BoletínACIA 23

1½0(52 -81,2 $*2672 '(

¶UJDQR LQIRUPDWLYR GH OD $VRFLDFLÖQ &XOWXUDO SDUD OD ,QYHVWLJDFLÖQ VREUH $VLD $&

5)& $)*/&4& 130'*$*&/$: 5&45

(-(03/$5 *5$78,72

7JTÓUBOPT FO CPMFUJOBDJB CMPHTQPU DPN ZZZ DFLD RUJ P[

&EJUPSJBM

/PSNBMJ[BDJØO

HMPCBMJ[BDJØO /VFWBT DFSUJmDBDJPOFT 'BCJÃO 3PCMFT

%

',5(&725,2 1SFTJEFOUF EFM DPOTFKP BENJOJTUSBUJWP 'BCJÈO 3PCMFT 3FTQPOTBCMF EF MB FEJDJØO +VBO "OUPOJP :È×F[ $PSSFDDJØO EF FTUJMP .BSDFMB (ØNF[ )BSQFS %JTF×P &EJUPSJBM Z WJ×FUBT +PSHF $FSWBOUFT 3FEBDDJØO &MJ[BCFUI 4BMPNØO (FSNÈO 4PTB (VJMMFSNP &TQJOPTB 3PESJHP .PSBMFT /PT JOUFSFTBO UVT DPNFOUBSJPT FTDSÓCFOPT B

CPMFUÓO BDJB!HNBJM DPN -BT PQJOJPOFT F JOGPSNBDJPOFT WFSUJEBT FO FTUF CPMFUÓO TPO SFT QPOTBCJMJEBE EF TVT mSNBOUFT &M #PMFUÎO "$*" FT VOB QVCMJDBDJØO CJNFTUSBM EF EJTUSJCVDJØO JOUFSOB FMBCPSBEB QPS MB "TPDJBDJØO $VM UVSBM QBSB MB *OWFTUJHBDJØO TPCSF "TJB "$ ĒĔĚĒ VCJDBEB FO 1JMB SFT $PM -FUSÈO 7BMMF %FM #FOJUP +VÈSF[ .ÏYJDP %' $1 5FM /PUB NFUPEPMÓHJDB -PT OPNCSFT EF KBQPOF TFT FTUÈO FTDSJUPT FO TV ØSEFO PSJHJOBM FT EFDJS QSJNFSP FM BQFMMJEP Z MVFHP FM OPNCSF -BT QB MBCSBT FO DIJOP FTUÈO USBOTDSJUBT FO 1JOZJO

