.":0 %&
785,602 &25325$7,92 #0
5*3
7"3*&%"% &/ -" 0'&35" %& 4&37*$*04
" 1"3
5« 0 (
&4
30 5& $0.1&
/
&+& $" '& 7&34*0/
"
%&
$SFDF MB PGFSUB
&
M UVSJTNP EF OF HPDJPT HFOFSB BM BÒP NJMMPOFT EF EÓMBSFT FO UPEP FM NVOEP Z DSFDF B VO SJUNP BOVBM EF QPS DJFO UP $PMPNCJB RVF QBSUJDJQB DPO QPS DJFOUP RVJFSF TBDBSMF QSPWFDIP B FTUB BDUJWJEBE 1PS FMMP MPT TFDUPSFT QÙCMJDP Z QSJWBEP SFEPCMBSPO FTGVFS[PT QBSB BUSBFS UVSJTUBT EF FTUF UJQP -PT SFTVMUBEPT ZB TF WFO &M QBÎT TVCJÓ EFM QVFTUP BM FO FM SBOLJOH NVOEJBM EF QSPNPDJÓO DPNP EFTUJOP QBSB UVSJTNP DPSQPSBUJWP -BT DJVEBEFT UBNCJÊO FTUÃO FODBNJOBEBT IBDJB FM NJTNP PCKFUJWP #PHPUÃ PGSFDF DFOUSPT Z BVEJUPSJPT $BMJ DPO FM $FOUSP EF &WFOUPT 7BMMF EFM 1BDÎà DP TF DPODFOUSB FO FODVFOUSPT JOUFSOBDJPOBMFT Z FM &KF $BGFUFSP MF BQVOUB B SFVOJPOFT EF NFEJBOP UBNBÒP 1PS TV QBSUF .FEFMMÎO UJFOF MB NFKPS DBSUB EF QSFTFOUBDJÓO MB PSHBOJ[BDJÓO EF MB SFDJFOUF "TBNCMFB EFM #*% B MB RVF BTJTUJFSPO QFSTPOBT
+03(& &.*-*0 4*&33" %JSFDUPS 7&41"4*"/0 +"3".*--0 +FGF EF 3FEBDDJØO 3*$"3%0 .03"-&4 $"4"4 (FSFOUF (FOFSBM ."3¶" "/50/*&5" #"33&3" (FSFOUF EF 1VCMJDJEBE 7*7*"/ ;0330 &KFDVUJWB EF QVCMJDJEBE W[PSSP!MBSFQVCMJDB DPN DP
&RORPELD
(&/&3"$*¶/ %& %*7*4"4
6
HVWUHOOD HQ WXULVPR GH QHJRFLRV
OP EF MPT QSJODJQBMFT BUSBDUJWPT EF MB SFBMJ [BDJØO EF DPOWFODJP OFT FO FM QBÓT DPSSFTQPOEF B MBT EJWJTBT RVF HFOFSB FM UVSJTNP DPSQPSBUJWP "VORVF FM .JOJTUFSJP EF $PNFSDJP OP UJFOF FTUBEÓTUJDBT EF D ÈOUP EJOFSP MF EFKB FTUF
(
WFOUPT DPNP MB "TBNCMFB EFM #BODP *OUFSBNFSJDBOP EF %FTBSSPMMP #*% RVF SF DJFOUFNFOUF TF PSHBOJ[Ó FO .FEFMMÎO MB GFSJB EF UVSJTNP .*5. $BSUBHFOB MB EF TJHOBDJÓO EF $PMPNCJB DPNP TFEF EFM 'PSP EF MÎEFSFT EF BFSPMÎOFBT "MUB $BSUBHFOB Z EFM 8PSME &DPOPNJD 'PSVN PO -BUJOPBNFSJ DB $BSUBHFOB IBO TJUVBEP BM QBÎT DPNP FM FQJDFOUSP SFHJPOBM EFM UVSJTNP DPSQPSBUJWP 4FHÙO FM SBOLJOH EF MB *OUFSOBUJP OBM $POHSFTT $POWFOUJPO "TTP DJBUJPO *$$" MB BTPDJBDJÓO NÃT QSFTUJHJPTB EFM NVOEP EF QSPEVD DJÓO EF FWFOUPT Z DPOHSFTPT FO $PMPNCJB PDVQÓ FM MVHBS FO MB MJTUB EF MPT QBÎTFT RVF NF KPS EFTBSSPMMBO FM TFHNFOUP EFM UVSJTNP DPSQPSBUJWP VO BTDFOTP EF QVFTUPT GSFOUF B -B NJTNB FTUBEÎTUJDB TFÒBMB RVF FO USF MBT OBDJPOFT EF "NÊSJDB -BUJ OB TÓMP #SBTJM "SHFOUJOB .ÊYJ DP Z $IJMF TVQFSBSPO BM UFSSJUPSJP OBDJPOBM %FM NJTNP NPEP FM FTDBMBGÓO EF MB *$$" NVFTUSB RVF $PMPN CJB MMFWB MB EFMBOUFSB FO OÙNF SP EF FODVFOUSPT JOUFSOBDJPOB MFT B QBÎTFT DPO USBZFDUPSJB FO FM UVSJTNP DPSQPSBUJWP DPNP 6SV HVBZ 1FSÙ &DVBEPS $PTUB 3JDB 1BOBNÃ Z 7FOF[VFMB FOUSF PUSPT &O FGFDUP FO TF EFTBSSP MMBSPO FWFOUPT RVF DVNQMJF SPO DPO MBT TJHVJFOUFT DBSBDUFSÎT UJDBT RVF DBEB WFSTJÓO TF SFBMJ [BSB FO EJGFSFOUFT OBDJPOFT EFM NVOEP RVF UVWJFSB VO NÎOJNP EF QBSUJDJQBOUFT EF MPT DVB MFT QPS MP NFOPT QPS DJFOUP FSBO FYUSBOKFSPT Z RVF FTB GVFSB BM NFOPT MB UFSDFSB FEJDJÓO EF MB DPOWFODJÓO -B WJDFQSFTJEFOUF EF 5VSJTNP EF 1SPFYQPSU /VCJB 4UFMMB .BSUÎ OF[ BTFHVSB RVF FM BTDFOTP FO FM
SBOLJOH EF MB *$$" OP TÓMP VCJDB B $PMPNCJB FO FM NBQB NVOEJBM DPNP VOB PQDJÓO QBSB MB SFBMJ[B DJÓO EF FWFOUPT EF FTUF UJQP DPO MP RVF TF NVFTUSB MB FWPMVDJÓO EFM QBÎT FO EJDIP TFHNFOUP TJOP RVF SFá FKB FM USBCBKP RVF TF IB MMFWB EP B DBCP DPO UPEPT MPT EFTUJOPT EFM UFSSJUPSJP QBSB NFKPSBS TV DPN QFUJUJWJEBE i-PT FYQFSUPT FO FM UFNB TF CB TBO FO FTUF FTDBMBGÓO QBSB EFDJ EJS RVÊ MVHBSFT QVFEFO TFS QPUFO DJBMFT TFEFT QBSB TVT FODVFO USPT -B MPDBMJ[BDJÓO EF $PMPNCJB FO MB MJTUB FT VOB NVFTUSB DMBSB EF RVF MB QFSDFQDJÓO EF PSHBOJ[B DJPOFT JOUFSOBDJPOBMFT IB DBNCJB EP Z RVF IBZ NBZPS DPOà BO[B FO OVFTUSPT EFTUJOPT FO MPT PQFSB
EPSFT Z EFNÃT BDUPSFT JOWPMVDSB EPT DPO MB SFBMJ[BDJÓO EF HSBOEFT FODVFOUSPTu " QSPQÓTJUP EF MB FTUSBUFHJB QBSB JODSFNFOUBS MB FKFDVDJÓO EF FWFO UPT Z DPOWFODJPOFT FO FM QBÎT .BS UÎOF[ BTFHVSB RVF FO FM (P CJFSOP /BDJPOBM DSFÓ MB HFSFODJB FTQFDJBMJ[BEB FO 5VSJTNP $PSQP SBUJWP EF 1SPFYQPSU DPO FM à O EF RVF QBSUJDJQBSB FO GFSJBT FTQFDJB MJ[BEBT EFM TFDUPS Z WJBKFT EF JOT QFDDJÓO TF FODBSHBSB EF MB NB DSPSSVFEB EFM TFHNFOUP Z BQPZBSB MB DBQUBDJÓO EF FODVFOUSPT JOUFS OBDJPOBMFT i4JO FNCBSHP RVFEB NVDIP QPS IBDFS %FCFNPT USBCB KBS EF MB NBOP DPO MBT SFHJPOFT Z FM TFDUPS QSJWBEP QBSB DBQBDJUBSOPT Z NFKPSBS MB DPNQFUJUJWJEBEu
7&/5"+"4 $0.1&5*5*7"4
&
