HQIRFR EHORMDUGLP
$QR ;, 1ěPHUR RXWXEUR GH ŵ HG %HOR -DUGLP 3( H 5HJLÊR
(OHLomR UHDOL]DGD SHOR &RPGLFD GH %- GHÀQH FRQVHOKHLURV WXWHODUHV SDUD 'PUP 4JEOFZ 1FSFJSB 'PUP 4JEOFZ 1FSFJSB
$POTFMIP .VOJDJQBM EF %FGFTB EPT %JSFJUPT EB $SJBOÎB F EP "EP MFTDFOUF SFBMJ[PV QMFJUP OP EJB EF PVUVCSP QBSB FMFHFS OPWPT DPOTFMIFJSPT RVF BUVBSÍP B QBSUJS EP QSØYJNP BOP 0 NBOEBUP TFSÈ EF KBOFJSP EF BUÏ %FT DVCSB OFTUB FEJÎÍP FTQFDJBM DPNP GVODJPOB P USBCBMIP FN #FMP +BS EJN F RVFN GPJ P DBOEJEBUP NBJT WPUBEP EP $POTFMIP 5VUFMBS 7FKB UBNCÏN RVF B FMFJÎÍP GPJ BMWP EP .JOJTUÏSJP 1ÞCMJDP EF 1FSOBNCVDP $
$
7UDEDOKR H FULDWLYLGDGH SDUD YHQFHU R GHVHPSUHJR 'PUP 4JEOFZ 1FSFJSB
0T BMUPT ÓOEJDFT EF EFTFNQSFHP MPDBM UÐN GFJUP TVSHJS VNB POEB EF QFRVFOBT PDVQBÎÜFT JOGPSNBJT FN WÈSJPT QPOUPT EB DJEBEF (FOUF WFOEFOEP PT NBJT EJWFSTPT MBODIFT QBSB DPNQMFNFOUBS B SFOEB " GBMUB EF FNQSFHP BGFUB EJSFUBNFOUF NJDSPFNQSFFOEFEPSFT RVF TPCSFWJWFN EB WFOEB EF QSPEVUPT F TFSWJÎPT RVF PGFSFDFN &OUÍP B TPMVÎÍP Ï BRVFMB WFMIB EPTF FYUSB EF UBMFOUP F TVPS F BTTJN FNQSFFOEFS QBSB FOGSFOUBS B DSJTF %
$ ,%*( YDL UHDOL]DU HP PDLV XP &HQVR HP %HOR -DUGLP 2 ~OWLPR IRL HP
,)3( ODQoRX R HGLWDO GR 9HVWLEXODU 6HUmR RIHUWDGDV DR WRGR YDJDV HP FXUVRV
$
$ 6HVF /HU UHDOL]D 7RUQHLR GH )XWVDO QDV FDWHJRULDV % VXE VXE H VXE
*HUDO
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
$ %HOR -DUGLP $QR QŶ RXWXEUR ŵ HG GH 9HVWLEXODU ,)3(
&HQVR GR ,%*( HP
&N #FMP +BSEJN WBJ SFBMJ[BS NBJT VN $FOTP %FNPHSÈĕDP " ÞMUJNB QFTRVJTB SFBMJ[BEB QFMP *#(& *OTUJUVUP #SBTJMFJSP EF (FPHSBĕB F &TUBUÓTUJDB GPJ FN POEF TF DPOTUBUPV RVF #FMP +BSEJN QPTTVJ IBCJUBOUFT 0 QSØYJNP DFOTP TFSÈ SFBMJ[BEP FOUSF BHPTUP F PVUVCSP F P *OTUJUVUP QSFUFOEF WJTJUBS EPNJDÓMJPT F BMDBOÎBS VNB FTUJNBUJWB EF IBCJUBOUFT /P QSØYJNP BOP P *#(& BCSJSÈ VN QSPDFTTP TFMFUJWP QBSB WBHBT QBSB SFDFOTFBEPSFT TVQFSWJTPSFT F DPPSEFOBEPS EF TVCÈSFB 0 FEJUBM BJOEB OÍP GPJ EJTQPOJCJMJ[BEP QFMP ØSHÍP NBT B QSFWJTÍP Ï RVF P QSPDFTTP TFKB SFBMJ[BEP OPT NFTFT EF TFUFNCSP DPPSEFOBEPS DFOTJUÈSJP EF TVCÈSFB GFWFSFJSP BHFOUF DFOTJUÈSJP NVOJDJQBM F NBSÎP SFDFOTFBEPS $PN JOGPSNBÎÜFT EB 1.#+
