Corin Tellado - Te Prefiero A Ti

7HSUHILHURDWL
&RUtQ7HOODGR

7HSUHILHURDWL
7tWXOR2ULJLQDO7HSUHILHURDWL
(GLWRULDO(GLWRULDO%UXJXHUD6$
6HOOR&ROHFFLyQ&RULQWR6HOHFFLyQ
*pQHUR&RQWHPSRUiQHR
3URWDJRQLVWDV,xDTXH5ROGDQ\%HED4XLQWDQD
$UJXPHQWR
'RV KHUPDQRV JHPHORV XQR EXHQR HO RWUR QR WDQWR 'H FXDO HVWDED
HQDPRUDGDHOOD"'HOTXHSDUHFtDEXHQRRGHOTXHQR"
(OOD XQD VHxRULWD GH VX FDVD \ ORV JHPHORV XQRV VLQYHUJHQ]DV FRQ ODV
PXMHUHV4XpSRGtDUHVXOWDUGHHVR"
&RUtQ7HOODGR7HSUHILHURDWL
&DStWXOR
&DStWXOR
1RWHROYLGHV,xDTXH+R\QRHVWR\FLWDGRFRQHOODSHURFUHRTXHVHUiPHMRU
TXHW~SURFXUHVYHUOD1RWHQJRWLHPSRQLSDUDSRQHUXQDQRWD/HGLFHVODYHUGDG
TXHWXYHTXHVDOLUGH0DGULGDHVFDSH$VXQWRVGHQHJRFLRV0HR\HVRQRPHR\HV
,xDTXH"
&ODURTXHVL7HYDVGHYLDMH$0p[LFRHVWDPLVPDWDUGHGHQWURGHXQFXDUWR
GHKRUDWRGRORPiV1RHVDVt"<SUHWHQGHVTXH\RYHDDWXQRYLD\VHORGLJD
(VRHV
6HORGLUp
&RQ VXDYLGDG HK ,xDTXH" 1R VHDV EUXWR 7~ D YHFHV KDFHV ODV FRVDV D OR
EHVWLD
,xDTXHGLVWHQGLyORVODELRVHQXQDVXWLOVRQULVDVDUFiVWLFD
(UD DOWR \ GHOJDGR GH DQFKDV HVSDOGDV PX\ QHJUR HO FDEHOOR SHLQDGR KDFLD
DWUiVFRQODPD\RUVHQFLOOH]/RVRMRVWDQQHJURVFRPRHOFDEHOOR\ORVODELRVUHODMDGRV
HQXQDPXHFDLQGHILQLEOH
(UQHVWR FHUUy HO PDOHWtQ \ VH YROYLy HQ UHGRQGR (UD H[DFWDPHQWH FRPR VX
KHUPDQRFRQOD~QLFDGLIHUHQFLDGHTXH,xDTXHOOHYDEDHOFDEHOORPiVODUJR1DGLH
YLpQGRORV VHSDUDGRV HUD FDSD] GH GLIHUHQFLDUORV -XQWRV VyOR VH GLVWLQJXtDQ SRU HO
FDEHOOR (UQHVWR HO VHVXGR GH ORV JHPHORV HUD GH FRQWLQHQWH PiV ELHQ JUDYH
RFXOWDQGRVXPDODLQWHQFLyQSRUTXHVLHPSUHODWHQtDEDMRXQDVRQULVDFRQYHQFLRQDO
(UDHOKRPEUHQRFWXUQR(OTXHWHQtDIDPDGHJUDQSHUVRQD\HQJDxDEDDVXSURSLR
KHUPDQRVLHQHOORLEDQIDOGDVRFRVDTXHSXGLHUDLQWHUHVDUOH
,xDTXHHQFDPELRHUDHOKRPEUHIUtYRORTXHQXQFDWRPDEDQDGDHQVHULRTXH
WHQtDGRFHQDVGHQRYLDVDODYH]\DWRGDVGDEDSDODEUDGHFDVDPLHQWR\FXDQGRVHOH
GHVFXEUtDHOMXHJRVHTXHGDEDWDQIUHVFR
3HUR QR RFXOWDED XQD GREOH YLGD eO HUD DVt SRUTXH OR HUD \ QR WHQtD SRU TXp
GLVLPXODUOR
(UQHVWRQRHVWDEDELHQVHJXURGHTXH,xDTXHKLFLHUDELHQVXHQFDUJR
6HVHQWyDVXODGR\ORDVLySRUHOEUD]R
(VFXFKD PXFKDFKR (VF~FKDPH ELHQ 1R PH DJUDGD HQ DEVROXWR TXHGDU
FRPRXQFRFKLQR<DVpTXHW~SLHQVDVTXHORVR\
/RSLHQVRDGPLWLy,xDTXHPX\VHULR
%XHQRHVRQRWLHQHPXFKDLPSRUWDQFLD/RHVHQFLDOHVTXHHOODQRORSLHQVH
DVt
,xDTXHHPSHTXHxHFLyORVRMRV
'HYHUDVWHLQWHUHVDHVDFKLFD"SUHJXQWyGHPRGRUDUR
13iJLQDV
(UQHVWR KL]R XQR GH VXV OHQWRV PRYLPLHQWRV GH SURWHVWD 0HWLy OD PDQR HQ HO
EROVLOORGHODDPHULFDQD\VDFyXQFLJDUULOOR/RHQFHQGLy\IXPySUHFLSLWDGDPHQWH
3XHGHTXHPHLQWHUHVHPXFKR%HED4XLQWDQD1RORVpGHPRQLRQRORVp(V
PL QRYLD QR" < \R QXQFD KH WHQLGR QRYLD 1R HV DVt" 6L QXQFD OD KH WHQLGR \ \D
FXPSOtORVYHLQWLVLHWHDxRV\ODWHQJRDKRUDHVGHVXSRQHUTXHPHLQWHUHVHQR"
<R WHQJR HQ HVWH LQVWDQWH VHLV QRYLDV \ OD YHUGDG FRQILHVR TXH QR SLHQVR
FDVDUPHFRQQLQJXQDGHHOODV
6DEHVORTXHWHGLJR"
6p
(UQHVWRGLRXQUHVSLQJR
6DEHV"&yPRORVDEHVVLQRORKHGLFKRD~Q"
6XSRQJRTXHSHQVDEDVGHFLUTXHVRPRVGRVVLQYHUJHQ]DV
+XP KXP 7DQWR FRPR HVR IXPy PiV DSULVD 2\H PXFKDFKR
JHPHORTXHULGR\RWHGLJR
1RVHDVFXUVL(UQHVWR&XDQGRPHOODPDVPXFKDFKRTXHULGRHVTXHSLHQVDV
SHGLUPHXQIDYRU7HKHTXLWDGRGHOPHGLR\DYDULDVQRYLDV1RQR(VWDYH]SLHQVR
MXJDUOLPSLR<RWHTXLWRODVQRYLDV\TXHGRFRPRXQFDQDOODW~PHGDVXQFKHTXH
SRU HO WUDEDMLWR \ WH TXHGDV FRPR XQ SDFKi VH SXVR HQ SLH (VWD YH] QR PH
LQWHUHVDPDUFKDUPHFRQ%HED4XLQWDQD
(UQHVWRVHOHTXHGyPLUDQGRGHVRODGR
<\RTXHDOJXQDYH]WXYHHOSUHVHQWLPLHQWRGHTXHWHJXVWDED%HED
,xDTXHTXHVHKDOODEDGHHVSDOGDVDVXKHUPDQRJHPHORQRVHPRYLy3HURHQ
ODULJLGH]GHVXURVWURKXERFRPRXQVREUHVDOWR
'HHVSDOGDVFRPRHVWDEDJULWyH[DVSHUDGR
(VDSDYLWD"
(UQHVWRVHSXVRHQSLH\GLRODYXHOWDHQWRUQRDVXJHPHOR
2\HPXFKDFKRSHUGyQDPHTXHKD\DSHQVDGRWDOGLVSDUDWH<DVpTXHVR\XQ
WRQWR(VF~FKDPH3UpVWDPHXQSRFRGHDWHQFLyQ
(PSLH]D\DVLHVRWHFRQVXHOD
1R Vp VL %HED PH LQWHUHVD PXFKR 1XQFD PH SUHJXQWR HVDV FRVDV FXDQGR
VDOJRFRQXQDFKLFD+DFHVyORGRVPHVHVTXHHVPLQRYLD6LVLQRPHPLUHVFRQHVH
VDUFDVPR)XHDTXHOGtDTXHRVHQFRQWUpEDLODQGRHQ/LGR7~PHODSUHVHQWDVWH0H
SDUHFLyTXHHVWDEDVLQWHUHVDGRSRUHOOD
<PHODTXLWDVWH6XSRQWHTXHHQHIHFWRHVWXYLHUDLQWHUHVDGRSRUHOOD
(UQHVWRVHHFKyDUHtUFRQDTXHOODPXHFDVX\DLQGHILQLEOH
(VXQDPDQtDTXHQRSXHGRUHPHGLDUJUXxy&XDQGRYHRDXQRGHPLV
DPLJRV FRQ XQD FKLFD JXDSD YR\ \ VH OD TXLWR 1R VR\ FDSD] GH GRPLQDU HVD
WHQWDFLyQ
13iJLQDV
3HUR\RVR\WXKHUPDQR\DGHPiVJHPHOR
(UQHVWRYROYLyDUHtU
)XH PiV LQWHUHVDQWH D~Q (OOD VH TXHGy DVRPEUDGD FXDQGR QRV YLR MXQWRV
'LMR&XiOGHORVGRVHV,xDTXH"7~GLMLVWH<R<RHPSHFpDUHtU\HOODGHELyGH
SHQVDUTXHHUDPiVLQWHUHVDQWHTXHW~SHVHDQXHVWURWHUULEOHSDUHFLGR
'pMDWH GH EREDGDV (UQHVWR 6H WH KDFH WDUGH 1R FRQYLHQH TXH SLHUGDV HO
DYLyQ9DVD0p[LFRFRQXQDFRPLVLyQLPSRUWDQWH8QDFRVDHVTXHW~\\RVHDPRV
XQRV VLQYHUJHQ]DV HQ FXHVWLRQHV GH IDOGDV \ RWUD QXHVWUR QHJRFLR GH H[SRUWDFLyQ
7LHQHV DTXt FXUVDGR DQWHD\HU HQ 9DOHQFLD HO WHOHJUDPD GH SDSi 6DO
LQPHGLDWDPHQWHSDUD0p[LFR0HUHXQLUpDOOtFRQWLJRHQQXHVWUDVRILFLQDVGHQWURGH
VHLV GtDV 6DEHV PX\ ELHQ TXH SDSi QR VH DQGD FRQ FKLTXLWDV (O DVXQWR GHEH VHU
SHOLDJXGRFXDQGRWHHQYtDDWL
(VR HV YHUGDG 3RU TXp QR PH OOHYDV D %DUDMDV \ FRQWLQXDPRV HQ HO DXWR
QXHVWUDFRQYHUVDFLyQ"
6LHVSDUDTXH\RTXLWHD%HEDGHHQPHGLRSLHUGHVHOWLHPSR
6L PH JXVWD %HED 4XLQWDQD FRPR QR PH JXVWy MDPiV RWUD PXMHU JULWy
(UQHVWR IXULRVR 3HUR W~ VDEHV TXH GHWHVWR HO PDWULPRQLR \ TXH %HED QR HV FKLFD
FRQODTXHVHMXHJXHDXQDVLQWHUPLQDEOHVUHODFLRQHV
7HOOHYRD%DUDMDVFRUWy,xDTXH9DPRV<ROHOOHYRHOPDOHWtQ7~DJDUUD
ODPDOHWD
<XQLHQGRODDFFLyQDODSDODEUDVHGLULJLyDODSXHUWDFRQHOPDOHWtQDVLGRGHOD
PDQR
0LQXWRV GHVSXpV DPERV DSDUHFtDQ HQ OD FDOOH GRQGH HO OXMRVR 0HUFHGHV GH
,xDTXHOHVHVSHUDED6XELHURQDPERV\GHMDURQOHMRVODDYHQLGDGHO*HQHUDOtVLPR

%HED4XLQWDQDHVXQDFKLFDYXOJDUGHFtD(UQHVWRFRQDUGRU7~ORVDEHV
,xDTXH(UDWXDPLJDFXDQGR\RODFRQRFt6LHPSUHPHSUHJXQWpGyQGHODFRQRFLVWH
W~,xDTXH
7LHQHV PX\ PDOD LQWHQFLyQ JUXxy ,xDTXH VLQ PLUDUOR VyOR DWHQWR D OD
GLUHFFLyQ EDVWDQWH LQWULQFDGD HQ DTXHO PRPHQWR < TXLHUR TXH VHSDV TXH VL PH
TXLWDVWH D %HED QR IXH SRUTXH \R QR SXGLHUD FRQTXLVWDUOD VLQR SRUTXH FRPR W~
WHQJRIRELDDOPDWULPRQLR\PHLQWHUHVDEDPiVVHJXLUFRQPLVVHLVRVLHWHQRYLDVDOD
YH]TXHFRQXQDVROD
/RVpORVpJHPHOR
1RPHOODPHVJHPHOR
(VWiELHQ,xDTXH9R\DOOHJDUDODHURSXHUWR\D~QYDVDFRQWLQXDUJUXxHQGR
VLQTXH\RKD\DGLFKRORTXHSUHWHQGR
13iJLQDV
4XH YD\D D YHU D %HED \ OH GLJD TXH KDV WHQLGR TXH VDOLU GH YLDMH \ TXH QR
VDEHV FXiQGR YROYHUiV \ FRPR HUHV WDQ SHUH]RVR QR OH HVFULELUiV XQD VROD FDUWD
$xDGLUpVLWHSDUHFHTXHODVPH[LFDQDVVRQPDJQtILFDV
(UHV XQ EHVWLD JULWy (UQHVWR PDOKXPRUDGR 4Xp WLHQHV TXH GHFLU W~ GH
ODV PH[LFDQDV" 3UHWHQGR TXH %HED PH HVSHUH 6t QR PH PLUHV FRQ HVD H[SUHVLyQ
IHUR]0HJXVWD'HWRGDVODVFKLFDVTXHWUDWpIXHOD~QLFDTXHQRPHSHUPLWLyTXHOD
EHVDVH
,xDTXHDSUHWyORVGHGRVHQHOYRODQWH
1RQRODEHVDVWHQXQFD"
(UQHVWRVXVSLUy
-DPiV\HVRHVFRPRXQDHVSLQLWDTXHOOHYRGHQWUR
'H PRGR TXH W~ HO FRQTXLVWDGRU RFXOWR HO DYH QRFWXUQD HO TXH VH ODV VDEH
WRGDVFRQODVFKLFDVHOTXHWLHQHIDPDGHH[FHOHQWHSHUVRQD\HVXQFDQDOOLWDFRQWUDMH
GHHWLTXHWDQRIXHFDSD]GHEHVDUDVXQRYLD
(UQHVWRVHPRUGLyORVODELRV
1RIXLFDSD]GHWRFDUODHQWHQGLGR"(VPLSULPHUIUDFDVR\HVRQRORDVLPLOR
\RPX\ELHQ7~FRQRFHVPX\ELHQDGRQ)pOL[4XLQWDQD
6HJXUR\DWtD3HSDWDPELpQ
1RFRQR]FRDODWDOWtD3HSDQLPHLQWHUHVD
(VXQDVROWHURQDIRUPLGDEOH
,xDTXH
4XpSDVD"
7HHVWR\KDEODQGRHQVHULR1RKDJDVXQDGHODVWX\DV7HSLGRTXHYD\DVD
FDVD GH %HED <DVp TXHVXSDGUH HVXQFDWHGUiWLFRVHULRVHVXGR\ H[DJHUDGDPHQWH
PRUDO3HUR\RWHSLGRTXHYD\DVDYHUDVXKLMD\OHGLJDVTXHKHWHQLGRTXHVDOLUGH
YLDMH\TXHHVSHURTXHDPLUHJUHVRHOODVLJDSHQVDQGRHQPt
,xDTXH HVWXYR D SXQWR GH GHVQXFDUOR GH XQ SXxHWD]R SHUR VyOR VH OLPLWy D
GHFLU
6LTXLHUHVDOJRPiVGHPt
9DVDLUDVXFDVD"
4Xp WUDEDMR PH FXHVWD SDVDU SRU OD FDOOH GHO *HQHUDO 6DQMXUMR" 7RFDU HO
WLPEUHHQHOSLVRGH%HEDSHGLUYHUDpVWD\GHFLUOHWXUHFDGR&ODURTXHORKDUp
6LQDxDGLUFRVLWDVGHWXFRVHFKD
(UHV XQ VLQYHUJHQ]D (UQHVWR <R OR VR\ \ QR WUDWR GH RFXOWDUOR 1LQJXQD
FKLFD GHFHQWH VDOH FRQPLJR GRV YHFHV VHJXLGDV <D VDEHQ TXH QR PH YR\ D FDVDU
SRUTXH HV OR SULPHUR TXH \R OHV GLJR HQ HYLWDFLyQ GH HTXtYRFRV ODPHQWDEOHV SHUR
W~W~TXHWRGRHOPXQGRWHFRQVLGHUDXQGHFKDGRGHSHUIHFFLRQHV
(UQHVWRIXPyDSULVD0X\DSULVD
13iJLQDV
0H FRVWy FRQVHJXLU XQ SXHVWR OXFLGR HQ OD VRFLHGDG JUXxy 8QD YH]
FRQVHJXLGRGLUpHOUHIUiQ&RJHEXHQDIDPD\pFKDWHDGRUPLU
(ODXWRVHGHWHQtDDQWHHODHURSXHUWRGH%DUDMDV
7XDYLyQHVWiDSXQWRGHVDOLUJULWy,xDTXH6DOGLVSDUDGR6LSLHUGHVHVWH
DYLyQSHUGHUiVODFRQILDQ]DTXHSDSiWLHQHGHSRVLWDGDHQWL
(QPRGRDOJXQRVDOWyGHODXWR\DVLHQGRHOPDOHWtQ\PDOHWDHFKyDFRUUHU
GLFLHQGRDOPLVPRWLHPSR1RWHROYLGHV'LOHTXH\RQRHVFULERQXQFD'LOHTXH
HVSHURTXHDPLUHJUHVR'LOH
/DYR]VHSHUGtD\DDOROHMRV
,xDTXHTXHQRVHKDEtDPRYLGRGHODXWRHVSHUyDOOtVHQWDGRDQWHHOYRODQWHD
TXHHODYLyQGHVSHJDUD
'HVSXpV\DKDUtD\GLUtDORTXHOHGLHUDODJDQD
13iJLQDV
&DSLWXOR
&DSLWXOR
/DYLGDQRHVXQMXHJR%HED7~GHEHVVDEHUOR6LHPSUHWHORGLMHDVt\WUDWp
GHGHPRVWUDUWHTXHQRHVWDEDHTXLYRFDGR
%HED JXDUGy VLOHQFLR (VFXFKDED (UD XQD EXHQD FXDOLGDG VX\D 6LHPSUH
HVFXFKDEDDVXSDGUHDXQTXHDOILQDOQRKLFLHUDQDGDGHFXDQWRpOGHFtD
1R HV FRQYHQLHQWH SHUGHU HO WLHPSR 1R HV TXH W~ VHDV PD\RU 6yOR WLHQHV
YHLQWH DxRV SHUR \R HVWLPR TXH OR SHRU TXH SXHGH KDFHU XQD PXFKDFKD HV GHMDUVH
FRUWHMDUSRUXQKRPEUHTXHQRVHYDDFDVDUFRQHOOD
(O TXH QR VH FDVD HV HO JHPHOR )pOL[ LQWHUYLQR WtD 3HSD (UQHVWR HV XQ
KRPEUHVHULR
1R PH ItR GH ORV KRPEUHV TXH PDQHMDQ HO GLQHUR FRPR \R OD KLVWRULD \ OD
OLWHUDWXUD
6LHPSUHWHHPSHxDVHQQRYHUSHUVRQDVEXHQDV\FRQH[FHOHQWHVFRQGLFLRQHV
HQWRUQRDWLJUXxyODVROWHURQD
7~QRVDEHVGHHVDVFRVDV3HSDVHH[DOWyHOHOHJDQWHFDEDOOHUR1RWHKDV
FDVDGRQXQFD
7tD3HSDQRVHDOWHUyHQDEVROXWR
3HURGLMRFRUWDQWH
+HWHQLGRQRYLRV \ Vp ORTXH VRQ ORVKRPEUHV $ XQD PXMHU QROH KDFHIDOWD
OOHJDUDOPDWULPRQLRSDUDVDEHUFLHUWDVFRVDV
1R RV HQIDGpLV SLGLy OD SUHFLRVLGDG TXH HUD %HED 4XLQWDQD 1R KD\
PRWLYRV(UQHVWRHVXQKRPEUHHVWXSHQGR1RHVWR\HQDPRUDGDGHpOD~QSHURFUHR
TXHOOHJDUpDHVWDUOR
3XHVHVORTXH\RSUHWHQGRHYLWDUDGXMRHOSDGUHVHYHUtVLPR&XDQGRXQD
PXMHU VH HQDPRUD \D QR VDEH OR TXH KDFH /R FRQYHQLHQWH HV HQDPRUDU VLQ
HQDPRUDUVHXQR\HQWRQFHVHOWULXQIRHVVHJXUR
3DSi
<D Vp TXH QR HV XQ FRQVHMR PX\ HGLILFDQWH VH UXERUL]y HO VHVXGR
FDWHGUiWLFRSHURHUHVPLKLMD\VyORWHWHQJRDWL
*UDFLDV
3HSDSRUIDYRUTXHW~WHGHILHQGHVVRODJUXxyHOFDEDOOHUR%HEDQRVDEH
D~QORTXHOHFRQYLHQH
7tD 3HSD DOWD GHVJDUEDGD FRQ ORV FDEHOORV EODQFRV \ ORV RMLOORV SHTXHxRV
PX\ERQGDGRVRVVHTXHGyLQPXWDEOH0LUyFRQDGRUDFLyQDVXVREULQD
1RGHEHVROYLGDUDGXMRDOUDWRTXH%HEDFDUHFHGHWRGR7~FRQHVRGHOD
KLVWRULD\ODOLWHUDWXUDWHFRQVLGHUDVPLOORQDULRHQVDELGXUtDSHURHVRKR\QRGDGH
FRPHU
13iJLQDV
3HSD
/RGLFKR6LWXKLMDSXHGHSLOODUXQPLOORQDULRQRWLHQHSRUTXpFDVDUVHFRQ
XQPXHUWRGHKDPEUHFRPRW~
3HSD
7tD
(VODYHUGDGKLMLWD<W~KHUPDQRQRPLUHVFRQHVHIXURU(VWR\GLFLHQGRXQD
YHUGDG FRPR XQ WHPSOR &RQ OR JXDSD TXH HUHV FRQ OR LQWHOLJHQWH TXH HUHVFRQ OR
MRYHQTXHHUHV\ORFXOWDSRUTXHHVRVLKD\TXHGHFLUORWRGRGHHVRWHGRWyWXSDGUH
HQ DEXQGDQFLDQR HVWDUtD ELHQTXHGHVSXpV GH FDVDGD WH SUHRFXSDUDV GH FRQWDUORV
JDUEDQ]RV\HODUUR]FRPRKDFHPRVHQFDVD
3HSD
7HRLJRELHQ)pOL[1RHVSUHFLVRTXHPHFKLOOHVWDQWR$GHPiVXQVHxRUWDQ
HOHJDQWH\FRPHGLGRFRPRW~JULWDQGRDVt4XpGLUi)HOLVD"
(UHV XQD PHWRPHQWRGR 3HSD VH HQRMy PXFKtVLPR HO FDEDOOHUR 1XQFD
GHEtVDFDUWHGHOSXHEOR
7tD3HSDFRQWLQXyLQPXWDEOH
'LMRULHQGR
6LPHGHMDVHQHOSXHEORTXLpQVHKXELHUDRFXSDGRGHFULDUDWXKLMD"1RQRV
HQJDxHPRV )pOL[ <R Vp PX\ ELHQ TXH HUHV XQ KLVWRULDGRU PDJQtILFR 4XH VDEHV
FXiQGR PXULy DTXHO OLWHUDWR \ FXiQGR QDFLy HO RWUR \ OR TXH KLFLHURQ \ SRU TXp VH
GLVWLQJXLHURQ SHUR WDPELpQ Vp TXH HQ HO IRQGR HUHV XQ HJRtVWD FRPR WRGRV ORV
KRPEUHV
7tD3HSD
'pMDODJULWyHOSDGUH6LHPSUHWLHQHTXHGHFLUFXDQWRSLHQVD\DVtUHVXOWD
WDQ YXOJDU &RPR WH GHFtD KLMLWD QR PH JXVWD TXH VDOJDV FRQ HVH FKLFR OODPDGR
(UQHVWR 5ROGiQ 5HSLWR TXH WLHQH PXFKR GLQHUR \ DXQ FXDQGR VX UHSXWDFLyQ HV
H[FHOHQWH \R VLHPSUH RSLQR TXH XQ KRPEUH FDUJDGR GH PLOORQHV TXH YLYH HQ XQ
DSDUWDPHQWRHQODDYHQLGDGHO*HQHUDOtVLPRQRHVFDSD]GHFDVDUVHFRQXQDFKLFDVLQ
GRWH
<VLDOILQVHFDVD"
$QWHVKD\TXHSDVDUSRUHOSXUJDWRULRSHQVDQGRVLORKDUiRQRORKDUi\\R
VR\GHORVTXHSLHQVRTXHPiVYDOHSiMDURHQPDQRTXHVHLVYRODQGR
/RVVHQWLPLHQWRVSDSi
/RVVHQWLPLHQWRV"7~PLVPDKDVGLFKRTXHD~QQRHVWiVHQDPRUDGDGppO
$~QQRSHURPHJXVWDPiVTXHQLQJ~QRWURFKLFR
1R KDFH QL FLQFR PHVHV TXH VDOtDV FRQ HO RWUR KHUPDQR (VH WDUDPEDQD
VLQYHUJHQ]DTXHWLHQHVLHWHQRYLDVDODYH]\TXHQRSLHQVDFDVDUVHFRQQLQJXQD
%HEDEHELyHOFDIp\QRSDUSDGHy
13iJLQDV
'RQ)pOL[VHSXVRHQSLHGDQGRSRUILQDOL]DGDODFRPLGD
7HQ FXLGDGR %HED GLMR DO GHVSHGLUVH EHViQGROD HQ OD IUHQWH 1R PH
DJUDGDTXHVDOJDVFRQXQ5ROGiQ
(UQHVWRHVKRPEUHVHULRDGXMRODMRYHQ
/RVHUiQRORGLVFXWRSHUR\RWHGLJRTXHWLHQHGHPDVLDGRGLQHUR\KDFHXQD
YLGD GHVRUGHQDGD 9LYHQ VRORV HQ HVH SLVR GH OD DYHQLGD GHO *HQHUDOtVLPR \ OXHJR
YLDMDQ SRU WRGD +LVSDQRDPpULFD FXDQGR OHV DSHWHFH 6X SDGUH HVWi HQ 9DOHQFLD
FDVDGR HQ VHJXQGDV QXSFLDV \ VyOR VH SUHRFXSD GH VXV KLMRV JHPHORV FRQ HO ILQ GH
TXHOOHYHQHOQHJRFLRGHVGHDTXt7HGLJRUHSLWRTXHQRPHDJUDGDQHVDVUHODFLRQHV
8QFDWHGUiWLFRXQDERJDGRXQLQJHQLHUR
<DPRULUVHGHKDPEUH
3HSD
1RHVDVt"4XpVDFDPRVQRVRWURVFRQTXHW~VHDVXQRGHORVPiVDQWLJXRV
SURIHVRUHV GH OD )DFXOWDG" 'L TXp" &RQWDU ODV SHUUDV KDVWD HO FpQWLPR &XDQGR D
%HEDVHOHFRPSUDXQPRGHORKD\TXHGHMDUHQEODQFRORVFRMLQHVGHOVDOyQTXHHVWiQ
GHVJDVWDGRVSRUHOXVR&XDQGRKD\TXHOODPDUSRUWHOpIRQRVHFXHQWDQODVOODPDGDV
SDUDTXHODIDFWXUDGHOPHVQRVXSHUHORSUHYLVWR+D\TXHLUDSDJDQGRWRGDVOXFHV\
KD\TXHDQGDUFRQHODJXDUHVWULQJLGD
3HSD WH GLMH PXFKDV YHFHV TXH QR WH PHWDV HQ HVWR 9LYLPRV FRQ KRQRU \
GLJQLGDG\HVRHVORPiVLPSRUWDQWH
<VDOLyVLQHVSHUDUUHVSXHVWD
(QDTXHOPLVPRLQVWDQWH)HOLVDODFULDGDSDUDWRGRDSDUHFLyHQHOXPEUDO
6HxRULWD%HEDGLMRFRQYR]JDQJRVDODOODPDQSRUWHOpIRQR
4XLpQ"
&UHRTXHGLMRGRQ(UQHVWR5ROGiQ
9R\YR\HQVHJXLGDSHURDQWHVGHVDOLUVHYROYLyKDFLDVXWtD1RGHEHV
VHUWDQGXUDFRQSDSiWtD3HSD
-LML7XSDGUHYLYHFRQYHLQWHDxRVGHUHWUDVR6LORVDEUp\R
%HEDVDOLyFRUULHQGR

