQWRV GH XQD PDQHUD VRVWHQLEOH (Q HVH VHQWLGR KL]R XQ OODPD GR SDUD OD UHYLVLyQ GH ODV SROtWLFDV SDUD TXH OD DGRS FLyQ GH WRGRV HVWRV QXHYRV FRQRFLPLHQWRV WHQJDQ VXV LPSDFWRV HQ OD VRFLHGDG \ WDPELpQ FRQWULEX\D SDUD JDQDU FRPSHWLWLYLGDG HQ ORV PHUFDGRV H[WHUQRV FRQ OD SXHVWD HQ PDUFKD GH ORV DFXHUGRV FRPHUFLDOHV ³/D ~QLFD IRUPD HQ TXH VH SXHGH FRPSHWLU FRQ ORV 7/& HV LQYHUWLU HQ LQYHVWL JDFLyQ DVHJXUDQGR TXH DX PHQWH OD SURGXFWLYLGDG \ TXH EDMHQ ORV FRVWRV (V FRPR XQD PDUDWyQ \ HO TXH FRUUD PiV UiSLGR HQ LQYHU WLU HQ FLHQFLD \ HQ LQQRYD FLyQ VHUi HO JDQDGRU´ DILU Py HO H[SHUWR

(Q HVH VHQWLGR HO MHIH GH OD FDUWHUD GH $JULFXOWXUD GLMR TXH HO VHFWRU DJURSH FXDULR FRORPELDQR HVWi OOD PDGR D WHQHU FDPELRV VXV WDQFLDOHV HQ VX IRUPD GH FXOWLYDU \ SURGXFLU SDUD SR GHU DFFHGHU D ORV PHUFDGRV LQWHUQDFLRQDOHV \ D VX YH] FRPSHWLU FRQ ORV SURGXFWRV DJUtFRODV GHO H[WHULRU TXH HVWiQ OOHJDQGR DO SDtV ³(VWDPRV KDFLHQGR JUDQGHV LQYHUVLRQHV S~EOL FDV SDUD OD UHHVWUXFWXUDFLyQ GH QXHVWUDV HQWLGDGHV FRPR ,QYLPD \ &RUSRLFD \ DYDQ ]DU HQ ORV WHPDV GH VDQLGDG YHJHWDO \ DQLPDO \ HQ ODV H[LJHQFLDV ILWRVDQLWDULDV TXH FRQVWLWX\HQ XQ JUDQ UHWR SDUD HO VHFWRU DJURSH FXDULR FRORPELDQR´ FRQ FOX\y 5HVWUHSR

&- %"50

.*--0/&4 %& %»-"3&4 &4 &- 13&4616&450 1"3" &45& "µ0 %&- $*"5 3&$63404 26& 4& *33*("/ &/ -"4 */7&45*("$*0/&4 &/ ".­3*$" -"5*/"

DVRFLDFLyQ HQWUH /D FRQFHQWUD SURSLHWDULR \ FDP FLyQ GH OD SURSLH SHVLQR FRQ HO SUR GDG GHO VXHOR UXUDO SyVLWR GH TXH HVWH FRPR SXQWR FHQWUDO ~OWLPR SRU OD YtD HQ HO SUR\HFWR GH GHO DUUHQGDPLHQWR /H\ GH 7LHUUDV \ +6"/ $"3-04 4&(63" FRQVWUX\D XQ PHGLR 'HVDUUROOR 5XUDO %JSFDUPS EFM 1SPHSBNB EF &DPOPNÓB EF MB GH YLGD VRVWHQLEOH VHxDOD XQD RULHQWD 6OJWFSTJEBE EF -B 4BMMF (O YDORU GHO 6XEVLGLR ,Q FLyQ HVSHFtILFD OD GHPRFUD WL]DFLyQ GHO DFFHVR D HVH UH WHJUDO GH 7LHUUDV HV LQQHJD EOH SRUTXH SURPHWH DFFHVR FXUVR 6LQ HVWH UHTXLVLWR FXDO DO UHFXUVR D FDUJR GHO (VWD TXLHU REMHWLYR VREUH HILFLHQ GR VL ELHQ VXUJHQ GXGDV VR FLD R HTXLGDG VH YHUi GHIUDX EUH OD VRVWHQLELOLGDG GHO LQV GDGR OD VLWXDFLyQ JURVVR WUXPHQWR KDELGD FXHQWD TXH PRGR HV TXH HO iUHD TXH HQ VX ILQDQFLDFLyQ HVWi D FDUJR SURPHGLR RFXSD XQD ILQFD GHO )RQGR 1DFLRQDO GH 'HVD FDIHWHUD +D HV RFXSDGR UUROOR 5XUDO FX\RV UHFXUVRV SRU GRV YDFDV HQ OD UDPD SH HVWiQ OLPLWDGRV D ORV DSRUWHV FXDULD TXH FRQFHQWUD HO GH OD 1DFLyQ \ GH ODV HQWLGD GHO iUHD UXUDO WRWDO \ GHV WHUULWRULDOHV /D DUTXLWHFWXUD GH OD ,QV TXH D OD OX] GH XQ *LQL GH WLH UUDV GH FHUFD GH FXHQWD WLWXFLRQDOLGDG SDUD HO 'HVD XQD KLVWRULD GH YLHMD GDWD GH UUROOR 5XUDO TXH VH RIUHFH HQ GHVLJXDOGDG \ GH DWUDVR VR HO 3UR\HFWR GH /H\ D~Q FXDQGR GHVFHQWUDOL]DGD SDU FLRHFRQyPLFR GHO FDPSR 8QD HVWLPDFLyQ GH &HSDO WLFLSDWLYD H LQFOXVLYD HQ SULQ VXJLHUH TXH VRQ FHUFD GH FLSLR QR HOLPLQD HO ULHVJR PLOORQHV GH KHFWiUHDV ODV TXH VLHPSUH VXUJH FXDQGR TXH VH UHTXHULUtDQ SDUD OD GHO UHSDUWR \ DVLJQDFLyQ GH FUHDFLyQ GH LQJUHVRV IDPLOLD ORV UHFXUVRV \ IRQGRV S~EOL UHV SRU HQFLPD GH ORV QLYHOHV FRV VH WUDWD (O 'HUHFKR 5HDO GH 6X GH VXEVLVWHQFLD 3DUD KDFHU IUHQWH D HVWD VLWXDFLyQ HO SHUILFLH SDUHFH FRQVWLWXLU XQ SUR\HFWR GH OH\ IRUPXOD XQD GLVSRVLWLYR SURPHWHGRU SDUD SURSXHVWD TXH FRPELQD OD OD WLWXODUL]DFLyQ GH EDOGtRV E~VTXHGD GH DVLJQDFLRQHV GH OD 1DFLyQ TXH OLJD D OD TXH UHGXQGHQ HQ XQ XVR PiV SURGXFFLyQ \ XVXIUXFWR SUR HILFLHQWH GHO VXHOR FRQ LQLFLD GXFWLYR GH XQ SUHGLR OD FH WLYDV SDUD OD UHGXFFLyQ GH OD VLyQ GH OD SURSLHGDG GHO PLV SREUH]D HQ ODV iUHDV UXUDOHV PR HQ FDEH]D GH XQ XVXDULR (Q HO XVR HILFLHQWH \ VR GHWHUPLQDGR KDFLHQGR GH OD FLDOPHQWH SURGXFWLYR GHO WLHUUD SURSLHGDG GH TXLHQ OD VXHOR VH SURFXUD XQ FRQMXQWR WUDEDMD (V MXVWR FRQVLGHUDU GH DFFLRQHV H LQFHQWLYRV TXH TXH HQ HO FDVR GH ORV SURSLH LQFOX\HQ DGHFXDFLyQ GH WLH WDULRV SULYDGRV QR HV FODUR UUDV SURYLVLyQ GH GLVWULWRV FRPR HVWRV SRGUtDQ LQYROX GH ULHJR GRWDFLyQ GH VXEVL FUDUVH HQ QHJRFLRV FRPR HO GLRV \ OD GHILQLFLyQ GH OtQHDV SODQWHDGR VLQ LPSRQHU XQ GH FUpGLWR DPpQ GH OD IRU FDQRQ GH DUUHQGDPLHQWR TXH PDOL]DFLyQ GH OD SURSLHGDG FRPSHQVH OD UHQWD GH OD DFWL 'HVWDFDQ GRV LQVWUXPHQ YLGDG VHFXODU \ TXH QR FRQ WRV (O 6XEVLGLR ,QWHJUDO GH YLHUWD DO FDPSHVLQR HQ XQ 7LHUUDV \ HO 'HUHFKR 5HDO GH DSDUFHUR HQ FRQGLFLRQHV GH 6XSHUILFLH TXH SURSRQH XQD LQGHIHQVLyQ HFRQyPLFD


5&." $&/53"4&(6/%" 26*/$&/" +6-*0 %&

-B IVNBOJ[BDJØO -"4 1&340/"4 EF MPT BOJNBMFT DSFDF FM DPOTVNP

"%26*&3&/ )0: &/ %±" .6$)04 .¦4 130%6$504 1"3" -"4 ."4$05"4 (3"$*"4 " 26& 4& $0/4*%&3"/ $0.0 6/ .*&.#30 .¦4 %& -" '".*-*"

)HOLSH 5tRV DFFLRQLVWD GH =RRPDUFDQHV HPSUHVD FRQ QXHYH DxRV HQ HO PHUFDGR GHGLFDGD D OD YHQWD GH DQL PDOHV \ DUWtFXORV SDUD PDV FRWDV DILUPD TXH H[LVWH XQ PHUFDGR FUHFLHQWH HQ WRUQR D ODV PDVFRWDV JUDFLDV DO IH QyPHQR GH OD ³KXPDQL]D FLyQ´ GH ORV DQLPDOHV 6HJ~Q GLMR 5tRV HQ HQWUHYLVWD FRQ $JURQHJRFLRV HO FRQVXPR GH SURGXFWRV \ VHUYLFLRV SDUD PDVFRWDV HVWi HQ DXJH FRQ YLUWLpQGRVH HQ XQD PX\ EXH QD RSRUWXQLGDG GH QHJRFLR ¢&yPR HVWi HO PHUFD GR GH ODV PDVFRWDV " (VWH HV XQ PHUFDGR TXH HVWi FUHFLHQGR GH PDQHUD LPSRUWDQWH (Q HO PXQGR H[LVWH HO IHQyPHQR GH ³KX PDQL]DFLyQ´ GH ODV PDVFR WDV \ &RORPELD QR HV OD H[ FHSFLyQ /D JHQWH SURSRUFLR QD D VXV DQLPDOHV WRGR HO FXLGDGR TXH UHTXLHUHQ FRPR VL VH WUDWDUD GH XQ KLMR $WUiV KD TXHGDGR OD WHQHQFLD GH XQD PDVFRWD FRQ ORV VREUD GRV OR EiVLFR \ PiV VLPSOH ¢4Xp RSRUWXQLGDG GH QHJRFLR HQFRQWUDURQ FRQ HVWH PHUFDGR" (O PLVPR IHQyPHQR GH OD ³KXPDQL]DFLyQ´ GH ODV PDVFRWDV KD SURSLFLDGR XQ FRQVXPR LPSRUWDQWH HQ

WRUQR D ODV PDVFRWDV ,QGH SHQGLHQWHPHQWH GH FXiO VHD HO DQLPDO TXH VH DGTXLHUD WRGRV WUDHQ FRQVLJR XQD VH ULH GH SURGXFWRV \ VHUYLFLRV WDOHV FRPR YHWHULQDULR SH OXTXHUtD VQDFNV FRQFHQ WUDGRV \ URSD TXH VH FRQ YLHUWHQ HQ XQD EXHQD RSRU WXQLGDG GH QHJRFLR ¢&XiQWR IDFWXUD =RR PDUFDQHV DO DxR" /DV WLHQGDV GH PDVFRWDV KDQ WHQLGR XQD HYROXFLyQ LPSRUWDQWH DO SXQWR GH VHU PLS\PHV +R\ HQ GtD KD\ IHULD PXQGLDO GHO PHUFDGR GH PDVFRWDV GRQGH VH YH WRGD OD LQQRYDFLyQ \ OD WHF QRORJtD HQ WRUQR D HVWH PHUFDGR 1XHVWUR QHJRFLR SXHGH IDFWXUDU PL OORQHV DO DxR \D TXH =RR PDUFDQHV HV XQD WLHQGD FRQ VHUYLFLRV LQWHJUDGRV JXDU GHUtD SHOXTXHUtD YHWHULQD ULR YHQWD GH DQLPDOHV \ YHQWD DFFHVRULRV ¢&XiO HV OD PDVFRWD TXH PiV VH YHQGH" /D PDVFRWD PiV YHQGLGD VLJXH VLHQGR HO SHUUR VLQ HPEDUJR KDQ FRJLGR PX FKR DXJH ORV JDWRV SRUTXH VRQ DQLPDOHV PX\ LQGHSHQ GLHQWHV TXH QR UHTXLHUHQ GH PXFKR WLHPSR SDUD VX VRV WHQLPLHQWR

@RT [ 3RYV]R ?~\` NPabNYZR[aR Y\` W cR[R` `R V[PYV[N[ ]\_ YN NQ^bV`VPV [ QR _R]aVYR` P\Z\ ZN`P\aN`

&- 1&330

4*(6& 4*&/%0 -" ."4$05" 13&'&3*%" 103 -04 )0("3&4 $0-0.#*"/04 4&(¼/ '&/"-$0 46 1"35*$*1"$*¶/ 3&13&4&/5" &-

