Está en la página 1de 294

38

%/,
&$&,2
1&2
10(025$
7,
9$'(/9
&(17(1$5
,2
'(/
'(6&
8%5,0,(
172'($0(5,
&$

&, (7/
',6326,
&,2
1(6
*8%(5
1$7,
9$6
3$5
$(/
9,55(,
1$72
'(/
3(58





(6&
8(/
$'((678',26 3$+,6
12
$0(5,&$126
&2
16(-
2683(5
,25'(,1
9(67,
*$ &,
21(6&,(
17,),
&$6
0217(
'(
3,('$ '
<&$-
$'( $+2552
6'(6(9,
//$
PUBUCAOONES DE LA PUBLICACION CONMEMORATIVA DEL V CENTENARIO
DEL DESCUBRIMIENTO DE A\tIBRICA
ESCUELA DE ESTUDIOS HISPANO-AMERICANOS
DE SEVILLA

FRANCISCO DE TOLEDO
DISPOSICIONES GUBERNATIVAS
PARA EL VIRREINATO DEL PERU
CCCXX
(N," .rneral) 1569 1574

*
Introduccin
GUILLERMO LOHMANN VILLENA
Transcripcin
M. JUSTINA SARABIA VIEJO

ESCUELA DE ESTUDIOS HISPANO-AMERICANOS


CONSEJO SUPERIOR DE INVESTIGACIONES CIENTFICAS
Las noticias, asertos y opiniones contendos en este MONTE DE PIEDAD Y CAJA DE AHORROS DE SEVILLA
trabajo son de la e:xdusiva responsabilidad de los
autores. La Escuela de Estudios HsparurAmericauos SEVILLA, 1986
sio responde del inters cientiflco de sus publicaciones.
&$7$/2*$&,21(1 38%/,&$&,21'(/ ,167,7872
%,%/,2*5$),&2+,63$1,&2

3(58

'LVSRVLFLRQHVJXEHUQDWLYDV
SDUD
HO 9LUUHLQDWR
3HU~

GHO
)U
DQ
FLVFR GH 7ROHGR LQWURGXFFLyQ WUDQVFULSFLyQ
*XLOOHUPR
 /RKPDQQ 9LOOHQD
0D-XVWtQD 6DUDELD 9LHMR6HYLOOD (VFXHOD GH (VWXGLRV +LVSDQR$PHULFDQRV
0RQWH GH\&DMD
3LHGDG
GH
$KRUURV
Y
UHWU

FP 3XEOLFDFLRQHV
GH OD (VFXHOD+LVSDQ
RGH
 (VWXGLRV
$PHULFDQRV L2 
GH 6HYLOOD
3UHFHGH
DO WLW
3XEOL
FDFLyQ FRQPHPRUDWLYD GH
O GHO 9 &HQWHQDULR
'HVFXEULPLHQWR GH $PpULFD,QGLFH
,6%1

O
3HU~$GPLQLVWUDFLyQ6

(VSDxD&RORQLDV3HU~/HJLVODFLy
;9, Q
,
7ROHGR
)UDQFLVFR
,,
/RKPDQQ
GH 9LOOHQD ILO
SU
6DUDELD
*XLOOHUPR
,9
9LHMR 0DUtD -XVWtQD
(VFXHOD WUDQVFULS
GH
+LVSDQR
(VWXGLRV
$PHULFDQRV
9
GH6HYLOOD
7tWXOR



 





 

,1',&(
*(1(5
$/

F
V
F
O
O6
%1L
 7RPR
O



2EUD
FRPSO
HWD 
'HSyVLWRO HJD 6(
O 
a


,PSU HV
R H Q(VSDxD
3U
LQW H
G L
Q 6SDLQ
,
PSUH
QW
D(
(+
$
a$O
IQV
RR;,,

6HYLOO
D
3iJ
L
QDV

,1
752'8&&
,21

SRU*XLOOHUPR
 /R
KUQ
D
QQ
9LOOH
QD







;,,,

'2&80(172
6
,Q
V
WUX
FFtyQ
*HQHUD
O
SDUD
ORV
YLV
L
WD
GRUH
V /RV
5H\HV


 

3UR
YL
VLyQ
FQRO
RVSULY
LO
HJ
LRV
GLVSH
QV
DGRVO RD
V *H
QW
LOH
VKRPEUHV
GHO
DV&RPSDxtDV
GH
O
RV/DQ]
DV$U
\ FDEXFH
V/RV
5H\HV
GH
VHSWL
H
PE U
HGH














*ORV
DV
DO
D
,QVW
UX
F
FLyQ*HQHUD
O
D
ORV
YLVL
WD
G RU
HV
SDU
D GHWH
UPLQ DU
OD
V
WD
V
DV
/RV
5H\HV

GHRF
WXEU
HGH 











3UR
YLV
LRQH
VSD
UDTX
HHQ
HOFRQ
YHQW
R
GH-DXM
DVH
H
Q V
HxH
DORV
QD
WXU
DOH
V
DOH
HU HF
\ V
ULE
LU
7DPERVG
H
+X D
QFD\R\GH$U
HV


GH
QRYLHPEU
HGH











 

U
 OB
2U
GHQ
DQ]
DSDUDB
,
aUHGXFF
Ly
QGHOR
V
L
QGL
RVGH
+XDPDQJD
+XD

? 

BB

PDQ
JD

GH
GL
F
LHPEUHGH












3URYL
VL
RQ
HV
VR
EUH
ODHHF
UFL
RQ G H
XQ F
R QYHQ
WRIUDQF
LV
FDQ
R\OD
DSH
UWXU
D
GH
XQD
H
VFXH
OD HHQ
O
UHSDU
WL
PLHQWR GH
O
RV
KQDDQ
KXDQF
DV
+XDPDQJ
D

GH
HQH
URGH










 



U
GHQDQ]DV
SDUD
H
OVU
H
YLFLRGH
OR V
WDPERVGH
+XD
PDQ +XD
JD
PDQJD

GH
HQ
HUR
GH










 
 


UGH
QDQ]DVREV
UH
HO
EH
Q H
ILFLR
GH

OV
D
PL QDV
G H
+XDPDQJD +XD
\ Q
F
DYHOL
FD\Up
JLPHQODERUDO
GH ORV
LQGtJ
HQD
V+XDPDQJD

GH
H
Q HUR
GH



















 


$ORF
XFLyQ
D
ORV
YH
FLQ
RV
GH
+XD
PDQJD
+XDUQ
DQ
JDGHH
QHUR
GH












 



U
GHQDQ]D VSDUD
O
DF
LXGDG + GH
XDPDQJD+XD
UQ DQJDHQ
H
UR
GH
 



  
 



 


3UR
Y L
VL
yQ
SDUD
TXH
QR
VH
SO
D
Q W
HQPDVFKiF D
UDVGHF
RF D
&X]
FR

GHPDU
]R
GH


















1',&( *(1(5$/

1',&
(*(1(5$/ ;,

3i
JL
QD
V
3iJLQ
DV
3URYLVLyQ
SRU
OD
TXHVH FRQFHGHQSULYLOHJLRVD IDYRU GH ORV PL
QHURV<XFD\ 


GH
 PD\R
 
GH 
  3URYLVL
yQVRE U
HORV LQGL
RV\D QDF RQ DV GHO
RV &KDUF DV/D 3ODWD 
GHIHEUHURGH  


 
 


 

 
$FODUDFLRQHV
D OD ,QVWUXFFLyQ *HQHUDO &X]FR  GH MXQLR GH

 


    
 




 UGH QDQ]DVS D
UD ODV PL
QDV GH SODWD GH3RWR V
t \3 R UFR >([S RVL
FLy
Q GHPRW LYRV@/D 3O
DWD GHIHE UHUR G H   
 
  
UGHQDQ]DV
SDUD ORVRILFLDOHVUHDOHVGH+XDPDQJD&X]FRGH
DJRVWRGH 


 
 




 UGHQDQ ]D
V GHODV PLQDVGHSODW DGH 3RWRV t\ 3
RUF R/D 3ODWD 
GHIHEUHUR GH
 

  
 
 
 

 
'LVSRVLFLRQHV
OD
FRQVWUXFFLyQGH
VREUH
FDWHGUDO GHO OD&X]FR
\
HUHFFLyQGH FHQWURVHGXFDWLYRV&X]FRGHDJRVWRGH
 UGHQ D
Q]DV SDUD ODVYHQW
DV\P HV RQ HV GH O
RV &K D UFDV/D 3ODW D
 G
 HPDU]R G H 
  
    
1XHYDV
DGLFLRQHVD OD ,QVWUXFFLyQ*HQHUDOSDUD ORV YLVLWDGRUHV
&X]FR
GH VHSWLHPEUHGH




  


 
  UGHQ D
Q]DV S DUD ODFLXGDG GH /D 3ODWD/D 3O DWD GH PD \R
GH 
 




    



  
3URYLVLyQ
DXWRFRQGLVSRVLFLRQHV
\ DGL
FLRQDOHVVREUHODFRFD&X]
FR GHIHEUHURGH
  








  UGHQ D
Q ]D
V SDUD O RVRILFL
DOHVU HDOHV3R GH
WRVt /D 3DW
OD GH
PD\R GH  

 
 

   
  
3
URYLVLyQVREUHODV REOLJDFLRQHVGHORVRILFLDOHVUHDOHVGHO&X]FR
&X]FR

GHMXOLRGH














 



  U
GHQD Q]DVS DUD HOKRVSLW
D OGH O
RV HVSDx ROH V\ Q DWXUDOHV GH OD
FL
XG DG GH/D3ODWD /D
3O DWD GH
GLFLH
PE UH GH  
 
3URYLVLyQ
SRU
OD
TXH
VH
SURKLEHXWLOL]DUD ORVLQGLRVSDUD SRUWHDU

Q,
V
WUX
FFLy
QGH
OR
VM
XHF
HV
GH
QDW
XUD
OH
V
/D3ODWD
GHGL
FLHP
FDUJDV&X]FRGH




DJRVWRGH





 EU
H GH


















UGHQDQ]DV
SDUD OD FLXGDGGHO&X]FR
VXVWpUPLQRV&KHFDFXSH
\ 7
D
VDGH
OR
V
MR
UQ
DOHV VD
O
DUL
\
RV
GH
O
RV
LQG
tJ
HQDV
HQO
DFL
XGDGG 
H

GH
RF
WXEUHGH















 /D3OD
W
D
/D
3O
DWD
 GH
GLFLH
PEUH
GH










UGHQDQ
]DVSDUD ORV QDWXUDOHV
MXHFHVGH

&KHFDFXSH  GH RF 
U
GHQD
Q]DV
VRE
UHSO
HLW
RVGH
LQG
L
RV ,Q
VH
WUX
F
FLyQ
SD
UDV
XVGH
I

HQ
WXEUHGH





















 

 V
R U
HV
/D
3OD
W
DGH
GL
FLH
PEU
HGH










U
GH
QDQ
]DV
SD
UD
O
DFRF
DG
HO
RV
$QG
H
VGH
O&X]
FR&X
]FR
GH
QRYLHPE
UH
GH
  


 ?3UR
YL
VLyQ
F
RQ
O
DV
QR
U
PD V
SDUDU
HG
ORV
XFLGRUHVGHORV
LQGL
RV

3R
`

WRVt
 GH
PDU]RGH
 

1RUPDV
VREUH
SURP
RFL
yQ
GH
O
DGRF
WULQD
3RWRVt

GH
PDU
]R
GH
  



^ L
a?
$SXQW
 `
DPL
HQW
RV
D
FOD
UD
WRULRV
GH
O
D,
QVWUXFFL
yQ
*HQH
UDO
3RWRV
t
 

BB



GHU]R
PD
GH
 


,Q
VWUXFFLy
Q 2UGHQDQ]
\ D
V SD
UDOR
V
YHHGRUHV
GH
ODV
PLQD
V
HLQ

JH
QLRV
GH
3RW
RVt
3R
WRV
t
GH
DUELO

GH  


`
3UR
YL
VLyQ
SDUD
Oa
H
YDU
DOD
SU
iF
WLFD
O
DV
UHGXF
FRLQHV
4XtO
D
TXLO
D ^/D

 3ODW
D GH
QRYLH
PEU
HGH





















3URYL
V
LyQ
SDUD
GDU
FX
PS OLPL
HQWR
DORV
GLVS
RVLWL
YR
VU
HDOHVW
RFDQ
W
HV
DO
RV
W
HVRUR
V
KXD
FD
V\D
GRUW
DRUL
RV
TXH
VH
GH
VFXEULHU
HQ/D
3OD
WD


GH
H
Q H
UR
GH













)U
DQFL
V
FR GH
7ROH
GR
9LU
UH\
GHO 3 
HU~ 



&
RU
WHV
tD
GHO
0XV
H
R9L
UUHL
QDOG
H
/LP
D

,1752'
8&&,2
1



IXHH
Q GDU
OH\H
V\KDFHU
RUGHQD
QFDV
R W
UR0R LV
pVD ORV
KHEU
HRV
R1RpD O
RV
FDOGH
RV\ EDE
LyQ
O LFR
VRW
UR/LFXU
JRSDUD
ORVOFD
HGH
PR QLRV
R
6RO
yQDO
RV
DHQ
WLQV
HHV
R FRPR=DPR O
[L
VD O
RVV
FLU
DV



 

6LELHQ VH
PLUDYRO~P HQHV HQW HURV U
H VXOWDUtDQ H
[L JXRVS DUD
GDU
FDELGD DXDQVHPEODQ
 ]DVDW
LVIDF WRULD H[S RQH U XQFXPS OLG
R UH
FXHQWR\HQVD\DUXQDH YDOXDFLyQ DMXVWDGD GH ODRE U
D JXEH UQDWLY D
GHVSOHJDGDSRU )UDQFLVFR GH 7ROGRQ
H GRHQ ORV F
DVLGRFH DxR VT XH
RFXSyHOVROLR
YLUUH
L
QDO HQ HO3HU~ (Q LJXDO PH GLGDHPS HxR SUH
VXQWXRVR
FDVLTXLPpULFRVLJQLILFDUtD DWUHYHU VH DFRQG HQVDUG H QWUR
GHO FHxLGR
PDUFRGHXQ LQWURLWR O
RWRGR
TXH SX HGHGDU GHVtHOFR
PHQWR\JORVDGHO
F~PX O
R GHGLVS RVLFLRQHV UH JODPHQWD ULDVTX H SUR
PXOJy DK TXH
RD
URIUHFH PRV DUUHJO DGD VFU RQ ROyJLDF
PH QWH SRU S UL

PHUD
YH] 
UHYHODQ
GRGHS DVRDOJXQD V WRGDYtD L
Qp GWL
DV\TX HHQM
XQ WR
F
RQVWLWX
\H Q PRHO
QXPHQWR OHJLV
ODW LYR T XHIUDQTX HyDVX S LQV
LUDGRU
OD
LQVW
DODFL
yQ HQO
DIDPD F
RQ HOMXV WL
I LF
DGR U HQR PEU HGH TXH JR]D
GHVGH
HQWR QFHV
/D SHUVRQDOLGDG
GH OTXLQWRYL UUH \DFDVR HOPiV FQ RVSLFXR HQ
O
DVH
ULHV GH
FXD
UHQWOR
D TXH U
LJLHUR Q HO 3HU~ GXUDQ W
H HOSH UtRG R
GH
ODGRPLQDFLyQ HVS
Dx RODQR KD VLGR D~Q V DWLVID
FWRULDP HQ W
H GHV
FLIU
DGDDS HV
DUGHTXH QRV O
H JyXQ DFODYH SU HFLRVDSDU DLQWHU SUH
WD
UVXS HQVDPLHQWR
 D VDEHUOD DEU X PD GRU D PDV D GH GHVSD FK RV
FX
UVDGRVD O
D0HWUySROL TXH DOJHQ
XQ RV SDVD M
HV DGT XLHUHS HUILOHV
GU
DPi W
LFRV V
LQ ROYL
GDU S RUFLHUWR ORV FRSLR VRV DQHMRV\ OD GRF X

 $QW
RQL
R%D
XWLV
WD GH
6DOD
]DU

/
LEU
R
GH
O
DGHV
F
ULS
F
LyQGH
O3K
 X

V
HQ
&'
,$29,
,,
SiJ

;,9 *8,//(502 /2+,9,$11 9,//(1$ ,
1752
'8&&,
1 ;9



PHQWDFLyQ FRODWHUDO TXH JHQHUy 
FX\R VX GLODWDGD
PRG RWDM
DDGPLQLVWUDFLyQ
QWH +D UpFX \
PS OLUpORT XHHQWHQ GHUH
L TX HHVVHUXLFLR
YROXPHQ
SODFHU
\ GHVHVSHUDFLyQ GH ORV KLVWRULDGRUHVVH GH'LRV\G HO5H\1X HV DUUH
WUR6HxR U$VtVHRUL
JLQy OH
\HQOD
GDTXH
GUy DPiV GH XQ
\ HVR

LQYHVWLJDGRU
TXHODPHQW
KHPRV
DUSpU GH KDHQWXUE LDGR MXLFL
R
HO
UHFWRL P
HS DUFL
DODFHUFDGHO
VLJQLILFDGRGH
GLGDV LUUHSDUDEOHV

VXSDSHOHQ OD+LVWRULD
3RU RWUD SDUWH VX LGLRVLQFUDVLD
KHUPpWLFD
VXVR \ FRPSOHMD 3URWDJ RQLVW
DHPS OD]DGR HQ ODLQWHU
VHF FLyQ ORVJGH
DQ
UG HV
SUR
EULD YLVLyQ GH HVWDGLVWD FRP~Q
FRQ OD PLUDGD SXHVWD
EOHPD V
WDQWR GHFU HQ
D
iFWH U HO
LGHRO ELHQ
yJLFR FRPR G H
tQGRO
H PDW HULD
OTXH
\ H[HQWR GH JHVWRV GHPDJyJLFRVPiV HOtPSHWX JUDYLWDEDQVREUGH
HHO
3H DIiQ
U
~ GHVGH VX LQQRYDGRU
SXHVWR PDQGR
GH L
PS ULPLyUXP
HQ WRGRV ORV yUGHQHV GHO FRPSOHMRSROtWLFR ERVGF \
HV
LL
YRV VRFLDO
DO
SURFH VR GHDVLGHO
PLODFLyQ L9LUUHLQDWR
Q WHJUDO
GHO
DVRFLHGDGS UR

PHULGLRQDO
OH FRQYLUWLHURQ \D GHVGH ORVPLVPRV

YHQLDxRVGH
HQWH GHOH[ WLQJXLG VX
R 7DK XDPDQ
QWL QVX\R GHQ WU
RH O
GPD UFRO D
GH
GDWR HQ EODQFR GH HQFDUQL]DGRV p
OGH YLWXSHULRV
0RQD U WRGD
TXtD XQLYHUVDO HYH]
VSDxROD TXH

(Q HVWH VHQWL
GR Q RODV
UP DVWRO
H
OD
VX\R HQFDUy
WDUHD TXH VHOH FRQILDUD
FDVL
U HOLJLR FRQ FRQFLHQFLD
GDQDV IUR
PD QXQFRUSX V HWV
DWXWD UL
R GH LQVWUXPHQWRV F
RQF HUQL
HQ
VD GH OD WUDVFHQGHQFLD HV
FLHUWR GH
WDP SRFR
TXH
VX PLVLyQ %LHQ
WHVO D
D
SRE OD
FLyQDX WyF WRQDGH MU H
DUT XtDFRPS OHPHQWDULD O
H
R VXS
KL]R PLVWHULR GH VX GHVLGHUiWXP DO
UHQGLGR DXWRULWDULR WRULD
GQHW HQ
UR GHOiPRUGHQ
ELWR M
XULVGLFFL RQDOG HO9L U
UHLQD
WR SHUXDQRGH
DFDWDPLHQWR
DVX LQYHVWLGXUD \ SRWH
VH
QFL DOL
GD
OH
G UHFRQRFLHUDODVOD
GLVSRVLFLRQHVS URPXO JD GVDSRU OD URQ DF&R
RQ
FDU
iF WHU HQpULF
JR
GH VHU WHPLGR D
XQD6XPiV

\ TXHULGR
HPSHGHUQLGR FHQVRU SDU HO
DWRGRV GR
ORV
PLQL RV XOW
UDPDULQ RV\S RU VX
tQGRO
H \YROXPHQ
/LFHQFLDGR 5DPtUH] GH &DUWDJHQD GHQXQFLDUtD IRUPDQ XQ DO
GJH
LVWR~3UHVLGHQWH
Q
LFRHQ VX Jp QHURGHQ WURGGHO
HOD
OLWHUDWXUDM
X
&RQVHMRGHODV,QGLDV HO
3HU~
 YHHQXQD
 2YDQGR GHLGDG
TXH HQ Ut
GLFDLQGLDQD
WDQ JUDQGHHQ VXSHUVRQD 
DFD\DHVXQ
\HQORTXHPDQGD\TXLHUH
(O YDORULQWU
t
Q VHFRH OPpUL W
R LQQRYDGRU \
ODWUDVFHQG H
QFLD
UUHIUDQ MXUDU
SXEOLFR
SRU OD GLYLQLGDG GH GRQ )UDQFLVFR MXUt
GLFDG GH
HO DV
SD 7R
XWD VOHJDOHVGLF WDGDV SRU7 ROHGR
FRPR S LHGUD
DQ

OHGR


'H VX HVWLUDPLHQWR VHTXHMDED $U ]RELV KDVWD HO
JXODUSDUSURSLR
DODDUWLF
XO DFLyQ GHO(VW DGR HQHO 3HU~KDQVLGRVHFXOUD

SR/LPD
GH
/RD\VD
,QIOH[LEOH HQ

GHEHU
VX
FX DQGR
VHQWLGR GHO PHQW HUH
FRQR FGRLV\ SURFO DPDGR V
'H DKt TXHXQD
H GLFLyQLQWH

HQ
OD
HWQ
UDGD
S~EOLF
DHQ HO &X]FRH
TXLULy
SUHVW
VH HO
DU OH
MXU
DU JUDO HO
G
DVPL VPDVHV VX VFHSWEL
O H GHS UR\HFWDUXQF
DX G DO
LQIRUPD
PHQWR
H
UHVSH
G
WDU
ODVSU
HHP
L
QHQFLDVH
OD FLXGDG
GU HV
SRQ GyLGH WL
YR GHXWLOLGDGLUU
H FXV DEOHVRE UHP~OW LS O
HV D
VSHFWRV
(Q SUL
PH U
O
XJDU
HQ UGH
RQDF
RQIUPD
L UODV
GLUHFW
LYDVpWLFD
VTXHJXL
D URQ
ODDF

5H VH
xD\ELEOLRJUD ItD PRGHUQD +DQN H*L LL
DHQ GH
ODV IXHQWHV
HQ HO$W
 FLy
QGHORVJREHUQD
Q W
H VHV
S D
xR OH
V U
DWL
ILFiQGR
VHGHPRG RIKH
D
FKLYR*HQ HUD
OGH,Q GL
DV SDLDHO HVWL
LGL RGHODDGPL Q LVW
L
DF LyQY L7
HL
QD
HV
ZWLROD

.2OQ
  
,
SiJV\ \,,,SJ i
V FLHQW
HHO
VHQWL
GRSDWHU
QD OVW
L
D TXHLQVSLUy
ODREUD
GH W
UDQ VIR
UPD
 %DVDGUH/DYLGD \ O
D KLV
WRULD /LPD 
Si J FLy
QHV
S L
ULW
XDO\
PDWHULDO
GHOD
S REODFLy
QDERULJ
HQ\ SUR
VX PRFLyQ
 &RPR HMHPSORV VHULHGH OHQ
LEU
RVGHOD
DFWDVFRQV LVWRULDOHVGHO&X ]FRVH
HFKDGHPH QRVHOTXHFURUtD GHV GHHO
 G H$EULOGHKDVWD HO 
G H
OPLVPR PHV DQYHO
LHVVXSHUL
RUHV
HQ VXYLGDWUD
GLFLRQDO
\U
HJXODU
L]DUVXVW
DWXV
GH
TX HSRUFLHUWRIDOWD ED GHOD UFK LYRFDSLWXODU HQ WL
\D
H PS RVGHODQ D
OLVWD O
H JDO
(QVHJXQGRWpU
PLQR SDUDORVH
VWXGLR
VGH+LV
WRULD G
HO
'H
(VTXLYH\
1D Yt
D 1RW
LFLD F URQROyJ LFD VGH
DJUPW FLWL
GDG G HO&X HF L
/PD 

,
SiJ 
\HQ 3RWRVt RFXUUH O
RSURSLR F
RQF HO
RUU HVSRQ GLHQWH O DHVWDQFLD GH UHFKR
,QGLDQR
WRGDYH]T XHSRQGUiGHUHOLHY
HOH
PHFD QLVPRGH
7ROHGRHQ HVD
ORFDOLGDG
+D QN H0H QGR]D  +LVRULR
W G H O
D 9LOL,QLYHULDO
HOH3RWRVt DGDSWD
FLy
Q GHOV
RFiQRQHVOJL
HVODWL
YRV H
VSDxRO
HVDO
DV VRFLH
GDGHV
%URZQ 8QLYHUVLW\3UHVV  ,
Si J
Q

 3D U
DODJVHWtyQSD UDOHOD HQ 9LUUHLQ
HO
DWRGH OD1XHYD (VS DIt
D 
FIU
*D UFID
DXWy
FWRQD
V\ DO
DLQYH
UVDO
DLQFRUSRUDFLyQ
DOF
DXGDOGH OD
WH
RUtD
$EiVRO
R 0D
 UW
tQ(QULTWZ] \ ODYHLRUPR HOH
HQ1L
HY D(V S DxW 6HYLOO
D
  M
X U
tGL
FDF
DVWHOODQ
DGH
HOHPH QWRVSU
RYHQLHQWHV
GHOD
QRUPDWL YD
MXUt

 %LOO
HWHDO&DUGHQ DO(VSLQ RVDG H,
X
OWRGHHQ/H YLOOLH 'RQ
U )WDQFLVFR
G7ROHGR$QHPRV
0D GULG   SiJ 
GLF
DSUHKL
VSiQLFD
(QWHUFHUO
X JDU
ODVGVL
FLSOL
QD
VHWQRJU i
ILFD
VVH
 'HVSDFK RGH,9H Q /HY LOOLHU
*REHUQDRLWHV G HO3H U~&DUWD
V \S D
SHO
HV>HQDGHODQWH3*3 
@9,, SiJ  6DOD]
DU

/LEU
R
GH
ODGHV
FUL
SFLyQGHO3
L 
UX
H
Q&'
,$
29,,
,SiJ


 &RPXQ L
FD FLyQGH 9,,, 
H Q /LVVyQ/D ,JOHVLDG H(Y VW
LU
WHQHO3HL~  9F
R O
PRWt
PDH[S
U HVLy
QGH
HOOR

=DYDO
D (O
 VP
YLR
LR
YHLV
RQDOGHWR
LQGLR
V
6H
Y LOO
D 
,, 
SiJ  HQ
HO
3P]
t 
0p[L
FR

D 
,&D
SLWXOR
,9
/DO
HJLVO
DFLy
QGH
OY
L
UUH\7ROHGR!
;9, *8,//(502 /2+0$11 9,//(1$ ,1
752'8&&,
1 ;9
,,

EHQHILFLDUiQ JUDQGHPHQWH UHYHO


DGRUD IRUPGH
DVGHHVWD IXHQWHFHVLGDG S LP
UHVFLQGLEOH
(VD XUJHQFLD K D KHFKR
VH
DXQ iV PS H
YLGD UHFyQGLWDV GH OD SREODFLyQ GHTXHDO QDWLYDUHQW R UL
D
KDELGD DO SUHVHQWH FR
FXHQWDQO D ERJD G H ORV WUD E DM
RVV GH
HVJR H W QR
SURFHGHU DUHJXODUODV IXp SUHFLVR FRQRFHUODV KLVWyULFRSDUD
\ ORVFX DOHV OD
DXVFXOWDUODV VWH V
UD xH MDVHGLFL RQ HVOLPH
\ xDV O
ILQDO
\ DSDU 
PHQWH VHUYLUiODUHFRSLODFLyQSDUD
D
PRGDOLGDGHV OD
FRQ GH FLD
DFFHGHUO
H[F HUSW D
PD G ULOHxD V

REUH VHU W H[WR V
G LItFLO
PH Q WHDFFHVLEO H V
WH[WXUD VRFLRHFRQyPLFDGH UDGLF
DGD
OD
 QRFRP
DFWXDO SREODFLyQ SUHQ GtDQHO
F RQ MXQ
LQGtJHQD WR WRWDOVX VFULW R SRU 7RO HGR6H L
PSRQ tD
HQORVSDtVHVTXH HO
DQWLJXR9LUUHLQDWR
LQWHJUDEDQ
SHUXDQR
DO
IUD
Q SRU W
D QWRDUUDFLPDU HQ X Q D GLFLy
H Q LQW HJUD O
H VWHSUHFLRVR XH U
S RF
TXHDU
XQDYtD GH DDDFFHVR
WiYLFRV FRQFHSWRV
IDPLOLD

GHFR
PX GH UHJXOD WL
YR HQULTX HFLpQ GROR FR Q 
R WUDV S LH ]DV H[S UHVLYDV GHO D I
iQ
QLGDG\ GHWUDEDMR FROHFWLYR OHJLVO
DGRU 9L U
GHO
UH\S XHV E LHQ VH FP RSUHQ GHTX HWRGDD F
VX
FLyQ
(Q UD]yQ GH VX ULTXH]DD SX
GH
U HQHV WH DPS
F R Q
DQRWLFLDV QL OD H[pJHVLVPiVR VH D JRW
y QHODV R UGHQ DQ ]DVSURY LVL
RQ HVDX WRV
GDSRGUi HQYHUGDG VXSOLU W
ROHGDQRV \G HPiV
UH VFULSWR
OD OHFWXUD GLUHFWD GH ORVWH[WRVVUHJ L
VWU DG RVG HDQWL JX R
FRPRHO
PHMRUSDUDFDPLQR
KDFH
UVHFDUJRGHWDQWR VX LPSRUWDQFLD ,PS RUWDG HM
DU F RQVW DQ FLD DQWLFL S DGD SR UYtD
 GH JDOHDWR G H
FRPR IUXWR GHO PHGLW DQiOLVLV
DGR GHFRP OD
SURIXQGR
XQDOYLGD
 \ TX HDX QTXH VHK DS URFX UDG RFQ RO D PD \ RU VROL
FL WXGKD EHU D ODV
SULYDGD GH ODUHS~EOLFD
\ FDP E
GH
LR PDQ RVW
RGR VORV
DORVLQGLRV HQ HOSURFHVR GHWH[ WRVIL GHGLJ QRV \ S XHVW R FRQ
DWULEX FL
y QO
D V WUH V
PyGXORV FULVWLDQRV
RFFLGHQWDOHV

FRPR\ GH ODV SHFXQHFHVLGDGHV
 FROHFFLRQ HVRILFL
DOHV FRQ RFL G DVQ RWH QH PRV LQ FRQY HQLHQ WH
HQ DG
OLDUHV GH OD DGPLQLVWUDFLyQ S~EOLFD YLUUHLQDO PL WLU
TXH VHHFKDUi
DO QGH PH Q RVQR
DUWLFXODUVH SR FDV GL VSRV LFLRQHVT XHS
GHQWURRURW UR V
GH OD HVWUXFWXUD SROtWLFD HVWXGLR
VRV FRQG XFW R
VVD EHP
LPSHULDO 3DUD IDFLOLWDU D ORVRVIHK DFL HQW HPH Q WHTXH SUR P X
VH
OJDURQ SH
 URFX \ R
HVH DFHUFDPLHQWRDWH[WRV HO
iUHDLQYHVWL
GH JDFLRQHV
ODV
FDSLWDOHVHQ WHQR U
LJQRDPUR V

$O UHVS H FWRHOULPHU R GHS URY LV
LRQ HVGHtQ GR O H
HWQRKLVWyULFDV

JUDFLDV D XQD IHOL] DPHUL
FLQLFLDWLYD
D DGPLQ L
VWUDWL
GHO GLOLJHQWH YDGLFWDG DVVR ODPH QW H
S D UD GHO
LVWULWRGHORV& KD U
FD V
X

QLVWD /HZLV +DQNHW DDFRJLGD


QWR
SRU DQWH
HO
UL
RU E
FRQ HQWXVLDVPRDVWDUiS DUDG DU
XQ DLGH
 D G HI OD
HFX Q GL G DG OHJLV
ODWLYD W
ROHG DQD \
'LUHFWRU GH OD (VFXHOD +LVSDQR$PHULFDQRV
GH

GRFWRU
(VWXGLRV SR U
F RQV LJ
XLHQW H
GH FXiQ
GL VWDQWHV K
QRV
DOODP RVWRGD t
Y D
GHWHQH U
-RVp$QWRQLR &DOGHUyQ 4XLMDQR DFWXDO
PHQWH VREUH O
DPH
 FRPRSRU HOTXHORHV VDGH WUDEDMR OD WRWDOLGD G G H ODVQ RUP DV TXHVH SX VLH 
GRFWR
U
%LEtDQR7RUUHV
5DPtUH]\
E DMR
HO
JHQHUR
VR
DXVSL
FLR
GHO
0RQ  URQ DOD
ILUPD G HO
L QIDWLJD EO HEXUyFUDW D
W
HGH
3LHGDG&\
D
MDGH
$KRUU
RVGH6H
YLOO
D
UHSU
HVHQW
DGRSRUHO
3UH
VLGHQWH GH VX $G PLQLV
&RQVHMR
WU
D
FLyQGRQ$OY
DUR
GH
9LOO
DJUiQ O /R V 3$50( 7526'( 7 R/( 'R
\
9tOORW
D
YHO
DOX]
S~E OLF
DHO
SUHVHQW
HUHSH
UWRULR

TXHLQGXGDEO
H
PHQWH VLJQLILFD
DSHQD
VHO
SULPHU
S DV
RSDUDXQD
RSHUDFLyQ
TXHVL
 $XQT XHGH FLHUWR FH DIXHUD S UR SyV
GHO
LWR GH HWV
DV SiJL QDV
WXDUi
D7ROHGR
GHQW
URGH
XQDSHUVSHFWL
YDFRUU
HFWD SU
HVWD
\
U
i
PH  LQWURG XFWRULDVUHGX QG DU V RE UH OR DYH ULJX DGR DFHUFD GHOD WUD\H F
GL
DQWH
HOWHV
WLPRQL
R
GULHF
WRGHS VX
HQVDPLHQWR
XQD D\XGD
ILU
PH WRULDGHO SHUVRQDMH TX HQR VR FXSD KDV WD HOPRP HW QRGH VXGHV LJ
SDU
D
LQWHUQDUV OD
HHQ
UHDOLG
DG
YLYLHQWHGHVX
PRPH QWR
KLV
WyULFR

(UDH
QYHU
GDGXQD
H[LJH
QFLDL
QDSOD]D
EOH
SRQHUD
ODOF
DQFHGH  /D+LV ULD H
WR HQ
30
 /LPD
SiJ 
 3*3
9,,, 0DGULG 

OR
VL
QYHVWL
JDGRUHV
HV
WDIXHQW
HSUL
PD UL
D
G H
FRQRFLPLH
QWRGHO
'HUH  (Q GH
VSDFKRGHO

U,, H
Q 3*3,,,Si J
7RO
HGRDQXQ F
LD HQ 
FKR
,QGLD
Q R
V
LQOD
FXDO SXH
G
QR
H FQ
RFHELUVH
XQD
R EUD
VHUL
D

\ YLDU
FR
S L
DGH
X QDVS
RYL
UV L
RQHVVRE UHGVH
FXEULPLH QWRV HLQWHU
YHQFL
yQ OR GH
V
2ILFLDOHV
5HDO
HVHQO
D H[S
ORWD
FLyQ GHO
RV WHVR U
RV GH
OD VKXDFDV TXHQRVRQOD
VGH
,
FX
\RPDQHMRU
HFO
DPDED\D
GHVGH5tYD$JHU
RFRPR GH
QH LQ
IU
D'RFXP H
Q W
R HQ
 RWUROXJ DUDOXGHDXQ DV2U GH
QDQ ]DVHVSHF
LDO
HV SDUD
&K X 
FXL
WRVREUHGHIRU
PDFLyQFU
D QH
DO L
Q IUDS
iJ

KD\
FD
L 
GL
FWyXQD
3URYL
VLyQ
HQ
TX HFRQFH
GLyOL
FH
QFLDSDUDTXH
ORV
LQGL
RV
GH3RW
RVt
SXGLHV
HQQHJRFLD
UH
OPL
QHUD O
*DUFt
D *DOO
R3
UREO
HPDVPHW
RGRO
yJLF
RVG H
O
D+LVW
RUL
DGHO
'HU H
FKR ,Q
 TXHH[WUDMHV
HQ
&DSR F
K H
a5HODFLyQ
GHOD
9LOO
D,PSHUL
DOHO
H3RWRVL
HQ%$
( 
GL
DQR!
H
Q5 H
YLVWDDHW
OQ
V G H
+LV
WLWLLWR WRULFL
GHO
5LF
'HUHFOLRDQ /
R
HYHQH

 %
XQHRV &;; ,,SiJV


 
$L
UHV



Q~PS
iJ

<
HQ(V
W
LWGLRV
GH+LV
W
RUL
GHO
'HUHRO
L
R,QO
L
IPR
0D  &IU
+DQN H0HQGR]
D *LL
tD
GHOWV
W
LH
QWHV
HQ+LVSDQRPQp
L
RD SF
ZDHWHV
GU
L
G 

SiJ
 ID
GLRGHODDGPLQLV
WD
RLyQ YLU
UHLQ
DO 
 :DV
KLQJW
RQ

SiJ
V

*8,//(502 /2+0$11 9,//(1$ ,1752'8&&
,
1 ;,
;

QDFLFRPR JREHUQDQWH GHO 3HU~


yQ VRVOD
\D
UVH
FRQ WRGR QR
H SXHGH
YHQW
RTXHVH
U
HIO
H
My
H
QOR
TXHVH
KD
GH HO
QRPLQDGR
YLU
D
MH
ILOL
SL
QR
XQD VXFLQWD DODV UHIHUHQFLD
GLUHFWLYDV \ DU FRQVLJQDVTXH
 GHVHOH
WD QWD
WUDVFHQGHLPS
QFLD Q
HOD
SROtWLFDHXURSHD(QILQ  QRVUHtDXQ D
WLHURQ SDUD VHUYLUOHV GH QRUWH HQ VX JHVWLyQ PH UDFRLQFLGH QFLDIR
UWXLWDTHXH 
O 3RQWtILFH
3 tR9 FRQ YRFD UDWDP 
&XDQGR VH HFKy D
7ROHGR OD YLVWD
FRUUtD
DxR VLJQ DGR ELpQ SRUD 
TXH OO
DV IH
FKDVX QDFQ RJUHJDFLyQG HFDXUR
W &D UGHQDOHV 
SRU OD LQTXLHWXG HOGLVS -XHYHV
DUR GHO DO 6DQWR VXHQD HO
FX\RV DFXHSULPHU
UGR VV
REU HODFR
QYHUVLyQ G HO
RV LQGLRVVHWU DVO
DaDUR Q D
]DPLHQWR GH ORV PRULVFRV HMHFX FLy\
Q HQ HQ -XQLR VHFR VXFHGHQ
Q RFLPLHQWR GHOD&RUW
OD HGH0D GULGHO
 G H$JR VWR ,QFL
GHQ W
DO
)ODQGHV GH ORV &RQGHV GH FWR(JPRQW
GH UL \ GH +RUQ
PH Q WH
H
\
VGHO
HO
FDVRWU
FRQIOL
DHUDFR
ODFLyQ TXHGHO
RV DOF
DQF HV TX H
OD
6DQ WD
YDGRGH ODSURPXOJDFLyQ ,Q &RHQD 'R PL QL
(Q GH
)HE U HUR
OD %XOD 6HG HD WUL
E XtDDODPL V
LyQTXH SUHSDUDE D7RO HGRHV E XHQDSU XHED
GH GLFKR DxR VH OH FRQVLGHUDED KD EG L
D FRPR HOO D
SROtWLFR
HS t
VWRO
D TXHOHGLULJL
HUDHO
LGyQHR
3RQWtI LFHULH
Q DQWH
HQ TXH DO
WLHPS R
FXHQWD GH VX \FDUiFWHU
PHQWDOLGDG
H[FHSFLRQDOHV SDUDD VXPL UO 
D GH FRQUJDWXODUO
H OHKDFtDOO
HJDU EH
OD
QGLFLyQ DR
SVWy OLFD \O
H DOHQ
FRPSOHMDFXDQWR GHOLFDGDWDUHD DODVD] yQ GHHQTXLFLDU
WDED DFHO3HU~
OXPLQDUODWDUHDTXH TXH
VH O
H HQFDU
JDED DOF D
Q]D Q GRXQ IH
VHGHEDWtD HQ XQD 
FX\D
DJXGD
JUDYHGDG GH Q
FULVLVLQWHUQD
XQFL DUD OL
]p 
[LWR

HO FOpULJR /XLV 6iQFKH]HQ XUJtD O


D
VX PHPRULDO GH+ 
HFKD DEVD WU
F HQ
FLyQH GTXH
ORVGH VSDFKRV GH HVWLORVXV F
ULWRV HO
FRQYRFDWRULD GH XQD UHXQLyQ DERFDUDQGH D HVSHFLDOLVWDV
 GH 1RY LHPTXH
EUH
 VH
GHODVLQVWUXFFLRQHV LPS DUWL
GD V DOIO
DPDQ WH

UHPHGLDU WDO (OVLWXDFLyQ
QRPEUDPLHQWR 7ROHG RRILFLDO
OR GH PD QGDWDULR SHUXDQR ODPHQWDE OHPHQW HVyOR WHQHPRV QRWLFL
D

H
ILUPy HOPRQDUFD 
HO  GH 0D\R OD
V JHQpLF
U DVTXHVHKDE tD
QHQ WUHJDGR DV
XVS UHGHFHVRU H V
IHF
K D
GD V
7DPSRFR HV HVWH HO OXJDU XQD YH ]FRQJUXHQWH SDUD
HOGH'LUHSHWLU
FLHPE UH
Pi VO
DVFRQFH UQLHQWH
V DDVX
 QW RV HFOHVLi
VWLFRV


PiV OR VDELGR DFHUFD GH ORV IDPRVD GHEDWHV \ FRQFOXVLRQHV


\ODVT XHGHEtD GH EVH
U
R GH
YDUHQ HOOD
PDQH MRGH O
D +DFL HQGDS ~EOL
-XQWD 0DJQD
TXH VH LQVWDOy FDEDOPHQWH XpV G H OD GRV GtDV
FD GHVS
SRU FLHUWRODV SULPHUDVH Q ODPD W
HUL 
D D PE DV GH GHO
WUiJLFD PXHUWH GHO GHVYHQWXUDGR &DUORV\ FRQWL QXy 3UtQFLSH PLV 'RQ
P RPHV 
UHXQLGD HQ KRUDV ,, GH
 TXH FRQJRMD
D ORV DxR
V G HSDUD )HOLSH $KRU DELHQ6XSX HVW
DO
D SUR \HFFLyQTXHV 
HDV L
JQ D ED VXD
FR
HGDG  GH
\ UHLQDGR HQ 2FWXEUH
SLHUGH WHUFHUDFR
DQVRU VX
WH  PH WLGRHVLREQMHWDEOHT XH
K X ER GHHPS UHQG HU
YL DMH SURYLV
WR GH
/R KPDQQ
9LOO
HQD-X DQGH
--I
DWLHQ
]R*RELH
UQRGHO 3HO
3D
UtV
/L
PD    ORVSR GHUHVHVSHFLDOHVTXHU
H FODPDUD \GH XQDVQRU PD V GH
tQGR OH
(WXGH3

U

pOtPWQ
&'O
Dt
UH
Si
$2
;,
J V
Y V
SiJV
\
V


UHVHUYDGD FX\RFQ RRFLPLHQWR DUU
RM DU
tD O
X] PH UL
GLDQD VREUHODV O t
 H
Y 'RQ
LOOLHU
/ )WDQFLVFR
GH7ROH
GR
6LSO

HWQ
RR

@FWQL]D
GRUH
OO
3 HU
L
0D  QHDV PDHVWUDVGH VXJRELHUQR ID FL
OL
WD
\
UtD
ODV FOD
YHVS D UDHQWHQG HU
GULG

 
,
Si
JV


PXF KDV
PH GLGDV
\ HQSDUW
LFXODUODVTXHDWDx HQDODJpQHV LV
GH OV
D
6REUHOD
-XQWD0DJ QDDOD
YL
VW
D GHPDWHULDO
FR QVH
UYDGRHQHO
,QVWL
WX W
R
GH9DOH
QFLD H'RQ
G-XD QYHO
DUWtFXO
RGH/RYHWW$&D UGO
QDO

VSDSHUV
WKH UL
VH GLVS RV
LFLRQHV OH
JD O
HV FRQWH
QLGDV HQ
SUHVHQOD
W
H FRPSLOD
FL
yQ 5 H
RI0D WH
R 9i]TXH
] GHH F
/DHQ(QJIDK+L VWRULFDO5HYL
HZ / RQGRQ  FXp UGHVH
TX H6ROy
 U]D QR3HULU
HD FWD
LX QSDVDM
H GHFLHUW DVGUL
HFWLYDV
/;;;9 ,,,
Q 
P SiJV

( Q
HVDPLVP D LQV
WL
WXFLyQK D\DEXQGD QW
H F
RUUHV
SR QGHQFLD UHO
DFLRQ DDG FRQ 7R
OHGR FI
U'LU
HFFtyQ*H QHUDOGH $UFKLYRV %L\EOL
RWHFD
V *Z tDGH,QXQLH LS
V WUD O W  &' ,
$
29,,, SiJV 
 
+LVWRL
LD
GHOE
HUQ $WQpULRFW
0DGULG ,,
SiJV
\
9 WD
PE LpQ SiJ V  3 
* 3
,,,SiJV 
 $UFKL
YR GH
O 'XT XHGH) UL
DV \  $U
FKLYRGHO&RQGH H +
GHU HGLD
6StQ RO
D
 $U FLKYR*HQ HUDOGH ,QG LDV >HQ DGHO
D QWH
 $*,
@
 /LPD 
 /LE  WRW
V
6REUHHOO
DOD
SURIHVRUD0XVW DSKD SU
HSDUy HO
HVWXGL
R&RQWULEXWLRQD O
K
LV
WRLUH GH OD 
YHQ %$
(&& /;;; SiJV  
&RPS ODVHWQUHJDGDVD 0D U WIQ ( QUI
-XQWD0DJ QD
HQ $QQDO
HVH GOD)DRL
8p HOHV
/H
WWUHHW%FL
HQFH+ZPXL QHH GH 1LR H TX H
]G H9,

 HQ 5HYLVWFLH G
+LHWRUL D GH$ QW
pUL
RQ 0p[L F
R  Q~P 
1LF
H
Q~P 
SiJV
 

SiJV 

( Q
HOD
UFKL
Y R GH
O0LQL
VWH UL
RGH-XV WL
FLDGH(VSDItDVHFRQ
VU H
Y D GRF
XPH QWD FL
yQ /DV L
Q VWUXFFLRQHVHQPD WHU LD HFO
HV L
i VW
LFD HQ$*
,,Q GLIH
UH
Q WH*HQ H UD O

XWL
OL
]DGD SR
U 5DPRV 3pUH]HQ/D-X QWD0DJ QD\ODQXHYDSROtWL
FD H
Q +LVWR ULD IROV
Y \HQ%$(S
i J V\ /LVVyQ >
,,
Si JV

 ( YDO XDFLyQ
*HQHUDOGH(VSDxD \$WQIULRD (GL
FLRQHV 5,$/3 
 9,,SJiV
HUWFD SRU /HWXUL
DHQ V
X HVW XGLR0L VLRQHV KLVSDQRDPH UL
FDQRV VH J~ Q O
D -XQW D
9ILQD
OPHQW
H /HWXUL
D)HO SL
H,,\HO3RQWL
IL
FDGR HQ XQ
PR PHQWR FXOPL QDQWH GH H Q>@
,SiJV
 
GHO
D +LVWR
U
LD KtVSDQRDPHLt
FDQ D HQ5HOD FLR
QHVHQWUH OD
6DQWD 6HG HH+L VSDQ R / yS H
] GH&DUD YDQWHV1RWL RLD *HQ HUXGHO3HL
~ &XDUW
D 3 DU WH'L V
FXU VR
DWQ
pLL
RD 5RPD&D UDFDV
 
 ,
SiJV
3 U
LPHU R
*8,//(502
/2+0$11
9,//(1$
,1
752
'8&&,
1 ;;,


GHVSDFKRV
\ VHFUHWRV
TXH
HQY
i VH
QREXVFDUiQ
WDPEL
pQ
HQW
UH ORV \ VDT XH RWUR >J REL HUQR @GH Q XHYR QXQ FD VH SRGU iQ DV HQW DU HVW DV
WUDVODGRV SRGHUHV

GH
FpGXODV
ORV
LQVWUXFFLRQHV
H T XHVHHVSHFLDOHV SUR YLQFL DV

'H WGDRVI URPD VDO RFX SDUH OVROLR YL UUHLQ DO H V

FRQVHUYDQFHUWLILFDGRV DXWyJUDID GH GHVWLQFRQ
D
VX
WDULR
a ODILUPD WDED GHFLGLG RDKDFH
 U D PSOLR XV RGH OD IDFXOWDG RPQ tPRG D T XH VH
1R SXHGH SDVDUVH SRU HOQRPEUDPLH
DOWR Q WDPSRFR TXH SDUD
OH VSHQVDUD
GL K D]HU
SDUD\SUR XHKHU W
RG R D TXHOOR TX H 1RVR W
URV
WR GH7ROHGR QR VHVLJXLyHO SURSXHVW D SRU &RQ WUiPLWH UHJXODU
PHV PR V>LH )HOLS H ,,@ S RG UtDPR V KD]H UH SU RX HK HU
(V WD
VXOWD GHO &RQVHMR ,QGLDV WRGD YH]
GH
TXH ODV HPDQy
XQ D GH ED FDU
OR T X HHQ VX FRQ FHSWR GH OHM
HU FLFL
R GHO PDQGR K QR
DOODE D
SUHVHQWDFLyQ SHUVRQDO 6REHUDQR
GHOGH
G&DUGHQDO(VSLQRVD
RQ
GH FDEL GD ODO
D
LGHD G H DFRT XLQ DP LHQWR
VH RULJLQy OD VLWXDFLyQ UHFWVXL
RU GH JpQHULV
OD IUHQWH $FL DO
FDWHDGR RUJDQLVPR
SRU VX HVS tUL
WX LQT XLVLWL
YR G HVG H TXH VDOWy D
SROtWLFD LQGLDQD TXH KXER UHOD
FLRQHV
GH HQWRUSHFHU VHULDPHQWH
WLHU U
D HQ 3D L
WD FRPH Q ]y D RODV
PSH
F QH WUD UVH FR QO DS URE OHPi WLFD GHO
HQWUHHO HVWH
PDQGDWDULR
\ D FWXDED TXHHQ XOWUDP DULQD
WLHUUDV
V SDtV $Vt  HQ HO WUD \HFW R GHO FHQ W
HQ DU \PHGLR GH NO L
yPH WURV GHO
OD
(Q UHVROXFLyQDXVHQFLDGHGRFXPHQWRV VXEV WDQFLDOHV
WDQ GHV S REO DGR HQWU H3LX U D\2 OP RV LD
EG HVSDFK DQGR SHWLFLRQHV\ PH 
QRV SULYD GH HVORTXH
FRWHMDU DOFDQ]yTXp 7ROHGR OD D OOHYDU
PRUL D
DOH VG H ORV QDWLY RV TXH OHVDOL
H URQ DO H Q FXH QWUR 
 $S HQDV
SUiFWLFD GH ODV S LQGLFDFLRQHV
URSRUFLRQDURQ UHVXOWDV TXH
GH VH OH KDEtD WUDQ VFXUU LG R SR FR PiV GH XQS DU P GH
HV HVG HVSX p VGH K DEH U
HO
GH ODV GHOLEHUDFLRQHV VHQRMXQWD GH 0DOD
JQDHQ
\HQ TXp PH WRPD GR SRV HVLyQ G H VX FD UJRF XDQG R HQX QFL D GRVDSUH FL DFLR QH V
GLGD VX FRQGXFWD VH DMXVWy &RURQD D ODV QRUPDV HQTXH
TXH HQ E OH
XHQ DFH XVHxDOy
W
QDVH HVE R]DH OD
OFRQ WHQLGR GHO SUHVHQ WH UHSH U
'H WRGDV IRUPDV HV\ UHJXODU
RWUDV VHSODVPDUDQ
TXHODV XQDV HQ W RUL R(Q SULP HU WpU PLQ R RS L
Q DTXH HUD HQHPVWH ULUFRQ WLH QWR HQ
GLVSRVLFLRQHV TXH DXQTXH
WHQHPRVFRQODV
FLDV
D
TXH ODIDOHQ
YLVWD OD SURPX OJD FyLQ G H QX HYR V GLVSR VL
WLYR V VLHQGR FRPR HV OD WLHUU D
VHGHMDQ HQWHQGHU FRVW XPEUHV W
HPS OH \ QDFLRQ HV \S URX LQFLDV WDQ Y DULDV T XH QR HV
$O DUULEDU DO 3HU~ 7ROHGR H[FOXV
LYD VHSURSXVR SRHQFDUDU
VLEOH TX H SRU O D RUGFDVL
HQ GH O
H\XQD
QL RUGHQ DQ FD VHS XHG DQ WRGDV
PHQWH ORTXHHVMXVWLFLD
\JRELHUQR WDQ QRWDEOHPHQWH
TXH HVWiIDO JRX HUQD US RUT XH OR T XH D X D
Q 
I H
XUH P X\S URX H FKR R
V D RWU DV VHU i

WR \FRQIXQGLGR

 $ HVWH UHVSHFWR JXDUG DEDHQ TXp LGHDV G DxRV R
(Q WDO YLUW XG VH LPS RQtD SUDFWLFDU XQ UHFRQ RFL PL HQW R
VX HVSHFXODWLYD" DQLGDEDHQOR
6H
tQWLPR GH H XQS
VX
U
X L PHQW SU HYLR GHW RGR W HO
HUU L
W RULR D ILQGH FRP SX OVDU HDVV GL VSDUL GDG HV
WDQRULJRULVWDX LPE
LGRGHO/LEUR GH OD 

