5 / 5
@UDfYbgU
DUbUaz a]fWc`Yg &- XYaUmc XY &$%-
)7
$1$7, $8725,'$' 1$&,21$/ '(
$'0,1,675$&,1 '( 7,(55$6 ',
5(&&,11$&,21$/'(7,78/$&,1
<5(*8/$5,=$&,1',5(&&,1$'
0,1,675$7,9$5(*,21$/'(3$1$
0$ 2(67( (',&72 1q
(O VXVFUL
WR)XQFLRQDULR6XVWDQFLDGRUGHOD'L
UHFFL´Q $GPLQLVWUDWLYD 5HJLRQDO GH
3DQDP¢2HVWH+$&(6$%(5 4XH$/
9$52 '( /(21025(12 FRQ Q»PH
UR GH LGHQWLGDG SHUVRQDO
KD VROLFLWDGR OD DGMXGLFDFL´Q GH XQ
WHUUHQR EDOG®R QDFLRQDO XELFDGR HQ
ODSURYLQFLDGH3$1$0$2(67( GLV
WULWRGH/$&+255(5$ FRUUHJLPLHQ
WRGH)(8,//(7 OXJDU(/(63,12 GHQ
WUR GH ORV VLJXLHQWHV OLQGHURV 1RU
WH 7(55(1261$&,21$/(62&83$
'26 325 0$5&2 /$662 < 0$5,(/
&$5'(1$6'(/(21 7(55(1261$
&,21$/(6 2&83$'26 325 $/9$
52 '( /(21 6XU &$//( '( $6)$/
72(;,67(17('(
076+$&,$
(/$5($6$17($<+$&,$&$55(
7(5$ 35,1&,3$/ '( 6$17$ 5,7$
(VWH 7(55(1261$&,21$/(62&8
3$'26 325 $/9$52 '( /(21 &$
//('($6)$/72(;,67(17('(
076+$&,$(/$5($6$17($<+$
&,$&$55(7(5$35,1&,3$/'(6$1
7$ 5,7$ 2HVWH 7(55(126 1$&,2
1$/(6 2&83$'26 325 0$5&2
/$662<0$5,(/&$5'(1$6'(/(21
&$//('(726&$(;,67(17('(
076 +$&,$ 27526 /27(6 < +$&,$
&$//('($6)$/72(;,67(17( &RQ
XQD VXSHUILFLH GH KHFW¢UHDV P¢V
PHWURV FXDGUDGRV FRQ GH
F®PHWURV FXDGUDGRV (O H[SHGLHQWH
OOHYD HO Q»PHUR GH LGHQWLILFDFL´Q
GH GH 2&78%5( GHO
D²R
3DUD HIHFWRV OHJDOHV HO
SUHVHQWHHGLFWRVHILMDU¢SRUTXLQFH
G®DV K¢ELOHV HQ OD 'LUHFFL´Q 5H
JLRQDO\HQOD$OFDOG®DR&DVDGH-XV
WLFLD&RPXQLWDULDGH3D] VHSXEOLFD
U¢ SRU WUHV G®DV FRQVHFXWLYRV HQ
XQSHUL´GLFRGHFLUFXODFL´QQDFLRQDO
\ XQ G®D HQ OD *DFHWD 2ILFLDO SDUD
TXH FXDOTXLHU SHUVRQD TXH VLHQWD
TXH OD VROLFLWXG GH DGMXGLFDFL´Q OH
DIHFWH SRGU¢DQXQFLDUDQWHOD$1$
7,VXRSRVLFL´QDODPLVPD KDVWDTXLQ
FH G®DVK¢ELOHVGHVSXªVGHHIHF
WXDGDOD»OWLPDSXEOLFDFL´Q )81'$
0(172-85',&2 DUW®FXORV
\ GHOD/H\ GH 'DGRHQOD
3URYLQFLD GH 3$1$0$ 2(67( D ORV
YHLQWLFLQFR G®DVGHOPHVGH$%5,/
GHOD²R )LUPD 1RPEUH (0,/<
$*8,/$5 6(&5(7$5,$ $' +2& )LU
PD 1RPEUH 0$57$$3$5,&,2)81
&,21$5,2 $ 6867$1&,$'25 $
$1$7, $8725,'$' 1$&,21$/ '(
$'0,1,675$&,1 '( 7,(55$6 ',
5(&&,11$&,21$/'(7,78/$&,1
<5(*8/$5,=$&,1',5(&&,1$'