.BTDPUBT F 7HQHU XQD PDVFRWD HQ FDVD QR VROR LPSOLFD SUR SRUFLRQDU FDULxR WLHPSR \ HVSDFLR WDO FXDO FRPR VL VH WUDWDUD GH XQ KLMR ODV SHU VRQDV KR\ HQ GtD LQYLHUWHQ JUDQGHV FDQWLGDGHV GH GL QHUR SDUD VX VRVWHQLPLHQWR /D LQYHUVLyQ SDUWH GHVGH OD DGTXLVLFLyQ KDVWD HO PDQWHQLPLHQWR TXH LQFOX\H DOLPHQWDFLyQ VHUYLFLRV YH WHULQDULRV SHOXTXHUtD URSD \ DFFHVRULRV ([SHUWRV FRQVXOWDGRV SRU $JURQHJRFLRV FRLQFLGHQ HQ TXH VL ELHQ HQ HO SDtV GHVGH KDFH PXFKRV DxRV VH KD WHQLGR OD PDVFRWD FRPR PLHPEUR HOHPHQWDO GHO iP ELWR IDPLOLDU HQ OD DFWXDOL GDG ORV DQLPDOHV WDPELpQ VH KDQ FRQYHUWLGR HQ OD FRPSDxtD LQIDOWDEOH GH SHU VRQDV VROWHUDV MyYHQHV QL xRV \ SDUHMDV TXH QR SXH GHQ WHQHU KLMRV 'H KHFKR HQ &RORPELD OD WDVD GH QDWDOLGDG KD GLV PLQXLGR DOUHGHGRU GH XQ HQ OD ~OWLPD GpFDGD FLIUD TXH WLHQH UHSHUFXVLyQ VREUH ODV SDUHMDV \D TXH KR\ HQ GtD SRU ODV FRQGLFLR QHV VRFLDOHV SROtWLFDV \ HFR QyPLFDV VH DQDOL]D PHMRU TXH DQWHV OD SRVLELOLGDG GH FRQFHELU KLMRV (VWR H[SOLFD HO VXUJL PLHQWR GHO IHQyPHQR FRQR FLGR FRPR ³KXPDQL]DFLyQ´ GH ODV PDVFRWDV HO FXDO KD SURSLFLDGR XQ FUHFLPLHQWR DFHOHUDGR GH HVWH PHUFDGR FRQ OD RIHUWD GH QXHYRV SUR GXFWRV \ VHUYLFLRV FRQ QXH

YDV H[LJHQFLDV TXH DQWLJXD PHQWH QR VH FRQVLGHUDEDQ WDOHV FRPR VHUYLFLRV GH VSD KRWHOHV FDQLQRV SHOXTXHUtD HVSHFLDOL]DGD VHJXURV GH YLGD \ FHPHQWHULRV HQWUH RWURV TXH VRQ DPSOLDPHQWH GHPDQGDGRV HVSHFLDOPHQ WH SRU SHUVRQDV XELFDGDV HQ HVWH FRQWH[WR 3DUD -HLPP\ .DWKHULQH &RUUHGRU PHGLFR YHWHULQD ULR \ ]RRWHFQLVWD HO FRP SRUWDPLHQWR GH ODV SHUVR QDV DQWH OD DPSOLD RIHUWD GH


5&." $&/53"4&(6/%" 26*/$&/" +6-*0 %&

FM QSFDJP ZB OP FT VO QSPCMFNB 1&3304 : "7&4 -04 .«4 7&/%*%04 &/ &- 1"¶4 %F BDVFSEP DPO VO FTUVEJP SFBMJ[BEP QPS MB 'FEFSBDJØO /BDJPOBM EF $PNFSDJBOUFT 'FOBMDP NÈT EF MB UFSDFSB QBSUF EF MPT IPHBSFT DPMPNCJBOPT UJFOF NBTDPUB FT EFDJS FM EF FMMPT QBSB VO UPUBM EF NJMMPOFT EF NBTDPUBT FO UPEP FM UFSSJUPSJP OBDJPOBM &M GBWPSJUP DPNP NBTDPUB FT FM QFSSP DPO FM QBSB FM BHSFHBEP TFHVJEP EF MBT BWFT Z MPT HBUPT DPO VO Z SFTQFDUJWBNFOUF 4FHÞO "MFKBOESP 3ÓPT HFSFOUF EF ;PPNBSDBOFT FM DPNQPSUBNJFOUP EF MPT DPOTVNJEPSFT TJHVF UFOJFOEP JODMJOBDJØO QPS MPT QFSSPT HSBDJBT B RVF TPO BOJNBMFT NVZ EØDJMFT BQUPT QBSB UPEBT MBT FEBEFT Z NVZ GJFMFT &OUSF UBOUP BGJSNB RVF MBT BWFT TPO QSFGFSJEPT DPNP NBTDPUB QPS MPT BEVMUPT NBZPSFT Z MPT HBUPT QPS MPT KØWFOFT

i&- 13&$*0 %&+¶ %& 4&3 6/ '"$503 %&5&3.*/"/5& 1"3" -"4 1&340/"4 -0 ¼/*$0 26& #64$"/ &4 &- #*&/&45"3 &/ 464 ."4$05"4 103 &--0 )": 6/ $3&$*&/5& $0/46.0u +&*..: ,"5)&3*/& $033&%03 .ÏEJDP WFUFSJOBSJP Z ;PPUFDOJTUB

2[ RY ZR_PNQ\ UNf b[N T_N[ \SR_aN QR ]RYb^bR_~N` R`]RPVNYVgNQN`

SURGXFWRV \ VHUYLFLRV SDUD PDVFRWDV GHSHQGH PXFKR GHO SRGHU DGTXLVLWLYR TXH VH WHQJD \ GHO FRQWH[WR HQ TXH VH YLYD SHUR SDUD OD JUDQ PD\RUtD SULPD OD FDOL GDG \ OD IXQFLRQDOLGDG GH ORV SURGXFWRV TXH FRPSUDQ SDUD VXV PDVFRWDV DQWHV TXH HO SUHFLR ³(O SUHFLR QR HV XQ IDF WRU GHWHUPLQDQWH SDUD ODV SHUVRQDV VLQR TXH EXVFDQ HO ELHQHVWDU GH VXV PDVFR WDV H LQGLUHFWDPHQWH VX

SURSLD FRPRGLGDG FRQ OD DGTXLVLFLyQ GH SURGXFWRV TXH OHV SHUPLWDQ UHIRU]DU HO DPRU KDFLD VXV DQLPDOHV´ DILUPy &RUUHGRU &DUORV -XUDGR 0HVD H[ SHUWR HQ PDVFRWDV FRLQFLGH FRQ &RUUHGRU DO DILUPDU TXH GHSHQGLHQGR GHO QLYHO VRFLR FXOWXUDO \ HFRQyPLFR ORV SURSLHWDULRV GH PDVFRWDV HV FRJHQ ORV QLYHOHV GH QXWUL FLyQ FXLGDGRV \ HQWUHWHQL PLHQWR GH VX PDVFRWD ³(Q JHQHUDO VRQ UHFHSWLYDV D

FXDOTXLHU HYHQWR SURPRFLyQ HQ SUR GH VX PDVFRWD (O YD ORU SURPHGLR GH VRVWHQL PLHQWR GH XQD PDVFRWD FRQ ORV FXLGDGRV EiVLFRV HV GH ´ DILUPy -XUDGR 6L ELHQ ORV SUHFLRV GH ODV PDVFRWDV \ OD LQYHUVLyQ HQ HO VRVWHQLPLHQWR YDUtD GH DFXHUGR DO WLSR GH DQLPDO UD]D HGDG VH[R \ SURFH GHQFLD HQWUH RWURV IDFWRUHV -XUDGR DILUPD TXH HQ VX RU GHQ ODV PDVFRWDV PiV FRV WRVDV VRQ ORV FDEDOORV VH

JXLGR GH SHUURV JDWRV SH FHV URHGRUHV \ UHSWLOHV $JURQHJRFLRV KL]R XQ UHFRUULGR SRU GLIHUHQWHV WLHQGDV GH PDVFRWDV \ FULD GHURV GH FDEDOORV H KL]R XQ EDODQFH GH OR TXH GHEH LQ YHUWLU XQD SHUVRQD HQ XQD PDVFRWD \ VX VRVWHQLPLHQWR YHU JUiILFR $3&$& &- .&3$"%0 6HJ~Q (XURPRQLWRU ,Q WHUQDWLRQDO OD LQGXVWULD GH DOLPHQWRV SDUD PDVFRWDV

IDFWXUy HO DxR SDVDGR PLOORQHV HQ YHQ WD GH SURGXFWRV SDUD PDV FRWDV VH IDFWXUy DOUHGHGRU GH PLOORQHV \ HO JDVWR SHU FiSLWD DOFDQ]y ORV 7DQ VROR HO JUXSR 6ROOD GHO PHUFDGR GH PDV FRWDV WLHQH LQJUHVRV SRU 86 PLOORQHV DQXDOHV 0DXULFLR &DPSLOOR SUH VLGHQWH GH OD ILUPD DILUPy TXH GHELGR DO FUHFLPLHQWR GHO PHUFDGR ODV FRPSDxtDV HVWiQ HQWUDGR IXHUWH QXHYDV OtQHDV ³(Q 6ROOD OH HVWDPRV DSXQWDQGR DO GHVDUUROOR GH QXHYRV SURGXFWRV FRPR VQDFNV SRUTXH HO EXHQ FRPSRUWDPLHQWR GH OD HFR QRPtD HVWi JHQHUDQGR FRQ VXPR HVWR KDFH TXH VH GH VDUUROOH XQ PHUFDGR PX\ LPSRUWDQWH´ GLMR &DPSLOOR

&- %"50

.*--0/&4 %& ."4$05"4 )": "$56"-.&/5& &/ 50%0 &- 5&33*503*0 /"$*0/"- 4&(¼/ 6/ &456%*0 3&"-*;"%0 103 '&/"-$0


53"#"+0 %& $".10 4&(6/%" 26*/$&/" +6-*0 %&

-P RVF EFCF TBCFS B MB IPSB EF TFNCSBS IBCJDIVFMB /D KDELFKXHOD HV XQ WLSR GH IUtMRO TXH VH FDUDFWHUL]D SRU WHQHU YDLQDV WLHUQDV TXH XQD YH] FRFLGDV VH SXH GHQ FRQVXPLU HQWHUDV \ VLQ DEULU (Q RWURV SDtVHV VH ODV FRQRFH FRQ RWURV QRPEUHV FRPR KDEDV R MXGtDV DFRP SDxDGDV SRU HO DSHOOLGR µYHUGHV¶ (Q DOJXQDV ]RQDV GH &HQWURDPpULFD \ HO &DUL EH VH KDEOD LQFOXVR GH KDEL FKXHODV µURMDV¶ SDUD UHIHULU VH D QXHVWUR IUtMRO FRP~Q (Q &RORPELD VHJ~Q GD WRV GHO 0LQLVWHULR GH $JUL FXOWXUD OD SURGXFFLyQ GH KDELFKXHOD VH FRQFHQWUD HQ OD FRUGLOOHUD 2ULHQWDO GRQ GH ORV GHSDUWDPHQWRV GH &XQGLQDPDUFD +XLOD 6DQ WDQGHU \ 7ROLPD FRQFHQWUDQ PiV GHO GH OD SURGXF FLyQ QDFLRQDO 6LQ HPEDUJR QHFHVDULR DGYHUWLU TXH &XQ GLQDPDUFD FRQFHQWUD XQ GHO WRWDO \ TXH HQ ORV PXQLFLSLRV GH 8EDTXH &iTXH]D \ &KRDFKt VH SUR GXFH HO GHO WRWDO GH SDUWDPHQWDO (Q WpUPLQRV GH SURGXF FLyQ DQXDO &RORPELD SUR GXMR HQWUH \ XQD PHGLD GH XQDV WR QHODGDV UHJLVWUiQGRVH SL FRV FRPR ODV WRQHOD GDV FRVHFKDGDV HQ \ YDOOHV FRPR ODV WR QHODGDV UHFRJLGDV HQ (VWH DxR VH YLYLy DVLPLV PR HO SHRU UHQGLPLHQWR GH OD GpFDGD GHO HOHYiQ GRVH HO SURPHGLR QDFLRQDO D DSHQDV NLORJUDPRV SRU KHFWiUHD VLHQGR TXH KDVWD HQWRQFHV VH YHQtDQ UHJLVWUDQGR FLIUDV PiV FHU FDQDV D ORV NLORJUD PRV 'H KHFKR GXUDQWH HVWH SHULRGR VH UHJLVWUy XQD PX\ LQWHQVD HVWDFLyQ OOX YLRVD

-" 305"$*»/ &4 $-"7& &/ &- $6-5*70 " MB IPSB EF QFOTBS FO MB IBCJDIVFMB DPNP VOB BMUFS OBUJWB EF OFHPDJP FT DMBWF RVF FM JOWFSTJPOJTUB UFOHB FO DVFOUB RVF QBSB OP GBWPSFDFS MB BQBSJDJØO P MB DPOTPMJEB DJØO EF FOGFSNFEBEFT FO FM DVMUJWP EFCF IBDFS SPUBDJØO EF MPT NJTNPT 4FHÞO (FSNÈO 4ÈODIF[ -FØO FYQFSUP EFM *OTUJUVUP $PMPNCJBOP "HSPQFDVBSJP USBT TFNCSBS EPT P NÈYJNP USFT WFDFT IBCJDIVFMB FO FM NJTNP MPUF FT QVFT OFDFTB SJP DVMUJWBS VOB FTQFDJF EJGF SFOUF %F FTUB NBOFSB TF QPESÈO FWJUBS MBT QSJODJQBMFT BNFOB[BT QBSB FTUF DVMUJWP RVF WBO EFTEF JOTFDUPT USP [BEPSFT DPNP MBT QPMJMMBT BHSPUJT IBTUB FM HVTBOP TQP EPQUFSB Z FM HSJMMP DPNÞO B MPT DVBMFT TF TVNB FM NPT RVJUP AMPSJUP WFSEF P FNQPBT DB MB NPTDB CMBODB MB MBSWB IFMJPUJT TQQ Z MPT ÈDBSPT 5HVSHFWR D OD UHODFLyQ TXH SXHGH KDEHU HQWUH OD KX PHGDG \ OD KDELFKXHOD HO HV SHFLDOLVWD GH &RUSRLFD *HU PiQ 6iQFKH] /HyQ DGYLHUWH TXH ORV FXOWLYRV GH HVWD SODQ WD QR VH GHEHQ UHDOL]DU HQ WH UUHQRV TXH VH HQFKDUTXHQ SXHV H[LVWH XQ ULHVJR DOWR GH TXH VH SLHUGDQ (Q HVH VHQWL GR LQVLVWH HQ OD QHFHVLGDG GH UHDOL]DU EXHQRV GUHQDMHV SDUD OR FXDO ORV VXUFRV VH GH EHQ RULHQWDU FRQ GHVQLYHO TXH SHUPLWD HYDFXDU SRU PHGLR GH OD JUDYHGDG HO H[ FHVR GH DJXD 6LQ HPEDUJR 6iQFKH] DGYLHUWH TXH HV QHFHVDULR PDQWHQHU XQ VHQWLGR GH ODV SURSRUFLRQHV (VDV UHFR PHQGDFLRQHV VRQ SDUWLFX ODUPHQWH LPSRUWDQWHV HQ ODV SULPHUDV HWDSDV GH OD SODQ

