HQIRFR EHORMDUGLP
$QR ; 1ěPHUR MDQHLUR GH %HOR -DUGLP 3( H 5HJLÊR
%HOR -DUGLP JDQKDUi XPD DOoD YLiULD $ QRYD DYHQLGD p GH LQLFLDWLYD H UHVSRQVDELOLGDGH GR *UXSR 0RXUD %JWVMHBÎÍP (SVQP .PVSB
" FNQSFTB WJTB DPMBCPSBS DPN B NPCJMJEBEF VSCBOB EP NVOJDÓQJP EFTBGPHBOEP P USÉOTJ UP FN FTQFDJBM OB 3VB EP $FNJUÏSJP OP CBJS SP #PN $POTFMIP /P QBDPUF EB DPOTUSVÎÍP EB OPWB BMÎB WJÈSJB GB[ QBSUF UBNCÏN SFDV QFSBÎÍP F BMBSHBNFOUP EF SVBT QBWJNFOUB ÎÍP F NFMIPSJBT OP FTQPSUF F MB[FS TFHVSBOÎB QÞCMJDB OPWB QSBÎB DJDMPWJB F SFGPSNB EP DBNQP EF GVUFCPM " PCSB FTUÈ QSFWJTUB HBOIBS DPSQP OFTUF NÐT EF KBOFJSP F OP EFDPS SFS EF FTUBS FN QMFOP GVODJPOBNFOUP $
8QLYHUVLGDGH )HGHUDO 5XUDO GH 3HUQDPEXFR 8)53( HP 0 DBNQVT TF JOTUBMBSÈ FN #FMP +BSEJN BJOEB FTTF BOP & WBJ PGFSFDFS RVBUSPT DVSTPT EF FOHFOIBSJB o EB DPNQVUBÎÍP RVÓNJDB IÓESJDB DPOUSPMF F BVUPNBÎÍP DPN WBHBT DBEB EJWJEJEBT FOUSF P QSJNFJSP F TFHVOEP QFSÓPEP DIFHBOEP B VN UPUBM EF WBHBT OP QSJNFJSP BOP " OPWB VOJEBEF BDBEÐNJDB GVODJPOBSÈ EF GPSNB QSPWJTØSJB FN VN QSÏEJP BMVHBEP OBT NBSHFOT EB 1& QSØYJNP B "VUBSRVJB .VOJDJQBM EF #FMP +BSEJN FORVBOUP P QSÏEJP ĕYP TFSÈ DPOTUSVÓEP FN VNB ÈSFB EF IFDUBSFT DFEJEPT QFMP *OTUJUVUP 'FEFSBM EF 1FSOBNCVDP *'1& $
$
%LFDPSHmR EUDVLOHLUR GH WLUR HVSRUWLYR p EHOR MDUGLQHQVH -FPOBSEP 0MJWFJSB EF BOPT TF DPOTBHSPV EVBT WF[FT DBNQFÍP OBDJPOBM OB NPEBMJEBEF OP $BNQFPOBUP #SBTJMFJSP EF 5JSP &TQPSUJWP $#5& OP 3JP EF +BOFJSP &N FOUSFWJTUB SFMFNCSB P JOÓDJP EF TVB DBNJOIBEB iBQFSUBOEP P HBUJMIPw TVB SPUJOB F PT EFTBĕPT EF TFS BUMFUB FN #FMP +BSEJN 'PJ OB DBSBCJOB NJSB BCFSUB RVF P #FMPKBSEJOFOTF USPVYF P UÓUVMP OBDJPOBM 7FKB UBNCÏN P RVF EJTTF B 4FDSFUBSJB EF &TQPSUF EP NVOJDÓQJP RVF BĕSNB OÍP UFS UJEP DPOIFDJNFOUP EB IJTUØSJB F UÓUVMP EP BUMFUB BOUFT %
&LGDGH
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
$ %HOR -DUGLP $QR QŶ MDQHLUR GH
1RYD DOoD YLiULD VHUi FRQVWUXtGD HP %HOR -DUGLP SHOR *UXSR 0RXUD 2EUD YLVD PHOKRUDU R WUkQVLWR GD FLGDGH FRP D QRYD DYHQLGD %B SFEBÎÍP "EFOJMTPO #BSSPT