0,1,675$7,9$5(*,21$/'(3$1$
0$ 2(67( (',&72 1q
(O VXVFUL
WR)XQFLRQDULR6XVWDQFLDGRUGHOD'L
UHFFL´Q $GPLQLVWUDWLYD 5HJLRQDO GH
3DQDP¢2HVWH+$&(6$%(5 4XH$/
9$52 '( /(21025(12 FRQ Q»PH
UR GH LGHQWLGDG SHUVRQDO
KD VROLFLWDGR OD DGMXGLFDFL´Q GH XQ
WHUUHQR EDOGLR QDFLRQDO XELFDGR HQ
ODSURYLQFLDGH3$1$0$2(67( GLV
WULWRGH/$&+255(5$ FRUUHJLPLHQ
WRGH)(8,//(7 OXJDU(/(63,12 GHQ
WUR GH ORV VLJXLHQWHV OLQGHURV 1RU
WH 7(55(1261$&,21$/(62&83$
'26 325 0$5&2 /$662 < 0$5,(/
&$5'(1$6'(/(21 7(55(1261$
&,21$/(62&83$'26325 02,6(6
52'5,*8(= 6XU &$//( '( $6)$/
72 '(
076 +$&,$ (/ $5($
6$17($<+$&,$&$55(7(5$35,1
&,3$/'(6$17$5,7$ (VWH 7(55(
1261$&,21$/(62&83$'26325
02,6(6 52'5,*8(= &$//( '( $6
)$/72'(
076+$&,$(/$5($
6$17(1$<+$&,$&$55(7(5$35,1
&,3$/ '( 6$17$ 5,7$ 2HVWH 7(
55(126 1$&,21$/(6 2&83$'26
325 0$5&2/$662<0$5,(/&$5
'(1$6'(/(21 7(55(1261$&,2
1$/(62&83$'26325 $/9$52'(
/(21 025(12 &RQ XQD VXSHUILFLH
GH KHFW¢UHDV P¢V PHWURVFXD
GUDGRV FRQ GHF®PHWURVFXDGUD
GRV (OH[SHGLHQWHOOHYDHOQ»PHURGH
LGHQWLILFDFL´Q
GH
GH2&78%5(GHOD²R 3DUDHIHF
WRV OHJDOHV HO SUHVHQWH HGLFWR VH IL
MDU¢ SRU TXLQFH G®DV K¢ELOHV HQ
OD'LUHFFL´Q5HJLRQDO\HQOD$OFDOG®D
R &DVD GH -XVWLFLD &RPXQLWDULD GH
3D] VH SXEOLFDU¢ SRU WUHV G®DV
FRQVHFXWLYRVHQXQSHUL´GLFRGHFLU
FXODFL´Q QDFLRQDO \ XQ G®D HQ OD
*DFHWD 2ILFLDO SDUD TXH FXDOTXLHU
SHUVRQD TXH VLHQWD TXH OD VROLFLWXG
GHDGMXGLFDFL´QOHDIHFWH SRGU¢DQXQ
FLDU DQWH OD $1$7, VX RSRVLFL´Q D OD
PLVPD KDVWD TXLQFH G®DV K¢EL
OHV GHVSXªV GH HIHFWXDGD OD »OWLPD
SXEOLFDFL´Q )81'$0(172-85',
&2 DUW®FXORV
\ GH OD /H\
GH
'DGR HQ OD 3URYLQFLD GH
3$1$0$2(67(DORVYHLQWLFLQFR
G®DV GHO PHV GH $%5,/ GHO D²R
)LUPD 1RPEUH (0,/<$*8,/$56(
&5(7$5,$ $' +2& )LUPD 1RPEUH
0$57$$3$5,&,2)81&,21$5,2 $
6867$1&,$'25 $
1RWLFH RI $SSRLQWPHQW RI D /LTXLGD
WRUXQGHU6HFWLRQ RIWKH%9,%X
VLQHVV&RPSDQ\$FW $QDLFR+ROGLQJV
/WG ,Q 9ROXQWDU\ /LTXLGDWLRQ 12
7,&(LVKHUHE\JLYHQSXUVXDQWWR6HF
WLRQ VXEVHFWLRQ E RI WKH %9,
%XVLQHVV &RPSDQLHV $FW
WKDW
WKH &RPSDQ\ LV LQ YROXQWDU\ OLTXLGD
WLRQ 7KH YROXQWDU\ OLTXLGDWLRQ FRP
