%HQLWR 9 LOODDULQ 3ULHWR ( [SRUWDGRU GH

$FHLWXQDV

6 DQ

) HUQDQGR

6 ( 9 ,//$

Q~Q

W

5RPHUtDGH WXHVWUD 6Hx RUD GH 9 iOPH 

ERV  +HUOOW+DV 2FWX- UH 

VXPDUOR ?

3257$ '$ 

OQYRFRLyQ GHO LH\ 6RQIHPDQGRR OR9 LUJHQ GH9 ROPH

*HQWLOPHQWH FHGLGR SRU'- RVp'tR] *yPH] ,19 2&$ &,21 $  /$  9 ,5*(1 '( 9 $/ 0( ' - RDTXtQ 5RPHUR \ 0XUXEH

3$6$5$ /$ 520(5,$  5YGR3' - RVp 0RxR %DOOHVWHURV +$ &,$  <  325 81$  9 ,5*(1 '( 9 $/0( &2521$ '$  '- RDTXtQ&DUR 5RPHUR GH$ %&GH6HYLOOD 6, /$ 9 ,5*(1 '( 9 $/ 0( ‡‡‡ 5YGR 3 '- RV‡/XLV %HPREHX GHO $ PR /$ )8(17( '(/ 5(< 

'- RV  0DULD*yPH]6GQFKH]

/$ 9 ,5*(1 '( 9 $/ 0( <  18(6752 7,(032 5YGR32-RVp 5XL] 0DQWHUR 9  $ /  0(



0*yPH] $ PRUHV

/$ 9 ,5*(1 '( 9 $/ 0( 0(5(&( +2125(6 0,/,7$ 5(6 'U' - XRQ / RUR 78 ( / +2125 '( 18(6752 38(%/ 2 '0LJXHO *LO 3DFKyQ 9 (1 $ /$ 520(5,$  ''RPLQJR %HPRO



'( 9 ,$- (52 $ 520(52 <  3(8*5,12 2 - RVp OXLV /SH] 0XUFLR 1OOP 5HJLVWUR  'HSyVLWR /HJRO6(£ 'LULJLy

6DOYDGRU XIUULEDV

/$  (16(f $ 1=$  0(',$  (1 '26 +(50$1$6 '- RVp - XURGR 3HxR 520$ 1&( 3238/ $ 5 '( /$ 9 ,5*(1 '( 9 $/0( 'H OR QRYHOR GH&HFLOLD%2OKGH)REHU FOR ) DPLOLD GH$OYRUHGR‡ (175(9 ,67$ $  ' - 8$ 1 / 23(= 6$ 1&+(= 3UHVLGHQWH GHO6HYLOOD& ) (175(9 ,67$  $ ' %(1,72 9 ,//$0$ 5,1 35,(72 3UHVLGHQWH GHO 5HRO %HWLV% DORPSLH

aRWRJ URILRURQ

&8%,/(6

 6(55$12

 *$(*21

)RWRJUDEDGRV

9( /$6 & 2



<  9 $ 026 '( 520(5,$ 

2 $ JXV WtQ IHUQQGH]9 DUJDV 

0$ 172 <  75212 - / $ OFyQWRUR / SH] /2 48( 9 , (1 /$ 520(5,$  'U ' - RVp &HUR5 RPHUR '26 +(50$ 1$ 6 81 38(%/ 2 48( &5(&(

,PSULPLy

JUD‡OPDU

5YGR3 '- RVp0DULR9 y]TXH]6RWR

&$ 57$  $%,(57$ $  /$ 9 ,5*(1 '( 9 $/0( 6DOYDGRU $ UULERV

 

‡ 



a a



L





7DOOHU

a   aFaQ 

a

0HF iQLF R

- pUH 5LYDV a

0DTXLQDa‡

3‡

7 RQDODUOD

OOWiTXL+D W~ 5XtLDU , 5HERWHGH WRGD FODVH GH RDVOLD© 

OOWiTXL+D GH FRUODU £ R+GRV

a

a

OOWiTXL+D GH 3DUDILQDU

5HSDUDFLRQHV PHFiQLFDV GH WRGDV FODVHV

 a

a

a

%HQDJLOD   7HOpIRQRV     $ O&$ O$  '( *8$ '$ ,5$ 6HYLOOD 

3URGXFWRV VHOHFWRV OD &DVD PHMRU VXUWLGD 3DUD )LHVWDV %RGDV \ %DXWO RV SLGDQ SUHVXSXLVWRV

',$ = 

- 26 ( 

&DUQLFHUtD &KDUFXWHUtD 6H H[SHQGH GLDULDPHQWH WHUQHUD

0HUFDGRV $JUtFRODV 6$ 3OD]D 6DQ )HUQDQGR    SODQWD 7HOpIRQR  6 ( 9 ,//$

0$ 6 OO

OHFKDU \ FDUQH GH FHUGR IUHVFD 6(59 ,&,2

$

'20,&,/ ,2

1XHVWUD 6HxRUD GH 9 DOPH  ‡ 7HOpIRQR  '26 +(50$1$6



3ROORV \ YHUGXUDV FRQJHODGDV $OIDOID GHVKLGUDWDGD 6HFDGHUR GH 0Dt]

/R 5HYL‡WR

520( 5 ,$

'(  18( 6 75 $

6 ( f 25$ '(  9 $/0( 

VH HQRUJXOOHFH HQ SUHVHQWDU HQ VX SULPHUR SyJLQR OD HJUHJLR ILJXUR GHO (PPR \ 5YGPR 6U 'U ' - 26( 0 %8( 12 0215 ( $/ & RUGHQROā$U]RELVSR GH 6 HYLOOD \ DO RIUHFHUOH VX VLQFHUR \ ILUPH DGKHVLyQ OH RJURGHFH HQ H[WUHPR VX GHGLFDWRULR DIHFOXRVD \ EHQGLFLyQ HIXVLYR

‡&,‡‡‡ 2‡ HR D‡H &OD &,ƒ  ƒ‡ 4Dā

5HSDUDFLRQHV GH %LFLFOHWDV  3LQWXUD

 )UDQFLVFR \ /HRQFLR   $OED &DUEDOOLGR 

,

L

0DUFHOR 6SLQROD 



W ,

W W W,

&$6$ 9 $//$'$5(6

9 XORD‡‡O‡QGR ‡OR & Q‡RUF‡ GD HRGD FO‡XR GR 9 RK‡FXORD X 'RHDQ HO‡ $ X‡‡

9HQWDV DO &RQWDGR \ 3OD]RV GH 5HORMHUtD -R\HUtD \

$57,&8/26 (/(&752220(67,&26

aƒƒaaƒ ƒƒƒƒ22

6‡‡ 6REWOiR  ‡ 'R‡ +P 

& R- +HVWL OHV

9 ( 17$

'RV +HUPDQDV

'(  9 ( *$

0DJQLILFR7HUUD]R ‡ (VSOpQGLGRV-RUGtQHV ‡ 6HOHFWR &RFLQR  ([TXLVLWRV 3ROORV  ([FHOHQWH 3LVFLQD FRQ (VPHUDGR6HUYLFLR  $PELHQWH)RPLOLRU )5$ 1&,&2 9 ( *$ 

FDUUHOUD  +HUPDQDV  7HOpDRR   I9,//$

-XDQ-RVp \ $QWRQLR 5XL] tt8LRD ,D 8LUTHQGH8DOQFH 

5DPyQ &DPSRV 5ROGiQ &'1),7(5,$ < &$)(7(5,$  +HODGRV &$0$< 1WUR 6UD GH9ROPH7HOpI  'RV +HUPDQRV

 

%(%,'$ 6



ƒƒ 44  2

&DVD ORDOR 6HJLVPXQGR 0RUH 

   

'26 +(50$1$6

+pURHV GH 7ROHGR 

'26 +(50$1$6

U aaa aaāa 

I



-RVp*yPH]2XUiQ 

£ L 9,126



$/ 325 0$< 25



 <  0(125  





,

L 

, £



6 HLVPXQGR 0RUHW 



7HOpIRQR 



'26  +( 5 0$1$6 

£ I ,

4RRZO *  HFU 2a22+ 22ƒ ƒƒ  &Wƒ 4HRHƒ ƒ

,QYRFDFLyQ D OD 9 LUJHQ GH 9 DOPH

& RODO- RUW8- LWO+

a `RDTXL+ OOR0HUR  WRUXH

4XH\DORVWLHPSRVYDULDQ 6HxRUD9 LUJHQ GH 9 DOPH TXHQRKD\PRURVQLFULVWLDQRV VL HQHPLJRV IUDWHUQDOHV 2XHODJXHUUD GHMyHOFDPSR / D JXHUUDYDSRUODVDQJUH 1LFODULQQLHVFDUDPX]DV $ GLYLQDHQTXLHQWHKDEOH 4XH PDWDURQDWXKLMR ILOyVRIRVOLEHUDOHV 3RU*yOJRWDOD5D]yQ / D SHUILGLDGH HVWDQGDUWH < DQRVXEHHQORVFDPLQRV ODRUDFLyQGH QXHVWURVSDGUHV ODDQJXVWLDPHFDQL]DGD GHVWUR]DORVROLYDUHV < DDODWDUGHFHU QRVXEH ODRUDFLyQSRUORVMDUDOHV 6RORHQ'RV+HUPDQDVTXHGD ODGHYRFLRQ GH WXViQJHOHV (QHVWH PXQGRVLQIH \VLQSXUH]D VDOYDGPH 9 LUJHQGH ORVOODQRVYHUGHV 6HxRUD 9 LUJHQGH 9 DOPH

Q

$&(,781$6 5(//(1$6 '( $1&+2$6 a



3DUDVOFHLOXDV FUOHOOHX

( D F6LUHQD 0DUFR 5‡JLVWURGR 

$ 1721,2

'26 

& 8$ - $ 5 ( 6 

+( 5 0$1$6 

*20( =

6 HYOOOR 

  

 IiULFD GH ORVHWDV

a

a



5 20$ 1 a ([WHQDR ‡aRV‡a‡,‡H a



3,'$1



3 5 ( 6 83 8( 6 7 2 

&- - WLJWWHO FUORWLFtQ ^M`RQFHW 4XHLSR GH / ODQR 6





)iEULFD HQ 2OLYDU 'RQ - XDQ '26  +( 5 0$1$6 

aa $aaaaaaaaaaaaaaaaaaa a aB    a

DOOOOaB  a 

© 3DVDUi OD 5 RPHUtDª SRU HO 5XGR

3 ' - RVp 0ž - DOOHVOHURV

3yUURFRGH6RQWR0RUIR0RJGROHQR

SDVDUi IXJD] OD ILHVWD GH OD 5RPH UtD GH 9 DOPH +RUDV HQFDQWDGRUDV SOH QDV GH FRORULGR KXPDQR \ VLPSDWtD SLDGRVD FRQ XQ HVSDUFLPLHQWR DOHJUH QDWXUDO \WHUUHQR \HO URFH VREUHQDWXUDO GHWRGR OR TXH VH RIUHFH DOD 9 LUJHQ 0RPHQWRV GH H[SDQVLyQ VDEURVD TXH VRQ FRPR XQ GHVFDQVR HQ HVWH UH FRUUHU WUDEDMRVR GHOD YLGD ‡

3DUD HO FULVWLDQR TXH VDEH YHU OD 3URYLGHQFLD HQ WRGDV ODV FRVDV HQ OR DOHJUH \ HQ OR WULVWH HQ OR IiFLO \ HQOR GXUR WLHQH TXHVHU FRQVLGHUDGR HVWHGtD FRPR XQ FRQVXHOR FRPR XQ DOLHQWR GH 'LRV FRPR XQD FDULFLD GH OD 9 LUJHQ / D SURYLGHQFLD GH 'LRV VDEH TXH QHFHVLWDā PRV GH HVWDV FRVDV (V HO SDGUH TXH RE VHTXtD DO KLMR OORURVR FRQ XQ FDUDPHOR TXH QR OH GDUi WRGRV ORV GWDV QL G WRGDV ODV KR UDV VLQR VRODPHQWH DOJXQDV YHFHV ODV QHFH VDULDV SDUD DQLPDUOR SDUD TXH VHSD GHVX DPRU VLQ PLPRV FRQWLQXDGRV TXH UHVXOWD UODQ SHUMXGLFLDOHV SDUD ODVWDUHDV GLDULDV (VWH PXQGR HVXQ YDOOHGH OiJULPDV \ GH

VRQULVDV \ KD\TXH VDEHU VRQUHLU HQWUHOiJULā PDV\KDOODU HVH WpUPLQR PHGLR TXH HQWUH OD DOHOUID\HO GRORU SURGXFH OD VHUHQLGDG (Q WRGR HVWi 'LRV (QOD WWSLFD EULOODQ WH] GHXQD 5RPFULD PDULDQD HQHO SDVHR JD OODUGDPHQWH FDEDOOHUHVFR HQ OD PLVPD FKD TXHWLOOD FRUWD R HQ HO WUDMH IHPHQLQR GH YR ODQWHV HQ ORV WHQGHUHWHV VDWXUDGRV GHFKX FKHUtDV HQ OR TXH DQLPD OD YLVWD \FRQIRUWD HO HVWyPDJR HQ WRGR DTXHOOR TXH GLVSXVR 'LRV SDUD ORV KRPEUHV SRUTXH QDGD HVWi OHMRV GHOD VDQWLGDG GLYLQD QL GH VX GLYLQD FRPSUHQVLyQ <  FXDQGR HVR PLVPR VH VDEH RIUHFHUDOD 9 LUJHQ HOOD ORDFHSWD SRUTXH DOD 0DGUH OHVRQ JUDWDV ODV DOHJUtDV GH ORV KLMRV 3HUR HO 9 DOPH SDVDUi \QR GHEH GHTXHā GDU VROR HO UHFXHUGR +DGH SHGXUDU HVHFRQ VXHOR FRPR OD JUDFLD KXPDQD TXH HO 3DGUH GiDORV VX\RV SDUD TXH VHSDQ OOHYDU OD FUX] GLDULD FRQ OD VRQULVD FX ORV ODELRV (V OD VDWLVIDFFLyQ FRQVRODGRUD TXH Gi XQD LQ\HF FLyQ GHRSWLPLVPR WDQ SURSLR GHO FULVWLDQR 3RUTXH OD FUX] GHOD YLGD GHOWUDEDMR FXDQā GR VH OOHYD FRPR 'LRV TXLHUH GHMD GH VHU FUX] 1RVRQ GRV SDORV FUX]DGRV GRV YR OXQWDGHV FDPELDGDV VLQR GRV PDGHURV HP SDOPDGRV HQ XQD VROD YROXQWDG <  OR DOHJUH HV EXHQR SRUTXH YLHQH GH 'LRV <  OR GRORURVR HV DOHJUH SRUTXHWDP ELpQ 'LRV ORSHUPLWHSDUD QXHVWUR ELHQ / D 9 LUJHQ GH 9 DOPH FDPLQDQGR HQWUH QRVRWURV KDFLDHO &RUWLMR GH&XDUWR QRV GD OD PHGLGD GHQXHVWUD DXWpQWLFD DOHJULD FULV WLDQD

 !Q] a

VH  !Q ?a a

VH !Q

F £ ]"  H  !QDa" 

D !Q a

D

B  a

] 

FHUYH]D

( VWUHOODGHO 6 XU VLHSUH

a

VH

a

D VX JXVWR

]F aa"

VH  aa"

 aa"

