M Laguna, oct/2018

Page 1

683/(0(172 0(168$/

2&78%5(

(175(9,67$ (O GH OD HQHUJยญD TXH FRQVXPD /$/$ HQ VHUยก OLPSLD (GXDUGR 7ULFLR &2/801$ (GXDUGR +ROJXยญQ /$*81$

COAHUILA Y DURANGO A LA VANGUARDIA

LA ENERGร A, Mร S VERDE QUE NUNCA

526$ 0$5ย $ 52'5ย *8(= -$662 /RV ELRFRPEXVWLEOHV D OD PDQR GHO PH[LFDQR D SDUWLU GH

52*(/,2 0217(0$<25 6(*8< &OยบVWHU GH (QHUJยญD VRFLDOL]D HO WHPD VREUH H[WUDFFLยณQ GH JDV

$50$1'2 *8$',$1$ 7,-(5,1$ 9DPRV D LPSXOVDU RWUD XQLGDG GH SURGXFFLยณQ GH FDUEยณQ PRGHUQD

&217(1,'26 683/(0(172 0 /$*81$ Þ 2&78%5(

(+) JESÚS D. GONZÁLEZ FUNDADOR FRANCISCO A. GONZÁLEZ FRANCISCO D. GONZÁLEZ JESÚS D. GONZÁLEZ CARLOS MARÍN ÁNGEL CONG PEDRO GONZÁLEZ HUGO CHAPA JAVIER CHAPA ALFREDO CAMPOS ROBERTO LÓPEZ JUAN PABLO BECERRA-ACOSTA HÉCTOR ZAMARRÓN ÓSCAR CEDILLO RAFAEL OCAMPO MIGUEL ÁNGEL VARGAS ADRIANA OBREGÓN RICARDO ZAMORA ADRIÁN LOAIZA GUILLERMO FRANCO FERNANDO RUIZ ALBERTO BRAÑA VALERIA GONZÁLEZ RODOLFO GUTIÉRREZ TOMÁS SÁNCHEZ MARCO A. ZAMORA

PRESIDENTE DEL CONSEJO DE ADMINISTRACIÓN PRESIDENTE EJECUTIVO VICEPRESIDENTE ASESOR DE LA PRESIDENCIA EJECUTIVA DIRECTOR GENERAL ADJUNTO DIRECTOR GENERAL ADJUNTO DIRECTOR EJECUTIVO DIRECTOR DE MEDIOS IMPRESOS DIRECTOR EDITORIAL SUBDIRECTOR EDITORIAL SUBDIRECTOR EDITORIAL SUBDIRECTOR EDITORIAL DIRECTOR EDITORIAL DE MILENIO DIGITAL DIRECTOR DE MILENIO TELEVISIÓN DIRECTOR DE ENLACE EDITORIAL DIRECTORA COMERCIAL DIRECTOR DE ENLACE INSTITUCIONAL DIRECTOR DE TECNOLOGÍA Y PROCESOS DIRECTOR DE INGENIERÍA Y REGULACIÓN DIRECTOR DE PRODUCCIÓN DIRECTOR DE PRODUCCIONES EDITORIALES DIRECTORA CREATIVA DIRECTOR DE DESARROLLO DIGITAL DIRECTOR DE RESPONSABILIDAD SOCIAL DIRECTOR DE PROYECTOS ESPECIALES

461-&.&/50 .&/46"JUAN GRAMILLO MARCELA MORENO OMAR ESCOBEDO GUILLERMO CONTRERAS ALEJANDRA VALLEJO GABRIELA VÁZQUEZ JOSÉ FRANCISCO ROCHA LILIA OVALLE LUIS ALBERTO GALVÁN MANUEL GUADARRAMA LUIS ALBERTO LÓPEZ SILVIA AYALA LUIS CARLOS VALDÉS ROBERTO CARSON LUIS ALATORRE GILBERTO LASTRA JONATHAN PRIETO

DIRECTOR GENERAL DE NEGOCIOS DIRECTORA EDITORIAL E INFORMACIÓN GERENTE COMERCIAL GERENTE DE ADMINISTRACIÓN Y FINANZAS GERENTE DE MERCADOTECNIA SUPLEMENTOS DISEÑO EDITORIAL JEFA DE INFORMACIÓN JEFE DE REDACCIÓN FOTÓGRAFO REPORTERO REPORTERO REPORTERO REPORTERO REPORTERO REPORTERO DIGITALIZACIÓN

(QHO *UHHQ 3RZHU \ VX ÙLQYDVL³QÚ YHUGH HQ &RDKXLOD

%5(9(6

&2/801$

1RWLFLDV SRO­WLFDV \ VRFLDOHV GH &RDKXLOD \ 'XUDQJR

9LGD &RWLGLDQD

)5$1&,6&2 *$5& $ *$5& $

$9(/,12 +(51 1'(= &25,&+, Ù&RDKXLOD OH KD HQWUDGR FRQ IXHU]D DO WHPD GH ODV HQHUJ­DV YHUGHV GHVGH KDFH FLQFR D±RVÚ

Ù(V PX\ QHFHVDULR HVWH WLSR GH WHFQRORJ­DV FX\RV FRVWRV KDQ LGR DEDUDW¡QGRVH HQ ORV ºOWLPRV D±RVÚ

3

3

(175(9,67$ 4XHUHPRV HYLWDU TXH HQ WUHV D±RV WHQJDPRV DSDJRQHV $UPDQGR *XDGLDQD 7LMHULQD

3

('8$5'2 75,&,2 +$52 Ù1XHVWUR REMHWLYR \ QXHVWUR IRFR P¡V LPSRUWDQWH VH OODPD 0©[LFR \ DK­ QRV YDPRV D HQIRFDUÚ

3

EJECUTIVOS COMERCIALES ANTONIO FEMATT, JORGE IVÁN MARTÍNEZ, VALERIA CASTRO, ÁNGEL OMAR GONZÁLEZ

DOMICILIO: EDITORIAL LA OPINIÓN S.A., AV. ALLENDE S/N, COL. CENTRO C.P. 27000 TORREÓN, COAHUILA. PARA VENTAS E INFORMES: 8717491100-8717491104-8717491149 SUSCRIPCIONES 01800 2006453

3

3

,19(67,*$&, 1 (1 %,25(),1(5 $

(175(9,67$

&RQILDPRV HQ TXH HO SU³[LPR JRELHUQR IHGHUDO YROWHH D YHU ODV ELRHQHUJ­DV 5RVD 0DU­D 5RGU­JXH] -DVVR

&OºVWHU GH (QHUJ­D PDQWHQ GU¡ VX HVIXHU]R GH LQIRUPD FL³Q HQ WRUQR DO IUDFNLQJ 5RJHOLR 0RQWHPD\RU 6HJX\

3

3

&$57 1 32/ 7,&2 3

0 /$*81$ VXSOHPHQWR PHQVXDO ,PSUHVR HQ RFWXEUH GH (GLWRU 5HVSRQVDEOH 0DUFHOD 0RUHQR &DVDV 1~PHUR GH FHUWL½FDGR GH UHVHUYD RWRUJDGR SRU HO ,QVWLWXWR 1DFLRQDO GHO 'HUHFKR GH $XWRU HQ WUiPLWH 1~PHUR GH FHUWL½FDGR GH OLFLWXG GH WtWXOR \ FRQWHQLGR HQ WUiPLWH 'RPLFLOLR GH OD SXEOLFDFLyQ H LPSUHQWD 0LOHQLR 'LDULR 6 $ GH & 9 0RUHORV Q~PHUR &RORQLD &HQWUR 'HOHJDFLyQ &XDXKWpPRF & 3 HQ 0p[LFR 'LVWULWR )HGHUDO 'LVWULEXFLyQ XQLyQ GH H[SHQGHGRUHV \ YRFHDGRUHV GH ORV SHULyGLFRV GH 0p[LFR $ & FRQ GRPLFLOLR HQ *XHUUHUR QR &RO *XHUUHUR & 3 'HOHJDFLyQ &XDXKWpPRF 0p[LFR ' ) (V LQGHSHQGLHQWH HQ VX OtQHD GH SHQVDPLHQWR \ QR DFHSWD QHFHVDULDPHQWH FRPR VX\DV ODV LGHDV GH DUWtFXORV ½UPDGRV 4XHGD SURKLELGR OD UHSURGXFFLyQ WRWDO R SDUFLDO GH OD SUHVHQWH HGLFLyQ PLVPD TXH VH HQFXHQWUD UHJLVWUDGD D QRPEUH GH 0LOHQLR 'LDULR 6 $ GH & 9 'HUHFKRV UHVHUYDGRV (O FRQWHQLGR GH ORV DUWtFXORV HV UHVSRQVDELOLGDG GH ORV DXWRUHV 7RGRV ORV GHUHFKRV HVWiQ UHVHUYDGRV 4XHGD SURKLELGD OD UHSURGXFFLyQ SDUFLDO R WRWDO GHO PDWHULDO SXEOLFDGR VLQ FRQVHQWLPLHQWR SRU HVFULWR GH ORV HGLWRUHV /D LQIRUPDFLyQ KD VLGR REWHQLGD GH IXHQWHV ½GHGLJQDV

6\PSRVLXP DERUGD OD LQGXVWULD VXVWHQWDEOH FRPR XQ PRGHOR GH GHVDUUROOR 3

7ODKXDOLOR HQFLHQGH HO VZLWFK GH OD HQHUJ­D IRWRYROWDLFD 3

%5(9(6 325 5('$&&,“1 0,/(1,2 /$ 23,1,“1 /$*81$

/$ 5()250$ (1(5*‰7,&$ //$0$ $ 75$16)250$5 $ 0‰;,&2 -8$1 *5$0,//2 >ilgf D`c\e`f i\Xc`qÂ? \c Gi`d\i Jpdgfj`ld [\efd`eX[f ĂˆI\Xc`[X[ <e\i^„k`ZX# Fgfikle`[X[\j [\ E\$ ^fZ`f gXiX CX CX^leX )'(,É% <j\ XÂŒf j\ XeleZ`Â? Zfdf gi`$ d`Z`X hl\ cfj [ˆXj (/ p (0 [\ ef$ m`\dYi\ \e cX :`l[X[ Le`m\ij`kX$ i`X j\ i\Xc`qXiˆX \c Gi`d\i Jpdgfj`ld1 ĂˆI\Xc`[X[ <e\i^„k`$ ZX# Fgfikle`[X[\j [\ E\^fZ`f gXiX CX CX^leX )'(,É# [\YXk`\e$ [f \c \]\Zkf [\ cX i\]fidX \e\i$

^„k`ZX p jl `dgXZkf \e \c j\Zkfi \dgi\jXi`Xc [\ cX i\^`�e% AlXe >iXd`ccf# [`i\Zkfi ^\e\$ iXc [\ E\^fZ`fj [\ D`c\e`f CX^l$ eX# Xj\^li� hl\ Zfe \jk\ \eZl\e$ kif j\ gi\k\e[ˆX ZfcfZXi \e \c k\ii\ef eXZ`feXc X cX :fdXiZX CX^le\iX# [`jZlk`\e[f Zfe cX `e`$ Z`Xk`mX gi`mX[X p cfj j\Zkfi\j gif$ [lZk`mfj# \c el\mf dXiZf i\^lcX$ kfi`f \e dXk\i`X [\ \e\i^ˆX p cXj fgfikle`[X[\j [\ e\^fZ`f# gl\j$

0 /$*81$ Ăž 2&78%5(

kf hl\ cX i\]fidX ccXdXYX X kiXej$ ]fidXi X D„o`Zf% <eki\ cX `e]fidXZ`�e d}j [\j$ kXZX[X hl\ ^\e\i� \c \eZl\ekif j\ X]`id� hl\ :fX_l`cX fjk\ekXYX \c )+ [\ kf[f \c ^Xj J_Xc\ [\ D„o`Zf# \e kXekf hl\ If^\c`f Dfek\dXpfi# gi\j`[\ek\ [\c :c’jk\i D`e\if G\kifc\if# [\jkX$ Z� hl\ cX :l\eZX [\ 9li^fj k`\e\ \c */ [\c ^Xj J_Xc\ [\ cX I\^`�e Efi\jk\%

%5(9(6

5($/,'$' (1(5*‰7,&$ &21&(175$ $ (63(&,$/,67$6 (035(6$5,26 ( ,19(67,*$'25(6

3(‘2/(6 352<(&7$%$ ,167$/$5 3/$17$ (“/,&$ (1 '85$1*2

<e \c XÂŒf )'(, \c \o ^fY\ieX[fi [\ ;l$ iXe^f# Afi^\ ?\ii\iX :Xc[\iX# [`af hl\ G\$ ÂŒfc\j gifp\ZkXYX `ejkXcXi leX gcXekX \Â?c`$ ZX \e cX \ek`[X[# j`klXZ`Â?e hl\ Zfe]`idÂ? =\ieXe[f 8cXeˆj# [`i\Zkfi [\ @e[ljki`Xj G\ÂŒfc\j# Xc Xj\^liXi hl\ j\ i\Xc`qXYX le dfe`kfi\f \e \c gfYcX[f [\ :XeXkc}e% ĂˆKiX\dfj le gcXe [\ Zi\Z`d`\ekf X^i\$ j`mf gl\j \jkXdfj m`\e[f hl\ gXiX \c XÂŒf )')' mXdfj X cc\^Xi Xc Zfejldf [\ ,'' D\^XnXkkj p \jf i\hl`\i\ hl\ j`^Xdfj YljZXe[f ]l\ek\j [\ ^\e\iXZ`Â?e [\ \e\i$ ^ˆXÉ# Xj\m\iÂ? 8cXeˆj Fik\^X% ?\ii\iX :Xc[\iX X[\d}j gi\Z`jÂ? hl\ \eki\ cfj ]ilkfj [\ cX i\]fidX \e\i^„k`ZX gXiX CX CX^leX# j\ ZfekXY`c`qXYX \c [lZkf [\ cX :fd`j`Â?e =\[\iXc [\ <c\Zki`Z`[X[# Ăˆ<c <eZ`efÉ# Zfe leX `em\ij`Â?e [\ +' d`c d`ccfe\j [\ g\jfj# d`jdf hl\ k\eˆX fi`$ ^\e \e K\oXj p gXjXiˆX gfi CX CX^leX%

<c . [\ j\gk`\dYi\ [\ )'(- j\ cc\mÂ? X ZXYf \c Jpd$ gfj`ld ĂˆI\Xc`[X[ <e\i^„k`ZX )'(-É# XYfi[Xe[f cX \mfclZ`Â?e [\ cXj \e\i^ˆXj i\efmXYc\j p cX gfj`Z`Â?e hl\ ^lXi[X D„o`Zf \e cX dXk\i`X# _XZ`\e[f Zf`e$ Z`[`i X \jg\Z`Xc`jkXj# \dgi\jXi`fj \ `em\jk`^X[fi\j c`^X[fj X cX \e\i^ˆX m\i[\% 8c^lefj [\ cfj gfe\ek\j \e \jX \[`Z`Â?e ]l\ife IX]X\c 8c\oXe[i` I`fe[X# ;`i\Zkfi >\e\iXc [\ GcX$ e\XZ`Â?e \ @e]fidXZ`Â?e <e\i^„k`ZX [\ cX J\Zi\kXiˆX [\ <e\i^ˆX2 C\fgfc[f 8cY\ikf If[iˆ^l\q Fc`m„# Gi\j`[\ek\ [\ cX 8jfZ`XZ`Â?e D\o`ZXeX [\ <e\i^ˆX

<Â?c`ZX 8D;<< 2 8cY\ik Jlep\i# ;`i\Zkfi :fd\i$ Z`Xc [\ >Xd\jX gXiX D„o`Zf p :fef Jli# I\gi\$ j\ekXek\ [\c GXihl\ <Â?c`Zf >Xd\jX# p >XYi`\c 8cfejf# ;`i\Zkfi <a\Zlk`mf [\ <e\i^ˆXj [\ Gfikl$ ^Xc# \eki\ fkifj% >XYi`\c 8cfejf [\jkXZÂ? hl\ c\afj [\ Zfej`[\iXi \c Zfjkf gfi cX X[hl`j`Z`Â?e [\ k\Zefcf^ˆX gXiX cX ^\e\iXZ`Â?e [\ \e\i^ˆX X kiXm„j [\ i\Zlijfj i\ef$ mXYc\j# j\ [\Y\ XgfjkXi gfi leX `em\ij`Â?e hl\ Y\$ e\]`Z`\ Xc d\[`f XdY`\ek\# \ccf [\ekif [\ jl Zfe$ ]\i\eZ`X ĂˆKiXej`Z`Â?e \e\i^„k`ZX [\j[\ :fX_l`cXÉ%

(/ 6<0326,80 Ù5($/,'$' (1(5*‰7,&$ Ú 35(6(17“ 352<(&726 &21 (/ 62/ < (/ 9,(172 $ )$925

/$ &20$5&$ /$*81(5$ &21 (/ %,2',*(6725 0 6 *5$1'( '( $0‰5,&$ /$7,1$

<c gif[lZkfi [\ ^XeX[f c\Z_\if# :Xicfj =\ie}e[\q >Â?d\q# d\eZ`feÂ? [\ekif [\c gi`d\i Jpdgfj`ld hl\ \e \c \a`[f CX Gf$ glcXi [\ >Â?d\q GXcXZ`f# (+' gif[lZkfi\j c\Z_\ifj j\ le`\ife gXiX [\jXiifccXi \c Y`f[`^\jkfi d}j ^iXe[\ [\ 8d„i`ZX CXk`$ eX# [fe[\ j\ gifZ\jXiˆXe [`Xi`Xd\ek\ ,'' kfe\cX[Xj [\ \jk`„iZfc [\ mXZX# gif[lZ`\e$ [f (- d`ccfe\j [\ b`cfnXkk _fiX% ĂˆEfjfkifj c\ m\dfj dlZ_f gfk\eZ`Xc# jfYi\ kf[f [\ cXj \e\i^ˆXj hl\ j\ \jk}e fYk\e`\e[f Zfe Y`f^}j Zfe cXj \oZi\kXj [\c ^XeX[f p leX [\ cXj ZfjXj hl\ mXdfj X XeleZ`Xi \e \jk\ Jpdgfj`ld I\Xc`[X[ <e\i^„k`ZX )'(,# \j cX ZfejkilZZ`Â?e [\ le d\^X Y`f[`^\jkfiÉ# [\kXccÂ?%

CXj m\ekXaXj Zfdg\k`k`mXj [\c :fii\[fi [\ \e\i^ˆX d}j ^iXe$ [\ [\c efik\ [\c gXˆj# hl\ XYXi$ ZX X cXj \ek`[X[\j [\ ;liXe^f# :fX_l`cX# El\mf C\Â?e p KX$ dXlc`gXj# ]l\ \c \a\ gi`eZ`gXc [\c K\iZ\i Jpdgfj`ld ĂˆI\Xc`$ [X[ <e\i^„k`ZX )'(.É i\Xc`qX$ [f gfi >ilgf D`c\e`f p \c :fej\af <jkXkXc [\ :`\eZ`X p K\Zefcf^ˆX% JfYi\ jlj fgfikle`[X[\j# 8iklif MXZX ;li}e# [`i\Zkfi [\ <e\i^ˆX p K\Zefcf^ˆX [\ @e$ [ljki`Xj G\ÂŒfc\j# [\jkXZÂ? \c gifZ\jf [\ \[`]`ZXZ`Â?e [\c gif$ p\Zkf [\c GXihl\ <Â?c`Zf :fX_l`cX# hl\ jld`e`jkiX \e\i^ˆX X cXj fg\iXZ`fe\j [\ cX gcXekX [\ q`eZ [\ G\ÂŒfc\j \e Kfii\Â?e% 8j`d`jdf :Xicfj JXcXj# ^\$

i\ek\ [\ Fg\iXZ`Â?e p DXek\$ e`d`\ekf [\ cX \dgi\jX `kXc`X$ eX <e\c >i\\e Gfn\i# \ogc`ZÂ? hl\ \c gXihl\ jfcXi hl\ Zfej$ kilˆXe \e M`\jZX# :fX_l`cX# ZfekXiˆX Zfe )%/ d`ccfe\j [\ gXe\c\j# [\jkXZXe[f cX XgifYX$ 0 /$*81$ Ăž 2&78%5(

Z`Â?e [\ cX ZfejkilZZ`Â?e [\c gifp\Zkf 8d`jkX[ \e :`l[X[ 8ZlÂŒX Zfe -,' d`ccfe\j [\ [Â?$ cXi\j2 [\ \jkX ]fidX# `e[`ZÂ?# gXiX \c )')' \e :fX_l`cX j\ ^\e\iXi}e (%* >`^Xj [\ ZXgXZ`$ [X[ `ejkXcX[X%

(175(9,67$

6\PSRVLXP DERUGD OD LQGXVWULD VXVWHQWDEOH FRPR XQ PRGHOR GH GHVDUUROOR \ QR FRPR XQD PRGD 8m\c`ef ?\ie}e[\q :fi`Z_`# Zffi[`eX[fi \e CX CX^leX [\c :F<:PK [\ :fX_l`cX# Xj\^liX hl\ \c \jkX[f c\ _X \ekiX[f Zfe ]l\iqX Xc k\dX [\ cXj \e\i^ˆXj Ăˆm\i[\jÉ [\j[\ _XZ\ Z`eZf XÂŒfj 325 52%(572 &$5621 )2726 6$š/ *21= /(=

<jkX \jkiXk\^`X i\jgfe[\ X le Zfd$ gifd`jf X e`m\c ]\[\iXc# \c ZlXc jfc`Z`kX hl\ \c ), gfi Z`\ekf [\c kfkXc [\c ^Xjkf \e\i^„k`Zf \e \c gXˆj gifm\e^X [\ ]l\e$ k\j c`dg`Xj% <jkX g\k`Z`Â?e [`f g`\ X hl\ cfj \jkX[fj Zfd`\eZ\e X Ăˆdfm\ij\É \e \j\ j\ek`[f% :fX_l`cX \j le ZXjf \jg\Z`Xc pX hl\ XgfikXdfj \c (* [\ cX \e\i^ˆX hl\ Zfejld\ \c gXˆj# j`e \dYXi^f gifm`\e\ [\ cX `e[ljki`X [\c ZXiYÂ?e# cf ZlXc \j Zfej`[\iX[X Ăˆef c`dg`XÉ gfi jl ^\e\iX$ Z`Â?e [\ ZfekXd`eXZ`Â?e p cf `[\Xc \j cc\$ ^Xi X ZfeZi\kXi cX Zfem\ij`Â?e gXlcXk`eX [\ \jkX ]l\ek\% 8_fiX# _Xp hl\ [\jkXZXi hl\ gXik\ [\ cX Xk\eZ`Â?e \jkXkXc _XZ`X cXj `e[ljki`Xj Xlkfjljk\ekXYc\j jfe kXdY`„e leX i\jgl\jkX X cXj XZk`m`[X[\j `e]fidXk`mXj Zfdf \c Jpdgfj`ld [\ <e\i^ˆX fi^Xe`qX[X gfi >ilgf D`c\e`f# [fe[\ cf d}j `dgfikXek\ \j hl\ j\ XYfi[X ef Zfdf le k\dX [\ df[X# j`ef Zfdf le df[\cf [\ [\jXiifccf%

(/ '(6,(572 Ù9(5'(Ú '( &2$+8,/$

<

c gXefiXdX \e cX \ek`[X[ \e ZlXekf X cX gif[lZZ`Â?e [\ \e\i$ ^ˆXj i\efmXYc\j \j gifd\k\[fi% Jl Zfe[`Z`Â?e ccXeX# \c m`\ekf p jl mXjkf [\j`\ikf fkfi^Xe cX fgfikle`$ [X[ hl\ Xlehl\ le gfZf kXi[ˆX# cc\^X X [Xi fkif i\jg`if X cfj Xm`jfj d\[`fXd$ Y`\ekXc\j hl\ \c gcXe\kX \d`k\ ZX[X m\q d}j Z\iZX lef [\c fkif% CX `e[ljki`X \e \c \jkX[f# X g\jXi [\ ZfekXi Zfe leX Xdgc`X _`jkfi`X p elki`$ [X kiX[`Z`Â?e [\ cXYfi\j \e jl qfeX ZXi$ Yfeˆ]\iX# j\ \eZl\ekiX \e \c [\jXiifccf [\ leX \kXgX [\ i\Zfem\ij`Â?e \e\i^„k`$ ZX# cX ZlXc _X Yi`eZX[f [\ cfj gcXefj jf$ Yi\ cX d\jX X cfj fg\iXk`mfj [\ XZZ`Â?e% Lef [\ cfj gXik`Z`gXek\j \e \jk\ df$ m`d`\ekf Ăˆm\i[\É [\ekif [\ cX i\]fidl$ cXZ`Â?e \e\i^„k`ZX \j 8m\c`ef ?\ie}e$ [\q :fi`Z_`# Zffi[`eX[fi \e CX CX^leX [\c :fej\af [\ :`\eZ`X p K\Zefcf^ˆX :F<:PK [\ :fX_l`cX# hl`\e Xj\^liX hl\ \c \jkX[f c\ _X \ekiX[f Zfe ]l\iqX Xc k\dX [\ cXj \e\i^ˆXj Xlkfjljk\ekX$ Yc\j [\j[\ _XZ\ Z`eZf XÂŒfj p X jl m\q# dXe\aX cX ZXikX ]l\ik\ gXiX gfj`Z`feXi$ j\ Zfdf \ek`[X[ g`fe\iX \e D„o`Zf \e ZlXekf X cX Zfe]fidXZ`Â?e [\ df[\cfj ]leZ`feXc\j [\ fYk\eZ`Â?e [\ \e\i^ˆX p jfYi\ kf[f# \c \jkX[f dXek`\e\ cX \eZf$ d`\e[X [\ `dglcjXi \c Zi\Z`d`\ekf [\ \jkX `e[ljki`X# Ăˆef jÂ?cf _Xp hl\ \jg\iXi X hl\ jlZ\[X# el\jkif gXg\c \j XZ\c\iXi \c gifZ\jfÉ%

(Q TXŠ SRVLFL³Q VH HQFXHQWUD HO HVWD GR GH &RDKXLOD HQ HO WHPD GH OD IRUPD FL³Q GH SURIHVLRQLVWDV HQIRFDGRV HQ OD HQHUJ­D YHUGH"

;\ekif [\ cX X^\e[X# \c k\dX [\ cXj \e\i^ˆXj _X kfdX[f le gXg\c ZilZ`Xc% Gf[iˆXdfj [\Z`i hl\ [\j[\ _XZ\ Z`eZf f j\`j XŒfj# \c \jkX[f [\ :fX_l`cX ]l\ \c hl\ Zfd\eq� X [\jXiifccXi leX \jkiXk\$ ^`X \e cfj k„id`efj [\ cXj \e\i^ˆXj i\$ efmXYc\j%

&X¥O HV HO IXHUWH GH OD HQWLGDG HQ FXDQ WR D OD JHQHUDFL³Q GH HVWDV HQHUJ­DV"

&RDKXLOD VH GLULJH D VHU XQR GH ORV GRV HVWDGRV O­GHUHV HQ HO SD­V HQ HO FDPSR GH ODV HQHUJ­DV UHQRYDEOHV SDUD Ăš

0 /$*81$ Ăž 2&78%5(

Jfdfj le \jkX[f Zfe le ^iXe gfk\e$ Z`Xc# XgfikXdfj le gfZf d}j [\c * gfi Z`\ekf [\c Gif[lZkf @ek\ief 9ilkf \e \c gXˆj p \jkf cf _XZ\dfj X kiXm„j [\ leX gcXekX `e[ljki`Xc hl\ ]leZ`feX \e Kf$ ii\�e# JXck`ccf# DfeZcfmX# 8ZlŒX p \e$ ki\ fkifj cfj gXihl\j \�c`Zfj [\ G\Œfc\j \e >\e\iXc :\g\[X p IXdfj 8i`qg\ p X[\d}j \c ZXdgf ]fkfmfckX`Zf d}j ^iXe[\ [\ 8d„i`ZX CXk`eX \e M`ccXel\$ mX% JldX[f kXdY`„e X cX gcXe`]`ZXZ`�e gXiX \c [\jXiifccf [\ cfj gXihl\j \e JX$ Y`eXj p G`\[iXj E\^iXj% 9}j`ZXd\ek\ \jkXdfj Xgifm\Z_Xe[f lef [\ cfj i\Zlijfj hl\ k\e\dfj \e XYle[XeZ`X# hl\ \j \c jfc# \c ZlXc k\e\$ dfj ZXj` kf[f \c XŒf d`\ekiXj hl\ \c fkif \c\d\ekf Zfdf \c m`\ekf# hl\ Xle$ hl\ ef j\ gi\j\ekX Zfe kXekX ]l\iqX# jˆ \j gfj`Yc\ kiXej]fidXicX \e \e\i^ˆX i\ekXYc\ ^iXZ`Xj X cX Xgc`ZXZ`�e [\ k\Z$ efcf^ˆX%

(175(9,67$ &X¥O HV QXHVWUD SRVLFL³Q HQ WŠUPLQRV GH SURGXFFL³Q HQHUJŠWLFD"

?XjkX \c dfd\ekf m\dfj Â?gk`dXj Zfe[`$ Z`fe\j# XglekXe[f X d\afiXi \e le Zfikf gcXqf# k\e`\e[f \e Zl\ekX hl\ :fX_l`cX j\ [`i`^\ X j\i lef [\ cfj [fj \jkX[fj cˆ[\$ i\j \e \c gXˆj \e \c ZXdgf [\ cXj \e\i^ˆXj i\efmXYc\j gXiX )')'% Lef [\ cfj fYa\k`mfj \e cX \ek`[X[ \j hl\ cfj i\jgfejXYc\j [\ cfj gifp\Zkfj Xl$ kfjljk\ekXYc\j ZldgcXe Zfe \c gifZ\jf [\ ]fidXZ`Â?e gif]\j`feXc# gXiX hl\ ZlXe[f \e \c dfd\ekf \e hl\ j\ [\Z`[X j\^l`i X[\cXek\ Zfe dXpfi\j ZfejkilZZ`fe\j [\ gXihl\j \Â?c`Zfj p gcXekXj# ef j\ k\e^X hl\ [\g\e[\i [\ `em\ij`fe`jkXj \jgXÂŒfc\j# gfikl^l\j\j f `kXc`Xefj% 4XŠ DFFLRQHV VH UHDOL]DQ HQ FRQWUD GH OD PLJUDFLÂłQ GH SURIHVLRQLVWDV"