PHQFHG RQ 0D\
7KH /LTXL
GDWRU LV 0U 5REHUW 5 $GDPV ZLWK
DGGUHVVDW
%ULFNHOO$YHQXH 6XL
WH 0LDPL )ORULGD
8QLWHG
6WDWHV RI $PHULFD 'DWHG WKLV QG
GD\RI0D\
6LJQHG 5REHUW5
$GDPV 9ROXQWDU\ /LTXLGDWRU
(',&72 (03/$=$725,2 1q ť
(/686&5,72-8(='(/-8=*$'235,
0(52 '(/ &,5&8,72 -8',&,$/ '(
9(5$*8$6 5$02 &,9,/ 325 (67(
0(',2 &,7$<(03/$=$ $WRGRVORV
TXH WHQJDQ LQWHUªV SDUD TXH SRU V®
PLVPRV R PHGLDQWH DSRGHUDGR -X
GLFLDO FRPSDUH]FDQDHVWH7ULEXQDO
GHQWURGHOWªUPLQRGHGLH] G®DV
FRQWDGRV D SDUWLU GH OD »OWLPD SXEOL
FDFL´QGHOSUHVHQWH(GLFWR(PSOD]D
WRULRHQXQGLDULRGHDPSOLD&LUFXOD
FL´Q 1DFLRQDO HQ DWHQFL´Q D OR TXH
GLVSRQHHODUW®FXOR \ GHO&´
GLJR-XGLFLDO\$UW®FXOR GHO&´GL
JR GH OD )DPLOLD \ VH KDJDQ SUHVHQ
WHHQHO-8,&,2'(,17(5',&&,1GH
-8/,2 $1721,2 +(51$1'(= )/2
5(6FRQFªGXOD1q
YDU´Q
SDQDPH²R PD\RUGHHGDG UHVLGHQ
WHHQ&DOOH3ULPHUD FDVDFRORUEODQ
FR KXHVR EDMDQGR HO HGLILFLR 3OD]D
&DWHGUDO GHVSXªV GHO DOWR WHUFHUD
FDVD D OD PDQR GHUHFKD &RUUHJL
PLHQWRGH6DQWLDJR 'LVWULWRGH6DQ
WLDJR SURYLQFLD GH 9HUDJXDV LQWHU
SXHVWR SRU ,9211( '(/ &$50(1
/,1&(+(51$1'(= FRQFªGXOD1q
6HOHDGYLHUWHDORVLQWHUH
VDGRV TXH VL QR FRPSDUHFHQ HQ HO
WªUPLQR VH²DODGR VH FRQWLQXDU¢ HO
MXLFLR HQ ORV HVWUDGRV GHO 7ULEXQDO
3RU WDQWR VH ILMD HO SUHVHQWH HGLFWR
HPSOD]DWRULR HQ XQ OXJDU YLVLEOH GH
OD VHFUHWDU®D GH HVWH 7ULEXQDO KR\
WUHLQWD GH DEULO GH GRV PLO GLH
FLQXHYH
\ FRSLD GHO PLVPR
TXHGD D GLVSRVLFL´Q GHO ,QWHUHVDGR
SDUD VX SXEOLFDFL´Q (/ -8(= /&'2
&$5/26 *8(9$5$ /(026 /$ 6(
&5(7$5,$ -8',&,$/ /,&'$ %($
75,= $,=358$
,17 &*/ <X
$9,62 '( ',62/8&,21 'H FRQIRU
PLGDG FRQ OD/H\ VHDYLVDDOS»EOLFR
TXHKDVLGRGLVXHOWD+(/,7(&+75$
'( &253 VHJ»Q FRQVWD HQ OD (VFUL
WXUD 3»EOLFD1R
GHO GH$EULO
GH RWRUJDGDDQWHOD1RWDU®D3»
EOLFD 'XRGªFLPD GHO &LUFXLWR GH 3D
QDP¢ LQVFULWD HQ OD 6HFFL´Q GH0L
FURSHO®FXODV 0HUFDQWLO GHO 5HJLV
WUR3»EOLFRD)ROLR
HO GHDEULO
GH
5(3%/,&$ '( 3$1$0 5*$12
-8',&,$/ (',&72 (03/$=$725,2
1q
(;3(',(17( 1q
/$ 686&5,7$ -8(= 81'&,0$ '(
&,5&8,72 &,9,/ '(/ 35,0(5 &,5
&8,72 -8',&,$/ '( 3$1$0 68
