HQIRFR EHORMDUGLP
$QR ;, 1ěPHUR QRYHPEUR GH %HOR -DUGLP 3( H 5HJLÊR
3UR[LPLGDGH GDV IHVWDV GH ÀQDO GH DQR H SURPRo}HV DTXHFHP FRPpUFLR GH %- PDV VHP QRYRV HPSUHJRV 'JN EF BOP Ï VNB EBT ÏQPDBT NBJT FTQFSB EBT QFMB QPQVMBÎÍP EFWJEP BT GFTUBT EF /BUBM F 3ÏWFJMMPO 0T DPOTVNJEPSFT TF QMB OFKBN QBSB DPNQSBS QSPEVUPT FN MJRVJEB ÎÜFT EVSBOUF QFSÓPEP EB #MBDL 'SJEBZ -PKBT BUSBFN DMJFOUFT DPN FTUSBUÏHJBT RVF PGFSFDFN EFTDPOUPT ĘFYJCJMJEBEF OP QBHB NFOUP F OB GPSNB EF DPNQSB 0 TBMÈSJP F TBRVFT EP '(54 UBNCÏN BVNFOUBN B WPO UBEF EF BERVJSJS OPWPT QSPEVUPT P RVF BKVEB B FDPOPNJB MPDBM 0V TFKB P PUJNJT NP QFMP QFSÓPEP TF NBOUÏN "QFOBT BT WBHBT EF FNQSFHP OÍP BDPNQBOIBN FTUF CPN NPNFOUP "T MPKBT FTUÍP SFEV[JOEP P OÞNFSP EF GVODJPOÈSJPT F OÍP BVNFOUBO EP DPNP BDPOUFDF USBEJDJPOBMNFOUF FN OPWFNCSP F EF[FNCSP %
'PUP ,BUIBSZOF #F[FSSB
&ROHWLYR )HPLQLVWD 'HVDEURFKDU GLVFXWH 'LD GD &RQVFLrQFLD 1HJUD
%
'PUP 4JEOFZ 1FSFJSB
$
6ROLGDULHGDGH ,QVWLWXLo}HV TXH DFROKHP LGRVRV H FULDQoDV HP VLWXDomR GH YXOQHUDELOLGDGH HP %HOR -DUGLP SUHFLVDP GH DMXGD $
&LGDGH
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
$ %HOR -DUGLP $QR QŶ QRYHPEUR GH
'RH LWHQV H VHMD YROXQWiULR HP LQVWLWXLo}HV GH %HOR -DUGLP TXH DFROKHP LGRVRV H FULDQoDV HP YXOQHUDELOLGDGH 'PUPT 4JEOFZ 1FSFJSB
%B SFEBÎÍP 4JEOFZ 1FSFJSB KPSOBMFOGPDPCK!HNBJM DPN
#
FMP +BSEJN DPOUB DPN JOTUJUVJÎÜFT RVF SFBMJ[BN BDP MIJNFOUP OB DJEBEF FOUSF FMBT FTUÍP -BS &TQÓSJUB #F[FSSB EF .FOF[FT RVF BCSJHB F DVJEB EF JEPTPT F P -BS EF /JLPMBT RVF ĕDB SFTQPOTÈWFM QPS DSJBOÎBT F BEPMFTDFOUFT 4ÍP PSHBOJ[B ÎÜFT TÏSJBT RVF SFBMJ[BN FTTF TVQPSUF IÈ NVJUPT BOPT OP NVOJDÓQJP 0 -BS EPT *EPTPT GVO DJPOB IÈ NBJT EF BOPT F BCSJHB BUVBMNFOUF TFUFOUB F EVBT QFTTPBT RVF OFDFTTJ UBN EF BDPNQBOIBNFOUP FTQFDJBM F BUÏ DVJEBEPT EF QSPĕTTJPOBJT EB TBÞEF %F BDPSEP DPN .BSJB EB 1B[ 3BNPT $PPSEFOBEPSB FN NÏEJB TÍP HBTUBT DFN VOJ