 6DELGXUtD
 GHTXH \DG H FXD UODOHJL VODFL yQ D OD U
H DOL
GDG GH FDG DFP RDUFD  /D V HJX Q GD
'L RV
a DWU
HJODGR
WR
GRFRQPHG L
G DQ~P HUR\SHVR
\S RUHQG H PH GLGD TX HQR
 DGPLW tD GLODFLy Q DSXQ WDED DSRQ HUILQ D
OD Y D ULHGDG
a WD
GH LPSR
QHUHVH
RUGHQDPLHQWR FRQWUDYL
HQWR\PDUHD" (UD GH RUG HQDQ FD V\HVWD WXWR V SDU DGLXHUVDV S URXLQF LDV \ OXJDUH VS DU D
HQ IRQHO GR
XQXWy
SLFR UHIR
UPLVWDOOHQR GH
LGHDOLV
PR O DQ]D
GR D HUU DGLFD UWDO IiU UDJR VHUtD K D]HU JUDQ EL HQ H Q UHFRS LODOODV

XQ SURJUDPD KXPDQLWDULR


\UHJHQHUDGR UTXHIX SRU
HU]D KDEtDG H $G LFL
RQDOP H QWH S UR SX VR IR UP DU XQ GL JHVWR WDQ W
R FRQ ODV FpG XOD V
WURSH]U
DFRQ PLOHV
FROORV" HQIQ
L 2
LPSXOV
DGR SRUXQ
S UXUL
WR \ SR UYLV L
RQ HV GL FWDGD V SR UO 
D &RUR QD FRPR FRQ O
DV RU GHQ DQ]DV
GH U
HQR YDUW OR
RGR TXHHVWL
PD EDFDGXFR HQORVRFLD
O\ HQORSROt SU RPXOJ DGD VSRUV 
XV S UH GHF HVRUH VHQ H OJRE LHUQ R GHO 3H U~ KDE LG D
WLFR\SHUVXDGL
GR GH H
K DEtD
TX UHFLELG
R O
DPLVLyQ GH
S RQ HURUGHQ FXH QWD GH  TXH
 F RQ PX FKD YH UGDG VHS XHGH GH FL
U TXH W RG D OD
FRQ PDQRK GH
L
HUUR
DFRPH WLy
X QDWDUHDVXSHUL
RUD VXV
SR V
LELOLG
D  PD \RU SD UWH GH OO
DV QRKDQ VH JXDUG DG R FRPR 9XHV W
UD 0D JHVWDG
GHV"6HD GH
HOORTXHOR
IXHUH OR
 FLHUWRHVTXHORD
V
GRV PHVHVGH SRG UiPDQG DUYH US 
RU ODYL VLWDGHO/LF HQFLDGR &DVW U R>
@ D\ FRQ 
KDEHUDV XPLGR PDQ
HO
GRVHQWHQFL
DE DTX HKDVW
D TX
HQR VHSODQWH IX VLyQ \FRQ W
UDG LFL yQ HQ HOODV TXH DXQ TXH DOJX QDVG HODV DQ WLJX DV
SX HGHQ VHU PiV IM DLVPX FKDV FRQIR UPH DORTXH WLHP
HO
SR \O DH V
3R8WLRD
,QGLDQD
/LEUR
,,
&D
St
WXO
R
,;


%L
EOL
RWH
F
D1D
FLRQ
DO GH
0DG
ULG
>
HQDGH
ODQ
WH %1
0

@
0DQ
X
VFU
LW
RV



IR
O
V
 3*
3,
,,SiJ
'H VSDF
KRGH 

3
*3 
,,
,SiJ

=D
EDO
EXUX
6DQF
KR 5D\y 1LWH
Q YD
*RO
HHF
LyLL
GH
'RFXP
HQW
RV
,pD
QLRV
WYDL

D %
100D Q XV
FULW
RVIR
O

O
D+LV
WRLLDG
H(V
SDxD 0
DGUL
G

9,
SiJ

3
*3,,
 , SiJ
'HV SDF
KRGH ,,

;;,, *8,//(502 /2+0$11 9,//(1$ ,17
52
'8&&,
1 ;;,,,

SLULHQFLD YD GHVFXEULHQGR PX GDU\


HQWLHQGR
DO TXH \
VHUD
ILQDOP HQWPHQHVWHU
H
RWUR2LGRU6iQF KH]
GH 3DUH GHVTXH VH
KDEtDDGH
WHUDU 
&RPR HV VDELGR HVWH
GHOODV Q SUR\HFWR IXH
ODQWDGR FRUWDGR
HQGRVDxRVDO
9t UUH
H\
VHFRSRU HO &RQVHMR )LQDOPHQWH

GH ODV ,QGLDVVHxDODUHPRV TXH (V WRVFQR VH
MH
URV
DVLVW
LG RVSRUDX [LOLD
U HVW
DQHMHFXWL
YRVFPRR
HQ HO 0HPRULDO TXH SUHVHQWy PD QGD WRDO UH\ DOHOWpUPLQR
GRFWRU*D EULHO
GHGH
/RDUWHVX
6D UPLHQWRGH *D PER D'DPLiQGHOD

;,,
\;,,, SXQWXDOL]y ORV REOLJDUR
PRWLYRV
QDUHDOL TXH OH %DQ GHUD 3&
HO
U
LVW
yE DOGH 0DOLQDHODJX VWLQR)UD\-XD
Q GH
9L 
]DU OD 9LVLWD \D GLFWDU
GHO SDtVRRUGHQ
FRPSOHPHQWDU
DQ]DV GH YHUR\)U H\
3 HGUR
*X WLpUUH])OR U
HV

IXHUR QPH VLQ
QJXDGHRWURV
tQGROH ORFDO GHPH QRUSUHVW
DQFLD O

DV HPL QHQFLDVJ ULVHV
 GHO
UpJL
PH Q
ELH Q
HQWHQGLG R
TX H 9HO
L U
UH\SR UVX
L GLRVLQFUDV LD\VXM
HUDUTXt
DQ R
FHGLy DQDGLH SLFH
XQ
GH VX i PDJLV
WUDWX UD(VRSRUWXQRKDFU
H OD
,,
/RV 6,(
,
( '( 3,/$5(6
/$
6$%,'85$ VDOYHGDG GHTXHHO
L
QWHQWR GH LGHQLILFD
W U D TXLHQHV
D VX GRFRQ
OD

WUL
EX\ HRQ
U IHOLDO
]p[LWR VXVDFWRV
GH FRPR
JRE H UQDQ
WH
QRUHGXQGD
(Q HOKDEHU GH7ROHGRKD\TXH SHUVSLFDFL
D
T XHGH DFUHGLWDU HQDE VOD
RO
XWRHQGH
PpUL W
R GHOEX HQQRP EUH \ GHO
IDPD
PDQGD W
DULR
PRVWUy GHVGH HO SULPHU DVX
ODGRDPRPHQWR
S
D
UWLUGHO DO OODPDU DQWHVE L
H QSRQH PD QLILHVWR
GH V XVJ DDFLGDG SDUDDSURYHFKDUH[
DUUDQTXH GH VXJRELHUQR \D
DORVWDOHQWRV
SHUVR PiVVREUHVDOLHQWHV
SHULHQFLDV\ FRQRFLPLHQWRVDMHQ RV
DF W
X DQGR HQ~O
WLPD LQ
VWDQFLD
QDOLGDGHV GH SUREDGD \YHUVDFLyQ H[SHULHQFLD
SUREOHPHQ
DVGHO
ORV GHDUWtILFH
FRR UGLQ
DGRUGH HVDVDSRUDFLRQH
W VH PS HURHQMXVWL
FLD
OD
9LUUHLQDWR -XULVFRQVXOWRV \PHQWHV SUL PHGH
UDPDJ WRQVXUDGRV JO RULDGHVXRE U
DGHEH FRPGH
SDUW
LUODFQ R TXLHQHV
VHFXQGiQG ROH
QLWXG
FRQVWLWXLUtDQ VX HVWDGR REOLJDGRGHVWD
PD\RU
 HQ HO TXH
FRQGLOLJHQ HV
FLD\
FHO
RVXSLURQ
H V RPH W
HUOHS RQ HQFLDV
LQLFLD
WL
YD VR
H V
FDU VLHWH QRPEUHV D VDEHU )UD\*DUFtD VX SULPRT XHO
HPD VDGRPLQLFR
O
RVFXDO
HV
p OGLHU
D HOWR
T XHIL
Q DO\OHVLPSDUWL
HUD
ODVDQ
GH 7ROHGR DXWRU 0HPRULDO
GH
GHO
<XFD\IDPRVR
HO MHVXLWD 3

FLyQ1RH VH
VWLPD
UiSRUWDQ W
RLPS URSLR DOFDVR
H [SRQHU
ORVUH
-RVp $FRVWD
GH
HO 2LGRU *RQ]
GH
iOH]
/LPDGH F
X\D
&XHQFD
HV VXOW
DGRV SUHOLPLQDUV
HGHXQD SHVTX L
VDRULHQW DGDDHV
WDEOHFHU
SUHVX
WDQFLD 3HU~
HQ
VH
UHPRQWDE
HOD D WUHV OXVWURV  O
D$X  VX FROHJDHQ
PLEOHVFRODERU D
GRUHV\DW Q
HF HGHQWHV
FyQV RQ RV
GLHQFLD/D3ODW
D
GH
0D WL
H
Q ]
R D
TXLHQ
FDOLIL
FDED
DFDVRSR UV
X

I
HFXQGLG
D
G QH
S URSRQHU
LQLFL
DWL
YDV  FDEHFXGR
GH HO /LFHQ
FL
DGR
2QGH JDU
GRHO


LU
UHHPSO
D]DEO
H6HF
UH
WDUL
RGH OD*RE HUQD ,,, /
 $, 16758&&,
1 *(1(5$ /

FLyQ
GXU
DQWH
FXDW
URGHFHQLRV
DSDUWLU
GH

5X L
]GH
1DYDPXHO 
'RFXP HQWRV
 \
 
* 3
3
,,,SiJ 'H VSDFKRGH 9, 

 0D Q]DQR +LV
WRULD GHOFLV5ZRS LODFLRQHV GH ,VXLLD
0DF KtG 
  , $SRFR TXH
UHFD
SDFLW
VH
H
VH
UHF
RQRFHU
i
TXH
QRH
VYHUR
Vt
PLO
SiJV
 H 6KD WRPDGR HVW H H
StJUDIH HOH
WtWXOR GH OD FRQRFL
GD REU DG H
,
KR
UQDV
TXHHO
HQ
FR
U
WR
ODS
VRTXHGLV
FXUUH
HQW
UH
O
D OOHJD
GD
GH7RO
HGR
\VX
(GZD UG/DZ UHQFHSDUD HVER]D U O
D SHUVRQDOLGDG GH O
RV VL
HWHSL U
QFLSDOHV DVH
VR UHV HQW
UH
JDO RV
D
UHVSR
QVDEOHV FXPS
GH
OLP
HQW
DUOR
SXGL
HUD
KDEHUVH
HQ
GH7ROH

GR
9 H
OWUDEDMR
G HO0X V WDSKD >
@
JDU]D
G HO
R PLQXFLR
V
RFXHV
WLRQD
U
LR
TXH
GHEtDQD
EVROYHU
GHO
RV
HQ
3 *39SiJ'HVSD FKRGH 
;, 

 9 V
XV LQ
IRUPD FLRQ HV GHVUY
HLFLRV   HQ$* ,
3 DWU
RQDW R 
1  GH
OR TXH
K L
]R HO
9LUUH\ 7R O
HGR GXU
DQWHV
X JRE L
HUQR!GDWDGR HQ
,9
,O
1
0
5&RSODV HQ &KDUFDV \/LP D ( Q XQ HVFUL
WRVX\ RGH /D 3ODW D 0DQX VF
ULW
RV IRO
V  3URE
DQ]D GH VXVVHUYL
FLRV

H Q$* 
,/L

;,, VL
QD xR HQF
RPL D O
D 9LVLWDGH7R OHGR $*/ ,QGLIHUHQWH*H QHUDO PD\
&IU$ORQVR &RUW
pV (O /LFH QFL
DG R3 ROR 2QG HJDUGR HQ-OIIDFHO
iQHFL9QOOLVR   9VX LQIR
UPD FL
yQ GH VHU
YLFL
RV  $U FKLYR+LVW
yULFR 1DFL
RQD O0D
OHWD
QD 9DOODGROLG
 US iJV
 

 GULG
,QTXLVLF
LyQQ~P 
 5XL ]GH 1DYD
PXHO IX HODPDQR GH UHFKD GH O9LUUH\FRQ pOG HVSDFKD ED $ pOVH O
H GHEHQ ODV 2U GHQDQ]D
VG H KRV SL
WDO
HVHO H/D3OD
WD LLI
D'RFX
WR
GRVDV ORV
XQWRVGHJRKtF UQ
RK DFL
HQGD \ JX HUUD HO
DERUy ODV2UGHQ DQ]DV GH PL  PHQWR GH 6DQ$QGUp V HOH/LPD / GH
D 3ODW
D 3RW
\ RV
t ;

 \ VX D
GL
QDVGH+X DUQDQJ

D + \XDQ FDYHOLFD FRUUO


yFR Q
\
ODJ HVW
DF L
yQ GHODV, QIRU
PDF LRQ H
V FLy
Q 
,


\O
D SXH
UE DGHOGHVSRWL
V PR LFDQLFR1RV GHMy XQYD OLR
VR 7HVWL
PR QLR HQUHODFL
yQ   /H YLOO
L
H U>@
SiJ  SDU
DORV
GH iP EL
WRORFDO
*8,//(502 /2+0$11
9,//(1$ ,1
752'
8&&
,1 ;;9

FDUJDGRVGH JLUDUOD9LVLWD FRQ IRUPDGR *HQHUDO (O GRFXPHQWR


SROtWLFD GH FRQ FHQ WUDU OD HVWi
SRE ODFLyQ LQGt JH QD
\IJXLUD HQ OD ,QV
SRU PiV GH GRV FHQWHQDUHV SDUD GHV
H
GH
QLQWHUURJDQWHV
WUXF FL
yQ *H SODQWHDGDV
QH UDO LQIUDSiJV  
WUDxDU IRUPDV GH YHUQiFXODV
YLGD SURSR \
QHUPHQWDOLGDG
VROXFLR
\ &RQ VWD TX H SDUD,Q ODV
VWUXFFLRQHV \ GHV SDFKRV TXH V
H SX
QHV DFRPRGDGDV \ DXQDO
DFRQWUDSHOR
DPELHQWH XVR V \F
RV 
GH VLHURQ HQ PD QRV G H ORVLQVSHF WRUHV 9LU UH
HO
\ H
VD\XG y GHO /L
WXPEUHV GH DUUDLJR VHFXODU FHQ FLDG R 6iQ FK H] GH 3DUHGHV 
SH U
R VRE UH WRGR FR QWy FR Q ODV
+DELGD FXHQWDGHTXHHOWH[WR ,QVWUXFFL yQ*HQH UDO PDWUL]GHOD
OXFHV G HO GRFWRU *RQ]i OH] GH FD S
&XHQ
RU TXLHQ SURIHVDED DOWD HV 
DORV9LVLWDGRUHV VHHQFRQWUDED  LQM
UD \D H[SHGLWR
WLP D  DILQHV GH
 /D PDQ RG H HVWH~OWLPR VH KD FH SDWHQ WHHQODV UHI HUHQFL DV
'RFXPHQWR   HODxRYDOH LQLFLDO
GHFLU WROHG
GHO
DQR  JRELHUQR DODV QR UPD VTXH GLF WDUDHQ  S DUDORV OXJ DUHxRV GH OD FRPD UF D
FXDQGR DSHQDV DWRP DU
FRPHQ]DED
HOSXOVR
DORVSUREOHP DV \H
 Q GH 7UX MLOOR FIULQIUD SiJV \  DXQ TX HQ RVH OHPHQFLRQH
FDUDEDODV P~OWLSOHV DOWHUQDWLYDV UHDM
XV TXH KDEtDQ
QRPLQ DOPH QWH GH
 FRQGXFLU DO
WH GH ODFRH[LVWHQFLDGH FRQWH QLODVGRV
GR VH UHS~EOLFDV\
(Q K HFKR GH YHUG TXH
DG *RQ ]iO VX
H] GH &XH QFD \D EtD
KD DER U GDGR
YD HQULTXHFLHQGR SUR
JUHVDD PHGLGD
HO FRQRFLPLHQWR
TXH GHO WH
PXF KRV G HOVRSUREOHP DVTX HHPE DU JDUtDQ DW OD
HQFLyQ GH 7R OHGR
UULWRULR OD
YtD
WDQWR GHSRUSURYLVLRQHV LQIUDSiJ HVSHFtILFDV

pO PLVP R VHMDFWD GH TXH U
HVSRQGLHQ GRX D
Q HQFDUJR TXH OH LP
FRPRSRU HOSURFHGLPLHQWR -XQLR
GH\ QXHYDV DGLFLRQHV HQ  GH
SDUWL yHO PDQ G DWDULR VHRFXS y HQ ODFRQ IHFFL yQ GHOVDSX D WDV HQ XQ 
GH 6HSWLHPEUH GH  LQIUD
\ 'RFX
 GH 0DU]R GH  
FLDGD VH Q O
D ,QVW UXF FLyQ *H QH UDO  O
DV
 T XDOHV\R RUGH Q p


PHQWRV \ HV
 
IRU]RVRDGPLWLU HOPDQG
TXH
DWDULR GLV
&LHU WR LQWHU URJ DWRULR GH
 HQ FDPL QDGR D YHDUL
JX DUV H
VLK DE tD
SXVR GH IDOVLOODVIDFLOLW
DURQ WDUHOD
DTXHOH
GDGRFXPSOLPLHQWR D GHWHUPLQ DGDV GLVSRV L
FLRQH VGLFWDG DV SRU pOHQ
(Q HVWH RUGHQ LQGDJDWRULDSDVR
OD LQLFLDO
ODERU FX DTXLH
O GH
U
PHGLGDJXEHUQDWLYD
QR FDUHFtD GH SUHFHGHQWHV  HO 7UXMLOOR
$Vt HQ  S UHIL
JXUD HVHQFL
HQD HO FX HVWL
R Q DULR DT XH GHE t Q
D VX MH 
0DUTXpV GH &DxHWH D$ORQVR0DQXHO
KDEtD$H[WHQGLGR
QD\ DXQ GH WDUVH LQV
ORV
SHF WRUHV GHVWDFDGRV SR UHO
9LU UH\UQ

FXHVWLRQDUtD DOTXH KDEUtD RFXODU GHOD


GH DWHQHUVH HQ (Q FXDW QR DO
ODLQVSHFFLyQ D
LQ W
HUYHQFL yQ G H0D WLHQ]R W
DPSRFR FDEH GH V
UHGRQGD W
RUQRGH
HQ
/LP DHQHOFXDO HQFX
VH
HQWUDQ \DLQVLQXDGRV FDUWD UOD $Vt DO JXQDV OD
V SGH
URS XH V
WDV LQ V
HU WDV HQ *RELH UQVX
R
PXFKRVGHORV
DVXQW
RV U TXH
HDSD U
HFHQ WHV
U OXVWURV
G HVSXpV &RPR G HO3HU ~ UHD SDU HFHQ HQ ,QOD VWUXFFL yQ *H QHUD O
HO Pp WRGR VXJ H
RWUR
VDQWH
FHGHQW
HVLJXDOP HQWH YiOLGR
V SDUDHOSD UWLFXODU SXHGHQ ULG RSD U DHVFRJHU HOOXJDU PiV DSURSyV LWR SDUD O
D L
PSO DQW DFLyQ GH
FRQV
LGHUDU
V
H XQDV
,QVWUXFFLRQHVGH O
D $X GLHQ
FDLGH /LP D SUHFL
VD ORVQX HYRV SR E O
DG RV 3DUWH 3ULPHUD &DS tWXOR;, 9  HV FRU UHODWLY R
PHQWHGLULJLG
DV
D ORV
9LVLWDGRU HV
 H
QTX HV H
OHVUFH
RPL HQGD H[SOL FR QH 
O TXH DFRQV
VHH M
D HQOD ,QVWUXFFLyQ *HQH UDO FIULQIU D SiJV 
FDU D QDWX
ORV
UD
OHV
O
D GHFLVL
yQ DGRSWDGD GH DJUXSDUORV HQ Q~ FOHRV  O DLQVS LUDFLyQ GHORULJLQD OVH
WUDV OXFHK DVWDHQHO PL Q~VFXOR
XUEDQRV\RHPSOD]
DPL
FX HQWR Pi VFRQYHQLHQWHVHGH MDEDD ODHOHF GHWDOOH tQG ROHKGH
L
JL pQLFDFR QIR UPH DO FXD OVH
G HE tDGH UFRPH HQ
FLyQ
GHORV
TXHUDGLF
VH DUtDQ HOORV
HQ


'H SDVRFD EH FRODFLRQDU
TXHOR
V
FDStWXORV XQ D,
 QVWUXFFL
GH yQ T XH
OOH
Y yFQ RVLJR HO9LVL  %1 00D QXVFULWRV

IRO
V

WDGRU
,IL
L
JR2UWL
]GH=~x tJD  GH'LFLHPEU H GH  D ERUGDQ  6DOD]DU>@ Si
 J
(QVX FRQIRUP L
GDG-HYOO
L
HU>
@SiJV
  3 *3
,,,SiJV
\

'X SOL
FD GRG H
HVWH~OWL
PRGHVSDFKR HQt
E tG


LG
pQWLF
RWH
PD 7RGR HOORV
HGHFDQWD HQ O
DHK[RUWDFLyQ TXH GLUL ,9 
SiJV 

JL
HUD7ROH
GRHQ &X ]FR
HO
DOV
RFU XDFDV\PDQGR QHVUD]R QiQGRO HVOD  /DV GL
VSRVLFL
RQH V DOX
GL
G DV
 JO
RVDG DVSRU 5RVWZR URZVOFt
$OJXQR VF RP HQ
WDULRV O D
DV2U GHQDQ]DVGHO
GR
FW &XH
RU QFD HQ+LVWRULD\&LaOWLZD
 /
LPD
 
Q ~P
SiJV

\*RQ]iO
H]
GH
6DQ6H J XQGR(OGRFWRU
*UH JRU
LR*RQ]iOH]GH
-LPpQH] ODGH
( V
SD GD
5HOD FLRQ
HV*HRJL
iILFDV

,QGLDV
G 0
DGULFO

  &X HQFD2LGR
U GH
OD
$XG LHQF
L
DGH
/LPD\VXV RUGHQDQ] DVVR
E U
H FDFLTXH
V L
QG
H LV
R
$Sp
Q GL
FH SiJ 9,, &;/ SULQFLSDO
H V
HQ 5 HYL
VWDGH
,QGLD
V
0DGULG
 
;/ ,,Q~P
SiJV


$*,
3DW
UR
Q DWR
 5
 6RQ
GH;,,
  3*
3 
9,,SiJ
'HVSD
FKRGH,,

9,xL
JR2UW]LGH=~ILLJ
D9LVLWD OD3URYLQ
GH
FLD /
GH
H
yQ +ZL
HOH QL
ZR  =HY
DR OO
V4XL
xRQHV
/D
YLV
LW
DGHOS XHEORGH)HUU HxDUH /DPED\ HTXH
HQ
+XiQXFR
 
SiJV
 HQ+LV
WR ULD\&LW
WLZD
/L
PD

 Q UQS
iJ V


;;9, *8,//(502 /2+0$11
9,//(1$ ,17
52'
8&&,
1 ;;9
,,

GDU
DORVLQGLRV TXH GXUPLHVHQHQ 0DWLHQ]R SiJ  EDUEDFRDV FIU
PX\ H[SUHVLYR HQ HVWH RUG HQ D OGD UF XHQW DTXH HO PDQ G DWDULR


LQIUD
SiJ  SDU DUH
IOH[L
RQD UVLQ DSUHPLRV VH HQFO DXVWUy HQ<X FD\F RQ FD GHQ D

D OD
SXHUWD
G H VXFDV D %L HQ FODU RHVWi TXH DQWHVG HDGRS WDU XQ D
GH W
HUPLQDFLy Q PH GLW DEDFRQ ULJRU V
XV DOF DQFHV\S RUF RQ VLJXL HQW H
,9
 /$625' (1 $1=$6 HOSHUtRGR GH SUHS DUDFLyQGH F DGD 2UG H QDQ]D QR GHELy GH VHUUH
GXFLGR PD\R U PH QWH FXDQGR S HV
D W
HQ WH T XHHOFRQW HQLGR GH HOODV
3XHVWRTXHQRSDUHFHTXHH[LVWDQ
UD]
RQHVGHSHVRSDUD RS LQDU UHIOHM
D XQDi QVOL
LV SURIXQG RG  H ORV SURE O
HPD V\H Q VX FR QMX Q WR
TXHD7ROHGROHDVLVWLHUDFLHQFLDLQIXVDHQVXTXHKDFHU
JXEHUQD WLYR FRQILJX UDQXQ DUPRQLR VRFXH USR OHJDOHQ HOT XH QR VH D
FX VDQ
UHVXOWDHYLGHQWHTXHSRU F DSDFLG
DGGH REVHU
PX\iJLOTXHIXHVHOD
 KX HOO
DVL PS
GH U
RYL VDFL
yQ R SURY GH
LGH QFLDV WUDQVLWRULDV
YDFLyQGHTXH HVWXYLHUDGRWDGRSRU KXELHVH VLGR PX\FHUWHURTXH
$WRGROR [SXH VWRKD\
HT XH DD xGLUILQDOP HQWH TXH F XP SOL
VX GLDJQyVWLFRGH OD DFXFLR
VLWXDFLyQGHO
VD TXH V H SDtV
PH QWDU HSRU
O
SUR IXVR PX\
FXH VWL
RQD ULR GH OD,Q VWUXFFLyQ *H Q HUDO WDUHD
DFUHGLWDUDVX
GLOLJHQFLD
\HQILQSRU IXHVH PX\YLYRTXH
JH
VX
QRL T XHVXSXHVWR ORHVFDEURVR G HOWHUULWRULR DQG LQROOHJyK DVWD D RVF

GHFLVRULRQR HV GH UHFLERHQ EDV WDUD HO DEVROXWRWDUOLPDJLQDUTXH
DYLGD
GH DJ~Q
O FR PL VLRQDGR 
G
OH
HPDQ G DUtDGH VX\ RPHV H
V GH
IXJD]WUiQVLWR SRU +XDQFD\RR+XDPDQJDRTXH
DODV
SRF DV H
V DI D
QRVD LQGDJDFL yQ\D
\SRU WDQ WR HO UHS RUWH GHOD VHQFXH VW DV VyOR
HO
PDQDVGHKDEHUKHFKRVXHQWUDGDHQ
&X]FRRTXH
HVFDVDPHQWH W
UHV SXGR D
OFDQ]D U9 DO
LUUH\FXD QG RF HULWD PHQ WH OO
HYDE D PX \ DGHODQ 
PHVHVGHVSXpVGH V
HQFRQWUDUVHHQ
HKDOODVHHQ
DSWLWXG GH 3RWRVtW DGD VX9LVL
WD YDO HGHFLUK DFLD   y  HVWR HV
 FRQ SRV WH
WHQHU
DSXQWR \ H[SHGLWR SDUD H[SHULHQ SODVPDUHO
 IUXWR
ULRULGD OD
GD S GH
X EOLFDFLVXV
yQGHE XHQ Q~PHUR GLVS
GH
RVLWLYRV TXH OO
H YDQ
FLDVHQ ORVFRSLRVRVWH[WRV H[W HQVR VOHJLVODWLYRVPXFKRVGH
VXILUPD1R HVWDUi GHPi V
K DFHU SUHVHOORV
HQWH TXH OD
H YDOX D
FLyQ GH HVRV
GH HOHYDGRWHFQLFLVPR\ TXHSURP
ULJXURVDPHQWHPHWRGL]DGRV
XO LQIRUPHV O
\D FQRVR OL
GDFLyQ HQ S DXWDV GH HWUVX F
WXU DOJDHODT GH
XH
JDUDHQ ORFDOLGDGHV
GLFKDV
DXQTXH QDGLHOHSXHGD
UHJDWHDU VXYH OODLJQHQWH
PD VDGH QR WFLL
DVGHE Ly GHH[ LJLUDVXYH ]SOD]R V D
GL FLR
KHPHQFLDSDUD FRUULGD
SURFHGHU

$O GDU FXHQWD ODGH
V 2U G H GH QDOHV(VIRU]RVR D O
DYLVWDGH WR GRV HVWRV IFDWRUHVT XH L
QFL GHQ H Q
QDQ]
DV
G H
PLQDV
LQIUD
' RF
XPHQWR SXQW
 
XDOL]
D0RQW HVLQRV OD ODFURQRORJtD G H
ODV 2U GQHDQ ]V DH VFXG UL
x DU O
DVUH FyQG LWDV IX HQW HV
IHVWLQDFLyQGHOPDQG
D W
DULR
HQHVW
RV Wp
UPLQRV'LyVH W
DQWD S UL
HVD G HOV
DPL VPD V \HIRU
V] DUV
H SRU LGHQW LILF
D UDTXLHQH VFR QV X VSU R
HO
9LUU
H\D
DFD
EDUODV
2UGHQDQFDV TXH D)VHLVGH
H
EU HURHVWDEDQ \H FW
RV\D ODEHRUD GRV IDFL
OLW
DU RQ OD WDUHD G HO9LUUH \DHO
FHU DQG RV X
\D
DFD
EDGDV\
FRQIHULG
DV D
VLHWH
\GHV SDF
K DGDOD
3URYLVLyQ 5HD O DFFLyQOHJLV
ODWLYD
HQ
THXOD
VPDQGD
E DJXDUGDU
\FXPSOL U
VLQH[SOL
FDFL
yQ QLVHQWLGR 3DUD W
DO VRQGH RS XHG HWP RD UVH FP RR SX Q W
R G HSDUWLGD ODRE 
PiV
GHDTXHOTXH
HOOD
VHQWLVt
H
Q H
Q D
Q\
XHYHGtDV
GHOPH VGH )H  VH U
YDFLyQIUPXO
R D G DSRU XQ KLVWR ULDG RU GHD PSOLD YHUVDFLy Q HQ OD
EU
HUR
OHV
WHDx
R>
@ VH
FRPHQ FDURQ
DSUHJRQDUHQ O
D FX LGDFO PDWH UL
DFXDQ GR DVH YHUDTXHHQ ORVWH[ WRV OH
JLVODWLYRV TH XQ RV RFX 
GH
/D 3ODWD
VH
DFDE D
URQ
\
DGLH
] GHOPHVPRPHVHQSU HVH
Q F LD GH SD QKD\ L
QIOX HQFL D
V P DVQ RLGH QWLGD G FRQ ORVH O
HP HQ W RV
T X H
OR
V$OFDOG
HV RUGLQ
DUL
RV H
Q 3
\RWRVt
VHFRUQH
QFDURQ DSUH JRQ D U SX GRWHQHUD ODYLVWD7ROH GR 

(Q YtD S XUDP HQ WHLOXVWUDWL YD FRQ 
D
GtD
VGHOPHV
GH$EULO
GHGLFKR DxR

\ D VH
FDEDURQD  GH O VLJQDUHPR VD FRQWLQ XDFLyQHO UHVXOW DGR GH DJOXQDV FDODVGH XUJH Q
GLFKR
PH V\
Dx
R\ KL]R
HVH
QSUHVHQFLD
GHWUHV(V
FULEDQRV  FLDPHURVHVE R]RVGHUU GHRWHURV SDUD HPS UHQGH U HVFUX WL
QL RV PiV
1LQJ~QKLV
W
RULDGRUK 
DSXHVWRH QW
HO
DGHMXLF
LRXQ DFX
D OL
GDG DS XUDGRV\ VLVWHPi WLFRVT XH D TXLODWH Q OD SURSRU FLyQ HQ TXH OD
TXH
DGRUDE
QD7RDO
HGRWH PS
VXHUDPH QW
RFRQFLHQ]XGR\H VFUX SX QRU PDWLYDVDQFLRQ D GDS RUHOPDQG DW
D ULR SHU DXQR FRQVWLWX\ H 
DG DS
ORVR(O
/LFH
QFL
DGR5DP tUH]
GH&DUWDJHQD
QRVWUDQVPLWHXQ GH W
DOOH

3 *3
9,,
S iJ
'HVS
DFKRGH
 
,9


8QR GHHOO
RV-H
U
y QLPRGH6LO
YD &IU
/RKPDQQ 9LOOH
P
/RV
5HJL
GRUH
V
/D
UHI
HU
HQFL
D
SRU
OD
HGL
FL
yQ3DUV

,
/tP
D >@ SHL

SHW
8
RV GHO2DELGR
OG H/ LP W 
6HYLOOD

 ,,
SiJ
0RQW
HVL
QRV

$ QDOHV
GH
O3H

Lt

0D GU
LG

,
SiJ
 
=D YDO
D>@
SiJQ
RWD

;;9,,, *8,//(502 /2+0$11
9,//(1$
,
1752
'8&&,
1 ;;,
;

GH HMHPSODUHV
WDFLyQ DQWH
ULRUHV

OED
RU GH DFDUUHR
YD
U
LDGDV
UR

S GH
FHGHQFLDV R HYHQWXDOPHQWH
SUHVHQW
DG
D FRPR
QRYHGR
VD
SXHGH VHU SUHVHQW
H GHVGHOXHJR FHUHO WHUR LQIRUPH GH2QGHJDU G RI
HFK DGR
GH UDt] \ VLQ
SUHFHG
PRGHOR
D TXH OD HO
 GH
'L FHP
L EUHGH  
6H U
i HVWH~OWLP RFLH
UWRWUDW
DGLOOR
GHO
D FRFDDTXHV
X DXWRU KDFH UHIHUHQFLDHQ RWURGRFPXH QWR VXV
FU
LWRSRUpO"
 
7ROH GRVX FRQ
H[LJHQW HPLQ XFLRVLGDG SDUD D
OOHJDUWRGRV OR
V
2UGHQDQ]D
O  V
PXQLF
L
SDOHV
HO
HPH QWRVGHMXLFLR L
QG LVSH QVDEOHV SDU DS URQXQFLDUVH FRQ WLH
QWR
'RFXPH
QWRV


 \   V
R EUH QHWX
[UH
PR WDQ FRQ W
UR YH ULGR
WGHV
W DFyD ODPH QFLRQDGD FR
PDUFDQ DHXTLX
SRFQ RIRUP DGR SRU HODJXVWLQR )UD\-XDQ GH 9L
(Q FXDQWR D ODV SDUDWDQ
HO JRE
EXHQ
LFRQRFLGDV
HUQ
R GH
OD YHUR
DIXHU WHyORGH
JR HO /LFHQ FLDGR 1LFROi V5X L]
GH (VWUDGD 
FLXG
D
GGHO ]FR
&XVHU
QR
iPX \
DY
HQWXUDGR
U
RSRQHU S
SDU
HQWHVF
VX
R FRPROHJLD
VW \HOGRFWRU7RP iV9i] TXH] 
HQV XFDUi
FWHU HIGFX
DO
FRQ2UGHQDQ
ODV ]DV
DQWLJXDV

TXH
VDQFL
RQDUD
HO0DUTXpV
GH WDWL
YRSDUD HVW
TXH
DEOHFLHUD DJHQWHV ORV
XH TDXF
VDEDQ XQD DIHF

&DxHWH
DVtFRPR FRQTXH ODV
GLFWy
2QGH
JDUGRFX
DQGRGH
VHP FLy
Q FXW
iQHD TXH JUDVDED HQWUH ORV FXOW
LYDG RUHV GH SODQWDHVD
\
SH
xy&RUUHO
HJL
PLHQWROR GH
FDOLGDG
HVD GXUDQWH
ELHQL
R
 HO SURSXVL
HUDODFRUUHVSRQGLH QWHSURILO D[LV



 7DPSRF
RVHU
i
GHVFDPLQ
DGR LQVLQXDU GHO
PLHOQRPEUH
VPR 6HUtDXQDWDUHDPX\ LO
XV WUDWL
YD U
DVWUHDUODVFRQ FUR
GD QFLDVFRQ
MXULVWD
FRPRD
UWtILFH
O
DV
GH+XDPD
GHQJD
SXHV
FRQVWD
V
XDFWL
YLGDG ODV SURSRVLFLRQHV 0DWLH Q]R HUWLGDY
VX QRGH
VS RFRVDxRVDQWH V


HQ
DTXHOO
D
]RQD KDFLD


RSRUWXQLG
DG HQ UHGDFW
TXH
y XQDV
2U \SDUDSUHPLVDEDVWDUi DX GFLUODV TXH
2U GHQDQ]DV [UQ  [[ [[U
GHQDQ
]DV
SDU
D ODV PLQDV GH GLVWULWR
SODWD

O
GH GLFKR [[Q\[[Q UHQXQFLDG DVS RU HOPDJL VWU
DG RY DOOLVRO
HWDQR FRU
VH
UHV
SRQGHQOLWH
UDOPHW QHFRQ O
D    \ UHV
SH FYD
WLPH Q WH

GH ODV 7R O
HGR
GH




2UGH
QDQ]D
V
GH
ODFRFD 6XSXH VWR O TXH
DHODFLyQ QR HUD SUHFLVDP H
Q W
HXQRG HORVSXQ
WRV
IO
DFRVGH OPD
QGDWDU LRHQ HOW
H [WRG HO
DV 2U GHQDQ]DVT XHSUR
'R
FXP
H
QWRV


\  
PXOJDUDHQ$UH TXLSD HO GH1RY L
HPEUH GH VHDFRJHH LQ
FR
URUSDQ W
DQ WRW pU
ORV
PLQR V GH 3URY
OD L
V L
yQ UHDOGH GH -XQLR
(VLQH
YLWD
EOHWUDHUDFO
RDFL
yQVV
XD QW
H FHGHQW
HVIRUPDOH
V HQ 
GH
  FRPR ORVHW [
U HPRV FRQ WHQLGRVHQXQ UH
FXUVRSUHVHQ WDGR
ODV
TXHV
REUH
OD
PLV PDPDWH UL
D
SURPXOJDU
DHO0DUTXpVGH
&DxHWH
SRUSURSLH
ORVWDULRV HVH PEU
Gt RV GH H
VD HULWUR[tOHDHQ O
RVYDO O
HV
HO
GH
0DU]R 
GH \HO
 GHO
PLVPRG H
PHV
HO
 GHO
&X ]FR
DOPD U
JH QGHO FXD OVHSXHG HQ OHHUORVGHFUHWRVGHO9L
&RQGH
GH
1LHYDHVWDV~OWLPDV UHIUXWR
FRQ RFLP
L
HQWRSGHO
U
HRQDO
V
U
UH\GH GH2FWX E U
H GH 8Q D V
XE VLJXLQ H
WHUHFODPD FLyQ
TXH
SUD
FWLF
DU
DQXHVW
URFRQRFLGR
HO
/LFH
QFLDGR*RQ ]O
i
H]GH &XHQFD
HQ
TXH O
RVPLVPRV LQWHUHV DGRV VROLFL
W DEDQXQ DQ XHYD U
HGDFFLyQ GH
HQ
OR
VVH
PE U
tRVO D
GH
FRPDUFDGH G HV

/RV

VLQ

HM
DU
$Q
G W HQ
GH
H
U 
YD
ULRV&DStWXORV GLRSHLDO D'H FODUDFL
yQ GH
GH 6HSWLHP EUH
%1 00DQXVFU
LWRV


IROV
VV

*RQ ]iOH
]3XMD
QD (O/ L
EURGHO&DELO
GRGH
ODFLWW
GFXOGH@2XFFR /LPD
 ( Q5HYL
V
WD +LVW
LLRD /LPD ;, ,SiJV
, 





SiJ 
 &',$2;9 ,,
SiJ 
&'
,$
9,,,SiJ
V

 %1 00D QXVF
ULWRVIROV
Y\ UH
XQLRQHVGHO&DELO
G
RGHO&
X]F
R
%10 0DQX
VUL
F WRV

IR
OVVV GH

\9,,
HQ3
* 39,, 
SiJ V

a/DV
2UGH
QDQ]
DV GH FRFD


-D
GHO&RQGH
GH1LHYDHQ -DOZEXRK ILLL
  >
@3 DUW
H 3ULPH UD &D SLWX
OR;/, 9 \ VLJXL
HQWH V
\ H
QHVSH
F
LDOH
O/,
SiJ
V

 
*HVFKLRKW
HYRQ 6WD
DW
:L L
WVR
7ZIWW
PG HV
HXVRWL
D
WW/DWLQDLQ
H HL
L
UFDV
.xO Q
 

SiJV

 &R PS >
@SiJV
  L
HQID
SiJV \


/D L
QWHUYHQFL
yQ GH*R Q]
iOH] GH&XHQFD
OD UU
FR
RERUD 0DWOHQ]
R >
@ (QF LQDV2HGXODL
IR 0D GULG

 ,9IROV

SiJ

 %1 00D QXVFU
L
WRV IOR
V
,ELGIROV



;;; *8,//(502 /2+0$11
9,//(1$ ,
1752'
8&&,
1 ;;;
,

GH  HQ OD TXH HO JREHUQDQWH VXJ H KL]R OXJDU
(O QRPE UH
DGH GHWHUPLQDGDV
Q]R
0DWLH
YXHO YHQX H YDPHQWH D VDOWDU
DO
D SD
UHQFLDV GH ORV UHFXUUHQWHV O H
VWUD
 H Q
UD]y Q W DQWR OR T XH
GH
UHFRP HQGDU D V
RE UH O DPDWHULD
HQ HO
&DSt W
XOR ;/, GH OD3ULP HUD 3DU W
H GH VX*RE LHUQ R GH O
3H U~ HQ


H O
TXH S RQH FRQDWUL
EXFLyQ ODVGLVSRVLFLR Q HVGH *DVHD \GHO
&RQ G H

 2UG HQ DQ ]VDGH P]QDV GH 1LHYD FRPR SR UO DV
V XJH U
H QFLDVFRQW HQLGDVH Q VX 0H PRULDODO
'RFXPHQWRV   \

  PDQG DDULR
W D PS OLD
WRULR HVSHFtILFDPHQ WH GH OR HQ XQFLDGR HQ HO
7tWXOR ,, 'H ODODERUGH PLQ D V
 \HQ ,,,
HO 'H ORVGVHSREODGRV 
6HJ~Q OR UHFRQRFH DOHQXPHUDU
HO SURSLRVDQ W
H FHOR 7ROHGR GHO WH[WR LQFOXL GR HQGLFKR &D StWX ORVX GH
WUD
WD GR GH 
 VRUQH
GHQWHV PDQHMDGRV SDUD 2UGHQDQ]OD DV HQ
HODERUDFLyQ
HO WLHaGR D
GH HVWDV 7R OHGR X Q
Q XHYR FXH USR G HQR UP DVE DMR UHVHU
Y D
GH TX H
SUHiPEXOR GH ODV\ TXH
OR UDWLILFDOOHYDQGHVSDFK R VXHQ
ILUPD GH OEL
HUDUD VX VDOF
DQ FHVFRQ SHUV RQDV YHUV DGD V

(V RSRUWXQR UH
GH  GH 0DU]R 
VH UHGDFWDURQ
GH  YLV WDGH O
WDQWR
DV D OD FR UDG
U TXH \D 6ROyU]DQR 3H U HL
UD VXEU D\D O
RV Q[H RV HQ W
UHOV
DS UR
UHFLHQWHVGLFW GLVSRVLFLRQHV
DGDV SRU ,, SD)HOLSH
UD &DVWLOOD HQ S XHVW
DV IRUPXODGD VS RUHO2L GRU G H
/D 3O DW
D\OD
Y H U
VLyQG HILQ
LWL
YD
GH 0DU]R GH

FRPRGH  ODV SULYDWLYDPHQWH
GLDQ DV\D GH LQG H ODV
2U GH QDQ]DV ODV
DTX H QR VH U HSULPH G H SRQGH UDUFRPR
ODV
YLJHQWHV OD1XHYD HQ (VSDxD^GH  GH -XQLR   VR
EUH GH PDUDYLOORVDV \P X\DODEDGDV 

FRQVHUYDFLyQ \ EXHQ D WUDWR


ORV QDWXUDOHV WUDEDM DEDQ HQ OD
TXH
V
PLQDV GH  GH0D\R SDUD ODVPLQDV GH 
\
OVDG H
GH SODWD
GH (QHUR GH  ODVPLQDV
SDUD JHQHUDO
HO HQ
\WUDEDMR
HQ HQ  2UG HQDQ]D V
G H
LQG LRV
&KLOH \D GH ODV SURSLDPHQWH

D SDUWLU ODV GH9GH
SHUXDQDV
DFD
GH &DVWUR  GH GH $EULO
\ GH 0D\RHV GH
\GHO  
&R QGH &DE H DJU XSDU EDMRHVWH VXEW t
WXOR ODVTX HU HJX ODQODHX GFD
GH 1LHYD GH KHFKR IUXWR GH /LFHQFL OD
DGR 2Q
PLQHUYD
GH GHO FLy QGH ORV LQGtJHQDV
'RF XP HQWRV \  O
 DVUHG X FFLRQHV
'RFX
JDUGR  GH  GH 2FWXEUH GH  GH 3RWRV t SDUD ODV PLQDV
Q

PHQW RV  \  ORV JDQDSDQ HV 'RFX PH QWR  ORVMXHFHV
\ GH GH 0DU]R GH   SDUD ODV G H+XD PD QJD TXH W
DPE LpQ GHQDWX UDOHV 'R FXPH QWRV \  O D SURP RFLyQ GHODHYDQJHOL]D
KDEtD LQWHUYH QLGR HQ ODVTXH V
H GLF WD URQ SDUD ODV PLQD V GH RRUHQ FLyQ 'RFXP HQWR  ORV \DQ DFR QDV 'RF XPHQ WR  ODWDVDGH
&DUDED \DSR UHQFDUJ R GH  GH $JRV WRG H  GHO 0DU TXpV ORVM
RUQ DOHV 'R FXPH QW
R  ORV\ SOH LWRVHQWUH LQG LRV\HO
GHIHQ 
GH&D xH WH
VRUGH Q DW
X UD O
HV
'RFX PH Q W
R  
 3*
39SiJ
&DS LWXO
R (Q HOUH FXHQWR GH DW Q
HFHGHQ WHVG HHVWHFR QMXQWR GLVS
GH
RVL
 1XHYD 5IF
RSLODFLyQ
/ L
EUR7 9,
tWXOR;,, ,
OH
\HV , ,,,
9\9 FLRQHVDWDxH GHU DVDODSREODFLyQ DX WyFWRQ D VHLPSR Q H
PHQFL RQDUHQ
%3 HU
HLUD 6DODV
/DV 2UG H
QDQ]DV GH PLQDV GHO*R EHU QDGRU GH &KLO
H FODQ
)UD
Q FLVFR
GH9LODJUD
HQ5HY LVWD
GH+LVW RLLD
GH$P pL

LDD 0p [L
FR QP
   S UL
PHU WpUP LQRDOUHSHL W
GR *RQ ]iO
H] G H&X HQFD FX\ DVDSRUW
DFLR 
SiJV

 QHVSDU HFH VH UTXH IXHURQ VXVWD QFLDOHV (O PLVPR ORSURFODPD HQ
 5HDO
$FD GHPLDGHOD+L VWRUL
D&R OHF
F L
yQ 0DWD/ LQDUHV ;;,,, IR
O
V

 &IU
&',
$2
;9 ,,SiJ

XQ GHVSDFKR G HGH)H EUHUR GH  DOFRPXQLF DUT XHYtDHQG H
 $*
,3DWURQDWR

 5 S 
XE OLF
DGDV SRU0DUWLUp/D V2U GHQDQ ]V
DHOH HQVD\R ODV
GH
TXH VXFHVLYD PHQ WH VH SURP
IXHUHQ
XOJDQ GRS RU7R
PLQDVGHO
&RQ GHGH1LHYD ORV
\ &RPLVDU L
RV
 ! 5HYLVWD
HQ DHWO
QVWLW
LW
RGH,+ V
WR
ULDGHO'HUIFOL
R
5LFDUGR
/HYHQ H

%XHQ RV $LUHV
  Q~ P 
SiJV 

OHGR
VH FRQYLQR HQT XH

HQ WRG DVO
DV SUR XLQFLDV VHSXVLHVHQSDUD
 %
10 0DQ XVFULW
RV
IR
OVYHQ&',$2 9,,,SiJV HOEXHQJ RX LHUQR OR
V \
GHQG
LRVODVRG U HQ DQFDVT X H\R KL
]HSU DD OD

\ 2ROHFRLyQ
GH
/L ERV\'RFLLP
HQWRV UHI
HUHQWHV
OD DD GHO
+LVWR
L 3HUt

/L

PD
 ,9
SDJV

- XLFL
RGH
/IRLLWHV
HQWUH3HHO
U~ \ %ROLYLD
2RQW
HVWOZL
yQ DO
$OHJ
DWR
O
H%R >@

S i
JV

OL
YLD
%XHQ RV
$LUHV
 ,Si
JV

 (Q
O
D3URY
L
VL
yQ GHO0DU
TXpV
GH
&DxH W
H %1
0 0D QXVFULWRV


IRO
V
Y
HQ
&'
,
$
2 ;;,9

SiJV

VH
KDFH PpUL
WRGH
RX FSDU2Q GH
D
JDUG
R HQ
HVWD
PL
VL
yQ &
RQILDQ
GRHO
HYXHVW
UD 
F
IU
SiJ


SUX
GHQFLD\L
VSLU
LHQF
LD
 >@
/LE
UR9, 
&D StWXO
R
3LU
PHU
R
,17
52'
8&&,
1 ;;;,,,
;;;,, *8,//(502 /2+0$11 9,//(1$

FLXGDG GH 7UXJLOOR D9XHVWUD0DJHVW


TXH DG


\R

(Q
HQELH < WU
DV*RQ]i OH]GH&XHQFD \ 2Q G HJDUGR
D FXGHXQ DYH
]P iV
HIHFWR &RQVWD TXH HQH V

ER]GR
D GH DOD
FLW
D
0D
XQ$EULO GH  KDEtD WL
HQ]R iQ
6LQ
L PRG
HDS X U
DU HOWHPDEDVWH
FR P SDU DU HQ
SODQ GH OOHYDU DOD GH
DOFDOGHV
SUiFWLFD
\UHJLGRUHV ODLQGt
HOHFFLyQSXQ WR
D
\DQDFR QDV
ODSURS XHVWD
GH HVW
H ~OWLPRHQVX/H \ FR
Y
Q O

DV
JHaDa
DILQ GH HQHUYDU GHVSyWLFDLQWHUYHQFLyQ
OD DV GH
\ORV FXUDF2 U
GHQDQ]DV9,,\ ,;GH 7ROHGR
\ O DSURKLELFLyQGH G HIR
UPDU
DVLUPVUQRXQ SURFHGLPLHQWR FRQWURYHUVLD
V HQWUHSDUD
ORV TXH ODV HO
FUiQH
RG HORV
Q LxRV


W
QD XUDHV  
VHYHQQ 
DVHQ VXPDULDPHQWH
U ORTXH &RQFUHWDPHQWH SR
VHUHILHUH D VXV DOXGLGDV 7UXMtOO
R RUGHQDQ]DVSDUD
FR OD UHJLyQ GH   2UGHQ DQ]DVG HWDP ERV
QRFHPRV HO WH[WR GH ODV TXH GLFWy HQ  FRPR9LVLWDGRU GH ORV
GRV FHQWHQDUHV GH SXHEORV  UHSDUWLPLHQWRV LQFOXLGRV
GH HQ ORV 'RFXPH Q WRV \  
OD MXULVGLFFLyQ GH 7UXMLOOR VH UHJOD+XDPDFKXFR \ 3LXUD HQ TXH
 6REUHODPDWHULDHL [
VWtDQ DQ WHFH\D
G HQWHV V TXH
HUHPRQ W
DE DQ
PHQWDED ODDFFLyQGH \ODYLGD ORVFXUDFDV
OR
SROtWLFD
V
QDWL YRV GH DO
DVGLVSRVL
FLRQHVS URPXOJD GDVSRU 9DF DGH&D VWURHQ 
&RPR HV VyOLWR
\D
QRV YXHOYH D HO/LFHQFLDG
VDOLU R DO SDVR SH UR
KDFHPiV DO
FDVRFLWDUO
DVTXH VH GHE tQ
DDOWDQWDVYHFHVPH Q
2QGHJDUGR DFSDUD HO
RODFLyQ QRWDEOH
WUDHU TXDGHUQLOOR
FRQR  FLR
QDGR*RQ ]iO
H]GH &XH QFDU
H IHULGDV DO
DVYHQ WDV
GLVHPLQ DGDV
FLGR FRPR 5HODFLyQ DFHUFD
GH QR W
ORV
DEOH
GHO GD xIXQGDPHQWRV
R SRUO
DSURY LFLD
QG H +X DUQDFKXFR SXH

VPXFKDV ODVQ
GH
RUPDV
TXH UHVXOWD D
ORV
GH QR LQGLRV
JXDUGDU O
VXV
DDFH SFLyQ
IXHURV HQ FRQWHQLGDV
HQHVW
DV ~OWLPDVDIO
RUD Q HQ ODVTXHOOHYDQODILUP DGH
HVWRV ~OWLPRV GH OD FRQWHQLGD
W
,,
9,,
TXH K L
]R HQ ODV 3DUWLGDV
7ROHGR
TXH EXHQ
HQDFXHQWDVHUHG XFHQ DOGHV
DUUROOR GHO
FRQMXQ WR
OOHJDU DO9LUUH\ 3ODWDHO
GHGHVGH/D
-XQLR HYDFGH
XDQ GR Ga
SUHFHSWRV
FRQ FHUQLHQWHV
DORV
PH VRQHVi PHQHO
E LW
RGH O
DVSREOD
XQD FRQVXOWD GHO JREHUQDQWH WLHPSRG H HFRUU (Q HVWH HVFULWR
FLRQHV HVSDxRO
GH
H VDO
TXH L
QWHJUDQ HO7tW XOR;;; G H
ODVGHO&X] FR
GDU
DVX FRPLWHQWH TXH GHWHUPLQ
HVWDED
DGR SRU ORV
PD\RUPHQWH FIU LQMU
D
ai"V T XH D YH ]VX
UHIOHM
DQ H
Q VX VWDQFL
D HO
OD
WHyORJRVREOLJDFLyQ JXDUGDU
TXH D\ VXV FR
GH
VWXIXHURV
PE UHV \ DFXHUGR G H
HGLOLFLR
OD&LXGDG ,P SHULD ODGRSWDGR HO
 GH-XOLR
>DORV DERUtJHQHV@ TXDQGR DOGHUHFKRQDWX UQR
DO
UUHSXQDVHQ 
GHHQVV H
L
yQ FHOHEUDGDEDMR ODSUH VLGHQFL
D GHO9LUUH\LQ 
OH
H[KRU
WD
D SUHFDY HUW
RG DLQWUHSLGH]SXHVFXDOTXLHU
LQQRY DFLyQ FRU
SRUDQGROR
T XHSUR EDEOHPH QWH VHJDQy FRQOD
H [SHULHQFLDJUDQ
QR KDEtD
HVHUWDQ SU
GHVWR VL
QHQL
QW
HQGHUO
D VX\D>VXSROLFt
D@
M
HDGDGHVGH(Q H
URGH  IHFKD GH ODV2UGHQ DQ]DVG HW
DP ER V
\
OH
SRQH
GHODQW
H GHORVRMRV
TX H
HVXQJUDQ\HUURHQWDU
UG H
JROS H
GH+X DPDQJD KDVWD0D U]R GH  HQTXHV HGLFWDQODVFR
HQ VXVQHJRFLRV