M OÞNFSP EF FWFOUPT RVF TF SFBMJ [BSPO FO $PMPNCJB EVSBOUF NVFTUSB RVF MB FTUSBUFHJB FODBNJ OBEB B BQSPWFDIBS FM QPUFODJBM EFM QBÓT FO FM TFHNFOUP EFM UVSJTNP DPSQPSBUJWP FTUÈ EBOEP GSVUPT &OUSF MPT NBZPSFT BUSBDUJWPT RVF PGSFDF FM QBÓT B RVJFOFT EFTFBO MMFWBS B DBCP FTF UJQP EF FODVFO USPT FTUÈ MB JOGSBFTUSVDUVSB MB DPOFDUJ WJEBE Z MB FTQFDJBMJ[BDJØO EF MPT PQFSB EPSFT EF DPOHSFTPT -B WJDFQSFTJEFOUF EF 5VSJTNP EF 1SPFYQPSU /VCJB 4UFMMB .BSUÓOF[ SFJUFSB RVF iFTUBS B UBO TPMP VOB QPTJDJØO EF $IJMF RVJFO FT VO GVFSUF DPNQFUJEPS FO -BUJOPBNÏSJDB EFNVFT USB RVF OVFTUSB BDDJPOFT FODBNJOBEBT B MB QSPNPDJØO EF FTUF TFHNFOUP FTUÈO EBOEP SFTVMUBEPTw
$003%*/"$*¶/ &%*503*"-
+BOFUI "DFWFEP /FJSB KBDFWFEP!MBSFQVCMJDB DPN DP 3&%"$$*¶/
.BSÎB 1BPMB .BSUÎOF[ /BUBMJB .PSBMFT )FSSFSB %BOJFM &TQBÒB 'SBODZ $IBHVFOEP 5FSFTJUB $FMJT $BSMPT .BODFSB Z -JMJBOB 7ÊMF[
%*4&µ0
'SFEEZ -FÓO
'0504
$PMQSFOTB $PSUFTÎB #MPPNCFSH "SDIJWP -" 3&16#-*$" 4UPDLYDIH $PONVUBEPS
-ÎOFB EF TFSWJDJP BM DMJFOUF FO #PHPUÃ -ÎOFB HSBUVJUB
XXX MBSFQVCMJDB DPN DP
$BMMF % #JT /P 0à DJOB $FOUSP 'BYFT EF TFSWJDJPT 0à DJOB 1SJODJQBM 0à DJOB $FOUSP 3FEBDDJÓO 1VCMJDJEBE 4VTDSJQDJPOFT
16&450 26&
0$61" $0-0.#*" &/ &- 3"/,*/( */5&3/"$*0/"- &/ &- 4&(.&/50 %& 563*4.0 %& $0/7&/$*0/&4
."3:0 %&
#
$
.":0 %&
(Q OD SODQHDFLyQ HVWi
OD FODYH 3&$0.&/%"$*0/&4
t " MB IPSB EF FTDPHFS FM EFTUJOP QBSB TV FWFO UP FT QSFDJTP RVF ÏTUF PGSF[DB MB JOGSBFTUSVDUVSB EF DPOWFODJPOFT BMPKB NJFOUP Z USBOTQPSUF 4J TF SFBMJ[B GVFSB EF MB DJVEBE MPT DPTUPT TFSÈO NBZPSFT Z SFRVFSJSÈ EF VOB MPHÓT UJDB FTQFDJBM 5BNCJÏO TF EFCF WFSJm DBS RVF MB DJVEBE CSJOEF MPT TFSWJDJPT Z GBDJMJEBEFT QBSB QSPHSB NBS VOB BHFOEB BMUFSOB EF FTQBSDJNJFOUP "EFMB 3PESÓHVF[ FKFDVUJWB EF WFOUBT EF 7JBKFT (BMFØO
t /P PMWJEF RVF FM MVHBS EFCF FTUBS FTUSBUÏHJDBNFOUF VCJDBEP Z FRVJEJTUBOUF EFM IPUFM Z EFM BFSPQVFSUP QBSB FWJUBS MBSHPT USBZFDUPT %FM NJTNP NPEP FT DPOWFOJFO UF RVF FM TJUJP EFM FODVFOUSP DVFOUF DPO MB DBQBDJEBE OFDFTBSJB EF QBSRVFBEFSPT Z MBT GBDJMJEBEFT QBSB RVF MBT QFSTPOBT RVF OP BDVEFO FO DBSSP QBSUJDVMBS UPNFO VO UBYJ DPO TFHVSJEBE 7JDFQSFTJEFODJB EF 7JBKFT $PSQPSBUJWPT EF "WJBUVS t 1SPDVSF DPOUSBUBS MB MPHÓTUJDB Z PSHBOJ[BDJØO DPO VO TPMP PQFSBEPS ZB RVF MPT BDVFSEPT QBSUJDVMBSFT HFOFSBO NBZPSFT DPTUPT JODSFNFOUBO FM UJFNQP Z EFTHBTUF EF MB OFHPDJBDJØO Z BVNFOUBO MPT SJFTHPT EF JODVNQMJNJFOUP i-P JEFB EF UPEPT BMJNFOUB BMUFSOBw 7JDFQSFTJEFODJB EF 7JBKFT $PSQPSBUJWPT EF "WJBUVS
t )ÈHBMF TBCFS BM PSHB OJ[BEPS DVÈMFT TPO TVT OFDFTJEBEFT QSPQØTJUP EFM FWFOUP Z QSFTVQVFTUP i-B DMBWF EF VO FODVFOUSP FTUÈ FO MB TFMFDDJØO EFM QBSB BTÓ EJTQPOFS EF DBEB VOP EF MPT FMFNFOUPT RVF TF SFRVJFSFO &TUBT SFVOJP OFT TPO USBTDFOEFOUBMFT QBSB MPT DMJFOUFT QPS MP RVF TF EFCFO QMBOFBS DPO BOUFSJPSJEBE QBSB RVF FY DFEBO MBT FYQFDUBUJWBTw .BSÓB &MFOB $BNQP EJSFDUPSB EF $POHSFTPT Z $POWFODJPOFT EF 1BOBNFSJDBOB EF 7JBKFT
3 (
BSB USBOTNJUJS VO NFOTBKF EFUFSNJOBEP EF GPSNB Fà DB[ Z MP NÃT QFSTPOBM QPTJCMF MBT FNQSFTBT SFDVSSFO B MPT FWFOUPT &M QSJNFS QBTP FT EFà OJS TJ MP WB B PSHBOJ[BS EJSFDUBNFOUF VO DPNJUÊ JOUFS OP EF QMBOJà DBDJÓO P TJ TF DPOUSBUB VOB à SNB FYUFSOB VO 0SHBOJ[BEPS 1SPGFTJPOBM EF $POHSFTPT 01$ P BHFODJB EF WJBKFT FTQFDJBMJ[BEB FO HFTUJPOBS MB MPHÎTUJDB "DUVBMNFOUF FM NFSDBEP PGSFDF WBSJFEBE EF FNQSF TBT FYQFSUBT FO FM UFNB Z TPO MB BMUFSOBUJWB NÃT GÃDJM QBSB RVF VO FODVFOUSP DPOWFODJÓO P TFNJOBSJP TBMHB B MB QFSGFDDJÓO -B WFOUBKB TFHÙO (JOB .BSÎB (BNCB EJSFDUPSB $PNFSDJBM EF (UFBN FT RVF MB FNQSFTB BEF NÃT EF BIPSSBS DPTUPT BIPSSB UJFNQP ZB RVF TF EFMF HB FM USBCBKP B VOB TPMB QFSTPOB Z iTF UJFOF MB TFHVSJ EBE EF RVF IBZ BMHVJFO FODBSHÃOEPTF EFM FWFOUP QPS MP RVF OP FT OFDFTBSJP FOUFOEFSTF DPO NÃT EF Ó QSPWFFEPSFT EJGFSFOUFTu -B DPNQBÒÎB EFCF UFOFS DMBSP FM UJQP EF FWFOUP B SFB MJ[BS /P FT MP NJTNP QMBOFBS VO TFNJOBSJP EF VO EÎB EF EVSBDJÓO VO BMNVFS[P QBSB FKFDVUJWPT P DMJFOUFT P VO DPOHSFTP FO PUSB DJVEBE 1PS FMMP TJ TF USBUB EF FO DVFOUSPT EF HSBO NBHOJUVE TF SFDPNJFOEB QMBOJà DBSMP DPO NÎOJNP TFJT NFTFT EF BOUJDJQBDJÓO 0USP BTQFDUP RVF IBZ RVF UFOFS FO DVFOUB FT MB DBOUJ EBE EF QFSTPOBT RVF WBO B BTJTUJS MB EVSBDJÓO Z FM QSF TVQVFTUP BQSPYJNBEP 1PTUFSJPSNFOUF MB DPNQBÒÎB PS HBOJ[BEPSB FWBMÙB MBT EJGFSFOUFT QPTJCJMJEBEFT Z PGSFDF BM NFOPT EPT BMUFSOBUJWBT EF QPTJCMFT MVHBSFT -B UFOEFODJB EFM NFSDBEP FT RVF EJDIBT à SNBT PGSF DFO QBRVFUFT JOUFHSBMFT EF TFSWJDJPT RVF JODMVZFO UPEP MP RVF TF SFà FSF B USBOTQPSUF BÊSFP BMPKBNJFOUP IPT QFEBKF Z BMJNFOUBDJÓO QBSB MPT BTJTUFOUFT FO DBTP EF TFS OFDFTBSJP DPGGFF CSFBLT NBUFSJBM EJEÃDUJDP QBSB MPT BTJTUFOUFT BZVEBT BVEJPWJTVBMFT Z UFDOPMÓHJDBT RVF TF SFRVJFSBO Z FO HFOFSBM UPEP MP RVF MMFWF B RVF MB BD UJWJEBE TFB UPEP VO ÊYJUP $PO SFTQFDUP BM DPTUP EFM FWFOUP QVFEF WBSJBS EFT EF NJMMPOFT EF QFTPT TJ TF USBUB QPS FKFNQMP EF EF TBZVOPT DPO DMJFOUFT P FKFDVUJWPT P CJFO VO QFRVFÒP UBMMFS &O FM DBTP EF DPOHSFTPT P TFNJOBSJPT TJ BTJTUFO QFSTPOBT FM DPTUP FT BQSPYJNBEBNFOUF EF NJMMPOFT EF QFTPT