2[ ]_\ZRQV\ 0\Y\ZOVN ]_\QbPR b[N` " a\[RYNQN` QR UNOVPUbRYN N[bNYZR[aR

i"- $6-5*70 %& -" )"#*$)6&-" /0 -& (645" %&."4*"%0 &- "(6" 1&30 5".#*­/ -& )"$& '"-5" &/ -"4 13*.&3"4 &5"1"4 %& %&4"330--0 %& -" 1-"/5"u (&3.«/ 4«/$)&; -&»/ &YQFSUP EFM *$"

WD (Q HIHFWR HQ HO PRPHQWR GH OD VLHPEUD HV SUHIHULEOH UHJDU SUHYLDPHQWH HO VXHOR VL HVWi PX\ VHFR \ HQ JHQH UDO GXUDQWH ODV SULPHUDV HWDSDV GH OD SODQWD HV QHFH VDULR PDQWHQHU XQD EXHQD KXPHGDG SXHV HV HQ HVWH SHULRGR TXH VH GD HO SURFHVR GH OOHQDGR GH OD YDLQD 3RU VX SDUWH 6iQFKH] WDPELpQ VHxDOD TXH ³KD\ TXH WHQHU XQD EXHQD SUHSD UDFLyQ GH OD WLHUUD SDUD HOL PLQDU PDOH]DV PDODV KLHU EDV ODUYDV H LQVHFWRV TXH FXPSOHQ XQD SDUWH GH VX FL FOR HQ HO VXHOR´ $ VX YH] VL

HVWH HV GHPDVLDGR FRPSDF WR HV QHFHVDULR VROWDUOR SXHV GH OR FRQWUDULR HO GH VDUUROOR GHO FRWLOHGyQ SXHGH YHUVH FRPSURPHWLGR (Q WpUPLQRV GH VHPLOODV HV SRVLEOH UHDOL]DU DFFLRQHV TXH SUHYHQJDQ R GLVPLQX \DQ HO LPSDFWR GH HQIHUPH GDGHV \ SODJDV 3RU HMHP SOR HV UHFRPHQGDEOH DG TXLULU QXHYDV VHPLOODV SDUD FDGD VLHPEUD \ QR JXDUGDU ODV GH FRVHFKDV SDVDGDV 'HO PLVPR PRGR SDUD HYL WDU ORV YLUXV 6iQFKH] UHFR PLHQGD TXH HVWpQ FHUWLILFD

GDV \ TXH \D YHQJDQ WUDWD GDV SRU HO ,&$ (Q FXDQWR DO UDQJR GH DOWXUDV HQ ODV FXDOHV HV SR VLEOH VHPEUDU ODV SODQWDV HVWH YD GH ORV D ORV PHWURV VREUH HO QLYHO GHO PDU \ OD WHPSHUDWXUD HQ OD FXDO HVWDV SXHGHQ GH VDUUROODUVH RVFLOD HQWUH ORV \ ORV JUDGRV FHQWtJUD GRV 3DUD OD FRVHFKD TXH FRPLHQ]D KDFLD HO GtD \ WHUPLQD DOUHGHGRU GHO HV QHFHVDULR HVFRJHU HO PR PHQWR RSRUWXQR SDUD FDGD VHFFLyQ GH OD SODQWD

&- %"50

103 $*&/50 130.&%*0

26& 3&13&4&/5" &- %&1"35".&/50 %& $6/%*/"."3$" &/ &- 505"- /"$*0/"- 5".#*­/ &45¦/ )6*-" 4"/5"/%&3 : 50-*."


1&$6"3*0 4&(6/%" 26*/$&/" +6-*0 %&

*OWFSTJØO EF NJMMPOFT FO HFOÏUJDB CPWJOB &RPSUD GH WRURV SXURV LQVHPLQDFLyQ DUWLILFLDO \ DGTXLVLFLyQ GH HPEULRQHV VRQ DOJXQRV GH ORV REMHWLYRV TXH VH WUD]y HO *RELHUQR SDUD PHMRUDU JHQpWLFDPHQ WH HO KDWR JDQDGHUR GHO SDtV SUR\HFWR HQ HO TXH LQ YHUWLUi PLOORQHV &RQ HVWD LQLFLDWLYD VH HV SHUDQ DXPHQWDU FRQVLGHUD EOHPHQWH ORV UHQGLPLHQWRV SRU DQLPDO DO PLVPR WLHP SR TXH VH EXVFD PHMRUDU OD FDOLGDG GH OD SURGXFFLyQ HQ PDWHULD GH FDUQH \ OHFKH 6HJ~Q HO SURJUDPD TXH YLHQH OLGHUDQGR HO 0LQLVWH ULR GH $JULFXOWXUD HO FRVWR Pi[LPR GH UHIHUHQFLD SRU WRUR SXUR VHUi GH PLOOR QHV 3DUD HO FDVR GH OD LQVH PLQDFLyQ HO PRQWR VHUi GH SRU YLHQWUH (Q WpUPLQRV JHQHUDOHV VH HVWLPD DWHQGHU OD FRP SUD GH XQRV WRURV \ DSR\DU OD LQVHPLQDFLyQ GH YLHQWUHV \ SDUD HVR VH ILQDQFLDUi KDVWD HO GHO YDORU 3DUD HO PLQLVWUR -XDQ &DPLOR 5HVWUHSR ³ORV LQV WUXPHQWRV GH SROtWLFD JDQD GHUD TXH ODQ]D HO 0LQLVWHULR GH $JULFXOWXUD UDWLILFDQ HO FRPSURPLVR GHO *RELHUQR FRQ WRGR HO VHFWRU JDQDGH UR TXH KD VLGR \ VHUi EDVH IXQGDPHQWDO SDUD OD FRQV WUXFFLyQ GH OD FRPSHWLWLYL GDG GH QXHVWURV WHUULWRULRV UXUDOHV´ (VWH SUR\HFWR VH YLHQH GHVDUUROODQGR GH OD PDQR GH OD 8QLyQ 1DFLRQDO GH $VRFLDFLRQHV *DQDGHUDV

4&(6*3 "%&-"/5& $0/ -" 5"3&" 1BSB FM NJOJTUSP EF "HSJDVMUVSB Z %FTBSSPMMP 3VSBM +VBO $BNJMP 3FTUSFQP FT DMBSP RVF $PMPNCJB OP QVFEF EFKBS EF JNQMFNFOUBS QSPHSBNBT UFOEJFOUFT B NFKPSBS MB QSPEVDUJWJEBE QVFT EF FTP EFQFOEFO MBT QPTJCJMJEBEFT DPNFSDJBMFT B GVUVSP i)BHP VO MMBNBEP FTQFDJBM B MPT QSPEVDUPSFT HBOBEFSPT Z B TVT BTPDJBDJP OFT %FCFNPT USBCBKBS FO BTPDJP QBSB BSUJDVMBS MPT FTGVFS[PT RVF IFNPT USBCB KBEP EVSBOUF B×PT Z RVF OPT QFSNJUBO EFOUSP EFM NBSDP EF DPNQFUJUJWJEBE TPTUFOJ CJMJEBE Z QSPEVDUJWJEBE DPO TPMJEBS MB QSPTQFSJEBE HBOB EFSB MB QSPTQFSJEBE QBSB UPEPT &TUF .JOJTUFSJP RVF TF MMBNB EF "HSJDVMUVSB Z %FTBSSPMMP 3VSBM FT UBNCJÏO FM .JOJTUFSJP EF MB HBOBEF SÓBw EJKP FM GVODJPOBSJP

&- %"50 0\[ RY ]_\T_NZN `R R`]R_N aR[R_ b[ ZRW\_ N]_\cRPUNZVR[a\ ]\_ N[VZNY R[ ZNaR_VN QR ]_\QbPPV [ QR PN_[R f YRPUR

i-" */*$*"5*7" #64$" '035"-&$&3 &- 46#4&$503 $"3/& : -&$)& $0.0 6/ .&$"/*4.0 %& "6.&/5"3 -" 130%6$5*7*%"% : 015*.*;"3 &- %&4"330--0 %& -"4 &.13&4"4u

i6/" 7&; "13&/%".04 -" ."/&3" "%&$6"%" %& ."/&+"3 -" "-*.&/5"$*¶/ %&- ("/"%0 &- 3&50 &4 &- .&+03".*&/50 (&/­5*$0 %&- )"50 &/ &- 1"±4u

3*$"3%0 4«/$)&; 30/%»/ 1SFTJEFOUF EF 6OBHB

3*$"3%0 4«/$)&; -»1&; 7JDFNJOJTUSP EF "HSJDVMUVSB

&RORPELDQDV 8QDJD TXH KD FRQWULEXLGR D OD GHILQL FLyQ GH ODV SROtWLFDV FODYH 3DUD 5LFDUGR 6iQFKH] 5RQGyQ SUHVLGHQWH GH 8QDJD HO PHMRUDPLHQWR JH QpWLFR SHUPLWH HO DYDQFH FRQWLQXR \ SHUPDQHQWH GHO GHVHPSHxR SURGXFWLYR \ UHSURGXFWLYR DGHPiV GH OD FDOLGDG GH ORV SURGXFWRV

(O SODQ TXH HMHFXWD HO *RELHUQR \ HO JUHPLR JDQD GHUR WDPELpQ LQFOX\H OD PHMRUD HQ ODV SDVWXUDV \ HO VLOYRSDVWRUHR HQ GRQGH OD DSXHVWD HV SRU ORV PRGHORV GH DOLPHQWDFLyQ DQLPDO FRPR ORV GHVDUUROODGRV HQ 1XHYD =HODQGD TXH SHU PLWHQ GLVPLQXLU ORV FRVWRV GH SURGXFFLyQ (O SUR\HFWR

LQGLFD TXH HO FRVWR SURPH GLR SDUD PHMRUDU ODV SDVWX UDV VHUi GH TXH VH ILQDQFLDUiQ KDVWD SRU HO &RQ HVWR VH HVSHUD PHMR UDU LQFHQWLYDU OD PHMRUD GH SUDGHUDV HQ KHFWi UHDV \ HQ VLOYRSDVWRUHR KHFWiUHDV (VWH SUR JUDPD VHUi IRUWDOHFLGR SRU

HO SODQ OLGHUDGR SRU )HGH JiQ \ HO %DQFR 0XQGLDO 2WUR SXQWR TXH VH WHQ GUi HQ FXHQWD HV HO GH PD TXLQDULD LQIUDHVWUXFWXUD \ VRVWHQLPLHQWR DSXHVWD FRQ OD TXH VH EXVFD LQFUHPHQWDU ORV UHVXOWDGRV GHO VHFWRU SXHV VH FRQWDUi FRQ WHFQR ORJtD SDUD GHVDUUROODU OD DJURLQGXVWULD

.*- 50304 16304

4& &41&3"/ $0.13"3 $0/ -" 16&45" &/ ."3$)" %&- 1-"/ %& .&+03".*&/50 (&/­5*$0 %&- ("/"%0 #07*/0


&41&$*"- 4&.*--"4 4&(6/%" 26*/$&/" +6-*0 %&

-BT TFNJMMBT EFCFO JS IBDJB MB UPMFSBODJB BM DBNCJP DMJNÈUJDP (O GXUR LQYLHUQR TXH DJRELy DO SDtV HQ ORV ~OWLPRV DxRV \ TXH GHMy D OD DJUL FXOWXUD FRPR XQR GH ORV JUDQGHV GDPQLILFDGRV OOHYy D XQD OHFFLyQ LQHYLWDEOH KD\ TXH DGDSWDUVH DO FDPELR FOL PiWLFR \ GH HVR QR HVFDSD HO FDPSR FRORPELDQR 3RU HOOR ORV JUHPLRV DJUtFRODV FRQVLGHUDQ TXH OD LQYHVWLJDFLyQ \ HO GHVDUUROOR HQ VHPLOODV SRU SDUWH GH ODV HPSUHVDV SURGXFWRUDV GHEH FDPLQDU KDFLD HQFRQ WUDU YDULHGDGHV WROHUDQWHV D VHTXtDV R D DOWRV QLYHOHV GH KXPHGDG 0XFKRV VHFWRUHV \D HPSH]DURQ OD WDUHD QDGD IiFLO \ TXH GH WRGDV IRUPDV UHTXLHUH GH WLHPSR ³(O VHFWRU GH ODV VHPLOODV GHEH LU KDFLD OD LQYHVWLJD FLyQ HQ JHQpWLFD SDUD SUR GXFLU YDULHGDGHV TXH WHQ JDQ PD\RU UHVLVWHQFLD D DO WDV \ EDMDV WHPSHUDWXUDV FRPR UHVSXHVWD DO FDPELR

