0LQLVWpULR GD 6D~GH 6HFUHWDULD GH 9LJLOkQFLD HP 6D~GH 6HFUHWDULD GH $WHQomR j 6D~GH
* L G
iWL i iWL H D XH H U V
1RPH GD FULDQoD 1RPH GD PmH 1RPH GR SDL (QGHUHoR &LGDGH (VWDGR
&(3
/RFDO GH UHIHUrQFLD
7HOHIRQH
'DWD GH QDVFLPHQWR
/RFDO
1 GR FDUWmR 686
1 GD GHFODUDomR GH QDVFLGR YLYR
1 GR UHJLVWUR FLYLO GH QDVFLPHQWR
7LSR GH SDUWR
)yUFHSV
1RUPDO
&RPSULPHQWR FP
3HUtPHWUR FHIiOLFR FP
3HVR DR QDVFHU J
$SJDU
&HViUHD
,QtFLR GR $=7 [DURSH KRUD V DSyV R SDUWR
4XDQWLGDGH GH ODWDV GD )yUPXOD LQIDQWLO UHFHELGD QD PDWHUQLGDGH 'DWD GR WHVWH GR SH]LQKR 1RPH GR V VHUYLoR V GH VD~GH TXH DFRPSDQKD R FUHVFLPHQWR H GHVHQYROYLPHQWR GD FULDQoD
2EVHUYDo}HV
.JOJTUÏSJP EB 4BÞEF 4FDSFUBSJB EF 7JHJMÉODJB FN 4BÞEF 4FDSFUBSJB EF "UFOÎÍP Ë 4BÞEF
*XLD SUiWLFR GH SUHSDUR GH DOLPHQWRV SDUD FULDQoDV PHQRUHV GH PHVHV TXH QmR SRGHP VHU DPDPHQWDGDV
#SBTÓMJB %'
1RPH GD FULDQoD 1RPH GD PmH 1RPH GR SDL (QGHUHoR &LGDGH (VWDGR
&(3
/RFDO GH UHIHUrQFLD
7HOHIRQH
'DWD GH QDVFLPHQWR
/RFDO
1 GR FDUWmR 686
1 GD GHFODUDomR GH QDVFLGR YLYR
1 GR UHJLVWUR FLYLO GH QDVFLPHQWR
7LSR GH SDUWR
)yUFHSV
1RUPDO
&RPSULPHQWR FP
3HUtPHWUR FHIiOLFR FP
3HVR DR QDVFHU J
$SJDU
&HViUHD
,QtFLR GR $=7 [DURSH KRUD V DSyV R SDUWR
4XDQWLGDGH GH ODWDV GD )yUPXOD LQIDQWLO UHFHELGD QD PDWHUQLGDGH 'DWD GR WHVWH GR SH]LQKR 1RPH GR V VHUYLoR V GH VD~GH TXH DFRPSDQKD R FUHVFLPHQWR H GHVHQYROYLPHQWR GD FULDQoD
2EVHUYDo}HV
$SUHVHQWDomR
0 &TUBUVUP EB $SJBOÎB F EP "EPMFTDFOUF FN TFV BSUJHP P -JWSP * FTUBCFMFDF DPNP EFWFS EB GBNÓMJB EB DPNVOJEBEF EB TPDJFEBEF FN HFSBM F EP 1PEFS 1ÞCMJDP BTTFHVSBS Ë DSJBOÎB DPN BCTPMVUB QSJPSJEBEF B FGFUJWBÎÍP EPT EJSFJUPT SFGFSFOUFT Ë WJEB Ë TBÞEF Ë BMJNFOUBÎÍP Ë FEVDBÎÍP BP FTQPSUF BP MB[FS Ë QSPGJTTJPOBMJ[BÎÍP Ë DVMUVSB Ë EJHOJEBEF BP SFTQFJUP Ë MJCFSEBEF F Ë DPOWJWÐODJB GBNJMJBS F DPNVOJUÈSJB /P BSUJHP P EP $BQJUVMP * %P %JSFJUP Ë 7JEB F Ë 4BÞEF FTUBCFMFDF RVF B DSJBOÎB F P BEPMFTDFOUF UÐN EJSFJUP Ë QSPUFÎÍP F Ë TBÞEF NFEJBOUF B FGFUJWBÎÍP EF QPMÓUJDBT TPDJBJT QÞCMJDBT RVF QFSNJUBN P OBTDJNFOUP F P EFTFOWPMWJNFOUP TBEJP F IBSNPOJPTP FN DPOEJÎÜFT EJHOBT EF FYJTUÐODJB %BOEP DVNQSJNFOUP B FTTFT QSJODÓQJPT P .JOJTUÏSJP EB 4BÞEF EP #SBTJM DPOUSB JOEJDB P BMFJUBNFOUP NBUFSOP OPT DBTPT FTQFDJBJT FTQFDJGJDBEPT OFTUF (SVJB 1SÈUJDP WJTUP RVF FTTB QSÈUJDB DPMPDB B TBÞEF F B WJEB EB DSJBOÎB FN SJTDP $PN P PCKFUJWP EF BVYJMJBS FTTBT NÍFT PV B QFTTPB RVF B TVCTUJUVJ OPT DVJEBEPT DPN B DSJBOÎB PV B DVJEBEPSB TVSHJV FTTF (VJB 1SÈUJDP DPNQPTUP QPS PSJFOUBÎÜFT EF DPNP BMJNFOUBS BEFRVBEBNFOUF B DSJBOÎB OP RVF TF SFGFSF BP QSFQBSP EP MFJUF EF BDPSEP DPN B JEBEF BUÏ NFTFT RVBOUP Ë JOUSPEVÎÍP EF OPWPT BMJNFOUPT B QBSUJS EP TFHVOEP NÐT EF WJEB F RVBOUP BPT DVJEBEPT EF IJHJFOF QFTTPBM DPN B DSJBOÎB F DPN PT VUFOTÓMJPT VUJMJ[BEPT EVSBOUF P QSFQBSP F BENJOJTUSBÎÍP EP BMJNFOUP Ë DSJBOÎB
'D IRUPD FRPR IRL HODERUDGR HVWH JXLD DWHQGH jV UHFRPHQGDo}HV GR (VWDWXWR GD &ULDQoD H GR $GROHVFHQWH H GD 3ROtWLFD 1DFLRQDO GH $OLPHQWDomR H 1XWULomR TXH FRQVLGHUDP D DGHTXDGD DOLPHQWDomR H QXWULomR XP GLUHLWR GH WRGRV $R PHVPR WHPSR FRODERUD FRP R HVWDEHOHFLPHQWR H IRUWDOHFLPHQWR GR YLQFXOR DIHWLYR PmH FULDQoD R TXH UHVXOWDUi HP SURPRomR GR FXPSULPHQWR GRV FXLGDGRV TXH VHUmR DTXL PHQFLRQDGRV SRU FRPSUHHQGHU WUDWDU VH GH PHGLGDV LPSRUWDQWHV SDUD D SUHYHQomR GD GHVQXWULomR H GD GLDUUpLD FDXVDV IUHT HQWHV GH GRHQoDV H PRUWDOLGDGH LQIDQWLO
"MFYBOESF (SBOHFJSP %JSFUPS o 1SPHSBNB /BDJPOBM EF %45 F "*%4 4FDSFUBSJB EF 7JHJMÉODJB FN 4BÞEF .4
"MFYJB -VDJBOB 'FSSFJSB $PPSEFOBEPSB o «SFB 5ÏDOJDB EB 4BÞEF EB $SJBOÎB %FQBSUBNFOUP EF "ÎÜFT 1SPHSBNÈUJDBT F &TUSBUÏHJDBT 4FDSFUBSJB EF "UFOÎÍP Ë 4BÞEF .4
.BSJB EF 'ÈUJNB $BSWBMIP $PPSEFOBEPSB $PPSEFOBÎÍP (FSBM EB 1PMÓUJDB EF "MJNFOUBÎÍP F /VUSJÎÍP %FQBSUBNFOUP EF "UFOÎÍP #ÈTJDB 4FDSFUBSJB EF "UFOÎÍP Ë 4BÞEF .4
6XPiULR
"QSFTFOUBÎÍP
$BQÓUVMP $POEJÎÜFT RVF DPOUSB JOEJDBN P BMFJUBNFOUP NBUFSOP $POEJÎÜFT NBUFSOBT JOGFDDJPTBT RVF DPOUSB JOEJDBN P BMFJUBNFOUP NBUFSOP $POEJÎÜFT NBUFSOBT JOGFDDJPTBT RVF DPOUSB JOEJDBN UFNQPSBSJBNFOUF P BMFJUBNFOUP NBUFSOP $POEJÎÜFT NBUFSOBT JOGFDDJPTBT RVF BQFTBS EF OÍP DPOUSB JOEJDBS P BMFJUBNFOUP NBUFSOP NFSFDFN DPOTJEFSBÎÜFT QBSB TVB JOEJDBÎÍP $POEJÎÜFT NBUFSOBT OÍP JOGFDDJPTBT RVF DPOUSB JOEJDBN P BMFJUBNFOUP NBUFSOP $BQÓUVMP "MUFSOBUJWBT BMJNFOUBSFT QBSB DSJBOÎBT NFOPSFT EF NFTFT RVF OÍP QPEFN TFS BNBNFOUBEBT *OUSPEVÎÍP 5JQPT EF MFJUF 'ØSNVMB JOGBOUJM -FJUF JOUFHSBM FN QØ -FJUF JOUFHSBM MÓRVJEP 2VBM P WPMVNF EF MFJUF F RVBOUBT WF[FT QPS EJB B DSJBOÎB SFDFCFSÈ FTTB BMJNFOUBÎÍP 'B[FOEP B EJMVJÎÍP DPSSFUB 'ØSNVMB *OGBOUJM -FJUF JOUFHSBM FN QØ -FJUF JOUFHSBM MÓRVJEP 2VBM VUFOTÓMJP VUJMJ[BS DPQJOIP YÓDBSB NBNBEFJSB PV DIVRVJOIB
6UJMJ[BOEP P DPQJOIP 6UJMJ[BOEP B NBNBEFJSB $VJEBEPT RVF EFWFSÍP TFS UPNBEPT DPN B NBNBEFJSB $VJEBEPT RVF EFWFSÍP TFS UPNBEPT RVBOEP BMJNFOUBS B DSJBOÎB DPN B NBNBEFJSB 3FDPNFOEBÎÜFT $VJEBEPT RVF EFWFSÍP TFS PCTFSWBEPT BP TF BERVJSJS P MFJUF PCTFSWF DPN BUFOÎÍP FTUBT SFDPNFOEBÎÜFT
-FJUF JOUFHSBM MÓRVJEP 'ØSNVMB JOGBOUJM PV MFJUF JOUFHSBM FN QØ $BQÓUVMP *OUSPEV[JOEP PVUSPT BMJNFOUPT 1SFQBSBOEP PT BMJNFOUPT 3FDPNFOEBÎÜFT JNQPSUBOUFT 3FDFJUBT EF QBQBT TBMHBEBT
$BQÓUVMP #PBT QSÈUJDBT EF IJHJFOF 0 RVF Ï VNB DPOUBNJOBÎÍP $PNP PT NJDSPPSHBOJTNPT DIFHBN BPT BMJNFOUPT 0 RVF EFWF TFS GFJUP QBSB DPNCBUFS FTTFT JOJNJHPT $VJEBS EB IJHJFOF QFTTPBM 0CTFSWBS PT TFHVJOUFT DVJEBEPT OP QSFQBSP EPT BMJNFOUPT $VJEBS EP BNCJFOUF 0CTFSWBS PT TFHVJOUFT DVJEBEPT IJHJÐOJDPT DPN P VTP EB NBNBEFJSB
$BQÓUVMP 3FDPNFOEBÎÜFT JNQPSUBOUFT %FTFOWPMWJNFOUP EB DSJBOÎB 4ÍP EJSFJUPT EB DSJBOÎB
#JCMJPHSBGJB &RVJQF EF FMBCPSBÎÍP
&DStWXOR &RQGLo}HV TXH FRQWUD LQGLFDP R DOHLWDPHQWR PDWHUQR 5PEB F RVBMRVFS QPMÓUJDB EF TBÞEF EFWF UFS QPS NFUB B QSPNPÎÍP EB TBÞEF B QSFWFOÎÍP EF EPFOÎBT F B BEFRVBEB BUFOÎÍP ËT QFTTPBT RVF FTUJWFSFN EPFOUFT $PN CBTF OFTUFT QSJODÓQJPT P .JOJTUÏSJP EB 4BÞEF EP #SBTJM BP NFTNP UFNQP FN RVF UFN FOUSF TVBT EJSFUSJ[FT B QSPNPÎÍP EP BMFJUBNFOUP NBUFSOP DPOUSB JOEJDB P MFJUF NBUFSOP RVBOEP FTUF DPOUÏN NJDSPPSHBOJTNPT PV TVCTUÉODJBT RVF QÜFN FN SJTDP B TBÞEF F B WJEB EB DSJBOÎB DBVTBOEP FN BMHVNBT TJUVBÎÜFT B JOTUBMBÎÍP EF EPFOÎBT JODVSÈWFJT QSPNPUPSBT EF VNB FYJTUÐODJB MJNJUBEB TPGSJEB F PV B NPSUF QSFNBUVSB EB DSJBOÎB /FTUB QFSTQFDUJWB B DSJBOÎB RVF EFNBOEB P DVJEBEP Ï QSJPSJEBEF F QBSB BTTFHVSBS B FGFUJWBÎÍP EPT EJSFJUPT SFGFSFOUFT Ë WJEB F Ë TBÞEF EB DSJBOÎB RVF OÍP QPEF TFS BNBNFOUBEB P .JOJTUÏSJP EB 4BÞEF FMBCPSPV FTTF (VJB 1SÈUJDP QPTTJCJMJUBOEP ËT NÍFT JOGPSNBÎÜFT CÈTJDBT EF DPNP BMJNFOUBS BEFRVBEBNFOUF TVBT DSJBOÎBT "OUFT EF JOJDJBS BT PSJFOUBÎÜFT BMJNFOUBSFT GBSFNPT VN CSFWF DPNFOUÈSJP TPCSF BT TJUVBÎÜFT FN RVF P BMFJUBNFOUP NBUFSOP FTUÈ DPOUSB JOEJDBEP
&RQGLo}HV PDWHUQDV LQIHFFLRVDV TXH FRQWUD LQGLFDP R DOHLWDPHQWR PDWHUQR B JOGFDÎÍP NBUFSOB QFMP WÓSVT EB JNVOPEFGJDJÐODJB IVNBOB P )*7
P SJTDP EF VNB NÍF JOGFDUBEB QFMP )*7 USBOTNJUJS P WÓSVT QBSB TVB DSJBOÎB QPS NFJP EP MFJUF NBUFSOP Ï FMFWBEP TJUVBOEP TF FOUSF B F TF SFOPWB B DBEB NBNBEB *TTP TJHOJmDB RVF RVBOUP NBJT B DSJBOÎB NBNBS NBJPS TFSÈ B DIBODF EF FMB QFHBS P WÓSVT EB BJET 1PS JTTP TFNQSF Ï UFNQP EF QBSBS
0 .JOJTUÏSJP EB 4BÞEF DPOUSB JOEJDB UBNCÏN P BMFJUBNFOUP NBUFSOP DSV[BEP BMFJUBNFOUP EB DSJBOÎB QPS PVUSB NVMIFS PV TFKB EJSFUBNFOUP OP QFJUP EB BNB EF MFJUF PV PSEFOIBEP QFMB BNB EF MFJUF F EPBEP Ë DSJBOÎB TFN QBTUFVSJ[BÎÍP QPS VN CBODP EF MFJUF IVNBOP &TTB DPOUSB JOEJDBÎÍP Ï NVJUP JNQPSUBOUF UFOEP FN WJTUB RVF UPEB QFTTPB RVF UFN SFMBÎÍP TFYVBM TFN P VTP EB DBNJTJOIB NBTDVMJOB PV GFNJOJOB QPEF FTUBS FYQPTUB BP )*7 F B PVUSBT EPFOÎBT TFYVBMNFOUF USBOTNJTTÓWFJT %45 C JOGFDÎÍP NBUFSOB QFMP WÓSVT MJOGPUSØGJDP IVNBOP EF DÏMVMBT 5 P )5-7 F o P BMFJUBNFOUP NBUFSOP Ï DPOUSB JOEJDBEP QFMP SJTDP FMFWBEP EF USBOTNJTTÍP EFTTF WÓSVT QFMB BNBNFOUBÎÍP RVF TF TJUVB OB GBJYB EF B F RVF TF SFOPWB B DBEB NBNBEB
