IL,% a ,%'OL%,' - ,%',% $'%
,13OO. 17$ FD /$ *$ 9 ,',$ D. 9 ,/ / $
R
O $ O
OO85OOOOO
OOOOO'OOOO
- LMRV DH
< ( ; 32+ O ?O!2+,a < ? , O O ? ?
?O ?+7 ?,+!
?
/ , ,- ?
,- ā? ā ?
, )- O! 6 ? / = ? 3/?aO ( U--5?
6$ ; O $ ?I?+Ë$ ?,$ - !?/ -aa?
'2+ ,7OaOO?I$ 1$ 6
¼DIW WFRQyPLFR
%OEOGDV OOW ,2OO+ &O68
JDUL Y WNRUX
¼VSWGDOOGDG
HWURW+ EILO
5WIUHVFRV \ O WODOORV
WQ OLFRUWV
6WD PDUtD PDJGDOWQD -
,2ORO,2
¼DQWLQD GW OD (VWDFLyQ 'RV +HUPDQDV
'RV +HUPDQDV
- 26e &a?aI326 %Oa1Ë7 (= ) 2; - $ )+(; 7(
?/
< &?)e
?< &; 7 $ O7 (; I2
'2+ O/ (O^ ,$ ; ?+
-
QPPPQQQQPQQQPQQQQQPPQ QPPQXQQQPPPPQQQQPQPPQQQQQPa
-
I,
P
) iEULFDV GH 0RVDLFRV 5 2- $
6 ( 9 //$
38( 5 72 5 ( $/ 3$6 ( 2 '( / 08( //(
aaāa aa
a
a
G a
HWa£££
a?Ha
aH
a `
a
a
a
a
0DWHULDOHV
aaaaFFLyQ
$5 7Ëa8a26
3Ë'$16 (
& $7È /2*26 < 127$6
'( 35 ( & ,26
£
a
LLOPP
QP PQQPPPPPQPPQQPPOOOLOPQOLOOOQQPQQXPQQZ
- OO- ,OOOOOOOOOOO8OO8OOOOO- ,,OOOOOOOOO8OOOOOOOOOOOOOOOOOOOOOO OOOOOOOOOO8OOOO8,8OOOOOOOOOOOOOOOOOOOOO8tOOOOOOOOO8OOO'OOOOOOOOOOOOOOOOOO8,- OO8OOOOOOOOOOOOOOO88OOOOOOOOO''8OOO8OOOOOOOOOOOOO8OOOOLOO%2a
(
L- RVp - LiDOJRp- OLYD
B
M HULIR OSDUHMDGRU RQVIUXFFLRQHV \ `UDIHULDOHV
LRGUOJXH] GH OD %RUEROOD Q~PHUR
@ RV "HUPDQDV
LOOOPPXXPXXPaPPQ X XPā
?/ O? I;
B B
'( I^ J%OaO
- O (O?/ OOO?OO
Oā?
O O( O
; O ( a7 %? aO/ ? '(
(aQO/ 2
6,?
Y$ / ,(
%DQFR HWQWUDO $ OFDOi Q~P 0$ '5,'
&DSLWDODXWRULXGR GH SHW&O+ &DSLWDOGHHPEROVDGR )RRGRR GHUDRQD
- L2 OaD8&48,
Q LF
O 2O!$+
6O? ,/ / ? L2
K O JL ,
-,
/?+-
?
'2a ( + ,? ; ?a
UO^ ? ; & &
* $ 5 Ë $ %a5; a? UQOa=
XXLXX8LO8WOLOOOOOOOOLLKXOO8OOL8888L8
68&856$/(6
$ OEDFHO $ WLDDO$ ,$ WP $ QGLDU È 1' GH 6 3 $ f L $ 8%DORFD %DUFR G $ LODHX X 6UXQ 8SROI &DPSR G &QS WDDD&DUFDSQW FEUHU0 &LXGDG5HDO &yUFOR a (DDXD+HOOOD - DHD / 5 RGD / O 'DU / Rā O R / HHHH / DFQD 0iO VD 0UWRD 0RUD GH 7ROHGR 0DUGD 2FD$ h 7RSH 3HDQQGD HOH %UDFDPRQWH3LGUDO8WD 3UL GH&UGRED 3DHQ WH FQ 4XLQWDDDU GH OD 2U2Q 6DR &OHPHRW 6 QLOOD 6LVL0 6XX 7DOD< HUD GH OD 5HLQD 7 ROHGR 7RQRD 7RUQFORB£ £ PRRa 7RUULM 7 UTML OOR 80GD 9 DODFOD 9 LOODXQX 9 LOOD GHO 5LR 9 LOO UUREOHGR \ < RFLD
UDOLDO %DQFR GH %DGDORQD %DGDORQD ODa
$ OH
H FXHREDFRUULW
OOOL D
&B GLRR2
S0&OXW
'R FGLR SRU FLG-2 DDDDO 7B L
$ WUR& OO& , 7UHV GLR S© DWDOR DDO $ ā &82SRU2DWWRXX/ $GRFHa R &XWUR WLR SRU 2WD R DD/ &$ - $ '($ +25- W26(D OLEWB D SDFWD ,'a GSRW DHDUR XDO&RHDZ HRPQDQ FRD B FD SHN X
2FxGB &
\P WOW D2- &QH&RQWX
\
2 YDOFP&ROZ
\ G
LL F & SQ \ \ XW D GHaaGH FPEWR V 2USLRORR2 L \ £ F GāG6FD
2 + OO- ,8
,+ OL
(O -- ,£ ? / , 8? ,!
UUDQFLVFR DUFtD GH9HLDVFR &DVDIXQGDGDHQ
6DQO~FDU GH %DUUDPHGD ^&iRLa
&RVFKHUR\ ¼[SRUIDGRU GH 9LQRV - OPRQILOODL- RV\ IDQ[DQLODV HVSHFLDOLGDG /26
È 1*( /( 6
\
/26
@
:DQXHO
"IHUUHUR
9Hi ]IXH] 3HLQD9LFWRULD
&DIp DHIOUHQDO 8LQRV GW URGDV PDUFDV >OFRUWV \ aWURW]DV GW VLIyQ \ EROWOODV IIUDQGWV FRPRGOGDGWV SDUD GHVFDQVR \ SUWVWQHLDU OD 8GDGD GW ODV ILHVWDV GW 6DQWLDJR WQ OD WHUUD]D \ ORFDO EDMR GG ¼VWDEOWFLPLWQUR
6W VLURWQ HWQDV a HERWRODWWV a a +HODGRV
0$18(/ 7 $//( 5 & $5 5 2& ( 5 I$6 0È 48,1$6
5 9 $6
'( & $5 3 ,17 ( 5 Ë$
'( & $021( 6
H I
$6 & 5 5 $5
'26
0( & È 1,& $
08( %/( 6 325 7$- ( 6 75 $ ,$- 26
'( 72'$6
& $5 5 26 & /$6 ( 6
+( 5 0$ 1$6
*5$1 ) È%5, &$ '( *$6(26$6a
- $5$%(6
( QULTXH1~x H] 0RQJH 5 ( 35 ( 6 ( 17$17( '( /$ & ( 5 9 ( =$/$ >0( =48,7$
9,9( 5 2 '( ( 8& $/,3786
QXHVWUDVHQDUD GH YDWPH
a]
'26 +( 5 0$1$6
7$//( 5
'( +( 5 5 ( 5 Ë$
- 8$1 *y0( = 6 $1
$/%( 5 72
'26
< 5 2'5 Ë*8( =
+( 5 0$1$6
< & ( 5 5 $- ( 5 I$
3( 5$=$ '( /$ %25 %2//$
6 ( 9 ,//$!
R& D ¼V IUHOOD 6RFLHGDG IOQyLPD GH 6HJXURV JHQXLQDPHQWH ¼VSDOOROD ORPLFLOLDGD HT MIIDGULG
IOYHQLRD %H&RQRH RH - HxDOYHU (GtILFLRSDODHLR GH VX SURSLHGDG & $3 ,7$/
'( 6 ( 0%2/6 $'2
(VWD 6RFLHGDG WLHQH FRQVWLWXLGR HO GHSpVLWR
'( 3 ( 6 ( 7 $6 TXH H[LJH OD / H\
6HJXURV FRQWUD - QFHQiLRV X 6HJXURV FRQWUD IWFFLGHQIHV
5HVSRQVDELOLGDG &LYLO H - QiLYLGXD 6HJXURV FRQWUD LQFHQGLRV GH &RVHFKDV 6HJXURV GH IUDQVSRUIHV - UDUtOLPRV , *HUUHVIUHV - QVSHFFLyQ - "HJRTDOSDUD ILQGDOXFtD - ¼[IUHPDGXUR
!RQ - JQDFLR %RVFK 9DOpV 6 ( 9 ,//$ 2) ,& ,1$6
2 2211( //
1Ò0
SHHJDGRSDUD @! RV HUPDQDV
!RQIOQIRQLR 9DHUD - RYDO 5 ( ,1$
9 ,& 725 ,$
1Ò0
! -aO^%] -2W4UI[
RW, RU
O!
Y
O^ =
O
'(
$1È /,6 ,6
WWOOOOOOOOOOOOOOOOOO OOOO
6 $ 17$
$ 1$
) 5 $ 1& ,6 & 2
) $%5 ,& $
5 ( & $5 ( '2
'( +$5 ,1$6
& / $ 9 ( 5 2
6 ( 9 ,//$
5HSUHVHQWDQWH HQ 'RV +HUPDQDV ' 0DQXHO +HUUHUR 9HOG]TXH]
R 8QXPW P XPPPQXXXWX'-X
<¢YDQR- ,8OOOOOOOO8OOOOOOOOOOOOQ XQOOOO'QOOOOO5OOOOOOOOXQOO8OO8,8OOOOOO8OO%'OOO'OOOOOO8OOOOOOBWWBOOQUPPG
OOWOO+OOOOOOOOWWOOOOOOOOOOO%OOOOOOOOOOOOOOOOOOOOOOOOOOO58OO OOOOOOOOOOOOO8OOOOOOOOOOOOOOOOOOIOOOOOOOOOOO OO& . OOOOO2OOOOOOOOO:::OOOOO+:,
RQ]iOH] \DVV\ RPS B- HUH] GH OD- URU]WHUD
,8OOO4OO8
a
££
a
H¢B `
a
FIDaÂ
4 QÈU` aaH
OXQXPQPUQQQQQQXZXX8XXPOOO0Oā:
R
OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
& 203$f ,$ $1Ï1,0$ ( 6 3$f 2/$
/$ $ / ( *5,$
'(
D"
6 HJXURV
$OPDWpQ GH &RPHVWLEOHV
\
5HDV HJXU RV
6DQWD +DUWD +DaGDOHQD '26 +(50$1$6
a
(VSHWODOOGDG HQ&DIpV \ *DOOHWDV 9LQRVGH9DOGHSHIWDV WLQWR\EODQFR
IUDQFLVFR aUXFWV PiUTXW]
&DSLWDO ]GHSHVHWDV a $*( 17 (
5DIDHO *%RUEROOD H B
\ 6 DQMXiQ QXHVWUD 6HIWRUD GH YDWPH
'RV +HUPDQDV
/
P
W
? ? ? ?^??
,
& $5 %21( 6
- RVp TyPH]- LPpQH]
OHLQD 9LFWRULD 3RV - ^HUPDQDV
£
?ª0$& ?
HRPWVWOEOWVWQJWQWUDO
ā ā ā
8GD GW PXIWR]5DPRV
(63(&, $/, '$'
0DQXHO/ySH] *URVVR
(1 &$)e 6 7267$'26
a
āāāā
6DQID MUWDUtD- UIDJiDQD
+( 5 0$1$6 '26
aRV - UPDQDV
a
a a
BB
N N W
I
`
6(9 ,/ / $
LyPW] XDUWOD\ aD V WQ H ¼RVWFEWURV -OOPDFWQOVWDV \ ([SRUWDGRUWV GW -OFWLWXQDV
'RV +HUPDQDV 6HRLOOD
(/ ? ,^ 7 (/ -!(
[W ( 6 7+?a
Y
( / ( ; !+a!
a/?a? a,//!a?
) - ( V7 ?6
'26 ORVDQRV SHUR HVWH FRQPD\RUHQWXVLDVPR TXH QXQFD HO $ \XQWDPLHQWR GH HVWD KHUPRRIVLPD9 LOOD GH 'RV +HUPDQDV FHOHEQ ODV OHVWKLGDOHVGH 6DQWLDJR \ 6DQWD $ QD FRQJUDQ HVSOHQGRU \ OXFLPLHQWR TXHFRQ HJXxGDG VH SXHGH DU ā PDU HVHO PD\RUGH WRGRV ORV SXHEORV GH OD SURYLQFLDGH 6HYLOOD ( V GHFLU TXH HV OD~QLFD SREODFLyQ TXH HQ ORWRFDQWH DHWDVVLJXH HQ LPSRUWDQFLD DOHJULD \ DPELHQWH D OD GHQXHVWUDFDSLWDO DQGDOX]D +HPRVGLFKR TXHHVWH FRQPD\RUHQWXVLDVPRTXH QXQFD \ D~Q SRGHPRV DIXPDUTXH KDQGH VHUHVSOHQGRURVDV 1XHVWUDV HVWDVVH YHQtDQ DQXQFLDQGR FRQ FDUWHOHV SUHYLDPHQWH WLUDGRVHQ ORV FXDOHV VH DOODGIDVRODPHQWHHOOHWUHURGHQXHVWUD 9 LOOD \ OD HVWDDHQHOOD D UHDOLOOOO 3XHV QDGD HVWH DQR HV XQDUWLWRXQDUWËWDGH JUDQYDOtD \ SUHVWLJLRHOTXHFRQ DFLHUWRURWXQGRSLQWDXQ EHHHWRRULJLQDO SDUD QXHVWUDV)LHWDV H[DFWDPHQWH FRUQRËVHWUDWDUD SDQ ODSURSLD 6HYLOOD \ HV pO WDPELpQTXLHQ VHHQFDUJDGHO H[RUQR\ GHFRUDGR GH QXHVWURVIHVWFM 1DGD GH UHFXUULUDFRQWUDWLVWDVGHtHVWHMFV VLQRDODUWLVWD TXH FRQ VX EXHQ JXVWR VHSD KDFHUGH ODVJXLPDOG GH 5RUHVGH SDSHO ORVIDUROLOO \GHPiDHOHPHHWRV SURSLRVGH HVWRV IHVWH MRVPRQXPHQWRV GH EHOOH]D\ KHUPRVXUD
(V - 26e 02/ / (- $ HODUWLWDDXWRU GHO OLQGR FDUWHO TXH KRQUD QXHVWUD SRUWDGD KHU PRVRGH FRORU\PiDWUD\HQWH D~Q SRUODPRUHQDGHRMRVQHJURVFRQTXH QRVUHJDOD ODYLVWD 8QD
DRODPXMHU SHURHVTXH HO DXWRU VDEH TXHFRPR HVD KDEQt HQQXHVWUD )HULD XQ Q~PHUR XFLHQWH FRPRSDUD YROYHUVH ORFRL DWRGDV KHPRVGH DGPLUDU \ HFKDUOHVXQ SLURSR \ KDEUi SHQVDGR TXH FRQXQDTXHDSDUH]FD HQHOFDUWHO KD\ P TXH XFLHQWHSDUD TXH GH WRGRV ORV FRQILQHV GHOD WLHUUDYHQJDQD'R +HUPDQDV DYHUODV DDGPLUDUODV DHPERUUDFKDUVH GH RMRDERQLWRR \ FXHUSRV VXE\XJDQWHV
1XHVWURDSOHXVH SRUHO UXWHO TXH\D QRV HWi DXJXUDQGR HO RWUR p[LWR aJXUR HO GHO H[RUQR1R OH EDFtDIDOWD PiVDQXHVWUR EXHQDPLJR \ FRQFHMDO GH HVWH $ \XQWDPLHQWR SHUWHQH FLHQWH DOD&RPLLQ GH )HVWHMRV ' 'LHJR MXVWLQLDQF TXH HQFRQWUDU XQ FRODERUDGRU WDQ H[SHUWR \ DFWLYR FRPR HO DUWL- WDDTXH D- XGLPRD 'RQ 'LHJR HQWXVLDVWD GHHWDDILHVWDV \ DUWLWDGHJHQLRSDUDLPDJLQDUFRVDVGHGHFWRV SDUD HOH[RUQRKDGDGRODLGHD GHHVH JUDQ WHPSOR D OD QDWXUDOH]D TXHVH DO]DQO HQ OD FRQRFLGD 3OD]D GHO $ UHQDO\0ROOHMDOOHYiQGROR FRQ VXV FRORUHVDOGLEXMR KD SUR\HFWDGR XQRDOLQGtLPRRERFHWRV SDUD QXHVWUDV )tHWDV TXHKDQ GH VHUODDGPLUDFLyQ GH SURSLRV\ H[WUDOORV < FRPR WDQWRGRQ 'LHJR FRPR 0ROOHMD QRVDVHJXUDQ TXHYDPXFKRGH OR YLYR D ORSLQ WDGR\TXH OR SULPHUR KDGH VXSHUDU DOR VHJXQGR QRVRWURV QR WHQHPRV HO PHQRU UHVTXHPRUDO DILUPDUGHVGH HVWDV SiJLQDV TXH HVWH DER HOH[RUQRGH QXHVWUDV )LHVWDV KD GH DHU VRHSUHQGHQWH PDUDYLOORVR
a
a
< ,1a
$8OOOO8OOLOOOOOOOOOOOOOOOOOOOOOOOOO O:-OOOO:OOOOO8 OXXQOOOOO+OOOOOOO8OO OOOOOOOOOOOO
&2f ?&
NB L 4X¢£a£U V a
B UU
aF~Ï
6- ROOXOORVGHO HRQGRGR )
U
L
- -5 O O 7,, £
OB
aUāXU
,a
PO8'''OOOOOOOOOOL:OOO8QP3OOOOOO4,8OO+OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
)
/ $ & $ 0(5 $1$ )iEULFDGH / XQDV FRQ 0iTXLQDD GH %LVHODU 0ROGXUDD &XDGUR (VSHMRV &URPRV \ &ULVWDO SODQR
3XW\R Y HRPSDx LD )DEULFDFLyQ HVSHFLDO GH(VSHMRVGH9 HQHFLD\GH7RFDGRU 7 RUQHR DO \ 6 9 LFHQWH
RSDFR
3 9 LOODVIV \2UILOD 6(9 ,/ / $
L
U
?1O6?'26
aO££ OOOO8IOOOOIW-,: £ -
7DOOHU GH &DUSOQWHUOD
IUDQFLVFRPX+R] 3RUWDMHV &XELHUWDV 0XHEOHV GHOXMR $ UWHVRQDGR
HDUEDOOLGR
(VSHFLDOLGDG HQ / DQXGHUDD SDUD WHMLGRV GH < XWH
$QWRQLD'OD]'RV +HUPDQDV
FaQ
HRV (H,,(+ R (;3257$'2O O OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO+,
- ,( ,^ OU?1U?