(Q

RWUDVSDODEUDV
UHFRPL HQGDSUD
VLPRQLD D U
UHVSRQGLHQWHV ODUHJLyQ
D G HO
RV FKDUF DV
OD
KRUD LQWU
GH
RG X FL
UUHIRUPDV \ HQWRGR FVD
R U
HVSHWDQ GR O
D V
DWiYLFD
V
XVD
Q ]DV
H Q FXDQWRIXHVHQDGPL VLEO
HVGH QW
URGHODSR OtWLFD
HVWDW
DO$KRUD TXLpQHV
ELHQ
SRGUtDQ DYHQWD
MDUHQHV
WHRUGH QDO 
RV 91$ 785$/ (=$ '(/$ 6h5'( 1$1=$6 '(/ 3(5
VXMHWRV
GH
ODUJD H[SH UL
HQFLDFX \RVQRPE UHVKDQVRQDGR D TXt UH
SHWLGDPHQW
H" 6HUtDLPSHUWLQHQWH U
H SHWL
U DTXt FXDQ W
RHQ ORV
WU DWDGRV GH
+LVWR
ULD
GHO'HUHFK R,GLD
QQ R
\GHO 'H UHF KRHQ
JH QHUDOSXHG HFR
Q
3*3

9,,Si
J
V

9
DV LPLVP
R5RVW
ZRU
RZVNO\*RQ]iO
H] GH 6DQ
6H
JXQG
R
>@
VXOW
DU
VHDFHUFDGHH W
VRVSH TXHxRV FyG JL
RV >*DU FtD
* D OO
R@P DV
/HYLOOLH
U$LLG
LHQRLD GH/LPD
0D GULG

 
,
SiJ

$*
,
-VXWL
FL
D\3W DURQ
DWR
5  >
@3 D
UWH3UL
PHU D&DS t XO
W
R 9,,,S
iJ LQ
IUD
Si JV 


%100D QXVFULW
RV 

IROVY
HQ&'
O$2
;9 ,,
SiJV

 &I U>@
SDJ  YQWUDSiJV


O
DVU
HIHU
HQF
LDVHQSiJV
\  >
@HQ 5HYLWD
V+L VWULFD /LPD ,
,,SiJV



&IU %UDYR
*XHUUHL
UD3 RR
OG H
2QG HJDU
GR\*XDUQD
Q 3RPDGRVPH
Q W
DOLG
DGHV 6X V
F ULWDV H
Q 2QJ yQ 3U RYL
Q F
LD GH 3DDWD 
HQ9
,,
( Q %1

0
DQW
HXQ
SUREO
HPD O
DFRQGLFLyQG HO
LQGt
JHQD H HQ
O
3HU~
H QH
OV
LJO
R ;9,
H
Q ,
QVWL
 0D
QXVF
ULWRV
IRO
V 
Y
W
XWR

*RQ]D
OR)H UQiQGH] GH2Y t
HGR
+RPHQFW
M
H D*RQ]DOR)HUQi QG
HVOH
2Yt
HGR 3 *39,,S
i JV

0DG
ULG
 
,,Si
J V

;;;,9 ,
1
O
5
2'8&
&,1 ;;;9
*8,//(502 /2+0$11
9,//(1
$

KDELGD FXHQWa TX HO D IXHU]DFRQIRUPDG


GH RUD GH FXHUSR
XQOHJD O 6D ELGR HV TXH XQ DGH ODV SUHUUR JDWLYDV GHOR V9U LUH \H V FP RR
QR VHSXHGH -X]JDUHQ PLVPD 
VLQRGH IXQFLyQ
Y L
VX
UWXD OL
G DG GH Vt DXWRUL G DG JXE H UQDWL YD FRQ VLVWtD HQ OD IDFX OWDG GH OL
E UDU G LVSRVL

FRPRHOHPHQWR DFWLYR HQODFRQILJXUDFLyQGHO VRFLDO
\ MXUtG L FLR
Q HV VREU H ODPD W HUL
FXHUSR D \D GV HG H9D FD GH&DVWU R DW ULEXFL yQ T XH
FRQRVH WHQGUiQ VXSHUIOXSRU
DVDOJXQ DVFRQVLGHUD
FL
RQH V UHIHULGDV DO SRGt D DGRS WDU FRPR VHHF KD GH YHUODV SRU H[SH GLGDV SRU 7RO HGR 
FDVR SDUWLFX O
DU GH ODVSURPXOJ GLVSRVLFLRQHV
DGDV SRU 7ROHG R HQ GLVWLQ WD M
HU DUT XtDFRQIRUP H V X U
DGLR DFFL y
GH
Q XQ DV JHQHUD OHV
FaDQaR RUGHQDFLyQ OD YLGDVRFLDO
GH
DGPLQLVWUDWL
YD MXUtGLFDH LQV  SDUD WRG R HO iPE LWR GHO 9L UUHLQDWRRW UDV SD UWLFXODUH V SDU D GHWHU 
WLWXFLRQDO GH XQ FRQJORPHUDGR O D
SUHK LVWR PLQ G
D D
ULD KXPDQR HQ HO TXHFR P DUFD R S URY LQFLD  XQD VXHU WHG H IXHURV  \ D XQDOJX 
FRQ Y
LYH FRQ HO5HQ DFLUU~HQWR(Q HVWH RODVVHQWLG
2U GHQD]QVDU H QDV HV SHFt ILFDV SDUD G H WHUPLQ DG DPD WHULD RX Q OXJDU HQ FRQVL GH 
SUHVHQWDQ LQVWLWXFLRQHV 3HU~ Ri GHO
UHDDQGSHFXOLDUHV
LQD SR U GHOUDFLyQP DTXHHUD
HQHVW HU DMXV WDUODVDO 
DVQ HFHV LGDGHV ORFDOHV DXQ D
H[WHQVLyQ HPSHUR DUWLFXO DGDVFRQ DUUH
JORD ORV
SULQFLSL RV\ FRQ  ULHVJR GH PXOW LSOLFD U Q~P VX HUR

FHSWRV GHO FDVWHOODQR
'HUHFKR
FL
HUWDPHQWHVHVJ FRQXQ
RFDVXtVWLFR  +RPR O RJD GDV SR U O
D &RURQD H  GHVG
ODV OH\H V \ EXH QD V
3RU HVWR PX FKD FRQ
]y QUD
0DHOUTX pVG H0RQWHVFO
DUR VHQXQ G HV FRVWX PEUHV  DXWF yWR QDV  FRQ

IXHU] DGH REOLJ DUHQ FXDQ WR QR HV
SDFKR GHaH 0DU]R GH KDEOD 'HU HFKRGH
PXQ LFL
XQ
SDO WXYLHUHQ HQFRQ WUDGD V FRQ O
D OH\ Q W
DXUD O R 'HO
HUHF KR S RVLWLYR G LF
R WHUULWRULDOLGHD TXH YXHOYHD FRQVLJQDU DFLyQ HQ
GH VX 5HO WDGR SDU D ODV ,Q GLDV 
VH RIUHF HFRP RL TX
Q L W
H
DQ W H
WHP DX Q DQi O LV
LV
PDQGR 
TXH G HVPHQ X FH HQ TXp SUR S RUFLyQ OVD2U GHQDQ] D V WROHGDQ D V  VH
/DV 2UGHQ DQ]DV 7ROHG
GHR FRQIRUPDQ FRUX SV
XQ
GH LQVWUX  J~Q \D OR LQW X\ y+ XDPD Q 3RP D GH$\DO D
DVLPLOD URQ S Ui FWLFDV
PHQ W
RV QR UPDWLYRV FRQFHUQLHQW HV GH RGR
PSULPRUGL DO DODS RE OD  \WUDGL FLRQHV SUHK LVS iQLF DV WDQWR PDWHULD
HQ GH 'H UHFKR 3~EOLFR
FL
yQ DERULJHQ  FRPSOHPHQW DULRV R VXSOHWRULRV
G HQWUR GHOP DU FR FRPRGH ' HUHFKR 3 ULYD G 
R 
VLQ SHUGHU GH
 YLVW DSR U FLHUWR F
TXH
DG D
MXULVGLFFLRQDO 3H U~
GHO

GH OHJLVO
9LUUHLQDWR
ODDFLyQ GLF
WDGD SRU GHO HWQLD R D \OOX FXOW LYDED XVDQ ]DVSHFXOLD UHV TXH Q R KDE t DQ VLG R
OD
&RU RQD FRQFDUiFWH U JQH pULFR
SD UDWRGDV ,QGL DODV
V
1RXQ HV DEVRUE LGD VS RU HO (V WDGR LQFD LFR\ SR UW DQW R VH RIUH Ft
D XQ PR
D]DU H VHTX
LQV
FULED HODERUDFLyQ
VX GHQWUR PRYGHO
LPL HQWR FR GLI t VDLFR GLVS DUK i
GH
ELWRV \ PRGRV GH YLG D
Fa"RU TX H GR
LF RP R IUX W
RVH QOD 0H WUySROLO
D 1XHYD 5HFRSLO D $O OO HJD UDHV WH SX Q WRFRQJUXHHV QWH IRU PXO DUVH XQ D LQW HU U
R
FLRQa \ HODU U DQT XH GH VXS DULJXDORYD
Q GLQD GHODTX HV H JDFLyQ ODV UHIR UPDV WROHGD QDVIX H URQ G H YHUG DG GH WDQ
VLQ WHJ U
D
GHVJDMDURQ HQ  ODV 2UGHQDQ] DV GHO&RQ V
HMR GH ,QG LD
ODV
V \ GRUD V GHV RFL
OD
HG DG LQGt JHQD \DQLTXLO DURQ VXHVW UX FWXUD FRO HFWL
GRV DxRVPiV WDUGH ODV GH3RE ODFLRQ HV YLVWD WDO FR PR VH Y L
H QH UH S LWLHQGR ")X H HOLQYHQ WRU GHO VLVWHPD
3RU VXtQG RO
H\ PD JQL
WXG IRUPDQ XQUHSHUW
RULR ~QLFR VX HQ
JpQHUR Ha OD OLWHUDWXUDMXUtGLFDLQGLDQD \D TXH
HVWDWX \HQX Q UpJL  $ *,  /LPD / LEUR I R
 O
O&D SLW
XOR ,GHODV ,QVW
UX FFL
RQ HVG H

9,
PHQO HJDOS ULYDWLYR D UPD]yQ EiVLF
HO
RDT XH
KXERG H D
MXVWDUVH OD  (Q FLQD V >
@
, 9 IRO
 5H
\ FRSLODFL
yQ/ GH
H\H
VHOHODV,QGL
DV /LEUR ,,
VRFL
HGDG LQGtJHQDWD QWR HQ P VX
LVPD HVWU
X FWXUD

FRPR HQV
X YLQF X 7tWX
OR ,/H\ ,9 
0D Q] D QR/DV OH
\HV \ FRVWXPEUHVLQG L
JHQDV HQHO
RUG HQGHS U
HODFOyQGH
O
DFLyQ FRQ HOUpJLP HQ HVS DxRO/D XUJHQFLDGHVXIRUPX O
DFLyQ H UD IXH
Q WHV GH O'HUH FKR ,QG O
DQ RHQ 5H YL
VWDG H
O OQVW
LWLWRGH+L VWRULDGHO 'HUHFK R
SHU
HQW RULD DTX HQ
HOOD V] DyQ PD\
 RUPHQW HDXLpQGRV HTXLWDGR D
5L
RD GR/ HYHQ H
 %XHQRV $LUHV
Q~PSiJV0D U
LOX]( O'HUH F
K R
SUHKLVSiQLF R\ HO'HUH FKR LQGL
D QR FRPR PRGH O
RV GHO' HUHFK
R FDVW
HOW
DQ R \ 7DX
ORV QDWXUDOHV>O
D O\@
H TXH GH VXSROLFtDWHQtD
Q \HWVDQG RDRU D VLQ $Q]Ri WHJXL /D FRVWX
PE U
H FRPR IHXQWHGH
O 'HUHFKR ,QGLDQROR HQ
VVLJ
O RV;9, <
OD
YQD \V L
Q ODRWU
D
;9 ,, HQ  *RQ JLHVR
G HO,QVWLWXWR,L
WHUQDFLRQDO GH+LVWRLDGHO'HUH RKR L

G $
LDQR FW
DV \(VWXGLRV 0DGUL
G  
 
Si JV
 
\ 
UH VS
HFWLYDPHQWH
'L
D] 5HPH QW
HUtD/D FRVWXPEUH LQGtJHQ
D HQ H
O 3 HU
 UL
O
VSiUFRHQ $PD 
LRGH
% $(
 &&/;;; ,
SiJV

 (VW
XG LRV$PH Ut
RDQRV 6HYLOOD
 ;;; ,,,
S iJ V 

\*RQ]i O
H ]GH 6DQ
&R QVXOWD
GH2YD QGR


HQ-LPp
QH]GH
OD
(VSDGD( Ry8JR
O RYDQG
LQR 6HJ
XQ GR1RWDVVREUHO
DS HUYL
YHQFL
D GHVHUYL
FLRV S HUV
RQDO
HV GHRULJ
HQ
SUHKLVSiQLF
R
0D
GL
,
G  
SiJ\0DXU
WX
D$QWHFHGHQWH
V
GHO
D5 HRRSL
IRR
LyQ
GH
<QG
LDV \V
X UHJXOD
FLyQS RUHO'H U
HFKR ,ULGtD
QRHQ 5H YLV
WFLGH ,QFIW
V 0DGULG

0DGULG

 
SiJ ;/,,,Q~P 
SiJV
 

9D V
LPLV PR0DQ] DQR>@
&DSW
WXOR,,,
SiJV
  1LL
HY D*R
L
LRD\ %LLH
Q *R ELH
UQR 3DUtV
WRWV
\ 

;;;
9, *8,//(50
2
/2+0
$11
9,//(1$ ;;;9,>
,
175
2'8&
&,
1

GHOD
PL W
DRVLPSOHPHQWHVH
OLPLWyDUHQRYD UOR"
3RU OR
S UR
QWR
VH GDUVHFRQUL
JRU DFH
UFDGH VXV
HIH
FWRV VEU
RH ODV
FROHFWL
YLG DGHVDX
OH
K DUHFRQRFLGRTXHDXQT XHGHVSOD]
y GH VXVDVHQWDPLHQWRV D OD W
yFWRQDV
SREODFLyQ
QD WLYD

DILQ FRQFH
GH QWUDUOD
HQ QXHYRVQ~ FOHR
VXUED
QR V (VF DUPHQWDGR HO
D O
HQLGDG
GFRQ TXHSURFHGtDQ DXWR
ODV
UL
GD
HQPRG R DOJXQRDIHFWyVXLGHQWLGDG F
XOW XUDOQLGHVDUWLF
XOy ODV GHV
HQ ODDSOLFD
FLyQGHORVSUHFHS
WRV GLFWDG
RVSRUOR V
YLUU H
\HV<
DUFDLFDV
FRPXQLGD GHVD
FX\D SUHVHU
YDFLyQ DWHQGLyFR QH[T
XLVLWDV W
HPHUR VRGHTXH ORV
VX\RVFRUULH
VHQLJ XDO
VXHUWHF
RQ FULWHULR
GUD
SUHFDXFLR
QH V
$Vt
HQODV2UGQ HDQ]DV
SDU DORVLQGLRV
SURPXOJDGDV F
R QL
DQ R7RO
HGRGHFO DUy
HOFXPSOL
PL HQWR GHO
DV2UG HQDQ ]DVSRUGH
HQ $UHTXLSD 1RYLHP HO
EUHGH
 
GH
GLVSXVRT XHO
RVKLM
RV JREL
HU QRDWHQRU GH3UR YLVL
RQHVVEV XLJXLQHWHVDVX SURP XOJ
D
GHEtDQGHVHJXLU HQUR
\ VHHO
ODU HQ
D\OOXGHVXSR U
JH QLWR
U
TXH VH FL
yQYDOH
GHFLUT XHQR SRGtDQVHU HHQ
UYDGDVSR UY tDFRQWHQ
FRQWLQXDVHQFHOHEU
DQGR OD
VFPRLGDVFPRXQLWDU L
DVEDMROD
SUHV
LGHQ  FLRVD HO
IXHUR
HQ M
X GL
FLDO
FLD
GHOFXUDFD
TXH HQD DWHQFLyQ
ODV
RFLH GDG iJUID
DV HFRQVHUYD
UD /H yQ3LQH ORFRQVLJQDTXHVL ELH QO
DV2UG H
QD Q]DV OL
EUDGDV
HO
XVRG H
ORVTXLSXV
HF W
 SRUOV
RY LUUH
\HVUHTX H
U tD
Q GHO
D D SURE D
FLyQ GHO6R EU HDQRGH
'H VXUV H
SHWR
SR UOD
YROXQWDG SRSX ODUHVIHKDFLHQWH
WH
VWLPR KHFKRHMHFVH
XW DEDQGH LQPHGL
DWRF \
RU U
tDQSRUORJQ HU H
DOVL
QHO
QL
RODDOR
FX FLyQ
RUD
]RQD PLHQWRTX HS
URQ XQFLy HQ &X]F
HO
RHQ
S UH U
H IUH
QGR UHJLR

5HVWDSRU ~OWL
PR XQDFXHVWLyQ GHQUR
WG HOD
VHQFLDGH
ORVFXU
DFDV
\ PDQGRQFLOORVVXEDOWHUQR V
H[SOLFi
QGROHVO
RV FRPSHWH QFL
D HG
ORVYLUUH\HVFDE
tD PRG LILFD
URGHURJDU RUGHQDQ
PRWLYRV TXH DFR
QVHM
DED Q ODU
DGL FD
FLyQ HQ QXHYRV DV
HQWDPLHQ ]DV
\D VDQFLRQ
DG DV
S RUHOPRQDUF
D"$ MXLFLR
GH QGXRFXPHQ W
DGR
WRV
\OHV
 L
Q YLWy
DTXHVH
U HXQLHUDQ\HVFRJLHUDQHOO
RVPLVP RV
DGyQ  LQIR
UPD QWHFXDQ GRODVUD]RQH
VHU DQ GHSHVRSRGtDQ DUURJD
UVH

GHV
H TXHUt
DQ HVWD
EO
HFH U
VHxDOD
QG RH HO
PSOD] DPLHQWRTXHD
VXHQ  WDO
DWULEXFLy
Q
WHQGHU
HWDHO
Pi V
UHFRPH QGDEH
OWH QLH
Q GRH QFXH HO
QWD GLPD
SD V
WRV
\DJXDV8QD YH]GHFLGLGRGHEtDQG HFRQVLJQ DUVXDFXHUGRHQ
XQDHVSHFLHGH ODQ
S
RFU R
RTXLVSRU SLQWXUDHQHOFXDO
TXHGD 9,

(1&
2175
$'$6
$35(&,
$&,2
1(6

VHQVHxDOD
G RVO
RVOXJDHV
UT XH D VD]yQ
OD KDE LW
DEDQ \O
DVIXW
XUDV
&yPRVHMX]JyHQDT
XHO
HQWRQF
HVO
DREU
DOJ
HLVO
DWLYD 7R
GH
OR
FDOLGDGHV'LFKRSDSHORPDQW D
SU HYLDFRQIRUPL GDG GHO
GR F

OH
GR\V
XLPSDFWRVRE UH
HO
HOH
PH QWR
LQGtJ
HQD
DW
HQGL
GDO
DHVSH

WULQHUR
\GH O
9LVL
WDGRU 
VHH
QYLDUtDDO9LUUH\$LQIG H
DOLJ
HUDUOHV
FLDO
FRQGLF
LyQ
GHO
PL VP R
FPRRVHFX
HD
OGHO
DLQIH
UL
RU
LGDGT GH
XH
O
DVRSHUDFLRQHVGHO
WUDV
ODGR\GHO
DHUHFFLyQG H
ODV
QXH YDV
YLYL
HQGDV
DGRO
HFt
DHQFO
DUL
GDG
G HHQW
HQGLPL
HQWR
\GRPLQLR
GH
OD
YROXQW
DG"
VH
OHVUHOHYy WHUFLR
GHGHOD
XQ
WULEXWDFLyQ 

(OV
XUWL
GR RSLQL
GH RQHV DP S
HV
OtV
L
PR(O
GRPLQLF
RDWX
RUGHOD
3 RU RWUD
SDUWHFRQYLHQHU WLU
DGYH
LQFLGHQWDOP HQWHTXHQR 5HODFLy
QG HO
RULJHQH JR
EHL
UQRTXHO
RV,JD
QVWXY
LHURQ

 S
RQH
YHGRVRVDiQOL
VL
VGHO UXQD
VLPL
HQ OR
TX HV  H
UHILHUH
DOYRFDEXODULR HO
HO JULWR
HQ FL
HO
R
GH WR
OD
WDO
SHUGLFL
yQ
G H
V
WD
WL
HUUD
KDVL
GRO
D
UH
ODWLYRDO
WUDEDMR
KDQ SXHVWRGHPD QLILHVWRODDWD
O WDVD
   FDXVD
GRQ)
U DQFLVFR
GH 7ROH
GRTXHSO
XJXL
HUDD
'RLV
QXQFDDD
F
GHWp
UPL QRVTXHGHQRWDQSUHVWD
FLRQ H
V SHUVRQDOHVDORVV
XSHULRUHV
IU
HQWH DS U
XQD
RSRUFLyQPtQLPD  G HY RFHVTX H
UHPLWHQ D  &I L
Q
U IUD
S iJVH

\&',
$
2;; Si J
 7UDWDGRGHRRQIL
PFWFL
RQH
UHD O
HV 0D GULG
 IRO 
IDHQDVFRPXQLWDULD
V

6H L
PS RQHSX HV
 HQFDUDUX QDYDOR
UDFLyQ / DV2UGHQDQ]DV GHPL QDVIXHURQUDWLIL
FDG DV
SR U) HOLSH ,,HQ &DStWXORGH
GHO
DV 2UG HQDQ]D
VFRQF UL
WHULR
V FHL
QWtILFRVTX HSUHP L
WDSURQXQ O
D&DUWD UHD
OGHL!
[Q  
HQ$*,
/LP D
/ L
EUR 
IRO
&I U(QFLQ
D V
>
@,,,
IR
O
/DV GH O
D F
RFDSRU3URYL
VLyQ GH9, 
H Q$*,/ LPD

/LE
UR 
IR
O
Y \ODV GHORV\DQDFRQDV GH&K DUFD VH Q 
9&IU=D 
7LWX
OR,,
2UGH
QDQ]D
V;;9,; \
/, YDOD>@
,
SiJ 

%100DQXVFUL
W
RV


IRO
V
  'LFW
DP HQH PL WLG
R HQ

DSD UH
QWHPHQWH SRU XQ MHVXLWDVRE UHFLHU
WRSUR
*ROW
H(OWU
DEDM
R\O
DGLV
WULEXF
LyQ GH
EHQ
LH
VH
Q H
O U
X QD
VL
PLGHO
VL \HF
WR GH
UHIRU
PD GH ODV2UG HQDQ]DVGH7ROHGRGHGL
VW UL
EXF LyQ GH DJXDVH O
HQ
YDOOH
JOR
;9,
HQ$WWL =;
GH /&R
WXU
UH
HVR OQW
HQ U]LR
QQDO
H $P
GHJ8 HL
LF
DQL
VWL
*p
QRYD
 GH/PD
L $UFKLYR*H QHUDO GHO
D1D FL
yQ GHO3HU~>HQ DG HODQWH $* 
13 
@ $JXDV


,,

SiJV


Y
SiJ

 /HJDMR&XDGHUQR 


;;;9,,, *8,//(502 /2+0$11
9,//(1$
,
1752'
8&&
,
1 ;;;
,;

KXELHUD YHQLGR TXH QR KXELHUD KD KD KDELGRIDFFLy


WDQWR
QTX HWDQPDO
M
XVWD PH Q FRPR
W
H PH UHFL yVX YL
GDWRG DHV
W XY RQ WH
UD
ELGR


S D
UDTXH ODJR]D VH VX
PHPRULD G HVSX pV
G HPX HUW
R
(Q FR Q
6X VXFHVRUYLUUHLQDO HQHO
(QUtTXH]VROLR
GHQ X QFLy FRQ VRQ DQ
FD
LFR QHOHOHYDGR FR Q FHSWR VH TXH
KDEtD
IR UPDGR GHOPD Q
DFULWXG ORV GHIHFWRV IDOWDV WROHG DQD \ \ H[FHVRVGH
G DWD
ULROD
SU RFODPOHJLVODFLyQ
DTXH ODV 2UG HQ DQ]DV TXHHVWHKDEtD H[SHGLG R
VHxDOD HO
HUURU
TXH HQ TXH LQFXUULy 
TXHUH UJRE HUQD UKDEtD VLGR
S UH
YLQL
HU R QWRGRORTXH SXGR VX XH
DQWDM
DGDSX UGHQFL
D \OV
RV XE
SRU FDPLQR PX\ GLIHUHQWH JRXHUQ DGR\
GHGHWRGRV TXDQWRV
FHVVRUHV
OKDQ
DVPL UDPRV FRQW QWR
D UUHV SHFWRTXHVHDUURMDUtDDPX FK R
PiV GHVWR GH \U DUVLHPSUH
LJRU\SXQ WX D
OL]LQGLQDGR
D TXH TX LHQ
GL[HVVHT XHD\DOJR TXH HQPH QGDUHQHOO
DV
SHURH VVLQGXG D
 HO
IXQGDPHQWR SULQFLSDO TXHUH GH
UOR WRGR
WRGR VX GDxRTX HDIXH
OJX
Q DVQ RWLHQHQ R\HIHF VX WRSR UTXHVHDDFDXD G RODPD 
DWULEXLU Vt
 7RGDV
D VRQ OH\HV VX\DV\ DQ X\
O
DV RUGHQDQ]DV WHULD
VRE UHT XH F
D\D VX GLVSRVLFLyQ \ ODVTXHVRQ G
H VWH JpQ H
UR
GHO 5HDO &RQVHMR KDOOR LQVHUWDV SR UTXH HQ HOODV
HVWDFRQ
FODUR HVWH
VLUXH
TXH
QVL QRPEUH
QR GH
QR
HPE DUDFH

 
\VH QWHQFLDGH
HVFULXLD HO
7RVWDGR
PiV TXH\ HV OD QL QJXQRFDVLyQ
D VH SRU TXp
XQ PRGR WHUPLQ DQWH O
 RVY L
U UH\HV TXHKHPR VYHQL
G RGV HSXpV
JXDUGD

QR GH[y SLHGUD SRU Jp QU HPHQHDU
R GH QH HQ QLQJ~Q
Q R KD
K DE LGR TXLHQVHDWUH YDDU HY RFDUODVGHFOD
UDGDPHQ WHS RUHO
JRFLR
 UUHVSHWRT XHVH O
HV WL
HQH 



)UD\ 5RGULJR GH /RD\VD  GH 0D \R G


HQ
H VX 0HPRULDO &HGH
UUHPR VHVW
H DSD
UWDGR FR QHOWHV WLP
RQLR &RQG
GHOHGH&K LQ
WDPSRFR UHFDWy VX
 1RDFHUED

IXH
PiV FPRHG LRGFHQVXUD FKy Q
 DV
O2U GH QDQ]DV GH 7ROHGR V
RQ HO
QRUWHSRUGRQ
 GH WRGRV
HQ VX GHVDKRJRHO 0DUTXpV GH
GH&DxHWH TXHQ RVKHQ
H
PRV JGHVSDFKRGH
L
X
DGR RE OLJD FLyQWLHQ H9(HQODVYHQD VG HKD FU
H
$JRVWR GH  HVWDPSD 
 7ROHGR
 HVWD
E
IXH
DFKL URFLDGD
JUDQ ORPLVPR \HDV
OO VRQG H W D
OFRQRFLP LHQW
R\S URXLGHQ FLDGH ODV
OOHU \ SDSHOLVWD \ GH \T PX\
D
XQGR YLQR
LQTXLHWR HQWHQGLPLHQWR
PDW HUL
DV
 TX HQRHUDPHQ HVWHUHVR SDU D
KDFHUORSXHV
SRU VRODV
Vt
D JRXHUQDUWU HVWRV
D[R PXFKR 5H\QRV &DUGH
IDXRU QDO(VS
L GHO GLFHQPiV GH ORTX H Q HTXD O
T X LH
U DGLVF
XUVR HQVX DO D
ED Q]D V
H

QRVVD \ SHUVRQD
GH MHV\
RWURV FRQ HVWR
6X

LU
JRXHUQR
DFXQ SR QGHUD
VH 
GLD VXELy WRQR
FXDQGR
GH OOHJy&pG D XOD
VXV
GH  GH PDQRV OD
-XQL
RGHO
PL VPRDR
x
HQTXHV HO
H OH RUGHQDEDSXQ W
X DO\HVW ULFWR
FXPSOLPLHQWRGH
O
DV
GLVSRV
LFLRQHV
GLF
WDG DVSRUV
X SUHG HFHVRU 

9,, /$ ,5 5$' ,$&,1'( /$6 25' (1 $1=$6
&RQWUDVWDQ FRQ
WD
QGHVWHPSODGD
VFHQV XUDV
ORVHFXi QLPHV FR
PHQWDULR
VGHO0DUT
XpVG
H0RQ WHVFO
DURVDSUDU
WLGH XQD E] LDU
UD $QWH WRG RSURFHGH GH VSHM
DU X QD LQ
FyJQLW
D TXHSX HH GSDUH
YL
QGLF
DFLyQGHOD
REU
D
WRWD
OGH
7ROHGR V
XSURYLG
HQFL DVLELHQ FHUW YUL
LDO ORJUy 7 ROHGR TX HV X QXWUL
G DOH
J LV
ODFL
yQ FRQ RFLHU
D
EDV
WyDGUDO H

\HV
MXV
WDV
\FRQYHQL
HQW
HVSDU DTXHSRU W
D QWRV xRVD DSOFDFLyQ
L SUiFWLFD\ VH XPS FOL
H UD FRQ H[
DFWLW
X G"&X U iQGRVH HQ
IX
HVH
Q EHLQJREH
UQDGD
VH
VWDVJUD
QGHV\HW [
H QGL
GDVSUR X LQ
F L
DV GH VDO
XGSR UHGLF
 WR GH 
G H )H EUHUR 

GH
GLVSXVRTXH VXVSU
RY L
9
0G 
QRSXGR
OHH
[FXVDU
GHKDEHU
VLGR HO
JREHUQDGRU PiV VL
Q  VLRQHV
L QVW
UXFFLRQH V
\ RU GHQ DQ]DV VHO Y
OH
DVHQ DHIHFWR VLQ FRQ
GL
FDGR\SHUVHJXLGR GH \ HOVXV
PH QRVIV~EGLWRV
DYRU
HFLGR \ VXOWDUO
HVy \
O
R GVHS XpVG HLPS O
D Q WDGDVVHO
HFRPX Q LFD
V HQODVRE 
SU
HPLDGR V
XVVXSH
GHU
LRUH
VHQ
WDQW
RJUD GRTH XO
DKR QUD\ VDWL
V 
 $*,
 /LPD
'H V
SDFKRGH,,,

$*, /LPD
'H VS
DF
KR GH*R EL
HUQR $GH

,,,

$*, /LPDHQ0H GLQD L,
/F PYUHQOD H
Q/L
OOZ

6DQWL
DJR 0&0,
9  $* ,/LPD
'H V
SDFKRGH
*RE LHUQR%GH,,,

,
S
iJ 5H O
D FLyQ GH
*RELHUQR
 

 3*3,;Si J
'HV SDFKRGH
"
,; 
 /DDOXVL
yQ HV
WiHQGHU
H ]DGDDOGHV
WLQDWDUL
R GHOLQIRU
PHG RQ 3H
GUR
O GH

RO
HGR
 2ROHF RLyX
FH'RFXPH LWR
V,QpGLWRVSU
LU DH
D OD +LVWRULD
(VYP LD
;&
,9 \/HLYDSUL
PH U 0DUTXpV GH0DQXHU
Q
 L
QYR FQG
DR HO
GH
XGR FRQ HO9LU
UH\TX
HHQ
S
iJ
 U
O
JRU OOHY
DEDODDOFXx
D GH$YODU
H]GH
,

RO
HGR SXH
V VX
PDG U
H HUD QLH
WDGH
OSU
LPHU
 3*3 ;,
,Si J
 'XTXH GH$OED \SR
U W
DQ WRVRE
UL
QD GR3 HGU
R $O YDUH
]GH7R O
HGR \(QUtT
XH]GH
3 *3 ;,,,
Si JV

 'HVSDF
KRGH 
9
 7RO
HGR6H xRUG H0DQFHU
D 
;/ *8,//(502 /2+0$11 9,//(1? ,1
752
'8&
&,1 ;/,

VHUYDFLRQHV
SHUWLQHQ WHV V
LQ DOWHUDU HQWUHWDQWR QLQ J~Q H[W UHP R WUDQVYDVH  QRV OLP
LWDUHPR V D HQXP HUDU ORV VXILFLHQWH PHQ W
HH[SUH

GH VX WH[WR
1R REVWDQWH FRQ SDUWLFXO
D
U SHQ D UHS RUW
DED HQ VLYRV GH WDQ QRWDE OH DVLPLO
DFLyQ 
GH -XQLR GH VHFRQVXP

tDDO
YH ULI
TXH
LFDUT XH FD
UHFtD GH +HFKD DE VWU
DFFLyQ GH ODV &p GXO DV T X H SX HGHQ DGPLWL
UX Q D
DX[LOLDUHV HQWHUH]D
GRWDGRV VHFXQG
TXH
DVHQ
GH YD VLQ
FLODFLRQHVVX UHPRWD LQLFLDWLYDQ HODVQRU PDV GLFWDG D VSRU 7RO HG RFRP RODGH
JHVWLyQ\
HMHFXWDUDQ GLVFLSOtQDGDP HQWHVXV yUGHQHV

 GH )HE UHU R GH  VRE UHWU LEX W
R GH ORV RS HUDULRVTX HW
UDED 
0DVSRU HQFLPD ODGHVHQJDxDG
GH D LPSUHVLyQ G HOSUR SLR MDEDQ HQ ODV PLQDV O
D GH  GH - XOLR GH  VREUH SDJR GH
DXWRU O
DV2UGHQ
GH DQ]DV \D G  HVS
H FKR V GH
MXL
FLRVOR
ODVWU
DGRV GH FDSLWDFLyQ D SU DWL
UGH ORV  Dx RV G HHD GG DXQTXH ORVWUL
EXW D
VXEMHWLYLVPR FHQVXUD
GH URQ OD
TXLHQHV
 S UXHEDFRQFO X\ODV
HW QHGHO UL
RV QR KX ELHV HQ FRQWUDtGR PD WULPR Q L
RRHQ LOD
IQ GH GH
IXVWH\SULQFLSDOLGDG ODV PL VPDV ORFGH
RQV W
LWX\H VX HIHFWL
Y D \ 6HS WP LHEUH GH  S RUTX OD
HV H GHFUH WDED T XHQ HODVFR
QWU R
UHDOSUR
\HFFLyQ VREUH TXH
YDULRV
DJ UDQ
G HVU DV
JRVSODQRV
HG SX
HQ YH U
VLDV HQ IXHVHQTXH
SDUWHV ORV
LQ GLRV VHREV HUYDVH Q HQO
R SRV
LEO H
UHGXFLUVH
DORVVLJXLHQ WHV ORV SURFHGLP LH QWRVSUR FHVDOHVD WiYLF RV 
OR FLH UWR HV \D HO
TXH
(Q SULPHUOXJ DUSRVLWLYDP HQWHFRQVL ODV
JQDV WROHGDQDVDO  G H(QHUR GH

VH GV H
SDF K y &D UW
D U HDODO 0D UT XpV&D GH

FDQ]DURQD GH
UHJXO DU
YHUGDG
O
D YLGD GH JUXSRVORV
K XPDQRV T X H xHWH FRPHWL pQ G ROHRJDUQL]DU O
D DVL
JQ DFLy Q GH QD WLYRV SDUDW
UDE D
HUDQ ]yQ
VX GH UD VHU +$O
X
DPDQ 3
UHVSHFWR
RPDQRV S URSRUFLR QD MRV PLQH URV HQ FRQIR UPLGDG OR TXH
GH VR EUH HV
WR GH[RRUGH 
SHUHJULQDV
QRWLFLDV DFHUFD G HO DGY L
XOJDGyQ OD V
GH
2UGH QDQ ]DV QDGR 
HOY LUUH\G RQ )DQUFLV F
R GH 7RO HG R HQ ODFWL
DGD IH
HQWUHVXV KHUPDQRV GHUD]D DSDUWH ODDQpF GRWD S HU
GH
VRQD OH  Q FKDO VH
HFXUVDE DRWURUHVFUL
S WRSDU DT X HJXDU GH LQYLRODEOHPHQWH 
TXHD VDOH
UHOXFL
U XQ DUHIHUHQFLD DODV
2UGHQDQ] DV
UH FXH UGD HVSH ORSUH YHQLGR HOPLVPR
SRUSXQW HQ
R D ORTXH
VQHJURV PHVWL]RV R
F t
ILF
DPHQ W
HHQWUH RWURV DVX QWRVOHJLVODGRV HOO
DV O
HQ
RTXH HQ PXO DWRV Y QR
LYLHVHQ HQW UHORV Q DWXUD OHV 
HQ GH $JR VW
R GH
ODVPLVPDVVHGHWHUPLQDE D VREU HODSURVFULSFL
yQ GH H PELMDUVH OD GLFK R DxR VH OH DTtQGLF
XH PLHQ W UDV VHUH VROYtD RW U
D FRVDKL
FLHVH
FDUDO
DHQVHxDQ]D OD GRFWULQ
GH
DFULVWL
DQD VXEVL
OD
VWHQ FD
LG HORV FXPS OLU 3URYL OD
VL
yQ UHIUHQGDGD SRU 7R OHG R HQ /D 3ODWDHO
 GH
FRQVXHWXGLQDUL
RVEDQTXH WHV FRPXQDOH VOD
SU RKLELFLyQ GH H[FHVRV )H EUHUR GH  LQIUD'RFXPHQ WR  
WRF DQWH DOELHQ\ FRQVHU
DOFRKyOL
FRV HOUH
\
VS HWRD OXVR GH ORV
YHVWL
GRV Wt
SLFRV HQRWUR S D YDFy LQGH ORV \DQDFRQ DV
\ILQ DOP HQWH HO GH -XQLRGH 
VDMHL
QYRFDO
R HVWDWXL GR HQ HO &DStWXORGH ODV2U GQ H
DQ] DVG H WUDVG HUHFRUGDU DO
U HSHWLGR 0D UTX pV GH &DxH WH TX HVXSUHGHFHVRU
FR UHU
JL
GRUHVW
RFDQ WH DO
D HS [XOVLyQ GHORVQHJURV\ PXODWRV UDGL  KDEtD GHMDGR DGDRUGHQ
V PXFK DV FRVD V WRFDQ W HV E XH
DO
QJRXLH
U Q R
FDGRVHQSXHEORVGH LQGL
RV URV HVSLULWXDO\ WHPSR U
DOGHO3H U~SRU RWU D&DU WD UHDOVHOHU
HFRPLHQ GD
(QVHJX
QGR WpUP LQRODV SUXHE DVGHODUHFHSFLyQ GHODV2U LPS DUWLU SX QWXDO \ HVWULFWD DSOL FDFLyQ D ODV GLVSRVLFLRQHV H[SH 
GH QD
Q ]D
VSRUODOHJL VO
DFLyQ S URPX O
JDG D SRUOD&RURQ D RSRU ODV GLGDV SRU DTX HOV
DOYR HQ DTXHOOR VH[ W
UHPRV HQ TX H SRUHOWUDQV
DX W
RULGD
GHVYLUUHL
Q DOHV VyOQR
RG HO3HU~VLQR GH RWUDVFLUFX QV FXUVRWL GHO
HPSR DR
FDXVD GH ODV FLUFXQV WDQFLD V IXHVH FRQYHQLHQ 
FULSFLR
QHVGHODV ,GLDV
Q  VRQ DEUXPDGR UDV
6LQ SURS yLWR
V G HUH  WHPR GLILFDUODV HQFX \DDOW
HUQD WLYD G HE tD GH UH PLWLU HO
SUREOHPD
JLVWUD
UWRGRV ORVWH VWLPRQLRV HQ TXH K UHVWHQ
XHOODV GH GLFKR DODG HFLVLyQ GHO&RQ VHMR GH O
DV ,QGL DV

%100DQXV FUL
WRV IRO
 
2ULJLQDO
/RUH 0H
QWH PRULDV
GHORV9LUH \HV

 /L PD ,
SiJV

  5HFR SLOD
FLyQGH/H\HVO DGH
VOQ GLUWV
/LE UR
9,7L
 WXO
R9/H\ HV
9,, ,; 
\

3 *39,
SiJ  $*,,QGL
IHUHQWH*H QHUD O 
 
/L EU
R 
IRO
&RPS  LQIU
D
'RFX
PHQW R

>@IRO

IRO   2U GRQ DQ
VDV
G HLQGLRV
$UH TXL
SD,
;
 (QFLQDV >
 @
,9I,R
V


tWXO
R,,2UGHQDQ]D;; ,IR O
V \  2UG HQD Q]DV
GHLQGLRV7tWXOR9, ,,
2UGHQDQ]D ,,,IR
O 2UGHQD Q]D V GHLQGL
RV  7tW
XO
R ,;2UG HQ D]QD;, ; .R QH W
]N H2ROHRRLyQ
G H'RFX PH QWRV YFZDOD+LVWRU
LDHOH IR
)

RUPFZ
LyL
IRO
 
2UG HQDQ]
DVGHL
Q GLRV7L W
XO R,
; 2U GQ
HD Q]D ,;
IRO
 2UG HQD Q]DV DOGH
+LV SDQRDPp UFD
L
0D GULG ,SiJV


GHL
QGLRV
7IWX O
R,
,2UG
HQD Q]D ;9,, /D UHPLVLyQ DO&DStW
XO
RG HODV2UGHQ DQ  $*,
 &KDU FDV
/L
EU R 
IRO
]D
V GH
FRU UHJLGRUHV
/RKP DQQ 9L OO
H
Q D (RRUUHDXLR GH
LQF8RVHLHO3P~ ED MR $Q WHF
HGHQ WHVVREUHODH[SHGL FLy
Q GHGLF KR UHV
FUL
SWRHQ3*39,,

S i
JV

 
ORV
$XV
W
LDV 0DGULG

 SiJ  
HQI R
HO
O

 $*,
 
/ LPD 

/ LE
UR 
IRO
 Y
;/,, *8,//(502 /2+0$11 9,//(1$
,1
752
'8&&,
1 ;/,,,

,QFLGHQWDOPHQWH FDEHKDFHU PX\ SRV LEOHT XH SUHVHQWH TXH


FX UVRG HOHV
WLHPS ROV
DK X ELHVH FRQ YHUWLGR HQ DQDFU RPF DVE L
HQ H Q
GHVGH GHQWUR GHO FLWDGR IDPD &RQVHMR
GH7R YHODUD WHQSRU
GLGR TX HOD
OD
 GH EXHQD
FLV
LyQ IQL
DO VR EUH VX YLJHQ FLDTXHG DDEU H
VHUYDGD
OHGR \ FRQWUDUUHVWDUD 0D UTODV
XpVGH &DLQVLGLRVDV
 FUtWLFDV
DOSURQX Q FLDP LH
Q WR GHO
&RQ
GHOVHMR GH V ,QGLOD
DVO(Q &p GXODG H 
xHWH TXLHQ HO
3HU~
IXHUD OHDOHQSULPHUR
FULDGR
)UH \3HGU R
GHO GH )E HUHUR GH VREUHFD UWDGD HO GHOPL V PR PHV GH 
*XWLpUUH] )ORUHV TXH OXHJR H Q9D OHQ GH DFWXDUVFRPR
HRU GHQD ,QTXLVLGRU
TXH
FRQ WRGR DS ULHWR VHDSOLT XH O
R SU HYHQLRGH QV OD
FLDHQD 
VHU &RQVHMHURGH
SDVy,QGL
DV
\ VHLV
DxRV Pi VWDUGH 2U G H
Q DQ]DV HQ PDWHULDG HREU DMHVO
(Q RWUDG H  GH-XQ L
R GH
UHVXOWy SURPRYLGR D 3UHVLGHQWH &RQWUDWDFLyQ(O GH OD &DVD
 GH
LQV W
D
VH OD
DODV
 DX WRUL
GDGH V FLY
LOHV\ V
H H[KRU W DDODVHFOHVLiV
VXVSLFD] PDQGDWDULR GHO S RUO D
3HU~
V LQWHU FODPDED HQFROHUL]DGR
WLFDVD W
HQ HU SUHVHQW
H ORFRQ WHQL GR HQ OV
D2U GHQDQ ]DV DFHUFDGHO
IHUHQFLDV GHO KXELHVHQ
&RQVHMHUR
VLGR FLHUWDV
RLPDJLQDG DVH EX HQ WUDWDPLHQ WRDORV QDWXU DOHV O

HQHO
IHOL] p[LWR JXEHUQDWLY
GHD VX
DXQTXH
JHVWLyQ
UHDOLGD
HQ
G OD
6LHPSUH WRUQ
HQ
R GHORV RE UDMHVHQ  GH -XOLRG H HO
PDOTXHUHQFLD HQWUH DPERV O
D pSRF
YLUUH\HV
D HQ GHEtD GH GDWDU GH
&RQG HGH 6DQWLVW
HEDQ UHQRYy OD YLJHQFLD GH O
DV 2UGHQ DQ]DV UHOD
TXH 7ROHGR ULJLy HO 3HU~ HQ VLWXD UFXDQGR
 VH PRVWUy UHPLVR
DTXLHQ WUHV OXVWURV DVXFHGHUOHPiV VROLR
WDUGH
FLHUW
HQ D HOLED WL
Y DVD H

VD LQGXVWULD

WHP SHU DPH QW R TXH P HUHFLy ODDS U
RE D
FLyQ
SHQVLyQ GLVSHQVDGD SRU SXULWD
QOD
LV
PRHV &RURQD
 SHUR GH OD
TXH&RU RQD HQ
VX  GH0D \R G H O(Q  GH$J RVWRG H
WLPDED H[RUELWDQWH
UDH   VHH[S LGH XQD
&pGXOD HQ TX HVH
U HLWHUDHOFRQ WH QL
G R GH
OD\D
1LHOLQH[RUDEOH SDVRGHOWLHPSR DUYL OD
JH QFL
D GH FRODFLRQ
ORJUy HURVLRQDG D GH
GH $ JRV
WR GH
  FRQF H
U QLHQWH D
O RV
\D
Q DFR 
ODVFRQVLJQDV WROHGDQDV HMHPSORV$ +H
SDUWLU QD V
DTXt XQ SXxDGR GH ORV &K
GHDU
FDV/RV

UH VFULSWRVUH JLRV GH
GH$JRV WR G H
GH ODV ,QVWUXFFLRQHV GHHQWUHJDGDV
-XOLR
G H  
D9HODVFRHQ \ GH'LFLHPE UH G H  UHOHYD QD O
RVLQG LRV GH&KX FXLWR
VHLQFOX\y HQ ODV TXH 3 VH
HU~ XQ
H[WHQGtDQ
&D GH
D ORVDFXGL U DODV
YLUUH\HVPLQ DV
G H3RW RVt 
GHOFRQ IRUPH YHQ tQ
DREOLJD GR VDW
H QRU
StWXOR

FRQ DUUHJOR DO FXDO W VH
HQHU DOHV
OD HQFDUJDED GH ODV2UGHQ
UHFRSLODUDQ]DVGH 7R OHGR 
\
YLVWD ODV 2UGHQDQ]DV FRPSXOVDUVL
VH KDE
GHtDQ G7ROHGR
HMDG R (Q  GH1R YLHPE UHG H V H GHURJD ODSR UKL
EL FL
yQ FRQ
GH FXPSOLU HYHQWXDOLG
\ D
GHQ
GHTXH
OD
IXHVHDFRQVH
MDEOH SURSR  WHQLGD HQ ODV2UGH QDQ]DVS RU OD TXH VH YGHDE DD ORVLQG LV
RODH [
QHUDGLFLR
QHV
RPRGLILFD
FLRQHVTXHODV HFX
DUDQ
DG D
FLU
FX QODV
V SORWDFLyQ GH PLQDVGHRUR8Q D3URY LVLy
Q GHO &RQ GHGHOD
0R Q

WDQFLDV(Q FVX
RQIRUP L
GDG9HODVFR HQyHRUG
S
[HU
VDPHQWH RE FORYD OL
E UDG D HO
 GH $EU LO GH HV V
XP DPH QWH YDOLRV
D HQ
VHUYDU 2UGHQDQ]
ODVDVHQPDWHULD REUGH
DM
HVVD
OYR HQO
R TXH IX H SX QWR FDV Xt
D
VWLFD WHQR UG  H
$ O
D PLV PD SUHYD O
HF HXD QGLVSRVL 
VHQ
FRQWUDULDV SURPXO
DJDUD
ODV
HOGH
TXH
(QHURGH  
FLyQ FRQWH QLGD HQ O
DV 2UGHQ DQ]D VVR EHURWUD )HOL
SH
GH,, G H
\ SRU $XWR G H1RYLHGH
PEUH 
GH
 TXHVHLPSUL PL y G LV  UHF RJLGD HQOD5HF RSL ODFL yQ GH / H
\HV GH ODV ,QGLD V
0L HQ 
SXVR
DVLPLVPR
TXHDSOLF
VHDUDQO
DV2UGHQDQ]DVGH 7ROHGR HQ OD WUDVTX HOD &p GXODILOLS
LQD LQFOXtD HQODH[H QFLyQ G H SDJDUWUL
EXW R
XWLOL
]DFLyQ
G
HODR PDQ
GHRE
UDLQGt
JHQD HQ FXOWLY
R
HO
G HVHPE U tRV
GHFRF
D(Q 
VHGHVSDFKy&pGXODUHD
OUHLW
HUDQGR OD REOJDL 
 $U FKLYRGHOD
0XQ LLS
FDOLGDG G H/LPD/LEUR <,GH &pGXODV
\ 3URYL
FLyQ
GHDSOLFDU
ODV
2U GHQDQ]D
VH[FHSW
RHQ HOTX FDVRGH
HH  O
W
UDQV V
LRQH
VIRO
 
 'L VSRVLFLRQHV2RPS O
H PHQ WDU LDV HOH
IRV /\H HVG H,QGLDV 0DGUL
G



,
SiJ
V 
\
 

(O 0D UTXpVGH
&D xH
WHH[KDOyVXVTHXMDV
HQGHVSD
FKR VGH/9, ,O
 >@,
SiJ V

\ -DUD3 LQW
R )LLHQWHVYZDODKLVW
RLL
D
GHO
WUDEDMR
HQ
\
9 
HQ3*3
;,,SiJV


\;,, 
,SiJ

UV
HSHFWL
YDP HQ
WH
/D UH QXHQF
LD GH7RO
HGRHQGHVSDFKRVQ
LI HF
KD GH

HQ 3
*3 9
HO
5
HLQRGHRVX H 6DQWLDJR , SiJV

 ( MHPSODU GHOL
PSUHVR HQ$* ,

/ LPD 
 IR
OV5H
SURGXFLG
RHQ%DOOH
V
SiJ
WH
UR2U
V G
PDQWDVG HO
3HULL
/L PD   /LEUR,,7L W
XOR;,,,
 $*,/LPD
/LEUQ
IR
OY
(Q(Q F
LQDV>@
,IRO% \
 .RQ HW
]NH >

@,,Si J
%$(&&/;; ;, 
SiJ

D
 .R Q H
W]NH >@

,,
S i J

OO% %LEOLRW
HFD3D GH
O
DFL
R0DGULG0LVFH
OiQHDHO
H$\ DO
D

IRO
 &D
 .RQ H
W]NH >
,,
,S iJ\ >
@,SiJ 

StW
XOR 
GHODV2UGHQDQ]DV
GHREUDMHV
.RQ H
W]NH >@
,
,SJ i
*8,//(502
/2+0$11
9,//(1$ ,
1752'8&&,
1 ;/9

D WRGRV ORV KLMRVWRO GH


HGDQD ORV
GLVS HQVDE D
FXUDFDV
WDO OD QRUPD
HQWH UO RVLQGL RVVD O
YR OLFHQFL D GHO GR FWULQHUR R GHO&RU U
HJ L
G RU
YHQWDMD VROR \H
DO
O &RQGH
SULPRJpQLWR
0RQ FOGH
RYD LPSRQH
OD SDU D UHDOL
]DU ILHVWDVFRQ PRU LJHUDFLyQ (Q HO 3UR FXUDG R U

DDO 
S 
LFDFLRQHG

O 
HVWD
WLPD X GH OD FXLGDGG H %XH Q RV$L UH V VROLFL
Wy HQ HO$\X QWDPLHQ WRT XH VH
/D &pGXOD GH  
 GH UHLWHUD
O
2FWXEUH
DYLJH Q FLD GH GH YRO YLHU DQD SU HJR QDU D ILQ GH L
PS D UWLUOHVILHO FXPSOL PLH QWROD V
ODV 2UGHQDQ]DV WROHGDQDV DO
ODERUHR \ EH QHIFL LFRQFHUQLHQWHV
R GH 2U G HQDQ] DVG H7RO HGR TXH FHG tDQHQ EHQ HILFLR GH O
DFO RFWL
HYLGD G
ODV PLQDV LQIUD
GH'RFXPHQWR
3RWRVt
 

