Gran Pre-adoc 1 MTRO.indd
Transcription
Gran Pre-adoc 1 MTRO.indd
3UHDGRF0752 (O*5$1 'HVDItR GH'LRV 3UHDGRF *HQHUDFLyQ 3UHDGRF /LEURGHO0DHVWUR VLGR VWiVXFHGLHQGR+DQ VH LxR VQ OR GH xR XH LRV(VWH Q£(OV «£(O*UDQ'HVDItRGH' UEDLODUR £/XFHVFiPDUDDFFLy RZ VK W\ DOL OUH QH UH WLFLSD FDQWD VHOHFFLRQDGRVSDUDSDU XEDQDOHVFHQDULR\KDJDQORVX\R¢9DQD HV TX UD SD WR HVHOPRPHQ ER[HDU" VLPSRUWDQWHV GLYHUWLGRDODVOHFFLRQH WHQFLD PD WH XQ HU RQ VS H WDV SH HS 0DHVWURWXUHWRVLORDF VSDUDDVLVWLUDWXFODVH\SDUWLFLSDUHQODFRP QWHTXH UWD xR SR QL LP ORV GD D DU QD D\ QLP RK GH'LRVD QRHVGH'LRVRTXHQ WLU SH RP OF HH TX DU « QV &RULQWLRV 3XHGHVSH YHUGDG3DEORGLFHHQ JDQDU«£SHURHVRQRHV yORXQRREWLHQH GRUHVFRPSLWHQSHURV UUH FR RV VO GR WR UD UH DU RUWLVWDVVH DF ³¢1RVDEHQTXHHQXQ EWHQJDQ7RGRVORVGHS RR HO TX GR PR DO HW G HV LRTXHVHHFKD HOSUHPLR"&RUUDQSX HQSDUDREWHQHUXQSUHP XH\RQRFRUUR DF RK VO OOR ( LQD LSO VF HQWUHQDQFRQPXFKDGL PELRSRUXQRTXHGXUDSDUDVLHPSUH$VtT PL FD ODLUH0iVELHQJROSHR VD OSH JR GD DSHUGHUQRVRWURVHQ LHQ TX PR XHGH HWDQROXFKRFR GRDRWURV\RPLVPRT LFD HG SU HU FRPRTXLHQQRWLHQHP DE HK VG Xp HDTXHGHVS FXHUSR\ORGRPLQRQRV GHVFDOL¿FDGR´ VIUXWHQ SUHPLR«\DXQTXHGL XQ RU ´S GR HQ UUL FR Q³ QLxRVHVWDUi GLHVHORVSXHGH (QHVWDFRPSHWHQFLDORV UGDGHURSUHPLRHVWDUiHQHOFLHORGRQGHQD UHDOPHQWH YH HOJDQDUHQODFODVHHO RGH'LRV´FRPSHWLUiQFRQODVFRVDVTXHVRQ DIt ELp HV DP QWHQGUiQ TXLWDU(Q³(O*UDQ' QGHOD%LEOLD«£SHURW FLy L]D RU HP U5$3 P D\ WXU HF HGHFRPSRQHUHOPHMR SX LHQ TX LPSRUWDQWHVFRPRODO GR LHQ RY RP TXLpQ GLYHUWLGDVF QLxRVYDQDDSUHQGHU ORV LD QF DOJXQDVFRPSHWHQFLDV HWH PS FR OD HQHUDFLyQGH %LEOLDWRGRHV 'XUDQWHHVWDSULPHUDJ LDGRXQDUHODFLyQFRQQRVRWURV\DTXHHQOD QLF HV'LRV\FyPReOKDL DFHUFDGH'LRV RV YLGDVXFODVHHQHTXLS RV GL WHG XV XH VT H Z´ KR JDQDGRU/ O³5HDOLW\6 /DLGHDFRQHOWHPDGH YHUDO¿QDOGHORVPHVHVTXpHTXLSRHVHO DGHVXOLEUR UD WDG SD RU DV DS GRODFRQWU DQ XV HOORVJDQDUiQFDOF WH HQ DOP LGX GLY Q]DUD FRPSHWLULQ VDFDUVXV%LEOLDV\FRPH UDQ D DQ QLxRVWDPELpQSXHGHQ VY QR XP DO XV HW WHHVTX Q«³(O* GHODOXPQR/RLPSRUWDQ RTXHSXHGDQVHUORVVLJXLHQWHVJDQDGRUHVH RG HP UG OHHU\PHPRUL]D 'HVDItRGH'LRV´ LGDVGHWXV UUHUDSDUDLPSDFWDUODVY IXWXUR FD QD QX RH HU S R´ QG ³FRUULH PELDUVX 0DHVWURWDPELpQHVWiV VQLxRVQXQFDVHUiQLJXDOHV«\SXHGHVFD /R H SU HP DOXPQRVSDUDVL UUHSDUDJDQDU PRGLFH3DEOR«£&R FR V\ QD JD DOH FK e SDUDELHQ w%AU*=AOPNKOl 0EC=JH=?KILAPAJ?E=AJH=SA> R'H'LRV ZZZ/RV1LQRV&XHQWDQFRP(O*UDQ'HVDÀ +RUDULR6XJHULGR 2UDUSDUDHPSH]DU,QWURGXFLUHOWLWXORGHODOHFFLyQ/HHUHO9HUVR /HHUODOHFWXUDGHOD%LEOLDGHVGHORVOLEURVGHODOXPQR 'DUHOOHFFLyQSULQFLSDO /LEURVKDFHUORVURPSHFDEH]DV (O'HVDItRGDULQVWUXFFLRQHVKDFHUODDFWLYLGDGRUHYLVDUSXQWRV -XJDUHOMXHJRFRQHOYHUVRGHPHPRULD ?=H w!ENECA=HKOJE¶KO=QJ U>ANHK JK ¶KO JE L=N=MQAL=NPE?ELAJUOEHKO t PEAJAJQJ=E>HE=L=N=HAANAJ?=O= Pl LQA@AJHAANH=AJH=&JPANJA &RQWHQLGR ,QWURGXFFLyQ 3HUVSHFWLYD*HQHUDO &yPRXVDUHO0DWHULDO\ &DOFDVSDUDUHFRUWDU 9RODQWHV -XHJRVLQWHUiFWLYRV 81DxRGHFODVHV /HFFLyQ+D\XQ'LRV /HFFLyQ'LRVHO&UHDGRU /HFFLyQ'LRVHV6DQWR /HFFLyQ'LRVHV$PRU 'HVDItRV/DFRPSHWHQFLD /HFFLyQ'LRVHVHO6DOYDGRU /HFFLyQ'LRVHV7RGRSRGHURVR /HFFLyQ'LRVHV-XVWR /HFFLyQ'LRVHV&RPSDVLYR /HFFLyQ'LRVHVOD9HUGDG /HFFLyQ(O'LRV9HUGDGHUR /HFFLyQ'LRVHV(WHUQR /HFFLyQ'LRVHVHO6HxRU /HFFLyQ'LRVHV$VRPEURVR 'HVDItRV /RVQLxRVGHWXFODVHVHUiQFRPRORVSDUWLFLSDQWHVGHORVSURJUDPDVGHWHOHYLVLyQ³(O*UDQ 'HVDItR´³/D$FDGHPLD´³+LJK6FKRRO0XVLFDO´R³/DWLQ$PHULFDQ,GRO´7DPELpQVHDVHPHMDDO UHDOLW\VKRZ³6REUHYLYLHQWHV´ 7XVHVWXGLDQWHVVRQFRQFXUVDQWHVWUDWDQGRGHJDQDUXQJUDQSUHPLRTXHSXHGHVHUXQWURIHR HOUHFRQRFLPLHQWRIUHQWHDWRGDODLJOHVLDXQDERQLWD%LEOLDXRWURJUDQUHJDOR1XHVWURREMHWLYR HVGHVDUUROODUHOWHPDGHXQDPDQHUDGLYHUWLGDSDUDORVQLxRVGHWXLJOHVLDDVtFRPRPRWLYDUORVD PHWHUVHHQOD%LEOLDHQXQDFRPSHWHQFLDLPSUHVLRQDQWH /RVSXQWRVSULQFLSDOHVHQODFRPSHWHQFLDVHUiQOHHUOD%LEOLD\PHPRUL]DUYHUVRV(VWDVDFWLYLGDGHV VHSUHVHQWDUiQGXUDQWHODVGRVSULPHUDVOHFFLRQHVSHURQHFHVLWDVFRQWLQXDUKDFLpQGRORGXUDQWH WRGDOD8QLGDG,QFOXLPRVRWUDVDFWLYLGDGHVSDUDTXHSRQJDQVXIHHQDFFLyQFRPRHOGHVDItRGH ODVHPDQDGHVDFUL¿FDUVH\KDFHUDOJRSRUDOJXLHQPiV)LQDOPHQWHKHPRVDJUHJDGRDOJXQRV HOHPHQWRVGLYHUWLGRVDODFRPSHWHQFLDFRPRODFUHDFLyQ GHXQDGDQ]D\XQ5DS /RVGHVDItRVVRQODPHMRUSDUWHGHHVWHPDWHULDOSRUTXH D\XGDQSDUDTXHORVQLxRVVHPHWDQHQOD%LEOLD\ SRQJDQHQSUiFWLFDORTXHDSUHQGHQHQODLJOHVLD6XV YLGDVGHSHQGHQGHFyPRDSUHQGHQDHYLWDUODKLSRFUHVtD \FyPRSRQHUUHDOPHQWHHQDFFLyQOD3DODEUDGH'LRV (VSHURTXHSXHGDVYHUFRQVHULHGDGODQHFHVLGDGGH TXHORVQLxRVDSUHQGDQGH'LRVGHXQDPDQHUDDFWLYD \GHVSXpVDJUHJDUDOJRGHGLYHUVLyQSDUDORJUDUTXHVH PRWLYHQ\GLVIUXWHQGHODLJOHVLDDOPLVPRWLHPSR 1RWD GH (VLPSRUWDQWHPDQWHQHUHOiQLPR FRPSHWHQFLDHQWUHORVHTXLSRV QWH 6LXQHTXLSRHVWiGHPDVLDGRDGHOD O FRQVXVWULXQIRVORVLQWHJUDQWHVGH GH RWURVHSXHGHQGHVDQLPDU\GHMDU LWDU FXPSOLUFRQORVGHVDItRV3DUDHY HV QLF UJD HVWRUHFRPHQGDPRVTXHUHR ORVHTXLSRV\DVtPDQWHQHUXQD FRPSHWHQFLDPiVSDUHMD 0LQLVWHULR3UR9LVLyQ (ODERUDGRSRU0LQLVWHULR3UR9LVLyQUHVHUYDPRVORV GHUHFKRV/HVGDPRVSHUPLVRGHKDFHUFRSLDVGHO PDWHULDOSDUDVXVQHFHVLGDGHVRSDUDEHQGLFLUDRWURV PLQLVWHULRVQRSDUDYHQGHU £*UDFLDVDOHTXLSRFUHDWLYRGHOPDWHULDO 'ZLJKW\.ULVWLQD.UDXVV*HUPiQ$OFiQWDU\-RVK:HEE 7RGDOD(VFULWXUDWRPDGRGHOD1XHYD9HUVLyQ ,QWHUQDFLRQDO,PSUHVRHQ0p[LFR 3DUDPiVLQIRUPDFLyQFRQWiFWDQRVD NULVWLLQD#SURYLVPH[FRP ROOiPDQRVD (O*5$1 'HVDItR GH'LRV *HQHUDFLyQ +D\XQ'LRV -XDQHO%DXWLVWD 'HVDItR/HHUOD%LEOLD 'LRVHO&UHDGRU /D&UHDFLyQ 'HVDItR0HPRUL]DU 'LRVHV6DQWR 0RLVpVPLUDOD*ORULDGH'LRV 'HVDItR9ROHLEROGHDODEDQ]D 'LRVHVDPRU 1DFLPLHQWRGH-HV~V 'HVDItR6DFUL¿FLRV 'LRVHVHO6DOYDGRU 0XHUWHGH-HV~V 'HVDItR'DQ]DFRQ9HUVR 'LRVHV7RGRSRGHURVR 0RLVpVHQHO0DU5RMR 'HVDItR8VDGRVSRU'LRV 9HUVtFXOR ³<RVR\HO$OID\OD2PHJD HO3ULPHUR\HOÒOWLPR HO3ULQFLSLR\HO)LQ´ $SRFDOLSVLV 9HUVtFXOR ³'LRVHQHOSULQFLSLRFUHy ORVFLHORV\ODWLHUUD´ *pQHVLV 9HUVtFXOR ³([DOWHQDO6HxRUQXHVWUR 'LRVDGyUHQORHQVXVDQWR PRQWH£6DQWRHVHO6HxRU QXHVWUR'LRV´6DOPR 9HUVtFXOR ³$VtPDQLIHVWy'LRVVXDPRU HQWUHQRVRWURVHQTXHHQYLy DVX+LMRXQLJpQLWRDOPXQGR SDUDTXHYLYDPRVSRUPHGLR GHpO´-XDQ 9HUVtFXOR ³<QRVRWURVKHPRVYLVWR\ GHFODUDPRVTXHHO3DGUH HQYLyDVX+LMRSDUDVHUHO 6DOYDGRUGHOPXQGR´ -XDQ 9HUVtFXOR ³([FHOVRHVQXHVWUR6HxRU \JUDQGHVXSRGHU VXHQWHQGLPLHQWRHV LQ¿QLWR´6DOPR 'LRVHV-XVWR 6DORPyQ\HO%HEp 'HVDItR-XVWLFLDDOUHGHGRU 'LRVHV&RPSDVLYR (O+LMR3UyGLJR 'HVDItR&RPSDVLyQ 'LRVHVOD9HUGDG $QDQtDV\6D¿UD 'HVDItR$JXDQWDUVLQ0HQWLU (O'LRV9HUGDGHUR (OtDVHQHO0RQWH&DUPHOR 'HVDItR%R[FRQ9HUVRV 'LRVHV(WHUQR (OtDVVHYDDO&LHOR 'HVDItR5DS 'LRVHVHO6HxRU &RQYHUVLyQGH3DEOR 'HVDItR'LRVQRV*XtD 9HUVtFXOR ³eOHVOD5RFDVXVREUDVVRQ SHUIHFWDV\WRGRVVXVFDPLQRV VRQMXVWRV'LRVHV¿HOQR SUDFWLFDODLQMXVWLFLDeOHVUHFWR \MXVWR´'HXWHURQRPLR 9HUVtFXOR ³(O6HxRUHVEXHQRFRQ WRGRVpOVHFRPSDGHFHGH WRGDVXFUHDFLyQ´ 6DOPR 9HUVtFXOR ³<RHO6HxRUGLJRORTXH HVMXVWR\GHFODURORTXH HVUHFWR´,VDtDVE 9HUVtFXOR ³3HURHO6HxRUHVHO 'LRVYHUGDGHURHO'LRV YLYLHQWHHO5H\HWHUQR´ -HUHPtDVD 9HUVtFXOR ³3RUWDQWRDO5H\HWHUQR LQPRUWDOLQYLVLEOHDO~QLFR 'LRVVHDKRQRU\JORULD SRUORVVLJORVGHORVVLJORV $PpQ´7LPRWHR 9HUVtFXOR ³$PHQDO6HxRUVX'LRV \FXPSODQVLHPSUHVXV RUGHQDQ]DVSUHFHSWRV QRUPDV\PDQGDPLHQWRV´ 'HXWHURQRPLR 9HUVtFXOR 'LRVHV$VRPEURVR ³6HxRUKHVDELGRGHWX 'HVDItR6NHWFK IDPDWXVREUDV6HxRU PHGHMDQSDVPDGR´ +DEDFXFD 'LRVPXHYHODVRPEUD &$/,),&$&,Ð1GHORV'HVDItRVHQFRPSHWHQFLD (TXLSR *DQDGRU6HPDQDOHQ0HPRUL]DU /HFFLyQ 8Q5DS '(6$),26 '(6$)Ì26 /$ &203(7(1&,$ /HFFLyQ /HFFLyQ 8QDGDQ]D FRQHOYHUVR 3UHVHQWDFLyQ ([WUD GH6NHWFK 6HPDQDOHV 'HVDItRV 'HVDItRV ([WUD 6HPDQDOHV (TXLSR *DQDGRU6HPDQDOHQ0HPRUL]DU /HFFLyQ /HFFLyQ 'LRVJXtDPH (VLPSRUWDQWHPDQWHQHUXQVHJXLPLHQWR WDQWRGHORVORJURVLQGLYLGXDOHVFRPRSRU HTXLSRVGHPDQHUDTXHDO¿QDOGHODSULPHUD JHQHUDFLyQWHQJDVXQJDQDGRUSRUHTXLSRV \XQJDQDGRULQGLYLGXDO(QHOLQWHULRUGHWX OLEURHQFRQWUDUiVXQHVSDFLRGRQGHSRGUiV SHJDU³FDOFDV´DOHTXLSRJDQDGRUGHFDGD VHPDQD+DEUi³FDOFDV´SDUDHOTXHPiVOHH SDUDHOTXHPiVYHUVRVPHPRUL]y\SDUDHO TXHKD\DFXPSOLGRPHMRUVXGHVDItRH[WUD GHHVDVHPDQD+D\GHVDItRVFRPRSRU HMHPSORHOGHODOHFFLyQTXHQRVRODPHQWH HVFDOL¿FDUVLORKLFLHURQRQRVLQRDGHPiV YHUTXpVDFUL¿FLRIXHPiVJUDQGH$O¿QDO HOHTXLSRFRQPiV³FDOFDV´VHUiHOJDQDGRU 5HFXHUGDTXHHVVXPDPHQWHLPSRUWDQWH SDUDORVQLxRVTXHODFRPSHWHQFLDVHDMXVWD SDUDWRGRVORVLQYROXFUDGRV9HUHMHPSOR /LVWDGH-XVWLFLD *DQDGRU 6HPDQDO HQ/HHU *DQDGRU 6HPDQDO HQ/HHU ¢&yPRVDFDUXQJDQDGRULQGLYLGXDO" (QODFRQWUDSRUWDGDGHOOLEURGHDOXPQRKD\XQDJUi¿FDTXHHODOXPQRLUiOOHQDQGRFRQIRUPH YDOH\HQGR\PHPRUL]DQGRYHUVRV&DGDYH]TXHDFXPXOHYHUVRVOHtGRVSRGUiUHOOHQDUXQ FXDGUR7DPELpQFDGDYH]TXHPHPRUL]HXQYHUVRSRGUiPDUFDUXQFXDGURRSRQHUODFLWDRFLWDV PHPRUL]DGDV$GHPiVVHHQFXHQWUDXQDWDEODSDUDDQRWDUVXDVLVWHQFLDODVYHFHVTXHJDQDVX HTXLSR\FXDQGRFXPSOHFRQXQGHVDItR7DPELpQHVLPSRUWDQWHQRWDUTXpDOXPQRVREUHVDOHHQORV GHVDItRV3RUHMHPSORHQOD/HFFLyQGRQGHQHFHVLWDQVDFUL¿FDUVHSRURWURVVLHOVDFUL¿FLRGHXQ DOXPQRIXHJUDQGHHLPSRUWDQWHVHUtDEXHQRQRVRORPDUFDUVXFXDGURGHTXHORKL]RVLQRDGHPiV SRQHUOHXQDHVWUHOODGHVREUHVDOLHQWH(ODOXPQRTXHWHQJDPiVFRPSOHWRWDQWRODJUi¿FDFRPROD WDEODVHUiHOJDQDGRULQGLYLGXDO9HUHMHPSOR 9HUVRV0HPRUL]DGRV 'HVDItR3HUVRQDO 'HVDItRVSDUDWRGDOD8QLGDG 'HVDItRGH9HUVRV/HtGRV $VLVWHQFLD /HFFLyQ9ROHLEROGHDODEDQ]D /HFFLyQ8QDGDQ]DFRQHOYHUVR /HFFLyQ%R[FRQYHUVRV /HFFLyQ8Q5DS /HFFLyQ3UHVHQWDFLyQGH6NHWFK 'HVDItRVSRUHTXLSRHQFODVHV /HFFLyQ6DFUL¿FLRSRURWURV /HFFLyQ'LRV~VDPHFRQDOJXLHQ /HFFLyQ/LVWDGH-XVWLFLD /HFFLyQ7HQHUFRPSDVLyQ /HFFLyQ$JXDQWDUVLQPHQWLU /HFFLyQ'LRVJXtDPH 'HVDItRVVHPDQDOHVHQFDVD 'HVDItRSRU(TXLSRV /HHUOD%LEOLD,QWURGXFLUVHPDQD 0HPRUL]DU9HUVRV,QWURGXFLUVHPDQD &DOFDVSDUDUHFRUWDU 5HFRUWDXQDFDOFD\SyQVHODDO 'HVDItRVVHPDQDOHVHQFDVD /HFFLyQ /HFFLyQ /HFFLyQ /HFFLyQ 8QDGDQ]D FRQHOYHUVR /HFFLyQ /HFFLyQ 'LRVJXtDPH /HFFLyQ /LVWDGH-XVWLFLD /HFFLyQ $JXDQWDU VLQPHQWLU 'HVDItRV SRUHTXLSRV HQ&ODVH /HFFLyQ 7HQHU &RPSDVLyQ 'LRV~VDPH FRQDOJXLHQ 6DFULILFLR SRURWURV HTXLSRJDQDGRUHQHOSRVWHU %R[FRQ YHUVRV 9ROHLEROGH DODEDQ]D /HFFLyQ /HFFLyQ 8Q5DS 3UHVHQWDFLyQ GH6NHWFK 'HVDItRVSDUDWRGDOD8QLGDG *DQDGRU 6HPDQDO HQ0HPRUL]DU *DQDGRU 6HPDQDO HQ/HHU Õ12 &29(5 3$6$/$ $1725&+$ 6DOPR *,5$ 8QWDOOHUGHFDSDFLWDFLÊQDQXDO GHOPLQLVWHULR3UR9LVLÊQSDUD ORVTXHWUDEDMDQFRQQLÈRVHQODV LJOHVLDVHYDQJÀOLFDV Õ(QFX¸QWUDODHQPøV GH FLXGDGHVSRU WRGRHOSDāV 8QWLHPSRHQFHQGLGRSDUD PDHVWURVGRQGHYDVD s2EWHQHUPDWHULDOQXHYRSDUD}WRGRHODÈR s$JDUUDUP¸VGHLGHDVQXHYDVSDUDWUDEDMDUFRQQLÈRVGHWRGDVHGDGHV s9HUODVKHUUDPLHQWDVGHGLVFLSOLQDTXH\DWLHQHVHQODPDQR s&RQRFHUDRWURVHQHOPLQLVWHULRGHQLÈRVHQWXFLXGDG s5HFLELULGHDVSDUDWUDEDMDUHQFRQMXQWRFRQORVSDGUHVGHORVQLÈRV\ s$YLYDUHOIXHJRGHWXPLQLVWHULRHQWXFRUD]ÊQSDUDTXH SXHGDVSDVDUODDQWRUFKDDODVLJXLHQWHJHQHUDFLÊQ SRUTXH ORVQLĄRVFXHQWDQ 9LVLWD ODSøJLQD ZZZ/RV1LQRV&XHQWDQFRP \XELFDHOWDOOHUPøVFHUFDQRDWL (O*5$1 'HVDItR GH'LRV (O*UDQ'HVDIRGH'LRV PHVHVGHFODVHVHQ XQLGDGHVSDUDHGDGHV %XVFDQGRHO 5HLQR GH LRV ''LRV 'HWHFWLYHV PHVHVGHFODVHVHQVROD XQLGDGSDUDHGDGHV Õ12 &29(5 *DOD[LD([SUHVV 8QD(VFXHOD%EOLFDGH9HUDQR FRQOHFFLRQHVSDUDHGDGHV GHWHFWLYHV 0DWHULDOHVSDUDHO 9RODQWHV (VWRVYRODQWHVWHSXHGHQD\XGDUGHGRVPDQHUDV3ULPHUROHTXLWDVODRSRUWXQLGDGDOQLxRGHPHQWLU \FXPSOLUFRQHOGHVDItRTXHOOHYDDFDVDVHJXQGRLQYROXFUDVDORVSDGUHVHQODVWDUHDVGHOQLxR 3RUHMHPSORHQHVWRVYRODQWHVORVSDGUHVSRGUiQDQRWDUFXiQWRVYHUVRVOH\yHQODVHPDQDVX KLMRDDGHPiVGHFRQ¿UPDUTXHVXKLMRDFXPSOLyFRQHOGHVDItRSDUDHVDVHPDQD8VDDORV