7HQtDQ GRV WHOpIRQRV HQ FDVD (Q HO GHVSDFKR GH VX SDGUH GRQGH HQ DTXHO
PRPHQWRVHKDOODEDpO\HQHOOLYLQJXQDHVSHFLHGHVDOLWDGHHVWDUGRQGHHOODUHFLEtD
DVXVDPLJDV\FKDUODEDQPXFKDVYHFHVFRQODEXHQD]DGHWtD3HSD
$HVWH~OWLPROXJDUVHGLULJLy
6HGHMyFDHUHQXQDQFKRVLOOyQ\DVLyHODXULFXODU
'tJDPH
+ROD
13iJLQDV
$KHUHVW~
1RSLHQVDVVDOLUKR\"
6tDGPLWLyXQWDQWRDVRPEUDGDSHURD~QVRQODVVHLVGHODWDUGH1XQFD
PHOODPDVDHVWDVKRUDV
4XpWHSDUHFHVLKR\IXpUDPRVDEDLODUSRUDKt"
$EDLODU"3HURGHVGHFXiQGRWHJXVWDDWLEDLODU"
,xDTXH HQ HO DSDUWDPHQWR GH OD DYHQLGD GHO *HQHUDOtVLPR WDSy HO DXULFXODU \
PLUyGHVRODGRDVXFULDGR
+HPHWLGRODSDWD0DWtDV
<DORGHFtD\RVHxRU
'HFLU"
/RSHQVpVHxRU
+XP GHVWDSy HO DXULFXODU 6LHQGR FRQWLJR %HED PH JXVWD KDVWD XQD
LQGLJHVWLyQ
%HEDVHDOWHUyXQSRFR
7HHQFXHQWURUDUR(UQHVWR+DVEHELGR"
&ODURTXHQR
'LFHVFRVDVTXHQXQFDPHKDVGLFKR
(V TXH XQR HPSLH]D D GHFLU WRQWHUtDV GH YH] HQ FXDQGR \ OXHJR QR SXHGH
GRPLQDUVH/DFXOSDQRODWHQJR\R%HEDODWLHQHWXEHOOH]D
(UQHVWRVHLPSDFLHQWy3RUORYLVWRPHGHVFRQRFHV
3RUTXp"
3RUTXHQRVR\GHODVTXHGHVHDQTXHVHOHVGLJDQFRVDVEHOODVDFDGDLQVWDQWH
\DGHPiVVLQVHQWLUODV
4XLHUHVGHFLUTXH\RQRODVVLHQWR"
&XDQGRVHGLFHQFDVLQXQFDVHVLHQWHQ6HSUHILHUHQODVTXHXQRVHFDOOD
3HURHVTXHVLORFDOORW~QRSXHGHVVDEHUORTXHSLHQVR
9R\FRQRFLpQGRWH
'HDFXHUGR3HUGRQDPLHVWXSLGH]$TXpKRUDYR\DEXVFDUWH"SUHJXQWy
VLQWUDQVLFLyQ
%HEDYROYLyDLPSDFLHQWDUVH
&UHRTXHVDEHVPX\ELHQTXHD\HUTXHGDPRVHQDOJRFRQFUHWR
,xDTXHWDSyGHQXHYRHODXULFXODU\PLUyD0DWtDVFRQGHVHVSHUDFLyQ
6DEHVW~GyQGHTXHGyHQYHUVHFRQHOOD"
<RFUHRVHxRUTXHHVWRHVXQGLVSDUDWH
13iJLQDV
%LHQ PHUHFLGR VH OR WLHQH (UQHVWR 4XH QR GHMH D ODV QRYLDV WLUDGDV FRPR VL
IXHUDQFROLOODV'LPHGLPHVDEHVW~GyQGHTXHGyHQYHUVHFRQHOOD"
9DVLHPSUHDEXVFDUODDODVVLHWHHQSXQWRDVXFDVDVHxRU
*UDFLDV(UHVPLJXtD0DWtDV0LJXtD\PLRULHQWDFLyQ
1RHVODPLVPDFRVDVHxRU"
6t"7~FUHHV"GHVWDSyHODXULFXODU$ODVVLHWHHQWRQFHV"
3RUTXpHVDVODUJDVSDXVDV(UQHVWR"
4XpSDXVDV"
1RVp7HDVHJXURTXHWHHQFXHQWURUDUR
$ ODV VLHWH HQ SXQWR MXQWR D WX FDVD 1R WDUGHV HQ EDMDU <D VDEHV TXH QR
SXHGRWRFDUHOFOD[RQ
$ODVVLHWH<WHUHSLWRTXHKR\WHHQFXHQWURUDUR
(V TXH FDGD GtD YDV D HQFRQWUDUPH PiV GLMR ,xDTXH HQ VX SDSHO GH
(UQHVWR6DEHVSRUTXp"
1R
3RUTXHFDGDGtDTXHSDVDWHDPRPDV
(UDODSULPHUDYH]TXH(UQHVWRVHORGHFtD
%HEDDEULyPXFKRORVRMRV
+DEODUHPRVSRUODWDUGH+DVWDODVLHWH
$GLyVDPRUPtR
&ROJy
(QWUHWDQWR WHQtD OXJDU HVWD FRQYHUVDFLyQ HQ HO DSDUWDPHQWR GH OD DYHQLGD GHO
*HQHUDOtVLPR,xDTXHVRPHWtDVXFDEH]DDORVH[XGDGRVGH0DWtDVVXFULDGR
<RQRVpVHxRUVLHVWRHVWDUiELHQ
6L\RWHORSLGRW~WHFDOODV\QRVDEHVQDGD
3HURHOVHxRUFXDQGRYXHOYD
4XH VH FXLGH OD QRYLD &XDQGR XQR WLHQH QRYLD QR OD GHMD FRPR VL IXHUD XQ
WUDSR $GHPiV 0DWtDV W~ VDEHV PX\ ELHQ TXH D PL PH LQWHUHVDED SURIXQGDPHQWH
HVWDFKLFDFRPRQLQJXQDPHLQWHUHVyKDVWDDKRUD<UHVXOWDTXHXQEXHQGtDDSRFR
GHFRQRFHUODFXDQGRFDVLHVWDEDDSXQWRGHGHFODUDUPHOOHJD(UQHVWRPHODTXLWD\D
RWUDFRVD<\RWXYHTXHDJXDQWDUPHSRUTXH(UQHVWRHVXQFDURWD\QRHUDWDQYLOODQR
\RFRPRSDUDOXFKDU
(VPiVYLOODQRORTXHKDFHDKRUDVHxRU
7~FyUWDPHHOSHORDOHVWLORGH(UQHVWR\DVXQWRFRQFOXLGR1RHUHVWXTXLHQ
OHFRUWDVLHPSUHHOFDEHOOR"
6tVHxRU
13iJLQDV
3XHVPDQRVDODREUD
6HxRU\R
0DWtDVTXHWHGHVSLGR
6LVHxRU3HUR\RVLJRSHQVDQGRTXHKDFHPRVPDO
7~QRKDFHVQDGD6R\\RTXLHQOHORKDFH
<RPHHPEDUFRHQODPLVPDDYHQWXUDVHxRU
7~HUHVXQEDUEHUR&RUWD
< 0DWtDV FRQ PDQR WHPEORURVD HPSH]y D FRUWDU &XDQGR WHUPLQy GLMR
DKRJDGDPHQWH
0tUHVHDOHVSHMRVHxRU
(OVHxRUVHPLUR\ODQ]yXQDH[FODPDFLyQFRPRXQJUXxLGR
1RPHJXVWDQDGD0DWtDVSHURQDGLHGXGDUiHQSHQVDUTXHVHIXH,xDTXH\
VHTXHGR(UQHVWR
(UDQWDQLJXDOHVTXHSURFHGLyDYHVWLUVHEDMRODPLUDGDFHQVRUDGHVXFULDGR
13iJLQDV
&DSLWXOR
&DSLWXOR
(UQHVWRVLHPSUHXVDEDXQDORFLyQSHFXOLDU0X\PDVFXOLQD0X\IUDQFHVD
(ODXWRROtDD(UQHVWR$%HEDTXHHQWUDEDHQDTXHOPRPHQWRHQHO0HUFHGHV
QRVHOHRFXUULySHQVDUTXHDTXHOKRPEUHTXHVHVHQWDEDDQWHHOYRODQWH\OHVRQUHtD
SRGtDVHUHOJHPHORGHVXSUHWHQGLHQWH
+RODVDOXGRDFRPRGiQGRVHDVXODGR
+ROD
eOODPLURFRQVXVHQRUPHVRMD]RV
,xDTXHHUDPHQRVVHVXGRTXHVXJHPHOR0LHQWUDVHVWHVDEtDGRPLQDUVH\PLQDU
HO FDPLQR KDFLD XQD IHOL] VROXFLyQ YLFWRULRVD ,xDTXH HUD IRJRVR DSDVLRQDGR
GLFKDUDFKHUR\WHPSHUDPHQWDO
(VWDVJXDStVLPD
(K"
7HGLJRTXHHVWiVJXDStVLPD
6DEHVTXHKR\WHHQFXHQWURPX\YLYR"
9LYR"
0X\SDUODQFKtQ
,xDTXHHQVXSDSHOGH(UQHVWRVRQULyFRQVXILFLHQFLD
8QRQRSXHGHUHVLVWLU\WLHQHTXHGHFLUDVXQRYLDORTXHOHSDUHFHHVWi(VWiV
JXDStVLPD(VHDEULJRFHOHVWHWHVLHQWDFRPRXQJXDQWH
3XHV PH OR KL]R PL WtD GLMR %HED FRQ OD PD\RU VHQFLOOH] <D YHV W~ TXH
YXOJDULGDG
/R HUD SHUR SDUD ,xDTXH TXH HVWDED DFRVWXPEUDGR D FRPSUDUOR WRGR HQ ORV
PHMRUHVDOPDFHQHV\SRUGRFHQDVDTXHOODVHQFLOOH]GH%HEDORHQWHUQHFLy
0LKHUPDQRHVXQFDQDOODSHQVy8QFHUGRFDQDOODTXHQRVDEHORTXHWLHQH
eO HUD XQ WLSR IUtYROR /H HQFDQWDED SDVDUOR ELHQ FRQ ODV PXMHUHV \ HVWDV
GHVJUDFLDGDPHQWHHUDQVXPD\RUGHELOLGDGSHURWHQtDXQDFLHUWDFRQFLHQFLD\VDEtD
DSUHFLDUOREXHQR%HEDHUDGHORPHMRU\pOQXQFDTXLVRKDFHUOHGDxR
3HURHQDTXHOLQVWDQWHQRSRGtDHYLWDUHOSDVDUSRUVXKHUPDQR\TXHGHVSXpV
DOUHJUHVRGHDTXHOOHGHJROODUDVLTXHUtD
7HORKLFLHUDWXWtDRORFRPSUDUDVHQ5RGUtJXH]HODEULJRHVXQDPDUDYLOOD\
QRPHDWUHYRDGHFLUORTXHPHSDUHFHTXLHQOROOHYD
7HKDVOHYDQWDGRPX\GLFKDUDFKHUR
1RORVR\VLHPSUH"
1XQFD
13iJLQDV
(UDXQDIDFHWDTXHpOGHVFRQRFtDHQ(UQHVWR6LHUDPiVELHQVLOHQFLRVR4XpDUWH
HPSOHDEDSDUDFRQTXLVWDUDODVFKLFDV"
'HFLGLyFDOODUVHWRGRORTXH%HED4XLQWDQDOHSDUHFtD
4XpWHSDUHFHVLIXpUDPRVDEDLODU"
3HURVLQRVDEHV
$GHPiVHPEXVWHUR
3HURTXLHURDSUHQGHUGLMRHQDOWDYR]1RYR\DSDVDUPHODYLGDYLHQGR
EDLODUDORVGHPiV
6LHPSUHFUHtTXHQRWHLQWHUHVDEDDSUHQGHU
(UD XQD PRQDGD 4Xp GLUtD (UQHVWR GH VX GHVIDFKDWH] FXDQGR UHJUHVDUD \
VXSLHUDTXH%HEDGHVFRQRFLyODDXVHQFLDGHVXQRYLR"
$(UQHVWRQROHLQWHUHVDED%HEDGHVHUORFRQWUDULRODDGYHUWLUtDSHUVRQDOPHQWH
GH VX PDUFKD \ DGHPiV QR VH LUtD SRUTXHWHQtD HQ VX PDQR HQYLDUOR D pO D 0p[LFR
WUDVDGYHUWLUDVXSDGUHTXHpOHVWDEDPX\RFXSDGRHQ0DGULG
1R YR\ D VDFULILFDUWH WRGD OD YLGD D YHU FyPR EDLODQ ORV GHPiV \ VLQ
WUDQVLFLyQ$O%LRPER&KLQR"
%XHQR
7RUFLyKDFLDODL]TXLHUGD\HODXWRVHHQFDPLQyDODVLQPHGLDFLRQHVGHOD*UDQ
9tD +DEtD PXFKR WUiILFR SRU DTXHOOD SDUWH \ HO MRYHQ KXER GH KDFHU YHUGDGHURV
PLODJURVSDUDDSDUFDU&XDQGRORKL]RVDOWyDOVXHOR\GLRODYXHOWDDODXWR
&XDQGR DEULy OD SRUWH]XHOD \D %HED VH GLVSRQtD D EDMDU /D DVLy SRU HO EUD]R
FHUUyHODXWR\ODFRQGXMRKDFLDHOOXMRVRORFDO
(UD SOHQR LQYLHUQR PHGLDED GLFLHPEUH +DFLD PXFKR IUtR \ ODV SDUHMDV VH
DUUHEXMDEDQHQODHQWUDGDSUHWHQGLHQGRKDFHUORWRGRVDODYH]
,xDTXHSDVyXQEUD]RSRUORVKRPEURVGH%HEDSHURpVWDOHPLUyVHYHUD
6DEHVGLMRXQSRFRVRIRFDGDTXHQRPHJXVWDTXHPHWRTXHV
(UDRWUDFRVDTXHLJQRUDED
&yPR SRGtD (UQHVWR HO WRFyQ SRU H[FHOHQFLD SDVDU VLQ WRFDU D DTXHOOD
PRQDGD"
6HUHVLJQy
$WUDYHVyMXQWRDHOODWRGRHOORFDO'HUHSHQWHSHQVyTXHVLDOJXLHQORYHtDSRGtD
FRQRFHUOR PHMRU TXH %HED \ OODPDUOR SRU VX QRPEUH \ OR FXULRVR HUD TXH D pO OR
FRQRFtD WRGD OD MXYHQWXG PDGULOHxD 3HUR VH WUDQTXLOL]y 1DGLH VHUtD FDSD] GH
GLVWLQJXLUORVL%HEDQRORKDEtDKHFKR\D\HVWDEDFODURTXHQRHUDDVt
$TXtGLMR
$OJXLHQJULWyWUDVpO
,xDTXH
13iJLQDV
6HYROYLy
(UD XQD OLQGD FKLFD UXELD PX\ SHULSXHVWD PX\ PRGHUQD FRQ XQD PLQLIDOGD
HQFDQWDGRUD
,xDTXHFLHORPLyD\HUWHHVWXYHHVSHUDQGR\QROOHJDVWH(UHVXQIUHVFR
/R VLHQWR GLMR ,xDTXH GDQGR D VX YR] XQD JUDYHGDG DO HVWLOR GH VX
KHUPDQR7HKDVFRQIXQGLGR<RVR\VXJHPHOR
2KHVYHUGDG(OFDEHOORGH,xDTXH3HUGRQDFKLFR
<VHIXHEDPEROHDQGRVXELHQIRUPDGDFDGHUD
/iVWLPDSHQVy,xDTXH(VXQDKHUPRVDFKLFD\FRQHVDPLQLIDOGDHVWiIDVFLQDQWH
6HYROYLyKDFLD%HED4XLQWDQDTXHHVFXFKDEDVLQSDUSDGHDU
/R VLHQWR GLMR ULHQGR ,xDTXH WLHQH DPLJDV HQ WRGDV SDUWHV 6LHPSUH PH
FRQIXQGHQFRQpOKDVWDTXHVHSHUFDWDQGHTXH\ROOHYRHOFDEHOORFRUWR
7XKHUPDQRHVXQGHVDVWUH
3HUGLGR 7H OR GLJR \R TXH OR FRQR]FR FRPR QDGLH (Q HVWH PRPHQWR WLHQH
VLHWHQRYLDVDODYH]VLQWUDQVLFLyQOOHJDQGRDODPHVDMXQWRDODSLVWD6LpQWDWH
1RWHTXLWDVHODEULJR"4XLHUHVTXHWHOROOHYHDOJXDUGDUURStD"
3UHILHURGHMDUORHQHOUHVSDOGR
6H OR TXLWy UHKX\HQGR GHOLFDGDPHQWH VX D\XGD 4XHGy HQIXQGDGD HQ XQ
PRGHOR D]XO PDULQR PX\ ERQLWR UHFWR PRGHODQGR VXV W~UJLGDV IRUPDV 7HQtD XQD
JDUJDQWDVXDYH\XQRVVHQRVPHQXGRV\SDOSLWDQWHV
(UDXQDPRQDGD
,xDTXHPRMyORVODELRVFRQODOHQJXD\SHQVyTXHpOHUDXQIUHVFRPXFKRPiV
IUHVFRGHORTXHLPDJLQDEDODFKLFDGHODPLQLIDOGD

6LVDEHVEDLODUGLMRHOODXQWDQWRDVRPEUDGD
%XHQRHUHVPX\LQGXOJHQWHFRQPLJR
1RVHWUDWDGHHVR
3DUHFHTXHORGLFHVXQSRFRHQRMDGD
$PtPHJXVWDEDLODUGLMRHOODFRQVXVLQFHULGDGKDELWXDO\W~QXQFDKDV
TXHULGRYHQLUDXQDVDODGHILHVWDVFRQPLJR
&ODUR HO PX\ WXQDQWH WHPtD HQFRQWUDUVH DTXt FRQ VXV DPDQWHV \ TXH OH
GHVHQPDVFDUDUDQ
(QDOWDYR]GLMRVRQULHQWH
(VTXHPHHPRFLRQRPXFKREDLODQGR%HEDFRPSUHQGH<W~HUHVXQDFKLFD
HVSHFLDO
13iJLQDV
&yPRHVSHFLDO"
,xDTXHWUDWDEDSRUWRGRVORVPHGLRVGHDWUDHUODKDFLDVLSHURHOFRGRGH%HEDVH
ORLPSHGtD
/RYHV"
4XpYHR"
4XHQRPHGHMDVDEUD]DUWH
(UHVXQIUHVFR1XQFDORLQWHQWDVWH+R\HVWiVGLVWLQWR
3XHVQRVHUpFDSD]GHVHUFRUUHFWRSHQVy0DOGLWDVHDQR(VWDFKLFDFDODKRQGR
FRQHVRVRMD]RV\HVHSHOR\HVDERFD\HVHFXHUSR<XQRQRHVFDSD]GHFRQWHQHUVH
&XDQGR XQ KRPEUH VLHQWH DIHFWR R VLPSDWtD KDFLD XQD PXMHU QR OH LQTXLHWD
HVDPXMHU3HURFXDQGRVHHQDPRUDGHHOOD
(UQHVWRSUHILHURYROYHUDODPHVD
(UHVWRQWD"
1RVR\GHODVTXHEDLODQRIUHFLHQGRXQHVSHFWiFXOR
1RODVROWy/HTXLWyHOFRGR\ODDSUHWyFRQWUDVL/DVLQWLyWHPEODU
%HEDPXFKDFKLWD
1RQR
1R TXp" VXVXUUy 3XHGH XQR HYLWDU VHQWLU DGRUDFLyQ SRU XQD PXMHU
FXDQGREDLODFRQHOOD"
7HGLJR2PHVXHOWDVRWHGHMRSODQWDGR
3UXHEDDVROWDUWH
(UQHVWRGHWHVWRODVLQFRUUHFFLRQHV
8QKRPEUHHQDPRUDGRDXQTXHQRTXLHUDDOJXQDYH]UHVXOWDLQFRUUHFWR
6XpOWDPH%DLODFRPRODVSHUVRQDV
eOPHWLyODFDEH]DHQVXJDUJDQWD$VtFDVLSHJDGRDHOODVLQWLpQGRODWHPEODUHQ
VXSURSLRFXHUSRGLMREDMtVLPR
0LUD HQ WRUQR D WL )tMDWH ELHQ %DMR HVD WHQXH OX] D]XORVD \ URML]D WRGDV ODV
SDUHMDV VH DEUD]DQ 9LHQHQ DTXt D HVR 1DGLH VH PHWH FRQ HOODV \ SXHGHQ DEUD]DUOH
S~EOLFDPHQWH
(OODQRHUDGHpVDV
/RGLMRFRQIXHU]DXQSRFRWHPEORQDVXYR]
1RTXLHURVHUFRPROD JHQHUDOLGDG<QRHVSUHVXQFLyQ(VTXHPHUHSXJQD
HVHWLSRGHDEUD]R(VPiVELHQVH[XDO
<QRVRPRVVH[XDOHVORVVHUHVKXPDQRV"
&RQDOJXQDGLIHUHQFLD
%HEDFXDQGRQRVFDVHPRV
13iJLQDV
(OODHOHYyORVRMRV/RVWHQtDOtPSLGRV1RKDEtDILQJLPLHQWRHQHOORVQLVLTXLHUD
FRTXHWHUtD
,xDTXH VH VLQWLy XQ SRFR PH]TXLQR SHUR QR OD VROWy /D GREOy XQ SRFR PiV
FRQWUDVt+DEOyHQVXRtGR
4XpSDVD"0HKDVPLUDGRGHXQDIRUPDUDUD
(OOD V~ELWDPHQWH VH GHVSUHQGLy /OHYy OD PDQR DO SHOR (UD XQD PDQR ILQD \
VXDYHPHQWHFXLGDGD/HWHPEODEDQXQSRFRORVGHGRV3DUHFtDTXHVXVHQVLELOLGDGVH
UHFRSLODEDDOOtVLQUHPHGLR
%HED
3HUGRQDGLMRDKRJDGDPHQWH1RSXHGRFRQWLQXDUEDLODQGR
<VHJXLGDPHQWHVHGLULJLyDODPHVD
6HVHQWy\PLHQWUDVpOFRQWLQXDEDGHSLHPLUiQGRODSHQVDWLYDPHQWHHOODOOHYy
HOYDVRDORVODELRV\EHELyGHVSDFLRXQSRFRVRIRFDGD
,xDTXHVHVHQWy
4XpFODVHGHPXMHUHUHV"7XItVLFRHVPRGHUQR\RGLUtDTXHXOWUDPRGHUQR
(VWiVDSXQWRGLUtD\RSRUWXItVLFRGHXVDUODPLQLIDOGD<HQFDPELRWHDVXVWD\WH
DEUXPDODIRUPDGHVHUGHOKRPEUHDFWXDO
1RVR\FDSD]GHDVLPLODUORTXHpOYHFRQWRGDQDWXUDOLGDG
4XHWHRSULPDEDLODQGR"
4XHPHWXUEHVDVt
%HED
1RORSXHGRUHPHGLDU
6R\WXQRYLR
3HURD~QQRHUHVPLPDULGRURWXQGD
eOULy7HQtDXQDULVDGLVWLQWDDODGH(UQHVWRSHUR%HEDHQDTXHOLQVWDQWHQRVH
SHUFDWyGHODGLIHUHQFLD
'HPRGRSHQVy,xDTXHTXHHOODLEDDODFD]D$ODFD]DGH(UQHVWRVHHQWLHQGH
1R PH GLUiV DSXQWy DO WLHPSR GH H[WHQGHU ODV PDQRV SRU HQFLPD GH OD
PHVDWUDWDQGRGHEXVFDUORVGHGRVIHPHQLQRVTXHQRYDVDFRQVHQWLUTXHWHEHVH
PLHQWUDVQRVHDWXPDULGR
(VRHVH[DFWDPHQWH
/RFXDOPHKDUiSHQVDUTXHHVWiVGLVSXHVWDDFD]DUPH
6HRIHQGLy
/RYLRHQVXVRMRVDOHOHYDUORVKDFLDpO(UDXQDPLUDGDIUtD\GLVWDQWH'LIHUHQWH
VREUHVDOWiQGROH
4XLHUHVGHMDUORHQHVWHPLVPRLQVWDQWH"SUHJXQWyFRQKHODGRDFHQWR
13iJLQDV
,xDTXHQRIXHFDSD]GHDVLUVXVGHGRV(OODORVPHWLyEDMRODPHVDORVFUX]yHQ
VXUHJD]R
%XHQR EXHQR WUDWy GH DSDFLJXDUOD QR QRV GLJDPRV GLVSDUDWHV &yPR
YR\DGLVLSDUHVDQXEHFLOOD"
1R PH DJUDGD MXJDU FRQ ODV SDODEUDV 1R PH DJUDGD HQ DEVROXWR PH
HQWLHQGHV"1LTXHVHMXHJXHFRQPLVVHQWLPLHQWRV<DVpTXHWLHQHVPiVGLQHURTXH
\RVRQULyDPHGLDVVDUFiVWLFD(QUHDOLGDG\RQRWHQJRXQFpQWLPR3HURQRPH
GHVOXPEUDHOGLQHUR-DPiVPHGHVOXPEUDUi4XHGDHVRELHQFODUR"
13iJLQDV
&DSLWXOR
&DSLWXOR
'HMDEDQHOORFDO
/D FDOOH VHJXtD DWHVWDGD GH WUiILFR ,xDTXH FRPR SXGR OD FRQGXMR KDVWD HO
HVWDFLRQDPLHQWR\DEULyODSRUWH]XHOD
$XQTXHSDUH]FDLPSRVLEOHDOJRVHKDEtDURWRHQWUHDPERV1RSRUpOSRUHOOD
TXHSDUHFtDSRQHUXQDEDUUHUDHQWUHORVGRV
,xDTXH FHUUy OD SRUWH]XHOD \ GLR OD YXHOWD DO DXWR DFRPRGiQGRVH DQWH HO
YRODQWH
(VWiVUDUDGLMRPDOKXPRUDGR1RVR\FDSD]GHHQWHQGHUWH
(V OR H[WUDxR 4XH QR PH HQWLHQGDV KR\ \ PH HQWHQGLHUDV DQWHV (VWD
FRQYHUVDFLyQ OD WXYLPRV D ORV SRFRV GtDV GH VDOLU MXQWRV 4XHGy ELHQ VHQWDGR PL
PRGRGHVHU\PLFRQFHSWRGHODPRU\GHORVKRPEUHV7~HVWXYLVWHGHDFXHUGRRDO
PHQRV FRQ WX VLOHQFLR DVt OR GLVWH D HQWHQGHU \ GH UHSHQWH YXHOYHV FRQ WXV
IRJRVLGDGHV
(OPX\FDQDOOLWDHVWDEDPLQDQGRHOFDPLQRDOR]RUUR
(QDOWDYR]PDQLIHVWy
1RVHSXHGHYLYLUDWXODGRVDEHUTXHHUHVODQRYLDGHXQR\GHMDUWHSDVDUVLQ
UR]DUWH
(VDHVODFRQGLFLyQ
4XpFRQGLFLyQ"
/DGHVDOLUFRQPLJR/DGHVHUQRYLRV
<RQRVR\FDSD]GHVHUXQQRYLREODQFRKDVWDTXHVHDXQPDULGR7HORGLJR
DKRUDSDUDTXHORVHSDV\QRQRVHTXLYRTXHPRVORVGRV
/RVLHQWR
4XpVLHQWHV"VHH[DOWypO
4XHWHQJDPRVTXHGHMDUORDVt
7HUHILHUHVDQXHVWUDVUHODFLRQHV"
$HVRPHUHILHUR
%HED GLMR FDVL H[DVSHUDGR 8QD FRVD HV DEXVDU GHO QRYLD]JR \ RWUD
PDQLIHVWDUQRV XQR D RWUR TXH H[LVWH DOJR HQ FRP~Q XQRV VHQWLPLHQWRV XQDV
UHODFLRQHVFRQYLVWDDOPDWULPRQLR
1R HVWR\ GH DFXHUGR /RV VHQWLPLHQWRV VH GREOHJDQ \ HQ FXDQWR DO
PDWULPRQLRDODUJRSOD]RSXHGHURPSHUVHHQFXDOTXLHUPRPHQWR1RVR\PXMHUTXH
OOHYHVREUHVLHOODVWUHGHXQDVIDPLOLDULGDGHVLQWLPDVFRQXQKRPEUH\VHFDVHOXHJR
FRQRWUR
3RUORYLVWRW~ORTXHGHVHDVHVTXH\RPHFDVHPDxDQDPLVPR
13iJLQDV
(ODXWRVHGHWHQtDDQWHODFDVDGHODFDOOHGHO*HQHUDO6DQMXUMR
%HED 4XLQWDQD GHQWUR GH VX GHOLFDGD IDVFLQDFLyQ DVLy OD PDQLOOD GH OD
SRUWH]XHOD&RQVHTXHGDGGLMR
1RYR\DWXFDVD3HURWDPSRFRSLHQVRLQWLPDUFRQWLJRHQHOVHQWLGRTXHW~OR
GHVHDV6LQRHVWiVGHDFXHUGR
,EDDGHVFHQGHU
(OUDELRVRSXHVQRHUDWDQGLSORPiWLFRFRPR(UQHVWRODDJDUUySRUXQEUD]R
$JXDUGD
3DUDTXp"<DHVWiWRGRFODUR6LW~SLHQVDVTXHYR\DWXFD]D\\RQRHVWR\GH
DFXHUGR HQ TXH OR SLHQVHV OR PHMRU HV TXH QRV VHSDUHPRV HQ HVWH LQVWDQWH \ SDUD
VLHPSUH
3RUWRGDUHVSXHVWD,xDTXHTXHQRHVWDEDDFRVWXPEUDGRDVDOLUXQGtDFRQXQD
FKLFDVLQEHVDUODWLUyGHOEUD]RIHPHQLQR(OODTXHGyODGHDGDHQVXKRPEUR/RPLUy
6XVRMRVSDUHFtDQWHQHUIXHJR
6LPHWRFDV
7HQtDTXHWRFDUOD
)XHDEHVDUODFRQWRGDVVXVIXHU]DVSHURHOODSXVRODPDQRHQPHGLRGHODERFD
GHORVGRV\GLMREDMRLQWHQVDPHQWH
1RWHORSHUGRQDUtDMDPiV
/RQHFHVLWR
&RPRVLQR<RVpSDVDU
3XHGHV"
3XHGR
6DEHV SRU TXp" 3RUTXHQR PHDPDV3RUTXH HVWiV GLVSXHVWD D FD]DUPH VHD
FRPRVHD
6HHVFXUULyGHVXVEUD]RV\GHVFHQGLy6HTXHGyGHSLHOLQGDHLQFLWDQWHDQWHOD
SRUWH]XHODDELHUWD
7RPDGLMRWLUiQGROHDOJRDODPDQR7RPD(VHODQLOORTXHPHUHJDODVWH
HOGtDTXHPHSHGLVWHUHODFLRQHV
$QLOOR \ WRGR (UQHVWR KDFLD ODV FRVDV R QR ODV KDFtD \ OXHJR FXDQGR VH FDQVDED GHO
MXHJREXVFDEDXQSUHWH[WRTXHFDVLVLHPSUHFRQGHQDEDDODPXMHU\ODGHMDEDSODQWDGD
(OPX\FDQDOOD
4XpGDWHFRQpO(UQHVWR(VWRVHKDWHUPLQDGR
< GDQGR OD YXHOWD JHQWLOtVLPD GHFLGLGD VH SHUGLy HQ HO DQFKR H LOXPLQDGR
SRUWDO
,xDTXHWDUGyXQRVPRPHQWRVHQSRQHUHODXWRHQPDUFKD&XDQGRORKL]RWHQtD
FRPRXQDH[WUDxDOX]HQVXVRMRV\XQULFWXVUDURHQORVODELRV
13iJLQDV