FOLPiWLFR´ VRVWXYR HO JH UHQWH GH OD )HGHUDFLyQ 1D FLRQDO GH $UURFHURV )HGHD UUR] 5DIDHO +HUQiQGH] 3HUR RWUR SXQWR TXH SRQH HO GLUHFWLYR VREUH OD PHVD HV TXH ODV HPSUHVDV \ HQWLGDGHV GHGLFDGDV DO WHPD GHEHQ LU KDFLD ORV KtEULGRV TXH D VX MXLFLR HV XQ VLVWHPD PHMRU TXH ORV WUDQVJpQLFRV ³1RVRWURV WHQHPRV YDULHGDGHV GH ODV FXDOHV HVWiQ HQ HO PHUFDGR TXH VRQ ODV TXH PHMRU UHVSXHVWD WLHQHQ QR VyOR HQ SURGXFWL YLGDG VLQR WDPELpQ HQ DGDSWDFLyQ D ORV HFRVLVWH PDV 3HUR KD\ TXH VHJXLU WUDEDMDQGR FRQ GLYHUVRV PDWHULDOHV SRUTXH KR\ ODV DPHQD]DV GH OD DJULFXOWXUD QR VRQ VyOR ORV 7/& 7DP ELpQ HVWi HO FDPELR FOLPiWL FR´ DJUHJy &RQ +HUQiQGH] FRLQFLGH OD SUHVLGHQWD (MH FXWLYD GH OD &RQIHGHUDFLyQ &RORPELDQD GH $OJRGyQ

i)0: -"4 ".&/";"4 1"3" -" "(3*$6-563" /0 40/ 4¶-0 -04 5-$ ")± &45¦ &- $".#*0 $-*.¦5*$0 : 103 &--0 4& %&#& */7&45*("3 &/ 4&.*--"4 50-&3"/5&4 " &45& '&/¶.&/0u 3"'"&- )&3/«/%&; (FSFOUF EF 'FEFBSSP[

9\` T_RZV\` QRY `RPa\_ NSV_ZN[ ^bR RY QR`N__\YY\ QR YN` cN_VRQNQR` QROR `R_ P\[`aN[aR

/X] $PSDUR )RQVHFD SDUD TXLHQ ODV ILUPDV SURGXFWR UDV GH VHPLOODV HQ HO SDtV GHEHQ PDQWHQHU XQD DPSOLD RIHUWD GH YDULHGDGHV TXH VH SXHGDQ PXOWLSOLFDU DGDSWD EOHV \ UHVLVWHQWHV DO WUySLFR \ UHJLRQHV WyUULGDV ³(VD KD VLGR OD SULQFLSDO GHELOLGDG HQ OD RIHUWD GH VH PLOODV SDUD SRU HMHPSOR HO DOJRGyQ 6H KDQ WHQLGR ID OODV HQ OD DGDSWDFLyQ GH HVRV PDWHULDOHV D ODV FRQGL

FLRQHV GH KXPHGDG GH UH JLRQHV FRPR HO FDULEH $Kt HVWD LQGXVWULD WLHQH XQ UHWR JUDQGH SRUTXH DQWH HVWD VXVFHSWLELOLGDG KDQ FDtGR ORV UHQGLPLHQWRV \ VH KDQ LQFUHPHQWDGR ORV FRVWRV GH ORV SURGXFWRUHV´ HQIDWL]y )RQVHFD GLMR TXH KR\ ORV DOJRGRQHURV VH VXUWHQ FRQ VHPLOODV WUDQVJpQLFDV SRUTXH OD RIHUWD HQ FRQYHQFLRQDOHV FD\y \ OD GLVSRQLELOLGDG HQ HO PHUFDGR HV PX\ SRFD

-" */7&45*("$*»/ &45« &/ '6/$*»/ %&- $-*." -B WBSJBCJMJEBE DMJNÈUJDB FT VOP EF MPT UFNBT EF BUFODJØO EF MB BHSJDVMUVSB EFM QBÓT RVF DPCJKB FTUVEJPT EF VOJWFSTJEBEFT DFOUSPT EF JOWFTUJHBDJØO DPNP FM $JBU $FOJDB×B Z $FOJDBGÏ &O FTUB ÞMUJNB FOUJEBE TF FTUÈ IBDJFOEP FM EFTBSSPMMP EF OVFWBT WBSJFEBEFT EF DBGÏ FO GVODJØO EFM DMJNB RVF JOWPMVDSB QMBHBT Z FOGFSNFEBEFT DPO FOGPRVF EF BEBQUBDJØO Z OP EF NJUJHBDJØO IB FYQMJDBEP FM EJSFDUPS EF $FOJDBGÏ 'FSOBOEP (BTU 0USP QVOUP FO FM UFNB EF MBT TFNJMMBT MP QMBOUFB FM EJSFDUPS EFM (SVQP 4FNJMMBT (FSNÈO 7ÏMF[ QBSB RVJFO FM TFDUPS TF FTUÈ DPODFOUSBOEP FO QPDBT FNQSFTBT RVF UJFOFO FM DPOUSPM BCTPMVUP EF MBT QBUFOUFT i EF MBT TFNJMMBT RVF IBZ FO FM NVOEP FTUÈO QSPUFHJEBT P QBUFOUBEBTw EJKP


&41&$*"- 4&.*--"4 4&(6/%" 26*/$&/" +6-*0 %&

4JHVF DSFDJFOEP QBSUJDJQBDJØO EF (. 'HIHQGLGRV SRU PXFKRV VHFWRUHV \ FULWLFDGRV \ FXHVWLRQDGRV SRU RWURV ORV FXOWLYRV WUDQVJpQLFRV R *H QpWLFDPHQWH 0RGLILFDGRV *0 YLHQHQ JDQDQGR HVSD FLR HQ OD DJULFXOWXUD FRORP ELDQD /D $VRFLDFLyQ GH %LRWHF QRORJtD 9HJHWDO $JUtFROD $JUR %LR UHSRUWD DO FLH UUH GH TXH HQ HO SDtV KD\ VHPEUDGDV KHFWiUHDV $XQTXH IXH HO VHFWRU GH ODV IORUHV HO TXH GLR HO SULPHU SDVR HQ WHQHU SODQWDV WUDQVJpQLFDV FRQ HO FODYHO D]XO DSUREDGR HQ HV HO PDt] \ HO DOJR GyQ ORV FXOWLYRV TXH RFX SDQ SUiFWLFDPHQWH WRGDV ODV KHFWiUHDV VHPEUDGDV HQ HVWH WLSR \ TXH DGHPiV WLH QHQ VHPLOODV ELRWHFQROyJL FDV DSUREDGDV \ HQ FRPHU FLDOL]DFLyQ (O DOJRGyQ *0 IXH DFHS 2[ 0\Y\ZOVN Y\` PbYaVc\` a_N[`Tz[VP\` `R QR`N__\YYN[ UNPR N \` f U\f `R Re]Y\_N[ [bRc\` ]_\QbPa\` WDGR HQ \ HO PDt] TXH WLHQH HO HVWDWXV GH WROHUDQWH D KHUELFLGDV HVR QR KD HVFDSDGR D FUtWLFDV 0RQVDQWR SRU XQD VHPLOOD SURYHHGRUHV VHSDQ TXH QR VLHPEUDV PRGLILFDGDV \ YL VH FRPSUXHED´ RSRVLWRUHV \ D SURGXFWRUHV HVSHFtILFD TXH QR GLR ORV UH VH SXHGH KDFHU SXEOLFLGDG VXOWDGRV DQXQFLDGRV ³/D HQJDxRVD´ GLMR OD SUHVLGHQ JLODGDV SRU HO ,QVWLWXWR &R /D GLUHFWLYD GHVWDFD GH LQFRQIRUPHV HPSUHVD WHUPLQy VDQFLRQD WD (MHFXWLYD GH OD &RQIHGH ORPELDQR $JURSHFXDULR HVWD WHFQRORJtD RIUHFH EHQH GD FRQ PLOORQHV \ OR UDFLyQ &RORPELDQD GH $O ,&$ VH DSUREy HQ \ ILFLRV SDUD HO DJULFXOWRU SRU %*4$64*»/ GHVGH HQWRQFHV VH FRPHU SURWHJHU HO FXOWLYR GH LQVHF *HUPiQ 9pOH] HV HO GL LPSRUWDQWH HV TXH VH VHQWy JRGyQ &RQDOJRGyQ /X] FLDOL]D (Q VH GLR HO WRV \ PDOH]DV OR TXH OOHYD D UHFWRU GHO *UXSR 6HPLOODV XQ SUHFHGHQWH SDUD TXH ORV $PSDUR )RQVHFD YLVWR EXHQR D OD VR\D SHUR XVDU PHQRV DJURTXtPLFRV XQD RUJDQL]DFLyQ TXH VH D~Q QR VH FXOWLYD \ SRU HVWD YtD FRQVLGHUD RSRQH D ORV WUDQJpQLFRV HQ /DV FLIUDV LQGLFDQ TXH HQ TXH KD\ XQ LPSRUWDQWH OD DJULFXOWXUD SRU FRQVLGH DOJRGyQ KD\ HVWDEOHFLGDV DKRUUR HQ FRVWRV GH SUR UDU TXH DWHQWDQ FRQWUD OD KHFWiUHDV \ HQ PDt] GXFFLyQ ELRGLYHUVLGDG QR GLVPLQX /DV IORUHV URVDV \ ³7LHQH XQ PHMRU UHQGL \HQ HO XVR GH DJURTXtPLFRV FODYHOHV D]XOHV DSRUWDQ QR PLHQWR DXQTXH HVWR GH FRQFHQWUDQ HO PHUFDGR GH PiV GH KHFWiUHDV SHQGH GH OD UHJLyQ 3RU VHPLOODV HQ SRFDV PXOWLQD ³/D HYROXFLyQ GH ORV FXO HMHPSOR HQ HO 9DOOH HO UHQ FLRQDOHV \ VRQ XQD DPHQD]D WLYRV *0 KD VLGR PiV ELHQ GLPLHQWR GHO DOJRGyQ WUDQV SDUD ODV VHPLOODV FULROODV SRU YR] D YR] SHUR FRQ XQ JpQLFR HV GH WRQHODGDV FX\D FRPHUFLDOL]DFLyQ ULWPR FUHFLHQWH (Q HO ~OWL SRU KHFWiUHDV \ HQ RWUDV UH DJUHJD HV FDGD YH] PiV PR DxR HO FUHFLPLHQWR IXH JLRQHV GH y (Q DOJR UHVWULQJLGD \ UHJXODGD GH HQ PDt] \ HQ GyQ ORV UHQGLPLHQWRV HQ (O GHVDUUROOR GH ORV FXO DOJRGyQ (V XQD WHFQRORJtD &RORPELD DXPHQWDURQ XQ WLYRV *0 HQ &RORPELD OOHYD PX\ UHJXODGD HVD ODERU OD \ HQ PDt] IUHQWH DxRV \ VH GDQ HQ R GH KDFH HO ,&$ \ VH GHPRUD D ORV FXOWLYRV FRQYHQFLRQD SDUWDPHQWRV +DFH XQRV HQWUH \ DxRV SDUD VHU OHV´ LQGLFy 6L ELHQ OD WHF DxRV ORV DOJRGRQHURV LQWHU DSUREDGD (V LPSRUWDQWH QRORJtD KD VLGR DFHSWDGD \ SXVLHURQ DQWH HO ,&$ XQD UHVDOWDU TXH LQWURGXFLU XQD OD WHQGHQFLD HV FUHFLHQWH DFFLyQ FRQWUD OD ILUPD VHPLOOD ELRWHFQROyJLFD VH KDFH SDVR SRU SDVR FDVR SRU FDVR \ ]RQD SRU ]RQD SRUTXH FDGD FXOWLYR \ UH JLyQ VRQ GLVWLQWRV´ GLMR OD GLUHFWRUD (MHFXWLYD GH -P RVF SFTBMUB MB EJSFDUPSB &KFDVUJWB EF "HSP #JP .BSÓB $JUR %LR 0DUtD $QGUHD "OESFB 6TDÈUFHVJ FT RVF MPT DVMUJWPT USBOTHÏOJDPT P HFOÏUJ DBNFOUF NPEJGJDBEPT UBNCJÏO SFRVJFSFO EF NBOFKP Z CVF 8VFiWHJXL OBT QSÈDUJDBT BHSÓDPMBT i4PO VOB IFSSBNJFOUB NÈT QBSB FM $JUHJy TXH ³VH KDFHQ BHSJDVMUPS QFSP FTUP OP RVJFSF EFDJS RVF TFBO NÈHJDPT SUXHEDV GH ELRVHJXULGDG 1SPUFHFO MBT DPTFDIBT Z EBO NFKPSFT SFOEJNJFOUPT QFSP UBN HQ ODV FXDOHV VH FRPSUXHED CJÏO OFDFTJUBO NBOFKP QBSB PCUFOFS CVFOPT SFTVMUBEPTw BHSF TXH OD VHPLOOD FXPSOD FRQ HØ &O FM NVOEP MPT DVMUJWPT (. NÈT DPNVOFT FTUÈO FO TPZB BMHPEØO NBÓ[ Z DBOPMB 0USPT FTUÈO FO JOWFTUJHBDJØO P QSVF OD FDUDFWHUtVWLFD SDUD OD FXDO CBT Z TF CVTDB TBDBS TFNJMMBT DPO DPNQPOFOUFT OVUSJDJPOBMFT IXH PRGLILFDGD (V GHFLU VL QBSB MPT DPOTVNJEPSFT Z SFTJTUFOUFT BM DBNCJP DMJNÈUJDP 4F HV UHVLVWHQWH D LQVHFWRV R FTUJNB RVF FO TBMESÈ VO NBÓ[ UPMFSBOUF B TFRVÓBT