K\e\dfj hl\ [\jXiifccXi le j`jk\dX [\ k\Zefcf^ˆXj ĂˆZfe ccXm\ \e dXefÉ% Gi\Z`jX$ d\ek\ \c gXg\c [\c :fej\af [\ :`\eZ`X p K\Zefcf^ˆX \j \eZfekiXi cXj dXe\iXj [\ `eZ\ek`mXi cX dXpfi gif[lZZ`Â?e \e\i^„k`$ ZX# g\if jfYi\ kf[f# ef [\aXi hl\ jlZ\[X Zfdf \c g\kiÂ?c\f# \c ZlXc j\ m\e[\ \e YX$ ii`c\j p Xc ]`eXc Ăˆef c\j jXZXdfj \c al^fÉ# Xhlˆ el\jkiX d`j`Â?e \j cX d`jdX% >\e\iXi \e\i^ˆX \Â?c`ZX f jfcXi p cl\^f Xgifm\Z_Xi$ cX \e Xgc`ZXZ`fe\j gXiX \c [\jXiifccf `e$ [ljki`Xc# liYXef p [fd„jk`Zf% GXiX cf^iXicf cf gi`eZ`gXc \j cX ]fidX$ Z`Â?e [\ ZXg`kXc _ldXef \e kf[fj cfj iXe$ ^fj [\ gif]\j`fe`jkXj1 `e^\e`\ifj# dX\j$ kifj# [fZkfi\j p _XjkX \jkl[`Xek\j# cf ZlXc Zfd\eqÂ? X cX gXi [\ cX Zi\XZ`Â?e [\ cX Le`$ [X[ [\ <e\i^ˆXj I\efmXYc\j hl\ j\ `ejkX$ cX \e \c GXihl\ [\ @eefmXZ`Â?e K\ZefcÂ?^`$ ZX# \c ZlXc gcXe\Xdfj Zfem\ik`i \e leX \jkXeZ`X gXiX hl\ gif]\j`feXc\j cc\^l\e X CX CX^leX p [\j[\ Xhlˆ dfe`kfi\\e cfj gifp\Zkfj [\ kf[X \c }i\X \e cXgjfj [\ Xgifo`dX[Xd\ek\ ki\j d\j\j% &ÂłPR IXQFLRQD HO 3DUTXH GH ,QQRYD FLÂłQ 7HFQROÂłJLFD"

<jk\ gifp\Zkf \j dlp XdY`Z`fjf p Zl\e$ kX Zfe le g\i]`c `ek\ieXZ`feXc# \j [\Z`i ef j\ kiXkX [\ leX \jZl\cX ĂˆefidXcÉ# j`ef \j le Z\ekif [\ Xckf e`m\c% J\ fYkl$ m`\ife i\Zlijfj [\c ]fe[f j\Zkfi`Xc :F$ E8:PK Æ J<E<I gfi d`c )-' d`ccfe\j [\ g\jfj gXiX Zfejkil`i \jk\ gXihl\# [\c ZlXc cX d`kX[ j\i} lk`c`qX[f gXiX XcY\i$ ^Xi cX le`[X[ \jg\Z`Xc`qX[X [\ \e\i^ˆXj i\efmXYc\j% <e \jk\ Z\ekif pX j\ cc\mXe X ZXYf ZX$ gXZ`kXZ`fe\j \e ZlXekf X cX `e[ljki`X Xl$ kfjljk\ekXYc\ \e ^\e\iXc p ef jÂ?cf cXj hl\ kiXYXaXdfj \e D„o`Zf1 cX \Â?c`ZX# ]fkfmfc$ k}`ZX# k„id`ZX \ `eZcljf ZfekXi\dfj Zfe cX ]fidXZ`Â?e [\ \jg\Z`Xc`jkXj \e k\dXj [\ fYk\eZ`Â?e [\ \e\i^„k`Zfj gifm\e`\ek\j [\c X^lX [\ dXi# hl\ Xlehl\ ef ZfekXdfj \jk\ \Zfj`jk\dX# YljZXdfj ZfekXi Zfe cX ZXgXZ`kXZ`Â?e e\Z\jXi`X gXiX hl\ cfj k„Ze`$ Zfj gl\[Xe \ekiXi X ZlXchl`\i }i\X%

029,0,(172 Ù9(5'(Ú Ù(VWDPRV DSURYHFKDQGR XQR GH ORV UHFXUVRV TXH WHQHPRV HQ DEXQGDQFLD TXH HV HO VROÚ

El\jkiX d`j`Â?e \j ^\e\iXi k„Ze`Zfj ZX$ gXZ`kX[fj hl\ gl\[Xe kiXYXaXi \e ZlXchl`\i gXihl\ p X[\d}j `dglcjXi X fkifj \dgi\e$ [\[fi\j gXiX hl\ X gXik`i [\ i\cXZ`fe\j Zfe \dgi\jXj f ĂˆjkXiklgjÉ `eefm\e \e YXj\ X cXj \e\i^ˆXj m\i[\j \e ZlXchl`\i ilYif# [\j[\ cX `e[ljki`X# e\^fZ`fj f \e ZXjX _XY`kXZ`Â?e% Hl\ [`^Xe# X_fiX hl\ pX k\e\dfj cX \e\i$ ^ˆX# Âśhl„ _XZ\dfj Zfe \ccX6 8ZklXcd\ek\ cX le`[X[ [\ \e\i^ˆXj i\$ efmXYc\j# [fe[\ cX d`j`Â?e \j ^\e\iXi gif]\j`fe`jkXj Zfe dX\jkiˆX p [fZkfiX[f# pX \jk} \e ]leZ`fe\j Zfe Zlijfj gi\j\e$ Z`Xc\j p \e cˆe\X% <e YXj\ X leX gifp\ZZ`Â?e glYc`ZX[X \e )'(. gfi cX \dgi\jX ZfejlckfiX \e \jkiXk\$ ^`Xj Zfd\iZ`Xc\j# JkiXk\^p # \c gXefiXdX \e D„o`Zf i\]\i\ek\ X cXj \e\i^ˆXj i\efmX$ Yc\j \j le k\dX el\mf# `dglcjX[f \e gXik\ gfi cX c`Y\iXZ`Â?e [\ ZfekiXkfj \e\i^„k`Zfj `dgi\jfj \e cX i\]fidX# j`e \dYXi^f# c`^X$ [X X ZlXchl`\i k\d}k`ZX \d\i^\ek\ \o`jk\e iXqfe\j gXiX ĂŠ[\jZfe]`XiĂ‹ \e cX ZfekiXkXZ`Â?e [\ k\Zefcf^ˆXj `eefmX[fiXj% 8 kiXm„j [\ leX ^i}]`ZX Zfek\e`[X \e \c \jkl[`f# j\ i\Xc`qX leX \eZl\jkX X d}j [\ Z`\e \dgi\jXj d\o`ZXeXj gXiX ZfefZ\i jlj _}Y`kfj p i\hl\i`d`\ekfj \e \c ilYif \e\i^„k`Zf# [\c kfkXc# jÂ?cf \c (- gfi Z`\ekf dXe\aX ZfekiXkfj [\ \e\i^ˆX GG81 Gfn\i GliZ_Xj\ 8^i\\d\ek Zfe X^\ek\j [`jk`e$ kfj Xc ZfekiXkf [\ jld`e`jkif Y}j`Zf JJ9 [\ cX :fd`j`Â?e =\[\iXc [\ <c\Zki`Z`[X[ :=< % 8 g\jXi [\ \ccf# cX k\e[\eZ`X dl\j$ kiX `ek\i„j \e gXik`i [\ leX d`^iXZ`Â?e _X$

Z`X cXj \e\i^ˆXj i\efmXYc\j# ^iXZ`Xj X \ccf X cX i\]fidX[X ZlckliX d\[`f XdY`\ekXc Xg\^X[X X leX i\jgfejXY`c`[X[ ^cfYXc ZfdgXik`[X% Cf \jg\iX[f \j hl\ cX Zfe$ Z`\eZ`X \ZfcÂ?^`ZX X_fiX j\X gXik\ ]`id\ \e cX kfdX [\ [\Z`j`fe\j \a\Zlk`mXj% (VWÂĄ VREUH OD PHVD HO GHVDSDUHFHU OD LQGXVWULD GHO FDUEÂłQ"

;\ dfd\ekf ef# ef gf[\dfj ZXdY`Xi leX gfi fkiX pX hl\ cX ZXgXZ`[X[ [\ cfj gXihl\j kf[XmˆX ef XcZXeqX% K\e\dfj hl\ _XZ\i dlZ_f d}j gXiX `i jljk`klp\e[f \jkX gif[lZZ`Â?e Zfe \e\i^ˆXj c`dg`Xj# \jf \j dlp `dgfikXek\% GXiX _XZ\icf kf[XmˆX ]XckX le kiXdf d}j cXi^f# \jk\ \j le k\dX [\ Xlkfjljk\e$ kXY`c`[X[# g\if cf `dgfikXek\ \j hl\ :fX_l`cX pX j\ \eZl\ekiX \e cX ilkX [\ ^\$ e\iXi cf hl\ e\Z\j`kXdfj# leX \ZfefdˆX [\c ZfefZ`d`\ekf p X cX cXi^X ZfeZi\kXi \c j`^l`\ek\ gXjf hl\ \j \c [\jXiifccf [\ cXj JdXik :`k`\j :`l[X[\j @ek\c`^\ek\j # \e cXj hl\ cfj j\im`Z`fj [\ kf[Xj cXj ZfejkilZ$ Z`fe\j ]leZ`fe\e [\ dXe\iX Ăˆm\i[\É% J`e \dYXi^f# Xlehl\ kf[XmˆX jl\e\ c\afj# pX \o`jk\e cfj gifkfk`gfj gXiX \j$ kXj k\Zefcf^ˆXj# Xjˆ hl\ X_fiX cf hl\ efj kfZX \j `eZ`[`i Zfdf :fej\af Zfe cX jf$ Z`\[X[# cX `e[ljki`X p cXj Xlkfi`[X[\j gXiX dXek\e\i \c gifp\Zkf Zfdf gi`f$ i`[X[% 8[\d}j# Xjˆ Zfdf \dg\qÂ? \e :fX_l`cX p gXjX \e kf[Xj cXj ZfjXj# \e ZlXekf X cXj \e\i^ˆXj i\efmXYc\j# Ăˆ\c hl\ g\^X gi`d\if g\^X [fj m\Z\jÉ%

0 /$*81$ Ăž 2&78%5(

5(3257$-(

(QHO *UHHQ 3RZHU \ VX ÙLQYDVL³QÚ YHUGH HQ &RDKXLOD CX cc\^X[X [\ cX ]`idX `kXc`XeX ]l\ \c i\jlckX[f \e Zfealekf [\ cfj ki\j e`m\c\j [\ ^fY`\ief# hl`\e\j jfe cfj i\jgfejXYc\j [\ XYi`i cXj gl\ikXj p ]XZ`c`kXi cfj ZXd`efj gXiX \jkXj `em\ij`fe\j 325 52%(572 &$5621 )2726 0/$*81$

(1(/ $ 1,9(/ 081',$/

<

c ZXd`ef [`i\Zkf gXiX \ogcfiXi \c Yffd [\ cfj d\iZX[fj Xlkfjlj$ k\ekXYc\j \e \c dle[f p jfYi\ kf[f \e D„o`Zf# j\ i\dfekX X cX mXjkX c`jkX [\ i\g\iZlj`fe\j d\[`fXd$ Y`\ekXc\j ZXljX[Xj gfi leX \ok\ejX [\$ g\e[\eZ`X X cX \e\i^ˆX X YXj\ [\ ZfdYlj$ k`Yc\j ]Â?j`c\j# jldX[X X cX i`\j^fjX `em\ij`Â?e [\ Zfe]`Xi X cXi^f gcXqf \e cX mfcXk`c`[X[ [\ cX `e[ljki`X elZc\Xi% Gfi \ccf# cX [`e}d`ZX ^cfYXc [\ cX gif$ [lZZ`Â?e \e\i^„k`ZX _X ]`aX[f jl d`iX[X \e cfj XZkfi\j \e]fZX[fj \e i\[lZ`i cfj Zfjkfj [\ \eki\^X [\ \e\i^ˆX i\efmXYc\ p [\ gXjf i\]fidXi cX ZfeZ`\eZ`X \ZfcÂ?^`ZX hl\ j\ dfm`Â? YXaf cX jfdYiX [\ cX k\Zefcf^ˆX ]Â?j`c% CX dlck`eXZ`feXc `kXc`XeX <e\c <ek\ EXq`feXc\ g\i cĂ‹\e\i^`X <c\kki`ZX # leX [\ cXj \dgi\jXj gif[lZkfiXj p gi`eZ`gXc\j [`jki`Yl`[fiXj [\ \e\i^ˆX \e \c dle[f# Zf$ d\eqÂ? X `dgc\d\ekXi leX \jkiXk\^`X \e cX YÂ’jhl\[X [\ cX ^\e\iXZ`Â?e [\ \e\i^ˆXj Xck\ieXk`mXj# gifZ\jf hl\ `e`Z`Â? X gi`eZ`$ g`fj [\ cX [„ZX[X [\ cfj efm\ekX Zfe cX `ejkXcXZ`Â?e [\ `e]iX\jkilZkliX ]fkfmfckX`$ ZX \e \c gfYcX[f `kXc`Xef [\ :XdgXe`X# cX ZlXc cc\^Â? X gif[lZ`i _XjkX ki\j d\^XmX$ k`fj \e jlj gi`d\ifj () d\j\j% Cl\^f [\ d}j [\ )' XÂŒfj# <e\c [`f clq X cX jlYj`[`Xi`X <e\c >i\\e Gfn\i# \e jl df$ d\ekf cX d}j ^iXe[\ [\ <lifgX# \e]fZX[X \e cX ^\e\iXZ`Â?e [\ i\Zlijfj i\efmXYc\j X kiXm„j [\ ki\j ]l\ek\j# jfcXi# _`[if\c„Zki`ZX p \Â?c`ZX# j`\e[f \jkX Â’ck`dX cX [\ dXpfi gif$ [lZZ`Â?e [\ d\^XmXk`fj XelXcd\ek\% ;\j[\ jl Zi\XZ`Â?e# <e\c >i\\e Gfn\i dXe\aÂ? \c d\iZX[f Xlkfjljk\ekXYc\ p gXiX \c )'(, pX ZfekXYX Zfe .*, gcXekXj XZk`mXj [\ \e\i^ˆX \e <lifgX# Ă?]i`ZX p \c [\c efi$ k\ p jli [\ 8d„i`ZX# Zfe \c i\jlckX[f [\ 0 d`c ./0 d\^XmXk`fj gfi XÂŒf% <e CXk`efXd„i`ZX# X[\d}j [\ ]`idXi ZfekiXkfj \e D„o`Zf# cX \dgi\jX `kXc`XeX cXYfiX \e :fjkX I`ZX# >lXk\dXcX# E`ZXiX$ ^lX# GXeXd}# :_`c\ p 9iXj`c# j`e \dYXi^f# _XjkX _XZ\ ki\j XÂŒfj# :_`c\ \iX \c Â’e`Zf gXˆj [\c iÂ?jk\i \e\i^„k`Zf \e ZfekXi Zfe cX `e]iX\jkilZkliX e\Z\jXi`X gXiX cX gif$

6“/,'$ ,'(17,'$' (1 72512 $ /$ $8726867(17$%,/,'$' (QHO *UHHQ 3RZHU LQDXJXUD HQ HO PXQLFLSLR GH 9LHVFD OD SODQWD IRWRYROWDLFD P¥V JUDQGH GHO PXQGR

[lZZ`Â?e [\ \e\i^ˆX jfcXi# j`klXZ`Â?e hl\ ef kXi[Â? \e ZXdY`Xi% 8QD GŠFDGD EDMR OD DXWRVXVWHQWDELOLGDG

<c )) [\ dXiqf [\ )'(/# ki\j XÂŒfj [\jgl„j [\ jl \kXgX [\ dXpfi gif[lZZ`Â?e p X leX [„ZX[X [\ jl cc\^X[X X D„o`Zf# <e\c >i\\e Gfn\i dfekÂ? le gÂ?[`ld gXiX `eXl^liXi \e cX Zfdle`[X[ [\ M`ccXel\mX# [\c dle`$ Z`g`f [\ M`\jZX# :fX_l`cX# cX gcXekX ]fkfmfc$ kX`ZX d}j ^iXe[\ [\c dle[f p X[\d}j# cX gi`d\iX \e Xgifm\Z_Xi cX i\]fidX \e\i^„$ k`ZX [\c gi\j`[\ek\ <ei`hl\ G\ÂŒX E`\kf% :fe leX `em\ij`Â?e [\ -,' d`ccfe\j [\ [Â?cXi\j# cX gcXekX jfcXi# X kiXm„j [\ jlj ki\j gXihl\j# k`\e\ cX d\kX [\ gif[lZ`i (%.'' >N_ gfi XÂŒf% 8[\d}j [\ Zfek\dgcXi leX kfkXc `e$ d\ij`Â?e \e \c ZXdgf [\ cXj i\^`fe\j Xl$ kfjljk\ekXYc\j# \c Ăˆi\kfÂŒf m\i[\É [\ cX \d$ gi\jX <e\c _X [\aX[f hl\ jlj ZfekiXkfj p ZfejkilZZ`fe\j _XYc\e gfi jˆ jfcXj# pX hl\ ef Zl\ekX Zfe g\i]`c\j XZk`mfj \e i\[\j jfZ`Xc\j# j`e \dYXi^f \c Xefe`dXkf ef \j j`eÂ?e`df [\ j\Zi\ZˆX# pX hl\ X kiXm„j [\c _Xj_kX^ <e\c>i\\eGfn\i# \c k`d\c`e\ [\ Kn`kk\i [\jZlYi\ leX cXi^X c`jkX [\ `em\i$

0 /$*81$ Ăž 2&78%5(

j`fe\j X \jZXcX dle[`Xc# Zfe kf[Xj cXj gl$ Yc`ZXZ`fe\j dfjkiXe[f ]fkf^iX]ˆXj Zfe \c d`jdf gÂ?[`ld \e Zfcfi YcXeZf p kfhl\j d`e`dXc`jkXj% <e cX YÂ’jhl\[X [\ Zfejkil`i leX jÂ?c`[X `[\ek`[X[ \e kfief X cX Xlkf$ jljk\ekXY`c`[X[% <c [\c\^X[f [\c :fej\af [\ :`\eZ`X p K\Zefcf^ˆX# 8m\c`ef ?\ie}e[\q :fi`Z_`# dXe`]\jkÂ? hl\ \o`jk\e XZkfi\j kXekf cfZX$ c\j# eXZ`feXc\j \ `ek\ieXZ`feXc\j hl\ j\ \eZl\ekiXe \e ZfejkilZZ`Â?e [\ cX gcXkX$ ]fidX [\ Xlkfjljk\ekXY`c`[X[ \e \c \jkX$ [f# cX ZlXc X cX cXi^X gf[iˆX \eZXi^Xij\ [\ jlgc`i p Xld\ekXi cX gif[lZZ`Â?e [\c (* [\ \e\i^ˆX X YXj\ [\ ZXiYÂ?e hl\ XZklXc$ d\ek\ ^\e\iX cX \ek`[X[ gXiX kf[f D„o`$ Zf p hl\ gfi Zl\jk`fe\j jfZ`Xc\j p \ZfeÂ?$ d`ZXj# j`^l\ j`\e[f leX [\ cXj gi`eZ`gXc\j ]l\ek\j [\ kiXYXaf \e cX i\^`Â?e% &ÂłPR KD VLGR OD FDUUHUD GH (QHO *UHHQ 3RZHU HQ 0Š[LFR VREUH WRGR HQ &RDKXLOD"

Gi`d\if cX g\k`Z`�e jli^\ [\j[\ cX J\Zi\kXiˆX [\ <e\i^ˆX# hl\ g`[\ Zldgc`i leX d\kX XelXc \e cX gif[lZZ`�e [\ \e\i^ˆX i\efmXYc\# cf ZlXc \j kXdY`„e le Zfdgifd`jf d\[`f$ XdY`\ekXc [\ D„o`Zf X e`m\c dle[`Xc%

5(3257$-(

'$726 9(5'(6 6HJºQ LQIRUPDFL³Q HQ OD S¡JLQD RILFLDO GH OD FRPSD±­D (QHO *UHHQ 3RZHU 0©[LFR HV HO PD\RU RSHUDGRU GH HQHUJ­D UHQRYDEOH GHO SD­V HQ W©UPLQRV GH FDSDFLGDG LQVWDODGD \ SRUWDIROLR GH SUR\HFWRV $FWXDOPHQWH OD &RPSD±­D RSHUD 0: GH ORV FXDOHV 0: SURYLHQHQ GH HQHUJ­D H³OLFD \ 0: GH HQHUJ­D KLGURHO©FWULFD $GHP¡V GH OD SODQWD VRODU IRWRYROWDLFD 9LOODQXHYD GH 0: OD FRPSD±­D HVW¡ FRQVWUX\HQGR HO SDUTXH H³OLFR $PLVWDG GH 0: WDPEL©Q HQ HO HVWDGR GH &RDKXLOD HO SUR\HFWR IRWRYROWDLFR 'RQ -RV© GH 0: HQ HO HVWDGR GH *XDQDMXDWR \ HO SDUTXH H³OLFR 6DOLWULOORV GH 0: HQ HO HVWDGR GH 7DPDXOLSDV

<ekfeZ\j# cl\^f [\ le \jkl[`f [\ gif$ p\ZZ` e j\ XeXc`qXe cXj gfj`Y`c`[X[\j [`j$ gfe`Yc\j \e ZX[X lef [\ cfj \jkX[fj hl\ Zldgc\e \jkfj i\hl\i`d`\ekfj# Zfdf \a\dgcf :fX_l`cX# KXdXlc`gXj f :_`_lX$ _lX# X cfj ZlXc\j kXdY` e j\ c\j ]`aXe d\$ kXj [\ ^\e\iXZ` e \e\i^ k`ZX gfi X f% KiXj glYc`ZXij\ \jkX `e`Z`Xk`mX X e`m\c ]\[\$ iXc# cXj \dgi\jXj `ek\ieXZ`feXc\j hl\ Zl\e$ kXe Zfe cfj i\Zlijfj p cX `e]iX\jkilZkliX gcXe$ k\Xe leX \jkiXk\^`X gXiX cc\^Xi X cfj d\iZX[fj% <e \jk\ ZXjf# <e\c >i\\e Gfn\i ^\jk`f$ eX jlj \jkl[`fj Zfe \c >fY`\ief [\c <jkX$ [f p m\i`]`ZX hl qfeX k`\e\ dXpfi gfk\e$ Z`Xc \e \c [\jXiifccf pX j\X [\ gXihl\j \ c`Zfj f gcXekXj ]fkfmfckX`ZXj% 8[\d}j [\ ^XiXek`qXi hl\ j\ k\e^Xe cXj ^XiXek Xj c\$ ^Xc\j \e cfj k\ii\efj X kiXYXaXi% Cf ZlXc X m\Z\j kXdY` e cc\^X X j\i le gifYc\dX [\ e[fc\ jfZ`Xc# gfihl\ ef gl\[\j [`jgfe\i [\ leX ^iXe `em\ij` e ZlXe[f cX k`\iiX ef \jk} Zfdgc\kXd\ek\ c`Yi\% <j Xj hl\ cl\^f [\ jl m`j`kX X mXi`fj j`k`fj [\ D o`Zf p j\^ e \jkl[`fj \Zfe d`Zfj# Zc`$

dXkfc ^`Zfj p cfj Zfem\e`fj hl\ gl\[Xe ^\jk`feXi X_fiX X e`m\c \jkXkXc# cf^iXe Zfe$ Zi\kXi \jkfj gifp\Zkfj p Xj _XjkX hl\ cc\^X \c dfd\ekf \e hl\ [\Z`[\e dl[Xi jlj Z\e$ kifj [\ kiXYXaf _XZ`X cfj k\ii\efj c`Z`kX[fj% 3RU TX© HVWD LQYHUVL³Q QR VXUJH GHVGH OD FDUWHUD GH HPSUHVDULRV QDFLRQDOHV R OR FDOHV"

<e \jg\Z ]`Zf# cX cc\^X[X [\ cX ]`idX `kXc`X$ eX ]l\ \c i\jlckX[f \e Zfealekf [\ cfj ki\j e`m\c\j [\ ^fY`\ief# hl`\e\j jfe cfj i\j$ gfejXYc\j [\ XYi`i cXj gl\ikXj p ]XZ`c`kXi cfj ZXd`efj gXiX cX `dgcXekXZ` e [\ \jkXj `em\ij`fe\j% Cf hl\ Y\e\]`Z`X X \jkXj \d$ gi\jXj \j hl\ Zl\ekXe Zfe cf e\Z\jXi`f gXiX kiXYXaXi XZfi[\ X leX \jk`dXZ` e [\ i\jlckX[fj% PX hl\# gfi [Xi le \a\dgcf# \e \c ZXjf [\ hl\ j\ k\e^X \c ZXg`kXc [\ gXik\ [\ \d$ gi\jXi`fj cfZXc\j# X e ef Zl\ekXe Zfe \c ZfefZ`d`\ekf# \og\i`\eZ`X f k\Zefcf^ X gXiX kiXYXaXi \e cfj gXihl\j% 8 kiXm j [\ le m`[\f jlY`[f X jl ZXeXc

f]`Z`Xc [\ PflKlY\ \c ( [\ efm`\dYi\ [\ )'(.# j\ Zfek\dgcX \c gXjX[f ccXef [\ cX gcXekX \e cX qfeX [\ M`ccXel\mX# \c i\^`jkif [\ cfj ZXd`efj i\gc\kfj [\ dXkfiiXc\j p cX k`\iiX mfcXe[f kiXj \c gXjf [\ cX dXhl`eX$ i`X% J`e \dYXi^f# \e gfZf d\efj [\ le X f# \c i\jlckX[f ]l\ X[`Z`feXi X cX qfeX cX Xihl`k\ZkliX [\ cX gif[lZZ` e c`dg`X [\ \e\i^ X% <e jl ZXaX [\jZi`gk`mX# cX c\p\e[X \ogc`$ ZX hl\ \jkX qfeX ZlYi\ ) d`c +'' _\Zk}$ i\Xj p k\e[i} leX ZXgXZ`[X[ [\ gif[lZ$ Z` e [\ .,+ DN# cX ZlXc cl\^f ]l\ Zfii\^`[X p Xld\ekX[X X /)/ DN% CX gif$ [lZZ` e Xl[`fm`jlXc ^lXi[X le i\^`jkif [\ cf hl\ \j le Xek\j p le [\jgl j [\c Xgif$ m\Z_Xd`\ekf [\ qfeXj }i`[Xj hl\ gfi jl eXkliXc\qX \jk i`c# ef _XY Xe j`[f Zfej`$ [\iX[Xj Zfdf cfj gi`eZ`gXc\j \jgXZ`fj gif[lZkfi\j [\ \e\i^ X X ]lklif# X g\jXi [\ \ccf# \c Zc`g ef cc\^X e` X cXj [`\q d`c m`jlXc`qXZ`fe\j# Xlehl\ j ^lXi[X le jfc`$ kXi`f Zfd\ekXi`f glYc`ZX[f _XZ\ le d\j [\ gXik\ [\ cfj ljlXi`fj1 ·`eZi\ Yc\

0 /$*81$ Þ 2&78%5(

(175(9,67$

Ă™1HFHVLWDPRV TXH ODV SODQWDV GH FDUEÂłQ HQ &RDKXLOD HVWŠQ D OD DOWXUDĂš $UPDQGR *XDGLDQD 7LMHULQD VHQDGRU SRU &RDKXLOD <c gi\j`[\ek\ [\ cX :fd`j`Â?e [\ <e\i^ˆX \e cX :}dXiX 8ckX i\`k\iX jl gfjkliX \e ZfekiX [\ cX k„Ze`ZX [\ \okiXZZ`Â?e ]iXZb`e^# Ăˆg\if mXdfj X XeXc`qXicX gif]le[Xd\ek\É 325 /8,6 $/%(572 /“3(= )2726 0 /$*81$

<

c j\eX[fi gfi \c \jkX[f [\ :fX_l`cX# 8idXe[f >lX[`XeX K`a\i`eX i\Z`\ek\d\ek\ kfdÂ? cXj i`\e[Xj [\ cX :fd`j`Â?e [\ <e\i$ ^ˆX \e cX :}dXiX 8ckX% ;liXek\ cX `ejkXcXZ`Â?e _`qf \c Zfdgif$ d`jf [\ kiXYXaXi gXiX ^XiXek`qXi gXiX hl\ G\kiÂ?c\fj D\o`ZXefj G<D<O g\idXe\q$ ZX \e cXj dXefj [\ cfj d\o`ZXefj# X[\d}j [\ hl\ \c gXˆj dXek\e^X cX gifg`\[X[ [\ cfj _`[ifZXiYlifj p i\[lZ`i i`\j^fj XdY`\ekXc\j \e cfj gifZ\jfj [\ \okiXZZ`Â?e [\ ^Xj% Ăˆ<c ^iXe i\kf \j j\^l`i ]fikXc\Z`\e[f el\jkif DXiZf I\^lcXkfi`f# j` Y`\e \j Z`\ikf hl\ Zfem\i^\e (. c\p\j ]\[\iXc\j# \eki\ fkiXj d}j Zfdf jfe [\Zi\kfj# i\^cX$ d\ekfj \ `ejkild\ekfj `ek\ieXZ`feXc\j hl\ Xk`\e[\e \c k\dX \e\i^„k`Zf# k\e\dfj cX i\jgfejXY`c`[X[ X [\YXk`i# Zfej\ejlXi p ZfejX^iXi cXj i\]fidXj e\Z\jXi`XjÉ% <e \eki\m`jkX gXiX D CX^leX# \c c\^`j$ cX[fi _XYcX [\c jXc[f hl\ Zfej`[\iX hl\ cX I\]fidX <e\i^„k`ZX [\aÂ? \e \c gXˆj p \e \c \jkX[f [\ :fX_l`cX% 8eleZ`X hl\ [\j[\ cX :}dXiX 8ckX gif$ dfm\i} cX Zi\XZ`Â?e [\ leX el\mX le`[X[ [\ gif[lZZ`Â?e [\ ZXiYÂ?e gXiX cX \ek`[X[ p i\`k\iX jl gfjkliX \e ZfekiX [\ cX k„Ze`$ ZX [\c ]iXZb`e^# g\if cX ĂˆmXdfj X XeXc`qXi$ cX gif]le[Xd\ek\ p jfYi\kf[f \mXclXi cXj Zl\jk`fe\j k„Ze`ZXj d}j hl\ gfcˆk`ZXjÉ% 4XŠ LPSOLFD SUHVLGLU OD &RPLVLÂłQ GH (QHUJ­D HQ HO 6HQDGR"

<j leX i\jgfejXY`c`[X[ ^iXe[\ \e le k\dX dlp `dgfikXek\ gXiX \c gXˆj% Gi`eZ`gXcd\e$ k\ \c YXcXeZ\# \c ZÂ?df gif[lZ`i \e cfj giÂ?o`$ dfj XÂŒfj gfihl\ j` ef efj gfe\dfj m`mfj gf[\dfj k\e\i [\jXYXjkf% :lXe[f =fo# j\ gif[lZˆXe * d`ccfe\j [\ YXii`c\j [`Xi`fj [\ g\kiÂ?c\f p jfYiXYXe le d`ccÂ?e p d\[`f X \ogfikXZ`Â?e# g\if ZlXe[f \ekiX :Xc[\iÂ?e [`jd`elp\ p Zfe G\ÂŒX E`\kf j\ gif[lZ\e (%/ d`ccfe\j [\ YXii`c\j% 0 /$*81$ Ăž 2&78%5(

