0LWDGKDGDPLWDGYDPSLURb\WRWDOPHQWHºQLFD

'LVIUXWDGHODOHFWXUDFRQHVWDDYHQWXUDGH,VDGRUD0RRQ\VXIDPLOLD
,VDGRUD0RRQHVHVSHFLDOSRUTXHHVGLIHUHQWH
6XPDP¡HVXQKDGDVXSDS¡XQYDPSLUR\HOODWLHQHXQSRTXLWRGHORVGRV
$V­TXHFXDQGRWRGDODIDPLOLDYDDDFDPSDUMXQWRDOPDUVXFHGHQDOJXQDV
FRVDVTXHQRVRQGHPDVLDGRQRUPDOHVȖ
'RUPLU HQ XQD WLHQGD GH FDPSD±D HQFHQGHU XQD KRJXHUD KDFHUVH DPLJD GH
XQDVLUHQDȖbWRGRHVHVSHFLDOFXDQGRHVW¡,VDGRUD

3¡JLQD
 +DUULHW0XQFDVWHU

,VDGRUD0RRQYDGHH[FXUVL³Q
,VDGRUD0RRQ

H3XEU
7LWLYLOOXV

3¡JLQD
7­WXORRULJLQDO,VDGRUD0RRQ*RHV&DPSLQJ
+DUULHW0XQFDVWHU
7UDGXFFL³Q9DQHVD3©UH]6DXTXLOOR
,OXVWUDFLRQHV+DUULHW0XQFDVWHU

(GLWRUGLJLWDO7LWLYLOOXV
H3XEEDVHU

3¡JLQD 3¡JLQD
3¡JLQD 3¡JLQD
3¡JLQD 3¡JLQD
3¡JLQD 3¡JLQD
3¡JLQD 3¡JLQD
3¡JLQD 3¡JLQD
 0RVWU©HOFROODUGHFRQFKDVEDMRODFDPLVDGHPLXQLIRUPH
ȉ(VWHHVHOFROODUTXHPHGLRODVLUHQDȉFRQW©DODFODVH0HORTXLW©\OR
OHYDQW©HQHODLUHSDUDTXHODVFRQFKDVWLQWLQHDUDQ6RQDEDQFRPRODULVDGH
0DULQD
ȉc2+++ ȉVXVXUUDURQ WRGRV DEULHQGR ORV RMRV FRPR SODWRV /D TXH
P¡VORVDEUL³IXH=RH0HDFHUTX©DVXSXSLWUH\OHRIUHF­HOFROODU

ȉ(VSDUDWLȉOHGLMHȉb8QUHJDORGHPLVYDFDFLRQHV
=RHVRQUL³GHRUHMDDRUHMD
ȉb4X© ERQLWR ȉGLMR OD VH±RULWD *XLQGD 'HVSX©V PLU³ HO UHORMȉ
b&LHORVDQWRȉH[FODP³ȉb4X©WDUGHHV7HQGUHPRVTXHFRQWLQXDUFRQHVWR
GHVSX©V GH OD FRPLGD *UDFLDV ,VDGRUD SRU RIUHFHUQRV XQ UHODWR WDQ
LQWHUHVDQWHGHWXVYDFDFLRQHV
6RQUH­'HSURQWR\DQRPHSUHRFXSDEDWHQHUTXHVDOLUDKDEODUHQFODVH
ȉ&RQ OR PDUDYLOORVDV TXH KDQ VLGR WXV YDFDFLRQHV ȉGLMR OD VH±RULWD
*XLQGDȉ VXSRQJR TXH WX IDPLOLD YROYHU¡ D LU GH DFDPSDGD WDPEL©Q HO D±R
TXHYLHQH
ȉb2KQRȉGLMHVRUSUHQGLGDȉ3DS¡HVTXLHQHOLMHODVYDFDFLRQHVHOD±R
TXHYLHQH9DPRVDO+RWHO1RFWXUQRGH9DPSLURVb7LHQH63$

3¡JLQD 3¡JLQD
 c3DUDORVYDPSLURVKDGDV\VHUHVKXPDQRVGHWRGDV
SDUWHV<SDUD(ULQ*UHHQODUHLQDGHORVGHOILQHV

3¡JLQD 3¡JLQD
 (QWRQFHVYROY­ODFDEH]DSDUDKDFHUOHXQJXL±RD3LQN\/DOX]GHODOXQD
SDUSDGH³ HQ ORV ERWRQHV GH VXV RMRV \ VXSH TXH PH HVWDED GHYROYLHQGR HO
JXL±R

$OWHUPLQDUGHKDEODUPHGLFXHQWDGHTXHWRGDODFODVHPHPLUDEDFRQOD
ERFDDELHUWD,QFOXLGDODVH±RULWD*XLQGD
ȉb3DUHFHTXHKDVWHQLGRXQDVYDFDFLRQHVDVRPEURVDV,VDGRUDȉGLMR
ȉb<RTXLHURYHUXQDVLUHQDȉJULW³=RH
ȉ<RTXLHURGRUPLUHQXQDWLHQGDGHFDPSD±DȉVHHVFXFK³

,VDGRUD0RRQbHVDVR\\R<PLPHMRUDPLJRHVXQFRQHMRURVD3LQN\(UD
PL PX±HFR IDYRULWR DV­ TXH PDP¡ OH GLR YLGD FRQ VX YDULWD P¡JLFD 0DP¡
SXHGHKDFHUHVHWLSRGHFRVDVSRUTXHHVXQKDGD$K\RVKHGLFKR\DTXH
PLSDS¡HVXQYDPSLUR"3RUHVR\RVR\PHGLRKDGDPHGLRYDPSLUR
0LVVHJXQGRVPHMRUHVDPLJRVVRQ=RH\2OLYHU9DPRVWRGRVDOPLVPR
FROHJLR(VXQFROHJLRQRUPDOSDUDQL±RVKXPDQRVb0HHQFDQWD
&DGDPD±DQD=RH\2OLYHUYLHQHQDEXVFDUPH\YDPRVDQGDQGRMXQWRVDO
FROHJLR 0DP¡ \ SDS¡ VLHPSUH HYLWDQ DEULU OD SXHUWD 7RGDY­D VH VLHQWHQ XQ
SRFRUDURVDOKDEODUFRQORVVHUHVKXPDQRV
(UDHOSULPHUG­DGHYXHOWDDOFROHJLRGHVSX©VGHODVYDFDFLRQHVGHYHUDQR
\WHQ­D PXFKDV JDQDV GHYHU D PLV DPLJRV(Q FXDQWRR­ lWRFWRF WRF{ IXL
YRODQGRDDEULUODSXHUWD
ȉb=RH ȉGLMH VDOWDQGR VREUH HOOD \ G¡QGROH XQ JUDQ DEUD]R 1R VDOW©
HQFLPDGH2OLYHUSRUTXHD©OQROHJXVWDQORVDEUD]RV
(PSH]DPRV D DWUDYHVDU MXQWRV HO MDUG­Q PLHQWUDV 3LQN\ GDED VDOWRV D
QXHVWURODGR=RHWLQWLQHDEDDOFDPLQDUSRUTXHOOHYDEDSXHVWDVPXFKDVMR\DV
4XLHUHVHUDFWUL]FXDQGRVHDPD\RU\VLHPSUHYDYHVWLGDGHSHUVRQDVGLVWLQWDV

3¡JLQD 3¡JLQD
 ȉb+R\ VR\ OD UHLQD ȉPH GLMR HQUROO¡QGRVH XQR GH ORV FROODUHV HQ HO
GHGR\GDQGRXQWRTXHFLWRDODFRURQDGHSDSHOTXHOOHYDEDHQODFDEH]Dȉ
b/DUHLQD=RH
ȉ0HJXVWDQWXVSXOVHUDVȉGLMHȉ'³QGHODVKDVFRPSUDGR"
ȉb(Q )UDQFLD ȉUHVSRQGL³ =RHȉ )XLPRV DOO­ GH YDFDFLRQHV b)XH
PDJQLILTXH/OHJDPRVKDVWDDOO­HQIHUU\
ȉb2KKK(VRVXHQDJHQLDOȉGLMR2OLYHU/HHQFDQWDQORVEDUFRV
(QWRQFHV=RHUHEXVF³HQVXEROVR\VDF³RWUDSXOVHUD
ȉ(VWDHVSDUDWL,VDGRUDȉGLMRȉ8QUHFXHUGRGH)UDQFLD
ȉb*XDXȉGLMHFRJLHQGRODSXOVHUDȉb*UDFLDV=RH
$OSRQ©UPHODVHQW­FRPRVLPHLOXPLQDUDSRUGHQWUR
ȉ< HVWR HV SDUD WL 2OLYHU ȉD±DGL³ =RH OHYDQWDQGR XQ LP¡Q FRQ OD
IRUPDGHODEDQGHUDIUDQFHVD
ȉb4X©JXD\ȉGLMR2OLYHUȉ*UDFLDV=RH
=RHKDE­DVLGRPX\DPDEOHSRUWUDHUPHDOJRGHVXVYDFDFLRQHVSHURPH
VHQW­XQSRFRDYHUJRQ]DGDSRUQRKDEHUOHWUD­GRQDGDDHOOD
ȉ7HQJR PXFKDV JDQDV GH TXH OOHJXH HO PRPHQWR GH KDEODU GHO YHUDQR
KR\HQFODVHȉGLMR2OLYHUȉ+HWUD­GRIRWRVGHPLVYDFDFLRQHVb(VWXYLPRV
HQXQKRWHOMXQWRDOPDU