.*--0/&4 %& 1&404 $0450
"1309*."%0 %& 6/" $0/7&/$*¶/ 1"3" 1&340/"4 &/ $"35"(&/"
6HQWLUVH \ YHUVH ELHQ
' (
FDJEJS RVÊ QPOFSTF P DÓNP MVDJS QBSB VOB PDBTJÓO FT QFDJBM OP TJFNQSF FT GÃDJM 1FSP TJ TF USBUB EF VO FWFO UP FNQSFTBSJBM BM DVBM VTUFE GVF JO WJUBEP P CJFO TV FNQSFTB FT MB RVF MP PSHBOJ[Ó EFCF UFOFS QSFTFOUF WB SJPT GBDUPSFT QBSB RVF EFKF MB NFKPS JNQSFTJÓO -P QSJNFSP FT FM QFSà M EF RVJFO IBDF MB JOWJUBDJÓO i4J FT UPZ JOWJUBEB QPS VOB NFTB EF EJOF SP BTFTPSFT EF TFHVSPT P VO CBO DP ZP TÊ DÓNP TF BSSFHMBO MBT QFS TPOBT RVF USBCBKBO FO FTF NFEJP QPS MP RVF EFCP DPOTFSWBS FTB NJT NB MÎOFBu TFÒBMB MB FYQFSUB FO QSP UPDPMP %JBOB /FJSB " MB IPSB EF FMFHJS MPT BUVFOEPT OP PMWJEF MVDJS BDPSEF DPO TV FEBE Z MBT DJSDVOTUBODJBT EFM FODVFOUSP QVFT
O S D D Q D S E S N $ T F F T C U E
13&$"6$*0/&4
1
BSB FWJUBS MMFWBSTF TPSQSFTBT QPSRVF RVJ[È OP FTUÈ BDPSEF DPO FM SFTUP EF MPT BTJT UFOUFT OP EFKF EF MBEP FTUBT SFDPNFOEB DJPOFT t 4J FM FWFOUP FT FO UJFSSB DBMJFOUF OP TJHOJm DB RVF EFCB NPTUSBS &WÓUFMP BM NÈYJNP t 1BSB MBT NVKFSFT FT SFDPNFOEBCMF OP VTBS OBEB BKVTUBEP BM DVFSQP 6UJMJDF NBUFSJBMFT Z UFMBT TVBWFT Z DPO FTUSVDUVSB 6TF m CSBT RVF DBJHBO TPCSF FM DVFSQP TJO BQSFUBSMP Z TJO QSFUJ OBT NBSDBEBT t %FKF FM KFBO FO FM DMØTFU BM JHVBM RVF MPT QBO UBMPOFT DBQSJ TBOEBMJBT EF UBDØO P CFSNVEBT t /VODB VTF DBNJTFUBT t 6UJMJDF MPT [BQBUPT BEFDVBEPT &O DMJNB GSÓP EFCFO TFS PTDVSPT Z DPO NFEJB HSVFTB &O UFNQFSBUVSBT NÈT BMUBT MP JNQPSUBOUF FT VTBS [BQBUPT MJWJBOPT
."3:0 %&
%
&
%&
'H WXULVPR GH QHJRFLRV HQ
%RJRWi '
FOUSP EF MB FTUSBUF HJB FOGPDBEB B BV NFOUBS MB DPNQF UJUJWJEBE EF #PHP UÃ FM EFTBSSPMMP EF JOGSBFT USVDUVSB QBSB MB SFBMJ[BDJÓO EF OFHPDJPT UJFOF UPEBT MBT BQVFTUBT B GBWPS -B $BMMF Z MBT [POBT DFSDBOBT TF SÃO MPT FQJDFOUSPT FO FTUF TFHNFOUP 6OB EF MBT QSJODJQBMFT NP EJà DBDJPOFT UFOESÃ MVHBS DFS DB BM SFDJOUP GFSJBM $PSGFSJBT EPOEF TF QSFWÊ VOB JOWFSTJÓO TVQFSJPS B MPT NJM NJMMP OFT EF QFTPT EVSBOUF MPT QSÓYJNPT USFT BÒPT UJFNQP FO FM RVF TF FTQFSB NPEJ à DBS FM DPTUBEP PDDJEFOUBM BM VCJDBS VO QBCFMMÓO EF FY IJCJDJÓO 4FHÙO FM EJSFDUPS 5ÊDOJDP EFM SFDJOUP GFSJBM .BSUÎO $B NBSHP FM FTDFOBSJP EF NJM NFUSPT DVBESBEPT iOP TÓMP TF QPESÃ BEBQUBS QBSB GFSJBT TJOP RVF UBNCJÊO TFS WJSÃ QBSB MB SFBMJ[BDJÓO EF FWFOUPT DVMUVSBMFT ZB RVF UJFOF DBQBDJEBE QBSB NJM QFSTPOBT EF QJFu &O UBOUP TF UJFOF QSFWJT UB MB DPOTUSVDDJÓO EF VO DFO USP EF DPOWFODJPOFT NFUSP QPMJUBOP FM DVBM FTUBSÎB VCJ DBEP FO MPUFT BMFEBÒPT B $PSGFSJBT $PUFMDP #PHPUÃ DPOTJEFSB RVF MPT QSPZFDUPT FTUÃO FO MÎ OFB DPO MBT OFDFTJEBEFT EF MB DJVEBE i&T OFDFTBSJP BD UVBMJ[BS Z BNQMJBS MPT SFDJO UPT EF OFHPDJPT BTÎ DPNP MB DPOTUSVDDJÓO EF VO HSBO SFDJOUP QBSB FKFDVUJWPT Z VO DFOUSP EF DPODJFSUPTu &M EJSFDUPS FKFDVUJWP EF *O WFTU JO #PHPUÃ 7JSHJMJP #BSDP EFTUBDB RVF iTF IB WFOJEP USB CBKBOEP EF NBOFSB BDUJWB FO FM UFNB EF IPUFMFT QVFT UVWJ NPT VO SF[BHP GVFSUF QPS GBM UB EF DPOTUSVDDJÓO EF IBCJUB DJPOFT EVSBOUF NVDIP UJFN QP &O FTUF NPNFOUP BWBO [BNPT DPO FM .BSSJPUU EF MB Z MB 5BNCJÊO QPEFNPT WFS QSPZFDUPT EFM HSVQP IPUF MFSP FTQBÒPM 3POTFDB FM "D DPSE Z VOB TFSJF EF QFRVFÒBT PCSBT RVF BVNFOUBO FM BUSBD UJWP EF MB DJVEBEu 4F BDFSDBO OVFWPT FTDF OBSJPT DPNFSDJBMFT TPCSF MB
-" $$# &/53&(" 50%0 &- 401035&
&
O FM NBSDP EF MB $PNJTJØO 3FHJPOBM EF $PNQFUJUJWJE $ÈNBSB EF $PNFSDJP EF #PHPUÈ $$# FO BTPDJP D *OTUJUVUP %JTUSJUBM EF 5VSJTNP Z FM #VSØ EF $POWFODJP BEFMBOUB QSPZFDUPT QBSB GPSUBMFDFS BM TFDUPS UVSÓTUJDP EF # Z $VOEJOBNBSDB 6OP EF MPT NÈT SFMFWBOUFT FT FM QPSUBM P EF UVSJTNP FO FM DVBM TF CVTDB DPOTPMJEBS VO FTQBDJP EFE B MBT JOJDJBUJWBT EF NFSDBEFP Z DPNFSDJBMJ[BDJØO EF MB PGF UVSÓTUJDB EF MB DJVEBE BCJFSUB QBSB JOUFSFTBEPT FO FM QBÓT EF ÏM -P JOUFSFTBOUF EF FTUF QPSUBM FT RVF BEFNÈT EF QSF FM QPSUBGPMJP EF UVSJTNP TFSÈ QVOUP EF FODVFOUSP FOUSF MP WFFEPSFT EF TFSWJDJPT Z TVT PGFSUBT MP RVF BQVOUB B GPNF BMUFSOBUJWBT EF OFHPDJP PGFSUB FYJTUFOUF Z NPTUSB SÃO VOB GBDFUB NÃT FKFDVUJ WB Z DPNFSDJBM EF MB DBQJUBM RVF CVTDB BNQMJBS TV QBQFM DPNP DFOUSP EF MB PGFSUB EF UVSJTNP DPSQPSBUJWP FO "NÊ SJDB -BUJOB