6HVF /HU %HOR -DUGLP UHDOL]D 7RUQHLR GH )XWVDO
#FMP +BSEJN FTUÈ SFDFCFOEP BUÏ EF OPWFNCSP B $PQB 4FTD &TQPSUJWP EF 'VUTBM EF #FMP +BSEJN "T QBSUJEBT TÍP SFBMJ[BEBT OP HJOÈTJP EP 4FTD TFNQSF BPT EPNJOHPT 0 UPSOFJP Ï EFTUJOBEP ËT DBUFHPSJBT TVC TVC F TVC $BNQFÜFT F WJDFT SFDFCFSÍP USPGÏV F NFEBMIB 0 BDFTTP QBSB BTTJTUJS ËT QBSUJEBT Ï HSBUVJUP .BJT JOGPSNBÎÜFT %JWVMHBÎÍP
0 *OTUJUVUP 'FEFSBM EF &EVDBÎÍP $JÐODJB F 5FDOPMPHJB EF 1FSOBNCVDP *'1& MBOÎPV P FEJUBM EP 7FTUJCVMBS 4FSÍP PGFSUBEBT BP UPEP WBHBT FN DVSTPT UÏDOJDPT TVQFSJPSFT F EF &EVDBÎÍP EF +PWFOT F "EVMUPT 1SPFKB EJTUSJCVÓEPT OPT DBNQJ MPDBMJ[BEPT OPT NVOJDÓQJPT EF "CSFV F -JNB "GPHBEPT EB *OHB[FJSB #BSSFJSPT #FMP +BSEJN $BCP EF 4BOUP "HPTUJOIP $BSVBSV (BSBOIVOT *HBSBTTV *QPKVDB +BCPBUÍP EPT (VBSBSBQFT 0MJOEB 1BMNBSFT 1BVMJTUB 1FTRVFJSB 3FDJGF F 7JUØSJB EF 4BOUP "OUÍP "T JOTDSJÎÜFT DPNFÎBN OP EJB EF PVUVCSP F TFHVFN BUÏ P EJB EF OPWFNCSP 0 7FTUJCVMBS PGFSFDF DVSTPT UÏDOJDPT JOUFHSBEPT WPMUBEPT QBSB RVFN EFTFKB UFS VNB GPSNBÎÍP QSPĕTTJPOBM BMJBEB BP &OTJOP .ÏEJP 3FHVMBS F DVSTPT UÏDOJDPT TVCTFRVFOUFT RVF TÍP B PQÎÍP EF GPSNBÎÍP UÏDOJDB QBSB RVFN KÈ DPODMVJV P &OTJOP .ÏEJP )È UBNCÏN EPJT DVSTPT EF OÓWFM NÏEJP JOUFHSBEP BUSBWÏT EP 1SPHSBNB EF &EVDBÎÍP EF +PWFOT F "EVMUPT 1SPFKB EFTUJOBEPT BPT DBOEJEBUPT DPN NBJT EF BOPT RVF OÍP DPODMVÓSBN P &OTJOP .ÏEJP BMÏN EF DVSTPT TVQFSJPSFT 1BSB SFBMJ[BS B JOTDSJÎÍP P DBOEJEBUP EFWF BDFTTBS P TJUF EB $PNJTTÍP EF 7FTUJCVMBSFT F $PODVSTPT EP *'1& DWFTU JGQF FEV CS OP QFSÓPEP EF EF PVUVCSP B EF OPWFNCSP QSFFODIFS P GPSNVMÈSJP EF JOTDSJÎÍP F FNJUJS P CPMFUP (VJB EF 3FDPMIJNFOUP EB 6OJÍP o (36 QBSB P QBHBNFOUP EB UBYB EF JOTDSJÎÍP OP WBMPS EF 3 USJOUB SFBJT QBSB DVSTPT UÏDOJDPT F 3 DJORVFOUB F DJODP SFBJT QBSB DVSTPT TVQFSJPSFT 0 QBHBNFOUP EFWFSÈ TFS GFJUP FYDMVTJWBNFOUF OBT BHÐODJBT EP #BODP EP #SBTJM BUÏ P EJB EF OPWFNCSP "T QFTTPBT JOTDSJUBT OPT DVSTPT EB NPEBMJEBEF 1SPFKB FTUÍP BVUPNBUJDBNFOUF JTFOUBT EB UBYB "T QSPWBT TFSÍP SFBMJ[BEBT OP EJB EF EF[FNCSP " EJWVMHBÎÍP EP MJTUÍP EPT BQSPWBEPT FTUÈ QSFWJTUB QBSB P EJB EF KBOFJSP EF 1BSB NBJT JOGPSNBÎÜFT QFMP F NBJM WFTUJCVMBS!JGQF FEV CS PV QFMP TJUF XXX JGQF FEV CS
&LGDGH
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
$ %HOR -DUGLP $QR QŶ RXWXEUR ŵ HG GH
&RPGLFD GH %HOR -DUGLP HOHJH QRYRV &RQVHOKHLURV 7XWHODUHV SDUD %B SFEBÎÍP 4JEOFZ 1FSFJSB KPSOBMFOGPDPCK!HNBJM DPN
$
JODP DPOTFMIFJ S P T U V U F M B S F T GPSBN FMFJUPT F TFSÍP FNQPTTBEPT OP EJB EF KBOFJSP EF QBSB BUVBSFN OP NVOJDÓQJP 0 DPOTFMIFJSP "EFNJMUPO EPT 4BOUPT DPOIFDJEP DPNP -JMB SFDFCFV EPT WPUPT DPOUBCJMJ [BEPT F BTTJN PCUFWF TVB DMBTTJĕDBÎÍP EF QSJNFJSP MVHBS OP SBOLJOH EPT EF[ NBJT WPUBEPT " FMFJÎÍP PDPSSFV OP EJB EF PVUV CSP OP 'ØSVN .VOJDJQBM EF #FMP +BSEJN OP "HSFT UF EF 1FSOBNCVDP 0 NBO EBUP TFSÈ EF KBOFJSP EF BUÏ
NVOJDÓQJP QPS NFJP EP FTQPSUF &MF UFN VNB FTDP MJOIB EF GVUFCPM F RVF NBO UÏN DPN BKVEB EF GBNJMJB SFT F QFTTPBT WPMVOUÈSJBT RVF BDSFEJUBN OB USBOT GPSNBÎÍP EB TPDJFEBEF QPS NFJP EB PQPSUVOJEBEF F WBMPSJ[BÎÍP EPT KPWFOT CSBTJMFJSPT $PN TVB FTDPMB WJTB SFTHBUÈ MPT EP BMDPPMJTNP ESPHBT F EB QSPTUJUVJÎÍP &N WFODFV TVB QSJ NFJSB FMFJÎÍP Q BSB P ØSHÍP TFOEP P UFSDFJSP NBJT WPUBEP +È FN GPJ SFFMFJUP F SFDFCFV NBJPS OÞNFSP EF WPUPT "HPSB FN WFODF TVB UFSDFJSB FMFJÎÍP F TFSÈ FNQPTTBEP FN
-ÞDJB 4BMWBEPS 1SFTJEFOUF EP $PNEJDB EF #+