3¡JLQD 3¡JLQD
 ȉb4X© ELHQ ȉGLMH H LQPHGLDWDPHQWH LQWHQW© FDPELDU GH WHPD 'H
SURQWR \D QR TXHU­D KDEODU GH ODV YDFDFLRQHV < PXFKR PHQRV GH ODV P­DV
<R WDPEL©Q KDE­D LGR D OD SOD\D FRPR =RH \ 2OLYHU SHUR KDE­DQ SDVDGR
FRVDV H[WUD±DVȖ (VD FODVH GH FRVDV TXH VHJXUR TXH QR SDVDEDQ HQ ODV
YDFDFLRQHVGHORVVHUHVKXPDQRV
&XDQGR OOHJDPRV DO FROHJLR QXHVWUD SURIHVRUD OD VH±RULWD *XLQGD \D
HVWDEDSUHSDUDQGRODFODVHSDUDODVH[SRVLFLRQHVRUDOHV
ȉb%XHQRVG­DVDWRGRVȉGLMRDOHJUHPHQWHDWRGDODFODVHȉ(VSHURTXH
KD\¡LVWHQLGRXQYHUDQRPDUDYLOORVR4XL©QTXLHUHVHUHOSULPHURHQVDOLUDOD
SL]DUUDDFRQWDUQRVVXVYDFDFLRQHV"

3¡JLQD 3¡JLQD
 3DS¡VHPHWL³HQHODJXD\PHOOHY³DFDEDOOLWR\GHVSX©VOHHQVH±©F³PR
EXFHDED\PHVDOL³PXFK­VLPRPHMRUGHVSX©VGHWRGRORTXHKDE­DSUDFWLFDGR
OD QRFKH DQWHULRU 3DS¡ HVWDED PX\ LPSUHVLRQDGR +LFLPRV XQ S­FQLF WRGRV
MXQWRV\DFRQWLQXDFL³QbHOFDVWLOORP¡VJUDQGH\P¡VHOHJDQWHGHOSODQHWD
ȉb(VLGHDOSDUDXQDSULQFHVDKDGDYDPSLURVLUHQDȉGLMRSDS¡
(VD QRFKH PH VHQW­ PX\ IHOL] PLHQWUDV QRV VHQWDPRV D FRPHU DOUHGHGRU
GHOIXHJRb3DS¡LQFOXVRSURE³XQDQXEHGHFDUDPHORWRVWDGDHQXQSLQFKLWR
1RUPDOPHQWHUHFKD]DWRGRORTXHQRVHD]XPRURMR
ȉb,VDGRUD EXFHDED GH PDUDYLOOD ȉGLMRȉ 0H DOHJUR GH KDEHU SRGLGR
YHUORKR\
0HVHQW­DP¡VRUJXOORVDTXHQXQFDPLHQWUDVFKXSDEDPLGHOLFLRVDQXEH
GHFDUDPHOR
3DS¡ PH URGH³ FRQ VXV EUD]RV \ D PDP¡ \ D )ORU GH 0LHO \ OD OX] GHO
IXHJREDLODEDUHIOHMDGDHQQXHVWURVURVWURV
'HSURQWRQRW©TXHHVWDEDPX\FDQVDGD
ȉb%XFHDEDV LJXDO TXH XQD VLUHQD ȉGLMR SDS¡ PLHQWUDV PH DFXUUXFDED
FRQWUD©O
0HUH­DGRUPLODGD
ȉ7RQWHU­DV SDS¡ ȉGLMHȉ b7RGR HO PXQGR VDEH TXH ODV VLUHQDV QR
H[LVWHQ

3¡JLQD 3¡JLQD
 8Q ERVTXH GH PDQRV VH OHYDQW³ GH JROSH HQ HO DLUH \ \R LQWHQW©
HVFDEXOOLUPHEDMRPLSXSLWUH1RPHDSHWHF­DQDGDSRQHUPHGHSLH\FRQWDUOH
PLV YDFDFLRQHV D WRGR HO PXQGR 3UREDEOHPHQWH SHQVDU­DQ TXH QR HUDQ
QRUPDOHV0HGDEDYHUJ¼HQ]D
ȉb,VDGRUD0RRQ<Wº"
/DPLU©FRQFDUDGHS¡QLFR

ȉb9HQJDȉGLMRȉ(VWR\VHJXUDGHTXHKDVWHQLGRXQYHUDQRIDQW¡VWLFR
0H OHYDQW© FRQ OHQWLWXG \ FDPLQ© KDFLD HO IUHQWH GH OD FODVH 8Q PDU GH
FDUDV H[SHFWDQWHV PH GHYROYL³ OD PLUDGD 7RP© DLUH SURIXQGDPHQWH \ VHQW­
TXHPHWHPEODEDODYR]
ȉ3XHVȖȉHPSHF©DGHFLU

7RGRHPSH]³XQDPD±DQDVROHDGD$OEDMDUODVHVFDOHUDVHQFRQWU©DPDP¡
PRYLHQGR OD YDULWD SRU OD FRFLQD +DE­D KHFKR DSDUHFHU XQD WLHQGD GH
FDPSD±DFRQIORUHVHVWDPSDGDVMXVWRHQPHGLRGHOVXHOR0LKHUPDQLWDEHE©
)ORUGH0LHOHVWDEDHQVXWURQDUHVWUHJ¡QGRVHXQDWRVWDGDSRUODFDUD\SDS¡
HVWDEDVHQWDGRDODPHVDFRQHOODERVWH]DQGR DFDEDEDGHYROYHUGHVXYXHOR

3¡JLQD 3¡JLQD
 QRFWXUQR  \ EHELHQGR VX ]XPR URMR 3DS¡ VROR EHEH ]XPR URMR &RVDV GH
YDPSLURV
&XDQGRHQWU©HQODKDELWDFL³QPDP¡PHVRQUL³
ȉb<D HVW¡V DTX­ ȉGLMRȉ 4X© WH SDUHFH HVWR" ȉVH±DO³ OD WLHQGD GH
FDPSD±Dȉ7HJXVWDHOHVWDPSDGR"(VSDUDWLb1RVYDPRVGHDFDPSDGD
ȉc€48Š"ȉGLMRSDS¡
ȉb1RVYDPRVGHDFDPSDGDȉUHSLWL³PDP¡ȉ9DPRVDDFDPSDUMXQWR
DOPDU+HKHFKRODUHVHUYDHVWDPD±DQD
ȉ<RȖȉGLMRSDS¡FRQWRQRUHPLOJDGRȉQRKDJRHVRGHDFDPSDU
ȉb2KQRGLJDVWRQWHU­DVȉUHSXVRPDP¡ȉb7HYDDHQFDQWDU1RKD\
QDGDPHMRUTXHGHVSHUWDUVHDODLUHOLEUHFRQHOVROGHODPD±DQDLQXQGDQGROD
WLHQGD FRFLQDU HQ OD KRJXHUD MXJDU HQ OD SOD\DȖ b(V PDUDYLOORVR HVWDU WDQ
FHUFDGHODQDWXUDOH]D
3DS¡QRHVWDEDPX\FRQYHQFLGR
5RGH© OD WLHQGD TXH HVWDED HQ PHGLR GH OD FRFLQD LQVSHFFLRQ¡QGROD \
OHYDQW©ODWHODGHODSXHUWDSDUDHFKDUXQYLVWD]RHQVXLQWHULRU
ȉ4X©WHSDUHFH"ȉPHSUHJXQW³RWUDYH]PDP¡

ȉb0L SHLQH ȉJULW³ VDOWDQGR SRU ORV DLUHVȉ b0L DPDGR SHLQH ȉOR
EHV³ \ VH IXH FRUULHQGR D VX WLHQGD SDUD SRQHUOR D VDOYR HQ VX PDOHWD EDMR
OODYH
&XDQGRYROYL³QRVVHQWDPRVMXQWRVIUHQWHDODKRJXHUD
ȉ6DEHV,VDGRUD"0HDOHJURGHTXHHQFRQWUDUDVPLSHLQHSHURORPHMRU
HV VLHPSUH VHU VLQFHUR 6L PH KXELHUDV GLFKR TXH OR KDE­DV SHUGLGR Wº
KDEU­DPRVSRGLGREXVFDUORMXQWRV
ȉ3HUGRQDSDS¡ȉGLMH
0HGLRXQIXHUWHDEUD]R\SUHSDUDPRVMXQWRVHOGHVD\XQR
'HVSX©VOOHJ³HOPRPHQWRGHLUDODSOD\D\IXHHOPHMRUG­DGHOPXQGR

