Metapolitica 74

Page 1



METAPOLÍTICA

T+)X#]b7#3_:X#ih7#=-)/+<%(;4/(:.&(#8(#[\]] lllX:(4';+)/4/9'X9+:X:c# !!"#$%&"'#(!%&"!)*"#$%&'()#*+,'&&-./'%# #

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ÉQJHOHV 0DVFRWW 6iQFKH] $OÀR 0DVWURSDROR $OÀ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

!"#$%&' ('%)$*'+&' ?

!',&-.$./$0&-%)$ @A

!&'!&0123$)4!&4)&'!&)2#5#.6!&7)"4.4!8&2%0")&'!&0.)/!'& 4)&()/)6.!&!"#$%&#'"$()#*'"+&$

@B

4!/,9"%0)"#& 4$:%$"*& ;'%2& 4.27%2.#.(%2& 4)& ./6.#!6.</& 4)'&-)"6!4%&'.0)"!/&!'&2$=)#%&7)"()"2%>&,*-#).'/-&$#)&+'0 1&2&$!"#$(&3+"$4&5-6*$7&*-'&8"$

C?

2!'$4&,&)/:)"-)4!48&)'&6$)"7%&?$-!/%&)/&'!&#)%"@!& ?$-%"!'&4)&'!&-)4.6./!&!"#$4)#&#2"$%&#-9*)1$:)#*6*2)1

D@

4)-%6"!#.+!/4%& !'& )/)-.A%8& %''!/#!& ?$-!'!& ,& '!2& 7)"27)6#.(!2&7%'@#.6!2&)&./2#.#$6.%/!')2&4)'&/$)(%&A%9 0.)"/%&)/&7)"1&!"#$;)/</$=".&#$5$>*&$?6#2)*&/$4"*16+)1$2)$?"/9"

?E

'!&$!6-&,&'!&")710'.6!&4)&'!2&')#"!2&!"#$>#-@#"$7&*-'++&*&$>*2#&A&

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~PHUR GH FHUWLÀFDGR 8(# '-4+&"# \h<[\\f<][\`]``i\i\\<]\[X# K_:(&+# 8(# GH OLFLWXG GH WtWXOR 1~PHUR GH FHUWLÀFDGR FHUWLÀFDGR GH OLFLWXG GH WtWXOR 1~PHUR GH 8(# )/9/4-8# 8(# 9+34(3/8+"# ][\`aX# !+:/9/)/+"# *':< FHUWLÀFDGR GH OLFLWXG GH FRQWHQLGR 'RPL< ;(9H(# `b]<]\]7# *+)X# O/;@8&+:+# *+38(%'7# !()(5X# 9/)/+"#2,(3/8'#E'%(+%#8()#235()#3_:(&+#]\<2#G&'99X# *-'-H41:+97# A1c/9+7# \d]\\7# !XGX7# AeU$*Q7# 4()%X# E'%(+%#8()#235()#P'3#238&1%#*H+)-)'#E-(.)'X#Z(34&(# Zbb^#a]#b\#]\#`d#>#Zbb^#a]#b\#]\#`f7#I'c"#a]#b\#]\#`fX# '&9M35()#P'3#L'.&/()#>#'&9M35()#P'3#A/5-()^#E-(.)'7# *+&&(+<("# :(4';+)/4/9'g5:'/)X9+:#28:/3/%4&'9/@3# E-(.)'X# *XE# i[f[b7# *+&&(+<("# :(4';+)/4/9'g5:'/)X ># %-%9&/;9/+3(%"# !/3+&'H# E+)/37# 4()X# Zbb^# a]# b\]\# 9+:X28:/3/%4&'9/@3#>#%-%9&/;9/+3(%"#!/3+&'H#E+)/37# 4()#\]#[[#[h#hh#ib#hbX#*+&&(+<("#8/3+&'H[d\dgH+< `fX#*+&&(+<("#%-%9&/;9/+3(%g:(4';+)/4/9'X9+:X:cX# 4:'/)X9+:7# %-%9&/;9/+3(%g:(4';+)/4/9'X9+:X:cX# N+8+%# )+%# 8(&(9H+%# 8(# &(;&+8-99/@3# 8(# )+%# 4(c4+%# N+8+%#;-.)/9'8+%# )+%# 8(&(9H+%# 8(# &(%(&,'8+%# &(;&+8-99/@3# 8(#AJN2EQCY< )+%# 4(c4+%# 'V-B# (%4M3# ;+&# 'V-B# ;-.)/9'8+%# (%4M3# $PPK# &(%(&,'8+%# ;+&# AJN2EQCY< N$*2X# $PPK# ]h\b<hbbfX# Z,(&%/@3# ()(94&@3/9'^# N$*2X# $PPK# E-.)/9'9/@3# ]h\b<hbbfX# $PPK# Z,(&%/@3# ()(94&@3/9'^# ]d\b<\bidX# ;(&/@8/9'# '-4+&/F'8'# ;+&# ]d\b<\bidX# E-.)/9'9/@3# '-4+&/F'8'# ;+&# PJEQAJUX# 6(5/%4&+# ;+%4')#;(&/@8/9'# $A\a<\\bf# ># EE\a<\hd`X# PJEQAJUX# 6(5/%4&+# E+%4')# $A\a<\\bf# ># EE\a<\hd`X# $:;&(%/@3# *2AP2# $:;&(%+&(%7# PX2X# 8(# *XTX7# *'))(# $:;&(%/@3#E6QAQE2C#ESDC$*$!2!#L62G$*27#PX2X#!J# P'3# 0-'37# C+4(# ]b7# A'3F'3'# ]\7# *+)X# D())',/%4'7# *XTX#N(9':'9H')9+#K+X#h`7#*+)X#C'#E'FX#E-(.)'7#E-(< *-'-4/4)M3# $F9'))/7# *XEX# bhi[\7# J%4'8+# 8(# A1c/9+X# .)'X#*XEX#i[]d\X##!/%4&/.-9/@3"#*$NJA7#PX2X#8(#*XTX7# !/%4&/.-9/@3"# *$NJA7# PX2X# 8(# *XTX7# 2,X# !()# *&/%4+# 2,X#!()#*&/%4+#]\]7#*+)X#U+9+>'H-')9+7#*XEX#bh\f\7# ]\]7# *+)X# U+9+>'H-')9+7# *XEX# bh\f\7#N)')3(;'34)'7# N)')3(;'34)'7#J%4'8+#8(#A1c/9+7#N()1I+3+#b[#`f#\[# J%4'8+# 8(# A1c/9+7# N()1I+3+# b[# `f# \[# \\# ># 26$JC$# \\#>#26$JC$#A-3/9/;/+#C/.&(#]h]7#/34(&/+&#]7#*+)X#E+&< A-3/9/;/+#C/.&(#]h]7#/34(&/+&#]7#*+)X#E+&4')(%7#*XEX# 4')(%7#*XEX#\`db\7#A1c/9+#!XGX \`db\7#A1c/9+#!XGX# AJN2EQCYN$*2#';'&(9(#(3#)+%#%/5-/(34(%#B38/9(%"#*C2< PJ7# *$N2P# C2N$KQ2AJ6$*2K2P# JK# *$JK*$2P# PQ*$2CJP# &HQWUR GH ,QIRUPDFLyQ &LHQWtÀFD \ +XPDQtVWLFD 81$0 ,1,67 ,QVWLWXWH GH /·,QIRUPDWLRQ 6FLHQWLÀTXH (4#N(93/V-(^j#P+9/+)+5/9')#2.%4&'947#$39Xj#E2$P#ZE-.)/9# 2II'/&%#$3I+&:'4/+3#P(&,/9(^j#$DPP#Z$34(&3'9/+3')#E+)/4/< 9')#P9/(39(#2.%4&'94^j#S6C$*OkP#Z$34(&3'9/+3')#E(&/+< 8/9')%#!/&(94+&>^#>#JDP*Q#$3I+&:'4/+3#P(&,/9(%X

AJN2EQCYN$*2#3+#%(#H'9(#&(%;+3%'.)(#;+&#:'4(&/')(%# 3+#%+)/9/4'8+%X#NB4-)+%#>#%-.4B4-)+%#8(#)'#&(8'99/@3X E+&4'8'"# E'4&/9/'# L'&9B'# D'38'7# G+4+5&'IB'# E+&4'8'"#2&4-&+#N')',(&' (%4(3+;(/9'7#]`#c#]`#/37#[\\bX

!"#$"%&#!'!()"!*&'$+&,&-%(.-.)/#%

.-0$)-! '123/4513657/83/9336/5/:;<6=;</$=54>31 ?F

'!2&)2#!/6.!2&4)&'%&./(.2.0')&!"#$,28&#$%"#&+)/$B+"#)/$

G@

)/6!"/!"&'%&?$-!/%B&7"%:!/!"&)'&#)C#%& !"#$(&"+&$%&#-9*)1$:)#*6*2)1

G?

)'&!"#"$%&'()&6%-%&7"%#!A%/.2#!&4)&'!&7%'@#.6!& !"#$4)#&#2"$C.&+"/$=)*"#'"$

GB

$/&'!0%"!#%".%&#)<".6%&!"#$%&#9&$D@'/&$E&A&#+)--$

FG

'!&./96%/#./A)/6.!&4)'&')/A$!=)&!"#$;&.')#$=&!'&$

AE

;'!& '),& /!6)& 6%/& '%2& ./%6)/#)2& 3$)& !A%/.+!/& !'& !-!/)6)">&!"#$>#-@#"$7&*-'++&*&$>*2#&A&

A?

)C7)".)/6.!&,&#)-7%"!'.4!4&)/&*+,&+'*&$($!*%-")*&& !"#$F@#'&$>#&'1&$

AA

7"):)"."@!&/%&?!6)"'%&!"#$G"#'*&$H#-'1

AH

4.2,$/6.%/)2&)/#")&)'&?%-0")&,&)'&!/.-!'& !"#$>2#'&*&$:)#*6*2)1$4I

H?

,.+/&)0$+"#1)&)0$2)"#(-()8&3&$&'-.&3*/&/&4)&7!0'%& 4)&#!"2%B&!"#$J/#&)+$?".&##@3'&/

HH

'!&A'%".!&,&)'&6%/6)7#%&4)&'%2&7%'@#.6%&)/&A.%"A.%& !A!-0)/&!"#$>+K"*/"$4&+'*2"$:)#.6/


&#(%-I)$/(J0+&,$ @EE

7!'!0"!296'!()&4)&"-)"&'5C.6%&7%'@#.6%*&")(%'$6.</& 4()%.%&")2.2#)/6.!&!"#$(&3+"$D&1"$E#'"*)/$

@EB

'!&')6#$"!&)/&-5C.6%&!"#$;"/@L$E&##)#&

@@C

2DEFG& '!& 7%'@#.6!& )/& '%2& 0%"4)2& 4)'& '.0)"!'.2-%8& 4.:)9 ")/6.!B& 7%7$'.2-%B& ")(%'$6.</B& )-!/6.7!6.</& HG& 0GIJKLMI&!FHNONB&!"#$4@'++)#M"$()#)5#&$

@@H

2DEFG&!6#%")2&4)&'!&7%'@#.6!8&$/&)2#$4.%&4)&'!&')!'#!4& ,&'!2&!6#.#$4)2&4)&6!-0.%&4)&7!"#.4%&)/&#")2&-$/.6.9 7.%2& 4)& -5C.6%B& !& 7"./6.7.%2& 4)'& 2.A'%& CC.& HG& .PIKQND& 6KLKFPD&ADIRSTGRB&!"#$7)#8'"$>#M)*26#'1

!',&-.$./K/($)%&#'I&' @C@

=!"4./)2& 4)& 6./#!& 6!/)'!B& !"#$ (&3+"$ 4&5-6*$ 7&*-'&8"$ 5$ ;"/L$ %&*@)+$N&+2L/


!"#$"%&#!'!()"!*&

LUZ

+&,%(-,-).#%

!"#$%&'()*+',-."/ Po r t a f o l i o

"

#!$#%#&'((#!)*+%%',!-'.$/%.!.0!+0!*#1)!.%'2'3)! .0!/'.3%#!4!*#05.%#6!7!8+.!*)$)!+0!%.(9$/#2)! :+.!3.-(+$;%,!()-!)<)-6!=)%:+.!#(!>.%&#05'0)! #*+3'$)-?! -'.$/%.?! 8)%1)-#$.05.?! +0#! /%'$.%#! &.16! @#*.!+0#-!A)%#-!.-*#-#-?!5#(!&.16!B!:+'19-!/)%!+0#!)! &#%'#-!#0+#('3#3.-!)!$+*A#-?!/)%!#C#(.-6 D.-5'2)-! 5)3)-?! 5#05)! ()-! :+.! #*+3.0! +0! 3E#! 5#0! -,()! *)$)! ()-! :+.! #-'3+#$.05.! %.*+%%'.%)0! 3+%#0F 5.! $+*A)-?! '0*)05#;(.-! #C)-?! 3.! (#! #5$,-8.%#! ('2.%#?! HXIyULFD TXH VLJQL¿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¿HVWD GHO DUWH \ GH OR KXPDQR 3RUTXH HQ HIHFWR ORV SHULRGLVWDV JUi¿FRV DVLVWHQ DO &HUYDQWLQR FLHUWRV GH KDOODUVH IUHQWH D OD PDJQL¿FHQFLD YLVXDO QR VyOR HQ ()-!5.#5%)-!4!8)%)-!:+.!#(;.%2#0!+0#!$+.-5%#!#$/('#!.! '0#;#%*#;(.!3.(!A#*.%!4!3.(!-.%!#%5E-5'*)!3.!(#!&#%'.3#3! *+(5+%#(!.0!2.0.%#(?!-'0)!3.!(#!*)5'3'#0'3#3!2+#0#<+#F 5.0-.!:+.!.H'-5.!4!-.!#2%#3.*.?!#+0:+.!)*+(5#!4!5E$'3#! #05.!(#!$#%#;+05#!<+&.0'(!:+.!&'-'5#!(#!*'+3#3!.0!.-#! 5.$/)%#3#?! #5%#E3)-! /)%! .(! $'5)?! #! $.3'#-! *'.%5)?! 3.! (#!;#*#0#(!'%%.8%.0#;(.!:+.!-.!2.0.%#!.-/)0590.#$.0F #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

?

5.!3+%#05.!()-!5'.$/)-!*.%&#05'0)-?!(#$.05#;(.$.05.! 3'-5#05.!4!#/#%5#3#!3.(!#%5.!4!3.(!.0*+.05%)!3.!*+(5+%#-! :+.!*)08)%$#0!-+!.-.0*'#6 I(!A.*A)!.-!:+.!.(!8)5)/.%')3'-$)!*+(5+%#(!A#!A#((#F 3)!.0!.-5#!5'.%%#!4!.0!3'*A#!5.$/)%#3#?!+0#!'0$.<)%#;(.! RSRUWXQLGDG SDUD HMHUFHU VX R¿FLR FRQ OLEpUULPR JR]R *)0! )<)-! -'.$/%.! 8%.-*)-?! *#%2#03)! *)0! (#! *9$#%#! *)$)!+0!#('#3)!('2.%)!4!0)!*)$)!+0!8#%3)!:+.!3.;#!-+F IULUVH QR FRPR XQ GHEHU TXH VH FXPSOH FRQ GL¿FXOWDG -'0)!*)0!+0!2)1)!'05.%0)?!*.(.;%903)-.!#!-E!$'-$)-6! I(! &.%#*%+1#0)! J%5+%)! D#(#&.%#! -.! *+.05#! .05%.! .(()-6! "(.2#3)! *#-'! #**'3.05#($.05.! #(! >.%&#05'0)! *)$)! #2.05.! (';%.?! *)0! -+-! /%)/')-! 4! .-*#-)-! %.*+%F -)-?!;+-*#03)!%.8+2')-!'0*,$)3)-!4!*)$'3#-!;#%#5#-?! A#((,! .0! (#! *'+3#3! &'%%.'0#(! +0#! 3.! -+-! /.%$#0.05.-! E~VTXHGDV IRWRJUi¿FDV SHUHJULQDU DO &HUYDQWLQR SDUD *#1#%!.!'0*(+-)!%);#%!.(!/%.*'-)!'0-5#05.!.0!.(!:+.!(#! ;.((.1#! -+%2.! 4! /.%$#0.*.! +0)-! -.2+03)-?! .8E$.%#6! K'&'.03)! .0! *#%0.! /%)/'#! (#! 2%#0! /#%#3)<#! 3.! (#! 8)F WRJUDItD ¿MD SDUHFLHUD HWHUQD MXVWR DO ¿MDU OR HItPHUR SHUR DFDEDUi ¿QDOPHQWH SRU PRVWUDUQRV PiV ELHQ :+.!5)3)!8.0.*.?!$+5#!4!*#$;'#6!L+.!.(!$)$.05)!0)! &+.(&.?!:+.!.(!>.%&#05'0)?!/.-.!#!-+!%.*+%%.0*'#!#0+#(?! .-!-'.$/%.!M0'*)?!3'-5'05)6 7!.-5#-!8)5)2%#8E#-!3.$+.-5%#0!+0#!/.:+.C#!/)%*',0! 3.!.-#!$#%#&'((#6!>)0$.$)%#03)!(#!&'3#!$'-$#!4!(#! /%,H'$#!.3'*',0!3.(!N.-5'&#(!O05.%0#*')0#(!>.%&#05'0)! 4!*.(.;%#03)!(#!'08#(5#;(.?!#!&.*.-!'0*,$)3#?!/%.-.0*'#! 3.(!/.%')3'-$)!*+(5+%#(6!P0#!-'$;')-'-!#8)%5+0#3#6!


!"#$"%&#!'!()"!

.&('%)$*'+&'

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

G


('%)$*'+&'//. !"#$"%&#!'!()"!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

F


!"#$"%&#!'!()"!

.&('%)$*'+&'

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

A


('%)$*'+&'//. !"#$"%&#!'!()"!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

H


!"#$"%&#!'!()"!

.&('%)$*'+&'

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

B


('%)$*'+&'//. !"#$"%&#!'!()"!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@E


!"#$"%&#!'!()"!

.&('%)$*'+&'

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@@


('%)$*'+&'//. !"#$"%&#!'!()"!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@C


!"#$"%&#!'!()"!

.&('%)$*'+&'

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@D


('%)$*'+&'//. !"#$"%&#!'!()"!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@?


!"#$"%&#!'!()"!

.&('%)$*'+&'

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@G


('%)$*'+&'//. !"#$"%&#!'!()"!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@F


!&'!&/012$)3!&3)&'!&

estética perdida. 1%/")&'!&/-).!'&3)&().)4-!5 0)#%&'1"#2%&+)33

P

0#!&.1!$9-!-.!/%.-.05#!+0#!)*#-',0!/#%#!'05.F %%)2#%-.!-);%.!(#!-'5+#*',0!3.(!#%5.!.0!(#!#*5+#F OLGDG \ VX UHODFLyQ FRQ OR EHOOR OD %LHQDO GH K.0.*'#!:+.!-.!'0#+2+%,!.(!Z!3.!<+0')!/#-#3)6!>)$)! HQ XQD IiEXOD DOJXLHQ VH SUHJXQWD p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¿UPDGR HQ IRUPD FODPRURVD VX &)*#*',0! #05#2,0'*#! .0! (#-! *)08%)05#*')0.-! 3.! *+#(F :+'.%!5'/)!3.!/)3.%?!#!5%#&G-!3.(!+-)!3.!.HA';'*')0.-?! '0-5#(#*')0.-?!&'3.)?!*)0.H')0.-!&E#!'05.%0.5?!.5*G5.%#6! /D %LHQDO GH HVWH DxR QR SDUHFH GHURJDU HVWD WUDGLFLyQ

!

D%#3+**',0!3.!O-%#.(!>)&#%%+;'#-6 N'(,-)8)!4!.0-#4'-5#!'5#('#0)6!R+!(';%)!$9-!%.*'.05.!.-!!"#$#%&'(&)*#$+,).'*$'6!/*(,'*).'+'(01)2'1$!ST)()C#?!O(!U+('0)?!VWXXY6 Q

QQ

()-!".)0.-!3.!)%)!#!(#!*#%%.%#!A#0!-'3)?!.0!.8.*5)?!#-'2F 0#3)-!#!I(#'0.!R5+%5.&#05?!:+.!A#!5%#-/#-#3)!(#!8%)0F 5.%#!:+.!3'-5'02+.!.(!#%5.!3.!(#!%./%)3+**',0!.H#*5#!3.! (#-!);%#-!3.!()-!)5%)-?!4!#!N%#01!^.-5!:+.!A#!5'%#3)! RWUD QRUPD GH OD IUXLFLyQ GH ODV REUDV OD GH QR WRFDU R'! 3.! (#! A'-5)%'#! 3.(! #%5.! /#-#$)-! #! (#! .-5G5'*#?! HQWHQGLGD FRPR GLVFLSOLQD ¿ORVy¿FD OD VLWXDFLyQ QR *#$;'#!$+*A)6!7#!@.2.(!-)-5.0E#!:+.!.(!#%5.!4!()!;.(()! 0#5+%#(!-)0!3)-!*)-#-!3'-5'05#-6!I(!*'.()!.-5%.((#3)!0)! .%#?!/#%#!G(?!)5%#!*)-#!:+.!+0#!.%+/*',0!*+590.#!(+$'F 0)-#_!.0*)05%#;#!.(!/#'-#<.!3.!()-!J(/.-!$)0,5)0)!4! #!(#!(#%2#!#;+%%'3)6!I0!.(!.-/.*59*+()!3.!(#!0#5+%#(.1#! 0)!&.E#!0#3#!2%#03')-)?!0'!/(#*.05.%)6!I0!()-!'0'*')-! 3.(!-'2()!]]?!T.0.3.55)!>%)*.!.H*(+4.!(#!/)-';'('3#3! GH XQ EHOOR QDWXUDO OR EHOOR QR SHUWHQHFH D ODV FRVDV -'0)!#!(#!.0.%2E#!.-/'%'5+#(!3.(!-.%!A+$#0)6!`)!.H'-5.! a;.((.1#!0#5+%#(b!#!(#!*+#(!+0!#%5'-5#!4#!0)!/+.3.!A#F *.%(.!#(2+0#-!*)%%.**')0.-6!I0!2%#0!$.3'3#?!(#!.0)%F $.! /%)3+**',0! .-5G5'*#! 3.(! -'2()! ]]! .-59! 8)*#('1#3#! -);%.!.(!#%5.!)!-);%.!*#5.2)%E#-!.-5G5'*#-!3'-5'05#-!3.!()! ;.(()?!*)$)!()!*,$'*)?!()!5%92'*)?!(#!'%)0E#?!.(!.0'2$#! \ KDFLD ¿QDOHV GH VLJOR OR VXEOLPH \ HO GLVJXVWR +DFH .H*./*',0!(#!.-5G5'*#!5.)(,2'*#!)%5)3)H#!S.0!(#!*+#(!(#! ¿ORFDOtD <+.2#!+0!/#/.(!'$/)%5#05.Y?!4!(#!*#5,('*#!3.! @#0-!P%-!&)0!T#(5A#-#%!:+.?!-'0!.$;#%2)?!#5%';+4.!#! 'LRV QR OD EHOOH]D VLQR OD PDJQL¿FHQFLD R'!0)-!('$'5#$)-!#!*)0-'3.%#%!.0!5G%$'0)-!%.#('-5#-! (#!-'5+#*',0!3.(!#%5.!4!()!;.(()!5#(!4!*)$)!-.!.0*+.0F 5%#0!.0!(#!#*5+#('3#3?!.-!3'8E*'(!0)!.&'3.0*'#%!+0!A#()! 3.! '0*)08)%$'3#3! 4! #;#5'$'.05)6! L+.3#! $+4! /)*)! #'%.!/#%#!);-.%&#%!:+.!.(!$+03)!3.(!#%5.!#05'*'/,!/)%! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@A


!',&-.$./$0&-%)$//. -!".%&7)"/.%'!&

$+*A#-! 3G*#3#-! .(! *'0'-$)! .! '$/+3)%! :+.! 3)$'0#0! #!(#-!/%)8.-')0.-!.0!(#!#*5+#('3#3?!.0!(#!/)(E5'*#!4!.0! ORV QHJRFLRV OD WiFWLFD GH OD DXWRLURQtD \ HO GHVSUHFLR /)%!()!/M;('*)6!O0#+2+%#3#-!/)%!.(!$)&'$'.05)!c#3#! .0!()-!#C)-!&.'05.!3.(!-'2()!/#-#3)?!A#!A.*A)!.-*+.(#! LQFOXVR HQ iPELWRV TXH FRPR OD ¿ORVRItD VRQ H[WUDF C)-!.0!()-!5'.$/)-!$)3.%0)-!#(!+-)!3.!.-5#!#%$#6!I-! 0.*.-#%')!%.2%.-#%!#!()-!#05'2+)-!2%'.2)-!/#%#!.0*)0F WUDU ¿OyVRIRV TXH KDQ DGRSWDGR HO HVFiQGDOR FRPR HO M0'*)!*#$'0)!/)-';(.6 >)0!%.(#*',0!#!(#!.-5G5'*#?!(#!2%#0!$#4)%E#!3.!(#!/)F ;(#*',0!(#!*)08+03.!*)0!(#!*)-$G5'*#6!I0!.(!'05.%')%!3.! .-5#!M(5'$#?!.(!$)0)/)(')!.-59!-+-5.05#3)!.0!.(!$)3.()! IDVFLVWD DTXHO TXH SULYLOHJLD OR MXYHQLO \ OR VDOXGDEOH U+4!/)*)-!-#;.0!5)$#%!#!(#!;.((.1#!3.!#:+.(!:+.!((.F &#?!.-*%'5)!.0!.(!%)-5%)?!(#-!A+.((#-!3.(!*)0)*'$'.05)! 3.(!$+03)!4!(#-!&'*'-'5+3.-!3.!(#!.H'-5.0*'#?!(#-!#(.F 2%E#-!4!3)()%.-!/#-#3)-?!(#-!#0-'#-!4!(';.%#*')0.-?!(#-! /#-')0.-!4!3.-.0*#05)-_!$.0)-!#M0!-)0!#:+.(()-!:+.! 5)$#0!(#!;.((.1#!3.!(#-!*)-#-!*)0-+$#3#-!4!/%.5G%'5#-?! (#-!*+#(.-!$+.-5%#0!.(!/#-#%!3.(!5'.$/)!4!A#*.0!/.0-#%! .0!(#!3'-*)05'0+'3#3!3.(!$+03)?!-.2M0!(#!-.0-';'('3#3! .-5G5'*#! :+.! (#! *+(5+%#! <#/)0.-#! 3.-*%';.! .(#;)%#03)! (#!0)*',0!3.!"'2%6!J09()2#$.05.?!0)!.-!0.*.-#%')!3'-F *%'$'0#%!0.2#5'&#$.05.!'(,.%).%((#-!.08.%$.3#3.-?!()-! 3.8.*5)-!8E-'*)-!4!$.05#(.-?!$+*A)!$.0)-!()-!A903'F FDS \ FXDOTXLHU RWUD VXHUWH GH GHELOLGDGHV FRQ PXFKD 8%.*+.0*'#! .-5#-! -)0! (#! /+.%5#! #! 5%#&G-! 3.! (#! *+#(! -.! #**.3.!#!(#-!3'$.0-')0.-!-)%/%.03.05.-!3.!(#!;.((.1#! 4!.(!.%)5'-$)6!IH'-5.?!/)%!.<.$/()?!+0!"$8(',,$'1(3.!()! &.2.5#(!4!()!'0)%290'*)!$+4!3'-5#05.!3.!()-!.-5903#%.-! .-5.%.)5'/#3)-! 4! *)0&.0*')0#(.-! 3.(! /(#*.%! 4! 3.-.)!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@H

'$/+.-5)-!/)%!(#!'03+-5%'#6! R'0!.$;#%2)?!(#!$)3#!.0-.C#!:+.!*+#03)!+0#!5.0F 3.0*'#!-.!A#!&+.(5)!A.2.$,0'*#!4!5)5#('5#%'#?!0#*.!+0! tQ¿PR LQLFLR :+.!&#!.0!+0#!3'%.**',0!*)05%#%'#6!L+'F ]i ODV QXHYDV SURGXFFLRQHV QR VH SRGUiQ GH¿QLU PiV *)0! .(! 5G%$'0)! 3.$#-'#3)! %#E3)! 4! *A+/#3)! 3.! '.#$6! 6HUi DOJR PXFKR PiV FRPSOHMR DUWLFXODGR \ ¿ORVy¿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¿EUDV PiV HVFRQGLGDV GHO DOPD 4XHGD VLHPSUH FRPR YiOLGD OD GH¿QLFLyQ GHO IXQGDGRU GHO PRYLPLHQWR VXUUHDOLVWD HO IUDQFpV $QGUp %UHWRQ (#! ;.((.1#! -.%9! *)0&+(-'&#! )! 0)! -.%96! d(! %.0)&,! +0#! '3.#!#05'2+#!3.!()!;.(()!:+.!8+03#!-+-!%#E*.-!.0!.(!/.0F VDPLHQWR GHO DQWLJXR ¿OyVRIR JULHJR +HUiFOLWR HO FXDO )/)0E#!#!(#!'3.#!/'5#2,%'*#!3.!*)0*'('#*',0!4!-'$.5%E#?! +0#!*)0*./*',0!.-5%#5G2'*#!4!3'09$'*#!:+.!-.!$#0'F 8.-5,!.0!(#!.H/%.-',0!a.(!%.(9$/#2)!2);'.%0#!5)3#-!(#-! *)-#-b6!c'*A#!.H/.%'.0*'#!3.!()!;.(()!5'.0.!+0#!(#%2#!5%#F GLFLyQ HQ 2FFLGHQWH DWUDYLHVD D ORV HVWRLFRV OOHJD KDVWD e#*);!TfA$.!4!R*A.(('02?!4!.0*+.05%#!-+!/+05)!3.!#%%'F ER HQ XQR GH ORV ~OWLPRV JUDQGHV ¿OyVRIRV LWDOLDQRV HO 5+%'0G-!"+'2'!=#%.4-)0?!8#((.*'3)!A#*.!&.'05.!#C)-6


3!.+6"%/)"#&3$7%$"* 8'%1&3-19%1-#-(%1&3)&-.4-#!4-:.& 3)'&,)"4!3%&'-/)"!.&!'&

sujeto perverso”

425#"6%75)'#")+%/)8)'.&#'1)9+&':);5<2'!)25%)$&3

9

QYLWDGR SRU OD )DFXOWDG GH 3VLFRORJtD GH OD 8QLYHU"%:':(;6#<*)+'(:$(=6$.>#'.)(7(1)"(?$,'.#'+$*#)"( :$( @$1'&%)*$"( A)&%'1$"( 7( !:6&'&%<*( 7( B)+6*%&'&%<*(:$(1'(/*%C$."%:':(;6#<*)+'(D$#.),)1%#'*'E( /*%:':(F)&5%+%1&)E($1(,$*"':).(3.'*&>"(?'*7-@)2$.#( ?63)6.( %+,'.#%<( $*( +'7)( :$( $"#$( 'G)( 1)"( "$+%*'.%)"( >#/'5#('-$)!4!g)*.!4!I(!(';.%#('-$)!*)$)!(';.%#*',0! 3.!(#-!/#-')0.-!4!(#-!/+(-')0.-_!+0!.-5#3)!3.!&')(.0*'#! 2.0.%#('1#3)?!H6$(.$6*%<('(,"%&)'*'1%"#'"E(")&%<1)0)"E( ¿OyVRIRV SROLWyORJRV \ HVWXGLDQWHV GH HVDV GLVFLSOLQDV !*( '+2)"( "$+%*'.%)"E( $1( 5$.$:$.)( :$1( ,'.':%0+I#%&)( 0.6,)(3.'*&>"(R)*'#('-$)!)!T#%;#%'.!JB'"#).%':%"E(K$IRUW /DSODQFKH /\RWDUG GLFWy VX WHRUtD VREUH HO VXMHWR ,)"+):$.*)(7(1'"(+6#'&%)*$"('*#.),)1<0%&'"(,.)C)&'GDV SRU HO XOWUDOLEHUDOLVPR $ OR ODUJR GH VX H[SRVLFLyQ H[SOLFy VXV FDWHJRUtDV SURYHQLHQWHV GH ODV ¿ORVRItDV GHO OHQJXDMH \ OD SROtWLFD HO SVLFRDQiOLVLV ODFDQLDQR \ OD VRFLRORJtD FUtWLFD GH FODUD LQÀXHQFLD IUDQFNIXUWLDQD B)+)(#):'(%*C%#'&%<*E(1'(H6$(1$(5%&%+)"('1(+'$"#.)( 'XIRXU WLHQH XQ RULJHQ (Q PDU]R GH PLHQWUDV OD JXHUUD PHGLiWLFR PLOLWDU \ VX HVWHOD GH FDEH]DV URGDQWHV FXHUSRV GHVFXDUWL]DGRV ³OHYDQWRQHV´ VLQ UHÀHFWRUHV \ GHVDSDULFLRQHV IRU]DGDV RFXSDEDQ ODV VHFFLRQHV GH QRWD URMD GH ORV PHGLRV GH FRPXQLFDFLyQ HQFRQWUp HQ XQD FRQRFLGD OLEUHUtD XQ WtWXOR TXH 11'+<( +%( '#$*&%<*( I(! #%5.! 3.! %.3+*'%! *#;.1#-6! R);%.! (#!-.%&'3+$;%.!3.(!A)$;%.!(';.%#3)!.0!(#!.%#!3.(!*#F /'5#('-$)!5)5#(!:$(?'*7-@)2$.#(?63)6.E(6*('6#).E($*WRQFHV GHVFRQRFLGR SDUD Pt /Ht iYLGDPHQWH HO WH[WR HQ HO FXDO HQFRQWUp UHIHUHQFLDV D ¿OyVRIRV GH OD WDOOD GH *LOOHV 'HOHX]H \ -HDQ )UDQoRLV /\RWDUG DVt FRPR RWUD PDQHUD FRPSOHMD GH SODQWHDU ODV FRQGXFWDV GHO VXMHWR HQ HO FRQWH[WR GHO QHROLEHUDOLVPR (O VXLFLGLR

!

=%)8.-)%! '0&.-5'2#3)%! .0! .(! c./#%5#$.05)! 3.! h.(#*')0.-! R)*'#(.-! 3.! (#! PJUF])*A'$'(*)6

Q

1'( '*).$8%'E( 1'( 261%+%'E( 1'( :$,.$"%<*( 7( 1'( '*"%$:':E( $*#.$()#.)"(3$*<+$*)"(:$(*6$"#.)(#%$+,)E(36$.)*(&)*¿JXUDGDV SRU 'XIRXU HQ XQD QXHYD FDUWRJUDItD \ SDU#%&61'.+$*#$("6"(#$"%"(")2.$(1'(.$*6*&%'(0$*$.'&%)*'1( :$1(+'$"#.)($*(1'"($"&6$1'"(7($1(:$&1%C$(:$(1'(1$&#6.'( HQWUH ORV HVWXGLDQWHV VXJHUtDQ IRUPDV SHUYHUVDV GHO &)+,).#'+%$*#)(")2.$($1(#$..$*)(:$(1)(")&%'1(7(,'.#%FXODUPHQWH HQ ODV HVFXHODV 0iV WDUGH HQ XQD YHODGD SROtWLFR FXOWXUDO HQ OD FLXGDG GH 4XHUpWDUR FRQ OD SVLFyORJD 5RVD $GULDQD 6HJXUD GH OD 8$4 \ GLVFtSXOD :$(?'*7-@)2$.#(?63)6.E(&)+$*#<(")2.$(1'(,)"%2%1%:':( :$(#.'$.('1('6#).(:$("#!*'+3#3!/.%&.%-# $Vt SXHV VH FRQMXQWDURQ HVIXHU]RV LQVWLWXFLRQDOHV \ HQ DPEDV XQLYHUVLGDGHV VH SUHSDUy HO HVFHQDULR SDUD UHÀH[LRQDU ")2.$(:$(1'(C%)1$*&%'(")&%'1(7(:$(1'"(*'.&)-,'*:%11'"( :$"'#':'"( ,).( $1( :$"&)*0$1'+%$*#)( :$( 1)"( '*#%06)"( FRQWUROHV GHO QDUFRQWUi¿FR !"#'( .$C)16&%<*-%*C)16#%C'( $*( ,1$*)( 2%&$*#$*'.%)E( ").,.$*:%<( '( #):)"( 'H6$11)"( H6$E( 0)2$.*':)"( ,).( $1( %+'0%*'.%)(.$C)16&%)*'.%)E($",$.'2'*(H6$($1(D>8%&)( ,.)36*:)E(H6$($"$(,6$21)(),.%+%:)("'1%$.'('..$2'#'.( XQ JDMR D OD SDWULD £QDGD $O FRQWUDULR OD UHYROXFLyQ $.'( )#.'L( 1)( H6$( ','.$&%<( 36$( 6*'( .$C)16&%<*( $*&'EH]DGD SRU FLHQWRV GH SDQGLOODV \ XQ JRELHUQR GHVPHPEUDGR 8QD QXHYD IRUPD GH VXMHFLyQ DSDUHFtD HO VXMHWR QLKLOLVWD YLROHQWR LQPHGLDWLVWD DWUDSDGR HQ HO JRFH FDSLWDOLVWD WRPDED ODV SOD]DV GH DOJXQDV FLXGDGHV JHQHUDOL]DQGR YLROHQFLD K'( ,$.#%*$*&%'( :$1( "$+%*'.%)( :$( ?63)6.( $"#'2'( :':'E( 1)( %*C%#'+)"( '( $8,)*$.( "6"( %:$'"( ")2.$( &<+)( $*( 1'( '&#6'1%:':( $1( &',%#'1%"+)( ,.):6&$( %*:6"#.%'1PHQWH OD PRYLOL]DFLyQ GHO VXMHWR D SDUWLU GHO DFHLWH GH ODV SDVLRQHV \ HPRFLRQHV 7DO YH] FRQ XQ SRFR GH LQJHQXLGDG ORV RUJDQL]DGRUHV GH ORV VHPLQDULRV SHQVDPRV TXH VX SURSXHVWD WHyULFD VH SUHVWDUtD D OD #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@B


!',&-.$./$0&-%)$//. 7!0'%&A!,#^/&2!/#.!A%

&)*C$."'&%<*(3.'#$.*'1(,'.'(.$,$*"'.(&)*(+6&5'(,.6GHQFLD QXHVWUD VLWXDFLyQ ORFDO \ JOREDO D OD YH] (Q HVWH FRQWH[WR GHPRV OD ELHQYHQLGD D HVWH ¿OyVRIR GH OD SRVPRGHUQLGDG TXLHQ QRV LQYLWD D SHQVDU DO VXMHWR HO !"#':)E(1'"(.$1'&%)*$"(:$(,):$.(7('1(61#.'1%2$.'1%"+)( GHVGH OD SHUVSHFWLYD GHO GHFOLYH GHO VXMHWR FUtWLFR NDQWLDQR \ QHXUyWLFR IUHXGLDQR &DEH DJUHJDU TXH 'DQ\ 5REHUW 'XIRXU HV ¿OyVRIR 7(,.)3$").($*(&%$*&%'"(:$(1'($:6&'&%<*(7($"#>#%&'($*( OD 8QLYHUVLGDG GH 3DUtV 9,,, (V GLUHFWRU GHO 3URJUDPD GHO &ROHJLR ,QWHUQDFLRQDO GH )LORVRItD (QWUH VXV )2.'"("$($*&6$*#.'*(".!TG2#'.$.05!3.-!$#i5%.-6!"#F *#0?! T.0&.0'-5.?! "G&'! R5%#+--! 3DUtV )UDQoRLV %RXULQ ".-! U4-5j%.-! 3.! (#! D%'0'5G! 3DUtV *DOLPDUG ".55%.-!-+%!(#!0#5+%.!A+$#'0.!k!(l+-#2.! 3.-!-+%&'&#05-! 3DUtV &DOPDQQ /pY\ ?!".!c'&'0! U#%*AG!m(#!%j&)(+5')0!*+(5+%.((.!(';G%#(.! 3DUtV 'HQRsO \ "#!*'5G!/.%&.%-.! 3DUtV (O OHF#).(,6$:$($*&)*#.'.($*($",'G)1(")*+%#!4!3.$)*%#*'#6! I0-#4)! -);%.! (#! 8)%$#! +0#%'#! 0p[LFR )&( ?! I(!#%5.!3.!%.3+*'%!*#;.1#-6!R);%.!(#!-.%&'3+$;%.!3.(! A)$;%.!(';.%#3)!.0!(#!.%#!3.(!*#/'5#('-$)!5)5#(! %XHQRV $LUHV 3DLGyV \ /DFDQ \ HO HVSHMR VR¿iQLF *)!3.!TA).$.! 0p[LFR )81'$ 8$4 6

HMHFXWLYRV ¿QDQFLHURV (Q VX DUWtFXOR ³&yPR VH YXHOF &.! +0)! .(! #05%)/,()2)! 3.! (#! *%'-'-b?! *)0*(+4.! :+.! .(! &.%3#3.%)!*%'5.%')!3.!/.%5.0.0*'#!-.!%.3+*.!#!(#!5)(.F %#0*'#!3.(!8%#+3.?!+0#!'0$)%#('3#3!%.'&'03'*#3#!.0!.(! '05.%')%!3.(!2%+/)6!I-5)-!-)0!()-!*#0#((#-!-.2M0!R#3.?!

n¢+DFLD GyQGH DSXQWDQ WXV UHÀH[LRQHV PiV UH&%$*#$"(")2.$(1'(,)"+):$.*%:':M ²'HVGH KDFH DxRV KH UHÀH[LRQDGR FRQ RWURV *)(.2#-!3.!=#%'-!KOOO!-);%.!(#!2.0.#()2E#!3.(!*)0*./5)! /)-$)3.%0'3#3!A.%.3#3)!3.!$'!$#.-5%)!e.#0FN%#0o)'-! /\RWDUG TXLHQ LQWURGXMR HVWH WpUPLQR HQ OD ¿ORVRItD HQ Xpqp6!R'0!.$;#%2)?!.(!5G%$'0)!.H'-5E#!#05.-!.0!)5%)-! *#$/)-?!-);%.!5)3)!.0!.(!*#$/)!3.!(#-!#%5.-6!"#!/)-F $)3.%0'3#3!3.-'20#!#(2)!$+4!/%.*'-)?!.-!(#!.05%#3#!#! +0#!0+.&#!G/)*#!$#%*#3#!/)%!(#!*#E3#!3.!()-!2%#03.-! $.5#%.(#5)-!5.)(,2'*)-!4!/)(E5'*)-6!I0!(#!G/)*#!*(9-'F *#?!(#-!*'&'('1#*')0.-!-.!.0*)05%#;#0!3.05%)!3.!+0!2%#0! %.(#5)!$)0)5.E-5#?!#:+.(!:+.!((.2,!3.!e.%+-#(G0_!/)-5.F %')%$.05.?!.(!%.(#5)!3.(!1)0)"(S3'-*+%-)!3.$)-5%#5'&)Y! 3.!J5.0#-!8+.!#3)/5#3)!/)%!()-!%)$#0)-6!I-5#-!-)0!(#-! 8+.05.-!3.!()-!2%#03.-!%.(#5)-!8+03#3)%.-!3.!(#!*'&'F ('1#*',0!)**'3.05#(6!P0)!3.!()-!#-/.*5)-!:+.!$9-!$.! LQWHUHVDQ DFWXDOPHQWH GH OD SRVPRGHUQLGDG HV HO ¿Q GH (#!-./#%#*',0!.05%.!$+03)!$)%#(!4!$+03)!/.%&.%-)6! 3RQJR XQ HMHPSOR -RULRQ XQ DQWURSyORJR DPLJR PtR 3.-/+G-!3.!+0#!#*+*')-#!'0&.-5'2#*',0!.0!.(!$+03)!3.! ODV ¿QDQ]DV HQ (VWDGRV 8QLGRV OOHJR D OD FRQFOXVLyQ 3.!:+.!.-59!2);.%0#3)!/)%!(#!5%';+!/)-$)3.%0#!3.!()-! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

CE

4#! :+.! -)0! ()-! :+.! .-590! 3'-/+.-5)-! #! 5)3)?! -'0! '$F /)%5#%!()-!(E$'5.-!/#%#!-#5'-8#*.%!-+-!*)3'*'#-?!$.05'%?! A#*.%!5%#$/#-?!$#5#%6!I-!.-5.!.(!A)$;%.!3.!0.2)*')-! /)-$)3.%0)6! =)%! -+! /#%5.?! .0! .(! $.%*#3)! .$.%2.0! 2%+/)-! .2)F2%.2#%')-?! :+.! A#*.0! :+.! ()-! 3'8.%.05.-! .2)-!-.!.$/.C.0!.0!#5%#/#%!()-!3'-5'05)-!);<.5)-!:+.!.(! PDUNHWLQJ SURSRQH XQ SHUVRQDMH YLGHRMXHJR PRGD #*5'&'3#3?! .5*G5.%#6! I0! (#! /)-$)3.%0'3#3! -+%2.! +0#! LQ¿QLGDG GH SHTXHxRV UHODWRV HVWUXFWXUDGRV SRU OD SXF ;('*'3#3!:+.!)%3.0#!2)1#%6


'%2&4.27%2.#.(%2&4)&./6.#!6.</&4)'&-)"6!4%&'.0)"!/&!'&2$=)#%&7)"()"2%

.&!',&-.$./$0&-%)$

n!*($1("$+%*'.%)(5'("%:)(+67(,.$&%")($*("6(5$.PHQpXWLFD GHO SHQVDPLHQWR OLEHUDO (O SXQWR GH SDUWLGD HV OD FUtWLFD DO SHQVDPLHQWR GH %HUQDUG GH 0DQGHYLOOH 3DtVHV %DMRV UH¿ULpQGRVH HVSHFt¿FD+$*#$('("6()2.'("#!8#;+(#!3.!(#!#;.<#-E($*(1'(&6'1($"#I(

TXH LQÀ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¿QD IXHUD GHO PHUFDGR c.!.-5.!$)3)?!#:+.(()-!&#()%.-!:+.!r#05!.0+0*'#F ;#! *)$)! /.%5.0.*'.05.-! #! (#! 3'20'3#3! A#0! 3.<#3)! 3.! .H'-5'%6! =)%! *'.%5)?! r#05! .0! (#! 0HWDItVLFD GH ODV FRV#6+2.$"(3.*E#!:+.!5)3)!5'.0.!+0!/%.*')!.H*./5)!()!:+.! 5'.0.!3'20'3#3?!*)$)!(#!<+-5'*'#!4!.(!#$)%?!(#!)/'0',0?! .(!#2+#?!(#!.0.%2E#?!.(!#'%.!4!5)3)!()!:+.!5'.0.!:+.!&.%! *)0!.(!'05.%G-!*)(.*5'&)?!:+.!.0!/%'0*'/')!0)!-)0!*)-#-! :+.!-.!/+.3#0!*)$/%#%!/)%:+.!.-590!.0!.(!5.%%.0)!3.! )RWRJUDItD *XDGDOXSH 2FKRD $UDQGD (#!3'20'3#3!4?!/)%!()!5#05)?!0)!3.;.!.05%#%!.0!.(!-'-5.$#! $1().%0$*(:$1(,$*"'+%$*#)(61#.'1%2$.'1E(&)*C$.#%:)(:$"- 3.!()-!/%.*')-6!>)05%#%')!#!.(()?!A)4!.-5#$)-!.0!+0!-'-F :$(1'(:>&':'(:$(1)"()&5$*#'(:$1("%01)(FF($*(6*'(C%)- 5.$#!-'$;,('*)!:+.!0)!8+0*')0#!#!/#%5'%!3.!+0!#(5%+'-F OHQWD SROtWLFD HFRQyPLFD GH (VWDGR FRQWUD PLOORQHV GH $)?!-'0)!#!/#%5'%!3.!+0!$+03)!;#-#3)!.0!.(!.2)E-$)! GHVSRVHtGRV LPSXOVDGD SRU 0DUJDUHW 7DWFKHU ,QJOD- 3)03.!5)3)!5'.0.!+0!/%.*')6 #$..'N(7(@)*'1:(@$'0'*(J!"#':)"(/*%:)"NE(1'(&6'1(11$0'( KDVWD QXHVWURV GtDV WUDQV¿JXUDGD HQ FULVLV HFRQyPLFD ²¢< HQ HO SODQR GH OD HFRQRPtD SVtTXLFD" FRQWLQXD \ GHVSRVHVLyQ (Q HVWD SHUVSHFWLYD ¢FXiO HV HO VLJQL¿FDGR GHO SHQVDPLHQWR OLEHUDO \ DOJXQDV GH VXV n"#! .*)0)$E#! /-E:+'*#?! +0#! .*)0)$E#! :+.! /#F &)*"$&6$*&%'"($*($1('&#6'1(61#.'1%2$.'1%"+)M %.*E#!$+4!;'.0!/%)5.2'3#!#05.!()-!.8.*5)-!3.(!/.0-#F PLHQWR OLEHUDO HQ OD DFWXDOLGDG VH YH UHFRQ¿JXUDGD nI(!/.0-#$'.05)!(';.%#(!.-!+0!/.0-#$'.05)!5)5#(?! /+.-5)!:+.!A#!3.<#3)!3.!-.%!+0#!'0-5#0*'#!%.2+(#3)%#6! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

C@


!',&-.$./$0&-%)$//. 7!0'%&A!,#^/&2!/#.!A%

R'!;'.0!#05.%')%$.05.!.%#0!()-!$#03#$'.05)-!()-!:+.! %.2+(#;#0!(#-!*)03+*5#-!#!5%#&G-!3.(!3.*9()2)!%.('2')F -)!S0)!$#5#%9-?!0)!$.05'%9-?!0)!*)3'*'#%9-sY?!#A)%#! 4#!0)!.-!#-E_!.-#!%.2+(#*',0!8+03#3#!.0!.(!a0)!3.;.-b! 5%#0-'5,!A#*'#!(#!(,2'*#!'0*'5#5'&#!3.(!tc.;.-u!tK#$)-u! tJ3.(#05.u! tDM! /+.3.-u! tg)1#u?! ()! *+#(! /%)3+*.! +0#! FRQ¿JXUDFLyQ SVt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s!R.!3'*.!:+.!vW!/)%!*'.05)!3.!0+.-5%#-! /);(#*')0.-!.0!(#!-)*'.3#3!/)-$)3.%0#!-.!&.0!#8.*5#3#-! /)%!*'*()-!3./%.-'&)-6!=.%)!0)!A#4!/)%!:+G!/%.)*+/#%-.?! 4#!:+.!/#%#!.(()!.(!$.%*#3)!5#$;'G0!A#!/%)/)%*')0#3)! 89%$#*)-!:+.!/+.3.0!-#*#%!#(!-+<.5)!3.(!/%);(.$#6 ²(Q PXFKRV PHGLRV DFDGpPLFRV \ SHULRGtVWLFRV O,'.'3.'"$'*:)( '1( $*#.'G'21$( B).*$1%6"( B'"#).%':%"O( "$( "63.$( 6*'( $",$&%$( :$( :$").%$*#'&%<*( %*3).+$( ")2.$( $1( #$+'( :$( 1'( ,)"+):$.*%:':E( +6&5)"( :$( "6"( PLHPEURV HQFXHQWUDQ HQ HOOD HO UHIXJLR SDUD MXVWL¿FDU HO FLQLVPR LQGLYLGXDOLVWD GHO PHUFDGR $O UHVSHFWR ¢H[LVWH XQD SHUVSHFWLYD FUtWLFD GH OD SRVPRGHUQLGDG HQ QXHVWURV GtDV" n@#*.! +0)-! $)$.05)-! 5.! 3.*E#! :+.! 3.-3.! A#*.! #C)-! &.02)! 3'-*+5'.03)! *)0! +0! 2%+/)! 3.! *)(.2#-! .(! )%'2.0! 3.! (#! /)-$)3.%0'3#3?! /.%)! 0)! -)()! .-)6! =.%F -)0#($.05.!/'.0-)!:+.!0)!-,()!A#4!:+.!*)$/(.5#%!(#-! '3.#-!3.!"4)5#%3?!-'0)!'0*(+-)!-+/.%#%(#-6!='.0-)!:+.! .8.*5'&#$.05.!4#!-#('$)-!3.!()-!%.(#5)-!5.)(,2'*)F/)F (E5'*)-?!/.%)!#(!$'-$)!5'.$/)!4#!.05%#$)-!#!+0#!0+.&#! UHOLJLy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³XVWHG VH YD D %.#('1#%!/(.0#$.05.b!*)0!3.5.%$'0#3)!/%)3+*5)6 #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

CC

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¿ORVy¿FR \ FRPR OD DSDULFLyQ GH XQ VXF <.5)!*%E5'*)!*#/#1!3.!#*5+#%!4!/.0-#%!/)%!-E!$'-$)6!")! :+.!/)3.$)-!A#*.%!#A)%#!.-!3.-#%%)((#%!+0#!-.%'.!3.! /)-';'('3#3.-!/#%#!:+.!.-#!8)%$#!:+.!((#$#$)-!'03'F YLGXR SXHGD H[LVWLU ¿QDOPHQWH PQB6I1$"( ")*( 1'"( &)*:%&%)*$"( ,'.'( 1'( $8%"#$*&%'( :$1(%*:%C%:6)M n@'-5,%'*#$.05.!-.!%.:+'.%.!:+.!()-!a'03'&'3+)-b! 3.-.%5.0!3.!(#-!$#0#3#-?!5#05)!3.!(#-!5%)/#-!$'('5#%.-! TXH KDFtDQ GH ORV GHV¿OHV XQ HVSHFWiFXOR GXUDQWH HO 8#-*'-$)?!*)$)!3.!.-#-!$#-#-!:+.!#*(#$#;#0!#(!2%#0! 3'%'2.05.!3.(!.-5#('0'-$)?!/.%)!5#$;'G0?!4!.-)!*)%%.-F /)03.!#!()-!5'.$/)-!3.(!+(5%#(';.%#('-$)?!.-!0.*.-#%')! :+.!3.-.%5.!5#$;'G0!3.!(#-!$#0#3#-!3.!*)0-+$'3)%.-?! 3)03.!*#3#!:+'.0!-.!*%..!(';%.!/)%:+.!.-59!*)0-+$'.0F 3)!-+!/.:+.C)!);<.5)?!/.%)!.0!%.#('3#3!*#3#!:+'.0!.-59! #5%#/#3)!/)%!.(!);<.5)!:+.!(.!.-590!/%.-.05#03)6 =+.3)!#;+03#%!3'*'.03)!:+.!.(!-+<.5)!*%..!:+.!#5%#F SD HO REMHWR SHUR HV DO UHYpV 3DUD FRPSUREDU WDO D¿UF $#*',0!5#0!-,()!A#;%E#!:+.!*)0-+(5#%!()-!.-5+3')-!3.! $.%*#3)!.*)0,$'*)!)!/)(E5'*)?!/#%#!:+.!*)0)1*#$)-! (#-!8)%$#-!3.!$#0'/+(#*',0!3.!(#!)/'0',0!/M;('*#6!JAE! *)0)*.%.$)-!*)$)!()-!/+;('*'-5#-!+-#0!5G*0'*#-!/#%#! (#!$#0'/+(#*',0!3.!(#!)/'0',0!/M;('*#?!#(!2%#3)!3.!:+.! #!*#3#!*)0-+$'3)%!(.!&#0!/)0'.03)!$#%*#-!*)$)!#!(#-! #05'2+#-!$#0#3#-?!-)0!()-!()2)-!3.!(#-!3'-5'05#-!$#%F *#-!*)$.%*'#(.-!(#-!*+#(.-!-.!'0-5#(#0!/%)8+03#$.05.! .0!(#-!$.05.-!3.!(#!$#0#3#!*)0-+$'-5#6 h.*+.%3)! :+.! A#*.! *'0*)! #C)-! &'! +0#! /+;('*'3#3! TXH GHFtD ³&RQ PRWLYR GH OD FDtGD GHO SDGUH YDPRV D /)3.%!-+-5'5+'%!.(!/+05)!3.!%.8.%.0*'#!3.!$#%*#-b6!J05.! WDO PHQVDMH VROR DOFDQFp D FRQFOXLU £9LYD \D FD\y HO /#3%.?! &'&#0! (#-! $#%*#-u! @)4! );-.%&#$)-! #! 0'C)-! 4!


'%2&4.27%2.#.(%2&4)&./6.#!6.</&4)'&-)"6!4%&'.0)"!/&!'&2$=)#%&7)"()"2%

#3)(.-*.05.-!.!'0*(+-)!#3+(5)-?!*,$)!-.!-'.05.0!$'-.F %#;(.-!-'!0)!5'.0.0!-+-!5.0'-!`'w.!)!-+!U#*;))w!4!+0#! -.%'.!3.!);<.5)-!:+.!&#0!#!*)($#%!(#-!0.*.-'3#3.-!.0!(#! &'3#!*)5'3'#0#6!I-5)-!);<.5)-!()-!.0#<.0#0!.!'$/'3.0!(#! #/#%'*',0!3.(!'03'&'3+)!(';%.?!3.!.-.!A)$;%.!:+.!*)0-F *'.05.!/+.3.!3.<#%!5%#-!3.!-E!(#!'0*)$/(.5+3!:+.!;+-*#! -.%!((.0#3#!#!5%#&G-!3.!(#!*+(5+%#?!/.%)!;+.0)?!.-#!.-!.0! WRGR FDVR OD ¿QDOLGDG GHO SUR\HFWR ¿ORVy¿FR ²¢(Q VtQWHVLV FXiO HV HO UHODWR GHO GLYLQR PHUFDGR" nR)-5.02)!:+.!A#4!+0!c')-!:+.!2#0,!(#!.$'0.0*'#! .0!.(!$+03)!4!.-5)!3)$'0,!#!()-!)5%)-!3')-.-?!)!-.#!:+.! 0)!.-5#$)-!/#%#!0#3#!*)$)!-.!*%.E#!.0!+0#!-'5+#*',0! :+.!3.<,!#5%9-!(#-!%.('2')0.-?!-'$/(.$.05.!()!:+.!/#-,! .-!:+.!);('2,!#!()-!#05'2+)-!3')-.-!#!:+.!3.-/.%5#%#0!4! .-5)!*%.,!0+.&#-!8)%$#-!3.!%.('2',0!.0!.(!$+03)6 I0!.-#!/.%-/.*5'&#?!);-.%&)!+0#!.-/.*'.!3.!2+.%%#! %.('2')-#!.05%.!.-5.!0+.&)!c')-!/)-$)3.%0)!:+.!.-!.(! 3'&'0)!$.%*#3)?!.(!*+#(!.-59!.0!2+.%%#!*)0!()-!c')-.-! /%.$)3.%0)-6!I-5)-!3')-.-!3.!#05'2+#-!8)%$#-!*)$+F 0'5#%'#-?!:+'.0.-!.-590!3.<#03)!.05%#%!#(!0+.&)!c')-?! /%)05)!.05%#%#0!#!+0!.-5#3)!$)%';+03)6!I0!5)3)!*#-)?! /)3.$)-!3.*'%!:+.!.-5#$)-!&'&'.03)!+0#!2+.%%#!%.('F 2')-#!.05%.!+0!c')-!/)-$)3.%0)!4!+0)-!3')-.-!/%.$)F 3.%0)-?!%./%.-.05#3)-!/)%!#(2+0)-!8+03#$.05#('-$)-! 4! #(! (#3)! 3.! .-5)-! M(5'$)-! .-590! +0)-! 3')-.-! )/)%5+F 0'-5#-!:+.!-.!#3#/5#%)0!#!(#!3)$'0#*',0!3.(!$.%*#3)6! =)%!.<.$/()?!(#-!8)%$#-!$)0)5.E-5#-!*(9-'*#-!-.!A#0! #3#/5#3)!.!'02%.-#0!#(!3'&'0)!$.%*#3)6!>)0!.-.!/%)/,F -'5)! &'.0.0! .0! -+! #+H'(')! (#-! -.*5#-! 0.).&#02.('-5#-! 4! 0.);#+5'-5#-?!.05%.!)5%#-6!I-5#-!%.('2')0.-!A)4!3E#!/#%F 5'*'/#0!3.(!0+.&)!<+.2)!#(!*)0-)(#%!#!(#!2.05.!8%.05.!#!

.&!',&-.$./$0&-%)$

(#-!8%+-5%#*')0.-!'$/+.-5#-!/)%!.(!3'&'0)!$.%*#3)6!O0F *(+-)!.H'-5.0!)5%)-!3')-.-?!/)%!.<.$/()?!(#!%.('2',0!$#%F H'-5#! 3.(! /%)(.5#%'#3)! :+.! .0! #(2+0)-! /#E-.-! *)$)! .0! >A'0#! -.! /+-'.%)0! '0$.3'#5#$.05.! 3.! #*+.%3)! *)0! .(! 0+.&)!c')-6!>A'0#!5%#0-'5,!3.(!$#%H'-$)F(.0'0'-$)!#(! a$.%*#3)F(.0'0'-$)b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yQ ¿QDQFLHUR &RQ HOOR HVWDPRV IUHQWH D OD GLVROXF *',0!3.!(#-!#05'2+#-!8)%$#-!3.!-)('3#%'3#3!*)(.*5'&#6! I0!.-5.!-.05'3)?!0'!-':+'.%#!/)3.$)-!A#;(#%!3.!(#!/%.F -.0*'#!3.!+0#!-)*'.3#3!3)03.!.H'-5.!(#!#0)$'#?!-'0)! $9-!;'.0!.-5#$)-!8%.05.!#!(#!-)*'.3#3!#0,$#(#?!)!.0! )5%#-!/#(#;%#-?!.-5#$)-!#05.!(#!/%.-.0*'#!3.(!#-*.0-)! 3.(!-+<.5)!/.%&.%-)6

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

CD


teoría

1!'$3&+&).7)",)3!3;& )'&4$)"9%&<$,!.%&).&'!&

humoral 3)&'!&,)3-4-.!5

:"#)#8&'0)#5=2"/'>"#2<28"/3

c

O`DhBcP>>Ox`

.-/+G-! 3.! (#! *#E3#! 3.(! '$/.%')! $.H'*#?! .0! (#! `+.&#! I-/#C#! *)$.01#%)0! #! .-5#;(.*.%F -.!&#%'#-!'0-5'5+*')0.-!:+.!-'%&'.%)0!*)$)!(#! ;#-.! 3.! )%2#0'1#*',0! 3.(! &'%%.'0#5)6! I05%.! ()-! .-5#F ;(.*'$'.05)-! :+.! 5.$/%#0#$.05.! #/#%.*'.%)0! .0! ()-! 5.%%'5)%')-! #$.%'*#0)-! .-5+&'.%)0! (#-! +0'&.%-'3#3.-?! :+.!.%#0!(#-!'0-5'5+*')0.-!/)%5#3)%#-!3.!-#;.%!*(9-'*)! 2%.*)(#5'0)!4!(#-!M0'*#-!'0-5#0*'#-!*#/#*.-!3.!.H/.3'%! 5E5+()-! #*#3G$'*)-6! I0! Xyvz! 8+.! #;'.%5)! .(! *)(.2')F +0'&.%-'3#3!3.!R#05)!c)$'02)!4!.0!XyyX!-.!.%'2'.%)0! ()-!.-5#;(.*'$'.05)-!%.#(.-!3.!"'$#!4!UGH'*)6!I-5)-! /%'$.%)-! .-5+3')-! #$.%'*#0)-! -.2+E#0! ()-! $)3.()-! +0'&.%-'5#%')-!$.3'.&#(.-?!:+.!#2%+/#;#0!.0!-+!'05.F ULRU FLQFR IDFXOWDGHV FiQRQHV OH\HV WHRORJt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c.!(#!$'-$#!

!

c)*5)%!.0!@'-5)%'#!/)%!(#!P0'&.%-'3#3!3.!R#(#$#0*#?!I-/#C#6

Q

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

C?

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h.#(!P0'&.%-'3#3!3.!UGH'*)!8+.!(#!/%'$.%#!'0-5'5+*',0! 3.(!`+.&)!U+03)!.0!(#!:+.!-.!*)$.01#%)0!#!3'*5#%! (.**')0.-!-);%.!(#!5.)%E#!A+$)%#(!3.(!*+.%/)!A+$#0)?! 4!/)%!.03.!.%#!.(!M0'*)!.-5+3')!:+.!/)3E#!8)%$#%!$GF 3'*)-!#(!)5%)!(#3)!3.(!J5(905'*)6 "BR!RJTIhIR!cI!"J!UIcO>O`J!I`!"BR! ROg"BR!]KO!7!]KOO

")-!'0'*')-!3.!(#!5.)%E#!$.3'*#!:+.!/%.&#(.*',!.0! (#-! +0'&.%-'3#3.-! $.3'.&#(.-! .+%)/.#-?! 4! /)-5.%')%F $.05.! 5%#-/(#05#3#! #! (#-! #$.%'*#0#-?! -.! -'5M#0! .0! (#! O-(#!3.!>)-?!.0!.(!-+3).-5.!3.!J-'#!U.0)%?!3+%#05.!.(! /.%')3)!:+.!#;#%*#!()-!-'2()-!K!4!OK!#6>6!R.!*)0*.3.! .(!A)0)%!#!@'/,*%#5.-!S*6!Z{WFvqW!#6>6Y!3.!-.%!.(!/#3%.! 3.!(#!$.3'*'0#6!R'0!.$;#%2)?!@'/,*%#5.-!8+.!-)(#$.0F 5.! +0)! 3.! ()-! %.*)/'(#3)%.-! 3.! +0#! -.%'.! 3.! 5%#5#3)-! $G3'*)-!:+.!A#;E#0!-'3)!.(#;)%#3)-!#05.-?!3+%#05.!.! '0*(+-)!3.-/+G-!3.!-+!.H'-5.0*'#6!@'/,*%#5.-?!.0!.8.*F 5)?!8+.!+0)!3.!()-!5#05)-!$G3'*)-!:+.!/);(#%)0!#:+.((#! '-(#!4!:+.!/%);#;(.$.05.!/#%5'*'/,!.0!(#!8)%$#*',0!3.(! B).,6"( 5%,,)&.'#%&6+ 'LFKR GH RWUD IRUPD KDEODU 3.!()-!5%#5#3)-!A'/)*%95'*)-!.:+'&#(.!#!3.*'%!(';%)-!-)F


)'&6$)"7%&?$-!/%&)/&'!&#)%"@!&?$-%"!'&4)&'!&-)4.6./!

;%.!$.3'*'0#!-+%2'3)-!#!()!(#%2)!3.!2.0.%#*')0.-?!.0! ()-!:+.!-.!%.*)/'(,!.(!*)0)*'$'.05)!4!(#!.H/.%'.0*'#! GH XQ JUXSR GH PpGLFRV FRLFRV 9LYHURV I(!B).,6"(5%,,)&.'#%&6+(.-5+&)!*)$/+.-5)!/)%!*.%F *#!3.!-.-.05#!;%.&.-!5%#5#3)-!$G3'*)-?!3.!()-!*+#(.-! $.3'#! 3)*.0#! -.! *)0&'%5'.%)0! .0! /#%5.! 3.! ()-! 5.H5)-! +-#3)-!.0!(#-!+0'&.%-'3#3.-!$.3'.&#(.-!4!%.0#*.05'-F WDV *UHQGOHU @#*'#! .(! -'2()! OO! .(! $G3'*)! 2%'.2)! g#(.0)! 3.! =G%F 2#$)! SXvXFVWX\Y! *)$.05,! ()-! 5%#5#3)-! A'/)*%95'*)-! '0*)%/)%#03)! $#5.%'#(.-! -);%.! #0#5)$E#?! -'.03)! .(! $9-! '$/)%5#05.! ?$( 6"6( ,'.#%6+?! )! aR);%.! .(! +-)! 3.! (#-!/#%5.-b6!U9-!5#%3.!-+-!5%#;#<)-!8+.%)0!#-'$'(#3)-!.! '05%)3+*'3)-!#!I+%)/#!/)%!(#!*+(5+%#!9%#;.6!I(!-'-5.$#! 3.! g#(.0)! #/)%5,! +0#! -E05.-'-! 3.! (#! *)0*./*',0! 3.! (#! 0#5+%#(.1#! ;#-#3#! .0! (#! 5%#3'*',0! A'/)*%95'*#! 4! .0! (#-! 3)*5%'0#-!/%.-)*%95'*#-6!O2+#($.05.?!.(!2#(.0'-$)!A#;E#! DVLPLODGR FRQFHSWRV IXQGDPHQWDOHV GH OD ¿ORVRItD QDF WXUDO DULVWRWpOLFD \ GHO SODWRQLVPR %DURQD c+%#05.!(#!5.$/%#0#!I3#3!U.3'#!#%%';#%)0!#!B*F *'3.05.!()-!-#;.%.-!$G3'*)-!3.!g#(.0)6!R'0!.$;#%2)?! (#!);%#!3.(!$G3'*)!3.!=G%2#$)!0)!((.2,!*)$/(.5#6!J(F 2+0#-! 3.! -+-! #/)%5#*')0.-! #0#5,$'*#-! 8#(5#;#0! .0! .(! &).,6"($.3'.&#(?!4!()!:+.!()-!.+%)/.)-!-#;E#0!3.!-+-! 5%#5#3)-!.%#!.(!%.-+(5#3)!3.!+0#!-.%'.!3.!3./+%#*')0.-! GH ODV IXHQWHV iUDEHV /D LQÀXHQFLD LVOiPLFD SODQWHy XQD QRWDEOH UHFWL¿FDFLyQ DO JDOHQLVPR %DURQD XyY?!/)%!()!:+.!.-5.!-'-5.$#!%.-+(5#;#!$9-!+0#!$.1F *(#!3.!*)0*./5)-!:+.!+0#!)%2#0'1#*',0!*)02%+.05.!3.! *)0)*'$'.05)-6! =)%! .(()! %.-+(5#! +0! 5#05)! 8)%1#3)! A#F ;(#%!3.!+0!-'-5.$#!2#(G0'*)6!`)!);-5#05.?!(#!$.3'*'0#! #*#3G$'*#!$.3'.&#(!#*./5#;#!+0#!-.%'.!3.!*)0*./5)-! ¿VLROyJLFRV FRPXQHV TXH VH SRGUtDQ GHQRPLQDU JDOpF QLFRV /LQGHPDQQ /RV WUDEDMRV GH *DOHF 0)!/.%$.#%)0!5)5#($.05.!.(!-#;.%!$G3'*)!3+%#05.!(#! I3#3!U.3'#!4!.(!h.0#*'$'.05)?!/)%!()!:+.!.(!$G5)3)?! (#!5.)%E#!4!(#!/%9*5'*#!3.!.-5.!-#;.%!:+.3#%)0!#/.2#F 3)-!#(!((#$#3)!2#(.0'-$)6 "#! 2%#0! $#4)%E#! 3.! ()-! 5%#5#3)-! $G3'*)-! 2%'.2)-! .-5+&'.%)0! 3'-/)0';(.-! .0! (.02+#! (#5'0#! 2%#*'#-! #! (#! (#;)%! :+.! %.#('1#%)0! ()-! 5%#3+*5)%.-! 4! *)$.05#3)%.-! 9%#;.-6! I05%.! ()-! $G3'*)-! $+-+($#0.-! :+.! 5%#3+<.F %)0?! *)$.05#%)0! .! '05.%/%.5#%)0! #! g#(.0)! A+;)! +0)! TXH VREUHVDOLy SRU OD LQÀXHQFLD TXH HMHUFLy PiV WDUGH HQ HO 0HGLRHYR $EX $OL DO +XVD\Q ,EQ 6LQD PHMRU *)0)*'3)!*)$)!J&'*.0#!SpzWFXWvqY?!:+.!.-*%';',!-+! B'*)*( :$( +$:%&%*'?! .(! *+#(! -.! 5%#3+<)! #(! (#5E0! .0! .(! -'2()!]OO!4!-.!*)0&'%5',!.0!5.H5)!'03'-/.0-#;(.!.0!(#-! +0'&.%-'3#3.-! )**'3.05#(.-6! I-5#! 5%#3'*',0! $G3'*#!

.&!',&-.$./$0&-%)$

%.'05.%/%.5#3#!4!.0%':+.*'3#!#!()!(#%2)!3.!*'.05)-!3.! #C)-! 8+.! (#! :+.! 3')! 8)%$#! #! (#! $.3'*'0#! .-*)(9-5'*#! (#! *+#(! 5+&)! -+! *.05%)! 3.! 3'8+-',0! .0! (#-! 8#*+(5#3.-! $G3'*#-!3.!(#-!+0'&.%-'3#3.-6 "J!OhhP=>Ox`!cI!"J!`PIKJ!J`JDBU|J

I0!.(!$+03)!$G3'*)!$.3'.&#(!()-!-#;.%.-!#0#5,$'F *)-!-.!;#-#;#0!/%'0*'/#($.05.!.0!(#-!.-/.*+(#*')0.-! .H5%#E3#-! 3.! (#-! 5.)%E#-! 2#(.0'-5#-6! R+! .0-.C#01#! *#F %.*E#!3.(!$G5)3)!;#-#3)!.0!(#!/%9*5'*#!3.!(#!3'-.**',0! 3.(!*+.%/)!A+$#0)6!"#!%.-'-5.0*'#!#!3'-.**')0#%!*#39F &.%.-!-.!3.;',!#(!-.05'$'.05)!%.('2')-)!:+.!/%'&#;#!.0! (#!G/)*#6!"#!'2(.-'#!-.!)/)0E#!#(!3.-$.$;%#$'.05)!3.(! *+.%/)!A+$#0)6!=)%!-+!/#%5.?!.(!'-(#$!0'!-':+'.%#!#3F PLWtD OD UHSUHVHQWDFLyQ GH OD ¿JXUD KXPDQD 3RU HVWDV %#1)0.-?!*+(5+%#(.-!4!3.!$.05#('3#3?!-.!/+.3.!.H/('*#%! .(!3.*('&.!3.!(#!#0#5)$E#!#!()!(#%2)!3.(!/.%')3)!$.F GLHYDO 5LHUD ")-!-#;.%.-!$.3'.&#(.-!3.!(#!#0#5)$E#!-.!A#((#;#0!.0! (#!);%#!?$(6"6(,'.#%6+(3.!g#(.0)6!I-5.!5%#5#3)!-.!;#-#;#! .0!+0#!#0#5)$E#!8+0*')0#(?!.-!3.*'%?!.0!(#!3.-*%'/*',0!3.! (#-!5#%.#-!:+.!.<.%*E#!*#3#!+0#!3.!(#-!/#%5.-!3.(!*+.%/)! A+$#0)6!c.!.-5#!$#0.%#!(#!3.-*%'/*',0!$)%8)(,2'*#!3.(! *+.%/)!A+$#0)!:+.3,!-+/.3'5#3#!#!(#!8+0*')0#('3#36 "#!I3#3!U.3'#!8+.!+0#!G/)*#?!-'!0)!3.!%.5%)*.-)?! -E!3.!.-5#0*#$'.05)!.0!*+#05)!#(!-#;.%!$G3'*)!.0!2.F 0.%#(6!7#!-.!A#!$.0*')0#3)!.(!#;#03)0)!3.!(#-!3'-.*F *')0.-! .0! *#39&.%.-?! #! ()! :+.! A#4! :+.! #C#3'%! :+.! .(! $G3'*)! 3.! =G%2#$)! ;#-,! -+-! A#((#12)-! #0#5,$'*)-! -);%.!5)3)!.0!(#!3'-.**',0!#0'$#(6!c'&.%-#-!.-/.*'.-! 3.! #0'$#(.-! S*.%3)?! 2#5)?! -'$')?! .5*G5.%#Y! 8+.%)0! 3'F -.**')0#3#-! /)%! g#(.0)6! c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d-5.!.%#!#+H'('#3)! /)%!+0!*'%+<#0)!)!;#%;.%)!*'%+<#0)?!:+'.0!-.!.0*#%2#F ;#!3.!*)%5#%!4!$#0'/+(#%!()-!'0.%5.-!*+.%/)-?!$'.05%#-! .(!.0-.C#05.?!3.-3.!-+!*95.3%#?!-,()!';#!-.C#(#03)!(#-! /#%5.-!.H/('*#3#-!.0!.(!5.H5)6!I(!3.-$.$;%#$'.05)!3.! +0!*+.%/)!.%#!*)0-'3.%#3)!+0#!/%9*5'*#!'03'20#!3.;'F 3)!#!:+.!*)0((.&#;#!.(!+-)!3.!(#-!$#0)-6!=)%!.(()?!.(! .<.%*'*')!3.!(#!#0#5)$E#!4!3.!(#!*'%+2E#!8+.!3.2%#3#3)! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

CG


!',&-.$./$0&-%)$//. A)"!"4%&-!"#@/)+&?)"/^/4)+

#(!9$;'5)!#%5.-#0#(?!.(!*+#(!0)!%.:+.%E#!3.!()-!*)0)*'F $'.05)-!*(9-'*)-!.0-.C#3)-!.0!(#-!+0'&.%-'3#3.-6!`)! );-5#05.?!A+;)!'$/)%5#05.-!*.05%)-!3.!.0-.C#01#!:+.! $9-!5#%3.!-.!)*+/#%)0!/)%$.0)%'1#3#$.05.!3.!(#!.0F -.C#01#!3.!.-5)-!-#;.%.-?!.05%.!()-!:+.!-.!.0*)05%#;#0! (#! .-*+.(#! 3.! R#(.%0)! 4! ()-! *.05%)-! +0'&.%-'5#%')-! 3.! U)05/.(('.%?!T)()0'#!4!=#3+#6 U'.05%#-!5#05)?!.0!()-!*E%*+()-!$G3'*)-!3.!(#!I-/#F C#!3.!(#!/%'$.%#!$'5#3!3.(!-'2()!]KO?!.(!*)0)*'$'.0F 5)!4!(#!.0-.C#01#!3.!(#!#0#5)$E#!-.2+E#0!;#-#3)-!.0! (#!5.)%E#!3.!g#(.0)!4!.0!#(2+0)-!#+5)%.-!.!'05G%/%.5.-! $.3'.&#(.-6!"#!);%#-?!3.!g#(.0)?!?$(6"6(,'.#%6+?!3.! J&'*.0#?!.(!B'*)*?!4!3.!g+4!3.!>A#+('#*?!B5%.60%'( +'0*'?! *)05'0+#;#0! 3)$'0#03)! .0! (#-! *95.3%#-! +0'F &.%-'5#%'#-6!R'0!.$;#%2)?!#!/#%5'%!3.!(#-!3G*#3#-!*.0F 5%#(.-!3.(!-'2()?!.(!$+03)!$G3'*)!.+%)/.)!*)0)*',!+0#! 0+.&#!8)%$#!3.!#*.%*#%-.!#(!*)0)*'$'.05)!3.(!*+.%/)! A+$#0)6! I0! .(! #C)! 3.! XyZv! -.! /+;('*,! ?$( 56+'*%"( &).,).%"( 3'2.%&'( )! aR);%.! (#! .-5%+*5+%#! 3.(! *+.%/)! A+$#0)b! 3.(! $G3'*)! A+$#0'-5#! J03%G-! K.-#(')6! "#! '$/)%5#0*'#! 8+03#$.05#(! 3.! .-5.! (';%)! %#3'*#! .0! :+.! (#!;#-.!3.!-+!*)05.0'3)?!.-!3.*'%?!(#!*)0-5'5+*',0!3.(! *+.%/)!A+$#0)?!.-59!#-.05#3#!.0!(#!/%9*5'*#!3'-.*5)%#6! K.-#(')!A#*E#!A'0*#/'G!.0!(#!);-.%&#*',0!/.%-)0#(?!()! :+.!.0!(#!G/)*#!-.!3.0)$'0#;#!.H/.%'.0*'#6!"#!*)$F /#%#*',0!.05%.!()!.-5#;(.*'3)!/)%!()-!*(9-'*)-!m:+.!.0!(#! pSRFD HVWDEDQ VLHQGR UHGHVFXELHUWRV R SXUL¿FDGRV SRU OD LQWHQVD ODERU ¿OROyJLFD GH ORV FtUFXORV KXPDQLVWDV± \ (#!);-.%&#*',0!3'%.*5#!3.!(#!0#5+%#(.1#!3#;#!/)%!%.-+(5#F 3)!+0#!0+.&#!'05.%/%.5#*',0!3.(!$+03)?!4!.0!.-5.!*#-)?! 3.!(#!*)0-5'5+*',0!8E-'*#!A+$#0#6!R.!5%#5#;#!3.!+0!*A)F :+.!#;'.%5)!*)05%#!(#!#+5)%'3#3!3.!()-!*(9-'*)-6 "#!3)*.0*'#!:+.!'$/(.$.05,!K.-#(')!.0!(#!*95.3%#! 3.! #0#5)$E#! 3.! (#! P0'&.%-'3#3! 3.! =#3+#! %)$/E#! *)0! (#-!8)%$#-!A#-5#!.05)0*.-!*)0-.%&#3#-?!#(!;#<#%!3.!(#! *95.3%#!4!-'5+#%-.!<+05)!#(!*#39&.%?!3'-.*#03)!4!-.C#F (#03)!(#-!/#%5.-!3.(!*+.%/)!:+.!-.!%.8.%E#06!c+%#05.!(#! .-5#0*'#!3.!K.-#(')!.0!(#!+0'&.%-'3#3!/#5#&'0#!-.!'0'*',! OR TXH -RVp 0DUtD /ySH] 3LxHUR KD GHF 0)$'0#3)!*)$)!.(!$)&'$'.05)!#0#5,$'*)!&.-#('#0)?! HO FXDO VLJQL¿Fy OD UHYDORUDFLyQ GH OD SUiFWLFD DQDWyF $'*#?!.-!3.*'%?!3.!(#-!3'-.**')0.-!3.!*#39&.%.-?!*)$)! 8+.05.!/%'0*'/#(!3.(!*)0)*'$'.05)!3.(!*+.%/)!A+$#0)6 J!(#-!(.**')0.-!:+.!K.-#(')!3'*5#;#!.0!(#!P0'&.%F VLGDG GH 3DGXD DVLVWtDQ GRV DOXPQRV YDOHQFLDQRV 3HF 3%)! e'$.0)! 4! "+'-! >)((#3)?! :+'.0.-! #C)-! $9-! 5#%3.! ((.&#%)0! .-5.! '00)&#3)%! $G5)3)! 3'39*5'*)! #! ()-! *.0F 5%)-!3)*.05.-!';G%'*)-6!J-E?!#!$.3'#3)-!3.(!-'2()!]KO?! OD PHGLFLQD HVSDxROD UHFLELy XQD IXHUWH LQÀXHQFLD GH #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

CF

OD QXHYD DQDWRPtD YHVDOLDQD OR TXH VLJQL¿Fy TXH ODV +0'&.%-'3#3.-!A'-/90'*#-!m'0*(+'3#!(#!$.H'*#0#m!8+.F %#0!3.!(#-!/%'$.%#-?!3.-/+G-!3.!(#-!'5#('#0#-?!.0!8+03#%! *95.3%#-!3.!#0#5)$E#!4!*'%+2E#6 P0#!&.1!:+.!-.!A#!)8%.*'3)!+0#!/.%-/.*5'&#!2.0.%#(! 3.!()-!*)05.0'3)-!5.,%'*)-!3.!(#!$.3'*'0#!:+.!'$/.%,! 3+%#05.!(#!I3#3!U)3.%0#?!*#;.!.H/('*#%!#A)%#!*,$)! 8+0*')0#;#! .-5.! -'-5.$#! 3.! *)0)*'$'.05)-_! :+G! *)0F *./*',0!5.0E#!3.(!*+.%/)!A+$#0)?!3.!(#!.08.%$.3#3?! *,$)!*+%#;#?!/)%!:+G!3+%,!5#05)!5'.$/)!-'0!-.%!$)3'F ¿FDGD VXVWDQFLDOPHQWH (Q ORV VLJXLHQWHV DSDUWDGRV VH 5%#5#%9!3.!3#%!%.-/+.-5#!#!.-5#-!'05.%%)2#05.-6 UJ>hB>BRUBR!7!UO>hB>BRUBR6! I"IUI`DBR!7!@PUBhIR

/RV PpGLFRV \ ¿OyVRIRV JULHJRV FRQVLGHUDEDQ TXH OD QDWXUDOH]D VH RIUHFtD EDMR GRV IDFHWDV XQD GH FDF %9*5.%!+0'&.%-#(!)!$#*%)*,-$'*)?!4!(#!)5%#!3.!E03)(.! '03'&'3+#(!)!$'*%)*,-$'*#6!"#!/%'$.%#!-.!)*+/#;#!3.(! *)0<+05)! 3.! ()-! 8.0,$.0)-! 4! 8+.%1#-! :+.! *)$/)0.0! .(! +0'&.%-)6! "#! -.2+03#! .%#! #:+.((#! :+.! -.! *.05%#;#! /%.*'-#$.05.!3.!(#!0#5+%#(.1#!A+$#0#?!.-!3.*'%?!.0!(#! ³¿VLRORJtD´ 9LYHURV (VWDV GRV HQWLGDGHV -.!.0*)05%#;#0!.0!+0#!.-5%.*A#!'05.%#**',06! I(!2#(.0'-$)!-.C#(#;#!:+.!(#-!/#%5.-!3.(!*+.%/)!A+F PDQR VH FRPSRQtDQ GH FXDWUR KXPRUHV VDQJUH ELOLV QHJUD ÀHPD \ ELOLV DPDULOOD TXH VH FRUUHVSRQGtDQ FRQ ()-! *+#5%)! .(.$.05)-! .-.0*'#(.-! :+.! -.C#(#;#! (#! 5%#F GLFLyQ DULVWRWpOLFD IXHJR WLHUUD DJXD \ DLUH /RV KXF $)%.-?!#(!'2+#(!:+.!()-!.(.$.05)-?!.-5#;#0!8)%$#3)-! /)%! (#! *)$;'0#*',0! ;'0#%'#! 3.! (#-! *+#5%)! *+#('3#3.-! /%'$#%'#-?!3.!5#(!$#0.%#!:+.!(#!-#02%.!.%#!*#('.05.!4! VHFD OD ELOLV QHJUD HUD IUtD \ VHFD OD ÀHPD HUD IUtD 4! AM$.3#! 4! (#! ;'('-! #$#%'((#! .%#! *#('.05.! 4! AM$.3#6! >#3#!A+$)%!5.0E#!-+!#-'.05)!.0!+0)!3.!()-!/%'0*'/#(.-! yUJDQRV GHO FXHUSR OD VDQJUH HQ HO FRUD]yQ OD ELOLV QHJUD HQ HO ED]R OD ÀHPD HQ HO FHUHEUR \ HO DLUH HQ HO KtJDGR 6WUDWKHUQ /D PH]FOD GH HVWRV .(.$.05)-!3#;#!#!*#3#!-.%!-+!5.$/.%#$.05)!)!*)$F SOH[LyQ ±VDQJXtQHR PHODQFyOLFR ÀHPiWLFR R FROpF ULFR± TXH UHÀHMDED XQD FRPELQDFLyQ GH FXDOLGDGHV M0'*#! :+.! &#%'#;#! 5#$;'G0! -.2M0! (#! .3#3! 4! .(! -.H)! /LQGHPDQQ O2+#($.05.!()-!A+$)%.-!5.0E#0!+0#!#-)*'#*',0!*)0! (#-!*+#5%)!.-5#*')0.-?!(#-!*+#5%)!.3#3.-!3.(!A)$;%.!4! ()-!*+#5%)!/+05)-!*#%3'0#(.-6!")-!A+$)%.-?!/)%!()!5#05)?! .%#0!()-!.(.$.05)-!:+.!3)5#;#0!#(!)%2#0'-$)!3.!*#%#*F WHUtVWLFDV SURSLDV WDO FRPR VH H[SOLFD D FRQWLQXDFLyQ


)'&6$)"7%&?$-!/%&)/&'!&#)%"@!&?$-%"!'&4)&'!&-)4.6./! I(! A+$)%! .-! +0! .(.$.05)! -.*+03#%')! 3.(! *+.%/)! #0'$#(?! *#F UDFWHUL]DGR SRU VX ÀXLGH] VX PLVFLELOLGDG \ VX FRQGLFLyQ GH -.%!-)/)%5.!3.!(#-!*+#('3#3.-!.(.$.05#(.-!S.-!3.*'%!*#()%?!8%E)?! A+$.3#3!4!-.:+.3#3Y6!D#$;'G0!.-!3.!/)%!-E!.(.$.05)!/)%:+.! .(! A+$)%! 0)! -.! 3.-*)$/)0.! 3+%#05.! (#! &'3#! 3.(! '03'&'3+)?! #+0:+.!.0!)*#-')0.-!-.!*)%%)$/.!4!3#!(+2#%!#!*)-#-!3'-5'05#-! *DUFtD 9DOGHFDVDV 9 !

"#-! 0#5+%#(.1#-! $#*%)*,-$'*#! 4! $'*%)*,-$'*#! .%#0!/%'0*'/')-!#*5+#05.-!.0!9$;'5)-!3'8.%.0*'#3)-!4! 3.('$'5#3)-?!/.%)!#(!$'-$)!5'.$/)!-.!A#((#;#0!.0!/.%F $#0.05.!%.(#*',0?!#(!/+05)!3.!:+.!(#!/%'$.%#!3.5.%$'F QDED D OD VHJXQGD 9LYHURV (O PpGLFR SRU ()!5#05)?!3.;E#!.-5#%!#5.05)!#(!8+0*')0#$'.05)!.!'05.F %#**',0!3.!#$;#-!0#5+%#(.1#-!4!#(!.:+'(';%')!:+.!3.;E#! 2+#%3#%-.!.05%.!.((#-?!4#!:+.!.-5#!#%$)0E#!.%#!(#!:+.! /.%$'5E#!+0!*)%%.*5)!3.-.$/.C)!3.(!*+.%/)!A+$#0)6! g#(.0)! '0-'-5E#! .0! :+.! .(! *)0)*'$'.05)! 3.(! $G3'*)! 3.;E#!'%!$9-!#((9!3.(!*+.%/)_!-+;%#4#;#!(#!'$/)%5#0F FLD TXH WHQtD HO FRQRFLPLHQWR GH OD ¿ORVRIt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ySH] 3LxHUR I(!-'-5.$#!2#(G0'*)!-.!;#-#;#!.0!(#-!-.'-!*)-#-!0)! QDWXUDOHV DLUH VXHxR \ YLJLOLD FRPLGD \ EHELF 3#_!ZY!3.-*#0-)!4!.<.%*'*')_!yY!.H*%.*',0!4!%.5.0*',0_! {Y!/#-')0.-!)!.$)*')0.-6!I0!(#-!*)-#-!*)05%#F0#5+%#F (.-?! :+.! .%#0! ()-! .-5#3)-! /#5)(,2'*)-! )! .08.%$.3#36! < HQ ODV QDWXUDOHV TXH HUDQ ORV FXDWUR HOHPHQWRV *(9-'*)-_!VY!()-!*+#5%)!A+$)%.-_!vY!(#-!*)$/(.H')0.-! )!5.$/.%#$.05)-_!ZY!(#-!/#%5.-!+!,%2#0)-!3.(!*+.%/)_! yY! .(! .-/E%'5+?! :+.! .%#! +0#! -+.%5.! 3.! #'%.! )! ,*$6+'?! /%)3+*'3)! .0! .(! *)%#1,0! 4! :+.! .%#! ((.&#3)! #! 5)3)! .(! *+.%/)!/)%!(#-!#%5.%'#-_!{Y!(#-!&'%5+3.-?!:+.!.%#0!(#-!#*F 5'&'3#3.-!3.!()-!-'-5.$#-_!4!qY!(#-!)/.%#*')0.-?!:+.!%.F /%.-.05#;#0!(#-!8+0*')0.-!3.!()-!,%2#0)-!'03'&'3+#(.-6! I0!.(!-'-5.$#!2#(G0'*)!A#;E#!5%.-!,%2#0)-!/%'$)%F GLDOHV GHQRPLQDGRV D YHFHV PLHPEURV SULQFLSDOHV .(!*)%#1,0?!.(!AE2#3)!4!.(!*.%.;%)6!>#3#!+0)!3.!.(()-! UHJtD XQ VLVWHPD FRUSRUDO HVSHFt¿FR &DEH DTXt KDFHU (#!#*)5#*',0!3.!:+.!(#!'05.%/%.5#*',0!2#(G0'*#!3.!-'-F WHPD GL¿HUH GH OD DFWXDO FXDQGR VH KDFH UHIHUHQFLD /)%! .<.$/()?! #(! -'-5.$#! *'%*+(#5)%')?! -'-5.$#! %./%)F

.&!',&-.$./$0&-%)$

GXFWRU R VLVWHPD QHUYLRVR FHQWUDO /LQGHPDQQ q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¿JXUDEDQ HO HVWyPDJR \ RWURV yUJDQRV UHODFLRF 0#3)-! *)0! (#! 3'2.-5',0?! /.%)! 5#$;'G0! (#-! &.0#-?! :+.! ((.&#;#0!(#!-#02%.!S.-!3.*'%?!()-!#('$.05)-Y!#!5)3)!.(! *+.%/)6!U.3'#05.!+0!/%)*.-)!3'2.-5'&)!((#$#3)!&)&#%)*$X!.(!#('$.05)!'02.%'3)!-.!*)0&.%5E#!.0!.(!.-5,$#2)! .0!H6%1)6!c.!#AE!.%#!5%#0-/)%5#3)!#(!AE2#3)!/)%!(#!&.0#! *#&#6!I0!.(!AE2#3)!.(!H6%1)!-+8%E#!+0#!-.2+03#!&)&#%)*$( m+0! /%)*.-)! -'$'(#%! #(! 3.! $.1*(#%m! .0! (#! *+#(! -.! 8)%$#;#!(#!/#%5.!-+-5#0*'#(!3.!()-!*+#5%)!A+$)%.-6!=)%! ()!5#05)?!.(!H6%1)!.%#!*)0-'3.%#3)!.(!(E:+'3)!)%'2'0#(!3.! (#!&'3#6!N%'.3%'*A!@)88$#00?!$G3'*)!3.!)%'2.0!2.%$#F QR HVFULELy D ¿QDOHV GHO VLJOR ;9,, TXH HO H6%1)(a-.! &.%5E#!#!(#!-#02%.?!$.3'#05.!*+4)!$)&'$'.05)!-.!3'&'F 3E#!4!-.!A#*E#!$9-!('2.%)?!/#-#03)!.0!/#%5.!#!(#!/%)/'#! -#02%.?!}666~!.0!/#%5.!#(!<+2)!0+5%'5'&)?!}666~!.0!/#%5.!#(! -+.%)?! 4! }666~! .0! /#%5.! #! (#! ('08#b! S*'5#3)! /)%! "'03.F PDQQ 6H FUHt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¿ORVy¿F *)!/.%8.*5#$.05.!#*#;#3)!4!.H.05)!3.!3'-*+-',06!R'0! .$;#%2)?!#!/.-#%!3.!-+!'03+3#;(.!*)A.%.0*'#!'05.%0#?! .(!3'-*+%-)!$G3'*)!-);%.!(#!0#5+%#(.1#!A+$#0#!3.%'&#F 3)!3.!.-5.!-'-5.$#!*)$.01,!#!-.%!);<.5)!3.!0+$.%)-#-! *)05%)&.%-'#-!%.(#5'&#-!#!*+.-5')0.-!*)0*%.5#-!)!3.!%.F X! I(!5G%$'0)!A#*.!%.8.%.0*'#!#!+0#!#(5.%#*',0!/%)&)*#3#!/)%!(#!#**',0!3.(! *#()%?!:+.!*)0-5'5+E#!+0#!5%#0-8)%$#*',0!-+-5#0*'#(6!!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

CA


!',&-.$./$0&-%)$//. A)"!"4%&-!"#@/)+&?)"/^/4)+

8+5#*')0.-!2();#(.-!#!/#%5'%!3.(!-'2()!]KO6 I"!cIRILPO"OThOB!B!I`NIhUIcJc

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a8+.%5.b?!a3G;'(b?!a%);+-5#b!)!a3.('*#3#b6! J-E!/+.-?!/)%!.<.$/()?!-'!+0#!/.%-)0#!0#*E#!*)0!+0#! *)0-5'5+*',0!a3G;'(b?!/)*#-!.%#0!-+-!/%);#;'('3#3.-!3.! -);%.&'&'%!4!#M0!-'!8#((.*E#!4#!#!+0#!.3#3!$#3+%#?!(#! $+.%5.!-.!/)3E#!.H/('*#%!/)%!(#!*)0-5'5+*',0!*)0!(#!:+.! KDEtD QDFLGR /LQGHPDQQ 6H KD YLVWR TXH XQD EXHQD VDOXG HUD HO UHÀHMR GH +0#!#3.*+#3#!#%$)0E#!.05%.!()-!*+#5%)!A+$)%.-?!/)%! ()!:+.!(#!.08.%$.3#3!0)!.%#!$9-!:+.!+0!%)$/'$'.05)! 3.(! .:+'(';%')! A+$)%#(! .-5#;(.*'3)6! I(! 3.-.:+'(';%')! /)3E#! 3#%-.! /)%! .H*.-)! )! 3.8.*5)6! `#5+%#($.05.! 0)! /)3E#!A#;.%!3.8.*5)!-'$+(590.)!3.!A+$)%.-!a)/+.-F 5)-b!*)$)!8%E)!4!*#()%?!)!AM$.3)!4!-.*)?!/.%)!-E!3.! *#()%! 4! A+$.3#3! 4! 3.! *#()%! 4! -.:+.3#3! )! 3.! 8%E)! 4! A+$.3#3!4!8%E)!4!-.:+.3#36!"#!.08.%$.3#3?!#3.$9-?! '$/.3E#!(#!.:+'(';%#3#!%.(#*',0!.H'-5.05.!.05%.!.(!'0F 3'&'3+)!4!-+!.05)%0)!0#5+%#(6 9LYLDQ 1XWWRQ FLWDGD SRU /ySH] %HOWUiQ KD GH¿QLGR HO KXPRUDOLVPR FRPR XQ VLVWHPD TXH FRQF -'3.%#;#!#!(#!.08.%$.3#3!*)$)!%.-+(5#3)!3.!(#!#(5.%#F *',0!3.(!.:+'(';%')!0#5+%#(!3.!()-!A+$)%.-?!.0!.(!*+.%/)! FRPR XQ WRGR R HQ DOJXQD SDUWH HVSHFt¿FD $VLPLVPR A#! -.C#(#3)! :+.! .%#! +0! -'-5.$#! '03'&'3+#('-5#?! /+.-! *#3#! /.%-)0#! 4! *#3#! /#%5.! *)%/)%#(! 5.0E#0! -+! /%)/'#! *)$/)-'*',0! A+$)%#(! 0#5+%#(! SR.'"%"?! )! $.1*(#! 3.! 5.$/.%#$.05)Y6! I(! .:+'(';%')! 0#5+%#(! 3.! (#! -#(+3! -.! *)0-'3.%#;#!/%.*#%')?!4#!:+.!-.!*%.E#!:+.!.-5#;#!-+<.5)! D LQÀXHQFLDV H[WHUQDV SRWHQFLDOPHQWH GDxLQDV FRPR OD 3'.5#?!.(!.-5'()!3.!&'3#?!.(!#$;'.05.!)!.(!*)-$)-6 (O GHVHTXLOLEULR KXPRUDO SRGtD VHU FDXVDGR SRU IDFWRUHV H[WHUQRV HO FOLPD HO IUtR ORV YLHQWRV HWFpF 5.%#_! VY! 3.! (#! #(5.%#*',0! 3.! ()-! /%)/')-! A+$)%.-! :+.! -.! *)%%)$/E#0! /)%! #(2+0#! *#+-#_! vY! /)%! %.5.0*')0.-?! )/'(#*')0.-?! );-5%+**')0.-?! .5*G5.%#! :+.! /%)$)&E#0! (#! 8)%$#*',0! 3.! ()-! #/)-5.$#-! '05.%%+$/'.03)! (#! 8+0*',0! .05%.! (#-! /#%5.-! 3.! +0! ,%2#0)6! =)%! .<.$/()?! J()0-)!",/.1!3.!@'0)<)-)-!Xypy?!86!vY?!*'%+<#0)!3.(! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

CH

@)-/'5#(!h.#(!3.!`#5+%#(.-!3.!(#!*'+3#3!3.!UGH'*)?!#! ¿QDOHV GHO VLJOR ;9, GHVFULEtD DVt HO UHXPDWLVPR h.+$#!.-!+0#!-+;-5#0*'#!#*+)-#?!.02.03%#3#!.0!()-!&#/)%.-! 3.!()-!$'.$;%)-!0+5%'5'&)-?!4!(#!*#;.o#!*)0!-+!0#5+%#(!&'%5+3! ()-! *)03.0-#?! 4! A#1.! #2+#! :+.! .-! ()! :+.! ()-! 2%'.2)-! ((#$#0! %.+$#?!4!.-5)!()!3'1.!J%'-5,5.(.-!.0!.(!5%#5#3)!3.!-+.C)?!4!&'F 2'('#6!>#/6!D.%*.%)?!4!3'1.!:+.!#--E!*)$)!.-5.!$#03,!2%#03.! 3.!()-!&#/)%.-!3.!(#!5'.%%#!4!3.!.(!#2+#?!-.!A#1.!+0!$'-5)!'$F /.%8.*5)?!4!-.!A#*.0!0+;.-?!4!#2+#?!:+.!#-E!3.!()-!&#/)%.-!3.! .-5,$#2)?!4!3.!.(!AE2#3)!-+;.0!#!(#!*#;.o#?!4!*)0!-+!0#5+%#(! &'%5+3! -.! A#1.! #:+)-'3#3?! 4! :+.! 3.! .-5#! #:+)-'3#3! .0! 5'.$F /)-!3.!2%#03.-!8%E)-!-.!A#*.0!2%#03.-!*#5#%%)-?!#0-E!*)$)!-.! .-59!3.-5'(#03)!#2+#!3.!(#-!-'.%%#-!0.&#3#-?!#0-E!3.!(#!*#;.o#! -.!.-590!3.-5'(#03)!%.+$#-!/#-#03)!/)%!()-!/)%)-!#!5)3)-!()-! $'.$;%)-!3.(!*+.%/)!A+$#0)?!#--E!*)$)!.(!-)(!3.%%'5.!(#!0'.F &.?!#0-E!*)0!.(!*#()%!-.!3.%%'5.0!(#-!%.+$#-?!#+0:+.!0)!-)0!5#0! GDQ GDxRVDV FRQ HO FDORU FRPR FRQ HO IUtR SRUTXH FRQ HO FDORU (#-!%.+$#-!.-590!$9-!3.(2#3#-?!4!()-!/)%)-!.-590!$9-!#;'.%5)-! 4!$9-!3'-/+.-5)-?!/#%#!:+.!(#-!%.+$#-!/+.3#0!$.<)%!&#/)%#%-.! 3.!+0!$'.$;%)!#!)5%)?!4!#(!*)05%#%')!*)0!.(!8%E)!-.!5#/#0!()-! /)%)-?! 4! (#-! %.+$#-! -.! *)03.0o#0?! 4! .02%)-#3#-! 0)! /+.3.0! *)%%.%?!4!(+.2)!.$/'.o#!.(!.08.%$)!#!5.0.%!$'(!3)()%.-6

D#$;'G0!/.%-'-5',!(#!'3.#!3.!:+.!(#!.08.%$.3#3!.%#! +0#!8)%$#!3.!*)05#2')?!*)$)!+0#!'0&#-',0!#(!)%2#0'-F $)6!"#!2.05.!*%.E#!:+.!(#!'0$)%#('3#3!4!.(!&'*')!.%#0! *#+-#-! 3.! .08.%$.3#3?! 5#05)! '03'&'3+#(! *)$)! *)(.*F 5'&#$.05.6!"#!(./%#?!/)%!.<.$/()?!/)3E#!*)0-'3.%#%-.! *)$)!+0!*#-5'2)!/)%!(#!*)0*+/'-*.0*'#?!4!5#$;'G0!()! *)05%#%')?!*)$)!-.C#(!3.!$G%'5)!%.('2')-)!4!&'%5+3!$)F %#(6!c.!A.*A)?!(#-!'05.%/%.5#*')0.-!0#5+%#('-5#-!3.!(#-! 5%#3'*')0.-! 2#(G0'*#! .! A'/)*%95'*#! -.! $.1*(#;#0! *)0! ()-!/+05)-!3.!&'-5#!%.('2')-)-!3.!(#!G/)*#?!*)0!.(!%.-+(F 5#3)!3.!:+.!*#3#!+0#!/)3E#!.H/('*#%!(#-!%.#**')0.-!#!(#! HQIHUPHGDG /LQGHPDQQ DIhJ=dPDO>J!7!>PhJ>Ox`

c.&)(&.%! (#! -#(+3! #! +0! .08.%$)! .%#! *+.-5',0! 3.! :+.!-.!%.-5#;(.*'.%#!.(!.:+'(';%')!A+$)%#(!/.%3'3)?!-'0! .$;#%2)?! (#! $.3'*'0#! 3.! *)%5.! A'/)*%95'*)F2#(G0'*)?! .-5#;#! 5#05)! .08)*#3#! #! (#! /%.-.%&#*',0! 3.! (#! -#(+3! *)$)!#(!5%#5#$'.05)!3.!(#-!.08.%$.3#3.-6!=)%!.(()?!()-! $G3'*)-!-.!3'.%)0!#!(#!/%9*5'*#!3.!(#!,.)0*)"%"?!.-!3.F *'%?!3.!(#!/%.&'-',06!")-!A'/)*%95'*)-!(#!5+&'.%)0!*)$)! UHFXUVR FXUDWLYR SDUD PRGL¿FDU R PDQWHQHU HTXLOLEUDF 3#$.05.! (#! &'3#! 3.(! -.%! A+$#0)! 4! -+! *'%*+0-5#0*'#?! /+.-!/.0-#;#0!:+.!(#!0#5+%#(.1#!0)!%.:+.%E#!-'0)!3.! #+H'(')!*+#03)!#(2)!-.!#(5.%#;#!/#5)(,2'*#$.05.6!=#%#! :+.!(#!0#5+%#(.1#!/+3'.%#!#*5+#%!/)%!-E!$'-$#!3.!$)3)! 8#&)%#;(.! .%#! 0.*.-#%')! :+.! .(! *+.%/)! A+$#0)! 8+.%#! -#(+3#;(.?!3.!#AE!(#!'$/)%5#0*'#!:+.!()-!A'/)*%95'*)-!


)'&6$)"7%&?$-!/%&)/&'!&#)%"@!&?$-%"!'&4)&'!&-)4.6./!