% F B D P S E P D P N -ÞDJB 4BMWBEPS BUVBM 1SF TJEFOUF EP $PNEJDB $PO TFMIP .VOJDJQBM EF %FGFTB EPT %JSFJUPT EB $SJBOÎB F EP "EPMFTDFOUF FTTF QMFJ UP BQFOBT BDPOUFDFV DPN BQPJP EP 1PEFS &YFDVUJWP .VOJDJQBM BUSBWÏT EF TVBT TFDSFUBSJBT FOUSF FMBT "ÎÍP F %FTFOWPMWJNFOUP 4PDJBM (FTUÍP 1ÞCMJDB 4BÞEF F &EVDBÎÍP F 5FD OPMPHJB RVF BKVEBSBN OB QBSUF EF PSHBOJ[BÎÍP F MPHÓTUJDB EP QSPDFTTP FMFJ UPSBM KÈ RVF OP EJB EB WPUB ÎÍP IPVWF VN HSBOEF OÞNFSP EF FMFJUPSFT "EFNJMUPO -JMB UFN BOPT GPSNBEP FN DPOUBCJMJEBEF F BOUFT EF TFS DPOTFMIFJSP KÈ QSPNP WJB BÎÜFT TPDJBJT F GB[ JTUP IÈ BOPT GPDBOEP OB FEVDBÎÍP EF KPWFOT OP
0T DPOTFMIPT NVOJ DJQBM F UVUFMBS TPGSFN DPN B GBMUB EF WFSCBT F QPS JTTP BDBCBN GB[FOEP VN TFSWJ ÎP MJNJUBEP FOUSFUBOUP GB[FN TFVT USBCBMIPT DPN FĕDÈDJB .BT QPEFSJBN GB[FS NBJT QFMBT DSJBOÎBT F KPWFOT EF #FMP +BSEJN TF UJWFTTFN NBJT SFDVSTPT DPNP QPS FYFNQMP TF EB BSSFDBEBÎÍP EP NVOJ DÓQJP BJOEB GPTTF EFTUJOB EP QBSB P USBCBMIP DPNP PDPSSJB FN PVUSBT HFTUÜFT BOUFSJPSFT NBT RVF BUVBM NFOUF OÍP BDPOUFDF i$PNP NFUB FTQFSP RVF FN P DPOTFMIP QPTTB BUJOHJS RVBMJEBEF OÍP TØ OB BTTJTUÐODJB RVF IBKB NBJT NFMIPSBT BTTJN DPNP OB BTTJTUÐODJB EBEB BP DPOTFMIP UBOUP QFMP $PNEJDB RVBOUP QFMB HFT UÍP NVOJDJQBM 2VF DBQB
'PUPT 4JEOFZ 1FSFJSB
DJUF PT DPOTFMIFJSPT QSJO DJQBMNFOUF PT OPWPT w EJTTF -JMB BP TFS FOUSFWJT UBEP 0SHBOJ[BÎÍP F USBCBMIP 0 $PNEJDB Ï RVF GB[ B HFT UÍP EBT WFSCBT TFKBN WJO EBT EP NVOJDÓQJP PV EPB ÎÜFT EF PVUSBT JOTUJUVJ ÎÜFT BQMJDBOEP BT FN QSP KFUPT TPDJBJT RVF UÐN OFYP DPN BÎÜFT RVF P DPOTFMIP UVUFMBS SFBMJ[B F RVF DPMB CPSFN DPN B FEVDBÎÍP QSPNPWFOEP CFN FTUBS BT DSJBOÎBT F KPWFOT 1SPKFUPT FTUFT RVF TÍP FODBNJOIB EPT BPT DPOTFMIPT QBT TBOEP QPS BOÈMJTF DSJUFSJP TB BUÏ TFSFN BQSPWBEPT F UFSFN BDFTTP BP JODFOUJWP .VJUBT EBT BÎÜFT GFJUBT QFMPT DPOTFMIPT TÍP QBMFTUSBT EF DPOTDJFOUJ[B ÎÍP FN FTDPMBT F JOTUJUVJ ÎÜFT GPDBOEP CBTJDBNFO UF OP DPNCBUF EP BCVTP JOGBOUJM TFKB FMF TFYVBM PV EF USBCBMIP BMHP RVF JOGF MJ[NFOUF BDPOUFDF OP QBÓT F RVF OB SFHJÍP OPSEFTUF PDPSSF DPN NVJUB GSF RVÐODJB %F BDPSEP DPN MFWBOUBNFOUP GFJUP QFMB PSHBOJ[BÎÍP $IJMEIPPE #SBTJM FOUSF F P %JTRVF DBOBM EF E F OÞ O D J B T P ĕ D J B M E P .JOJTUÏSJP EB .VMIFS EB 'BNÓMJB F EPT %JSFJUPT )VNBOPT .