#
F M P K B S E J N H B O I B S È V N B OPWB BWFOJEB &MB JOUFSMJHBSÈ B DJEBEF BP D P N Q M F Y P J O E V T U S J B M .PVSB EB 4FSSB EP (BWJÍP BUSBWÏT EF VNB BMÎB WJÈSJB " PCSB WJTB NFMIPSBS P ĘV YP E P U S ÉOT JU P F B NPCJMJEBEF VSCBOB "MÎB 7JÈSJB QPEF TFS VN DPNQMFYP EF QPOUFT FTUSBEBT PV PT EPJT DPN QSPQPSÎÜFT B EFĕOJS F UFN B ĕOBMJEBEF EF JOUFSMJHBS SFHJÜFT F VN EPT HBOIPT Ï B NJOJNJ[BÎÍP EP UFNQP H B T U P O P U S É O T J U P 0 QSPKFUP F FYFDVÎÍP FN #FMP +BSEJN Ï EF JOJDJBUJWB F SFTQPOTBCJMJEBEF EP (SVQP .PVSB F DPNFÎBSÈ B TFS FYFDVUBEP FN KBOFJSP EF DPNQPTUB QPS FN UPSOP EF EPJT RVJMÙNFUSPT EF FYUFOTÍP SFUJSBOEP EF U S È G F H P D B N J O I Ü F T F
EFNBJT WFÓDVMPT QFTBEPT E P U SF DI P V S C BOP E P NVOJDÓQJP " N P C J M J E B E F VSCBOB UFN FOUSBEP FN EFTUBRVF OPT ÞMUJNPT UFNQPT VNB WF[ RVF PT Q S P C M F N B T D P N TPCSFDBSSFHBNFOUP EP FTQBÎP MJNJUBÎÍP EP ĘVYP BVNFOUP EP ÓOEJDF EF BDJEFOUFT UFOEP DPNP DPOTFRVÐODJB NVUJMBÎÜFT HSBWFT PV NPSUFT QPMVJÎÍP EP BNCJFOUF BUSBTP OB FOUSFHB EF NBUFSJBJT QBSB QSPEVÎÍP F PV FOUSFHB EF Q S P E V U P T T Í P DPOTFRVÐODJBT EF GBMUB EF QMBOFKBNFOUP VSCBOP 0 O Þ N F S P E F WFÓDVMPT OB NBJPSJB EBT DJEBEFT EP "HSFTUF WFN TVCJOEP BDJNB EB NÏEJB EP &TUBEP &N EF[ BOPT B GSPUB EF #FMP +BSEJN TVCJV 5B NC Ï N T F EFTUBDB OP SFHJTUSP EF OPWPT WFÓDVMPT TFHVOEP
EBEPT EP %FUSBO 1& &N FOUSFWJTUB BP QPSUBM EB 6OJWFSTJEBEF 'FEFSBM EF 1FSOBNCVDP P F O H F O I F J S P D J W J M F Q S P G F T T P S E B 6 ' 1 & .BVSÓDJP "OESBEF BĕSNB RVF P DBPT OP USÉOTJUP WJTUP OP 3FDJGF QPS FYFNQMP BJOEB OÍP Ï VNB SFBMJEBEF OBT DJEBEFT EP "HSFTUF 1PSÏN BMFSUB RVF DBTP NFEJEBT EF JODFOUJWP BP U S B O T Q P S U F Q Þ C M J D P F SFHVMBÎÍP EP USÉOTJUP OÍP
%JWVMHBÎÍP (SVQP .PVSB
" BMÎB WJÈSJB UFSÈ DFSDB EF LN EF FYUFOTÍP
GPSFN UPNBEBT P RVBESP UFOEF B TF BQSPYJNBS EP EFTDPOUSPMF WJWJEP OBT DBQJUBJT i / P T T P N B J P S PCK FU JWP Ï FOU SFHBS Ë DJEBEF VNB TPMVÎÍP RVF
3FQSPEVÎÍP (SVQP .PVSB
" PCSB JOUFSMJHBSÈ B DJEBEF BP DPNQMFYP JOEVTUSJBM .PVSB EB 4FSSB EP (BWJÍP