6(< ,7/ $
9, 126
OOOOOOOO8O+88OOOOO8OOOOLOOOOa
- 26aa *2 ,(= OL?57,; 6W &)62% '(
)IX?1&,6&2 *Ï I(= 5,9 $ FD
$ )O '?'$ £; © +
'26 ,,(5 O ;?
6 2& ,( '$'
$1Ï1,0$
Ia+','aQ a,Q OIWOOIWOO
& $6 $ ) 81'$'$
( 1
6 ( 9 ,/ / $
,16 7$ / $ & ,21( 6 $ & ( ,7( 5 $ 6 02'( 5 1$6 PP
02725 ( 6 '( $ & ( ,7( 6 3( 6 $ '26
DQPPD
& ( 5 5 $ - ( 5 ,$ $ 5 7,6 7,& $
$ 5 0$ '85 $ 6 0( 7$ / ,& $ 6 38( 17( 6 < *5 Ò$6
5QOOOOOOOtOO7,7,'OOOO
$ ( 6 7 $ & $6 $ +$ 6 ,'2 $'- 8',& $'2 5 ( & ,( 17 ( 0( 17( & 21& 85 6 2 ( - ( & 8& - 21 ,03 25 7 $17(
'( '(
( /
3 5 ( 0,2
35 2< ( & 726 /$
2%5 $
0( 5 & $'2
'( / <
'(
3 $5 $
/$ 81 ( /
$< 817 $0,( 17 2 '( '26 +( 5 0$1$6
*DUDJH0RGHUQR
6 2& ,( '$'
& $6 $
$1Ï1,0$
) 81'$'$
( 1
6 ( 9 ,/ / $
,16 7$/$& ,21( 6 $& ( ,7( 5 $6 02'( 5 1$6 02725 ( 6 '( $& ( ,7( 6 3( 6 $'26 & ( 5 5 $- ( 5 ,$ $5 7,6 7,& $
PXPQPUXQXD
$5 0$'85 $6 0( 7$/,& $6 38( 17( 6 < *5 Ò$6
',
$ ( 6 7$ & $6 $ +$ 6 ,'2 $'- 8',& $'2 5 ( & ,( 17 ( 0( 17( & 21& 85 6 2
'(
( - ( & 8& ,21 '( ,03 25 7 $17(
( /
35 ( 0,2
35 2< ( & 726 /$
'( / <
2%5 $ '(
0( 5 & $'2 3 $5 $
/$ 81 ( /
$< 817 $0,( 172 '( '26 +( 5 0$1$6
*DUDJH 0RGHUQR
ILWVWDVGW6DQWLDJR\ 6DQWD- OQD LOOOOOOO8OO'OO25OOOOOOOOOOO8OOOOOOOOOOOOOILOO OOOOPOO8OOLO8,----':,2'8:--8',88OOOOWPQQOO
?aXQP QPa
%
a
'RV +aUPDQDV
V
a
PPQ
WRa
aQQQPPQQQXXXQPP8OOOQQP-QQXQOOOOOOOPLQY
a26 a
+(50$ 1$ 6 OD YLOOD GH ORD MDUGLQHD \ GH OX IORUHD YD DFHOHEUDU DX UHQRPEUDGD 9 HODGD GH 6DQWLD££R \ 6DQWD $ QD HVWH DxR PL GHV OXPEUDGRUD TXH QXQFD $ \HU FRPR KR\ WLHQH XQD PLDPD UHDOLGDG \ HO DOPD DUGRUR GH HVWH
SXHEOR ~QLFR HQ OD SURYLQFLD VH SUHSDUD SDUD FRQPHPRUDU XQD YH] PiD OD ILHDWDD GH 6DQWLD£ £ R \ 6DQWD $ QD DX 3DWURQD $ FR££HGRUD \ KRVSLWDODULD HDWD 9 LOOD TXH P~ ELHQ SDUHFH DHU XQD £ £ UDQ FLXGDG EULQGD GH QXHYR DO IRQXWHUR HO WHVRUR GH DXD KHFKL]RV \ HO HQFDQWR GH DXD MDUGLQHD \ GH DXD ILHDWDD TXH ELHQ SXHGH GHFLUVH TXH EDVWD SDUHFH DHU XQD SURORQ££DGyQ@ GH OD IDPRDD IHULD DEULOHxD GH OD SUy[LPD FDSLWDO L'RD +HUPHQDV YD D FHOHEUDU DXD ILHVWHD £9 HQLG H £ £ R]DU GH HOODV HQ OD QRFKH HDWLYHO EDMR HDWH FLHOR GH D]XO \ SODWD £9 HQLG D UHFUHDUVH HQ HO HQFDQWR GH DXD PXMHUHD TXH FRPR EDQGDGD GH PDULSRDDD GH DELJDUUDGRV FRORUHD SXOXODQ SRU OH HQFDQWDGRUD 3OH]DGHO $ UHQDO \ YLYLUpLV FRQ QRDRWURD XQRV PRPHQWR GH ILHDWDD TXH HD GHVFDQVR GHO HVStULWX UHQGLGR SRU OD OXFKD GH OD YLGD \ SDUpQWHDLD DELHUWR HQ QXHDWQX LQTXLHWXGHV \ SHVDUHV
- & 7
£
QXHVWUD6HxRUDGW 8DOPW9 VX ¼DSLOOD ( QGDYDGDHQSLQWRUHVFR OXJDU\FRQXQ YDORU KLVWULFR GLItFLOPHQWHLJXDODGRELHQ PHUHFH XQD EUHYHUHVFQDGH VX IXQGDFLyQ \ YLFLVLWXGHV SDVD GDV TXHHVORTXHYDPRVD LQWHQWDUDXQTXH IDOWRV SRUFRPSOHWRGHHUXGLFLyQ $ FDPSDED HO 5H\)HPDQGR (O 6DQWR HQ HO FHUURGH%XHQDYLVWD PiV WDUGH OODPDGR &XDU ORVSRUGLVWDUGH6HYLOODFXDWURPLOODV GLULJLHQGR GHVGHDOOtHO FHUFRGH ODFLXGDG TXH RIUHFtD WHQD] \ GHHHVSHUDGDUHVLVWHQFLD 7 UDQVFXUULy XQ DxR R DOJR PiV VLQ TXH pVWD VH ULQGLHUD \ FRQWULVWDGR HO *UDQ 0RQDUFD \ YLHQGR TXH HO HVStULWX GHOD WURSDVGHFDtD YLVL EOHPHQWH VHSRVWURGH KLQRMRVHQ GLFKRFHUUR H LQYRFDOD6DQWtVLPD9 LUJHQOOHQRGHODDUGLHQWH IHTXH UHERVDED VXJUDQFRUD]Q FRQ ODV SDODEUDV GH 9 $ / 0( 6( 5$ RIUHFLpQGROHVL OH IDYRUHFtDHQ VX HPSUHVD HULJLUOH XQ 6DQWXDULR HQ GLFKROXJDUHQGRQGHVH OH GLHUD FXOWR EDMR WDO DGYRFDFLpQ \GHSRVLWDU DGHPiVDXV SODQWDV HO SULPHU3HQGQTXHJDQDUDDODPRULVPD 5HQGLGD ODFLXGDGSyUVX 6REHUDQR HVIXHU]R KL]R HO 6DQWR5H\VX HQWUDGD WULXQIDOHQ HOOD HO GtD GH 'LFLHPEUHGHO DQR \DSHQDVFRQā TXLVWDGD 6HYLOOD IXp FRQWUXtGD OD 5HDO &DSLOOD FRQODPXQLILFHQFLD\ HO HVSOHQGRU SURSLRGH WDQ JUDQGH \ SLDGRVR 0RQDUFD VLHQGRFRORFDGD HQ HOOD OD ,PDJHQ GH 1XHVWUD 6HxHUD GH 9 D OPH \ GHSRVLWDGRDVXV SLHV HO WURIHRSURPHWLGR7 URIHR TXHOD+HUPDQGDGFRQVHUYDFRPRSUHFLDGD MR\D 1R VH OLPLWyD HVWR HO DJUDGHFLPLHQWR GHO 3LDGRVR 0RQDUFD D OD 6DQWtVLPD 9 LUJHQ VLQR TXH DJUHJD OD (UPLWDXQD KRVSHGHUtD \ RWURV DQH[RVSDUD TXHSXGLHUDQ DOEHUJDUVH QXPHURā VRV SHUHJULQRVTXH GHVGH WRGDVSDUWHV DFXGtDQ VHJ~QDFUHGLWDHQXQDFUyQLFDHO 'U ' / HDQGUR )ORUHVHQHODOOR (Q GLFKD pSRFDHO 6DQā
WXDULR SHUWHQHFtD D 6HYLOODVHJ~Q UHILHUH HO HURā QLVWD 2UL] =~QLJD TXHGLFH 'LRO &XDQRV FRQ SLHV GH ILJXHUDO \DUDQ]HGDVª HVWRQGR VX FXVWRGLD \ FXKRV HQFRPHQGDGRV D ORV VHxRUHV &DSHOODQHV 5HDOHGH OD 6DQWD OJO&OLD &DWHGUDO ORVFXDOHVGHVLJQDEDQ D XQ %HQHILFLDGR VDELpQGR VH TXHHQHO DxR ORHUD ' / XLV$ OSKRQVH 'XUDQOH URGDHVWDpSRFD\KDVOD ILQDOGHO VLJOR ; 9 HQ TXH OXp FRQVWUXLGD OD ,JOHVLD 3DUURTXLDO GH 'RV+HUPDQDV DVXPL OD (UPLWD WDOHV IXQFLRQHV \ HQHVWDPLVPD pSRFD UXpDJUHJDGR HO FRUWLMRGH &XDUORV\ WRGDV ODV WLHUUDV KDVWD HO *XDGDLUD DO WpUPLQR GH HVWH SXHEOR \ GHVGH HQWRQFHV OD 3D UURTXLDGHpO GHVLJQDED HO%HQHILFLDGR HQFDUJDGR GHOFXOWR GH ODPLVPD PDQHUDTXHDQWHVORKDGDQ ORV&HSHOODQHV UHDOHV ( Q HVWD IHFKD HUDQXPHURVtHLPDOH FRQFXUUHQ FLDDO6DQWXDULR GH ORV YHFLQR GH$ OTXHUtDV \ 'RQDGtRV FRPDUFDQRV GH ORV GH 6HYLOOD \ PiV SDUOLFXODUPHQWF GH ORVGH HVWD YLOOD SDUDDVLVWLUD OD OXQFLQ VROHPQH TXH DQXDOPHQWH VHFHOHEUDED HO VHJXQGRGtD GHOD 3DVFXD GH 3HQWHFRVWpV \ D OD FXDWURPLVDV FDQWDGDVTXH WHQtDQ OXJDU HQ ORV GtDGHOD$ VXQFLQ 1DWLYLGDG 3XUtVLPD &RQā FHSFLQ \ $ QXQFLDFLQGH 0DUtD 6DQOtVLPD \ D PiVDOD PLVD VROHPQH TXH VH FHOHEUDEDHO GH 0D\RHQ PHPRULDGHODGHYRFLyQ TXHD OD 9 LUā JHQ GHO 9 DOPH SURIHVDUDHO 6DQWR5H\ ILHWD TXH HQ FXDQGR IXpHOHYDGR DORVDOWDUHV VHVLā JXL FHOHEUDQGR HQ VX KRQRU FRQWLQXDQGR HVW!V FXOWRV KDVWD TXH HQ HO GtD GH 2FWXEUH OD YRODGXUDGH OD &DVD \ 0ROLQR GH SOYRUD VLā WXDGRVMXQWRD ODHUPLWDGHMGHVWUXGD OD+RVSHā GHUtD \ RWURV DQH[RV \ DPHQD]DQGR UXLQD OD &D SLOOD SRU FX\RPRWLYRIXpWUDVODGDGD OD9 HQHUDGD ,PDJHQ DO 6DJUDULR GH OD OJOHVLD 3DUURTXLDO GH 'RV +HUPDQDV HQ GRQGHVH FRQWLQXDURQ FHOHā
0,/$*5 26 $ ,0$*( 1 '( 18( 6 75 $ 6 ( 5 25 $ '( 9 $/0(
EUDQGR OD VROHPQHV ILHDOQ KDVOD TXH HQ HO DQR UHVWDXUDGD OD&DSLOOD OXp UHLQWHJUDGD D HOOD ODQ PLODJURVD OPDJQ SUHFLVDPHQWH HO GtD
DQWHVGH OD OXQFLQ R VHDHQ HO SULPHUGtD GH OD 3DVFXD GH 3HQWHFRVWpV
$ SDUWLU GHHVWDOHFKD FRPHQ] ORTXHSXā
GLHUD OODPDUVH XQD
QXHYD HUDGHIHUYRU
VLHQGR
QXPHURVRVOaV ILHOHV TXHDFXGtDQ GH WRGD OD HH PDUFDDVX ILHVWDDQXDO ODTXH LED DGTXLULHQGR FDUDFWHUHVGHYHUGDGHUD5RPHUtD DVLDWLHQGRDHOOD GHVGHHO P$V KXPLOGH ODEULHJRKDVWD QXHVWUR 0Rā QDUFD)HOLSH 9 DFRPSDxDGR GH VXUHDO IDPLOLD KHFKRRFXUULGRHQ GH)HEUHUR GH JXLDā GRVWRGRV HOORV SRUOD IHDUGLHQWH\ODUPH HVSH UDQ]DGH VHUDFRJLGRV\ HVFXFKDGRVHQ VXV QHFH VLGDGHV \ V~SOLFDV 'HVGHHVWDIHFKDVLJXL OD 6DQOËLPD 9 LUJHQ HQ VX 6DQWXDULRYLQLHQGRDO SXHEORFDGD YH]TXH XQD FDODPLGDG H[LJtD VX YDOLRVtVLPD LQWHUFHVLyQ
KDVWDTXHHQ TXHGp GHILQLWLYDPHQWH HQ OD 3DUURTXLD D UXHJR GH WRGRV ORV YHFLQRV VLHQGR
FRORFDGDHQ HO6DJUDULRGHGLFKDLJOHVLD GH 'RV +HUPDQDV\ HQGRQGHVH OH VLJXLHURQULQGLHQGR ORV IpUYLGRVKRQRUHV\ KRPHQDMHVGH ORV GHYRWHV QR VyOR KLMRVGHO SXHEOR VLQRGH RWURV OXJDUHV DO JXQRVEDVWDQWHDSDUWDGRV 0LHQWUDVWDQWR DEDQā GRQDGR HO 6DQWXDULR D OD DFFLQ GHO WLHPSR SURQWRHPSH]yD GHUUXPEDUVH QR TXHGDQGR GH pO HQHODxR VRPLV TXH XQ PRQWpQ GH UXLQDV 3RU HVWHWLHPSRVL KHPRV GH FUHHUD )HUQLQ&D EDO- HURVHXFLWXQSOHLWRHQWUHOD6DQWDOJOFLD &DWHGUDO \ OD 3DUURTXLD GH 'R+HUPDQD SRU OD SRVHVLyQGH OD ,PDJHQ\ 3HQGQ ODOOaQGR!&pWH DIDYRUGHOSXHEOR SRUHVWDU HO 6DQWXDULR HQFOD YDGRHQHVWH WpUPLQR (O PLVPRHVFULWRUKDEODHQ VX REUD /D ID PLOLDGH $ OYHUHGD HQ HODQR GH ODKLVWH ULDGHO 6DQWXDULR \ 3HQGyQ UHJLR VLHQGR HOOR EDVWDQWH SDUDOODPDUOD DWHQFLyQ GH ! 6HUHQtVL PRV6UHV'XTXHVGH 0RQWSHQVLHU TXHVHWUDVOD GDURQD'RV+HUPDQDVSDUD FRPSUREDU ORV KH FKHV 'H HVWD LQVSHFFLyQ GLFH HO PLVPR HVFULWRU 9 LVLWDGRVORV OXJDUHV GHVFULWRV \ HVFXGULxDGHV FRQ UHOLJLRVLGDG \ DUWtVWLFD FXULRVLGDG GLPRV HQ HQ SULPHUOXJDUFRQ HO JORULRVR3HQGyQ TXHHV OR TXHFRQPiV DWHQFLyQ EXVFiEDPRV (VWH HVWDED FRORFDGRHQXQULQFyQHQ ODFXHYDGH 6DQWD$ QD