%) SFHJT USPV EFOÞODJBT EF WJPMÐODJB TFYVBM DPOUSB DSJBOÎBT F BEPMFTDFOUFT 0 $POTFMIP .VOJ DJQBM $PNEJDB FYJTUF QBSB EJSFDJPOBS F ĕTDBMJ[BS P $POTFMIP 5VUFMBS FN TFVT BUFOEJNFOUPT BP QVCMJDP F OBT BUJWJEBEFT EF QSFWFOÎÍP OP JOUVJUP EF PSJFOUBS B QPQVMBÎÍP TPCSF TFVT EJSFJUPT F EFWF SFT UFOEP DPNP PCKFUJWP QSJODJQBM BTTFHVSBS RVF DSJBOÎBT F BEPMFTDFOUF EB DJEBEF TFKBN QSPUFHJEPT EF BDPSEP DPN OPSNBUJ
-JMB "EFNJMUPO WFODFV NBJT VNB FMFJÎÍP QBSB DPOTFMIFJSP F BTTVNJSÈ UFSDFJSP NBOEBUP FN
WBT RVF SFHFN P &$" o &TUBUVUP EB $SJBOÎB F EP "EPMFTDFOUF .11& WJV JSSFHVMBSJEB EFT EVSBOUF B DBNQBOIB /P EJB EF PVUVCSP EPJT EJBT BOUFT EB FMFJÎÍP B 1SP NPUPSJB EF +VTUJÎB EF #FMP +BSEJN JOHSFTTPV OB +VTUJ ÎB DPN RVBUSP BÎÜFT EF JNQVHOBÎÍP DPN QFEJEPT EF UVUFMBT EF VSHÐODJB SFRVFSFOEP Ë $PNJTTÍP &MFJUPSBM EP $PNEJDB B DBTTBÎÍP EP SFHJTUSP EPT DBOEJEBUPT 8JMMJBN EP $BSNP DPOIFDJEP DPNP 8JMMJBN EB $BSUFJSJOIB .BDJFM "MWFT EB 4JMWB "EF NJMUPO EPT 4BOUPT DPOIF DJEP DPNP -JMB F 7BMEFDJS 0NFOB $PTUB 1SPGFTTPS 7BMEFDJS 0T NPUJWPT TFHVO EP B QSPNPUPSB EF +VTUJÎB EB *OGÉODJB F +VWFOUVEF EF
$POTFMIFJSPT FMFJUPT F TFVT TVQMFOUFT o "EFNJMUPO EPT 4BOUPT o WPUPT o +PTFOJMTPO #BUBUB o WPUPT o .BDJFM "MWFT o WPUPT o 1SPGFTTPSB +BOBÓOB o WPUPT o 5JBHP &TDPUFJSP o WPUPT o 8BTIJOHUPO o WPUPT o 'BCJOIP $BCFMVEP o WPUPT o %PSHJWÉOJP o WPUPT o 8JMMJBN EB $BSUFJSJOIB o WPUPT o $MÈVEJP "MWFT o WPUPT
(;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