4&37*$*04 %FTQVÊT EF $PSGFSJBT RVF FT FM UFSDFS DFOUSP GFSJBM NÃT HSBOEF FO "NÊSJDB -BUJOB Z FM EF NBZPS DBQBDJEBE FO FM QBÎT FTUÃ FM $FOUSP EF $PO WFODJPOFT (PO[BMP +JNÊOF[ EF 2VFTBEB &TUF MVHBS DVFOUB DPO VO BVEJUPSJP QBSB QFSTP OBT &O GFSJBT FM DVQP BTDJFO EF IBTUB MBT QFSTPOBT -B JOWFSTJÓO FO DBTP EF SFRVF SJS DVBMRVJFSB EF FTUPT TFSWJ
DJPT FT EF DFSDB EF NJ MMPOFT EF QFTPT NPOUP RVF JODMVZF FRVJQPT TFSWJDJPT HFOFSBMFT EF MPDBDJÓO BQP ZP FO MB PSHBOJ[BDJÓO FOUSF PUSPT %F NBOFSB BEJDJPOBM TF QVFEF DPOUSBUBS FM EJTFÒP EF TUBOET JOWJUBDJPOFT Z SFRVF SJNJFOUPT FTQFDJBMFT %F JHVBM NBOFSB IBZ TFSWJ DJP EF BMJNFOUPT Z CFCJEBT USBOTQPSUF Z IPTQFEBKF QPS NFEJP EF DPOWFOJPT DPO FM )PUFM 5FRVFOEBNB -B à SNB FT PQFSBEPSB JO UFHSBM QPS MP RVF QVFEF PS HBOJ[BS FWFOUPT EFOUSP Z GVF SB EFM QBÎT FO FTDFOBSJPT EJ GFSFOUFT BM QSPQJP &O MP RVF WB DPSSJEP EFM BÒP TF IBO SFBMJ[BEP NÃT EF FODVFOUSPT FO MBT JOTUB MBDJPOFT EFM $FOUSP
3&45"63"/5&4 #"3&4 :
$"/$)"4 %& (0-' 3&$0/0$*%"4 103 -" 1(" "53"$5*704 %& -" $*6%"%
)PUFMFT DPNP FM 4IFSBUUPO JODMVZFO EFTBZVOP UJQP CV GGFU USBTMBEPT IPUFM m BFSP QVFSUP m IPUFM TBMPOFT QBSB FWFOUPT EPUBEPT DPO FRVJ QPT QBSB UPEP UJQP EF DPO GFSFODJBT P DFSUÃNFOFT FKF DVUJWPT TFSWJDJP EF *OUFSOFU IBCJUBDJPOFT UJQP TVJUF TQB QJTDJOB SFTUBVSBOUFT FOUSF PUSPT &M DVQP NÃYJNP FT EF NJM QFSTPOBT FO MPT TFNJOB SJPT P FODVFOUSPT Z BVORVF FM QSFDJP EFQFOEF EF MBT FT QFDJà DBDJPOFT 1BSB FODVFOUSPT DPO BTJTUFOUFT FTUÃ FM )PUFM &T UFMBS 4VJUF +POFT RVF PGSF DF TBMBT DPO BZVEBT BVEJP WJTVBMFT DPOFDUJWJEBE POMJ OF UFSSFTUSF F JOBMÃNCSJDB BMJNFOUBDJÓO USBOTQPSUF Z IPTQFEBKF -BT UBSJGBT TF OFHPDJBO QBDUBOEP UJFNQPT Z TFSWJDJPT NJFOUSBT RVF MPT DVBSUPT TF UBSJGBO FOUSF Z MPT NJM QFTPT -B EJSFDUPSB FKFDVUJWB EFM DBQÎUVMP EF $PUFMDP #PHPUÃ .BSÎB 1BUSJDJB (V[NÃO Bà S NB RVF i#PHPUÃ FT VO EFTUJ OP EF OFHPDJPT Z MB IPUFMFSÎB FO MB DJVEBE FTUÃ QSFQBSBEB QBSB PGSFDFS TFSWJDJPT RVF MPT
FKFDVUJWPT Z MBT FNQSFTBT EF NBOEBO )BZ VOB PGFSUB BN QMJB Z EF CVFO OJWFMu 0USB PQDJÓO WFSTÃUJM FT MB EFM )PUFM 5FRVFOEBNB RVF EJTQPOF EF TBMPOFT EF FWFO UPT DPO DVQPT á FYJCMFT RVF PTDJMBO FOUSF Z QFS TPOBT Z DVZPT DPTUPT TF DP UJ[BO TFHÙO MPT TFSWJDJPT TP MJDJUBEPT FOUSF MPT RVF FTUÃ FM USBOTQPSUF QBSB MPT JOWJUB EPT BMJNFOUBDJÓO RVF FO DBTP EF JODMVJSTF EFOUSP EFM QBRVFUF BOVMB FM DPTUP RVF QVFEB HFOFSBS FM TBMÓO BEF NÃT EF IFSSBNJFOUBT UFDOP MÓHJDBT Z SFRVFSJNJFOUPT FT QFDÎàDPT
$&/5304
: "6%*503*04 : 4*--"4 %±" 26& &26*7"-&/ " 103 $*&/50 %&- 505"- %& -" 0'&35" /"$*0/"- 5*&/& -" $*6%"%
."3:0 %&
9DOOH
D OD FD]D GH HYHQWRV LQWHUQDFLRQDOHV
/
B DPOTUSVDDJÓO EFM $FOUSP EF &WFOUPT 7BMMF EFM 1BDÎà DP FO $BMJ MMFWÓ B RVF MPT HSFNJPT TF VOJFSBO QBSB USB CBKBS QPS MB QSPNPDJÓO EF MB DBQJUBM WBMMFDBVDBOB DPNP VO TJUJP JEFBM QBSB FM UVSJT NP EF OFHPDJPT )PZ MB DJVEBE USBCBKB CBKP EPT MÎOFBT CÃTJDBT FO TV QSP DFTP EF BUSBFS NÃT WJTJUBO UFT QPS VO MBEP DPO MB JO UFSOBDJPOBMJ[BDJÓO EFM QSP EVDUP EF DPOWFODJPOFT 4F HÙO "OB 5FSFTB 4FHVSB HF SFOUF DPNFSDJBM EFM $FOUSP EF &WFOUPT TF USBUB EF VO USBCBKP RVF TF IBDF EF MB NBOP DPO 1SPFYQPSU &O EJGFSFOUFT QBÎTFT TF IB QPTUVMBEP OP TÓMP BM QBÎT TJOP B $BMJ DPNP VOB EF MBT DJVEBEFT B UFOFS FO DVFO UB i1BSB FMMP QBSUJDJQBNPT FO GFSJBT NJTJPOFT SVFEBT EF OFHPDJP Z IBDFNPT BDUJ WJEBEFT RVF JNQMJDBO BDUJ WBDJÓO EF NBSDB QBÎT Z EF MB DJVEBEu EJKP 1PS PUSB QBSUF MB SFHJÓO TF EJTQVUB DPO PUSBT DJVEBEFT
FM NFSDBEP DPSQPSBUJWP 6OB EF MBT FTUSBUFHJBT BEPQUBEBT UJFOF RVF WFS DPO MB CÙTRVF EB EF MÎEFSFT FNQSFTBSJBMFT Z HSFNJBMFT EF MB SFHJÓO -B JEFB FT TFOTJCJMJ[BS B FTUBT QFSTPOBT TPCSF FM 7BMMF EFM $BVDB FM QPUFODJBM RVF UJF OF FM EFQBSUBNFOUP Z MBT GPS UBMF[BT QBSB FM EFTBSSPMMP EF FWFOUPT $PO FMMP TF QSFUFOEF RVF MB DJVEBE TFB QPTUVMBEB QBSB MPT DPOHSFTPT RVF MBT BTP DJBDJPOFT EF PSEFO OBDJPOBM UFOHBO FO TV BHFOEB %F JHVBM GPSNB /VCJB (BP OB QSFTJEFOUF EF $PUFMWBMMF Bà SNB RVF FM TFDUPS UVSÎTUJ DP Z IPUFMFSP FTUÃ USBCBKBO EP EF MB NBOP DPO FM $FOUSP EF &WFOUPT QBSB QSPNPWFS MB SFHJÓO &T BTÎ DPNP VO HSVQP EF PQFSBEPSFT DPOGPSNBEP QPS DJODP DPNQBÒÎBT EF UV SJTNP EFTBSSPMMBO VOB BHFO EB DPO FM PCKFUJWP EF NPTUSBS MBT GPSUBMF[BT i&TUBNPT WJTJ UBOEP MBT QSJODJQBMFT DJVEB EFT DPNP #BSSBORVJMMB $BS UBHFOB .FEFMMÎO Z #PHPUÃ EBOEP B DPOPDFS MPT QBRVF
"(&/%" &/ .07*.*&/50
-