(175(9,67$ &XยกO HV OD DJHQGD LQPHGLDWD TXH VH JXLUยกQ HQ HO 6HQDGR"

<eki\ cfj k\dXj gi`dfi[`Xc\j k\e\dfj cX gXik\ [\c g\kiย c\f p \e \c ZXjf [\c ^Xj _Xp hl\ i\Zfi[Xi hl\ [\c 0' gfi Z`\ekf [\c Zfejldf [\g\e[\dfj [\ <jkX[fj Le`[fj% <j `dgfikXek\ Zย df gif[lZ`i d}j ^Xj p ef X YXj\ [\c ]iXZb`e^ hl\ [X dlp gfZf ZfdgXiX[f Zfe cXj ^iXe[\j i\j\imXj hl\ \o`jk\e [\ ^Xj Zfem\eZ`f$ eXc \e \c gXย j% E\Z\j`kXdfj kXdY`ย e leX i\m`j`ย e `ed\[`XkX [\ cXj kXi`]Xj [\ \e\i^ย X \e dlZ_Xj i\^`fe\j [\c gXย j# gl\j \c `eZi\$ d\ekf ]l\ \efid\ [\ \e\if X cX ]\Z_X \e cX :fdXiZX CX^le\iX% Cf gf[\dfj Z_\ZXi Zfe \c XcZXc[\ [\ Kfii\ย e Afi^\ Q\id\ย f# f cX gi\j`[\ekX dle`Z`gXc [\ >ย d\q GXcXZ`f# C\k`Z`X ?\ii\iX 8c\# \e ZlXekf Xc ljf [\ \e\i^ย X gXiX \c Yfd$ Y\f [\ X^lX gfkXYc\% PX cf jfc`Z`kXdfj p \jg\iXdfj leX \ogc`ZXZ`ย e gXiX \jfj `eZi\d\ekfj kXe XYilgkfj# gl\j cfj gi\Z`fj [\c g\kiย c\f ef _Xe jlY`[f kXe Xckf p \c [ย cXi g\i$ dXe\Z\ \e cfj d`jdfj mXcfi\j% <e cXj giย o`dXj j\j`fe\j mXdfj X Xi$ dXi \c gcXe [\ kiXYXaf Zfe YXj\ \e cXj gifgl\jkXj [\c i\jkf [\ cfj j\eX[fi\j% LeX [\ cXj ZfjXj ]le[Xd\ekXc\j \j hl\ \c <jkX[f [\Y\ k\e\i cX i\Zkfiย X [\ cfj _`[ifZXiYlifj# g\if \jf hl\[ย Y`\e XZcXiX[f \e \c el\mf kiXkX[f [\ c`Yi\ [\ Zfd\iZ`f [fe[\ hl\[X X c`Y\ikX[ [\ cfj Zfe^i\jfj [\ cfj gXย j\j hl\ gl\[Xe _XZ\i df[`]`ZXZ`fe\j \e dXk\i`X \e\i^ย k`ZX% (O SUHVLGHQWH HOHFWR $QGUยฉV 0DQXHO /ยณ SH] 2EUDGRU \ XVWHG KDQ PDQLIHVWDGR QR FUHHU HQ OD WยฉFQLFD GHO IUDFNLQJ SDUD H[WUDHU JDV YHUHPRV SURQWR OD OHJLV ODFLยณQ TXH OD SURKยญED"

Gi\Z`jXd\ek\ \c ^ilgf gXicXd\ekXi`f [\ Dfm`d`\ekf :`l[X[Xef gi\j\ekย leX `e`Z`Xk`mX [\ \j\ k\dX% MXdfj X XeXc`qXicX gif]le[Xd\ek\ p jfYi\kf[f \mXclXi cXj Zl\jk`fe\j kย Ze`$ ZXj d}j hl\ gfcย k`ZXj# \j [\Z`i# j` [Xย X [\dXj`X[f \c d\[`f XdY`\ek\ _Xp hl\ \m`kXicf% 3HUR \D KD\ XQD WHQGHQFLD GH KDFHUOR QR"

(Q ORV ยบOWLPRV DยฑRV VH GHMDURQ FDHU ODV SRFDV UHILQHUยญDV TXH H[LVWHQ \ HQ HO ยกPELWR SHWURTXยญPLFR WDPSRFR H[LVWH HO YDORU DJUHJDGRร

<e mXi`Xj gXik\j [\ <jkX[fj Le`[fj pX cf gif_`Y`\ife Zfdf El\mX Pfib# :Xif$ c`eX [\c Efik\ p G\ej`cmXe`X% 8[\d}j \e fkifj gXย j\j Zfdf <jgXย X# =iXeZ`X# Jl`$ qX p :_\ZfjcfmXhl`X% &XยกOHV VRQ ORV SHQGLHQWHV TXH GHMD HO DFWXDO *RELHUQR )HGHUDO HQ PDWHULD HQHUJยฉWLFD"

;\aX dlZ_fj g\e[`\ek\j p ef eX[X d}j \c XZklXc# j`ef cfj [fj Xek\i`fi\j% <e cfj ย ck`dfj (/ Xย fj j\ [\aXife ZX\i cXj gf$ ZXj i\]`e\iย Xj hl\ \o`jk\e p \e \c }dY`$ kf g\kifhlย d`Zf kXdgfZf \o`jk\ \c mX$ cfi X^i\^X[f%

0 /$*81$ ร 2&78%5(

(175(9,67$

&UHR TXH LPSXOVDQGR ODV HQHUJ­DV OLPSLDV \ KDFLHQGR HIHFWLYD OD LQIUDHVWUXFWXUD GH JHQHUDFLÂłQ GH FDUEÂłQ JDV \ FLFOR FRPELQDGR YDPRV D VDOLU DGHODQWHĂš <e \c k`\dgf [\ =fo ZlXe[f \c YXii`c j\ ]l\ [\ *' X ()' [Â?cXi\j# [\ XZl\i[f Zfe cX :fe]\i\eZ`X EXZ`feXc [\ >fY\i$ eX[fi\j :feX^f # j\ glj`\ife X i\gXik`i cfj \oZ\[\ek\j [\ g\kiÂ?c\f \e kf[fj cfj \jkX[fj \e cl^Xi [\ Zi\Xi cX `e]iX\jkilZ$ kliX \e\i^„k`ZX e\Z\jXi`X% Jfe ZfjXj hl\ efj hl\[Xife [\Y\i X kf[fj cfj d\o`ZX$ efj p hl\ cX ^\ek\ [\c Gf[\i C\^`jcXk`mf p <a\Zlk`mf k\e[i} cX jXg`\eZ`X# g\if jf$ Yi\kf[f cX mfclekX[ gfcˆk`ZX \e ZfekiX cX ZfiilgZ`Â?e [\ kf[f \ccf p cX `dgle`[X[ gXiX hl\ cXj ZfjXj j\ \e[\i\Z\e% Hl\i\dfj \m`kXi hl\ \e ki\j XÂŒfj k\e^Xdfj XgX^fe\j% :i\f hl\ `dglc$ jXe[f cXj \e\i^ˆXj c`dg`Xj p _XZ`\e[f \]\Zk`mf cX `e]iX\jkilZkliX [\ ^\e\iX$ Z`Â?e [\ ZXiYÂ?e# ^Xj p Z`Zcf ZfdY`eX[f mXdfj X jXc`i X[\cXek\%

gl\j i\jlckX hl\ leX [\ \ccXj \jk} \e le ^ilgf hl\ k`\e\ YXj\ \e M\iXZilq p fkiX \e >lX[XcXaXiX% Ef j„ X hl„ fY\[\Z\ \j\ k`gf [\ fi$ ^Xe`qXZ`Â?e p j`\ekf hl\ _Xe kiXkX[f [\ [\jdXek\cXi cX YXj\ [\c <jkX[f \e XiXj [\ ]Xmfi\Z\i `ek\i\j\j [\ ^ilgfj \ZfeÂ?$ d`Zfj kXekf [\ D„o`Zf Zfdf \okiXea\$ ifj \e g\ial`Z`f [\ cfj Z`l[X[Xefj% &RDKXLOD HV XQD HQWLGDG FRQ XQ DOWR SRWHQFLDO HQ PDWHULD GH GLIHUHQWHV IXHQWHV GH JHQHUDFLÂłQ GH HQHUJ­D H LQ FOXVR H[LVWH XQ FOÂşVWHU HQ OD PDWHULD \D KXER XQ DFHUFDPLHQWR FRQ HOORV R HO SURSLR JREHUQDGRU 0LJXHO 5LTXHOPH SDUD UHYLVDU HO WHPD"

<c ]lklif Zffi[`eX[fi [\c ^fY`\ief ]\$ [\iXc p pf _\dfj k\e`[f i\le`fe\j Zfe \c ^fY\ieX[fi D`^l\c I`hl\cd\# g\if &ÂłPR TXHGD SDUDGD OD &)(" jfYi\ fkifj k\dXj Zfdf \jkf cfj mXe X Âś:Â?df mX j\i leX \dgi\jX [\ ZcXj\ kiXkXi Zfe \c gi\j`[\ek\ \c\Zkf 8e[i„j dle[`Xc j` cX [\jYXiXkXife6 :i\Xife DXel\c CÂ?g\q FYiX[fi% ki\j \dgi\jXj Zfe cX ^\e\iX[fiX% Gl\[f gfe\i [\ \a\dgcf cXj [fj [\ &ÂłPR YH HO VDOGR GH OD 5HIRUPD (QHU cXj ki\j gcXekXj [\ \e\i^ˆX hl\ \o`jk\e JŠWLFD HQ &RDKXLOD" \e :fX_l`cX :XiYÂ?e @ p :XiYÂ?e @@ # :i\f hl\ X]fikleX[Xd\ek\ \e \c YXcXe$ 0 /$*81$ Ăž 2&78%5(

Z\ [\c ZXjf [\ :fX_l`cX k\e\dfj [fj gXihl\j \Â?c`Zfj ^iXe[\j p fkifj [\ \e\i^ˆX jfcXi% ?\dfj XmXeqX[f YXjkXe$ k\# g\if e\Z\j`kXdfj hl\ cXj gcXekXj [\ ZXiYÂ?e \jk„e X cX XckliX% PX j\ \jk} _XZ`\e[f i\Zfem\ij`Â?e \e :XiYÂ?e @ p j\ mX _XZ\i cf e\Z\jXi`f \e :XiYÂ?e @@ gXiX d\afiXicXj kXekf \e cX \]`Z`\eZ`X [\ ^\e\iXZ`Â?e Zfdf \d`j`f$ e\j [\ [`Â?o`[f [\ ZXiYfef Xc d\[`f Xd$ Y`\ek\% 8ZklXcd\ek\ XdYXj ^\e\iXe ) d`c ,'' d\^XnXkkj% 8VWHG FRPR XQ HPSUHVDULR TXH KD HV WDGR FHUFDQR D OD 5HJLÂłQ &DUERQ­IHUD SRU PXFKR WLHPSR TXŠ KD IDOWDGR DK­"

MXdfj X `dglcjXi p pX cf _XYc„ Zfe \c \hl`gf [\ kiXej`Z`�e [\ cX :fd`j`�e =\$ [\iXc [\ <c\Zki`Z`[X[ :=< gXiX i\kf$ dXi le gifp\Zkf hl\ j\ hl\[� \e \c k`e$ k\if _XZ\ dlZ_fj XŒfj [\ _XZ\i fkiX le`[X[ [\ gif[lZZ`�e [\ ZXiY�e d}j df[\ie`qX[X p hl\ Xiifa\ [\ *,' X +'' d\^XnXkkj% :fe \jf YljZXdfj kXekf `dglcjXi cX :XiYfeˆ]\iX Zfdf cX I\$ ^`�e Efik\ [\c \jkX[f%

(175(9,67$

Ă™/D OHJLVODFLÂłQ GHEH DEULUVH D ORV ELRFRPEXVWLEOHVĂš 5RVD 0DU­D 5RGU­JXH] -DVVR SURIHVRUD CX `em\jk`^X[fiX [\ cX =XZlckX[ [\ :`\eZ`Xj Hlˆd`ZXj [\ cX L8[\: p hl`\e \eZXY\qX \c >ilgf [\ @em\jk`^XZ`Â?e \e 9`fi\]`e\iˆX# Zfe]ˆX \e hl\ \c giÂ?o`df ^fY`\ief ]\[\iXc mfck\\ X m\i cXj Y`f\e\i^ˆXj

325 /8,6 &$5/26 9$/'‰6 '( /(“1 )2726 0/$*81$

;

\ cX dXef Zfe \c [fZkfi ?„Zkfi Il`q# cX gif]\jfiX \ `em\jk`^X[f$ iX IfjX DXiˆX If[iˆ^l\q AXjjf# p kf[f jl Zl\igf [\ ZfcXYfiX[f$ i\j \eZXY\qXe \c >ilgf [\ @em\jk`^XZ`�e \e 9`fi\]`e\iˆX X kiXm„j [\c [\gXikXd\ekf [\ @em\jk`^XZ`�e \e 8c`d\ekfj \e cX =XZlc$ kX [\ :`\eZ`Xj Hlˆd`ZXj [\ cX Le`m\ij`[X[ 8lk�efdX [\ :fX_l`cX# \e cX Z`l[X[ [\ JXck`ccf% <jk\ ^ilgf kiXYXaX \e [fj m\ik`\e$ k\j1 CX 9`fi\]`e\iˆX kXekf gXiX Y`fZfdYlj$ k`Yc\j Zfdf gXiX gif[lZkf [\ Xckf [\ mXcfi X^i\^X[f Xjˆ Zfdf jl Xgc`ZXZ`�e \e \c j\^$ d\ekf Xc`d\ek`Z`f p \e\i^„k`Zf%

&XÂĄO KD VLGR HO UHVXOWDGR REWHQLGR D SDUWLU GH HVWD DJUXSDFLÂłQ"

<e \c >ilgf [\ I\]`e\iˆX [\ cX Le`m\ij`$ [X[ 8lk�efdX [\ :fX_l`cX# _\dfj j`[f g`fe\ifj X e`m\c eXZ`feXc# Xc j\i \c gi`d\$ if hl\ \dg\q� X `e^i\jXi \c ZfeZ\gkf [\e$ kif [\c }i\X [\ cfj Y`fZfdYljk`Yc\j% Efj i\]\i`dfj Xc [\jXiifccf [\ gifZ\jfj hl\ mXe X j\im`i gXiX cX fYk\eZ`�e [\ Y`fZfd$ Yljk`Yc\j# X kiXm„j [\ Y`fdXjXj2 hl\ \e \jk\ ZXjf gl\[\e j\i Y`fdXjXj [\ i\j`[lfj hl\ ef jfe Y`fc�^`Zfj# Zfdf Y`fdXjXj dXi`eXj f XZl}k`ZXj% P cX `[\X \j cX Xgc`ZXZ`�e [\ \jkfj Y`fgifZ\jfj gXiX k\e\i leX Y`fi\]`e\iˆX `e$ k\^iXc p jljk\ekXYc\# pX hl\ YljZXdfj cX fY$ k\eZ`�e [\ Y`fZfdYljk`Yc\j p X[\d}j# cX fY$ k\eZ`�e [\ [`]\i\ek\j gif[lZkfj [\ Xckf mXcfi X^i\^X[f Zfdf \c ZfeZ\gkf _fd�cf^f [\ cX i\]`e\iˆX [\c g\ki�c\f# f j\X hl\ k\e\dfj ef j�cf \c ZfdYljk`Yc\# j`ef kXdY`„e j\ k`\e\e [fj gif[lZkfj [\ cX i\]`eXZ`�e%

Efjfkifj fYk\e\dfj Y`fZfdYljk`Yc\j Zfdf \kXefc p X cX m\q Zfdgl\jkfj [\ Xckf mXcfi X^i\^X[f hl\ \e jl dXpfiˆX jfe gi\$ Y`Â?k`Zfj f gfc`[fjXZ}i`[fj hl\ j\ fYk`\$ e\e Zfe ]leZ`feXc`[X[ gi\Y`Â?k`ZX hl\ j\ gl\[\ Xgc`ZXi \e cfj Xc`d\ekfj f X cfj el$ kiXZ„lk`Zfj% F X cX m\q kXdY`„e gf[\dfj fYk\e\i Zfdgl\jkfj Xek`fo`[Xek\j hl\ j\ gl\[\e X cX m\q Xgc`ZXi \e cfj d`jdfj# f Zfdgl\jkfj gfc`d„i`Zfj hl\ gl\[\e j\i kXdY`„e lk`c`qX[fj \e Y`fdXk\i`Xc\j% (Q TXŠ DÂąR VH IRUPÂł HO *UXSR"

Jˆ# jfdfj le ^ilgf ]fidX[f [\j[\ \c )'(*% Jfdfj kXekf \c [fZkfi ?„Zkfi Ilˆq p leX j\im`[fiX# p \e \jk\ ^ilgf efj _\$ dfj \e]fZX[f \e kf[Xj cXj \kXgXj [\c gif$ Z\jf [\ cX Y`fi\]`e\iˆX# g\if jfdfj d}j \jg\Z`Xc`jkXj \e cX gXik\ [\c kiXkXd`\ekf% <j \c \jkl[`f [\c gifZ\jf [\ ]iXZZ`feXZ`Â?e [\ cX Y`fdXjX# gXiX hl\ j\ gl\[X lk`c`qXi \e cXj \kXgXj [\ fYk\eZ`Â?e [\ Y`fZfdYljk`Yc\j f [\ cX fYk\eZ`Â?e [\ Zfdgl\jkf [\ Xckf mXcfi X^i\^X[f2 [\ _\Z_f k\e\dfj _XjkX leX gcXe$ kX g`cfkf# Zfe le i\XZkfi X \jZXcX g`cfkf# gXiX \jX \kXgX [\ ]iXZZ`feXZ`Â?e# [\ kiXkXd`\ekf gXiX fYk\e\i Y`fdXjX i`ZX \e Zfdgl\jkfj kXekf \j \e ]\id\ekXYc\j f \e Y`fdXjXj i`ZXj hl\ gl\[\e j\i Xgc`ZX[Xj \e Xc`d\ekfj% 4XŠ WDQWR VH KD SRGLGR YLQFXODU HVWH WUDEDMR GH LQYHVWLJDFLÂłQ FRQ HO VHFWRU SURGXFWLYR R HV ÂşQLFDPHQWH SRU SDUWH GH OD DFDGHPLD"

Ef d`iX# \c ^ilgf \j gXik\ [\c :c’jk\i [\ 9`fXcZf_fc\j [\ cX J\Zi\kXiˆX [\ <e\i^ˆX%

0 /$*81$ Ăž 2&78%5(

;\ _\Z_f efjfkifj jfdfj cˆ[\i\j [\ cX \kXgX [\ kiXkXd`\ekf [\ cf hl\ \j \c :c’j$ k\i [\ 9`fXcZf_fc% <ekfeZ\j i\Xcd\ek\ \j$ kXdfj m`eZlcX[fj [`i\ZkXd\ek\ Zfe cX J\$ Zi\kXiˆX [\ <e\i^ˆX# X kiXm„j [\ \jkfj Zc’jk\ij# gXiX \c [\jXiifccf [\ Y`fZfdYlj$ k`Yc\j hl\ j\ hl`\i\e lk`c`qXi X gXik`i [\c )')' gfi cX 8^\e[X [\ <e\i^ˆX% CX `[\X \j hl\ X gXik`i [\c )')'# \e D„o`Zf cX ^\ek\ mX X k\e\i X cX dXef cfj Y`fZfdYljk`Yc\j# gXiX gf[\i j\i lk`c`qX$ [fj \e \c XlkfkiXejgfik\% :fe \c :c’jk\i [\ 9`fXcZf_fc\j pX _\dfj _\Z_f cfj gif$ Z\jfj [\ fgk`d`qXZ`�e X \jZXcX cXYfiXkfi`f p [\ X_ˆ X kiXm„j [\ cfj fkifj ^ilgfj f [\ cXj fkiXj cˆe\Xj \jkiXk„^`ZXj# j\ \jk}e _X$ Z`\e[f cXj gil\YXj X \jZXcX g`cfkf% P cX `[\X [\c :c’jk\i \j kiXej]\i`i \jkX k\Zefcf^ˆX X cXj g\ijfeXj f `em\i$ j`fe`jkXj hl\ \jk„e `ek\i\jX[Xj \e \c [\jXiifccf [\ cfj Y`fZfdYljk`Yc\j% <e kXekf hl\ cX J\Zi\kXiˆX [\ <e\i^ˆX YljZX ]fidXi lefj Zc’jk\ij p efjfkifj [\$ jXiifccXdfj leX gcXekX g`cfkf Xhlˆ \e cX =XZlckX[ [\ :`\eZ`Xj Hlˆd`ZXj# hl\ kXd$

(175(9,67$

/D LGHD HV TXH D SDUWLU GH HQ 0ยฉ[LFR OD JHQWH YD D WHQHU D OD PDQR ORV ELRFRPEXVWLEOHV SDUD SRGHU VHU XWLOL]DGRV HQ HO DXWRWUDQVSRUWHร

8ZklXcd\ek\ \c cย d`k\ [\ Y`fZfdYlj$ k`Yc\j \j \c (' % <j [\Z`i# cf hl\ j\ gl\[\ X^i\^Xi [\ Y`f\kXefc X cX ^Xjfc`eX \j jย cf \c (' p cf d}j ZfekiX[`Zkfi`f \j hl\ ef \jk}e `eZcl`[Xj cXj ki\j ^iXe[\j ZXg`kXc\j [\c gXย j Zfdf jfe cX :`l[X[ [\ Dย o`Zf# Dfek\ii\p p >lX[XcXaXiX% I\Xcd\ek\ \j leX Zl\jk`ย e [\ c\^`jcX$ Z`ย e# e\Z\j`kXe _XZ\i c\p\j hl\ g\id`kXe hl\ cfj Y`fZfdYljk`Yc\j gl\[Xe \jkXi Xc XcZXeZ\ [\c Zfejld`[fi p hl\ X cX m\q j\Xdfj Zfdg\k`k`mfj X e`m\c dle[`Xc2 \e <jkX[fj Le`[fj pX j\ gl\[\ k\e\i _XjkX /, [\ Y`f\kXefc \e cX ^Xjfc`eX2 Xhlย \j leX Zl\jk`ย e [\ hl\ j\ i\hl`\i\ hl\ cXj c\p\j j\ mXpXe df[`]`ZXe[f gXiX hl\ efj g\id`kXe k\e\i Xc XcZXeZ\ \jkX fgZ`ย e% I\Xcd\ek\ [\jZfefZ\dfj Zfe \c ZXdY`f 4Xยฉ WDQ SUHSDUDGR HVWDUยก HO PHUFDGR [\c ^fY`\ief Zย df j\ mXe X kfdXi \jkXj SDUD VXVWLWXLU ORV LQVXPRV TXH DFWXDO el\mXj `e`Z`Xk`mXj% CX J\Zi\kXiย X [\ <e\i$ PHQWH HVWยกQ XWLOL]DQGR" ^ย X i\Xcd\ek\ Zfe cX Zi\XZ`ย e [\ cfj Zcย j$ <c d\iZX[f# Yl\ef i\Xcd\ek\ \j leX k\ij _X [X[f le ^iXe gXjf2 j\ XgifYXife Zl\jk`ย e d}j [\ c\^`jcXZ`ย e2 j\ i\hl`\i\ ]fe[fj gXiX [\jXiifccXi gifp\Zkfj p [Xi hl\ j\ g\id`kXe k\e\i cfj Y`fZfdYljk`$ fgZ`fe\j k\Zefcย ^`ZXj p Z`\ekย ]`ZXj gXiX Yc\j Xc XcZXeZ\ [\c Zfejld`[fi% cfj [`]\i\ek\j k`gfj [\ \e\i^ย Xj%

Y`ย e \j ย e`ZX \e \c gXย j p hl\ X kiXmย j [\ \ccX gf[\dfj _XZ\i kiXkXd`\ekfj _`[if$ kย id`Zfj2 X \jf d\ i\]`\if# hl\ jย cf lk`c`$ qXdfj X^lX f mXgfi \e el\jkifj gifZ\jfj# gXiX gf[\i \okiX\i Zfdgl\jkfj [\ Xckf mX$ cfi X^i\^X[f f cX Y`fdXjX gi\kiXkX[X gXiX gf[\i ]\id\ekXi% <ekfeZ\j \jf efj g\id`k\ hl\ j\Xe gifZ\jfj jljk\ekXYc\j# hl\ j\Xe \Zfcย ^`$ Zfj Zfe \c d\[`f XdY`\ek\ p hl\ X[\d}j k\e^Xe cX fgZ`ย e [\ hl\ cXj ]iXZZ`fe\j k\e^Xe leX Xgc`ZXZ`ย e# gfi \a\dgcf gXiX cX `e[ljki`X Xc`d\ek`Z`X# f gXiX cX `e[lj$ ki`X elkiXZย lk`ZX f cX ]XidXZย lk`ZX gfi$ hl\ ef Zfek`\e\e ZfekXd`eXek\j hl\ m`\$ e\e# gfi \a\dgcf# [\ fkif k`gf [\ ]l\ek\j Zfdf ZlXe[f j\ ljXe }Z`[fj%

G\if cX m\i[X[ \jkXdfj \jg\iXe[f hl\ \c el\mf ^fY`\ief# X[\d}j [\ cfj _`[if$ ZXiYlifj# kXdY`ย e mfck\\ X m\i cXj Y`f$ \e\i^ย Xj# gfihl\ \o`jk\ ^\ek\ kiXYXaXe[f \e \jf p j\iย X leX g\eX hl\ ef cf Zfej`$ [\iXiXe% CX `[\X \j hl\ j\ [ย leX Zfek`$ el`[X[ X cfj d`jdfj ZlXe[f j\ k\id`e\e \jkfj gifp\Zkfj% 6RQ SUR\HFWRV TXH VXUJHQ GHO HVWDEOH FLPLHQWR GH SROยญWLFDV SยบEOLFDV \ GH OD ILU PD GH DFXHUGRV LQWHUQDFLRQDOHV TXH GH WHUPLQDQ HVWDV QXHYDV WHQGHQFLDV"

Efj \jkXdfj `ek\^iXe[f Zfe cX 8^\eZ`X @ek\ieXZ`feXc [\ <e\i^ย X# gXiX \jkXYc\$ Z\i alekf J<E<I J\Zi\kXiย X [\ <e\i$ ^ย X # p cfj Zcย jk\ij# cX mย X d}j X[\ZlX[X gXiX cX `ek\^iXZ`ย e [\ cfj Y`fZfdYljk`$ Yc\j# \e \jk\ ZXjf \j [\c Y`f\kXefc \e \c j`jk\dX [\ XlkfkiXejgfik\# gXiX hl\ mXpX ZXd`eXe[f Zfe cXj X[\ZlXZ`fe\j# Zfe cXj c\^`jcXZ`fe\j p cX ]fidX d}j X[\ZlX[X gXiX `ekif[lZ`icf gXiX \c Zfejld`[fi2 cXj ]fidXj d}j X[\ZlX[Xj gXiX gif[lZ`icf \ `ekif[lZ`icf Xhlย \e Dย o`Zf%

0 /$*81$ ร 2&78%5(

(175(9,67$ +D\ PXFKRV FDVRV TXH HQ PXFKDV UHJLR QHV VH HVW¡Q GHVDUUROODQGR GLIHUHQWHV WLSRV GH ELRFRPEXVWLEOHV VHD GHULYD GRV GHO SURFHVDPLHQWR GH OD FD±D GH D]ºFDU SRU HMHPSOR 4X© VHU­D OR P¡V YLDEOH SRUTXH WRGRV HVW¡Q KDFLHQGR VXV HVIXHU]RV SHUR FRQVLGHUD TXH DO ILQDO WR GRV WHQJDQ TXH HVWDU XQLGRV SDUD SRGHU LPSXOVDU OD UHFRQYHUVL³Q KDFLD ORV ELR FRPEXVWLEOHV"

<j dlp `dgfikXek\ [\jkXZXi hl\ \o`jk\ cX IlkX [\c 9`f\kXefc hl\ \jkXYc\Z` cX J<E<I# hl\ [\ _\Z_f \c [fZkfi Kfii\j \jklmf kiXYXaXe[f \e \c [\jXiifccf [\ cX d`jdX# \e [fe[\ j\ \jkXYc\Z\ Zl}c\j jfe cfj Zlck`mfj `e`Z`Xcd\ek\ Zfe cfj hl\ j\ mXe X Zfd\eqXi X [\jXiifccXi \c Y`f\kX$ efc# \e \jk\ ZXjf Zfdf k Y`\e cf d\e$ Z`feXj# X kiXm j [\ ZX X p jfi^f% P [\ _\Z_f \c Zfdgifd`jf \j hl\ \e Z`eZf X fj j\ k\e^X X kiXm j [\ \jk\ k`gf [\ Zlc$ k`mfj \c Y`f\kXefc# pX gif[lZ`\e[f X e`$ m\c `e[ljki`Xc% J\ Zl\ekX pX Zfe Xc^leXj gcXekXj g`$ cfkf# hl\ pX _Xe \jkX[f kiXYXaXe[f \e \c [\jXiifccf [\ cX `e]iX\jkilZkliX gXiX gf$ [\i gif[lZ`i \jk\ k`gf [\ Y`fZfdYljk`$ Yc\ X kiXm j [\ \jkXj Y`fdXjXj% <e cX ilkX [\c Y`f\kXefc j\ \jkXYc\Z\ Zfe cXj \jkiXk\^`Xj gXiX `ek\^iXi \jkfj Y`fZfdYljk`Yc\j% P j # Zfdf k [`Z\j# le`i \j]l\iqfj p kiXYXaXi Zfe cfj [`]\i\e$ k\j k`gfj [\ Y`fdXjXj% <jkXj gi`d\iXj k\Zefcf^ Xj j\ YXjXe [`i\ZkXd\ek\ X kiXm j Zlck`mfj p cfj hl\ efjfkifj kiXYXaXdfj jfe \c Y`f\kXefc [\ j\^le[X p [\ k\iZ\iX ^\e\iXZ` e hl\ j\$ ^liXd\ek\ jfe i\j`[lfj \c`d`ef$Z\cl$ c j`Zfj# hl\ ef jfe [`i\ZkXd\ek\ [\ cfj Zlck`mfj% &X¡O HV HO SRVLFLRQDPLHQWR TXH DG TXLHUH &RDKXLOD QR VH VL V³OR D QLYHO QD FLRQDO R LQFOXVR D QLYHO LQWHUQDFLRQDO"