#FMP +BSEJN 4PQIJB 4QJ OPMB iPT DBOEJEBUPT UFSJ BN BEPUBEP QSÈUJDBT QSPJ CJEBT QFMB MFHJTMBÎÍP RVF SFHVMBNFOUB B FMFJÎÍP EF DPOTFMIFJSPT UVUFMBSFTw DPNP VTP iJOĘVÐODJB EF BHFOUFT QPMÓUJDPTw JODMVTJ WF DPN BKVEB EF iHSVQPT EF 8IBUT"QQw DVMNJOBO EP FN GBWPSFDJNFOUPT iEFTQSPQPSDJPOBJT BPT EFNBJT DBOEJEBUPTw F C PU BO E P F N YF RV F B iJHVBMEBEF EF DPOEJÎÜFTw 0 &OGPDP DPOWFS TPV DPN B BTTFTTPSJB EP .JOJTUÏSJP 1ÞCMJDP EF 1FS OBNCVDP RVF HBSBOUJV RVF P i1SPDFEJNFOUP " E N J O J T U S B U J W P O w FTUÈ FN BOEB NFOUP OP 5SJCVOBM EF +VT UJÎB EF 1FSOBNCVDP F P .11& BHVBSEB BDPMIJ NFOUP QPS QBSUF EB i$P NBSDB EF #FMP +BSEJNw
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
(FRQRPLD
I HQIRFR EHORMDUGLP MRUQDOHQIRFREM#JPDLO FRP
% %HOR -DUGLP $QR QŶ RXWXEUR ŵ HG GH
9HQGD GH ODQFKH DMXGD EHOR MDUGLQHQVHV QD FULVH D WHUHP UHQGD H OLGDU FRP GHVHPSUHJR
'PUP 4JEOFZ 1FSFJSB
%B SFEBÎÍP 4JEOFZ 1FSFJSB KPSOBMFOGPDPCK!HNBJM DPN
%
F B D P S E P D P N .JOJTUÏSJP EP 5SB CBMIP GPSBN EFNJUJ EBT QFTTPBT FN #FMP +BS EJN 0 MFWBOUBNFOUP GFJUP EF KBOFJSP BUÏ TFUFNCSP EF Ï EP $"(&% o $BEBTUSP (FSBM EF &NQSFHBEPT F %FTFNQSFHB EPT " GBMUB EF FNQSFHP BGFUB EJSFUBNFOUF NJDSPFN QSFFOEFEPSFT RVF WFOEFN QSPEVUPT F TFSWJÎPT DPNP QSP ĕTTJPOBJT BVUÙOPNPT EB CFMF [B FOUSF PVUSPT 2VBOEP PT DMJFOUFT EFTUFT ĕDBN TFN USB CBMIP OÍP DPOTPNFN UBOUP F QPS RVFTUÜFT EF QSJPSJEBEF GPDBN TFVT HBTUPT OBT OFDFTTJ EBEFT CÈTJDBT 0T FNQSFHPT GPSNBJT F EFWJEBNFOUF SFNVOFSBEPT Ï RVF BRVFDFN P DPNÏSDJP EP NVOJDÓQJP 4FN USBCBMIPT GPS NBJT OÍP IÈ EJOIFJSP TPCSBO
+PTFGB WFOEF IPU EPHT OPT TBCPSFT GSBOHP F CPJ OB "W %FQVUBEP +PTÏ .FOEPOÎB #F[FSSB QSØYJNP BP #BODP *UBÞ
NBOUFS TFVT SFOEJNFOUPT &TTB Ï B TJUVBÎÍP EB NJDSPFNQSFFOEFEPSB +PTFGB 'FMJDJBOP 4BďSB BOPT RVF "SRVJWP 1FTTPBM *OTUBHSBN
)FMFO 'FSSFJSB F 4PSBZB 'FJUP[B WFOEFN MBODIFT WFHBOPT FN FWFOUPT
EP DPNP DPOTFRVÐODJB QPV DPT EFTUFT TFSWJÎPT TÍP DPOTV NJEPT BDBSSFUBOEP BP DPNÏS DJP F QSPĕTTJPOBJT MJCFSBJT QSFKVÓ[P P RVF PT GB[ CVTDBS BMUFSOBUJWBT EF FNQSFFOEFS F