SDGUHVFRPRWXVDOLDGRVSDUDHOPHMRUGHVDUUROORGHORVDOXPQRV 6DFDFRSLDV\XVDHVWDKHUUDPLHQWD 'HVDItRV 'HVDItRV $O¿UPDUHVWHYRODQWHKDJRFRQVWDUTXHPLKLMRDFXPSOLyFRQORVLJXLHQWH $O¿UPDUHVWHYRODQWHKDJRFRQVWDUTXHPLKLMRDFXPSOLyFRQORVLJXLHQWH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RPEUH\)LUPDGHO3DSiR0DPi BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RPEUH\)LUPDGHO3DSiR0DPi 'HVDItRV 'HVDItRV $O¿UPDUHVWHYRODQWHKDJRFRQVWDUTXHPLKLMRDFXPSOLyFRQORVLJXLHQWH $O¿UPDUHVWHYRODQWHKDJRFRQVWDUTXHPLKLMRDFXPSOLyFRQORVLJXLHQWH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RPEUH\)LUPDGHO3DSiR0DPi BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RPEUH\)LUPDGHO3DSiR0DPi 'HVDItRV 'HVDItRV $O¿UPDUHVWHYRODQWHKDJRFRQVWDUTXHPLKLMRDFXPSOLyFRQORVLJXLHQWH $O¿UPDUHVWHYRODQWHKDJRFRQVWDUTXHPLKLMRDFXPSOLyFRQORVLJXLHQWH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RPEUH\)LUPDGHO3DSiR0DPi BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 1RPEUH\)LUPDGHO3DSiR0DPi (O*5$1 'HVDItR *HQHUDFLyQ -XHJRV,17(5$&7,926 &RPRVLHPSUHQHFHVLWDPRVWHQHUXQ MXHJRHQQXHVWUDVFODVHVGH(VFXHOD 'RPLQLFDOSDUDSURWHJHUQRVGHQROOHJDUD VHUWDQDEXUULGRV£(VLPSRUWDQWHTXHORV QLxRVGLVIUXWHQVXWLHPSRHQODLJOHVLD ,QYHVWLJDQGRHODxRSDVDGRHQFXDQWR DQXHYRVPpWRGRVGHHGXFDFLyQPH HQFRQWUpFRQDOJRUHDOPHQWHLQWHUHVDQWH \ORKHSRGLGRDSOLFDUHQODVHFFLyQGH MXHJRVSDUDHOPDWHULDOGHHVWHDxR (QORV~OWLPRVDxRVORTXHPiVOH LQWHUHVDEDDODJHQWHHUDYHUXQ6KRZ FyPRGDPHQWHWDOFRPRORGLVIUXWDEDHQ OD7HOHYLVLyQ6LQHPEDUJRORVWLHPSRV KDQFDPELDGR\ODJHQWHHVWiEXVFDQGR XQDOHFFLyQPiV³LQWHUDFWLYD´FRPROR TXHGLVIUXWDQHQOD,QWHUQHW\PHQRV FRPRXQSURJUDPDGH7HOHYLVLyQGH HQWUHWHQLPLHQWRUiSLGR ¢&yPRWUDVODGDUHVWRDOPLQLVWHULRFRQ QLxRV" /RVLQYHVWLJDGRUHVKDQHQFRQWUDGRTXH VLHPSUHTXHQRVVHDSRVLEOHGHEHPRV GDUODPLVPDVHQVDFLyQGH³LQWHUDFFLyQ´ HQQXHVWUDVFODVHVEiVLFDPHQWHGRQGH ORVQLxRVSXHGDQHVFRJHUDOJR(OMXHJR IXHHOiUHDPiVIiFLOSDUDDSOLFDUHVWR HQODFODVHSHURSXHGHVHQFRQWUDU RWUDViUHDVSDUDSRQHUHQSUiFWLFDHVWH SULQFLSLRWDPELpQ +D]XQDFODVH,17(5$&7,9$GRQGHORV QLxRVHVFRMDQORTXHKDUiQFXDQGROR KDUiQ\&202«\HOORVWHQGUiQODPLVPD VHQVDFLyQTXHUHFLEHQFXDQGRYDQDO F\EHUDMXJDURKDEODUFRQVXVDPLJRV (VWDHVRWUDPDQHUDGHHVWDUDFWXDOL]DGR \PDQWHQHUPRWLYDGRVDORVQLxRVGH WXFODVHDYROYHUXQD\RWUDYH]SDUD DSUHQGHUGH'LRV ¢&yPRIXQFLRQDHVWR" (QOXJDUGHGDUOHXQMXHJRSDUDFDGDVHPDQD\GHFLUOHVDORVQLxRVHOMXHJRGHOGtD KHPRVSXHVWRMXHJRVSDUDMXJDUHQPiVGHROHFFLRQHV&DGDVHPDQDGHMDTXHORV QLxRVHVFRMDQTXpMXHJRTXLHUHQMXJDU3XHGHQHOHJLUHOPLVPRGHODVHPDQDSDVDGDXQR GLIHUHQWHRVXJHULUXQRGHORVIDYRULWRVGHODFDVD/DLGHDHVGHMDUTXHHOJUXSRGHFLGDTXp MXJDU 7DPELpQVHUtDHVWXSHQGRGHMDUTXHORVQLxRVHVFRMDQHOSUHPLRSDUDHOHTXLSRJDQDGRU TXHHOLMDQTXLpQSUHVHQWDUiSULPHURHOUDS\TXHHVFRMDQFyPRSDVDUORVOLEURV (QWUHPiVORVLQYROXFUDVPiV,17(5$&7,9$VHUiODFODVH\HVWDUiVD ODYDQJXDUGLDXWLOL]DQGRPRGHUQDVWpFQLFDVGHHQVHxDQ]DSDUD JDQDUODDWHQFLyQGHORVDOXPQRV£3UXpEDOR£7~WDPELpQ SXHGHVKDFHUXQDV~SHUGLYHUWLGDH,17(5$&7,9$FODVH 8QDxR GHFODVHV 8QLGDG´'LRV,QLFLDµ +D\XQ'LRV-XDQHO%DXWLVWD 'LRVHO&UHDGRU/D&UHDFLyQ 'LRVHV6DQWR0RLVpVPLUDODJORULDGH'LRV 'LRVHV$PRU1DFLPLHQWRGH-HV~V 'LRVHVHO6DOYDGRU0XHUWHGH-HV~V 'LRVHV7RGRSRGHURVR0RLVpVHQHO0DU5RMR 'LRVHV-XVWR6DORPyQ\HO%HEp 'LRVHV&RPSDVLYR(OKLMR3UyGLJR ',RVHVOD9HUGDG$QDQtDV\6DÀUD (O'LRV9HUGDGHUR(OtDVHQHO0RQWH&DUPHOR 'LRVHV(WHUQR(OtDVVHYDDO&LHOR 'LRVHVHO6HxRU&RQYHUVLyQGH3DEOR 'LRVHV$VRPEURVR'LRVPXHYHODVRPEUD 8QLGDG´5HVSRQGHPRVD'LRVµ 5HVSRQGHPRVD'LRV/ODPDPLHQWRGH6DPXHO $PRUD'LRV'DYLG\*ROLDW $PRUHV$WHQFLyQ0XMHU8QMHD-HV~V $PRUHV2EHGLHQFLD0LODJURVFRQ3HFHV $PRUHV1HFHVDULR-HV~VHQVHxD$PRU $PRUHVGDUWHSRURWURV5XW\1RHPt $PRUHV$FFLyQ(O%XHQ6DPDULWDQR )HHV1HFHVDULD'LRV\$EUDKDP )HHV$WUHYLGD(VStDVGH&DQDiQ )HHV$FFLyQ)HGHO&HQWXULyQ )HHV3URWHFFLyQ/D$UPDGXUD )HHV&LHJD(O/DGUyQ&UXFLÀFDGR 5HQGLFLyQ7RWDOHQHO+RUQR 3UHSDUDORVQLxRVHQWXLJOHVLD SDUDYLYLUXQDYLGDGHGHYRFLyQ DO6HxRU-HVXFULVWR $KRUD0LQLVWHULR3UR9LVLyQ OHVSURYHHXQDxRGHFODVHV FRQPDWHULDOHQXQLGDGHVGH OHFFLRQHV&DGDXQLGDGWH FXEULUiPHVHVGHFODVHV\VH DFRPRGDQELHQDODVHVWDFLRQHV GHODxRHORWRxRHOLQYLHUQR\ ODSULPDYHUDGHMDQGRHVSDFLR SDUDODQDYLGDGODVHPDQD VDQWD\ODVYDFDFLRQHVGHO YHUDQR 3UREDGRFRQQLxRVDSUREDGR SRUORVPDHVWURV £ÔVDORSDUDFDPELDUODVYLGDV GHORVQLxRVDOUHGHGRUGHWL 8QLGDG'HWHFWLYHV ´%XVFDQGRHO5HLQRGH'LRVµ (O6HPEUDGRU0DWHR /D0DOD+LHUED0DWHR (O*UDQRGH0RVWD]D0DWHR /D/HYDGXUD0DWHR (O7HVRURHVFRQGLGR\OD3HUOD0DWHR /D2YHMD3HUGLGD0DWHR (O6LHUYR'HVSLDGDGR0DWHR /RV9LxDGRUHV0DWHR /RV'RV+LMRV0DWHR /RV/DEUDGRUHV0DOYDGRV0DWHR (O%DQTXHWHGH%RGDV0DWHR /DV'LH]-yYHQHV0DWHR /RV7DOHQWRV0DWHR (O*5$1 'HVDItR GH'LRV +D\XQ'LRV -XDQHO%DXWLVWD /XFDV /HFFLyQ3ULQFLSDO +D\XQ'LRVeOWHYHDFDGDPLQXWRGHFDGDGtD\DXQDVt WHDPD'LRVHV2PQLSRWHQWH2PQLVFLHQWHHVWiHQWRGDV SDUWHV\ORYHWRGReOVDEHODVFRVDVPDODVTXHKDVKHFKR \ODVTXHKDUiVeOWHDPD\WDPELpQDPDDOSHRUQLxRGH WXHVFXHOD'LRVTXLHUHORPHMRUSDUDWL$OJXQDVSHUVRQDV SLHQVDQTXH'LRVHVVRORXQPLWRXQDKLVWRULDGHXQYLHMR OLEURSHURHOORVHVWiQHTXLYRFDGRV/D%LEOLDHVYHUGDGHUD\ WRGDVODVKLVWRULDVDFHUFDGH'LRVVRQYHUGDGHUDV«£KD\XQ 'LRV /DJHQWHGLFHTXHFUHHHQ'LRVSHURQRORGHPXHVWUD6LWH GLMHUDQTXHWXWtRIDYRULWRYLHQHHOYLHUQHVDYLVLWDUORV\TXH DOUHJUHVDUW~GHODHVFXHODpO\DHVWDUiDKt¢TXpKDUtDV" ¢<VLWXVSDGUHVWHGLFHQTXHWXWtRORVYDDOOHYDUDOSDUTXH DFXiWLFRHOYLHUQHVHQODWDUGH"/LPSLDUtDVWXFXDUWRHO MXHYHV\WHDVHJXUDUtDVGHKDFHUODWDUHDGHPRGRTXHHVWpV OLVWRSDUDMXJDUWRGRHO¿QGHVHPDQD3HURXQDPLJRGHOD HVFXHODWHSLGHTXHYD\DVDODVPDTXLQLWDVFRQpO¢LUtDV" ¢'HMDUtDVGHLUDOSDUTXHDFXiWLFRFRQWXWtRIDYRULWRSDUDLU DMXJDUFRQXQDPLJRXQMXHJRTXHSRGUtDVMXJDUFXDOTXLHU GtDGHODVHPDQD"£&ODURTXHQR7HLUtDVUiSLGRDWXFDVD7H DSXUDUtDVSRUTXHKDV&5(Ë'2TXHWXWtRYHQGUi 0XFKDJHQWHGLFHTXHFUHHHQ'LRVSHURQRORYLYH(OORV VLJXHQFRQVXVYLGDVLJQRUDQGRSRUFRPSOHWRD'LRV %iVLFDPHQWHVLXQDSHUVRQDYLYHVXYLGDFRPRVL'LRVQR H[LVWLHUDHQWRQFHVQRFUHHHQeO1RLPSRUWDORTXHGLJDQ (O'HVDItR (VWDVHPDQDQHFHVLWDPRVLQWURGXFLUHOGHVDItRPiV LPSRUWDQWHOHHUOD%LEOLD$XQTXHHVHOGHVDItRGHpVWD VHPDQDHVLPSRUWDQWHLQWURGXFLUORFRPRDOJRTXHQHFHVLWDQ KDFHUHQWRGDOD8QLGDG(ODOXPQRLUiOOHQDQGRVXJUi¿FD FRQIRUPHYDOH\HQGR&KHFDFDGDVHPDQDTXpWDQWR DYDQ]DQYLHQGRODJUi¿FD1RVHSXHGHQUHSHWLUYHUVRVHQ ODPLVPD8QLGDG$QLPDDWXVDOXPQRVDOHHUWRGRORSRVLEOH SDUDFRPSOHWDUODJUi¿FD\SRGHUJDQDUWDQWRHQHTXLSR FRPRGHPDQHUDLQGLYLGXDO 5HVSXHVWDV 6 $ 2 7 ' , 6 3 % 2 5 8 ( $ 6 ' ' 3 3 5 2 ' 8=&$ 1)5 8 7 2 6 48( '(0 8 ( 6 7 5(1 $55( 3 ( 1 7 , 0 , ( 172 & 1 2 ( 3 , & & $ 9 7 5 $ 5 1 ' ' - / f 1 6 $ 9 ( 8 1 7 $ 6 5 $ 2 5 ' $ 1 2 2 6 1 ( 8 2 ( 1 % ( , 8 6 - ( ' 6 /HFFL y Q FRQVXERFD«VLHOORV5($/0(17(&5(<(5$1 YLYLUtDQGHXQDPDQHUDGLIHUHQWH -XDQHO%DXWLVWDYLRHOPLVPRSUREOHPDHQODJHQWHGHVX WLHPSR(OORVDFWXDEDQFRPRJUDQGHVFULVWLDQRVDVLVWLHQGRD ODLJOHVLD\VLJXLHQGRUHJODVSHURHQUHDOLGDGQRYLYtDQFRPR TXLHQHVFUHHQHQ'LRV3RUHVR-XDQOHVKDEOyWDQGXURD ODJHQWHGLFLHQGR³3URGX]FDQIUXWRVGHDUUHSHQWLPLHQWR´ \³7RGRiUEROTXHQRGHEXHQIUXWRVHUiFRUWDGR\ODQ]DGR DOIXHJR´7HQHPRVTXHSURGXFLUIUXWRVHQQXHVWUDYLGD 'HEHPRVGHSRQHUOHDFFLyQDQXHVWURFULVWLDQLVPR 'HEHPRV9,9,5FDGDGtDFRPRFULVWLDQRV\QRVRODPHQWHHO GRPLQJRHQODLJOHVLD 'LRVHQYLyDVXVLHUYR-XDQHO%DXWLVWDSDUDKDEODUOHDOD JHQWHFDSWDUVXDWHQFLyQ\SUHSDUDUHOFDPLQRSDUDVX+LMR -HVXFULVWR,QFOXVRKR\'LRVTXLHUHFDSWDUQXHVWUDDWHQFLyQ 'LRVTXLHUHTXH&5($648(e/(;,67(«\VLORKDFHV HVRFDPELDUiWXPDQHUDGHYLYLU6LW~UHDOPHQWHFUHHVOR PRVWUDUiVFRQWXVDFFLRQHV&RPRGLMR-XDQHO%DXWLVWDW~ ³SURGXFLUiVEXHQIUXWR´HQWXYLGD«KDFLHQGRFRVDVEXHQDV \YLYLHQGRGHODPDQHUDTXH'LRVTXLHUHTXHYLYDV¢4XpWH SDUHFH"¢&UHHVHQ'LRV"¢/RHVWiVPRVWUDQGRFRQWXYLGD" 9HUVR ³<RVR\HO$OID\OD2PHJDHO3ULPHUR\HOÒOWLPRHO 3ULQFLSLR\HO)LQ´$SRFDOLSVLV -XHJRV4XHHOORVHVFRMDQXQR -XHJRGHFDUWDV (VFULEHFDGDSDODEUDGHOYHUVtFXORLQFOXLGDODFLWDEtEOLFDHQGLIHUHQWHV WDUMHWDVUHYXpOYHODVELHQFRQODFDUDKDFLDDEDMR(OTXLSRTXHORJUH RUGHQDUHOYHUVtFXORSULPHURVHUiHOJDQDGRU 'HEHUiWHQHUXQMXHJRGHFDUWDVSRUHTXLSR %ULQFDQGRODFXHUGD (VWHMXHJRVHSXHGHKDFHUSRUHTXLSRVRWRGRHOJUXSRMXQWRV(OPDHVWUR \XQD\XGDQWHSXHGHQGDUOHDODFXHUGD&DGDYH]TXHXQQLxREULQTXH WHQGUiTXHGHFLUXQDSDODEUDGHOYHUVR&XDQGRXQQLxRVHHTXLYRTXH REULQTXHPDOWHQGUiQTXHHPSH]DUHOYHUVRGHQXHYR7RGRVORVQLxRV GHEHUiQGHEULQFDU6LHVWiQSRUHTXLSRVHOJDQDGRUVHUiDTXHOTXH SULPHURUHSLWDYHFHVHOYHUVR 9LJDGHHTXLOLEULR 6HSXHGHKDFHUFRQGRVEORFNV\XQDWDEODSDUDIRUPDUODYLJDGH HTXLOLEULR(QFDGDSDVRTXHGHVREUHODWDEODHOQLxRGLUiXQDSDODEUD GHYHUVR'HEHUiWHUPLQDUHOYHUVRVLQFDHUVHGHODWDEOD6LORKDFHSRU HTXLSRVDOFDHUVHXQQLxRHOVLJXLHQWHFRQWLQXDUiHOYHUVRGRQGHVH TXHGyHODQWHULRU(OHTXLSRJDQDGRUVHUiHOTXHSULPHURUHSLWDYHFHV HOYHUVR 'HVDItR ¢&XiQWRSXHGHVOHHUGH OD%LEOLD"(QWUHPiVOHDV WXJUi¿FDFUHFH&DGD VHPDQDFRPSiUDODFRQWXV FRPSDxHURV\QRSHUPLWDV TXHWHDOFDQFHQ 8 7 2 6 1)5 8 = & $ 3 ( 1 7 8 ( 6 7 -XDQHO%DXWLVWD /XFDV -XDQHO%DXWLVWD ³(QDTXHOHQWRQFHVODSDODEUDGH'LRVOOHJyD-XDQKLMRGH=DFDUtDVHQ HOGHVLHUWR-XDQUHFRUUtDWRGDODUHJLyQGHO-RUGiQSUHGLFDQGRHOEDXWLVPR GHDUUHSHQWLPLHQWRSDUDHOSHUGyQGHSHFDGRV$VtHVWiHVFULWRHQHOOLEURGHO SURIHWD,VDtDV ©9R]GHXQRTXHJULWDHQHOGHVLHUWR ³3UHSDUHQHOFDPLQRGHO6HxRU KiJDQOHVHQGDVGHUHFKDV ³<RVR\HO$OID\OD 7RGRYDOOHVHUiUHOOHQDGR 2PHJDHO3ULPHUR WRGDPRQWDxD\FROLQDVHUiDOODQDGD \HOÒOWLPRHO /RVFDPLQRVWRUFLGRVVHHQGHUH]DUiQ 3ULQFLSLR\HO)LQ´ ODVVHQGDVHVFDEURVDVTXHGDUiQOODQDV <WRGRPRUWDOYHUiODVDOYDFLyQGH'LRV´ª $SRFDOLSVLV 0XFKRVDFXGtDQD-XDQSDUDTXHORV EDXWL]DUD ²£&DPDGDGHYtERUDV²OHVDGYLUWLy²¢4XLpQOHVGLMRTXHSRGUiQHVFDSDU GHOFDVWLJRTXHVHDFHUFD"3URGX]FDQIUXWRVTXHGHPXHVWUHQDUUHSHQWLPLHQWR <QRVHSRQJDQDSHQVDU³7HQHPRVD$EUDKDPSRUSDGUH´3RUTXHOHVGLJR TXHDXQGHHVWDVSLHGUDV'LRVHVFDSD]GHGDUOHKLMRVD$EUDKDP(VPiVHO KDFKD\DHVWiSXHVWDDODUDt]GHORViUEROHV\WRGRiUEROTXHQRSURGX]FD EXHQIUXWRVHUiFRUWDGR\DUURMDGRDOIXHJR<FRQPXFKDVRWUDVSDODEUDV H[KRUWDED-XDQDODJHQWH\OHDQXQFLDEDODVEXHQDVQXHYDV´ 9HUVR 5HVXHOYHODVLJXLHQWHVRSDGHOHWUDV %$87,67$ %8(1$6 '(6,(572 ',26 5(1 , 0 , ( 3 5 2 ' 4 8 ( $ 5 5 ( 1 72 '(0 2UGHQDORVFXDGURV\ IRUPDXQDGHODVIUDVHV GH-XDQHO%DXWLVWD +D\XQ'LRV £<RTXLHUR HQWUDUHQHO *UDQ'HVDItR FRQPLEDLOH < % 9 . 