ZZZ DFLD RUJ P[

FTQVÏT EF MB 4FHVOEB (VFSSB .VOEJBM FO EJWFSTBT TPDJFEBEFT EFM NVOEP TF DPNFO[Ø B EBS FM GFOØNFOP EF MB DSFBDJØO EF OPSNBT JOUFSOBDJPOBMFT P FTUBOEBSJ[BDJØO DPO MB GVOEBDJØO EF MB *OUFSOBUJPOBM 0SHBOJ[BUJPO GPS 4UBOEBSEJ[BUJPO *40 FO IPZ QSFTFOUF FO QBÓTFT 1BSB MB JOEVTUSJB Z MB FDPOPNÓB MB IPNPMPHBDJØO EF NFEJEBT Z QBSÈNFUSPT HFOFSBMFT IB SFTVMUBEP NVZ DØNPEB )PZ FTUÈO SFHVMBEBT QPS OPSNBT *40 MBT UBSKFUBT EF DSÏEJUP MP OÞNFSPT UFMFGØOJDPT MPT UFDMBEPT EF OVFTUSBT DPNQVUBEPSBT Z IBTUB MB iDBMJEBEw &O MPT ÞMUJNPT B×PT TF IBCMB EF iHMPCBMJ[BDJØOw FT EFDJS EF VO QSPDFTP EF IPNPMPHBDJØO EF MBT TPDJFEBEFT Z EF MBT FDPOPNÓBT " QFTBS EFM QFMJHSP RVF MB HMPCBMJ[BDJØO Z MB FTUBOEBSJ[BDJØO SFQSFTFOUBO QBSB MBT JEFOUJEBEFT MPDBMFT Z QBSB FM SFDPOPDJNJFOUP EF MBT DBQBDJEBEFT EF DBEB JOEJWJEVP FTUPT QSPDFTPT TF FTUÈO QPTJDJPOBOEP DBEB WF[ NÈT FO OVFTUSB BMEFB HMPCBM &M BQSFOEJ[BKF Z iEPNJOJPw EF MFOHVBT FYUSBOKFSBT OP FT BKFOP B FTUB SFBMJEBE %FTEF IBDF EÏDBEBT IBZ FYÈNFOFT DPNP FM 50&'- FO JOHMÏT FM %&-& FO FTQB×PM FOUSF PUSBT MFOHVBT FVSPQFBT 1PS TV MBEP FO "TJB FTUÈO FM +-15 QBSB KBQPOÏT FM )4, QBSB DIJOP Z FM ,-15 QBSB DPSFBOP FOUSF PUSPT &O GVF QVCMJDBEP FM .BSDP $PNÙO &VSPQFP EF 3FGFSFODJB QBSB MBT MFOHVBT DPO FM mO EF FTUBCMFDFS VO OVFWP QBSÈNFUSP FO FTUB UBSFB UBO JNQPSUBOUF QBSB MBT TPDJFEBEFT NPEFSOBT &O MPT B×PT TVCTFDVFOUFT DPNVOJEBEFT EF FOTF×BO[B EF JEJPNBT EF PUSBT MBUJUVEFT IBO SFTQPOEJEP BM OVFWP FOUPSOP FO MB DFSUJmDBDJØO EFM EPNJOJP EF MBT MFOHVBT Z TF IB BWBO[BEP FO FM FOGPRVF DPNVOJDBUJWP FT EFDJS FO DFOUSBS MPT FTGVFS[PT FO VUJMJ[BS FM JEJPNB DPNP VOB IFSSBNJFOUB EF DPNVOJDBDJØO BTÓ DPNP GBDUPSFT DPNP FM QMVSJMJOHàJTNP WÏBTF .BSDP &VSPQFP RVF GPNFOUB MB DPNCJOBDJØO EF UPEPT MPT DPOPDJNJFOUPT Z FYQFSJFODJBT MJOHàÓTUJDBT EF DBEB JOEJWJEVP Z TF IB DPNFO[BEP FM QSPDFTP EF EFKBS BUSÈT MBT DMBTFT EF JEJPNB EF TØMP UFPSÓB &M OVFWP FOGPRVF FTUÈ FO FM QPEFS IBDFS Z OP FO MP RVF TF TFQB %FTEF GVF GVOEBEP FO +BQØO FM $POTFKP /BDJPOBM EF MB -FOHVB +BQPOFTB ‫׎‬ᛖ ‫ݙ‬ᜭ˟ FM DVBM EFmOJØ FM SVNCP EF MBT QPMÓUJDBT JEJPNÈUJDBT IBTUB TV BCPMJDJØO FO DVBOEP EJP QBTP B MB 4FDDJØO EF JEJPNB EFM $POTFKP EF MB $VMUVSB ૨҄‫ݙ‬ᜭ˟‫׎‬ᛖЎᅹ ˟ &OUSF MPT USBCBKPT EF FTUF DPOTFKP TF FODVFOUSBO EFDSFUPT DPNP MPT LBOKJT DPUJEJBOPT P +PZP ,BOKJ ࠝဇ๮‫ ܌‬UBCMB DSFBEB FO Z DPO EJWFSTBT FONJFOEBT MB EF DPOUJFOF DBSBDUFSFT Z BOFYPT MPT 5PKP ,BOKJ ࢘ဇ๮‫ ܌‬UBCMB DSFBEB FO Z DPSSFHJEB FO DPO MB GPSNB PmDJBM EF USB[BS Z MB GPSNB NÈT iMFHJCMFw EF DBSBDUFSFT MPT 5PVKPV ,BOKJ FM VTP NPEFSOP EF LBOB MBT SFHMBNFOUBDJPOFT EFM VTP EFM BMGBCFUP MBUJOP FOUSF PUSPT NVDIPT QBSÈNFUSPT RVF IBO IFDIP EFM KBQPOÏT VO JEJPNB NPEFSOP Z TJTUFNÈUJDP "VORVF FO MPT ÞMUJNPT B×PT MBT SFGPSNBT EFM KBQPOÏT ZB FSBO DPTB EFM QBTBEP IBDF BMHVOPT NFTFT TF DPODSFUBSPO FM OVFWP FTUÈOEBS EF MB MFOHVB KBQPOFTB Z FM OVFWP FYBNFO +-15 "EFNÈT FO FTUF IFNPT WJTUP DBNCJPT DPNP MB SFOPWBDJØO EF MB UBCMB EF EF MPT 5PVZPV ,BOKJ ૼࠝဇ๮‫܌‬ᘙ

&TUPT OVFWPT QBSÈNFUSPT TJO EVEB TPO MB QBVUB Z FM BVHVSJP QBSB VOB OVFWB FSB Z QBSB HSBOEFT SFFTUSVDUVSBDJPOFT FO QMBOFT EF FTUVEJP MJCSPT EF UFYUP Z GPSNBT EF USBCBKBS $IJOB OP TF IB RVFEBEP BUSÈT ZB RVF FM FYBNFO )4, FTUÈ HSBEVBEP QPS MPT OJWFMFT EFM .BSDP &VSPQFP &M QSFTFOUF OÞNFSP EFM #PMFUÎO "$*" FTUÈ EFEJDBEP B EBS SFGFSFODJBT B MPT MFDUPSFT JOUFSFTBEPT QBSB RVF QVFEBO QSPGVOEJ[BS FO FTUPT OVFWPT QBSÈNFUSPT Z QBSB RVF FM QSPDFTP EFM RVF TFSFNPT UFTUJHPT FO MPT QSØYJNPT B×PT MFT TFB NÈT QSPWFDIPTP $POTJEFSBNPT B FTUBT SFGPSNBT VO UFNB BDUVBMJEBE F JOUFSÏT QBSB MPT JOUFSFTBEPT FO BQSFOEFS TPCSF PUSBT DVMUVSBT &TQFSBNPT MFT BHSBEF EROHWLQ DFLD#JPDLO FRP

% 2 / ( 7 ° 1 $ & , $

1PSRVF OP UPEP FT FTUVEJP 5F SFDPNFOEBNPT

(

BOBEPSB EFM 0TDBS B MB NFKPS QFMÓDVMB FO MFOHVB FYUSBOKFSB 0LVSJCJUP OPT DVFOUB MB IJTUPSJB EF ,PCBZBTIJ %BJHP VO KPWFO WJPMPODFMJTUB RVF RVFEB EFTFNQMFBEP DVBOEP TF EJTVFMWF MB PSRVFTUB FO RVF USBCBKBCB &OEFVEBEP EFDFQDJPOBEP Z DPOTDJFOUF EF RVF OP QPTFF VO HSBO UBMFOUP NVTJDBM %BJHP EFDJEF WPMWFS B TV QVFCMP OBUBM KVOUP DPO TV FTQPTB QBSB SFPSEFOBS TV WJEB DPOUJOÙB FO CPMFUJOBDJB CMPHTQPU DPN