53"/4(²/*$04 5".#*²/ 3&26*&3&/ %& ."/&+0

i-04 $6-5*704 (. 40/ 6/" )&33".*&/5" .¦4 1"3" &- "(3*$6-503 1&30 &450 /0 26*&3& %&$*3 26& 4&"/ .¦(*$04 5".#*­/ /&$&4*5"/ ."/&+0u ."3¶" "/%3&" 64$«5&(6* %JSFDUPSB &KFDVUJWB EF "HSP #JP

&- %"50

'*3."4 130%6$&/ &/ &- 1"±4 4&.*--"4 (. "4± --"."%"4 10326& 4& -&4 */4&35" 6/ (&/ 26& %" $"3"$5&3±45*$"4 %&5&3.*/"%"4


&41&$*"- 4&.*--"4 4&(6/%" 26*/$&/" +6-*0 %&

&M SFUP FT TFS DPNQFUJUJWPT FO .&3$"%04 &- 4&$503 %&#& 4&3 $0.1&5*5*70 "/5& -" */5&3/"$*0/"-*;"$*¶/ %& -04 .&3$"%04 &/ 5­3.*/04 %& 3&(6-"$*¶/ : %&4"330--0 5&$/0-¶(*$0

&- %"50

103 $*&/50 %& &41&$*&4 $0-0.#*"/"4 .¦4 &91035"%"4 5*&/&/ $0.0 13*/$*1"- %&45*/0 &$6"%03 4&(6*%0 %& $045" 3*$" : 1&3¼

6HJ~Q ODV SUR\HFFLRQHV GH $FRVHPLOODV VH HVSHUD TXH HO FRQVXPR GH VHPLOODV HQ HO SDtV WHQJD XQ FRP SRUWDPLHQWR FUHFLHQWH GH ELGR DO DXPHQWR GHO iUHD VHPEUDGD GH ORV GLIHUHQWHV FXOWLYRV $Vt OR LQGLFy HO JHUHQWH JHQHUDO GH OD DJUHPLDFLyQ -XDQ 0DQXHO 0RQUR\ HQ HQWUHYLVWD FRQ $JURQHJR FLRV (O GLUHFWLYR KDEOy WDPELpQ GH ORV SULQFLSDOHV UHWRV D ORV TXH VH HQIUHQWDQ ORV DJULFXOWRUHV GHO VHFWRU ¢&XiOHV VRQ ODV SUR \HFFLRQHV GHO VHFWRU HQ HO SDtV" 'DGR TXH OD GHPDQGD SRU VHPLOODV SDUD OD VLHP EUD HV GHULYDGD GHO FRP SRUWDPLHQWR GH ORV FXOWL YRV VH HVSHUD TXH HO FRQVX PR GH VHPLOODV GH PDt] SDOPD GH DFHLWH KRUWDOL]DV \ IRUUDMHUDV HQWUH RWURV WHQJD XQ FRPSRUWDPLHQWR DVFHQGHQWH FRPR FRQVH FXHQFLD GHO FUHFLPLHQWR HQ HO iUHD VHPEUDGD (Q FXOWLYRV FRPR DUUR] VH HVSHUD XQ FRPSRUWD

PLHQWR HVWDEOH HQ ODV VHPL OODV GHELGR D TXH HO iUHD VHPEUDGD GHO PLVPR QR KD WHQLGR JUDQGHV YDULDFLRQHV HQ ORV ~OWLPRV DxRV \ HO PHUFDGR LOHJDO FRQWLQ~D DEDVWHFLHQGR SUiFWLFDPHQ WH OD PLWDG GH ODV QHFHVLGD GHV GH ORV DJULFXOWRUHV ¢4Xp HVSHUD OD LQ GXVWULD" eVWD HVSHUD TXH H[LVWD XQD PD\RU GHPDQGD SRU VHPLOODV FRQ DOWR YDORU WHF QROyJLFR (V GHFLU XQD PD \RU DGRSFLyQ GH KtEULGRV \ GH ELRWHFQRORJtD TXH UHSUH VHQWDQ EHQHILFLRV SDUD ORV DJULFXOWRUHV HQ WpUPLQRV GH PD\RU UHQGLPLHQWR PD\RU WROHUDQFLD D SODJDV \ HQIHU PHGDGHV PD\RU DGDSWDEL OLGDG \ PD\RU YDORU QXWUL FLRQDO HQWUH RWURV ¢4Xp SUREOHPDV HQ IUHQWD DFWXDOPHQWH" 'HQWUR GH ORV REVWiFXORV TXH HQIUHQWD OD LQGXVWULD GH VHPLOODV HQ OD DFWXDOLGDG HVWi OD LOHJDOLGDG HQ HO PHU FDGR HVSHFLDOPHQWH HQ DUUR] VR\D KRUWDOL]DV \

PDWHULDO GH SURSDJDFLyQ HQ YLYHURV SOiQWXODV OR FXDO GLVPLQX\H OD FRPSHWLWLYL GDG GH HVWRV FXOWLYRV \ DX PHQWD VLJQLILFDWLYDPHQWH HO ULHVJR ILWRVDQLWDULR GHO SDtV ¢4Xp RWURV DVSHFWRV LQIOX\HQ" /D GHELOLGDG LQVWLWXFLR QDO GH ODV DXWRULGDGHV GHO VHFWRU DJURSHFXDULR HQFDU JDGDV GH OD LQVSHFFLyQ YL JLODQFLD \ FRQWURO GH ODV VHPLOODV KD LPSHGLGR XQD DSURSLDGD REVHUYDQFLD GH ORV GHUHFKRV GH REWHQWRU GH YDULHGDGHV YHJHWDOHV DVt FRPR XQ DGHFXDGR FRQWURO HQ OD SURGXFFLyQ \ FRPHUFLDOL]DFLyQ GH VHPL OODV /R DQWHULRU VH KD WUD GXFLGR HQ XQD GHVYHQWDMD GH OD LQGXVWULD IRUPDO IUHQWH D OD LQIRUPDOLGDG GHO VHFWRU ¢&XiOHV KDQ VLGR ODV OLPLWDQWHV" /D EDMD LQYHUVLyQ HQ FLHQFLD \ WHFQRORJtD DVt FRPR OD IDOWD GH FODULGDG GH XQD SROtWLFD GH ODUJR SOD]R HQ OD PDWHULD KDQ OLPLWDGR

HO FUHFLPLHQWR GHO VHFWRU DJURSHFXDULR (Q ODV ~OWLPDV GpFDGDV HO VHFWRU SULYDGR KD OLGHUD GR OD LQYHVWLJDFLyQ H LQWUR GXFFLyQ GH QXHYRV PDWHULD OHV SDUD OD VLHPEUD HQ HO SDtV D SHVDU GH OD SUHFDULD ILQDQFLDFLyQ TXH KD WHQLGR IDOWDQGR OD FRQWXQGHQWH DF FLyQ GHO VHFWRU S~EOLFR GH PDQHUD TXH IDYRUH]FD HO HQJUDQDMH GH OD DFDGHPLD HO VHFWRU SURGXFWLYR \ OD LQ GXVWULD ¢&XiOHV VRQ ORV SULQ FLSDOHV UHWRV TXH WLHQH HO VHFWRU" (O SULQFLSDO UHWR GH OD LQGXVWULD GH VHPLOODV HVWi tQWLPDPHQWH OLJDGR FRQ HO TXH HQIUHQWD HO VHFWRU DJUR SHFXDULR FRORPELDQR OD FRPSHWLWLYLGDG IUHQWH D OD LQWHUQDFLRQDOL]DFLyQ GH ORV PHUFDGRV HQ WpUPLQRV GH UHJXODFLyQ PHMRU \ PD\RU DGRSFLyQ GH WHFQRORJtD FD SDFLWDFLyQ GHO UHFXUVR KX PDQR LQIUDHVWUXFWXUD \ DF FHVR D WLHUUDV HWFpWHUD $GLFLRQDOPHQWH OD LQ GXVWULD WLHQH XQ JUDQ UHWR

FRQVLVWHQWH HQ TXH ORV GLIH UHQWHV DJHQWHV GH ODV FDGH QDV SURGXFWLYDV YDORUHQ \ UHFRQR]FDQ DGHFXDGDPHQWH OD LQYHVWLJDFLyQ TXH DGHODQ WDQ ORV SURGXFWRUHV H LP SRUWDGRUHV GH VHPLOODV \ GH ELRWHFQRORJtD HQ HO SDtV \D TXH GHWUiV GH XQD VHPLOOD DXWRUL]DGD SRU HO ,&$ KD\ DxRV GH LQYHUVLyQ GH FDSL WDO GH UHFXUVRV KXPDQRV \ GH FRQRFLPLHQWR DSOLFDGR FRQ PLUDV D RIUHFHU OR PH MRU SDUD HO DJULFXOWRU \ VX DFWLYLGDG HQ HO FDPSR ¢&XiOHV VRQ ODV JUDQ GHV DSXHVWDV GH TXLH QHV ODV SURGXFHQ" /D LQGXVWULD GH ODV VH PLOODV HQ HO SDtV SUHWHQGH DFFHGHU D ORV EHQHILFLRV TXH VH JHQHUDQ D SDUWLU GH OD HQWUDGD HQ YLJHQFLD GH ORV GLIHUHQWHV WUDWDGRV GH OLEUH FRPHUFLR FRPR DFFH VR D QXHYRV PHUFDGRV QXHYDV WHFQRORJtDV H LQ YHUVLyQ $GHPiV OD LQGXVWULD DSXHVWD SRU OD OHJDOL]DFLyQ GHO PHUFDGR GH PDQHUD TXH VHD SRVLEOH FRPSHWLU


&41&$*"- 4&.*--"4 4&(6/%" 26*/$&/" +6-*0 %&

FM DPOUFYUP JOUFSOBDJPOBM EDMR LJXDOHV FRQGLFLRQHV FRQ RWURV DJHQWHV ¢4Xp VH SRGUi HQ FRQWUDU HQ XQ IXWXUR" (O PHMRUDPLHQWR YHJHWDO YD HQFDPLQDGR D SURYHHU EHQHILFLRV \D QR VyOR DO DJULFXOWRU HQ FDPSR VLQR DO FRQVXPLGRU GH ORV DOLPHQ WRV R PDWHULDV SULPDV WDO HV HO FDVR GH SURGXFWRV TXH FXHQWDQ FRQ WHFQRORJtD GHV GH OD VHPLOOD FRPR SUHVHQ FLD GH YLWDPLQDV HQ]LPDV SDUD WUDWDPLHQWR GH HQIHU PHGDGHV \ WROHUDQFLD DO HV WUpV FOLPiWLFR HQWUH RWURV $GLFLRQDOPHQWH HVSHUD PRV HQFRQWUDU XQ DJULFXOWRU FRPSHWLWLYR XQ PHUFDGR IRUPDOL]DGR \ XQD DJULFXO WXUD VRVWHQLEOH TXH SHUPLWD DO SDtV FRQYHUWLUVH HQ XQ LPSRUWDQWH DEDVWHFHGRU GH DOLPHQWRV SDUD HO PXQGR ¢&XiOHV VRQ ORV SULQ FLSDOHV PHUFDGRV GH ORV SURGXFWRUHV FRORPELD QRV" (Q OD LQGXVWULD FRORP ELDQD GH VHPLOODV ODV HVSH FLHV PiV H[SRUWDGDV VRQ PDt] VR\D \ DUUR] FX\RV SULQFLSDOHV GHVWLQRV VRQ (FXDGRU &RVWD 5LFD \ 3HU~

7bN[ :N[bRY :\[_\f TR_R[aR TR[R_NY QR .P\`RZVYYN`

13*/$*1"- 130%6$$*»/ /"$*0/"- &M HFSFOUF EF "DPTFNJMMBT +VBO .BOVFM .POSPZ FYQMJ DØ RVF MB NBZPS DBOUJEBE EF QSPEVDUPSFT EF TFNJMMB DFSUJ GJDBEB SFHJTUSBEPT BOUF FM *$" TF FODVFOUSBO FO MPT EFQBS UBNFOUPT EF $VOEJOBNBSDB FODBCF[BOEP DPO VO 7BMMF SFQSFTFOUBOEP FM 5PMJNB DPO VOB QBSUJDJQBDJØO EF Z #PZBDÈ DPO FM &O DVBOUP B MB JNQMFNFOUB DJØO EF OVFWBT UFDOPMPHÓBT FO FM TFDUPS MB JOEVTUSJB EF TFNJMMBT IB QSPDVSBEP FTUBS B MB WBOHVBSEJB EF MB BEPQ DJØO EF MBT NJTNBT QBSB JOWFTUJHBDJØO NFKPSBNJFOUP NVMUJQMJDBDJØO CFOFGJDJP Z DPOUSPM EF DBMJEBE FUDÏUFSB &OUSF MBT TFNJMMBT RVF NÈT TF QSPEVDFO FO EJGFSFOUFT QBS UFT EFM UFSSJUPSJP OBDJPOBM TF EFTUBDBO MBT EF BSSP[ BMHP EØO NBÓ[ TPSHP Z TPZB MP RVF UPUBMJ[Ø UPOFMB EBT FO QBSB BUFOEFS MBT TJFNCSBT OBDJPOBMFT FTQFDJBMNFOUF