OH FRQFHGtDQ D OD SUR¿OD[LV 9LYHURV (O $.<)%!$.3')!3.!*)0-.%&#%!(#!-#(+3!.%#!.(!3.!/%#*5'*#%! (#! $)3.%#*',0?! 4! 3.! 8)%$#! .-/.*'#(! .0! .(! +-)! 3.! (#-! -.'-!*)-#-!0)!0#5+%#(.-!S#'%.?!-+.C)!4!&'2'('#?!*)$'3#!4! ;.;'3#?!3.-*#0-)!4!.<.%*'*')?!.H*%.*',0!4!%.5.0*',0?!4! (#-!/#-')0.-!)!.$)*')0.-Y6!P0!%G2'$.0!-#0)!-.!;#-#;#! .0!);-.%&#%!.-5#-!0)%$#-!4!.&'5#%!.(!#2)5#$'.05)?!.(! #*#()%#$'.05)?!.(!.H*.-)!3.!*)$'3#?!.(!.H*.-'&)!*)0F -+$)!3.!.0.%2E#-!4!()-!3.-.)-!'0$)3.%#3)-6 3HUR VL OD LQWHQFLyQ SUR¿OiFWLFD IDOODED KDEtD TXH .08%.05#%! .(! 3.-.:+'(';%')! A+$)%#(6! I(! *)0)*'$'.05)! 3.!()-!$G3'*)-!.-5#;#!.0*#$'0#3)!#!(';.%#%!#(!*+.%/)! A+$#0)!3.!+0!$#(!8E-'*)!4!%.-5'5+'%()!#!-+!.-5#3)!0#5+F UDO 9LYHURV (Q SULPHU OXJDU ORV Pp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¿ORVy¿FDV HQ WRUQR D HOOR OR HUDQ #M0!$9-6!=)%!()!2.0.%#(!-.!#5.03E#!#!()!:+.!.H/%.-#F ;#0!()-!-.05'3)-6! c.! '2+#(! $#0.%#?! (#! *+%#*',0! .%#! *)$/('*#3#?! -.! ((.&#;#!#!*#;)!$.3'#05.!3'-5'05)-!$G5)3)-?!.05%.!.(()-! .(!3.!.$/(.#%!$.3'*#$.05)-!/#%#!/%)3+*'%!.0!.(!)%2#F 0'-$)!.8.*5)-!*)05%#%')-!#!(#!.08.%$.3#3!4!#('&'#%!()-! -E05)$#-?! 4! .(! 3.! *)$;'0#%! $+*A)-! .(.$.05)-! 3'8.F %.05.-!*+'3#3)-#$.05.!.-*)2'3)-!4!$.1*(#3)-!-.2M0! .(!.-5#3)?!5'/)!8E-'*)?!*)$/(.H',0!4!3.-.:+'(';%')!A+F $)%#(!3.!*#3#!'03'&'3+)6!I0!XypV?!.(!$G3'*)!J2+-5E0! N#%890!SXypV?!86!XyXY?!.0!-+!7UDFWDGR EUHYH GH PHGLFL*' SDUD FXUDU XQ UHVIULDGR PDQGDED P0! <#%%)! 3.! #2+#! *#('.05.! *)0! $#0o#0'((#?! 4! #%%)/#%! ;'.0! #(! %.-8%'#3)?! 4! /)0.%(.! #! ()-! /'.-! +0! (#3%'(()! +0! /)*)! *#('.05.?! /#%#! :+.! -+3.! +0#! A)%#! -'! /+3'.%.6! R'! *)0! .-5)! .(! %.-8%'#3)! 8+.%.!#3.(#05.?!A92#0(.!.-5.!%.$.3')?!M05.0(.!5)3#-!(#-!<+05+F %#-!3.!-+!*+.%/)!*)0!o+$)!3.!%+3#?!)!*)0!#o.'5.!8%'5)!.0!.((#?! %.8%'G2.0(.! ;'.0! *)0! G(?! 4! /%)*+%.0! :+.! -+3.! ()! :+.! /+3'.%.! -'0!$+*A#!*)02)H#6!L+#03)!.-5)!0)!;#-5#-.?!3.(.!+0)-!;#C)-?! :+.!((#$#0!.0!-.*)6!D)$.0!(#-!4.%&#-!*#('.05.-?!:+.!-)0!%+3#?! $#0o#0'((#?! .0.(3)?! A'0)<)! 4! .0*.0*')-! 3.! *#3#! *)-#! :+#5%)! $#0)<)-?!4!*+G1#0(#-!.0!+0#!/#4(#!3.!*)(#%!((.0#!3.!#2+#?!4! /#%#! $9-! ;%.&.3#3?! -.'-! /.0*#-! 3.! $#2+.4! $+4! *)%5#3#-?! 4! $.5#0!(#!/#4(#!*)0!.(!#2+#!$+4!*#('.05.!.0!+0!#/)-.05)!#;%'F 2#3)!4!#(!.08.%$)!S.0!*#$'-#Y!-'.05.0!.0!+0#!-'((#?!4!/,02#!()-! /'.-!.0!+0#!5#;('((#?!:+.!.-5G!/+.-5#!-);%.!(#!/#4(#?!4!59/.0(.!

.&!',&-.$./$0&-%)$

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g#(.0)?! 0)!-.!-#02%.06!=)%:+.!.-5)-!:+.!/)%!+0#!3.!(#-!*#+-#-!3'*A#-! -.!%.-8%E#0?!*)$)!-.!(.-!5#/#0!()-!/)%)-!3.(!*+.%/)?!*)0!8#*'('F 3#3!*#.0!.0!+0#!*#(.05+%#?!:+.!((#$#0!/M5%'3#6

"#!*'5#!#05.%')%!)8%.*.!+0!*(#%)!.<.$/()!3.!(#!(,2'*#! 3.!()-!*)05%#%')-!*)0!(#!:+.!#*5+#;#!(#!$.3'*'0#!2#(GF 0'*#6!>+#03)!A#;E#!+0#!*#(.05+%#?!.-!3.*'%?!+0!.H*.-)! 3.!*#()%?!-.!/%.-*%';E#!(#!-#02%E#?!/+.-!+0!/#*'.05.!*)0! ¿HEUH WHQtD XQ H[FHVR GH FDORU R IXHJR (VWH HOHPHQWR -.!*)%%.-/)03E#!*)0!.(!A+$)%!-#02%.?!/)%!()!:+.!/#%#! UHPHGLDU OD ¿HEUH VH VDQJUDED DO SDFLHQWH UHGXFLHQGR #-E!(#!5.$/.%#5+%#!3.(!*+.%/)6 J3.$9-! 3.! (#! '05.%&.0*',0! 3.(! $G3'*)! /#%#! :+.! .(!.-5#3)!3.!-#(+3!%.2%.-#%#?!.(!.08.%$)!5#$;'G0!.%#! /#%5'*'/.!#*5'&)!3.!(#!5.%#/G+5'*#6!I(!#8.*5#3)!3.-#%%)F ((#;#!+0#!/#%5.!$+4!'$/)%5#05.!.0!.(!/%)*.-)!*+%#5'F &)6!I(!$G3'*)!5.0E#!:+.!A#*.%!5)3)!()!:+.!.-5+&'.%#!#! -+!#(*#0*.?!/.%)!*)0!(#!/#%5'*'/#*',0!3.(!.08.%$)?!3.! :+'.0.-!-.!.0*)05%#;#0!*)0!G(?!4!3.!(#-!*'%*+0-5#0*'#-! .H5.%0#-6!N'0#($.05.?!.(!/#*'.05.!3.;E#!*)05%';+'%!#!-+! *+%#*',0!$#05.0'G03)-.!&'2)%)-)!/#%#!:+.!-+!*+.%/)! %.-'-5'.%#!(#!8+.%1#!3.!(#!.08.%$.3#36 U+*A#-!&.*.-!(#!5.%#/G+5'*#!.%#!#/('*#3#!-'2+'.03)! .(! .<.$/()! .! '03'*#*',0! 3.(! $#*%)*)-$)-6! d-5.! /)F 3E#!3'*5#%!*+9(!.%#!.(!$)$.05)!$9-!)/)%5+0)!/#%#!(#! #/('*#*',0!3.!*'.%5)-!$.3'*#$.05)-?!5.%#/'#-!)!*+%#-6! I-!/)%!.-)!:+.!()-!$G3'*)-!5#$;'G0!.-5#;#0!$+4!'0F 5.%.-#3)-! .0! (#! );-.%&#*',0! 3.! (#! ;,&.3#! *.(.-5.6! J! &.*.-!-.!.(#;)%#;#!+0#!*#%5#!#-5%)(,2'*#!3.(!.08.%$)! 4!-.!5)$#;#!*)$)!;#-.!/#%#!(#!'05.%/%.5#*',0!*#+-#(! 3.!-+!.08.%$.3#3!#-E!*)$)!/#%#!-+!5%#5#$'.05)?!/+.-?! FRPR HVFULEtD &ULVWyEDO 0pQGH] HQ -+!K%2.)(:$1($8$.&%&%)(&).,).'1?!-#('3)!3.!(#-!/%.0-#-! .0!.(!#C)!3.!Xyyv?!a()-!*'.()-?!.-5%.((#-!4!/(#0.5#-?!()-! +0)-!/)%!-+-!$)&'$'.05)-?!4!()-!)5%)-!/)%!-+-!#-/.*F 5)-?!*)0<+0*')0.-!4!)//)-'*')0.-?!'0*+%%.0!.0!()-!}s~! 3#C)-b6!D)3#&E#!A)4!.0!3E#!-.!+5'('1#0!5G%$'0)-!*)$)! a-#5+%0'0)b?!/#%#!:+'.0!.-!/%)*('&.!#!(#!$.(#0*)(E#?!)! a(+095'*)b!/#%#!:+'.0!/#3.*.!3.!-+-!8#*+(5#3.-!$.0F 5#(.-6!c.!.-5.!$)3)!(#!$.3'*'0#?!(#!#-5%)()2E#?!(#!#-F 5%)0)$E#?!.!'0*(+-)!(#!#(:+'$'#!.-5#;#0!#$#(2#$#3#-! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

CB


!',&-.$./$0&-%)$//. A)"!"4%&-!"#@/)+&?)"/^/4)+

.0!+0!$+03)!-'$;,('*)?!:+.!(#!$#4)%E#!3.!(#-!&.*.-! ('03#;#!*)0!.(!$'-5'*'-$)6 =IhKOKI`>OJ!cI!"J!UIcO>O`J! @O=B>h DO>BFgJ"d`O>J

J*5+#($.05.!-+.(.!-.%!+0!(+2#%!*)$M0!(#!3.-#*%.F 3'5#*',0! 3.! (#! $.3'*'0#! A'/)*%95'*)F2#(G0'*#! 4! -+-! *.05%)-!3.!3'8+-',0!*)$)!()!8+.%)0!(#-!+0'&.%-'3#3.-6! =.%)?![*,$)!.-!:+.!+0#!$.3'*'0#?!:+.!&'-5#!3.-3.!(#! /.%-/.*5'&#! *)05.$/)%90.#! *)$)! *#+-#05.! 3.! $9-! $#(.-!:+.!3.!;+.0#-!*+%#*')0.-?!/.%&'&',!3+%#05.!5#0! (#%2)!5'.$/)\!J(2+0)-!#+5)%.-!A#0!3'*A)!:+.!.-5#!$.F GLFLQD SHUGXUy SRUTXH HUD ÀH[LEOH /HMRV GH VHU XQ VLVF 5.$#!%E2'3)!.!'0$+5#;(.!%.-+(5,!-+$#$.05.!#*./5#;(._! %.#**')0,!#!()-!3.-#8E)-!:+.!-+8%',!#!()!(#%2)!3.!-'2()-! .!'0*(+-)!()-!#-'$'(,6!J3.$9-?!.(!3)2$#!3.!()-!*+#5%)! A+$)%.-!5+&)!2%#0!5%#-*.03.0*'#!3.;'3)!#!(#!*)0*./F *',0!3.!+0!+0'&.%-)!2.)*.05%'-5#?!4!$'.05%#-!.-5.!-'-5.F PD QR VH PRGL¿FDUD HO KRPEUH VHJXLUt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c.!.-5#!$#0.%#?!(#!$.F 3'*'0#! A+$)%#(! 8+.! *#4.03)! /)*)! #! /)*)! .0! 3.-+-)?! -'0!:+.!#/.0#-!0#3'.!-.!3'.%#!*+.05#!3.!-+!/%)2%.-'&#! 3.-#/#%'*',0?!3.-/+G-!3.!A#;.%!%.2'3)!3)2$95'*#$.0F 5.!/)%!5#0!(#%2)!5'.$/)6 hINIhI`>OJR

T#%)0#?!e6!SXppvY?!6REUH PHGLFLQD \ ¿ORVRItD QDWXUDO $*( $1( @$*'&%+%$*#)?! K#(.0*'#?! R.$'0#%'! 3l.-5+3'-! -);%.!(#!*'.0*'#6 N#%890?!J6!SXypVY?!7UDFWDGR EUHEH GH PHGLFLQD \ GH #):'"( 1'"( $*3$.+$:':$"E( 5$&5)( ,).( $1( ,':.$( 3.'7(

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

DE

$JXVWtQ )DUIiQ GRFWRU HQ PHGLFLQD \ UHOLJLRVR LQ:%0*)( :$( 1'( ).:$*( :$( A'*#(;606"#%*E( $*( 1'( S6$C'( (VSDxD $KRUD QXHYDPHQWH DxDGLGR?! UGH'*)?! .0! *#-#!3.!=.3%)!B*A#%5.6 g#%*E#!K#(3.*#-#-?! N6! SXppXY?! a"#! 5.)%E#! 3.! ()-! *+#F 5%)!A+$)%.-!S)!*,$)!-#0#;#!(#!$.3'*'0#!#05'2+#Yb?! D$:%&%*'( $( 5%"#).%'?! T#%*.()0#?! >.05%)! 3.! c)*+F $.05#*',0!3.!@'-5)%'#!3.!(#!U.3'*'0#!3.!e6!P%'#*A'6 g%.03(.%?!=6!SVWWVY?!7KH 8QLYHUVLWLHV RI WKH ,WDOLDQ 5H*'%""'*&$?!T#(5'$)%.?!e)A0-!@)/w'0-!P0'&.%-'546 "'03.$#00?! U6! SVWWXY?! D$:%&%*'( 7( ")&%$:':( $*( 1'( !6.),'( +):$.*'?! ?! U#3%'3?! R'2()! ]]O! .3'5)%.-6 ",/.1!T.(5%90?!>6!SVWWVY?!a"#-!*)-#-!0#5+%#(.-!4!0)! 0#5+%#(.-6!"#-!8%)05.%#-!3.!()!A.%.3'5#%')!.0!.(!-'2()! ]KOOOb?!.0 'LDQRLD $QXDULR GH ¿ORVRItD?!UGH'*)?! ,QVWLWXWR GH ,QYHVWLJDFLRQHV )LORVy¿FDV 8QLYHUVLF 3#3!`#*')0#(!J+5,0)$#!3.!UGH'*)6 ",/.1!3.!@'0)<)-)-?!J6!SXypyY?!A6++'(7(.$&),%1'&%<*( :$(&5%.6.0%'E(&)*(6*('.#$(,'.'("'*0.'.E(7($8'+$*(:$( EDUEHURV FRPSXHVWR SRU PDHVWUH $ORQVR /ySH] GH +LQRMRVRV 9D DxDGLGR HQ HVWD VHJXQGD LPSUHVLyQ HO ).%0$*(:$(*'&%+%$*#)(:$(1'"(.$6+'"E(7(1'"($*3$.+$:':$"(H6$(:$11'"(,.)&$:$*E(&)*()#.'"(+67(,.)C$&5)"'"(,'.'('&6:%.('1(.$+$:%)(:$11'"(7(:$()#.'"(+6&5'"( $*3$.+$:':$"?!UGH'*)?!.0!*#-#!3.!=.3%)!T#(('6 ",/.1!='C.%)?!e6!SXpq{Y?!D$:%&%*'(+):$.*'(7(")&%$GDG HVSDxROD ! 6LJORV ;9, ;,;?! K#(.0*'#?! >+#3.%F 0)-!K#(.0*'#0)-!3.!@'-5)%'#!3.!(#!U.3'*'0#!4!3.!(#! >'.0*'#!]O]6 ",/.1!='C.%)?!e!SXpqpY?!B%$*&%'(7(#>&*%&'($*(1'(")&%$GDG HVSDxROD GH ORV VLJORV ;9, \ ;9,,?!T#%*.()0#?! "#;)%!P0'&.%-'5#%'#6 UG03.1?!>6!SXpp{Y?!/LEUR GHO HMHUFLFLR FRUSRUDO \ GH "6"(,.)C$&5)"?!".,0?!I3'*')0.-!"#0*'#6 h'.%#?!e6!SXpzyY?!T%"#).%'E(+$:%&%*'(7(")&%$:':?!U#F 3%'3?!='%9$'3.6 R5%#5A.%0?! =6! SVWWWY?! (O VXHxR GH 0HQGHOpLHY 'H OD DOTXLPLD D OD TXtPLFD?!U#3%'3?!R'2()!]]O!.3'5)%.-6 K'&.%)-?!g6!SXppZY?!T%,)&.'#%"+)($*(D>8%&)?!UGH'*)?! O0-5'5+5)! 3.! O0&.-5'2#*')0.-! N'()(,2'*#-FP0'&.%-'F 3#3!`#*')0#(!J+5,0)$#!3.!UGH'*)6


Democratizando !'&).),-=%;& %''!.#!&<$,!'!&+&'!1&9)"19)4#-(!1&9%'>#-4!1&)& -.1#-#$4-%.!')1&3)'&.$)(%&=%/-)".%&).&9)"0 ?"7*7'@&6)#';'A2)'B<#8"2)7':&2/<+"/'8"'B&7=&3

I

(!5%'+08)!3.!B((#05#!@+$#(#!#;%.!+0!0+.&)!*'F *()!/)(E5'*)!.0!=.%M!$#%*#3)!/)%!(#!'0*.%5'3+$F ;%.!4!(#!.-/.%#01#!3.!:+.!.(!0+.&)!/%.-'3.05.! *+$/(#!-+-!/%)$.-#-!3.!*%.*'$'.05)!.*)0,$'*)!*)0! .:+'3#3!-)*'#(?!#-E!*)$)!.(!$#05.0'$'.05)!3.!(#!3.F $)*%#*'#!4!(#-!(';.%5#3.-!*'&'(.-!4!/)(E5'*#-!3.!()-!/.F %+#0)-6!R'$'(#%!.H/.*5#5'&#!A+;'.-.!2.0.%#3)!.(!GH'5)! .(.*5)%#(! 3.! -+! #3&.%-#%'#?! r.'w)! N+<'$)%'6! D)3)! ()! DQWHULRU UHÀHMD OD GLItFLO HQFUXFLMDGD TXH HQIUHQWDURQ ()-! /.%+#0)-! /#%#! .-5#! .(.**',0! (+.2)! 3.! +0#! /%'$.F %#!&+.(5#!.(!XW!3.!#;%'(!3.(!VWXX?!.0!(#-!:+.! ()-! 5%.-! *#03'3#5)-!3.!*.05%)!SJ(.<#03%)!D)(.3)?!=.3%)!=#;()! r+*140-w'! 4! "+'-! >#-5#C.3#Y! 8+.%)0! 3.%%)5#3)-?! 3.F <#03)! *)$)! %'&#(.-! /#%#! .(! ;#()5#<.! #! ()-! *#03'3#5)-! .H5%.$)-!%./%.-.05#3)-!/)%!.(!.H!$'('5#%!@+$#(#!S'1F :+'.%3#Y!4!/)%!(#!A'<#!3.(!.H!3'*5#3)%!J(;.%5)!N+<'$)%'! S3.%.*A#Y?! :+'.0! *+$/(.! +0#! *)03.0#! /)%! &')(#*',0! 3.! ()-! 3.%.*A)-! A+$#0)-! 4! *)%%+/*',06! "#! $'5#3! 3.! ()-!&)5#05.-!/.%+#0)-!-)0!#3&.%-)-!#(!0+.&)!/%.-'3.0F 5.6!`)!);-5#05.?!()-!#*5)%.-!/)(E5'*)-!$9-!%.(.&#05.-?!#-E! *)$)! ()-! .-*%'5)%.-?! '05.(.*5+#(.-?! #%5'-5#-! 4! /.%-)0#<.-! S~EOLFRV GH WRGD SURIHVLyQ X R¿FLR VH YLHURQ REOLJDGRV D GH¿QLUVH SRU DOJXQD RSFLyQ HOHFWRUDO TXH GLYLGLy \ SRODF %'1,!#!(#!-)*'.3#3!/.%+#0#6! I(! /%.-.05.! #%5E*+()! 3.-*%';.! .(! .-*.0#%')! /)(E5'*)! .0!.(!:+.!-.!3.-#%%)((,!(#!*#$/#C#!.(.*5)%#(!3.!(#!-.F JXQGD YXHOWD SUHVLGHQFLDO \ SUHVHQWD XQ EUHYH SHU¿O GH (#!5%#4.*5)%'#!.!'3.#-!3.!()-!/%'0*'/#(.-!*)05.03'.05.-! !HQ HVWD FRPSHWHQFLD ¿QDO SDUD OD GH¿QLFLyQ GHO QXHYR Q! >.05%)!3.!>#/#*'5#*',0!e+3'*'#(!I(.*5)%#(!S>>eIY!3.(!D%';+0#(!I(.*5)%#(! 3.(!=)3.%!e+3'*'#(!3.!(#!N.3.%#*',0!SDI=eNY6

2);'.%0)6!I-5)-!#05.*.3.05.-!.H/('*#0!.0!/#%5.!.(!.-F *./5'*'-$)!3.!+0#!2%#0!/#%5.!3.(!.(.*5)%#3)!/.%+#0)! :+.!0)!&)5,!/)%!#$;)-!*#03'3#5)-!.0!(#!/%'$.%#!&+.(5#! SZy!/)%!*'.05)Y!4?!#!-+!&.1?!.(!#(5)!2%#3)!3.!/)(#%'1#F *',0!4!#2%.-'&'3#3!:+.!-.!3.-#5,!.0!.-5.!/.%')3)!.(.*F 5)%#(6!J!*)05'0+#*',0?!-.!%.*)0-5%+4.0!(#-!.-5%#5.2'#-! 3.!*#$/#C#-!3.!@+$#(#!4!N+<'$)%'?!(#-!*+#(.-!*)$F SDUWLHURQ VLPLODUHV REMHWLYRV GLVPLQXLU ORV WHPRUHV 3.!.-.!-.*5)%!3.!(#!/);(#*',0!:+.!0)!-.!-'05',!%./%.F -.05#3#! .0! .(! %.-+(5#3)! 4! /%.-.05#%-.! *)$)! /)(E5'*)-! 3.! *.05%)! 4! 3.8.0-)%.-! 3.! (#! 3.$)*%#*'#6! R'! ;'.0?! (#! PRGHUDFLyQ \ ODV SURPHVDV GH UHGH¿QLFLyQ LGHROyJLFD A#*'#!.(!*.05%)!/)%!/#%5.!3.!#$;)-!*#03'3#5)-!8+.%)0! ()-!.<.-!3.!(#!*#$/#C#?!A+;)!3'8.%.0*'#-!59*5'*#-!:+.! GH¿QLHURQ HO p[LWR \ OD GHUURWD )LQDOPHQWH SUR\HFWDF $)-!#(2+0#-!/'-5#-!/#%#!.05.03.%!(#!-'5+#*',0!/)(E5'*#! /.%+#0#!4!(#-!*)03'*')0.-!:+.!()-!%.-+(5#3)-!.(.*5)%#F (.-! #%%)<#0! /#%#! &'-+#('1#%! .-*.0#%')-! '0-5'5+*')0#(.-! .0!()-!:+.!-.!3.-.0&)(&.%9!.(!0+.&)!2);'.%0)6 I"!IR>I`JhOB!I"I>DBhJ"!7!RPR! J>DBhIR!=B"|DO>BR

"#! 3.$)*%#*'#! /.%+#0#! :+.! -.! '0#+2+%,! (+.2)! 3.! (#!*#E3#!3.(!2);'.%0)!3.!J(;.%5)!N+<'$)%'?!*+$/(',!XW! #C)-!4!.0!.(!VWXX!-.!((.&,!#!*#;)!-+!5.%*.%#!.(.**',0! /%.-'3.0*'#(6! I0! .-.! (#/-)! A#0! 2);.%0#3)! 3)-! /%.-'F GHQWHV HOHFWRV $OHMDQGUR 7ROHGR \ DFF 5+#($.05.! J(90! g#%*E#! SVWW{FVWXXY6! "#-! .(.**')0.-! /%.-'3.0*'#(.-! 3.! /%'$.%#! &+.(5#! .(! XW! #;%'(! /#-#3)! 8+.%)0! -'$+(590.#-! #! (#-! .(.**')0.-! (.2'-(#5'&#-6! "#! 3'-/.%-',0!3.!()-!&)5)-!.05%.!()-!5%.-!*#03'3#5)-!3.!()-! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

D@


!',&-.$./$0&-%)$//. =)212&#%(!"&,&!/!&6^"4)/!2&A%/+^')+&4)&6%2@%

/#%5'3)-!*.05%'-5#-!/.%$'5',!.(!/#-.!#!(#!-.2+03#!&+.(5#! '3.)()2E#! %#3'*#(! 3.(! a.50)*#*.%'-$)b! :+.! /%)/)0.! .(.*5)%#(!3.!()-!*#03'3#5)-!+;'*#3)-!.0!()-!.H5%.$)-!3.! (#! -+/%.$#*E#! 3.! (#! %#1#! '03E2.0#! /.%+#0#! S()-! :+.F OD SROtWLFD SHUXDQD .HLNR )XMLPRUL \ 2OODQWD +XPDOD *A+#-Y6! I-5#! *)%%'.05.! 5)$,! .(! 0)$;%.! 3.(! $#%'-*#(! J03%G-! J&.('0)! >9*.%.-?! :+'.0! 8+.! 5%.-! &.*.-! /%.-'F 3.05.!3.!=.%M!.0!(#!-.2+03#!$'5#3!3.(!-'2()!]O]!4!AGF URH GH OD UHVLVWHQFLD HQ OD JXHUUD FRQ &KLOH 6X ¿JXUD -.!*)0&'%5',!.0!-E$;)()!3.!$)&'$'.05)-!0#*')0#('-5#-6 =#%#! .(! >.05%)! 3.! I-5+3')-! 4! c)*+$.05#*',0! O0F 5.%0#*')0#(.-!3.!T#%*.()0#?!(#!'3.)()2E#!3.(!/#3%.!3.! @+$#(#!.%#!%#*'-5#!4!8#-*'-5#?!3)03.!-,()!()-!3.-*.0F 3'.05.-!'0*#-!5.0E#0!#**.-)!#!3.%.*A)-!/)(E5'*)-!4!*'&'F (.-?!$'.05%#-!:+.!()-!/.%+#0)-!;(#0*)-!.%#0!%.(.2#3)-! D XQD FLXGDGDQtD GH VHJXQGD ¿OD X B((#05#!@+$#(#!-.!8)%$,!.0!+0#!8#$'('#!:+.!/%)F 8.-#;#! '05.0-#$.05.! (#! '3.)()2E#! 3.(! /#3%.?! :+'.0! ;#+5'1,!#!-+-!*'0*)!A'<)-!*)0!0)$;%.-!'03E2.0#-?!3)-! 3.!()-!*+#(.-!SB((#05#!4!J05#+%)Y!-'2+'.%)0!(#!*#%%.F %#!$'('5#%6!J$;)-?!.0!/(.0)!.<.%*'*')!3.!-+-!*#%%.%#-! $'('5#%.-?! 3'&+(2#%)0! 4! #%5'*+(#%)0! *(#03.-5'0#$.05.! +0! $)&'$'.05)! a.50)*#*.%'-5#b! .0! .(! '05.%')%! 3.! (#-! 8+.%1#-!#%$#3#-6!I0!Xpzz?!.(!5.0'.05.!B((#05#!@+$#(#! .-5+&)!#3-*%'5)!#!+0#!;#-.!*)05%#'0-+%2.05.!.0!D'02)! U#%E#?!(+2#%!3.! (#!*+#(!/)-5.%')%$.05.!-.! )%'2'0#%)0! >)$)!-.!);-.%&#!.0!.(!*+#3%)!X?!(#!-+$#5)%'#! 3.! #*+-#*')0.-!/)%!&')(#*')0.-!3.!()-!3.%.*A)-!A+$#0)-?! ()-! &)5)-! 3.! ()-! *#03'3#5)-! .H5%.$)-! 8+.! 3.! yy! /)%! :+.!-.!&.05'(#%)0!/M;('*#$.05.!.0!-+-!3)-!*#$/#C#-! *'.05)!3.!(#!&)5#*',0!&9('3#6!`)!);-5#05.?!3.!A#;.%-.! /%.-'3.0*'#(.-!3.!VWW{!4!VWXX6 3#3)!+0#!#('#01#!3.!3)-!)!$9-!*#03'3#5)-!3.!*.05%)! I0!(#!$#3%+2#3#!3.(!Vp!3.!)*5+;%.!3.!VWWW?!.(!5.F A+;'.%#!/.%$'5'3)!:+.!#(2+0)!3.!.(()-!A+;'.%#!/#-#3)! 0'.05.!*)%)0.(!B((#05#!4!-+!A.%$#0)!J05#+%)!S$#4)%! #!-.2+03#!&+.(5#6 .0!-'5+#*',0!3.!%.5'%)Y!.$/%.03'.%)0!+0!(.&#05#$'.05)! I(! %.*A#1)! 3.! +0#! 2%#0! /#%5.! 3.! (#! /);(#*',0! /)%! $'('5#%! *)05%#! .(! 2);'.%0)! 3'*5#5)%'#(! 3.! J(;.%5)! N+F ODV FDQGLGDWXUDV H[WUHPDV VH YLR UHÀHMDGR HQ OD IUDVH MLPRUL (Q VX PDQL¿HVWR D OD QDFLyQ VH SURQXQFLDURQ 3.(!.-*%'5)%!U#%')!K#%2#-!"()-#!:+.!)/'0#;#!:+.!+0#! *)05%#!(#!*M/+(#!$'('5#%?!#!(#!:+.!#*+-#;#0!3.!*)%%+/5#! .(.**',0!3.!-.2+03#!&+.(5#!.05%.!N+<'$)%'!4!@+$#(#! SRU VRERUQRV GHO QDUFRWUi¿FR \ GH ORV FRQWUDEDQGLVWDV %./%.-.05#%E#!+0#!3'-4+05'&#!.05%.!.(!a-'3#!4!.(!*90*.%! 3.!#%$#-?!#-E!*)$)!3.!#/)4#%!#(!2);'.%0)!3'*5#5)%'#(! 5.%$'0#(b!S&G#-.!.(!&'3.)!ar.'w)!N+<'$)%'!4!B((#05#! 3.!N+<'$)%'6!J!/.-#%!3.!-+!%.03'*',0!4!;#<#!3.(!.<G%F +XPDOD HO FiQFHU \ HO VLGD´ HQ KWWS ZZZ \RXWXEH FLWR VX QRPEUH GHVWDFy HQ OD SUHQVD QDFLRQDO \ ¿JXUy FRP ZDWFK"Y % / L-+ M[$ 7DO GLOHPD TXH HO SURF *)$)!+0)!3.!()-!#05.*.3.05.-!3.!(#!*#E3#!3.!(#!3'*5#F /')! .-*%'5)%! -.! 0.2#;#! #! *)0-'3.%#%! *)$)! +0! /)-';(.! 3+%#!.(!VW!3.!0)&'.$;%.!3.(!$'-$)!#C)6!")!#05.%')%! UHVXOWDGR IXH ¿QDOPHQWH HO TXH VH SUHVHQWy SDUD OD VHF (.!8#&)%.*',!A#-5#!.(!/+05)!3.!-.%!.H)0.%#3)!/)%!-+!%.F 2+03#!&+.(5#!.(.*5)%#(!.(!3)$'02)!y!3.!<+0')6 ;.(',0!/)%!.(!0+.&)!2);'.%0)!*'&'(!4?!/)-5.%')%$.05.?! $ FRQWLQXDFLyQ SUHVHQWDPRV ORV SHU¿OHV SROtWLFRV %.'0*)%/)%#3)!4!A#-5#!*)03.*)%#3)6! 3.! #$;)-! *#03'3#5)-! :+.! .H/('*#0?! .0! /#%5.?! (#! 2%#0! I0! 5#05)! B((#05#! /%)-'2+',! -+! *#%%.%#! $'('5#%?! -+! #3&.%-'3#3!:+.!3.-/.%5#;#0!.0!.(!.(.*5)%#3)!4!:+.!'$F Xa}"~#!*%.#*',0!/)%!(#!8+.%1#!$'('5#%!3.!+0!I-5#3)!5)5#('5#%')!4!.H/%.-#$.0F 5.!%#*'-5#!3)03.!-,()!()-!5.,%'*)-!3.-*.03'.05.-!3.!()-!#05'2+)-!'0*#-?!#!-+-! /('*#;#!:+.!+0#!/#%5.!3.!()-!/.%+#0)-!-.!.0*)05%#%#0! )<)-!()-!M0'*)-!%./%.-.05#05.-!3.!(#!Ä/.%+#0'3#3!l?!5+&'.%#0!#**.-)!#(!/)3.%! 8%.05.!#(!3'(.$#?!0)!3.!.(.2'%!.05%.!.(!$.<)%!*#03'3#5)?! 4! (#! /(.0'5+3! 3.! 3.%.*A)-! /)(E5'*)-! 4! *'&'(.-?! 4! ()-! /.%+#0)-! ;(#0*)-! 3.! OLQDMH HXURSHR IXHUDQ UHOHJDGRV D XQD FLXGDGDQtD GH VHJXQGD ¿OD R LQFOXVR -'0)!/)%!.(!$.0)-!$#()6! -)$.5'3)-!#!+0#!.-/.*'.!3.!','.#5$%:?!@+$#(#!-G0')%!8+.!#*+-#3)!-'-5.F B((#05#!@+$#(#!0#*',!.0!Xp{V!4!.-!+0!$'('5#%!%.F $95'*#$.05.!3.!#;%#1#%!+0!'3.#%')!8#-*'-5#!4!3.!3.-.#%!/#%#!(#!Ä.50)0#*',0! 5'%#3)!*)0!.(!2%#3)!3.!*)$#03#05.6!I-!A'<)!3.!B((#0F GHO 3HU~¶ OR PiV SDUHFLGR DO QD]LVPR SHUR D OD DQGLQD´ 9pDVH HQ KWWS ZZZ FLGRE RUJ HV GRFXPHQWDFLRQ ELRJUD¿DVBOLGHUHVBSROLWLFRV DPHULF 5#!U)'-G-!@+$#(#?!#;)2#3)!(#;)%#('-5#!:+.!8+03,!(#! FDBGHOBVXU SHUX ROODQWDBKXPDODBWDVVR >FRQVXOWDGR HO GH MXQLR GH @ #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

DC


4)-%6"!#.+!/4%&!'&)/)-.A%

A.%$#0)!J05#+%)!-.!3.3'*,!#!)%2#0'1#%!+0#!8+.%1#!3.! ()-!%.-.%&'-5#-!4!%.5'%#3)-!3.(!.<G%*'5)!*)0!%#-2)-!/#%#F $'('5#%.-!4!#-+$',!/(.0#$.05.!(#!'3.)()2E#!3.(!/#3%.?! DXQTXH FRQ XQ OHQJXDMH \ DFWLWXGHV PHQRV VR¿VWLFDGR 4! $9-! &')(.05)6V! I0! .-#-! *'%*+0-5#0*'#-?! B((#05#! 8+.! 3#3)!3.!;#<#!%./.05'0#$.05.!3.(!.<G%*'5)!.(!vX!3.!3'F *'.$;%.!3.!VWWZ?!4!.(!X!3.!.0.%)!3.!VWWy?!-+!A.%$#0)! J05#+%)!'0'*',!)5%#!%.;.(',0!$'('5#%?!.-5#!&.1?!*)05%#!.(! 2);'.%0)!3.$)*%95'*)!3.!J(.<#03%)!D)(.3)6 J05#+%)!@+$#(#?!*)0<+05#$.05.!*)0!XqW!A)$;%.-! #%$#3)-?!5)$,!/)%!#-#(5)!+0#!*)$'-#%E#!.0!+0#!%.2',0! #(.<#3#! 3.! (#! -'.%%#! SJ03#A+#4(#-Y! 4! .H'2',! (#! 3'$'F -',0!3.(!/%.-'3.05.!4!(#!%.-5'5+*',0!3.!(#!>)0-5'5+*',0! 3.(!Xpqp6!I(!.<G%*'5)!*)05%##5#*,!4!()!);('2,!#!%.03'%F -.?! /.%)! *)0! +0! -#(3)! 3.! &E*5'$#-! $)%5#(.-! 3.! *'0*)! /)('*E#-!4!3)-!-+;&.%-'&)-6!B((#05#?!#M0!3.-3.!>)%.#?! $#05+&)!+0#!#*5'5+3!5'5+;.#05.!8%.05.!#!(#!#**',0!3.!-+! A.%$#0)!4#!:+.!0)!-.!3.-('03,!%)5+03#$.05.!.0!()-! $)$.05)-!.0!:+.!)*+%%E#0!()-!A.*A)-6!I-5)!$)5'&,!#! :+.!-.!(.!#*+-#%#!<+3'*'#($.05.!/)%!.(!(.&#05#$'.05)6! =)-5.%')%$.05.?!J05#+%)!8+.!*)03.0#3)!#!Vy!#C)-!3.! /%'-',0!4!B((#05#!8+.!#;-+.(5)!/)%!8#(5#!3.!/%+.;#-6 "+.2)!3.!-+!%.5'%)!$'('5#%?!B((#05#!@+$#(#!-.!3.3'F *,!#*5'&#$.05.!#!(#!/)(E5'*#?!#!5%#&G-!3.!(#!*%.#*',0!3.(! =#%5'3)! `#*')0#('-5#! =.%+#0)! S=`=Y6! >)$)!(E3.%!3.(! /#%5'3)?!-.!)%'.05,!5#05)!/)%!.(!.H5%.$'-$)!.50)*#*.F ULVWD GH VX IDPLOLD FRPR SRU XQD D¿QLGDG FRQ HO ³QXHF &)! -)*'#('-$)b! (#5'0)#$.%'*#0)! ('3.%#3)! /)%! @+2)! >A9&.1!4!-+-!#('#3)-!%.2')0#(.-!*)$)!.(!*#-5%'-$)!*+F EDQR \ VXV SRVWHULRUHV VHJXLGRUHV &RUUHD HQ (FXDGRU I&)!U)%#(.-!.0!T)('&'#!4!c#0'.(!B%5.2#!.0!`'*#%#2+#6! I(!=`=!-.!#+5)/%)*(#$#;#!a#05'F'$/.%'#('-5#b?!a#05'('F ;.%#(b?!/%)/+20#;#!+0!a-)*'#('-$)!#03'0)!#$#1,0'*)b! 4!/%.5.03E#!8+03#%!a+0#!-.2+03#!%./M;('*#b?! #! 5%#&G-! 3.!(#!*)0&)*#5)%'#!#!+0#!J-#$;(.#!>)0-5'5+4.05.6 B((#05#! @+$#(#! *)$/'5',! .0! (#-! .(.**')0.-! /%.F -'3.0*'#(.-! 3.! VWW{! /.%)! *)0! )5%)! $.$;%.5.! SP0',0! /)%!.(!=.%MY?!3.;'3)!#!:+.!-+!/#%5'3)!0)!()2%,!(#!'0-F *%'/*',0!#05.!(#-!#+5)%'3#3.-!.(.*5)%#(.-6!R+!/#%5'*'/#F *',0!/)(E5'*#!3.-/.%5,!$+*A)!'05.%G-!.0!(#!/);(#*',0! 4!/%)05)!8+.!+0!8.0,$.0)!/)(E5'*)?!3.-/(#1#03)!#!()-! FDQGLGDWRV PiV IXHUWHV GH ORV SULQFLSDOHV SDUWLGRV J(#0! g#%*E#! 3.(! *.05%'-5#! =#%5'3)! J/%'-5#! =.%+#0)! S=J=Y?!")+%3.-!N()%.-!3.(!*)0-.%&#3)%!=#%5'3)!=)/+F (#%!>%'-5'#0)!S==>Y!4!3.(!.H!/%.-'3.05.!K#(.05E0!=#F 0'#2+#!3.!J**',0!=)/+(#%!SJ=Y6 !=%)*(#$#;#!a#0':+'(#%!.(!Ä#$#%'*)0#$'.05)!/)(E5'*)l!.0!.(!=.%M?!()!:+.! %.:+.%E#!#/('*#%!(#!/.0#!3.!$+.%5.!#!5)3)-!()-!Ä5%#'3)%.-l?!Ä5%90-8+2#-l!4! 3.$9-!Ä&(#3'2.0.%#(.-l!4!Ä&(#3'*'&'(.-l6!

V

.&!',&-.$./$0&-%)$

I(!-+%2'$'.05)!3.!+0!*#03'3#5)!a)+5-'3.%b!:+.!0)! 5.0E#!+0#!#2%+/#*',0!/#%5'3#%'#!-'0)!-)(#$.05.!+0!$)F &'$'.05)!.0!5)%0)!#!-+!('3.%#12)?!/+-)!0+.&#$.05.!.0! .&'3.0*'#!(#!3.;'('3#3!3.(!-'-5.$#!3.!/#%5'3)-!:+.!A#F ;E#!()2%#3)!%.*)$/)0.%-.?!*)0!8%#2'('3#3?!(+.2)!3.!(#! 3'*5#3+%#! 3.! N+<'$)%'6! I-5.! 8.0,$.0)! -+%2',! 3.-3.! Xpzp?!*)0!.(!5%'+08)!3.!+0!/.%')3'-5#!3./)%5'&)!Sh'F *#%3)!T.($)05Y!/#%#!(#!$+0'*'/#('3#3!3.!"'$#!8%.05.! #!5)3)-!()-!*#03'3#5)-!3.!()-!/#%5'3)-!/%'0*'/#(.-?!4! *)05'0+,!*)0!.(!/%)/')!J(;.%5)!N+<'$)%'!.0!(#-!.(.*F *')0.-!/%.-'3.0*'#(.-!3.!XppW!:+.!3.%%)5,!#(!.-*%'5)%! U#%')! K#%2#-! "()-#?! :+'.0! 5.0E#! .(! %.-/#(3)! 3.! &#F %')-!/#%5'3)-!/)(E5'*)-6 I(! %.-+(5#3)! 3.! (#-! .(.**')0.-! /%.-'3.0*'#(.-! 3.(! VWW{! .0*+$;%#%)0! #(! /%'$.%! (+2#%! #! B((#05#! @+$#F (#! *)0! Vy6{! /)%! *'.05)?! -.2+'3)! 3.! J(#0! g#%*E#! *)0! VW6Z!/)%!*'.05)?!4!.0!5.%*.%!(+2#%!S3.<903)(#!8+.%#!3.! *)$/.5.0*'#! /#%#! (#! -.2+03#! &+.(5#Y! ")+%3.-! N()%.-! *)0!Xp6p!/)%!*'.05)6!"#!A9;'(!*#$/#C#!3.!J(#0!g#%*E#! /#%#!(#!-.2+03#!&+.(5#!/+-)!G08#-'-!.0!.(!%#3'*#('-$)! 3.!@+$#(#!4!3.!-+-!8#$'('#%.-?!#-E!*)$)!.0!-+-!&E0*+F ()-!#;'.%5)-!*)0!@+2)!>A9&.1!/#%#!%.&.%5'%!()-!%.-+(F WDGRV HQ OD URQGD ¿QDO $ODQ *DUFtD SRU FLHQWR 4!B((#05#!@+$#(#!SZq6Z!/)%!*'.05)Y6! c+%#05.! .(! /.%')3)! 3.! 2);'.%0)! 3.! J(#0! g#%*E#! SVWW{FVWXXY?!.(!=`=!3.&'0)!.0!.(!/%'0*'/#(!/#%5'3)!3.! )/)-'*',0!.0!.(!*)02%.-)?!#+0:+.!.0!.(!5%#4.*5)!5+&)! $+*A#-!3.-.%*')0.-6!I(!vy!/)%!*'.05)!3.!-+-!%./%.-.0F 5#05.-!(.2'-(#5'&)-!-.!*#$;'#%)0!3.!/#%5'3)?!3.!5#(!8)%F $#!:+.!3.!()-!vz!*)02%.-'-5#-!.(.*5)-!/)%!.(!=`=?!-,()! :+.3#%)0!Vy!.0!(#!#*5+#(!(.2'-(#5+%#?!(#!*+#(!*)0*(+4.!.(! Vq!3.!<+(')!3.(!/%.-.05.!#C)6!I-5.!8.0,$.0)!3.!a5%#0-F 8+2+'-$)b!5#$;'G0!A#!#8.*5#3)!#!)5%)-!/#%5'3)-!/)(E5'F *)-!/.%)!*)0!$#4)%!8+.%1#!#!(#-!0+.&#-!#2%+/#*')0.-6 r.'w)!N+<'$)%'!0#*',!.0!Xpqy!4!.-!(#!/%'$)2G0'5#! 3.(!3'*5#3)%!J(;.%5)!N+<'$)%'!SXppWFVWWWY6!J-+$',!.(! FDUJR KRQRUt¿FR GH ³SULPHUD GDPD´ D ORV DxRV HQ XppZ?!%..$/(#1#03)!#!-+!$#3%.!(+.2)!3.(!3'&)%*')!3.! VXV SDGUHV TXH VH SURGXMR SRU XQ LQWHQVR FRQÀLFWR HQ :+.!-+!$#3%.?!(#!.H!*)02%.-'-5#!R+-#0#!@'2+*A'?!3.0+0F *',!(#!*)%%+/*',0!3.!8#$'('#%.-!3.!-+!.-/)-)!4!.05)0*.-! /%.-'3.05.! 3.(! =.%M6! U9-! 5#%3.?! #*+-,! #(! /%)/')! N+<'F PRUL GH KDEHUOD HQFHUUDGR \ RUGHQDGR WRUWXUDU ZZZ FDUHWDV FRP SH DUWLFXORV VXVDQD SKWPO (VWH FDUJR KRQRUt¿FR OH LQWURGXMR HQ OD SROtWLFD QDF *')0#(!.!'05.%0#*')0#(?!4#!:+.!%./%.-.05,!#!=.%M!.0!(#-! KOOO!4!O]!>)08.%.0*'#-!3.!=%'$.%#-!c#$#-?!I-/)-#-! 4!h./%.-.05#05.-!3.!e.8.-!3.!I-5#3)!4!3.!g);'.%0)!3.! ODV $PpULFDV WDQWR HQ &KLOH HQ FRPR HQ 2WWDZD #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

DD


!',&-.$./$0&-%)$//. =)212&#%(!"&,&!/!&6^"4)/!2&A%/+^')+&4)&6%2@%

.0!Xppp?!#-E!*)$)!)5%)-!.&.05)-!'05.%0#*')0#(.-6!I-5.! /.%')3)! %./%.-.05,! /#%#! r.'w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yQ HQ VX GHVSDFKR R¿FLDO 3.! <.8.! 3.(! R.%&'*')! 3.! O05.('2.0*'#! `#*')0#(! SRO`Y6! (VWH YLGHR GHVHQFDGHQy HO SULQFLSLR GHO ¿Q GHO JRF ;'.%0)!3.!N+<'$)%'?!4#!:+.!);('2,!#!:+.!.(!=%.-'3.05.! .$'5'.%#!+0#!)%3.0!3.!#/%.A.0-',0!*)05%#!-+!/%'0*'/#(! #('#3)?!4!:+.!(+.2)!U)05.-'0)-!-.!8+2#%#!#(!.H5%#0<.%)! FRQ HYLGHQWHV DSR\RV GH OD F~SXOD PLOLWDU \ ¿QDOPHQF 5.!:+.!.(!/%)/')!N+<'$)%'!5+&'.%#!:+.!%.0+0*'#%!/)%!8#H! GHVGH -DSyQ XQDV SRFDV VHPDQDV PiV WDUGH HO GH 0)&'.$;%.!3.!.-.!$'-$)!#C)6 r.'w)!N+<'$)%'!#;#03)0,!.(!=#(#*')!3.!g);'.%0)! 4?! #05.! (#! '0&'5#*',0! 3.! -+! $#3%.?! .0! .-.! $)$.05)! *)02%.-'-5#!3.!)/)-'*',0?!)/5,!/)%!(#!*)$/#CE#!3.!-+! 8#$'('#!/#5.%0#6!c+%#05.!.(!/%'$.%!2);'.%0)!3.!D)(.3)! 8+.!-)$.5'3#!#!&#%')-!<+'*')-?!.0!()-!:+.!-.!(.!#*+-#;#! GH KDEHU ¿QDQFLDGR VXV HVWXGLRV HQ HO H[WUDQMHUR FRQ 8)03)-!/M;('*)-?!-'0!.$;#%2)?!0)!8+.!-#0*')0#3#6!R#F ('.03)! (';%#3#! 3.! .-5#-! #*+-#*')0.-?! /#-,! +0)-! #C)-! .0!.(!.H5%#0<.%)!SVWWVFVWWyY?!3)03.!*)05'0+,!-+-!.-F 5+3')-! 3.! /)-2%#3)! 4! *)0)*',! #! -+! #*5+#(! $#%'3)! 3.! 0#*')0#('3#3!0)%5.#$.%'*#0#6 "#!&'3#!3.!r.'w)!3')!+0!2'%)!3.!XzW!2%#3)-!*+#03)! -+!/#3%.!3.*'3',!%.5)%0#%!3.!e#/,0!#!=.%M!&E#!>A'(.!.(! {!3.!0)&'.$;%.!3.!VWWy6!"#!/)(E5'*#!-.2+E#!-'.03)!+0#! /%')%'3#3!.0!-+!&'3#6!J!-+!((.2#3#!#!R#05'#2)!3.!>A'(.?! 8+.! #%%.-5#3)! '0$.3'#5#$.05.! 4! :+.3,! ;#<)! *+-5)3'#! 3.!(#!#+5)%'3#3!<+3'*'#(!*A'(.0#!:+.!-)('*'5,!#(!2);'.%F 0)!3.(!=%.-'3.05.!D)(.3)!:+.!'05.%/+-'.-.!+0#!3.$#0F 3#!3.!.H5%#3'*',0!%.-/.*5)!3.!(#!&.'05.0#!3.!/%)*.-)-! #;'.%5)-!*)05%#!N+<'$)%'?!/)%!()-!*+#(.-!5.0E#!)%3.0!3.! #%%.-5)!'05.%0#*')0#(6!`)!);-5#05.?!.(!<+'*')!3.!.H5%#F GLFLyQ GXUy FDVL GRV DxRV \ ¿QDOPHQWH HQ VHSWLHPEUH 3.!VWWq!-.!8+.!.0&'#3)!4!-)$.5'3)!#!<+'*')!.0!=.%M!/)%! ()-!*#%2)-!3.!*)%%+/*',0!4!&')(#*')0.-!3.!()-!3.%.*A)-! A+$#0)-?!.05%.!)5%)-!3.('5)-6 I(!%.2%.-)!4!.0*#%*.(#$'.05)!3.!-+!/#3%.!$)5'&,!#! r.'w)!#!&)(&.%!#!=.%M!.!'0&)(+*%#%-.!'05.2%#($.05.!#! (#!%.*)$/)-'*',0!3.!(#-!8+.%1#-!/)(E5'*#-!3.(!8+<'$)F %'-$)?!#!5%#&G-!3.!(#!#2%+/#*',0!J('#01#!/#%#!.(!N+5+%)! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

D?

SJNY6!c.-/+G-!3.!/)-5+(#%!*)$)!*#;.1#!3.!('-5#!*)0F 2%.-#(! /#%#! (#-! .(.**')0.-! 3.(! VWW{?! -#(',! .(.*5#! *)0! (#!/%'$.%#!&)5#*',0!#!0'&.(!0#*')0#(!S{Wv?WWW!&)5)-Y?! $9-! :+.! *+#(:+'.%#! 3.! ()-! /)(E5'*)-! '$/)%5#05.-! 3.! #:+.((#!G/)*#6!I-5.!5%'+08)!/.%-)0#(!3.!r.'w)!)/#*,! :+.!JN!A#4#!);5.0'3)!-,()!Xv!*)02%.-'-5#-!3.!()-!XVW! :+.!*)$/)0E#0!.(!/)3.%!(.2'-(#5'&)!.0!.-.!$)$.05)6 R+! (#;)%! 3.! *)02%.-'-5#! 8+.! /)*)! %.(.&#05.?! 4#! :+.!.-5+&)!#;)*#3#!#!5.%$'0#%!-+-!.-5+3')-!.0!I-5#F 3)-! P0'3)-! 4! #! (#! 3.8.0-#! <+3'*'#(! 3.! -+! /#3%.6! `)! );-5#05.?! 4#! 5.0E#! (#! $'%#! /+.-5#! .0! (#-! .(.**')0.-! /%.-'3.0*'#(.-! 3.! VWXX?! .0! *+4#! 8.*A#! 4#! 5.03%E#! (#! .3#3!$E0'$#!:+.!.H'2.!(#!*)0-5'5+*',0!Svy!#C)-Y!/#%#! *)$/.5'%6!I0!VWWq?!r.'w)!3'%'2',!(#!$)&'('1#*',0!3.! ()-!-'$/#5'1#05.-!#!(#!((.2#3#!3.!-+!/#3%.!#(!=.%M?!+0#! &.1!:+.!(#!.H5%#3'*',0!-.!A'1)!.8.*5'&#6!"#!.-5%#5.2'#! <+3'*'#(!4!/)(E5'*#!/#%#!(#!3.8.0-#!3.!N+<'$)%'?!.0*#;.F ]DGD SRU .HLNR IXH FODUD ³$OEHUWR )XMLPRUL QR KDEtD .-5#3)!#(!*)%%'.05.!3.!0'02+0#!3.!(#-!8.*A)%E#-!*)$.F 5'3#-!/)%!U)05.-'0)-?!()-!2.0.%#(.-!3.!-+!*E%*+()!4!()-! $'0'-5%)-! 4! 8+0*')0#%')-! *)%%+/5)-! 3.! #:+.((#! #3$'F QLVWUDFLyQ ORV FXDOHV REUDURQ D VXV HVSDOGDV \ FRQ ÀDF JUDQWH GHVOHDOWDG´ ZZZ FLGRE RUJ FD GRFXPHQWDFLR ELRJUD¿DVBOLGHUHVBSROLWLFRV DPHULFDBGHOBVXU SHUX NHLNRBIXMLPRULBKLJXFKL I05%.!3'*'.$;%.!3.!VWWq!4!#;%'(!3.!VWWp?!(#!8#$'('#! N+<'$)%'!.%#!5.-5'2)!3.(!<+'*')!4!(#!*)03.0#!3.!Vy!#C)-! 3.(! /#5%'#%*#! /)%! *)%%+/*',0! 4! &')(#*',0! 3.! 3.%.*A)-! A+$#0)-6!I05)0*.-?!r.'w)!#0+0*'#;#!:+.!0)!(.!5.$;(#F %E#!(#!$#0)!3.!'03+(5#%!#!-+!/#3%.!.0!*#-)!3.!:+.!((.2#%#! D VHU SUHVLGHQWD (O FDPLQR HVWDED WUD]DGR OD FUHDFLyQ 3.!+0#!)%2#0'1#*',0!/)(E5'*#!':(5)&(#!(#-!#-/'%#*')0.-! SUHVLGHQFLDOHV GH .HLNR )XHU]D \ HO LQYROXFUDF $'.05)!3.!5'.$/)!*)$/(.5)!.0!(#!*#$/#C#!/%.-'3.0*'#(6! I(!/%)/')!J(;.%5)!N+<'$)%'!-.2+'%E#!4!)%'.05#%E#!.-5.!3.F %%)5.%)!3.-3.!-+!'05.%0#$'.05)!*#%*.(#%')6 I0!-E05.-'-?!);-.%&#$)-!3.!(#-!5%#4.*5)%'#-!3.!#$F ;)-! *#03'3#5)-! :+.! -+-! /)-5+%#-! /)(E5'*#-! ()-! +;'*#0! .0! .H5%.$)-! )/+.-5)-6! =.%)! $9-! #((9! 3.! -+! )%'.05#F *',0!/%)*('&.!#(!a-)*'#('-$)b!3.!>A9&.1!/)%!/#%5.!3.! B((#05#!4!3.(!%#3'*#('-$)!0.)(';.%#(!4!3.!a$#0)!3+%#b! 3.!r.'w)?!#$;)-!8+.%)0!/#%5E*'/.-!3'%.*5)-!.!'03'%.*F 5)-!3.!2)(/.-!3.!I-5#3)?!3.!()-!:+.!0)!-.!#%%./.05E#06! J3.$9-?!(#-!'3.)()2E#-!3.$)*%95'*#-!S(#!-)*'#(3.$)F *%#*'#?!.(!A+$#0'-$)?!.(!(';.%#('-$)?!)!.(!-)*'#(*%'-F 5'#0'-$)Y!0)!8)%$#0!/#%5.!3.!()-!/%'0*'/')-!/%)2%#$9F 5'*)-!3.!-+-!%.-/.*5'&)-!/#%5'3)-6! I0! 5)3)! *#-)?! 5)$#03)! *)$)! %.8.%.0*'#! #! "'01!


4)-%6"!#.+!/4%&!'&)/)-.A%

v SRGUtDPRV FODVL¿FDU D 2OODQWD \ .HLNR *)$)!#*5)%.-!a3.-(.#(.-b?!.-!3.*'%!:+.!#*./5#0!((.2#%! #(!/)3.%!/)%!$.3')-!0)!.(.*5)%#(.-?!)!#(!$.0)-!*)$)! #*5)%.-!a-.$'(.#(.-b?!3#3)!:+.!0)!*)03.0#%)0!#;'.%5#! 4! .H/(E*'5#$.05.! #**')0.-! /)(E5'*#-! &')(.05#-! 4! *)0F 5.0*')-#-?! 4#! -.#! .0! (#! 3.8.0-#! '%%.-5%'*5#! :+.! A#*.! r.'w)!N+<'$)%'!%.-/.*5)!3.(!2);'.%0)!3'*5#5)%'#(!3.!-+! /#3%.! a.(! $.<)%! 3.! (#! A'-5)%'#b?! *)$)! .0! (#! 8#(5#! 3.! 3.-('03.!*(#%#!4!)/)%5+0#!/)%!/#%5.!3.!B((#05#!@+$#(#! 3.(!a/+5-*Ab!3.!J03#A+#4(#-!('3.%#3)!/)%!-+!A.%$#0)! J05#+%)!.0!.(!VWWy6! >JUTOB!cI!=OI"

I(! ;#(#0*.! 3.(! %.-+(5#3)! .(.*5)%#(! 3.! (#! /%'$.%#! &+.(5#!3.!(#!.(.**',0!/%.-'3.0*'#(!/%.-.05#;#!+0!*(#F UR \ FRP~Q REMHWLYR SDUD ORV GRV FDQGLGDWRV JDQDU ()-! &)5)-! 3.! ()-! *#03'3#5)-! 3.(! *.05%)! :+.! :+.3#%)0! 3.-/(#1#3)-! .0! (#! /%'$.%#! %)03#! .(.*5)%#(6! I(()! ()-! );('2#;#!#!$)3.%#%!-+-!/)-'*')0.-!4!#!*)0&.0*.%!#(! .(.*5)%#3)!:+.!-+-!'05.0*')0.-!0)!.%#0!*)$)!-+-!%.-F SHFWLYRV SDVDGRV ORV SUHVHQWDEDQ \ TXH VH YHQ UHÀHMDF GRV FODUDPHQWH HQ ORV SHU¿OHV GH YLGD GH DPERV FDQF 3'3#5)-6!I(!%.5)!.%#!:+.!.-5#!0+.&#!'$#2.0!4!3'-*+%-)! *.05%'-5#!8+.%#0!*%.E;(.-6 r.'w)!N+<'$)%'!4!B((#05#!@+$#(#!#-+$'.%)0!-+!3.F %%)5.%)!*.05%'-5#!*)0!*)0&'**',0!4!/%)05'5+36!"#!3.%.F FKLVWD .HLNR D¿UPy \ OXHJR MXUy TXH QR FRQFHGHUtD HO LQGXOWR D VX SDGUH HQ FDVR GH VHU SUHVLGHQWD &RQ¿DED :+.!G(!-#(3%E#!(';%.!/)%!(#-!/%)/'#-!&E#-!<+3'*'#(.-?!*+4#! '03./.03.0*'#!%.-/.5#%E#!/+05'(()-#$.05.6!J-'$'-$)?! #0+0*',!:+.!.0*#;.1#%E#!/.%-)0#($.05.!(#!(+*A#!*)0F 5%#! (#! *)%%+/*',0! 4! :+.! '0*(+-)! *%.#%E#! +0#! '0-5#0*'#! HVSHFt¿FD SDUD HOOR 1R FRQWHQWD FRQ HVWH JLUR SLGLy /.%3,0!/)%!(#-!&')(#*')0.-!*)05%#!()-!3.%.*A)-!A+$#F 0)-!:+.!-.!/+3'.%#0!A#;.%!*)$.5'3)!3+%#05.!.(!2);'.%F QR GH $OEHUWR )XMLPRUL HO FXDO \D QR D¿UPDED TXH HUD .(!$.<)%!2);'.%0)!3.!(#!A'-5)%'#?!4!:+.!-E!5.0E#!#(2+0)-! .%%)%.-6! J-'$'-$)?! .((#! $.0*')0,! :+.! -.! *)0-5%+'%E#! ;#<)!-+!2);'.%0)!+0!$+-.)!.0!*)0$.$)%#*',0!3.!(#-! &E*5'$#-!3.!(#!2+.%%#!-+*'#6 I(!'1:+'.%3'-5#!B((#05#!0)!8+.!$.0)-!'05.0-)!.0!-+! !a[>+9(!/)3%E#!-.%!+0#!/%+.;#!.8.*5'&#!3.!a/#/.(!5)%0#-)(b!/#%#!*)$/%)F ;#%!(#!(.#(5#3!#!+0!%G2'$.0!3.$)*%95'*)\!P0#!/)-';'('3#3!);<.5'&#!.-!+0! *)$/%)$'-)!/M;('*)!#!.$/(.#%!$.3')-!(.2#(.-!/#%#!((.2#%!#(!/)3.%!4!%.F *A#1#%!.(!+-)!3.!(#!8+.%1#6!"#!#$;'2Å.3#3!.0!.-5)-!*)$/%)$'-)-!/M;('*)-! .-!.&'3.0*'#!,.%+'(3'&%$!3.!-.$'(.#(5#3?!/.%)!0)!-'.$/%.?!*)$)!&.%.$)-?! GH GHVOHDOWDG´ /LQ] ³8Q LQGLFDGRU GH FRQGXFWD VHPLOHDO 4!+0#!8+.05.!3.!'$92.0.-!*+4#!/.%*./*',0!((.&#!#!*+.-5')0#%!(#!(.#(5#3!3.! +0!/#%5'3)!A#*'#!.(!-'-5.$#!.-!(#!3'-/)-'*',0!#!#0'$#%?!5)(.%#%?!3'-*+(/#%?! FXEULU H[FXVDU R MXVWL¿FDU ODV DFFLRQHV GH RWURV SDUWLFLSDQWHV TXH YDQ PiV DOOi GH ORV OtPLWHV GH ODV SDFt¿FDV \ OHJtWLPDV SDXWDV GH FRQGXFWD SROtWLFD HQ XQD GHPRFUDFLD´ /LQ]

v

.&!',&-.$./$0&-%)$

FRQYHUVLyQ FHQWULVWD (Q SULPHU OXJDU ¿UPy YDULRV GRF *+$.05)-!3.!)%2#0'-$)-!*'&'(.-!%.-/.*5)!3.!-+!*)$F /%)$'-)!*)0!(#!3.$)*%#*'#!4!(#!(';.%5#3!3.!.H/%.-',06! I0! -.2+03)! (+2#%?! -.C#(,! :+.! %.-/.5#%E#! ()-! 5%#5#3)-! '05.%0#*')0#(.-! 3.! (';%.! *)$.%*')! :+.! #05.-! *+.-5')F 0#;#!4!:+.!*+$/('%E#!()-!*)05%#5)-!*)0!(#-!*)$/#CE#-! .H5%#0<.%#-!:+.!'0&'%5'.%)0!.0!(#!.H/()%#*',0!4!.H/()F WDFLyQ GH ORV UHFXUVRV QDWXUDOHV JDV \ PLQHUDOHV (Q 5.%*.%!5G%$'0)?!-.!#(.<,!3.!(#-!/)-5+%#-!'05.%0#*')0#(.-! /%)*('&.-!#!>A9&.1!4!-+-!#('#3)-?!4!-.C#(,!:+.!-+!%.F 8.%.05.! .%#! .(! $)3.()! :+.! "+(#! A#;E#! *)0-5%+'3)! .0! T%#-'(6!c.!A.*A)!5+&)!*)$)!#-.-)%!.(.*5)%#(!#!+0!.-F 5%#5.2#! ;%#-'(.C)! .0&'#3)! /)%! .(! /%)/')! "+(#6! N'0#(F $.05.?! %.*)0)*',! :+.! +0! );<.5'&)! 8+03#$.05#(! -.%E#! $#05.0.%! ()-! .:+'(';%')-! $#*%).*)0,$'*)-! 4! *)05'F 0+#%!*)0!.(!0)5#;(.!*%.*'$'.05)!.*)0,$'*)!:+.!=.%M! A#;E#!.H/.%'$.05#3)!.0!()-!M(5'$)-!#C)-?!-'0!/)%!.(()! *.3.%!.0!-+!/%.5.0-',0!3.!:+.!.-#!.H/#0-',0!-.%E#!3'-F 5%';+'3#!*)0!()-!-.*5)%.-!$9-!/);%.-6!>%.*'$'.05)!*)0! .:+'3#3?!8+.!+0)!3.!-+-!/%'0*'/#(.-!.-(,2#0.-6 h.-+(5#!'05.%.-#05.!);-.%&#%!*,$)!.(!$.*#0'-$)!3.! ;#()5#<.!8+.!+0!8#*'('5#3)%!'0-5'5+*')0#(!:+.!*)05%';+4,! #!:+.!B((#05#!@+$#(#!4!r.'w)!N+<'$)%'!-.!&'.%#0!);('F 2#3)-!#!$)3.%#%!(#-!/)-'*')0.-!:+.!$)-5%#%)0!3+%#05.! (#!/%'$.%#!&+.(5#!4!.0!#05.%')%.-!.(.**')0.-?!.0!(#!/.%-F /.*5'&#!3.!2#0#%!(#!.(.**',0!/%.-'3.0*'#(6!")!%.(.&#05.! 3.!.-5.!*#$;')!.-!/%.2+05#%-.!-'!-,()!8+.!+0#!.-5%#5.2'#! 3.!$#%w.5'02!.(.*5)%#(!)!%./%.-.05,!+0!*#$;')!%.#(!.0! (#!#*5'5+3!/)(E5'*#!4!/%)2%#$95'*#!3.!#$;)-!*#03'3#5)-6! $O PHQRV HO MHIH GH FDPSDxD GH 2OODQWD D¿UPD TXH G-5.!-E!*#$;')?!:+.!0)!.-!.(!$'-$)!3.!#05.-?!#3.$9-! %.*)0)*.!:+.!%.*';',!.05%.0#$'.05)!.-/.*'#(!/#%#!-.%! 5)(.%#05.!.0!(#-!.05%.&'-5#-!.0!()-!$.3')-!3.!*)$+0'*#F FLyQ HOFRPHUFLR SH SROLWLFD QRWLFLD KXPDOD %.*';')F.05%.0#$'.05)F5)(.%#05.F.05%.&'-5#-Y6! =)%!-+!/#%5.?!*#;.!3.-5#*#%!:+.!#!/.-#%!3.!(#!3'8.F %.0*'#!.-5%.*A#!3.!5%.-!/+05)-!/)%*.05+#(.-!.0!()-!%.F VXOWDGRV ¿QDOHV GH HVWD VHJXQGD URQGD HOHFWRUDO \ DXQ FXDQGR QR HVWDEDQ WHUPLQDGRV ORV FyPSXWRV R¿FLDOHV (#!*#03'3#5#!r.'w)!N+<'$)%'!%.*)0)*',!-+!3.%%)5#!.0! $.0)-!3.!Zz!A)%#-6!r.'w)!-#(+3,!4!8.('*'5,!#(!5%'+08#F 3)%?!2.-5)!:+.!3.0)5#!+0#!#*5'5+3!3.$)*%95'*#?!-);%.! 5)3)!5%#5903)-.!3.!.(.**')0.-!3.!#(5#!*)$/.5'5'&'3#3?! .0!(#-!*+#(.-!A#4!+0#!3'8.%.0*'#!.(.*5)%#(!$.0)%!#!y! /+05)-!/)%*.05+#(.-!.05%.!#$;)-!*#03'3#5)-!Sc.(2#F 3)!4!",/.1!`'.5)?!VWWzY6 >)$)! .0! *#-'! 5)3#! .(.**',0! /)(#%'1#3#! 4! 3.! #(5#! *)$/.5'5'&'3#3?!(#-!*#$/#C#-!-.!.$/.1#%)0!#!&)(&.%! PX\ DJUHVLYDV DPERV SXVLHURQ HQ GXGD OD KRQHVWLGDG #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

DG


!',&-.$./$0&-%)$//. =)212&#%(!"&,&!/!&6^"4)/!2&A%/+^')+&4)&6%2@%

3.!(#-!*)0&.%-')0.-!3.(!%'&#(!4!#*+3'.%)0!#!.<.$/()-! GHO SDVDGR TXH UHÀHMDVHQ OD IDOWD GH FUHGLELOLGDG GH VX %.-/.*5'&)!%'&#(6Z!I0!.-.!-.05'3)?!$9-!:+.!+0#!*#$/#F C#!)%'.05#3#!/)%!/%)/+.-5#-!4!/%)$.-#-?!-.!*)0-5'5+4,! .0!+0!%.*)%3#5)%')!4!;#(#0*.!3.!()-!M(5'$)-!VW!#C)-!3.! (#!/)(E5'*#!/.%+#0#6!")-!$.3')-!3.!*)$+0'*#*',0!<+F 2#%)0!+0!/#/.(!%.(.&#05.!.0!.-5.!.$/)01)C#$'.05)!3.! OD HOHFFLyQ MX]JDURQ PiV TXH LQIRUPDU FRQGHQDURQ $9-!:+.!#0#('1#%6!"#!#2%.-'&'3#3!-.!5%#-(#3,!#(!/(#0)! 3.! (#-! /%)/'#-! %.(#*')0.-! *)5'3'#0#-! 3.! (#-! /.%-)0#-?! .(!5.$#!.(.*5)%#(!.%#!$)5'&)!3.!%'C#-!4!3'-/+5#-!.0!.(! 5%#;#<)?!.0!(#!*#((.!.!'0*(+-)!.0!.(!'05.%')%!3.!(#!8#$'('#6 B5%)! *)$/)0.05.! *(#&.! 3.! (#-! *#$/#C#-! 3.! #$F ;)-! *#03'3#5)-! 8+.! #5%#.%! #! ()-! .H! *#03'3#5)-! 3.! (#! /%'$.%#!&+.(5#6!r.'w)!3.$)-5%,!$9-!A#;'('3#3!.0!(#-! /%'$.%#-!-.$#0#-!/#%#!*)$/%)$.5.%!#!$9-!/)(E5'*)-! 4!/)%!.03.!#!-+-!%.-/.*5'&)-!.(.*5)%#3)-6!I0!/%'$.%! OXJDU ORJUy TXH GRV GH ORV FDQGLGDWRV GH FHQWUR 3HF 3%)! =#;()! r+*140-w'! 4! "+'-! >#-5#C.3#! #0+0*'#%#0! :+.! &)5#%E#0! /)%! .((#6! `)! $.0)%! 8+.! :+.! '0&)(+*%#F %#! .0! (#! *#$/#C#! #(! J%1);'-/)! e+#0! "+'-! >'/%'#0'! \ SRU HQGH D OD FXULD R¿FLDO GH OD LJOHVLD FDWyOLFD /.%+#0#6!>)$)!%.-+(5#3)?!.-5)-!#*5)%.-!'05%)3+<.%)0! .0!-+-!-.%$)0.-!3.!$'-#!.(!8#&)%'5'-$)!/)%!r.'w)!4! -+! #&.%-',0! /)%! B((#05#6! J3.$9-! 3.! )5%)-! /)(E5'*)-! GH PHQRU HQYHUJDGXUD ¿QDOPHQWH ORJUy HO DSR\R 3.(! %.*)0)*'3)! .*)0)$'-5#! @.%0#03)! 3.! R)5)?! :+.! %.2%.-,! .H! /%)8.-#$.05.! #! =.%M! /#%#! *)(#;)%#%! *)0! -+! *#$/#C#6! N'0#($.05.?! *#;.! 3.*'%! :+.! 3.! $#0.%#! H[WUDR¿FLDO SHUR FRQ QRWRULHGDG FRQWy FRQ HO DSR\R 3.(!=%.-'3.05.!g#%*E#!4!3.!-+-!$'0'-5%)-?!:+'.0.-!8%.F *+.05.$.05.!*)$.05#%)0!4!*+.-5')0#%)0!(#-!3.*(#%#F *')0.-!3.(!*#03'3#5)!@+$#(#6 >)$)!-.!);-.%&#!.0!.(!*+#3%)!V?!(#!$#4)%!#5%#*F *',0! 3.! #('#3)-! 4! 3.! $.3')-! 3.! /%.0-#! #! 8#&)%! 3.! .HLNR VH UHÀHMy HQ XQ DFRUWDPLHQWR GH OD GLVWDQFLD .(.*5)%#(! 3.(! %.-+(5#3)! 3.! (#! /%'$.%#! &+.(5#! 3+%#05.! .(! /%'$.%! $.-! 3.! (#! *#$/#C#! .(.*5)%#(! S#;%'(Y?! :+.! '0'*'#($.05.!8+.!3.!z!/+05)-!/)%*.05+#(.-!#!8#&)%!3.! B((#05#!@+$#(#6!J-E?!.0!(#-!-'2+'.05.-!5%.-!-.$#0#-! (#! 3'-5#0*'#! #! 8#&)%! 3.! B((#05#! -.! $#05+&)! /.%)! 3.! $#0.%#!*#3#!&.1!$9-!3.*%.*'.05.6!J!/#%5'%!3.(!)*A)! 3.! $#4)?! r.'w)! ()2%,! ('3.%#%! (#-! .0*+.-5#-! #+0:+.! /)%!/)*)-!/+05)-6!I0!%.#('3#3?!(#-!3'8.%.0*'#-!3.!5%.-! !a}(#~!*#$/#C#!/%.-'3.0*'#(!:+.!5.%$'0#!.-5#!-.$#0#!8+.!$#%*#3#?!*)$)! ()!A#0!#0)5#3)!);-.%&#3)%.-!:+.!&'&'.%)0!5'.$/)-!*)$)!()-!3.(!#05'#/%'-F $)?!/)%!+0!2%#3)!3.!/)(#%'1#*',0!/)*#-!&.*.-!&'-5)!.0!.(!=.%M6!")-!'0-+(5)-! /%.3.*';(.-!3.!/#%5.!3.!()-!/)(E5'*)-!3.!+0)!4!)5%)!;#03)!-+;'.%)0!5)3#&E#! $9-!3.!5)0)6!I(!#/)*#('/-'-!#-)$#;#!.0!(#!)/*',0!3.(!*)05%'0*#05.b?!@$C%"#'(B'.$#'" GH MXQLR GH ZZZ FDUHWDV FRP SH 0DLQ DVS"7 6 LG LG( LG67R LG$

Z

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

DF

)!A#-5#!*+#5%)!/+05)-!-.!.0*)05%#;#0!.0!.(!$#%2.0!3.! .%%)%!3.!.-5#-!.0*+.-5#-?!/)%!()!*+#(!.-5)-!%.-+(5#3)-! VyOR UHÀHMDEDQ XQ HPSDWH WpFQLFR &XDOTXLHUD GH ORV GRV SRGUtD JDQDU OD HOHFFLyQ 2OODQWD ¿QDOPHQWH JDQy (#!.(.**',0!*)0!+0!$#%2.0!3.!v!/+05)-!.(!y!3.!<+0')6

$ IDYRU GH 2OODQWD VH GLR XQ WHPSUDQR \ VLJQL¿FDF 5'&)!#/)4)!3.(!.-*%'5)%!U#%')!K#%2#-!"()-#?!:+'.0!#/.F 0#-!+0#-!-.$#0#-!#05.-?!*)$)!4#!&'$)-?!*+.-5')0#;#! 3+%#$.05.!#!#$;)-!*#03'3#5)-6!U9-!5#%3.?!-.!-+$#%)0! 5G*0'*)-! 3.(! .:+'/)! 3.! J(.<#03%)! D)(.3)?! 4! 5#$;'G0! '05.(.*5+#(.-!4!%.*)0)*'3)-!#%5'-5#-6!N'0#($.05.?!.0!(#! M(5'$#!-.$#0#!.(!'0'*'#($.05.!%.5'*.05.!D)(.3)!(.!$#F 0'8.-5,!-+!#/)4)!/M;('*#$.05.6! >#;.!$.0*')0#%!:+.!()-!<,&.0.-!-.!$)&'('1#%)0!#! 8#&)%!3.!B((#05#?!/.%)!-);%.!5)3)!.0!%.*A#1)!#!(#!*#0F 3'3#5#! r.'w)6! U9-! 3.! *'0*)! $'(! <,&.0.-! 3.! 3'&.%-#-! +0'&.%-'3#3.-! 0#*')0#(.-! 4! /#%5'*+(#%.-! /#%5'*'/#%)0! HQ OD PDUFKD SDFt¿FD ³&RQ (VSHUDQ]D \ GLJQLGDG )XF <'$)%'! 0+0*#! $9-b6! "#! $)&'('1#*',0! 8+.! )%2#0'1#3#! /)%!(#!>))%3'0#3)%#!`#*')0#(!3.!c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


4)-%6"!#.+!/4%&!'&)/)-.A%

.&!',&-.$./$0&-%)$

(9$/8$&,Ï1 '( /26 5(68/7$'26 IhhBhIR!7!J>OIhDBR

h.-+(5#!3'8E*'(!.H/('*#%!+0#!3'8.%.0*'#!.-5%.*A#!3.! v! /+05)-! .05%.! .(! 2#0#3)%! B((#05#! @+$#(#! 4! (#! /.%F 3.3)%#!r.'w)!N+<'$)%'?!4#!:+.!-.2M0!(#-!/%)4.**')F 0.-!#05.%')%.-!*+#(:+'.%#!3.!.(()-!/+3)!A#;.%!2#0#3)! (#!.(.**',06!R.2M0!.(!3'#%')!K'(@$,U21%&'(+0!.%%)%!.0! (#! *#$/#C#! 3.! r.'w)! .-5+&)! #-)*'#3)! #(! 5.$#! 3.! (#! *)%%+/*',0?!4#!:+.!*)0&)*,!#!#05'2+)-!*)(#;)%#3)%.-! 3.(!/#-#3)!2);'.%0)!3.!-+!/#3%.!/#%#!'05.2%#%!-+!.:+'F /)!3.!*#$/#C#?!4!a.(!%.*A#1)!#!2.05.!3.!-+!.05)%0)! KDEUtDQ LPSHGLGR TXH JDQH HQ VHJXQGD YXHOWD´ KWWS HOFRPHUFLR SH SROLWLFD QRWLFLD FLQFR UD]RQHV :+.F#8.*5#%)0F*)0-'3.%#;(.$.05.F*#03'3#5+%#Fw.'w)F 8+<'$)%'Y6!B((#05#!-.!.0*#%2,!3.!.08#5'1#%!4!&'-';'('1#%! #!()-!&'.<)-!8+0*')0#%')-!3.!(#!3G*#3#!#05.%')%6 B((#05#!);5+&)!)5%#!&.05#<#!*+#03)!3.0+0*',!*)0!'0F -'-5.0*'#!+0#!*#$/#C#!3.!*)05%)(!3.!0#5#('3#3!.$/%.0F 3'3#!.0!.(!2);'.%0)!3.!J(;.%5)!N+<'$)%'!4!:+.!'$/('*,! .-5.%'('1#*')0.-! 0)! &)(+05#%'#-! 3.! #(2+0#-! $+<.%.-6! I0! *)0-)0#0*'#!*)0!()!#05.%')%?!.(!8+0*')0#%')!3.!-#(+3!:+.! 3'%'2',!.-5#!*#$/#C#!.%#!.(!3)*5)%!J(.<#03%)!J2+'0#2#?!4! 8)%$#;#!/#%5.!3.(!#*5+#(!.:+'/)!5G*0'*)!3.!r.'w)6!>+#(F :+'.%!2#0#0*'#!.0!.(!$#%2.0!3.!+0!%.-+(5#3)!$+4!.-5%.*A)! 8+.!$+4!'$/)%5#05.!/#%#!.(!5%'+08)!4!.(!.:+'/)!3.!*#$F /#C#!3.!B((#05#!-+/)!*#/'5#('1#%!.-5.!5.$#!.0!/#%5'*+(#%6 B5%)!.(.$.05)!/)%!*)0-'3.%#%!/#%#!.H/('*#%!.(!#<+-F 5#3)!5%'+08)!3.!B((#05#!-.!/+.3.!);-.%&#%!.0!()-!%.-+(F 5#3)-!3.!(#-!3'&.%-#-!%.2')0.-!3.(!/#E-6!R'!;'.0!@+$#(#! ()2%,!(#!&'*5)%'#!.0!Xz!%.2')0.-?!G-5#-!-,()!*)0*.05%#0! .(!Zv!/)%!*'.05)!3.!()-!.(.*5)%.-6!U'.05%#-!:+.!r.'w)! ()2%,!&.0*.%!#!@+$#(#!.0!1)0#-!+%;#0#-!4!*)-5.C#-?! (#-!*+#(.-!*)0*.05%#0!yq!/)%!*'.05)!3.!()-!.(.*5)%.-?! #! /.-#%! 3.! :+.! -,()! -)0! q! %.2')0.-6! `)! );-5#05.! .(! /.-)!/);(#*')0#(!3.!(#-!%.2')0.-!8#&)%#;(.-!#!r.'w)?! (#! $9H'$#! 3'8.%.0*'#! :+.! ()2%,! );5.0.%! %.-/.*5)! 3.! @+$#(#!.-!3.!X{!/)%!*'.05)!.0!"'$#?!XZ!/)%!*'.05)!.0! .(!>#((#)!4!.0!"'$#!=%)&'0*'#-_!$'.05%#-!:+.!@+$#(#! ()2%,!3'8.%.0*'#-!#!-+!8#&)%!3.!y{!/)%!*'0.5)!.0!=+0)?! yy! /)%! *'.05)! .0! >+1*)?! Z{! /)%! *'.05)! .0! D#*0#?! ZZ! /)%!*'.05)!.0!J4#*+*A)!4!@+#0*#&.('*#?!5#(!*)$)!-.! $+.-5%#!.0!.(!*+#3%)!v6! I0! -E05.-'-?! (#-! %.2')0.-! %+%#(.-! 4! /);%.-! 3)03.! @+$#(#!2#0,!(#!.(.**',0!/)%!+0#!#$/('#!3'8.%.0*'#?! *)05%#%%.-5,!(#!&)5#*',0!8#&)%#;(.!#!r.'w)!.0!(#-!%.F 2')0.-! +%;#0#-! 4! *)-5.C#-! 3.(! /#E-?! '0*(+-)! *+#03)! pVWDV VRQ ODV PiV SREODGDV \ TXH ¿QDOPHQWH PDUFDF %)0!(#!3'8.%.0*'#!3.!vÇ!.05%.!#$;)-!*#03'3#5)-!.0!.(! UHVXOWDGR ¿QDO

>#;.!$.0*')0#%!:+.!.0!+0#!3.!.-5#-!%.2')0.-!S=+0)Y! HVWDOOy XQD VHPDQD DQWHV GH OD HOHFFLyQ XQ FRQÀLFWR -)*'#(!$+4!2%#&.6!U#0'8.-5#05.-?!#!5%#&G-!3.!+0#!A+.(F 2#!2.0.%#(!4!5)$#!3.!*#%%.5.%#-?!%.*(#$#%)0!*)05%#!.$F /%.-#-!$'0.%#-!/)%!*)05#$'0#*',0!4!;#<)-!-#(#%')-6! c#3)!:+.!@+$#(#!A#;E#!2#0#3)!.0!=+0)!/)%!+0#! #$/('#!3'8.%.0*'#!S{V6q!/)%!*'.05)!-.2M0!(#!B`=IY!.0! OD SULPHUD YXHOWD \ TXH ODV HQFXHVWDV OR LGHQWL¿FDEDQ *)$)! .(! 8#&)%'5)?! 3.*'3',! '05.%&.0'%! /.%-)0#($.05.! /#%#!/.3'%!.(!*.-.!5.$/)%#(!3.!(#!/%)5.-5#!/+.-!-.!/)F 0E#!.0!%'.-2)!(#!&'#;'('3#3!3.!(#!.(.**',0!.0!.-#!%.2',06! I(!.-*#(#$'.05)!&')(.05)!3.!.-5.!/%);(.$#!-)*'#(!/+3)! A#;.%!.&'5#3)!.(!5%'+08)!#!@+$#(#6 I0!*)$/#%#*',0!*)0!(#!.(.**',0!3.!(#!-.2+03#!&+.(F 5#!.(.*5)%#(!/%.-'3.0*'#(!3.(!VWW{!.05%.!B((#05#!@+$#F (#! 4! J(#0! g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¿QDOPHQWH GHFLGLHURQ DGRSWDU XQD /)-'*',0!#*5'&#?!4!0)!5#05)!:+.!3.*'3'.%)0!/)%!.(!$.F 0)-!$#()6!I-!3.*'%?!/#%#!(#!-.2+03#!&+.(5#!0)!-,()!*#$F ;'#%)0!3.!)/'0',0!-'0)!5#$;'G0!:+.!a5)$#%)0!/#%5'3)?! #%3'.05.$.05.?!/)%!+0)!3.!()-!3)-!*#03'3#5)-!.0!('1#b! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

DA


!',&-.$./$0&-%)$//. =)212&#%(!"&,&!/!&6^"4)/!2&A%/+^')+&4)&6%2@%

KWWS ZZZ LQIRODWDP FRP HOHFFLRQHV SHF UXDQDV HQWUH HO YRWR GHO PLHGR \ HO YRWR GHO HVSDQWR (Q HVH VHQWLGR OD QXHYD SRODUL]DFLyQ TXH VH UHÀHMy .0!(#!-.2+03#!&+.(5#!-.!3')!.05%.!()-!:+.!&)5#;#0!/)%! r.'w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yPLFD YHUVXV FULVLV LQVWLWXFLRQDO I-)!'$/('*#%E#!#-+$'%!:+.!.(!yX6y!/)%!*'.05)!3.!@+F $#(#!&)5#%)0!/)%!.-5#%!.0!*)05%#!3.!r.'w)!N+<'$)%'!4! YLFHYHUVD TXH HO SRU FLHQWR GH pVWD YRWy SRU HVWDU .0!*)05%#!3.!#:+.(?!-'0!*)0-'3.%#%!:+.!#$;)-!-.*5)%.-! 5'.0.0!-+-!-'$/#5'1#05.-!/%)/')-!:+.!-.!.H/%.-#%)0!.0! (#!/%'$.%#!&+.(5#!.(.*5)%#(!4!:+.!5#$;'G0!-.!(.!*)0)*.! *)$)!a&)5)!3+%)b6! I(! %.5)! /#%#! #$;)-! *#03'3#5)-! 8+.! *#/5#%! #! +0! -.*5)%! '05.%$.3')! .05%.! #$;#-! /)-'*')0.-?! #/.(#03)! 5#05)!#!2.0.%#%!$'.3)!3.(!#3&.%-#%')!*)$)!/)%!3.-F /.%5#%!#(2+0#!-'$/#5E#!A#*'#!.(()-!$'-$)-6!=)%!5#05)?! .(! 5%'+08#3)%! 3.;',! $#05.0.%! -+-! &)5)-! 3.! (#! /%'$.F %#! &+.(5#?! #5%#.%! ()-! &)5)-! 3.! ()-! :+.! %.*A#1#;#0! #(! *#03'3#5)! %'&#(! 4! ()2%#%! *#/5#%! 0+.&)-! &)5#05.-! :+.! A#4#0!%.-+(5#3)!#5%#E3)-!/)%!#(2+0#!/%)/+.-5#!.-/.*EF ¿FD R SRU OD QXHYD DFWLWXG R SRVLFLRQDPLHQWR SROtWLFR HQ OD FDPSDxD ¿QDO IR>I`JhOBR!O`RDODP>OB`J"IR! '(/ 5(68/7$'2 (/(&725$/ "J!cON|>O"!gBTIh`JTO"OcJc

")-!%.*'.05.-!%.-+(5#3)-!3.!(#!-.2+03#!&+.(5#!/#%#! (#! .(.**',0! /%.-'3.0*'#(! .0! .(! =.%M! $+.-5%#0! :+.! .(! $.*#0'-$)!3.(!;#()5#<.!8+.!+0!8#*'('5#3)%!'0-5'5+*')F 0#(! :+.! *)05%';+4,! #! :+.! ()-! *#03'3#5)-! .H5%.$)-?! B((#05#!@+$#(#!4!r.'w)!N+<'$)%'?!5+&'.%#0!:+.!$)F 3.%#%!(#-!/)-'*')0.-!:+.!$)-5%#%)0!3+%#05.!(#!/%'$.F %#! &+.(5#! 4! .0! #05.%')%.-! .(.**')0.-6! I(()! /.%$'5',! 3.-#*5'&#%!+0#!#$.0#1#!#!(#!3.$)*%#*'#!:+.!$)-5%#F %)0!()-!%.-+(5#3)-!3.!/%'$.%#!&+.(5#?!*+#03)!(#!$#F 4)%E#! 3.! ()-! /.%+#0)-! .H/%.-#%)0! -+! '0-#5'-8#**',0! *)05%#!(#-!*#03'3#5+%#-!:+.!.0+0*'#;#0!/M;('*#$.0F #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

DH

5.!-+!*)$/%)$'-)!*)0!.(!$)3.()!3.$)*%95'*)6 B5%#!&'%5+3!'0-5'5+*')0#(!3.(!;#()5#<.!8+.!(#!#2%.2#F *',0!3.!(#-!/%.8.%.0*'#-!3.!()-!*'+3#3#0)-!.0!5)%0)!#! 3)-!/%)/+.-5#-!)!/(#0.-!3.!2);'.%0)?!:+.!#+0!*+#03)! /%)&'.0.0!3.!&'-')0.-!3'8.%.05.-!3.!(#!/)(E5'*#!/.%+#F 0#?!((.2#%)0!#!-.%!-'$'(#%.-!.0!$+*A)-!#-/.*5)-?!-);%.! 5)3)! (+.2)! 3.! :+.! #$;)-! *#03'3#5)-! -+-*%';'.%)0! .(! 3)*+$.05)! 3.0)$'0#3)! aJ*+.%3)! `#*')0#(b! 3+%#0F 5.!(#!*#$/#C#!3.!(#!-.2+03#!&+.(5#6!c'*A)!/#*5)!()-! *)$/%)$.5.!*)0!.(!I-5#3)!3.!3.%.*A)!4!(#!3.$)*%#F *'#!%./%.-.05#5'&#?!#-E!*)$)!#!2#%#05'1#%!()-!3.%.*A)-! *)0-5'5+*')0#(.-?! (#! *.(.;%#*',0! 3.! .(.**')0.-! (';%.-! 4!5%#0-/#%.05.-?!.(!/(+%#('-$)!/)(E5'*)?!(#!#(5.%0#0*'#! .0!.(!/)3.%!4!.(!.:+'(';%')!3.!/)3.%.-?!.05%.!)5%#-!&#F %'#-! /)(E5'*#-! 3.! I-5#3)! &'0*+(#3#-! *)0! (#! .*)0)$E#! 3.! $.%*#3)?! (#! .:+'3#3! 4! (#! <+-5'*'#! -)*'#(?! (#! (+*A#! *)05%#!(#!/);%.1#!4!(#!3'-*%'$'0#*',0?!4!/)%!+0!I-5#3)! H¿FLHQWH WUDQVSDUHQWH \ GHVFHQWUDOL]DGR I(!%.5)!#*5+#(!3.!(#!/)(E5'*#!/.%+#0#!-.!*.05%#!.0!(#-! *)03'*')0.-!3.!2);.%0#;'('3#3!3.(!0+.&)!2);'.%0)!.0!+0! .-*.0#%')!'0-5'5+*')0#(!3)03.!.H'-5.!+0#!3'-/.%-',0!3.!(#! %./%.-.05#*',0!/)(E5'*#!.0!(#!*9$#%#!(.2'-(#5'&#!Sp!/#%5'F 3)-!%./%.-.05#3)-!.0!.(!*)02%.-)Y_!*)0-'3.%#03)!#3.$9-?! :+.!.(!/#%5'3)!2#0#3)%!3.!(#-!.(.**')0.-!Sg#0#!=.%MY!-,()! 5'.0.! .(! v{! /)%! *'0.5)! 3.! ()-! .-*#C)-6! `)! );-5#05.?! ()-! %.*'.05.-! #*)05.*'$'.05)-! /)(E5'*)-?! 5#(! *)$)! .(! %.-/#(F 3)!.H/%.-)!3.!D)(.3)!.0!(#!%.*'.05.!.(.**',0?!$+.-5%#0! XQ DFHUFDPLHQWR HQWUH HO QXHYR R¿FLDOLVPR \ HO SDUWLGR =.%M!=)-';(.!3.(!.H!/%.-'3.05.!J(.<#03%)!D)(.3)?!:+.!(.-! /.%$'5'%E#!*)0-5'5+'%!+0#!$#4)%E#!(.2'-(#5'&#?!4#!:+.!.05%.! .(()-!#2%+/#%E#0!#!{z!.-*#C)-?!*)0!()!*+#(!()2%#%E#0!.(!yV! SRU FLHQWR GH ORV FRQJUHVLVWDV YHU ¿JXUD


4)-%6"!#.+!/4%&!'&)/)-.A%

=)%!)5%)!(#3)?!B((#05#!@+$#(#!A.%.3#!+0!/#E-!*)0! #(5#-!.H/.*5#5'&#-!-)*'#(.-!4!.*)0,$'*#-!:+.!G(!$'-$)! -.!.0*#%2,!3.!a-.$;%#%b!3+%#05.!.(!5)3)!.(!:+'0:+.0')! #05.%')%! 4?! %.*'.05.$.05.?! *)$)! *#03'3#5)! /%.-'3.0F *'#(6! I-5#-! .H/.*5#5'&#-! -+.(.0! 5%#0-8)%$#%-.! %9/'3#F PHQWH HQ FRQÀLFWRV VRFLDOHV PX\ LQWHQVRV \ YLROHQWRV *)$)!#:+.(!.0!(#!%.2',0!=+0)!:+.!.(!/%)/')!@+$#(#! ()2%,!+0#!5%.2+#?!/.%)!:+.!3+%#05.!-+!/%,H'$)!2);'.%F 0)!5.03%9!:+.!3#%!+0#!-)(+*',06! P0#!3.-&.05#<#!:+.!/.%$.#!.-5.!.-*.0#%')!3.!#(5#! FRQÀLFWLYLGDG VRFLDO HV OD IDOWD GH DFRPSDxDPLHQWR GHO SDUWLGR R¿FLDOLVWD *DQD 3HU~ DO QXHYR SUHVLGHQWH 4#!:+.!0)!-+%2',!0'!-.!.0%#'1,!.0!(#-!)%2#0'1#*')0.-! -)*'#(.-!0'!*)0!()-!$)&'$'.05)-!%.2')0#(.-?!/+.-!5#0! -,()!-'%&',!*)$)!*)$/#%-#!4!*#%.5#!.(.*5)%#(6 N'0#($.05.?!*#;.!3.*'%!:+.!@+$#(#!-.!3.;#5.!.05%.!

.&!',&-.$./$0&-%)$

GRV DOLDGRV DQWDJyQLFRV HO FtUFXOR GH LQWHOHFWXDOHV \ /)(E5'*)-! /.%+#0)-! :+.! ()! %.-/#(3#%)0! .0! (#! -.2+03#! &+.(5#?!.H'2'G03)(.!2#%#05E#-!3.!%.-/.5)!#!(#!3.$)*%#F *'#!(';.%#(!4!#(!(';%.!$.%*#3)?!4!.(!.05)%0)!'05.%0#*')F 0#(!:+.!()!*);'<,!3.-3.!-+-!'0'*')-!4!:+.!*.(.;%,!/%)F IXVDPHQWH VX UHFLHQWH YLFWRULD &KiYH] HQ 9HQH]XHOD I&)!U)%#(.-!.0!T)('&'#!4!h#8#.(!>)%%.#!.0!I*+#3)%6! P0)!3.!()-!;#03)-!%.-+(5#%9!/%)05#$.05.!3.8%#+3#3)! 4!#*+-#%9!3.!5%#'3)%!#(!0+.&)!/%.-'3.05.!3.(!=.%M6! hINIhI`>OJR

"'01?!e6!e6!SXppWY?!K'(H6%$2.'(:$(1'"(:$+)&.'&%'"?!UGF H'*)?!J('#01#!I3'5)%'#(!U.H'*#0#6 ",/.1!`'.5)?!"6!.!O6!c.(2#3)!SVWWyY?!B)+,).#'+%$*#)( SROtWLFR \ VRFLRORJtD HOHFWRUDO?! U#3%'3?! P0'&.%-'F 3#3!`#*')0#(!3.!I3+*#*',0!#!c'-5#0*'#

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

DB


República

'!&$!4,&+&'!& 3)&'!1&')#"!1 A#5C#&'!)25%++)2)'A28#)D)3

J!

5%#&G-!3.!(#-!/92'0#-!3.!(#!/%.0-#?!.0!(#-!#+(#-! 4!()-!/#-'(()-!A.$)-!-.2+'3)!3.!*.%*#!(#!3'8E*'(! -'5+#*',0! /)%! (#! :+.! #5%#&'.-#! (#! P0'&.%-'3#3! J+5,0)$#!3.!(#!>'+3#3!3.!UGH'*)!SPJ>UY6!@.!3.! #3&.%5'%!:+.!8)%$)!/#%5.!3.!.-5.!/%)4.*5)!#*#3G$'*)! *#-'!3.-3.!-+!8+03#*',06!"#!PJ>U!0#*.!*)$)!P0'F &.%-'3#3!3.!(#!>'+3#3!3.!UGH'*)!SP>UY!.0!VWWX?!/)%! 3.*%.5)! 3.(! .05)0*.-! e.8.! 3.! g);'.%0)! 3.(! c'-5%'5)! N.3.%#(?!J03%G-!U#0+.(!",/.1!B;%#3)%6!`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a>#-#!"';.%5#3b6 J(! '2+#(! :+.! )5%)-! /(#05.(.-! 3.! (#! PJ>U! *)$)! R#0! ")%.01)! D.1)0*)! )! >+#+5./.*?! .(! 3.! >#-#! "'F ;.%5#3! -.! .0*+.05%#! .0! (#! /.%'8.%'#! 3.! (#! *'+3#3! 0)! /)%! #(2)! 8)%5+'5)?! 4#! :+.! 0#*',! *)0! .(! /%)/,-'5)! 3.! 5%#;#<#%!*)0!()-!.-5+3'#05.-!.H*(+'3)-!3.!(#!.3+*#*',0! !VXSHULRU SHUR TXH WLHQHQ VX FHUWL¿FDGR GH EDFKLOOHUDF Q 'RFWRU HQ ¿ORVRItD SRU OD 81$0 3URIHVRU LQYHVWLJDGRU GH OD DFDGHPLD 3.!>'.0*'#!=)(E5'*#!4!J3$'0'-5%#*',0!P%;#0#!3.!(#!PJ>U!4!/%)8.-)%!3.! #-'20#5+%#!.0!(#!N#*+(5#3!3.!>'.0*'#-!=)(E5'*#-!4!R)*'#(.-!3.!(#!P`JU6

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

?E

5)!4!.(!3.-.)!3.!*)0&.%5'%-.!.0!/%)8.-')0'-5#-6!I-5)!.-?! .0! /.%-)0#-! :+.! -.! /+.3.0! &'0*+(#%! *)0! -+! .05)%0)! -)*'#(!#!5%#&G-!3.!(#-!(.5%#-6 O02%.-G! #! (#! P>U! #! +0! #C)! 3.! -+! '0#+2+%#*',0?! *)0&.0*'3)!3.!:+.!(#!.3+*#*',0!.-!(#!&E#!$9-!0);(.! /#%#! '05.05#%! *#$;'#%! .(! $+03)6! 7! 3'2)! a'05.05#%b?! SRUTXH QRV HQIUHQWDUtDPRV FRQ IUDQFDV GL¿FXOWDGHV DO 3'$.0-')0#%!.(!a$+03)b!4!#(!$.3'%!.(!a*#$;')b6!I0! ¿Q QR HVWRUED VRxDU ")!/%'$.%)!:+.!/.0-G!#(!5.0.%!(#!8)%5+0#!3.!5%#;#F <#%!*)$)!#*#3G$'*)!.0!(#!PJ>U?!8+.!(#!3.!-.05'%$.! /#%5.!4!/')0.%)!3.!+0!/%)4.*5)!:+.!-.!';#!*)0-5%+4.0F 3)! 3E#! #! 3E#! *)0! (';.%5#3?! $+*A)! .05+-'#-$)! 4?! /)%! -+/+.-5)?!*#05'3#3!3.!.%%)%.-!/%)/')-!3.!(#!#**',0!A+F $#0#!:+.!.H/.%'$.05#!4!*)0-5%+4.6!!I0!#:+G(!.05)0F *.-?! =.3%)! h.42#3#-! .%#! .(! *))%3'0#3)%! 3.(! >)(.2')! 3.! @+$#0'3#3.-! 4! >'.0*'#-! R)*'#(.-?! O&90! g,$.1! >G-#%!.%#!.(!>))%3'0#3)%!J*#3G$'*)!4!U#0+.(!=G%.1! h)*A#!8+02E#!*)$)!%.*5)%6!IH*.(.05.!.:+'/)6!D.0E#0! (#!/#*'.0*'#!3.!#-+$'%!:+.!$+*A#-!3.!(#-!3.*'-')0.-! #*#3G$'*#-!-.!3.;E#0!5)$#%!*)(.*5'&#$.05.6!J(!/%'0F FLSLR WRGRV GLVFXWtDPRV WRGR HO IXQFLRQDPLHQWR GH ()-!*+.%/)-!*)(.2'#3)-!3.!#*#3G$'*)-!/)%!('*.0*'#5+F %#!)!*'*()-!3.!.-5+3')!S#*#3.$'#-Y?!(#!*+%%'*+(#!3.!(#-! 3'-5'05#-!#*#3.$'#-!/)%!*)(.2')?!()-!*'*()-!3.!.-5+3')?! ('*.0*'#5+%#-!:+.!.-5#;#0!/)%!*%.#%-.?!()-!/(#0.-!4!/%)F 2%#$#-!3.! (#-! ('*.0*'#5+%#-6!U#0+.(!5.0E#!$+4! *(#%)!


'!&$!6-&,&'!&")710'.6!&4)&'!2&')#"!2

+0! /%)4.*5)! 3.! +0'&.%-'3#3! m()! *)$/#%5#$)-! )! 0)?! ()!$#5'*.$)-!)!0)6!R.!5%#5#;#!3.!(#!%./M;('*#!3.!(#-! (.5%#-6! c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h.*+.%3)! $+*A)! #! +0#! .-5+3'#05.! :+.! .0! +0#! *(#-.! 3.! 5.)%E#! /)(E5'*#!.0!(#!:+.!%.&'-9;#$)-!(#!*%E5'*#!3.!U#%H!#(! $)3.()!5.,%'*)!*)05%#*5+#('-5#!:+.!.H/('*#!#(!I-5#3)! *)$)!%.-+(5#3)!3.!+0!/#*5)!-)*'#(?!(.!/%.2+05G!*,$)! .05.03E#! #(! *#/'5#('-$)6! 7! $.! %.-/)03',?! /#(#;%#-! PiV SDODEUDV PHQRV ³HV XQ VLVWHPD HQ HO TXH ORV TXH $9-!2#0#0!3'0.%)?!:+'.%.0!-.2+'%!2#0#03)b6!7!#/.0#-! ';#!*)$.01#03)!.(!*+%-)6! J3.$9-! 3.! (#! /#*'.0*'#?! .(! .-8+.%1)! 4! (#! (.#(5#3?! ()-! .-5+3'#05.-! 5.0E#0! .05+-'#-$)6! R'! 0)?! 0)! A#;%E#0! .-5#3)! #AE?! 0)! .-5#%E#0! #AE6! J05.-! 3.! '02%.-#%! #! (#! PJ>U!A#;E#!'$/#%5'3)!*(#-.-!.0!)5%#-!+0'&.%-'3#3.-! S~ELFDV HQ OD 81$0 \ HQ OD 8$0 \ QXQFD PH KDF ;E#!.0*)05%#3)!*)0!+0!.-5+3'#05.!:+.!(#;)%#%#!*)$)! /)('*E#!3.!5%90-'5)?!*)$)!5%#;#<#3)%#!3)$G-5'*#?!*)$)! GHVSDFKDGRU GH JDVROLQHUD HQ ¿Q« (VWXGLDQWHV WUDEDF <#3)%.-6!U+*A)-!3.!.(()-!2%#03.-!5#(.05)-!#!()-!:+.!(.-! A#*E#!8#(5#!#:+.(()!:+.!.(!#1#%!#%;'5%#%'#$.05.!0'.2#6! "#!+0'&.%-'3#3!.-!+0!.-/#*')!3.!#/%.03'1#<.?!8)%F $#*',0!.!'0&.-5'2#*',0!.0!.(!:+.!/)3.$)-!.<.%*.%!(#! (';.%5#3!3.!3.3'*#%0)-!#!(#!5#%.#!3.!/.0-#%6!J3.$9-!3.! YLYLU XQ XQLYHUVR GH RSLQLRQHV UHÀH[LRQHV \ PRGRV 3.! -.%_! .0! (#! +0'&.%-'3#3! -.! 5.<.0! #$'-5#3.-?! #$)%.-! 4!3.-#$)%.-6!I-!+0!.-/#*')!3.!(#-!%.(#*')0.-!-)*'#(.-! $9-! #! -#(&)! 3.! (#! &')(.0*'#! 4! $9-! *.%*#0)! #! (#! /%+F 3.0*'#6!e+-5)!/)%!5%#;#<#%!*)0!(#-!(.5%#-?!(#!+0'&.%-'3#3! /.%$'5.!(#!/(+%#('3#3?!(#!3'8.%.0*'#!4!(#!*%E5'*#6! =)%! -+/+.-5)! :+.! A+;)! $+*A#-! &.*.-! .0! :+.! $'! iQLPR GHFDtD £ORV HVWXGLDQWHV QR OH\HURQ £1R ORV -+/.!$)5'&#%u!tL+G!A#2)!#:+Eu!=.%)!5#$;'G0!.-!&.%F 3#3!:+.!-+-!A'-5)%'#-!3.!&'3#!$.!/.%$'5E#0!.H/('*#%?! HQ JUDQ SDUWH VX GL¿FXOWDG SDUD DYDQ]DU PiV UiSLGDF $.05.!.0!-+-!.-5+3')-6!U+*A#-!3.!(#-!.-5+3'#05.-!3.!