3¡JLQD 3¡JLQD
 ȉ3HURȖ3HURȖ3HURȖ4X©KDFHVGHVSLHUWRWDQSURQWR"ȉSUHJXQW©
ȉ3DUHFHTXHYDPRVDWHQHUXQERQLWRG­DȉGLMRSDS¡ȉ9DPRVDYROYHU
D OD SOD\D $QRFKH PDP¡ PH FRQW³ TXH KDE­DV EXFHDGR 6LHQWR PXFKR
KDE©UPHOR SHUGLGR +D KHFKR TXH PH G© FXHQWD GH TXH QR TXLHUR SHUGHUPH
QDGD P¡V HVWDV YDFDFLRQHV b7HQJR PXFKDV JDQDV GH TXH OXHJR PH HQVH±HV
F³PREXFHDV
ȉb<\RGHHQVH±¡UWHORȉGLMHȉ3HUR\WXSHLQH"
6H SXVR WULVWH GXUDQWH XQ PLQXWR SHUR GHVSX©V VDFXGL³ OD FDEH]D \ VH
HQFRJL³GHKRPEURV
ȉ(UDXQSHLQHPX\ERQLWRȉGLMRȉ<PX\YDOLRVR3HURKDVLGRFXOSD
P­DSRUKDEHUORWUD­GRDODSOD\D7HQGU­DTXHKDEHUORGHMDGRHQODWLHQGD<
EXHQRKHHVWDGRSHQVDQGRȖ3DVDUWLHPSRFRQPLIDPLOLDHVP¡VLPSRUWDQWH
TXH XQ HVWºSLGR SHLQH $GHP¡V ȉGLMR SDV¡QGRVH OD PDQR SRU VX SHOR
HQJRPLQDGRȉWRGDY­DWHQJRPLJHOILMDGRU
6DTX© HO SHLQH GH GHWU¡V GH PL HVSDOGD \ VH OR WHQG­ D SDS¡ $EUL³
HQRUPHPHQWHORVRMRV\SXVRODERFDFRQIRUPDGH2
ȉ/RVLHQWRPXFKRȉGLMHȉIXL\RTXLHQSHUGL³WXSHLQH/RSXVHHQPL
FDVWLOORGHDUHQD\ODPDUHDVHOROOHY³3HURHQWRQFHVIXLDEXVFDUORȖb\OR
HQFRQWU©6LHQWRQRKDE©UWHORGLFKRDQWHV
3DS¡FRJL³HOSHLQHFRQXQDPXHFDGHDOHJU­D

3¡JLQD 3¡JLQD
 ȉ1RHVWR\VHJXUDGHOFRORUȉFRQIHV©ȉ(OURVDHVXQSRTXLWRIXHUWH\
KD\GHPDVLDGDVIORUHFLOODVȖ
ȉ9DOHȉGLMRPDP¡ȉ$YHUTX©WDODKRUD
6DFXGL³ GH QXHYR OD YDULWD \ OD WLHQGD FDPEL³ VX HVWDPSDGR SRU XQR GH
UD\DVEODQFDV\QHJUDV
ȉb2KKK V­ b0XFKR PHMRU ȉGLMH HQWUDQGR HQ HOOD D JDWDV 3LQN\ PH
VLJXL³ \ DOO­ GHQWUR QRV TXHGDPRV VHQWDGRV EDMR ODV SDUHGHV GH ORQD
HVFXFKDQGRDPDP¡\SDS¡
ȉ(VWDUHPRVMXVWRDOODGRGHODSOD\DDV­TXHSRGHPRVLUDQDGDUDOPDU
WRGRVORVG­DVȉGHF­DPDP¡
3LQN\VHWDS³ODVRUHMDVFRQODVSDWDV2GLDHODJXDSRUTXHWDUGDPXFKRHQ
VHFDUVH+D\TXHFROJDUORFRQSLQ]DVHQHOWHQGHGHUR
ȉ'HWRGDVIRUPDVȉFRQWLQX³PDP¡ȉ\DHVW¡UHVHUYDGR(VGHILQLWLYR
1RVYDPRVGHDFDPSDGD6DOLPRVHVWDWDUGHbDV­TXHPHMRUTXHHPSHF©LVD
KDFHUODPDOHWD\D
ȉ3XHVQDGDȉGLMRSDS¡ȉ9R\DVXELUDGDUPHXQED±R$GLVIUXWDUGH
ODVFRPRGLGDGHVGHPLKRJDUPLHQWUDVSXHGD
0H SUHJXQW© F³PR LED D DJXDQWDU SDS¡ VLQ VX FXDUWR GH ED±R GXUDQWH OD
DFDPSDGD/HHQFDQWDSDVDUPXFKRWLHPSRDK­GHQWUR7RPDED±RVTXHGXUDQ
KRUDV HQ ORV TXH SRQH PºVLFD FO¡VLFD \ HQFLHQGH FLHQWRV GH YHODV 'HVSX©V
SDVDSRUORPHQRVXQDKRUDFRQVXSHLQHHVSHFLDODOLV¡QGRVHHOSHORQHJUR\
EULOODQWHFRQJHOILMDGRU

$VHQW­FRQODFDEH]D\EDW­ODVDODVVROWDQGRXQDU¡IDJDGHJRWLWDVDOVXELU
SRUHODLUH
ȉb$GL³V0DULQDȉGLMH
ȉb$GL³V ,VDGRUD ȉUHVSRQGL³ < GHVSX©V VDOSLFDQGR HQWUH ULVDV
GHVDSDUHFL³
7RP©HQPLVEUD]RVD3LQN\\YRODPRVORP¡VU¡SLGRSRVLEOHGHYXHOWDDO
FDPSLQJ 7RGDY­D HUD PX\ WHPSUDQR \ WRGR HVWDED HQ VLOHQFLR (QWU© D
KXUWDGLOODV HQ OD WLHQGD GH SDS¡ \ PDP¡ \ GHVOLF© OD YDULWD HQ HO EROVR GH
PDP¡DQWHVGHGLULJLUPHDPLSURSLDWLHQGDSDUDSRQHUPHURSDVHFD
&XDQGRYROY­DVDFDUODFDEH]DGHODWLHQGDPHOOHY©ODPD\RUVRUSUHVDGH
PLYLGD
b3DS¡ HVWDED VHQWDGR MXQWR DO IXHJR /OHYDED FDPLVHWD \ SDQWDORQHV
FRUWRV\HVWDEDSUHSDUDQGRHOGHVD\XQRGHWRGRV
ȉ%XHQRVG­DV,VDGRUDȉGLMRȉb7HKDVGHVSHUWDGRPX\WHPSUDQR

3¡JLQD 3¡JLQD
 <RWUDYH]Ȗ
+DVWD TXH SRU ILQȖ
ORKLFHELHQ
ȉb%XI ȉOH GLMH D
3LQN\ HQ YR] EDMDȉ
&DVLQRORFRQVLJR
/D SULQFHVD VRQUH­D
FRQ DOHJU­D YLHQGR F³PR
VX VLUHQRVLWR QDGDED
DOUHGHGRUGHVXFDEH]D
7HQGL³ HO SHLQH KDFLD
P­
ȉ
b*UDFLDV
,VDGRUD ȉGLMRȉ 7RPD HO SHLQH b(V
WX\R
3XVHDVDOYRHOSHLQHPHWL©QGRORHQHO
EROVLOOR GH PL SLMDPD DQWHV GH TXH OD
SULQFHVD SXGLHUD FDPELDU GH RSLQL³Q \ GHVSX©V
0DULQD \ \R QRV GHVSHGLPRV GH HOOD \ VDOLPRV GHO
SDODFLR
0LHQWUDVYROY­DPRVQDGDQGRKDFLDODVXSHUILFLHYLTXH
\DHUDGHG­D
$OOOHJDUDUULEDWRP©XQDJUDQERFDQDGDGHDLUH/DSRPSDGH
3LQN\H[SORW³\ORFDSWXU©MXVWRDQWHVGHTXHFD\HUDDODJXD
0DULQDPHVRQUL³\\ROHGHYROY­ODVRQULVD
ȉ+DVLGRXQSODFHUFRQRFHUWHȉGLMR
ȉ+DVLGRXQSODFHUFRQRFHUWHDWLWDPEL©QȉGLMH\Rȉ0XFKDVJUDFLDV
SRUD\XGDUPHDHQFRQWUDUHOSHLQHGHPLSDGUH
ȉ(OFDEHOORGHXQYDPSLURHVVXRUJXOOR\VX ȉ0HORKHSDVDGRPX\ELHQȉGLMR0DULQDFRQVXYRFHFLOODFDQWDULQDȉ
DOHJU­D ȉGLFH VLHPSUHȉ 'HEHU­DV FHSLOODUWH HO <DGHP¡VKDVKHFKRPX\IHOL]DODSULQFHVD6LUHQD
SHORP¡VDPHQXGR (PSHF©DTXLWDUPHHOFROODUP¡JLFR
'HVSX©V GH GHVD\XQDU KLFLPRV ODV PDOHWDV \ ȉ4X©GDWHORȉGLMR0DULQDȉ<DQRYROYHU¡DIXQFLRQDUSHURHVERQLWR
QRV SXVLPRV D HVSHUDU D SDS¡ MXQWR D OD SXHUWD b/RSXHGHVOOHYDUSXHVWR
SULQFLSDO $O ILQDO DSDUHFL³ HQ OR DOWR GH OD ȉ*UDFLDVȉUHVSRQG­VLQWL©QGRPHIHOL]SRUGHQWUR
HVFDOHUDFRQFLQFRPDOHWDVJLJDQWHVFDV 0DULQDHFK³XQYLVWD]RDOVROTXHVDO­D
ȉb1R SXHGHV OOHYDU WRGR HVR ȉH[FODP³ ȉ6HU¡PHMRUTXHPHYD\DȉGLMRȉ1RTXLHURTXHPHYHDQORVKXPDQRV
PDP¡FRQDVRPEURȉb1RFDEU¡HQHOFRFKH <WºGHEHU­DVLUWHWDPEL©Q