EBEFT EF GSBMEBT HFSJÈUSJDBT QPS EJB VN DPOTVNP BMUP i'SBMEB UBNBOIP ( Ï VN JUFN RVF QPEF TFS EPBEP FN HSBOEF RVBOUJEBEF QPSRVF Ï P RVF NBJT VUJMJ[BNPT BRVJw EJTTF %B 1B[ 1PSÏN OÍP Ï BQFOBT JTUP FMFT QSFDJTBN UBNCÏN EF NBUFSJBM EF MJNQF[B QBSB NBOUFS B IJHJFOJ[BÎÍP EPT BNCJFOUFT F QSPEVUPT EF CFMF[B DPNP DPMÙOJB EFTP EPSBOUF IJESBUBOUF DPSQP SBM F TIBNQPP 4ÍP JUFOT CBT UBOUF ÞUFJT F RVF QSPNPWF SÍP CFN FTUBS BPT NPSBEP SFT 5PEPT TÍP BMJNFOUBEPT DPN UPEBT BT SFGFJÎÜFT CÈTJ DBT F MBODIFT OPT JOUFSWBMPT FOUSF BT SFGFJÎÜFT %FWJEP BP HSBOEF OÞNFSP EF NPSB EPSFT EPBÎÜFT EF BMJNFOUPT OÍP QFSFDÓWFJT TÍP TFNQSF OFDFTTÈSJPT
1BSB TFS WPMVOUÈSJP Ï TJNQMFT QSFDJTB BQFOBT QSF FODIFS VN DBEBTUSP OP MPDBM F DPNCJOBS DPN DPPS EFOBÎÍP B NBOFJSB EP WPMVOUBSJBEP CBTFBOEP TF F N T V B T I B C J M J E B E F T DPOIFDJNFOUPT F EJTQPOJCJ MJEBEF QBSB GFDIBS EJBT F IPSÈSJPT EF DPMBCPSBÎÍP 2VBMRVFS QFTTPB QPEF BKV EBS TFKB SFBMJ[BOEP BUJWJEB EFT EF SFDSFBÎÍP BQSFOEJ [BHFN PV BQFOBT WJTJUBOEP PT QBSB DPOWFSTBS F BKVEBS OPT QJRVFOJRVFT RVF TÍP SFBMJ[BEPT OP 1BSRVF EP #BNCV *TUP BDPSSF QBSB RVF FMFT TF NPWJNFOUFN F UFOIBN NPNFOUPT EF MB[FS GPSB EB DBTB &YJTUF VNB QSP HSBNBÎÍP TFNBOBM DPN BUJ WJEBEFT EFTUJOBEBT BPT NPSBEPSFT FMB Ï QSFQBSBEB
0 -BS EPT *EPTPT GVODJPOB IÈ BOPT F BUVBMNFOUF BDPMIF QFTTPBT
F NBOUJEB DPN BKVEB EF GVO DJPOÈSJPT F WPMVOUÈSJPT EP MPDBM 0 RVBESP EF QFTTPBM BUVBM EP -BS Ï DPNQPTUP QPS NBJT EF USJOUB QFTTPBT 0 BHFOEBNFOUP EF WJTJUB QPEF TFS GFJUP WJB UFMF GPOF OP TFHVJOUF OÞNFSP F P MBS ĕDB MPDBMJ[BEP OP CBJSSP #PN $POTFMIP OB "W /PTTB
4FOIPSB EP #PN $POTFMIP O " JOTUJUVJÎÍP UFN QFS ĕT OBT SFEFT TPDJBJT *OTUB HSBN F 'BDFCPPL !MBSEP TJEPTPTCFMPKBSEJN 1PS NFJP EFMBT WPDÐ QPEF DPO GFSJS VN QPVDP EP RVF BDPO UFDF QPS MÈ
"DPMIJNFOUP EF DSJBOÎBT F BEPMFTDFOUFT FN TJUVBÎÍP EF WVMOFSBCJMJEBEF 0 -BS EF /JLPMBT Ï VNB JOT UJUVJÎÍP EF BDPMIJNFOUP EF DSJBOÎBT FOUSF F BOPT DSJBEB FN TFUFNCSP EF " DSJBÎÍP EP FTQBÎP EF BDPMIJNFOUP GPJ QPS EFUFSNJOBÎÍP EP .JOJTUÏ SJP 1ÞCMJDP DSJBÎÍP RVF PDPSSFV DPN CBTF OB RVBO UJEBEF EF IBCJUBOUFT EP NVOJDÓQJP 4FHVOEP /J[JB 3 BNPT $ P PSEFOBEPSB (FSBM QPS MFJ Ï DSJBEB VNB VOJEBEF EF BDPMIJNFOUP B DBEB TFTTFOUB NJM IBCJUBO UFT