&

M mMNF UJUVMBEP FO OVFTUSP QBÓT DPNP )BDIJLP TJFNQSF B UV MBEP FTUÈ CBTBEP FO VO IFDIP WFSÓEJDP &O MB DJVEBE EF 0EBUF QSFGFDUVSB EF "LJUB +BQØO OBDJØ B mOBMFT EF PDUVCSF EF VO QFSSP EF SB[B RVF MMFWB QPS OPNCSF FM EF TV MVHBS EF PSJHFO &M "LJUB JOV ᅸဋཚ GVOHJØ DPNP QFSSP EF DB[B Z QSPUFDDJØO EF MPT BOUJHVPT HVFSSFSPT EFM QBÓT EFM TPM OBDJFOUF DPOUJOÙB FO CPMFUJOBDJB CMPHTQPU DPN

1FSJPEP EF JOTDSJQDJPOFT EF BHPTUP BM EF TFQUJFNCSF

/PUBT EFM &EJUPSJBM *40 *OUFSOBUJPOBM 0SHBOJ[BUJPO GPS 4UBOEBSEJ[BUJPO DSFBEP FO XXX JTP PSH

50&'- 5FTU PG &OHMJTI BT B 'PSFJHO -BOHVBHF %&-& %JQMPNBT EF &TQB×PM DPO -FOHVB &YUSBOKFSB XXX DFSWBOUFT FT

+-15 ɨF +BQBOFTF -BOHVBHF 1SPmDJFODZ 5FTUᴾଐஜᛖᏡщᚾ᬴ XXX KMQU KQ

)4, ɨF $IJOFTF 1SPmDJFODZ 5FTU )BOZV 4IVJQJOH ,BPTIJ 䲹兿ֽؓ‫ە‬內 XXX ITL PSH DO

,-15 ,PSFBO -BOHVBHF 1SPmDJFODZ 5FTU ㉬᷸䚐ạ⬄㢬㫑㐐䜌 XXX LMQU PSH

$PVODJM PG &VSPQF $PVODJM GPS $VMUVSBM $PPQFSBUJPO &EVDBUJPO $PNJUUF .BSDP $PNÙO &VSPQFP EF 3FGFSFODJB QBSB MBT MFOHVBT "QSFOEJ[BKF &OTFÒBO[B &WBMVBDJÓO $PNNPO &VSPQFBO 'SFNFXPSL GPS -BOHVBHFT -FBSOJOH 5FBDIJOH "TTFTTNFOU

૨҄‫ݙ‬ᜭ˟‫׎‬ᛖЎᅹ˟ XXX CVOLB HP KQ LPLVHP@OJIPOHP CVOLBTJOHJ +' 4UBOEBSE GPS +BQBOFTF -BOHVBHF &EVDBUJPO +'ଐஜᛖ૙ᏋἋἑὅἒὊ Ἓ IUUQ KGTUBOEBSE KQ UPQ KB SFOEFS EP

7ÏBTF IUUQ XXX CVOLB HP KQ LPLVHP@OJIPOHP CVOLBTJOHJ LBOKJ@ HJKJSPLV IUNM Z IUUQ KB XJLJQFEJB PSH XJLJ & # # & " & #$ " & "% BTÓ DPNP MB UBCMB FO IUUQ TNBMMCFBS TBLVSB OF KQ LBOKJ TSD VQ [JQ

MXQLR DJRVWR

EROHWLQ DFLD#JPDLO FRP

ZZZ DFLD RUJ P[

4PCSF MB OVFWB GPSNB EF FWBMVBS DVÈOUP KBQPOÏT TBCFT UÞ {: UÞ ZB QSFTFOUBTUF FM OƹSZPLVTIJLFO 4J FM B×P QBTBEP QBTÏ FM OJWFM Z BIPSB NF QSFQBSP QBSB FM OJWFM {5Þ :P UFOHP FM LZV {: UÞ :P BQFOBT FTUF B×P WPZ B QSFTFOUBS FM OJWFM