I\Xcd\ek\ cX Le`m\ij`[X[ 8lk efdX [\ :fX_l`cX# X kiXm j [\ cf hl\ \jkX$ dfj _XZ`\e[f Zfdf \c >ilgf [\ 9`f$ i\]`e\i X# _\dfj ]fidX[f le cXYfiXkf$ i`f Zfe cX `e]iX\jkilZkliX X[\ZlX[X gXiX gf[\i _XZ\i cfj \jkl[`fj X e`m\c cXYfiXkfi`f p g`cfkf% <jkXdfj m`eZlcX[fj# Zfdf k\ Zf$ d\ekf# [`i\ZkXd\ek\ jfdfj gXik\ [\c :c jk\i [\ 9`fXcZf_fc\j2 kXdY` e k\$ e\dfj ZfcXYfiXZ`fe\j Zfe ^ilgfj X e`$ m\c `ek\ieXZ`feXc# hl\ kiXYXaXe \e \jkX k\d}k`ZX \e cX gXik\ [\c Y`f\kXefc# ^\ek\ [`i\ZkXd\ek\ \e <jgX X# \e ;`$ eXdXiZX# hl\ jfe \jg\Z`Xc`jkXj \e cX gif[lZZ` e [\ Y`f\kXefc# [fe[\ pX _\$ dfj _\Z_fj m`j`kXj X gcXekXj g`cfkf p hl\ \jk}e [\jXiifccXe[f pX \c Y`f\kX$ efc p Zfe i\j`[lfj _`[ifZ\clc j`Zfj% ?\dfj [`j\ X[f i\XZkfi\j hl\ jfe k\Zefcf^ X d\o`ZXeX p k\Zefcf^ X gif$ g`X% <ekfeZ\j k\e\dfj le i\XZkfi [\ ]\id\ekXZ` e p k\e\dfj [`]\i\ek\j \hl`gfj hl\ efjfkifj _\dfj [`j\ X[f

&21&(3726 (O /DERUDWRULR GH %LRUHILQHU­D H ,QJHQLH U­D HV XQ FRPSRQHQWH LQWHJUDO GHO 'H SDUWDPHQWR GH ,QYHVWLJDFL³Q GH $OLPHQ WRV GH OD )DFXOWDG GH &LHQFLDV 4X­PLFDV GH OD 8QLYHUVLGDG $XW³QRPD GH &RDKXL OD \ VH KD HVWDEOHFLGR FRPR XQ SXQWR FHQWUDO HQ HO FDPSR GH OD LQYHVWLJDFL³Q ELRUHILQHU­DV /D HVWUDWHJLD GHO ODERUDWR ULR GH %LRUHILQHU­D H ,QJHQLHU­D TXH VH FHQWUD HQ HO GHVDUUROOR \ FRQVROLGDFL³Q GH OD ELRFRQYHUVL³Q GH OD ELRPDVD OLJQR FHOXO³VLFD \ PDULQD PHGLDQWH SURFHVRV UHVSHWXRVRV FRQ HO PHGLR DPELHQWH SDUD OD SURGXFFL³Q GH ELRFRPEXVWLEOHV ELRHWDQRO \ FRPSXHVWRV GH DOWR YDORU D±DGLGR (O ODERUDWRULR GH %LRUHILQHU­D H ,QJHQLHU­D XWLOL]D XQD YDULHGDG GH PHWRGRORJ­DV SDUD OD FDUDFWHUL]DFL³Q GH ODV PDWHULDV SULPDV OLJQRFHOXORVD \ GH ELRPDVD PD ULQD OD FXDQWLILFDFL³Q GH D]ºFDUHV \ ORV FRPSXHVWRV GH DOWR YDORU D±DGLGR (O W©UPLQR ÚELRUHILQHU­DÚ GH GD \ UD JHQHUDFL³Q WRPD VX RULJHQ GH OD UHILQH U­D FO¡VLFD GHO SHWU³OHR \ VH UHILHUH D OD FRQYHUVL³Q GH ELRPDVD HQ ELRFRPEXV WLEOHV \ FRPSXHVWRV GH DOWR YDORU D±D GLGR D WUDY©V GH OD LQWHJUDFL³Q GH SUR FHVRV OLPSLRV (O VXUJLPLHQWR GHO FRQFHSWR GH %LRUHIL QHU­D QDFH FRQ OD QHFHVLGDG GH LGHQWLIL FDU ORV P¡V SURPHWHGRUHV SURGXFWRV WHQLHQGR HQ FXHQWD ORV DVSHFWRV DP ELHQWDOHV \ HFRQ³PLFRV 3RU OR WDQWR HVWD ILORVRI­D TXH LQWHJUD SURFHVRV \ WHF QRORJ­DV SDUD OD FRQYHUVL³Q GH ELRPDVD H[LJH XQD XWLOL]DFL³Q HILFLHQWH GH WRGRV VXV FRPSRQHQWHV (O *UXSR GH ,QYHVWLJDFL³Q HQ %LRUHILQHU­D HVWD DFWLYR HQ GLYHUVRV DVSHFWRV GH ORV SURFHVRV GH ELRUHILQHU­D XWLOL]DQGR ELR PDVD OLJQRFHOXO³VLFRV \ DFX¡WLFD SDUD OD SURGXFFL³Q GH ELRFRPEXVWLEOHV FRPR HO ELRHWDQRO OD SURGXFFL³Q GH FRPSXHVWRV ELRDFWLYRV \ HQ]LPDV GLVH±R GH ELRUHDF WRUHV PRGHODFL³Q PDWHP¡WLFD \ OD LQ WHQVLILFDFL³Q GHO SURFHVR )XHQWH *UXSR GH ,QYHVWLJDFL³Q HQ %LRUHILQHU­D 8$GH&

p hl\ efj _Xe j\im`[f gXiX i\Z`Y`i Xc$ ^lefj i\ZfefZ`d`\ekfj% CX `[\X [\ cXj Y`fi\]`e\i Xj \j Zfe$ Z\ekiXiefj \e XdYfj glekfj2 kXekf \e \c Y`f\kXefc Zfdf \e cfj Zl\igfj [\ Xckf mXcfi X^i\^X[f2 \ekfeZ\j cX `[\X \j [Xi fgZ`fe\j gXiX hl\ j\X jljk\ekX$ Yc\ p hl\ \e le ]lklif \jkX k\Zefcf^ X j\X \Zfe d`ZXd\ek\ ]XZk`Yc\2 j\ \jk}

0 /$*81$ Þ 2&78%5(

kiXYXaXe[f \e \jf# Zfe [`]\i\ek\j k`gfj [\ Y`fdXjXj% 8 kiXm j [\ el\jkiX gcXekX g`cfkf f]i\$ Z\dfj cX fgZ` e [\ j\^l`i XmXeqXe[f \e \jkXj k\d}k`ZXj p \jkXdfj kiXYXaXe[f \e [`]\i\ek\j gifp\Zkfj Zfe cX Xgc`ZXZ` e# gfi \a\dgcf# [\ cXj [`]\i\ek\j ]iXZZ`fe\j hl\ j\ k`\e\e cfj Zfdgl\jkfj [\ cfj gif$ Z\jfj [\ cX Y`fi\]`e\i X%

(175(9,67$

&RDKXLOD FRQ JUDQ SRWHQFLDO SDUD OD JHQHUDFLÂłQ GH HQHUJ­D <e \e\i^ˆX i\efmXYc\# \c \jkX[f XZldlcX leX `em\ij`Â?e [\ cfj d`c /..%, d`ccfe\j [\ [Â?cXi\j p leX gif[lZZ`Â?e [\ d`c -0+ d\^XnXkkj2 giÂ?o`dfj gifp\Zkfj XcZXeqXiˆXe cfj d`c *' d[[ p .,' d\^XnXkkj 325 $1$ 321&( )2726 0 /$*81$

:

fX_l`cX \j le \jkX[f Zfe le ^iXe gfk\eZ`Xc \e cX ^\e\iXZ`�e [\ \e\i^ˆXj i\efmXYc\j# Zfdf cX \�c`ZX p ]fkfmfckX`ZX# \ `eZcljf j\ Zi\\ hl\ kXdY`„e \e\i^ˆX ^\fk„id`ZX# Xjˆ Zfdf \e [\ \e\i^ˆXj ef i\efmXYc\j Zfdf \c ZXiY�e p \c ^Xj j_Xc\% <jk\ gfk\eZ`Xc _X XkiXˆ[f `dgfikXek\j \dgi\jXj [\ fi`^\e `kXc`Xef# \jgXŒfc p gfikl^l„j# gi`eZ`gXcd\ek\# hl\ ZfeZi\$ kXife e\^fZ`fj \e + dle`Z`g`fj [\ cX \e$ k`[X[# Zfe leX `em\ij`�e gfi Xii`YX [\ cfj d`c /'' d`ccfe\j [\ [�cXi\j p leX ^\e\$ iXZ`�e [\ \e\i^ˆX i\efmXYc\ gfi d`c -0+ d\^XnXkkj% <c J\Zi\kXi`f [\ ;\jXiifccf <Zfe�d`Zf p Kli`jdf# AX`d\ >l\iiX G„i\q# [\jkXZ� hl\ :fX_l`cX \j \c ’e`Zf \jkX[f [\c gXˆj hl\ k`\e\ gfj`Y`c`[X[ [\ ^\e\iXi \e\i^ˆXj c`dg`Xj# Zfdf cX \�c`ZX p ]fkfmfckX`ZX f jf$

cXi# d`\ekiXj hl\ fkiXj \ek`[X[\j k`\e\e ZXgXZ`[X[ gXiX ^\e\iX Xc^leX [\ „jkXj# g\if ef XdYXj% ĂˆJfdfj \c Â’e`Zf \jkX[f hl\ gl\[\ ^\$ e\iXi cXj [fj \e\i^ˆXj# cfj [\d}j \jkX[fj# Zfdf FXoXZX \j \Â?c`Zf# KXdXlc`gXj \j \Â?$ c`Zf# :_`_lX_lX \j \Â?c`Zf# efjfkifj k\e\$ dfj cXj [fj \e\i^ˆXj p k\e\dfj ^iXe[\j `em\ij`fe\j \e el\jkif \jkX[fÉ# [\jkXZÂ?% I\Zfi[Â? hl\ i\Z`\ek\d\ek\ \c ^fY\i$ eX[fi D`^l\c Ă?e^\c I`hl\cd\ Jfcˆj# Zf$ cfZÂ? \c gXe\c ) d`ccfe\j p d\[`f# Ăˆ\e \c gXihl\ jfcXi d}j ^iXe[\ [\ 8d„i`ZXÉ# hl\ \jk} lY`ZX[f \e M`\jZX# [\ cX \dgi\jX [\ ZXg`kXc `kXc`Xef <e\c >i\\e Gfn\i% <ogljf hl\ X[\d}j <e\c >i\\e Gfn\i# \jk} ZfcfZXe[f ZlXkif j\ZZ`fe\j# \e 8Zl$ ÂŒX# Ăˆ\e \c gXihl\ \Â?c`Zf hl\ kXdY`„e mX X j\i \c d}j ^iXe[\ [\ 8d„i`ZXÉ% ĂˆCX d`jdX \dgi\jX \jk} ZfcfZXe[f le

0 /$*81$ Ăž 2&78%5(

gXihl\ jfcXi \e M`\jZX p le GXihl\ <Â?c`Zf \e 8ZlÂŒX p d}j \c gXihl\ jfcXi hl\ ]l\ `eXl^liX[f _XZ\ [fj d\j\j \e CX CX^leX# \e \c dle`Z`g`f [\ DXkXdfifj# hl\ \j \c gXihl\ JfcXi :fX_l`cX# hl\ j\ \jkXYc\Z`Â? gXiX m\e[\ic\ \e\i^ˆX X cfj ^fY`\iefj dl$ e`Z`gXc\j p Xc ^fY`\ief \jkXkXc# \jk\ gXihl\ pX \jk} `ejkXcX[fÉ# gi\Z`jÂ? \c j\Zi\kXi`f% ĂˆGi}Zk`ZXd\ek\ \jkfj ) gXihl\j jfcXi\j p \jkfj , gXihl\j \Â?c`Zfj jfe cfj hl\ pX k\e\dfj `ejkXcX[fj p \jkfj gXihl\j k`\e\e leX `em\ij`Â?e [\ d`c /.. d`ccfe\j [\ [Â?$ cXi\j# gXiX [Xiefj leX `[\X Zfe \jkfj d`c -0* d\^XnXkkj \jkXiˆXdfj Xc`d\ekXe[f X * d`ccfe\j p d\[`f [\ _f^Xi\jÉ# i\]`i`Â?% ;\ kXc dXe\iX hl\ jfe . `em\ij`fe\j# [\ cXj ZlXc\j ) jfe gXihl\j jfcXi\j \e cfj dle`Z`g`fj [\ DXkXdfifj# [\ cX \dgi\jX DXZhlXi`\ [\ fi`^\e \jgXÂŒfcX# p M`\jZX# [\ cX \dgi\jX `kXc`XeX <e\c >i\\e Gfn\i2

(175(9,67$ , jfe gXihl\j \Â?c`Zfj1 lef \e IXdfj 8i`$ Ăˆ<jkf Xc ]`eXc m\e[iˆX X Zi\Xi kf[f le qg\# [\ cX \dgi\jX <e\i^ˆXj [\ Gfikl^Xc# el\mf j\Zkfi \e\i^„k`Zf# \jk\ \j ef i\ef$ p + \e :`l[X[ 8ZlÂŒX# kXdY`„e [\ <e\c mXYc\ g\if kXdY`„e jfe gifp\Zkfj hl\ \j$ >i\\e Gfn\i% k}e gfi XiiXeZXi p hl\ m\e[iˆXe X [\kfeXi \c \jkX[f Zfdf le j\Zkfi dlp `dgfikXek\# 1XHYDV ,QYHUVLRQHV jfYi\ kf[f Xc efik\ [\ el\jkif gXˆjÉ# X^i\$ 8j`d`jdf >l\iiX G„i\q [`f X ZfefZ\i ^Â?% 8c d\j [\ dXpf [\ \jk\ XÂŒf j\ \jk`dX$ hl\ _Xp , gifp\Zkfj \e gl\ikX% 8lehl\ YX hl\ \c Zfejldf [\ ^Xj \e \c gXˆj \iX [\ j\ i\j\imÂ? cXj \dgi\jXj hl\ \jkXi}e `e$ . d`c 0'' d`ccfe\j [\ g`\j ZÂ’Y`Zfj [`X$ m`ik`\e[f \e cX \ek`[X[# jˆ i\m\cÂ? hl\ i`fj# [\ cfj ZlXc\j j\ `dgfikXe , d`c ('- j\i} leX `em\ij`Â?e kfkXc gfi le dfekf d`ccfe\j [\ g`\j ZÂ’Y`Zfj [`Xi`fj p Xg\eXj [\ d`c *' d`ccfe\j [\ [Â?cXi\j p hl\ ^\$ ) d`c .0, d`ccfe\j [\ g`\j ZÂ’Y`Zfj [`Xi`fj e\iXi}e .,' d\^XnXkkj% [\ ^Xj jfe gif[lZ`[fj \e D„o`Zf% <jkXj el\mXj `em\ij`fe\j jfe + gXihl\j >l\iiX G„i\q _`qf _`eZXg`„ \e hl\ jfcXi\j \e JXck`ccf# cX I\^`Â?e [\ , DXeXe$ :fX_l`cX gf[i} Zfejfc`[Xij\ Zfdf leX k`Xc\j p cX I\^`Â?e :\ekif# Xjˆ Zfdf le gXi$ gfk\eZ`X \e\i^„k`ZX \e \c gXˆj# gl\j Zfe$ hl\ \Â?c`Zf \e cX I\^`Â?e [\ , DXeXek`Xc\j% kXi} Zfe cX ^\e\iXZ`Â?e [\ \e\i^ˆX i\efmX$ ĂˆK\e\dfj pX \e gifZ\jf ) gXihl\j jf$ Yc\# \Â?c`ZX p jfcXi# Xjˆ Zfdf cX ^\e\iXZ`Â?e cXi\j d}j# gi}Zk`ZXd\ek\ \e cX I\^`Â?e Jl$ i\jk\# fkifj ) gXihl\j jfcXi\j \e cX I\^`Â?e :\ekif p Efik\ p le \Â?c`Zf d}j \e cX qfeX Efik\# Zfe \jkfj , gXihl\ jlY`i\dfj cX `em\ij`Â?e X ) d`c 0'' d`ccfe\j [\ [Â?cXi\j# Zfe leX ^\e\iXZ`Â?e [\ ) d`c *,' d\$ ^XnXkkjÉ# XglekÂ?% <c ]leZ`feXi`f X[\cXekÂ?# j\ gifp\ZkX hl\ Xc d\efj jld\e (/ gifp\Zkfj [\ \e\i^ˆXj i\efmXYc\j gXiX :fX_l`cX# j\^Â’e cX `e]fidXZ`Â?e hl\ _X gifgfiZ`feX[f \c :cÂ’jk\i [\ <e\i^ˆX# cf hl\ j\ kiX[lZ\ \e hl\ X[\d}j [\ cXj hl\ pX \jk}e \e gifZ\$ jf# Xjˆ Zfdf cXj hl\ \jk}e \e gl\ikX# Xc d\efj fkiXj - \dgi\jXj d}j `em\ik`i}e \e :fX_l`cX \e dXk\i`X [\ \e\i^ˆX% Ăˆ;\ XZl\i[f Xc :cÂ’jk\i [\ <e\i^ˆX jX$ Y\dfj hl\ _Xp pX \e gifZ\jf (/ gifp\Z$ kfj# cfj hl\ pX \jk}e hl\ jfe .# cfj hl\ \jk}e \e gl\ikX hl\ jfe , p _Xp - d}j hl\ pX \jk}e \e Xe}c`j`j# hl\ Xc^lefj [\ \ccfj pX _`Z`\ife ZfekXZkf Zfe efjfkifj# fkifj ef g\if \c :cÂ’jk\i [\ <e\i^ˆX \j le ^iXe Xgfpf gXiX efjfkifjÉ# \ogc`ZÂ?% Ăˆ<jk\ :cÂ’jk\i j\ _X [\[`ZX[f [liXek\ cfj Â’ck`dfj , XÂŒfj X [\jXiifccXi cfj i\Zli$ jfj# X ]XZ`c`kXi cX `ejkXcXZ`Â?e [\ cXj `em\i$ j`fe\j# X ZfekXZkXi cXj `em\ij`fe\j# X Zfe$ kXZkXi gifm\\[liˆX# \e ]`e# g\if Xc ]`eXc gXiX efjfkifj \j le Xgfpf dlp `dgfikXe$ k\ hl\ efj [X \c :cÂ’jk\i \e dXk\i`X [\ \e\i^ˆXjÉ# XglekÂ?%

[\ ^Xj# hl\ \e \jkfj dfd\ekfj _XZ\ dl$ Z_X ]XckX \e \c gXˆj% Ăˆ8_fi`kX \c gi\Z`f [\ cX \e\i^ˆX \c„Z$ ki`ZX _X jlY`[f \e leX dXe\iX `dgfi$ kXek\ \j gfihl\ ef _Xp ^Xj jl]`Z`\ek\ gXiX jl gif[lZZ`Â?e p j\ \jk} ljXe[f ^Xj c`ZlX[f hl\ \j dlZ_f d}j ZXif# gfi \jf cfj Xckfj gi\Z`fj [\ cX \e\i^ˆX hl\ _\dfj m`jkf i\]c\aX[fj \e cfj Â’ck`dfj [ˆXj f j\$ dXeXj hl\ _X `eZi\d\ekX[f ]l\ik\d\e$ k\ \c Zfjkf [\ cX ^\e\iXZ`Â?e [\ \e\i^ˆX \c„Zki`ZXÉ# \ogc`ZÂ?% I\`k\iÂ? hl\ :fX_l`cX \j le \jkX[f Zfe dlZ_f gfk\eZ`Xc \e \c k\dX [\ ^\e\iX$ Z`Â?e [\ \e\i^ˆX [\ cXj [`]\i\ek\j ]l\ek\j# gfi cf hl\ ef [l[Â? hl\ gifekf :fX_l`cX j\X \c \jkX[f d}j `dgfikXek\ [\c gXˆj \e cX ^\e\iXZ`Â?e [\ \e\i^ˆX%

6RPRV HO ÂşQLFR HVWDGR TXH SXHGH JHQHUDU WRGDV ODV HQHUJ­DV OLPSLDV FRPR OD HÂłOLFD \ IRWRYROWDLFD R VRODUĂš

(QHUJ­DV QR UHQRYDEOHV

AX`d\ >l\iiX G„i\q XeleZ`Â? hl\ \e dXk\$ i`X [\ \e\i^ˆXj ef i\efmXYc\j \jk} gfi XiiXeZXi cX g\i]fiXZ`Â?e [\ * gfqfj g`cfkf gXiX cX \jk`dlcXZ`Â?e [\ Clk`kXj ^Xj j_X$ c\ # \e \c dle`Z`g`f [\ ?`[Xc^f# gfi gXik\ [\ leX ZfdgXŒˆX fi`^`eXi`X [\ K\oXj# <j$ kX[fj Le`[fj# hl\ ]l\ ZfekiXkX[X gfi G\$ kiÂ?c\fj D\o`ZXefj G<D<O % Ăˆ<jkf j`e [l[X cf hl\ YljZX \j Zfe$ ]`idXi hl\ \c gfk\eZ`Xc hl\ k`\e\ :fX_l`cX \e jlj i\j\imXj [\ ^Xj \j Xckf # `eZclj`m\ j\ _XYcX [\ hl\ \j jlg\$ i`fi Xc gfk\eZ`Xc hl\ k`\e\ K\oXj# efjf$ kifj k\e\dfj \c +. [\ cXj i\j\imXj# j\$ ^Â’e \jkl[`fj [\ G<D<O# [\c k\dX [\ ^Xj j_Xc\ p j_Xc\ f`cÉ# [\kXccÂ?%

0 /$*81$ Ăž 2&78%5(

3DQÂłSWLFR

3RU /XLV *DUF­D $EXVD­G

-XDQD +HUPRVD (OOD QR UHODWLYL]DED WRGR HO ELHQ \ HO PDO H[LVW­DQ SHUR ŠVWRV QR UHTXHU­DQ GH XQ IDQDWLVPR PRUDO R UHOLJLRVR SDUD VXEVLVWLU v/D YLGD VH KDFH HQ ERUUDGRU \ QR QRV HV GDGR FRUUHJLU D` XYl\cX AlXeX dli`Â? cc\eX [\ Xdfi _XZ\ +, XÂŒfj% <ccX ale$ VXV SĂ„JLQDVw kf Zfe d`j gX[i\j d\ _\i\[Â? le dle[f gc\ef [\ gfj`Y`c`[X[\j (UQHVWR 6DEDWR gXiX XdXi p \jg\iXi% ;\ X_ˆ cX [`]`ZlckX[ gXiX \ogc`ZXic\j \c j\e$ $ %HDWUL]

?

/XLV *DUF­D $EXVD­G $QDOLVWD SRO­WLFR FDQHNYLQ#SURGLJ\ QHW P[

XZ\ dlZ_f k`\dgf# j`\e[f kf[XmˆX e`ÂŒf# gcXk`ZXYX Zfe AlXeX d` XYl\cX# Z`\^X X \[X[ dXpfi# hl\ d\ [\ZˆX1 Ăˆ<ek`„ii\ed\ \e \c aXi[ˆe [\ Xki}j% <eki\ \c eXiXeaf p cX _`^l\iX%É Hl`q} d\ cf Zfe]\jXYX# gXiX d` `e]Xek`c jfigi\jX# gfihl\ ĂˆX d\[`[X hl\ efj XZ\iZXdfj X cX dl\ik\# kXd$ Y`„e efj `eZc`eXdfj _XZ`X cX k`\iiX# g\if ef X cX k`\iiX \e ^\e\iXc j`ef X Xhl\c g\[Xqf# X Xhl\c ˆe]`df g\if kXe hl\i`[f# kXe XÂŒfiX[f g\[Xqf [\ k`\iiX \e hl\ kiXejZlii`Â? el\jkiX `e]XeZ`X%É <e \j\ df$ d\ekf d\ \iX `dgfj`Yc\ Zfdgi\e[\icf% <ccX k\eˆX leX iXiX ZlXc`[X[% J`\dgi\ _XYcXYX [\ cX m`[X \e k„i$ d`efj gXiX[Â?a`Zfj1 EX[X \iX XYjfclkXd\ek\ Yl\ef f dXcf# gl\j el\jkiX Zfe[`Z`Â?e _ldXeX# kXe g\i]\ZkX \ `dg\i]\ZkX# kf[f cf dXk`qXYX% <eki\ i\]iXe\j p Xe„Z[fkXj# j`e jXY\icf# \ccX d\ g\[ˆX ef d`iXi cX m`[X Zfdf g\cˆZlcX \e YcXeZf p e\^if2 j`ef \e Ăˆk\Z_$ e`Zfcfi#É Zfdf le XiZf`i`j% <ccX# Zfdf dla\i [\ \[X[# hl`q} jXYˆX hl\ ĂˆcX m`[X \j `dg\i]\ZkX# hl\ cXj _`jkfi`Xj `e]Xek`c\j Zfe 9l\efj p DXcmX[fj# Aljk`Z`X \ @ealjk`Z`X# M\i[X[ p D\ek`iX# jfe ]`eXcd\e$ k\ eX[X d}j hl\ \jf1 `efZ\ek\j jl\ÂŒfjÉ% <ccX ef i\cXk`m`qXYX kf[f2 \c Y`\e p \c dXc \o`jkˆXe# g\if „jkfj ef i\hl\iˆXe [\ le ]XeXk`jdf dfiXc f i\c`^`fjf gXiX jlYj`jk`i% Gfi cf kXekf# [\YˆX \o`jk`i le g`jf ]`id\# ZXj` dˆjk`Zf f _\iÂ?`Zf# gXiX [`jZ\ie`i \eki\ cfj Zfdgc\afj m\i`Zl\kfj [\ el\jkiX eXkliXc\qX _ldXeX1 g\ejXYX Xjˆ# hl`q}# gfihl\ `dX^`eXYX hl\ ĂˆcX [liX i\X$ c`[X[ \j leX [\jfcX[fiX Zfe]lj`Â?e [\ _\idfjfj `[\Xc\j p kfig\j i\Xc`qXZ`fe\j# \e cX ZlXc j`\dgi\ _XYi} Xc^lefj \dg\Z`eX[fj# _„$ if\j# jXekfj p Xik`jkXj# hl\ \e jlj m`[Xj p \e jlj fYiXj XcZXeqXe g\[Xqfj [\c 8Yjfclkf# hl\ efj Xpl[Xe X jfgfikXi cXj i\gl^eXek\j i\cXk`m`[X[\jÉ [\ el\jkiX m`[X Zfk`[`XeX% <e \jk\ j\ek`[f# \ccX \iX k`\ieX# ZfdgXj`mX p aljkXd\ek\ _ldXeX% ;\ X_ˆ jl gif]le[f Xdfi gfi cX m`[X hl\ j\ gf[iˆX gcXjdXi \e cX _`jkfi`X [\ Xhl\ccX Ăˆdla\i# hl\ \e le Zil[f `em`\ief# Xg\eXj Zfe leX i\d\iX p le gXekXcÂ?e# j\ \jZXgÂ? [\c ?fjg`kXc Gj`hl`}ki`$ Zf Zfe \c [\j\f [\ `i X YljZXi X jl ZfdgXÂŒ\if% 8gifm\Z_Xe[f cX [`jkiXZZ`Â?e [\c dXhl`e`jkX# ifYÂ? leX cfZfdfkfiX p# _XZ`„e[fcX ]leZ`feXi j`e [`]`ZlckX[# Zfd\eqÂ? jl f[`j\X% ĂŠJ` ljk\[\j jlg`\iXe cf hl\ \j \c Xdfi# d\ [\aXiˆXe j\^l`iĂ‹# c\ [\ZˆX Xc f]`Z`Xc hl\ cX [\$ klmf p# d`\ekiXj cX cc\mXYX X cX Zfd`jXiˆX# Zfe ccXekfj [\j\jg\iX[fj# ^i`kXYX1 ĂŠÂśMfj eleZX _`Z`jk\ eX[X gfi Xdfi6ËÉ

0 /$*81$ Ăž 2&78%5(

k`[f [\ m`[X p \jg\iXeqX hl\ \jkXdfj c\^Xe[f X el\jkifj _`afj1 ?fp# Ăˆcfj aÂ?m\e\j pX ef hl`\i\e k\e\i _`afj% Ef ZXY\ \jZ\gk`Z`j$ df dXpfi% 8jˆ Zfdf cfj Xe`dXc\j \e ZXlk`m\i`f# el\jkiXj aÂ?m\e\j ^\e\iXZ`fe\j ef j\ Xii`\j^Xe X j\i gX[i\j% CX Xefi\o`X# cX Ylc`$ d`X# cX [if^X[`ZZ`Â?e p cX m`fc\eZ`X jfe fkifj [\ cfj j`^efj [\ \jk\ k`\dgf [\ Xe^ljk`X Xek\ \c [\jgi\Z`f gfi cX m`[XÉ% Âś:Â?df gf[iˆXdfj \ogc`ZXic\j X d` XYl\cX p X d`j gX[i\j hl\ _\dfj cc\mX[f cX m`[X X kXc j`klXZ`Â?e hl\ dlZ_fj [\ cfj aÂ?m\e\j j\ [\aXe dfi`i gfihl\ ef Zfd\e f mfd`kXe cfj Xc`d\ekfj6 Âś:Â?df [\Z`ic\j hl\ Z`\ekfj [\ d`c\j [\ aÂ?m\e\j jfe [if^X[`Zkfj p hl\ [\XdYlcXe Zfdf YXe[Xj [\gi\[X[fiXj gfi \c dle[f6 Âś:Â?df d\eZ`feXic\j hl\ cXj ]lkliXj ^l\iiXj \eki\ efjfkifj j\$ i}e gfi cX fYk\eZ`Â?e [\ X^lX gfkXYc\6 Âś:Â?df `e[`ZXic\j hl\ cX k`\iiX mX \e ZXd`ef [\ kiXej]fidXij\ \e le [\j`\ikf jlg\igf$ YcX[f gfi el\jkiX gifg`X `ii\jgfejXY`c`[X[ \ZfcÂ?^`ZX6 F# ZÂ?df XZcXiXic\j hl\ [\j[\ _XZ\ k`\dgf# el\jkifj cˆ[\i\j dle[`Xc\j2 gfcˆk`Zfj p \dgi\jXi`fj# [\aXife [\ \jZlZ_Xi X Xhl\ccfj Ăˆ\jZi`$ kfi\j p gf\kXj ]XekXj`fjfj hl\ efj X[m`ik`\ife jfYi\ \jk\ gX`jXa\ ]Â’e\Yi\ p [\jX]fikleX[f%É 9Xaf \jk\ ki`jk\ k\Z_f kf[XmˆX fYj\imXdfj X cfj e`ÂŒfj# X el\j$ kifj _`afj# al^Xi Zfe cX m`[X% <e \j\ k`\dgf kXe [\jgXZ`f# kXe jlpf# Zfdf j` kf[f \jklm`\iX hl`\kf1 Ăˆ<e \j\ `e]`e`kf hl\ j\ \ok`\e[\ \eki\ cX =`\jkX [\ I\p\j hl\ _X gXjX[f p cX hl\ m\e[i}# p jlj Zldgc\XÂŒfj hl\ jlZ\[\e [\jgl„j [\ kXekfj _\Z_fj# f jl\ÂŒfj# hl\ \c giÂ?o`df XgXi\Z\ kXe [`jkXek\ gXiX \ccfj Zfdf cX XeZ`Xe`$ [X[%É <ccfj kf[XmˆX al\^Xe \e Ăˆ\j\ i\dXejf# \c d}j ]„ik`c p d}j mlce\iXYc\# ZlXe[f ZfdgXik\e cX j\i\e`[X[ [\ cfj }iYfc\j p \c ^\id`eXi [\ cX k`\iiX% :lXe[f m`m\e le k`\dgf hl\ ef j\ XZXYX1 ÂśZl}ekf ]XckX gXiX hl\ cc\^l\ cX EXm`[X[6# ÂśZl}ekf ]XckX gXiX d` Zldgc\XÂŒfj6 GXiX \ccfj \c gXjX[f ef \o`jk\ p \c ]lklif \j `em`j`$ Yc\% P \ekfeZ\j# ZX[X [ˆX \j \k\ief%É D`\ekiXj cfj fYj\imXdfj# Ăˆel\jkiXj _fiXj j\ XZ_`ZXe Zfdf le Xjkif hl\ ^`iXiX ZX[X m\q \e Â?iY`kXj d}j g\hl\ÂŒXj p X dXpfi m\cfZ`[X[É2 p jfcf gf[\dfj f]i\Z\ic\j Ăˆgi\ZXi`fj i\jkfj [\ dX$ [\iXÉ \e \jk\ eXl]iX^`f hl\ kf[fj ZfdgXik`dfj% :cXif# kifqfj [\ dX[\iX Zfe cX \jg\iXeqX p \c Xdfi hl\ kl XYl\cX AlXeX p d`j gX[i\j efj _\i\[Xife% (VWH DUWĂ?FXOR HGLWRULDO HVWĂ„ LQVSLUDGR \ WRPD IUDJPHQWRV GH OD QRYHOD $QWHV GHO )LQ GH (UQHVWR 6DEDWR