6LpQWDWH0DWtDV
6LVHxRU
3HURQRVHVHQWy
0DWtDVWHKHGLFKRTXHWHVLHQWHVJULWy,xDTXHH[DVSHUDGR
0DWtDVORKL]RFRPRVLIXHUDSORPR\FD\HUDGHUHSHQWHHQXQSR]RVLQIRQGR
0DWtDV HPSH]y ,xDTXH FRQ ORV GLHQWHV FDVL DSUHWDGRV 7~ FRQRFHV D PL
KHUPDQRPHMRUTXH\R
3XHGHVHUVHxRU
3XHGHQRHV
6LHOVHxRUORGLFH
0DWtDVGpMDWHGHHQVHxRUHDUPHWDQWR\VpPiVVLQFHUR
/RHVWR\VLHQGRVHxRU
1R PH GHVHVSHUHV 4Xp LQWHQFLRQHV WHQtD PL KHUPDQR FRQ UHVSHFWR D %HED
4XLQWDQD"
6R\KRQUDGRVHxRU
&yPR"4XpVLJQLILFR\RDTXt"1RVR\WDQVHxRU\WDQVXSHULRUWX\RFRPR
pO"
3HUR\RQXQFDGLUpDOVHxRU(UQHVWRORTXHSLHQVD\GLFHHOVHxRU,xDTXH
0DWtDV TXH HVWiV DFDEDQGRFRQ PL SDFLHQFLD 0H HVWR\ MXJDQGR HO URVWUR HQ
HVWR\DOJRPiV<QRHVWR\GLVSXHVWRDMXJDUFRQEDUDMDVSUHVWDGDV6RQODVPLVPDV\
TXLHURFRQRFHUODV
6tVHxRU
6tVHxRUQRPDOGLWDVHD+DEODFODUR0LKHUPDQRWLHQHODPDODFRVWXPEUH
GH KDEODU HQ DOWD YR] FXDQGR VH FUHH VROR \ W~ WLHQHV OD PDOGLWD FRVWXPEUH GH
HVFXFKDUORWRGR
6HxRUPHRIHQGHXVWHG
0DWtDVTXHFRQHVDFDUDGHERERVDEHVW~PiVTXH6yFUDWHV
(OJDWRVHxRU"
4Xp JDWR QL TXp QDULFHV 0H UHILHUR DO ILOyVRIR QR D QXHVWUR JDWR 'LPH
0DWtDVTXpWHHVWDEDSUHJXQWDQGR"
'HFtDHOVHxRUTXH\RVDEtDPXFKRVHxRU
/iUJDWHGHDTXt0DWtDV
&HQDPRVVHxRU"
&HQDPRV"4XpPDQtDHVHVDGHKDEODUHQSOXUDO"
13iJLQDV
3HUGRQHHOVHxRU&UHRTXHTXHYDVLHQGRKRUDGHTXHQRVDOLPHQWHPRV
0DWtDV TXH VHD OD ~OWLPD YH] TXH PH DVRFLDV D WX DSHWLWR (VWi FODUR" <
DKRUDSXHVWRTXHQRTXLHUHVGHFLUORTXHSLHQVDPLJHPHORGHVXQRYLD
'HODGHpOVHxRURGHODGHXVWHG"
0DWtDVHUHVILHODQXHVWUROHPD
6tVHxRU
3XHVVLORHUHVHQHVWHLQVWDQWH\RHVWR\VRORHQHVWHSLVR\WHQJRXQDQRYLD
(OSDVDGRQRFXHQWDFRQPLJHPHOR2PHMRUGLFKRHOSUHVHQWH
6tVHxRU
/DUJDQGR
0DWtDVVHDSUHVXUyDGHVDSDUHFHUSDUDUHDSDUHFHUFDVLLQPHGLDWDPHQWH
6HTXHGySODQWDGRHQODSXHUWDFRPRFRKLELGR$OPHQRVpVDHUDVXH[SUHVLyQ
SHUR,xDTXHORFRQRFtDORVXILFLHQWHSDUDVDEHUTXHMDPiVVHFRKLEtDDTXHOWXQDQWH
/DFHQDHVWiVHUYLGDVHxRU
9R\SHURLQPHGLDWDPHQWHOROODPy9HQXQPRPHQWR0DWtDV
(O FULDGR IODFR \ GHVJDUEDGR DYDQ]y VLQ SULVDV &RQ HVH UHVSHWR TXH VH
DSDUHQWDDXQTXHQRVHVLHQWH
8VWHGGLUiVHxRU
(VWXYLVWHDOJXQDYH]HQDPRUDGR"
1XQFDVHxRU
-DPiV"
0DWtDVSXVRH[SUHVLyQGHVRODGD
-DPiVVHxRU
%LHQSXHV\RORHVWR\'HODQRYLDGHPLJHPHORKDFHPiVGHVHLVPHVHV7H
HQWHUDVELHQ"<QRPHPLUHVFRQHVDH[SUHVLyQLQFUpGXOD(VWDYH]HVHQVHULR<DVp
TXHPHHQDPRURPiVYHFHVTXHW~WHFDPELDVGHFDPLVDSHURXQRQRWLHQHODFXOSD
VHGHUUXPEyHQXQDEXWDFD\HVWLUyODSLHUQDHQHOEUD]RGHODPLVPD8QRWLHQH
VHQVLELOLGDG \ HV VHQWLPHQWDO \ WRGR HVR 4Xp GH SDUWLFXODU WLHQH TXH PH KD\D
HQDPRUDGR"<TXpFXOSDWHQJR\RYDPRVDYHUGHTXHPLJHPHORVHYD\DGHYLDMH
DO H[WUDQMHUR \ PH HQFDUJXH TXH OH GHVSLGD GH VX QRYLD" < TXp FXOSD WHQJR \R
WDPELpQGHTXHD(UQHVWRQROHJXVWHHVFULELUFDUWDV"
3HURVXSyQJDVHHOVHxRUTXHOHGDSRUHVFULELUXQDDVXQRYLD
'LDQWUHHUDYHUGDG
0DWtDVJULWySRQLpQGRVHHQSLH3RQLQPHGLDWDPHQWHXQFDEOH
8QTXp"
13iJLQDV
8QFDEOH\OHGLUiVDPLKHUPDQRTXHODVHxRULWD%HED4XLQWDQDKDVDOLGRGH
YLDMH FRQ VX SDGUH HQ GLUHFFLyQ DGRQGH WH SDUH]FD 0X\ OHMRV $Vt QR FDEH OD
SRVLELOLGDGGHTXHOHHVFULED
'HERDxDGLUDOJRHVSHFLDOVHxRU"
(OURVWURLPSDVLEOHGHOFULDGRFULVSyORVQHUYLRVGH,xDTXH
6HSXVRHQSLHGHXQVDOWR\JULWyHQIXUHFLGR
6DEHV XQD FRVD 0DWtDV" (UHV WDQ FHUGR FRPR PL KHUPDQR 1R QR QDGD
HVSHFLDO6LPSOHPHQWHORTXHWHKHGLFKR\F~UVDOHHOFDEOHDKRUDPLVPR
1RUHIOH[LRQDPRVXQSRFRVHxRU"
&yPR"4Xp"2WUDYH]HOSOXUDO"
3HUGRQHHOVHxRU
,xDTXHVHUHVLJQy3XVRHVDH[SUHVLyQERQDFKRQDGHOPXFKDFKRERQDFKyQTXH
SUHWHQGHVRQVDFDUDOGpELOFULDGR
6HDFHUFyDpOPX\GHVSDFLR/RPLUyDORVRMRV0DWtDVVRVWXYRYDOLHQWHPHQWHOD
PLUDGD
0DWtDVHUHVPLDPLJR
<VXFULDGRVHxRU
3HURHVTXHHQHVWHLQVWDQWH\RQHFHVLWRTXHVHDVPiVPLDPLJRTXHPLFULDGR
6tVHxRU
(VWiELHQSXHVFRPRHUHVPLDPLJR\RWHSUHJXQWR0DWtDVTXHULGRTXpHVOR
TXH SLHQVD PL KHUPDQR FRQ UHODFLyQ D VX QRYLD 9D HQ VHULR" 3LHQVD FDVDUVH FRQ
HOOD"(VWiHQDPRUDGR"
1RPHKDUHIHULGRVXVVHFUHWRVVHxRU
0DWtDV TXH QRV FRQRFHPRV 4XH PL JHPHOR WLHQH OD FRFKLQD FRVWXPEUH GH
KDEODUDOWR\W~ODFRFKLQDPDQtDGHHVFXFKDUGHWUiVGHODVSXHUWDV
(OVHxRUPHRIHQGHPXFKR
,xDTXH\DQRSRGtDPiV
(VWDED LQTXLHWR \ PDOKXPRUDGR < DTXHO VLOHQFLR \ FHUUDGXUD GHO FULDGR OH
VDFDEDQGHTXLFLR
$EULy OD SXHUWD \ GH XQ WLUyQ HPSXMy D 0DWtDV GH WDO PRGR TXH pVWH KXER GH
VDOLUWDPEDOHiQGRVH
/DFHQDHVWiVHUYLGDVHxRULEDGLFLHQGRDWUDJDQWDGR
&HQDW~\WXSDULHQWHPiVSUy[LPRJULWy,xDTXHGLULJLpQGRVHDODSXHUWD<
VDOLHQGRSRUHOODGLRXQIRUPLGDEOHSRUWD]R
6HYLRHQSOHQDFDOOHPLUDQGRDORDOWR1RVDEtDDGyQGHLU4XLVLHUDSRGHURtUOD
YR]GH%HEDDXQTXHIXHUDSDUDGHVSUHFLDUOR
13iJLQDV
$SUHVXUyHOSDVR1HFHVLWDEDDWXUGLUVHDTXHOODQRFKH2OYLGDUVHGHODILGHOLGDG
GH0DWtDVGHODPDUFKDGHVXKHUPDQRGHODLQTXLHWXGFRQWDJLRVDGH%HED
13iJLQDV
&DSLWXOR
&DSLWXOR
1R HUD SRVLEOH VRSRUWDU D (XJHQLD QL D /HRQRU QL D FXDQWDV OH URGHDEDQ HQ
DTXHOLQVWDQWH6HKDOODEDHQXQFDEDUHW\PDOGLWDODJDQDTXHWHQtDGHGLYHUWLUVH
4Xp GLDEORV PH SDVD" VH SUHJXQWy PDOKXPRUDGR (V OD SULPHUD YH] HQ PL YLGD
TXHQRPHGLYLHUWR
%HED 4XLQWDQD" 6L SRVLEOHPHQWH WHQtD WRGD OD FXOSD %HED 4XLQWDQD DTXHOOD
FKLTXLOODGLIHUHQWHTXHVHQHJDEDDVHUEHVDGDSRUVXQRYLR
(VWiVPX\FDOODGLWRKR\DPRUPtRVXVXUUyDVXODGRXQDOLQGDPXFKDFKD
/DPLUyKDVWLDGR
6tGHV~ELWRVHQWtDKDVWtR&RPRVLGXUDQWHDxRVHVWXYLHUDFRPLHQGRSDVWHO\GH
UHSHQWHOHHQWUDUDXQDLQGLJHVWLyQ
/H URGHDED XQ JUXSR GH EHOODV PXMHUHV &RUUtD HO FKDPSiQ 8QR GH ORV
HQFDUJDGRVGHODVDODPLUDEDFRPSODFLGRHOFXDGURIRUPDGRSRUHOIUtYRORPLOORQDULR
\ODVPXMHUHVGHGLFDGDVHQHOORFDODKDFHUSDJDUORVJDVWRVGHORVKRPEUHV
(VWDEDWDQKDUWR\WDQKDVWLDGRTXHHQDTXHOPRPHQWRKXELHUDMXUDGRQRYROYHU
DOOt VL QR VH FRQRFLHUD OR VXILFLHQWH \ VXSLHUD GH DQWHPDQR TXH DO GtD VLJXLHQWH VH
ROYLGDUtDGHOKDVWtRDFWXDO
1R REVWDQWH HQ DTXHO PRPHQWR GHFLGLy VDOLU GH DOOt WRPDU HO DLUH SHQVDU VL
SRGtD\ROYLGDUVHGHWRGDDTXHOODSRGUHGXPEUH
6XELy DO DXWR GHVR\HQGR D ODV FKLFDV TXH OR OODPDEDQ \ OR SXVR HQ PDUFKD
5RGy SRU WRGDV ODV FDOOHV GH 0DGULG FRPR XQ GHVRULHQWDGR \ D ODV FXDWUR GH OD
PDxDQDHQWUDEDHQVXOXMRVRDSDUWDPHQWRGHODDYHQLGDGHO*HQHUDOtVLPR
0DWtDV HQ HO YHVWtEXOR GRUPLWDED VREUH OD PLVPD DOIRPEUD ,xDTXH FHUUy OD
SXHUWD \ FRQWHPSOy EXUORQDPHQWH DO FULDGR 7HQtD XQD VLOOD PX\ FHUFD \ GHGXMR D
MX]JDU SRU OD SRVWXUD SRFR FyPRGD GHO FULDGR DFXUUXFDGR HQ HO VXHOR TXH VH IXH
HVFXUULHQGRGHHOODKDVWDFDHUVREUHODDOIRPEUD
6HTXLWyHOJDEiQ\VHDFHUFyD0DWtDV/HWRFyHQHOKRPEUR
(OFULDGROHYDQWyGHVSDYRULGRODFDEH]D
(KDK4XpSDVD"PLUyHQWRUQR'yQGHHVWR\"
'H V~ELWR DO YHUVH HQ HO VXHOR VH OHYDQWy GH XQ VDOWR DOLVy HO WUDMH QHJUR
FDUUDVSHy\VHSXVRILUPH
3HUGRQHHOVHxRU&UHRTXHFDUUDVSHy&UHRTXHPHKHGRUPLGR
,xDTXH FUX]y ORV EUD]RV HQ HO SHFKR &RQWHPSOy DO FULDGR FRQ H[SUHVLyQ HQWUH
WLHUQD\EXUORQD
7HKHGLFKRPXFKDVYHFHV0DWtDVTXHQRPHGHEHVHVSHUDU
(OVHxRUVHVHHTXLYRFD<RQRHVWR\HVSHUDQGRDOVHxRU
,xDTXHOHSDVyXQEUD]RSRUORVKRPEURV
13iJLQDV
1R FUHDV 0DWtDV FRQIHVy EDMR FRQ UDUD HQWRQDFLyQ FDPLQDQGR MXQWR DO
FULDGR HQ GLUHFFLyQ DO VDOyQ $ YHFHV XQ KRPEUH KHFKR \GHUHFKR FRQ YHLQWLVLHWH
DxRV VH VLHQWH HQWHUQHFLGR DQWH XQD GHPRVWUDFLyQ GH FDULxR 8QD VLPSOH
GHPRVWUDFLyQFRPRHVODHVSHUDGHXQFULDGRDODVFXDWURGHODPDGUXJDGD6DEHV
0DWtDV" 1R FUHDV TXH HVWR\ ERUUDFKR &UHR TXH QR KH EHELGR PiV GH GRV FRSDV GH
FKDPSiQ 3HUR KH SHQVDGR 'H UHSHQWH XQR VLHQWH GHVHRV GH SHQVDU \ SLHQVD VLQ
UHPHGLR\VHYHDVtPLVPR\VHVLHQWHFyPRWHGLUp"&RPRXQVHUGHVYDOLGRHQ
PHGLR GH XQ IUDJRU LQIHUQDO GH SDVLRQHV GH GHVHRV GH IDOVHGDGHV VH HFKy D UHtU
VDUFiVWLFR $O YHUWH DKt DFXUUXFDGR HQ OD DOIRPEUD TXLVLHUD KDEHUWH TXLWDGR ORV
SDQWDORQHV0DWtDV\ODEDUED\HOELJRWH<DYHVFyPRVRQODVFRVDV+XELHUDTXHULGR
SRQHUWHDFDPELRXQDIDOGDXQRVFDEHOORVODUJRV\XQDVRQULVDGHPXMHU1RYLDVQR
0DWtDV/DVRQULVDGHXQDPDGUH<DYHVW~6R\LGLRWDQR"
0DWtDVWHQtDXQQXGRHQODJDUJDQWD
(O VHxRULWR ,xDTXH HUD DVt $ YHFHV GHFtD XQDV FRVDV TXH OOHJDEDQDO DOPD (UD
GLVWLQWR D (UQHVWR (UD VX JHPHOR SHUR tQWLPDPHQWH QR VH SDUHFtDQ HQ QDGD (O
VHxRULWR (UQHVWR HUD IUtR \ FDOFXODGRU VDEtD KDFHU ODV FRVDV \ ODVWLPDED FRQ VX
PXQGDQD VRQULVD (Q FDPELR ,xDTXH HUD DPDEOH \ D YHFHV HQWHUQHFHGRU \ DOJXQD
YH]FRPRDTXHOODQRFKHVHQWLPHQWDO\QREORWH
1RKHFRQRFLGRDPLPDGUHGHFtD,xDTXHFRPRVLUHIOH[LRQDUDHQDOWDYR]
HQWUDQGRHQHOVDOyQFDVLHQSHQXPEUD\EXVFDQGRXQVRIiGRQGHVHGHUUXPEyFRPR
XQ IDUGR 1R KHVHQWLGR VX WHUQXUD QLVXPLUDGD QL VXYR] (VR GXHOH DXQTXH
XQRWUDWHGHRFXOWDUOR'XHOHDTXt\DOJRVHGHVJDUUDVHHFKyDUHtUFRQXQDULVD
HVSDVPyGLFD TXH QR HQJDxy DO FULDGR TXLHQ ILUPH DQWH pO OR PLUDED HQWUH
HQWHUQHFLGR\DVRPEUDGR6R\XQPDMDGHURQR"4XpSLHQVDVW~GHPt0DWtDV"
<R WH YR\ D GHFLU XQD FRVD TXH QXQFD GLMH D QDGLH 1R KD\ FRVD SHRU TXH SRVHHUOR
WRGR4XHWHQHUGLQHURFRQTXHFRPSUDUORWRGR'HVGHODKRQUDGHXQDPXMHUKDVWD
ORVSXURVKDEDQRVODVPHQWLUDVGHOSUyMLPR\WRGDVVXVIDOVHGDGHV7RGRVHFRPSUD
0DWtDV7~ORVDEtDV"
7HQtDPHGLDLGHDVHxRU
6tWRGRVHFRPSUD(VORWHUULEOHFXDQGRVHOOHJDDHVDFRQFOXVLyQ7LHQHVDVFR
\WHGDUDELDKDVWDVHUKXPDQR<RGHERHVWDUPX\HQDPRUDGR0DWtDV7HMXURTXH
HOOD PH JXVWDED FRPR QLQJXQD PXMHU 7H OR MXUR 0DWtDV /DV GHPiV PH VHUYtDQ GH
HQWUHWHQLPLHQWRHOODGHHVWtPXOR(PSH]DEDDFUHHUHQODVFRVDVEHOODVHQODVTXHVH
JDQDQFRQWHVyQ\FRQWHUQXUD\QRVHYHQGHQ3HURXQGtDDSDUHFLy(UQHVWR\PHOD
TXLWy$VtFRPRVXHQD
6HxRUHVPX\WDUGH&UHRTXHHVWiDPDQHFLHQGR
,xDTXHQLVLTXLHUDOHR\y6HKDOODEDWHQGLGRFXDQODUJRHUDHQHOGLYiQFRQODV
PDQRVEDMRODQXFDLQPyYLOPLUDQGRDOIUHQWHFRPRVLHVWXYLHUDVROR \OH R\HUDVX
RWUR\R
0HGROLy$OOtHQHOIRQGRGHPLVHUFRPRXQDGHVJDUUDGXUD(UDODSULPHUD
YH]HQPLYLGDTXHDOJXLHQPHTXLWDEDXQDFRVDTXH\RTXHUtDGHYHUGDG%XHQR
ULy HVSDVPyGLFDPHQWH HUD OD VHJXQGD YH] TXH PH TXLWDEDQ DOJR SHUR HO GRORU
HUDPX\SDUHFLGR8QGtDVLHQGR\RGHPDVLDGRSHTXHxRXQFULDGRPHGLMR7X
13iJLQDV
PDGUHKD VXELGR DO FLHOR <R WHQtDXQD LGHD FRQIXVD GHDTXHO FLHORSHUR VL VDEtD TXH
TXLHQVHLEDDpOMDPiVYROYtD<ODQRWLFLDPHGHVJDUUyGHFXDMR6pTXHSDVpQRFKHV
HQWHUDVOORUDQGR\PLJHPHORPHFRQVRODEDeOQRTXHUtDOORUDU$SUHWDEDODERFD\
PH GDED FRQVHMRV HQ YR] TXH VRQDED PX\ UDUD $ ORV GRV DxRV FXDQGR \D DPERV
VDEtDPRV PiV FRVDV GH OD YLGD \ WHQtDPRV XQD LGHD PHQRV FRQIXVD GHO FLHOR RWUD
PXMHUDSDUHFLyHQODFDVD
0LUyD0DWtDVFRPRVLGHVSHUWDUD
1RWHFDQVR0DWtDV"
1RPHHPRFLRQDPXFKRHOVHxRU
-LHPLWLyXQDULVLWD-L3HURDTXHOODPXMHU0DWtDV\DQRVXEtDDGDUQRV
EHVRV SRU ODV QRFKHV 1L QRV OODPDED YLGDV VX\DV QL QRV YHVWtD QL QRV EDxDED <
DGHPiV DFDSDUDED D SDSi 8Q GtD HO VHFUHWDULR GH PL SDGUH QRV GLMR 0DxDQD RV
OOHYRDXQFROHJLR1RVOOHYDURQ1RVTXHGDPRVDOOt(UQHVWRUHtDIHOL]<RPHVHQWtD
PXHUWRGHUHSHQWHVDOWyGHOGLYiQJULWDQGRFRPRXQORFR3RUTXpWHFXHQWR
HVWR"4XpWHLPSRUWDDWLFXDQWR\RSLHQVRRVLHQWR"/DUJRODUJRGHDTXt
3HUGyQVHxRU<R\R
+XtDKDFLDODSXHUWD
,xDTXHYROYLyDGHUUXPEDUVHHQHOVLOOyQ\FHUUyORVRMRV

7tD3HSDVHKDOODEDVRODHQHOVDORQFLWR
2tDHOWUDMtQGH)HOLVDHQODFRFLQD\VXFDQWXUUHRXQSRFRDVPiWLFR
)pOL[VHKDEtDLGRDOD)DFXOWDGPRPHQWRVDQWHV\%HEDD~QQRKDEtDUHJUHVDGR
GHPLVD%HEDHUDPX\FDWyOLFD1RSDVDEDXQGtDVLQTXHR\HUDPLVD<GHVSXpVSRU
ODWDUGHLEDDOURSHURGHFDULGDG\SRUODVQRFKHVODREOLJDEDDHOODDDFRPSDxDUODHQ
VXURVDULR
(OODOHGHFtDPXFKDVYHFHV3DUHFHTXHWLHQHVYRFDFLyQGHPRQMD
%HEDVRQUHtDWDQVyOR'HVSXpVDOUDWRFRPHQWDED
8QDFRVDQRWLHQHTXHYHUFRQODRWUD
< QXQFD GDED PXFKDV PiV H[SOLFDFLRQHV \ HVR TXH FRQ HOOD WHQtD DEVROXWD
FRQILDQ]D
(QDTXHOLQVWDQWHGHWHQLHQGRORVSHQVDPLHQWRVGHODVROWHURQDVRQyHOWLPEUH
GHOWHOpIRQR
7tD3HSDVyORWXYRTXHDODUJDUODPDQR\DVLUHOUHFHSWRU
'tJDPH
%XHQRVGtDVWtD3HSD
/DVROWHURQDFDVLGLRXQUHVSLQJR
4XLpQHVXVWHG"
13iJLQDV
(UQHVWR
2K
1RVHUHFXHUGDGHPt"
&ODURH[FODPyODVROWHURQDWUDVXQPRPHQWRGHUHIOH[LyQ7HYLFRQ%HED
QRKDFHQLXQPHV$OVDOLU\RGHFDVDHVWDEDLVORVGRVHQHOSRUWDO
(VRHV
/RUHFXHUGRSHUIHFWDPHQWH
6XUJLyXQDSDXVD
'HPRPHQWRFUHtTXHHUDV,xDTXH7HQpLVODYR]SDUHFLGD
$pOOHFRQRFHXQSRFRPiVTXHDPtQRHVHVR"
7tD3HSDVRQULyDELHUWDPHQWH
3XHVVt7XYHRFDVLyQGHKDEODUFRQpOFDVLXQDWDUGHHQWHUD(OGtDTXH%HED
OR FRQRFLy GLMR FRQ QDWXUDOLGDG IXH HQ FDVD GH ORV 6DPDQLHJR 8QD SXHVWD GH
ODUJR VDEHV" <R DFRPSDxp D %HED \ DOOt QRV SUHVHQWDURQ $ SDUWLU GH HQWRQFHV OR
HQFRQWUpHQDOJ~QVLWLR
7tD3HSD
'LPHKLMRGLPH
1RHVWi%HED"
+DLGRDPLVD
&HUFD"SUHJXQWyUiSLGDPHQWH
$TXtPLVPRDGRVFDOOHV
(QWRQFHVLUpDEXVFDUOD(VWDPRVXQSRFRHQIDGDGRV
&ODUR <D PH OR SDUHFLy $\HU QRFKH \R MXUDUtD TXH HVWDED PDOKXPRUDGD
9DULDVYHFHVVDOLy\YROYLyDHQWUDUHQODVDOLWD0HSDUHFLyLQTXLHWD
(VWR\ORFRSRUHOODWtD3HSD
/DGDPDVLQWLyXQDVHQVDFLyQH[WUDxD'LMRDWURSHOODGDPHQWH
0XFKDFKRTXpUDUR5HDOPHQWHPHSDUHFLyWXJHPHOR
2K
%XHQRHUDQILJXUDFLRQHVPtDVQR"
<WDQWR0LKHUPDQRQRHVWDQVLQFHUR
0LUD FyPR VRQ ODV FRVDV ULy OD GDPD GLYHUWLGD $ Pt WX JHPHOR PH
UHVXOWDPX\VLPSiWLFR
(VXVWHGXQVROWtD3HSD
&yPR"4XpGLFHV"
1DGD4XHYR\DEXVFDUD%HED
13iJLQDV
<FROJy
(QDTXHOLQVWDQWHHQWUy%HED
$FDEDGHKDEODU(UQHVWRGLMRWtD3HSDFRQQDWXUDOLGDG
/RVRMRVGH%HEDUHOXFLHURQ3HURVXYR]VRQyGLVSOLFHQWH
%DK
(VWiLVHQIDGDGRV"'LMRTXHLEDDHVSHUDUWHDODVDOLGDGHOWHPSOR
3XHV\DHVWR\DTXt
<DWHYHRJUXxyODGDPD4XpRVSDVD"
1RORVpQL\RPLVPDVHGHUUXPEyHQXQDEXWDFD$WLSXHGRGHFtUWHOR
WtD3HSD0HRFXUUHXQDFRVDUDUtVLPD0HGDODVHQVDFLyQGHTXHDFDERGHFRQRFHUD
(UQHVWR\HVRPHFRQWUDULD/OHYDPRVGRVPHVHVRPiVVDOLHQGRMXQWRVWRGRVORVGtDV
VRPRV QRYLRV \ VXSRQJR TXH DOJ~Q GtD QRV FDVDUHPRV < GH V~ELWR (UQHVWR
UHVXOWDSDUDPtGHVFRQRFLGR
6L"
7HUtHVGHPtUHSURFKyODMRYHQ
(QPRGRDOJXQRTXHULGD6LTXLHUHVXQFRQVHMR
/RQHFHVLWR
7~HVWiVHQDPRUDGDGHpO0X\HQDPRUDGD
%HEDSDVyORVGHGRVSRUHOSHOR/RDOLVyPDTXLQDOPHQWH6HTXLWyODPDQWLOOD\
QHUYLRVDPHQWHSURFHGLyDGREODUOD
1R OR Vp 6XSRQJR TXH HVWD LQTXLHWXG VH GHEH D HVR 'HODQWH GH SDSi QR
SXHGRGHFLUQDGD<DVDEHVODRSLQLyQTXHWLHQHpOGHODPRU\ORVKRPEUHVULFRV
2OYtGDWHGHTXHHVULFReOHVWiSURIXQGDPHQWHLQWHUHVDGRSRUWL
/RFUHHVGHYHUDV"
<HVWXYRDSXQWRGHDxDGLU6yORSDUDEHVDUPH\WRFDUPH3HURQRSXGRGHFLUOR
4XpVDEtDVXWtDGHWRGRDTXHOORVLHUDVROWHUD"
7tD 3HSD GH VDEHU OR TXH SHQVDED VX VREULQD KXELHUD SURWHVWDGR JULWDQGR
3HURQLxD TXp WH KDV FUHtGR TXH VR\ EREDTXH QXQFD IXL MRYHQ TXH QR WXYH QRYLRV" <
KXELHVHDxDGLGR<DPHEHVDURQSDUDTXHOHHQWHUHV0HEHVDURQVt\QRPHFDVpSRUTXH
QRPHGLRODJDQD6pPX\ELHQORTXHHVXQKRPEUH\XQRVEHVRV
3HUR QR IXH SUHFLVR SRUTXH HQ DTXHO LQVWDQWH YROYLy D VRQDU HO WHOpIRQR \ WtD
3HSDPX\GLVFUHWDPHQWHVHSXVRHQSLH\GHMyHOVDORQFLWR
$GyQGHYDVWtD3HSD"VHVRIRFyODMRYHQ&RQWHVWDW~DOWHOpIRQR
(VR Vt TXH QR ULy OD GDPD WUDVSRQLHQGR HO XPEUDO (V (UQHVWR
$UUpJODWHODVFRPRSXHGDV
13iJLQDV
&DSLWXOR
&DSLWXOR
'LJD
+ROD
8QVLOHQFLR
'HVSXpV
+ROD
)XLDEXVFDUWHDODVDOLGDGHOWHPSOR1RUH]DEDQ\DODPLVD
6t
6tTXp"
(VWR\HQFDVD
&ODUR<DWHRLJR3XHGHVVDOLU"
8QWLWXEHR
3DUDTXp"(QGRVPHVHVGHUHODFLRQHVHVODVHJXQGDYH]TXHXVDVHOWHOpIRQR
< HVR TXp WLHQH TXH YHU" 6L QR WXYH QHFHVLGDG GH XVDUOR PiV YHFHV
$GHPiVDKRUDHVGLVWLQWR(VWiVHQIDGDGD
<RQRURWXQGD)XLVWHW~FRQWXVLPSHUWLQHQFLDVTXLHQPHHQIDGy
'LVF~OSDPH1XQFDHVWXYHDVt
$Vt"&yPR"
&RPR HVWR\ SRU XQD FKLFD 3XHGHV WHQHU ODSOHQDFHUWLGXPEUH GH TXH MDPiV
PHHQDPRUpGHYHUDVKDVWDDKRUD
(UQHVWR
'LPH
1RVRSRUWRWXV
'LOR$SXHVWRDTXHHVWiVUXERUL]DGD3RUTXpHUHVWDQWRQWD"7DQWtPLGD\
PRMLJDWD",EDVDGHFLUWXVIRJRVLGDGHV\WHGDYHUJHQ]D
3XHVHVR
6LVR\WXQRYLR
6DEHVPX\ELHQTXHKHLPSXHVWRXQDFRQGLFLyQ1DGDGHIDPLOLDULVPRV
(VR HV LPSRVLEOH FDVL JULWy ,xDTXH DO RWUR ODGR PDOGLFLHQGR LQ PHQWH DO
VLQYHUJHQ]D GH VX KHUPDQR TXH SURPHWtD PX\ VHULDPHQWH OR TXH QXQFD LED D
FXPSOLU 3HUR QR XVDED FDUHWD /R GHFtD FRPR OR VHQWtD %HED PXFKDFKLWD QR
SRGHPRVVDOLUSRUODPDxDQD"
$KRUD"
13iJLQDV
'HQWUR GH XQD KRUD SRU HMHPSOR 7RPDPRVMXQLRV HO YHUPXW FRPHPRV SRU
DKt
1R URWXQGD (Q SULPHU OXJDU \R QR VR\ XQD SRWHQWDGD 9LYR HQ XQD
HVIHUD VRFLDO REOLJDGD SRU OD SURIHVLyQ GH PL SDGUH TXH QR YD GH DFXHUGR FRQ
QXHVWUDHFRQRPtD1RWHQHPRVPiVTXHXQDFULDGD\KHGHD\XGDUDWtD3HSDDKDFHU
ODV FRVDV \ OD OLPSLH]D SDUD TXH )HOLVD SXHGD FRFLQDU WUDQTXLODPHQWH 3DSi HV PX\
H[LJHQWHSDUDODVFRPLGDV3UHILHUHXQDFULDGDTXHVHSDVHUYLUODPHVD\FRQIHFFLRQDU
XQDFRPLGDDGRVFULDGDVSDUDODOLPSLH]D
%HED
6L
<DQRHVWiVHQIDGDGD"
<DFRQRFHVODFRQGLFLyQ
1RSXHGRJULWy1RSXHGR
(UQHVWR
4XHORSDUWDXQUD\R
4XpGLFHV"
2K SHUGRQD %HED 'HFtD TXH TXH PH SDUWD XQ UD\R SRU VHU WDQWHUFR \
WDQDSDVLRQDGR(VWiELHQ$TXpKRUDYR\DEXVFDUWH"
$ODGHVLHPSUH/DVVLHWH
6LQ YHUWH KDVWD ODV VLHWH" &RQ HO IULy TXH KDFH" 2\H %HED PXFKDFKLWD
HVFXFKD
'LPH
7HKDVTXHGDGRPX\FDOODGLWD
(VTXHTXH,xDTXHDSUHFLyHOWHPEORUFDVLLPSHUFHSWLEOHGHVXYR]
(VTXHTXHWHGHVFRQR]FR
$OJ~QGtDWHQtDTXHTXLWDUPHODFDUHWD<DQRSXHGRPiV
9HQDEXVFDUPHDODVVHLVSHURSRUIDYRUQRVHDVDWURSHOODGRU1RDEXVHV
GHPLVVHQWLPLHQWRV
,xDTXHH[FODPyDUGLHQWHPHQWH
(VWR\ORFRSRUWL/RFR7HHQWHUDV"&DGDGtDPiV&DGDGtDPiVVL
<FROJy
%HEDD~QTXHGyXQUDWRFRQHODXULFXODUHQWUHORVGHGRV
&ROJy GHVSDFLR \ VH TXHGy PLUDQGR DO IUHQWH FRQ KLSQRWLVPR +DEtD FRPR XQ
WHPEORUHQVXVODELRV\XQSUHFLSLWDGRSDUSDGHRHQORVRMRV
$Vt OD HQFRQWUy WtD 3HSD FXDQGR HQWUy \ EXVFy VX VLOXHWD DFXUUXFDGD HQ XQD
HVTXLQDGHOGLYiQ
13iJLQDV
4XHULGD VXVXUUy \HQGR D VX ODGR \ VHQWiQGRVH -XQWR D HOOD 4XHULGD