"/«-*4*4

-B DMBWF TPO MBT CVFOBT TFNJMMBT WDPHQWH VH UHTXLH *UDQ SDUWH GHO UH WHQHU HQ FXHQWD p[LWR HQ XQ FXOWLYR TXH FXDOTXLHU WLSR GHSHQGH GLUHFWD GH SODQWD UHTXLHUH PHQWH GH OD FDOLGDG GH WRGR XQ SDTXHWH GH VHPLOOD TXH VH QXWULFLRQDO FRPSOH WLHQH GH HVWD PD "%0-'0 "6(6450 WR GH HOHPHQWRV QHUD VH JDUDQWL]DQ ("3;»/ )&3/«/%&; -ÓEFS OBDJPOBM EF QBQB Z IPSUBMJ[BT $PMJOBHSP 4 " PD\RUHV VHFXQGD PHMRUHV SURGXFFLR QHV \ VH PLQLPL]D HO ULHVJR ULRV \ QXWULHVHQFLDOHV TXH LQ IOX\HQ GLUHFWDPHQWH HQ HO GH SHUGLGDV 'HQWUR GH ORV SULQFLSDOHV p[LWR GH FXDOTXLHU FXOWLYR 8QD YH] VH WHQJDQ ORV UH IDFWRUHV TXH VH GHEHQ WHQHU HQ FXHQWD SDUD OD VHOHFFLyQ TXHULPLHQWRV QXWULFLRQDOHV \ GH XQD VHPLOOD VH HQFXHQ VH UHDOLFH XQ SODQ GH QXWUL WUDQ HO SRGHU JHUPLQDWLYR HO FLyQ FRPSOHWR VH SURFHGH D YLJRU \ OD SXUH]D GHO PDWH HVWDEOHFHU PHGLGDV TXH HVWL ULDO HQWUH RWURV 6LQ HPEDU PXOHQ HO HQUDL]DPLHQWR GH JR DGHPiV GH OD FDOLGDG GH ODV SODQWDV FRQ SURGXFWRV VHPLOOD \ VXV FDUDFWHUtVWLFDV ELRHVWLPXODQWHV TXH SXHGHQ H[LVWHQ RWURV IDFWRUHV TXH VHU D EDVH GH DPLQRiFLGRV 8QD SODQWD FRQ XQ EXHQ VRQ PX\ LPSRUWDQWHV \ TXH HO DJULFXOWRU D YHFHV QR FRQ FRQWHQLGR UDGLFXODU WHQGUi p[LWR HQ OD WRPD GH QXWULHQ WHPSOD 'HQWUR GH HVWRV IDFWRUHV WHV ORV FXDOHV KDQ VLGR SUR VH HQFXHQWUDQ FULWHULRV EiVL SRUFLRQDGRV GHVGH OD VLHP FRV GH FRQRFLPLHQWR GH OD EUD GH OD VHPLOOD FRQ HO SODQ VHPLOOD FRPR OD GHQVLGDG GH GH IHUWLOL]DFLyQ UHDOL]DGR HQ VLHPEUD OD SURIXQGLGDG GH HO FXOWLYR &XDQGR OD SODQWD VLHPEUD HO FLFOR YHJHWDWLYR FRPLHQ]D D WRPDU WRGRV ORV OD DGDSWDELOLGDG D IDFWRUHV HOHPHQWRV pVWD SRU PHGLR FOLPiWLFRV SLVRV WpUPLFRV GH VX VLVWHPD UDGLFXODU FR VXHORV \ ORV UHTXHULPLHQWRV PLHQ]D D DVLPLODUORV \ D VLQ QXWULFLRQDOHV TXH OD SODQWD WHWL]DUORV SDUD GLVWULEXLUORV GH DFXHUGR D OD HWDSD HQ TXH GHEH WHQHU HQ XQ IXWXUR 3DUD DVHJXUDU TXH OD VH VH HQFXHQWUH \ OD QHFHVLGDG PLOOD JHUPLQH \ OXHJR OD ILVLROyJLFD GDQGR OXJDU D SODQWD VH GHVDUUROOH FRUUHF TXH HO FXOWLYR HQFXHQWUH XQ

HTXLOLEULR QXWULFLRQDO TXH FXHQWD TXH DGHPiV GH OD IHU SHUPLWD HO PHMRU GHVDUUROOR WLOL]DFLyQ HGiILFD VH GHEH 0DQHMDQGR ORV DQWHULRUHV FRQWDU FRQ XQD QXWULFLyQ IR FULWHULRV GHVGH OD VLHPEUD VH OLDU TXH SHUPLWD VXPLQLVWUDU DVHJXUD OD PHMRU JHUPLQD ORV HOHPHQWRV QHFHVDULRV HQ FLyQ GH OD VHPLOOD SDUD OXHJR HWDSDV FODYHV FRPR IORUDFLyQ JDUDQWL]DU XQD QXWULFLyQ ED \ OOHQDGR 'HQWUR GH ORV HOHPHQWRV ODQFHDGD WRPDGD SRU XQ EXHQ VLVWHPD UDGLFXODU TXH VRQ IXQGDPHQWDOHV VH GDQGR OXJDU D TXH OD SODQWD HQFXHQWUDQ HO FDOFLR \ ERUR WHQJD XQ EXHQ GHVHPSHxR TXH WLHQHQ FRPR IXQFLyQ OD (V LPSRUWDQWH WHQHU HQ SROLQL]DFLyQ \ IRUWDOHFLPLHQ

WR GH ODV SDUHGHV FHOXODUHV GH OD SODQWD $Vt FRPR HO FDOFLR \ HO ERUR VRQ LPSRUWDQWHV FDGD XQR GH ORV HOHPHQWRV PLQH UDOHV \ VXVWDQFLDV RUJiQLFDV FXPSOHQ XQD IXQFLyQ HVSHFL ILFD SRU OR FXDO VH KDFH QHFH VDULR HVWDEOHFHU XQ SODQ GH IHUWLOL]DFLyQ DGHFXDGR DQWHV TXH VH SUHWHQGD VHPEUDU XQD VHPLOOD



&41&$*"- 4&.*--"4 4&(6/%" 26*/$&/" +6-*0 %&

-PT CVFOPT BCPOPT TPO EFUFSNJOBOUFT QBSB PCUFOFS DVMUJWPT EF DBMJEBE /D XWLOL]DFLyQ GH EXHQRV DERQRV SDUD OD SURGXFFLyQ GH VHPLOODV VH FRQYLHUWH HQ XQ YDORU TXH PDUFD OD GLIH UHQFLD VREUH ORV UHVXOWDGRV TXH GHVHH REWHQHU HO DJUL FXOWRU < DXQTXH pVWDV VHDQ GH FDOLGDG GHEHQ HVWDU UHV SDOGDGDV HQ HO SURFHVR (V LPSRUWDQWH UHFRUGDU TXH OD HVFRJHQFLD GH OD VH PLOOD HV IXQGDPHQWDO SDUD JDUDQWL]DU XQD EXHQD FDOL GDG GHO FXOWLYR VH GHEH HOH JLU VHPLOODV GH SODQWDV DGDSWDGDV TXH VHDQ FHUWLIL FDGDV \ KDFHUOHV SUXHEDV GH JHUPLQDFLyQ D FDGD ORWH GH DQWHV GH VHPEUDUODV SDUD SRGHU KDFHU UHFODPRV D OD HPSUHVD SURGXFWRUD $Vt OR H[SOLFy 5LFDUGR $QGUpV %RWHUR LQJHQLHUR DJUyQRPR \ PiVWHU HQ QX WULFLyQ GH UXPLDQWHV TXLHQ DGHPiV KDEOy VREUH DOJX QRV DVSHFWRV TXH VH GHEHQ WHQHU HQ FXHQWD SDUD FXP SOLU FRQ HVH UHTXLVLWR 3&26*4*504 &DGD ORWH GHEH LU LGHQWL ILFDGR \ GHEH SUHVHQWDU ODV SUXHEDV GH JHUPLQDFLyQ \ SXUH]D DO PRPHQWR GH KD EHU VLGR HPSDFDGR 1R VH SXHGH ROYLGDU TXH OD YLDELOL GDG GH OD VHPLOOD SRGUtD SHUGHUVH FRQ HO WLHPSR HV SHFLDOPHQWH VL KD\ DOWD KX PHGDG UHODWLYD \ DOWD WHP SHUDWXUD ³(O PDWHULDO TXH VH DG TXLHUH SDUD VLHPEUD HV GH WHUPLQDQWH HQ OD SURGXF FLyQ \ FDOLGDG GHO FXOWLYR 6LQ HPEDUJR FDGD PDWHULDO WLHQH XQ SRWHQFLDO GH SUR GXFFLyQ Pi[LPR TXH SXHGH VHU H[SUHVDGR HQ XQDV FRQ GLFLRQHV LGHDOHV GH IHUWLOL GDG GHO VXHOR \ GHO FOLPD &DEH DFODUDU TXH QR VLHPSUH OD Pi[LPD UHQWDEL

. a_Ncz` QR YN SR_aVYVgNPV [ R[ YN `VRZO_N `R Ob`PN _R`aVabV_ Y\` [ba_VR[aR` Rea_N~Q\` ]\_ RY PbYaVc\ f N`~ TN_N[aVgN_ b[N ]_\QbPPV [ R[ RY Sbab_\ OLGDG VH FRQVLJXH FRQ ODV Pi[LPDV SURGXFFLRQHV GHO FXOWLYR SXHVWR TXH D PHGL GD TXH VH KDFH XQ PD\RU JDVWR HQ DERQRV FRQVHFXHQ WHPHQWH ORV FRVWRV DXPHQ WDQ´ GHVWDFy %RWHUR (O H[SHUWR VHxDOy DGH PiV TXH KR\ VH HQFXHQWUDQ HQ OD OLWHUDWXUD UHIHUHQFLDV VREUH OD UHVSXHVWD ELROyJLFD D ORV QXWULHQWHV HQ ORV GLIH UHQWHV FXOWLYRV GH IRUPD TXH VH SXHGD VDEHU OD SUR GXFFLyQ DOFDQ]DGD FRQ GLIH UHQWHV DSOLFDFLRQHV GH QX WULHQWHV 6H GHEH WHQHU HQ FXHQWD TXH HO PD\RU PDUJHQ GH XWLOLGDG GHEHQ VHU GHWHUPL

BRACHIARIA BRIZANTHA MARANDU BRACHIARIA TOLEDO (XARAÉS) BRACHIARIA DECUMBENS BRACHIARIA HUMIDICOLA LLANERO PANICUM MAXIMUM TANZANIA PANICUM MAXIMUM MOMBAZA

QDGR SRU FDGD SURGXFWRU GH DFXHUGR D ORV FRVWRV \ D OD SURGXFFLyQ GH VX ORWH ORV FRVWRV VH PLGHQ SRU OD PDQR GH REUD HO WUDQVSRUWH \ HO YDORU GHO DERQR HQWUH RWURV ³/D MXVWLILFDFLyQ GH OD IHUWLOL]DFLyQ FRQVLVWH HQ UHVWLWXLU ORV QXWULHQWHV H[ WUDtGRV SRU HO FXOWLYR \ DVt JDUDQWL]DU XQD SURGXFFLyQ D IXWXUR OR FRQWUDULR VLJQL ILFDUtD XQD DJULFXOWXUD VROD PHQWH H[WUDFWLYD TXH FRQ OOHYDUtD D XQD SpUGLGD GH IHUWLOLGDG GHO VXHOR \ FRQ VHFXHQWHPHQWH HO GHWHULRUR GHO PLVPR´ SXQWXDOL]y 5L FDUGR %RWHUR

&- %"50

.&%*%" %& 1) $&3$"/0 " -" /&653"-*%"% -0 26& %" 6/" &9$&-&/5& %*410/*#*-*%"% "- "#0/0

&456%*04 %&- 46&-0 &/ &- 26& 4& 1-"/&" $6-5*7"3 4FHÞO 3JDBSEP #PUFSP QBSB DVNQMJS DPO VO BEFDVBEP QMBO EF GFSUJMJ[BDJØO FT OFDFTBSJP DPOPDFS FM TVFMP EPOEF TF WB B QSP EVDJS FM DVMUJWP Z QBSB FTUF QSPDFTP TF EFCF IBDFS VO NVFT USFP SFQSFTFOUBUJWP EFM TVFMP Z FOWJBS MB NVFTUSB B VO MBCPSB UPSJP &O TVFMPT EPOEF OP TF IBZBO SFBMJ[BEP NVFTUSFPT FT JNQPSUBOUF IBDFS VO BOÈMJTJT DPNQMFUP RVF JODMVZF Q) NBUF SJB PSHÈOJDB NBDSPFMFNFOUPT Z NJDSPFMFNFOUPT &M BOÈMJTJT EFM TVFMP Z MB QSPEVDDJØO RVF TF RVJFSF PCUFOFS DPO FM DVMUJWP TFSÈO MPT EFUFSNJOBOUFT EFM UJQP Z MB DBOUJEBE EF GFSUJMJ[BOUF RVF TF EFCF BQMJDBS -B DBMJEBE EFM BCPOP TFSÈ EFUFSNJOBEB QPS MB GVFOUF EF EPOEF QSPWJFOF FM OVUSJFOUF MP DVBM FTUBCMF DF MB EJTQPOJCJMJEBE

i&- "/¦-*4*4 %&- 46&-0 : -" 130%6$$*¶/ 26& 4& 26*&3& 0#5&/&3 $0/ &- $6-5*70 4&3¦/ -04 %&5&3.*/"/5&4 %&- 5*10 : -" $"/5*%"% %& '&35*-*;"/5& " 64"3u 3*$"3%0 #05&30 *OHFOJFSP "HSØOPNP . 4D /VUSJDJØO EF 3VNJBOUFT