3 * & $ 9 . & / 8 % 7 $ 1 7 3 7 5 $ 6 1 % 3 2 7 5 ( 3 5 5 $ 5 & & 8 5 * - $ , / 1 ' 1 1 ' 6 2 & = 2 ( ' , 5 6 + , ' & 7 ) 2 ( ; $ / 3(5'21 35(',&$1'2 6$/9$&,21 6(f25 % 8 ( 1 $ 6 6 = ) , ( 3 ( -25'$1 -8$1 18(9$6 3(&$'26 6 5 : 6 9 6 3 7 $ 0 / 3 - 2 5 ' $ 1 : 8 6 = ' & % 2 ' f & % % - - ( 2 6 $ 2 ( 1 3 ( 7 1 * 5 ' 6 $ 9 ( 8 1 6 9 & / 2 2 - , 6 = + < 6 3 . ) ( ) 8 5 'LRVHO&UHDGRU (O*5$1 'HVDItR /D&UHDFLyQ GH'LRV 9HUVR ³'LRVHQHOSULQFLSLRFUHyORVFLHORV\ODWLHUUD´ *pQHVLV /HFFLyQ3ULQFLSDO *pQHVLV (OPXQGRGLFHTXHVLPSOHPHQWHHYROXFLRQDPRV«\TXH 'LRVQRWLHQHQDGDTXHYHUFRQHVWR7DPELpQHOPXQGR YDORUDDODJHQWHSRUVXDVSHFWR\FRPSRUWDPLHQWR9HPRV HQODWHOHYLVLyQTXHQHFHVLWDPRVVHUGHOJDGRVGHSLHOFODUD \WHQHUXQPDJQt¿FRFDEHOOR$VtTXHQHFHVLWDPRVVHU LQWHOLJHQWHV\GLYHUWLGRVSRSXODUHVFRQODJHQWHLPSRUWDQWH \XVDUEXHQDURSD3HUR'LRVQRVYHGHPDQHUD GLIHUHQWH'LRVFUHyDFDGDXQRGHQRVRWURVD6XLPDJHQ\ WRGRVVRPRVHVSHFLDOHV1XHVWURYDORUQRWLHQHQDGDYHUFRQ ORPDJQt¿FRRVLPSiWLFRVTXHVHDPRVRFRQODHGXFDFLyQ RHOWUDEDMRTXHWHQJDPRV1XHVWURYDORUHVWiEDVDGRHQ HOKHFKRGHTXH'LRVQRVKL]RHVSHFLDOHV\HQTXHeOQRV FRQRFH\QRVDPD7~HUHVXQDFUHDFLyQHVSHFLDOKHFKDSRU 'LRV £7~\\R12VRPRVVHUHVTXHHYROXFLRQDPRVGHORVPRQRV« RVHUHVTXHVROROOHJDURQDH[LVWLUSRUHO%LJ%DQJ*UDQ ([SORVLyQ7~\\RIXLPRVFUHDGRVSRU'LRV£'HKHFKR'LRV QRVFUHyDVXSURSLDLPDJHQ*Q (QODKLVWRULDGHKR\DSUHQGLPRVVREUHFyPR'LRVFUHyD $GiQ\(YDGHODQDGD£,QFOXVRDXQTXH'LRVQRWHFUHDUDDWL \DPtGHODQDGDFRPRD$GiQ\(YDOD%LEOLDGLFHTXH'LRV QRVFRQRFHDFDGDXQRGHQRVRWURV«\DXQVDEHFXiQWRV FDEHOORVWHQHPRVHQODFDEH]D/F 1RWHGHMHVOOHYDUSRUODVWHRUtDVGHOPXQGRTXHKDEODQGH PLOORQHVGHDxRV+D\XQ'LRVHVYHUGDGHUR\eOIXHTXLHQ FUHyHO8QLYHUVR(O'LRV7RGRSRGHURVRIXHTXLHQKDEOySDUD TXHHOPXQGRHQWHURH[LVWLHUD«\eOHVTXLHQKDGLFKRTXH W~HUHVYDOLRVRSDUDeOeOQRVFRQRFH\QRVYDORUDDFDGD XQRGHQRVRWURV'LRVFUHyWRGRLQFOX\HQGRODEDOOHQDD]XO £7~HUHVXQKLMRGH'LRV«FRQRFLGR\DPDGRSRU'LRVWX &UHDGRU (O'HVDItR -XHJRV4XHHOORVHVFRMDQXQR 5HVSXHVWDV -XHJRGHFDUWDV (VFULEHFDGDSDODEUDGHOYHUVtFXORLQFOXLGDODFLWDEtEOLFDHQGLIHUHQWHV WDUMHWDVUHYXpOYHODVELHQFRQODFDUDKDFLDDEDMR(OTXLSRTXHORJUH RUGHQDUHOYHUVtFXORSULPHURVHUiHOJDQDGRU 'HEHUiWHQHUXQMXHJRGHFDUWDVSRUHTXLSR %ULQFDQGRODFXHUGD (VWHMXHJRVHSXHGHKDFHUSRUHTXLSRVRWRGRHOJUXSRMXQWRV(OPDHVWUR \XQD\XGDQWHSXHGHQGDUOHDODFXHUGD&DGDYH]TXHXQQLxREULQTXH WHQGUiTXHGHFLUXQDSDODEUDGHOYHUVR&XDQGRXQQLxRVHHTXLYRTXH REULQTXHPDOWHQGUiQTXHHPSH]DUHOYHUVRGHQXHYR7RGRVORVQLxRV GHEHUiQGHEULQFDU6LHVWiQSRUHTXLSRVHOJDQDGRUVHUiDTXHOTXH SULPHURUHSLWDYHFHVHOYHUVR 9LJDGHHTXLOLEULR 6HSXHGHKDFHUFRQGRVEORFNV\XQDWDEODSDUDIRUPDUODYLJDGH HTXLOLEULR(QFDGDSDVRTXHGHVREUHODWDEODHOQLxRGLUiXQDSDODEUD GHYHUVR'HEHUiWHUPLQDUHOYHUVRVLQFDHUVHGHODWDEOD6LORKDFHSRU HTXLSRVDOFDHUVHXQQLxRHOVLJXLHQWHFRQWLQXDUiHOYHUVRGRQGHVH TXHGyHODQWHULRU(OHTXLSRJDQDGRUVHUiHOTXHSULPHURUHSLWDYHFHV HOYHUVR 1DGDSDVDSRUFDVXDOLGDG7RPHPRVFRPRHMHPSOROD EDOOHQDD]XO(VPiVODUJDTXHWUHVFDPLRQHVGHYROWHRPiV SHVDGDTXHFDUURV+RQGD&tYLF\FRQXQFRUD]yQGHO WDPDxRGHXQ9RONVZDJHQ%HHWOHHVWDPDJQt¿FDFULDWXUD QHFHVLWDWRQHODGDVGHSHFHVDOGtDXQRVPLOORQHVGH FDORUtDVSDUDVXVXVWHQWR,QFOXVRXQEHEpEDOOHQDSXHGH WUDJDUVHJDORQHVGHOHFKHFDGDKRUDV&XDQGRXQD EDOOHQDD]XOVDOHDODVXSHU¿FLHWRPDPiVDLUHTXHFXDOTXLHU VHUYLYRHQHOSODQHWD(OURFtRTXHGLVSDUDDODLUHHVPiVDOWR TXHXQSRVWHGHWHOpIRQRV¢&yPRVXUJLyHVDFULDWXUD"1R IXHSRUFDVXDOLGDGGHHVRSXHGHVHVWDUVHJXURVLQRSRUHO SODQGHXQ&UHDGRUVREHUDQR $OSULQFLSLRQRKDEtDQDGD(QWRQFHV'LRVFRPHQ]yD KDEODUSDUDTXHH[LVWLHUDWRGRORTXHYHPRV\FRQRFHPRV LQFOX\HQGRODHQRUPHEDOOHQDD]XO'HVGHHOSULQFLSLRGHORV WLHPSRV'LRVWHQtDXQSODQSDUDFUHDUDOKRPEUHWHQHUXQD UHODFLyQFRQORVKXPDQRV\VXVKLMRVDXQFXDQGReOVDEtD TXHSHFDUtDPRV ,JXDOTXHODVHPDQDSDVDGDHVWDPRVLQWURGXFLHQGRKR\ XQGHVDItRTXHGXUDUiWRGDOD8QLGDG0HPRUL]DQGRYHUVRV GHOD%LEOLD(VLPSRUWDQWHTXHFRPRPDHVWURFDOL¿TXHV TXHFDGDYHUVRHVWpELHQPHPRUL]DGR(QHOOLEURGHO DOXPQRKD\XQDJUi¿FDTXHpOLUiOOHQDQGRFRQIRUPHYD PHPRUL]DQGR£$QLPDDWXVDOXPQRVSDUDTXHPHPRULFHQ PXFKRVYHUVRV\SXHGDQJDQDUHVWHGHVDItRDGHPiVGH TXHVXHTXLSRVHUiHOPHMRU /HFFL y Q 6 3 $ 1 + 2 5 1 2 2 / , , , / ( 1 0 & 5 0 % 8 , & $ $ ( 5 = & ( , / ( - 3 ( 5 8 , 6 & 0 / 2 % 5 $ 5 2 ' $ ( 5 7 , ( 5 5 $ & 'HVDItR &RQYLpUWHWHHQHOJDQDGRUGH HVWHGHVDItRPHPRUL]DQGR YHUVRV+D\XQJUDQSUHPLR SDUDWLDO¿QDO$GHPiVQR ROYLGHVTXHWXHTXLSRWH QHFHVLWDSDUDJDQDU 'LRVHO&UHDGRU /D&UHDFLyQ *pQHVLV /D&UHDFLyQ $ & 4 / 8 = ( 6 2 / ( , & % 3 5 , 1 & , 3 $ 1 , 0 $ / ( 1 2 , & $ ( 5 ) $ 5 ( 8 + 2 0 % 5 ( ' 6 7 , 6 & 0 8 ; / 2 % 5 $ 7 5 2 ' $ ( 5 & 7 , ( 5 5 $ 8 $1,0$/(6 $5%2/ &,(/26 &5($&,21 &5($'25 +20%5( /8= 08-(5 35,1&,3,2 7,(55$ 9HUVR (MHPSOR 5HVXHOYHODVLJXLHQWH VRSDGHOHWUDV ³'LRVHQHOSULQFLSLRFUHyORVFLHORV\ODWLHUUD/DWLHUUDHUDXQFDRVWRWDOODV WLQLHEODVFXEUtDQHODELVPR<GLMR'LRV©£4XHH[LVWDODOX]<ODOX]OOHJy DH[LVWLU'LRVFRQVLGHUyTXHODOX]HUDEXHQD\ODVHSDUyGHODVWLQLHEODV$ ODOX]ODOODPy©GtDª\DODVWLQLHEODV©QRFKHª<GLMR'LRV©£4XHH[LVWD HO¿UPDPHQWRHQPHGLRGHODVDJXDV\TXHODV VHSDUHª <GLMR'LRV©£4XHKD\DYHJHWDFLyQVREUHODWLHUUD TXHpVWDSURGX]FDKLHUEDVTXHGHQVHPLOOD\ ³'LRVHQHO iUEROHVTXHGHQVXIUXWRFRQVHPLOODWRGRVVHJ~Q SULQFLSLR VXHVSHFLHª <GLMR'LRV©£4XHKD\DOXFHVHQHO¿UPDPHQWR FUHyORVFLHORV TXHVHSDUHQHOGtDGHODQRFKHTXHVLUYDQ \ODWLHUUD´ FRPRVHxDOHVGHODVHVWDFLRQHVGHORVGtDV\ *pQHVLV GHORVDxRV<VXFHGLyDVt'LRVKL]RORVGRV JUDQGHVDVWURVHODVWURPD\RUSDUDJREHUQDU HOGtD\HOPHQRUSDUDJREHUQDUODQRFKH 7DPELpQKL]RODVHVWUHOODV<GLMR'LRV©£4XHUHERVHQGHVHUHVYLYLHQWHVODV DJXDV\TXHYXHOHQODVDYHVVREUHODWLHUUDDORODUJRGHO¿UPDPHQWRª<GLMR 'LRV©£4XHSURGX]FDODWLHUUDVHUHVYLYLHQWHVDQLPDOHVGRPpVWLFRVDQLPDOHV VDOYDMHV\UHSWLOHVVHJ~QVXHVSHFLHª<VXFHGLyDVt <'LRVFUHyDOVHUKXPDQRDVXLPDJHQORFUHyDLPDJHQGH'LRV+RPEUH\ PXMHUORVFUHy'LRVPLUyWRGRORTXHKDEtDKHFKR\FRQVLGHUyTXHHUDPX\ EXHQR$VtTXHGDURQWHUPLQDGRVORVFLHORV\ODWLHUUD\WRGRORTXHKD\HQ HOORV´ 6LJXHORVQ~PHURV\IRUPDOD IUDVHFODYHGHHVWDOHFFLyQ £'LRV PHKL]RXQ JDQDGRU\SRU HVRKR\YR\D WULXQIDU (O*5$1 'HVDItR GH'LRV 'LRVHV6DQWR 0RLVpVPLUDODJORULDGH'LRV e[RGR /HFFL y Q +R\YHUHPRVUHVSXHVWDVD'LRV\DVXVDQWLGDG /HFFLyQ3ULQFLSDO £&5((54XHWHUULEOHHVGXGDUGHORVPRWLYRVGH'LRV\ SHQVDUPDOGHeO1XHVWUDSULPHUDUHVSXHVWDHVFUHHUORTXHOD ,PDJtQDWHTXHWLHQHVXQJXVDQRGHPDVFRWD\WUDWDV %LEOLDGLFHDFHUFDGH'LRVTXHHVDEVROXWDPHQWHVDQWR\SHUIHFWR GHHQVHxDUOHPDWHPiWLFDV1RFiOFXORVRPDWHPiWLFDV (VWRVLJQL¿FDTXH6,W~FUHHVTXHXQGHFLVLyQYLHQHGH'LRV DYDQ]DGDVVLPSOHPHQWHVXPDV'LJDPRVTXHWUDWDVGH HQWRQFHVFRQ¿DUiVHQTXHHVODPHMRURSFLyQSDUDWRPDU1R HQVHxDUOHDWXPDVFRWD³JXVDQLWR´TXH £&XiQWR QHFHVLWDVGXGDUVL'LRVTXLHUHORPHMRUSDUDWLRVL'LRVFRQRFHELHQ DODJHQWHTXHHVWiDWXDOUHGHGRURVLTXLHUHGDxDULQMXVWDPHQWHD PiVLQWHQWDVH[SOLFDUORPiVWHIUXVWUDVSRUTXH³JXVDQLWR´ DOJXLHQ'LRVHVSHUIHFWReOQRFRPHWHHUURUHV\QRGHVHDFRVDV VLPSOHPHQWHQRORHQWLHQGH¢3RUTXp³JXVDQLWR´QRSXHGH HQWHQGHUXQDHFXDFLyQWDQVHQFLOOD"£32548(62/2(681 PDODVSDUDODJHQWH£1XHVWUDSULPHUDUHVSXHVWDDODVDQWLGDGGH *86$12(OORVQRHVWiQHTXLSDGRVFRQXQFHUHEURFDSD]GH 'LRVGHEHVHUFUHHUOR 1XHVWUDVHJXQGDUHVSXHVWDDODVDQWLGDGGH'LRVHVDGRUDUOR UHVROYHUPDWHPiWLFDV3DUDQRVRWURVHVREYLR\DXQULGtFXOR FRPRGLFHQXHVWURYHUVR3RUTXHeOHVVDQWRSHUIHFWR\VLQQLQJXQD SHQVDUHQHVWR£3HURSLpQVDOR¢7~\\RQRVSDUHFHPRV IDOWDeOHVGLJQRGHVHUDGRUDGReOPHUHFHQXHVWUDDGPLUDFLyQ DOJXVDQRRD'LRV"£$/*86$12'LRVHVWDQJUDQGHWDQ QXHVWURUHVSHWR\DGRUDFLyQ VDQWRFRPSOHWDPHQWHVLQSHFDGRGHQLQJXQDFODVHeOYH £<¿QDOPHQWHGHEHPRVUHVSRQGHUDODVDQWLGDGGH'LRVVLHQGR \ORVDEHWRGR\6X*ORULDQRVRWURVFRPRKXPDQRVQROD QRVRWURVPLVPRVDQWRV&ODURTXHHVWRHVGLItFLOGHKDFHU\DTXHHO SRGHPRVVRSRUWDU(VWDPRVWDQOOHQRVGHSHFDGRWRGRHO SHFDGRQRVHQVXFLDWRGRHOWLHPSRSHURHQ0DWHR-HV~VQRV WLHPSRQLVLTXLHUDSRGHPRVLPDJLQDUORTXHHVODVDQWLGDG GLFHTXHVHDPRVSHUIHFWRVDVtFRPR'LRVHVSHUIHFWR£/DJUDFLD GH'LRVSXHGHD\XGDUQRVDWRPDUODVGHFLVLRQHVFRUUHFWDV\DYLYLU GH'LRV6RPRVFRPRORVJXVDQRV«YLYLHQGRQXHVWUD UHFWRVGHODQWHGHeO YLGDHQODPHGLGDGHQXHVWUDVFDSDFLGDGHVQLVLTXLHUD FRQRFLHQGRRYLHQGRDHVWHPDUDYLOORVR'LRVTXHQRVPLUD\ QRVDPD¢3XHGHVLPDJLQDUWHFyPRVHVLQWLy0RLVpVHQHVD PRQWDxD"£7HDSXHVWRTXHVHVLQWLyWDQSHTXHxRFRPRXQ JXVDQR (VGLItFLOGHLPDJLQDUSRUTXHWHQHPRVFHUHEURVSHTXHxRV FRPSDUDGRVFRQ'LRV«SHURHVYHUGDG'LRVHVSHUIHFWR \QRVHHTXLYRFDeOHVFRPSOHWDPHQWH6$172«VLQ GHIHFWRVVLQHUURUHVQRVHHTXLYRFDeOQXQFDOOHJDWDUGH QLGHPDVLDGRWHPSUDQRQXQFDPDOLQWHUSUHWDQLMX]JD IDOVDPHQWH'LRVHVDEVROXWDPHQWHSHUIHFWR (O'HVDItR $ 6 5 2 ' 1 ( / 3 6 ( 7 1 2 0 / 6 6 5 2 & $ $ ( 6 3 ' 6 ( f 0 $ , 2 2 6 * / 2 5 , $ / 2 5 , $ ' $ 6 6 ( 6 1 7 2 , 3 1 5 , 6 2 2 6 6 7 0 , 5 2 6 7 5 2 ( 2 ' 1 / 2 * ; f 2 , ( 9HUVR ³([DOWHQDO6HxRUQXHVWUR'LRVDGyUHQORHQVXVDQWRPRQWH £6DQWRHVHO6HxRUQXHVWUR'LRV´6DOPR (OGHVDItRGHKR\HVGLIHUHQWH\DTXHHVXQMXHJRGH YROHLEROSDUDKDFHUHQODFODVH&DGDYH]TXHXQQLxROH SHJXHDODSHORWDWLHQHTXHGHFLUXQDDODEDQ]DD'LRV GLIHUHQWH&XDQGRDOJXLHQQRSXHGHGHFLUDOJRHVFRPR VLODSHORWDFD\HUDDOSLVR6HSXHGHMXJDUFRQXQDSHORWD QRUPDOXQJORERRXQDEROVDFRQDLUH7RPDHOWLHPSRSDUD MXJDUELHQHOMXHJR\DQRWDUTXpHTXLSRJDQD 5HVSXHVWDV &XDQGRGHFLPRVTXH'LRVHVVDQWRQRVUHIHULPRVDTXH eOSHUIHFWR\QRVHHTXLYRFD£1XHVWUDUHVSXHVWDGHEHVHU FUHHUORDGRUDUORSRUHVWR\YLYLUUHFWDPHQWHGHODQWHGHeO +R\OHtPRVGH0RLVpVTXHVXELyDPRQWDxD\YLRD 'LRV«DXQTXHVRORODHVSDOGDDOSDVDUSRUODURFD(VWDQ HPRFLRQDQWHSHQVDUFRPRODFDUDGH0RLVpVEULOODEDWDQWR GHVSXpVGHKDEODUFRQ'LRVTXHODJHQWHWXYRPLHGRGHpO £'LRVHVWDQVDQWRTXHVXUHÀHMRSXGRYHUVHHQODFDUDGH 0RLVpVGXUDQWHKRUDV\GtDVGHVSXpV ' 6 2 $ , -XHJRV4XHHOORVHVFRMDQXQR -XHJRGHFDUWDV (VFULEHFDGDSDODEUDGHOYHUVtFXORLQFOXLGDODFLWDEtEOLFDHQGLIHUHQWHV WDUMHWDVUHYXpOYHODVELHQFRQODFDUDKDFLDDEDMR(OTXLSRTXHORJUH RUGHQDUHOYHUVtFXORSULPHURVHUiHOJDQDGRU 'HEHUiWHQHUXQMXHJRGHFDUWDVSRUHTXLSR %ULQFDQGRODFXHUGD (VWHMXHJRVHSXHGHKDFHUSRUHTXLSRVRWRGRHOJUXSRMXQWRV(OPDHVWUR \XQD\XGDQWHSXHGHQGDUOHDODFXHUGD&DGDYH]TXHXQQLxREULQTXH WHQGUiTXHGHFLUXQDSDODEUDGHOYHUVR&XDQGRXQQLxRVHHTXLYRTXH REULQTXHPDOWHQGUiQTXHHPSH]DUHOYHUVRGHQXHYR7RGRVORVQLxRV GHEHUiQGHEULQFDU6LHVWiQSRUHTXLSRVHOJDQDGRUVHUiDTXHOTXH SULPHURUHSLWDYHFHVHOYHUVR 9LJDGHHTXLOLEULR 6HSXHGHKDFHUFRQGRVEORFNV\XQDWDEODSDUDIRUPDUODYLJDGH HTXLOLEULR(QFDGDSDVRTXHGHVREUHODWDEODHOQLxRGLUiXQDSDODEUD GHYHUVR'HEHUiWHUPLQDUHOYHUVRVLQFDHUVHGHODWDEOD6LORKDFHSRU HTXLSRVDOFDHUVHXQQLxRHOVLJXLHQWHFRQWLQXDUiHOYHUVRGRQGHVH TXHGyHODQWHULRU(OHTXLSRJDQDGRUVHUiHOTXHSULPHURUHSLWDYHFHV HOYHUVR 'HVDItR 'LRVHV6DQWR ¢&XiOHVVRQWXVPHMRUHV SDODEUDVSDUDH[DOWDUD'LRV" +D]ORMXJDQGRYROHLERO\ VHDQORVYHQFHGRUHVGHHVWD VHPDQD 0RLVpVPLUDOD*ORULDGH'LRV e[RGR 0RLVpVPLUDOD*ORULDGH'LRV ³0RLVpVOHGLMRDO6HxRU²7~LQVLVWHVHQTXH\RGHERJXLDUDHVWHSXHEOR SHURQRPHKDVGLFKRDTXLpQHQYLDUiVFRQPLJR7DPELpQPHKDVGLFKR TXHVR\WXDPLJR\TXHFXHQWRFRQWXIDYRU3XHVVLUHDOPHQWHHVDVt GLPHTXpTXLHUHVTXHKDJD$VtVDEUpTXHHQYHUGDGFXHQWRFRQWXIDYRU 7HQSUHVHQWHTXHORVLVUDHOLWDVVRQWX SXHEOR ²<RPLVPRLUpFRQWLJR\WHGDUp GHVFDQVR²UHVSRQGLyHO6HxRU ³([DOWHQDO6HxRU ²2YDVFRQWRGRVQRVRWURV²UHSOLFy QXHVWUR'LRV 0RLVpV²RPHMRUQRQRVKDJDVVDOLU DGyUHQORHQVX GHDTXt6LQRYLHQHVFRQQRVRWURV VDQWRPRQWH ¢FyPRYDPRVDVDEHUWXSXHEOR\ £6DQWRHVHO6HxRU \RTXHFRQWDPRVFRQWXIDYRU"¢(Q QXHVWUR'LRV´ TXpVHUtDPRVGLIHUHQWHVGHORVGHPiV 6DOPR SXHEORVGHODWLHUUD" ²(VWiELHQKDUpORTXHPHSLGHV ²OHGLMRHO6HxRUD0RLVpV²SXHVFXHQWDVFRQPLIDYRU\WHFRQVLGHURPL DPLJR ²'pMDPHYHUWHHQWRGRWXHVSOHQGRU²LQVLVWLy0RLVpV ª&HUFDGHPtKD\XQOXJDUVREUHXQDURFD²DxDGLyHO6HxRU²3XHGHV TXHGDUWHDOOt&XDQGR\RSDVHHQWRGRPLHVSOHQGRUWHSRQGUpHQXQD KHQGLGXUDGHODURFD\WHFXEULUpFRQPLPDQRKDVWDTXHKD\DSDVDGR /XHJRUHWLUDUpODPDQR\SRGUiVYHUPHODHVSDOGD3HURPLURVWURQROR YHUiV &XDQGR0RLVpVGHVFHQGLyGHOPRQWH6LQDtWUDtDHQVXVPDQRVODVGRV WDEODVGHODOH\3HURQRVDEtDTXHSRUKDEHUOHKDEODGRHO6HxRUGH VXURVWURVDOtDXQKD]GHOX]$OYHU$DUyQ\WRGRVORVLVUDHOLWDVHOURVWUR UHVSODQGHFLHQWHGH0RLVpVWXYLHURQPLHGRGHDFHUFiUVHOH´ 9HUVR 5HVXHOYHOD VLJXLHQWHVRSD GHOHWUDV ',26 (63$/'$ (63/(1'25 (;2'2 */25,$ 02,6(6 0217( 52&$ 526752 6$172 6(f25 6,1$, ( 5 $ & 2 5 2 0 * 4 / $ 2 5 5 $ 2 5 / = 6 8 / ' & 2 % 5 2 2 0 , * ) 1 / & 6 5 6 * f & 0 , ( 6 $ , 2 7 9 8 ( % : / $ $ 3 2 5 % / , 6 = 3 0 7 1 6 2 , & / ; * 6 * 3 . 7 ( ; 2 ' 2 6 ( 6 , 2 0 2 = , 4 ) . 7 1 < 0 ) ' $ 9 5 : ( 1 1 ' + , 1 $ * * , 9 2 7 9 2 , < 6 ' ( $ / 0 6 6 ) , % , , . 