DPOUSJCVJ EJSFUBNFOUF QBSB EFTBGPHBS P USÉOTJUP EBT ÈSFBT NBJT BEFOTBEBT FN FTQFDJBM B 3VB EP $FNJUÏSJP OP CBJSSP #PN $ P O T F M I P E F Q F S ĕ M SFTJEFODJBM " .PVSB FN N B J T V N B J O J D J B U J W B QFOTBEB QBSB DPNVOJEBEF EF #FMP +BSEJN CVTDPV BOFYBS BP QSPKFUP RVF UBNCÏN JODSFNFOUB TVBT P Q F S B Î Ü F T M P H Ó T U J D B T J O U F S W F O Î Ü F T R V F CFOFĕDJFN EJSFUBNFOUF B QPQVMBÎÍPw SFTTBMUB P E J S F U P S E F . F U B J T F 4VTUFOUBCJMJEBEF "SOPMGP .FOF[FT
$POIFÎB PVUSBT PCSBT RVF WJSÍP BUSBWÏT EP QSPKFUP EB OPWB BMÎB WJÈSJB 3FDVQFSBÎÍP F BMBSHBNFOUP EF SVBT " PCSB EB OPWB BMÎB WJÈSJB TFSÈ FYFDVUBEB FN TVB NBJPSJB EFOUSP EF ÈSFBT QFSUFODFOUFT Ë .PVSB /P USFDIP VSCBOP POEF IBWFSÈ JOUFSWFOÎÜFT TFSÍP SFBMJ[BEPT TFSWJÎPT EF SFDVQFSBÎÍP F BMBSHBNFOUP EF SVBT
"SRVJWP 'PMIB EF *UBMWB
/PWB "WFOJEB UJSBSÈ DBNJOIÜFT F PVUSPT WFÓDVMPT QFTBEPT EF SPUB OP NVOJDÓQJP
1BWJNFOUBÎÍP FTQPSUF F MB[FS 5BNCÏN SFDFCFSB SFDFCFSÍP OPWB QBWJNFOUBÎÍP F TFSÍP QSPNPWJEBT NFMIPSJBT FN JNQPSUBOUFT FRVJQBNFOUPT QÞCMJDPT EF DPOWJWÐODJB FTQPSUF F MB[FS EBT DPNVOJEBEFT 4FHVSBOÎB QÞCMJDB &TUÍP QSFWJTUPT BJOEB JODSFNFOUPT OB JMVNJOBÎÍP QÞCMJDB BÎÍP RVF BKVEB B BNQMJBS B TFHVSBOÎB EB QPQVMBÎÍP /PWB QSBÎB /B 3VB +PBRVJN .FEFJSPT $BCSBM OP CBJSSP 4BOUP "OUÙOJP GPSB PT TFSWJÎPT EF SFWJUBMJ[BÎÍP F ESFOBHFN EB WJB TFSÈ DPOTUSVÓEB VNB QSBÎB JNQMFNFOUBEP VN OPWP QSPKFUP EF QBJTBHJTNP DPN OPWBT ÈSWPSFT QMBOUBEBT F BEFRVBÎÍP EB JMVNJOBÎÍP $BNQP EF GVUFCPM F DJDMPWJB 1SØYJNP BP HJSBEPS RVF MFWB Ë GÈCSJDB 6/ o 6OJEBEF "VUPNPUJWB UBNCÏN OB 4FSSB EP (BWJÍP TFSÈ SFGPSNBEP P DBNQP EF GVUFCPM RVF BUFOEF B DPNVOJEBEF F JOTUBMBEB VNB DJDMPWJB o BMÏN EF UBNCÏN SFDFCFS OPWB BSCPSJ[BÎÍP NBJT JMVNJOBÎÍP F ESFOBHFN "T BÎÜFT DPOUJOVBN BUÏ P $FNJUÏSJP EB DJEBEF OP FODPOUSP DPN B 3VB +PÍP #F[FSSB 'JMIP OP CBJSSP #PN $POTFMIP KÈ OB FOUSBEB EBT VOJEBEFT JOEVTUSJBJT EB .PVSB
"VUBSRVJB EF 4FHVSBOÎB 5SÉOTJUP F 5SBOTQPSUF EF #+ F B EVQMJDBÎÍP EB #3 &N SFMBÎÍP B NPCJMJEBEF VSCBOB #FMP +BSEJN TF EFUÏN EB "VUBSRVJB EF 4FHVSBOÎB 5SÉOTJUP F 5SBOTQPSUF MPDBEB OB "W 1SFTJEFOUF $PTUB F 4JMWB O #PB 7JTUB UFOEP FOUSF TVBT DPNQFUÐODJBT iQSPNPWFS BSUJDVMBÎÍP DPN BT EJWFSTBT FTGFSBT EF HPWFSOP DPN P TFUPS QSJWBEP F PSHBOJ[BÎÜFT OÍP HPWFSOBNFOUBJT QBSB EFTFOWPMWFS BÎÜFT QSPKFUPT F QSPHSBNBT EF TFHVSBOÎB F EF NPCJMJEBEF VSCBOBw P DPOUBUP QPEF TFS QSFTFODJBM WJB