&41&$*"- 4&.*--"4 4&(6/%" 26*/$&/" +6-*0 %&

/VUSJFOUFT QSPQJPT P DPNQSBEPT PQDJPOFT QBSB FM BHSJDVMUPS (QWUH ORV DJULFXOWRUHV VXUJH XQD JUDQ GXGD \ JLUD VREUH OD LGHD GH FRPSUDU DERQRV R FUHDU ORV SURSLRV SDUD DVt SRGHU REWHQHU PH MRUHV FXOWLYRV (Q HO PHUFDGR H[LVWH JUDQ GLYHUVLGDG GH DERQRV VLPSOHV FRPR OD XUHD \ FOR UXUR GH SRWDVLR TXH HV IXHQWH GH SRWDVLR HQWUH RWURV \ ORV FRPSXHVWRV FRPR HO \ HO HWFpWHUD (VWRV SURYLHQHQ GH JUDQGHV HPSUHVDV FRQ DOWDV FDSDFLGDGHV GH QHJRFLD FLyQ WpFQLFRV HVSHFLDOL]D GRV HQ HO iUHD GH SURGXF FLyQ GH DERQRV LQIUDHV WUXFWXUD DFRUGH D ODV QHFH VLGDGHV \ DPSOLD GLYHUVLGDG GH SURGXFWRV ORV FXDOHV VH DFRPRGDQ D FXDOTXLHU UH TXHULPLHQWR GHO DJULFXOWRU $GLFLRQDOPHQWH KD\ FRPSDxtDV TXH SURGXFHQ PH]FODV HVSHFtILFDV VL JXLHQGR ORV UHTXHULPLHQWRV GHO SURGXFWRU GHO FXOWLYR \ GHO VXHOR D XQRV SUHFLRV UD ]RQDEOHV /DV PH]FODV GH ODV HPSUHVDV VRQ KRPRJp QHDV \ GH SURGXFFLyQ JD UDQWL]DGD 'HELGR D OR DQWHULRU VH J~Q H[SOLFy HO LQJHQLHUR DJUyQRPR 5LFDUGR %RWHUR SDUD HO DJULFXOWRU HV PHMRU FRPSUDU ORV DERQRV \D TXH OD SURGXFFLyQ GH DERQRV SURSLRV HQ OD PD\RUtD GH

i-04 #*0'&35*-*;"/5&4 -±26*%04 4& 16&%&/ "1-*$"3 $0.0 $0.1-&.&/50 "- $6-5*70 %*3*(*%0 " -"4 )0+"4 103 &+&.1-0 -04 "#0/04 163*/&4u -6*4 $"33*--0 .";" *OHFOJFSP "HSØOPNP

".#*&/5&

&- 640 & *.1-&.&/5"$*¶/ %& "#0/04 03(¦/*$04 3&46-5"/ .¦4 ".*("#-&4 $0/ &- .&%*0 ".#*&/5& "%&.¦4 40/ 6/" #6&/" 13¦$5*$" %&- "(30

&- %"50

2[ YN ]_\QbPPV [ \_Ts[VPN `R QROR UNPR_ P\[a_\Y PbYab_NY P\Z\ QR`a_bPPV [ QR `\PN f _\aNPV [ QR PbYaVc\` ORV FDVRV HV PiV FRVWRVR \ PHQRV KRPRJpQHR TXH ORV SURGXFLGRV SRU ODV JUDQGHV HPSUHVDV 3DUD /XLV &DUULOOR 0D]D LQJHQLHUR DJUyQRPR HV LP SRUWDQWH TXH FXDQGR ORV DJULFXOWRUHV GHFLGDQ FUHDU DERQRV HVWpQ PX\ ELHQ FD SDFLWDGRV 3XHGHQ KDFHU ORPEULD ERQRV TXH HV XQ DERQR GH ORPEUL] WDPELpQ FRPSRV

WDJHV TXH FRQVLVWHQ HQ KD FHU XVR GH HVWLpUFRO \D VHD GH JDQDGR EXUUR R JDOOLQD \ VH VRPHWHQ D XQ SURFHVR GH IHUPHQWDFLyQ $OUHGHGRU GH ORV GRV PHVHV \D VH FRQ YLHUWH HQ XQ DERQR RUJiQL FR 7pFQLFRV H LQJHQLHURV DJUyQRPRV DGHPiV GH HQ WLGDGHV FRPR HO ,&$ &RU SRLFD \ HO 6HQD HVWiQ SUHSD UDGDV SDUD FDSDFLWDU D ORV SHTXHxRV SURGXFWRUHV

*.16-4"3 -" 130%6$$*»/ 03(«/*$" %&4%& $6-5*704 1BSB -VJT $BSSJMMP MPT BCPOPT PSHÈOJDPT TPO NÈT BNJHBCMFT DPO FM NFEJP BNCJFOUF BM JHVBM RVF PUSPT CJPGFSUJMJ[BOUFT PSHÈOJDPT EFTBSSPMMBEPT B USBWÏT EF IPOHPT CFOÏGJDPT QPS FKFNQMP B QBSUJS EF MB NJDPSJ[B 4FHÞO 3JDBSEP #PUFSP QBSB JNQVMTBS MB QSPEVDDJØO PSHÈOJDB EFTEF MPT DVMUJWPT FT JNQPS UBOUF UFOFS VO FRVJMJCSJP FO FM FDPTJTUFNB EPOEF FYJTUB VOB EJOÈNJDB QPCMBDJPOBM EF QMBHBT Z TF GPNFOUFO MPT FOFNJHPT OBUVSBMFT EF MBT QMBHBT DPNP MPT QÈKBSPT Z BWJTQBT i&M VTP EF DVMUJWPT BEBQUBEPT MB CJPEJWFSTJEBE FO MB TJFNCSB MB SPUB DJØO EF DVMUJWPT Z MB TJFNCSB EF DVMUJWPT JOUFSDBMBEPT DPOUSJ CVZFO B MB SFEVDDJØO EF MB JODJEFODJB EF QMBHBTw EFTUBDØ

.&4&4 5*&.10

"1309*."%0 &/ &- 26& 4& '03." 6/ "#0/0 03(¦/*$0 &-"#03"%0 " 1"35*3 %& &45*­3$0- %& "/*."-&4


&41&$*"- 4&.*--"4 4&(6/%" 26*/$&/" +6-*0 %&

&TUVEJP EFM TVFMP EFGJOF BQMJDBDJØO EF GFSUJMJ[BOUFT /D DSOLFDFLyQ GH IHUWLOL ]DQWHV HVWi EDVDGD HQ UHFR PHQGDFLRQHV WpFQLFDV IRU PXODGDV FRPR SDUWH GH ODV QHFHVLGDGHV GH OD SODQWD GH DFXHUGR D VX HWDSD GH GHVD UUROOR IHQROyJLFR HV GHFLU HGDG GH OD SODQWD \ VL HVWi HQ FUHFLPLHQWR YHJHWDWLYR HQ IORUDFLyQ R HQ OOHQDGR GH IUXWR HWF 7DPELpQ SRU VX HVWDGR ILWRVDQLWDULR SRU SUHVLyQ GH SODJDV \ HQIHU PHGDGHV SRU PDOH]DV HQ HO FXOWLYR \ OR PiV LPSRUWDQ WH XQ DQiOLVLV ItVLFR TXtPL FR GH VXHOR \ GHO IROODMH SDUD GHWHUPLQDU HO DSRUWH GHO SULPHUR \ OD FRQFHQWUD FLyQ GH QXWULHQWHV HQ OD SODQWD SDUD HO IROODMH (O FOLPD HV XQ FRPSR QHQWH GHWHUPLQDQWH SDUD HO SURGXFWRU HVSHFtILFDPHQWH OD GLVSRQLELOLGDG GH DJXD (Q WpUPLQRV JHQHUDOHV DO LQLFLR GHO SHULRGR GH OOX YLDV VH GHEHQ UHDOL]DU DSOL FDFLRQHV GH IHUWLOL]DQWHV DO VXHOR LQFRUSRUDGRV DOUHGH GRU GH OD EDVH GHO WURQFR GH ODV SODQWDV FRPR HV HO FDVR GH IUXWDOHV \ DUEyUHRV $ VX YH] OD DSOLFDFLyQ HV OD GLVROXFLyQ WpFQLFD GH ORV IHUWLOL]DQWHV HQ HO DJXD DSOLFDGD D WUDYpV GH VLVWH PDV FRQRFLGRV FRPR IHUWL UULHJR HVWRV VLVWHPDV VH LPSOHPHQWDQ HQ OD PHGLGD GH ODV SRVLELOLGDGHV HFRQy PLFDV GHO SURGXFWRU &RPR UHIXHU]R D ODV GRV PRGDOLGDGHV GH IHUWLOL]D FLyQ VH SXHGHQ UHDOL]DU DSOLFDFLRQHV GH IHUWLOL]DQWHV YtD IROLDU HV GHFLU IXPL JDQGR ODV KRMDV SDUD FRUUH JLU R FRPSOHPHQWDU ODV QH FHVLGDGHV GH OD SODQWD D~Q HQ pSRFDV VHFDV

(Q HO FDVR GHO DUUR] SDVWL]DOHV \ FXOWLYRV VHPHV WUDOHV R GH FLFOR FRUWR ODV DSOLFDFLRQHV QRUPDOPHQWH VH UHDOL]DQ ³DO YROHR´ \ SRU HO FRUWR SHULRGR GHO FXOWLYR VH IUDFFLRQDQ HQ R HWD SDV SDUD TXH VHD HIHFWLYR HQ ORV PRPHQWRV FUtWLFRV HQ TXH OD SODQWD UHTXLHUH GHWHUPLQDGRV HOHPHQWRV /RV IHUWLOL]DQWHV GH VtQ WHVLV TXtPLFD \ ORV GH IXHQ WHV RUJiQLFDV FRPR FRP SRVW \ RWURV VRQ LPSRUWDQ WHV DO PRPHQWR GH DSOLFDU HQ XQ FXOWLYR GH PDQHUD UHJXODU SDUD JDUDQWL]DU TXH VLHPSUH HVWp YLYR $6-5*70 %&- "330; /XLV $UPDQGR &DVWLOOD LQJHQLHUR DJUyQRPR GH OD )HGHUDFLyQ 1DFLRQDO GH $UURFHURV )HGHDUUR] H[ SOLFy TXH HO SRWHQFLDO GH SURGXFFLyQ VH GHILQH SRU OD YDULHGDG \ HO DPELHQWH R OD ]RQD DJURHFROyJLFD GRQGH VH HVWi VHPEUDQGR DO GHIL QLU HVWD LQIRUPDFLyQ VH FUHD XQ LQIRUPH GH UHTXHUL PLHQWRV GHO FXOWLYR SRU KHFWiUHD OXHJR PLUDU ORV VXHORV SDUD GHWHUPLQDU XQRV EXHQRV QXWULHQWHV FRQ XQ DQiOLVLV TXtPLFR It VLFR \ ELROyJLFR \ FRQ ORV UHVXOWDGRV VH GHWHUPLQD FXiQWRV QXWULHQWHV HVWiQ GLVSRQLEOHV HQ HO VXHOR \ DVt VH GHWHUPLQD TXp UH TXLHUH OD SODQWD \ OD GLIH UHQFLD VH DSOLFD HQ ORV IHUWL OL]DQWHV $6-5*70 %& 1"-." -RVp ÈOYDUR &ULVWDQFKR LQYHVWLJDGRU GH VXHORV \ DJXD GH &HQLSDOPD FRPHQ Wy TXH HO XVR GH ORV IHUWLOL

-" %&."/%" &4 "-5" &/ &- 1"¶4 i&M TFDUPS BHSÓDPMB UJFOF VOB HSBO EFNBOEB EF BQMJDBDJØO EF GFSUJMJ[BOUFT CJFO TFB QBSB DVMUJWPT EF UJQP FYQPSUBDJØO P DPOTVNP JOUFSOP QPS MP DVBM UPEP QSPHSBNB EF OVUSJDJØO EFCF UFOFS DPNP QVOUP EF QBSUJEB VOB BEFDVBEB SFDPMFD DJØO Z BOÈMJTJT EF TVFMP Z GPMJBS BDPNQB×BEP EF SFRVFSJNJFO UPT OVUSJDJPOBMFT EFM DVMUJWP Z SFDPNFOEBDJPOFT OVUSJDJPOB MFT Z UÏDOJDBTw EJKP FM JOHFOJF SP BHSØOPNP )FDUPS *WÈO "MEBOB $IBWBSSJBHB SFQSFTFO UBOUF 6SBCB "CBDPM 4 " " TV WF[ FYQMJDØ RVF MB JOWFSTJØO JOJDJBM FT NÓOJNB GSFOUF BM WBMPS EF VO QMBO BOVBM EF OVUSJDJØO BEJDJPOBM EJDIB JOGPSNBDJØO EFUFSNJOB PUSPT BTQFDUPT GÓTJDPT Z RVÓNJDPT EF BDVFSEP B MPT GFSUJMJ[BOUFT RVF TF WBZBO B BQMJDBS

&- %"50

5*104 %& 130%6$504

%& '&35*-*;"/5&4 4& 16&%&/ "1-*$"3 "$56"-.&/5& &/ -04 $6-5*704 &4504 40/ -04 03(¦/*$04 : -04 */03(¦/*$04

9N N]YVPNPV [ QR SR_aVYVgN[aR` R[ RY PbYaVc\ QR ]NYZN QR]R[QR QR YN g\[N R[ YN ^bR `R R[PbR[a_R RY `RZO_NQ\ f QR Y\` [ba_VR[aR` ^bR ]bRQN[ _R^bR_V_ YN` ]YN[aN` ]DQWHV HQ HO FXOWLYR GH OD SDOPD GHEH VHU UDFLRQDO EXVFDQGR ODV PD\RUHV HIL FLHQFLDV GH FDGD QXWULPHQ WR DSOLFDGR /R DQWHULRU VH ORJUD FRQ GLDJQyVWLFRV LQWHJUDGRV \ FRQ HQIRTXHV GH DJULFXOWXUD GH SUHFLVLyQ GRQGH VH HVWX GLH PX\ ELHQ ORV FRPSR QHQWHV GHO VXHOR ItVLFR TXtPLFR \ ELROyJLFR ODV GL IHUHQFLDV GH ORV PDWHULDOHV