2UGHQDODVOHWUDV\IRUPDUiV SDODEUDVGHODOHFWXUDEtEOLFD DGHPiV 52/,*$ HQODSDUWH /$3(6'$ VRPEUHDGDVH 6,'2 IRUPDUiXQD f(526 SDODEUDFODYHGH 6,620( ODOHFWXUD 7$162 £&RQHVWH MXHJRVXELUp KDVWDODJORULD 3RUHVRYR\D JDQDU 'LRVHV$PRU (O*5$1 'HVDItR 1DFLPLHQWRGH-HV~V GH'LRV 0DWHR5RPDQRV /HFFLyQ3ULQFLSDO 8QDJULFXOWRUDUDEDVXFDPSRFXDQGRYLRXQKRUPLJXHUR PX\JUDQGHHQPHGLRGHHO(UDHYLGHQWHTXHFLHQWRV TXL]iVPLOHVGHKRUPLJDVKDEtDQWUDEDMDGRGXUR\SRU PXFKRWLHPSRSDUDFRQVWUXLUHVHPDJQt¿FRHGL¿FLR$KRUD HQXQPRPHQWLWRVXDUDGRORGHVWUXLUtDFRQPXFKDVGHODV KRUPLJDVTXHYLYtDQDOOt0HSUHJXQWRSHQVDEDpO¢FyPR SRGUtDFRPXQLFDUPHFRQHOODV"<RSRGUtDHVFULELUOHVXQD FDUWDSHURHOODVQRSRGUtDQOHHUOD<RSRGUtDSDUDUPHFHUFD GHVXFDVDHLQVWDUOHVDKXLUGHODGHVWUXFFLyQ3HURHOODVQR PHHQWHQGHUtDQ(QWRQFHVpOVHGLRFXHQWDGHTXHVRODPHQWH KDEtDXQDVROXFLyQ±WHQGUtDTXHFRQYHUWLUVHHQXQDKRUPLJD \YLYLUHQWUHHOODV£(VRVLTXHVHUtDXQORFDGHPRVWUDFLyQGH DPRU 'LRVHQFRQWUyODPLVPDFRVDFRQQRVRWURV1RKDEtDRWUD IRUPDGHVDOYDUQRVGHODGHVWUXFFLyQPiVTXHFRQYLUWLpQGRVH HQXQRGHQRVRWURVYLYLHQGRXQDYLGDSHUIHFWD\GHVSXpV PXULHQGRHQODFUX]£'LRVQRVDPyWDQWRTXHGHFLGLy KXPLOODUVHDVtPLVPR\FRQYHUWLUVHHQXQKRPEUHeOHUD WRGRSRGHURVRSHURGHMyVXSRGHU\VHFRQYLUWLyHQXQ KRPEUHVLQSRGHUHVVREUHQDWXUDOHVeOHUDHO'LRVTXHWRGR ORVDEHSHURFXDQGRVHFRQYLUWLyHQKRPEUHVHKL]RFLHJR FRPRQRVRWURVLQFDSD]GHYHUHOIXWXURRHOSDVDGR (VDEVROXWDPHQWHORFRSHQVDUHQXQDJULFXOWRUTXHVH FRQYHUWLUtDHQXQDKRUPLJDSDUDWUDWDUGHVDOYDUODVGHOD GHVWUXFFLyQSHURHVWRHVXQDJUDQDQDORJtDGHORTXH (O'HVDItR 3XHGHVHUXQSRFRGLItFLOFDOFXODUTXLpQJDQDHVWDVHPDQD SHUR'LRVWHYDDD\XGDU(OGHVDItRSDUDORVQLxRVHV VDFUL¿FDUVHSRURWURV6HUiLPSRUWDQWHTXHHVFXFKHVDFDGD XQRSDUDSRGHUFDOL¿FDUFXiORFXDOHVIXHURQORVVDFUL¿FLRV PiVLPSDFWDQWHV7HQGUiVTXHGHFLGLUTXLpQRTXLHQHV PHUHFHQXQDHVWUHOODGHVREUHVDOLHQWHDGHPiVGHYHUTXp HTXLSRORKL]RPHMRU\FXiQWRVORKLFLHURQSDUDSRGHUVDFDU HOHTXLSRJDQDGRUGHODVHPDQD 5HVSXHVWDV V E U J T S 6 $ 1 8 ( , $ 7 - f 5 & , ( , 5 6 , 8 2 / $ 5 ( 0 0 Q * , 3 6 1 ( 6 - 1 ( 2 7 2 6 $ 0 2 5 ( 5 7 2 $ V E P U J U S \ [ T Z S G K Q O K I ] U Y N E T O K V Y [ Z W T 6 Y ] N T Z M F J W \ M I & V $ 1 , 6 /HFFL y Q 'LRVKL]RSRUQRVRWURV£6DOYRTXHKD\XQDJUDQ GLIHUHQFLDHQWUHQRVRWURV\'LRVTXHHQWUHQRVRWURV\ODV KRUPLJDV£1RKD\DPRUPiVJUDQGHTXHHVWR'LRVKDFH ODPHMRUGHPRVWUDFLyQGHDPRUDOFUHDUHOSODQ¿QDOGHO 8QLYHUVRHQYLDUDVX~QLFR+LMRDOPXQGRSDUDYLYLUXQDYLGD SHUIHFWDFRPRKXPDQR\GHVSXpVPRULUHQODFUX]SDUD SDJDUSRUQXHVWURVSHFDGRV (QWRQFHV¢FyPRSRGHPRVDSUHQGHUDDPDUDRWURVDVt FRPR'LRVQRVGHPRVWUDGRTXHQRVDPD"/DVLPSOHYHUGDG TXHSRGHPRVDSUHQGHUGHHVWDOHFFLyQHVTXHVLTXLHUHV GHPRVWUDUWXDPRUDDOJXLHQGHEHVGDUWXYLGDSRUpO7~QR GHEHVWRPDUORPHMRUVLQRGDUORPHMRU(QOXJDUGHKDFHU ORTXHW~TXLHUDVVLW~DPDVDDOJXLHQKDUiVORTXHHOORV TXLHUDQ(QYH]GHSUHRFXSDUWHSRUWXVQHFHVLGDGHVWH SUHRFXSDUiVSRUODVGHODRWUDSHUVRQD (VWRHVH[DFWDPHQWHORTXH'LRVKL]RDOHQYLDUDVX~QLFR +LMRDODWLHUUDFRPRXQEHEpSDUDYLYLUHQWUHQRVRWURVeOQRV DPyWDDDDQWRTXHVHQHJyDVtPLVPRSDUDKDFHUORTXHHUD PHMRUSDUDQRVRWURV$VtFRPRHODJULFXOWRUTXHHQWHQGLyTXH WHQGUtDTXHKDFHUVHFRPRXQDKRUPLJDSDUDSRGHUVDOYDUODV 9HUVR ³$VtPDQLIHVWy'LRVVXDPRUHQWUHQRVRWURVHQTXH HQYLyDVX+LMRXQLJpQLWRDOPXQGRSDUDTXHYLYDPRV SRUPHGLRGHpO´-XDQ -XHJRV4XHHOORVHVFRMDQXQR (WLTXHWDV)UtDV (VWHHVLJXDODOMXHJRFRQRFLGRFRPR³ORVHQFDQWDGRV´(OPDHVWUR SXHGHVHUHOTXHWHQJDODVHWLTXHWDVDGKHVLYDV$OSRQHUOHXQDHWLTXHWD DXQQLxRpVWHVHTXHGDUiFRQJHODGRKDVWDTXHSXHGDGHFLUHOYHUVR FRUUHFWDPHQWH8QDYH]TXHHOQLxRGLJDHOYHUVRFRUUHFWDPHQWHSRGUi TXLWDUVHODHWLTXHWD\VHUOLEUH 7HQGHGHURGH3DODEUDV (VFULEHODVSDODEUDVGHOYHUVRHQKRMDVEODQFDVXQDSDODEUDSRU KRMDSXHGHVUHSHWLUSDODEUDVGHSHQGLHQGRORVHTXLSRVTXHWHQJDV 5HYXpOYHODV\M~QWDODVWRGDVSDUDTXHWRGRVORHTXLSRVWRPHQGHOPLVPR PRQWyQ&DGDHTXLSRGHEHUiFROJDUODVSDODEUDVHQXQKLORKDVWDTXH FRPSOHWHQHOYHUVR(OTXLSRTXHSULPHURORKDJDVHUiHOJDQDGRU /DQ]DQOD%ROD 3XHGHVXVDUXQJORERREDOyQOLYLDQR&DGDYH]TXHXQQLxRJROSHHHO JORERRDJDUUHHOEDOyQGHEHUiGHFLUODSDODEUDTXHVLJXHHQHOYHUVR 3XHGHQUHSHWLUHOYHUVRYDULDVYHFHV(VWRORSXHGHQKDFHUFRQWRGRHO JUXSRMXQWRV 'HVDItR 'LRVHV$PRU (VWDVHPDQDVDFULItFDWH SRURWURV5HFXHUGDTXHOD PHMRUDFFLyQWHOOHYDUiD JDQDUOD¿QDO 1DFLPLHQWRGH-HV~V 0DWHR5RPDQRV 1DFLPLHQWRGH-HV~V ³(OQDFLPLHQWRGH-HV~VHO&ULVWRIXHDVt6XPDGUH0DUtDHVWDED FRPSURPHWLGDSDUDFDVDUVHFRQ-RVpSHURDQWHVGHXQLUVHDpOUHVXOWyTXH HVWDEDHQFLQWDSRUREUDGHO(VStULWX6DQWR &RPR-RVpVXHVSRVRHUDXQKRPEUHMXVWR\QRTXHUtDH[SRQHUODDYHUJHQ]D S~EOLFDUHVROYLyGLYRUFLDUVHGHHOODHQVHFUHWR3HURFXDQGRpOHVWDED FRQVLGHUDQGRKDFHUORVHOHDSDUHFLyHQVXHxRVXQiQJHOGHO6HxRU\OHGLMR ©-RVpKLMRGH'DYLGQRWHPDVUHFLELUD0DUtDSRU HVSRVDSRUTXHHOODKDFRQFHELGRSRUREUDGHO (VStULWX6DQWR'DUiDOX]XQKLMR\OHSRQGUiV SRUQRPEUH-HV~VSRUTXHpOVDOYDUiDVX ³$VtPDQLIHVWy SXHEORGHVXVSHFDGRVª 'LRVVXDPRUHQWUH QRVRWURVHQTXHHQYLy 7RGRHVWRVXFHGLySDUDTXHVHFXPSOLHUD ORTXHHO6HxRUKDEtDGLFKRSRUPHGLR DVX+LMRXQLJpQLWR GHOSURIHWD©/DYLUJHQFRQFHELUi\GDUi DOPXQGRSDUDTXH DOX]XQKLMR\OROODPDUiQ(PDQXHOªTXH YLYDPRVSRUPHGLR VLJQL¿FD©'LRVFRQQRVRWURVª GHpO´ &XDQGR-RVpVHGHVSHUWyKL]RORTXHHOiQJHO -XDQ GHO6HxRUOHKDEtDPDQGDGR\UHFLELyD0DUtD SRUHVSRVD 3XHVHVWR\FRQYHQFLGRGHTXHQLODPXHUWHQLODYLGDQLORViQJHOHVQLORV GHPRQLRVQLORSUHVHQWHQLORSRUYHQLUQLORVSRGHUHVQLORDOWRQLORSURIXQGR QLFRVDDOJXQDHQWRGDODFUHDFLyQSRGUiDSDUWDUQRVGHODPRUTXH'LRVQRVKD PDQLIHVWDGRHQ&ULVWR-HV~VQXHVWUR6HxRU´ 9HUVR 5HOOHQDFRQOiSL]RFRORUWRGRVORVFXDGURVGRQGHVHHQFXHQWUDXQD FRQVRQDQWH\GHVFXEUHODIUDVHTXHVHIRUPDUi 6 5 4 1 $ ( % , 2 7 8 $ ( * 3 , 2 8 6 5 4 1 $ ( $ ( , 2 8 $ ( , & 2 8 f % , : 2 8 $ $ ( 0 9 = . 0 * 3 + ( , , 2 / 8 $ < ( , 2 8 $ ( ' ) 4 0 , 2 6 8 $ ( , * 3 : + 2 8 $ ( , 2 8 $ ( 7 ; ' , / 2 f 8 = $ 1 ( 4 , & % 7 2 8 $ ( , 2 8 $ ( , 2 8 $ ( , 2 8 $ 4 . * + ( % , 3 2 ) 8 2 8 $ ( , 2 8 ; ' / 7 $ ( + , 2 8 $ ( , 5 2 8 $ ( f , 2 8 $ ) = 9 & < ( , 2 8 $ ( 5 . 6 : , 2 3 8 $ 7 ( , < % 9 4 2 8 $ ( , 2 8 $ ( 4 ; = * - , / 2 . 8 $ ( + , 4 ) 2 = $ ( , 5 2 8 f 9 : $ 6 8 $ ( , 2 8 $ ; 5 < ( ' , & 2 7 8 6 $ 9 ( 4 3 . 5HVXHOYHODVLJXLHQWH VRSDGHOHWUDV 6 ( f 2 5 6 3 + 0 3 / ( * 1 $ , 5 $ 0 7 * 1 $ & , 0 , ( 8 7 , 5 , 3 6 ) ( 6 8 6 - / 1 < 6 ) 1 - $ $ ( 1 ( 2 ( 6 $ 1 7 2 6 0 , $ 0 2 5 ( 2 & 5 , 6 7 2 / $025 $1*(/ &5,672 (63,5,78 -(686 -26( 0$5,$ 1$&,0,(172 6$172 6(f25 £$XQTXH VHDGtILFLOORYR\ DORJUDUHVWH VDFULILFLRYDOGUiOD SHQD (VFULEHODIUDVHDTXt (TXLSR *DQDGRU6HPDQDOHQ0HPRUL]DU '(6$ /$ &203( 'HVDItRV ([WUD 6HPDQDOHV *DQDGRU 6HPDQDO HQ/HHU $),26 $)Ì26 (TXLSR *DQDGRU6HPDQDOHQ0HPRUL]DU $ (7(1&,$ 'HVDItRV ([WUD 6HPDQDOHV *DQDGRU 6HPDQDO HQ/HHU 'LRVHVHO6DOYDGRU (O*5$1 'HVDItR 0XHUWHGH-HV~V GH'LRV 0DUFRV /HFFLyQ3ULQFLSDO 8QOHWUHURHQODSXHUWDGHOVDOyQGHXQDHVFXHODVHFXQGDULD HQ.DQVDVGLFH³1RVRWURVQRQDFLPRVSHUGHGRUHVQDFLPRV SDUDHOHJLU´4XHJUDQYHUGDG&DGDGtDQRVHQIUHQWDPRV FRQGHFLVLRQHVDOJXQDVGHODVFXDOHVWLHQHQHOSRWHQFLDOGH FDPELDUQXHVWUDVYLGDVSDUDVLHPSUH'LRVORKL]RGHHVWD PDQHUDeOTXLVRTXHQRVRWURVGHFLGLpUDPRVDXQVDELHQGR TXHPXFKRVGHQRVRWURVGHFLGLUtDPRVSHFDU\YLYLUQXHVWUDV YLGDVVLQeO +D\PXFKDVGHFLVLRQHVHQODYLGD£SHURKD\XQDTXHHVOD PiVLPSRUWDQWHGHWRGDV(VWDGHFLVLyQLPSOLFDQXHVWUDYLGD FRPSOHWD\DXQODHWHUQLGDGHQHOVHQWLGRGHTXHDGyQGH LUHPRVDOPRULU /DKLVWRULD%tEOLFDGHKR\HVXQDGHODVPiVLPSRUWDQWHV GHOD%LEOLD-HVXFULVWRHOSHUIHFWR&RUGHURGH'LRVHO VDFUL¿FLRSRUQXHVWURVSHFDGRVTXLHQVHRIUHFLyDVtPLVPR\ PXULySRUWL\SRUPt(QHOPRPHQWRHQTXHeOPXULyHOYHOR GHOWHPSORVHUDVJyHQGRVXQDLPDJHQGHORTXHOHVXFHGLy DODDQWLJXDOH\(QOXJDUGHTXHH[LVWDXQDJUDQEDUUHUD HQWUHQRVRWURV\'LRVWHQHPRVFRPSOHWRDFFHVRDO'LRV 7RGRSRGHURVR\VRODPHQWHSRUORTXH-HV~VKL]RHOGtDTXH PXULy /HFFL y Q 1XHVWUDUHVSXHVWDSDUDFRQODPXHUWHGH-HV~V GHEHUtDVHUFUHHUHQeO\GDUOHQXHVWUDYLGD1RHVIiFLO SRUTXHQRVFXHVWDWRGRSHURSRURWURODGRHVIiFLOSRUTXH VRORHVXQDGHFLVLyQ\HOFDPELRSXHGHVXFHGHUHQXQ LQVWDQWH +R\TXHUHPRVLQYLWDUWHSDUDTXHKDJDVODGHFLVLyQPiV LPSRUWDQWHGHWXYLGD\HVTXHFUHDVHQHO6HxRU-HVXFULVWR \VHDVVDOYR$EUHWXFRUD]yQDeO\GDOHWXYLGD3RUTXHeO PXULyHQODFUX]SRUWL\SRUPtWHQHPRVHVWDRSRUWXQLGDG HVODFRVDPiVLPSRUWDQWHTXHW~SXHGHVKDFHU 'LRVQRVFRQRFHDFDGDXQRGHQRVRWURV\SXHGHYHU QXHVWURVSHQVDPLHQWRV\PRWLYRVYHUGDGHURV3XHGHVHVWDU VHJXURGHTXHVLHUHVVLQFHURHQODRUDFLyQGHKR\'LRVQR VHROYLGDUiGHWL/D%LEOLDGLFHTXHW~SXHGHV6$%(5TXH LUiVDOFLHOR2UHPRV ³$PDGR-HV~VJUDFLDVSRUPRULUHQODFUX]SRUPLVSHFDGRV SHUGyQDPHSRUODVFRVDVPDODVTXHKHKHFKR3RUIDYRU HQWUDHQPLFRUD]yQDKRUD7HHQWUHJRPLYLGD4XLHUR FDPELDU\VHUFRPRW~SRUIDYRUD\~GDPH$KRUDHQHVWH GtDPHHQWUHJRSRUFRPSOHWRDWL$PpQ´ 9HUVR (O'HVDItR ³<QRVRWURVKHPRVYLVWR\GHFODUDPRVTXHHO3DGUH HQYLyDVX+LMRSDUDVHUHO6DOYDGRUGHOPXQGR´ -XDQ (OGHVDItRHVWHGtDSDUDORVHTXLSRVVHUiSRQHUOH PRYLPLHQWRVDOYHUVR'DOHVHOWLHPSRVX¿FLHQWHSDUDTXH ORKDJDQ\SXHGDQSUHVHQWDUXQDGDQ]DHVSHFLDOSDUD'LRV /yJLFDPHQWHHOHTXLSRTXHKDJDXQDPHMRUSUHVHQWDFLyQ 4XHHOORVHVFRMDQXQR VHUiHOJDQDGRUGHHVWDVHPDQD7DPELpQHVLPSRUWDQWH WRPDUHQFXHQWDFXiQWRVGHOHTXLSRSDUWLFLSDQ\DTXHGHEHQ (WLTXHWDV)UtDV SDUWLFLSDUWRGRV (VWHHVLJXDODOMXHJRFRQRFLGRFRPR³ORVHQFDQWDGRV´(OPDHVWUR -XHJRV SXHGHVHUHOTXHWHQJDODVHWLTXHWDVDGKHVLYDV$OSRQHUOHXQDHWLTXHWD DXQQLxRpVWHVHTXHGDUiFRQJHODGRKDVWDTXHSXHGDGHFLUHOYHUVR FRUUHFWDPHQWH8QDYH]TXHHOQLxRGLJDHOYHUVRFRUUHFWDPHQWHSRGUi TXLWDUVHODHWLTXHWD\VHUOLEUH 7HQGHGHURGH3DODEUDV (VFULEHODVSDODEUDVGHOYHUVRHQKRMDVEODQFDVXQDSDODEUDSRU KRMDSXHGHVUHSHWLUSDODEUDVGHSHQGLHQGRORVHTXLSRVTXHWHQJDV 5HYXpOYHODV\M~QWDODVWRGDVSDUDTXHWRGRVORHTXLSRVWRPHQGHOPLVPR PRQWyQ&DGDHTXLSRGHEHUiFROJDUODVSDODEUDVHQXQKLORKDVWDTXH FRPSOHWHQHOYHUVR(OTXLSRTXHSULPHURORKDJDVHUiHOJDQDGRU 5HVSXHVWDV & 2 2 6 5 $ 7 / 2 9 $ ' 6$/9$'25 3 , 0 5 6 6 $ 1 ( $ $ $ 6 * ( 6 - , 0 / $ 3 6 * ( ' * 5 / $ 9 5 1 5 8 $ 3 2 5 , ' 9 ( ; 2 , , ( 5 2 2 ' 7 2 2 6 & 8 5 0 7 5 ( 8 0 $ ( 7 ' $ ' , 5 /DQ]DQOD%ROD 3XHGHVXVDUXQJORERREDOyQOLYLDQR&DGDYH]TXHXQQLxRJROSHHHO JORERRDJDUUHHOEDOyQGHEHUiGHFLUODSDODEUDTXHVLJXHHQHOYHUVR 3XHGHQUHSHWLUHOYHUVRYDULDVYHFHV(VWRORSXHGHQKDFHUFRQWRGRHO JUXSRMXQWRV 'HVDItR 3RQOHPRYLPLHQWRVDFDGD SDODEUDGHOYHUVR\MXQWR FRQWXHTXLSRSUHSDUD ODPHMRUGDQ]DHVWHGtD 6HJXUDPHQWHVHUiQORV JDQDGRUHVGHHVWHGHVDItR 'LRVHVHO6DOYDGRU 0XHUWHGH-HV~V 0DUFRV 0XHUWHGH-HV~V 0DUFDFRQOiSL]RFRQ FRORUODVOHWUDVTXH DSDUHFHQWUHVRPiV YHFHV\HVFULEHVREUH ODOtQHDODSDODEUDTXH VHIRUPHFRQODVOHWUDV TXHTXHGDQHQEODQFR BBBBBBBBBBBBBBBBBB ( 6 ) $ - 4 * 3 = * = / . < ³'HVGHHOPHGLRGtD\KDVWDODPHGLDWDUGHTXHGyWRGDODWLHUUDHQRVFXULGDG $ODVWUHVGHODWDUGH-HV~VJULWyDYR]HQFXHOOR ²(ORL(ORL¢ODPDVDEDFWDQL"TXHVLJQL¿FD ³'LRVPtR'LRVPtR¢SRUTXpPHKDV ³<QRVRWURVKHPRV GHVDPSDUDGR"´ &XDQGRORR\HURQDOJXQRVGHORVTXHHVWDEDQ YLVWR\GHFODUDPRV FHUFDGLMHURQ TXHHO3DGUHHQYLy ²(VFXFKHQHVWiOODPDQGRD(OtDV DVX+LMRSDUDVHU 8QKRPEUHFRUULyHPSDSyXQDHVSRQMDHQ HO6DOYDGRUGHO YLQDJUHODSXVRHQXQDFDxD\VHODRIUHFLyD PXQGR´ -HV~VSDUDTXHEHELHUD -XDQ ²'pMHQORDYHUVLYLHQH(OtDVDEDMDUOR²GLMR (QWRQFHV-HV~VODQ]DQGRXQIXHUWHJULWRH[SLUy /DFRUWLQDGHOVDQWXDULRGHOWHPSORVHUDVJyHQGRVGHDUULEDDEDMR<HO FHQWXULyQTXHHVWDEDIUHQWHD-HV~VDORtUHOJULWR\YHUFyPRPXULyGLMR ²£9HUGDGHUDPHQWHHVWHKRPEUHHUDHO+LMRGH'LRV´ 9HUVR 9 4 - 3 ( < * ) $ ( ' . = 4 < * - 3 2 . ) 5 ( 5HVXHOYHODVLJXLHQWH VRSDGHOHWUDV £0LVPHMRUHV SDVRV VLHPSUH VHUiQSDUD 'LRV &257,1$ '(6$03$5$'2 (;3,52 *5,72 -(686 08(57( 085,2 26&85,'$' 5$6*2 6$/9$'25 7(03/2 9,1$*5( 5 , ' ; % 5 / ' : 6 2 1 $ 4 < * , 5 $ , 6 7 6 8 * $ 5 3 6 $ : 2 * 7 , 3 & 0 ' $ 7 . * 5 . + , 9 $ ) 7 1 8 ' 9 , 1 $ 2 / 3 0 ( 7 % 0 0 ) * $ 9 ) 6 : ; $ $ 6 , 0 / * 3 ; * 8 0 ; 5 ( 6 $ 3 8 9 ( 7 5 ( 8 0 - % 6 * 2 ; 4 $ 0 ( 2 5 * = ( % , 2 $ ( 7 ' 9 7 , < ' * 5 , 7 2 2 ; 3 2 : 2 : 2 6 & 8 5 , ' $ ' ) 5 , < /HFFL y Q 'LRVHV7RGRSRGHURVR (O*5$1 'HVDItR 0RLVpVHQHO0DU5RMR GH'LRV e[RGR /HFFLyQ3ULQFLSDO +DFHDxRVFXDQGRORVIXQGDGRUHVGHODFLXGDGGH1XHYD <RUNFRQWHPSODURQHOIXWXURFUHFLPLHQWRGHODFLXGDGHOORV WUD]DURQODVFDOOHV\ODVQXPHUDURQGHOFHQWURKDFLDDIXHUD (QDTXHOWLHPSR1XHYD<RUNFRQVLVWtDGHRFDOOHV(OORV HQVXVSODQRVSUR\HFWDURQDOJRJUDQGHSRUTXHSHQVDURQTXH