B HFSFODJB EFM $FOUSP EF &WFOUPT 7BMMF EFM 1BDÓm DP QVTP FO NBSDIB VO QSPZFDUP QBSB SFBMJ[BS TVT QSP QJPT FODVFOUSPT &O FTUF QSPQØTJUP QBSB FM TFHVOEP TFNFTUSF ZB DVFOUBO DPO VOB BHFOEB DPOGPSNBEB QPS &YQPDPUFMDP RVF FT MB FYQPTJDJØO NÈT HSBOEF EFM QBÓT TPCSF UFDOPMPHÓB JOTVNPT MFODFSÓB FRVJQPT QBSB FM TFDUPS IPUFMFSP Z FO HFOFSBM MB JOEVTUSJB EF MB IPTQJUBMJEBE %F JHVBM GPSNB TF EFTBSSPMMBSÈO 5FDOPGSÓP &YQPNFUBMÞSHJDB *OUFSBDUJWJB &DPQBDÓm DP GFSJB BNCJFOUBM 5FDOPTFHVSJEBE $JUZ 'FSJB FOUSF PUSPT
'
UFT UVSÎTUJDPT &T VOB MBCPS GVFSUF QBSB QSPNPDJPOBS MPT EJGFSFOUFT QSPEVDUPT DPNP UVSJTNP SFMJHJPTP Z EF BWFO UVSBu EJDF 1BSB FM TFHVOEP TFNFTUSF EFM BÒP MBT QSPZFDDJPOFT FO NBUFSJB TPO NFKPSFT QVFT B MB GFDIB IBZ VO CVFO DBMFOEB SJP EF SFVOJPOFT SFTFSWBEBT Z TF FTQFSB MPHSBS WJTJUBOUFT EVSBOUF &M BÒP QBTBEP WJTJUBSPO MB DBQJUBM WBMMFDBVDBOB DFSDB EF FYUSBOKFSPT VOB DJGSB NFOPS B MB SFHJTUSBEB FO &M TFDUPS IPUFMFSP EFM 7B MMF QPTFF VOB PGFSUB EF DPO WFODJPOFT QBSB EJGFSFOUFT UJ QPT EF FODVFOUSPT RVF CSJO EBO PUSBT QPTJCJMJEBEFT B FN QSFTBSJPT Z HSFNJPT JOUFSFTB EPT FO EFTBSSPMMBS FO MB DJV EBE BMHVOB BDUJWJEBE BDBEÊ NJDB P MÙEJDB &T FM DBTP EF MPT IPUFMFT *OUFSDPOUJOFOUBM Z %BOO RVF DVFOUBO DPO TBMPOFT QBSB HSVQPT QFRVFÒPT P QBSB SF VOJPOFT EF NÃT EF QFS TPOBT "TÎ NJTNP FM )PUFM 4IFSBUPO BNQMJÓ TV PGFSUB EF TBMPOFT FO TV OVFWB UPSSF &TUÃ FO NBSDIB FM QSPZFDUP 7JEB $FOUSP 1SPGFTJPOBM VO DPNQMFKP EFTUJOBEP B CSJOEBS TFSWJDJPT EF TBMVE RVF DPOUB SÃ DPO NÃT EF DPOTVMUP SJPT DFOUSP RVJSÙSHJDP DMVC NÊEJDP [POB DPNFSDJBM Z VO DFOUSP EF DPOWFODJPOFT
$6104 1"3"
&45"$*0/".*&/50 %& 7&)±$6-04 "- "*3& -*#3& 5*&/& &- $&/530 %& &7&/504 7"--& %&- 1"$±'*$0 &/ $"-*
(
%&
7
SJÃOHVMP EFM $BGÊ FT MB NBSDB DPO MB DVBM $BMEBT 2VJOEÎP Z 3JTBSBM EB FTUÃO EBOEP B DPOPDFS FM EFT UJOP FO FM ÃNCJUP JOUFSOBDJPOBM NF EJBOUF MB QSPNPDJÓO FO MPT QPSUBGPMJPT EF NBZPSJTUBT Z PQFSBEPSFT GPSÃOFPT -B FTUSBUFHJB TF EJTFÒÓ OP TÓMP QBSB QSP NPWFS MB SFDSFBDJÓO TJOP UBNCJÊO FTUÃ EJ SFDDJPOBEB BM NFSDBEP EF MBT SFVOJPOFT Z FWFOUPT FT EFDJS UVSJTNP DPSQPSBUJWP EF DPOWFODJPOFT P EF OFHPDJPT -B NFUB OP FT IBDFSMF DPNQFUFODJB B NFSDBEPT DPOTPMJEBEPT DPNP $BSUBHFOB #PHPUÃ P .FEFMMÎO DPO MPT HSBOEFT FWFO UPT TJOP UFOFS VOB DPODFOUSBDJÓO FTQFDÎ à DB FO VO OJDIP EJSJHJEP B QFRVFÒPT Z NF EJBOPT DFSUÃNFOFT P SFVOJPOFT RVF SFT QPOEBO B MB BDUVBM DBQBDJEBE IPUFMFSB DB NBT Z B MPT OJWFMFT EF DPOFDUJWJEBE BÊ SFB RVF TFHÙO FM EJSFDUPS EF 1SPFYQPSU &KF $BGFUFSP &EVBSEP 4ÃODIF[ FT VOB EF MBT EJà DVM UBEFT QBSB SFBMJ[BS FODVFOUSPT EF HSBO NBHOJUVE &M &KF $BGFUFSP TF RVJFSF Bà BO[BS FO DFS UÃNFOFT QBSB UPEPT MPT QÙCMJDPT &TUP JO DMVZF BRVFMMPT EF FOUSF B QFSTP OBT RVF EFOPNJOBO EF BMUB HBNB Z RVF CVTDBO IPUFMFT EF DVBUSP Z DJODP FTUSFMMBT VSCBOPT Z SVSBMFT Z MPT RVF WBO EF B VO NÃYJNP EF QFSTPOBT 4JO FNCBS HP TFHÙO EBUPT EF MBT EJSFDUJWBT EF MPT SF DJOUPT EF DPOWFODJPOFT Z IPUFMFT MB SFHJÓO QVFEF MMFHBS B UFOFS BDUVBMNFOUF VOB DB QBDJEBE TVNBOEP UPEB MB PGFSUB EF IBT UB TJMMBT %FTEF IBDF DJODP BÒPT FM &KF $BGFUFSP TF IB WFOJEP QSFQBSBOEP Z WJFOF BCPOBO EP UFSSFOP QBSB FTF NFSDBEP DPO JOWFS TJPOFT FO FM NFKPSBNJFOUP GÎTJDP Z UFDOP MÓHJDP EF BVEJUPSJPT Z FTQBDJPT FYJTUFOUFT QBSB UBM à O Z MB DPOTUSVDDJÓO EF OVFWBT JO GSBFTUSVDUVSBT "DUVBMNFOUF FO NBUFSJB EF SFDJOUPT EF DPOWFODJPOFT Z GFSJBMFT MB SFHJÓO DVFOUB DPO VOB WBSJBEB HBNB EF FTUSVDUVSBT Z FO USF MBT NÃT EFTUBDBEBT FTUÃO &YQPGVUV SP FM $FOUSP $VMUVSBM -VDZ 5FKBEB FM $FO USP $VMUVSBM Z EF $POWFODJPOFT 5FBUSP -PT 'VOEBEPSFT FM 3FDJOUP EFM 1FOTBNJFOUP $FOFYQP Z FM $FOUSP $VMUVSBM .FUSPQPMJUB OP MPDBMJ[BEP FO "SNFOJB DVZB DPOTUSVD DJÓO FTUÃ FO TV GBTF à OBM &TUB FTUSVDUV SB RVF FOUSBSÃ FO PQFSBDJÓO FO FM TFHVO EP TFNFTUSF EF FT MB NÃT HSBOEF RVF TF DPOTUSVZF FO FM NPNFOUP FO MB SF HJÓO QBSB FTUF UJQP EF NFSDBEPT
.&5304 $6"%3"%04 5*&/& &- 1"#&--¶/ %& &910'65630 "$56"-.&/5& */7*&35&/ .*--0/&4 %& 1&404 &/ -" "%&$6"$*¶/ %& &45& &41"$*0
(MH &DIHWHUR
,QIUDHVWUXFWXUD KRWHOHUD \ GH UHFLQWRV -B PQPSUVOJEBE EF IB DFS OFHPDJPT FO FM TFH NFOUP EF FWFOUPT Z DPO WFODJPOFT RVF UJFOF FM &KF $BGFUFSP BQSPWFDIBOEP VOB JOGSBFTUSVDUVSB UVSÎT UJDB RVF IPZ DPOTPMJEB B FTUF EFTUJOP DPNP FM TF HVOEP NÃT WJTJUBEP EFM QBÎT TJHVF NPWJFOEP MBT JOWFSTJPOFT &T FM DBTP EF &YQPGVUV SP EF 1FSFJSB %JBOF 5PVMF NPOEF HFSFOUF EF MB FO UJEBE EF QSPQJFEBE EF MB $ÃNBSB EF $PNFSDJP EF 1FSFJSB TFÒBMB RVF TF FT UÃO JOWJSUJFOEP NJMMP OFT EF QFTPT FO MB BEF DVBDJÓO EFM QBCFMMÓO EF NFUSPT DVBESBEPT DPNP VO DFOUSP EF DPO WFODJPOFT MP RVF MFT QFS NJUJSÃ SFBMJ[BS B QBSUJS EF
."3:0 %&
OLVWR SDUD FRQYHQFLRQHV PHGLDQDV \ SHTXHxDV
.&3$"%0 1"3" 7*"+&4 %& */$&/5*704
.