F NBJM BVUBSRVJBNVOJDJQBMUSBOTJUPCK!HNBJM DPN PV UFMFGPOF "JOEB TPCSF MPDPNPCJMJEBEF VSCBOB P EJSFUPS EF JOGSBFTUSVUVSB EP %FQBSUBNFOUP /BDJPOBM EF *OGSBFTUSVUVSB EF 5SBOTQPSUF %/*5 &VDMJEFT #BOEFJSB JOGPSNB RVF P QSPKFUP EF EVQMJDBÎÍP EB #3 EF #FMP +BSEJN FTUÈ FN BOEBNFOUP F TFSÈ MJDJUBEP OP JOÓDJP EFTTF BOP CFOFĕDJBOEP B 7JMB 1MBOBMUP 7JBOB F .PVSB 'SFJ %BNJÍP #FMB 7JTUB F $PIBC F PT USBOTFVOUFT EB #3 EP 4FSUÍP QBSB P "HSFTUF F WJTF WFSTB
(;3(',(17( 'LUHWRULD ([HFXWLYD 6LOYDQD *DOYÊR 'LUHWRUD ([HFXWLYD 'HSDUWDPHQWR &RPHUFLDO $OFLQHLGH 6DQWRV
'HSDUWDPHQWR GH -RUQDOLVPR xULND 7UDYDVVRV -RUQDOLVWD HGLWRUD '57 3(
$GHQLOVRQ %DUURV 5HGDWRU 'LDJUDPD×ÊR H UHGHV VRFLDLV #HWFRPXQLFDFDR
)$/( &2126&2 MRUQDOHQIRFREM#JPDLO FRP )DFHERRN ,QVWDJUDP HQIRFR EHORMDUGLP
2V FRQWHěGRV GDV SURSDJDQGDV H RSLQLĄHV GH WHUFHLURV QÊR QHFHVVDULDPHQWH UHIOHWHP D RSLQLÊR GR (QIRFR ORJR QÊR QRV UHVSRQVDELOL]DPRV SRU VHXV FRQWHěGRV
(QIRFR GLJLWDO
/HLD WRGDV DV HGLץHV GD YHUVÊR GLJLWDO GR -RUQDO (QIRFR WRWDOPHQWH JUDWXLWR
&LGDGH
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
$ %HOR -DUGLP $QR QŶ MDQHLUR GH
8)53( FKHJD HP %HOR -DUGLP H YDL RIHUHFHU FXUVRV GH HQJHQKDULD GD FRPSXWDomR TXtPLFD KtGULFD FRQWUROH H DXWRPDomR %B SFEBÎÍP "EFOJMTPO #BSSPT
#
FMP +BSEJN SFDFCF FTUF BOP B 6OJWFS TJEBEF 'FEFSBM 3VSBM EF 1FSOBNCVDP 6'31& ² FTQFSBEP RVF OP EFDPSSFS EF P DBNQVT FTUFKB FN GVODJP OBNFOUP JOJDJBMNFOUF DPN RVBUSPT DVSTPT EF FOHFOIBSJB o EB DPNQVUB ÎÍP RVÓNJDB IÓESJDB DPO USPMF F BVUPNBÎÍP DPN WBHBT DBEB 4FSÍP PGFSUB EBT QBSB DBEB HSBEVBÎÍP WBHBT OP QSJNFJSP TFNFTUSF F NBJT OP TFHVOEP TFNFTUSF " DBSHB IPSÈSJB TFSÈ EF IPSBT EJWJEJEBT FN BOPT F QFSÓPEPT " 6"#+ 6'31& 6OJEBEF "DBEÐNJDB EF #FMP +BSEJN EB 6OJWFSTJ EBEF 'FEFSBM 3VSBM EF 1FS OBNCVDP GPJ BQSPWBEB QFMP $POTFMIP /BDJPOBM EF &EVDBÎÍP F FN KBOFJSP EF 4VB JNQMBOUBÎÍP GPJ BOVODJBEB PĕDJBMNFO UF F UFWF B IPNPMPHBÎÍP BTTJOBEB FN TPMFOJEBEF OP HJOÈTJP EP *OTUJUVUP 'FEFSBM EF 1FSOBNCVDP $ BNQV T # F M P +BSE J N *'1& #+ QFMB SFJUPSB EB 6'31& .BSJB +PTÏ EF 4FOB F P FY NJOJTUSP EB & EVD BÎ ÍP .FOEPOÎ B 'JMIP /P D P N F Î P E F GPJ SFBMJ[BEP VN DPO DVSTP QBSB B DPOUSBUBÎÍP EF EPDFOUFT F EF UÏDOJDPT BENJOJTUSBUJWPT $PN