.&!',&-.$./$0&-%)$

(#!PJ>U!-)0!$#3%.-!-)(5.%#-!)!$#3%.-!*)0!/#%.<#?! /.%)!:+.!5#$;'G0!5%#;#<#0!4!-.!/%)/)0.0!.-5+3'#%!/#%#! -.2+'%-.!-+/.%#03)6!7!.05%.!)5%)-!$)5'&)-!-.!:+'.%.0! -.2+'%!a-+/.%#03)b!/#%#!*)%%.%!*)0!$#4)%!-+.%5.!.0!.(! $.%*#3)!(#;)%#(?!/)%!+0!(#3)!$+4!*)$/.5'5'&)?!/.%)! .0!.(!:+.!5#$;'G0!-.!/)0.!.0!<+.2)!A#-5#!(#!8)%$#!3.! &.-5'%!4!#%%.2(#%-.?!.(!*)()%!3.!(#!/'.(?!()-!%#-2)-!*)%F /)%#(.-6!P0!$.%*#3)?!/)%!*'.%5)?!:+.!.-59!$+4!(.<)-! 3.!%.2'%-.!/)%!(#!a*)$/.5.0*'#!/.%8.*5#b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¿FDGR GH EDFKLOOHUDWR \ HO GHVHR GH OOHJDU #!(#!+0'&.%-'3#3?!$+*A)-!3.!.(()-!*#%.*.0!3.!+0#!8)%F $#*',0!#3.*+#3#!4!*)0!(#-!A#;'('3#3.-!0.*.-#%'#-!/#%#! .-5+3'#%! +0#! *#%%.%#_! /.%)! ()! :+'.%.0! A#*.%?! 5'.0.0! .(! 3.%.*A)!4!.(!I-5#3)!(#!);('2#*',0!3.!-)(&.05#%!-+!8)%F $#*',06![)!#A)%#!%.-+(5#!:+.!.(!I-5#3)!/+.3.!-)(&.05#%! +0#! *)-5)-E-'$#?! '%%#*')0#(! 4! );*.*#3#! 2+.%%#! *)05%#! HO QDUFRWUi¿FR HQ OD TXH DGHPiV HVWi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`)-)5%)-! *)$)! -)*'.3#3?!*)$)!I-5#3)?![:+G!(.!&#$)-!#!%.-/)03.%!#! ()-!<,&.0.-!:+.!8+.%)0!.H*(+'3)-!m#+0:+.!(.-!3'2#0! UHFKD]DGRV± GH OD HGXFDFLyQ VXSHULRU TXH \D QR HVF 5+3'.0?!:+.!-.!&#4#0!3.!#$;+(#05.-!)!#(!0#%*)?!)!3.! /(#0)!:+.!a-.!*A'02+.0b\!I(!A.*A)!3.!:+.!.(!/)3.%! I<.*+5'&)!3.!(#!0#*',0!.-5G!.0!$#0)-!3.!+0!0.*')!:+.! -.!);-5'0#!.0!3.%%#$#%!-#02%.?!0)!'$/('*#!:+.!.(!%.-5)! 3.!()-!*'+3#3#0)-!0)-!)(&'3.$)-!3.!:+.!(#!-#(+3?!(#! .3+*#*',0! 4! .(! 5%#;#<)?! -)0! 5#$;'G0! %.-/)0-#;'('3#F 3.-!-)*'#(.-!3.(!I-5#3)6! L+.! $.! 3'-*+(/.! (#! )/'0',0! /M;('*#?! :+.! $.! 3'-F #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

?@


!',&-.$./$0&-%)$//. !"#$"%&2!/#.''!/!&!/4"!6!&&&&&

*+(/.0!0+.-5%)-!%./%.-.05#05.-!.0!(#!J-#$;(.#!".2'-F (#5'&#!3.(!c'-5%'5)!N.3.%#(!)!(#!#%'-5)*%#*'#!3.(!-#;.%?! /.%)!(#!PJ>U!0)!.-!%.-/)0-#;(.!4?!$+*A)!$.0)-!()-! .-5+3'#05.-?! 3.! -.%! &E*5'$#-! 3.! +0! -'-5.$#! .3+*#5'&)! /.%&.%-)!*+4)!2);'.%0)!.-59!#!*#%2)!3.!+0#!(E3.%!-'0F 3'*#(!4!+0!.-*+3.%)!:+.!a$#03#b!#!()-!*'+3#3#0)-!#! .3+*#%0)-!*)0!5.(.0)&.(#-!4!:+.!/%'&'(.2'#0!(#!/)(E5'*#! *('.05.(#%?!*)%/)%#5'&#?!/%.$)3.%0#?!#$;'*')-#!A#-5#!(#! 2%)-.%E#?!.0!(+2#%!3.!#+-/'*'#%!(#!%./M;('*#!3.!(#-!(.5%#-6 I(!%.5)!:+.!5.0.$)-!.0!0+.-5%#-!$#0)-?!.-!5#0!2%#0F 3.!*)$)!0+.-5%#!%.-/)0-#;'('3#3!-)*'#(6!"#!PJ>U!A#! 5.0'3)! :+.! '%! .&#(+#03)! *)5'3'#0#$.05.! -+-! %.-+(5#F 3)-6!=%+.;#!3.!.(()?!.-59!.0!.(!=%)2%#$#!3.!O05.2%#F *',0?! :+.! 8+.! 3'-.C#3)! <+-5#$.05.! /#%#! '05.05#%! -)(F YHQWDU ODV GH¿FLHQFLDV TXH DOJXQRV HVWXGLDQWHV WUDHQ 3.!-+!.3+*#*',0!#05.%')%6!P0#!&.1!:+.!A#0!-#('3)!-)%F 5.#3)-!#05.!0)5#%')!/M;('*)?!/#%#!'02%.-#%!#!(#!PJ>U! ()-!.-5+3'#05.-!#/('*#0!+0#!.&#(+#*',0!/#%#!&.%!-'!5'.F QHQ ORV FRQRFLPLHQWRV \ KDELOLGDGHV VX¿FLHQWHV SDUD *)$.01#%!.(!>'*()!T9-'*)!3.!-+!('*.0*'#5+%#!S:+.!5'.0.! +0#!3+%#*',0!3.!5%.-!-.$.-5%.-Y?!)!.0!.(!*#-)!*)05%#%')?! -.!(.-!%.*)$'.03#!:+.!*+%-.0!.(!=%)2%#$#!3.!O05.2%#F *',0?!*+4#!3+%#*',0!.-!3.!+0!-.$.-5%.?!/#%#!%.8)%1#%! *)0)*'$'.05)-!4!A#;'('3#3.-!.0!$#5.$95'*#-?!(.*5+%#! 4!%.3#**',0!4!+0!5#((.%!3.!'3.05'3#3!:+.!(.-!/.%$'5#!%.F ÀH[LRQDU VX GHFLVLyQ UHVSRQVDELOLGDG \ FRPSURPLVR #(!.-5+3'#%!+0#!('*.0*'#5+%#6! (O &LFOR %iVLFR VH LQWHJUD GH FXUVRV D ¿QHV D VXV UHVSHFWLYDV iUHDV GH FRQRFLPLHQWR KXPDQLGDGHV \ *'.0*'#-!-)*'#(.-_!*'.0*'#-!4!A+$#0'3#3.-_!4!*'.0*'#! 4!5.*0)()2E#6!N'0#($.05.!+0!>'*()!R+/.%')%!S*+4#!3+F %#*',0!/+.3.!&#%'#%!3.!*+#5%)!#!*'0*)!-.$.-5%.-?!-.F 2M0!(#!('*.0*'#5+%#Y!.0!.(!:+.!-.!.-/.*'#('1#0!*)0!+0#! FXUULFXOD ÀH[LEOH SDUD TXH ORV HVWXGLDQWHV MXQWR FRQ VX WXWRU YD\DQ GH¿QLHQGR VX UXWD FXUULFXODU FRQIRUF $.!#!()!:+.!$9-!(.-!'05.%.-.6!=#%#!#*%.3'5#%!-+-!*+%-)-! -.!(.-!.H'2.!+0!$E0'$)!3.!q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

?C

+0!-.2+'$'.05)!/.%-)0#('1#3)!#(!3.-.$/.C)!3.!()-!.-F 5+3'#05.-!#!5%#&G-!3.!(#!'$/#%5'*',0!3.!5+5)%E#-?!#-.-)F %E#-!4!3'%.**',0!3.!5.-'-6!D)3)!.-5.!5%#;#<)!.-59!3)*+F $.05#3)!.0!'08)%$.-!4!/(#0.-!3.!5%#;#<)!:+.!-.$.-5%.! #!-.$.-5%.!.05%.2#$)-!#!(#!>))%3'0#*',0!J*#3G$'*#6! >)$)!-.!&.?!(#!PJ>U!.-!+0#!'0-5'5+*',0!:+.!#!/.-#%! 3.!-+!%.*'.05.!*%.#*',0!A#!*)$.01#3)!#!3#%!%.-+(5#3)-6! 1R VyOR HQ OR TXH VH UH¿HUH D ORV HVWXGLDQWHV TXH VH KDQ &.0'3)!5'5+(#03)?!-'0)!5#$;'G0!#!(#!*#05'3#3!3.!%.&'-5#-X! 4!/+;('*#*')0.-_!#!(#!3'8+-',0!*+(5+%#(!4!#!(#!.H5.0-',0! +0'&.%-'5#%'#_! #! (#-! '0&.-5'2#*')0.-! .0! (#-! 3'&.%-#-! %#F $#-!3.(!*)0)*'$'.05)!:+.!0)-!A#!((.&#3)!#!*)$/#%5'%! PHVDV GH UHÀH[Ly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c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`)!)(&'3.$)-?!-'0!.$;#%2)?!:+.!(#!3)*5)F %#!B%)1*)!8+.!.(.*5#!%.*5)%#!/)%!.(!$9H'$)!,%2#0)!3.! 2);'.%0)!3.!0+.-5%#!+0'&.%-'3#3?!.(!>)0-.<)!P0'&.%-'F 5#%')?!4!/)%!+0#!#$/('#!$#4)%E#!3.!&)5)-!%.-/.*5)!#(! %.-5)!3.!()-!*#03'3#5)-!S@+2)!J;)'5.-!4!I0%':+.!g)0F 19(.1!h+'1Y6!=.%)!$.!/#%.*.!:+.!()-!.%%)%.-!/)(E5'*)-! A#*'#!3.05%)!4!A#*'#!8+.%#!3.!(#!+0'&.%-'3#3?!-.!/+.F 3.0!-+;-#0#%!#!5%#&G-!3.!(#!/%+3.0*'#!4!.(!5%#;#<)6!"#! PJ>U!3.;.!$)-5%#%!-+!%.-/)0-#;'('3#3?!*)$/%)$'-)! 4! 8)%5#(.1#?! $9-! #((9! 3.! :+'.0! )*+/.! (#! %.*5)%E#6! =)%! $9-!:+.!5#$;'G0!$.!-.05E!#2%#&'#3)!*)0!()!:+.!(#!%.*F X !P0!.<.$/()!.-!(#!%.&'-5#!;*:'+%)"!:+.!-.!.0*+.05%#!3.05%)!3.(!/#3%,0! GH UHYLVWDV FLHQWt¿FDV UHFRQRFLGDV SRU HO &RQVHMR 1DFLRQDO GH &LHQFLD \ D.*0)()2E#!S>)0#*45Y6!


'!&$!6-&,&'!&")710'.6!&4)&'!2&')#"!2

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`)!$.!2+-5#!:+.!$.!3'2#0! 0H UH¿HUR D XQ GHVSOHJDGR TXH OD UHFWRUD (VWKHU 2UR]FR SXEOLFy HQ ORV 3'#%')-!/D -RUQDGD!4!@$3).+' DVt FRPR HQ OD SiJLQD ZHE GH OD 8$&0 HO (+0.-!Z!3.!#;%'(!3.(!/%.-.05.!#C)?!.0!.(!:+.!-)-5.0E#!:+.?!3.;'3)!#!-+-!$#F 2%)-!%.-+(5#3)-?!(#!PJ>U!-.!A#;E#!*)0&.%5'3)!.0!+0!a8%#+3.!.3+*#5'&)b6! I0!.-5.!$'-$)!*)$+0'*#3)?!.HA)%5#!#!(#!J-#$;(.#!".2'-(#5'&#!#!'05.%&.0'%! *)0!$.3'3#-!*)%%.*5'&#-6!

V

.&!',&-.$./$0&-%)$

OR TXH WHQJR TXH KDFHU SUH¿HUR TXH PH OR VXJLHUDQ *)0!(#!/)-';'('3#3!3.!3.*'3'%!#!8#&)%!)!.0!*)05%#!-'0! TXH GHVSLHUWH FRQÀLFWR >)0-'3.%)!:+.!3.;.%E#$)-!A#*.%!#!+0!(#3)!(#!a2%'F ((#b?!/#%#!-#(&#%!#*#3G$'*#!4!/)(E5'*#$.05.!#!0+.-5%#! XQLYHUVLGDG (OOR VLJQL¿FD LPSHGLU TXH IXHU]DV SROtWLF *#-!.H5.%0#-!-.#0!3.!'1:+'.%3#?!3.%.*A#!)!*.05%)?!-.!'0F $'-*+4#0!.0!(#-!3.*'-')0.-!8+03#$.05#(.-!:+.!3)5#0! 3.! -.05'3)! (#! &'3#! #*#3G$'*#! 3.! 0+.-5%#! '0-5'5+*',06! h'03#$)-!*+.05#-!4!%'039$)-(#-!;'.0_!/.%)!0)!5)$.F $)-! 3.*'-')0.-! #*#()%#3#-! )! #/#-')0#3#-! *+#03)! -.! 5%#5#!3.!3.*'3'%!.(!%+$;)!3.!(#!PJ>U!A#*'#!3.05%)_! /.%)!5#$;'G0!4?!*)0!$+*A#!#(.%5#?!A#*'#!#8+.%#6 c.$)-5%.$)-! :+.! .-! /)-';(.! 4! &#(.! (#! /.0#! &'&'%! /#%#!+0#!%./M;('*#!3.!(#-!(.5%#-6

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

?D


DEBATES %.4)&,!.)"!1&3)&'))"&!&=-%"=-%&!=!,/).

g

')%2')!J2#$;.0!Sh)$#?!XpZVY!.-!+0)!3.!()-!/.0-#3)%.-!$9-!)%'2'0#(.-!.0!.(!/#0)%#$#! DFWXDO GH OD ¿ORVRItD FRQWLQHQWDO DO LQ\HFWDU IXHUWHV GRVLV GH DLUH IUHVFR D OD UHÀH[LyQ 5.,%'*#!.+%)/.#?!*)0!/#%5'*+(#%!#*.05)!#!#:+.((#!3.!5#(#05.!/)(E5'*#6!D.$#-!*)$)!(#!$.F

(#0*)(E#?!(#!.H*./*',0?!.(!8#05#-$#?!(#!-+;<.5'&'3#3?!.(!-'02+(#%?!()!*)$M0?!-)0!/#(#;%#-!3.!+0!&)*#;+F (#%')!:+.!A#!/.%$'5'3)!.(#;)%#%!A.%%#$'.05#-!/#%#!'05.('2'%!.(!5'.$/)!/%.-.05.6!>)0!.(()?!A#!8+03#3)! XQ HVWLOR SURSLR GH KDFHU ¿ORVRItD HV GHFLU XQ HVWLOR GH QRPEUDU \ RUGHQDU ODV SDODEUDV \ TXH SRU $)$.05)-!%.-+(5#!)/#*#3)!.0!-+-!5%#3+**')0.-!#!0+.-5%#!(.02+#6!R'0!.$;#%2)?!-+!/%)4.*5)!3.!5%#;#<)! KD OOHYDGR DO DXWRU D UHIHULU VX REUD FRPR ³>«@ PLV OLEURV VRQ HQ YHUGDG XQR TXH D VX YH] HV VyOR +0#!.-/.*'.!3.!/%,()2)!#!+0!(';%)!0+0*#!.-*%'5)!.!'$/)-';(.!3.!.-*%';'%b!S*'5#3)!.0!U.%*.3.-!h+&'F 5+-)?!ac.(!.-5#5+5)!3.!(#!);%#!3.!#%5.!#(!$'-5.%')!3.!(#!.*)0)$E#b?!?$6"(D).#'1%" Q~P R'!;'.0!.-!*'.%5)!:+.!-+!/%)3+**',0!5.)%G5'*#!.0!5)%0)!#(!&)*#;()!(#5'0)!5)+)("'&$.(-.!A#!&+.(5)! $+(5'*'5#3)!4!3.;#5'3)?!-.#!.0!O5#('#?!N%#0*'#?!I-/#C#?!-.#!.0!I-5#3)-!P0'3)-!)!.0!J$G%'*#!"#5'0#?! :+'19! 5#05)! .(! 5)+)( "'&$.( *)$)! (#-! )5%#-! /%.)*+/#*')0.-! '05.(.*5+#(.-! 3.! J2#$;.0! /+.3.0! -.%!


UHFRQGXFLGDV D XQ VROR WHPD D XQD VROD HVWDQFLD HO SROLFHQWULVPR LVRPyU¿FR GH OD OH\6!P0#!5#%.#! &'"%!'$/)-';(.!3.!&)+,1$#'. 3RU HOOR VH SXHGH GHFLU TXH XQD SDUWH VLJQL¿FDWLYD GH VX UHÀH[LyQ HV XQ LQWHQWR SRU GHVYLQFXODU DO (VWDGR \ D XQD SRWHQFLDO ¿ORVRItD SROtWLFD VREUH pO GH VXV FDUJDV \ IDQWDVPDV OD QDFLyQ OD FRPXQLGDG OD LGHQWLGDG I0!.-5#!)*#-',0?!0HWDSROtWLFD KD FRQYRFDGR D XQ JUXSR GH SVLFRDQDOLVWDV VRFLyORJRV ¿OyVRIRV \ /)('5,()2)-!/#%#!3'-*+5'%!()-!#(*#0*.-!4!(E$'5.-!3.!(#!-'02+(#%'3#3!3.!#(2+0#-!3.!(#-!/%'0*'/#(.-!);%#-! GHO ¿OyVRIR LWDOLDQR $Vt SXHV VH LQLFLD OD GLVFXVLyQ FRQ (VWDQFLDV /D SDODEUD \ HO IDQWDVPD HQ OD &61#6.'()&&%:$*#'1?!/#%#!-.2+'%!*)0!3URIDQDFLRQHV +RPR VDFHU (O SRGHU VREHUDQR \ OD QXGD YLGD 0HGLRV VLQ ¿Q 1RWDV VREUH OD SROtWLFD /D FRPXQLGDG TXH YLHQH (VWDGR GH H[FHSFLyQ ,QIDQFLD H KLVWRULD 'HVWUXFFLyQ GH OD H[SHULHQFLD \ RULJHQ GH OD KLVWRULD %DUWOHE\ R GH OD FRQWLQJHQFLD /R $ELHUWR (O KRPEUH \ HO DQLPDO (O WLHPSR TXH UHVWD &RPHQWDULR D OD (StVWROD D ORV 5RPDQRV 4! 5.%$'0#%!*)0!(O UHLQR \ OD JORULD 3DUD XQD JHQHDORJtD WHROyJLFD GH OD HFRQRPtD \ GHO JRELHUQR >#3#!-'02+(#%'3#3!/+.3.!-.%!'05.%/%.5#;(.!*)$)!+0#!2G0.-'-!'05.%0#!:+.!A#;%9!:+.!5)$#%!a#!*#F ;#(()b!/#%#!3.;#5'%!+0!/.0-#$'.05)!&'&)?!*)0!.(!);<.5'&)!3.!%)$/.%!.(!*.%*)!3.!(#!.-*)(9-5'*#!4!.(! SUHMXLFLR ¿ORVy¿FR DVt FRPR OD IDOWD GH DFWXDOL]DFLyQ HQ QXHVWUR SDtV GHVGH HO SXQWR GH YLVWD WHyULFR /)%!()!$.0)-!.0!()-!*#$/)-!3.!(#-!*'.0*'#-!A+$#0#-!4!(#-!*'.0*'#-!-)*'#(.-6!c.!.-5.!$)3)?!(#-!$M(5'F /(.-!(.*5+%#-!:+.!.-590!*)05.0'3#-!.0!.-5.!0M$.%)?!*)0!3'-5'05#!8+.%1#?!/%)/)0.0!5.0-#%!S()!:+.!:+'.F %.!3.*'%!/)(.$'1#%Y!(#-!/#(#;%#-!4!-);%.!5)3)!.(!(.02+#<.!3.!(#!/)(E5'*#!/#%#!3.-;#%#5#%!.(!3'-/)-'5'&)! GH OHJLWLPDFLyQ TXH HQFDVLOOD \ DV¿[LD WRGD UHÀH[LyQ OLEUH \ SROLpGULFD VREUH OD SROtWLFR OR SROtWLFR

E7#)"+'B&6)##C9%)7


estancias 3)&'%&-.(-1-/')

'!1&

48$)#'0&#)+"7'F+&#"73

I

(!'05.05)!3.!3.-.05%#C#%!(#-!%':+.1#-!3.!+0!5.HF 5)!*)$/(.<)?!$#%*#3#$.05.!.%+3'5)!4!-'0!*)0F *.-')0.-!3'39*5'*#-?!*)$)!.(!3.!(VWDQFLDV /D ,'1'2.'(7($1(3'*#'"+'($*(1'(&61#6.'()&&%:$*#'1(SD+%E0?! XpqqY! 3.;.! -.%! #*)$/#C#3)! 3.! 3'&.%-#-! #*)5#*')0.-! 4! *#+5.(#-! .H/)-'5'&#-6! R#;.$)-! :+.! g')%2')!J2#$F ;.0?!#05.-!3.!/+;('*#%!6WDQ]H?!A#;E#!A.*A)!.05%.2#!3.! .0-#4)-!-);%.!.(!5.$#!3.!()-!a8#05#-$#-!3.!I%)-b?!.! '2+#($.05.!-);%.!B3%#3.w?!/.%-)0#<.!w#8w'#0)!:+.!(.! -'%&',!3.!/%.5.H5)!/#%#!*)08%)05#%!.(!3#03'-$)!3.(!-'F 2()!]O]!*)0!.(!/-'*)#09('-'-!3.(!+0'&.%-)!8.5'*A'-5#6!J! .-5)-!#05.*.3.05.-!-.!-+$#0!3)-!3#5)-!:+.!$.!/#%.F FHQ UHOHYDQWHV SDUD SHQHWUDU HO WH[WR DTXt HQ FXHVWLyQ #Y! (#-! '0&.-5'2#*')0.-! %.#('1#3#-! .0! XpqZ! 4! Xpqy! .0! (#!;';(')5.*#!3.(!^#%;+%2!O0-5'5+5.?!3.!(#!P0'&.%-'3#3! GH /RQGUHV GRQGH WUDEDMDED )UDQFLV $ <DWHV ¿JXF %#!.$;(.$95'*#!3.!(#!.%+3'*',0!'02(.-#!&.%-#3#!.0!.(! 0.)/(#5)0'-$)!%.0#*.05'-5#?!#!:+'.0!A#;E#!*)0)*'3)!#! 5%#&G-!3.!-+!#$'2)!O5#()!>#(&'0)_!4!;Y!(#!3.3'*#5)%'#! 3.(!(';%)!#!(#!$.$)%'#!3.!@.'3.22.%?!3.!:+'.0!A#;E#! UHFLELGR FiWHGUDV VREUH +HUiFOLWR \ +HJHO ¿OyVRIRV HQ *+4#-!'08%#.-5%+*5+%#-!/+.3.!-.%!&'-5#!(#!#%:+'5.*5+%#! 3.!(#-!a.-5#0*'#-b!#2#$;'#0#-6 "#! /%.5.0-',0! 3.! J2#$;.0! .-! 3#%! 5.-5'$)0')! 3.! +0#!8%#*5+%#!:+.!-./#%#!#!(#!*+(5+%#!)**'3.05#(!3.(!A)F UL]RQWH GH VXV GHVHRV EUHFKD UHVLVWHQWH D WRGD VLJQL¿F *#*',0?!3.!(#!:+.!0)!5.0.$)-!4#!$.$)%'#?!$+*A)!$.F 0)-!*%E5'*#?!4!:+.!-,()!/+.3.!-.%!5%#-/#-#3#!$.3'#05.! .(!/#%#3,<'*)!#0.2#$'.05)!.0!.((#6!>'5#!#!U+-'(!*+#0F 3)!G-5.!3'*.!:+.!a:+'.0!#8.%%#!(#!$9H'$#!'%%.#('3#3?! SODVPDUi OD Pi[LPD UHDOLGDG´ \ D 5LONH ³OD SpUGLGD !/)%!*%+.(!:+.!-.#?!0)!/+.3.!0#3#!*)05%#!()!/)-.E3)?!()! N#*+(5#3!3.!N'()-)8E#!4!".5%#-!3.!(#!P`JU6

Q

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

?F

FRPSOHWD >«@ OR D¿UPD QR HV HQ HO IRQGR VLQR XQD -.2+03#!#3:+'-'*',0!m.-5#!&.1!'05.%')%m!4!$+*A)!$9-! '05.0-#b6!c.!#(2+0#!$#0.%#!-.!.%'2.!+0#!#/)()2E#!3.! +0!a5)/)-!)+5)/)-b?!+0!.-/#*')!'0.H'-5.05.!.!'0#/%)F /'#;(.?!/.%)!/)%!.(!*+#(!/)3.$)-!.08%.05#%!(#!#$0.-'#! A'-5,%'*#! #05.! +0! 3)2$#! )05)(,2'*)! #%%#'2#3)! 4! %.#F /%)/'#%0)-!/)5.0*'#($.05.!3.!#(2)!#09()2)!#!#:+.(()! :+.!()-!/).5#-!3.(!-'2()!]OOO!((#$#;#0!a<)'!3l#$)%b?!4! *)0&.%5'%!(#!5)/)()2E#!3.!()!'%%.#(!.0!+0#!5)/)()2E#!3.(! 0'6:%6+?!3.!(#!a.-5#0*'#b!#!5%#&G-!3.!(#!*+#(!.(!.-/EF %'5+!A+$#0)!/+.3.!%.-/)03.%!#!a(#!'$/)-';(.!5#%.#!3.! #/%)/'#%-.!3.!()!:+.!3.;.?!.0!*#3#!*#-)?!/.%$#0.*.%! '0#/%)/'#;(.b6 J2#$;.0!#-+$.!:+.!-+! (';%)!/.%5.0.*.!#!(#!a*%EF 5'*#b?! 4! -#;.! :+.! G-5#! )/.%#! 2%#*'#-! #! (#! .-5#;'('3#3! 3.!+0#!.-*'-',0!#0*.-5%#(?!/)%!.(()!%.-+(5#!+0!5.H5)!/#F UDGyMLFR SXHV QDFH FRPR SURGXFWR GH XQD D¿UPDFLyQ 3.!#(2)!:+.?!.0!-+!'05.%')%?!-.!3.-.#!0.2#5'&)?!.-!+0#! a0#3#!#+5)#0)0#3#05.b?!/+.-5)!:+.!0)!:+'.%.!-,()!%.F /%.-.05#%!(#!%./%.-.05#*',0?!0'!*)05'0+#%!(#!*+-5)3'#!3.! (#!-)(#!'0#/%)/'#;'('3#3?!/)%!.(!*)05%#%')?!3.-*)08E#!3.! ORV PiUJHQHV TXH VHSDUDQ D OD ¿ORVRItD GH OD SRHVtD DO HURWLVPR GHO VDEHU D ORV VLJQRV GH VXV VLJQL¿FDGRV \ #!(#!*%E5'*#!3.!(#!.H/.%'.0*'#6!I0!*'.%5)!-.05'3)!.(!/%)F 4.*5)!3.!J2#$;.0!.-!(#!'05+'*',0!3.!(#!6*%:':(#!/#%5'%! 3.!(#!#0#(E5'*#!3.(!3.-$.$;%#$'.05)?!(#!.-5%#5.2'#!.-! (#! *)0*.05%#*',0! .0! ()-! ;%)5.-! #5E/'*)-! .0! (#! /'.(! 3.! OD FXOWXUD RFFLGHQWDO DTXHOORV HQ OR TXH VH D¿UPD HO );<.5)!3.(!3.-.)!.0!$.3')!3.!-+!#+-.0*'#?!3.!-+!0.F 2#*',0?!*)0-'2+'.03)!*)0!.-5)!%.(#*')0#%-.!3.!#(2+0#! 8)%$#!*)0!#:+.(()!:+.!(#!8%#*5+%#!(.!A#;E#!&.(#3)?!-)0! ()-!*#-)-!3.(!#%5.!.$;(.$95'*)?!(#!('5.%#5+%#!3.(!-'2()! ]OOO?! (#! /#5)()2E#! 3.(! #$)%! $.3'.&#(?! .(! 8.5'*A'-$)?!


'!2&)2#!/6.!2&4)&'%&./(.2.0') .&&.-0$)-!

(#!$.(#0*)(E#?!(#!*%'-'-!./'-5.$)(,2'*#!3.!R#+--+%.!4! /#/.(! 8+03#$.05#(! .0! 3'&.%-#-! 3'-:+'-'*')0.-! $G3'F )5%)-!5.$#-6 *#-!4!.%,5'*#-6!c.-3.!.(!/%);(.$#!]]]!3.!(#!)tVLFD?! #5%';+'3)! #! J%'-5,5.(.-?! .H'-5.! +0! 3'-*+%-)! :+.! +0.! "BR!NJ`DJRUJR!cI!IhBR .-5%+*5+%#($.05.!.(!A+$)%!#5%#;'('#%')!*)0!.(!3.-#%%.F J2#$;.0!*)$'.01#!/)%!.(!#09('-'-!3.!(#!'&$:%'?!.(! 2()!.%,5'*)!4!.(!.%.5'-$)!'05.(.*5+#(?!()-!/%)A)$;%.-! $9-!$)%5#(!3.!()-!&'*')-!:+.!3.;E#!.08%.05#%!.(!$)0<.! *#/#*.-!3.!/.0.5%#%!.0!.(!-.05'3)!)*+(5)!3.!(#-!*)-#-! 3.!(#!J05'2Ã…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c+%.%)! 4?! )/)0'G03)-.! #! *'.%5#-! '05.%F *)0!(#!#.%"#%#%'?!4!3.;.$)-!%.*)%3#%!:+.!.-5.!'08#+-5)! /%.5#*')0.-! 3.! =#0)8-w4! 4! R#H(?! /)0.! 3.! %.('.&.! (#! ;'0)$')!-'.$/%.!.-5#;#!'$/('*#3)!.0!(#!#09;#-'-!.-F '$/)%5#0*'#! :+.! /)-..! .(! /.:+.C)! 902.(! :+.! .-*%'F /'%'5+#(!:+.!#C)%#;#!(#!#/%.A.0-',0!3.(!-+/%.$)!;'.06! ;.! #(2)! .0! +0! *+#3.%0'(()?! -.! 5%#5#%E#! 3.! +0! ",%.%#6"( =)%!.-)!.(!2%#0!5)%$.05)!3.(!#*'3')-)!0)!.-!(#!#-+0*',0! ,5'*#'"#%&6"?!+0!$.)#$"!%.2'-5%#03)!-+-!*#%#*5.%.-!.0! 3.!+0!-'$/(.!$#(!)!+0!&'*')!*+#(:+'.%#?!.0!(#!#*.3'#! OD IDQWDVtD PHGLDQWH HO ÀXMR GH XQD %*+):$.'#'( &)-.!/)0.!.0!/.('2%)!(#!*)0-+$#*',0!3.!+0!/%)4.*5)!3.! 0%#'#%)?! %.-+(5#03)! *)0! .(()! (#! #0.2#*',0! 3.(! .-/E%'5+! +0',0!*)0!.(!$9-!-+;('$.!3.-'3.%95+$6!7!.-5)!.-!#-E! .0!+0!$.(#0*,('*)!*)$.%*')!*)0!()-!8#05#-$#-!3.!(#! <+-5)!/)%:+.!(#!#*.3'#F5%'-5'5'#!*)05#$'0#!#(!);<.5)!3.(! YLGD tQWLPD QR HQ HO VHQWLGR ¿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a"+5)!4!$.(#0*)(E#b?!.(!*#%9*5.%!$.(#0*,('*)!%.-+.(&.! *)0-5'5+4.!#(!4)!S4!:+.!/)%5#!.0!-E!()!.5.%0)Y6!h.-+(F .0! /G%3'3#! ()! :+.! .-! $9-! ;'.0! '0#/%.0-';(.! 3.! -+4)?! WDGR HO REMHWR VH KD KHFKR LQDSUHKHQVLEOH MXVWR HQ HO (#!$.(#0*)(E#!()2%#!#/%)/'#%-.!3.!-+!);<.5)!-,()!.0!(#! $)$.05)!.0!.(!:+.!-.!(.!#8.%%#;#!*)0!$#4)%!'05'$'3#36 PHGLGD TXH D¿UPD VX SpUGLGD VH WUDWD GH XQ WULXQIR c.;.$)-!0)5#%!(#!3+/('*'3#3!-.$905'*#!:+.!#:+E!-.! #! 5%#&G-! 3.! (#! -+/%.-',0?! 3.! (#! '02.-5',0! *#0E;#(! :+.! *)0-5'5+4.?!/)%!+0!(#3)!5.03%.$)-!+0#!#.%"#%#%'(+).#%- #/%.A.03.!.(!);<.5)!3.!-+!3.-.)!#0+(903)()6 3$.'E(:%'2)1%&'E("'$&61%?!4!/)%!)5%)!+0#!#.%"#%#%'("'16I`!I"!UP`cB!cI!BchJcIr #%3$.'E(6#%1%"E("$&6*:6+(:$6+?!a(+5)!:+.!*%.#!#(.2%E#b! /DV ¿JXUDV UHWyULFDV LQYROXFUDGDV HQ HO DQiOLVLV GH S-.2M0!(#!8,%$+(#!3.!g')&#00'!>('$#*)Y6!I-5)-!-.$'F ((.%)-! 3.! )HE$)%)0! ()-! '05.%/%.5#! J2#$;.0! #! (#! (+1! J2#$;.0!0)!-.!%.3+*.0!-,()!#!()-!)HE$)%)0!3.(!5'/)! 3.!(#!5.-'-!3.!J;4!^#%;+%2!-);%.!.(!*)$/)%5#$'.05)! /%.-.0*'#F#+-.0*'#?!.(!/-'*)#09('-'-!3.(!8.5'*A'-$)!(.! 3'#(G*5'*)!3.!(#-!'$92.0.-!.0!B**'3.05.?!.H'-5.0!'$9F SHUPLWH HVWDEOHFHU ¿JXUDV PHWRQtPLFDV GRQGH OD SDUWH 2.0.-! .-/.*'#(.-! S3'0#$)2%#$#-Y! :+.! -.! -)$.5.0! #! .-59!/)%!.(!5)3)!3.!+0#!8)%$#!"6%(0$*$.%"?!4!.-!:+.!(#! '0&.%-')0.-!-.$905'*#-!.H5%.$#-?!5#(!*)$)!/+.3.!-.%! 2G0.-'-!3.(!8.5'*A.!%.$)05#!#(!#-)$;%)!'08#05'(!#05.!(#! &'-5)!.0!(#-!a'$92.0.-b!3.!(#!5.)()2E#!0.2#5'&#!3)03.! #+-.0*'#!3.(!/.0.!.0!.(!*+.%/)!3.!(#!$#3%.?!(#!#0-'.F -.! A#! 8)%<#3)! +0! /%'0*'/')! 3.! '0*)02%+.0*'#?! 3'-*%.F 3#3! 2.0.%#3#! -+-5'5+4.! 3'*A)! /.0.?! '0.H'-5.05.?! $.F /#0*'#?!&#%'#*',06!I-5)!/)-..?!/)%!-+/+.-5)?!+0!&#()%! 3'#05.!.(!8.5'*A.?!*)0-5'5+4.03)!#!G-5.!.0!(#!/%.-.0*'#! *%E5'*)!#05.!.(!A)%'1)05.!3.!%./%.-.05#*')0.-!*)0-#2%#F 3.!+0#!#+-.0*'#6 I(!8.5'*A'-5#!2+-5#!3.!(#!$+(5'/('*#*',0!3.!()-!#&#5#F 3#-!/)%!(#!;#0#('3#3!*)5'3'#0#6! R'!(#!#*.3'#F5%'-5'5'#!0)-!A#*.!*#/#*.-!3.!3'8.%'%!3.! %.-!3.!(#!#+-.0*'#!/%'$'2.0'#?!4!.0!-+!A#%.$!);<.5+#(! #:+.((#!;#0#('3#3!.05)0*.-!/)-..!+0!/)3.%!)05)(,2'*)! -.!.-*#;+((.!#:+.(()!'0#/%.A.0-';(.!*.(.;%#3)!/)%!+0! :+.! -.! /+.3.! .<.%*.%! *)05%#! (#! %./%.-.05#*',0! 3.! a()! *)0*'.%5)! 3.! 8#05#-$#-6! I-! ()! :+.! -+*.3.! '2+#($.0F %.#(b6! I-5)! .-! ()! :+.! -+*.3.! -'0! 3+3#! .0! .(! *#-)! 3.! 5.! .0! .(! 9$;'5)! 3.! (#-! $.%*#0*E#-?! (#! A+$#0'3#3! A#! (#! $.(#0*)(E#?! :+.! /+.3.! -.%! &'-5#! *)$)! (#! A.%.3.%#! #/%.03'3)! +0#! 8)%$#! 3.! %.(#*',0! *)0! (#! .-.0*'#! 3.(! (#'*#!3.!(#!#*.3'#?!4!:+.!5.03%9!3.-3.!.(!-'2()!]OOO!+0! $+03)?! 4! 3.! -E?! #! 5%#&G-! 3.! 8.5'*A.-! :+.! #0.2#0! .-#! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

?A


.-0$)-!/. )4A!"&-%"!')2&:'%")2

8%#*5+%#!)05)(,2'*#!/%'$#%'#!3.!(#!:+.!4#!0)!5.0.$)-! $.$)%'#6!=.%)!#!3'8.%.0*'#!3.!U#%H?!:+'.0!.08%.05#%E#! .-5#!-'5+#*',0!3.!#('.0#*',0!$.3'#05.!(#!0.2#*',0!3.(! 8.5'*A.! #/.(#03)! #! (#! %.*+/.%#*',0! 3.-#('.0#3#! 3.! (#! 2.0+'0#! .-.0*'#! 3.! ()! %.#(?! J2#$;.0! /%)*.3.?! <+05)! #!T#+3.(#'%.?!$.3'#05.!(#!'0$.%-',0!.0!.(!)*G#0)!3.! OD YLGD DUWL¿FLDO \ HV TXH FRPR D¿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zzp!*)0!(#!D)F %%.!I'88.(?!(#!#5.0*',0!/#-,!3.!(#-!$.%*#0*E#-!#(!-.0)! PLVPR GH pVWDV OD FLXGDG /D HVWUDWHJLD GH ORV DUWLVWDV DQWH HVWD DUWL¿FLDOL]DF *',0!3.(!$+03)!8+.!(#!5%#0-8)%$#*',0!.0!8.5'*A.!3.!(#! );%#!#%5E-5'*#!$'-$#?!.(!)8%.*'$'.05)!3.!+0#!$.%*#0F *E#!#;-)(+5#!.0!(#!:+.!.(!&#()%!3.!+-)!4!.(!3.!*#$;')! :+.3#0!#0+(#3)-!/)%!-+!$+5+#!*)$/.0.5%#*',06![c,0F 3.!:+.3#0!.05)0*.-!(#-!*)-#-!a%.#(.-b!4!a#+5G05'*#-b\?! [3,03.!:+.3#!.(!A)$;%.!$'-$)\!`)!()!-#;.$)-?!-,()! *)05#$)-!*)0!(#!0)-5#(2'#!3.!(#!+0'3#3!/.%3'3#!%*(%11)( #$+,).$?! /.%)! *+4#! %.#/%.0-',0! 0)! -.! 3#%9! $.3'#0F 5.! (#! 0.2#*',0! 3.(! .-/#*')! :+.! 0)-! &.%5.;%#?! .-/#*')! 3.!#(2+0#!$#0.%#!#05'FA+$#0)!/.%)!/#%#3,<'*#$.05.! FRQWLQXDGRU GHO KRPEUH PLVPR \ HV TXH KD\ ¿JXUDV $9-!#((9!3.!G-5.?!/)%!.-)!.(!#05'FA+$#0'-$)!.-!(#!.HF /()%#*',0! 3.! +0! $+03)! 3.! 8)%$#-! /.%$#0.05.$.05.! A+$#0#-?!.-5#!&.1!-'0!(E$'5.-!0'!3)2$#-6 c.;.$)-!5.0.%!.(!&#()%!3.!&.%!()-!0+.&)-!%)-5%)-! 3.(!A)$;%.!#!(#!(+1!3.!.-5#!%#3'*#('1#*',0!3.(!*#%9*F WHU DUWL¿FLDO GH OD FXOWXUD IHWLFKLVWD VHU FDSDFHV GH #/%.A.03.%!()!A+$#0)!:+.!-+;-'-5.!#M0!.0!(#-!8)%$#-! $9-! '0-,('5#-?! 5#(! *)$)! A'1)! T#+3.(#'%.! *)0! .(! #8.*F 5#3)! 3#03'-$)! 3.! -+! G/)*#! 4! *)$)! ;)-:+.<,! r#8w#! $.3'#05.!-+!B3%#3.w?!$'5#3!*#%%.5.!$.*90'*)?!$'5#3! *)0-*'.0*'#!A+$#0#6!"#-!8)%$#-!-'2+.0!.H/#03'G03)F -.! 4! *#3#! 0+.&)! 8.5'*A.! #*5+#('1#! (#! 0)-5#(2'#! 3.! ()! '0#/%.A.0-';(.!3.!#:+.(()!:+.!((#$#$)-!aA+$#0)b6

5'*)!.05%.!3.-.)!4!8#05#-E#?!.(!.0)%$.!.H/.3'.05.!3.!(#! /0.+$#5)()2E#!8#059-5'*#!$.3'.&#(?!A#*'G03)0)-!&.%!:+.! (#!I3#3!U.3'#!8+.?!#M0!$9-!:+.!(#!0+.-5%#?!+0#!*+(5+%#! '*)0)$)%8#!*.05%#3#!.0!(#!a8#05#-E#b!4!-+-!a8#05#-$#-b6 I(!5%#4.*5)!'0'*'#!*)0!(#!$.3'*'0#!2%'.2#!S.-/.*'#(F $.05.!(#!3.!c')*(.-!3.!>#%'-5)Y!.0!(#!:+.!.0*)05%#$)-! +0#!-'0*%)0E#!.05%.!.(!*)%#1,0!4!.(!*.%.;%)!.0!(#!/%)F 3+**',0!3.!8#05#-E#-?!5)3)!*)$'.01#!.0!.(!&.05%E*+()! '1:+'.%3)! *#%3'#*)! $.3'#05.! .$#0#*')0.-! 3.! a/0.+F $#!&'5#(b!:+.!-.!3'%'2.0!$.3'#05.!(#-!#%5.%'#-!S0)!(#-! &.0#-?! /)%:+.! G-5#-! ((.&#0! -#02%.Y! A#*'#! .(! *.%.;%)?! HQ GRQGH VLQWHWL]DQ ORV UHÀHMRV ³HVSHFXODUHV´ GH ORV );<.5)-!*)05.$/(#3)-!/)%!(#!$'%#3#!#!5%#&G-!3.!a/A#0F 5#-$#5#b!3.-/%)&'-5)-!3.!$#5.%'#6!I(!/#/.(!3.!(#!$'%#F 3#!.-!5#0!'$/)%5#05.!.0!.-5.!/%)*.-)!3.!/%)3+**',0!3.! 8#05#-$#-!$.05#(.-!:+.!=(#5,0!#3&'.%5.!3.!(#-!a)85#(F $E#-b!$,%;'3#-!:+.!/%)3+*.0!2%#&.-!3#C)-!#(!#/#%#5)! 8#059-5'*)?!.-/.*'#($.05.!-'!.05%#C#0!*)05.0'3)-!.%,5'F *)-!S*86!I%)-!*)$)!3.$)0')!#G%.)?!4!*)$)!$)0-5%+)! *)0!2#%%#-Y?!4!/)%!)5%)!(#3)!/)%:+.!-)0!(#-!3.5)0#05.-! 3.! +0#! $.*90'*#! '05'$'-5#! .0! (#! :+.! .(! 3.-.)! ((.2#! #! /%.-*'03'%! 3.! ()-! );<.5)-! 3.! (#! $'%#3#! $'-$#?! 3.! #AE! :+.!.0!=(#5,0?!*)$)!.0!"#*#0?!0)!/+.3#!A#;(#%-.!3.! +0!3.-.)!a*)%/,%.)b!-'0)!a8#059-5'*)b!S.-!'05.%.-#05.! &.%!*,$)!*)'0*'3.!)5%)!.%+3'5)!*)$)!O)#0!>)+('#0+?! 3'-*E/+()!3.!U'%*.#!I('#3.?!:+'.0!.0!-+!!.)"(7(+'0%'( $*($1(@$*'&%+%$*#)?!(';%)!:+.!3.!#(2+0#!$#0.%#!.-!+0#! .H5.0-',0! 3.(! 3.! !"#'*&%'"( GH $JDPEHQ DVLHQWD ³HO 3.-.)!5#$;'G0!.-!(#!#**',0!3.!/.%-.2+'%!+0!8#05#-$#! :+.!/.%5.0.*.!#(!$+03)!'$#2'0#%')!}s~!.%)-!-.!*)0-+F $#!/)%!*)$/(.5)!.0!+0!/.%E$.5%)!8#059-5'*)bY6 =)%!-+!/#%5.?!()-!.-5)'*)-!#C#3'%90!:+.!.(!/0.+$#! .-! +0! a8+.2)b! -+5'(! -.$.<#05.! #(! 3'&'0)! 3.(! *+#(! .(! #($#!'03'&'3+#(!.-!-,()!+0!8%#2$.05)?!'3.#!:+.!%.*+F /.%#%90! ()-! 0.)/(#5,0'*)-! #C#3'.03)! (#! *#59;#-'-! #-F 5%#(!3.(!#($#!#!5%#&G-!3.!(#-!,%;'5#-!/(#0.5#%'#-!.0!*+4)! 5%90-'5)!-.!%.*+;%.!3.!+0#!.0&)(5+%#!.5G%.#?!a/0.+$#! )*A.$#b?! :+.! -.! &#! A+$.3.*'.03)! 4! )-*+%.*'.03)! /%)2%.-'&#$.05.!A#-5#!(#!$+.%5.?!$)$.05)!.0!.(!:+.! -.!3.-/%.03.!3.(!*+.%/)!4!%.5)%0#!#!-+!)%'2.0?!.H*./5)! HQ DTXHOORV FDVRV HQ ORV TXH SRU OD YLFLRVD D¿FLyQ D OD $#5.%'#?!.(!/0.+$#!-.!A#!5)%0#3)!2%#&.!4!/.%$#0.*.! ÀRWDQGR R LQFOXVR GHVFHQGLHQGR D~Q PiV D UHJLRQHV )-*+%#-6!I-5.!/0.+$#!.-!.(!:+.?!.0!.(!*+.%/)?!.-!'%%#F 3'#3)!3.-3.!.(!aA.2.$,0'*)b!*)%#1,0!A#*'#!()-!-.05'F 3)-?!(#!&)1?!(#!'05.('2.0*'#!4!.(!.-/.%$#?!4!:+.!.-!$)F "J!=J"JThJ!7!I"!NJ`DJRUJ 5'&)!3.!(#!$+(5'/('*#*',0!3.!'$92.0.-!.0!(#!8#05#-E#6! I0!.(!5.%*.%!.0-#4)!3.!!"#'*&%'"(J2#$;.0!.H/()%#?!#! I0!.(!-'2()!K!36>6!4#!A#4!5.-5'$)0')-!3.!(#!8+-',0! 5%#&G-!3.!(#!'05+'*',0!(#*#0'#0#!-);%.!.(!.02%#0.!-'059*F .05%.!(#!/0.+$#5)()2E#!.-5)'*#!4!(#!0.)/(#5,0'*#?!/)%! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

?H


'!2&)2#!/6.!2&4)&'%&./(.2.0') .&&.-0$)-!

.<.$/()?!.0!.(!?$(%*")+*%%"(3.!R'0.-')!3.!R'%.0.!-.! A#;(#!3.(!a/A#05#-5'w)0!/0.+$#b?!-)/()!*9('3)!:+.!.-! &.AE*+()! 3.(! #($#! 4! :+.! #0'$#! (#-! '$92.0.-! *)05.F 0'3#-! .0! (#! 8#05#-E#?! /)%! .(()! .-! .(! $)5)%! 3.! (#! &'3#! )0E%'*#!4!.(!.-/.<)!3.!(#!/%)8.*E#?!.(!M0'*)! 0.H)! /)F -';(.!.05%.!.(!$+03)!.-/'%'5+#(!4!.(!*)%/)%#(?!.-!3.*'%?! (#!-.3.!3.!(#!.-.0*'#!A+$#0#!$'-$#!S0)5#%!.(!.-/#*')! 8E-'*)!*)$)!'0A#;'5#;(.!/)%!()!A+$#0)Y6 =)-5.%')%$.05.?!.0!.(!B'*)*!3.!J&'*.0#?!:+.!%'2',! .0! (#-! .-*+.(#-! 3.! $.3'*'0#! A#-5#! .(! -'2()! ]KOO?! (#-! IRUPDV WLHQHQ ³WUHV yUGHQHV HO SULPHUR HV FRUSyUHR .(!-.2+03)!.-59!.0!.(!-.05'3)!*)$M0?!4!.-!.-/'%'5+#(?! .(! 5.%*.%)! -.! .0*+.05%#! .0! (#! '$#2'0#*',0?! 4! .-! $9-! .-/'%'5+#(b?!.-!3.*'%?!.(!8+03#$.05)!3.!(#!&'3#!A+$#0#! -.! 3.;#5E#! .05%.! (#! /#-'&#! 8#05#-E#! 3.(! -.05'3)! '05.%F 0)! *)$M0! 4! (#! '$#2'0#*',0! #*5'&#! 3.! (#! *)2'5#*',06! J2#$;.0!0)5#!*,$)!(#!/-'*)()2E#!$.3'.&#(!3.-0+3#! /%)2%.-'&#$.05.!#(!-.05'3)!'05.%0)!3.!(#-!%.8.%.0*'#-! 8)%90.#-! /#%#! /%'&'(.2'#%! (#! 3'09$'*#! 3.! (#-! '$92.F 0.-! '05.%0#-?! 4! -+;%#4#! .0! J&'*.0#! (#! 5%#-8)%$#*',0! a.-/.*+(#%b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aA.%)'*)-b!/#*'.05.-?!-.2M0!.(!K%1%6+(+$:%&%*'1$!3.! T.%0#%3)!g)%3)0')!S-6!]OOOY?!-'!0)!-.!#5'.03.0!a*#.0! .0!(#!$#0E#!)!;'.0!$+.%.0b6! h.-/.*5)!#!.-5#!#5%#*5'&#!0)*',0!$G3'*#!3.(!'+).( 5$.$)"!*#;.!%.*)%3#%!(#!5.-'-!3.!J;4!^#%;+%2!-);%.!(#! )/)-'*',0!-.$905'*#!3.!()-!3'0#$)2%#$#-?!5)3)!-'20'F ¿FDGR FHQWUDO HQ 2FFLGHQWH SRVHH GRV WUDGLFLRQHV HQF 5%.(#1#3#-!4!.0!-.05'3)!*)05%#%')?!4!5#(!*+#(!.-5)!.-!()! :+.!-+*.3.!.0!.(!8+.%)!.%,5'*)6!=)%!+0!(#3)!*)05#$)-! *)0! +0#! a#(5#b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aAG%).b!4!a.%).b!-,()!-.! 3'-5'02+.0!.0!2%'.2)!/)%!(#!G/-'()0!4!(#!.5#!'0'*'#(.-Y?!4!

D~Q PiV LQWHUHVDQWH 3ODWyQ D¿UPDED TXH ORV JUDQGHV AG%).-!S$.)#$"Y!.%#0!-.%.-!(+$'0)-)-!4!3'&'0)-!:+.!-.F $.<#;#0!I*0$1$"?!.-!3.*'%?!.05'3#3.-!#-)*'#3#-!*)0!.(! &'.05)!4!(#-!%.2')0.-!'05.%$.3'#-?!5#(!*)$)!I%)-?!3.F $)0')!#!$'5#3!3.!*#$'0)!.05%.!3')-.-!4!A)$;%.-6!I-5#! #-)*'#*',0!5#$;'G0!.-59!%.2'-5%#3#!.0!R#0!J2+-5E0!S?$( &%C%#'#$(?$% OLEUR ; +HURV KLMR GH +HUD HV HO VHxRU 3.(!#'%.?!3)03.!A#;'5#0!()-!AG%).-!<+05)!#!()-!3.$)F 0')-6!7!.0!()-!!.)%&%(36.).%!3.!T%+0)?!:+.!(#-!'0*+#5#-! 5%#3+**')0.-!%'03.0!*)$)!-'$/(.-!aA.%)'*)-!8+%)%.-b! *+#03)!-.!5%#5#!3.(!*)$/(.<)!'+).(5$.$)"6! =)%!)5%)!(#3)?!J2#$;.0!.-59!*)0&.0*'3)!3.!:+.!-'0! +0#!/%)8+03'1#*',0!.0!(#!$.3'*'0#!$.3'.&#(!-.%E#!'$F /)-';(.!3.-*'8%#%!(#-!%':+.1#-!3.!(#!('5.%#5+%#!(#5'0#!3.(! -'2()!]OOO!.0!(#!:+.!G(!&.!a(#!M0'*#!5.05#5'&#!*)A.%.05.! 3.(!/.0-#$'.05)!)**'3.05#(!/)%!-+/.%#%!(#!8%#*5+%#!$.F 5#8E-'*#!3.!(#!/%.-.0*'#b6!=)%!.<.$/()?!.0!.(!@)+'*(:$( 1'(.)"$(3.!e.#0!3.!U.+02?!-.!/%.-.05#0!3'&.%-#-!*(#F &.-!.0!(#-!:+.!(#!#+-.0*'#!8+02.!*)$)!%.8.%.0*'#!.%,F WLFD HV HO FDVR GH 1DUFLVR FX\R WUiJLFR ¿Q QR VH GHELy D OD ³¿ODXWtD´ VLQR D OD LOXVLyQ IRUiQHD GH VX SURSLD EHOOH]D OD LQFDSDFLGDG GH VHU ¿HO D OD 7+'0$((';.%#3)F %#!3.!.-.!A)%'1)05.!/.%$#0.05.$.05.!'0#/%.A.0-';(.6! D#$;'G0! .-! .(! *#-)! 3.! ='2$#(',0?! .0#$)%#3)! 3.! -+! /%)/'#!a%)-#b!8.5'*A.?!A'/,-5#-'-!3.!(#!&'3#!8#059-5'*#! :+.!-.!.H#(5#!.0!-+!:%",'.%#%)*(C%2.'#)%.$!/)%!.(!(+5)!3.! +0!3.-.)!.0*#%*.(#3)6! =)%! )5%)! (#3)?! .(! :)1&$( "#%1( *)C)! -'%&.! 3.! $)5'&#F *',0!.<.$/(#%!/#%#!*%'-5#('1#%!(#!5.-'-!3.(!5.H5)!.05.%)?! 3.-('1903)-.!.05%.!c#05.?!>#&#(*#05'?!".05'0'!4!)5%)-?! J2#$;.0!$+.-5%#!(#!%.(#*',0!*)0-#2%#3#!/)%!()-!-5'(F QRYLVWDV GHO iPELWR YHQpUHR FRQ HO ÀXMR SQHXPiWLFR h.*+.%3#!.(!'$/%.-')0#05.!&.%-)!3.!g'#*)$)!3#!".0F WLQL ³RU FRPH SRWH VL JUDQ GRQQD HQWUDUH´ TXH PXHVWUD .(!/#-$)!3.!(#!*)0*'.0*'#!.%,5'*#!#05.!.(!);<.5)!3.!-+! 3.-.)?!$9-!:+.!*+.%/)?!a8#05#-$#b!/%)*.3.05.!3.!(#! -#.5#!.%,5'*#!:+.!'0*%+-5#!.(!*)05.0'3)!3.(!.-/E%'5+!&'F -'&)!.0!.(!)<)!#$#05.!/#%#!(+.2)!#3.05%#%-.!.0!(#-!*.(F 3#-!3.(!*.%.;%)!/#%#!'08)%$#%()!3.!(#!'$#2.0!#$#3#! 3./+%903)(#!3.!-+!0#5+%#('3#3!&'5#(6!I-!5#0!.H5%.$#!(#! #-+0*',0!8#05#-$95'*#!.0!()-!-5'(0)&'-5#-!:+.!'0*(+-)! .(!/#/.(!3.!(#!$'%#3#!.-!3.-/(#1#3)!/)%!(#!/+%#!'$#2'F 0#*',0!3.-.#05.?!*)0&'%5'.03)!#-E!#(!8#05#-$#!/+%)!.0! HO JHQXLQR REMHWR GH DPRU QXHYR HVFULEH &DYDOFDQWL a8)%$#03)! 3'! 3.-')! 0)&#! /.%-)0#bY6! J2#$;.0! A#;(#! 3.!(#!/+.-5#!.0!$#%*A#!3.!+0!a*E%*+()!0.+$95'*)b!.0! .(!:+.!-.!3'-+.(&.0!()-!$9%2.0.-!.05%.!()!.H5.%')%!4!()! '05.%')%?! .05%.! .(! 3.-.)! 4! -+! );<.5)?! .-! +0#! 0)&E-'$#! 5)/)2%#8E#?!(#-!a-5#05'#-b!3.(!MRL G¶DPRU 3)03.!-.!A#! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

?B


.-0$)-!/. )4A!"&-%"!')2&:'%")2

8+03'3)! .(! 3.-.)! *)0! -+! );<.5)! $.3'#05.! (#! /#(#;%#! /)G5'*#?!4!#:+E!%.-'3.!.(!2%#0!$G%'5)!3.(!-5'(0)&'-$)?! 0)!5#05)!.0!-+!/.*+('#%!*)0*./*',0!3.(!#$)%?!-'0)!.0! -+!$*#.$2$"&'+$*!3.!3.-.)?!8#05#-$#!4!/).-E#!.0!.(! #),)"( )6#),)"! 3.! (#! /).-E#! a'0-/'%#05.b?! M0'*)! #-'()! DQWH OD LQIUDQTXHDEOH EDUUHUD DVLJQL¿FDEOH TXH LPSRQH (#!5.)%E#!)**'3.05#(!3.(!-'20)6 "J!OUJgI`!=IhKIhRJ

¿FDFLyQ FDSD] GH UHFKD]DU OR LQTXLHWDQWH FRQ TXH VH A#;E#!*+;'.%5)!(#!/%.-.0*'#!3.!(#!&.%3#3?!#5%#4G03)(#!#! -+!&.1!#!5E5+()!3.!$.598)%#?!3.&)(&'G03)(#!#-E!#!(#!&'3#! *)5'3'#0#!3.!(#!*+#(!-.!A#;E#!.H5%#C#3)6 "#!(.**',0!3.!I3'/)?!-.2M0!J2#$;.0?!-+/)0.!:+.! WRGD SUHVHQFLD HVWi \D FDXWLYDGD SRU XQ VLJQL¿FDQWH 4! :+.! 3'*A#! /%.-.0*'#! 0)! /+.3.! -.%! #**.3'3#! -'0)! #! 5%#&G-!3.!3'&.%-)-!/('.2+.-?!0+0*#!/)%!.(!a3.-/('.2+.b! WRWDO R GH¿QLWLYR pVWH QR H[LVWH VLQR D WtWXOR GH LQWHQF *',0!*)05'02.05.!2.0.%#3)%#!3.!0+.&)-!/('.2+.-6!=)%! .-)! J2#$;.0! #-'.05.! *)0! .(! 3'*5#$.0! (#*#0'#0)! 3.! :+.!.(!'0*)0-*'.05.!0)!-,()!/)-..!+0#!a%.5,%'*#b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vW!#C)-?!*%'-'-!#05.!()!:+.!(.!/#%.*E#!'0-+F ¿FLHQFLD HQ OD ¿ORORJtD OD LPSRVLELOLGDG GH XQD FLHQF FLD GHO OHQJXDMH ³(VWR\ GLVJXVWDGtVLPR >'*#$~!(#!2%#0! YDQLGDG GH WRGR OR TXH D ¿Q GH FXHQWDV SXHGH KDFHUVH HQ OLQJ tVWLFD´ < HV TXH D¿UPD $JDPEHQ H[LVWH XQD EDUUHUD LQIUDQTXHDEOH HQ 2FFLGHQWH OD ³LPSRVLELOLGDG 3.(! -'20)! 3.! /%)3+*'%-.! .0! (#! /(.0'5+3! 3.! (#! /%.-.0F *'#b?!'$/)-';'('3#3!3.%'&#3#!3.!(#!*.%5.1#!$.5#8E-'*#! TXH SULYLOHJLD HO VLJQL¿FDGR VREUH ORV VLJQL¿FDQWHV OD 8)0E#!-);%.!(#!2%#8E#?!4!+0!(#%2)!.5*G5.%#!3.!3'*)5)$E#-! -.$',5'*#-6! 7! .-! :+.! (#! $.5#8E-'*#! )**'3.05#(! )/.%#! ;#<)!.(!A.*A'1)!3.!/%.-.0*'#-!:+.!-+/)0.0!a)%'2'0#F (.-b!*+#03)!G-5)-!-)0!3.!/)%!-E!a%#-5%)-b?!8#05#-$#-?! /#(#;%#-!4!.-5#0*'#-6

=)%!3.-2%#*'#!/#%#!(#!*+(5+%#!8#059-5'*#?!(#!.-*)(9-F 5'*#!#:+'0'#0#!#;%',!.(!/#-)!#!(#!&'.<#!-.$',5'*#!#%'-F WRWpOLFD TXH VHSDUDED DO VLJQR GHO VLJQL¿FDGR FRQGHF 0#03)! #-E! #! (#! /0.+$95'*#?! 3.! $9%2.0.-! -.$905'*)-! 3'8+-)-?!#!-);%.&'&'%!.0!5%#5#3)-!3.!$#2'#?!4!*+4)!M(F WLPR LQWHQWR IXULRVR GH D¿UPDFLyQ VH GLR HQ HO 5HQDF *'$'.05)?!/#%5'*+(#%$.05.!.0!(#!('5.%#5+%#!4!/(9-5'*#!3.! *)%5.!.$;(.$95'*)6!>)0&'.0.!%.*)%3#%!#:+E!#!`'.51-F *A.!*+#03)!#/+05#;#!#!()-!*'$'.05)-!$.5#8,%'*)-!3.! 5)3)!(.02+#<.?!8+03#$.05)-!3.!()-!:+.!/)3%E#!3.*'%-.! :+.!*#4.%)0!.0!+0!)(&'3)!5)5#(!#!0)!-.%!/)%!/.%-)0#<.-! *)$)!@)88$#0?!=).?!g%#03&'((.!4!r#8w#6!"#!*+(5+%#! 3.(!.$;(.$#!4!(#!$.598)%#!*.3',!#05.!.(!+-)!a*(#%)!4! 3'-5'05)b!3.!()-!5G%$'0)-?!.(!*+#(!.02.03%,!(#!0.+%,5'*#! 8+2#! #05.! ()! '0:+'.5#05.!:+.! %.-+(5#;#! .(! %G2'$.0! 3.! ()!-'$;,('*)!/#%#!.(!*+#(!*#3#!*)-#!.-!&.%3#3.%#!-,()! .0!-+!.H5%#C#$'.05)!4!*)'$/('*#*',0!*)0!()!3'8.%'3)6! c.!#AE!:+.!()!a-4$F;,('*)b!(+1*#!a3'#F;,('*)b!.0!-+! 5%#0-2%.-',0! 3.(! +-)! )%3'0#%')! 3.! ()-! -'20)-?! #05.! .(! 3'8.%'$'.05)!:+.!.$#0#!3.!.(()6 J2#$;.0!3.-$)05#!.(!$'5)()2.$#!%#*')0#('-5#!3.! I3'/)?! :+.! 8)*#('1#! .0! (#! #/)()2E#! :+.! ((.&#! #! *#;)! @.2.(!.0!-+-!(.**')0.-!3.!.-5G5'*#?!I3'/)!0)!&#(.!/)%! -.%! .(! =%)$.5.)! 3.! (#! %#1,0! :+.! 3.&.(#! .(! $'-5.%')?! -'0)?!.0!5)3)!*#-)?!(#!.0*#%0#*',0!3.!(#!A4;%'-!#05.!.(! A)%'1)05.!3.(!.0'2$#!SJ2#$;.0!-+2'.%.!.H5.0-')0.-! GH HVWD VREHUELD HQ OD PtWLFD ¿JXUD GH &DGPR SDGUH 3.!I3'/)?!'0&.05)%!3.!(#!.-*%'5+%#!#(8#;G5'*#?!/#3%.!3.! hINIhI`>OJR 5)3#!'05.%/%.5#*',0Y6!"#!8)%$#!:+.!3.;E#!.08%.05#%-.!.(! HQLJPD GH OD (V¿QJH QR HUD RIUHFLHQGR ³VROXFLRQHV´ J2#$;.0?!g6!SVWW{Y?!(VWDQFLDV /D SDODEUD \ HO IDQWDV+'($*(1'(&61#6.'()&&%:$*#'1?!K#(.0*'#?!=%.FD.H5)-6 .-#! .%#! +0#! *)03+*5#! /%)8#0#! :+.! %.3+*E#! (#! %':+.1#! 3.(!.0'2$#!#!+0#!!3'&.%5'3#!#3'&'0#01#?!-'0)!#;'-$90F >)+('#0+?!O6!SXpppY?!!.)"(7(+'0%'($*($1(@$*'&%+%$*#)?! U#3%'3?!R'%+.(#6 3)-.! .0! (#! /%.-.0*'#! 3.! +0#! &.%3#3! :+.! -.! )8%.*E#! #! 5E5+()! 3.! .0'2$#! #/)5%)/#'*)! %.-'-5.05.! #! 5)3#! -'20'F

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

GE


).4!".!"&'%&<$,!.%?&

profanar )'&#)@#% 1)&+)'0)#5=2"/'>"#2<28"/3

?'1$"(1'(C6$1#'E &<0$1'"(:$1(.'2)(J&5%11$*E(,6#'"NE D]yWDODV GDOHV D]~FDU HQ OD ERFD D ODV UHMHJDV tQÀDODV JORERV StQFKDODV "<.2$1$"("'*0.$(7(#6>#'*)"E ">&'1'"E &I,'1'"E StVDODV JDOOR JDODQWH WXpUFHOHV HO JD]QDWH FRFLQHUR :$",1U+'1'"E GHVWUtSDODV WRUR 26$7E('..I"#.'1'"E KD]ODV SRHWD KD] TXH VH WUDJXHQ WRGDV VXV SDODEUDV B*5#&')!=#1E(K'"(,'1'2.'"

I

0! -+! (';%)! X.)3'*'&%)*$"?! g')%2')! J2#$;.0! 3.-/('.2#! .(! +0'&.%-)! 3.! ()! A+$#0)! :+.! .-59! 3'-/+.-5)!.0!-+-!&#%'#3#-!'0-*%'/*')0.-6!I-5#-! '0-*%'/*')0.-F5.H5)-! -.! $+.-5%#0! *)$)! 3'-/)-'5'&)-! /%)8#0#;(.-6! =%)8#0#%?! 0)-! 3'*.!J2#$;.0! *'5#03)! #(! <+%'-5#!D%.;#*')?!.-!%.-5'5+'%!#(!+-)!4!#!(#!/%)/'.3#3!3.! ()-!A)$;%.-!#:+.(()!:+.!.%#!-#2%#3)!)!%.('2')-)?!.(!)%F 3.0!3.(!3'-*+%-)!A#!#3:+'%'3)!.(!)%3.0!3.!()!-#2%#3)6! a@#!A#;'3)!c')-?!#A)%#!.-59!(#!>'.0*'#?!:+.!(.!3'*.!#(! A)$;%.!()!:+.!.-!-+!*+.%/)!4!()!:+.!A#4!:+.!/.0-#%! 3.(!/.0-#$'.05)6!"#!>'.0*'#!.-!(#!A.%.3.%#!3.!()-!3)2F $#-! 3.! B**'3.05.?! .((#! .H5'.03.! -+! /)3.%! #(! *)05%)(! 3.(!3.-#$/#%)!4!(.!.H/('*#!#(!A)$;%.!()!:+.!G(!&'&.b! /HJHQGUH =#%#! 8+03#%! ()! A+$#0)! .-! 0.*.-#%')! 0)$;%#%! ()! .0*#%0#3)?! .-*%';'%! .(! *+.%/)6! `#*.%! .-! +0! #*)05.*'F $'.05)?! &.0'%! #(! $+03)! 4! 3.-2#%%#%()! 4! 3.-2#%%#%-.! *)0((.&#!/)%5#%!+0#!*'*#5%'1!:+.!*)0!-+!$#%*#!%.*+.%3#! XQD KHULGD RULJLQDO XQ FXHUSR VH KD SURIDQDGR \ DOJR 3.!.-.!*+.%/)!.-*#/#!#(!'05.05)!3.!A#*.%!+0#!5)5#('3#3! *)0! G(?! #(2)! /.%$#0.*.! '03)$#;(.?! -#2%#3)! 4! #<.0)6! !I-!.(!Y$*%6"!3'*.!J2#$;.0?!:+.!3.!#*+.%3)!*)0!()-! =-'*)#0#('-5#6!

Q

ODWLQRV DO QDFHU WRGR KRPEUH HV FRQ¿DGR D VX 'LRV A+$#0)6! I05)0*.-?! Y$*%6"( .-! .-.! #*)$/#C#05.! :+.! '0'*'#!.(!&'#<.!3.!(#!&'3#!*)0!+0)?!#*)$/#C#05.!E05'$)! \ H[WUDxR D OD YH] D XQ PLVPR WLHPSR QRV VLJQL¿FD \ 0)-!3.-*#%0#!*)0!(#!-.0-#*',0!3.!*'.%5#!#<.0'3#3!A#*'#! 0)-)5%)-! $'-$)-6! I-! +0#! 8+.%1#! :+.! .H*.3.?! 8+.%1#! )%'2'0#(! 4! .02.03%#3)%#?! 0)-! #/#-')0#?! 8+.%1#! 4! .$F SXMD KDFH GH OD ¿VLRORJtD SDVLyQ ³Y$*%6"!.-!0+.-5%#! YLGD HQ WDQWR TXH QR QRV SHUWHQHFH´ $JDPEHQ XXY6! J(! 0)! 5.0.%! /.%5.0.0*'#! (#! 8+.%1#! 3.(! Y$*%6"( -.! &+.(&.!'$/.%-)0#(?!0)-!'$/+(-#!#!%.#('1#%!#(2+0#!5#%.#! /)%!.(!-,()!/(#*.%!3.!A#*.%(#?!0)!;+-*#!+0!);<.5)?!+0#! );%#!3'%9!J2#$;.06!>+#03)!()!*%.#3)!)!.-*%'5)!.H'F JH XQ QRPEUH XQ DXWRU XQD ¿UPD XQD YR] VH OLEUDUi +0#!;#5#((#!*)05%#!.(!Y$*%6"!5%#-!(#!*+#(!-.!);5.03%9!.(! *#%9*5.%?!*)$)!%.-5)!3.!(#!;#5#((#!(';%#3#!#05.!()!'$F /.%-)0#(6!I-!()!:+.!:+.3#!#(!.0*)05%#%!(#!#/%)/'#*',0! 3.!(#!&)1!4!3.(!2.-5)6 +DFHU SURSLD OD YR] \ ¿UPDU LPSOLFD DVXPLU XQ 0)$;%.?! A#*.%! 0)$;%.! /%)/')! 3.(! 0)$;%.! '$/+.-F 5)6! R.%! 0)$;%#3)! .-! +0! #*5)! 3.! '0-5'5+*',0?! 5#05)! 3.! '0-5'5+*',0!3.!+0!*+.%/)!.0!.(!+0'&.%-)!3.!()!A+$#0)! *)$)!.0!.(!$+03)!3.!(#-!/#(#;%#-6!I-5.!#*5)!0)-!&.F #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

G@


.-0$)-!/. 7!%'!&-!"#@/)+&?)"/^/4)+

UL¿FD TXH QR KD\ PiV IRUPD GH KDELWDU HO FXHUSR TXH VLJQiQGROR KH DKt XQD GHVJDUUDGXUD RULJLQDULD TXH HQ /#(#;%#-!3.!='.%%.!".2.03%.!-.!.-59!a#05.!.(!.0'2$#!3.! XQ VHSDUDFLyQ GH XQD GLYLVLyQ ¢TXp VHUtD HO FXHUSR +0!*+.%/)!.05.%)?!+0!*+.%/)!#(!:+.!(.!-.%E#!%.-5'5+'3#! (#! /#%5.! 8#(5#05.?! -'! 0)! 8+.%#! :+.! -+! 6*%:':! -.! A#((#! -+;)%3'0#3#! #! (#! '05.%%)2#*',0! 3.(! A)$;%.?! .-! 3.*'%?! "62).:%*':'('(1'(,'1'2.'" /HJHQGUH @#;'5#%!.(!*+.%/)!.-!-)()!/)-';(.!-'!-.!A#;'5#!.(!+0'F &.%-)! 3.! (#! /#(#;%#?! .-5.! *+.%/)! '0-5'5+'3)! %.*';.! +0! 0)$;%.?!0)$;%.!'$/+.-5)!.0!.(!#*5)!&')(.05)!3.!'0-F WLWXLU OD SDODEUD 1RPEUH DO TXH VH GHEHUi UHVLJQL¿FDU /#%#! &)(&.%()! /%)/')?! -#;'.03)! -'.$/%.! :+.! #(2)! 3.! '$/%)/')!:+.3#?!0+.&#$.05.!*'.%5#!#<.0'3#3!:+.!0)-! /%.*.3.6!a}s~!I(!0)$;%.!/%)/')!0+0*#!A#!-'3)!/)-';(.! VLQR SRU VX IXQFLRQDPLHQWR HQ XQD FODVL¿FDFLyQ \ SRU .03.!3.!+0!-'-5.$#!3.!3'8.%.0*'#-?!3.05%)!3.!+0#!.-*%'F 5+%#!:+.!%.5'.0.!(#-!A+.((#-!3.!3'8.%.0*'#?!A#!-'3)!/)F -';(.!(#!/%)A';'*',0?!A#!/)3'3)!<+2#%?!4!.&.05+#($.05.! -.%!5%#0-2%.3'3#?!*)$)!&#$)-!#!&.%()6!D%#0-2%.3'3#?! &#(.!3.*'%!%.-5'5+'3#!#!(#!);('5.%#*',0!4!#!(#!0)!/%)/'.F GDG GH RULJHQ´ 'HUULGD 3DUD $JDPEHQ OR :+.!A#4!.0!((.&#%!+0!0)$;%.!.-!(#!*+(/#?!/+.-!A#4!+0#! GL¿FXOWDG HQ GHVKDFHUVH GHO QRPEUH LPSXHVWR VLQ HPF ;#%2)?!/)%!+0!%.-:+'*')!-.!*+.(#!*)$)!/)-';'('3#3!3.! IHOLFLGDG XQ QRPEUH VHFUHWR ³WRGD FRVD WRGR VHU WLHQH GH KHFKR PiV DOOi GH VX QRPEUH PDQL¿HVWR XQ QRPF ;%.!.-*)03'3)?!#(!*+#(!0)!-.!/+.3.!3.<#%!3.!%.-/)03.%6! 6HU PDJR VLJQL¿FD FRQRFHU \ HYRFDU HVH DUFKLQRPEUH }s~! I(! 0)$;%.! -.*%.5)! .-! .0! %.#('3#3?! .(! 2.-5)! *)0! .(! *+#(! (#! *%'#5+%#! .-! %.-5'5+'3#! #! ()! '0.H/%.-#3)6! I0! M(5'$#!'0-5#0*'#?!(#!$#2'#!0)!.-!*)0)*'$'.05)!3.!()-! QRPEUHV VLQR JHVWR WUDVWRUQR \ GHVHQFDQWDPLHQWR GHO QRPEUH´ $JDPEHQ I-5.! 2.-5)! A#! -'3)! /%)8#0#3)! 4! #(! /%)8#0#%()! ()! :+.! -.! .0*+.05%#! .-! :+.! 0)! -.! /+.3.! .(+3'%! 3.(! A#F ;(#6! a[L+G! .-! +0! 2.-5)\?! [+0! 2.-5)! 3.! #$.0#1#?! /)%! HMHPSOR" 1R HV XQ JROSH TXH VH LQWHUUXPSH (V DO ¿Q 4!#(!*#;)?!#(2)!A.*A)!/#%#!3.5.0.%-.!4!:+.3#%!.0!-+-F SHQVR´ /DFDQ (O JHVWR FDSWXUDGR HQ OD 8)5)!-.!A#!5%#3+*'3)!.0!+0#!$'%#3#!:+.!0)-!A#;(#?!0)-! *)08%)05#?!#(!/%)8#0#%!.(!2.-5)!.!'05.05#%!*#/5+%#%()!.0! (#!8)5)2%#8E#?!0)-!5)/#$)-!*)0!+0!'05.05)!8#(('3)?!#(2)! 0+.&#$.05.!0)-!.H*.3.?!()!:+.!#AE!-.!%.&.(#!3.(!2.-5)! 0)-! '05.%/.(#?! 0)! /)3.$)-! '20)%#%! -+! 5)0)! '$/.%#5'F &)! :+.! .H'2.! -.%! 0)$;%#3)6! J2#$;.0! .0*+.05%#! .0! (#! 8)5)2%#8E#! .(! e+'*')! P0'&.%-#(?! #(! :+.! -.! #*+3.! .0! VROHGDG #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

GC

}s~! .(! *G(.;%.! 3#2+.%%)5'/)! 3.(! ERXOHYDUG GX 7HPSOH?! *)0F -'3.%#3)! *)$)! (#! /%'$.%#! 8)5)2%#8E#! .0! (#! *+#(! #/#%.*.! +0#! ¿JXUD KXPDQD /D OiPLQD UHSUHVHQWD HO ERXOHYDUG GX 7HPSOH IRWRJUD¿DGR SRU 'DJXHUUH GHVGH OD YHQWDQD GH VX HVWXGLR HQ +0#!A)%#!/'*)6!I(!2)61$C'.:!3.;',!3.!.-5#%!*)($#3)!3.!2.05.!4! 3.!*#%%+#<.-!4?!-'0!.$;#%2)?!3#3)!:+.!()-!#/#%#5)-!3.!(#!G/)F *#!.H'2E#0!+0!5'.$/)!3.!.H/)-'*',0!.H5%.$#3#$.05.!(#%2)?!3.! 5)3#!.-#!$#-#!.0!$)&'$'.05)!0)!-.!&.!#;-)(+5#$.05.!0#3#6! `#3#?!.H*./5)!+0#!/.:+.C#!-'(+.5#!0.2%#!-);%.!(#!&.%.3#?!#;#F <)! 4! #! (#! '1:+'.%3#! 3.! (#! 8)5)6! R.! 5%#5#! 3.! +0! A)$;%.! :+.! -.! .-5#;#! A#*'.03)! (+-5%#%! (#-! ;)5#-! 4! /)%! ()! 5#05)! /.%$#0.*',! LQPyYLO OD FDQWLGDG GH WLHPSR VX¿FLHQWH FRQ OD SLHUQD DSHQDV .(.&#3#!/#%#!#/)4#%!.(!/'.!-);%.!.(!;#0:+'5)!3.(!(+-5%#;)5#-6 1R SRGUtD ¿JXUDUPH XQD LPDJHQ PiV DGHFXDGD GHO -XLFLR 8QLF &.%-#(6!"#!$+*A.3+$;%.!3.!()-!A+$#0)-!m'0*(+-)!(#!A+$#0'F 3#3!.05.%#m!.-59!/%.-.05.?!/.%)!0)!-.!&.?!/)%:+.!.(!<+'*')!*)0F FLHUQH D XQD VROD SHUVRQD D XQD VROD YLGD HVD SUHFLVDPHQWH \ QR RWUD $JDPEHQ

I(!-+<.5)!4!.(!2.-5)!3.!-+!/%.-.0*'#!*#/5+%#3)!/)%!(#! '$#2.0!3#0!-+!-.05'3)!#!(#!8)5)2%#8E#?!-.!A#0!&+.(5)!.(! FHQWUR D SDUWLU GH VHU ¿MDGRV SRU HO REMHWLYR GH OD FiPDF %#?!()!'$/%.-)!.0!(#!8)5)2%#8E#!3.&'.0.!5.H5)6!D.H5)!.0! .(!*+#(!()!:+.!3'-*+%%.!.-!+0!3'9()2)!3.!$'%#3#-?!3)03.! (#!$'%#3#!:+.!(#01#!(#!8)5)2%#8E#!.H'2.!-.%!0)$;%#3)? }s~! ()! %.5%#5#3)! .0! (#! 8)5)! .H'2.! #(2)! 3.! 0)-)5%)-! }s~! .-#! /.%-)0#?!.-.!%)-5%)!.H'2.0!-+!0)$;%.?!.H'2.0!0)!-.%!)(&'3#3)-! }s~!(#!.H'2.0*'#!:+.!0)-!'05.%/.(#!#!5%#&G-!3.!(#-!8)5)2%#8E#-! 0)! 5'.0.! 0#3#! 3.! .-5G5'*)6! I-?! -);%.! 5)3)?! +0#! .H'2.0*'#! 3.! UHGHQFLyQ /D LPDJHQ IRWRJUi¿FD HV VLHPSUH PiV TXH XQD LPDF JHQ HV HO OXJDU GH XQ GHVFDUWH GH XQD ODFHUDFLyQ VXEOLPH HQWUH ()!-.0-';(.!4!()!'05.('2';(.?!.05%.!(#!*)/'#!4!(#!%.#('3#3?!.05%.!.(! UHFXHUGR \ OD HVSHUDQ]D $JDPEHQ

/D LPDJHQ IRWRJUi¿FD FRPR LPSUHVLyQ KXHOOD -)-5'.0.!(#!-.05.0*'#!3.!:+.!Z)($"()#.)?!#(2)!8+.!-+-F 5%#E3)?!#(2)!8#(5#!4!(#!8)5)2%#8E#!.-59!#AE!/#%#!%.*)%F GDUOR 1DQF\ XELFD WUHV PRPHQWRV SDUD OD UHODFLyQ FRQ HO UHWUDWR ³HO UHWUDWR PH VHPHMD HO %.5%#5)!S$.Y!.&)*#?!.(!%.5%#5)!S$.!$'%#Yb6!I0!.(!3.-F /('.2+.! 3.! .-5)-! 5'.$/)-! /+.3.! 0)5#%-.! .(! *#$;')! .0! (#! %.(#*',0! 3.(! -+<.5)! *)0! -+! '$#2.0! A#-5#! 3.&.F 0'%! /%.-.0*'#! 4! $'%#3#! #! (#! *+#(! -.! 3.;.! %.-/)03.%! 0)$;%903)(#!4!$#05.0'G03)(#!.0!.(!5'.$/)!/%.-.05.6! aI0!(#!$'%#3#!3.(!%.5%#5)?!.(!*'.%%.!3.!(#!);%#!-);%.!-E! *)'0*'3.!3.!$#0.%#!%.-5#((#05.!S*)()%.#3#?!(+$'0)-#Y! FRQ XQ H[FHVR LQ¿QLWR VREUH HVWH FLHUUH <D QR HV OD %./%.-.05#*',0! 3.! +0! -+<.5)! *)()*#3)! #05.! +0! $+0F GR HV QDGD PHQRV TXH OD SUHVHQWDFLyQ GH XQ PXQGR -+%2'.03)!#!-+!/%)/'#!&'-',0?!#!-+!/%)/'#!.&'3.0*'#b! 1DQF\


)/6!"/!"&'%&?$-!/%B&7"%:!/!"&)'&#)C#% .&&.-0$)-!

%RXOHYDUG GX 7HPSOH?!")+'-!c#2+.%%.

=hBNJ`J>OB`IR!I`!"BR!U hgI`IR

I(.$.05)-! /%)8#0#;(.-! :+.! -'0! -.%! 5.H5)! -)0! /%)F SLRV GH OR TXH KDFH D XQ WH[WR VRQ ORV D\XGDQWHV HQ TXLHQHV VH GHSRVLWDQ VLJQL¿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a(#!/#%)3'#!.-!(#!5.)%E#!m4!(#!/%9*5'*#m!3.! #:+.(()!:+.!.-59!#(!(#3)!3.!(#!(.02+#!4!3.(!-.%?!)!3.(!.-F 5#%!#(!(#3)!3.!-E!$'-$)!3.!5)3)!-.%!4!3.!5)3)!3'-*+%-)b! $JDPEHQ I-*%'5+%#?!2.-5)!4!&)1!.-!(#!5%'()2E#!:+.!/#%.*.!-)-5.0.%! #(!#+5)%?!)5%)!.(.$.05)!-'5+#3)!.0!()-!(E$'5.-!3.(!5.H5)?! 3.&.0'%!#+5)%!.-!A#*.%!/%.-.0*'#!.0!#+-.0*'#?!-.!.-!#+5)%! DQWH OD PLUDGD GHO RWUR DQWH OD OHFWXUD GHO RWUR ³([LVWH XQ VXMHWR DXWRU \ VLQ HPEDUJR pO VH D¿UPD VyOR D WUDYpV 3.! (#-! A+.((#-! 3.! -+! #+-.0*'#6! [=.%)! 3.! :+G! $)3)! +0#! DXVHQFLD SXHGH VHU VLQJXODU" ¢\ TXp VLJQL¿FD SDUD XQ LQF 3'&'3+)?!)*+/#%!.(!(+2#%!3.!+0!$+.%5)?!#-.05#%!(#-!/%)/'#-! KXHOODV HQ XQ OXJDU YDFtR"´ $JDPEHQ

"#!/%)8#0#*',0!3.!()-!3'-/)-'5'&)-!3.(!5.H5)!4!-+-! ;)%3.-!.-!5#%.#!3.(!5)+)("'&$.?!#:+G(!:+.!((.&#!.0!-E! #(2)!3.!-#2%#3)!/.%)!-'0!.$;#%2)!-+!.H'-5.0*'#!5%#0-F *+%%.!.0!(#!.-8.%#!3.!()-!A)$;%.-6!IH*(+'3)?!.H/+.-5)! #!(#!&')(.0*'#!4!(#!*%+.(3#3?!G(!.-!:+'.0!/+.3.!A+%2#%! .0!()-!0+.&)-!.-/#*')-!3.!(#!/#(#;%#?!%.-5'5+'%!-+-!+-)-?! 3.&)(&.%(.!(#!/)-';'('3#3!3.!(#!3.-);.3'.0*'#6!aI-!0.F *.-#%')!#%%#0*#%(.-!#!()-!3'-/)-'5'&)-!m#!*#3#!3'-/)-'F 5'&)m! (#! /)-';'('3#3! 3.! +-)! :+.! .(()-! A#0! *#/5+%#3)6! "#!/%)8#0#*',0!3.!()!'$/%)8#0#;(.!.-!(#!5#%.#!/)(E5'*#! GH OD JHQHUDFLyQ TXH YLHQH´ $JDPEHQ O05.%%+$/'%!.-5.!5'.$/)!*)0!.(!*A'((#%!3.!(#-!/#(#;%#-?! 0)!$9-!.(!3.!(#!-);.%#0#!*%+.(3#36 hINIhI`>OJR

J2#$;.0?! g6! SVWWyY?! X.)3'*'&%)*$"?! T+.0)-! J'%.-?! J3%'#0#!@'3#(2)6 c.%%'3#?!e6!SVWWyY?!'H OD JUDPDWRORJtD?!UGH'*)?!R'2()! ]]O!.3'5)%.-6 "#*#0?! e6! SVWWzY?! !1( "$+%*'.%)( 1%2.)( VVE( K)"( &6'#.)( &)*&$,#)"( 36*:'+$*#'1$"( :$1( ,"%&)'*I1%"%"?! T+.F 0)-!J'%.-?!=#'3,-6 ".2.03%.?!=6!SVWWzY?!K)(H6$([&&%:$*#$(*)(C$(:$([&&%:$*#$?!T+.0)-!J'%.-?!J$)%%)%5+6 `#0*4?!eF"6!SVWW{Y?!K'(+%.':'(:$1(.$#.'#)?!T+.0)-!J'F %.-?!J$)%%)%5+6 #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

GD


)'&!"#"$%&'()&4%,%&

protagonista 3)&'!&9%'>#-4! :"#)#8&'G6)+&7'@"2&#%&3

=

+.3.! 3.*'%-.! -'0! .H#2.%#%! :+.! +RPR VDFHU (O ,):$.( ")2$.'*)( 7( 1'( *6:'( C%:'( 9( ( 3.! g')%2')! J2#$;.0SVWW{Y!*)0-5'5+4.!+0#!3.!(#-!$9H'$#-! REUDV GH ¿ORVRItD SROtWLFD TXH VH KDQ HODERUDGR HQ ()-!M(5'$)-!5'.$/)-6!I05%.5.<'.03)!-+5'($.05.!5.-'-!4! DXWRUHV DOWDPHQWH VLJQL¿FDWLYRV $JDPEHQ WUD]D XQD *)0-5.(#*',0!3.!'3.#-!*)$/(.<#-!.0!*+4)!*.05%)!2%#F &'5#*')0#(! -.! .0*+.05%#! (#! A'/,5.-'-! -.2M0! (#! *+#(! (#! *6:'( C%:'! 3.(! 5)+)( "'&$.( .-! .(! 8+03#$.05)! 3.(! /)F 3.%!-);.%#0)!4!3.!-+!;')/)(E5'*#_!/)%!5#05)?!.(!*#$/)! 3.! *)0*.05%#*',0?! 4! 0)! (#! *'+3#3?! -.%E#! .(! &.%3#3.%)! .-/#*')!3.(!.<.%*'*')!3.!(#!/)(E5'*#!$)3.%0#6!I-5)!-'2F QL¿FD TXH HQ QXHVWUD pSRFD WRGRV VRPRV 5)+%*$"( "'&.%?!/+.-!5)3)-!-)$)-!*)()*#3)-!.0!+0!.-/#*')!3.! .H*./*',0!S.(!;#03)Y!#!(#!$#0.%#!3.!+0!2%#0!*#$/)! 3.! *)0*.05%#*',0! 3)03.! a5)3)! .-! /)-';(.b6! D)$#0F 3)!.0!*+.05#!:+.!.(!(';%)!8+.!.-*%'5)!.0!(#!3G*#3#!3.! ()-! 0)&.05#! 3.(! -'2()! /#-#3)?! #! /%'$.%#! &'-5#! -+! 5.F VLV SULQFLSDO SDUHFH KDEHU WHQLGR XQD FRQ¿UPDFLyQ &6'"%( SURIpWLFD OXHJR GHO GH VHSWLHPEUH GH I-5#3)-!P0'3)-!*)0!-+!2+.%%#!*)05%#!.(!5.%%)%'-$)!A#! '0*%.$.05#3)!-+-!$.3'3#-!3.!-.2+%'3#3!:+.?!/#%#3,F <'*#$.05.?! #5.05#0! *)05%#! (#-! 2#%#05E#-! '03'&'3+#(.-?! '0*(+-'&.! 3.! -+-! /%)/')-! *'+3#3#0)-! S=.5%#-?! VWWy?! >A)$-w4?!VWWyY6!"#!%.*'.05.!.<.*+*',0!3.!B-#$#!T'0! /DGHQ OtGHU GH $O 4DHGD FRQ¿UPD GH PRGR HMHPSODU .(!5'/)!3.!*)03'*',0!<+%E3'*#!.0!.(!:+.!.(!2);'.%0)!3.! (VWDGRV 8QLGRV KD SXHVWR D VXV HQHPLJRV FDUHQWHV GH 3.%.*A)-6! =)%! ()! 3.$9-?! .(! /%)4.*5)! 3.! .H/#0-',0! 4! /%)8+03'1#*',0!3.(!*#/'5#(?!:+.!*#%#*5.%'1#!#(!a0+.&)! '$/.%'#('-$)b!S@#%&.4?!VWWZY!;#-#3)!.0!(#!#*+$+(#F *',0!/)%!3.-/)<)?!/)-..!%#-2)-!'0:+'.5#05.-!:+.!(.!#-.F $.<#0!*)0!.(!/%)4.*5)!3.(!=#%5'3)!`#*')0#(-)*'#('-5#! S9LG6!J$.%4?!VWWV_!g%#1'#0)?!VWW{Y6!!R'0!.$;#%2)?!(#! !

Q! =%)8.-)%F'0&.-5'2#3)%! #3-*%'5)! #(! c./#%5#$.05)! 3.! h.(#*')0.-!R)*'#(.-! 3.!(#!P0'&.%-'3#3!J+5,0)$#!U.5%)/)('5#0#m])*A'$'(*)!SUGH'*)Y6!I-!#+F 5)%?!.05%.!)5%)-?!3.(!(';%)!(O PRQDUFD HO FLXGDGDQR \ HO H[FOXLGR +DFLD XQD FUtWLFD GH OR SROtWLFR?!.3'5#3)!/)%!(#!PJU!.0!VWW{6!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

G?

*)$/%);#*',0!3.!(#!5.-'-!3.!J2#$;.0!0)!.-!5#0!-.0*'F ((#?!/+.-!*)05%#!.((#!-#(.0!#(!/#-)!'00+$.%#;(.-!A.*A)-! :+.!5.-5'$)0'#0!(#!*.%5'3+$;%.!3.!0)!A#;'5#%!*)5'3'#F 0#$.05.!.0!+0!*#$/)!3.!*)0*.05%#*',06!=)%!-+/+.-5)?! .(!#+5)%!'5#('#0)!0)!-.!*)()*#!.0!+0!A)%'1)05.!-)*')(,F 2'*)!3.!'05.%/%.5#*',0!-'0)!:+.!#-+$.!.(!0'&.(!/%)/')! GH OD ¿ORVRItD SROtWLFD GRQGH OR TXH LPSRUWD HV DQWH 5)3)?!(#!*)02%+.0*'#!(,2'*#6!I-!.0!.-5#!3'$.0-',0!.0!(#! :+.!*)0&'.0.!*)0-'3.%#%!()-!%#1)0#$'.05)-!:+.!((.&#0! DO DXWRU D D¿UPDU D OD *6:'(C%:'!3.(!5)+)("'&$.!*)$)! HO JUDQ HMH DUWLFXODGRU GH OD SROtWLFD HVSHFt¿FDPHQWH .0!(#!G/)*#!$)3.%0#6 I(!#%2+$.05)!3.!J2#$;.0!-.!3.-/('.2#!.0!5%.-!/#%F 5.-6!I0!(#!/%'$.%#!5%#5#!.(!5.$#!3.!(#!-);.%#0E#!#%$#3)! *)0!.(!$'%#3)%!3.!(#!(,2'*#!3.!(#!.H*./*',0?!()!:+.!(.! %'03.!8%+5)-!$+4!0)5#;(.-6!I0!(#!-.2+03#!#;)%3#!.(!0MF *(.)!$9-!3.-5'(#3)!3.!-+!#%2+$.05)!#(!5%#5#%!#(!5)+)( "'&$.?!3.-('2903)-.!3.!(#!5%#3'*',0!$9-!.H5.03'3#!:+.! XELFDED D HVWD ¿JXUD FRPR VLPSOHPHQWH DPELJXD \ )$'0)-#_!*)$)!&.%.$)-?!.-5#!/#%5.!3.(!#%2+$.05)!.-! (#!$9-!'$/)%5#05.?!(#!$9-!3.('*#3#!4!(#!$9-!.H/+.-5#! #!-+*+$;'%6!=)%!M(5'$)?!-.!-)-5'.0.!:+.!.(!*#$/)!3.! *)0*.05%#*',0!.-!.(!/#%#3'2$#!;')/)(E5'*)!3.!()!$)F 3.%0)6!>)0-'3.%)!:+.!/#%#!+0#!$.<)%!.H/)-'*',0!*%EF 5'*#!3.!(#-!'3.#-!3.!J2#$;.0?!*)%%.-/)03.!*)$.01#%! /)%! .(! 8+03#$.05)! 3.! 5)3)! .(! /(#05.#$'.05)! :+.! .-?! /%.*'-#$.05.?!()!:+.!A#!3.!*)0-'3.%#%-.!*)$)!(#!*6:'! C%:'!3.(!KRPR VDFHU "J!18'$ 9,'$!cI"!T[D[(A;B!@

I(!/%'$.%!/#-)!/#%#!*)$/%.03.%!.(!3.-/('.2+.!#%F 2+$.05#5'&)! 3.! J2#$;.0! *)0-'-5.! .0! #*(#%#%! ()! :+.! KD GH HQWHQGHUVH SRU ³KRPR VDFHU´ \ SRU ³QXGD YLGD´ a=%)5#2)0'-5#!3.!.-5.!(';%)!.-!(#!0+3#!&'3#?!.-!3.*'%!(#! &'3#!'(H6%$*(&6'1H6%$.'(,6$:$(:'.(+6$.#$(,$.)(H6$($"( D OD YH] LQVDFUL¿FDEOH 3.((5)+)("'&$.?(*+4#!8+0*',0! .-.0*'#(!.0!(#!/)(E5'*#!$)3.%0#!A.$)-!/%.5.03'3)!%.'F YLQGLFDU´ $JDPEHQ (O SURJUDPD TXHGD


)'&?%-%&2!6)"&6%-%&7"%#!A%/.2#!&4)&'!&7%'@#.6! .&&.-0$)-!

SHUIHFWDPHQWH HVWDEOHFLGR $JDPEHQ UHFXUUH D HVWD ³RVFXUD ¿JXUD´ GHO 'HUHFKR URPDQR DUFDLFR SDUD OODF $#%!(#!#5.0*',0?!-'2+'.03)!()-!/#-)-!3.!N)+*#+(5!-);%.! (#! .H'-5.0*'#! 3.! +0#! &'3#! :+.! A#4#! -'3)! *)0-'3.%#3#! -)(#$.05.!*)$)!$.%#!&'3#!S]Rp VLQ OD FRQ¿JXUDFLyQ 3.(!2%)"(#%'-5)5G('*)!:+.!#(+3E#!#!()-!3'8.%.05.-!5'/)-!3.! &'3#!:+.!.%#!/)-';(.!#3)/5#%!S*)05.$/(#5'&#?!/%9*5'*#Y6! I-5#!0+3#!&'3#!5'.0.!(#!*#%#*5.%E-5'*#!/%);(.$95'*#!3.! -.%!a.('$'0#;(.b!)!a$#5#;(.b!-'0!:+.!.(()!-+/)02#!*)F $.5.%!+0!*%'$.0?!/.%)!-'$+(590.#$.05.?!0)!.-!-#*%'F ¿FDEOH SRUTXH QR IXQFLRQD GH DFXHUGR FRQ OD OyJLFD 3.!(#!*)A.-',0!*)$+0'5#%'#!'$/('*#3#!.0!.(!A)()*#+-5)! R VDFUL¿FLR 'H DFXHUGR FRQ OD WUDGLFLyQ OD YLROHQFLD VDFUL¿FLDO WLHQH HO SURSyVLWR GH HQPHQGDU ODV FXOSDV GH ()-!$'.$;%)-!3.!+0#!*)$+0'3#3!#!5%#&G-!3.!+0!%'5+#(! :+.!*)0-'-5.!.0!'0$)(#%!#!+0!a*A'&)!.H/'#5)%')b!:+.! #%%#-5%#!*)0-'2)!(#-!8#(5#-!3.!5)3)-!SN%.+3?!Xppz_!T#F 5#'((.?!VWWV_!g'%#%3?!VWWV_!VWWyY6!I-5#!$+.%5.?!-);%#! GHFLU HV HO PHGLR GH SXUL¿FDFLyQ GH OD FRPXQLGDG N%.+3!3')!+0!$#5'1!-+2.%.05.!.0!.-5#!(,2'*#!/#%#!A#F *.%(#! *)$/#5';(.! *)0! ()-! /%'0*'/')-! 3.(! /-'*)#09('-'-! #(!+;'*#%!.(!#-.-'0#5)!3.(!/#3%.!/)%!()-!A'<)-!4!.(!*)0F -.*+.05.!-.05'$'.05)!3.!*+(/#?!*)$)!;#-.!3.!(#!);.F 3'.0*'#!#!(#!(.4!4!3.!(#!'0-5#+%#*',0!3.(!5,5.$?!4?!/)%!()! $'-$)?!*)$)!;#-.!3.!(#!*'&'('1#*',06!=.%)!J2#$;.0! QR VH UH¿HUH D HVWH KRPLFLGLR FDUJDGR GH VLJQL¿FDF 3)-!*+(5+%#(.-!4!*'&'('1#5)%')-?!-'0)!#!+0#!$+.%5.!:+.! FDUHFH GH HVH VHQWLGR FRKHVLRQDGRU R SXUL¿FDGRU $ /%'$.%#!&'-5#!/#%.*.!3'8E*'(!*)0*.;'%!+0!#-.-'0#5)!:+.! 0)!/)-.#!+0#!%#1,0?!/)%!$9-!:+.!.-.!$)5'&)!%.-+(5.! DEVXUGR GHOLUDQWH R LQVX¿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¿Q DOJXQR 0iV *.%*#! 3.! 0)-)5%)-?! /)%! 3.-2%#*'#?! .0! 0+.-5%)-! 3E#-! 4! .0! 0+.-5%)! /#E-?! -)0! A#((#3#-! 8)-#-! *(#03.-5'0#-! *)0! *'.05)-! 3.! *#39&.%.-! 3.! '03)*+$.05#3)-! *.05%)#$.F %'*#0)-! :+.! 8+.%)0! $#5#3)-! /)%! .(! -'$/(.! A.*A)! 3.! VHU OR TXH IXHURQ VHUHV KXPDQRV WUDVKXPDQWHV TXH -,()!3.-.#;#0!&.03.%!-+!8+.%1#!3.!5%#;#<)!.0!I-5#3)-!