VZ MJHBEP BM UFNB EF UVSJTNP EF OFHPDJPT P DPSQPSBUJWP FTUÈ FM NFSDBEP EF WJBKFT EF JODFOUJWPT RVF OP FT PUSB DPTB EJTUJOUB B MPT QSFNJPT RVF EBO MBT FNQSFTBT Z PSHBOJ[BDJPOFT B TVT FNQMFBEPT QPS DVNQMJNJFOUP EF NF UBT FO WFOUBT P FO DVBMRVJFS PUSP BTQFDUP i4PO WJBKFT RVF FOUSFHBO DPNP JODFO UJWP MBT m SNBT B MPT USBCBKBEPSFT RVF TF EFTUBRVFO QBSB RVF QBTFO VOPT EÓBT EF EFTDBOTP DPO TV GBNJMJB FO BMHÞO MVHBS EFM NVOEP &M &KF $BGFUFSP FO FM QSPDFTP EF QSPNPDJØO EFM EFTUJOP FO FM ÈNCJUP JOUFSOBDJPOBM MF FTUÈ BQPTUBOEP B USBFSTF QBSB MB SFHJØO FTUF UJQP EF WJBKFSPT RVF FT EF BMHVOB GPSNB VO UVSJTNP EF OFHPDJPT Z DPSQPSBUJWPw EJKP FM EJSFDUPS EF 1SPFYQPSU FO MB SFHJØO &EVBSEP 4ÈODIF[
$0/4536$$*¶/ &/ "3.&/*"
$
FOUSP $VMUVSBM .FUSPQPMJUBOP MPDBMJ[BEP FO "SNFOJB DVZB DPOTUSVDDJØO FTUÈ FO TV GBTF m OBM &TUB FTUSVDUVSB RVF FOUSBSÈ FO PQFSBDJØO FO FM TFHVOEP TFNFTUSF EF FT MB NÈT HSBOEF RVF TF DPOTUSVZF FO FM NPNFOUP FO MB SFHJØO QBSB FTUF UJQP EF NFSDBEPT %F BDVFSEP DPO MB 4FDSFUBSÓB EF *OGSBFTUSVDUVSB EF 2VJOEÓP MB JOWFSTJØO FT DFSDBOB B NJMMPOFT EF QFTPT Z UFOESÈ VOB DBQBDJEBE QBSB BMCFSHBS B QFSTPOBT FO FM DFOUSP EF DPOWFODJPOFT " FTUB PGFSUB TF TVNBO BVEJUPSJPT EF DBKBT EF DPNQFO TBDJØO Z EF IPUFMFT Z BMPKBNJFOUPT SVSBMFT DMVCFT TPDJBMFT Z IPUFMFT VSCBOPT RVF IBO JODVSTJPOBEP DPO DVBOUJPTBT JOWFSTJPOFT FO FTUF TFHNFOUP
HVWi HQ REUD BHPTUP QSÓYJNP FTQFDUÃ DVMPT DFSSBEPT HSBOEFT BTBNCMFBT Z FWFOUPT QBSB NÃT EF QFSTPOBT -B PDVQBDJÓO EF &YQPGV UVSP USBT FTUBS FO FM NFS DBEP IBDF DVBUSP BÒPT FT QPS DJFOUP BOVBM FO QSPNFEJP -PT IPUFMFT TFHÙO MB EJSFDUPSB FKFDVUJWB EF $P UFMDP 3JTBSBMEB "MFKBOESB .FKÎB NFKPSBSPO Z BNQMJB SPO MB DBQBDJEBE EF MPT TB MPOFT QBSB SFVOJPOFT i&M )PUFM EF 1FSFJSB FTUÃ FO QMFOB SFNPEFMB DJÓO JODMVZFOEP FM DFOUSP EF DPOWFODJPOFT Z IBZ VO IPUFM OVFWP RVF FTUÃ IB DJFOEP VO TBMÓO QBSB QFSTPOBTu TPTUVWP &M EJSFDUPS FKFDVUJWP EF $PUFMDP $BMEBT +VBO +PTÊ
4JMWB JOEJDB RVF FTUF EF QBSUBNFOUP MF FTUÃ BQPT UBOEP B DBQUBS FWFOUPT RVF TF NVFWBO FO VO SBOHP EF Z QFS TPOBT i-B DBQBDJEBE EF MPT TBMPOFT QPS IPUFM PTDJMB FOUSF Z QFSTPOBT QFSP FO TV DPOKVOUP .B OJ[BMFT QPS PGFSUB QVF EF SFBMJ[BS FWFOUPT QBSB NÃT EF QFSTPOBT 4ÓMP FM $FOUSP $VMUVSBM Z EF $POWFODJPOFT -PT 'VO EBEPSFT UJFOF TJ MMBTu TPTUJFOF 1BSB 4JMWB VOB WFOUBKB EF .BOJ[BMFT FT RVF MPT SFDJOUPT FTUÃO EPUBEPT EF UFDOPMPHÎB Z MB DJVEBE DVFOUB DPO VOB CVFOB JO GSBFTUSVDUVSB FO TFSWJDJPT QÙCMJDPT
)
4*--"4 0'&35" 505"-
$0/ -" 26& $6&/5"/ -04 3&$*/504 6#*$"%04 &/ -04 %&1"35".&/504 %& $"-%"4 26*/%±0 : 3*4"3"-%"
!
%&
(O SURSyVLWR FRQMXQWR GH ODV WUHV SHUODV GHO
(
M HSFNJP IPUFMFSP Z MBT BVUPSJ EBEFT EF UVSJTNP EF $BSUBHF OB 4BOUB .BSUB Z #BSSBORVJ MMB IBDFO DPOUJOVBNFOUF NBS LFUJOH UFSSJUPSJBM QBSB NPTUSBS QPS RVÊ TVT DJVEBEFT EFCFO TFS FMFHJEBT QBSB MB SFBMJ[BDJÓO EF DPOHSFTPT V PUSBT BD UJWJEBEFT FNQSFTBSJBMFT MP RVF FYQFS UPT MMBNBO UVSJTNP DPSQPSBUJWP )PZ DBEB VOB EF FTUBT DJVEBEFT PGSFDF VO BNQMJP DBUÃMPHP EF TFSWJDJPT RVF UJFOF DPNP CBTF FM GPSUBMFDJNJFOUP EF TV JOGSBFTUSVDUVSB IPUFMFSB &O $BSUBHFOB FTUF QSPDFTP FT DPO UJOVP FO 4BOUB .BSUB TF JODSFNFOUB MB PGFSUB EF BMPKBNJFOUP EF BMUP OJWFM Z FO #BSSBORVJMMB BM UJFNQP RVF TF DPOTUSVZFO IPUFMFT EF DBEFOBT GBNP TBT TF DPOTPMJEB FM QSPZFDUP EFM DFO USP EF DPOWFODJPOFT RVF BMCFSHBSÃ FO VO BVEJUPSJP QFSTPOBT &M $FOUSP EF $POWFODJPOFT EF $BS UBHFOB JDPOP EF FTUF UJQP EF UVSJTNP FO FM QBÎT IBDF QBSUF EF VO QSPDFTP EF BSUJDVMBDJÓO RVF HFTUBO EJTUJOUPT BDUPSFT EF MB DJVEBE RVF JODMVZF IP UFMFT UBYJTUBT Z TJUJPT EF SVNCB FO USF PUSPT QBSB IBDFS RVF FTB QFSTP OB RVF WJFOF B VO DPOHSFTP EJTGSVUF MB DJVEBE MP RVF SFQSFTFOUB JOHSFTPT FYUSBT QBSB MPT DBSUBHFOFSPT i/PTPUSPT UFOFNPT VOB QSPQVFTUB EF DJVEBE FO MB RVF PGSFDFNPT BEFNÃT EF VO SFDJOUP EF SFDPOPDJEB USBEJDJÓO VOB $BSUBHFOB QBSB EJTGSVUBS FTP FT MP RVF OPT QFSNJUF TFS BMUBNFOUF DPN QFUJUJWPTu Bà SNB .BSUIB 7ÊMF[ HFSFO UF DPNFSDJBM EFM $FOUSP EF $POWFODJP OFT +VMJP $FTBS 5VSCBZ "ZBMB 4FHÙO DJGSBT EF $PUFMDP "UMÃOUJDP FO #BSSBORVJMMB IBZ IPUFMFT DPO IBCJUBDJPOFT Z TPMP FTUF BÒP TF IBCJMJUBSÃO NÃT EF MBT DVBMFT IBDFO QBSUF EF IPUFMFT EF DVBUSP Z DJODP FTUSFMMBT &OUSF FMMPT MB TFHVOEB UPSSF EFM %BOO $BSMUPO EF IBCJUBDJPOFT MB QSJNFSB UJFOF 4NBSU 4VJUF EF MB DBEFOB 3PZBM DPO (SBO #PVMFWBSE EF MB DBEFOB ()- DPO "QBSUB 4VJ