OLDGR DOUHGHGRUGHO DOWDU UDtGR GH SROLOOD \ TXH OUPLQDED HQ XQD FUX] GH FREUH DQWLTXtVLPD / ODPDURQDODOFDOGH \ OHPDQLIHVWDURQO 'XTXHV ODLQWHQFLyQTXH WHQtDQ GH UHVWDXUDUOR\ UHHGLFDU OD FDSLOOD ORDQWHV SRVLEOH SLGLpQGROH TXH SDUD HOOR OOHYDVHQ D 6DQ7HOPRODSUHFLDGDUHOLTXLD 5HVWDXUDGD pVWD IXp HHWUHJDGD VROHPQHPHQWH D OD3DUURTXLDHQ GH 0D\R GH FRQXQD IXQFLyQ D OD6H'RUD 5HHGLOLFVHWDPELpQHO 6DQWXDULR D H[SHQ GH66 $ $ 55 ORV 6UPRV 6HIWRUHV ,QIDQWHV 'XTXHVGH 0RQWSHQVLHU \ HOGRPLQJR GH 2F WXEUHGH LQDXJXUVFHO WHPSOR GHVSXpV GH KDEHUVLGREHQGHFLGRHOGtDDQWHULRU (Q GLFKRGLR 6UPRV OQODQWHV &DUGH RDO$ UDRELVSF ([FPR 6U &DSLWiQ *HQHUDO *REHUQDGRU&LYLO $ OFDOGH 3UHVLGHQWHGHO$ \XQā DPLHQWR GH6HYLOOD\&DELOGRHFOHLLWLFR DJXDUā GDURQHQ&XDUWRV OD OOHJDGDGHODPLODJURVDLPD JHQTXH QRVHKL]R HVSHUDU \ TXH LED OOHYDGD SURFHVLRQDOPHQWHSRUHOSXHEORHQ PXD FRQ HO FOHUR\ DXWRULGDGHV ORFDOHV SUHFHGLGDSRU HO JOR ULRVR3HQGyQ $ SHQDV GLYLVDGD ,& HQWRQ HO $ Y H0DxD 6WHOOD DOHQWUDUHQVX FDSLOODVROHPQH 7 H'HXP \ H£ XLGDPHQWH ODPLVDFDQWDGDFRQ HO FHUHPR QLDOSUHVFULWR\HORFXHQWH&UPQSRU ' 5DIDHO GH*QJRUDTXHIXp LPSUHVR SRU GLVSRVLFLyQGH 66 $ $ 55 ,QDXJXUDGRHOFXOWR OXp QRPEUDGR FDSHOOiQ PHGLDQWHOD SUHVHQODFLQ SRU ORV ,QIDQWHV GRQ - RVp5XL]*DUFtD PDHVWUR GH FHUHPRQLD GH OD 6DQWD OJO&!LD &DWHGUDO (Q HODQRGH OXpUHVWDXUD OD FDSLOOD HQ GH $ EULOGHO LJXLHRWHDOOROR IXpOD GH OD PLODJURVD,PDJHQ FRQHOILQ GH UHVWLWXLUOD D VX SULPLWLYRHVWDGR\DTXH ODLJQRUDQFLD\ HO FDULOOR GH ! ILHOHVKDEtDQ KHFKR GH HOOD DOJR OD PHQWDEOH (QFDUJDGRGH HVWHWUDEDMRHO MRYHQHV FXOWRUGRQ$ GROIR/ SH] EDMR OD GLUHFFLQ GH GRQ9 LUJLOLR 0DWWRQL ODOOHYyDOHOL] WpUPLQRHQ EUHYHWLHPSR (Q GH- XQLR GHHVWHOWLPRDILR HO&DELO GR \ &DQyQLJF GH OD6DFURVDQWD %DVtOLFD / LEH
ULDQDWXYLHURQ D ELHQ XDLU VXMHWDU DJUHJDU H LQ
FRUSRUDL YXHVWUD FDSLOOD GH 1XHVWUD 6HxRUDGH 9 DOPHD OD6DFURVDQWD%DVOOLFD GH 6DQWD 0DxD OD0D\RUFRQORFXDO YXHVWUD PHQFLRQDGD& DSL
OODSXHGD \ OOHJXHDFRQRHJXLUSDUWLFLSDFLyQ \ FR PXQLFDFLyQ GHJUDFLDV LQGXOJHQFLDV SLYLOHJLRVH LQGXOWRVDSRVWyOLFRVFFQFHGLGHV SRUORV6XPR3RQ WtILFHD1RD \ D ODH[SUHDDGD%DVtOLFD/ LEHULDQD (Q GH- XQLR GHO DER VLJXLHQWH HO $ \XQā WDPLHQWRGHHVWD YLOODHQ DHLyQ RUGLQDULD DFRUGy SRUDFODPDFLyQFRQVDJUDUWHDXYHQHUDGD 9 LUJHQ PDQLIHVWRQGR TXHUHU YLYLU \ PRULU EDMR HO 3DWUR FLQLR GH ODTXH GHVGH KR\ VH SURFODPDED FRPR 6DQWD 3URWHFWRUD \ OD 6HHUHWDUD GH &iPDUD \ *RELHUQR GHO $ U]RELVSDGR FRQWHVWyDO VLJXLHQWH GtD GLFLHQGR KDEHU YLVWR FRQ JUDQ VDWLVIDFFLyQ HO HVStULWX GH SLHGDG GHTXH OD&RUSRUDFLyQ GDED SUXHEDV $ O IDOOHFLPLHQWR GH' - RVp / DPHUTXH SUR SXORU GHHVWDREUDV\ DOPD GH OD +HUPDQGDG OD SRWHQFLDOLGDG HFRQyPLFD GH pVWD TXHGy GLVPL QX^ GD\ FRPRFRQHFXHQFLD WXYRTXH XSULUHLUDH OD 5RPHULD TXH DQXDOPHQWH VHFHOHEUDED HRQWL QXiQGDVH VRODPHQWH FRQ ORFXOWRV TXH OD 5HJODV SUHVFULEHQ KXWD HODER GH HQ TXH SRU LQL FLDWLYDVGHO $ OFDOGH 3UHVLGHQWHHQWRQHHVTXHWXYR HODFLHUWR GH UHFRJHUODDVSLUDFLRQHVGHO YHFLQGD
6 ,/8( 7$6
UtR VH UHDQXGy OD SLDGRVD FRVWXPEUH GH OOHYDU HQ 5RPHU^ D R VX (UPLWD DOD 6DQWtVLPD 9 LUJHQ HHQ OËQXDQGR GHVGH DTXpO DQR \ VLQ LQWHUUXSFLyQ \ FDGDYH]FRQ PD\RU HVSOHQGRU \ PiV DQLPDFLyQ +DUi SUy[LPDPHQWH XQR FLQFR DQRD YROYLy D UHVWDXUDUVH HO6DQWXDULR DOLFDWiQGRVH X SDUHGHV KHUPRVHiQGROR \ GiQGROH PD\RU FRQVROLGDFLpQ QR GHMiQGRDH GH YHULILFDU REUDVHQpO KDWD HO GtD VHJ~Q ORVUHFXUVRV HFRQUQLFRV FRQ TXHOD +HU PDQGDG KDYHQLGR FRQWDQGR (Q OD DHWXDOLGDG JUDFLDV DODV LQLFLDWLYDV GHO +HUPDQR 0D\RU VH FXQGDGR SRU OD 0HVD \ FRQ ODFRODERUDFLyQ GH ORVILHOHV HWiQ UHDOL]DQGR REUDVFX\R HHVWH QR EDMDUi GH SHDHWD FRQVLVWHQWHV HQ SODQWD FLyQ GH UEROH SURWHFFLyQ GH ODFDSLOOD SRU WD SLDO FRURQDGR GH DUWtVWLFD YHUMD FyPRGR DVLHQWR TXHURGHDWRGRHOUHFLQWRH[SODQDFLyQ GHOWHUUHQR UHVWDXUDFLyQ GHO H[WHULRU GHODHUPLWD\ PDJQtILFD FDQFHOD TXH XQLGD D OD WDSLD FRPSOHWD ODQHFHVL GDG WDQWR WLHPSR VHQWLGD GH SURWHJHU\ KHUPRVHDU HO 6DQWXDULR 0$ 18(/ &$ / 9 2
'R +WWWQDIWO- XQLR
) ( 0( 1,1$6
&RPR HOLQFLHQVRDQWH HO 6DQWtVLPR DQWH WL VH HOHYDQHVSLUDOHVGHDGPLUDFLyQ \ DODEDQ]DV PD QLIHVWiQGRVHHQ DUGLHQWHV SLURSR TXH D WX SHVR VH H[WLHQGHQ \ HVIXPDQ FXDO EHOOD DXUHROD TXH HPHMD OD QHJUDFDEHOOHUDFRQTXH ODQDWXUDOH]D \ HO DUWH FRURQy WXKHUPRVXUD (Q WX SHUHJULQD ERFD $ RUHFHXQ FODYHO PiV URMRTXH ORVURMRVFODYHOHVVHYLOODQRV \ HQWUHVXV KRMDV XQRVGLPLQXWRVGLHQWH TXH VH FRQIXQGHQ FRQ OD QLHYH SDUHFHQ OLQGDV SHUOD VHPLRFXOWDV HQWUH ORVURMRV SpWDORD GHXQDDQJUDQWF HPDSHOD 7 XFXHUSR HVEHOWR JUDFLRVDPHQWH PRGHODGR OXFHFRQJDOODUGtDVXGRQDLUH \ JHQWLOH]D FXDQGR ODDQGDOX]D JXLWDUUD ODQ]DDODLUH ODVQRWDVYLEUDQ WHV \ DOHJUHVGH XQDFRSOD VHYLOODQD < HQWRQFHV W~ LPSXODDGDTXL]iVSRU OD RPQLSRWHQWH YROXQWDG GHO GLRV7HUSVIHRUHHQWUH XQGHUURFKH GH DUPR QtD GHUUDPDQGR VDO \ DQGDOXFLVPR VLJXHV FRQ WX FXHUSR XQ PRYLPLHQWR UtWPLFR \ JHQWLO D OD YH] TXH WXVOLQGRVSLHV \ EUD]RVVHPXHYHQ FRQ SUHā
OBB/BBOB/ BBBB
FLVLyQ DO QOSLGR FXPSiDGH OD JXLWDUUD \ WRGRHO VHQWLPLHQWR WULVWHR DOHJUH SHURVLHPSUH $DPHQFR GH OD FRSODTXH FRQ WDQWDSFUOHFFLQ VDEH FDQWDU VHUH$HMD HQWX FDUD -OD PK ERQLWD \ ODPiV FD]WL]DO4XH DO QDFHUVHYLOODQD WXYRSRUQHFHVLGDG TXH VHUPRUHQD $ OHJUH \ VRQRUD FRPR MXHJR GH QLxR \ VRQDU GH FDVFDEHOHV WXULVD TXHFRQVWDQWHPHQWH EURWD GH WX ODELRVEXOOLFLRVD GHMDQGR D VXSDVR XQD GREOH HVWHOD GHOX]\ DOHJULD 7XV RMRVQHJURV EULOODQ \ UHVSODQGHFHQ HQWUH XQ FHUFR GH OLULRV \ SHQVDPLHQWRV TXH IRUPDQWXV RMHU \ HQ ODLQWHQVLGDG GHVX IXOJRU VH GHVFX EUH OD JUDQGH]D GH WX VHQWLPLHQWR \ YLYDFLGDG SLā FDUHVFD GHOD TXH QR KDELHQGR GHMDGR D~QGH VHU QLQ VHHVIXPD FRQ HODOiQ GH VX ORFDIDQWDVtDHQ FUHHUVH\DXQDPXMHU £&DSXOOR RORURVR TXH SRU H[KDODU SHUIXPHV WHFUHHVXQD URVD DQWHV TXHWH EHVHQ ORVUD\RVGHO VRO - 8$ 1
7
0$ 57(/
1XHVWUR $OEXP GH )HVWHMRV
(PSUHVD PDJQDKDVLGR SDUD HVWRV KXPLOGHV
P SRGHPRV FRQVHJXLUOR VL SRGHPRV DVHJXUDU
HGLWRUHV ODSXEOLFDFLyQ GHO SUHVHQWH $ / %80
FRQ ODPDQR SXHVWDVREUHHOFRUD]yQ TXHQR KH
PX\VXSHULRUDQXHVWUD FDSDFLGDG DUWtLLHD OLWHUD
PHVIODTXHDGRHQQXHVWUDHPSUHVD \ KHPRV UHDOL
ULD \ HFRQyPLFD\ ELHQ SRGHPRVDVHJXUDU TXH VL
]DGR XQ VDFULHLRHFRQyPLFR PX\JUDQGH SUXHED
KDSRGLGR YHU ODOX] KD VLGR VRODPHQWH SRU HO
HYLGHQWH GHHOOR ORTXH FXHRWD HVWDFODVH GH SX
HVIXHU]RWHQD]\ ODYROXQWDG IpUUHD TXH HQ HVWD
EOLFDFLRQHV\ HO OXMRFRQ TXH HVWi HGLWDGR HVWH
REUDKHPRVSXHVWR
$ / %80
6LHQGR HVWHDVXQWRGH ORVDOEXPHVGH IHVWHMRV
+HPRVGDGROXJDUSUHIHUHQWH\ HQ HO Pi[LPR
PDWHULDWDQ PDQLGD \D \ DVXQWRWDQ JDVWDGR \
GHDPSOLWXG DORTXH FRQVLGHUDPRVFRPR SULPRU
YLVWR TXHSDVD SDUD OD WRWDOLGDG GHO S~EOLFR R
GLDO SDUD 'RV +HUPDQDV KHPRV UHVHUYDGRXQ
SRUORPHQRVSDUD XQDPD\RUtDJUDQGH FDVL GHV
VLWLRGHKRQRUHQHVWH OLEURD OD6DQWD 9 LUJHQ GH
DSHUFLELGRUHVXOWD WDUHD DOWDPHQWHGLItFLO OOHJDU D ODUHDOL]DFLyQGHXQDREUD TXH SXHGD GHVSHUWDU