ODFLXGDGSRGtDFUHFHU<HQGRPiVDOOiGHVXLPDJLQDFLyQ HOORVGLEXMDURQWRGDVODVFDOOHVHQHOPDSDKDVWDOOHJDUD ODQ~PHUR(OORVODOODPDURQ³/D&DOOH'LYLVRULD´SRUTXH HVWDEDQVHJXURVGHTXHDVtGHJUDQGHFUHFHUtD1XHYD<RUN 3HURODKLVWRULDGHPRVWUyTXHVHTXHGDURQFRUWRV(QHO ~OWLPRFRQWHRODPHWUySROLKDEtDOOHJDGRPiVDOOiGHODFDOOH /RVLVUDHOLWDVSHQVDURQTXHKDEtDQOOHJDGRDO¿QDOGHO FDPLQRFXDQGROOHJDURQDO0DU5RMRFRQHOHMpUFLWRHJLSFLR GHWUiVGHHOORV(OORVWHPtDQSRUVXVYLGDV\DKRUDHVWDEDQ HQXQFDOOHMyQVLQVDOLGD1RKDEtDDGRQGHLU$VtFRPR ORVIXQGDGRUHVGHODFLXGDGGH1XHYD<RUNQRSXGLHURQ 1DGDQLQDGLHSXHGHGHWHQHUDQXHVWUR'LRVeOHV LPSUHVLRQDQWHWUHPHQGRJUDQGtVLPR\WRGRSRGHURVReO HVWiPiVDOOiGHQXHVWURVVXHxRVeOWLHQHHOSRGHUSDUD GHWHQHUXQSRGHURVRPDUKDFHUTXHXQFLHJRYHDDOLPHQWDU XQDPXOWLWXGHQWHUDGHSHUVRQDVOHYDQWDUPXHUWRV\DXQ KDFHUFRVDVSRGHURVDVDWUDYpVGHYDVRVGpELOHVFRPRW~\ \R£1XHVWUR'LRVHV72'232'(5262 (O'HVDItR 9HUVR (OGHVDItRSDUDORVDOXPQRVHVWDVHPDQDVHUiWHQHUXQD EXHQDDFFLyQSDUDFRQDOJXLHQPDVFRQODHVSHUDQ]DGH VHUXVDGRVSRU'LRV3DUDSRGHUFDOL¿FDUORVQHFHVLWDUiV HVFXFKDUDFDGDXQR\HOHTXLSRTXHDFXPXOHODVPHMRUHV \PiVFDQWLGDGGHDFFLRQHVVHUiHOJDQDGRU5HFXHUGD SUHSDUDUXQDHVWUHOODSDUDHODOXPQRPiVGHVWDFDGR ³([FHOVRHVQXHVWUR6HxRU\JUDQGHVXSRGHU VXHQWHQGLPLHQWRHVLQ¿QLWR´6DOPR 5HVSXHVWDV -XHJRV4XHHOORVHVFRMDQXQR 0 5 2 , $ * 8 $ 6 6 ( 6 $ * 8 $ $ 5 - 2 6 5 $ ( / & 2 ( f 2 5 0 ( 2 2 $ - 6 6 , 6 ( 6 ( 2 2 2 ' 7 , 2 ) ( & ( * ' , 0 2 7 $ , 3 5 2 5 ( 2 1 2 $ 5 $ - LPDJLQDUVHTXpWDQJUDQGHSRGtDFUHFHUODFLXGDG ORVLVUDHOLWDVQRSRGtDQLPDJLQDUVHTXpWDQJUDQGHHUD 'LRV'HKHFKRHVPX\GLItFLOSDUDFXDOTXLHUDGHQRVRWURV FRPSUHQGHUTXpWDQSRGHURVRHV'LRV'HQLQJXQDPDQHUD ORVLVUDHOLWDVSXGLHURQKDEHUVHLPDJLQDGRTXHHOPDUVH DEULUtDIUHQWHDHOORVSDUDTXHSXGLHUDQSDVDUSRUWLHUUD VHFD£'HEHKDEHUVLGRXQDH[SHULHQFLDLQFUHtEOHSDUD FDGDSHUVRQDTXHHVWDEDDOOt'LRVWDPELpQDQRVRWURVQRV PXHVWUDVXSRGHUDYHFHVFRQFRVDVJUDQGHV\DYHFHVFRQ FRVDVSHTXHxDVFDGDGtD , ' , 7 3 2 5 6 6 5 $ ( & / , & 7 $ 6 2 $ 6 (WLTXHWDV)UtDV (VWHHVLJXDODOMXHJRFRQRFLGRFRPR³ORVHQFDQWDGRV´(OPDHVWUR SXHGHVHUHOTXHWHQJDODVHWLTXHWDVDGKHVLYDV$OSRQHUOHXQDHWLTXHWD DXQQLxRpVWHVHTXHGDUiFRQJHODGRKDVWDTXHSXHGDGHFLUHOYHUVR FRUUHFWDPHQWH8QDYH]TXHHOQLxRGLJDHOYHUVRFRUUHFWDPHQWHSRGUi TXLWDUVHODHWLTXHWD\VHUOLEUH 7HQGHGHURGH3DODEUDV (VFULEHODVSDODEUDVGHOYHUVRHQKRMDVEODQFDVXQDSDODEUDSRU KRMDSXHGHVUHSHWLUSDODEUDVGHSHQGLHQGRORVHTXLSRVTXHWHQJDV 5HYXpOYHODV\M~QWDODVWRGDVSDUDTXHWRGRVORHTXLSRVWRPHQGHOPLVPR PRQWyQ&DGDHTXLSRGHEHUiFROJDUODVSDODEUDVHQXQKLORKDVWDTXH FRPSOHWHQHOYHUVR(OTXLSRTXHSULPHURORKDJDVHUiHOJDQDGRU /DQ]DQOD%ROD 3XHGHVXVDUXQJORERREDOyQOLYLDQR&DGDYH]TXHXQQLxRJROSHHHO JORERRDJDUUHHOEDOyQGHEHUiGHFLUODSDODEUDTXHVLJXHHQHOYHUVR 3XHGHQUHSHWLUHOYHUVRYDULDVYHFHV(VWRORSXHGHQKDFHUFRQWRGRHO JUXSRMXQWRV 'HVDItR 3tGHOHD'LRVTXHXVHHVWD VHPDQDSDUDLPSDFWDUD DOJXLHQKDFLHQGRHOELHQ'LRV VHJR]DXViQGRQRVDVtTXH SUHSiUDWHSDUDTXH'LRVWH XVH£\VpW~HOJDQDGRU 'LRVHV7RGRSRGHURVR 0RLVpVHQHO0DU5RMR e[RGR 0RLVpVHQHO0DU5RMR ³(O6HxRUHQGXUHFLyHOFRUD]yQGHOIDUDyQUH\GH(JLSWRSDUDTXHVDOLHUDHQ SHUVHFXFLyQGHORVLVUDHOLWDVORVFXDOHVPDUFKDEDQFRQDLUHWULXQIDO7RGRHO HMpUFLWRGHOIDUDyQ²FDEDOORVFDUURVMLQHWHV\WURSDVGH(JLSWR²VDOLyWUDV 2UGHQDODVOHWUDV\IRUPDUiV ORVLVUDHOLWDV\OHVGLRDOFDQFHFXDQGRpVWRVDFDPSDEDQMXQWRDOPDUFHUFD SDODEUDVGHODOHFWXUDEtEOLFD GH3L$MLURW\IUHQWHD%DDO=HIyQ DGHPiV (OIDUDyQLEDDFHUFiQGRVH&XDQGRORV 50$ HQODSDUWH LVUDHOLWDVVH¿MDURQ\YLHURQDORVHJLSFLRV -252 VRPEUHDGDVH SLViQGROHVORVWDORQHVVLQWLHURQPXFKRPLHGR IRUPDUiXQD 5,6(/$ \FODPDURQDO6HxRU ³([FHOVRHV SDODEUDFODYHGH ²1RWHQJDQPLHGR²OHVUHVSRQGLy QXHVWUR6HxRU\ $8*6$ ODOHFWXUD 0RLVpV²0DQWHQJDQVXVSRVLFLRQHV JUDQGHVXSRGHU &(62 TXHKR\PLVPRVHUiQWHVWLJRVGHOD VXHQWHQGLPLHQWR 5(f62 VDOYDFLyQTXHHO6HxRUUHDOL]DUiHQIDYRU HVLQ¿QLWR´ GHXVWHGHV$HVRVHJLSFLRVTXHKR\ 6DOPR YHQ£MDPiVYROYHUiQDYHUORV 8VWHGHVTXpGHQVHTXLHWRV TXHHO6HxRUSUHVHQWDUiEDWDOOD SRUXVWHGHV3HURHO6HxRUOHGLMRD0RLVpV©¢3RUTXpFODPDVD Pt"£2UGHQDDORVLVUDHOLWDVTXHVHSRQJDQHQPDUFKD<W~OHYDQWD WXYDUDH[WLHQGHWXEUD]RVREUHHOPDU\GLYLGHODVDJXDVSDUDTXH ORVLVUDHOLWDVORFUXFHQVREUHWHUUHQRVHFR 0RLVpVH[WHQGLyVXEUD]RVREUHHOPDU\WRGDODQRFKHHO6HxRU HQYLyVREUHHOPDUXQUHFLRYLHQWRGHOHVWHTXHORKL]RUHWURFHGHU FRQYLUWLpQGRORHQWLHUUDVHFD/DVDJXDVGHOPDUVHGLYLGLHURQ\ORVLVUDHOLWDV ORFUX]DURQVREUHWLHUUDVHFD(OPDUHUDSDUDHOORVXQDPXUDOODGHDJXDDOD GHUHFKD\RWUDDODL]TXLHUGD´ 9HUVR £1RKD\UHWR TXHQRUHDOLFH SRUTXHHO SRGHURVR'LRV HVWiFRQPLJR 5HVXHOYHODVLJXLHQWH VRSDGHOHWUDV $*8$ ',26 (*,3&,26 (-(5&,72 )$5$21 ,65$(/,7$6 0$5 02,6(6 52-2 6(&$ 7,(55$ 72'232'(5262 $ * 6: . 1 / 3 :3 * 6 7 = = 2 5 $ / = 22 7 1 8 ' / < ( 1 7 * ' % $ $ 0 ( 6 : 2 $ ) 2 , : ( / 4 , < ( % 6 3 1 6 & 3 % 0: 2 $ 2 ) 05 1 2 $ , * ( * ' < 2 , 2 ):3 - 6 < 5 $ ( % & . :& & ( ( 5 & , 7 2 & / & ; / < 2 $ ( 0 $ 5 $ , 4 $ = 6 5 ) 6 , 9 , 6 7 2 , 2 6 2 , ' 7 ' 5 $ ( 6 9 5 5 2 ' < + 6 / 6 8 ; 'LRVHV-XVWR (O*5$1 'HVDItR 6DORPyQ\HO%HEp GH'LRV 5H\HV /HFFLyQ3ULQFLSDO +D\XQDKLVWRULDHQFDQWDGRUDVREUHXQUH\KDFHPXFKRV DxRVTXLHQOODPyDVXKRPEUHVVDELRV\OHVGLRHVWD FRPLVLyQ³<RTXLHURTXHXVWHGHVUHFRSLOHQSDUDPtOD VDELGXUtDGHORVDxRV\ODSRQJDQHQXQOLEURSDUDDVt SRGHUORGHMDUDODSRVWHULGDG´/RVKRPEUHVVHIXHURQ\ WUDEDMDURQPXFKR7LHPSRGHVSXpVHOORVUHJUHVDURQFRQ YRO~PHQHV(OUH\PLUyORVLPSRQHQWHVYRO~PHQHV\GLMR ³(VWRHVGHPDVLDGRJUDQGH\WHPRTXHODJHQWHQROROHHUi £&RQGpQVHQOR´0iVWDUGHORVKRPEUHVVDELRVYROYLHURQ FRQXQVRORYROXPHQ2WUDYH]HOUH\GLMR³&RQGpQVHQOR´ (QWRQFHVHOORVUHGXMHURQHOYROXPHQDXQFDStWXORGHVSXpV DXQDSiJLQDOXHJRDXQSiUUDIR\¿QDOPHQWHDXQDRUDFLyQ &XDQGRHOUH\YLRODRUDFLyQHXIyULFDPHQWHDQXQFLy ³&DEDOOHURVHVWRHVUHDOPHQWHODVDELGXUtDGHORVDxRV´/D RUDFLyQVLPSOHPHQWHGHFtD³1RKD\FRPLGDJUDWLV´ /DKLVWRULDEtEOLFDGHKR\WDPELpQHVVREUHXQUH\VDELR 6DORPyQGHFyPRHOIXHFDSD]GHMX]JDUELHQ\GHSURYHHU MXVWLFLDDODWLHUUD(QHVWHPLVPRFDStWXOR5H\HVOD %LEOLDQRVGLFHTXHHOUH\6DORPyQOHSLGLyD'LRVVDELGXUtD \'LRVVHODGLR3RGHPRVYHUFyPR6DORPyQPRVWUyOD MXVWLFLDFRQODVGRVPDPiV\HOEHEp 1XHVWUR'LRVHVFRPSOHWDPHQWHMXVWReOFRQRFHWRGDOD (O'HVDItR (OGHVDItRSDUDHVWDVHPDQDHVIiFLOFDGDDOXPQRGHEHUi SRQHUPXFKDDWHQFLyQ\KDFHUXQDOLVWDGHODVFRVDV -867$6H,1-867$6TXHYHDQDVXDOUHGHGRU3DUD VDFDUDOHTXLSRJDQDGRUVHSXHGHFDOL¿FDUSRUODVOLVWDV PiVJUDQGHVODVPiVYHUtGLFDV\HOPD\RUQ~PHURGH SDUWLFLSDQWHVGHFDGDHTXLSR'HLJXDOPDQHUDHODOXPQR FRQODPHMRUOLVWDVHSXHGHOOHYDUODHVWUHOOD 5HVSXHVWDV ' , 2 6 ( 6 ) , ( / 6 5 8 1 ( 2 0 ( 6 , 7 ' - 8 2 < ' $ ( ' $ 6 / $ 5 5 6 , 1 - 8 6 7 , & , $ 9 3 5 $ & 7 , & $ 1 2 3 ( 5 ) ( & 7 2 0 8 ( 5 , 9 2 0 2 2 ( < $ 5 - / ( ( % 3 ( 7 2 5 $ % 9 ' ' $ $ ' $ 7 , 0 0 /HFFL y Q VDELGXUtDGHOPXQGReOQRVFRQRFHDFDGDXQRGH QRVRWURV\QRVRORSXHGHMX]JDUQRVSRUQXHVWUDVDFFLRQHV VLQRWDPELpQSRUQXHVWUDVPRWLYDFLRQHVeOFRQRFHFDGD SHQVDPLHQWRQXHVWUReOKDUiWRGDVODVFRVDVFRUUHFWDVDO ¿QDO\KDSURPHWLGRSDJDUDFDGDSHUVRQDGHDFXHUGRDOR TXHKD\DKHFKR 1$',(6((6&$3$5È&21$/*20$/2<1,1*812 6(5È,*125$'232568%21'$''LRVHTXLOLEUDUi WRGDVODVFRVDVHQDO¿QDO $TXtHQODWLHUUDODVFRVDVQRVLHPSUHVRQMXVWDV/D JHQWHPDODDYHFHVHVUHFRPSHQVDGD\ODJHQWHEXHQDHV FDVWLJDGDSHURHQHOFLHORQRVHUiDVt'LRVORYHWRGR\ UHFRPSHQVDUiDODJHQWHeOQRVHSDUHFHDXQMXH]WHUUHQDO TXHSXHGHVHUVRERUQDGRRSHUVXDGLGRSDUDTXHLJQRUHOD MXVWLFLD£(VWRHVLPSRVLEOHFRQ'LRVQRROYLGHVTXHe/(6 -8672 9 9HUVR ³eOHVOD5RFDVXVREUDVVRQSHUIHFWDV\WRGRV VXVFDPLQRVVRQMXVWRV'LRVHV¿HOQRSUDFWLFDOD LQMXVWLFLDeOHVUHFWR\MXVWR´'HXWHURQRPLR -XHJRV4XHHOORVHVFRMDQXQR (VFRQGLHQGRODV3DODEUDV (VFULEHDOJXQDVSDODEUDVGHOYHUVR\HVFyQGHODVHQGLIHUHQWHVSDUWHV GHOVDOyQ/RVQLxRVTXHODVHQFXHQWUHQSXHGHQSDVDUDOIUHQWH&XDQGR HVWpQUHSLWLHQGRHOYHUVRWRGRVDGLYLQDUiQTXpSDODEUDHVODTXH IDOWD3XHGHVSUHSDUDUDOJ~QUHJDORSDUDORVQLxRVTXHHQFXHQWUHQODV SDODEUDV 7HOpIRQR'HVFRPSXHVWR +D]XQFtUFXORFRQWRGRVORVQLxRVGHODFODVH(OPDHVWURHPSH]DUi GLFLpQGROHHOYHUVRDORtGRDOQLxRTXHWLHQHDOODGRpVWHQLxRKDUiOR PLVPRFRQHOVLJXLHQWHKDVWDTXHUHFRUUDWRGRHOFtUFXOR6LDOOOHJDUGH QXHYRFRQHOPDHVWURHOYHUVRWLHQHDOJXQDSDODEUDLQFRUUHFWDpVWH YROYHUiDHPSH]DU(OMXHJRKDEUiWHUPLQDGRKDVWDTXHHOYHUVRVHGLJD FRUUHFWDPHQWH $FWXDQGRHO9HUVR +D]WDUMHWDVFRQGRVRWUHVSDODEUDVGHSHQGLHQGRGHOYHUVR\ORVHTXLSRV TXHSXHGHVIRUPDUHQWXFODVH6HSDUDDOJUXSRHQHTXLSRV\XQR WRPDUiXQDWDUMHWD(OQLxRWUDWDUiGHDFWXDUODVSDODEUDVTXHOHWRFDURQ VLQPHQFLRQDUODVHOHTXLSRWHQGUiTXHDGLYLQDUODVSDODEUDV$O¿QDO MXQWDUiQWRGDVODVSDODEUDVSDUDIRUPDUHOYHUVR 9HUVR&DQWDGR (VFRMDQXQULWPR\FDQWHQHOYHUVRMXQWRV6HUiGLYHUWLGRSRQHUOHULWPRD OD3DODEUD 'LRVHV-XVWR 6DORPyQ\HO%HEp 5H\HV 6DORPyQ\HO%HEp 'HVDItR (VWDVHPDQDHVIiFLO VRORPLUDORTXHSDVDDWX DOUHGHGRU\KD]XQDOLVWDGH ODVFRVDVMXVWDV\12MXVWDV TXHPLUHV£7XPDHVWUROR FDOL¿FDUi\GLUiTXHW~KDV JDQDGR ³7LHPSRGHVSXpVGRVSURVWLWXWDVIXHURQDSUHVHQWDUVHDQWHHOUH\8QDGHHOODV OHGLMR²6X0DMHVWDGHVWDPXMHU\\RYLYLPRVHQODPLVPDFDVD0LHQWUDV HOODHVWDEDDOOtFRQPLJR\RGLDOX]\DORVWUHVGtDVWDPELpQHOODGLRDOX] 2UGHQDODVOHWUDV\IRUPD 1RKDEtDHQODFDVDQDGLHPiVTXHQRVRWUDVGRV3XHVELHQXQDQRFKHHVWD ODIUDVH$O¿QDOHVFULEHOD PXMHUVHDFRVWyHQFLPDGHVXKLMR\HOQLxR OHWUDVHJ~QHOQ~PHURTXHOH PXULy3HURHOODVHOHYDQWyDPHGLDQRFKH FRUUHVSRQGH\GHVFXEUHXQD PLHQWUDV\RGRUPtD\WRPDQGRDPLKLMROR SDODEUDLPSRUWDQWHGHODOHFFLyQ DFRVWyMXQWRDHOOD\SXVRDVXKLMRPXHUWR 62,' 6( ³eOHVOD5RFD DPLODGR&XDQGRDPDQHFLyPHOHYDQWp VXVREUDVVRQ SDUDDPDPDQWDUDPLKLMR£\PHGLFXHQWD SHUIHFWDV\WRGRVVXV GHTXHHVWDEDPXHUWR3HURDOFODUHDU HOGtDORREVHUYpELHQ\SXGHYHUTXH /,)( FDPLQRVVRQMXVWRV QRHUDHOKLMRTXH\RKDEtDGDGRD 'LRVHV¿HOQR OX]²£1RHVFLHUWR²H[FODPyODRWUD SUDFWLFDODLQMXVWLFLD PXMHU²£(OQLxRTXHHVWiYLYRHVHOPtR eOHVUHFWR\MXVWR´ < 21 \HOPXHUWRHVHOWX\R²£0LHQWHV²LQVLVWLy 'HXWHURQRPLR ODSULPHUD²(OQLxRPXHUWRHVHOWX\R\ HOTXHHVWiYLYRHVHOPtR<VHSXVLHURQ DGLVFXWLUGHODQWHGHOUH\(OUH\GHOLEHUy $/ 7$3&,$&5 ©8QDGLFH³(OQLxRTXHHVWiYLYRHVHOPtR\HOPXHUWRHVHOWX\R´<OD RWUDGLFH³£1RHVFLHUWR(OQLxRPXHUWRHVHOWX\R\HOTXHHVWiYLYRHVHO PtR´ª(QWRQFHVRUGHQy²7UiLJDQPHXQDHVSDGD&XDQGRVHODWUDMHURQ GLMR²3DUWDQHQGRVDOQLxRTXHHVWiYLYR\GHQOHXQDPLWDGDpVWD\OD 1,&6,-$87, RWUDPLWDGDDTXpOOD/DYHUGDGHUDPDGUHDQJXVWLDGDSRUVXKLMROHGLMR DOUH\²£3RUIDYRU6X0DMHVWDG£'pOHXVWHGDHOODHOQLxRTXHHVWiYLYR SHURQRORPDWH(QFDPELRODRWUDH[FODPy²£1LSDUDPtQLSDUDWL£4XH ORSDUWDQ (QWRQFHVHOUH\RUGHQy²1RORPDWHQ(QWUpJXHQOHDODSULPHUDHOQLxR TXHHVWiYLYRSXHVHOODHVODPDGUH´ 9HUVR ; 8 6 7 2 5 ) 9 % & - < 6 + ' ( * , 5 ' % 2 % < , 8 8 9 5 , + < / 2 8 6 2 ; 0 2 , 7 + ; 6 0 4 ; 3 8 = 9 6 , $ 5 ( ' $ ' 5 ( 9 7 ' * 5 6 2 = , 3 6 5 : 2 $ 5 2 ( 5 0 ( $ 2 7 / 1 7 1 ) ; < ) / 6 ( 2 3 ( , 4 8 5 6 2 , , 3 5 & & 0 - $ ' 0 6 / 4 < $ ' 1 3 + 2 2 9 0 ( % ( % ' $ * < 1 . 1 = % , 8 8 ; $ 0 6 5HVXHOYHODVLJXLHQWH VRSDGHOHWUDV %(%( ',26 (63$'$ -8672 0$'5( 0,7$' 08(572 08-(5 5(< 6$/2021 9(5'$'(5$ 9,92 UDQ QJ \\ X H £)X HORKR HKD GX VP WLFLD 'LR RMXV K KHF 'LRVHV&RPSDVLYR (O*5$1 'HVDItR (O+LMR3UyGLJR GH'LRV 9HUVR /XFDV (VLQWHUHVDQWHSHURHQPXFKDVFRPXQLGDGHVDJUtFRODV GRQGHVHFUtDJDQDGRXVWHGHQFRQWUDUiJDQDGRVXHOWR \SHUGLGR6LXVWHGOHSUHJXQWDUDDXQUDQFKHURSRUXQD YDFDSHUGLGDSRVLEOHPHQWHOHFRQWHVWDUtD³%XHQRODYDFD FRPLHQ]DDPRUGLVTXHDUXQDSODQWDVYHUGHVFXDQGRWHUPLQD PLUDKDFLDDGHODQWH\YDDODVVLJXLHQWHVSODQWDVYHUGHV 'HVSXpVGHWHUPLQDUHVDVPLUDKDFLDDGHODQWH\YDSRUODV VLJXLHQWHVKDVWDTXHVHHQFXHQWUDFRPLHQGRKLHUEDDOODGR GHXQKR\RHQODFHUFD&XDQGRYHPiVKLHUEDDORWURODGRGH ODFHUFDHOODPRUGLVTXHDDXQR\DRWURODGR±ORVLJXLHQWHTXH XVWHGVDEHHVTXHODYDFDTXHLEDPRUGLVTXHDQGRVHSHUGLy´ 7~\\RVRPRVFRPRHOJDQDGRQRVSRGHPRVSHUGHUGH ODPLVPDPDQHUDXQPDOSDVRDODYH]\HQPRPHQWRQR SRGUHPRVHQFRQWUDUQXHVWURFDPLQRGHUHJUHVR 8QDGH¿QLFLyQSDUDFRPSDVLyQHV12GDUOHDDOJXLHQORTXH PHUHFH&XDQGRFRPHWHPRVHUURUHVQXHVWUDVDFFLRQHV WLHQHQFRQVHFXHQFLDV\DYHFHVFDVWLJR1XHVWUDKLVWRULD EtEOLFDGHKR\HVXQJUDQHMHPSOR(VWHMRYHQIXHJURVHUR FRQVXSDSi\WRPyWRGRHOGLQHUR\VHORJDVWyHQ¿HVWDV HQYH]GHKDEHUVHFRPSUDGRXQDFDVDFRPRpOTXLVLHUD (OSDGUHQRWRPyDVXKLMRSDUDUHJUHVDUOR\FLHUWDPHQWH SXGRKDEHUORFDVWLJDGR(VWDHVXQDEXHQDLPDJHQGH DUUHSHQWLPLHQWRSHURWDPELpQGHODFRPSDVLyQGH'LRV KDFLDQRVRWURV'LRVQRQRVGDWRGRORTXHPHUHFHPRV SRUTXHeOQRVWLHQHFRPSDVLyQeOQRVHVSHUDQRVDPDH LQFOXVRFXDQGRFRPHWHPRVJUDQGHVHUURUHVeOHVWiDOOtSDUD UHFLELUQRV 3 + 4 = % . 