QPS JTTP FYJTUFN DJEBEFT OB SFHJÍP DPN NBJT VOJEB EFT # B T F B O E P T F O P OÞNFSP EB QPQVMBÎÍP EF #FMP +BSEJN BDJNB EF NJM IBCJUBOUFT TF GF[ OFDFTTÈSJP BQFOBT VNB DBTB EF BDPMIJNFOUP "T DSJBOÎBT DIFHBN BP MBS QPS FODBNJ OIBNFOUP EP $POTFMIP 5VUFMBS 2VBOEP DPOTFMIP SFDFCF EFOÞODJB EF NBVT USBUPT PV BCBOEPOP EF DSJ BOÎBT FMFT SFBMJ[BN BWFSJ HVBÎÍP EP DBTP F RVBOEP DPOTUBUB RVF IPVWF WÓUJ NB T EJSFDJPOBN BP -BS EF
/J[JB 3BNPT Ï B $PPSE (FSBM EP -BS EF /JLPMBT JOTUJUVJÎÍP DSJBEB FN
/JLPMBT F FTUF T SFDFCF N DVJEBEPT OFDFTTÈSJPT i"DPMIJNFOUP Ï P ÞMUJ NP DBTP EF UPEP FTTF QSP DFTTP RVF WFN EF EFOÞODJ BT 0 DPOTFMIP UVUFMBS Ï B QPOUB FMF WFSJĕDB TF UFWF QSPCMFNB QSFQBSB SFMBUØSJP QSP .JOJTUÏSJP 1ÞCMJDP RVF EFQPJT Ï FODBNJOIBEP BP 5+ F EFQPJT Ï BVUPSJ[BEP P SFDPMIJNFOUP EBT DSJBOÎBTw JOGPSNPV *[BCFM .VOJ[ 1TJDØMPHB *OGFMJ[NFOUF VTP EF ESPHBT MJDJUBT F JMÓDJ UBT QFMPT QBJT F PV SFTQPO TÈWFJT MFHBJT Ï VN EPT DBV TBEPSFT EP EFTFRVJMÓCSJP OP BNCJFOUF GBNJMJBS EBT DSJ BOÎBT
" DBTB BCSJHB BUVBM NFOUF EF[FTTFJT DSJBOÎBT EF EJGFSFOUFT JEBEFT F QPS FTUB SB[ÍP TÍP OFDFTTÈSJBT WJOUF F USÐT QFTTPBT USBCBMIBOEP OP BNCJFOUF RVF DPOWJWFN 7BMF SFTTBMUBS RVF OFN UPEBT BT DSJBOÎBT RVF FTUÍP BCSJHBEBT OP MBS FTUFKBN FN TJUVBÎÍP EF BEPÎÍP %FQFO EF NVJUP EP DBTP BUÏ QPS RVF BOUFT RVF IBKB VNB EFT UJUVJÎÍP B JOTUJUVJÎÍP KVOUB NFOUF DPN UPEB SFEF NVOJ DJQBM F ØSHÍPT QÞCMJDPT UÐN DPNP PCKFUJWP BMÏN EP BDP MIJNFOUP F EBS TVQPSUF WJTBN SFJOUFHSÈ MPT BT TFVT OÞDMFPT GBNJMJBSFT QPS FTUF NPUJWP Ï GFJUP VN BDPNQB
OIBNFOUP EF DBEB JOEJWJ EVP QPS VN QFSÓPEP RVF PDPSSF EFOUSP EF EJBT PV BMHP NBJT MPOHP DIFHBO EP IÈ BOPT 5JWFSBN DBTPT FN RVF QBTTPV BOPT BUÏ RVF BMHVOT FTUJWFTTFN FN TJUVB ÎÍP BQSPQSJBEB QBSB BEP ÎÍP VN DBTP RVF DIFHPV IÈ PJUP BOPT & DPNP UPEPT PT NPSBEPSFT EP MBS TÍP SFT HVBSEBEPT QPS MFJ B WJTJUB Ë JOTUJUVJÎÍP UPSOB TF WJÈWFM FN DBTPT EF SFBM OFDFTTJEB EF $BTP FTUFKB WJTBOEP BEP UBS VNB DSJBOÎB Ï QSFDJTP DPOUBUBS .JOJTUÏSJP 1ÞCMJ DP QSFFODIFS DBEBTUSP OBDJ POBM F EFQPJT WFSJĕDBS EJT QPOJCJMJEBEF EF DSJBOÎBT RVF FTUFKBN EFTUJUVÓEBT F EFOUSP EBT DPOGPSNJEBEFT EF BEPÎÍP $PN BKVEB EF QBSDFJ SPT F FNQSFTÈSJPT MPDBJT PT NPSBEPSFT EP /JLPMBT !MBSEFOJLPMBT QPEFN UFS EJSFJUP B NBUFSJBM FTDPMBS DVJEBEPT QFTTPBJT DPSUF EF DBCFMP F NPNFOUPT EF MB[FS GPSB EB JOTUJUVJÎÍP 4ÍP TFNQSF CFN WJOEPT DPMB