WBHBT QBSB QSPĕTTJPOBJT GPSNBEPT FN MFUSBT FOHF OIBSJB EF DPOUSPMF F BVUP NBÎÍP FOHFOIBSJB FMÏUSJ DB FOHFOIBSJB FMFUSÙOJDB NBUFNÈUJDB GÓTJDB FOHF OIBSJB DJWJM FOHFOIBSJB NFDÉOJDB DPNQVUBÎÍP FOHFOIBSJB EB DPNQVUB ÎÍP DJÐODJBT EB DPNQVUB ÎÍP FOHFOIBSJB IÓESJDB FOHFOIBSJB BNCJFOUBM F FOHFOIBSJB BHSÓDPMB 0T TBMÈSJPT TFHVOEP P FEJUBM WÍP EF 3 BUÏ B EFQFOEFS EB UJUVMBÎÍP EP DBOEJEBUP &TQFSBWB TF RVF B VOJEBEF BDBEÐNJDB UJWFTTF FOUSBEP FN GVODJPOBNFO UP OP BOP EF TVB BTTJOBUV SB QPSÏN QPS DPOUJOHFO DJBNFOUP EF WFSCBT QPS QBSUF EP HPWFSOP GFEFSBM JOWJBCJMJ[PV B JOTUBMBÎÍP FN $POTUSVÎÍP EP $BNQVT FN #FMP +BSEJN &N EF[FNCSP EF IPVWF VN FWFOUP RVF NBSDPV P JOÓDJP EB DPOTUSVÎÍP EP DBNQVT OP FTQBÎP POEF GVODJPOBSÈ B 6'31& QSPWJTPSJBNFOUF OB 3PEPWJB +PÍP #F[FSSB 'JMIP 1& LN "ZSUPO .BDJFM DPN B QSF
TFOÎB EF .FOEPOÎB 'JMIP FY NJOJTUSP PV SFTQPOTÈ WFM EB QBTUB OB ÏQPDB F SFTQPOTÈWFM QFMB JNQMBO UBÎÍP EB 6OJEBEF "DBEÐ NJDB OB DJEBEF F PVUSPT SFQSFTFOUBOUFT EB GBDVMEB EF 5BNCÏN GPJ BTTJ OBEP P DPOUSBUP EF MPDB ÎÍP EP QSÏEJP QSPWJTØSJP UPEP FRVJQBEP DPN TBMBT EF BVMB MBCPSBUØSJPT ÈSFB BENJOJTUSBUJWB SFGFJUØSJP CBOIFJSP F FTUBDJPOBNFO UP FORVBOUP P QSPKFUP EF DPOTUSVÎÍP EP QSÏEJP ĕYP FTUÈ FN DVSTP F QSFWÐ RVB U S P Q BW J N F OU P T Q B S B EPDFOUFT QSÏEJP EF EPJT QBWJNFOUPT QBSB B TFEF BENJOJTUSBUJWB CJCMJPUFDB SFTUBVSBOUF VOJWFSTJUÈSJP EPJT QSÏEJPT EF TBMBT EF BVMB DPN USÐT QBWJNFOUPT DBEB QSÏEJP EF MBCPSBUØSJ PT HBMQÍP EF BMNPYBSJGB EP HBMQÍP EF PĕDJOB F HBSBHFN BVEJUØSJP QBSB MVHBSFT EVBT DBTBT EF FTUVEBOUFT RVBESB QPMJFT QPSUJWB F QJTDJOB TFNJP MÓNQJDB " 6'31& FN #FMP +BSEJN CFOFĕDJBSÈ EJWFS TBT DJEBEFT EP "HSFTUF DPNP #SFKP EB .BESF EF %FVT $BDIPFJSJOIB $BSV
"TTJOBUVSB EP UFSNP EF JNQMBOUBÎÍP
%JWVMHBÎÍP
"SRVJWP 6'31&
$BNQVT EB 6'31& DIFHB FN #+