]D 

VH a

VH

- ODFLD © W©  XQD8LUTHQ GH 8DOQWH FRURQDGD +DFHXQRVGtDV UHSDVDED\RXQ FXULRVR YROX PHQFRQ UHSURGXFFLRQHVHQ xXHFRJUDEDGRGHREUDV DUWLVOOFDV +DEOD DOJXQDV LQVSLUDGDVHQ PRWLRRV GH /D FRURQDFLyQGH/D 9LUJHQ 'RV/LHQ]RV DOJR VHPHMDQWHV  GH 5DEHQV XQR FRQVHUYDGR HQ HO PXVHR GH %UXVHODV\ RWUR HQ HO GHO (PSHUDGRU ) HGHULFR GH %HUOtQ XQR GH 5DIDHO3LQDFRWHFD 9DWLFDQD5RPD GH) UD$QJpOLFR/RXRUH 3DULV  GH 9HOG]TXH]3UDGR0DGULG \ KDVWDXQ PDUILO GHOVLJOR ;,HQHW PXVHRGH O\yQ \XQ PRVDLFR GH - DFRER 7RUULWWFRQVLHWH VLJORV GH DQWLJXHGDG 0HGHWHQJRHQORV HWFpWHUR &LHUWDPHQWH HVH DVXQWR GHODFRURQDFLyQGH OD 9LUJHQ FRQSOHQRIXQGDPHQWHVHKD HVFULWR © VH SUHVWD D WHGD FODVH GH PDJQLILFHQFLDV HQ HO DUUHJORGH/D FRPSRVLFLyQ\ DODV PD\RUHVGHOLFD GH]DVHQODHMHFXFWRQª 0HKL]R PHGLWDU ODUJDPHQWH WDQ DIRUWXQDGR HQFXHQWURFRQ WDOHV PXHVWUDVUHSUHVHQWDWLYDVGH OD FRURQDFLyQPDULDQDDWUDYpVGHORVVLJORV <PHGL WDQGRPHGLWDQGROOHJXpDSHQVDUHQOD 9LUJHQGH 9DOPHGH 'RV +HUPDQDVTXHRRUVX DGYRFDFLyQ Y VX KLVWRULD GHEH VHU FRURQDGD ¢< FXiQGR OR VHUi"(QODSULPDYHUDGH  Ò- IXHOD 9LUJHQFLID PRUHQD GH OD 0HUFHGHQ - HUH]GH OD ) URQWHUD\ DFWXDOPHQWHWUDQVLWDPRV SRU ODV RLVRHURV GH ODV FRURQDFLRQHV FDQyQLJDVGHOD 9LUJHQGH &RQVROD

FWRQ GH 8WUHUD  GH 0DULD GHOD (VSHUDQ]DGH 6DQ 2L GH 6HYLOOD < VXPD Y VLJXH 6HQWDUXQ SUHFHGHQWH VXRRQH FRQVXPDUOR HQ VXV FRQVHFXHQ FLDV <HVWDEOHFHUXQD FRPSDUDFLyQQRV FRQGXFLUOD DOHTXLOLEULRGHO© WDQWR PRQWD! OD 9LUJHQGH 9DPHSRVHHOD H[FOXVLYDGH XQ SXHEORY OD DG2UDFLyQGHXQ UHY 'RV+HUPDQDV\ 6DQ) HUQDQGR0HUFHGDVX RDPLHQWRGH 0HGLD QHUDSXGR UHFXSHUDUVHRDUD OD FULVWLDQGDG 6HRLOOD \ WRGD/D ]RQD OODQD GHO %DMR *XDGDOTXLYLUKDVWD HO$WOiQWLFR

( / $\XQWDPLHQWR GH 'RV +HUPDQDV \ OD +HUPDQGDGGH - DLPH GHEHUtDQVROLFLWDUFXDQWR DQWHVGHO &DUGHQDO $U]RELVSRGH 6HYLOODODHOH 22 FLiQ DOD 6DQWD 6HGH GH ODV SUHFHV RSRUWXQDVHQ RUGHQD OD FRURQDFLyQFDQyQLJDGH OD LPDJHQGHOD PLODJURVD5RPHUDGH2FWXEUH 6p TXHOD DJUDGHFLGD HUUD QD]DUHQD DQVLD XQD FRURQDSDUDVX 9LUJHQ +D\TXH GGUVHOD < VH OH GDUi (Q QXHVWUD pSRFDWR ND GLFWDGRHO ILOyVRIR ODSDODEUD © WPVRVWEWHª QRH[LVWHWRGROR PiVHV VLQyQLPRGHSUHPDWXUR 3HURORSUHPDWXUR GHMDGHVHU SUHPDWXUR FXDQGR OR VROLFLWDOD HVSH UDQ]DQREOH\ OLPSLD GH XQD DSUHWDGD FROHFWURLGDG GH FRUD]RQHV

RDTXL+&DUR 5RPHUR

a

$OPDFpQ

^

3 URGXFWRV

GH

'UHJDD

 3 HUIXPHUL'

,- XKQOFRD

OQGXDWUODOHD

a

:

a "XDQ OySH]6iQFOWH] a







3ODLD GH OD ( QFDUQDFLyQ 

a

‡HV

 OtQHDV  7HOpIRQRV ^  'LUHFFLyQ

a

6HYLOOD







 W a  aa

a  a   W  

  ££££££?`Ua a a aaa 

 )5$1&,6&2 *20(= =$0%5812 2/ ,9 $ 5(52

6 DQWD

0DULD

0DJGDOHQD

7HOp‡RQR

a



+DV

WR

‡ 4N



XV

OEV

H

] FD

W/ 

HO‡

H H H  a

a

 5HVHUYDGR

a£aa





 a U 

  K

 £ 3$ '5 ( 6 





‡



ā  aaaa aa

a

‡





a





OOI LOLDG D YXHVWURV OWLMRV D OD &RIUDGtD GH OD

a a

L 6$*5$'$(175$'$(1 - (586$/(1 a



/ D %RUULTXLWD 

a

(D & - LUJHQ HOH &- `D/ WH \ & IHVOUR

UULHSR

!RU HO 5RËL !DGUH 2 - RVp5 XL£0DOHUR 3GUURFR GHO 6RJURULR GH 6HYLOOD

(Q OD &DUWD3UyORJR GH ' *XPHUVLQGR / DYHUGH D 0HQpQGH] 3HOD\R TXH SURHPLD ‡/ $  &,(1&,$  (63$  / $ ‡ GHO JUDQ 3ROLā JUDIR VHOHH ‡,PSRUWD HQH[WUHPR DORV SXHEORV QR UHā QHJDU GH VXDEROHQJR GRFWULQDO QL OLPLWDU VHD UHSHWLU PiV R PHQRV VHUYLOPHQWH OR TXH RWURV SXHEORV GLVFXUUHQ \ HVFULEHQ ‡OQVLVWHUH YHVOLJLL GHEH VHU OD GLYLVD OD WUDGLFLyQ HVHOHPHQWR \DX[LOLDU FDSLODOtVL PRGHO SURJUHVR HQORGR &DPLQDU DYDQ]DU HV OH\ GH YLGD 0iV VLQ GDU GH ODGR D OD KLVWRULD / R H[LJH HO DXWpQWLFR SURJUHVR (O PLVPR&ULVWR HODERUy OD PiV SHUIHFWD DUPRQLD HQWUH OR YLHMR \ OR QXHYR 1R GHVWUX\y ORHVWDWXLGR ‡1R SHQVHLV TXH KH YHQLGR D DEURJDU OD OH\ \ORV SURIHWDV QR KH YHQLGR D DEURJDUOD VLQR D FRQVXPDUOD‡ 0DW 9   <  VX REVHVLyQ HUD OR QXHYR HO KRPEUH QXHYR OD QRYHGDG GHYLGD HO 5HLQR GH 'LRV FRQ VX UHQRYDFLyQ GH HVSLUtWXV \ FRUD]RQHV 'RV+HUPDQDV FRQ VXV ILHVWDV GH9 DOPH VLJXH HVD PLVPD UXWD 6LHPSUH DGHODQWH SHā UR SLVDQGR HQ ILUPH +RUL]RQWHV DPELFLRVRV PiV VLQ SHUGHU GHYLVWD HOSDVDGR 7DPSRFR HOQDUFLVLVPR LQJHQXR \WRQWR GH FRQWHQWDUQRV FRQ OD FRQWHPSODFLyQ H[Wi WLFD GHORVTXH tXp 1R EDVWDHQRUJXOOHFHUQRV

GHKDEHUGHVFXELHUWR \ FLYLOL]DGR $ PHULFD \ DEI GHWHQHUQRV - XDQ HO %DXWLVWD FODPDED D VXV R\HQWHV ‡1R RV IRUMHOV LOXVLRQHV GL FOHQGRRV 7HQHPRV D $ EUDKDQ SRU SDGUH‡ 0DW   &DGD VLJOR WLHQH VX WDUHD (O QXHVWUR WDPELpQ \ KDUWRDUGXD <  OD 9 LUJHQ GH9 DOPH VHxDOD ODSDXWD 6X SHTXHxD ILJXUD HYRFDWLHPSRV GHOXFKD SRU ODOH\ SRU (VSD xD 6DQ )HUQDQGR \ OD 0RULVPD 6HYLOOD <  &DPSRV GH &XDUWR 'RV PXQGRV HQ +]D 7LHPSRV GHFLVLYRV <  OD 9 LUJHQ GH 9 DOPHHO VtPEROR GH XQD UD]D HVSHUDQ]D DOLHQWR \ DFLFDWH GHDTXHOORV PLOLWDQWHV GHOD &UWVWWDQ GDG GHW; tOO <  QRVROR HQWRQFHV 7DPELpQ KR\ $VSt UDHO PXQGR DFWXDO DXQQXHYR RUGHQ 6XVSLUD SRUXQD QXHYD HUD < DODKHPRV LQLFLDGR 3H URODFULVLV HVJUDQGH / RV WLHPSRV VRQ JUDā YHV \VLQ QHFHVLGDG GH TXH VH SURFODPH FRQ VROHPQLGDG SXHGHQ UHYHODUVH FRPR GHFWVt YRV *XDUGpPRQRV GH VHU SHUH]RVRV OHQWRV LQGLJQRV KLMRV GHO (YDQJHOLR \GHOD,JOHVLD (VSUHFLVR WUDEDMDU KR\SRUTXH PDxDQD VHULD WDUGH! GHFODUy 3DEOR 9 , KDFH XQRV GtDV 3HURODSDODEUD GH&ULVWR SHUVLVWHHttFWHQ WH 6WQ 0LGLMR (OQR SRGHLV KDFHU QDGD (OTXHQR SHUPDQHFH HQ 0L HV HFKDGR IXHUD FRPRHOVDUPLHQWR\VHVHFD\ORVDPRQWRQDQ \ ORV DUURMDQDOIXHJRSDUD TXHDUGDQª 6 - XDQ ; 9   / DPLUDGD SXHVWD HQ OD OHMDQtD \ HO SURJUHVR LQFHVDQWH SHUR ELHQ HQUDL]DGRV QR KD\ TXH UHQXQFLDU DODIXHQWH <  HVWRV VRQ PLVYRWRV 4XH (/ / $  OD 9 5*(1 QR GHMH GH YHULOLFDU QXHVWURV HPSXMHV 4XH HVSROHH QXHVWUR HVSLULWX 4XH VHD QL PiV QL PHQRV OD &DSLWDQD GH QXHVWUDV KXHVWHV DSRVWyOLFDV GHOVLJOR ; ;  3RU QXHVWUD SDUWH FDGD FXDO KD GH DVDHUHDUOD VLQ FHVDU FRD OD MDFXODWRULD tHU QDQGLQD 9 $ / 0( 6(O ,25$  7RGRV FRQ ODOHWULOOD GH- XDQ GHO (QFLQD ‡3XHV TXH7~5HLQD GHO &LHOR 7DQWRYDOHV 'iUHPHGLR DQXHVWURVPDOHV‡

Ua

ā£



M )UDQFLVFR \ 5aDHO *8,-$552 321&(

£

 D

5HSDUDF~L6 GH LHOHRLVRUHV 5DGLRV a &- VRUDV

6 DQ

24

5 D‡DHO

ƒƒƒƒ



'26 

24 ‡ DH+ 2DRƒ ƒƒ ƒDR

DRRR a

ƒ 



O

+( 5 0$1$6 

a4+ 2ƒ ƒƒ ƒƒƒDRRƒƒƒ ƒRO

7$//( 5 

" RVp

 

'( 

3/$7( 5 ,$

DWDQLV IODUWLQ

‡ ‡ ‡

& 'QVWUXFFL'+HV

GLYHUVDV

3LGDQ SUHVXSXHVW'V

'LYLQD3DVWRUD

+pURHV 7HOpIRQR 

'RV

'26  +( 5 0$1$6 

OD ‡D ƒa

O

2&2 RF RaDRDRƒƒ41'a

&

FDR

GH

7ROHGR

aR

+HUPDQDV

ƒ ƒ RRFRRaƒƒDRDRƒ ƒƒ ƒFRDRR



$XWRVHUYLFLR

 WWUD 6HxRUD GHO ORFLR   O

5 26 $5 ,2

'85 $1

*20( =

, O

Waa a a aaž a aaaaaaaa -  HVSHFLDOLGDG

H+ 3'OO'V O &KDFLQDV

+DELWDFLRQHV

-RVp

\ PDWULPRQLR

3$/ 202 5$0,5(=



'( 



3(16,21 $'(/$ 



1XHVWUD 6HxRUD GH 9DOPH  ‡ 7HOpIRQR  'RH +HUPDQDV

+(50$ 1$ 6

,

 / $ )),77(

£







aaƒ ƒƒ ƒƒƒR &ƒ aR 2aaƒƒƒ ƒƒ ƒƒ ƒƒ

I

FRQIRUW

3/$< ( 5 ,$

$ QtEDO *RQ[iOH] 

'26

,

7RGR

X

7$//( 5 

LQGLYLGXDOHV

a4R

D&aƒƒƒ ƒƒƒƒ ƒaR 2a



6 $ 



&VODFLyQ GH 6HULFLR   &DUUHOHUD THQHUDI DGULG&DGL£NLOy HOUR   7 HOpIRQR



'26 

I

+( 5 0$1$6 

a a

0XHOOHV SDUD HPEDUTXH ‡ )RVR SDUD OLPSLH]D J HQJUDVHV  *DVROLQD ‡ 6XSHUFDUEXUDQWHV 3HOUROHR $JUtFROD J $OXPEUDGR ‡ $FHLWHV /XEULFDQWHV QDFLRQDOHV J H[WUDQMHURV 0XHOOHV VXVSHQVLyQ $XWRPyYLOHV 6($7  &,752(1 2$83+,1( J 67$1'$5'



2ILFL+DV HQ 6HYLOOD





   a a  



H a



I

O  aa a V  aaaaaža           R F aR‡aaaa   aaaažO

9$/

0( 

3RU W - y+HD D+RUHV 

8Q OGROR YHUiQ XQRV YHUiQ RWURV XQD LPDJHQ \RVROR YHR D OD 9 LUJHQ 0DGUHGH 'LRV 5HLQD \0DGUH 1R YHQ ORV FLHJRV HO VRO DXQTXH OR WHQJDQ GHODQWH SHUR VLHQWHQ OD FDULFLD GHVXV UD\RV LPSDOSDEOHV \FUHHQ HQ pO FLHJDPHQWH \HQ VXDVSHFWR LPSUHVLRQDQWH < RWDPELpQ FUHR VLQ YHU \ SRU XQD VXHUWH JUDQGH YLYR YLHQGR OR TXHFUHR \KDFLpQGROR UHDOLGDGHV < DVDOLy OD 5RPHUOD \DOOHJD DORV RKYDUHV GH 'RV +HUPDQDV D&XDUWR \DYDOD 9 LUJHQ GH 9 DOUQH (Q DUJHQWDGD FDUUHWD TXH DUUDVWUDQ GRV EXH\HV JUDYHV EDMR XQ ULTXtVLPR SDOLR EDVDGR HQ ILQRV YDUDOHV HOSLHFXDMDGR GHIORUHV GH FLULRV DUGLHQWH HO DLUH VHQWDGD FRPR XQD UHLQD HQXQD DOD YH]VXDYH \FRQIRUPDGD MDPXJD YLVWLHQGR ULFRV HQFDMHV OXFLHQGR SUHFLDGDV MR\DV \OD- R\D TXH PiV YDOH HOSURSLR 1LIOR -HV~V WDQ VROR SRUTXH OH SODFH KDFLD HOFDPSR YDOD 9 LUJHQ 0DGUHGH 'LRV 5HLQD \0DGUH (ODOED VHLPSDFLHQWDED \URPSLHQGR RVFXULGDGHV FDPELy HO RUGHQ GHODV KRUDV FRQ OXPLQRVRV UDXGDOHV ORV SiMDURV HQWRQDURQ VXV PiVDOHJUHV FDQWDUHV VDOLy DFDEDOOR OD JHQWH DUHQGLUOH YDVDOODMH UHSLFDURQ ODV FDPSDQDV \VH OOHQDURQ ODV FDOOHV GHFRPSDFWD PXOWLWXG TXH GH IHUYRUHV YLEUDQWH H[FODPDQ FLHQ \ PLO YHFHV 9 LYD OD 9 LUJHQ GH 9 DOPH < DOOi YDOD aRPHULD SRU HO FDPLQR DGHODQWH FRQ VRVLHJR \ SDUVLPRQLD SHUR FRQ JUDFLD \HPSDTXH 6RQ \D PXFKDV ODV FDUUHWDV TXH OH YLHQHQ GDQGR DOFDQFH VRQ OHJLRQHV ORV GH DSLH \ KD\ XQ UHYXHOR FRQVWDQWH