(;3(',(17( 'LUHWRULD ([HFXWLYD 6LOYDQD *DOYÊR 'LUHWRUD ([HFXWLYD 'HSDUWDPHQWR &RPHUFLDO $OFLQHLGH 6DQWRV
'HSDUWDPHQWR GH -RUQDOLVPR xULND 7UDYDVVRV -RUQDOLVWD HGLWRUD '57 3(
6LGQH\ 3HUHLUD 5HSĂUWHU 'LDJUDPD×ÊR H UHGHV VRFLDLV #HWFRPXQLFDFDR
)$/( &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
CPSBEPSFT QBSB FTTBT RVFT UÜFT RVF WÍP BMÏN EBT OFDFTTJEBEFT CÈTJDBT FTUBT RVF TÍP FTTFODJBJT OB DPO TFSWBÎÍP EB BVUPFTUJNB EBT DSJBOÎBT RVF NFTNP OVNB GBTF EJGÓDJM BDBCBN UFOEP BDFTTP Ë FEVDBÎÍP BPT DVJ EBEPT EF TBÞEF F EJWFSTÍP EFOUSP F GPSB EP MBS 5PEPT FTTFT FTGPSÎPT WJTBN SFT HVBSEÈ MPT BP NÈYJNP F BKVEÈ MPT OB TVB GPSNBÎÍP EF DJEBEÍP "T WJTJUBT QPEFN TFS BHFOEBEBT WJB UFMFGPOF 6N F NBJM UBNCÏN QPEF T F S V T B E P M B S E F O J L P MBT!PVUMPPL DPN -FN CSBOEP RVF EPBÎÜFT QPEFN TFS GFJUBT QFMPT NFTNPT DPO UBUPT
(QIRFR GLJLWDO
/HLD WRGDV DV HGLץHV GD YHUVÊR GLJLWDO GR -RUQDO (QIRFR WRWDOPHQWH JUDWXLWR
(FRQRPLD
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
% %HOR -DUGLP $QR QŶ QRYHPEUR GH
&RPpUFLR GH %HOR -DUGLP ÀFD DTXHFLGR HP QRYHPEUR FRP SUR[LPLGDGH GDV IHVWDV GH ÀP GH DQR 'PUP 5BSDÓTJP .PVSB
%B SFEBÎÍP 4JEOFZ 1FSFJSB KPSOBMFOGPDPCK!HNBJM DPN
-
PKBT EF DBMÎBEPT WFTUVÈSJP F NBUFSJ BJT EF DPOTUSVÎÍP WFOEFN NBJT OFTUB ÏQPDB EP BOP .VJUP EFTUBT WFO EBT EFWF TF BP SFDFCJNFO UP EP TBMÈSJP F BUÏ NFTNP EP TBRVF EP '(54 /P NÐT EF OPWFNCSP BT FNQSFTBT EF NPEP HFSBM UÐN VN BVNFOUP OBT WFO EBT JTUP BDPOUFDF QPSRVF PT CFMP KBSEJOFOTFT BDB CBN UFOEP EJOIFJSP FYUSB OFTUF QFSÓPEP .B T U BNC Ï N B P HSBOEF OÞNFSP EF QSPNP ÎÜFT F WBOUBHFOT RVF PT DMJFOUFT FODPOUSBN BQFOBT OFTUB ÏQPDB QPSRVF PT QSP EVUPT ĕDBN NBJT BDFTTÓWF JT OB i#MBDL 'SJEBZw UFSNP FN JOHMÐT RVF TF QPQVMBSJ [PV F WJSPV TJOÙOJNP EF