BSV #F[FSSPT (SBWBUÈ 5PSJUBNB 4BOUB $SV[ EP $BQJCBSJCF "HSFTUJOB "MUJOIP 4ÍP $BFUBOP 5BDBJNC Ø 1FT RVFJSB 1PÎÍP 7FOUVSPTB "MBHPJ OIB 4BOIBSØ 4ÍP #FOUP EP 6OB -BKFEP $BQPFJ SBT #PN $POTFMIP (BSB OIVOT F "SDPWFSEF 5PEBT BT WBHBT OPT DBNQJ EB 6'31& FN &SB QSFWJTUP RVF FN B 3VSBM PGFSFDFT TF NJM WBHBT QBSB OPWPT JOHSFTTPT QPSÏN DPN B JOTUBMBÎÍP EP OPWP DBN QVT FN #FMP +BSEJN P U F S N P E F B E F T Í P E B 6'31& QBTTPV QPS BMUFSB ÎÍP F QSFDJTPV RVF B QSØ SFJUPSB EF FOTJOP EF HSB EVBÎÍP 4PDPSSP 0MJWFJSB GPTTF BUÏ P .&$ FN #SBTÓ MJB QBSB USBUBS EBT QSFDJTBT NVEBOÎBT OP UFSNP $ P N B T O P W B T WBHBT MJCFSBEBT DPOUBCJMJ [BTTF VN UPUBM EF FTQBMIBEBT QPS UPEP P FTUB EP 4ÍP FMBT OP 3FDJ GF TÍP OPWBT OP DVSTP EF QFEBHPHJB OP $BCP EF 4BOUP "HPTUJOIP
PHQGRFLQKD
(SBOEF 3FDJGF FN 4FSSB 5BMIBEB 4FSUÍP F N ( B S B O I V O T "HSFTUF F FN #FMP +BSEJN "T WBHBT QBSB #FMP +BSEJN GPSBN MJCFSB EBT QFMP .JOJTUÏSJP EB &EVDBÎÍP OP 4JTUFNB EF 4FMFÎÍP 6OJĕDBEB 4JTV DPNP GPSNB EF JOHSFTTP F Ï FTUJNBEP RVF BP EFDPSSFS EF DJODP BOPT B OPWB TFEF EB VOJEBEF BUFOEB NBJT EF NJM FTUV EBOUFT "T JOTDSJÎÜFT TFHVFN FOUSF P EJB B EF KBOFJSP " DSJBÎÍP EP OPWP DBNQVT GB[ QBSUF EB QSP HSBNBÎÍP EP DFOUFOÈSJP EB *OTUJUVJÎÍP DPN P 1PMP EF FOHFOIBSJB F JOPWBÎÍP UFDOPMØHJDB
(VSRUWH
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
% %HOR -DUGLP $QR QŶ MDQHLUR GH
%HOR MDUGLQHQVH p FDPSHmR %UDVLOHLUR GH 7LUR (VSRUWLYR QR 5LR GH -DQHLUR %B SFEBÎÍP "EFOJMTPO #BSSPT
2
VFN OÍP BDPNQBOIB EF QFSUP P VOJWFSTP EP BUMF UJTNP UBMWF[ WFKB FMF DPNP BQFOBT VN KPWFN RVF QSBUJDB NBJT VN FTQPSUF EJGF SFOUF 2VFN Ï GÍ F UFN PSHVMIP EB TVB DJEBEF MFNCSB EFMF DPNP P #FMP KBSEJOFOTF #JDBNQFÍP #SB TJMFJSP EF 5JSP &TQPSUJWP OB NPEB MJEBEF DBSBCJOB NJSB BCFSUB DBUF HPSJB KÞOJPS TVC OP $BNQF POBUP #SBTJMFJSP EF 5JSP &TQPSUJ WP SFBMJ[BEP OP 3JP EF +BOFJSP &TUBNPT GBMBOEP EF -FPOBSEP 0MJ WFJSB BOPT EF #FMP +BSEJN &MF TF UPSOPV CJDBNQFÍP OP UJSP FTQPSUJWP FN OPWFNCSP EF FN FWFOUP SFBMJ[BEP QFMB PSHBOJ [BÎÍP RVF SFHVMB FTTF FTQPSUF OP QBÓT B $POGFEFSBÎÍP #SBTJMFJSB EF 5JSP &TQPSUJWP $#5& OP 3+ $PN TFV UÓUVMP EF QFTP DPOUB QBSB P +PSOBM &OGPDP VN QPVDP TPCSF TVB IJTUØSJB DPORVJTUBT F EFTBĕPT OB NPEBMJEBEF -FJB &OGPDP 2VBOEP DPNFÎPV B iBQFSUBS P HBUJMIPw -FPOBSEP #PN NJOIB DBNJOIB EB OP UJSP FTQPSUJWP DPNFÎPV DPN BOPT EF JEBEF 2VBOEP NFV QBJ DPNQSPV VNB DBSBCJOB EF BS DPNFÎBNPT B QBSUJDJQBS EF DPN QFUJÎÜFT NFOTBJT " HFOUF BUJSBWB QFMB "DBEFNJB EP 5JSP RVF Ï VN DBNQFPOBUP POMJOF B QPOUVBÎÍP Ï MBOÎBEB OP TJTUFNB F Ï WÈMJEB QFMP DBNQFPOBUP RVF B NBJPSJB EPT FTUBEPT CSBTJMFJSPT QBSUJDJ QBN +& $POUF TVB SPUJOB EF USFJOPT F TF IÈ EJĕDVMEBEFT FN TFS BUMFUB