3/(17( (63(&,$/ 325 0(',2 '(/
35(6(17((',&72 (03/$=$$ $/(
;,6-$9,(5:22'5$026 SRUWDGRU
GH OD FªGXOD GH LGHQWLGDG SHUVRQDO
1q
FX\R SDUDGHUR MXUD
GHVFRQRFHU HODSRGHUDGRMXGLFLDOGH
ODSDUWH$FWRUD SDUDTXHGHQWURGHO
WªUPLQR GH GLH] G®DV FRQWDGRV
D SDUWLU GH OD »OWLPD SXEOLFDFL´Q GHO
SUHVHQWH (GLFWR HQ XQ SHUL´GLFR GH
OD ORFDOLGDG GXUDQWH FLQFR G®DV
FRPSDUH]FD D HVWH 7ULEXQDO SRU V®
VROR R SRU LQWHUPHGLR GH $SRGHUD
GR -XGLFLDO D KDFHU YDOHU VXV GHUH
FKRV \ MXVWLILFDU VX DXVHQFLD GHQWUR
GHOSURFHVR(MHFXWLYR+LSRWHFDULRLQ
WHUSXHVWR HQ VX FRQWUD SRU %$1&2
*(1(5$/ 6 $ 6H OH DGYLHUWH DO HP
SOD]DGRTXHVLQRFRPSDUHFHHQHV
WH WªUPLQR VH OH QRPEUDU¢ XQ '(
)(1625 '( $86(17( HQ VX DXVHQ
FLD TXLHQFRQWLQXDU¢HOSURFHVRKDV
WD VX FXOPLQDFL´Q (Q DWHQFL´Q D OR
TXH GLVSRQH HO DUW®FXOR GHO &´
GLJR-XGLFLDO UHVSHFWLYDPHQWH VHIL
MD HO SUHVHQWH HGLFWR HQ OXJDU S»EOL
FR\YLVLEOHHQOD6(&5(7$5$ GHHV
WH7ULEXQDO KR\YHLQWLXQR GHPD
\RGHGRVPLOGLHFLQXHYH
\FR
SLD GHO PLVPR VH SRQH D GLVSRVLFL´Q
GHODSDUWHLQWHUHVDGD /$-8(= 68
3/(17((63(&,$/ /,&'$ <$-$,5$
&+$&213/$7$/,&'$ 5$48(/*8=
0$1)(51$1'(=6(&5(7$5,$ E G S
$9,62'(',62/8&,213RUPHGLRGH
OD (VFULWXUD 3»EOLFD 1R
GH IH
FKD GH 0D\R GH
GH OD 1RWD
U®D 4XLQWD GHO &LUFXLWR GH 3DQDP¢
UHJLVWUDGD HO
GH 0D\R GH
D
OD)LFKD
GHOD6HFFL´Q0HU
FDQWLO GHO 5HJLVWUR 3»EOLFR KD VLGR
GLVXHOWDODVRFLHGDGDQ´QLPD .(1$,
*5283 6 $
$9,62'(',62/8&,213RUPHGLRGH
OD (VFULWXUD 3»EOLFD 1R
GH IH
FKD GH 0D\R GH
GH OD 1RWD
U®D 2FWDYD GHO &LUFXLWR GH 3DQDP¢
UHJLVWUDGD HO
GH 0D\R GH
D
OD )LFKD
GH OD 6HFFL´Q
0HUFDQWLOGHO5HJLVWUR3»EOLFR KDVL
GRGLVXHOWDODVRFLHGDGDQ´QLPD 752
0(6 '(9(/230(17 6 $
$9,62'(',62/8&,213RUPHGLRGH
OD (VFULWXUD 3»EOLFD 1R
GH IH
FKD GH 0D\R GH
GH OD 1RWD
U®D 4XLQWD GHO &LUFXLWR GH 3DQDP¢
UHJLVWUDGD HO
GH 0D\R GH
D
OD)LFKD
GHOD6HFFL´Q0HU
FDQWLO GHO 5HJLVWUR 3»EOLFR KD VLGR
GLVXHOWD OD VRFLHGDG DQ´QLPD $5$
0(/ &25325$7,21
$9,62'(',62/8&,213DUDORVHIHF
WRVGHO$UW®FXOR GHOD/H\ GH
GHIHEUHURGH VHDYLVDDOS»EOL
FR 4XH %5= +2/',1* 6 $ IXH RU
JDQL]DGD PHGLDQWH (VFULWXUD 3»EOL