(175(9,67$

0Š[LFR SXHGH OOHJDU D VHU SRWHQFLD PXQGLDO HQ HQHUJ­DV UHQRYDEOHV GXiX <]iXˆe M`ccXel\mX 8iZfj# [`i\Zkfi >\e\iXc [\ <e\i^ˆXj C`dg`Xj [\ cX J\Zi\kXiˆX [\ <e\i^ˆX# \c gXˆj Zl\ekX Zfe leX c\^`jcXZ`Â?e dlp XmXeqX[X# hl\ ^\e\iX Z\ik`[ldYi\ p cX cc\^X[X [\ `dgfikXek\j `em\ij`fe\j

325 '$1,(/$ 5$0Â?5(= &(59$17(6 )2726 0 /$*81$

<

e cfj ’ck`dfj XŒfj# D„o`Zf _X kiX$ YXaX[f ]l\ik\ \e \c k\dX [\c ljf [\ cXj \e\i^ˆXj i\efmXYc\j gXiX cX ^\e\iXZ`�e [\ \e\i^ˆX2 XZklXc$ d\ek\ \jk} [\ekif [\ cfj gi`d\ifj j\`j gXˆj\j hl\ jfe XkiXZk`mfj gXiX cX `em\ij`�e \e \jk\ ilYif# [\Y`[f X hl\ \j gi`m`c\^`X[f \e ZlXe[f X jlj i\Zlijfj eXkliXc\j% J\ k`\e\e d\kXj \jkXYc\Z`[Xj YXaf le dXe[Xkf [\ cX C\p [\ KiXej`Z`�e <e\i^„$ k`ZX gXiX XmXeqXi \e cX ^\e\iXZ`�e [\ \e\i^ˆX \c„Zki`ZX gfi d\[`f [\ ]l\ek\j c`dg`Xj% <]iXˆe M`ccXel\mX 8iZfj# [`i\Zkfi >\e\iXc [\ <e\i^ˆXj C`dg`Xj [\ cX J\Zi\$ kXiˆX [\ <e\i^ˆX# j\ŒXcX hl\ cX d\kX \j cf$ ^iXi hl\ gXiX )')+ \c *, gfi Z`\ekf [\c kfkXc [\ cX ^\e\iXZ`�e [\ \c\Zki`Z`[X[ gif$ m\e^X [\ ]l\ek\j jljk\ekXYc\j% M`ccXel\mX 8iZfj `e[`ZX hl\ gXiX \c Z`\ii\ [\ )'(. pX j\ k\eˆX gfZf d}j [\c )( gfi Z`\ekf [\ ^\e\iXZ`�e [\ \e\i^ˆX Zfe

\jX ZXiXZk\iˆjk`ZX# gXiX XcZXeqXi cX d\kX# „c fYj\imX `dgfikXek\ \c kiXYXaf hl\ j\ [\jgc`\^X [\ekif [\ cXj jlYXjkXj [\ \e\i$ ^ˆX hl\ j\ [\jXiifccXe ZX[X XÂŒf \e \c gXˆj% 8ZklXcd\ek\ j\ \eZl\ekiX \e gifZ\jf cX ZlXikX% Ăˆ<e cXj ki\j jlYXjkXj Xek\i`fi\j# _Xp le Zfealekf [\ gifp\Zkfj p [\ fYiXj hl\ pX \jk}e \e gifZ\jf# `eZcljf Xc^lefj pX \jk}e ^\e\iXe[f \e\i^ˆX# \jf mX X ZfX[plmXi X XcZXeqXi cX d\kX [\c ), gfi Z`\ekf hl\ k\$ e\dfj gXiX )'(/É% ;`Z\ hl\ [\i`mX[fj [\ \jXj jlYXjkXj# _Xp d}j [\ -, gifp\Zkfj hl\ \jk}e \e gif$ Z\jf p hl\ i\gi\j\ekXe d}j [\ . d`c D\$ ^XnXkkj% 8j\^liÂ? hl\ \e D„o`Zf j\ _X m`m`[f leX \mfclZ`Â?e ]XmfiXYc\ \e \jkX kiXej`$ Z`Â?e \e\i^„k`ZX# Zfdf \a\dgcf cXeqX Xc$ ^leXj Z`]iXj i\jg\Zkf X cX \e\i^ˆX \Â?c`ZX1 Ăˆ\c dfekf Zfe \c hl\ Z\iiXdfj )'(. \j

0 /$*81$ Ăž 2&78%5(

hl\ pX Xe[}YXdfj \e + d`c D\^XnXkkj [\ ZXgXZ`[X[ `ejkXcX[X% <e cfj giÂ?o`dfj + f , XÂŒfj mXdfj X cc\^Xi X k\e\i () d`c D\$ ^XnXkkjÉ% <e \c ZXjf [\ cX \e\i^ˆX jfcXi# <]iXˆe M`ccXel\mX d\eZ`feX hl\ j\ \jg\iX cc\^Xi X cfj - d`c D\^XnXkkj Zfe cfj gifp\Zkfj hl\ XÂ’e \jk}e \e gifZ\jf% Ăˆ<j i\Xcd\ek\ le Zi\Z`d`\ekf dlp ^iXe[\ hl\ k\e\dfj gi\m`jkf# kXekf \e \c k\dX [\ \Â?c`Zf Zfdf \c k\dX jfcXi hl\ jfe cXj k\Zefcf^ˆXj hl\ dXpfi „o`kf _Xe k\e`$ [f \e cXj jlYXjkXj# \jkf [\Y`[f X cfj gi\$ Z`fj hl\ _Xe f]i\Z`[f# cfj ZlXc\j jfe dlp Zfdg\k`k`mfj% <e cX Â’ck`dX jlYXjkX gXiX \e\i^ˆX jfcXi j\ klmf le gifd\[`f [\ )' f )( [Â?cXi\j gfi d\^XnXkk _fiX# hl\ \j le gi\Z`f i\Xcd\ek\ dlp Zfdg\k`k`mf X e`m\c `ek\ieXZ`feXcÉ% Gfi \c cX[f [\ cX \e\i^ˆX \Â?c`ZX j\ XcZXe$ qXife (. [Â?cXi\j gfi d\^XnXkkj _fiX# le gi\Z`f hl\ \e \j\ dfd\ekf ]l\ \c d}j Zfdg\k`k`mf X e`m\c dle[`Xc%

(175(9,67$ /DV ,QYHUVLRQHV \ ORV FRPSURPLVRV LQ WHUQDFLRQDOHV

(V H[WUDRUGLQDULD OD SHUFHSFL³Q TXH KR\ VH WLHQH HQ HO PXQGR GH OD UHIRUPD HQHUJ©WLFD \ GH OR TXH 0©[LFR VH KD FRPSURPHWLGR SDUD OD WUDQVLFL³Q HQWRQFHV OR YHPRV PX\ SRVLWLYR WDQWR HQ HO WHPD GH OD JHQHUDFL³Q GH HQHUJ­DV OLPSLDV KDVWD HO GH OD HILFLHQFLD HQHUJ©WLFDÚ

<c [`i\Zkfi >\e\iXc [\ <e\i^ Xj C`dg`Xj [\ cX J\Zi\kXi X [\ <e\i^ X ZfdgXik\ hl\ \e cXj ck`dXj ki\j jlYXjkXj cX gXik`Z`gX$ Z` e \okiXea\iX ]l\ dlp `dgfikXek\# gl\j cX `em\ij` e [\ \dgi\jXj gifm\$ e`\ek\j [\ 8c\dXe`X# <jgX X# @e^cXk\iiX# :XeX[}# @kXc`X# <jkX[fj Le`[fj# :_`eX# =iXeZ`X# \eki\ fkifj# i\gi\j\ekXe le dfekf [\ / d`c -'' d`ccfe\j [\ [ cXi\j% M`ccXel\mX 8iZfj [`Z\ hl\ \jf Zfejk`klp\ leX ZXgXZ`[X[ X[`Z`feXc [\ d}j [\ . d`c D\^XnXkkj# jfYi\ kf[f \e cXj k\Zefcf^ Xj jfcXi p \ c`ZX% 4X© FRPSURPLVRV LQWHUQDFLRQDOHV WLH QH 0©[LFR UHVSHFWR D ODV WHFQRORJ­DV OLPSLDV"

?Xp le XZl\i[f hl\ jljZi`Y` \c Gi\j`$ [\ek\ [\ D o`Zf Zfe \c [\ <jkX[fj Le`$ [fj p \c gi`d\i d`e`jkif [\ :XeX[} gXiX hl\ cX i\^` e [\ Efik\Xd i`ZX cc\^l\ Xc ,' gfi Z`\ekf [\ \e\i^ Xj c`dg`Xj gXiX \c )'), p \jkf `dgc`ZX hl\ j` D o`Zf Zfdf \jg\iXdfj Zldgc\ jl Zfdgifd`jf [\ k\$ e\i *, gfi Z`\ekf \e )')+# gl\j kXdY` e \jkXi X Zldgc`\e[f Zfe XdYfj gX j\j% FkiXj [\ cXj i\jgfejXY`c`[X[\j hl\ k`\e\ \c gX j# k`\e\ hl\ m\i Zfe cX i\[lZ$ Z` e [\ \d`j` e# cf hl\ `dgc`ZX \e mfq [\ <]iX e M`ccXel\mX [\aXi cXj gcXekXj Zfem\eZ`feXc\j YXjX[Xj \e ZfdYljk`Yc\j ] j`c\j gXiX kiXej`kXi X cXj gcXekXj [\ ^\$ e\iXZ` e c`dg`X% 4X© SUR\HFFL³Q WLHQH HO SD­V D QLYHO PXQGLDO UHVSHFWR D HVWH WHPD"

D o`Zf \j lef [\ cfj j\`j gX j\j \e [fe$ [\ cX `em\ij` e \e \e\i^ Xj i\efmXYc\j \j XkiXZk`mX%

&³PR KD DYDQ]DGR 0©[LFR HQ HO GHVD UUROOR WHFQRO³JLFR SDUD OD H[SORWDFL³Q GH IXHQWHV OLPSLDV"

?X XmXeqX[f [\ leX dXe\iX \jg\ZkXZl$ cXi# \c gX j ]fidX gXik\ [\ leX `e`Z`Xk`$ mX hl\ jli^` X iX q [\ cfj XZl\i[fj [\ GXi j# D o`Zf j\ Zfdgifd\k` X [lgc`$ ZXi jl `em\ij` e \e dXk\i`X [\ `em\jk`$ ^XZ` e p [\jXiifccf k\Zefc ^`Zf# gfi \ccf _\dfj Zi\X[f le Zfealekf [\ Z\e$ kifj d\o`ZXefj [\ `eefmXZ` e# X_fiX pX \jk}e fg\iXe[f gXiX jfc# m`\ekf# ^\fk\i$ d`X# Y`fdXjX# gXiX \e\i^ Xj [\c fZ X$ ef# \kZ k\iX% Jfe Z\ekifj [\ ZfejfiZ`fj Zfejk`kl`$ [fj \eki\ `ejk`klZ`fe\j [\ `em\jk`^X$ Z` e# le`m\ij`[X[\j p Z\ekifj XZX[ d`$ Zfj Zfe \dgi\jXj gi`mX[Xj% CX `[\X \j hl\ j\Xe cl^Xi\j hl\ Xgf$ p\e X cX ]fidXZ` e [\ i\Zlijfj _ldX$ efj \jg\Z`Xc`qX[f p Xc [\jXiifccf k\Zef$ c ^`Zf# \jkf Zfe cX `ek\ej` e [\ hl\ D o`Zf gl\[X j\^l`i gfj`Z`fe}e[fj\ \e \jkX dXk\i`X%

5()250$ (1(5* 7,&$ (1 0 ;,&2 /D PHWD HV ORJUDU TXH SDUD HO GHO WRWDO GH OD JHQHUDFL³Q HO©FWULFD SURYHQJD GH IXHQWHV VXVWHQWDEOHV

0 /$*81$ Þ 2&78%5(

(175(9,67$ <j \okiXfi[`eXi`X cX g\iZ\gZ` e hl\ _fp j\ k`\e\ \e \c dle[f [\ cX i\]fidX \e\i^ k`ZX p [\ cf hl\ D o`Zf j\ _X Zfd$ gifd\k`[f gXiX cX kiXej`Z` e# \ekfeZ\j cf m\dfj dlp gfj`k`mf kXekf \e \c k\dX [\ cX ^\e\iXZ` e [\ \e\i^ Xj c`dg`Xj _Xj$ kX \c [\ cX \]`Z`\eZ`X \e\i^ k`ZX% 3XHGH HQWRQFHV VHU XQD SRWHQFLD HQ HQHUJ­DV UHQRYDEOHV"

J gl\[\ cc\^Xi X j\i leX ^iXe gfk\eZ`X# \jf cf _Xe [`Z_f g\ijfeXj dlp ZfefZ\$ [fiXj [\c gfk\eZ`Xc hl\ k`\e\ D o`Zf# \c gX j gl\[\ cc\^Xi X j\i leX gfk\eZ`X \e \e\i^ X jfcXi% <c \jg\Z`Xc`jkX \ogc`ZX hl\ D o`Zf Zl\ekX Zfe leX iX[`XZ` e Xc [fYc\ [\ 8c\dXe`X# le gX j hl\ \j gfk\eZ`X \e \e\i^ X jfcXi# gfi cf hl\ gl\[\ cc\^Xi X j\icf kXdY` e% KXdY` e `e[`ZX hl\ j\ k`\e\ gfk\e$ Z`Xc \ c`Zf# lY`ZXe[f X :fX_l`cX Zfdf leX [\ cXj \ek`[X[\j \e [fe[\ \j d}j ]XmfiXYc\ \c m`\ekf% 4X© SRUFHQWDMH GH ODV WHFQRORJ­DV XVD 0©[LFR SDUD OD JHQHUDFL³Q GH HQHUJ­D HO©FWULFD"

,19(56, 1 (1 (1(5* $6 5(129$%/(6 (6 $75$&7,9$ (IUD­Q 9LOODQXHYD $UFRV REVHUYD XQ SDQRUDPD SRVLWLYR SDUD HO SD­V GHELGR D VXV UHFXUVRV QDWXUDOHV

75$16,&, 1 (1(5* 7,&$

GH JHQHUDFL³Q GH HQHUJ­D SRU IXHQ WHV OLPSLDV IXH OD FLIUD FRQ OD TXH FHUU³

(O FLXGDGDQR FRPºQ FRQI­D HQ ODV HQHU J­DV UHQRYDEOHV"

:X[X m\q _Xp d}j ^\ek\ hl\ \jk} `ejkXcXe$ [f gXe\c\j jfcXi\j# _fp k\e\dfj gfZf d}j [\ -' d`c ZfekiXkfj [\ ^\e\iXZ` e [`jki`$ Yl`[X gXik`ZlcXid\ek\ Zfe jfcXi p ]fkfmfc$ kX`ZX# \j cX k\Zefcf^ X d}j Xgifg`X[X gXiX Xgifm\Z_Xi \c jfc \e cfj k\Z_fj%

D±R SDUD DOFDQ]DU OD PHWD TXH GHO GHO WRWDO GH OD JHQHUDFL³Q GH HOHFWULFLGDG SURYHQJD GH IXHQWHV VXVWHQWDEOHV

SUR\HFWRV VH KDQ GHULYDGR GH ODV WUHV SULPHUDV VXEDVWDV GH HQHUJ­D UHDOL]DGDV HQ 0©[LFR OR TXH UHSUHVHQWDQ P¡V GH PLO 0H JD:DWWV

/DV OH\HV PH[LFDQDV HVW¡Q IXQFLRQDQ GR D OD SDU GH OR TXH ORV H[SHUWRV RSLQDQ VREUH ODV HQHUJ­DV UHQRYDEOHV"

PLO PGG KD UHSUHVHQWDGR OD

K\e\dfj leX c\^`jcXZ` e dlp XmXeqX[X# dlp Xc`e\X[X X cXj d\afi\j gi}Zk`ZXj `e$ k\ieXZ`feXc\j p Zi\f hl\ \jk}e gif[l$ Z`\e[f dlZ_X Z\ik`[ldYi\# cf hl\ j\ _X kiX[lZ`[f \e cX cc\^X[X [\ `em\ij`fe\j dlp `dgfikXek\j Xc gX j%

LQYHUVL³Q H[WUDQMHUD OR TXH FRQVWLWX\H XQD FD SDFLGDG DGLFLRQDO GH P¡V GH PLO 0HJD:DWWV VREUH WRGR HQ ODV WHFQRORJ­DV VRODU \ H³OLFD

0 /$*81$ Þ 2&78%5(

<c )( gfi Z`\ekf hl\ pf k\ d\eZ`feXYX hl\ k\e\dfj [\ \e\i^ Xj c`dg`Xj# (,%- gfi Z`\ekf gifm`\e\e [\ cXj i\efmXYc\j# [fe[\ \c 0%-/ gfi Z`\ekf gifm`\e\ [\ cXj _`[if\c Zki`ZXj# cl\^f cX ^\e\iXZ` e \ $ c`ZX Zfe \c *%)* gfi Z`\ekf# cX ^\fk id`ZX Zfe \c (%/+ gfi Z`\ekf% Cl\^f k\e\dfj fkiX ^\e\iXZ` e Zfe m}jkX^fj [\ ZX X [\ Xq ZXi Zfe \c '%+- gfi Z`\ekf# cX ]fkfmfc$ kX`ZX Zfe \c '%*, gfi Z`\ekf p \c Y`f^}j Zfe \c '%(( gfi Z`\ekf% JfYi\ \c gfiZ\ekXa\ [\ cfj _f^Xi\j d\o`ZXefj hl\ lk`c`qXe \e\i^ Xj i\efmX$ Yc\j# <]iX e M`ccXel\mX# `e[`ZX hl\ gXiX \c Z`\ii\ [\ \jk\ X f mXe X k\e\i d}j [\ ,'' D\^XnXkkj `ejkXcX[fj \e k\Z_fj jfcXi\j% È<j [\Z`i ^\e\iXZ` e [`jki`Yl`[X hl\ j\$ ^ e cX c\p \j d\efi X ,'' B`cfnXkkj p X[\$ d}j ef i\hl`\i\ g\id`jfj# _Xp dlZ_Xj ]XZ`c`[X[\j gXiX cfj e\^fZ`fj p cXj ZXjXj hl\ hl`\iXe `ejkXcXi k\Z_fj jfcXi\jÉ%

(175(9,67$

(O SRU FLHQWR GH OD HQHUJ­D TXH FRQVXPD /$/$ HQ VHUÂĄ OLPSLD (GXDUGR 7ULFLR +DUR SUHVLGHQWH GHO &RQVHMR GH $GPLQLVWUDFLÂłQ GH *UXSR /$/$ ĂˆEfjfkifj cf hl\ mXdfj X _XZ\i \j cf hl\ _\dfj _\Z_f j`\dgi\# j\^l`i kiXYXaXe[f# j\^l`i `em`ik`\e[f# j\^l`i Zi\Z`\e[f p j\^l`i Zi\p\e[f \e D„o`ZfÉ 325 /8,6 &$5/26 9$/'‰6 '( /(“1 )2726 0 /$*81$

:

X[X m\q jfe d}j cXj \dgi\jXj hl\ j\ X[_`\i\e X cX k\e[\eZ`X `ek\ieXZ`feXc [\c Xgifm\Z_X$ d`\ekf [\ cfj i\Zlijfj eXkl$ iXc\j gXiX cX ^\e\iXZ`�e [\ \e\i^ˆX \c„Zki`ZX% ;\ XZl\i[f X cX C\p [\ 8gif$ m\Z_Xd`\ekf [\ cXj <e\i^ˆXj I\efmX$ Yc\j p \c =`eXeZ`Xd`\ekf [\ cX KiXej`$ Z`�e <e\i^„k`ZX# D„o`Zf \jk} Zfdgifd\k`[f Zfe \c Zldgc`d\ekf \e cXj d\kXj \jkXYc\Z`[Xj \e \jk\ [fZl$ d\ekf# [fe[\ j\ XZfkX hl\ \c j\Zkfi \c„Zki`Zf [\Y\ kiXej]fidXij\ gXiX hl\ Xc )')+ _XjkX \c -, gfi Z`\ekf [\ cX \c\Zki`Z`[X[ j\X gif[lZ`[X gfi ZfdYlj$ k`Yc\j ]�j`c\j# d`\ekiXj hl\ cX C\p >\$ e\iXc [\c :XdY`f :c`d}k`Zf \jk`glcX hl\ j\i} \c *, gfi Z`\ekf [\ cX ^\e\iX$ Z`�e \c„Zki`ZX cX hl\ gifm\e^X [\ \e\i$ ^ˆXj c`dg`Xj gXiX \j\ d`jdf XŒf% <j Xjˆ hl\ >ilgf CXcX _X Zfd\eqX[f jl `eZlij`�e \e cX gif[lZZ`�e p ljf [\ k\Zefcf^ˆX ]fkfmfckX`ZX gXiX cX ^\e\iX$ Z`�e [\ cX \e\i^ˆX hl\ Zfejld\ \e cXj `ejkXcXZ`fe\j fg\iXk`mXj \jkXYc\Z`[Xj \e D„o`Zf% <j <[lXi[f Ki`Z`f ?Xif# gi\j`$ [\ek\ [\c :fej\af [\ 8[d`e`jkiXZ`�e [\ >ilgf C8C8# hl`\e f]i\Z\ [\kXcc\j [\ \jk\ gifZ\jf [fe[\ Zfe cX `dgc\d\ekX$ Z`�e [\ \jkiXk\^`Xj [\ Zl`[X[f [\c d\[`f XdY`\ek\ cf^iXe `i d}j Xcc} [\ cX gif[lZ$ Z`�e [\ c\Z_\%

&ÂłPR YLVXDOL]D *UXSR /$/$ HO FLHUUH GHO VHJXQGR VHPHVWUH GHO DÂąR HQ PDWH ULD HFRQÂłPLFD"

?X j`[f le XÂŒf \e \c hl\ pX \jkXdfj m`\e[f _XZ`X X[\cXek\2 gXi\Z\ hl\ \c Zfe$ jldf \e ^\e\iXc \jk} \dg\qXe[f X XZ$ k`mXij\ X]fikleX[Xd\ek\2 _X \jkX[f YXj$ kXek\ \jkXYc\ p Zi\f hl\ j\ \jk} Zfd\eqX[f X i\XZk`mXi% 4XŠ DVSHFWRV FRQVLGHUD KD SHUPLWLGR HVWD UHDFWLYDFLÂłQ"

:i\f hl\ \j `dgfikXek\ hl\ j\ _XpX cf$ ^iX[f le XZl\i[f \e gi`eZ`g`f [\c KiXkX$ [f [\ C`Yi\ :fd\iZ`f% <c \hl`gf hl\ gXik`Z`g� _X j`[f dlp Yl\ef% Ef _Xp \hl`gf e\^fZ`X[fi Zfdf cf ]l\ \c d\o`ZXef% <c \hl`gf d\o`ZXef e\^fZ`X[fi [\c ^fY`\ief XZklXc Xjˆ Zfdf [\c \ekiXek\ p \c [\ cfj \dgi\jXi`fj# kf[fj kiXYXaXe[f \e Zfealekf# _X g\id`k`[f hl\ j\ cf^i\ \jk\ XZl\i[f Zfd\iZ`Xc% ;\ m\i[X[ le i\ZfefZ`d`\ekf gXiX \ccfj gfihl\ cX ZfplekliX XZklXc# Zfe cXj Zfe[`Z`fe\j \e hl\ \jk}e cXj ZfjXj# Zfe cX gi\j`�e p cX XZk`kl[ hl\ _Xe k\e`[f cfj Xd\i`ZXefj# Zi\f hl\ \jk\ \hl`gf _X _\$ Z_f le ^iXe kiXYXaf# ^iXe kiXYXaf \e Zfe$ alekf kXekf \dgi\jXi`fj Zfdf ^fY`\ief p ^iXe kiXYXaf kXekf \c ^fY`\ief XZklXc Zfe \c \ekiXek\%

0 /$*81$ Ăž 2&78%5(

(175(9,67$

3RU TX© VH YH ELHQ 0©[LFR" 3RUTXH WHQHPRV XQ JRELHUQR TXH HVW¡ SRU HQWUDU GRQGH \D VH VDEH TXLHQ YLHQH F³PR YLHQH FX¡OHV VRQ VXV SRO­WLFDV TXH SDUHFHQ TXH HVWDU¡Q FRQJUXHQWHV FRQ OR TXH KDQ GLFKRÚ

0 /$*81$ Þ 2&78%5(

(175(9,67$

62%5( *5832 /$/$ *UXSR /$/$ HPSUHVD PH[LFDQD HQIRFDGD HQ OD LQGXVWULD GH DOLPHQWRV VDOXGDEOHV \ QXWULWLYRV FXHQWD FRQ PยกV GH DยฑRV GH H[SHULHQFLD HQ OD SURGXFFLยณQ LQQRYDFLยณQ \ FRPHUFLDOL]DFLยณQ GH OHFKH GHULYDGRV OยกF WHRV \ EHELGDV EDMR ORV PยกV DOWRV HVWยกQ GDUHV GH FDOLGDG /$/$ RSHUD SODQWDV GH SURGXFFLยณQ \ FHQWURV GH GLVWULEXFLยณQ HQ 0ยฉ[LFR %UDVLO (VWDGRV 8QLGRV \ &HQWURDPยฉULFD \ FXHQWD FRQ HO DSR\R GH PยกV GH PLO FRODERUD GRUHV /$/$ RSHUD XQD IORWLOOD TXH VXSHUD ODV PLO XQLGDGHV SDUD OD GLVWULEXFLยณQ GH VXV PยกV GH SURGXFWRV ORV FXDOHV OOHJDQ D PยกV GH PLO SXQWRV GH YHQWD (Q VX SRU WDIROLR GH PDUFDV GHVWDFDQ /$/$ 1XWULOH FKH \ 9LJRU (Q HO &RPSOHMR ,QGXVWULDO /DJXQD GH *UXSR /$/$ ODERUDQ DOUHGHGRU GH PLO WUDEDMD GRUHV HQ ODV SODQWDV GH 4XHVR <RJXU /H FKH 3DVWHXUL]DGD \ /HFKH 8OWUDSDVWHXUL]D GD $Kยญ PLVPR VH HQFXHQWUD HO &HQWUR GH ,QYHVWLJDFLยณQ \ 'HVDUUROOR GH /ยกFWHRV PยกV LPSRUWDQWH GHO FRQWLQHQWH DPHULFDQR /D SULPHUD IDVH GH OD UHFRQYHUVLยณQ D HQHU JยญD UHQRYDEOH VH OOHYD D FDER HQ ODV LQVWD ODFLRQHV GHO &RPSOHMR ,QGXVWULDO XELFDGR HQ 7RUUHยณQ HQ HO TXH GRWDUยกQ GHO SRU FLHQWR GH OD HQHUJยญD SDUD ODV RSHUDFLRQHV GHO &HQWUR GH ,QYHVWLJDFLยณQ \ 'HVDUUROOR &,'

&RQVLGHUD TXH IXH QHFHVDULR HO FRQFUH WDU HVWD PDQFXHUQD SDUD ORJUDU GLFKRV UHVXOWDGRV"

=l\ \oZ\c\ek\# pX hl\ \jkf cf hl\ efj ^XiXek`qX \j hl\ ef _XpX ]fidX [\ hl\ ef j\ Xlkfi`Z\ jl ZXeZ\cXZ`ย e j`ef hl\ j\ [ย gXiX X[\cXek\# hl\ \j Xc^f hl\ \jk} gXZkX[f \eki\ cfj [fj \hl`gfj% <e$ k`\e[f hl\ j\ \jk} cf^iXe[f leX kiXej`$ Z`ย e dlp \]`Z`\ek\# gif[lZk`mX# eXkliXc p \jkf c\ Xpl[X Xc gXย j% ยถGfi hlย j\ m\ Y`\e Dย o`Zf6 Gfihl\ k\$ e\dfj le ^fY`\ief hl\ \jk} gfi \ekiXi [fe[\ pX j\ jXY\ hl`\e m`\e\# Zย df m`\$ e\# Zl}c\j jfe jlj gfcย k`ZXj# hl\ gXi\$ Z\e hl\ \jkXi}e Zfe^il\ek\j Zfe cf hl\ _Xe [`Z_f% ?Xp ^\ek\ Yl\eX \e \c \hl`$ gf p \jkf c\j [X Zfe]`XeqX p kiXehl`c`$ [X[ X cfj `em\ij`fe`jkXj%

kiXYXaXe[f# j\^l`i `em`ik`\e[f# j\^l`i Zi\Z`\e[f f Xc d\efj kiXkXe[f [\ Zi\$ Z\i p j\^l`i Zi\p\e[f \e Dย o`Zf% 8jย hl\i\dfj hl\ j`^X j`\e[f# ef _\dfj [\k\e`[f XYjfclkXd\ek\ cX `em\ij`ย e# e` cX [\klm`dfj Xek\j e` cX mXdfj X [\$ k\e\i X_fiX% P ef jย cf \jf% El\jkif fYa\k`mf p el\jkif ]fZf d}j `dgfikXek\ j\ ccXdX Dย o`Zf p X_ย efj mXdfj X \e]fZXi p gfi jlgl\jkf Zfdf [`^f pf# efjfkifj k\e\dfj \e el\jkiX m`j`ย e \c Zl`[Xi# hl\i\dfj Zl`[Xi X el\jkiX ^\ek\ hl\ jfe el\jkifj ZfcXYf$ iX[fi\j2 g\if kXdY`ย e jfe el\jkifj Zc`\ek\j p el\jkifj Zfejld`[fi\j% Hl\$ i\dfj Zl`[Xi el\jkif fi`^\e# hl\ \j cX k`\iiX# p el\jkiX k`\iiX \j CX CX^leX Xe$ k\j hl\ eX[X# \j :fX_l`cX p \j Dย o`Zf%