(Q GH 1RYLH P PDV  DXQTXH VH SU DF
WLFy XQD FXLGDGRVD E~V TXHD G HQDU HO
FKLYR

GH
EUH 

GH VH UHFXHUGDQGLVS ODV
XHVWR SR
H[FHOHQFLDVGH
U7R
 O D FRUS
OR RUDFLy Q ODSH VTX LD
VUH VXOWyLQ IUXF WXRVD 

)LQDOPHQ WH DO
OHGR VREUH GHIHQVRUHV GHLQGLRV \ VHGHSORUD 
L JXDO TXHHQ HVXO
3H U
~  O V
D2UG HQDQ]
LQFXPSOLPLHQWRDV GH PL QDV OXHJRGHWDQVU
(Q  XQ QRWDULR GHD FLy
3RWRVt
Q FX\R H[WLHQGH IX Q GLUV
XQDHQ H  HQ S
FHUWLILF HO
U R\H FWR GH 3HG UR 9LF HQWH &Dx HWHGH XQ

RULJLQDO FRUUtD 2UGHQ
HQDQ]DV
FLHUWRVHx GHO
RU 9LUUH /LEUR
\ GH &yG LRJF DUROLQ R VRQ XW LOL]DGDVFR PR E DVH GHO FyGLJR GH PL 
'RQ )UDQFLVFR WRF
DQWH
GH OD
D UHEDMD
7ROHGR WULEXW R
GHO GH ORV Q HU tD DUJHQWLQ R SUR PX O
JDG RHQ   

G
\DQDFRQDV &K
H G
DUFDV SHVRV
&O'&2 H D
 (XQR
D O
V 
HVLR Q&H 7DP ELpQ OD OHJLODFLyQ
V HFO HVLiVW
LFD VHUHP L
WLy GH
W H
HQ
UPLQDGRV
OHEUDGD HO&DELOGR
SRU HO
GH GH
7UXMLOOR
(QHUR   VH
GH DV SH FR W
V DODV 2U GH QDQ]D V W
RO HG DDQV (Q ODV &RQ VWLWXFL
RQ HV6 \Q R
OH\y FRPR WRGRV ORV DxRV OHG DQDV UHIHHO FRQMXQWRGDO GH
HVG HOQRUPDV
$U FRE LVSDGR GH/ WR
RV 5H \ HV
D SURE DGDV SRU/RER *X H

ULGDV D OD GHVLJQDFLyQ HGLOLFLDV
 /RGH GH
WHUPLQ DGR
DXWRULGDGHV UU HUR /L
PD0'& ;,,,, V H LQVHUWD XQD 3URY LVLyQ GHO0DU TXpV
HQ DTXHOODV DFHUFD GH GHQX QFLRV
ODV PLQH 
GLPHQVLRQHV G HGH
0RQ W ORV
HVFODURV  SRU ODTXH VH LPSU DWH S OHQR YLJR UX D
QD2UGH
URV FRQWLQXDED FRQ \PYDORU
HGLR pVGHVSX
G
RILFLDOGRV
H VX VLJORV
QD Q]D GHODVSU RPXO JDGD VHQ $U HTX tSD HO
GH 1RY LHPE UH GH

SURPXOJDFLyQ  SRU OD TXH V
H SURKLE tDQ ODVE RU UDFK HUDV EDLOHV \W
DT XLHV
/D H[SDQVLyQ D DOFRPDUFDV
DV GH DSOLFDFLy
VX
Q S URS
DMHQDV
LD GH ORV LQ
G L
RV 

HVDVLPLVPR GLJQR GHLQWHUHV UHOHYDUVH


DED=DU HQX (Q  VH 0DV HO VXS UHPR WLPEUH G HK RQRU SDUD ODV 2U GHQDQ]DV TXH
PD OD REVHUYDQFLD
ODV
QRUPDV WROHGDQDV
GHEHQ HILFLR GH ODVHQ HO QR V RFXS D Q OR FRQ VW
LWX \HVLQ OXJ DU DGX GDV ODLF Q
RUSRU DFLy
Q GH
PLQDV
G H RUR
GH
HV D 
HVLHQWR
8QD&pGXOD GH
GH
6H SWLHP E UH OR G L
VSX H
VWR HQ YDUtDV G HHOO DVDOR FR GILLFDGR HQ OD5H FRSLODFLy Q
GHUH
FX H
UGD
DORV PDJLVWUDGRV $XGL HQFLDG HORV
GH&K DUOD G H /H\ HVGH ODV ,QG LDVDSD UWH GH TXH X QD GHOO DV
HL PSR QtD FRQ
FD
VHO
H V
WULFWR
FXPSOLPLHQWR 2UGHQDQ]
GH
DV GH7
ODV
ROHGR HQ OR FDU iFWHU JHQ p ULFR ODDS OL
FDFL yQ G HOVRS UHFHSW RV WROHGDQRV DOiP 
DO
UHODWLYRDSURYLVLR
QDPLHQ
WR GH W
DPORV
ERV\YQ HD W
VSDUD HO FR Q EL W
R GHO9LU U HL
QD WR GHO 3HU~ GH FRQIR U
PLG DG FRQ OD&p GXODGH 
VXPR GH YLDM
HUR
V
ORV
FIU
LQIUD'RFXPHQWR  

(Q   HO GH -X QLRGH  \D UHVHxD GD 
$XQTXH HQ ODV GWD
DV QR V
LH P
2LGRU
9i]TXH ]GH
&LVQ
HURVH[SLGHXQ
DV2UGHQ DQ]DV HQ 0p UL
G D SU H VH SXQWXD O
LFH HV IiFL
O UDV W
UHD UOD ILOLDFLyQ W
ROHG DDQ HVSL
JDQ GR
XQDGHO
DVFXDOHV 1~PHUR
 
SURKLEH VE DLO
HV OR
\E RUUDFK HUDV
*XWL
pUU
H]
GH
$UFH(O
@Up
JL
PH QGH
L
QGL
RVHQ
1XH
YD
*UDQDG
D
OD
V2UGH
 $* 
13 'HUHFKR,QGLJHQD/HJDR
M &XDGHUQR/D GL
VSRVLFL
yQ GH
O QD
Q
DaGH
0p UL
GD
GH

HQ$QLXW
L
RGH
(VW
LWGL
RV
$PH

LRD
QRV
6HYLOO
D


9LUUH\7R OH
GR HQ VXV GFQ
2UDQ HD
V GHLQGLR
V
$U H
T XL
SD
  7tWX
OR9,, 2UG
H ,,,

SX 
J
QD QVD
9,, a$RL LH
UGR
GHOH[WLQJLLL
GR
&FUE
L
OGRWLH
%XHQRV$K
HV
%X H
QRV
$LU HV 


 >@,
Si JV

 9,
-DJ
V
 

$FW
D VGHO

,
\
,
,

 .R QHW]NH >@
,,,
SiJ  0D U
WL
U(O
p 2yGLD
R
*UZRO
LQR
GH2U
HQ
DQHDH
5HDOH
VG 0LQD
H V
 %XHQRV
 $*13  'HUHFKR,QGLJHQ
D /HJDMR&XDGHUQ
R &IULQI
LDSi
JV $L
UHV
,
SiJ

  &RUQHM
R/DV 2UGHQDQ]
DV GH7RO
HGRI
XHQWH
VGHO
&yGLJ
RG
HPLQHU
t
D DU
 /DUFD +H UUH
UD$QDOHVGH&DELOGR
 

/LPD 
SiJ J

QWL
QR RH
Q5 HYLVW
D GHO
,QVWL
WLLW
R GH+VQW
RUL
D
GHO7VH
 UH
RxR
%XH
QRV$LU
HV



6XS OHPH QWRDOD
*DF HWDGHO
*REL
H
UQ R/LPD
;,OOO
1~ P1RWD Q
XP SDJV

GHO'LUHF
WRU 0LQHUL
GH D
'L
RQLVLD9L
FDUUD &I U
IRO
V 


 $*,3D WU
RQDWR
5!
 $*, /L PD
/LEU
RIRO

Y
(V
OD
/H\;;; 9,,
GH
O7UW
XO
R ,
 &
',$2;9 ,,,
SiJ G
H O
/LE U
R ,
,
;/9, *8,//(50
2 /2+0$11 9,//(1$ ,
1752'
8&&,
1 ;/9
,,

HQ DOJXQDV UPDV U


GH
HXQLG DV
ODV
HQ HO U
HSQR
HUWR
ULR FDUR OLQR SULQ iUERO
HVTXH U
HVL
VW
HQ ORV
YHQGDYDOVH
 W
DQ
VO y
RSHUPDQHFH QHJXL
U GRV
FLSDOPHQWH HQ H QHHO
O
7tWXOR OD
/LEUR
, OH\[[[Y P
9, E DVD
GD DTXHOORV SRVHHQ
TXHUDtF
HVKRQGDV \
IX HU
WHV $Vt~QLFD
PH QWH
HQ &pGXOD 1RYLHP
GH EUH G

H GH

  SUHYLHQH TXH GHQR
EHQ DTXHOODVO
H\HVTXHHVW
iQ IL
UPHP HQWHW
UDEDGDV FRQ FR HO
PS O HM
R
GH FRQVHQWLUVH OLFHQFLD GHO
EDLOHV
&RUU HJLGRU \ VLHPS
VLQ U H TXH VRFL
DOH
LGH RO
yJLFR
GHXDQFRPXQLGD G
OJR
UDQ SHU
GXUDU /DPHPR 
ORV SDUWLFLSDQWHV
REVHUYHQ WHPSO DQ]D \ KRQHVWLGD G(V W
U D VX
Q WR ULDDOR
ODUJRGH
VL
JORV
ODSOL
DFDFLyQGH
VXV SUH
FHSWR VHQFRPD U
GH OD 2UGHQDQ]D,;GHO7tWXOR ,
; GH ODV2U GHQD Q] DVGH LQGLV
R FDVH
[WUDxDV\OD
HOH
YDFLy
QGH
PX FKR VG
H
HOORVD
G LVSRVL
FLRQ
HV FRQ
SURPXO JDGDV HQHO $UHTXLSD
 GH 1R YL HPEUH  GH
 (QH O7t FDU
iFWHUJHQHUDO
 ROD
VQ FRQIU
PLDFLyQGHODJUDQGH]D GHO
D V2U 
WXOR,,,GHO PLVPR OH\H [Y
/LEUR
V [YU
 \ [YQODV
DFRJHQ W
DUGtD GHQDQ]DVWRO
HGDDQ
V
PHQW HHO  2 GH
FWXEUH GH  ODVUHFRPHQG D FLRQ HVGH
TXH HQ UHGXFFLRQHV
ODV KXELHVH DOF
D OGHV QDWL
YR V
VX MXULVGLFFLy Q\
DWULEXFLRQHV SDU
DDSUHKHQGHU \ PHVWL]RV
QHJURV

(Q HO 7tWXOR 9,,,

/R
V7(
;7260$186
&5,
726
9,ODQ OH\
IRUP
DGD DODYLVWD G H OD &pGXOD G H  GH (QHUR
GH   SUHVFULEH
TXHHQ HO
3HU~ LQVWUX
ODV
FFLRQ HV D ORV SURWHF /D DFWLYL
GDG OHJLV
ODWLYDGH 7ROHGR IXH YHUGDGH U
DPH QWH W
R
WRUHVGH LQGLRV FRQIRUP
GHEtDQDUVH FRQ GH
GHFUHW DGRORSR U7 R UUHQFL DO&RPR VX SUHRFXSDFL yQGHHVW
DGLVWD V
H S U
R\HFWyVREUH WGR
RV

OHGRVREUH HOSDUWLFXO
DU (Q HO;7tWXOR ,,ODO\ H[Y U X THV
H ORV yUGHQHV GHOD YLGDS ROt WL
FDFRPXQ DO \ HFRQyPLF D\D WHQGLy

UHPLWHDOD&pGXODGHGH -XQLR   GH
TX HSURK L
EH DO
RV D OVDPDWH ULDViV PG L
VS DUHV  QLD OH
GLILF DFLyQ GH ODFDWHGUDO
PXODWRV\ Q HJURV
GLVSRQHU \DQDFRQ
GH DV SDUD V HUYL
VX
G RFRQY D GHO &X ]FR H VF
DSy DVXLQT XLHWXG LQIU
D'RFX PH QWR  DO JX
OLGD XQ PDQGDWR \SRU ~OWLP R
WROHGDQR
HQ7t HO
WX OR ;, 9HQ O
D QDV G HODVFD X OHV
SR UVX
 tQGROH
DIHFWDEDQ D DP SOL
RVFROHFWLYRVVH
OH\
Q LQVSLUDGDHQ HOUHVFULSWRJLR GH GH-XQL R GHUH  
IXH H QJHQGU DQGR XQD SO
pWR UDGH GL
VS RVL
FLRQ HVGH ODPiV YDUL
DG D
QRHVGLItFLOUH
FRQRFHU UHOLTXLDV 2UGHQDQ ]DV FRQ FHGH
UQLHQWHV
ODV MHUDUTX tD  SURYLVLRQHV RU GHQDQ]DVDXWRV LQVW
UXFFLRQHV DFXHU
DOFXOYWL
R G H
ODRFD
F GH GH 1RY LHPEU H GH  LQ IUD 'RFX GR V\S DU HFHUHV
H Q ORV
T X H LQW
HUSXVR VXDW X
RULGDG  FRQWHQLGR \
PHQWR   TXH W
LHVH
QHQDVLP LVPR SUH VHQWHVHQ OD &RQ VX OWD GHO DOFDQF HVFX\D U
HODFLyQ FPRS OHWD
QRV GHHV
V FRQRFLGD 8QD OL
VWDSDU
&RQVHMRG HOGH EU)H
HURGH  
 
2WURV FRU HFRV
H U
Q GLVSHU
 FLDOFRU UH EDMRHO H[WU
Dx R PHPEUH WH GH 0HPRULD GHO
/LEUR ,,,
VRVSRUOD 5HFRSL
ODFLy
Q(Q HO/L EU R ,9 7tWXOR ;; OD SULP HUD GHODV 3U RYLVLRQHV\ 'HVSD F KRVGHO/LFHQFLDGR 0D W
LHQ]R
\QRV
UHIH
UHQFLD GHODO
H\,HQTXHV H GL VSHQV DQ GHWHUPLQ DGR V S ULYLO
H S HUP LWHRO F
XPE UDU ODVGLP HQV L
RQHVGH ODIURQGRVD O
HJLVO
DFLyQ SUR
JLRVD
O RVPLQ HURV
U
HPLWH DOD&pGXOD GH GH 0D\ R GH  PX OJDG D SRUHOTXLQ W
R 9L UUH\GHO3H U~
/D G HVDS
D UL
FLyQ GHO
FX\RDUUDQTXH SXHGH GHVFXEULUVH OD HQ
3UR YLVL
yQ UHIUH QGDG D SRU DUFKL YRGH OD6HFH U
WDUtDGH OD*REHUQ DFL
yQ GHO UUHLQDW
9L RHQ GRQ
GH HV UHJXODU H VHTX
KX EL HVHIRUPDGR OD VHULHFRPSO HWD

GH WRGDV
7ROHGR HO GHOPLVPR PH VGHO DxR S UHFH
GHQW H LQIUD 'RFX
PHQWR   $XQTX HPiV U
HPR W
D O
D DOXV L
yQ FDEH L QFOXLU D TXt O
D ODVGLV SRV L
FLRQHV VXVFULWD
V SRU 7ROHGRQRV S ULYDGHFDX O
TXLHU SR
GH O
H\
OD GH
U[
O7tW
XOR;;;; ,,,, GHO /LEUR ,; VLELOLGDG GH UHFR
Q VWLWXL
UO
D 
(QPDW HULD QRUPGH
DVOHJDOVHRFXUUH OR SURS LR TXH FR Q OV
R 1R TXHGD RW URSDUWL GRT XHY DO
HUVH GH UHF
RSL O
DFLRQHV FRQ


&RUUHVSRQ
G HQD O
D 2UGHQ DQ]D,GH
O7tW
XO
R, O
D ,,
\ GH
O7
tW
XO
R,,
GH
ODV  Q
1
0 0D QX VF
U
LWRV IROV 
 F
RQOHFWXUDGHSOR
UDE
O
H H Q
GL
FW
DGDV HQ
$U H
TXLSD HQ

,; &',
$2;; SiJ V

 
&IU%DOO
H
V WH
UR V>@
 /LE UR,,
7tW
XO
R
;,9  2WUD S RUF
LyQ GH3 UR
Y L
VLRQHV GRtQGROHSXUDPHQW
H DGPLQL
VW
UDWLYD VOQ \
&
',$2;9 ,,,
Si
J  DOFDQFHVJHQH
UD OHV
HQ 5HY DD
LVW H $U FKL
YRV\ %LEOL
RWHF HV /
DV 1DRLRLLD LPD


(Q
OFLQDV>@,9SiJV 
 OSiJV
 2ULJL
QD O
HVHQ OD%L EOLRW
HFD 1D FL
RQDOGHO3H
U IL
0DQXVF
UL
WRV
$
.RQ FW]N
H >@
,
S iJ IOR
V
*8,
//(502 /2+0$11 9,//(1$ ,1
752
'8&&
,1 ;/,
;

PDUFKDPR RILFLDODXQTXH FDUHQ WHVGH JDOD


U DQWtDGH UHXQ L
U ODWRWD (Q SRGUHGHOGLOL
JH QWH SR OJUDIR
t /H yQ 3LQ HO
R SDUDED XQYR

OLGDG GH VLJQDG
ORVRVSRUWH[WRV 7ROHGR
 \D FXGLUW UD
D VODGRV VD OXPHQ FRQ WRG
DVODV2UGH QDQ] DV H[ SHG LGDVU SR
7ROH GR
FDV\ FRSLDV
LQFOXVLYH DOJXQRV SDUFL DOHV R DXQUQH QGRVRVT XH VX (Q $JRVWRGH  HO LQVLJQ H -XDQ %DXWLVWD 0X xR] PDQ HMy
SODQ DXVHQFL
ODV
DVUHJLVWUDGD VHQ O
DV SULP HUDV0HU FHGDH 
VW
H U H
F XU XQ FyGLFH DVHYHUD FRTXH
QWHQ tD ORV RULJLQDOHV GHODV2U G HQDQ ]DV
VR 'RORV
FXPHQWRV     \ 
 FRQVHUYD GR HQ
HODUPDU LR JUD QGH T XHHWi
V GH VWLQ
DG R SDU D2UD
FRPSOHPHQW DQ ORV UHSHUWRULRV RILFLDOHV\ UHYHODQ FULSWRV
UHV WROH WRULR
 HQ &R
HO
QVHM
R GH O
DV ,QG L
DV 'HV GHOXHJR QLQJXQ R GHORV
GDQRV HQ VX PD\RUtD LQpGLWRV HMHPSODU HVTXHSUHVHQWDPR VD FRQWLQ XDFLyQ VRQ G HHVWD SU RF H
+DELG D FXHQWD GHGLVS ODHUVLyQ O
RV GH
DQXVF
P UL WRVQ DGD VH GHQFLD
RSRQHWRGD D YtD
TXH
GH VSXpV GH WHQ DFHV E~VTX HGDV KD\D WUDVSD
SHODGRV WH[WRV V 'HVGH OXHJR RFXOWR
HQ HO $UFKL YR *HQH UDO GH
 &yGL FH GH OD%EOLLRWHFD 1DF LRQDOGH O3H U~
,QGLDV GHEHQ H[LVWLU GXSOLFDGGH
RV HQ Q~P HUR VXSHULR U DO TXH
DTXtVHKDUHVFDWDGR $O JXQV DYHUVtRQHV GLVSRVLFLR
GH
QHV WO R
HGDQ DV
3UR YHQLH
QWHGH ODELEOLRW HFD GH O0DUTXp
 V GH3LG DODGTX LULy
KDQHP L
JUDGR D ORV PiV H[WUDxRV RFXUU H FRQ ODV
UHSRVLWRULRV
OD1DFLRQ WDO
DO
GHO
3HU~ X QYROX PL QR VR W
XPE RFR Q IROLRVHQ HO
FRQRFLGDV U
HODWLYDVDO &X ]FR LQ I
UD 'RFXPHQWR  T XH GHO DU TXH IXHUD GLVSRVLFL
GHRQ HVRWUDV
RILFLDOHVVH W
UDQVFULEH XQ E XHQ
FKLYR PXQLFLSDO GHHVDFXGDG
L S DVDURQ D1X HYD<RUN SRU PDQR V Q~PH UR GHO
DVGLFWDGDV 7RO HGR (
SRU
OWUDVODGR VHFRQFOX\ y GHH V

GHODQWURSyORJR %DQG HOL
HU 2WU DVSR UIRUWXQ
 DFRPR ODV RULJL FULEL
UHO GH
$JRVWR GH   DOD YLVWDGH XQ OL
E U
R HQT XDG H U
QDOHV O
DVGH
SURPXO JDGDV HQ $UHTXLSD HQ GH 2FWX EUH GH   QDGR SHHQ
UJDPLQRT XH TX HG D HQRI HO
LFLR GH O
D *RE HUQ DFLyQ 

VHFRQVHUYDQ WRGD YtD HQ HO 3HU~ YD O
HGHFL U
OD6HF
UHWDUtD GH O9 L UUHL QDWR(VWi DXWHQWLFDGR SRU HO
&RQVWD TXH 7ROHG R HQYLy HQ  XQ OLEUR FR QOVDQR U 9 LU
UH\9 H
ODVFR
SRUFX\R  DQ
P GDG R VHHMHFXWy ODW
UD QVF
ULSFL yQ 
+D
PDVGLFWDGDV SDUD H[S OWRDFLyQ
ODGH ODV PLQDV GH +XDQFD YH OFD
L \ VHUYLGR EDV
HSU D
GH
D
ODSU HVHQW H HGLFLyQ

3RWRVt PHU HFL


HU
TXH
RQ VDQFLyQ
OD U HJLD
(Q  K L]R OOHJDU
RWUD
U HPHVD PDQG
GHDWRV FX\D DUSREDFLyQ U
HWUDVDG DHQ GHPD VtD
QRGHMyGHFDXVDUOHGHVD]y Q 
 'H ODV 2UG H QDQ]DV GHPLQ DV LQIUD  &RSLD GH O
D %E LOLRWHFD 8QLYH UVLWDUL
D GH 6DODPDQ FD
'RF XP HQWR /y S H] GH &DUDYDQW HV GD UD]yQ GH O
D[ L H
VWHQFLD GH
3URFHGH QW
HVGHO&ROH JLR 0D\ RU GH HQFDK
&X
DVWDH Q OD
WU
HVFRS L
DVDXWpQWLFDV XQD HQ0D GULG HQOD6HFUHW DU
tDG HO&R Q VHMR
%LEOL
RWHF DGH3DODGR GH 0DGUL G 
\ D SDUWLUG HH V
H DRx HQ
GHODV,QGLDVRW U
D HQ/LPD HO PH
HQ
QFLRQ DGR DUFK L
YR GHOD 6 H OD%LE OL
RWHFD8QLYHU VL
WDULD GH 6DO DPDQ FD 0 DQ XVFUL
WRV  \
FUHWDUtD
GH OD EH*R
UQ DFLyQ GHO 9LUUHLQDWR \X DQ WHUFHUD HQ 3R 
V HJXDUGDQGR VY RO~P HQ HV H O
SUL PHUR FRQ  IR OL
RV GH
W
RV t
HQHOGHVSDFKR(V GHO
FULEDQ R GH 0LQ DV \
5HJLV WURV 
/ RDHJ
O DHQH O
3U RVSH
FWR G
H VX +VLWRU
LDGH/ LPD / L
EUR 
&DStWX
O
R 
 %LEOL
RWHF
D GH O
D5H DO$FDGHP LD GHOD+LV
WRULD &R OHF
FLyQ 0X It
R]
;&,, ,
 3tHUSRQ W 0RU JD Q/LEUDU \0DQX VFUL
WR 0$  3 HU~
9RO
XP HQ FRQ  IR
O Y

IROV95 HYLVWD GH=$LRKLYR,,L
VWyO
LR
RUOHO2X HFR &X]F
R  
Q~P%
SiJ  9DVLPL
V PR 0XUR 2UHMyQ0XUR5R PH UR RV
,
 OL
EU RVLPS UHVRV\PD QXVF
ULWRV
 (Q OD 0H PRULD 3UDGR&& U9D U
JDV 8JD U H
W0DQ Q V
RL
LWR
VSHQXL
Q RV H
Q ODV GH
O&R QV
HMRGH,QGLD
V HQ$QLZULRGH-V
W
LWUO
L
RV $PHU
LFPLR V 6HYO
WOD
 ;;;, ,,

ELEOLRWHFDV GH $Pp" L
FD %XHQRV $LU HV0&0;/9  SiJ
 SiJ

 $*,/LP D/LEUR IRO
 &D St
WXOR G H&DU
WDUHD
OGH 
;,,  %LEOL
RWHFD1DFLR QDOHO
H3UH
~ 0D QXVFUL
WRV %,&
 
HQ(Q FL
Q D V>@
P IRO
  'RP tQJXH]%RU GRQD0DQLWVFL
LWRVULH$PpULFD&DW iO
RJRG HOD
%LEOL
RWHFD
 3 *3 9,SiJ V
 \'H VSDF K RV GH

, 9  \
,
9
UHVS HF
WW GH3 DO
DFLR
0DG ULG
 0&0;;; 9
 SiJ Q~PV 
 9 WDP EL
pQ 9DU JD
V
YDP HQWR
 8JDU W
H 0DQWW&"

VY
LWR FLXPLRVHQODV EL
EOLR
WHFD
V GH H[W
LFW
QMP
R /LPD 
> @
&X D
UW D 3DUWH'LVFXU VR
,,
  0&0;;;9
,SiJV

,
1
O

52'8&&
,
1 /,
/ *8,//(502 /2+0$11
9,//(1$

WH[WR PiV OD


 
IROV 7DEOD
\ HOVHJXQGR  FRQ  IROLR V
GH WH[WR PiV GRV VLQ 6HJ~ Q
QXPHUDU
FQ RWD
VH Q OD FRQ OD 7DEOD  &RSL DVHQ % OD
LEO
LRWHFD1DFLR QDOGH 0DGU LG
SRUWDGD HVWD VH
KL]R
UHFRSLODFLyQ
HQ
2SRU G
LVSRV L
FLyQ GHO
9LUUH\ 0DUTXpV GH 0RQWHVFODURV ,Q IDQWDGR VH (Q
FX\R EODVyQ YDULR
V YRO~P
GH HQHV IDFWLFLR
V GHPD QXVF
ULWRVG HOD%L E OLR
DSUHFLDHQ  ODV SRUWDGDV 
 WHFD
1 DFLRQDOGHODF DSL
WDO GH(VSDxD FRUUHQGLVSHUVRV DXWyJUD IR V
/D KHFKXUD GH HVWD FRPSLODFLyQ SURPR GHDOJXQDV 2UGHQ
SDUHFH VHU TXH IXp DQ]DV HQ HOT XHO H
O
YD OD RWD
F   D
Q WLJX R
YLGD LQGLUHFWDPHQWH GH SRU
-XOLR
GH OD
 &R &pGXOD GH -
Q 
DOIROL
R VHKDOODOD3URYLVLyQ GHGH0D U]R GH 
HOOD VH
OH WUDVODGDED DO0DUTXpV QRWFLLD GH TXH LQIU
D'
GH 0RQWHVFODURV OD RFXP HQWR 
 \DOIROL
R ODG H
GH) HEUHUR GH  
XQ LQIRUPDQWH FHORVRGHO UHDO YDV D SRUOD
T XH7ROHGR  WL
LQ
PD E
VHUYLFLR \ GHO ELHQHVWDU GH ORVDT XHVXVLQVWUXFFL
RQHV \RUGHQ DQ]DV VH
OORV HQ HO 3HU~ DO
&RQVHMR
KDEtD ,QG OD
FRPXQLFDGR
LDV
GH H[ ODV
LV HMHF
XWDVHQ V
LQ RP LVLyQGH QLQJXQ DHVSHFLHH QH O
VLJQDGR  
 
 
WHQFLD GH GHVRUGHQ \ 2UGHQ
SRFDDQFDV H[-

UHJOD HQ JXDUGDU  DO
IRO
LR 
ODV V
H HQFXHQWUD O
D ,VWUXF
Q FL yQS DU
D ORV YHH 
WDQWR SRUTXH PXFKDV DGP SHUVRQDV
LQLVWUDFLyQ GRU
HQFDUJDGDVGH
GH HV
G HP L
QDV
OD LQIUD'R FXP HQ W
R  
MXVWLFLD \ GH PHQHVWHUHV LQFXP E tD VX
JXEHUQDWLYRV
DO SL D TXLHQHV
FDFLyQ ODV GHVFRQRFtDQ YHUGDG SRU HQ
TXH
FRPRRWU KHFKR
DV GH
GDEDQH [
FRPR
FXVD SDUD TXHEUDQWDUODV KDOODU OD LQFRPRGLGDG GH ,
; (',&,21(6$1 7(5,2 5(6
XQ HMHPSO DUWRGD YH] TXH LPSUHVDV
QRSR UODV
P iV TXHKDEtD
G H
PXFKDV GH HOODV TXHGDVHQ O
RV &DEFRSLDV
LOGRV HQ ORV DUFKLYRV
(OLQWH
QWRPi VDQWL
JXGH
RGH VLV
WHPD WL
]DUHOFRQMXQWR GHODV 2U 
R HQ ORV GHFRPXQLG ODV DG
&DMDVGH
(Q &pGGLFKD
XOD VHSRQt D D GHQDQ]DVHQWHQGLGR FRPR XQGH U
HFKR PXQL FL
SDO ID
YRUD EOHD HVWD
FRQVLGHUDFLyQ VL
DGHO
ILQ9LUUH\GH VL VXEVDQDU
WXDFL yQ FRQ  WDO QDFLyQ>LQGtJHQD@
FRQ ODPLUD SXHVWDHQ XQDIXWXUDLPS UH VLyQ
YHQtDSURFHGHU DOD UHFROHFFLyQGHO WROHGDQ DV  FRQMXQWR
VL HQEL GLOX
\p GH
QGRO DVGH QRUPDV
Q UW
R GHODPDV D O
HJLVO
DWL
YDGH RULJHQ PH 
SDUD UHWRFDUODVR
PRGLILFDU VX WHQRU RSR UWXQR VL

DVt SDUHFLHVH
SROLW
DQR ORDFRPHWLy *DV SDU GH (VFDORQD \$J HUR H Q  
(O PDQG DWDULR
HQ
VXUHVSXHV
WD
DXQ TX HUHFRQRFLy TXH VHUtD X \
P DXQTXH O
DHPSU HV
D T XHGy HQODHWDSDLQLFL
DOGHHT V
XHPD (Q HO
SU RYHFK RVRLPS U
LPLUHVH
PDWHU
LD
O DGYLUWy TXH
L GDG RHO WUDQVFXU  *D]R SKLDOWL
YP 5HJ LYP 3H U XYLFXP 0 DGULG D OFDQ]y UHD
VR GHO WLHPSRHUDDFR
QVHM
DEOHVHOHFFLRQDU DTXHOODV QRU PDV TXH SURGXFLUODV2UG HQDQ] DV GH PLQDV LQIUD'RFXPH Q W
R  HQ HO
HVW XYLHVHQ YLJHQWHV
H[SXUJDQGR
ODVTX HKX ELHVH
Q FDtGR HQ GHVX VR /LEUR,,3DUW
H ,,&DS tX W
OR3U LPHUR
R IXHVHQ REVRO
HWDV
RSHU
DFLyQM X]J
TXH
DED PX \ FRPSO HMDSX HV
UHTX HUtD JUDQFRQRFLPLHQ
WR GHFDXVD \ PX \ SD UWLF
XO DU DW HQ 
FLyQ  O 7RPi
 VGH%DOOHVW HURV
(VQRWD GHU
TXHDO
JXQDV2UG H
QDQ]DV WUDQVFULWDV HQ HVWD YHU 
VLyQ FDUHFHQ GH
IHF
KD\
TX H
SRUORG HPiVODFS R LD
GH OD %LEOL R (OPpULWRGHKDE HU
GDGR DO
DVSUHQVDVODSUL
PH UDYHUVLyQ RUJ i

WHFD 1DFLRQD O GHO
3HU~FRQWL
HQ
H PD\RU Q~PHU R GHSH L]DV H TX QLFD
GH O
DVSULQFL
SDOHV 2U GHQD Q]D
V GH 7ROHGRFU
RUHVSRQGH DO
/LF HQ 
O
D VDO
PDQ WQ L
D FLDGR
7R Pi VGHDOO%HVWHURVTX HYLyFRURQDRG HQ HOIUXWR GH
 &RPSOHPHQW R GHHVWR
VGRV LQIROL
RV GHEHGHVU
H T HO
XH\DF
HH
Q 
1O?O
, V
XV HVIX
HU
]RV

HPSUH
QGL
GRV
SRU
HQF
DUJR
GH
O9
LU
UH\'XTXHG
HO
D3D
0DQXVUL
FWRV
 D
QWLJXR-


 TXHFRQWLH
Q HO
DWUDQVF
UL
SFL
yQ GH
O
DV2UGH
QD Q O
DWD 3UXHE
DI
HKDFLH
QWH GH
ODXWL
OL
GD
GGH
W
DOFRPSLO
DFL
yQHV
T XH
]DV
GHORV&RQ VH
MRV$XGLHQF
LDV< 7UL EXQD
OHV GH &XHQWDV
,QTXL
VLF
LyQ
\&DVDVGH
0RQHGDPD QGDG DVUHFRJH
U\ -XQW DUSRURUGHQGHO0DUTXpV 0R
GH
QWH
VFODURV
H
Q
FX\ RHVFXGRRVW
HQWDODF
XE LHUW
D&RQVWDGH
IR
OV
 

*D UF
D *DOOR
(O
SUR\H
FWR
G
H&yGL
JRSHU
XDQR
GH*DVS
DUGH (VFDO
RQD
 $*
,/L PD
/LEURIRO

 \$J
HURH
Q%V
WX
VRGH
+LVWRULD 'H GH
UHRO
LR
,WL
GLFLQX

0DGUL
FO

SiJ
V
 $*,/LPD
'HVSDFK
R GH*RELHUQR%GH

,,,


 


/,, *8,//(502 /2+0$11 9,//(1$ ,
1
O

52'8
&&,
1 /,,,

IXHUD QHFHVDULR UHHGLWDUOD 1R KROJDU


i
WDPELpQ HQQD /LPD
O P
HWQH L VH
QWHHQ
UHVDUtDQ SRU QRPHO
E UDPLHQWR GH%DOOHV WH UR
VS DUD
SXHV XQD VHPEODQ]D GH  WDQ PHULWRULR UHFROHFWRU
XQ GHVWL
Q R
HQODSODQ DP D\RU GH O
D $XGLHQFLD GH /LPD O

%DOOHVWHURV QDFLy =D
PRUD 
HQ
KLMR
OHJ
)XHQWHODSHxD
tWLPR
GH (O 0DU]GH R VHILUP D EDOD3U RYLVL
yQ S RUOD TX HVH OH
)UDQFLVFR GH \GH%DOOHVWHURV
0DUtD &DUFKHQD VHU&ROH 7UDV GH G HVLJQDU
D SDU
D RFXS D U GLFKR &RUUHJ LPLH QWR
(O  GH OPLVPR
JLDO HQ HO GH 6DQ 0LOOiQ WRGRVF ORV
WRV
HQ GRQGH
D SDUWLFLSy
PH V3HG UR 9 GH
LOOHQ
D QXH YD\ %RUMD VXVFULEH O
D FRUUHV S RQG L
HQ WH
OLWHUDULRV FXUVy OD
8QLYHUVLGDG
&iQRQHV 6DODPDQ
\
FD
/H\HV
GH HQ IL DQ]D JDU
DQWL]D
Q GR T X H%D OO
HV WH
URV FX PSOLUtD RQ F
S UD FWLF
DU HO
HQ OD TXHOD DOFDQ]yKDVWD
/LFHQFLDWXUD )DFXOWDGH
HQ
V
1RPGLFKDV
 MXLFLR
G HU
HVLGHQFD
L D SUHGHFH
VX VRU HO
 0DHVW
U H GH&DPS R*DUFtD
EUDGR HQ $JRVWR GH OD
6DOD

&ULP
GHO
HQ OD
5HODWRU
GH GH GH +tM
D U 0H
\ QGR]D 
$XGLHQFLD /LPD 
SDVy
GH DO 3HU~ 9 HQ
LU
UH\&RQGH
HO VpTXLWR GHO&R PR TXHGDGLFKR IUR
Py SUDWHGO HHT
X LSR GHIQFLR
X Q DULRV
GH /HPDV
(Q OD WUDYHVtD FRQRFLy GDP DVGHO
DFRP
D XQD GH ODV
TX HDFR
 PS DxyD
O&RQGH /HP GH
DVHQ ODH[SHGLF
LyQ PL OL WDU
F RQWUD
SDxDPLHQWR OD
&RQGHVD
GH 9LFWRULD
'D]DQDFLGD
GH $QGXJD
HQ \ ORVKHU
PDQR V6DOF
HG RTXHVH GHVD UUROOy
H Q3XQR \&X ]FR - XQ L
R1R 
 HQ 0HGLQD GHO &DPSRR OHJtWLPD
GH 3HGUR
HQ %DUFHORQDKLMD
YLHPE U
H GH (Q HDVRSRU WXQLGDG %DOO
HVWHURV DVXP L
yODUHV
GH $QGXJD *REHUQDGRU \
GH0DUJ
GH
DULWD
'
0HOD]R 6LFLOLD 
D]D
SRQV D
ELOLGDGGHUHG DFW DU OV
RE DQG RV SUR PXOJD GRVHQ 3X QR \VR
/D XQLyQ PDWULPRQLDO DPERV VHOOHYy HQWUH
FRQJDQ
U FH
DGHODQWH
PH WL
yD O
9LUUH\XQ LQIRUPH VRE UH V OD
LWXDF
LyQ LP SHUDQ WH HQ3D X
OHULGDG
(Q
1RYLHPEUH GH D/LPD
 \DHQ
OOHJDEDQ
\
)HEU
HUR FDUFROD
O

GHO DxR VLJXLHQWH HO
SOLHJR
FRUUHVSRQGLH
VH WUDPLWDED
QWH
FRQ GLV
SHQVD O
DVDGH
PRQHVWDFLRQHV

HQ DWHQFLyQ HO
&R QGH D TXH
GH /H 3DUD GHVH
PS HxD U HQWUHWDQ WR O
DV IXQFLRQH V GH &R UU
H JLGRU
PDV TXH GHVHDED TXH HO SUHV
FDVDPLHQWR
HQFL
D FRP RVX7 HQL
HQWH
VH FHOHEUDUD HQ VXFR OR Fy D 3
HGU RG H+ HUUDGRDT XLHQ H W
Q UHJy
OD
WHQtD DVLPLVPR LQWHUpV DFRP SDx D
HQ
UD OD
HQ FUHFLGD
TXH %DOOHVWHURV OH VXPD GH 
  SHVRV HQ H O
Y DO
RUG HJp QHURV \ G
 QLH
UR
FDPSDxD D 
/D
3XQR
SDUHMD UHFLELy EHQGLFLRQ
HV HIH
HQ HIHFWR ODVFWLY
R(O GHV
OHDO H Q FDUJDGR GHIUDXG DQGROD FRQILDQ ]D GHS RV
L

QXSFLDOHV 0DU]R
HO
\
HQWUHGH ORV KDOODED
WHVWLJRV
HO
9L VH WDGDHQpOM
DP iVULQG L
yF H
X W
Q DGH D
T X HOO
D
FDQ W LG
DG (Q aRP 


UUH\ /D
QRYLDDSRUWD
ED FRPR OD
SOD
GRWH
]D
GH&RUU HJLGRU GH SH QDF
VLyQDO
FDER G H ORVGRV DxR VGH VXSHUtRG RGH &RU UHJLGRU
4XLVStF
DQFK
LGHTXHO
H KDEtD
KHFKRPHUF
HGJR HO
EHUQ DQWH
SDUD %D OO
HVWHUR
VVDOL
yO LE
UH G H
WRGD UHV
S RQV DELOLGD
G H Q
FLUFXQV WDQF LD
V
TXLH
Q VROLFLW
DV
H V
X PDQR FDU
JRH(O
WDE
V DDY
DXDGR
O 
HQ

 SDUWLF
XODUPH QWH
G HO
LFDGDV SRUP RVWUDU O
DSR EODFLy QVtQ WRPD VG H
SHV
RV'RV
GtDV
Pi V
WDUGH
G H
UH
DOL
]DGDO
DF
HUHPRQL
DQXHW V
UR SHU LQTXLHWXGG UH LY
DGD GH
ORVVXFHVRV GH /DLFD
F RW
D + DOOiQ G RVHHQ
VRQDM
H
TXH LG
HVH
QWLILF
D
\VVF
XULE 6iQFK
H H]9D
OOHV
WHURVFRQILH
UH /LPD HO
 GH0D \R GH DS XQ W
RG HHPSU HQGHU YLDMH D
SRGUHD
VX
SDGH
U\ DV
XKHUPDQR
*UHJ DU
LR %DGH
OOHV
WHURV DPERV 4X LVS
LFDQFKtSDUDHYD FD XUHO
MX L
FLR UHV
GH
LGHQ FDL
W UD
VS D VDX QHV
UDGL
FDGRV
HQ 0DGULG
S D
UD TXH
BJH
VRQDUD
WL Q TXH
VHO
H FQRFHGLH
VH FO
D YR GTX
D L GR
UL HQ H O &X ]FR HODxR D QW
HULRUDO &RUU H JL
GR UGH
XQKiELWR
GH ODV
2UGHQHV0LOL
WDU
HVRIUHFLG
R
SRUHOPRQDUFDDO &K XP ELYLOF
DV
)UDQFL VFR &DQR 
3RU XQGRF XPH QWR VF UL
HWXUDGR
TXH
W
RPD
UDSRU
HVSR
VD
D
O
DTXH \D
RQVR
HUD
UWH
GHO
RW
F
RU
JDQWH
SR
U
KD
EHU
PXH
UWR
H
QPFD
S
DxDH
Q)O
DQGHV
3HGU
R GH
$Q
GXJD
DGLFL
R
  $*13-XDQ GH(VSL
Q RVD
 
  IRO

Y 
 $*13$QWRQLRGH%D UURV
 
IR O

Y
 +LVSDQLF6RFLHW
\ RI$P HUL
FD 1X HY D<R UN 0DQXVFULWRV +&1 6 
2ULJ
LQDO
&R PS OH
PHQWDPRV
F
RQ G
DWRV
ULJXU
RVDP
HQW
HLQp
GLW
RVO
DQRWDE LR
JU
iILFD
$S HQ DVFXPSOLyFRQGDUUD]yQ GH WHV
US DUWL
GDV  GH
 \
SHVVR
TXHSURSR
UFL
RQ D 0HG
L /D
QD ,PY
HQW
QHQ/PLD
6D
QWLDJR
0&0, 9  ,,

SiJV



\ U
HV
SHFWLYDPHQ WHSDUDFX\DUHFHSFL
yQ%D OO
HV WHURVFRQ IULyVHQG RV SRGHUHVDO &D 
SL
W
i Q'LHJR 4XL
QW%D O
GRYLQRV
D O&DSLWiQ- XDQ 5ROGi Q\D $QWRQ LR 3pUH
] &DVWH
$UF KLYR$U]
REL
VSD
O GH/LPD
([ SHG
L
HQWHV
PD WULP
RQL
DOH
V )HEUH
URGH

QP
 OO
D
QRVHQ9
F
XD QGRVHKDOO
DED D SXQWR GR S HP
UHQGH
U YLDM
H D VRPHWHUVH DO
MX
L
FLR GHUHVWGHQF
LDHQ 4XLV
SLFDQFKL $*13 *D VSD UHO
H 4X H
VD GD   
3DUUR
TXL
D
GHO
6DJUDULR
GH
/LP
D/LE
UR

 GH
0DWUL
PRQL
RV




 IROV

Y\
IR Y
O
 

O $*13)UDQFL
VFR 3pUH]GH 6RWR
 
IR O

/,9 *8,//(502 /2+0$11
9,//(1$
,17
52'8&&,
1 /9

HOGHO PLVPR VDEHPRV PHV TXH


HQFDU
JDGRHO HSU D
GFWLFDUGLFKR /L xiQ\ &LVQH U
RVH Q XVR GHXQD GH O
DVIF D
XOWDGHV GLVFU
HFLR
QD O
HV
MXLFLR
D'RQ 7RPiV6X iUH] %DOOHVWHURV
GH  IX HHO&RU U
HJL GRU HO
G GH TXH HW V
DEDQ L
QY HVWLG RV UHS ORVUHVHQWDQW HV GH OPRQDUF
 DSR U
&X]FR$ORQVR 3pUH] 
GH *X]PiQ 'HFU HW
R GH GH(QH UR GH SU RFHG Ly
D GHVLJQ DUSDUDRFXSDUOD
(Q  -XQLR
GH GH
 HO9LU
UH\&RQGH &DV W
GH
HOODUHQ D %D OO
HVWHURVDXQT X H RU
SUD]RQHV GHS UHFHGH QFLD O
DRSFLyQOHFR
DWHQFLyQD
ORV
PpULWRVTXH FRQFXUUtDQ p O
OHSURS RQ HSDU
HQ
DRFX UUHVSR QGtD 5HO
DO
DWRU G H OR
&L YLO PiV DQ WLJXR GH $XGOD
LHQFD
L
SDUXQDSDO
]DGH 2LGRU FX D OTXLHU
HQ
$XGLHQFLD LQGLDQ D

\HO TXH HUDOR
DODV
D]y QH O /LFHQFLDG R )UDQFLVF R W $Q
RQ LR4GHXHVDG D
GH $JRVWR  GH2LG
ORVRUH V\HOGHO PLVP R PH VORV$O  \ 6RWRP D\R U
TX HS UR PRYLy XQ OWL
L
JLR SDUD UHFODPDU GHVXVX
FDOGHV GHOO D&ULPHQ
$X G LHQFLDGH/GH
PD
L OH UH
FRPL HQG DQ FRQ SXHV W
DSR V
WHUJDFLyQ /D SOD]DHVWD ED GRWDG DF QR XQDU WU
HLE
XFLyQ
SDUWLFXODU 'HV

GH
pQIDVLV
5HO IXH
DW RU\ $ER JDGR GH3 UH G H SHVR V/D&R U RQD HQG H'L FHL
PEU H GHOPLVPRU DxR
H
VRV GHO 7ULEXQDO \HQ
 DxRV
GHO SRVWHUL6DQWR
RU HVGHVHPSH 2ILFLR YR Fy HOQRPE UDPLHQ W
R GH/xiQ
L \ &LVQH U
RV \R UGHQy TXHHO
GHV

xyIXQ FLRQHV DERJDGR
GH&GHO DELOGR /LP D
GH  DLU DGRDVXPL HUDHOFDUJ R DXQT XH HO'X TX H GHOD 3DO
DWDHOXGL
y HO
6X VLWXDFL
yQ HFRQyPLFD SRU HQWRQFHVSD UHFH KDEHU HVWDGR FXP S OLPLHQWRGHOUHVF UL
SWR U
HJ LR\D QWHV ELHQ U
H FRPHQGy RFDOXU
PX\ OHMRV
GH
FRQVLGHUDUVHGHVDKRJDG D
3RUXQ DH VFULW
X UD GDWDG DHO VDPHQWH D %D OO
HVWHURV (O QXHYR XHVWR SS HUPOH
L
WLyD%DOOHV
GH (QHUR YHQLP
GHRV HQFRQRFLPLHQWR GHT XH DGHXGD ED WHU RVDOJ~Q DO
LYLR H FR QyPL FR SUX HED GH HOORHV TX HHO
GH
DOD VXFHVLyQ 5HJLGRU GHO SHUSHWXR (VSLQ R)HOLSH
VD \ 0LHVH V GH -X OLRGH  WRPD H Q DUUHQGD PL HQWR F SRU
XDWUR DxRV
XQDF D
VD
\VX PXMHU
$QD0DUtDD GH
U FyQOD
$O
FDQWLGDG H  SH VRV
GU D]yQ VLWD ODHVTXL
HQ QDG H3 OD
ODWHUtDIUHQWH GHODGH QGR
,xLJR9i] 
SRUO
D FDXO
ORVKLM
RVGHDPE RV ORV &DSLWDQHV
5RGUL JR GH 0LHVH V TX H ]GH$FXx DFQR FDUU RFHUD\ F DEDOO
HUL]D SRU ODF
XD O
VDWLVID
UtD
\$ODUFyQ \ - -XDQ
HUyQLPRH GH
VKD EtDQ
0LHV
WDEUD GR HPED UJR XQ DOTXLO
H UGH  SHV RV DQXDOHV EDVWD QWH HOHYDGR HO SDUD
SUR 
VREUH HOVXHOGRGHO G HVHPSH xD
ED%DOOHV
FDUJRTXH
WHURV (VWH 
DWHQ PHGLR HQWRQFHV
GH 
WR K DOODUV
D HLPSRVLELOLW
DGR GH SRGHUOHV
SDJD UUHFXU ULy DOD
 FRP  3RU IRUWXQ D
SXGR %DOOH
VWHUR V FRQWDU FRQ HOS O
HQRD SR
\R GHO
SUHQVLyQ HVXVDG
FUHHGRUHVTXH EHQpYRODPHQWH RU MXVWDVFD X S PH Q FLRQ
DG R'XTXH GH O
D 3DOD
WD JE RHUQDQWH HPS U
HQGHG RU
\HQpUJL
VDV
OHUHPLWHURQ
L O DREOLJDFLyQ &RUURER

UDHVWD LPS U
HV LyQRWUD FR TXHG HVGH TXHD VXPLHUD PD QGR
HO 1R HQ
YLHPEUH GH
V H
HVFULWXU
D
GH0D GH
\R GH SRUO
D TXH %DOOH VWHURV RWRUJD GLVSXVR DHQFDUDUOR S UH YHQLGR HQ HO&DS tWXOR GH
 ODV
,QVW
UX F
SRGHU D
O&DSLWiQ$QWRQ LR*DY LOiQGH
OD7R U UH SDUD FREUD U FLRQ HVTXH VHH[WHQ GDQ
t D ORVYLUUH\H VSRUHOT XH VHO
H V
UHFR
PH Q 
SHVRVGHGXFL
GR VGH
 K VX
DEHU 5HO
GH
DWRU
H VFDORQD GRV HQ HVW
D IRU GDED DFRS L
DU \UHY LVDU ODV2U GQ H DQ]DV7R GH
OHGR DILQ FR P
GH

PD GHODIHFKD GHOH Q
FRPSURPLVR
XQ DxR W RWURV
DQWR VDO SOH WDUO
DV R DFWXDOL
]D UODV V
tIH XUH DFRQ VHM
D EOH 'HVGH TXHRFXSy
VLJXL
HQWH\O
D PLVPDFDQWLG
DG HQ GLFKR DGHX GR SURYHQ tD
HO VROL
RYLUUHLQD O
VH S HUFDWyGH OD X U
JHQFLD G HOYDOHUD
 SUiFWLFD
OD
GHO
DVFXHQWDV
TX HKDEtD
WHQLGR KDVWD
HQWRQFHV FRQ VX DFUHH GRU

XQ GLVSRVLWL
YR W
DQ WUD V
FHQGH QWD O FR PR ROYLGD GR 9H UGDGHVTXH
&RPR GHVFROO
DUDHQHOH MHUFL
FLRGHVX VIXQ FLRQHV FR Q WRG R
FUpGLWR
\DSUREDFLyQ HG DUYDDO
FD
QWHOD
TX
5HODWR UtD GH *RE LHU
 4X HVDGD \
6 RW
R PD\RU HUD
OLPHxR DERJD GR(Q9,, FDVyFRQGR
xD
QR $ 5HDO
FXHUGR\ 7ULEXQ D O GH&XHQWDVH O $U] RE L
VSR 9LUUH \ 1LFRODVD / L
VSHUJXH U 6 \
ROtV
D VL
PLVPR OL
UQHItD
$U FKLYR$U]R ELVSD OGH /LPD
3 D
UU
RT XDLGH 6QD W
D$Q D/LEUR 
GH0D WUL
PRQ LRV 
  IROY 


%D M
RSRGH
U
SDUD WHVWDUVXVFULWRHO
9IDOOH
FLyHO
G HOPLVPR PHV $* 13 1LFROi
VG
H
> @
IRO

 )LJXHURD 
IRO
 
$*,/LPD 'HV
SDF
KR
Q~P   $ *,/LPD 
'H VSDFKR Q~PGH/ LxiQ\ &L
VQR URVG H,

/L
$*,/LP D PD 
/ LEUR
IO
R  /LPD 

'HVSDF KR Q~ PGHO' 
XTX H GHOD3DO
DWD
$UFKLY RGHOD 0X QLFLS
D
OL
GDG
G H/L
PD / LEU
R GH
&D ELOGR
V


  GH9
F R
QX QGR F
WRD O
HJD W
RGHOSU
RSLR%D OOHVWHURV IR
OV HQTX HH
Q XPHU
D
$F
WD G
HO

;  ED O
RV IXQGDP HQWRV V GH
X PH MRUGHUHF
KR O D
DS OD
]D GLVSXWDGD0i V GRF
XPH QW
D
$* 13*DVS DUGH
0RQ]y
Q

  
IROV

\
 FL
yQ HQ/P LD $ 
$* 1
3 )UDQ FL
VFR*DU
FtD
GH8VWLDJD
  
IR
O

Y $ *133 HGUR 3 p
U H]/D QGHU
R 
 IRO

Y 
/9, *8,//(502
/2+0$11
9,//(1
$ ,1752
'8&&
,1 /9,,

DOJXQRV PDJLVWUDGRV HO
HPHQ WRV IRUHQVHV
GHDGPLQLV
OD
WUDFLyQ \ ,QWHU YLQRH QW
RQ FHV SH UVRQDOPHQWH HO9LUUH\S DUD KDODU
O XQD
S~EOLFD PDQHMDE DQ FRSLDV
PDQXV FULWDV QL
VX SHUR
W[H
WR SRGtD UH VDO
LGD0H U FHG
DVV
XJV HWLRQ HV LUHFW
GVHO
D LP SUHVRU 0LJ X HOO RGH
V
SXWDUVH RILFLDO SRU
QL VX DUVHS
WHQRU
RUDX WQ p
WLFR
\GH
Q JHQHUDO ORV 2OLYRVVHDYLQRK D
DFHU HPSUH VDFRQOD+H UPDQGDG HO+GRVSLWDO