NFHB EFTDPOUP "P JOWÏT EF TFS VNB FTUSBUÏHJB VTBEB BQFOBT OVNB TFYUB GFJSB QPOUVBM PT DPNFSDJ BOUFT MPDBJT BEPUBSBN FTTB NFEJEB QSPNPDJPOBM BQMJ DBOEP B OP NÐT EF OPWFN CSP JOUFJSP +VTUBNFOUF QPS BOUFDFEFS BT GFTUBT EF /BUBM F 3ÏWFJMMPO GB[FOEP DPN RVF B QPQVMBÎÍP QPTTB TF QMBOFKBS DPN BOUF DFEÐODJB F HBSBOUJS TVBT DPNQSBT TFN EJĕDVMEBEFT $ P O T V N J E P S E F #FMP +BSEJN QPEF FODPO USBS JUFOT EF WFTUVÈSJP DPNP TBQBUP TBOEÈMJB DBNJTB DBMÎB KFBOT F SPVQB JOUJNB DPN EFTDPOUPT RVF WÍP EF BUÏ 1PSÏN FTTF EFTDPOUP WBJ EFQFO EFS EP FTUBCFMFDJNFOUP F EBT QFÎBT RVF FTUFKB CVT DBOEP DPNQSBS 0T EPOPT EB -PKB 5 .PVSB .BHB[JOF TBCFN BQSPWFJUBS CFN FTTBT GFTUJ WJEBEFT QBSB WFOEFSFN NBJT 2VBOEP EF[FNCSP TF BQSPYJNB FMFT MFWBN CFN NBJT Ë TÏSJP FTUÏUJDB F PSOBNFOUBÎÍP EB MPKB &OUSBN FN UPUBM DMJNB EF /BUBM F USB[FN OPWJEBEFT FN QFÎBT QBSB BHSBEBS DMJFOUF EF HÐOFSPT F JEBEFT EJTUJOUBT &OUSFUBOUP QPS UFSFN VNB QFHBEB NBJT
-PKB EF SPVQBT PGFSFDF DPNCP EF QSPEVUPT DPN QSFÎPT BDFTTÓWFJT
KPWFN TFV QÞCMJDP BMWP ĕDB OB GBJYB FUÈSJB EPT BPT BOPT " T T J N B D B C B N JOWFTUJOEP NBJT FN WFTUJ EPT KFBOT NBJT USBCBMIB EPT DBMÎBT TIPSUT F CMV TBT EJGFSFODJBEBT QBSB BT NVMIFSFT +È OP DBTP EPT IPNFOT FMFT USPVYFSBN CMB[FST QFÎB NBTDVMJOB RVF OÍP DPOTUBWB FN FTUP RVF 0T SBQB[FT DSJBSBN VN KFJUP EF WFOEB BHSFHB EB PGFSFDFOEP DPNCPT EF QSPEVUPT DPNP PQÎÍP EF QSFTFOUF TÍP FYFNQMPT
EP DPNQBSB DPN PVUSPT QFSÓPEPT /B 33 $BMÎBEPT WPDÐ QPEF DPNQSBS QFÎBT NBTDVMJOBT F GFNJOJOBT DPN BUÏ EF EFTDPOUP " MPKB UFN VNB QSPNPÎÍP GBNPTB OB RVBM DMJFOUFT DPNQSBN QBSDFMBEP DBS OÐ F QBHB QSJNFJSB QBSDFMB DPN EJBT %F BDPSEP DPN $FMTP .BSUJOT HFSFO UF EB MPKB EB 1SBÎB EB $PO DFJÎÍP OFTUF QFSÓPEP FMFT PCUÐN VN BVNFOUP OBT WFOEBT DPN BKVEB EBT QSP NPÎÜFT RVF BUJWBN QBSB 'PUP 4JEOFZ 1FSFJSB
$BMÎBEP Ï VN EPT JUFOT NBJT QSPDVSBEPT QBSB BT GFTUJWJEBEFT
CÈTJDPT DBSUFJSB CPOÏ F DBNJTB QBSB IPNFOT F ØDV MPT EF TPM CPMTB F CMVTBT QBSB NVMIFSFT 7FTUJNFO UBT OPT UPOT UFSSPTPT F OB DPS CSBODB FTUBSÍP FN BMUB 1PS NFJP EP *OTUSB HSBN !UNPVSBNBHB[J OF@ FMFT EJWVMHBN F WFO EFN QBSB NBJT EF NJM TFHVJEPSFT ćJBHP .PVSB JOGPSNB RVF FTUÍP DPOTF HVJOEP DIFHBS BUÏ EF BVNFOUP OBT WFOEBT RVBO