9 DOPH FRQ HO ~QLFR Q GH TXHVHDPiVFRQRFLGD GHORTXH HQUHDOLGDGHV SXHV VDOLHQGR GH HVWD
XQSRFRGH LQWHUpV REUDTXHVH DJUDQGD FXDQGR
UHGRQGD SRFDVRQ ODV SHUVRQDV TXH WLHQHQ VL
OR HGLWRUHV VRQ QRYDWRV HQ HO RFLR \FDUHFHQ SRU
TXLHUD QRWLFLD GHTXHH[LVWH LPDJHQ WDQ SULPLWLYD
FRPSOHWRGHJXVWRDUWtVWLFR
FRPR KLVWyULFD SXGLHQGRDWHJXUDUVFTXH HQ
3RURWUDSDUWHWRGD HVWD FODVH GHWUDEDMR SD UHFH DVLPSOHYLVWDFRPRXQPHGLR PiV GH RE
& W
EHOOtVLPD LPDJHQ FRPR HQ OD GH OD 9 LUJHQ GH &RYDGRQJDHQ $ VWXULDV VHFRQGHQVD FRQ 'RQ
WHQHU SRUPHGLR GHO DQXQFLR XQDV SHVHWDV SDUD
3HOD\R\ )HUQDQGR OOO HO6DQWR OD +LVWRULDGH
JDVWDUODVDOHJUDPHQWH DO UHSDUWLUVH OD UHYLVWD \
( VSDOOD
HOORHV ODFDXVDGHTXHORVLQGXVWULDOHH VH PXHV
1R TXHUHPRV WHUPLQDU VLQ H[SUHVDU QXHVWUR
WUHQ WDQ UHDFLRVD IDFLOLWDU HO DQXQFLR HQ SDUWH
DJUDGHFLPLHQWR D FXDQWDV SHUVRQDV KDQ FRQWUL
FRQUD]yQ FXDQGRVH OHVROLFLWD SDUD HVWD FODVH
EXLGRXQDV FRQ VXV LQGLFDFLRQHV \ FRQVHMRV
GHSXEOLFLGDG
\RWUDV FRQVXDSRUWDFLQ SHUVRQDO DTXH KD\D
1RVRWURVKHPRV SUHWHQGLGR QR VDEDPRV X
PRVSRGLGRVDFDU DGHODQWHHVWHOLEUR HQ
HO TXH
KHPRVOOHJDGRDFRQVHJXLUOR DTXH QXHVWUROLEUR UHV XOWHDWUDFWLYRDUWOVWLFR HQOR TXH HQQRV RWURV
KDEtDPRVSXHVWRWRGR QXHVWURFDULxR \ PX\HV SHFLDOPHQWHDOD ,PSUHQWD GH OD *DYLGLD HQ
FDEH \ VHDHOUHIOHMRGHORTXH HQ OD ORFDOLGDG HVODYLGDFLXGDGDQD \GHO +RUHFLPLHQWR\ULTXH
GRQGH KDVLGRLPSUHVR VLQFX\RFRQFXUVR WDQWR
]DGHVXVLQGXVWULDV \ VL DSHVDU QXHVWUR QR
KXELHUD VLGRSRVLEOHVDOLUDGHODQWH
KH
HQ ODSDUWHPDWHULDOFRPRHQ OD PRQHWDULDQRQRV
OWO ,5
H
8Q 3XHEOR ELHQ DGPtXtVWUDGR 12GH ORR SXHEORR PLV LPSRWWDQWHV GH , SUR? LQ*a GH 6HYLOODSRU VX ULTXH]D LQGXWWULO \ DJUtFROD \ VX HQYLGLDEOH
SRVLFLQ DUi RQFH NLOPHWURR GHOD FDSLDO H LQ GXGD DOJXQD 'HV +HUPDā QDV
(DWH SXHEOR TXH FXHQWDDFWXDOPHQWH DOā DR PiV GH KD ELWDQWHV GH HGLILFDā FLHQHV OHJUHW URGHDā GR GH EFOOELPRD MDUā GLQHV\QDUDQMDOHWTXH HQ WRGRaWLHPSR SHU ORPDQ \ HQJDODQDQ FRQ XD 5RUHV OD KHUā PRRXUD \ JFLSLFDā UHFDGHOD PXMHU QDā ]DUHQD TXHFRQ UD]yQ
ORGHKDFtD HO PRQDOUXR LPSLDFDEOH GH OD HQYLGLD SROtWLFD HQWUHWXVJRUW OODFDFLTXLOHV < , WQFX UULHQ DKRD \ OXPRD Q HWSFUDQX GH UHJHQHUD FLyQ +DOOD TXH HO 'LUHFWRULR0LOLODU DO SURPXOJDU HO (VWDWXWR 0XQLFLSDO R[LJHQDQ GR OD YLGD GHO PXQL FLSLR \ GHVWUX\HQGR HO SHUYHUVRLHPDGH LQOURPLVLRQH SROtWL
FD HOLJH KRPEUH KRQUDGR SDUD TXH ULMD \ HQJUDQGH]FD ODVDGā PLQLVWUDFLRQHV ORFQOHV
\ HQWRQFHV VXUJHQHQ +HUPDQDV DOā
FDOGHW FRPR '
-RVp
&PHW 0DUWtQ GRQ
$ QWRQLR 3HOOD 6 Qā FKH] \ GRQ - RDTXtQ 9 DUR MLPpQH] TXH FRQ VX DFULVRODGD KRQā UDGH\EXHQRVGHVHRV ORJUDURQ IUHQDU ORV GHPDQHV SROtWL*RO \ HQFDX]DU OD DGPLQLVā WUQFLyQ PXQLFLSDO \ SODQHDURQ REUDV GH YHUGDGHW OOXWLOLGDG SÒā EOLFD VLQ TXHSRGLHVHQ OOHYD¢DODSUiFWLFD,8,
ODOODPD HO SRHWD /D P HPEUXMDGD URVD GHO OLQGR URVDO GH $ QGDOXFOD (WWHSXHEOR UHSH WL-OO2, GH WDQ HQYLGLDā EOH VLWXDFLyQ VHHQā FRQWUDED DQTXLORVDGR \ VXPLGR HQ OD P~ ODPHQWDEOHDWRQtD SRU ODLQOOXHQFLDTXHVREUH 0DWXHO $ QGUp 7 QXQFURVRV SUR āFFWRV pO H) GD Z OXHKDW SRU HO SRFR WLHPSR GH SDUWLG TXH WRGR TXH GHVHPSHxDURQ OD $ OFDOGtD SHURGH ORD TXH ORVXSHGLWDEDQ D PDQWHQHU HO WLQJODGR HOHFWRUDO HUD LQ~WLO LQWHQWDUHO UHVXUJLPLHQWRGH OD YLOOD HO JXDUGDPR JUDWRV UHFXHUGRV SRU OR EHQHILFLRVR TXH FDUDHWFULXEDDQKHORVGH VXHQJUDQGHFLPLHQWR SDUD HO HQJUDQGHFLPLHQWR GH HOOD YLOOD
( O $ OFDOGH ' 0DQXHO $ QGUpaaaP
HG UD QWD QGOX FRUSRUD-FLRQHV B
17$ 0,( 1726 & 21 ,'72 *DD
29 2,'( 6 Y 78% ( 5 ,$ 6 R
5 20$ 12
,8 25 $1 / P=
\ RRHQ
*5 $ 9 ,1$ 7 6/ DRD< DDD
' $ QWRQLR 3HOOD 6iQFKH] ' 0DQXHO +HUUHUR9 HOi]TXH] GRQ O?DQXG&DUUHWHUR /SH] '- RVp ~H] 2OPHGR GRQ )UDQFLVFR &UXFHV 0iUXF] ' 'LHJR>XV WLQLDQR / DPDGULG 'RQ $ XUHOLR )FPiQGH] (] TXHUUi '5DIDHO 5XL]\ 5XL]')UDQFLVFR/ DPD %RKyUTXH] ' (QULTXH 6iQFKH]\6iQFKH] GRQ / XLV0LJXHO$ UDKDOGRQ - RVp *DUFOD 0XILR] \ ' 0DQXHO%DXWLVWD0H SHU
UHQRH[LVWLHQGR HQWUHORV
FRPSRQHQWHVODFRPSHQHWUDFLyQ \ DOWH]DGHPLUD
QHFHVDULD SDUDKDFHUGH QXHVWUD YLOOD HQ SRFR
WLHPSRODPiV5RUHFLFQWFGH ODSURYLQFLD 0L SURJUDPD GHFODHO 6U $ QGUpV DOWRPDU SRVHVLyQ GH OD$ OFDOGtD VHHQXPHUD HQ XQDVROD SDODEUD $ GPLQLVWUDU &ODURTXH SDUD DGPLQLV WUDUORSULPHURTXHKDFHIDOWDHVFREUDUORTXH OHā JDOPFQWH FRUUHVSRQGHDOPXQLFLSLR \HQ HIHFWR HO GtD WRPDSRVHVLyQ\HO GtD \DHVWiQ GHVā HPSROYDGRV QXPHURVRV H[SHGLHQWHV GH PRURVRV DULVWyFUDWDV \WHUUDWHQLHQWHVTXHDFRVWXPEUDGRV D ORVVLVWHPDVGHODQWLJXR FDFLTXLVPR FRQVHJXtDQ
$'( & 8$'2
6 ( 9 ,/ / $
WUDQVQDEOH KD TXHGDGR FRQYHUWLGD HQ GHOLFLRVR SDVHHWRGDHOODSDYLPHQ WDGDGHOSURGXFWR SDWHQ WDGR 62/ ,'O7,7 FRQ XQDPSOLR\FyPRGRDFH UDGR GH H[WUDRUGLQDULD EHOOH]D WDPELpQODFDOOH 6DQ / XLVKD VLGRSHUIHF WDPHQWHSDYLPHQWDGDFRQ LJXDOSURGXFWRTXH ODGH 1XHVWUD6UD GH 9 DOPH HYLWiQGRVH FRQ HOOR HO TXH GLFKD YLD VLJXLHUD
FRQYHUWLGDHQ YDFLDGHUR
S~EOLFRODFDOOH0DUTXp GH9 DOGHtILLJR6DQ)UDQ FLVFR\RWUDVYDULDV KDQVLGRDGRTXLQDGDV FRQYH QLHQWHPHQWH \\D KDQ FRPHQ]DGR ODV REUDV GH SDYLPHQWDFLyQGHORVGRVWUR]RVGHFDPLQR YHHLDDO HQWUH WD YLOOD \ ODGH$ OFDOiGH*XDGDLUD FRP SUHQGLGRVHQWUHOD9 HQWDGH /D 3DOPD DO SDVRD QLYHOGHODFDOOH0DUFHOR 6SOQROD\GHVGH HO 3D VHRGH )HGHULFR &DUR DO SDVR D QLYHOGHOD*U~D FX\RVWUR]RVVHUiQDGRTXLQDGRV FRQ HO DX[LOLR GH OD([FPD 'LSXWDFLyQ SURYLQFLDO GH 6HYLOOD FRQ UPH HVSHFLDO \GHPiV DGHODQWRVPRGHUQRV SDUD HVWDFODVHGH SDYLPHQWRV KDELpQGRVH DQXQFLDGRV WDPELpQ ODVVXEDVWDV SDUD OD SDYLPHQWDFLyQ SRU
/ D DXWRULGDG OR FDOH HO SXHEOR 3IUDQGR OD
OOFā
GD G ODXWRULGD GH GH 6HYLOOD SDUD ODFRORFDFLyQ GH OD SULPU SLHGUD GHO QXHZR 0HUFDGR GH
DGRTXLQDGRGHODVFDOOH $ QWRQLD 'OD] ,QGXVWULDV \ RWUDV PiVTXHGH PRPHQWR QR UHFRUGDPRV / D& DVD& RQVLVWRULDODQWLJXRFDVHUyQHQUXLQD KD TXHGDGR FRQYHUWLGD HQ KHUPRVRHGLOLFLR OOHQR GHFRPRGLGDGHV \ H[RUQDGR FRQ HO PHMRU JXVWR 8QD GH ODVREUDVPiV EHQHILFLRVDV \ TXHPiV XUJHQWHPHQWH UHTXHUtD ODSREODFLyQ HUDOD FRQV WUXFFLQ GH XQ EXHQ 0HUFDGR GH$ EDVWRV TXH
UHXQLHVH ODV FRQGLFLRQHV KLJLpQLFDV \ VDQLWDULDV TXHORV PRPHQWRV DFWXDOHV QHFHVLWDQ \ HO 6U $ O
FDOGH FRQ OD DVRPEURVD DFWLYLGDG TXH OHFDUDFWH UL]D KD ORJUDGR SODVPDUOD HQ XQ PDJQ^ OLFR SURā \HFWR FX\DVREUDV DGMXGLFDGDV SRU VXEDVWD S~ EOLFD DOD)XQGLFLQ GH6DQ $ QWRQLR 6 $ \DVH HVWiQ UHDOL]DQGR GHVSXpV GH KDEHU VLGR FRORFDGD VX SULPHUD SLHGUD SRUHO ([FPR 6U *REHUQDGRU
a a 8QRGRORPRPHRā WRDGHOD FRORFDFLyQ GHODSULPHUDSLHGUD GHO QXHY R W I HU HDGR aUa
HOH $ EDWRGH WD
9 LOOD
&LYLO GH OD SURYLQFLD FRQ DVLVWHQFLD GH WRGDV ODV DXWRULGDGH VHYLOODQDV GH FX\R DFWR DOJXQRV PH PHQWHV DSDUHFHQ HQ IRWRJUDItDV HQ HVWH $ OEXP FRPR WHVWLPRQLR GH OR TXH pO PLVPR VLJQLFD SDUD HVWD YLOOD < D VH HQFXHQWUD WHUPLQDGR HO SUR \HFWR GHDOFDQWDULOODGR REUD GHO LOXV WUH OQJHSLHUR GHO $ \XQWDPLHQWR GH 6HYLOOD ' $ QWRQLR ,]TXLHUGR FX\D REUD HUa HPSH]VGH WDQ SURQWR FRPR WHUPLQH HO ,QJHQLHUR ' $ QWRQLR ED
UUDHOSUR\HFWRGHWUDtGDGHDJX SDUD HO DEDVWHFLPLHQWR GH OD SREODFLyQ GiQGRH HJXLGDPHQWH FRPLHQ]R D REUDVGH WDQWDLPSRUWDQFLD 7 DPELpQ VHSUR\HFWD OD FRQVWUXF FLyQ GH XQ*UXSR(VFRODU SDUD FX\R Q GHVGH KDFH DOJ~Q WLHPSR ED VLGR HQWUHJDGR DO 0LQLVWHULR GH OQVWUXF FLpQ 3~EOLFD XQ KHUPRVR RODU VLWR HQ FDOOH 6DQ6HEDVWLiQ \RIUHFLGD OD VXEYHQFLyQ QHFHVDULDSDUD TXH LQPH GLDWDPHQWH HPSLHFHQ DV QHFHVDULDV REUDVGHO PLVPR TXH UHXQLUi ODVPi [LPDV FRQGLFLRQHV SFGDJyJLF \ VD QLWDULDV VLHQGR HOORXQRGH , PiFRQWQWHV \ PD\RUFGHVYHORV GH OD $ OFDOGtD GHELGR DO UH GXFLGR Q~PHUR GH HVFXHODV TXH HQHO PXQLFLSLR H[LVWHQ
OOOËOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
3DUWH GHXQR HOH ORV EDUULR PiDOH£ UH GHHDWDLOOD
OOOOOOOOOOOOOOOOOOOOOOOO- OOOOOOOOOOO
'HVGH HVWDVFROXPQDV DOHQWDPRVDO 6U $ O FDOGHDTXHQR FHMHHQ VXHPSUHVDKDWD TXH HVWH GHVHR YHKHPHQWHOR YHDXLWDOLXGR HQEHQHFLR
+OOOOOOIOOO8OOOOOOOOOOOOWWO
FRQWUXGD SRU DX SURSLHWDULR
4OWWOOOWOOOOOOOOOOO5,- OOO+,
GHWDQWRV\WDQWRVQLOORVFRPRH[LVWHQHQHOSXHEOR VLQSRGHU UHFLELU ODOGHF~DGD HGXFDFLyQ HQOD VH JXULGDGGHTXH\HQGR HO6U $ OFDOGH KDFLD HOORV FRQODUHDOLXFLQ GHO *UXSR (VFRODU SUR\HFWDGR
HO GtD GHPDxDQD FRQYHUWLGRV \DHQKRPEUHV6LJDHO6U $ OFDOGHVXFDUUHUD\QR VHGHWHQJD QL SRU QDGD QLSRU QDGLH HQOD FRQā
SUXHEDVGHVXFRPSHWHQFLD GtJDOR VL QR HO ([FH OHQWtVLPR $ \XQWDPLHQWR GH 6HYLOOD D GRQGH KD SHUWHQHFLGR \ GH GRQGH SURYLHQHHDHO PtOV MXVWR ILDQ]DDEV ROXWDTXH PLHQWUDV HO FDPLQR WHD UHFWR HORJLR TXH GH pO SXHGH KDFHUVHVL HVTXH DHVWDV QRSRGUi HRURUSHFpUVHOD QLODHQHPLJDGHO WULXQIR OtQHDVGHHVWULFWD MXXLFLD TXLHUH GiUVHOH HO VLJQL SHQRQDOQL ODVPDQRV RFXOWDVTXH ODERUDQHQ OD ILFDGR GHHORJLRVDV 'H VX SHUVRQD FRPR SDUWL VRPEUDVLQ EHQHILFLRQL SDUDHOORVPLVPRV FXODU TXp KHPRV GH GHFLU OHDO \ FDEDOOHUR KDVWD (WDVREUDV \ RWUDVPXFKDV FRPSOHPHQWDUL OD H[DJHUDFLyQ SURFHGHQWH GH OD PiV UDQFLD QRā GH ODVPLVPDVVRQODVUHDOL]DGDVSRUHO 6U$ QGUpV EOH]D HFLMDQD KRQUD DVX FXQD \ DVX SDWULD \ HO HQRFKRPHVHVTXHOOHYDDO IUHQWH GHODDGPLQLV TXH WDQVyOR OR WUDWHXQDYH] TXHGD FRQYHUWLGR HQ WUDFLpQ PXQLFLSDO KLMDV WHGDV GH VX FRPSHWHQFLD XQDPLJR VX\RSDUDVLHPSUH \ GHVXDFWLYLGDGVLQ OtPLWH GHPRVWUDGRDQWHV GH $ O IUHQWH GH OD6HFUHWDUtDUHSUHVHQWDHO HQJUD VXDGYHQLPLHQWR DOD $ O QDMH VGPLQLVWUHWLYR TXH FDOGtD DO SUR\HFWDU \ VLJXHQGR HO FDPLQR PDU FRQVWUXLUHO KHUPRVRHGL FDGR SRU OD OH\ SURFXUD FLRHQ TXH KDGH LQVWDā ODHMHFXFLpQ UiSLGDGHWR ODUVX UHVLGHQFLD VDFULIL GDV ODV LPSRUWDQWHV LQL FDQGR LHPSUH VX LQWHUpV FLDWLYDV GH OD &RUSRUD SHUVRQDO HQ ELHQGHO RU FLQ MRYHQ HQ SOHQD FD QDWR S~EOLFR SDFLGXGGHWUDEDMRFXHQ 6L WRGRV ORV FLXGDGD WDKR\SRU VXUHFRQRFLGD QRVDO UHDOL]DU REUDVVL KRQUDGH] \ DOWR HVStULWX JXLHUDQ VX HMHPSOR LTXp GHMXVWLFLD FRQWRGDVODV KHUPRVRVVHULDQ ORV SXH HLPSDWtDV \ FRQILDQ]D GH EORVGH( VSDIWDO OD &RUSRUDFLQ \ GHO 1R TXHUHPRV WaPLQDU SXHEOR HQ JHQHUDO HVWH DUWtFXOR VLQ GHGLFDU 'HOVHJXQGRIXQFLRQD HQWHV XQ MXVWR UHFXHUGR D ULR ' $ QWRQLR &DUHtD ODGLJQtVLPD&RUSRUDFLyQ / pSH] OQWHUYHQWRUGH ORV 0XQLFLSDO TXH GH XQD IRQGRV PXQLFLSDOHV GH PDQHUDWDQGHVLQWHUHVDGD HVWD YLOODWDPELpQ TXHUH FRPR FRPSHWHQWH FRDG PRV GHFLU DOJR DXQTXH \XYDDOD UHDOL]DHLQ GH QRWRGR ORTXHpO PHUHFH WRGRFXDQWRVLJQLILTXHXQ \ TXLVLpUDPRV GHFLU +D SDVR DGHODQWH HQ ODDG 'RQ - XDQ 7DPUL]a0DUWHO \ ) DEUH GHVHPSHxDGR FDUJR HQ PLQLVWUDFLpQ PXQLFLSDO $ERJDGR HO 0XQLFLSLR GH6HYLOOD VLHPSUH DVHVRUDGRV SRU 6HFUFOaULRGHO ( [FPR$\-RDPLHQWR GHVGH PX\ QLQR HV VLQ ORV FRPSHWHQWtVLPRV OXQ GXGDDOJXQD XQRGHODV FLRQDULHV 6HFUHWDULRH OQWHUYHQWRU GHO $ \XQWD ,QWHUYHQWRUHV PiV FRPSHWHQWHV GH OD$ GPLQLVWUD PLHQWR ORV FXDOHV FRQVX FODUR MXLFLR \ FRQRFL FLyQ / RFDO HVSDxROD VLHQGR ORV FRQRFLPLHQWRV PLHQWR HQ PDWHULD PXQLFLSDO VHxDODQ OD SDXWD D TXH SRVHH HQ PDWHULDV PXQLFLSDOHV 8 PD\RU HQH VHJXLUSDUD HO PHMRU GHVHQYROYLPLHQWF GHOD REUD PLJR HO DXWRU GH HVWDV OtQHDV ORFRQRFH GHVGH HPSHxHGD KDFH PXFKR WLHPSROR KD WUDWDGRPXFKDV YHFHV 1R H[LVWH HVSDFLR VXILFLHQWH HQHVWH DUWtFXOR PX\GH FHUFD \ GHDTXt OD FDXVD SDUDGHFLU TXH SDUD SRGHU KDEODUHQMXVWLFLD GHORTXH VLJQLILFD VX VDEHUHV HO PD\RU HQHPLJR SXHV FRQRFHGRU HQ OD YLGD PXQLFLSDO ODVJXUGH ' - XDQ 7 D FRUQRSRFRVGH ODOHJLVODFLyQ PXQLFLSDO HVSDxROD PDUL]0DUWH \' $ QWRQLR*DUFLD / SH] (O SUL QRVHOHSXHGHRFXOWDUTXH VL OD&RUSRUDFLyQ SRU PHURHPSLH]DDYLYLUOD \\DWLHQHGDGDVEDVWDQWHV GHVFRQRFLPLHQWR GH IRUPD SUHWHQGH /RPDU XQ HOORV YHQGUiQ D pO
DFXHUGR TXH DIHFWH D OD FRQWDELOLGDG GHO PXQLFLā StR \DWHQHPRV DO ,QWHUYHQWRU HOORODQGR FRQ HO
GHGR ODV UaSRQXELOLGDGH HQ TXHVH LQFXUUH \ FRPR FRQVHFXHQFLDGH HOORHO TXHDOJXQRV SRFRV OR FRQVLGHUHQFRPR REOWUXFFLRQLVWD
ODGRHQODVHJXQGDG GHTXHVLHPSUHKD GH REWH QHUHO DSODXVRGH ORVPiV \ TXH HVD LQGLFDFLF6Q VX\DTXHHQ FXDOTXLHU HUURUSXHGD VHOODODU HVVLQ GXGD OD VDOLIDFFLyQ PD\RUTXHSXHGD aQWLU OD GHO GHEHU FXPSOLGR \ ODGH WHQHUFRPR WLHQH OD
OOXWULVLPR 6U ' $ QWRQLR & DUaË / ySa
ORWO2I FLG ( $B B
< D WLHQHDTXt HO 6U &DUGD / ySH]DO HQH PLJR 3HUR QROH LPSRUWHHOORVLJDDGHODQWH HQHO FXPSOLPLHQWR GH VXGHEHU GHMDQGR KDEOLOODV D XQ
FRQVLGHUDFLQ\HOUHVSHWR GH WRFLRV FXDQWRV HO HDOGHVKDQ SDXGR SRUHO $ \XQODPLHRWRGH 'RV +HUPDQDV $ )W&8(52$ 52- $ 6
$ V S ( H 7 R V
/ R SXHEORV FRPR LQGLYLGXRVWLHQHQ VX
UURWHUHV GHVWHUUDQGR GHpO YLHMRV PROGHV HLQYHWH
FDUiFWHU XQLSHUVRQDO\ pVWHVHSRQH GH UHOLHYH D
UDGDV FRVWXPEUHVKDFLHQGR UHQDFHU HQ HO HVStULWX
PHGLGD TXH ODVFLUFXQVWDQFLDV YDQ H[LJLpQGROHV
GH ORVKLMRV GH 'R +HUPDQDV XQQXHYR JHUPHQ
TXHVHFHOHTXH DO QLYHOGH DTXHOORVRWUFVTXH OX
TXH ORV LPSXOVDUD D FRORFDU D VX SXHEOR HQ HO
FKDQGR FRQVLJXLHURQ FUHDUVH XQD YLGD SURSLD
\
ORJUDURQFRQTXLVWDU XQDIDPDPHUHFLGD \PXQGLDO
RUGHQ TXHSRU VX FDWHJRUtD \ ULTXH]D HUDDFUHHGRU SRUGHUHFKR SURSLR
TXHVHYDDFUHFHQWDQGRDPHGLGD TXH VHH[WLHQGH VX FDPSRGH DFFLyQ
'HO SDVRGH ' 0DQXHO $ QGUp 7 UDYHU SRU FRWD$ OFDOGtD JXDUGDUiQ ODV SHUVRQDV LPSDUFLDOHV
'RV +HUPDQDVOXpVLHPSUHXQ SXHEOR DSiWLFR
JUDWRVUHFXHUGRV )LHO LQWpUSUHWHGHODMXVWLFLD VDEH
HQ WRFLDVVXVPDQLIHVWDFLRQHV SHUPDQHFLHQGR LQDF
DSOLFDUOD VLQ WLWXEHRV \ FRQ FULWHULR FOaUR \ILMRGH
WLYRGZDQWH DRV\ >XVWURVVLQ SUHVWDUOH ODDWHQ
OD UD]yQ SRQHHQ WRGRVVXVDFWRVGHUHOLHYHVX HV
FLyQ GHELGD D VXV SHUHQWRULDV QHFHLGDGH QL DIURQWDUDTXH- , SUREOHPDV TXH VX GHVHQYROYL
SIULWX LPSDUFLDO DO VHUYLFLR GH ORV LQWHUHVHV GH OD SREODFLQ ā
PLHQWR SRUHO FRQWLQJHQWH GHODSREODFLyQOHH[L JtDQ FRQDUUHJORDORVWLHPSRVPRGHUQRV
LQGXVWULD SUyVSHUD VLHQGR VX SULQFLSDO IXHQWH GH
&XHQLa QXHVWUD 9 LOOD FRQ XQ VXHOR IpUWLO \ XQD
1XHWUD SUHFLRVD 9 LOOD QHFHVLWDED XQ SURSXO
TXH HRQVXV LQLFLDWLYDV \ DFWLYLGDG VRU XQ KRPEUH
ULTXH]D HO DGHUH]R GH DFHLWXQDV \ VX H[SRUWDFLyQ
KDFLpQGROaVDFXGLUHVDDSDWtD HVDPRGRUUDHQTXH
JRUGDO \ PDQ]DQLOOD TXH GDQ RFXSDFLpQ GXUDQWH
VXSLHUD KDFHU 9 LEUDUHO QHUYLRGH OD aEODFLQ
DO H[WUDQMHUR $ QXDOPHQWH VH UHFROHFWDQ SRU WpU PLQR PHGLR GRVFLHQWDV PLO IDQHJDV GH DFHLWXQDV
VHKDOODEDaXPLGD \VHGLHWD FXHQWDH[DFLaGH TXH
HO DQR DPLOHVā GH REUHURV HQ ODV IDHQDV GHHVFR
SRUVX VLWXDFLyQ WRSRJUiILFDSRUVX SUyVSHUD LQ
JLGRV\UHOOHQRVGH GLFKR IUXWR &XHQWD FRQ QX
GXVWULD \ FTPHUFLRGHEtD DIURQWDUFRQ HQHUJtD ODV
PHURVRV WDOOHUHV GH WRQHOHV SDUDHO HQYDVH GH
QHFHVLGDGHLTXHHOSXHEOR VXOULD UHVLJQDGR \ TXH
DFHLWXQDV YLQRV \ DFHLWHV \ FRQ XQD IiEULFD GH
RWURVKRPEUHV LQHSWRV QRVXSLHURQ VROXFLRQDU QR SRUIDOWD GH YROXQWDG VLQRSRU VX HVStULWX PHGLRB
UDPR
WHMLGRV GH \XWH GH ODVPiV LPSRUWDQWHV GH HVWH 7 DQWR VX LQGXVWULDFRPR VX ULTXH]D IRUHVWDO VH
HUH SRU IDODGH LGHDOHW SDUD ODERUDUHQ SUR GHO
HDJUDQGHFLPLHPF GH QXHVWUD SDWULDFKLFD < HVWH
GHVHQYXHOYHQ GHQWUR GHXQVyOLGR FUpGLWRHQWRGRV
KRPEUH VXUJLy HQ 2FWXEUH GHO DxRDQWHULRU \
ORVPHUFHGHV FUpGLWR TXH KDQVDELGR FLPHQWDU ORV ODERULRVRVKLMRV GH HVWD 9 LOOD
VXSRGHVGH HO PRPHRWR TXHRFXSyOD $ OFDOGtD HQFDX]DU OD YLGD GH HVWH SXHEOR SRUQXHYHV GH
$& 86 7,1 ) ( 5 1È 1'( = 9 $5 & $6
a
5(7$&,/ / 26
?