WULEXQDOHV \ ORV IXQFLRQDULRV
GHVFRQ RFt
DQ R GLFK
FRQM
XQ WR GH QRU DM
XVWiQGRVH HOSUHFLR HOS OLHJR
GHQ 
S HVRV/D WLU
DGD VHUHGXMRD
PDV OHJDOHVYLJ HQW HGHVGH
KDGD PiV GH VLJOR
XQ V
RUS 6H
U
HQ G Ly HO  PS HMH
ODUHV
GH ORV FXDOHVXQ FHQWH QDUVHFHGHU tDQ DO9LUUH\
'XTXH3DO GHDWD
GOD
H TXH
VLHQGR OH
\H VP
ODV
XQLF
LSDOHV GH VWDV SDUDHQYLDUORVDO&R QVHMR GH O
DV,Q GL
DV \GLVWULEXL
UO RVHQ W
UHDOWRV
3URYLQFL DV MDPi V VH
KXELHVH L
QW HQWD
GR GDUODVD ODV
SUH QVD VSU DD IXQFLRQDUL
RV HQ 3H U~(
HO
Q GIHQLLW
LYDOD+HU PDQG DGDSRU WDEDHO
VX GLIXVLyQ\ FXPSOLPLHQ WRSRU WRGRVORVOODPD GRVDKDFH UOR RULJ
LQD O
HO DSHO
S
SU HJDPLQR DUDOD
SH QFXDG H
UQ DFL
yQ \ PDQy
OD
&RQ SURSyVL
HO W
R GH
QR SULYDUPiV W HPSR
L HWG DQ
WR ELH QD GHREUDYDOX D
GR WRGR H OO
R HQ SH VVRPLHQ WUDVT XH0L JXHO
OD
FDXVD S~EOLFD  GHFUHW
yTXHV  LQ
WDUGDQ]D V
HEXVFDU DQ \VH DUUH GHORV2OL YRV FRQWULEXtD FRQ HOFRVW
R GHODFP RSR VLFLyQ GHORV
JODVHQ RUGHQ D GDP H QWH
F RQILDQGR ODHPSUHV D D%D OOHV
WHURVS RU S OL
HJRV TXH FDOFXODED VH
IRUPDUtD
Q FDGDHMHPSO DU TXHDUD
VHU O
D ERULRVR \ DSOL
FDGR D
O UHFRQRFLPL HQWRS DGH
SHOH V
(O ]yQGH H[ ORV
SUHVD
GRV  S HVRV
VLJQLILFDEDQ RWUR
V  SHVRV
FRPLVLRQDGR DGPLWLHQGR DXQ
TXHH V
QRWU
DEDMR OXFLGR \ QR 3RUWDQWRO DRSHUDFLyQ GHMDUtD DU
DSODV DUFD
V GH OD LQV
WLWXFL
yQ
HVSHUD SUHPLR 
D WUXHT
XH GH JUDYtVLPRV HO
RV DVXPL y OD
GHVY SDWURFLQ
DGR UDXQ DXWLOL
GDG VXSHULRU DORV SH VRVG HGXFLGRV
WDUH
D (O9LUUH \FRQiQLPR GH SURYHHU XQD UHQW
GH
DDO +R VSLWDO WRGRVORV
JDV W
RVVREUH HOXH VXS
VWR GHODYHQ W
D GH HMH
PSO DUHV
GH6DQ $QGUpV SURSXVR OH HQ -XQLR D
O D
+HU PD GH
QGDG 
GHO DOR
VUHSHWL GRVS HVRV FDG DXQR(Q SH HO
RUGHO RVFDVRVEDV
WD
UtDODOT L
X L
GDFLyQ ODPLWGH
DG GHODWLUDGDS DUD F
X EULUJDVWRV
PLVP RFHGHUO HHOSULYLOHJLR OD LPSUHVLyQ
GH\ YHQ WD
DF DPEL R GH
TXH FXEULHUD ORVJDVWRV
HGLWRULDOHV6H
E DUDMDURQ ODVSRVLELOLGDGH V (OU UH\
9L RIUHFLy SRU VXSDUWH HPSH xDUV HPXFK RHQ OD
GHH IHFWX
DU O
D LPSU HVLyQ (VSDxHQ
DR HQ DV /LPD
tFRPR HO YR YHQWD \\RUGRPRHO 0D H OD+GHUP DQGDG $JX VWt
Q GH DL
FX HJX
&L
\6OD LQ
DV DFDXGDODGR FRPHUFL DQWH\3U LRUG HO&RQ VXODGR HQ GRV
OXPH Q SUH
YLVLEOH HYHQW
DGH
GHMHP SODUHV VHJ~Q PH UFDGR OEUH
HO
LUR
RSRUWXQLGDGHV FR PS URVH
PHWLy SRU VX\D HQ
M
OD
X
DJDU FXDOTXLHU
GHOD 0H WUySROL \HO
ORFDO
3R UOR
 SUR QWR VHD FRUG
y HVWXGLD U OD
GpIFL
L
W TXH VHSURGXMHVH
H[W
H QVLyQG HO RULJLQDO
$X QTXHO
D OFH
LQFLD
SDUD
O
DLPSUHV
LyQ IJXU
LD OLEU
DGDHO
GH
(Q (Q HUR GHO DxRVLJXLHQWH \DVH HQF RQWUDED OLVWD O
D FR
'LFL
H
PE UH GH
O
R F
LHU
WRH
VTXHV
yOR DFRPLHQ]
RVGH
SLD
S D UD
HQWUH JDUODDO
DLPSUH QWD 
\KHF KR HOFyPSXW R GO HSD
S HO
HQWUH
JDEDO
DLPSU HQW
DORVSULP
HURV
HMH
PS ODUHVHORV
GTXHLPH
Q
VHVWLHPyH TX
XQD WL
UDGD PLOGH
HM
HPS ODUHV LPSR UWD
UtD DO
UHG HGR U
GLDWD
PHQWHVH
UH PLWLHUR
QGRVGR
FHQD
VDO&RQVHMRO DGH
V
,QGLDV


GH S H VRVKD EL
pQGRVHILMDGRS UH
HO
FLR YHQGH
WD
SR UHO
9L 
UUH\
 HQ SH VRV'DGRH TX
ODHRQR
F PtD+ GHO
RVSL
WDOQR HVWDED %DOO
HVW
HURV SDUD
VLVWH
PDW
L]DU PD W
HO
H UL
DOD
UWLFX
OyO
DV2U 
HQF RQGLFL
RQ HV G HDIU
RQWDU XQ HVHPERG O
VR WD
Q FQRVLGH UDEOH Q R GHQQ
D]D
VSRU/L EURV\7tWX
ORV
FQ
RDUUHJOR OD
DHVWU
XFW
XUDGH
TXHGD EDRW UD DHOWUQDW
LYDTXHVOLRFLWDUXQ SUpVWDP R\DXQ HQ HWH
V O
D5HFRSLO
D
FLyQ FDVW
HOODQ
D U \
PyOR
IR
V tQGLFHV
$OPLVPRWLH
P
FDVRODHVFDVD V
DOLGD HXQDR GEU
D GHHVW
D tG QRO
HSX HVQ RVH YH Q SR
\SRULQGLFDFL
yQ GHO
9L
UUH
\SUR
\HFWy RWUD
REUDGHPD\RU
GHUtDQ HQ/P LD PiV G DOOi
HFH L
Q HMH
PS ODUHVLPSOLFDUtD OHQWL WDO
WXG HQHOS URFHV R GHU
HFXSHUDFL yQ GHOFDSLWDO TXHL QWH
ORV
UHVH V $UFKLYR &HQWU
DOGH
OD%HQH
IL
FH
QFL
D3~EOLFD
G H
/LPD

/OEUR

$FWD
V
GH
O
D +HUPDQG DGGHO+RV
SLW
DOGH
6DQ
$QGU
pV



  IROV


<$F
W
DV
GOH
VHU
tDQ VXS
H ULRUH V DOD
DPR UWL
]DFLyQ  9
, 

\

,  \
,,

$*,
 /LP
D
'HVSD
FKRQ ~P
GHO'XTXHGHO
D 3DODWD
GH
9
( Q&D
UWD UHD
O
GH,

 $*,
 /LPD/L
EUR IR
O
 
VH K DEtD
$*,/L
PD   'HV
SDFKRQ ~P

GH
O'XTXH
GHO
D 3D OD
DW
GH DSUR
EDGR
O
DL
Q LFL
DW
LY
DG HO9LUU
H\ GHO
3HU~F
RQ ODVD
OYHGDG GH TXH
HO
UHSH UWRU LR
;,,

( Q0HGLQD>@S
?JV

 SUH
SD
UDGR
SRU%DOOHV
W
HURVKDGHVHU
QR F
RP SUHKH QGL
HQGR
OD V/H \HV
GHOD1XH YD
$*,/LPD
 &RPXQLF
D FLy
QGH
O&D
ELOG
R
GH
/L
PDGH
9 5HF
RSLDFL
OyQ
GH ODV
,
QGLDVS XHV
SRU
HOO
DVHYHUiODVTX
HVHGHXDQ REVHU
YDU
 !

/9,,, *8,//(502 /2+0$11 9,//(1$
,
1752'8&&
,1 /,
;

DOLHQWR
D VDEHU XQD FRPSLODFLyQ &pGXO DV\ $XW RVVXPDULD GHTX HH OLQIH OL] QR KDEtD UHFLE LGR GXU DQ WH HV H ODSVR UW HULEX FLyQ DO
$FRUGDGRV LQWHUHVDQWHV LQVSLUDG
DO
D H Q 3HU~
HO LQGXGDEOHPHQWH
JX QD O
D PL VPD TXH FH GL y HQ VX W
RWDOLGD G D %DOOH VW
H URV HO  G H
WUDWDGR VLPLODU \&yUGRED
GH 0RQWHPD\RU
&XHQ FD
GH
LPSUH VR 2FW XEUH GH   SDU DTXH VHUHHP EROVDU D GH GLFKDV D\X GDV 
HQ 0p[LFR HQ 
$ EXHQ
 VHJXUR
WUDED
MR QRSD VHO
y
GH O
RV
6RP E UtR VIXHURQ HQ YHUGDG ORV ~O WLPRV DxRV YLGD GH OD
ERUUDGRUHV DOUHFLELUVH HQ HMHP 1RYLHPEUH GH  ORVSULPHURV
QX HVWUR SH UVRQD MH(O  GH \R0D GH
 SL UD
H[
ED VXPX MHU HQ
SODUHV O
DPDJQD
GH5HFRSLO
DFLyQ SURPXOJDGD SRU ,, &DUORV
HO 
GH 0D\R GH  (Q OD GHVHVLyQ
 HOUDQ FKR
HO GHO  GH 'LFLHPEUH TX H R FXSD E D HQ OD$ ODPHGD 
\ DX QT XH HOSDW UL
P RQLR
&DELOGR OLPHxR DFRUGy YRODGTXLULU
~ PHQH VGHO FRQ\XJ
WDQWR ORV DO LQFO XtD
FXDWUR F XD WUR HVFODYRV OR FH LU WR HV TXH HQ HVFU LWXUD G H
FyGLJR LQGLDQR FRPR %DOOHVWH
URV
HO
SD U
D UHSHUWRULR
T XH VH GH  GH -XOLR V LJXLHQ
WH %D OOH VWHURV UHFR Q RFH X Q D H
GX GR GH  S H
WHQJDQ HODUFKLYR
HQ 
\ TXH QLQJXQD QLQJ~SHUVRQD
QS UH EDMR VRV DIDYR U G HO3UH VEtWH UR / LFHQFL D GR 3HGU R GH
9DOFiUF HOFDQW LGDG
WH[WR ORV SXHGD V
DOD

VDFDU


IXHUD GH OD TXH OHK DEtD VX SOLGR S DUD ORVJDVW RV IXQ GHO HUDO HQ WL
HUUR PLV
\
DV
(O SODQJLQDO RUL H
VHJ~Q
[SOLFD HO %DOOHVWH RV HO
SURSLR
U HQ HQ VXIUD JLR G HODG L
IXQ WD S DUD H O
SDJ R T
 X HGDE DQ K L
SRWHF D GR V 
W HV
U

SUHiPEXOR FX FRPSUHQGtD
DWUR YRO~PHQHV HOSULPHUR  GLV
(Q HVFODYRV  3RU ORGHPi VGHE tQDG H KDOODUVH HQ GHILFLHQ W
H VFRQGL 
WULEXtGR HQ WUHV OLEURV 2UGH QDQ]DVGH FLRQ H 
VSX H V
KDOODUtDQ FDELGD HQ HO , ODV HO GH $J R VW
R LQP H G LDWR V V
XF ULE LHQ GR F RP
R 7R Pi V
$XGLHQFLDV GHO \ 7ULEXQDO
GHOD6DQWD &U X]DG D
GH HQ&XHQWDV 3pUH ] GH %DOOH VWHURV W UDV SDVD HQSH VRV XQ HVFODYR DGT XLULG R

HO
,,ODV 2UGHQDQ]DV  HO
\ HQ ,,,
GHODVLQGLRV
PLQDV
GH LQIU D DQWHUL RU
P HQW H H
Q  
  ( QF P
D E LR HO  G H - XOLR GH   YHQG H
'RFXPHQWR HO 
~QLFR TXH YLyHO
)XH ODWRP R RWUR
OX] S~EOLFD QHJUR
(Q HQ S HVR VFRP SU D GR HQ  SRU  


VHJXQGRVHUHSURGXFLUtDQ ODV +XDPDQJD 2UGHQDQ]DV


&X ]FR GH (Q  HO $U ]RE LVS R /xi
LQ \ &L VQ H URV O
H RG UHQy G HPD\ R
\/D 3ODWD HO
WHUFHURHQ ODV GH XQLYHUVLGDGHV
\KRV SLWD UH V3RFR
FROHJLRV GH VSXpV OHFRQIL y HOFX UD W
R GH 6DQ - XD Q GH/XU LJDQ FRK
OHVSRU ~OWLPR HO
\ RUGHQDQ
FXDUWR
]DVGH /LPD
LQVHUWDUtD
 ODV(O GH 6HSWLHPE UH GH  RW RUJD S RG HU D 'L HJ R GH9LOODW RUR
(Q  GH 1RYLHPEUH \ORVGH
2LGRU HV
 FRQHO 9LUUH\ VDQ WL
DJXL VWD 0D UTX pV GHO &D VWLOOR &R \ QV HMH UR GH +DFLHQGD  UH
MXQWDPHQ
WHYRO
YLH
URQDD ERJDU SRU
%DOO
HVWHURVSD U
D TXH HQ HQ
 DW VL
GH Q WH 0DHQ
GULG SD UD JH VWL
R Q DUOH P HUFHGHV FRQGL JQD V FRQ VX

FL
yQDV
XREUDWQ
D~WLO
\SURYHFKRVDVHOH
KRQU DVHFRQX DQS O D]D HVWDG R VDF HUGRW DO (Q   UHVLGtD HQ OD FDOOH 6DQWGH
R7R

GHRLGR
URIFD
LV
O 3DHQ
QDPi 4X L
WR &KLO
RH

'H

SRFR VLUYLH URQ PiV (Q  SU HVHQ Wy VXD
2UG LQ DULR XQ PHP RULDO V GH
X V
Pp 
HV
WDVUHFRPHQGDFLRQHV

SX HV
Q RSDUH
FHKDEHUPH M
RUD GR GHIUWRXQD UL
WRV \ VH UYLFLRV $O ILQDO GH V XV GtD V VX PDPH QWH DKFDFR VRO D
(O
GH
$EULO GH FRQIL
HUH

SRGHU
DO DFXx
DGR UGH O
D&DVD GH SRE UH]D VH DEDWLy VRE UH pOHQ WpU PLQRV G U
D PiW LFRV D VtD OR
FUHGLWD
O
D0R QHGD)U
DQFLVFR'X UD
QSD UDTXHFREUDUDODJD U
WLILF
DFLy Q \ HOWHVWDPHQW R TX H VXVFUL E L
y HO GH 2F W XEUH GH
 EDM R FX\DV
GHUHFK
RVREYHQFLRQDOHV O
H FURUHV
SRQG
TXH
tDQSRU F VX
DUJR GH $O GLVSRV L
FLRQHV ID
OOHFLy HO  G H
O PL VPR PHV 6H OH L
QKX Py HQ O D

FDOG
H GH
ODFHFD
LQVROXWRV GHVGH DWUi
V 1R

REV
WLHPSR
W
DQ WH LJOHVLDGH ORV WOHEH
PL WDV
VXQDW
XUDO
FDULW
DWLYRIXHSUR
S RUFLRQDQGR DO
VROGDGR G HDFDE DOOR
GHODJXDU
GLDGHO9LUUH\
)HOLSH &ODURV
GHVGH \ GX U DQ WH $ *13 )UDQ FLVFRG H7D ERD
GD 
 
 IR O
+D EOD V
XVFUL
WR WHVWDP HQWRHO
 ,9D QWH ULRU $*13 >
@&RO

VL
HWHDx
R
VGLQHURSDUDVXVXV
WHQWRYHVW
XDULR PHGLF D\
PH QWRV \D $* 13 -D
F L
Q WRG
H 1DU YDVD W
     IRO
Y
$*1 36HEDV
WL
i QGH
9LOODUUHDO 

 IR O

Y

$*1 3-XDQ
*L UDO
GD $ GH
QW H]D QD 
   IR
O

Y

 &IUHVFU
LW
RVGH %DOO
H
VWH
URVGH;,,

\;,

HQ
$*
,
/L
 
$*1 30D D
WHRH5LEHUD  IRO
 
PD

\
U
HVSH
F
WLYDPH QWH
 %1 
0 0DQXVFUL
VWRV

IRO Y3 DGUyQ HO
H/ LP D 


 >
@
$FWD
GH-DVHV
Ly
QLQG
LFDGD 0H GLQD >
@
Si J
SDSHOH
W D Q~P \9D UJ D V
8JDUW
H/P
VUUH
VRV
$*,
/LPD
 3HULWD
QR
 /LPD

SiJ
$*13
%DUWRORPp ( GH
VSLQD



 
IRO
 $*13 1LFR
Oi
V GHOL
L
J XH
U RD  I
RO
,1
752'8&&
,1 /;,
/; *8,//(502 /2+0$11 9,//(1$



6HE
DVWLiQ
/RUH
QW
H ;&
2/2)
1

$O QHSR
UVH
DOD
OFDQFH
GHOR
VHVWXGLRVRV
HOUH
S HU
WRULR
HQJDU
Q
(VWH ODERULRVR HGXFDGRU GHV
PXUFLDQR
GH UDGLFDGR HQ HO 3HU~
GHO DV
GH
2UGH QDQ]DVGOH3
HU~
IDFL
OLWiQ HO
GRVH PDQHMR\
OD
XWL
OL]
D

O FRPSOHPHQWy
 UHHGLFL
yQGHO
VX
0HPRULDO
GH 7ROHGR LP
FL
yQ GH FRQMXQWR
XQ GHIXHQW
HV
OHJDHV
O TXHD IRUP
URQpSRFD
LQGX
SUHVR SRU SULPHUDYLJ YH]GH
pVLPRVH[WROHQ
D
&ROH
FFL
HO
yQ WRPR
GDEOHPHQWOD
H REUDGH
7ROHGRHQ
H VW
D PDWHU
LDSRGUiDSU
HFLD
U
VHED
GH 'RFXPHQWRV
SDU
D
OD
+LVWRUL
,QpGLWRV
D
GH (VSDxD 
FRQ
O
DGH ODV
MR
QXHYDO
X ]4XLHQWHQJDO
RVRMRV OLPSL
RVGH W
HODUDx
DVHVW
DUi
2UGHQDQ]DV LQIUD
GHO
'RFXPHQWR
&X]FR
 
ODV GH SUR
LQGLRV
DKRU
DHQ
FRQ GLFL
RQ
HVGHMX]JDU
SRU VtPLVPRO
DIOD
DFLDG OD
H LQWHU

PXOJDGDV HQ $UHTXLSD
ODV
GH PLQDV
LQIUD
HQ 'RFXPHQWR
 
SUHW
D
FLyQ
FRQY HQFL
RQDO\SRO
pPLFDTXHKDSHUV
RQLIL
FDGRHQHO
PDQ
 
ODV GH /LPD  
\ HOSULPH
&RQ
UWRPR
HVWDVSLH]DV WIRUPy
GD DU
LR VtP
HO
E
RORYL
VLEOH OD
GH
PiV FHU
UDGDRSRVL
FLyQDO
RV
LGHDHV
O
GH ORV WUHV GH TXH 0HPFRQVWDED
RULDV
GH
OR
V9LUUH
OD VHULH GH
ODVF
D ODV
VLDQR
V
FD O
XPQLD TXHFL SRU
HUW RGLVW
DGH VHU
QRYHGRVD
SXHV
\HV
$XGL
\
HQ
FLDVTXH
JREHUQ
DGR
KDQ3HU~
HO
1RK
D\L
QGLFDFLy
Q \D
HQ DTXHO
HQW
RQFHV
SR UERF
 DGH O2LGRUGHORV
&KD U
FDV
%DUURV
HO
DOJXQD GH ORV RULJLQDOHV
HGLWRU
SDUD
HV
WDSXWLOL]DGRV
XEOL SRU
GH 6DQ
0LOO
iQ VHKDEtDHV
FXFKDGR HQS~EOLFR

T X
H V OD
DQJUH
FDFLyQ DSDUHFLGD HQ  HQ /LPD GH
$PDUXQ JD
<\GHV
X V
KHUPDQRV 
FODPD
YDD'LRVFRPR
OD GH
$YHO HO SRU
DJUDYLRTXHVHOHV
DYtD
KHFKR
/DOFW
H XUD GHO
FR U
SXVWROHG
DQRSHUPLWHDGT XLULU
XQD
SRVL
FLyQ HTXLG L
VWD
QWHODV GH

5REH
UWR
/HYLOOL
H
U DQWDJyQLFDV
FX\V
RD 
GDOL
GHVIXHURQ/HY
LOOL
HU
\9DOFiUFHO

U

HV SHF

WLYDPHQWH6H
GHVYDQFHHO
D LPDJHQW
ySLF
D GHXQDQGDPW DULR RE FH

3RU ~OWLPR
\ RFXSDQGR HO SRUYROXPHQ
HQWHUR
RFWDYRGHOD FDGR HQVXD
IiQ DFXOWX
GHUDFL
yQ SR
UFRQVROL
 G DUODKHJHPRQ tD GH
PHULWtVLPDFROHFFLyQ GRFXPHQWDO
*RE HUQD QWHV
G HO
3HU~&DUWDV
\ ODDXWRUL
G DGGH
OD&RURQDFRQGHVPHGU
R GH G HU
HORV
FKRV KXPDQRV
SDSHOHVGLULJLGDSRU HOKLVWR
ULDGRU DU JHQWLQR 5REHUWR /HYLOOL
HU G HVOR
QDWL
YRV
\VHUHYHODQ
S HUIL
OHV
QRYHGRVRV%DVW HW
UDHU DFROD

0DGULG  VHUHS U
RGXMR Q~P XQ
HUR D
SUHFL
DEOHGH 2UGHQDQ FLyQ DOJX
QDVPHGLGDV FR
O DW
HUDO
HVGHODV 2UGHQDQ ]DVDOWDPHQ W
H
]DV VHWX
1R
Y R SU
ODHFDXFLyQ
GHFRO DFLRQ DUODSURFHG
HQFLD GH
ORV H[ SU
HVLYDV
GHOYHUGDGH
UR HVStULWX
TX
HDQLPD EDDOJRE HUQDQWH TXH
WH[
WRV XW
LOL
]DG RV V
DOYR SDUD
OD2UG HQD Q]D GHREUD
MHV\ EDWDQH
V QRV RFXSD
WRPDGD GHOYROXPHQ 
GH
PDQ XV FULWRVGH O
D %L
EOLR
WHFD1DFLR 0HMRUyHO
MRUQDOTXHS 
H U
FLEtDQ
O
RVL
QG LVRPL QHURVEHQH ILFLR
QDOGH0D GU L
G 
VL ELHQ OD$G YHU
HQ
WHQFLD VHL
QIRUPD GH XQ TXH VXVFLWy
O
DT XH
MD GHO&DELGR
OG H3RWRV t
HQ  GH $E ULOGH

PRGR JHQpULFR TXHDOJXQRV HOORV
GHK DEtDQ VLGRHGLW
DGRVDQWHULR
U   (Q O
DV2U GQHDQ]DVGLFWDGD
VHQ$UHTX LD
SHQ  LQV

PHQWH U/RSR
UHQ
WH SRUGRQ5
LFDUGR 3DO PD \
" O
DV2U GQHDQ]D
V WDXUyDXWRULG
DGHVPX QLFL
SD O
HVLQGtJHQ
DV
D O
HVWLORHVSDxRO FRPR
GHO
&X] FRSRU 8UWHD JD\5RPH UR
HQ  HQ /PD
L O
DHQ
PLV SURFHGLPLHQW
RSDUDDOL
YLDUHOSHVR
GH
ODFR\XQGD LPS XHVW
D SRU ORV
FHOiQ
HD)XQG DFLyQ
H VSDxROD
GHO&XV
F D LF
V  \2UGHQDQ]DVSDUDV
X
JRELHUQR 

 $*,4X LW
R'HV S DF
KR GH
O) LVF
D O
G HOD$XGLHQ
F
LD GH4XLWR
0LJXH
O
GH ] 2UR
FR$Vt UHWU
LEXtD %D UURV G
H 6QD0LOOiQO
R VH
ORJL
RVT
XH OHSUR
GOJ
DU
D
7R
OH
GRHQ,,
,
 3*39 SiJV



%L R
ELEOL
RJUDIDH
Q%ROHWL
QGH=D %L &HQVUD
EOLRWHFD GHO 8Q
D Y
HU
VL
G+O  >
@,,
S iJ;; ,,,
OOI
D\RL 6DQGH
0&UFR
V /LP
D
 
,
Q~P SiJV
  -L-=
9LUU H\7R OHGRJDQWLUDQR 3HW
GHO ~8QDUQL
HV
L
yQ KLVW
yU
LFD /L
PD

9L xDV 0H\HQOD
UH
VHxD
E L
EOL
RJUiILFDG H
-DH
GLFLy
QGH
/HYLO
O
tH
U IRU
PXO
D 
YHV
SHFL
DOPH QWH S iJV

L
PS RUWDQW
HV UHSDURV $Q
&IU DOH
VUH XQ
OD YHL
V
LUODD
GH0DFOULG
/HW
UDH 0DGUL
G  +DQ NH>@
S iJV Q
P V \

 
\ Q
PV
\


 
,
SiJ
/;,, *8,//(502 /2+0$11 9,//(1$
,
1752'8&&
,1 /;,8

FXUDFDV VREUH VXVD VXERUGLQDGRV


XQ WRPtQ
\PHGLR GH$XPHQWy
(VSD
xDGHO
DH[SUHVD
GD SDU
WL
GD FRUU
HVSRQGt
DQ G XFDGRV DO
SODWD PiV VXPLQLVWUR GH FRPLGD OD UHWULEXFLyQ TXH SHUFLEtDQ ORV
YDORU WUHV
GH
ILJXUD
VG H SD
OW
DGH ORV
5H\HV0DJRV TXH RIUHFLy
LQGLRV GHGLFDGRVDJUtFRODV
YHQWDMD
D ODERUHVTXH
SDUD
TXH
GLR SLH
D
OD
9LU
JHQ GH
*XDG DO
XSH DSD
UWH GH
OLP
RVQD
VGHPHQ RU FXDQWtD
]+
HO &DELOGR GH /LPD H[SXVLHUD DFHU
FD GHDO ODV
9LUUH\ VXV WHPRUHV
OD
UHSHUFXVLRQHVHFRQRPtDSRSXODU
VREUH V
RE U
HO
D V
FD
OHQ HVSHFLDO
VHV
PHQHVWHURVDV

TXH WHQGUtD HVH LQFUHPHQWR GHO FRVWR GH ORV SUR

GXFWRVGH PD\RUFRQVXPR
)LQDOPHQWH
4O
D
SDJR
FRQYLUWLy
HQ
HIHF

WLYR
HO
HTXLYDOHQWH GHO WULEXWR FXPSOtD HV
TXH
HQ KDVWD HQWRQFHV VH 
SHFLH 7DPELpQ DKRUDOLPHx ODDH
Q
FRUSRUDFLyQ
XQD PXQLFLSDO
/DW
UDQVFUL
SFLyQG HORUL
JLQ
DOODVFR
QRFU
GDQ FDLV\ ODDFRW D
LQVWUXFFLyQ DVX TXH
DJHQWH
FXUVy HO
HQ &RUWH &RQ SUHVHQWDGD HQ
FL
yQGHO
DVYD
UL
DQ W
HVHQ OR
VW
H[WRVUHSUR
GXFLGRV HQOD SUHVH
Q W H
VHMRODV
,QGLDV
GH HQ -XOLR GH   GHQXQFLy TXH FRPR FRQVH
HGLFL
yQKD
\TXH
DJUDGHFHUODV
D
ODGRFWRUD
0
-XVWt
QD 6DUDELD9LHMR
FXHQFLD GH KDEtD
HVD PHGLGDRFXUULGR XQ HQFDUHFLPLHQWR GH ORV
7RGR
VFXDQWRV
WHQJDQRS RUW
XQLGD
G GHXWLOL
]DUHV
WH FRUS XVGHVH
DEDVWHFLPLHQWRV WULJR

GHQ
HO
PDt
]
HVSHFLDO
\
GHODV
DYHV GH GHO
JXUR WULEX
OH
WDU
iQ HO
PLVPR WHVWLPRQL
RGHDSUHFL
R T XHPH FRP
FRUUDO (Q HIHFWR FRPRD ODV
GLFKRV WDVDV VHxDODEDQ SUHFLRV EDMRV
SOD]FR
HQH[SUHV
iUVHO
RYL YDPHQW
H DOFLHUU
HGHHWVDVSiJ LDQ
VS UH
DUWtFXORV SDUD REWHQHU GLQHUR

FRQVX SRFR
HVIXH
U
FRQWUDYDORU HQ
OL
PLQ
DUHV

]R
UHXQtDQ ORV VXILFLHQWH
LQGLRV
\ SRUKOR
DEtDQ
WDQWR
GHMDGR GH
FXOWLYDU ODV RGH VHPHQWHUDV
FULDU DYHV QTXHQ
HOR OD SURSRUFLy
*P //(502/R+0$11 9 U
/ /(1$
KDGDQ DQWHULRUPHQWH
LR


&XULRVD SDUDGRMD SDUD WDQWR GHV


HOYHORJREHUQDQWH TXH FRQ
VH KDEtD DSOLFDGRDQDWX FXLGDU
U
DOHV $O FD
ERGHO ELHQHVWDU GH ORV
GH WUHV OXVWURV GHVSXpVGHEL GH HURQ
VX IDOOHFLPLHQWR VXV KHUHGHURV
GHUHV
WLW
XLUD
ORVPLVPRV
LQGLRV
G HO
3HU~ GXFDG RV FDQW
L
GDGTXHGLF
WDPLQyHO
&RQVHMR
GHODV
,QGL
DV TXH GEHtD GH L
PS R
QHUH
VFRPR PXOWDDO
PDQGDWD
UL
RSRUKDEHU SHUFLEL
GR GLFK DFQ
D
WL
GDGLQG
H ELGDPHQW
HDPRGRGH iW
LFRV
YL GH ORV
\GH VX VpTX L
WR
DGHPiV
GHODGRWDFLyQ
DV
LJQD
GDDO
FDUJR
GXUDQWHOD
9L VLWDJH QHUDO
(VDVXPDFRUU
HVSRQGtD
DOD
HVWLP
DFL
yQ G
HO YDORUGHODV FR PLGDV
TXHIDFL
OLWD
UDQ ORV
OXJDUH
xRVD
OROD
UJRWU D\
GHO
HFWRGH O
D 9LVLW
D
6HOLE
U
y&DUWDHM
HFXW
RUL
DSD
UDTXHHO
LPSRUWH GHO
DPX OWDVH JL
UDUD
DO3HU~
\VH FRQYLUWLHUD R GH
ORVQ D
HQ
WXUDOHV
SURYHFK
DRV

&RPR IH
X S HO
ULPH
U9LWUH
\GHO
3HU~ TXHUHJUHVy HQ YLGD D

 /LEUR
VGH
&DELOG
RVGH/ LPD
/LPD 
9,,,
SiJ

 $
*,
/LPD

 $
*,
/LPD
Q~P HURV  &RQVXOW
DGH
;,
   &RQ
VXOWD
G
H
;
,  
&RQV
XO
WD GH;,

  &R
QV
XOWD GH
,
 
&RQVXO
WD
GH
,,, 

 
\ &RQVXOWDGH;O
O
 
9 DGHPiV3*3

9,,
SJ iD

FQRGRF
XPHQWDF
LyQGHVG H 
KDVW
D

 
0RQ
DDWH
U
,
RG H
*XDGD
OXS
H&iFH
U
HV $U
FKL
YR
&

/LEUR
GH
F
DSH
ODQ
Ot
DV
O
iPSD
UDV
\
ELH
Q K
HFKRU
HV
IR
O

Y
'2&80(1726

,16758&&,21
/3$5
*(1(5$
$/2
69,6,7$
'25 
(6

&L
XDG
G GH
V
5H\
OR
HV




+DE L
HQGRYLV
WRH
O([FH O
HQWtVLPR 6HxRU )U
DQFVFR
L G 'RQ
H7ROHGR
0D 
\RUGRP RGH
6X0DMH
VWDGVX9LVRU
UH\ *REHUQ
DGRU
\&DSL
WiQ*H QHUD
O
HQHVWRV
UHLQRVS
\ U
RYLQFL
DV
GHO
3LU~3UHV
LGHQWH
GHOD
5HDO
$XGLHQFL
D\&KDQFLOO
HUtD
TX H
UHV
LGHHQHVW
D
FLXGDG
GHORV5H\HV
GVHSXp
VT XHOOHJy
DHOO
RV
HO
HVWDGR
HQTXH
H
VWDEDQODV
FVRDV
GH
HVWRVUH
LQRVDQVt
SRU
OR XH
TL
Q IR
UPDURQORV
VHxRUH
VRLGR
UHVGH
ODGLF
KD5HDO
$X G L
HQFLD
FRPR R SRU
WUD
V
UHO
DFL
RQHVTXHWXYR
\O
RTXH
6
(KDEtD
YL
VWRH
\QWHQGLGR
SRUHO
FDPLQR
GRQGHYLQ
RKDVWD
HVWD
GLFKD
FLX
GD G
\YLV
WROR
VSRGHUHVTXH
6X0DMHV WD
GOH
GLRSDUD
O
DWRFD
QWHDODV
LHQW
RGHHVWH
UHLQ
R O
\DFRPLVL
yQSDUDKDFHU
ODVWDV
DVGHO
RV
WLEU
XW
RVTXHGHEtQ
DSDJDUORV
QDW
XUDOHV
DVt
D6X
0D M
HVW
D GORVT
XHH
VW HQ
iQ 5VX
HDO
&RURQDF
RPR D
ORVH
Q 
F
R PHQGHURVTXLH
DQH
Q VXUHD
O QRPEUHH
VWiQ
HQFRPHQGDGRVTXH WVX
HQRU
V
DFDGRGHORUL
JLQDO

HV
H O
TXHVHVL
JXH

&RPL
VLy
Q

(/5(<'R Q
)UDQF
LVF
R
GH
7RO
HGR
0D\RU
GRPRGHQXHVWUD
&DVD

QXH
V
WU
R
9LV
RUU
H\&DS
LWi
Q*HQ
HUD
O
GH
O
DV
SURYLQ
FL
DV
GOH3
HU~\3U
HVL
GHQWH
GH
OD
QXH
V
WUD
$XGL
HQFL
D
5H
DO
GH
O
D&L
XGD
G GH 5H\HV
ORV
6DE
HG4XHDEK
LHQ
GR
YLVWR

  3 U
LP HU7RP R GH ODV2UGH QDQ]D
V H,QVW
UXFFL
RQH V TXHHO
YLUUH\ '-
aUDQ 
FLVF
R GH

O
RO
HGR KL]RS DUD H OEXHQJ REL
HUQR GHO
RVUHL
Q RV GH O3HU
 LHOW
LHP SR TX H
HV
WXYR V X
D FDUJR0D QG DGDV UFHRJHU SRU H
OYLU
UH\ PDUT XpVGH0RQ WH V
FODURV 
$IL
R
 (VWH PD QXVFULWR FD W
DORJDG RDQWHULRUPHQWHHQ OD %LEOLRWHFDGH
O 3DODFL R
5HDO
0VV GHORV0D QX V FUL
WRV GH$Pp UFD
LV HKDOOD
DFWXDO PH QWH HQ
OD%E LOLR
WHFD
GHOD8QLYHUVLGD GGH
6 ODDPD QFDIRO
V
3 DUDVL
PSOLI LFDUVH FLWD
FRPR 0D 
QXVFU
LWRGH 6DODPD QFD 
 5RPH UR &
$ / LEP GHOD9LVLWD*
HQ W
ZDOGHO
YLUUH\ GRL
)W
D QRL
V R GH
7 R
OHGR
5HYLVWD +WVWyUO
F DV
 9RO 9,,(QWUHJD ,,
SiJV
 /LPD
 / RV GL 
YHU
VRV GRFXPH QWRV VHF LWDUiQ SRVWHULR
UPHQ WH SRU
ODUHYt
VW D \VXSDJLQDFLyQ FRQ
FUH
WD 
/LP D
 / ySH] & GH
DUDY D QWHV )UDQFLVF
R 1R WLFL
D*HQHUD GH ODV3RYLQFLDV GH O
3HU~7L
HUUD )LUPH \ 2KL H7,,,
&LXGDG GH/RV
5H \H
V DEULO

3DUW H&XD U
WD
'LVFXUVR 9, %L
EOLRWHF D GH O3
D ODFLR5HDO0DQ XV
FUL
WRV GH $P pULF
D0VV 
6HF
LWDHQ DGHODQ W
HS RU VX DXWRU


 
 OOOO$5$
-867,1
$
6$5$%,$9,(
-2 25
'(1$1=$6
'(/
9,55(
<72
/('
2 

HOPHPRULDOTXH GLRGHO
R TXHVH
VH KD
PH
WUDWDG
PH
R SRU OD VSHUVRQ DV TXH REOLJDGRVDH Q YLDU
HQFDG DXQ DxR DORVRILFL
DOHVOD RGUHQ TX HV HWLHQHDO
PDQGDPRV MXQWDU FHUFD D GHSURSXH ORV VWRVSXQWRV
HQ
OR WRFDW QHD QXH VWUDK D HMHPSORGH OR TXH DFiV
HK DFH FRQ ORV QXHVWURV
FRQW DGRUHV PD \RUHV \T X H
FLHQGD\ HQWHQGLGRPX\ SDUWL
FXODUPHQWH SRU ORTXHHQ HOGLFKR PH PRU L
DO V
H KDFLpQGR V
HODWDVDSRU RUGH
ODQ\ O
D IRUP DGL
FK D
VU H
tDILM
D \ HV
WDEO HGHPD 
FRQWLHQH\ V
HPHGHSDODEUD
UHILULy HQ HVW
OR
D
KDSDTXH
UHFLGR KDEHPRV SUR  QHUDTXHDXQ T XHKXELHVHFUHFLPLH QWRHQ ODV
OD
ER UV
H \W UDW
RVQ ROH YDV
O HQ Pi V
YHLGR\RUG HQDGR HQ FDGDXQ RGHHOORVTX ORHDTXtV
H RV GLUi SDUDTXH YRV ORVHQFRPHQG H
UR V
GHORVIUXWRV\ HVSH FLHV
\EDVWi
VHOH VHO
FUHFLPL HQ WRTX HSR 
HQORTXHRVWR F
D \
IX HUH
DYXHVWURFDUJRO
RJX DUGpL\
VFXPSO iLV\KDJiLV JX DU GUtD
K DEHUHQ OD
Q HJR
F LDFL
yQ\ HVWLPDFL yQGHHOO
R\ODTX H
WHQ GUtDHQ ODSDUW H

GDU\FXP SOL
UVHJ~Q \SRU O
DIRUP D TXHD 
T XtVHFRQWL
HQH GHOGLQHUR
K D
FLpQGRH
V SRU FDEH ]DV VLFUHFLH
VHHOQ~PH UR\T XH WDPS RFR VH
(QGH OR
ODWDVD GHORV
WULEXWRV
DVLGHOR V
LQGLRV
U HSD U
WLGRV FRPR GH ORV OHVEDM
DVH SR UGL
VPLQXFLy QVLQR HQ ORV FDVR
VTXH SRU DFFLGHQ WV
HQ RWDEOHV VH
TXHHVWiQHQQXHVWUD&RURQDVHGHEH KDFHUFRPR HVWiGLYHUVDV YHF HVRUGH Q DGR KDFHUHPLVLyQ \EDMDSRU M
XVW L
FLDFRPR VHUtDH
Q XQD JUDQHW VHULOL
GDG RSHV
\VHHQWHQGHTXH
L FRQYLHQH 
SDUD
GD UDVLHQWRHQ
 XQ SXQWRG HTXH KDQUHVXOWDGR WLO
HQFDL
R LQFHQGLR
X RUDV
WF RVDV PiV GH HVWD
FXDOL
GD G\TX HHVWR TXHODGL
WDQWD
VRFDVLRQHVGH WXUED FLyQ
SURFX UD
QG RTXH
 D TXHOOD
VHDOD PiV MXVW
DFLH \UWD FKD WDVD
IXHV HIMD
L\ HVW
DEOH DOPHQ RVHVQHFHVDUL
R \ FXDVLIRU]RV R HQORV
\ILMDTXHVHUSXGLHUHGHPDQHUDTXH QLORV
LQ GLRVGH
MQ
H GH SD JD UT OR
XH IXHUH L
Q GLRV
T XHVHS HU
SHWXDVHQ\TXHQR SRG UtD
WHQHUSUiFW LF
D
QLH M
HFXFL yQHQ RWU D
MXVWR
QL
WDPSRFR VHDQFDUJDGRVGHP DV L
DGR< ODGL
TXH
FK DW D
VD QRSDU HFH TXH PDQHUD \FRQ O
DTXHHVWiGLFK DYLQLHQGR O
DW
LHUUD HQFHFL
PL HQWR\ DXPH QWR 
FRQYLHQHTXH KDJD JHQHUDOPHQW
VHHSRU FDEH]DVFRPR OD HQ1X HYD(V SDx D FRPR VHHVSH UD
K DEU
tD PiVG LVSRVLFLyQ SDUDRWURVPH GLRV\ GHUH FKRV HQ OR
TXH DXQTXH DTXHOODVHUHSUHVHQWD
TX HVHU
tD PDV FLHUW
D
HVW DEOH \ FRP~ Q HQ O
R HQFRPH QGDGR\ SRU HQFRP HQG DU\TXH OD
HQ
FREUDQ] D\YHQ WD
\ QJ HRFLDFLyQ
GHO3HU~QR VHWLHQHSRUWDQMXVWLIL
FDGD\VHUtD EDMD\ GLVS XHV WDDIU
PDV
DXGHV GHODVHVSHFLHVTXHGH
 HVWRV
WULEX WRVVH GDQD1RV VHHQWL
H QGH TX HK 
D \PX
\FRQPHQRV GLVSRVLFLyQDFUHFL
PLHQW R
\ODLJX DOG
DGTXHU HVXOWD GHODSH UVRQ D
O FKDFRVWDHQ RILFLD
OHV\HQR WUDVFR VDV V
XSHUIOXDV
\ T XHKD\ IUDXG HV\ GO L
D
VHUtD
GHVLJXD OMXVHQ
WLFLD
\UD]yQ\TXHODIRUPD GH WDV
OD DTXH SD UHFHPiV FRQ  FLyQHQHOUHGXFLUHVWRDGLQHUR \FRPRG VH
H
EH 
\TXHS DUHFH VHG HEHUHYHHU
YHQLHQWH TX HD TXHOOD
HV KD JDSRU
VHMXQWRWRGR UHSHO
DU WLPLHQW R &RQ YLHQ HD ORTXH HQHOODHVWiRUGHQDGRSDU D TXH VH
SURYH DFP R RFRQYHQ JD < DXQ TX H
V
DEHUK TXH
DELGRUHVSHFWRDOQ~PHU RGHORVLQGLRV\ODD
FDOL GD G\GLVSRV LFLyQ ORTXHDVtKDSDUH FL
GR HQO
R GHOD GLFKD W
DVD
G HO
RV WUL
EX W
RV TXH G HVXVRHVW i
GHOD
WLHUUD\D ORVDUWLILFLRV
 RSLILFLRV
WUDWRV \ GHQHJRFLDFLyQ
HOOD
UHJX ODQGR SDUWL
FXODUPHQ WHUHIHULG
RHVW
i ELHQ FRQ VL
GHUDGR\ODRU GHQSDU HFHEXHQD 
WRGD 
WRGRHVWR
Q RSRU ORO TXH
RV
LQGLRVWUDEDMDQTXHVRQ
 RFLRVRV\ K ROJD]DQHV VLQR 9tDSRUVHU
H O
S XQWRP \
DWHUL
DGH ODFDOLGDGTXHHV
\ HQTXH K D
Q RF XUULGRSR U
SRU TXHOR
S
 XHGHQ\GHEHQWUDEDMDU
VHK DJDXQ DMX
VWDHVWLP DFLy QGHORT XH HQ HOSDVDGR W
DQ WDVGLIL
FXOWDGHVVHUiELHQ TXHYRVORF RPXQLT X pLV
FQ RODVSH U
GLQHURIUXWRV\HSHFLH
V VSXHGH K
DEH U\VH
SXHGH VDFDU
\ VERUH DTX HOORVHKDJD VRQ D
VPi V Si UF
WLF
DV\ GH Pi V FHOR D QXHV
WUR VH
U YLFLR
\ ELHQ EHQH IL
FLR VR
DU
ELWULR
GH ODSDUWHTXHKD GHTXHG D
U DHOORV
\ GHOD1RV\
TXH ORVH
Q FR PH Q  S~EOL
FR\ TX HKDELpQGRORFRPXQL FDGR 
S URFH
Gi L
VHQ HOO
R F
RPR Pi VFRQ YHQ JD
GHURV KDEHPRV UD]RQi
GH
QGROR KDEHU
R SHVWR
RUGtDV\ W
LHPSR FRPR DO WHQLHQGRILQD QXHVWUR
VHUYLFL
R \DO DSDFLILF
DFLyQ\ TXLHWXG GHOD W
LHUUDSR 
JXQRVKD Q DX SQWDGRR SRUFRWDFRP R SDUHF LH
UH PDVMXV W
LIL
FD GR< TX H O
D QLHQGR HMHFXFLy
HQ
Q HQ DTXHOORTX H QR WUDMHV
H LQF
RQ Y HQL
HQWH ORF RQWHQ LR
GH Q
IRUPD GHODSD JDGH HVW
RVWUL
EXWRV T HQ
XHF
RP RKDGH VHU\ QR SXHG HGDUVH HVWDRUGHQ \ FDStWX
ORVH OO
GH
D DGYLUWL
HQ GR
S DUWLF
X ODUPH QWH HQ VLFR QYHUQ i
XQLIRU
PH \ JHQHUDOSRU O
DGLIHUH
QF LDGH O
DV WHU
LUDV SHUVR\
QDVPD VHQ WRGDV TXHODWDVDV HKJDDJHQH U
DOPHQWHGH RILFL
RRW 
DQ VO R
DPH QWH DSHGLUQ L
HQ W
R G H
DTXHOODV
TX HV XIULHUHSDUHFHVHKDEU tDGHGLVWUL
EXLUHQ HWV
D PD Q HUD
TX HX QD SDUWHV
\ VL
FRQYH UQiF RPHQ]DU SR U
ORVLQGL
RV\ U
HS D U
WLPLHQWRV T XH H
VWiQ HQ
SDUWH
VHGp HQ GLQHURSO
DWDXRURTX HVHUi
PD\R URPHQR U 
VHJ~Q HOVLWLRGH O QXHVWUD&RUR QD ORV
HQ
FXDOH
VQR SDUHFH VH
UHS U
HVHQWD L
QFRQ YHQ L
HQ WHHQ TXH OD
UHSDUWL
PLH QWRVL
HVPi V
RPHQ
 R VFHUFDQR DO
DV PLQ D
V
\F RQIRU PHD ORT XH DO
 WDVDV
H DJHQH UDO
\GHRILFLR
< D GYLUWLHQGRDV
LPLVP R TXHVHJ~Q OR TXHVH HQ
FDQ]DG 
HHVWD QHJRFLDFLyQ\TXHVHGHEH
 SURFXUDUTX H
H VWRVHD VLHPS U
H H QORV WL
HQGHODWDVD HVW
iDQWHVEDM
D T XHFUH FLGD
\TXHV H
GH
U
ED M
RV ORV WU
LEX W
RVUH 
PiV\ODPD\R U
S DUW
H THXVH
SXG LHUH\TX H
H QHVWD
SDUHW GHOGLQ HURVH SR GUi VXOW
D VHU
ORV L
Q GL
RVRF L
RVRVSXHV VH HWQH QG
LHT XHQR WU
DEDMDQ Pi V GH FXDQWR
ELHQDGPL WLUUHSDUWL
PLHQWRSR UF
D EH]DV TXH\
O
D RWU
D SDUWH IXHVH HQ IUX W
RV OHV
HVQHFHVDULRSDUDODSDJDGH ORVGF L
KRV W
ULEXWRV
\ SDUDVX FRQWLQXR \ SREUH
GHFO
DUDQGR HOQ~P H
UR \FDQ WL
GDGFRPR WDQWDVIDQHJDVR WDQ WDV PHGL GD VGH VRVWHQLPLHQW
R \TXHFXD
 QGR VHGHM DQG H
W UD
EDMDUVH
S LHUGHHOIUXWR\ VXEVWDQF L
D
PDt]\ GH ORVRWURV IUX
WRV\ODRWUD SDUWHHQ HSVHFL
H
V FR PR PD QWDV \ D
O G H
OD HUUD
WL+HFKD HQ0DGU L
G Y HLQ
D
WH
\ RFKRGH'LFLHPE UH GHPL OHT XL
QLH Q
SDUJDWHV\ RWUDVFR VDVGHFODUDQGR QR VyOR Q~P HUR S HUR
HO OD PH GLGD WRVHVHVHQWD HR F
K RDxRV<2 (/ 5( <3RU PDQ GDGR GH 6X 0D MHVWDG
\ FXD
OLGDG < TXH K DFL
pQGRVH ODG
HQ
LFKD S
IRUPD
DUHFH TXH O
D WDVD V H
U t
D )UDQFLVFR GH (UDVR DOSL H GH ODG<
LF
KDF RP L
VLyQ KDE tD V
H L
V VHxD O
HV G H
FLHUWD
\GV L
WLQWD\F 
RQ PH QRVRFDVLyQ GHIUDXGHV\TXH RWURVt HOUHSDUWLP L
HQ  U~EULF
D V
WR SDUWLFXODU
HQ GH OR TXHDVt
SRUMXQWRVHWDVDUH
\ H
OPRGRGH OD GL
VWULEXFLyQ 3RUKD
EHU
HQWH
Q
GLGRO
DVPXFKDV
\ PX\LPSRUW
DQ W
HVFR
VDVTXHHV
WDEDQ
HQWUH
H OO
RV\ ODFREUDQ] D\SJDDHVWRIRU]RVDPHQW H
SDUHFH TXH VHL
GHEH K DFHU UHPL
WLGDVSDU
D
O
DYLV
LW
D
JQHHUD
O
FRQDXHU
F GR
\SDUHFHUTXHWXY
 R GH
ORTXH
SRUPHGLR
 VXVGH FDFLTXHV
\ ORVRWURVRILFL
DOHVTX HHVWiQ D HV W
R GSLX WDGRV  LPSR
UWD
EDTXH
VH
KLFLHV
H
GHOD
VSHUVRQ
D
VPiVJU
DYHVGHHV
WHU
H LQ
RTXH
SDUD
SURYH\p QGRV HGHPDQHUD TXHQRVH OHVSXHGD FDUJDU
Pi V
T X
\H O
DSDJ D\U H HOOR
PDQGyM
XQW
DU

DQV
tSDU
DO
DPHMRU
HMH
FXFy
LQGHORV
GLF
KRVSRGHU
HV F
\RPL
SDUWL
PLHQWR VHD FRQMXVWL
ILFDFLy
QH L
JX DO
G DG
\S DUDTX H HVWR
VH HQWLH
QGD V HDQ V
LRQH
VTXH 6
WUD
M
RG
(
H6X0DMHVW
D
GFRPRSDU
D O
D GH
WHUPL
Q DFL
yQ\UHV
R
 0$5$ -867,1$9,(-2
6$5$%,$
25'
(1$
1=$
6 (
'/9,55(<
72/
('2 
OXFLyQGH
SDUD
OR
GLFKD
OD
TXHYLVLWDUHPLWLGR
JHQHUDOHVWDED

QRPEUy
O
RVFR

3DUD SUR
OD YLQFLDGH4XLWR
&XHQF
\ D
PLVDULRV
\SHUVRQDV HFOHVLiVWLFRV
VHJODUHVTXH
\ KDOODU
GH
VH
PiVSXGLHURQ
DXWRULGDG
\H[SHULHQFLDHQ
FRQILDQ]D ODV
D PiV
\
FRVDV
FHORV
RV GH HVWD WLHUU
$O
/LFHQFLD
GR
)UD
QFL
VFR
GH
&iU
GHQD
V
D
ERJDGRH
G
OD
5HDO
$XGL
HQFD
LGH
GHO ELHQ
QDWXUDOHV
GH ORV
TXH SDUD
HQ ORV UHSDUWLPLHQWRV\
SURYL
QFL
DV
TXHVH
ORV
5H\HV