GHFDEDOORV TXH JDORSDQ GH YtWRUHV \FDQWDUHV (QWUD OD 9 LUJHQ HQ &XDUWR FRPR VLHQ OD JORULD HQWUDVH TXHWLHQH HQ ODHUPLWD XQWURQR GHVXVSLURV \ GH 6DOYHV XQ WURQR DQWLJXR \GH IDPD YHUGDGHUD \SHUGXUDEOH XQ WURQR OOHQR GH +LVWRULD TXH HQ FDVWHOODQR OHQJXDMH HYRFD VDQWDV SURH]DV \QREOHV KHURLFLGDGHV 1R HV H[WUDxR TXHHQ WDO SXQWR HQWXVLDVPDGRV VHH[DOWHQ ORV URPHURV \ FHOHEUHQ FRQ GHYRFLyQ LQHIDEOH VROHPQHV DFWRV GH FXOWR QL TXH OXHJR SRU OD WDUGH OLEUHV GHSUHRFXSDFLRQHV DOHJUHV ODV KRUDV SDVHQ \DEHELpQGRVH XQDV FRSDV \DFRPLHQGR VLQ DPEDJHV \DFDQWDQGR VHYLOODQDV \D EDLODQGR tQIDQWtJDEOHV (O UHJUHVR HVWRGDYtD PiV SRpWLFR VLFDEH &DHOD WDUGH \ HQODV VRPEUDV VH HQFLHQGHQ ORV OXPLQDUHV SUHVWDQGR PD\RU PLVWHULR DODVFRVDV WHUUHQDOHV / RViUEROHV VH UHFRUWDQ FRQIXVRV 6H DILQD HO DLUH / DV FDUUHWDV VHLGHDOL]DQ UHPHPRUDQGR RULHQWDOHV FDUDYDQDV PLJUDFLRQHV GHH[WUDxRV SXHEORV HUUDQWHV‡‡ $ O OOHJDU D 'RV +HUPDQDV FRQ XQ HQWXVLDVPR XQiQLPH \FRQ XQ FHOR IHUYLHQWH WRGR 'RV +HUPDQD VDOH DOHQFXHQWUR GH OD9 LUJHQ 0DGUH GH 'LRV 5HLQD\0DGUa SDUD HQURQTXHFHU JULWDQGR >9 tYD OD 9 LUJHQ GH 9 DOPHO < HVTXHHQYHUGDG HPEHOHVD FXDO VL GH SURQWR OOHJDVH GHO PLVPR FLFOR VHJXLGD SRU XQ HVFXDGUyQ GH iQJHOHV SRUWDGRUHV GH EDQGHUDV VtQ SHFDGRV \ HVWDQGDUWHV

U

£



ž



āā

=DOOHUHV

OODXULFLR



,

) ( 5 1$1'2/( 21 $& 8,/$5  & DOYR /HDO 

7HOpIRQR 

'RV +HUPDQDV







 a

5( 3$ 5 $ &,21(6

'(

$ 87 2029 ,/ ( % ( 1





,

,ƒƒƒƒƒ

>

 & 4R LR a4+ 2222& *+ & ƒ  

0DQXHO

%/$1& 2

0$ 57,1



aƒƒƒ  ƒDFa*+ 2aƒ

IIIS!

2D

aƒ ƒƒ ƒ

R\IIOR

IIOIIO$a 1&2 $FHO‡XQDV

6 HYLOODQDV

7 21( /( $,$

+HUQDQDV



0( 7 $/,& $6 

7 RQHOHULD

'RV

£ a

& 216 7 5 8& & ,21( 6 

a4RR

*( 1( 5 $ / 

'26  +( 5 0$1$6 

aD 9 LUJHQGH 9 DOPH PHUHFH OWRQRUHV PLOLWDUHV SRU HO 2RGRU ' - RDQ ODUD 3RU FRPSODFHU D OD 'LUHFFLyQ GH OD 5H YLVWD F5R0%5,$ 175$ 65$  9 $ /0%‡ QR KH FRJLGR QL SOXPD QL PiTXLQD VLQR TXH DSUR YHFKDQGR OD DPDELOLGDG GH XQ PLHPEUR GH OD PLVPD OHKH GLFWDGR HVWDV OLQHDV\R PR GHVWR PpGLFR UXUDO FRQ HO PLHGR QDWXUDO \ OyJLFR DO ILJXUDU PL QRPEUHHQWUH ODV ILUPDV SUHVWLJLRVDV GH OLWHUDWRV FRQVDJUDGRV < D HQ RWUD RFDVLyQ HQ DTXHO VLPSiWLFR SHULRGOFR ORFDO ‡$ '%/$175‡ PH RFXSp GH HVWH WHPD SRU FRQVLGHUDU TXH QXHVWUD JORULRVD 9 LUJHQ GH 9 DOUQH PHUHFtD KRQRUHV PLOLWDUHV SRU KDEHU VLGR OD TXH LQVSLUy DO 5H\ 6DQ )HU QDQGR OD IUDVH F9 $ / (0(‡ GH GRQGH VH KD GHUtYDGR HO QRPEUH TXH KR\ RVWHQWD / DFRQFHVLyQ GH HVWRV KRQRUHV PLOLWDUHV SRGLDQ VHU VROLFLWDGRV SRU OD -XQWD GH *R ELHUQR GH OD +HUPDQGDG D OD SULPHUD DXWRā ULGDG PLOLWDU GH OD 5HJLyQ aV GH VXSRQHU HO OXFLPLHQWR TXH UHSUHVHQWDUOD SDUD OD 5RPH‡ UtD HO DFRPSDxDPLHQWR GH ODV IXHU]DV TXH HO ([FPR 6U &DSLWiQ *HQHUDO GHVLJQDUD HVā FRLWDQGR D OD 9 LUJHQ HQ XQ WUD\HFWR GH VX SURFHVLyQ WUD\HFWR TXH SXGLHUD VRPHWHUVH D MXLFLR GH OD +HUPDQGDGDO PLR PRGHVWR VHULD GHVGH HO SDVR D QLYHO GHO %DUULR GH OD 6DOXG EDVWD OD OOHJDGD DODHUPLWD GH &XDUWR

SUHFLVDPHQWH HQ FX\R OXJDU DGTXLHUH PD\RU HVSOHQGRU HVWD WUDGLFLRQDO 5RPHULD < IXQGR PL RSLQLyQ HQ TXH OD 5RPHUOD WLHQH GRV SDUWHV XQD URPHULD SURSLDPHQWH GLFKD \ RWUD SURFHVLyQ \ DSDUWH GHO UHFRUULGR SRU HO SXHEOR TXH SXHGH VHU FRQVLGHUDGR WDUQ ELpQ SURFHVLyQ HVWi HO WUD\HFWR ~OWLPR D TXH PH KH UHIHULGR HYLWDQGR D ODV IXHU]DV TXH ULQGLHUDQ KRQRUHV ODV PROHVWLDV SURSLDV GH XQ UHFRUULWWR H[WHQVR 5HVSHFWR DO SHUPLVR GH ODDXWRULGDG HFOH VLiVWLFD \D VH WLHQH WiFLWDPHQWH GHVGH TXH XQD FRPLVLyQ GH OD +HUPDQGDG YLVLWy D 6 ( 5YGUQD HO &DUGHQDO ' 3HGUR 6HJXUD T H S G  \ DSUREy GLFKD SHWLFLyQ 3RU FLHUWR TXH XQ PLHPEUR GH GLFKD FRPLVLyQ OH KL]R D 6  ( OD VXJHUHQFLD GH TXH VLHQGR OD SDWURQD GH 'RV +HUPDQDV 6DQWD $ QD QR IXHUD HVWR D UHVXOWDU FRPR ‡GHVDLUH D OD PLVPD (O 6U &DUGHQDO FRQ WRGD UDSLGH] FRQWHVWy ‡12 38('( 1,1*81$  0$ '5( 02/ (67$ 56( 32548( $  68 +,- $  6( / ( 5,1'$ 1 +2125( 6‡ 7HUPLQDGD GH H[SRQHU HVWD LGHD VROR PH UHVWD DGHPiV GH GHVHDU TXH OD 5RPHUtD WHQJD HO OXFLPLHQWR TXH WRGRV DQEHODPRV HO GDU XQ X9 ,9 $  / $  9 ,5*(1 '( 9 $ / 0(

O O













a a      a  aa aa  a aaa aa āaO a  a aa      a aa aāa a   

 a

a

a



 E V FOOHUPDQDV

 DFHLWXQDV

5HOOHQDV GH DQFOLRDV 

6HYLOOD`

I

3 (  7 5  8





& LOO2









‡HFFLRQHV ^ āaiIaF&Qa,aa7 5OpIRQR  PRPR‡

&R28R

5RPR‡ ‡‡‡‡‡‡7RI 

a





tt7X HO NRQR©  GH QXHVWUD SXHKOD 7DQRLQFXODGRHVWi HOQRPEUHGH 9DPHD 'RV +HUPDQDVTXHVRQ QXPHURVDVODVSHUVRQDVTXH OR OOHYDQ,PSXHVWRKDFLHQGRJDOD\ KRQRU GH RVWHQ WDUORSRUTXHHQVHJXLGDOHVUHFXHUGDHOGH HVD 9LU JHQDTXLHQ 9HQHUDQDOGHHVD9LUJHQDODTXH LQ YRFDQ \HQ OD TXHWLHQHQFLIUDGDVVXV HVSHUDQ]DV QRPEUHpVWHTXHYLHQHWUDQVPLWLpQGRVHGH JHQHUD FLyQHQJHQHUDFLyQDWUDYpVGH ORV WLHPSRV 3DUDORVKLMRVGH HVWHSXHEORHVXQ KRQRUHOGH DODEDUHOQRPEUHGH 0DULD SRUTXH HV XQD YLOOD PDUORJWFDSRU WUDWFLiQ SXHVWR TXH OD UDL] VH UHPRQWD D PiV GH VLHWHVOJORV SHUR OODPDUOD 9$/0(‡ HV DFODPDUOD\ YHQHUDUODFRPR WD 9LUJHQ TXH WRGR OR SXHGHª \ DVtHVFLHUWDPHQWH (OODWRGROR FRQVLJXH SRU VX YDOLRVD LQWHUFHVLiQ DQWH 'LRV \ SRUTXHHV0DGUH,GDPRUKHUPRVR\ GHOWHPRU\GHODFXQHWDYGH OD VDQWD HVSHUDQ]D FRPR OHHPRV HQ HO OLEUR GHO (FOHVLiVWLFR HQ VX FDS;;,9RHUVLFXOR\QRGHVR\HODVSOHJDUODV IHURLHQWHVTXHGHXRWDPHQWHOHHOHXDQVXV KLMRV ¢1RHVKRQRURDUD OD FDVDHOTXHSUHVLGD OD LPDJHQGH1XHVWUD 6HxRUD GH 9DOPH" ¢1RHVFLHUWRTXHQRH[LVWH KRJDUHQHOSXHEOR HQGRQGHQRKD\DXQDHVWDPSDIRWRJUDItDRD]XOHÂ

 

MRGHHVWDEHQGLWD6HLRUD" ¢< WDQRVWDOJLD GH QR SRGHU DVLVWLU D OD UR

PHUOD" 

£4XLHURDPDUD0DULDH[FODPDEDVLQFHVDUHO VDQWRGH 'WHVW6DQ- XDQ %HUFxPDQV GH ODFDPSD LOD GH - HV~V\ DTXHOODIUDVHHURHQpO XQD V~E8D PDPIHVWDFWiQ GH ORV ~8LPRV FRORTXLRVFRQ TXH GHVGH ODWLHUUDFRQRHUVDEDFRQODTXHOOHQDGHJO! ULDYLXH \ UHLQDHQHOFLHOR
WLJXHO - 8 3DFODy+

&9HQ D ID &5RPHULD O ?

 ?

¢1R KDV YLVWR OD 5RPHUOD GHO 9 DOPH GH 'RV +HUPDQDV" 9 HQ \ YHUDV WRGR HO SXHEOR DO GHVSXQWDU OD PDxDQD DVRPDUVH D ORVEDOFRQHV DEULU WRGDV ODV YHQWDQDV SDUD FRQWHPSODU HO SDVR GH OD 5HLQD6REHUDQD 9 HUiV FDUUHWDV SUHFLRVDV RLUiV WDxLU GH FDPSDQDV YHUiV VRPEUHURV FDPSHURV OOHQRV GHJUDFLD JLWDQD 9 HUiV MLQHWH JDUERVR VREUH VX MDFD DOD]DQD GHVILODU D ORV URPHURV YHUiV OD JUDFLD TXH HPDQD GHODV EHOODV QD]DUHQDV \ RLUiV ODV VHYLOODQDV DOVRQ GHSDOPDV IODPHQFDV YHUiV FRQ TXH IXHU]D \JDQD VDOHQ GH ORVFRUD]RQHV ,YLYDV D OD 6REHUDQD 'HVSXpV SRU OD FDUUHWHUD FDPLQR GH WX 6HYLOOD RLUiV DOHJUHV FDQFLRQHV SDOPDV GH PLO WRQDGLOODV DTXO EHEHU YLQR EODQFR DOOO GHOD PDQ]DQLOOD RLUiV FDQWDU GH JLWDQDa YHUiV EDLODU ODV FKLTXLOODV WDPELpQ ODV \XQWDV GH EXH\HV DOVRQ GH ODVFDPSDQLOODV FRPR OOHYDQ ODV FDUUHWDV FDPLQR GH OD &DStOOD 9 HUiV PXMHUHV KHUPRVDV GHVRQURVDGDV PHMLOODV FRQ FXDQWR VDOHUR \ JDUER VHFRORFDQ OD PDQWLOOD < DVt HQWUH FRSOD \ FRSOD DQWHV GH YHUVH 6HYLOOD OOHJDUHPRV DO FRUWLMR D XQD HUPLWD ELHR VHQFLOOD GRQGH PL 9 LU£"HQ GH9 DOUQH HVSULPHUD PDUDYLOOD 9 HUiV FRPR SRU HQFDQWR WRGRV HQ EHQGLWD XQLyQ SHQHWUDU HQ OD &DSLOOD OOHQRV GHJUDR GHYRFLyQ 9 HUiV FRQ FXDQWR IHUYRU FRQ TXH VXEOLPH SDVLyQ VH YDUH]DQGR D OD9 LUJHQ RUDFLyQ WUDV RUDFLyQ <  TXHGDUiV DVRPEUDGR GH WDQ VROHPQH IXQFLyQ \ GHODV EHOODV SDODEUDV



TXH D WRGRV HQ UHXQLyQ QRV GLULJH QXHVWUR 3iUURFR \ DO GDUQRV OD EHQGLFLyQ VHQWLUiV KHQFKWU WX SHFKR WRGR OOHQR GHHPRFLyQ 'HVSXpV YHUiV HO&RUWLMR ‡ ODV DUHQDV OD FDQFLyQ RLUiV GH QXHYR \ YHUiV FRQ TXH VDQD GLYHUVLyQ SUHSDUDQ ORV ERFDGLOORV \ UHSDUWHQ OD UDFLyQ ( O GtD YD DWHUUQLQDU 

ODWDUGH VH YDDFHUFDQGR SRFR D SRFR ODV DUHQDV VROLWDULDV YDQ TXHGDQGR / D9 LUJHQ GHVX &DSLOOD GHQXHYR OD YDQ VDFDQGR SDUD YROYHU DaX SX EOR