&RQGLo}HV PDWHUQDV LQIHFFLRVDV TXH FRQWUD LQGLFDP WHPSRUDULDPHQWH R DOHLWDPHQWR PDWHUQR
TVGPOB EBQTPOB PV DMPGB[JNJOB PV USÐT TFNBOBT DPN SJGBNQJDJOB OÍP EFWFN TFS BNBNFOUBEBT BUÏ RVF P USBUBNFOUP BUJOKB P UFNQP OFDFTTÈSJP QBSB P DPOUSPMF EB USBOTNJTTÍP 3FDPNFOEB TF TFHVJS B PSJFOUBÎÍP EP NÏEJDP BTTJTUFOUF 2VBOEP B JOGFDÎÍP NBUFSOB IÈ MFTÍP EF QFMF OB NBNB B BNBNFOUBÎÍP QFMP $JUPNFHBMPWJSVT Ï DPOUSB JOEJDBEB FORVBOUP FYJTUJS B MFTÍP "UFOÎÍP OÍP IÈ DPOUSB JOEJDBÎÍP QBSB P $.7 P SJTDP EF BMFJUBNFOUP NBUFSOP RVBOEP B NÍF FTUJWFS USBOTNJTTÍP EB EPFOÎB Ï SFBM FN SFDÏN OBTDJEPT TPC USBUBNFOUP BEFRVBEP QSFNBUVSPT RVF OBTDFN DPN JEBEF HFTUBDJPOBM NFOPS RVF TFNBOBT G JOGFDÎÍP NBUFSOB QFMP 1PS FTTF NPUJWP P VTP EP MFJUF NBUFSOP 5SJQBOPTPNB $SV[J %PFOÎB EF DSV Ï DPOUSB JOEJDBEP QBSB BT DSJBOÎBT $IBHBT P BMFJUBNFOUP NBUFSOP FTUÈ QSFNBUVSBT PV JNVOPEFmDJFOUFT QPS DPOUSB JOEJDBEP BQFOBT OB GBTF BHVEB EB RVBMRVFS DBVTB EPFOÎB F OB PDPSSÐODJB EF TBOHSBNFOUP EP NBNJMP CJDP EP QFJUP OB GBTF DSÙOJDB C JOGFDÎÍP NBUFSOB QFMPT WÓSVT )FSQFT TJNQMFT F )FSQFT ;PTUFS o P 0CTFS WBÎÍP B QBTUFVSJ[BÎÍP SFBMJ[BEB BMFJUBNFOUP NBUFSOP FTUÈ DPOUSB JOEJDBEP FN #BODP EF -FJUF )VNBOP #-)
UFNQPSBSJBNFOUF TPNFOUF OPT DBTPT EF BTTFHVSB B JOBUJWBÎÍP UÏSNJDB EF WÓSVT MFTÍP OB NBNB CBDUÏSJBT F PVUSPT NJDSPPSHBOJTNPT QBUPHÐOJDPT 1PS FTTF NPUJWP P MFJUF D JOGFDÎÍP NBUFSOB QFMP WÓSVT EB IVNBOP QBTUFVSJ[BEP EB QSØQJB NÍF WBSJDFMB B P BMFJUBNFOUP NBUFSOP FTUÈ PV EPBEP RVBOEP EJTQPOÓWFM QFMP #-) DPOUSB JOEJDBEP UFNQPSBSJBNFOUF RVBOEP Ï CJPMPHJDBNFOUF TFHVSP QPEFOEP TFS BT MFTÜFT TVSHFN EJBT BOUFT PV BUÏ PGFSUBEP TFN SJTDP QBSB B DSJBOÎB EJBT BQØT P QBSUP
&RQGLomR PDWHUQD LQIHFFLRVD E JOGFDÎÍP NBUFSOB QFMP WÓSVT EB TXH DSHVDU GH QmR FRQWUD LQGLFDU )FQBUJUF $ P )$7 o FNCPSB QSFTFOUF R DOHLWDPHQWR PDWHUQR PHUHFH P SJTDP EF USBOTNJTTÍP WFSUJDBM QFMP FRQVLGHUDo}HV SDUD VXD LQGLFDomR
BMFJUBNFOUP NBUFSOP Ï EFTDPOIFDJEP OÍP SFQSFTFOUBOEP QPS JTTP DPOUSB OB UVCFSDVMPTF QVMNPOBSS BT JOEJDBÎÍP BCTPMVUB QBSB B BNBNFOUBÎÍP " DSJBOÎBT GJMIBT EF NÍFT CBDJMÓGFSBT OÍP BNBNFOUBÎÍP Ï DPOUSB JOEJDBEB RVBOEP B USBUBEBT RVF FTUÍP FMJNJOBOEP P CBDJMP NÍF UFN GJTTVSB OP T NBNJMP T PV DBSHB EB UVCFSDVMPTF OBT TFDSFÎÜFT OBTBM F WJSBM FMFWBEB CVDBM PV RVF FTUFKBN FN USBUBNFOUP OVN QFSÓPEP JOGFSJPS B USÐT TFNBOBT QPEFN TFS F )BOTFOÓBTF BT DSJBOÎBT GJMIBT BNBNFOUBEBT EFTEF RVF B NÍF IJHJFOJ[F EF NÍFT DPN IBOTFOÓBTF OB GPSNB BT NÍPT F QSPUFKB B CPDB F P OBSJ[ DPN WJSDIPXJBOB OÍP USBUBEB PV DPN VNB NÈTDBSB PV MFOÎP PV RVBMRVFS PVUSP USBUBNFOUP JOGFSJPS B USÐT NFTFT DPN SFDVSTP
&RQGLo}HV PDWHUQDV QmR LQIHFFLRVDV TXH FRQWUD LQGLFDP R DOHLWDPHQWR PDWHUQR B NÍFT FN RVJNJPUFSBQJB SBEJPUFSBQJB o BT NVMIFSFT FN USBUBNFOUP RVJNJPUFSÈQJDP SBEJPUFSÈQJDP FMJNJOBN TVCTUÉODJBT SBEJPBUJWBT QFMP MFJUF NBUFSOP EVSBOUF F QPS VN QFSÓPEP BQØT FTTB UFSBQJB 1PS FTTF NPUJWP EFWFN TFS PSJFOUBEBT QBSB OÍP BNBNFOUBS TFVT GJMIPT
QFTBEPT DIVNCP NFSDÞSJP FUD o BT NVMIFSFT RVF BQSFTFOUBN OÓWFJT DJSDVMBOUFT TVQFSJPSFT BPT BDFJUÈWFJT OÍP QPEFN BNBNFOUBS FN WJSUVEF EPT SJTDPT EF QBTTBS QFMP MFJUF NBUFSOP FTTFT NFUBJT QBSB B DSJBOÎB 4FHVJS B PSJFOUBÎÍP EP FTQFDJBMJTUB D VTP EF NFEJDBNFOUPT ESPHBT F NFUBCPMJUPT o BT NÍFT RVF GB[FN VTP EF NFEJDBNFOUPT EFWFN TFHVJS B PSJFOUBÎÍP EF TFV NÏEJDP BTTJTUFOUF "T DSJBOÎBT OBTDJEBT EF NÍFT QPSUBEPSBT EF RVBMRVFS VNB EBT DPOEJÎÜFT RVF DPOUSB JOEJDBN P BMFJUBNFOUP NBUFSOP SFGFSJEBT BDJNB EFWFSÍP TFS BMJNFOUBEBT DPN PVUSP UJQP EF MFJUF WFS P DBQÓUVMP QQ B
"UFOÎÍP DBEB DBTP Ï VN DBTP FYJTUJOEP /P DBTP EF SFDÏN OBTDJEP BRVFMFT RVF QFSNJUFN P SFJOÓDJP EB QSFNBUVSP PV EF CBJYP QFTP EFWF TF BNBNFOUBÎÍP 4FHVJS B PSJFOUBÎÍP EP NFOUBÎÍP FTQFDJBMJTUB BOP EP EPBEP C NÍFT FN P EF -FJUF PDVQBDJPOBM F $BTP OÍP BNCJFOUBM B N ÓWFM B DSJBOÎB FOUBEB DPN DJBM FTQFDJGJDP FMB QSFTDSJUP P QFEJBUSB PV VUSJDJPOJTUB
&DStWXOR $OWHUQDWLYDV DOLPHQWDUHV SDUD FULDQoDV PHQRUHV GH PHVHV TXH QmR SRGHP VHU DPDPHQWDGDV
2VBOEP FTTFT MFJUFT TÍP
PGFSFDJEPT DVJEBEPT EF IJHJFOJ[BÎÍP TÍP GVOEBNFOUBJT /P DBTP EF VTP EF NBNBEFJSB PV PVUSPT VUFOTÓMJPT FTTFT DVJEBEPT TÍP GVOEBNFOUBJT QBSB FWJUBS EPFOÎBT
2VBOEP B DSJBOÎB OÍP NBNB OP QFJUP
,QWURGXomR &YJTUF VNB WBSJFEBEF EF MFJUF RVF QPEF TFS PGFSFDJEP Ë DSJBOÎB NBT BOUFT EF FTDPMIFS RVBM Ï P MFJUF RVF WBJ TFS PGFSFDJEP QSFTUF BUFOÎÍP FN BMHVOT EFUBMIFT JNQPSUBOUFT
0 QSFÎP EF MFJUF WBSJB QPSUBOUP
FTDPMIB BRVFMF RVF GPS P NFMIPS QBSB B OVUSJÎÍP EB DSJBOÎB F DPN NFMIPS QSFÎP $BTP B GBNÓMJB OÍP QPTTB DPNQSBS P MFJUF P QSPGJTTJPOBM EF TBÞEF RVF BTTJTUF B DSJBOÎB EFWF PSJFOUBS RVBOUP BPT QSPDFEJNFOUPT OFDFTTÈSJPT QBSB P SFDFCJNFOUP EB 'ØSNVMB JOGBOUJM HSBUVJUBNFOUF
" FTDPMIB EP MFJUF EFWF FTUBS EF BDPSEP
DPN B DPOEJÎÍP BEFRVBEB EF BSNB[FOBNFOUP TF FN HFMBEFJSB PV FN BSNÈSJP
0 MFJUF BSUJGJDJBM EJGFSF EP MFJUF
IVNBOP F QPS FTTF NPUJWP Ï JNQPSUBOUF RVF B EJMVJÎÍP TFKB GFJUB EF GPSNB DPSSFUB QBSB RVF B DSJBOÎB GJRVF CFN BMJNFOUBEB
B TVB BMJNFOUBÎÍP EFWF TFS QSFTDSJUB QFMP QFEJBUSB F PV OVUSJDJPOJTUB
0 JNQPSUBOUF Ï TFNQSF UFS FN
NFOUF RVF P NPNFOUP EF BMJNFOUBS B DSJBOÎB EFWF TFS VN NPNFOUP USBORàJMP EF USPDB EF DBSJOIP FOUSF B DSJBOÎB F B NÍF P QBJ PV DPN RVFN RVFS RVF B FTUFKB BMJNFOUBOEP 4F B DSJBOÎB GPS DVJEBEB FN VN BNCJFOUF BTTJN FMB UFSÈ DIBODFT EF DSFTDFS GPSUF F TBEJB
7LSRV GH OHLWH )yUPXOD LQIDQWLO ² VN QSPEVUP FN QØ NPEJGJDBEP QBSB BUFOEFS ËT OFDFTTJEBEFT EB DSJBOÎB EF BDPSEP DPN B JEBEF &YJTUFN EPJT UJQPT EF GØSNVMB JOGBOUJT TFOEP RVF VNB Ï JOEJDBEB QBSB NFOPSFT EF NFTFT F B PVUSB QBSB NBJPSFT EF NFTFT ² NVJUP JNQPSUBOUF QSFTUBS BUFOÎÍP BP iNPEP EF QSFQBSPw EP MFJUF RVF DPOTUB OB FNCBMBHFN EB MBUB 0V TFKB B RVBOUJEBEF RVF Ï JOEJDBEB QPEF WBSJBS EF BDPSEP DPN P GBCSJDBOUF F QPS JTTP Ï JNQPSUBOUF QSFTUBS BUFOÎÍP OP RVF FTUÈ FTDSJUP OB FNCBMBHFN EB MBUB PV QFEJS BKVEB EF VNB QFTTPB EF GPSNB RVF P QSFQBSP F EJMVJÎÍP TFKBN GFJUPT EF GPSNB DPSSFUB " DPMIFS RVF WFN OB MBUB TFSWF QBSB NFEJS B RVBOUJEBEF EF MFJUF RVF TFSÈ QSFQBSBEP QBSB B DSJBOÎB "UFOÎÍP 4F B DSJBOÎB FTUJWFS SFDFCFOEP B 'ØSNVMB JOGBOUJM OÍP IÈ OFDFTTJEBEF EF TVQMFNFOUBÎÍP EF GFSSP F WJUBNJOBT OFN PVUSPT BMJNFOUPT BOUFT EPT RVBUSP NFTFT EF JEBEF
/HLWH LQWHJUDO HP Sy ² VN MFJUF FN QØ RVF EFWFSÈ TFS EJMVÓEP EF GPSNB DPSSFUB QBSB OÍP QSFKVEJDBS B DSJBOÎB " RVBOUJEBEF PGFSFDJEB QPEF WBSJBS PV TFKB EFWFSÈ BUFOEFS BP BQFUJUF EB DSJBOÎB F UBNCÏN Ë JOEJDBÎÍP EP QFEJBUSB F PV OVUSJDJPOJTUB
/HLWH LQWHJUDO OtTXLGR &YJTUFN OP DPNÏSDJP EPJT UJQPT EF MFJUF JOUFHSBM MÓRVJEP B MFJUF JOUFHSBM QBTUFVSJ[BEP Ï VN MFJUF OB GPSNB MÓRVJEB RVF EFWFSÈ TFS HVBSEBEP OB HFMBEFJSB B QBSUJS EP NPNFOUP RVF GPS BERVJSJEP EFWFOEP TFS DPOTVNJEP OP QFSÓPEP NÈYJNP EF IPSBT PV TFKB FN VN EJB C -FJUF JOUFHSBM 6)5 MPOHB WJEB Ï P MFJUF EF WBDB OB GPSNB MÓRVJEB RVF QPEFSÈ TFS DPOTFSWBEP FN UFNQFSBUVSB BNCJFOUF BUÏ P NPNFOUP EF UFS B FNCBMBHFN BCFSUB "QØT TFS BCFSUP FTTF MFJUF EFWFSÈ TFS HVBSEBEP OB HFMBEFJSB F DPOTVNJEP OP QFSÓPEP NÈYJNP EF IPSBT PV TFKB FN VN EJB &TTF MFJUF QPEF TFS BQFOBT BRVFDJEP BOUFT EF TFS PGFSFDJEP Ë DSJBOÎB *NQPSUBOUF " EJMVJÎÍP EP MFJUF JOUFHSBM FN QØ JUFN TFSÈ EJGFSFOUF EB EP MFJUF JOUFHSBM MÓRVJEP JUFN EF BDPSEP DPN B JEBEF EB DSJBOÎB