-FPOBSEP 0MJWFJSB TF QSFQBSB QBSB UJSP DPN DBSBCJOB NJSB BCFSUB
"SRVJWP -FPOBSEP 0MJWFJSB
-FPOBSEP 5SFJOP EJBT OB TFNB OB BQSPYJNBEBNFOUF I QPS EJB FN DBTB 1SFUFOEP EPCSBS B DBSHB IPSÈSJB EPT NFVT USFJOPT QBSB DPO RVJTUBS VN TPOIP RVF Ï GB[FS QBSUF EB 4FMFÎÍP #SBTJMFJSB EF 5JSP 1BSUJDVMBSNFOUF BDIP NVJUP EJGÓDJM TFS BUMFUB FN CFMP KBSEJN QPJT OÍP FYJTUF DMVCF EF UJSP DPN FTUSVUVSB BEFRVBEB QBSB USFJOB NFOUP F DPNQFUJÎÍP +& 2VF JOTUSVNFOUP WPDÐ VTB QBSB USFJOBS -FPOBSEP &TTF BOP TFSÈ NJOIB FTUSFJB OB DBSBCJOB N PMÓNQJDB RVF TFNQSF GPJ VN TPOIP NFV &TUPV FDPOPNJ[BOEP EJOIFJSP QBSB DPNQSBS P SFTUBOUF EP FRVJ QBNFOUP RVF Ï CFN DBSP
0 BOP EF NBSDB 5JSP &TQPSUJWP P QSJNFJSP SFHJTUSP EF VNB 1SJNFJSB NFEBMIB PMÓNQJDB DPNQ FUJÎÍP EF UJSP /P EP #SBTJM FOUBOUP GPJ MÈ OP TÏDVMP 9*9 0 UJSP FTQPSUJWP GPJ P QSJNFJ RVF TVSHJV BSNBT QSFDJTBT P SP FTQPSUF B USB[FS VNB NFEB CBTUBOUF QBSB RVF B BUJWJEBEF MIB PMÓNQJDB QBSB P #SBTJM &N DPOTFHVJTTF TF PSHBOJ[BS OPT KPHPT EB "OUVÏSQJB DPNP FTQPSUF DPNQFUJUJWP P UFOFOUF (VJMIFSNF 1BSBFO TF DPORVJTUPV B NFEBMIB EF $PNQFUJÎÜFT PMÓNQJDBT PVSP "UVBMNFOUF RVJO[F FWFOUPT 0VUSP BUJSBEPS CSBTJMF "SRVJWP -FPOBSEP 0MJWFJSB JSP EF EFTUBRVF GPJ "GSÉOJP $PTUB 0 RVF Ï P FTQPSUF F PT QSJNF JSPT SFHJTUSPT 0 UJSP FTQPSUJWP Ï VNB NPEB MJEBEF FTQPSUJWB RVF FOWPMWF UFTUF EF QSFDJTÍP F WFMPDJEBEF OP NBOFKP EF VNB BSNB EF GPHP PV EF BS DPNQSJNJEP QBSB BDFSUBS P BMWP
"UMFUB DPORVJTUPV P UÓUVMP EF CJDBNQFÍP OP 3JP EF +BOFJSP
+& $PNP Ï DPOTFHVJS QBUSPDÓOJP QBSB FTTF UJQP EF FTQPSUF -FPOBSEP 5FOIP BQPJP EB JOTUJ UVJÎÍP 4VQFSB i(JOÈTUJDB QBSB P DÏSFCSPw DPN B CPMTB EP DVSTP RVF BKVEB B BQSJNPSBS NJOIB DPO DFOUSBÎÍP GPDP F DPOUSPMF FNPDJ POBM F UBNCÏN EB &DPNCBUF RVF Ï VNB FNQSFTB EF GBNJMJBSFT EP 1BSÈ EJTUSJCVJEPSB EF CBUFSJBT .FTNP DPN FTTBT BKVEBT BT EFT QFTBT QBSB QFSNBOFDFS OP FTQPSUF DPOUJOVBN BMUP F DPNP OÍP USBCB MIP EFQFOEP EF NFVT QBJT QBSB TVQSJS PT DVTUPT +& 2VBJT GPSBN BT FUBQBT BUÏ HBOIBS P CJDBNQFPOBUP -FPOBSEP "QØT USÐT BOPT QBSUJDJ