GRQGH ODHVWiQ HVSHUDQGR 9 HUiV DO DQRFKHFHU FXDQGR DO SXHEOR YDOOHJDQGR FRPR UHFRUUH ODVFDOOHV FRPR OD HVWiQ DFODPDQGR < D D OD SXHUWD GHVX WHPSOR OD 9 LUJHQ YD UHJDODQGR VX VRQULVD VX EHI OH]D DVX FDVD HVWi OODPDQGR / DSXHUWD HVWi\D DELHUWD OD 9 LUJHQ HVFi\D HQWUDQGR 9 HR HPRFLyQ HQ WXV RMRV \WX YR]VDOH JULWDQGR >9 LYD OD 9 LUJHQ GH 9 DOPHO £ 2\H 3HUR VLHVWiV OORUDQGR

'RPLQJR &-FUQDO





RRaaƒƒƒƒ4RORROO& ƒ ƒƒ aƒ ƒ ƒa

,

a a 

L

, , 

,

I

/ H+OQ

/(21 < /2=$12 ,

9 ROGHSHOO? R X

3HLQDGR a

a

, ,  , ,

6 /

a

, , ,

7 HYHaDV 

a

6XFHVRUHV GH )HUQDQGR /HyQ  (;3257$225(6 2( $&(,781$6 a

a

L ,

7HOpIRQRV OE \ 

-,

I

$ QWRQLR

5 21'$  * DPRUUR

5 XHGD

%HELGDV VHOHFWDV ‡ 7DSDV YDULDGDV

3OD]D GHO $UHQDO

'26 +(50$1$6

&5,672%$/ (6&$/$17(

, '26 +(50$ 1$ 6 , 6HYLOOD  , $ SDUWDGR 

%$ 5 

&



6HUYLFLR GH DU

0RWHO & RXQWUX

& OXE

OO! RV  - OHUPDQDV

aD ZRRaƒ   ƒƒ   ƒD     4ƒ   ƒƒ   ƒ4 1 2aaƒ   ƒ

U   

6DOYDGRU$OYDUH] - LPpQH] 7(/(I2126 3DUDGD  ‡ %DU %HOLQGR   $OFRED  226 +(50$1$6

Ë, IODUWLQH

,,

$/OR/LR $VHWLFLR (DUUHGD

£

L

6HDO GH OXMR \ 6HDW  SOD]DV

$ &(,781$ 6 6(9 ,8$ 1$ 6

6DQ $QWRQLR  ‡ 7HOpIRQR  ‡ 'RV +HUPDQDV

. LRVNR $ UHQDO

OOWDQXHO 3DFKyQ

&DIp 9 LQRV J /LFRUHV

(VPHUDGR VHUYLFLR

'26 +(50$ 1$ 6



T

4XLQWDQR L

&216758&&,21(6 0(&$1,&$6

   

;

) DEULFDFLyQGH OQiTXLQDV

a

SDUD OD FRQVHUYD GH 3LPLHQWRV T DFHLWXQDV

, L

L;  , a

,

I 7HOpIRQRV 3DUWLFXODU  ‡  ā 7DOOHUHV  I L 7DUDQHyQ  ‡ 

226 +(50$1$6 6HYLOOD  a

FRHaaaaaaaƒ   ƒaFF ƒ    ƒ

TXH HV'RV +HUPDQDV HQ SRV GH OD SHUHJULQD \EHQGLWD LPDJHQ GHOD 9 LUJHQ GH 9 DOPH TXH HV GOD RWRxDO \VROHDGR GH -ORPHUOD Y GHVGH DTXHO YHQWXURVR HQ TXH HO 6DQWR aH\ )HUQDQ GR  FRQTXLVWDGRU GH OD 6HYLOOD UQXVXO PDQD LQYRFDUD VX FHOHVWH SURWHFFLyQ SDUD OD HPSHxDGD \ FULVWLDQD HPSUHVD KDFH \D PXā FKRV VLJORV FDGD DxR HV REOLJDGD UHQGLFLyQ GH DPRUHV GH ORV KLMRV GH HVWH HQFDQWDGRU ULQFyQ GH $ QGDOXFOD OOHYDU HQ SHUHJULQDMH \ URPHUtD KDVWD ODHUPLWD TXH HO PRQDUFD VDQWR OH HULJLHUD D ‡VX 9 LUJHQ‡ 7RGD ODHFORVLyQ tHUYtHQUH \FRORULVWD TXH DKRUD WH URGHD YLDMHUR HVTXH VH URPSLy a, SRPR GH ODV HVHQFLDV DQGDOX]DV TXH LQPDUFHā VOEOHV JXDUGD 'RV +HUPDQDV SDUD VX 9 LUJHQ GH9 DO PH KDVWD KDFHUVH ROUHQGD HPRFLRQDGD TXH ORVDUFiQJHOHV GHOD OX] \HO PLVWHULR SR QHQ DODV SODQWDV GH OD FHOHVWLDO 6HxRUD ‡¢4Xp £ UDFLD HV pVWD 6HxRU"‡  (V YLDMHUR SHUHJULQR \D ODJUDFLDTXH 'LRVSXHGH FRQFHGHUWH SRU SLVDU ORV VHQGHURV TXH D(O HQ FXHQWUDQ VL FRQ (OOD YDV JUDFLD HQYXHOWD HQ HOLQFLHQVR LPSDOSDEOHSHUR TXH W~ FDVL OR WRFDVGHO SHUIXPHTXH HO 'LYLQR &DPSHVLQR KL]R EURWDU SRU HVWRV GODV GHORV FDPSRV QDā ]DUHQRV <  VRQ ORV ELMRV GHODWLHUUD URPHURV SRU DPRU YLVWLHQGR VXV PHMRUHV JDODV FDP SHUDV MLQHWHV GHDQGDOXFHV \EULRVRV FRUFHOHV KHFKRV SXUR FDQWDU HQ KRQRU GH OD 0DGUH JORULRVD \ PHGLDQHUD < VRQ VXV IORUHDGDV FDā UUHWDV WLUDGDV SRU FDQVLQRV KXH\HVDTXO OD SULVD YLDMHUR YDPDO FRQ HO UHJXVWR \OD JORā ULD GHO HQFXHQWUR\ HQ GRQGH UDPLOOHWHV GH PXMHUHV TXH WHDVRPEUDQ GH JXDSDV XQHQ VXV YRFHVDOFRPSiV GHO UHSLTXHWHR GH ORV FUyWD ORV KDFLHQGR SOHJDULD DOD 9 LUJHQ GH VXV FDQā

WDUHV (V EXHQR HV WRGR FXDQWR KL]R OD PRVD D OD 5RPHUOD GH 9 DOPHIDPRVD \ W~ YLDMHUR SRU WRGRV ORVFDPLQRV GHO PXQGR VLQ HQWHUDUWH ‡£(VWR HVDLJR TXHO‡1R GLJDV QDGD YLDMHUR TXH 'RV +HUPDQDV OR VDEH WRGR \ SRUTXH OR VDEH \ ELHQ FXLGy FRQ PLPRV \ FDULFLDV FDGD GHWDOOH FDGD PRPHQWR FDGD LPSUHVLyQ SDUD HVR SDUD TXH W~ ORVYLYDV VL ORV YLYDV \ QR VROR ORV YHDVTXH OD PLUDGD QR VHUYH SDUD HO PLVWHULR LQVRQGDEOH GH ORV DPRUHV PDULDQRV\ FXDQGR YXHOYDV D WXV WLHUUDV WHOOHYHV £HO DOPD GH6HYLOOD  QDGD PHQRV ¢4XLHUHV PiV UHJDOR" $ VL HV'RV +HUPDQDV SDUD VX 5RPHULD GH9 DOPH

- //0

/Dā (QVHx DQ]D 0HGLD HQ 'RV +HUPDQDV

3RU OE RDp - XUDGR $SURYHFKRJXVWDVLVLPR OD RSRUWXQLGDG TXHVHPHEULQGDSDUDURPSHUODQ]DVHQSUR GHXQDLGHDFX\DSDWHUQLGDGQRPHDWULEX\R SHURGH XQ LQGXGDEOHLQWHUpVSDUD QXHVWUR SXHEOR\GHXQDDSUHPLDQWHQHFHVLGDGSDUD ODV FODVHV PRGHVWDV &RQVHJXLU SDUD 'RV +HUPDQDVPL &HQWUR2ILFLDOGH (QVHxDQ]D 0HGLDRGH(QVHxDQ]DODERUDO (VLQFXHVWLRQDEOHTXHHOSHUIHFFLRQDPLHQ WR FXOWXUDO HV XQD H[LJHQFLD GH QXHVWURV WLHPSRVTXHGHPDQGD QRVyORHOELHQFRP~Q VLQRHOSDUWLFXODUGHORVFLXGDGDQRV (/ PXQGRGH QXHVWURV GtDV H[LJHKRP EUHVSOHQDPHQWH FDSDFLWDGRV 3DUD KDFHUVH XQ FDPLQRHQODYLGD QREDVWD\DFRQDTXH OODVHOHPHQWDOHVQRFLRQHVTXH VROtDQ EDVWDU SRUORTXHUHVSHFWDD ODV FODVHVPRGHVWDV  HQODVJHQHUDFLRQHVSDVDGDV $WHQGLHQGRDHVWDVQHFHVLGDGHVHO(VWD GR KD YHQLGRGHVGH KDFH DxRV GLFWDQGR XQDVHULHGH GLVSRVLFLRQHVTXH SODVPDQ HQ GLXHUVDVLQVWLWXFLRQHVGHPX\YDULDGDtQGROH FRQiQLPRGHOOHXDUODHQVHxDQ]D D ODV FOD VHVPiVKXPLOGHV 'HVGHODV 8QLYHUVLGDGHV ODERUDOHVKDVWD ORV &HQWURV GH ) RUPDFLyQ 3URIHVLRQDOSDVDQGR SRU HVD PDUDYLOORVD UHDOLGDGGHO) RPHQWRGH,JXDOGDGGH 2SRU WXQLGDGHVWRGRHVHVIXHU]RGHO(VWDGRSDUD ODSURPRFLyQ GH WRGRV ORVHVSDxROHV FXDO TXLHWDTXHVHDVXFRQGLFLyQDORVELHQHV GH ODFXOWXUD 'RV+HUPDQDVSREODFLyQGHKD ELWDQWHV FXHQWD PX\ SRVLEOHPHQWHFRQ XQ FRQWLQJHQWHGHQLxRVHQHGDGGHFXUVDUHQVH xDQ]D PHGLD EDVWDQWHVXSHULRUD ORV GRV PLOODUHV'HpVWRV DFDVR PHGLRPLOODUHVWp

HQ OD DFWXDOLGDG KDFLHQGR ORV HVWXGLRV GH HQVHxDQ]D PHGLD (O UHVWR SRU LQGXGDEOH IDOWDGHSRVLELOLGDGHVHFRQyPLFDVKDGHQXWULU ODVILODVGHOSHRQDMHRFRQIRUPDUVHFRQ XQD GHODVSRFDVFRORFDFLRQHVSDUD ODV TXH D~Q QR VH SUHFLVDQPiV DFHUER FXOWXUDOTXHHO TXHSURSRUFLRQDODHQVHxDQ]DSULPDULD (VWHHVWDGRGHFRVDVFUHHPRVVLQFHUDPHQ WHTXHQRGHEHFRQWLQXDU 4XHORVQD]DUHQRV KXPLOGHVQRSXHGDQFXUVDUHVWXGLRV PHGLRV SRUIDOWDGH&HQWURSDUD HOORFXDQGRSUHFL VDPHQWHHVHPSHxRGHO(VWDGR© OOHXDUD ORV iPELWRVUXUDOHV XQD HQVHxDQ]DPHGLD VRO YHQWH\ GHFRVWRUHGXFLGRªHV FRVD TXH GLL

FLWPHQWHFRPSUHQGHUHPRV

OD VROXFLyQGHEHEXVFDUVH/OiPHVH,QVWL WXWR/DERUDO &HQWURGH (QVHxDQ]D PHGLD &ROHJLROLEUHDGRSWDGRR &HQWURGH ) RUPD FLyQ3URIHVLRQDOORTXHVHD'RV+HUPDQDV ORPHUHFH\HVGHM XVWLFLDTXHOR WHQJD

'LRVOHVDLR© 5HLQD\ 0DGUH 9LUJHQGH 9DOPHJORULRVD &RPSDxHUDGH) HUQDQGª 4XHIXLVWHODPHGLDGRUD 3DUDJDQDU D6HYLOOD (VWDMR\DWDQKHUPRVD

O8

( BB a

O8

4

 H!

£ ]



FH W a

! a



   BB

a

O8

a

4

FH

   BB

a

4

R

4

( /

-



LI

a

āa D

,6

2& 

a a a

V

a

D



a

a

 a

a

  

a a a



FH

,6

‡ ‡

O8

H!

 O LI (  V‡ a R  O ]

(O6DQWR 5H\GRQ) HUQDQGR &ODPDEDDHVWDJUDQ6HxRUD '- LpQGROH 0DGUHPOD £ 9DOPW 9DOPWHQHVWD KRUD &RQWLWDRRUGHWXKLMR 6pDPSDURGHPLFRURQD \KD]PHJDQDU D6HYLOOD 4XHDWXVSOHVSRQGUp6WOORUD £ 9LUJHQ9 DOHGPH9DOWGPH <DPLKXHVWHJHQHURVD 4XHVROGDGRV\FDEDOORV 0XHUWIOW~VHG PDWDGRUD 3URQXQFLDQGRHVWDVSDODEUDV 3HJyHOUH\WUHVEDVWRQD]RV %URWDURQWUHVFDxRVW~ DJXD (QORVVLRV JROSHDGRV‡ <HVWDVREHUDQD5HLQD ~ GLFHDVtD6DQ ) HUQDQGR 1RGHVPD\HVK- MRPLR 4XHOD FLXGDGFRQTXLVWDPRV OHYDQWy VXVWLHUQRVRMRV <OHSLGLyDOVREHUDQR 4XHGHWXLHUDVXGLD 3RUTXHHOVROLEDEDLDQGR <GDQGRRLVWDD 6HRLWOD
‡WOU

U

ERQ XDQ

3UHVLGPWH GHW 6HYLOOD &

U

6iQFOWH

&RQIOR HQ TXH OD 3HxD 6HYOOOLVWD GH 'RV +HUPDQDV UHVSRQGHUi FRQ HILFDFLD D OD OODPDGD TXH OH KHPRV HQYLDGR QRV GLFH HO QXHYR 3UHVLGHQWH GHO 6HYLOOD & )

‡WUD UHYW‡W  GHDFR‡‡ GH WU©  HUD ‡X‡ OH WRUHD DOF??Q DUW XOR R QRWLFLD GH WO W Q GHS U W W Y D  ED TXHU L GR HQ HDW H Q$DHU R H[W U D U GO QDU 8 W U DH D X SL O QD < HQ ‡W ‡ Q GH HQW U HY W DD  O D SHU RQD TXH SRU  DX DUH HQ HO  6R7O O O D )    O O HU D REU H O D U HS QDEW O W GaG  H' HDW  D P ‡HQW R GO W W  O O H‡ GHO  O RE EO DQF R  GH HQF DXL DU  ‡X‡ EDU ‡ -  ‡‡QaDU OD FUDY D DLWXDFL Q HFHX H D SRU OD XQ DWUD< WRD HO ELWyUO R HTX SR GHO

7O HM R DZS G - HU Y Q

t

/ D D WWLDOH HW XDWDQFWD FRX SUREOHD  QR DQ W‡FWORD GH RWXHLRQDU IDYRUDEOH ‡a WH UHTXW&UHQ XQ EREU FHHSH W HQW H H UHOHYDGDV SUHQGDV SHUDFQH I HV OH SUREDāO  FXQ GDGR‡ GH DDQGR -  DF W RU W GDG  GH O RED  GH XQD D W L Y L GD -  ‡Q PHO O D GH GaDL QO PR QL  GHV HDQ  H W U HDDGR SRU FRVSOHWR D HQGF U H DU  HO W O y' GH O D QDY H ‡HY W O O O DW D O D SHU ‡ '‡ TXH PH KD U R H SU HDHQW DU   D O RD O HF  RU HD  H ' , 8$a / 23, = 6$1 +, =  O"I7, O!OO 6,9 ,/ / $  & )  HO R O ED D GR WDQ DDDEOR G ‡O&I 3WDU HO  HF DEU RDL O O R  SDO DEU D‡ W ‡aW DDO HD GH ‡ F DHDW L RQDU L R GH SU HXQW D D TXH O H KH DRPHW O GR ' EO H PH W DUDG EOH SDUD D SXHD DGH‡‡ GHO L F W HU  TXH W D HU U H FH EH  WHQOG  GH D U  D DQ ‡HGRU  *'a ‡‡ W RG DW DEW O O GDG  HO ‡F DQW HD PDQHU DD  a] F F O HaW H H YHUVDG U <  DO O ? DGW U ‡  TXH HRD DGF   P$ XQ U Q HY O O DQR \ HY W O O W W D  TXH O H DHW HU HHH   EU HDDQHU D GL DO  F DU  HW F R KDU  O DD RSL QRQH DH QHD PHU HF H D QRW RW U RV   HO  6HY L O O D ) ‡D‡ GO U H W O 7RD  DD - XDGRU H  W QF O RDR DX 3U HDGHQW H 3OO6,

t

< EH DaXL  O D EDU O D TXH  U Q ‡X GHSa KR GHO  F RPDU  W R TXH U RDHH HQ O D H
'RQ - XDQ ¢6HUOD WDQ DPDEOH GH LQIRUPDU QRV GHYGH TXH XHUQSR OUDEDDHQ 