4BJCB RVF B DSJBOÎB RVF FTUJWFS SFDFCFOEP MFJUF JOUFHSBM v %FWFSÈ SFDFCFS BQØT P NÐT EF WJEB TVDP EF GSVUB SJDB FN WJUBNJOB $ TFN BÎVDBS PV TVQMFNFOUBÎÍP EF WJUBNJOB $ RVBOEP SFDPNFOEBEB QPS QFEJBUSB PV OVUSJDJPOJTUB v " DSJBOÎB EFWFSÈ SFDFCFS NM EF TVDP EF GSVUB SJDB FN WJUBNJOB $ BQFOBT VNB WF[ BP EJB 4ÍP GSVUBT SJDBT FN WJUBNJOB $ MBSBOKB MJNB BDFSPMB DBKV UPNBUF DBSBNCPMB PV PVUSB FTQFDÓGJDB EB SFHJÍP EJTQPOÓWFM FN DBTB " PGFSUB EF NM EF TVDP EF GSVUB SJDB
v " ÈHVB VUJMJ[BEB QBSB P DPOTVNP EB DSJBOÎB OB GPSNB QVSB PV FN TVDP EF GSVUB EFWFSÈ TFS mMUSBEB F PV GFSWJEB B OÍP TFS RVF TFKB NJOFSBM /B UFNQFSBUVSB BNCJFOUF TFSÈ PGFSFDJEB B DSJBOÎB OPT JOUFSWBMPT EBT SFGFJÎÜFT
0T WBMPSFT JOEJDBEPT OP 2VBESP Q TÍP BQSPYJNBEPT EF BDPSEP DPN B WBSJBÎÍP EP QFTP DPSQPSBM EB DSJBOÎB OBT EJGFSFOUFT JEBEFT v
v
$ SDUWLU GRV PHVHV GH LGDGH R OHLWH LQWHJUDO HP Sy RX OtTXLGR GHYH VHU RIHUHFLGR MXQWR FRP RXWURV DOLPHQWRV YHMD RV GHWDOKHV QR &DStWXOR )LJXUD ³*UXSRV GH $OLPHQWRV´ S H 4XDGUR S &RQVXOWH R SHGLDWUD RX QXWULFLRQLVWD SDUD WLUDU DV VXDV G~YLGDV RX SURFXUH LQIRUPDo}HV QD XQLGDGH GH VD~GH PDLV SUy[LPD GH VXD FDVD
4XDO R YROXPH GH OHLWH H TXDQWDV YH]HV SRU GLD D FULDQoD FN WJUBNJOB $ Ï P OFDFTTÈSJP QBSB BUFOEFS UHFHEHUi HVVD DOLPHQWDomR " ËT OFDFTTJEBEFT EJÈSJBT FTQFDÓGJDBT EB DSJBOÎB EPT BPT NFTFT EF JEBEF /FTTF QFSÓPEP B PGFSUB EF WPMVNFT NBJPSFT QPEF EJNJOVJS P DPOTVNP EP MFJUF OB RVBOUJEBEF EJÈSJB OFDFTTÈSJB P RVF QPEF QSFKVEJDBS B TBÞEF EB DSJBOÎB
0 WPMVNF EF MFJUF F B RVBOUJEBEF EF WF[FT RVF B DSJBOÎB EFWFSÈ TFS BMJNFOUBEB WBSJB EF BDPSEP DPN TVB JEBEF 0 2VBESP Q SFTVNF B OFDFTTJEBEF BMJNFOUBS EB DSJBOÎB QPS GBJYB FUÈSJB
4XDGUR *EBEF
7PMVNF
%P OBTDJNFOUP B EJBT
NM
EJBT
NM
B SFGFJÎÜFT EF MFJUF 0GFSFDFS ËHVB OPT JOUFSWBMPT EBT SFGFJÎÜFT
NM
SFGFJÎÜFT EF MFJUF 0GFSFDFS NM EF TVDP EF GSVUB WF[ BP EJB F ËHVB OPT JOUFSWBMPT
B NFTFT
NFTFT
/ÞNFSP EF SFGFJÎÜFT EJB B SFGFJÎÜFT EF MFJUF 0GFSFDFS ËHVB OPT JOUFSWBMPT EBT SFGFJÎÜFT
EBT SFGFJÎÜFT QBSB BT DSJBOÎBT RV FTUJWFSFN VTBOEP MFJUF JOUFHSBM FN QØ PV MÓRVJEP NFTFT
NM
SFGFJÎÜFT EF MFJUF BDSFTDJEBT EF PVUSPT BMJNFOUPT VUJMJ[BEPT FN QSFQBSBÎÜFT DPNP QBQBT QVSÐT PV NJTUVSBEPT B GSVUBT DFSFBJT PV UVCÏSDVMPT 7FS P $BQÓUVMP 2VBESP Q
ID]HQGR D GLOXLomR FRUUHWD
)yUPXOD LQIDQWLO 4JHB BT JOTUSVÎÜFT EP GBCSJDBOUF DPOUJEBT OB MBUB EP QSPEVUP
/HLWH LQWHJUDO HP Sy 4F WPDÐ GPS QSFQBSBS VN WPMVNF EF NM EF MFJUF EFWFSÈ GB[FS EB TFHVJOUF NBOFJSB
.FEJS FN VNB WBTJMIB HSBEVBEB NM EF ÈHVB GFSWJEB
%FJYF FTTB ÈHVB FTGSJBS F BDSFTDFOUF
DPMIFS EF TPCSFNFTB EF MFJUF FN QØ
"DSFTDFOUBS ÈHVB BUÏ DPNQMFUBS PT
NM
1mR XWLOL]DU Do~FDU RX RXWUR DGRoDQWH 1mR HVTXHFHU GH RIHUHFHU iJXD ILOWUDGD H RX IHUYLGD RX PLQHUDO IULD j FULDQoD QRV LQWHUYDORV HQWUH DV UHIHLo}HV
#BUFS DPN P HBSGP QBSB EJTTPMWFS UPEP P
QØ FWJUBOEP B GPSNBÎÍP EF iCPMJOIBTw
0 RVBESP BCBJYP UFN QPS PCKFUJWP BVYJMJBS OB JEFOUJGJDBÎÍP EB DPMIFS NFEJEB JOEJDBEB
4XDGUR DPMIFS EF TPQB
DPSSFTQPOEF B HSBNBT
DPMIFS EF TPCSFNFTB
DPSSFTQPOEF B HSBNBT
DPMIFS EF DIÈ
DPMIFS EF DBGÏ
DPSSFTQPOEF B HSBNBT
DPSSFTQPOEF B HSBNBT
0T 2VBESPT F BCBJYP TÍP VN SFTVNP EF DPNP GB[FS B EJMVJÎÍP DPSSFUB EP MFJUF FN QØ JOUFHSBM 4XDGUR &ULDQoDV GR QDVFLPHQWR DWp PHVHV GH LGDGH
7PMVNF EF MFJUF UPUBM
2VBOUJEBEF EF MFJUF FN QØ
NM
DPMIFS EF TPCSFNFTB SBTB DPSSFTQPOEF B HSBNBT
NM
DPMIFS EF TPCSFNFTB SBTB DPSSFTQPOEF B HSBNBT
NM
DPMIFSFT EF TPCSFNFTB SB DPSSFTQPOEF B HSBNBT
NM
DPMIFSFT EF TPCSFNFTB S DPSSFTQPOEF B HSBNBT
4XDGUR &ULDQoDV DFLPD GH PHVHV GH LGDGH 7PMVNF EF MFJUF UPUBM
2VBOUJEBEF EF MFJUF FN QØ
N
DPMIFS EF TPQB SBTB DPSSFTQPOEF B HSBNBT
NM
DPMIFS EF TPQB SBTB DPSSFTQPOEF B HSBNBT
NM
DPMIFSFT EF TPQB SBTBT DPSSFTQPOEF B HSBNBT
NM
DPMIFSFT EF TPQB SS DPSSFTQPOEF B HSBNBT
/HLWH LQWHJUDO OtTXLGR 0 2VBESP BCBJYP SFTVNF DPNP GB[FS B EJMVJÎÍP DPSSFUB
4XDGUR &ULDQoDV GR QDVFLPHQWR DWp PHVHV GH LGDGH 7PMVNF EF MFJUF MÓRVJEP NM
2VBOUJEBEF EF ÈHVB B TFS BEJDJPOBEB NM
7PMVNF UPUBM NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
2EVHUYDomR RV YDORUHV LQGLFDGRV DFLPD VmR DSUR[LPDGRV GH DFRUGR FRP D YDULDomR GH SHVR FRUSRUDO GD FULDQoD QDV GLIHUHQWHV LGDGHV 6LJD D RULHQWDomR GD XQLGDGH GH VD~GH TXH DFRPSDQKD D FULDQoD
.PEP EF QSFQBSBS RVBOEP TF GPS QSFQBSBS QPS FYFNQMP VN WPMVNF EF NM EF S MFJUF EFWFSÈ TF GB[FS EB TFHVJOUF NBOFJSB
.FEJS FN VNB WBTJMIB HSBEVBEB NM EF MFJUF MÓRVJEP
"DSFTDFOUF NM EF ÈHVB mMUSBEB F PV GFSWJEB PV NJOFSBM
#BUFS DPN VN HBSGP PV DPMIFS
0CTFS WBÎÍP OFNCSF TF RVF TF GPS P MFJUF JOUFHSBM QBTUFVSJ[BEP FMF EFWFSÈ TFS GFSWJEP BOUFT EFTTB EJMVJÎÍP RVF TFSÈ FN TFHVJEB PGFSFDJEB B DSJBOÎB
0CTFS WBÎÍP o P MFJUF EFWF TFS QSFQBSBEP QSØYJNP EB IPSB EB SFGFJÎÍP 0 MFJUF QSFQBSBEP F HVBSEBEP QPS NVJUP UFNQP QPEF FTUSBHBS F DBVTBS EPFOÎBT
&ULDQoDV D SDUWLU GH PHVHV GH LGDGH 1BSB DSJBOÎBT BDJNB EF NFTFT EF JEBEF P MFJUF JOUFHSBM MÓRVJEP OÍP EFWFSÈ TFS EJMVÓEP
5HFRPHQGDo}HV " QBSUJS EP NÐT B BMJNFOUBÎÍP EB DSJBOÎB RVF FSB Ë CBTF EF MFJUF EFWFSÈ TFS DPNQMFNFOUBEB DPN B JOUSPEVÎÍP EF PVUSPT BMJNFOUPT BMÏN EP TVDP RVF GPJ JOJDJBEP BQØT P NÐT EF JEBEF
GVODJPOBJT F FTUÏUJDPT EB GBDF 2VBOEP BQBSFDFSFN PT QSJNFJSPT EFOUJOIPT WPDÐ QPEFSÈ PGFSFDFS B BMJNFOUBÎÍP NBJT TØMJEB PV NBJT DPOTJTUFOUF VUJMJ[BOEP P QSBUP F B DPMIFS &TTBT NFEJEBT BMÏN EF GBWPSFDFS B NBTUJHBÎÍP QSPNPWF P EFTFOWPMWJNFOUP EF IÈCJUPT TBVEÈWFJT OB DSJBOÎB WFS DBQÓUVMP QQ B
8WLOL]DQGR R FRSLQKR FXLGDGRV TXH GHYHUmR VHU WRPDGRV DR DOLPHQWDU D FULDQoD
4FOUBEB DPOGPSUBWFMNFOUF DSV[F BT QFSOBT QBSB GBDJMJUBS P BQPJP F QSPDVSF JOUFSBHJS DPN B DSJBOÎB 4FHVSF B DSJBOÎB TFOUBEB PV / MFJUF OP FOUBOUP QPEFSÈ FOUSBS OP TFNJ TFOUBEB OP TFV DPMP F BQPJBOEP B QSFQBSP EF PVUSPT BMJNFOUPT OBT QFSOBT DSV[BEBT PGFSFÎB P MFJUF OP DPQJOIP DBMNBNFOUF PMIBOEP QBSB B DSJBOÎB GH LGDGH WR GH LGDGH WRPDQGR DSHQDV OHLWH /H WRPDQGR DS SHQDV OHLWH QDV OHLW LWH WH /H D DPHQWH R FDStWXOR GHVWH *XLD SS /VODB FOUPSOF P MFJUF PV PVUSP D MÓRVJEP OB CPDB EB DSJBOÎB QPJT JTUP QPEFSÈ DBVTBS FOHBTHP DPN SJTDP EF BTQJSBÎÍP RVF QPEF HFSBS VNB TJUVBÎÍP 4XDO XWHQVtOLR XWLOL]DU FRSLQKR EF FNFSHÐODJB "QFOBT TFHVSF P DPQJOIP JPT EB DSJBOÎB TXLQKD" [tFDUD PDPDGHLUD RX FKXT FODPTUBS P DPQJOIP " DSJBOÎB RVF OÍP UFSÈ B KVOUP BPT MÈCJPT PQPSUVOJEBEF EF TVHBS P QFJUP EF B NPWB P VN NÍF EFWFSÈ FYFSDJUBS B NVTDVMBUV WFNFOUF QBSB RVF EF TVB GBDF EF PVUSB NBOFJSB ÈCJP EF CBJYP EB QSFWFOJOEP QSPCMFNBT GVODJPOBJT OEP B UPNBS QPS F FTUÏUJDPT GVUVSPT "P VTBS P FNFMIBOÎB EPT DPQJOIP P FTGPSÎP EF CVTDBS P 0V TFKB B DSJBOÎB MFJUF DPN B MÓOHVB QPTTJCJMJUB RVBOUJEBEF EF MFJUF P FYFSDÓDJP NVTDVMBS EB SØQSJB MÓOHVB &TTF GBDF QSFQBSBOEP B DSJBOÎB QBSB TVCTUJUVJ P FTGPSÎP B NBTUJHBÎÍP QSFWFOJOEP ÍP DPOTFRàFOUFNFOUF PT QSPCMFNBT
"P GJOBM EF DBEB SFGFJÎÍP Ï FYUSFNBNFOUF JNQPSUBOUF DPMPDBS B DSJBOÎB QBSB BSSPUBS *TTP QPEF FWJUBS B BTQJSBÎÍP EP BMJNFOUP P RVF QPEF MFWBS B EPFOÎBT QVMNPOBSFT HSBWFT
7BOUBHFOT EP VTP EF DPQPT YÓDBSBT F PV DPMIFS
'BWPSFDF B JOUFSBÎÍP EB DSJBOÎB DPN B QFTTPB RVF B FTUÈ BMJNFOUBOEP 1PS GBWPSFDFS NBJPS DPOUBUP DPN B QFTTPB RVF B FTUÈ BMJNFOUBOEP QPTTJCJMJUB NFMIPS FTUJNVMBÎÍP OFVSPQTJDPNPUPSB F NFMIPS WÓODVMP BGFUJWP 4ÍP VUFOTÓMJPT CBSBUPT FODPOUSBEPT FN UPEB DBTB %F GÈDJM MJNQF[B UBJT VUFOTÓMJPT OÍP QSPQJDJBN BDVNVMP EF TVKFJSB %JNJOVFN P SJTDP EF JOGFDÎÜFT OB CPDB HBSHBOUB PVWJEP F UBNCÏN DÈSJFT TFOEP QPS JTTP B NFMIPS GPSNB EF BMJNFOUBS B DSJBOÎB
8WLOL]DQGR D PDPDGHLUD FXLGDGRV TXH GHYHUmR VHU WRPDGRV DR DOLPHQWDU D FULDQoD FXLGDGRV TXH GHYHUmR VHU WRPDGRV FRP D PDPDGHLUD