(Q OR UHIHUHQWH DO FXLGDGR TXH RVWHQWD $QWH HVWH SDQRUDPD FXยกO FRQVLGHUD *UXSR /$/$ GH WRGRV VXV UHFXUVRV UH TXH VHUยกQ ORV SDVRV D VHJXLU SRU SDUWH FLHQWHPHQWH GDEDQ D FRQRFHU VX LQFXU VLยณQ HQ OD JHQHUDFLยณQ GH HQHUJยญD VXV GH *UXSR /$/$" Efjfkifj \e C8C8 cf hl\ mXdfj X _XZ\i WHQWDEOH FRQ OD LQVWDODFLยณQ GH SDQHOHV \j cf hl\ _\dfj _\Z_f j`\dgi\# j\^l`i VRODUHV HQ HO &RPSOHMR ,QGXVWULDO /DJX

0 /$*81$ ร 2&78%5(

QD XELFDGR HQ OD FLXGDG GH 7RUUHยณQ (V HO FRPLHQ]R GH OD LQFXUVLยณQ GH /DOD HQ HVWH VHFWRU"

<e )'(0 \c ,. gfi Z`\ekf [\ kf[X cX \e\i^ย X hl\ C8C8 Zfejld\ \e kf[Xj jlj ]}Yi`ZXj p \e kf[fj jlj Z\ekifj [\ [`jki`YlZ`ย e X e`m\c Dย o`Zf# j\i} \e\i$ ^ย X c`dg`X% 8_fi`kX k\e\dfj pX le Zfd$ gfe\ek\ `dgfikXek\2 \c gifp\Zkf Xc hl\ j\ i\]`\i\ \j leX dl\jkiX [\ cXj dlZ_Xj ZfjXj hl\ j\ \jk}e _XZ`\e[f2 pX hl\ \j$ kXdfj _XYcXe[f [\ Zf$^\e\iXZ`ย e# g\if cX `[\X \j hl\ \e dlp gfZfj Xย fj cc\^Xi Xc ('' gfi Z`\ekf [\ cX \e\i^ย X hl\ Zfe$ jld`i} C8C8% 'H TXยฉ PDQHUD VH GDUยก HVWD FR JHQH UDFLยณQ GH HQHUJยญD"

8hlย d\ i\]`\if X hl\ >ilgf C8C8 gif$ [lZ`i} jl gifg`X \e\i^ย X# Zfe el\jkiXj kliY`eXj2 cf _XZ\dfj X m\Z\j `em`ik`\e$ [f \e gifp\Zkfj jfcXi\j# \ย c`Zfj# f \e cXj d`jdXj ]}Yi`ZXj _Xp ]fidXj X kiXmย j [\ ^Xj eXkliXc gXiX gif[lZ`i \e\i^ย X \cย Zki`ZX%

(175(9,67$

(O DXPHQWR TXH WXYLHURQ ODV YHQWDV QHWDV UHSRUWDGDV HQ HO VHJXQGR WULPHVWUH GH DOFDQ]DQ ORV PLO PLOORQHV GH SHVRV OR FXDO HV XQD FRPELQDFLÖQ GHO FUHFLPLHQWR RUJÄQLFR \ OD FRQVROLGDFLÖQ GH ODV RSHUDFLRQHV HQ %UDVLO

&UHFLPLHQWR GH ODV YHQWDV GH OHFKH UHIOHMDQGR XQD PHMRUD HQ OD FDWHJRUÐD GH IÖUPXOD OÄFWHD EDMR OD PDUFD 1XWULOHFKH

(O HTXLSR PH[LFDQR QHJRFLDGRU GHO JRELHUQR DFWXDO DV­ FRPR GHO HQWUDQWH \ HO GH ORV HPSUHVDULRV WRGRV WUDEDMDQGR HQ FRQMXQWR KD SHUPLWLGR TXH VH ORJUH HVWH DFXHUGR FRPHUFLDOÚ

&UHFLPLHQWR GH ORV 'HULYD GRV /ÄFWHRV SRU HQFLPD GH WRGDV ODV FDWHJRUÐDV LPSXOVD GR SRU OD DGTXLVLFLÖQ GH %UDVLO FX\R SRUWIROLR WLHQH XQD DOWD PH]FOD GH SURGXFWRV OÄFWHRV GH YDORU DJUHJDGR

%HELGDV \ 2WURV DXPHQWÖ HQ XQ LPSXOVDGR SULQFLSDO PHQWH SRU OD FDWHJRUÐD GH &ÄUQLFRV

)XHQWH %ROVD 0H[LFDQD GH 9DORUHV UHSRUWH ILQDQFLHUR GH *UXSR /DOD DO 6HJXQGR 7ULPHVWUH GH

0 /$*81$ Þ 2&78%5(

$UWLFXOLVWD LQYLWDGR

3RU (GXDUGR +ROJX­Q

8Q VROGDGR HQ FDGD KLMR 6L HO HMŠUFLWR QR GHEH VHU XWLOL]DGR SDUD Ă™UHSULPLU DO SXHEORĂš WDPSRFR GHEH VHU XWLOL]DGR SDUD DQGDU HQ ODV FDUUHWHUDV HQ ODV FDOOHV \ HQ HO FHUUR SHOHDQGR FRQWUD GHOLQFXHQWHV

E

XZˆ p m`mˆ () XÂŒfj \e EX`ZX# :_`_lX_lX# le gl\Ycf d`e\if \eZcXmX[f \e cX YXj\ ZXjki\ej\ JXekX >\ikil[`j# \c Zi`X[\if [\ ZXYXccfj d}j ^iXe[\ [\ el\jkif gXˆj% ;\Y`[f X cX Xd`jkX[ hl\ d` gX[i\ \ekX$ YcÂ? Zfe cfj ^\e\iXc\j i\jgfejXYc\j [\ cX YXj\# d`j _\idXeXj p pf Xgi\e[`dfj X dfekXi X \[X[ k\dgiXeX% :fem`m`i Zfe cfj jfc[X[fj \iX Zl\jk`Â?e [\ kf[fj cfj [ˆXj% >iXZ`Xj X \ccf c\ k\e^f le \jg\Z`Xc X]\Zkf Xc <a„iZ`kf D\o`ZXef# Zl\jk`Â?e gfi cf ZlXc d\ [l\c\ \e ]fidX g\ijfeXc hl\ cX gifd\jX [\ CÂ?g\q FYiX[fi [\ jX$ ZXicfj [\c ZfdYXk\ Xc :i`d\e Fi^Xe`qX$ [f _XpX j`[f gfjgl\jkX# j`e hl\ d\[`\ le gcXe hl\ c\ i\^i\j\ X cfj Zl\igfj gf$ c`Z`XZfj cX cXYfi hl\ c\j Zfii\jgfe[\% J` \c \a„iZ`kf ef [\Y\ j\i lk`c`qX[f gXiX Ăˆi\$ gi`d`i Xc gl\YcfÉ# kXdgfZf [\Y\ j\i lk`$ c`qX[f gXiX Xe[Xi \e cXj ZXii\k\iXj# \e cXj ZXcc\j p \e \c Z\iif g\c\Xe[f ZfekiX [\c`eZl\ek\j% KXdY`„e d\ [l\c\# [\ dXe\iX g\ijf$ eXc# cX ]XckX [\ i\jg\kf X lef [\ cfj Zl\i$ gfj d}j c\Xc\j p \]`Z`\ek\j [\c \a„iZ`kf% Gl\[\ j\i Z`\ikf hl\ X cf cXi^f [\ j\$ k\ekX XÂŒfj [\ \o`jk\eZ`X# \c <jkX[f DX$ pfi Gi\j`[\eZ`Xc _XpX k\e`[f \iifi\j p fYj\imX[f [\jm`XZ`fe\j [\c fYa\k`mf gXiX \c hl\ ]l\ Zi\X[f2 j`e \dYXi^f# d\ gX$ i\Z\ \hl`mfZX[f p gfZf g\ik`e\ek\ \c`$

(GXDUGR +ROJX­Q 'LUHFWRU GHO ,03/$1 7RUUH³Q FROXPQDGUDJRQHV# \DKRR FRP

0 /$*81$ Ăž 2&78%5(

d`eXi [\ le gcldXqf leX `ejk`klZ`�e hl\ [liXek\ [„ZX[Xj _X Zfeki`Yl`[f X cX j\^li`[X[ [\c K`klcXi [\c <a\Zlk`mf# [\ jlj j\Zi\kXi`fj p [\ `dgfikXek\j m`j`kXe$ k\j \okiXea\ifj p gfi cf kXekf X cX \jkXY`$ c`[X[ p ^fY\ieXY`c`[X[ [\ el\jkif gXˆj% Cf j`\ekf \e ]fidX g\ijfeXc gfihl\ [liXek\ j\`j XŒfj Zfem`mˆ p kiXYXa„ Zfe cfj f]`Z`Xc\j [\c <jkX[f DXpfi fi^Xe`$ qXe[f cXj ^`iXj hl\ cfj gi\j`[\ek\j JXc`$ eXj p Q\[`ccf _`Z`\ife X FXoXZX# \e „gf$ ZXj [\c ^fY\ieX[fi ;`f[fif :XiiXjZf% :XY\ [\jkXZXi hl\ [`Z_fj dXe[XkXi`fj m`j`kXife FXoXZX \e d’ck`gc\j fZXj`fe\j gfi cf d\efj ZX[X ki\j d\j\j \e jl X]}e [\ \m`kXi hl\ \e cX \ek`[X[ j\ i\g`$ k`\iX \c ZXjf [\c <QCE% <j m\i[X[ hl\ \iX k\d`Yc\ Xk\e[\i X cfj dXe[fj [\c <jkX[f DXpfi# ef g\id`$ kˆXe cX dˆe`dX ]XccX \e cX cf^ˆjk`ZX [\ Xk\eZ`�e Xc Gi\j`[\ek\2 g\if kXdY`„e \j m\i[X[ hl\ X^iX[\qZf jfYi\dXe\iX cX \og\i`\eZ`X p \c Xgi\e[`qXa\ hl\ fYklm\ ^iXZ`Xj X [`Z_Xj ^`iXj# \e cf hl\ j\ i\]`\$ i\ X gifkfZfcfj# Zfekifc [\ X^\e[Xj# fi$ ^Xe`qXZ`�e p ^\jk`�e [\ j\^li`[X[% J` \e Xc^’e cX[f Xgi\e[ˆ cX `dgfikXe$ Z`X [\ cX g\i]\ZZ`�e ]l\ Zfem`m`\e[f Zfe \c <jkX[f DXpfi Gi\j`[\eZ`Xc% 8[`�j X leX `ejk`klZ`�e hl\ ZldgcˆX Zfe jl [\$ Y\i p hl\ gl[f _XY\i ]leZ`feX[f d\afi Zfe Z`\ikfj ZXdY`fj%

(175(9,67$

&RDKXLOD VLQ SODQ % SDUD H[WUDFFL³Q GHO JDV GH OXWLWDV VL VH UHFKD]D HO IUDFNLQJ 5RJHOLR 0RQWHPD\RU 6HJX\ SUHVLGHQWH GHO &OºVWHU <e \eki\m`jkX gXiX D CX^leX# \c \dgi\jXi`f X]`idX hl\ j\ dXek\e[i} \c \j]l\iqf [\ [`]lj`�e [\ `e]fidXZ`�e \e kfief X cX k„Ze`ZX [\ \okiXZZ`�e p \c d\[`f XdY`\ek\# hl\ \j cX gi\fZlgXZ`�e Z\ekiXc [\ Xc^leXj fi^Xe`qXZ`fe\j

325 /8,6 &$5/26 9$/'‰6 '( /(“1 )2726 0/$*81$

<

c \dgi\jXi`f ZfX_l`c\ej\ If^\c`f Dfek\dXpfi J\^lp Xj\^liX hl\ cXj fYa\Z`fe\j Xek\ \c ljf [\ cX k„Ze`ZX [\c ]iXZb`e^ \e cX \okiXZ$ Z`�e [\c ^Xj clk`kXj jfe jXcmXYc\j% D}j X’e# [\jkXZ� hl\ \c :c’jk\i [\ <e\i^ˆX _X \o$ gl\jkf jlj glekfj [\ m`jkX# p cfj \dgi\jX$ i`fj [\c iXdf jXY\e hl\ cXj Zfej`[\iXZ`f$ e\j gfcˆk`ZXj al\^Xe le gXg\c `dgfikXek\ \e cX kfdX [\ [\Z`j`fe\j% Ef fYjkXek\# Xglek�# \c :c’jk\i [\ <e\i$ ^ˆX Zfek`elXi} [`]le[`\e[f `e]fidXZ`�e jf$ Yi\ \c k\dX# \e gXik`ZlcXi Zfe cf i\cXZ`feX[f Xc Zl`[X[f [\c d\[`f XdY`\ek\# gfi cf hl\ j\ j\^l`i}e `dglcjXe[f d\[`[Xj hl\ ml\c$ mXe m`XYc\j cfj gifp\Zkfj# `ej`jk`\e[f \e \c ]fikXc\Z`d`\ekf [\ cfj fi^Xe`jdfj i\^lcX[f$ i\j# X ]`e [\ ^XiXek`qXi cX fYj\imXeZ`X [\ cXj [`jgfj`Z`fe\j c\^Xc\j# i\[lZ`\e[f Xc dˆe`$ df cfj i`\j^fj hl\ gl\[Xe i\cXZ`feXij\ Zfe cX \okiXZZ`�e [\c ^Xj [\ clk`kXj% Kf[f \ccf [\ekif [\ le Zfek\okf [fe[\ ef \o`jk\ GcXe 9 gl\j \c ljf [\ ]l\ek\j i\efmXYc\j [\ \e\i^ˆX k`\e\ c`d`kXZ`fe\j pX hl\ jfe ]l\ek\j `ek\id`k\ek\j# jla\kXj X Zfe[`Z`fe\j eXkliXc\j% <e jl \og\i`\eZ`X# Dfek\dXpfi J\^lp X]`idX hl\ \c gfj`Yc\ ]i\ef X cX \ogcfkX$ Z`�e gfe\ \e i`\j^f X D„o`Zf gl\jkf hl\ cX `e]iX\jkilZkliX gXiX \c ^Xj ZfejkX [\ [lZkfj# cf hl\ i\]l\iqX cX [\g\e[\eZ`X \Zfe�d`ZX Zfe cfj <jkX[fj Le`[fj p gcXe$ k\X i`\j^fj [\ j\^li`[X[ eXZ`feXc%

+DVWD KDFH XQRV G­DV HO SDQRUDPD HQ PDWHULD GH DSURYHFKDPLHQWR GH ORV FRPEXVWLEOHV QR FRQYHQFLRQDOHV VH PRVWUDED LQFLHUWR &RQVLGHUD TXH KD\ PD\RU FHUWLGXPEUH GHQWUR GH HVWH VHF WRU R VL KD\ P¥V YDULDEOHV TXH PRWLYDQ D OD SUHRFXSDFL³Q"

:fej`[\if hl\ g\ij`jk\ Z`\ikX `eZ\ik`$ [ldYi\# ef kXekf i\jg\Zkf [\ j` j\ mX X \]\ZklXi f ef# j`ef d}j Y`\e Zl}e[f mX X \dg\qXi X \]\ZklXij\ \e ^iXe \jZXcX# gfihl\ cX \okiXZZ`�e [\c ^Xj [\ clk`kXj \e cfj pXZ`d`\ekfj [\c efi\jk\ p [\ KXdg`Zf$D`jXekcX \j XYjfclkXd\ek\ `e[`jg\ejXYc\ gXiX XYXk`i cX ^iXm\ [\$ g\e[\eZ`X \e\i^„k`ZX hl\ \og\i`d\ekX XZklXcd\ek\ D„o`Zf p gXiX jXk`j]XZ\i [`jgfe`Y`c`[X[ [\ \e\i^„k`Zfj hl\ i\$ hl`\i\e \c XgXiXkf gif[lZk`mf p cfj _f$ ^Xi\j [\c gXˆj% CXj fYa\Z`fe\j Xc ljf [\ cX k„Ze`ZX [\c ]iXZb`e^ jfe Zfdgc\kXd\ek\ jXcmX$ Yc\j Zfe cXj el\mXj k\Zefcf^ˆXj \ `eZcl$ jf Zfe cXj ljX[Xj _XjkX X_fiX% MXc\ cX g\eX i\Zfi[Xi hl\ cfj [\jXj$ ki\j XdY`\ekXc\j d}j ^iXm\j \jk}e i\cX$ Z`feX[fj# ef Zfe \c ^Xj [\ clk`kXj# j`ef Zfe cfj _`[ifZXiYlifj Zfem\eZ`feXc\j% GXiX [\Z`icf Yi\m\d\ek\# jfe Zfej`[\$ iXZ`fe\j gfcˆk`ZXj p ef k„Ze`ZXj cXj hl\ \jk}e Zfe[`Z`feXe[f \c dfd\ekf \e hl\ j\ c\ [„ clq m\i[\ X cX \okiXZZ`�e [\c ^Xj [\ clk`kXj%

0 /$*81$ Ăž 2&78%5(

+DQ KDELGR DFHUFDPLHQWRV GH SDUWH GH UHSUHVHQWDQWHV GHO JRELHUQR IHGH UDO HOHFWR SDUD FRQRFHU HO SDQRUDPD HQ OD H[SORWDFL³Q GH UHFXUVRV HQHUJŠWLFRV FRQ HO VLVWHPD GH IUDFNLQJ"

Cfj _X _XY`[f p \c :c’jk\i [\ <e\i^ˆX _X \ogl\jkf jlj glekfj [\ m`jkX i\jg\Z$ kf [\c ]iXZb`e^% Cfj i\gi\j\ekXek\j [\c ^fY`\ief \c\Zkf j\ _Xe dfjkiX[f XY`\i$ kfj X `e]fidXij\ jfYi\ cX j`klXZ`�e hl\ ^lXi[Xe \e gXik`ZlcXi cX gif[lZZ`�e p \c Zfejldf [\ ^Xj \e \c gXˆj# p cXj XZ$ Z`fe\j hl\ j\ gl\[\e \dgi\e[\i gXiX Xld\ekXi cX gif[lZZ`�e%

(175(9,67$ <c ^fY`\ief ]\[\iXc \c\Zkf _X [X[f dย ck`gc\j XeleZ`fj m`eZlcX[fj X ^iXe$ [\j `em\ij`fe\j \e i\]`e\iย Xj \e \c jli [\c gXย j gXiX i\XZk`mXi \jX qfeX g\kif$ c\iX g\if gfZf j\ _XYย X _XYcX[f \e dX$ k\i`X [\ \ogcfkXZ`ย e [\ i\Zlijfj ef Zfem\eZ`feXc\j% <j Z`\ikf% GfZXj \ogi\j`fe\j _X _XY`$ [f# XgXik\ [\ cXj [\ZcXiXZ`fe\j ZXk\^ย $ i`ZXj hl\ _X _\Z_f \c gi\j`[\ek\ \c\Zkf# 8e[iย j DXel\c Cย g\q FYiX[fi# Xek\ Z`\ikXj Xl[`\eZ`Xj \e \c j\ek`[f [\ hl\ ef mX X g\id`k`i \c ]iXZb`e^# cf hl\ _X `e_`Y`[f# \e d` fg`e`ย e# hl\ g\ijfeXj m`eZlcX[Xj d}j X cfj Xjg\Zkfj kย Ze`Zfj hl\ X cfj gfcย k`Zfj# p hl\ fZlgXi}e gl\jkfj \e cX j`^l`\ek\ X[d`e`jkiXZ`ย e# dXe`]`\jk\e XY`\ikXd\ek\ jl gfj`Z`ย e Xc i\jg\Zkf% :lXe[f cc\^Xe X _XZ\icf \o$ gi\jXe# \e ^\e\iXc# Z`\ikX ZXlk\cX# kiX$ kXe[f [\ \hl`c`YiXi jlj glekfj [\ m`jkX% &RQVLGHUD TXH HO JRELHUQR HOHFWR FXHQWD FRQ OD VXILFLHQWH LQIRUPDFLยณQ SDUD JHQHUDU XQD RSLQLยณQ UHDOPHQWH YDOLGDGD VREUH ORV PยฉWRGRV GH H[WUDF FLยณQ TXH VH XWLOL]DQ HQ OD H[WUDFFLยณQ GHO JDV VKDOH"

Ef k\e^f e`e^leX [l[X [\ hl\ Zl\ekX Zfe cX `e]fidXZ`ย e e\Z\jXi`X% CXj g\i$ jfeXj hl\ fZlgXi}e gl\jkfj `dgfikXe$ k\j \e \c j\Zkfi \e\i^ย k`Zf k`\e\e leX cXi^X kiXp\Zkfi`X gif]\j`feXc \e \jk\ ZXdgf% :fdf [`a\ Xek\j# XgXik\ [\ cX `e]fidXZ`ย e f cfj Xjg\Zkfj kย Ze`Zfj# cXj Zfej`[\iXZ`fe\j gfcย k`ZXj gXi\Z\e \jkXi al^Xe[f le gXg\c `dgfikXek\ \e cX kfdX [\ [\Z`j`fe\j% (O &OยบVWHU GH (QHUJยญD &RDKXLOD KD UHDOL ]DGR ODERU GH GLIXVLยณQ GH ODV ยกUHDV GH RSRUWXQLGDG TXH KD\ TXH HQIUHQWDU HQ HO WHPD GH OD H[WUDFFLยณQ YยญD IUDFNLQJ 'HULYDGR GH ODV GHFODUDFLRQHV KHFKDV HQ WRUQR DO WHPD \ TXH GHVHVWLPDQ \D HO XVR GH HVWH FRQFHSWR FXยกO VHUยก HO SDSHO TXH WRPH HO &OยบVWHU GH (QHUJยญD &RDKXLOD"

(VWDGRV 8QLGRV HV HO SDยญV TXH VXPLQLVWUD SUยกFWLFDPHQWH OD WRWDOLGDG GHO JDV TXH 0ยฉ[LFR LPSRUWD HO FXDO UHSUHVHQWD SRU FLHQWR GH QXHVWUR FRQVXPRร

<c :cย jk\i [\ <e\i^ย X :fX_l`cX Zfek`$ elXi} \jkX kXi\X [\ [`]lj`ย e [\ `e]fi$ dXZ`ย e fYa\k`mX# `dgXiZ`Xc# jfYi\ \jk\ k\dX# \jg\Z`Xcd\ek\ \e i\cXZ`ย e Zfe \c d\[`f XdY`\ek\# p Zfek`elXi} `dglc$ jXe[f d\[`[Xj hl\ XZi\Z`\ek\e cX m`X$ Y`c`[X[ [\ cfj gifp\Zkfj \e\i^ย k`Zfj \e :fX_l`cX# Zfdf cX ]fidXZ`ย e [\ i\Zli$ jfj _ldXefj \jg\Z`Xc`qX[fj# \c [\jXiif$ ccf [\ gifm\\[fi\j cfZXc\j p \c i\cXZ`f$ eXd`\ekf [\ cXj \dgi\jXj Zfe cXj Zfdle`[X[\j p cfj gifg`\kXi`fj [\ cX k`\iiX% CX cfZXc`qXZ`ย e p Xgifm\Z_X$ d`\ekf [\ `dgfikXek\j pXZ`d`\ekfj [\ ^Xj \e \c \jkX[f \j leX ^iXe fgfikle`$ [X[ gXiX :fX_l`cX p gXiX \c gXย j% Cfj Y\e\]`Z`fj \e kย id`efj [\ [\jXiifccf# \dgc\fj# `e^i\jfj \ `e[\g\e[\eZ`X \e\i^ย k`ZX jfe dlZ_ย j`df d}j \c\mX$ [fj hl\ cfj Zfjkfj%

0 /$*81$ ร 2&78%5(

(175(9,67$ 6H UHIRU]DUยกQ ODV DFFLRQHV GH VRFLDOL ]DU OD LQIRUPDFLยณQ" 3ODQWHDUยกQ XQ DFHUFDPLHQWR FRQ HO JRELHUQR HOHFWR SDUD SHUPHDU HO XVR GH HVWH VLVWHPD GH H[WUDFFLยณQ \ ORV SURFHGLPLHQWRV SDUD FRQWUDUUHVWDU HIHFWRV QHJDWLYRV"

:fdf [`a\# \c :cย jk\i [\ <e\i^ย X :fX_l`cX dXek\e[i} jl \j]l\iqf [\ [`$ ]lj`ย e [\ `e]fidXZ`ย e \e kfief Xc ]iXZ$ b`e^ p \c d\[`f XdY`\ek\# hl\ \j cX gi\$ fZlgXZ`ย e Z\ekiXc [\ Xc^leXj fi^Xe`qXZ`fe\j% <c :cย jk\i j\ _X XZ\iZX[f Zfe \jk\ gifgย j`kf Zfe fi^Xe`qXZ`fe\j jfZ`Xc\j p \dgi\jXi`Xc\j# `ejk`klZ`fe\j \[lZXk`$ mXj# Z\ekifj [\ `em\jk`^XZ`ย e p d\[`fj [\ Zfdle`ZXZ`ย e% <jk} \e ZfekXZkf Zfe g\ijfeXj hl\ j\i}e ]leZ`feXi`fj [\ cX el\mX X[d`e`jkiXZ`ย e \e \c j\Zkfi [\ \e\i^ย X p \jk} YljZXe[f el\mfj ZfekXZ$ kfj# X ]`e [\ XYXiZXi cfj [`]\i\ek\j Xj$ g\Zkfj [\c k\dX% <e gXik`ZlcXi mXdfj X `ej`jk`i \e \c ]fikXc\Z`d`\ekf [\ cfj fi$ ^Xe`jdfj i\^lcX[fi\j# X ]`e [\ ^XiXek`$ qXi cX fYj\imXeZ`X [\ cXj [`jgfj`Z`fe\j \e cX dXk\i`X# pX hl\ \jf \j cf hl\ Xj\$ ^liXiย X i\[lZ`i Xc dย e`df cfj i`\j^fj hl\ gl\[\e i\cXZ`feXij\ Zfe cX \okiXZ$ Z`ย e [\c ^Xj [\ clk`kXj% ?Xp hl\ kfdXi \e Zl\ekX hl\ \e Dย o`Zf _Xp j\`j fi^Xe`jdfj ]\[\iXc\j hl\ i\^lcXe \c ]iXZb`e^ p hl\ jl i\^l$ cXZ`ย e \j YXjkXek\ \jki`ZkX \e ZfdgXiX$ Z`ย e Zfe cXj [\ fkifj gXย j\j% G`\ejf hl\# Xjย Zfdf \c :cย jk\i# cXj fi^Xe`qXZ`fe\j jfZ`Xc\j `ek\i\jX[Xj [\Y\iย Xe \e]fZXi jlj \j]l\iqfj \e \jk\ Xjg\Zkf# d}j hl\ \e fgfe\ij\ X leX XZk`m`[X[ hl\ d}j kXi[\ f d}j k\dgiXef k\e[i} hl\ cc\$ mXij\ X ZXYf# kf[X m\q hl\ cfj \]\Zkfj XdY`\ekXc\j [\c ]iXZb`e^ j\ gl\[\e ZfekifcXi p gi\m\e`i% ?Xp hl\ kfdXi \e Zl\ekX hl\ \jkX kย Z$ e`ZX fg\iX Zfd\iZ`Xcd\ek\ [\j[\ _XZ\ .' Xย fj p [\j[\ \ekfeZ\j j\ _X g\i]\Z$ Z`feX[f ^iX[lXcd\ek\ gXiX _XZ\icX d}j \]`Z`\ek\ p Xd`efiXi cfj i`\j^fj% &XยกOHV KDQ VLGR ODV DFFLRQHV KHFKDV IUHQWH D ORV OHJLVODGRUHV HQ OD &ยกPDUD GH 'LSXWDGRV \ VHQDGRUHV"

<c :cย jk\i j\ _X XZ\iZX[f ย e`ZXd\ek\ X cfj c\^`jcX[fi\j [\c :fe^i\jf [\c <j$ kX[f# gXiX Yi`e[Xic\j `e]fidXZ`ย e p Xk\e[\i jlj `ehl`\kl[\j i\jg\Zkf [\c ]iXZb`e^% I\Xc`qย # Xjย d`jdf# ^\jk`fe\j gXiX hl\ j\ cc\m\ X ZXYf leX m`j`kX Xc jli [\ K\oXj# gXiX hl\ fYj\im\e [\ gi`d\iX dXef cX \m`[\eZ`X [\ cX \ogcfkXZ`ย e [\ _`[ifZXiYlifj ef Zfem\eZ`feXc\j p fY$ k\e^Xe d}j `e]fidXZ`ย e kย Ze`ZX p Z`\ekย ]`ZX# jfYi\ cX ]fidX \e hl\ j\ cc\$ mXe X ZXYf cXj kXi\Xj i\cXZ`feX[Xj Zfe \c gifZ\jf [\ \okiXZZ`ย e [\c ^Xj [\ cl$ k`kXj# kf[X m\q hl\ \jkf c\j ]XZ`c`kXi} k\$ e\i leX `[\X ZcXiX [\ cX ]fidX \e hl\ fg\iX \jkX kย Ze`ZX p [\ Zย df j\ gi\m`\$ e\e cfj i`\j^fj% 0 /$*81$ ร 2&78%5(

(175(9,67$

/DV REMHFLRQHV DO XVR GH OD WŠFQLFD GHO IUDFNLQJ VRQ FRPSOHWDPHQWH VDOYDEOHV FRQ ODV QXHYDV WHFQRORJ­DV H LQFOXVR FRQ ODV XVDGDV KDVWD DKRUDĂš

([LVWH XQ SODQ % GH SHUPDQHFHU OD LGHD GH QR XVDU HVWH VLVWHPD SDUD HO DSURYHFKDPLHQWR GH FRPEXVWLEOHV QR FRQYHQFLRQDOHV SDUD FRQWLQXDU FRQ OD LGHD GH DSURYHFKDU HVWRV UHFXUVRV"