EF UJSP FTQPSUJWP TÍP SFBMJ[B EPT OPT +PHPT 0MÓNQJDPT TFOEP TFJT QBSB NVMIFSFT F OPWF QBSB IPNFOT "T DPN QFUJÎÜFT TÍP EJWJEJEBT FN USÐT DBUFHPSJBT DBSBCJOB QJTUPMB F UJSP BP QSBUP " QJTUPMB Ï VNB BSNB DVSUB RVF TØ QPEF TFS TFHVSB EB DPN VNB NÍP " DBSBCJOB Ï VNB BSNB MPOHB RVF FYJHF P VTP EBT EVBT NÍPT /BT QSPWBT DPN QJTUPMB F DBSBCJOB PT BUJSBEPSFT EFWFN BDFSUBS VN BMWP EJWJ EJEP FN DÓSDVMPT $BEB DÓSDV MP WBMF VNB QPOUVBÎÍP EJGF SFOUF F RVFN TPNB NBJT QPO UPT WFODF
QBOEP EB "DBEFNJB EP UJSP POEF BT EVBT ÞMUJNBT GVJ DBNQFÍP EFDJ EJ EBS P QSØYJNP QBTTP RVF FSB NF QSPĕTTJPOBMJ[BS F QBSUJDJQBS EB $#5& $BNQFPOBUP #SBTJMFJSP EF 5JSP &TQPSUJWP 1BSB DIFHBS Ë ĕOBM EP DBNQFPOBUP TÍP SFBMJ[B EBT OP UPUBM QSPWBT BOVBMNFO UF POEF BT QJPSFT TÍP EFTDBSUB EBT F BT NFMIPSFT TÍP BQSPWFJUB EBT QBSB GB[FS VNB NÏEJB RVF TPNB DPN B ĕOBM RVF Ï QFTP " ÞMUJNB Ï SFBMJ[BEB OP 3JP EF +BOF JSP OP $.5& $FOUSP .JMJUBS EF 5JSP &TQPSUJWP )PKF FN EJB BQØT EPJT BOPT QBSUJDJQBOEP EB $#5& TPV CJDBNQFÍP CSBTJMFJSP EF UJSP FTQPSUJWP DBUFHPSJB KÞOJPS TVC OB NPEBMJEBEF DBSBCJOB NJSB BCFSUB
4FDSFUBSJB EF &TQPSUF .VOJDJQBM DVMQB B DSJTF FDPOÙNJDB EP QBÓT QPS GBMUB EF BKVEB BP BUMFUB 0 +PSOBM FOGPDP FOUSPV FN DPOUBUP DPN B 4FDSFUBSJB EF $VMUVSB &TQPSUF &WFOUPT F 5VSJTNP EB DJEBEF QBSB USB[FS B DPOIFDJ NFOUP RVBJT PT JODFOUJWPT F BTTJTUÐODJB RVF P NVOJDÓQJP PGFSFDF F TF UJOIB DPOIFDJNFO UP EP BUMFUB -FPOBSEP F TFV UÓUVMP &N SFT QPTUB B %JSFUPSB EF &TQPSUFT "OB -FUÓDJB "SBÞKP DPOUB RVF P EFQBSUBNFOUP UFN BKV EBEP OP DVTUFJP EF BMHVOT BUMFUBT EF PVUSBT NPEBMJEBEFT QBSB DBNQFPOBUPT PV DFEFO EP IPSÈSJPT QBSB USFJOPT FN BMHVOT FTQBÎPT FTQPSUJWPT EP NVOJDÓQJP 3FDPOIFDF RVF OFN TFNQSF B DJEBEF DPOTFHVF BKVEBS B UPEPT F BMHVOT TBFN JOTBUJTGFJUPT F EFJYBN BUÏ EF QSPDVSÈ MPT " KVTUJĕDBUJWB Ï B iDSJTF FDPOÙNJDB FN RVF WJWFNPTw %J[ RVF OÍP TBCJB EB IJTUØSJB EP BUMFUB SFGFSJEP NBT RVF TFN EÞWJEB iFODIF EF PSHVMIP B DJEBEFw
5XD 5DLPXQGR GH 0RUDHV &HQWUR (GLItFLR - ' VDODV H &(3 %HOR -DUGLP 3( )RQH )D[ ( PDLO DVVHWDELOH#KRWPDLO FRP