0 PSJGÓDJP EFWF TFS QFRVFOP QBSB B DSJBOÎB GB[FS GPSÎB OB IPSB EF TVHBS F QBSB FWJUBS FOHBTHP DPN SJTDP EF BTQJSBÎÍP 1PS JTTP OÍP Ï SFDPNFOEBEP P BVNFOUP EP PSJGÓDJP EP CJDP EB NBNBEFJSB 1BSB UFTUBS TF P PSJGÓDJP FTUÈ BEFRVBEP EFWF TF WJSBS B NBNBEFJSB QBSB CBJYP P MÓRVJEP EFWF QJOHBS F OÍP FTDPSSFS " NBNBEFJSB TØ EFWFSÈ TFS VTBEB QBSB BMJNFOUBS B DSJBOÎB RVBOEP FMB FTUJWFS DPN GPNF F OÍP QBSB BDBMNÈ MB " NBNBEFJSB TØ EFWFSÈ TFS VUJMJ[BEB QBSB PGFSFDFS MÓRVJEPT ÈHVB MFJUF F TVDP F OVODB QBSB PT BMJNFOUPT QBTUPTPT TPQBT DSFNFT CBUJEBT EF GSVUBT " QBSUJS EPT NFTFT RVBOEP JOJDJBS B BMJNFOUBÎÍP DPNQMFNFOUBS WÈ SFUJSBOEP HSBEBUJWBNFOUF B NBNBEFJSB EF UBM GPSNB RVF OP mOBM EP QSJNFJSP BOP B DSJBOÎB OÍP FTUFKB NBJT VUJMJ[BOEP B
1PS RVF EJNJOVJS P VTP EB NBNBEFJSB BQØT PT NFTFT EF JEBEF
"T NBNBEFJSBT TÍP EF EJGÓDJM MJNQF[B BDVNVMBOEP SFTUPT EF MFJUF OB SPTDB OP CJDP F PVUSBT ÈSFBT P RVF SFRVFS NBJPS DVJEBEP BP MJNQBS WFKB BT PSJFOUBÎÜFT OP $BQÓUVMP JUFN Q F 2VBOEP B MJNQF[B Ï JODPSSFUB QPEFSÈ PDPSSFS DPOUBNJOBÎÍP QPS CBDUÏSJBT PV GVOHPT PV TFKB B DPOUBNJOBÎÍP QPS NJDSPPSHBOJTNPT RVF QPEFN DBVTBS JOGFDÎÍP OB DSJBOÎB QSPWPDBOEP
EJBSSÏJB RVF QPEF MFWBS Ë EFTJESBUBÎÍP Ë EFTOVUSJÎÍP F BUÏ Ë NPSUF EB DSJBOÎB
1PSRVF B BMJNFOUBÎÍP DPNQMFNFOUBS OFTTB JEBEF EFWF TFS PGFSUBEB FN DPQJOIPT QSBUPT F DPMIFS 1PSRVF P VTP DPOUÓOVP F QPS UFNQP QSPMPOHBEP EB NBNBEFJSB DBVTB BMUFSBÎÜFT OP EFTFOWPMWJNFOUP EB DBWJEBEF CVDBM GBWPSFDFOEP NÈ PDMVTÍP EFOUÈSJB PT EFOUFT OÍP mDBN BMJOIBEPT DPSSFUBNFOUF BMUFSBÎÜFT SFTQJSBUØSJBT F UBNCÏN BMUFSBÎÜFT OB GBMB F FTUÏUJDBT WJTÓWFJT 1PSRVF P VTP QSPMPOHBEP EB NBNBEFJSB
IBCJUVB B DSJBOÎB B VNB BMJNFOUBÎÍP MÓRVJEB F BEPDJDBEB BVNFOUBOEP P SJTDP EF DÈSJF EFOUÈSJB
SFGFJÎÍP WPDÐ EFWFSÈ DPMPDBS P CFCÐ QBSB BSSPUBS
1PSRVF RVBOEP BQBSFDFN PT QSJNFJSPT EFOUJOIPT KÈ TF QPEF DPNFÎBS B SFUJSBS B NBNBEFJSB PGFSFDFOEP BMJNFOUPT NBJT DPOTJTUFOUFT FN DPQJOIP F DPMIFS GBWPSFDFOEP B NBTUJHBÎÍP F P EFTFOWPMWJNFOUP EF IÈCJUPT TBVEÈWFJT OB DSJBOÎB
6LJD ULJRURVDPHQWH R SUD]R GH YDOLGDGH GD PDPDGHLUD H GR ELFR 2 XVR GD PDPDGHLUD HP FRQGLo}HV SUHFiULDV FDXVD GDQR j VD~GH GD FULDQoD &RQILUD D RULHQWDomR GR IDEULFDQWH QD HPEDODJHP GR SURGXWR
&XLGDGRV TXH GHYHUmR VHU WRPDGRV TXDQGR DOLPHQWDU D FULDQoD FRP D PDPDGHLUD
4FHVSF B DSJBOÎB OP DPMP DPN B DBCFÎB BQPJBEB OP CSBÎP F PGFSFÎB B NBNBEFJSB DBMNBNFOUF PMIBOEP QBSB B DSJBOÎB
/VODB EFJYF B DSJBOÎB TP[JOIB TFHVSBOEP B NBNBEFJSB PV DPN B NBNBEFJSB BQPJBEB FN BMNPGBEBT *TTP QPEFSÈ DBVTBS FOHBTHP DPN SJTDP EF BTQJSBÎÍP P RVF QPEFSÈ HFSBS TJUVBÎÍP EF FNFSHÐODJB "MÏN EJTTP P VTP EB NBNBEFJSB QPEFSÈ QSPNPWFS DÈSJFT JOnBNBÎÍP OP PVWJEP EFQFOEÐODJB QTJDPMØHJDB B NBNBEFJSB F QSPCMFNBT GVODJPOBJT F FTUÏUJDPT DPNP KÈ NFODJPOBNPT
" NBNBEFJSB EFWF TFS NBOUJEB JODMJOBEB EF GPSNB RVF P CJDP FTUFKB TFNQSF DIFJP EF MFJUF F OÍP EF BS
/ÍP FTRVFÎB RVF BP mOBM EF DBEB
5HFRPHQGDo}HV
2VBOEP B DSJBOÎB UJWFS SFDFCJEP P TVmDJFOUF FMB GFDIB B CPDB F OÍP UPNBSÈ NBJT 4F B DSJBOÎB OÍP UPNPV B RVBOUJEBEF DBMDVMBEB FMB QPEFSÈ UPNBS VN QPVDP NBJT BQØT BSSPUBS PV UPNBSÈ NBJT OB QSØYJNB WF[ ®T WF[FT Ï OFDFTTÈSJP BMJNFOUBS B DSJBOÎB NBJT GSFRàFOUFNFOUF
0CTFSWF P WPMVNF RVF B DSJBOÎB FTUÈ UPNBOEP BP MPOHP EP EJB QBSB TBCFS TF B RVBOUJEBEF DPOTVNJEB FTUÈ TFOEP TVGJDJFOUF ² JNQPSUBOUF BDPNQBOIBS B FWPMVÎÍP EP DSFTDJNFOUP F HBOIP EF QFTP OB VOJEBEF EF TBÞEF QBSB TF UFS DFSUF[B EF RVF B DSJBOÎB FTUÈ TFOEP BEFRVBEBNFOUF BMJNFOUBEB 1SPDVSF TFHVJS TFNQSF BT PSJFOUBÎÜFT EPT
$Wp R QDVFLPHQWR GRV GHQWLQKRV p QHFHVViULR KLJLHQL]DU OLPSDU D ERFD GD FULDQoD DSyV FDGD UHIHLomR FRP XP WHFLGR PROKDGR FRP iJXD ILOWUDGD H RX IHUYLGD $SyV R QDVFLPHQWR GRV GHQWHV D HVFRYDomR VHP XWLOL]DU D SDVWD GH GHQWHV p REULJDWyULD
&XLGDGRV TXH GHYHUmR VHU REVHUYDGRV DR VH DGTXLULU R OHLWH REVHUYH FRP DWHQomR HVWDV UHFRPHQGDo}HV
/HLWH LQWHJUDO OtTXLGR
0 MFJUF MÓRVJEP Ï WFOEJEP FN TBRVJOIP PV FN DBJYJOIB 0 MFJUF EF TBRVJOIP NBJT FODPOUSBEP Ï P UJQP $
&OUSFUBOUP EFQPJT EF BCFSUB B DBJYB FMF EFWFSÈ TFS NBOUJEP OB HFMBEFJSB H VUJMJ[BEP QBSB B BMJNFOUBÎÍP EB DSJBOÎB QFMP QSB[P NÈYJNP EF IPSBT "OUFT EF BCSJS MBWF B FNCBMBHFN DPN TBCÍP F ÈHVB MJNQB FN BCVOEÉODJB &TTF MFJUF OÍP OFDFTTJUB GFSWVSB 4F IPVWFS QPSÏN OFDFTTJEBEF EF EJMVÓ MP FN SB[ÍP EB JEBEF EB DSJBOÎB B ÈHVB B TFS VUJMJ[BEB OB EJMVJÎÍP EFWFSÈ TFS GJMUSBEB F PV GFSWJEB PV TFS NJOFSBM
)yUPXOD LQIDQWLO RX OHLWH LQWHJUDO HP Sy
0 MFJUF EF TBRVJOIP SFRVFS PT TFHVJOUFT DVJEBEPT 0CTFSWF B EBUB EF WBMJEBEF RVF DPOTUB OB FNCBMBHFN F OÍP DPNQSF TF B FNCBMBHFN FTUJWFS EBOJGJDBEB &TTF MFJUF EFWFSÈ FTUBS OP DPNÏSDJP TPC SFGSJHFSBÎÍP DBTP DPOUSÈSJP OÍP P DPNQSF "P DIFHBS FN DBTB DPMPRVF P JNFEJBUBNFOUF OB HFMBEFJSB F GFSWB P BOUFT EF TFS PGFSFDJEP Ë DSJBOÎB
" QBSUJS EB BCFSUVSB EB MBUB P MFJUF FN QØ 'PSNVMB JOGBOUJM PV MFJUF JOUFHSBM QBTTB B UFS EP QPOUP EF WJTUB EB DPOUBNJOBÎÍP PT NFTNPT SJTDPT EP MFJUF MÓRVJEP 1PSUBOUP Ï GVOEBNFOUBM
7FSJGJDBS TF B FNCBMBHFN OÍP FTUÈ BNBTTBEB PV FOGFSSVKBEB F FN DBTP EF QBDPUFT PV TBDPT QMÈTUJDPT PCTFSWBS TF FTUÍP JOUFJSPT F TFN GVSPT
0CTFSWBS B EBUB EF WBMJEBEF EP QSPEVUP F BQØT BCFSUB P QSB[P QBSB VUJMJ[BÎÍP JOGPSNBEP QFMP GBCSJDBOUF OB FNCBMBHFN
"OUFT EF BCSJS MJNQBS CFN BT UBNQBT EBT MBUBT F BQØT P VTP NBOUÐ MBT CFN GFDIBEBT F FN MVHBS MJNQP F BSFKBEP
0 MFJUF FN QØ OÍP EFWF TFS GFSWJEP &OUSFUBOUP B ÈHVB B TFS VUJMJ[BEB QBSB B QSFQBSBÎÍP EP MFJUF EFWF TFNQSF UFS TJEP GJMUSBEB F PV GFSWJEB PV NJOFSBM 0CTFSWBS OP SØUVMP EB FNCBMBHFN DPNP EFWFSÈ TFS GFJUB B EJMVJÎÍP EP MFJUF QBSB BUFOEFS Ë OFDFTTJEBEF OVUSJDJPOBM EF BDPSEP DPN B JEBEF EB DSJBOÎB
0 MFJUF EF DBJYJOIB SFRVFS PT TFHVJOUFT DVJEBEPT
0CTFSWF B EBUB EF WBMJEBEF JNQSFTTB OB FNCBMBHFN F OÍP DPNQSF TF B FNCBMBHFN FTUJWFS EBOJGJDBEB /ÍP Ï OFDFTTÈSJP FTTF MFJUF FTUBS TPC SFGSJHFSBÎÍP OP DPNÏSDJP PV FN DBTB BOUFT EF TF BCSJS B FNCBMBHFN
BEFRVBEPT QBSB B TVB JEBEF 4JHB BT EJDBT RVF FTUÍP OP $BQÓUVMP " DSJBOÎB HSBEBUJWBNFOUF TF BEBQUB B DPJTBT OPWBT ,QWURGX]LQGR RXWURV RVF MIF TÍP BQSFTFOUBEBT UBJT DPNP B DPMIFS B DPOTJTUÐODJB F P TBCPS 1PS JTTP $POGPSNF GPJ NFODJPOBEP OP DBQÓUVMP OP JOÓDJP B DSJBOÎB UFOEF B EFWPMWFS BT BOUFSJPS B QBSUJS EP NÐT EF JEBEF KÈ Ï QSJNFJSBT PGFSUBT EP T BMJNFOUP T %BÓ OFDFTTÈSJP PGFSFDFS NM EF TVDP EF TFS JNQPSUBOUF RVF B QFTTPB RVF FTUJWFS GSVUB SJDB FN WJUBNJOB $ TFN BDSÏTDJNP PGFSFDFOEP P BMJNFOUP Ë DSJBOÎB TFKB EF BÎÞDBS VNB WF[ BP EJB QBSB RVF TF QBDJFOUF F DPOUJOVF PGFSFDFOEP P BUÏ B HBSBOUBN BT OFDFTTJEBEFT EF WJUBNJOB $ DSJBOÎB TF BEBQUBS 0CTFS WBÎÍP o B UFOEÐODJB EP BEVMUP 1BSB DSJBOÎBT EF B NFTFT PGFSFÎB EF Ï JOUSPEV[JS P BÎÞDBS QPS BDIBS P BMJNFOUP DJODP B TFJT SFGFJÎÜFT QPS EJB TFOEP USÐT EB DSJBOÎB BHVBEP -FNCSF TF RVF B Ë CBTF EF MFJUF DPN DFSFBJT PV UVCÏSDVMPT DSJBOÎB OÍP DPOIFDF P TBCPS BEPDJDBEP EVBT QBQBT EF GSVUBT F VNB QBQB TBMHBEB F QPSUBOUP OÍP UFSÈ FTTF QBSÉNFUSP QBSB /HPEUDU TXH FRP D LQWURGXomR GRV QRYRV K JU MJ U DOLPHQWRV D FULDQoD GHYHUi EHEHU iJXD $PNP GPJ PLQHUDO RX ILOWUDGD H RX IHUYLGD QR FRSR UBNCÏN QRV LQWHUYDORV GDV UHIHLo}HV RX VHMD QR NFODJPOBEP PtQLPR YH]HV SRU GLD OP DBQÓUVMP OUFSJPS B QBSUJS EP NÐT EF 1BSB DSJBOÎBT NBJPSFT EF NFTFT UFSFNPT EBEF PVUSPT BQFOBT EVBT SFGFJÎÜFT Ë CBTF EF MFJUF DPN BMJNFOUPT DFSFBJT PV UVCÏSDVMPT EVBT QBQBT EF GSVUBT EFWFSÍP TFS F EVBT QBQBT TBMHBEBT USPEV[JEPT 2VBOEP GPS VUJMJ[BS GBSJOIB DPNP OB BMJNFOUBÎÍP NJMIP USJHP BSSP[ PV NBOEJPDB BJQJN EB DSJBOÎB %Ð QSFGFSÐODJB BPT BMJNFOUPT NBDBYFJSB QSFGJSB BRVFMBT RVF TÍP RVF TÍP NBJT DPNVOT OB SFHJÍP F RVF GPSUJGJDBEBT DPN GFSSP 7FKB QBSB NBJPSFT GBÎBN QBSUF EP IÈCJUP BMJNFOUBS EB GBNÓMJB EFUBMIFT P 2VBESP EB Q o i&YFNQMPT 0GFSFÎB DFSFBJT UVCÏSDVMPT DBSOFT EF BMJNFOUBÎÍP EF BDPSEP DPN B JEBEF EB HSÍPT GSVUBT F IPSUBMJÎBT $POUJOVF DSJBOÎBw VUJMJ[BOEP P MFJUF QPEFOEP FMF UBNCÏN TFS BTTPDJBEP FN QSFQBSBÎÜFT DPNP QBQBT $ TXDQWLGDGH GH DOLPHQWR DFHLWR SHOD QVSÐT PV NJTUVSBEPT B GSVUBT DFSFBJT PV FULDQoD p DGHTXDGD TXDQGR p FDSD] GH UVCÏSDVMPT ² JNQPSUBOUF RVF B DSJBOÎB FTUFKB DPNFÎBOEP B GPSNBS PT TFVT IÈCJUPT JDUDQWLU JDQKR GH SHVR H FUHVFLPHQWR BMJNFOUBSFT DPN B JOUSPEVÎÍP EFTTFT OPWPT DGHTXDGRV H QmR R YROXPH TXH D PmH DFKD TXH D FULDQoD GHYH FRPHU 2 LPSRUWDQWH p BMJNFOUPT 7FKB QBSB NBJPSFT EFUBMIFT B DFRPSDQKDU HVVDV PHGLGDV QD XQLGDGH GH 'JHVSB o i(SVQPT EF BMJNFOUPTw EB Q VD~GH SDUD VH WHU FHUWH]D GH TXH D FULDQoD 0CTFSWF TF P NPEP EF QSFQBSP F B HVWi VHQGR DGHTXDGDPHQWH DOLPHQWDGD RVBOUJEBEF PGFSFDJEB QBSB B DSJBOÎB FTUÍP