7
/ D DOHJULDHUD FRQWDJLR SDUD WRGRV$ TXHOOD FaXHWD HQ GRQGH SDUHFOD EHEHUVH GDGR &Ë,$ WRGD OD MXYHQWXG UHWR]RQD DWUDID PLUDGDV GH OR SDVHDQWHV \ DQWH HOOD VHDJROSDED OD PXOWLWXGSDUD UHFUHDU VXYLVWDHQ DTXHOUDPLOOHWHGHXUX EFQL WDVTXH DWDYLDGD FRQ JDODV GH ODV JUDQGH ILHVO+ GDQ]DEDQ HQ ORFRWRUEHOOLQRDOULWPRDFRPā SDGR GH OD RUTXHVWLQD PLHQWUDV HQVX ODELRV VH GHJDQDER OD ULVD \ HQ X PLUDGDV SRQtDQ XQD SURP GH DPRU (O FXDGURSRUVXSROLFUR PtD\ RULJLQDOLFODGHUD VXJHOLYR \ DWUD\HQWH / D P~VLX DEGD GHYH] HQFXDQGRXQ SDUpQ W& LW
HQ 8 DFWXDFLyQ HQWRQFHV ODV SDUHMDV WH HVā
SDUFtDQ SRU DTXHO UHFLQWRGH ODPLO\ XQD QR FKHV \URODQ\ FKDUODEDQ FRQWDGRVXVFXLWDV DO PRFLWR GHVX SUHGLOHFFLyQ TXH LHPSUH HQFRQ WUDED SDODEU DGHFXDGDVSDUD MXVWLFDUIDOWDVDQ WHQRUHV \GLVLSDGD ODQXEHFLOOD
ROZLDQD PLUDUVH PX\ DWHQWRV PX\ FDOODGRV FRQ HVH OHQJXDMH PXGRWDR HORFXHQWH HQWUHORVHQDPRUDGR &RQ ODV SULPHUDV KRUDVGH ODPDGUXJDGD IXH URQDEDQGRQDQGR ODILHVWD SDUD SRGHU FRQWLQXDUOD DOGtD VLJXLHQWHDTXHOOD PXOWLWXGKHWHURJpQHDTXH SUHVWDEDVX YDOLRVR FRQFXUVRHQ DTXHO IHVWHMRDQā GDOX] ~QLFRHQQXHWUDLQSDUUHJLyQ (QOD FDVHWDKDEODTXHGDGR XQJUXSR TXH VH SURSRQtDYHUOD VDOLGD GH )HER ( OFKRWLV HO YDO OD PD]XUFD\ HOFKDUOHVWRQ KDEtDQ FHGLGR VXV SXHVWRVDODJXLWDUUDHVH LQV WUXPHQOR GRQGH VHSXOVDHO DOPD GH $ QGDOXFtD 9 DULDMyYHQHHQJURDURQHOJUXSRDOUHGHGRU GH DTXHOOD JXLWDUUD TXH XQD PDQR JD DOSXOVDU VXFXHUGDV DUUDQFDED GHHOODJULWRVGHDOHJULD R JHPLGRR GHGRORU 8QD PXMHU HQYXHOWR VX FXHUSR FLPEUHxR Q HOFOiVLFRPDQWyQ GH 0DQLOD KL]RVXDSDULFLyQHQ OD FDVHWD \ FRQ DSDUHQWH LQGLIHUHQFLD DHQWyH IUHQWH DOJUXSRPLHQWUDVTXH FRQPDOGLLPXODGD QHUYLRVLGDG GHVKRMDED XQ FODYHOJUDQD HRPR OD VDQJUHTXHVHDJROSDEDHQVXVPHMLOODV
3a? B? 5
a
+XERXQ PRPHQWRGH LOHRFLR 'HOJUXSRVH GHVWDFy XQMRāHQGH WLSRODQIDā UUyQ\SURRHDWLRTXH LQWLPLGyDDTXHOOD PXMWW SDUD TXHDEDQGRQDUDODFDVHWD (OOD OHGLULJLyXQD PLUDGDHQ OD TXHVH ,UDā OXHODHODPRU \HO RGLR - 1R PHYR\9 XHOYH FRQWXVDPLJRVTXH WH HVSHUDQ \ GpMDPH (O OHGLULJLyXQDPLUDGD GHGHVSUHFLR PtHQā WUDVVHGLEXMDED HQVXODELRVXQDRRUXLRDEXUORQD \ VH GLxJLy DVX UHXQLyQ 9 ROYLy DRRQDU HO UDJXHRGH ODJXLWUUD OD MXHUJDOOHJREDDVXDSRJHR HQWUH YRFHR JULWRV \ FDIWDRGHPDQXQLOOD 9 LEUyHQ HOHVSDFLR&WDFRSODTXH IXp DGDā YLQH FRPR XQD VDHWD FQ? FRHQDGHQH,HRUD]yQ GH DTXHOODPXMHU
/DV ~OWLPDV SDODEUDV GHO ODQGDJXLOOR ,& FRQ IXQGLHURQFRQ ROp` JULGHOHJULD $ TXHOOD PXMHUVHDSUR[LPyDOFDQWDGRU FXDQ GR pVWHDFHSWDE XQD FDOODGH YLQRTXH OH RIUHFOD XQD PRFLWD GHRMRVQHJURV\ SURPHWHGRUHV\LOEy PHMRU TXH GLMR - (UHVXQ FDQDOOD \ RRTXLHUR TXH HQJDOOH D QLQJXQDRWUD PXMHU 8QD KRMDGHDFHUR EULOOyHQHODLUH\ IXp DKXQGLUVH HQHO SHFKR GHO FIORULWR FDQWDGRU TXH VHGHRSORPyHR HO VXHOR PLHQWUDORVGHPKVHDSDUWDEDQ FRQHVSDQWR < HQFDxQGRVH FRQ DTXHOOD PRFLWD OHGLMR OUHQpWLD / D PXMHUHV FRPR \R VDEHQ TXHUHU \ PDWDU(VH QR SRGU VHUQL WX\R QL PtR QL GH QDGLH ( / '8(O?2( '( / $5 ( 1$/
/$ )/25 '(/ %$55$1&2 &XQGR SULPDR Q\RGG RO DRPWI2IW SRU2ULHQWH\D WF0 XX KWUW TXHHO OLR6W0 FR OH GFGDQ IW G HRQWRW HH EE~ DEDGRQDGR WL NFKR \ NQOiQGRH ODSXHUWD GH OD 9 HQOO OLyXQ FLFDQR \ TXWGy HD DFWLWXG WWLH[L7DFRQ OW PLUDGD
3HQ ,LOOKOWR3RUOD < GIGW FRPHQXEHOWUDMLQDUGH UQH U WUDEGRUD \ FKDO0TXH4 IW OXSULDWFI1 KRUDGH ODO O?OO , DTXFKUQ\DO IOOU SRUOD9 FQWD 0, UNWFQËQ SDUD WRDXU XQDFHSD GH&D8OE (O WtR6VOLL$ WDH aURPLVLW \GQaKDUDFKXRHVWDEDDTXHOOD Q$DWD OILOF \ SLHRFXSDGR LHRPR L XQD OLMD DOFWPHQWDUD Z SWIOOOIDLIWR &RQ YQDWWOQ IFQGD FHQO© WDOD D OD WKOUL WR/W TWW WWL F0QWH OH GLILWLDR DF:PEUDGR WRG WOOFD DO
FL
EZQKXPU GHO YWFR YHQWHUR 9 DW IWWD SWQWOUÏ H WKDELO. aQ TXH FFXSDE 8 WRa OULX 3DVWRQ \ RW WQOOW 0OL WLDOODPUO 4XHG8© PDRWUR QWLW© 0 < & ODGW GH OD :0; KH DQWHUL*U K WLGR \ FWOU£ FDQa $ GD £ < R R SLHGR &21HI OËW QR GLR WL/R %DWOLtQFRPR 1 aODQGR &00&2 PL0QR $QOH- !GH F21HQWLUOR SUHIHUR SHUGHU OQ 9 H QOD \ TXH DH /R ONYH aFNOO ,&OQWR SFURFFQHQWWU HDRQXQFD (VWD QKF OH KDEODWO FODWRD HVH Q0. LWR /D 9 HDOO GHO WOR%XWLLQ WDED RLWXDGDD FUOO- X GH OD 9 UFGV WWWWD GHXQ EUW£BKWR SRW HO TXHHHGH- OXEDQ FODQ \ FDQODULQXOX SODWWDGX DJZWGH XQDP\XGR FQ FX\FWPiU£H G FUWWDRNVDUEPF WWYWLHW NQWLVFR SREODGHWGHWyWWROX DORDGUDVB UXLNDQ TXH DOXGDED HHH 0Q WULQR DO UH\ GH OR :2, ( DWRGRDTXHOOR DOUHG© LRWWW HQFRQWUDED HO LRDWWOiQ UHFHWG LPERUUDE 0LO YHFWWDR HDDLWLGDG GHJDPR SRU ORGLFWHQWQ OLWLR GHODUWR\R FDXQGR \ E0LFQGR DODUGQ G& , WX
IXWW8
GH ,'12XQWH
FRPR U UREOH
&XXFD D ! 9 OaQGR DTXHO DPEWFDWH \ GLWIUXWDQG! OD SLOO GHDTXGORO OXL£DXB N KDEWQ IDPLOtLDUL]GR FRQ DTXF8RW WHUUFIW2LI 1Ea KHFKR SRSXODU HQ WRGR G FRDRQ (OKEtDEUDGD E SOQWRUDFD 9 HQLD HQ DTG LLR KDFtD YHLQWH L?RV $OL WROH LQa WDFRQXFRPSLLLLHQPXMHU KDFLFURGFX \ HFRQyPLXTXH VXSR GXO3U E LGD NO \IFR K W TXH 'LR OD OO P2 D WX OGR 'HVGH FWRQFF HO,ËR%XOLtQ SHUGLy K DN7tD \ W&ORPHQ I24 WR DSXURV\ UXOHPRV HQDTH8D9 HQWDGRQGHWLHURSUH UHL-
OD WUDRTXLOLGDG 3XWHX OD FOFU GHO EUUDQFR W
FRP -£OODPDEQ WRGR HUD
EDM? GHXQ KHUWQDQR GH LR 6WWLiQ &D'GR VyORFRQWaED WUHV F£XHGy KXpUIDQD OD UHFaLyHOYHPHHH FULDQGRH IUHWH \ OR8-8R© +Q2 8,8, URVD (UD 3XWHUD XIWD GH QDVPXLHUHWTXH PSWWWLRDDQ DO SULWWaU £ ROSH GH a 0FUWQD GH RR 0J< 2W\DKGRWa SRDOD W? VOG PLUDG LRGRHO GH $ GDOXG D 6X ERFD KHWHD \ URMD LQ x1L DO PRUGLFR FRPR XX IUXW PDGXQ WHQOD GHPDUFRD DTXHOOD FUD GHEF&NXPFUX 81 XEG HUDLODG HOHSXUR WOOF£ 7FX\RW ULFLOORVMX£ XFOHDKDQaQ VXQXFDFRPRVLHWSHF8DV&5ā W&DOGX 6X FHUSR FLPOUHxR SDW© LD TXHDO ULWPR GH VXV DQGU WHV OW QWLWDED WH &I8O D FRPR E UHLQD GH TXGODFDQSLIWD DQ GDOXX > WD \RFKR D$ RVFRQWDED O LQRRWD TXH KDFtD W8!SLUDU GH FLQWR WRGR HO TXH SDVDED SRU E9 PWD 31WRUD DEDORQ2 HO ORFKR \ FRPIOO=2 WOOWTXHKDHWWFW SXH DLJRXED IDPDSRU EFONX XPaOWW OD JRXED GH OZFQDRVD \OGRSLD FRPR ORV FKRQFV GG 2I2 0LHQOUX VH RFXaD W' ODV IDH DVXU OD 9 HQWD TXH EQOOOD GH SXO2 OLPSOD &2O , aX YRa GDWD\ WU£ HFWLQD ODQ]DaD DO DLUH : DWODXV HO , FX\DV QRWDVSR QLD WRGRHO DWU TONUHEFVDED F WG HRUDL2Q
U
XTR
Q a
&XWQGR H GR %DWWL Q 2 Ï OD YRa GH 3DRUD GaVHUX£ y UO FQWU© HR \ OD I2Q7Ë$, EIRWy HQ W? ODEL2, WVSRQOQHD ORJGQā GRH WXaPEODQOH XQRW PRQLHQWR (UFW , F%RU GHO EDUUQFR! QLWLD PtD KDWWD OW 3 MDUW SLRWOQ RHWWXFKDUOH HQY.OLRR GH WX J£ U£ DQWD GL UXWHIWRUI GLMR WL YLHMR £ &UDFLDW 2LRW TXH RL£R D XLWHGGHFLUDODR ERQLWR +DFH XQR GLDWTXH QR KDEOD XWHG QL OR3IHLWRF4XpOH SDVD ,Ë2` (O YLHMR GHMyGH VRQUFLU \ RFKDQGR W8I EUD]RREUW ORW U QHDGR K4POURV GH 3WID OD EFW2 HQ OD IUHQWH \ PXWWQXUy £ 3RUTa TXLHUR TXH WY WHDW +HPSUHOLW W%RUGHO EWIO QFR OD WHLDD GH OD FDQSxD FRPR WH GLFHQ SRUTXH QR TXLHUR YF OH 0a SDUHV FNO ODGR GH WX YHMR TXOO , FW OR ~QLUR TXH PH OLDUH JU GONORW SRFFWGLX GH YLGD TXH PH TXHGDQ 3HUR SRU TāXp LQF KDEOD FG DWO WWF! %KWL` 0H OR2LRO 4XLpQ KD SFPDR FQ FHMUOH DROR QLÏPR LEQ \R OO SDGFU YLYLU LQ XLWFG \ LQPL9 HQWD! 8QRW DQLFW&W TXH SUURQ FD OD SXHUWD FRUODLRQ OD WRQYFU 0WLyQ GH PFLWD \ HO YOFMR 3DWWRUD FOYLG2 UUFQWR OR TXH HOOD FWWË DXSHQLFLRQQ GHO £WLLR \ GH QXa< 2 WRH R\y HQ OD 9 FQW 8 YR] DFDULFLDGWW FQWR DUXOR XQOOW W4OHDUFW 1D OH - &HR PK FR- OLWR TXH OpW GXUPLHQ- OW F- Q RWUD
\ XO- a4LWDQGR &0PLS 3RU OD FPSDOL]DGD TXa URGHDK G FFQOLOOR - H OD 9 HQO$ XFPW2 OD FHEFX XQ PRFL PRUHQR GW WLSR WUaQWH \ SLQX UFUR TXHW O&XFK2WPOOWOaGR OD ~KLQDV VUODELX GHO FDQODU GH 3XOHQD W6F K H. WaR GH OD MDXOD FWHML DXHUR SUT£XQWy £ 3FSHO £ 3D- ORUD 'LMFU!O , OR GR Q XQ WLHPSR (OOD 0 DFHUFy D OHPSDOLXG WF!Q OD FDUD UDGLDQWHGH DN JULO \ HQ ORWR FUËL RR UHSURFKy DO PRFLWR £$ \HU QR YLQLWWHWO 3RU TXp GMPHOR 3HUR TXp PDOD PFPFULD WLHQH GLMR G MRYWQ ORPDQGR WQWUH WX\D XQD PDQR GH OD PFW 1R OH GLMH TXH OUtOODO FRWLMR GHO 7RPt8DU YFQGWW XQHV XOOO D 2 / XLO WL FIWRWLWR WOH TXH OH KD GDR DKHUD SRU SUWXPt 0HGLy HO FQaUJR OH ROUD UGF GFDQOF GH WL ^O?2 UHFXHUG+! ¢< OÏ HOG- DXLWFW DOOtOSUHaXQF 3WORUD LQTXLFWD 7yHO GtD GHWSX& GH SFQFUQRV GH DFXFUGR HQ G SUWWLR GH RW FDEDO R WLWWaRULWR TXHHR XQ QLIWR UXPEVR TXLVH! FRQā < LGHUPF D EHEHU XQD ERWWOOD GH - HUH] 6t TXH HW UXPERWR GRQ / XLVGLMR OD PRX 3F QR TXLHUR TXH OH W 8QD QLEFEDW FRQ HWF DQWL OLFR ( O SDUHX XU PX\ DPLJR Ga WX OtR 6W YLHQH SRU DTXt PX\ D PHQ~R HDH VHL LRWLWR FTDOLFKDR F%XWFDQGR DOW+LQTXLULy 3HSH 4XH EZTXH OyTXH TXLHUD QR KD GH HQFRQUi QD 3HSH PLW2 D OO PRXL FRQ SDVL2QSUH£ XQ$QGRN FRQ ORVRMR ^ PHTXLHUFD PXFKR 3DVWRUD 3FU WRGD FFQWHWODWL2Q HO-D GHMy FDHU VX FDEH]D HQ KRPEUR FNWX JDOiW \ ODV EULVDV9 WSHULQ/W DFRJLW2QHQ WX WHQR HO GXNH GXVTXLGRGHXQ EHDR 6 H R\y OD YWQGHO LR %DLOQ 8DPX. Oy D PR]D +DWD OD QRFKH 3HSH
B GHO L
+OR L
9 FQGU~ £ 1R IDKULO < HDNM2:3OW R
O UWWQ FNODDS$ D
a GHKDFQ OWLW G
&O*Q2D
GLH