P0'3)-6!"#!0+3#!&'3#!-.!%.&.(#?!.05)0*.-?!#!5%#&G-!3.! .-5#! $+.%5.! -'0! /'.3#3?! '$/+0.! 4! -'0! -.05'3)6! 7! #-E! (#-!*)-#-?!/#%.*.!:+.?!.0!.8.*5)?!J2#$;.0!A#!()2%#3)! 3.-.05%#C#%!.(!(#3)!)-*+%)!)!0.2#5'&)!3.!(#!;')/)(E5'*#?! :+.!-.%E#!(#!5#0#5)/)(E5'*#6! "#! 0+3#! &'3#! .-! ()! /%)/')! 3.(! 5)+)( "'&$.6( c.! /%'0*'/')?! A#4! :+.! 3.-/.<#%! .(! .:+E&)*)! #(! :+.! /+.F 3.!3#%!(+2#%!(#!/#(#;%#!a-#*.%b?!/+.-!/+3'.%#!-+2.%'%! .%%,0.#$.05.!:+.!-.!5%#5#!3.!a-#2%#3)b?!()!:+.!A#%E#! LQJUHVDU WRGR HO SODQWHDPLHQWR HQ OD OyJLFD VDFUL¿FLDO J:+E! (#! )/.%#*',0! 3.! J2#$;.0! .-! $#2'-5%#(! /)%:+.! 3.5.*5#! :+.! (#! #$;'2Ã….3#3! 3.! *'.%5)-! 5G%$'0)-! .-! .(! -.(()!*#%#*5.%E-5'*)!3.!.-#-!%.2')0.-!)!+$;%#(.-!3)03.! ORV IHQyPHQRV D XQ WLHPSR VRQ \ QR VRQ ]RQD GH LQGH¿QLFLRQHV GRQGH OD QRUPD VH DSOLFD GHVDSOLFiQF 3)-.6!³/D YLGD LQVDFUL¿FDEOH \ D OD TXH VLQ HPEDUJR SXHGH GDUVH PXHUWH HV OD YLGD VDJUDGD´!SJ2#$;.0?! 'H HVWH PRGR HO DUJXPHQWR GH $JDPEHQ 3./.03.!3.!:+.!-.!3'-5'02#!$+4!;'.0!(#!-#*%#('3#3!%.-F SHFWR GHO VDFUL¿FLR VyOR OD SULPHUD UHPLWH DO GDU OD PXHUWH \ TXH HOOR QR VLJQL¿TXH KRORFDXVWR "J!I]>I=>Ox`!RBTIhJ`J

ah.-5'5+'3)!#!-+!(+2#%!/%)/')?!$9-!#((9!5#05)!3.(!3.F UHFKR SHQDO FRPR GHO VDFUL¿FLR HO 5)+)("'&$.()8%.*.! OD ¿JXUD RULJLQDULD GH OD YLGD DSUHVDGD HQ HO EDQGR -);.%#0)! 4! *)0-.%&#! #-E! (#! $.$)%'#! 3.! (#! .H*(+-',0! )%'2'0#%'#!#!5%#&G-!3.!(#!*+#(!-.!A#!*)0-5'5+'3)!(#!3'F $.0-',0!/)(E5'*#6!I(!.-/#*')!/)(E5'*)!3.!(#!-);.%#0E#! -.!A#;%E#!*)0-5'5+'3)?!/+.-?!#!5%#&G-!3.!+0#!3);(.!.HF *./*',0?!*)$)!+0#!.H*%.-*.0*'#!3.!()!/%)8#0)!.0!()! UHOLJLRVR \ GH OR UHOLJLRVR HQ OR SURIDQR TXH FRQ¿F JXUD XQD ]RQD GH LQGLIHUHQFLD HQWUH VDFUL¿FLR \ KRF $'*'3')6!A)2$.'*'($"(1'($"3$.'($*(H6$("$(,6$:$(+'#'.( VLQ FRPHWHU KRPLFLGLR \ VLQ FHOHEUDU XQ VDFUL¿FLR \ "'0.':'E($"(:$&%.E($8,6$"#'('(H6$("$(1$(:>(+6$.#$E(,$.)( LQVDFUL¿FDEOH HV OD YLGD TXH KD TXHGDGR SUHQGLGD HQ HVWD HVIHUD´ $JDPEHQ @.!#:+E!.(!&E0*+()!:+.!A#!3.('0.#3)!J2#$;.0!.0F 5%.!(#!0+3#!&'3#!3.(!5)+)("'&$.(4!.(!/)3.%!-);.%#0)6! "#!%.(.&#0*'#!3.!.-5#!5.05#5'&#!.-!'0);<.5#;(.!/+.-!-.! 5%#5#!3.!%.(#*')0#%!4!((.&#%!#!+0'3#3!(#!;')/)(E5'*#!S:+.! .-! 5#$;'G0! 5#0#5)/)(E5'*#Y! *)0! (#! -);.%#0E#! .-5#5#(! 4! OD FRQ¿JXUDFLyQ GH OD SROtWLFD LQVWLWXFLRQDO PRGHUF 0#6! =#%#! *+$/('%! .-5#! 5#%.#! J2#$;.0! .*A#! $#0)! 3.! XQD UHÀH[LyQ GH :DOWHU %HQMDPLQ VHJ~Q OD FXDO HQ HO $+03)!$)3.%0)!.(!.-5#3)!3.!.H*./*',0!.-!(#!0)%$#6! I(!/(#05.#$'.05)!-.!%.$)05#!#!K'*)?!/.%)!.-!*)0!%.F 8.%.0*'#!#!>#%(!R*A$'55!*)0!:+'.0!J2#$;.0!%..(#;)F #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

GG


.-0$)-!/. A)"!"4%&^(!'%2&#)/%".%

%#!.(!-.05'3)!3.!(#!.H*./*',0!*)$)!()!:+.!*#%#*5.%'F 1#! #! (#! -);.%#0E#6! I0! .8.*5)?! .(! <+%'-5#! #(.$90! A#;E#! -.C#(#3)!:+.!a-);.%#0)!.-!:+'.0!3.*'3.!.(!.-5#3)!3.! H[FHSFLyQ´ OR FXDO KDFH UHÀH[LRQDU DO ¿OyVRIR LWDF ('#0)! -);%.! (#! (,2'*#! 3.(! (+2#%! 3.-3.! .(! *+#(! -.! A#*.! 5#(!3.*(#%#*',06!`)!.-!3'8E*'(!#3&.%5'%!:+.!.-.!(+2#%!.-! 5#$;'G0!+0!.-/#*')!.H*./*')0#(!:+.!.-59!.H*(+'3)!3.! #:+.(()! :+.! 0)%$#5'&'1#6! `)! .-! -,()! :+.! +0#! -'5+#F *',0! <+%E3'*#! /%.-+/)02#?! /)%! (,2'*#?! +0#! *)03'*',0! 3.! 0)! <+%'3'*'3#3! 8%.*+.05.$.05.! #-)*'#3#! *)0! (#! $.%#!&')(.0*'#?!-'0)!:+.!.-.!(+2#%!3.!&')(.0*'#!-.%9! GHVOL]DGR KDFLD OD LGHQWL¿FDFLyQ FRQ HO KRPR VDFHU ! I(!#/)4)!:+.!.0*+.05%#!J2#$;.0!/#%#!%.#('1#%!.-5.! 3.-('1#$'.05)! 3.! -.05'3)! 0)! -,()! .-! (#! %.*+/.%#*',0! 3.!(#!3)*5%'0#!3.!()-!3)-!*+.%/)-!3.(!%.4?!:+.!I%0-5! .DQWRURZLF] KD UHFUHDGR GH PRGR HORFXHQWH -'0)! .(! %.-*#5.! 3.! +0! #05'2+)! %'5)! 8+0.%#%')! %)$#0)! %./%)3+*'3)!3+%#05.!(#!$)0#%:+E#!8%#0*.-#?!:+.!*)0F -'-5E#!.0!:+.!#(!%.4!$+.%5)!-.!(.!A)0%#;#!4!*%.$#;#?! SHUR XOWHULRUPHQWH VH FRQVWUXtD XQD H¿JLH GH pO D OD :+.!-.!(.!;%'03#;#0!5)3)-!()-!*+'3#3)-!/#%#!3.-/+G-! :+.$#%(#6!aI(!%'5)!$#*#;%)!4!2%)5.-*)?!.0!.(!:+.!+0#! '$#2.0! .%#! 5%#5#3#! /%'$.%)! *)$)! +0#! /.%-)0#! &'&#! 4!3.-/+G-!-)(.$0.$.05.!'0*'0.%#3#?!#/+05#;#!#!+0#! %.2',0!$9-!)-*+%#!.!'0*'.%5#?!}s~!.0!(#!:+.!.(!*+.%/)! /)(E5'*)! 3.(! %.4! /#%.*.! #/%)H'$#%-.?! *#-'! A#-5#! *)0F 8+03'%-.!*)0!G(?!#(!*+.%/)!.H/+.-5)!#!(#!$+.%5.!&')F OHQWD SHUR D OD YH] LQVDFUL¿FDEOH GHO 5)+)( "'&$.b! $JDPEHQ (O DXWRU UHFXHUGD FLWDQGR #! T'*w.%$#00Y! :+.! .-5.! %'5+#(! 3.! 3);(.! 8+0.%#(! 3.(! %.4!$+.%5)!-.!#-)*',!*)0!)5%)!%'5)!:+.!3.;E#!*+$/('%! #:+.(!S:$C)#6"Y!:+.!*)0!#05.%')%'3#3!#!+0#!;#5#((#!-.! A#;E#!*)0-#2%#3)!-)(.$0.$.05.!#!()-!3')-.-!U#0.-!4! :+.!0)!A#;E#!$+.%5)!.0!.(!*)$;#5.6!a7!.-!#:+E!3)03.! .(!*+.%/)!3.(!-);.%#0)!4!.(!3.(!5)+)("'&$.!.05%#0!.0! +0#!1)0#!3.!'03'-5'0*',0!.0!:+.!/#%.*.0!*)08+03'%-.b! $JDPEHQ < DVt ³OR TXH XQH DO :$C)#6"! -+/.%&'&'.05.?!#(!5)+)("'&$.(4!#(!-);.%#0)!.0!+0!M0'F *)!/#%#3'2$#!.-!:+.!.0!5)3)-!.-5)-!*#-)-!0)-!.0*)0F 5%#$)-!#05.!+0#!0+3#!&'3#!:+.!A#!-'3)!-./#%#3#!3.!-+! *)05.H5)!4!:+.?!#(!A#;.%!-);%.&'&'3)?!/)%!#-E!3.*'%()?! #!(#!$+.%5.?!.-?!/)%!.-)!$'-$)?!'0*)$/#5';(.!*)0!.(! $+03)!A+$#0)!}s~!7!-'?!.0!.(!*#-)!3.(!:$C)#6"(:+.! A#!-);%.&'&'3)!#!-+!/%)$.-#?!.-!(#!$+.%5.!8#(('3#!(#! :+.!(';.%#!.-#!&'3#!-#2%#3#?!.0!.(!*#-)!3.(!-);.%#0)! .-!(#!$+.%5.!(#!:+.!%.&.(#!.(!.H*.3.05.!:+.!*)$)!5#(! /#%.*.!'0A.%.05.!#(!/)3.%!-+/%.$)?!*)$)!-'! G-5.! 0)! 8+.%#! )5%#! *)-#! .0! M(5'$)! 5G%$'0)! :+.! 1'( &','&%:':( GH FRQVWLWXLUVH D Vt PLVPR \ GH FRQVWLWXLU D ORV RWURV #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

GF

&)+)(C%:'('(1'(H6$(,6$:$(:'."$(+6$.#$(,$.)(*)("'&.%¿FDU´ $JDPEHQ JA)%#!J2#$;.0!3.;.!3#%!+0#!&+.(5#!3.!5+.%*#!$9-! 4! A#((#%! .0! .(! #-.-'0#5)! 3.(! %.4! +0! 2.-5)! #09()2)! #(! :+.!3#!$+.%5.!#(!5)+)("'&$.6!=)%!-+/+.-5)?!.(!%.2'*'F 3')!.-!+0!*%'$.0!3.!(.-#!$#<.-5#3!4!0#3#!/+.3.!.-5#%! $9-!#(.<#3)!3.(!#-.-'0#5)!'$/+0.!#(!5)+)("'&$.!:+.! .(!A)$'*'3')!3.(!$)0#%*#6!=.%)!#:+E!J2#$;.0!/#%.*.! 3#%!+0!/#-.!3.!/%.-5'3'2'5#*',0!/#%#!8)%1#%!(#!'3.05'3#3! .05%.!.(!%.4!4!.(!5)+)("'&$. ³'HVGH QXHVWUR SXQWR GH &'-5#?! 0)! '$/)%5#! :+.! .(! 3#%! $+.%5.! }#(~! 5)+)( "'&$.( /+.3#!-.%!*)0-'3.%#3)!*)$)!$.0)-!:+.!A)$'*'3')?!4! DO VREHUDQR FRPR PiV TXH KRPLFLGLR OR HVHQFLDO HV :+.?! .0! ()-! 3)-! *#-)-?! .(! A.*A)! 3.! $#5#%! #! +0! A)$F ;%.! 0)! -.! '0*(+4.! 3.05%)! 3.(! 2G0.%)! 3.(! A)$'*'3')b! $JDPEHQ &RPR VH YH OD LGHQWL¿FDFLyQ QR VyOR HV H[WUDx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¿ORVy¿FDPHQWH OD WtSLFD a'3.05'3#3!3.!()-!)/+.-5)-b?!/.%)!#:+E!%.-+(5#%E#!+0#! +0'3#3!/#%.*'3#!#!(#!a0)*A.!.0!(#!:+.!5)3)-!()-!2#5)-! -)0!/#%3)-b!S@.2.(Y6!7!.-!:+.?!.0!.8.*5)?!(.!A+;'.%#! ;#-5#3)!#!J2#$;.0!%.-/#(3#%!-+!5.-'-!.0!(#!(,2'*#!3.! OD H[FHSFLyQ FRQVWLWXWLYD äLåHN LPSOtFLWD HQ OD 8+03#$.05#*',0! *)05%#*5+#('-5#! 3.(! I-5#3)?! 3.;'3#! #! +REEHV \ TXH VH PDQL¿HVWD HQ OD PDQHUD HQ TXH HVWH DXWRU FRQFLEH OD UHODFLy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yQ GHO (VWDGR +REEHV

>)$)!-.!&.?!.0!.8.*5)?!.H'-5.!+0#!(,2'*#!3.!.H*(+F


)'&?%-%&2!6)"&6%-%&7"%#!A%/.2#!&4)&'!&7%'@#.6! .&&.-0$)-!

-',0!.0!(#!/)-'*',0!3.(!-);.%#0)!:+.!.H/('*#!0)!-,()!(#! 3);(.!'0-*%'/*',0!3.(!*+.%/)!3.(!%.4!-'0)!(#!.0*#%0#F *',0!3.(!/)3.%!-);.%#0)!.0!+0#!/.%-)0#!3.5.%$'0#3#!4! ¿QLWD FRPR XQR GH ORV PRPHQWRV PiV LPSRUWDQWHV GH ()-!$'-5.%')-!3.!(#!&'3#!/)(E5'*#6!aI(!.-/E%'5+!.-!+0!A+.F -)b?!A#;E#!3'*A)!@.2.(!.0!(#!)HQRPHQRORJtD GHO HVSt.%#6(#(!A#*.%!(#!*%E5'*#!3.!(#!8%.0)()2E#?!:+.!/%.5.03E#! #-)*'#%!(#-!8#*+(5#3.-!.-/'%'5+#(.-!3.!+0#!/.%-)0#!*)0! .(!5#$#C)!4!(#-!*#%#*5.%E-5'*#-!3.!-+!*%90.)6!I-5#!*%E5'F *#?!-'0!.$;#%2)?!(.!3')!.(!/%.5.H5)!#!@.2.(!/#%#!5%#5#%! /%.*'-#$.05.!(#!0.*.-'3#3!3.!:+.!.(!.-/E%'5+?!*)0!5)3#! VX LQVRSRUWDEOH GHQVLGDG \ WRGD VX HWpUHD VLJQL¿FDWLYLF 3#3?!-.!$#5.%'#('*.!.0!+0!-.%!A+$#0)!SA)$;%.!)!$+F <.%Y!)%3'0#%')?!*)0*%.5)?!-'02+(#%6!")!/.*+('#%!3.!.-5#! .0#<.0#*',0!.-!:+.!a.(!%.4!0+0*#!$+.%.b?!/+.-!#+0!-'! (#!/.%-)0#!:+.!.0*#%0#!.(!.-/E%'5+!8+.-.!$+.%5#?!-);%.F &'&'%E#!.(!.-/E%'5+?!.05.03'3)!*)$)!(#!'05.%-+;<.5'&'3#3! -'$;,('*#!:+.!5%#-*'.03.!(#!$.%#!$#5.%'#('3#3!3.!()-! '03'&'3+)-6! =)3%E#$)-! 3.*'%?! .05)0*.-?! :+.! .-! .(! *#F %9*5.%!#;-5%#*5)!3.(!/)3.%!-);.%#0)!()!:+.!0+0*#!$+.F %.?!#+0:+.!0)!-.!/+.3.!'20)%#%!:+.!.0!*'.%5)-!$)$.0F 5)-!*%E5'*)-!+0#!/.%-)0#!3.!*#%0.!4!A+.-)!.0*#%0#!#!5#(! SXQWR HO HVStULWX TXH VX PXHUWH VLJQL¿FDUtD OD PXHUWH 3.(!I-5#3)6!=.%)!J2#$;.0!0)!5%#0-'5#!/)%!.-5#!&.%.3#! /+.-!#-+$.!+0#!/)-'*',0!*%E5'*#!3.(!$'5)!*)05%#*5+#F ('-5#!3.!(#!8+03#*',0!3.!(#!*'+3#3!$)3.%0#!3.!@);;.-! #!h)+--.#+6!a"#!.%%#3#!*)$/%.0-',0!3.(!$'5)()2.$#! A);;.-'#0)!.0!5G%$'0)-!3.!&)*#.'#)!4!0)!3.!2'*:)(A#! -+/+.-5)!(#!*)03.0#!#!(#!'$/)5.0*'#!3.!(#!3.$)*%#*'#! *#3#!&.1!:+.!-.!5%#5#;#!3.!#8%)05#%!.(!/%);(.$#!3.(!/)F 3.%!-);.%#0)!4?!#(!$'-$)!5'.$/)?!(#!A#!A.*A)!*)0-5'5+F 5'&#$.05.!'0*#/#1!3.!/.0-#%!&.%3#3.%#$.05.!+0#!/)F OtWLFD QR HVWDWDO HQ OD PRGHUQLGDG´ $JDPEHQ (O \HUUR GH $JDPEHQ DTXt HV PiV TXH HYLGHQWH @);;.-! A#*.! 3.-*#0-#%! .(! I-5#3)! 0)! .0! +0! *)05%#5)! VLQR HQ XQ SDFWR PtWLFR FLHUWDPHQWH SHUR OR VX¿FLHQF 5.$.05.!(,2'*)!/#%#!8+03#%!%#*')0#($.05.!.(!.-/#*')! .H*./*')0#(!3.(!-);.%#0)!:+.!3#!(#-!(.4.-!/.%)!0)!.-59! -+<.5)!#!.((#-6!=.%)!#-E!*)$/%.03'3#-!(#-!*)-#-!0)!-.! YH FyPR HO VREHUDQR SXHGD OOHJDU D VHU LGHQWL¿FDGR FRQ XQD QXGD YLGD PDWDEOH \ D OD YH] LQVDFUL¿FDEOH 3.(!5)+)("'&$.6!U9-!;'.0?!3.*'3'%!/)%!.0*'$#!3.!5)F 3)-?! :+'G0! )! :+'G0.-! A#0! 3.! -.%! *)0-'3.%#3)-! *)$)! 5)+%*$"( "'&.%( %./%.-.05#%E#! +0)! 3.! ()-! %#-2)-! $9-! /%)$'0.05.-!3.(!/)3.%!-);.%#0)6!=.%)!A.!#:+E!:+.?!'0F *(+-'&.!.0!@);;.-?!.(!-);.%#0)!/+.3.!-.%!+0#!/.%-)0#! /.%)!5#$;'G0!/+.3.!-.%!+0!2%+/)!3.!/.%-)0#-?!/)%:+.! D ¿Q GH FXHQWDV KDQ GH HQFDUQDU XQD LQVWDQFLD JHQHUDO 4!#;-5%#*5#6!c.!-.%!a-#2%#3)b?!.(!-);.%#0)!()!-.%E#!.0!

.(!-.05'3)!3.!/.%5.0.*'.05.!#(!$+03)!0)!3.!()-!$+.%F 5)-!-'0)!3.!()-!3')-.-?!#(!2%#3)!3.!:+.?!:+'.0!)!:+'.0.-! )*+/#0!.(!/)3.%?!/#%.*.0!#3:+'%'%!*+#('3#3.-!3'&'0#-! *)$)! A#! /+.-5)! 3.! %.('.&.! U#%*! T()*A! .0! -+! *(9-'F *#! );%#! K)"( .$7$"( #'6+'#6.0)"( SXppvY6! I0! *#$;')?! $JDPEHQ VyOR YH XQL¿FDFLyQ LQGH¿QLGD HQ HO EDQGR GHO VREHUDQR \ GH OD ¿JXUD GHO 5)+)("'&$. ³(O EDQGR .-!/%)/'#$.05.!(#!8+.%1#?!#!(#!&.1!#5%#*5'&#!4!%./+(-'F YD TXH OLJD ORV GRV SRORV GH OD H[FHSFLyQ VREHUDQD OD 0+3#!&'3#!4!.(!/)3.%?!.(!A)$)!-#*.%!4!.(!-);.%#0)!}666~! 0iV tQWLPR TXH WRGD LQWHULRULGDG \ PiV H[WHUQR TXH #):'($8#$.%).%:':($"E($*(1'(&%6:':E($1(&)#)(C$:':)(,).( HO EDQGR GH OD YLGD VDJUDGD }666~!7!-'?!.0!(#!$)3.%F 0'3#3?!(#!&'3#!-.!-'5M#!*#3#!&.1!$9-!*(#%#$.05.!.0!.(! *.05%)!3.!(#!/)(E5'*#!.-5#5#(!S*)0&.%5'3#?!.0!()-!5G%$'F 0)-!3.!N)+*#+(5?!.0!;')/)(E5'*#Y?!-'?!.0!0+.-5%)!5'.$F /)?!.0!+0!-.05'3)!/#%5'*+(#%!/.%)!%.#(E-'$)?!5)3)-!()-! *'+3#3#0)-!-.!/%.-.05#0!&'%5+#($.05.!*)$)!5)+%*$"( "'&.%?!.(()!.-!/)-';(.!-,()!/)%:+.!(#!%.(#*',0!3.!;#03)! A#!*)0-5'5+'3)!3.-3.!.(!)%'2.0!(#!.-5%+*5+%#!/%)/'#!3.(! SRGHU VREHUDQR´ $JDPEHQ I"!>JU=B!cI!>B`>I`DhJ>Ox`! >BUB!IR=J>OB!=B"|DO>B

/D FRQVHFXHQFLD OyJLFD GH HVWD LGHQWL¿FDFLyQ IRUF 1#3#! 3.! ()-! 3)-! /)()-! 3.! (#! .H*./*',0! -);.%#0#! .-! *)0*.;'%!#(!*#$/)!3.!*)0*.05%#*',0!*)$)!/#%#3'2$#! ;')/)(E5'*)!3.!()!$)3.%0)6!7!.0!.8.*5)?!*)$)!A.$)-! #/+05#3)?! 0)! -)0! /)*)-! ()-! #-/.*5)-! 3.! (#! &'3#! $)F 3.%0#!:+.!-.!#-.$.<#0!#!()-!*#$/)-!3.!*)0*.05%#*',0! S.(!5%#;#<)!8)%1#3)?!(#!'0*.%5'3+$;%.!-);%.!(#!&'3#?!(#! 3'20'3#3!.H5%#&'#3#?!(#!3.-/.%-)0#('1#*',0?!()-!.H/.F ULPHQWRV ³FLHQWt¿FRV´ FRQ SHUVRQDV HWFpWHUD SHUR (#! $)3.%0'3#3! )%2#0'1#3#! .0! (#! 8)%$#! $.%*#05'(! *#F SLWDOLVWD FRQ VX XUEDQL]DFLyQ VX PDVL¿FDFLyQ \ DPF /('#*',0!3.!(#!/%)3+**',0!4!.(!*)0-+$)?!#3.$9-!3.!(#! '$/)%5#0*'#!4!/.0.5%#*',0!3.!(#!'03+-5%'#!*+(5+%#(?!/%)F &)*#!:+.!(#!&'3#!*)5'3'#0#!0)!-.#!&'&'3#!*)$)!#:+.((#! /%)/'#!3.!()-!*#$/)-!3.!*)0*.05%#*',06!`)!);-5#05.! HOOR VL OD UHÀH[LyQ GH $JDPEHQ VREUH HO 5)+)("'&$.( .-! %.*+/.%#3#! /#%#! /.0-#%! ()-! %.2'-5%)-! '$#2'0#%')! 4! -'$;,('*)!3.!(#!-)*'.3#3?!-.%E#!/)-';(.!#5%';+'%!(#!*)0F 3'*',0!3.!A)$)!-#*.%!#!+0!$)$.05)!)!3'$.0-',0!3.! (#!*)0-5'5+*',0!3.(!-.%!-)*'#(!$)3.%0)6!I-5)!'$/('*#%E#! QR LGHQWL¿FDU GH PDQHUD LQPHGLDWD D ORV 5)+%*$"("'&.%(( *)0! +0! 2%+/)! /);(#*')0#(! )! *)0! A)$;%.-! 4! $+<.%.-! HVSHFt¿FRV VLQR FRQ XQD GLPHQVLyQ DPHQD]DQWH GH OD &'3#!-)*'#(!.0!-+!*)0<+05)6!7!.05)0*.-?!(#-!'03+3#;(.-! *)05%';+*')0.-!3.!J2#$;.0!#4+3#%E#0!#!*)$/%.03.%! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

GA


.-0$)-!/. A)"!"4%&^(!'%2&#)/%".%

7(1'(*6:'(C%:'(9?!K#(.0*'#?!=%.F5.H5)-6 (#!0#5+%#(.1#!3.(!/)3.%!-);.%#0)!:+.!3.-3.!A#*.!$+F *A)!5'.$/)!A#!#;#03)0#3)!()-!%.*'05)-!3.!(#!/)(E5'*#! J$.%4?!>6!SVWWVY?!$XVFKZLW] ¢FRPLHQ]D HO VLJOR ;;," T%#1$.(&)+)(,.$&6.").?!U#3%'3?!N>I6 8)%$#($.05.!*)0-5'5+'3#!.0!*+#05)!5#(6!!!! T#5#'((.?!g6!SVWWVY?!!1($.)#%"+)?!T#%*.()0#?!D+-:+.5-6 `BDJ!NO`J" T()*A?!U6!SXppvY?!K)"(.$7$"(#'6+'#6.0)"?!UGH'*)?!N>I6 "#! &'0*+(#*',0! :+.! %.#('1#! J2#$;.0! 3.(! /)3.%! >A)$-w4?!`6!SVWWyY?!(O WHUURU FRPR SROtWLFD H[WHULRU -);.%#0)! *)0! (#! 0+3#! &'3#! 3.(! A)$)! -#*.%! %.-+(5#! :$(!"#':)"(/*%:)"?!T+.0)-!J'%.-?!"';%)-!3.(!É)%1#(6 -+2.%.05.! /#%#! *)$/%.03.%! %#-2)-! 3.*'-'&)-! 3.! (#! N%.+3?!R6!SXppzY?!7yWHP \ WDE~ $OJXQDV FRQFRUGDQ*)$/(.<'3#3! -)*'#(! 3.(! $+03)! $)3.%0)6! J3.$9-! 3.! FLDV HQ OD YLGD DQtPLFD GH ORV VDOYDMHV \ GH ORV QHXODV LQVX¿FLHQFLDV \ FRQWUDGLFFLRQHV TXH KH VHxDODGR .<#%&)"?! .0! R6! N%.+3?! [2.'"( &)+,1$#'"?! &)(6! ]OOO?! FRQVLGHUR TXH LGHQWL¿FDU GH PRGR LQPHGLDWR HV GHFLU T+.0)-!J'%.-?!J$)%%)%5+6 VLQ PHGLDFLRQHV XQD ¿JXUD ¿ORVy¿FDPHQWH XELFDGD g'%#%3?!h6!SVWWVY?!!1(&5%C)($8,%'#).%)?!T#%*.()0#?!J0#2%#$#6 *)0!+0!.05.!S?'"$%*Y!#05%)/)(,2'*)?!*)%%.!.(!2%#0!%'.-F g'%#%3?!h6!SVWWyY?!K'(C%)1$*&%'(7(1)("'0.':)?!T#%*.F JR GH VLPSOL¿FDU OD OyJLFD GH ODV UHODFLRQHV GH GRPLF ()0#?!J0#2%#$#6 0#*',0!4!-+!&E0*+()!*)0!(#!/)(E5'*#!.0!2.0.%#(!4!*)0! g%#1'#0)?!^6!SVWW{Y?!T%#1$.(0'*<(1'(06$..'E!UGH'*)?! (#! /)(E5'*#! '0-5'5+*')0#('1#3#! 3.! (#! &'3#! $)3.%0#6! R'! =(#1#!4!e#0G-6 -.!/.0-#%#!.0!.(!A)$)!-#*.%!4!-+!0+3#!&'3#!*)$)!+0! @#%&.4?!c6!SVWWZY?!!1(*6$C)(%+,$.%'1%"+)?!U#3%'3?!Jw#(6 $)$.05)!*)0-5'5+5'&)!3.!(#!8)%$#!-)*'#(!$)3.%0#?!-.! @.2.(?! g6^6N6! SVWW{Y?! )HQRPHQRORJtD GHO HVStULWX?! /)3%E#0!#/%)&.*A#%!()-!)(&'3#3)-!#09('-'-!3.!U#%H!-)F UGH'*)?!N>I6 ;%.!(#!.0#<.0#*',0!3.!(#!&'3#!2.0G%'*#!SU#%H?!Xp{zY?! @);;.-?!D6!SXpzVY?!K$C%'#I*()(1'(+'#$.%'E(3).+'(7(,):$.( /%)()02#3)-!3.-/+G-!*)0!.(!*)0*./5)!3.(!*#/'5#(!*)$)! :$(6*'(.$,U21%&'($&1$"%I"#%&'(7(&%C%1?!UGH'*)?!N>I6 UHODFLyQ VRFLDO GH SRGHU \ HQ FRQVHFXHQFLD OD ¿ORF .DQWRURZLF] ( + /RV GRV FXHUSRV GHO UH\ 8Q -)8E#! /)(E5'*#! /)3%E#! 2#0#%! .0! /%)8+03'3#3! #0#(E5'*#6! HVWXGLR GH WHRORJtD SROtWLFD PHGLHYDO?!U#3%'3?!J('#01#6 >)$)!-.#?!(#!(.*5+%#!3.!.-5.!(';%)!3.!J2#$;.0!%.-+(5#! U#%H?!r6!SXp{zY?!0DQXVFULWRV (FRQRPtD \ )LORVRItD?! '03'-/.0-#;(.!/#%#!/.0#%!*%.#5'&#$.05.!(#!0#5+%#(.1#! U#3%'3?!J('#01#6 /%)8+03#!3.!0+.-5%#!G/)*#6 =.5%#-?!e6!SVWWyY?!!1(*6$C)().:$*(&.%+%*'1?!T+.0)-!J'F %.-?!"';%)-!3.(!É)%1#(6 hINIhI`>OJR! äLåHN 6 3RUTXH QR VDEHQ OR TXH KDFHQ (O J2#$;.0?!g6!SVWW{Y?!+RPR VDFHU (O SRGHU VREHUDQR JRFH FRPR XQ IDFWRU SROtWLFR?!T+.0)-!J'%.-?!=#'3,-6

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

GH


laboratorio #):"-4%

$.&

0)#=)',C%7)'H)D)#+"55'1I#"/3

>

'.%5#$.05.! 0HGLRV VLQ ¿Q! 0)! /+.3.! *)0-'3.F %#%-.!*)$)!+0#!3.!(#-!);%#-!$9-!*)0)*'3#-!3.! g')%2')!J2#$;.0?!-);%.!5)3)!-'!5)$#$)-!.0! *+.05#!:+.?!.0!-+!&.%-',0!)%'2'0#(?!#/#%.*.!#!$'5#3!3.! *#$'0)! .05%.?! /)%! +0! (#3)?! K'( &)+6*%:':( H6$( C%$*$! SXppWY! 4! .(! /%'$.%! &)(+$.0! 3.! T)+)( "'&$.! SXppyY?! 4!/)%!)5%)?!/R TXH UHVWD GH $XVFKZLW]!SXppzY!4!!"#':)(:$($8&$,&%<*!SVWWvY6!>+#5%)!5.H5)-!:+.?!-'0!3+3#?! SRGUtDPRV FDOL¿FDU GH UHIHUHQFLDOHV SDUD HQWHQGHU \ #3.05%#%-.! .0! .(! /.0-#$'.05)! /)(E5'*)! #2#$;'#0)! 4! 8%.05.!#!()-!*+#(.-!(#!);%#!:+.!#:+E!0)-!*)0&)*#!/#%.*.! $.0)%6!J/#%.*'3#!.0!'5#('#0)!.0!Xpp{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¿Q!.-!0.F *.-#%')!*)05.$/(#%()!*)$)!+0!(';%)!*+4#!'$/)%5#0*'#! %#3'*#?! 0)! .0! &.%()! *)$)! +0! /+05)! '05.%$.3')! .05%.! +0! #05.-! 4! +0! 3.-/+G-! 3.! Xpp{?! -'0)! .0! &.%()! *)$)! +0#!*#%5)2%#8E#!:+.!3';+<#!.(!/%)*.-)!3.!$#3+%#*',0! 4!.H/.%'$.05#*',0!:+.!J2#$;.0!%.#('1#!*)0!$+*A)-! 3.! ()-! *)0*./5)-! .! '3.#-! :+.! #/#%.*'.%)0! .0! K'( &)+6*%:':(H6$(C%$*$!4!:+.!(.!((.&#%)0?!3.-/+G-?!#!+0#! );%#!*)$)!+RPR VDFHU (O SRGHU VREHUDQR \ OD YLGD

!

Q! >))%3'0#3)%#!3.(!9%.#!3.!N'()-)8E#!*)05.$/)%90.#!3.(!/)-2%#3)!.0!@+F $#0'3#3.-!3.!(#!P0'&.%-'3#3!J+5,0)$#!3.(!I-5#3)!3.!UGH'*)6

*6:'6!!")!#05.%')%!-.!8+03#$.05#!0)!-,()!.0!.(!A.*A)! 3.!:+.!.(!2%+.-)!3.!()-!#%5E*+()-!:+.!#AE!-.!%.M0.0!-.! /+;('*#%)0!.05%.!XppW!4!Xppy?!-'0)!.0!:+.!*(#%#$.05.! ()-!5.$#-!4!*)0*./5)-!3.-#%%)((#3)-!A#;(#0!3.(!*#$'F 0)!:+.!-'2+',!.(!#+5)%!/#%#!5%#0-'5#%!3.(!/.0-#$'.05)! -);%.!+0#!*)$+0'3#3!-'0!-);.%#0E#!#!(#!/%);(.$#5'1#F *',0!3.!(#!/)(E5'*#!)**'3.05#(?!:+.!3.-3.!.(!/%'0*'/')! -.!A#!.H/%.-#3)!.0!5G%$'0)-!;')/)(E5'*)-!4!-);.%#0)-6! J-E?!-'0!-.%!+0!/#%5.#2+#-!4!-'0!-.%!.-/.*5#*+(#%!*)$)! ()-!:+.!(.!*)05'0M#0?!0HGLRV VLQ ¿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hUJFcIFKOcJ

I0! .-5.! 5#(#05.?! +0)! 3.! ()-! *)0*./5)-! 3.! ()-! :+.! /#%5.!.-5.!(';%)!m:+.!.05%#!.0!%.(#*',0!*)0!5.H5)-!#0F 5.%')%.-?! /.%)! #! (#! &.1! #;%.! 0+.&)-! .(.$.05)-! 3.! %.F ÀH[LyQ± HV HO WpUPLQR 3).+'-:$-C%:'6!R'!.(!$)&'$'.0F 5)!-);.%#0)!/)%!.H*.(.0*'#!.-!.-.!/)%!.(!*+#(!A#!-'3)! /)-';(.!.-*'03'%!(#!&'3#!.05%.!.(!-'$/(.!A.*A)!3.!&'&'%! S]RƝY! 4! (#! $#0.%#! 3.! &'&'%! /%)/'#! 3.! +0! '03'&'3+)! )! 2%+/)!S2%)"Y?!.(!5G%$'0)!3).+'-:$-C%:'!A#*.!%.8.%.0*'#! #!+0#!&'3#!.0!(#!*+#(!0)!.-!/)-';(.!A#*.%!5#(!.-*'-',0?! 0)! .-! /)-';(.! 3.*'3'%! (#! -./#%#*',0! .05%.! ]RƝ! 4! 2%)"6! R,()! *+#03)! (#! &'3#! 3.! *#3#! :+'.0! A#! -'3)! 3'&'3'3#! .05%.! -+! #-/.*5)! $.%#$.05.! ;')(,2'*)! S&'3#! 0+3#Y! 4! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

GB


.-0$)-!/. -!"@!&'$.2!&0!6!"')##&75")+

-+!#-/.*5)!/)(E5'*)F<+%E3'*)!S8)%$#-!3.!&'3#!/#%5'*+(#F %.-Y?!.05)0*.-!A#!-'3)!/)-';(.!(#!-);.%#0E#?!.-!3.*'%?!.(! $)&'$'.05)!/)%!.(!*+#(!-.!/+.3.!3.*'3'%!:+'G0!&'&.!4! :+'G0!$+.%.?!*+903)!-.!-+-/.03.!(#!(.4!4!*+903)!.-59! &'2.05.6!I-!.-5#!-./#%#*',0!.05%.!]RƝ!4!2%)"(()!:+.!A#! A.*A)!/)-';(.!.(!*#$/)!3.!*)0*.05%#*',0!4!(#!/.0#!3.! $+.%5.?! /+.-! *+#03)! #(2+'.0! .-! %.3+*'3)! #! -+! $.%#! %.#('3#3! ;')(,2'*#! S3.<#%()! 8+.%#! 3.(! )%3.0! <+%E3'*)Y?! HV SRVLEOH HMHUFHU VREUH VX YLGD XQ SRGHU VLQ OtPLWHV $#5#%!-'0!*)$.5.%!#-.-'0#5)6!I(!/#%#3'2$#!3.!5#(!$)&'F PLHQWR HVWi SUHFLVDPHQWH HQ HO HVWDGR GH H[FHSFLyQ HV .0!(#!-+-/.0-',0!3.(!)%3.0!(.2#(!:+.!()-!'03'&'3+)-!%.3+F *'3)-!#!-+!&'3#!0+3#!:+.3#0!#!$.%*.3!3.(!-);.%#0)?!5)3)! .0!+0!.H5%#C)!$)&'$'.05)!:+.!'$/('*#!((.2#%!#!(#!&'3#?! -+-/.03'.03)!#:+.(()!:+.!(#!3.<#;#!8+.%#!S)%3.0!(.2#(Y6! R'0! .$;#%2)?! +0#! 3).+'-:$-C%:'?! 5#(! 4! *)$)! (#! *)0*';.!J2#$;.0?!-.%E#!+0#!&'3#!.0!(#!:+.!0)!/+.3.! -./#%#%-.!-+!*#%9*5.%!;')(,2'*)!S]RƝ?!:+.!.-!/)5.0*'#(! 4!2.0G%'*)Y!3.!-+!*#%9*5.%!/)(E5'*)!S('2#3)!#!+0#!*'.%5#! '3.05'3#3! )! /.%5.0.0*'#Y?! .0! (#! :+.! 0)! -.%E#! /)-';(.! .-*'03'%!()-!A.*A)-!;9-'*)-!3.(!.-5#%!&'&)!3.!(#!8)%$#! 3.!&'3#!3.!*#3#!:+'.06!I0!.-5.!-.05'3)?!()-!A.*A)-!;9F -'*)-!3.!(#!&'3#?!*)$)!&'3#!0+3#?!*)$)!]RƝ m%.-/'%#%?! 0+5%'%-.?! %./%)3+*'%-.?! .0&.<.*.%?! 0#*.%?! $)%'%m?! 0)! -)0!A.*A)-!-'$/(.-!-'0!$9-6!J(!*)05%#%')?!-)0!/#%5.!3.! 5)3#-!(#-!,)"%2%1%:':$"!3.!(#!&'3#!.0!-+!8)%$#-!/#%5'*+F (#%.-?!.-!3.*'%?!3.!(#!$#0.%#!*)$)!*#3#!:+'.0!-.!3.-F .0&+.(&.! *)$)! *'+3#3#0)?! /%)8.-')0'-5#?! .-5+3'#05.?! *)0-+$'3)%?!.5*G5.%#6!R'!(#!]RƝ .-!(#!/#%5.!0)!#*#;#3#! 3.!(#!&'3#?!/#%5.!/)5.0*'#(!4!2.0G%'*#?!#;'.%5#!#!()!/)F -';(._!4!(#!2%)"!.-!.-#!&'3#!('2#3#!#!*'.%5#-!8)%$#-!:+.! 0)-!'0-5#(#0!.0!+0#!*'.%5#!'3.05'3#3?!.0!+0#!*'.%5#!/.%F 5.0.0*'#_!.0!+0#!3).+'-:$-C%:'!0#3'.!/)3%E#!-.%!%.3+F *'3)!#!-+!]RƝ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Ɲ! 4! 2%)"6! J2#$;.0! 0)! 3+3#! .0! %.8.%'%-.! #(! c.%.*A)! %)$#0)! /#%#!3#%!*+.05#!3.!+0)!3.!()-!$)$.05)-!/#%#3'2$95'F *)-!.0!.(!*+#(!(#!&'3#!;')(,2'*#!)!]RƝ!.-!*%.#3#?!0)!-,()! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

FE

/)%!+0#!3.*'-',0!:+.!(#!-./#%#!3.!(#!2%)"?!-'0)!/)%!+0! $)&'$'.05)!0.2#5'&)!:+.!-,()!(#!%.*)0)*.!$.3'#05.! VX VXSUHVLyQ OD YLGD DSDUHFH HQ OD OH\ VyOR PHGLDQWH OD #$.0#1#!3.!-+/%'$'%(#!*+#03)!-.!5%#-2%.3.!(#!(.46!I-! /+.-!2%#*'#-!#!.-5#!.-*'-',0!:+.!(#!/)(E5'*#!4!(#!-);.%#F 0E#!A#0!-'3)!/)-';(.-!4!:+.!.0!*#3#!+0)!3.!0)-)5%)-!-.! /+.3.!3.*'3'%!#!*#3#!$)$.05)!3,03.!*)$'.01#!0+.-F 5%)!.-5#5+-!*)$)!#2.05.-!/)(E5'*)-!4!-)*'#(.-?!*)0!+0#! '3.05'3#3! 4! /.%5.0.0*'#! #-'20#;(.-! m*)$)! *'+3#3#F 0)-?!&)5#05.-?!$'('5#05.-?!$'.$;%)-!3.!.-5.!)!5#(!$)F &'$'.05)m!4!3,03.!*)$'.01#!0+.-5%#!.H'-5.0*'#!*)$)! $.%#!&'3#!;')(,2'*#?!2.0G%'*#!4?!/)%!5#05)?!0)!#*#;#F 3#6!=.%)!()!$9-!'$/)%5#05.!3.!+0#!3).+'-:$-C%:'!0)! .-!-,()!:+.!.0!.((#!0)!)*+%%.!5#(!.-*'-',0?!-'0)!:+.!-.F %E#! +0#! &'3#! :+.! *)0-.%&#! .0! 5)3#-! -+-! 3'$.0-')0.-! (#!/(#-5'*'3#3!4!(#!/)5.0*'#!3.!(#!]RƝ6!=)%!.(()!$'-$)?! -.%E#! &'3#! $8,6$"#'! :+.! 0)! /+.3.! #2)5#%-.! .0! .-5#! +! )5%#!'3.05'3#3?!.0!.-5#!+!)5%#!$'('5#0*'#6!R,()!#!/#%5'%! 3.!+0#!3).+'-:$-C%:'!5#(!-.%E#!/)-';(.!5#$;'G0!/.0-#%! .0!+0#!*)$+0'3#3!-'0!-);.%#0E#?!+0#!.0!(#!:+.!0#3#! /)3%E#!.H*(+'%-.?!/+.-!0)!A#;%E#!%.:+'-'5)!:+.!*+$/('%?! QR KDEUtD SHUWHQHQFLD D OD FXDO UHIHULUVH I05%.! ()-! -.%.-! :+.! :+'.%.0! -.%! -'.$/%.! %./%.-.05#3)-?! :+.! :+'.%.0!-.%!.-5#!+!)5%#!*)-#?!5.0.%!.-5#!+!)5%#!'3.05'3#3!4!:+.! A#0!#2)5#3)!-+!8+.%1#!.0!.-#-!*)-#-!.!'3.05'3#3.-!m.05%.!.-)-! -.%.-!0)!/+.3.!.H'-5'%!0'02+0#!*)$+0'3#3?!-'0)!-,()!*)'0*'F 3.0*'#-!4!/#%5'*')0.-!8#*5+#(.-6!R,()!/)3.$)-!*)$+0'*#%0)-! *)0!()-!)5%)-!#!5%#&G-!3.!#:+.(()!:+.!.0!0)-)5%)-!}s~!/.%$#F 0.*.!*)$)!/)5.0*'#(?!4!5)3#!*)$+0'*#*',0!}s~!.-?!#05.!5)3)?! *)$+0'*#*',0!0)!3.!#(2)!.0!*)$M0!-'0)!3.!(#!*)$+0'*#;'('F 3#3!.0!-E!$'-$#6!c.-/+G-!3.!5)3)?!-'!.H'-5.!+0!M0'*)!-.%?!G-5.! VHUtD DEVROXWDPHQWH LPSRWHQWH $JDPEHQ

=.0-#%!.0!+0#!*)$+0'3#3!-'0!-);.%#0E#!'$/('*#%E#! .05)0*.-! %.*)0)*.%! (#! 0.*.-'3#3! 3.! +0#! 3).+'-:$C%:'!:+.!-.!.0*+.05%#!.H/+.-5#!4!#;'.%5#!#!5)$#%!.-5#! +! )5%#! 8)%$#?! :+.! 0)! #2)5#! -+! /)5.0*'#! ('2903)-.! #! .-5#!+!)5%#!/.%5.0.0*'#!)!'3.05'3#36!c.!#AE!(#!'$/)-'F ;'('3#3!3.!-./#%#%!.0!.((#!#(2)!*)$)!]RƝ!4!2%)"?!/+.-! *+#03)!-.!%.#('1#!5#(!.-*'-',0!5#$;'G0!-.!-./#%#!#!(#! &'3#! 3.! -+! /)5.0*'#! 4! #/.%5+%#?! -.! (.! *)03.0#! #! -.%! ¿MDGD HQ HVWD X RWUD SHUWHQHQFLD (Q HVWH WDODQWH XQD &.%3#3.%#!*)$+0'3#3?!+0#!*)$+0'3#3!-'0!-);.%#0E#! 0'!.H*(+-',0?!0)!/)3%E#!#/.(#%!#!;#03.%#!)!'3.05'3#3! #(2+0#?!.0!.((#!(#!*)$+0'*#;'('3#3!.-5#%E#!;#-#3#!.0! 5)3)! ()! 0)! #*#;#3)?! 0)! %.-+.(5)! .0! 0)-)5%)-?! .0! 1)( $8,6$"#)6! I0! -+$#?! (#! /)-';'('3#3! 3.! 5#(! *)$+0'3#3! %.-'3.! .0! (#! %+,)#$*&%'! 3.! -+-! $'.$;%)-?! .-! 3.*'%?! .0!-+!*#%9*5.%!0)!#*#;#3)?!#;'.%5)!4!.H/+.-5)?!.0!-+!


$/&'!0%"!#%".%&#)<".6% .&&.-0$)-!

*#/#*'3#3! 3.! *)0-.%&#%! (#! /)5.0*'#! 5#05)! *+#03)! -.! :+.!.-!*#/#1!5#05)!3.!/)3.%!*)$)!3.!0)!/)3.%6! /#-#!#(!#*5)?!*)$)!*+#03)!0)!-.!/#-#!#!G(6 I-5#!'$/)5.0*'#!*)($#3#!3.!/)3.%!.-5#%9!$+4!('2#F GD FRQ RWUR WpUPLQR TXH HO ¿OyVRIR LWDOLDQR GHVDUUROODF ,0327(1&,$ 3$6,9,'$' Ui SRVWHULRUPHQWH OD LQRSHUDQFLD (VWH PXQGR GRQGH 7#!.0!"#!*)$+0'3#3!:+.!&'.0.!)!.0!.(!.0-#4)!3.F a3.;.$)-!-.%!5)3)!()!:+.!/)3.$)-b?!.0!.(!:+.!5.0.F 3'*#3)!#!%DUWOHE\ HO HVFULELHQW.!3.!@.%$#0!U.(&'((.! $)-! :+.! '05.05#%! -.%! 4! A#*.%! 5)3)! ()! :+.! *+#(:+'.%#! SaT#%5(.;4! )! 3.! (#! *)05'02.0*'#b?! XppvY?! .(! 5.$#! 3.! /+.3.!-.%!4!A#*.%?!.-!5#$;'G0!+0!$+03)!3)03.!-.!0)-! (#!'$/)5.0*'#!4!(#!'0)/.%#5'&'3#3!A#;E#0!#;'.%5)!+0#! KD FRQ¿VFDGR QXHVWUD SRWHVWDG GH QR SRGHU LPSRWHQF ULFD YHWD GH UHÀH[LyQ VREUH WRGR SRUTXH HQ WDOHV WUDF *'#!:+.!0)-!/.%$'5.!0)!/)3.%!5)3)!#:+.(()!:+.!.-5#F ;#<)-!.(!5G%$'0)!%+,)#$*&%'(0)!.-!-'0,0'$)!3.!-'$/(.! $)-!);('2#3)-!#!A#*.%6!"#!'0)/.%#5'&'3#3!0)-!A#;(#!3.! /#-'&'3#36!=#%#!J2#$;.0!(#!'$/)5.0*'#!A#;(#!3.!.-.! +0#!,.'8%"(TXH YXHOYH LQH¿FDFHV ODV REUDV KXPDQDV .-5#3)!3.!.H/)-'*',0!m*)05.$/(#*',0?!.0!5G%$'0)-!3.F 3.!(#!$'-$#!$#0.%#!:+.!(#!/).-E#!&+.(&.!'0)/.%#05.! (.+1'#0)-m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`)!3.<#! XVRV /D ¿HVWD VHUtD XQ FDVR SDUDGLJPiWLFR GH LQRSHF 3.!%.-+(5#%!.H5%#C)!+5'('1#%!.(!5G%$'0)!,'"%C%:':?!/+.-! %#0*'#?!/+.-!.0!.((#!()!'$/)%5#05.!0)!.-!-,()!()!:+.!0)! *)$)!;'.0!()!#/+05#!^#((!SXpppY?!#(!/.0-#%!.0!+0#!'$F -.!A#*.?!-'0)!:+.!()!A.*A)!-.!#;%.!#!)5%)!/)-';(.!+-)6! /)5.0*'#! 8.*+03#! .0! /)-';'('3#3.-! .-5#$)-! $9-! ;'.0! I0!5G%$'0)-!3.(.+1'#0)-?!5#05)!(#!'$/)5.0*'#!*)$)!(#! #05.!+0#!,'"%C%:':!.':%&'16!I(!*#-)!3.!T#%5(.;4!-.%E#! LQRSHUDQFLD QRV UHPLWLUtDQ D XQ SURFHVR GH GHV FRGL¿F XQ EXHQ HMHPSOR GH HOOR HO R¿FLQLVWD FRQWHVWD D WRGDV *#*',0?!3.!/+.-5#!.0!<#:+.!3.!5)3)-!()-!*,3'2)-?!()!*+#(! ODV yUGHQHV GH VX MHIH GLFLHQGR ³SUHIHULUtD QR KDFHUF #;%'%E#!(#!/)-';'('3#3!3.!+0#!0+.&#!8)%$#!3.!(+*A#6 ()b_!0)!-'$/(.$.05.!-.!*)0*%.5#!#!3.*'%!a0)b?!/+.-!-+F J2#$;.0!#5'-;#;#!:+.!(#-!(+*A#-!/)%!.(!/)3.%!.0! SRQGUtD XQD IRUPD GH GHWHUPLQDFLyQ TXH OR ¿MDUtD HQ .(! 8+5+%)! 0)! -.%90! /%)5#2)0'1#3#-! .05%.! .(! I-5#3)! 4! (#!-'$/(.!0.2#*',0?!/.%)!5#$/)*)!/#-#!#(!#*5)?!/+.-! #:+.(()-!:+.!3.-.#0!5)$#%!.(!*)05%)(!3.(!$'-$)?!$9-! 0)!A#*.!0#3#!3.!()!:+.!-.!(.!)%3.0#_!-'0!.$;#%2)?!.0! ;'.0?!(#!(+*A#!3.*'-'&#!-.%9!.05%.!I-5#3)!4!0)FI-5#3)?! .(!a/%.8.%'%E#b!-.!#;%.!/%.*'-#$.05.!.-.!.-/#*')!3.!0)! HV GHFLU HQWUH XQ GLVSRVLWLYR TXH FRGL¿FD \ H[LJH SHUF #*#;#$'.05)?!.-/#*')!'03.*'3';(.!.0!.(!*+#(!.(!-.%!4!(#! 5.0.0*'#-! .! '3.05'3#3.-! 4?! /)%! )5%)! (#3)?! 3).+'"-:$QDGD VH YXHOYHQ LQGLIHUHQWHV ³XQD SUHIHUHQFLD \ XQD C%:' QR FRGL¿FDGDV LUUHGXFWLEOHV D LGHQWLGDG R SHUF /)5.0*'#! :+.! 0)! -'%&.0! 4#! /#%#! #-.2+%#%! (#! /%'$#*E#! 5.0.0*'#!#(2+0#6!I0!0HGLRV VLQ ¿Q .(!5.$#!%.#/#%.*.! 3.(!-.%!-);%.!(#!0#3#?!-'0)!:+.!.H'-5.0!-'0!%#1,0?!.0!(#! FRQ SDUWLFXODU LQVLVWHQFLD ³>«@ OR TXH HO (VWDGR QR LQGLIHUHQFLD HQWUH HO VHU \ OD QDGD´ $JDPEHQ /+.3.!5)(.%#%!.0!0'02M0!-.05'3)!.-!:+.!-'02+(#%'3#3.-! XXzY6!=.%)?!3.!0+.&)?!.-5#!'03'8.%.0*'#!0)!.-!/#-'&'3#3! 8)%$.0!+0#!*)$+0'3#3!-'0!*(#$#%!+0#!'3.05'3#3?!:+.! -'0!$9-?!-'0)!-.!5%#5#!3.!+0#!8)%$#!3.!'$/)5.0*'#!)!/#F -.%.-! A+$#0)-! -.! *)F/.%5.0.1*#0! -'0! +0#! *)03'*',0! -'&'3#3!%#3'*#(!:+.!.-!5#$;'G0?!/)%!/#%#3,<'*)!:+.!/#F %./%.-.05#;(.! 3.! /.%5.0.0*'#! S-.%! '5#('#0)?! 3.! (#! *(#F UH]FD XQD IRUPD GH SRGHU ³SRGHU QR SRGHU HO DFWR´ VH WUDEDMDGRUD FDWyOLFR WHUURULVWD HWF ´ /+.-!-'!0)!/#-#$)-!#(!#*5)!*)0-.%&#$)-!(#!/)5.0*'#!3.! I-5.! /(#05.#$'.05)! #2#$;'#0)! 0)! 3.<#! 3.! $)-5%#%-.! /)3.%!A#;.%()!A.*A)?!/.%)!-'!/#-#$)-!#(!#*5)?!5#$;'G0! *.%*#0)!#!(#!*)0*./*',0!:+.!3.!(#!.-:+'1)8%.0'#!3.-#F *)0-.%&#$)-!(#!/)5.0*'#!3.!0)!/)3.%!A#;.%()!A.*A)6! %%)((#%)0!g'((.-!c.(.+1.!4!N.('H!g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

F@


.-0$)-!/. -!"@!&'$.2!&0!6!"')##&75")+

+0!*,3'2)!.0!.(!*+#(!5)3#-!(#-!/)-5+%#-!/+.3#0!5%#3+F *'%-.?!5)3#-!(#-!-'02+(#%'3#3.-!/+.3#0!.0*#<#%?!/.%)!.0! (#!(,2'*#!.-:+'1)8%G0'*#!0'02M0!*,3'2)!/+.3.!#-+$'%F VH SHUPDQHQWHPHQWH WRGR VX YXHOYH ÀXLGR I(!.-:+'1)!3'-/)0.!$)3)-!3.!)%'.05#*',0!:+.!(.!-)0!/%)/')-?! /)%:+.!3.!'0'*')!3'-/)0.!3.!+0!*,3'2)!3.!%.2'-5%)!/#%5'*+(#%! :+.! 0)! *)'0*'3.! *)0! .(! *,3'2)! -)*'#(! )! :+.! *)'0*'3.! *)0! G(! -,()!/#%#!/#%)3'#%()6!I(!*,3'2)!3.('%#05.!)!3.-.#05.!/)-..!+0#! HQRUPH ÀXLGH] 8QR GLUtD TXH HO HVTXL]RIUpQLFR SDVD GH XQ *,3'2)! #! )5%)?! :+.! $.1*(#! 5)3)-! ()-! *,3'2)-?! .0! +0! 3.-/(#F 1#$'.05)! %9/'3)?! -'2+'.03)! (#-! *+.-5')0.-! :+.! -.! (.! A#*.0?! -'0!3#%!3.!+0!3E#!#!)5%)!(#!$'-$#!.H/('*#*',0?!-'0!'0&)*#%!(#! $'-$#!2.0.#()2E#?!-'0!%.2'-5%#%!3.!(#!$'-$#!$#0.%#!.(!$'-$)! .&.05)?!#*./5#03)!'0*(+-)?!*+#03)!-.!(.!'$/)0.!4!0)!.-59!'%%'F 5#3)?!.(!*,3'2)!;#0#(!.3E/'*)?!#!%'.-2)!3.!-#5+%#%()!*)0!5)3#-! (#-! 3'-4+0*')0.-! :+.! .-5.! *,3'2)! .-5#;#! 3.-5'0#3)! #! .H*(+'%! 'HOHX]H \ *XDWWDUL

R'0!.$;#%2)?!5#05)!/#%#!J2#$;.0!*)$)!/#%#!.-5)-! 3)-!/.0-#3)%.-!8%#0*.-.-?!(#-!*)-#-!0)!-)0!5#0!-.0*'F ((#-?!/+.-!-#;.0!3.!(#!.0)%$.!*#/#*'3#3!3.(!*#/'5#('-F PR SDUD KDFHU GH WDO WUDEDMR GH GHVFRGL¿FDFLyQ \ GH WDO HVWDGR GH ÀXLGH] OD SLHGUD GH WRTXH GH OD HVWDELOLF 3#3!4!(#!*)05'0+'3#3!3.!(#!A.2.$)0E#!*#/'5#('-5#6!>)0! 5)3)?!(.<)-!3.!A#*.%!.:+'&#(.05.-!.-:+'1)8%.0'#!4!*#F /'5#('-$)?!c.(.+1.!4!g+#55#%'!&.%90!:+.!#!/.-#%!3.!(#! *#/#*'3#3!:+.!5'.0.!G-5.!M(5'$)!/)%!+)*#'."$!.0!(#!1<0%&'(.-:+'1)8%G0'*#!4!A#*.%(#!*)03'*',0!3.!-+!/%)/')! 3.-#%%)(()?!.(!*#/'5#('-$)!-'.$/%.!5.%$'0#%9!/)%!%.'0F 5%)3+*'%!4!%.-5#+%#%!5)3)!5'/)!3.!*,3'2)-?!a5)3#!-+.%5.! 3.!5.%%'5)%'#('3#3.-!%.-'3+#(.-!4!8#*5'*'#-?!'$#2'0#%'#-! )!-'$;,('*#-?!-);%.!(#-!*+#(.-!'05.05#?!;'.0!:+.!$#(?! UHFRGL¿FDU EORTXHDU ODV SHUVRQDV GHULYDGDV GH ODV FDQWLGDGHV DEVWUDFWDV´ 'HOHX]H \ *XDWWDUL I0!-+$#?!#!/.-#%!3.!-+!2%#0!*#/#*'3#3!3.!5)%-',0?!.(! *#/'5#('-$)! -'.$/%.! *#.%9! .0! (#! 5.05#*',0! 3.! &)(&.%! #!.-5#;(.*.%!*,3'2)-!4!0+.&#-!5.%%'5)%'#('1#*')0.-6!")! $'-$)!)*+%%.!/#%#!J2#$;.0?!/+.-!#+0:+.!%.*)0)1*#! .0!.(!*#/'5#('-$)!+0#!3'09$'*#!#(5#$.05.!.8.*5'&#!/#%#! YDOHUVH GH DTXHOOR TXH UHFKD]D WRGR FyGLJR ¿QDOPHQWH G-5.!0)!/+.3.!%.0+0*'#%!#!.-5#;(.*.%!+0#!4!)5%#!&.1!(#! FRGL¿FDFLyQ RULJLQDULD GH OD TXH SDUWH WRGD SROtWLFD OD .-*'-',0!.05%.!]RƝ!4!2%)"?!.05%.!&'3#!*)$)!/+%#!/)5.0*'#! \ YLGD FRGL¿FDGD SRU XQD LGHQWLGDG R XQD SHUWHQHQFLD RBTIhJ`|J!7!TOB=B"|DO>J

=.%)!-.%E#!$+4!('$'5#3)!3.*'%!:+.!(#!.-5%#5.2'#!.0! (#!:+.!-.!;#-#!5)3)!$)&'$'.05)!-);.%#0)!-.!#2)5#!.0! -./#%#%!]RƝ!3.!2%)"!S)!.0!'0&.05#%!5#(!-./#%#*',0Y6!I0! %.#('3#3?! ()! $9-! '$/)%5#05.! .-! :+.! +0#! &.1! *%.#03)! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

FC

5#(!.-*'-',0!.-!/)-';(.!*))%3'0#%!4!2.-5')0#%!(#!$#0.%#! .0!:+.!+0#!4!)5%#!-.!/+.3.0!$.1*(#%!4!&)(&.%!'03'-F *.%0';(.-_!.-!3.*'%?!()!&.%3#3.%#$.05.!3.*'-'&)!0)!.-! *%.#%! (#! .-*'-',0?! -'0)! <+2#%! *)0! ()-! (E$'5.-! *%.#3)-6! J-E!/+.-?!0)!;#-5#!*)0!3'-5'02+'%!.05%.!]RƝ!4!2%)"?!.(! $)&'$'.05)! -.! *)$/(.5#! *+#03)! 5#$;'G0! -.! 5'.0.! (#! /)5.-5#3!3.!3.*'3'%!*+9(!.-!(#!8%)05.%#!:+.!(#-!-./#%#?! <+2#%!*)0!.((#?!3.*'3'%!*+903)!-.!*)$;'0#0!4!*+903)! .05%#0!.0!+0#!1)0#!3.!'03'-*.%0';'('3#36!I(!3'-/)-'5'&)! :+.! $.<)%! .&'3.0*'#! 5#(! <+.2)! .-?! -'0! 3+3#?! .(! $"#':)(:$($8&$,&%<*_!.-!.0!5#(!.-5#3)!:+.!()!;')(,2'*)!-.! &+.(&.! /)(E5'*)! 4! ()! /)(E5'*)! ;')(,2'*)?! /%.*'-#$.05.! #AE!*+#03)!(#!-+-/.0-',0!3.!(#!(.4!'05%)3+*.!()!:+.!#0F WHV KDEtD TXHGDGR IXHUD QXHVWURV FXHUSRV FRPR YLGD QXGD H[SXHVWRV D XQ SRGHU VLQ OtPLWHV VLQ OH\ K'&'%!.0!.-5#3)!3.!.H*./*',0?!:+.!#A)%#!-.!A#!*)0&.%5'3)!.0! OD UHJOD VLJQL¿FD WDPELpQ HVWR QXHVWUR FXHUSR ELROyJLFR SULF &#3)! A#! 3.&.0'3)! '03'-5'02+';(.! 3.! 0+.-5%)! *+.%/)! /)(E5'*)?! .H/.%'.0*'#-! :+.! #(2+0#! &.1! 8+.%)0! ((#$#3#-! /)(E5'*#-! -)0! IUHFXHQWHPHQWH FRQ¿QDGDV HQ QXHVWUR FXHUSR ELROyJLFR \ ODV .H/.%'.0*'#-!/%'&#3#-!-.!/%.-.05#0!.((#-!$'-$#-!3.!$#0.%#!-MF ELWD IXHUD GH QRVRWURV FRPR FXHUSR SROtWLFR $JDPEHQ XvzY6

=)3%E#$)-!/%.2+05#%0)-!*)0!<+-5#!%#1,0!-'!(#!/%)F /+.-5#! #2#$;'#0#?! #! (#! A)%#! 3.! *)0*.;'%! +0#! *)$+F 0'3#3! -'0! -);.%#0E#?! *)0-'-5.! .0! /.0-#%! (#! &'3#! $9-! #((9!3.!-+!.-*'-',0!.05%.!]RƝ!4!2%)"?!.0!A#*.%!;)%%)-#! -+!-./#%#*',0_!4!-'!5.0.$)-!:+.!.(!I-5#3)!;+-*#!$9-! R PHQRV OR PLVPR MXJDU \ KDFHU À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


$/&'!0%"!#%".%&#)<".6% .&&.-0$)-!

2'*)!.0!()!/)(E5'*)!4?!3.;'3)!#!.(()?!A#*.%!3.(!/%'$.%)! XQ HOHPHQWR GH JHVWLyQ H LGHQWL¿FDFLyQ WDQ DVHTXLEOH *)$)!*+#(:+'.%!)5%)!.(.$.05)!3.!(#!&'3#!/)(E5'*#6! "#!;')/)(E5'*#!-.%E#!/%.*'-#$.05.!.(!/#%#3'2$#!3.! .-5.!$)&'$'.05)!/)%!.(!*+#(!(#!&'3#!;')(,2'*#!-.!*)0F &'.%5.!.0!+0!'33'%.$!3.!I-5#3)?!-.!*)0&'.%5.!.0!+0!3#5)! $9-!3'-/+.-5)!#!-.%!$.3'3)?!*)05#;'('1#3)!4!2.-5')0#F 3)!;#<)!*'.%5)-!/#%9$.5%)-!/)(E5'*)-!3.!/.%5.0.0*'#!)! '3.05'3#36!I0!.-5.!-.05'3)?!(#!;')/)(E5'*#!-.%E#!(#!$9H'F $#! .H/%.-',0! 3.! (#! -);.%#0E#?! .H/%.-',0! /)%! (#! *+#(! .-! /)-';(.! &)(&.%! ;)%%)-#! 4! <+2#%! *)0! (#! ;#%%.%#! :+.! -./#%#!]RƝ!4!2%)"6!I0!5#(!<+.2)!.(!I-5#3)!5'.0.!$+*A)! /)%!2#0#%?!.05%.!)5%#-!*)-#-?!/+.3.!3.5.%$'0#%!#!*#3#! $)$.05)!3,03.!*)$'.01#!(#!&'3#!/)(E5'*#!4!3,03.!(#! &'3#!0+3#?!3,03.!*)$'.01#0!()-!3.%.*A)-!3.(!A)$;%.! .0!5#05)!-.%!&'&'.05.!4!3.(!A)$;%.!.0!5#05)!*'+3#3#0)?! #;%'.03)!+0#!#$/('#!8%#0<#!3.!'03'-*.%0';'('3#3!.0!(#! *+#(!.-!/)-';(.!A#*.%!$+*A#-!*)-#-6!>#-)!/#%#3'2$9F 5'*)!3.!5#(!<+.2)!.-59!.0!()-!3.%.*A)-!A+$#0)-6!=#%#! J2#$;.0?!.0!.(!/%)/')!(.$#!ac.*(#%#*',0!3.!()-!3.F %.*A)-!3.(!A)$;%.!4!3.(!*'+3#3#0)b!SXqzpY!A#4!+0#! *'.%5#!#$;'2Å.3#3!:+.!/.%$'5.!+0!<+.2)!.0!(#!#/('*#F *',0!3.!5#(.-!3.%.*A)-?!/+.-![-.!5%#5#!3.!()-!$'-$)-! 3.%.*A)-! *+#03)! 0)-! %.8.%'$)-! #(! A)$;%.! *)$)! -.%! &'&'.05.!4!*+#03)!0)-!%.8.%'$)-!#(!A)$;%.!*)$)!*'+F 3#3#0)\!=#%#!J2#$;.0!.-59!*(#%)!:+.!0)!4!(#!/%+.;#! GH HOOR HVWi HQ OD ¿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Å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

&'3#!;')(,2'*#!.05%#!#!8)%$#%!/#%5.!3.(!)%3.0!<+%E3'*)F /)(E5'*)!4!*+903)!0)?!:+.!*#3#!I-5#3)F0#*',0!/+.3.! 3.*'3'%! 5#$;'G0! A#-5#! 3,03.! ((.2#0! ()-! 3.%.*A)-! 3.! *#3#!:+'.0!4?!.0!M(5'$#!'0-5#0*'#?!*+9(!&'3#!$.%.*.!-.%! YLYLGD \ FXiO QR )LQDOPHQWH HV OD ¿JXUD GHO UHIXJLDGR :+'.0!A#*.!/#5.05.!(#!0)!0.*.-#%'#!*)'0*'3.0*'#!.05%.! YLGD ELROyJLFD \ YLGD GHO FLXGDGDQR ³6L HO UHIXJLDGR %./%.-.05#! 5#0! '0:+'.5#05.! .(.$.05)! .0! .(! )%3.0! 3.(! I-5#3)F0#*',0?! .-! /%'$#%'#$.05.! /)%:+.?! %)$/'.03)! (#!'3.05'3#3!.05%.!.(!-.%!A+$#0)!4!.(!*'+3#3#0)!4!.05%.! QDWLYLGDG \ QDFLRQDOLGDG OOHYD OD RULJLQDULD ¿FFLyQ GH OD VREHUDQtD D VX FULVLV´ $JDPEHQ "J!>JhJ!7!I"!gIRDB

`)!-,()!.0!0HGLRV VLQ ¿Q -'0)!.0!2%#0!/#%5.!3.!(#! );%#! #2#$;'#0#! -);%.&'.0.! +0#! 3+3#! 3.! $#0.%#! %.F FXUUHQWH ¢KD\ DOJXQD VDOLGD D HVWH HVWDGR GH FRVDV" [A#4! #(2+0#! /)-';'('3#3! 3.! .-*#/#%! 3.! (#! (,2'*#! -)F ;.%#0#\?! [.-! /)-';(.! -+/.%#%! (#! .-*'-',0! :+.! /.%$'5.! :+.!#!*#3#!$)$.05)!0+.-5%#!&'3#!/+.3#!-.%!);<.5)!3.! 3.*'-',0\! 7#! ()! A#;E#$)-! #3.(#05#3)! (E0.#-! #%%';#?! (#! %.-/+.-5#! .-! /)-'5'&#6! c.! A.*A)?! (#! );%#! -);%.! (#! FXDO DTXt UHÀ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a.-!/);%.!3.!$+03)b6!R'0!.$;#%2)?!/#%#! HO ¿Oy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

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

FD


.-0$)-!/. -!"@!&'$.2!&0!6!"')##&75")+ /)-.-',0!3.!-+!/%)/'#!4!&.%3#3.%#!#/#%'.0*'#6!")-!-.%.-!A+$#F 0)-!5%#0-8)%$#0!()!#;'.%5)!.0!+0!$+03)?!.-!3.*'%?!.0!.(!*#$/)! GH EDWDOOD GH OD YLGD SROtWLFD VLQ FXDUWHO $JDPEHQ

(Q HVWH VHQWLGR OD H[SRVLFLyQ VLJQL¿FD YLYLU FRQ +0#!*#%#!4!0)!*)0!+0!%)-5%)!m#(2)!$+4!*.%*#0)!#!(#! .)"#.%:':!5%#;#<#3#!/)%!c.(.+1.!4!g+#55#%'!.0!D%1(+$"$#'"!SXpzWY?!.0!*)0*%.5)!.0!.(!*#/E5+()!((#$#3)!aJC)! *.%)Fh)-5%'3#3bm?!&'&'%!3.-/%.)*+/#3)-!3.!()-!.-/.<)-! 4!3.!(#-!'$92.0.-!:+.!/%)4.*5#0?!/+.-!0)!A#4!%)-5%)! .0!.(!*+#(!%.*)0)*.%0)-?!-'0)!-)(#$.05.!+0#!*#%#!:+.! FRLQFLGH FRQ VXV JHVWRV VLQ ¿MDUVH HQ QLQJXQD DSDF %'.0*'#6!R'!.H'-5.!(#!/)-';'('3#3!3.!+0#!*)$+0'3#3!-'0! -);.%#0E#?!-.%E#!#:+.((#!.0!:+.!0'02+0#!*#%#!/+3'.%#! ¿MDUVH HQ XQ URVWUR VHUtD XQD SOXUDOLGDG GH FDUDV HQ (#-!:+.!5)3)-!/)3%E#$)-!%.*)0)*.%0)-?!/+.-!*#3#!+0#! 3.! .((#-! -.%E#?! #! -+! &.1?! (#! /(+%#('3#3! -+-! 2.-5)-6! "#! FDUD FRPR OR QR ¿MR OR QR DFDEDGR HQ FDGD XQR GH 0)-)5%)-?!.-!.(!(+2#%!3.-3.!3)03.!(#!*)$+0'*#*',0!.-! /)-';(.?!0)!*)$)!+0!*)0<+05)!3.!$.0-#<.-!*)0*%.5)-?! -'0)!*)$)!/+%#!&)+6*%&'2%1%:':6! "#! *#%#! .-! (#! .H/)-'*',0! 3.! -+-! 2.-5)-?! 3'09$'*#! TXH QR DVSLUD D ¿MDUVH HQ XQ URVWUR TXH QR DVSLUD D ¿Q #(2+0)?! /+.-! .(! 2.-5)! $'-$)! .-! +0! /+%)! a$.3')! -'0! ¿Q´ (O JHVWR QR SXHGH GH¿QLUVH FRPR XQ PHGLR SDUD SURGXFLU XQ ¿Q ±SRU HMHPSOR DVXPLU XQD LGHQWLGDG R /%)3+*'%!+0#!%.#**',0!3.5.%$'0#3#!.0!()-!)5%)-m?!/.%)! WDPSRFR HV XQ ¿Q HQ Vt PLVPR QR HV PHWD QR QRV '0-5#(#!.0!0#3#6!"#!#*5'&'3#3!2.-5+#(!.-!()!:+.!-.!)/)F 0.!5#05)!#!(#!#*5'&'3#3!/%)3+*5'&#!*)$)!#!(#!#*5'&'3#3! :+.!.-!$.%#!,.'8%"?!4#!:+.!$'.05%#-!G-5#!.-!.(!%.'0)! GH ORV ¿QHV VLQ PHGLRV \ DTXpOOD VH EDVD HQ OD E~VTXHF GD ORV PHGLRV DGHFXDGRV SDUD ORJUDU FLHUWRV ¿QHV OD /%'$.%#!%)$/.!*)0!(#!8#(-#!#(5.%0#5'&#!.05%.!$.3')-!4! ¿QHV LQVWDOiQGRVH ~QLFDPHQWH HQ ORV PHGLRV (O JHVF 5)?!*)$)!(#!3#01#?!.-!(#!/+%#!.HA';'*',0!3.!()-!$)&'F

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

F?

$'.05)-!*)%/)%#(.-!:+.!-)0!$.3')-!3.!-E!$'-$)-?!-'0! QLQJXQD ¿QDOLGDG ³6L OD GDQ]D HV JHVWR OR HV VREUH 5)3)!/)%:+.!0)!.-!$9-!:+.!(#!3+%#*',0!4!(#!.HA';'*',0! 3.(!*#%9*5.%!3.!$.3')!3.!()-!$)&'$'.05)-!*)%/)%#(.-b! $JDPEHQ (Q XQD FRPXQLGDG VLQ VREHUDF 0E#!(#!#**',0!-.!.H/%.-#%E#!-'.$/%.!*)$)!2.-5)?!.-!3.F FLU FRPR HO GHVSOLHJXH GH SXURV PHGLRV VLQ ¿QDOLGDG QL FRQFOXVLyQ VLQ ¿MDFLyQ QL SHUWHQHQFLD "#!/)(E5'*#!:+.!-+%2'%E#!.0!5#(!8)%$#!3.!*)$+0'3#3! -.%E#!+0#!.0!(#!:+.!(#-!3).+'"-:$-C%:'?!(#!.H/)-'*',0!3.! (#-!*#%#-!4!.(!$.%)!5%#0-'5#%!3.!()-!2.-5)-?!5%#5#%E#0!3.! *)0<+%#%!(#!/)-';'('3#3!3.!'0-5#(#%0)-!.0!+0#!'3.05'3#3! SHUPDQHQWH GH UHFRQRFHUQRV HQ XQ URVWUR ¿MR GH HYLF 5#%!5)3#!8)%$#!3.!/.%5.0.0*'#!4!.H*(+-',0?!3.!5)$#%0)-! FRPR PHGLRV SDUD XQ ¿Q R FRPR ¿QHV VLQ PHGLRV ³/D /)(E5'*#!.-!(#!.-8.%#!3.!()-!/+%)-!$.3')-?!.-!3.*'%?!3.!(#! #;-)(+5#!4!*)$/(.5#!2.-5+#('3#3!3.!()-!-.%.-!A+$#0)-b6 hINIhI`>OJR

J2#$;.0?! g6! SVWWWY?! 0HDQV :LWKRXW (QG 1RWHV RQ X)1%#%&"?!U'00.#/)('-?!P0'&.%-'54!)8!U'00.-)5#6 J2#$;.0?!g6!SVWWyY?!aT#%5(.;4!)!3.!(#!*)05'02.0*'#b?! .0! 3UHIHULUtD QR KDFHUOR6! %DUWOHE\ HO HVFULELHQWH?! K#(.0*'#?!=%.5.H5)-6 J2#$;.0?!g6!SVWWqY?!7KH &RPLQJ &RPPXQLW\?!U'0F 0.#/)('-?!P0'&.%-'54!)8!U'00.-)5#6 c.(.+1.?!g'((.-!4!NG('H!g+#55#%'!SXpqVY?!/¶$QWL ¯GLSH &DSLWDOLVPH HW VFKL]RSKUpQLH ?!=#%E-?!".-!I3'F 5')0-!3.!U'0+'56 c.(.+1.?! g'((.-! 4! NG('H! g+#55#%'! SXpzWY?! D%11$( ,1'WHDX[ &DSLWDOLVPH HW VFKL]RSKUpQLH ?! =#%E-?! ".-! I3'5')0-!3.!U'0+'56 ^#((?!D6!>6!SXpppY?!5DGLFDO 3DVVLYLW\ !/HYLQDV %ODQ&5)#E( '*:( ;0'+2$*?! J(;#04?! R5#5.! P0'&.%-'54! )8! 1HZ <RUN 3UHVV


in-contingencia

'!&

3)'&').=$!A) ?)6%"#'@).%)3

K

O

'( &)+6*%:':( H6$( C%$*$! SXppWY! 3.! g')%2')! J2#$;.0! $#%*#! +0! A'5)! 0)! -,()! .0! (#! *)0-F WUXFFLyQ GHO SHQVDPLHQWR GHO ¿Oy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t FXDOTXLHUD6!J:+E?!(#!#/)%E#!*)0-'-5.!.0!A#*.%! $.5#8E-'*#!-'0!$.5#8E-'*#?!+0!.0*+.05%)!.05%.!(#( C%:'( *6:'(4!.(!#*)05.*.%!('02Ã…E-5'*)!3.(!A)$;%.6 "#!5#%.#!0)!-.!/%.-.05#!89*'(?!3#3)!:+.!0)!-.!5%#5#! -,()!3.!+0#!3'-/+5#!3.!*#5.2)%E#-?!-'0)!3.!(#!/)-';'('F 3#3!3.!&'-(+$;%#%!+0#!*)$+0'3#3!-'0!-+<.5)?!%)$/'.0F GR FRQ HO SULQFLSDO OD]R GH OD YLGD SROtWLFD PRGHUQD (#! -);.%#0E#6! "#! *)$+0'3#3! -);.%#0#! 3.! B**'3.05.! -.! 8+03#! .0! +0#! ;')/)(E5'*#?! *+4)! $.*#0'-$)! %.*5)%! .-!(#!.H*(+-',0?!(#!%.2+(#*',0!3.!(#!$'-$#!&'3#!.0!.(! #8+.%#!4!.(!#3.05%)!3.!(#!*)$+0'3#36!I-5#!.-!+0#!*#F %#*5.%E-5'*#! );-.%&#;(.! .0! 5)3#! 8)%$#! 3.! *)$+0'3#3! /)(E5'*#! S4! *)0! $#4)%! *(#%'3#3! .0! .(! 5)5#('5#%'-$)! 4! (#! 3.$)*%#*'#Y?! .0! 5#05)! '0-5%+$.05)! 3.! -.(.**',0! #! 5%#&G-!3.!(#!*)0-)('3#*',0!3.!+0#!*)$+0'3#3!3.)*#$.%!

3URIHVRU GH ¿ORVRItD HQ HO ,QVWLWXWR 6DOHVLDQR GH (VWXGLRV 6XSHULRUHV

Q

]DGD S0)!-,()!.0!.(!-.05'3)!/+%#$.05.!5.%%'5)%'#(?!-'0)! -);%.! 5)3)! '3.05'5#%')Y6! c'*A#! *)0-)('3#*',0! 0)! -,()! /)-';'('5#! *(#%'3#3! .0! (#-! /)(E5'*#-! .+2.0G-'*#-?! -'0)! VREUH WRGR HQ OD GH¿QLFLyQ GH ³XQ HQHPLJR´ XQ DIXHF UD H[FHSFLyQ 8Q DGHQWUR \ XQ DIXHUD GH OD OH\ TXH HV (#!3'-5'0*',0!8+03#*')0#(!3.!(#!&'3#!/)(E5'*#!.05%.!2%)"! 4!]RH?!)!(#!,6.'!&'3#!4!(#!&'3#!$*!(#!(.46 $JDPEHQ FRPLHQ]D KDFLHQGR XQ UHF *+.05)!3.!()-!*+#5%)!5%#-*.03.05#(.-!3.!(#!.-*)(9-5'*#?! .-!3.*'%?!(#-!*+#('3#3.-!)05)(,2'*#-!#/('*#;(.-!#!a*+#(F :+'.%#!.05.b!SH6):1%2$#($*"Y6!I(!*+#(:+'.%#!.05.?!0)!.-! -,()! '03'8.%.05.$.05.! *+#(:+'.%#?! a}s~! 0)! '$/)%5#! *+#(sb?!-'0)!a.(!-.%!5#(!:+.?!-.#!*+#(!-.#?!'$/)%5#b6! I-5#!.0+0*'#*',0!3.!(#-!*+#('3#3.-!5%#-*.03.05#(.-!4! 3.(!-.05'3)!8)%$#(!3.(!H6):1%2$#?!/%./#%#0!.(!5.%%.0)! SDUD HO DQiOLVLV GH OD DSRUtD SROtWLFD PRGHUQD ¢FyPR D¿UPDU XQD SURSLHGDG WUDVFHQGHQWDO XQLYHUVDO HQ XQ $*"!'0.8#;(.!/)%!-+!-'02+(#%'3#3\! "#!-'02+(#%'3#3!3.(!&6'1"$' OH HV GDGD HQ HO D¿DQF 1#$'.05)!3.!-+!&)(+05#3!S1%2$#Y6!I(!&6'1"$'!.-!.(!a*+#(F -.FH6%$.'b?! +0#! #+5#%:+E#! 8+03#3#! .0! .(! 3.-.)6! 7! .-! .-5#! -.0*'((#! %.(.*5+%#! 3.! +0#! -.05.0*'#! $.3'.&#(?! (#! :+.!%.&.(#!.(!-.05'3)!%.*5)%!3.!(#!*)$+0'3#3!:+.!&'.F 0.6!I0!.8.*5)?!.(!&6'1"$'(.-!+0#!.-/.*'.!3.!-+-/.0-',0! 3.! 0+.-5%)! $+03)! $#0':+.)?! +0! .-5#3)! (E$;'*)! -'0! GHVWLQR QL GHWHUPLQDFLyQ 8QD ¿JXUD ³LQRFHQWH´ DOHF <#3#!3.!(#!<+-5'*'#!3'&'0#!/.%)!5#$;'G0!3.!-+!2()%'#!S0)! KDELWD HQ HO LQ¿HUQR GH ORV SHFDGRUHV SHUR WDPSRFR -.!(.!A#!/.%$'5'3)!.05%#%!#(!/#%#E-)Y6!`)!.-!+0#!'0)F *.05.!*%.#5+%#!:+.!-.!-'5M#!$9-!#((9!3.(!;'.0!4!3.(!$#(?! -'0)!:+.!A#!&.0'3)!#(!$+03)!-'0!*)0*'.0*'#!3.(!;'.0!4! 3.(!$#(?!#(.<#3#!5.%$'0#05.$.05.!3.!+0!3.-5'0)!.0!.(! h.'0)!3.!c')-!S5#(!(+2#%!.-!+0!0)F5.%%'5)%')?!%.-.%&#3)! -,()! /#%#! ()-! 0'C)-! :+.! A#0! $+.%5)! -'0! -.%! ;#+5'1#F 3)-Y6!=.%)?!#3.$9-?!0)!A#!-'3)!/%'&#3)!-,()!3.!(#!1$8! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

FG


.-0$)-!/. =!(.)"&#!7.!

3.!c')-?!-'0)!3.!(#!/)-';'('3#3!$'-$#!3.!A#;'5#%!.0!.(! OHQJXDMH )%4)"(-,()!%.-.%&#3)!#!(#!0#5+%#(.1#!A+$#F 0#6!d-5#!M(5'$#!-.!.0*+.05%#!*)03.0#3#!#!&'&'%!;#<)!.(! *);'<)!3.!(#!#05'0)$'#!.05%.!()!-'02+(#%!4!()!+0'&.%-#(?! 8+03#3#!.0!.(!(.02+#<.?!:+.!.-!(#!8+.05.!3.!5)3#!0)*',0! 3.!/%)/'.3#3!*)$M0!:+.!:+'.%#!-.%!#/('*#3#!#(!$+03)6! D%#-!.(!&.()!3.(!(.02+#<.!-,()!:+.3#!(#!&'3#!3.-0+3#?! -'0!#3<.5'&)-?!-'0!*+#('3#3.-6! "#!/#(#;%#!/)%!-E!-)(#!.-!+0!%.*'/'.05.!&#*')!:+.!.-! ((.0#3)!*)0!(#-!.H/.%'.0*'#-!-'02+(#%.-!3.!()-!$'.$F ;%)-!3.!+0#!*)$+0'3#36!R+!*+#('3#3!.-!(#!3.!a3.*'%b! 5)3#! 8)%$#! 3.! -'02+(#%'3#3! 3.! (#! .H/.%'.0*'#?! 4! .-.! a3.*'%b! .-! 4#! +0#! *)0&.%-',0! 3.! (#! -'02+(#%'3#3! .0! +0'&.%-#('3#3!S(#!/#(#;%#!9%;)(!a3'*.b!5)3#-!(#-!-'02+F (#%'3#3.-!3.!(#!.H/.%'.0*'#!9%;)(!ma$1!9%;)(?!6*!9%;)(?! $"#$! 9%;)(bm! :+.! .-! (#! .H/.%'.0*'#!-'02+(#%! 3.(! &6'1"$' ³/D FRPSUHQVLyQ GH XQ WRGR 0 GH ORV REMHWRV -'02+(#%.-!3'-5'05)-!+?!0)!.-!)5%#!*)-#!:+.!.(!0)$;%.b! $JDPEHQ /D SDODEUD HV XQ IDQWDVPD TXH -'0!-+!*+#('3#3!3.!a3.*'%b?!-.!3'-+.(&.!.0!(#!(.&.3#3! 3.! -+! '0.H'-5.0*'#6! R+*.3.?! /)%! .<.$/()?! *+#03)! .-F *+*A#$)-!#!#(2+'.0!A#;(#%!.0!+0#!(.02+#!.H5%#C#!#!(#! 0+.-5%#?!-+-!/#(#;%#-?!-+-!a3.*'%F$"b!b?!0)!-)0!((.0#3)-! /)%!.H/.%'.0*'#!#(2+0#?!-,()!-)0!;#(;+*.)-!S2'.-2'. 0+.-5%)!'05.%/.(#05.!.-!+0!2I.2'.)?!+0!.H5%#C)6! "#! +0'&.%-#('3#3?! *)$)! (#! +0'&)*'3#3?! -.! 8+03#! .H*(+-'&#$.05.! .0! .(! (.02+#<.6! ")! M0'*)! :+.! /+.3.! .-*#/#%!#!(#!#05'0)$'#!.-!.(!.<.$/()!S.(!,'.'-:$%0+'Y6!! P0#! .H/.%'.0*'#! a.HF*)2'3#b?! -'02+(#%?! #! (#! :+.! -.! 3.-5'0#!-+!%./%.-.05#*',0!3.!5)3#!.H/.%'.0*'#!#09()2#6! I-*#/#!#!(#!#05'0)$'#!/)%:+.!.-!+0!a3.*'%b!8+03#3)! .0!(#!-'02+(#%'3#3!3.!(#!.H/.%'.0*'#!3.!:+'.0!()!.0+0F FLD WRGRV ORV iUEROHV VRQ DVt FRPR SRU ³HMHPSOR´ HO %);(.!8+.%#!3.!$'!*#-#6!7!.-.!3#%!(#!.H/.%'.0*'#!#!(#! /#(#;%#! .-! *)03.0#%(#! #! (#! a&'3#! /+%#$.05.! ('02Ã…E-F WLFD´ HQ FXDQWR VH YXHOYH LQFDOL¿FDEOH LQ DVLPLODEOH /)%!+0!.-*+*A#!3.!)5%)?!-+!*)$+0'*#%!%.-+.0#!.0!+0! .-/#*')!&#*')!a-'0!.-5#%!('2#3#-!/)%!/%)/'.3#3!#(2+0#! FRP~Q SRU LGHQWLGDG DOJXQD ´ $JDPEHQ I0! .-5#! +0'&)*'3#3! 8+03#3#! /)%! .(! (.02+#<.! .-59! .(! )*+(5#$'.05)! 3.! (#! 3.-0+3.16! I(! &.()! 3.(! (.02+#F <.! *+;%.! .(! 3.-5'0)! '0$#0.05.! #! 5)3)! &6'1"$'?! *)$)! .(!3.&.0'%!-+!/%)/'#!/)5.0*'#6!I0!.-5.!5.0.%!(+2#%!3.(! &6'1"$'!A#!3.!%.*+/.%#%-.!.(!-.05'3)!3.!(#!G5'*#?!:+.!0)! .-!(#!3'-5'0*',0!.05%.!()!;+.0)!4!()!$#()?!-'0)!.(!3.&.F (#$'.05)!3.(!VHU DVt6!J-E!*)$)!5)3)!3'-*+%-)!G5'*)!0.F *.-'5#!3.(!$#(!*)$)!*)%%.(#5)!3.(!;'.0?!()!&.%3#3.%)!-.! $+.-5%#!.0!(#!$#0'8.-5#*',0!3.!-+!8#(-.3#3?!5'.0.!(+2#%! $*!()!8#(-)6!I-.!.-!.(!-.05'3)!3.(!3.-)*+(5#$'.05)!3.(! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

FF

-.%?!'-1$#5$%'?!:+.!.0*)05%#$)-!.0!U#%5'0!@.'3.22.%6 "#! G5'*#! )**'3.05#(! -.! A#! 8+03#3)! +0E&)*#$.05.! .0! (#! 0)*',0! 3.! ;'.0! S#M0! 0.2#03)! .H/(E*'5#$.05.?! /.%)!-'.$/%.!.0+0*'903)()?!#(!$#(Y6!R+!$)3.()!G5'*)! .-!.(!3.(!-.%!a/.%8.*5)b?!#:+.(!:+.!-.!#/%)/'#!3.(!$#(! *)$)!/)-';'('3#3?!#0+(#03)!(#!3'-5'0*',0!.05%.!;+.0)! 4!$#()?!0)!-'5+#3)!$9-!#((9!3.!+0)!4!)5%)?!-'0)!#;-)F (+5#$.05.!-+-/.03'3)?!-'0!(#!/)-';'('3#3!3.!A#*.%!$#(! #(2+0)6! I-5#! #-/'%#*',0! G5'*#! 3.! B**'3.05.! 5.%$'0#! SRU ROYLGDU OD LQPDQHQFLD GHO PDO HQ HO PXQGR HO VHU -'0! 3'-5'0*',0! S/.%8.*5)Y! .-! 4#! +0! -.%! -'0! $)%#('3#36! ")!;+.0)!0)!.-!+0#!*#5.2)%E#!$)%#(?!-'0)!(#!*)03'*',0! PLVPD GH OD H[LVWHQFLD HQ WDQWR RFXOWDU GHVRFXOWDU *)$)!/%'0*'/')!3.!a3'8.%.0*'#*',0b!4?!#!-+!&.1?!8+03#F $.05)!3.!+0#!G5'*#!%.#(6 &LWDQGR D 6FRWR $JDPEHQ LGHQWL¿FDUi (#!-'02+(#%'3#3!*)0!(#!8)%$#6!I-!3.*'%?!*+#(:+'.%!-'0F 2+(#%'3#3!3.&'.0.!&6'1"$'?!.0!(#!$.3'3#!.0!:+.!0)!.-! 0'!+0'&.%-#(!0'!$M(5'/(.!0'!+0)?!-'0)!a*+#(-.#!+0'3#3! -'02+(#%b?!0)!'03'8.%.05.?!/.%)!5#$/)*)!*)$M06!"#!*)F $+0',0!0)!.-!+0!#5%';+5)!3.!(#!-'02+(#%'3#3?!.-!*)$F /(.5#$.05.!%*$"$*&%'1!#!(#!0#5+%#(.1#!3.(!&6'1"$'6!I0! )5%#-!/#(#;%#-?!()!*)$M0!.-!#**'3.05#(!.0!.(!$9-!/+%)! -.05'3)!#%'-5)5G('*)6!I(!)%4)"!3.(!(.02+#<.?!2G0.-'-!3.(! >#5)"?!.-!.(!#**'3.05.!3.!()!*)$M06 "#! G5'*#! *%'-5'#0#! 5'.0.! *)$)! /%.*.3.05.! .(! #*)0F WHFLPLHQWR GHO VDFUL¿FLR (VH RWUR TXH VH VDFUL¿FD >%'-5)?! )*+/#?! 5.)(,2'*#$.05.?! .(! (+2#%! 3.! ()-! )5%)-?! 0)-! :+'5#! 3.! (#-! .-/#(3#-! .(! .-8+.%1)! 3.! :%3$.$*&%'.*)"!3.(!)5%)6!I0!(#!/#(#;%#!%.3.05)%#!0)-!*)03.0#!#!(#! LGHQWLGDG HO FRPXQLWDULVPR FULVWLDQR D OD GH¿QLFLyQ 3.! 0+.-5%#! .H'-5.0*'#! .0! (#! *)$+0',06! I-5)! .-! .:+'F &#(.05.!#!(#!-+-5'5+*',0!3.!0+.-5%#!/)5.0*'#!3.!A#*.%! HO PDO HO GHPRQLR KD VLGR DOHMDGR GHO PXQGR 1RV KD VLGR DUUHEDWDGD OD SRVLELOLGDG GH QR VHU GH D¿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~Q DQWHV GH YHQLU DO PXQGR \ D¿UPD HO &6'1"$'!.0!-+!#-E?!.0!-+!3.&.0'%!-E!$'-$)!.0!-+!+-)!3.! -E!*)$)!SULQFLSLXP LQGLYLGXDWLRQLV I-5.! ,.%*&%,%6+! .-! (#! %./%.-.05#*',0! $'-$#! 3.!


'!&./96%/#./A)/6.!&4)'&')/A$!=) .&&.-0$)-!

0+.-5%#! /)5.0*'#('3#3?! 5#05)! 3.! -.%! *)$)! 3.! 0)! -.%6! I0!.(!$#/#!3.!*)0*./5)-!#%'-5)5G('*)?!.-5.!,.%*&%,%6+! .-! +0! -#('%! 3.! (#! #*5+#('3#3?! .0! 5#05)! :+.! G-5#! 0)! -.! 3.5.%$'0#!-,()!/)%!-+!11$0'.('("$.?!-'0)!/)%!-+!%+,)WHQFLD +H DKt OR LUUHSDUDEOH TXH VLJQL¿FD ³TXH ODV *)-#-! -)0! *)0-'20#3#-! -'0! %.$.3')! #! -+! -.%! #-E?! :+.! .((#-!-)0?!5#$;'G0?!<+-5)!4!-,()!-+!DVtb?!*)05'02.05.-6! $JDPEHQ /R LUUHSDUDEOH HV HO SULQFLSLR 3.!(#!G5'*#?!:+.!8+03#!+0#!*)$+0'3#3!-'0!3.-5'0)!#(2+F 0)6!I(!&6'1"$'!0)!*)$/#%5.!-+!/)5.0*'#('3#3!*)0!)5%)! &6'1"$'E!$+*A)!$.0)-!+0#!$'-',0!A'-5,%'*#6!

#2)5#! -+! 3.-5'0)! *)$)! *%.#5+%#?! -.! #(1#! +0! (.02+#<.! :+.!A#!3./+.-5)!5)3#!/%.5.0-',0!3.!0)$;%#%b!SJ2#$F EHQ 1XHVWUR KDEODU \D QR ³GLFH´ PiV OD .H/.%'.0*'#!-'02+(#%?!.0!*#$;')!%./'5.!$.*90'*#$.05.! ()-!3'-*+%-)-!3.!(#!2();#('3#36! (O FDODPLWRVR HMHPSOR GHO KDEOD D VLJQL¿FDQWH HV (#! 3'-)(+*',0! 3.! (#-! *(#-.-! -)*'#(.-6! R'! .-! :+.! .H'-5.! #M0!+0#!/%.5.03'3#!*)$+0'3#3!3.!3.-5'0)?!G-5#!.-!(#! 3.!(#!a/.:+.C#!;+%2+.-E#!/(#0.5#%'#b6!I(!8#05#-$#!3.(! *)$+0'-$)!%)03#!'U*!#(!*#/'5#('-$)6! =)%!*)0-'2+'.05.?!.-5#$)-!#%%)<#3)-!#!+0#!8)%$#!3.! .H'-5.0*'#!:+.!)*+(5#!(#!-'02+(#%!/)5.0*'#('3#3!3.(!&6'1OO "$' QRV D¿DQ]DPRV FDGD YH] FRQ PiV pQIDVLV HQ XQD "#! %.&)(+*',0! 3.! (#! '$#2.0! .0! .(! -'2()! ]]! #;%',! M0'*#!8)%$#!3.!-+;<.5'&'3#36!I0!+0!-+.C)!*+4#!/)5.0F QXHYRV KRUL]RQWHV GH LGHQWL¿FDFLyQ DO JHQHUDU DUTXHF FLDOLGDG HV OD GH SRGHU VHU YLYLGD SRU WRGRV OD LOXVLyQ GH 5'/)-! 3.! .H'-5.0*'#! #! 5%#&G-! 3.! (#! /+;('*'3#36! "#! -)F XQ OHQJXDMH TXH FRQQRWD \ GHQRWD OR PLVPR SDUD WRGRV *'.3#3!.-/.*5#*+(#%!&)(&',!#(!&6'1"$'!+0#!$.%*#0*E#?! "#!/.:+.C#!;+%2+.-E#!/(#0.5#%'#!}s~!-.!A#!.$#0*'/#3)!3.!.-F +0#!/%)3+**',0!.0!-.%'.!3.!'3.05'3#3.-!/#%#!(#-!$+(F 5)-!-+.C)-!}3.(!8#-*'-$)!4!.(!0#1'-$)~!4!-.!A#!#/%)/'#3)!3.! 5'5+3.-!+%;#0#-6!I0!)5%#-!/#(#;%#-?!-+-5'5+4,!.(!*#0)0! (#!#*5'5+3!3.(!/%)(.5#%'#3)!/#%#!%.0+0*'#%!#!*+#(:+'.%!'3.05'3#3! WHROyJLFR FULVWLDQR GH OD LGHQWL¿FDFLyQ HQ HO DEVROXWR -)*'#(!%.*)0)*';(.6!I(!/.:+.C)!;+%2+G-!#0+(#!5)3)!()!:+.!5'.0.! /)%!+0#!'3.05'3#3!8+03#3#!.0!(#!'$#2.0!/+;('*'5#%'#6! .05'3#3!*)0!.(!$'-$)!2.-5)!*)0!.(!:+.!/#%.*.!);-5'0#3#$.05.! I0!B61#6.'(7("%+61'&.)?!e.#0!T#+3%'((#%3!()!8#;+(#!#! #3A.%'%-.!#!)5%)6!R,()!%.*)0)*.!()!'$/%)/')!4!()!'0#+5G05'*)! 4! %.*A#1#! '0*(+-)! (#! '3.#! 3.! +0#! /#(#;%#! /%)/'#! SJ2#$;.0?! /#%5'%!3.!+0!8#$)-)!/).$#!3.!T)%2.-!Sac.(!%'2)%!3.! (#! *'.0*'#bY?! 3)03.! +0! *+.%/)! %.#(! 3.! *#%5,2%#8)-! -.! A#! );-.-')0#3)! *)0! 5%#1#%! $#/#-! 5#0! /%.*'-)-! 3.! -+! $VLVWLPRV D OD HVFHQL¿FDFLyQ GH OD &6'1"$%:':( #! %.'0)?bU#/#-!3.-$.-+%#3)-b?!#(!/+05)!3.!4#!0)!A#;.%! 0#3#! $9-! :+.! +0#-! %+'0#-! /)(&)-#-! *+;'.%5#-! /)%! +0! 5%#&G-!3.!(#-!0#%%#5'&#-!.-/.*5#*+(#%.-!3.!#:+.(()?!:+.! /.%2#$'0)!a5#$#C)!%.#(b?!+0!-)()!$#/#!5.%$'0#!/)%! #05#C)!0)!A#;E#!-'3)!'0&'5#3)!#(!;#0:+.5.!3.!(#!'3.05'F *+;%'%! (#! .H5.0-',0! 3.(! O$/.%')6! I-5#! 89;+(#! $.5#8EF GDG OD VH[XDOLGDG \ OD PXHUWH ODV ~QLFDV SRWHQFLDV GHO -'*#!3.0+0*'#!(#!.%)-',0!3.(!'$/.%')!.$/E%'*)!3.!(#-! &6'1"$'!:+.!A#;'5#;#0!.0!.(!/+%)!DVt6!"#!8#-*'0#*',0! *'.0*'#-!/)-'5'&#-?!/.%)!$9-!:+.!.-)?!.-!+0#!-+.%5.!3.! SRU OD LPDJHQ QRV YLHQH GH VX DSDULHQFLD GH ¿GHOLGDG #3&.%5.0*'#?!*#/5#3#!#2+3#$.05.!/)%!T#+3%'((#%3?!3.! *)0! (#! %.#('3#3?! 3.! /%)05)! -.! A#! &+.(5)! '$/.%#5'&)! :+.!0+.-5%)!$+03)!A#!/.%3'3)!.-.!A#()!3.!&)"%&%:':! DTXHO GHFLU TXH LGHQWL¿FDED HO YHU FRQ OD FHUWH]D I(! &6'1"$'! .-59! 3#3)! #! (#! .H/)-'*',06! "#! -'02+(#F -);%.!.(!:+.!#05#C)!-.!*)0-5%+4.%#0!+0'&.%-)-!$92'F %'3#3!/+%#!3.(!&6'1"$'(0)!.-!3.5.%$'0#3#!/)%!0'02M0! *)-?!%.('2')-)-!)!$.5#8E-'*)-6 "#-!$+5#*')0.-!3.(!*#/'5#('-$)!&#0!3.!+0!+0'&.%-)! DUWL¿FLR GHO SHQVDPLHQWR 6L HQ WRGR FDVR OH YLHQH REMHWXDO :+.!;#-#;#!-+!.H'-5.0*'#!.0!(#!8+0*')0#('3#3!3.! #(2+0#! 8)%$#! 3.! 3.5.%$'0#*',0?! G-5#! .-! (#! a'3.#b! 3.! ()-!);<.5)-!/%)3+*5)!3.!-+!#*5'&'3#3!*%.#3)%#!S(#!/%'$.%#! (#!5)5#('3#3!3.!-+-!/)-';'('3#3.-!3.!-.%!DVt6!I(!&6'1"$'(( 8)%$#!3.(!*#/'5#('-$)?!5#(!*)$)!.-!3.-*%'5)!/)%!U#%HY?!#! HVWi FRQ¿QDGR D VHU XQ SDULD FX\D ~QLFD SRVLELOLGDG +0!+0'&.%-)!3.!/%)3+**',0!3.!-.05'3)-!S(#!-.2+03#!8)%F 3.!3.5.%$'0#*',0!.-!-+!%.(#*',0!*)0!+0#!.H5.%')%'3#3! $#?!4!$9-!%#3'*#(!$+5#*',0!3.(!*#/'5#('-$)?!(#!3.0+0F '03.5.%$'0#3#!4!&#*E#6! /D LQGHWHUPLQDFLyQ QR HV DQDORJDEOH D OR LQ¿QLWR FLDGD SRU *X\ 'HERUG > @ XQ WUDQFH QHFHVDULR GHO -'0)! #(! (E$'5.! 3.(! /%)/')! -.%! DVt ¿QLWR HQ VX VLQJXF FDSLWDOLVPR GH REMHWRV DO FDSLWDOLVPR GH ¿FFLRQHV I0! .-5.! .-5#3)! 3.! *)-#-?! -.! .(.&#! +0! 3)('.05.! (#F ODULGDG /D ¿QLWXG DEUH OD H[WHULRULGDG TXH HQ WDQWR $.05)6! "#-! 3'09$'*#-! .-/.*5#*+(#%.-! .0! (#-! :+.! A.F '03.5.%$'0#3#?!.-!+0!&#*E)!#3<+05)!#!(#!FXDOTXLHULGDG I-5#! #/.%5+%#! S('5.%#($.05.! +0! +$;%#(?! +0#! /+.%F $)-! -'3)! -+$.%2'3)-! /)%! ()-! +0'&.%-)-! '*,0'*)-! 3.! 0+.-5%#! *)05.$/)%#0.'3#3! 5.*0)()2'1#3#?! A#0! 3#3)! WD TXH VH DEUH HV OD H[SRVLFLyQ PLVPD ³&XDOVHD HV #! (+1! +0! '$#2'0#%')! 3)03.! .(! &6'1"$'( .-! /%'&#3)! 3.! .0! .-5.! -.05'3)?! +0! -+*.-)! 3.! +0! #8+.%#b! SJ2#$;.0?! -+!*#/#*'3#3!3'-*+%-'&#6!=#%.*'.%#!:+.!a(#!0#5+%#(.1#! TXH OH YLHQH GDGR HQ VX SURSLD VLQJXODULGDG #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

FA


.-0$)-!/. =!(.)"&#!7.!

I-5#%!.H/+.-5)!.-?!/)%!5#05)?!3#%-.!#(!#8+.%#!*)$)!a.HF /.%'.0*'#!3.(!(E$'5.!$'-$)b!)?!*)0!$9-!*(#%'3#3?!a-.%! 3.05%)!3.!+0!'36$.'!}s~!S$4-#'"%"Yb6! I(!+$;%#(!:+.!0)-!3#!#!(#!.H5.%')%'3#3!.-!.(!(.02+#F <.!$'-$)6!I0!.(!-.%!3'*A)!3.!()-!);<.5)-?!*)$)!-.!A#! .H/('*#3)!#05.-?!0)!*)05'.0.!-'0)!(#!.H/.%'.0*'#!-'0F 2+(#%! 3.(! );<.5)! 3'*A)6! "#! %.(#*',0! .05%.! .(! (.02+#<.! 4!(#!.H/.%'.0*'#!-'02+(#%!.-!+0#!/+%#!A)$)0'$'#?!.0! 5#05)! :+.! /#%#! 0)$;%#%! );<.5)-! /.%5.0.*'.05.-! #! +0! $'-$)!*)0<+05)!3.!);<.5)-!-.!+-#!.(!$'-$)!0)$;%.6! h.*+%%'.03)! #! J%'-5,5.(.-?! .-! .H/('*#3#! (#! 3'8.%.0F *'#! .05%.! 0)$;%#%! +0! );<.5)! -.2M0! -+! '3.#! 4! -.2M0! -+!*)0*./5)6!"#!'3.#?!'$#2.0!S.(!,5'*#'"+'#'Y?!.-!.(! %.-'3+)! 3.! +0#! .H/.%'.0*'#! &6'1"$' GH HVWH R DTXHO 1#/#5)6!U'.05%#-!:+.!.(!*)0*./5)!.-!+0#!#;-5%#**',0?! +0#!2.0.%#('1#*',0!)!-'0)0'$'#6! >+#03)!3.*'$)-!1#/#5)?!3#$)-!0)$;%.!#(!&6'1"$'(! 1#/#5)!3.!0+.-5%#!.H/.%'.0*'#6!`)!.-!/)-';(.!a/.0-#%b! .(!$+03)!-'0!a3.*'%b!.(!$+03)?!.0!5#05)!:+.!5)3#!8)%F $#!3.!.H/.%'.0*'#!/#%5.!3.(!-'02+(#%6!=.0-#%!.(!$+03)! -'0!5%#.%()!#(!(.02+#<.?!.0!+0#!/%.5.0-')-#!+0'&.%-#('F 3#3?!.-!8)%1#%!#(!(.02+#<.!#!3.-#%%#'2#%-.!3.!(#!.H/.F %'.0*'#6! e+-5)! (#! 0)*',0! *'5#3#! 3.! J%'-5,5.(.-! /#%#! .(! VLQyQLPR HV OD GH XQD LGHQWL¿FDFLyQ HQWUH HO ³GHFLU´ \ OD ³GH¿QLFLyQ´ TXH WUDGXFLGR DO OHQJXDMH GHO SRVLWLF &'-$)!(,2'*)!.-!+0#!/#(#;%#!:+.!*)00)5#!-'0!3.0)5#%6! I05)0*.-?!.(!(.02+#<.!-.!&+.(&.!+0!+$;%#(!#!(#!.HF 5.%')%'3#3?!0)!-,()!/)%:+.!-'.$/%.!.-!+0!0)$;%#%!(#! .H/.%'.0*'#?!-'0)!/)%:+.!.0!.(!'05.05)!3.!3.-#%%#'2#%()! 3.!(#!$'-$#?!3.!#;-5%#.%()?!(#!.H5.%')%'3#3!5.%$'0#!/)%! '$/)0.%-.6!I-.!.-!.(!-.05'3)!3.!(#!/#%#3)<#!:+.!h+-F VHOO KHUHGD D OD WHRUtD GH ORV FRQMXQWRV ³QDGD PHQRV :+.! (#! /)-';'('3#3! 3.! /#-#%! 3.! +0! *)0*./5)! #! -+! .HF 5.0-',0?! .-5)! .-?! (#! /)-';'('3#3! $'-$#! 3.! %#1)0#%! .0! WpUPLQRV GH FODVH´ $JDPEHQ "#! %#1,0! /)%! (#! :+.! J2#$;.0! /#-#! 3.(! ./E2%#8.! ]KOO?! -);%.! .(! /)-'5'&'-$)! (,2'*)! 4! (#! #/)%E#! 3.! (#! .H/)-'*',0! .0! (#! 5.)%E#! 3.! ()-! *)0<+05)-?! #(! ./E2%#8.! ]KOOO!-);%.!K'(")&%$:':(:$1($",$&#I&61)(3.!g+4!c.F ;)%3!0)!.-!#1#%)-#6!"#!/)(E5'*#!.-/.*5#*+(#%?!:+.!.-!(#! /)(E5'*#!3.!(#!'$#2.0?!.-!(#!0+.&#!8)%$#!3.!+0!8+03#F $.05)!*)$M0!/#%#!.(!-+<.5)6!"#!'$#2.0!3.&'.0.!5.H5)?! -.!A#!*)$'3)!#(!(.02+#<.!$'-$)?!4!.0!.-5.!A)$'*'3')! 3.! (#! /#(#;%#! 5.%$'0#! /)%! )*+(5#%-.! .(! #%%#'2#$'.05)! &'5#(!3.!(#!/#(#;%#!.0!-+!-.%!.H/+.-5)6!D)3#!8)%$#!3.! H[LVWHQFLD HV LGHQWL¿FDEOH HQ ODV UHSUHVHQWDFLRQHV HVF /.*5#*+(#%.-!3.(!$+03)!*)05.$/)%90.)6! =.%)!*)$)!.0!.(!*#-)!3.!(#!/#%#3)<#!3.!h+--.((?!.-! .-5#!$'-$#!*)03'*',0!3.!.H#*.%;#*',0!3.!()!*)$M0!()! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

FH

:+.!3.-*+;%.!(#!-'02+(#%'3#3!3.(!&6'1"$'?!+0#!.-/.*'.! 3.!$8,$.%+$*#6+(1%*06'$(:+.!%.&.(#!(#!3'&.%-'3#3!3.(! PXQGR ³6yOR DTXHOORV TXH DOFDQFHQ D FXPSOLU HVH H[F /.%'$.05)! A#-5#! .(! 8)03)?! -'0! 3.<#%! :+.! ()! %.&.(#3)%! /.%$#0.1*#!&.(#3)!.0!(#!0#3#!:+.!%.&.(#?!-'0)!((.&#F 3)!.(!(.02+#<.!#(!(.02+#<.!$'-$)?!-.%90!()-!/%'$.%)-! *'+3#3#0)-!3.!+0#!*)$+0'3#3!-'0!/%.-+/+.-5)-!0'!I-F 5#3)?! .0! (#! :+.! .(! /)3.%! #0+(#3)%! 4! 3.-5'0#05.! 3.! ()! FRP~Q VHUi SDFL¿FDGR >«@´ $JDPEHQ OOO

"#! /)(E5'*#! :+.! &'.0.! .-! '%%./#%#;(.6! "#! /)(E5'*#! 3.(!-'2()!]]O!-.%9!(#!(+*A#!/)%!(#!%.'&'03'*#*',0!3.(! (.02+#<.!.0!-+!"$.!DVt?!3#3)!*)$/(.5#$.05.!#!(#!.H5.F ULRULGDG FRQWUD OD IXHU]D XQL¿FDGRUD GHO (VWDGR ³>«@ #05.-! )! 3.-/+G-?! ((.2#%90! ()-! *#%%)-! ;('03#3)-bY6! "#! FRPXQLGDG TXH GHYLHQH HV OD DXWRD¿UPDFLyQ GH XQD 0)F-)*'.3#3?!-'0!(#1)-!'3.05'5#%')-?!+0#!a*)F/.%5.0.0F *'#b!-'0!a/.%5.0.0*'#b!#(2+0#?!-'0!3.-5'0)!0'!$'-',0! A'-5,%'*#?!'0*)0*(+-#!.0!-+!*)05'0+)!3.&.0'%!4!:+.!0)! OOHJD D QLQJ~Q VLWLR OD QR VRFLHGDG GH ORV &6'1"$'?!.-! 3.*'%?!'%%./#%#;(.6 "#! #0+(#*',0! 3.! (#! -);.%#0E#! .-! (#! '$/)-';'('3#3! 3.! (#! .H*(+-',0?! 3)03.! '0*(+-)! (#! /%)/'#! /)5.0*'#('F 3#3! 3.(! &6'1"$'( 3.&'.0.! /)5.0*'#('3#3! $'-$#! 3.! 0)! VHU SDVLYLGDG LQRSHUDWLYLGDG LPSURGXFWLYLGDG 3DUD J2#$;.0?! (#! *)$+0'3#3! :+.! &'.0.! .-! (#! *)$+0'3#3! 3.(!#$)%!*)$)!.H/.%'.0*'#!3.(!5.0.%!(+2#%!.0!.(!#-E?! a.0!(#!-'02+(#%'3#3!&6'1"$'´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

"#! '05.%%)2#05.! :+.! #;%E#! .(! $)5'&)! 3.(! /%.-.05.! 5.H5)!S#!-#;.%?!-'!.-!/)-';(.!)!0)!/.0-#%!(#!$)3.%0'3#3! VLQ VXMHWR HQFXHQWUD VX UHVSXHVWD HQ OR LPSHQVDEOH HO &6'1"$'6!|03'*.!3.!+0#!%.-/+.-5#!.-:+'&#?!/+.-!0)!-.! A#*.!/)-';(.!/.0-#%!(#!$)3.%0'3#3!-'0!#:+.(!/%)3+*5)! 3.!-+!#*5'&'3#3!8+03#05.6!"#!/)(E5'*#!:+.!&'.0.!0)!-,()! .-!/)-F$.5#8E-'*#?!-'0)!/)-F$)3.%0#!.0!-+!$9-!/+%)! -.05'3)?!0)!A#4!$)3.%0'3#3!/)%:+.!0)!A#4!'3.05'3#3! #(2+0#!:+.!3.8.03.%6!J!.-5.!/+05)!/+.3.!<+12#%-.!#! K'(&)+6*%:':(H6$(C%$*$(*)$)!(#!$9-!;.((#!8)%$+(#F


'!&./96%/#./A)/6.!&4)'&')/A$!=) .&&.-0$)-!