UFN VN TBMÍP EF CFMF[B OP MPDBM RVF NPSB QPSÏN OP ÞMUJ NP BOP IPVWF VNB RVFEB OB RVBOUJEBEF EF DMJFOUFT FN TFV FTQBÎP F BDBCPV FNQSFFOEFO EP BP WFOEFS MBODIF i0 RVF
NF NPUJWPV B BCSJS FTTF DBDIPSSP RVFOUF GPJ B TJUVBÎÍP ĕOBODFJSB RVF FTUÈ NVJUP EFMJDBEB QSB UPEPT OØT "OUJ HBNFOUF TVTUFOUBWB DBTB QBHB WB FTDPMB EF NFOJOP UVEP EP TBMÍP IPKF FN EJB OÍP EÈ NBJT w GBMPV +PTFGB 1PS TVHFTUÍP F JEFJB EB ĕMIB FMB BCSJV CBSSBDB EF IPU EPH F FOYFSHPV OB WFOEB EF MBODIF VNB GPSNB EF DPNQMF NFOUBS SFOEB 0 JODFOUJWP TVSHJV OP QFSÓPEP EF GÏSJBT EB GBDVMEBEF EB ĕMIB RVF CVTDBWB HBOIBS EJOIFJSP OBRVFMF QFSÓPEP .BT OP EFDPSSFS EPT QSJNFJSPT NFTFT DPORVJTUB SBN DMJFOUFT ĕÏJT "UVBMNFOUF B SFOEB RVF BOUFT FSB FYUSB TF UPSOPV B QSJODJQBM &MBT SFBMJ [BN BT WFOEBT QSØYJNP EP #BODP *UBÞ OP $FOUSP OB "W %FQVUBEP +PTÏ .FOEPOÎB #F[FSSB F FN KVMIP DPNQMFUPV VN BOP EF TVBT BUJWJEBEFT
0VUSB TJUVBÎÍP CFN TFNFMIBOUF Ï B EB KPWFN )FMFO 'FSSFJSB &MB UFN BOPT FTUV EB .FDÉOJDB QFMP 4FOBJ $BSVB SV F KÈ BUVB DPNP KPWFN BQSFO EJ[ OB #BUFSJBT .PVSB 1BSB GB[FS VNB DPNQMFNFOUBÎÍP EF SFOEB F HBSBOUJS PT FTUVEPT FMB GB[ WFOEB EF MBODIFT " FTUV EBOUF SFBMJ[B TVBT WFOEBT FN FWFOUPT MPDBJT DPNP GFTUJWBJT F GFJSBT RVF BDPOUFDFN FN #FMP +BSEJN 0 FWFOUP NBJT SFDFOUF RVF GF[ GPJ OP 'FTUJWBM $PRVFUFM .PMPUPW FN TVB RVJOUB FEJÎÍP
OB DJEBEF )FMFO DPOUB DPN BVYJMJP EF TVB OBNPSBEB 4PSB ZB 'FJUP[B QVCMJDJUÈSJB QBSB WFOEFS MBODIFT WFHFUBSJB OPT DPNP Ï P DBTP EPT IBN CÞSHVFSFT F EPT 7FH %PHT DB DIPSSPT RVFOUFT WFHFUBSJBOPT i" HFOUF TFNQSF QFOTPV FN WFOEFS PT IBNCÞSHVFSFT NBT B JEFJB BJOEB OÍP UJOIB TBÓEP EP QBQFM NBT EFTTB WF[ EFDJEJNPT WFOEFS w EJTTF )FMFO &MBT UÐN DPNP IPCCJF DP[JOIBS F GB[FN EJTTP VNB BUJWJEBEF JOUFSFT TBOUF QBSB MVDSBS
'H DFRUGR FRP 0LQLVWpULR GR 7UDEDOKR IRUDP GHPLWLGDV SHVVRDV HP %HOR -DUGLP DWp R PrV GH VHWHPEUR
5XD 5DLPXQGR GH 0RUDHV &HQWUR (GLItFLR - ' VDODV H &(3 %HOR -DUGLP 3( )RQH )D[ ( PDLO DVVHWDELOH#KRWPDLO FRP