UFT EFM )PUFM &M 1SBEP DPO IBCJUB DJPOFT RVF ZB FTUÃO MJTUBT Z FM &TUF MBS DPO i/P EFTFBNPT RVF MMFHVFO NÃT IP UFMFT TJOP RVF TF JOWJFSUB FO MPT RVF ZB FYJTUFO QBSB IBDFSMPT NÃT DPNQF UJUJWPT QPSRVF QVFEFO TFS EFTQMB[B EPT QPS MBT HSBOEFT DBEFOBT IPUFMF SBT RVF TF FTUÃO JOTUBMBOEPu BTFHV SB .BSCFM 3VJ[ EJSFDUPSB FKFDVUJWB EF $PUFMDP "UMÃOUJDP &M TVCTFDSFUBSJP EF 5VSJTNP EFM "U MÃOUJDP "à G 4JNÃO TPTUVWP RVF FM PCKFUJWP WFSUJDBM FT IBDFS RVF FM UV SJTUB EF OFHPDJPT TF RVFEF TJRVJF SB VO EÎB NÃT FO MB DJVEBE EFCJEP B RVF QPS DJFOUP EF MPT WJTJUBOUFT RVF MMFHBO WJFOFO B VO DPOHSFTP TF NJOBSJP P B IBDFS OFHPDJPT Z FO QSP NFEJP HBTUBO QPS EÎB FOUSF Z QFTPT &O 4BOUB .BSUB FTUF UJQP EF UVSJT UB FODVFOUSB BMPKBNJFOUP EF BMUP OJ WFM RVF JODMVZF TFSWJDJPT DPNQMFNFO UBSJPT EF USBOTQPSUF FO WBOT DPO BJSF BDPOEJDJPOBEP JOGPSNBDJÓO CJMJOHÛF NVFTUSBT GPMDMÓSJDBT Z HBTUSPOPNÎB DVZPT DPTUPT WBSÎBO EF BDVFSEP B MBT FYJHFODJBT EFM DMJFOUF &O FTB CÙTRVFEB FM TFDUPS IPUFMFSP DPOGPSNÓ MB $PSQPSBDJÓO 4BOUB .BS UB $JVEBE EF $POHSFTPT QBSB PGSFDFS B MPT WJTJUBOUFT MBT NFKPSFT BMUFSOBUJ WBT FO JOGSBFTUSVDUVSB UBSJGBT TFSWJ DJPT Z BUFODJÓO $PUFMDP .BHEBMFOB FTUÃ JOWJUBOEP B MB 6OJWFSTJEBE EFM .BHEBMFOB RVF DVFOUB DPO VO BNQMJP UFSSFOP VCJDBEP B NJ OVUPT EF MPT QSJODJQBMFT IPUFMFT QBSB RVF BMMÎ TF DPOTUSVZB VO DFOUSP EF DPO WFODJPOFT QBSB QFSTPOBT -BT USFT QFSMBT EFM $BSJCF QVCMJDJUBO TVT CPOEBEFT FO UVSJTNP DPSQPSBUJWP Z EF OFHPDJPT EF NBOFSB NVZ QBSFDJ EB FODVFOUSPT EF QSPNPDJÓO UVSÎTUJ DB EF NBOFSB EJSFDUB B MBT FNQSF TBT Z QSFTFOUBOEP QSPZFDUPT BM 'PO EP EF 1SPNPDJÓO 5VSÎTUJDB EF $PMPN CJB FO FM RVF QBSUJDJQBO UBOUP FM TFD UPS QÙCMJDP DPNP FM QSJWBEP
&DULEH
&HQWUR GH FRQYHQFLRQHV GH %DUUDQTXLOOD XQD UHDOLGDG -PT FNQSFTBSJPT MBT PSHBOJ[BDJPOFT Z UPEP BRVFM RVF TF SFMBDJPOF DPO FM UVSJTNP DPSQPSB UJWP UFOESÃ FO FM $BSJCF VOB PQDJÓO EF UBMMB JO UFSOBDJPOBM QBSB SFBMJ[BS TVT DPOWFODJPOFT DPO HSFTPT P GFSJBT 4F USBUB EFM DFOUSP EF DPOWFO DJPOFT RVF TF DPOTUSVJSÃ FO #BSSBORVJMMB FO FM TFDUPS EF -B -PNB VOB JTMB SPEFBEB QPS FM SÎP .BHEBMFOB Z TVT DBÒPT RVF SFDJCJSÃ FO VOP EF TVT BVEJUPSJPT QFSTPOBT "VORVF OP TF IB QVFTUP FM QSJNFS MBESJMMP QPDP B QPDP EJTUJOUPT BDUPSFT TF FTUÃO TVNBOEP B FTUB DBVTB -B $ÃNBSB EF $PNFSDJP EF #BSSBO
RVJMMB BQPSUÓ NJMMPOFT EF QFTPT FM %JTUSJ UP NJMMPOFT SFQSFTFOUBEPT FO MBT IFD UÃSFBT EFM UFSSFOP MB (PCFSOBDJÓO NJMMP OFT FM TFDUPS IPUFMFSP Z FNQSFTBT QSJWBEBT EFT UJOBSÃ NJMMPOFT Z MB 6OJWFSTJEBE "VUÓOP NB NJMMPOFT DPO MPT RVF TF UJFOF à OBO DJBEP MB QSJNFSB GBTF EFM QSPZFDUP &M 1SFTJEFOUF ¦MWBSP 6SJCF BOVODJÓ VO DSÊEJUP EF NJMMPOFT EF QFTPT BVUPSJ[BEP QPS MB 'JOBODJFSB EF %FTBSSPMMP 5FSSJUPSJBM 'JOEFUFS &M DPTUP UPUBM EFM QSPZFDUP FT EF NJMMP OFT EF QFTPT
-B QSJNFSB GBTF JODMVZF VO QBCFMMÓO EF NFUSPT DVBESBEPT DPO VOB DBQBDJEBE QBSB QFSTPOBT CBKP UFDIP -B TFHVOEB UFO ESÃ NFUSPT DVBESBEPT QBSB QFS TPOBT NÃT &M SFTUP TFSÃO [POBT WFSEFT Z FTUB DJPOBNJFOUPT "TÎ #BSSBORVJMMB TF QSFQBSB QBSB UPEP FTUF CPPN FNQSFTBSJBM DPO WJTJÓO EF DP NFSDJP FYUFSJPS
."3:0 %&
!!
1&404 ("45" &/ 130.&%*0 6/ 7*4*5"/5& 26& --&(" " -04
$0/(3&404 0 " )"$&3 /&(0$*04 " -" $*6%"% %& #"33"/26*--"
"5-¦/5*$0 5&33*503*0 $3&"5*70
6DQWD 0DUWD GHO DXGLWRULR D OD RULOOD GHO PDU -B DBQJUBM EF .BHEBMFOB FYQFSUB FO BUFODJÓO BM WJBKFSP RVF EJTGSVUB EFM QBJTBKF NBSJOP OP EFKB EF MBEP BM WJTJUBOUF RVF WJFOF B DPOHSFTPT Z TFNJOBSJPT P TJNQMFNFOUF B IB DFS OFHPDJPT &M $FOUSP EF $POWFODJPOFT 1P [PT $PMPSBEPT EF 4BOUB .BSUB Bà OB FTUSBUFHJBT QBSB RVF FTPT DMJFO UFT OP TF WBZBO B PUSBT DJVEBEFT GVFSUFT FO FTUF DBNQP DPNP $BMJ .FEFMMÎO Z #PHPUÃ -B DPPSEJOBEPSB $PNFSDJBM EFM $FOUSP EF $POWFODJPOFT EF 4BOUB .BSUB .BSÎB *TBCFM 3PESÎHVF[ BTF HVSB RVF FM WBMPS BHSFHBEP EF FTUF
TJUJP FT RVF TF QVFEF DBNCJBS EF BNCJFOUF BM QBTBS EF VO TBMÓO EF DPOGFSFODJBT B MB PSJMMB EFM NBS iMP RVF SFQSFTFOUB VOB PYJHFOBDJÓO B MB BDUJWJEBE RVF FTUÃ SFBMJ[BOEP FO FM BVEJUPSJPu EJDF &M $FOUSP EF $POWFODJPOFT PGSF DF TBMPOFT FRVJQBEPT DPO NB UFSJBM BVEJPWJTVBM OFDFTBSJP QBSB DPOHSFTPT P DVBMRVJFS BDUJWJEBE RVF EFNBOEF NVMUJUVEFT 'ÃDJMNFOUF QFSTPOBT QVF EFO JOHSFTBS B MPT SFDJOUPT EF MPT DVBMFT TF EFTUBDB FM (SBO 4BMÓO 4JNÓO #PMÎWBS DVZB DBQBDJEBE FT QBSB QFSTPOBT EJWJEJEP FO
USFT TBMBT DPO UBSJNB QBOUBMMB HJ HBOUF Z TJMMFUFSÎB -B EJSFDUJWB DPNFOUB RVF MPT DPT UPT EFQFOEFO EF MBT OFDFTJEBEFT EFM DMJFOUF i)BZ VO TFSWJDJP CÃTJ DP RVF JODMVZF FM TBMÓO QBQFMÓHSB GPT UBCMFSPT BDSÎMJDPT Z HSBCBEPS Z PUSPT TFSWJDJPT NÃT FTQFDJBMJ[BEPT DVBOEP TF SFRVJFSF WJEFP P QPSUÃUJ MFT -PT QSFDJPT WBSÎBO EF BDVFSEP DPO MPT GBDUPSFT DPNP FM UJQP EF BMJ NFOUPT CFCJEBT Z OÙNFSP EF QFS TPOBTu FYQMJDB 3PESÎHVF[ &M $FOUSP RVF IBDF QBSUF EFM )P UFM &TUFMBS 4BOUBNBS UJFOF BÒPT EF IBCFS TJEP DPOTUSVJEP Z IBDF BÒP
Z NFEJP TF JOWJSUJFSPO NJMMP OFT EF QFTPT FO VOB SFNPEFMBDJÓO RVF JODMVZÓ OVFWBT BMGPNCSBT Z SF DVSTPT UFDOPMÓHJDPT -B PGFSUB EF FTUPT DFOUSPT OP TF BHPUB BRVÎ &M FNQSFTBSJP QVFEF FMFHJS BEFNÃT FM $FOUSP EF $PO WFODJPOFT EFM )PUFM $BTB (SBOEF DPO VO TBMÓO QBSB QFSTPOBT FM )PUFM ;VBOB BVEJUPSJP QBSB QFSTPOBT )PUFM 5BNBDÃ DVZP SF DJOUP NÃT BNQMJP BMCFSHB QFS TPOBT Z FM )PUFM "SIVBDP $FOUSP EF /FHPDJPT DPO DVBUSP BVEJUPSJPT VOP EF MPT DVBMFT UJFOF DBQBDJEBE QBSB JOEJWJEVPT
103 $*&/50
%& -04 7*4*5"/5&4 26& --&("/ " #"33"/26*--" 40/ 563*45"4 %& $0/7&/$*¶/ : /&(0$*04 : 4&*4 103 $*&/50 $033&410/%& " 7*"+&304 %& (3610
!"