&$3Ë78/2
)LJXUD *UXSRV GH $OLPHQWRV
4XDGUR ([HPSOR GH DOLPHQWDomR GH DFRUGR FRP D LGDGH GD FULDQoD 3HUtRGR
PHVHV
0DLRUHV GH PHVHV
1FMB .BOIÍ
-FJUF DFSFBM PV UVCÏSDVMP
-FJUF DFSFBM PV UVCÏSDVMP
*OUFSWBMP
1BQB EF GSVUB
1BQB EF GSVUB
1BQB TBMHBEB
1BQB TBMHBEB
1BQB EF GSVUB
1BQB EF GSVUB
'JBOBM EB UBSEF
-FJUF DFSFBM PV UVCÏSDVMP
1BQB TBMHBEB
® OPJUF
-FJUF DFSFBM PV UVCÏSDVMP
-FJUF DFSFBM PV UVCÏSDVMP
/P BMNPÎP I
. J E
E
3UHSDUDQGR RV DOLPHQWRV " QBQB TBMHBEB EFWF DPOUFS VN B BMJNFOUP EF DBEB HSVQP VN EPT DFSFBJT PV UVCÏSDVMPT VN EBT IPSUBMJÎBT GPMIBT PV MFHVNFT VN EP HSVQP EPT BMJNFOUPT EF PSJHFN BOJNBM GSBOHP CPJ NJÞEPT HFNB EF PWP F VN EPT HSÍPT GFJKÍP TPKB MFOUJMIB HSÍP EF CJDP " QBQB EF GSVUBT EFWF TFS QSFQBSBEB DPN VNB GSVUB EF DBEB WF[ 4F GPS VTBS NBJT EF VNB GSVUB OB NFTNB SFGFJÎÍP DPMPDBS OP QSBUP FN QPSÎÜFT TFQBSBEBT
PGFSFDFOEP Ë DSJBOÎB TFQBSBEBNFOUF QBSB RVF FMB JEFOUJGJRVF P TBCPS EF DBEB VNB EBT GSVUBT
5HFRPHQGDo}HV LPSRUWDQWHV B " JOUSPEVÎÍP EF OPWPT BMJNFOUPT EFWF SFTQFJUBS B WPOUBEF EB DSJBOÎB " PGFSUB EFWF TFS SFHVMBS OPT QFSÓPEPT RVF DPJODJEBN DPN P EFTFKP EF DPNFS EFNPOTUSBEP QFMB DSJBOÎB /ÍP FTRVFÎB RVF B IPSB EF DPNFS EFWF TFS VN NPNFOUP EF QSB[FS 4ÍP EFTBDPOTFMIÈWFJT QSÈUJDBT EF HSBUJGJDBÎÍP QSÐNJPT PV DBTUJHP QBSB DPOTFHVJS DPN RVF B DSJBOÎB DPNB P RVF PT QBJT BDSFEJUBN RVF TFKB P OFDFTTÈSJP
C " OPWB BMJNFOUBÎÍP EFWF TFS DPOTJTUFOUF FTQFTTB EFTEF P JOÓDJP F PGFSFDJEB EF DPMIFS DPNFDF DPN DPOTJTUÐODJB QBTUPTB QBQBT QVSÐT F BPT QPVDPT BVNFOUF B TVB DPOTJTUÐODJB BUÏ DIFHBS Ë BMJNFOUBÎÍP
2VBOUP NBJT DPOTJTUFOUF B
BMJNFOUBÎÍP NBJPS B RVBOUJEBEF EF FOFSHJB 0 FTUÙNBHP EB DSJBOÎB Ï QFRVFOP F QPS JTTP FN HFSBM FMB DPOTPNF QPVDBT DPMIFSBEBT OP JOÓDJP EB JOUSPEVÎÍP EF OPWPT BMJNFOUPT 1BSB RVF B DSJBOÎB DPOUJOVF DSFTDFOEP BEFRVBEBNFOUF PGFSFÎB BMJNFOUPT OB GPSNB EF QBQBT PV VSÐT BP JOWÏT EF BMJNFOUPT NVJUP EJMVÓEPT NP TPQBT F TVDPT SBMPT "UÏ P NÐT EF WJEB PT BMJNFOUPT
PGFSFDJEPT Ë DSJBOÎB EFWFN TFS QSFQBSBEPT FTQFDJBMNFOUF QBSB FMB 1SFQBSF PT VUJMJ[BOEP ØMFP WFHFUBM UFNQFSPT OBUVSBJT DFCPMB DFCPMJOIB TBMTB F VN QPVDP EF TBM JPEBEP 0T JNFOUPT EFWFN TFS CFN DP[JEPT /FTTF [JNFOUP EFWF TPCSBS QPVDB ÈHVB OB B PT BMJNFOUPT EFWFN TFS HVB TVGJDJFOUF QBSB BNBDJÈ MPT S EPT PJUP NFTFT EF JEBEF PEF SFDFCFS PT BMJNFOUPT BSB B GBNÓMJB DPNP BSSP[ T EF DBSOF PV MFHVNFT EFTEF ÍP EF UFNQFSPT QJDBOUFT NQFSPT JOEVTUSJBMJ[BEPT T BNBTTBEPT EFTGJBEPT PV T FN QFRVFOPT QFEBÎPT "P DPMPDBS PT BMJNFOUPT SBUP BNBTTF PT DPN HBSGP IÈ OFDFTTJEBEF EF QBTTBS FJSB " VUJMJ[BÎÍP EP JGJDBEPS Ï UPUBMNFOUF JOEJDBEB QPSRVF B DSJBOÎB SFOEFOEP B EJTUJOHVJS B ÐODJB TBCPSFT F DPSFT EPT MJNFOUPT "MÏN EP RVF PT UPT MJRVJEJGJDBEPT OÍP WÍP BS P BUP EB NBTUJHBÎÍP
D 0GFSFÎB Ë DSJBOÎB EJGFSFOUFT BMJNFOUPT BP EJB 6NB BMJNFOUBÎÍP WBSJBEB Ï VNB BMJNFOUBÎÍP DPMPSJEB
E &TUJNVMF P DPOTVNP EJÈSJP EF GSVUBT WFSEVSBT F MFHVNFT OBT SFGFJÎÜFT
4Ø VNB BMJNFOUBÎÍP WBSJBEB PGFSFDF
" DSJBOÎB RVF DPNF EFTEF DFEP Ë DSJBOÎB B RVBOUJEBEF EF WJUBNJOBT DÈMDJP GSVUBT WFSEVSBT F MFHVNFT WBSJBEPT GFSSP F PVUSPT OVUSJFOUFT RVF FMB OFDFTTJUB SFDFCF NBJPSFT RVBOUJEBEFT EF WJUBNJOBT GFSSP F GJCSBT BMÏN EF BERVJSJS IÈCJUPT *OUSPEV[B VN BMJNFOUP OPWP B DBEB BMJNFOUBSFT TBVEÈWFJT EJB $PNP KÈ NFODJPOBNPT RVBOEP GPS 4FNQSF RVF QPTTÓWFM JOUSPEV[B DBSOF PGFSFDFS NBJT EF VNB GSVUB PV MFHVNFT
OBT SFGFJÎÜFT "T DBSOFT F P GÓHBEP BMÏN EF TFS CPB GPOUF EF QSPUFÓOBT F GFSSP BVYJMJBN OB BCTPSÎÍP EP GFSSP EF PVUSPT BMJNFOUPT DPOUJEPT QPS FYFNQMP OPT WFHFUBJT GPMIPTPT WFSEF FTDVSPT CSØDPMJT DPVWF FTQJOBGSF DBSVSV CFSUBMIB CFMESPFHB NPTUBSEB RVBOEP PGFSFDJEPT KVOUPT OB NFTNB SFGFJÎÍP
QPS SFGFJÎÍP FMFT EFWFN TFS BNBTTBEPT F DPMPDBEPT OP QSBUP FN QPSÎÜFT TFQBSBEBT "TTJN P QBMBEBS TFSÈ NBJT CFN QFSDFCJEP QFMB DSJBOÎB
4FMFDJPOF BT GSVUBT EB FTUBÎÍP
QSJODJQBMNFOUF BT SJDBT FN WJUBNJOB " DPNP BT BNBSFMBT PV BMBSBOKBEBT NBNÍP DBRVJ NBOHB HPJBCB WFSNFMIB QJUBOHB CVSJUJ QVQVOIB UVDVNÍ
2VBOEP B DSJBOÎB KÈ TF TFOUB Ë NFTB P FYFNQMP EP DPOTVNP EFTTFT BMJNFOUPT QFMB GBNÓMJB WBJ FODPSBKBS B DSJBOÎB B DPOTVNJ MPT
0CTFS WBÎÍP TF B DSJBOÎB BQSFTFOUBS 2VBOEP OÍP GPS QPTTÓWFM PGFSFDFS RVBMRVFS QSPCMFNB EF TBÞEF PV TF WPDÐ DBSOF OBT SFGFJÎÜFT EBS Ë DSJBOÎB EF NM UJWFS BMHVNB EÞWJEB TPCSF B BMJNFOUBÎÍP B NM EF TVDP EF GSVUB SJDB FN WJUBNJOB EB DSJBOÎB QSPDVSF VN TFSWJÎP EF TBÞEF $ MBSBOKB BDFSPMB DBKV MPHP BQØT BT F JOGPSNF TF QSFGFSFODJBMNFOUF DPN VN SFGFJÎÜFT QBSB GBDJMJUBS B BCTPSÎÍP EP GFSSP NÏEJDP PV OVUSJDJPOJTUB QBSB BVYJMJBS OB JOEJDBÎÍP EB NFMIPS RVBMJEBEF EF BMJNFOUBÎÍP F OVUSJÎÍP QBSB B DSJBOÎB
F /PT QSJNFJSPT BOPT EF WJEB EB DSJBOÎB VTF TBM DPN NPEFSBÎÍP F FWJUF BÎÞDBS DBGÏ FOMBUBEPT GSJUVSBT DIPDPMBUFT SFGSJHFSBOUFT CBMBT TBMHBEJOIPT F PVUSBT HVMPTFJNBT
&TTFT BMJNFOUPT OÍP EFWFN TFS
EBEPT QBSB B DSJBOÎB QPSRVF OÍP TÍP TBVEÈWFJT 0V TFKB BMÏN EF UJSBS P BQFUJUF EB DSJBOÎB JSÈ DPNQFUJS DPN PT BMJNFOUPT OVUSJUJWPT 0GFSFÎB BMJNFOUPT GSFTRVJOIPT TFN BEJÎÍP EF BÎÞDBS 0V TFKB QSFGJSB GSVUBT RVF OÍP QSFDJTBN TFS BEPÎBEBT DPNP MBSBOKB DBKV NBÎÍ QÐSB NBNÍP CBOBOB NFMBODJB HPJBCB NBOHB PV MFHVNFT DPNP DFOPVSB PV UPNBUF "OUFT EF DPNQSBS PT BMJNFOUPT JOEVTUSJBMJ[BEPT MFJB TFNQSF P SØUVMP RVF FTUÈ OB FNCBMBHFN QBSB FWJUBS PGFSFDFS Ë
DSJBOÎB BMJNFOUPT RVF DPOUFOIBN BEJUJWPT F DPOTFSWBOUFT BSUJGJDJBJT 0 DPOTVNP EF NFM QPS DSJBOÎBT BUÏ BOP EF JEBEF OÍP Ï SFDPNFOEÈWFM FN GVOÎÍP EP BMUP SJTDP EF DPOUBNJOBÎÍP QPS CPUVMJTNP RVF Ï VNB JOGFDÎÍP HSBWF *TTP Ï JNQPSUBOUF UFSNJOBEB B SFGFJÎÍP MJNQF BT HFOHJWBT EB DSJBOÎB DPN B QPOUB EF VN QBOP MJNQP NPMIBEP FN ÈHVB NJOFSBM PV GJMUSBEB F PV GFSWJEB 2VBOEP BQBSFDFSFN PT EFOUJOIPT TVCTUJUVB P QBOP NPMIBEP QPS VNB FTDPWB NBDJB TFN VUJMJ[BS B QBTUB EF EFOUFT
5HFHLWDV GH SDSDV VDOJDGDV &TUBSFNPT B TFHVJS GB[FOEP BMHVNBT TVHFTUÜFT EF SFDFJUBT EF QBQBT TBMHBEBT RVF QPEFSÍP TFS QSFQBSBEBT DPN PT BMJNFOUPT NBJT EJTQPOÓWFJT OB TVB SFHJÍP 0 QFEJBUSB F PV P OVUSJDJPOJTUB RVF BDPNQBOIB B DSJBOÎB QPEFSÈ GPSOFDFS PVUSBT SFDFJUBT TFNFMIBOUFT B FTUBT FOSJRVFDFOEP BT QPTTJCJMJEBEFT OVUSJDJPOBJT QBSB B DSJBOÎB
3DSD GH EDWDWD FHQRXUD H FDUQH PRtGD ,QJUHGLHQWHV FROKHUHV VRSD GH FDUQH PRtGD DPMIFS TPCSFNFTB EF ØMFP EF DP[JOIB DPMIFS DIÈ EF DFCPMB SBMBEB CBUBUB NÏEJB H PV EVBT QFRVFOBT DFOPVSB NÏEJB PV H
DPMIFS OJWFMBEB DBGÏ EF TBM
0RGR GH ID]HU /VNB QBOFMB QFRVFOB BRVFDFS P ØMFP F SFGPHBS SBQJEBNFOUF B DFCPMB F B DBSOF "DSFTDFOUBS B CBUBUB F B DFOPVSB QJDBEBT P TBM F NBJT EPJT DPQPT EF ÈHVB NM $PMPDBS UBNQB %FJYBS DP[JOIBS BUÏ RVF PT JOHSFEJFOUFT FTUFKBN NBDJPT F RVBTF TFN ÈHVB 4F OFDFTTÈSJP BDSFTDFOUBS NBJT ÈHVB QBSB RVF PT BMJNFOUPT GJRVFN CFN NBDJPT