{

&M OJWFM $PSSFDUP 4J BDUVBMNFOUF FTUVEJBT KBQPOÏT FTUB JOGPSNBDJØO UF JOUFSFTB 4J FSFT EF BRVFMMB FYUSB×B FTUJSQF RVF FTUVEJB WFIFNFOUFNFOUF QBSB PCUFOFS UPEPT Z DBEB VOP EF MPT DFSUJmDBEPT RVF TF PUPSHBO QBSB FM JEJPNB KBQPOÏT FTUP UBNCJÏO UF JOUFSFTB EBEP RVF B QBSUJS EF FTUF B×P MBT SFHMBT EFM KVFHP WBO B DBNCJBS -BT MFOHVBT EFM NVOEP DBNCJBO DPO FM UJFNQP MBT OFDFTJEBEFT EF MB HFOUF QBSB BQSFOEFSMBT UBNCJÏO &M &YBNFO EF $POPDJNJFOUPT EFM *EJPNB +BQPOÏT +BQBOFTF -BOHVBHF 1SPmDJFODZ 5FTU ଐஜᛖᏡщᚾ᬴ TF IB MMFWBEP BDBCP JOJOUFSSVNQJEBNFOUF EFTEF DPO FM mO EF FWBMVBS Z DFSUJmDBS MBT IBCJMJEBEFT FO MFOHVB KBQPOFTB EF UPEP RVJFO RVJFSB UFOFS VO QBSÈNFUSP DPO FM RVF QVFEB TBCFS iRVÏ UBOUP EPNJOB MB MFOHVB KBQPOFTBw " EJGFSFODJB EF PUSPT FYÈNFOFT EF DFSUJmDBDJØO DPNP FM 50&'- FTUF FYBNFO TF SFBMJ[B TPMBNFOUF EPT WFDFT DBEB B×P FO .ÏYJDP TØMP VOB WF[ Z FT QSFTFOUBEP QPS NÈT EF NJM QFSTPOBT FO UPEP FM NVOEP &O UÏSNJOPT HFOFSBMFT FTUF FYBNFO QPOF B QSVFCB MBT DBQBDJEBEFT EF MPT FTUVEJBOUFT QBSB FWBMVBS JOGPSNBDJØO BVEJUJWB FO MFOHVB KBQPOFTB QBSB DPNQSFOEFS UFYUPT MP DVBM JOWPMVDSB MB DBQBDJEBE EF MFFS LBOKJT Z TPCSF UPEP QBSB NFEJS TV DBQBDJEBE QBSB FODPOUSBS MB iQBMBCSB BEFDVBEBw Z TBCFS EJGFSFODJBS FOUSF iVOB PSBDJØO HSBNBUJDBMNFOUF DPSSFDUBw EF VOB RVF OP MP FT 1FSP RVÏ UF EJHP TFHVSBNFOUF FTUP ZB MP TBCFT 4JO FNCBSHP UF DPNFOUP RVF FM FYBNFO DPNP MP DPOPDFNPT DPO MPT B×PT TF IB DPOWFSUJEP FO VOB QSVFCB VO UBOUP PCTPMFUB FO MB RVF VOP FMJHF VOB EF FOUSF DVBUSP SFTQVFTUBT QPTJCMFT {&O WFSEBE WBNPT QPS MB WJEB EJGFSFODJBOEP FOUSF MP HSBNBUJDBMNFOUF DPSSFDUP Z MP RVF OP MP FT {1BSB RVÏ OPT TJSWF UFOFS VO BSTFOBM MÏYJDP FO KBQPOÏT TJ OP TBCFNPT JEFOUJmDBSMP FO VO UFYUP RVF OP TFB OVFTUSP MJCSP EF UFYUP {-PT FYÈNFOFT FO WFSEBE SFnFKBO FM OJWFM EF EPNJOJP RVF EFDMBSB FM SFWFSTP EF OVFTUSP DFSUJmDBEP 5BM QBSFDF RVF MB SFTQVFTUB FO NVDIPT DBTPT OP IB TJEP NVZ IBMBHBEPSB )BDF WBSJPT B×PT RVF MB 'VOEBDJØO +BQØO IB USBCBKBEP UFOJFOEP FTUP FO NFOUF B mO EF BDUVBMJ[BS Z SFQMBOUFBS TVT DSJUFSJPT EF FWBMVBDJØO "TÓ GVF RVF OBDJØ FM /VFWP &YBNFO EF )BCJMJEBEFT FO -FOHVB +BQPOFTB ɨF /FX +BQBOFTF -BOHVBHF 1SPmDJODZ 5FTU ૼஜᛖᏡщᚾ᬴ RVF FT FM NJTNP FYBNFO RVF IBT QSFTFOUBEP TBMWP BMHVOBT EJGFSFODJBT JNQPSUBOUFT