3¡JLQD 3¡JLQD
3¡JLQD 3¡JLQD
 ȉ(QWRQFHVORDWDUHPRVDODEDFDȉGLMRSDS¡DOHJUHPHQWH ȉ7HQJRXQDLGHDȉGLMHȉ$FDPELRGHOSHLQHSXHGRLQWHQWDUGDUOHYLGD
0DP¡VXVSLU³,QWHQW³OOHYDUXQDGHODVPDOHWDVSHURSHVDEDWDQWRTXHQR D WX VLUHQRVLWR GH SHOXFKH TX© WH SDUHFH" 7HQJR DTX­ OD YDULWD P¡JLFD GH
SXGRQLOHYDQWDUODGHOVXHOR PDP¡&UHRTXHV©F³PRKDFHUOR
ȉ4X© KDV PHWLGR DTX­" ȉSUHJXQW³ DSXQW¡QGROD FRQ OD YDULWD /D /RV RMRV GH OD SULQFHVD VH LOXPLQDURQ $EUD]³ D VX VLUHQRVLWR FRQWUD VX
PDOHWDVHDEUL³GHJROSH\FLHQWRVGHSURGXFWRVGHEHOOH]DVDOLHURQGHVSHGLGRV SHFKR\GHVSX©VORWHQGL³KDFLDP­
SRUHOVXHOR0DP¡SXVRORVRMRVHQEODQFRPROHVWD6H±DO³XQSHLQHQHJUR ȉb6­ȉGLMRȉb6­6LSXHGHVGDUOHYLGDDPLVLUHQRVLWRWHSURPHWRTXH
FRQPXFKDVFXUYDVȉ(VRVHJXURTXHQRWHOROOHYDU¡VȉGLMRȉ(VHODQWLJXR WHGHYROYHU©HOSHLQH
SHLQHGHYDPSLURFRQMR\DVLQFUXVWDGDVGHWXWDWDUDEXHOR
ȉ6­b\HVPLREMHWRIDYRULWRȉUHVSRQGL³SDS¡
ȉ3HUR HVH SHLQH HV PX\ YDOLRVR ȉUHSXVR HOOD
D\XG¡QGROHDPHWHUWRGRRWUDYH]HQODPDOHWDȉ1R
TXHUU¡VSHUGHUOR
ȉ1R OR SHUGHU© ȉGLMR SDS¡ PLHQWUDV UHFRJ­D HO
SHLQH \ DGPLUDED ORV UXE­HV URMRV TXH UHOXF­DQ HQ HO /HYDQW© OD YDULWD GH
PDQJRȉ0LUDF³PREULOOD PDP¡ \ VH±DO© D VX RVLWR
/DVPDOHWDVGHSDS¡RFXSDEDQWDQWRHVSDFLRTXHFDVLQRKDE­DVLWLRSDUD FRQ HOOD /DV YDULWDV
TXH3LQN\EHE©)ORUGH0LHO\\RQRVVHQW¡UDPRVHQORVDVLHQWRVWUDVHURV1R P¡JLFDV QR VRQ PL SXQWR
HVW¡EDPRVGHPDVLDGRF³PRGRV IXHUWH SHUR WHQ­D TXH
)XHXQYLDMHHQFRFKHPX\ODUJR3LQN\QRSDU³GH LQWHQWDUOR /D PRY­ GH XQ
GDU VDOWRV HQ PL UHJD]R LQWHQWDQGR YHU HO PDU SRU OD ODGR D RWUR SRU HO DJXD \
YHQWDQLOOD %RLQJ ERLQJ ERLQJ +DVWD TXH XQDV EXUEXMDV VDOLHURQ
ILQDOPHQWH%2,1* GLVSDUDGDVGHODSXQWD
3RUTXH DOO­ HVWDED SRU ILQ (O PDU FKLVSHDQWH \ &XDQGR VH
D]XO FRPR XQ UHOXFLHQWH OD]R DWUDYHVDQGR HO GLVSHUVDURQ HO VLUHQRVLWR
KRUL]RQWH VDFXG­DODFDEH]D\PRY­DXQDSDWD
3HURKDE­DDOJRTXHQRHVWDEDELHQGHOWRGRȖ
ȉc(/ 0$5 ȉJULW©ȉ b$K­ HVW¡ HO PDU b<D KHPRV
5¡SLGDPHQWHPRY­ODYDULWDRWUDYH]Ȗ
OOHJDGR
)ORUGH0LHOVDFXGL³VXVEUDFLWRVUROOL]RVHQVH±DOGHDSUREDFL³Q
0DP¡ HPSH]³ D WDUDUHDU FXDQGR PHWL³ HO FRFKH SRU XQD FDUUHWHUD
FDPSHVWUHOOHQDGHEDFKHV

3¡JLQD 3¡JLQD
 3LQN\\\RPLU¡EDPRVSRUODYHQWDQLOOD$OILQDOGHODFDUUHWHUDKDE­DXQD
VH±DO'HF­D
/DSULQFHVDSDUHF­DHQIDGDGD\XQSRFRWULVWH
ȉ7HORGDU©ȖVLPHGDVD3LQN\ȉGLMR
ȉb2KQRȉUHSXVHKRUURUL]DGDȉ1RWHSXHGRGDUD3LQN\GHQLQJXQD
PDQHUD$GHP¡VD©OQROHJXVWDU­DQDGDYLYLUEDMRHOPDU
/DSULQFHVDSDUHF­DGHFHSFLRQDGD\GHSURQWRPHGLFXHQWDGHFX¡OHUDHO
SUREOHPD6HVHQW­DPX\VROD

ȉb(VH HV HO QXHVWUR ȉGLMR PDP¡ FRQ DOHJU­D SDVDQGR OD VH±DO \
PHWLHQGRHOFRFKHHQXQSHTXH±RFDPSRFRQPXFKDVWLHQGDVGHFDPSD±D
ȉ1RHVHQFDQWDGRU"ȉH[FODP³PLHQWUDVDSDUFDED\VDO­DPRVGHOFRFKH
ȉb5HVSLUDHVWDPDUDYLOORVDEULVDPDULQD,VDGRUD
$VSLU©SURIXQGDPHQWH<WDPEL©QORKL]R3LQN\

3¡JLQD 3¡JLQD
 ȉ0X\ EXHQR ȉGLMH HGXFDGDPHQWHȉ JUDFLDV 3RGU­D UHFXSHUDU \D PL
SHLQHSRUIDYRU"
/DSULQFHVD'HOILQDIUXQFL³HOFH±R
ȉ7HORGDU©ȉGLMRȉVLMXHJDVFRQPLJRDOHVFRQGLWH
ȉ3HURȖȉHPSHF©DGHFLU
ȉb9R\DFRQWDUȉGLMRȉb(VF³QGHWH
$V­TXHMXJDPRVMXQWRVGXUDQWHPXFKRUDWR\0DULQDPHGLMRHQYR]EDMD
TXHKDE­DTXHGHMDUJDQDUDODSULQFHVD(VRKLFLPRV
ȉb+D VLGR GLYHUWLG­VLPR ȉGLMR OD SULQFHVDȉ b9DPRV D MXJDU D RWUD
FRVD
/HYDQW© OD YLVWD KDFLD OD VXSHUILFLH GHO PDU \ PH SUHRFXS© XQ SRFR
(PSH]DEDDKDEHUOX]
ȉ-XJXHPRVDȖbGLVIUD]DUQRVȉGLMRODSULQFHVD6LUHQD\QRVOOHY³DXQ
JUDQ MR\HUR TXH KDE­D MXQWR D VX WURQR (PSH]³ D VDFDU FROODUHV GH SHUODV
SXOVHUDVGHFRUDO\EULOODQWHVWLDUDVKHFKDVGHFRQFKDV\GHHVWUHOODVGHPDU
ȉb3RQWHHVWDVȉPHRUGHQ³WHQGL©QGRPHXQSX±DGRGHMR\DV
ȉ<RȖȉHPSHF©DUHSOLFDU
ȉ2KYHQJDȖȉGLMRODSULQFHVDȉ1DGLHYLHQHQXQFDDMXJDUFRQPLJR
(UDXQRORUIUHVFR\VDODGR 9ROY­ D OHYDQWDU OD YLVWD KDFLD OD VXSHUILFLH &DGD VHJXQGR TXH SDVDED
0DP¡ PRQW³ ODV WLHQGDV FRQ VX PDJLD /D TXH FRPSDUW­DQ KDE­DP¡VOX]
PDP¡SDS¡\EHE©)ORUGH0LHOHUDXQDWLHQGDYHUGDGHUDPHQWHHQRUPH ȉ1R SXHGR ȉGLMHȉ /R VLHQWR SHUR GH YHUGDG TXH PH WHQJR TXH LU
<QDGDFRUULHQWH 3XHGRUHFXSHUDUHOSHLQH\DSRUIDYRU"
ȉ6L WLHQHV PLHGR GH QRFKH VDEHV TXH SXHGHV YHQLU D QXHVWUD WLHQGD ȉ
GLMRPDP¡
ȉb1R WHQGU© PLHGR ȉPH UH­ȉ 6R\ PHGLR YDPSLUR b0H HQFDQWD OD
QRFKH
3DS¡HVWDEDRFXSDGRUHEXVFDQGRHQVXVPDOHWDV
ȉ6© TXH PHW­ HQ DOJXQD SDUWH HO SDSHO GH SDUHG FRQ GLEXMRV GH
PXUFL©ODJRV ȉPXUPXU³ȉ < HQ TX© PDOHWD SXVH PL FDPD SOHJDEOH FRQ
GRVHO"<G³QGHUD\RVVHVXSRQHTXHYR\DHQFKXIDUPLIULJRU­ILFRSRUW¡WLO"
&XDQGRWHUPLQDPRVGHGHVKDFHUODVPDOHWDV\DHVWDED
RVFXUR 0DP¡ \ \R KLFLPRV XQD KRJXHUD \ WRGRV QRV
VHQWDPRVDOUHGHGRUDWRVWDUQXEHVGHFDUDPHORHQXQRVSDORV
ODUJRV
ȉ1R HV IDQW¡VWLFR" ȉGLMR PDP¡ȉ b(VWR V­
TXHHVDFDPSDUGHYHUGDG
$VHQW­ 7HQ­D OD ERFD OOHQD GH QXEHV SHJDMRVDV +DVWD SDS¡
SDUHF­D XQ SRFR P¡V DQLPDGR GHVGH TXH VH KDE­D SXHVWR HO VRO