*',0!3.!(#-!+5)/E#-!3.(!-'2()!]]6!=.%)!-+!#5%#*5'&)!0)! %#3'*#!.0!-+!*#%9*5.%!+5,/'*)?!-'0)!.0!(#!/%)H'$'3#3! 3.!-+!*+$/('$'.05)6! 2WUD LQWHUSUHWDFLyQ TXL]i HQIDGRVD SDUD ORV ¿HOHV (.*5)%.-!3.!J2#$;.0?!.-!(#!/)-';'('3#3!3.!:+.!K'(&)+6*%:':(H6$(C%$*$(-.#!+0#!-+.%5.!3.!((#$#3)!#!(#!+%2.0*'#! 3.!+0!0+.&)!/%'0*'/')!3.!'3.05'3#3!/#%#!(#-!-)*'.3#3.-! )**'3.05#(.-6!"#!5.)()2E#!/)(E5'*#!3.(!$.3').&)?!.0!-+! H[DFHUEDFLyQ GH OD LGHQWL¿FDFLyQ GHO KRPEUH FRQ 'LRV A#! 3.<#3)! -'20)-! 3.! (#! '0:+'.5+3! 3.! (#! &6'1H6%$.%:':( .0!-+-!.-*%'5)-6!I(!-+<.5)!*#%5.-'#0)?!(+2#%!8+03#05.!3.! OD PRGHUQLGDG VHUtD HO FRUUHODWR GH HVRV GHVWHOORV OD LGHQWL¿FDFLyQ GHO KRPEUH FRQ VX SHQVDPLHQWR < HQ .-5.!-.05'3)?!*#;%E#!/%.2+05#%-.!-'!(#!/#%#3)<#!3.!(#!-'0F JXODULGDG HQ OD WHRUtD GHO OHQJXDMH \ HQ OD LGHQWL¿FDFLyQ 3.!(#!'$#2.0!*)0!.(!(.02+#<.!$'-$)?!-)0!.-)-!0+.&)-! GHVWHOORV TXH DQXQFLDQ HO ¿Q GH OD PRGHUQLGDG \ HO QDFLF PLHQWR GH XQ QXHYR SULQFLSLR GH LGHQWL¿FDFLyQ I0!*+#(:+'.%!*#-)?!3)-!*)-#-!-)0!/(.0#$.05.!*)$F SUHQVLEOHV HQ HO WH[WR 3ULPHUR OD UDWL¿FDFLyQ GH DTXHO

GLDJQyVWLFR GH /DFDQ UHIRUPXODGR SRU äLåHN ³>«@ HO OHQJXDMH HV XQ GRQ WDQ SHOLJURVR SDUD OD KXPDQLGDG FRPR HO FDEDOOR OR IXH SDUD ORV WUR\DQRV -.!0)-!)8%.*.!/#%#!:+.!A#2#$)-!+-)!3.!G(!-'0!*#%2)?! /.%)! +0#! &.1! :+.! ()! #*./5#$)-?! 0)-! *)()0'1#b6! R.F 2+03)?!:+.!J2#$;.0!0)-!/%)/)%*')0#!(#!'0:+'.5+3!3.! /.0-#%!+0!.-5#3)!3.!*)-#-!.0!(#!&'3#!$'-$#!/)%:+.!(#! +5)/E#!.-!'0$#0.05.!#!(#!.H'-5.0*'#?!3#3#!#!(#!$#0)?! 5%#-*.03.05.!#:+E!4!#A)%#?!4!0)!.0!+0#!.-/.%#01#!8+0F GDGD HQ OR LQ¿QLWR $TXt QR KD\ PiV HVSHUDQ]D VLQR /+%)!VHU DVt WDO FXDO?!.H/+.-5)!#!(#!*)05'02.0*'#!.0!(#! '0F*)05'02.0*'#!3.(!(.02+#<.6 hINIhI`>OJR

J2#$;.0?!g6!SVWW{Y?!K'(&)+6*%:':(H6$(C%$*$?!K#(.0F *'#?!=%.F5.H5)-?!V#6!.36! c.;)%3?!g6!SXpppY?!K'(")&%$:':(:$1($",$&#I&61)?!K#F (.0*'#?!=%.FD.H5)-6 äLåHN 6 B<+)(1$$.('(K'&'*?!T+.0)-!J'%.-?!=#'3,-6

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

FB


8'!&')+&.!4)&4%.&&&'%1&-.%4).#)1&

agonizan !'&!,!.)4)"B

2$)&

A#5C#&'!)25%++)2)'A28#)D)

I

0!-+!5.H5)!!"#':)(:$($8&$,&%<*?!g')%2')!J2#$F EHQ VH WUD]D OD WDUHD GH UHÀ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aI(!5)5#('5#%'-$)!$)3.%0)!/+.3.!-.%!3.F ¿QLGR >«@ FRPR OD LQVWDXUDFLyQ D WUDYpV GHO HVWDGR 3.! .H*./*',0?! 3.! +0#! 2+.%%#! *'&'(! (.2#(! :+.! /.%$'5.! (#!.('$'0#*',0!8E-'*#!0)!-,()!3.!()-!#3&.%-#%')-!/)(E5'F *)-!-'0)!3.!*#5.2)%E#-!.05.%#-!3.!*'+3#3#0)-!:+.!/)%! *+#(:+'.%!%#1,0!%.-+(5#0!0)!'05.2%#;(.-!.0!.(!-'-5.$#! SROtWLFR´ $JDPEHQ J!3.*'%!3.!J2#$;.0?!3.-/+G-!3.!(#!=%'$.%#!g+.%%#! U+03'#(!.(!I-5#3)!3.!.H*./*',0!-.!A#!*)0&.%5'3)!.0!(#! a0)%$#('3#3b!3.!(#!&'3#!/)(E5'*#?!5#(!4!*)$)!-.!/+.3.! );-.%&#%! .0! (#! .H/.%'.0*'#-! 5)5#('5#%'#-! 3.(! 0#1'-$)?! .(!8#-*'-$)?!.(!8%#0:+'-$)?!(#!.H/.%'.0*'#!-)&'G5'*#!4?! =)%!8+.%1#F3.F(.4!-.!.05'.03.!#!()-!3.*%.5)-!)!$.3'3#-!.H*./*')0#(.-!3.(! /)3.%!.<.*+5'&)?!:+.!0)!.-590!'0-*%'5)-!.0!(#!*)0-5'5+*',0?!/.%)!:+.!#3:+'.F %.0!(#!8+.%1#!3.!*+#(:+'.%!(.4!/#%#!.H'2'%!-+!*+$/('$'.05)6!

X!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

AE

$9-!%.*'.05.$.05.?!.0!(#!-'5+#*',0!:+.!3.-#5,!(#!'05.%F &.0*',0!$'('5#%!3.!()-!I-5#3)-!P0'3)-!.0!J82#0'-5#0!.! O%#w!.0!.(!VWWX6V!R'0!.$;#%2)?!-.!5%#5#!3.!+0#!/%.)*+F /#*',0!:+.!$9-!#((9!3.!.-5#-!.H/.%'.0*'#-!*)0*%.5#-?! -.!/+.3.!$#0'8.-5#%!.0!*+#(:+'.%!$)$.05)!.0!.(!)%3.0! *)0-5'5+*')0#(!3.!+0!I-5#3)6!I-!3.*'%?!.-5#$)-!8%.05.! D XQ WHPD TXH DSXQWD DO FRUD]yQ PLVPR GH OD ¿ORVRItD 3.(!3.%.*A)6!=+.-!-'!.(!3.%.*A)!5'.0.!.(!/%)/,-'5)!8+0F 3#$.05#(! 3.! 2#%#05'1#%! <+-5'*'#?! (';.%5#3! 4! -.2+%'3#3! /#%#! ()-! $'.$;%)-! 4! *'+3#3#0)-! 3.! +0! I-5#3)?! [/)%! :+G!#*./5#%!:+.!.0!#%#-!3.!/%)5.2.%!#!()-!/%)/')-!*'+F 3#3#0)-?!-.!(.-!3.;.!-+-/.03.%!.(!)%3.0!(.2#(!:+.!(.-! SHUPLWH DFFHGHU D VXV GHUHFKRV" (VWR VLJQL¿FD TXH ORV /%)/')-!2+#%3'#0.-!3.!(#-!(.4.-?!-.!/)0.0!/)%!.0*'$#! 3.!(#-!$'-$#-?!-'.03)!:+.!G-5#-!(.-!8#*+(5#0!/#%#!#*F 5+#%6!I-5.!*E%*+()!&'*')-)!3.0)5#!#(!$.0)-!3)-!*)0-.F *+.0*'#-!'$/)%5#05.-!/#%#!(#!%#1,0!3.!-.%!3.(!I-5#3)! GH GHUHFKR SRU XQ ODGR OD LQGHIHQVLyQ HQ OD TXH VH .0*+.05%#0!()-!*'+3#3#0)-!8%.05.!#!()-!.H*.-)-!:+.!-.! /+3'.%#0! *)$.5.%! /)%! .(! /)3.%! /)(E5'*)_! /)%! )5%)?! (#! YLROHQFLD SXUD HQ OD TXH ¿QDOPHQWH VH VXVWHQWD WRGR )%3.0! *)0-5'5+*')0#(?! 4#! -.C#(#3)! /)%! ^#(5.%! T.0<#F $'0!.0!-+!.0-#4)!3DUD XQD FUtWLFD GH OD YLROHQFLD6! h.-/.*5)! #! ()-! .H*.-)-! :+.! -.! /+3'.%#0! *)$.F 5.%! /)%! /#%5.! 3.(! /)3.%! .<.*+5'&)! )! 3.(! /#%(#$.05)! #! 5%#&G-!3.(!.-5#3)!3.!.H*./*',0?!3.!*'.%5#!$#0.%#!A#0! VLGR MXVWL¿FDGRV SRU SHQVDGRUHV GH OD WDOOD GH 7KRPDV @);;.-! )! >#%(! R*A$'55! /#%#! :+'.0.-! (#! -.2+%'3#3! 4! 3.8.0-#!3.(!I-5#3)?!3./.03.0!$9-!3.!(#!:$&%"%<*(3.(! ³(O VLJQL¿FDGR LQPHGLDWDPHQWH ELRSROtWLFR GHO HVWDGR GH H[FHSFLyQ *)$)!.-5%+*5+%#!)%'2'0#(!.0!(#!*+#(!.(!3.%.*A)!'0*(+4.!.0!-E!#(!&'&'.05.!#! 5%#&G-!3.!-+!/%)/'#!-+-/.0-',0!.$.%2.!*)0!*(#%'3#3!.0!.(!+%1%#'.7().:$.! !.$#0#3)!/)%!.(!/%.-'3.05.!3.!()-!I-5#3)-!P0'3)-!.(!Xv!3.!0)&'.$;%.!3.! TXH DXWRUL]D OD µLQGH¿QLWH GHWHQWLRQ¶ \ HO SURFHVR SRU SDUWH GH µ+%1%#'.7(&)++%""%)*"l!:+.!0)!A#4!:+.!*)08+03'%!*)0!()-!5%';+0#(.-!$'('5#%.-! /%.&'-5)-!/)%!.(!3.%.*A)!3.!2+.%%#!3.!()-!0)F*'+3#3#0)-!-)-/.*A#3)-!3.! HVWDU LPSOLFDGRV HQ DFWLYLGDGHV WHUURULVWDV´ $JDPEHQ

V


;'!&'),&/!6)&6%/&'%2&./%6)/#)2&3$)&!A%/.+!/&!'&!-!/)6)"> .&&.-0$)-!

/)3.%!.<.*+5'&)!:+.!A#*.!3.(!3.%.*A)!+0!%.*+%-)!/#%#! HO HMHUFLFLR GHO SRGHU \ QR XQ ¿Q HQ Vt PLVPR +REEHV .-!:+'19!+0)!3.!()-!/')0.%)-!$)3.%0)-!3.!.-5#!5.-'-?! #(!/)-5+(#%!.0!-+!K$C%'#I*?!:+.!.(!/)3.%!-);.%#0)!5'.0.! (#!8#*+(5#3!3.!A#*.%!(#-!(.4.-!/#%#!a;('03#%b!.(!/#*5)! -)*'#(!:+.!3#!)%'2.0!#(!I-5#3)?!/.%)!5#$;'G0!5'.0.!(#! 8#*+(5#3! 3.! .-5#%! G(! $'-$)! /)%! .0*'$#! 3.! (#-! (.4.-6! I-5)!.-?!/#%#!@);;.-?!.(!-);.%#0)!0)!-.!-)$.5.!#!(#-! (.4.-!:+.!G(!$'-$)!*%.#6!=)%!-+!/#%5.?!>#%(!R*A$'55?! LQVSLUDGR VLQ GXGD HQ HO ¿OyVRIR LQJOpV GH¿HQGH TXH .(! .-5#3)! 3.! .H*./*',0! 0)! 3.;.%E#?! 0'! -':+'.%#! .-5#%! QRUPDGR HQ HO RUGHQ FRQVWLWXFLRQDO GHELGR D OD GL¿F FXOWDG GH UHJXODU PHGLDQWH OH\HV OR TXH SRU GH¿QLF FLyQ QR SXHGH VHU VXMHWR D QRUPD $JDPEHQ vqY6!I-5#!/)-'*',0!3.8.03'3#!.0!-+!$)$.05)!5#05)!/)%! +REEHV FRPR SRU 6FKPLWW QRV FRQGXFH D UHÀH[LRQDU (#!'3.#!3.!:+.!.(!3.%.*A)!4!-+!%.-2+#%3)!-.!8+03#0!.0! +0#!&')(.0*'#!/+%#!:+.!(#-!(.4.-!/)3%90!%.2+(#%!$9-! 0)!#0':+'(#%6!JA)%#!;'.0?!-'!.0!M(5'$#!'0-5#0*'#!.(!%.-F 2+#%3)!3.(!3.%.*A)!3.-*#0-#!.0!(#!&')(.0*'#?!5#$;'G0! -.!/+.3.!#/.(#%!#!G-5#!/#%#!*+.-5')0#%!.(!/%)/')!)%3.0! *)0-5'5+*')0#(!$.3'#05.!+0#!&')(.0*'#!%.&)(+*')0#%'#6! (VWR PLVPR FRQGXMR PiV WDUGH DO ¿OyVRIR IUDQFpV 0LF *A.(!N)+*#+(5!#!-)-5.0.%!:+.!.(!I-5#3)!0)!.-!$9-!:+.! +0#! %.(#*',0! 3.! 2+.%%#! /.%$#0.05.! :+.! -.! (';%#! ;#<)! IRUPDV DSDUHQWHPHQWH SDFt¿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a(#! (.4! 0#*.! *)0! ()-! '0)*.05.-!:+.!#2)0'1#0!#(!#$#0.*.%b6!I(()!.:+'&#(.!#! 3.*'%!:+.!3.-/+G-!3.!(#!;#5#((#?!.05%.!(#!-#02%.!3.!()-! A.%'3)-?!-+!#02+-5'#!4!-+3)%?!0#*.%9!(#!(.4!:+.!%.2'%9!(#! &'3#!3.(!I-5#3)!4!:+.!-.%9!'$/+.-5#!)!3.5.%$'0#3#!/)%! .(!5%'+08#3)%6!J05.-!:+.!/.0-#%!#!(#!%#1,0!/+%#!.!'$/)F (+5#!*)$)!8+.05.!3.(!3.%.*A)!m5#(!4!*)$)!/%.2)0#%)0! ()-!5.,%'*)-!*)05%#*5+#('-5#-m?!A#;%9!:+.!/.0-#%!.0!(#! &')(.0*'#!*)$)!-+!*)03'*',0!3.!/)-';'('3#36 "#!&')(.0*'#!a/+%#b!3.!(#!:+.!A#;(#!T.0<#$'0?!.-59! /%.-.05.!.0!(#!-+-/.0-',0!3.(!3.%.*A)!.0!.(!.-5#3)!3.! .H*./*',0?!/.%)!.-59!5#$;'G0!/%.-.05.!.0!.(!3.%.*A)!#! (#!%.-'-5.0*'#!*'&'(!3.!(#!:+.!0)-!A#;(#!e)A0!")*w.!.0! -+! A$06*:)( #.'#':)( ")2.$( $1! 0)2%$.*)( &%C%16! R.! 5%#5#!

3.!+0!3.%.*A)!*#/#1!3.!/%)5.2.%!#!(#!-)*'.3#3!*'&'(?! 5#05)!3.(!.H*.-)!3.(!/)3.%!:+.!/+.3.0!*)$.5.%!()-!2)F ;.%0#05.-?!*)$)!3.!(#!3.-&'%5+#*',0!:+.!/+.3.0!A#*.%! 3.(!$'-$)!/#%#!/%'&'(.2'#%!'05.%.-.-!/#%5'*+(#%.-!:+.! #*#;.0!/)%!3.-/(#1#%!4!*)(#/-#%!.(!;'.0!*)$M06!")*w.! .-!*)0-*'.05.?!#(!'2+#(!:+.!+0#!2%#0!*#05'3#3!3.!5.,F %'*)-!/)(E5'*)-!(';.%#(.-?!3.(!/.('2%)!m-'.$/%.!(#5.05.m! 3.!(#-!/#-')0.-!4!(#!#$;'*',0!A+$#0#-!#(!$)$.05)!3.! HMHUFHU XQ SRGHU VREUH ORV GHPiV /RFNH VWzY6!I(!)%3.0!*)0-5'5+*')0#(!0)!%.-+(5#!/)%!-E!$'-$)! VX¿FLHQWH SDUD OLEUDU D OD VRFLHGDG GH WDOHV SHOLJURV #!$.0)-!:+.!-.!*)05.$/(.!.0!(#-!(.4.-!$'-$#-!.(!3.F %.*A)! #! (#! %.-'-5.0*'#! *'&'(6! R'0! .$;#%2)?! #! 3'8.%.0F *'#! 3.! @);;.-?! *)0! :+'.0! *)$/#%5.! (#! &E#! 3.(! /#*5)! -)*'#(! /#%#! .H/('*#%! (#! 8)%$#*',0! 3.(! I-5#3)?! ")*w.! SUH¿HUH OD GLVWULEXFLyQ GH SRGHUHV D VX FRQFHQWUDFLyQ 0LHQWUDV +REEHV D¿UPD TXH VL HO SRGHU VH GLYLGH VH 3.;'('5#?!")*w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¿FDGR MXUtGLFR GH XQD HVIHUD GH DFFLyQ HQ Vt PLVPD H[WUDMXUtGLFD $TXt HVWiQ HQ FRQWUDVWH OD WHVLV TXH D¿UPD TXH .(!3.%.*A)!3.;.!*)'0*'3'%!*)0!(#!0)%$#!4!(#!:+.!-)-5'.0.!.0! *#$;')!:+.!.(!9$;'5)!3.(!3.%.*A)!.H*.3.!(#!0)%$#6!=.%)!(#-! 3)-!/)-'*')0.-!-)0!.0!M(5'$#!'0-5#0*'#!-)('3#%'#-!.0!.(!A.*A)! 3.!.H*(+'%!(#!.H'-5.0*'#!3.!+0#!.-8.%#!3.!(#!#**',0!A+$#0#!-+-F WUDtGD SRU FRPSOHWR GHO GHUHFKR $JDPEHQ

`)! .-! *#-+#(! :+.! (#-! 5.)%E#-! *)05%#*5+#('-5#-! :+.! .H/('*#0!#(!I-5#3)!*)$)!%.-+(5#3)!3.!+0!/#*5)!-)*'#(?! -.! 3.-/('.2+.0! 3.! 8)%$#! /#%#(.(#! #! (#! *)0-)('3#*',0! 3.! ()-! $)3.%0)-! I-5#3)-! 0#*',0! .0! .(! 3.-#%%)(()! 3.! (#!*'&'('1#*',0!*#/'5#('-5#6!h)+--.#+?!/)%!.<.$/()?!.-! *)0-*'.05.!3.!()-!/.('2%)-!:+.!-.!*)%%.0!/#%#!(#!(.2'F 5'$'3#3!3.(!)%3.0!.-5#5#(!*)0!(#-!2%#03.-!3'8.%.0*'#-! :+.!*)$'.01#!#!&'-(+$;%#%!.05%.!(#!*)0*.05%#*',0!3.! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

A@


.-0$)-!/. !"#$"%&2!/#.''!/!&!/4"!6!

(#!%':+.1#!3.!+0!/.:+.C)!-.*5)%!-)*'#(?!8%.05.!#!(#!/#+F /.%'1#*',0!3.!(#!2%#0!$#-#!3.!(#!/);(#*',06!I&'3.05.F $.05.?!(#!/%.)*+/#*',0!3.!h)+--.#+!3.-*#0-#!.0!:+.! (#!*)03'*',0!3.!3.-'2+#(3#3!$#5.%'#(!4!.0!*'.%5#!$.F 3'3#!.-/'%'5+#(!:+.!-.!/+.3.0!2.0.%#%!/)%!(#!*)0*.0F 5%#*',0!3.!(#!%':+.1#!/+.3.!/)5.0*'#%!(#!&')(.0*'#!:+.! *)03+1*#!#!5%#0-2%.3'%!(#!(.4?!#/%);#3#!-+/+.-5#$.0F 5.! /)%! 5)3)-?! ;#<)! .(! /%'0*'/')! 3.! (#! %./%.-.05#*',06! I-5)!*)03+<)!#!h)+--.#+!#!8)%$+(#%!+0#!3.!(#-!5.-'-! $9-! /)(G$'*#! 3.! -+! );%#! %.(#5'&#! #! :+.! (#! &)(+05#3! 2.0.%#(?!/.0-#3#!*)$)!+0!*+.%/)!$)%#(!4!*)(.*5'&)?! 3)5#3)!3.!&'3#!/%)/'#?!/+.3.!);('2#%!#(!*'+3#3#0)!:+.! WUDQVJUHGH OD OH\ D VHU OLEUH 5RXVVHDX aB;('2#%!#!(#!(';.%5#3b!.0!0)$;%.!3.!+0#!&)(+05#3!2.F 0.%#(!*+4#!'05.%/%.5#*',0!M(5'$#!3.-*#0-#!.0!.(!/)3.%! /)(E5'*)!.-?! .8.*5'&#$.05.?!+0! %#-2)! 5E/'*)!3.! ()-! %.F 2E$.0.-! 5)5#('5#%')-6! R'0! .$;#%2)?! .-5)4! *)0&.0*'3)! :+.!.0!5)3)!I-5#3)!3.!3.%.*A)?!.0!:+.!.(!/)3.%!/)(E5'F *)!.-59!('$'5#3)!/)%!(#!(.4!4!.0!.(!:+.!()-!*'+3#3#0)-! 5'.0.0! 2#%#05'1#3)-! -+-! 3.%.*A)-! 8+03#$.05#(.-! .0! +0#!*)0-5'5+*',0?!5#$;'G0!-.!);('2#!#!:+'.0!5%#0-2%.3.! (#! (.4! #! -.%! (';%.6! >+#03)! h)+--.#+?! .0! -+! *)05%#5)! -)*'#(?!/'.0-#!.0!(#!/)-';'('3#3!3.!:+.!#(2+'.0!((.2+.! #!5%#0-2%.3'%!(#!(.4?!$.!/#%.*.!:+.!()!#-+$.!3.-3.!(#! .H*./*',0!4!0)!3.-3.!(#!2.0.%#('3#36!R'!#(2+'.0!&')(#! (#!(.4!5'.0.!:+.!%.*';'%!+0!*#-5'2)?!/.%)!*)$)!.-5.!-.! ¿MD FRQ EDVH HQ XQD UD]yQ OHJLVODGRUD D OD TXH VH SUHF -+$.! G5'*#$.05.! ;+.0#! 4! *#/#1! 3.! #*5+#%! *)08)%$.! #!(#!<+-5'*'#!4!.(!;'.0!*)$M0?!-.!#-+$.!:+.!-.%9!/#%#! .(!;'.0!3.(!'0*+(/#3)_!/#%#!:+.!.-5.!()2%.!(#!(';.%5#3! :+.!0)!5.0E#!*+#03)!5%#0-2%.3',6!=)%!.<.$/()?!.0!(#-! -)*'.3#3.-!$)3.%0#-!:+'19!(#!/%'-',0!.-!(#!.H/%.-',0! A.2.$,0'*#!3.(!*#-5'2)6!R.!#-+$.!:+.!.-!%#*')0#(!4! &9('3)!.0*.%%#%!#!#(2+'.0?!#'-(#%()!3.!(#!-)*'.3#3!/#%#! a/%'&#%()b! 3.! +0#! (';.%5#3! :+.! .0! %.#('3#3! 0)! 5.0E#! #(!$)$.05)!3.!3.('0:+'%6!R'!-.!(.!.0*'.%%#!4!0)!-.!(.! $#5#?!.-!/)%:+.!-.!/'.0-#!:+.!#!5%#&G-!3.(!*#-5'2)?!.(! 3.('0*+.05.!/+.3.!-.%!%.8)%$#3)!/#%#!/)-5.%')%$.05.! %.#3#/5#%-.!#!(#!-)*'.3#3!-'0!-.%!0+.&#$.05.!+0!a/.F OLJUR´ ¢(VWR QR VLJQL¿FD DFDVR TXH DO DSOLFDU OD OH\ /#%#!*#-5'2#%!#!:+'.0!(#!5%#0-2%.3',?!-.!(.!a);('2#!#!-.%! (';%.b!5#(!4!*)$)!()!8)%$+(,!h)+--.#+\ J-E! *)$)! .(! .-5#3)! 3.! .H*./*',0! /+.3.! %.-+(5#%! &')(.05)!/#%#!()-!*'+3#3#0)-!:+.!&.0!-+-/.03'3)-!-+-! 3.%.*A)-?!#+0:+.!.(!/)3.%!-);.%#0)!#%2+$.05.!:+.!.-! /)%!-+!;'.0?!/#%#!%.-2+#%3#%!<+-5#$.05.!.-)-!3.%.*A)-! :+.!#A)%#!3.-*)0)*._!3.!(#!$'-$#!8)%$#?!#(!#/('*#%(.! (#!(.4!#(!*'+3#3#0)!:+.!-.!.0*'.%%#?!.(!#%2+$.05)!.-! VLPLODU WH FDVWLJR SHUR HV SRU WX ELHQ #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

AC

P0!#%2+$.05)!-'$'(#%!+5'('1#!r#05!.0!-+!0HWDItVLFD :$(1'"(&)"#6+2.$" R'! +0! 3.5.%$'0#3)! +-)! 3.! (#! (';.%5#3! $'-$#! .-! +0! );-59*+F ()!#!(#!(';.%5#3!-.2M0!(.4.-!+0'&.%-#(.-!S.-!3.*'%?!*)05%#%')!#(! 3.%.*A)!}6*.$&5#~Y?!.05)0*.-!(#!*)#**',0!:+.!-.!(.!)/)0.?!.0! 5#05)! :+.! );-59*+()! 8%.05.! #! ()! :+.! REVWDFXOL]D OD OLEHUWDG?! *)0*+.%3#!*)0!(#!(';.%5#3!-.2M0!(.4.-!+0'&.%-#(.-_!.-!3.*'%?!.-! *)08)%$.!#(!3.%.*A)!S.$&5# SRU FRQVLJXLHQWH DO GHUHFKR HVWi +0'3#!#!(#!&.1!(#!8#*+(5#3!3.!*)#**')0#%!#!:+'.0!()!&')(#?!-.2M0! HO SULQFLSLR GH FRQWUDGLFFLyQ .DQW

>(#%)! :+.! #! 3'8.%.0*'#! 3.! ")*w.?! r#05! %./%+.;#! *)05+03.05.$.05.!(#!%.-'-5.0*'#!*'&'(!4!(#!%.&)(+*',0?! #(! 2%#3)! 3.! /%)*(#$#%! :+.! .(! I-5#3)! /+.3.! *#-5'2#%! A#-5#!*)0!/.0#!3.!$+.%5.!#!:+'.0!-.!#*+-.!3.!-.3'*',06! I0!r#05?!.(!a);('2#%!#!(#!(';.%5#3b!.-!.0!5)3)!*#-)?!+0! 3.%.*A)!3.(!-);.%#0)?!/.%)!0+0*#!3.!()-!*'+3#3#0)-6 =#%#!T.0<#$'0!.(!/)3.%!/)(E5'*)!0)!.-!'2+#(!3.!5)F (.%#05.!*)0!.(!.-5#3)!3.!.H*./*',0!:+.!*)0!(#!A+.(2#! 2.0.%#(!%.&)(+*')0#%'#6!I(!/%);(.$#?!0)!.-5%';#?!/+.-?! .0! (#! &')(.0*'#?! -'0)! .0! (#! #*./5#*',0! 3'-*%.*')0#(! 4! #%;'5%#%'#!:+.!.(!/)3.%!/)(E5'*)!:+.!/%.-+$.!/#%#!-E!-+! XVR H[FOXVLYR KDFH GH HOOD }>)0!(#!A+.(2#!2.0.%#(!%.&)(+*')0#%'#~?!(#!*(#-.!);%.%#!#/.(#%9! -'.$/%.!#!-+!3.%.*A)!#!(#!A+.(2#?!/.%)!.(!I-5#3)!3'%9!:+.!.-#! #/.(#*',0!.-!+0!#;+-)?!/)%:+.!m3'%9!.(!3.%.*A)!3.!A+.(2#!0)! A#;E#!-'3)!.05.03'3)!.0!.-.!-.05'3)?!4!5)$#%9!-+-!$.3'3#-!.HF 5%#)%3'0#%'#-6!=)%:+.!0#3#!(.!'$/'3.!3.*(#%#%!:+.!+0#!/+.-5#! .0!/%9*5'*#!-'$+(590.#!3.!(#!A+.(2#!.0!5)3#-!(#-!.$/%.-#-!.-! '0*)0-5'5+*')0#(?!3#3)!:+.!0)!%.M0.!.0!*#3#!+0#!3.!(#-!.$/%.F -#-!.(!$)5'&)!/#%5'*+(#%!/%.-+/+.-5)!/)%!.(!(.2'-(#3)%!ST.0<#F PLQ

")!/#%#3,<'*)!3.!+0#!*)0-5'5+*',0!:+.!%.*)0)*.!.(! 3.%.*A)! #! (#! A+.(2#! *)$)! &E#! (.2E5'$#! /#%#! %.*(#$#%! $.<)%#-!(#;)%#(.-!/.%)!:+.?!#(!$'-$)!5'.$/)!0)!5)(.F %#%E#!:+.!.-5.!3.%.*A)!-.!2.0.%#('1#%#?!<+-5#$.05.!5'.0.! :+.! &.%! *)0! (#! 3'-*%.*')0#('3#3! /#%5'*+(#%! 3.! :+'.0! )! :+'.0.-!5)$#0!(#-!3.*'-')0.-6!J!3'8.%.0*'#!3.!h)+--.#+! 4!r#05!:+.!/'.0-#0!.0!(#!.H'-5.0*'#!3.!+0#!&)(+05#3!2.F 0.%#(!'0*)%%+/5';(.!4!*#/#1!3.!2#%#05'1#%!(#!(';.%5#3!3.! ()-!*'+3#3#0)-?!$.!/#%.*.!:+.!:+'.0.-!.<.%*.0!.(!/)3.%! /)(E5'*)!4!:+.!-)0!()-!%.-/)0-#;(.-!5.$/)%#(.-!3.!(#!-)F ;.%#0E#?!-)0!A)$;%.-!4!$+<.%.-!3.!*#%0.!4!A+.-)?!*)0! #/.5'5)-!4!#$;'*')0.-?!:+.!3.-3.!+0#!#%.0#!3.!8+.%1#! /+.3.0!3.*(#%#%!.(!.-5#3)!3.!.H*./*',0!)!3.!);('2#%0)-! D OD OLEHUWDG JXLDGRV SRU VX SURSLR EHQH¿FLR >)0!.-5)!0)!/%.5.03)!*+.-5')0#%!(#!'$/)%5#0*'#!3.(! 3.%.*A)!.0!5#05)!A)%'1)05.!0)%$#5'&)!/#%#!2#%#05'1#%?!


;'!&'),&/!6)&6%/&'%2&./%6)/#)2&3$)&!A%/.+!/&!'&!-!/)6)"> .&&.-0$)-!

.0!(#!$.3'3#!3.!()!/)-';(.?!#:+.(()!:+.!*)05%';+4#!#! +0#!&'3#!3'20#6!=)%!-+/+.-5)!:+.!.(!3.%.*A)!.-!3.!()! $9-!/%.*'#3)!:+.!5.0.$)-!/#%#!3.8.03.%!()!:+.!-)$)-! )!()!:+.!#-/'%#$)-!#!-.%6!7!.0!.-5.!-.05'3)?!3.;.$)-! 3'8.%.0*'#%!#(!3.%.*A)!.0!5#05)!A)%'1)05.!0)%$#5'&)!S.(! 3.%.*A)!#!5.0.%!3.%.*A)-Y!3.!(#!(.4?!.0!5#05)!'0-5%+$.0F 5)!3.!#/('*#*',0!3.(!3.%.*A)6!=)%!.(()?!3'*A)!.05%.!/#F %G05.-'-?!.0!+0#!3.!(#-!.H/%.-')0.-!3.!(#!#05'2+#!h)$#! 3.(! .-5#3)! 3.! .H*./*',0! .-5+3'#3)! /)%! J2#$;.0?! .(! %6"#%#%6+?!-+-/.03E#!.(!3.%.*A)!.0!5#05)!#/('*#*',0!3.! (#!(.4?!$9-!0)!()!-+-/.03E#!.0!-+!-.05'3)!0)%$#5'&)6! J!/.-#%!3.!.-5#!3'8.%.0*'#!.05%.!.(!3.%.*A)!4!(#!(.4?!(#! &')(.0*'#!.H'-5.?!'0*(+-)?!*)$)!'(,.%).% GH DTXpO I(!.-5#3)!3.!.H*./*',0!0)!.-!+0#!3'*5#3+%#!}s~?!-'0)!+0!.-F /#*')!&#*E)!3.!3.%.*A)?!+0#!1)0#!3.!#0)$'#!.0!(#!*+#(!5)3#-! (#-!3.5.%$'0#*')0.-!<+%E3'*#-!m4?!-);%.!5)3)?!(#!3'-5'0*',0!$'-F $#!.05%.!/M;('*)!4!/%'&#3)m!-)0!3.-#*5'&#3#-6!N#(-#-!-)0?!/)%! 5#05)?!5)3#-!(#-!3)*5%'0#-!:+.!;+-*#0!#0.H#%!'0$.3'#5#$.05.! .(!.-5#3)!3.!.H*./*',0!#(!3.%.*A)_!4!-)0!/)%!.03.!8#(-#-!5#05)! (#!5.)%E#!3.!(#!0.*.-'3#3!*)$)!8+.05.!<+%E3'*#!)%'2'0#%'#!*)$)! (#!:+.!&.!.0!.(!.-5#3)!3.!.H*./*',0!.(!.<.%*'*')!3.!+0!3.%.F *A)!3.(!.-5#3)!#!(#!/%)/'#!3.8.0-#?!)!.(!%.-5#;(.*'$'.05)!3.!+0! )%'2'0#%')!I-5#3)!/(.%)$95'*)!3.(!3.%.*A)!S()-!Ä/(.0)-!/)3.F %.-lY6!=.%)!5#$;'G0!-)0!8#(#*.-!#:+.((#-!3)*5%'0#-!:+.?!*)$)! (#!3.!R*A$'55?!;+-*#0!'0-*%';'%!.0!8)%$#!$.3'#5#!.(!.-5#3)!3.! .H*./*',0!.0!+0!*)05.H5)!<+%E3'*)?!8+03903)()!.0!(#!3'&'-',0! .05%.!0)%$#-!3.!3.%.*A)!4!0)%$#-!3.!%.#('1#*',0!3.(!3.%.*A)?! .05%.!/)3.%!*)0-5'5+4.05.!4!/)3.%!*)0-5'5+'3)?!.05%.!0)%$#!4! GHFLVLyQ $JDPEHQ

+0#!#8%.05#!#(!c.%.*A)?!#!(#-!2#%#05E#-!'03'&'3+#(.-!3.! ()-!*'+3#3#0)-?!:+.!0)-!5.03%E#!:+.!*)03+*'%!#!+0!.-F 5#3)!3.!0#5+%#(.1#!a#!(#!@);;.-b6!I-5)!.-?!+0#!2+.%%#! 3.! 5)3)-! *)05%#! 5)3)-6! =)%! -+/+.-5)! :+.! #(2)! #-E! 0)! *)0&'.0.!#!()-!'05.%.-.-!/#%5'*+(#%.-!3.!:+'.0.-!-.!;.F QH¿FLDQ FRQ HO HMHUFLFLR GHO SRGHU SROtWLFR GH DKt TXH 5#05)!(.-!/%.)*+/.?!.0*)05%#%!+0#!8,%$+(#!:+.!(.-!/.%F $'5#!#/.(#%!#(!3.%.*A)!/#%#!0.2#%!3.%.*A)-6!c.!#:+E! :+.!J2#$;.0!/'.0-.!#(!.-5#3)!3.!.H*./*',0!*)$)!+0#! 2+.%%#!*'&'(!(.2#(6 N'0#($.05.?!-'!*)05%#-5#$)-!.(!.-5#3)!3.!.H*./*',0! 4!(#!%.-'-5.0*'#!*'&'(!)!(#!%.&)(+*',0!*)$)!3'-/+5#-!3.(! 3.%.*A)!#!5%#&G-!3.!(#!&')(.0*'#?!4#!-.#!8+03#3)%#!)! 8+03#3#?!&.%.$)-!:+.!#:+.(!0)!-.!.0*+.05%#!#!-#(&)! 3.!.-5#?!#+0:+.!'05.05.!%.2+(#%(#6 hINIhI`>OJR

J2#$;.0?! g6! SVWWvY?! !"#':)( :$( $8&$,&%<*?! T+.0)-! J'%.-?!J3%'#0#!@'3#(2)?!v#6!.36 T.0<#$'0?!^6!SVWXXY?!a=#%#!+0#!*%E5'*#!3.!(#!&')(.0F FLD´ 6DQWLDJR GH &KLOH (VFXHOD GH ¿ORVRItD $5F &,6 HGLFLyQ HOHFWUyQLFD HQ ZZZ SKLORVRSKLD FO N)+*#+(5?! U6! SVWWWY?! ?$3$*:$.( 1'( ")&%$:':?! T+.0)-! J'%.-?!N>I6 @);;.-?! D6! SXpzWY?! K$C%'#I*( )( :$( 1'( +'#$.%'E( 3).+'(7(,):$.(:$(6*'(.$,U21%&'($&1$"%I"#%&'(7(&%C%1?! UGH'*)?!N>I6! r#05?! O6! SXppvY?! /D PHWDItVLFD GH ODV FRVWXPEUHV?! U#3%'3?!D.*0)-6 I(! .-5#3)! 3.! .H*./*',0! :+.?! #! 3.*'%! 3.! J2#$;.0! ")*w.?!e6!SXppWY?!A$06*:)($*"'7)(")2.$($1(0)2%$.*)( -.!A#!*)0&.%5'3)!.0!+0#!/%9*5'*#!A#;'5+#(!#!/#%5'%!3.! &%C%1?!U#3%'3?!J('#01#6 (#!=%'$.%#!g+.%%#!U+03'#(!3.(!-'2()!]]?!/)%!$9-!:+.! h)+--.#+?!e6e6!SXppvY?!!1(&)*#.'#)(")&%'1?!T#%*.()0#?!J(5#4#6 -.!:+'.%#!8+03#$.05#%!.0!.(!3.%.*A)?!.-!/%.*'-#$.05.?!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

AD


temporalidad

)@9)"-).4-!&+&

).&*+,&+'*&$($!*%-")*& JC#%)'A#)%/)3

>«@ OD YLGD KXPDQD HQ FXDQWR HWKRV HQ FXDQWR YLGD pWLFD %XVFDU XQD SROLV \ XQD RLNtD TXH HVWpQ D OD DOWXUD GH HVD FRPXQLGDG YDFtD H LPSRVLEOH GH SUHVXSRQHU $"($1(:$2$.(%*3'*#%1(:$(1'(56+'*%:':(H6$(C%$*$ g')%2')!J2#$;.0

P

0#!);%#!<#$9-!.-*%'5#?!+0!5.H5)!'0.H'-5.05.?!+0! .-*%'5)!'$/)-';(.?!'05'5+(#3)!/D YR] KXPDQD!)! eWLFD R VREUH OD YR]?!.-!.(!:+.!3#!(+2#%!#!$M(F 5'/(.-!);%#-!3.!J2#$;.0!3.-3.!Xpqq6!I(!/%'$.%!#/+05.! /#%#!.-#!);%#!.-!9*3'*&%'($(5%"#).%'6!I0!()-!(E$'5.-!3.(! (.02+#<.?!%.8.%'3)-!#!(#!'08#0*'#?!5'.0.!(+2#%!.(!$8,$.%+$*#6+(1%*06'$?!:+.!3#!(+2#%!#(!.-/#*')!G5'*)!3.(!:+.! 0#*.!+0#!*)$+0'3#36! /DV UHÀH[LRQHV FRQFHSWXDOHV HQ 9*3'*&%'($(5%"#).%'( 5'.0.0!+0#!%.8.%.0*'#!$9-!#((9!3.!(#!5.)%E#?!/%)/'*'#0F 3)! (#! .$.%2.0*'#! 3.(! #*5)?! .(! 2.-5)! A'-5,%'*)?! *)$)! #*5)! /)(E5'*)?! ;#-#3)! .0! +0#! 5.$/)%#('3#3! )5%#! :+.! /.%$'5.!#(5.%#*')0.-!4!5%#0-8)%$#*')0.-6!c)-!-)0!()-! /'(#%.-!:+.!2+E#0!.(!%.*)%%'3)?!@.'3.22.%!4!T.0<#$'06! R'0!.$;#%2)?!(#!2.0.#()2E#!3.!()-!*)0*./5)-!3.!.H/.F %'.0*'#?!'08#0*'#?!5.$/)%#('3#3!.!A'-5)%'#?!#;%.0!+0!-'0! 0M$.%)!3.!(E0.#-!3.!8+2#6! I]=IhOI`>OJ!@ORDxhO>J?! DIU=BhJ"OcJc!O`NJ`DO"?!cOJ>hB`|J

I0!(#!#*5+#('3#3?!(#!.H/.%'.0*'#!0)!/+.3.!-'0)!*)0F -'3.%#%-.! .0$+3.*'3#?! '05%#3+*';(.?! .H/%)/'#3#6! "#! H[SORUDFLyQ JHQHDOyJLFD TXH VLJXH D WDO D¿UPDFLyQ GD *+.05#! 3.! ()-! *)%5.-! .0! (#! *%)0)()2E#?! 3.! ()-! *+#(.-! .$.%2.! +0#! 5.$/)%#('3#3! A'-5,%'*#6! I(! A)$;%.! *)0F 5.$/)%90.)!0)!-,()!0)!5'.0.!-'0)!:+.!0)!()2%#!5%#0-F $'5'%!.H/.%'.0*'#-6!c+%#05.!(#!/%'$.%#!$'5#3!3.(!-'2()! ]]!.(!.0$+3.*'$'.05)!3.!(#!.H/.%'.0*'#!-.!#-)*',!#!(#! 2+.%%#6!U.0)-!3.!$.3')!-'2()!3.-/+G-!(#!.H/.%'.0*'#! -.!5)%0,!'05%#3+*';(.!.0!.(!.-/#*')!*)5'3'#0)?!&)(&'G0F ! !R)*',()2#!4!/-'*)#0#('-5#6

Q

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

A?

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tPLWH ³&RPR LQIDQFLD GHO KRPEUH (#!.H/.%'.0*'#!.-!(#!$.%#!3'8.%.0*'#!.05%.!()!A+$#0)! 4!()!('02Ã…E-5'*)6!L+.!.(!A)$;%.!0)!-.#!3.-3.!-'.$/%.! A#;(#05.?!:+.!A#4#!-'3)!4!-.#!5)3#&E#!'0F8#05.?!.-)!.-! OD H[SHULHQFLD $JDPEHQ "#!3'8.%.0*'#!4!(#!3'-*)05'0+'3#3!.05%.!(.02+#!4!3'-F *+%-)!.-!()!:+.!8+03#!(#!A'-5)%'*'3#36!"#!'08#0*'#!.-!(#! $#%*#?!.-!3.*'%?!(#!A+.((#!3.!.-#!3'8.%.0*'#!:+.!-.!'0-*%'F ;.!*)$)!5.$/)%#('3#36!`)!.-!+0!$)$.05)!3.(!/#-#3)?! -'0)!:+.!%.5)%0#!*#3#!&.1!:+.!(#!3'#*%)0E#!'%%+$/.!.0! (#!-'0*%)0E#?!/#%#!3#%!(+2#%!#!(#!.H/.%'.0*'#!A'-5,%'*#6 !I0!#(2+0)-!$)$.05)-!(#!3'8.%.0*'#*',0!.05%.!()-!*)0*./5)-!3.!4)?!-+<.5)! 4!-+;<.5'&'3#3!:+.3#!.H5%#&'#3#!.0!.(!5.H5)!3.!J2#$;.06!I-5#!3'8.%.0*'#F *',0!3.-3.!.(!/-'*)#09('-'-!.-!*.05%#(6!B3.6!>A#$'1)!SVWWpY6!

X


)C7)".)/6.!&,&#)-7%"!'.4!4&)/&./:!/6.!&)&?.2#%".! .&&.-0$)-!

DIU=BhJ"OcJc!=PIRDJ!I`!ePIgB?! J"DIhJ>Ox`!ROg`ONO>J`DI

R'!.(!%'5)!/%.-.%&#!4!3#!*)05'0+'3#3!#!()!&'&'3)?!.(! MXHJR LQYDGH OD YLGD PRGL¿FDQGR \ DOWHUDQGR HO WLHPF /)6!U'5)?!%'5)!4!<+.2)!5'.0.0!%.(#*')0.-!3'&.%-#-!*)0! (#!A'-5)%'#6!I(!$'5)!(#!.0+0*'#?!.(!%'5)!(#!%./%)3+*.!4! .(!<+.2)!(#!5%#0-8)%$#6!"#!/)-';'('3#3!3.(!<+.2)!4!()-! <+2+.5.-!/#%#!5%#0-8)%$#%!(#!A'-5)%'#!.-59!#-)*'#3#!#!(#! %./.5'*',0!'05.%%+$/'3#!:+.!3#!(+2#%!#!()!A'-5,%'*)!.0! (#!3'8.%.0*'#!.05%.!-'0*%)0E#!4!3'#*%)0E#6 I(!<+2+.5.!*)$)!);<.5)!*)05'.0.!+0#!5.$/)%#('3#3! %.-'3+#(!:+.!()!%.(#*')0#!*)0!(#!A'-5)%'#!:+.!/)0.!.0! $#%*A#!.(!<+.2)6!I-5)!3#!(+2#%!#!(#!5%#0-8)%$#*',0!3.! VLJQL¿FDGRV \ VLJQL¿FDQWHV J(!'2+#(!:+.!.(!2.%&)1'0$?!.(!<+2+.5.!5#$;'G0!-.!-'%&.!3.!a%.F -'3+)-b! 4! 3.! a8%#2$.05)-b! /.%5.0.*'.05.-! #! )5%)-! *)0<+05)-! HVWUXFWXUDOHV R ELHQ FRQMXQWRV HVWUXFWXUDOHV PRGL¿FDGRV \ HO MXJXHWH WDPELpQ WUDQVIRUPD DVt DQWLJXRV VLJQL¿FDGRV HQ VLJQL¿FDQWHV \ YLFHYHUVD 3HUR DTXHOOR FRQ OR TXH MXHJD HQ %.#('3#3!0)!-)0!-'$/(.$.05.!.-)-!%.-'3+)-!4!8%#2$.05)-?!-'0)! $9-!;'.0!m*)$)!%.-+(5#!.&'3.05.!.0!.(!*#-)!3.!(#!$'0'#5+'1#F *',0m!(#!a%.-'3+#('3#3b?!/)%!#-E!3.*'%?!:+.!.-59!*)05.0'3#!*)$)! 8)%$#! 5.$/)%#(! .0! .(! );<.5)! )! .0! .(! *)0<+05)! .-5%+*5+%#(! 3.! GRQGH SDUWH $JDPEHQ

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yQ VLJQL¿FDQWH .0!-+!'0.-5#;'('3#3?!-+!3'-*)05'0+'3#3?!2.0.%#03)!+0#! #/.%5+%#!#!(#!5.$/)%#('3#3!4!(#!A'-5)%'#!A+$#0#-6! P`J!hIKB"P>Ox`!DIU=BhJ"

"#-!*)0*./*')0.-!-);%.!(#!A'-5)%'#!3.!*#3#!*+(5+%#! .-590!#*)$/#C#3#-!/)%!3'8.%.05.-!8)%$#-!3.!%./%.-.0F 5#*',0!3.(!5'.$/)6!c.-3.!(#!/.%-/.*5'&#!3.!J2#$;.0?!(#! 5#%.#!3.!(#!%.&)(+*',0!0)!.-!*#$;'#%!.(!$+03)!-'0)!.(! 5'.$/)6!c.!#:+E?!/+.-?!:+.!.(!/.0-#$'.05)!/)(E5'*)!$)F 3.%0)!-.!A#!*)0*.05%#3)!.0!(#!A'-5)%'#!4!0)!A#!.(#;)%#3)! +0#!*)0*./*',0!3.!5'.$/)!:+.!$#%:+.!3'8.%.0*'#6

c.!.-5.!$)3)?!5.0.$)-!:+.!.0!(#!J05'2Ã….3#3!2%.*)F %%)$#0#!%./%.-.05#;#!#(!5'.$/)!*)0!+0#!'$#2.0!.-/#F *'#(!*'%*+(#%?!:+.!-.!;#-#;#!.0!()!*)05'0+)?!(#!%.*+%%.0F *'#?!(#!%./.5'*',0!4!.(!%.5)%0)6!"#!*)05'0+'3#3!:+.3#;#! 2#%#05'1#3#!#!5%#&G-!3.!(#!3'&'-',0!3.!'0-5#05.-!*+#05'F ¿FDGRV (O &)*#%*6+!5.0E#!(#!3);(.!*#%#*5.%E-5'*#!3.!-.%! SXQWXDO H LQ¿QLWR (Q HVWD UHSUHVHQWDFLyQ GHO WLHPSR QR A#;E#!A'-5)%'*'3#3?!4#!:+.!G-5#!M(5'$#!.-5#;#!'$/.3'3#! /)%!(#-!%#E*.-!5%"#\.!S5.-5'2)!)*+(#%Y!.!%:!S&.%Y?!:+.!.HF FOX\HQ OR TXH HVWi VLQ VHU YLVWR $JDPEHQ =)%! -+! /#%5.?! (#! .H/.%'.0*'#! *%'-5'#0#! 3.(! 5'.$/)! '0-*%';'%9!(#-!;#-.-!/#%#!(#!.H/.%'.0*'#!3.!(#!A'-5)%'*'F 3#36!`)!-.!)(&'3.!:+.!#:+E!.(!5'.$/)!.-59!%./%.-.05#3)! FRPR XQD OtQHD UHFWD HQ XQ PXQGR ¿QLWR GRQGH ORV #*)05.*'$'.05)-!0)!-.!%./'5.06!J-E!/+.-?!R#0!J2+-5E0! #/)%5#!+0#!0)*',0!3.!5'.$/)!'0#-';(.?!3.!+0!/%.-.05.! -'0!.H5.0-',0!*)$)!.H/.%'.0*'#!A+$#0#!3.(!5'.$/)6 I0! (#! 0*)"%"?! .-#! %.('2',0! -+;5.%%90.#?! J2#$;.0! %.*)0)*.!+0#!*)0*./*',0!3.!5'.$/)!*)$)!(E0.#!'05.F %%+$/'3#?!#05E5.-'-!3.(!*E%*+()!2%'.2)!4!(#!(E0.#!*%'-F 5'#0#6!c.!(#!5.$/)%#('3#3!'0*)A.%.05.!4!0)!A)$)2GF 0.#! .$.%2.! (#! #*5'5+3! %.&)(+*')0#%'#! :+.! %.*A#1#! .(! /#-#3)?!()!#*5+#('1#?!%.&#()%'1#!()!0.2#5'&)!-'0!.-/.%#%! 8+5+%)6!!e+05)!#!(#!20)-'-!.-59!(#!"#)'(3.!(#!J05'2Ã….3#3! :+.! *)0*';.! +0#! .H/.%'.0*'#! (';.%#3#! 3.(! 5'.$/)! 0)! );<.5'&)?!-'0)!-+%2'.03)!3.!(#!3.*'-',0!3.(!A)$;%.6 >)0! (#! $)3.%0'3#3! -+*.3.%9! +0#! (#'*'1#*',0! 3.(! 5'.$/)!*%'-5'#0)6!c.!#AE!3.%'&#!.(!5'.$/)!A)$)2G0.)?! %.*5'(E0.)?!'0#**.-';(.?!&#*E)?!-+-5%#E3)!3.!(#!.H/.%'.0F *'#?!$+.%5)6!I(!A'-5)%'*'-$)?!#!*#+-#!3.(!G08#-'-!.0!()-! /%)*.-)-!4!(#!-+*.-',0?!0'.2#!(#!A'-5)%'#!.0!(#!*%)0)F ()2E#6! R'0! .$;#%2)?! @.2.(! #! /#%5'%! 3.! (#! 0.2#*',0! 4! U#%H!*)0!%.8.%.0*'#!#!(#!/%#H'-!#;%.0!#!+0!5'.$/)!)5%)! (#!A'-5)%'#6!J-'$'-$)?!T.0<#$'0!.0!(#-!7HVLV VREUH OD ¿ORVRItD GH OD KLVWRULD 4!@.'3.22.%!.0!!1("$.(7($1(#%$+,)(*)'0*'3.0!#(!-.C#(#%!.(!)*#-)!3.!(#!*)0*./*',0!3.! 5'.$/)! 3.! (#! *+(5+%#! )**'3.05#(6! =)%! .(()?! .-! 0.*.-#F %')!+0!%.2%.-)!#!(#!5.$/)%#('3#3!.$.%2.05.?!-.2M0!(#! *)0*./*',0!3.!A'-5)%'#!.0!T.0<#$'06!I0!*#$;')?!/#%#! @.'3.22.%!(#!8+03#*',0!3.!(#!A'-5)%'*'3#3!&#!.0!/#%#F (.()!3.!+0!#09('-'-!3.!(#!5.$/)%#('3#3!*)$)!$)$.05)! 3.!(#!3.*'-',0!3.(!A)$;%.6 NO"B"Bg|J?!P`J!UODB"Bg|J!>h|DO>J >«@ HO KLVWRULFLVPR GLDOpFWLFR >«@ HV OD EUXMD TXH KDELHQGR WUDQVIRUPDGR DO SUtQFLSH HQ UDQD &.$$(H6$(:$#$*#'(&)*("6(C'.%#'(+I0%&'(:$(1'(:%'1>&#%&' HO VHFUHWR GH WRGD WUDQVIRUPDFLyQ SRVLEOH

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

AG


.-0$)-!/. /$".!&!"!.+! X$.)($1(+'#$.%'1%"+)(5%"#<.%&)($"(1'(+6&5'&5' H6$(2$"'(:%.$&#'+$*#$('(1'(.'*'($*(1'(2)&' \ URPSH HO HPEUXMR GLDOpFWLFR 3XHV PLHQWUDV OD EUXMD VDEH TXH DVt FRPR WRGR SUtQFLSH HV HQ UHDOLGDG XQD UDQD GHO PLVPR PRGR WRGD UDQD SXHGH YROYHUVH XQ SUtQFLSH 1'(+6&5'&5'(1)(%0*).'(7("6(2$")(#)&'('H6$11)(H6$( HV LGpQWLFR WDQWR HQ OD UDQD FRPR HQ HO SUtQFLSH g')%2')!J2#$;.0

P0!/#%!3.!*#%5#-!.05%.!J3)%0)!4!T.0<#$'0!/.%$'5.0! %.*+/.%#%!)5%#!8)%$#!3.!A#*.%!A'-5)%'#?!3.!*)0-5%+'%(#! D SDUWLU GH PDWHULDOHV ¿OROyJLFRV FRQ XQ PpWRGR PLF *%)(,2'*)!4!8%#2$.05#%')6!>)0!.(()?!/.%$'5.!3#%!*+.05#! 3.!(#!/%#H'-!.05.03'3#!*)$)!.-.!/+05)!3.!+0',0!.05%.! .-5%+*5+%#!4!-+/.%.-5%+*5+%#!:+.!-.!#(.<#!3.!(#!5)5#('F 3#36!I(!#'-(#$'.05)!:+.!A#*.!T.0<#$'0!.0!()-!/#-#<.-! 3.(!*)05.0'3)!5.$/)%#(!3.!);<.5)-!4!.-*.0#-?!.-!.(!#'-F (#$'.05)! :+.! /#%#! J3)%0)! %.-+(5#! 3.$)0'#*)! 4! .$F ;%+<#3)?! (';.%903)-.! 3.! (#! $.3'#*',0! 3'#(G*5'*#! /#%#! 2.0.%#%! .(! .-/#*')! /%)/')! 3.(! $#5.%'#('-$)! A'-5,%'*)! FRPR ¿ORORJtD OLEHUDGD GH OD DEVWUDFFLyQ WRWDOL]DQWH T#-5#!#2%.2#%!:+.!.0!(#!*)%%.-/)03.0*'#!:+.!J2#$F ;.0! /%.-.05#! .05%.! J3)%0)! 4! T.0<#$'0?! .(! /%'$.%)! #/#%.*.! *)$)! 3.8.0-)%! 3.! &%$.#'( 5)5#('3#3! 3'#(G*5'*#! %.-/.*5)! #(! #%2+$.05)! 3.! (#! $.3'#*',06! R'0! .$;#%F 2)?!.H'-5.0!)5%)-!.-*%'5)-!3)03.!J3)%0)!%.*(#$#!/)%! ()! 3.'0+$*#'.%)( *)$)! ()! 8+.! -+! 3.8.0-#! 3.(! .0-#4)?! .05.03'.03)! *)0! .(()! +0#! 8)%$#! 3.! 3#%! /#(#;%#! #! ()! .$.%2.05.!SJ3)%0)?!Xp{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a*)$/(.5#b!3)03.! .(!A)$;%.!.$.%2.!3.-('1#3)!3.(!$'-5.%')!#!(#!/#(#;%#6 N%.05.! #! (#! *%)0)()2E#! /%)/'#! 3.! (#! A'-5)%')2%#8E#! ('5.%#%'#?!()!%#3'*#(!)%'2'0#%'#$.05.!A'-5,%'*)!#/#%.*.! *)0!+0!*#%9*5.%!%.-'3+#(!4!8%#2$.05#%')6!"#!$'*%)()F JtD R PLQLDWXUL]DFLyQ ¿OROyJLFD HV OD DEROLFLyQ GH ODV -./#%#*')0.-!.05%.!/#5%'$)0')!*+(5+%#(!4!5%#0-$'-',0?! &.%3#3!4!5%#0-$'-';'('3#3?!.-*%'5+%#!4!#+5)%'3#3?!*)0F 5.0'3)!89*5'*)!4!*)05.0'3)!3.!&.%3#36!e+05)!#!.-5)-!/#F %.-!#/#%.*.!(#!%.8.%.0*'#!#!)5%)-!3)-!/#%.-6!I(!/%'$.%! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

AF

SDU VRQ FDWHJRUtDV WDOP~GLFDV +DODNKD $JJDGD GRQGH @#(#wA#!.-!(#!".4!.0!-E!-./#%#3#!3.!-+!*)0-'-5.0*'#!$EF 5'*#?!4!J22#3#!.-!(#!&.%3#3!.0!-+!*)0-'-5.0*'#!.$)*')F 0#(?!.0!-+!5%#3+*';'('3#36!=)%!)5%)!(#3)!.-590!(#-!*#5.2)F UtDV iUDEHV VKDv DW \ KDJvDW GRQGH VKDv DW HV OD OH\ HQ -+!('5.%#('3#3!4!A#2i#5!.-!(#!(.4!.0!-+!-.05'3)!.-/'%'5+#(6 "#!*+(5+%#!)**'3.05#(!.-!/)%5#3)%#!3.!+0#!8%#*5+%#! '%%./#%#;(.!.05%.!.-5%+*5+%#!4!#*)05.*'$'.05)?!(.02+#! 4!A#;(#?!(.4!4!-+!5%#0-$'-',06!=#%#!J2#$;.0?!(#!#;)('F FLyQ GH HVD VHSDUDFLyQ HV OD WDUHD GH OD ¿ORORJtD SHQF VDGD FRPR XQD PLWRORJtD FUtWLFD SHUPLWLU OD UHFRQVF 5%+**',0!#+5G05'*#!4!(';%.!3.!(#-!%.(#*')0.-!8%#*5+%#3#-! 4! .-*'03'3#-?! '$/'3.! .(! #**.-)! #(! $'5)?! ()! .H5%#.! 3.! -+! %'2'3.1! 4! #'-(#$'.05)! 3.&)(&'G03)()! #! (#! A'-5)%'#6! /D ¿ORORJtD FRPR PLWRORJtD FUtWLFD GHYXHOYH HO PLWR #!(#!A'-5)%'#?!/)%:+.!A#*.!+0!*)$/%)$'-)!*)0!(#!5.$F /)%#('3#3!3.!()!:+.!5)3#&E#!0)!A#!3.<#3)!3.!#*#.*.%?! '.'45> XQD IUDQMD GH XOWUD KLVWRULD (V GHFLU OD ¿ORF ()2E#! *)$)! $'5)()2E#! *%E5'*#! 3.&+.(&.! .(! A#;(#! 4! (#! 5.$/)%#('3#3!A'-5,%'*#!#(!A)$;%.6 >«@ OD ¿ORORJtD WUDQVIRUPD ORV QRPEUHV PtWLFRV HQ SDODEUDV 4!#(!$'-$)!5'.$/)!%.3'$.!#!(#!A'-5)%'#!3.!(#!*%)0)()2E#!4!.(! PHFDQLVPR $TXHOOR TXH H[SUHVDED ORV LQÀH[LEOHV YtQFXORV ('02ÅE-5'*)-!3.(!3.-5'0)!-.!5)%0#!#:+E!(#!-+-5#0*'#!('02ÅE-5'*#! GH OD KLVWRULD /D PLWRORJtD FUtWLFD TXH OD ¿ORORJtD GHMD FRPR A.%.0*'#! *+#(! 0+.&#! '08#0*'#! /#%#! (#! *+(5+%#! )**'3.05#(! }s~! GHEH SDVDU DKRUD D PDQRV GH OD SRHVtD $JDPEHQ

"#! /).-E#! *)$)! $'5)()2E#! *%E5'*#! *)05.$/)%90.#! .-! .(! *'.%%.! 3.! (#! /%)/+.-5#! 3.! J2#$;.06! I(! &E0*+F ()!.05%.!/).-E#!.!'08#0*'#!4#!A#;E#!-'3)!5%#;#<#3)!/)%! N%.+3!SVWWvY?!3#03)!(+2#%!#!(#!-.%'.3#3!3.!(#!*%.#*',0! :+.!3#!#(!$+03)!+0!0+.&)!)%3.0?!.(!/).5#!4!.(!0'C)! 5%#0-8)%$#!%.#('3#3.-!A'-5,%'*#-6! hINIhI`>OJR

J3)%0)!D6!SXp{VY?!aI(!.0-#4)!*)$)!8)%$#b?!S)#'"(:$( 1%#$.'#6.'?!T#%*.()0#?!J%'.(6! J2#$;.0?!g!SVWWqY?!9*3'*&%'($(T%"#).%'6!?$"#.6&&%<*( :$(1'($8,$.%$*&%'(7().%0$*(:$(1'(5%"#).%'?!T+.0)-! J'%.-?!J3%'#0#!@'3#(2)6 >A#$'1)?!B!SVWWpY?!a7)b?!ac.(!A$12"#0$3]1!8%.+3'#0)! #!+0#!5.)%E#!3.!(#!-+;<.5'&'3#3!-'0!-+<.5)b?!.0!X'VDMHV SVLFRDQDOtWLFRV &OtQLFD IUHXGLDQD ?!UGH'*)?! R'2()!]]O6 N%.+3?!R6!SVWWvY!aI(!*%.#3)%!('5.%#%')!4!.(!8#05#-.)b?! .0!R6!N%.+3?![2.'"(&)+,1$#'"?!&)(6!O]?!T+.0)-!J'F %.-?!J$)%%)%5+6!


9")7)"-">!&NO HACERLO K&#%2)'L#5%/'3

I

0! %DUWOHE\ R GH OD FRQWLQJHQFLD ?! .0-#4)! :+.! 3.3'*#! g')%2')! J2#$;.0! #(! *G(.;%.! 5.H5)! 3.! @.%$#0! U.(&'((.?! -.! .H/()%#! (#! '$#2.0! 3.(! #$#0+.0-.!.0!(#!('5.%#5+%#!4!-.!.(#;)%#!+0#!.H5%#)%3'F 0#%'#!2.0.#()2E#!('5.%#%'#!3.!*)/'-5#-!.0!(#!*+#(!T#%5F OHE\ GHVWDFD SDUDGyMLFDPHQWH SRU VX SHU¿O DSRFDGR \ 3.-(+*'3)6!=#%5'.03)!3.!(#!5.)%E#!3.(!#*5)!4!(#!/)5.0*'#! 3.! J%'-5,5.(.-?! J2#$;.0! ((#$#! (#! #5.0*',0! -);%.! (#! VRPEUtD VLWXDFLyQ GH %DUWOHE\ \ VX LQFHVDQWH IRUPXOD a/%.8.%'%E#!0)!A#*.%()b?!.(!/.%-)0#<.!3.!U.(&'((.!/#%.F *.!.-5#%!#!$'5#3!3.!*#$'0)!.05%.!.(!#*5)!4!(#!/)5.0*'#?!4! .-!:+.!(#!/)5.0*'#!3.!-.%!.-!'0$#0.05.!#!(#!/)5.0*'#!3.! 0)!-.%?!4!-'.03)!:+.!(#!/)5.0*'#!.-!(#!/)-';'('3#3!:+.! .-!#*5+#('1#3#!4!3.5.%$'0#3#!.0!.(!#*5)!0+0*#!/+.3.! -.%! *)$/%);#3#! )! 8#(-.#3#?! ()! *+#(! -+*.3.! .0! T#%5F (.;46! `+0*#!A#4!%.*A#1)!#!(#!#**',0?!-'$/(.$.05.!/%.F 8.%'%E#!0)!A#*.%()?!0+0*#!3'*.!0)?!/.%)!5#$/)*)!*)$+(2#! *)0!(#!#**')0.-6!T#%5(.;4?!#+0:+.!-.#!+0!-+<.5)!*)/#3)! 3.!#**')0.-?!/.%$#0.*.!.0!(#!/)5.0*'#!/)%:+.!0+0*#!-.! 3.5.%$'0#?!4!5#$;'G0!.-!&)(+05#3!/)%:+.!.H/%.-#!+0#!/%.F 8.%.0*'#?!/.%)!-+!/%.8.%.0*'#!0)!.-!/)-'5'&#?!.0!.(!-.05'3)! $9-!.5'$)(,2'*)!3.!(#!/#(#;%#?!0)!"$(,)*$?!0)!-.!YHUL¿FD! 4?!-'0!.$;#%2)?!.-!#*5)!/)%:+.!.('2.(*)($1$0%.6 J2#$;.0! .(#;)%#! #(2+0#-! *)0<.5+%#-! 5.)(,2'*#-! /#%#! /.0.5%#%! (#! -'5+#*',0! 3.! T#%5(.;46! c')-! .-! /)F 5.0*'#!/)%:+.!5'.0.?!*)$)!-.%!)$0'/)5.05.?!(#!&'%5+3! 3.! /)3.%! A#*.%! 5)3)! 4! .-! #*5)! /)%:+.! /'.0-#! 4! *%.#! .(!$+03)6!=.%)!-'!c')-!.-!(';%.!3.!.(.2'%!()!:+.!A#*.! [/)3%9!.(.2'%!0)!A#*.%\!J(!/#%.*.%!0)!/)%:+.!(#-!'3.#-! .0! (#! $.05.! 3.! c')-! -)0! 0.*.-#%'#-! 4! /)%! 5#05)! -+-! #*5)-!5#$;'G0_!.0!c')-!*#;.!(#!/)5.0*'#!:+.!-.!3.5.%F $'0#?!/.%)!0)!/+.3.!A#;.%!*)05'02.0*'#!.0!5#05)!:+.! -+-! #*5)-! 3.;.0! -.%6! =.%)! -'! .0! .(! *#-)! 3.! T#%5(.;4?! .0!:+'.0!5)3)!#*5)!.-!*)05'02.0*'#!-'0!)%'.05#*',0?![#! 3,03.!*)03+*.!-+!&)(+05#3!'03.5.%$'0#3#\?![:+G!3.-F WLQR WHQGUtD XQD YROXQWDG DVt" %DUWOHE\ D¿UPD $JDPF ;.0?! .-! /%'0*'/')! 3.! *%.#*',0?! /)-';'('3#3! 3.! A#*.%?! /.%)!3.*'3.!-+-/.03.%!(#!'05.('2.0*'#!3.(!#*5)?!:+.!3.! *+#(:+'.%!8)%$#!0)!0'.2#6!I(!.-*%';#0)!3.!U.(&'((.!.-! !*)05'02.0*'#!#;-)(+5#!4!3.5.%$'0#*',0!3.!5)3#!'03.F N#*+(5#3!3.!N'()-)8E#!4!".5%#-!3.!(#!P`JU6!

Q

5.%$'0#*',0?!/%'0*'/')!3.!0.2#5'&'3#3!'%%.-5%'*5#6 "#! .H/.%'.0*'#! )0E%'*#! 3.! R.H5)! D#%:+'0')?! 3.! (#! TXH HFKD PDQR $JDPEHQ QRV LOXVWUD GH PDQHUD JUi¿F *#!.(!(+2#%!3)03.!T#%5(.;4!-.!.0*+.05%#6!I0!.(!-+.C)?! ORV HVFDORQHV GH XQD SLUiPLGH QRV LQ¿HUHQ ODV SRVLELF ('3#3.-!:+.!;#<)!(#!/+05#!4!A#-5#!(#!;#-.!-.!$+(5'/('*#0! WUDQVIRUPiQGRVH HQ XQD LQ¿QLWD FDGHQD GH SRWHQFLDV :+.!-.!-+*.3.0!'0*.-#05.$.05.6!=.%)!.-!.0!(#!/+05#!3.! .-5#!/'%9$'3.!3)03.!T#%5(.;4!-.!/)-'*')0#?!3)03.!5)F 3#-!(#-!/)-';'('3#3.-!/+.3.0!3.-#%%)((#%-.!4!*).H'-5'%! 3.!(#!$.<)%!$#0.%#!/)-';(.6 I(!SUHIHULUtD QR KDFHUOR 3.!T#%5(.;4!/#%.*'.%#!*)0F WHQHU HQ VX UHSHWLFLyQ PiQWULFD OD HVHQFLD GH VX R¿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¿FD VLOHQFLR VREUH VLOHQFLR I0!+0!(+2#%!*)$)!.(!0+.-5%)?!.(.2'%!(#!&'3#?!.(.2'%! +0#! /)-5+%#?! .(.2'%! +0#! $#0.%#! 3.! /.0-#%?! 0)-! A#*.! .-5#%!;#<)!(#!-)-/.*A#!3.!+0!#-.%5'&'-$)!%#$/(,0?!/.%)! .(!.0*+.05%)!8%)05#(!4!.-*#()8%'#05.!*)0!.(!.5.%0)!%.F 5)%0)?!#+0:+.!0)-!A#2#!.(.2'%!()!4#!.(.2'3)?!/)-..!(#! 8+.%1#!'0.(+3';(.!3.!$'(!3.-5'0)-6 hINIhI`>OJ

g'((.-?! c6?! g6!J2#$;.0?! e6"6! =#%3)! SVWWyY?! X.$3$.%UtD QR KDFHUOR %DUWOHE\ HO HVFULELHQWH GH +HUPDQ 0HOYLOOH VHJXLGR GH WUHV HQVD\RV VREUH %DUWOHE\?! K#(.0*'#?!=%.5.H5)-6 #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

AA


DISYUNCIONES

).#")&)'&<%,/")&+&)'&!.-,!'& A8#%)2)'>"#2<28"/':M'3

a

`)!-.!5%#5#!#:+E?!3.!5)3)-!$)3)-?!3.!'05.05#%!5%#1#%! ()-! *)05)%0)-! 4#! 0)! $9-! A+$#0)-! 4! 4#! 0)! $9-! #0'$#(.-! 3.! +0#! 0+.&#! *%.#*',0! :+.! *)%%.%E#! .(! %'.-2)!3.!-.%!5#0!$'5)(,2'*#!*)$)!(#!)5%#b!SJ2#$;.0?! 6LQ HPEDUJR $JDPEHQ YD GHOLQHDQGR D OR (#%2)! 3.! ()-! &.'05.! 5.H5)-! :+.! *)$/)0.0! /R $ELHUWR !1( 5)+2.$( 7( $1( '*%+'1E( (#! /)-';'('3#3! 3.! *+.-5')0#%F QRV DFHUFD GHO ¿Q GH OD KLVWRULD \ FRQ pVWD OD DSDULFLyQ 3.! +0! 0+.&)! A)$;%.?! '0&'5#03)! #! -+! &.1! #! *.05%#%! (#! #5.0*',0! 4#! 0)! .0! (#! *)0<+0*',0! .05%.! ()! #0'$#(! 4! ()! A+$#0)!3.(!A)$;%.?!-'0)!<+-5#$.05.!.0!(#!-./#%#*',0?! .0!-+!3'-4+0*',06!=.%)?![:+G!0+.&)!A)$;%.\?![:+G!-)F FLHGDG" ¢TXp SRVWXUD SROtWLFD pWLFD" ¢KDEUtD WDO" (Q HVWH PLVPR VHQWLGR ¢HVWDUHPRV HQ HO ¿Q GH OD KLVWRF %'#?!.0!.(!./E()2)!3.!$'-$#\?![-.%.$)-!/)-$)3.%0)-?! $)3.%0)-\!>'.%5#$.05.!#:+E!0)!-.!/%.5.03.!#;)%3#%!#! 8)03)!.-5.!#-+05)?!/.%)!-E!5%#1#%!*#$'0)-!3.-3.!.(!5.H5)! 3.!J2#$;.0?!3.!$)3)!:+.!-+%<#!+0#!'0&'5#*',0!#!A#*.%! $9-!*+.-5')0#$'.05)-!#(!%.-/.*5)_!:+.!#;%#0!+0#!/)-'F ;'('3#3!3.!/.0-#%!.(!$+03)!5#(!&.1!8+.%#!3.!(#!3'#(G*5'*#! A.2.('#0#6!O0'*'#03)!*)0!+0!A)-/'5#(#%')!aREb!#05.-!3.! (#!*+.-5',0?!%.5)$#03)!#!c.%%'3#?!#+0:+.!.-5)!((.&#%#! 0)!0.*.-#%'#$.05.!#!+0#!%.-/+.-5#?!/.%)!#!+0!.-/#*')! '2%$.#)(DO FXHVWLRQDPLHQWR ³1R OD D¿UPDFLyQ GRJPiF 5'*#! :+.! %.-'-5.! #! (#! *+.-5',06! R'0)! a-Eb! /#%#! :+.! +0#! *+.-5',0! -.! /(#05..?! /#%#! :+.! +0#! *+.-5',0! -.! 3'%'<#! #! #(2+'.0!}s~!/#%#!3'%'2'%(.-!(#!/#(#;%#?!'0*(+-)!-'!.-!/#%#! 0)!3.*'%!0#3#b!Sc.%%'3#?!XpqqY6 K)(;2%$.#)!.-!+0!5.H5)!:+.!-'!;'.0!((.&#!+0#!.-/.*'.! 3.!(E0.#?!.05%.(#1#03)!*#-'!/.%8.*5#$.05.!+0#!#!+0#!-+-! &.'05.! /#%5.-?! .-! 5#$;'G0! +0! 5.H5)! :+.! -.! /%.-.05#! 3.! 8)%$#! +0! 5#05)! 8%#2$.05#%'#?! <+2903)-.?! $)&'G03)-.?! !*A)*#03)?!+0'G03)-.?!-./#%903)-.!4!.0*)05%903)-.!3.! =-'*)#0#('-5#6!

Q

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

AH

D%('1'($"#I(:%",6$"#'('(:'.(%+,61")E( PH YROYHUtD PX\ JXVWRVR DWUiV ,$.)("%("%06%$"$("%$*:)(#%$+,)(C%C)( WHQGUtD SRFD IRUWXQD Y$.'.:(A&5)1$+E(R#(+3)!3.(!J02.(+-

0+.&)!(#-!'3.#-!4!%.*';'.03)!)5%#-!#!(#!/#%?!/.%3'G03)F -.!.-#!#/#%.05.!*)05'0+'3#3?!()!*+#(!()!A#*.?!#(!$.0)-! 3.-3.!$'!/+05)!3.!&'-5#?!$+*A)!$9-!3'-8%+5#;(.6!J-E?! 3.-*)$/)0'.03)!K)(;2%$.#)E('0'*'#%.$)-!.-5.!*#$'0)6 NO`!cI!"J!@ORDBhOJ!7!J`OUJ"OcJc

3DUD .RMqYH HO ¿Q GH OD +LVWRULD PDUFD HO LQLFLR GH +0!A)$;%.!%.*)0*'('#3)!*)0!(#!0#5+%#(.1#?!+0!A)$;%.! :+.!%.2%.-#!#!-+!8)%$#!#0'$#(?!.0$#%*#3)!.0!+0#!0)! #**',0?!:+.3#03)!-,()!*)$)!%.-5)!.(!#%5.?!.(!#$)%?!.(! MXHJR OD ULVD HO p[WDVLV HO OXMR $¿UPD .RMqYH ³#):)( ()!:+.!A#*.!#(!A)$;%.!8.('1b6!>.-.!3.!(#!#**',0?!.0!+0! UHJUHVR D OR DQLPDO TXH LPSOLFD HO ¿Q GH ODV JXHUUDV ODV UHYROXFLRQHV \ OD ¿ORVRItD %DWDLOOH HQ FDPELR $+.-5%#!J2#$;.0?!-.!%.-'-5.!#!*%..%!:+.!.-.!%.-5)!:+.! TXHGD GHVSXpV GHO ¿Q GH OD +LVWRULD VHD FRORFDGR GHO (#3)!3.!(#-!/%9*5'*#-!#0'$#(.-6!7!.-!:+.!-'!.0!.-5.!%.-F 5)! :+.3#! #):)( ()! :+.! A#*.! #(! A)$;%.! .-5#%! *)05.05)?! .-! '05.%.-#05.! *+.-5')0#%0)-! :+G! .-! .-.! #):)( 3.(! :+.! A#;(#!r)<j&.6!P0!%.-5)!.0!.(!:+.!:+.3#!.(!#):)(3.!+0#! /#%5.?! /.%)! 5%#0-8)%$#3)! .0! (#! #0'$#('3#36! [=)3%E#! :+.3#%!#):)(3.-3.!+0#!#0+(#*',0!3.!(#!#**',0?!3.-/+G-! 3.(!/#-#<.!#!(#!#0'$#('3#3\!`)?!/)%!.(()!.-.!%.-5)!3.! UHVWRV HVH ³WRGR´ DQLPDOL]DGR TXH SHUPDQHFH HQ HO ¿Q 3.!(#!@'-5)%'#?!0)!.-!5#0!3'-5#05.!3.!()!:+.!.-!%.3'$'3)! 3.05%)!3.(!=#%#E-)!S(#!&'3#!*)05.$/(#5'&#Y?!.-!3.*'%?!(#-! a8+0*')0.-!#0'$#(.-b!:+.3#0!%.(.2#3#-!8+.%#!3.(!=#F UDtVR ³1R WRGD OD FDUQH VHUi VDOYDGD \ HQ OD ¿VLRORJtD 3.!()-!;.#5)-?!(#!RLNRQRPtD 3'&'0#!3.!(#!-#(&#*',0!3.<#! XQ UHVWR VLQ UHGLPLU´ $JDPEHQ 3DUHFLHUD TXH OR TXH TXHGD UHOHJDGR GHVSXpV GHO ¿Q GH OD KLVWRULD 4!3.(!=#%#E-)?!.-!(#!#8.*5'&'3#3?!()!A+$#0)6 =#%#!T#5#'((.!.-!'0#*./5#;(.!.-5.!./E()2)!#0'$#('1#F 3)!3.!(#!@'-5)%'#_!/#%#!G(?!-'!;'.0!0)!/)3%E#!-.%!A+$#F


4.2,$/6.%/)2&)/#")&)'&?%-0")&,&)'&!/.-!'&.&&.-0$)-!

0)?!5#$/)*)!#0'$#(?!5.03%E#$)-!:+.!A#;(#%!3.!+0#!)5%#! 8)%$#!3.(!A)$;%.?!+0#!*%'#5+%#!-'0!*#;.1#![5)3#&E#\! N'0! 3.! (#! @'-5)%'#?! *.-.! 3.! (#! #**',0?! %.2%.-)! #! (#! #0'$#('3#36!R'0!.$;#%2)?!r)<j&.?!3.-/+G-!3.!-+!&'#F <.! #! e#/,0?! /#%.*'.%#! %.*)0*'('#%-.! *)0! (#! '3.#! 3.! :+.! .(!A)$;%.!.H'-5.!A'-5,%'*#$.05.!-,()!.0!(#!5.0-',0!3'#F (G*5'*#!:+.!-./#%#!#(!A)$;%.!3.(!#0'$#(?!/)%!()!:+.!.(! A)$;%.?!/#%#!r)<j&.?!.0!(#!G/)*#!/)-A'-5,%'*#!5.03%9! 8)%$#!A+$#0#!$'.05%#-!.H'-5#0!#0'$#(.-!3.!(#!.-/.*'.! T)+)( A',%$*"( :+.! -)-5.02#0?! :+.! -)/)%5.0! ()! A+$#F 0)!.0!.(!A)$;%.?!/.%)?!a}s~!/+.3.!-.%!A+$#0)?!-,()! .0!(#!$.3'3#!.0!:+.!5%#-*'.03#!4!5%#0-8)%$.!.(!#0'$#(! #05%)/,8)%)!:+.!()!-)-5'.0.?!-,()!/)%:+.!#!5%#&G-!3.!(#! #**',0!0.2#3)%#?!.-!*#/#1!3.!3)$'0#%!4?!.&.05+#($.05.! GHVWUXLU VX PLVPD DQLPDOLGDG´ $JDPEHQ I05)0*.-?![:+G!%.-5)!:+.3#!#A)%#\?![*,$)!.-!.(!./E()2)! 3.-3.!.-5.!(+2#%!:+.!$+.-5%#!r)<j&.\?![-.%9!$9-!*.%*#F 0)!#!(#!*%'#5+%#!#*G8#(#!3.!(#!:+.!0)-!A#;(#!T#5#'((.\!c.F ¿QLWLYDPHQWH QR /D YLVLyQ GH .RMqYH SDUHFLHUD PRVWUDU +0#!.-/.*'.!3.!'0$+0'3#3!3.(!A)$;%.?!-)-5.0'3#!.0!(#! 0.2#*',0!3.!-+!#0'$#('3#3!S5%#-*.03.%!4!5%#0-8)%$#%!.(! #0'$#(!:+.!()!-)-5'.0.Y?!4!#-E!5#$;'G0!3.!(#!&'3#?!*)%F 5#03)!5)3#!/)5.0*'#!3.!(#!#*5+#('3#3?!3.!(#!#**',0?!/.%)! GH OD DFFLyQ SROtWLFD (QWRQFHV ¢FyPR UHFRQ¿JXUDU HO .-/#*')!3.!()!/)(E5'*)!3.-3.!#:+E\!h.2%.-#%.$)-!#!.-5#! *+.-5',0! *)0-5#05.$.05.?! 3.! $#0.%#! +0! 5#05)! &.(#3#?! *)$)!()!A#*.!J2#$;.0!#!()!(#%2)!3.!-+!(';%)6 J2#$;.0!$#%*#!'%%.$.3'#;(.$.05.!#:+.(()!:+.!r)F <j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r)<j&.!-.2+'%! -)-5.0'.03)!+0#!3'#(G*5'*#!$)%';+03#?!.0!(#!0)!#**',06! c.!.-5#!$#0.%#?!0)!(.!-.%9!/)-';(.!&.%!()!:+.!J2#$;.0! GHODWD SHQRVDPHQWH ³>«@ OD ~QLFD WDUHD TXH WRGDYtD /#%.*.! *)0-.%&#%! #(2+0#! -.%'.3#3! .-! (#! Ä2.-5',0! '05.F 2%#(l!3.!(#!&'3#!;')(,2'*#?!.-!3.*'%!3.!(#!/%)/'#!#0'$#F OLGDG GHO KRPEUH´ $JDPEHQ ¢4Xp LQGLFD .-5#!$'%#3#!.0!.(!*+.%/)?!.0!(#!#0'$#('3#3!3.(!A)$;%.\! c.! .-5#! 8)%$#?! /#%.*'.%#! :+.! .-5#! 5.0-',0! 3'#(G*5'*#! KRPEUH DQLPDO VH QRV YD ¿JXUDQGR XQ WDQWR UXLQRVD "J!cOR7P`>Ox`

J2#$;.0! &#! 0)$;%#03)! '0*.-#05.$.05.! (#! 0.*.-'F

3#3!3.!#;)%3#%!4#!0)!(#-!*)0<+0*')0.-?!-'0)!(#-!-./#%#F *')0.-?!()-!(E$'5.-?!(#-!$#%*#-!:+.!3'&'3.0?!(#!3'-4+0*',0! 3.(!A)$;%.!4!.(!#0'$#(!.0!.(!A)$;%.!$'-$)6!c.!(#-!/#(#F EUDV GH $JDPEHQ FRPHQ]DUHPRV D KLODU HVWD GLV\XQFLy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m4?!#(!$'-$)!5'.$/)!.(!%.-+(5#3)F!3.! 3'&'-')0.-!4!*.-+%#-!'0*.-#05.-\!D%#;#<#%!-);%.!.-5#-!3'&'-')0.-?!/%.F 2+05#%-.!3.!:+G!$)3)!m.0!.(!A)$;%.m!.(!A)$;%.!A#!-'3)!-./#%#3)! 3.(!0)FA)$;%.!4!.(!#0'$#(!3.!()!A+$#0)?!.-!$9-!+%2.05.!:+.!5)$#%! /)-'*',0!#*.%*#!3.!(#-!2%#03.-!*+.-5')0.-?!#*.%*#!3.!()-!3.0)$'0#F GRV YDORUHV \ GHUHFKRV KXPDQRV $JDPEHQ

@#;(#%! 3.-3.! (#! 3.-*)0.H',0?! 3.-3.! (#! -./#%#*',0?! /.%$'5.! 5)$#%! 3'-5#0*'#! 3.! (#! $#:+'0#%'#! :+.! 2.0.%#! ()!A+$#0)!3.-3.!+0#!3'#(G*5'*#!3.!'0*(+-',0F.H*(+-',06! =)%!()!5#05)?!#;%'%!.(!.-/#*')!/#%#!+0#!0+.&#!*)0*./*',0! 3.(!$+03)!4!3.(!A)$;%.?!4#!:+.!.(!(E$'5.!.05%.!()!A+F $#0)!4!()!#0'$#(!.-59!<+-5)!#(!'05.%')%!3.(!$'-$)!A)$F EUH /D D¿UPDFLyQ TXH KDFH $JDPEHQ DO ¿QDO GHO DQWHF %')%!/9%%#8)?!$.!/#%.*.!.-.0*'#(?!4#!:+.!.-!*(#%#$.05.! -+!/)-5+%#!/)(E5'*#!8%.05.!#!-+!/%)/'#!5.)%'1#*',0?!/.%)! .-! 5#$;'G0! +0#! '0&'5#*',0! #! %./(#05.#%?! 3.-3.! +0! )5%)! (+2#%?!()!'$/)%5#05.!3.!(#!a#*5+#('3#3b6X!I0!.8.*5)?!.-! $+*A)!$9-!'$/)%5#05.!-'5+#%!.(!#09('-'-!3.-3.!(#!-./#F %#*',0!:+.!3.-3.!(#!*)0<+0*',0!*+.%/)F#($#?!&'&'.05.F 1<0)"?!.5*G5.%#?!/#%#!:+.!3.!.-5#!8)%$#!0)!0)-!-'5+.$)-! .0! ()-! 3'-*+%-)-! &#*E)-! 3.! ()-! &#()%.-! 4! ()-! 3.%.*A)-! A+$#0)-!4!#-E!-.!#;%#!(#!.-*+*A#!A#*'#!)5%)!(#3)6!=#%.F *'.%#!:+.!J2#$;.0!.-5+&'.%#!#(.%5#03)!3.!#:+.(()!:+.! /)-';(.$.05.!-.!.-59!a3.<#03)!/#-#%b?!#:+.(()!)(&'3#F 3)s!:+.!-,()!/)3%.$)-!);-.%&#%!3.-3.!(#!3'-4+0*',06 [L+G!.-!.-5)!:+.!-.!3.<#!3.!(#3)!-'!0)!-.!/)0.!#5.0F *',0!.0! (#!3.-*)0.H',0?!.0!(#! 3'-4+0*',0\!J2#$;.0! GD SLVWDV GH HOOR ³&XDQGR OD GLIHUHQFLD GHVDSDUHFH \ ()-! 3)-! 5G%$'0)-! *)(#/-#0! +0)! *)05%#! .(! )5%)! m*)$)! /#%.*.!-+*.3.%!A)4m?!5#$;'G0!(#!3'8.%.0*'#!.05%.!.(!-.%! 4!(#!0#3#?!()!(E*'5)!4!()!'(E*'5)?!()!3'&'0)!4!()!3.$)0'#*)! 3'-$'0+4.!4?!.0!-+!(+2#%?!#/#%.*.!#(2)!/#%#!()!:+.!A#-F WD ORV QRPEUHV SDUHFHQ IDOWDUQRV´ $JDPEHQ ZpY6!P0#!&')(.0*'#!5)5#(!S5)5#('5#%'#Y?!5#(!&.1!/)3%E#$)-! /.0-#%!:+.!-+%2.!#(2)!3.(!*#$/)!3.!()!)$'0)-)6V !J*5+#('3#3?!.05.03'G03)(#!5#$;'G0!*)$)!/)5.0*'#?!/)-';'('3#3?!*)$)!#**',06! /R RPLQRVR FRPR DTXHOOD YDULHGDG GH OR WHUURUt¿FR TXH VH UHPRQWD D OR FRQVDELGR GH DQWLJXR D OR IDPLOLDU GHVGH KDFH ODUJR WLHPSR )UHXG

X V

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

AB


.-0$)-!/. !4".!/!&?)"/^/4)+&A8&

I"!NO`!`I>IRJhOB!cI!"J!U LPO`J! J`DhB=B"xgO>J

R.! A#! 5%#1#3)! +0#! (E0.#! 3.-3.! r)<j&.! S4! #(! 8)0F 3)?! /)%! -+/+.-5)! (#! 3'#(G*5'*#! A.2.('#0#Y?! $)-5%#03)! *)0! .(()! (#! 2G0.-'-! 3.(! A)$;%.! 3.-3.! +0#! $#:+'0#F ULD DUWL¿FLR TXH HV KHUHGDGR KDVWD QXHVWURV GtDV HQ $M(5'/(.-! 3'-*+%-)-! 4! :+.! J2#$;.0! $+.-5%#! .0! +0! /#-)!/)%!='*)!3.((#!U'%#03)(#!S/#%#!:+'.0!.((T)+)!.-! *)0-5'5+5'&#$.05.!0)!A+$#0)?!4#!:+.!0)!/+.3.!5.0.%! (+2#%!0'!%)-5%)!/%)/')?!3.;'.03)!$)(3.#%!-+!3'&%$!#!-+! a(';%.b!#(;.3%E)?!.0!;.-5'#(!)!3'&'0)Y!4!>#%()-!"'00.)! HQ VX FODVL¿FDFLyQ GHO KRPEUH FUHDQGR HVD PiTXLQD ,/5'*#!*)$/+.-5#!/)%!.-/.<)-?!.0!()-!:+.!.(!A)$;%.!-.! );-.%&#!.0!(#!3.8)%$#3#!'$#2.0!3.!+0!$)0)?!%.*)0)F *'G03)-.!A+$#0)!.0!(#!;#-.!3.(!QRVFH WH LSVXP +RPR *)$)!.(!#0'$#(!:+.!-,()!.-!-'!-.!%.*)0)*.!0)!-'.03)! $JDPEHQ $O UHVSHFWR $JDPEHQ D¿UPD "#!$9:+'0#!#05%)/)(,2'*#!3.(!A+$#0'-$)!.-!+0!3'-/)-'5'&)!'%,F QLFR TXH YHUL¿FD OD DXVHQFLD SDUD T)+)!3.!+0#!0#5+%#(.1#!/%)F /'#?!$#05.0'G03)()!-+-/.03'3)!.05%.!(#!0#5+%#(.1#!*.(.-5.!4!+0#! 5.%%.0#?!.05%.!()!#0'$#(!4!()!A+$#0)_!4!/)%!.(()?!-'.03)!-'.$/%.! $.0)-!4!$9-!:+.!-E!$'-$)6!}s~!I(!3.-*+;%'$'.05)!A+$#0E-5'*)! 3.(!A)$;%.!.-!.(!3.-*+;%'$'.05)!3.!-+!8#(5#%-.!#!-E!$'-$)?!3.! -+!'%%.$.3'#;(.!#+-.0*'#!3.!:%0*%#'" $JDPEHQ \ VV

c.!.-5#!$#0.%#?!(#!$9:+'0#!#05%)/)(,2'*#!/%)3+*.!()! A+$#0)!.0!(#!)/)-'*',0!3.!A)$;%.F#0'$#(!4!A+$#0)F '0A+$#0)?!$.3'#05.!+0#!'0*(+-',0F.H*(+-',06!J2#$;.0! 3#! +0#! .H/('*#*',0! 3.(! 8+0*')0#$'.05)! 3.! (#! $9:+'0#! #05%)/)(,2'*#!5#05)!3.!()-!#05'2+)-!*)$)!3.!()-!$)3.%F QRV ³$PEDV PiTXLQDV SXHGHQ IXQFLRQDU WDQ VyOR LQVWLF 5+4.03)!.0!-+!*.05%)!+0#!1)0#!3.!'03'8.%.0*'#!.0!(#!:+.! 3.;.!/%)3+*'%-.!}s~!(#!#%5'*+(#*',0!.05%.!()!A+$#0)!4!.(! #0'$#(!}s~!>)$)!5)3)!.-/#*')!3.!.H*./*',0?!.-5#!1)0#! HVWi HQ YHUGDG SHUIHFWDPHQWH YDFtD´ $JDPEHQ q{Y6!c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

HE

6H DEUH DTXt HVD QHFHVLGDG GH SRQHU ¿Q D OD PiTXLF 0#!#05%)/)(,2'*#!$)3.%0#?!$9:+'0#!a-#02%'.05#!4!(.5#(b! $JDPEHQ TXH VH MXHJD HQ SUR GH XQ GHVDUURF (()?!+0!/%)2%.-)?!+0#!.&)(+*',06!c.!#(2+0#!8)%$#!-.!3.<#! GH ODGR \ VH VDFUL¿FD HO SUHVHQWH SRU OD LGHD GH XQ IXWXUR $.<)%6!"#!*%E5'*#!:+.!A#*.!T.0<#$'0!.-!<+-5#$.05.!.0! .-5.!-.05'3)?!$)-5%#03)!:+.!.(!,'#5)"!3.!(#!$)3.%0'3#3! 0)!.-!$9-!:+.!(#!$.(#0*)(E#6![I-5#$)-!5)3#&E#!+;'*#3)-! .0!(#!$)3.%0'3#3?!.0!(#!$.(#0*)(E#?!.0!(#!*%.#*',0!3.! 8#05#-$#-?!.0!(#!*#-'!);-.-',0!3.(!'3.#(!3.!/%)2%.-)\!R'! %.5)$#$)-!#!T.0<#$'0!.0!-+!3.-*%'/*',0!3.(!;*0$16"( S)C6" ¢QR OD VHQWLPRV DFDVR PX\ FHUFDQD" @#4!+0!*+#3%)!3.!=#+(!r(..!((#$#3)!;*0$16"(S)C6"6!I0!.-5.!*+#F 3%)!-.!%./%.-.05#!#!+0!902.(!:+.!/#%.*.!#!/+05)!3.!#(.<#%-.!3.!#(2)! D OR TXH PLUD ¿MDPHQWH /RV RMRV VH OH YHQ GHVRUELWDGRV WLHQH OD ;)*#!#;'.%5#!4!#3.$9-!(#-!#(#-!3.-/(.2#3#-6!=+.-!.-5.!#-/.*5)!3.F ;.%9!5.0.%!.(!902.(!3.!(#!A'-5)%'#6!d(!A#!&+.(5)!.(!%)-5%)!A#*'#!.(!/#F -#3)6!c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

J2#$;.0! 0)-! '0&'5#! #! %.*+%%'%! #! ()-! .-/#*')-! 3.! %+/5+%#?! 3.-*)0.H',0! 4! 3'-4+0*',0! /#%#! %./.0-#%! #! HVWH QXHYR KRPEUH D SDUWLU GHO ¿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cI!"B!JTOIhDB

=#%#!#;)%3#%!()!#;'.%5)?!J2#$;.0!A#*.!+0!%.*)%%'F 3)!/)%!3'8.%.05.-!/)-5+%#-?!/#%#(.(#$.05.!#!P.HwÅ((!4! +HLGHJJHU SDUD ¿QDOPHQWH VHSDUDUVH \ WRPDU XQD YtD /%)/'#6! @#%G! .-5.! %.*)%%'3)! 3.! 8)%$#! $+4! ;%.&.?! 3.! $)3)!:+.!'0*'3#$)-!.0!#(2+0)-!/+05)-6 e#w);! &)0! P.HwÅ((?! '0'*'#3)%! 3.! (#! .*)()2E#?! .-! .(! /%'$.%)!.0!%)$/.%!*)0!(#!/.%-/.*5'&#!#05%)/)*G05%'*#! 3.(!$+03)!#0'$#(?!%)$/'.03)!#!-+!&.1!*)0!(#!0)*',0!3.! (#!*'.0*'#!*(9-'*#!3.!(#!.H'-5.0*'#!3.!+0!$+03)!+0'5#%')!


4.2,$/6.%/)2&)/#")&)'&?%-0")&,&)'&!/.-!'&.&&.-0$)-!