(O O Z HRFQHRQUQLEWRO?OOFLF0 DO SREOW TYFR YI & IO WXaWUO- R OE GXDEGR D LQTXLHWR\ XOOQO© GR ULWGHWHLUPSUH /OOW SWODWUD! £ (RQR aaWRO 3 RWUR ODGR HOWXZUTXH / GFW 9 HDDWWUËD OD GH LPXWWOH $ 8 SLWÏ GLDL G DP© \ GH DNWULD OLDGR WH XQO2 F20SDIWHW -QWR FOUF D FDIW WÏIW G OD £ G HQ DTXF89 F8I aQD RPR Y SWOFD O/ DFD a2F OD FDSLO?DDQGDOXX KXWD TXH2RHOEPyDWX :8- WI D 0W ODGR 'HVGH HO2$& DO GR 6LiQ QG OH0:WD GWWWHKX 6H0EUy RW OFQ&'2O TXH LUDLQL/LEDD OD 9 QOD \ NW DR- +QLFUR HHH aGPGFWW E WWL © © : TZ ,2&1 LDOX LRGR DKRIUR / XGWXGWWEDQ D?O0aIWOD'& OR QRK0DIRUG Ka FHU &UWQOF D DTXHOOD LOWx yR 'R WWZKLR £ £ TXH LL HO YDORU GH OD 9 WIWWD \ HO SO 3I GF< RO W h . OR aOSUDKD DTH, GWD (O DFW+GFXD X WIOFULWRaOD \OW0UW GXH FNO FRUK- 2 GG 7RQXOODU GLDWDQOLW 8& WQW / ,+0Wa FNOD < H &RQVXKLWFULDOGHDDODUOOFDGRU\ XLWDWUDKD/ WDUHTXHOUDGR YXLDW IIOW8 D 30W© D OD40 WOD WLLHLI UWO PUO0OI FDW D L0X. W&OO& (O WLR 6X£Q FRQRFOD P/VO D GH FG . LRULW - FWDEW WIWJXDUGLDWRGR HO WLFO 'SR TXH HO OWQLRULR SWUUQD0i D LWD
R
/ W9 ZD
(D GLK,0 2&0ËR$FW I::L DOWEDGR O0FUF FN 3NQ HQ,+WWHQHLDGHO āLHMR\KXWD WLW DWUa2 D GHMX LWQOUHZHU OOLOOIL G
(O ULFRYQWHURWR EFLDWL GWWLWDN0OLMR SXR OGWWD FNXGW QR N SFQQLWDKDEODUOH DTXWOGW
OLFK- R FRPRNGH HOODPRXFRQOX SLODEWDH HO LR %
LLQ EXEOFQ
TXI
FRDOFWWDUN 9 DULDMY^UJD EDELD© QLGR'R /Z WUL OD 9 PD 0WD FREUyDPtWDGRRQ 3HSHG LRGH 3DWRU TXH EO0D \ WUD FO BGH / GFU GG EX UDR! ( O HR FRD K R-2W DT?- WWORWPWU SFUTRH DDKD © QYFaGRGH TXH3HSHDa QOLIIU SR OD a FXDQGRLO
1FRR
UD
U48ÏFUD
I- DROHWHDEDSUFDOR D KQG8H GL 0 3RU OD YHUHGD D9 : KGD Ea2F WLV \ <DxR DUWL£ WWTXH aNOUDKDWW LW& IO FDUFDDGX\ G[U4WROD RFXUUFRF FNO . OOHUL ( W O2-KDEW LQYLGRD © 1W F 2 OD 9 WQOD FLG ER a
OO,772=
SRQ
&ZQGR OTDUFQ D OD9 HHWD OXGWRQ DO Y:MR U OH RUGHDD URQF£XF© QGLPFQWDUD QD © DD SDLUD WRGRD (O < LFMR GLyOX ÏIā GP3R \a /XLOHGLMR 4XLHUR KD EOX PWHG EH\ FXWDSOHG SOR]R GH FOF:RTRR (O WWDRULR '2 /R NMyFDEDU 1R KDEOFPR DKRUD GH FW SUHSDUH 8EO & 28: ERWWOEL- TXH LRGR ?L . FXDRGR '2 QRW80'2WX
,2IW
B
ULX
(RO WD GH OYKZ DSRULDyR 3SRT B L SRL OSRQ 3 6OYG NRID- GLRWWUZ %LFDYa &2OQW0&' GRW $GLy 3T!GLMR' /RLR OFLXā U GDRWGDU E GH DWX ERHGX (O 329W2 GH3XWRQ,20Ï 3O2 DO 0RRWR ( DWUH \Q1W GH GZODKD UGX &OIO ( āDHFOR
WKRE SZRFOR
-7
SF8R 5 LWURQ RGR OD 1OLG FLG ORWRxR 7a 'N'2D aO WtR%R LtQ TXH H GLULJLy DO PR0UFORU D FX 3LLU OD RUGFD FRD WQDO FFHWHRLGOIUW
(O Da /DFD?1GR WI ā 2 SURDHR2 O: 0 L L Q Ua W WLR SP &!LUSF 3© a IWWOOD © SD FHDSD QDR G3FSU 2OD &2OOO2 W 3T!W P8 . W? UF© IGyOX SWLO W GW 3XQ 1R
a
W
TLQRT0 WH UH OFWD © DDHH EFR! 3WRUDa SWF.DOÏ S£ UDWWQWUOD HW $ O WWI D DX FQ Ë2 W IW DTOOULUXDLyDH3SLGD \ TO0Gy SZOL& E DROU F/ D LV RX8y &2IW IW0GO /D ORaW RHIWOËD FD DTYGOD WWOO&WRD (/ UHFKD0FR 0 DRHZROD RWSD a OH ROUHF~HOH DWUD HO WD~ W0DL \ 3TF 0L SRHD GH 3 WOO DGOOO& ,DFUU D 0W TW+ DNUWH a2PO &QRFIQWGWW DDWD
W 1R
0*8
aDB
FRSLD
6 GW L HOR 8 R 3SR 6
© 1. 2,2 , FNODOH GH āDGUWDEIF:R XWNGaLQ N D4OD -,&I DUQSLLU
( W1 WLIUa : TRHGD F a KFH OR TXH TLWWH £(D 0W FDX i SQRDTOG GDM! G QHMR a8 aO TLDa DDD aGLQR HDOWH SHOR R OG SRR GRO!, Q- R Gā, SiRGHO & RRT EWD 2FQ \ WH8 U~ DPX FKLTL/ TXHiD LGH . GH UGR 2 I D 1R L G SRLOR 3SR KRWZL £ UFRHRRGRO SRU DWK WXE SFHL £ < / GHB LW 9 / R GWPK DKGRXURD W9 FD4FRDQSXWR WL
D
Y
aR
RDā
D
a
0,
NKDGD0© GWW© ,SRORDO 1LRQOa 30WRR0 DEDEXyF ULR GD GROUGT- ! 3Ha WL DGUD OX DIW GH HOa ( GR - ? f ! GH D RH SRU K '8 \ GR SROOLRGRLL GR ROLGGL£R£/R B U£ DR GPW 6L WHKa DāFLFOR TXH E3GR OD X GWW ZR D DWDIO2FI W a GH B X22 RF£:Z W W W SRF 2 OH W WFQ 0L , HUR& T FN \ DGR & WX SQDX 9 HDX GGH ,Ï,& OW
-W
S
KRFZ!R TRF ,Ò < WRGD OXI4Q GHB HUāZLRWOR DQ£ DK YRRG 3DFQ DOUX2,'R XELD U NXDQFLDED & WOO! D YD L$ R OHGLWR 0 KD\Ta HDWULWOFLRWW: DD$LODD a EHR aW0& W FX 9 RWD UUR DDOUL WUDEOMDU SD OEOHGWWR £7 H,Up TXHā0GFX PL 9 HDWDW GFiD- ULTR a 3ISF WRPy GH , ,0'2 3LFUD G. ~ DOa $ DQDaPDRGDa - © 1 QH 2/x STIW IW*& 2EUDU )DORFDKDOORDT /H \HU EH SD SHFDU FNW 7 SD TZ REUPB XX VDWHU ER F 30W ( O GR EUGED ,0O2W P GHDOFFx OH GLMR D 3LWSU£$4WOËQ £ 9 DD TXLHUR FHR OOOIOÏ £ B ROR EH\ G £ OR
D
GFOEXU
FDG
āHOH
/ $ < R XQ MDUGtQ WHQtD FRQ PX\ EHOODV 5RUH (Q pO XQD URVD GH Pt RF SUHQGy \ GLyPH LOXLRQH \GLOH TXHUHUHV \ GHRWUD PXMHUHV PL DPRU DSDUWy
6 LWDQWR PHTXLHUHV SRUTXp QR PHPLUDV`
F( TXH GH PL KX\H"
7HUPLQy WX DPRU" 3RUTXp QR PH DOLHQWDQ WX EHOOR SHUIXPHV" 3RU TXp YDVSHUGLHQGR WX EHOOR FRORU" (VR SUHJXQWDED \R OD EHOOD URVD TXH LED PDUFKLWDQGR
5 26 $ 4XH SRU TXp PDUHKLWpVH HVD UH!VD" 4XH SRU TXp PDOH!JUy PL LOXVLyQ" £0L LOXVLyQ HUD VyOR HVD URVD \ HO GHVWLQH! WUDLGRU OD VHFy
VX FODUD KHUPRVXUD \ XQD Y PX\ GXOFH PH GLMR DPRURVD
GHVGH ODV DOWXUDV
HQ WDQWR TXH V HFD
PRUtD OD URWD
F&RQ HVD 5RU PRULUi OX DOHJUtD 6L HOOD PXHUH PRULUi WX LOXVLyQ / HQWDPHQWH VH IXp PDUFKLWDQGR GH Pt OtQGR MDUGtQ HVD $RU \ FRQ HOOD OHQWDPHQWH DSDJDQGR IXHVH HO IXHJR GH PL FRUD]Q 3RUHVRHD HO EHOOR MDUGtQ GH ODV IDOWD XQD OD GHPL LOXVLyQ >IORUHV HUD URVD\ FODYpPH XQDHVSLQD HQ HO FHQWUR GH PL FRUD]yQ &PR TXLHUHVTXH VGRUH DODVURVDV VL XQD URD IXp HQ WLHPSRV PL DPRU \ H URVD JyH HQ TXLWDUPH GH PL EHOOR MDUGtQ OD LOXVLyQ"
< R XQMDUGtQ WHQtD FRQ PX\ EHOODV 5RUH \ HQ XQD PL DQKHOR SUHQGLGR TXHGy PDV OXHJR HO GHVWLQR VHPEUy HO GHVFRQVXHOR \ GH XQVROR JROSH URGy SRU HO VXHOR PL Pi EHOOD IORU 3RU HVR D ODV IORUHV QR SXHGR \D DPDUODV
SRUTXH OD TXHDPDED
HVD HVD\DPXULy
M26 ( & $5 021$ & $5 5 $1=$ 6 YLOO 9 O
OI? 1- B? 1 ` 26 a, SUy[LPR OLEURD SX/OLHDQH `IXDD) ODPWWWDGH- 3EWL2UWLL FRQ SUyORJR GH OR4XLPHUH
( UTXH WLHQH PiVDPLJRV
HV TXLHQ QR WLHQH GLQHUR SRUTXH ORV SRFRV TXH WLHQH VRQ DPLJRV YHUGDGHURV
7 XV GLHQWHV VRQ XQ URVDULR GH SHUODV EODQFDV \ ILQDV \R PH PRULUtDUH]DQGR FRQHVDV FXHQWDVGLYLQDV
SDViQGRODV FRQ PLV ODELRV 3RU XQ DOPHQGUR KH VDEtR TXH OD DSDULHQFLD HQJDxDED GDED PX\ EODQFDV ODV 5RUHV \ ODV DOPHQGUDV DPDUJDV OR PLVPR TXH WXV DPRUHV
- 3( 5 ( = Ï5 7O=
&DUERQH \ & 6 (1 & &DVDIXQGDGD HQ
$& ( ,7( 6 '( 2/,9$ $& ( ,781$6 6 ( 9,//$1$6 0DGHUDV - DULQDV ILFFLIHV GH UXMR - DERQHV M DVIDV SDUD VRSDV 9LQRV ) LQRV GH 0RQItOD &HUHDOHV
DVD HQIUD HQ yUGRKD 6 8& 85 6 $/ ( 6
6 ( 9 ,//$
$*8,/$5
& $6 75 2 '( /
'( /$
) 5 217( 5 $
0( /,//$
5 ,2 - $( 1 < 3,126 38( 17(
( 1
6 ( 9 ,//$
2) ,& ,1$6 +( 5 1$1'2 & 2/Ï1 < $/0$& ( 1( 6
- ,0e 1( = $5 $1'$ < OO
$OPDFHQHV GH $FHLWXQDV HQ '26 +I5+$Q$6 6HYLOOD
- 26 a
/ $ ) ) ,77(
$=8/( - 26
0$18( /
O
'( & 25 $& ,Ï1
& ( 5 È 0,& $
& $5 5 ,( '2
6 ( 9 ,//$ UU O O
3 $3( /( 5 Ë$
< /,%5 ( 5 $ 75 $%$- 26
/È 03$5 $6
0$18(/
3 +,/,3 6
3$5 $
3e 5(=
'( ,03 5 ( 17 $
$8720Ï9 ,/( 6
%$5%(52
'( 3Ï6 ,72 '( 9 ( /$6 '( & ( 5 $ < %8- ,$6 /È 03$5 $6 < 0$7( 5 ,$/( 6 ( /e & 75 ,& 26
6 $17 $ 0$5 ,$
a
ā
0$*'$/( 1$'26
+( 5 0$1$6
H
OOOOOOOOOOOOO8OO
& $ 6 $ $ OHMDQGUR
9 $ / 38( 6 7$ 0DUWLQH] 9 DOSXHV WD ( & - $
(DWDEOHFLPLHQWR GH 7 HMLGRV
'848( 9 ,&725,$ 1Ò0(52
-
)iEULFD GH HFREDGH WRGDV HODVHV
0$ 5,$ $ 8; ,/ ,$ '25$
1Ò0(52
1LQJXQD FDVD GHEH SUHJRQDU OD IDPDGH VXV DUWtFXORVDXQTXH VHDQ H[FHOHQWHV WLHQH TXH GHFLUORHO S~EOLFR TXH VH VXUWD GH HOOD
BB B aB
B D - - O O Z aāāXa O O O O O O O O 8,
OOOOOOOOOOOOOO8OOOOOa
F"UV
?OSDUJDWDV HDO]DGRV 6DQGDOLDV \ =DSDWLOODV )DEULFDFLyQ PDQXDO \ PHDyQLFD
/D 8QLyQ &RPHUFLDO *5 $1 5 ( 326 7 ( 5 ,$ $ & $5 *2'(
-RDTXtQ /ySH] 9 LQRV\ / LFRUHV GH OX PHMRUHVPXFDV ( WH &tUFXOR LRDWP &XHOD
(DSHFLOtGDG HQ $ OSDUDWDDFRQ SLVR
HQ HO 3DVHR )HGHULFR &DUR
GH RPD \ FRQ FHUFR GH FXHUR PDUFD UHLWUDGD
/ $ 6(9 ,/ / $ 1$
'26
'tH] +HUPDQRV
IiEULFD HQ (/&+( $OLFDQWH 6 8& 85 6 $/ ( 1 6 ( 9 ,//$
6DQ(VWHEDQX3XHUWDFDUPRQD 5HSUHVHQWDQWH HQ +FQ1XLD
PDQXWW ILWUUWUR 8Gi]TXW]
5WOQD 2LFWRULD
L V
a
+( 5 0$1$6
+ - (5(= a FQL
*5 $1 & $6 $ '( 9 ,$- ( 5 26
6H VLUYHQ FXELHUWRV GHVGH
%$5 & ( /21$ 1Ò0
6 ( 9 ,//$
5$)$(/
/Ï3( =
0$( 6 75 2 & $6 7 ( /$5
'(
*,/
2%5 $6
'RV
+( 5 0$1$6
RXPPPXXZXX
5 OOOO8OOOO88OO
%( 5 1$ 5 ',12 6 8& ( 6 25 & 26 ( & +( 5 2
'( - 8/,È 1 '(
$/0$& ( 1,6 7$
'RV
& yV
'(
O
& Ï6
( ; 3 25 7 $'25
'(
$& ( ,781$6
+(50$1$6
W IL+OOO+OOOOO: ā BOOO8
OO8,- ,88LOOOIOOOOOOOOOO OO
P -
a
1,& 2/ È 6
3 È ( = 02/,1$
$*( 17(
& È 129 $6
& 20( 5 & ,$/
& 2/( *,$'2
(
'( /
& $6 7,//2
'26
+( 5 0$1$6
a OOOOO8OPOOOO,': 6 - OOOOOOO8OOWO8'OOIWOQOO8OOOOOOOOOOOOO- ,8OOIWOOPā 7LOO0OOOOOOOOOOOOOOOOOOOOO8IOIOOOOOOOOO
$ 172aUUR ) / 25 ( 6
[W [U
OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
0$ 5 & $
a7 (4&(5$
5 ( * ,6 7 5 $ '$
O
( /
* 5 $1 '(
Y
) È %5 ,& $
,03 ( 5 0( $%/( 6
āYāāāāāāāāāYāāāāāāāāāāāY
6 2/
L H
e &,-
H ( ML
a ££££££££J£££££££££££££££ ££££PPP££ £ ZX aL L L L L L L L L L L L L L L L L L L L L L L L L L L L x PII L L Q:L PRRQQI I L L X:L L P XXRR:L L O O L
$ / a7$ 2(; 767 $
- ?
( ; 325 ? 8
J- O 8; $6 6( < OO- $ ; ?
OXXL8OOO88OOO8OOOOOOOOOOOOOOOOO-8-,8OO8OOOO:-O8-X8OO8,8,8LOOLOttLOOOQ0OOOOOO
*UQ e O^O^-a=
DPX
'26 O>- a5 a, ?; ?+
- 26 e * - ?,a]
&,$ 52 ,8,8OOOOOOOOOO8OOOOQ OOOOOOOOOOO''888OOO OOOO-OOOOO+OOOOOO880OIWOOO-8OOOO+OO
?&WO7 O
a%< ,//8
- 26` a3,, Y - ( 7 `a5 5 <
PDPP'+88OOOOOOOOO8OOO8,8OOOOO88OOOO8OOOOOOO8OOOOPOOOOWOOOOOO8OOO
? ?