OHVVHxDODURQKLFLHVHQ
OD
GLFKDYLVLWD
JHQHUDO

TX
HVRQORVTXH
 V
HVLJXHQ
<HQ
VXO
XJDU
VDOLy
GHVSXpV
H
OGR
FRU
W +LQRM
RVD

RL
GRUH

QOD
5HDO
$X GLH
Q
FLD
GH4XLWR


9,6,7$'25(6
(Q
OD
SURYLQFLD
GH
OR
V
&KDF
KDS
R\
D\
V
0R\REDPED
3DUD
OD SURYLQFLDGH
/LPD
$O /L
FHQ
FLDGR'LHJR$OYUD
H] YH
 FQR
L GH
ODFXGDG
L H/HyG
QGH+XiQXFR

$O /LFHQFLDGR$OYDUR3RQFH

2LGRUGH
OD5HDO
$X GLHQFLD
GH
GHOD
/HyQ
GLFKD FLXGDG \
SGH
RUORV
YLVLWDGRU
5H\HV V
XF RP
HFOHVLiVWLFRHQ
SDxtD
DO
/LFHQFLDGR0HMtD
OD
&RPSDxtDGH
GH
TXH DQWHV
-HV~V
IXH
ILVFDO
HQ
OD
GLFKD 3DUD SUR
OD
YLQFLD
GH+Q iQXFR
5HDO
$XGLHQFL
D
5RGULJR
&DQW
RVGH $QGUDGD $ -XDQ
GH)XHQWHV
(O
&D
SLWiQ
-XD
Q 0DOGRQDGRGH %XHQGtD-XDQ
]
5HQ JL
IR
UHO
DWRU 0DUWtQH 'RQ /RU
HQ]R (WV
RSt
xiQGH )LJXH
U
RD
TXH IXHGLFKD
OD GH 5HDO $XGLHQFLDGH
\ GHVSXpV
L XVyHOILFLR
R
ORV
GH 5H\HV
ILVF
DO
GH HOOD FRQ SRUHOYLVLWDGRU
FXDO
HFOHVL
iVWLF
VH
RDOQRPEUy
/LFHQ
FLD
GR
GRQ
%DUWRORPp DUFHGLDQR GH OD
0DUWtQH] DU]
RE L
VDQWD
VSD
GR H
G LJOHVLD GHO
3DUD
ODSUR
YLQFLD GH+XDPDQJD
ORV 5H\HV
$ORQVR GH 6DQWR\RTXH SDUWH
GHO
DVLPLVPRVH
GLVWU
LW
R GH
-D $
OH HQFDUJy -HUyQ
LPRGH6LOYD
\H
QVXF
RPSDxtD

SRUYL
VLWDGRUHFOHV
 Li V
WL
FRDO
/L
GLFKD FLXGDG
+X i
QXFRGH FH
QFLDGR0HUOR

SUR YLV
RUTXHIX
p GHO
D
U]R
ELVSD
GRGHO
RV5H\HV

< SRU
PXH U
WHGHO LF
KR
G -HU
yQLPR GH
6L
OYDD -XD
 Q GH3DO
RPD U
HV\'RQ
3HGUR
GH0HUF
DGR 3HxDORV
D
3DUDOD
SURYLQFLD
GH
7UXMLOOR $5RGUL
JR&DQ WRVGH$QGUDG
D

TXHY
L
VLWy
SD
UWH GHO
GLV
WUL
W
RGH/LPD

$-
XDQ
GH
+R
FHV

)UDQFLV
FR
$OY
DUH
]
GH
&XH
WR
 3D
UD
OD
SURYLQFL
D
GHO
&X]
FR
<
SRUYLV
LWD
GRU
HFO
HVL
i
VWLFR

DO
%DF
KLOO
H
U'L
HJR *DUFtD
EH
QHIL
FL
D
GR GH
O
DGLFK
D
FLXGDG $OOFHQFLDGR
L IUH\ 3HGUR*X WL
pUUH])ORUHV
GHODRUGH
Q FDED
\OOHU tD
GH
$OFiQWD
UD
\SRUV
DOLUGHO&X ]FR HQFRPS D
xtDGH 6(
VHQRP EUy HQV
X
OXJDU 'LH
JD
R%DU
UDQWHV3HUHUR
3DU
D SURYLQFLDGH
OD *XD
\DTXLO
\
3XHUWR
9LHMR (OOLFHQ
FLD
GR*yPH ]+H UQiQ
GH]YHFLQR HO
D G
FXGD
L GGH$UHTXLSD\HQ
VXFRPSDxtD
SRUYL
VLW
DGR UHFOHV
L
iVWL
FRDOO
LFHQFL
DGR /XL
V0H M
tD
FOpUL
JR
$
%HUQDUGtQR
GH
/R
D\
VD 'LHJR 3DU
GH
UHV
YHFLQR GH$UHTX L
SD 
\ HQVXFRPSDxtDSRUYLVLWDG
RU
<SRU
YL
VL
WD
GRU
H
FOHV
L
iVW
L
FRH
O'RFWR
U
0ROLQ
D
SUR
YL
VRU
GH HVWH
D
U]RELV
 HFOH
VLiVWLFR
D
IUD\ )UDQFLV
FR GHO
&RUUD O
SUHGLF
DGRU G
HODRUGHQ GH6DQWR
SDGR
GH
O
RV
5H\HV
 $JXVWtQ
-XDQ
5DPtUH]
6HJDU UD
'RQ3HGUR 0HGH
UFDGR 3HxD
O \
RVD H
Q VXFRP SDxtD

SRUYLV
LWD
GR UHFO
H
3D
UDSUR
ODYLQFLD
GH
=DPRU
D

/RMD
-p
\ D
Q
VLi
VWL
F DO
R EDFL
KOOH
U-XDQ*D OOH
JRVGH(V SL
QRVD
FOpU
LJR
(O
&DS
LW
iQ
-X
D
QGH
1DUYiH]

YHFL
QR GH
&XH
QFD
 (O/L
FHQFLD
GR1LFROV
i 5Xt]GH(VWUDGD\ HQ
VXFRPSDxtD
SRUY L
VLWD
GRU
HFOHV
L
iVWL
FR
DIU
D\-DXQGH 9LYHUR
SUHGLFDGRUGH
OD RUG
HQ
GH 6DQWR$JXVWtQ

 0$5$-867,1$6$5$%,$9,(-2 25'
(1$1=
$6
'(/
9,5
5(<
72/('2 

-XDQ GH 3DORPDUHV


<HQ VX FRPSDxtDSRU
HFOHVL
i
VWLFR
&UL
YLVLWDGRU
V
D *LO
5DPtUH]'iYDORV
WyEDO GH $OERUQR]
OD
VDQWDFDQyQLJRGH
,JOHVLD VX&X]FR
SURYLVRU
\ GHO GH <SRUYLV
L
WDGRU
HVHFOHV
LiVWLF
RV
D5
RGULJR
GH
OD
)X
HQW
H\
D
OED
FKLOOHU
*RQ

RELVSDGR ]
DOR
)UDQFR
FO
pULJRV

(O FDSLWiQ 0DUWtQ
/R\ROD
GH *DUFtD
OD FDEDOOHUtD
$OFiQWDU
GHD
\
HQ GH )UDQF
LVFR
GH6DDYHGUD 8OO
\ RD
VX FRPSDxtDSRU YLVLWDGRUHFOHVLiVWLFR
FOpULJR
 *DODRU
GH
&ULVWyEDOGH /RD\VD0ROLQD
<SRU
DXVHQFLDGHO GLFKR
D3HGUR
4QLUyV
FDSLWiQ\ 2U
'iYLOD /R\ROD 'L
HJR1~ xH]%D
]iQ
GH 9DOHQFLD
GRxR (O
FDSLWiQ
$JXVWt
QGH$KXPDGD
'LHJRGH6DOFHGRWHVRUHURGH6X
OD
GLFKD
FLXG
DG
GHO
&X]F
R 0DMHVWDGHQ3H
G U
R GH
4XLU
yV'iY LD
O
)UDQF
LVFR
GH/DVDUWH\
0DOL
QD
'LHJR
GH6DQDUEDL

3DUD
SURYLQFLDGH $UHTXLSD
OD $O
RQ VRGH
&DU
EDMD
O

$O
FDSLWiQ
-XDQ
0DOGRQDGRGH
%XHQGtD

\ HQ
FRPSDxtD
VX
SRUY
LV
LWDG
RU
HFOHVLiVWLFR
4XLURJD

FDQyQLJRHQ
D 3HGURGH
VDQW
D
,JOHVLD
GH
OD
O&X]
FR 3DUD YLOOD
OD WRVt
GH3R
$O FDSLWiQ GRQ /RSHGH =XD]RYHFLQRGHO&X]FR\
FRPSDxtD

SRU HQ VX
YLVLWDGRUDO
HFOHVLiVWLFR
PDHVWUR &DxHWH ODG
FOpULJRYLFDULR
LFKD
FXL
GDG GH 'DPLiQOD
GH
%DQGH
U
D
$ 3HGUR GH 9DOGpV $ORQV
R GH
&D
UEDM
DO

3DUD
SURYLQFLDGH &KXFXLWR
OD
( KDELpQGRVH WU
DWDGRFHUFDGH OD
V FRUPVLRQHV H
LQVWUXFFLRQHV TXHVH OH
V
$O
OLFHQFLDGR OD
*XWLpUUH]
IUH\3HGUR
)ORUHVGH
FDEDOOHUtDGH
$OF
iQ
W
DUD GHELDQGUDSDUD KDFHUODGLFKDYLVLW
D JHQHUDOGH PDQH U
D TXHSXG LHVHQ WUDHU
-XDQ
5DPtUH]6HJDUUD HQWHUDUH
ODFLy
Q GH O
RTX H S VH
UHW
HQ GtDVDEHU
\ S DUD
TXH ORV
QDWX UD O
HVIXHVHQ
/XLVGH
7DSLD
 GHVDJUDY
LDGRVVHKLFLHURQ\RUGHQDURQ O
DIR
HQ
U PD\ PDQ HUDV
LJX L
H QWH

-X
D
Q*XWL )ORUHV
pUUH] 'RQ ) UDQFLV
FR7ROH GHGR0D\RUGR PR G H6X 0DMHVWDGV X
9L V
R UUH
\ *R 
EHUQDGRU\&D SLW
iQ *HQHUDO
H QO
RV UH
LQRV\SURYLQFLDVGHO3L~ \
U 7LH UUD
)L U
PH
\3UHVL
GHQWHGH OD5HD O
$X GLHQFLD\&K DQFLOO
HUtDTXHU HV
LGHHQOD &LXGDG GH
3DUD
SURYLQFLD
OD GH
/D
3D] ORV5H\HVHW
F 3RUF 
XDQWR6X 0D MHV
WDGWHQH
L G DGDVPXF K DV
FpGX ODVFDUWDV
SURYLVLRQHVHLQV
WUXFFLRQHVVREUHODRUGHQ TXHV H GHEH
WHQ HUO D
HQ
YVL
LWDG H
'RQ
,
xL
J GH
R $\DO
D
 OR
VLQGLRV W
X UD
QD
OHVGHHV
WRVUHL
Q RV\HQOD YHU LJXDFLyQ
D \W DV
DFL
yQ GHORVWUL
EXWRVTXHKDQG HGDU 
DQVt
SD UDVXVHQFRPH QGHUR VFRPR SDUDFDFL VXV
TXHV<
<GHV
SXpV
SRUVH
U
XQ GL
VW
ULWR
O
DUJ
R
VH
QRPEU
DUR
Q
H
OFD
SL
WiQ
)U
DQFL
VFR SUL
QFLSDOHV
\ WDPEL pQHVWi RYHtGR
SUORTXHORV GLFKRVFDFL
T XHV HQFRP
\ H Q
GH
&iF
HUH
V
GHURVKDQGH FXPS OLU
FRQVXVLQGLRV\ L
QG L
R VF
ORV
RQ
HOO
RV\ TXHVH
U HGX]FD Q
$Q
< W
RQL
RGH
/H]FDQR DSX HEO
RV \ QRPE VH
UHQHQW UH
HOORVDOF
D OGHV
UHJ L
GRUHVDO \
JXDFLOHVSDUD T XH
<
*R Q]DORGH
/H\YD WHQJDQUHS~EOLFDVIXQGDGDV< DVLPLVPR HVWiQ GDGDVS RU0DM 6X HVWDG RWUDV
'L
< HRJ $
YL
WDGH
&DQJ D
V PXFK DVFDUW
DV \ SURYL
VLRQHVSDUD HOEXHQ JRE L
HUQ R
\ SROFtD
L GH
LQGLRV
ORV
1RV
HV
HxDODUR
QH
QHWV
HGLVWULW
R
YVLWD
L GRU
HV
HFOHVLi
VWL
FRVKD
SRU
EHU
SR
FR GHPiVO R
GHFDX O
O
D V$XGLHQFLDV5H DO
HV GHHVWR VUH
L
Q RV\ O
RV JREHUQDG RUHV
T
X H
HO
2U
GLQ
DUL
R
KE
DtD
YLVL
WD
GR TXH H
Q HOO
RVK DKDELGRKDQSUR YHtR
G R \
U
GHQD GR RW
UDVPXF KD
V FRVDVWRFDQ
WH
V DOEXHQWUDWDPLH QW
R\F QRVHUYDFLyQGH OR
V GLFKRVQD W
XUDOHVSDUD O
D HMH
FXFLyQ\ FX
PSOL PL H
Q WRGHO
DV FXDOHVVH KDQGD GRDOJXQRV PHGLRV SDUD T XH
3DUD
SURYLQFLDGH
OD /D
3ODWD FRQ PHQRVFRV WDY \
HMDFLyQ
OR VXVRGL
FKR VHK DJD< ~OWL
PD PHQW HVHF RPH 
WLHURQDOJ
X QDVGHODVGLFKDVFRVDVSH D
U VRQDVSD UW
LFX
OD UHV
O
DVFD XOHV SRUVHU
$OOL
FH
QFL
DGR
0DW
LH
Q]R

RGRU
L OD
GH
5HD
O$X
GL
HQFL
D
GH
OD
GLF
KD
FL
XGD
G PXF KDV
\GHGLYHURV
VS DUHFHU
HV \RSLQLRQHV
KDQWUDtGR
Y DUL
RVHIHFW
RV ORFXDOKD
GH /D
3OD
WD
 VLGRFDXVDGH PX FKR VL
QFRQYH QLHQWHV
HVSHFDL
OPH QWH
T XHORVH[F HVRVTX H D
O
 0$5
$-
8671
$6$5$%
,$9,(
-
2 25'(1
$1=$6
'(/
9,55(<
72/('
2 

JXQRVH QFRPHQ GHURV FDFLTX


\
HVKD Q KHFKR \K D
FH QFRQVXVLQGL
RV VRQJUDQ FLXGD
G\RW
UDV
F
X D
OHV
T XLHU
SHUVRQD
V
GH
FX
DOTQLHU
F
DOLGD
G\FRQGLFL
yQ
TXHV
HD
GHVKDELHQGR GHVHUHOORVORVTX HKDE tQDGH SURFXUDU
VXELHQ FRQ VHUY
\
DFLyQ DOR
\ V
FDFLTX
HV
SUL
QFL
SDO
HVLQ
GLRV
HGHO
RVGLF
KRV
UH
SDUWLPL
HQWR
V
TXH
RVKD
<SDUD UHP HGLDU
OR VXVRGLFKR\ GDUDVLHQ
 WR HQWUH
ORVGLFKRVQDW
XUDOHVHQRWUDV \D
Q\
WHQJD
QS
RUWDO
YL
VLWD
GRURV
\ REHG
H]FD
Q DDW
\ FHQ
\YH
QJDQ\
SD
UH]FDQ
FRVDVTXHVRQ PX\ QHFHV DULDV
\T XHOR VTXHH 
VWiQFDUJDGRVHQOR
VWULEXWRV
TX H D
YXHV
WURV
OO
DPD
PLHQWRV
\HPS
O
D]DPLH
QW
RV
\FXPSO
DQ HM
HFXWH
\Q ORV
PDQGD
SDJDQVHDQ U
H OHY
DGRV \G H
VFDUJDGR V\ VHGHRUGHQFyPR GH
DTXtDGH O
DQWHORV PLHQ
WR
V
\FRPLVLR
QH
VTXHS
DUD
HOO
R
OHV
GL
pUHGHVF XPS
HQOLP
LH
QWR
\HMH
FXFyL
Q
WULE
XWRVVH D
Q IRLM
V\ VHWDVHQORVLQGL RV QSDU
HWLFXODU\FDGDXQRVHSD O
RTXH G OR
H FRQW
HQLGR
HQHVWD
PLSURYL
VLyQ
\HQOD
GLFKDPL
LQV
WUXFFLyQ\O
DV HQ
KDGH SD JDU\ Q
R OH SXHGDQS HGLUPi V\VHDQ GRFW
ULQDGRVHQODVFRVDV GH GHP iVF RPLVLR QHVTX HV HRVGLHUHQ\ GHFXDOTXLHU
FRVD \SUDWHGHHOOR <
QXHVD
WU VDQWD FD
IH WyOLFD \PDQWHQ LGR VHQSD]\ HQM
XVWLFL
D
\TX H
YL YDQGHV TXHFRQ WUDHOORQ RYD \DQQLSDVHQ
QL FRQVL
HQWDQLU SDVD
QL
UHQPDQHUD
DO JXQD 
FDQV
DGDPHQWH 
(YV L
WR TXHWRGRO RVX V
RGLFKRQR SDUHF L
y TXH VHSRGtD
H
MHFXWDU VR OD
VSHQ DVTX HG H SUDHW GH
6X 0DMH VW
DG OV
HSXVLpUHGHVHQOD
VFXDOVH\ R
\SRQHU HQ HI
HFWRSRU ODRUGHQT XH6X 0DMH V
WDGPH PD QGDHQ
 ODVGLFKDVVXV GHVGH DJRUD GR\ SR
OHV
UFQRGHQDGRV ORFRQWUDUL
RKDFLHQGR\ ODV
HMHF
XW DUp LV
LQVWUX
FFLRQHV \SRGHUHV SDUD HODVLHQ W
R XQLYHUDO
V HV GH
WRVULQR
HV Q O
R
HHVS L
 HQ O
DVSHUV RQ DV \ELHQHV GH ORV UH PLV
TXH
RVH
LQREHGLHQWHV XHUH
IQTXHS DU D
ULWX
DO\WPSRU
H DO GH H OORV
VLQTXH SUHFH GL
HVH-DYV L
L
WDJHQHUDO
\HVS HUi
QGR VH HQWHQGHU H Q
OR VXVRGL FKR\HQ WRG
R ORGHPi VHQ
ODGLFKDLQVWUXF
FLyQ
<G HPi V
GHHOOD
WD Q JUDQ
GHELH Q\ UX WRKH
I DFR UGDGRKDELpQGRVHSDUDHOOR
K HFKRMXQ FRVDV F
RQWH QLGRRV
G R\SRGHU FXPSOLGR 
FRQWRGDVVXVLQFLGHQFL
DV\G HSHQ 
WDV ODV GH
SHUVRQDVPiV JUDYHVGH HVWRV UHLQ
RVHQFRQRUPLGD
I GGHWR GRV
TX H GHQFLDV DQH[LGDG HV\ FRQ H[LGD
GHV< RVPDQG RTXH XVpLVGHHV
WDSURYLVL
yQ
VHKDJD HQ WRGRVHVWRV UHL
QRV O
D YVL
L WDJHQH U
DO3RUWDQWRFRQIL
DQGR GHYRV GHVGH HOGtD TXHY RV IXHUHHQWUH
JDGD H QDHGODQWHVLQTXH QHF
HVDU
LR SU HVHD
\GHYXH VWUDSUXGHQFLD \ FOLG
DD G\ H
[S HULH
Q FL
D\TXH V
RLVSHUVRQDTX HQ
LHQ VHQWDURV FRQH OODHQHO&DELOGR GHODGLFKDFLXG
DGTXH\ RSRUOD
S UH
VHQW HRV
FRQFUXHQ
UOD VGHPiV FXDOLGDGHVQHF HVDULDVSDUDOD GFKD
L Y LV
LWD
\TX HHQ
WHQ  UHF
LER \ KpSR UUHFLE
 LG R XVDO
RHMHU
\ FLFL
RGHORHQHD
OO FRQHWQL
GR
< PDQGR
GHUpL
VH QHOODFRPRF RQYHQJD DOVHUYLFLRGH 'LRV 1XHVWUR6HxRU\
GH 6X0D TXH WRGR
HQ
OR VXVR GLF
K RRVRFXSpLVWRGRH O
WL
HPS RTXH IXHUH
QHFHV
DULRK DV 
MHV
WDGE LHQ\FRQVHUYDFLyQ GHORVGLF KRVQDWXUDOHV\GHVFDUJR
GHOD5HDO FRQ WD
KDE HU YLVLWD
GR WRGRVORVLQGLRV
T XHDUULEDYDQ
GHFODUDGRV \KDEH
UF
XP SOLG R
FLHQ
FL
D \ PtDSRU ODSU H
VHQWHHQ QRP EUHGH 6X 0DMHV
WDG\SRUYL U
WXG GH WRGROR HQ O
D GLFKD L
Q V
WUX FF
LyQ\FRP L
VLRQHVFRQW
HQLGRHQHOFXDO
GLF
KR WL
H P
VXV
UHDOH VSRGHUHV\ FRPLVLRQHV HLV Q
WUXFFLyQ TXHSDUDH OO
RW
HQJR YRVH L
O
MR SR K\DiLV \ OO
HYpLV GH VDOD
ULRSRUUD] yQGHYXHVWUDRFXSDFLyQ  
SURYHR\ QRP EURSRU YLVL
WDGRUGH 








SDUDHYL
TX VLWp
LV
SHUVRQ DOPHQWH HQS ODW
D H QV
D\DGD\ F D
GD HQ
PDU
FDGDXQ DxR
T XHFRUUD\VHFXHQW
H
GHV GH H O
ORV LQGLRV
T XHHV
WiQ HQ ODVXVRGLFKD FLXGDG \VXVSXHEORVFRQWiQGRORV\V
D GtDTXH VD O
LpUHGHVG HOD










SDUDHQWH
QGHUHQIRVXVRGLFK
R\HOFXDO
ELH
QGR ODV HGDGHVTX HKDQ
  \VXV WUDWRV \JUDQMHUtDV
\SRVLELOt
GDGHV TXHWLH RV
PDQGDU p
SDJDU SRU ODRUGHQTXH SDUDHVWR
WHQJRGDGD <SRUXTH
H VQHF H 
QHQ
\ ORV WU
LEXWRVTXH GDEDQ HQ WLHPSR GHO ,QJD D JRUD
\
\OORV
R TXH GDQ VD
UL RTX HOOHY
pLVXQ DOJXD FLO
TXHHMH
F XWHYXHVWUR
VPDQG DPL HQWRV
\XQHVFULED 
TXHVHUi ELHQTXHGHQ
 D GHODQWH2WUR VtYRV Q GR
PD TXHS 
URFHGiLV
FR QWUDORV QR DQWHTXLHQVH KD JDODGLFKDYLVLWD\ODVLQ
IRUPDFLRQ HV\DYHUL
JX
DFLRQ HV <
HQFRP HQGH URVFD
FLTXHV \ SULQ
FLSDOHV \ RWUDVSHU
VRQDV TXHKXEHUH
LQ H[FHGLGR GHPi V DXWRV TXHGH VH
ELHUHQ
KDFHUSRU O
D SUH
VHQWHQRPEUR SR
UYXHVWUR D O
GHOD
V WDVDVTXHKDV WD DTXtKDQ W
H QLGR RKXE LHUHQ
KHFKR PDORVWUDWDPLHQWRV JXD F
LOD
 \ SRU HVFULEDQR D O
RV FXDOV
HKD\ DQ GH
\RWU
RV D JU
D YLRVHQFXDO TXLHUPDQ HUD SURFHGLHQGRF QRUD
WH OOR
V
KDFLHQGR OV
D VDODUL
R HQFDGD XQ GtDGHORVTXHH QORVXVRGLFKRVH
RFXS DUHQ \ Y
FRQ RVD Q
LQIRUPDFLRQH V\ Y HULJX
D D FLRQHVQHF HV DULDV
S DUDVDEHU\ DYHULJ
XDUOD YHUGDG GXYLHUHQ TXHVH FXHQWH QGHVGHHOGtDTX H
FRQYRVV 
DOL
HUHQ GHO
DGLFK
DFLXG D G
FDVW
LJDQGR DORVFXOSD GRV \FRQR F
LHQ GR \GH W
HUPLQDQ GRFXDOHVTX
LHUSOHLWR
VGH GH
 

H
Q DGH ODQW
HHOGLF KR D
OJXDFLO \HO
GLFK RH V
LQ
GLRVDQ Vt ORV GH QXHYR
TXH FRP HQ] D
VH
HQ
UF 
RP R OV
RT XH V
WXYL
HHUHQS HQ FU
LEDQ R
 \OD OHQJXD
 WRGRD WD
HQ
HQVD\SO
DG D <
GL
HQWHV DQ WHFXDOH
VTXLH UMXVWLFL
DV< DVLP L
VPR SURYHHUpLV\GDUpLVRUGHQFR  PD UFDGD GHYDORU FDG DXQ
S HVRGH DFXDWURFLH
QWRV
HFLQFXH QD
WPDUDYH
GtV /RV
PRORV GLFKRV LQ
GLRV VHUHGX]FDQ DSXH
 EOR VSDUDTXHPHMRU V
HDQGR FWULQD
GRV FXDOHVVD O
D ULRV
K DQKD GH
EHU\OHVKDUpLVSDJDUGHOD
VS HQDV\FRQGQ
HDFLRQHV
\PDQWH QLG RVHQMX VWLFLD
\ WHQJDQ V
XV UHS~EOLFDVIXQGDGDV VH JRELHUQH
\ Q TXH KLFLpUHGHVD ORVTX HKDOOiUH
GHV FXOSDGRV ORVXHQ
VRGLFKROD
VFXDOHVK D 
HQWU
H Vt
 Gi QGRHV
O RU GHQ DQ]DV\ PD QHUD GH YL
YLUJXDUGDQGRFHUFD GHWRGR UpLVFREUD UGH HRV
OO \ GHVXVELHQHVVLQHPEDUJRGH FXDOTXL
HUDSHO
DFLyQ T XH
ORVX
VRGLFKR \GH ODV GLF
KD VYLVLW
DV \ FDVRV O
D L
QVWUXFFLy
Q ILUP
D GD GH PL GH HOORLQ W
HUSRQJDQ < H O
GLFKRHVFULEDQR GHPiVGHOGLF
K R VDODULR
KD\D <
QRPE UH>TXH pV FRQ
WDVHRV HQWUHJ DUiHQWRGR \SRU WR
GRFRP
 R HQHOOD OO
HY HGHWR GRO
R TXH DQWHpO
SDVDUHVXVGH U
HFKR
VFRQIRUPH DOR
TXHSRU
OD 5HDO
VHFRQWLHQHKD FHQG
L R O
DV GHP iVD YHULJXD FL
RQHV L
QIRUPD FLRQHV
\ GLOLJ
HQFLDV $XGLHQ FLDGH O
RV 5H\H V
VHOHPDQGDTXH OO
HYHFRQ
 T XHHQORTX H
WRF
DD
O RVGH
TXHSD UD HOOR R VFRPHWH
VH\ PD QGD JXDUGDQGR \F X
PS OL
HQGR
\ K DFLH
QGR UHF
KR VT
XH KD GHOOHY DUD ORV
LQG
LR V
JX D
UGHORTXHVREU
 H HOOR
HV
WiSURY HtGR 
JXDU
GD UFXPS OLU
\ HMHFXWDUODV FpGXODV \S URYLVL
RQHVTX HSRU 6X0D M
HVWDG \GH PiV GH OGLFK
 R VDODULRTXHKDE pV
L GHY R
OOHYDU
V
\ ORVGLFKRV
RIL
FLDOHV
OV R
HV
WiQ GDGD VSDUD HOE XHQ JRELHUQR \SROLFtDW
UDWDPLHQWR\ ELHQ
FRQVHUYD LQGLRVGH ORVGLF KRV UHSDUWL
PLHQWRV GHODGLFKDSURYLQFLDRVKDQ GH O D GDU
FL
yQOR GH
V GLF
KRVLQGL
R V
< SRU SUH
OD
VHQ WH
PD QG R FRDO
UHJULGRU
DOFDOGHV
RU FRP LGD SRU
TXH
RWUDSURYLVLyQTXHOOHYiL
 V VHO
HVPDQ GDTX HRV
GHQSRU FD GD
GLQ
DULRV GH G OD
LF
KD FX L
GDG GH



 RWUR \
VFXDOHV
TXLHUMX V
WLFLD
V GH XQ GtDVLQTX HS RUHOORVHiL
VREOLJDGRV D
OHVSDJUDFR
VDDOJXQ D
DW
HQWRD TX H
HOO
D
\ VX GL
V WULWRMX ULVGLFFLyQ
\\ DW 
RG R VOR
VYHFLQR V
\PRUD GRUH
VGH OD
GLFK D OD GLFK
D YLVLW
D JHQH U
D OVHKDFHS DUDHOEH QIHLFLR
\ XWLOL
GDGGHHOORV
< -RV
 0$5$
-867,1$
6$5
$%,$
9,(-2 25'
(1$1=$6
'(/
9,55(
<
72/('
2 

XQRV QL ORV RWURV


GH
MHQ
GHOR
DQVt
QR
FXPSOLU
GHMpLVQL
SR
UD
OJX
QD
PDQHUD YHQtD Q RPEUDU D pWR
V
SDU
VHUtDX QD GHODV SH UVRQ DV TXHY DQ FRQ YRVT XH
VR SHQD GH FDGD
GHRUR
SD
UD
PLOL
O
DF
iPDUD
SHVRV
GH 6X
0DM
HVWDG
+H OOHYDQ VDODU
LR
FKD HQ  + HFKD OD GLFKDQRWLIL
F DF
LyQ UHTX
\ LPLUL HQW RRLU
p LVXQDPLV
 D GHO (V
S tU
LWX6DQWR 
SLGLHQ GR D1X HVWUR6H xRUDOXPE UH YXH VWURVHQ WHQGLPLHQ W
RV SDU D
T XHHQ WRGR DFHUWpLV\K DJiL
V ORT XHFRQ YHQ JD DO VHUYLFLRGH 'LRV 1X HVWUR
,16758 
&&,21 )$5$ /26 9,6,7$'25(6 6HxRU \ GH0DM 6X HVW
DG \EH L
Q GH O
RVLQG L
RVH RtGDK DUpL
V MXUDPHQ W R HQ
SUHVHQ FLD GHO
VDFHUGRWH \ DQW
H HOHVFULE
DQ R GH ODY L
VLW
DTXH ELHQ\IH O
LPH Q
,QVWUXFFLyQGH ORTXHYRV KDEpLVGHJXDG U
D U
HQ ODYL V
LWDGH WH\VLQ DILFLyQQLSDVLyQKDU pLVO
D GLF
K D YLVL
WDW RG
\ ROR TXH HOO
D VH
HQRV
ORVUHSDUWLPLHQ WRVGLVWU
GHO
LWR GHODFLXG
DGG H









TH XR VHVWiFR  FRPHW H \PD QGD 
PHWLGD
\OD RUGHQ H
Q TXH
HOOR
KD EpLV
GHWHQHU
\GHODVFRVDVGH TXH KD RV ' LFKDODPLVD KDUpLVMXQWUDWRGRV ORV GLFK RVFDF L
TXHV HLQGLRV\ SRU
EpLV LQIRUP
GH D U ODV GLFKDVO
HQJXDV OHVGU DLp
VD HQWHQGHUFyPR 6X 0DM HVW
D GVLHPS UHKDWHQ LGR

 3ULP HUDPHQWHKDUpLVQRWLILFDU ORV
D
YHFLQRVH QFRP HQG HURV GHORV \WLHQH FHO
R \GHVHR GHOEX H
Q WUDWDP L
HQWR GH ORV L
Q GLRVTXH VHDQPDQ WQ HLGRV
UHSDUWLPLHQWRV FX\DYLV
LWDRVHV
Wi HQFRPHQGDGD HQ SHUVRQVXV
DVHVWDQG RSU H HQS D] \HQMXV WLFLD
\T XHQD GLHORVPD OWUDWH QL L
Q M
X UL
H\ TXH ORV
WULE XW RV
VHQWHV\ HQ D VXVPXMH
VX UHV
R
DXVHQFLD
HQ
VXVFVD
DVGH PDQ HUD TXHSXH GD TX H
K X ELHUHQ
GH SDJD UD 6X
0D MHVW
D G
RO RD
VHQFR PH QGHURV PRG H
VHDQ
UDGRV 
YHQLU D VX YDLQRWLFLDFyPR
VDY LVLWD
U
ORV GLFKRV
UHSDUWLPLHQWRV HQHOORVHQ GHPDQH UD
T XHH QODVWDVDV W
HVH
Q JDFRQV L
GHUD F LyQ T XHD ORVLQGLRV
S D JDGR
FRPHQGDGRV SDUD S TXH
RUVXV
SH UVR QDV
R
SR UV
XVSURFXUDGR UHV
YD\ DQ DVL
D
VWLU VXWULEXWROHV
TXHG H FRQTX pVHVXVWHQWHQDVt
H D VXVPXM HUHVHKLMRV
\ WHQ
DODV GLFKDV
YLVLWDV
DSHUFLELpQGROHVTXH SDUHFLHQGR
QR R HQYLiQGR ORV
V H
KDU i JDQ KDFLHQGDV \ JUD QM
HUtDVFRQ TX HVH
 DSURY HFK HQ \ YD \DQ HQUL
TXHF L
HQG R\ 
OD
GLFKDYL
VL WD HQDX VX
VHQFLD
\ UE H
HOGtD FRQIRUPH
DO
DV FRPLVLRQHV HLQVWUXF QR HPSR EUH
F L
H QGRG HW
D OPDQHU DTX HHQWLHQ GD QT X HSRU VHUFULVWL
DQRV \ H
V
FLRQHVTXHOOH YiLV
\ORTX HFRQWUD HOORV
UHVXOWDU
HOHVSD UDUi
WDQ WRS HUM
XLFLR WDUGHE DMR OD
GH
REHG LHQFLDGH6X 0D MHV
WDG KDQ G HYLYLUPiV UHOHYDGRV\ GHV
FRPRVLH
Q VX VSHUV
RQD V
VHKLFLHU
H <OR
PLVPR KDUpLV
QR WLIL
FDU ORVRIL
DFLDOHV FDQVDGR V
TXH HQ WLHPSRGH ORV ,
QJDV 
\ VREUH HOOR KDHQ YLDGR DHVW
RV U HLQ RV
UHDO
HVSRUO R TXH WRFDUHDORVWL PLHQ
UHSDU
WRV SXHVWRV FDEH
]D GH6XHQ
0D  PX FKDV FpGXODV\ SURY L
VLRQHVV X
HQ
IY D
RU < SR UTX HVH
O HK DKHFKRU HODFL yQ
M
HVWDGT R
XH HVWXYLHUH
Q YDFRV T XHQR VH
K DQF XPS OL
GR GHV
H DQGR E HO
LHQ GH ORV LQG L
RV \TX HWR
GR O
R T XH

 ,W
HP KDEpLVGH QRPEUDU OHQJX
DV TXHVHDQSU HVRQDV HQWHQ GLGDV \ WLH
Q HSUR YHtGR\ PD QG DGR VXHQ
IYDRUV
H FXP SOD \HMHFXWHK DRUGHQD GR \
FULVWLDQDV
\ GH ILGHOLG
D G\FRQILDQ] D
TXHQR
 V HDQVRVSHFKRVRV Q LIDYRUDE OHV PDQGDG R
KD FHUYLV
LWD JHQHUDO
HQU VXV
HLQRV \\R PH K HGLVSXHVWR PL
SRU
SHU
DORVLQGLRV
Q LDORV
HVSDxROHV
< VLHQDOJXQ
DVSDUWHV
IXHUHQHFH VDULR
QR PE UDU VRQD DYHU
 O DW HU
LU
D \OR VDJUDYLRVTXH D ORV LQGLRV K VH
DQK HFKRSDUD TXH
PiVOHQJXDV ODV
GH OOH
TXH
YiLVVHxDODGDV
ODVSRGiL
V QPREUDU F
RQ H
O VDOD
ULR VHDQGV H
DJUDYLDGRV \ KHSURYHtGR TXH YiLV YLVLWDUORVD
GLFKRV UH
SDUWLPL H QWRV
TXHSDUH
RV FLH UHH
OFXDO
OHVKDUpL
V SJDDU
FRQIRUPHO D
DRUGHQT XH OO
HYiLVSDU D \KJ DiLVLQIRUPD FLyQ \D YHUL
JXD FLyQVLORV HQFR PHQG H
URV VXVKLR
MRVR VXV
OD SDJDGH
ORV GHPiVRILFLDO
HV
 FUL
D GRVXRWUDV SHUVRQ DVKDQ PXHU WRDOJX QRV LQGLR V ROHV KDQ KHFKRPD ORV
WUDWD
PLH QWRV
R OHVK DQWRPDG RV XVPX MHUHVKL MDV S DU
LHQ
RWHV
 RVHKDQ VH U

/OH JD GR TXHVHiL
VDFX DOTXLHUD
GHU ORV
HSDUW
LPL HQWRVTX HKD EpLVGH
YLGRG HHOOR
VRWRP
 iGR O
HV VXVKDF LHQGDVVQLV HORSDJ DURV 
LORVGLFKRVH QF R
YLV
LWDU
KDUpLV MXQWDU DVL
HO HQ
HQWR SUL
QFLSDO
GHFD
GD XQR GHHOORVORVFDFLTX HV
PH QGHURV KDQ FREUD GR GHHOO
RV WLE
U XW
RV GHPD V
LDGRV RV 
LORV WUL
EXWRVHQ TX H
\SLQ
U F
LSDO
H VO RV
\ GHPiVLQGLVRT XHDOOt
VHKDOO
DUHQ\S XGLHUH
Q MXQWDU\ OV
H
HVWiQWDV D
GRV VRQ H[F HV
LYRV\ WDO
HV TXH QR ORV SX HGD QEX HQDP HQWH SDJD U \
KDUpL
VVDEH
U Fy PR VRL
VYHQLGRDK DFHU GLF
OD K D
YLVLW
DSRU RUGHQGH 6X 0D MHV
VL
K DQ WHQL
GR GRFWUL
Q DE DVW
DQWH SDUDVHUHQ VHxDGR VH LQG XVWUL
DGRV HQODVF RV DV
WDG
\ PtD HQ VX QRPEUH
5HDO UTX
HLULp
QGROHVTXHQRP EUHQS HUVRQD RS HU
GHOD ) H
SD UDTXH ORVTXHK XE L
HUHQ DJUDYLD GR RPD OWUDWDGRVHDQFDVWLJDG RV
VRQDVTXH
SR UHOO
RVDVLVWDQ
DODGLFKDYLV
LWD
SLGDQW
RGROR TXHYL HUHQT XHOHV
FRQIRU PH DVXV GHOLWRV
\ VHOHVSD JXH\ VD W
LVIDJD ORTXH MVX
WDPHQ WHVH OHV
FRQYL
HQHS H GLU \KDJDQWRGDVOD VGHPiVGLOL
JHQFL
DVQHFHV DUL
DV HQ W
R GR VORV
GHELHUH RLQGHELGDP HQWH VHO
HV KXEL HU
HWRP DGR < VHK DJDQ WDVDVPR GHU D GDV
QHJRFL
RV TXH W
RFDU
H Q
OHV
< DODS HUVR
QDRSHUVRQDV
TXH QRPEU DUHQOHVGtV
TX HO
R V LQG
LRVODVSX HD G
Q SDJDU VLQYHMDFLy Q\ VH DQ FHU
LWD V\ILM
DV\ FDGD
FHUQLU
pLV
OD F XUDGXUtDGHORVGLFKRVLQGLR
VDGOLW
HPWDQ VOR
DP H QWHSDUD ORV
LQGL
R VHSD O
RT XHK D GHSDJDU GHS RU
MXQW RVLQ TX HO 
HS XHGDQ SHGLUPiV GH
QHJRFL
RVTX HH QODGL
FKDYLVLW
DVH RIUHFLHU
HQ HQ
IDYRUGHORVLQGLRV\S DUD VX
DTXHOOR TXHVHOHVVHx DO
DUHDX QTXH FUH
]FDQ VXVK DF LHQGDVWUDWRV\JUDQMHUtDV
GHIHQVDFRQUDWO RVHQFRPH QGHURV \RWUD
VFX D
OHV
T XLHU VRQDV
SHU
FRQWUD T XLHQ
VL
Q VDOLUGHVVXW LH
UU DV
\ SDUDTX HVHOHVS RQ JD GRFWU L
Q DEDV WDQWH\OD T X H
SUHWH
Q GL
HUHQ SHG LU
\WHQHUGHUHFKR 'HODFXDOFXUGX
DUtD K DQG HQVD UVROD
FRQYH QJD< VHDQHFH VDUL
D SDUDT XHPHMRU\ Pi V EUHYH PHQ WHYQ HJDQ HQFR Q R
PH QW
HSRUH O WLHPSRTXHOD
GL FKDYLVL
WDGXUD
UH\SDUHFHTXHHOT XHPi VFRQ 
FLPLHQ W
RGH 'L RV1X HVWUR6HxR U
\ GHVXVDQW D )H\ VHFRQVHUYHQ FRQHOOD <
 +D\
XQD
FRSL
D
FRQ
SHTXH
xDDYD
ULDQWH
VHQH
OGRFXPHQWR
WL
WX
ODGR,
QV
WUX
F SDUDTX H pV
WR PH M
RUK D
VH
\ D
KH PDQ GDGR VHUHGX ]FD QHQ SXHEOR V
G RQGH YL
FL
yQJH
QUHDO
SDUD
O
DYLVLWD
GHO
RV
UH
SDUWLPL
HQWRVI
HFKDGR H
Q3RW
RVt

G H
PDU]R YDQMXQW RV<DFRPS DxDGR V
XQR V
FRQ RWURVFR PR Y LYHQ O
RV FULVWL
DQR
VTX H ODV
GH

%L
EOLR
WHF
D1DF
LRQD
O
GHO
3HU~VV
%
0
IROV
 

 MXVWLFL
DVORVSX HGDQY HU\YLVL
WDU\ RU
tVXV TX HUHOODV \DGP LQL
VWUDUO
H V
MXVWLFL D
 0$5$
-867,1$
6$5$%,$
9,(-2 25'(
1$1=$
6'(
/9,5
5(<
72/('2 

\ORV VDFHUGRWHVGH ODV GRFWULQDVVHOD SDUD HTX HOORV VXEM


HW
SXHGDQHQVHILDUSRUR V
<SRU ODPLVPD RUGH QORV SUL
WDQWRQFLSDOH VGHSDF
TXH KDFDVD VHQWDQG R
FRQVLJDQHO EHQHILFLR \ PHUFHG OHVK DJD OHV
VH WR GRV
TXH 6X 0DMHVWDG TXLHUH VH L
Q
ORV
G LRV
TX H F
DGDSDUFLDOLGD GW Y
XL
H UHHQ FDG D
S XHEORGHOUHSDUWLP LHQ 
DPRQHVWDTXHVLVXV HQFRPHQGHURV FRUUHJLGRUHVTXHK DQ R VXVKLMRVRW RSRU P D
QH UD
T
FULDGRVX HD XQTXHORVWHQJDQ GLIH
U HQW
HQHVSXHEOV
RH QODYLVLWDKD Q
WHQLGRX RWURV HVSDxROHV
RFXDOHVTXLHU
 VXVFDFLTXHV\
SULQFLS DOHV
X RWUDVFXD G HL
U DVHQW
DG RVWRG DODGLFKDSDUFLDOLGDG MXQWD\ SR UHV
WDRUGHQ KDEpLVGH LU
OHVTXLHUSHUVRQDV OHV KXELHUHQ WUDWDPLHQWRV R O
OHY K
KHFKR ORV GLFKRV
i DFLH QGR OD GL
FK
PDORVD YLV
L WD
HQWRG RVORV SX HEORVGH OGLFKRUHSDUWLPLHQWRT XH KD 
GRHVWULEXWRV VHU
YLFLRV R GHPDVLDGRVOR YRVRWURV DVHJXU
PDQLILHVWHQDQWH
iQ Ep L
V G HYHUSR U YLVW
 DGHRMRV
GROHVTXH ORV GHVDJUDYLDUpLV\ T XHGHQ HQWHUD
KDUpLV MXVWLFLD ,W GH
HP KDE PDQHUD
pLVGH DHQ
VW DUORV
TXH
LQGLRV D
VH QWDQ GRSRUFDV DGRD OTX HO 
R
PHQWH VDWLVIHFKRV\ TXH SRUP VH
R O
H VTXHMDU QL SHGLU
IXHUH  FRQMXVWLFLDQR
ORV KL
MRV O
HJtWLPRV\EDVW D KDQ
UGRV HVWX GH
TXH
YLHUHQFRVHU
QpO
T XHQR IXHU HQ
WDGRVSRU ORVGLFKRVVXV \SULQFLSDOHV\
HQFRPHQGHURV
RWUDVFXDHVO \ FDFLTXHV
Q L KXEL HUHQ VLGR
FDV DGRV\ O
XHJRSRU GHVtORVKLMRVFDVDGRVT XHWXYLHUHQ 
TXLHU SHUVRQDV TXH \TOHV
XH 0DMHVWDG
6X
KXELHUDQ
\\ R HQVXDJUDYLDGR F RQ VXV KLMRV\PXMH UHVFRPR HWVi GLFKR 
5HDO QRPEUHORV WRPR \ SDUD UHFLER
ORV D DPSDU
U\GH
GHEDMRGH VX DPSDUR ,WHP KD
EpLV GHDVHQWDUGHSRU VtORV
LQG LRVYLXGRV\VROWHURVGH HG DG
IHQGHU GH WRGRV DTXHOORVGH \GH WRGRV TXLHQ
ORV
ORV GHPiVTXH
VH TXHMDUHQGH WULE XWDUFR QORVKLMRVTXHWXYLHUHQ 
TXLVLHUHQDJUDYLDU\ TXHSRUTXH Pi VFXHQWDFRQORV VDFHUGRWHVSXHGDQ WHQHU
 $Q VLPLVPR VHKDQ G HDVHQ WDU GH SRU VtWRGRV OR
V PX FKD FKRV TXH
HOORVSDUD <SRUTXHORV
ORV GRFWULQDU WULEXWRV SDJDU SRUODV
TXHKXELHUHQ GHKXE L
H UH KDEHU V
DQ R
VF RQODVHGDGH V TXHWX YL
HUH Q
WDVDV TXHDJRUD VHDQ VH
PiVMXVWRV\
KDQ GHKDFHUXQR V
SRU RWUR
QR
V SDJXHQ
QL KD\D
GHVLJXDOG
DG UHOHYDQGRD XQRV\ GLFKR VFDFLT
FDUJDQGRD
XHV RWURV  / XHJR
ORV VH KDQGHD
VH QWDUG HSRU VtO
RV LQGLRVYLHMR
VYLXGRVWXOOL
GR V
\ SULQFLSDOHV
PDQLILHVW
HQ DQWH YRVWRGRVORV VXM
HWRVDVtO
RVTXLQGLRV
H D HOORVP DQFRV FRMRVFLHJRV H
LPSH G LG
RVS DUDWULEXWDU FRQ V
X V
K LMR
V
WLHQHQ HQ HOUHSDUWLPLHQWRFRPRIXHUD SDUWLFXOD
UH V GpO\ D  <
ORV OHJR
X PLVPRVLQGLRV
VH DVHQWDU
iQ WRGDVL QODV
GLD
V Y L
XG DV VROW
\
HUDV
TXHWRGRVVHYHQJDQD YRV
FRQVXVPXMHUHVHKLMRV\
PDQLIHVWDUDQWHDVHQWDUVH (VWDU pLVDGYH UWL
GR TXH SRU TX HORV
 L Q GLRV FRPX QPHQWH VXHOHQ WHQH U
HQ OD YLVLWD TXHKDEpLV GH FDFLTXH
KDFHU
QLSULQ DSHUFLELpQGROHVTXH
<OO DP DUVHGLIHUHQWHVQRPQLQJ~Q
EUHVHQO HVX
Q JXD\ S RUTXHD QV
tPLVPR KD\ PXF K RV
FLSDO SRGUi SUHWHQGHUQL SRULQGLRV VX\RVPiV WHQHU DVHQ
GH DTXHOORVTXH
LQG LRV GVH
HXQPLVPR QRPE UH
ORFXDO HVFDXV DGHFRQIX VL
y QDO
WLHPS RGHFRE U DU
WDUHQ ODGLFKD
HQ YLVLWD\ DOQ~PHURTXH GH FRQIRUPH
KD
HOORVVH
GHVH OHV HO WULE XWR
K D EpL
VGH D
VHQWDU D FDGD L
QGL R Q HO
RPE UHTXHWXYLHUHDVtG H H V

xDODU HOWULEXWR
\VHUYLFLRTXHOHV
KDQ GH
GDU SRU
OD WDVD D HQWHQ
GiQGROHV
GU H SD xRO FRPRGH LQGLR
L
TXH WHQLHQGRSRFRVLQGLRV ODWDVD\VHUYLFLRTXH OHVVHUiSRFD
VHxDODUH\VH 6L DOWLHPSR GHODYLV
LWDOR VFDFLTX H
V\S ULQ FL
SDOHV
GLMHUHQTX HWL
HQ HQ
SRU FRQVLJXLHQWH
HO  VLHQGRPXFKRVLQGLRVFUHFHUi
OD
WDVD \VHUYLFL
R GHORVFD  LQ GLRV D
X V
HQ W
HV HQPL WDVGH FLXGDGHV JXDUG D GH JDQDGRVR HQ PLQ DVH Q
FLTX
HV\SULQFLS
DOHV\
DSHUFLELpQGROHVTXHWRGRVORVLQGLRVTXH
GH MDU
HQP GH
D FDUJ D V FR Q
R R
WU
DV RFXS DFL
RQ HV
SRQGU pLV HO
QRP EUH GHORVWDO
HV L
QG L
RVG H
QL
IHV
WD U
\DVHQWDU
HQO
DGLFKDYLVL
WD
HQFXDOTXLHU
WLHPSR TXHSDUH ]FDQVHOHV M DQG RO 
DHGDG HQEOD QFR
\QR FHVH
UUDU iODYLVL
W DKDVWDTXHSHUVR QDOP H QWH
S D
GHFO
DUDUiQ\GHVGHOXHJR
VHGHFODUD
QSRULQGLRV
TXHQR KDQGH SHUWHQHFHUQL U H ]FDQ O
RVGL FKRVLQ GLRVDQWHYR VS DUD TX HSR UOD
 YLVWDVHDVLHQWHOD HGD G
HVW
DU
VXMHWRV
DOFDFLTXH
SULQFL
SDO
T XH
ORVHQFXEULy
\VH
WDVDU iQGH
SR UV t
\ TX HV
L TX HWXYLH UH
FXDO
TXLHULQGLRSDUWL
FXO
DUGHQXQ F
LDUH PDQLIHVW
RDUH LQGLRVTXH ORV FDFLTXHV
RSULQFL
SDOHVHQFX
EULHU
HQ
DO WDO GHQXQ
LQGLR
F L
DGRUVH
OH GDUiWtWX
ORG H
S UL
Q FL  < FRPR IXpUHGHVDVH QWDQGR FDGD L
QGLRD O
RVT XH HUHIX
Q GH H
GDG G H
SDO GHORV
LQGLR
VTXHPDQL
 IHV W
DUH\VH
OHVHxD
ODUiWULE
XWR\ VHUYL
FLRGH HOORV
FR GLH ]< RFKR a aVKDVWD F
LQFXHQW D
TX H HVODHGD G
HQT XH ORV
LQGLRVKD QGHS D
PRVHKDEtDGHVHxDO
DU
DVXFDFLTXHR
SULQFL
SD OT
XHOR
V H QFXEULyGHPi VGHOR J DU WUL E XWR
  ,H
VVDFDQ GRHQ O
D U
PD
JH QFy PR HV WU
LEX W
DUL
RS RU
TXHORV LQGLR V
FXDO ORV FDFL
TXH
GLFKRV
V\SULQFLS
DO
HV VHUiQVXV
SH QGLG
RV GHOV
RF DFLFD]JRV \ G H HVW D HGDGVQRORV TXHGHVSXpVVHK DQGH D
VHQWD UHQODV
WDVD
VT XHVHKLFLHUHQ 
SULQF
LSDOD]JRV\ORV LQGLRV
SDU WL
FXODUH
VTXHQ RVHPDQLIH VWDU
HQ \H QFXEULHUHQ   
 6L DOWLH
PSR GHOD
YL VL
W
DD OJXQRV L
QGLRV TXH V
HKDOODUHQHQH O
U HSD U
DXQTX HV
HDSRUPDQG DGR ORV
GH
FDFLTXHV
VHUiQFDV
WL
JDGRV \WUDVTXLODGRVF 
R Q WtPL HW QR DOHJD U
HQSDUD QR VU
HYLVLWDGRV HQ pO
TX HV 
RQ GHRWURVUHSDUWLP LH
Q WRV
WR
GRULJRUF
RPRLQGLRV
TXHQRTXLHUHQWHQHUGRFWU
LQD
QL YLYLU
HQ MXV
WLFLD < TXH KiSR F
R YL
QLHUR QDORVFXDOHV GUDiQ IDYR UORVFDFLTXHVSRUVHUYLUVH G H
 +HFKD OD
GLFKD
SOiWLF
DRVLQIRUPDUpLVFXiQWDV SDUFLDOL
GDGHV KD\ HQ H OORV <S RUTX HQRVH W
DVHQDYHULJXDQ GR TXp WDQ W
R W
LHPSR KDTX HHV
WiQ HQ HO
FD
GD UHSDUWL
PL H
Q W
R\TXp
FDFLTXHV\SULQ
FLSDOHV
VRQ TX ORV
HDOSUHVHQWHPDQ  UHSDUWLPLH QWRKDEL HQG
RP HQR VWLHPS R G H GHL
] DxRVWRP DUpLVP H
P RULDV G H
GDQ\WHQLHQO
DVGLF
KDVSDUFL
DO
LGDGHV\FRPHQ ]DU
pLV
ODG LFKDYLV
LWDDVHQWDQGR HOO RV <GH VXVPXMHUHV HKLMRVTXHWXY LHUHQ FR
QV 
XV HGDGHV
\G DUpL
VDL YVR GH
GL
VWLQWD
\DDSUWDGDPHQWH
OR
VLQG LR
VGHFDGDSDUFLD
OL
GDG DQVt
GH FUL
VWLDQRVFR HOO RDO HQFRPH QGHUR 
\F 
DFLTXHG HG RQG HIXHUH
 Q \ DORV
YLVL
WDGR UHV
G HVX U H
PRLQILHO
HV
FRPH Q]DQGR
SRUH 
O
FDFLTXHS 
ULQFLSD
O
DVHQW
DQ GRH
OGLFKRFDFLTXH\ S DUWLPL HQWRSDUDTX H DOOt
V
HDQ YLVLW
DG RV\ WDVDGRV SHURVLKXELHUHQHVWDGR HQ
VXPXM HU
\WRGRVV
XVKLM
RVO
HJtPWLRV\EVDDWU
GRVFR
QV XV QRPE UHVH G
\
DGHV HO UHS D U W
L
PL HQWR GL
H] DxRVRPi VWLHP SR YLVL
WDUO
R VKHt V
HQp O
\DVHQWDUORVK H tV
\GHVSXpVGHHOO
RV
WRGRV
ORVLQGLRVVX GH
SDUFLDOLG
DG\DO \ OX