.0!.(!:+.!5)3)-!()-!#0'$#(.-!5'.0.0!+0!(+2#%?!)%3.0#3)-! <.%9%:+'*#$.05.!3.05%)!3.(!$'-$)6!d(?!/)%!.(!*)05%#%')?! PXHVWUD TXH KD\ XQD LQ¿QLWD YDULHGDG GH PXQGRV SHUF *./5'&)-?!5)3)-!*)0.*5#3)-!.05%.!-E?!/.%)!.0!+0#!0)!*)F $+0'*#*',0!:+.!()-!A#*.!%.*E/%)*#$.05.!.H*(+4.05.-?! /)%!()!:+.!5)3)!#*.%*#$'.05)!#(!#$;'.05.!#0'$#(!.-!+0! ³SDVHR SRU PXQGRV LQFRJQRVFLEOHV´ $JDPEHQ zWY6!=#%#!P.HwÅ((?!.H'-5.!+0!.-/#*')!);<.5'&)!.0!.(!:+.! -.! $+.&.! +0! &'&'.05.! S/+0$26*0Y! 4! +0#! /+^$1#?! .(! #$;'.05.!*)0-5'5+'3)!/)%!$#%*#-?!#!(#-!:+.!3.0)$'0#! ³SRUWDGRUHV GH VLJQL¿FDGR´ \ TXH VRQ ODV ~QLFDV TXH LQF 5.%.-#0!#(!#0'$#(?!%.(#*')0903)-.!*)0!.((#-?!/#%#!#*5+#%! .0!-+!#$;'.05.?!-'0!.05%#%!.0!%.(#*',0!*)0!.(!);<.5)6! @.'3.22.%?!%.5)$#03)!#!#(2+0)-!'0&.-5'2#3)%.-!3.! (#! ;')()2E#! 4! (#! 1))()2E#?! /%'0*'/#($.05.! #! P.HwÅ((?! /)%!-+/+.-5)?!A#;(#!3.!(#!/);%.1#!3.!$+03)!3.(!#0'F PDO $¿UPD TXH OD SLHGUD HV VLQ PXQGR HO DQLPDO HV /);%.!3.!$+03)!4!.(!A)$;%.!.-!8)%$#3)%!3.!$+03)6! "#!/);%.1#!3.!$+03)!3.(!#0'$#(!-.!$+.-5%#!.0!-+!'$F /)-';'('3#3!3.!A#*.%!%.(#*',0!*)0!.(!);<.5)?!$9-!:+.! D WUDYpV GH ORV ³SRUWDGRUHV GH VLJQL¿FDGR´ TXH p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³4XL]i QR VHDQ HO VHU \ HO $+03)!A+$#0)!()-!:+.!3.;#0!-.%!/%.-+/+.-5)-?!/#%#! (+.2)! #(*#01#%! /)%! &E#! 3.! +0#! -+-5%#**',0! m$.3'#0F 5.! +0#! );-.%&#*',0! 3.-5%+*5'&#m! ()! #0'$#(_! :+'19! -.#! YHUGDGHUR WDPELpQ \ DQWH WRGR DSHUWXUD DO FRQÀLFWR .-.0*'#(!.05%.!3.&.(#$'.05)!4!&.(#$'.05)!m-,()!/+.3.! -.%!#(*#01#3#!/)%!+0#!)/.%#*',0!.8.*5+#3#!-);%.!()!0)! #;'.%5)! 3.(! $+03)! #0'$#(6! 7! .(! (+2#%! 3.! .-5#! )/.%#F *',0!m.0!(#!*+#(!(#!#/.%5+%#!A+$#0#!.0!+0!$+03)!4!(#! #/.%5+%#!#0'$#(!#(!3.-'0A';'3)%!/#%.*.0!/)%!+0!'0-5#05.! WRFDUVH± HV HO DEXUULPLHQWR $JDPEHQ

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aI(!?'"$%*(!.-! -'$/(.$.05.!+0!#0'$#(!:+.!A#!#/%.03'3)!#!#;+%%'%-.?! -.!A#!3.-/.%5#3)!3.(!/%)/')!#5+%3'$'.05)!4!#(!/%)/')! #5+%3'$'.05)6!I-5.!3.-/.%5#%-.!3.(!&'&'.05.!#!-+!/%)/')! -.%!#5+%3'3)?!.-5.!#;%'%-.?!#02+-5')-)!4!3.*'3'3)?!#!+0! QR DELHUWR HV OR KXPDQR´ $JDPEHQ c.!.-5#!$#0.%#?!/#%#!@.'3.22.%!.(!A)$;%.!.-!.0!(#! #/.%5+%#!#!(#!*(#+-+%#!3.!(#!#0'$#('3#3!4!.-!.-5)!()!:+.! /.%$'5.!(#!.H'-5.0*'#!3.!(#!,)1%"(4!3.!(#!/)(E5'*#6!=.%)! J2#$;.0!3#!*+.05#!3.!(#!*)05%#3'**',0!#!(#!:+.!((.2#! FRQ HVWR +HLGHJJHU ³6L OD KXPDQLGDG QR KD VLGR REF 5.0'3#!-'0)!#!5%#&G-!3.!(#!-+-/.0-',0!3.!(#!#0'$#('3#3! 4!3.;.!/)%!()!5#05)!$#05.0.%-.!#;'.%5#!#!(#!*(#+-+%#!3.! G-5#?![.0!:+G!-.05'3)!.(!'05.05)!A.'3.22.%'#0)!3.!*#/5#%! a(#! .-.0*'#! .H'-5.05.! 3.(! A)$;%.b! .-*#/#! #(! /%'$#3)! $.5#8E-'*)!3.!(#!'*%+'1%#'""´ $JDPEHQ R.!#;%.!#:+E!(#!*+.-5',0!3.!(#!,)1%"?!3.!(#!*)$+0'F 3#3?!3.!(#!/)(E5'*#6!J2#$;.0!%.5)$#!#!@.2.(?!#!5%#&G-! 3.!r)<j&.?!/#%#!/.0-#%!:+.!-'!.(!A)$;%.!A#!#(*#01#3)! 4#!-+!#>1)"(KLVWyULFR QR TXHGDQ PiV TXH GRV RSFLRQHV (#!3.-/)('5'1#*',0!3.!(#-!-)*'.3#3.-!A+$#0#-?!)!;'.0! (#!#-+0*',0!3.!(#!&'3#!;')(,2'*#!*)$)!5#%.#!/)(E5'*#?! (#! &'3#! 0#5+%#(! 4! -+! ;'.0.-5#%! *)$)! (#! M(5'$#! 5#%.#! A'-5,%'*#!3.!(#!A+$#0'3#3?!+0!.05)0*.-?!M(5'$)!.!'$F SROtWLFR PDQGDWR $JDPEHQ \ VV 3HUR VL .-5)!-+*.3.!#-E?!4!4#!&'$)-!:+.!(#!$)3.%0'3#3!5'.03.! #A)%#!#!)*+/#%-.!3.(!*+.%/)!S3.!(#!/%)/'#!#0'$#('3#3Y?! -'2+'.03)!#!@.'3.22.%!.(!-.%!A#*.!3.!-+!/%)/')!-.%!-+! 3.-'0A';'3)%?! )(&'3#03)! -+! 56+'*%#'"?! .-! 3.*'%?! *#F 4.03)!.0!+0#!#0'$#('1#*',0!'05.2%#(!3.(!A)$;%.6! c.-3.!#:+E!/+.3.!.05.03.%-.!(#!;%.&.?!0)!&.(#3#?! #+0:+.!$+4!8+.%5.!*%E5'*#!:+.!A#*.!J2#$;.0!#(!/-'F *)#09('-'-! S4! #! `'.51-*A.Y?! *)()*903)()! .0! .(! )(&'3)! 3.(!-.%?!.0!(#!#0'$#('1#*',0!'05.2%#(!3.(!A)$;%.?!4!/)%! OR WDQWR HQ XQ FHUUDUVH GHO VXMHWR HQ VX SURSLR VHU D#05)!.0!`'.51-*A.!*)$)!.0!h'(w.!.-59!#*5+#03)!#:+.(!)(&'3)!3.(! -.%!a:+.!.-59!.0!(#!;#-.!3.(!;')()2'*'-$)!3.(!-'2()!]O]!4!3.(!/-'F *)#09('-'-b?!*+4#!*)0-.*+.0*'#!M(5'$#!.-!+0#!a$)0-5%+)-#!#05%)F SRPRU¿]DFLyQ GHO DQLPDO \ XQD FRUUHVSRQGLHQWH DQLPDOL]DFLyQ GHO

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

H@


.-0$)-!/. !4".!/!&?)"/^/4)+&A8& A)$;%.b6!R,()!.(!A)$;%.?!.-!$9-!-,()!(#!$'%#3#!.-.0*'#(!3.!/.0-#F $'.05)!#+5G05'*)?!/+.3.!&.%!()!#;'.%5)!:+.!0)$;%#!.(!3.&.(#$'.05)! 3.(!.05.6!I0!#0'$#(?!/)%!.(!*)05%#%')?!0)!&.!<#$9-!.-5.!#;'.%5)6

R'!-.!%.M0.0!#!/%'$.%#!&'-5#!()-!/+05)-!#05.%')%.-?! /+.3.!%.*)0)*.%-.!.0!.-5#!%.(#*',0!S0)!%.(#*',0Y!.0!(#! 0)!*)$+0'*#*',0!3.(!#0'$#(!*)0!-+!#$;'.05.?!#!5%#&G-! 3.(!#5+%3'$'.05)!.0!-+!3.-'0A';'3)%?!#(2)!3.!()!:+.!.(! '0*)0-*'.05.!3.(!/-'*)#09('-'-!/%)/)0.6!J2#$;.0?!-'0! $.0*')0#%()!.H/(E*'5#$.05.!S#+0:+.!0)!.-!0.*.-#%')Y?! $+.-5%#!*,$)!.(!/-'*)#09('-'-!*)()*#!.0!.-5#!$9:+'0#! #05%)/)(,2'*#?! 2.0.%#3)%#! 3.(! 3.-.)! S/.0-#03)! 5#$F ;'G0!.0!c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yOLFR HV GHFLU GHVGH FRQ SDUD XQ RWUR 'H .-5#!$#0.%#?!-.!*)0-'3.%#!:+.!-+<.5)!4!-)*'.3#3!0)!-)0! .05'3#3.-!-./#%#3#-?!0'!*)05%#3'*5)%'#-?!4!3.!.-5#!%.(#F *',0!.$.%2.!5#$;'G0!(#!-+;<.5'&'3#3?!4#!:+.!a.(!-+<.5)! ((.&#!(#!$#%*#!'03.(.;(.!3.!.-.!3.-.)!#(!*+#(!.-59!-+F <.5#3)6!R'!.(!'03'&'3+)!0)!/+.3.!*)0-5'5+'%-.!-'0)!.0!.(! 3.-.)?!.(!3.-.)!0)!/+.3.!%.#('1#%-.!-'0)!.0!()!-)*'#(b! 'H *DXOHMDF $Vt HO VXMHWR GHO GHVHR HO -+<.5)!3.(!'0*)0-*'.05.?!3.(!:+.!A#;(#!.(!/-'*)#09('-'-! 0)!.-!+0#!a#0'$#('1#*',0!'05.2%#(!3.(!A)$;%.b?!4#!:+.! QR HVWi FHUUDGR FRPR D¿UPD $JDPEHQ GHVGH HO DWXUF 3'$'.05)?! #! -+! /%)/')! -.%! S'0*)0-*'.05.Y?! 4#! :+.! G-5.! 5#$;'G0!.-!3.-.)!3.!)5%)6 =)%! )5%)! (#3)?! /.%)! -'2+'.03)! .-5#! /%.2+05#! :+.! (#01#!J2#$;.0!.0!*+#05)!#!(#!,)1%"?!.0!*+#05)!#(!(#1)?! #!(#!*)$+0'3#3?!#!()!-)*'#(?!/.%)!5#$;'G0!#!(#!/)(E5'F *#!4!#!+0#!4#!$+.%5#!5#%.#!A'-5,%'*#?!#/.-#3+$;%#3)! SUHJXQWD ³¢1R YHPRV TXL]i DOUHGHGRU GH QRVRWURV \ .05%.! 0)-)5%)-! A)$;%.-! 4! /+.;()-! -'0! .-.0*'#! 4! -'0! '3.05'3#3!m*)0-'20#3)-?!/)%!#-E!3.*'%?!#!-+!'0.-.0*'#F ('3#3!4!#!-+!'0)/.%)-'3#3m!;+-*#%!.0!*+#(:+'.%!(+2#%!#! WLHQWDV \ DO SUHFLR GH JURVHUDV IDOVL¿FDFLRQHV XQD KHF %.0*'#!4!+0#!5#%.#?!+0#!5$.$*&%'(&)+)(#'.$'\b!SJ2#$F EHQ SHUR ¢QR VHUi DFDVR HVWD E~VTXHGD #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

HC

3.!5#%.#-?!A.%.0*'#-?!'3.05'3#3.-?!.-.0*'#-?!+0#!/#%5.! 0.*.-#%'#!:+.!-)-5'.0.!(#!%.#('3#3!3.(!-+<.5)\!")!:+.! $JDPEHQ QRPEUD FRPR ³JURVHUDV IDOVL¿FDFLRQHV´ 3.-3.! .(! /-'*)#09('-'-! /)3%E#! ((#$9%-.(.! +0#! 8#05#-E#! '3.)(,2'*#?!$'-$#!:+.!0)!.0$#-*#%#!(#!%.#('3#3?!-'0)! :+.!(.!3#!+0#!.-5%+*5+%#!0.*.-#%'#!4!()!:+.!(.!/.%$'5.! 0)!:+.3#%-.!-,()!.0!()!-'$;,('*)!4!3#%!-.05'3)!#!.-.! 0M*(.)!-);%.!(#!3'&'-',0!-)*'#(?!:+.!0)!/+.3.!-'$;)('F 1#%-.!S()!%.#(Y6![`)!.-!#*#-)!(#!%.#('3#3!$'-$#!'3.)(,F 2'*#?!#+0:+.!-.!&'&#!*)$)!%.#('3#3\ /D LGHRORJtD QR HV VLJXLHQGR D äLåHN XQD LOXVLy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

c.!.-5#!8)%$#!4!/#%#!*)0*(+'%!*)0!.-5#-!#0)5#*')F 0.-! #*.%*#! 3.! ()! #;'.%5)?! .(! /-'*)#09('-'-! 0)! .05%#%E#! .0! .-5#! $9:+'0#! #05%)/)(,2'*#?! 4#! :+.! 0)! /%.5.03.! +0!3'-*+%-)!5)5#(!4!*.%%#3)!.0!-E!$'-$)6!J(!*)05%#%')?! 3.-3.!G(!-.!#;%.!(#!/)-';'('3#3!3.!(#!*)0-5%+**',0?!3.! (#!A'-5)%'*'3#3?!'0*(+-)?![3.!*)0-5%+'%-.!5#%.#-!S4#!0)! @'-5,%'*#-Y?!-'0)!3.-3.!(#!-+;<.5'&'3#3!:+.!A#*.!.(!(#1)! -)*'#(\!`)!5#%.#-!M0'*#-!4!&.%3#3.%#-?!.0$#%*#3#-!.0! 3'-*+%-)-!*)$/(.5)-!4!5)5#('1#05.-?!-'0)!.0!4!3.-3.!(#! GLV\XQFLyQ OD VHSDUDFLyQ OD IDOWD ³>«@ 1R OR GLFH 5)3)! S.(! /-'*)#09('-'-Y?! 0)! .-! #;-)(+5)6! 7! .0! .-.! 0)! 3.*'%! 5)3)?! (#! '05.%/.(#*',0! #(! -+<.5)! 5#$/)*)! /+.3.! -.%!5)5#('1#05.6!J/+05#!#(!3.-.)?!#!(#!*#%.0*'#?!#!(#!8#0F WDVtD DO IDQWDVPD HQ HO VXMHWR´ 3OLHJR \ I05)0*.-?!()!#;'.%5)!.-!/#%#!J2#$;.0!.-.!.-/#*')! 3.!.H*./*',0?!(';%.!4!&#*E)?!:+.!-.!#;%.!2%#*'#-!#!(#! -+-/.0-',0! 3.! (#! #0'$#('3#3! 3.(! A)$;%.?! :+.3#03)! *#/5+%#3#!4!#;#03)0#3#!(#!&'3#?!:+.3#03)!#!-+!&.1?! #! 5%#&.-#3#! /)%! (#! S%&5#6*0?! /)%! (#! 0#3#6! J2#$;.0! $+.-5%#!*,$)!.-5#!$#:+'0#%'#!*%.#3)%#!3.!()!A+$#0)! .-59! 4#! 2'%#03)! .0! +0! &#*E)?! 4! 3.! .-5#! $#0.%#?! 0)-! 3'*.?! -'! -.2+'$)-! #! @.'3.22.%?! -,()! :+.3#0! 3)-! /)F VLELOLGDGHV ³D HO KRPEUH SRVW KLVWyULFR QR FXVWRGLD $9-!-+!/%)/'#!#0'$#('3#3!.0!*+#05)!0)!#;%';(.?!/.%)!


4.2,$/6.%/)2&)/#")&)'&?%-0")&,&)'&!/.-!'&.&&.-0$)-!

5%#5#!3.!2);.%0#%(#!4!5)$#%(#!#!-+!*#%2)!#!5%#&G-!3.!(#! 5G*0'*#_!;Y!.(!A)$;%.?!.(!/#-5)%!3.(!-.%?!-.!#/%)/'#!3.! -+! /%)/'#! (#5.0*'#?! 3.! -+! /%)/'#! #0'$#('3#3?! :+.! 0)! /.%$#0.*.! .-*)03'3#! 0'! -.! A#*.! );<.5)! 3.! 3)$'0')?! -'0)!:+.!.-!/.0-#3#!*)$)!5#(?!*)$)!/+%)!#;#03)0)b! $JDPEHQ ¢+DEUi RWUDV SRVLELOLGDGHV" D#(! &.1?! 3.-3.! .(! .-5#%! #;'.%5)! 0)! #! +0#! 0#3#?! -'0)! #! )5%)! S-'2+'.03)! #! ".&'0#-Y?! 5#(! &.1! 5#$;'G0! .0! +0! %.-/)0-#;'('1#%-.! 3.! (#! /%)/'#! #0'$#('3#3?! 3.(! *+.%F SR 9D\DPRV HQWRQFHV DO ¿QDO GH HVWH FDPLQR DXQF TXH HVWH ¿QDO VRODPHQWH LPSOLTXH XQ GHWHQHUQRV HQ OD #/.%5+%#!3.!+0!0+.&)!'0'*')6

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cI"!=J=I"!cI"!JhDI WH[WR SDUD $JDPEHQ QR HV HQFRQWUDU HVWD PLWROyJLFD ¿JXUD =#%#! T.0<#$'0?! .(! #%5.! 8+03#! (#! A'-5)%'*'3#3?! #M0! GHO ³PiV KRPEUH´ R ³PiV DQLPDO´ DO ¿QDO GH OD +LVWRULD *+#03)!()!*)()*#!3.(!(#3)!3.!(#!`#5+%#(.1#?!<+05)!*)0! -'0)!$)-5%#%!.-.!A+.*)?!.-.!&#*E)!.0!.(!*+#(!A#4!+0!$'-5.F (#-!'3.#-?!.0!(#!a0)*A.!-#(&#b6!=#%#!T.0<#$'0!(#!0#5+F %')?!:+.!.0!(#!'20)%#0*'#!/.%$'5#!/.%$#0.*.%!.0!.(!8+.%#!3.(! %#(.1#!.-!+0!$+03)!3.!*(#+-+%#!4!3.!(#!0)*A._!(#!A'-F VHU VLQ KDFHU IXQFLRQDU OD PiTXLQD DQWURSROyJLFD 5)%'#?!.0!*#$;')!.-!(#!.-8.%#!3.!(#!%.&.(#*',06!I(!A)$F I0!0+.-5%#!*+(5+%#?!.(!A)$;%.!m()!A.$)-!&'-5)m!A#!-'3)!-'.$/%.! ;%.?! :+.! .-! 5#$;'G0! 0#5+%#(.1#?! -.! .0*+.05%#! .0! +0#! .(!%.-+(5#3)!3.!+0#!3'&'-',0?!4?!#!(#!&.1!3.!+0#!#%5'*+(#*',0!3.! *)0-5#05.! 5.0-',0! .05%.! #$;)-6! "#! 5.0-',0! .0! -+! -.%! ()!#0'$#(!4!()!A+$#0)?!.0!(#!*+#(!+0)!3.!()-!3)-!5G%$'0)-!3.! S5#$;'G0!/#%5.!0#5+%#(.1#Y?!(#!5.0-',0!3.!.-5#!%.(#*',0?! (#!)/.%#*',0!.%#!5#$;'G0!()!:+.!.-5#;#!.0!<+.2)6!K)(&.%!'0)/.F D¿UPD %HQMDPLQ GHEHUi HVWDU HQ OD WpFQLFD HQWHQGLF %#05.!(#!$9:+'0#!:+.!2);'.%0#!0+.-5%#!*)0*./*',0!3.(!A)$;%.! 3#!*)$)!.(!3)$'0')!3.!(#!%.(#*',0!.05%.!0#5+%#(.1#!4! VLJQL¿FDUi SRU OR WDQWR \D QR EXVFDU QXHYDV DUWLFXODFLRQHV ± PiV H¿FDFHV R PiV DXWpQWLFDV± VLQR H[KLELU HO YDFtR FHQWUDO HO A+$#0'3#3?!.0!+0!.-5#3)!3.!-+-/.0-',0!3.!(#!$9:+'0#! A'#5)!:+.!-./#%#!m.0!.(!A)$;%.m!.(!A)$;%.!4!.(!#0'$#(?!#%%'.-F #05%)/)(,2'*#!4!.0!+0#!0)!*)'0*'3.0*'#?!#;%'.03)!.-5.! JDUVH HQ HVWH YDFtR VXVSHQVLyQ GH OD VXVSHQVLyQ "5'22'#!5#05)! .-/#*')!S.0!.(!:+.!'0-'-5.!J2#$;.0Y?!+0!a.05%.b?!3.(! GHO DQLPDO FRPR GHO KRPEUH $JDPEHQ :+.!-+%2'.%#!#(2)!:+.!4#!0)!.-!#0'$#(!4!4#!0)!.-!A)$F ;%.!4!:+.!a-.!-)-5'.0.!.0!(#!%.(#*',0!3)$'0#3#?!.0!(#! hINIhI`>OJR QRFKH VDOYD´ $JDPEHQ "#!0#5+%#(.1#!.05)0*.-!.-!.(!$+03)!3.!(#!*(#+-+%#! J2#$;.0?!g6!SVWWVY?!/R DELHUWR (O KRPEUH \ HO DQL+'1?!T+.0)-!J'%.-?!J3%'#0#!@'3#(2)6 4!(#!0)*A.?!$#05'.0.!5#$;'G0!+0!$'-5.%')6!I-5.!$'-5.F %')!:+.!#/#%.*.!0)!%.-+.(5)?!0'!3.&.(#3)?!/.%)!#('&'#!#(! T.0<#$'0?!^6!SVWWzY!aR);%.!.(!*)0*./5)!3.!(#!A'-5)F %'#b?!.0!^6!T.0<#$'0?![2.'"?!(';%)!X?!&)(6!V?!U#F A)$;%.!3.(!$'-5.%')!$'-$)?!.0!(#!-#5'-8#**',0!-.H+#(6 3%'3?!J;#3#!.3'5)%.-6 J2#$;.0?!.0!(#!/.0M(5'$#!/#%5.!3.!-+!(';%)?!$+.-F 5%#!3.!+0#!8)%$#!.H:+'-'5#?!#!5%#&G-!3.!(#!);%#!3.!D'1'#F T.0<#$'0?!^6!SVWWzY?!aI(!*)0*./5)!3.!*%E5'*#!3.!#%5.! .0! .(! %)$#05'*'-$)! #(.$90b?! .0! ^6! T.0<#$'0?! 0)!K'(S%*3'(7($1(,'"#).?!.-5.!3.&.(#$'.05)!3.(!$'-5.%')! [2.'"?!(';%)!X?!&)(6!X?!U#3%'3?!J;#3#!.3'5)%.-6 .05%.!3)-!#$#05.-!S:+.!0)!-)0!/)%!.-)!$.0)-!'$/.0.F 5%#;(.-Y?!*)()*903)()-!.0!+0#!&'3#!0+.&#?!0'!#0'$#(!0'! c.!g#+(.<#*?!K6!SVWWVY?!a")!'%%.3+*5';(.!-)*'#(!4!()!'%%.3+*F 5';(.!/-E:+'*)b?!3HU¿OHV /DWLQRDPHULFDQRV?!3'*'.$;%.6 A+$#0#6! ac.-0+3)-! )! &.-5'3)-?! 4#! 0)! .-590! 0'! &.(#F 3)-!0'!3.&.(#3)-!-'0)!$9-!;'.0!'0#/#%.05.-!}s~!I0!(#! c.%%'3#?!e6!SXpqqY?!ac.*'%!.(!#*)05.*'$'.05)![.-!/)-'F ;(.\b?!U)05%.#(?!>.05%)!>#0#3'.0-.!3.!J%:+'5.*5+%#6 -#5'-8#**',0!()-!#$#05.-!:+.!A#0!/.%3'3)!-+!$'-5.%')?! *)05.$/(#0! +0#! 0#5+%#(.1#! A+$#0#! :+.! /.%$#0.*.! I-/)-'5)?! h6! SVWWyY?! ,PPXQLWDV 3URWHFFLyQ \ QHJD&%<*(:$(1'(C%:'?!T+.0)-!J'%.-?!J$)%%)%5+6 SHUIHFWDPHQWH LQRSHUDQWH OD LQRSHURVLGDG \ HO :$")6C.$+$#(GH OR KXPDQR \ GH OR DQLPDO FRPR ¿JXUD VXF 3OLHJR $ ³,GHQWLGDG R VXMHWR´ HQ , $JXDGR >6!N.%0903.1!4!U6!"6!D#&.%#!S*))%3-6Y?!6XEMHWLYLSUHPD H LQVDOYDEOH GH OD YLGD´ $JDPEHQ GDG SVLFRDQiOLVLV \ WHRUtD VRFLDO?!UGH'*)?!P0'&.%F I-5.! )*')?! .-5.! -'0! );%#! :+.! #/#%.*.! .0! (#! 0#5+%#(.1#! -'3#3!`#*')0#(!J+5,0)$#!3.!UGH'*)FN#*+(5#3!3.! A+$#0#?!((#$#!(#!A'-5)%'*'3#3!4!#-E?!#!+0#!);%#?!#!+0! I-5+3')-!R+/.%')%.-!O15#*#(#6 #*5+#%?!#!+0#!/)-5+%#!/)(E5'*#6!h.-+(5#!3.(!5)3)!((#$#F #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

HD


&7$.3!"?&.%,/"!"?&

prometer.

'!&!4#$!'-3!3&3)&9!/'%&3)&#!"1% E7#)"+'B&6)##C9%)73'

"

D UHÀH[LyQ TXH DUWLFXOD *LRUJLR $JDPEHQ HQ (O WLHPSR TXH UHVWD &RPHQWDULR D OD (StVWR1'( '( 1)"( @)+'*)"?! 0)! -,()! /%.-+$.! (#! '05.0F *',0!3.!+;'*#%!.(!5.H5)!/#+('0)!*)$)!5.H5)!$.-'90'*)! IXQGDPHQWDO GH 2FFLGHQWH HQ WpUPLQRV ¿OROyJLFRV H A'-5,%'*)-?! -'0)! :+.! #3.$9-! *)05'.0.! +0#! &)*#*',0! LQWHUSUHWDWLYD GH ODUJR FDODGR VREUH ORV VLJQL¿FDGRV $.0)-! .&'3.05.-! 3.(! *#%9*5.%! ',).>#%&)( 3.(! 5'.$/)! $.-'90'*)!*)05.0'3)-!#!()!(#%2)!3.!(#!(StVWROD ?!4!/#%F 5'*+(#%$.05.!3.5.*5#3)-!.0!()-!/%)*.-)-!3.!-+!.-5%+*F 5+%#*',0!;#<)!(#-!8)%$#-!3.!(#!a$.$)%'#!4!.-/.%#01#?! SDVDGR \ SUHVHQWH SOHQLWXG \ DXVHQFLD RULJHQ \ ¿Q´ $JDPEHQ 6HJ~Q $JDPEHQ ORV VLJQL¿FDGRV GHO WLHPSR PHVLiF 0'*)! .0! =#;()! 3.! D#%-)! 5'.0.! -+! *)%%.-/)03.0*'#! m4! :+.!.0!/#%5.!.H/('*#0!-+!)(&'3)m!*)0!(#!a*#0*.(#*',0b! 3.(!<+3#E-$)!3.!=#;()?!5#05)!/)%!(#!O2(.-'#!*)$)!/)%! (#!R'0#2)2#?!4!:+.!0)!A#!/.%$'5'3)!);-.%&#%!4!-);%.! 5)3)!%.-.$#05'1#%!-+-!*)05.0'3)-!#!/#%5'%!3.!+0#!/#(#F EUD VLQWRPiWLFD D OR ODUJR GH OD (StVWROD ,%"#%"?!:+.!.0! JULHJR VLJQL¿FD ³HO UHFRQRFHU VXEMHWLYDPHQWH FRPR #+5G05'*#!+0#!8.!#!(#!*+#(!+0)!-.!*)0&'.%5.b!SJ2#$;.0?! 1R ROYLGHPRV TXH ODV FDUWDV IXHURQ HVFULF 5#-!.0!2%'.2)!0.)5.-5#$.05#%')?!.-.!2%'.2)!:+.!'0*(+-)!

=%)8.-)%!3.!5.)%E#!/)(E5'*#!.0!(#!P0'&.%-'3#3!J+5,0)$#!3.!(#!>'+3#3!3.! UGH'*)!4!c'%.*5)%!.3'5)%'#(!3.!0HWDSROtWLFD6

Q!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

H?

`'.51-*A.! .0&'3'#;#?! 4#! :+.! .0! G(! m3.*E#m! (#! (.02+#! 3.! c')-! aA#;E#! 3#3)! /%+.;#! 3.! 3.('*#3.1#b! SJ2#$F EHQ 0iV D~Q VL UHSDUDPRV HQ HO KHFKR 3.!:+.!=#;()!a/.%5.0.*.!#!+0#!*)$+0'3#3!A.;%.#!3.! (#! 3'9-/)%#! :+.! /'.0-#! 4! A#;(#! .0! 2%'.2)b?! .-! 3.*'%?! +0#!*+(5+%#!:+.!(..!(#!T';('#!.0!(#!(.02+#!3.!=(#5,0!4! J%'-5,5.(.-?!4!:+.!.%#!<+12#3#!*)$)!+0#!a(.02+#!3.! H[LOLR´ HQ VX GREOH DFHSFLyQ SULPHUR SRUTXH VH GLVF 5#0*'#!3.!(#!(.02+#!:+.!A#;(#!.(!/)3.%!4!(#!'0-5'5+*',0_! -.2+03)?! /.%$'5.! .(! .H'(')! A#*'#! +0#! (.02+#! $.0)%! /.%)! $9-! A#;'5#;(.! /#%#! .(! 5%#;#<)! -'059*5'*)! *)0! (#! '3.05'3#3! 3.(! -+<.5)?! #(! 8+03#%! +0#! #+5G05'*#! $#3%.F (.02+#!:+.?!*)$)!-.!-#;.?!-'.$/%.!:+.3#!+0'3#!#!(#! 5'.%%#!4!-+-!%.2(#-!S*)+)"Y6 7#!3.-3.!.(!E0*'/'5!3.!(#!I/E-5)(#!#/#%.*.!(#!*+.-F WLyQ PHVLiQLFD X'616"(?)61)"(B5.%"#)6(9$")6E(41$#)"( ',)"#)1)"( ',5).%+$*)"( $%"( $6'00$1%)*( #5$)6?! :+.! J2#$;.0! 5%#3+*.! *)$)! a=#;()?! ((#$#3)! *)$)! .-F *(#&)!3.!e.-M-!$.-E#-?!-./#%#3)!*)$)!#/,-5)(!/)%!.(! DQXQFLR GH 'LRV´ $JDPEHQ $TXt KD\ TXH %./#%#%!.0!.(!A.*A)!3.!:+.!&5.%"#<"(a0)!.-!+0!0)$;%.! /%)/')?!-'0)!.-!}s~!(#!5%#3+**',0!2%'.2#!3.(!5G%$'0)! A.;%.%)! +'_%'5 TXH VLJQL¿FD HO XQJLGR HV GHFLU HO PHVtDV´ $JDPEHQ $VLPLVPR GHQWUR GH ODV YDULDQWHV ¿OROyJLFDV TXH LUi LQWURGXFLHQGR $JDPF ;.0?!A#4!+0#!:+.!#:+E!0)-!'05.%.-#!-+;%#4#%?!4!:+.!.-!


:$/4!"B&/%-0"!"B&7"%-)#)"8&'!&!6#$!'.4!4&4)&7!0'%&4)&#!"2% .&&.-0$)-!

OD GH 3DEOR HQ VX FRQGLFLyQ GH HVFODYR VLHUYR :)61)"Y! 3.(! $.-E#-6! R);%.! 5)3)?! /)%:+.! *)0! .(()! '05%)3+*'%9! a+0#! *)03'*',0! <+%E3'*#! /%)8#0#! 4! *)0<+05#$.05.! (#! 5%#0-8)%$#*',0!:+.!.-5#!-+8%.!#!5%#&G-!3.!(#!%.(#*',0! FRQ HO HYHQWR PHVLiQLFR´ $JDPEHQ 0iV DGHODQWH SXQWXDOL]D ³>«@ HO VLQWDJPD µHVFODYR GHO PHVtDV¶ GH¿QH SDUD 3DEOR OD QXHYD FRQGLFLyQ PHF -'90'*#?!/%'0*'/')!3.!+0#!/#%5'*+(#%!5%#0-8)%$#*',0!3.! 5)3#-!(#-!*)03'*')0.-!<+%E3'*#-!S:+.!0)!-)0?!/)%!.-5)?! VLPSOHPHQWH DEROLGDV ´ $JDPEHQ c.!'2+#(!$)3)?!.-5#!*)03'*',0!3.!-'.%&)!3.(!$.F VtDV VH FRQMXJD FRQ OD QRFLyQ GH XQ OODPDGR YRFDFLyQ S41$#)"Y?!:+.!0)!-.!+0.!-'$/(.$.05.!/)%!*)05'2Å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i HO HVFODYR HV XQD YDF ULDQWH FHQWUDO GHO ³H[FOXLGR HQ GH OD WLHUUD´ TXH HVWi );('2#3)?!/)%!.(!((#$#3)!S41$#)"Y!#!-.2+'%!#(!$.-E#-?! #! #/%.03.%! #! .-*+*A#%! -+! &)*#*',0! $.-'90'*#! 8%.05.! #!(#!'0<+-5'*'#!:+.!/%)3+*.!(#!(.4!3.!()-!$#03#$'.0F 5)-! S/%)A';'*',0Y?! :+.! #(! *)+2.'.( .(! (E$'5.! 3.-3.! .(! *+#(!-.!A#*.!&'-';(.!/%.*'-#$.05.!(#!.H*(+-',0?!-./#F UD LUUHPHGLDEOHPHQWH D ORV VXMHWRV $JDPEHQ ZpY6!=)%!.(()?!.-!+0!((#$#3)!:+.!*)0<+2#!&)*#*',0!4! /%)8.-',0! .0! +0! -)()! .-/#*')! 3'-*+%-'&)?! #/+05#(#0F GR HO FDUiFWHU HVSHFt¿FR GH OD GLPHQVLyQ FRQFUHWD GHO "%*061'.( $JDPEHQ SDUD ³HYLWD>U@ HO SHOLF 2%)!3.!(#!3);(.!-+-5#0*'#('3#3!:+.!/+.3.!'$/('*#%!()! µLQGLYLGXDO FRP~Q¶´ 1DQF\ R'! (#! (.4! 3'&'3.! #(! -+<.5)?! A#;%9! :+.! .05.03.%(#! *)$)!+0#!.-5%+*5+%#!0)$'0#(!:+.!0)!5'.0.!%.-/+.-5#!#! VXV FRQWUDGLFFLRQHV /D VHQWHQFLD SDXOLQD HV FODUD ³\R *)0)*E!.(!/.*#3)!#!5%#&G-!3.!(#!(.46!I0!.8.*5)?!0)!A#F EUtD FRQRFLGR HO GHVHR VL OD OH\ QR PH KXELHUD GLFKR £QR GHVHDUiV ´ $JDPEHQ 3RU HOOR OD OH\ -./#%#!#(!-+<.5)!4!()!#5#!#(!$'-$)!5'.$/)!#!+0#!S'$Y /)-';'('3#3!3.!%.+0'%-.!.0!-+!-./#%#*',0!.0!.(!'05.%')%! 3.(!*)+)"6!c.!#:+E?!/+.-?!:+.!.(!&)*#;()!,%"#%"!S8.Y!-.#! 3.5.%$'0#05.!.0!(#!*%E5'*#!/#+('0#!#!(#!(.4?!/+.-!(#!8.!.-! (#!8)%$#!3.!&#('3#%!(#!,.)+$"'(.0!$.3')!3.!(#!.-*'-',0! 3.(!-+<.5)!8%.05.!#!(#!(.4!:+.!()!-+-5#0*'#('1#!.0!#%#-!3.!

0)$;%#%!()!*)$M06!I-!3.*'%?!A#4!+0!#-/.*5)!0)!0)%$#F WLYR XQ UHVWR GH OD OH\ TXH VH UHÀHMD SUHFLVDPHQWH HQ OD SURPHVD GH OD MXVWLFLD $JDPEHQ pXY6!=)%!-+!/#%5.?!.-5.!#/.5'5)!3.!0)$;%#%?!:$(5'21'.( $*( *)+2.$( :$`?! .-! 0'! $9-! 0'! $.0)-! .(! /%'0*'/')! 3.! WRGD IRUPD GH UHSUHVHQWDFLyQ GH OR FRP~Q FROHFWLYR \ :+.!/#%#!-)-5.0.%-.!.-59!);('2#3)!#!A#*.%!3.-#/#%.*.%! #(!-+<.5)!*)$)!-'02+(#%!.0!(#!(,2'*#!3.!()!*)$M06! L+'19!.-5#!-.#!+0#!3.!(#-!(.*5+%#-!:+.!A)4!/+3'G%#F $)-!-)-5.0.%!4!3.%'&#%!3.(!5.H5)!3.!J2#$;.0!-);%.!=#F EOR OD GLPHQVLyQ FRQFUHWD GHO "%*061'.!.0!%.(#*',0!*)0! .(!,16.'1(3.!(#!*)$+0'3#3!4!3.!(#!/)(E5'*#!4!8%.05.!#!(#! GHVDSDULFLyQ GHO ³H[FOXLGR HQ GH OD WLHUUD´ (QWRQFHV DO HPSDUHQWDU OD YRFDFLyQ FRQ OD ¿JXUD GHO HVFODYR 8%.05.! #(! )%3.0! 3.! ()! *)$M0! S*)+)"Y?! A#4! +0#! '0-'-F 5.0*'#!-);%.!(#!'0#+2+%#*',0!3.!(#!8)%$#!#/)%G5'*#!3.(! 5'.$/)!$.-'90'*)?!:+.!#/#%.*.%9!*)$)!+0#!&')(.0*'#! a%.&.(#3)%#b!:+.!/%.5.03.!)/)0G%-.(.!#!(#!&')(.0*'#!3.! (#! 3.-#/#%'*',0! :+.! #! -+! &.1! .-! /%)3+*'3#! /)%! (#! .HF FOXVLyQ ³(O VXMHWR PHVLiQLFR QR FRQWHPSOD HO PXQGR *)$)!-'!.-5+&'.%#!-#(&#3)6!J05.-!;'.0!m.0!(#-!/#(#;%#-! 3.!T.0<#$'0m!*)05.$/(#!(#!-#(&#*',0!-,()!$'.05%#-!-.! SLHUGH HQ OR LQVDOYDEOH´ $JDPEHQ J(!/%.5.03.%!:+.;%#05#%!(#!*)03.0#!4!(#!3.+3#!:+.! OH HV LQKHUHQWH GHO GHVKHUHGDGR HQ GH OD WLHUUD X!.-5#F %E#$)-!#/%)H'$903)0)-!#(!#%2+$.05)!3.!:+.!(#!3.+F 3#!/)%!/#2#%!.-59!'0-*%'5#!.0!.(!OtPLWH 3.(!5'.$/)?!:+.! .-!3)03.!*);%#!5)3#!-+!&'2.0*'#!4!-+-5.05)!.(!5'.$/)! PHVLiQLFR DO QR VHU GH¿QLGR FRPR ³HO ¿Q GHO WLHPF SR VLQR HO WLHPSR GHO ¿Q´ $JDPEHQ 'H .-5.!$)3)?!(#!5.-'-!3.!J2#$;.0!-.!&+.(&.!%.(.&#05.!4! )/)%5+0#?!4#!:+.!3.!()!:+.!-.!5%#5#!.-!3.!3.-#%%)((#%! XQD UHÀH[LyQ SDUD ³FRPSUHQGHU HO VHQWLGR \ OD IRUPD LQWHUQD GHO WLHPSR TXH pO >3DEOR GH 7DUVR@ GH¿QH 5)( *7*( 4'%.<" µHO WLHPSR DKRUD¶´ $JDPEHQ 3)03.!4'%.<"(.-!3.*'3'%!-);%.!.(!5'.$/)!/%)8#0)?!4!#! -+!&.1!3.*'3'%!.-!3'&'3'%!/#%#!'05%)3+*'%!+0#!.-*#0-',0! :+.! .0! (#! (+*A#! /)(E5'*#! %.-+(5#! -.%! -+! %.#('3#3! $9-! LQPHGLDWD $JDPEHQ 3RU HOOR HO WLHPSR DKRUD HV HO WLHPSR ³UHVWDQWH´ TXH HQ 3DEOR VLJQL¿FD .(!a5'.$/)!%.#(b?!3)03.!(#!&)*#*',0!$.-'90'*#!-#(5#!#(! *#$/)!3.!8+.%1#!3.!()!-)*'#(!*)$)!:%"&)*#%*6%:':?!#(! $#05.0.%!-+!.-5#5+5)!3.!-'02+(#%!.0!.(!'05.%')%!3.!()-! FDPSRV VRFLDOHV $JDPEHQ @#;%E#!:+.!'0-'-5'%!-);%.!(#!3'-*)05'0+'3#3!3.!(#!&)F FDFLyQ PHVLiQLFD EDMR OD ¿JXUD GHO GHVKHUHGDGR \D TXH !"#!*)03.0#!-'.$/%.!/%.-+/)0.!+0#!-+.%5.!3.!/#2)!/)%!+0#!3.+3#!.0!.(! 0)$)-!3.!(#!5'.%%#?!/#%#8%#-.#03)!.(!*G(.;%.!(';%)!3.!>#%(!R*A$'55!:+.?!/)%! FLHUWR QR HV SULYDWLYR TXH KD\D WHQLGR XQ LQWHUpV SDUWLFXODU VREUH OD ¿JXUD 3.!=#;()!3.!D#%-)6!

X

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

HG


.-0$)-!/. .2"!)'&6%(!""$0.!2&

.-!/%.*'-#$.05.!(#!:+.!/+.3.!/.%$'5'%!:+.!.(!5'.$/)!:+.! %.-5#!-.#!+0#!8)%$#!3.!3.-#*5'&#%!5#05)!.(!%.*(#$)!3.!(#! &)(+05#3!3.(!/+.;()!S-);.%#0E#Y!*)$)!.(!#/.5'5)!/)%!(#! *)$+0'3#3!3.!3.-5'0)!S/%)3+**',0!3.!-.05'3)Y?!5#0!/%.F VHQWHV HQ HO ³KiELWDW´ GH ORV (VWDGRV FRQWHPSRUiQHRV R'!3.;'.%#!'03'*#%?!.0!(#-!./E-5)(#-!3.!=#;()?!+0!#5'-;)!/)(E5'*)! '0$.3'#5#$.05.!#*5+#(?!*%.)!:+.!.(!*)0*./5)!3.!%.-5)!5.03%E#! :+.!8)%$#%!/#%5.6!I(()!/.%$'5.?!.0!/#%5'*+(#%?!3'-()*#%!.0!+0#! /.%-/.*5'&#!0+.&#!0+.-5%#!#05'*+#3#!4?!-'0!.$;#%2)?!:+'19!0)! %.0+0*'#;(.-!0)*')0.-!3.!/+.;()!4!3.!3.$)*%#*'#6!I(!/+.;()! 0)!.-!0'!.(!5)3)!0'!(#!/#%5.?!0'!$#4)%E#!0'!$'0)%E#6!I-!#05.!5)3)! .-)!:+.!<#$9-!/+.3.!*)'0*'3'%!*)0!-E!$'-$)?!0'!*)$)!5)3)!0'! FRPR SDUWH HVR TXH LQ¿QLWDPHQWH UHVWD R UHVLVWH D FXDOTXLHU 3'&'-',0?!4!m*)0!(#!;+.0#!/#1!3.!#:+.(()-!:+.!0)-!2);'.%0#0m! <#$9-!-.!3.<#!%.3+*'%!#!+0#!$#4)%E#!)!#!+0#!$'0)%E#6!I-!.-5.! UHVWR OD ¿JXUD R OD FRQVLVWHQFLD TXH HO SXHEOR WRPD HQ HO PRF $.05)!3.*'-'&)!m4?!*)$)!5#(?!.-!.(!M0'*)!-+<.5)!/)(E5'*)!%.#(! $JDPEHQ

=)%!*)0-'2+'.05.?!(#!3'-*)05'0+'3#3!/+.3.!'05.%/%.F 5#%-.! *)$)! (#! *)%0'-#! 3.-3.! (#! *+#(! .0! (#! #*5+#('3#3! #/#%.*.! *)0! 8+.%1#! (#! *+.-5',0! 3.! (#! 5%#0-$'-',0! 3.! (#!A.%.0*'#!A'-5,%'*#?!*)0!/#%5'*+(#%!#5.0*',0!#!-+!&#F %'#05.!3.!A.%.0*'#!/)(E5'*#!.0!()-!%.2E$.0.-!3.$)*%9F 5'*)-?! /+.-! -'! (#! 8%#2'('3#3! .-! .(! %#-2)! /%.3)$'0#05.! 3.!(#!A.%.0*'#!F0)!-+!*)05'0+'3#3?!/+.-!0)!A#4!A.%.0F *'#-!a8+.%5.-bF?!.05)0*.-!-.!&+.(&.!+0!/+05)!3.!/#%5'F 3#! /#%#! /.0-#%! (#! /.%3+%#;'('3#3! 3.! (#! 3.$)*%#*'#! #! $.3'#0)! /(#1)?! 4#! :+.! G-5.! /%);(.$#! .-! +0)! 3.! ()-! /+05)-!*.05%#(.-!.0!()-!3.;#5.-!$9-!%.*'.05.-!.0!5)%0)! D OD GHPRFUDFLD *ULOOL GL &RUWRQD (V 3.*'%?! (#! /G%3'3#! %.8.%.0*'#(! 3.! (#! -);.%#0E#! *.%%#3#! 4!0)!*)05#$'0#3#!.-!.0!.(!/%)*.-)!/)(E5'*)!3.!(#!3.F $)*%#*'#!+0#!3.!-+-!$#0.%#-!3.!*)0*(+-',06!c.!#:+E?! /+.-?!:+.!-.!A#;(.!3.!a+0#!8%#2'('3#3!/.%$#0.05.!3.! (#! 3.$)*%#*'#b! :+.! .-?! /)%! -+! /#%5.?! .(! .8.*5)! 3.! (#! 8%#2'('3#3!*)0-5'5+5'&#!3.!(#!A.%.0*'#!/)(E5'*#!Sh)+3'F QHVFR /R SDUDGyMLFR \ DTXt OD FUtWLFD /#+('0#!#!(#!(.4!:+.!-+-5#0*'#('1#!.-!$9-!:+.!&'2.05.?! .-!:+.!(#!3'-*)05'0+'3#3!3.!(#!A.%.0*'#!);('2#!#!3.*'3'%! VREUH OD UHODFLyQ WUDLFLyQ ¿GHOLGDG GH OD WUDQVPLVLyQ HQ XQ FRQWH[WR GRQGH OD ¿GHOLGDG GHPRFUiWLFD SUHVXF SRQH XQD LQ¿GHOLGDG KDFLD ODV KHUHQFLDV \ ORV PRGRV 3.!5%#0-$'5'%(#-?!4#!:+.!.-!0.*.-#%'#!+0#!8+.%5.!3)-'-! GH LQ¿GHOLGDG SDUD HVWDEOHFHU iUHDV GH GHPRFUDWLFLGDG /.%3+%#;(.-!#(!)/)0.%-.!#;'.%5#$.05.!#(!)5%)%#!8#$)-)! +6::1%*0(#5.)605?!.-5)!.-?!/#%#!*)05%#3.*'%!.(!/%'0*'F /')!'0-5'5+*')0#(!S(.02+#!3.(!/)3.%Y!3.!3.8.0-#!3.!()! 2#0#3)!:+.!0)!/.%$'5.!3.-5.%%#%!()!'00.*.-#%')?!#0+F (#03)!#!-+!&.1!.(!/%'0*'/')!3.!*A#05#<.!'0A.%.05.!#!5)3#! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

HF

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a$+5'(#*')0.-b!/#%#!*%.#%!+0!aA)%'1)05.!5.$/)%#(b! GH JHQXLQD HVWLUSH GHPRFUiWLFD /HFKQHU =.%)! #3.$9-?! ()! -+2'.%.! J2#$;.0?! (#! #/#%'*',0! 3.(! 5'.$/)! $.-'90'*)! /.%$'5.! (#! .$&)*C$."%<*( 3.! (#! A.F %.0*'#! /)(E5'*#6! I-5)! .-?! #(! %.*)0)*.%! a(#! .8.*5'&'3#3! /%.-.05.!3.(!/#-#3)b?!4!/#%#!a}s~!:+.!3.-#/#%.1*#0! ()-! 8#05#-$#-! 5'.0.! :+.! A#*.%-.! /%.-.05.! +0! Ä/#-#3)! VXSHUDGR¶ (VWH HV HO VLJQL¿FDGR GH OD UHSDUDFLyQ PDF 5.%'#(! 4! -'$;,('*#Y! /)%! (#-! '0<+-5'*'#-! -+8%'3#-! 4! ()-! GRORUHV UHSULPLGRV 6*'(.$"#%#6&%<*(:$1(,'"':)!*)$)! KLVWRULD GH OD GLJQLGDG KXPDQD´ /HFKQHU I05)0*.-?!8+03#%?!0)$;%#%!4!/%)$.5.%!-)0!(#-!/#F (#;%#-!:+.!*)%%.0!3.!+0!.H5%.$)!#(!)5%)?!-'!-+2.%'$)-! :+.?!.0!+0#!)%'((#?!.-59!(#!,%"#%"?!4!.0!(#!)5%#?!.(!5'.$/)! $.-'90'*)?! :+.! -,()! -.! *)0)*.! #! /#%5'%! 3.! A#*.%! 3.F 5)0#%!#(!/%'$.%)?!.-!3.*'%?!*+#03)!:+.3#!8+03#3)!+0! %.*)0)*'$'.05)! -+;<.5'&)! 3.! +0#! 8.! -);%.! (#! *+#(! -.! ¿QFD XQD DSXHVWD HQ OD KLVWRULD /D DSRUtD UDGLFD HQ :+.! G-5)-! a-)0! *#$/)-! 3.! 8+.%1#! 0)! %./%.-.05#;(.-_! VyOR QRPEUDEOHV´ $UULEDV =#%#!5.%$'0#%!.-5.!a*)$.05#%')!3.(!*)$.05#%')!3.! J2#$;.0!#!=#;()b?!:+'19!/)3%E#$)-!-+2.%'%!:+.!(#! ¿ORVRItD SROtWLFD GH $JDPEHQ DEUH XQD SHUVSHFWLYD FUHDWLYD HQ WRUQR D OD LGHD LPDJHQ GH OD H[FOXVLyQ SDODEUD TXH YXHOYH H¿FD] VX ¿ORVRItD DO FRQGHQVDU "$C$.'+$*#$(ORV SULQFLSDOHV SDVDMHV GH VX REUD ³>«@ -'0!()!.H*(+'3)!0)!A#4!5)3)!4!-,()!/+.3.!A#;.%!5)3)! -'!()!.H*(+'3)!-.!*)0&'.%5.!.0!.(!%.-5)!3.-3.!.(!:+.!.(! WRGR GHEHU VHU UHFRQVWUXLGR´ 0DWH \ =DPRUD zY6! c.! '2+#(! $)3)?! A#4! :+.! 3.*'%! :+.! J2#$;.0! .-! +0! (.*5)%! #5.05)?! )%'2'0#(! 4! %./.5'5'&)?! 3)03.! (#! %.F /.5'*',0!+0#!4!)5%#!&.1!A#*.!(#-!&.*.-!0.*.-#%'#-!3.! '0#+2+%#%! 0+.&)-! *#$'0)-! '05.%/%.5#5'&)-6! I0! .-5.! -.05'3)?! *+$/(.! *#;#($.05.! +0#! 3.! (#-! *#%#*5.%E-5'F FDV PiV DFXFLRVDV GHO SHQVDPLHQWR ¿ORVy¿FR LWDOLDQR \ TXH HV OD SURGXFFLyQ GH XQD ¿ORVRItD \ SDUWLFXODUF PHQWH XQ PpWRGR ¿ORVy¿FR TXH OH FXHVWD PXFKtVLPR 5%#;#<)!+;'*#%-.!.0!(#!#05.-#(#!3.(!/)3.%!4!3.!(#!3)F $'0#*',06!`)!A#;(#0!(#!(.02+#!3.!(#-!'0-5'5+*')0.-6!


:$/4!"B&/%-0"!"B&7"%-)#)"8&'!&!6#$!'.4!4&4)&7!0'%&4)&#!"2% .&&.-0$)-!

=)%!.(()?!(#!/%.)*+/#*',0!#*5+#(!/)%!.(!/%)*.-)!3.!(#! .H*(+-',0!3.(!-+<.5)!4!-+!/#(#;%#!S&)1Y!.0!.(!'05.%')%! 3.!()-!#&#5#%.-!'05.%$'0#;(.-!3.(!)%3.0!3.!(#-!*)-#-6! =)%!-+!/#%5.?!-+!*)$.05#%')!#!(#!(StVWROD 0)!.-!-,()! XQ HMHUFLFLR ¿OROyJLFR VLQR KD\ FRQWHQLGD XQD pWLFD \ /)%!.H5.0-',0?!+0#!/)(E5'*#!:+.!#/+05#!#!3#%!+0#!%.-F /+.-5#!/(#+-';(.!S(,2'*#!.!A'-5,%'*#Y!#(!0#*'$'.05)!3.! (#-!8)%$#-!'0-5'5+*')0#(.-!;9-'*#-!3.!B**'3.05.6!U9-! #M0?!/)%!+0!.(.$.05)!:+.!/)%!$)$.05)-!/#%.*'.%#!.-F 5#%!)(&'3#3)!*)$/(.5#$.05.!.0!.(!'05.%')%!3.!(#-!3'-F WLQWDV QDUUDWLYDV TXH GHVGH OD ¿ORVRItD SROtWLFD TXH HQ ORV DxRV PiV UHFLHQWHV VH OH KDQ KHFKR D OD ¿JXUD GH =#;()?!4!:+.!.-!(#!3.!-.%!+0#!a%.-.%&#!G5'*#b?!a}s~!+0#! 3.!(#-!%.8.%.0*'#-!*+#03)!I+%)/#!.-59!.0!*%'-'-b!SU#5.! \ =DPRUD \ VV hINIhI`>OJR

J2#$;.0?!g6!SVWWzY?!,O WHPSR FKH UHVWD 8Q FRPPHQWR '11'(".55.%#!#'!h)$#0'?!D+%E0?!T)((#5'!T)%'02A'.%'6! $UULEDV 6 ³$ OD DOWXUD GHO PHVtDV OD FRPXQLGDG .(!5'.$/)?!(#!%.&)(+*',0?!.0!h6!U#5.!4!e6!J6!É#$)%#! S.3-6Y?!1XHYDV WHRORJtDV SROtWLFDV 3DEOR GH 7DUVR HQ

1'(&)*"#.6&&%<*(:$([&&%:$*#$?!T#%*.()0#?!J05A%)/)-6 >)&#%%+;'#-?!O6!SVWXXY?!a"#!3.$)*%#*'#!3.!()-!$)3.%F 0)-!8%.05.!#!(#!3.!()-!/)-$)3.%0)-b?!(FRQRPtD \ ")&%$:':?!&)(6!XZ?!0M$6!Vq?!.0.%)F<+0')6 g%'(('!3'!>)%5)0#?!=6!SVWXXY?!aO(!/#--#5)!*A.!0)0!/#-F -#6!O(!%+)()!3.((.!.%.3'5k!0.((.!3.$)*%#5'11#1')0'b?! .0! =6! g%'(('! 3'! >)%5)0#! 4! B6! "#01#! S*))%3-6Y?! 7UD YHFFKLR H QXRYR UHJLPH ,O SHVR GHO SDVVDWR QHOOD FRVWUX]LRQH GHOOD GHPRFUD]LD?!T)()C#?!O(!U+('0)6! ".*A0.%?!`6!SXppyY?!K)"(,'#%)"(%*#$.%).$"(:$(1'(:$+)&.'FLD 6XEMHWLYLGDG \ SROtWLFD?!R#05'#2)!3.!>A'(.?!N>I6 0DWH 5 \ - $ =DPRUD ³3UHVHQWDFLyQ 1XHF &#-!5.)()2E#-!/)(E5'*#-b?!.0!h6!U#5.!4!e6!J6!É#$)%#! S.3-6Y?!1XHYDV WHRORJtDV SROtWLFDV 3DEOR GH 7DUVR HQ 1'(&)*"#.6&&%<*(:$([&&%:$*#$?!T#%*.()0#?!J05A%)/)-6 `#0*4?! e6! "6! SVWXWY?! a>)$+0'-$)?! (#! /#(#;%#b?! .0! J6!@)+0'.!S*)$/6Y?!A)2.$(1'(%:$'(:$1(&)+6*%"+)?! T+.0)-!J'%.-?!=#'3,-6 h)+3'0.-*)?!d6!SVWXWY?!a"#!3.$)*%#*'#!/%)5.2.!(#!'0F 5'$'3#3! 4! -#(&#2+#%3#! .(! /(#*.%b?! .05%.&'-5#! %.#('F 1#3#!/)%!O-%#.(!>)&#%%+;'#-?!0HWDSROtWLFD?!&)(6!XZ?! 0M$6!{z?!.0.%)F$#%1)6

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

HA


GLORIA

'!&

&+&)'&4%.4)9#%&3)&'%1&9%'>#-4%& ).&=-%"=-%&!=!,/).5 A+N&27&':)+%28&'>"#6<733'

"

#!);%#!3.!g')%2')!J2#$;.0!/+.3.!'05.%/%.5#%F -.! #! /#%5'%! 3.(! );<.5'&)! 3.! )8%.*.%! +0#! 2.0.#F ()2E#! A'-5,%'*)F*)0*./5+#(! 3.(! /)3.%! /)(E5'*)! .0!B**'3.05.6!")-!5%#5#$'.05)-!*.05%#3)-!.0!5)%0)!#(! /%);(.$#!3.!(#!-);.%#0E#?!3.!T)+)("'&$.('(!"#':)(:$( $8&$,&%<*! 4! /R TXH TXHGD GH $XVFKZLW]?! %.*';.0! +0! *)$/(.$.05)! 3.*'-'&)! *)0! !1( .$%*)( 7( 1'( 01).%'?! :+.! HQIDWL]D ORV WHPDV GHO JRELHUQR \ OD JORUL¿FDFLyQ < 0)!-,()!/)%:+.!.0!.-5.!.0-#4)!.(!#+5)%!&+.(&#!#!#-+F $'%!.H/(E*'5#$.05.!(#!8)+*#+(5'#0#!5#%.#!3.!/%)-.2+'%! -+!#%:+.)()2E#!3.(!/)3.%!m*)0!(#!%.(#5'&#!0)&.3#3!3.! '0&.-5'2#%!()-!$)3)-!4!(#-!%#1)0.-!/)%!()-!:+.!.(!/)F 3.%!A#!'3)!#3:+'%'.03)!.0!B**'3.05.!(#!8)%$#!3.!+0! 2);'.%0)!3.!()-!A)$;%.-!S+0#!)%4)*)+%'Y!SJ2#$;.0?! ± VLQR SRUTXH HQ pO VH H[SOLFLWDQ SUHPLVDV \ );<.5'&)-!:+.!-)0!$+4!%.(.&#05.-!.0!)%3.0!#!*)$/%.0F GHU OD SURSXHVWD JHQHUDO GHO ¿OyVRIR LWDOLDQR GH PRGR

!

I-5.!5.H5)!.-!+0#!%./%)3+**',0!3.(!#%5E*+()!)%'2'0#(!/+;('*#3)!.0!(#!.3'F *',0!0M$6!vy!3.!(#!@$C%"#'(:$(!"#6:%)"(A)&%'1$"6!J2%#3.*.$)-!#!()-!.3'5)F %.-!3.!@$C%"#'(:$(!"#6:%)"(A)&%'1$"!*)$)!#(!#+5)%!.(!/.%$'-)!/#%#!/+;('*#%! .-5.!#%5E*+()!.0!0HWDSROtWLFD I-5.! #%5E*+()! -.! .0*+.05%#! 3.05%)! 3.(! /%)4.*5)! 3.(! U'0'-5.%')! 3.! >'.0*'#! .! O00)&#*',0!3.!I-/#C#!T';(')5.*#!R##&.3%#!N#<#%3)!3.!=.0-#$'.05)!=)(E5'*)! +LVSiQLFR ,,, &LXGDGHV H ,PSHULRV (O 'HVWLQR GHO 5HSXEOLFDQLVPR HQ HO =.0-#$'.05)!=)(E5'*)!@'-/90'*)!U)3.%0)6!@+$VWWqF{Wqpp_!4!g%+/)!3.!IHF *.(.0*'#!3.!(#!h.2',0!3.!U+%*'#!a"#!N'()-)8E#!4!()-!=%)*.-)-!R)*')A'-5,%'*)-b6 QQ! "'*.0*'#3)!.0!N'()-)8E#!SP0'&.%-'3#3!3.!U+%*'#Y?!"'*.0*'#3)!.0!D.)()2E#! 8QLYHUVLGDG 3RQWL¿FLD GH 6DODPDQFD \ 'RFWRU HQ )LORVRItD 8QLYHUVLGDG GH 0XUFLD HQWUH VXV ~OWLPDV SXEOLFDFLRQHV VH HQFXHQWUDQ ³(O UHSXEOLFDF 0'-$)!'$/)(E5'*)!3.!(#!$+(5'5+3!*)$)!#(5.%0#5'&#!#!+0!'$/.%')!/)-5$)3.%F 0)b?!5HV 3XEOLFD 5HYLVWD GH )LORVRItD 3ROtWLFD!0M$6!VX?!VWWp?!//6!VyqFV{p_! aI(!#05'(';.%#('-$)!*)$)!*(#&.!3.!(#!);%#!3.!r)-.((.*wb?!$UDXFDULD 5HYLVWD ,EHURDPHULFDQD GH )LORVRItD 3ROtWLFD \ +XPDQLGDGHV !0M$6!VX?!VWWp?! //6!ZZF{V6!J*5+#($.05.!-.!3.-.$/.C#!*)$)!/%)8.-)%!#-)*'#3)!3.!D.)%E#! =)(E5'*#!4!3.!@'-5)%'#!3.!(#-!O3.#-!=)(E5'*#-!.0!(#!N#*+(5#3!3.!N'()-)8E#!3.! OD 8QLYHUVLGDG GH 0XUFLD (VSDxD &RUUHR HOHFWUyQLFR JDOLQGRK#XP HV Q

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

HH

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a0+3#!&'3#b?!aA)$)!-#*.%b?!a*#$/)!3.!*)0*.0F 5%#*',0b! )! a.H*./*',0b?! :+.! #M0! /.%$'5.0! .-5#;(.*.%! &E0*+()-!*)0!%.#('3#3.-!a#05.!()-!)<)-b?!3.<#0!/#-)!#! )5%)-!*)$)!a)'w)0)$'#!5%'0'5#%'#b?!a2()%'#b?!a('5+%2'#b! )!a=%)&'3.0*'#b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iVLFDPHQWH FXDWUR HQ SULPHU OXJDU OD #-+0*',0!S:+.!.-!#!(#!&.1!+0#!-+/.%#*',0Y!3.(!5.)%.$#! 3.!(#!-.*+(#%'1#*',0!/)%!/#%5.!3.!J2#$;.0_!.0!-.2+0F 3)!(+2#%?!(#!3'$.0-',0!)!.-5%+*5+%#!3.!aA'-5)%'#!*)0F *./5+#(b! /%.-.05.! .0! -+! 2.0.#()2E#! 3.(! 2);'.%0)_! .0! 5.%*.%!(+2#%?!(#!)%'2'0#('3#3!4!(#-!A.%.0*'#-!'05.(.*5+#F (.-!3.(!*)0*./5)!3.!()!/)(E5'*)!:+.!-+2'.%._!.0!*+#%5)! 4! M(5'$)! (+2#%?! .(! *#%9*5.%! $.-'90'*)F'$/)(E5'*)! :+.! SXHGH GH¿QLU VX SURSXHVWD


'!&A'%".!&,&)'&6%/6)7#%&4)&'%2&7%'@#.6%&)/&A.%"A.%&!A!-0)/ .&&.-0$)-!

P`J!gI`IJ"Bg|J!cI"!=BcIh!=B"|DO>B!J! =JhDOh!cI"!DIBhIUJ!cI!"J!RI>P"JhOÉJ>Ox`

J2#$;.0! 3.-#%%)((#! +0#! 2.0.#()2E#! 3.(! *)0*./5)! )**'3.05#(! 3.! /)3.%! /)(E5'*)! :+.! /#%.*.! /%.-+/)0.%! (#!&#('3.1!3.(!a#$;'2+)b!SU)0)3?!VWWVY!5.)%.$#!3.! (#! -.*+(#%'1#*',0! *#0)0'1#3)! /)%! >#%(! R*A$'55?! /#%#! :+'.0! a5)3)-! ()-! *)0*./5)-! -);%.-#('.05.-! 3.! (#! $)F 3.%0#!5.)%E#!3.(!I-5#3)!-)0!*)0*./5)-!5.)(,2'*)-!-.F FXODUL]DGRV´ 6FKPLWW $XQTXH D OR ODUJR 3.! !1( .$%*)( 7( 1'( 01).%'( #(+3.! #! ()-! 3.;#5.-! *(9-'*)-! -);%.!.(!5.)%.$#!3.!(#!-.*+(#%'1#*',0?!()-!#%2+$.05)-! *)05%#%')-!#(!$'-$)!3.-#%%)((#3)-!/)%!@#0-!T(+$.0F ;.%2!-)0!#0#('1#3)-!/)%!J2#$;.0!-'0!%.$'5'%()-!#!G(6! =)%!.(()!0)!.-59!3.!$9-!%.*)%3#%!:+.!8+.!T(+$.0;.%2! :+'.0!-)-5+&)!:+.!()-!3'#20,-5'*)-!3.!-.*+(#%'1#*',0! QR KDFHQ MXVWLFLD D OD GLVFRQWLQXLGDG TXH GH¿QH D OD $)3.%0'3#3_!#05.-!;'.0?!'$/('*#0!3.*(#%#%(#!'(.2E5'$#! ST(+$.0;.%2?!VWWzY6!J!-+!<+'*')?!(#!$)3.%0'3#3!.-!(#! M0'*#!G/)*#!:+.!A#!()2%#3)!-+/.%#%!(#!3.-&#()%'1#*',0! 20,-5'*#!3.!()!5.%%.0#(?!#3.$9-!3.!*)0-5'5+'%-.!.0!%.-F /+.-5#! #(! 3.-#8E)! 3.(! #;-)(+5'-$)! 5.)(,2'*)! 0)$'0#F OLVWD PHGLDQWH XQD PRGDOLGDG GH DXWRD¿UPDFLyQ GH OR A+$#0)!S3.-/(.2#3#!.0!(#!/)(E5'*#!4!.0!(#!*'.0*'#Y!:+.! 0)! -+/)03%E#! -.*+(#%'1#*',0! #(2+0#?! -'0)! .$#0*'/#F *',0! 3.! (#! 5.)()2E#! 4! -+;-'2+'.05.! #+5)0)$E#! 3.! ()-! ,%3.0.-!0#5+%#(!4!5.$/)%#(6X! $JDPEHQ SRU HO FRQWUDULR WUDV D¿UPDU TXH HO PRF 3.()!3.!2);'.%0)!$)3.%0)!.-!+0#!&.%-',0!-.*+(#%'1#F 3#!3.!(#!3)*5%'0#!3.!(#!=%)&'3.0*'#?!*+.-5')0#!(#!*)0F 5%#/)-'*',0! .05%.! (#! '$#2.0! 3.(! $+03)! 3.! (#! *'.0*'#! $)3.%0#! 4! (#! *)0*./*',0! 5.)(,2'*#! 3.! +0! 2);'.%0)! SURYLGHQFLDO GHO PLVPR 0iV D~Q VRVWLHQH H[SOtFLF WDPHQWH OD D¿QLGDG HQWUH HO SDUDGLJPD GHO JRELHUQR /%)&'3.0*'#(! 4! .(! /#%#3'2$#! 3.! (#! *'.0*'#! $)3.%0#?! /+.-! #$;)-! %./)-#%E#0! -);%.! #09()2#-! (.4.-! .5.%0#-! 2.0.%#(.-!4!#-+$'%E#0!+0#!'3.#!3.!)%3.0!8+03#3#!.0!.(! <+.2)!*)05'02.05.!3.!()-!.8.*5)-!'0$#0.05.-!SJ2#$F EHQ (VWD WHVLV OH SHUPLWH DVXPLU OD /)-';'('3#3!3.!:+.!3.5.%$'0#3)-!*)0*./5)-!.!'0-5'5+F *')0.-!/)(E5'*)-!/)-.#0!+0!)%'2.0!3'8.%.05.!3.(!:+.!-.! 3#! /)%! 3.-*)05#3)! #05'*'/#3#$.05._! .0! *)0*%.5)?! +0! RULJHQ WHROyJLFR $JDPEHQ V! !R'!;'.0!.-!.0!.(!$)0+$.05#(!.0-#4)!K'(1$0%#%+'&%<*(:$(1'(!:':(D):$.*'! 3)03.!T(+$.0;.%2!.H/)0.!/)%!.H5.0-)!3'*A#!*)0*./*',0?!.0!+0!5.H5)!$.F 0)%!S%.*)2'3)!.0!D#+;.-?!VWWq;Y!/%.-.05#!.H/(E*'5#!4!-+*'05#$.05.!(#!5.-'-! :+.!#:+E!A.$)-!-'05.5'1#3)6! V !I(!5.)%.$#!3.!(#!-.*+(#%'1#*',0!0)!-,()!.-!#-+$'3)!.0!%.8.%.0*'#!#!()!<+F UtGLFR SROtWLFR VLQR WDPELpQ D OD ¿ORVRItD GH OD KLVWRULD &RPR SDUD /|ZLWK R PiV WDUGH .RVHOOHFN OD ¿ORVRItD GH OD KLVWRULD GHO LGHDOLVPR DOHPiQ .-!/#%#!G(!.8.*5)!3.!(#!*)0*./*',0!5.)(,2'*#!3.(!0.H)!a.*)0,$'*)b!.05%.! UHYHODFLyQ H KLVWRULD $JDPEHQ X

$Vt VH LQ¿HUH GH VX D¿UPDFLyQ DFHUFD GH ODV VLJQDF 5+%#-!:+.!$#%*#0!3.5.%$'0#3)-!*)0*./5)-!/)(E5'*)-!4! ()-!%.$'5.0!#!+0#!/%.5G%'5#!.(#;)%#*',0!5.)(,2'*#?!:+.! )%'.05#!-+!'05.%/%.5#*',06!N%.05.!#!r)-.((.*w!m:+.!0)! .-!*'5#3)m?!-)0!(#-!-'20#5+%#-!4!0)!()-!*)0*./5)-?!(#-! :+.!/.%$'5'%E#0!/)0.%!.0!*)05#*5)!5'.$/)-!4!9$;'5)-! 3'8.%.05.-?!#*5+#03)!*)$)!.(.$.05)-!A'-5,%'*)-!.0!.-F 5#3)!/+%)6!R'0!.((#-?!(#!-'$/(.!A'-5)%'#!3.!()-!*)0*./F WRV HV LQVX¿FLHQWH $JDPEHQ J+0:+.! (#! 0#5+%#(.1#! 3.! (#-! -'20#5+%#-! 0)! :+.3#! *(#%#?!*)$)!5#$/)*)!3,03.!%#3'*#!-+!3'8.%'%!%.-/.*5)! 3.!()-!*)0*./5)-? (!!()!:+.!/#%.*.!.&'3.05.!,.%+'(3'&%$( .-!:+.!(#!2.0.#()2E#!3.(!/)3.%!/)(E5'*)!.0!2.0.%#(!m4!3.! -+!3'$.0-',0!3.!2);'.%0)!.0!/#%5'*+(#%m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tD FULVWLDQD 3.%'&#%E#0! ()-! 3)-! /#%#3'2$#-! /)(E5'*)-! S#05'0,$'*)-! /.%)!8+0*')0#($.05.!*)0.H)-Y!3.5.%$'0#05.-!.0!.(!3.F VDUUROOR \ OD FRQ¿JXUDFLyQ GH OD VRFLHGDG RFFLGHQWDO (#!5.)()2E#!/)(E5'*#?!:+.!8+03#!.0!c')-!(#!5%#-*.03.0F *'#!3.(!/)3.%!-);.%#0)?!4!(#!5.)()2E#!.*)0,$'*#?!:+.! -+-5'5+4.!3'*A#!5%#-*.03.0*'#!/)%!(#!'3.#!3.!+0#!)%4)*)+%'(*)0*.;'3#!*)$)!)%3.0!'0$#0.05.6!c.(!/%'$.%)! /%)*.3.%E#! (#! 5.)%E#! $)3.%0#! 3.! (#! -);.%#0E#_! 3.(! -.F 2+03)?!(#!;')/)(E5'*#!$)3.%0#!4!.(!#*5+#(!5%'+08)!3.!(#! .*)0)$E#!4!3.(!2);'.%0)!-);%.!*+#(:+'.%!#-/.*5)!3.!(#! &'3#!-)*'#(?!&)*#*',0!/%)/'#!3.!(#-!3.$)*%#*'#-!*)0F WHPSRUi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z?! 6LJQDWXUD UHUXP 6XO PpWRGR! SD+%E0?! T)((#5'!T)%'02A'.%'Y6!

v

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

HB


.-0$)-!/. !':%/2%&A!'./4%&?)"(^2

"J!@ORDBhOJ!cI"!>B`>I=DB! DIB"xgO>BF=B"|DO>B!cI!gBTOIh`B

I0!)%3.0!#!.&'3.0*'#%!.(!'.&5>(5.)(,2'*)!3.(!*)0F *./5)!)**'3.05#(!3.!2);'.%0)!m/)()!.-.0*'#(!3.(!/)3.%! /)(E5'*)m?! J2#$;.0! 3.-#%%)((#! +0#! A'-5)%'#! 3.! 3'*A)! *)0*./5)6!R.!%.$)05#!#(!5%#5#3)!-.+3)#%'-5)5G('*)!-)F ;%.!(#!.*)0)$E#?!/#%#!-.C#(#%!:+.!(#-!%.(#*')0.-!.*)F 0,$'*#-!)!3.!2);'.%0)!0)!*)0-5'5+4.0!+0!/#%#3'2$#! HSLVWpPLFR VLQR GH JHVWLyQ $JDPEHQ \ VV I0!(#!G/)*#!*%'-5'#0#!.(!*)0*./5)!3.!)%4)*)+%'(-.!5%#-F (#3,!#(!9$;'5)!5.)(,2'*)?!4!.-5)!/.%$'5',!.(!3.-#%%)(()! 3.!(#!3)*5%'0#!5%'0'5#%'#!.0!5G%$'0)-!.*)0,$'*)-?!$9-! :+.! )05)(,2'*)-6! "#! 3)*5%'0#! 3.! (#! =%)&'3.0*'#! 5%#5,! 3.! &'0*+(#%?! 3.-3.! .(! $.3').&)?! .(! /#%#3'2$#! )05)F (,2'*)!S(#!-+-5#0*'#!3'&'0#Y!4!.(!.*)0,$'*)!S(#!#**',0! 3'&'0#Y?!.-*'03'3)-!/)%!(#!/%)/'#!5.)()2E#!*%'-5'#0#6!c.! A.*A)?! #! <+'*')! 3.! J2#$;.0?! -,()! %.$'5'G03)(#! #! (#! *%'-5)()2E#!#09%:+'*#!3.!`'*.#!-.!*)$/%.03.!(#!*.-+%#! .05%.! )05)()2E#! 4! /%#H'-! S.-5)! .-?! (#! 3.-8+03#$.05#F *',0!3.!(#!G5'*#!4!3.!(#!/)(E5'*#?!-+!.-.0*'#!#09%:+'*#Y! SURSLD GH 2FFLGHQWH $JDPEHQ \ VV Xy{Y6!J-E?!(#!)%4)*)+%'(*%'-5'#0#!/%.5.03.%E#!-.%!+0#! -+/.%#*',0!)!#%$)0'1#*',0!3.!.-#!)/)-'*',0!20,-5'*#! .05%.! -+-5#0*'#! 4! #**',0?! %.'0)! 4! 2);'.%0)?! A.%.3#3#! /)%!(#!/)(E5'*#!$)3.%0#!4!&'-';(.!.0!(#!3'&'-',0!3.!/)F GHUHV OLEHUDO $JDPEHQ 3DUD HOOR IXH GHF *'-'&#! (#! *)$/%.0-',0! #%'-5)5G('*#! 3.! (#! +0'3#3! m3.(! $+03)!4!3.!c')-m!.0!5G%$'0)-!.*)0,$'*)-6!c.-3.!-+! /.%-/.*5'&#?! .0! (#! :+.! .(! )%3.0! .-! +0#! %.(#*',0! 4! 0)! +0#!-+-5#0*'#?!.-!/)-';(.!#%5'*+(#%!(#!5%#-*.03.0*'#!3'F &'0#!4!(#!'0$#0.0*'#!3.!(#-!*#+-#-!-.2+03#-6!R.!*)0F -#2%#!#-E!+0#!*)$/%.0-',0!3.!c')-!*)$)!,.'8%"?!.&'F 3.0*'903)-.!.(!0.H)!.05%.!)%4)*)+%'!5%'0'5#%'#?!).:)!4! 062$.*'#%) $JDPEHQ \ VV c.-3.!.-5#-!/%.$'-#-?!J2#$;.0!-)-5'.0.!:+.!.(!/#F %#3'2$#!3.!2);'.%0)!3.!+0#!/);(#*',0m5.)%'1#3)!/)%! N)+*#+(5m!*)0-5'5+4.!+0#!-.*+(#%'1#*',0!3.!(#!3)*5%'0#! 3.!(#!)%4)*)+%'(4!3.!(#!=%)&'3.0*'#!:+.!3./.03.!3.! .((#6! "#! %#*')0#('3#3! 2+;.%0#$.05#(! $)3.%0#! %./%)F GXFLUtD OD GREOH HVWUXFWXUD GH OD 3URYLGHQFLD YROXQWDG 2.0.%#(! 4! .8.*5)-! *)(#5.%#(.-! /#%5'*+(#%.-! SJ2#$;.0?! 'LFKD HVWUXFWXUD SHUPLWH H[SOLFDU HO *#%9*5.%!&'*#%'#(!3.!5)3)!/)3.%!/)(E5'*)?!.-5)!.-?!-+!.-*'F -',0!.05%.!'6&#).%#'"!4!,)#$"#'"?!%.'0)!4!2);'.%0)?!/)F 3.%!(.2'-(#5'&)!4!/)3.%!.<.*+5'&)6!I0!.(()!-.!;#-#!/#%#! -)-5.0.%!:+.!0)!A#4!+0#!-+-5#0*'#!3.(!/)3.%?!-'0)!-,()! +0#! a.*)0)$E#b! 3.(! /)3.%?! -,()! a2);'.%0)b! SJ2#$F EHQ \ VV 8Q JRELHUQR SXHV VLQ IXQGDF $.05)6!B?!$.<)%?!*+4)!8+03#$.05)!.-!+0!&#*E)?!+0#!0)! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

BE

-+-5#0*'#!4!+0#!'0#*5'&'3#3!)%'2'0#%'#-?!+0#!0#3#6 "J!g"BhOJ!7!I"!>B`>I=DB!cI!"B!=B"|DO>B

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m4! )*+(5#m! HVD YDFXLGDG HVHQFLDO $JDPEHQ 3HUR -+! 8+0*')0#('3#3! 0)! -.! #2)5#! *)0! .(()6! "#! 2()%'#! .-! 8+03#$.05#(!.0!(#!*)0-5'5+*',0!4!.(!-)-5.0'$'.05)!3.! 5)3)!/)3.%?!4!.(()!/)%!.(!*#%9*5.%!/.%8)%$#5'&)!S4?!.0! FRQFUHWR OHJLWLPDGRU GH OD JORUL¿FDFLyQ $O LJXDO :+.!.0!(#!>9;#(#!(#!%.#(.1#!3.!7@^@!3./.03.!3.!(#-! )%#*')0.-?! 4! 3.(! $'-$)! $)3)! :+.! (#-! 3)H)()2E#-! ('F 5M%2'*#-! /%)3+*.0! 4! %.8+.%1#0! (#! 2()%'#! 3.! c')-?! (#-! #*(#$#*')0.-! /%)8#0#-! 0)! -)0! +0! -'$/(.! )%0#$.05)! GHO SRGHU SROtWLFR VLQR TXH OR IXQGDQ \ MXVWL¿FDQ /D %#1,0!3.!5#(!3'$.0-',0!/.%8)%$#5'&#!%#3'*#!.0!:+.!.0! (#-! #(#;#01#-! -.! -+-/.03.! .(! A#;'5+#(! *#%9*5.%! 3.0)F 5#5'&)! 3.(! (.02+#<.?! %.3+*'G03)-.! G-5.! #! /+%#! #-.&.F UDFLyQ VLQ FRQWHQLGR PiV D~Q D UHVLVWHQFLD IUHQWH DO GLVFXUVR GHO VHQWLGR $JDPEHQ \ VV (V OR TXH VXFHGH HQ OD SRHVtD HQ OD TXH HO ¿Q ~OWLPR 3.! (#! /#(#;%#! .-! (#! *.(.;%#*',06! =.%)! 5#$;'G0! .0! (#-! #*(#$#*')0.-! /)/+(#%.-6! J! .-5.! %.-/.*5)?! -.C#(#! 3)-! 5.H5)-!m@$3$.>*:6+(7(,.),6$"#'(:$(1$7(,).(%*%&%'#%C'( SRSXODU \ 7HRUtD GH OD &RQVWLWXFLyQm!.0!()-!:+.!R*AF PLWW MXVWL¿FDED HO VLJQL¿FDGR SROtWLFR GHPRFUiWLFR GH (#-! #*(#$#*')0.-! %.$'5'G03)(#-! #(! /)3.%! (.2'5'$#3)%! GHO SXHEOR UHXQLGR $JDPEHQ \ VV Z! =#%#! R*A$'55?! .0! .8.*5)?! .(! /+.;()! -,()! .H'-5.! .0! (#! .-8.%#! 3.! (#! /+;('*'3#3! :+.! /%)3+*.! *)0! -+! /%.-.0F *'#! $.3'#05.! (#! #*(#$#*',0?! :+.! .0! (#-! 3.$)*%#*'#-! *)05.$/)%90.#-! -);%.&'&.! ;#<)! (#! 8)%$#! 3.! )/'0',0! S~EOLFD 6FKPLWW $ SDUWLU GH HVWD WHVLV -*A$'55'#0#?! :+.! 5#$;'G0! *#;.! *)0-'3.%#%! *)$)! +0! GHVDUUROOR GH OR LPSOLFDGR HQ OD WHRUtD ZHEHULDQD GHO *#%'-$#?!J2#$;.0!-)-5'.0.!:+.!.(!#*5+#(!3)$'0')!3.! ()-!$.3')-!3.!*)$+0'*#*',0!-);%.!*+#(:+'.%!#-/.*5)! 3.! (#! &'3#! -)*'#(! '$/('*#! +0#! $+(5'/('*#*',0! 4! 3'-.F !J2#$;.0!-)-5'.0.!:+.!R*A$'55!A#;%E#!-.*+(#%'1#3)!(#!5.-'-!3.!=.5.%-)0! #*.%*#!3.!(#!.-.0*'#!/)(E5'*#!3.!(#!('5+%2'#!.*(.-'9-5'*#!4?!.0!.-5#!$.3'3#?!3.! (#!$'-$#!O2(.-'#!SJ2#$;.0!VWWzY6!

Z


'!&A'%".!&,&)'&6%/6)7#%&4)&'%2&7%'@#.6%&)/&A.%"A.%&!A!-0)/ .&&.-0$)-!

$'0#*',0!3.!(#!8+0*',0!3.!(#!2()%'#!*)$)!*.05%)!3.(! -'-5.$#!/)(E5'*)6!7!.(()!A#-5#!.(!/+05)!3.!:+.!(#!3.$)F *%#*'#!*)05.$/)%90.#!-.!8+03#!E05.2%#$.05.!-);%.!(#! H¿FDFLD GH OD DFODPDFLyQ HQ VX IRUPD GH FRQVHQVR $+(5'/('*#3#!4!3'-.$'0#3#!/)%!()-!$.3')-!3.!*)$+0'F *#*',0?!#3.$9-!3.!$#0'/+(#3#!/)%!.(!/)3.%!.-/.*5#*+F (#%6!I0!(#-!3.$)*%#*'#-!#*5+#(.-?!2()%'#!4!2);'.%0)!-)0! LQGLVFHUQLEOHV $JDPEHQ \ VV "#!/.%5'0.0*'#!3.!.-5)-!#%2+$.05)-?!-'-5.$95'*)-!.! A'-5,%'*)F*)0*./5+#(.-?!.0!%.(#*',0!*)0!.(!5.)%.$#!3.! (#! -.*+(#%'1#*',0! 4! (#! *)$/%.0-',0! 3.! ()! /)(E5'*)! .-! GHFLVLYD $JDPEHQ D¿UPD TXH HQ OD JORULD OD ,JOHVLD 4!.(!/)3.%!/%)8#0)!.05%#0!.0!+0#!1)0#!3.!'03.5.%$'F QDFLyQ HQ OD TXH HV GLItFLO FDOLEUDU ODV LQÀXHQFLDV UHF *E/%)*#-!4!()-!'05.%*#$;')-!*)0*./5+#(.-!SJ2#$;.0?! 6HJ~Q HVWR OD UHODFLyQ HQWUH OR WHROyJLFR 4!()!/)(E5'*)!0)!.-!+0E&)*#?!-'0)!:+.!3'-*+%%.!-'.$/%.! HQ ORV GRV VHQWLGRV ORV FRQFHSWRV SROtWLFRV PRGHUQRV -)0!-.*+(#%'1#*',0!3.!()-!5.)(,2'*)-!m4!&'*.&.%-#m?!4! (#!2()%'#!.-!.(!(+2#%!.0!.(!:+.!-.!.H/('*'5#!5#(!*'%*+0-F WDQFLD 0iV D~Q HO OXJDU HQ TXH DPERV FRLQFLGHQ \ VH *#$;'#0!()-!/#/.(.-!3.!8)%$#!'0*.-#05.6!c.!#AE!:+.! 0)!A#4#!:+.!#-+$'%!(#!5.-'-!3.!R*A$'55!-);%.!(#!-.*+(#F %'1#*',0!/#%#!3.8.03.%!:+.!#(!%.(#*')0#%!()-!/%);(.$#-! /)(E5'*)-!*)0!()-!5.)(,2'*)-!#+$.05#!-+!'05.('2';'('3#3! $JDPEHQ "#!'05.%*#$;'#;'('3#3!3.!5.)()2E#!4!/)(E5'*#!.-!/)F -';(.!/)%:+.!.0!#$;#-!(#!2()%'#!)*+(5#!4!#/%.A.03.!(#! &#*'.3#3!4!(#!'0)/.%#5'&'3#3!-+-5#0*'#(.-!3.(!/)3.%?!3.! ODV TXH VH QXWUH HO SRGHU $JDPEHQ c.-3.!(#-!/%.$'-#-!3.!J2#$;.0?!/)3%E#!3.*'%-.!:+.! WHRORJtD \ SROtWLFD PiV TXH LQÀXLUVH PXWXDPHQWH VH LGHQWL¿FDQ HQ HO REMHWLYR GH SHQVDU \ QRPEUDU OD GHV

8+03#$.05#*',0!4!(#!'08+03#$.05#;'('3#3!3.(!/)3.%6 (O DOFDQFH ¿ORVy¿FR GH HVWD DUJXPHQWDFLyQ TXH SUHF 5.03.!'%!$9-!#((9!3.!()!.H/%.-#3)!.0!.(!*(9-'*)!5.)%.$#! 3.!(#!-.*+(#%'1#*',0?!%#3'*#!.0!:+.!3.-3.!.((#!J2#$;.0?! $'$.5'1#03)!+0#!&.1!$9-!+0!2.-5)!3.!R*A$'55?!/%)/)0.! +0! 0+.&)! *%'5.%')! 3.! /)('5'*'3#3! #(5#$.05.! 8)%$#(?! +0! QXHYR FRQFHSWR GH OR SROtWLFR ³¢&XiO HV OD VXVWDQFLD ±R .(!/%)*.3'$'.05)?!)!.(!+$;%#(m!:+.!/.%$'5.!*)08.%'%!#! #(2)!+0!*#%9*5.%!/%)/'#$.05.!/)(E5'*)\!"#!%.-/+.-5#!:+.! VXJLHUH QXHVWUD LQYHVWLJDFLyQ HV OD JORULD HQ VX GREOH DVSHFWR GLYLQR \ KXPDQR´ $JDPEHQ (O /+.;()!.-!.-.0*'#($.05.!2()%'#?!#*(#$#*',06!D)3)!.(()! VLJQL¿FD TXH WDQWR OR SROtWLFR FRPR HO SRGHU HO SRGHU 3.!()!/)(E5'*)!4!()!/)(E5'*)!.0!*+#05)!/)3.%Y!-)0!.-.0F *'#($.05.!+0#!0#3#!%.*+;'.%5#!3.!2()%'#_!+0!E03'*.!4!+0! 8#*5)%!3.!(#!'0#**',0!.!'0-+-5#0*'#('3#3!3.!()!A+$#0)6

"J!=B"|DO>J!cI!"B!=BROT"I

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ÀLFWLYLGDG TXH GH¿QH DO VHU KXPDQR SR*A$'55?! VWWV#Y?! .0! J2#$;.0! (#! *.05%#('3#3! 3.! (#! 2()%'#!.0!(#!*)0-5'5+*',0!3.(!/)3.%!/)(E5'*)!()!((.&#!#! VXJHULU TXH OR TXH GH¿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q?!VpFvV! Sa()-!:+.!*)$/%#0!*)$)!0)!/)-.4.05.-!4!()-!:+.!+-#0! .(!$+03)!*)$)!0)!#;+-#05.-bY!.(!%.*A#1)!/#+('0)!3.! 5)3)! *)+)"( .! '$/.%')?! 3.! 5)3#! /%)/'.3#3! <+%E3'*)F 89*5'*#?!4?!.0!.-5#!$.3'3#?!(#!$.<)%!3.-*%'/*',0!3.!(#! YLGD PHVLiQLFD $JDPEHQ \ VV 9LYLU $.-'90'*#$.05.!.:+'&#(.!#!&'&'%!.0!.(!5)"(+$?!4!.(()! '$/('*#!&'&'%!.0!(#!/.%$#0.05.!#/.%5+%#!)!/)-';'('3#3! TXH GH¿QH DO KRPEUH GHVSRVH\pQGROR GH WRGD SURSLHF 3#3?! '0*(+-)! 3.! (#! '3.05'3#36! D#(! .H/.%'.0*'#! $.-'9F 0'*#!*)0-5'5+'%E#!.(!)/+.-5)!-'$G5%'*)!3.!()!'$/('*#3)! .0!(#!5.)()2E#!/)(E5'*#!4!.0!(#!;')/)(E5'*#!:+.!(#!#*)$F /#C#6!D)3)!.(()!.H/('*#!5#05)!.(!%.*+%-)!3.!J2#$;.0! #! (#! *#5.2)%E#! A.'3.22.%'#0#! 3.! a/)-';'('3#3b! S-);%.! (#!:+.!&)(&.%.$)-!+(5.%')%$.05.Y!*)$)!#!3.5.%$'0#3#! '05.%/%.5#*',0! S#;'.%5#$.05.! 3.+3)%#! 3.! T.0<#$'0! 4! GH 7DXEHV YpDVH 7DXEHV 7DXEHV D GHO WUDWDPLHQWR SDXOLQR GH OD ¿JXUD GHO 0HVtDV TXH +-#!*)$)!E03'*.!3.!+0#!&'3#!:+.!A#!-+/.%#3)!S)!3.-F #*5'&#3)Y!.(!3.%.*A)!4!-+!8+03#$.05)!5.)(,2'*)_!.-5)! HV XQD YLGD OLEHUDGD GHO JRELHUQR WHROyJLFR SROtWLFR "#! /%)/+.-5#! #(5.%0#5'&#! 3.! J2#$;.0! /#%.*.! 3.F #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

B@


.-0$)-!/. !':%/2%&A!'./4%&?)"(^2

$#03#%?! /+.-?! .(! -+-5%#.%! (#! /)5.0*'#! .-.0*'#(! 3.(! A)$;%.!3.!-+!#/%.A.0-',0!/)%!4!/#%#!(#!2()%'#!m/)%! 4!/#%#!()!/)(E5'*)m?!4!.(()!.0!)%3.0!#!$#05.0.%(#!'0F 5#*5#?! 3.-#*5'&#3#?! 3.-('2#3#! 3.! 5)3)! #*5)?! :+'.5#6! R,()!.05)0*.-!.$.%2.!(#!-+;<.5'&'3#3!*)$)!'0#**',0?! -,()!.05)0*.-!*)'0*'3.0!2%)"!4!]Rp?!-'.03)!(';.%#3)!.(! A)$;%.!3.!5)3)!3.-5'0)6 I-!8)%1)-)!m4!*)0&.0'.05.m!3)5#%!3.!+0!#(5)!2%#3)! 3.!#;-5%#**',0!5#(!/%)/+.-5#_!0)!/#%.*.!'$/('*#%!+0#! '0&'5#*',0!#!&'&'%!.0!(#!$.%#!*)05.$/(#*',0!)!.0!.-5#F 3)!&.2.5#5'&)6!>)0!.(!5G%$'0)!a#;-5%#**',0b!-.!:+'.%.! VLJQL¿FDU HQ HVWH FRQWH[WR TXH OD ,.'8%"( :+.! J2#$F ;.0! )/)0.! #(! 2);'.%0)! 5.)(,2'*)F/)(E5'*)! 4! ;')/)(EF 5'*)!/%.-*'03.!3.!(#-!*)0-5%'**')0.-!:+.!()-!3'-5'05)-! -#;.%.-!-)*'#(.-!'$/)0.0!*)0!-+-!5.)%E#-!-);%.!.(!-.%! KXPDQR 'LFKR GH RWUR PRGR WDQWR ODV GHVFULSFLRF 0.-! 2.0.#(,2'*#-! 3.! J2#$;.0! *)$)! -+-! /%)/+.-5#-! DOWHUQDWLYDV QR DWLHQGHQ VX¿FLHQWHPHQWH D DTXHOODV 3'$.0-')0.-!A+$#0#-!:+.!-,()!-#;.%.-!$9-!#5.05)-!#! (#-! /#%5'*+(#%'3#3.-! 3.! ()! .$/E%'*)! S-)*')()2E#?! .*)F 0)$E#?! /)('5)()2E#?! .5*G5.%#Y! /+.3.0! #/%.A.03.%_! 3'F $.0-')0.-!:+.!0)!%.*)2.0!()-!3'-*+%-)-!5.)(,2'*)-!4! ()-!)05)(,2'*)-?!*+4#-!*#5.2)%E#-?!.-/.*'#($.05.!M5'F (.-!/#%#!.-5#;(.*.%!2%#03.-!*)05'0+'3#3.-!3'#*%,0'*#-! 4!-'0*%,0'*#-?!.&'3.0*'#0!(#!#3)/*',0!3.!/.%-/.*5'&#-! .0!(#-!:+.!-.!/'.%3.0!%.(.&#05.-!*#%#*5.%E-5'*#-!3.!(#! %.#('3#36y!I(!%.-+(5#3)!3.!.(()!-)0!$.598)%#-!3.-*%'/F 5'&#-!*+4)!&E0*+()!*)0!()!%.#(!.-!$9-!3G;'(!:+.!.(!3.?! SRU HMHPSOR ORV LGHDOHV WLSRV ZHEHULDQRV $QiORJDF $.05.?!-.!0)-!-+2'.%.!+0#!,.'8%"(#;-5%#*5#!4!*)05%#89*F 5'*#?!:+.!/%)/'#$.05.!-.!*)0-5'5+4.!.0!+0#!-+/.%#*',0! )!3.-#*5'&#*',0!3.!5)3#!/%#H'-!a#05.!()-!)<)-b?!3.!5)3#! ³IRUPD GH YLGD´ $JDPEHQ ")!#05.%')%!'$/('*#!:+.!.(!#%2+$.05)!3.!J2#$;.0! .-!A'-5,%'*)F*)0*./5+#(?!#(.<903)-.!3.!+0!/%)2%#$#!3.! DFFLyQ PiV D~Q UHVLVWLpQGRVH D WRGD UHGXFFLyQ SURF JUDPiWLFD 3HVH D HOOR HO ¿OyVRIR LWDOLDQR RIUHFH XQ $)3.()!3.!.-#!)/.%#*',0?!*)0-'-5.05.!.0!-+-/.03.%!(#! .8.*5'&'3#3! 3.! +0#! );%#! A+$#0#?! 4?! .0! .-5#! $.3'3#?! +0!$)3.()!/#%#!+0#!/)(E5'*#!#(5.%0#5'&#!#!(#!:+.!0)-! 3)$'0#6!R.!5%#5#!3.!+0!$)3.()!*+4#!.<.$/(#%'3#3!/#%#! *)0!(#!/)(E5'*#!0)!.-!.&'3.05.!,.%+'(3'&%$ HO SRHPD "#!%#1,0!-.%E#!:+.!.0!(#!/).-E#!.-!3.-#*5'&#3#!(#!8+0F *',0!*)$+0'*#5'&#!3.!(#!(.02+#?!%./)-#03)!G-5#!.0!-E! $'-$#?!*)05.$/(#03)!-+!/)5.0*'#!3.!3.*'%!4!#;%'G0F 3)-.!#!+0!0+.&)!+-)!/)-';(.6!a")!:+.!(#!/).-E#!((.&#! ! U.! /.%$'5)! %.$'5'%?! #! /%)/,-'5)! 3.! #(2+0)-! /.('2%)-! 3.! .-5#! #;-5%#*F FLyQ DO PDJQt¿FR DUWtFXOR ³'LVSDURV SRU HOHYDFLyQ´ GH $UFDGL (VSDGD SVWWpY6!

y

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

BC

#!*#;)!.0!%.(#*',0!*)0!(#!/)5.0*'#!3.!3.*'%?!(#!/)(E5'*#! \ OD ¿ORVRItD GHEHQ OOHYDUOR D FDER HQ UHODFLyQ FRQ (#! /)5.0*'#! 3.! #*5+#%6! J(! '0#*5'&#%! (#-! )/.%#*')0.-! .*)0,$'*#-! 4! ;')(,2'*#-?! $+.-5%#0! ()! :+.! /+.3.! .(! *+.%/)! A+$#0)?! ()! #;%.0! #! +0! 0+.&)! 4! /)-';(.! +-)b! $JDPEHQ "#! /)(E5'*#! m.0! (#! :+.?! *)$)! ;+.0! *)0)*.3)%! 3.! R*A$'55?!'0*(+4.!.(!3.%.*A)m!3.;.!3.-#*5'&#%!-+!8+0F *',0!4'#$&5)*#%&'?!.-5)!.-?!#:+.((#!*)0!:+.!(#!*#%#*F 5.%'1,! .(! $'-$)! R*A$'55! -+;%#4#03)! .(! 8%.0)! :+.! .(! (VWDGR VXSRQH IUHQWH D OD DQRPLD 6FKPLWW E VVFV{?!yZY6!"#!/)(E5'*#!3.;.!%.*)0*'('#%-.!*)0!(#!&#*E#! /)5.0*'#('3#3!3.!(#!&'3#!A+$#0#?!-+-5'5+'%!-+!0.2#*',0! SRU OD D¿UPDFLyQ GH VX PHUD \ HVSRQWiQHD JHVWXDOLF 3#36!I0!.-5.!-.05'3)?!.(!#*5+#(!3)$'0')!3.(!.-/.*59*+()! *)0-5'5+4.!/#%#!J2#$;.0!+0#!'0#+3'5#!)/)%5+0'3#3!3.! #/%)/'#%0)-!()!$9-F*)$M0!4!.H/.%'$.05#%!.(!A.*A)!3.! :+.! +0)! A#;(#?! 4#! :+.! '0*)%/)%#! #(2)! #-E! *)$)! +0#! /)-';'('3#3!/)-'5'&#?!:+.!-.!5%#5#!3.!+5'('1#%!*)05%#!G(! $JDPEHQ V $JDPEHQ D $OJR #09()2)! A#0! 3.8.03'3)! e.#0F"+*! `#0*4! 4! =A'('//.! "#*)+.F"#;#%5A.?!/#%#!:+'.0.-!(#!&#*'.3#3!3.(!.-/.*F WiFXOR LPSOLFD OD DSHUWXUD GH XQD QXHYD VLWXDFLyQ OD 3.! (#! *).H'-5.0*'#?! :+.! 0)! %.$'5.! #! 0#3#! 3'-5'05)! 3.! .((#!$'-$#!/#%#!-'$;)('1#%-.!4!/%)3+*'%!-.05'3)!S`#0F F\ \ VV /DFRXH /DEDUWKH [P`J!>BU=hI`ROx`!OU=B"|DO>J! cI!"B!=B"|DO>B\ ="J>IhIR!7!=I"OghBR!cI!"J!JTRDhJ>>Ox`

U9-!#((9!3.!-+-!;%.&.-!);-.%&#*')0.-!#!/%)/,-'5)! 3.!(#!A'-5)%'#!3.!()-!*)0*./5)-?!:+.!/%.5.03.!-+-5'5+'%! /)%! +0! .-5+3')! 3.! (#-! -'20#5+%#-?! /#%.*.! .&'3.05.! (#! )%'.05#*',0! A'-5,%'*)F*)0*./5+#(! :+.! /%.-'3.! (#! );%#! 3.! J2#$;.0?! /#%#! :+'.0! *)0*./5)-! /)(E5'*)-! 8+03#F $.05#(.-!*)$)!()-!3.!-);.%#0E#?!/)3.%!*)0-5'5+4.05.! )! 2);'.%0)! 3.;.0! -.%! #;#03)0#3)-! )?! /)%! ()! $.0)-?! /.0-#3)-! 3.! 0+.&)! 3.-3.! .(! /%'0*'/')! SJ2#$;.0?! D 6L VH LQWHUSUHWD GHVGH HVWH REMHWLYR OD SURGXFFLyQ GHO ¿OyVRIR URPDQR HV SRVLEOH HYLGHQFLDU 5#05)!-+!*)05%';+*',0!5.,%'*#!#(!/.0-#$'.05)!/)(E5'*)! *)05.$/)%90.)!m4?!.0!.-5#!$.3'3#?!#!(#!/%)/'#!/)(E5'*#! .8.*5'&#m!*)$)!-+-!('$'5#*')0.-!#!.-5.!%.-/.*5)6 "#! 2.0.#()2E#! #2#$;.0'#0#! 3.(! /)3.%! /)(E5'*)! .0! B**'3.05.!*)05'0M#!(#!5%#3'*',0!:+.!-+-5%#.!(#!/)(E5'*#! 3.!5)3)!&#()%!4!(#!&.!*)$)!$.%#!&')(.0*'#!)%2#0'1#3#6! R'! /#%#! ^#(5.%! T.0<#$'0! (#! *(#&.! 3.! (#! /)(E5'*#! $)F GHUQD HV OD YLROHQFLD %HQMDPLQ WDPF ;'G0! J2#$;.0! A#! $)-5%#3)! :+.! .(! &E0*+()! .05%.! -)F


'!&A'%".!&,&)'&6%/6)7#%&4)&'%2&7%'@#.6%&)/&A.%"A.%&!A!-0)/ .&&.-0$)-!

;.%#0E#!4!&')(.0*'#!.-!/(.0#$.05.!#*5+#(!SJ2#$;.0?! $JDPEHQ D $JDPEHQ E X{! 4! --6Y6! "#! '05%)3+**',0! 3.! (#! /.%-/.*5'&#! ;')/)(EF WLFD QR H[HQWD GH SUREOHPDV 1HJUL OH /.%$'5.! &'0*+(#%! 5#(! *)0*./*',0! 3.! (#! -);.%#0E#! *)0! ()-! #09('-'-! 3.! N)+*#+(5?! %.$'5'.03)! (#! .-.0*'#! 3.! (#! /)(E5'*#!$)3.%0#!#!(#!.$/%.-#!3.!2.-5',0!.!'08)%$#F FLyQ GH OD YLGD $JDPEHQ /D FDWHJRUtD ;.0<#$'0'#0#!3.!a0+3#!&'3#b!.-!(#!.(.2'3#!/#%#!-.C#F (#%!.(!/)%5#3)%!3.(!0.H)!.05%.!&')(.0*'#!4!3.%.*A)!:+.! GH¿QH OD HVWUXFWXUD GH OD VREHUDQtD HVWR HV OD YLGD )%3.0#;(.! /%)3+*'3#! /)%! .(! I-5#3)! *)$)! %.8.%.0*'#! 3.-3.! 4! -);%.! (#! *+#(! (.2'5'$#%-.6! 7! -'! (#! &'3#! .-! ()! /+.-5)!.0!;#03)!/)%!(#!(.4?!()!/%)3+*'3)!4!2.-5')0#3)! SRU HO GHUHFKR VH FRPSUHQGH TXH OD ¿JXUD FRQ OD TXH 3.;.! 0)$;%#%-.! #(! *'+3#3#0)! -.#! (#! 3.! KRPR VDFHU ! R.2M0! J2#$;.0?! 5#(! (,2'*#! ;')/)(E5'*#! /%.-'3.! 5#05)! .(! 3.-.0&)(&'$'.05)! 3.(! I-5#3)! 0#1'! *)$)! .(! 3.! (#-! 3.$)*%#*'#-!*)05.$/)%90.#-?!:+.!5#$;'G0!5'.0.0!-+! /#%#3'2$#!.0!.(!*#$/)!3.!*)0*.05%#*',0!4!.0!.(!);<.F 5'&)!3.!/)('5'1#%!(#!]Rp $JDPEHQ \ VV \ VV \ VV $JDPEHQ D \ VV I-5#! ;%.&.! -E05.-'-! 3.! 3.5.%$'0#3#-! /%.$'-#-! 3.! J2#$;.0?!-'!;'.0!.-!8)%1)-#$.05.!/#%*'#(?!-E!/.%$'F 5.! #(! $.0)-! %.*)0-5%+'%! ()-! #-/.*5)-! 8+03#$.05#(.-! 3.!-+!/%)/+.-5#!#(5.%0#5'&#?!()*#('1#03)!4!.&#(+#03)! (#! 3'$.0-',0! 0)%$#5'&#! )*+(5#! .0! -+-! 3.-*%'/*')0.-! A'-5,%'*)F*)0*./5+#(.-6! R+! );<.5'&)! 2.0.%#(! /#-#! /)%! /.0-#%!+0#!/)(E5'*#!(';%.!3.(!;#03)!-);.%#0)?!.-5)!.-?! +0#!/)(E5'*#!:+.!A#2#!3.(!/%)/')!*+.%/)!;#-.!3.!+0#! 8)%$#!3.!&'3#?!+0!EtRV!:+.!-.#!-,()!-+!]Rp?!+0#!.-.0F FLD TXH VHD VyOR VX H[LVWHQFLD $JDPEHQ D XX{Y6! I(! /%.-+/+.-5)! 5.,%'*)! 0.*.-#%')! #! .-5.! );<.5'F &)!.-!(#!5.-'-!3.!:+.!(#!&'3#!0)!/%.*'-#!-.%!/)('5'1#3#?! SXHV LQFOX\H HQ Vt OR SROtWLFR $JDPEHQ 7!(#-!A.%%#$'.05#-!*)0*./5+#(.-!:+.!+-#!/%)*.3.0!3.! @.'3.22.%?! *)0! .(! :+.! 5#$;'G0! $#05'.0.! 3'8.%.0*'#-! S`)%%'-?!VWWyY6!I0!*)0*%.5)?!/%)8+03'1#!.0!(#!*#5.2)F %E#!3.!a/)-';'('3#3b!S@.'3.22.%?!Xpp{?!ÑÑ!p?!vX?!ZyY?! .0!)%3.0!#!-+2.%'%!+0#!0+.&#!)05)()2E#!:+.!5)%0.!-+F SHUÀXD OD WDUHD PHWDItVLFD TXH KD DVXPLGR OD SROtWLFD .0!B**'3.05.6!R'!/)('5'1#%!.-!a#*5+#('1#%b!(#!3.-0+3#!4! /)5.0*'#(!&'3#?!(#!/)(E5'*#!H6$(C%$*$(/#-#!/)%!+0#!)0F 5)()2E#!:+.!/'.0-.!(#!/)5.0*'#!-'0!%.(#*',0!#(2+0#!*)0! .(!#*5)?!/+.-!-,()!3.-3.!.((#!-.%9!/)-';(.!+0#!/)(E5'*#! -+-5%#E3#!#(!/%'0*'/')!3.!(#!);%#!4!/#%#!(#!:+.!(#!0+3#! YLGD VHD HOOD PLVPD IRUPD GH YLGD $JDPEHQ $JDPEHQ E /D SROtWLFD GHEHUtD UHQXQFLDU D OD WDUHD GH QHJDU OD SRVLELOLGDG TXH GH¿QH

#(!-'02+(#%!*+#(!-.#!%.$'5'G03)(#!#!3).+'"(:$(C%:'(:+.! 0'.2#0!5#(!*#%9*5.%6!c'*A)!-'02+(#%!0)$;%#!()!A+$#0)! *)$)!$.%#!4!&#*E#!/)-';'('3#3?!*)$)!.H'-5.05.!*+4#! .-.0*'#!.-!-,()!-+!-.%!#-E?!/+%#!.H/)-'*',0!#(!$#%2.0! 3.!/%)/'.3#3!#(2+0#!:+.!()!A#2#!/.%5.0.*'.05.!SJ2#$F EHQ \ VV \ VV (Q FRQVRQDQFLD FRQ HVWR -'!5)3#!3.5.%$'0#*',0!.-!+0#!0.2#*',0?!-.!*)$/%.03.! :+.!()!(';.%#3)%!/#-.!/)%!+0!2.0G%'*)!$)3)!3.!.H'-F WHQFLD HQ OD SRWHQFLD $JDPEHQ $JDPF EHQ (Q OD PHGLGD HQ TXH OD SROtWLFD KDJD <+-5'*'#!#!(#!#+-.0*'#!3.!5#%.#!4!3.!0#5+%#(.1#!/%)/'#-! TXH GH¿QH OR KXPDQR VH FRQYLHUWH HQ HO PHMRU tQGLFH 3.!(#!%*)&6,'&%<*!.-.0*'#(!3.!()-!A)$;%.-?!3.(!*#%9*F 5.%!'.0<"!:+.?!.0!(#!a#%&'('(S%&<+'&)?!J%'-5,5.(.-!/%.F GLFD GH HOORV $JDPEHQ D =.%)!-'!()!.$#0*'/#3)%!0)!*#.!3.(!(#3)!3.!(#-!#**')F 0.-!-'0)!3.!(#!/+%#!/)-';'('3#3?!(#!3'$.0-',0!0)%$#5'F &#!3.!()-!9$;'5)-!/%9*5'*)-!SG5'*#!4!/)(E5'*#Y!-.!%.3+*.! #! ()! :+.! J2#$;.0! 2.0G%'*#$.05.! *#%#*5.%'1#! *)$)! +0#!a.H/)-'*',0!3.!(#!/%)/'#!/)5.0*'#!.!'0#*5+#('3#3b! $JDPEHQ eWLFD \ SROtWLFD VH *)08+03.0! .05)0*.-! *)0! (#! )05)()2E#?! /+.-! .(! $.%)! .H'-5'%!5#(F*+#(F-.F.-!*)0-5'5+4.!(#!M0'*#!);('2#*',0?!.(! M0'*)! 2.-5)! :+.! 0)! &')(#! (#! /)('5'*'3#3! 4! (#! 3+(1+%#! 0#5+%#(!3.!(#!]Rp $JDPEHQ $JDPEHQ D 7DO JHVWR HV UHPLWLGR D GRV ,.'8%" SHQF -#$'.05)!4!#$)%6!"#-!M0'*#-!:+.!/)-..0!(#!&'%5+3!3.! ;)%%#%!#(!-+<.5)!3.!(#!);%#!4!(#!);%#!3.(!-+<.5)_!(#-!M0'F *#-!:+.!%.M0.0!(#!&'3#!#!-+!8)%$#?!.-!3.*'%?!:+.!A#*.0! 3.! (#-! 8)%$#-! 3.! &'3#! 8)%$#F3.F&'3#?! (#-! M0'*#-! :+.! A#*.0!<+-5'*'#!#!(#!/.%$#0.05.!/)-';'('3#3!3.!+0!$.F -'90'*)!.$"#)(SJ2#$;.0?!Xpp{?!XW?!vX?!qZ_!J2#$;.0?! D $JDPEHQ J-E?!/+.-?!.(!%.5)!3.!(#!/)(E5'*#!:+.!&'.0.!.-!A#*.%-.! *#%2)!3.(!*#%9*5.%!'.0<"!3.(!A)$;%.?!!3.!-+!%#3'*#(!/)F WHQFLDOLGDG $JDPEHQ 8QD SROtWLFD TXH A#2#! <+-5'*'#! #! (#-! -'02+(#%'3#3.-! *+#(-.#! .-! /%+.;#! 3.!+0!5'/)!3.!*)$+0'3#3!A.5.%)2G0.#!#(!I-5#3)6!"#-! '$/('*#*')0.-! $.-'90'*#-! .! '$/)(E5'*#-! 3.(! *)$+0'F WDULVPR GH $JDPEHQ *DOLQGR *DF OLQGR QR SXHGHQ VHU DQDOL]DGDV DTXt *)0!3.5.0'$'.05)6!T#-5#%9!*)0!-+;%#4#%!:+.!5#(!*)$+F 0'3#3!*#%.*.!3.!*)03'*')0.-!3.!/.%5.0.0*'#!m#+0:+.! 5#$/)*)!-.!*)0-5'5+4.!/)%!-+!#+-.0*'#m?!#-E!*)$)!3.! /%)4.*5)-! 4! 3.! );%#-6! I-! +0#! *)$+0'3#3! :+.! 0'! .HF *(+4.! 0'! -.! 3.<#! %./%.-.05#%?! :+.! -)0! ()-! 3)-! /'(#%.-! :+.! -)-5'.0.0! .(! I-5#3)! 5.)(,2'*)F/)(E5'*)6! R+! 8#*5)%! %#3'*#!.0!(#!.H/.%'$.05#*',0!3.(!/+%)!-.%F('02Ã…E-5'*)! 3.(!A)$;%.?!()!*+#(!.-!8#*5';(.!.0!+0#!G/)*#!3)$'0#F #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

BD


.-0$)-!/. !':%/2%&A!'./4%&?)"(^2

GD SRU HO HVSHFWiFXOR $JDPEHQ \ VV /R :+.! /#%.*.! *(#%)! .-! :+.! 5#(! .H/.%'.0*'#! *)$+0'5#%'#! GL¿HUH 3.!(#!*)$+0'3#3!.-5#5#(!.0!()-!3)-!%#-2)-!:+.?! GHVGH 6FKPLWW FDEH FRQVLGHUDU FHQWUDOHV GH pVWD VX *#%9*5.%! %./%.-.05#5'&)! 3.! +0#! %.#('3#3! 5%#-*.03.05.! S0#*',0?!&)(+05#3!2.0.%#(?!.5*G5.%#Y!4!-+!/)3.%!4!#*F 5'&'3#36!"#!*)$+0'3#3!:+.!&'.0.!.-!'%%./%.-.05#;(.!.! LQLGHQWL¿FDEOH SDVLYD H LPSRWHQWH 8QD FRPXQLGDG TXH DO LJXDO TXH OD ¿JXUD GH OR PHVLiQLFR UHEDVD \ 3.-#*5'&#!5)3)!*)+)"6 J2#$;.0! /#%.*.! *)05%#/)0.%! (#! /)('5'*'3#3! 5#(! *)$)!A#!-'3)!.05.03'3#!.0!B**'3.05.!#!(#!/)('5'*'3#3! TXH UHÀHMDQ \ UHFODPDQ ,.'8%"(*)$)!(#!*)05.$/(#*',0! 4!(#!'0#**',06!"#!:+'.5+3!:+.!/%.-'3.!#$;#-!/.%$'5'F %E#! 3.-#*5'&#%! 5)3#! 8)%$#! 3.! &'3#?! #;%'.03)! 3.! .-5.! PRGR OD GLPHQVLyQ GH OR SROtWLFR $JDPEHQ V{q! 4! --6Y6! U9-! #((9! 3.! (#! 3'#(G*5'*#! 3.! (#! #+5.05'*'F 3#3!:+.!/+.3#!)*+(5#%-.!5%#-!.(!%#3'*#(!'0$#0.05'-$)! 3.! .-5#! *)$+0'3#3! /#-'&#! .! '%%./%.-.05#;(.! S`.2%'?! VWWqY?! ()! :+.! /#%.*.! .&'3.05.! .-! :+.! (#! #%2+$.05#F *',0!2.0.#(,2'*#!3.!J2#$;.0!#3-*%';.!#!5)3)!)%3.F 0#$'.05)?! #! 5)3#! /)(E5'*#?! +0#! (,2'*#! 5.)(,2'*#! :+.! '%E#!/%.03'3#!5#05)!3.(!/)()!3.!(#!-);.%#0E#!*)$)!3.(! 3.!(#!2+;.%0#$.05#('3#3!.*)0,$'*)F;')/)(E5'*#?!#!-+! <+'*')!'0-./#%#;(.-6!D)3#!0)%$#5'&'3#3!%./%)3+*.!.(! ;#03)?!4!(#-!-+2.%.0*'#-!3.!J2#$;.0!/#%#!.-*#/#%!3.! G(!0)!/#%.*.0!5.0.%!.0!*+.05#!()-!*)03'*')0#05.-!-)F *'#(.-!3.!()!/)(E5'*)6!U9-!;'.0!-.!5%#5#!3.!-+2.%.0*'#-! 5.,%'*#-! *+4#! /#%5'*+(#%! 3'$.0-',0! 0)%$#5'&#! /+.3.! '08.%'%-.!3.!(#!2.0.#()2E#!3.!()!/)(E5'*)!S-);.%#0E#!4! 2);'.%0)Y! :+.! /%)/)0.6! I0! .-5.! -.05'3)?! .(! /%)4.*F 5)!3.!J2#$;.0!/+.3.!*)0-'3.%#%-.!+0#!*%E5'*#!3.!(#-! /%.5.03'3#-!);<.5'&'3#3?!%#*')0#('3#3!4!+0'&.%-#('3#3! 3.!(#-!*#5.2)%E#-!/)(E5'*#-!$)3.%0#-?!:+.!-.!-'%&.!3.(! HVWXGLR GH VX RULJHQ \ VX VLJQL¿FDGR TXH FRQVLGHUD A'-5,%'*#$.05.!3.5.%$'0#3)-Y6{ `)! );-5#05.?! (#! /%);(.$#5'1#*',0! 3.(! (GH'*)! /)(E5'F *)!$)3.%0)!/%.-.05.!.0!(#!);%#!3.!J2#$;.0!0)!/#%.*.! .-*#/#%!3.!()-!/.('2%)-!3.!+0#!2%#0!#;-5%#**',0?!;9-'F *#$.05.!()-!:+.!-.!-'2+.0!3.!(#!-+;.-5'$#*',0!3.!()-! %#-2)-!:+.!/.%$'5.0!3'8.%.0*'#%!()-!*)0*./5)-!4?!-);%.! 5)3)?!(#-!.H/.%'.0*'#-!:+.!G-5)-!%.*)2.06!c'*A#!#;-5%#*F FLyQ FRQVWLWX\H XQR GH ORV HOHPHQWRV TXH LGHQWL¿FDQ HO ZHEHULDQLVPR WtSLFR LGHDO GH OD KLVWRULD GH ORV FRQFHSF WRV GH .RVHOOHFN 8QD FRQIURQWDFLyQ GH pVWD HVWR HV 3.!(#!A'-5)%'#!3.!()-!*)0*./5)-Y!*)0!.(!/.0-#$'.05)!3.! J2#$;.0!/+.3.!-.%&'%!/#%#!'(+$'0#%!.-5.!M(5'$)6 (Q HOOR UHVXOWD DItQ D WHRUtDV GH RWURV ¿OyVRIRV LWDOLDQRV FRPR (VSRVLWR g#(('?!c+-)?!.5*G5.%#6!R);%.!G-5#-?!/+.3.!&.%-.!>A'20)(#!SVWWvY6!