3DSD GH FDUi DEREULQKD H IUDQJR ,QJUHGLHQWHV DPMIFSFT TPQB EF QFJUP EF GSBOHP QJDBEJOIP DPMIFS TPCSFNFTB EF ØMFP EF DP[JOIB DPMIFS DIÈ EF DFCPMB SBMBEB DBSÈ NÏEJP H BCPCSJOIB QFRVFOB o H
DPMIFS OJWFMBEB DBGÏ EF TBM
0RGR GH ID]HU /VNB QBOFMB QFRVFOB BRVFDFS P ØMFP F SFGPHBS SBQJEBNFOUF B DFCPMB F P GSBOHP "DSFTDFOUBS P DBSÈ F B BCPCSJOIB QJDBEPT P TBM F NBJT EPJT DPQPT EF ÈHVB NM $PMPDBS UBNQB %FJYBS DP[JOIBS BUÏ RVF PT JOHSFEJFOUFT FTUFKBN NBDJPT F RVBTF TFN ÈHVB 4F OFDFTTÈSJP BDSFTDFOUBS NBJT ÈHVB QBSB RVF PT BMJNFOUPT GJRVFN CFN NBDJPT
3DSD GH IXEi IROKD GH WDLRED H FDUQH ,QJUHGLHQWHV DPMIFSFT TPQB EF DBSOF NPÓEB DPMIFS TPCSFNFTB EF ØMFP EF DP[JOIB DPMIFS DIÈ EF DFCPMB SBMBEB DPMIFSFT TPQB EF GVCÈ GPMIB EF UBJPCB PV PVUSB GPMIB WFSEF FTDVSB DPNP DPVWF FTQJOBGSF BHSJÍP CSFEP QJDBEJOIB DPMIFS OJWFMBEB DBGÏ EF TBM
0RGR GH ID]HU /VNB QBOFMB QFRVFOB BRVFDFS P ØMFP F SFGPHBS SBQJEBNFOUF B DFCPMB F B DBSOF .JTUVSBS P GVCÈ FN EPJT DPQPT EF ÈHVB NM F BDSFTDFOUBS Ë DFCPMB F Ë DBSOF $PMPDBS P TBM F EFJYBS DP[JOIBS TFN QBSBS EF NFYFS BUÏ RVF P DBMEP GJRVF FODPSQBEP +VOUBS B UBJPCB QJDBEB F DP[JOIBS QPS NBJT DJODP NJOVUPT FN GPHP CSBOEP 0CTFS WBÎÍP B DBSOF F UBJPCB TÍP CPBT GPOUFT EF GFSSP 1BSB BVNFOUBS B TVB BCTPSÎÍP PGFSFÎB Ë DSJBOÎB EF B DPQP EF TVDP EF MBSBOKB NM PV PVUSB GSVUB SJDB FN WJUBNJOB $ HPJBCB MJNÍP BDFSPMB DBKV MPHP BQØT B SFGFJÎÍP
3DSD GH DUUR] IHLMmR H EUHGR ,QJUHGLHQWHV DPMIFSFT TPQB EF BSSP[ DSV MBWBEP DPMIFS TPCSFNFTB EF ØMFP EF DP[JOIB DPMIFS DIÈ EF DFCPMB SBMBEB DPMIFSFT TPQB EF GFJKÍP QSPOUP QBTTBEP OB QFOFJSB HSPTTB PV BNBTTBEP DPN HBSGP DPMIFS TPQB EF CSFEP PV PVUSB GPMIB WFSEF FTDVSB DPNP DPVWF FTQJOBGSF BHSJÍP UBJPCB QJDBEJOIB DPMIFS OJWFMBEB DBGÏ EF TBM
0RGR GH ID]HU /VNB QBOFMB QFRVFOB BRVFDFS P ØMFP F SFGPHBS SBQJEBNFOUF B DFCPMB P BSSP[ F P TBM $PCSJS DPN ÈHVB F DP[JOIBS BUÏ RVF P BSSP[ FTUFKB RVBTF DP[JEP "DSFTDFOUBS P CSFEP QJDBEP 2VBOEP UFSNJOBS P DP[JNFOUP EP BSSP[ KVOUBS BP GFJKÍP BNBTTBS F PGFSFDFS Ë DSJBOÎB 0CTFS WBÎÍP P GFJKÍP F P CSFEP TÍP CPBT GPOUFT EF GFSSP 1BSB BVNFOUBS B TVB BCTPSÎÍP PGFSFÎB Ë DSJBOÎB EF B DPQP EF TVDP EF MBSBOKB NM PV PVUSB GSVUB SJDB FN WJUBNJOB $ HPJBCB MJNÍP BDFSPMB DBKV MPHP BQØT B SFGFJÎÍP
&DStWXOR %RDV SUiWLFDV GH KLJLHQH $VJEF EB IJHJFOF OP QSFQBSP
F NBOVTFJP EPT BMJNFOUPT (BSBOUB P TFV BSNB[FOBNFOUP F B DPOTFSWBÎÍP BEFRVBEPT 0T DVJEBEPT EF IJHJFOF OFDFTTÈSJPT QBSB QSFQBSBÎÍP F DPOTFSWBÎÍP EPT BMJNFOUPT TÍP NVJUP JNQPSUBOUFT QBSB B QSFWFOÎÍP EF EJBSSÏJB F EF VN HSBOEF OÞNFSP EF PVUSBT EPFOÎBT QSPWPDBEBT QPS BMJNFOUPT DPOUBNJOBEPT " GBMUB EF JOGPSNBÎÍP TPCSF B DPOTFSWBÎÍP EPT
2 TXH p XPD FRQWDPLQDomR" $IBNB TF DPOUBNJOBÎÍP B QSFTFOÎB EF RVBMRVFS PCKFUP TVCTUÉODJB PV PSHBOJTNP NVJUP QFRVFOP F FTUSBOIP NJDSPPSHBOJTNPT F JOEFTFKÈWFM OP BMJNFOUP " DPOUBNJOBÎÍP QPSUBOUP QPEF TFS WJTÓWFM PV JOWJTÓWFM
" DPOUBNJOBÎÍP Ï JOWJTÓWFM
RVBOEP TØ QPEFNPT FOYFSHBS VUJMJ[BOEP MFOUFT PV BQBSFMIPT EF BVNFOUP DPNP PT NJDSPTDØQJPT $PNP FYFNQMP UFNPT BT DPOUBNJOBÎÜFT DBVTBEBT QPS NJDSPPSHBOJTNPT PV QPS TVCTUÉODJBT RVÓNJDBT
0T NJDSPPSHBOJTNPT TÍP TFSFT
WJWPT QPSÏN UÍP QFRVFOPT RVF OÍP Ï QPTTÓWFM WÐ MPT B PMIP OV
0T JOTFUJDJEBT PT EFTJOGFUBOUFT PT SBUJDJEBT F PVUSPT TÍP FYFNQMPT EF TVCTUÉODJBT
RVÓNJDBT RVF QPEFN DPOUBNJOBS PT BMJNFOUPT F GB[FS NVJUP NBM Ë TBÞEF EBT QFTTPBT 1PS JTTP FTTFT QSPEVUPT OÍP EFWFN TFS DPMPDBEPT QSØYJNP EPT BMJNFOUPT
&RPR RV PLFURRUJDQLVPRV FKHJDP DRV DOLPHQWRV" 0T NJDSPPSHBOJTNPT FTUÍP FN UPEB QBSUF 0V TFKB OB ÈHVB OP BS OP TPMP OP DPSQP
IVNBOP OPT VUFOTÓMJPT OPT QJTPT OPT FRVJQBNFOUPT FUD 0T NJDSPPSHBOJTNPT HPTUBN NVJUP EF MVHBSFT TVKPT F ÞNJEPT
0T NJDSPPSHBOJTNPT QPEFN DIFHBS BPT BMJNFOUPT QPS NFJP EF NPTDBT SBUPT
CBSBUBT F PVUSPT BOJNBJT QPFJSB QFMBT NÍPT TVKBT GBMUB EF IJHJFOF QFTTPBM QPS VUFOTÓMJPT TVKPT ÈHVB F PVUSPT MÓRVJEPT DPOUBNJOBEPT
2VBOEP PT NJDSPPSHBOJTNPT FODPOUSBN PT 0T NJDSPPSHBOJTNPT OFDFTTJUBN QBSB TF BMJNFOUPT TF SFQSPEV[FN NVMUJQMJDBOEP EFTFOWPMWFSFN EF VN DMJNB ÞNJEP TF DPN HSBOEF GBDJMJEBEF 1BSB FWJUBS F NPSOP 1SFGFSFN B UFNQFSBUVSB B EFUFSJPSBÎÍP F B DPOUBNJOBÎÍP BNCJFOUF FOUSF $ B $ /FTTB DPN SFQSPEV QMJDBN NJDSPPSHBOJ EFOEP EPT QSJODJQB T F FTUSBHBS B TFSFN PCT Ï DPN B UFN EPT BMJNFOUP FTQFDJBMNFO BQØT TFSFN QSFQBSBEPT F DPN P UFNQP FOUSF P QSFQBSP F P DPOTVNP
$FLPD GH & D PDLRULD GRV PLFURRUJDQLVPRV VmR GHVWUXtGRV H DEDL[R GH & HOHV GHL[DP GH VH UHSURGX]LU 'Dt D LPSRUWkQFLD GH PDQWHU RV DOLPHQWRV VRE UHIULJHUDomR DEDL[R GH & H DTXHFr ORV DFLPD GH & DQWHV GH VHUYL ORV
2 TXH GHYH VHU IHLWR SDUD FRPEDWHU HVWHV LQLPLJRV &XLGDU GD KLJLHQH SHVVRDO 5PEB B GBNÓMJB EFWFSÈ NBOUFS CPOT IÈCJUPT EF IJHJFOF UBJT DPNP
UPNBS CBOIP UPEPT PT EJBT NBOUFS VOIBT DPSUBEBT F DBCFMPT MJNQPT FTDPWBS PT EFOUFT BQØT DBEB SFGFJÎÍP
"OUFT EF QSFQBSBS PT BMJNFOUPT F BOUFT EF PGFSFDÐ MPT Ë DSJBOÎB
MBWBS CFN BT NÍPT QSFOEFS PT DBCFMPT F FWJUBS P VTP EF BOÏJT F QVMTFJSBT OÍP GVNBS &WJUBS UPTTJS GVNBS FTQJSSBS FORVBOUP FTUJWFS DP[JOIBOEP 2VBOEP FTUJWFS UPTTJOEP F OÍP DPOUBS DPN B BKVEB EF PVUSB QFTTPB QBSB QSFQBSBS F PGFSFDFS PT BMJNFOUPT B DSJBOÎB Ï JNQPSUBOUF QSPUFHFS B CPDB F P OBSJ[ DPN VN QBOP
2EVHUYDU RV VHJXLQWHV FXLGDGRV QR SUHSDUR GRV DOLPHQWWRV
/ÍP SFBQSPWFJUF NBJT UBSEF BT TPCSBT EF BMJNFOUPT RVF SFTUBSBN OP QSBUP PV DPQP BQØT VNB SFGFJÎÍP
6UJMJ[F ÈHVB GJMUSBEB QBSB P QSFQBSP EF BMJNFO DP[JEPT
6UJMJ[F ÈHVB GJMUSBEB F PV GFSWJEB PV NJOFSBM QBSB P QSFQBSP EF BMJNFOUPT DPN GSVUBT F MFHVNFT RVF
PGFSFDJEPT DSVT Ë DSJBOÎB
-BWF F DP[JOIF CFN PT BMJNFOUPT BOUFT EF TFSFN PGFSFDJEPT Ë DSJBOÎB
-BWF BT GSVUBT FN ÈHVB DPSSFOUF BOUFT EF TFSFN EFTDBTDBEBT .FTNP BRVFMBT RVF OÍP TÍP DPOTVNJEBT DPN DBTDB EFWFN TFS MBWBEBT QPJT B TVKFJSB EB DBTDB QPEF DPOUBNJOBS B GSVUB OP NPNFOUP
0T BMJNFOUPT RVF TFSÍP DPOTVNJEPT QFMB DSJBOÎB PV VUJMJ[BEPT QBSB QSFQBSBS TVBT SFGFJÎÜFT EFWFN TFS HVBSEBEPT FN EFQØTJUPT MJNQPT F TFDPT FN MPDBM GSFTDP UBNQBEPT F MPOHF EP DPOUBUP DPN NPTDBT PV PVUSPT JOTFUPT BOJNBJT F QPFJSB
&WJUF RVF PT BMJNFOUPT DSVT F PT DP[JEPT FOUSFN FN DPOUBUP DPN TVQFSGÓDJFT PV VUFOTÓMJPT NBM IJHJFOJ[BEPT PV NBM BSNB[FOBEPT OP JOUFSJPS EF GSFF[FST PV HFMBEFJSBT 0 DPOUBUP EP QSPEVUP DSV QPEF MFWBS Ë DPOUBNJOBÎÍP EP QSPEVUP QSPOUP F DBVTBS JOUPYJDBÎÍP BMJNFOUBS
0T BMJNFOUPT EFQPJT EF DP[JEPT EFWFN TFS DPOTVNJEPT P NBJT SÈQJEP QPTTÓWFM QBSB FWJUBS RVF FTUSBHVFN PV TFKBN DPOUBNJOBEPT QPS PVUSP BMJNFOUP PV QPS PVUSB GPSNB EF DPOUBNJOBÎÍP BHFOUFT WJTÓWFJT PV JOWJTÓWFJT 2VBOEP JTTP OÍP GPS QPTTÓWFM PT BMJNFOUPT EFQPJT EF DP[JEPT EFWFN TFS DPOTFSWBEPT FN SFGSJHFSBÎÍP PV TFKB OB
&XLGDU GR DPELHQWH
.BOUFOIB P BNCJFOUF BT TVQFSGÓDJFT F PT VUFOTÓMJPT DP QSBUP DPQP GBDB QBOFMB FUD TFNQSF MJNQPT
-BWF F FOYÈHàF DPN ÈHVB MJNQB ÈHVB GJMUSBEB F PV GFSW NJOFSBM UPEP VUFOTÓMJP DPQP DPMIFS FUD RVF WBJ TFS VU QBSB QSFQBSBS F PGFSFDFS PT BMJNFOUPT Ë DSJBOÎB
6UJMJ[F QBOPT EF DP[JOIB DPNP QPS FYFNQMP PT QBOPT EF QSBUP MJNQPT F TFDPT 1BOPT EF DP[JOIB RVBOEP TVKPT TÍP NVJUP QFSJHPTPT QPJT QPEFN DBVTBS B DPOUBNJOBÎÍP EPT BMJNFOUPT
$PMPRVF P MJYP QSPEV[JEP FN SFDJQJFOUFT BQSPQSJBEPT F RVF QPTTVBN UBNQB NBOUFOEP P DPNQMFUBNFOUF GFDIBEPT EVSBOUF UPEP P QFSÓPEP RVF QFSNBOFDFS FN DBTB F FWJUF P TFV BDÞNVMP FYDFTTJWP GB[FOEP P SFDPMIJNFOUP QFSJPEJDBNFOUF
2VBOUP Ë HFMBEFJSB WFSJGJRVF TF FMB FTUÈ DPN CPN GVODJPOBNFOUP TF BQSFTFOUB CPB WFEBÎÍP F FWJUF BCSJS B QPSUB B UPEP P NPNFOUP
$BTP B GBNÓMJB OÍP QPTTVB VNB HFMBEFJSB PV RVBOEP B HFMBEFJSB OÍP FTUJWFS HFMBOEP CFN QSFQBSF PT BMJNFOUPT EB DSJBOÎB QSØYJNP B DBEB SFGFJÎÍP F OÍP VUJMJ[F BT TPCSBT