*OTDSÓCFUF EFM EF BHPTUP BM EF TFQUJFNCSF FO MB JOTUJUVDJÛO EPOEF FTUVEJBT KBQPOÏT .BZPSFT JOGPSNFT 5FM

ZZZ DFLD RUJ P[

EROHWLQ DFLD#JPDLO FRP

+VBO "OUPOJP :ÃÒF[

4J IBTUB FM B×P QBTBEP UF EFTWFMBTUF QPS QBTBS MPT OJWFMFT Z FO FTF NJTNP PSEFO

BIPSB TF B×BEF VO RVJOUP OJWFM "TÓ MPT OJWFMFT RVFEBO EF MB TJHVJFOUF NBOFSB /JWFM &T FM OJWFM NÈT CÈTJDP &RVJWBMF BM OJWFM EFM GPSNBUP BOUFSJPS /JWFM &RVJWBMF BM OJWFM EFM GPSNBUP BOUFSJPS /JWFM &T MB WFSEBEFSB OPWFEBE VO OVFWP OJWFM JOUFSNFEJP FOUSF MPT OJWFMFT Z EFM GPSNBUP WJFKP /JWFM 5JFOF DBTJ FM NJTNP OJWFM EF EJmDVMUBE RVF FM OJWFM EFM GPSNBUP BOUFSJPS /JWFM &T FM NÈT BMUP DPO FM NJTNP OJWFM EF EJmDVMUBE RVF FM OJWFM EFM GPSNBUP BOUFSJPS "EFNÈT EFM OVFWP OJWFM MB TFHVOEB NPEJmDBDJØO JNQPSUBOUF TFSÈ FM GPSNBUP EF MPT SFBDUJWPT &M mO ÞMUJNP EF FTUF DBNCJP FT RVF MB DBMJmDBDJØO mOBM SFnFKF DPO NBZPS QSFDJTJØO MBT IBCJMJEBEFT RVF QPTFF DBEB FTUVEJBOUF EF KBQPOÏT QBSB FTDVDIBS BCTUSBFS JOGPSNBDJØO Z FMFHJS MBT QBMBCSBT BEFDVBEBT QBSB DPNQMFUBS UBSFBT VUJMJ[BOEP FM KBQPOÏT DPNP IFSSBNJFOUB &M FTQBDJP FT QPDP QBSB FYQPOFS NÈT EFUBMMFT BTÓ RVF RVJFOFT FTUÏO JOUFSFTBEPT FO DPOPDFS NFKPS FTUB OVFWB WFSTJØO MB QÈHJOB XFC EFM FYBNFO IUUQ XXX KMQU KQ F BCPVU OFX KMQU IUNM QVTP B EJTQPTJDJØO EFM QÞCMJDP BMHVOBT NVFTUSBT EF MPT SFBDUJWPT EF MBT EJTUJOUBT TFDDJPOFT &M EF KVMJP EF FTUF B×P TF BQMJDØ FO +BQØO QPS QSJNFSB WF[ FTUB WFSTJØO SFWJTBEB EFM FYBNFO Z FO B×PT TJHVJFOUFT TFHVSBNFOUF WFSFNPT NPEJmDBDJPOFT -PT DBNCJPT FO MPT DSJUFSJPT EF FWBMVBDJØO UBNCJÏO UFOESÈO FGFDUP FO MPT TJTUFNBT EF FOTF×BO[B EF MBT FTDVFMBT EF KBQPOÏT EF UPEP FM NVOEP &O NJ PQJOJØO FTUF FGFDUP TFSÈ WJTJCMF QPDP B QPDP Z TFSÈ SFTQPOTBCJMJEBE EF RVJFOFT OPT EFEJDBNPT B FOTF×BS MB MFOHVB KBQPOFTB FM TBCFS SFTQPOEFS B FTUB OVFWB DPOEJDJØO 1BSB mOBMJ[BS VO DPNFOUBSJP B UÓUVMP QFSTPOBM 4J UF JOUFSFTB QSFTFOUBS FM FYBNFO FO EJDJFNCSF ÏTUF UF EBSÈ VO SFGFSFOUF WBMJPTP QBSB NPOJUPSFBS UVT BWBODFT DPNP FTUVEJBOUF EF KBQPOÏT 4JO FNCBSHP SFDVFSEB RVF BM mOBM FM EPNJOJP EF VOB TFHVOEB MFOHVB MP EFNVFTUSB OP VO QVOUBKF TJOP MB DBQBDJEBE RVF UFOHBT QBSB DPNP MP EJKP FM CVFO +PIO "VTUJO iIBDFS DPTBT DPO QBMBCSBTw % 2 / ( 7 ° 1 $ & , $

-B DFSUJmDBDJØO FO MFOHVB DIJOB FM FYBNFO )4, (VJMMFSNP &TQJOP[B

)

BTUB IBDF BQFOBT BMHVOPT B×PT TØMP BRVFMMBT QFSTPOBT DVZB BDUJWJEBE QSPGFTJPOBM HJSBCB FO UPSOP BM BQSFOEJ[BKF P B MB FOTF×BO[B EF VOB MFOHVB FYUSBOKFSB FTUBCBO GBNJMJBSJ[BEPT DPO UÏSNJOPT DPNP 50&'- %&-' $*-4 5FTU %B' .$&3 FUD 4JO FNCBSHP MB BQSFNJBOUF OFDFTJEBE EF VOJmDBS MPT DSJUFSJPT EF FOTF×BO[B QBSB MBT MFOHVBT IB PDBTJPOBEP RVF FTUF UJQP EF FTUÈOEBSFT TFBO DBEB WF[ NÈT JNQPSUBOUFT FO UPEB BDUJWJEBE QSPGFTJPOBM Z MBCPSBM 1PDP B QPDP MB UÓQJDB QSFHVOUB i{: VTUFE RVÏ QPSDFOUBKF EF JOHMÏT UJFOF w MB DVBM PCWJBNFOUF FT BMUBNFOUF TVCKFUJWB Z TF QSFTUB B DVBMRVJFS UJQP EF FOHB×PT Z NBOJQVMBDJPOFT FTUÈ TJFOEP SFFNQMB[BEB QPS i{$VÈM FT TV QVOUVBDJØO FO FM 50&'- w -BT WFOUBKBT EF FTUF DBNCJP TPO NÈT RVF FWJEFOUFT MB SFTQVFTUB B MB TFHVOEB QSFHVOUB TØMP QVFEF TFS VOB Z OP EB MVHBS B RVF FM FOUSFWJTUBEP QFRVF EF PQUJNJTUB BVORVF RVJ[ÈT QBSF[DB VO TJNQMF Z GSÓP OÞNFSP EFUSÈT EF ÏM IBZ VO FOPSNF FTGVFS[P EF QSPGFTJPOBMFT F JOTUJUVDJPOFT RVF SFTQBMEBO Z HBSBOUJ[BO MB QSFDJTJØO Z FYBDUJUVE EFM EJBHOØTUJDP 1VFT CJFO FM DIJOP NBOEBSÓO OP IB FTDBQBEP B FTUF GFOØNFOP MB DSFDJFOUF SFMFWBODJB EF BQSFOEFS FM 1VUPOHIVB DPNP MFOHVB FYUSBOKFSB IB UFOJEP DPNP DPOTFDVFODJB RVF MPT DSJUFSJPT EF FTUBOEBSJ[BDJØO SFGFSFOUFT BM EPNJOJP EFM DIJOP EF VO IBCMBOUF FYUSBOKFSP IBZBO BWBO[BEP B QBTPT BHJHBOUBEPT FO MPT ÞMUJNPT B×PT -B NFEJEB DPO MB RVF TF EFUFSNJOB FM DPOPDJNJFOUP RVF VO IBCMBOUF OP OBUJWP UJFOF EFM DIJOP SFDJCF FM OPNCSF EF )4, TJHMBT RVF DPSSFTQPOEFO B MBT QBMBCSBT DIJOBT )BOZV 4IVJQJOH ,BPTIJ 䲹兿ֽؓ‫ە‬內 P FYBNFO EFM OJWFM EF JEJPNB DIJOP &TUF FYBNFO DPOTUB EF EPT QBSUFT VOB PSBM Z VOB FTDSJUB FTUBT B TV WF[ TF EJWJEFO FO TFDDJPOFT JOEFQFOEJFOUFT FO MBT RVF FM FTUVEJBOUF WF QVFTUB B QSVFCB TV EFTUSF[B FO IBCJMJEBEFT DPODSFUBT UBMFT DPNP DPOPDJNJFOUPT EF HSBNÈUJDB DPNQSFOTJØO BVEJUJWB Z DPNQSFOTJØO EF MFDUVSB &O UJFNQPT SFDJFOUFT TF IB PQUBEP QPS BKVTUBS FM )4, B MPT FTUÈOEBSFT JOUFSOBDJPOBMFT EF NBOFSB RVF IPZ FO EÓB MPT TFJT OJWFMFT EF MB QBSUF FTDSJUB EFM FYBNFO TPO FRVJQBSBCMFT B MPT DSJUFSJPT EFM .BSDP $PNÞO &VSPQFP EF 3FGFSFODJBT QBSB *EJPNBT .$&3