,   GHO   W? WLWD  

H

pQ $- B 26 ,2 G   PDQGRIXHWOWJLGF O XVLā

GHQW© ' KXOOHUPR?WRUPRXFEOXQ FREW PW KDOODED SRU DTXWO WLHPSRGLVIUXWDQGRGW XQDV ELHQJDQDGDV WPFDFXPHVHQ  FUXFHURSRU WL $WOGQWOUR PGXiQGRPHPHSHUVRQDUDHQ6HYXW©  FRQXUJHQFLD'WMO ODVYD DGDQHV ?OHSUHVHQWH ?OW FRPHQFXUQ \ FXSW  SHVHDPWVPQXPHUD EHVRFXSDFWRQHVWD ? WWW 3UHVWGHQFX GHO&OXE

+D SDDGR  DHO PDO PRPHQWR R SHUVU©  OWWGOKQO YXXDFORQ HFRQRQXF ā 3HUVLVWH 9RREVWDQWH  WRQWRSWHQDPHQWªHQ ODV 3 6HRLOOLVWDV Y HQ ORV VRFLRVTXH DPDQ DO 6HYLOOD & )  3URKOPD PL XUaQWH TXH DERUGDUi 9 G   OO HFDQiPLFR  WLD FRQWUWEXtGR ,D 3HxD 6HLOOW GH 'RV OOHUPXQD FRQ HXFDFUD HQFVWXV PRPHQWRV GH DSXUR"

OD

&U R TXW UH SRQGO U H



DTX N OUWPRVHQ DGR

UQHURVW

  - XDQ OOD DGGJXDGR 9 G PXFKRV NLORV GWVGH TXH  KU]R &I42 GH@  LF?OOOD & I !

XQ 8W WL WUDED R \ ORV SUHRQ]SD RQ© 

P SUR UHRQD HQ HO WLHPVR W£ W HV URPR SDUD DGWO D]DU XRVUXQQ V,U RV

O O 22 H P 3UW XO QW

 aW O Q UXPRUHV GD4UDGDEOU GHTXH RORV X££ GRU VHOHVDGFXGE EXHQDV FDQOOGDGU‡ WO ? O OO WO2 WWL2  "  X P QWH ?   ( O6HYO D & )  FRPR WRGR &OXEGW , GL W  WVWG FRQUHODUW QDV  SDQ XOD GWMXJ UH‡H X VLOODU QQRUPDOVLPD F7 HQHPRV EXHQRV MXO"DG‡‡UUV SDUD QLURQWDU FRQ KOO&!OD RGXDO FDPSDQD GH/D  aO S DQWHWVELXQ

LR DPHQW©  QRV IDOWD XQ -   UR PLUR 7UQHPR W£ DWFRQVWJXUOR\KD U W GR , K QDP QWH SRV WHSDUDTXWD

¢aXI SDVD FRQ &DKUUUD  &DEUQO 

 VSHUDP QDGD P V W£ W WL PILU

GHO 6U ,QUHQDGRUSDUDREUDUHQFRQ FXHQ D +DEODQGR GH@ HQWUHQQGRU 4X PHUHFH 2WWR O?XPEH3

- XLFLR ,U

OQP URE &RUDU W  VWRVV UHWRVGWOI OERO ) VURPSNWWVXQR OaXW]aRVD   DUFKD RVHTXHGD

LHWQW UHV S  ,UO %DUXORIOI-  D Q8L 6WUDXHUUD H FOXEDX UDQDUR6SRQGL2URQ GRV PLOORQHV \ GRV £X D UHVSVUD HVFR U GW WUHV ?RVRWU V KHPRVSHGULªFXDWUR POOWRQUVGW WHVHWDV VWQDX©  ,UD WD OD IHFKD UWVSRQOLXUD HO %W- ORQQ &  )  8, URKDUQ FRQ 8- UTXHHQ HVWHWUDSDVRQDVR WUDVQR ORURV GHUDPDVORVLQWHUHVHVGWO &OXR WQQE Q DHVHDPR©  EUQHILFtDU D +DUR8- R W£XXQ PHUHFH WRGR QXHVWUR FDULOOR 3, U ORV PXUK V Y EXHQRVXQ DRV SUHVWDGRV (V ‡DD RSRUWXQOGDG SDUD  TXHOD WWHQ© ELHQPH © LGD

6-LQ FRQ OOXOO 6RVD >WW  X"DGU GH UHFRQRFLGD FXDOWGXGH OUFQOFD  RUJDQL]D

GRU GHOXUaRHQG H QWUR G ,  PSR UQOD FH SHUIHFWR GH ODSDUOH G DWU  FRQ D GH ODPUD GHMDXQ KXHFR UQXYGWOO  G FXEULU FD R GH TXHPDUFKH GUO 6 H OOQ ?R ODP& Q DUQ ? GH VX PDUFKD"

?R 3UWWXDQHQW©  DSDUW©  HUWW GHO GLFDHQODGWIQLVD Y P V $ URQ WQFXDQWR 1OO  D 5X]6RVDT 3

Ë OW  H EHUWR V VX

PHQ

'RQ- XDQ  LF‡OOOD & KD GR VLHPSUH G  PEDMDGRUG S2UOO?Q GH QXRWUD &LXGDG SRU WRGD  aSDOOD  UO U[WUDQ£ HUR GHOD PD UDQ- RDUFXGD ‡ UXOODQD‡ GHIRERO až  HUUH 9G TXH aHED SUUGGR H DPDU XOORX HVFXHOD GHO IXWKOO DKKJUDQDGR TXH SUXWO FDED G UTXOSR  6

KD SO UGGR P K

&RU

U W£   

WLTXLSRDFWXDO OUD\VXGDPO U DQRV QDYDUURV

ZVURVHWF HX O U UXUDOTXL ODM QRPO- ]HVD U DOGDGWQURQMXW88 GU6- , I‡WERO SX HUD ?WFUV8D V RDORU V GW ODFDUXUD ,- 4UD UROZU D UWWWUDUOD &RPR KDž

DOHTXLSR UQ )NKH 

5WODOWYDPWQX IXHUWH $ M D OD W~ODQWWUD URQ OR WQ TXH URQDU KRPE‡W UW DWDGRU  O WTDSR UWVSRQ D D VDW I Q G 

žž

WaOLI OW6

8Q SURQKFR SDUD HOSUy[LPR GOD  - DQDU HO PWRU D QW£  DQR p8VO DUO- ]T

 PW- 2U WUD QXHVWUR W SR

X VDOXGR  EXPW'6%-&  SDUD OR DILFLRQD GRVH‡OOOVD G'RVOIUUPDQDV &FPRPWUVD- ÂT UXU DUORGR QXQWU V VH -  GRUWV GL  'RV OIHUPDQDV IL HQ , - LU© WOW 26 TLXQRURQGDHO GHV'OOLPRPLU W ORV TXHDSR WQ PRUDOY © DU PU PHQWWHVWR OLPR WQ OD GDGL 6 DOWT OSR $OIWOD PHGL ODGH V VSRV GRWL PGVFDULLORVR D 1 S D 6POOLVWD TXH WRGDIDURURQRFRSWURT W RURPWOD URQRXU  EUHY‡ ?WRWDODJUDQIDPOLD VWXOOOLVWD QD]DUH QD IXQGGRV HQ XQ DEUD VR PWQOW HVWR $GHODaX 9,9$ ( /6 I? OO/$ & ) 

+R QDLQDGR HO FXHDWLRXDULR ' ' ODDD ‡a O H7 'W D DRD HW U H EDO D D D H  QV  GD OD LUD D SRU  O D GaI HU HQF W D HQ 7L DW W DU O a 2‡ O D 7HU GDG DHD GW F aD KD TXHGDGR DRU SU H GGR PX\ UDWDPHQWH SRU OD HVTXWLWD  GHOO DGH D GHO SUHDWGHDWH DH<  OOWDWD 4XH W G ‡DD ‡aF a'  Ga‡HR  GH 'RQ - XDQ HD RDDW R O H GHV HD

) iEULFD

\ * DVHRVDV

GH +LHOR

OXLV WORQMHWOLJXHO

3UWGXFWV / 2$ 5 <  &+(,&($ 

) UDQFLVFR

'LH]



 7 HOp‡ 

'26 

+( 5 0$1$6 

U  3HUUDV 2VERUQH   /RV$PDULOORV V  M  ƒ

a

I

; Ë

( [SR  DGRUHV

;

GH



£L



6 $

 ;; 

;

$FH+XQDV

;

H!

2ILFLQDV &DVWHODU   7HOpIRQRV  

O

6 ( 9 ,//$ 0$,5 ( 1$ '( / $/& 25 



7HOpIRQR 

FRFRƒƒRRa4124RDH

 4R

( VSDx RO

& LQH & LQH

GH

( VSDx RO 3D]

8QDDD

a

GD 9 LDMHUR 

6HYLOOD ā 'RV +HUPDQDV \ /RV 3DODFLRV





  L



;

6(9 ,//$ 1DYDUURV 

;



- (5(= 'RQ - XDQ 

-

GH YHUDQR

GH YHUDQR





 



&$ ',= $ YGD 5DPyQ GH &XUDQ]D  0$ /$*$  $ ODPHGD *LPR )UDQFR 





ƒƒƒƒaaƒ  ƒaaƒƒƒƒaD4R!: 2

3D] 9 DOGLYLHVR LQYLHUQR

-

,

2ILFLQDV HQ

a

aRa

)UDQFLVFR & LQH



 

$ OPDFHQHV



ƒ   ƒD      Ra aaƒ  ƒƒ   ƒ4 +R &a  221 4a

‡ & LQH

5 XFLR



5 RFLR

 & LQH

& LQH

7HUUD]D

GH

LQYLHUQR

GH YHUDQR GH YHUDQR



 



a



DRƒ  ƒƒ ƒƒ

22

 2R 2a412aƒ ƒaƒƒRHƒ 4'

44 



H









L 

£







O

I

, ,



O GHSRU W‡ ‡‡‡ L Y  GH 0L © XF O  5RP$Q *D U F L D  

 ‡‡ āāaāā

,DWHJULGDG FVEDOOHURVLGDG PRGHVWLD \ ERQGDG VRQ FXDO LGDGHV EX‡ QDV TXH FRQFXUUHQ HQ OOLFXHOLWRFRPR FDUI?RVDPHQWH VH OH GHQRDLQD \ FRQRFH HQ QXHVWUR S DHEORTXLHQFRQ YHI QWI W U V DL?RV VRODPHQWH HV XQR GH WRV SXQWDOHV ILUPHV \ p

V HJXU RV   XQD GH O DV  F V W U F O O aV  GHO  RQF H GHO  5HF U F D W L YR GH +XHO YDa 8QR O H U F F XHU Ga  KDF H \D DO JXQRV  DRV F XDQGR F RDHQ] y D M XJDU   D GDU  SDW Dā





a

L ‡EDaaaaaaaaaaa aaaaa?aaEaaFaaa aaaaaaa aaaKULa £ G

£  GHO

H$

D EDOyQ HQ HO GHVDSDUHFLGR

WOWERO



FDPSR GHO

FRPFQLy HQ 'RV +HUPDQDV

FGLIFRVOQ

VX EULOODQWH

\ OWDSLD

WHU‡WQDU

WRGD‡LDGF

FDUUHUD

GHSRUWL7D

$

/ RV DILFLRQDGR  GH 0L QDV   $\DDRQWH $ OaHQGUDOHMR \ +XHOYD VDEHQ GH V X SXQ GRQRU \ KRQU DGH]  SU RI HV L RQDO   3RU W RGRV  ORV HV W DGL RV  GH %VSDD QXHVWUR TXHULGR H[F F SF L RQD  \ DGLURGR SW  L V DQR  KD GHMDGR JUDWR UHFXHUGR GH MXFDGRU GH FODVH 3RU pO  VH KD Q L QW HU HV DGR FOXEV GH V XSHU L RU  F D W  HF RU L D  SHU R HO  5HF U HDW L YR GH 8XHOYD V X DF W XDO  HTXL SR  QR O R W U DV SDV D D VDELHQGDV GH 4XH F RQ 5RDiQ  SHUGHUtD HV H M XJDGRU  LQGLVSHQVDEOH TXH H[L V W H HQ W RGR HTXL"R HV D SL H] D F O D‡H GH FQFDUFH GH O L QHDV HQ HO  DU PD] yQ GH W RGR F RQM XQW R  < HV  TXH 0LJXHOWWR HV HO  F O iV L F R M X  JDGRU  TXH KR\ VH ED GD GR HQ O O DPDU   FHQWURFDSL VW  D   %J HO  DW  O HW D  LGyQHR TXH FXEUH D SOHQD VDWLVIDFFLyQ GH WRGRV HVD RQD DQF KD GHO W HU U HQR GH MXHJR GRQGH QDFHQ ODV M XJDGDV  TXH SXHGHQ W L QDO L  aU  HQ F RO HV   3RU  HVR VQ DSRUWDFLyQ V XF Rā O DERU DF L yQ HQ HO  HVI XHU ] R F HHQ F RQ VXV  FRSDx F U RV  GHO  F O XE RQXEHQDH  UHVXOWD L QGL V SHQV DEO H  (V D &  O D  FD XV D  QR RW U D  GH TXH SHUPDQHaF LQLQWHUUXPSLGD PHQW H  F RPR HO HPHQW R EaV L F R HQ V X SXHV W R GH L QW HU L RU  GH HQO DF H  HQ ODV DO L QHD  F L RQHV  GH W RGRV  O RV  GRPL QJRV   6X PL V L yQ HV  I XQGDPHQW DO   SRU TXH HQ HV D V RQ  DQ 



$

HD \ D

aaaLaUa VaaaaaaHHaHžaaaaIaaaaā aaLa£LaaaL a a  GH FRQGXFWD \ GH WRWDO GHG FYFI pQ D HVD YRF DF L yQ TXH VLHQWH SRU  HO I O L W ERO   <  FXDQGR VH SRVHHQ VXV F XDO / GDGHV HVDV FXDOLGDGHV GH WLSR GHSRUWLYR  E2DDQR WLH QH TXH FRQVHJXLUJH HO  [LWR DSHW HF L GR 1RV RW U RV  VH O R GHV HDPRV  GH W RGR FRUD]yQ  t

R24+2a& 2a212RFRaRFRF

 4R

22L1 2ƒ ƒaDH

OOL&OR

Rƒƒƒ  aR

24 W

6 QGQU

I  







OLW

ER HQLWR 9 LOODPDULQ 3ULHWR ‡(O 5HDO %HWLV PH KD GDGR PXFKRV GLVJXVWRV < R‡ OD 6RFLHGDG 9 HUGOEODQFDORTXH OH KXELHUD GDGR RWUR 3UHVLGHQWH FXDOTXLHUD‡ QRV GHFODUD ' %RQLWR 9 LOODPDULQ UHFWRU GHOFOXE PDV SRSXODU GH (VSDx



'

"R PR IX G KDFHUVH FDU£ GHO 5UDO OL  aā

G

OHKDFRVWDGR SXHV PX ERG QHUROD SU VUGHQFWD" ORT

O yP HVWDE HO HDWDGR XUOOD S D GHO %UWD

 

H

R

HQ

RWUD K

RQ P O

'

HUDVDRHUD

'U XaHQWU QDGRU G WRGR OR!TXH WXYR UO +UW? GXUDQWH X PDQGDWR 48G PK !OOOO!OUFKR‡  a

U W IR

URQ QD

 R X

ERU

HG GR

VD- LVFO 2LJDPRV 48, FDGD XQRIX  QHR SDURWL WTXUR  WL WLHPSRUWLXWLX WHURª VW

1RO WDSLXOR WN ORV LUaPRVVWKDFHUUDGRFRQ ?ORXQD H[FHWPW© H[WUHPR O]TXXUa

OO1,2UOW6 

¢$ OORUD 9 G DOOXQ XJDGRU GHWFUUQPDGU DQODOOR SHUWHQHFLHQWH DO 5HDO ?UOO



6XDULDFLyQ HQ ODGULG HQ HO 3OHURGHD IHGUDFUpQ (aSDOOROD >XH PX  FHOHEUDGD ? DSODXGLGD 6XHUWWHUWR SHUVRQDO GH SRV WXUD DGRSWDGL SRU HO5  ODGULG 

£ 1R  O R VHPSX OUU KWWOUR FXDQWR ZX SDUD UMRUSDUD WL %HWLV 6YRKOXDD ‡aQ

OU FROO WRª ONO 6RO,VLGUR ,RQQVxRQWLF KDUWD F[DUWDPUQW©  W££XDO TXHHQWRQFHV ORV WUWXSDVDQD GW Q0W 2  %WWLVTXUUOGRDP &  QR  WO 5 WW, ?ODG7,-   PWQRV SRU DKRUD

1R IXU DHUWDPR©   3*aUD FRQV]UXFXU©  ONUD E- WQ ,HQD©  O! DWUD SDUW©  GU UDQ HQ H a WLSVUUQ

¢4Xp ,UKD GDGR Q9 G HO +Uaāā

H?HQGUiQ ? GHV FRPRHQ DQHHQ !UU‡RFDVUR D SR‡OUDUVU DQWH OD 9 LUJHQGH ? DOPH"

0DFOORV GWV£DVWU! V

' ?