MJRVJEBS TFV FTUPRVF DPMP DBOEP QSPEVUPT OB #MBDL 'SJEBZ F FTUSBUÏHJB WFN TVSUJOEP CPN FGFJUP "QFTBS EBT CPBT FTUSBUÏHJBT RVF PT DPNFSDJ BOUFT GB[FN QBSB NBOUFS TFVT OFHØDJPT F BUJOHJS VN QPVDP EF BVNFOUP OBT WFO EBT OFTUF ĕOBM EF BOP JTTP OÍP DPOUSJCVJV QBSB BT DPO USBUBÎÜFT /P DBTP EB 33 $ B M Î B E P T I P V W F V N B RVFEB EF EF DPOUSBUB
EPT EB FNQSFTB $POGPSNF EBEPT EP *#(& UFWF VN BVNFOUP EF EFTFNQSFHB EPT OP #SBTJM EF BDPSEP DPN USJNFTUSF EF OP RVBM DIFHPV B P ÓOEJDF EF EFTFNQSFHP .BT OÍP Ï BMHP RVF TF BQMJDB FYDMVTJWBNFOUF B FMFT 0VUSB FNQSFTB RVF OÍP SFBMJ[PV OPWBT DPOUSB U B Î Ü F T N F T N P D P N BVNFOUP OBT WFOEBT Ï B &TRVBESJWJESPT F 'FSSB HFOT FMFT WÐN NBOUFOEP RVBESP EF GVODJPOÈSJPT IÈ USÐT BOPT 0 FNQSFTÈSJP &VEPSJDP -VDFOB QSPQSJF UÈSJP EB FNQSFTB SFĘFUF RVF iB DSJTF FDPOÙNJDB RVF P QBÓT FOGSFOUB OPTTB FNQSFTB UBNCÏN FTUÈ FOGSFOUBOEPw & MF UBNC ÏN OPT JOGPSNPV RVF Ï DPNVN TFVT DMJFOUFT SFBMJ[BSFN QFRVFOBT PCSBT F SFGPSNBT OFTUF QFSÓPEP 3FGPSNB OB GBDIBEB EF DBTB HFSBMNFO UF Ï P NBJT DPNVN QPJT FMFT DPNQSBN QPSUÜFT EF BMVNÓOJP P JUFN RVF Ï VN EPT NBJT WFOEJEPT QFMB FNQSFTB /P RVFTJUP PCSB VN EPT OPTTPT MFJUPSFT GF[ EJGF SFOUF QSFGFSJV VTBS P EJOIFJSP EP TFV '(54 QBSB DPOTUSVJS VN SFTFSWBUØSJP EF ÈHVB FN TVB OPWB DBTB QPJT P RVF VTB UFN QPVDB DBQBDJEBEF EF BSNB[FOB NFOUP BQFOBT VN NJM MJUSPT i&TUPV GB[FOEP BHPSB QPSRVF BDIFJ NBJT WJÈWFM BDBCFJ EF TBJS EP
NFV USBCBMIP F BQSPWFJUFJ RVF JB TBDBS '(54 KVOUP DPN BT DPOUBT TFSJB VN CPN WBMPS QSB GB[FS VN CPN SFTFS WBUØSJP /P MVHBS POEF NPSBNPT <FMF F FTQPTB> Ï NVJUP JNQPSUBO UF UFS CPN SFTFSWBUØSJP w EJTTF -JOEPWBM -JEFSÎP &MF GF[ NVJUP CFN FN SFB MJ[BS B DPOTUSVÎÍP EB DJT UFSOB OP "HSFTUF EF 1FS OBNCVDP FTTB RVFTUÍP EF EJTUSJCVJÎÍP EF ÈHVB Ï BMHP CFN DPNQMFYP BJOEB NBJT EFQFOEFOEP EB DJEBEF F CBJSSP RVF NPSB "OBMJTBOEP DPNÏS DJP MPDBM BT FNQSFTBT FTUÍP TF FTGPSÎBOEP NBJT QBSB NBOUFS