FD Q»PHUR RWRUJDGD HO G®D
GH PD\R GH
HQ OD 1RWDU®D 3»
EOLFD 'ªFLPD GHO &LUFXLWR GH 3DQD
P¢ LQVFULWD HQ HO 5HJLVWUR 3»EOLFR
0HUFDQWLO D)ROLR1R
HO
GHPDU]RGH
4XHGLFKDVR
FLHGDG DFRUG´ VX GLVROXFL´Q VHJ»Q
FRQVWDHQOD(VFULWXUD3»EOLFDQ»PH
UR
RWRUJDGD HO
GH PD\R GH
1RWDU®D'ªFLPDGHO&LUFXLWRGH
3DQDP¢ HLQVFULWDHQHO5HJLVWUR3»
EOLFR 0HUFDQWLO D )ROLR
$VLHQWR HO
GH PD\R GH
$9,62'(',62/8&,213DUDORVHIHF
WRVGHO$UW®FXOR GHOD/H\ GH
GHIHEUHURGH VHDYLVDDOS»EOL
FR 4XH48$5/%86,1(66,1& IXH
RUJDQL]DGD PHGLDQWH (VFULWXUD 3»
EOLFDQ»PHUR GH GHPD\RGH
GH OD 1RWDU®D 7HUFHUD GHO &LU
FXLWRGH3DQDP¢ HLQVFULWDHQHO5H
JLVWUR 3»EOLFR 6HFFL´Q GH 0HUFDQ
WLO D)LFKD
'RFXPHQWR
GHVGH HO
GH VHSWLHPEUH GH
4XH GLFKD VRFLHGDG DFRUG´ VX GL
VROXFL´QVHJ»QFRQVWDHQOD(VFULWX
UD3»EOLFDQ»PHUR GH GHPD
\RGH GHOD1RWDU®D7HUFHUDGHO
&LUFXLWR GH 3DQDP¢ H LQVFULWD HQ HO
5HJLVWUR 3»EOLFR 6HFFL´Q 0HUFDQ
WLO D)ROLR1q
6 $VLHQWR1q
HO
GH PD\R GH
5(38%/,&$ '( 3$1$0$ 25*$12
-8',&,$/-8=*$'248,172'(/&,5
&8,72'(&+,5,48,5$02&,9,/(',&
72(03/$=$725,21q /$686&5,
7$ -8(= 48,17$ '(/ &,5&8,72 '(
&+,5,48, 5$02 &,9,/ 683/(17(
(63(&,$/ 325 (67( 0(',2 +$&(
6$%(5 48( (1 (/ 352&(62 '( 68
&(6,21,17(67$'$'(48,(1(19,
'$6(//$02-$&,1720$18(/*8(
55(,529,527( 4 ( 3 ' 6(+$',&
7$'2 81 $872 &8<$ 3$57( 5(62
/87,9$ (6 '(/ 7(125 /,7(5$/ 6,
*8,(17( -8=*$'248,172'(/ &,5
&8,72'(&+,5,48, 5$02&,9,/'$
9,'6(,6 '()(%5(52'( $8
72 1q
9LVWRV 325 /2 $17(6 (;
38(672 /$ 686&5,7$ -8(= 48,1
7$ '(/ &,5&8,72 '( &+,5,48, 5$
02 &,9,/ 683/(17( (63(&,$ $'
0,1,675$1'2 -867,&,$ (1 QRP
EUH GH OD 5(38%/,&$ < 325 $872
5,'$' '( /$ /(< '(&/$5$ 35,0(
52 4XH HVWD DELHUWR SURFHVR GH
6XFHVL´Q ,17(67$'$ '( 48,(1 (1
9,'$ 6( //$02 -$&,172 0$18(/
*8(55(,529,527( 4 ( 3 ' 48,(1
(1 9,'$ 267(172 /$ &('8/$ '(
,'(17,'$'3(5621$/1q(
'(6'((/',$ '(129,(0%5('(
)(&+$'(68'()81&,1 6(
*81'2 4XHVRQVXVKHUHGHURV VLQ
SHUMXLFLRGHWHUFHURV (1(/'$9,*,/
&$67,//2 SRUWDGRUDGHODFHGXODGH
LGHQWLGDGSHUVRQDO1R
HQ
FDOLGDG GH HVSRVD GHO FDXVDQWH \ HO
PHQRU$/(-$1'52*8(55(,529,
*,/ TXLHQ HV SRUWDGRU GH ,D FHGXOD