¢<  9 GDO OXK"

6 W ? -  POSDODEUR 1RDOODW PR D OD

¢([EOUQ

& )"



ā 'RQ +WQOWR +D?WG FXiQGR DO WUHQWH GUO

OO%HXV 

EXHQDV UHODFWRQHV FRQ G 6UXOOQ

3XUV  KDVOD TXWXFDQVL8 PL TVVRDRVVRQ ORVTXUOOWQWU TXWDHHWU©  &UW 48WWXLVWD ODIW GX] QR OaV OLW GDIR QXFK V 6JXVWRV

  £ 6, OZPE KV ‡KFOWDV‡ SDUWHQ &  DGDUXSHJDUV© LQFOXVR1RVRWURV ORVSXVW‡ WU WHVQR

¢4X  IX£ DGRUOHDL"ULGDUOLWHQHUHQ HO%UOOa

F2XX  JDQDU HOSUyXPRGLD 6HQ HOU0D GLR ? LPDUOO



? RVRWU a XPSUWaX G V ‡ PSWU JDUDD PW£ RU &RQ HQ W£ DW  VHUD HO%HXVUO PU 7 HQ

£ 3WOW  2 h 2) 7OO‡OD  7UDDORa

W6W

 ?IWX VLHQ 'HV +HUPDQDV WUVOL  DOXQ V‡PU  WXDQWH- UO&OXE4OOWSD£LX OD QXWDG WN OH 48W

‡

+D\ aQ ‡aa - DEO RO  D D RDU L D KW HU W D GH L O

R DDEHDRW

 DUU 

WH‡

HO TXH

3LDMXLQ

DQ‡ < H ‡ ‡ā

WDD HSDGD‡

DFFUWWL

F- W$ Q

IUDDBD

‡ OD ‡‡ DRHW D DXGD D FD a 3' HO  W U W DaI R DQW H HO  U W ‡U F R U W 7 D KaDHHR 9 O H DDO R aDU D ‡2‡ GH O D DF U U D W U  U F I U U F 

GH FDUWO?RDD

W QW HU U RF DW F U a R EO HQ Ga DERO XW D RQI W DTDD S U  O R U XF  0RV  QF O £QDPR G4O GF  OX 

EVWDDWH

DODGD

7  D‡W

DL© 

QGK]DQR  FFQ RWD XOWUPD SUUJXQOD ,G HQWUHYtVWD ‡2VWUGDFRQ 'RQ%HQXR ? Dā PDUOQ 3UWHUR

YDOHQHVWRV £JDGRUU  %HXV SD£D HOUHVWR

GHSHGD‡

Y

‡‡ ‡‡WUUaEDUQ

āRDSUFDVWQ

EDDWD XD DO?

‡‡

S

GU< ROR

WUDV

RWUR

 GH 7 OO WD

HQ 6LFEU

L DQ     \ aW UGH

\ EO QOāRV <  HHW UH LQR \ RWUR‡ OR GH VWL P UW / D DID āU-  \ OD SDV ‡W QDG46 FR‡aUHV 2W W HG OHF‡FU aURU / aaO aH HOOH‡ ‡‡SDW W D %ODUFR‡

  SRU

© UGW 

&  O2‡ GHWHa

?W Ua 

 I ^£IIO

‡<  YDPRV 

GH

5 RPHULD ( DWRPSD

¢9DPRVDOD5RPHUtD" 1RPHGHMDPLPDPi 3XHVHVDHVXQD PDQWD TXHQRVHOHSXH DJXDQWDU 1R YD ,VDEHO/ RWD3HSD (VSHUDQ]D6RWH ,QpV WXPDGUHHV SRFRWHUFD SHURVLHVRQRSXpVHU 'LOHDWX PDGUHTXHVDOJD TXHWLHQHTXHKDEODUFRQPLJR \TXHPDOUD\RPHSDUWD VLYHQFHUODQRFRQVLJR %XHQRVGtDVVHxD 0DUtD EXHQRVORVWHQJDV- RVp +DEODUFRQXVWHGTXHUtD GRVSDODEUDV  VLSXpVHU 3XHV\D WH HVFXFKR¢TXHSDVD" 6RORSUHJXQWDUWHD XVWHG ¢TXHGLVJXVWRKD\ HQVXFDVD" SXHV\R QRSXHRFRPSUHQGHU  \ ODYHUGDG QRPHH[SOLFR  TXHDV KLMD $QD 0DULD QROHTXLHUDGDUSHUPLVR

$ IHUiGH£ ËORUTDV

SDYHQLUD OD 5RPHUOD £6LHOOD QRSXHGHIDOWDU 6LHVWiOD 9LU^I QHVSHUDQGR SDUDHVFXFKDUODFDQWDU \HOODHVWRFDVLOORUDQGR ¢1R R\HXVWHG \D ORV WDPERUHV" /DVFDPSDQDVUHSLFDQGR \YD HQVX WURQR GHIORUHV EHQGLFLRQHVGHUUDPDQGR
7HQJR TXH FRQIHVDUWH DOJR 0DGUH POD 6R\ WRGR OR RSXHVWR TXH VH SXHGH GH XQ tFR QyPDQR VLQ OOHJDUD VHU XQ LFRQyIRER

HO VLOOyQ FRPR FUHHPRV SRU FXOSD GH HVH PDQWR VLQR TXH WH PDQWLHQHV FU£ £ XLGD VLQ FH GHU D OD IDWLJD GHORV VLJORV

7XV LPiJHQHV \ WRGDV ODV ,PiJHQHV HQ JHQHUDO QR GHVSLHUWDQ HQ POORV VHQWLPLHQWRV TXH SURYRFDQ HQ ORV GHPiV 0HGHMDQ IULR ,QGLIHUHQWH

7~ QR SUHFLVDV WURQR SRUTXH VDEHVTXH WX JORQD FRQVLVWH HQ VHU WURQR YLYR GH WX +V@R

$ O YHUWH UHSUHVHQWDGD FXELHUWD GH XQ PDQWR GH WHUFLRSHOR \FRURQDGD WXFDEH]D QR DFLHUWR D LPDJLQDUWH FRPR WH LPDJLQR D RVFX UDV R FRQ ORV RMRV FHUUDGRV 1R DFLHUWR D YHUā WH PROLHQGR HL WUL££R SDUD FRFHU HO SDQ FX\R GHMHV~V \GH ,RVH WHMLHQGR OD W~QLFD GH XQD VROD SLH]D VLQ FRVWXUDV TXH YLVWLy WX +LMR DEUXPDGD SRU HO SHVR GHO FiQWDUR GHDJXD GH YXHOWD GH OD IXHQWH  3HUR HV HYLGHQWH TXH WXVPDQRV GHELHURQ DMDUVH WHPSUDQDPHQWH \TXH WX URVWUR DHELy VXIULU OD FUXHO FDULFLD GHO VRO 3HVH D WX FRQā GLFLyQ GH 0DGUH GH 'LRV 7~QR HUDV PiV TXH XQD PXMHU KHEUHD VXMHWD D ORV PLVPRV WUDEDā MRV GHWRGD PXMHU KHEUHD GHWX pSRFD 7X EHOOH]D GHELy VHU GH XQD tQGROH QR VRVSHFKDGD SRU QRVRWURV DFRVWXPEUDGRV D PHGLU HQ FRPSDUDFLyQ FRQ OR TXH YHPRV <  OR FLHUWR HV TXH VRPRV H[FHVLYDPHQWH JURVH URV HVWDPRV GHPDVLDGR PDWHULDOL]DGRV 7X EHOOH]D GHELy QDFHU GH VHU 9 LUJHQ (Vā SRVD \0DGUH DXQ WLHPSR \GH YLYLU HQ 'LRV UHVSLUDQGR D 'LRV 7HLPDJLQR PXGD \ VRQULHQWH +DEODQGR FRQ WX VRQULVD \FRQ ODV REUDV GHWXV PDQRV 6LQ QHFHVLWDU SDODEUDV SDUD HQWHQGHU VLQ SUHFLVDU HQWHQGHU SDUD DPDU \ VLQ UHFXUULU D ODV SDODEUDV SDUD GHPRVWUDU WX $ PRU FRQ WRā GD SOHQLWXG

<  SRU HVR UHKXVDV HO WURQR \ HO PDQWR FRQ TXH QRVRWURV PROHVWRV DQWH WX DFWLWXG \ WXVRQULVD GHHWHUQD YLJLODQFLD KHPRV tQWHQ UDGR GLVLPXODUODV D QXHVWURV RMRV 3HUR WX VRQULVD TXH QR SRGHPRV HYLWDU TXHGD SDWHQWH DOHOUH \ PHODQFyOLFD <  WX VRQULVD HVSDUD PL XQD DFXVDFLyQ \ XQ EiOVDPR 7~ KDV VRQUHWGR PHODQFROLFDPHQWH YtHQ GR D UXV KLMRV DFXFKLOOiQGRVH HQWUH VL +DV YLVWR FRPR XQRV KDQ XVDGR WX QRPEUH SDUD HQFXEULU VXV LQWHUHVHV FRPR RWURV WH KDQ FRQVLGHUDGR IaXGR VX\R ~QLFD \ H[FOXVWYD PHQWH VX\R FRPR VH KDQ ROYLGDGR GHO 1Lā xR'tRV TXH GHVGH WX UHHD]R EHQGLFH VRQQHQā GR WDPELpQ +DV VRQUHLGR FRQ DOHJULD YLHQGR D WXV SLHV SRVWUDGR D XQ KRPEUH TXH SRVH\y WDQ WUHPHQGR FDUiFWHU TXH ORJUy VHU 5H\\6DQWR HQXQD VROD SLH]D 6RQUtHV FRQDOHJULD SRUTXH VDEHV TXH D OD KRUD GH OD 0XHUWH WRGRV WH DFODPDUiQ 0DGUH FRQ WDQWD VLQFHULGDG \ WDQā WD DQJXVWLD TXH TXHGDUiQ UHGLPLGRV GHVXV SHTXHxHFHV D WXV RMRV \ DORV GHWX +LMR

$ OJXLHQ FX\R QRPEUH VH KD ROYLGDGR VDFy WX LPDJHQ GH9 DOUQH GH ODV HQWUDxDV GH OD PDGHUD

< R WHSLGR 6HxRUD TXH QRV D\XGHV D UHā ERVDU OD FRPRGLGDG GHO FURQR \ OD YDQLGDG GHO PDQWR TXH OD YLGDQRV RIUHFH DFDGDSDVR 4XH DSUHQGDPRV GH7, HVDYLJLODQFLD SHUHQQH TXH,PSOLFD QXHVWUD FRQGLFLyQ GHVHUWHPSORV YLYRV GH 'LRV <  TXH VL DOJXQD YH] QXHVWUD GHELOLGDG QRV OOHYD D DFRPRGDUQRV HQ HO UUR QR GH QXHVWUD OXMXULD \ D FXEULPRV SRU HO PDQWR GH QXHVWUD VREHUELD UHFRUGHPRV WX VRQULVD PHODQFyOtFD PHODQFyOLFD SRU QRVR WURV

7H UHWUDWy VHQWDGD WOPLGDPHQWH FRQ HO WURQFR HUHFWR \ORV EUD]RV SHJDGRV DO WURQFR $ FXQy D WX +LMR1LxRHQ WX UHJD]R \ OR GHMy DOOL EHQGLFLpQGRQRV HWHUQDPHQWH

(QWRQFHV FRQFpGHQRV OD KXPLOGDG \ HO YDORU QHFHVDULR SDUD EDMDU GHO WURQR GHVKR MDUQRV GHO PDQWR \ YROYHU D ODLQFRPRGLGDG GH WX IHFXQGD SRVWXUD

/ D VRQULVD PGDQFROLFDPHQWH DOHJUH GH WX URVWUR VH FRPSOHPHQWD FRQ OD WLPLGH] GH WX SRVWXUD < RVp TXHEDMR HO SRPSRVR PDQā WR GHWHUFLRSHOR TXH WH FXEUH 7~ HVWiV VHQā WDGD WIPtGDPHQWH FDVL DO ERUGHGHOWURQR 1R DSR\DV WXV EUD]RV HQ ORVVX\RV FRPR TXLHUH KDFHUQRV FUHHU OD IDODFLD GH HVH PDQWR VLQR TXH ORV PDQWLHQHV HVIRU]DGDPHQWH SHJDGRV D WX FXHUSR GHVGH VLHPSUH 1R WH UHVSDOGDV HQ

&RQFpGHQRV pVWR SDUD TXH WHQJDPRV OD GLFKD GH DQXODU OD PHODQFROtD GHWXVRQULVD 3DUD TXH WX VRQULVD VH WRUQH HWHUQDPHQWH DOHJUH DOFRPSUREDU TXH QR QRV ROYLGDPRV GHO 1txR'tRV TXH GHVGH HO WURQR YLYR GHWX UHJD]R QRV EHQGLFH VRQULHQWH