&M )4, TF DPOWJFSUF SÈQJEBNFOUF FO MB OPSNB B DPOTJEFSBS QPS BRVFMMBT QFSTPOBT RVF EFTFBO SFBMJ[BS BMHVOB BDUJWJEBE QSPGFTJPOBM FO $IJOB QSPGFTPSFT EF DIJOP DPNP MFOHVB FYUSBOKFSB Z EFTEF MVFHP UBNCJÏO QPS FM DSFDJFOUF OÞNFSP EF FTUVEJBOUFT RVF EFTFBO DVSTBS FTUVEJPT TVQFSJPSFT MJDFODJBUVSBT NBFTUSÓBT P EPDUPSBEPT

FO BMHVOB JOTUJUVDJØO EF BRVFM QBÓT &O MB $JVEBE EF .ÏYJDP MPT FTUVEJBOUFT EF DIJOP RVF EFTFFO QSFTFOUBS FTUF FYBNFO QVFEFO BDVEJS BM $FOUSP EF &OTF×BO[B EF -FOHVBT &YUSBOKFSBT EF MB 6/". $&-& BOUFT EFM NFT EF NBZP EF DBEB B×P P CJFO BM *OTUJUVUP $VMUVSBM $IJOP )VBYJB *OTUJUVUP $POGVDJP EF MB $JVEBE EF .ÏYJDP 'VFSB EF MB $JVEBE EF .ÏYJDP MPT FTUVEJBOUFT NFYJDBOPT EF DIJOP UBNCJÏO QVFEFO BDVEJS BM *OTUJUVUP $POGVDJP EF MB 6OJWFSTJEBE "VUØOPNB MXQLR DJRVWR

EF /VFWP -FØO QBSB QSFTFOUBS FTUF FYBNFO &M FYBNFO UJFOF VO DPTUP RVF PTDJMB FOUSF MPT Z MPT EFQFOEJFOEP EFM OJWFM EFM RVF TF USBUF USBT TFHVJS VO TFODJMMP QSPDFEJNJFOUP EF JOTDSJQDJØO BM FYBNFO Z SFBMJ[BS FM QBHP DPSSFTQPOEJFOUF MPT FTUVEJBOUFT EFCF QSFTFOUBSTF FO VOB GFDIB QPTUFSJPS QBSB RVF TF MFT BQMJRVF FM FYBNFO BM DBCP EF VOBT DVBOUBT TFNBOBT MPT FTUVEJBOUFT QVFEFO DPOTVMUBS MPT SFTVMUBEPT EF TV FYBNFO QPS *OUFSOFU Z QPDP EFTQVÏT TF MFT FOUSFHBO GÓTJDBNFOUF FO DBTP EF IBCFS PCUFOJEP VOB QVOUVBDJØO TBUJTGBDUPSJB UBNCJÏO TF MFT IBDF FOUSFHB EF TV DPOTUBODJB EF BDSFEJUBDJØO "EJDJPOBMNFOUF BM )4, FO UJFNQPT SFDJFOUFT TF IB JNQMFNFOUBEP FM FYBNFO :$5 P :PVUI $IJOFTF 5FYU FM DVBM TF BQMJDB B FTUVEJBOUFT FYUSBOKFSPT EF OJWFM QSJNBSJB P TFDVOEBSJB -B FWBMVBDJØO UBNCJÏO DPOTUB EF VOB QBSUF PSBM Z VOB FTDSJUB QFSP TØMP TF FTUSBUJmDB FO DVBUSP OJWFMFT -JOLT XXX ITL PSH DO XXX DFMF VOBN NY XXX IVBYJBNFY DPN IUUQ DWD DFSWBOUFT FT FOTFOBO[B CJCMJPUFDB@FMF NBSDP

EROHWLQ DFLD#JPDLO FRP

ZZZ DFLD RUJ P[

"MHVOPT EBUPT JOUFSFTBOUFT EFM OVFWP FYBNFO PmDJBM EF KBQPOÏT &TUSVDUVSB EFM OVFWP FYBNFO

-

B 'VOEBDJÓO +BQÓO SFDJFOUFNFOUF IB QVCMJDBEP BMHVOPT QBSÃNFUSPT EFM OVFWP FYBNFO FO MB QÃHJOB PđDJBM XXX KMQU KQ )FNPT SFUPNBEP Z USBEVDJEP BM FTQBÒPM MBT TJHVJFOUFT UB CMBT 5F JOWJUBNPT B FOUSBS B MB QÃHJOB QBSB DPOPDFS NÃT EFUBMMFT