Ef _Xp GcXe 9# Xc d\efj \e \c Zfikf p d\[`Xef gcXqf% <c ljf [\ ]l\ek\j i\$ efmXYc\j [\ \e\i^ˆX k`\e\ c`d`kXZ`f$ e\j# Zfdf \c _\Z_f [\ hl\ jfe ]l\ek\j `ek\id`k\ek\j# ef ZfejkXek\j# [\ ^\$ e\iXZ`�e [\ \c\Zki`Z`[X[# jla\kXj X cXj Zfe[`Z`fe\j eXkliXc\j% Cfj [\jXiifccfj k\Zefc�^`Zfj hl\ gf[iˆXe XZi\Z\ekXi \c Xgifm\Z_Xd`\e$ kf [\ \jkXj ]l\ek\j j�cf gf[i}e [Xij\ \e \c d\[`Xef p cXi^f gcXqfj% 8[\d}j# cX gi\j\eZ`X [\ Zfe[`Z`f$ e\j ]XmfiXYc\j [\ m`\ekf p iX[`XZ`�e jfcXi ef \j jl]`Z`\ek\2 \j gi\Z`jf Zfe$ kXi Zfe cX `e]iX\jkilZkliX hl\ _XZ\ Zf$ d\iZ`Xcd\ek\ m`XYc\j cfj gifp\Zkfj# \jg\Zˆ]`ZXd\ek\ mˆXj [\ XZZ\jf# cˆe\Xj [\ kiXejd`j`�e p jlY\jkXZ`fe\j \c„Z$ ki`ZXj%

Kf[f \ccf i\hl`\i\ ZlXek`fjXj `em\ij`f$ e\j hl\ ef gl\[\e \jkXi [`jgfe`Yc\j [\ `ed\[`Xkf% 8Â’e j` j\ ZfekXiX Zfe cX `e]iX$ \jkilZkliX# cXj \e\i^ˆXj i\efmXYc\j ef jl$ d`e`jkiXiˆXe d}j hl\ leX gXik\ [\ cXj e\$ Z\j`[X[\j% CX :fd`j`Â?e I\^lcX[fiX [\ <e\i^ˆX gi\m„ hl\ _XZ`X )','# \jkf \j# [\ekif [\ gfZf d}j [\ ki\j [„ZX[Xj# j\ gf[iˆX \jkXi gif[lZ`\e[f Zfe \jkXj ]l\e$ k\j cX d`kX[ [\ cXj e\Z\j`[X[\j kfkXc\j% &XÂĄOHV VRQ ORV ULHVJRV TXH VH FRUUHQ QR VÂłOR GH FRQWLQXDU VLQR LQFUHPHQWDUVH OD GHSHQGHQFLD HQ PDWHULD HQHUJŠWLFD FRQ (VWDGRV 8QLGRV"

?Xp [\j[\ cl\^f le i`\j^f \Zfe�d`Zf% <j$ kX[fj Le`[fj \j \c gXˆj hl\ jld`e`jkiX gi}Zk`ZXd\ek\ cX kfkXc`[X[ [\c ^Xj hl\ D„o`Zf `dgfikX# \c ZlXc i\gi\j\ekX /, [\ el\jkif Zfejldf% J` \j\ gXˆj \e]i\ekX leX dXpfi [\dXe$ [X# gfihl\# gfi \a\dgcf# [\Z`[\ \ogfikXi X fkiXj eXZ`fe\j# f `eZi\d\ekXi jl Zfejldf `ek\ief jljk`klp\e[f fkiXj ]l\ek\j [\ \e\i$

^ˆX gfi ^Xj# Zfdf pX cf \jk} _XZ`\e[f Xc ljXicf \e cl^Xi [\ ZXiY�e \e Xc^leXj gcXe$ kXj \c„Zki`ZXj# \c i\jlckX[f j\iˆX le Xld\e$ kf \e cfj gi\Z`fj [\c ^Xj hl\ D„o`Zf \e$ ]i\ekXiˆX# j` ef \j hl\ le mfcld\e d\efi [\ jld`e`jkifj# hl\ k\e[iˆXe hl\ jljk`kl`i$ j\ gfi `dgfikXZ`fe\j [\ fkifj gXˆj\j% G\if \jkf ef \j kXe ]}Z`c# gfihl\ cX `e]iX\jkilZ$ kliX [\c gXˆj gXiX \c ^Xj ZfejkX Y}j`ZXd\e$ k\ [\ [lZkfj# cf hl\ i\]l\iqX cX [\g\e[\e$ Z`X i\jg\Zkf [\ <jkX[fj Le`[fj2 cX `e]iX\jkilZkliX gXiX \c XcdXZ\eXd`\ekf p kiXkXd`\ekf [\c ^Xj `dgfikX[f gfi YXiZf# gifm\e`\ek\ [\ fkifj gXˆj\j \j c`d`kX[X% J\ kiXkX [\ le i`\j^f [\ j\^li`[X[ eXZ`f$ eXc% <c .' [\ cX ^\e\iXZ`�e [\ \c\Zki`Z`[X[ \e D„o`Zf j\ i\Xc`qX Zfe ^Xj% Le Zfik\ \e \c jld`e`jkif [\ \jk\ ’ck`df gf[iˆX gXiXc`qXi Xc gXˆj% ?Xp hl\ X[d`k`i hl\ efj \eZfekiXdfj \e leX j`klXZ`�e \oki\dX[Xd\ek\ mlce\iX$ Yc\ p gfi X_fiX \c ’e`Zf d\[`f gXiX Xd`efiXi \jkX mlce\iXY`c`[X[ [\jZXejX \e \c ^Xj [\ cl$ k`kXj# Zlpf Xgifm\Z_Xd`\ekf gXjX `e\m`kXYc\$ d\ek\ gfi \c ]iXZb`e^%

0 /$*81$ Ăž 2&78%5(

9LGD &RWLGLDQD

3RU /XLV :DOWHU -XÂĄUH] $UTXLHWD

9LVL³Q IXWXULVWD $QWHULRUPHQWH YLDMDU GH 7RUUH³Q D 6DOWLOOR HUD YHU PXFKDV SODQLFLHV R ELHQ SRU HO UXPER GH 9LHVFD ODV FXDOHV QRV KDF­DQ SHQVDU HQ TXH HVRV WHUUHQRV QR SRGU­DQ SURGXFLU QDGD

<

c ZfekXi Zfe Xlkfj hl\ ml\$ cXe# k\e\i k\c„]fefj `ek\c`$ ^\ek\j p Zi\\i \e hl\ cX \c\Z$ ki`Z`[X[ j\ Zfej\^l`iˆX ^iXZ`Xj Xc m`\ekf# \iX g\ejXi \e \c ]l$ klif# \e hl\ gXjXiˆXe dlZ_fj XÂŒfj gXiX hl\ j\ Zfem`ik`\iXe \e i\Xc`[X[% 8_fiX# \j\ ]lklif pX j\ _`qf gi\$ j\ek\# pX _Xp Xlkfj hl\ ml\cXe# cfj k\c„]fefj j\ gXjXe [\ `ek\c`^\ek\j p dlZ_X [\ cX \c\Zki`Z`[X[ hl\ j\ Zfe$ jld\ \j ^iXZ`Xj Xc m`\ekf Zfe cfj gXi$ hl\j jfcXi\j# Zfe cX \e\i^ˆX \Â?c`ZX% 8ek\i`fid\ek\ m`XaXi [\ Kfii\Â?e X JXck`ccf# \iX m\i dlZ_Xj gcXe`Z`\j f Y`\e# gfi \c ildYf [\ M`\jZX# cXj ZlX$ c\j efj _XZˆXe g\ejXi \e hl\ \jfj k\$ ii\efj ef gf[iˆXe gif[lZ`i eX[X% Cc\^Xife \dgi\jXi`fj ]lkli`jkXj p m`\ife hl\ cX \e\i^ˆX \Â?c`ZX \j leX ]l\ek\ [\ \e\i^ˆX i\efmXYc\ hl\ lk`$ c`qX cX ]l\iqX [\c m`\ekf gXiX ^\e\iXi \c\Zki`Z`[X[# gfi cf ZlXc [\Z`[`\ife ZfcfZXi \e \jXj k`\iiXj gfZf gif[lZ$ k`mXj cfj X\if^\e\iX[fi\j# Ăˆdfc`efj [\ m`\ekfÉ [\ kXdXÂŒf mXi`XYc\# hl\ kiXej]fidXe Zfe jlj XjgXj cX \e\i^ˆX Z`e„k`ZX [\c m`\ekf# \e \e\i^ˆX d\Z}$ e`ZX% <jkfj gXihl\j Zfe jlj X\if^\e\iX$ [fi\j jfe `ejkXcX[fj p [\ `ed\[`Xkf \dg`\qXe gif[lZ`i \e\i^ˆX# ef e\Z\$ j`kXe dlZ_X dXef fYiX p jfcf leX i\m`j`Â?e ZfejkXek\%

/XLV :DOWHU -XÂĄUH] $UTXLHWD 'LUHFWRU HGLWRULDO GH ([SUHVV ZDOWHU MXDUH]# PLOHQLR FRP

0 /$*81$ Ăž 2&78%5(

KXdY`„e \e \jXj d`jdXj k`\iiXj [\j„ik`ZXj j\ \jk}e `ejkXcXe[f gXi$ hl\j jfcXi\j# cfj ZlXc\j ^\e\iXe dl$ Z_X \c\Zki`Z`[X[ p cfj ^fY`\iefj \j$ kXkXc\j c\ Xgl\jkXe X \jkXj `em\ij`fe\j# pX hl\ cX d`jdX \e\i$ ^ˆX hl\ j\ cf^iX# \j gXiX \c Zfejldf kXekf \e dle`Z`g`fj Zfdf \e \c \j$ kX[f% <jkXj \e\i^ˆXj cc\^Xife X CX CX$ ^leX gXiX hl\[Xij\# \jk}e [Xe[f Yl\e i\jlckX[f p cfj \dgi\jXi`fj \o$ kiXea\ifj \jk}e YljZXe[f Zfe jlj k\Zefcf^ˆXj ZfcfZXi d}j gXihl\j ef j�cf \e :fX_l`cX f ;liXe^f# j`ef X cf cXi^f p XeZ_f [\c k\ii`kfi`f eXZ`f$ eXc% <j kXekX cX `dgfikXeZ`X [\ cX \e\i^ˆX \�c`ZX# pX hl\ \j leX ]l\ek\ [\ \e\i^ˆX i\efmXYc\# ef ZfekXd`$ eX# \j `eX^fkXYc\ p i\[lZ\ \c ljf [\ ZfdYljk`Yc\j ]�j`c\j# fi`^\e [\ cXj \d`j`fe\j [\ \]\Zkf `em\ieX[\if hl\ ZXljXe \c ZXc\ekXd`\ekf ^cfYXc% Gfi fkif cX[f# cX \e\i^ˆX jfcXi \j cX \e\i^ˆX hl\ j\ cf^iX [`i\ZkXd\ek\ [\c jfc# gfi cf hl\ cX iX[`XZ`�e jfcXi gl\[\ Xgifm\Z_Xij\ gfi jl ZXgXZ`$ [X[ gXiX ZXc\ekXi f [`i\ZkXd\ek\ X kiXm„j [\c Xgifm\Z_Xd`\ekf [\ cX iX$ [`XZ`�e p kXdY`„e \j le k`gf [\ \e\i^ˆX i\efmXYc\ p c`dg`X% Ef ZXY\ [l[X hl\ \c ]lklif efj XcZXeq� p efj i\YXj�%

(175(9,67$

,7/ GHMD WDUHD UHVROYHU SUREOHPDV GH OD LQGXVWULD HQHUJŠWLFD A\jÂ’j 9\ieXi[f G}\q C\idX# i\jgfejXYc\ [\ cX Le`[X[ <jg\Z`Xc`qX[X \e <e\i^ˆXj I\efmXYc\j [\c K\ZefcÂ?^`Zf [\ CX CX^leX1 j\ YljZX gfk\eZ`Xi \c mˆeZlcf \eki\ cX `e[ljki`X p cX XZX[\d`X 325/8,6 $/%(572 /“3(= )2726 0 /$*81$

;

\j[\ _XZ\ ZlXkif XŒfj \c K\Z$ efc�^`Zf [\ CX CX^leX kiXYX$ aX [\ dXe\iX ]fZXc`qX[X \e \c k\dX [\ cXj \e\i^ˆXj i\efmX$ Yc\j# \e cXj m\ik`\ek\j [\ ]fidXZ`�e [\ dXef [\ fYiX gXiX \j\ j\Zkfi p \c ZXd$ gf [\ `em\jk`^XZ`�e% <e \eki\m`jkX# A\j’j 9\ieXi[f G}\q C\idX# i\jgfejXYc\ k„Ze`Zf [\ cX Le`$ [X[ <jg\Z`Xc`qX[X \e <e\i^ˆXj I\efmX$ Yc\j [\c K\Zefc�^`Zf [\ CX CX^leX# _X$ YcX XZ\iZX [\ cXj XZk`m`[X[\j hl\ i\Xc`qXe X kiXm„j [\ cX Le`[X[ <jg\Z`X$ c`[X[ [\ <e\i^ˆXj I\efmXYc\j L<<I hl\ \jk} \e mˆXj [\ ZfekXi Zfe jlj cXYf$ iXkfi`fj gXiX ]fikXc\Z\i jlj cXYfi\j gi}Zk`ZXj p Z\iZXeXj X cX `e[ljki`X%

&XÂĄQWR WLHPSR WLHQHQ WUDEDMDQGR FRPR XQLGDG"

<c gifp\Zkf j\ \dg\q� X Zfe]fidXi \e )'(+ p j\ m`f \c Xgfpf \e )'(.% Jli^`� X iXˆq [\ kiXYXafj gi\m`fj hl\ \jkXYX [\$ jXiifccXe[f \c K\Zefc�^`Zf [\ CX CX^l$ eX \e ]leZ`�e [\ \e\i^ˆX \�c`ZX p kiXej$ d`j`�e [\ \e\i^ˆX \c„Zki`ZX% Jfdfj le ^ilgf [\ (, `em\jk`^X[f$ i\j p g\ijfeXc XjfZ`X[f \e ZlXkif cˆe\Xj [\ `em\jk`^XZ`�e1 Y`f \e\i^ˆXj# \�c`ZX# \e\i^ˆX jfcXi p gfcˆk`ZX \e\i^„k`ZX% <c g\ijfeXc XjfZ`X[f efj g\id`k\ Xk\e[\i cX ]fidXZ`�e [\ i\Zlijfj _ldXefj gXiX \c j\Zkfi \e\i^„k`Zf%

)257$/(&(5 686 /$%25(6 35 &7,&$6 < &(5&$1$6 $ /$ ,1'8675,$ /D 8QLGDG (VSHFLDOLGDG GH (QHUJ­DV 5HQRYDEOHV HVW¥ HQ Y­DV GH FRQWDU FRQ VXV ODERUDWRULRV

4XŠ GHVWDFDU­D GHO WUDEDMR TXH KDQ UHDOL]DGR"

8ZklXcd\ek\ \jkXdfj kiXYXaXe[f jfYi\ gif[lZZ`�e [\ Y`f^}j p [\jXiifccf [\ el\mfj dXk\i`Xc\j gXiX cX `e[ljki`X ]f$ kfmfckX`ZX% KXdY`„e \e \jkl[`fj [\ \e\i^ˆX \�c`ZX \e ]leZ`�e [\ el\mfj dXk\i`Xc\j hl\ j\ gl[`\iXe Xgc`ZXi X cXj _„c`Z\j gXiX d\efi Zfejldf [\ \e\i$ ^ˆX p kiXYXaXdfj \e cX jljk\ekXY`c`[X[ \e\i^„k`ZX% <e \jk\ k\ii\ef j\ mXe X Zfejkil`i ZlXkif cXYfiXkfi`fj# [\ cfj ZlXc\j lef \jk} gfi \eki\^Xij\ p k\e\dfj gXik\ [\ cX le`[X[ X[d`e`jkiXk`mX Zfejkil`[X%

-(6š6 %(51$5'2 3 (= /(50$ Ă™+HPRV LQLFLDGR FRQWDFWR FRQ ORV SDUTXHV HQHUJŠWLFRV UHFLHQWHPHQWH DELHUWRVĂš

0 /$*81$ Ăž 2&78%5(

(175(9,67$

4XŠ YDQ D SHUPLWLU HVDV LQVWDODFLRQHV"

Efj mX X g\id`k`i gfk\eZ`Xi \c mˆeZlcf \eki\ cX `e[ljki`X p cX XZX[\d`X% CX d`$ j`�e [\ cX le`[X[ \jg\Z`Xc`qX[X \j j\i leX gfj`Yc\ jfclZ`�e X cX gifYc\d}k`ZX [\ cfj `e[ljki`Xc\j# \j [\Z`i# hl\ \ccfj gl[`\iXe m\e`i Zfe efjfkifj f YljZXi$ cfj gXiX jfclZ`�e [\ gifYc\dXj% @eZcljf \e cfj cXYfiXkfi`fj gf[\i _X$ Z\i gil\YXj hl\ gl[`„iXdfj cc\mXi Xc gcXef `e[ljki`Xc%

d\j\j _\dfj i\ZclkX[f \jX ZXek`[X[% 4XŠ OHV GLFH HVWD UHVSXHVWD"

Efj [`Z\ hl\ jfdfj leX Yl\eX f]\ikX \[lZXk`mX p [\ mXe^lXi[`X hl\ gi\k\e$ [\dfj jfclZ`feXi gifYc\dXj hl\ j\ efj Xm\Z`eXe \e cX `e[ljki`X \e\i^„k`ZX% Cfj gif^iXdXj [\ \jkl[`f [\ gif]\j`f$ eXc XjfZ`X[f \jk}e g\ejX[fj \e gifYc\$ d}k`ZXj \jg\Zˆ]`ZXj [\ cX `e[ljki`X \e\i^„k`ZX p \jkf \j gfi Xj\jfi\j hl\ k\e\dfj [\ dlZ_X \og\i`\eZ`X \e (Q HO FDVR GH OD SUHSDUDFLÂłQ GH PDQR REUD }i\Xj Zfdf cX :fd`j`Â?e =\[\iXc <c\Z$ SDUD HO VHFWRU TXŠ RIUHFH HO 7HF /DJXQD" ki`Z`[X[ :=< % <j le gif^iXdX gi\j\eZ`Xc p \e cˆe\X [\ ?\dfj `e`Z`X[f ZfekXZkf kXdY`„e gif]\j`feXc XjfZ`X[f% <jkf \j gXiX aÂ?m\$ Zfe cfj gXihl\j \e\i^„k`Zfj i\Z`\ek\$ e\j \^i\jX[fj [\ YXZ_`cc\iXkf hl\ [\Z`$ d\ek\ XY`\ikfj p \jg\iXdfj k\e\i i\j$ [Xe _XZ\i leX ZXii\iX ZfikX# leX @e^\$ gl\jkXj ]XmfiXYc\j% e`\iˆX \e <e\i^ˆXj I\efmXYc\j p cfj gif^iXdXj [\ gfj^iX[f [\ DX\jkiˆX \e ,167$/$&,21(6 '( $/7$ :`\eZ`Xj \e <e\i^ˆX I\efmXYc\ p [fZ$ (63(&,$/,'$' kfiX[f \e \jX d`jdX dXk\i`X% 8 kiXm„j [\ leX gifgl\jkX gi\j\ekX[X <e gfj^iX[f k\e\dfj leX dXkiˆZlcX [\ \e \c ]fe[f :FE8:PP$J<E<I p le ), \jkl[`Xek\j# \e gif]\j`feXc XjfZ`X[f Zfem\e`f \eki\ \c >fY`\ief <jkXkXc p \c +' p \e c`Z\eZ`XkliX Xe[Xdfj jfYi\ cfj J`jk\dX EXZ`feXc [\ @ejk`klkfj K\Zef$ )'' \jkl[`Xek\j% Cc\mXdfj [fj XÂŒfj \e cÂ?^`Zfj# \jk} \e gifZ\jf cX ZfejkilZZ`Â?e fg\iXZ`Â?e cX c`Z\eZ`XkliX p cfj gif^iXdXj [\c :\ekif [\ @em\jk`^XZ`Â?e [\ cX Le`$ [\ gif]\j`feXc XjfZ`X[f p gfj^iX[f \e j\`j [X[ [\ <e\i^ˆXj I\efmXYc\j%

J\^’e `e]fidXZ`�e [X[X X ZfefZ\i \e \c gfikXc n\Y [\c K\Z CX^leX# cfj kiXYXafj Zfd\eqXife X gi`eZ`g`fj [\c XŒf p \c Zfd$ gc\af \e ZfejkilZZ`�e \e leX jlg\i]`Z`\ [\ j\`j _\Zk}i\Xj# ZfekXi} Zfe ZlXkif cX$ YfiXkfi`fj [\ le `^lXc e’d\if [\ cˆe\Xj [\ `em\jk`^XZ`�e1 <e\i^ˆX <�c`ZX# <e\i^ˆX JfcXi# 9`f\e\i^ˆX# p \c CXYfiXkfi`f [\ KiXejd`j`�e [\ ;`jki`YlZ`�e p Lk`c`qX$ Z`�e [\ cX <e\i^ˆX% KXdY`„e k\e[i} le Z\ekif Zfdle`kX$ i`f# le Z\ekif [\ `e]fidXZ`�e# \[`]`Z`f X[$ d`e`jkiXk`mf# \[`]`Z`f [\ gif]\jfi\j p k\$ j`jkXj# _fk\c [\ dfm`c`[X[ p le kXcc\i [\ dXhl`eX[f% <c gi`d\if [\ cfj ZlXkif cXYfiXkfi`fj \jk} j`klX[f \e \c GXihl\ [\ @eefmXZ`�e K\Zefc�^`ZX [\ Kfii\�e p \e ^\e\iXc \c gifp\Zkf k`\e\ leX `em\ij`�e \jk`dX[X \e cfj d`c ),/ d`ccfe\j [\ g\jfj% 8jˆ kXdY`„e cX f]\ikX XZX[„d`ZX [\ cX le`[X[ gifp\ZkX gXiX )')' Xk\e[\i X Z\i$ ZX [\ . d`c +'' \jkl[`Xek\j \e e`m\c gi\$ j\eZ`Xc# d`okf p m`iklXc# X[\d}j [\ ZfekXi Zfe \jg\Z`Xc`qXZ`�e p ;`gcfdX[f \e <e\i$ ^ˆXj I\efmXYc\j hl\ XZklXcd\ek\ k`\e\ `ejZi`kfj X le kfkXc [\ d`c /'' \jkl[`Xek\j \e kf[f \c gXˆj%

0 /$*81$ Ăž 2&78%5(

(O 6ŠS LPR 5ROOR

3RU /XLV $OEHUWR /ÂłSH]

/D FDSLURWDGD I­OPLFD GHO 2OLPSLD IXH H[KLELGD GXUDQWH OD 3ULPHUD (GLFLÂłQ GH OD 0XHVWUD ,QWHUQDFLRQDO GH FLQH UHVFDWDGR \ UHVWDXUDGR Ă™$UFDGLDĂš HQ OD FD SLWDO GHO SD­V

L

/XLV $OEHUWR /³SH] *DUF­D 5HSRUWHUR GH 0LOHQLR /D 2SLQL³Q /DJXQD #OXLVDOEHUWROR

eX [\ cXj ZXikXj ]l\ik\j gXiX Zfe$ d\dfiXi cfj gi`d\ifj ,' XÂŒfj [\c Dfm`d`\ekf <jkl[`Xek`c [\ (0-/ ]l\ \c \jki\ef [\ cX Z`ekX1 Fc`dg`X# gi\jld`[X Zfdf cX gi`d\iX gif$ [lZZ`Â?e _\Z_X gfi cX LE8D XZ\iZX [\c k\dX p hl\ i\jlckX leX ZXg`ifkX[X ]ˆcd`ZX hl\ ]le$ Z`feX YXjkXek\ Y`\e% CX g\cˆZlcX k`\e\ gXik\ [\ cX \j\eZ`X [\ gfi cf d\efj ki\j g\cˆZlcXj jfYi\ \c Dfm`d`\ekf <jkl[`Xek`c1 <c ^i`kf# Ifaf XdXe\Z\i p# gfi `e$ Zi\ˆYc\ hl\ gXi\qZX# KcXk\cfcZf# m\iXef [\c -/% ÂśGfi hl„6 <e gi`d\i cl^Xi cX Z`ekX i\Zf$ g`cX `d}^\e\j [\c [fZld\ekXc [\ C\fYXi[f CÂ?g\q 8ii\kZ_\ \ `eZcljf c\ Yi`e[X le _fd\$ eXa\ Xc dfjkiXi ZÂ?df cfj \jkl[`Xek\j [\ Z`e\ [\ \jX „gfZX ZXgkXife `d}^\e\j p dXk\i`Xc Xl[`fm`jlXc XZ\iZX [\ cXj XZk`m`[X[\j [\c df$ m`d`\ekf% GXiX dl\jkiX \jk}e cXj kfdXj jXZX$ [Xj [\j[\ cX ZXal\cX [\ cfj XlkfdÂ?m`c\j p [fe$ [\ lef [\ cfj \jkl[`Xek\j [\YˆX `ekif[lZ`ij\% <e cf hl\ ZfeZ`\ie\ X Ifaf XdXe\Z\i i\kfdX \c i\]c\af [\ cfj \jkl[`Xek\j [\ cX „gfZX p \c ZfdgfikXd`\ekf YilkXc [\c <a„i$ Z`kf Xek\ cfj aÂ?m\e\j% ;\ KcXk\cfcZf# m\iXef [\c -/ efk„ hl\ \c ^l`Â?e k`\e\ Z`\ikXj j`d`c`kl[\j [\ k`ek\ j\ek`d\ekXc p hl\ gfi dfd\ekfj c\ i\jkXe ]l\iqX Xc [iXdX% JfYi\ cX kiXdX k\e\dfj mXi`Xj _`jkfi`Xj \e$ ki\cXqX[Xj1 leX \jkl[`Xek\j hl\ j\ jldX Xc df$ m`d`\ekf p [\jXgXi\Z\ kiXj cX kfdX [\c <a„iZ`kf

0 /$*81$ Ăž 2&78%5(

\e :`l[X[ Le`m\ij`kXi`X# le ]fkÂ?^iX]f `ehl`\kf hl\ gXik`Z`gX \e \c dfm`d`\ekf p fkif hl\ j\ m\ Zfe]c`ZklX[f gfi jl j`klXZ`Â?e ]Xd`c`Xi# X[\$ d}j [\ le cˆ[\i [\ Yi`^X[X i\gi`d`[f% <c i\jlckX[f \j leX Z`ekX \hl`c`YiX[X \e ZlXekf X jl Zfek\e`[f p i\jg\klfjX Zfe cf fZlii`[f _XZ\ d\[`f j`^cf \e cX ZXg`kXc [\c gXˆj% <eki\ cXj ZfjXj hl\ d}j [\jkXZXiˆX \j hl\ ]l\ i\Xc`qX[X Zfe cX k„Ze`ZX [\ ifkfjZf$ gˆX# \j [\Z`i# leX Xe`dXZ`Â?e _\Z_X X YXj\ [\ [\ `d}^\e\j f ]`cdXZ`fe\j% <e \j\ j\ek`[f# jl [`i\Zkfi Afj„ DXel\c :iXm`fkf X[d`k`Â? \e mXi`Xj \eki\m`jkXj hl\ lef [\ cfj dfk`mfj gfi \c ZlXc [\Z`[`Â? lk`c`$ qXicX ]l\ cX ]XckX [\ gi\jlgl\jkf ZlXe[f hl`\$ i\j ]`cdXi Z`e\ [\ „gfZX% <jkf cX _XZ\ ]leZ`f$ eXi YXjkXek\ Y`\e \ `eefmX \e ZlXekf X cf hl\ dlZ_fj \jk}e XZfjkldYiX[fj X m\i% Fc`dg`X ]l\ \o_`Y`[X [liXek\ cX Gi`d\iX <[`Z`Â?e [\ cX Dl\jkiX @ek\ieXZ`feXc [\ Z`e\ i\jZXkX[f p i\jkXliX[f Ăˆ8iZX[`XÉ \e cX ZXg`kXc [\c gXˆj p kXdY`„e cX \jki\eÂ? X gi`eZ`g`fj [\ d\j \c ZXeXc KM LE8D Zfdf gXik\ [\ jl Z`Zcf1 D-/% 8lehl\ \jX ]leZ`Â?e gXjÂ? `eX[m\ik`[X gfi$ hl\ cX \d`jfiX ef jl\c\ Xm`jXi Zfe Xek`Z`gX$ Z`Â?e jfYi\ jl gif^iXdXZ`Â?e p gXiX hl\ \c Z`l$ [X[Xef [\ X g`\ cX gl\[\ m\i gXjXi} Xc^f [\ k`\dgf# gl\j cl\^f [\ gXik`Z`gXi \e \c =\jk`$ mXc [\ :`e\ [\ Dfi\c`X `i} X fkiXj gi\j\ekX$ Z`fe\j `ek\ieXZ`feXc\j gXiX k\e\i jl \jki\ef Zfd\iZ`Xc%

(175(9,67$

'XUDQJR SLRQHUR HQ LQVWDODFLยณQ GH SODQWDV VRODUHV YD SRU PยกV CX \ek`[X[ XeXc`qX cX gfj`Y`c`[X[ [\ `dglcjXi fkifj \jhl\dXj [\ ^\e\iXZ`ย e [\ \e\i^ย X Zfdf cf \j cX Y`fdXjX p cX \ย c`ZX1 IXdย e Kfd}j ;}m`cX =cfi\j# j\Zi\kXi`f [\ ;\jXiifccf <Zfeย d`Zf 325 '$1,(/$ 5$0ย 5(= &(59$17(6 )2726 0 /$*81$

;

liXe^f \j le <jkX[f hl\ _X m`$ jlXc`qX[f [\j[\ Xย fj Xki}j \c ljf [\ cXj \e\i^ย Xj i\efmXYc\j Zfdf Xck\ieXk`mX gXiX [\kfeXi leX el\mX \Zfefdย X# c`^X[X X cXj Yfe[X$ [\j hl\ j\ gl\[\e fYk\e\i gfi d\[`f [\ cX \ogcfkXZ`ย e [\ ]l\ek\j jljk\ekXYc\j% <j Xjย hl\ j\ _X Xgifm\Z_X[f jl cfZXc`$ qXZ`ย e p jl iX[`XZ`ย e jfcXi gXiX ^\e\iXi \e\i^ย X# Xc i\jg\Zkf IXdย e Kfd}j ;}m`cX =cfi\j# j\Zi\kXi`f [\ ;\jXiifccf <Zfeย d`$ Zf [\c <jkX[f# i\`k\iX hl\ gfi \ccf# ;liXe$ ^f \j lef [\ cfj g`fe\ifj \e cX `ejkXcXZ`ย e [\ gcXekXj [\ \e\i^ย X jfcXi# le \a\dgcf \j cX \dgi\jX \jgXย fcX <FJFC% ร <e jl dfd\ekf cc\^ย X j\i [\ cXj Zfd$ gXย ย Xj d}j ^iXe[\j p ;liXe^f \c gi`d\i gif[lZkfi [\ \jX \e\i^ย X Zfe leX ZXgXZ`$ [X[ [\ Z\iZX [\ .' D\^XnXkkjร % 8ek\ \c XeleZ`f hl\ cXeqย cX J\Zi\kXiย X [\ <e\i^ย X _XZ\ Xc^lefj Xย fj# hl\ gXiX \c )'(/ j\ [lgc`ZXiย X cX ZXgXZ`[X[ [\ ^\e\iX$ Z`ย e \cย Zki`ZX gifm\e`\ek\ [\ ]l\ek\j i\$ efmXYc\j# ;}m`cX =cfi\j \e]Xk`qX hl\ ;l$ iXe^f al^ย le gXg\c ]le[Xd\ekXc \e \j\ ilYif Xc XYi`i ZXd`ef p \e _XY\i g\id`k`$ [f \e jl dfd\ekf hl\ j\ `ejkXcXiX cX gcXe$ kX <FJFC% ร =l\ le gXjf dlp `dgfikXek\ gXiX \c ljf [\ cXj \e\i^ย Xj i\efmXYc\j \e Dย o`Zfร # d\eZ`feX XgfpXe[f cfj Zf[fj jf$ Yi\ \c \jZi`kfi`f% GXiX ย c \c i\kf \j ZcXif1 j\^l`i j`\e[f ]XZ`c`kX[fi\j p kiXYXaXi \e Zfealekf Zfe cXj \dgi\jXj hl\ \jk}e cc\^Xe[f X `ejkXcXij\% &XยกO HV HO SDQRUDPD DFWXDO GH HVWD LQ GXVWULD HQ HO HVWDGR GH 'XUDQJR \ TXยฉ SUR \HFWRV VH WLHQHQ \D FRQWHPSODGRV ILUPD GRV R SRU ILUPDU"