%&
1 &
0HGHOOtQ
P FT DVFOUP QBJ TB .FEFMMÎO FT VOB DJVEBE QSP NFUFEPSB DPO VOB USBEJDJÓO JOEVTUSJBM Z DPNFS DJBM RVF MB IBDFO TJOÓOJNP EF PQPSUVOJEBE EF OFHPDJPT QSÓTQFSPT TFHVSPT Z DPOà B CMFT B MB RVF DBEB WF[ MMFHBO NÃT JOWFSTJPOJTUBT EFM FYUF SJPS RVF RVJFSFO TFOUBS CBTFT FO MB DBQJUBM BOUJPRVFÒB &T VOB VSCF EF DMJNB QSJ NBWFSBM RVF FOUSF MB USBEJ DJÓO Z MB USBOTGPSNBDJÓO TF DPOWJFSUF FO DFOUSP EF HSBO EFT OFHPDJPT DPO VOB FYDF MFOUF QMBUBGPSNB UVSÎTUJDB QBSB MB BDUJWJEBE EF DPOHSF TPT Z DPOWFODJPOFT PGSFDJFO EP CJFOFTUBS Z DPTUPT DPN QFUJUJWPT CBKP FTRVFNBT EF JOOPWBDJÓO Z FNQSFOEJNJFO UP CSJOEBOEP B MPT WJTJUBO UFT FM NFKPS MVHBS QBSB MB JOUFSBDDJÓO EF BDUJWJEBEFT BDBEÊNJDBT QSPGFTJPOBMFT DPNFSDJBMFT DVMUVSBMFT BS UÎTUJDBT Z TPDJBMFT "TÎ MB WF "ESJBOB (PO[ÃMF[ EJSFDUPSB EFM .FEFMMÎO $POWFOUJPO 7JTJUPST #VSFBV &OUSF TVT DBSBDUFSÎTUJ DBT TF EFTUBDB MB VCJDB DJÓO HFPHSÃà DB FTUSBUÊHJDB Z MB DPOFDUJWJEBE QVFT QP TFF EPT BFSPQVFSUPT JOUFS OBDJPOBM Z EPNÊTUJDP DPO TJFUF SVUBT EJSFDUBT JOUFSOB DJPOBMFT /VFWB :PSL .JBNJ 'PSU -BVEBSEBMF -JNB $BSB DBT 2VJUP $JVEBE EF 1BOB NÃ Z QSÓYJNBNFOUF $JVEBE EF .ÊYJDP Z .BESJE " FMMP TF TVNBO WVFMPT EJBSJPT .FEFMMÎO #PHPUÃ "EFNÃT DVFOUB DPO SF DJOUPT BDBEÊNJDPT Z GFSJB
)05&-&4
)": &/ -" $"1*5"- %& "/5*026*" $0/ )"#*5"$*0/&4 %& '03."50 461&3*03 : &453&--"4
MFT DPNP 1MB[B .BZPS DPO VO ÃSFB UPUBM EF NF USPT DVBESBEPT VO (SBO 4B MÓO DPO DBQBDJEBE NÃYJNB EF QFSTPOBT EJWJTJ CMF FO TFJT ÃSFBT DPO DBCJ OBT EF USBEVDDJÓO TJNVMUÃ OFB FO DBEB VOB EF FMMBT Z OVFWF TBMBT EF DPNJTJPOFT DPO DBQBDJEBE QBSB FOUSF Z QFSTPOBT )BDF QBSUF EF FTUB 1MB[B FM 1BMBDJP EF &YQPTJDJPOFT DPO VO ÃSFB EF FYIJCJDJÓO DVCJFS UB EF NFUSPT DVBESB EPT DVBUSP QBCFMMPOFT FY UFOTB [POB EF FYIJCJDJÓO BM BJSF MJCSF IBMM QSJODJQBM Z TB MÓO EF DPOGFSFODJBT VOB QMB [B DVMUVSBM EF NFUSPT DVBESBEPT 4BMB 7*1 SFTUBV SBOUFT Z UBRVJMMBT EF BDDFTP EF JOTDSJQDJÓO &TUB DBQBDJEBE TF DPN QMFNFOUB DPO MPT TBMP OFT GVODJPOBMFT IBTUB QBSB QFSTPOBT RVF PGSF DF FM )PUFM *OUFSDPOUJOFOUBM BEFNÃT EF PUSPT NVDIPT TB MPOFT DPO RVF DVFOUBO MPT IPUFMFT EF &M 1PCMBEP -BV SFMFT Z $FOUSP EPUBEPT EFM TFSWJDJP Z MB UFDOPMPHÎB -B BDUJWJEBE BDBEÊNJDB
XQD FLXGDG SDUD LQYHUWLU
&91&3*&/$*" %& 5"--" .6/%*"TFSÈ BOm USJPOB EF MPT PSHBOJ[BEPSFT EF FWFOUPT EFM QBÓT RVF WFOESÈO QBSB DPOPDFS EF QSJNFSB NBOP MB FYQFSJFO DJB EF FTUB PSHBOJ[BDJØO FYQMJDØ -V[ )FMFOB /BSBOKP 4VC TFDSFUBSJB EF 5VSJTNP "HSFHØ RVF MB DJVEBE DVFOUB DPO BUSBDUJWPT RVF DPNQMFNFOUBO MBT BDUJWJEBEFT BDBEÏNJDBT DPNP DJUZ UPVS UPVS EF DPNQSBT UPVS HBTUSPOØNJDP UPVS OPDUVSOP Z EF SVNCB 4V DFSDBOÓB DPO MBT TVCSFHJPOFT EF "OUJPRVJB QFSNJUF WJTJUBS QBJTBKFT WFSEFT NFNPSBCMFT B UBO TØMP IPSB Z NFEJB EF MB DJVEBE FO EJGFSFOUFT EJSFD DJPOFT 0SJFOUF SVUB WFSEF 0DDJEFOUF SVUB EFM TPM Z MB GSVUB 4VSPFTUF SVUB EFM DBGÏ TF DPNQMFNFOUB DPO MPT FT DFOBSJPT QBSB BDUPT TPDJB MFT Z DVMUVSBMFT DPNP FM +BS EÎO #PUÃOJDP DPO DBQBDJEBE QBSB QFSTPOBT FO DÓD UFM FM $FOUSP EF &TQFDUÃDV MPT -B .BDBSFOB RVF FO TVT USFT OJWFMFT EF BGPSP QFSNJ UFO VOB DBQBDJEBE BQSPYJ NBEB EF QFSTPOBT FM 1BSRVF EF MPT %FTFPT FM 1BSRVF EF MPT 1JFT %FTDBM [PT MB 1MB[B EF MBT &TDVM UVSBT FM 1VFCMJUP 1BJTB Z FM 1BSRVF &YQMPSB RVF QVFEF BMCFSHBS EF B QFSTPOBT &O MB BDUVBMJEBE .FEFMMÎO DVFOUB DPO NÃT EF IPUF MFT Z IBCJUBDJPOFT EF GPSNBUP TVQFSJPS Z FT USFMMBT Z NÃT EF SFTUBV SBOUFT EF DPDJOB OBDJPOBM F *OUFSOBDJPOBM
4*/&3(*"
4J BMHP SFTVMUB JNQPSUBOUF FO FM QSPDFTP EF DPOTPMJEB DJÓO EF .FEFMMÎO DPNP EFT UJOP EF UVSJTNP EF OFHPDJPT FT FM USBCBKP NBODPNVOBEP
RVF WJFOFO BE NBOFSB DPOKV FM #VSFBV MB $ NFSDJP EF .F UJPRVJB MB (P "HFODJB EF $ *OWFSTJÓO EFM ¦ MJUBOB Z 7BMMF E 1SPFYQPSU Z FM SJTNP EF /FHP $POWFODJPOFT $PNP FYQMJ HFOJB 7FMÃTRV EFM $MÙTUFS MB NPWFS MB DVMUV DJÓO JOTUJUVDJ DPOTUSVDDJÓO MB HFOFSBDJÓO WPT OFHPDJPT à O EF NFKPSB DPNQFUJUJWJE DPNP DJVEB EF UVSJTNP GFSJBT Z DPO WFODJPOFT 1BSB FMMB FT DMBSP RVF FM DPNQPOFO UF DPSQPSB UJWP OP QVFEF FTUBS BJTMBE EFM WBDBDJPOB
(Q .&%&--±/ '6& &4$&/"3*0 %& .¦4 %& &7&/504 : '&3*"4 */5&3/"$*0/"-&4 4*&/%0 &- .":03 %& &--04 -" "4".#-&" %&- #*%