GHLGHQWLGDGSHUVRQDO1R
UHSUHVHQWDGR SRU VX PDGUH (1(/
'$9,*,/&$67,//2 SRUWDGRUDGH,D
FHGXOD GHLGHQWLGDGSHUVRQDO1R
HQ FDOLGDG GH KLMR GHO FDX
VDQWH7(5&(52 6HRUGHQDTXHFRP
SDUH]FDQDWSURFHVRWRGDVDTXHOODV
SHUVRQDV TXH FUHDQ WHQHU HQ GHUH
FKRHQHOPLVPR GHQWURGHOWHUPLQR
GH GLH] G®DV FRQWDGRV D SDUWLU
GH OD 8OWLPD SXEOLFDFL´Q GHO HGLFWR D
TXH VH UHILHUH HO DUWLFXOR GHO &´
GLJR -XGLFLDO Z ([S®GDVH \ SXEO®
TXHVHHOHGLFWRFRUUHVSRQGLHQWHSRU
WUHV GLDV HQ XQ GLDULR GH FLUFXOD
FL´QQDFLRQDO 127,),48(6(\&80
3/$6( 127,),48(6( < &803/$6(
U )GR (63(&,$/ )GR /,&'$
,9(7+9,//$55($/'(&$55(5$-8(=
48,17$'(/&,5&8,72'(&+,5,48,
5$02 &,9,/ 6(&5(7$5,$ -8',
&,$/ ,,Ū /,&'$ -26(),1$ $/%$
3,79$572/$6(&5(7$5,$-8',&,$/
,,
(',&721R ',5(&&,21'(,1*(
1,(5,$081,&,3$/'(/$&+255(
5$ 6(&&,21 '( &$7$6752 $/&$/
',$081,&,3$/'(/',675,72'(/$
&+255(5$ (/686&5,72$/&$/'(
'(/',675,72'(/$&+255(5$ +$
&( 6$%(5 48( (/ 6(25 $ %(5
1$5',1$ *87,(55(= '( 67$952
38/26 PXMHU SDQDPH²D PD\RUGH
HGDG FDVDGD FRQ FHGXOD GH LGHQWL
GDGSHUVRQDO1R
FRQUH
VLGHQFLD HQ 9®D $UJHQWLQD (GLILFLR
GHO3UDGR $SDUWDPHQWR1R % (Q
VX SURSLR QRPEUH \ HQ UHSUHVHQWD
FL´Q GH VX SURSLD SHUVRQD +D VROL
FLWDGRDHVWH'HVSDFKRTXHVHOHDG
MXGLTXH D W®WXOR GH SOHQD SURSLHGDG
HQ FRQFHSWR GH YHQWD GH XQ ORWH GH
WHUUHQR 0XQLFLSDO 8UEDQR ORFDOL]D
GR HQ HO OXJDU GHQRPLQDGR &$//(
&257$ GH OD %DUULDGD 3275(52
*5$1'( &RUUHJLPLHQWR (/ &2&2
GRQGH 6( //(9$5$ $ &$%2 81$
&216758&&,21 GLVWLQJXHFRQHOQ»
PHURBB\FX\ROLQGHURV\PHGLGDVVRQ
ORV VLJXLHQWH 1257( &$//( &257$
< 5(672 '( /$ ),1&$ 7202
)2/,2 3523,('$''(/08
1,&,3,2'(/$&+255(5$&21
076 685 48(%5$'$+21'$&21
076 5(672'(/$),1&$
7202 )2/,2 (67( 3523,(
'$''(/081,&,3,2'(/$&+255(
5$ &21
076 5(672 '( /$
),1&$ 7202 )2/,2
2(67( 3523,('$''(/081,&,3,2
'( /$ &+255(5$ &21
076
$5($ 727$/ '( 7(55(12 18(9(
0,/&8$752&,(17268120(7526
&8$'5$'26 &21 129(&,(1726
9(717,6,(7( &(17,0(7526 &8$
'5$'26
076 &RQED
VH D OR TXH GLVSRQH HO $UW®FXOR GHO
$FXHUGR0XQLFLSDO1R $ GHO GH
PDU]R GH
VH ILMD HO SUHVHQWH