6 5 : 7 2 , 6 & - $ 2 2 0 & , , & ( & + ' 3 < . + ' & 0 7 0 5 $ ( ' 6 ' 3 5 , 2 0 ( ( ; / ' 3 $ $ 5 = 1 9 - ( ' 5 1 6 2 ³(O6HxRUHVEXHQRFRQWRGRVpOVHFRPSDGHFH GHWRGDVXFUHDFLyQ´6DOPR /HFFLyQ3ULQFLSDO 5HVSXHVWDV /HFFL y Q = & 9 + 2 & 5 2 1 ( 0 3 5 2 ' , * 2 'LRVQRHVWiDKtHVSHUDQGRTXHQRVHTXLYRTXHPRVSDUD FDVWLJDUQRV(VRHVDOJRPDORTXHQRVRWURVFRPRKXPDQRV KDFHPRV'LRVHVFRPSDVLYR\DXQFXDQGRQRVPHUHFHPRV HOFDVWLJReOFRP~QPHQWHVHFRPSDGHFH\QLVLTXLHUDQRV GDORTXHPHUHFHPRV $OLJXDOTXHHOJDQDGRTXHVHSLHUGHRHOKLMRSUyGLJR TXHVHSRUWDPDO\PHUHFHDOJXQDIRUPDGHFDVWLJR FRP~QPHQWHQRVSHUGHPRV\QRVSRUWDPRVPDO1XHVWUR 'LRVHVFRPSDVLYR\DPRURVROHQWRSDUDODLUD\UiSLGRSDUD SHUGRQDU£6HDPRVPiVFRPReO (O'HVDItR (VWHGHVDItRWDPELpQSXHGHVHUXQSRFRGLItFLOGHFDOL¿FDU SHUR'LRVHVWiFRQWLJRSDUDD\XGDUWH/RVDOXPQRVWHQGUiQ TXHKDFHUXQDFWRGHFRPSDVLyQRPLVHULFRUGLD12GHEHQ UHVSRQGHUOHDGDUOHDDOJXLHQORTXHPHUHFHSRUDOJRPDOR TXHOHVKLFLHURQ7HQGUiVTXHHVFXFKDUDFDGDXQRSDUD GHFLGLUFXiORFXiOHVVRQODVDFFLRQHVPiVLPSDFWDQWHV(O HTXLSRJDQDGRUVHUiHOTXHWHQJDPiVKLVWRULDVLPSDFWDQWHV \HOPD\RUQ~PHURGHDOXPQRVTXHORKD\DQKHFKR$GHPiV HVEXHQRTXHHOLMDVODPHMRUDFFLyQ -XHJRV4XHHOORVHVFRMDQXQR (VFRQGLHQGRODV3DODEUDV (VFULEHDOJXQDVSDODEUDVGHOYHUVR\HVFyQGHODVHQGLIHUHQWHVSDUWHV GHOVDOyQ/RVQLxRVTXHODVHQFXHQWUHQSXHGHQSDVDUDOIUHQWH&XDQGR HVWpQUHSLWLHQGRHOYHUVRWRGRVDGLYLQDUiQTXpSDODEUDHVODTXH IDOWD3XHGHVSUHSDUDUDOJ~QUHJDORSDUDORVQLxRVTXHHQFXHQWUHQODV SDODEUDV 7HOpIRQR'HVFRPSXHVWR +D]XQFtUFXORFRQWRGRVORVQLxRVGHODFODVH(OPDHVWURHPSH]DUi GLFLpQGROHHOYHUVRDORtGRDOQLxRTXHWLHQHDOODGRpVWHQLxRKDUiOR PLVPRFRQHOVLJXLHQWHKDVWDTXHUHFRUUDWRGRHOFtUFXOR6LDOOOHJDUGH QXHYRFRQHOPDHVWURHOYHUVRWLHQHDOJXQDSDODEUDLQFRUUHFWDpVWH YROYHUiDHPSH]DU(OMXHJRKDEUiWHUPLQDGRKDVWDTXHHOYHUVRVHGLJD FRUUHFWDPHQWH $FWXDQGRHO9HUVR +D]WDUMHWDVFRQGRVRWUHVSDODEUDVGHSHQGLHQGRGHOYHUVR\ORVHTXLSRV TXHSXHGHVIRUPDUHQWXFODVH6HSDUDDOJUXSRHQHTXLSRV\XQR WRPDUiXQDWDUMHWD(OQLxRWUDWDUiGHDFWXDUODVSDODEUDVTXHOHWRFDURQ VLQPHQFLRQDUODVHOHTXLSRWHQGUiTXHDGLYLQDUODVSDODEUDV$O¿QDO MXQWDUiQWRGDVODVSDODEUDVSDUDIRUPDUHOYHUVR 9HUVR&DQWDGR (VFRMDQXQULWPR\FDQWHQHOYHUVRMXQWRV6HUiGLYHUWLGRSRQHUOHULWPRD OD3DODEUD 'LRVHV&RPSDVLYR (OKLMR3UyGLJR /XFDV (OKLMR3UyGLJR ³8QKRPEUHWHQtDGRVKLMRV²FRQWLQXy-HV~V²(OPHQRUGHHOORVOHGLMRDVX SDGUH³3DSiGDPHORTXHPHWRFDGHODKHUHQFLD´$VtTXHHOSDGUHUHSDUWLy VXVELHQHVHQWUHORVGRV 3RFRGHVSXpVHOKLMRPHQRUMXQWyWRGRORTXHWHQtD\VHIXHDXQSDtVOHMDQR DOOtYLYLyGHVHQIUHQDGDPHQWH\GHUURFKyVXKHUHQFLD ª&XDQGR\DORKDEtDJDVWDGRWRGRVREUHYLQRXQD JUDQHVFDVH]HQODUHJLyQ\pOFRPHQ]yDSDVDU QHFHVLGDG$VtTXHIXH\FRQVLJXLyHPSOHR (O6HxRUHVEXHQR FRQXQFLXGDGDQRGHDTXHOSDtVTXLHQOR PDQGyDVXVFDPSRVDFXLGDUFHUGRV7DQWD FRQWRGRVpOVH KDPEUHWHQtDTXHKXELHUDTXHULGROOHQDUVH FRPSDGHFHGHWRGD HOHVWyPDJRFRQODFRPLGDTXHGDEDQDORV VXFUHDFLyQ´ FHUGRVSHURDXQDVtQDGLHOHGDEDQDGD 6DOPR 3RU¿QUHFDSDFLWy\VHGLMR³£&XiQWRV MRUQDOHURVGHPLSDGUHWLHQHQFRPLGDGH VREUD\\RDTXtPHPXHURGHKDPEUH 7HQJRTXHYROYHUDPLSDGUH\GHFLUOH3DSiKH SHFDGRFRQWUDHOFLHOR\FRQWUDWL<DQRPHUH]FRTXHVHPHOODPHWXKLMR WUiWDPHFRPRVLIXHUDXQRGHWXVMRUQDOHURV´ $VtTXHHPSUHQGLyHOYLDMH\VHIXHDVXSDGUHª7RGDYtDHVWDEDOHMRVFXDQGR VXSDGUHORYLR\VHFRPSDGHFLyGHpOVDOLyFRUULHQGRDVXHQFXHQWUROR DEUD]y\OREHVy(OMRYHQOHGLMR³3DSiKHSHFDGRFRQWUDHOFLHOR\FRQWUDWL <DQRPHUH]FRTXHVHPHOODPHWXKLMR´ 3HURHOSDGUHRUGHQyDVXVVLHUYRV³£3URQWR7UDLJDQODPHMRUURSDSDUD YHVWLUOR3yQJDQOHWDPELpQXQDQLOORHQHOGHGR\VDQGDOLDVHQORVSLHV7UDLJDQ HOWHUQHURPiVJRUGR\PiWHQORSDUDFHOHEUDUXQEDQTXHWH3RUTXHHVWHKLMR PtRHVWDEDPXHUWRSHURDKRUDKDYXHOWRDODYLGDVHKDEtDSHUGLGRSHUR\DOR KHPRVHQFRQWUDGR´$VtTXHHPSH]DURQDKDFHU¿HVWD´ 9HUVR 'HVDItR ¢6DEHVFyPRWHQHU FRPSDVLyQ"7XPLVLyQSDUD ODVHPDQDVLODDFHSWDVHV« 12GDUOHDDOJXLHQORPDOR TXHPHUHFH£3HURUHFXHUGD FRPSDUWLUORFRQWXPDHVWURVL TXLHUHVJDQDU 5HVXHOYHODVLJXLHQWH VRSDGHOHWUDV $ 0 & ( 5 ' 2 , & ( ' $ 3 * / 2 5 , 9 $ , & 1 ( 5 ; + + + & ' = 6 2 , ' $ % 0 & 2 0 3 $ 6 , 2 0 ( ( 6 & 9 6 2 0 + % / 2 = & 5 2 1 ( 0 3 5 2 ' , * 2 &(5'26 &203$'(&,2 &203$6,92 ',26 +(5(1&,$ +,-2 0(125 0(5(=&2 3$'5( 352',*2 5HOOHQDFRQOiSL]RFRORUWRGRVORVFXDGURVGRQGHVHHQFXHQWUD XQDFRQVRQDQWH\GHVFXEUHODSDODEUDTXHVHIRUPDUi 7 , 0 2 2 2 8 8 2 - 2 2 2 8 , + ' & 8 8 9 $ $ 8 1 8 8 5 : 7 . 2 < $ $ = ( ( $ $ $ 6 $ . $ 8 ( ( ( 5 , / ' 3 ( ( % ( = ( $ , , , ; 2 , ( , , , 3 + 4 £+D\'LRV FRPSDGpFHWH GHPtSDUD SRGHUSDVDU HVWHUHWR (VFULEHODUHVSXHVWDDTXt 'LRVHVOD9HUGDG (O*5$1 'HVDItR $QDQtDV\6D¿UD GH'LRV +HFKRV /HFFLyQ3ULQFLSDO 8QSURJUDPDGHWHOHYLVLyQTXHPXFKDJHQWHPLUDHVOD/H\ \HO2UGHQ&DGDVHPDQDORVGHWHFWLYHVHQIUHQWDQFDVRV GLItFLOHVTXHGHEHQVHUUHVXHOWRVDQWHVGHO¿QDOGHODKRUD$ PHQXGRODFRQFOXVLyQVHSUHVHQWDPRVWUDQGRDODSHUVRQD FXOSDEOHVHQWDGDHQHOEDQTXLOORGHORVDFXVDGRV8QRDXQR ORVFULPLQDOHVVRQDWDFDGRVSRUODVLQVLVWHQWHVSUHJXQWDVGHO DERJDGR\ODPHQWLUDTXHHOFULPLQDOFRQVWUX\yFRQFXLGDGR VHGHUUXPED\VXFXOSDELOLGDGHVH[SXHVWDDQWHWRGRV (QHOPXQGRGHKR\KD\DOJXQRVTXHGLFHQTXHQRKD\ YHUGDGHVDEVROXWDV\TXHFDGDKRPEUHSXHGHFUHHUDOJR GHPDQHUDGLIHUHQWH3HURHVWR12(69(5'$'1XHVWUR 'LRVHVODYHUGDG\QRSXHGHPHQWLU6X3DODEUDOD%LEOLD HV9(5'$'(5$\WRGRORTXHFRQWUDGLJDDOD%LEOLD12(6 9(5'$'(VWRKDFHODYLGDPXFKRPiVIiFLOGHHQWHQGHU\ YLYLUVLQHPEDUJRPXFKDVSHUVRQDVQRTXLHUHQUHFRQRFHU /HFFL y Q TXHHVWiQHTXLYRFDGRV$OLJXDOTXHHQOD/H\\ HO2UGHQGRQGHHOFKLFRPDORQXQFDDGPLWHVXPDOGDGOD JHQWHGHKR\QRTXLHUHDGPLWLUTXHKD\XQDYHUGDGDEVROXWD /RPLVPRRFXUULyHQODKLVWRULDEtEOLFDGHKR\$QDQtDV\ 6D¿UDQRKLFLHURQXQPDOHQRUPH(OORVHQUHDOLGDGOHGLHURQ D'LRVGHORVLQJUHVRVGHVXWLHUUDDVtFRPRORKDEtDGLFKR SHURQRGLMHURQWRGDODYHUGDG(OSXQWRTXH'LRVVHxDODHQ ODKLVWRULDHVTXHHOORVQRIXHURQKRQHVWRV\TXHOHHVWDEDQ PLQWLHQGR 1XHVWUR'LRVHVODYHUGDG\SRGHPRVDSUHQGHUGHeOFyPR YLYLUXQDYLGDGHYHUGDGFDGDGtD$VtFRPRORVGHWHFWLYHVGH OD/H\\HO2UGHQSRGHPRVVHUORV³FKLFRVEXHQRV´TXLHQHV DYHULJXDQORVTXHHVODYLGDUHDOPHQWH\WUDWDUGHYLYLUOD'LRV HVODYHUGDG\TXLHUHTXHYLYDPRVHQODYHUGDGFDGDGtD 9HUVR (O'HVDItR ³<RHO6HxRUGLJRORTXHHVMXVWR\GHFODURORTXH 3DUDHOGHVDItRGHHVWDVHPDQDWHQGUiVTXHDSR\DUWHHQORV SDGUHVGHORVDOXPQRV&DGDDOXPQRGHEHUiWUDHUXQYRODQWH HVUHFWR´,VDtDVE ¿UPDGRSRUVXVSDGUHVGHORVGtDVTXHGXUyVLQPHQWLU (VWRVYRODQWHVORVHQFXHQWUDVHQODSiJLQD3DUDHOHJLUDO HTXLSRJDQDGRUWHQGUiVTXHDFXPXODUHOWLHPSRGHWRGRVORV 4XHHOORVHVFRMDQXQR LQWHJUDQWHV3XHGHVSUHPLDUFRQXQDHVWUHOODDODOXPQRTXH (VFRQGLHQGRODV3DODEUDV KD\DGXUDGRPiVWLHPSR -XHJRV 5HVSXHVWDV 9HUGDG 6 6 $ ( f 5 $ 6 ( 6 $ , ( $ ' 6 1 3 5 7 5 ' ( , 1 5 $ 7 1 0 ' $ $ 2 , 1 1 2 3 3 ' , ( 2 5 ' 5 $ , ' 6 0 8 6 ( 5 7 7 8 5 $ 9 , , ) ' 6 ( 3 5 2 (VFULEHDOJXQDVSDODEUDVGHOYHUVR\HVFyQGHODVHQGLIHUHQWHVSDUWHV GHOVDOyQ/RVQLxRVTXHODVHQFXHQWUHQSXHGHQSDVDUDOIUHQWH&XDQGR HVWpQUHSLWLHQGRHOYHUVRWRGRVDGLYLQDUiQTXpSDODEUDHVODTXH IDOWD3XHGHVSUHSDUDUDOJ~QUHJDORSDUDORVQLxRVTXHHQFXHQWUHQODV SDODEUDV 7HOpIRQR'HVFRPSXHVWR +D]XQFtUFXORFRQWRGRVORVQLxRVGHODFODVH(OPDHVWURHPSH]DUi GLFLpQGROHHOYHUVRDORtGRDOQLxRTXHWLHQHDOODGRpVWHQLxRKDUiOR PLVPRFRQHOVLJXLHQWHKDVWDTXHUHFRUUDWRGRHOFtUFXOR6LDOOOHJDUGH QXHYRFRQHOPDHVWURHOYHUVRWLHQHDOJXQDSDODEUDLQFRUUHFWDpVWH YROYHUiDHPSH]DU(OMXHJRKDEUiWHUPLQDGRKDVWDTXHHOYHUVRVHGLJD FRUUHFWDPHQWH $FWXDQGRHO9HUVR +D]WDUMHWDVFRQGRVRWUHVSDODEUDVGHSHQGLHQGRGHOYHUVR\ORVHTXLSRV TXHSXHGHVIRUPDUHQWXFODVH6HSDUDDOJUXSRHQHTXLSRV\XQR WRPDUiXQDWDUMHWD(OQLxRWUDWDUiGHDFWXDUODVSDODEUDVTXHOHWRFDURQ VLQPHQFLRQDUODVHOHTXLSRWHQGUiTXHDGLYLQDUODVSDODEUDV$O¿QDO MXQWDUiQWRGDVODVSDODEUDVSDUDIRUPDUHOYHUVR 9HUVR&DQWDGR (VFRMDQXQULWPR\FDQWHQHOYHUVRMXQWRV6HUiGLYHUWLGRSRQHUOHULWPRD OD3DODEUD 'HVDItR ¢¢¢&XiQWRWLHPSRSXHGHV DJXDQWDUVLQPHQWLU""" 3DUDJDQDUHVWDVHPDQD QHFHVLWDVODD\XGDGHWX PDPiRSDSi(VIXpU]DWH DJXDQWDQGRWRGRHOGtDR WRGDODVHPDQDVLQPHQWLU\ FRQXQDQRWDGHSUXHEDGH WXVSDGUHV£WXPDHVWURWH HOHJLUiFRPRHOJDQDGRU 5HVXHOYHHVWHODEHULQWR \OOHJDDODSDODEUD FODYHGHHVWDOHFFLyQ 9HUGDG £+DEODU FRQODYHUGDG PHKDKHFKR IXHUWHSRUHVRYR\ DJDQDU 'LRVHVOD9HUGDG $QDQtDV\6D¿UD +HFKRV $QDQtDV\6D¿UD ³8QKRPEUHOODPDGR$QDQtDVWDPELpQYHQGLyXQDSURSLHGDG\HQFRPSOLFLGDG FRQVXHVSRVD6D¿UDVHTXHGyFRQSDUWHGHOGLQHUR\SXVRHOUHVWRD GLVSRVLFLyQGHORVDSyVWROHV ²$QDQtDV²OHUHFODPy3HGUR²¢FyPRHVSRVLEOHTXH6DWDQiVKD\DOOHQDGR WXFRUD]yQSDUDTXHOHPLQWLHUDVDO(VStULWX6DQWR\WHTXHGDUDVFRQSDUWHGHO GLQHURTXHUHFLELVWHSRUHOWHUUHQR"¢$FDVRQRHUDWX\RDQWHVGHYHQGHUOR"< XQDYH]YHQGLGR¢QRHVWDEDHOGLQHURHQWX SRGHU"¢&yPRVHWHRFXUULyKDFHUHVWR"£1R KDVPHQWLGRDORVKRPEUHVVLQRD'LRV $ORtUHVWDVSDODEUDV$QDQtDVFD\yPXHUWR ³<RHO6HxRUGLJR <XQJUDQWHPRUVHDSRGHUyGHWRGRV ORTXHHVMXVWR\ ORVTXHVHHQWHUDURQGHORVXFHGLGR (QWRQFHVVHDFHUFDURQORVPiV GHFODURORTXHHV MyYHQHVHQYROYLHURQHOFXHUSRVHOR UHFWR´ OOHYDURQ\OHGLHURQVHSXOWXUD ,VDtDVE 8QDVWUHVKRUDVPiVWDUGHHQWUy ODHVSRVDVLQVDEHUORTXHKDEtD RFXUULGR ²'LPH²OHSUHJXQWy3HGUR²¢YHQGLHURQXVWHGHVHOWHUUHQRSRU WDOSUHFLR" ²6t²GLMRHOOD²SRUWDOSUHFLR ²¢3RUTXpVHSXVLHURQGHDFXHUGRSDUDSRQHUDSUXHEDDO(VStULWX GHO6HxRU"²OHUHFULPLQy3HGUR²£0LUD/RVTXHVHSXOWDURQDWX HVSRVRDFDEDQGHUHJUHVDU\DKRUDWHOOHYDUiQDWL (QHVHPLVPRLQVWDQWHHOODFD\yPXHUWDDORVSLHVGH3HGUR (QWRQFHVHQWUDURQORVMyYHQHV\DOYHUODPXHUWDVHODOOHYDURQ\OH GLHURQVHSXOWXUDDOODGRGHVXHVSRVR´ 9HUVR 5HVXHOYHODVLJXLHQWH VRSDGHOHWUDV $1$1,$6 ',1(52 ',26 (63,5,78 0(17,5$6 08(572 3('52 3523,('$' 6$),5$ 6$7$1$6 6(f25 9(5'$' 0 = = ; 0 * ' ; % . ' ' 6 ( f 2 5 ( 6 $ 1 . , ( 9 ) 0 ( $ 1 . ' 1 : 0 4 ' 6 5 , ( 3 7 ( 5 3 3 6 ( ' 1 + ) 5 5 , 6 ( ; $ ( $ * 6 3 2 6 6 5 : 9 1 1 8 < $ . 