PtDHVWiVOORUDQGR"
1RQR
3HUR HUD FLHUWR /ORUDED 6LOHQFLRVDPHQWH FD\pQGROH ODV OiJULPDV PXGDPHQWH
VREUHORVGHGRVFUX]DGRVHQODIDOGD
%HEDTXHULGDPtD1RGHELHUDVVHUWDQVHQVLEOH3DUDYLYLUHQHVWDYLGDHQ
ODGHKR\KD\TXHHVWDUPiVHQGXUHFLGR4XpWHRFXUUH"
7HQtDTXHGHFLUOR
$VXSDGUH"1RQXQFDODFRPSUHQGHUtD
7tD3HSDVt6tHOODHUDPXMHU\TXL]iDOJ~QGtDVHKDEUtDHQDPRUDGR
1RSXHGRVDEHU%HEDTXHULGD
1RVpTXpPHSDVDWtD3HSDJLPLy%HEDHQWUHVXVSLURV7HMXURTXHQROR
Vp'HUHSHQWHPHSDUHFHTXHHVWR\WUDWDQGRGHQXHYRD,xDTXH
&yPR"
6tVtQRPHPLUHVFRQHVHKRUURU7HDVHJXURTXHHVWDPDxDQDKDFHVyORXQ
LQVWDQWH PH OR SDUHFLy <D Vp TXH HV XQD WRQWHUtD SHUR \R PH SUHJXQWR VL ORV GRV
JHPHORVQRVHUiQLJXDOHVPRUDOPHQWH7~VDEHVODIDPDTXHWLHQH,xDTXH$PtD
Pt
6tQRHVSUHFLVRTXHPHORGLJDV<RORVXSHGHVGHHOSULPHULQVWDQWH,xDTXH
WH JXVWDED 7H JXVWDED GHPDVLDGR (UD WX LGHDO GH KRPEUH 0iV TXH (UQHVWR 3HUR
WRGRV VDEHPRV TXH ,xDTXH QXQFD VH FDVDUi (Q FDPELR (UQHVWR HV PiV IRUPDO (Q
UHDOLGDGHVIRUPDOWRWDOPHQWH1DGLHLJQRUDVXJUDYHGDGVXVHULHGDG
6L
3HURW~VLHPSUHDxRUDVWHXQSRFRD,xDTXH
7tD3HSD
$PtSXHGHVGHFtUPHOR,xDTXHHVKRPEUHDOHJUHRSWLPLVWDMXQWRDOFXDOXQD
PXMHUROYLGDVXVSHQDVVLODVWLHQH\VHVLHQWHDUGLHQWHDXQTXHQRORVHD&RQ(UQHVWR
XQDYLGDXQDH[LVWHQFLDVHULDVLQDOWHUDFLRQHVHPRFLRQDOHVSHURVHJXUDGHXQILQDO
VLQRIHOL]VLGXUDGHUR(UQHVWRQRWLHQHQRYLDHQFXDOTXLHUHVTXLQD,xDTXHHQWRGDV
6RQVXVQRYLDVVXVVHFUHWDULDVODVFDPDUHUDVGHOKRWHOGRQGHVHKRVSHGHODVFKLFDV
GHO JXDUGDUURStD GH ORV FDEDUHWV ODV FDPDUHUDV GH ORV KRWHOHV \ ODV HVSRVDV GH VXV
DPLJRV VL ORV DPLJRV VH GHVFXLGDQ \ OD HVSRVDV VRQ SURSLFLDV (V HO KRPEUH TXH
DWUDH %HED TXHULGD SHUR QR HO TXH JDUDQWL]D XQD IHOLFLGDG GXUDGHUD $GHPiV WHQ
ELHQSUHVHQWHTXH,xDTXHQRHVGHORVTXHVHFDVDQHQFDPELR(UQHVWRHVHOKRPEUH
VHVXGR SHQVDGRU IRUPDO TXH QR WLHQH DPDQWH QL QRYLDV RFXOWDV \ WHUPLQD HQ OD
9LFDUtD
3HURHVTXHDKRUD(UQHVWRVHSDUHFHD,xDTXH
1RFUHDVHVRPHSDUHFtDDPtDQWHVFXDQGRKDEOpFRQpO
3HURSRUTXp"
13iJLQDV
3RUTXpTXp"
3RUTXpGHUHSHQWHVHSDUHFHWDQWRDVXKHUPDQR"
3RUTXHVRQJHPHORVQR"4XL]i(UQHVWRSRUFRQVLGHUDFLyQDWXMXYHQWXGVH
GREOHJDED < DKRUD TXH \D WH FRQVLGHUDED VX IXWXUD HVSRVD URPSH OD GLVFUHFLyQ
TXHFRQWHQtDVXVVHQWLPLHQWRV
0HDVXVWD
/DGDPDULy
/H DFDULFLy GHQXHYR HO FDEHOOR /H VHFy ODV GRV OiJULPDV TXH TXHGDEDQ HQ ORV
YHUGRVRVRMRV
$QGDGHMDGHSUHRFXSDUWH+DVORJUDGRGHVWHUUDUD,xDTXHGHWXFRUD]yQ6p
TXHWHFRVWySHURWXEXHQMXLFLRORKDORJUDGR(VWiVHQDPRUDGDGH(UQHVWR\pVWHQR
WHGHIUDXGDUi
(OODWLWXEHy
3DUHFtDGHVHRVDGHGHFLUDOJR
'LOR VXVXUUy OD GDPD FRPR SHQHWUDQGR HQ VXV GHVHRV 'LOR %HED
TXHULGD 1R KDV FRQRFLGR D WX PDGUH \ WX SDGUH WXYR OD EXHQD RFXUUHQFLD GH QR
YROYHUVHDFDVDU$~QHVMRYHQ\TXL]iQRVVDOJDDOJ~QGtDFRQXQDGHHVDVSDWDGLWDV
TXH WDQWR GXHOHQ 3HUR QR OR FUHR $O PHQRV WHQJR HVD HVSHUDQ]D 7H GHFtD HVWR
SRUTXH\RDOYHQLUDYLYLUFRQYRVRWURVVHQWtDODQHFHVLGDGGHFRQVLGHUDUWHFRPR
KLMDPtD'LPHORTXHVHD7~VDEHVTXHVLHPSUHHVWR\GLVSXHVWDDD\XGDUWH
1RWHKDVFDVDGRQXQFD
2FXUUHQFRVDVTXHXQDPXMHUQRSUHYp
3RUTXpQRWHKDVFDVDGRWtD3HSD"
$OJ~QGtDWHORGLUp
+HWHQLGR\RODFXOSDYHUGDG"1RKDVTXHULGRDEDQGRQDUPH
1RQR
3HURHUDDVt
&XDQGR VX KHUPDQR OD OODPy HOOD HVWDED D SXQWR GH FRQWUDHU PDWULPRQLR FRQ
XQPDHVWURGHHVFXHOD4XLVRFRUUHUMXQWRDVXKHUPDQRYLXGR(OQRYLRVHRSXVR
6LPHDPDVGHYHUDVPHHVSHUDUiV8QPHVGRVQRPXFKRPiV
(OPDHVWURVHQHJyHQUHGRQGR
2\RRWXKHUPDQR\VXKLMD
6yOR SRU XQRV PHVHV (VWiQ VRORV PH QHFHVLWDQ 6R\ OD ~QLFD SHUVRQD TXH SXHGR
D\XGDUOHV\%HEDODFKLTXLOODGHPLKHUPDQRVyORWLHQHGRVDxRV
)XHLQ~WLO
13iJLQDV
(OODFRQVLGHUyDTXHOODFHUUDGXUDGHOPDHVWURQDFLRQDOFRPRXQVLJQRGHDPRU
HVFDVR6HIXH<FXDQGRWUHVPHVHVGHVSXpVUHJUHVyDOSXHEORDVXHVFXHODHQFRQWUy
DOPDHVWURGHUHODFLRQHVFRQODVXSOHQWHTXHHOODGHMy
)XHXQGHVHQJDxRGHPDVLDGRKRQGR\WHUULEOHSDUDROYLGDUOR
'HMyODHVFXHODGHILQLWLYDPHQWH\FRUULyGHQXHYRDOODGRGHORVVHUHVTXHWDQWR
ODQHFHVLWDEDQ1LVLTXLHUD)pOL[VXKHUPDQRVXSRMDPiVTXHHOODVHFDVDEDHOPLVPR
PHVHQTXHUHFLELyVXWHOHJUDPDOODPiQGROD
6HLVPHVHVGHVSXpVVXSRTXHODPDHVWUDSODQWDEDDOPDHVWUR\VHFDVDEDFRQHO
KLMRGHOPpGLFRWLWXODU(UDPHMRUSDUWLGR,QJHQLHURMRYHQDSXHVWR
(O PDHVWUR FRUULy D HOOD DQVLRVR GH DUUHJODU DTXHO GHVDJXLVDGR SHUR 3HSD
4XLQWDQDHUDGHPDVLDGD3HSD4XLQWDQDSDUDFDHUGRVYHFHVHQHOPLVPRGHVHQJDxR
1XQFDMDPiVTXLVRRWURQRYLRQLSHQVyQXHYDPHQWHHQFDVDUVH
7tD3HSD
6tULyEDMDQGRGHODVQXEHVKX\HQGRGHDTXHOORVUHFXHUGRV\DLGRVTXHQR
GHVSHUWDEDQQLVLTXLHUDUHQFRU
$OJ~Q GtD PH FRQWDUiV WX YLGD /D RFXOWDV FRPR VL HQ HOOD JXDUGDUDV
UHFXHUGRVUHFRSLODGRVLQWHQVtVLPRV
1RTXHULGDULyWULVWHPHQWH7RGRHQPLYLGDHVYXOJDU3RUHVRQRTXLHUR
TXHODWX\DVHDLJXDO'LPHORTXHLEDVDGHFLUPH
(VTXHQRPHDWUHYR
7DQSRFDFRQILDQ]DWLHQHVHQPt"
1RQR'LPHWtD3HSD(VPXFKRSHFDGRTXHXQKRPEUHWXQRYLR
WHEHVH"
2K
/R HV" 'L OR HV" \ DSDVLRQDGDPHQWH GHVFRQRFLGD SDUD WtD 3HSD TXH OD
FRQVLGHUDED PiV ELHQ IUtD DVtD ODV PDQRV GH pVWD FRQ DQVLHGDG 'L WtD 3HSD HV
WDQWRSHFDGR"
7~ORGHVHDVFRQDPRU"
<RWHQJRPLHGR
0LHGR"
'H HVWH KRPEUH QXHYR TXH DSDUHFH DQWH PL (VWH KRPEUH DSDVLRQDGR
YHKHPHQWHLPSHWXRVRTXHTXHHQURMHFLyDQVLDEHVDUPH
7tD3HSDYROYLyDWUDHUODKDFLDVL
+D\ EHVRV \ EHVRV TXHULGD %HED /RV SHFDGRUHV \ ORV QHFHVDULRV FRPR
PDQLIHVWDFLRQHV QHFHVDULDV GH OR TXH VH VLHQWH \ VH DQKHOD /RV YHUGDGHURV ORV TXH
GHEHQFDPELDUVHGRVSHUVRQDVTXHVHDPDQKDQGHVHUSXURV/RVRWURVQRGHEHQ
GDUVHQLFRQVHQWLUVH
<FyPRVHGLIHUHQFLDQ"
13iJLQDV
(UHV GHPDVLDGR SXUD H LQRFHQWH TXHULGD PtD 7~ PLVPD ORV GLVWLQJXLUiV
FXDQGR ORV UHFLEDV 3HUR SURFXUD KXLU GH HOORV FXDQWR SXHGDV /RV EHVRV VRQ OD
LQYLWDFLyQDDOJRPXFKRPiVLQWHQVRTXHVLHPSUHFDXVDGRORU
13iJLQDV
&DSLWXOR
&DSLWXOR
3RU DTXt GLMR \ OD HPSXMDED EODQGDPHQWH HQ DTXHOOD WDUGH IUtD \D FDVL
DQRFKHFLHQGRHQWUHODPXFKHGXPEUHTXHHQWUDEDFDVLFRUULHQGRHQHOFLQHPDWyJUDIR
1ROHGLMHDSDSiTXHLEDDOFLQH
2OYtGDWHGHSDSiJUXxy,xDTXHHPSXMiQGROD
(OODVHGHMyLU
1HFHVLWDEDLU(VWDUDVXODGR2OYLGDUVHGHWRGDVVXVLQTXLHWXGHV
(VDTXtGLMRpOHQXQDHVTXLQDRSXHVWDGHOSDVLOOR4XtWDWHHODEULJR
<XQLHQGRODDFFLyQDODSDODEUDODD\XGypO
/RKL]RFRQGHOLFDGH]D&RPRMDPiVKL]RFRQQLQJXQDRWUDPXMHUH[FHSWRFRQ
HOODDQWHVGHVHUODQRYLDGHVXKHUPDQRJHPHOR
)XH FRQ HOOD DO FLQH GRV YHFHV < WDPELpQ OH TXLWy HO DEULJR \ UR]y FRPR DO
GHVFXLGRVXVKRPEURV\OHFRVWyFRPRHQDTXHOLQVWDQWHEDMDUODPDQR
(OODOHPLUyHQODRVFXULGDG%XVFyVXVRMRV
'HMDVXVXUUy1RPHQRPHWRTXHV
,xDTXHEDMyODPDQRODDSUHWyUXGRHQHOEROVLOORGHODDPHULFDQD
3HURGHVSXpVLQPHGLDWDPHQWHODD\XGyDVHQWDUVH
4XLWD
(UHVWRQWD"1LVLTXLHUDSXHGRDVLUWHGHOEUD]RSDUDD\XGDUWH"
6HVHQWyDVXODGR
6HLQFOLQyPXFKRKDFLDHOOD%XVFyVXVRMRV\SDUDKDFHUORPHWLyODFDEH]DEDMR
ODGHHOOD
'HMDVXVXUUyDWXUGLGD
(VTXHQRSXHGR
7HSLGR
,xDTXHEXVFDEDVXVGHGRVHQJXDQWDGRV/HTXLWyHOJXDQWHGHXQDPDQR
7HGLJRTXHTXH
7HWLHPEODODYR]
6HHVWUHPHFLyGHSLHVDFDEH]D
'HMDWHGLJR
3RGtD pO KXLU GH DTXHOORV GHGRV SHUIXPDGRV VXDYHV TXH WHPEODEDQ EDMR VXV
ODELRV"
%HED
13iJLQDV
1R QR KDEOHV VXVXUUy HOOD FRQ XQ KLOR GH YR] 1RV YDQ D SHGLU TXH
VDOJDPRV
3XHVQRKDEOR
3HURGHMDPLVPLVPDQRV
(VRWDPSRFRSXHGR
3RUIDYRU
&XDQGRPHSLGHVDOJRDVtSRUIDYRUPHHQWUDXQQRVpTXpOHGLMRHQHO
PLVPRRtGR(VFRPRVLW~\\RHVWXYLpUDPRVSUHVRVHQDOJRFRP~Q
&DOOD
6LQRSXHGRFDOODUQLSDUDU
3DUDSLGLyHOODDMHQDDVXVSHQVDPLHQWRV'HMDPLVGHGRV
1RSRGtD
/RVVX\RVVHGHVOL]DEDQSRUHOEUD]RIHPHQLQR\VHSHUGtDQEDMRODPDQJD(OOD
VHDJLWyWUDWyGHHPSXMDUORSHUR,xDTXHVXVXUUyEDMtVLPRVXSOLFDQWH
'pMDPHWRFDUWH'HHVWHPRGRSHQVDUpTXHHVWiVMXQWRDPt
/RORHVWR\
<RQHFHVLWRFHUFLRUDUPH0HSDUHFHPHQWLUD
4XpH[WUDxRHUHV
3RUHVWR"
3RUWRGR(UHVGLVWLQWR
$TXLpQ"$TXp"
1R Vp $ YHFHV PH DVDOWD FRPR XQ WHPRU (V DOJR FRPSOHMR 1XQFD VDEUtD
H[SOLFDUWHODVFDXVDV
'HTXp"
'HODVHQVDFLyQTXHVLHQWRDFDGDLQVWDQWHTXHKDEODVRPHWRFDV
6R\WXQRYLR7HQJRGHUHFKRDWRFDUWHDPLUDUWHDGHFLUWHFRVDV
&DOODFDOOD(UHVWDQGLVWLQWR
2WUDYH]"
$FRPRWHFRPSRUWDEDVHVWRVGtDVGHDWUiV
&XiOWHJXVWDPiV"
(OOD HVWXYR D SXQWR GH GHFLU $KRUD WH SDUHFHV D ,xDTXH HO IRJRVR HO WRFyQ HO
LPSHWXRVR
3HURVHPRUGLyORVODELRVVLQUHVSRQGHU
/DSHOtFXOD\DLQLFLDGDFXDQGROOHJDURQILQDOL]DEDHQDTXHOLQVWDQWH$PERVVH
SXVLHURQHQSLH
13iJLQDV
eO OH D\XGy D SRQHUVH HO DEULJR /R KDFtD GHOLFDGDPHQWH FRPR VL GH SURQWR
WXYLHUD PLHGR D RIHQGHUOD FRQ VXV GRV PDQRV (OOD FXDQGR WXYR HO DEULJR SXHVWR
JLUyXQSRFRODFDEH]D
6XVYHUGRVRVRMRVORPLUDURQODUJDPHQWH
1RPHPLUHVDVtSLGLypOFDOODGDPHQWH1RVpGHORTXHVHUpFDSD]
0XGDPHQWHDVXODGRVLQUHKXLUHOEUD]RTXHVHHQOD]DEDFRQHOVX\RDPERV
VDOLHURQDODFDOOH

6DEtDTXHLEDDRFXUULU
3RUHVRFXDQGROOHJyDOSRUWDOWUDWyGHKXLUFRQXQSUHFLSLWDGR
+DVWDPDxDQD
,xDTXHODUHWXYRSRUXQGHGR(OODWUDWDEDGHDOHMDUVH
9HQDEXVFDUPHPDxDQDDODPLVPDKRUD
$JXDUGD
(VHVWDUGH
/D SRUWHUD QR HVWDED HQ OD JDULWD &DVL QXQFD HVWDED D DTXHOOD KRUD ODV GLH] \
FXDUWRGHODQRFKH
3DSiYDDHQIDGDUVH0HWLHQHSURKLELGROOHJDUWDUGH
7XSDGUHYLYHFRQYHLQWHDxRVGHUHWUDVR\SHUGRQDTXHWHORGLJD
7HUXHJR
1RHUDSRVLEOH+DEODED\DODYH]ODDUULQFRQDEDKDFLDXQDHVTXLQDGHOSRUWDO
HQ OD SHQXPEUD (OOD TXH UHWURFHGtD TXHGy GH V~ELWR LQPyYLO SHJDGD D OD SDUHG
)XHDOOtGRQGHpOEXVFDQGRVXVRMRVFRPRXQDYDULFLRVROHPHWLyODVPDQRVEDMRHO
DEULJR\ODDWUDMRKDFLDVL
1RQRVXVXUUy%HEDGpELOPHQWH
6DEtDTXHQRSRGUtDHYLWDUDTXHOLQVWDQWH(QXQGtDDPDEDPiVD(UQHVWRTXH
HQ DTXHOORV GRV PHVHV GH KDFHUVH SUHJXQWDV DO UHVSHFWR D VL PLVPD (UD WRGR PX\
H[WUDxRSHURQRVDEtDRQRSRGtDGHWHQHUVHHQDTXHOLQVWDQWHDSHQVDU
,xDTXH OD DSUHWDED KDFLD VL FRQ HVD KDELOLGDG GHO KRPEUH TXH VDEH FyPR
FRQTXLVWDU D XQD FKLFD 1R KXELHUD SRGLGR KDFHUOR HQ VX SDSHO TXH ODV SHUVRQDV
IRUPDEDQXQDVGHRWUDVHQVXSDSHOGH(UQHVWRVLTXDSRGtDKDFHUOR
%XVFyVXVODELRV
(OODDWXUGLGDWUDWyGHKXLUSHUR,xDTXHODSHJyDVXSHFKR\IXHLQFOLQDQGROD
FDEH]D EXVFDQGR VXV ODELRV FRQ ORV VX\RV /RV HQFRQWUy DO ILQ ,QH[SHUWRV
WHPEORURVRVFRKLELGRV
%HED
13iJLQDV
'HMDGHMDSLGLyHOODVRIRFDGD'HMD
3HUR QR SRGtD KXLU GH pO (UD FRPR VL XQD IXHU]D VXSHULRU OD UHWXYLHUD DOOt
GREODGDHQVXSHFKRFRQORVODELRVGH,xDTXHSHUGLGRVHQORVVX\RV
7HTXLHURVDEHV"GLMRpOURQFDPHQWH1RORYR\DSRGHUUHPHGLDU(VOD
SULPHUDYH]TXHPHRFXUUH
+DEODEDHQVXERFD
(OOD VHQWtD FRPR VL HO VXHOR IXHUD D GHVOL]DUVH EDMR VXV SLHV &RPR VL DOJR
LQGHILQLEOHODUHWXYLHUDDOOt\VXVODELRVFHUUDGRVVHQHJDUDQVXWLOPHQWHDDGPLWLUOR
eOGLMREDMtVLPR
1RVHDVWRQWD6RPRVQRYLRVQRVQHFHVLWDPRV
3HURSHUR
6t\DVp&iOODWHDQGDFiOODWH
6XYRVHUDWHQXH\VXVEHVRVFiOLGRVKRQGRVVLQSHFDGR
1RVDEHVEHVDU
(UDFRPRXQKDODJR(OODVHHVWUHPHFLy\TXLVRKXLUGHVXVEUD]RV
%DVWDVXVXUUyVRIRFDGD%DVWD3RUIDYRU
$JXDUGD
1RQR0HGDYHUJHQ]D
/RHQDMHQDEDDTXHOODWLPLGH]DTXHOODSHQXPEUDHQODFXDOODLQJUiYLGDILJXUD
SDUHFtDGHVGLEXMDUVH\DSDUHFHUGHQXHYRQtWLGD\SDOSLWDQWH
3HUR FXDQGR HOOD HVFDSy SRU GHEDMR GH VXV EUD]RV VH TXHGy FRPR VROR FRPR
GHVDPSDUDGR
%HED
(OODVHSHUGtDHQHODVFHQVRU'HFtDTXHGDPHQWHWHPEODQGR
1RQR
< pO TXHGy DOOt FRQ ORV EUD]RV FDtGRV D OR ODUJR GHO FXHUSR HO GXO]RU GH ORV
ODELRVIHPHQLQRVHQORVVX\RV
13iJLQDV
&DSLWXOR
&DSLWXOR
SLWXOR
6LHPSUH OD TXLVH $QWHV GH FRQRFHUOD FRQWDED ODV QRYLDV D GRFHQDV 1R VHQWtD QL XQ
UHPRUGLPLHQWRGHFRQFLHQFLD3HURGHVSXpVQRVHQWtHQPtGHVHRDOJXQRGHFRUWHMDUDRWUD
PXMHU 3DUD SUREDUPH PiV D\HU WUDV GHMDUOD D HOOD PH IXL D XQ FDEDUHW 6LHPSUH PH
HQWUHWXYR HVWH SXHUFR HVSHFWiFXOR $\HU QRFKH VHQWt DVFR (O DVFR GH XQ KRPEUH PRUDO TXH
DFDED GHEHVDU ORV ODELRV SXURV GHXQD PXMHU ODPXMHU TXH GHVHD SDUDHVSRVD (VRHV ORTXH
VLHQWRSHVHDPLPDOGLWDIULYROLGDG'HEtTXHUHUOD\DHQWRQFHVFXDQGRHUDVyORVXDPLJR\W~
OD FRQRFLVWH DTXHOOD WDUGH <R WH OD SUHVHQWp 0H OD OOHYDVWHV 6DEHV PX\ ELHQ TXH QR PH
KXELHUDVOOHYDGRDXQDPXMHUTXHPHLQWHUHVDUDSURIXQGDPHQWH6R\PiVFRQTXLVWDGRUTXHW~
FRQ ODV PXMHUHV 'H WL HVSHUDQ HO PDWULPRQLR <R VH TXH QR WH FDVDUDV D~Q R TXL]i QXQFD
3HURHOODVVRQWDQWRQWRQDVTXHQRYHQEDMRWXPiVFDUDJUDYHODPHQWLUDGHWXYLGD7~KDFHV
WXSDSHOyQ\HVRHVORTXHODVREOLJDDVHJXLUWH<RVR\PiVFODUR\DVtFRPRVR\PHSUHVHQWR\
QRPHFRQVLGHUDQXQEXHQSDUWLGR&UHHQTXHPHUtRGHHOODV0HUtRVtPHUHtKDVWDDKRUD
3HURQRPHUHtDFXDQGRW~PHODOOHYDVWH<FRQVWHTXHQRPHODOOHYDVWHHQFRQWUDGHPLGHVHR
(VTXHHVWDEDLQWHUHViQGRPHSRUHOOD\WXYHPLHGRFRPRWRGRVORVIUtYRORVFREDUGHVDFDHUHQ
ODWHQWDFLyQGHOPDWULPRQLR7HQHPRVGHPDVLDGDVFRVDVW~\\R
7RGR FXDQWR VH SXHGH FRPSUDU FRQ GLQHUR GHVJUDFLDGDPHQWH QR KD\ QDGD TXH QR VH
FRPSUHFRQHOYLOPHWDO\QRVRWURVGRVQRFDUHFHUtDVPHWDO'HVSXpVFXDQGRVXSHTXHHUDPH
GROLy6LQRWHUtDV0HGROLyFRPRVLPLOGHPRQLRVPHGHVJDUUDUDQ3HURQRHUD\RKRPEUHTXH
UHWURFHGLHUDGHVSXpVGHGDUXQSDVR/RKDEtDGDGRKDFLDDWUiVFRQVLGHUDQGRTXHPHWLpQGRWH
W~SRUPHGLRPHKDFtDVXQIDYRU<QRSRGtDUHFWLILFDUQLVLTXLHUDFRQPLJRPLVPR<RVDEtD
TXH QXQFD WH FDVDUtDV FRQ HOOD4XH SDUD WL HUD XQD PiV8QD GH ODV LQRFHQWHV PXFKDFKLWDV
TXH FRQTXLVWDEDV FRQ HVWD ]RUUHUtD WX\D VLQ SHGLUOHV QDGD SHUR VDELHQGR TXH DO ILQDO \
FXDQGRPiVFUH\HUDQHQWLPD\RU\PiVVHJXURVHUtDHOWULXQIR6pGHPXFKDVPXFKDFKDVTXH
KDV FRQTXLVWDGR DVt \ ODV GHMDVWH OXHJR $ XQDV OHV UHJDODVWH ELVXWHUtD D RWUDV DOKDMDV
HVFDQGDORVDVHLQFOXVRWHPLHQGRTXHWHFDXVDUDQXQSUREOHPDOHVUHJDODVWHXQSLVR\MDPiVWH
PROHVWDURQ3HURODVKDEtDVGHVWUXLGR\D6pWDPELpQGHXQDTXHKX\y\QRYROYLySRU0DGULG
\WHWLUyDODFDUDHODEULJRGHYLVyQTXHSUHWHQGtDVUHJDODUOHHQSDJRDVXVGLJDPRVERQGDGHV
/D KDV ROYLGDGR" +DV SRGLGR ROYLGDU D DTXHOOD PXFKDFKD LQRFHQWH TXH VH OODPDED ,VDEHO
(FKHJDUD\TXHHUDWXVHFUHWDULD"5HFXHUGRTXHGXUDQWHXQWLHPSRODVDFDVWHGHSDVHRLEDVFRQ
HOOD DO FLQH \ GHVSXpV HPSH]DVWH D FHQDU IXHUD FRQ HOOD ,VDEHO YLYtD HQ XQD SHQVLyQ SDUD
VHxRULWDV UHVLGHQWHV 1R WHQtD IDPLOLD DTXt &UHR TXH VXV SDGUHV HVWDEDQ HQ XQ 3XHEOR GH
&DVWLOOD +DV SRGLGR ROYLGDUOD" (UD OLQGD \ MRYHQ \ WH OD UHFRPHQGy )RQVHFD HO QRWDULR
QXHVWURQRWDULR5HFXHUGRELHQTXHXQGtD)RQVHFDWHSUHJXQWySRUHOOD\W~FRQWXFLQLVPR
RFXOWROHGLMLVWHTXHKDEtDHQFRQWUDGRRWUDFRORFDFLyQPHMRU1RWLHQHVFRUD]yQ(UQHVWR<R
PH SUHJXQWR FyPR HV SRVLEOH TXH VHDPRV KHUPDQRV JHPHORV TXH QR KD\D QDGLH FDSD] GH
GLIHUHQFLDUQRVItVLFDPHQWH\VHDPRVWDQGLVWLQWRVDOPLVPRWLHPSR
7HHVFULERWRGRHVWRSRUTXHHVWR\DSXQWRGHUHIHULUOHD%HED4XLQWDQDODYHUGDG0H
HVWR\ SRUWDQGR FRPR XQ FRFKLQR \ QR TXLHUR VHU FRPR W~ SHUR WHPtD SHUGHUOD \ SUHILHUR
FRQIHVDUWH D WL PL VXSHUFKHUtD +LFH PDO" &RQ UHVSHFWR D HOOD VL (VWR\ UHVXOWDQGR WDQ
VLQYHUJHQ]D \ HPEXVWHUR FRPR WX $QWH WL QR (VWR\ ELHQ VHJXUR GH TXH QR OD DPDV 8Q
KRPEUHTXHDPDDXQDPXMHUQRVHPDUFKDFXDWURRFLQFRPHVHVVLQGHVSHGLUVHGHVXQRYLD
1RODGHMDDKtFRPRXQDFROLOODSDUDYLYLUFRPRXQSDFKiHQWUHRWUDVPXMHUHVDODVTXHKDUiV
WXV DPDQWHV FRQ WXV KDELWXDOHV SURPHVDV PHQWLURVDV <R QR VR\ XQ VDQWR SHUR WHQJR OD
GLVFXOSD GH TXH MDPiV PH HQDPRUp 7~ HQ FDPELR WH HQDPRUDVWH YDULDV YHFHV \ MDPiV WH
13iJLQDV
TXHGDVWHFRQXQVRORDPRU<DVpTXH\RWXYHGRFHQDVGHQRYLDVDODYH]SHURQXQFDHQJDxpD
XQDPXMHUVLHQGRLQRFHQWH3UHIHUtSDVDUXQGtDFRQODHVSRVDGHXQFRQRFLGRVLHOODHVWDEDGH
DFXHUGR<QRFUHDV(UQHVWRTXHQRSHQVpTXHHUDXQFDQDOOD
7HGHFtDDOLQLFLDUHVWHVLQFHURHVFULWRTXHPHGROLyTXHPHTXLWDUDVD%HED4XLQWDQD
6DEHVFXDQGRPHGLFXHQWD"&XDQGR\DQRWHQtDUHPHGLR&XDQGRHOOD\DVDEtDTXpFODVHGH
KRPEUHHUD\R\ODEXHQDFODVHGHKRPEUHTXHHUDVW~0HGROLyFXDQGRODSHUGtFXDQGRVXSH
TXHODSHUGtD<DKRUDHVQXHYDPHQWHPtD0HDPD1RDPDDO(UQHVWRJUDYHHPEDXFDGRUGH
PiVFDUDERQGDGRVDEDMRODFXDORFXOWDVXVOLYLDQGDGHV$PDDOKRPEUHTXHVR\\R\FXDQGR
WXYXHOYDVQRVHUiVFDSDVGHFRQTXLVWDUODRWUDYH]<DQR1RVHUiSRVLEOH

6HxRU
,xDTXHOHYDQWyODSOXPD
0LURDOFULDGRGHSLHHQODSXHUWDFRPRVLIXHUDXQIDQWDVPD
4XpHVORTXHRFXUUH0DWtDV"
/DFHQDGHOVHxRUHVWiVHUYLGD
HKOXHJRYR\DOHHUORTXHDFDERGHHVFULELU6DEHV"(VWR\VLQFHUiQGRPH
FRQPLJHPHOR
0DWtDVKL]RXQJHVWRFRPRGLFLHQGR1RPHUHFHODSHQD
,UpOXHJRDUHXQLUPHFRQWLJR0DWtDVGLMR,xDTXHVLQSHUFDWDUVH7HGLJR
TXHYR\DOHHUODFDUWD
6LVHxRU
'HVDSDUHFLy GH QXHYR ,xDTXH OH\y OD FDUWD VLQ SDUSDGHDU 3HUR FXDQGR
WHUPLQy VXV GHGRV VH DUUXJDURQ HQ HO SDSHO \ SRFR D SRFR FRPR VL QR VH GLHUD
FXHQWDODKL]RXQRYLOOR
1RSXHGRVXVXUUy1RVR\FDSD]GHGHFLUOHDPLJHPHORWRGRHVWR&XDQGR
YXHOYD&XDQGRYXHOYDVHORGLUpGHSDODEUD\DXQTXHPHURPSDODFULVPDVHJXLUp
GLFLpQGRVHOR
5RPSLyODFDUWDHQPLOHVGHSHGD]RV\ODWLUyDOFHVWRGHORVSDSHOHV
'HVSXpV FRPR VL OH SHVDUD WRGR HO FXHUSR VH SXVR HQ SLH \ VH HQFDPLQy DO
FRPHGRU

6RQyHOFOD[RQ
%HED TXH VH KDOODED GH SLH DQWH HO YHQWDQDO YLVWLHQGR XQ ERQLWR PRGHOR D
FXDGURV SUtQFLSH GH *DOHV FKDTXHWD \ IDOGD VH DSDUWy EXVFDQGR DIDQRVDPHQWH OD
JDEDUGLQDTXHWHQtDSRUDOJXQDSDUWH
7tD3HSDGHELyGHDGLYLQDUORTXHEXVFDEDSRUTXHVHDSUHVXUyDGHFLU
/DGHMDVWHHQHOYHVWtEXOR
13iJLQDV
$K HV YHUGDG PLUy D VX SDGUH TXH OHtD OD 3UHQVD UHSDQWLJDGR HQ XQD
EXWDFD$GLyVSDSi
1RYXHOYDVWDQWDUGHFRPRD\HU1RPHDJUDGD$GHPiVWHQJRTXHKDEODUWH
DWXUHJUHVR
6tVt
(VWiV QHUYLRVD %HED DGXMR HO FDEDOOHUR JUDYHPHQWH \ HVR QR HV
FRQYHQLHQWH
7HDVHJXURSDSi
0iUFKDWH LQWHUYLQR WtD 3HSD 6L KD\ DOJR TXH GLVFXWLU \R OR KDUp FRQ WX
SDGUH
7~\\RQRWHQHPRVQDGDTXHGHFLUQRVVDOWyHOFDEDOOHURHQRMDGtVLPR<
QRWHPHWDVHQPLVDVXQWRV
&ODURTXHWHQHPRVTXHKDEODU/RKDUHPRVWDQSURQWRVHYD\D%HED
%HEDQRSRGtDGHWHQHUVHDSHQVDUHQORTXHVHGHFtDQVXSDGUH\WtD3HSD/RV
EHVySULPHURDOXQR\GHVSXpVDRWUR(QFRQWUyFDORUHQHOURVWURGHVXWtD\IUtRHQHO
GHVXSDGUH/HH[WUDxyXQSRFRSHURQLHQHVRSXGRGHWHQHUVHDSHQVDUGHPDVLDGR
9ROYHUpDODVGLH]GLMRSUHVXURVD
<GHVDSDUHFLy
+XERXQVLOHQFLRHPEDUD]RVRHQHOVDOyQ
7tD 3HSD FRQ VX KDELWXDO GHVSDUSDMR VH VHQWy IUHQWH D VX KHUPDQR &RVD
H[WUDxD GRQ )pOL[ FXDUHQWD \ FLQFR DxRV ELHQ SDUHFLGR GH FRQWLQHQWH JUDYH
SDUHFLyLQTXLHWR\GLVSXHVWRDVDOLUGHOVDOyQ
3HURWtD3HSDGLMRDOJRTXHORGHWXYRHQVHFR
7HQJRPHGLDLGHDGHORTXHSLHQVDVGHFLUOHDWXKLMD
(OFDWHGUiWLFRTXHLEDDOHYDQWDUVHVHVHQWyGHJROSH
7~VDEHV
<RVpPXFKDVFRVDV6pTXHEDMRWXFDSDGHKRPEUHVDELKRQGRILOyVRIR\WRGR
HVRVHRFXOWDXQKRPEUHFRPRORVGHPiV+DFHVyORXQPHVWHSRQtDVIXULRVRFXDQGR
DOJXLHQ WH KDEODED GH TXH WX KLMD SRGtD FDVDUVH $KRUD HVWDUtDV GLVSXHVWR D GDU WX
FRQVHQWLPLHQWRPDxDQDPLVPR6DEHVORTXH\RSLHQVRGHHVR"
7HSURKtERTXHWHLQPLVFX\DVHQPLYLGD
/R VLHQWR SHUR WHQGUp TXH KDFHUOR 7~ PH KDV LQPLVFXLGR 6DEHV FXiQGR"
+DFHGLHFLRFKRDxRVFXDQWtRWHTXHGDVWHVRORPX\MRYHQFRQXQDKLMDGHGRVDxRV
(QWRQFHVHUDHOPRPHQWRGHEXVFDURWUDPXMHU\IRUPDUXQQXHYRKRJDU6LODHVSRVD
TXH HOLJLHUDV IXHUD EXHQD VLQ GXGD KXELHUD DPDGR D WX KLMD FRPR VL IXHUD VX\D <
\R KL]R XQ JHVWR YDJR GH LPSRWHQFLD FDVL SDWpWLFR DXQTXH VX KHUPDQR QR OR
YLR DVt KXELHUD RUJDQL]DGR PL YLGD GH RWUR PRGR 3HUR QR SLHQVHV TXH VL KR\ WH
KDEOR GH OD IRUPD TXH OR HVWR\ KDFLHQGR HV SRU PL (V ~QLFDPHQWH SRU WX KLMD GH
YHLQWHDxRV1RHVHOPRPHQWRSURSLFLRSDUDTXHW~WHFDVHV
13iJLQDV
\HPH
/R Vp 6p PXFKDV FRVDV PiV 6p TXH DQGDV OLDGR FRQ XQD PXMHU 1R WHQJR
QDGDTXHGHFLUGHHOOD1RVHUiEXHQDSHURWDPSRFRVpVLHVPDOD(VXQDPXMHUTXH
SLHQVDVPHWHUHQHVWHKRJDUFRQORFXDO%HED\\RWHQGUHPRVTXHVDOLUGHpO
\HPHW~TXpWHKDVFUHtGR"4XHYR\DUHQXQFLDUDODIHOLFLGDGSRUWL"
3RGUtDKDFHUOR(QRWUDRFDVLyQHOODUHQXQFLyDODVX\DSRUpO
3HUR 3HSD 4XLQWDQD HUD PXFKD 3HSD SDUD PDQLIHVWDU OR TXH VHQWtD \ OR TXH
SXGLHUDKHULUDVXKHUPDQRDXQTXHDpVWHQROHLPSRUWDUDKHULUODDHOOD
<D WH KH GLFKR PXUPXUy DOWR TXH QR SHQVp HQ WL VLQR HQ WX KLMD 1R HV
pVWHHOPRPHQWR(VSHUDVLHVTXHWLHQHVLQWHQFLyQGHYROYHUWHDFDVDUDTXHWXKLMDOR
KDJD
1RSLHQVRHVSHUDUQLGRVPHVHV
<YDVDGHFtUVHORDWXKLMDHVWDQRFKH"
(VPLGHEHU
1RODDPDV)pOL[\SHUGRQDTXHWHORGLJD7~VDEHVTXH%HEDQXQFDYLYLUi
HQ HVWD FDVD FRQ WX HVSRVD 1R HV XQD QLxD (V \D XQD PXMHU < D ODV PXMHUHV QRV
FXHVWDDVLPLODUODLGHDDORVYHLQWHDxRVGHTXHQXHVWURSDGUHVHFDVH
'HORGRVPRGRVSLHQVRKDFHUOR6R\GHPDVLDGRMRYHQSDUDGHMDUTXHSDVHHO
WLHPSR<OXHJRVpTXHPHSHVDUi
$JXDUGDDTXHWXKLMDORKDJD(VHHVWXGHEHU
(OFDWHGUiWLFRVHSXVRHQSLH$SODVWyHOFLJDUULOORFRQWUDHOFHQLFHURHLQLFLyHO
SDVRFRQSUHFLSLWDFLyQ
6DOLyGHO VDOyQ GHMDQGR D WtD 3HSD PXGD \ DEVRUWDPLUDQGR DQWH Vt FRQVXPD
WULVWH]D7DQWRFRPRHOODGLRSRUHOORVWDQWRFRPRHOODVDFULILFySRUHVWDUDVXODGR