(GLFWR HQ XQ OXJDU YLVLEOH DO ORWH GH
WHUUHQRVROLFLWDGR SRUHOWHUPLQRGH
',(=
G®DV SDUD TXH GHQWUR GL
FKR SOD]R R WHUPLQR SXHGD RSRQHU
VH OD V TXH VH HQFXHQWUDQ DIHFWD
GDV (QWUªJXHVHOHV VHQGD FRSLD GHO
SUHVHQWH (GLFWR DO LQWHUHVDGR SDUD
VXSXEOLFDFL´QSRUXQDVRODYH]HQXQ
SHUL´GLFRGHJUDQFLUFXODFL´Q\HQ/D
*DFHWD 2ILFLDO /D &KRUUHUD GH
PD\R GH GRVPLOGLHFLQXHYH$/&$/
'( )'2 65 720$6 9(/$648(=
&255($ ',5(&725 '( ,1*(1,(5,$
081,&,3$/ )'2 ,1* $'5,$12
)(55(5
$9,62'(5(0$7( (OVXVFULWR$OJXD
FLO (MHFXWRU GHO -X]JDGR 4XLQWR GHO
&LUFXL R GH &KLULTX® 5DPR &LYLO /,&
'2 &6$5025$/(6+(55(5$ SRU
PHGLR GHO SUHVHQWH DYLVR DO S»EOLFR
+$&(6$%(5 4XHHQHOSURFHVR(MH
FXWLYR +LSRWHFDULR SURSXHVWR SRU
&25325$&,21 1$&,21$/ '( &5(
',726<&2%526 6 $ HQFRQWUDGH
1(/621 )5$1&,6&2 $*8,/$5 5,
&+$5'6<-$9,(5$1721,25$026
2/,9$5(6 VH KD 6($/$'2 (/ '$
9(,17,&8$752 '(-8/,2'('26
0,/',(&,18(9(
SDUDTXHHQ
WUH ODV KRUDV OHJDOHV HQJD OXJDU OD
YHQWDHQS»EOLFDVXEDVWDGHOELHQ,Q
PXHEOH HPEDUJDGR HO FXDO VH GHV
FULEH D FRQWLQXDFL´Q ,108(%/(
'DYLG &´GLJRGH8ELFDFL´Q )R
OLR5HDO1R
) /RWH1R &
XELFDGR HQ HO &RUUHJLPLHQWR GH 'D
YLG 'LVWULWR GH 'DYLG 3URYLQFLD GH
&KLULTX® SURSLHGDGGH1(/621)5$1
&,6&2$*8,/$55,&+$5'6 FRQFª
GXODGHLGHQWLGDGSHUVRQDO1R
FRQ ORV VLJXLHQWHV OLQGHURV
1257( &DOOH' 685 /RWH &\/R
WH & (67( /RWH & 2(67( /R
WH &683(5),&,( 0 '0
3´QJDVH HO KHFKR HQ FRQRFLPLHQWR
GHOS»EOLFRPHGLDQWHODILMDFL´Q\SX
EOLFDFL´Q GH ORV DYLVRV UHVSHFWLYRV
6HUYLU¢ FRPR EDVH GH UHPDWH OD VX
PD GH &,(172 2&+(17$ < 81 0,/
6(7(&,(1726 6(7(17$ < 18(9(
%$/%2$6 &21 &8$5(17$ < 75(6
&(176,026 %
VLHQ
GR SRVWXUDV DGPLVLEOHV ODV TXH FX
EUDQ ODV GRV WHUFHUDV
SDUWHV
GH OD EDVH GHO UHPDWH 3DUD KDELOL
WDUVHFRPRSRVWRUVHUHTXLHUHFRQ
VLJQDUHQHO7ULEXQDOHO
GHODED
VHGHOUHPDWHFRPRJDUDQW®DGHVRO
YHQFLD PHGLDQWH&HUWLILFDGRGH'H
S´VLWR -XGLFLDO H[SHGLGR SRU HO %DQ
FR 1DFLRQDO GH 3DQDP¢ D IDYRU GHO
-X]JDGR 4XLQWR GHO &LUFXLWR GH &KL
ULTX® 6H DGPLWLU¢Q SRVWXUDV GHVGH
ODV RFKR GH OD PD²D
D P GH
HVH G®D KDVWD ODV FXDWUR GH OD WDUGH
S P Y GH HVD KRUD KDVWD ODV