"M UFSNJOBS MB 4FHVOEB (VFSSB .VOEJBM NVDIPT IJKPT EF DPMPOPT KBQPOFTFT GVFSPO EFKBEPT FO $IJOB DPO GBNJMJBT MPDBMFT

IUUQ XXX KMQU KQ HVJEFMJOF UFTUTFDUJPOT IUNM EF BHPTUP EF

&

"VUPFWBMÞBUF

OUSF PUSPT NVDIPT QBSÃNFUSPT FO FM .BSDP &VSPQFP .$&3 TF QSFTFOUB FTUB UBCMB EF BVUPFWBMVBDJÓO "VORVF FTUÃ QFOTBEB QBSB MPT JEJPNBT FVSPQFPT CJFO QVFEF BQMJDBSTF DPO DJFSUBT DPOTJEFSBDJPOFT B MBT MFOHVBT BTJÃUJDBT -FF MB QÃHJOB Z DPMPDB FO MB UBCMB EF BCBKP VOB ȝ QBSB MBT DPTBT RVF QVFEFT IBDFS GÃDJMNFOUF %F FTUB GPSNB QPESÃT UFOFS VOB JEFB EF DVÃM FT UV OJWFM CÃTJDP JOUFSNFEJP FO FM JEJPNB RVF FTUÃT FTUVEJBOEP Z EF RVÊ ÃSFBT EF EPNJOJP EFCFT USBCBKBS NÃT *EJPNB @@@@@@@@@@@@@@@@@

/05" *.1035"/5& -BT DJUBT EF QVCMJDBDJPOFT IFDIBT FO MBT QÃHJOBT Z EF FTUF OÙNFSP TPO DPO đOFT EF EJGVTJÓO 4*/ "'¦/ %& -6$30 -B USBEVDDJÓO EFM KBQPOÊT OP FT Pđ DJBM -B JOGPSNBDJÓO GVF PCUFOJEB EF MB QÃHJOB XFC Z EF EPDVNFOUPT JNQSFTPT 3FTQPOTBCMF 'BCJÃO 3PCMFT &TQFSB MB JOGPSNBDJÓO PđDJBM Z DPOWPDBUPSJB EF MB JOTUJUVDJÓO BQMJBDBEPSB FO .ÊYJDP

5F SFDPNFOEBNPT MB MFDUVSB EFM DBQÎUVMP i/JWFMFT DPNVOFT EF SFGFSFODJBu EFM .$&3

ZZZ DFLD RUJ P[

EROHWLQ DFLD#JPDLO FRP

% 2 / ( 7 ° 1 $ & , $

/JWFMFT DPNVOFT EF SFGFSFODJB DVBESP EF BVUPFWBMVBDJØO

(WGPVG 0DUFR &RPÝQ (XURSHR GH 5HIHUHQFLD SDUD ODV OHQJXDV DSUHQGL]DMH HQVHÔDQ]D \ HYDOXDFLÖQ 6TCFWEEKÎP CN GURCÌQN +PUVKVWVQ %GTXCPVGU QDVGPKFC FG JVVR EXE EGTXCPVGU GU QDTGH OCTEQ EXEAOGT RFH R¶IKPCU [