SODQWDGRV FUHFLPLHQWR iUHD IROLDU SURGXFFLyQ GH ELRPDVD \ UHQGLPLHQWRV GH DFHLWH \ ODV FDUDFWHUtVWLFDV FOLPiWLFDV EULOOR VRODU GLV WULEXFLyQ H LQWHQVLGDG GH OD SUHFLSLWDFLyQ GH FDGD ORFD OLGDG /DV UHJLRQHV SDOPHUDV GH &RORPELD FXHQWDQ FRQ XQD DOWD GLYHUVLGDG FOLPiWL FD OR TXH JHQHUD GLIHUHQ FLDV HQ HO PDQHMR GHO DJXD

i-" &'&$5*7*%"% %&- 640 %& -04 '&35*-*;"/5&4 4& &/'0$" &/ -" 4&-&$$*¶/ %& -04 .&+03&4 4*5*04 : ­10$"4 %& "1-*$"$*¶/ : "- '3"$$*0/".*&/50 %& -"4 %04*4u +04² «-7"30 $3*45"/$)0 30%33¶(6&; *OWFTUJHBEPS 4VFMPT Z "HVBT $FOJQBMNB

i&/53& .":03 4&" -" &95&/4*¶/ %&- $6-5*70 %& "330; .":03 4&3¦ -" 65*-*;"$*¶/ %& '&35*-*;"/5&4 %"%"4 -"4 $0/%*$*0/&4 &/ 26& 4& 4*&.#3" 1"3" .&+03"3 -" 130%6$$*¶/u -6*4 "3."/%0 $"45*--" -0;"/0 *OHFOJFSP "HSØOPNP 'FEFBSSP[

GH ULHJR R GUHQDMH (Q UH JLRQHV FRPR ORV /ODQRV 2ULHQWDOHV 7XPDFR \ OD ]RQD FHQWUDO VH WLHQHQ H[FH VRV GH DJXD SRU FHUFD GH R PHVHV GHO DxR \ SRU FRQVLJXLHQWH VH GHEHQ LP SOHPHQWDU SUiFWLFDV GHO PHMRUDPLHQWR GHO GUHQDMH SDUD LQFUHPHQWDU OD GLVWUL EXFLyQ GHO VLVWHPD GH UDt FHV \ OD WRPD GH QXWULPHQ WRV 0LHQWUDV HQ OD ]RQD QRUWH VH GHEHQ LPSOHPHQ WDU VLVWHPDV GH ULHJR SDUD PHMRUDU OD SURGXFWLYLGDG GHO FXOWLYR $GLFLRQDQGR XQ PDQHMR LQWHJUDGR GH DJXD \ HQ OD QXWULFLyQ OR TXH JDUDQWL]D XQD DOWD SUREDELOLGDG GH REWHQHU ORV UHQGLPLHQWRV SRWHQFLDOHV \ OD VRVWHQLELOL GDG GHO FXOWLYR GH SDOPD \ FRPSHWLWLYLGDG



."4$05"4 4&(6/%" 26*/$&/" +6-*0 %&

)ÈCJUBU DMBWF QBSB DVJEBS MPT JOTFDUPT /RV LQVHFWRV QR KDFHQ SDUWH GHO JUXSR GH PDVFR WDV SUHIHULGDV VLQ HPEDUJR ODV WDUiQWXODV ODV PDULSR VDV \ ORV JULOORV KDFHQ SDUWH GH OD VHOHFFLyQ GH DQLPDOHV H[yWLFRV SDUD WHQHU HQ OD FDVD SRU GLYHUVRV PRWLYRV HQWUH HOORV HO HVSDFLR /RV H[SHUWRV UHFRPLHQ GDQ TXH WHQHU D XQ DQLPDO GH HVWRV UHTXLHUH GH ORV FR QRFLPLHQWRV SDUD HO FXLGD GR DSURSLDGR DGHPiV GH FRQWDU FRQ XQD DGHFXDGD LQVHUFLyQ DPELHQWDO GHEL GR D TXH QR VHUi XQ KiELWDW QDWXUDO /RV LQVHFWRV WLHQHQ FL FORV GH YLGD PX\ FRUWRV \ PX\ HILFLHQWHV HV GHFLU TXH SXHGHQ UHSURGXFLUVH GH PDQHUD HIHFWLYD \ SRU HOOR VH GHEH FRQWURODU VX UHOD FLyQ FRQ RWURV DQLPDOHV GH OD PLVPD HVSHFLH DXQTXH IXHUD GH VX KiELWDW QDWXUDO SXHGH VHU FRPSOLFDGR TXH FXPSODQ VX FLFOR HYROXWLYR GH OD PLVPD IRUPD 3RU FRPRGLGDG \ HVSD FLR ODV KRUPLJDV VRQ XQ DWUDFWLYR 6H SXHGHQ WHQHU HQ WH UUDULRV XQRV UHFLSLHQWHV HQ ORV TXH VH OHV DGDSWD FRQ DUHQD ILQD \ RULILFLRV SH TXHxRV SDUD OD HQWUDGD GH DLUH $GHPiV GHEH WHQHU DOJ~Q WLSR GH DPELHQWDFLyQ FRQ DJXD SDUD GDU XQ DP ELHQWH K~PHGR D OD FRORQLD \ WDPELpQ VH OHV SXHGD GDU GH FRPHU RWURV LQVHFWRV 3DUD DGDSWDU HO WHUUDULR VH OOHQD GH DUHQD \ VXVWUD WR H[FHSWR ORV ULFRV HQ PD WHULD RUJiQLFD \ VH UHWLUDQ ODV SLHGUDV SDUD TXH QR VH PDOWUDWHQ -04 $6*%"%04 /D SHUVRQD TXH GHFLGD WHQHU XQ LQVHFWR FRPR PDV FRWD GHEH GRFXPHQWDUVH PXFKR SDUD QR LQIULQJLU HQ ODV FRQGLFLRQHV QRUPDOHV

TXH GHVDUUROOD HO DQLPDO $ VX YH] KD\ TXH FRQVLGHUDU OD DOLPHQWDFLyQ DGHPiV GH QR HVWDU VXHOWRV SRU OD FDVD SXHV HOORV QHFHVLWDQ GH XQ HVSDFLR HVSHFtILFR SDUD TXH VH DFRVWXPEUHQ \D TXH FRPR VRQ GH RWUR KiELWDW QR GHVDUUROODQ FDUDFWHUtVWL FDV GHO FRPSRUWDPLHQWR KDELWXDO TXH SXHGH WHQHU HQ XQ OXJDU DELHUWR /DV PDULSRVDV VH FDUDF WHUL]DQ SRU VX GHOLFDGH]D \ FRORUHV GH DOOt VX JUDQ DWUDFWLYR FRPR PDVFRWDV (QWUH ORV DOLPHQWRV TXH ODV PDULSRVDV SXHGHQ FRQ VXPLU DVt VHDQ PDVFRWDV VRQ HO SROHQ \ HO QpFWDU \D TXH VH WUDWD GH FDVL OD WRWD OLGDG GH VX GLHWD HVWRV DSRUWDQ QXWULHQWHV HVHQFLD OHV \ D]~FDUHV TXH GDQ HQHUJtD LQVWDQWiQHD \ YLWDOL GDG SDUD EULQGDU FDOLGDG GH YLGD D ORV DQLPDOHV /RV FXLGDGRV GH ODV WD UiQWXODV UDGLFD HQ OD DOL PHQWDFLyQ FRPR HQ HO

UHVWR GH DQLPDOHV HQ VX PHGLR QDWXUDO VRQ GHSUH GDGRUDV \ FDUQtYRUDV FRQ VLGHUDQGR TXH VX DOLPHQ WDFLyQ VH EDVD HQ SUHVDV YLYDV SHUR DO VHU PDVFRWD WLHQHQ RWUDV DOWHUQDWLYDV SDUD DOLPHQWDUVH \ DOFDQ FHQ HO PHMRU QLYHO GH VXE VLVWHQFLD /D SULQFLSDO FRPLGD VH FDUDFWHUL]D SRU VHU ORV JUL OORV GRPpVWLFRV ORV FXDOHV VH SXHGHQ DGTXLULU VLQ WDQWD GLILFXOWDG HQ ODV WLHQGDV HVSHFLDOL]DGDV HQ OD PDWHULD FRQ HO SURSyVL WR GH QR GDUOH LQVHFWRV GH OD QDWXUDOH]D ORV FXDOHV SRGUtDQ HVWDU FRQWDPLQD GRV SRU LQVHFWLFLGDV X RWURV DJHQWHV TXH SXHGHQ GDxDU DO DQLPDO GDGDV ODV FRQGL FLRQHV

5&/(" &/ $6&/5" 26& t -04 */4&$504

3&26*&3&/ %& &41"$*04 1301*04 t -04 $6*%"%04 %& -04 */4&$504 &/ -" "-*.&/5"$*¶/ : -" 7&/5*-"$*¶/ t &- $0/5&/&%03 %& -" ."3*104" /0 %&#& &45"3 &/ 6/ ¦3&" 7&/5*-"%" t %*"3*".&/5& 4& %&#&/ -*.1*"3 -04 &41"$*04 %& )¦#*5"5

GLIHUHQWHV GHO KiELWDW HQ HO TXH VH GHVDUUROODQ $OLPHQWDU ORV JULOORV GH PDQHUD SUHYLD D VHU LQJH ULGRV SRU HO DUiFQLGR ORV KDFH PiV SURYRFDWLYRV \ GH DOLPHQWR SDUD ODV WD UiQWXODV $ VX YH] VX QLYHO GH DGDSWDELOLGDG SHUPLWH TXH VH DOLPHQWHQ FRQ UR GDMDV GH QDUDQMD \ RWUDV IUXWDV (VWD DOWHUQDWLYD KDUi TXH HVWpQ OOHQRV GH SURWHt QDV \ YLWDPLQDV FXDQGR HV WpQ HQ SURFHVR GH DOLPHQ WDFLyQ GRQGH DGTXLH UHQ XQD IXHU]D \ YL WDOLGDG SDUD SHUPDQHFHU HQ XQ

KiELWDW GLVWLQWR DO DFRV WXPEUDGR 9DULDU ORV JUL OORV SRU JXVDQRV GH KDULQD HV XQD DOWHUQDWLYD DXQTXH RWURV ODV DOLPHQWDQ FRQ UD WRQHV UHFLpQ QDFLGRV \D TXH SRVHHQ PXFKRV PiV QXWULHQWHV TXH ORV LQ VHFWRV \ VRQ PiV Ii FLOHV GH LQJHULU SRUTXH VRQ SHTXHxRV

&- %"50

9N` ZN_V]\`N` f YN` aN_s[abYN` YN` ZN`P\aN` Zs` P\Zb[R` R[ Y\` U\TN_R`

5*104 %& */4&$504

40/ -04 .¦4 01$*0/"%04 1"3" ."4$05" ."3*104" 5"3¦/56-" : )03.*("

i-04 */4&$504 3&26*&3&/ %& 6/" ."/*16-"$*¶/ "%&$6"%" 10326& &/ %&5&3.*/"%0 .0.&/50 4& 16&%& &45"3 "'&$5"/%0 "- "/*."- "- &45"3 &/ 0530 )¦#*5"5u +04² (3&(03*0 1"%*--" .ÏEJDP 7FUFSJOBSJP EF $BMJ


*/%*$"%03&4 4&(6/%" 26*/$&/" +6-*0 %&


40$*"-&4 4&(6/%" 26*/$&/" +6-*0 %&

-04 &7&/504 .«4 3&$*&/5&4 %&- 4&$503 &/ -04 ¼-5*.04 %±"4 -04 &/$6&/5304 "(301&$6"3*04 4& $0/$&/53"30/ &/ -" 13&4&/5"$*¶/ %& #07*/04 &26*/04 : 053"4 3";"4 " -04 $0-0.#*"/04

.²3*50 $&#6¶45" &/ '&3*" (Q HO PDUFR GH OD )HULD 1DFLRQDO &HE~ TXH VH OOHYy D FDER OD VHPDQD SD VDGD HQ %RJRWi $VRFHE~ OH HQWUHJy D *DEULHO &DPDUJR OD 0HGDOOD DO 0pULWR &HEXtVWD 'XUDQWH HO HYHQWR JUHPLDO TXH VH GHVDUUROOy HQ HO PDUFR GH OD )H ULD GH ODV &RORQLDV VH GLHURQ FLWD ODV PHMRUHV JDQDGHUtDV GHO SDtV (Q WR WDO SDUWLFLSDURQ HMHPSODUHV GH WRGDV ODV UD]DV FHEXLQDV HQ HO FHUWDPHQ ODV FXDOHV VH SUH VHQWDURQ HQ GLIHUHQWHV H[ SRVLFLRQHV \ UHPDWHV

'&3*" %& -"4 $0-0/*"4 "ZFS GJOBMJ[Ø MB 'FSJB EF MBT $PMPOJBT FO #PHPUÈ VO FWFOUP RVF NPTUSØ B MPT WJTJUBOUFT MB EJWFSTJEBE DVMUVSBM EFM QBÓT &O MB BQFSUVSB EFM FWFOUP QBSUJDJQBSPO "OESÏT 7BSHBT DPPSEJOBEPS EF MB 'FSJB Z «MWBSP $SV[ HPCFSOB EPS EF $VOEJ OBNBSDB

'03."$*»/ %&- 4&/" &O FM NBSDP EF MB 'FSJB &YQPTJDJØO "HSPQFDVBSJB EF 5VMVÈ FM 4FOB QSFTFOUØ TVT QSPZFDUPT Z QSPHSBNBT EF GPSNBDJØO QBSB MPT FNQSFTBSJPT EFM BHSP &O MB GPUPHSB GÓB BMHVOPT BTJTUFOUFT B MBT DBQBDJ UBDJPOFT RVF IJ[P MB JOTUJ UVDJØO



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.