FLQFR GH OD WDUGH
S P VH RL
U¢Q ODV SXMDV \ UHSXMDV TXH VH KLFLH
UHQ KDVWD OD DGMXGLFDFL´Q GHO ELHQ DO
PHMRUSRVWRU 6LQRIXHUDSRVLEOHHIHF
WXDUHOUHPDWHSRUVXVSHQVL´QGHORV
WªUPLQRV GHFUHWDGRV RILFLDOPHQWH
VH HIHFWXDU¢ HO G®D VLJXLHQWH K¢ELO
VLQ QHFHVLGDG GH QXHYRV DYLVRV HQ
ODV PLVPDV KRUDV VH²DODGDV 3RU OR
WDQWRVHH[SLGHHOSUHVHQWH$YLVRGH
5HPDWH\VHILMDHQOXJDUS»EOLFR\YL
VLEOH GH OD 6HFUHWDU®D GHO 7ULEXQDO \
FRSLDDXWªQWLFDGHOPLVPRVHSRQHD
GLVSRVLFL´Q GH OD SDUWH HMHFXWDQWH
SDUD VX SXEOLFDFL´Q KR\ GLH] GH
0D\RGHGRVPLOHFLQXHYH
/,&
'2 &6$5025/(6+(55(5$$OJXD
FLO (MHFXWRU GHO -X]JDGR 4XLQWR GHO
&LUFXLWR GH &KLULTX® 5DPR &LYLO
1RWLFH RI $SSRLQWPHQW RI D /LTXLGD
WRUXQGHU6HFWLRQ RIWKH%9,%X
VLQHVV&RPSDQLHV$FW ',0$5&20
0(5&,$//7' ,Q9ROXQWDU\/LTXLGD
WLRQ 127,&( LV KHUHE\ JLYHQ SXU
VXDQWWRVHFWLRQ VXEVHFWLRQ E
RI WKH %9, %XVLQHVV FRPSDQLHV $FW
WKDW WKH &RPSDQ\ LV LQ YROXQ
WDU\ OLTXLGDWLRQ 7KH YROXQWDU\ OLTXL
GDWLRQ FRPPHQFHG RQ 0D\
7KH/LTXLGDWRULV0U -RUJH*»]PDQ
&DO]DGD ZLWK DGGUHVV DW 6DQ $QWR
QLR GH (VFD]» 6DQ -RVª &RVWD 5LFD
'DWHGWKLV WKGD\RI0D\
6LJ
QHG -RUJH*»]PDQ&DO]DGD 9ROXQ
WDU\ OLTXLGDWRU
$9,62 '( ',62/8&,21 'H FRQIRU
PLGDG FRQ OD/H\ VHDYLVDDOS»EOLFR
TXHKDVLGRGLVXHOWDOD6RFLHGDG0&20
62/87,216 ,1& VHJ»Q FRQVWD HQ
OD(VFULWXUD 3»EOLFD1R
GHO
GH 0D\R GHO
RWRUJDGD DQWH OD
1RWDU®D 3»EOLFD 'XRGªFLPD GHO &LU
FXLWRGH3DQDP¢ LQVFULWD HQ OD 6HF
FL´Q GH 0LFURSHO®FXODV 0HUFDQWLO
GHO5HJLVWUR3»EOLFRHQHO)ROLR
GHO
GH 0D\R GHO
$9,62'(',62/8&,213DUDORVHIHF
WRV GH DYLVR GH QRPEUDPLHQWR GH OL
TXLGDGRU VHDYLVDDOS»EOLFR 3UHVHQ
WH VH GD DYLVR TXH 07$ 6(&85,7,(6
,19(670(176 /,0,7(' FRQ Q»
PHUR GH &RPSD²®D
GH FRQ
IRUPLGDG FRQ OD VHFFL´Q
E
GH OD /H\ GH 6RFLHGDGHV &RPHUFLD
OHVGH%9,GH TXH0DSFLD*XH
UUHUR FRQ GLUHFFL´Q HQ &DOOH $TXLOL
QRGHOD*XDUGLD (GLILFLR,*5$1R
3DQDP¢ 5HS»EOLFDGH3DQDP¢KDVL
GR GHVLJQDGR FRPR OLTXLGDGRUD YR
OXQWDULD GH OD 6RFLHGDG HQ YLUWXG GH
XQD UHVROXFL´Q GH GLUHFWRUHV GH OD
&RPSD²®DFRQIHFKD GHPD\R
\ OD UHVROXFL´Q GH DFFLRQLVWD GH OD
&RPSD²®D FRQ IHFKD GH GH PD\R