1RVHDVDVt1RVHDVDVt
3HURVLHVTXHQRSXHGR
1RVHVWiQPLUDQGR
<VRIRFDGDEXVFDEDFRQORVRMRVRWURVRMRVTXHFUHtDODREVHUYDEDQ
&DGDXQRYDDORVX\RGLMR,xDTXHEDMRHQVXPLVPRRtGR+DFHGRVGtDV
TXHQRWHDEUD]R\DKRUDSXHGRKDFHUOR1RFRPSUHQGHV"7HPHHVFXUUHVXQDVYHFHV
HQ HO SRUWDO \ RWUDV HVWiQ ORV RMRV GH OD SRUWHUD PLUDQGR 1R WHQJR RFDVLyQ GH
WRPDUWHHQPLVEUD]RV
3HUR\RWHUXHJR
eOUHtDEDMR&RQHVDULVDtQWLPDGHOKRPEUHTXHHVWiVHJXURGHVtPLVPR\GHOD
FRPSODFHQFLDGHVXSDUHMD
13iJLQDV
%DLODEDQHQ9LOOD5RPDQD
(UDQ ODV QXHYH GH OD QRFKH /D SLVWD DWHVWDGD EDMR DQD OX] D]XORVD \ URML]D
$SHQDVVLVHPRYtDQ/DOOHYDEDVXMHWDSRUODHVSDOGD\VXPDQRWDQSURQWRHVWDEDHQ
ODQXFDIHPHQLQDFRPRHQVXFLQWXUDDWXUGLpQGROD\HQHUYiQGROD
1R SRGtD VHSDUDUVH GH pO 4XLVLHUD WHQHU YROXQWDG SDUD KDFHUOR SHUR \D QR
SRGtD/HGDEDYHUJHQ]D1RHUDFDSD]GHUHPHGLDUHOUXERUTXHVXEtDDVXVPHMLOODV
FDGDYH]TXHpOODRSULPtDFRQWUDVtODIXQGtDHQVXFXHUSR\OHKDEODEDDORtGR
&XDQGRQRVFDVHPRV
&DOODFDOOD
1RTXLHUHV"
1RVp
1R"
%DLOD(VWDPRVSDUDGRV
$Vt SRU OR PHQRV GRV KRUDV (O WLHPSR TXH HPSOHDURQ HQ VDOLU GHO FHQWUR \
SHUGHUVHHQODOXMRVDVDODGHILHVWDV
'HUHSHQWH,xDTXHKL]RXQDSUHJXQWD
1XQFDWHEHVyPLKHUPDQR"
(OODSDUHFLyVREUHVDOWDUVH
6HVHSDUyXQSRFR(FKyODFDEH]DKDFLDDWUiV
7XKHUPDQR"
,xDTXH
$K
7HEHVy"
1RFODURTXHQR&yPRSLHQVDVHVR",xDTXHIXHXQDPLJRFDVXDO1XQFDPH
SXVHHQUHODFLRQHVVHULDVFRQpO
3RUTXp"
7~VDEHVPX\ELHQODIDPDTXHWLHQH
/RTXHGLFHODJHQWH1RSLHQVHVTXHODVFRVDVVRQFRPRVHFXHQWDQ$YHFHV
QRVHTXLYRFDPRV
6LWLHQHXQDQRYLDFDGDKRUD
,xDTXHULyXQSRFRIXHUWHXQSRFRQHUYLRVDPHQWH
1R WHQtD PiV QRYLD TXH HOOD $WRGDV ODV IXH ROYLGDQGR 1R VH SRGtD VDOLU FRQ
DTXHOOD IUiJLO \ IHPHQLQD PXFKDFKD \ WHQHU PiV QRYLDV (Q pO QR FDEtD VHPHMDQWH
FRVD
0HPHRSULPHVPXFKR$GHPiVGHEHVHUPX\WDUGH(QWUHTXHOOHJDPRVD
FDVD
13iJLQDV
0HGHMDUiVEHVDUWHGHVSXpVFXDQGR\RTXLHUR\QHFHVLWR"
1RQR
0HUHVWULQJHVORVEHVRVFRPRDQWHVVHUHVWULQJtDHODJXD
9iPRQRVDQGD\VHVHSDUDEDGHpO
,xDTXHYROYLyDDWUDHUODKDFLDVL
8QSRFRPiV
&yPRHUHV(UQHVWR
&DGDYH]TXHOHOODPDED(UQHVWROHKHUtD6tSURIXQGDPHQWH
3RUHVRQRLQVLVWLy
-XQWR DO JXDUGDUURSD OH SXVR OD JDEDUGLQD SRU ORV KRPEURV \ SDViQGROH XQ
EUD]RSRUHOORVVHGLULJLyDODFDOOH
8QJUXSRTXHHQWUDEDOHVJULWy
$GLyV,xDTXH
(V(UQHVWRGLMRHOODVLQSRGHUVHFRQWHQHU
,xDTXHVHHFKyDUHtUVLJXLHQGRVXFDPLQRMXQWRD%HED
<DHQHODXWRGLMRpVWDEDMR
1RPHKDVGLFKRTXH,xDTXHHVWXYLHUDHQ0p[LFR
6HPDUFKyKDFHXQPHVDSUR[LPDGDPHQWH9DSRUDVXQWRVGHH[SRUWDFLyQ
1RPHORKDVGLFKR
1RFUHtTXHWHLQWHUHVDUD
,ED D SRQHU HO DXWR HQ PDUFKD SHUR GH SURQWR DOOt HQ OD RVFXULGDG GHO
HVWDFLRQDPLHQWR DODUJy XQD PDQR \ DVLy ORV GHGRV IHPHQLQRV'HVSXpV HO EUD]R \
GHVSXpVHOEXVWR
4XpKDFHV"
1RQRWHKHEHVDGR
(UQHVWR
&iOODWH
(VTXHQRQRTXLHUR
3HURFHGtDDODSUHVLyQ4XHGyFRQHOURVWURXQSRFRDO]DGREDMRHOGHpO,xDTXH
EXVFy VXV ODELRV /R KL]R GHVSDFLR VLQ KHULU &RPR VDEtD TXH HOOD WHQtD TXH VHU
EHVDGD /DUJDKRQGDPHQWHVLQ LPSHWXRVLGDG 3HUR GHELy GH EHVDUOD FRPR XQ ORFR
SRUTXHHOODVLQWLyTXHWRGRGDEDYXHOWDV\QRSXGRHYLWDUTXHVXVPDQRVVHDO]DUDQ\
OHURGHDUDQHOFXHOOR
%HED
1RQRTXLHUR
13iJLQDV
<PHGHMDV
(VTXH
6pORTXHHV
(UQHVWR\R\R
/HWHPEODEDQORVODELRVeOYROYLyDEHVDUOD0XFKRWLHPSR&RPRVLHQHOOROH
IXHUDODYLGD&RQORVODELRVDELHUWRVGDQGRWRGRVXVHUHQDTXHOEHVR
%DVWDEDVWD
<VRIRFDGDWtPLGDKX\yGHVXVEUD]RV\VHDFXUUXFyHQXQDHVTXLQDGHODXWR
GREODQGRHODEULJRVREUHHOSHFKR
,xDTXHGLMREDMtVLPRDOWLHPSRGHSRQHUHODXWRHQPDUFKD
&XiQGRGHMDUiVGHDYHUJRQ]DUWH"
1XQFDQXQFD1RORSXHGRUHPHGLDU
3RUHVRpOODTXHUtD3RUHVR\SRUTXHHUDXQDPXMHUFLWDPRUDODTXLHQSHVDED
FDGDEHVRTXHGDEDDXQTXHORGHVHDUD\ORVLQWLHUDFRQWRGDVODVILEUDVGHVXVHU
13iJLQDV
&DSLWXOR
&DSLWXOR
1RWyXQDH[WUDxDFULVSDFLyQHQHOURVWURVLHPSUHERQGDGRVR\DSDFLEOHGHWtD
3HSD
%HED VHQVLEOH FRPR HUD KHQFKLGD GH DPRU FXDQGR OOHJDED HQ HO VHFUHWR GH
DTXHOORVEHVRVHQVXVHUFUH\yTXHODULJLGH]GHDTXHOURVWURVHGHEtDDVXWDUGDQ]D
6yORVRQODVGLH]WtD3HSDVXVXUUyLQFOLQiQGRVHKDFLDHOODKDVWDEHVDUODHQ
ODIUHQWH
1RQRTXHULGD1RHVHVR
2FXUUHDOJR"
7XSDGUHGHVHDKDEODUWH(VWiHVSHUiQGRWHHQHOGHVSDFKR
/DMRYHQVHHVWUHPHFLy
1R PH GLJDV TXH SDSi FRQVLGHUD TXH OOHJR WDUGH VH DODUPy PLUiQGROD
VXSOLFDQWH
7tD 3HSD GXGy XQ VHJXQGR SHUR OXHJR OH SDVy XQ EUD]R SRU ORV KRPEURV OD
DWUDMRKDFLDVt\ODEHVyHQHOSHORFRQLQILQLWDWHUQXUD
9DDGROHUWHORTXHWLHQHTXHGHFLUWH%HEDTXHULGD9DDGROHUWHPXFKR1RVH
WUDWDGHWL+D\PRPHQWRVHQORVFXDOHVORVSDGUHVVRQWDQHJRtVWDVTXHVHROYLGDQGH
VXVKLMRV\GHODVKRUDVHQODVFXDOHVpVWRVUHJUHVDQDFDVD
1RWHHQWLHQGR
1RVHVL\RGHERSRQHUWHHQDQWHFHGHQWHVGHORTXHpOYDDGHFLUWH1RVpHQ
UHDOLGDGFXiOHVPLGHEHU
%HEDOODPyXQDYR]URQFDGHVGHHOXPEUDO
/D MRYHQ VH SXVRHQSLH7tD 3HSD TXHGyFRQ HO EUD]R VROR H[WHQGLGR VREUH HO
UHVSDOGR
3DSi
9HQDPLGHVSDFKR+HGHKDEODUWH
/R KL]R DVt D~Q SHUSOHMD 1L OD PiV OHYH LGHD GH OR TXH VX SDGUH WHQtD TXH
GHFLUOHFUX]ySRUVXPHQWH
3DVD\FLHUUDSLGLyHOFDWHGUiWLFR\HQGRDVHQWDUVHWUDVODDQFKDPHVDGHVX
GHVSDFKR+HPRVGHKDEODUXQSRFRFRQFDOPD
0H DVXVWDV SDSi H[FODPy OD MRYHQ IUDQFDPHQWH DODUPDGD +LFH DOJR"
7LHQHVDOJRTXHFHQVXUDUPH"
1R VH WUDWD GH WL FRUWy pO WRGR OR DPDEOH TXH SXGR (V GH Pt GH TXLHQ
YR\DKDEODUWH
'HpO"4XpOHRFXUUtD"
13iJLQDV
6H GHMy FDHU DO RWUR ODGR GH OD PHVD \ MXJy GLVWUDtGD FRQ XQ SLVDSDSHOHV GH
FULVWDOWDOODGR
&UHtTXHWXWtDWHGLUtDORTXH\RSUHWHQGRGHFLUWH
1R WXYR WLHPSR VRQULy %HED HQFDQWDGRUDPHQWH 7~ DSDUHFLVWH HQ HO
PRPHQWRHQTXHHOODVHGLVSRQtDDGHFLUPHDOJR
%HEDHPSH]yHOFDEDOOHURWUDVXQDSDXVDHPEDUD]RVD7LHQHVYHLQWHDxRV
\\DVDEHVPXFKDVFRVDV+LFHGHWLXQDPXMHUFXOWD\FRPSUHQVLYD(UHVLQWHOLJHQWH\
QRFUHRTXHVHDSUHFLVRTXH\RHPSOHHXQVLQItQGHIUDVHVSDUDKDFHUWHFRPSUHQGHUOR
TXHSUHWHQGR
3RU VXSXHVWR SDSi 4XL]i VHD PHMRU TXH PH OR GLJDV SURQWR \ VLQ PXFKDV
IUDVHV
6XSRQJRTXHXQGtDWHFDVDUiVFRQHVHQRYLRTXHWLHQHV
&UHRTXHVt
eOWLHQHPXFKRGLQHUR
3DSi
1RQRVLQRWHYR\DUHSURFKDUTXHORWHQJD0HMRUSDUDWL$KRUDFUHRTXH
HVWR\FRQYHQFLGRGHTXHWHDPDGHYHUDV8QKRPEUHGHVXWDOOD\GHVXIRUWXQDQR
SLHUGH HO WLHPSR SDVHDQGR FRQ XQD PXFKDFKD GXUDQWH YDULRV PHVHV SDUD SODQWDUOD
OXHJR
0HTXLHUH
(VRHVSHURKLMD(VRHVSHUR&RPRWHGHFtDXQGtDWHFDVDUiV(VVHJXURTXH
HOGtDTXHORKDJDVWHOOHYDUiVDWXWtD
$WtD3HSD"VHDVRPEUyODMRYHQVLQFRPSUHQGHU3RUVXSXHVWRVLHOODOR
GHVHD3HURQRYR\DGHMDUWHDWLVROR
(OFDWHGUiWLFRFDUUDVSHy(QFHQGLyXQFLJDUULOOR\IXPyPX\DSULVD
'H HVR VH WUDWD SUHFLVDPHQWH PXUPXUy DO UDWR (V SRVLEOH TXH W~
SUHWHQGDV GHMDUOD FRQPLJR SHUR WDPELpQ HV PX\ SRVLEOH TXH HOOD VH QLHJXH D
TXHGDUVH
3DSi VL HV WX KHUPDQD \ WH TXLHUH PXFKR \ UHQXQFLy D VX MXYHQWXG SRU
QRVRWURV
%XHQRULyHOSDGUHQHUYLRVDPHQWH(VRHVORTXHHOODGLFH
$OFRQWUDULRSDSi7tD3HSDQXQFDGLFHHVR3HURKD\TXHVHUFLHJDSDUDQR
YHUOR\WRQWRSDUDQRFRPSUHQGHUTXHIXHDVt
2OYLGHPRVHVHDVXQWR$OILQ\DOFDER\RHVWLPRTXHQDGLHUHQXQFLDDQDGD
SRUQDGLH'HFLUVtVHGLFHSHURODUHDOLGDGHVGLVWLQWD
3DSiUHVXOWDVFUXHODOFRQVLGHUDUDWtD3HSDTXHHVWXKHUPDQD
1R QR %HED 1R WUDWR GH VHU FUXHO VLQR UHDO $GHPiV QR WH KH FLWDGR DTXt
SDUDKDEODUWHGHPLKHUPDQDQLVLTXLHUDGHWLSHVHDSUHRFXSDUPHPXFKR(VWDYH]
13iJLQDV
VR\ XQ SRFR PiV HJRtVWD 3UHWHQGR \D FUHR KDEpUWHOR GLFKR KDEODU GH Pt 0H
TXHGDUpPX\VRORFXDQGRW~WHFDVHV
6LQRYR\DFDVDUPHPDxDQDSDSi
)pOL[ 4XLQWDQD \D OR VDEtD 3HUR GH DOJXQD IRUPD KDEtD TXH HQIRFDU DTXHO
DVXQWR<FXDQPiVQHJURSXVLHUDVXIXWXURPiVPRWLYRVWHQGUtDSDUDKDFHUORTXH
SHQVDEDKDFHU
3RU VXSXHVWR TXHULGD <D Vp TXHQR VHUi PDxDQDSHUR TXL]i VHD GHQWUR GH
XQRVDxRV\\RKD\DHQYHMHFLGRPiV
1RWHFRPSUHQGR
+HGHFLGLGRUHKDFHUPLYLGD%HED
$Vt&RPRVLGLMHUDTXHDOGtDVLJXLHQWHHUDGRPLQJR\SHQVDEDLUDPLVD
/D MRYHQ UHFLELy HO LPSDFWR LQHVSHUDGR FRQ VREUHVDOWR )XH SRQLpQGRVH HQ SLH
SRFRDSRFRPX\SiOLGDFDVLOtYLGD

/DYR]GH)pOL[4XLQWDQDVRQyURQFDFDVLDKRJDGD
6LpQWDWHRWUDYH]3RUIDYRUWUDWDGHFRPSUHQGHUPH
/D YR] GH %HED WHQtD XQ PDWL] H[WUDxR SURIXQGtVLPR FRPR VL VXV SDODEUDV
VDOLHUDQGHORPiVUHFyQGLWRGHVXVHU
&RPSUHQGHUSDSi"4XpGHERFRPSUHQGHU"4XHWHYDVDFDVDU"
3XHVSXHVQHUYLRVRIURWDEDODVPDQRVXQDFRQWUDRWUDLQFHVDQWHPHQWH
3XHVVt(VRHVRHV
3DSi
1RWHDOWHUHVHK"$PLHGDGXQRGHEHSHQVDUXQSRFRHQVtPLVPR0L
SURIHVLyQPLVRFLDELOLGDG0LYLGDWRWDOPHQWH&RPSUHQGHKLMD<DHUHVXQDPXMHU
1RWHQJRQDGDHQFRQWUDGHODPXMHUTXHKDVHOHJLGR1RODFRQR]FR3HURPH
GXHOHSDSi0HGXHOHPXFKR
,EDDOORUDU
7HQ XQ SRFR GH FDOPD %HED $QDOL]D HO DVXQWR 3LHQVD TXH XQD YH] W~ WH
FDVHV\RTXHGDUpPX\VROR(VWULVWHODVROHGDGW~ELHQORVDEHVSRUTXHKDVYLYLGR
VLHPSUHFRQHOYDFtRTXHGHMyWXPDGUH
1RODQRPEUHVSDSi
&yPR" VH DOWHUy GH V~ELWR(V TXHQR WHQJR GHUHFKR D QRPEUDU D XQD
PXMHUDODTXHJXDUGpUHVSHWR\DXVHQFLDGXUDQWHGLHFLRFKRDxRV"
1R HV HVR SDSi H[FODPy %HED V~ELWDPHQWH DEDWLGD (V TXH PH SDUHFH
TXH W~ QR OH JXDUGDVWH QL DXVHQFLD QL UHVSHWR SRUTXH WH OR KD\DV SURSXHVWR DVt R
VHQWLGR DVt (V TXH QR HQFRQWUDVWH GXUDQWH HVWRV GLHFLRFKR DxRV SDVDGRV OD PXMHU
TXHWHLQWHUHVDEDGHYHUDV
13iJLQDV
1RWHFRPSUHQGR
4XpPiVGD"\EDMRFRQDPDUJXUD&XiQGRFXiQGRKDVGHFLGLGR
FDVDUWH"
'HQWURGHWUHVPHVHVMXVWRV
<ODWUDHUiVDTXtGLMRVLQSUHJXQWDU
1R,Up\RDYLYLUDVXFDVD0LHQWUDVW~QRWHFDVHVLUiVDYLYLUFRQQRVRWURV
7~\WtD3HSD
1R
$TXHOODQHJDFLyQVDOLyGHVXVODELRVFRPRXQGLVSDUR
%HED SRU TXp QR" 6R\ WX SDGUH 'HELHUD DOHJUDUWH HO KHFKR GH TXH KD\D
HQFRQWUDGRODIHOLFLGDG
1RYR\DGLVFXWLUHVR&LHUWRTXHQRWHQJRQLQJ~QGHUHFKRDRSRQHUPHSHUR
QRPHQRVFLHUWRTXHQXQFDLUpDYLYLUFRQYRVRWURV6DEHVSDSi"9R\DWUDEDMDU
7UDEDMDU"1RWLHQHVXQQRYLRULFR"$GHODQWDUODIHFKDGHODERGD
/RPLUyODUJDPHQWH
(UHV GH UHSHQWH GLMR EDMR PX\ HJRtVWD 1R WH GDV FXHQWD GH TXH XQ
KRPEUH QR VH FDVD FXDQGR XQD TXLHUH \ WDPSRFR FRPSUHQGHV HQ WX WHUULEOH \
GRORURVRHJRtVPRGHTXHXQDPXMHUQRSXHGHQLGHEHLQVWDUDOQRYLRDOPDWULPRQLR
VLpOQRHVWiGLVSXHVWRDFDVDUVHSRUVtPLVPR
1DGDKD\TXHLPSLGDWXERGD
+D\XQDUD]yQ0X\SRGHURVDFUHR\R4XH(UQHVWRQRKDGLFKRD~QFXiQGR
SLHQVD FDVDUVH \ QR VHUp \R TXLHQ PHQFLRQH HVH DVXQWR 3HUR W~ FiVDWH DxDGLy
YDOLHQWHPHQWH VL pVH HV WX GHVHR 6L OR QHFHVLWDV DVt GHEHV KDFHUOR H LUWH FRQ WX
PXMHU<RWUDEDMDUpSDUDWtD3HSD\SDUDPt
7X WtD GLMR GH QXHYR GHPRVWUDQGR VX HJRtVPR HV PDHVWUD QDFLRQDO
3XHGHD\XGDUWH
%HED GLVWHQGLy ORV ODELRV HQ XQD WHQXH VRQULVD (UD HO GRORU SURIXQGR TXH
DTXHOODVSDODEUDVGHVXSDGUHRFDVLRQDEDQ<DQRVyORHVWDEDGLVSXHVWRDDGPLWLUTXH
HOOD WUDEDMDUD VLQR TXH DGHPiV LQGLFDED VLQ QLQJ~Q UXERU TXH SRGtD KDFHUOR VX
KHUPDQD
%HEDQXQFDFUH\yTXHHOHJRtVPRGHXQKRPEUHUHVXOWDUDWDQFUXHO3HURQROR
PDQLIHVWyHQDOWDYR]
'LRXQSDVRDWUiV'LMRWDQVyOR
7tD 3HSD WLHQH GHPDVLDGRV DxRV SDUD UHDQXGDU XQDV FODVHV TXH GHMy KDFH
GLHFLRFKRDxRV3HURQRWHSUHRFXSHVSDSi0HKDVSUHSDUDGRSDUDKDFHUIUHQWHDOD
YLGD \ VL KDVWD DKRUD QR WUDEDMp QR IXH SRUTXH \R KX\HUD GH HVD REOLJDFLyQ VLQR
SRUTXHW~QRKDVTXHULGRTXHORKLFLHUD
'RQ )pOL[ 4XLQWDQD VH UHYROYLy LQTXLHWR HQ HO EXWDFyQ SHUR QR IXH FDSD] GH
SHGLUOHGLVFXOSDV
13iJLQDV
/RVLHQWR%HEDGLMRURQFDPHQWH&UpHPHTXHORVLHQWR
/D MRYHQ JLUy VREUH VL \ GHVSDFLR VH HQFDPLQy GH QXHYR DO VDORQFLWR 3HUR
FXDQGRLEDDWUDVSDVDUHOXPEUDOSHQVyTXHQRWHQtDSRUTXpLQTXLHWDUDVXWtD(VWDED
OORUDQGR \SUHIHUtDTXHVXWtD3HSDFXDQGRODYLHUDQRVXSLHUDMDPiVHOJUDQGRORU
TXHSDUDHOODVXSRQtDODERGDGHVXSDGUH
3RUHVWDUD]yQIXHGLUHFWDPHQWHDVXFXDUWR
13iJLQDV
&DStWXOR
&DStWXOR
8Q OHMDQR UHORM WRFDED ODV GRFH FXDQGR R\y ORV SDVRV GH WtD 3HSD D WUDYpV GHO
SDVLOOR\HQVHJXLGDVXYR]VXDYH\FDULxRVD
'XHUPHV%HED"
+L]R XQ HVIXHU]R 7HQtD ORV RMRV VHFRV \ OD PLUDGD EULOODQWH ORV ODELRV VH
SOHJDEDQHQXQDVRQULVDTXHSUHWHQGtDVHUYDOLHQWH
3DVDWtD3HSD
/DVROWHURQDSDVy
/H SDUHFLy D %HED PiV GHVJDUEDGD \ GHVRODGD TXH QXQFD 6LHPSUH FUH\y TXH
DTXHOODPXMHUOOHYDEDGHQWURGHVLXQGRORURXQSURIXQGRSHVDU&RPRXQDUHQXQFLD
LQYROXQWDULDTXHGDxDEDD~QDWUDYpVGHORVDxRV
/DHYRFySRUXQLQVWDQWHFXDQGRHOODWHQtDVHLVRVLHWHDxRV7tD3HSDQRHUDOD
PXMHU GHVJDUEDGD DOWD \ IODFD (UD SRU HO FRQWUDULR XQD PXMHU EHOOD VLQ DUUXJDV
PyUELGDVXVLOXHWD(OHJDQWHVXDQGDUDLURVDVXFDEH]D
7tD 3HSD DMHQD D ORV SHQVDPLHQWRV GH OD MRYHQ FHUUy OD SXHUWD \ DYDQ]y 6H
VHQWyVLOHQFLRVDPHQWHHQHOERUGHGHOOHFKR
7XSDGUHQRKDYXHOWRD~Q
<D
7HORGLMRVXVXUUyVLQSUHJXQWDU
%HEDDVLQWLyFRQXQOHYHPRYLPLHQWRGHFDEH]D
8QVLOHQFLR
/RV GHGRV UXJRVRV GH WtD 3HSD VH HVFXUULHURQ SRU OD VREUHFDPD \ IXHURQ D
EXVFDUODPDQLWDWHPEORURVDGDODMRYHQ/DRSULPLyFiOLGD\WLHUQDPHQWH
4XL]iVHDPHMRUDVt%HED
4XpRFXUUtD"(VTXHSHQVDEDQDPEDVHQJDxDUVHPXWXDPHQWH"
(UD PHMRU 6L PXFKR PHMRU SDUD DPEDV HQJDxDUVH 1R FHQVXUDU D VX SDGUH
4XL]iHQHOIRQGRFRPRGHFtDWtD3HSDHUDORPHMRUTXHSRGtDRFXUULU
+HSHQVDGRWUDEDMDUGLMR%HEDDOUDWRHQYR]PX\EDMD
7UDEDMDU"7~TXHQXQFDORKDVKHFKR"(QHVHFDVRVHUp\RTXLHQORKDJD<D
OR KLFH XQD YH] 7HQtD XQD HVFXHOD HQ SURSLHGDG /D UHFODPDUp $GHPiV WHQJR HO
VXHOGR
&DOODFDOOD
4Xp SDVD" &UHHV TXH PH KH ROYLGDGR GH ORV PpWRGRV D HPSOHDU" 6LJXHQ
VLHQGRORVPLVPRV%HED
13iJLQDV
1RKDEOHPRVGHHVR<HVFXFKDWtD3HSD3RUIDYRUHVFXFKDHVWR+D]ORSRU
Pt 6L KDEOD (UQHVWR FRQWLJR SUHJXQWiQGRWH SRU Pt HQ FXDOTXLHU PRPHQWR QR OH
GLJDVQDGDGHFXDQWRRFXUUHQLGHPLLQWHQFLyQGHWUDEDMDU
3HURQLxD
7H OR VXSOLFR 6L pOVH HQWHUD GHTXHSLHQVR WUDEDMDU TXL]i VH YHD REOLJDGR D
SHGLUPH TXH PH FDVH FRQ pO \ HVR QR SRGUtD VRSRUWDUOR 6L DOJ~Q GtD (UQHVWR PH
KDEOD VHULDPHQWH GH PDWULPRQLR QR VHUi SUHVLRQDGR SRU UD]yQ GH XQ GHEHU TXH pO
FUHDVX\R0HFRPSUHQGHV"
3HUR
(V HO ~QLFR IDYRU TXH WH SLGR (Q FXDQWR D TXH SDSi VH FDVH DxDGLy
KDFLpQGRVHODYDOLHQWHWLHQHSOHQRGHUHFKRDKDFHUOR(VMRYHQ\HIHFWLYDPHQWHHO
GtDTXH\RPHFDVHVLOOHJRDFDVDUPHVHTXHGDUiPX\VRORSRUTXH\RWHOOHYDUp
FRQPLJR
%HED
6L VL QR PH PLUHV FRQ HVH DVRPEUR 0H SDUHFH PX\ ELHQ TXHSDSi VHFDVH
4XH IRUPH VX SURSLR KRJDU 4XL]i VHD GHPDVLDGR HJRtVPR SRU PL SDUWH SHUR VLJR
SHQVDQGRTXHHVORPHMRUTXHSXHGHKDFHU
0H DVRPEUDV &UHtD TXH WH HQFRQWUDUtD OORUDQGR \ UHVXOWD TXHHVWiV GHSDUWH
GHWXSDGUH
7RWDOPHQWH PLQWLy 6R\ KXPDQD \ WHQJR XQ UD]RQDPLHQWR VHQVDWR
7HQJR DGHPiV ODSOHQD FRQYLFFLyQ GH TXHSDSi QR HOLJLy XQD HVSRVD YXOJDU 3DSi
QRORHV
6LQRWHKDGLFKRGHTXLpQVHWUDWD\RSXHGRGHFtUWHOR$QWHVGHTXHpOPH
KDEODUD\R\DVDEtD7RGRVHVDEH7~QRORVDEtDVSRUTXHYLYHVGHPDVLDGRSDUDWX
DPRU
6R\HJRtVWDDXQTXHQRTXLHUD
(V XQD FRPSDxHUD &DWHGUiWLFR FRPR pO 8QD SHUVRQD LPSRUWDQWH WLHQH
GLQHUR\HVMRYHQ&UHRTXHWUHLQWDDxRVHVFDVRV0X\EHOODPX\GHVXFDVDSHVHDVX
SURIHVLyQ
$K
6HOODPD$OLFLD)RQVHFD(VKLMDGHXQIDPRVRQRWDULR
$K
3HUR HVR QR LPSLGH TXH \R VLJD SHQVDQGR TXH FRPHWH XQ GLVSDUDWH 3URQWR
FXPSOLUiFXDUHQWD\VHLVDxRV
(VMRYHQ
1RHVMRYHQ%HED1RQRVHQJDxHPRVW~\\R
'HWRGRVPRGRVWLHQHGHUHFKRDVXSDUWHGHIHOLFLGDG<KDWHQLGRPX\SRFD
< HQ DTXHO LQVWDQWH GH V~ELWR GHFtD OR TXH VHQWtD 4Xp GHUHFKR WHQtD HOOD D
UHFKD]DUQLVLTXLHUDFRQHOSHQVDPLHQWRTXHVXSDGUHWUDWDUDGHEXVFDUXQSRFRGH
13iJLQDV
OD IHOLFLGDG TXHWDQ MRYHQ OH IXHQHJDGD" 1R YLYLy FRQVDJUDGR D HOOD KDVWD TXH IXH
XQDPXMHU"
6HVHQWyHQHOOHFKR
0DxDQD PLVPR EXVFDUp WUDEDMR GLMR UHVXHOWDPHQWH 'HER KDFHUOR DVt \
KDVWDPHFRPSODFHTXHPHREOLJXHQODVFLUFXQVWDQFLDV
<(UQHVWR"
1ROHGLUpQDGD
3HURHVpVHWXGHEHU"
<RORFRQVLGHURDVt\VL(UQHVWRQRHVWiGHDFXHUGR
/HDPDV/HDPDVPiVTXHDWXYLGD
6LpO PHDPDGHOPLVPRPRGRDGPLWLUiTXHGHERYLYLU \SDUDHOORWUDEDMDU
1R SXHGR VHJXLU VLHQGR XQD FDUJD SDUD SDSi 1L TXLHUR VHUOR SRUTXH pO PH GLR OD
LOXVWUDFLyQVXILFLHQWHSDUDYDOHUPHSRUPtPLVPD'RPLQRGRVLGLRPDV6pTXHSDSi
SDVyVLQXQWUDMHGXUDQWHVHLVDxRVRPiVSDUDFRVWHDUPHORVHVWXGLRVHQ,QJODWHUUD
SULPHUR\OXHJRHQ)UDQFLD+D\FRVDVTXHQRVHGHEHQROYLGDUWtD3HSD
6tODVROWHURQD\DORVDEtD
(VWiELHQGHFLGLy6yORWHSLGRTXHPHWHQJDVDOFRUULHQWH
/DEHVyHQODIUHQWH\WUDVXQWLWXEHROHDFDULFLyHOSHOR
(VSHUDED TXH UHDFFLRQDUDV DVt VXVXUUy 3HUR WHQtD PLHGR 7HQHPRV TXH
GHMDU HO FDPLQR OLEUH D WX SDGUH 6L %HED FUHR TXH HV QXHVWUR GHEHU <R GHVGH
PDxDQDHPSH]DUpDGDUFODVHVHQFDVD9R\DSRQHUXQDQXQFLRHQHOSHULyGLFR
(VRQR
(VR Vt *DQDUHPRV SDUD OD UHQWD <R SDUD HVR \ SDUD VRVWHQHU D )HOLVD 7~
SDUDFRPHU
7tD3HSD
(VWDUHPRV PiV XQLGDV TXH QXQFD \ FXDQGR WH FDVHV VL OR KDFHV PH LUp
FRQWLJRSRUTXHVpTXHYDVDQHFHVLWDUPH
0DxDQDVL\RQRYHRDSDSiGLMRGHV~ELWRGLOHTXHPHJXVWDUtDFRQRFHU
DVXSURPHWLGD
7tD3HSDGLRXQUHVSLQJR
&RQRFHUOD"(VTXHWLHQHVLQWHUpV"9HUGDGHUR%HED"
6LORWHQtD'HUHSHQWHHQWUDEDHQHOODQRVpTXp/DFRQVLGHUDFLyQTXHVLHPSUH
GHELyDVXSDGUH3RUTXpWHQtDHOODTXHPRVWUDUVHGXUDHLQWUDQVLJHQWHFRQDOJRTXH
HUDWDQKXPDQR"
6LWtDVt4XLHURFRQRFHUD$OLFLD)RQVHFD4XL]iVHDXQDPXMHUPDJQLILFD1R
FUHR\RTXHPLSDGUHVHKD\DHQDPRUDGRGHXQDPXMHUVLQYDORUHVItVLFRV\PRUDOHV
GHVSXpVGHSHUPDQHFHUGLHFLRFKRDxRVWDQVROR
13iJLQDV
(VWi ELHQ DGPLWLy WtD 3HSD SXHV WRGR OR TXH KLFLHUD R GLMHUD %HED OR
FRQVLGHUDEDUD]RQDEOH0DxDQDVHORGLUp
%HVyDODMRYHQUHSHWLGDVYHFHVPXUPXUDQGR
(UHVGLJQDGHVHUDGRUDGD6LKLMDVL7~VLTXHWLHQHVYDORUHV