SRU ODGLFKDRU
 HQ ODYLV LWD
SRU LQGLRG HO
G LFKRU
H SDUWLPLH W
QRSDU DTX H
HQpOWUL
EX WQ
H \VLUYD Q
GHQ\OHXJRORVFDFLT
XH
V GHKXDUDQFDVFRQ PXMVXV
HUH V HKL
MRV HLQGLRV D FRPRG ORV
HPi VLGQLRVQDWXUDOHV

 0$5$
-867,1$
6$5$%,$
9,(-2 25'(1$
1=$6
'(/
9,55(
<
72/(
'2 

,WHP
GHVSXpV GH DVHQWDGRV
LQGL
RVTXH
ORV
FWRGRV
DFLTX
HV<SULQ

ORV WUL
QDVKDQKHFKR
\K D
FHQDXVHQ
FL
D GH
HOODV
SRUYHQL
UDO
DVFLXG
DGHVDO
D
FLSDOHVGHFODUDGR
KXELHUHQ
U
SRU WHQH
ODVXVR
RUGHQ
GLFK
D
\
WRGR
VOV
RGHPiVTXH ILHVWD
GH
&RUSXV&KUL
VWL VHPDQD
VD
QW
D\SDV
FXD
V \
OH
WDQtDV
GHVX
YRO
XQW
DGR
VH GHVFXEULHUHQ
\ KDOODUHQ GLOLJHQFL
SRUD TXH
ODKD
EEXHQD
pLV
GHKDFHU
YH VLHQGR
OOD
PD GRV
SRUV
XVSU
HODGR
VSDUD
OD
VGLF
KDVILH
VWD
VRS
RUGHOLWRV
OL
YL
DQRV

UpLV
OLEUR
HO
GH
EDXWLVPR
GH
F
DVDGRV
\ FDG DU
GH
HS
DU
WLPLHQWR
TXHKD
GHVHU \T
XpWDQ
WDVKDQ
VL
GRODV
GL
FKDVDXVHQFL
D
V\GHTXp
WL
HPSR \V
 L
KDQ
FREUDGR
PRVWUDGR
\
HO
OLEUR
GH ODV
YLVLWDV
GH
ORV
LQGLRV FDG
D
TXH
VDFHUGR
WH
aa
KHFKR
< H
OVD
ODULR
GHOO
DV
H
SRU HOORV
DY
H
ULJX
DUpLV
UHVWDQ
VL DOJXQRV
SRU
D
VHQWDU
LQGLRV
\DHQWDU
V HLVOR
VTXH
,WHP
VL
ORV
GLF
KRVVD
FHUGRW
H
V\
O
RV
YLVL
WDGRUHV
TXH
O
RVSUH
O
DGRV
KDQHQ
SRU
ORV OLEURV
GHVFXEULH
UHQ
VH
\
SDUHFLHU
HQ
YLD
GRYD
L
VLW
D
VKDQKHF
KRHVWDW
XW
RV
\
RUG
HQDQ]D
V SDUD
ORV
L
QGL
RV
\ SURF
XUDUO
DV
,WHP ORVSRUTXH
GLFKRV
FL
TXHV
\ SULQFLS
FDDO
HV
DILQ
GH
HQF
XEULU
< KDEHU TXH
SDUD
V
HYHDQ\
H[D
PLQHQ
VL
V
R QHQSH
UMXL
FLR
GHOD
M
X ULV
GLF
FL
yQ\
HVFRQGHU DOJXQRV
\
SRUTXH
QR
VH
LQGLRV
DV
LHQW
H OD
Q HQYLVLW
DHVW
DQGR
DV
HQW
DGRV SDWURQDWR
UH
DO
HQOLEUR
HO
GH
EDXWLVP
R
\GH
FD
VDGRV
R
HQ
RWU
DV
YLV
L
WDV
SD
VDG
DVDO
HJDUHQ
TXH
,
WHURORV
UHOLJLR
VL V
RVGH
OD
VyG U
HQHV
TXHHV
WiQHQGRFWUL
QD
V R
ORVGHPiV
VH
KDQ PXHUWR
R
KXL
GR UHSDUWLPL
GHOH QWR
KDU
p OD
LV VREUH GLOLJHQFLD
HOOR
<D
YH
VDFHUGRWH
V
Q RWHQ
LHQGRMXULVGL
FFL
yQ GHORV
SUHO
DGRVWLHQHQ
FHSRVR SU
LV
LRQHV
ULJXDFLyQ TXH
SDU
DTXH
FRQYLQLHUH
H
VHF GLFK
HO
R
IUDX
GH
SDUD SUHQGH
U ORV
LQGL
RV VL
KH
DQWH
KLGRSUH
VRVHQ OO
RV
HSRUFDXVDGHOD
GRF
WUL
QDSRU
RHOO
R
OHVKDQKHF
KRFDVW
L
JRVH[FHV
L
YRVHTXL
WDU
pL
VORVGL
FKRVFHSRV

V
LORV
WXYLHU
HQ<DQVLPLVPR LQIRRV
UPDU
pL
V VL
FRQYHQGU
i TXH ORV
VDFH
U
GRWHV
6REUH
WR OD
FDQWH
OR
D GRFWULQD
\
FRQYHUVLyQ GH ORV LQGLRV GHOD
GR
FWUL
QD WHQ
JDQ D
OJX
QDMXUL
V
GLFFLyQ
SDUDFDV
WL
JDUORV
LQGLR
VO
R FD
XOXQR
\RWUR
KDUpLV
M
XQW
DPHQWH FR
QHO
GLFK
R TXHYDF
RQ YRV

\SRUTXH
OR
SULQ
FL
SDO
TXH 6X
DM
HVWDG
0
SUHW
H
Q GH HQ
HVW
D
YLV
LW
D OD
HV FRQ ,WHP O
RV VL
GLFKR
VV
DFH
UGRW
HVY LVLW
\
DGRUHVO RV
GH
SU
HODGRV
KD
Q HF
K D
GR
YHUVURQ GH \VDE
ORVOD
HU GR
LQGLRV
F
WUL
QD TXH
KDQWHQLGR
\
O
DRUGHQ
TXHQH SHQ
DV
SHF
X QLDULDV
D
O
RV LQGLRV
SR
U DPD
QFHED
G RV
XRWUR
VGHORV
LW
FRQW
UDODV
HOO
D
KDKDE
LR
G \OD
TXH
FRQYHQG
UiTXHSDU
DDGH
ODQWHW
HQJDQ
<TXH
V
HD
VX F
pGXO
DV
\SURYLVLRQHV 0DMHVW
DG
GH
\
HQ6X
TXpFQ
DW
LGDG
\HQTXp
WLHPS
RODV
ILFLHQW
H
GHPDQHUD
TXH
PHMRU
\F
XPSOLGD
PHQWHV
H GHV
FDUJXH
VX
5HDO FRQFLH
Q KD
QFR
EUD
GR\H
QTX
pVH
KDQF
RQYHUW
LGRO
DVW
DOHV
SHQDV
FLD

FRPRSRU WDQWDV
FpGXODV
\
S OR
URYLVLRQHVWLHQH
PDQGDGR
SDUDSURYH
HUHQ
,WHP OR
V
VL
GLF
KRVV
DFH
UGRWHV
YLVL
WDG
RUH
VRYLF
DU
LRVKDQOOH
YDGR
GH
UHFK
RV
HOO
R
OR TXH YHQ
JD
FRQ
DQV
tSD
UD
UHPHGLR ORGHSDVDGR
FRP
RSD
UDOD
RUGH
Q
DO
RV LGL
QRV
SR
UO
RV
SU
RFHVRV
TXHKDQ
VHIXOPL
QDG
R FRQWUD
H
OORV
\
OV
RK DQ
WH

GH
ORSU
HVHQW
HRV
LQIRUP
DU
pLV
GHODV
F
RVDV VLJXLHQWHV
QL
GRS UHVRV
SRU
HOO
RV
\VL
GH ORV
H
VSDx
RO
HVFR
QWUD
TXLHQ
KDQSURFHG
L
GR HQ
HO
3ULPHUDPHQWH
HQ
SUHVHQ
FLD
\FRQD
VLVW
HQFL
DGHO 


3








TXH Yi OO
H
YDUGH GH
ORV
UHF
KRV
KDQ
JXDUG
D
GR HO
UDQFH
DO
UHD
O
QRPEUDGRSDUD
DVLVWLU
DHW
VD
YLVLW
D\FRQFRPLVL
y
Q GH
OSUHODGRGHODGLyF
HVLV
,
WHP L
QIRU
RV
PDUpLVVL
O
RV
YL
VL
WDGRUHV
RYLFD
UL
RVTXH
O
RVSUH
ODGR
VKDQ
GH SDUD
HQW
HQGHU
HQ OD
YLVLW
DFL
yQ GHOD
V L \
JOHVLDV V
DFHUGR
WHV
H
Q Y
LDGR
KDQ
SHGLGR
\FE
RUDGR
GHU
HF
KRV
DOJXQRVGH
ORV
L
QGLRV
SRU YLVLWD
OD GH
GHODGRF
WUL
QD YXHVWU
GH RGL
VW
UL
WR L
QIRUPDUp
RVLV TXpVDFHUGRW
HV<GRFWUL
QDKD
O
DVLJOHVLD
V
GH
ORV
L
QGLRV
\ HQ
TXp
FD
QWLG
DG\
T X
pYL
VL
WDGRUHV
ORVK
DQOOHY
DGR
KDEL
GR \
KD\DO
SUHVH
QW
H HQ
FDG
DUHSD
UWLP
LH
QWR\
FPyR VH
KD Q
S X \
HVWR QRP \DQVtPt
VPR
VL
KDQ
HFKDGR
R
PDQGD
GRHF
K DU
GHUU
DPDV
EUDG
R\V
LKDE
LHQGR
PiV GH
XQ
VDFHUG
RW
HOD
KDWHQ
L
GR GL
YLGLGD
HQWHUHOORV
SRU
,W
H
UDR VLQIR
UPDUpLVFXiQWRVLQGLRV
DO
JXDFLO
HV\ O
HQJXDVKD\Q RPEUDG RV
SXHEO
RVS DUFLD
ROLG
DGH
VRHQ
FRQIX
VR\VL
KDVLG
RXIL
VFLHQ
WH\EDVWDQWH
FRQ
HQFDG
DUHSDUWLPLHQWR
SDUDODGRFWULQ
DTX \
L
pQ O
RVKDQ RPEUDGR
\ V
LVRQ U
H
IRUPHOQ~PHUR
D GH
LGLR
QVHGLV
SRV
LFLy
QGHO
DWHUUD
L TXpWLHPSR
\ O H
KDGH
V
HUYDGR
V Ga WUL
EXWR\ SRUF~\D DXW
RULGDG KDQUHV
VH
HUYDGR
< ORPLVPR RV
MDGR KDGH
EHU
\SR
UTXp
FDXVD

LQI
RUPDUp
LV GHOQ~PHUR TXHKD\ GHLQG
L
RV P~Vt
FRV \ F
DQW
RUHV\ VDF
ULVWDQHV
$Q V
LPLVPRRV LQIR
UPDUpLV
\WUDHUpLV LQ
WD\SD
GLVW
UW
LFX
ODU
UHOD
FLyQ GH
SDUD
OD
VLJOHVL
DV
\V
LVRQUHV
HUYDGRVGHW
ULE
XWR\TXL
pQ U ORV
HV
HUYy\ORV DJUD

ORV
VDF
HUGRWHV
TXHVHU
iQQHF
HVDU
L
RVSDUDO
DGRFWUL
QDGH LQORV
GLRV
GHFDGDUH
YL
RVTXHO
RV W
DOHV
LQGLRVKDQKHFKRHQHO
UHSDUW
L
PLHQWR <KDEpL
VGH PRG HUDU
SDU
WL
PLHQW
R WH
QLH
Q DO
GR FRQVLGHUDFLyQ
Q~
PH URGHO
RVL
QGLRV
TXHKDOO
iUHGHV
H
OQ~PHUR GHO
RVGLF
KRV LQGL
RV FRQI
RUPH O
D FDQWL
GDG GHOUHS
DUWLP
L HQ
WRRU 
\
DO
RV
SX H
EORVHQ TXHKDQVH
UHV
GH
XPLU SRUUHG
XFFLyQ
OD
TXHKDEp
L
VGH
KDFHU HQ
GH
QDQGRTX HSDUDF
DQWRUHV ODP HQWH
VR VLUYDQ
L
QGLRVVROWH
URV
GHHGDGG H
KD
VWD
O
DIUR
PD TXHVHRVFR
PHWH
SDUD
TXH VH S HQWLHQGD
RUORV GLFKRV
FDStWX
ORV HO
YH
LQW
HDxRV Q R
Pi\
V<VREUH O
RHQHVW
HFDStW
XO
R FRQWHQLGR
SURYHHUp
LVFR Q
HV
WDG
RHQ TXHH
VWDEDO
DWUUD
LH\ODKDOOiVW
HLVGH
O
DVGLF
KDV
GRFWU
LQDV
<O
D TXH
IR
UPHDODRUG
HQDQ]D GHLGL
QRVTXHFUH
FDGHVWRWUD
WD
T XH
OHY
OiLV
PiVVH
Ui H
QHV
PW
HU F
RQIRUPH
D O
DGLVWDQFLD ORVSXHE
GH
O
RV<DVSHUH]DGH
,
WHPRVL
QIRUP
DUp
L
VHQ O
RVUHS
DUWL
PLH
Q WR YL
VTXH V
LWi
UH
GHVHQFD
GD SUR
O
DWLHUUD

YLQ
FLD\ UHS
DU
WLPL
HQWR
FXiQ
WDVSDUU
RTXL
DVFRQYHQG
U
iTXHKD\D
\TXpOtP
L
WHV
,WHP
TXp LQGLRV
K
HFKL
FHU
RVKD
\HQFGD
DUHSD
UWLPLH
QWR\
HO
GDx
R
TXH
KDQ WH
U
QiQ\
TX pSDU
URTXL
DQ
RV
VHV
HxD
ODUiQDF
DGD
SDU
URTXLDFRQIRUPH
DO
F
D
KHF
KRKDF
\
HQSDUD
FRQYOD
HUV
L
yQGH
O
RVLGLRV
Q \
OD RUGHQVH
SRGUi
TXH
WHQ
HU StWX
O
R GH
LQV
WU
XFFLyQ
TX
HKD
EpLVGH
OHYDU
O 
SDUD
H[
F
XVDUTXH
QR
KDJDQ
GDxR
QLL
PSLGDQODGR
FWUL
QD
,W
HUR
R
VKDEp
LVGH
LQIR
U
PDUVL
KD\
OEL
UR
GHEDXW
LVP
R
\GH
F
DVD
GRV
\
PXHU

,W
H
P
VL
O
RV
GL
F
KRV
VD
F
HUGRWHV
TX
HK
D
QH
VWDGR
\
HVW
i
QSX
H
VWR
V
HQ
ODV
GR
F
 WR
V
HQ
TX
HHV
WpQDVHQW
DGRV
ORV
TXH
VH
ED
XWL
]DQFDV
DQ P
\
XH
UHQ
SRU
GR
F
R QVW
H
 0$5$
-867,1$
6$5$%,$
9,(-2 25'(
1$1=
$6
'(/ 55(<
9, 72/('
2 

HOQ~PHURGHLQGLRV\
YHD VLVRQVROWHURVR
FDVDG
RV
RORV
VH TXHVH
KDQPXHU V
UFL
R SD
Q U
DIQ
XGDU
PRQDV
WH
ULRV
GH
QX
HYRS
UD
DOD
FRQ
YH
UVL
yQ
GH
O
RV
LQGL
RV

\
WR
GHORVTXHHVWDEDQaLVLWDGRVHQODV
Y
LVLWDV
SDVDGDV

SURYHH
Up
LVTXH
OR
VH[KL
EDQ TXp
SURYL
QFLD
V
\ UHSDU
WL
PLHQ
WRV OH
VH
VSRGU
iQH
QFDU
JDU
DQWH YRV OD
FRQIRUPH
FRPLVL
yQTXH
SD
UDHOOR
DOOH
YiLV\
QRO
RVKDELHQG
R
,W
HP LQIR
RV
UPD
UpL
VTXpSURSL
RV\UQ
HW
DVK R
HU
HGDPLH
QWRV
ODEUD
Q]DV
R
GDUpLVHOO DYLVR
R
DO YLVLWDGRU
GH
HFOHVL
iVWL
FRSDU
DTXHSUR
YHDFyPRDGHODQ
WH
JU
DQMHUtD
VR
JDQDGRV
WLHQHQ
ORV
PRQDVWHUL
RVR
IU
D
LO
HV
HQSDU
WL
F
XODUGHWR
GDV
ODV
ORV KD\D\
HOO
RV
VH TXH
DVLHQWHQORV
HQG L
VWL
QWD\
DSDUW
DGDLQGLRV
PHQWH
FDGD
yU
GHQH
VHQ
ODV
SURYLQFL
DVTXH
YLV
LW
iUHGHV \OD
VFLX
HQ
GDG
HV
\ SXHE
ORVGH
HV
SDUFLDOLGDGSRUVt
SDxROH
V\
GHTXL
pQO
DVKXEL
HUR
QV
LIXH GH
L
QGL
RVR
GHHV
SDxRO
HVRHQ
TXp
,WHP

RV LQIRUPDUpLVGH
OD
RUGHQ
TX
HDO
SUH
V
HQWHKD\HQ
 HOGR
FWUL
QDUORV
 FDQ
WLGDG\W
tWXOR
F
RQHO
TXHO
DVSR
VHHQ
LQGLRVUHSDUW
GHOL
PLHQWR\
GLFKR GL
FHQ
VL
GR
OD
FWULQD
OHV
FUL
V
WLDQD QXHQ
HVW
UD
,WH
P TXp
LQGL
RVGHVUH
YL
FLRWHQ
LHQO
RVGLFKRVPRQDVWH
ULRVD
VtSDUD O
DV
OHQ
JX
D ROD
HQ
VX\D GH PDQHUD HQWLHQG
DQ
TXH HOORVOD
L
JOH
VLDV
FRPRSD UD
O
DVGLF
KDVKH
U HG
DGHV
\JDQ
UM HU
tDV\
JX DUG
D VGHJDQDGR\
,
WHUQRV LQIRUPDUpLVVL
HQO
RVU
HSDUWLPLHQWRV
TXHY 
LVLW
iUH
G HVH KD\
VF
XHO
DV H
QTXpFDQWLGDG
\
TXpOH
SDJDQGH
VDODU
LR
\FRPL GD
\V
LORVVH GHO
U
YLFLRGH
SDU
D HQVHxDU
DOHHU

\ HVFULELU
ORV
LQ
GLRV
\O
D
RUGHQTXH
VHSRGUi
GDUL
SDUD O
DVL
JOH
VLDV
ORVRFXSD
QHQHO
VHU
YLFL
R GH
ORV
IUDLOHV
FRQ
F DUJDV FDU
WDV
R
VLQ
TXH HVWR
FXPSOD

FRQ
VH
IRUPH
DOD
RUGHQ TXH0D M
HVW
DG
6X
PDQGDTXHKD\D
 VH
O
RSDJDU
RHQEHQHILFL
RGHO
DVGL
FKDVKD
FLH
Q GDVH
JUDQM
HUtD
VPR GHUDUpL
VHO
TXH OOHYiLV Q~PHURGHO
RVTXHI
XHUHQ
QHFHVDULRV
WDQ
VRODPHQ WH
SD
UD HOVHU
YLFLR ODV
GH
LJOHVLDV

SURYH\HQGR
FyPRVHOR
SDJXHQFRQIRUPHDOFD
StWXO
RGH ODV
RUGHQDQ
]DV
TXHV
REUHp
VWRWUDW
DQ
TXHOOH
YiLV

,JOHVL
DV0RQDVW
\ H
ULRV ,WHP

VLORV
UH
OLJLRVRVGHORV
GLF
KRVPRQDVW
HUL
RVKDQ
PX GDG
R
\GHVSREO
DGR
DO
JXQR
V
SXHEORV
TXHHVWXY
LH
UHQ
EH L
QSREO
DGRV\PXGiGRO
RV\
KpFK
RORVSREODU
,WHP  RVLQIRU
PDUpLVTXpL
JOHVL
D V
KD\HQFDGDUHSDUW
LPLHQWR<ODVTXH HV  FH
UFD V
GH
XV
PRQDVWHULRVR
GHO
DVGL
FKDVVXV
KD
FLHQGDV
\JU
DQM
HUtD
V
\HO
GDxR
WiQFRP HQ ] DGDVDKDF
HU\VL
FRQIRUPHDOD
UHGXFFLyQ GHSXHOE
R V
T XHKD Ep L
V TXHG
H
HOOR
ORV
L
Q GLR
V
KDQ
UHFLE
L
GRHO
FXDO
U
HPHG L
DUpL
VHQ
ODHG
XFU
FLyQ
TXHKD

GH KDF
HU  FRQ YHQGUiTXHODREUD OD
VWDO
GH
HVLJOHVL
D VSU VH
RV
LJD<SDVH DGH Ep
LV K
GH
DFHU

ODQWH
R TXH FHVH\QRVH
S URVLJD
SURYH\HQGRHQ
ODODERU\EHQHILFLR
GH HOODV
(VW
D
UpLV
DGYHU
WL
GRTXHV
LSRUSDUWH
GH
DOJXQRV
IU
DLO
HV
RVIXHU
HQ
SU
HV
HQWDGDV
VHKDJD\GLV WU
LEX\DFRQIRUPHDODRUGHQ TXH6X0DMHVWDG
WLH
QHGDGDHQ VXV
D
OJXQD
V
EXO
DVGH6X
6DQWLG
DGTXH
QR
HVWpQ
SUHVH
QW
DGDV
HQH
O5HDO
&RQV
HM
RR$X
UHDOHVFpGXODV \SURYLVLRQHV GLH
QFLDV
UHDO
HVGH
HVWRVU
HL
QRVV
HO
DVW
RPDUpL
V\
HQYL
DUp
LVSD
UDTXHVH
Y HD
Q\
$QVLPLVPR RV LQIRUPDUpLV PRQDVWHULRV TXpKD\ SURYLQFLDVHQ
T XH ODV H[
DPLQH
Q
\KDVWD
VHU
YLVWD
VVREUHVH
H
UpL
VH
OFX
PSOLP
LHQWR
\HM
HFXFL
yQ OR
GH TXH
YLV
LWiU
HGHV\ GH TXpyUGHQHV\
VL XQHQ
DPLVPD
 SURYLQFLDKD\
PR QDVWH
ULRV GH HQ
HOO
DV
VH
FRQWX
YL
HUH
GLIHUHQWH
V yUGHQ HV
\QRKDELH
Q GRGHKD
EHUPiVGHXQ DRUGHQHQFDGDSUR YL Q
,W
HP
RV
LQIR
UPDU
pLV
TX
pG
LV
WULWR
OXJ
D
UH
GLV
WDQ
FLD
WL
HQH
F
DGDREL
VSD
GR
GH
FLDFXiO O VHUi
DPi V
FRQYH QL
HQWH
\ TXp
FDQWLGDGGHUHOL
JLRVRV
VHUiQ PHQ HVW HU
ODV
SURYL
QFLDVTXH
YLVLW
iU
HGHV

\VLKVH
DQ
YLV
L
WDGR
SRU
O
RVYLVLW
DGRU
HV
RSRU
V
XV
SDUDODGRFWU L
Q DGHO
D WDO
SUR
YLQFLD
\TXpUH
SD UWLPL
HQWRVSRGUiQWHQHU FDUD

PLQLVWURV
TX
\ pWDQW
 R
WL
HPSR
K
DTXH
QR
VH
KDQ
Y L
VLW
D
GR
\
TXp
SUR
YLQFLDVVH
KDQ
JRSDUDORV GRF W
ULQDU
ORVUHOLJ
LRVRVGHPRQDVW
HULRV
TX HKXE L
HUH K GH
DEHU
 GHM
DGR
GH
YL
VL
WDU

,WHP TXp HGL
IL
FLRVWQ LH
HQORV W
DOHV
PRQD VW
HULRV VLVRQ


H
VXSHUIO
X RV \
,WH
PTXp
M
XUL
VGL
FFLyQKD
Q WQ
HLG
R
\WL
HQHQ
GHO
RVSUHO
DGRVO
RV
YLF
DULRV
T XH
VXQWXRVRV R K XP LO
GHV
FRUQR6X0D M
HVWDG
WLHQH
PDQ GDGR\TX
Lp QORV
K DKH 
W
LHQH
QSXHVW
RV
H
QOD
V
S U
RYLQFLDVF
\RQ
TXpOLPLW
 DFLRQHV
\
VLOR
VL
QGL
RVKDQUH
FL
FKRHDF~\ DFRVW
D FRQ
\
TXpRU
G HQ\OL
F
HQFLD\
VLH VW
i
Q FPRHQ]D GRVD
HGL 
EL
GRYH
MDFLyQSRU
WH
QHUORV
WDOHV
YLF
DUL
RV
OD
M
XUL
VGLFFL
yQOLPL
W
D GD KD
\ EHU
GHRFX
ILF
DU DOJXQR VLQ
VOLFH
QFLDGH6X0D MHV
WD
G R GH
V
XVY LVRU
UH\HV
\JREHUQ DGR U HV
UULU
DO
RV
SUHO
DGRVFRQ
VXVQHJRFLR
V
DOH
MiQGRV
H
GH VXV
WLH
UUDV
\QDWX
UDO
HVSDUD
< VL
HVWXY LH UHO
DREUDFRPHQ]DGDSURYHHUp
LV
FyP RFHVH\QRVHSURVLJD\ PH
TXH
VH
Gp
R UGH
Q
FyPRVHOHV
GpPiV
FXPSOL
GD
MXULVG
LFFL
yQ\FH
VHO
DPROHVW
LD
G H
GDUpLVOXHJ RDL Y
VRGHHOO
R O
RVLQGLRV

,WHP V L
ORVGLF
K RVPRQDVWHUL
RVHL
JOH
VLDVV
HKDQ PXGDGRGH XQDVSD UWHV
,WHPRV
LQIR
UPDUpLV
VLORV
V
DFHU
GRW
HV
GH
ODV
GR F
WUL
QDV
FOp
UL
JRV
\
UH
OLJL
RVRV
D RWUDV SRU TXLpQ\
\ FRQTXpDXWRUL
GDG\HOGDxRTXHORV
LQGLRVKDQ UH 
H
VWi
Q SXHVWRV
SRUQRPEUDPLHQ
WR
GH
SUH
VHQW
DFLy
QGH6X0DM
HVWD
GH
PtD
HQV X
FLELG
R GHHOOR 5HDO
QRPEUH
SRU
TXHQRO
RHV
W
DQGR
O
HV
KDEp
LV
GH
Q RWL
ILF
DU
TXHG
HQWUR
GHOWp
UPL
,WHPTX pQ 
~PH UR IUD
GH
LO
HVKD\HQFDGDXQRGH OR
VPRQDVWHULRVTXHH  V
 QR
TXHS DUHFLH
RV UH
HQYtH
QSRU
QRPE
UDPLHQW
R
PtRRGH
ODSH
UVRQ
DTXHSDUD
WiQIXQ GDGR V
\ V
LHVEDVWDQ
WH Q~PHUR
SDUDO
DGRFWULQDTXHWL
HQHQ 
DFDUJR < HOO
R
WXYL
HUH
FRPL
VLyQ
PtD
<SDV
DGR
HO
WpUPLQR
QROHV
DXF
GDQFRQ
HO
V
DODU
LR \
SDUDTX HGDU DOJ~Q Q~PHURGH
UHOL
JLRVRV
HQORVFRQYH QWRV
GRQGHFRQVHUY HQO
D FRPL
GDGH
OD
GLF
KDGRF
WUL
QD
SURIHVL
yQ GH VXUHOL
JLyQ
FRPR 0DM6X H
VWDGORTXL
HUH \PD QGD

,
WHP

RVLQIRUPD
UpL
V
TX
pKR
VSLWD
OH
VKD
\HQ
ODV
GL
FKD
VSURY
L
QFL
D
V \UHS
DUWL

,WHP RVLQIRU
PD UpLV S HQ
DUW
HV\
TXp
OXJDUHV
FR QYHQ GU
i\K DEUiGL VSR PLHQWRV
TXH
YLVLW
iUH
GH
V
\T
XLpQ
O
RVIQX
Gy \TXp
U
HQWD\
GRW
DFLy
Q
\EL
HQHV
WL
H

 
25'
(1$1=
$6
'(/
9,5
5(
<72/
('2 
 0$5$
-867,1
$6$5$%,$
9,(-
2

,
WHP
VL
KDQ
FREU
DGR GLH]PRV
O
RV
LQGLRV
G
GH
H
OV
DFRVDV QR
TXH
VOtDQ
R SD
QHQ
\
FyPR KD
VH
JDVWDGR
\
GVLWULEXLGR
\
VLDOJXQDV SHUVRQDV
OR
VKDQXVXU
SDGR 
JDU
\
VL
KDQ
FREUDG
R GH
HOOR
V
SU
LPL
FL
DV
GH
ORV
WU
L
EXWR
VTXH
ORV
L
QGLRV
GDQ
VXV
D
WRPiQGROHV
FXHQWD
\FREUDQ]DGH ORV
DOFDQF
HV\QRPEUDQ GR DGPLQLVW
U
DGR UHV
HQ
FRPHQG
HURV

\TXL
pQO
RV
KD
F
R EUD
GR
\
HQTX
pF
DQW
L
G D
G
TXH DGPLQLVWUHQGL
FKRVELH
Q H
V \O
ORV
RV
UHFLEDQSRULQYHQW
DULRSDUDGDUFXHQWD
GH HOORV ED\
VWDQW
H
VL
GRWDFLyQ
WLHQHQ
\GH GyQGHV
H SRGUiVX
SOLUO
RTXH IDO
 ,W
HPTXGH
pFRVDV
KDQSD
JDGRGL
H]PRO
RVHQFRPH
QGHUR
VGHL
QGLRV
\
OR
WDUH VDODULR
R TXp
RFRPRGLGDG FRQ
YHQGU
i TXHVHGp ORV
DDGPLQL
VWUDG
RUHV GH TXH
PRQWD
HQ
F XQ
DGD D
x R
\GHTX
pWHPSR
L DH
VWDSUD
WH
OR
KDQSD
JDGR
\
VL
ORV KRVSL
WDOHV
W
DOHV GH
SRFR
WL
H
PSR
DH
VWD
SD
UWHKDQFR
EUDG
R ]GLH
PRV O DGH
VFV
R
DVTXH
QRV
HVR
OtDQ
SDJDU

,
WHPRVLQIRUPDU
pLVHQTXp SDUWHV
\OJD
XUHVFRQYHQGUi IXQGDU
VHQX HYRV
KRV
SLW
DOHV GRQGH

ORV
LQGLRV
VH
DQ FXUD
GRV\GH GyQGHSRGUiQVHU

GRW
DGRV\ V
L OW
H
P LQIRU
RVPDUp
LVFyPR Gy
\
QGH
\HQ
TXp
VH
K
DQDSOLF
D
GR O
RVQRY
H
Q RV
VH
SRGU
iQ GRWDU
GHODV
FDMDV FRVDV
\OD
GH
FRPX QLGDGGHOU
HSDUW
LPLHWQRGR QGH GH
ORV
GLH
]PRV
SHU
W
HQHFL
HQW
HVD
6X0DMHVW
DG\
SRUF

X\DV
OLE
UDQ]
DV
WUD
\HQG
RUH
VH KXELHUHIXQGDU
RGH
GH
OR
VFRPDUFDQRV
/R FXDO KDEpLV
GH
KDFHUGHV
SXpV GH ODFLyQ
OR
TXH
GH
HWV
XYL
HUHSRU
SD
JDU
\HQ
FX\
RSRGH
U
HWiQ
V ORV
G L
FKRV
GLH]PRV

GDGR OD GH
RUGHQ
OD
UHGXFFL
yQ
,WHP
TXpLQGLRV
KXpUIDQRVKD\HQ
FDGD U
HSDUWLPLHQW
RDQVt
KRP EUHVFRPR
PXMHUHV
\GDU RUGHQ
FyPRDVL VH
HQWHQ\V
H SRQJDQ F HQ
DVDVGHL
QGLRVGHSR 6R
EU
HFDFL
TX
HVS
\ULQ
FLS
DOH
V
VLELOLGDG
TXHORV UHFRMDQ
\F
ULHQ\GHQ OR
QH FH
VDULR
GHMDQGRFDUJRDORV
FDF L aaLW
a




,
WHP
RV
L
QIRUPDU
pL
V
HQF
DGDUHS
DWLPLHQW
U RTXL
pQ
SRVHH
DO
SUH
VHQWHO
RVFD

TXH
VSDUD
ORGHDHG
ODQW
H\GDQGRFRSL
DGH HOOR O
RVVDFH
UGD
RWHVGHOD
GRFW
ULQD
FLFD]JRV
SUL
QFLSDO
HVGH
\
KXDUD
QFDV
\
ORV
RW
URV
JpQHURVFDF
LTXHV
GH V HxRU
tRV
\
SDUD
TXH ODV
VH
HQV
HxH
Q
TXH
K
D\
GHLQGLR
V
\SRU
T
XpWt
WXOR
O
RVSRVHHQ

\GH
TXp
W
LHPSRD
H
VWD
SUDH
W
,WHP
RVLQIRUP
DU
pLVTXpPHVWL]RV
DQGDQ HQWUH
ORVLQGL
RVHQILJXUD
\ Ki
OWH
PDYHU
LJXDUpL
V TXL
pQWHQt
DD
OWL
HPSR TXH
O
D WHUUD
L VH
GL
VWI
a\ SRUV OR
EL
WRGH ORV \KD
LQGLRV
FUO
HHVKHLV
UHFRJH
U\V
DFDUGHO
RV U
HSDUWLPL
HQWRV
\KF DU
H
HVSDxR
OH
VORVGLF
KRV FD
FLFD
]JRVSU
LQFL
SDO
HV\VL
TXHG
DURQKL
M
RVOHJ
tW
LPRV GH ORV
O
HV EHLV
OOHYDUDODV
FLXG
DGHVGHO GLVWULWR
\TX HVHSRQJDQHQODVFD
VDVGHORV
VH
xR
UHVTXHHQWRQF
HV SRVH
tDQ
ORV
WDOH
VFDUJRV
\TXLpQH
V
KDQV
XFHGLGR H HQ
OO
RV
HVS
DxROHV
GRQGH FUtHQ
VH
FRQGRFWULQ
D\HQ SROLFt
DSURYH\HQGRFyPR OV
RT XH
\
OV
RKDQSRVHt
GRDFi\SU
RTXpW
tWX
ORSD
UDTXHV
HSXHG
DDYH
UJLXDUV
LO
RVSR
V
HSXVLH
UH
Q H
QODV
FDV
DV GH
HVSDxROH
VVHD
SRUV 
XVDVLHQW
RVPGHDQHUDTXH
VH OV
H
VHHGRUHV
VRQOHJt
WLPRV VXFHV
RUHVRHVWiQ GHVSRVHt
GRV
ORVYHU
GDGHURV VHx
R
SDJXHVHU
HO
YLFLR KLFLH
TXH
UHQ
U
HV TXH
GHG
HUHFKR \F
RQIRUPHDODV
FRVXP
WE UHVGHLGLRV
Q GHEDQVXFHGH
U
,WH
PDYHULJXD
UpLV TXp
RUGHQ
VH W
HQtD
HQW
LHPSRGHO,Q
JDHQ
VXFHGH
UH
QFD
'LH]PRV FL
FD]JRV
\SUL
QFLDSOD]JRV
VLV
X EFH
GtDQOR
VKLMR
V
DOR
VSD
GUHVSRUY
tDV XGH
FHV
LyQ
\FX
iOGHO
R VKLMRV
VXFHGt
DVLHD
UH OPD\RURHO
PiVK iE
LOR HO
TXH
GHHOO
RV
,W
HP RV
LQ
IRUPDUpLV
HQFDGD
SUR YL
QFLD
\UH
SDUWL
PLHQWRTX
HY L
VLW
iU
HGHVTXp QRPEUDEDHO,QJD
R VL
PX HU
WRHOF
DFLTXH
HO
,QJD
GHVXPDQRSRU
VXYROXQWDG
O
DEUD
Q]D
V \FULD
Q]D
VWLH
QHQORV
LQ
GL
RV DQVt
GH
FRPX QL
GDGFRPR ORV
LQG
LRV HQ QRPEUDE
D V
X FHVRUDO
RVW
DOHVFD
UJRVTXHQRIH
XV
HKL
MRQL
GHVFH
QGLHQ
WHGHO
PXHU
SDU
WLF
XODUKD
FLHQ
GRGLOL
JHQL
FD
VSRU
WRGDVO
DVYtDV
SRVEL
OHV
SDUDV
DE HU
TXpFR
VDV WR
DXQTX
H GHMD
VH KL
MRV
/D FXDO
DYHUL
JXDFL
yQK DU
pL
VHQXQRRGRV
UHSDUWL
PLHQ

VLHPEUDQ F
RJHQ
\\
TXpJDQDGRV
\ DYHV
FUtD
Q\H
Q TXp
FDQW
LGDGDQVt
H
QFR WRV
GHO
RVSULQFLSD
OHVGHYXHVWUR
G LVW
UL
WRGRQG
HPiVFRSD
LKD\DGHLGQ
LRV
DQW
L
P~QFR
PR HQSDUWL
F
X O
DU
\TXp
SUH
FLR WL
HQHQ
O
DVGL
FKDVFRV
DV
\IUXWRV
TXHVLH
P JXRV
\SXHGDQWHQHU L QRW
FLDGH
ORFRQW
HQLGRHQ
HVWH
F
DStWXO
R
EUDQ
\FRJH
Q\O
RVJDQD
GRV\
DYH
V TXH
FUtDQ
HQ
FDGDXQDxRF \
yPRDFXGHQ O
WHPTpX
MXUL
V
GLFFL
yQ W
HQtDQ
ORVF
DFLTXHV
SULQFL
SDO
HVHQWL
HPSRGHO,
QJD
SRU
PHGLGDW
RGDV
ODV
FRVD
VTXH
VL
HPEUDQ FRJHQ
\
IUXWR
HQXQ
DxR PiV
TXHXQD VREU
HO
RVLQG
LV
RDVt
VXMH
WRV
\ TX
pHUDHO
RIL
FLR
GH
ORVW
DOH
VFDFLTXH
V\SUL
QFL

YH
]
\T Xp
FDQWL
GD
G GHW
L
HUUDV
WLHQHQ
SDUD
OD
VKRMD
V TXHGD
Q SDOHV

\DT
XpF
RVDHVW
DED
Q RE
OLJDGR
VSRUUD]
yQ
GHO
RVGL
FKRV
FDUJR
V
HTXp HUD
'HV
SXp
VGHDYH
ULJXDGR
O
RFRQW
HQLG
RHQ
HO
FD
StW
XO
RDQW
HV HV
GH
WH
DYH
UL V
X RILF
LROR
FXDO
DQVLPL
VPR DYHUL
JXDUp
LVHQ XQR
RGR
VUHSD
UWLPL
HQWR
V
FRP R
JXDUpL
V
TXpYD
O
GUiH
Q FDG
DXQ
DxRHO
GLH
]PR
GH
WRGR
HOOR
UHG
XFL
GRD
SODW
D V
HFRQW
LHQHH HO
Q FDStWX
O
R DQ
WHV
GHHWH
V
FRQIRUPH
DO
YD
O
RUGH
OV
DGFK
LDV
FRV
DVO D
HQ
WO
D
SURYLQF
LD
\
UHSDUWLP
L
HQW
R ,WHP TXpWU
LE
XW
RVGDEQDORV
LQGL
RVHQWH
PS
L RGH
O,JD
Q D
VXVFDF
LT
X H
VH
,WH
PDYHUJX
LDpU
LVTXp YDOH
\PRQWD
U
HGXFLGR
GL
QHUR
D
O
RTXHV
HGiGH SUL
QFLS
DO
HV\DORV
FDFL
TXHVGH
KDXUDQFDV
\
DORV
SULQFLSD
O
HV GH
SDFKDFDV D\
VD
OD
ULR
V
tQRGR\F
RPLGD
V\VHUYLF
L
RGH
L
QGL
RVKL
H
UEDOH
xD
\
DO
RVVDFH
UG
RWHV ORV
GHPiVVHxRUH
VGH
LQGL
RV\
HQTXpFRV
D
V\H
QTXp
FDQW
LG
DG\
TXH
VHPHQWHUD
V
GH
ODGRF
WUL
QD OHV
KDFtD
Q\TXHHG
LILFLR
VGHFD
VDV\
ORTXH
O
HGDQ DO
SU
HVHQWH
\O
RTXHVHU
i
EL
HQTXHGH D
TXtDGH
OQWH
D O HVGH
Q GHWU
LE
XWR
\OV
DVHPHQWH
UDV
TXHV
HUiELH
Q
,WHP
DYHU
L
JXDUp
LVGHTXp
FRV
DVKD
QSDJDGR
GLH]PRO
RVL
QGL
RVD
O
RV
SUH
aO
 DGR
V
\ DORV
 ]
PHURV
GLH\HQ
TX
pF
DQWLG
DG\GH
TXpWH
L
PSRDHVW
D
SDUW
H
\VL TXH
OHVKDJDQ
I
O
R KDQ
FRE
U
DGRGH
ORV
LQGL
RVLQIL
H
OHVTXp\

H
VOR
TXH
PRQWD\
RV
SDU
HFLHUH
T XH ,
WHP
DYH
UL
JXD
UpLV
TXp
VH
UYLF
L
RGH LQGLRV
VH
GDE
DH
QW
L
HPS
R GH
O,
QJDFD
D
GD
IVHU
iM
XVWR
SD
JXHQORV
GLF
K RV
LQGLR
V
GHOGLH
 ]P \
RGHTXpFRVDV
 F
DFLTX
HSULQFL
SDO\
DORV
 G H
KXDUD
QF
DV
\SF
DKD
FD
V
\TXp
Q~P
H
UR GH
LQG
LR
V
GD

 0$5$
-867,1$
6$5$%,$
9,(-2
25'
(1$
1=$
6'(
/9,5
5(<
72/('2 
EDQ D FDGD HRV
<
XQR
FyPRVHGH UHSDUWtDQ SDUFLDOLGDGHVGHHQWUH
FDGD ODV
,WHPRVLQIR UPD U pLVL HQORV
V U HSD UWL
PL HQWRV TXHYL VLWiU
HGH V KD\ L
Q GLRVG H
UHSDUWLPLHQWR\ VL HO GLFKRVHUYLFLRHUD \VL SHUSHWXRR SRU DxRVR SRU PLWDV
RWURVUHSDUWLPL HQWRVT XHORVF DFLTXH V \S UL
Q FL
SDOHV KD\DQ WUDtGR HOOR
DV\O R V
DOSUHVHQWHWLHQHQPiVVHUYLFLRTXHHO \VV L
HUHSDUWH
G HOD TXHHQWRQFHVWHQtDQ
WHQJDQ SDUD V
XV V
HUYL FLRVUHVHUY iQ GRORV G HWUL
EX W
RV \VH UYLFLRV\ VLV H D
S U
RYH 
PLVPDPDQHUD TXH VH UHSDUWtD HQWRQFHV
FKDQ G H
ODV W
LH UUDV
DJXDV 
S DVWRV \ PR QWHV GHO
UHSD UWLP LHQWR FRPR O RVG HPiV
,WHP VL HO GLFKR VHUYLFLRGH GH
O,QJ
D ORVGLLQGLRVTXHLWHQtDQ
QGLRVQDWXUD O
H V HQ
\
T X pWDQWLHPSR
WR WL
H PSR K iTXH HVWiQHQU HO
HSDWLUPL HQW R S DUDT X H
FKRVFDFLTXHV\ ORSDJDEDQ
SULQFLSDOHV
DRDORV
TXL
 pQ OR
LQGLRV
SDJDEDQ \ VHDVLHQWHQSRU WULEXW DULRV VHR
HQY tHQD VXVWLH
UUDV\U HSDU WL
PL HQWRV
TXp VH SDJDED D FDGD \TXpYHVWLGRV
LQGLR
\ FRPL GD
VOHV
GHGDE DVHUYLFLR

Q
,
WHUQ
R VL
QIRUPDUp LV
TXp L
QGLRV GH O
UHSD UWLPLHQWRWL
HQH QORV FDFLTXHV \SULQ
\ FyPRVH SDJDDO SUHVHQWH
FLSDOHVIHXUDGHO UH
S D UWLPLHQ WR\ HQTXp SDUWHV\OXJD U
HV \HQ
 TXp FR QUDWWDFLR 
,WHP TXpVHUYLFLRGHLQGLRVHLQGLDV
KDEUiQ PHQHVWHUDO
SUHVHQW
HORVW
DO H
V QHV\SDUDTXp HIHFW
R \ V
LVHFREUD GH HOORVORVW
ULEXWRVF RPR GH O
RVGH PiV R VL
FDFLTXHV\SULQFLSDOHV\ UHSDUWDHQWUH FyPR
SDUFLDO
ODV
LGDGHV
VHUiELHQ TXHVH
VRQ U
HV HU
YDGRV ~ \V 
L WLHQHQ FRQ VLJR VX VPXM HUHVK H
LM
RV SURYH \HQ GR FyPR V H
GHO UHSDUWLPLHQWR\ VL FRQYHQGUiFRPRSDUHFH TXHHOWDOVHU
 DVL
HQ WOD
H TXH
YLVL
WD \VH
DV FRQYLHQH
L
HQ WHQHQHOUHS DUWLPLHQ WRQRH V
WDQ GR HQODERU GHPLQD VR
YLFLRVHPXGHSRU DxRV\QRVHDSHUSHWXRWUDWiQGRORFRQORVLQGLRVSD
UWL
FXODUHV XVDQGR RILFLRV HQS XHE ORV GH HVSDx R OHVSR UTXH HQHVWRV FDV RV FRQ S DJDU VX
GHOUHSDUWLPLHQWRVLQHVWDUSUHVHQWHORV \ VLVHUi
PH MRUTXHORV
LQG LRV FDFLTXHV
WUL
EX WRQRKQ DG HVH U FRPSH OG L
RVD Y ROYHU OR
VU
DHSDU WLPLHQ WRVH Q H OWL
HP SR
GHO GLFKR VHUYLFLRVHDQ \ODV LQGLDV V
R OWHUD
VROWHURV
V
YLXGDV\
\VL
QVRVSHFK D
 TXH HQHVW
R HVWXY LHU
H Q RF XSD GRV
,WHP VL VHUiELHQ FDFLTXHV
\SULQFLSDOHV
TXHORV
SDJ XHQDO
RVLQ
WDOHV
GLRV ,WHPVDEUpLVTX pLQ GLDV LQH
GLRVGH PLWD V
HGD QHQFD GDU HSDWLUPL H Q WRDO 
D V
HLQGLDVGHO
VHUYLFLRTXHVHOHV
VHxDODUHVXVHUYLFLR\VHU iEL
HQTXHSDJXHQ TXH FLXGDGHV\S XHEO RVGH HVSDxR O
HV\HQ
T XpQ~PHU R\VLHV H[FHVLY R
\ GHD FXiQ 
D FDGDLQGLRH LQGLD SOD
WDFRPR SRU HQURSD
GH
XQ
PiVGH
DxR
ODFR DVtHQ WDVOHJXDVYDQD VH
UYLU SURY H\HG QRT X HYD\DQ DVHUYLUG HODVPH QRV OHJXDV T XH
PLGD TXHOHV
KDQ GH GDU VHVXI ULH
UH\PHQ RV YHM DFLR
QHV LQGORV
LRVUH FL
EDQ/R FXD OVHU HPL WHD YXHVWU D
,WHPHVWDUpLV DGYHUWLGRTXH VHU
YLFUR
GH LQGLRVTXH
HOKXELHUH
G H
G DUDVH SUXGHQF LD
S URY H\HQGR DQVLP tPR
V T X HUD SD ODVGLFK DV PL W
D V QR VH UHSD UD Q
W
ORVFDFLTX
H V\ SULQFLSDOHV \R\WUDV
SHUVRQ
HQFRPHQGHUR
DVQR KDGH VU
HGH QL GHQLQGLDVDOJX QDV 
LQGLRVRILFLDOHVGH OD
FRPXQLGDGGHO
RILFLRVQHFHVDULRVSDUD
UHSDUWLPLH
QWRVPR ,WHPR V
LQI RUPD UpLV V
L HQ OV
RVHUY LF
LR VGH PLWDV GH FLXGD GH V\ SX HEORV
GH ORV RWURVLQGLRVFRPXQHV GH HVSDxROHVW DPE
\R V \UHSD URV GH SXHQWH V\FDP LQRV \ RWURV VH UYLFLRV K D
,WHP RV LQIRUPDUpLVHQ K D\T
FDGDUHSDUWLPLHQWRTXp
XHVHDQG HV KDE LGRLJXDOGDG U
HSD U
LQGLRVWLpQGR VHL XJDO
P HQWH SR U OD
VSDUFLDOLGDG HVG HOUHS D WL
UP LHQ 
FHQGLHQW
HV GH ORV ,QJDV VHxRUHVTXH \VL
VRQOHJtWLPRV WRFQRIR U
PH
IXHURQ GH HVWRVUHLQRV DOQ~PH UR GHORVLQG LRVT XH WL
HQ HQ HVWi
R
Q X QDVSD UFLDOLGD GHV
Pi V
REDVWDUGRV
\ FXiQWRVVRQ\ VL GHO,QJ
WULEXWDEDQHQ
D \KDQWUL
EXWDGR D
WLHPSRJUD YLDGDVTXH RWUDV
 S URYH\ HGQR Fy PR ORVWDO
HVVU H
YLFLRV TXH K XELHUH GHKD EH U
GHVSXpV DFi
\ VLKDQ
JR]D GR\JR]D
QGHO
DVW
LHUUDV
PRQ WHV
SDVWRV\DJXDVGHO VHUHSDUWDQ F Q
R RI
UP H DOQ~PH UR GH L
Q GLRVGHODVWDOHVSDUFLDOL G DGHV
UHSDUWLPL
HQ WR
FRPR ORVGHPiV LQGLR
VG
HO ,WHPRV LQIRUPD UpLVGH Pi VGH ORV LQGLRVG HODVGLF K D
V PLW DVGH FLXGD GHV
,WHPRVLQ IRUPDUpLVHQFDGDUHSD
UWLPL
HQWR TXpKLMRV
 K D\ GHF
DFLTXHV \ \SX HEORV
G HHV SDxROHV TXp RWURVLQGLR V HV
G DQG H
VHUYLFLR HQ FDG D U
H SD U WLPL
HQ 
SUL
QFLSDOHVGHK XDUDQFDV SULQFL
\SD
OHVSDFKD
GH F
DV\TXp FDQ W
LGDG V
LV\RQ WRSDUD H
OHQF RP HQG U
H R
\S U
DDREUD MH VH LQ
JH QLRV\JXDU GDVG HJ DQD G R V\
S DUD
KLM
RVO
HJtLPRVR
W EDVWDUGRV\VLHVWiQ
UHVHUYD
GRVGHWU
LEXWR\GHORV
GHPiV VHU FDFLTXH VHL 
JOHVLDV\ VH UYL
FLRV GH W
D PER VS RUPD QHU DTX HV HD YHULJXH FXiQW R
YLFLRV
FRPX QHVGH U
HSDUWLPL H
QWR\VL
OR
VWDOH
VHQ WL
HPSR GHO, 
QJDWU
LEXWDED Q Q~PHUR GH L
Q GLR V
VRQ G HFDGD UHSDU WLPLHQW R
\VUH
YtDQFRPR ORVGHPi VL
QGLRVSDU
WLFXO
DU
HV
\ODGLIH
UHQFLDTXH HVHQ
WRKDEtD ,WHPD YHU L
JX DU
p LV TXp WDQ WDFQ D WLGDG GH V
HP HQ WHUD VG H WJUL
R \ PDt] \
\KDFHUF
RSL D
\ Q~P HURGH HOO
RVH
QFGDDUH
SD ULPL
WH QWR RWUDVFRP LGDVV RQODV TX HVLH
PE UDQ \ UHFRJH QFP RX QP F QWHORV YHFLQR VH 
VWDQWH V
,W
HPTX pP DQGRQ H
VK D\HQFD
GDSDUFLD
OLG
DGGHPiVGH ORVFDFL
TXHV\SULQ \K DELWDQW
HV HVSDxROHV HQFD GDFLX GDG \ SXHE O
R V
G H
HVSDxROH V 
R TXp R E UDVStD V
\S~E OLF
DVH V
WiQ FRP HQ] DGDVHQ HOODV\ HO
Q ~PHUR GH L
QGL RVT X HVHUiQ PHQ HVWH U
FLSDO
HVVH \
xRUH VGHLQGLRV
\VL
pVWRVSLGHQR
OO
HYDQ DO
JXQRV W
ULEXWRV
R VH
UYLFLR
SDUD ODV
WDOHVV HPH QWH UDV\REUD VS~ EOLFDV YtDR
VSRUTX H UHVS HFWRG H HWV
R WDQ
GHORV
LQGL
RVTX HP DQGDQ<TXLpQORV
KL]
RPDQ GRQHV\VL VRQ
SHU SHW
XR VR
WHP
VRODPHQW HVxDHOU D
pLV HOQ~P HUR GH L
Q GLR VQH FHVDUL
R VSD UDODV GLFK DV PL WDV
 OR
SRUDOHV
\VLORVKDEtDHQ WLHPSRGHO
,QJD\
TXpHUD RILFL
VX
R\ FXi
Q W
RG XUDED
SURYH\HQGRTXHGH
D TXtDGHODQW
HQRKD\DOR
VGLFKRVPDQGRQ H
V FXDOV HSRGUi D YHU
LJXD USRUOR VG L
H]P RV
,WHPR V
LQIR UPD UpLV V
LFRQY H QGU i TXHHOWL
HPS R GHOD VPL WDVTX H ORVLQGLR V
,W
HP RVLQIR U
PD UpL
V VLH
Q DO
J~QFDFL
FD]JR RSLQFL
U SD OD]
JR KD\GR VV
H
VLUYHQHQODVFL XGDGHV D HQFRPH QGHUV R XRWUDVSHUVRQ DVIXHV HS RUPi V GtDVT X H
xRUHV
S RU
F RQFLHUWR
TX HKD\DQ
 WRPDGRO
RVTXHWUDtDQSO
HLWRSRU HO
WDOFD
UJR
KDVWD DTXtSRU PD Q HUD TX HODVPLWD V IHXVHQ PH QRV\ ORVGtD VG H HOODVVHD Q
<DYHUL
JXDUpLV
D FXiOGH
OR VGRV
SHUWH
QHFH\
DTX p
OVRORTXHGD U
i SR
UVHxRU
SR U
Pi VSRUH[F
X VDUORV GtDVTXH ORVLQG LRVS LHU
GH QHQLU\Y HQLUD HOO
D V
 \S 
RUT XH
TXHFHVH
ODYHMDFLyQ\PR OHVW
LD O GH
RVLQ
GLRV
HQWHQ H
UGRVVHxRUHVDTXLHQVHU
ORVLQGLRVF XDQG RYXH O
YDQ VX V
D
WL
HUUDV OOH
YH QDOJXQD Pi VJQ DDQ FLD
 S URYH\pQ 
YLU
\WULE
XWDU
GROR FRPR Pi VFQRY HQJD DOELHQ GH OR VL
Q G LR
V
25'(
1$1=$6
'(/
9,
55(
<72/('2 
 0$5$
-867,1$
6$5$%,$
9,(-2