88'OOOOOI
O <
'26 ,O(5 / ?; ?6 6% I,/ / $
- 26 (5aO?; ?6
- RQFVFR OLLFD R 2O]YR U
FāR VāUX$ - ,6 O $ 2O 2++$
?/ Oa,ā -?aā aUR1 W$
8/?,
O!26
OOOO$ 1?6
6IDDHO
3?%5$ 6
( 1 2( 6W OO?/
6 ( 9 ///- ?
,0aIWIWOO O a,
6 ( 9 ,//$
3$ 3( / (O^ ËU?
)ROOHWRV
5HYLVWDV
-- - - O 6
- -
-6 Oa, I O^ ,
5 $%$- 26 20( 5 & ,$/( 6
6
FDVD IOPGDGD HW DQR
,-,%52 7HOpIRQR
( //26
'(
& $8& +2
5$ < $ '2
&) 75$ 5,2
3a?5$
(/ &2?,(5&,2
QPTPX
'52*O (5I$
< 3(OOO*a(5ËLO
- a ? 5 5 6 ( 6(a&,$ 6 < &2/ 21O$ + $ *5$ 1(/ )!63) ,$ / OOO$ ,! )6 O ,17 O OO$ WV < O$ 7 (8,$ /
- !$ OO$ $ / 0?W O1)6
O (/ I)RaR DWL66
OOOOOOOOOOOOOOOOOOOOOOL 6 LL
a
$HQFOD SDUD 3UpVWDPRV
&21 (/
%DQFR +LSRWHFDULR GW ( VSDx D
XUEDQDVDXQTXHHWpQKLSRWHFDGD ,QWHUpV HO 325 &,(172 DQXDO
SDJDGR SRU VHPHVWUHV YHQFLGRV
(O %DQFRDFHSWD HQ FXDOTXLHU IRUPD HO
UHHPEROVR WRWHO RSDUFLDOGHOSUpOODPR
$ UWLFXOR GH SULPW UD FDOLGDG
'26 +(50$1$6
OOL OWOOOOOOOLOOOOOO OLO OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOL
QZ QZ
,8
3UpWDPRVREUH ILQFDV U~WLFDV \
&DIp HFRQyPLFR6OQ GH ELOODU
6WD 0DULD 0DJGDOHQD
O
,-Z
IUDQFLVFR5XL] HDUR L (
a
£ 'LHJR XWLpUUW]IUDQFR L a
&20(67,%/ (6 < %(%,'$ 6
$ YHQLGD GH OD &UX] Q~P
'26 +(50$ 1$ 6
a
XXXX UQL
QP PX P
L5DWDHW 5XLH X 5XWH
$ *(17 (
6 HEDVWLiQ* ( VWUHOOD 6LHUSHV SUDO6(9,//$
OLZXXWLLOO- XOOOOOOOOOOa
DHQWH &RPHUFLDO &ROHJLDGR $ YHQLGD GH OD &UX] Q~P
'26+(50$ 1$ 6
L
H
LXXXXQQPXP XL
%$1&2 (63$f2/ '( &5e ',72 &DSWWDO GH SHVHWDV5HVHUYD = = '20, &, /, 2
$/& $/È
62&,$/
< 6 ( 9 ,//$ < 0$'5 ,' ) 81'$'2
ā
(1 (/ $52
OPPPPOOOOO&
$ OFDOi OD 1W DO $ OF GH XDGDOUD ¢?- FDUDW $ OFDL]GW WHR $ KpDU GH 6DQ - :Q 68&85V +OOOI6 $$ OWDFWWW OFDX?XOO $ O ā ?OIUR?OJWFXDD $KFDQWU ?JUPW OO $ aXWODUGH & PSRR -?SWODU
GH OD - URQOUX $ OPD- IQ GHO $U £X& ?KQFQGUDOUMR ?OPUUID $ WGI TXUUQ $ UFWQD $ UFRWGU OD )URQWUU $U KI- XQ $ UMUXD ? DPRQWU $DXD£ D 8DGDIR] 'DWX %DUWD OODOOUR,- DUD%WQD?W'OW%UUS %X-DODQFU %XU - H !XQD &DKUGHO 2XW &G &ODW - &DU:L?O/ D &DUQyQ GH OXV &RQGU&DUPRQD &DUEQD &Dā DKOQFD &DO O O WW& &WWOOyQ GHOD 3ODQD&DOURGHO 5tR &VWXUQ&D]DOOD GU OD6 UQD &DRUOD &W XWD &Xāa &X- - OaUDO &RQKRKQ O RQVXW VUD &yUGRED &UHYUOWHDWH&XLOODU&8& 'W &X& ? 8GH? & Q 'DOQXFO 2DURFD O!RQ %HQWWR OO-V IOFPDFX I FLMD O OFEU (OGD OāOW8 - UQQāaXLDW WUa&WWDO GHOD 6LWā )XWQWU - H &ZQOX XHQWH 2?& -8QD FQDQaGL aXDGDOD-DUD OWXDGL[ IWUWOtQ OKQR- RDDGWO'XTXH -OXUKD- ,8& ,&'U - WE &UXKQD - DOQ - %WDKD -&U& W - H OD UUXWUS- WUI U GH KDOOUUR- ,- RDD D &UYKQDa /D O- QWD OD - ªDOP - UO &RQGDGR D6RODQD DUDFK& 8QDUWR / RUD GU O OXF&QD 8UQQD?OMDS$ OXFKD 5QDO O- DQ]DQDUQ 0DQKUQD?ODO a?U- LQ GHODPSR ??WGOQD GH 5DRDUFR ?OUGQD 6- RQLD ?UOOO 0WQGD a?-DJUR $ORQWā ,WD?ORQWLIR aWRQWRUR aRU?Q aORWUOO -LOXUGD ?M-& UR DOPRUDUV ? D?RKXRUDOGHOD0DWD a2?& OGD2HDH H 3DOP+ GHO 5OR 3DPUOXQD 3UOWUURDa3XFEORQXU? 3RUFXQD 3 XREWQHR 3XPOU 2UWKXUOX KXQ HWHHF£ *HQWO 3XUUWROODQR 5RQ- 5WWVDUVWODW&KDQ- HW 3XHUWR aSUE& 6WJR?LD 6Q86 6RFXI8DPR 6RQ FD 7DOD?WU - OD 5WQa 7 DUDRQD GH $UDJyQ 7LDULIª IUUX& ,7 UWXQa 7 RWGR7RWO 7 RUR7RUULM7RWDQD O KF- Da OāKā£X© W WWāUU ? O- WUUX ? D8WWGROL- ?LO& W 0 ,DJD ? U GH ,- ,- XRD ? LOEG ? WOODOUDQFD -& WWDUURW? LOODORQ ? OOODPDUWLD ? LOOXRXU? GHO ?UUREWVSR ?8DQXa?D GH &2UGRED?WOODQXU?D GHO OKDTXW ? OOD K8& ?D GH OD 6HUHQH ? - OOWQDODIUDDPRUR OUDJQW
6 XFXUVDO GH 6 HYLOOD 7 HWXiQ
&RPLWp / RFDO ([ PR 6U &a- - H ? EDUUD 3UDLGFQWF6U ?IDUTXE- H 6DQ- RV- H6HUD SULGHQWH 6 U ' 3DEOR$UPUUR&DWULOOR 6U 8 @DZ - W ` EDUUD & PX 6 U ' ) UDULFXFR 5POOD 3LUH 6U ' - RRTXOQ6DQJUiQ*RQ]yOF( SDI!W 35,1&,3$ / (623(5$ &,21(6 XFQO FRUUHQWH ,PURVOIRQU SODURR &DGU ?ERQR URV 'UVFXUQWRV 3ULVWDPQV UGFQFW GH OW?OVDa &XSRQF IUDQIUWWQGDW 0RQUGDW 3LaRQDGD -& $ && 8& a &© 5 DOU ? ,17(5(6(6 48( $ %21$ ? OD L - \PHGLR SRU FLWQOR ?WHWD Pa& , SRU FUQWQ$ XQ DxR \PH- QRU &OW QOR (QDMX GU $ KRUU £ H
6 XFXUVDO GH 'RV +HUPDQDV 1XHVWUD 6 Hx RUD GH 9DOPH Q~P 'LUHFFLyQ 7HOHJ UiILFD %$ 1(67 2 7H+RQR QXXPQ8PPPPQQPPPU VLWLPOOOOOWP''OOOOOOOOOW FULLQ&]]£P PPPPPPOOO&OL D
0RGHVWR*GH9LQXHVD
*UDQGHV $OPDFHQHV GH 5RSDV FRQOHWFORQDGDV
&RDHFKHUR \ H[SRUWDGRU GH 9 LQRV 0DQ]DQLOODV %RGHD HQ 6DQO~FDU GH %DUUDPHGOO
'(
&DDD IXQGDGD HQ HO DxR
3HGUR5ROGiQ
(63(&,$ / ,'$ '(6 $PRQWLOODGR H[WUD 6$ 1 02'(672 0DQ]DQLOOD PX\ YLHMD 9 ,18(6$ 0DQ]DQLOOD SDVDGD H[WUD ( O 'XTXH GH e O 0DQ]DQLOOD SDVDGD 35(',/ (&7$
3OD]DGHO3DQ /LQHURV \ \ 6LHWH 5HYXHOWDV \
'LUHFFL2Q SUD SHGLGR
6 ( 9 ,//$
6DQWDQGHUO6(8,//$7HO ]££
a āāāāāā OO
R
$/0$& e 1
B
a
) È %5 ,& $
'( $1,6 $'26 < /,& 25 ( 6
'( 8/7 5 $0$5 ,126
'(
'(
+LMR GH $PSDUR QHO aOPR
$QWRQLR 5XELR 0HMtDV
& 216 7 $17,1$ 6 ( 9,//$
ā
(DSHFLDOLGDGHD
9,9( 5 2 '( ( 8& $/,3786
$ QOD ,03(5,$ / $ QLD 2/ 02
ā
$ QOD '8/ &( ),12
385 Ë6 ,0$
& 21& ( 3& ,Ï1
5HSUHVHQWDQWH HQ 'RD +HUPDQDV
'26 +( 5 0$1$6
PDQXG ILWUUWUR 8Gi]TXW]
aRPSDxtD6WaLOODQDGW(OWFWULFLGDG ¼DSLIDO I&&LDO 6 GW SW6WOD6 6OQOVWU WQWU WOWFWUO&, S8 ,/EUDGO IDWUWO PaWUOW WL 6WROOOLO I WO 26 aEOFORQX GW OOO6 SURYODFOX GW 6WYWOOO HDGOW OLWORD 9 PLDJ OOOOOOOOOOO22OOOOOOOO
6LL WOWQGDā¼[SRVOFOQ WL 6WROOO &OOOOW 6 ,( 5 3( 6 1Ò0 SUWXW IO 6 tOOORV PRGWORV HQ DSDXWRV GH FDOWIDFFOyQ ZQWOODFOyQ VRV GRPKOOFRV Y SOOFDFX OGNDV DVO FRPR $PSDUDV GW ODV PDUFDV P$V DFUWGWWDGDV 3 5 ( & ,26
-XDQ 3RODQFR *DUFtD $ JHQWH GH QHJRFLRV PDWULFXODGR \ FROHJLDGR
6 ,1
& 203 ( 7 ( 1& ,$
&UDQ 7DOOHU GH +RMDODWHUtD
$QWRQLR * 5RGUIJXH] &iQRYDD GHO & WLOOR
6HJLDPXQGR 0RUHW Oā
+HUPDQD
'26 +(50$1$6
&$ 5/ 26 '(/ *$ '2 '( &Ï6 & 2 / 2 ? ? / (
'26
( + ?
[?+
+( < ,/ / ?
+(67 ?Oā+?; 7
&?)-
a?/%a?- O( - !?
a
QQQQPP
a
a(? (+/ ?
3?67 (/ Oā+Ë?
"" 6 ( < ,//?
/ WOO6 aa$L!26 )(aa$aL!(= aND
QQPPPPPXPa
X aaaaa aa aaā a
B HXXaāaFR Daa WaaRQRF
a
-DURFEWV Y WOWRDFOyQ OLW JORERV
3OG+ SUWOOO OO8,26 9 31IW&,26
a
0$1=$1,//$
a
+8( /9 $
LL
PRRP8QPtO2,,:OOOOOOOOOOOOO8,2-OOXP8PPP
$ ?
Ia3) O? O 3OO8
YLYQQR
/ OOOO OW= ? ?OKOOOO 7?
aU( a7 O/ ? a( a2O/?
? OO - ,? O - W OK
?
? / ? ? ?
?
?%,7 + - 2 !(
?,Ò- OO 2
'( ??/a, ( O, O!2V - ,(+[UY[ ?V
?4W O; $ O (
?+--OO5?5
ā &(3,/ / ?- 2IX?
'26 ,,(O^ a,ILOa
) $5 0$& ,$
'26
+( 5 0$1$6
6 ( 9 ,//$
$ &(, O 81$ + $ / ?O$ 2(17 $
+(< t/ / $ 1$ 6 ,2; O 2+ O $ '2+
XPPO88,8O8OOO8,8OOOOOOOOOO8OOO88LXXLLLLL
B¢? ; 7
[ OOO8DO O0O
OOOOOOO8LOOLOOOOOO88OOO- ,- OL8, OOOOOOOOOOOOOOO8OOO8OOOOOOOO8,
6
,,(5aI$ 1$ 6
6( ? ,/ / $
$ &(,781$ 6 6(9 ,/ / $ 1$ 6
- OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOa
6,%y 1 aQZ
-
6,%21
V
F
(1 *LOXW8XXXX8XXLOOXXPXXXOXX8X++LOLOXOOO88LLOKOOL88OLOOLOOXX8LLL88OLLL8OKXL8+8W8OKOLL8L8+XLKQOO8LO $ / 0$ &(; ,67$ 6 ( ; 3257 $ '25(6
'( $ &(,7 81$ 6
'26 +( ,',$ 1$ 6 6( 9 ,/ / $
iOOOOOOOOOOOOOOOOOOOOOOOOOO OOOOOOOOOOOOOOOOOOOOO OOOOOOOOOOOOOOO8OOOOO 88OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO:O+OOOOOOOOOOOOO8OOOOOOO8OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO8a
a
£ 1R FRPSUHQVXV7 UDMHV
a
FX ?; O!(
H a
L L
a
,?
?; O ( O ,!
? (+
/ ?a
/ 2 ?/ a,? / ? -
P
&2/ ( aā! 7 O ! 2
W
a
(
L
a
a
a,8OOO88OO8,OO,-,-,88OOOOaOOOOO-888-OOOO8888OOL-OO8OOOOOOO88OOOOO8-,-8-8OOO8OO8,8,,8888OOOOOOO8-OOLOOOOOOOOOOO8,:
8QOFD IiEULFDGH 0DQWRQHV%RUGDGRVTXH H[LVWH HQ 6HYOOOD
QDGLH SXHGHFRPSH+UHQ SUHFLRV WRQ HVWD &DVD
L
Xa16DOPHUyQ
$OYDUH] 2XaHRa
L
a
aOOO88OOOOOOOOOO88OOOOOOOOOOOO8OOOOOOOOOOOOOOOOO8OOOOOOO88OOOOOOOOOOOOOOOOOWO OO8,8OO-8OOOROOOOO8+PO8OO88OOOOO8:O:-8OOOO8OOOO8OOOOOOOOO8,8OOOOOO8OOOOO8OOOOOO,8OOOOO:OOOOO88OO)U
,/ 80,1$ &,Ï1
5()/ (&725(6
'(
7,32 52'$ / 8;
&$ / / (6
7
,326
O63(&,$ / (6
SDUD SOD]D FD UUHWHUDD PHUFD GR OJOH, FD DOQRD WHDWUR EUOF PXHOOHV RILFLQD
W
āāāāāāā
L
,QVWDODFLyQ GH 5HIOHFWRUHV %(1- $ 0,1 WLSR 5RGDOX[ HQ '26 +(50$ 1$ 6 6HYLOOD
āāā B 6ROLFLWHQ LQIRUPDFLyQ VLQ FRPSURPLVR D
6 WDQGDUG (OpFWULFD6 $
%$OW& ,//2+$
6 ( 9 ,//$
$17 $1'OOW
5,2- $
%,/$2