<  HVVyOR WXVRQULVD OR TXH PHFDXWLYD GH WX LPDJHQ GH9 DOPH

/ R TXH YL HQ OD 5 RPHUOD 7HUFHU GRPLQJR GH2FWXEUH 'RV+HUPD QDV VHYLVWH GH HVUDV / DHVSHFLDO 3URWHFWRUD GHO SXHEOR OD6DQWVOPD 9 LUOFQ GH9 DOPH XQ DILR PiV DEDQGRQD VX 3DUURTXLD SDUD ,U D OD HUPLWD GHO &RUWLMR GH&XDUWR 6RQ ODV RFKR GH OD PDxDQD OD SOD]D GH >RVH $ QWRQLR HVWi UHSOHWD GH XQ JHQWtR LQā PHQVR TXH DQVLRVR HVSHUD HO PRPHQWR HQ TXH OD 9 LUJHQ PRUHQD FKLTXLWD \ERQLWD VHD SXHVWD HQ VX SUHFLRVD FDUUHWD / DV RWUDV ODV GHPiV D XQ ODGR DUWtVWLFDPHQWH H[RUQDGDV HQ ULJXURVD ILOD HQ RUGHQ \QXPHUDGDV HVSH UDQ TXHVH LQLFLH HO FRUWHMR ,QILQLGDG GH FDā EDOOHURV HQVXV PRQWXUDV OXFLHQGR HO WSLFR WUDMH DQGDOX] R FDPSHUR HVSHUDQ DO ODGR GHOD,JOHVLDPXFKRV OOHYDQ D OD OUXSD EHOODV VHxRULWDV YHVWLGDV GH JLWDQDV \ QR GLJR GH IODPHQFDV SRUTXH \R FUHR TXH HQ )ODQGHV UHJLyQ HXURSHD TXH SDUWH SHUWHQHFH D )UDQ £LD SDUWH D %pOJLFD \ RWUD D +RODQGD QR VH YHVWLUi DVO VU DFDVR WDO YH] FRQXQD WRFD EOXVD FRQ WLUDQWDV XQ GHODQWDO JUDQGH \ FDOā ]DGDV FRQ XQRV ]XHFRV FRPR ODV KHPRV YLVā WR PXFKDV YHFHV HQ HVD SUHFLRVD ]DU]XHOD TXHVHOODPD F0ROLQRV GH YtHQWRª 'DQ ODV RFKR / D9 LUJHQ HVFRORFDGD HQ VX WURQR SRUWDWWO PLHQWUDV ODV EDQGDV GH P~ VLFDHQWRQDQ HO KLPQR QDFLRQDO XQRV YLWR UHDQ RWURVUH] DQ \RWURVOORUDQ  6HHPSUHQ GH OD PDUFKD ODV FDOOHV GHO SXHEOR HVWiQ UHSOHWDV GH S~EOLFR \ OD YLVWRVD FDEDOJDWD FRQHODQGDU FDQVLQR GH ORV EXH\HV FDPLQD OHQWDPHQWH KDFLDHOKLVWyULFR6DQWXDULR £4XH KHUPRVR FXDGUR GH OX] \ FRORU 3DUHFH TXH XQ WURFLWR GHO FLHOR DQGDOX] KD EDMDGR D 'RV +HUPDQDV 7 UDVOD FDUUHWD GHOD 6HxRUD YDQ QXUQH URVRV SHQLWHQWHV HQVLLHQFLR HQRUGHQ XQRV FRQ HOURVDULR HQODV PDQRV RWURV VLQKDEODU \ DOJXQRV GHVFDO]RV \ DVt FDPLQDQ EDVWD OD aUPLWD GLVWDQWH VLHWH NLOyPHWURV 

(QODV FDUUHWDV WRGR HV FRQWHQWR \ DOH aUtD ODVFDWDxXHODV QR GHMDQ GH WRFDU \ ODV FRSODV VH VXFHGHQ SRU FLHUWRTXH \R UXHJR D ODV MyYHQHVTXH VLTXLHUD SRU HVWH DxR GHMHQ GHFDQWDUHVDFRSOHMD TXH HPSLH]D H7RGRV ORV PDULQHULWRV WLHQHQ ODFDUD PRUHQDV £HVWi \D WDQ RLGDO \ DGHPiV ¢4XH WLHQH TXH YHU OD 9 LUJHQ GH9 DOUQH FRQ ORV PDULQHURV" HVD FR SOD HVWDUOD ELHQ TXH VH FDQWDUD HQ DOJXQDV DGYRFDFLRQHV PDULDQDV GHWUDGLFLyQ PDULQH UD FRPR HVOD9 LUJHQ GHO &DUPHQ R HVD 9 tU JHQ WDQ SUy[LPD D QRVRWURV TXH OOHYD XQ EDUFR HQOD PDQR PH UHILHUR FODURHVWi DOD 9 LUJHQ GH&RQVRODFLyQ GH8WUHUD $ SUHQGHG RWUDV FRSODV TXH ODV KD\ \ PX\ ERQLWDV 3RU VL RV JXVWD DKt YDQ GRV GH PL SURSLD FRVHFKD

3RU HO

R - RVp &DUR 5RHUR

/D FDUUHWD\ ORVEXH\HVODYDQPHFLHQGR \/D 9LUJHQDOQLxR OHYDGLFLHQGR WRGRVPHDFODPDQ SRUTXHVR\GHHVHSXHEORV~ 6REHUDQD

6LYRVDODURPHUtD SyUWDWHFRPRURPHUR SRUTXHFRQQRVRWURVYG HVD5HLQDFHOHVWWDW 0DGUHGHORVQD]DUHQRV $ ODV GRFH DSUR[LPDGDPHQWH VH OOHJD D OD HUPLWD / D 6HxRUD HV EDMDGD GHVX7 URQR \ FRQGXFLGD DO DOWDU GRQGH VH GLFH OD 6DQWX 0LVD TXH HVXQD PH]FOD GH UHOLJLRVD \ SURIDā QD SXHVFRQ ORV UH]RV \ORV FDQWRV OLW~UJLFRV VH FRQIXQGHQ PXFKDV YHFHV ORV UXLGRV PiV R PHQRV FHUFDQRV GH ODV FDVWDxXH ODV \ VHYt OODQDV \ HO RORU D PDQ]DQLOOD  GHVSXpV ODV UHXQLRQHV ODV FRPLGDV HQ HO UHFLQWR TXH URā GHD OD HUPLWD TXH \DVH QRV KD TXHGDGR SHā TXHx R SRUTXH FRQ ORV SURJUHVRV ORV DYDQ FHV XUEDQRV HO FHUFR TXH OD HVWUHFKDED FDGD YH]HVPiV DSUHWDGR $ ODV FXDWUR GH OD WDUGHHO 6DQWR 5RVDULR \HO UHJUHVR 1XHYDV H[SORVLRQHV GH HQWXVWDV PR\D VX SDVR SRU ODEDUULDGD GH %HOODYtV WD ORV YHFLQRV GH HOOD VH DFXHUGDQ GH TXH EDVWD KDFH SRFR WLHPSR SHUWHQHFLHURQ D QXHVWUR PXQLFLSLR \ GHVSLGHQ DWDQ FHOHVWLDO 6HxRUD FRQ SHQD SRU HO SRFR WLHPSR TXHKD HVWDGR DOOt \DFODPDQ \YLWRUHDQ D OD 6DQX VLPD 9 LUJHQ SDOPDV \RYDFLRQHV TXH TXLHUHQ GHFLU KDVWD HODxR TXH YLHQH < HO UHJUHVR  $ ODV QXHYH GH OD QRFKH HQWUDGD HQ 'RV+HU PDQDV / RV FRKHWHV GHVGH OD 9 HQWD GH ODV 3DOPDV DQXQFLDQ VX OOHJDGD 7RGR HO SXHEOR HVWi HQODFDOOH ODV GHO UHFRUULGR HV FDVL tUQ SRVLEOH WUDQVLWDU SRU HOODV WRGR HV DOHJULD FRQWHQWR DOERUR]R LPSDFLHQFLD SRUTXH OOHā ££XH OD 0DGUH TXH KD HVWDGR DXVHQWH YDUtDV KRUDV 1XHYDV PXHVWUDV GH HQWXVLDVPR DO SDVR GH OD9 LUJHQ GH ODV FDUUHWDV \GHORVFDā EDOOLVWDV \ DODV RQFHQXHVWUD 9 DOHGRUD GH QXHYR HQVX DOWDU (QODSOD]D VHTXHPDQ DUWtVWLFRV IXHJRV GH DUWLILFLR \ HO EXOOLFLR \ OD DQLPDFLyQ GXUD EDVWD ELHQ HQWUDGD OD PDGUXJDGD <  HV TXH D ORV KLMRV GHHVWH SXHEOR OHVKDVDELGR DSRFR < RFUHR TXH 'RV+HUPDQDV HQ HO GOD GH OD URPHULD GHEHUtD VHU LQFOXLGD GHQWUR GHODV UXWDV WXUVWLFDV HVSDxRODV SRUTXH HO FXDGUR HOHVSHFWiFXOR TXHVHREVHUYDHQHVHGtD HO TXH OR YHD SRU SULPHUD YH] MDPiV OR ROYLGDUi / D 5RPHUOD GH9 DOPH HV ~QLFD VLQ SDU

\ QR VHSDUHFH D QLQJXQD RWUD HV XQD FRVD

HVSHFLDO SHFXOLDU TXH QRVRWURV ORV QD]DUH QRV VDEHPRV GDUOH (Q VXPD OD URPHUtD GH 9 DOPH HV HVR  £ / D5RPHUOD GH 9 DOPH

'DV - OHUQWDQDV XQ SXH- R TXH FUHFH

3RU 2 - RVp 0 8iTXH£ 6RWR 3UR 3yUURFRGH OR 6DQWR&UX &LQFR VRQ \‡ ODV 3‡UURTXLDV

/ DV HQXPHUDPRV SRU VX DQWtJHGDG \ IHFKDV GH HUHFFLyQ / D GH 6DQWD0‡0D££GDOHā QD 8QLFD KDVWD KDFH SRFR HQ OD 9 ,LLD FRP SUHQGH HO FHQWUR GH OD SREODFLyQ / DGH 6DQWD &UX] TXH IXH OD SULPHUD GHVPHPEUDGD \ OD ~OXPD TXH FRPHQ]y D IXQFLRQDU HO SDVDGR PHVGH@XQLR FRPSUHQGH ODV%DUULDGDV GH6DQ +HUPHQHJLOGR 6DQWD $QD 3HGUHUDV )UDQ FLVFR 0D\R \ 9 HUHGD GHO *DUDMH / DGHO 5RFtR XELFDGD HQ OD EDUULDGD 1XHVWUD 6HxRUD GH 9 DOPH / D GH 6DQ 6HEDVWLiQ TXH WLHQH VXV OtPLWHV MXQWR D OD GH OD 0DJGDOHQD \ OD GH 1XHVWUD 6UD GHO $ PSDUR D OD TXH Gi QRUQ EUH OD EHOOD EDUULDGD FRQVWUXLGD KDFH SRFR / D HUHFFLyQ GH QXHYDV SDUURTXLDV HQ 'RV +HUPDQDV VXSRQH TXH HO SXHEOR FUHFH HQRU PHPHQWH \ TXH HVSLULWXDOPHQWH QR VH OH SXH GH DWHQGHU VLQ OD DSHUWXUD GH HVWRV QXHYRV FHQWURV SDUURTXLDOHV (VWR GiRULJHQ DQR SHā TXHxRV SUREOHPDV &UHDFLyQ GH QXHYRV WHP SORV FUHDFLyQ GH OD IGLJUHVOD TXH HVD~Q PiV LPSRUWDQWH IRUPDFLyQ GH XQFOLPD GH SDUURā TXLDOLGDFOTXH KDJD VHQWLU D ORV QXHYRV IHOL JUHVHV VX QXHYD SDUURTXLD 'HOD PLVPD tRU UQD TXH ORV KLMRV FXDQGR VH FDVDQ KDQ GH FUHDU XQ QXHYR KRJDU ORV QXHYRV IHOLJUHVHV KDQ GH FDHU HQ OD FXHQWD GH TXH ODFDVDG ORV SDGUHVOD YOHMD SDUURTXLD GHOD 0DOGDOHQD HVVROR \D SDUD HOORV OD FDVD VRODULHJD XQ UHā FXHUGR (OORV KDQ GH YLYLU D OD VRPEUD GH RWUR FDPSDQDULR TXH DXQTXH VHD PHQRV HVā EHOWR TXH OD WRUUH GHO SXHEOR HV XQD SDUURā TXLD FRQ WRGDV VXV IXQFLRQHV MXUOGLFDV \ VD FUDPHQWDOHV (V VX QXHYD FDVD / D QXHYD FDVD GHO SXHEOR GH 'OFV 8Q SXHEOR TXH FUHFH / D FLXGDG GH 'RV +HUPDQDV HVWiDXPHQ WDQGR VX SREODFLyQ GtD D GtD GHVGH GHQWUR \ GHVGH IXHUD 6RQ PXFKRV ORV TXH QDFHQ FDGD DxRVREUH PiV GH VHLVFLHQWRV QDFLPLHQWRV DQXDOHV\ PXFKRV ORV TXH SRU PRWLYRV GH UHDJUXSDFLyQ IDPLOLDU RHQ EXVFD GH WUDEDLR OOHJDQ D DYHFLQGDUVH HQ OD FLXGDG QD]DUHQD aR ORV ~OWLPRV DxRV XQ EXHQ FRQWLQJHQWH GH tDPLOWDV YHQLGDV GHVGH 3XHUWR 6HUUDQR *tOH QD (O6DXFHMR 0RQWHOODQR (O $ UDKDO \RWURV SXHEORV GH OD SURYLQFLD VH KDQ TXHGDGR D YLYLU GHILQLWLYDPHQWH DTXL 'RV+HUPDQDV FDā GDGtDVHKDFH PiV SREODFLyQ GH DOXYLyQ (VWR TXH SDUD DOJXQRV WHQJD VXV LQFRQYHQLHQWHV QR GHMD GH WHQHU WDPELpQ VXV YHQWDMDV / D SULQFLSDO GH HOODV HVHO FDPELR GH PHQWDOLGDG

GHO SXHEOR SXHEOR TXHVH KDFH PiV FLXGDG < 3  VH KDEOD HQ ODVHVIHUDV KLSRWpWLFDV GHO FDā QDO 6HYLOOD%RQDQ]D GH OD FLXGDG GH 'RV +HUPDQDV VDUpOXHª GH OD GH 6HYLOOD &RQ HO WLHPSR VH OOHJDUiD HVR 1R KD GH WDUGDU )XWXUD ]RQD LQGXVWULDO

(Q ORVFiOFXORV GHORV SUR\HFWLVWDV GH OD HFRQRPtD DQGDOX]D TXH WUDWDQ GH UHGLPLU QXHVWUD UHJLyQ H LQFRUSRUDUOD DXQ ULWPR PR GHUQR GH YLGDVH WUDWD QDGD PHQRV TXH GH FDPELDU HO aLJQR DWLWOFROD GH OD ]RQD SRU G VLJQR LQGXVWULDO *LJDQWHVFD HSRSH\D TXH WDPELpQ FDUGDUi SRFRHQ UHDOL]DUVH / RV XHP SRVDFWXDOHV GH (VSDxD QR SXHGHQ SHUPWUVH HO OXMR GH PDQWHQHU DOD FDSLWDO DQGDOX]D VRā ODPHQWH D OD VRPEUD GH VX SUHVWLJLR IRONOyULā FR (OVDOWR KDFLD DGHODQWH VHKDEUiGHGDU XQ GLD 'HVGH 6HYLOOD D 'RV +HUPDQDV VH YLVā OXPEUDQ \D DQXQFLRV GH HVWH WLHPSR QXHYR $  RULOODV GH OD FDUUHWHUD 6HYLOODā &iGL] VH HVWiQ XELFDQGR QXHYDV LQGXVWULDV $ OJXQDV \ GHEDVWDQWH LPSRUWDQFLD SRU VX YROXPHQ GH PDQR GH REUDHVWiQ UDGLFiQGRVH HQ ODV PLVā PDV DIXHUDV GH OD SREODFLyQ +DEUi PXFER WUDEDMR 6HUi FDVL LPSRVLEOH OD HPLJUDFLyQ GHQWUR GH FXDWUR R FLQFR DxRV 3UREOHPDV GH FUHGPtHQOR

3HUR HQHVWH FUHFLPLHQWR GHOD FLXGDG GH 'RV+HUPDQDV QR WRGR VRQ HXIRULDV +DEUi TXH ODPHQWDU PXFKDV GHILFLHQFLDV \ IDOWD GH SUHSDUDFLyQ SDUD HVWD REOLJDGD H[SDQVLyQ LPSXHVWD SRU IDFWRUHV GHRUGHQ VRFLDOHFRQp PLFR 'RV +HUPDQDV QR HVXQDFLXGDG SUHYt VRUD SDUD HO IXWXUR 7RGR HQ HOOD VH KD LGR KDFLHQGR VREUH OD PDUFKD FRQ PHMRU R SHRU YROXQWDG FRPR KDQ LGR VDOLHQGR ODVFRVDV 7RGD HVWi OOHQDGH XQSURYOVDFLRXHV TXHHQ XQ IXWXUR SUy[LPR VHUiQ LPSRVLEOH GH FXEULU 3RUTXH HQ HVWH IHQyPHQR JHRSROLWLFR GHO HUHā FLPLHQWR GH SXHEORV \ FLXGDGHV VXFHGHFRPR HQ OD YLGD XQRV SUHSDUDQ HO SRUYHQtU RWURV OR GHMDQ OOHJDU (Q (VSDxD ED\ SXHEORV TXH \D VRQ KHUPRVDV FLXGDGHV SRUTXH VXSLHURQ VXV UHJLGRUHV SUHGHFLU VX IXWXUR \HODERUDURQ XQRV SUR\HFWRV DPSOLRV SDUD FLQFXHQWD DxRV GHVSXpV <  WDPELpQ HVWiQ ORV TXH FRPR HO QXHVWUR FUHFHQ VRODPHQWH HQ SLxD FRPR ORV HQMDPEUHV 1R H[DPLQHPRV ODV FDXVDV SHUR VHxDOHPRV HOSULQFLSDO HIHFWR D TXH HVWR Gi OXJDU / DDSDWtD 'RV +HUPDQDV HVXQSXHEOR DSiWLFR SRFR LPSUHVLRQDEOH \ SRFR VRxDGRU 7DO YH] SRU HVWR QR VHUi QXQFD XQD KHUPRVD