{

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

B?

c.!(#!A'-5)%'#!*)0*./5+#(!-.!A#!*%'5'*#3)!-+!.H*.-'F &)!'05.%G-!/)%!()*#('1#%!m.0!-+!*)$;#5.!*)05%#!.(!A'-F 5)%'*'-$)m!+0!/(#0)!+0'5#%')!3.-3.!.(!*+#(!.05.03.%!(#! GLQiPLFD KLVWyULFD &KLJQROD \ VV (V FLHUF 5)!:+.!(#!A'-5)%'#!*)0*./5+#(!(';.%#!#!()-!*)0*./5)-!3.! VX FRQWH[WR \ FRRUGLQD VXV VLJQL¿FDGRV D WUDYpV GHO *+%-)!3.(!5'.$/)?!4#!:+.!.0!.(()-!-.!-.3'$.05#0!-.0F 5'3)-!*)%%.-/)03'.05.-!#!G/)*#-!4!*)05.H5)-!3'&.%-)-! .RVHOOHFN GH DKt TXH VX UDVJR IXQGDPHQF 5#(!-.#!-+!*#/#*'3#3!3.!5%#-*.03.%!-+!*)05.H5)!)%'2'F QDULR \ SUR\HFWDUVH HQ HO WLHPSR .RVHOOHFN XXVFXVvY6! 7! *)$)! ()-! *)0*./5)-! /.%$'5.0! #%5'*+(#%! 3'&.%-#-!.H/.%'.0*'#-!-)*'#(.-!3.!G/)*#-!3'-5#05.-?!(#! A'-5)%'#! *)0*./5+#(! A#%E#! 8#*5';(.! %.*)0-5%+'%! /%)*.F -)-!3.!(#%2)!/(#1)6!I0!.-5.!-.05'3)?!'$/('*#!+0#!1)0#! S6DWWHO]HLWY! .0! (#! :+.! .(! /#-#3)! 4! -+-! *)0*./5)-! -.! #3.05%#0!.0!()-!*)0*./5)-!$)3.%0)-!m(#!#-+0*',0!3.(! 5.)%.$#!3.!(#!-.*+(#%'1#*',0!-.%E#!+0#!/%+.;#!3.!.(()m! .RVHOOHFN =.%)!#+0:+.!.(!/%)4.*5)!3.!r)-.((.*w!'0*(+4.!+0#! .H/('*#*',0!3.!(#-!5%#0-8)%$#*')0.-!:+.!.H/.%'$.05#! .(!(GH'*)!/)(E5'*)!.0!(#!6DWWHO]HLW m#-E!*)$)!+0#!5.)%E#! -);%.! (#! -)*'.3#3! *'&'(! ;+%2+.-#! .0! (#! :+.! -.! 2.-5#0! 3'*A)-!*#$;')-?!)5%#!-);%.!()-!*)0*./5)-!4!-+!&E0*+()! *)0!(#!A'-5)%'#?!4!+0#!%.*)0-5%+**',0!5%#-*.03.05#(!3.! (#-!*)03'*')0.-!3.!/)-';'('3#3!3.!5)3#!A'-5)%'#m?!/.-.! #!5)3)!'0*+%%.!.0!(#!/%')%'1#*',0!3.(!/%.-.05.?!.0!)%3.0! D LQIHULU XQD KLVWRULD TXH XQL¿FDQGR SUHVHQWH SDVDGR \ IXWXUR PXHVWUH VX JHQHDORJt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c.! .-5#!8)%$#!.&'3.0*'#?!8%.05.!#(!*)05.H5+#('-$)!3.!5'/)! -w'00.%'#0)?! :+.! A#4! /%);(.$#-! /.%.00.-! .0! 5.)%E#! /)(E5'*#?!#(!$.0)-!.0!.(!-.05'3)!3.!:+.!0+.-5%)!*)0F 5.H5)!('02Ã…E-5'*)!-.!-+/.%/)0.!#!)5%)-!*)05.H5)-!4?!/)%! WDQWR WDPELpQ D ORV FRQFHSWRV GH¿QLGRV SRU GLFKRV *)05.H5)-?! -'.03)! /)-';(.! 5%#3+*'%()-! 4! .&#(+#%()-! %HYLU R'0!.$;#%2)?!$9-!#((9!3.!m)!5#(!&.1!3.;'3)!#m!(#! #+-.0*'#!3.!+0#!.H/(E*'5#!4!-'-5.$95'*#!.H/)-'*',0!3.! (#! $.5)3)()2E#! A'-5,%'*)F*)0*./5+#(! -+;4#*.05.?! ()!


'!&A'%".!&,&)'&6%/6)7#%&4)&'%2&7%'@#.6%&)/&A.%"A.%&!A!-0)/ .&&.-0$)-!

:+.!/#%.*.!.&'3.05.!.-!:+.!-,()!#3)/5#03)!8)%$+(#F *')0.-! %#3'*#($.05.! #;-5%#*5#-! 3.! ()-! /%);(.$#-! /)F (E5'*)-! /+.3.! J2#$;.0! .-5#;(.*.%! *)05'0+'3#3.-! 5#0! #$;'*')-#-!*)$)!(#-!:+.!/%)/)0.!m.0!)%3.0!#!.H/('*'F 5#%!4!*)$;#5'%!.(!0.H)!3.!()!/)(E5'*)!*)0!()!5.)(,2'*)m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m4!8#*5)%m!.(! (GH'*)! /)(E5'*)6! D#0! '05.0-#! .-! (#! *)05'0+'3#3! :+.! -.! *)$/%.03.!.(!:+.!/'.%3#!-+!-.05'3)!'0*(+-)!(#!3'8.%.0F FLDFLyQ HQWUH WHRORJtD \ SROtWLFD $JDPEHQ =.%)!#+0:+.!.-!<+-5)!%.*)0)*.%!:+.!.(!3.;#5.!.05%.!/#%F 5'3#%')-!4!3.5%#*5)%.-!3.(!5.)%.$#!3.!(#!-.*+(#%'1#*',0! .&'3.0*'#!(#!*'%*+(#%'3#3!/%)/'#!3.!(#!*)$/%.0-',0!3.! ()-!A.*A)-!-)*'#(.-!.!A'-5,%'*)-?!%.-+(5#03)!.0!)*#-')F QHV IRU]DGR \ PHUDPHQWH UHWyULFR *DOLQGR XvqY?!0)!.-!$.0)-!*'.%5)!:+.!+0#!#;-5%#**',0!.H*.-'&#!4! #*%E5'*#!3.;.!'0$+0'1#%-.!%.-/.*5)!3.!(#!A'-5)%'#!-)*'#(?! GHELHQGR EXVFDU DVLGHURV PHQRV ¿DEOHV SDUD VRVWHQHU -+-!/%)/+.-5#-!5.,%'*#-6!I(()!.H/('*#!.(!8%.*+.05.!%.*+%F VR GH $JDPEHQ D OD GLPHQVLyQ ¿OROyJLFD FRPR DUJXF $.05)!#!8#&)%!3.!(#!*)05'0+'3#3!*)0*./5+#(6 JA)%#!;'.0?!()-!*)0*./5)-!0)!-)0!#+5)-+;-'-5.05.-! 9:$'"! ()&.<)4#0#-_! ()-! *)0*./5)-! %.*)2.0! .H/.%'.0F FLDV KLVWyULFDV .RVHOOHFN 3RU HOOR UHVXOWD /%);(.$95'*#!(#!3.8.0-#!3.!J2#$;.0!3.!+0#!*)05'0+'F 3#3!.-.0*'#(!S3'#*%,0'*#!4!-'0*%,0'*#Y!.05%.!(#-!3'8.F %.05.-!5'/)()2E#-!3.!8)%$#!.-5#5#(!4!.05%.!()-!3'8.%.05.-! JRELHUQRV FRPR YLPRV OD YLGD HQ ODV VRFLHGDGHV GHF $)*%95'*#-!*)05.$/)%90.#-!.-?!#!-+!<+'*')?!-+-5#0*'#(F $.05.!'3G05'*#!#!(#!&'3#!:+.!0)!$.%.*E#!&'&'%!/#%#!.(! QD]L $JDPEHQ \ VV $QiORJDPHQWH VyOR PDUJLQDQGR PXFKRV GDWRV HV SRVLEOH D¿UPDU TXH 0)!A#4!)/)-'*',0!.05%.!.(!(';.%#('-$)!3.!R$'5A!)!3.! +XPH \ HO SURYLGHQFLDOLVPR GH ORV ¿VLyFUDWDV $JDPF EHQ &RPR YLPRV VX FDUD D FDUD FRQ OR '$/('*#3)!.0!.(!5.)%.$#!3.!(#!-.*+(#%'1#*',0!()!((.&#! #! -)-5.0.%! :+.! 5#05)! .(! %./+;('*#0'-$)! %)+--.#+0'#F

0)!*)$)!(#!'0$#0.05.!)%4)*)+%'(3.!()-!$)3.%0)-!0)! -,()!0)!A#0!-#('3)!3.!(#!5.)()2E#?!-'0)!:+.!3#0!*+$F /('$'.05)! #(! /%)4.*5)! 3.! (#! )%4)*)+%'! /%)&'3.0*'#(?! $#05.0'.03)! .(! $)3.()! 5.)(,2'*)! 3.(! 2);'.%0)! 3.(! PXQGR $JDPEHQ /D D¿QLGDG HQWUH 5.)()2E#!4!/)(E5'*#!-.!8+03#!'2+#($.05.!.0!(#!/%)/'#! #;-5%#**',0! 4! 8)%$#('3#3! 3.(! 0+.&)! *)0*./5)! 3.! ()! SROtWLFR TXH SURSRQH $JDPEHQ VL OR SROtWLFR VH UHF PLWH D OD JORUL¿FDFLyQ WRGR iPELWR HV VXVFHSWLEOH GH /)('5'1#*',0?! ;)%%903)-.! (#-! 3'8.%.0*'#-! 0)! -,()! .0F 5%.! ()! .*(.-'#(! 4! ()! .-5#5#(?! -'0)! .05%.! ()! .-5G5'*)?! ()! .*)0,$'*)?!.5*G5.%#6!SD#(!&.1!+0#!/%+.;#!3.!.(()!(#! 5.02#$)-!.0!.(!5'/)!3.!#5%#**',0!m$+(5'/('*#3#!4!.HF 5.03'3#!/)%!()-!+'""(+$:%'m!4!.0!(#-!%.#**')0.-!:+.! VXVFLWDQ \ UHFODPDQ GHWHUPLQDGDV ¿JXUDV FDULVPiWLF *#-?!.0!(#-!:+.!(#-!3'$.0-')0.-!/)(E5'*#-!4!.-5G5'*#-! /#%.*.0!'05.%*#$;'#%-.Y6 B5%#! $#0'8.-5#*',0! 3.! #;-5%#**',0! '2+#(#3)%#! -.! .&'3.0*'#!*+#03)!J2#$;.0!-)-5'.0.!:+.!5)3#!)/'0',0! /M;('*#! .-! &)*"$*"6"( 4! 2()%'#! :+.! (.2'5'$#! #(! /)3.%6! `)!-,()!.-!:+.!0)!.-5#;(.1*#!0'02+0#!3'8.%.0*'#!.-.0F *'#(!.05%.!(#!#*(#$#*',0!/)/+(#%!3'%.*5#!:+.!-)-5'.0.! .(!I-5#3)F0#*',0!A)(E-5'*)!4!(#-!'$/.%-)0#(.-!8)%$#-! *)$+0'*#5'&#-! /%)/'#-! 3.(! I-5#3)! 0.+5%#('1#3)?! -'0)! TXH SURSLDPHQWH VRVWLHQH XQD D¿QLGDG HVHQFLDO HQWUH DPEDV VH WUDWD GH ODV GRV FDUDV GH OD PLVPD SUD[LV JORUL¿FDGRUD $JDPEHQ 'H OD GLPHQVLyQ *%E5'*#! 3.(! /)3.%! :+.! /+.3#! A#;.%! .0! .(! .<.%*'*')! 3.! )/'0',0!/M;('*#!Sr)-.((.*w?!Xp{yY!0)!:+.3#!0'!%#-5%)?! 0)! 3'2#$)-! 4#! 3.! (#! 3'$.0-',0! %#*')0#('1#3)%#! 3.(! PLVPR +DEHUPDV \ VV "#!#;-5%#**',0!0)!-,()!#8.*5#!#!(#!2.0.#()2E#!*)0F *./5+#(?!-'0)!#!(#!/%)/'#!3'$.0-',0!0)%$#5'&#!/%.-.0F 5.!.0!-+-!3.-*%'/*')0.-?!:+.!/#%.*.!'0*)$/#5';(.!*)0! XQD LQÀXHQFLD HQ ODV LQVWLWXFLRQHV SROtWLFDV R D¿QHV J-E?!#+0:+.!*)0!8%.*+.0*'#!#(+3.!#!8.0,$.0)-!-)*'#F (.-!*)0*%.5)-?!-+!#%2+$.05#*',0!-,()!/#%.*.!'08)%$#F 3#!/)%!.(()-!3.!$#0.%#!$+4!'03'%.*5#?!4!-'.$/%.!*)0!(#! ¿QDOLGDG GH WHVWLPRQLDU HO GHVDVWUH +D\ HQ OD PLUDGD 3.!J2#$;.0!+0#!.-/.*'#(!A#;'('3#3!/#%#!.-5#;(.*.%!(#! .5')()2E#!3.!*'.%5)-!$#(.-!-)*'#(.-!4!/)(E5'*)-?!0)!5#05)! /#%#!*)05%';+'%!#!.&'5#%()-!)!#!*)%%.2'%()-6!R+-!*)05%#F 89*5'*#-!-+2.%.0*'#-!#(5.%0#5'&#-?!3'-.$'0#3#-!.0!-+-! #%2+$.05#*')0.-! 2.0.#(,2'*#-?! *#%.*.0! 3.! +0#! %.F ÀH[LyQ VREUH ODV PHGLDFLRQHV SDUHFLHQGR VXEHVWLPDU ()!:+.!/+.3.0!()-!A)$;%.-?!4!*)05.05903)-.!*)0!*)0F 5.$/(#%!()!:+.!/)3%E#!-.%!.(!*#-)6!I(()!.H/('*#!-+!%.F *+%-)!#!#:+.((#-!8,%$+(#-?!.H/.%'.0*'#-!4!#%2+$.05)-! :+.!-.!A#0!3.-5#*#3)!/)%!*+.-5')0#%!.(!5)5#('5#%'-$)!3.! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

BG


.-0$)-!/. !':%/2%&A!'./4%&?)"(^2

5)3)!S)+)"?!3.!5)3)!W6*:'+$*#) GHO 5)"(+$(/#+('F 0)!#!(#!SROtWLFD FRPR QLKLOLVPR!3.!T.0<#$'0?!3.(!6"6"( ,'6,$.!8%#0*'-*#0)!#(!9(^)61:(,.$3$.(*)#(#)!3.!T#%5(.;4! )!#(!&)7)6(:>"b6C.>!3.!r)<j&.6!I-!(#!2%#0!#;-5%#**',0! :+.!.$/(.#!/#%#!/)3.%!$'%#%!*#%#!#!*#%#!);<.5)-!5#(.-! *)$)!a.(!/)3.%!/)(E5'*)!)**'3.05#(b!)!a(#!)%4)*)+%'! $)3.%0#b?!(#!:+.!3.5.%$'0#!:+.!-+-!/%)/+.-5#-!#(5.%F 0#5'&#-!0)!-,()!-.#0!'0*)$/#5';(.-!*)0!.(!(.02+#<.!3.! (#-!$.3'#*')0.-?!-'0)!:+.!'0*)%/)%.0!+0!.0&'5.!3'8+-)! 4! *)05%#89*5'*)6! "#! %#1,0! .-! :+.! A#4! /%.2+05#-! :+.! /#%.*.!:+.!0)!A#0!/.%3'3)!&'2.0*'#_!$9-!#M0?!:+.!-)0! /.%.05)%'#-6![J*#-)!0)!A#4!:+.!2);.%0#%?!:+.!#%$)0'F 1#%?!:+.!%.2+(#%?!.(!/%)/')!/)3.%\?![#*#-)!0)!:+.%.$)-! m8%.05.!#!5)3#!*)0&.%-',0m!/)3.%!&'0*+(#%!0+.-5%)!8+F 5+%)!*)0!0+.-5%)!/#-#3)!4!*)0!()!:+.!/)3.$)-!#A)%#\?! [#*#-)!0)!'$/('*#!.(()!*%..%!.0!.(!/.%8.**')0#$'.05)! 3.! 0+.-5%#-! '0-5'5+*')0.-\! =)%! ()! 3.$9-?! (#! ;%'((#0F WH] UHWyULFD GH FLHUWDV D¿UPDFLRQHV GH $JDPEHQ QR 3.;.!'$/.3'%0)-!/%.2+05#%0)-!()!'$/('*#3)!.0!.((#-?! .-5)!.-?!()!:+.!%.#($.05.!:+'.%.!3.*'%!*)0!.((#-6!J-E?! /)%!.<.$/()?!#05.!-+!5.-'-!-);%.!(#!'0-+-5#0*'#('3#3!4! DXVHQFLD GH IXQGDPHQWR GHO SRGHU $JDPEHQ \ VV SRGUtDPRV SUHJXQWDU TXp VLJQL¿F *#%E#!:+.!.(!2);'.%0)!Vt 5+&'.-.!8+03#$.05)!.0!.(!R.%6! [>,$)!-.%E#!+0!2);'.%0)!:+.!0)!.-5+&'.-.!-)-5.0'3)! /)%!(#!/.%8)%$#5'&'3#3!A+$#0#!m:+.!0)!.-!-'0)!)5%)! 0)$;%.!3.!(#!*)05'02.0*'#!3.!5)3#-!(#-!.$/%.-#-!A+F $#0#-m\?![*,$)!-.%E#!+0!2);'.%0)!:+.!0)!8+.-.!+0#! 0#3#!%.*+;'.%5#!3.!2()%'#\?![#*#-)!0)!*#%.*.!#):)(/%)F 4.*5)!A+$#0)!3.!8+03#$.05)!-'!/)%!5#(!.05.03.$)-! 4!3.$#03#$)-!+0!8+03#$.05)!#;-)(+5)?!'0#$)&';(.?! YHUGDGHUR" ¢TXp SHU¿OHV WHQGUtDQ XQ SRGHU SROtWLFR \ +0!3.%.*A)!:+.!A'*'.-.0!<+-5'*'#!#!(#!#+-.0*'#!3.!5#%.#! SURSLD \ GH REMHWLYR TXH GH¿QH DO VHU KXPDQR \ TXH J2#$;.0!+-#!.0!-+!);&'.3#3!*)$)!#%2+$.05)!3.-3.! .(! *+#(! .H/('*#%! (#! )/.%#5'&'3#3! A+$#0#! SJ2#$;.0?! " ¢DFDVR QR UHFRJH HO SUDJPDWLVPR OLEHUDO S4!3#$)-!/)%!3.-*)05#3#!(#!#;-5%#**',0!3.!.-5.!'3.#(! 5'/)Y!.(!.0&'5.!3.!+0#!/)(E5'*#!:+.!%.0+0*'#!#!()-!8+0F 3#$.05)-!#;-)(+5)-!4!-.!8E#!3.!-+!A#*.%-.!.0!*)$M0\?! [/)%!:+G!/.0-#%!3.!G(!:+.!(#-!#3A.%.0*'#-!5.)(,2'*#-! /%.03'3#-!.0!-+!&)*#;+(#%')!/)(E5'*)!()!3.-(.2'5'$#0! /#%#! '05.05#%! 5%#-*.03.%! .-#! a$9:+'0#! 2+;.%0#$.0F 5#(b!#!(#!:+.!J2#$;.0!%.3+*.!(#!/)(E5'*#!)**'3.05#(\ J+0:+.!((.2+.!'0*(+-)!#!-.%&'%-.!3.!(#!'%)0E#!/#%#! FXHVWLRQDUORV $JDPEHQ OD SRWHQFLDOLGDG :+.!`.2%'!4!@#%35!#3-*%';.0!#!(#!+61#%#6:)(QR GL¿HUH .0!.H*.-)!3.!(#!:+.!*#%#*5.%'1#!#!(#!*)$+0'3#3!3.!-'0F 2+(#%.-!*+#(-.#6!L+.!.0!.(!*#-)!3.!G-5)-!0)!-.!%.0+0*'.! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

BF

#! (#! 3'$.0-',0! *%.#5'&#! 4! (';.%#3)%#! 3.! (#! ;')/)(E5'F *#!3.!(#!$+(5'5+3?!4!.0!.(!*#-)!3.!J2#$;.0!-E?!/+.3.! *)0-'3.%#%-.! +0#! /%+.;#! 3.(! *#%9*5.%! '$/)(E5'*)! 3.(! /.0-#$'.05)! 3.! G-5.?! *+4#! *%E5'*#! 2.0.#(,2'*#! '0*)%F /)%#!+0#!3'$.0-',0!0)%$#5'&#!:+.!5'.03.!#!%.3+*'%-.! #!(#!/%);(.$#5'1#*',0!3.!()-!*)0*./5)-?!*)0!2.0G%'*#-! -+2.%.0*'#-!#!/%)/,-'5)!3.!*,$)!+0!%./(#05.#$'.05)! 3.!()-!$'-$)-!*)0-5'5+'%E#!(#!*(#&.!/#%#!(#!-+/.%#*',0! 3.! -+-! .8.*5)-6! I-5)! 4! 0)! )5%#! *)-#! .-! ()! '$/('*#3)! HQ HO DGMHWLYR ³LPSROtWLFR´ q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c.! #AE! :+.! /%)/)02#!3.-#*5'&#%(#-?!.((#-!4!-+-!/%)3+*5)-?!*)$)!.(! /).$#!3.-#*5'&#!.(!-.05'3)?!.-5)!.-?!*)$)!.(!(.02+#<.! VH GHVDFWLYD HQ FXDQWR VLJQL¿FDQWH VH HQVLPLVPD HQ .(!/).$#?!A#*'.03)!3.!G-5.!.(!$)3.()!/%'&'(.2'#3)!3.! +0#!/)(E5'*#!#(5.%0#5'&#?!3.!+0#!/)(E5'*#!#!(#!#(5+%#!3.(! DFRQWHFLPLHQWR PHVLiQLFR $JDPEHQ \ VV c.!#AE!:+.!(#!&#*'.3#3!.!'0-+-5#0*'#('3#3!3.(!-'02+F (#%!A+$#0)!4!3.(!/%)/')!/)3.%!/)(E5'*)!*)0-5'5+4#0!(#! ;#-.! )05)(,2'*#! 5#05)! 3.(! /)3.%! 5.)(,2'*)F/)(E5'*)! 4! 2+;.%0#$.05#(!*)$)!3.!(#!/)(E5'*#!(';.%#3)%#!:+.!&'.F 0.6!7!.-!:+.!#(!'2+#(!:+.!.0!`'.51-*A.!.-!.(!/%)/')!0'F A'('-$)!.(!:+.!#3$'5.!+0#!3.*('0#*',0!0.2#5'&#!4!)5%#! D¿UPDWLYD HQ $JDPEHQ DO QLKLOLVPR GHO VLQJXODU \ GHO /)3.%!3.;.!A#*G%-.(.!<+-5'*'#!%.-/.5#03)!-+-!.-/)059F 0.)-!2.-5)-?!4!0)!)*+(5903)()!$.3'#05.!-+!2.-5',06!"#! /)(E5'*#!:+.!&'.0.!.-!+0#!'$/)(E5'*#!/)%:+.!3.;.!%.F 0+0*'#%!#!'05%)3+*'%!*+#(:+'.%!5'/)!3.!0.2#*',0!.0!(#! /)5.0*'#('3#3!A+$#0#_!5#0!-,()!3.;.!%.*)0)*.%(#6!c.! ()!:+.!-.!5%#5#!/%)/'#$.05.!.-!3.!%.0+0*'#%!#!(#!/)(E5'F *#!5#(!*)$)!-.!(#!.05'.03.!3.-3.!(#!$)3.%0'3#3?!()!:+.! .0!J2#$;.0!.:+'&#(.!#!3.*'%!3.-3.!(#!J05'2Ã….3#36!R'! ()!(';.%#3)%!*#.!3.(!(#3)!3.(!%.*)0)*'$'.05)!3.!(#!/)F 5.0*'#('3#3!3.!()!89*5'*)?!0.2#3)!/)%!(#!/)(E5'*#?!.05)0F FHV EDVWD FRQ FRQ¿DU HQ TXH FRPR HQ HO SVLFRDQiOLVLV !J-+$)!(#!*#%#*5.%'1#*',0!3.!h);.%5)!I-/)-'5)?!:+.!%.$'5.!()!'$/)(E5'*)! #!(#-!'3.#-!3.!'%%./%.-.05#;'('3#3!4!3.-&#()%'1#*',0!3.!(#!#**',0!/%.-.05.-! .0!3'&.%-#-!*%E5'*#-!#(!/)3.%!S3.(!-+<.5)Y!4!#(!-+<.5)!S3.(!/)3.%Y?!5#(.-!*)$)! (#-!&.A'*+(#3#-!.0!5.H5)-!3.!T%)*A?!>#0.55'?!^.'(?!J%.035?!T#5#'((.?!.5*G5.%#! SI-/)-'5)?!VWW{Y6!

q


'!&A'%".!&,&)'&6%/6)7#%&4)&'%2&7%'@#.6%&)/&A.%"A.%&!A!-0)/ .&&.-0$)-!

(#!*+%#!((.2+.!*)0!(#!$.%#!3.-*%'/*',0!3.!(#!.5')()2E#! 3.!()-!-E05)$#-!3.(!$#(6!c.!A.*A)?!J2#$;.0!-.C#(#! .H/(E*'5#$.05.!:+.!-,()!$.3'#05.!+0#!)/.%#*',0!#%F :+.)(,2'*#! *)$)! (#! :+.! G(! 3.-#%%)((#! m.-5)! .-?! :+.! .H/('*'5.!()-!&E0*+()-!.05%.!.(!/)3.%!/)(E5'*)!4!(#!5.)F ()2E#m!.-!/)-';(.!3.-$)05#%!4!3.-#*5'&#%!.(!3'-/)-'F 5'&)! .*)0,$'*)F5.)(,2'*)! :+.! -)-5'.0.! 4! .H/('*#! .(! #*5+#(! 3)$'0')! 3.(! 2);'.%0)! 4! 3.! (#! .*)0)$E#! -)F ;%.! +0#! -);.%#0E#! /)/+(#%! &#*'#3#! 3.! 5)3)! -.05'3)! $JDPEHQ \ VV \ VV /D SHUWLQHQFLD ¿ORVy¿FD \ SROtWLFD GH XQD KLVWRULD *)0*./5+#(! *)$)! (#! 3.! J2#$;.0! %#3'*#! .0! .(! A.*A)! 3.!:+.!0+.-5%)-!*)0*./5)-!/)(E5'*)-!-)0!()-!$)3.%0)-?! /.%$#0.*'.03)! #*5'&#-! .0! 0+.-5%#-! -)*'.3#3.-! 4! .0! 0+.-5%)-!2);'.%0)-!(#-!5.0-')0.-!4!(#-!/#5)()2E#-!3.!(#! $)3.%0'3#36! >'.%5#$.05.?! A#0! *#$;'#3)! ()-! *)05.HF 5)-6!=.%)!+0#!A'-5)%'#!*)0*./5+#(!%'2+%)-#!.-!*#/#1!3.! LGHQWL¿FDU SUREOHPDV SHUHQQHV H LQIRUPDUQRV GH ORV /.('2%)-! '0A.%.05.-! #! (#! 5.)()2'1#*',0! 3.! ()! /)(E5'*)! :+.!-+;4#*.!.0!(#!'3.#('1#*',0!3.!*+#(:+'.%!*)0*./5)6! I0!.-5.!-.05'3)?!)8%.*.!*%'5.%')-!/#%#!+0!+-)!%.-/)0F -#;(.! 3.(! (.02+#<.! /)(E5'*)?! -'%&'.03)! #-E! #! (#! '05.%F YHQFLyQ SROtWLFD 9LOODFDxDV 3RU HOOR OD *%E5'*#!#05'F-+;('$#3)%#!/%.-.05.!.0!+0#!A'-5)%'#!*)0F *./5+#(!*)$)!(#!3.!J2#$;.0!0)!-,()!*)05%';+4.!#!(#! -'.$/%.!3.-.#;(.!#+5)('$'5#*',0!3.(!/)3.%?!$)-5%#03)! -+-!#/)%E#-!4!#3A.%.0*'#-!5.)(,2'*#-?!-'0)!:+.!.-5'$+F (#!4!-)-5'.0.!(#!%.0)&#*',0!3.(!3.%.*A)!4!3.!(#-!'0-5'F 5+*')0.-?!.&'3.0*'#03)!-+!8#(';'('3#3!4!*)05'02.0*'#6 I-! /)-';(.?! -'0! .$;#%2)?! *)$/#%5'%! (#! *)0&'**',0! #*.%*#! 3.(! /.('2%)! '0A.%.05.! #! 5)3#! #;-)(+5'1#*',0! )! 3'&'0'1#*',0!3.!()!A+$#0)!m4#!-.#0!*)0*./5)-!)!'0-F 5'5+*')0.-n?!4!/.-.!#!.(()!0)!-+;.-5'$#%!()-!8%92'(.-! ()2%)-! S.8.*5'&)-?! 0)! $.%#$.05.! /)5.0*'#(.-Y! .0! )%F 3.0!#!#3#/5#%-.!#(!$+03)!4!-);%.&'&'%?!3'-*%'$'0#03)! .05%.!.(()-6!I(()!-.%E#!-'20)!3.!:+.?!/)%!0)!.-/.%#%()! 5)3)?!#M0!-.!.-/.%#!#(2)6!I-!()!:+.!A'1)!.(!4#!*'5#3)! %OXPHQEHUJ $XQTXH GHIHQGLy TXH OD DXWRD¿UPDFLyQ $)3.%0#!.-!*)$/#5';(.!*)0!(#!*)05'02.0*'#?!5#$;'G0! %.*)0)*',!:+.!/+.3.!'0*+%%'%!.0!.(!#;-)(+5'-$)!4!.0! (#!3'&'0'1#*',0!3.(!A)$;%.?!-'.03)!.(()!.-/.*'#($.0F WH YLVLEOH HQ OD HVIHUD FLHQWt¿FR WpFQLFD %OXPHQEHUJ 3HUR FRPR ODV H[SHFWDWLYDV GH VHQWLGR KHF %.3#3#-!3.(!/%)&'3.0*'#('-$)!*%'-5'#0)!0)!/+.3.0!-.%! *)($#3#-!/)%!(#!*'.0*'#?!-+!-+2.%.0*'#!8+.!('$'5#%(#-6! D#(! -+2.%.0*'#?! 3.! .H/(E*'5#! #-*.03.0*'#! w#05'#0#?! '$/('*#! 3.8.03.%! +0#! 8)%$#! 3.! %.(#*',0! *)0! ()-! 3.F $9-!;#-#3#!.0!(#!/%)3+**',0?!$.3'#05.!(#!%.5,%'*#?!3.! +0!&)*"$*"6"(DQFODGR HQ OD ¿QLWXG KXPDQD \ TXH DXQ

#05.!(#!#+-.0*'#!3.!*.%5.1#-?!-.#!*#/#1!3.!(.2'5'$#%!(#! #**',0!8%.05.!#(!#;-)(+5'-$)!3.!(#!%.#('3#3!ST(+$.0F EHUJ "#!3'-5#0*'#!.05%.!.-5.!/.0-#$'.05)!3.!T(+$.0;.%2! 4!.(!3.!J2#$;.0!&'.0.!3.5.%$'0#3#!/)%!.(!%.*)0)*'F $'.05)!3.!:+.!(#-!3.$#03#-!/.%.05)%'#-!3.!(#!%.#('3#3?! tQGLFH \ IDFWRU GH OD ¿QLWXG GHO KRPEUH QR SHUPLWHQ -)/)%5#%!'('$'5#3#$.05.!+0!.-*./5'*'-$)!:+.!#8.*5.!#! (#!,.'8%"?!4!:+.!/#%#!G-5#!;#-5#!*)0!.(!8+03#$.05)!4! (#!$)5'&#*',0!:+.!/%)/)%*')0#!.(!%.*)0)*'$'.05)!3.! :+.! (#! #+-.0*'#! 3.! %#1)0.-! '0*+.-5')0#;(.-! 0)! .:+'F &#(.!#!#%;'5%#%'.3#3?!-'0)!:+.!5#0!-,()!.-!/%+.;#!3.!(#! *)05'02.0*'#!:+.!#*)$/#C#!#!5)3)!()!:+.!/%)*.3.!3.(! -.%!A+$#0)6! hINIhI`>OJR

J2#$;.0?!g6!SXpp{Y?!K'(&)+6*%:':(H6$(C%$*$?!K#(.0F *'#?!=%.FD.H5)-6 J2#$;.0?!g6!SXppzY?!+RPR VDFHU (O SRGHU VREHUDQR 7(1'(*6:'(C%:'?!K#(.0*'#?!=%.FD.H5)-6 J2#$;.0?!g6!SVWWW#Y?!0HGLRV VLQ ¿Q 1RWDV VREUH OD SROtWLFD?!K#(.0*'#?!=%.FD.H5)-6 J2#$;.0?! g6! SVWWW;Y?! /R TXH TXHGD GH $XVFKZLW]?! K#(.0*'#?!=%.FD.H5)-6 J2#$;.0?!g6!SVWWZY?!!"#':)(:$($8&$,&%<*?!K#(.0F *'#?!=%.FD.H5)-6 J2#$;.0?!g6!SVWW{Y?!!1(#%$+,)(H6$(.$"#'?!U#3%'3?!D%)55#6 J2#$;.0?!g6!SVWWzY?!(O UHLQR \ OD JORULD 3DUD XQD JHQHDORJtD WHROyJLFD GH OD HFRQRPtD \ GHO JRELHU*)?!K#(.0*'#?!=%.FD.H5)-6 T.0<#$'0?!^6!SXppzY?!a=#%#!+0#!*%E5'*#!3.!(#!&')(.0*'#b?! .0!^6!T.0<#$'0?!,OXPLQDFLRQHV ,9?!U#3%'3?!D#+%+-6 T.&'%?!U6!SVWWvY?!a[@#4!/%);(.$#-!/.%.00.-!.0!5.)%E#! /)(E5'*#\b?!@$"(X621%&'?!0M$-6!XXFXV6 T(+$.0;.%2?! @6! SXpppY?! K'"( .$'1%:':$"( $*( H6$( C%C%+)"?!T#%*.()0#?!=#'3,-6 T(+$.0;.%2?! @6! SVWWzY?! K'( 1$0%#%+'&%<*( :$( 1'( !:':( D):$.*'?!K#(.0*'#?!=%.FD.H5)-6 >A'20)(#?!R6!SXppzY?!a@'-5)%'#!3.!()-!*)0*./5)-!.!A'-5)F %')2%#8E#!3.(!3'-*+%-)!/)(E5'*)b?!@$"(X621%&'?!0M$6!X6 >A'20)(#?!R6!SVWWvY?!a@'-5)%'#!3.!()-!*)0*./5)-?!A'-F WRULD FRQVWLWXFLRQDO ¿ORVRItD SROtWLFD 6REUH HO SURF ;(.$#!3.(!(GH'*)!/)(E5'*)!$)3.%0)b?!@$"(X621%&'?! 0M$-6!XXFXV6 'XVR * ³+LVWRULD FRQFHSWXDO FRPR ¿ORVRItD /)(E5'*#b?!@$"(X621%&'?!0M$6!X6 (VSDGD $ ³'LVSDURV SRU HOHYDFLyQ´ HQ ZZZ #%*#F3'.-/#3#6.-!}*)0-+(5#3)!.(!V{!3.!#2)-5)!3.!VWWp~6 I-/)-'5)?!h6!SVWW{Y?!&DWHJRUtDV GH OR LPSROtWLFR?!T+.F #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

BA


.-0$)-!/. !':%/2%&A!'./4%&?)"(^2

0)-!J'%.-?!r#516 g#('03)! @.%&9-?! J6! SVWWyY?! 3ROtWLFD \ PHVLDQLVPR Y%).0%)(;0'+2$*?!U#3%'3?!T';(')5.*#!`+.&#6 g#('03)!@.%&9-?!J6!SVWW{Y?!a[J+5)0)$E#!)!-.*+(#%'F 1#*',0\! P0! 8#(-)! 3'(.$#! -);%.! (#! /)(E5'*#! $)3.%F 0#b?!.0!h6!U#5.!4!e6!J6!É#$)%#!S.3-6Y?!S6$C'"(#$)ORJtDV SROtWLFDV?!T#%*.()0#?!J05A%)/)-6 g#('03)!@.%&9-?!J6!SVWWzY?!aU.-'#0'-$)!'$/)(E5'*)b?! ,VHJRUtD?!0M$6!vp6 @#;.%$#-?!e6!SXpz{Y?!3HU¿OHV ¿ORVy¿FR SROtWLFRV?!U#F 3%'3?!D#+%+-6 @.'3.22.%?!U6!SXpp{Y?!!1("$.(7($1(#%$+,)?!U#3%'3?!N>I6 r)-.((.*w?!h6!SXp{yY?!&UtWLFD \ FULVLV GHO PXQGR EXU06>"?!U#3%'3?!h'#(/6 r)-.((.*w?!h6!SXppvY?!)XWXUR SDVDGR 3DUD XQD VHPiQ#%&'(:$(1)"(#%$+,)"(5%"#<.%&)"?!T#%*.()0#?!=#'3,-6 r)-.((.*w?! h6! SVWWXY?! K)"( $"#.'#)"( :$1( #%$+,)c( $"#6:%)"(")2.$(1'(5%"#).%'?!T#%*.()0#?!=#'3,-6 r)-.((.*w?!h6!SVWWvY?!;&$1$.'&%<*E(,.)0*)"%"(7("$&6ODUL]DFLyQ?!K#(.0*'#?!=%.FD.H5)-6 "#*)+.F"#;#%5A.?! =6! SVWWVY?! /D ¿FFLyQ GH OR SROtWLFR +HLGHJJHU HO DUWH \ OD SROtWLFD?!U#3%'3?!J%.0#!"';%)-6 U)0)3?!e6F>6!SVWWVY?!/D TXHUHOOH GH OD VpFXODULVDWLRQ 7KpRORJLH SROLWLTXH HW SKLORVRSKLHV GH O¶KLVWRLUH GH +HJHO j %OXPHQEHUJ?!=#%E-?!K%'06 `#0*4?!eF"6!SXpp{Y?!d#.$(A%*061%$.(X16.%$1?!=#%E-?!g#('(G.6

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

BH

1HJUL $ ³*LRUJLR $JDPEHQ 7KH 'LVFUHHW 7DVWH RI WKH 'LDOHFWLF´ HQ 0DWWKHZ &DODUFR \ 6WHF &.0! c.>#%)('! S.3-6Y?! *LRUJLR $JDPEHQ 6RYHUHLJ*#7('*:(K%3$?!R5#08)%3?!R5#08)%3!P0'&.%-'54!=%.--6 `)%%'-?! J6! SVWWyY?! aDA.! IH.$/(#%4! IH*./5')06! =A'F ()-)/A'*#(! #03! =)('5'*#(! c.*'-')0-! '0! g')%2')! J2#$;.0l-!T)+)("'&$.b?!.0!J6!`)%%'-!S.36Y?!X)1%#%&"E(D$#',57"%&"E('*:(?$'#5?!")03%.-?!c+w.!P0'F &.%-'54!=%.--6 R*A$'55?!>6!SXpZXY?!aD.)()2E#!/)(E5'*#b?!(VWXGLRV SROt#%&)"?!U#3%'3?!>+(5+%#!I-/#C)(#6 R*A$'55?!>6!SXpyVY?!7HRUtD GH OD &RQVWLWXFLyQ?!UGH'F *)?!I3'5)%#!`#*')0#(6 R*A$'55?!>6!SVWWV#Y?!(O FRQFHSWR GH OR SROtWLFR?!U#3%'3?!J('#01#6 R*A$'55?!>6!SVWWV;Y?!!1(*)+)"(:$(1'(#%$..'?!g%#0#3#?!>)$#%.-6 D#+;.-?!e6!SVWWWY?!aO(!;+)0!c')!-5#!0.(!3.55#2(')6!g.%-F A)$!R*A)(.$!.!(#!/%)$.--#!$.--'#0'*#b?!.0!I(.55%#! R5'$'(('S.36Y?!,O SUH]]R GHO PHVVLDQHVLPR /HWWHUH GL -DFRE 7DXEHV j *HUVKRP 6FKROHP H DOWUL VFULWWL?! U#*.%#5#?!L+)3(';.56 D#+;.-?! e6! SVWWq#Y?! /D WHRORJtD SROtWLFD GH 3DEOR?! U#3%'3?!D%)55#6 D#+;.-?!e6!SVWWq;Y?!a`)5#-!-);%.!.(!-+%%.#('-$)b?!.0!e6! D#+;.-?!?$1(&61#)('(1'(&61#6.'?!T+.0)-!J'%.-?!r#516 K'((#*#C#-?!e6!"6!SXppzY?!a@'-5)%'#!3.!()-!*)0*./5)-!4! %.-/)0-#;'('3#3!/)(E5'*#b?!@$"(X621%&'?!0M$6!X6


IMPRENTA PÚBLICA!


otro

9!'!/"!164'!()&3)&

'C@-4%&9%'>#-4%* ")(%'$4-:.&.()%/%&")1-1#).4-! 1)9+&',)/&'H#%&2"73

`C%C%.( $*( $"#':)( :$( .$C)16&%<*( *)( $"( ,.)0.$"'.c( $"( :$1%.'.` /D UHYROXFLyQ SHUPDQHQWH HV YHQWDMD GH ORV TXH YLYHQ GH OD UHYROXFLyQ SHUR HV SHVDGLOOD SDUD ORV SXHEORV TXH OD SDGHFHQ e)-G!K#-*)0*.()-

I

(! /%.-.05.! #%5E*+()! 3'-*+5.! (#! /)-';'('3#3! 3.(! 5%90-'5)! 3.! (#! %.&)(+*',0?! *)$)! $)$.05)! -)F *'#(!3.!.H5%.$#!&')(.0*'#?!#!(#!%.-'-5.0*'#!)%2#F 0'1#3#!3.!8)%$#!/.%$#0.05.!.0!()-!9$;'5)-!3.!2%+/)-! GLVLGHQWHV FRQWUD OD ³WRWDOLGDG´ TXH ORV FRQ¿QD D XQ .-5#5+-! 3.! 3./.03.0*'#! /#-'&#6! I0! *)05%#! 3.! (#! 8.5'F *A'1#*',0!3.!(#!%.&)(+*',0!.0!()-!3'-*+%-)-!3.!R5#('0!)! U+--)('0'!4!5)3#!*(#-.!3.!./E2)0)-!.0$#-*#%#3)-?!-.! .-2%'$.0! #(2+0)-! #%2+$.05)-! 3.! `'.51-*A.?!J%.035?! e.#0F"+*! `#0*4! 4! c.%%'3#! /#%#! /%)/)0.%! +0! $)&'F $'.05)! '$#2'0#%')! 3.! %.-'-5.0*'#! *)$)! 3.-#%$.! 4! :%"1)&'+%$*#)(3.!(#!5)5#('3#3!%./%.-'&#!:+.!A#;(#?!/#F %#3,<'*#$.05.?!*)0!/#(#;%#-!%.&)(+*')0#%'#-6!I(!#%2+F $.05)!#3:+'.%.!+0!-.-2)!(#5'0)#$.%'*#0)!#(!'0*)%/)F UDU WHVLV GH -RVp 9DVFRQFHORV HQ OD GLVFXVLyQ $O ¿QDO 3.-3.!(#!%.*+/.%#*',0!A.2.('#0#!3.!(#!A%##1%&54$%#(/)%! /#%5.!3.!>A#%(.-!D#4()%?!-.!#/+.-5#!/)%!+0!a0)-)5%)-b! :+.!-.#!#*5)%!3.!+0#!%.-'-5.0*'#!/)(E5'*#!'05.%-5'*'#(!4!

!

c./#%5#$.05)!3.!N'()-)8E#!3.!(#!P0'&.%-'3#3!O;.%)#$.%'*#0#6

Q!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@EE

0)!*E*('*#?!/%)/)-'5'&#!.!'$#2'0#%'#!4!0)!/#-'&#6 I"!>B`>I=DB!,10(',$7,67$!cI!hIKB"P>Ox`

"#!/#(#;%#!%.&)(+*',0!;%)5#!.0!0+.-5%)!'$#2'0#%')! *)(.*5'&)!*)0!+0#!%.-)0#0*'#!'0-5#0590.#!#!'0-+%2.0F *'#!3.!&')(.0*'#!4!-M;'5#!5%#0-8)%$#*',0!-)*'#(?!#!+0! '0$.3'#5)! 4! %#3'*#(! &+.(*)! 3.! 5)3#-! (#-! *)-#-6! >+#F (.-:+'.%#!:+.!-.#0!(#-!%#1)0.-!/#%#!/)0.%!.0!<+.2)!5#(! VLJQL¿FDFLyQ VLHPSUH ODWHQWH DXQTXH DSUHVXUDGD \ VXSHU¿FLDO OR FLHUWR HV TXH FRQ HOOR QR VyOR VH HYDF 3.!(#!&.%3#3.%#!3'$.0-',0!A'-5,%'*#!4!-)*')(,2'*#!3.! (#!%.&)(+*',0?!3.!(#-!%.&)(+*')0.-?!-'.$/%.!.0!/(+%#(?! -'0)!:+.!.0!.-5#!.-/.*'.!3.!8#-*'0#*',0!'0$.3'#5#!.0F *.%%#3#!.0!-+!$.%#!8)%$+(#*',0!-.!.&#3.!5#$;'G0!-+! DVSHFWR UHÀH[LYR HV GHFLU ORV UDVJRV TXH VX UHDOLGDG '$/)0.!/#%#!-+!*%E5'*#!3.-3.!(#!/(#5#8)%$#!3.!+0!/.0F -#$'.05)!G5'*)!4!/)(E5'*)6! I0! .-5.! /.:+.C)! .0-#4)! :+'-'.%#! )8%.*.%! 0)! +0#! -)(+*',0!#05.!5#(!%.#**',0!'$#2'0#%'#?!*)$/(.<#!5#05)! /)%!-+-!'$/('*#*')0.-!./'-5.$)(,2'*#-!*)$)!/)%!-+-!


")(%'$6.</&()"2$2&")2.2#)/6.!

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¿FDGR R IHWLFKL]DGR =.%)! A.$)-! ((#$#3)! 3.$#-'#3)! #/%'-#! a*)0*./F 5)b!#!.-5#!%.#**',0!%*+$:%'#%"#'(3.!(#!%.&)(+*',0!:+.?! *)$)!*)$.019;#$)-!#!3.*'%!#(!/%'0*'/')?!.-!$9-!;'.0! XQ HIHFWR GH VX VLJQL¿FDFLyQ LPDJLQDULD VLJQL¿FDFLyQ #()<#3#!.0!0+.-5%)!(.02+#<.!4!.0!0+.-5%#-!.H/.*5#5'&#-! $9-!;9-'*#-!m4!#*#-)!3.*'%!5#$;'G0?!A.!#:+E!.(!/.('2%)?! .0!0+.-5%)-!%+,61")"($9-!;9-'*)-6![L+G!*(#-.!3.!.8.*F 5)! .-! .-5.\! I0! /%'$.%#! '0-5#0*'#?! 0)! .-! .8.*5)! 3.! +0! %#1)0#$'.05)?!0'!-':+'.%#!3.!+0!%#1)0#$'.05)!3.8.*F 5+)-)?!3.!+0#!$#(#!3.3+**',0!)!#0#()2E#!3.!'3.#-?!/)%! .<.$/()! 3.! +0#! $#(#! (.*5+%#! 3.! ()-! #*)05.*'$'.05)-! 3.!(#!h.&)(+*',0!8%#0*.-#!.0!-+!*)$/#%#*',0!*)0!(#! h.&)(+*',0!$.H'*#0#!3'*'.03)!:+.!G-5#!.-!+0#!%G/('*#! 3.!(#!/%'$.%#!.0!*+#05)!#!-+-!a'3.#(.-b_!5#$/)*)!.-! FRQVHFXHQFLD GH XQD GH¿FLHQWH LQWHUSUHWDFLyQ GH GHF 5.%$'0#3)-!*)0)*'$'.05)-!A'-5,%'*)-!)!-)*'#(.-?!)!+0#! PDOD GHVFULSFLyQ KLVWRULRJUi¿FD GHO OHYDQWDPLHQWR GH 5#(!)!*+#(!$)&'$'.05)!'0-+%2.05.!.0!-+-!3.5#((.-!A'-5,F %'*)F-)*'#(.-?!/)%!.<.$/()?!*+#03)!-.!3'*.?!*#4.03)!.0! .(!/.*#3)!3.!+0!3.-*)05.H5+#('-$)!;%+5#(?!:+.!#!(#!h.F &)(+*',0!$.H'*#0#!(.!8#(5,!(#!a&#(.05E#!A'-5,%'*#b!3.! (#!h.&)(+*',0!*+;#0#6!J+0:+.!5)3)!.-5)!/+.3.!.-5#%! .0%.3#3)!*)08+-#$.05.!.0!(#!%.#**',0!%*+$:%'#%"#'(3.! (#!%.&)(+*',0?!*%.)!:+.!G-5#!$9-!;'.0!5'.0.!#!(#!;#-.! +0#! %.-/+.-5#! .$)5'&#?! #8.*5'&#?! :+.! (#! #5%#&'.-#! 3.! (#3)!#!(#3)!4!:+.!'$/%.20#!/)%!*)0-.*+.0*'#!(#-!$#F ODV LQWHUSUHWDFLRQHV KLVWyULFR VRFLDOHV \ ODV GH¿FLHQWHV

.&&&#(%-I)$/(J0+&,$

%.(#*')0.-!.05%.!'3.#-6!R.!5%#5#!3.!+0#!#8.*5'&'3#3!:+.! .-! $.1*(#! 3.! 3)-! '$/+(-)-?! 0)! -'.$/%.! .0! #%$)0E#! XQR UHVSHFWR DO RWUR HO LPSXOVR GH XQD YLROHQFLD EiF -'*#!3.-5%+*5'&#!.!'0*(+-)!#+5)3.-5%+*5'&#!S4!:+.!0)! 5.$)!((#$#%!a/+(-',0!3.!$+.%5.b!.0!(#!(E0.#!:+.!&#! 3.!N%.+3!#!U#%*+-.!4!-+!*%E5'*#!-)*'#(Y?!.05%.$.1*(#F 3)! *)0! .(! '$/+(-)! 3.! +0! /(#*.%! '$#2'0#3)! m%16"%<*( ()! ((#$,! N%.+3! 5#$;'G0m?! .(! '$/+(-)! /)%! +0! .-5#3)! 3.!*)-#-!-)*'#(!:+.!-.%E#!8+.05.!3.!-#5'-8#**',0!/.%F $#0.05.!4!*+4)!)%'2.0!-.!*)0-5#5#?!-.!"%$*#$?!*)08+F -#$.05.!.0!(#!5%#0-8)%$#*',0!3.!%#E1!3.(!.-5#5+-!:+)! A#*'#!a$.<)%b?!*+#03)!.-5.!M(5'$)!5.%$'0)!.-!5#0!)-F *+%)!4!&#2)!*)$)!.(!$'-$)!*)0*./5)!3.!%.&)(+*',0! *)0!.(!:+.!-.!(.!%.(#*')0#6 J(2+0#-!/%+.;#-!A'-5,%'*#-!3.!.-5.!&.%5'2'0)-)!.!'$F /+(-'&)!3.-('1#$'.05)!.0!(#!&')(.0*'#!$9-!'0$.3'#5#!4! PHQRV UHÀH[LYD ORV KRUURUHV GH OD 5HYROXFLyQ IUDQFHF -#!.0!.(!$)$.05)!.0!:+.!-.!*)0&'.%5.!.0!+0!&#()%!.0! -E!.0!.(!/.%')3)!3.!h);.-/'.%%.?!*+#03)!+0!/+05)!3.! &'-5#! M0'*)! -);%.! (#! %.&)(+*',0! -.! /%.5.03.! .H5.03.%! -'0!%.-.%&#-!-);%.!5)3)-!()-!3.$9-!4!#+5)/)-'*')0#%-.! *)$)! /)(E5'*#! 3.! 2);'.%0)?! .05)0*.-! -.! *)0&'.%5.! .0! 3.-/('.2+.!3.!+0#!&')(.0*'#!'0-5'5+*')0#('1#3#!-'0!5%#F EDV HO MDFRELQLVPR FRPR UpJLPHQ GH WHUURU 3HUR HVWH /+05)!3.!&'-5#!M0'*)!5#$;'G0!/+.3.!.H5.03.%-.!.0!8+0F *',0!3.!.05.03.%!(#!)%'.05#*',0!'%%#*')0#('-5#!%.&)(+F *')0#%'#!:+.!5+&)!.(!/.%',3'*)!-+%%.#('-5#!#/#%.*'3)!.0! ()-!#C)-!&.'05.!.0!.(!:+.!/#%5'*'/#%)0!T%.5)0?!J%#2,0?! T+C+.(?!c#(E?!.05%.!)5%)-?!4!*+4)!5E5+()!8+.!K$(A6..$'OLVP DX 6HUYLFH GH OD 5HYROXWLRQ I0!-+-!/92'0#-!+0)! .0*+.05%#!((#$#3)-!%.&)(+*')0#%')-!#!(#!%.0+0*'#!%#F 3'*#(!3.!5)3#-!(#-!'0-5'5+*')0.-!-)*'#(.-?!3.!5)3#!%#*')F 0#('3#3!'$/.%'#('-5#?!.0!0)$;%.!3.(!a#+5)$#5'-$)!/-EF :+'*)!/+%)b!S8,%$+(#!*)0!:+.!(#!/#(#;%#!-+%%.#('-$)! HV GH¿QLGD HQ HO 3ULPHU 0DQL¿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

@E@


&#(%-I)$/(J0+&,$/. 7!0'%&'!+%&0".%/)2

-+!('2#!*)0!(#!%.&)(+*',06!7!<+-5)!.-5.!.-!.(!5.%%.0)!3.(! *)0*./5)!%*+$:%'#%"#'!3.!%.&)(+*',0?!.05.03'.03)!/)%! 5#(!(#!/%.5.0-',0!3.!*%'-5#('1#*',0!3.!(#-!*)0-.*+.0*'#-! 3.(!$)&'$'.05)!&')(.05)!4!-M;'5)!3.!(#!%.&)(+*',0!.0! +0!%G2'$.0!3.!*)-#-!+0'&.%-#(!4!/.%$#0.05.?!#A'-5,%'F *)?!.-5)!.-?!8.5'*A'1#3)?!A'/)-5#-'#3)6 ")!:+.!-.!%.&.(#!.05)0*.-!*+#03)!A#;(#$)-!3.!+0! a*)0*./5)b! %*+$:%'#%"#'( 3.! %.&)(+*',0?! .-! +0#! 5%'/(.! %.(#*',0!.05%.!-+!%.-)0#0*'#!'$#2'0#%'#?!+0#!#8.*5'&'F 3#3!('2#3#!#!(#!&')(.0*'#!'0$.3'#5#!4!+0!*)0*./5)!8.5'F *A'1#3)!:+.!.-!.(!8+03#$.05)!3.!-+!/%.5.0-',0!3.!.HF 5.03.%-.!/.%$#0.05.$.05.!.0!+0#!(E0.#!3.!5'.$/)?!.(! *)0*./5)!:+.!A'/)-5#-E#!+0#!/%.5.03'3#!a'0$)%5#('3#3! 3.!(#!%.&)(+*',0b!.0!+0!%G2'$.0!:+.!-#(&#2+#%3#%E#!-+! .$/+<.!3.!5%#0-8)%$#*',0!%#3'*#(!4!5)5#(?!/#%#3,<'*#F $.05.?!+0!%G2'$.0!:+.!-#;%E#!%.5.0.%!(#!&')(.0*'#!3.!(#! /%)/'#!'0-5#05#0.'3#3!3.!(#!%.&)(+*',0!.0!+0#!%./.5'F *',0!%'5+#('1#3#!3.!(#!8+.%1#!3.!.-.!'0-5#05.!%.&)(+*')F QDULR FRPR FRUWH GH¿QLWLYR GHO WLHPSR VRFLDO XQ KLDWR 3.(!#05.-!4!3.-/+G-!3.!5)3#-!(#-!*)-#-!-)*'#(.-6!I-!#! .-5)!#!()!:+.!);.3.*.0!()-!/.-#3)-!2.-5)-!%'5+#(.-!3.! *)0$.$)%#*',0!3.!(#!%.&)(+*',0!.0!()-!%.2E$.0.-!5)F 5#('5#%')-!S'0*(+4.03)!()-!5)5#('5#%'-$)-!.0$#-*#%#3)-! 3.! 3.$)*%#*'#! /#%5'*'/#5'&#Y?! .-#! .-/.*'.! 3.! -#*%#('F 1#*',0!3.!*'.%5)-!A.*A)-!*)0$.$)%#5'&)-?!3.!*'.%5)-! (.$#-?!3.!*'.%5)-!/%)5)*)()-6!I-!#!()!:+.!);.3.*.!3.! $#0.%#!.<.$/(#%!(#!'3.#!3.!I-5#3)!*)$)!.0*#%0#*',0! .5.%0#?!'0$)%5#(?!3.!(#!h.&)(+*',0!*)0!$#4M-*+(#?!/)%! .<.$/()!/#%#!R5#('0!)!U+--)('0'6!")-!.H5%.$)-!-.!5)F FDQ DTXt FXDQGR VH OHYDQWD OD MXVWL¿FDFLyQ GHO (VWDGR 8#-*'-5#! .0! -+! #$#(2#$#! *)0! ()-! '3.#(.-! 3.! (#! %.&)F (+*',0!3.(!/+.;()?!3.!5#(!$)3)!:+.!U+--)('0'!/+.3.! .H5.03.%!#;-)(+5#$.05.!.(!3)$'0')!3.(!I-5#3)!*)$)! A'/,-5#-'-!3.!(#!%.&)(+*',0!3.(!/+.;()6!J-E?!.-*%';.!.0! ()-!8#$)-)-!'LVFXUVRV GH !aI(!/+.;()!.-!.(!*+.%F /)!3.(!I-5#3)?!4!.(!I-5#3)!.-!.(!.-/E%'5+!3.(!/+.;()6!I0! (#!3)*5%'0#!8#-*'-5#?!.(!/+.;()!.-!.(!I-5#3)!4!.(!I-5#3)! .-!.(!/+.;()6!D)3)!.0!.(!I-5#3)?!0#3#!*)05%#!.(!I-5#3)?! 0#3#!8+.%#!3.(!I-5#3)b6! >)0! (#! '03'*#*',0! 3.! .-5#! $,%;'3#! %.(#*',0! 5%'/(.! /)3.$)-!3#%!.(!-'2+'.05.!/#-)!*%E5'*)!A#*'#!+0#!/)-5+F UD pWLFR SROtWLFD VREUH OD UHYROXFLyQ GH OR TXH VH WUDWD .-!3.!.0*)05%#%!%#1)0.-!/#%#!*)$;#5'%!0+.-5%)!3.-('1#F $'.05)!&.%5'2'0)-)?!-M;'5)?!5#05)!.0!(#!&')(.0*'#!'0$.F 3'#5#!:+.!-.!#()<#!.0!.(!'$#2'0#%')!3.!(#!%.&)(+*',0?! *)$)!.0!(#!/%.5.0-',0!3.!&')(.0*'#!'0-5'5+*')0#('1#3#! #()<#3#! .0! (#! %'5+#('1#*',0! 3.! ()-! %.2E$.0.-! 5)5#('5#F %')-! :+.! -.! :+'.%.0! #;-)(+5)-! <+-5)! .0! 0)$;%.! 3.! (#! %.&)(+*',06! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@EC

I0! .(! /#%92%#8)! Z{v! 3.! T6+'*)E( :$+'"%':)( 56+'*)E(5'5+(#3)!aO(+-',0!3.!(#!5.)%E#!3.!(#!%.&)(+*',0b?! `'.51-*A.!0)-!/%.&'.0.!3.!()-!/.('2%)-!3.!-)C#%!*)0!.(! #3&.0'$'.05)!3.!.-5.!/.('2%)-)!*)%5.!.0!3)-!5.$/)%#F ('3#3.-?!.0!3)-!$)$.05)-!-)*'#(.-!/.%8.*5#$.05.!3'-F WLQJXLGRV TXH OODPDPRV UHYROXFLyQ (O SDVDMH GLFH DVt @#4!-)C#3)%.-!/)(E5'*)-!4!-)*'#(.-!:+.!2#-5#0!*#()%!4!.()*+.0F *'#! .0! %.*(#$#%! +0! *#5#*('-$)! .0! 5)3)-! ()-! ,%3.0.-?! *)0! (#! *%..0*'#!3.!:+.!/)%!.8.*5)!3.(!$'-$)!-.!(.&#05#%E#!$+4!/%)05)! .(!-);.%;')!5.$/()!3.!+0#!;.((#!A+$#0'3#36!c.-2%#*'#3#$.0F 5.!-.!-#;.!/)%!.H/.%'.0*'#-!A'-5,%'*#-!:+.!5)3)!*)0&+(-')0#F $'.05)!3.!.-.!2G0.%)!%.-+*'5#!3.!0+.&)!(#-!.0.%2E#-!-#(&#<.-?! ()-!%#-2)-!$9-!A)%%)%)-)-!4!$9-!3.-.08%.0#3)-!3.!(#-!.3#3.-! #05.%')%.-_! :+.?! /)%! *)0-'2+'.05.?! +0! 5%#-5)%0)! 5#(! /+.3.! -.%! +0#!8+.05.!3.!8+.%1#!/#%#!(#!A+$#0'3#3!'0.%5.?!/.%)!0)!)%3.0#F 3)%?!#%:+'5.*5)?!#%5'-5#?!/.%8.**')0'-5#!3.!(#!0#5+%#(.1#!A+$#0#! 1LHW]VFKH

J!/#%5'%!3.!.-5#!%.-.%&#!*%E5'*#?!4!3.!*#%#!5#$;'G0!#! ()-!%.*'.05.-!((#$#3)-!#!*)0$.$)%#%!()-!$)&'$'.05)-! 3.!'03./.03.0*'#!4!%.&)(+*',0!.0!0+.-5%)!/#E-?!*#;.!(#! -)-/.*A#!3.!-'!.-5)-!((#$#3)-!0)!((.&#%90?!.0!(#!$.0F 5.! 3.! #(2+0)-?! 5#$;'G0! .(! ((#$#3)! #(! 8.5'*A.! 3.! +0#! 0+.&#!h.&)(+*',0!*)$)!()!A.$)-!3.-*%'5)?!-);%.*#%F 2#3)?!-);%.3.5.%$'0#3)?!/)%!+0#!#8.*5'&'3#3!&')(.05#! LPDJLQDULD /D UHÀH[LyQ ¿ORVy¿FD SLGH FDXWHOD DQWH HVWRV OODPDGRV \ VXV FRQVHFXHQFLDV HO WHUURU FRPR 0)-!3'*.!@.2.(!A#;(#03)!3.!(#-!*)0-.*+.0*'#-!%.#(.-! 3.!(#!h.&)(+*',0!8%#0*.-#?!.(!-#(&#<'-$)!0)!)%3.0#3)%! )! #%:+'5.*5)! 3.! +0#! 0#5+%#(.1#! A+$#0#! $.<)%?! *)$)! 0)-! #3&'.%5.! `'.51-*A.6! I-5.! M(5'$)?! #05.! ()-! -+.C)-! 3.!a*#5#*('-$)!.0!5)3)-!()-!,%3.0.-b?!)?!$.<)%!-.%E#! 3.*'%?!#05.!()-!3.('%')-!3.!+0#!&')(.0*'#!%.&)(+*')0#F ULD TXH VH TXLHUH WUDQV¿JXUDFLyQ WRWDO \ UDGLFDO GH ORV 5'.$/)-!:+.!-.!&'&.?!((#$#!#!(#!-);%'.3#3!3.!(#-!.HF /.%'.0*'#-!A'-5,%'*#-?!#!(#!(.**',0!:+.!/%.*'-#$.05.!(#! WHPSRUDOLGDG UHDO QRV KD GDGR HO SHOLJUR GH GHVSHUWDU #(2)!:+.!-.!*%.E#!4#!-+/.%#3)?!(#-!a.0.%2E#-!-#(&#<.-b! $9-!'0*)05%)(#3#-?!.(!$.05E-!3.!(#!O(+-5%#*',0!<+-5)!.0! -+!3.-.$;)*#3+%#!:+.!-.!*%.E#!0.*.-#%'#?!:+.!-.!*%.E#! HO ~QLFR ¿Q SRVLEOH GH OD KLVWRULD GHO SURJUHVR FLYLOLF 1#5)%')6! IH/('*903)()! *)0! +0#! 3.! (#-! -.05.0*'#-! *)0! TXH DEUH HVWH OLEUR GHO ¿OyVRIR GHO PDUWLOOR ODV UHYROXF *')0.-!0)-!.0-.C#0!.0!(#!$#4)%!/#%5.!3.!()-!*#-)-!:+.! (#!*'&'('1#*',0!4!-+-!%.*+%-)-!3.!a#+5)*)%%.**',0b!m(#! UHYROXFLyQ HQ VX VHQWLGR PLWL¿FDGR FRPR XQR GH ORV *.05%#(.-m!.-!5#$;'G0!+0#!a;.-5'#('1#*',0!/)%!A.%.0F *'#b?!+0!%.2%.-)!$9-!:+.!+0!/%)2%.-)6 "#!*%E5'*#!#!+0!+-)!8.5'*A'1#3)!3.!(#!%.&)(+*',0?!()!


")(%'$6.</&()"2$2&")2.2#)/6.!

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yQ TXH .-!.(!#/(#1#$'.05)!/)%!.H*.(.0*'#?!(#!/%)$.-#!:+.!<+-F 5#$.05.!/)%!0)!*+$/('%-.!8+03#!0+.-5%)-!#8#0.-!*)(.*F 5'&)-!3.!(';.%5#3?!3.$)*%#*'#!)!'2+#(3#3?!:+.!%.-5#+%#! +0#!4!)5%#!&.1!#-E!+0#!*)03'*',0!-)*'#(!/)%!$.3')!3.! XQD LQVWDXUDFLyQ PtWLFD `+.-5%)!/#'-#<.!3.!-+<.5)-!$)3.%0)-!m*#0-#3)-?!%.-'20#3)-!)! SyVWXPRV± KD VLGR GHFLGLGR SRU OD 5HYROXFLyQ (QWLpQGDVH QL /)%! #:+.((#! 0'! /)%! .-5#?! 0'! /)%! (#! -+$#! 3.! 5)3#-6! =)%! .-.! -'0F 2+(#%!*)(.*5'&)?!*)0!)/5#5'&#!3.!$#4M-*+(#?!:+.!A#!0+5%'3)!.(! LPDJLQDULR GH OD PRGHUQLGDG \ TXH KD FRQ¿JXUDGR VX UHDOLGDG /)%!.-#!/%)$.-#!-'.$/%.!#/(#1#3#?!-'.$/%.!.$/(#1#3#?!:+.!A#! 3#3)!(+2#%!S4!5'.$/)Y!#!5#05#-!$)3.%0'3#3.-!3'8.%.05.-?!#!5#05#-! $)3.%0'3#3.-!3'8.%'.05.-!4!3'8.%'3#-!S"#0*.%)-?!VWWy?!/6ZZY6

3HUR HQ QRPEUH GH HVWH DSOD]DPLHQWR HPSOD]DF $'.05)!.5.%0'1#3)!4!a-+/%#A+$#0)b?!*)$)!.0!0)$;%.! GH WRGD GLYLQLGDG PtWLFD H[SOLFD HO ¿OyVRIR YDVFR VH H[LJLHURQ VDFUL¿FLRV VLHPSUH KXPDQRV HO QXHYR PLWR 3.!(#!h.&)(+*',0!-.!.%'2',?!4!-'2+.!.%'2'G03)-.?!#!*)-5#! 3.!-+-!/%)/')-!A'<)-?!()-!A)$;%.-!$)3.%0)-6 (V HVWD PLVPD SHUVSHFWLYD GHO VDFUL¿FLR H[LJLGR SRU OD 5HYROXFLyQ FRPR YLROHQFLD GH XQ GLVFXUVR PLWL¿F *#3)?!(#!:+.!5%#0-'5#!(#-!/92'0#-!3.!(#!*%E5'*#!3.!@#0F 0#A!J%.035!.0!-+!&'2)%)-)!(';%)!A)2.$(1'(@$C)16&%<*( $UHQGW (Q HVWH WH[WR $UHQGW UHÀH[LRQD VREUH (#!%.(#*',0!/%);(.$95'*#!.05%.!&')(.0*'#!4!#+5)0)$E#! 3.!(#!(';.%5#3!3.!()-!-+<.5)-!.0!+0#!.-8.%#!/M;('*#?!/)F 0'.03)!.0!<+.2)!.(!'05.%.-#05.!#%2+$.05)!:+.!-)-5'.0.! :+.!(#!&')(.0*'#!0)!/.%5.0.*.!.-.0*'#($.05.!#(!$+03)! /)(E5'*)!3.(!/)3.%?!4!/)%!5#05)!(#-!%.&)(+*')0.-!&')(.0F

.&&&#(%-I)$/(J0+&,$

5#-?!-'!;'.0!/+.3.0!-.%!'05.%/%.5#3#-!*)$)!8.0,$.0)-! :+.!#*)$/#C#0!(#!'0-5#+%#*',0!3.!+0#!.-8.%#!/M;('*#! (';%.?!0)!(.!-)0!.-.0*'#(.-6!>)0!.-5)!)/)0.!+0#!'05.%F /%.5#*',0! %+/5+%'-5#! )! $E5'*#! 3.! (#! %.&)(+*',0! #! +0#! (.*5+%#!A'-5,%'*#!*)0*%.5#!3.!(#!:+.!-.!/+3'.%#!-.2+'%! +0! $#%*)! 3.! #**',0! :+.! 3'.%#! *)05'0+'3#3! .-5#;(.! #! -+-!.8.*5)-?!:+.!3'.%#!/'.!#!8)%$#-!3.!#*+.%3)!4!/#1! (.2E5'$)-?!()!:+.!((#$#!J%.035!(#!a8.('*'3#3!/M;('*#b! $UHQGW /R TXH VH VLJXH GH XQ XVR PLWL¿F *#3)! 3.! (#! %.&)(+*',0! .-! -'$/(.$.05.! .(! %.'0)! 3.! (#! &')(.0*'#!'0-5'5+*')0#('1#3#?!()!:+.!*#0*.(#!-+-!*)0-.F *+.0*'#-!3.!(';.%5#3!4!#+5)0)$E#!.0!(#!.-8.%#!/M;('*#6! < HVWH XVR PLWL¿FDGR GH OD UHYROXFLyQ FRPR UXSWXUD HVWi HQOD]DGR SDUDGyMLFDPHQWH FRQ OD PLWL¿FDFLyQ GH (#! $#%*A#! 3.(! /%)2%.-)! A'-5,%'*)! *)$)! #(2)! '0.&'5#F ;(.?!8#5#(?!.-!3.*'%?!#!(#!a*)0*./*',0!*)05'0+'-5#b!3.(! /%)2%.-)?! :+.! '0*(+4.! -+! /%)/'#! %+/5+%#! /#%#! A#*.%F -.! /)-';(.?! /#%#! a#&#01#%b! .0! (#! (E0.#! 3.! (#! A'-5)%'#! 0.*.-#%'#!S.(!*)0*./5)!3'#(G*5'*)!3.!(#!%.&)(+*',0!.0! @.2.(?!4!#M0!(#!0)*',0!3.!%.&)(+*',0!*)$)!+0!a-#(5)! 3'#(G*5'*)b! 3.! U#%H?! 5'.0.0! $+*A)! 3.! .-5#! /#%#3)<#! :+.!J%.035!'05.05#!-+/.%#%Y6! U.!/#%.*.!:+.!()!.-.0*'#(!3.!(#!*%E5'*#!3.!(#!/.0F -#3)%#!#(.$#0#!.-!-+!'0-'-5.0*'#!.0!(#!3'8.%.0*'#!.0F 5%.!/)3.%!'0-5'5+'3)!*)$)!%.-+(5#3)!3.!(#!#**',0!(';%.! 4!#+5,0)$#!3.!()-!-+<.5)-!.0!+0#!.-8.%#!/M;('*#?!/)%! +0!(#3)?!4!(#!&')(.0*'#!S%.&)(+*')0#%'#Y!*)$)!+0!./'F 8.0,$.0)! 0)! .-.0*'#(! #! .-5#! '0-5#+%#*',0! 3.(! /)3.%! /M;('*)?!/)%!)5%)!(#3)6!=)3.%!4!&')(.0*'#!-)0!#-E!#05'F 5G5'*)-6X!"#!&')(.0*'#!-,()!5'.0.!+0!*#%9*5.%!3.!$.3')?! .-!'0-5%+$.05#(?!0)!.-!.-.0*'#(!#!+0!%G2'$.0!/)(E5'*)! 3)03.!(#!a*)03'*',0!A+$#0#b!m.-!3.*'%?!(#!.-8.%#!/MF ;('*#!/)(E5'*#!3.(!%*#$.-$""$O(/+.3.!3.-/(.2#%-.!*)$)! FRQ¿DQ]D VLQ YLROHQFLD R HQ OD LQWHUSUHWDFLyQ TXH KDFH @#;.%$#-!3.!(#!/%)/+.-5#!#%.035'#0#?!*)$)!*)$+0'F FDFLyQ VLQ IRU]RVLGDG R FRDFFLyQ +DEHUPDV VVWFVVVY6!")-!%.-+(5#3)-!*)0*%.5)-?!(#-!/)-';'('3#3.-! 3.!#**',0?!3.!.-5#!3'8.%.0*'#?!-,()!-.!*)0-'2+.0!-'!-.! KD FULWLFDGR VX¿FLHQWHPHQWH OD PLWL¿FDFLyQ GH OD 5HF &)(+*',0!m*)0!$#4M-*+(#?!M0'*#!.0!5)3)!*#-)m!3.-3.! (#!'05.%/%.5#*',0!3.(!8.0,$.0)!A'-5,%'*)!3.!(#-!%.&)F (+*')0.-!m*)0!$'0M-*+(#?!$M(5'/(.-!4!3'8.%'3#-!.0!-+! -.05'3)6!=)%!.-5)!()-!.<.$/()-!3.!J%.035!-)0!(#-!3.%'F &#*')0.-!*)0*%.5#-!3.!(#!h.&)(+*',0!8%#0*.-#!4!#$.%'F *#0#6!=.0-#03)!.0!(#-!*)0-.*+.0*'#-!3.!(#!/%'$.%#?!(#! HYDOXDFLyQ HV SUHFLVD VLPSOHPHQWH LQYLUWLy XQD IRUPD 3.!&')(.0*'#!'0-5'5+*')0#('1#3#!.0!(#!8)%$#!3.!(#!$)F 0#%:+E#!#;-)(+5#!/)%!)5%#!8)%$#!3.!&')(.0*'#!'0-5'5+F !D.-'-!3.8.03'3#!5#$;'G0!3.!8)%$#!*.05%#(!.0!-+!5.H5)!2Q 9LROHQFH \ VV

X

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@ED


&#(%-I)$/(J0+&,$/. 7!0'%&'!+%&0".%/)2

*')0#('1#3#! .0! .(! 3'-*+%-)! 3.(! I-5#3)! 0#*',0! :+.! -.! .%'2.!.0!0)$;%.!3.!(#!'2+#(3#3!4!(#!&)(+05#3!2.0.%#(! 3.(!/+.;()6!I-!.(!/.('2%)!3.!(#!a(';.%5#3!0.2#5'&#b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a-'-5.$#!3.!*)0-.<)-!*)$+0#(.-!#+5,0)$)-b?!)%2#0'F 1#*')0.-!(';%.-!4!#+5,0)$#-!3.!()-!-+<.5)-!.0!.(!$.3')! /M;('*)!:+.!8+03#%E#0!+0#!#+5)%'3#3!(.2E5'$#_!.0!.-5.! -.05'3)?! +0! #+5)2);'.%0)! 3.! (#-! *)$+0'3#3.-! :+.! 0)! *#.!0'!.0!(#!5%#$/#!3.!(#!&')(.0*'#!'0$.3'#5#!0'!.0!(#! 8.5'*A'1#*',0!/#%5'3'-5#!)!5)5#('5#%'#!3.!+0!2);'.%0)!:+.! -.!#+5)/%)0+0*'#!*)$)!.0*#%0#*',0!3.!(#!%.&)(+*',06! 7RPDQGR HVWDV LGHDV FRPR RULHQWDFLyQ UHÀH[LYD 2.0.%#(?!:+'-'.%#!/%)/)0.%!.0!#3.(#05.!+0#!-+/.%#*',0! 3.(!/.('2%)-)!*)0*./5)!%*+$:%'#%"#'(3.!%.&)(+*',0?!3.(! #0+0*')?!)!'0*(+-)!3.!(#!&#0#!.-/.%#01#?!3.!+0!*#5#F *('-$)!5%#0-8)%$#3)%!3.!5)3#-!(#-!*)-#-6!I0!-+!(+2#%?! :+'.%)! /%)/)0.%! #(2+0#-! '3.#-! )%'.05#5'&#-! 3.! (#! 0)F *',0!3.!+0#!%.-'-5.0*'#!/)(E5'*#!#*5'&#!3'-5.03'3#!.0!.(! 5'.$/)?!/)%!5#05)!-'.$/%.!$*(+$:%'&%<*?!/)%!/#%5.!3.! (#-!*)$+0'3#3.-!*+(5+%#(.-!:+.!*)$/)0.0!.(!5)3)!3.! (#!.-8.%#!/M;('*#!:+.!*)$/#%5'$)-6 hIRORDI`>OJ!!S(D!?9;B9eS

I(!/#-#<.!3.(!&G%5'2)!3.!+0!*)0*./5)!%*+$:%'#%"#'( 3.!%.&)(+*',0!#!(#!#**',0!*)05%#/+.-5#!3.!%.-'-5.0*'#! $*(+$:%'&%<*(*)$)!$)&'$'.05)!3.!5%#0-8)%$#*',0!-)F *'#(!-)-5.0'3)!.0!.(!5'.$/)!m/)%!5#05)!#<.0)!#!(#!#8.*F 5'&'3#3!&')(.05#!3.!+0!'0-5#05.!)!A'#5)!3.!%+/5+%#!.0!.(! 5'.$/)m!-.!.0*+.05%#!.0!2%#0!$.3'3#?!-)-5.03%.$)-?! .0!(#!*%E5'*#!3.!+0#!2#0#0*'#!.-/+%'#!:+.!);5'.0.!+0#! $'0)%E#!3.!+0!6")(GH OD PLWL¿FDFLyQ GH OD UHYROXFLyQ R.!5%#5#!3.!(#!*%E5'*#!#(!+-)!:+.!%./)%5#!/%.*'-#$.05.!(#! /%.5.0-',0!3.!/%)()02#*',0!.0!.(!5'.$/)!3.!.-5#!$'5'F ¿FDFLyQ KHFKD HQ QRPEUH GH OD UHYROXFLyQ 'H PRGR :+.!-.!)/)0.0!#-E?!.0!-+!/%.5.0-',0!3.!.H5.0-',0!.0!.(! 5'.$/)! -)*'#(! 4! .0! 0)$;%.! 3.! (#! $'-$#! 5%#0-8)%$#F *',0!-)*'#(?!+0!$)&'$'.05)!.-/+%')!4!+0!$)&'$'.05)! OHJtWLPR XQD PLWL¿FDFLyQ GH OD UHYROXFLyQ \ XQD UHF VLVWHQFLD FLYLO GHVPLWL¿FDQWH XQD JDQDQFLD LQVWUXPHQF 5#(!3.!+0)-!*+#05)-!.$/)3.%#3)-!4!(#!/)-';'('3#3!3.! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@E?

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¿FDQ VX GHFDQWDPLHQWR HQ GLVSRVLFLRQHV \ #*+.%3)-! /)(E5'*)-6! R,()! #-E! /+.3.! -.%! *)0-'3.%#3)! (.2E5'$)! +0! $)&'$'.05)! %.&)(+*')0#%')?! *+#03)! -.! /)0.!#!/%+.;#!.0!.(!-.05'3)!3.!:+.!()-!$'.$;%)-!3.! XQD FROHFWLYLGDG VH YHQ UHÀHMDGRV HQ VXV FRQVHFXHQF *'#-!*)0*%.5#-!*)$)!.0!+0!.-/.<)!*+4#!'$#2.0!0)!.-! 3.8)%$#05.!3.!-+-!#**')0.-?!.0!.(!$'-$)!-.05'3)!.0! :+.!>A#%(.-!D#4()%!A#!A#;(#3)!3.!(#!(.2'5'$'3#3!3.! ODV LQVWLWXFLRQHV SROtWLFDV FXDQGR UHÀHMDQ HO LPDJLQDF %')!*)(.*5'&)!$9-!&'5#(!3.!*#3#!*)$+0'3#3!*+(5+%#(?! .(!'$#2'0#%')!:+.!.-!5%#-8)03)!3.!-.05'3)!4!-)/)%5.! 3.!*+#(:+'.%!8.0,$.0)!-)*'#(!SD#4()%?!XpzyY6!B!;'.0?! *+#03)!-.!5)$#0!.0!*+.05#!(#-!'0-5'5+*')0.-!:+.!-)0! UHÀHMR GHO LPDJLQDULR GH XQD FROHFWLYLGDG FRQVLGHF %#3)! *)$)! +$:%'&%<*( 2.0.%#('1#3#! 3.! (#-! #**')0.-! *)(.*5'&#-! 4! :+.! <+-5)! /)%! .(()! 5'.0.0! (.2'5'$'3#3! S&)(&.%G!-);%.!.(!/#%5'*+(#%Y6 I(!+-)!.-/+%')!3.!(#!%.&)(+*',0!-.!*)$'.01#!#!*%'F 5'*#%!*+#03)!-.!()*#('1#0!-+-!.H5.0-')0.-!.0!.(!5'.$F /)! *)$#03#3#-! 0)! /)%! ()-! '05.2%#05.-! 3.(! /+.;()! )! *)$+0'3#3!*+(5+%#(!:+.!A'1)!.-#!%.&)(+*',0?!-'0)!/)%! a/#%5'3#%')-!3.!A.*#5)$;.-!.-5G%'(.-b!/#%#!.(!/+.;()?! *)$)!3'*.!e)-G!K#-*)0*.()-?!/.%)!3.!2%#0!/%)&.*A)! /#%#!.(!a;#03)(.%'-$)!#!.-*#(#!$#4)%b!3.!()-!:+.!(.! -#*#0!/%)&.*A)?!D%)5-w'!4!-+!a%.&)(+*',0!/.%$#0.0F WH´ D OD FDEH]D VHJXLGR GH 6WDOLQ D¿UPD DLUDGDPHQWH 9DVFRQFHORV (O GRFWULQDULVPR GHO WRF 5#('5#%'-$)?! 3.(! 8#-*'-$)?! 5'.0.! -+! %#E1! .0! .-5#! <.%2#! /.('2%)-#! 3.! (#! .H5.0-',0! 3.! (#! %.&)(+*',06! =)%! .-5)!


")(%'$6.</&()"2$2&")2.2#)/6.!

GLFH HO ¿OyVRIR PH[LFDQR }s~!5)3#!%.&)(+*',0!:+.!()!.-!3.!&.%3#3!*)$;#5.!4!3.-5%+4.?! /.%)!-,()!$'.05%#-!.-59!.0!(#-!;#%%'*#3#-6!c.-3.!:+.!-.!*)0-F 5'5+4.!.0!2);'.%0)!+0#!%.&)(+*',0!5'.0.!:+.!&)(&.%-.!*%.#3)%#! 4!-.%.0#?!*)0-5%+*5'&#!4!<+-5#6!"#!%.&)(+*',0!/%)()02#3#!3.<#! 3.!-.%!$.3'3#!3.!A'2'.0.!-)*'#(!/#%#!*)0&.%5'%-.!.0!3.-)%2#0'F 1#*',0!4!.0!3.*#3.0*'#6!"#!%.&)(+*',0!/.%$#0.05.!0)!.-!)5%#! *)-#! :+.! (#! *)08.-',0! 3.(! 8%#*#-)! 3.! :+'.0! 0)! -+/)! +-#%! (#! 8+.%1#?!0)!#*.%5,!#!)%2#0'1#%(#!.0!/%)2%#$#!3.!#*+.%3)!*)0!(#! UHDOLGDG \ ODV FLUFXQVWDQFLDV 9DVFRQFHORV

"#-! *)0-.*+.0*'#-! 3.! (#! %.&)(+*',0! /+.3.0?! .0! .8.*5)?!-.%!(#-!3.!+0#!<.%2#!*)05%#3'*5)%'#!*)0!-+-!'0F 5.0*')0.-!3.!)%'2.0?!<.%2#!:+.!/+.3.!-.%!/#%5'3'-5#!4! :+.!-.!/%)*(#$#!a3.$)*%95'*#b!)!:+.!.-!#;'.%5#$.05.! 3'*5#5)%'#(?!'$/)-'5'&#?!/.%)!:+.!.0!5)3)!*#-)!.-!/%)F &.*A)-#!-,()!/#%#!+0)-!*+#05)-6!I05)0*.-!0.*.-#%'#F $.05.!-.!.H5'.03.!.0!.(!5'.$/)!*)0!&')(.0*'#6!c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¿QHV GHO PRYLPLHQWR VRFLDO SHUR TXH HV OR VX¿FLHQWHPHQWH ÀH[LEOH \ PDOHDEOH LQF &.05'&#!.!'$#2'0#%'#?!/#%#!%.3'%'2'%!(#-!#**')0.-!6*'(7( RWUD YH]?!-'0!3.-('1#%-.!A#*'#!+0#!%./%.-.05#*',0!8#(F -#$.05.!/#%5'*'/#5'&#?!3.!A.*A)!)('29%:+'*#6!7!()!$9-! LPSRUWDQWH HV XQD .$"%"#$*&%'(,$.+'*$*#$(:+.!((.&#0! #!*#;)!()-!#*5)%.-!$'-$)-!3.!(#!3'-'3.0*'#?!.0!-+-!/%)F /')-! *#$/)-! 3.! (.2'5'$'3#3! /)(E5'*#6! >)0.*5#! #-E! (#! S%.Y#**',0! 3.! (#-! *)$+0'3#3.-! *+(5+%#(.-! $'-$#-?! )! 3.!()-!a*)0-.<)-!3.!*'+3#3#0)-b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

.&&&#(%-I)$/(J0+&,$

%.*)0-'3.%#*',0! 3.! (#! '3.#! 3.! +0#! *)$+0'3#3! *+(5+F %#(?!)!A%##1%&5!*)0!.(!#*.05)!A.2.('#0)?!/#%#!(#!/+.-5#! .0! $#%*A#! 3.! +0#! .$"%"#$*&%'( ,$.+'*$*#$! -+%2'3#! 4! -)-5.0'3#!.0!(#!+$:%'&%<*!3.!.-#!*)$+0'3#3!*+(5+%#(6! >)$)!/#%#3'2$95'*)-!3.!+0#!#*+-#*',0!*.05%#(!m(#! *)$+0'3#3!0)!/+.3.!#+5)0#%%#%-.!3.!8)%$#!#;-)(+5#! -+!/%)/'#!A'-5)%'#m!/+.3.0!$.0*')0#%-.!#!h)%54!4!-+! 3.8.0-#!#!+(5%#01#!3.(!*#%9*5.%!*)05'02.05.!3.!5)3#!*)F $+0'3#3!Sh)%54?!XppV?!*#/6!vY!4!#!e.#0F"+*!`#0*4!4! -+!#/%.$')!/)%!3.$)-5%#%!(#!.-.0*'#!-'.$/%.!'0*#;#3#! )! :$")2.':'( 3.! (#-! *)$+0'3#3.-! :+.! *)08)%$#0! ()! KXPDQR UHIRU]DQGR VX FRQ¿JXUDFLyQ VLHPSUH SOXUDO S`#0*4?! VWWXY6! =#%#! (#! /)-'*',0! /%#2$#5'-5#! (';.%#(! 3.(!/.0-#3)%!0)%5.#$.%'*#0)?!.-!'0#3$'-';(.!.(!&'.<)! 3'-*+%-)!$.5#8E-'*)!'(+-5%#3)!-);%.!.(!3.-#%%)(()!A'-5,F %'*)!3.!()-!3'-5'05)-!/+.;()-!:+.!((.&#%E#!A#*'#!+0#!-)(#! *+(5+%#! (+$'0)-#! 4! -+/.%')%?! *)0-.*+.0*'#! 0.*.-#%'#! 3.!+0!3.&.0'%!.$#0*'/#5)%')!+0'&.%-#(!#(!:+.!5)3)-!()-! /+.;()-!.-5#%E#0!((#$#3)-?!4!:+.!-,()!()-!/+.;()-!3.(! B**'3.05.!.+%)/.)!$)3.%0)!&.%E#0!((.2#%!*)0!*(#%'3#3! PDQL¿HVWD HQ VX UHYROXFLyQ VRFLDO &UHHU HQ XQD ¿QDF ('3#3!+0'&.%-#(!3.!(#!A'-5)%'#?!#%2+$.05#!h)%54?!.-!(#! '02.0+'3#3!3.!:+'.0.-!0)!A#0!.05.03'3)!4!#*./5#3)?!)! :+.!0)!A#0!#*./5#3)!/)%:+.!0)!A#0!.05.03'3)?!:+.!(#! *)$+0'3#3!(';.%#(!#*5+#(!5'.0.!*)$)!M0'*)-!);<.5'&)-! OD GHPRFUDFLD \ OD MXVWLFLD HQ VHQWLGR UDZOVLDQR \ (#-!.-5%#5.2'#-!('02Ã…E-5'*#-!:+.!()-!-+<.5)-!-.!'0&.05#0! *)$)! 0+.&#-! $.598)%#-! :+.! #-.2+%#0! (#! -)('3#%'3#3! .05%.!-+-!$'.$;%)-!S4!-,()!.05%.!-+-!$'.$;%)-?!.-5)! HV TXH QR VRQ WUDQVIHULEOHV D RWUDV FRPXQLGDGHV HOOR #-.2+%#!0)!*#.%!3.!0+.&)!.0!.50)*.05%'-$)-!*E0'*)-Y6! 7RGDV ODV GHPiV MXVWL¿FDFLRQHV PHWDItVLFDV GH OD FRF PXQLGDG ±XQD GH¿QLFLyQ VXVWDQFLDO GHO KRPEUH R XQ 4)!5%#0-*+(5+%#(?!+0#!/%.3'**',0!#;-)(+5#!3.(!)%'2.0!4! 3.-5'0)!3.!5)3#-!(#-!*)-#-?!(#-!*)0-'3.%#*')0.-!-);%.! &#()%.-! 4! ;'.0.-! +0'&.%-#(.-?! (#! %.&)(+*',0! .$#0*'F /#5)%'#m!-)0!5#*A#3#-!/)%!h)%54?!:+.!#:+E!-'2+.!#!-+! PDHVWUR 'HZH\ GH ³FXHVWLRQHV GH SULPHUD LPSRUWDQF *'#b!S:+.!*+%')-#$.05.!/#%#!G(!0)!5.03%E#0!0'02+0#Y?! *+.-5')0.-!:+.!0)!-)0!);<.5)!3.!(#-!/%')%'3#3.-!/)(EF 5'*#-! 3.! +0! 3'-*+%-)! 3.$)*%95'*)! /)%:+.! 0)! /+.3.0! *)0-.0-#%-.?! /)%:+.! 0)! A#4! /)-';'('3#3! 3.! #*+.%3)! #(2+0)!-'!0)!-#('$)-!3.!-+!.-8.%#6!R'!;'.0!.-!*'.%5)!:+.! h)%54!:+'.%.!3.-/(#1#%-.!3.!(#!*)0-'3.%#*',0!w#05'#F 0#!3.(!4)!5%#0-*+(5+%#(!#!(#!3.8.0-#!A.2.('#0#!3.!+0#! *)$+0'3#3! *+(5+%#(! *)$)! /%)3+*5)! A'-5,%'*)! Sh)%54?! \ VV LQVLVWH HQ TXH QLQJ~Q IXQGDPHQWR H[F 5%#/)(E5'*)!-.%E#!#3$'-';(.!*)$)!(.2'5'$#*',0!3.!+0#! *)$+0'3#3!(';.%#(?!.$/.1#03)!/)%!.(!:+.!#!-+-!)<)-!.-! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@EG


&#(%-I)$/(J0+&,$/. 7!0'%&'!+%&0".%/)2

+0!*903'3)!3'-*+%-)!3.!+0#!A%##1%&54$%#!*)$)!2#0#0*'#! 3.!+0#!3'#(G*5'*#!#;-)(+5#6 e.#0F"+*! `#0*4?! *)A.%.05.! #(+$0)! 3.! c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tD SRU GH¿QLFLyQ LPSRVLEOH (V LPSRVLEOH SRUTXH OD FRPXQLGDG VH GH¿QH MXVWDPHQWH SRU VX LQGH¿QLFLy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`#0*4?!(#!*+.-5',0!3.!(#!*)$+0'F 3#3!.-!a(#!2%#0!#+-.05.!3.!(#!$.5#8E-'*#!3.(!-+<.5)b?!3.! (#!$.5#8E-'*#!3.(!/#%#F-E!#;-)(+5)?!.-!(#!*)-#!$9-!#<.0#! #(!/(#0!3.!+0!'0$#0.05'-$)!-'0!%.-.%&#-!#!()!@.2.(6!I-! #<.0#!/)%!5#05)!#!5)3)!5'/)!3.!5)5#('5#%'-$)!8+03#3)!.0! +0!'0$#0.05'-$)!#;-)(+5)!3.(!-+<.5)!4!-+-!*)0-.*+.0F FLDV SROt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³3RU HOOR OD FXHVWLyQ GH OD FRPXQLGDG HV OD JUDQ #+-.05.!3.!(#!$.5#8E-'*#!3.(!-+<.5)?!.-!3.*'%!m'03'&'3+)!)!I-5#3)!5)5#(m?!3.! OD PHWDItVLFD GHO SDUD Vt DEVROXWR SRU FRQVLJXLHQWH WDPELpQ GH OD PHWDItVLF *#!3.!()!'2")16#)!.0!2.0.%#(?!3.(!-.%!*)$)!#;F-)(+5)?!/.%8.*5#$.05.!-+.(5)?! 3'-5'05)!4!*(#+-+%#3)?!"%*(.$1'&%<*!}s~!"#!%.(#*',0!S(#!*)$+0'3#3Y!0)!.-?! -'!.-!:+.!.-?!-'0)!#:+.(()!:+.!3.-A#*.!.0!-+!/%'0*'/')!m4!-);%.!-+!*(#+-+%#! )!-);%.!-+!(E$'5.m!(#!#+5#%:+E#!3.!(#!'0$#0.0*'#!#;-)(+5#b6!

V

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@EF

#/#%.*.! .0! 5)3#! %.(#*',0! A+$#0#?! -'.$/%.! 3'#(G*5'*#!! m%./%.-.05#3#!.0!-+!$)$.05)!.-.0*'#(!/)%!(#!a(+*A#! #$)F.-*(#&)b!.0!(#!/%)/+.-5#!3.!@.2.(m!()!:+.!.&'5#! :+.!(#!A%##1%&54$%#(-.#!/.0-#3#!*)$)!$)$.05)!M(5'$)! #;-)(+5)?!4!/)-';'('5#!:+.!-.#!/.0-#3#!*)$)!.(!$.3')! .0!:+.!()-!-+<.5)-!#3:+'.%.0!*.%5.1#!3.!-E?!3.!-+!/%)F /'#!'3.05'3#3?!$.3'#05.!+0!<+.2)!3.!)/)-'*')0.-!/)%! .(!:+.!-.!*)0-5'5+4.0!*)$)!5#(.-?!4!.-!.(!<+.2)!3.!+0#! %.*E/%)*#!(';.%#*',0?!3.!$'!4)!4!3.(!)5%)!:+.!.05%#!.0! MXHJR GLDOp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h)%54!3.!-.%!.50)*G05%'*#Y!*)$)!3.!-+!*)03'*',0!.0!4! /#%#!(#!)5%.3#3?!-+!*)03'*',0!'0#*#;#3#!S)!3.-);%#3#?! -+! &1%*'+$*! .0! /#(#;%#-! 3.! `#0*4Y6! I-! /)%! 5#05)! (#! UHFXSHUDFLyQ GH OD GLDOpFWLFD GH +HJHO UHFWL¿FDGD HVWR .-?!-'0!-+!$.5#8E-'*#!#;-)(+5#6 K)(&'.03)!#!(#!*+.-5',0!:+.!#:+E!'05.%.-#?!.-!<+-F 5)!.-5#!%.*+/.%#*',0!3.!(#!*)$+0'3#3!.0!-.05'3)!A.F JHOLDQR UHFWL¿FDGR HV GHFLU HQ FXDQWR VX A%##1%&54$%#( /)-$.5#8E-'*#!*)$)!3'09$'*#!3.(!%.*)0)*'$'.05)!.0! (#! $.3'#*',0! *+(5+%#(! S4! -,()! $*( (#! $.3'#*',0! *+(5+F %#(Y?! (#! :+.! .-! /(#5#8)%$#! 3.(! 5%90-'5)! 3.! +0#! '0'*'#(! UHYROXFLyQ PLWL¿FDGD FRPR FDWDFOLVPR WUDQVIRUPDF GRU GH WRGDV ODV FRVDV PLWL¿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


")(%'$6.</&()"2$2&")2.2#)/6.!