$ODPDxDQDVLJXLHQWH)pOL[4XLQWDQDHQWUyHQHOVDOyQKRVFR\IULyRFXOWDQGR
HQHOIRQGRGHVXVHUEDMRVXPiVFDUDLPSHQHWUDEOHHOWHPRUDXQDHVFHQD
3HURQRRFXUULyDVt
(Q HO FRPHGRU VH KDOODED WtD 3HSD FRPR VLHPSUH VRQULHQWH \ DQLPRVD
VLUYLHQGRHOGHVD\XQRSDUDVXKHUPDQR
%XHQRVGtDVVDOXGy)pOL[IUtDPHQWH
%XHQRVGtDV)pOL[7HQJRTXHGHFLUWHDOJR
1R VDOWy pO 1R TXLHUR VDEHU QDGD 6XSRQJR TXH %HED WH SRQGUtD DO
FRUULHQWH\WHGLUtD\DTXHQRSLHQVDYLYLUFRQPLJR\FRQPLIXWXUDHVSRVD
<WHH[WUDxD"/DFKLFDSUHWHQGHVHULQGHSHQGLHQWH<RQRODFHQVXUR3HURQR
WHPDVSRUHOOD0HTXHGDUpDVXODGR\ODD\XGDUpHQORTXHSXHGD
4Xp RFXUUtD DOOt" (V TXH %HED QR PDQLIHVWy D VX WtD WRGR HO GRORU \ OD
GHFHSFLyQTXHVHQWtD"
/DVROWHURQDVLJXLyGLFLHQGRDQLPRVD
0H GLMR TXH WH DGYLUWLHUD TXH WLHQH JUDQ LQWHUpV HQ FRQRFHU D WX SURPHWLGD
3RUTXpQRODWUDHVDPHUHQGDUKR\"
&yPR"4Xp"(VTXH%HED"
+HPRVSHQVDGRODVGRVHQHOOR)pOL[1RYDPRVDSRQHUQRVWRQWDV'HVSXpV
GHWRGRTXL]iVHDPHMRUTXHWHFDVHV
<R\R
(O FDWHGUiWLFR WDQ VHVXGR WDQ SHUVRQDO WDQ VDELR VH VHQWtD SURIXQGDPHQWH
HPRFLRQDGR+DVWDWXYRODLPSHWXRVLGDGGHH[WHQGHUODPDQRSRUHQFLPDGHODPHVD
\DVLUORVGHGRVGHVXKHUPDQD
3HSDW~QRHVWiVHQIDGDGDFRQPLJR
6LQRORHVWiWXKLMDRSLQyVRUELHQGRODVOiJULPDVSRUTXpKHGHHVWDUOR
\R"
3HURHVTXHHOODQRORHVWD"
1R 4XLHUH FRQRFHU D $OLFLD )RQVHFD 7UiHOD D PHUHQGDU $ ODV FLQFR 7H
SDUHFHELHQ"(VXQDKRUDXQSRFRWHPSUDQDSHURFRPR\DVDEHV%HEDDODVVLHWHVDOH
FRQVXQRYLR
6LJUDFLDV*UDFLDVSRUYXHVWUDFRPSUHQVLyQ
13iJLQDV
6L VHUp WRQWD SHQVy OD VHQWLPHQWDO VROWHURQD 6L VLJXH WDQ HPRFLRQDGR YR\ D
OORUDU
3HUR)pOL[4XLQWDQDPDUFKRVLQPDQLIHVWDUGHQXHYRVXKRQGDHPRFLyQ
13iJLQDV
&DStWXOR
&DStWXOR
&UX]DED OD FDOOH GH $OFDOi D SDVR OLJHUR DSURYHFKDQGR HO VHPiIRUR DELHUWR
FXDQGRVLQWLyXQDYR]LQFRQIXQGLEOH
%HED
0LURDWUiV
(QVXVXQWXRVR0HUFHGHVLED(UQHVWR(VWDEDDOOtDGRVSDVRVGHWHQLGRDQWHHO
VHPiIRUR
9HQOODPypO9HQ
(OODIXH
7HQtDTXHLU(UDQODVGRFHGHOGtD\UHJUHVDEDGHXQDFDVDSXEOLFLWDULDSDUDOD
FXDO XQD DPLJD OH GLR XQD WDUMHWD ,ED D WUDEDMDU (PSH]DUOD DO GtD VLJXLHQWH FRPR
LQWpUSUHWH HQ GLFKD RILFLQD /H SDJDEDQ XQ VXHOGR HVSOpQGLGR \ VXV SHQXULDV
HFRQyPLFDV VL HV TXH LEDQ D H[LVWLU GHELGR D OD ERGD GH VX SDGUH \D QR H[LVWLUtDQ
3HURQRSHQVDEDGHFLUOHQDGDD(UQHVWR
1R FUHtD VX GHEHU GHFtUVHOR 1L GH OD ERGD GH VX SDGUH QL FXiQWR KDEtD
FDPELDGRHQHOSDQRUDPDIXWXURGHVXYLGDHQXQGtD
6XV UHODFLRQHV FRQ (UQHVWR QR HUDQ OR TXH VH GLFH XQDV UHODFLRQHV WRWDOPHQWH
IRUPDOHV ([LVWtD SRU PHGLR HO DPRU TXH VH SURIHVDED XQR D RWUR SHUR QR H[LVWtD
SDODEUDDOJXQDGHFDVDPLHQWR
6HYLVOXPEUDEDpVWHDODUJRSOD]RTXL]i\HOODSRGtDKDFHUGHVXYLGDSULYDGDOR
TXH FRQVLGHUDUD FRQYHQLHQWH VLHPSUH TXH JXDUGDUD OD PD\RU PRUDOLGDG < OD
PRUDOLGDGHUDVLQyQLPRGH%HED4XLQWDQD\HVRORVDEtDPX\ELHQ,xDTXH5ROGiQ
6HDFRPRGyDVXODGR
6XV GHGRV OD EXVFDURQ \ FRVD H[WUDxD ORV GH %HED QR OH UHKX\HURQ 6H
HQUHGDURQHQORVVX\RVFRQV~ELWDDQVLHGDG
4XpWHSDVD"SUHJXQWypOEDMRDOWLHPSRGHSRQHUHODXWRHQPDUFKDFRQ
XQDVRODPDQR
1DGDQDGD
(VWiVGHXQVHQVLEOHVXELGR
7HWHORSDUHFHDWL
<SDUSDGHDV
(OODULy
(UD XQD ULVD VXDYH \ WHQXH /D ULVD LQWLPD GH XQD PXFKDFKD WtPLGD TXH WLHQH
PXFKDVFRVDVTXHGHFLU\QRVHGHFLGHDGHFLUQLQJXQD
(VWiVGLVWLQWD
1RQRWHJXVWR"
13iJLQDV
%HED
3HUGRQD
6L HVWiV FRTXHWHDQGR FRQPLJR 'LPH GLPH DGyQGH LEDV" 2 GH GyQGH
YHQtDV"
'H PLVD PLQWLy 3UHIHUt GDU XQ SDVHR KDVWD FDVD 0H OODPDQ OD DWHQFLyQ
ORVHVFDSDUDWHV,EDFRQWHPSODQGRVXHVSOHQGRU
9DPRV D WRPDU DOJR SRU DKt ORV GRV 6XSRQJR TXH QR WHQGUiV SULVD GH
UHJUHVDUDFDVD
/DWHQJR3HURYR\FRQWLJR
3HQVDED OODPDUWH SRU WHOpIRQR KR\ D ODV GRV R DVt 6DEHV" 7HQJR TXH LU D
9DOHQFLDHVWDWDUGH0LSDGUHUHJUHVyGH0p[LFRLQRSLQDGDPHQWH\PHUHFODPD'LFH
TXHVyORPHHQWUHWHQGUiXQGtD&UHRTXHSDVDGRPDxDQDHVWDUpGHUHJUHVR
2K
/RVLHQWRPLYLGD6DEHVORTXHHVWXYHSHQVDQGR"4XHQRVFDVHPRV
&yPR"
(VRHV3RGHPRVKDFHUORSURQWR'HQWURGHXQPHVGHGRV4XpWHSDUHFH"
(OODFHUUyORVRMRV
3DUHFHUOH"6HUtDVHUtDPDUDYLOORVR"
&RPRW~GLJDV
$PLUHJUHVRGH9DOHQFLDWHQJRTXHGHFLUWHDOJR0XFKDVFRVDV
%XHQRGLMRVLQLPDJLQDUVHVLTXLHUDORTXHpOLEDDGHFLUOH
9DVDRtUPHFRQLQGXOJHQFLD"
/R PLUy ODUJDPHQWH 1R VXSR SRU TXp UD]yQ OLEUy OD PDQR GH ORV GHGRV
PDVFXOLQRV\HOODPLVPDLPSHWXRVDPHQWHIHPHQLQDVHFROJyFRQODVGRVPDQRVGH
VXEUD]R
&XiQGRQRORIXLSDUDWL"3HURQHFHVLWDVPLLQGXOJHQFLDGHYHUDV"
/DODYR\DQHFHVLWDU
7RQWR
3HURTXpWHSDVDKR\QLxD"
1RVp4XL]iWHQtDQHFHVLGDGGHHQFRQWUDUWH
'H UHSHQWH HO DXWR GLR XQ YLUDMH 7RUFLy D OD L]TXLHUGD 6LJXLy XQD ODUJD FDOOH
VDOLyDRWUD\VHSHUGLySRUODFDUUHWHUDGH/D&RUXxD
$GyQGHYDPRV"SUHJXQWyHOODVRIRFDGD
1R Vp 4Xp PiV GD 9DPRV D XQ OXJDU GRQGH SRGDPRV HVWDU VRORV GLH]
PLQXWRV
1RVHDWXUGLy1R
13iJLQDV
1RVHDVWRQWLWD0HJXVWDHVWDUVRORFRQWLJR\EHVDUWH\SHQVDUTXHHVWiVDPL
ODGR\WHWRFR
(UQHVWR
2MDODVHPXHUD
4XpGLFHV"
1DGDQDGD(VWDEDSHQVDQGR4XpSHQVDED\R"$KVL4XHGHUHSHQWH
PLQRPEUHQRPHJXVWD
<UHtDDOHJUHPHQWHGHWDOPRGRTXHHOODQRVXSRFRPSUHQGHUORTXHUHDOPHQWH
OHRFXUUtD
eO DXWR VH GHWXYR GLH] PLQXWRV GHVSXpV HQ XQ ERUGH GH OD FDUUHWHUD ,xDTXH
FUX]yORVEUD]RVHQHOYRODQWH
6DEHV"VXVXUUyDWUD\pQGRODKDFLDVt9R\DHVWDUVLQYHUWHGRVGtDV0H
YDQDUHVXOWDULQVRSRUWDEOHV(VWDEDUDELRVRSRUTXHSUHVHQWtDTXHQRSRGtDYHUWHKR\
\GHV~ELWRDSDUHFLVWHDQWHPtMXQWRDOVHPiIRUR
<D ODWHQtD DSUHWDGD HQ VXSHFKR(OOD DO]DED HO URVWUR (Q DTXHO LQVWDQWH WHQtD
WDQWDQHFHVLGDGGHpOGHVXFRPSUHQVLyQGHVXDPRUGHVXLPSHWXRVLGDGTXHHUD
LPSRVLEOHKXLU
(UQHVWR
6t
1RVp
1RVDEHV"
/RTXHPHSDVDFXDQGRHVWR\DWXODGR
$PRU6LHQWHVDPRU
%XVFDEDVXVODELRV'HDTXHOPRGRHQpOLQHQDUUDEOH6LQODVWLPDU(QHUYDQGR
WXUEDQGRHQWRQWHFLHQGRYROYLpQGRODORFD3RUSULPHUDYH]HQVXYLGDHOODQRSXGR
HVFDSDUGHDTXHOODQHFHVLGDG6DOLyDVXHQFXHQWURFRQORVODELRVDELHUWRVWDOFRPRpO
ODHQVHxyWDQWDVYHFHVHQHOWUDQVFXUVRGHDTXHOORVGtDV
%HEDJULWyFRPRHQORTXHFLGR%HED
< HOOD EDMR VXV ODELRV VXVXUUy WtPLGDPHQWH URMD FRPR OD JUDQD WHPEODQGR
FRPRXQDFULDWXUD
(VTXHTXHWHDPRWDQWR

$OLFLD )RQVHFD HVWDED DOOt HQ OD LQWLPLGDG GHO VDORQFLWR VHQWDGD MXQWR D OD
ILJXULWDWtPLGDTXHHUDODKLMDGHVXSURPHWLGR
$OLFLDHUDXQDPXMHUKHUPRVDMRYHQD~QSXHVQRVREUHSDVDEDORVWUHLQWDDxRV
5XELDGHRMRVD]XOHVPRGDOHVPX\FXLGDGRVRV\VRQULVDDIDEOH
13iJLQDV
9HVWtD HOHJDQWHPHQWH \ VX H[TXLVLWH] FDXVy OD DGPLUDFLyQ GH %HED \ VX WtD
7DPELpQ HVWDED DOOt )pOL[ 4XLQWDQD DWHQWR HOHJDQWH VLHPSUH HQ VX SDSHO GH WRWDO
JUDYHGDG
0H DOHJUR PXFKR GH FRQRFHURV GLMR $OLFLD )pOL[ PH KDEOy PXFKR GH
YRVRWUDV \ GHVSXpV PLUDQGR DWHQWDPHQWH D OD MRYHQ 7HPtD TXH QR VXSLHUDV
FRPSUHQGHUHVWR6DEHUQRHVODSDODEUD DxDGLyFRQXQDVRQULVDTXHUHUGLUp
PHMRU 4XH QR TXLVLHUDV FRPSUHQGHU 3HUR HVWDQGR HQDPRUDGD GH XQ KRPEUH \R
FRQVLGHUpTXHWXSDGUHQRWHQtDSRUTXpRFXOWDUSRUPiVWLHPSRORTXHRFXUUtD
$KRUD HVWR\ GREOHPHQWH VDWLVIHFKD $OLFLD GLMR VXDYHPHQWH DVLHQGR VXV
GHGRV<RWDPELpQYR\DFDVDUPH
6t"\)pOL[4XLQWDQDWXYRFRPRXQDV~ELWDPDQLIHVWDFLyQGHDOHJUtD
6t SDSi +R\ KHPRV KDEODGR GH HVR 6H KD LGR D 9DOHQFLD \ QR UHJUHVDUi
KDVWDSDVDGRPDxDQDSHUR\DKDEODUHPRVXQSRFRGHQXHVWURIXWXURHQFRP~Q
(QDTXHOLQVWDQWH)HOLVDDSDUHFLyHQHOXPEUDOGHODSXHUWD
7tD3HSDXQSRFR DWXUGLGD SRU OD V~ELWDLQWURPLVLyQGH OD IiPXODVHSXVR HQ
SLH 3HUR )HOLVD FRQ VX SRFD GHOLFDGH]D GLMR UiSLGDPHQWH PRVWUDQGR XQ KHUPRVR
UDPRGHIORUHV
(VSDUDXVWHGVHxRULWD$FDEDQGHWUDHUOR
(UQHVWRVHJXUR(UQHVWRTXHOHHQYLDEDDTXHOPHQVDMHDQWHVGHHPSUHQGHUYLDMH
D9DOHQFLD
6HSXVRHQSLH\DWUDYHVyHOVDOyQ7RPyODVIORUHVGHVXVEUD]RV\ODVDFHUFyD
VXURVWUR$~QHVWDEDQK~PHGDV\ROtDQGHOLFDGDPHQWH
8QDWDUMHWDFD\yDOVXHOR$OLFLDVHOHYDQWySDUDUHFRJHUOD
7RPD
*UDFLDVJUDFLDV\WXUEDGD&RQYXHVWURSHUPLVR
&ODURTXHVtVRQULy$OLFLDFRPSUHQVLYD/pHOD
'HFtD~QLFDPHQWH

7HDPR&RQWDUpORVGtDVTXHIDOWDQSDUDYHUWHGHQXHYR

1RILUPDED
(VGH(UQHVWRGLMRUXERUL]DGD
7XSDGUHQXQFDPHGLMRTXLpQHUDWXQRYLR(UQHVWRTXp"&RQR]FRDWRGRHO
PXQGRHQ0DGULG
(UQHVWR5ROGiQ
$K
<VHTXHGySHQVDWLYD
13iJLQDV
(QDTXHOLQVWDQWHWtD3HSDVHOHYDQWy\VDOLyGHOVDORQFLWRFRQHOILQGHGLVSRQHU
ODPHULHQGD
)pOL[4XLQWDQDGLMRVRQULHQWH
2VGHMRVRODV4XL]iWHQJiLVDOJRTXHKDEODU$VtRVFRQRFHUpLVPHMRU
$OLFLDORGHVHDED1HFHVLWDEDVDEHUPXFKDVFRVDVGHODKLMDGHVXIXWXURHVSRVR
6LpQWDWHMXQWRDPt%HED'HMDODVURVDVHQXQE~FDUR
/D MRYHQ OR KL]RDVt TXHGiQGRVH FRQ XQD DOD TXH GLR YXHOWDV \ YXHOWDVHQWUH
ORVGHGRV
6HQWDGDMXQWRD$OLFLDODPLUyGHV~ELWRFRQFRPSODFHQFLD
6DEHV" H[FODPy VLQFHUD 7HQtD PLHGR FRQRFHUWH SHUR DKRUD SUHVLHQWR
TXHYDPRVDVHUEXHQDVDPLJDV
/DDPLVWDGVLQFHUDGDxDDYHFHV%HED4XpWHSDUHFHVL\RWHGDxDUDPXFKR
HQHVWHLQVWDQWH"
'DxDUPH"
6LDGXMR$OLFLD)RQVHFDFRQSHVDU0XFKR6HUtDLJXDOTXHVLW~PHGLMHUDV
DKRUDTXHWXSDGUHHVXQLQGHVHDEOH
$OLFLD
3HUGRQD6LQRSHQVDUDFDVDUPHPX\SURQWRFRQWXSDGUHQDGDWHGLUtD1R
VHUtD \R TXLpQ SDUD LQPLVFXLUPH HQ WX YLGD SULYDGD 3HUR YR\ D VHU FRPR XQD
VHJXQGDPDGUHSDUDWL<DVpTXHWHOOHYRVyOR GLH]DxRVSHURVRQPXFKRVDxRVHQ
XQDYLGDMXYHQLODXQTXHW~QRORFUHDV
1RVR\FDSD]GHHQWHQGHUWH
&RQR]FRDORVJHPHORV
$K \ FRQ XQ JULWR DKRJDGR 1R PH GLJDV TXH (UQHVWR QR HV
PHUHFHGRUGHTXH\ROHTXLHUD
$OLFLDWLWXEHy
3XHV HV HVR SUHFLVDPHQWH OR TXH YR\ D GHFLUWH 7RGR HO PXQGR KDEOD GH pO
FRQVLGHUiQGRORXQDJUDQSHUVRQD1RORHV
$OLFLD
+DEORPX\VHJXUDGHORTXHGLJR)tMDWHVLORHVWDUpTXHPLSDGUHHVHOQRWDULR
GHORV5ROGiQ
2KQRQRQRJLPLyHOOD1RPHGLJDVHVR<ROHFRQR]FRELHQ6pTXH
PHDPDTXHQRVFDVDUHPRV4XHTXH
&iOPDWH 6p TXH WX SDGUH QR YHQGUi KDVWD TXH \R YD\D D EXVFDUOH (V
GHPDVLDGRLQWHOLJHQWH \ VXSRSRU PL H[SUHVLyQ DO PLUDUOR FXDQGR Rt HOQRPEUH GH
(UQHVWR 5ROGiQ TXH DOJR WHQtD TXH GHFLUWH (VSHUHPRV TXH QR UHJUHVH WtD 3HSD /R
TXHGHERGHFLUWHQRPHJXVWDUtDTXHORR\HUDQDGLHPiVTXHW~(VFRPRXQVHFUHWR
SURIHVLRQDO GH PL SDGUH SHUR TXH \R FRPSDUWt SRU OR TXH GH FUXHO \ DPDUJRWHQtD
13iJLQDV
+DFHFRVDGHXQDxRSDSiUHFRPHQGyD(UQHVWRXQDFKLFDOODPDGD,VDEHO(FKHJDUD\
(UDXQDPXFKDFKLWDWtPLGDRULXQGDGHXQSXHEORGH&DVWLOOD/DDGPLWLyDVXODGR
FRPR VXSOHQWH GH VHFUHWDULD \ DO FDER GH XQRV PHVHV RFKR R PiV OD FKLFD
GHVDSDUHFLy LQRSLQDGDPHQWH 0L SDGUH FRPR HV OyJLFR OH SUHJXQWy D (UQHVWR <R
HVWDEDSUHVHQWH1XQFDROYLGDUpVXFLQLVPRSDUDUHVSRQGHUTXHVHKDEtDLGRSRUTXH
KDEtDHQFRQWUDGRXQWUDEDMRPHMRU\PiVUHPXQHUDGR3DSiQRVHFRQIRUPyFRQHVD
H[SOLFDFLyQ\VHSHUVRQyHQHOSXHEOHFLWRFDVWHOODQR$OOtORVXSR
6DEHUTXp"
/DYHUGDG
13iJLQDV
&DStWXOR
&DStWXOR
4XpTXpYHUGDG"
(UHVXQDFKLFDYDOHURVD%HED$WUDYpVGHORTXHWXSDGUHPHFXHQWDGHWLPH
IXLGDQGRFXHQWD0HUHFHVTXHWHDPHXQKRPEUHWDOFRPRFUHHVTXHWHDPD(UQHVWR
5ROGiQ3HUR(UQHVWRHVLQFDSD]GHDPDUDQDGLHH[FHSWRDVtPLVPR<DYHV\ROHV
FRQR]FRPX\ELHQDORVGRVSXHVSHVHDWRGRFXDQWRFXHQWDQGH,xDTXHSUHILHURD
HVWH~OWLPR (V IUtYROR \ FDVTXLYDQRSHURWLHQHXQ JUDQ IRQGR(UQHVWRQR %DMR VX
FDSDGHKRPEUHGHPXQGRJUDYHVHULRVHVXGRVHRFXOWDHOViGLFRGHVDOPDGR
2KQRQR
1R PH OORUHV HK" (UHV MRYHQ \ WLHQHV WLHPSR GH VREUD SDUD FRQRFHU D
KRPEUHV PHMRUHV +RPEUHV TXH WH FRQVLGHUHQ GH YHUDV \ VREUH WRGR TXH WH DPHQ
FRPRPHUHFHV6DEHVTXpOHRFXUULyD,VDEHO(FKHJDUD\"1RPHOORUHV%HED7HQJR
TXH GHFtUWHOR SRUTXH VL QR OR KLFLHUD PH RGLDUtDV GHVSXpV ,VDEHO WLHQH XQ KLMR \
(UQHVWR MDPiV OR VXSR QL OR VDEUi SRUTXH ,VDEHO QR VH OR SDUWLFLSDUi DXQTXH VH
PXHUD
1RQRPHGLJDVHVR
7HQJRTXHGHFtUWHOR'HMD\DGHOORUDU(QIUpQWDWHFRQODYHUGDGSRUTXHHVWiV
D WLHPSR D~Q 3RGUtD UHIHULUWH PXFKRV RWURV FDVRV SDUHFLGRV +DVWD FUHR VDEHU VX
IRUPDGHFRQTXLVWDU0X\HQVXSDSHOGHKRPEUHVHULRLQFDSD]GHFRPHWHUXQDPDOD
DFFLyQHVPX\FDSD]GHWRUWXUDUKDVWDH[SULPLU<DYHVORTXHVRQODVFRVDV,xDTXH
FRQ WHQHU SHRU IDPD HV KRPEUH FRQVLGHUDGR SDUD ODV PXMHUHV 1R ODV HQJDxD /HV
GLFHORTXHVLHQWDOHVSURPHWHPDWULPRQLR\XQGtDFXDQGRVHFDQVDVHODUJD\QR
YXHOYHSHURQRSLHUGHDQLQJXQDPXMHU
2K'LRVPtR'LRVPtR
$OLFLDODDWUDMRKDFLDVt/DEHVyHQHOSHOR
&iOPDWH&XDQGRYXHOYDGH9DOHQFLDGHUHSHQWHVHGHWXYRSDUDH[FODPDU
VHJXLGDPHQWH 9DOHQFLD" 3HUR QR KDEtD LGR D 0p[LFR" 6L SUHFLVDPHQWH OH Rt
GHFLUDPLSDGUHTXHUHJUHVDEDXQRGHHVWRVGtDV)XHSRUFLQFRPHVHVSHURODVFRVDV
VHDUUHJODURQPHMRUGHORTXHHVSHUDEDQ\HVWiSUy[LPRDYROYHU
)XH,xDTXHGLMR%HEDHQWUHVROOR]RV(UQHVWRVHTXHGyDTXt
%XHQR HVR QR SXHGR DVHJXUDUOR 7HQtDHQWHQGLGR OR FRQWUDULRSHUR \D WH OR
GLUpFRQPiVVHJXULGDGSRUODQRFKH
1RQR<DWHORGLJR\RGHVGHDKRUDPLVPR)XH,xDTXH
%LHQ3HURHVWRQRFDPELDODVFRVDV4XpSLHQVDVKDFHU"
+DFHU"
7HQtDHOODDOJRTXHKDFHU"
13iJLQDV
(VWDEDPHGLRORFDHVRHUDORTXHHVWDED1RHUDFDSD]GHFDOODU6ROOR]DEDFRPR
VL HQ DTXHO LQVWDQWH PXULHUD VX PDGUH < D~Q HUD SHRU 6X PDGUH KDEtD PXHUWR
PXFKRVDxRVDQWHV\VXVLOXVLRQHVWRGDVHVWDEDQPXULHQGRHQDTXHOPLVPRLQVWDQWH
6H R\HURQ SDVRV \ HQ VHJXLGD OD ILJXUD GH WtD 3HSD HPSXMDQGR OD PHVD GH
UXHGDV
$OYHUDVXVREULQDOORUDQGRJULWy
4XpWHSDVDFKLTXLOOD"'LTXpWHSDVD"
%HEDOLPSLyODVOiJULPDVGHXQPDQRWD]R
(VHVKLSyODHPRFLyQGHVDEHUTXHSDSiSDSiYDDFDVDUVH
$OLFLD SRU WRGR FRPHQWDULR OD DFHUFy D VX KRPEUR \ OD EHVy HQ HO SHOR
FDULxRVDPHQWH

0DWtDVHQJXOOtDVDOLYD\VHDJLWDEDLQTXLHWR
9HtDD(UQHVWRHOYHUGDGHURLUGHXQODGRDRWURGHODDOFREDGLVSRQLHQGRVX
URSD'HUHSHQWHVHGHWXYR
4Xp KDFHV DKt SDUDGR" JULWy IXULRVR 1R YHV TXH DFDER GH OOHJDU \
WHQJRPXFKDVFRVDVTXHKDFHU"'yQGHHVWiPLJHPHOR"4XpKDFHTXHQRYLHQH"
+DLGRD9DOHQFLDVHxRU
9D\D %XHQR HV LJXDO 'LVSyQ HO EDxR 9HQJR UHQGLGR GHO YLDMH 1R PH
HVSHUDEDLVHK"
3XHVQRQR
4Xp WDO OD VHxRULWD 4XLQWDQD" SUHJXQWy EXUOyQ 6H FRQVROy" 5HJUHVy
\DGHOYLDMH"<SRUTXpPHSXVLVWHDTXHOFDEOHYDPRVDYHU"
3RUVLSRUVLHOVHxRUOHHVFULEtD
<RQXQFDHVFULERJULWy(UQHVWRPDOKXPRUDGR(VFULELUDXQDPXMHU"1L
TXHIXHUDXQFDGHWH(VFULELUDXQDPXMHU"YROYLyDUHSHWLU6HTXLWDEDODFKDTXHWD
\ODFDPLVDDOKDEODU$QGDEDSRUODDOFREDHQSDQWDORQHVHVSHUDQGRHOEDxRSHURHO
FULDGR SDUHFtD GHVFRQFHUWDGR VLQ VDEHU TXp KDFHU 4Xp HVSHUDV" 1R WH HVWR\
GLFLHQGRTXHPHSUHSDUHVHOEDxR"
0DWtDVDWXUGLGRVDELHQGRTXHLEDDHVWDOODUODERPEDWDQSURQWR(UQHVWRYLHUD
DOD6HxRULWD4XLQWDQDVHGLULJLyDOEDxR
$MD JULWy (UQHVWR GHVGH OD DOFRED 6HUi PHMRU TXH OODPHV D %HED
4XLQWDQD\OHGLJDVTXHSLHQVRLUDYHUODKR\DODVVLHWH
6tVt
4XpHVSHUDV"
6HxRU
13iJLQDV
9DPRVYDPRVTXpHVSHUDV"
(OEDxRVHxRU
'LVSRQOR\OXHJROODPDDPLQRYLD
0DWtDVKL]RXQDSUHJXQWDXQSRFRLPSHUWLQHQWHDMXLFLRGH(UQHVWR
/DDPDPXFKRHOVHxRU"
(UQHVWRJLUyHQUHGRQGR
4XpGLFHV"3HURFyPRWHDWUHYHV"4XLpQHUHVW~SDUD"VHHFKyDUHtUGH
V~ELWR6tODDPRPXFKR'HERDPDUODSRUTXHODUHFRUGyEDVWDQWH
$K
7LHQHVDOJXQDREMHFLyQTXHKDFHU"
3XHV QR QR VHxRU VROWy ORV JULIRV 1R FODUR 3HUR FRPR DQWHV GH
PDUFKDUHOVHxRUOHRtGHFLUTXHODVHxRULWD4XLQWDQDHUDXQHQWUHWHQLPLHQWR
<VLJXHVLpQGROR3HURTXp"3DUDTXpYLYHXQR"
(VRGLJR\RVHxRU
4XpHVORTXHGLFHV"
3XHVWHPSOyHODJXD/DSHUIXPyQDGDVHxRU1XQFDGLJRQDGD
0HMRUSDUDWL
(OEDxRHVWiGLVSXHVWRVHxRU
3UHSiUDPHHOWUDMHJULVFODUR/OXHYH"1RSHURKDFHIUtR<HOJDEiQD]XO\HO
VRPEUHUR GHO PLVPR FRORU VH SHUGtD \D HQ HO EDxR $QGD \ QR WH ROYLGHV GH
OODPDUSRUWHOpIRQRD%HED4XLQWDQD/HGLFHVTXHDODVVLHWHLUpDEXVFDUOD
6tVHxRU
+DODDQGDOLJHUR(VWiVSDVPDGRKR\4XpGLDEORVWHSDVD"
3HURVLQHVSHUDUUHVSXHVWDVHFHUUyHQHOEDxR
(OSREUH0DWtDVOOHYyORVGHGRVDOFDEHOOR/RVUHYROYLyDOOt\DVSLUyPX\KRQGR
4XpKDFHU"
/ODPDUDOJHPHORD9DOHQFLD"1RKDEUtDOOHJDGRD~Q'HFLUOH"
6R\XQFULDGR<ORVR\GHORVGRVVHGLMRSDUDVL&XLGDGR0DWtDV1RPHWDVODSDWD
7~DORWX\RDKDFHUORTXHWHPDQGDQ\DVHUVRUGR\PXGR\FLHJR4XHVHODVDUUHJOHQ
HOORV
&RPR VL OH SHVDVHQ ORV SLHV VH DFHUFy DO WHOpIRQR )XH D PDUFDU SHUR HO GHGR
HPSH]yDWHPEODUOH
4XpWHLPSRUWDDWLWRGRHVWHOtR0DWtDV"7~QRHUHVPiVTXHXQFULDGR\VLWHPHWHV
GRQGH QR WH OODPDQ YDVD SHUGHU HO HPSOHR \ QRWH FRQYLHQH $TXt IXPDV D HVFRQGLGDV SHUR
IXPDVEXHQRVKDEDQRVEHEHVZKLVN\HVFRFpV\KDVWDDOJXQDYH]FRTXHWHDVFRQODFKLFDGHDO
ODGRODGRQFHOOLWDGHORV0XQWDQHU<DGHPiVVDFDVWXVEXHQDVSHVHWLWDVDOFDERGHOPHV$
WHQHUFXLGDGR0DWtDV+D\TXHVHUSUXGHQWH
13iJLQDV
0DUFyHOQ~PHURSHURDQWHVGHTXHVRQDUDORVROWy
0DWtDV HO TXH W~ WHQJDV VLPSDWtD SRU ,xDTXH QR TXLHUH GHFLU TXH GHEDV PHWHUWH HQ
FDPLVDGHRQFHYDUDV(VWDPRV"(VWDPRV0DWtDV"
9ROYLyDPDUFDU
/HWHPEODEDXQSRFRODPDQRSHURHVWDYH]HVSHUy
&RQWHVWyXQDYR]JDQJRVD
7tD3HSDSHQVy/DVLPSiWLFDWtD3HSD
'LJD'LJD
6LOHQFLR
'LJD
0DWtDVFDUUDVSHy
/DVHxRULWD4XLQWDQD"
1RHVWiSDUDQDGLHUHSOLFyHQRMDGDODYR]GHWtD3HSDGLIHUHQWH6tVHxRU
GLIHUHQWH
eOYROYLyDFDUUDVSHDU
(VDTXtGHFDVDGHOVHxRU5ROGiQ$ODVVLHWHLUiDEXVFDUDODVHxRULWD%HED
&yPR"1RHVWDEDGHYLDMHHOVHxRU5ROGiQ"
3HURKDYXHOWRGLMR<QRPHQWtD,UiDEXVFDUDODVHxRULWDDODVVLHWHHQ
SXQWR
<FROJy
$OYROYHUVHVHPLUyDVtPLVPR
(UHVWDQFRFKLQRFRPRHOJHPHOR(UQHVWR0DWtDV7DQFRFKLQRVt
13iJLQDV
&DStWXOR
&DStWXOR
0H DVXVWD HVWD H[SUHVLyQWX\D %HED VHDJLWy OD GDPD /D YHUGDGKLMLWD
PHGDVPXFKRPLHGR
%HEDVHQWDGDDQWHHOERUGHGHOOHFKRPLUDEDDQWHVLVLQSDUSDGHDU
7HQtDORVGHGRVDSR\DGRVHQODVURGLOODV\ODEDUELOODHQODVGRVSDOPDVDELHUWDV
\XQLGDVFDVLMXQWRDODERFD
%HEDVLOORUDV
1R1RLEDDOORUDU
3RGtDOORUDUXQDSHUVRQDPXHUWD"
$VtHVWDEDHOODFRPRPXHUWDFRPRVLQROHLPSRUWDUDQDGDGHHVWHPXQGR
+LMLWDQRVpVL$OLFLDKL]RELHQHQGHFLUWH
+L]RVDOWR+L]RVt
8QKRPEUHSXHGHVHUPX\UXLQGXUDQWHDxRV\GHUHSHQWHHODPRUGHXQD
PXMHUGHWHUPLQDGDKDFHUOHEXHQR
%HEDDO]yHOURVWUR8QSRFRWDQVyOR/RVXILFLHQWHSDUDTXHWtD3HSDDSUHFLDUD
HOGRORUGHVJDUUDGRGHVXVRMRV
7H OR KH FRQWDGR WRGR WtD 7RGR VLQ RPLWLU QDGD 6L WLHQH XQ KLMR VL QR KD
WHQLGR MDPiV HVFU~SXORV FRQ ODV PXMHUHV VL KD KHFKR DODUGH GH XQD GLJQLGDG
PDVFXOLQD TXH QXQFD H[LVWLy FyPR SUHWHQGHV TXH PL DPRU OH KD\D FDPELDGR"
1XQFDSRGUtDFDVDUPHFRQXQKRPEUHTXHKDSHUGLGRDXQDPXMHU1LVHULDFDSD]GH
FUHHUHQTXLHQHQJDxyDWDQWDVFKLTXLOODVLQRFHQWHV
3HURHVWiVGLVSXHVWDDUHFLELUORDODVVLHWH\IDOODVyORXQDKRUD
6t GLMR 6t /R YR\ D UHFLELU (V GHFLU YR\ D VDOLU FRQ pO /R TXH QR PH
H[SOLFRD~QHVFyPRKDYXHOWRFXDQGRQRKDFHQLGRVKRUDVPHHQYLyXQUDPRGH
IORUHVSRUVXYLDMHKDFLD9DOHQFLD
6HOHKDEUiROYLGDGRDOJR\QRVDOGUiKDVWDPDxDQD
4XpPiVGD
4XpOHYDVDGHFLU"
'HFLU"6HVDEH HVR"6HSUHYp QXQFD ORTXHVHSXHGH GHFLU DXQKRPEUH D
TXLHQVHKDTXHULGRWDQWR\DTXLHQVHGHVSUHFLDLQGHVFULSWLEOHPHQWH"
3HURW~W~KLMLWDPtDHVWiVGHVWUR]DGD
/D MRYHQ EDMy OD FDEH]D 0LUy DO IUHQWH /D DOIRPEUD PXOWLFRORU SDUHFLROH TXH
EDLODEDDQWHVXVRMRV
4XpLEDDGHFLUOHD(UQHVWR"7RGRFXDQWRVDEtDSRU$OLFLD)RQVHFD"1R6HUtD
KXPLOODQWHSDUDHOOD6HUtDGHVWUXLUODSRFDGLJQLGDGTXHOHTXHGDED
2FXOWyHOURVWURHQWUHODVPDQRV
13iJLQDV
%HEDVXVXUUyWtD3HSDFD\HQGRGHEUXFHVMXQWRDHOOD\WUDWDQGRGHTXLWDUOH
ODV PDQRV GHO URVWUR (VF~FKDPH KLMLWD 3RU IDYRU HVF~FKDPH 4XLHUHV TXH WH
FXHQWHXQSDVDMHGHPLYLGD"4XL]iQRWHQJDGHPDVLDGDVLPLOLWXGFRQHOWX\RSHURWH
KDUi SHQVDU XQ SRFR +D\ PRPHQWRV HQ OD YLGD HQ TXH XQD VH FUHH PRULU (Q TXH
SDUHFHTXHHOPXQGRVHGHUUXPEDVREUHXQD\ODGHVWUX\H&XDQGRVHPXHUHXQVHU
TXHULGRVLHQWHVODVHQVDFLyQGHTXHODYLGD\DQRWLHQHLPSRUWDQFLDSDUDWL'XUDQWH
XQD HQIHUPHGDG JUDYR GH XQ SDGUH XQD PDGUH XQ KHUPDQR DOJXQR GH HVRV VHUHV
TXH WDQ KRQGR FDODQ HQ HO FRUD]yQ KXPDQR GH XQ IDPLOLDU R DOOHJDGR XQD VH FUHH
WDPELpQ HQIHUPD \ OH SDUHFH TXH QR H[LVWH PD\RU GRORU QL PD\RU GHVHVSHUDFLyQ <
GHVSXpVDPHGLGDTXHSDVDHOWLHPSRODVSHQDVVHDOLYLDQ\XQDYDSHQVDQGRTXHQR
VH YD D PRULU \ YLYH SXUJDQGR \ OORUDQGR /DV OiJULPDV WDPELpQ VH GHVYDQHFHQ XQ
GtD/OHJDXQWLHPSRHQTXHHQYH]GHGHUUDPDUGRFHVyORVHGHUUDPDXQD\GHVSXpV
VLHQWHVHQWLDTXHOUHFXHUGRGRORURVRFRPRDOJRTXHWHKL]RPXFKRGDxRSHURTXH
QR WH PDWy < SDUHFH LPSRVLEOH TXH VH KD\D HVWDGR PHGLR PXHUWD R XQD KD\D
TXHULGRGRUPLUWRWDOPHQWH(VDVVRQODVSHQDV3HQDVTXHSDVDQ%HEDTXHULGDKL]R
XQDSDXVD%HEDKLMLWDTXLHUHVTXHWHFXHQWHHVHSDVDMHGHPLYLGD"4XLHUHV
%HED"
&XHQWDVXVXUUyODMRYHQFRQXQKLORGHYR]&XHQWDWtD1XQFDVXSHSRU
TXpWHTXHGDVWHVROWHUD
3RUTXHPHGLRDVFRGHODYLGD\GHORVKRPEUHV3RUTXHYLVXVPHQWLUDV\VXV
IDOVHGDGHV 3RUTXH DSUHFLp HO HJRtVPR KXPDQR \ PH UHVXOWy LQGHVFULSWLEOHPHQWH
PH]TXLQR6DEHV"+XERXQWLHPSRHQTXH\RHVWDEDDSXQWRGHFDVDUPH7HQJRXQ
ED~OHQHOFXDUWRGHORVWUDVWRVFRQPLHTXLSR0LVViEDQDVGHKLORPLVPDQWHOHUtDV
PLV HQFDMHV 3DxLWRV SDUD ODV EDQGHMDV SDxLWRV SDUD OD FRFLQD 7RGR VH KDFH FRQ
XQD LOXVLyQ LQHQDUUDEOH /RV GHGRV WLHPEODQ \ VXHxDV FRQ OD ODERU HQ OD PDQR
3LHQVDVHQORVKLMRVTXHKDVGHWHQHUDOJ~QGtDHQFXDQGROHQD]FDHOSULPHUGLHQWH
FXDQGR Gp ORV SULPHURV SDVRV FXDQGR EDOEXFHH WX QRPEUH (Q OD VDWLVIDFFLyQ GHO
SDGUH FXDQGR OH OODPH SDSi (Q WX DPRU KDFLD ORV GRV (Q ODV FiOLGDV QRFKHV GH
YHUDQRMXQWRDODSHUVRQDDPDGDTXHWHKDUiSHQVDUHQOLQGRVSRHPDV(QODVIUtDV
QRFKHVGHLQYLHUQRUHIXJLDQGRWXLQTXLHWXGHVDTXHODVQRFKHVFUXGDVGHOLQYLHUQR
RFDVLRQDHQORVEUD]RVTXHULGRV(QRtUVXYR]VXDYHHQVXVEHVRVHQVXVFDULFLDV
7tD
<RSHQVpDVt+XERXQDpSRFDHQPLYLGDVXVXUUyDSUHWDQGRD%HEDFRQWUD
VLHQTXHIXLXQDQRYLDIHOL]<XQGtDFXDQGRPHIDOWDEDPX\SRFRSDUDFDVDUPH
FXDQGR PH VHQWtD OD PXMHUFLWD PiV IHOL] GHO PXQGRFXDQGR FUHt TXH LED D OOHQDU HO
YDFtR GH WRGDV PLV VROHGDGHV IDOOHFLy OD HVSRVD GH PL ~QLFR KHUPDQR 'HMDED XQD
QLxDGHGRVDxRVVyOLWDFRQXQSDGUHTXHWHQtDTXHVDOLUWRGRVORVGtDVPDxDQDV\
WDUGHVDJDQDUVHHOSDQ0LGHEHUHUDFRUUHUDVXODGR$\XGDUOHHQDTXHOORVLQVWDQWHV
WDQGRORURVRV7XSDGUHFRPRHUDGHVXSRQHUWDPELpQSHQVyHQPt6HORGLMHDPL
QRYLR VDEHV" 6H OR GLMH DVt FRPR HUD VLQ SHQVDU QL SRU OR PiV UHPRWR TXH DTXHO
KRPEUHFDUHFtDGHFRPSUHQVLyQ\WHUQXUDKDFLDHOSUyMLPR6tQRPHPLUHVFRQHVH
DVRPEUR 1L WUDWHV GH DJUDGHFHUPH OR TXH HQ UHDOLGDG WHQJR \R TXH DJUDGHFHURV D
YRVRWURV(OVHRSXVRVDEHV"6HRSXVRWHUPLQDQWHPHQWHDTXH\RSDVDUDDYXHVWUR
ODGR QL TXLQFH GtDV 1R DGXMR XQD UD]yQ FRQYLQFHQWH 6yOR VX GHVPHGLGR HJRtVPR
13iJLQDV
1RHUDVXHVSRVD1RSRGtDGHMDUDPLKHUPDQRVRORFRQXQDQLxD\FRQXQEiUEDUR
GRORUSRUTXHPLQRYLRIXHUDXQHJRtVWD
4XL]iGHELVWHTXHGDUWH
1R%HED9LQHD0DGULG(UDPLGHEHUGHFULVWLDQD\PLGHEHUILOLDO(UDPL
KHUPDQR\PLVREULQDTXLHQHVPHQHFHVLWDEDQ\PLQRYLRGHKDEHUPHDPDGRDVtOR
KXELHUDFRPSUHQGLGR$ORVWUHVPHVHVUHJUHVp,EDDFDVDUPHRDOPHQRVDVtORFUHt
\R <D VDEHV TXH WHQtD XQD HVFXHOD HQ SURSLHGDG 'HMp DOOt XQD VXSOHQWH &XDQGR
YROYtPLQRYLRTXHHUDHOPDHVWURGHOSXHEORHVWDEDHQUHODFLRQHVIRUPDOHVFRQOD
VXSOHQWH \ SDUD PL IXH FRPR VL PH GHVJDUUDUDQ &RPR W~ WH VLHQWHV DKRUD PH
VHQWtD \R HQWRQFHV 3RU HVR WH FRPSUHQGR PHMRU 3RU HVR GLUp WH FRPSUHQGR
WRWDOPHQWH 5HJUHVp D 0DGULG GHMp OD HVFXHOD Y PH LQVWDOp GHILQLWLYDPHQWH FRQ
YRVRWURV FRQVLGHUDQGR TXH PH QHFHVLWDEDLV YHUGDGHUDPHQWH $O FDER GH DOJ~Q
WLHPSR OD VXSOHQWH VH FDVDED FRQ HO KLMR GHO PpGLFR WLWXODU (UD WDQ HJRtVWD FRPR HO
PDHVWUR\SUHIHUtDXQPDULGRLQJHQLHURDXQYXOJDUPDHVWURGHHVFXHOD(VWHYLQRD
PtWUDWDQGRGHUHIXJLDUVXUDELD\VXGHVSHFKR
<W~"
1R1ROHTXLVH<DHVWDEDFXUDGD<DKDEtDFRPSUHQGLGRTXHQRHUDKRPEUH
GLJQRGHPt1RTXLVHFDVDUPH
8QUHORMGLRODVVLHWHGHODWDUGH(QDOJXQDSDUWHVRQDURQFRPRPD]DVODVVLHWH
FDPSDQDGDV
4XpKDFHV"
%HED HVWDED GH SLH )LUPH PLUDQGR DO IUHQWH PiV EHOOD TXH QXQFD PiV
GHFLGLGDFRQXQDOXPLQDULDHQORVYHUGRVRVRMRV
%HED
9R\D UHFLELUOR1R WDUGDUiHQOODPDU(VSRVLEOHTXHKR\VXEDDOSLVR6tHV
SRVLEOH
3HURQR(OFOD[RQVRQDEDGpELOPHQWHHQODDQFKDFDOOH
7tD3HSDD~QWUDWyGHDVLUODGHDWUDHUODFRQWUDVt
%HEDODPLUyODUJDPHQWH
6LHPSUH FUHt TXH WHQtD PXFKR TXH DJUDGHFHUWH WtD 3HSD VXVXUUy SHUR
QXQFDTXHIXHUDWDQWR
1R WH FRQWp HVWRSDUD TXH PH OR DJUDGH]FDV VLQRSDUDGHPRVWUDUWHTXHHO
GRORUQRPDWDTXHWHFXUDVGHVX]DUSD]R\YXHOYHVDVHUIHOL]
7~QRORKDVVLGRGLMRURWXQGD3UHWHQGLVWHVHUORSHURQRORKDVVLGR
/DV LOXVLRQHV VH VLHQWHQ XQ GtD \ WH GHVWUX\HQ 1R WH PDWDQ SHUR FXiQWR PHMRU
KXELHUDVLGRDYHFHVTXHWHPDWDUDQ
<VDOLyVLQTXHWtD3HSDSXGLHUDUHWHQHUOD