2EVHUYDU RV VHJXLQWHV FXLGDGRV KLJLrQLFRV FRP R XVR GD PDPDGHLUD " IJHJFOF EF RVFN QSFQBSB F PGFSFDF BT NBNBEFJSBT Ï P QBTTP JOJDJBM QBSB FWJUBS VNB QPTTÓWFM DPOUBNJOBÎÍP EP BMJNFOUP F DPOTFRàFOUFNFOUF EB DSJBOÎB $PNP KÈ GPJ FYQMJDBEP Ï OFDFTTÈSJP DVJEBS EB IJHJFOF QFTTPBM NBOUFS BT VOIBT TFNQSF DPSUBEBT PT DBCFMPT QSFTPT F BT NÍPT F BOUFCSBÎPT CFN MBWBEPT DPN TBCÍP UPEBT BT WF[FT FN RVF TF GPS UPDBS PT VUFOTÓMJPT PV BMJNFOUPT F PGFSFDFS B NBNBEFJSB 0CTFSWF PT TFHVJOUFT DVJEBEPT IJHJÐOJDPT DPN B NBNBEFJSB -BWF UPEPT PT VUFOTÓMJPT TF QPTTÓWFM FN ÈHVB DPSSFOUF PV VUJMJ[F ÈHVB GJMUSBEB F PV GFSWJEB PV NJOFSBM 6UJMJ[F FTDPWB BQSPQSJBEB EF DBCP MPOHP F EFUFSHFOUF QBSB MBWBS B NBNBEFJSB UPNBOEP FTQFDJBM DVJEBEP DPN BT EPCSBT POEF GSFRàFOUFNFOUF TF BDVNVMBN SFTÓEVPT EF MFJUF 1BSB B MBWBHFN EF CJDPT VUJMJ[F FTDPWJOIB QSØQSJB PV FTQPOKB WJSBOEP PT QFMP BWFTTP QBSB SFUJSBS RVBMRVFS SFTÓEVP SFTUBOUF " UBNQB F B SPTDB EB NBNBEFJSB UBNCÏN EFWFN TFS CFN MBWBEBT
FTDPWBT VUJMJ[BEBT OB MBWBHFN EBT NBNBEFJSBT F CJDPT
/ÍP VUJMJ[F TBCÍP FN CBSSB RVF FN DPOUBUP DPN PT SFTUPT EP MFJUF GPSNB VN SFTÓEVP WJTDPTP EJGÓDJM EF TFS SFUJSBEP
&TDPSSB B ÈHVB EP SFDJQJFOUF SFUJSF P NBUFSJBM KÈ FTUFSJMJ[BEP TF QPTTÓWFM VUJMJ[BOEP QJOÎB QBSB FWJUBS P DPOUBUP EJSFUP DPN BT NÍPT &TDPSSB CFN FN VN QBOP EF QSBUP TFQBSBEP FTQFDJBMNFOUF QBSB FTTB GJOBMJEBEF MJNQP F QBTTBEP B GFSSP F HVBSEF FN SFDJQJFOUF MJNQP F DPN UBNQB /ÍP Ï OFDFTTÈSJP TFDBS /VODB VUJMJ[F iQBOP EF QSBUP VTBEPw QPS SFQSFTFOUBS SJTDP EF DPOUBNJOBÎÍP
&OYÈHVF CFN B NBNBEFJSB PT CJDPT B UBNQB B QJOÎB F UPEPT PT PVUSPT VUFOTÓMJPT VUJMJ[BEPT QBSB B BENJOJTUSBÎÍP EB BMJNFOUBÎÍP Ë DSJBOÎB BUÏ SFUJSBS QPS DPNQMFUP PT SFTUPT EF EFUFSHFOUF %FQPJT EF CFN FOYBHVBEPT DPMPRVF PT FN VN SFDJQJFOUF QBOFMB PV DBMEFJSÍP F DVCSB PT DPN ÈHVB QPOEP PT FN TFHVJEB QBSB GFSWFS QPS NJOVUPT DPOUBEPT B QBSUJS EP JOÓDJP EB GFSWVSB
2EVHUYH R WHPSR GH YLGD ~WLO WHPSR GH YDOLGDGH GD PDPDGHLUD QR UyWXOR GD HPEDODJHP
&DSLWXOR 5HFRPHQGDo}HV LPSRUWDQWHV 3DUD FULDQoDV H[SRVWDV DR +,9
/PUB FYQMJDBUJWB o P ";5 JOUSBWFOPTP RVF B NÍF EFWF SFDFCFS EVSBOUF UPEP P USBCBMIP EF QBSUP F P ";5 YBSPQF RVF B DSJBOÎB EFWFSÈ SFDFCFS MPHP BQØT P QBSUP BUÏ IPSBT EF WJEB UFN QPS GJOBMJEBEF QSPUFHFS B DSJBOÎB EP )*7 DPN RVF JOFWJUBWFMNFOUF FMB FOUSB FN DPOUBUP EVSBOUF P USBCBMIP EF QBSUP QPS FTUBS QSFTFOUF OP TBOHVF F TFDSFÎÜFT NBUFSOB
"T DSJBOÎBT OBTDJEBT EF NÍFT )*7 EFWFSÍP TFS BUFOEJEBT FN TFS WJÎPT EF QFEJBUSJB FTQFDJBMJ[BEPT QBSB P BUFOEJNFOUP EFTTBT DSJBOÎBT BUÏ B EFGJOJÎÍP EF TFV EJBHOØTUJDP "T DSJBOÎBT OBTDJEBT EF NÍFT %VSBOUF FTTF QFSÓPEP B DSJBOÎB QPEFSÈ )*7 EFWFN BQØT GJOBMJ[BS P VTP TFS BUFOEJEB DPOKVOUBNFOUF OB EP ";5 YBSPQF BQØT P EJB EF VOJEBEF CÈTJDB EF TBÞEF WJEB SFDFCFS USBUBNFOUP QBSB OÍP UFS QOFVNPOJB DBVTBEB QPS VN NJDSØCJP /PUB FYQMJDBUJWB o B DSJBOÎB GJMIB EF DIBNBEP 1OFVNPDZTUJT DBSJOJJ NÍF )*7 BP OBTDFS UFN OP TBOHVF PT BOUJDPSQPT SFTQPTUB EF EFGFTB EP DPSQP /PUB FYQMJDBUJWB o FTTF UJQP EF BP WÓSVT RVF B NÍF QBTTB QBSB FMB 1PS QOFVNPOJB Ï NVJUP GSFRàFOUF F HSBWF FN FTTF NPUJWP P UFTUF OBT DSJBOÎBT EF NÍFT DSJBOÎBT JNVOPEFQSJNJEBT QFMB BÎÍP EP QPSUBEPSBT EP )*7 TFSÈ SFBHFOUF MPHP BQØT )*7 "TTJN DPNP OÍP TF TBCF TF B DSJBOÎB P QBSUP OÍP TJHOJGJDBOEP OFDFTTBSJBNFOUF GPJ JOGFDUBEB QFMP )*7 UPEBT BT DSJBOÎBT RVF B DSJBOÎB UFOIB P WÓSVT OBTDJEBT EF NVMIFSFT )*7 EFWFN SFDFCFS 4F B DSJBOÎB OÍP GPJ JOGFDUBEB QFMP FTTB NFEJEB QSFWFOUJWB BUÏ B EFGJOJÎÍP EF )*7 PT BOUJDPSQPT NBUFSOPT RVF FTUÍP TFV EJBHOØTUJDP EF JOGFDÎÍP QFMP )*7 OP TBOHVF EB DSJBOÎB WÍP EJNJOVJOEP BP MPOHP EP UFNQP "P DPOUSÈSJP TF B DSJBOÎB 0 BDPNQBOIBNFOUP EB DSJBOÎB GPJ JOGFDUBEB PT BOUJDPSQPT JSÍP BVNFOUBS EFWF TFS NFOTBM PV B DBEB EPJT NFTFT BP MPOHP EP UFNQP QPSRVF OFTTFT DBTPT OPT QSJNFJSPT NFTFT EF WJEB F FN FMFT TÍP QSPEV[JEPT QFMP QSØQSJP DPSQP TFHVJEB B DBEB USÐT NFTFT EB DSJBOÎB ² QPS JTTP RVF P EJBHOØTUJDP EFGJOJUJWP QFMPT UFTUFT DPNVOT &-*4" /PUB FYQMJDBUJWB EVSBOUF BT DPOTVMUBT EB TJUVBÎÍP EF JOGFDÎÍP PV OÍP EB DSJBOÎB TFSÈ SFHJTUSBEP P QFTP B BMUVSB F B NFEJEB TPNFOUF TFSÈ QPTTÓWFM BQØT VN BOP F NFJP EB DBCFÎB EB DSJBOÎB " BWBMJBÎÍP EF EP OBTDJNFOUP TFV DSFTDJNFOUP F EFTFOWPMWJNFOUP Ï FYUSFNBNFOUF JNQPSUBOUF QPSRVF BT -PHP BQØT P OBTDJNFOUP OP DSJBOÎBT RVBOEP FTUÍP JOGFDUBEBT QFMP )*7 NÈYJNP BUÏ PJUP IPSBT BQØT P QBSUP QPEFN KÈ OPT QSJNFJSPT NFTFT EF WJEB B DSJBOÎB JOJDJB P VTP EP ";5 YBSPQF BQSFTFOUBS EJGJDVMEBEF EF HBOIP EF QFTP RVF EFWFSÈ TFS NBOUJEP EVSBOUF BT EFWFOEP SFDFCFS QPS FTTF NPUJWP TVQPSUF QSJNFJSBT TFNBOBT EF WJEB OVUSJDJPOBM NFTNP BOUFT EB EFGJOJÎÍP EF EJBT TFV EJBHOØTUJDP
*OJDJBS P FTRVFNB EF WBDJOBÎÍP EB DSJBOÎB BJOEB OB NBUFSOJEBEF /PUB FYQMJDBUJWB o UPEB DSJBOÎB FYQPTUB PV OÍP BP )*7 EFWFSÈ TFHVJS P FTRVFNB EF WBDJOBÎÍP SFDPNFOEBEP QFMP .JOJTUÏSJP EB 4BÞEF %FWF TF EFTUBDBS RVF FTTBT DSJBOÎBT FN WJSUVEF EF QPTTVJS SJTDP BVNFOUBEP EFWFN TFS WBDJOBEBT DPOUSB B UVCFSDVMPTF WBDJOB #$( JE F DPOUSB P WÓSVT EB )FQBUJUF # MPHP BQØT P OBTDJNFOUP BJOEB OB NBUFSOJEBEF %VSBOUF P TFV BDPNQBOIBNFOUP BT DSJBOÎBT EFWFN SFDFCFS UPEBT BT WBDJOBT EP DBMFOEÈSJP PGJDJBM "T NPEJGJDBÎÜFT EFTTF DBMFOEÈSJP TFSÍP GFJUBT TF OFDFTTÈSJP QFMP QFEJBUSB RVF BDPNQBOIB B DSJBOÎB OP TFSWJÎP FTQFDJBMJ[BEP
3DUD FULDQoDV H[SRVWDV DR +7/9 "T DSJBOÎBT FYQPTUBT BP )5-7 EFWFN TFS BMJNFOUBEBT DPN GØSNVMB JOGBOUJM TFS FODBNJOIBEBT QBSB B SFBMJ[BÎÍP EF TPSPMPHJB QBSB P )5-7 QBSB TBCFS TF B DSJBOÎB GPJ JOGFDUBEB TFS WBDJOBEBT DPOGPSNF P FTRVFNB EP $BMFOEÈSJP #ÈTJDP EF 7BDJOBÎÍP $#7 SFDPNFOEBEP QFMP .JOJTUÏSJP EB 4BÞEF /ÍP IÈ OFTDFTTJEBEF EF BT DSJBOÎBT OBTDJEBT EF NÍFT )5-7 QPTJUJWBT TFSFN BUFOEJEBT FN TFS WJÎPT EF QFEJBUSJB FTQFDJBMJ[BEPT
WFSUJDBMNFOUF QFMP )5-7 BT DSJBOÎBT EFWFSÍP TFS BDPNQBOIBEBT OB VOJEBEF CÈTJDB EF TBÞEF RVF BT FODBNJOIBSBN TF OFTDFTTÈSJP BP FTQFDJBMJTUB
3DUD WRGDV DV FULDQoDV 3FHJTUSF B DSJBOÎB OP DBSUØSJP EB NBUFSOJEBEF PV OP NBJT QSØYJNP EF DBTB /PUB FYQMJDBUJWB o B NBUFSOJEBEF EFWF GPSOFDFS B i%FDMBSBÎÍP EF /BTDJEP 7JWPw RVF EFWF TFS MFWBEB BP DBSUØSJP EF SFHJTUSP DJWJM QBSB RVF P SFHJTUSP EB DSJBOÎB TFKB GFJUP &TTF SFHJTUSP Ï HSBUVJUP F Ï VN EJSFJUP EB DSJBOÎB 0 SFHJTUSP EF OBTDJNFOUP Ï B DPOGJSNBÎÍP EB FYJTUÐODJB EB DSJBOÎB GB[FOEP P B DJEBEÍ P QSPDVSF JOGPSNBÎÜFT OB VOJEBEF EF TBÞEF NBJT QSØYJNB EF DBTB TPCSF PT QSPHSBNBT EF BTTJTUÐODJB OVUSJDJPOBM EJTQPOÓWFJT /PUB FYQMJDBUJWB o FTTFT QSPHSBNBT TÍP EJSFDJPOBEPT QBSB BT GBNÓMJBT RVF QPTTVFN CBJYB SFOEB PV QBSB QFTTPBT RVF BQSFTFOUBN TJUVBÎÜFT FTQFDJBJT 3RU WRGRV RV PRWLYRV DFLPD UHIHULGRV H RXWURV DTXL QmR PHQFLRQDGRV D FULDQoD TXH QmR SRGH VHU DPDPHQWDGD GHYH WHU DOWD GD PDWHUQLGDGH FRP GXDV D TXDWUR ODWDV GD )yUPXOD LQIDQWLO FRQIRUPH GHILQLomR GD ORJtVWLFD ORFDO H FRP VXD FRQVXOWD DJHQGDGD HP VHUYLoR HVSHFLDOL]DGR SDUD VHJXLPHQWR GD FULDQoD 6HU DFRPSDQKDGDV HP VHUYLoR HVSHFLDOL]DGR p XP GLUHLWR GD PmH H GH VXD FULDQoD SRUWDQWR H[LMD LVVR
/PUB FYQMJDBUJWB NFTNP BQØT DPOGJSNBÎÍP EP EJBHOØTUJDP EF JOGFDUBEBT
'HVHQYROYLPHQWR GD FULDQoD
PV PCKFUP TPOPSP *EBEF @@@@@@@@@@@@