J\ k`\e\e )( gifp\Zkfj Xlkfi`qX[fj gfi gXik\ [\ cX :fd`j`ย e I\^lcX[fiX [\ <e\i$ ^ย X# hl\ jldXe \e kfkXc Z\iZX [\ 0'' D\$ ^XnXkkj# [\ cfj ZlXc\j ('' hl\[Xi}e pX `ej$ kXcX[fj X ]`eXc\j [\ \jk\ Xย f# Xjย d`jdf \o`jk\e fkifj ki\j gifp\Zkfj hl\ Xย e \jk}e \e ki}d`k\ [\ Xlkfi`qXZ`ย e [\ -'' D\$ ^XnXkkj% <jkXdfj _XYcXe[f [\ d`c .'' d`$ ccfe\j [\ [ย cXi\j [\ `em\ij`ย e% <jkfj gif$ p\Zkfj [\Y\e [\ \jkXi k\id`eXe[f [\ Zfejkil`ij\ X ]`eXc\j [\ )'))ร %

(/ 5(72 (6 &/$52

SUR\HFWRV GH HQHUJยญD VRODU HV WยกQ DXWRUL]DGRV DFWXDOPHQWH HQ 'X UDQJR SRU OD &RPLVLยณQ 5HJXODGRUD GH (QHUJยญD

0HJDZDWWV VXPDQ ORV SUR\HFWRV TXH \D HVWยกQ DFUHGLWDGRV SDUD DUUDQFDU

0LO

PGG HV OD LQ YHUVLยณQ WRWDO TXH VH UHTXHULUยก SDUD OD FRQVWUXFFLยณQ GH ORV SUR\HFWRV TXH GHEHUยกQ HVWDU FRQVWUXLGRV SDUD HO

0 /$*81$ ร 2&78%5(

(175(9,67$

7HQHPRV OD OLPLWDQWH GH OD HYDFXDFLÂłQ GH HQHUJ­D QR WHQHPRV VXILFLHQWHV UHGHV GH HQHUJ­D HOŠFWULFD TXH HV XQD SDUWH PX\ LPSRUWDQWHĂš

:XY\ [\jkXZXi hl\ \c gcXek\Xd`\ekf [\ cX <jkiXk\^`X EXZ`feXc p [\ cX C\p [\ :XdY`f :c`d}k`Zf# Xjˆ Zfdf [\ cX I\]fidX <e\i^„$ k`ZX# \j hl\ gXiX )')+ \c *, [\ cX \e\i^ˆX \c„Zki`ZX k\e[i} hl\ m\e`i [\ \e\i^ˆXj c`d$ g`Xj# cX ZlXc \e mfq [\ IXdÂ?e Kfd}j ;}m`cX \j leX d\kX XcZXeqXYc\# [\Y`[f Xc gfk\eZ`Xc \e\i^„k`Zf Zfe \c hl\ Zl\ekX \c <jkX[f% ĂˆJ`e \dYXi^f k\e\dfj cX c`d`kXek\ [\ cX \mXZlXZ`Â?e [\ \e\i^ˆX# ef k\e\dfj jl$ ]`Z`\ek\j i\[\j [\ \e\i^ˆX \c„Zki`ZX# hl\ \j leX gXik\ dlp `dgfikXek\ RÂżT Zfe cfj D\^XnXkkj hl\ k\e\dfj Xj`^eX[fj pX ef mXdfj X gf[\i ZXgkXi d}j g\id`jfj f k\$ e\i d}j Xlkfi`qXZ`fe\j [\ `ejkXcXZ`fe\j [\ \e\i^ˆX i\efmXYc\% CX jfclZ`Â?e \j hl\ Xc^l`\e `em`\ikX \e kiXejgfikXZ`Â?e [\ \e\i^ˆX \c„Zki`ZXÉ% Dfm`\e[f le gfZf cXj dXefj# Xj\^liX hl\ \j\ gXefiXdX \jk} \eml\ckf \e cX gif$ Yc\d}k`ZX [\ Zfej\^l`i [\i\Z_f [\ mˆX f [\$ i\Z_f [\ gXjf# XgXik\ [\ hl\ j\ kiXkX [\ `e$ m\ij`fe\j Ăˆdlp ]l\ik\jÉ% Gfi \ccf Zi\\ `dgfikXek\ hl\ \c >fY`\ief [\c <jkX[f p cX J\Zi\kXiˆX [\ <e\i^ˆX [\Y\e kiXYXaXi [\ cX dXef gXiX hl\ cfj gifp\Zkfj hl\ jliaXe gl\[Xe j\i cc\mX[fj X ZXYf%

DSURYHFKDQGR HVWH SRWHQFLDO"

,038/62 $ 27526 (648(0$6 '( *(1(5$&,“1 '( (1(5*�$

8lehl\ ;liXe^f _X dfjkiX[f le ^iXe `ek\$ i„j gfi [\jXiifccXi gXihl\j jfcXi\j \e [`m\i$ jXj i\^`fe\j [\ cX \ek`[X[# XZklXcd\ek\ XeX$ c`qXe cX gfj`Y`c`[X[ [\ `dglcjXi fkifj \jhl\dXj [\ ^\e\iXZ`Â?e [\ \e\i^ˆX Zfdf cf \j cX Y`fdXjX p cX \Â?c`ZX% ĂˆK\e\dfj X_fi`kX leX gcXekX gXik`ZlcXi hl\ \jk} ^\e\iXe[f \e\i^ˆX X gXik`i [\ Y`f$ dXjX \e ;liXe^f hl\ \j D8J@J8# _Xp fkiX hl\ \jk} Xgifm\Z_Xe[f i\j`[lfj [\ Xj\iiX$ [\ifj gXiX gif[lZ`i \e\i^ˆX# jfe cfj [fj gifp\Zkfj d}j `dgfikXek\j hl\ k\e\dfjÉ% Gfi \c cX[f [\ cX \e\i^ˆX \Â?c`ZX# IXdÂ?e Kfd}j ;}m`cX \ogc`ZX jla\kXe[f lefj gX$ g\c\j# hl\ kiXYXaXe i\Xc`qXe[f iX[`f^iX$ ]ˆXj [\ mXi`Xj i\^`fe\j [\c <jkX[f# gXiX [\$ k\ZkXi j` cX gfk\eZ`X [\c m`\ekf \j ]XmfiXYc\ gXiX ^\e\iXi \e\i^ˆX% &XÂĄO FRQVLGHUD HV HO UHWR TXH WLHQH TXH HQIUHQWDU OD HQWLGDG SDUD KDFHU WDQJL EOHV ORV EHQHILFLRV QR VÂłOR GH OD JHQH UDFLÂłQ VLQR GHO DSURYHFKDPLHQWR GH OD HQHUJ­D UHQRYDEOH TXH VH SURGXFH HQ 'XUDQJR" 4XLŠQHV HVWÂĄQ UHDOPHQWH

ĂˆPf Zi\f hl\ Xhlˆ \j le k\dX Y`\e `ek\$ i\jXek\# Xek\ cfj `eZi\d\ekfj hl\ _X jl$ ]i`[f \c Zfjkf [\ \e\i^ˆX gfi gXik\ [\ cX :fd`j`Â?e =\[\iXc [\ <c\Zki`Z`[X[ :=< # \c i\kf \j Zfdf Xgifm\Z_Xi cX \e\i^ˆX jf$ cXi hl\ j\ \jk} ^\e\iXe[f X Zfjkfj d}j YXafj# pf Zi\f hl\ k\e\dfj hl\ YljZXi X_ˆ hl\ _XpX leX Zfdle`ZXZ`Â?e d}j XY`\ikX \eki\ cfj gif[lZkfi\j [\ \e\i^ˆX jfcXi f \e\i^ˆXj i\efmXYc\j Zfe cfj \d$ gi\jXi`fj# gXiX gf[\i Xgifm\Z_Xi cfj Zfj$ kfj d}j YXafj [\ \e\i^ˆXÉ% J\ek\eZ`X hl\ j` j\ cf^iX hl\ \c gif$ [lZkfi k\e^X Zfjkfj d}j YXafj j\ k\e[i} d\efi `e]cXZ`Â?e p \e ^\e\iXc cX g\hl\ÂŒX `e[ljki`X p cfj ljlXi`fj Zfdle\j mXe X k\e\i le Zfjkf d}j YXaf% Ăˆ<c fkif k\dX hl\ gf[\dfj _XZ\i \j ]XZ`c`kXi \c ljf [\ gifp\Zkfj p [\ gif^iX$ dXj [\ \e\i^ˆX jfcXi gXiX cXj G\hl\ÂŒXj p D\[`XeXj <dgi\jXj GPD<J hl\ jfe gifp\Zkfj hl\ k\e\dfj gXiX \jk\ giÂ?o`$ df XÂŒf# \e [fe[\ [\Y\iˆXdfj [\ Y\e\$ ]`Z`Xi gfi cf d\efj [\ ('' X )'' \dgi\$ jXj hl\ gl[`\iXe k\e\i jlj Z\c[Xj jfcXi\j gXiX YXaXi jlj Zfjkfj [\ \e\i^ˆXÉ%

0 /$*81$ Ăž 2&78%5(

(175(9,67$ 275$6 23&,21(6 48( %(1(),&,$1 $ '85$1*2

CX `e]iX\jkilZkliX Zi\X[X Zfe cfj ^Xjf[lZkfj gXiX \c jld`e`jkif [\ ^Xj eXkliXc# \j le glekf hl\ kXdY`„e Y\e\]`Z`X X ;liXe^f# ;}m`cX =cf$ i\j# \ogc`ZX hl\ Ăˆ\c <jkX[f j\ \jk} Y\e\]`Z`Xe[f \e cX i\^`Â?e [\ CX CX^leX gfi \c gXjf [\c ^X$ jf[lZkf# j`e \dYXi^f gfi [\Z`j`Â?e [\ cX X[d`$ e`jkiXZ`Â?e Xek\i`fi \c ^Xjf[lZkf hl\ mX [\ CX CX^leX X QXZXk\ZXj ef gXjÂ? gfi cX ZXg`kXc# \e$ kfeZ\j X_ˆ k\e\dfj le gfZf Y\e\]`Z`fÉ% <e]Xk`qX hl\ cf hl\ YljZXe \j hl\ j\ _X^X le iXdXc [\ :l\eZXd„ X ;liXe^f ZXg`kXc# gXiX Xjˆ gf[\i fYk\e\i \c XYXjk\Z`d`\ekf [\ ^Xj i\hl\i`[f gXiX cX `e[ljki`Xc`qXZ`Â?e [\ cX qfeX% Gfi cf hl\ i\jg\ZkX X cX i\^`Â?e [\ CX CX$ ^leX# Xj\m\iX hl\ \o`jk\ ^iXe `ek\i„j [\ `em\i$ k`i gXiX `ejkXcXi \dgi\jXj \e qfeXj gfi [fe[\ gXjX \c jld`e`jkif [\ ^Xj% &ÂłPR VH YLVXDOL]D 'XUDQJR QR VÂłOR KDFLD HO WŠUPLQR GH OD DFWXDO JHVWLÂłQ JXEHUQD PHQWDO VLQR D ODUJR SOD]R HQ PDWHULD GH HQHUJ­D VXVWHQWDEOH"

ĂˆPf Zi\f hl\ ;liXe^f k`\e\ hl\ j\^l`i kiX$ YXaXe[f \e Zfejfc`[Xij\ Zfdf gif[lZkfi [\ \e\i^ˆX jfcXi# j`e \dYXi^f k\e[i\dfj hl\ gfe\ic\ Xk\eZ`Â?e X fkiXj ]l\ek\j [\ \e\i^ˆX Zfdf cX Y`fdXjX f cX \Â?c`ZX# X[`Z`feXcd\ek\ Zi\\dfj hl\ j` j\ [\jXiifccXe Xc^lefj gif$ p\Zkfj _`[i}lc`Zfj \e \c <jkX[f gl[`„iXdfj \jkXi ^\e\iXe[f \j\ k`gf [\ \e\i^ˆX Zfe gcXe$ kXj _`[if\c„Zki`ZXj hl\ gl\[Xe ^\e\iXi \e\i$ ^ˆX c`dg`X X YXaf ZfjkfÉ% ;\ ]fidX j\i\eX# ;}m`cX =cfi\j XglekX hl\ ;liXe^f# \j lef [\ cfj gi`eZ`gXc\j \jkX$ [fj \e [fe[\ cX \e\i^ˆX jfcXi mX j\i ]le[X$ d\ekXc p Zfek`elXi} gi\j\ekXe[f le Zi\Z`$ d`\ekf `dgfikXek\% Gfi \jf \c kiXYXaf hl\ IXdÂ?e Kfd}j ;}$ m`cX i\Xc`qX [\j[\ jl gfj`Z`Â?e k`\e\ hl\ m\i \e cX \cXYfiXZ`Â?e [\ le [`X^eÂ?jk`Zf [\ gf$ k\eZ`Xc \e\i^„k`Zf# \c ZlXc \j le gifp\Zkf hl\ gi\j\ekX le .' [\ XmXeZ\ p hl\ [\m\cXi} hl\ qfeXj jfe ]XmfiXYc\j gXiX `em\ik`i \e cX ^\e\iXZ`Â?e [\ \e\i^ˆX gfi d\[`f [\c jfc# \c m`\ekf f gfi \c Xgifm\Z_Xd`\ekf [\ cX dXk\$ i`X fi^}e`ZX \ `e[ljki`Xc ]fidX[X \e Xc^Â’e gifZ\jf Y`fcÂ?^`Zf f d\Z}e`Zf% Gfi Â’ck`df ZfeZclp\ hl\ \c kiXYXaf hl\ j\ i\Xc`Z\ i\jg\Zkf X cXj \e\i^ˆXj i\efmXYc\j j\i} ]le[Xd\ekXc gXiX \c Zi\Z`d`\ekf ef jfcf [\ ;liXe^f# j`ef [\ kf[f \c gXˆj%

'XUDQJR WLHQH TXH VHJXLU WUDEDMDQGR HQ FRQVROLGDUVH FRPR SURGXFWRU GH HQHUJ­D VRODU VLQ HPEDUJR WHQGUHPRV TXH SRQHUOH DWHQFLÂłQ D RWUDV IXHQWHV GH HQHUJ­D FRPR OD ELRPDVD R OD HÂłOLFDĂš

0 /$*81$ Ăž 2&78%5(

(175(9,67$

7/$+8$/,/2 (1&,(1'( (/ 6:,7&+ '( /$ (1(5*�$ )27292/7$,&$ =iXeZ`jZf >XiZˆX >XiZˆX# i\jgfejXYc\ [\c GXˆj gXiX cX dlck`eXZ`feXc [\ fi`^\e \jgXŒfc >IJ# gi\Z`jX hl\ [\Z`[`\ife `em\ik`i \e CX CX^leX gfi cfj glekfj [\ `ek\iZfe\o`�e [\ cX i\[ \c„Zki`ZX 325 *$%5,(/$ 9 =48(= )2726 0 /$*81$

8

]XdX[f gfi cX [lcqliX [\c d\cÂ?e hl\ j\ Zlck`mX \e jlj j\d`[\j„i$ k`ZXj k`\iiXj p gfi cX li^\ek\ e\$ Z\j`[X[ [\ i\jfcm\i jl i\qX^f jfZ`Xc# KcX_lXc`cf \jk} Zfem\ik`[f _fp \e \c _f^Xi [\ cX gcXekX ]fkfmfckX`ZX ĂŠCX CX^l$ eXĂ‹# Zfejkil`[X gfi cX dlck`eXZ`feXc [\ fi`$ ^\e \jgXÂŒfc >IJ# d`jdX hl\ Zl\ekX Zfe leX ZXgXZ`[X[ [\ ^\e\iXZ`Â?e [\ \e\i^ˆX jl]`Z`\ek\ gXiX Xc`d\ekXi \c Zfejldf \c„Z$ ki`Zf [\ Xgifo`dX[Xd\ek\ ), d`c _f^Xi\j% CX gcXekX Zfejkil`[X Zl\ekX Zfe leX ZXgXZ`[X[ [\ ^\e\iXZ`Â?e [\ *,#+0 DNg# Zfe \ccf \m`kX cX \d`j`Â?e [\ d}j [\ ,'#''' kfe\cX[Xj XelXc\j [\ :F) X cX XkdÂ?j]\iX% =iXeZ`jZf >XiZˆX >XiZˆX# i\jgfejXYc\ [\c GXˆj gXiX >IJ# gi\Z`jX hl\ [\Z`[`\ife `e$ m\ik`i \e KcX_lXc`cf# ;liXe^f gfi cfj gle$ kfj [\ `ek\iZfe\o`Â?e [\ cX i\[ \c„Zki`ZX p

\e jl Xjg\Zkf k\ZefcÂ?^`Zf# gfi \c gfk\eZ`Xc [\ iX[`XZ`Â?e jfcXi hl\ \jkX qfeX ^\f^i}]`$ ZX [`jgfe\% <c gifp\Zkf YXlk`qX[f ĂˆCX CX^leXÉ \jk} fgk`d`qX[f \e k„id`efj [\ i\e[`d`\ekf [\ `eefmXZ`Â?e jfcXi ]fkfmfckX`ZX# kf[X m\q hl\ \c cl^Xi [fe[\ j\ Xj`\ekX \j leX qfeX \m`[\ek\d\ek\ gcXeX# ZXiXZk\iˆjk`ZX `[Â?$ e\X gXiX `ejkXcXi gXe\c\j jfcXi\j% Jl Zfej$ kilZZ`Â?e [\dfiÂ? lefj , f - d\j\j p \c Zc`\ek\ hl\ jfc`Z`kÂ? \c gifp\Zkf YXaf cX df$ [Xc`[X[ ĂŠccXm\ \e dXefĂ‹ hl\[Â? gc\eXd\ek\ jXk`j]\Z_f% @em\ij`fe`jkXj i\ZfefZ\e Xgf$ pfj [`c`^\ek\j [\ cX X[d`e`jkiXZ`Â?e gÂ’Yc`$ ZX [\ cfj [`]\i\ek\j e`m\c\j X cf cXi^f [\c [\jXiifccf [\ cX fYiX% ;\j[\ KcX_lXc`cf \jkX el\mX \dgi\jX j\ \eZl\ekiX pX \e ]Xj\ [\ m\ekX [\ \e\i$ ^ˆX# jld`e`jkiXe[f X cX i\[ [\ :fd`j`Â?e

0 /$*81$ Ăž 2&78%5(

6L &)( SXHGH DEDVWHFHUVH GH HQHUJ­D EDUDWD SXHGH VXPLQLVWUDU DO WHMLGR LQGXVWULDO HQ 0Š[LFR HQHUJ­D PÂĄV EDUDWDĂš

(175(9,67$

)5$1&,6&2 *$5&�$ *$5&�$ 0Š[LFR SXGLHUD OOHJDU D FXPSOLU ORV REMHWLYRV TXH HQ PDWHULD HQHUJŠWLFD VH KDQ WUD]DGR

6R\ SDUWLGDULR GH TXH SDUWH GH OD LQYHUVLÂłQ H[WUDQMHUD VH UHLQYLHUWD HQ PHMRUDU OD UHG GH OD HVWUXFWXUD HOŠFWULFDĂš

=\[\iXc [\ <c\Zki`Z`[X[ :=< % Jl jkXklj k\ZefcÂ?^`Zf j\ [\efd`eX Ăˆ\e fg\iXZ`Â?e p dXek\e`d`\ekfÉ% =iXeZ`jZf >XiZˆX jlYiXpX hl\ elki`„e$ [fj\ [\ cX `e]`e`kX \e\i^ˆX [\c jfc# eX[X ZfekXd`eXek\# j`e \d`j`Â?e [\ il`[fj# e` ^\e\iXZ`Â?e [\ i\j`[lfj jÂ?c`[fj# cXj gcXekXj ]fkfmfckX`ZXj Zl\ekXe Zfe k\Zefcf^ˆXj hl\ g\id`k\e _XjkX *, XÂŒfj [\ m`[X Â’k`c# p \e cX XZklXc`[X[ i\jlckXe leX ]fidX [\ ^\e\$ iXZ`Â?e [\ \e\i^ˆX e\Z\jXi`Xj \ `dgi\jZ`e$ [`Yc\j \e ZlXchl`\i gXˆj# Ăˆgfi mXi`fj df$ k`mfj# \c gi`d\if \j gfihl\ ef [\g\e[\e [\ cfj ZfdYljk`Yc\j ]Â?j`c\j hl\ jfe Xckˆj`$ dXd\ek\ ZfekXd`eXek\j Zfdf gl\[\ j\i \c ZXiYÂ?e f \c g\kiÂ?c\f2 p X hl\ kXdY`„e cf^iXe `e[\g\e[\eZ`X \ZfeÂ?d`ZX# \j [\$ Z`i# ef [\g\e[\j [\ cX ZfdgiX [\ dXk\i`Xj gi`dXj gXiX gf[\i gif[lZ`i cX \e\i^ˆX

gfihl\ pX cX k`\e\j# \j cX \e\i^ˆX [\ jfcÉ% 8_fiX d`jdf# \c \dgi\jXi`f [\ fi`^\e \jgXÂŒfc# Zfej`[\iX hl\ D„o`Zf mX Zfe leX `e\iZ`X YXjkXek\ ]XmfiXYc\ \e \c j\Zkfi Zfe j`jk\dXj [\ jlYXjkX [\ \e\i^ˆX i\efmXYc\ ZX[X XÂŒf# gfi cf ZlXc :=< \jk} mfcm`\e[f X X[hl`i`i \e\i^ˆX X gi\Z`f i\Xcd\ek\ Zfdg\k`k`mf# Zfe gi\Z`fj YXafj hl\ YXk\e i„Zfi[ kf[fj cfj XÂŒfj X e`m\c dle[`Xc p gifm\e`\ek\ [\ ]l\ek\j [\ \e\i^ˆX i\efmX$ Yc\% Ăˆ<jf \j dlp gfj`k`mf gfihl\ j` :=< gl\[\ XYXjk\Z\ij\ [\ \e\i^ˆX YXiXkX# gl\$ [\ jld`e`jkiXi Xc k\a`[f `e[ljki`Xc \e D„o`Zf \e\i^ˆX d}j YXiXkX# gfi cf ZlXc j\ ]fd\ekX \c k\a`[f `e[ljki`Xc% <j dlp e\Z\$ jXi`f \jk\ k`gf [\ k\Zefcf^ˆXj Zlpfj Zfj$ kfj _Xe `[f XYXiXk}e[fj\ \e cfj Â’ck`dfj XÂŒfjÉ%

0 /$*81$ Ăž 2&78%5(

(175(9,67$ ?Xp le glekf hl\ _Xp hl\ [\aXi ZcXif# X[m`\ik\# \jkXj jfe k\Zefcf^ˆXj [\ ZXi}Zk\i `ek\id`k\ek\# \j [\Z`i# ef gl\[\e gif[lZ`i \e\i^ˆX )+ _fiXj Xc [ˆX# Zfdf gfi \a\dgcf leX Z\ekiXc [\ Z`Zcf ZfdY`eX[f [\ ^Xj f \e leX Z\ekiXc [\ ZXiYÂ?e% ĂˆP gXiX le gXˆj \j dlp `dgfikXek\ k\e\i [`m\ij`]`ZX[f jl d`o \e\i^„k`Zf# `^lXc hl\ jfe `dgfikXek\j cXj \e\i^ˆXj i\efmXYc\j# kXdY`„e \j `dgfikXe$ k\ k\e\i gcXekXj [\ Z`Zcf ZfdY`eX[f hl\ gl\[Xe XgfikXi \e\i^ˆX# gfi \a\dgcf# \e cXj _fiXj efZklieXj \e cXj ZlXc\j cXj gcXekXj jfcXi\j ]fkfmfckX`ZXj ef gl\[\e XgfikXicXÉ% 8 =iXeZ`jZf >XiZˆX >XiZˆX c\ hl\[X ZcX$ if hl\ D„o`Zf mX X j\^l`i k\e[\eZ`X X cX mXe^lXi[`X \e `ejkXcXZ`fe\j jfcXi\j ]fkf$ mfckX`ZXj \e gXik`ZlcXi# p j` \jkf j`^l\ Xjˆ j\ gl[`\iXe cc\^Xi X Zldgc`i cfj fYa\k`mfj hl\ \e dXk\i`X \e\i^„k`ZX j\ _Xe kiXqX[f% &21625&,2 081',$/

(/ 327(1&,$/ '( 5$',$&,“1 62/$5

PÂłGXORV IRWRYROWDLFRV SROL FULVWDOLQRV KDQ VLGR XWLOL]DGRV HQ HO SUR\HFWR Ă™/D /DJXQDĂš PRQWDGRV VREUH VHJXLGRUHV VRODUHV PXOWLILOD D XQ HMH /D SODQWD HVWÂĄ UH JLVWUDGD EDMR HO HVTXHPD GH DXWRDEDVWHFL PLHQWR \ OD HQHUJ­D TXH SURGX]FD VHUÂĄ FRP SUDGD PHGLDQWH XQ FRQWUDWR GH FRPSUDYHQWD D ODUJR SOD]R SRU XQD GH ODV

SULQFLSDOHV FDGHQDV HPSUHVDULDOHV GH 0Š[L FR *56 KD FRPSOHWDGR FRQ Š[LWR OD FRQVWUXF FL³Q GH P¥V GH SODQWDV IRWRYROWDLFDV HQ WRGR HO PXQGR FRQ XQD SRWHQFLD DFXPXODGD TXH VXSHUDU¥ ORV *: GXUDQWH HO SU³[LPR D¹R

0 /$*81$ Ăž 2&78%5(

>IJ \jk} Zfem\ik`[X \e leX dlck`eXZ`feXc \jgXŒfcX hl\ [XkX [\j[\ )'',# _X jl]i`[f le gifZ\jf [\ `ek\ieXZ`feXc`qXZ`�e YXj$ kXek\ ]l\ik\ p \e cX XZklXc`[X[ \jk} gi\j\e$ k\ \e Xci\[\[fi [\ (. gXˆj\j# Zfe le mfcl$ d\e [\ XZk`m`[X[ [\ d}j [\ (''' DM \e gifp\Zkfj jfcXi\j Zfejkil`[fj X e`m\c dle$ [`Xc% Jl gfk\eZ`X [\kfeXi} X’e d}j Zfe cX ZfejkilZZ`�e [\ leX [\ cXj gcXekXj ]fkfmfc$ kX`ZXj d}j ^iXe[\j [\c dle[f \e Fi`\ek\ D\[`f# cX ZlXc gfi jˆ d`jdX ^\e\iXi} d}j [\ (''' d\^XmXk`fj% <e D„o`Zf _Xe ]`idX$ [f \c ZlXikf gifp\Zkf le gXi [\ j\dXeXj Xki}j% /$ /$*81$ < 68 5(' '( $&&(62

Kfii\Â?e gfi jl lY`ZXZ`Â?e ^\f^i}]`ZX# k`\e\ leXj Zfe[`Z`fe\j `[Â?e\Xj gXiX cc\mXi X ZXYf gifp\Zkfj jfcXi\j ]fkfmfckX`Zfj [X[X cX XckX iX[`XZ`Â?e hl\ k`\e\# Xhlˆ cf `ek\i\$ jXek\ \j m\i cX ZXgXZ`[X[ [\ XZZ\jf X cX i\[ [\ kiXejd`j`Â?e p [`jki`YlZ`Â?e [\ :fd`j`Â?e =\[\iXc [\ <c\Zki`Z`[X[# jfjk`\e\ =iXeZ`jZf >XiZˆX >XiZˆX% ĂˆJfp gXik`[Xi`f [\ hl\ gXik\ [\ cX `em\i$ j`Â?e \okiXea\iX j\ i\`em`\ikX \e d\afiXi cX i\[ [\ cX \jkilZkliX \c„Zki`ZX% 8c ]`eXc Xgif$ m\Z_Xe[f \c ZXg`kXc \okiXea\if j\ gl\[\ kiXej]fidXi [\ ]fidX Zfekle[\ek\ p \jf mX X i\[`klXi [`i\ZkXd\ek\ \e \c k\a`[f `e$ [ljki`Xc# mX X ^\e\iXi dlZ_X d}j i`hl\qX \e \c gXˆj p mX X g\id`k`i hl\ cfj `e[ljki`X$ c\j f cfj \dgi\jXi`fj gl\[Xe X[hl`i`i \e\i$ ^ˆX X gi\Z`fj d}j YXiXkfj# cf ZlXc mX X i\$ g\iZlk`i \e jlj gifZ\jfj \e\i^„k`Zfj f gif[lZk`mfjÉ% :fe \m`[\ek\ \eklj`Xjdf ZfdgXik\ hl\ m\ cX XgXi`Z`Â?e [\ ^iX[fj le`m\ij`kXi`fj \e$ ]fZX[fj \e \e\i^ˆX i\efmXYc\# dlp e\Z\jX$ i`fj p j\ Zfem`\ik\e \e le Zfdgfe\ek\ dlp `dgfikXek\ gXiX cXj el\mXj ^\e\iXZ`f$ e\j# \e le e`Z_f [\ fgfikle`[X[ cXYfiXc hl\ \j Yl\ef gXiX \c d\[`f XdY`\ek\# gXiX cX i\^`Â?e [fe[\ j\ [\jXiifcc\ p gfi jlgl\j$ kf# gXiX \c [\jXiifccf gif]\j`feXc [\ cXj g\i$ jfeXj# j\ kiXkX [\ kf[X leX `e[ljki`X%

&$57 1 32/ 7,&2

'(60(025,$

0 /$*81$ Þ 2&78%5(

9LOODIXHUWH

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.