13iJLQDV
1DGLH DO YHU OD ILJXULWD GHOLFDGD HQYXHOWD HQ XQ DEULJR GH DQWH D]XO PDULQR
EDMR HO FXDO VH DSUHFLDEDXQVXpWHU GH ILQD ODQDD]XOFHOHVWHFRQ ORV URML]RV FDEHOORV
SHLQDGRVKDFLDDUULEDIRUPDQGRXQPRxRFDO]DGDFRQ]DSDWRVGHDOWRVWDFRQHV\XQ
EROVR KDFLHQGR MXHJR VHUHQD \ ERQLWD KXELHUD LPDJLQDGR TXH HQ OD KRQGXUD GH
DTXHOORV RMRV DSDUHQWHPHQWH WUDQTXLORV VH RFXOWDED HO PD\RU GRORU TXH SXHGH
VRSRUWDUXQFRUD]yQKXPDQRIHPHQLQR
$VtDSDUHFLyHQODFDOOH\DVtVHUHQDPHQWHVHGLULJLyDODXWRTXHODHVSHUDED
1R HUD HO 0HUFHGHV GH WRGRV ORV GtDV (UD XQ -DJXDU ~OWLPR PRGHOR
EULOODQWH\DFKDURODGRGHOtQHDDHURGLQiPLFD6HILMyHQDTXHOGHWDOOHSHURQROHGLR
PD\RU LPSRUWDQFLD SRUTXH VDEtD TXH (UQHVWR 5ROGiQ SRVHtD XQD JUDQ IRUWXQD \
SRGtDFDPELDUGHDXWRFRPRHOODGHDEULJR
(UQHVWR OD HVSHUDED GH SLH MXQWR DO DXWR $O YHUOD DYDQ]y KDFLD HOOD <D HQ OD
IRUPD GH DQGDU OH FDXVy XQ VREUHVDOWR $GHPiV GyQGH KDEtD WRPDGR (UQHVWR HO
VRO HQ XQDV KRUDV" /R YLR DTXHOOD PDxDQD \ HVWDED PiV ELHQ EODQFR \ GH UHSHQWH
DSDUHFtDDQWHHOODPRUHQRFXUWLGRFRPRGHKDEHUSDVDGRPRQWRQHVGHKRUDVEDMRORV
UD\RVFDQGHQWHVGHOVRO
%HEDH[FODPy(UQHVWRDIDEOHPHQWHSHURVLQDTXHODSDVLRQDPLHQWRTXHHOOD
FRQRFtD\TXHWDQWRODWXUEDED7DQWRWLHPSRVLQYHUWH
&yPR"7DQWRWLHPSR"
&RQVLGHUDED PXFKR WLHPSR XQDV SRFDV KRUDV 1R HV WXYLHURQ ORV GRV HQ OD
FDUUHWHUDGH/D&RUXxDDTXHOODPLVPDPDxDQD"1RVHEHVDURQ"
$XQDVtSHVHDWDQWDVLQWHUURJDQWHVDWURSHOODGDV\VLOHQFLRVDVHQDOWDYR]GLMR
WDQVyORFRQVXVXDYLGDGKDELWXDOTXL]iXQSRTXLWtQDOWHUDGD
&yPRHVWiV"
eOHVWUHFKyVXPDQR/RKL]RFRPRVLRSULPLHUDORVGHGRVGHXQDDPLJDDTXLHQ
VHGHVHDYHUSHURTXHQRSHUWXUEDQLQJ~QVHQWLGR
(OOD VH HQFRQWUy GHVFRQFHUWDGD 4Xp SDVDED DOOt" 3RU TXp DTXHOOD GLIHUHQFLD
tQWLPDHQXQDVKRUDVGHXQKRPEUHDRWURVLHQGRHOPLVPR"
'HV~ELWRVHKL]RXQDOX]HQVXFHUHEUR
(O PLVPR" $OLFLD GLMR (UQHVWR QR HVWi HQ 0DGULG (VWi HVWi HQ 0p[LFR
3UHFLVDPHQWHHVWiDSXQWRGHUHJUHVDU
1RQRHUDSRVLEOH
&DVLODQ]yXQDODULGR(OODSHQVyTXHORODQ]DEDSHURVXVODELRVVHFHUUDURQFRQ
ODPLVPDSUHPXUDFRQTXHVHDEULHURQ
6XEHGLMRpODPDEOH6XEHPXMHU7HKHWUDtGRXQUHJDOR
&ODUR <D QR FDEtD GXGD DOJXQD (O KRPEUH TXH HVWXYR KDFLpQGROH HO DPRU HO
KRPEUHTXHHOODDPDEDHUD,xDTXHQR(UQHVWR
3XGR GHFLUOR *ULWDU VX UDELD VX GHVSHFKR VX KXPLOODFLyQ HQ DTXHO PLVPR
PRPHQWR 3HUR HUD GLJQD VREULQD GH VX WtD 6L WtD 3HSD HUD PXFKD WtD 3HSD %HED
4XLQWDQDHUDPXFKD%HED4XLQWDQD
13iJLQDV
6XELy DO DXWR \ VH DFRPRGy GHQWUR 6LQ XQ VXVSLUR VLQ XQD TXHMD VLQ XQ
UHSURFKH (UQHVWR WUDQTXLODPHQWH SHQVDQGR HVR VL TXH HVWDED PiV JXDSD TXH
QXQFDGLRODYXHOWDDODOWR\VHVHQWyDQWHHOYRODQWH
$GyQGH"SUHJXQWyFRQVXDPDELOLGDGGHVLHPSUHEDMRODFXDOVHRFXOWDED
VXVDGLVPR
8QSDVHR
7HHQFXHQWURDSiWLFD
+HSHQVDGR7XYHWLHPSRGHKDFHUOR
%XHQRULy(UQHVWRSRQLHQGRHODXWRHQPDUFKD<DWHGLUtD,xDTXHTXHQR
SXGHGHVSHGLUPHGHWL
6t DGPLWLy FRPSUHQGLHQGR WRWDOPHQWH \ QR KDFLHQGR PHQFLyQ GHO
GHVSHFKR\HOGRORUTXHVHQWtD0HORGLMR
<DYH]QRFUHtTXHWHORGLMHUD6HQHJDEDHQUHGRQGR
7~QRWXYLVWHWLHPSRSDUDDGYHUWLUPHGHWXPDUFKD"
eOYROYLyDUHtU
'HYHUDVTXHQRGLMRIDOVDPHQWH6HPHSUHVHQWyHOYLDMHGHXQPRPHQWR
SDUDRWUR3HURGHMpD,xDTXHHQFDUJDGRGHWRGR
/RKL]RPX\ELHQ
/DPLUyLQWHUHVDGR
9HUGDGTXHVL"0LJHPHORFXDQGRTXLHUHHVHQFDQWDGRU
6HJXUR
4XpGLFHV"
1DGD'HFtDTXHVLTXHHVPX\HQFDQWDGRU<DORKDVYLVWR"
1RTXpYD6HKDLGRD9DOHQFLDUHTXHULGRSRUSDSi3DSiVLHPSUHKDFHDVt
1RVOODPDFXDQGRPHQRVORHVSHUDPRV<TXL]iQRGHVHHGHpOPiVTXHYHUOR(VWi
ORFRSRUTXHQRVFDVHPRV'LFHTXHHOYHUGDGHURHVWDGRGHOKRPEUHHVHOPDWULPRQLR
1RUHVSRQGLy
1DGDWHQtDTXHUHVSRQGHU
4XpPHFXHQWDVGHWXYLGD"4XpWDOHOYLDMH"
4XpYLDMH"
<R QXQFD HVFULER SHUR PL FULDGR GHELy WHPHU TXH OR KLFLHUD \ FXDQGR OH
IXLVWH GH YLDMH FRQ WX SDGUH HVWDV 1DYLGDGHV PH SXVR XQ FDEOH D 0p[LFR
DGYLUWLpQGRPH
$K
'H PRGR TXH XQ YLDMH ,xDTXH HUD WDQ FDQDOOD FRPR VX KHUPDQR (Q PHQRU
HVFDODTXL]iSHURLJXDOPHQWHUXLQ
13iJLQDV
+HWHQLGRWLHPSRSDUDSHQVDU(UQHVWR
6t"6REUHTXp"
6REUHQRVRWURVGRV
6L"
9DPRVDGHMDUORVDEHV"<RQRWHDPR
)XHOD~QLFDVDWLVIDFFLyQTXHVLQWLyGHVGHKDFtDPiVGHVHLVKRUDV+DEHUGLFKR
DTXHOOR
(UQHVWRQRSDUHFLyLQTXLHWDUVHPXFKR
<HVR"3RUTXpORKDVGHVFXELHUWR"
+HWHQLGRWLHPSRQRFUHHV"
0XMHUORQXHVWURHUDEHOOR
1RWHTXLHUR<\RVLQFDULxRQRDGPLWRXQDVUHODFLRQHV\VLQWUDQVLFLyQ
4XLHUHVOOHYDUPHGHQXHYRDFDVD"
(UQHVWRODPLUyUiSLGDPHQWH
4XpWHSDVD"
1DGD6yORKHDFXGLGRDWXFLWDSDUDGHFtUWHOR
4XHQRPHTXLHUHVGLMRVLQSUHJXQWDU
([DFWDPHQWH
<RSHQVpTXHPLDXVHQFLDDYLYDUtDHOIXHJR
/RDSDJyWRWDOPHQWH
3HUR%HED
/RVLHQWR(UQHVWR&UpHPH/RVLHQWRPXFKR
(VODSULPHUDYH]TXHXQDFKLFDPHGDFDODED]DV
6DEHV (UQHVWR" 7HQJR DOJR TXH GHFLUWH $OJR TXH W~ QR VDEHV 4XL]i PH
PDOGLJDV WRGD OD YLGD SRU GHFtUWHOR SHUR WHQJR TXH KDFHUOR 0L FRQFLHQFLD PH OR
GLFWDDVt
0HDVXVWDVH[FODPypOKDFLHQGRJLUDUHODXWRHQGLUHFFLyQQXHYDPHQWHDOD
FDOOHGHO*HQHUDO6DQMXUMR
6HWUDWDGH,VDEHO(FKHJDUD\
(UQHVWRGLRWDOVDOWRTXHHODXWRHPSH]yDRVFLODU&RQVLJXLyHQGHUH]DUOR
4Xp"PXUPXUyURQFDPHQWH&yPR"
7LHQHXQKLMR
8QKLMR
7X\R
1RQR
13iJLQDV
6tVt(VWiHQXQSXHEORGH&DVWLOOD(VMRYHQ\ERQLWD\WLHQHHVR
'LRV
'pMDPHDTXtSLGLyHOODFRPRVLQRWXYLHUDQDGDPiVTXHGHFLU
(UQHVWROHSDVyXQEUD]RSRUGHODQWH\PDQWXYRODSRUWH]XHODVXMHWD
$JXDUGDVXURVWUROtYLGRTXHGyIUHQWHD%HED8QURVWURUtJLGRGLVWLQWR
WRWDOPHQWHWUDQVILJXUDGR4XLpQTXLpQWHORGLMR"
3DSiVHYDDFDVDUFRQ$OLFLD)RQVHFD
/DKLMDGH
6t
<KDVVDOLGRVyORSDUDGHFLUPHHVR
6tVyORSDUDHVR$KRUDGpMDPHSDVDU6LWLHQHVFRUD]yQYHDFXPSOLUFRQ
WXGHEHU
8QKLMR
6LWX\R\GHWXVFDODYHUDGDVGHWXVGHVFRQVLGHUDFLRQHVGHWXVYLOH]DV
0HGHVSUHFLDVPXFKRGLMRpOEDMRFRQLQWHQVLGDG
&XPSOHFRQWXGHEHU4XL]iGHVSXpVWHGHVSUHFLHPHQRV
<EDMyVLQHVSHUDUUHVSXHVWD
$OGtDVLJXLHQWH%HED4XLQWDQDHPSH]yDWUDEDMDUHQODFDVDSXEOLFLWDULD
13iJLQDV
&DStWXOR
&DStWXOR
1RQR1RHVSRVLEOHTXHHVHHVW~SLGRKD\DOOHJDGR\KD\DFLWDGRD%HED
GRVKRUDVGHVSXpVGHOOHJDU
/RVLHQWRVHxRU+DVLGRDVt
< W~" 4Xp KLFLVWH W~ PDOGLWR HVW~SLGR" 3RU TXp QR OR KDV LPSHGLGR" <R
SHQVDEDGHFtUVHORWRGRD%HEDDPLUHJUHVRGH9DOHQFLD&RQTXpFDUDPHSUHVHQWR
DKRUDDHOOD"0HFUHHUiXQEDQGLGRFRPR(UQHVWR1RWHGDVFXHQWD"
0HODGR\VHxRU
<HVWiVDKtSDUDGR
'HERGDUVDOWRVVHxRU"
0DWtDVTXHPHHVWiVSRQLHQGRQHUYLRVR
/RHVWDED\DDQWHVVHxRU
(UHVXQPHPR8QPDOGLWRPHPR'yQGHHVWiPLJHPHOR"JULWyPLUDQGR
HQWRPR'yQGH"1HFHVLWRYHUOR'HFLUOHGHFLUOH
+DLGRDXQSXHEOHFLWRGH&DVWLOOD
$&DVWLOOD"$TXp"$TXpYDPRVDYHU"
1RORVpVHxRU1XQFDSUHJXQWRFRVDVTXHQRPHLQFXPEHQ
3HURGHTXpHVWiVKHFKR0DWtDV"4XpKRUDHV"/DVVLHWH"7HQJRTXHYHU
D%HED\GHFLUOH'HFLUOHVtTXHHVWR\ORFRSRUHOODTXHVHORKHFRQWDGRWRGRDPL
SDGUH\TXHYHQJRDFDVDUPHFRQHOODSRUTXHVLQRPHFDVRPHPDWRRPHPXHUR
1RWDQWRVHxRUGLMRHOFULDGRHQWUHGLHQWHV
4XpGLFHV"3HURTXpGLFHVW~DOR]RUURPDOGLWRHVW~SLGR"
1RGHFtDQDGDVHULR
2K 'LRV 'LRV 4XLpQ GHVKDFH HVWH HQUHGR" 'LPH 0DWtDV TXLpQ OR
GHVKDFH" $ HVWDV KRUD %HED KDEUi GHVFXELHUWR WRGR HO OtR PH RGLDUi VH FDVDUi FRQ
(UQHVWR\\R\R
,ED GH XQ ODGR SDUD RWUR FRPR ILHUD HQMDXODGD /tYLGR ORV ODELRV FULVSDGRV $
0DWtDV OH GLR SHQD SHUR QDGD SRGtD KDFHU SRU HYLWDU DTXHO GLVJXVWR GH VX DPR
SUHIHULGR
0DWtDVJLPLy,xDTXHFRPRXQFUtRSHTXHxR0DWtDV'pMDPHDSR\DUPt
FDEH]D HQ WX KRPEUR 0H HVWDOOD (VWR\ GHVHVSHUDGR TXp OH GLJR \R D %HED" 3RU
TXpQRKDEUpKDEODGRDQWHVGHPDUFKDU"6HORTXLVHGHFLUSULPHURDPLSDGUH6HOR
FRQWp WRGR WRGR 2K &ULVWR GHO FLHOR 4Xp KDJR \R DKRUD" 6L %HED VH FDVD FRQ
(UQHVWR
<SRUTXpVHxRU"(OODOHDPDDXVWHG
$PDD(UQHVWR
13iJLQDV
3HURHO(UQHVWRTXHHOODDPDQRHV(UQHVWR
<VLQRORKDGHVFXELHUWR"<VLPLJHPHOROOHJyDOOt\ODDEUD]y\"<VL"
(QDTXHOLQVWDQWHVRQyHOWHOpIRQR
3tOODOR 0DWtDV JULWy GHVHVSHUDGR 6t HV %HED GLOH GLOH TXH HVWR\
PXULHQGR'LOH
0DWtDV\DWHQtDHOWHOpIRQRHQODPDQR
'LJD SHGtD FRQ VX YR] VHUHQD VLHPSUH LQDOWHUDEOH DXQTXH HVWXYLHUD
SHOHiQGRVHODJHQWHHQWRUQRDpO
(VSDUDXVWHGVHxRU
4XLpQ"4XLpQ"
(OVHxRUJHPHOR
2K
< FRPR XQ ORFR VH ODQ]y DO WHOpIRQR $VLy HO UHFHSWRU FRQ ODV GRV PDQRV \
GHVSXpVJULWy
'LPHGLPH
4XpWHSDVD,xDTXH"(VWiVKHFKRSROYR
(VWR\PXHUWR
&yPR"
1DGD 'LPH GyQGH HVWiV 6p TXH KDV OOHJDGR KDFH GRV GtDV SHUR VHJ~Q
0DWtDVGHVDSDUHFLVWHLQPHGLDWDPHQWH
$FDERGHFDVDUPH
,xDTXH VHSDUy HO DSDUDWR GHO RtGR SDUD YROYHU D DFHUFDUOR FRQ OD PLVPD
SURQWLWXG
&yPR"4Xp"0DOGLWDVHD4Xp"
3HURJHPHORTXpGLDEORWHSDVD$FDERGHFDVDUPH)XLDYHUD%HED
1RPHGLJDVTXHWHFDVDVWHFRQHOOD
&ODUR TXH QR /D YL D ODV GRV KRUDV GH OOHJDU D 0DGULG 0H GLMR TXH QR PH
DPDED
2K
4XHWXYRWLHPSRGHUHIOH[LRQDU4XHQRPHTXHUtDQLXQDPLJDMD
$K2K
1R OH KDEtD GLFKR TXH pO HVWXYR VXSODQWiQGROR" 1R FODUR (UD PXFKD %HED
SHURSDUDpOFDVLHUDSHRUSRUTXHVLQGXGDHVWDUtDRGLiQGROH3RUTXHVtQROHFDEtD
ODPHQRUGXGDGHTXH%HEDHVWDEDDOFRUULHQWHGHWRGDDTXHOODVXSHUFKHUtD
+HYHQLGRDFDVDUPHFRQ,VDEHO(FKHJDUD\2\H,xDTXHHVWiVDKt"7HKDV
TXHGDGRPXGR"
13iJLQDV
0DWtDVWHQtDHORtGRDSOLFDGRDODXULFXODUFHUFDGHOGHVXDPR,xDTXHOHGLRXQ
HPSHOOyQ
$WUHYLGRJULWy$WUHYLGR
4XpGLFHV,xDTXH"JULWy(UQHVWRDORWURODGR
2KQDGD0HUHIHUtDD0DWtDV
3XHV FRPR WH GHFtD DFDER GH FDVDUPH (VWR\ HQ XQ KRWHO GHO (VFRULDO 0H
ODUJRGHYLDMH2\HFXDQGRSXHGDVYHSRU3RQIHUUDGD\KD]WHFDUJRGHPLKLMR
4Xp"
6HOODPDFRPR\R\WLHQHPLPLVPDDUURJDQFLD\ORVRMRVOXPLQRVRVGH,VDEHO
(UQHVWR FKLOOy ,xDTXH 4XH QR WH HQWLHQGR QL SDSD $ TXp KLMR WH
UHILHUHV"7HKDVYXHOWRORFR"
&ODURTXHQR'HUHSHQWHFRPSUHQGtTXHDTXtHVWLEDPLIHOLFLGDG+D]ORTXH
WHSLGR$K\\DSXHGHVLUGHVDORMDQGRHOSLVR1RTXLHURKHUPDQRVFRQPLJR
&yPR"
(VR&ROJy
0DWtDVTXHYROYtDDHVWDUMXQWRDVXDPRFRQHORtGRDSOLFDGRDODXULFXODUGLR
XQSDVRDWUiVDWXUGLGR
(UHVXQDVQR0DWtDV
6tVHxRU
<XQHQWURPHWLGR
6LVHxRU
(QWLHQGHVDOJRGHHVR"
1RVKHPRVFDVDGRVHxRU\SRUORYLVWR\DQDFLyXQEHEp
0DWtDV \R QR VR\ FDSD] GH FRPSUHQGHU QDGD SHUR GHER VHU PX\ HJRtVWD
SRUTXHQRSXHGRDVLPLODUWRGDVHVDVQRWLFLDV7HQJREDVWDQWHFRQORPtR6DEHVXQD
FRVD 0DWtDV" 3RU QDGD GHO PXQGR SHUGHUp D %HED 6L QR VH FDVD FRQPLJR SRU ODV
EXHQDV3RU'LRVTXHODUDSWR
$HOORVHxRU
4XpGLFHV"
4XHEXHQR
(QDTXHOLQVWDQWHVRQyHOWLPEUHGHODSXHUWD
/ODPDQVHxRU
1RDEUDV
(VTXHOODPDQ
7HGLJRTXHQRHVWR\SDUDQDGLH
6HORGLJRDVtDTXLHQVHD"
13iJLQDV
'tVHORHQHOLGLRPDTXHWHGpODJDQDDWUDYHVDQGRODHVWDQFLDVHSHUGLyHQVX
FXDUWRGDQGRXQIRUPLGDEOHSRUWD]R
13iJLQDV
&DStWXOR
&DStWXOR
%HED 4XLQWDQD HVWDED PX\ QHUYLRVD SHUR QDGLH OR GLUtD DO YHUOD \ PXFKR
PHQRV0DWtDVTXHFRQH[SUHVLyQGHERERODFRQWHPSODEDHQDTXHOLQVWDQWH
%XHQDV WDUGHV GLMR HOOD FRQ YR] TXH D 0DWtDV OHSDUHFLy HO FDVFDEHO GH XQ
DQKHOR
0DWtDV VH GLMR VLQ DEULU ORV ODELRV 1R KDV YLVWR D %HED 4XLQWDQD SHUR DSXHVWR HO
SXUR TXH WHQJR SDUD IXPDU HVWD QRFKH GH VREUHPHVD D TXH HV pVWD &XLGDGR 0DWtDV QR
UHVEDOHV7~QRVDEHVQDGDGHQDGD(UHVWRQWRGHQDFLPLHQWR
$PDEOHPHQWHDEULyODSXHUWDGHSDUHQSDU
4XLHUHSDVDUODVHxRULWD"
'HVHRYHUD,xDTXH5ROGiQGLMRODPRQGDGDYHVWLGDGHD]XOTXHVHKDOODED
GHSLHHQHOXPEUDO
6tVHxRULWD4XLHUHSDVDU"
%HEDWLWXEHySHURSDVyDOILQ
6DOtD GH OD RILFLQD SXEOLFLWDULD HQ DTXHO LQVWDQWH 1R SRGtD SDVDU VLQ GHFLUOH D
,xDTXHWRGRFXDQWRSHQVDEDGHpO\VXYLOH]D\VL(UQHVWRHVWDEDSUHVHQWHORRLUtD
WDPELpQ
0DWtDVDMHQRDVXVSHQVDPLHQWRVSHURLQWX\pQGRORVGLMRDORLGLRWD
(OVHxRUHVWiPX\FRQPRYLGR)LJ~UHVHXVWHGTXHVHKDFDVDGRGRQ(UQHVWR
&DVDGRGHOHWUHy&DVDGR"
6t DGPLWLy 0DWtDV HQ VX SDSHO GH HVW~SLGR GH KRPEUH QR HQWHUDGR GH
QDGD6HQRVKDFDVDGR$FDEDPRVGHVDEHUOR<ILJ~UHVHXVWHGTXH\DWLHQHKLMR
1RPHGLJDTXHVHKDFDVDGRFRQ,VDEHO(FKHJDUD\
(QDOWDYR]PXUPXUyFRQODPLVPDVLPSOLFLGDG
&RQRFHXVWHGDODHVSRVDGHOVHxRU"
(VWHFULDGRHVLGLRWDSHQVy%HED
1R3HURRtKDEODUGHHOOD
(VPX\OLQGD
<D
(OVHxRUDFDEDGHKDEODUSRUWHOpIRQR\GLFHTXHHVWiORFRGHFRQWHQWR\VLQ
WUDQVLFLyQ DEULHQGR OD SXHUWD GH XQ OXMRVR OLYLQJ 4XLHUH SDVDU SRU IDYRU" (Q
VHJXLGDDYLVRDOVHxRU
(QYLVWDGHTXHQROHSUHJXQWDEDDTXLpQDQXQFLDEDHOODGLMRDJULDPHQWH
6R\%HED4XLQWDQD
&ODURSHQVy0DWtDVPLUiQGRODHPEREDGR4XLpQSRGtDVHUVLQR"
13iJLQDV
(QDOWDYR]PXUPXUyVHUYLOPHQWH
/DDQXQFLDUp
<VDOLyLUJXLHQGRDUURJDQWHPHQWHODFDEH]D
$WUDYHVyHOSDVLOOROODPyDXQDSXHUWD\XQDYR]URQFDJULWy
4XHWHSDUWDXQUD\R0DWtDV'pMDPHHQSD]
0DWtDV PX\ PDO HGXFDGR SRU FLHUWR HPSXMR OD SXHUWD \ FHUUy WUDV GH Vt 6H
TXHGySODQWDGRHQPLWDGGHDHVWDQFLD
,xDTXHHVWDEDWHQGLGRHQHOOHFKRYXHOWRKDFLDODSDUHGFRQ]DSDWRV\WRGR
0DWtDVSHQVy
(VWiSRQLHQGRSHUGLGDODVREUHFDPD
6HxRU
7HGLJRTXHPHGHMHVHQSD]0DWtDV1RPHKDVRtGR"1RHVWR\SDUDQDGLH
7HQJRTXHSHQVDU0HR\HV"3HQVDUHVRHV
6tVHxRU
3XHVOiUJDWH
(VTXHHQHOOLYLQJKD\XQDPXMHUMRYHQ
0iWDOD
6HxRU
4XHODPDWHV0DWtDV
0HGDPXFKDSHQDVHxRU(VWDQERQLWD
eFKDODIXHUD
(VTXHVHWUDWDGH%HED4XLQWDQDVHxRU
&RPRVLVHWUDWDUDGH4Xp"\GHOVDOWRTXHGyVHQWDGRHQHOOHFKR
/DVREUHFDPDVHxRU
4Xp" &yPR" 4Xp VREUHFDPD" 2K PLUy VXV SLHV (UHV XQ DQLPDO
0DWtDV 8Q PDOGLWR DQLPDO PHQFLRQDQGR OD VREUHFDPD \D HVWDED GH SLH HQ HO
VXHORFXDQGRXQDPXMHUOODPDGD%HED4XLQWDQDHVWiDKtDGRVSDVRVDSDUWyDO
FULDGRVDOLHQGRFRPRXQORFR
<DLEDDDOFDQ]DUODSXHUWDFXDQGRVHGHWXYRHQVHFR
0DWtDV
6HxRU
4XpGLMR"4XpH[SUHVLyQHVODVX\D"
/HGLMHORGHODERGDGHQXHVWURJHPHORVHxRU
'HPLJHPHOR0DWtDV
6tVHxRUGHOQXHVWUR
13iJLQDV
0DWtDV
3HUGRQHHOVHxRU6HORGLMHSDUDDOODQDUOHDXVWHGHOFDPLQR
4XpFDPLQR"
(OGHODH[SOLFDFLyQVHxRU
(UHVXQHQWURPHWLGR
3HURQRHVSHUyPiV
6DOLyFRUULHQGR$OOOHJDUDOILQDOGHOSDVLOORIUHQyVXPDUFKD
&DOPD ,xDTXH 0XFKD FDOPD (OOD QR YLHQH DTXt QR VH DUULHVJD D YHQLU DTXt XQD
PXMHUFRPRHOODDHFKDUVHHQWXVEUD]RV0pWHWHHVWRHQODFDEH]D,xDTXH(OODYLHQHDTXtD
HVFXSLUWHHQODFDUD$HVRHVDORTXHYLHQH8QSRFRGHFDOPD,xDTXH1RWHGHMHVDUUHEDWDU
SRUODSDVLyQ
< PiV VHUHQR SHUR QR WDQWR FRPR pO SUHWHQGtD HPSXMy OD SXHUWD \ VH TXHGy
SODQWDGRDQWHODILJXULWDYHVWLGDFRQXQDEULJRD]XOPDULQRGHDQWH