%FTFOWPMWFS TF Ï DSFTDFS BQSFOEFS F B NFTFT o FMF HPTUB EF CSJODBS F GB[FS DPJTBT OPWBT EJGFSFOUFT $BEB DPN B NÍF F DPN PT GBNJMJBSFT ®T WF[FT DSJBOÎB UFN VN KFJUP QSØQSJP EF TF FTUSBOIB QFTTPBT EF GPSB EF DBTB /ÍP EFTFOWPMWFS 3FHJTUSF OPT FTQBÎPT BCBJYP P HPTUB EF GJDBS TØ +È GJDB TFOUBEP F UBNCÏN EFTFOWPMWJNFOUP EB DSJBOÎB QPEF TF BSSBTUBS PV FOHBUJOIBS QPEF BUÏ NFTNP UFOUBS TF QÙS EF QÏ ² NVJUP B -PHP BQØT P OBTDJNFOUP o P CFCÐ DVSJPTP QPS JTTP OÍP TF EFWF EFJYBS BP TFV HPTUB EF PVWJS B NÍF GBMBS F DBOUBSPMBS BMDBODF SFNÏEJPT JOTFUJDJEBT F QFRVFOPT FORVBOUP DVJEB EFMF &MF KÈ DPOTFHVF PCKFUPT EFNPOTUSBS TJOBJT EF QSB[FS F EFTDPOGPSUP +È GJDB TFOUBEP TFN BQPJP *EBEF @@@@@@@@@@@@ C B NFTFT o OP DPMP EB NÍF TF TFOUF TFHVSP F BDBMFOUBEP &MF HPTUB G B NFTFT o P CFCÐ FTUÈ EF GJDBS FN WÈSJBT QPTJÎÜFT F PMIBS QBSB DSFTDJEP HPTUB EF JNJUBS PT QBJT EÈ BEFVT PCKFUPT DPMPSJEPT .BT TPCSFUVEP HPTUB CBUF QBMNBT 'BMB QFMP NFOPT VNB QBMBWSB EF WFS P SPTUP EB NÍF DPN TFOUJEP BQPOUB QBSB P RVF RVFS 3FTQPOEF BP TPSSJTP F KÈ QFHB PT PCKFUPT DPN P QPMFHBS F P *EBEF @@@@@@@@@@@@ JOEJDBEPS (PTUB EF GJDBS FN QÏ BQPJBOEP TF OPT NØWFJT PV OBT QFTTPBT D B NFTFT o P CFCÐ FTUÈ CFN &OHBUJOIB PV BOEB DPN BQPJP NBJT BUJWP PMIB QBSB RVFN P PCTFSWB *EBEF @@@@@@@@@@@@ BDPNQBOIB DPN P PMIBS F SFTQPOEF DPN CBMCVDJPT RVBOEP BMHVÏN DPOWFSTB DPN H B NFTFT o B DSJBOÎB FTUÈ FMF (PTUB EF PMIBS F QÙS BT TVBT NÍPT OB DBEB WF[ NBJT JOEFQFOEFOUF RVFS DPNFS CPDB "QSFDJB B DPNQBOIJB EB NÍF F HPTUB TP[JOIB F KÈ TF SFDPOIFDF OP FTQFMIP EF USPDBS EF MVHBS NBT BUFOÎÍP QPSRVF KÈ "OEB BMHVOT QBTTPT NBT TFNQSF CVTDB P OÍP GJDB RVJFUP F QPEF DBJS PMIBS EPT QBJT PV GBNJMJBSFT 'BMB BMHVNBT %F CSVÎPT MFWBOUB B DBCFÎB F QBMBWSBT F ËT WF[FT GSBTFT EF EVBT PV USÐT PNCSPT QBMBWSBT #SJODB DPN CSJORVFEPT F QPEF *EBEF @@@@@@@@@@@@ UFS VN QSFEJMFUP "OEB TP[JOIP E B NFTFT o P CFCÐ TBCF RVBOEP *EBEF @@@@@@@@@@@@ TF EJSJHFN B FMF F HPTUB EF DPOWFSTBS 2VBOEP PVWF VNB WP[ QSPDVSB DPN P I NFTFT B BOPT o B DSJBOÎB PMIBS &MF KÈ SPMB TFOUB DPN BQPJP F MFWB PT KÈ BOEB DPN TFHVSBOÎB EÈ QFRVFOBT TFVT QÏT Ë CPDB 1BSB RVF FMF TF NPWJNFOUF DPSSJEBT TPCF F EFTDF FTDBEBT #SJODB DPN NFMIPS B NÍF PV RVFN DVJEB EFMF EFWF WÈSJPT CSJORVFEPT "DFJUB B DPNQBOIJB EF DPMPDÈ MP OP DIÍP 1BSB FWJUBS RVFEBT OÍP PVUSBT DSJBOÎBT QPSÏN CSJODB TP[JOIB +È TF EFWF EFJYÈ MP FN MVHBSFT BMUPT UFN WPOUBEF QSØQSJB GBMB NVJUP B QBMBWSB 7JSB B DBCFÎB OB EJSFÎÍP EF VNB WP[
OÍP 4PCF F NFYF FN UVEP EFWF TF UFS DVJEBEP DPN P GPHP F DBCPT EF QBOFMBT $PSSF F PV TPCF EFHSBVT CBJYPT *EBEF @@@@@@@@@@@@
6mR GLUHLWRV GD FULDQoD 1FSNBOFDFS FN BMPKBNFOUP
DPOKVOUP FN DPOUBUP EJSFUP DPN B TVB NÍF JNFEJBUBNFOUF BQØT PT DVJEBEPT EP QFEJBUSB J B BOPT o B DSJBOÎB HPTUB EF EB TBMB EF QBSUP BKVEBS B TF WFTUJS &TUÈ GJDBOEP TBCJEB EÈ 4FS SFHJTUSBEB HSBUVJUBNFOUF OPNFT BPT PCKFUPT EJ[ TFV QSØQSJP OPNF /ÍP TFS BNBNFOUBEB RVBOEP P MFJUF F GBMB iNFVw " NÍF EFWF DPNFÎBS BPT NBUFSOP DPOUÏN NJDSPPSHBOJTNPT PV QPVDPT B UJSBS B GSBMEB F FOTJOBS DPN TVCTUÉODJBT RVF QÜFN FN SJTDP TVB WJEB QBDJÐODJB B VTBS P QFOJRVJOIP &MB KÈ F PV TVB TBÞEF EFNPOTUSB TVBT BMFHSJBT USJTUF[BT F SBJWBT 2VBOEP B GBNÓMJB OÍP EJTQVTFS EF (PTUB EF PVWJS IJTUØSJBT F FTUÈ DIFJB EF SFDVSTPT GJOBODFJSPT SFDFCFS HSBUVJUBNFOUF QFSHVOUBT B 'ØSNVMB JOGBOUJM JOEJDBEB QBSB TVQSJS BT %J[ TFV OPNF F OPNFJB PCKFUPT OFDFTTJEBEFT OVUSJDJPOBJT EB TVB JEBEF DPNP TFOEP TFVT 4FS CFN BMJNFOUBEB F BDPNQBOIBEB *EBEF @@@@@@@@@@@@ OP TFV DSFTDJNFOUP F EFTFOWPMWJNFOUP 7JWFS FN MVHBS MJNQP FOTPMBSBEP K B BOPT o HPTUB EF CSJODBS F BSFKBEP UFS PQPSUVOJEBEF EF CSJODBS F DPN PVUSBT DSJBOÎBT 5FN JOUFSFTTF BQSFOEFS FN BQSFOEFS TPCSF UVEP P RVF B DFSDB 7JWFS FN VN BNCJFOUF BGFUVPTP F JODMVTJWF DPOUBS F SFDPOIFDFS BT DPSFT TFN WJPMÐODJB "KVEB B WFTUJS TF F B DBMÎBS PT TBQBUPT 3FDFCFS HSBUVJUBNFOUF BT WBDJOBT #SJODB JNJUBOEP BT TJUVBÎÜFT EP TFV JOEJDBEBT OP $BMFOEÈSJP #ÈTJDP EF DPUJEJBOP F PT TFVT QBJT 7BDJOBÎÍP $#7 7FTUF TF DPN BVYÓMJP $POUBS DPN CPOT TFSWJÎPT EF TBÞEF *EBEF @@@@@@@@@@@@ DSFDIFT F QSÏ FTDPMBT EF RVBMJEBEF 4FS BDPNQBOIBEB QFMPT QBJT OPT L B BOPT o B DSJBOÎB HPTUB EF TFSWJÎPT EF TBÞEF PV FN RVBMRVFS PVUSP PVWJS IJTUØSJBT BQSFOEFS DBOÎÜFT WFS MVHBS MJWSPT F SFWJTUBT 7FTUF TF F UPNB CBOIP TP[JOIB &TDPMIF TVBT SPVQBT TVB DPNJEB 9RFr SRGH DMXGDU D JDUDQWLU HVVHV F TFVT BNJHPT $PSSF F QVMB BMUFSOBOEP GLUHLWRV ,GHQWLILFDGR R QmR FXPSULPHQWR PT QÏT (PTUB EF FYQSFTTBS BT TVBT JEÏJBT GHVVHV GLUHLWRV GHQXQFLH ± 'LVTXH 6D~GH DPNFOUBS P TFV DPUJEJBOP F ËT WF[FT HVVD OLJDomR p JUDWXLWD DPOUB IJTUØSJBT $POUB PV JOWFOUB QFRVFOBT IJTUØSJBT *EBEF @@@@@@@@@@@@
%LEOLRJUDILD
(TXLSH GH HODERUDomR
"SNTUSPOH ) 5FDOIOJRVFT PG GFFEJOH JOGBOUT UIF DBTF PG GFFEJOH 3FTFBSDI *O "DUJPO *O /VUSJUJPO 4FDUJPO O +VOF 6/*$&' /FX :PSL $/* 4&/"* 4&#3"& $BSUJMIB EP .BOJQVMBEPS EF "MJNFOUPT 4ÏSJF 2VBMJEBEF F 4FHVSBOÎB "MJNFOUBS B FEJÎÍP %FQBSUBNFOUP EF 1FEJBUSJB 6OJWFSTJEBEF 'FEFSBM EP 1BSBOÈ .BOVBM EF /FPOBUPMPHJB B FEJÎÍP <CBTFBEP FN -BXSFODF 3. -BXSFODF 3" (JWFO UIF #FOFmUT PG #SFBTUGFFEJOH XIBU $POUSBJOEJDBUJPOT &YJTU 1FEJBUSJD $MJOJDT PG /PSUI "NFSJDB 'FCSVBSZ > %FQBSUBNFOUP EF 1FEJBUSJB EB 'BDVMEBEF EF .FEJDJOB EB 6OJWFSTJEBEF 'FEFSBM EP 3JP EF +BOFJSP 6'3+ 3PUJOBT EF 1FEJBUSJB *11.( $BQ Q 3JP EF +BOFJSP $VMUVSB .ÏEJDB &6$-:%&4 . 1 /VUSJÎÍP EP MBDUFOUF 7JÎPTB .( (JVHMJBOJ &3+ 0 BMFJUBNFOUP NBUFSOP OB QSÈUJDB DMÓOJDB + 1FEJBUS 3JP + 4VQM 4 .JOJTUÏSJP EB 4BÞEF "QSFOEFOEP TPCSF 7JUBNJOB " 'FSSP F *PEP #SBTÓMJB %' .JOJTUÏSJP EB 4BÞEF %F[ 1BTTPT QBSB VNB "MJNFOUBÎÍP 4BVEÈWFM (VJB BMJNFOUBS QBSB DSJBOÎBT NFOPSFT EF BOPT #SBTÓMJB %' 1SFGFJUVSB EB $JEBEF EP 3JP EF +BOFJSP 4FDSFUBSJB .VOJDJQBM EF 4BÞEF 4VQFSJOUFOEÐODJB EF $POUSPMF EF ;PPOPTFT 7JHJMÉODJB F 'JTDBMJ[BÎÍP 4BOJUÈSJB .BOVBM EF )JHJFOF QBSB .BOJQVMBEPS EF "MJNFOUPT 3JP EF +BOFJSP 3+ 4FDSFUBSJB EF &TUBEP EB 4BÞEF EF 4ÍP 1BVMP "MJNFOUBÎÍP QBSB $SJBOÎBT /BTDJEBT EF .ÍFT 1PSUBEPSBT EF )*7 4ÍP 1BVMP 41 XXX CFCFNBOJB DPN CS TBVEF QFEJBUSJB QFEJBUSJB TIUNM XXX BMFJUBNFOUP PSHCS YJDBSBT IUNM XXX TPTEPVUPS DPN CS TPTBNBNFOUBDBP BMFJUN@ #VDBM IUN
"MFYJB -VDJBOB 'FSSFJSB o «SFB 5ÏDOJDB EF 4BÞEF EB $SJBOÎB %"1& 4"4 .4 "OB -VDJB 3JCFJSP EF 7BTDPODFMPT o 1/ %45 "*%4 474 .4 $BSMB #SBTJM o «SFB 5ÏDOJDB EF 4BÞEF EB $SJBOÎB %"1& 4"4 .4 &EVBSEP $BNQPT EF 0MJWFJSB o 1/ %45 "*%4 474 .4 ,FMWB ,BSJOB /PHVFJSB EF $BS WBMIP EF "RVJOP o $(1"/ %"# 4"4 .4 .JF 0LBNVSB o 1/ %45 "*%4 474 .4 3FOBUB "MWFT .POUFJSP o «SFB 5ÏDOJDB EF 4BÞEF EB $SJBOÎB %"1& 4"4 .4 3PTFBOF EP 4PDPSSP (POÎBMWFT 7JBOB o $(1"/ %"# 4"4 .4 4POJB .BSJB 4BMWJBOP .BUPT EF "MFODBS o «SFB 5ÏDOJDB EF 4BÞEF EB $SJBOÎB %"1& 4"4 .4
&RODERUDGRUHV "CJMFOF EP / (PVWÐB o $POTVMUPSB EP 1/ %45 "*%4 474 .4 "MJOF %JOJ[ 3PESJHVFT $BMEBT o $POTVMUPSB EB $(1"/ %"# 4"4 .4 "OÈMJB 3JCFJSP )FDL o $POTVMUPSB EB «SFB 5ÏDOJDB EF 4BÞEF EB $SJBOÎB %"1& 4"4 .4 $BSNFO -ÞDJB 0MJWFJSB 4JMWB o $POTVMUPSB EP 1/ %45 "*%4 474 .4 %FOJTF $PTUB $PVUJOIP o $POTVMUPSB EB $(1"/ %"# 4"4 .4 &EWBMEP EB 4JMWB 4PV[B o $POTVMUPS EP 1/ %45 "*%4 474 .4 &MJ[BCFUUB 3FDJOF o $POTVMUPSB EB $(1"/ %"# 4"4 .4 'SBO[ 3FJT /PWBL o $POTVMUPS EB «SFB 5ÏDOJDB EF 4BÞEF EB $SJBOÎB %"1& 4"4 .4 +PÍP "QSJHJP (VFSSB EF "MNFJEB o $POTVMUPS EB «SFB 5ÏDOJDB EF 4BÞEF EB $SJBOÎB %"1& 4"4 .4 ,FJLP .JZBTBLJ 5FSVZB o $POTVMUPSB EB «SFB 5ÏDOJDB EF 4BÞEF EB $SJBOÎB %"1& 4"4 .4 -VJTB )BSVOBSJ .BUJEB o $POTVMUPSB EP 1/ %45 "*%4 474 .4 -VJTB .BSHBSFUI " $BSOFJSP o $POTVMUPSB EB «SFB 5ÏDOJDB EF 4BÞEF EB $SJBOÎB %"1& 4"4 .4 .BSDJB +BOJOJ %BM 'BCCSP o $POTVMUPSB EP 1/ %45 "*%4 474 .4 .BSJB +PTÏ (VBSEJB .BUUBS o $POTVMUPSB EB «SFB 5ÏDOJDB EF 4BÞEF EB $SJBOÎB %"1& 4"4 .4 3FHJOB 4VDDJ o $POTVMUPSB EP 1/ %45 "*%4 474 .4 3PTBOB $BNQPT EB 'POTFDB o $POTVMUPSB EP 1/ %45 "*%4 474 .4 7FSB -VDJB EF 7BTDPODFMPT $IBWFT o $POTVMUPSB EP 1/ %45 "*%4 474 .4 7JMOFJEF #SBHB o $POTVMUPSB EB «SFB 5ÏDOJDB EF 4BÞEF EB $SJBOÎB %"1& 4"4 .4
,OXVWUDomR H 3URMHWR JUiILFR %BSMBO .BOPFM 3PTB