MXQLR DJRVWR

EROHWLQ DFLD#JPDLO FRP

ZZZ DFLD RUJ P[

{ {: EFM PUSP MBEP 4PCSF FM FTQB×PM FO +BQØO (FSNÃO 4PTB $BTUBÒPO

-

BT QFSTPOBT RVF FTUBNPT BQSFOEJFOEP P FOTF×BOEP FM JEJPNB KBQPOÏT FO .ÏYJDP TPNPT UFTUJHPT DPOTDJFOUFT P JODPOTDJFOUFT EF MBT GPSNBT RVF BERVJFSF MB FOTF×BO[B EF FTUF JEJPNB EJSJHJEB B IJTQBOPIBCMBOUFT 4BCFNPT BVORVF TFB EF PÓEBT EF MB FYJTUFODJB EF EJGFSFOUFT FTDVFMBT F JOTUJUVDJPOFT EPOEF TF JNQBSUFO DMBTFT EF FTUB NBUFSJB Z IFNPT FTDVDIBEP P MFÓEP DPNFOUBSJPT TPCSF MB DBMJEBE EF MB FOTF×BO[B 4JO FNCBSHP SBSB WF[ OPT QPOFNPT B QFOTBS FO DØNP TFSÈ FM MBEP PQVFTUP FT EFDJS FM DØNP TF FOTF×B FM JEJPNB FTQB×PM B MPT KBQPOFTFT RVÏ UJQP EF FTQBDJPT FYJTUFO QBSB FMMP Z RVÏ QSFTFODJB PDVQB FO +BQØO %FCJEP B MBT DJSDVOTUBODJBT EF MB MFOHVB FTQB×PMB OP QPEFNPT FTQFSBS RVF MPT FTGVFS[PT QPS EJGVOEJS OVFTUSP JEJPNB TFB NPOPQPMJP EF VO TPMP QBÓT Z MP NÈT OBUVSBM FT FODPOUSBSOPT DPO FTDVFMBT Z QSPGFTPSFT EF EJGFSFOUFT QBÓTFT EF IBCMB IJTQBOB $PNP FKFNQMP QPEFNPT NFODJPOBS B MB TFEF RVF FM *OTUJUVUP $FSWBOUFT EF .BESJE JOBVHVSØ FO 5PLJP FO FM RVF QBSB FM QSFTFOUF B×P DVFOUB DPO BQSPYJNBEBNFOUF NJM QFSTPOBT JOTDSJUBT FO DVSTPT EF JEJPNB 5BNCJÏO TF FODVFOUSB FM EFQBSUBNFOUP EF FTUVEJPT FTQB×PMFT EF MB 5PLZP 6OJWFSTJUZ PG 'PSFJHO 4UVEJFT 0USP BTQFDUP RVF EFCFNPT DVFTUJPOBSOPT FT FM QPS RVÏ EFM JOUFSÏT EF MPT KBQPOFTFT QPS OVFTUSB MFOHVB UFOJFOEP FO DVFOUB RVF FT VOP EF MPT JEJPNBT NÈT IBCMBEPT FO FM QBÓT OJQØO 4FHÞO VOB FODVFTUB SFBMJ[BEB QPS FM *OTUJUVUP $FSWBOUFT EF 5PLJP B mOBMFT EFM B×P QBTBEP FM FTQB×PM FT FM RVJOUP JEJPNB FYUSBOKFSP NÈT IBCMBEP FO +BQØO EFTQVÏT EFM JOHMÏT FM DIJOP FM DPSFBOP Z FM GSBODÏT B QFTBS RVF IB IBCJEP PUSPT FTUVEJPT RVF NVFTUSBO BM FTQB×PM FO TFHVOEP MVHBS -BT QSJODJQBMFT SB[POFT EBEBT QPS MPT FTUVEJBOUFT EF FTQB×PM FODVFTUBEPT GVFSPO FM JOUFSÏT QPS MBT DVMUVSBT IJTQÈOJDBT QPS TFS MB TFHVOEB MFOHVB NÈT IBCMBEB FO FM NVOEP Z QPSRVF QJFOTBO RVF FT VOB MFOHVB GÈDJM EF BQSFOEFS &TUPZ TFHVSP RVF FOUSF MPT FTUVEJBOUFT EF JEJPNB KBQPOÏT FO .ÏYJDP UBNCJÏO IBCSÈ VO CVFO OÞNFSP EF EJTUJOUBT SB[POFT QBSB IBCFS FNQSFOEJEP FTUF FTUVEJP QFSP FT EVEPTP RVF TFBO TJNJMBSFT B MBT EPT ÞMUJNBT EBEBT QPS MB FODVFTUB EFM *OTUJUVUP $FSWBOUFT -B QPQVMBSJEBE EF OVFTUSP JEJPNB FO +BQØO EJDF FM GPUØHSBGP Z FTDSJUPS BSHFOUJOP 'FSOBOEP 0MT[BOTLJ TF QVFEF BUSJCVJS BM SFHSFTP EF MPT OJLLFJT FNJHSBOUFT KBQPOFTFT EF QBÓTFT IJTQBOPIBCMBOUFT RVF OP TØMP DBVTBSPO VO BM[B FO MB QSFTFODJB EFM JEJPNB FTQB×PM UBNCJÏO MP EPUBSPO EF VOB JNQPSUBODJB RVF WB NÈT BMMÈ VO JNQBDUP DVMUVSBM RVF FTUÈ BMUFSBOEP B MB TPDJFEBE KBQPOFTB -B QSFTFODJB EF OPNCSFT IJTQÈOJDPT FO UJFOEBT Z SFTUBVSBOUFT BTÓ DPNP MB BQBSJDJØO EF PUSPT FMFNFOUPT FO +BQØO BTÓ MP QVFEFO TVHFSJS QFSP IBCSÈ RVF EFTDVCSJS IBTUB RVÏ QVOUP ZZZ DFLD RUJ P[

)BZ RVF UFOFS FO DVFOUB MB OFDFTJEBE RVF UJFOFO MPT KBQPOFTFT EF BQSFOEFS JEJPNBT FYUSBOKFSPT ZB RVF DVBMRVJFS UJQP EF SFMBDJØO RVF QSFUFOEBO UFOFS DPO PUSP QBÓT EFQFOEF EF FTUF DPOPDJNJFOUP 4JO FNCBSHP MPT FTUVEJPT EF JEJPNBT FYUSBOKFSPT FO DVBMRVJFS QBSUF EFM NVOEP WBO EF MB NBOP EF MBT UFOEFODJBT HFPQPMÓUJDBT FO DBEB NPNFOUP &OUSF NÈT DPNÞO TFB MB FEVDBDJØO EF VO JEJPNB TJHOJmDB RVF BMHVOB EF MBT OBDJPOFT IBCMBOUFT UJFOF VOB QSFQPOEFSBODJB QPMÓUJDP DVMUVSBM DPO FM QBÓT SFDFQUPS %F FTUB GPSNB QPEFNPT FOUFOEFS MB QSFTFODJB RVF IB DPCSBEP MB MFOHVB FTQB×PMB FO +BQØO FO EFUSJNFOUP EF PUSBT MFOHVBT DPNP MB SVTB IUUQ XXX VDN FT JOGP FTQFDVMP OVNFSP KBQPO IUNM IUUQ UPLJP DFSWBOUFT FT IUUQ FMFKBQPO CMPHTQPU DPN IUUQ XXX UVGT BD KQ 1BSB NÈT JOGPSNBDJØO WÏBTF IUUQ XXX VDN FT JOGP FTQFDVMP OVNFSP KBQPO IUNM IUUQ UPLJP DFSWBOUFT FT IUUQ FMFKBQPO CMPHTQPU DPN IUUQ XXX UVGT BD KQ

EROHWLQ DFLD#JPDLO FRP

% 2 / ( 7 ° 1 $ & , $