3¡JLQD 3¡JLQD
 6RUEL³SRUODSDMLWDGHVXHQYDVHGH]XPRURMR\FRQWHPSO³HOFLHOR
ȉ$KRUDTXHHVWDPRVHQHOFDPSRSRGHPRVYHU
P¡V HVWUHOODV ȉGLMR < VH OHYDQW³ GH XQ VDOWR SDUD
VDFDU GH OD WLHQGD VX WHOHVFRSLR HVSHFLDO GH
DVWU³QRPRȉb9R\DYHUHVWUHOODVWRGDODQRFKHȉ
H[FODP³FRQWHQWR
ȉ7RGDODQRFKHQRȉGLMRPDP¡ȉ7LHQHVTXH
GRUPLU DOJR SDUD TXH SRGDPRV SDVDU HO G­D HQ OD SOD\D
PD±DQD
ȉb3HURORVYDPSLURVHVW¡QGHVSLHUWRVSRUODQRFKH\GXHUPHQGXUDQWHHO
G­Db(VRHVORTXHKDFHPRVȉJLPL³
ȉ$OPHQRVLQW©QWDORȉGLMRPDP¡
3DS¡VXVSLU³
ȉ/RLQWHQWDU©ȉSURPHWL³

3¡JLQD 3¡JLQD
&XDQGR HVW¡V GH DFDPSDGD WLHQHV TXH LU DQGDQGR HQ SLMDPD D XQ OXJDU $V­TXH3LQN\0DULQD\\RQRVTXHGDPRVDPHUHQGDUFRQODSULQFHVD'HOILQD
OODPDGRl3DEHOO³QGH$VHRV{SDUDODYDUWHORVGLHQWHV\GDUWHXQDGXFKD<R \VXVLUHQRVLWRGHSHOXFKH7RPDPRVSDVWHOHVED\DVGHPDU\V¡QGZLFKHVGH
WXYH TXH FHSLOODUPH ORV GLHQWHV HQ XQ ODYDER MXQWR D RWUDV SHUVRQDV GHO JDPELWDV SHODGDV 7RGR HVWDED PX\ ULFR SHUR OD YHUGDG HV TXH HVWDED
FDPSLQJ (UD XQ SRFR UDUR HVWDU HQ SLMDPD HQ SºEOLFR SHUR GDED LJXDOȖ GHPDVLDGRHPSDSDGR
bSRUTXHWRGRHOPXQGRLEDHQSLMDPD

3¡JLQD 3¡JLQD
 7XYLPRV TXH XVDU OD YDULWD P¡JLFD GH PDP¡ FRPR OLQWHUQD
SDUD YROYHU SRU HO FDPSR GHVSX©V GH FHSLOODUQRV ORV GLHQWHV
/XHJR 3LQN\ \ \R QRV PHWLPRV D FXDWUR SDWDV HQ QXHVWUD WLHQGD
GHUD\DV\QRVDFXUUXFDPRVMXQWRVHQHOVDFRGHGRUPLU(UDPX\
F³PRGR3DS¡FHUU³PX\ELHQODFUHPDOOHUDGHODSXHUWD
ȉ%XHQDVQRFKHV,VDGRUDȉGLMRȉ%XHQDVQRFKHV3LQN\
ȉ%XHQDVQRFKHVȉERVWHF©
(QWRQFHV PH TXHG© XQ UDWR WXPEDGD HQ OD RVFXULGDG +DE­D UXLGRV
UDURV SRU WRGDV SDUWHV &RVDV TXH FUXM­DQ EºKRV XOXODQGR JHQWH
KDEODQGRȖ3HURQRHVWDEDDVXVWDGDb0HHQFDQWDODQRFKH

ȉ3XHVȖ OD YHUGDG HV TXH KD\ DOJR GH OR TXH TXHU­D KDEODUOH ȉGLMHȉ
(VH SHLQH TXH WLHQH HQ OD PDQRȖ SRGU­D UHFXSHUDUOR SRU IDYRU" /R SHUG­
KR\HQODSOD\D(VGHPLSDGUH\HVODFRVDTXHP¡VTXLHUHHQHOPXQGR(VW¡
PX\SUHRFXSDGRSRUKDEHUORSHUGLGR 0H GHVSHUW© WHPSUDQR OD PD±DQD VLJXLHQWH SRUTXH HO VRO EULOODED FRQ
/RVRMRVGHODSULQFHVD'HOILQDFHQWHOOHDURQ IXHU]DHQHOWHFKRGHPLWLHQGD+DF­DPXFKRFDORU
ȉ3HURDP­PHJXVWD(VWDQEULOODQWHȖȉOROHYDQW³HQHODJXDSDUDTXH ȉ%XHQRVG­DVȉFDQWXUUH³PDP¡FXDQGRDVRP©ODFDEH]Dȉ(QFXDQWR
ORVUXE­HVGHVWHOODUDQFRQHOEULOORGHODVOXFHV HVW©V SUHSDUDGD QRV YDPRV D OD SOD\D 6ROR IDOWD HQFRQWUDU D SDS¡ 1R V©
ȉ6­SHURQRVHORSXHGHTXHGDUSRUTXHQRHVVX\RGHYHUGDG G³QGHVHKDPHWLGRȖ
ȉ%XHQRVXSRQJRTXHWHORSRGU­DGHYROYHUȖVLWHTXHGDVDPHUHQGDU 6HPHRFXUUL³G³QGHSRGU­DHVWDU
ȉ2KȉGLMHVRUSUHQGLGDȉ0X\ELHQb3RUVXSXHVWRTXHQRVTXHGDUHPRV 'HODQWHGHODºQLFDGXFKDGHO3DEHOO³QGH$VHRVKDE­DXQDODUJDFRODGH
DPHUHQGDU JHQWHUHIXQIX±DQGR3DV©U¡SLGDPHQWHSRUGHODQWHGHHOORV\OODP©DODSXHUWD
ȉ3DS¡"ȉSUHJXQW©
ȉ6­
ȉ&X¡QWRWLHPSROOHYDVDK­"
ȉ6RORXQSDUGHKRUDV
8QDQXEHGHYDKRFDOLHQWHVDOL³SRUGHEDMRGHODSXHUWD\SDS¡HPSH]³D
WDUDUHDUVDWLVIHFKR