3 2 2 0 $ ; $ + < 2 / 3 , & ' 8 & 6 7 ( / ' 1 ' ( 9 < ( : / $ ; 2 < < / ' ' 7 5 + 0 6 9 $ 5 , ) $ 6 5 7 $ ( 3 % % ; 8 / ' ( 2 * 6 ( 6 3 , 5 , 7 8 2 ' $ ( (OtDVHQHO0RQWH&DUPHOR GH'LRV /HFFLyQ3ULQFLSDO 3RFRGHVSXpVGHTXHHODWHR5REHUW*,QJHUVROOIXHUD GHUURWDGRHQVXFRQWLHQGDSDUDJREHUQDGRUGH,OOLQRLVpO HVWDEDKDEODQGRGHVXDWHtVPRHQXQWUHQGH&KLFDJRD 3HRULD9ROWHyKDFLDXQFDEDOOHURTXHHVWDEDMXQWRDpO\ OHSUHJXQWy³'tJDPHXQUHVXOWDGRTXHDOJXQDYH]KD\D ORJUDGRHO&ULVWLDQLVPR´1RGHVHDQGRHQWUDUHQGLVFXVLyQ FRQHOSUHVXPLGRDTXHOKRPEUHGXGyHQUHVSRQGHU3RU XQPRPHQWRWRGRVHTXHGyHQVLOHQFLR(QWRQFHVXQD VHxRUDDQFLDQDTXHHVWDEDVHQWDGDMXVWRGHWUiVGHpOOH WRFyHOEUD]RFRQVXPDQRWHPEORURVD\GLMR³6HxRUQR VHTXLpQHVXVWHGSHURSXHGRGHFLUOHXQDFRVDJORULRVD TXHHO&ULVWLDQLVPRDORJUDGR´¢4XpHVVHxRUD"3UHJXQWy ,QJHUVROO³+DGHWHQLGRTXH5REHUW*,QJHUVROOVHD JREHUQDGRUGHOHVWDGRGH,OOLQRLV´UHVSRQGLyODVHxRUD (OtDVVHHQIUHQWyFRQODJHQWHTXHVHEXUODEDGH'LRVDVt FRPRORKDFtDDTXHOFDQGLGDWRDJREHUQDGRU(OORVVHJXtDQ DRWURVtGRORVHQOXJDUGHDO'LRVYHUGDGHUR+R\FRQRFHPRV DPXFKDJHQWHTXHXVDtGRORVKHFKRVFRQODPDQR\GLFHQ TXHVRQGLRVHV ¢+DVHVFXFKDGRGHVDQWRVRYtUJHQHVLQFOX\HQGRFXDGURV RHVWDWXDVGRQGHODJHQWHRUDDHOORVSDUDUHFLELUXQIDYRU VDQLGDGRSURWHFFLyQ"(VWRVVRQtGRORV/D%LEOLDGLFHTXH QRGHEHPRVWHQHUtGRORV\TXHKD\XQVROR'LRVDTXLHQ GHEHPRVVHJXLU\DTXLHQGHEHPRVRUDU ([LVWHQIXHQWHVGHSRGHUVREUHQDWXUDOHQHOXQLYHUVR'LRV \HOGLDEOR /RSRGHPRVYHUSRUWRGDOD(VFULWXUD«RFDVLRQHVGRQGH SDVDQFRVDVVREUHQDWXUDOHVKDYHFHVSRUHOSRGHUGH'LRV \KDYHFHVSRUHOSRGHUGHOGLDEOR6DEHPRVTXHHOSRGHUGH (O'HVDItR (OGHVDItRSDUDHOGtDGHKR\HV%2;($1'2'RVDOXPQRV XQRGHFDGDHTXLSRGHEHUiQGUDPDWL]DUXQDHVFHQDGH ER[&DGDYH]TXHXQHTXLSRGLJDXQYHUVRPHPRUL]DGR VXUHSUHVHQWDQWHSRGUiODQ]DUXQJROSH(OTXLSRTXHGH PiVJROSHVVHUiHOHTXLSRJDQDGRU(VLPSRUWDQWHTXH ORVGRVER[HDGRUHVVHDQEXHQRVDFWRUHVSDUDTXHHVWR VHDGLYHUWLGR$GHPiVORVHTXLSRVGHEHUiQWHQHUXQEXHQ UHSHUWRULRGHYHUVRVPHPRUL]DGRV 5HVSXHVWDV 9 ( 5 ' 3 3 8 ( ' , $ ' 2 2 % , 6 < ( ) 1 / $ 2 5 2 ( 7 $ 7 ( 2 6 ( 0 ( ' 1 2 3 6 ( 5 2 2 / 3 5 8 6 ( 2 ( , , $ ' 0 $ $ / & ' ( / ( ' 6 % 5 / / $ 3 $ ( 6 % 7 1 2 0 5 5 ( ; & 6 7 2 $ 2 ) $ 0 2 ( 7 2 5 f 9 5 2 ( 9HUVR 5H\HV & $ 5 0 ( / 2 (O'LRV9HUGDGHUR (O*5$1 'HVDItR /HFFL y Q 3 6 ³3HURHO6HxRUHVHO'LRVYHUGDGHURHO'LRVYLYLHQWH HO5H\HWHUQR´-HUHPtDVD 'LRVHVPiVJUDQGHTXHHOSRGHUGHOGLDEOR\TXH XQGtD'LRVYDDTXLWDUWRGRHOSRGHUGHOGLDEOR\FDVWLJDUOR HQHOLQ¿HUQRSRUVLHPSUH 3DUDSUDFWLFDUYDPRVDYHUXQDOLVWDGHFRVDVVREUHQDWXUDOHV TXHSDVDURQHQOD%LEOLD\XVWHGHVPHGLFHQFXiOHVVRQGH 'LRV\FXiOHVVRQGHOGLDEOR /HYDQWDUDOJXLHQGHODPXHUWH'LRVORKL]RFRQ-HVXFULVWR\/i]DUR (QIHUPDUDDOJXLHQ'LDEORORKL]RFRQ-RE &RQYHUWLUXQSDOLWRHQXQDVHUSLHQWH'LRV\HOGLDEOR/RVGRVORKLFLHURQ FRQ0RLVpVHQ(JLSWR +DFHUKDEODUDXQEXUUR'LRVORKL]RFRQ%DODDP $\XGDUDDOJXLHQKDEODUFRQXQPXHUWR'LDEORORKL]RFRQ6D~O EXVFDQGRD6DPXHO &RQYHUWLUHODJXDHQVDQJUH'LRV\HOGLDEOR/RVGRVORKLFLHURQ FRQ0RLVpVHQ(JLSWR &UHDUOX]FXDQGRQRKDEtD'LRVORKL]RHQODFUHDFLyQ 0DWDUXQDIDPLOLD'LDEORORKL]RFRQ-RE 5RPSHUFDGHQDV\UHVFDWDUGHODFiUFHO'LRVORKL]RFRQ3DEOR\6LODV 1RWHGLVWUDLJDVSRUODVFRVDVTXHHOGLDEORKDFHeOSXHGH WHQHUXQSRFRGHSRGHUDKRUDVREUHODWLHUUDSHURXQGtD 'LRVORFDVWLJDUiDpO\DWRGRVORVTXHORVLJXHQ5HFXHUGD TXHORVtGRORVQRWLHQHQQLQJ~QSRGHUDVtFRPRHQOD KLVWRULDGHKR\FRQ(OtDV(OORVRUDURQ\RUDURQSHURXQD SLQWXUDQRSXHGHKDFHUQDGD/RVtGRORVGHKR\WDPSRFR SXHGHQKDFHUQDGD£+D\XQVROR'LRVYHUGDGHURVtJXHOR -XHJRV4XHHOORVHVFRMDQXQR (VFRQGLHQGRODV3DODEUDV (VFULEHDOJXQDVSDODEUDVGHOYHUVR\HVFyQGHODVHQGLIHUHQWHVSDUWHV GHOVDOyQ/RVQLxRVTXHODVHQFXHQWUHQSXHGHQSDVDUDOIUHQWH&XDQGR HVWpQUHSLWLHQGRHOYHUVRWRGRVDGLYLQDUiQTXpSDODEUDHVODTXH IDOWD3XHGHVSUHSDUDUDOJ~QUHJDORSDUDORVQLxRVTXHHQFXHQWUHQODV SDODEUDV 7HOpIRQR'HVFRPSXHVWR +D]XQFtUFXORFRQWRGRVORVQLxRVGHODFODVH(OPDHVWURHPSH]DUi GLFLpQGROHHOYHUVRDORtGRDOQLxRTXHWLHQHDOODGRpVWHQLxRKDUiOR PLVPRFRQHOVLJXLHQWHKDVWDTXHUHFRUUDWRGRHOFtUFXOR6LDOOOHJDUGH QXHYRFRQHOPDHVWURHOYHUVRWLHQHDOJXQDSDODEUDLQFRUUHFWDpVWH YROYHUiDHPSH]DU(OMXHJRKDEUiWHUPLQDGRKDVWDTXHHOYHUVRVHGLJD FRUUHFWDPHQWH $FWXDQGRHO9HUVR +D]WDUMHWDVFRQGRVRWUHVSDODEUDVGHSHQGLHQGRGHOYHUVR\ORVHTXLSRV TXHSXHGHVIRUPDUHQWXFODVH6HSDUDDOJUXSRHQHTXLSRV\XQR WRPDUiXQDWDUMHWD(OQLxRWUDWDUiGHDFWXDUODVSDODEUDVTXHOHWRFDURQ VLQPHQFLRQDUODVHOHTXLSRWHQGUiTXHDGLYLQDUODVSDODEUDV$O¿QDO MXQWDUiQWRGDVODVSDODEUDVSDUDIRUPDUHOYHUVR 9HUVR&DQWDGR (VFRMDQXQULWPR\FDQWHQHOYHUVRMXQWRV6HUiGLYHUWLGRSRQHUOHULWPRD OD3DODEUD 'HVDItR £(VWHGtDYDPRVDWHQHU FRQFXUVRH[WUDxRGH%2; HQODFODVH¢&XiQWRV YHUVRVWLHQHVPHPRUL]DGRV" «£3RUTXHHVWRVWHD\XGDUiQ SDUDJDQDU (O'LRV9HUGDGHUR (OtDVHQHO0RQWH&DUPHOR 5H\HV (OtDVHQHO0RQWH&DUPHOR ³$FDEFRQYRFyHQHOPRQWH&DUPHORDWRGRVORVLVUDHOLWDV\DORV SURIHWDV(OtDVVHSUHVHQWyDQWHHOSXHEOR\GLMR²¢+DVWDFXiQGR YDQDVHJXLULQGHFLVRV"6LHO'LRVYHUGDGHURHVHO6HxRUGHEHQ 2UGHQDODVOHWUDV\IRUPDUiV VHJXLUORSHURVLHV%DDOVtJDQORDpO(OSXHEORQRGLMRXQDVROD SDODEUDVGHODOHFWXUDEtEOLFD SDODEUD(QWRQFHV(OtDVDxDGLy²<RVR\HO~QLFRTXHKDTXHGDGR DGHPiV GHORVSURIHWDVGHO6HxRUHQFDPELR <$&2 HQODSDUWH %DDOFXHQWDFRQFXDWURFLHQWRVFLQFXHQWD 5(925'$'( VRPEUHDGDVH SURIHWDV7UiLJDQQRVGRVEXH\HV4XH 725$3() IRUPDUiXQD HVFRMDQHOORVXQR\ORGHVFXDUWLFHQ\ ³3HURHO6HxRU 720(1 SDODEUDFODYHGH SRQJDQORVSHGD]RVVREUHODOHxDSHUR HVHO'LRV %(/832 VLQSUHQGHUOHIXHJR<RSUHSDUDUpHORWUR ODOHFWXUD YHUGDGHURHO'LRV EXH\\ORSRQGUpVREUHODOHxDSHUR 6(/$, YLYLHQWHHO5H\ WDPSRFROHSUHQGHUpIXHJR(QWRQFHV 26,' HWHUQR´ LQYRFDUiQHOORVHOQRPEUHGHVX -HUHPtDVD GLRV\\RLQYRFDUpHOQRPEUH GHO6HxRU£(OTXHUHVSRQGD FRQIXHJRpVHHVHO'LRVYHUGDGHUR<WRGRHOSXHEORHVWXYRGH DFXHUGR/RVSURIHWDVGH%DDOWRPDURQHOEXH\TXHOHVGLHURQ\OR SUHSDUDURQHLQYRFDURQHOQRPEUHGHVXGLRVGHVGHODPDxDQD KDVWDHOPHGLRGtD²£%DDOUHVSyQGHQRV²JULWDEDQPLHQWUDV GDEDQEULQFRVDOUHGHGRUGHODOWDUTXHKDEtDQKHFKR3HURQRVHHVFXFKy QDGDSXHVQDGLHUHVSRQGLy(QWRQFHV(OtDVOHGLMRDWRGRHOSXHEOR ²£$FpUTXHQVH$VtORKLFLHURQ&RPRHODOWDUGHO6HxRUHVWDEDHQUXLQDV (OtDVORUHSDUy$ODKRUDGHOVDFUL¿FLRYHVSHUWLQRHOSURIHWD(OtDVGLRXQ SDVRDGHODQWH\RUyDVt©6HxRU'LRVGH$EUDKDPGH,VDDF\GH,VUDHO TXHWRGRVVHSDQKR\TXHW~HUHV'LRVHQ,VUDHO\TXH\RVR\WXVLHUYR \KHKHFKRWRGRHVWRHQREHGLHQFLDDWXSDODEUD£5HVSyQGHPH6HxRU UHVSyQGHPHSDUDTXHHVWDJHQWHUHFRQR]FDTXHW~6HxRUHUHV'LRV\ TXHHVWiVFRQYLUWLHQGRDWLVXFRUD]yQª(QHVHPRPHQWRFD\yHOIXHJR GHO6HxRU\TXHPyHOKRORFDXVWRODOHxDODVSLHGUDV\HOVXHOR\KDVWD ODPLyHODJXDGHOD]DQMD&XDQGRWRGRHOSXHEORYLRHVWRVHSRVWUy\ £'LRVFRQ H[FODPy©£(O6HxRUHV'LRVHO'LRVYHUGDGHURª´ HVWHJRO 9HUVR JDQDPRV D\~GDPH 5HVXHOYHODVLJXLHQWH VRSDGHOHWUDV %$$/ &$50(/2 ',26 (/,$6 (;&/$02 0217( 326752 352)(7$6 38(%/2 5(6321'(0( 6(f25 9(5'$'(52 ( 2 1 ( 7 , = ( ( 5 3 ) 0 9 5 + ' 7 7 ; , 4 6 ( 3 = ( , & 2 1 & 1 = 8 ' ; 8 2 ' $ ) 2 / 0 4 7 1 7 6 ( 6 $ & 0 $ ) $ . 2 . 9 $ % $ ' 5 0 6 5 ) 3 3 , 0 5 / / 5 2 7 ( * 6 / + 0 1 4 2 & ( f / 3 ( , ( * 7 7 ( ; ) 9 ( - 5 / $ 6 $ 7 ( ) 2 5 3 6 2 0 ( , 3 2 6 7 5 2 8 $ ; , = / $ $ % 9 ( $ % 9 7 2 ( 5 : $ = , . ' % 'LRVHV(WHUQR (O*5$1 'HVDItR (OtDVVHYDDOFLHOR GH'LRV 5H\HV /HFFLyQ3ULQFLSDO 8QKRPEUHOOHYyDVXPDGUHDQFLDQDDOFHPHQWHULRDGHFRUDU ODVWXPEDVSDUDHO'tDGH0XHUWRV'HVSXpVGHFRORFDUXQ UDPRGHÀRUHVVREUHODWXPEDGHVXPDULGRHOODFDPLQy HQWUHRWUDVOiSLGDVGRQGHGHVFDQVDEDQRWURVPLHPEURVGH ODIDPLOLDTXHKDEtDQSDUWLGRFRQHO6HxRU)LQDOPHQWHHOOD VHGHWXYRPLUyDVXKLMRDORVRMRV\FRQXQDVRQULVDWULVWH SUHJXQWy³¢4XpKHKHFKRSDUDPHUHFHUWRGDVHVWDVKRUDV H[WUDV"´ (VWDPXMHUHQWHQGLyTXHQRHUDLPSRUWDQWHHOWUDWDUGHYLYLU HQODWLHUUDHOPD\RUWLHPSRSRVLEOHSHURTXH\DKDEtDYLYLGR PiVWLHPSRTXHVXVDPLJRV\VHUHVDPDGRV£1XHVWUR 'LRVHVHWHUQR\HOWLHPSRQROHDIHFWDHQORDEVROXWR'H KHFKReOQRQRVYHVRODPHQWHFRPRVHUHVItVLFRVDTXtHQ ODWLHUUDVLQRTXHQRVYHFRPRORVVHUHVHWHUQRVTXHRLUiQ DOFLHORRDOLQ¿HUQR\TXHVRORHVWDPRVWHPSRUDOPHQWH DTXtHQODWLHUUD(VPX\GLItFLOSDUDQRVRWURVPDQWHQHUHVWD SHUVSHFWLYD /DKLVWRULDEtEOLFDGHKR\SXHGHD\XGDUQRVDUHFRUGDUTXH QXHVWUDYLGDDTXtHQODWLHUUDVRORHVWHPSRUDO\DTXH(OtDV (OGHKR\HVRWURGHVDItRGLYHUWLGR'HMDTXHORVDOXPQRV VDTXHQWRGDVXFUHDWLYLGDG\FRPSRQJDQXQ5DSXVDQGR \DVHDXQDKLVWRULDEtEOLFDDOJ~QWHPDGHODVOHFFLRQHV SDVDGDVRYHUVRVEtEOLFRV(OHTXLSRJDQDGRUVHUiHOTXH ORKDJDPHMRU\TXHWHQJDHOPD\RUQ~PHURGHLQWHJUDQWHV LQYROXFUDGRV ( ) 7 0 2 1 5 ( 7 ( 8 / 2 2 ( ( ( * 7 / , 1 ( 6 2 2 5 5 $ & 1 2 2 $ 7 , 5 1 , 6 2 ' $ & , ( / 2 3 / 2 % , $ 6 5 , 2 6 ( ( (7(512 DXQTXHQRKDEtDPXHUWR£'LRVVHOROOHYDDOFLHOR £1XHVWUR'LRVHVHWHUQR\QXQFDPRULUi +D\XQDDQDORJtDTXHSXHGHD\XGDUQRVDPDQWHQHUOD SHUVSHFWLYDGHODHWHUQLGDG,PDJtQDWHXQSXxRGHDUHQDGH ODSOD\DH[DFWDPHQWHJUDQLWRV&DGDJUDQRGHDUHQD UHSUHVHQWDXQDxRGHWXYLGD£(QWRQFHVDTXHOSXxRGH JUDQLWRVGHDUHQDUHSUHVHQWDWXYLGDDTXtHQODWLHUUD ¢&XiQWRVJUDQRVGHDUHQDUHSUHVHQWDUiQODHWHUQLGDG" ¢3XHGHQODVSOD\DVGH0D]DWOiQR$FDSXOFRUHSUHVHQWDU ODHWHUQLGDG"¢7DOYH]WRGDVODVFRVWDVGHO2FFLGHQWHDO 2ULHQWHGH0p[LFR"$GLYLQDVWH£ODVSOD\DVGHOPXQGRHQWHUR QRSXHGHQUHSUHVHQWDUODHWHUQLGDGSRUTXHHQUHDOLGDGOD HWHUQLGDG127,(1(),1£'LRVYLYLUiSRUVLHPSUH\12 7(1'5È),1£1RVRWURVWDPELpQYLYLUHPRVSRUVLHPSUH SRUTXH'LRVQRVFUHySDUDVHUHWHUQRVWDPELpQ (VLPSRUWDQWHPDQWHQHUHVWDSHUVSHFWLYDHQQXHVWUDYLGD \UHFRUGDUTXH'LRVHVHWHUQR\QRVKDKHFKRD6XLPDJHQ 'LRV127,(1(),1£eOHVHWHUQR $ ' ( 5 2 - ³3RUWDQWRDO5H\HWHUQRLQPRUWDOLQYLVLEOHDO~QLFR 'LRVVHDKRQRU\JORULDSRUORVVLJORVGHORVVLJORV $PpQ´7LPRWHR -XHJRV4XHHOORVHVFRMDQXQR 3DVDQGRHO*ORER )RUPHGRVHTXLSRVORVKRPEUHFRQWUDODVPXMHUHVGHEHQGHVHUGH ODPLVPDFDQWLGDG4XHFDGDHTXLSRIRUPHXQD¿OD6HLUiQSDVDQGRHO JORERVLQYHUDOTXHWLHQHQDWUiV&DGDXQRTXHUHFLEDHOJORERGHEHUi GHFLUHOYHUVRFRPSOHWR(OHTXLSRTXHWHUPLQHSULPHURVHUiHOJDQDGRU 5HVSXHVWDV 1 9HUVR (O'HVDItR 5 /HFFL y Q % 8 6 9HUVR(VFRQGLGR (VFULEHODVSDODEUDVGHOYHUVRHQWDUMHWDVXQDSDODEUDSRUWDUMHWD \HVFyQGHODVHQHOVDOyQ6HSDUDHOJUXSRHQHTXLSRV(OQLxRTXH HQFXHQWUHXQDWDUMHWDGHEHUiEXVFDUXQHVSDFLR\TXHGDUVHDKtKDVWD TXHVXVFRPSDxHURVGHHTXLSRTXHHQFXHQWUHQRWUDWDUMHWDVHOHXQDQ\ HPSLHFHQDIRUPDUHOYHUVR*DQDUiHOTXLSRTXHIRUPHSULPHURHOYHUVR 'HEHUiVWHQHUXQMXHJRGHWDUMHWDVSRUHTXLSR 6LJXLHQGRHO&DPLQR 6HSDUHHOJUXSRHQHTXLSRV&RQXQKLORPDUTXHXQFDPLQRDVHJXLU SDUDFDGDHTXLSR$ORODUJRGHOFDPLQRGHMDWDUMHWDVFRQSDODEUDVGHO YHUVR&DGDQLxRGHEHUiVHJXLUHOFDPLQRFDPLQDQGRHQFXFOLOODV\WLHQH TXHUHFRJHUXQDWDUMHWD(OHTXLSRTXHSULPHURIRUPHHOYHUVRVHUiHO JDQDGRU 'LRVHV(WHUQR (OtDVVHYDDO&LHOR 'HVDItR $KRUDVLYDPRVDQHFHVLWDUWX FUHDWLYLGDGSRUTXHHV£WLHPSR GHKDFHUXQ5$3£(OHTXLSR FRQHOPHMRU5$3JDQD 5H\HV (OtDVVHYDDO&LHOR ³(OtDVWRPyVXPDQWR\HQUROOiQGRORJROSHyHODJXD(OUtRVHSDUWLyHQGRVGH PRGRTXHDPERVORFUX]DURQHQVHFR $OFUX]DU(OtDVOHSUHJXQWyD(OLVHR ²¢4XpTXLHUHVTXHKDJDSRUWLDQWHVGHTXHPHVHSDUHQGHWXODGR" ²7HSLGRTXHVHD\RHOKHUHGHURGHWXHVStULWXSRUSDUWLGDGREOH²UHVSRQGLy (OLVHR ²+DVSHGLGRDOJRGLItFLO²OHGLMR(OtDV² SHURVLORJUDVYHUPHFXDQGRPHVHSDUHQGH WXODGRWHVHUiFRQFHGLGRGHORFRQWUDULR QR ³3RUWDQWRDO5H\ ,EDQFDPLQDQGR\FRQYHUVDQGRFXDQGRGH HWHUQRLQPRUWDO SURQWRORVVHSDUyXQFDUURGHIXHJRFRQ LQYLVLEOHDO~QLFR 'LRVVHDKRQRU\JORULD FDEDOORVGHIXHJR\(OtDVVXELyDOFLHORHQ PHGLRGHXQWRUEHOOLQR SRUORVVLJORVGHORV (OLVHRYLHQGRORTXHSDVDEDVHSXVRD VLJORV$PpQ´ JULWDU©£3DGUHPtRSDGUHPtRFDUUR\ 7LPRWHR IXHU]DFRQGXFWRUDGH,VUDHOª3HURQRYROYLy DYHUOR (QWRQFHVDJDUUyVXURSD\ODUDVJyHQGRV /XHJRUHFRJLyHOPDQWRTXHVHOHKDEtDFDtGRD(OtDV\UHJUHVDQGRDODRULOODGHO -RUGiQJROSHyHODJXDFRQHOPDQWR\H[FODPy©¢'yQGHHVWiHO6HxRUHO'LRV GH(OtDV"ª(QFXDQWRJROSHyHODJXDHOUtRVHSDUWLyHQGRV\(OLVHRFUX]y´ 9HUVR 0DUFDFRQOiSL]RFRQ FRORUODVOHWUDVTXH DSDUHFHQWUHVRPiV YHFHV\HVFULEHVREUHOD OtQHDODSDODEUDTXHVH IRUPHFRQODVOHWUDVTXH TXHGDQHQEODQFR BBBBBBBBBBBBBBBBBB $ % & ( ' ) * + , % - . . 7 & , * . ( - ' + $ 5 + ) % . 1 ' - & , * $ 2 ) 5HVXHOYHODVLJXLHQWHVRSDGHOHWUDV 3 2 , ' 9 / & $ 1 ; + 4 % , . 