DMJFOUFT F RVBESP EF GVODJPOÈSJPT "T WFOEBT OÍP TÍP DPOTUBOUFT DPNP BOPT BUSÈT F B DMBTTF EF USB C B M I B E P S F T F O D P O U S B NBJPS EJĕDVMEBEF EF DPO TFHVJS F NBOUFS FNQSFHP FN #FMP +BSEJN 1PS DPO TFRVÐODJB EB FTDBTTF[ EF USBCB MIP UP EPT FTU ÍP TFOEP NBJT DPOTDJFOUFT DPN HBTUPT F JOWFTUFN BQF OBT FN DPJTBT OFDFTTÈSJBT
VDODULR H VDTXHV GR )*76 YmR DMXGDU QDV FRPSUDV GH ÀP GH DQR
&XOWXUD
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
% %HOR -DUGLP $QR QŶ QRYHPEUR GH
3UHFLVDPRV IDODU VREUH R 'LD GD &RQVFLrQFLD 1HJUD WRGRV RV GLDV ,BUIBSZOF #F[FSSB FTQFDJBM QBSB P +PSOBM &OGPDP
/
P ÞMUJNP EJB DFMFCSBNPT P %JB EB $POTDJÐODJB
/FHSB /P FOUBOUP GBMBS TPCSF B IJTUØSJB EP QPWP OFHSP TVBT DVMUVSBT F SFMJHJ PTJEBEF EFWF TFS VNB QSÈUJDB DPOTUBOUF %JBOUF EFTTB QFST QFDUJWB P $PMFUJWP 'FNJOJT UB %FTBCSPDIBS FN QBSDFSJB DPN P 4FTD -FS QSPNPWFV VN FWFOUP FN #FMP +BSEJN WPMUBEP QBSB P QPWP P OFHSP DPMPDBOEP P DPNP EFTUBRVF OBT SPEBT EF DPOWFSTBT F BQSFTFOUBÎÜFT i0 'FTUJWBM .PKVCÈ WFJP DPNP VN HSBOEF EFTB ĕP QSB NJN NVMIFS SFDÏN JEFOUJĕDBEB DPNP OFHSB KVTUBNFOUF QPS BDIBS RVF FV OÍP UFSJB MVHBS EFOUSP EFTTB EJTDVTTÍP BJOEB .BT QPS TBCFS RVF FN #FMP +BSEJN OÍP IÈ OBEB TFOEP GFJUP TPCSF FTTB UFNÈUJDB UÍP OFDFTTÈSJB Ï RVF KVOUBNFOUF DPN NJOIBT DPNQBOIFJSBT EFTFOWPMWFNPT FTTF QSPKFUPw
FYQMJDB VNB EBT JOUFHSBOUFT EP $PMFUJWP *BODB 1FSFJSB 0 FWFOUP DPOUPV DPN VNB QSPHSBNBÎÍP EFTDFO USBMJ[BEB QBSUJOEP QBSB EJT DVSTÜFT FN FTDPMBT QÞCMJDBT NVOJDJQBJT F FTUBEVBJT "OUF OPS 7JFJSB &TDPMB EF 3FGF SÐODJB FN &OTJOP .ÏEJP &SFN &EVDBÎÍP EF +PWFOT F "EVMUPT EP 4ÍP 1FESP &+" F $&. GPSBN BT JOTUJ UVJÎÜFT RVF SFDFCFSBN BT JOUFHSBOUFT EP %FTBCSPDIBS i4PNPT VN DPMFUJWP GFNJOJTUB RVF FOUFOEF PT SFDPSUFT TPDJBJT EB NVMIFS OB TPDJFEBEF F OÍP QPEFSÓB NPT EFJYBS EF GBMBS TPCSF B $POTDJÐODJB /FHSB *NQPSUB B OØT DPNP BT NFOJOBT OFHSBT TÍP USBUBEBT OB FTDP MB DPNP BT NVMIFSFT OFHSBT FTUÍP JOTFSJEBT OP NFSDBEP EF USBCBMIP DPNP TÍP TVCKV HBEBT EJBOUF EF VNB TPDJF EBEF NBDIJTUB F SBDJTUBw EFT UBDB *BODB "MÏN EBT DPOWFSTBT OBT FTDPMBT P FWFOUP UBN CÏN DPOUPV DPN EPJT EJBT EF QSPHSBNBÎÍP DVMUVSBM /P QSØQSJP EJB B DBTB EP