3¡JLQD 3¡JLQD
 ȉ3DS¡ȉGLMHRWUDYH]ȉKD\XQDFRODPX\JUDQGHGHJHQWHHVSHUDQGR $EUL³ OD JLJDQWHVFD SXHUWD SULQFLSDO \ PH LQYLW³ D SDVDU D XQ FDYHUQRVR
VDEHV" YHVW­EXOR LOXPLQDGR SRU FKLVSHDQWHV OXFHFLWDV ,QFOXVR ODV SDUHGHV HVWDEDQ
ȉ$KV­"ȉSUHJXQW³SDS¡FRQDLUHVRUSUHQGLGR DGRUQDGDVFRQSHUODV\MR\DVEULOODQWHV
ȉ6ŽȉUHVSRQG­ȉ7LHQHVTXHGDUWHSULVD1RVYDPRVDODSOD\D ȉb*XDXȉH[FODP©FRQWHPSODQGRDPLDOUHGHGRUȉb4X©ERQLWRHV
2­TXHFHUUDEDHOJULIRGHODGXFKD 0DULQDQRVOOHY³DRWUDVDODHQRUPHFRQXQWURQRGHSODWDHQHOFHQWUR<
ȉ'HDFXHUGRȉGLMRȉ<DYR\ HQHOWURQRHVWDEDVHQWDGDODSULQFHVD6LUHQD6XSHTXHHUDODSULQFHVDSRUTXH
3DS¡DSDUHFL³FRQVXWRDOOD\VXWXUEDQWH3DUHF­DPX\DQLPDGR OOHYDEDXQDFRURQD(QVXUHJD]RKDE­DXQRVLWRGHSHOXFKHTXHWHQ­DHQYH]
9ROYLPRV FDPLQDQGR SRU OD FROD GH JHQWH \ VHQW­ TXH PH SRQ­D URMD GH GHSLHUQDVFRODGHVLUHQD/DSULQFHVDHVWDEDHQWUHWHQLGDSHLQ¡QGRORFRQȖbHO
YHUJ¼HQ]D7RGRVFODYDEDQODPLUDGDHQSDS¡\QRSDUHF­DQPX\FRQWHQWRV SHLQHHVSHFLDOGHOWDWDUDEXHORGHPLSDGUH
&XDQGRHQWUDPRVQDGDQGRHQODKDELWDFL³QODSULQFHVDOHYDQW³ODPLUDGD
7RGRHQHOODUHVSODQGHF­D(QHOSHOROOHYDEDSHUODV\HVWUHOODVGHPDU\HQ
ORV EUD]RV OXF­D KLOHUDV GH EUD]DOHWHV FRQ MR\DV (Q HO FXHOOR P¡V GH GLH]
FROODUHVGHSHUODVTXHHPLW­DQEULOORV\GHVWHOORVEDMRODOX]VXEPDULQD
0DULQDWRVL³OLJHUDPHQWH
ȉ6X$OWH]DȖȉGLMRȉ+HWUD­GRDDOJXLHQTXHTXLHUHYHUOD
ȉ4X© HV HVWR" ȉSUHJXQW³ OD SULQFHVD GHVFRQFHUWDGDȉ b1R WLHQHV
FROD
ȉ1RȉGLMHȉb3HURWHQJRDODV6R\XQKDGDYDPSLUR0HOODPR,VDGRUD
0RRQ\©OHV3LQN\
ȉ<DYHRȉGLMRODSULQFHVDPLUDQGRD3LQN\FRQLQWHU©Vȉ<RPHOODPR
'HOILQD/DSULQFHVD'HOILQDb<XQG­DVHU©OD5HLQDGHORV0DUHV
6RQUH­QHUYLRVD

ȉb<D HVW¡V DTX­ ȉGLMR PDP¡ FXDQGR YROYLPRV D OD WLHQGDȉ b<D
SRGHPRVLUDODSOD\D
ȉ7RGDY­DQRHVWR\OLVWRȉGLMRSDS¡ȉ'DPHVRORFLQFRPLQXWRVP¡V
0HGLDKRUDP¡VWDUGHSDS¡VDOL³GHODWLHQGDFRQJDIDVGHVROFDSDQHJUD
\XQDVRPEULOODWDPEL©QQHJUDGHEDMRGHOEUD]R/OHYDEDXQERWHGHILMDGRU
SDUDHOSHOR\HOYDOLRVRSHLQHDQWLJXRGHVXWDWDUDEXHOR
ȉb<DHVWR\SUHSDUDGRȉVRQUL³GHRUHMDDRUHMD

3¡JLQD 3¡JLQD
 &UX]DPRVXQDSXHUWHFLWDTXHKDE­DDXQODGRGHOFDPSLQJ\UHFRUULPRVXQ
VHQGHUR GH DUHQD KDVWD OD SOD\D 0DP¡ H[WHQGL³ XQ PDQWHO GH S­FQLF \ VH
VHQW³
ȉ1RHVHQFDQWDGRU"ȉGLMR
6­HUDEDVWDQWHHQFDQWDGRU(OPDUHUDFKLVSHDQWH\D]XO\ODDUHQDHVWDED
FDOLHQWH\PHKDF­DFRVTXLOODVHQWUHORVGHGRVGHORVSLHV
ȉb9HQDKDFHUXQFDVWLOORGHDUHQDFRQPLJRSDS¡ȉGLMH
ȉb9DOH'DPHVRORFLQFRPLQXWRV
$EUL³ VX JUDQ VRPEULOOD QHJUD \ VH HPEDGXUQ³ GH FUHPD VRODU IDFWRU
VHVHQWD'HVSX©VVHHQYROYL³HQVXFDSDQHJUD\VDF³HOSHLQH
ȉ'HEHVGHWHQHUFDORUSDS¡ȉOHGLMHPLHQWUDVHPSH]DEDDFRQVWUXLUXQ
FDVWLOORGHDUHQDFHUFDGH©O
3DS¡QHJ³FRQODFDEH]D
ȉ1RWHQJRFDORUȉLQVLVWL³PLHQWUDVHOVXGRUOHHPSH]DEDDJRWHDUSRUOD
FDUD (QWRQFHV FRPHQ]³ D SHLQDUVH \ D UHVWUHJDUVH SRU HO SHOR XQRV JUXHVRV
SHJRWHVGHJHO
&XDQGR DFDE³ GH SHLQDUVH \ DOLVDUVH HO SHOR \R \D KDE­D WHUPLQDGR GH
FRQVWUXLU PL FDVWLOOR GH DUHQD (UD PX\ JUDQGH FRQ XQ PRQW³Q GH WRUUHV
3LQN\\\RFDPLQDPRVSRUODSOD\DUHFRJLHQGRFRQFKDV$GRUQDPRVFRQHOODV
ORVPXURVGHOFDVWLOOR

3¡JLQD 3¡JLQD
 %DMR HO PDU WRGR UHVSODQGHF­D D OD OX] GH OD OXQD /DV DOJDV VH PHF­DQ
VXDYHPHQWH D QXHVWURV SLHV \ XQRV SHFHFLOORV SODWHDGRV HQWUDEDQ \ VDO­DQ GH
HOODV D WRGD YHORFLGDG 0H VRUSUHQG­ DO GHVFXEULU TXH SRG­D UHVSLUDU WDQ
I¡FLOPHQWH FRPR VL HVWXYLHUD HQ WLHUUD (FK© XQD PLUDGLWD SRU HQFLPD GH PL
KRPEURSDUDFRPSUREDUTXH3LQN\HVWDEDELHQHQVXSRPSD

ȉ)DOWD DOJR ȉOH GLMH D 3LQN\ FXDQGR KDE­DPRV FRORFDGR WRGDVȉ 3DUD
HVWDUSHUIHFWRQHFHVLWDDOJRHQODSXQWD
(FK© XQ YLVWD]R KDFLD GRQGH SDS¡ GRUPLWDED HQ HVRV PRPHQWRV EDMR OD
VRPEULOOD\XQDLGHDVHDEUL³SDVRHQPLFDEH]D
ȉ3DS¡QRVHGDU¡FXHQWDVLWRPDPRVSUHVWDGRHOSHLQHGHODVMR\DVVROR
GLH]PLQXWRVȉOHVXVXUU©D3LQN\
1RVDFHUFDPRVGHSXQWLOODV\FRJ­HOSHLQH(UDYHUGDGHUDPHQWHSUHFLRVR 0DULQDVH±DO³XQDVLOXHWDHQODGLVWDQFLD
/RVUXE­HVGHOPDQJRGHVWHOODEDQDODOX]GHOVRO/RFODY©HQODSXQWDGHOD ȉ$K­HVW¡HOSDODFLRȉGLMRȉb1RHVW¡QDGDOHMRV
WRUUHP¡VDOWDGHOFDVWLOOR\UHWURFHG­XQRVSDVRVSDUDFRQWHPSODUPLREUD ȉb3XHGHV KDEODU EDMR HO DJXD ȉH[FODP© FRQ DVRPEUR < GHVSX©V PH
OOHY©ODPDQRDODERFDȉb<RWDPEL©QȉGLMHPDUDYLOODGD
0DULQDYROYL³DUH­U
ȉ(V SRUTXH OOHYDV HO FROODU P¡JLFR ȉH[SOLF³ȉ < FODUR TXH SXHGR
KDEODUEDMRHODJXDb6R\XQDVLUHQD
6HJXLPRV QDGDQGR KDFLD OD VLOXHWD $KRUD TXH HVWDED P¡V FHUFD SXGH
GLVWLQJXLU SLQ¡FXORV \ WRUUHV DO]¡QGRVH KDFLD OD VXSHUILFLH (UD PX\ ERQLWR
FRQFRQFKDVSHJDGDVSRUORVPXURVbLJXDOTXHPLFDVWLOOR
ȉ<DKHPRVOOHJDGRȉGLMR0DULQD