5 2 ; . ) ( ( ( + ( 2 0 / & 7 ' * 6 / 2 5 ( ( 9 ( , 3 ( 8 % % ( $ / ) / 5 % 5 0 , , 2 , 2 1 $ ' 7 % 6 $ , + % = 7 + 6 % & 0 $ 1 7 2 $ 8 ) 6 2 , ' ) ; 1 8 , ' ( * . ( 5 2 9 5 6 &$552 &,(/2 ',26 (/,$6 (/,6(2 (7(512 )8(*2 -25'$1 0$172 6(3$52 68%,2 725%(//,12 £&RQHO EUHDNGDQFH\ HO5DSOHGLJR D'LRVTXHHV HWHUQR $ 1 + 6 < , ) 4 2 5 + = / 2 % % + & 7 ( 5 - 8 % * 7 % ) ' ) 3 < , 9 - % 9 % = 2 5 5 $ & 5 : , ' . , / 4 &RQYHUVLyQGH3DEOR GH'LRV +HFKRV /HFFLyQ3ULQFLSDO -XJDUDODMHGUH]SXHGHVHUGLYHUWLGRDQRVHUTXHMXHJXHV FRQDOJXLHQTXHVHDUHDOPHQWHEXHQR\WHJDQHIiFLOPHQWH $OJXQDVSHUVRQDVSXHGHQMXJDUHVWHMXHJRVLHPSUH SHQVDQGRFRQDQWLFLSDFLyQ\VDELHQGRORVVLJXLHQWHV PRYLPLHQWRVTXHSODQHDQKDFHU 'LRVUHDOPHQWHVHSDUHFHDOEXHQMXJDGRUGHDMHGUH]eO FRQRFHHO¿QGHOMXHJRRHO¿QDOGHQXHVWUDVYLGDV\eO VDEHORTXHHVPHMRUSDUDQRVRWURV\FyPROOHJDUDOOteOQR QRVGLFHWRGDODKLVWRULDGHVGHHOSULQFLSLRQRVODGLFHFRQXQ PRYLPLHQWRDODYH] (QODKLVWRULDEtEOLFDGHKR\'LRVSRQHXQDOX]EULOODQWHVREUH 6iXOR\ORFLHJDSDUDOODPDUVXDWHQFLyQ'LRVWHQtDJUDQGHV SODQHVSDUDODYLGDGH6iXORTXLHQGHVSXpVHV3DEOR HVFULELUODPD\RUSDUWHGHO1XHYR7HVWDPHQWRHYDQJHOL]DU WRGDHOiUHD\GLULJLUDODQXHYDLJOHVLD3HUR'LRVQROH GLMRHOSODQFRPSOHWRSDUDVXYLGDKDEUtDVLGRGHPDVLDGR DEUXPDGRU6RODPHQWHOHGLMRXQSDVROHYiQWDWH\HQWUDHQ ODFLXGDG\WHGLUiQTXpKDFHU(O6HxRUOHKDEOyD3DEOR\pO VHOHYDQWy\REHGHFLy 'LRVHVQXHVWUR6HxRU(VWRVLJQL¿FDTXHeOHVHOMHIH QXHVWUROtGHUDOTXHOHUHSRUWDPRV3DEORVHHQFRQWUyFRQHO 6HxRU\DSUHQGLyDREHGHFHULQPHGLDWDPHQWH 'HVSXpVHO6HxRUOHKDEODD$QDQtDVSDUDTXHYD\D\RUH SRU3DEOR$QDQtDVWLHQHPLHGRSRUWRGRVORV&ULVWLDQRVTXH 3DEORKDEtDPDWDGR\HVWiQHUYLRVRSRUODHQFRPLHQGD TXH'LRVOHKDGDGRSHUR¢TXpKL]R$QDQtDV"eOGLMR³6t 6HxRU´\IXHGLUHFWDPHQWHDKDFHUORTXHHO6HxRUOHGLMR 0XFKDJHQWHGLFHTXH'LRVHVVX6HxRUSHURQRTXLHUHQ REHGHFHUFXDQGReOOHVGDXQDPLVLyQ$VtFRPRHQHOMXHJR GHDMHGUH]QRVDEHPRVORVPRYLPLHQWRVTXHHVWiQSRU GHODQWHHQQXHVWUDYLGDSHUR'LRVSXHGHYHUHO¿QDOGHO MXHJR'LRVWLHQHXQSODQSDUDQXHVWUDVYLGDV\FXDQGReO HVW~6HxRUeOWHGDUiGLUHFFLyQFRQXQSDVRDODYH]¢(V 'LRVWX6HxRU"¢(VWiVVLJXLpQGRORSDUDFXPSOLUOD~OWLPD PLVLyQ" (O'HVDItR 9 9HUVR (VWHHVXQRGHHVRVGHVDItRVGLItFLOHVGHFDOL¿FDUSHUR'LRV WHJXLDUiSDUDTXHORKDJDVELHQ/RVDOXPQRVGHEHUiQ SHUPLWLUTXH'LRVOHVJXtHHVWDVHPDQD&DGDDOXPQR GHEHUiFRPSDUWLUODVFRVDVHQTXHYLHURQFyPR'LRVOHV GLULJtD(OHTXLSRJDQDGRUVHUiDTXHOTXHDFXPXOHPD\RU Q~PHURGHSDUWLFLSDQWHV\FRQODVPHMRUHVKLVWRULDV$Vt PLVPRHOJDQDGRULQGLYLGXDOVHUiDTXHOTXHWHQJDODV H[SHULHQFLDVPiVLPSDFWDQWHV1RROYLGHVGHSUHSDUDUXQD HVWUHOODSDUDpO 5HVSXHVWDV 2 $ ' 1 ' 1 , , $ 6 , 2 2 1 / , * 1 & 6 'LRVHVHO6HxRU (O*5$1 'HVDItR /HFFL y Q 2 , , 6 % 7 $ 5 5 3 & $ 3 ( 8 5 6 6 8 9 0 2 ( / 1 ( f 2 2 1 ( / 8 = 6 $ 8 / ( & 7 6 / 2 $ 5 6 , ³$PHQDO6HxRUVX'LRV\FXPSODQVLHPSUHVXV RUGHQDQ]DVSUHFHSWRVQRUPDV\PDQGDPLHQWRV´ 'HXWHURQRPLR -XHJRV4XHHOORVHVFRMDQXQR 3DVDQGRHO*ORER )RUPHGRVHTXLSRVORVKRPEUHFRQWUDODVPXMHUHVGHEHQGHVHUGH ODPLVPDFDQWLGDG4XHFDGDHTXLSRIRUPHXQD¿OD6HLUiQSDVDQGRHO JORERVLQYHUDOTXHWLHQHQDWUiV&DGDXQRTXHUHFLEDHOJORERGHEHUi GHFLUHOYHUVRFRPSOHWR(OHTXLSRTXHWHUPLQHSULPHURVHUiHOJDQDGRU 9HUVR(VFRQGLGR (VFULEHODVSDODEUDVGHOYHUVRHQWDUMHWDVXQDSDODEUDSRUWDUMHWD \HVFyQGHODVHQHOVDOyQ6HSDUDHOJUXSRHQHTXLSRV(OQLxRTXH HQFXHQWUHXQDWDUMHWDGHEHUiEXVFDUXQHVSDFLR\TXHGDUVHDKtKDVWD TXHVXVFRPSDxHURVGHHTXLSRTXHHQFXHQWUHQRWUDWDUMHWDVHOHXQDQ\ HPSLHFHQDIRUPDUHOYHUVR*DQDUiHOTXLSRTXHIRUPHSULPHURHOYHUVR 'HEHUiVWHQHUXQMXHJRGHWDUMHWDVSRUHTXLSR 6LJXLHQGRHO&DPLQR 6HSDUHHOJUXSRHQHTXLSRV&RQXQKLORPDUTXHXQFDPLQRDVHJXLU SDUDFDGDHTXLSR$ORODUJRGHOFDPLQRGHMDWDUMHWDVFRQSDODEUDVGHO YHUVR&DGDQLxRGHEHUiVHJXLUHOFDPLQRFDPLQDQGRHQFXFOLOODV\WLHQH TXHUHFRJHUXQDWDUMHWD(OHTXLSRTXHSULPHURIRUPHHOYHUVRVHUiHO JDQDGRU 'HVDItR 'LRVHVHO6HxRU &RQYHUVLyQGH3DEOR +HFKRV &RQYHUVLyQGH3DEOR ³0LHQWUDVWDQWR6DXORVHSUHVHQWyDOVXPRVDFHUGRWH\OHSLGLyFDUWDV GHH[WUDGLFLyQSDUDODVVLQDJRJDVGH'DPDVFR(QHOYLDMHVXFHGLyTXH DODFHUFDUVHD'DPDVFRXQDOX]GHOFLHORUHODPSDJXHyGHUHSHQWHDVX DOUHGHGRUeOFD\yDOVXHOR\R\yXQDYR]TXHOHGHFtD²6DXOR6DXOR¢SRU TXpPHSHUVLJXHV"²¢4XLpQHUHV6HxRU"²SUHJXQWy²<RVR\-HV~VD TXLHQW~SHUVLJXHV²OHFRQWHVWyODYR]²/HYiQWDWH\HQWUDHQODFLXGDGTXH DOOtVHWHGLUiORTXHWLHQHVTXHKDFHU6DXORVHOHYDQWyGHOVXHORSHURFXDQGR DEULyORVRMRVQRSRGtDYHUDVtTXHORWRPDURQGH ODPDQR\OROOHYDURQD'DPDVFR+DEtDHQ 'DPDVFRXQGLVFtSXOROODPDGR$QDQtDV DTXLHQHO6HxRUOODPyHQXQDYLVLyQ ³$PHQDO ²£$QDQtDV²$TXtHVWR\6HxRU 6HxRUVX'LRV\ ²$QGDYHDODFDVDGH-XGDVHQODFDOOH FXPSODQVLHPSUH OODPDGD'HUHFKD\SUHJXQWDSRUXQWDO VXVRUGHQDQ]DV 6DXORGH7DUVR(VWiRUDQGR\KDYLVWRHQ SUHFHSWRVQRUPDV\ XQDYLVLyQDXQKRPEUHOODPDGR$QDQtDV PDQGDPLHQWRV´ TXHHQWUD\SRQHODVPDQRVVREUHpOSDUD TXHUHFREUHODYLVWD 'HXWHURQRPLR (QWRQFHV$QDQtDVUHVSRQGLy²6HxRUKHRtGR KDEODUPXFKRGHHVHKRPEUH\GHWRGRHOPDO TXHKDFDXVDGRDWXVVDQWRVHQ-HUXVDOpQ ²£9H²LQVLVWLyHO6HxRU²SRUTXHHVHKRPEUHHVPLLQVWUXPHQWRHVFRJLGR SDUDGDUDFRQRFHUPLQRPEUHWDQWRDODVQDFLRQHV\DVXVUH\HVFRPRDO SXHEORGH,VUDHO$QDQtDVVHIXH\FXDQGROOHJyDODFDVDOHLPSXVRODV PDQRVD6DXOR\OHGLMR©+HUPDQR6DXORHO6HxRU-HV~VTXHVHWHDSDUHFLy HQHOFDPLQRPHKDHQYLDGRSDUDTXHUHFREUHVODYLVWD\VHDVOOHQRGHO (VStULWX6DQWRª $OLQVWDQWHFD\yGHORVRMRVGH6DXORDOJRFRPRHVFDPDV\UHFREUyODYLVWD 6HOHYDQWy\IXHEDXWL]DGR\KDELHQGRFRPLGRUHFREUyODVIXHU]DV´ (MHPSOR 9HUVR 6LJXHORVQ~PHURV\IRUPDOD IUDVHFODYHGHHVWDOHFFLyQ 7XGHVDItRGHODVHPDQDHV SHGLUOHD'LRVTXHWHJXtHXQ SDVRDODYH]8QSRFRGLItFLO PXFKRVSLHQVDQTXHVRORORV DGXOWRVSXHGHQVHUJXLDGRV SRU'LRVSHURQRHVFLHUWR7H GDPRVHOUHWRDQyWDORELHQ« FyPRWHJXtD'LRVGXUDQWHOD VHPDQD 5HVXHOYHODVLJXLHQWH VRSDGHOHWUDV 2 ' , * 2 & 6 $ 1 $ 1 , $ 6 ( , ' , 6 & , 3 8 1 2 , 6 5 ( 9 , 1 6 7 5 8 0 2 / % $ 3 5 2 / 1 ( f / % 2 2 1 ( / 8 = & 7 6 6 $ 8 / 2 , / ( $ 5 6 , $1$1,$6 &219(56,21 ',6&,38/2 (6&2*,'2 ,167580(172 ,65$(/ /8= 3$%/2 6$8/2 6(f25 £6LLLLLL7X HUHVPL 6HQRUSRU HVRVR\XQ WULXQIDGRU 'LRVPXHYHODVRPEUD GH'LRV 5H\HV /HFFLyQ3ULQFLSDO 6HJ~QXQDUHYLVWDGHQHJRFLRVWpFQLFRVGHO,QVWLWXWR 1DFLRQDOGH(VWiQGDUHV\7HFQRORJtDLQYHQWDURQXQUHORM DWyPLFREDVDGRHQYLEUDFLRQHVGHiWRPRVGHFHVLR$HVWRV UHORMHVOHVWRPDUiDxRVDWUDVDUVHRDGHODQWDUVH XQVRORVHJXQGR3HURORVFLHQWt¿FRVGHO,QVWLWXWRHVWiQ WUDEDMDQGRHQXQPRGHORPXFKRPHMRUXQVROR,RQGH PHUFXULRVHUiDWUDSDGRHQXQYDFtRFRQUD\ROiVHU\HQIULDGR ORPiVEDMRSRVLEOH(QWRQFHVODVRVFLODFLRQHVGHOiWRPR VHUiQWDQHVWDEOHVTXHHOQXHYRUHORMVHUiWDQH[DFWRTXHQR VHDWUDVDUiQLXQVHJXQGRHQGLH]PLOPLOORQHVGHDxRV 6LQHPEDUJRHOWLHPSRGH'LRVHVPiVH[DFWRTXHHVR £1XHVWUR'LRVHVFRPSOHWDPHQWHDVRPEURVR\DXQHQPiV GHFLHQPLOORQHVGHDxRVeOQRVHDWUDVDUiQLXQVHJXQGR £+D\PXFKRVFDVRVHQOD%LEOLDTXHGHPXHVWUDQTXH'LRVHV DVRPEURVR$TXtHVWiQXQRVFXDQWRV £'LRVFUHyHOXQLYHUVRHQWHUR£/DVHVWUHOODV\ORVSODQHWDV HQHOFLHORWRGRVORVERVTXHVFRQPLOORQHVGHFODVHVGH SODQWDVHOUHLQRDQLPDOFRPSOHWR\ODUD]DKXPDQDFRQWRGD VXFRPSOHMLGDG£'LRVFUHyWRGDVODVFRVDV +R\WHQHPRVRWURGHVDItRGLYHUWLGRGRQGHORVDOXPQRV DGHPiVGHVDFDUVXFUHDWLYLGDGPRVWUDUiQVXVWDOHQWRV GHDFWXDFLyQ&DGDHTXLSRGHEHGUDPDWL]DUXQDKLVWRULD DVRPEURVDGH'LRV(OORVSXHGHQHOHJLUODTXHTXLHUDQ 'HLJXDOPDQHUDHOHTXLSRJDQDGRUVHUiHOTXHPHMRUOR KDJD\HQHOTXHKD\DQSDUWLFLSDGRODPD\RUFDQWLGDGGH LQWHJUDQWHV 5HVSXHVWDV $ = 5 ( / 6 ( , ( $ $ ' 5 , , $ ( 6 $ , & $ ' = 6 2 5 8 0 2 $ 9 0 6 % $ * ' 5 , ( $ 8 $ 8 = & 1 $ £eOHQVHxyD1RpFyPRFRQVWUXLUHODUFDDQWHV GHTXHODKXPDQLGDGVXSLHUDFyPRFRQVWUXLUEDUFRVDVtGH JUDQGHV\DTXHHOORVQRKDEtDQH[SHULPHQWDGROOXYLDFRPR HVD 'LRVKL]RHOSODQSDUDVDOYDUQRVGHQXHVWURSHFDGRDWUDYpV GH-HVXFULVWRDXQFXDQGRQRVRWURVHVWiEDPRVDOHMDGRVGH eO£'LRVPLVPRVHKL]RKRPEUH 'LRVVHSDUyORVHQRUPHVFXHUSRVGHDJXDVUHVXFLWy PXHUWRVVDQyHQIHUPRVSHOHyEDWDOODVSRUVXSXHEOR HVFRJLyDUH\HVSDUDTXHJREHUQDUDQOHVSURSRUFLRQyIXHU]D H[WUDKXPDQDOHVPRVWUyHOIXWXURDODJHQWH\GHWXYRHOVRO 8QDGHHVWDVKLVWRULDVODPLUDPRVHQODKLVWRULDEtEOLFD GHKR\£TXH'LRVWLHQHHODVRPEURVRSRGHUGHUHDOPHQWH PRYHUHOWLHPSRKDFLDDWUiV£eOPRYLyODVRPEUDGHOUHORM KDFLDDWUiVHVRTXLHUHGHFLUTXHeOGHEHKDEHUPRYLGRHO VRO9HUGDGHUDPHQWHeOPRYLyHOWLHPSRKDFLDDWUiVHVWD HVXQDKLVWRULDTXHQRVD\XGDDYHUTXH'LRVQRHVWiVXMHWR DOWLHPSR'LRVH[LVWHGHVGHDQWHVGHTXHQXHVWURWLHPSR LQLFLDUD\QRWLHQH¿Q£'LRVHV$620%5262 9HUVR (O'HVDItR $ 'LRVHV$VRPEURVR (O*5$1 'HVDItR /HFFL y Q ( 4 2 $ 6 2 0 / ( 8 9 % 5 6 ( $ 2 = 5 7 ( 7 ( $ 5 ³6HxRUKHVDELGRGHWXIDPDWXVREUDV6HxRUPH GHMDQSDVPDGR´+DEDFXFD -XHJRV4XHHOORVHVFRMDQXQR 3DVDQGRHO*ORER )RUPHGRVHTXLSRVORVKRPEUHFRQWUDODVPXMHUHVGHEHQGHVHUGH ODPLVPDFDQWLGDG4XHFDGDHTXLSRIRUPHXQD¿OD6HLUiQSDVDQGRHO JORERVLQYHUDOTXHWLHQHQDWUiV&DGDXQRTXHUHFLEDHOJORERGHEHUi GHFLUHOYHUVRFRPSOHWR(OHTXLSRTXHWHUPLQHSULPHURVHUiHOJDQDGRU 9HUVR(VFRQGLGR (VFULEHODVSDODEUDVGHOYHUVRHQWDUMHWDVXQDSDODEUDSRUWDUMHWD \HVFyQGHODVHQHOVDOyQ6HSDUDHOJUXSRHQHTXLSRV(OQLxRTXH HQFXHQWUHXQDWDUMHWDGHEHUiEXVFDUXQHVSDFLR\TXHGDUVHDKtKDVWD TXHVXVFRPSDxHURVGHHTXLSRTXHHQFXHQWUHQRWUDWDUMHWDVHOHXQDQ\ HPSLHFHQDIRUPDUHOYHUVR*DQDUiHOTXLSRTXHIRUPHSULPHURHOYHUVR 'HEHUiVWHQHUXQMXHJRGHWDUMHWDVSRUHTXLSR 6LJXLHQGRHO&DPLQR 6HSDUHHOJUXSRHQHTXLSRV&RQXQKLORPDUTXHXQFDPLQRDVHJXLU SDUDFDGDHTXLSR$ORODUJRGHOFDPLQRGHMDWDUMHWDVFRQSDODEUDVGHO YHUVR&DGDQLxRGHEHUiVHJXLUHOFDPLQRFDPLQDQGRHQFXFOLOODV\WLHQH TXHUHFRJHUXQDWDUMHWD(OHTXLSRTXHSULPHURIRUPHHOYHUVRVHUiHO JDQDGRU 'HVDItR (QHTXLSRGUDPDWLFHQXQDGH WDQWDVKLVWRULDVDVRPEURVDVGH 'LRV6HJXUDPHQWHFRQHVWR VHUiQORVJDQDGRUHVGHHVWH *UDQ'HVDItR 'LRVHV$VRPEURVR 'LRVPXHYHOD6RPEUD 'LRVPXHYHOD6RPEUD ³3RUDTXHOORVGtDV(]HTXtDVVHHQIHUPyJUDYHPHQWH\HVWXYRDSXQWRGHPRULU (OSURIHWD,VDtDVKLMRGH$PR]IXHDYHUOR\OHGLMR©$VtGLFHHO6HxRU³3RQ WXFDVDHQRUGHQSRUTXHYDVDPRULUQRWHUHFXSHUDUiV´ª(]HTXtDVYROYLy HOURVWURKDFLDODSDUHG\OHURJyDO6HxRU©5HFXHUGD6HxRUTXH\RPHKH FRQGXFLGRGHODQWHGHWLFRQOHDOWDG\FRQXQFRUD]yQtQWHJUR\TXHKHKHFKROR TXHWHDJUDGDª<(]HTXtDVOORUyDPDUJDPHQWH 1RKDEtDVDOLGR,VDtDVGHOSDWLRFHQWUDOFXDQGR OHOOHJyODSDODEUDGHO6HxRU©5HJUHVD\GLOH D(]HTXtDVJREHUQDQWHGHPLSXHEORTXHDVt ³6HxRUKHVDELGRGH GLFHHO6HxRU'LRVGHVXDQWHSDVDGR'DYLG³+H WXIDPDWXVREUDV HVFXFKDGRWXRUDFLyQ\KHYLVWRWXVOiJULPDV9R\ 6HxRUPHGHMDQ DVDQDUWH\HQWUHVGtDVSRGUiVVXELUDOWHPSOR SDVPDGR´ GHO6HxRU9R\DGDUWHTXLQFHDxRVPiVGHYLGD +DEDFXFD <DWL\DHVWDFLXGDGORVOLEUDUpGHFDHUHQPDQRV GHOUH\GH$VLULD<RGHIHQGHUpHVWDFLXGDGSRUPL FDXVD\SRUFRQVLGHUDFLyQD'DYLGPLVLHUYR´ª (]HTXtDVOHKDEtDSUHJXQWDGRDOSURIHWD²¢4XpVHxDOUHFLELUpGHTXHHO6HxRU PHVDQDUi\GHTXHHQWUHVGtDVSRGUpVXELUDVXWHPSOR",VDtDVOHFRQWHVWy ²eVWDHVODVHxDOTXHWHGDUiHO6HxRUSDUDFRQ¿UPDUORTXHWHKDSURPHWLGR ODVRPEUDKDDYDQ]DGRGLH]JUDGDV¢SRGUiUHWURFHGHUGLH]"²(VIiFLOTXH ODVRPEUDVHDODUJXHGLH]JUDGDV²UHSOLFy(]HTXtDV²SHURQRTXHYXHOYD DWUiV(QWRQFHVHOSURIHWD,VDtDVLQYRFyDO6HxRU\HO6HxRUKL]RTXHODVRPEUD UHWURFHGLHUDGLH]JUDGDVHQODHVFDODGH$FD]´ 9HUVR 3RQVREUHOD OtQHDODOHWUDTXH OHFRUUHVSRQGH DFDGDQ~PHUR\ DODEDD'LRV $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = 5H\HV 5HVXHOYHODVLJXLHQWH VRSDGHOHWUDV $&$= $/$5*8( $75$6 $9$1=$'2 ',(= (=(48,$6 ,6$,$6 08(5( 5(752&(',(5$ 620%5$ 98(/9$ £6LLLLL JDQDPRV SRUTXH GHPRVWUDPRV FXDQDVRPEURVR HV'LRV $ * ( ' ( 6 $ 9 ' + 7 + ' 5 , 5 $ 7 & , 8 $ $ < $ ( ( , ( 7 $ + 5 9 ; 2 = / $ , % 8 = ) $ / ' < . 6 $ ' * 0 1 6 ( 7 - , 4 ( 5 $ ( = 2 2 8 5 6 ) , 3 5 * $ & % 0 9 . 2 4 , 4 . ' 8 6 2 % ) 7 , 8 = 2 6 ) ( ; 5 9 4 - 6 2 0 % 5 $ 3 0 2 7 & 1 * + 6 $ , 8 4 ( = ( ( : 1 ( 7 7 % 6 $ 5 7 $ 5 , 7 = . 1 7 9 4 % + + , 'RQGHORVQLxRVYHQODJUDQGH]DGH'LRV (VFXHODGH9HUDQR 8Q3URJUDPDHYDQJHOtVWLFRSDUDQLxRVIiFLOGHSUHSDUDU GHFRUDU\KDFHUGRQGHORVQLxRVDSUHQGHUiQTXpWDQ JUDQGHHV'LRVSDUDFRQQRVRWURV £3DUD1LxRV 0HJD 3DTXHWH ,QFOX\H0DQXDOLGDGHV\'9' 7HLQYLWDPRVD 7HLQYLWDPRVD *DOD[LD H[SUHVV *DOD[LD H[SUHVV }8QHYHQWR HVSHFLDOSDUDQLÈRV }8QHYHQWR HVSHFLDOSDUDQLÈRV /D(%9 /D(%9 ('%(,'"«(,/'% +'3"(, ('%(,'"«(,/'% +'3"(, 'RQGH &XDQGR 'RQGH &XDQGR 7HLQYLWDPRVD *DOD[LD H[SUHVV /D(%9 ('%(,'"«(,/'% +'3"(, }8QHYHQWR HVSHFLDOSDUDQLÈRV 'RQGH &XDQGR £3DUD1LxRV 3DTXHWH%iVLFR 1XHYR&LWLRGH,QWHUQHWZZZORVQLQRVFXHQWDQFRP /OiPDQRVD(PDLONULVWLQD#SURYLVPH[FRP
Similar documents
TABLE DE CONTENIDO A. PREFACIO A.1. Introducciόn al Manual
GHELOLGDGHVGHFDGDXQR /DFRRUGLQDFLyQUDUDYH]HVHOUHVXOWDGRGHTXHXQJUXSRXRUJDQL]DFLyQOHFRPXQLFDDRWUD TXpRFyPRKDFHUVXWUDEDMR&LHUWDPHQWHH[LVWHQHMHPSORVGHFRRUGLQDFLyQGLU...
More informationrevista bioetica y salud 3
6DOXG \ VH KDQ UHDOL]DGR HQ GLIHUHQWHV OXJDUHV \ PXQLFLSLRV GH QXHVWUD HQWLGDG 9DOOH GH %UDYR $YiQGDUR 9LOOD 9LFWRULD 7H[FRFR 7ODOQHSDQWOD $WODFRPXOFR 2FR\RDFDF ,[WDS...
More information