8QVLOHQFLR
/DUJRHPEDUD]RVRSDUDpO3HQRVtVLPRSDUD%HED
'LUiVPXUPXUyWRGRORVHUHQDTXHSXGR\%HED4XLQWDQDSRGtDPXFKR
TXHVR\XQDWRQWDYLQLHQGRDWXDSDUWDPHQWR
1RORGLJR
7HQtDTXHYHQLU3UHIHUtKDFHUOR\RDTXHIXHUDVW~DHVSHUDUPHDODSXHUWDGH
PLFDVDDODVVLHWHGHODWDUGH
$QWHVWHKXELHUDOODPDGRSRUWHOpIRQR
3DUDTXp"&RQODSUHVHQFLDGH(UQHVWRDQWHD\HUHQPLSXHUWDWHQJRPiVTXH
VXILFLHQWH 1R HV SUHFLVR TXH PH GHV H[SOLFDFLRQHV 1R YR\ D DGPLWLUODV 6yOR KH
YHQLGRDGHFLUWH
3RUIDYRUGpMDPHTXHWHH[SOLTXH
(VRQR<DHVWiWRGRH[SOLFDGR$PSDUiQGRWHHQWXSDUHFLGRFRQWXKHUPDQR
WHKDVEXUODGRGHPt
(VR QR JULWy ,xDTXH GHVHVSHUDGDPHQWH KDVWD WDO SXQWR TXH 0DWtDV TXH
HVFXFKDEDDORWURODGRGLRXQUHVSLQJR1XQFDWUDWpGHEXUODUPHGHDOJRTXH\R
OOHYDEDPX\GHQWUR
1RKHYHQLGRDTXtDKDFHUXQDVSURWHVWDVGHDPRU,xDTXH1LDSHUPLWLUTXH
W~ PH ODV KDJDV D Pt +H YHQLGR WDQ VyOR D GHFLUWH TXH WH KH TXHULGR \ TXH WDQWR
FRPRWHTXLVHWHGHVSUHFLRDKRUD<DVp\DVp1RKDEOHV1RKHWHUPLQDGRD~Q
3HUR
13iJLQDV
<D Vp TXH QR GHEt QXQFD DFHUFDUPH D WL 3HUR WHQtD TXH KDFHUOR 7HQtD TXH
HVFXSLUWHDODFDUDWRGDVWXVPHQWLUDV\ORTXHGHHOODVSLHQVR
\HPH
1R TXHUtD D WX KHUPDQR GLMR HOOD PiV DOWR DKRJDQGR OD YR] PDVFXOLQD
1RQXQFDOHTXLVH6LHPSUHTXLVHD,xDTXH0LWtDPHORGHFtDDOJXQDYH]\\RKXtD
GHHVDYHUGDG7HQtDPDODIDPD8QDSHUVRQDVHQVDWDFRPR\RQRSRGtDQLVLTXLHUD
SDVHDUVHFRQXQWLSRFRPRW~
%HED
6DEtD TXp FODVH GH KRPEUH HUDV SHUR MDPiV LPDJLQp TXH WH DWUHYLHUDV D
VXSODQWDUODSHUVRQDOLGDGGHRWURSDUDHQJDxDUDXQDPXMHU
%HED
6yORKHYHQLGRDGHFLUWHTXHQRWHDFHUTXHVMDPiVDPt
0H DPDV JULWy pO GHVFRPSXHVWR 0H DPDV PXFKR 0H DPDV Vt 1R PH
GLJDVQRPHPDWHVQHJiQGRPHOR
(UHVXQFRPHGLDQWH
,xDTXH\DHVWDEDDQWHHOOD6XSOLFDQWHGHVRODGRDUUHEDWDGR
%HEDSRU'LRVYLYR3RUWRGRVORVVDQWRVGHOFLHOR6LQRWHTXLVLHUDFRPRWH
TXLHUR MDPiV KXELHUD LPDJLQDGR SDVDU SRU PL KHUPDQR eO WH GHMDED $Vt FRPR VL
IXHUDVXQIDUGR0HSLGLyDPtTXHOHGHVSLGLHUDGHWL7HGDVFXHQWD"'HXQDQRYLD
FRPRW~VHGHVSHGtDWXQRYLRSRUPHGLDFLyQGHRWUR1RORSXGHUHVLVWLU\HQWRQFHV
SHQVp SHQVp 1R PH PLUHV DVt %HED TXH PH YR\ D YROYHU ORFR <R WH DPR 7H
TXLHUR GH WDO PDQHUD TXH VLQRWHFDVDV FRQPLJR DQWHVGH TXLQFHGtDV VR\ FDSD] GH
PDWDUPH 1R PH GHVSUHFLHV DVt 3RU 'LRV WH GLJR TXH VL VLJXHV PLUiQGRPH FRQ HVH
GHVSUHFLRVR\FDSD]GHODPD\RUEDUEDULGDG
$KRUUHPRV SDODEUHUtDV GLMR HOOD WRGR OR VHUHQD TXH SXGR QHJiQGRVH D
DGPLWLUVXVFRQIHVLRQHV$FDEHPRVFXDQWRDQWHVFRQHVWDFRPHGLDDEVXUGD<DPH
YR\<DWHGLMHORTXHSHQVDEDGHWL
$JXDUGDJULWyFRPRXQDJyQLFR
(OOD\DLEDMXQWRDODSXHUWD
0DWtDVDORWURODGRVHUHWLUySUHVWRSHQVDQGR
0DWtDVHVWRGDXQDWtD8QDVREHUELDPXFKDFKDVtVHxRU$VtVHKDEOD$VtVHGREOHJD
DOVLQYHUJHQ]DGHQXHVWURJHPHOR
%HED VL PH GHMDV DVt VR\ FDSD] GH WRGR \D WH OR DGYHUWt 6L QR WH FDVDV
FRQPLJRVLQRPHGHMDVTXHWHEHVH
%HVDUPH"JULWyHOODFDOODGDPHQWH
<0DWtDVSHQVyTXHOHWHPEODEDXQSRFRODYR]
%HVDUPH" $ Pt" 2WUD YH]" (VWDUtD ORFD \R KDEUtD SHUGLGR HO MXLFLR KDVWD
ROYLGDUPH GH PL GLJQLGDG \ GHVSXpV EDMR FRQ XQ PDWL] DKRJDGR GH YR] TXH D
0DWtDVVHOHDQWRMyGHVKHFKRSRUHOGRORU7HKHTXHULGR1XQFDSHQVpTXHSXGLHUD
13iJLQDV
TXHUHUDVtFRPRWHKHTXHULGRDWL,xDTXH/RPLyFRQ(UQHVWR"1R$TXHOORIXHXQ
FRPLHQ]RVLQVHQWLGR1RHUD\RFDSD]GHHQDPRUDUPHGHWXKHUPDQR1RVXSHSRU
TXpKDVWDTXHHORWURGtDORYLDQWHPt\FRPSUHQGtTXHQRHUDVW~(QWRQFHVPHGL
FXHQWD GH TXH VLHPSUH WH TXLVH D WL (PSH]y WRGR DTXHOOD YH] HQ FDVD GH ORV
0RQWHQHJUR 4XL]i SDUD WL VyOR VHD XQ SDVDMH VLQ LPSRUWDQFLD 3DUD Pt IXH HO
FRPLHQ]RGHWRGR
%HEDDPRUPtRHVF~FKDPH
1R+HYHQLGRGHFLUWHHVWR1RSRGtDSDVDUVLQGHFtUWHOR3RUTXHGHORVGRV
WHSUHIHUtDWLVLHPSUHVLQVDEHUORLQFOXVR<\DYHVGHORTXHPHVLUYLy7HGLWRGDPL
YLGD&UHtHQWLFRPRHQPLPLVPD$KRUD\DDXQTXHPHHPSHxDUDQRVHULDFDSD]
GHYROYHUDFUHHU
$JXDUGD QR WH YD\DV (VF~FKDPH 'DPH RSFLyQ D XQD H[SOLFDFLyQ 7HQJR
GHUHFKR D HOOR 5HFXHUGD TXH HO GtD TXH PH IXL D 9DOHQFLD WH DGYHUWt TXH D PL
UHJUHVRWHGLUtDDOJR\WHSHGtLQGXOJHQFLDSDUDHVFXFKDUPH
+XELHUDVLGRHOPRPHQWR,xDTXHGLMRHOOD\DGHVGHHOXPEUDO$KRUDHV
GHPDVLDGRWDUGH
6DOLy
,xDTXH FRPR HQORTXHFLGR IXH WUDV HOOD 7UDWy GH DOFDQ]DUOD 0DWtDV HVWDED
GHWUiVGHXQDFRUWLQDFRQWHQLHQGRODUHVSLUDFLyQ
%HED%HEDHVF~FKDPH3RU'LRVHVF~FKDPH'pMDPHTXHWHH[SOLTXH
$GLyVGLMRHOODDKRJDGDPHQWHDEULHQGRODSXHUWDGHOSLVR$GLyV
<DQWHVGHTXH,xDTXHSXGLHUDLPSHGLUORVHSHUGLyHQHODVFHQVRU
0DWtDVVDOLyGHWUDVODFRUWLQD
1RHVSRVLEOHFRQYHQFHUODSRUDKRUDVHxRU1RQRVFUHH
,xDTXH JLUy VREUH Vt GLR XQ PDQRWD]R HQ HO DLUH \ SRU SULPHUD YH] QR OH
PROHVWyHOSOXUDOGHVXFULDGR
1R0DWtDVGLMRGDQGRXQWUDVSLpV1RQRQRVFUHH
13iJLQDV
&DStWXOR
&DStWXOR
'XUDQWHXQPHVDQGXYRFRPRXQORFRGHXQODGRDRWUREXVFiQGROD/DHVSHUy
D OD VDOLGD GHO WUDEDMR FXDQGR VXSR TXH WUDEDMDED (OOD QR TXLVR QL YHUOR QL
HVFXFKDUORQLGDUXQSDVRDVXODGR
9LVLWy D WtD 3HSD HQ VX DXVHQFLD &DVL OORUy D VX ODGR SHUR WtD 3HSD VyOR SXGR
GHFLUOH
1R GHSHQGH GH PL PXFKDFKR 6p TXH HUHV VLQFHUR SHUR QR VR\ \R TXLHQ
WLHQHTXHFUHHUORDVt(VHOOD
6LQRTXLHUHHVFXFKDUPH
<D6HSDUHFHDPt
4XpGLFH"
1DGD6HUiPHMRUTXHODROYLGHV
2OYLGDUOD"&UHHXVWHGTXHHVSRVLEOHROYLGDUD%HED"
1RGLMRFRQWRGDVLQFHULGDGODVROWHURQD1RFUHRTXHVHDSRVLEOHSHURW~
QRYDVDWHQHURWURUHPHGLR
2WURGtDIXHDYHUDOPLVPRFDWHGUiWLFR\DFDVDGRpVWH\YLYLHQGRHQFDVDGHORV
)RQVHFD/RVUHFLELyHOPDWULPRQLR)pOL[4XLQWDQDVLHPSUHGHQWURGHVXFRUUHFFLyQ
DXVHQWHDIDEOHSHURVLQDIHFWR
1R VHSXHGH MXJDU FRQ HO DPRU \ PHQRV D~Q FRQ ODV PXMHUHV ,xDTXH GLMR
JUDYHPHQWH<RELHQTXLVLHUDTXH%HEDVHFDVDUDIXHUDIHOL]\GHMDUDGHWUDEDMDU6H
KD HPSHxDGR HQ KDFHUOR 4XLHUH VHU LQGHSHQGLHQWH 1L $OLFLD QL \R ORJUDPRV
GLVXDGLUODFRQORVDUJXPHQWRVTXHXVDPRV'HLJXDOPRGRQRSRGHPRVFRQYHQFHUOD
GHTXHW~HUHVVLQFHUR(VWiGHPDVLDGRKHULGD
9R\DUDSWDUODJULWy,xDTXHGHVHVSHUDGR
$OLFLDVHHFKyDUHtU
1RVHDVORFR/RPHMRUTXHSXHGHVKDFHUHVHVSHUDUTXHUHJUHVHWXKHUPDQR
GHYLDMHGHQRYLRV\GHVSXpVHOWHD\XGH
&yPR" &UHHV W~ TXH SXHGH (UQHVWR KDFHU QDGD SRU QDGLH HVWDQGR FDVDGR
FRQXQDPXMHUTXHOHJXVWD"4XHOHJXVWyVLHPSUH\TXHVLQRVHFDVyFRQHOODIXHSRU
OD IRELD TXH OH WHQtD DO PDWULPRQLR (VH HV GHPDVLDGR HJRtVWD SDUD SHQVDU HQ PL
SUREOHPD $GHPiV TXp WH FUHHV" 9LYR HQ XQ KRWHO FRPR XQ SREUH GLDEOR
GHVDPSDUDGR1RPHTXLHUHHQVXDSDUWDPHQWR<PLHQWUDVQRPHFDVHQRTXLHURXQ
KRJDU0DWtDVVHTXHGyDOOt4XHUtDYHQLUFRQPLJRDOKRWHOSHUR\RHVWR\KDUWRGH
FULDGRV
,QVLVWHFHUFDGHPLKLMDGLMRGRQ)pOL[VLJXLHQGRHOWXWHRSRUTXHDTXHOFKLFR
OH DJUDGDED ,QVLVWH KDVWD FRQYHQFHUOD R FDQVDUOD $ ODV PXMHUHV OHV JXVWD TXH ORV
KRPEUHVLQVLVWDQ
7XKLMDQRHVGHpVDVRSLQy$OLFLD
13iJLQDV
(OPDULGRODPLUyFRQWHUQXUD
7RGDVODVPXMHUHVFXDQGRDPDQVRQSDUHFLGDV$OLFLD1RHVPLKLMDGLVWLQWD
WHORDVHJXUR(VWiGROLGDHVRVtSHURQRKDGHMDGRGHDPDUD,xDTXH1RHVGHODV
TXHFDPELDQGHVHQWLPLHQWRVVHJ~QHOWLHPSR\HOSDQRUDPD
(Q DTXHO LQVWDQWH D OR OHMRV VHR\y XQ WLPEUD]R 6HJXLGDPHQWHXQDSXHUWD DO
DEULUVH\GHVSXpVXQVXDYHWDFRQHRGHPXMHU
(V HOOD PXUPXUy $OLFLD DODUPDGD 6H FRQRFH TXH DO VDOLU GH OD RILFLQD
UHFRUGyTXHKDFHGRVGtDVTXHQRYLHQHSRUDTXt
4XpKDJR"VHDWUDJDQWy,xDTXH
&RPR SDUHFtD GLVSXHVWR D OHYDQWDUVH GRQ )pOL[ OH HPSXMy GH QXHYR KDFLD HO
VLOOyQ
4XpGDWHGRQGHHVWiV&UHRTXHHVORPHMRU
%HEDKL]RVXDSDULFLyQHQDTXHOLQVWDQWHHQHOXPEUDO
+RODVDOXGy<GHUHSHQWHVHTXHGyPXGDFRQORVRMRVILMRVHQODVLOXHWD
GH,xDTXHHUJXLGDMXQWRDOVLOOyQTXHVHJXQGRVDQWHVRFXSDED
3DVD 3DVD VRQULy $OLFLD KDFLpQGRVH OD GHVHQWHQGLGD \ VDOLHQGR D VX
HQFXHQWUR 3DVD TXHULGD 1R WH HVSHUiEDPRV KR\ 7HQHPRV XQD YLVLWD \D YHV
(OODTXH\DKDEtDGHMDGRGHPLUDUORSDVyORVRMRVVREUHpOVLQUR]DUORDSHQDVFRQVXV
SXSLODV
+ROD
,xDTXHVXVXUUy
+ROD%HED
/D PLUDED HPEREDGR 1R SRGtD UHPHGLDUOR (UD WDQ OLQGD ,ED
PDUDYLOORVDPHQWHYHVWLGD8QWUDMHGHFKDTXHWDGHILUPDFDUDGHXQWRQRPiVELHQ
JULVDFXDGURVGLPLQXWRV1ROOHYDEDEOXVDGHEDMR\SRUORVKRPEURVOXFtDXQDEULy
VSRUWKDFLHQGRMXHJR&DO]DED]DSDWRVGHDQWH\EROVRGHOPLVPRFRORU8QFDVTXHWH
VREUHODFDEH]D\DTXHOODJDODQXUDVX\DWDQIHPHQLQD
6HTXLWRHODEULJRFRQVXPDJUDFLD\ORGHMyHQHOUHVSDOGRGHOVLOOyQ6HVHQWy
&UX]yXQDSLHUQDVREUHRWUD
$OLFLDOHPRVWUyODFDMDGHFXHUR
)XPDV"
6tSRUVXSXHVWR\KDFLpQGRVHODLQGLIHUHQWHFRQUHVSHFWRDOKRPEUHTXHOD
PLUDED+DFHXQIUtRLQIHUQDO1RVpFXiQGRYDDSDVDUHOLQYLHUQR
0X\ SURQWR VRQULy VX SDGUH \ GHVSXpV VLQ WUDQVLFLyQ 4Xp WDO HQ WX
WHUTXHGDG"
/R GLFHV SRU PL HPSOHR" 0DJQLILFR (VWR\ HQFDQWDGD 7HQJR DPLJRV
HVWXSHQGRV\FRPSDxHURVDGPLUDEOHV
,xDTXHSDUHFtDXQWRQWRDOOtVLQGHFLUSDODEUD
13iJLQDV
'HFLGLy PDUFKDUVH 1R SRGtD FRQWLQXDU MXQWR D HOORV 6H YHtD D Vt PLVPR
GHVDLUDGR
/RVLHQWRGLMRGHV~ELWR7HQJRTXHLUPH
&yPR"7DQSURQWR,xDTXH"
$VtHV2WURGtDYROYHUp$OLFLD)pOL[PHDOHJURPXFKRGHKDEHUKDEODGR
FRQ XVWHG VH YROYLy KDFLD OD ILJXULOOD LQTXLHWD SHVH D QR GHPRVWUDUOR +DVWD
RWURGtD%HED
$GLyV
3HURQROHGDEDODPDQR
,xDTXH VH PRUGLy ORV ODELRV \ WUDV HVWUHFKDU OD PDQR GHO PDWULPRQLR VH DOHMy
DFRPSDxDGRGH)pOL[
+DFHVPDOGLMR$OLFLDDOTXHGDUVHDVRODV0X\PDO
+DJRORTXHGHER
eOORKL]RSRUFDULxR
3RU FDULxR" 6H HQJDxD D XQD PXMHU SRU FDULxR" 'L FUHHV KRQUDGDPHQWH
HVR"
0XMHUHOHQJDxRQRIXHFRPRSDUDTXHW~ORWRPHVDVt4XLVRFRQTXLVWDUWH
<DWHKHGLFKRTXH,xDTXHQRHVFRPR(UQHVWR
(VWHVHFDVy
3RUTXHW~WHDWUHYLVWHDGHFLUOHORTXHQDGLHOHKDEtDGLFKRQXQFD
'HMHPRVHVR
1RSRGHPRVGHMDUOR(VWiVHQDPRUDGD
6tDKRJDGDPHQWHVt
0XFKR
0XFKtVLPR
<WHGRPLQDVWHGREOHJDV3RUTXp"
/DOOHJDGDGHGRQ)pOL[HYLWyXQDUHVSXHVWDTXHQRVDEUtDGDU
&KDUODURQGHWRGR<DQRYROYLHURQDPHQFLRQDUD,xDTXH'RQ)pOL[ORSUHIHUtD
DVt 1R GHVHDED SUHVLRQDU D VX KLMD (OOD WHUPLQDUtD SRU UHDFFLRQDU VROD /D FRQRFtD
ELHQ3RUPXFKRTXHGLVLPXODUDHVWDEDDOFDERGHVXVIXHU]DV
$ODVQXHYHVHSXVRHQSLH
7HQJRTXHLUPH$KRUDGHMRDWtD3HSDGHPDVLDGRVRODWRGRHOGtD1RKHLGR
DFRPHU/RKLFHHQXQDFDIHWHUtD
1RGHELHUDVWUDEDMDU1RORQHFHVLWDV
1RGLMRQDGD
13iJLQDV
(OORV TXp VDEtDQ /R QHFHVLWDED (UD FRPR XQ WXER GH HVFDSH FRPR XQ
GHVDKRJRDWRGDVVXVLQTXLHWXGHV\pVWDVHUDQPXFKDV
/RV EHVy D ORV GRV FRQ WHUQXUD /H GDED JXVWR TXH VX SDGUH IXHUD IHOL] \ TXH
$OLFLDOHDPDUDWDQWR\OHFRPSUHQGLHUDWDQELHQ
0DxDQDYROYHUpGLMR
3HURQRLEDDYROYHU

1XQFD VXSR VL IXH OD QRFKH R ORV UHFXHUGRV GH RWUDV QRFKHV FRPR DTXpOOD
FDPLQDQGRSRUODVOXPLQRVDVFDOOHVGHVXEUD]RRTXHVXUHQFRU\DQRHUDPiVTXH
XQSUHWH[WRVDOYDJXDUGDQGRVXGLJQLGDGKHULGDRTXHDTXHOODQRFKHQHFHVLWDEDSD]
/RFLHUWRHVTXHFXDQGRGHMyHOSRUWDO\ORYLRHQPLWDGGHODFDOOHQRVHDVRPEUy
eOVHDFHUFy&RQQDWXUDOLGDG'HPRVWUDQGRpVWDKDVWDGHVFRQFHUWDUOD
7HHVSHUDED
(OOD\DORYHtD
1R GLMR QDGD ,xDTXH OD DVLy GHO EUD]R FRQ WLPLGH] SULPHUR FRQ GHFLVLyQ
GHVSXpV DO QRWDU TXH HOOD QR KXtD FDPLQDURQ ORV GRV DVt DVLGRV GHO EUD]R
UR]iQGRVHPX\MXQWRVXQRGHORWUR
$SLH"SUHJXQWypOFRPRVLMDPiVHQWUHDPERVKXELHUDXQPDOHQWHQGLGR
6t
7HQJRHODXWRDKtFHUFD
4XpPiVGD
6HPH]FODURQHQWUHORVWUDQVH~QWHV+DFLDPXFKRIUtReOGLMREDMRDWUD\pQGROD
KDFLDVt
&XiQGR"
(OODSDUSDGHy
&XiQGRTXp"
1RVFDVDPRV
6LOHQFLR
'HQWURGHXQDVHPDQD"
6LOHQFLR
/RV GHGRV PDVFXOLQRV VH PHWLHURQ EDMR HO JXDQWH IHPHQLQR+XUJDURQ DOOt 6LQ
VROWDUOHHOEUD]ROHPHWLyODPDQRHQHOEROVLOORGHVXJDEiQ
3DUD
7LHQHVORVGHGRVIUtRV\GHVSXpVEDMtVLPRLQFOLQDQGRVXDOWD\DUURJDQWH
WDOODKDFLDHOOD&XiQGR"
13iJLQDV
3DUSDGHyRWUDYH]
/HWHPEODEDQXQSRFRORVODELRV
&DPLQDEDVLQGHWHQHUVHVLQUHVSRQGHUSHURWDPELpQVLQUHVFDWDUORVGHGRVTXH
pODFDULFLDEDHQVXEROVLOOR
0XFKRUDWRDVt&RPRVLDTXHOVLOHQFLRIXHUDXQDFRQGLFLyQSDUDOOHJDUDODSD]
9R\DVXELUFRQWLJRGLMRpODOOOHJDUDOSRUWDO
&RQFRQPLJR"
$VDOXGDUDWtD3HSD
$K
/RVGRVVHSHUGLHURQHQHODVFHQVRU
,xDTXHDSUHWyHOERWyQ\DVtFRPRHVWDEDPHGLRODGHDGRODDVLySRUHOEUD]R\
ODPHWLyHQWUHVXFXHUSR\HOPDPSDUR
4XpKDFHV"
1RVp
/R HVWDED KDFLHQGR $SUHWiQGROD VXDYHPHQWH SHUR FRQ LQWHQVLGDG DO PLVPR
WLHPSR /D PHWLy HQ VX FXHUSR 0XFKR PXFKR KDVWD TXH HOOD TXHGy DOOt LQPyYLO
SHJDGD D pO VLQ SURWHVWDU $Vt FRPR HVWDED OD FHUUy FRQ ORV GRV EUD]RV \ PHWLy OD
FDEH]DEDMRODGHHOOD
4XpKDFHV"YROYLyDVXVXUUDUODYR]IHPHQLQDDKRJDGDPHQWH
1RVp
(ODVFHQVRUVHGHWHQtD\HOODHVFDSDEDGHVXVEUD]RVSHUR,xDTXHFRPRXQORFR
GHVTXLFLDGRODTXHUtDUHWHQHU
'HMDGHMD
(UDXQDYR]WHQXHDKRJDGD
6DOLyWUDVHOODGHODVFHQVRUeOPLVPRSXOVyDOWLPEUH
7HQJROODYHVXVXUUyHOODEDMR
)HOLVDOHVDEUtD\D
/RVGRVVHFRODURQGHQWUR
7tD3HSDFUX]DEDHOSDVLOORHQDTXHOLQVWDQWH$OYHUORVVHHFKyDUHtU
+RODFKLFRVGLMRFRPRVLWDOFRVD
<ORVGRVVHORDJUDGHFLHURQ
9DVDFHQDUFRQQRVRWURV"SUHJXQWyGHVSXpV
6t7tDGLOHD)HOLVDTXHSRQJDODPHVDSDUDWUHV
<GLFKRORFXDOURMDFRPRODJUDQDVHSHUGLyHQHOVDORQFLWR
13iJLQDV
,xDTXH IXH WUDV HOOD &HUUy OD SXHUWD 6H TXHGDURQ DVt XQR IUHQWH D RWUR VLQ
WRFDUVH\GHV~ELWRORVGRVDODYH]DYDQ]DURQ)XHHOODODTXHVHFROJyGHVXFXHOOR
1RSRGtDPiVVXVXUUyDKRJDGDPHQWH1RSRGtDWHORDVHJXUR
<VXVERFDVDOHQFRQWUDUVHSDUHFtDQWHQHUIXHJR

,VDEHO(FKHJDUD\HUDXQDPXFKDFKDSUHFLRVDMRYHQFtVLPDPRGHUQD6yORWHQtD
HQ HO IRQGR GH ODVSXSLODV FRPR XQDVRPEUD GH PHODQFROtDFRPR GH KDEHU SDVDGR
XQDDJRQtDTXHSRFRDSRFRSRGtDLUVHGLVLSDQGR
'HVSHGtDDODQRYLDHQDTXHOPRPHQWR
(UQHVWRHVWDEDDORWURODGRPiVMXQWRD,xDTXH\ORVGHPiVLQYLWDGRV
,VDEHO
6H TXH IXLVWHW~ GLMR OD MRYHQFLWD 6LQR pO VHKXELHUD DJXDQWDGR VLQ LU D
EXVFDUPH
3HURWHDPDEDeOORVDEtD
3HURGHWHVWDEDHOPDWULPRQLR
%HEDULy7HQtDXQDULVDUDGLDQWH
7RGRV ORV KRPEUHV GHWHVWDQ HO PDWULPRQLR KDVWD TXH OHV OOHJD OD KRUD GH
FDVDUVH
$ODXWRJULWy,xDTXHDOREHVWLDFRPRKDFtDVLHPSUH2VGHMDPRVDPLJRV
<DVLHQGRHOEUD]RGHVXHVSRVDVHODOOHYyVLQGHMDUODGHVSHGLUVHGHQDGLH
7RGRVULHURQSHURWRGRVJUDFLDVD'LRVVHTXHGDEDQDOOt
(ODXWRGH,xDTXHFRUUtDSRUODVFDOOHVPDGULOHxDVFRQVXPXMHUDVLGDGHOEUD]R
(OFRQGXFtDFRQXQDVRODPDQR\HOEUD]ROLEUHVHORDSUHVDEDHOOD
$GyQGHTXLHUHVLU"SUHJXQWypOEXUOyQ
&RQWLJR
6XSRQJRTXHDDOJXQDSDUWHULypOVRFDUURQDPHQWH
6XSRQHVELHQULyHOODDVXYH]SHURPX\DWXUGLGD
6DEHVTXHHUHV\DPLPXMHU"/RVDEHV"
6tVXVXUUyEDMtVLPRVt
1RQRORVDEHVD~Q/RYDVDVDEHUHQVHJXLGD
<HODXWRVHGHWXYRDQWHXQHQRUPHHGLILFLRGHODDYHQLGDGHO*HQHUDOtVLPR
4XpKDFHPRVDTXt"
(V QXHVWUR QXHYR KRJDU 0H JXVWD HVWH EDUULR 7HQJR DTXt XQ DSDUWDPHQWR
<DYHUiVTXpERQLWR7HQHPRVSLVFLQDHQODD]RWHDMDUGLQHV\XQKRJDU
3HUR
13iJLQDV
6HJXLUHPRV YLDMH PDxDQD +R\ QL KDEODU HK PL YLGD" 7tD 3HSD \D WLHQH
DYLVRGHYHQLUPDxDQDSDUDDFiFRQ)HOLVD<0DWtDVYHQGUiGRVGtDVGHVSXpV1RKH
SRGLGR SUHVFLQGLU GH pO +H FRPSUREDGR TXH PH SUHILHUH D Pt D PL JHPHOR \D
HVWDEDQ HQ HO DSDUWDPHQWR ,xDTXH FHUUDED OD SXHUWD +R\ GLMR OHYDQWiQGROD HQ
YLORHVWDUHPRVVRORV6RORVVDEHV"7HGDVFXHQWDGHORTXHHVRVLJQLILFD"
6HODGDED
7HQtDTXHGiUVHOD,xDTXHODHVWDEDEHVDQGRHQSOHQDERFD\ODGHSRVLWDEDHQXQ
GLYiQ\VHTXHGDEDDVXODGR(OODDO]yORVEUD]RVOHURGHyHOFXHOOR
0HPHGDYHUJHQ]D
$ pO QR $ pO VyOR OH GDED IHOLFLGDG 8QD ORFD IHOLFLGDG DTXHOOD VROHGDG GH ORV
GRV
(QDOJXQDSDUWHGHOYLHMR0DGULG0DWtDVPX\VHULRGHFtDDVXVDPLJRVHQXQD
WHUWXOLDGHFDIp
1RVKHPRVFDVDGRKR\

)LQ
)LQ
13iJLQDV

Corin Tellado - Te Prefiero A Ti

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Corin Tellado - Te Prefiero A Ti

Uploaded by

Copyright:

Available Formats

7HSUHILHURDWL

4XHULGD VXVXUUy \HQGR D VX ODGR \ VHQWiQGRVH -XQWR D HOOD 4XHULGD

You might also like

Corin Tellado - Te Prefiero A Ti

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Corin Tellado - Te Prefiero A Ti

Uploaded by

Copyright:

Available Formats

7HSUHILHURDWL

4XHULGD VXVXUUy \HQGR D VX ODGR \ VHQWiQGRVH -XQWR D HOOD 4XHULGD

You might also like

4XHULGD VXVXUUy \HQGR D VX ODGR \ VHQWiQGRVH -XQWR D HOOD 4XHULGD