3¡JLQD 3¡JLQD
 9ROY­ODPLUDGDKDFLDSDS¡SHURWRGDY­DGRUP­D
ȉ,VDGRUD ȉPH OODP³ PDP¡ȉ TXLHUHV ED±DUWH FRQ )ORU GH 0LHO \
FRQPLJR"
ȉb6­SRUIDYRUȉJULW©HQWXVLDVPDGD
$V­TXHOHSXVLPRVXQIORWDGRUD)ORUGH0LHO\IXLPRVDODRULOOD
ȉb9DPRVSDS¡ȉJULW©ȉb(ODJXDHVW¡PX\EXHQD\IUHVTXLWD
3HUR SDS¡ HVWDED GXUPLHQGR WRGDY­D EDMR OD VRPEULOOD \ QR PH R\³ 0H
SDUHFL³ XQD O¡VWLPD 6© TXH D SDS¡ OH JXVWD EDVWDQWH QDGDU (V ©O TXLHQ PH
OOHYD WRGDV ODV VHPDQDV D ODV FODVHV GH QDWDFL³Q SDUD SHTXH±RV YDPSLURV
6LHPSUH QRV GLYHUWLPRV PXFKR MXQWRV HQ OD SLVFLQD +D HVWDGR LQWHQWDQGR
HQVH±DUPHDEXFHDUDXQTXHWRGDY­DQRORKHFRQVHJXLGRGHOWRGR

ȉb9HQJDȉGLMRȉb9DPRV
6RQUH­ LQWHQWDQGR GHPRVWUDUOH TXH QR HVWDED DVXVWDGD \ GHM© TXH PH
DUUDVWUDUDKDFLDHODJXD$OSULQFLSLRHVWDEDIU­D\DKRJX©XQJULWR
ȉ7HDFRVWXPEUDU¡VȉGLMR0DULQD

3¡JLQD 3¡JLQD
 ȉ7HQJR XQD LGHD ȉGLMR 0DULQDȉ 3RU TX© QR WH OOHYR D YHU D OD
SULQFHVD6LUHQD"b3XHGHVSHG­UVHORWºPLVPD$ORPHMRUWHGHMDUHFXSHUDUOR
VLVHORH[SOLFDV
6HQW­TXH3LQN\PHWLUDEDGHODPDQRDVXVWDGR2GLDHODJXD
ȉ6X SDODFLR QR HVW¡ OHMRV GH DTX­ ȉGLMR 0DULQDȉ 6ROR WLHQHV TXH
VHJXLUPHb9HQJD

0LU©ILMDPHQWHHODJXDDKRUDQHJUDEDMRHOFLHORQRFWXUQR
ȉb(VWRHVHQFDQWDGRUȉGLMRPDP¡FKDSRWHDQGRHQODVRODVFRQ)ORUGH ȉ<DV©EXFHDUȉOHGLMHD0DULQDFRQRUJXOORȉSHUR
0LHO QR SXHGR DJXDQWDU VLQ UHVSLUDU PXFKR WLHPSR &³PR
)ORUGH0LHOVDFXG­DVXVEUDFLWRV\SLHUQHFLWDV$EUL³ODERFDSDUDVROWDU SRGHPRVVHJXLUWH"
XQJULWRGHDOHJU­DȖ /DULVDGH0DULQDYROYL³DVRQDUFRPRXQFDVFDEHO
ȖFXDQGRVXFKXSHWHFD\³DODJXD ȉb4X© WRQWD ȉGLMRȉ b6H PH ROYLGDED 3RQWH HVWR
ȉb2KQRȉGLMRPDP¡PLHQWUDVLQWHQWDEDFRJHUOR SDUDSRGHUUHVSLUDUEDMRHODJXD(VP¡JLFR
&RQWHPSO© F³PR HO FKXSHWH FRPHQ]DED D KXQGLUVH OHQWDPHQWH KDFLD HO 0HGLRXQFROODUKHFKRGHFRQFKDV\PHORSXVH
IRQGRGHOPDU)ORUGH0LHOHPSH]³DOORUDU ȉ<3LQN\"1ROHJXVWDQDGDPRMDUVH
ȉb2KQRȉUHSLWL³PDP¡
ȉc%8$$$+++ȉOORUDED)ORUGH0LHO
'HFLG­VHUYDOLHQWH&RJ­DLUHFHUU©ORVRMRVFRQIXHU]D\GHVSX©VbPHW­OD
FDEH]D'(%$-2'(/$*8$
1R SRG­D R­U QDGD DSDUWH GHO UXJLGR GHO PDU \ FXDQGR DEU­ XQ SRFR ORV
ȉ+XPȖȉPXUPXU³0DULQDSHQV¡QGRVHORPXFKRȉb<DV©
RMRV WRGR HUD ERUURVR \ YHUGH /DQF© ORV EUD]RV KDFLD GHODQWH H LQWHQW©
6DFXGL³ODFRODHQHODJXDSDUDKDFHUEXUEXMDVHQODVXSHUILFLH\GHVSX©V
DJDUUDUHOFKXSHWH
VDF³ GHO DJXD XQD GH ODV SRPSDV FRQ OD SXQWD GHO GHGR \ VRSO³ HQ HOOD /D
ȉb,VDGRUD ȉJULW³ PDP¡ HQWXVLDVPDGD FXDQGR DVRP© OD FDEH]D XQRV
SRPSDFUHFL³P¡V\P¡VKDVWDTXHIXHOREDVWDQWHJUDQGHSDUDTXH3LQN\VH
VHJXQGRVGHVSX©Vȉb$FDEDVGHEXFHDU
PHWLHUDGHQWUR(QWRQFHVPHWHQGL³ODPDQR
6RVWXYHHOFKXSHWHHQHODLUHFRPRVLIXHUDXQWURIHR
ȉb/RKHFRQVHJXLGRȉFKLOO©
ȉb%LHQ KHFKR ȉFRPHQW³ PDP¡ VRQULHQGR FRQ RUJXOORȉ b(V XQD
YHUGDGHUDKD]D±D
ȉ2MDO¡ORKXELHUDYLVWRSDS¡ȉGLMH

3¡JLQD 3¡JLQD
 ȉ6­ ȉUHVSRQGL³ FRQ YR] FDQWDULQDȉ &³PR SXHGHV IORWDU DK­
DUULED"
ȉb(VWR\YRODQGRQRIORWDQGR6R\PLWDGYDPSLURPLWDGKDGDȉPHGLOD
YXHOWDHQHODLUHSDUDHQVH±DUOHPLVDODV
ȉb1XQFD KDE­D FRQRFLGR D DOJXLHQ PLWDG YDPSLUR PLWDG KDGD ȉ
FRPHQW³
ȉb1L\RDXQDVLUHQDȉOHGLMH

$PEDV QRV HFKDPRV D UH­U 6X ULVD VRQDED FRPR ULVWUDV GH FRQFKDV
WLQWLQHDQGRHQODEULVD
ȉ0HOODPR0DULQD<Wº"
ȉ,VDGRUDȉUHVSRQG­'HVSX©VVH±DO©DPLFRQHMRURVDȉ‰OHV3LQN\
ȉ(VPX\JUDFLRVRȉGLMRFRQXQDULVLWDDFHUF¡QGRVHD©O\WRF¡QGROHOD
WULSDFRQHOGHGR
3LQN\VHSXVRU­JLGR1ROHJXVWDTXHOHGLJDQTXHHVJUDFLRVR
ȉ4X©HVW¡LVKDFLHQGRIXHUDWDQWDUGHGHQRFKH"ȉSUHJXQW³0DULQD
ȉ(VWDED EXVFDQGR DOJR PX\ LPSRUWDQWH SDUD P­ 6H PH SHUGL³
KR\FXDQGRHVW¡EDPRVHQODSOD\D
ȉ$KV­"ȉGLMR0DULQDȉ4X©HV"
ȉ8QSHLQHȉUHVSRQG­ȉ8QSHLQHPX\HVSHFLDO(VGHPLSDGUH
ȉ(UDQHJUR"ȉSUHJXQW³0DULQDȉ&RQPXFKDVFXUYDV"<UXE­HV"
ȉb6­ȉGLMHLOXVLRQDGDȉ/RKDVYLVWR"
ȉ6­ȉUHVSRQGL³0DULQDȉSHURȖ
ȉ'³QGHHVW¡"ȉSUHJXQW©FRQHQWXVLDVPRȉ1HFHVLWRUHFXSHUDUOR
0DULQDSDUHF­DXQSRFRSUHRFXSDGD
ȉ/DSULQFHVD6LUHQDORWLHQH/DVMR\DVP¡VERQLWDVTXHHQFRQWUDPRVHQ
ODSOD\DVHODVTXHGDVLHPSUHHOOD1ROHJXVWDFRPSDUWLU
ȉ3HUR HV HO SHLQH GH PL SDGUH ȉUHSOLTX© FRQ YR] GH S¡QLFRȉ 7HQJR
TXHUHFXSHUDUORȉVHQW­TXHORVRMRVVHPHOOHQDEDQGHO¡JULPDV
0DULQDVHPRUGL³HOODELR
ȉ(V XQ SRFR FRPSOLFDGR ȉGLMRȉ 7HQHPRV QXHVWUDV QRUPDV EDMR HO
PDUVDEHV"$TX­HOTXHHQFXHQWUDDOJRVHORTXHGD
0HHQMXJX©ORVRMRV\VROORF©