FLXGDG 1R QRV LPSUHVLRQHPRV SRU HVWD SURā OHFLD (Q OD KLVWRUUD WDPELpQ FXHQWDQ ODV FtX GXGHV OHDV / DQXHVWUD VL QR VH UHPHGLD VX IDOWD GH LOXVLyQ YDFDPLQR GH VHUOR ORV WUDMHV  TXHGDQ F RUWRV 

&XDQGR ORVQOOORV FUHFHQ ORV WUDMHV TXHGDQ FRQRV 0XFKRV QLxRV ]DQJRQHV GDQ SHQD FRQ VXV WUDMHV FRUWRV 'DQ PXFKD PD\RU SHā QD FXDQGR HVWRV PLVPRV WUDMHV TXH TXHGDURQ FRUWRV HVWiQ ]XUFLGRV \ UHPHQGDGRV (QWRQ FHV SDUD YHU DO PXFKDFKR ELHQ WUDMHDGR KD\ TXH KDFHUOR WRGR QXHYR < \D VH VDEH OR TXH FXHVWDQ ODV FRVDV FXDQGR KDQ GH KDFHUVH QXHYDV 8Q GLQHUDO &XDQGR HV LPSRVLEOH HO WHQHUOR HO QLOOR KD GH YLYLU VLHPSUH FRQ VX WUDMH FRQR VLHQGR OD EXUOD GH ORV GHPiV 0RYLHQGR DFRPSDVLyQ (VWR SXHGH SDVDU FXDQGR QR VH KD SUH YLVWR HO OXWXUR (V XQD SHQD TXH HQ QXHVWUD FLXGDG SXHGDQ SDVDU HVWDV FRVDV 8Q SXHEOR TXH SHVH D OD FULVLV DFWXDO GH VX LQGXVWULD FODYH OD HODERUDFLyQ GH OD DFHLWXQD GHYHUā GHR KD PRYLGR \ PXHYHULRVGH RUR GHEHUOD RIUHFHU PHMRU SHUVSHFWLYD SDUD HO IXWXUR 6X SUHVHQWH GHVWOXVWRQD DTXLHQ OOHJD DFRQRFHUOR D IRQGR 8QD UiSLGD SDQRU‡POFR

1R X VHxDODU GHIHFWRV VLQR KDFHU H[iPHQ GH FRQFLHQFLD 1XQFD PHMRU TXH HQ HVWDRFDā VLyR HQTXH FRGDV ODV FDPSDQDV SRSXODUHV VH HFKDQ DO YXHOR SDUD FHOHEUDU XQ 9 DOPH PiV ODGH VHxDODU DTXt HQWUH QRVRWURV ODV GH FLHQFUDV GH QXHVWUR SXHEOR \DXQDU QXHVWUD YROXQWDG \ HVIXHU]R SDUD TXH VH FRUULMDQ 1R YDPRV D KDEODU GH VX GHILFLHQWH JHRPHWUtD XUEDQD HQ FDOOHV \ SOD]DV QLGHVXV SUREOHPDV GHDGPLQLVFUDFLyQ PXQLFLSDO (VWR VHVXSRQH TXHGHEHVHU SHUIHFWR ([LVWH DOJR PiV JUDYH TXH\R UHVXPR HQ XQ VROR SHFDGR FROHFWLYR 1XHVWUR SXHEOR FDUHFH GHVHQWLGR VRFLDO 0iV GH FXDWURFLHQWDV IDPLOLDV KR\ QR WLHQHQ XQD YLYLHQGD YLYHQ KDFLQDGRV QR FRQWHPRV ODV PDFURFDVDV GH YHFLQRV HQWUH HOODV OD GHO%D UULR GH6DQ - RVp GRQGH PiV GH XQ FULVWLDQR GHMDULD GH VHUOR 1RVHSXHGH YLYLU FRQ GLJQLā GDG QLFRQ OLPSLH]D 9 HUHGDGHO *DUDMH &DQā WHUDV GRQGH VH KD SHUPLWLGR YLYLU FXDQGR QR VH GHEtD KDEHU KHFKR 3UREOHPDV GH IDOWD GH OX] DOFDQWDULOODGR \ DJXD 3UREOHPDV JUDYHV GH IDOWD GHHVFXHOD 8Q JUDQ VHFWRU GH ODSR EODFLyQ HO TXH GLYLGH OD YtD WHUUHD KDFLD OD FDā UUHWHUD GH$ OFDOi \TXH FRPSUHQGH XQD 3D UURTXLD GH 'RV +HUPDQDV / RV QXFOHRV GH SREODFLyQ GH %GD 6DQWD $QD 6DQ +HUPHQH JLOGR 3HGUHUDV \ )HGHULFR 0D\R GRQGH \D QR VROR YLYHQ YHUDQHDQWHV QR WLHQHQ XQD VROD HVFXHOD 1R WLHQHQ QL XQ VROR FHQWUR HVFRODU 8RDPRV DHVWR HO GpOLFLW GH HVFXHODV SULPD ULDV HQ RWURV VHFWRUHV \ OD UHFLHQWH FODXVXUD GHO *UXSR (VFRODU 3tR ; ,, )DOWD GH FRQā

FLHQFLD VRFLDO HQ WRGRV DTXHOORV TXH VRQ ORV PiV OODPDGRV D WHQHUOD 0DQLILHVWD TXHGD HQ HVWRV KHFKRV H[SXHVWRV \ HQ DOJXQRV TXH GH YH] HD YH] VH SURGXFHQ \ TXH KDQ TXH VWOHQ FLDUVH SRU QR VHUGHPDVLDGR SUROLMRV $XQTXH D~Q FDEULD HQXPHUDU PXFELVLPRV HQWUH HOORV HO KDEHU SHUGLGR HVWH DxR OD SRVLELOLGDG GH FRQWDU FRQ XQ ,QVWLWXWR GH 6HJXQGD (QVH x DQ]D SRUTXH DOJXLHQ FUH\y TXH QRHUD QHFH VDULR HQ QXHVWUR SXHEOR >&RQ OR TXH WLHQHQ TXH SDVDU ODV ODPLOLDV PRGHVWDV GH 'RV +HUā PDQDV SDUD TXH VXV KLMRV HVWXGLHQ HO EDFKO OOHUDWR 6 PLUDPRV KDFLD HO IXWXUR OD &LXGDG GH 'RV +HUPDQDV GHEH UHDFFLRQDU VXEVDQDQā GR VXV GHOLFLHQFLDV \ SUHSDUiQGRVH SDUD UHā VROYHU VXV QXHYRV SUREOHPDV GH FUHFLPLHQWR &UHFLPLHQWR GH WRGD OQGROH (VSLULWXDO \ KXā PDQR ODERUDO \ FXOWXUDO FDGD GID TXH SDVD GHMD GH VHU PiV SXHEOR \ VX VLWXDFLyQ SUWYt OLJLDGD GHQWUR ,G SWDQ JHQHUDO GH UHVFDWDU $ QGDOXFtD GH VX OH\HQGD IRONOyULFD OD KDFHQ UHVSRQVDEOH GH XQ IXWXUR TXH VH SUR\HFWD PX\ GLVWLQWR DO WLHPSR SDVDGR FXDQGR HUD VROR XQ SXHKOR DOHGDxR GH 6HYLOOD KDFLD GRQā GH LEDQ ORV WUDMLQHURV FRQ VXV UHFXDV \ FDUURV WUDQVSRUWDQGR PHUFDQFODV (VWR KDFH WLHPSR TXH TXHGy DWUiV 7DQWR TXH \D VH HVWiQ PX UNQGR ORV ~OWLPRV YLHMRV TXH YLHURQ FRQV WUXLU ODV SULPHUDV FDUUHWHUDV VOPEROR GHOSURā JUHVR \OD FLYLOL]DFLyQ

-

0 9  6 

&DUWDDELHUWDD OD 9 LUJHQ GH 9DOPH 0DGUH 6DQWKLPD GH 9 DOPH TXH YLYHV \ UHLQDV HQ HO FLHOR (VWR\ PX\ VDWLVIHFKR GH ODDSDULFLyQ GH HVWDV QQHDV TXH WH GLULMR SRUTXH GLR HV SUXHED GLiIDQD GH TXH OD 5HYLVWD D 7L GHGLFDGDHVD LGHD TXH PH WQVStUDVWHV 7~ KH SRGLGR UHDOL]DUOD IHOL]PHQWH SRU FX FHOHVWLDO PHGLDFLyQ DQWH 'LRV 3DGUH 3RU HVR WHHVFULER 3DUD DJUDGHFHUWH GHVGH DTXt DEDMR WX LQWHUFHVLyQ \ SDUD TXH WRGRV ORV KRPEUHVPLV KHUPDQRV \WDPELpQ FRPR \R WXV KLMRVFRQR]FDQ \ DSUHQGDQ TXH WRGD REUD GHGLFDGD D7, SRU PRGHVWD TXH VHD \ SRU PXFKRV LPSHGLPHQWRV TXH SR GDPRV HQFRQWUDU HQ DOJXQRV VHFWRUHV KXPDQRV WLHQH TXH OOHJDU IRU]RVDPHQWH D IHOL]WpUPLQR <  HV TXH 7~ 0DGUH GHVGH DOOiDUUOED¢SRUTXp ORV KRPEUHV HOHYDPRV WDQ SRFR QXHVWURV RMRV DOFLHOR \ a, QDGD PiV TXH SDUD PDOGHFLU HVH SHGULVFR TXH KD FDOGR \ PDORJUD OD FRVHFKD GH ODV DFHLWXQDV" ¢$ FDVR QRVRWURV ORV KRPEUHV VDEHPRV DTXHOOR TXH PiV QRV FRQYLHQH"DOODRDV \ OLPSLDV HO FDPLQR SHGUHJRVR GH PLVHULDV KXPDQDV SDUD ORV TXHWHDPDQ FRQ ILGHOLGDG 3HUGyQDPH 0DGUH VLDOJXQR GH PLV KHUPDQRV SXHGH VHQWLUVH KHULGRFRQHVWDV PLV DOXVLRQHV D ODV PLVHULDV GH ORV KRPEUHVPLVHULDV GH ODV TXH \R WDPELpQ HVWR\ FRQWDJLDGRSHUR \D VDEHV 7 ~ TXH HVDOJR PiV TXH HVR FXDQWR TXLHUR GHFLU (V VLP SOHPHQWH RUJXOOR HVSLULWXDO GHO KLMR TXH KD FUHtGR VHUYLU PRGHVWDPHQWH D $ TXHOOD DOD TXH WDRWR GHEH \TXH WDQWDV SUXHEDV GH DPRU OHā WLHQH GDGDV 1DGD PiV \ QDGD PHQRV TXHHVR 6XSRQJR TXH HVWDUiV DOHJUH £ 4Xp SLURSRV PiV KHUPRVRV WH GLULJHQ FXDQWRV FRODERUDQ FRQPLJR (VH PLQLVWUR GH WX +LMR TXH OHMRV DOOi HQ HOSXHEOR PLQHUR GH 5OR 7LQWR FH GLFH TXH VLYLYLHUDV DKRUD HQ HVWH WLHPSR HO VDEH TXHVHUODV ‡!&(,781(5$ ,‡ 'RQ - RDTXtQ HOSRHUD GHO $ OFi]DU VHYWOODQR DVHJXUD TXH ‡< $  / 26 7,(0326 9 $ 5,$ 1‡ 4XH OH VDOYHV¢D TXLpQ QR"7H OODPD H9 ,5*(1 '( / 26 / / $ 126 9 (5'(6‡ ¢<  'RQ - RVp ā HOSiUURFR"  !HxDOD TXH F&$ 0,1$ 1'2 &217 ,*2 $ /  &257, - 2 '( &8$ 5I2 (/  ',$ '( / R? 5 (5,$  (6 / $  0(','$  $ 87(17,&$  '( / 2 48( '(%( 6(L / $  $ / (*5,$  '(/  &5,67,$ 12‡ 'RQ- XDQ HO UHVSHWDEOH PpGLFR GHO SXHEOR SLGH SDUD 7L +2125(6 0,/ ,ā 7$ 5(6 $ ERJD - RVp 0 SRUTXH QR GHVDSDUH]FD OD IXHQWH GH OD TXH 7 ~ KLFLVWHV EURWDU DJXD SDUD FDOPDU ODVHG DEUDVDGRUD GH ODV KXHVWHV WHUQDQGWQDV 7XKLMR 0LJXHO WHOODPD ‡+2125 '( 18(6752 38(%/ 2‡ 'RQ -RVp 5XL] 0DQWHUR VLHPSUH GLVQXHVWR VLHPSUH HQWUHJDGR FRQ FHOR GH iSRVWRO D WX PD\RU JORULD QRV LQYLWD D OXFKDU SRU XQ PXQGR PHMRU \ PiV MXVWR ¢<  - RVp / XLV HVHORFXWRU GH5DGLR 1DFLRQDO TXHUH]D HO DQJHOXV WRGRV ORV GtDV \ DWUDYpV GH ODV DQWHQDV OOHJD KDVWD QRVRWURV VX YR] FiOLGD OOHQD GH PDWLFHV VHQVW EOHV LQYLWiQGRQRV D UHFRUGDUWH" 7DPELHQ KD FRODERUDGR FDQWDQGR ODV H[FHOHQFLDV GH WX SXHEOR \ DVXV PRUDGRUHV &DQWDQGR OD VLPSDU 5RPHUWD - RDTXOQ 'RQ 0DQXHO / XWVtWR (O SULPHUR SLGH WX FRURQDFLyQ FDQyQLFD / XLVOWR WH GLFH TXH HVFia PiV EHOOD VLQ PDQWR R DO PHQRV HO FH YH DVt <  'RQ 0DQXHO GLFLHQGR PXFKR VyOR UHSLWH XQD \RWUD YH] 9 DOPH 6HxRUD 9 DOPH 6HxRUD‡ < SRU ~OWLPR HOEHQMDPtQ 'RPLQJR %HUQDO (O MRYHQ SRHWD QD]DUHQR FRQ FRGD OD JHQHURVLGDG GH VX DOPDDOPD GH MRYHQ KD FRPSXHVWR SDUD 7L VX PHMRU WUDEDMR 6XV tOXVLRQHV VRxDGRUDV \ HVSHUDQ]DV UHDOL]DEOHV GH p[LWR IXWXUR ORKDYHUWtā GR HQ VXV ULPDV 7RGRV WHFDQWDQ 7 RGRV WH DPDQ \ HVR HVKHUPRVR 1DGD PiV 0DGUH 7H GR\ ODV JUDFLDV SRUVHUYLUWH GH HOORV \ GH PL 5HFLEH GHVGHWX DPDGD YLOOD QD]DUHQD HODPRU \ ODYHQHUDFLyQ GH WX KLMR 6 WÒODGRU XIUULaDV 

$UUR]

F( / $=25 LW

- 26 (  0$5 7,1( = DUURFHULDV +$5 2 6RQ )HUQDQGR 6 $

&RQVWUXFWRU GH 2EUDV

0Xx R] / HyQ  7HOpIRQR  

6(9 ,/ / $

& ODVHV

/ XO‡

6 HOHFWDV

GH < E'33'

'26 

 

7 H‡‡ā

HW

*

+( 5 0$1$6 

)HUQDQGR 5LYDV -RVp07URQFRVR (; 3257$'25 '( $&(,781$6

&DVWHODU '26

(; 3257$'25 '( $&(,781$6

7HOpIRQR 

+(50$ 1$ 6

7HOpIRQR  '26

+(50$ 1$ 6