(SVQP $VMUVSBM # PJ EB (FOUF GPJ QBMDP QBSB FYQPTJ ÎÜFT FYJCJÎÍP EF EPDVNFO UÈSJP EFCBUF DPN B UFNÈUJDB i1PWP OFHSP DPOUF TVB IJT UØSJBw F BQSFTFOUBÎÍP EF UFB USP i'PJ VN NPNFOUP NVJUP JNQPSUBOUF QPSRVF TÍP FTUSBUÏHJBT EF BRVJMPN CBNFOUP TÍP SFVOJÜFT RVF B HFOUF QPEF VTBS DPNP FTUSB UÏHJB QBSB TF GPSUBMFDFS EJT DVUJS MJUFSBUVSB GBMBS TPCSF B WJEB ² VN NPNFOUP EF GBMB NBT TPCSFUVEP EF FTDVUB F BDPMIJNFOUP & TÍP FTTFT NPNFOUPT RVF GB[FN DPN RVF B HFOUF WÈ EFTQFSUBOEP QFRVFOBT DVSBT EFOUSP EB HFOUF QBSB TFHVJS CFN F GFMJ[ OB WJEBw DPOUB B QPFUB -VOB 7JUSPMJSB RVF DPNQÙT B NFTB EF EFCBUF OB OPJUF EF RVBSUB GFJSB +È P FODFSSBNFOUP TF EFV OP 1BSRVF EP #BNCV USB[FOEP NBJT VNB WF[ P QPWP OFHSP QBSB P DFOUSP EBT BUSBÎÜFT " $BQPFJSB EP .FT USF ;Ï EP #PMB JOJDJPV BT BQSF TFOUBÎÜFT TFHVJEB EB DBOUP SB .BÏWF 0MJWFJSB F EP
'PUP ,BUIBSZOF #F[FSSB
'BMBS TPCSF B $POTDJÐODJB /FHSB Ï NPTUSBS DPNP NFOJOBT F NVMIFSFT OFHSBT TÍP USBUBEBT OB TPDJFEBEF
(SVQP $VMUVSBM #PJ EB (FO UF i5FN RVF TFS BTTJN UFN RVF MVUBS NFTNP PDV QBS PT FTQBÎPT F NPTUSBS RVF OØT TPNPT GPSUFT /ÍP QPEF NPT BCBJYBS B DBCFÎB OVODB /ØT TPNPT HVFSSFJSPT F OVODB WBNPT EFTJTUJSw SFT TBMUB P QSPGFTTPS F DBQPFJSJT UB .FTUSF ;Ï EP #PMB *BODB 1FSFJSB UBN CÏN FOGBUJ[B B JNQPSUÉODJB EP QSPKFUP i1BSB OØT F QBSB RVFN QBSUJDJQPV EB QSPHSB NBÎÍP FTTF 'FTUJWBM UFWF VN JNQBDUP QPTJUJWP NVJUP HSBO EF NPWJNFOUBNPT BSUJTUBT F BV U Ù O P N P T E B D J E B E F EFNPT WP[ B QSPKFUPT TPDJBJT BJOEB JOWJTJCJMJ[BEPT QFMP
QPEFS QÞCMJDP F USPVYFNPT P EFCBUF SBDJBM QBSB P GPDP DBVTBOEP JORVJFUVEF F EFT DPOGPSUP OFDFTTÈSJPT FN RVFN FTUFWF DPOPTDP F EF GPSNB NVJUP QBSUJDVMBS FN OØT NVMIFSFT OFHSBT EFTUF DPMFUJWP RVF FTUJWFNPT B GSFO UF FN BMHVNBT TJUVBÎÜFT ² VN QSPKFUP RVF UFN UVEP QBSB HBOIBS WJEB BMÏN EP NÐT EF OPWFNCSP F SFOEFS CPOT GSVUPT w
5XD 5DLPXQGR GH 0RUDHV &HQWUR (GLItFLR - ' VDODV H &(3 %HOR -DUGLP 3( )RQH )D[ ( PDLO DVVHWDELOH#KRWPDLO FRP