3¡JLQD 3¡JLQD
 &XDQGRVDOLPRVGHODJXDKDE­DVXELGRODPDUHDPLFDVWLOORGHDUHQDKDE­D DUUDVWUDQGRD3LQN\FRQPLJR
GHVDSDUHFLGR EDMR HO PDU \ SDS¡ HVWDED RFXSDGR UHFRJLHQGR WRGDV QXHVWUDV ȉb9HQJDȉOHGLMHȉb9DPRVDYHU
FRVDV )XLPRVUHYRORWHDQGRKDFLDDTXHOORTXHEULOODEDHQHOPDU$ODFHUFDUQRV
ȉ(VWR\VHJXURGHTXHORWUDMHȉPXUPXU³ SXGHYHUTXHVHPRY­D
ȉ4X©KDVSHUGLGR"ȉOHSUHJXQW³PDP¡ ȉ1RSXHGHVHUHOSHLQHȉOHGLMHD3LQN\
ȉb0L SHLQH ȉUHVSRQGL³ SDS¡ȉ b(O YDOLRVR SHLQH DQWLJXR GH YDPSLUR 9RODPRVXQSRFRP¡VFHUFD\R­XQDYR]FRPRXQFDVFDEHOHRVXDYHTXH
GHPLWDWDUDEXHOR GHF­D
ȉ+ROD"

0HTXHG©FRQJHODGD'HSURQWRVHQW­IU­RSRUWRGRHOFXHUSRDSHVDUGH
TXH HUD XQ G­D FDOXURVR 0LU© KDFLD HO OXJDU GRQGH DQWHV KDE­D HVWDGR PL
FDVWLOOR6HPHKDE­DROYLGDGRTXLWDUHOSHLQHGHSDS¡GHODWRUUHb\DKRUDVH
ORKDE­DOOHYDGRHOPDU
ȉ3DS¡ȉHPSHF©DGHFLUSHURODVSDODEUDVQRVDO­DQGHPLERFD
ȉ(VWR\ VHJXUR GH TXH OR WHQ­DȖ ȉGHF­D ©O UDVF¡QGRVH OD FDEH]D
FRQIXVRȉ(VWDEDMXVWR$48Ž
ȉ1R SXHGH KDEHU LGR PX\ OHMRV ȉGLMR PDP¡ PLHQWUDV HPSH]DED D
UHPRYHUODDUHQDGRQGHSDS¡KDE­DHVWDGRVHQWDGR
3XGHYHUTXHKDE­DXQDQL±DP¡VRPHQRVGHPLHGDGHQHOPDU7HQ­DHO
ȉb0HORKDQUREDGRȉJULW³SDS¡
SHORPX\PX\ODUJR\XQDUHVSODQGHFLHQWHFRODGHSH]TXHPHW­D\VDFDEDGHO
ȉ7RQWHU­DV ȉGLMR PDP¡ȉ < TXL©Q LED D
DJXDVLQSDUDU
UREDUOR"
5HYRORWH© SRU HQFLPD GH HOOD WHQLHQGR FXLGDGR SDUD TXH 3LQN\ QR VH
ȉb8QFDQJUHMRȉUHVRSO³SDS¡ȉb8QS­FDUR
PRMDUDFRQODVRODV
FDQJUHMLWR
ȉ(UHVXQDVLUHQD"ȉOHSUHJXQW©
ȉ(V SRFR SUREDEOH ȉGLMR PDP¡ȉ 7LHQH
TXH HVWDU SRU DTX­ HQ DOJºQ VLWLR '©MDPH

3¡JLQD 3¡JLQD
 LQWHQWDUORFRQXQKHFKL]R
6DFXGL³ODYDULWDSHURHOSHLQHQRDSDUHFL³
ȉb4X© FXULRVR ȉPDP¡ IUXQFL³ HO FH±Rȉ 0L PDJLD QRUPDOPHQWH
IXQFLRQD
0HVHQW­DWDQFXOSDEOHTXHPHGRO­DHOHVW³PDJRSHURVHJX­DVLQWL©QGRPH
LQFDSD]GHKDEODUSDUDGHFLUOHDSDS¡TXHKDE­DSHUGLGRVXSHLQHȖ
9ROYLPRVFDPLQDQGRSRUODSOD\DKDFLDHOFDPSLQJ/DERFDGHSDS¡HUD
XQDPXHFDWULVWH1RSDUHF­DQDGDIHOL]
ȉ7HQGUHPRVTXHFRQW¡UVHORSURQWRȉVXVXUU©D3LQN\ȉ4XL]¡GHVSX©V
GHFHQDUDODKRUDGHGRUPLU$ORPHMRUHVW¡P¡VFRQWHQWRGHVSX©VGHWRPDU
VX]XPRURMR
3LQN\DVLQWL³FRQODFDEH]D6DEHTXHORPHMRUHVVLHPSUHVHUVLQFHUR
ȉ6LHQWR PXFKR OR GH WX SHLQH SDS¡ ȉVROW© GH JROSH FXDQGR YLQR D
DUURSDUQRVHQODFDPD
ȉ1RHVFXOSDWX\D,VDGRUDȉGLMRVRQULHQGRFRQWULVWH]Dȉ6HJXURTXH
DSDUHFHU¡
7RP©DLUHSURIXQGDPHQWH
ȉ/DYHUGDGHVTXHȖȉHPSHF©DGHFLUSHURSDS¡JLU³ODFDEH]DSRUTXH
0HHQFDQWDYRODU6REUHWRGRSRUODQRFKH PDP¡OROODPDED
1RVHOHYDPRVSRUHQFLPDGHOFDPSRKDVWDTXHODVWLHQGDVVH ȉ0HWHQJRTXHLUȉGLMRȉ%XHQDVQRFKHV,VDGRUD
FRQYLUWLHURQ HQ PDQFKLWDV QHJUDV (QWRQFHV EDMDPRV HQ SLFDGR ȉ%XHQDVQRFKHVȉVXVXUU©
KDFLDODSOD\D\HOVRQLGRGHOUXJLHQWHPDU
$SXQW©KDFLDODDUHQDFRQODYDULWDGHPDP¡
ȉ/DPDUHDWHQGU­DTXHKDEHUORDUUDVWUDGRSRUDTX­ȉGLMH
FRQHVSHUDQ]D
5HFRUULPRV OD RULOOD XQD \ RWUD YH] FRQ ORV RMRV
HQWUHFHUUDGRVSRUODOX]URVDGHODYDULWD&RQFKDVQDFDUDGDV\
WURFLWRV GH FULVWDO SXOLGR SRU HO PDU QRV ODQ]DEDQ GHVWHOORV
GHVGH DEDMR SHUR QLQJXQR HUD HO SHLQH GH SDS¡ 3LQN\ VH
DJDUU³ IXHUWHPHQWH D PL PDQR $ YHFHV OD RVFXULGDG OH SDUHFH
GHPDVLDGR PLVWHULRVD 'H SURQWR VRQ³ XQ SHTXH±R FKDSRWHR HQ HO
PDU
0LU©D3LQN\
ȉ4X©KDVLGRHVR"ȉVXVXUU©
3LQN\ QR OR VDE­D SRUTXH WHQ­D ODV SDWDV HQFLPD GH ORV
RMRV
2EVHUY© HO PDU +DE­D DOJR EULOODQWH TXH UHOXF­D HQ HO
DJXDb$ORPHMRUHUDHO SHLQHGHSDS¡$VFHQG­SRU HO DLUH

3¡JLQD 3¡JLQD
 3LQN\\\RQRVTXHGDPRVWXPEDGRVHQODRVFXULGDG0HVHQW­DWDQPDOSRUOR
GHOSHLQHTXHQRSRG­DGRUPLU
b(VWDEDSHUGLGRSDUDVLHPSUHHQODVSURIXQGLGDGHVGHOPDU
2WDOYH]QR"
0HVHQW©HQODFDPD
&DE­DODSRVLELOLGDGGHTXHODPDUHDKXELHUDGHYXHOWRHOSHLQHDODDUHQD"
6DO­ FRPR SXGH GHO VDFR GH GRUPLU \ IXL JDWHDQGR KDVWD OD SXHUWD GH
QXHVWUDWLHQGD
ȉb3LQN\ȉVXVXUU©ȉb'HVSLHUWD1RVYDPRVDODSOD\D
6DOL³ GHO VDFR GH XQ VDOWR &UHR TXH WDPSRFR SRG­D GRUPLU 1RV
GHVOL]DPRV IXHUD GH OD WLHQGD \ QRV SXVLPRV GH SLH HQ HO FDPSR RVFXUR (O
FLHOR HVWDED OOHQR GH HVWUHOODV \ VROR VH R­D HO G©ELO VRQLGR GH OD JHQWH
URQFDQGR
)XLGHSXQWLOODVDODWLHQGDGHPDP¡\SDS¡
ȉ1HFHVLWDUHPRV OD YDULWD GH PDP¡ FRPR OLQWHUQD ȉVXVXUU© D 3LQN\
PLHQWUDVODVDFDEDVLOHQFLRVDPHQWHGHVXEROVR
/D VDFXG­ HQ HO DLUH H LQPHGLDWDPHQWH OD HVWUHOOD EULOO³ FRQ OX] URVD
$JDUU©ODSDWDGH3LQN\\MXQWRVFRPHQ]DPRVDYRODU

3¡JLQD 3¡JLQD