/#%5'3'-5#!:+.!.0!.(!*E0'*)!.HA';'*')0'-$)!3.!8+.%1#!3.(! 3'-*+%-)!3'*5#5)%'#(!)!8#-*'-5#?!#$;)-!/%.5.03'.03)!A#F ;(#%!<+-5)!.0!0)$;%.!3.!(#!&.%3#3.%#!%.&)(+*',0!-)*'#(6! I0!)5%)!(+2#%!A.!3'-5'02+'3)!.05%.!+0#!8)%$#!3.!%.F -'-5.0*'#!-)*'#(!*E*('*#!4!)5%#!8)%$#!:+.?!-'2+'.03)!(#! '3.#!3.!R'$)0!>%'5*A(.4!3.!+0#!a/)(E5'*#!'05.%-5'*'#(b?! OODPR UHVLVWHQFLD LQWHUVWLFLDO /D]R \ V v( "#!/%'$.%#!-.!3'-5'02+.!/)%!-.%!+0!#*5)!%./.5'5'&)?!'0F *(+-)!);-.-'&)?!.-5#*')0#%')?!3.!-#(&#2+#%3#!4!#-.2+F %#$'.05)!3.!+0!(+2#%!:+.!-.!.-59!%.-'-5'.03)?!-.#!G-5.! -'$;,('*)!m+0!3'-*+%-)!-);%.!(#!'3.05'3#3!)%'2'0#%'#?! -);%.! (#! /+%.1#! 3.! (#! %#1#! *)$)! (+2#%! #! 3.8.03.%m?! )!%.#(!m+0#!/(#1#?!+0#!-.**',0!3.!+0#!*'+3#3!.0!+0#! 2+.%%#?!M(5'$)!;#-5',0!3.!(#!%.-'-5.0*'#?!/)%!.<.$/()6! I-5#!8)%$#!3.!%.-'-5.0*'#!*E*('*#?!-'!;'.0!/+.3.!A#;.%F -.!.H5.03'3)!*)$)!(#!8)%$#!$9-!*)0)*'3#!4!#*./5#F 3#!/)(E5'*#$.05.?!.-!3G;'(!.0!*+#05)!#!-+!.8.*5'&'3#3! .-5%#5G2'*#!/+.-!.-!89*'($.05.!+;'*#;(.!SSDQRSWL]DEOH .0!-.05'3)!8)+*#(5'#0)Y!3#3)!:+.!-.!*)0*.05%#!.0!$#F 0'8.-5#%!/M;('*#$.05.!-+!(+2#%!3.8.03'3)?!4!/)%!5#05)! /+.3.!-.%!%.3+*'3#!<+-5)!.-.!(+2#%!#(!:+.!&+.(&.!.0!-+! *'%*+(#%'3#3!$9-!&'*')-#!:+.!&'%5+)-#?!/+.3.!-.%!#%%'0F FRQDGD IiFLOPHQWH DO UHGXFWR TXH GH¿HQGH RVWHQVLEOHF $.05.!S+0!.<.$/()!/)(G$'*)!3.!(#!-+.%5.!3.!.-5#!$)F 3#('3#3!3.!%.-'-5.0*'#!.-!(#!%.3+**',0!3.(!$)&'$'.05)! 1#/#5'-5#!.0!UGH'*)!#!-+-!5G%$'0)-!#%%'0*)0#3)-?!%.#F (.-!4!-'$;,('*)-?!3.!0)!*))/.%#*',0!4?!#!(#!/)-5%.?!3.! #'-(#$'.05)! '08G%5'(! %.-/.*5)! #(! *#$;')! -)*'#(! :+.! -.! /%)/)0E#!.0!-+!*)$'.01)Y6! "#!-.2+03#!8)%$#!3.!%.-'-5.0*'#?!(#!'05.%-5'*'#(?!0)! GH¿HQGH FtFOLFDPHQWH XQ OXJDU VLPEyOLFR R UHDO VLQR +0#!&)*:%&%<*(%*"'#%"3$&5'6!")-!3.%.*A)-!&')(#3)-!.0! XQ FDVR GH PDQL¿HVWD WRUSH]D SRU SDUWH GH XQD LQVF 5'5+*',0!3.!/%)*+%#*',0!3.!<+-5'*'#?!.(!$#(5%#5)!A'-5,F %'*)!A#*'#!+0!2%+/)!$'0)%'5#%')?!.(!0)!*+$/('$'.05)! 3.!(#-!.H/.*5#5'&#-!3.!+0!$)&'$'.05)!%.&)(+*')0#%')?! -)0!.<.$/()-!3.(!)%'2.0!3.!.-5#!*)03'*',0!3.!'0-#5'-F 8#**',06! J+0:+.! .-5.! -.2+03)! 5'/)! 3.! %.-'-5.0*'#! .-! '0-'-5.05.!.0!()-!2.-5)-!-)*'#(.-!3.!-+!'0-#5'-8#**',0?! 0)!.-!0'!*E*('*#!0'!)-5.0-';(.!.0!-+!.-5%#5.2'#!3.!)/)-'F FLyQ VLQR ÀX\HQWH \ VXWLO FRQ WiFWLFDV FDVL LQYLVLEOHV SDUD XQ GLVSRVLWLYR SDQySWLFR GH SRGHU VDEH ÀXLU \ a*)(#%-.b!/)%!.05%.!(#-!*)05.0*')0.-!4!.0$+%#((#$'.0F 5)-!3.!-+!#%$#3+%#?!0)!-.!/%)/)0.!*)$)!a#05'Fb!S#05'F '0-5'5+*')0#(?! #05'F3.$)*%95'*#?! #05'F8#-*'-5#?! .5*G5.F %#Y?!*)$)!.(.$.05)!3.!)/)-'*',0!8%)05#(?!-'0)!3'%.$)-! #:+E! -'2+'.03)! +0#! '0-'0+#*',0! 3.%%'3'#0#! Sc.%%'3#?! ! "#! '3.#! '0-/'%#3)%#! 3.! +0#! a/)(E5'*#! '05.%-5'*'#(b! -.! .0*+.05%#! .0! >%'5*A(.4!SVWWqY6!

v

.&&&#(%-I)$/(J0+&,$

XpzpY! -.! /%)/)0.! *)$)! .-5%#5.2'#! 3.*)0-5%+*5'&#! 3.! a3'-()*#$'.05)b!3.(!-'-5.$#!3.-3.!-+!'05.%')%6!I-!/)%! .-5)!:+.!.-!'0&.05'&#?!*%.#3)%#!3.!%.*+%-)-!3.!3.-&'#F *',0!)!%.3'%.**')0#$'.05)!3.!()-!3'-*+%-)-!4!3'-/)-'F *')0.-!&.%5'*#('-5#-!3.(!/)3.%?!4!.0!.-5.!-.05'3)!.-!3.-F PLWL¿FDQWH GH WRGR GHVOL]DPLHQWR ³KDFLD DUULED´ KDFLD .(! *'.()! 5%#-*.03.05.! 3.! ()-! 8.5'*A.-! '0#$)&';(.-! 3.! *+#(:+'.%!8)%$#!3.!'3.)()2E#?!'0*(+'3#!/)%!-+/+.-5)!(#! '3.)()2E#!3.!(#!%.&)(+*',0!*)$)!8+.05.!3.!(#!5%#0-8)%F PDFLyQ WRWDO \ ¿QDO GH OD VRFLHGDG \ TXH FRQ 0LFKHO 3.! >.%5.#+! -.C#(9;#$)-! *)$)! 8+.05.! 3.! (#-! 59*5'*#-! *)5'3'#0#-!/%)/'*'#-!/#%#!()-!$)&'$'.05)-!3.!%.-'-5.0F *'#! '05.%*+(5+%#(.-! .0! *)05%#! 3.(! 3'-*+%-)! $)0)(E5'*)! LGHROyJLFR GHO PXOWLFXOWXUDOLVPR /D]R "#!%.-'-5.0*'#!'05.%-5'*'#(?!*)0!-+-!/.%$#0.05.-!59*F 5'*#-!3.!%.'0&.0*',0!3.!()-!-.05'3)-!3.!()-!3'-*+%-)-?! (#-!3'-/)-'*')0.-!/)(E5'*#-!4!(#-!0)%$#5'&'3#3.-?!.-!(#! :+.!3#!(+2#%!#!(#!3'09$'*#!3'#(G*5'*#!3.!+0!%.*)0)*'F $'.05)!0+0*#!#*#;#3)?!-'.$/%.!/)%!2#0#%-.?!/)%!/#%5.! 3.!()-!-+<.5)-!3'-'3.05.-?!:+.!-'.$/%.!-)0!$'.$;%)-! 3.! +0#! *)$+0'3#3! #! (#! :+.! .0*#%0#0?! 4! 3.-3.! *+4#! +$:%'&%<* GH IRUPD OHJtWLPD UHÀHMDQ VXV LQVDWLVIDFF *')0.-!.0!$M(5'/(.-!S%.Y#**')0.-!8%.05.!#!+0!-'-5.$#!3.! '0<+-5'*'#!)!$#0'/+(#*',0!/)(E5'*#6!L+.3#!#-E!.0(#1#3#! (#! #*5'&'3#3! /.%$#0.05.! 3.! %.'0&.0*',0! '$#2'0#5'&#! 3.(!$.3')!-)*'#(!*)0!(#!.$"%"#$*&%'(,$.+'*$*#$!*)$)! 8)%$#!3.!)%2#0'1#*',0!.-5%#5G2'*#!3.!(+*A#!-)*'#(?!3.! +0#!&')(.0*'#!0.*.-#%'#!/#%#!(#!&.%3#3.%#!5%#-8)%$#F *',0!3.!0+.-5%)!.-5#3)!3.!*)-#-6 hINIhI`>OJR!

J%.035?!@6!SXp{qY?!A)2.$(1'(@$C)16&%<*?!!U#3%'3?!J('#01#6 J%.035?! @6! SXpqWY?! 2Q 9LROHQFH?! PRJ?! @#%*)+%5! %UDFH &RPSDQ\ T.%('0?!O6!!SVWWXY?!ac)-!*)0*./5)-!3.!(';.%5#3b?!.0!O6! T.%('0?!?)"(&)*&$,#)"(:$(1%2$.#':(7()#.)"($*"'7)"?! U#3%'3?!J('#01#6 >%'5*A(.4?!R6!SVWWqY?!,Q¿QLWHO\ 'HPDQGLQJ (WKLFV RI B)++%#+$*#E( X)1%#%&"( )3( @$"%"#'*&$?! `+.&#!7)%w?! 9HUVR >KD\ WUDGXFFLyQ DO FDVWHOODQR K'( :$+'*:'( LQ¿QLWD eWLFD GHO FRPSURPLVR SROtWLFD GH OD UHVLV#$*&%'?!T#%*.()0#?!U#%;)5?!VWXW~6 c.%%'3#?! e6! SXpzpY?! 0iUJHQHV GH OD ILORVRItD?! U#F 3%'3?!>95.3%#6 @#;.%$#-?!e6!SXpqXY?!3HU¿OHV ¿ORVy¿FR SROtWLFRV?!U#F 3%'3?!D#+%+-6 "#0*.%)-?!=6!SVWWyY?!3ROtWLFD PHQWH 'H OD UHYROXFLyQ D OD JOREDOL]DFLyQ?!T#%*.()0#?!J05A%)/)-6! "#1)?! =6! SVWXWY?! &UtWLFD GHO PXOWLFXOWXUDOLVPR UHVH#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@EA


&#(%-I)$/(J0+&,$/. 7!0'%&'!+%&0".%/)2

PDQWL]DFLyQ GH OD PXOWLFXOWXUDOLGDG $UJXPHQWD&%<*(%+'0%*'.%'(")2.$(1'(:%C$."%:':(&61#6.'1?!UGF H'*)?!=(#1#!4!K#(3G-6 `#0*4?! e6F"6! SVWWXY?! K'( &)+6*%:':( :$")2.':'?! U#F 3%'3?!J%.0#6 `'.51-*A.?! N6! SVWWyY?! T6+'*)E( :$+'"%':)( 56+'*)E! T+.0)-!J'%.-?!I3'*')0.-!J03%,$.3#6 h)%54?!h6!SXppVY?!,URQtD FRQWLQJHQFLD \ VROLGDULGDG?! T#%*.()0#?!=#'3,-6 h)%54?!h6!SXpp{Y?!a"#!/%')%'3#3!3.!(#!3.$)*%#*'#!-);%.! OD ¿ORVRItD´ HQ 5 5RUW\ 2EMHWLYLGDG UHODWLYLVPR \

YHUGDG (VFULWRV )LORVy¿FRV ,?!T#%*.()0#?!=#'3,-6 7D\ORU & ³+HJHO V 3KLORVRSK\ RI 0LQG´ HQ >6!"()43!S.36Y?!B)*#$+,).'.7(X5%1)"),57c!;(S$^( A6.C$7?!PRJ?!@+$#0'5'.-!=%.--6 D#4()%?! >6! SXpzyY?! a".2'5'$#5')0! >%'-.-\b?! .0! >6! D#4()%?! 3KLORVRSK\ DQG WKH +XPDQ 6FLHQFHV ! 3KLORVRSKLFDO 3DSHUV ?! >#$;%'32.?! >#$;%'32.! P0'&.%-'54!=%.--6 D#4()%?! >A6! SVWXWY?! T$0$1?! T#%*.()0#?! J05A%)/)-! }5%#36!>6!U.03')(#?!N6!>#-5%)!4!=6!"#1)Y6 K#-*)0*.()-?!e6!SVWWpY?!aL+G!.-!(#!%.&)(+*',0b?!.0!e6!K#-F *)0*.()-?!Q=6>($"(1'(@$C)16&%<*M?!UGH'*)?!D%'((#-6 (

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@EH


lectura

'!&

).&,C@-4%

?&7CI'H)##"#)

U

GH'*)!0+0*#!A#!-'3)!+0!/#E-!3.!(.*5)%.-6!I-F 5#3E-5'*#-!3.!(#!P`IR>B!4!)5%#-!)%2#0'1#F *')0.-!'03'*#0!:+.!.(!$.H'*#0)!(..!.05%.!X6z! 4!V6z!(';%)-!#(!#C)6!"#!I0*+.-5#!`#*')0#(!3.!".*5+%#! SVWW{Y! '03'*#! :+.! (#! *'8%#! .-! V6p6! I0! .-#! $'-$#! .0F *+.-5#?! .(! vv6y! /)%! *'.05)! #3$'5.! 0)! A#;.%! (.E3)! +0! -)()!(';%)!.0!-+!&'3#!4!.(!{W6p!/)%!*'.05)!+0)!)!$9-! 5E5+()-6!c.!.-5)-!M(5'$)-?!.(!vW6p!/)%!*'.05)!$.0*')0#! :+.!A#!(.E3)!+0)!)!3)-!(';%)-!4!#(%.3.3)%!3.(!v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yGLFRV R SiJLQDV ZHE TXH DO VROR DFWR GH OHHU J3.$9-!3.!.-5)?!(#!.0*+.-5#!5)$#!.0!*+.05#!()-!/%'F $.%)-!#*.%*#$'.05)-!*)0!(#!(.*5+%#!/#%#!%.*)0)*.%!-'! LQÀX\H PiV HO iPELWR IDPLOLDU TXH HO HVFRODU H LQFRUF /)%#!.(!+-)!3.!(#-!0+.&#-!5.*0)()2E#-!.0!(#-!/%9*5'*#-! (.*5)%#-6! ")-! %.-+(5#3)-! #%%)<#0! :+.! 3.! (#-! /.%-)0#-! .0*+.-5#3#-!:+.!#3$'5'.%)0!(..%?!(#!$#4)%E#!(..!/.%',F 3'*)-?!+0!2%#0!/)%*.05#<.!-.!.H5'.03.!#!()-!<,&.0.-!.0F 5%.!Xz!4!VV!#C)-!4!.(!$#4)%!0M$.%)!3.!(.*5)%.-!-'2+.! *)0*.05%903)-.!.0!.(!*.05%)!3.(!/#E-6 >)$)!5)3#-!(#-!.-5#3E-5'*#-?!.(!%.-+(5#3)!0)!.-!$9-! TXH XQ UHÀHMR HO UHIHUHQWH GH RWUD DFFLyQ XQ SXQWR GH /#%5'3#!/#%#!-)(5#%!*)0<.5+%#-!4!#;%'%!0+.&)-!*#$'0)-! GH UHÀH[LyQ (O DIiQ GH ORV JRELHUQRV H LQVWLWXFLRQHV SRU FXDQWL¿FDU ODV SUiFWLFDV TXH OD VRFLHGDG UHDOL]D KD A.*A)!:+.!0)-!#/.2+.$)-!4!0)-!#-)$;%.$)-!*)0!()-! %.-+(5#3)-!:+.!.-5.!5'/)!3.!.0*+.-5#-!3.5.%$'0#!)(&'F 3903)0)-!:+.!(#!.H/('*#*',0?!.0!.-5.!*#-)!3.!()-!;#<)-!

E03'*.-!3.!(.*5+%#?!);.3.*.!#!'03'*#3)%.-!$#*%)-)*'#F (.-!*)$)!(#-!'0'*'#5'&#-!/)(E5'*#-?!.(!-'-5.$#!.3+*#5'&)! 4!(#-!*)03'*')0.-!.*)0,$'*#-6 `)!3.;.$)-!5)$#%!#(!/'.!3.!(#!(.5%#!:+.!.(!$.H'*#0)! (..!+0)!)!3)-!(';%)-!#(!#C)!#+0:+.!5.02#$)-!(#!-.2+%'F 3#3!3.!:+.!(..!/)*)6!R'0!.$;#%2)?!()!%.(.&#05.!3.!.-#! *'8%#!)!.(!/%);(.$#!0)!.-!:+.!*#-'!0)!-.!(.#?!-'0)!:+.! UGH'*)!.-!+0!/#E-!3)03.!.(!py!/)%!*'.05)!3.!()-!$+0'F *'/')-!:+.!()!*)08)%$#0!0)!A#4!(';%.%E#-!4!ZW!/)%!*'.05)! *#%.*.0!3.!;';(')5.*#-!SI-*#(#05.!g)01#(;)?!VWWq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¿ULDWR HO JRELHUQR HPSUHQGLy FDPSDxDV HQ UHODFLyQ FRQ OD OHFWXUD 3RU¿ULR 'tD] SURSXVR XQD (.4!/#%#!*)0-5%+'%!.-*+.(#-!.0!1)0#-!%+%#(.-!*)0!(#!'0F 5.0*',0!3.!;#<#%!.(!E03'*.!3.!#0#(8#;.5)-?!/.%)!3'*A#! (.4!-.!/%)/+-)!5#%3E#$.05.!.0!-+!2);'.%0)6! I0! #C)-! /)-5.%')%.-?! >#%%#01#! #;%',! +0! c./#%5#F $.05)!I3'5)%'#(!-'0!()2%#%!.(!GH'5)!.-/.%#3)6!=#%#!.-.! .05)0*.-!()-!(';%)-!:+.!-.!(.E#0!.0!UGH'*)?!.0!-+!2%#0! $#4)%E#?! /%)&.0E#0! 3.(! .H5%#0<.%)6! I0! XpVX! (&#%)! B;%.2,0! *)()*,! #! e)-G! K#-*)0*.()-! 8%.05.! #! (#! 0+.F &#!R.*%.5#%E#!3.!I3+*#*',0!=M;('*#!4!#$;)-!%.5)$#F %)0! &#%'#-! '0'*'#5'&#-! 3.! 2);'.%0)-! #05.%')%.-! *)$)! (#! *)0-5%+**',0! 3.! .-*+.(#-?! (#! /+;('*#*',0! 3.! (';%)-! 4!%.&'-5#-!#!5%#&G-!3.!+0!c./#%5#$.05)!I3'5)%'#(!4!(#! %.#('1#*',0!3.!*#$/#C#-!#(8#;.5'1#3)%#-6!J!/#%5'%!3.! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@EB


&#(%-I)$/(J0+&,$/. =%2$5&0!"")"!

K#-*)0*.()-?! ()-! 3'-5'05)-! 2);'.%0)-! 0)! 5#%3#%)0! .0! %..3'5#%!(#!);%#!3.!(';%)-!*(9-'*)-!3.!(#!('5.%#5+%#!+0'F &.%-#(!#(!$'-$)!5'.$/)!:+.!.3'*')0.-!;'('02Ã….-!*)0!(#! '05.0*',0!3.!'05.2%#%!#!()-!2%+/)-!'03E2.0#-6!J!/.-#%! 3.!.-5)-!2%#03.-!.-8+.%1)-?!()-!A9;'5)-!3.!(.*5+%#!3.(! $.H'*#0)!0+0*#!*#$;'#%)0!*)0-'3.%#;(.$.05.6! c+%#05.! .(! 2);'.%0)! 3.! "91#%)! >9%3.0#-! -+%2',?! ()! :+.! #(2+0)-! /)3%E#0! ((#$#%?! (#! a'03+-5%'#! .3'5)F %'#(! .0! UGH'*)b?! :+.! 0)! 8+.! )5%#! *)-#! $9-! :+.! +0#! )(#!3.!/+;('*#*')0.-!3.!3'-5'05)-!5.$#-!.3'5#3#-!/)%! +0'&.%-'3#3.-! 4! *.05%)-! 3.! '0&.-5'2#*',0! #/)4#3)-! 8+03#$.05#($.05.! /)%! .(! 2);'.%0)6! "#! ((.2#3#! 3.! ()-!.-/#C)(.-!.H'('#3)-!#(!/#E-!4!(#!*#%.0*'#!3.!(';%)-! /%)&.0'.05.-! 3.! I-/#C#! /%)&)*#3)! /)%! (#! 3'*5#3+%#! :+.!A#;E#!((.2#3)!#(!/)3.%?!/%)&)*,!:+.!.0!UGH'*)!-.! SXEOLFDUD XQD JUDQ YDULHGDG GH WH[WRV KLVWRULD ¿ORVRF 8E#?!('5.%#5+%#?!$.3'*'0#?!.05%.!$+*A)-!)5%)-!5.$#-6!I(! 2);'.%0)!#/)4,!(#!#/.%5+%#!3.!I(!>)(.2')!3.!UGH'*)?! .(!O0-5'5+5)!=#0#$.%'*#0)!3.!g.)2%#8E#!4!I-5#3E-5'*#?! I(!>)(.2')!`#*')0#(!4!.(!N)03)!3.!>+(5+%#!I*)0,$'F *#6!R'0!.$;#%2)?!.(!*.0-)!3.!XpZW!'03'*#!:+.! .(! yW! /)%! *'.05)! 3.! ()-! $.H'*#0)-! :+.! #/%.03E#0! #! (..%! 4! .-*%';'%!0)!5.%$'0#;#0!(#!.3+*#*',0!/%'$#%'#!SD)%%.-! 6HSWLpQ (VWR VLJQL¿FD TXH HO DFFHVR D OD (.*5+%#?!)!#!()-!(';%)-!.0!-+!*#-)?!3.!(#-!/.%-)0#-!:+.! 3.<#;#0!-+-!.-5+3')-!.%#!$E0'$)?!5.0'.03)!$#4)%!#*F *.-)!#!/.%',3'*)-!4!%.&'-5#-6! R'!A#4!#(2)!:+.!3'-5'02+.!(#!'03+-5%'#!.3'5)%'#(!$+0F 3'#(!3.-/+G-!3.!(#!$'5#3!3.(!-'2()!]]!.0!*)$/#%#*',0! 3.!(#-!3G*#3#-!#05.%')%.-?!.-!:+.!3.-3.!.-.!$)$.05)! VH OH SXHGH OODPDU ³LQGXVWULD´ /D PDVL¿FDFLyQ GH OD .3+*#*',0?!/%)3+*5)!3.!(#!R.2+03#!g+.%%#!U+03'#(?! 5%#<)!*)0-'2)!(#!.3'*',0!3.!(';%)-!2%#5+'5)-!:+.!.$/.F 1#%)0!#!3'-5%';+'%-.!.0!3.*.0#-!3.!/#E-.-?!*)$)!.-!.(! *#-)!3.!UGH'*)6!I(!2);'.%0)!-.!*)0&'%5',!.0!.(!/%'0*'F /#(!*)$/%#3)%!3.!(';%)-?!5%#4.03)!*)$)!*)0-.*+.0*'#! (#!3./.03.0*'#!3.!.-5.!-.*5)%!/#%#!.(!$#05.0'$'.05)! GH OD LQGXVWULD HGLWRULDO 3DUD ¿QDOHV GH OD GpFDGD GH XpyW?!.0!UGH'*)!-.!/+;('*#;#0!+0!/%)$.3')!3.!X?WWW! 5E5+()-!4!-.!.-5'$#!:+.!A#;E#!#(!$.0)-!.05%.!VWW!4!VyW! ELEOLRWHFDV HQ WRGR HO SDtV 8Q GDWR VLJQL¿FDWLYR HV TXH .0!Xpyz?!-.2M0!(#!RI=?!.H'-5E#0!V!Vzq!VZz!(';%)-!3.!()-! *+#(.-!X!{Xv!ZXq!-.!+;'*#;#0!.0!.(!c'-5%'5)!N.3.%#(6! I0!.-5)-!#C)-!'0'*'#%)0!(#-!-#(#-!3.!(.*5+%#!)!*.05%)-! 3.!(.*5+%#!.0!&#%')-!/+05)-!3.(!/#E-!SD)%%.-!R./5'G0?! (QWUH \ VH SXEOLFDURQ $'(()0.-! 3.! (';%)-! 3.! 5.H5)! 2%#5+'5)-! 3'-5%';+'3)-! .0! ODV HVFXHODV GH WRGR 0p[LFR *UHDYHV I0!(#!3G*#3#!3.!XpqW!(#!RI=!A'1)!+0#!2%#0!(#;)%! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@@E

SXEOLFDQGR OD FROHFFLyQ 6(3 6HWHQWDV HQ GRQGH FDGD .<.$/(#%!5.0E#!+0!*)-5)!3.!3'.1!/.-)-?!#(!$'-$)!5'.$F /)!:+.!(#!>)$'-',0!`#*')0#(!3.(!"';%)!3.!D.H5)!g%#F 5+'5)! 3'-5%';+4,! .05%.! Xpqq! 4! XpzV?! ZqX! $'(()0.-! 3.! (';%)-6!I0!Xpqz!(#!.3'5)%'#(!c'#0#!%.#('1,!+0!.-5+3')! .0!.(!*+#(!-.!);-.%&#!:+.!+0!Zy!/)%!*'.05)!3.!()-!:+.! *)$/%#0!(';%)-!()!A#*.0!/)%!$)5'&)-!.-*)(#%.-?!4!+0! UHGXFLGR Q~PHUR OR KDFtD SRU JXVWR *UHDYHV vZpFvyZY6!I0!XpzV!I3'*')0.-!3.!>+(5+%#!=)/+(#%!%.#F ('1,!+0!.-5+3')!/#%.*'3)!.0!.(!*+#(!-.!'03'*#!:+.!-)()! .(! Z! /)%! *'.05)! 3.! ()-! .0*+.-5#3)-! #3$'5',! *)$/%#%! OLEURV GH PDQHUD KDELWXDO *UHDYHV 3DUD -);%.&'&'%?! (#-! .3'5)%'#(.-! -.! #('#%)0! #! /%)4.*5)-! :+.! 5.0E#0!*)$)!);<.5'&)!(#!/+;('*#*',0!3.!(';%)-!/#%#!(#-! .-*+.(#-6!I-5#!3./.03.0*'#!*#-'!5)5#(!3.(!2);'.%0)!A#! 3.-8#&)%.*'3)!(#-!5#-#-!3.!(.*5+%#!.0!.(!/#E-6 c.!#*+.%3)!#!(#-!M(5'$#-!.-5#3E-5'*#-!3.!(#!>9$#%#! `#*')0#(!3.!(#!O03+-5%'#!I3'5)%'#(!U.H'*#0#?!.0!VWWp! .05%.!.(!-.*5)%!/%'&#3)!4!.(!-.*5)%!/M;('*)!-.!/%)3+<.F %)0! vXp! XzX! Z{q! $'(()0.-! 3.! .<.$/(#%.-_! -.! *)$.%F *'#('1#%)0!+0!/)*)!$9-!3.!XZV!WWW!5E5+()-?!-+/.%#03)! (#-! *#05'3#3.-! 3.! VWWq! 4! VWWz6! I0! 5)5#(?! 0)-! 3'*.! (#! >J`OIU?!-.!&.03'.%)0!$9-!3.!XVp!$'(()0.-!3.!(';%)-! ()!*+#(!8#*5+%,!+0!5)5#(!3.!z!Vvq!$'(()0.-!3.!/.-)-!.0! 0p[LFR 8Q GDWR VLJQL¿FDWLYR HV TXH HO SUHFLR SURF $.3')!3.(!(';%)!.0!.(!VWWz!8+.!3.!yz!/.-)-!4!+0!#C)! 3.-/+G-!8+.!3.!{v!/.-)-6!R'!3.!.-5)-!3#5)-!.('$'0#$)-! ()-! (';%)-! 3.(! -.*5)%! /M;('*)?! ()-! :+.! .3'5#0! (#-! .$F /%.-#-! /%'&#3#-! /#%#! /%)2%#$#-! 3.! 2);'.%0)! 4! -);%.! 5)3)!()-!5.H5)-!2%#5+'5)-!/#%#!(#-!.-*+.(#-!/M;('*#-?!.(! -.*5)%!/%'&#3)!/+;('*,!-)()!Xz!{Xz!5E5+()-!S=%'0*'/#(.-! '03'*#3)%.-!3.(!-.*5)%!.3'5)%'#(!$.H'*#0)!VWWpY6!! I(!/%);(.$#!3.!8)03)!0)!.-!(#!(.*5+%#!)!:+.!(#!2.05.! 0)!(.!/#%.1*#!'$/)%5#05.!(..%?!-'0)!#:+.(()!:+.!/%)3+*.! (#-!*)03'*')0.-!/#%#!:+.!(#!/%9*5'*#!3.!(#!(.*5+%#!-.#! /)*)!%.*+%%.05.!.0!.(!/#E-6!J!0'&.(!8.3.%#(?!(#-!/)(E5'*#-! *+(5+%#(.-! -)0! '0'*'#5'&#-! #C.<#-! #8.%%#3#-! #(! /%)4.*F 5)! *+(5+%#(! &#-*)0*.('-5#! :+.! /%,H'$#$.05.! *+$/('%9! FLHQ DxRV \ TXH VH UHÀHMD DO LPSULPLU PLOORQHV GH OLF ;%)-!2%#5+'5)-!:+.!-.!*)0&'.%5.0!.0!/%)3+*5)-!.8E$.%)-! 4!3.-.*A#;(.-!/#%#!5)3)!#:+.(!#(+$0)!:+.!()-!%.*';.!4! &.!.0!-+-!*)05.0'3)-!5.$#-!3.!/)*)!'05.%G-!#-E!*)$)!(#! H[DOWDFLyQ GH YDORUHV TXH \D QR ORV LGHQWL¿FDQ (VWDV /)(E5'*#-!/M;('*#-!8.3.%#(.-!0)!5'.0.0!*)$)!;#-.!0'0F 2+0#! '3.)()2E#! )! /(#0! 0#*')0#(! 3.! *+(5+%#! /)%:+.! .(! /#%5'3)!.0!.(!/)3.%!.0!5+%0)!*#%.*.!3.!.(()6! I-5)-!(';%)-!2%#5+'5)-!-)0!%.*';'3)-!/)%!+0!-'-5.$#! .3+*#5'&)!.0!*%'-'-!3)03.!()-!$#.-5%)-?!.0*#%2#3)-!3.! .H/('*#%!.(!*)05.0'3)!3.!()-!(';%)-!4!-.%!8#*'('5#3)%.-!3.!


'!&')6#$"!&)/&-5C.6%& .&&&#(%-I)$/(J0+&,$

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pQ UHÀ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

J05.!.(!/)*)!5'.$/)!(';%.!3.!()-!A#;'5#05.-?!-+!%.F 3+*'3#! -)(&.0*'#! .*)0,$'*#?! +0#! $#(#! 3'-5%';+*',0! 3.! (#-! .3'5)%'#(.-?! (#! *#%.0*'#! 3.! (';%.%E#-! .0! .(! /#E-?! +0!-'-5.$#!.3+*#5'&)!.0!*%'-'-?!(#!$)0)/)('1#*',0!3.! ()-!$.3')-!3.!*)$+0'*#*',0?!(#-!;';(')5.*#-!$#(!.:+'F /#3#-!4!#5.03'3#-?!+0#!3./.03.0*'#!3.!(#-!.3'5)%'#(.-! *)0!.(!2);'.%0)!4!.(!;#<)!'05.%G-!3.!(#!/);(#*',0!.0!(#-! *'.0*'#-!4!.(!#%5.?![/)3%90!5.0.%!GH'5)!(#-!*#$/#C#-!#! 8#&)%!3.!(#!(.*5+%#\! hINIhI`>OJR

I0*+.-5#!`#*')0#(!3.!".*5+%#!SVWW{Y?!UGH'*)?!>B`J>P"F 7$ HQ VLF FRQDFXOWD JRE P[ HQFXHVWD HQOBSGIV ]LS I-*#(#05.!g)01#(;)?!N6!SVWWqY?!;(1'(")+2.'(:$(1)"(1%2.)"?!UGH'*)?!I(!>)(.2')!3.!UGH'*)6 g%.#&.-!>6!SVWWyY?!a"#!RI=!4!(#!(.*5+%#b?!.0!J6J6K6K6?! T%"#).%'(:$(1'(1$&#6.'($*(D>8%&)?!UGH'*)?!I(!>)(.F 2')!3.!UGH'*)6 =%'0*'/#(.-!'03'*#3)%.-!3.(!-.*5)%!.3'5)%'#(!$.H'*#0)! VWWp! SVWXWY?! UGH'*)?! >9$#%#! `#*')0#(! 3.! (#! O0F GXVWULD (GLWRULDO 0H[LFDQD &21$&8/7$ D)%%.-!R./5'G0?!K6!SVWWyY?!a"#!(.*5+%#?!XpZW!FXpyWb!.0! J6J6K6K6?!T%"#).%'(:$(1'(1$&#6.'($*(D>8%&)?!UGH'F *)?!I(!>)(.2')!3.!UGH'*)6

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@@@


polemizar

)'&!"#)&3)&

'%1&/%"3)1&3)&'!&9%'>#-4!5 :C%++"#O&'1"#";#)33'

}T.0<#$E0! J%3'5'?! /D SROtWLFD HQ ORV ERUGHV GHO OLEHUDOLVPR ?%3$.$*&%'E( ,),61%"+)E( .$C)16&%<*E($+'*&%,'&%<*?!T#%*.()0#?! g.3'-#?!VWXW6~

L

O

+'.0! -.! .08%.05.! *)0! (#! (.*5+%#! 3.! /D SROt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ÀH[LyQ SROtWLFD SHUR OD SROpPLFD QR DGPLWH +0#!%.3+**',0!8.0)$.0)(,2'*#!)!+0#!*'%*+0-*%'/*',0! '0-5'5+*')0#(6!T.0<#$E0!J%3'5'!-)-5'.0.!:+.!(#!,)1$+%]DFLyQ .-!(#!-.3.!3.!a+0#!%.(#*',0!)!-'5+#*',0!.-5%#5GF 2'*#!.05%.!*)05.03'.05.-b!/.%)!5#$;'G0!a+0!/%)*.3'F $'.05)!/#%#!(#!*)0-5%+**',0!3.!*)0*./5)-!/)(E5'*)-!:+.! -.!%.-'-5.!#!(#!5.05#*',0!3.!3)5#%()-!3.!+0#!*)0-'-5.0*'#! !

"#!%.#('1#*',0!3.!.-5.!5%#;#<)!8+.!/)-';(.!2%#*'#-!#!+0#!;.*#!/)-3)*5)F %#(!)5)%2#3#!/)%!(#!c'%.**',0!g.0.%#(!3.!J-+05)-!3.(!=.%-)0#(!J*#3G$'*)! ScgJ=JY!3.!(#!P`JU6 QQ! >.05%)!3.!I-5+3')-!=)(E5'*)-!3.!(#!N#*+(5#3!3.!>'.0*'#-!=)(E5'*#-!4!R)*'#F OHV GH OD 81$0 JXLOOHUPRGSHUH\UD #KRWPDLO FRP Q!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@@C

RQWROyJLFD IXHUWH´ X!"#!)05)()2E#!3.! (#!/)(.$'1#*',0!'03'*#!:+.!5)3)!.-5#5+5)!3.!/.%5.0.0F *'#! 3.;.! -)$.5.%-.! #! (#! /%+.;#! 3.(! 3.-#*+.%3)6! =)%! FRQVLJXLHQWH QR HVWDPRV IUHQWH D XQ OLEUR GH ¿ORVRItD SROtWLFD ±VL SRU ³¿ORVRItD SROtWLFD´ HQWHQGHPRV FRPR OR KDFH -DFTXHV 5DQFLqUH OD DFWLYLGDG UHÀH[LYD TXH 5'.0.!/)%!);<.5)!-+/%'$'%!(#!/)(G$'*#m?!-'0)!+0!5%#;#F <)!3.!5.)%E#!/)(E5'*#!*%E5'*#!*+4#!%.(.&#0*'#!#+$.05#! .0!+0!*)05.H5)!3)03.!(#!/%..$'0.0*'#!#*#3G$'*#!3.! (#! *'.0*'#! /)(E5'*#! )/#*#! .-5#! /.%-/.*5'&#! 3.! /.0-#F $'.05)6!R.!5%#5#!3.!+0!5.H5)!:+.!3'-*+5.!'3.#-?!#%2+F $.05)-!4!.08):+.-!5.,%'*)-!4!/%9*5'*)-!-'5+#3)-!a.0! ()-!;)%3.-b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c.!#:+E!.0!#3.(#05.!5)3#-!(#-!%.8.%.0*'#-!:+.!*)0-'20.0!-,()!.(!0M$.%)! 3.!/92'0#-!/.%5.0.*.0!#!.-5.!5%#;#<)6!

X!!


)'&!"#)&4)&7%')-.+!"&'%2&0%"4)2&4)&'!&7%'@#.6!& .&&&#(%-I)$/(J0+&,$

a0)$#3'1#*',0b?!3.-);.3'.0*'#!*'&'(!4!GH)3)!3.!(#-! PXOWLWXGHV TXH SXJQDQ SRU QR VHU FRGL¿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pSRFD GHO ³¿Q GH OD KLVWRULD´ SUHWHQGH FODXVXF %#%!.(!3.-#*+.%3)!'$/'3'.03)!&.%!:+.!A#4!8)%$#-!3.! (#!/)(E5'*#!0)!.-5%'*5#$.05.!(';.%#(.-6 OO

3%/!/%)/)0.!(#!0)*',0!3.!a/.%'8.%'#!'05.%0#b!/#%#! #;)%3#%!(#!%.(#*',0!:+.!.H'-5.!.05%.!.(!0M*(.)!0)%$#(! 3.! (#! /)(E5'*#! (';.%#(! 4! (#-! $)3#('3#3.-! /)(E5'*#-! -'F 5+#3#-!.0!(#!/.%'8.%'#!3.(!$'-$)6!I(!5G%$'0)!/.%'8.F %'#! '05.%0#! #(+3.! #! +0! /('.2+.! )! 1)0#! AE;%'3#! .05%.! .(! (';.%#('-$)! 4! -+-! )5%)-! :+.! /.%$'5.! 3'-5'02+'%()-! SHUR WDPELpQ YLVOXPEUDU VXV LQÀXHQFLDV UHFtSURFDV J%3'5'!-)-5'.0.!:+.!.(!#%2+$.05)!3.!(#!A';%'3#*',0!)! *)05#$'0#*',0! .05%.! .(! 0M*(.)! (';.%#(! 4! -+! /.%'8.%'#! %.*A#1#!+0#!)/)-'*',0!;'0#%'#!.05%.!#$;)-!S/6!XzY!4?! /)%!5#05)?!(#-!8)%$#-!/)(E5'*#-!:+.!-.!3#0!.0!.-.!/('.F 2+.! 0)! -)0! 0'! /+%#$.05.! (';.%#(.-! 0'! #;-)(+5#$.05.! #05'(';.%#(.-6!"#!0)*',0!3.!/.%'8.%'#!'05.%0#!*+.-5')0#! (#!&'-',0!3.!+0#!5)/)2%#8E#!:+.!3.5.%$'0#!3.!$#0.%#! 5#H#5'&#!+0!(+2#%!/%)/')!4!.H*(+-'&)!3.!(#!/)(E5'*#6!c.! +0!(#3)?!()-!2).:$"(3.(!(';.%#('-$)!'05.%%)2#0!4!*+.-F 5')0#0!.(!'$#2'0#%')!5%#3'*')0#(!3.!(#!/)(E5'*#!(';.%#(_! /)%!)5%#!/#%5.?!()-!a)5%)-b!3.(!(';.%#('-$)!0)!-)0!#;F -)(+5#$.05.!.H5.%')%.-!#(!'$#2'0#%')!(';.%#(6!I0!.-5.! /+05)?!(#!/)(E5'*#!3.!(#!3'8.%.0*'#?!.(!/)/+('-$)!4!(#-! 59*5'*#-!3.!0)$#3'1#*',0!#(+3.0!#!a8.0,$.0)-!.0!()-! ;)%3.-!*+4#!/.%$#0.0*'#!.0!.(!5.%%'5)%')!3.!(#!/)(E5'*#! (';.%#(!.-!'03.*'3';(.!8+.%#!3.!+0!3.-#*+.%3)!}s~!-+! .-5#5+5)!*)$)!#(2)!'05.%0)!)!.H5.%0)!}#(!(';.%#('-$)~! 0)!/+.3.!-.%!5%#5#3)!#3.*+#3#$.05.!#!$.0)-!:+.!()-! -)$.5#$)-!#!+0!/%)*.-)!3.!/)(.$'1#*',0b!S/6!VWY6! D.0'.03)!.0!*+.05#!()!#05.%')%?!(#!'0-5#0*'#!3.!+0! -+<.5)!/%.*)0-5'5+'3)!(';.%#(!)!#05'(';.%#(!.-!%.*A#1#F 3#!3.-3.!(#-!/%'$.%#-!/92'0#-!3.(!(';%)?!4!.-5.!%.*A#F

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y!3.3'*#3)-!#(!#09('-'-!3.!(#!5.05#5'&#!/)/+('-5#6! $UGLWL D¿UPD TXH OD SROtWLFD GH OD LGHQWLGDG ±TXH #(+3.!#(!%.*)0)*'$'.05)!3.!3.%.*A)-!.-/.*'#(.-!/#%#! 2%+/)-! /#%5'*+(#%.-m! *+.-5')0#! (#! 0)*',0! 3.(! '03'&'F 3+)!(';.%#(!-);.%#0)!*+4)!.-5#5+-!$)%#(!3./.03.!3.! (#!#3<+3'*#*',0!4!.(!%.*)0)*'$'.05)!3.!3.%.*A)-!'0F 3'&'3+#(.-!+0'&.%-#(.-6!=.%)!5#$;'G0!-)-5'.0.!:+.!(#! %#3'*#('1#*',0!3.!()-!/#%5'*+(#%'-$)-!/+.3.!*)0&.%5'%! .(!.-/#*')!/M;('*)!.0!+0!-'5')!3)$'0#3)!/)%!(#!'0*)0F $.0-+%#;'('3#3! 3.! ()-! 2%+/)-6! I0! -+! )/'0',0?! (#! '0F *)0$.0-+%#;'('3#3!3.!()-!/#%5'*+(#%'-$)-!.-!'0*)$F /#5';(.!*)0!()!/)(E5'*)!.05.03'3)!*)$)!(#!3'-/+5#!/)%! .(! .-/#*')! /M;('*)6! I-! 3.*'%?! (#! %#3'*#('1#*',0! 3.! (#! /)(E5'*#!3.!(#!'3.05'3#3!/+.3.!((.&#%!#!a.03+%.*.%!(#-! 8%)05.%#-b!.05%.!2%+/)-!.0!(+2#%!3.!/%)/'*'#%!(#!/)(GF PLFD XQD LGHQWLGDG HQGXUHFLGD \ HQIXUHFLGD FHUUDGD .0! -E! $'-$#?! '03'*#! +0! #+5)%%./('.2+.! :+.! 0'.2#! .(! %'.-2)! 3.(! *)05#*5)?! (#! .H/)-'*',0! 4! .(! 3'-.0-)! :+.! GH¿QH D OR SROtWLFR 3RU RWUD SDUWH \ D GLIHUHQFLD GHO +'%*"#.$'+( (';.%#(?! J%3'5'! 0)! *)0-'3.%#! :+.! .(! /)F /+('-$)! -.#! +0! 8.0,$.0)! 0.*.-#%'#$.05.! .H5.%')%! #! (#! 3.$)*%#*'#! -'0)! $9-! ;'.0! (#! .H/%.-',0! 3.! +0#! &)(+05#3!/)/+(#%!:+.!#*)$/#C#!.-/.*5%#($.05.!#!(#! GHPRFUDFLD OLEHUDO (VWR VLJQL¿FD TXH HO SRSXOLVPR /)%!$)$.05)-!/+.3.!%.8)%1#%!(#!3.$)*%#*'#!/.%)!.0! )5%#-!)*#-')0.-!/+.3.!#5)%$.05#%(#6 OOO

"#! 5.%*.%#! /#%5.! 3.! 3%/?! 3.3'*#3#! #! 3'-*+5'%! ()-! *)0*./5)-! 3.! #2'5#*',0?! %.&)(+*',0! 4! .$#0*'/#*',0?! *)()%.#! (#! '05.0*',0! G5'*)F/)(E5'*#! 3.(! (';%)6! R+! /%)F /,-'5)!.-!#;%'%-.!#!(#!&.0'3#!3.(!.&.05)!.$#0*'/#5)%')! TXH GLVORFD ORV FRQWRUQRV ¿MRV GH OD SROtWLFD (Q HVWH #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@@D


&#(%-I)$/(J0+&,$/. A$.'')"-%&7)"),"!

*)05.H5)?! J%3'5'! .05'.03.! :+.! (#-! /)(E5'*#-! .$#0*'F SDWRULDV GL¿HUHQ GH OD SROtWLFD FRPR ³DUWH GH OR SRF -';(.b?! *+4)! :%&#6+( HV ³KDFHU VyOR OR TXH VH SXHGH A#*.%!/)%:+.!-.!/+.3.!A#*.%b!S/6!X{yY6!I(!#%5.!3.!()! /)-';(.!*)0((.&#!+0#!&'-',0!%.-5%'*5'&#!4!*)0-.%&#3)%#! 3.! (#! /)(E5'*#! :+.! (#! %.3+*.! #! +0! *9(*+()! 3.! /%);#F ;'('3#3.-!&'#;(.-!4!#!+0!<+.2)!3.!'05.%.-.-!0.2)*'#F EOHV (Q FDPELR OD SROtWLFD HPDQFLSDWRULD UHGH¿QH .(!*#$/)!3.!()!8#*5';(.!8)%1#03)!+0!*#$;')!$#*%)!)! $'*%)/)(E5'*)!:+.!$.<)%#!(#!-'5+#*',0!3.!(#!(';.%5#3!4! (#!'2+#(3#3!-'0!;#-#%-.!.0!(#!/%)$.-#!3.(!()2%)!3.!+0#! -)*'.3#3!8+5+%#!/(.0#$.05.!'2+#('5#%'#!S/6!XqXY6! 3%/ RIUHFH XQD GH¿QLFLyQ PtQLPD GH HPDQFLSDF FLyQ TXH SXHQWHD OD UHÀH[LyQ WHyULFD FRQ OD DFWLYLGDG SROpPLFD VLQ QHFHVLGDG GH SURSRQHU XQD ¿ORVRItD GH OD HPDQFLSDFLyQ (VWD GH¿QLFLyQ VH H[SUHVD GH OD VLF JXLHQWH PDQHUD ³VH SXHGH KDEODU GH HPDQFLSDFLyQ *+#03)!A#4!+0#!3'-/+5#!#*.%*#!3.!-'!(#-!*)03'*')0.-! DFWXDOHV R VL VH SUH¿HUH ODV UHODFLRQHV VRFLDOHV H[LVF 5.05.-?!/%)$+.&.0!)!3#C#0!(#!'2+#(3#3!4!(#!(';.%5#3?!4! #*.%*#!3.!-'!)5%)!$+03)!.-!/)-';(.b!S/6!Xq{Y6!R.2M0! $UGLWL OD YHQWDMD GH HVWD GH¿QLFLyQ HV TXH QR RIUHFH +0!*)05.0'3)!'(,.%).%(3.!(#!'2+#(3#3!4!(#!(';.%5#3!-'0)! :+.!()-!/%.-.05#!a*)$)!.8.*5)-!3.!+0#!#*5'&'3#3!/)(GF PLFD´ S /D GH¿QLFLyQ UHFRQRFH TXH HV SUHIHULF ;(.!+0#!-'5+#*',0!:+.!#$/(E#!(#!(';.%5#3!4!(#!'2+#(3#3!#! +0#!:+.!(#!%.-5%'02.!S3'$.0-',0!0)%$#5'&#Y?!/.%)!#-+F $.!:+.!(#!#$/('#*',0!3.!(#!'2+#(3#3!4!(#!(';.%5#3!3.F /.03.!3.!+0#!/)(G$'*#!*)05%#!()-!:+.!&+(0.%#0!#$;)-! &#()%.-!4!.-5)!0)!/+.3.!-.%!3'%'$'3)!/)%!+0!5.%*.%)!'$F SDUFLDO GLPHQVLyQ H[LVWHQFLDO S /D GH¿QLFLyQ PtQLPD FXPSOH OD IXQFLyQ KHXUtVWLFD GH VLPSOL¿FDU HO /%);(.$#! 3.! (#! .$#0*'/#*',0! /#%#! /)3.%! .05.03.%()! $.<)%!4!-+!/%)/,-'5)!0)!.-!%.-5%'02'%!.(!9%.#!3.!'03.*'F 3';'('3#3!3.!(#-!3'&.%-#-!(+*A#-!.$#0*'/#5)%'#-6!R'!0)! A#4!+0!*)05.0'3)!'(,.%).%(3.!(#!(';.%5#3!4!(#!'2+#(3#3?! /)3.$)-!/.0-#%!.0!+0#!'1:+'.%3#!:+.!#;#03)0#!(#!5#F %.#!3.!<+12#%!*)$)!3.-&'#3#-!(#-!(+*A#-!%#3'*#(.-!:+.! 0)!.-590!#!(#!#(5+%#!3.(!'3.#(!.$#0*'/#5)%')6! JA)%#! /+.3.! &'-(+$;%#%-.! .(! &E0*+()! :+.! J%3'5'! *)0-5%+4.!.05%.!#2'5#*',0!4!%.&)(+*',06!"#!/%'$.%#!-'F 2+.! 5.0'.03)! '$/)%5#0*'#?! 8+.%1#! 4! #*5+#('3#3! a/#%#! (#-! /+(-')0.-! .$#0*'/#5)%'#-b! #+0:+.! 4#! 0)! .-5G! -+F <.5#!a#!+0!.-5'()!'0-+%%.**')0#(!3.!A#*.%!/)(E5'*#b!S//6! X{VFX{vY6! "#! #2'5#*',0! .-! +0! 8#*5)%! 3.! $)&'('1#*',0! *)(.*5'&#!:+.!/.%$'5.!-+/.%#%!(#!&'-',0!$#0':+.#!3.! OD SROtWLFD TXH VHSDUD OR SRVLEOH GH OR LPSRVLEOH XQD #2'5#*',0! /+.3.! )! 0)! -.%! .8.*5'&#! 4! -+! %.-+(5#3)! 0)! .-59!2#%#05'1#3)!3.!#05.$#0)?!/.%)!5'.0.!+0!&#()%!/.F #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@@?

3#2,2'*)!4!/)(E5'*)!3.!3.&.(#$'.05)!3.!(#-!'0<+-5'*'#-?! .H*(+-')0.-!4!3.-'2+#(3#3.-!3#3#-!/)%!-.05#3#-!/)%!.(! )%3.0! /)(E5'*)! 3)$'0#05.! .! '0*(+-)! /)%! #:+.(()-! :+.! (#-!/#3.*.0!.0!*#%0.!/%)/'#6!")!$'-$)!*#;.!3.*'%!3.! (#!%.&)(+*',0?!:+.!J%3'5'!.05'.03.!*)$)!+0#!&)(+05#3! GH GLVUXSFLyQ TXH PRGL¿FD XQ FDPSR GH H[SHULHQFLD -'0! ;+-*#%! a+0! %./)-'*')0#$'.05)! 3.05%)! 3.(! )%3.0! .H'-5.05.b! S/6! XqWY6! R+! 8+.%1#! 3'-%+/5'&#! 0)! -.! .0F *+.05%#!.0!.(!a%.-/(#03)%!3.!(#!'0-+%%.**',0b!-'0)!.0! (#!a#*5'&'3#3!3.!%.&)(+*')0#%b!*)5'3'#0#!:+.!*)0-'-5.! .0!%.&)(+*')0#%!/.%$#0.05.$.05.!(#!%.&)(+*',0!4!0.F 2)*'#%!(#!;%.*A#!.05%.!(#!/%)$.-#!.$#0*'/#5)%'#!4!-+-! UHSUHVHQWDFLRQHV ¿QLWDV (O FDUiFWHU LQDFDEDEOH H LUUHF -)(+;(.!3.!(#!%.&)(+*',0!0)!(.!:+'5#!&'5#('3#3!-'0)!5)3)! OR FRQWUDULR HO SUREOHPD GH OD UHYROXFLyQ HV HO GH XQD /)5.0*'#!:+.!0+0*#!-.!3.-#%%)((#!/(.0#$.05.!.0!#*5)6!")! :+.!3.5.%$'0#!(#!%#3'*#('3#3!3.!(#!%.&)(+*',0!0)!.-!(#! &')(.0*'#!.0!-E!$'-$#!-'0)!-+!*#/#*'3#3!3.!/%)3+*'%!+0! ('5'2')!:+.!3.-#*)$)3#!.(!)%3.0#$'.05)!3.!(#-!8+0*')F 0.-!4!<.%#%:+E#-!-)*'#(.-6!=)%!.(()!J%3'5'!-)-5'.0.!:+.!(#! %.&)(+*',0!0)!'$/('*#!0.*.-#%'#$.05.!5)$#%!(#-!#%$#-! 4!+0!((#$#3)!#(!3.%%#$#$'.05)!3.!-#02%.?!*)$)!()!#5.-F 5'2+#0!(#!a%.&)(+*',0!3.!5.%*')/.()b!3.!Xpzp!.0!(#!#05'F JXD &KHFRVORYDTXLD TXH SXVR ¿Q DO UpJLPHQ VRYLpWLFR )!(#!a%.&)(+*',0!0#%#0<#b!3.!P*%#0'#!.0!VWWZ?!3)03.!(#! PDQLIHVWDFLyQ PDVLYD \ SDFt¿FD GH OD JHQWH HQ OD 3OD]D 3.!(#!O03./.03.0*'#!3.!r'.&!/.%$'5',!:+.!-.!#0+(#%#0! (#-!.(.**')0.-!8%#+3+(.05#-!4!-.!-+-5'5+4.%#!+0!2);'.%0)! #+5)%'5#%')!/)%!)5%)!3.$)*%95'*)!S//6!XzqFXzz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a*)$+0'3#3! 3.! .H'F 2.0*'#! 3.! *)$+0'3#3b?! .-5)! .-?! (#! -.3.! 3.! +0! a.-5#%! <+05)-b! :+.! 5%#;#<#! .0! .(! /%.-.05.! /#%#! :+.! #3&.02#! +0#!*)$+0'3#3!/)(E5'*#!$9-!<+-5#?!(';%.!.!'2+#('5#%'#6! "#!#2'5#*',0!.-5%+*5+%#!8)%$#-!3.!%.+0',0?!3'-*+-',0!


)'&!"#)&4)&7%')-.+!"&'%2&0%"4)2&4)&'!&7%'@#.6!& .&&&#(%-I)$/(J0+&,$

\ SODQL¿FDFLyQ TXH LPSXOVDQ HO HQWXVLDVPR GH OD PRF &'('1#*',0!/)/+(#%!4!(#!/%)$.-#!3.!+0!*#$;')!%#3'*#(6! "#! #2'5#*',0! &+.(&.! /.%$#0.05.$.05.! .0! (#! A'-5)%'#! *)$)!.H'2.0*'#!*)$+0'5#%'#!3.!+0!$+03)!$9-!<+-5)!4! HVWR VLJQL¿FD TXH OD UHYROXFLyQ QR HV XQD YLHMD SUiFWLF *#!#!3.-.*A#%!4!(#!.$#0*'/#*',0!+0!#-+05)!:+.!/+.3#! VHU GH¿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¿JXUDOHV \ ¿QLWDV GH OD UHYROXFLyQ TXH FRQF &'.%5.!#(!8#*5)%!)%2#0'1#5'&)!0)!.0!+0!#**.-)%')!-'0)!.0! /#%5.!8+03#$.05#(!3.!(#!%.&)(+*',0Y6 OK

I0!.-5.!M(5'$)!/+05)!&)4!#!.H/()%#%!#(2+0#-!5.0-')0.-! 3.(!5%#;#<)!3.!J%3'5'!4!/(#05.#%!#(2+0)-!3.-#*+.%3)-!*)0! %.-/.*5)!#!-+!'05.%/%.5#*',0!3.!(#!/)(E5'*#!.$#0*'/#5)%'#6! (O DXWRU VRVWLHQH TXH HV SUHFLVR ¿QDOL]DU HO ³GXHOR '05.%$'0#;(.!/)%!.(!3.%%+$;.!3.!+0!'$#2'0#%')!3.!(#! %.&)(+*',0b!/#%#!.&'5#%!*#.%!.0!(#!$.(#0*)(E#?!:+.!.0! 5G%$'0)-! 8%.+3'#0)-! *)0-5'5+4.! +0#! a/#5)()2E#?! /+.-! 0+0*#! 3.<#! '%! #(! );<.5)! /.%3'3)b! S//6! XzyFXz{Y6! R'F 2+'.03)!#!J%3'5'?!.(!3+.()!/)%!(#!%.&)(+*',0!0)!/+.3.! -.%!+0!#-+05)!.H5%.$#3#$.05.!5%92'*)!/)%:+.!(#!'0*#F /#*'3#3!3.!3'-5#0*'#%-.!3.(!);<.5)!/.%3'3)!5.%$'0#!.0! OD LPSRUWDQFLD \ OD GHVPRYLOL]DFLyQ (O ¿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c.!#*+.%3)!*)0!.-5)?!.(!0+.&)!/.0-#$'.05)!3.!(#!

.$#0*'/#*',0! -.! .0*+.05%#! .0! (#! -'5+#*',0! 3.! )/5#%! /)%!.(!.05+-'#-$)!$)&'3)!/)%!(#!/%)$.-#!3.!+0!$+0F 3)! $.<)%! )! ;'.0! /)%! (#! #*5'5+3! $.(#0*,('*#! /)%! +0#! %.&)(+*',0!:+.!0+0*#!-.!3')!*#;#($.05.6!J!/#%5'%!3.(! 5%#;#<)!3.!^#(5.%!T.0<#$'0!4!3.!h);.%5)!I-/)-'5)?!.-! /)-';(.!.05.03.%!(#!$.(#0*)(E#!*)$)!+0#!3'-/)-'*',0! '05.(.*5+#(!:+.!'$/+(-#!(#!#*5'&'3#3!*%E5'*#!4!*)$)!+0! 8#*5)%!.H'-5.0*'#(!3.!(#!*)$+0'3#36! I0! !1( ).%0$*( :$1( :.'+'( 2'..)&)( '1$+I*E( T.0<#F $'0!-)-5'.0.!:+.!(#!$.(#0*)(E#!.-!(#!3'-/)-'*',0!/%)F /'#!3.(!T#%%)*)!4!()!:+.!-+%2.!a3.!(#-!/%)8+03'3#3.-! GHO iPELWR FUHDWXUDO´ V! "#! $.(#0*)(E#! 4! (#!3.-)(#*',0?!(#!3'-5#0*'#!*)0!.(!.05)%0)!4!.(!.H5%#C#F $'.05)!*)0!.(!/%)/')!*+.%/)!-)0!()-!.-5#3)-!3.!90'$)! /%.3)$'0#05.-! 3.(! T#%%)*)6! "#! 3.-#/#%'*',0! .0! .-5#! G/)*#!3.!+0#!&'-',0!.-*#5)(,2'*#!3.!(#!A'-5)%'#!#*#%%.,! .(! 3.-*)0-+.()! /)%! (#! *)03'*',0! 5.%%.0#! 3.(! A)$;%.?! .-!3.*'%?!a(#!A+'3#!#!+0#!0#5+%#(.1#!#;#03)0#3#!/)%!(#! JUDFLD´ %HQMDPLQ (VWR VLJQL¿FD TXH (#!$.(#0*)(E#!0)!.-!+0#!3.-&'#*',0!:+.!#(2+0)-!.H/.F %'$.05#0!-'0)!+0#!*)03'*',0!*)$M0!3.!(#!A+$#0'3#36! (O %DUURFR OH FRQ¿HUH XQD FRQQRWDFLyQ &)+6*%#'.%'( )!*)$M0!#!(#!$.(#0*)(E#!4!#!(#!&.1!.(!*#%9*5.%!3.!+0! -#;.%! )! #*5'5+3! *)05.$/(#5'&#6! =)%:+.! a(#! -#;'3+%E#! 3.(!$.(#0*,('*)?!:+.!.-!.-*(#&#!3.!(#!/%)8+03'3#3?!-.! #3:+'.%.!$.3'#05.!(#!'0$.%-',0!.0!(#!&'3#!3.!(#-!*)-#-! *%.#5+%#(.-?!-'0!:+.!0#3#!(.!3.;#!#!(#!&)1!3.!(#!%.&.(#F FLyQ´ %HQMDPLQ /D PLUDGD PHODQFyOLFD 3.!()-!/.%-)0#<.-!3.(!3%#$#!;#%%)*)!#(.$90!-.!.$#0F FLSD GH OD LGHD DQWLJXD GHO GHVWLQR WUiJLFR \ VDFUL¿FLDO 3.(!AG%).!4!3.!5)3#!#*./*',0!/#5)(,2'*#!)!/.*#$'0)-#! .-5#;(.*'3#!/)%!(#!*)0*./*',0!*%'-5'#0#!3.!(#!A'-5)%'#! 3.! (#! -#(&#*',06! "#! $.(#0*)(E#! ;#%%)*#! .-59! -+<.5#! #! +0#!a'0$#0.0*'#!%'2+%)-#?!-'0!0'02+0#!#/.%5+%#!#(!$9-! DOOi GHO PLVWHULR´ %HQMDPLQ (O KRPEUH $.(#0*,('*)! 0)! .-59! /)%! ()! 5#05)! #'-(#3)! 3.(! $+03)! -'0)!#%%)<#3)!#(!a$+03)!/%)8#0)!3.!(#-!*)-#-b!)!#!()! *)$M0!-.*+(#%!-'0!5%#-*.03.0*'#6!J+0:+.!.(!/.%-)0#F <.!$.(#0*,('*)!-+8%.!.(!3.-*)0-+.()!/)%!-+!*)03'*',0! WHUUHQD VX DÀLFFLyQ QR OR KDFH FDHU HQ OD LPSRWHQFLD VLQR TXH PiV ELHQ OH FRQ¿HUH OXFLGH] SDUD GDUVH FXHQF 5#!:+.!0)!A#4!%.3.0*',0!/)-';(.6!")!:+.!$.!'05.%.-#! 3.-5#*#%!.-!:+.!(#!$.(#0*)(E#!;#%%)*#!#%5'*+(#!+0!90'F $)!'05.(.*5+#(!*%E5'*)!.<.%*'3)!.0!(';.%5#3!:+.!.0!(+2#%! 3.!-.%!+0#!/#5)()2E#!/.%$'5.!#;%#1#%!#/#-')0#3#$.0F 5.!.(!$+03)!/%)8#0)!4!*)05.$/(#%()!.0!5#05)!%+'0#-6! &RPR D¿UPD )HGHULFR *DOHQGH ³%HQMDPLQ GHGXFH OD 0)*',0!3.!Ä*%E5'*#!$.(#0*,('*#l!3.!+0!90'$)!:+.?!#;'-F 3DUD PD\RUHV GHWDOOHV YpDVH 3HUH\UD

V

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@@G


&#(%-I)$/(J0+&,$/. A$.'')"-%&7)"),"!

$903)-.!.0!.(!$+03)!3.!(#-!*)-#-?!0)!;+-*#!%.-)(&.%F (#-!.0!0'02M0!5'/)!3.!Ä5)5#('3#3!-'$;,('*#l?!-'0)!:+.! $9-!;'.0!(#-!.H/)0.!#!/#%5'%!3.!(#-!/%)/'#-!Ä5.0-')0.-l! :+.!(#-!*)-#-!$#05'.0.0!.05%.!-E!4!#(!'05.%')%!3.!*#3#! XQD GH HOODV´ /D PLUDGD PHODQFyOLFD EHQF <#$'0'#0#!0)!#-+$.!+0#!#*5'5+3!3.-/)('5'1#3)%#!/)%:+.! SHUPLWH FXHVWLRQDU OD KLVWRULD FRPR SURJUHVR VLQ ¿Q \ .-!.(!/+05#/'G!#0E$'*)!/#%#!#*)$.5.%!(#!3.-5%+**',0!3.! 5)3)!#:+.(()!:+.!#5#!#(!A)$;%.!#(!3.-5'0)!4!(#!*+(/#6 R'!T.0<#$'0!*)0*';.!(#!$.(#0*)(E#!*)$)!+0#!#*5'F WXG LQWHOHFWXDO FUtWLFD (VSRVLWR D¿UPD TXH HVWH HVWDGR #0E$'*)!-.!.0*+.05%#!.0!.(!8)03)!3.!(#!*)$+0'3#36!I(! #+5)%!'5#('#0)!-)-5'.0.!:+.!(#!5%#3'*',0!A#!.05.03'3)!#(! A)$;%.! $.(#0*,('*)! a.0! *)05%#/)-'*',0! *)0! (#! &'3#! .0!*)$M0?!/)%!-+!-.%!<+-5#$.05.!*) FRP~Q HQIHUPR #0)%$#(?!2.0'#(!/.%)?!.0!5)3)!*#-)?!4!/%.*'-#$.05.!/)%! .(()?!8+.%#!3.!(#!*)$+0'3#3?!*+#03)!0)!3'%.*5#$.05.! FRQWUD pVWD´ (Q OD SHUVSHFWLYD GH (VSRVLWR (#!$.(#0*)(E#!0)!.-!-'0,0'$)!3.!#'-(#$'.05)?!/#%9('-'-! )!%.*A#1)!3.!(#!&'3#!*)(.*5'&#!/)%:+.!A#4!+0!a*#%9*5.%! )%'2'0#%'#$.05.!$.(#0*,('*)?!3'&'3'3)?!8%#*5+%#3)?!3.! OD PLVPD FRPXQLGDG´ (V YHUGDG TXH $UGLF 5'!/)-5+(#!:+.!(#!$.(#0*)(E#!/)%!(#!%.&)(+*',0!/.%3'3#! 3.;.!-.%!5%#$'5#3#!/)(E5'*#$.05.!#!5%#&G-!3.!+0!3+.()! *)(.*5'&)?!/)%!5#05)?!0)!*)0*';.!:+.!A#4#!:+.!(';.%#%-.! 3.!.((#!#!5%#&G-!3.!(#!%./%.-',0!)!+0!5%#5#$'.05)!5.%#F /G+5'*)!'03'&'3+#(6!=.%)!-+!.-:+.$#!5.,%'*)!-.!*)0-F 5%+4.!-);%.!(#!;#-.!3.!(#!)/)-'*',0!;'0#%'#!.05%.!.0F 5+-'#-$)!)!$)&'('1#*',0!%.&)(+*')0#%'#!4!$.(#0*)(E#?! /)%!5#05)?!.05%.!$.(#0*)(E#!4!*)$+0'3#3!/)(E5'*#6!>'5)! D (VSRVLWR XQD YH] PiV ³VyOR HO KRPEUH PHODQFyOLFR }666~!}-~#;.!:+.!(#!*)$+0'3#3!.-!*+#05)!5#(!0)!.-!%.#F ('1#;(.?!:+.!.(!+6*6"!3.!0+.-5%#!&)++6*%#'"(.-!(#!(.4! :+.!/%)AE;.!.(!/.%8.*5)!*+$/('$'.05)6!=.%)?! 5#(!&.1?! .-!#(!$'-$)!5'.$/)!.(!/%'$.%)!.0!-#;.%!:+.!.-.!+6*6"(( HV WDPELpQ XQ GRQ´ $ SDUWLU GH HVWDV '3.#-?!-.!/)3%E#!3.*'%!:+.!A#4!+0#!#*5'5+3!$.(#0*,('*#! HQ HO IRQGR GH OD SROt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a#%5.! 3.! ()!/)-';(.b?!.-5)!.-?!(#!&'-',0!*)0-.%&#3)%#!3.!(#!/)F (E5'*#! -+<.5#! #(! '05.%G-! 4! ()! /)(E5'*#$.05.! &'#;(.6! I0F #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@@F

3+%.*.%!(#-!8%)05.%#-!3.!2%+/)-!/#%5'*+(#%.-?!A#*.%!+0! +-)! /.%-'-5.05.! 3.! ()-! $.*#0'-$)-! /(.;'-*'5#%')-! 3.! (.2'5'$#*',0?!4!*#$;'#%!3.!.-5'()!3.!&'3#!8+.%#!3.!(#-! .H'2.0*'#-! 3.(! *#/'5#('-$)! (';.%#(! /+.3.0! *)0-5'5+'%! #*5'&'3#3.-! 8#*5';(.-! :+.! %.-/)03.0! #! 3.5.%$'0#3)-! '05.%.-.-! 4! :+.! 0)! #(5.%#0! .(! )%3.0! 3.! .H/.%'.0*'#6! I0!*#$;')?!()!$.%#$.05.!/)-';(.!.-!'%%.3+*5';(.!#!(#! .$#0*'/#*',0!*)$)!/)(E5'*#!3.!()!'$/)-';(.6!I-5)!-'2F QL¿FD TXH D PL MXLFLR OD HPDQFLSDFLyQ FRPR DSHUWXUD #!()!'$/)-';(.!/)(.$'1#!0)!-,()!*)0!.(!0M*(.)!0)%$#(! 3.(! (';.%#('-$)! -'0)! 5#$;'G0! *)0! (#! /.%'8.%'#! '05.%0#! 3.(!(';.%#('-$)!4!*)0!-+!'0*(+-',0!.0!.-#!1)0#!#$;'2+#! 3.!(#!/)(E5'*#6!R'!(#!.$#0*'/#*',0!.-!(#!.H/.%'.0*'#!-'0! (E$'5.!3.!(#!.H/)-'*',0!#!(#!&.0'3#!3.!()!)5%)?!.05)0*.-! -+-!8)%$#-!/)(E5'*#-!0)!/+.3.0!-.%!+0#!$#0'8.-5#*',0! .H*(+-'&#!3.!(#!/.%'8.%'#!'05.%0#!3.(!(';.%#('-$)!4!/)%! *)0-'2+'.05.!.(!9%.#!3.!'03.*'3';'('3#3!%.&)(+*')0#%'#! -.!.H5'.03.!$9-!#((9!m.-!'$/)-';(.!/%.*'-#%()m!3.!.-#! 1)0#!2%'-!3.!(#!/)(E5'*#!#*5+#(6!J3'*')0#($.05.?!0#3#! '$/'3.!:+.!(#-!/)(E5'*#-!.$#0*'/#5)%'#-!/+.3#0!%)$F /.%!.(!0.H)!)!(#!*#3.0#!3.-5'0#(!:+.!(#-!('2#!#!(#!/.F ULIHULD LQWHUQD GHO OLEHUDOLVPR (Q GH¿QLWLYD PLHQWUDV 0)!5.03%E#!/%);(.$#-!.0!%.*)0)*.%!:+.!(#!/)(E5'*#!3.!(#! '3.05'3#3?!.(!/)/+('-$)!4!.(!0)$#3'-$)!-)0!()-!;)%F 3.-!4!()-!.-/.*5%)-!3.!(#!3.$)*%#*'#!(';.%#(?!0)!*%.)! :+.!-.!/+.3#!3.*'%!()!$'-$)!3.!(#!#*5'&'3#3!%.&)(+*')F 0#%'#!4!3.!(#-!8)%$#-!3.!.$#0*'/#*',06! J+0:+.! J%3'5'! -)-5'.0.! :+.! .-! '$/)-';(.! 3.5.%F $'0#%!'(,.%).%(:+G!(+*A#-!-)0!$9-!)!$.0)-!.$#0*'F /#5)%'#-!:+.!)5%#-!m.-5)!-,()!/+.3.!.-5#;(.*.%-.!/#%F *'#($.05.!#!5%#&G-!3.!+0#!/)(G$'*#m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tD VLJQL¿FDU LQVWLWXLU DOJR VLPLODU DO 5%#5#3)!3.!^.-58#('#?!:+.!*%.,!.(!$#%*)!3.!%.8.%.0*'#!/#%#!.(! -'-5.$#!'05.%.-5#5#(!3.!()-!-'2+'.05.-!vWW!#C)-?!)!5#$;'G0!/+.F 3.!-.%!.05.03'3)!*)$)!+0!$.%)!*#$;')!.0!(#!/)-'*',0!%.(#5'&#! 3.!()-!3'-5'05)-!I-5#3)-!#!5%#&G-!3.!2+.%%#-!4!#('#01#-!3.05%)! 3.!.-.!$#%*)6!")!/%'$.%)!.-!%.&)(+*')0#%')?!#+0:+.!0)!0.*.F -#%'#$.05.!.$#0*'/#5)%')?!$'.05%#-!:+.!()!-.2+03)!.-!;#0#(?!


)'&!"#)&4)&7%')-.+!"&'%2&0%"4)2&4)&'!&7%'@#.6!& .&&&#(%-I)$/(J0+&,$ \D TXH JORUL¿FD XQD SHUWXUEDFLyQ HQWUySLFD TXH VLPSOHPHQWH %./%)3+*.!.(!*,3'2)!:+.!2);'.%0#!+0!<+.2)!/)(E5'*)!*)0-'-5.0F 5.!.0!.(!'0*.-#05.!*#$;')!3.!(#!2.)$.5%E#!3.(!/)3.%!.05%.!()-! I-5#3)-!S/6!X{ZY6

'HEHPRV PRGL¿FDU HQWRQFHV OD SUHJXQWD ¢FXDOF TXLHU UHYROXFLyQ TXH PRGL¿FD HO VWDWX TXR D WUDYpV GH +0#!/)(G$'*#!:+.!.$.%2.!3.-3.!()-!;)%3.-!3.(!(';.%#F ('-$)!8)%$#!/#%5.!3.!+0#!/+(-',0!.$#0*'/#5)%'#\!"#! '3.#! 3.! (#! %.&)(+*',0! *)5'3'#0#! *)05'0+#! m(#! /.%$#F 0.05.! %.&)(+*',0! 3.! (#! %.&)(+*',0m?! [.0! :+G! $.3'3#! .-!+0!*#5#('1#3)%!3.!(#!/)(G$'*#!4!0)!$9-!;'.0!#(2)! :+.!&+.(&.!%+5'0#%')?!$.*90'*)!4!/)%!5#05)!/%.&'-';(.! 4!#05'*'/#;(.!(#!5#%.#!$'-$#!3.!(#!%.&)(+*',0\!J%3'5'! )8%.*.!0+$.%)-)-!4!3'8.%.05.-!.<.$/()-!3.!/%9*5'*#-! HPDQFLSDWRULDV ODV OXFKDV SRU OD GHPRFUDFLD HQ $PpF %'*#! "#5'0#! .0! ()-! #C)-! zW! 4! pW?! (#-! #**')0.-! 3.! ()-! 0+.&)-! $)&'$'.05)-! -)*'#(.-?! (#-! É)0#-! J+5,0)$#-! D.$/)%#(.-! SÉJDY?! (#! '0-+%%.**',0! 4! (#-! /)(E5'*#-! #! 8#&)%! 3.! (#! 3'20'3#3! '03E2.0#! 3.(! I<G%*'5)! É#/#5'-5#! 3.! "';.%#*',0! `#*')0#(! SIÉ"`Y?! a#(2)! 5#0! /)*)! A.F URLFR SHUR VLJQL¿FDWLYR FRPR ORV HVIXHU]RV SRU FDPF ;'#%! (.4.-! *)05%#%'#-! #! (#! (';.%5#3! 4! (#! '2+#(3#3b! S/6! XzZY?!.!'0*(+-)!(#-!3.$#03#-!3.!3.$)*%#*'#?!5%#0-/#F %.0*'#?! %.-/)0-#;'('3#3?! .$#0*'/#*',0?! /%)-/.%'3#3?! .5*G5.%#?!.0!()-!a/#E-.-!*#/'5#('-5#-!3.-#%%)((#3)-!*)0! %.2E$.0.-!3.$)*%95'*)-!;'.0!*)0-)('3#3)-b!S/6!VXXY6! [c.!:+G!3./.03.!(#!*)0-'3.%#*',0!3.!8.0,$.0)-!5#0! 3'&.%-)-!*)$)!.<.$/()-!3.!/)(E5'*#-!.$#0*'/#5)%'#-\! ")-!3'&.%-)-!*#-)-!*'5#3)-!/)%!J%3'5'!'03'*#0!:+.!0)! -,()! *#%.*.$)-! 3.! +0! *%'5.%')! '( ,.%).%( /#%#! *)0-'3.F

%#%!#(2+0)!3.!.(()-!*)$)!/%9*5'*#-!0)!.$#0*'/#5)%'#-?! VLQR TXH WDPELpQ H[LVWH XQD LQÀDFLyQ GHO FDPSR GH (#-!.05'3#3.-!.$#0*'/#5)%'#-6! "#!3+3#!:+.!()!M(5'$)! JHQHUD HV VL HVWD LQÀDFLyQ HV XQ LQGLFDGRU GH TXH HVH 9$;'5)!.-59!#5%#&.-#3)!/)%!(#!/)(G$'*#!)!:+.!$9-!;'.0! VH GH¿QH SRU OD FRQYLYHQFLD H LQFOXVLyQ GH GLYHUVRV /%)4.*5)-! .$#0*'/#5)%')-! 3.! (#! /.%'8.%'#! '05.%0#! 3.(! (';.%#('-$)?!.0!*+4)!*#-)!.(!.-/#*')!3.!()-!#$'2)-!3.! (#!.$#0*'/#*',0!/)5.0*'#($.05.!-.!#$/(E#!4!3'-$'0+F 4.0!-+-!.0.$'2)-6!R'0!0.*.-'3#3!3.!/)-5+(#%!+0#!0)F *',0!8+03#$.05#('-5#!4!3)2$95'*#!3.!(#!.$#0*'/#*',0?! A#;%E#! :+.! /%.2+05#%-.! -'! (#! #$/('#*',0! 3.(! *#$/)! HPDQFLSDWRULR HV VX¿FLHQWH SDUD GDU FXHQWD GH OD UDGLF *#('3#3!/)(G$'*#!3.!(#-!#*5+#(.-!/)(E5'*#-!3.!.$#0*'F /#*',0!-'5+#3#-!.0!()-!;)%3.-!3.(!(';.%#('-$)6!=)%:+.! (#!.$#0*'/#*',0!0)!-,()!.-!'%%.3+*5';(.!#(!(';.%#('-$)! -'0)!5#$;'G0!#!.-#!/.%'8.%'#!'05.%0#!/)-(';.%#(6 hINIhI`>OJR

T.0<#$'0?! ^6! SVWWqY?! aI(! )%'2.0! 3.(! ³7UDXHUVSLHO´! #(.$90b?! .0! ^6! T.0<#$'0?! 2EUDV /LEUR 9RO ?! U#3%'3?!J;#3#6 I-/)-'5)?! h6! SVWWpY?! aU.(#0*)(E#! 4! *)$+0'3#3b?! .0! h6!I-/)-'5)?!&RPXQLGDG LQPXQLGDG \ ELRSROtWLFD ! T#%*.()0#?!@.%3.%6! g#(.03.?!N6!SVWWpY?!:DOWHU %HQMDPLQ \ OD GHVWUXFFLyQ?! R#05'#2)!3.!>A'(.?!I3'*')0.-!U.5#(.-!=.-#3)-6 =.%.4%#?!g6!SVWXWY?!6REUH OD VROHGDG (Q WRUQR D XQD SROtWLFD LPSRVLEOH %XHQRV $LUHV (GLFLRQHV GHO 6LJQR

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@@A


lealtad

).&#%".%&!&'!&

).&9%'>#-4!

!"#$%&'A#O"28<#%/3 }O20#*')! >#$#%2)! g)019(.1?! $FWRUHV GH OD SROtWLFD 8Q HVWX:%)(:$(1'(1$'1#':(7(1'"('&#%#6:$"( :$( &'+2%)( :$( ,'.#%:)( $*( #.$"( +6*%&%,%)"( :$( D>8%&)E( '( ,.%*&%,%)"( :$1( "%01)( FF9?! UGH'*)?! 8$&+ 63$8$&+ @

R

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tWLFD 8Q HVWXGLR GH OD OHDOWDG \ 1'"('&#%#6:$"(:$(&'+2%)(:$(,'.#%:)($*(#.$"(+6*%&%,%)"( :$( D>8%&)E( '( ,.%*&%,%)"( :$1( "%01)( FF9?! .-! +0! 5%#;#<)! 3.!'0&.-5'2#*',0!%'*)!.0!/(#05.#$'.05)-!.!'08)%$#*',0! HVSHFt¿FD OD SUHVHQWDFLyQ GH VXV FRQWHQLGRV HV PXHVF 5%#!3.!+0#!&.%5.;%#*',0!$+4!.(#;)%#3#!4!(#%2)!5'.$/)! *)0*.;'3#!/)%!/#%5.!3.(!#+5)%!:+.?!-'0!3+3#?!-.!3')!#! (#! 5#%.#! 3+%#05.! 5%.-! 8.*+03)-! #C)-! 3.! *)0-5%+**',0?! GXUDFLyQ H[SUHVDGD SRU pO PLVPR SDUD ¿QDOPHQWH GDU #!(+1!#!.-5.!(';%)6!K#(.!(#!/.0#!#-)$#%-.!#!-+-!/.%-F /.*5'&#-!#*.%*#!3.!(#!*)03+*5#!.-5%#5G2'*#!3.!()-!#*5)F %.-!/)(E5'*)-!.0!+0#!%.2',0!3.(!.-5#3)!3.!U)%.()-?!:+.! !

=%)8.-)%!3.!(#!P0'&.%-'3#3!=.3#2,2'*#!`#*')0#(!4!3.!(#!P0'&.%-'3#3!J+F 5,0)$#!3.!>A'A+#A+#6

Q!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@@H

/+.3.!2.0.%#('1#%-.!#!*+#(:+'.%!%.2',0!3.(!/#E-?!3#3#! OD FRQ¿JXUDFLyQ WHyULFD FRQFHSWXDO \ PHWRGROyJLFD 3.(!5.H5)!#:+E!*)$.05#3)6!R'0!.$;#%2)?!()!:+.!.0!.-5.! PRPHQWR OODPD PL DWHQFLyQ VRQ VXV UHÀH[LRQHV HQ 5)%0)!#(!8.0,$.0)!3.!(#!(.#(5#3!/)(E5'*#6 =#%#! >#$#%2)! g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yQ VLJQL¿FDWLYD FROHFF 5'&#6!I-!/)%!.-)!+0#!/'.1#!8+03#$.05#(!3.(!3.-.$/.F C)!3.!()-!#2.05.-!/)(E5'*)-6!")-!3'-*+%-)-!5.,%'*)-!3.! J05A)04!g'33.0-!.0!-+!/%)/+.-5#!3.!#**',0!-);%.!(#! .-5%+*5+%#*',0! -)*'#(?! (#! *)0*./5+#('1#*',0! -);%.! ()-! *#$/)-!3.!='.%%.!T)+%3'.+?!#-E!*)$)!(#!#**',0!*)$+F 0'*#5'&#! 3.! eÅ%2.0! @#;.%$#-?! 3#0! $#%*)! '05.%/%.5#F 5'&)!3.!8)03)!#(!/(#05.#$'.05)!3.!O20#*')!>#$#%2)?! *)0-5'5+4.03)!3.!.-#!$#0.%#!-+!/%)/'#!A.%$.0G+5'*#! /#%#!-+!.H5.0-#!.H/()%#*',0!-)*')(,2'*#6 "#!(.#(5#3!.-5#%E#!+;'*#3#!*)$)!+0#!#*5'5+3!'05.%F


)/&#%"/%&!&'!&')!'#!4&)/&7%'@#.6!

$.3'#!.05%.!.(!/#5%')5'-$)!4!.(!3.;.%?!/)%!5#05)!-.%E#! $9-!%#*')0#(!:+.!.(!/#5%')5'-$)?!/.%)!$9-!.$)5'&#!*)0! %.(#*',0!#(!*+$/('$'.05)!3.(!3.;.%6!R'.$/%.!%.-/)03.! #! +0#! /)-'*',0! 3.! *9(*+()! %#1)0#3)! *)0! 8+.%5.-! .(.F $.05)-! 3.! .H/%.-',0! .$)5'&#?! *)0-5'5+4.03)! /)%! ()! 5#05)! +0#! *#%#*5.%E-5'*#! /%'$)%3'#(! .0! (#! /%)2%.-'&#! *)0-5%+**',0!3.!*'+3#3#0E#!#*5'&#6!7!.-!&'5#(!#/('*#%! XQD UHÀH[LyQ VLVWHPiWLFD HQ WRUQR D OR TXH UHSUHVHQWD .0!0+.-5%)!$.3')!/)(E5'*)!(#!#*5'5+3!5#0!$#0)-.#3#!3.! (#!(.#(5#3?!/)%!*'.%5)!5#0!-.&.%#$.05.!*)08+03'3#!*)0! 5)3#!+0#!2#$#!3.!'0A';'*')0.-?!*)$/(.<)-!4!*'0'-$)-! GH tQGROH GLYHUVD /D GH¿FLHQWH HGXFDFLyQ SROtWLFD GHO SROtWLFR GH R¿FLR HQ 0p[LFR OH KD OOHYDGR D FRQF 8+-')0.-! 3.2%#3#05.-! #*.%*#! 3.(! *)0*./5)! 3.! (.#(5#3?! .0! &.%3#3! ()! :+.! A#! %./%.-.05#3)! .-! -'$/(.$.05.! (#! FRQYHUVLyQ GHO PLVPR HQ XQ VLJQL¿FDGR TXH VH UHGXFH #(!-.%&'('-$)!4!#!(#!.05%.2#!'0*)03'*')0#(!3.!+0!&#()%! A+$#0)!5#0!'$/)%5#05.!*)$)!()!.-!(#!3'20'3#36 "#!(.#(5#3!.-!/'.3%#!3.!5):+.!3.!(#!*+(5+%#!/)(E5'*#! :+.! (#! )/.%#?! /)%! .-)! .-! 5#0! #;-)(+5#$.05.! 5%#-*.0F GHQWH GH¿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¿RVDV OD JHVWLy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hO! :+.!3.(! =J`?! /)%!

.&&&#(%-I)$/(J0+&,$

-+/+.-5)! -'0! )(&'3#%! ()! /%)/')! 3.(! =hc?! .(! (';%)! .0F 5%.2#!*(#&.-!8+03#$.05#(.-!:+.!3#0!(#!/#+5#!.H/('*#F 5'&#!3.(!$.5#3'-*+%-)!:+.!#(+$;%#!(#-!'0*)02%+.05.-! FRQGXFWDV GH ORV SROtWLFRV PH[LFDQRV TXH D ¿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i¿F *)-!$M(5'/(.-?!'0&)(+*%#03)!#%5'*+(#*')0.-!%#*')0#(.-?! .$)*')0#(.-!4!0)%$#5'&#-!3'8.%.0*'#3#-6 I0!5#(!-.05'3)!/)3.$)-!);-.%&#%?!/)%!.<.$/()?!:+.! (#-! *G(.;%.-! *#03'3#5+%#-! 3.! +0'3#3! 3.! ()-! /#%5'3)-! :+.! (#-! +-#0?! ((#$#0! 3.! $#0.%#! .()*+.05.! #! #-+$'%! +0#! -+/+.-5#! (.#(5#3! /%'$)%3'#(?! .05.03'3#! .0! %.#('F 3#3!*)$)!+0#!#*5'5+3!3.!-.%&'3+$;%.!$.*90'*#?!4!0)! FRPR XQD FRQGXFWD UHÀH[LYD \ RUJi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¿FDWRULR /D QXHYD WLUDQtD 3.(!/%#2$#5'-$)?!2.0.%)-#!A#-5#!.(!.H*.-)!.0!-+!(,2'F *#!3.!)/.%#*',0?!A#!3.-5%+'3)!*#%%.%#-!/#%5'3'-5#-!*)0! $9-!3.!&.'05.!#C)-!3.!$'('5#0*'#?!(#-!*)03+*5#-!.-5%#F 5G2'*#-!.0!.-.!-.05'3)!-.!A#0!-);%./+.-5)!#!(#-!%.2(#-! 4!%.*+%-)-!3.!#**',0!/)-';(.!#(!'05.%')%!3.(!$#0.<)!3.(! /)3.%! 3.! .-5%+*5+%#-! '0-5'5+*')0#(.-! :+.! A#0! &.0'3)! *.%%#03)!-+-!*#/#*'3#3.-!3.!%)5#*',0!3.!-+-!G('5.-6 "#-! )%2#0'1#*')0.-! /#%5'3'-5#-! .0! (#! /)(E5'*#! -)0! +0'3#3.-! '0-5'5+*')0#(.-! 3.! 5)$#! 3.! 3.*'-')0.-! /#%#! (#! #3$'0'-5%#*',0! 4! 2.-5',0! .8.*5'&#! 3.! (#! %./M;('*#?! .-/.*'#($.05.! *+#03)! -.! 5%#0-8)%$#0! .0! 2);'.%0)-! :+.!-.!A#*.0!*#%2)!3.!()-!#/#%#5)-!3.!I-5#3)_!/%.*'-#F PHQWH SRU OD LQÀXHQFLD TXH WLHQHQ HVWUXFWXUDOPHQWH HQ (#!*)03+**',0!*)(.*5'&#?!-.!A#*.!0.*.-#%')!:+.!-.!/%)F 8.-')0#('*.0! %.-/.*5)! #(! $#0.<)! 3.! (#-! #*5'5+3.-! :+.! 8#&)%.1*#0!(#!'05.('2.0*'#!3.!()-!*)$/)%5#$'.05)-!3'F #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@@B


&#(%-I)$/(J0+&,$/. 2)"A.%&!"-)/4^".+

%'2'3)-! #! 8)%5#(.*.%! (#! *)A.-',0! -)*'#(! 4! (#! '3.05'3#3! 3'09$'*#!:+.!-.!%.:+'.%.0!/#%#!*)0-)('3#%!+0#!3.$)F *%#*'#!:+.!.HA';.!-E05)$#-!3.!0#+8%#2')?!.$/);%.*'F $'.05)!3.!+0!$)3.()!-)*'#(!:+.!%.2%.-#!#!()-!$)(3.-! GH ODV GRPLQDFLRQHV FDFLTXLOHV \ HVWLORV GH PD¿RVLGDG :+.!#$.0#1#0!*)0!3.&#-5#%!()!:+.!:+.3#!3.!(#-!.-/.F %#01#-!3.!*#$;')!-)*'#(?!8)%$#-!)%2#0'1#*')0#(.-!%.F 2%.-'&#-!:+.!.&'3.0*'#-!-+!%.1#2)!.0!+0!.$/);%.*'3)! UHFLFODPLHQWR GH DOJXQDV GH VXV GHVJDVWDGDV ¿JXUDV HQ '$#2.0!3.!/%)5#2)0'-$)-!.0&.<.*'3)-6 I-! '$/%.-*'03';(.! :+.! 5%#;#<)-! 3.! '0&.-5'2#*',0! *)$)! .(! 3.! O20#*')! >#$#%2)! -.! 3'8+03#0! 3.(! $.<)%! $)3)!/)-';(.!.0!.(!*.%%#3)!+0'&.%-)!3.!(#!*(#-.!/)(EF 5'*#!0#*')0#(6!"#!%':+.1#!*)0*./5+#(!#%5'*+(#3#!*)0!(#! .H/()%#*',0! .$/E%'*#?! /.%$'5'%E#0! +0! .-5+/.03)! /%)F FHVR GH IRUPDFLyQ \ UHÀH[LyQ GH ORV VXMHWRV SROtWLFRV :+.! -.! .H/+-'.%)0! ;)03#3)-#$.05.! #! ()-! 3.-*+;%'F $'.05)-!4!);-.%&#*')0.-!3.!.-5.!5%#;#<)!-)*')(,2'*)6! I0!5#(!-.05'3)?!(#-!+0'&.%-'3#3.-!A#%E#0!+0!8)%$'3#;(.! -.%&'*')! #(! /#E-?! -'! /%)2%#$#%#0! .0! *)0<+05)! *)0! ()-!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@CE

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a.(!%.2%.-)!3.(!'3')F 5#b?!.0!/.%&.%-#!*)08+-',0!.05%.!(#!(.#(5#3!*)0*.;'3#! FRPR DFWLWXG GHPRFUiWLFD \ HO LJQRPLQLRVR ¿HUUR GH a(#!$#%*#!3.(!#$)b6!!!!!


Jardines de cinta canela @"P5&Q'1)9+&':);5<2'!)25%)$& F&5&7Q'?&7I'0)2C"+'R)+8I7 #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@C@


!',&-.$./K/($)%&#'I&'/.&=!"4./)2&4)&6./#!&6!/)'!

a

(V PX\ YLROHQWD´ GH¿QH HO JULWR DKRJDGR D OD IRWRJUDItD Q~F $.%)!*+#5%)!3.!(#!-.%'.!eDUGLQHV GH FLQWD FDQHOD !3.(!#%F 5'-5#!/(9-5'*)!e)-G!U#0+.(!K#(3G-6!R'(.0*')!)$'0)-)6!R.!5%#5#! 3.!+0!/(#0)!.0!*)05%#/'*#3#!*)$/+.-5)!/)%!+0!/#%!3.!*#(#&.%#-!:+.! *)0!-+!$'%#3#?!*)02.(#0!#(!);-.%&#3)%!*+#(!$.3+-#!3.*#/'5#3#?!.0! *)05%#/.-)?!3.(!(#3)!'1:+'.%3)!3.(!/(#0)!4#*.!.-595'*)!+0!0'C)!3.!(#! %)-*#!3.(!3E#!3.!h.4.-?!.$;#(#3)!.0!/(9-5'*)!0.2%)!4!#-.2+%#3)!*)0! FLQWD FDQHOD ¿JXUDV HVWiWLFDPHQWH PHFLGDV SRU XQD WHODUDxD TXH ODV FRQGHQD DO LQVWDQWH LQ¿QLWR 'H IRQGR XQ KHUPRVR D]XO FLHOR VXUFDF 3)!/)%!()-!*#;(.-!3.!#(5#!5.0-',06!@)%%)%'-$)!.-5G5'*)6

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@CC


=!"4./)2&4)&6./#!&6!/)'!

I0!*'0*)!/(#0)-?!.(!U#.-5%)!K#(3G-?!)%'2'0#%')!3.! =)/#490?!>)()$;'#?!.-5%+*5+%#!+0#!-.*+.0*'#!!-);%.!.(! A)%%)%'-$)!0+.-5%)!3.!*#3#!3E#6!R+!'0-/'%#*',0!)!-.#?! -+-!a$#*#;%#-!$+-#-b!*)$)!-+.(.!3.*'%?!A#0!-'3)!(#-! *#;.1#-!3.!A)$;%.-!3.*#/'5#3)-!$)-5%#3#-!-'0!0'02M0! /+3)%!/)%!()-!$.3')-!3.!*)$+0'*#*',0?!()-!.0*);'<#F 3)-?!(#-!;)(-#-!0.2%#-!#5.-5#3#-!3.!*+.%/)-!3.-*+#%5'F 1#3)-?!()-!%./)%5#<.-!-);%.!(#!;#03#-!3.!-.*+.-5%#3)F %.-?!()-!*+.%/)-!:+.!4#*.0!/)%!#:+E!4!/)%!#((9!:+.!5#05)! 2+-5#0!$)-5%#%!()-!a$'.3)-b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¿OLJUDQD GHO HVFHQyJUDIR PLQLDWXULVWD SHF

.&&!',&-.$./K/($)%&#'I&'

:+.C)-!.-*.0#%')-!:+.!.&)*#0!+0#!5'.%%#!3.!2'2#05.-!.! '0&'5#!'0*)0-*'.05.$.05.!#(!);-.%&#3)%!#!$'%#%!.H5%#F C#$.05.!.(!$+03)!&')(.05)!#!5%#&G-!3.!(#!'0)*.0*'#!3.! #:+.(!0'C)!3.!(#!/.(E*+(#!K'(1$*06'(:$(1'(+'.%,)"'" .-.!/.:+.C)!+0'&.%-)!.-5#!/);(#3)!*)0!);<.5)-!.0*)0F 5%#3)-!)!/'.1#-!3.!#%:+.)()2E#!3.(!<+2+.5.!.!'$92.0.-! .-/.<)?! -'$.5%E#-! 4! #-'$.5%E#-! ()2%#3#-! *)0! +0! (.05.! .-/.*'#($.05.!*%.#3)!/)%!.(!#+5)%!/#%#!%.#('1#%!(#!IKO6 I(!$'-$)!*%.#3)%!3.!'$92.0.-!0)-!3'*.!:+.!!a(#-!/'.F 1#-!-)0!-.$;%#3#-!.0!#(2+0#!.-:+'0#!)!.0!.-/#*')-!:+.! PH IDFLOLWHQ LQVWDODUODV SDUD VHU IRWRJUD¿DGDV SHUR VLQ XWLOL]DU OXHJR QLQJ~Q VRIWZDUH SRUTXH WRGDYtD PH UHVLVF 5)!#!$#0'/+(#%!(#-!'$92.0.-!8+.%#!3.!*9$#%#?!/%.<+'*')! #*#3G$'*)?!/+.3.!-.%6!"#!/+.-5#!.0!.-*.0#!.-!'(+$'0#3#! /)%!(+1!0#5+%#(!.0!#(2+0)-!*#-)-?!4!.0!)5%#-!5)$#-!*)0! 8)*)-!*)%%'.05.-!3.!(+1!#$;'.05#(6!R)0!/'.1#-!8)5)2%9F ¿FDV HQVDPEODGDV HQ GLIHUHQWHV OXJDUHV VHD XQ MDUGtQ %'0*,0?!&.05#0#?!)!A#-5#!.0!+0#!*#<#!3.!1#/#5)-!&#*E#!.0! +0!/%.-5'2')-)!$+-.)s!3)03.!(#!'3.#!/%)&):+.!#(!)<)!)! &'*.&.%-#b6!e)-G!U#0+.(!K#(3G-!;%'03#!#(!)<)!:+.!$'%#! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@CD


!',&-.$./K/($)%&#'I&'/.&=!"4./)2&4)&6./#!&6!/)'!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@C?


=!"4./)2&4)&6./#!&6!/)'!

.(!)<)!+0#!);%#!%.-+(5#3)!3.!(#!.H/.%'$.05#*',0!A';%'3#! 3.!(#!5.*0)()2E#!3'2'5#(!4!.(!-#;.%!#0#(,2'*)6!I-!+0#!.-F /.*'.!3.!A)%%)%'-$)!3.!(#!.-595'*#!.-5G5'*#6 &RQ¿HVD TXH ³-DUGLQHV GH FLQWD FDQHOD ´ OD 5%#;#<G! -);%.! .-.! &')(.05)! %#-5%)! :+.! .-59! 3.<#03)! .(! QDUFRWUi¿FR \ TXH ³DO JULWR GH JXHUUD´ HO JRELHUQR KD ((#$#3)!#!5)3)-!#!(+*A#%_!A#-5#!#!()-!%'*)-!}:+.~!5#$F ;'G0! (()%#0?! /.%)! .-/.*'#($.05.! 4! -'0! *)08.-#%()! /)%! -+/+.-5)?!#!()-!3.!#;#<)?!()-!)(&'3#3)-!3.!-'.$/%.?!()-! .-/#(3#!$)<#3#-?!5)3)-!.-)-!:+.!.0!2%#0!/#%5.!/)0.0! ()-!$+.%5)-?!()-!:+.!-.!2#0#0!A#-5#!(#-!;#(#-!/.%3'3#-! .05%.!+0!8+.2)!#$'2)?!4!()-!:+.!()2%#0!-);%.&'&'%?!A+F \HQ ³VHUi PHMRU QR UHJUHVDU DO SXHEOR DO (GpQ VXEF &.%5'3)!:+.!-.!*#((#!.0!(#!8#-*'0#*',0!3.!(#!$.5%#((#b?! &)(&.%E#!#!3.*'%!h#$,0!",/.1!K.(#%3.6 I(! A)%%)%'-$)! .-5G5'*)! 0)! .-! (#! /)%0)2%#8E#! 3.! (#! '$#2.0! :+.! 0)-! &.03.0! ()-! a$'.3)-! 3.! *)$+0'*#F *',0b?!0'!$+*A)!$.0)-!(#!-#02%.!8%E#!'05.(.*5+#('1#3#! GH DOJXQRV PHGLRV TXH VH DXWRGH¿QHQ FRPR LQGHSHQF 3'.05.-6!t`)u!d-5.!0)-!%.$'5.!#!(#!#-+0*',0!3.!+0!/.0F

.&&!',&-.$./K/($)%&#'I&'

-#$'.05)!*%E5'*)?!:+.!-.#!.(!5#$'1!3.!(#-!/.%*./*')0.-?! 3+3#-!.!'05.%%)2#05.-!3.(!#%5'-5#!4!-+!5%#0-'5)!.0!(#!,)1%"6!J(!%.-/.*5)?!.(!$'-$)!e)-G!U#0+.(!.05%.&.%#3)!.0! (#! $+(5'/('*'3#3! 3.! -+! '3.05'3#3! UGH'*)F*)()$;'#0#! VH SUHJXQWD ¢TXLpQ HVFXFKD R YH HQ ODV DWPyVIHUDV 3.! $'.3)! 4! &')(.0*'#?! (#-! )/'0')0.-! 4! *#$'0)-! :+.! *)03+1*#0!#!+0!*#$;')!4!<+-5'*'#!-)*'#(\?![/)%:+.!(#! -)*'.3#3! *'&'(?! .-#! 3.0)$'0#*',0! 5#0! #;-5%#*5#! /#%#! A#;(#%!3.!-.%.-!A+$#0)-?!5)3#&E#!0)!5.%$'0#!3.!)%2#F 0'1#%-.?!*)$)!-E!()!.-59!.(!*%'$.0!)%2#0'1#3)\ R)0!#(!$'-$)!5'.$/)!/%.2+05#-!-'0!%.-/+.-5#?!-'0! /)-';'('3#3! 3.! .0*)05%#%! %.-/+.-5#-! .-*+(/'3#-! *)F (.*5'&#$.05.?!-);%.!5)3)!/)%:+.!A)4!3E#!/)%!3):+'.%! &.$)-!:+.!(#!%.'&'03'*#*',0!3.(!$'.3)!4!(#!&')(.0*'#! -)0!(#!8)%$#!3.!*)05%)(!:+.!+5'('1#0!()-!2);'.%0)-!.0! *%'-'-?!()!A#*.0!*)0!.(!/%)/,-'5)!3.!)*+(5#%!()-!.-5%#F 2)-!3.!(#!*(./5)$#0E#?!(#!*)%%+/*',0!4!(#-!/)(E5'*#-!3.! &')(.0*'#!.*)0,$'*#!2.0.%#('1#3#6!I(!2%'5)!3.!2+.%%#! .-!3.(';.%#3)?!.-!+0#!'03+-5%'#!:+.!/%)3+*.!.$)*')0.-! .0*)05%#3#-?!/#-')0.-!/.%&.%-#-!4!0+.&)-!8.5'*A'-$)-!! #-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@CG


!',&-.$./K/($)%&#'I&'/.&=!"4./)2&4)&6./#!&6!/)'!

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@CF


=!"4./)2&4)&6./#!&6!/)'!

.&&!',&-.$./K/($)%&#'I&'

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@CA


!',&-.$./K/($)%&#'I&'/.&=!"4./)2&4)&6./#!&6!/)'!

:+.!3'-5%#.0!(#!%#1,0?!/.%)!:+.!#(!$'-$)!5'.$/)!/%)F GXFHQ QXHYDV ¿JXUDV GHO SDWULPRQLR FRQWUD FXOWXUDO 3.!+0#!0#*',0!:+.!5%#0-'5#!#!-+!3.;#*(._!0#*.!+0#!0.)F OHQJXD DO HVWLOR GH 2UZHOO HQ VX HVWD QR HV RWUD :+.!.(!a0#%*)C)(b!S(.&#05)5.-?!.0*);'<#3)-?!/+*A)0#-?! 0#%*)$)%%)-?!.0*);'<#3)-?!3#%!/'-)Y_!.$.%2.!.(!2G0.%)! ('5.%#%')!aT#(#-!3.!/(#5#b?!(#!0#%*)0)&.(#?!0#%*)%%'3)-?! +0#! $)3#?! +0#! .$)*')0#('3#3?! +0#! .-5G5'*#?! #(2+0)-! -#05)-! 4! -#05#-! /%)5.*5)%#-?! );<.5)-! 4! -.%&'*')-! :+.! /%)05)!2%#*'#-!#!(#!$#2'#!5%#0-$.3'95'*#!3.!(#-!'03+-F 5%'#-!*+(5+%#(.-!5.%$'0#0!-'.03)!.H/%.-')0.-!3.!+0!3.F *#3.05'-5#!/#5%'$)0')!*+(5+%#(!'05#02';(.?!:+.!/%)05)! A#!.0*)05%#3)!.0!()-!$+-.)-!3.!(#-!8+.%1#-!#%$#3#-! .(! (+2#%! -.2+%)! /#%#! 5%#-*.03.%6! I0! .-.! .-*.0#%')! .-! :+.!(#!-.%'.!ae#%3'0.-!3.!*'05#!*#0.(#!VWXWb!3.(!#%5'-5#! $M(5'/(.!e)-G!U#0+.(!K#(3G-!#3:+'.%.!+0#!3'$.0-',0! .-5G5'*#!5%#-*.03.05#(_!.-!+0#!*%E5'*#!#!(#!*+(5+%#!3.!(#! &')(.0*'#!.0!(#!:+.!-.!A#!'0-5#(#3)!(#!$#0#3#6!! (O SURSLR 9DOGpV FRQFOX\H ³(VWRV VXFHVRV SURGXF *.0!+0#!#&#(#0*A#!3.!'$92.0.-!4!5.H5)-!.0!()-!/.%',F

#-)$('+L)&,$!IUL8&VWB&JXTND&9&YGZONGLEFG&HG&[\]]

@CH

3'*)-?!O05.%0.5?!5.(.&'-',0?!*'0.?!:+.!&#0!3.-3.!()!&')F (.05)!#!()!2%)5.-*)!.!A'(#%#05.?!4!5#$;'G0!-)0!.(!5.$#! 3.!()-!0+.&)-!8)(*()%'-5#-!3.!(#!0#%*)('5.%#5+%#!)!0#%%#F 5'&#!-'*#%'.-*#!*)$)!(#!3.0)$'0#0!#(2+0)-!.0!R+3#F $G%'*#_!+0#!&.%3#3.%#!.H/()-',0!3.!aT#(#-!3.!/(#5#b?! AG%).-!*)0!*#$'-#-!3.!-.3#?!%)/#!3.!2%#03.-!$#%*#-! 4!/'-5)(#-!*)0!*A#/#-!3.!)%)!.!'0*%+-5#*')0.-!3.!;%'F ((#05.-?!%.(#5)-!.05%.!.(!5.$)%?!.(!A+$)%!4!.(!#-)$;%)6! I05)0*.-?! ! [*,$)! &.0*.%! #(! .0.$'2)! :+.! #3$'%#-\! 'LMR DOJXLHQ 3HUR VREUH HVD OtQHD \D GHVGH ¿QDOHV GH ()-!!#C)-!-.5.05#!-.!.-*%';E#!4!%.#('1#;#!*'0.!S4!3.-3.! $+*A)!#05.-Y6!I0!+0#!(';%.%E#!3.!&'.<)!.0!(#!*#((.!3.! 'RQFHOHV HQFRQWUp OD QRYHOD $ 1DFDYHYD ?%'.%)(:$( XQ QDUFRWUD¿FDQWH?! Z#6! .3'*',0?! Xpqq?! -+/+.-5#$.0F 5.!+0!%.(#5)!#+5G05'*)!/%)5#2)0'1#3)!/)%!.(!#+5)%!:+.! ¿UPD FRQ RWUR QRPEUH < HQWUH HVWD O~JXEUH IHULD GH -+*.-)-!.!'$92.0.-!&')(.05#-?!.-*)2E!#!()-!-.*+.-5%#F 3)-!)!a(.&#05#3)-b!S!-.2M0!/#(#;%#!3.(!0#%*)C)(Y!:+.! (+.2)!#/#%.*.0!3.*#/'5#3)-?!$+5'(#3)-?!4!.0!+0!;+(5)! 3.!/(9-5'*)!0.2%)!4!#$#-'<)!3.!*'05#!*#0.(#b6


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.