GH
ORVLGQLRV
VXFHGtDQ
HQODV
WLHUUDVTXH
VXV
SDGUH V
ODEUD
EDQ\V
LVXFH
GHQDJRUD
,WHP DYHULJXDUpLVTXp SDUFLDOLG
ELHQHVFRPXQHVKD\
D
G TXHQR WHQ HQFDGD
\VLO
RVSURYH tDQ
ORV
,QJ D
VFDF \LT
XHV
/D F
XDODY H
ULJXDF
LyQWDQ
VR
ODPH QW
H KD
JDQ GXHxR
VHxRU SDUWLFXODU
QL KD
XVDGR \GH
\FyPR
TXLpQ
HOORV
VH
ORV KD
UpLV
H
Q XQR R UHS
GRV
DUWL
PLHQWRVSULQFLS
DOHV YXGH
H
VWUR
GLVW
ULW
R
RFXSDGR
SDUD
TXH GH DTXt DGHODQWH FRPXQLGDGGHO
VH DSURYHFKHGH HOORV OD
UHSDUWLPLHQWR ,W
H PR V
LQIRUPDUpL
V O
GH
D RU
GHQT XH
V
HWHQtDHQWHP
LSRGHO, 
QJDHQHO
UL
HJRGHODV
DFHTXLD
V\U 
HSDURGHHOO
DV
\ GH
UHSDUWLU SDUD
DJXD
U
HJDU
HVL
W
H QtDQ
,WHP RV LQIRUPDUpLV
IXHUD
GHTXp
UHSDUWLPLHQWR
ORV \DQDFRQDV
V
HQ KD\ PDUFRV\TXpWDPDxRV \FyPR HVWD
EDQ UHSDU
WLGDVHQW
UHO
RVUHSDU
WLPLHQWRV<
SXaEORVGH HVSDxRaHVR HQW D
RWUDV
Q W
RKD
TXH SDUWHV R D
SD TXLpQ
UFL
DOLG
DGHV\VLVLUYHQ\
GHVSXpVD
F iK VH
DQD TXp
ELHUWR
WRPD V
DFHT
XLDV
HVH
K D
JXDUGD GR
VDOLHURQGHOUHSDUWLPLHQWR\
\
TXLpQOR
KD
FREUDGR
\HQ
VLTXp
SDJDQWULEXWR
OD
RUGHQ GHO
,QJDH
VLO
RVLQGLRVKDQ
VLGRDJUDYLDGRV
HQHO
GLFKR
U
LHJRGHVXV
FDQWLGDG
<VLVHMXQWDFRQHOFXHUSRGHOWULEXWRRORWRPDQORV
FDFLTXH
VSDU
D Vt FDFL
TXH VH Q
R
FRPHQGH UR
V
SURYH\HQGRFy PR VH
JXDUGHL
JXDOGDG FyPR
\G HODV
/R FXDOKDUpLV GH ORV LQGLRVTXHGH
H
QVDOLGR GHGLH]DxRV GLF
K DVD
DFHTXHVWDSDUWH
LD
V D
\JXD GHHOODV DSU KXELHU
RYH
VH
FKHQORVL
QGL
RVDTXLHQSHUWHQ
HFHQ
ORVGLFKRV
UHSDUWLPLHQWRV

\ QRPiV KDFLHQGRSRQHUPD U
FR V\
SURYH\ HGQR
TXH QRKD\DPiVPD UFRV
QL
DFHTXLDVGH
,WHP VL ORVGLFKRVFDFLTXHV
\
SULQFLSDOHVWLHQHQPXODWRVHVFODYRVQHJURV
ODV
TXHK DKDEL
GR HQWLHPSR
GH O,QJ
D
TXHKDJDQ GDxR D ORV LQGLRV\
KDQ
KHFKRKDFLHQGRHQ
TXp GDxRVR DJUDYLRV
,W
HUR 
RVLQIRUPDUpL
VVLOV
RLQGLRV HVS
R
DxROHVKDQKHFKRFKD
FRV MQWD
\ X V
HOORMXVWLFLD\SURYH\HQGRFyPRQR
YHQGDQ
OXHJR ORVWHQJDQ\ORV
GHJDQDGRGHODWLHU
UD\SRUTXpRUGHQ
\TXpJDQDGRVKDQPXHUW
RSURYH
\H QGR
,WHP
RV LQIRUPDUpLV VL
\
SULQFLSDOHV
ORVKDQGLFKRVFDFLTXHV
JXDUGDG
R
\ FyPR DT Xt
GH
DGHODQWHQRVHKDJDQO
RV WDO
HV
FD KFRV
VL
Q PLOL
FHQ
FLD GHR
ORV
JXDUGDQOD FRVWXPEUHGHOWLHPSRGHO,QJD
SDPSDV
SURY
H HQYLV
R HO
U
UH\HVTFRPHUHQ
XHIXHUH
Q  ODV
\HQGR FRPROR JXDUGHQSRU HO SREUHV
EHQHILFLRTXH
GHO VH VLJXHD ORV LQGLRV
UHSDUWLPLHQWR
 ,WHP RV LQIRUPDUpLVVL VH
ORVKLMRV
KDQ
FUtDGR\ GHFDFLTXHV\SULQFLSDOHV
0LWLPDHV
FULDQFRQORV OD
GRFWULQDFRPR6X0DMHVWDGOR
VDFHUGRWHVGH PD QGDDORPH
QRVaXH VHDQGaHGDGGH GLH]DxRVSURYH\HQGRFyPRVH
DQV
tSRU EH
HO ,WHPRV LQIR
UPDUpLVTXp L
KDJDQGL RV
PL W
LPDHVK D\ HQFD GD UHSDUWL
PLH QWR\
QHILFLRTXH VH VLJXHGHTXH SDUDTXHORVWDOHV
GHVSXpV TXLpQORV
SXVRGHT
VH FUtHQFULVWLDQDPHQWHXpWL
HPSR\ GH TXpUHS
DUWL
PL HQWRIXHURQVDFDGRV\T D
XL
pQ
GHQEXHQ HMHPSORD ORVLQGLRVTXHKXELHUHQGH
JREHUQDU
 W
ULEXWDEDQHQWLH
PS RGHO,Q
JDVLWULEXWDEDQ HQ
ORVUHSDUWL
PL HQWRVGRQGH IXHU
R Q
,WHP RVLQIRUPDUpLVVLORV KDQYHQGLGRDO
JX QDV
FDFLTXHV\
WL
H SXHVWRV
R
SULQFLSDOHV OR
D
VF DFL
TXHV
\ V Hx
RU HV GH
ORVU
HSDUWLPLHQWRVGR QGHIXHURQ VFD
DGRV
UUDV PRQWHV\ SDVWRVGHOUHSDUWLPLHQWRH \ IFXOW
DD G \DTXLpQKDQW
ULEXWDGRGHV
SX
D TXLpQH FRQ TXpWtWXOR pVTXH ORV
HVS
DxROHVHQWUDURQ HQO
DWLHUUD
/ D
FXDO
<HQTXpSUHFLR
<HQ TXp FRQYLUWL
y
VH
\HO
GDxR ORV
TXH
LQGLRV
UHFL
ELHURQ H
Q DYHUL
JX D
FLyQWDQ V
RODPHQ W
HK D
U pLV HQ
X QRRGRVUHSD UW
LPLHQ WRVGHORVSULQFL

KDEHUODV
YHQGL
GRSURYH\HQGRFy
PR VH
W
RUQHQDO
UHSDUWLPL
HQWRKDEL
pQG RVHYHQ SDOHVGHYXHV
WURGLVWU
LWR
GLGRVLQ
DXWRULG
DGGHM
XVWLFL
D
\VLFRQ
OD
G L
FKDDXW
RUL
GDGV 
HKXELHUHQYHQGLGR ,WHPVLFXDQGR IXHURQVDFDGRV GH VXV
UHSDUWLPL
HQW RV \SXHVWRV GRQHG
SURYHHU
pLV FyPR SUHFLRHO
FRQYLH
VH
U
WDHQSU
RXWLOLG
HD GGHOUHSDUW
LPLHQWR Vt DKR U D
HVWiQ
VL
WUDMHURQFRQVLJRSULQFLSDO
HVTXHORVP DQGDVH QH D
 TXLpQIXHURQ
QRVHKXELHU
HFRQYHUWL
GR
VDFiQGRORGH
SRGHU
GHTXL
HQORFREy
U
 VXEMHW
RV\
VLORV
FDFLTXHVSULQ
FLSD OHVGH
ORV
UHSDU W
LPLH QW
RV GRQGHHVWiQ TX L
ORV

WDURQGHVXVSUL
Q F
LSDOHV\OV
RVM X
HW DUR
Q \PHWLHURQ HQVXVSDUFLDO
LGDGHV\HO
,WH
PLQIRUP
RV DU
pLV
VL
ORVLQGL
RV
GHORV
UHSDUWL
PLH
Q WRV
VRQKROJD ]QHV\
D
DJUDYLRTXHGH HOO
RKDQUHFLELGR ORV WDOHV
LQ
GLRVPL WPLDH VR VXV
SU L
QFLSDOH
V
GHMDQ V
HPE
GH
UDU
\ WUD
EDM
DU\KFDHU
VHPHQWHU
DV
\FULD
UJDQDGRVSURYH\HQGR
KDFLpQGROHV
MXVWL
FLDGHPDQHUD TX H QRU
HFLE
DQ DJUDYLR
<GDQGRFDUJ
RDORVF
DFLTXHV
TXH
ORV
KDJDQWUD
EDMD
U\KDFHU
VHPHQ WHUDV
\ F
ULDU
JDQDGRV ,W
HPTX pWL
HUUDVIHX
URQ VHxD ODGDV O
RVGD
LFKR VPLWL
PD HVSRUHO ,QJ
DDO
WL
HPS RT XH
ORVSXV RGRQGH H VH
DO
QW
HHWViQ
SU \ V
LODVSRVH H
QJ \
R]D QDO
SUH

,WaPRVLQIRUP
DUpLV
TXpEL
HQHV
\JDQDGRV
GHFRPXQLGDGK D\
HQ FDGDUH
VHQWHRVH
ODVK DQTXL
WDGR\VLWH QH
LQQ 
HFHVL
GDGG HPiV WLHUU
D V
\VL O
HV
KDQ
SDUWLPL
HQWR HQT\
XpFDQWLG
D G
\TXpKDQ
 PX OWLSOLF
DGR\
 D\ F~
R
FDU JR KDQ
GHMDGR\GHMDQJR]DUGHO
DVDJX DVSDVWRV
\PRQWH VGHO
UHSD UW
LPLH QW
R FRPRORV
HVW
DGR
aTXLp
Q
V
H KDDSURYHFK
DGRH GH
OOR

\KDFHUORV
EHLVW
RGRVSR QHU RU
GHPi VLQGLRVQDWXUDO
HVSURYH\HQ GR H
Q W
RGRFy PR FQRO RVGLFKRVLQ GLR
VPL
TPSX H
LQYHQWDULR
G H
PD QHUD
TXHKD\D
FXHQWD
\UD]
yQHOO GH
R
HQFDUJDQGRa
WLP D
HV J VH
XD UGHO
D FRVW
XPE UHGHO W
LHPSRGHO,QJD\ V
HOHVUHVWL
WX\DT OR
XHVH
JXLU
GD GH
PDQ HUDTXHQRS VH
LHU
GDQL
GLV
PLQX \D
\
S U
RYH\HQGRF 
yPR VHWUDV

OHVKXELHU
HT XLW
DGR
TXLO
HHQ DGF
DXQDxR<OD
ODQDVH
UHSDU
WDHQW
UHORV
L
Q GL
RVGHOUHSDUWL
 PLH QW
R
<VHSUR
YHDQORV
LQGLRV
SREUHV ,W
HP 
VL
ORVGLFKRVPLW
L PDHV V RQPiVDJUDYLDGRVHQORVWULEXWRV
\ VHU
YLFL
RV
\ FDU
JDVGHOUHSDUWLPL
HQ W
RTXH O
RV GHP iVL
QGLRVQDWX UD
OHVSURYH\HQGR TXHHQ

,WH
UQ
RVLQ
IRUPDUpLV
ODRUG
H Q
TXHHQW
LHPSRGHO JDVH
,QWHQtDHQHOUH
QLQJXQD FRVDV
HDQ PiVYHMDGRVQ LFDUJD
GRVTXH O
RV GHPi V
SDUWL
UO GH
DV
WLHU
UD
VTX HOR
V
LQGLR
VODEUD
EDQ\VLVH
 GD EDQSHUSHWXDV
S RUWL
HP
,W
HPVLORVGL
FKRVPLWLPDH V GHVSXpV
TXHIX HURQVDFDGR VGHVXVQDWXUDOHV
SR
<ORTXHV
HKDJXDUGDGRGHV
SXpV
Di
F\ VH
JXDGU
D SU
DO HVHQW
H\V
LO
RVKLMRV
 0$5$ -867,1$ 6$5$%,$9,(-2
25'
(1$
1=$6 '(/
9,55
(<
72/
('2 
\
SXHVWRV GRQGH HVWiQ
UHF
RQRFLPL
H
QWR
GH
KDFtDQ
W
ULEXWR
R
GHDOJ~Q
VHUYLFLR
,W
HP 
VL
O
RVFDFLT
XHV\
RWUDV
SHUVRQDVSRUVX
DXWRUL
GDG KDQDOTXLO
DGRLQGL
RV
R YDVDOODMHDUHS
ORVFDFLTXHVGHORV
DUWLPLHQW
RV
GRQGH
H
UDQ
QDWXUD
OHV
\
HQ
TXp
HLQ GL
D V
SDUD
HOEHQH
ILFL
RGHOD
FRFDUHFL
ELpQGRVH
HOORV
HOGLQHURRVD
ODUL
R DGH

FDQWLGDG\
FRVWXPEU
H
TXHHQ
OD
HVW
RKDEtD
H
QWL
HP SR
GHO
,Q
JD
OD
Q WDGR\FRPSHOLHQGR
DORV
WD
OHV
LQGL
RVDTXHYD\DQ
D H
OOR
\HO
GDx R<
SHUMXLFLR
TXH GHHOOR
KDUHVX
OWD
GRDORV
 WDOHVLQGLRV
T XH
KDQD HQWU
GR\R U
GHQDUpL
VR V
JUDYH VSHQDV
TXHGHDTXt
DGHODQ
WHQRVHKDJD
\KDUpL
VM
XVWLFLDDO
RVL
QG L
RVTXH
&XPEL
VREUH HVWR
KDOOi
UHGHVDJUDYL
DGRVFPRR KDOOi
UHGHVTXHFRQ YLHQH
,WHP
LQIRUP
RV
DU
pLV
HQ
FDGD
UHS
DUW
LPLHQWRVL
HQWL
HPSRGH
O,QJD\
GHV SXpV ,WHPVL
ORVFHVWRV
GHFRFDTXHORVL
QGLRVVDFDQGH
ORV $QGH VF \
K iFDU
DV
DFi
VH
KD
O
DEUDGR
URSD
GH FXPEL
\SD
UD
TXLpQ
\
aL
VHOR
SD
JDEDQ\
 TXp
 FPX GHFRF D
VRQGHPD\RU
SHVR GH
TXH
OR VHPD QGDSRU
ODVR
U GHQDQ] DV
\TXLpQO
RV
ELFDUQD
\RV
KD\
HQ FDGD
U
HSDUWLPLHQWR
\FiX
QWRV
KDEtD WLH
PSR
HQ GHO
,Q JD
\ KDFDUJDGR
\VL
DOJXQDVSUH
VRQDVKDQFDUJDGRDDO
JX QRVLQGLRVPiVFHV
WRV GH
FyPRHVWDEDQUHSDUWLGRVHQWUHODV
SDUFL
DOLG
DGHV
GHO
GLF
KRUHSDU
WLPL
HQWRH
F XiQ FRF D \ KDQVL
FDUJD
GR DO
JXQDVL
QGLVDFRQ F
H VWRV FRF
D
GH
 FDV
WLJDQGRORVFXO

WRVKDEtD SDUFLDOLG
GH
D
G
\FDGD
 TXp
FRVDV
KDEtD
GLSXWDGDV
SDUDO
DO
DERU GHO SDG RVVDWLVID
\F LHQGRDOR
VW
DOHV
LQGLRVGHVXWUD
EDM
R 
FXPEL
SURYH\pQGRO
RGH
PDQHUD
TXHOD
ODE
RU GHO
GLFK
RF
XPELQR FHVH
<YD \D
D
G H
ODQWH \ TXHGHVHxDODGR
F
DGDU
HSD
UWLPL
HQWRG FDVD
HHQ
FXPEL
\Q~PHURGH
3DVWRV
F
XPELWRV

FRQIRUPHD
OD
RUGH
Q\FRV
WXPEUHGHO
WL
HPSRGHO
,QJ
D\DOH Q~P
UR
GH ORVLQGLRVGHO
UH
SDUWLPLHQWR
,WHP

RV
LQIRUPDU
pL
VTX
pSD
VRW
VKD\HQ
F
DGDSUR
YLQFL
DUH
\
SDUWL
PLH
Q W
R
\?
TXpJDQ
D GR
V
LPD\RUHV
\PHQRUH
V
SRGU
iQSD
VWD
UH
QHOO
RV
GHP
iVGH
ORV
JDQD
GRVGH
O RV
LQGL
RV
RTD
XLpQ
SHU
W
HQHFHQO
RV
GLFK
RV
SDV
WRV
GH
TXp
SXHE
O
R<UH
a
2ILFLDO
H
V
SDUWL
PLHQWRVVRQ
\D
TX
pGL
VWD
QFLD
V
HSRGUi
SUR
YHH
UL
QGLR
VSDU
D
JXDG
UD
GHORV
U
,WHP
LQIR
U
PDU
RV
p
LV
TX
pLQGLRV
 RILFLDOHV
\GH
TX
pR 
ILFLRV
KD\
H
QFDGD
UH
 JDQG
DRV
TXH
HQHOOR
V
KXEL
HUHQ
GH
SDVWDU TXH
VHD
FRQPHQRV
YHM
DFLy
QGHORVO
SDUWLP
LH
QWRO
RV
\
XV
DQ
VL
FRPRHQ
WL
H PSR
GHO,QJD
\TXpRWURV
 R ILFL
RV
KDEtD WD
OHV
LQGLRV

HQWLHPSRGHO,Q
JD TXHQRORV
KD\D
D KRUD

\VLVRQ
 QHFH
VDULR
V
<GDUpLV
RUGH
Q
F
yPRORV
KD\
D
\ORVXQRV
ORV
\ RW
UR
V
XVHQ
VXV
RILFLRV

0RQW
HV
\
iUERO
HV

&RFD ,WHP L
QIRUPDU
RV
p
LVTXp
PRQWHVKD
\HQF
DGDUHS
DWL
UPL
HQWR\T
XpiUERO
HV
IUX
WDO
HV
\
VL
ORVKDQ
WD
ODGR\F
RUWD
GR\TXL
pQV
HKDDSURYHF
KDGRGHH
OORV
\
VL
,WHPRVL
QIRUPDUpLV
TXpW
LHUU
DVFK R
iFDUDV
G H
FR FD
WLHQHQ O
RVLQGL
RV \OD KD\IOW
DDGHORV
GLFKRV
PRQWHV\
iUEROH
VIUX
WDO
HVGH
ORV
TXHVROt
DKDEHUH
Q
RUGHQGHEHQHILFL
DUO
D
V\V
LHVW
iQHQWL
HUUDHQIHUPDGR Q
GHORVLQGLRVH VH
QI
HU WL
HPSRGH
O,QJD
SURYH
\ HQG
RFyPRVH SODQW
H
HQHVSHFL
DO
DOJRGRQD
OHVHQ
ORV
PDQSRU HQWUD
UOD
DEHQHIL
FL
DU Fy
\
PR VHUHS
DUWHODFRFD\ORTXHG H
HOODVV
H YDOOH
V
F
DOLH
QW
HV\
FyPR H
QHO
FRUW
DU
GHORV
GLF
K RV
PRQW
HVTXH
QR DUU
VH
DQTXHQ
FRJH<VL
ORV
LQGLRV
TX H EH
ID QHILFLDQ
V
R QPiVD
JU D
Y LD
GRVXQ RV
TX HRWURV
FRP GHFX
DMR
QL
FRUW
HQ SRU
S LH

\GHM
HQKRU
FDS H
\
QGyQ
SHOHQ
LGRD \
UXQRV
V
HHUYDQGR
DRWURV\VL
PH W
HQFRQVLJRDV
X V
PXM HUHVDOGLFK
R
EHQHILFL
R
\ HOGD
xR
T XH
UHFL
EHQ\
H O
WLHPSRTXHVHRFXSDQHQH OO
R
*X
DQR
,WHPLQ RV
IRUPDUpL
VVL
KDQJXDUGDGR\JXDUGDQODVRU
GH QDQ] DVTXHHVWiQ
KHFKDVSDUDHO
EHQHIL
FLR GH FRFD
OD
RVHVL
KDQ TXHEUDQWDGR\ HOGD
xR TXH
,W
H
PRV
L
QIRUPDUpL
VHQ
TXpSDUW
HV
\OXJDUHV LVO
DV
GH
KD\
JXDQR
GH DYHV
\
GHHOOR
KDQ UHFL
EL
GRSUR
FHGLH
QGR FRQUD
WO RVFXO
S D
GRV KDFLHQG
\R MXV
WLFL
D 
L
Q
JD
QDGR
\
TXL
pQVH
KDDSUR
YHFKDGRGH
HOO
R
\DTXL
pQ
S HUW
HQHFH

\VL
KD
VL
GR
HQ
IRUPiQGRRVDQVLPLV
PR V
LFRQYHQGUi
KDFHUPi V
RUGHQDQ] DV
H QEHQHIFLL
R GHOR
V
DJU
DYLR GHORV
LQ
GLRVDTXL
HQSH
UWHQH
FH
KDFHL
QGRVREUHH
OOR
DYHU
LJXD
FLy
QSDUD
LQGL
RVR GDU
R
PXDOWHUDU
DOJXQDV ODV
GH
TXHH
VWi
Q KHFKDVH
QYLiQGR PH UHO
D FL
yQ
TX
HTX
HGH
GHFO
D
UDGRTX
L
pQVHKDGH
DSURYHFKD
UGHO
GLFKR
JXDQR
GHHOO
RS D
UD TXHS VH
UR
YHD
,
WHP
RV
LIRU
Q PDUp
L
VTXp FRFDVH
KD
S O
DQWDGRGHP
iVGH
OD
TX
HV 
ROt
D
KDEHU

\
HQTX
pWL
HPSR \TX pFHQ

DQWLG
DG
\H
QT Xp
SDUW
HVSRU
\ F~\D
D XWRULGDG

\ 6D
OLQ
DV
PD
QGDGR
\
 HO
GDxR
TXHGHHOO
RUH
FLEHQ
ORVL
QGL
RV
\VL
FRQYHQGU
iTXL
WD
USDUW
H
GH
O
DFF
R D
TXHHV
Wi
SO
DQWDGD/DFXD
OLQIR
U PDFLyQ
KDUp
LV
GHV
G H
O
DIH
FKDGH
OD ,W
HP
RV
L
QIRUP
DUp
LV
TX
pVD
OLQ
D
VKD
\ HQ
FDG
DSR
LYL
Q FL
D\
U
HSDU
WLPL
HQWR
\
RUGHQDQ
]D
TXHKL]R
H
O0DU T
X pV
GH&D
xHWH
DHVW
DSDUW
H
 F
X\D
VHUD
Q\
TXL
pQ
V
HDSURY
HFK
DED
GHHOODV
H
QW
LH
PSRGH
O,Q
JD\
V
HDSUR
YHF
KD
Q
0$5$
-867,1
$ 6$5$%,$
9,(-2
25'(
1$1=$6
'(/
9,5
5(<
72/
('2 

ODEUD
\
ODV
KD
WRP
D
GR
D
ORVLQGLRV
D
TXLpQ
S
HUW
HQH
FH
Q
KD
 VH
UYLU
\F
RQTXpFDQWLG
DG GH
L
QGL
RV
\VLH
QGR
QHF
HVD
ULR
O
RVKD
UpLV
SREODUVH

\
xDODU
H
OVHUY
L
FLRTXH KDQ
GHW
HQHU
FRQRI
UPHD
FyPRO
RVV
ROtD
QW
HQHU
HQ
WL
HP
SRGO
H,Q
JD
,W
H
PRV
LQIRUPDUp
LV
HQ
TXp
SDUW
HV
\OX
JDUH
V
KD\ID
OW
DGH
QXH
YRVWDP
ERV
<
3HVTXHUtDV QHFH
VLG
DGTXH
ORVKD
\D
SU
RYH
\HQGRF
yPRVH
KDJD
Q\VH
SUR
YHDQ
GHV
HUYL
FLR
GH
LQG
LRV
GHO
RVUHSDUWLPLHQW
RV
FRUQ
DU
FDQRV
HQO
DIR
U
PD TXH
ORV
GHPi
V
,WHURRVLQIRUPDU
pLV HQORV
UHSDUW
L
PLHQWRVTXH
HVW
iQHQ
O
DFR
VW
DGHOD
PDU
OD RUGHQ
TX
HKDEtD
 HQ
G H
O WLHPSR
JD
,Q HQSHV
FDU
HO
ORV
LQGLRV
HQ
OD PDU
VL ,WHPRVLQIRU
PDUpL
V VLHQWL
H PSR GHO,QJDH 
OVHUYLFL
RGHO
R VWPD ERV
HUD
KDEtD GLYLVLyQ\ HOO
D
OtPLWHVSDUD
SR
\
UTX
pRUGHQ
HV
WDE
DGL
Y LGLG
D
SHVFDUHQ
OD SHU
SHWXRRSRUWLHPS
 R OLPLWD GR V
LF\
RQY H
Q GUi
T XH
G HDTXt
DG H
ODQWHHOVH
UYL
FLR
GLFKDSHVTXHUtD
\VL
ODGLFK
DF
R VWXPE
UHVH
KDJXDUGDGR
GHV
SXpV
DF
i\ VL
F
RQ GH
ORV
WDP ERVP VH
XGHSRU DxRVR SRUPH V
HV FXi\
OFRQYHQGU iPiV\VHUi
OD
YHQGUiTXH
GLFK
D
F RV
WXPEUH JXD
UGH
VH
RTXHFRPVHD
~QSHO
HVF
DUHQ
HOO
D PHQRV
GD xRVR\GH
PHQ RVYHMDFLyQ SDUDOR
VLQG LR
V
LQIRUPiQGR RVSDUDHOO
R
GH
W
RGRVORVLQGLRV O
DFRPX QLGDGGH
ORVL
QGLRV G HF
D GD UHSD
UWLPLHQWR
\S RUYH\HQGR TXHQRV
HD
SHU
SHWXRVLQR
WHPSRUDO
SRU DxRV RPH VHV
FRPR PiV F
RQ YHQJDE DO
LHQGH
O
RV
,WHP RV p
LVTX
LQIRUPDU
pO
DJXQDV GHSHVFDGR
KD\HQ ODV
SUR
YLQFLDV
HUH

LQ
GLRV
TXH OR
VKXE
LHUHQ
GH VHUYLU

SDUWLPL
H
QWRV YLVL
TXH
WiUHGHV
\F\X DV
HUDQ
HQ HPS
WLRGHO\ ,QJD
TXLQ
pVHKD
D
SURYHFKDGRGHO
SH
VFDGRGH
HOO
DVGHV
SXpVD
Fi
\VL
FRQYHQGUi
TXH
VHDQFRPXQHV OWH
P RVLQIR
U
PDUpLVHQWL
HPS RGH O,QJ
D TXLpQ
SUR YH
tDHO
PD t]DYH
V\R
WUDV
R
TXHVHSRQJD
RUG
HQ\OtPLW
HHQ SHV
HO
FDU HQ HOODV FRPL
GDV\ EDV
WLPHQW
RV
T XHKDEtDHQ ORV
WDPER V\V
LKDEtDFXHQWD\U]DyQ
GH
HOOR\
F yPRVHKD
KHFKR KD \
F
HD O
S UHV
HQWH
\VLV
HUiELHQTXHORVGLFKRV
EDV

WLP
HQWDVVHSURY
HDQGH OD
V FPRXQ LG D
G H
VGH FDGDUH
S DUWLPL
HQWR \T 
XHFRQ-R
SUR
FHGL
GR GHHOO
RV DFVH
XG DDODVWDOHVFRPXQLGDGH V
SURYH\HQGR FyPRGHDTXt
7DPER
V
DGHODQWH
O
RV GLFKRV
WDPERV H VWp
QSURYH tGRV
GHORVGLF
KR VEDVWL
PH QWRV
GDQGRO
D
RUGHQ
TXH PiVSDUH
FL
HUH FRQYHQLU
OWHP

RV
LQIR
U
PDUp
LVTXp
WDPE
RV

KD
\
HQODVSURYLQFLDV
R
UHS
D
UWL
PLHQWRV
TXH
Y \
FX
\RV
LVLWiUHGH
V HUDQ
\
TXL
p
QORVKL]R
\
TXLpQ
ORV WLHQHDO
SU
HV
HQWH
\
V
L HVWi ,W
HPRV
LQ
IRUPDUpLV
V
LHQO
RVW
DPERVKD\
LQGLD
VG
HPDO
YLYL
U
\TXL
pQODV
KHFKD
PHUF HGGH HOO
RVDD 
OJXQRVHVSDxROH V\SRU
 TXLpQ\ H
ODJUD
YLRTXHGHHOOR KD
SXHVWR
\
SRUTXp RUGHQ
SURYH
\HQGRTXHGHDTXt
DGHO
DQWH
QRO
DVKD\D \
ORV
LQGL
RVKDQ UHFLELGR
\VLKDQLPSHGLGR RLPSLGH QDORVLQGLRV
YHQGH UHQ
HOORV FDVWLJDQG
R
DO
RV
TXHO
DV
KDQSXHV
WR
VXVPDQWHQLPLHQ WRV\PHWHU DSRV
HQORV
HQWRV GH
HOORVVXV
FRPLGDV\UHF
R JHUVH ,W
HP 
RV
L
QIRUPDUpLVVL
HQO
RVGLF
KRV
WDPERVKD\
DUDQF
H
OHV
SXHV
WRV\V
LVH
HQH
OORVORV
PL V
PRV LQG LRV
SURYH\HQGR Fy PR QRVHO
RLPSLGDQ
HQYLDQGRUHOD KDQ
JXD
UG DG
R
\V
LHVWiQ
SXHVWRV
H
QOXJDUHV
S~EORVG
tF RQGH
ORV
FDPLQDQWH
VORV
FL
yQGHOGDxR TX HVHD YH
ULJXDUHTX H ORV
LQGL
R V KDQ
UHFL
EL
GRHQKDEHUVHKHFKR SXH
GDQYHU

\SRQGUpLV
DUDQFHO
H
VG H
QXHYR
WVDQGRO
RVPDQWH
QLPL
HQWRVFQR
PHUFHG GH
ORV GLFKRVWDPE RV ODV
DSHUVRQDVTXH O
RVWL
HQHQ
SDUDTX HSRUPt IR
UPHY DO
DO
RURDEXQ
GD
QFLD
RIOW
DDTXH
GHH
OORV
KXEL
HUH
HQFDGD
SURYLQFLD

YL
VWR
SURYHD O
RT XHFRQY HQJDFRQIRU PHDODFpGXODGH
6X0DMHVWDGTXH
 OO HYi L
V ,WHP

RV
L
QIR
UPDUpL
VH
QWLHPSR
GHO
,QJD
VL
ORV
L
QGLRV
WDP
EHURV
W
UL
EXW
DEDQ
,WHP
RV LQIRUPDU pLV
TXp V
H U
YLFLRGHLQGLRVWHQtDQ
ORV
WD
PER VHQ
WLHPSR GHO FR
PROR
V
GHP
iVV L
R
HUD QU
HVHU
YD
GRVGH
OWULEX
WR
\T
Xp DSUR
YHFKD
PLH
QW
RV
WH
,QJD
\ TXpLQGLRV HUDQ REOJDGR
L V DVHUYLUD H
OORVT \
XpUH
GH
SDUWLPLHQWR
\ QtD
Q\
WLH
QHQDO
SU
HVH
Q WH
\V
LFRQY
HQGU
iTX
HWU

LEXW
HQ
TXpJpQHURV VHUYLFL
GH
R KDFtDQHQORV GLFKRV
WDPERV O
D
\
GFL
KD
VL
FRVWXPEU H ,WHP

RVL
QIR
U
PDUp
LV\
SURYH
HU
pLVH TXH
Q
FDG
D
XQROR
GH
V
GFL
KRV
WDP
ERV
VHKD
JXD U
GDG RJ \
XDUGD D
OSUHVHQW H
\H VL
Q HO
UHSDUWLPL
HQWR
GHO
G LF
KRVHUYLFLR KD\
DPH
GL
GDV
GH
KDQHJD
V
\DO
PX GH
VSD
UD
GDU
SRU
PHGL
GD
HO
PD
t]
DO
RV
F
DPL
GHWD
PERVHVWiQ DJUDYLDGRVXQ RV
U HSDUWL
PLH QWRV\SDUF
LDOLG
DGHV
Pi VTXHRWURV QDQ
W
HV
\
PDUF
RV
SDUD
OD
KLHU
ED
SURYH\HQGRFy PR HOGLFKR VHUYLFLRV
HUHSDUWD ORV
UH
HQWUH
SDUW
LPLHQWRVTXHWX
YL
HUHQFV R
WXPEU H GHVHUYLUFRQIRUPH Q
DO ~PHUR GH ORV
LQGLRV
TXHDOSUHV
H QW
H
WL
HQHQ 3X
HQ
WHV
F
\DPL
QRV
,WH
P RV L
QIR UPDUp L
VV LH
Q O
RV GLFKRV WDPER VVLUYH
QLQGLRV GL
IHUHQWGH
HV
WHPSOHV
VLHQGR HQWL
HUUDFDOLHQWH
LQ GL
R V
GH WL
HUUD
IUtD
RDO
FRQWUDULR
\G HO
D xR OWHP LQIRU
P RV
DUpLV
GH
ODVSXHQW
HVTXH
KXEL
HUH HQ UHS
DORV
UWLPLHQW
RV\
TXHGH
H OO
RKDQ UHFLEL
G R
SUR YH\HQGR FyPR HO
GLFKRVHU
YLFLR
VH
SURYHDGHLQGLRV
SURYLQFL
DV
TXH
YLV
LWiUHGH
V
\TXp
LQGLR
VKD
QHV
WDGR
\HVWi
Q
H Q
FRVW
XPE U
HGHORV
GHOVPR
PL WHP SO HTX \HVHDQGH ORV
UHSDUWLPLHQWRVTXHK
X ELHUHQGH
VH
UYLUORV
KDFHU
U H
SDUD
U
\V
L
H
VWi
Q D
JUDYL
DGRV\U
HOHYD
GRV
XQRVLQGL
RVPi V
TX HRWUR
 V 
\
GL
FKRVWDPERV 
VL
FRQYHQGU
iTXH
RW URV LQGLRV
D\XGHQ
DO
DRUE D
\UHSDUR
GHOD
VGLFKDV FDVDV
OWHP LQIRUPRV
D UpL
VVL DOHQ
JX QDVSDU W
HVQ IDOWD
WDPERV\VHKDQ GVHSR SXHQW
HVSDU
DDS
UYH
RF KDUV
HGH
H OO
DV
SURYH
\pQGRO
R
FRQIRU
PHDM
XVWL
FLD\OR
PL V
EO
DGRGHORVTXHVROtDK DEHUHQWLHPSR GHO,QJ
D 
\TXpUHSD
 U WLPL
HQWRVO
RVVROtDQ PRRVLQ
IRUP
DU
pLV
\ SUR
YHHUp
LVH
Q H
OUHS
DUR
GH
FDP L
QRV
\
F D
O]DGDV
 0$5$
-867,1$
6$5$%,$
9,(-2 25'(
1$1=$
6'(
/9,5
5(<
72
/('2 

,WHP RV LQIRUPDUpLV TXp HVSDxROHVKDQ


OD
VWDOH
V ORV
KHFKR KDE
\LHQ
GR
D
SOLFD
U
KDFHQp
LV
OR
TXH HQ
GDxR V
H
HQP
HOOR
RQW
DUHD
OKRV
SLW
DO
GH
OUH
SD
UWL
PLH
QWR
GRQGH
IXHUR
Q
OR
V
W
DOHV
LQG
L
RV
SXHQWHV\ FDPLQRVFRQ VXVJDQDGRV\UHFXDV\GDUpLVPHDYLVRGHHOOR
SDUD
TXH \QR
OR
KDE
L
HQGR
DO
RVSR
EUH
V
VHSURYHDOR TXH FRQYHQJD

0LQDV
RUR
GH
SODWD
\
'HSyVLWRV
,WH
P
RV
LQIRUP
DU
pLV
TXp
PL
QD
VKD\
GH
VFXE
LHU
W
DV
H
QO
DV
SURY
LQFL
D
VT
XH
YL

,WHP YHUpLVORV GHSyVLWRV GHO
UH
SDU V
LW
iUH
G
 WLHPSR GHO ,QJDH
VGH
RU
RSO
\
TXH DW
D
D]
RJX
H\
KXELHUHRWU
RV
P H
WD
HQOH
V
\
TXL
ORVp
QO
DV
GHV
F
XEU
Ly

\
TXL
pQ
WLPLHQWRVTXH GRQGH VH UHFRJtDQODV
YtVLWiUHGHV FRPLGDV

VL FRQYHQGUi
UHSD
UD
U OD
VWLHQ
H\SRV
HHDO
SU H
VHQ W
HF R
\
Q
TXpWt
WXOR
VL
VH O
DEUD Q
ODULTXH]
DRSREUH]D
DOJXQRVGH HOORVHQTXH VHUHFRMDQ
DxRV
DEXQGD GHOPHW
DOGH
HOOD
V
\
Q FRPLGDVGHORVLQGLRV HQORVTX pLQGLR
 V
SRGUiQD\XG D
UD
ODOD ERU
\EHQHILFL
RGHOD
VWD
OHV
WHV
SDUD
TXH ORVWHQJDQHVWpULOHV

\
HQORV
 HQ
TXH
VHSXHGD
DxRV
JXDUG
DU
\
HQ PLQDV
TX HVH
DQGHO
PL V
PR W
HPS OH
SDUD
TXH QR
UHFL EDQGDx RHQVXVDO
XG DH
FHUUDU
HO WULJR FRPXQLG
\ PDt]
D
G SURYH\pQGRORFRQIRUPH
GH OD D GLVS
OD
RVL TXpGLVWDQFLD\
VL
K D\P RQWHV
HQVX
FRPDU FDGRQG HVH
SXH GHQSURYHHU O
Hx
GH
D 
FLyQGH
OD
WLHUUD \FD
UEyQSDUD
HO
EH QHILFL
R\ODERU
GHHOO
DV
\VL
HV
Wi QHQSDUWHFyPR GD
S DU
D
SR
GHU
KDF HU
HQH
OODV R VX HQ
F
RP DUFD
SX HE
ORVGHLQGL RVO RGH
VTXH VH
KXELHU
HQ
GHUHGXF
LU
,W
HUR L
QIRU
RV
PDUp LVV
LO
RVPHWDO
HVGHODV
WDO
HV PLQDVV  H
SXHGHQ EH
Q HIL
FLD
U
%RUUDFKHUDV
FRQD]RJXH
,WHP
RV
LQIRU
PDU pL
VVL
KD\QRW
LFLDGH
RWUDV
DO
JXQD V
PL QDVTXHQ RO VH
DEU
HQ
,WHP

RVLQIRUPDUpLVGHOD
GH
VRUGHQTXHKXELHUH
HQWUH
ORV
LQGL
RV
GH
O
DV
ER
\HV
WpQHQF
XELUW
HDV
\SURF XUDU
pLV
TXHV
HGHVFXEUDQ\Y VH
HDHOPH W
DOGH
HOO
DV
VL
UUDFKHUDV
\ EHEHUFKLFKDSURFXUDQGR
OD GH GDQ
GRSRQHU
RUG
HQ
FR WDEHUQDV \
HV
ULF
RRSREUH
KDFLHQGRHQVD\DU
ODV
XQDV\ODV
RWUDVWUD
\HQ GR
IHHGHHOO
RSDU
D
PR FHVHQ ODV GLFKDVERUUDFKHUDV
SRU
QLQJXQD
YtD
XV
HQO D
GHSURYH\HQGRTXH
TXHFRQ
V WHVL
HQHOO
DVFRQF XUUHQ
O
DVGPHi VFXD
OLGDG HVGHVXV
R FQRHQL
WG DV

DVH

FKLFK
D
GH
VRUD

QL GH
QL
PH]FODGD\KDFLHQGR
\XFD RUGHQ
OD OO
H
TXH
JXDUGDU
JXUDQGR LQGLRD
VTX HORV
QR
 VHOD
VWRP DUiQGHV FXELUpQGROD
V \TXHUL
pQGRODV
YiLV VREUHHO EHEHU GH OD FKLFKD HOORV
ODEUDU
,W
HUR
RVLQIRUPDUpLV KD\
VL
PLQDVGHKLHUUR
DF HUR
FREUHOD
WyQDOX
PEUH
RGH
D]XO RW
UDV
RFRORUHV\VL
FRQYHQGUi
T XH VHODE
UHQ 
$UPDV

,WHPRV
LQIRU
PDUp
L
VV
LORV
LQGLR
V
W HQ
LH
QDUP DV
GH
HV
SDxROHV
FRPRVRQH
V (QWU
D
GDV\
FRQTXL
V
WDV
SD
GDV
GDJDVDU
FDEXFHV\
\ SL V
WROH
WHV

FRWDV
ODQ]
DV
EDOO
H
VWDV
\RWUDV
DU
PDV VH

PHMDQ
WHVODV
FXDOH
V
W
RGDV
UHFRJHU
pLVK D
\
U
pLV
YHQGHU

\ SURF
ORHGLG
RGHH
OOD
VVH ,WH
PRVLQ
IR
UPD Up
LV
TXpLQ
GL
RVGH
JXH U
UD
HVW
iQHFQRP HQGDGRV
SRU
QRWL
FLD
V
GDU
i
DORV
LQGLRV
D
TXLH
QVHWRPDUHQ
DSHULELpQG
F R O
HV
TXHV
L
PiV O
DVWX
YLH
UHQ  HDTXpSHUV
RQDV
\VL
ORV
WDO
HV
LQGLRV FRP KDQ
HQ]D
GR DOJ~Q
W
LH
PSR DV
HU
YL
U
O
DV
KDEUi
Q
SHUGLG
R
\
VHU
iQFDVWL
JDGRV

\DQVt
PLVPR
RV
LQIRUP
DUpLV
VL
OR
V
GLFKRV \WULE
XWDU

LQGLRV
K DFH
Q
ODV
GLFKDV
D
UP DV
\T 
XLp
QOH
VKDH
QVHxDGR
DOD
EUDUO
DV
 OW
HPTXHx GD
RV
URER
V\PXHUWH
 VKDQKHFKRO
RVL
QGLRVJX GH
HUD
UH Q
OV
R
LQGLRV
GHSD]\
HSDx
V ROHV\
GHTX pW
LHPS RDHVW
D
SDUWH
\OD
RUGH
QTXHVH
SRGUiW
HQHUSDUD
H[FXV
DU
ORVGL
FKRV GDxRV
5H
V
WLWXFLRQHV
D
L
QGLRV  ,WHPRVLQI
RUPD
UpLVV
L
ORV
GLFKRVLQGLRVTXH
HVWiQ
DO]DGRV
\GH
JXHU
UD
KD
Q
VHUYL
GRD
OJ~QWPSRH
LH D TXLpQHV
H Fy
PR\OD
RUGHQ
\ PRGR FRQ
TXHSD
UHFH
,WHPRV LQIR
U
PDU pLVTXp
UHV
WLWX
FLRQH
V\
GHVFDU
JRVF RQFL
GH
HQFLD
KDQKHFKR T XVH
H
SX HG
HQUH
GXFLU
FRQPHQRV
G DxRVX
\ R
ORV
HQF RPHQ GHUR
V
\RWUDV
SHU
VRQDV
DO
RVLQGL
RV\
Vt KDQ
VH
FREUD
GR\
HQT Xp
V
HKDQFRQYU HL
GR
W\
W
RPD U
pLV
OD
FXHQWD\
UD]y
QGH
HOOR

SDUD
TXH FR
VH
Q YLHUW
D
H
QEQH HILFL
RGH
OR
VLQGLR
VTXL
DHQV
HGHEL
HUH<
VL
QRVHKXELHUH
Q
FREUDGR 7ULEXW
RVPDQ
\ H
UD
GH
WULEXWDU
GDU
pL
VRUGH QFRPR
OXH
JRVH
FREUHQ
SDUDTXH
ORV
LQGL
RV
OR
KD\DQ
,W
H PRVL
QIRU
PDUpLV
VL
O
RV
LQGL
RVD
TXLH
QVHKXELH
UH
GHSD
JDUD
OJXQDV
FRVDV (Q
F
DGDUHS
DU
WLPLH
Q W
R
TXHLV
LW
iU
H
YGHVRV
LQ
IR
UPDUpL
VTXp
WULE
XWRV
SDJ
DEDQ
GH
VUYLFL
H RV \RUDV
W UHVW
L
WXFLRQHV
VR
QPX HU
WRV
\VL
TX
HGDURQ

GHHOO
RV
K L
M
RV R OR
V DO
LQGLR
V ,Q
JD\
H
QTXp
FDQWLGDG
\TXp
F
RVDV\
F
y PRVH
UH
SD
UWtD
\
FREUD
ED
GHVF
HQ GLH
QW HV
R
SDUHQW
LHVTXHO
RKD\
DQGHKDEHU
SDUD
TXH
VHO
HV
SDJXH\QR H
OWU
LEXWR
H
Q W
UH
ORV
LQGLRV
<SDUD
H
OO
RKDUpLV
SD
UHFHU
ORV
TX
L
SXFDPD
\RV
TXH
 0$5$-867,1$
6$5$%,$
9,(-
2 25'(1$
1=$6
'(/
9,55
(<72/(
'2 

KXELHUHGHOWLHPSRGHO
,QJDDYHULJXDQGRPX \HQSD UWL
FXODUWR GRVORV WULEX WRV FR
QYH
QLHQW
H
TXHVH
OH
VFRQPXWH RW
HQ
UDFRVD
TXHSDJDUODHQ
FR
FDSD
UD
TXH
DO
\VHUYLFLRVTXHORV KD Ft
DQO R
D
V 
LQGLRV
OQaDV
\ TX HGDEDQ\
FaE
 tD D 
DGD WLH
PSRTXH
VH
KXELH
UHQGHKDFHU
O
DV
WDV
DVVH
W
HQJDFRQVLGHUDFLyQD\HQHOOR
LQGLRHQSDUWLFXODU\
ORTXHPRQWDED H
Q FDGD
XQ DQR\GRQG HSRP D Q H
O G LFKR TXp
FRV
DV
SRGUi
SDJD
UOR TXHTX VH
LWDUH O
DFR
GH
FD

WULEXWR ,W
HPRV
LQIR
UPDU
pLVGH
ODVPHQX
GHQFL
DVTXH
HVW
iQSXH V
WDV
HQ
ODV
WDVD
V
SRU
,WHP LQIRUPRV
DUpLVDGHPiVGH ORV WULEXWRV
TX HVH
 SD JD EDQ DO ,Q JD TXp WU
LEXWROD
VWL
HQ
HVL
QH
Q VXVW
LHU
UDV
\VLF
R QYH
QGUiFRQPX WD
UO
DV
GLF
KDV
PH
RWURVSDJ WULEXWRV
DEDQORV LQGLRV \ D ODV
KXDO
DFDVPDP
6RODFR QDV <RW UDV QXGHQ
FL
DVHQ
RWU
DV
FRVDV

FXDOHVTXLHU
FRVDV
\HQTXpFD
QWLGDG\FyPRVHUHSD U
WtD
<ORTXH PRQ WDED OWHPSRUFXDQWR6X0DM
H V
WDGPD QGDTXHHQODV
WDV
DVVH
F DU
JXHWU
LEXWR
,WHP
RVLQIRUPDUpL
VHQWLHPSRGHO ,QJDGH TXp FRPH HGDG
Q]D EDQ O
R VLQ DORV
LGQ
LRV SDUD
VXVFRPXQLG
DGHV\QHFHV
LGDGH
V\SDUDHV
W
HHIHF
WRVH
OHVXH
VO
H
GLRVDWULEXWD
U\GH
TX pHGDG
 GH MEDDQGHWULEXW
DU<VHUYLU PDQG DU
TXH KDJDQVHPHQWHUD
GHFRPX QLG
DG
LQIRU
PDUpLVLO
V
RVLQGLRV
WHQGU
iQ
,WHPHQWLHPSRGHO,QJD LQGLRVGHHGDGSDUDWU
LEXWDU <
ORV
V
HUYLU V
LWU LEX SRUE 
LH
Q KDFHUGL
FKDVVHPHQWH
UDV F GH
RPXQLGDG\HQTXp
FDQ W
LGDGV
HUiELH
Q
WDEDQ
\ VHUYtDQGH Vt
DXQT XH
Q SRU
RHVWXYLHV
HQFD V
DGRV\ HVWXYLVHQ
HF RQ VXV T X
H-D
KDJDQ HQFDGDUHSDU
WL
PLHQWR
\HQTXp
S DUW
HVV
HSRGUiKDFHU
SDUD
TXH
SDGUHV ORTXHFHUFDGH
\ HVWRVH
KDJXDUGDGR\JXDU GDD
OSUHVHQ WH< Sa DHVWR
 ORV
LQGL
RVGHWRGR U
HOHSDU
WLPLHQ
WRFRQ
P
HQRVYHM
DFLyQ\PHQRVDXV
HQFL
DGHVX
V
RV LQIRUPDUpLVGHORVPLVPRVTXH
HVWiQFRQVXV
SD GUHV
\SUHJXQW DUOHV HLVVLOH
V FDVDV SXH
OD GQ DKD
FH U

\VTL
XHU
UiQPi V
TXHVHU
HSDUWD
OR
TXHHQHOO
D
PR QWD
UH
OOH
YDQW 
ULEXWR\ TXpFDQ WL
GDG\
HQ GHTXpWLHPSR
DFiOR
SD JDQ \
GH T Xp HGDG SRUSXHEORV
SDUDTXHFDGD
SXHEORKDJDO
DSDUW
HTXHO
HFXSL
HUH
RVL
TXHUUi
Q\
HUDQ
FXDQGR FRPHQ]DURQ D UWULEXWD
\ ORPLVPR L RV
Q
IRUPDU p L
V O GH
RVG HPiV OHVH
VWDUiPH M
RUUHSDUW
L
UOD
FDQWLGDG
GHODGLFKD
VHPHQ W
HUD
SRUFDEH]DV
HWQH
U
LQGLRV
PX F
KDFKRVTXHQR WL
HQHQSDGUHV ORVLQ
GLRVWULEXW
DULRV

ORFX
DOS VH
RGUiDYH
ULJXD OR
UHQ WR
FDQ
WHP DO
Dt]
SR
UTXH
,WHUR

VLHQ WLHPSR
GHO,QJDODV LQGLDV
YLXGDV\VROWHUDV DE DQ<
WULEXW
VHU ORVL
QGLR
V HQSDUWL
FXODUQR
VL
HPE UDQWUL
JR\
WUDHUp
LVUHV
RO
XFLyQGHHOOR
SDUD
YtDQ
\ TXHQ
pFRV
 DV\HQ F TXp
DQWLG
DG\VV L
HKDFtDORPLVPR FR QODV LQ GLDV T XH
HQOD
VWDVDVVH
WHQJD
FRQVLGHUD
FLy
Q D
HOO
R
VROWHUDV
TX
HHVWDEDQFRQSDGUVXVHV
\ ORF TXH
H
UFD GHHVWRVH KD JXD UGD GR< O
WHP 
VLSDU
DHOGLFKR
W
ULE
XWRGH
FRPXQL
GDGVHUi
EL
HQTX
HD\
XGHQO
DV
LQGLD
V
JXDGUDDO
SUHV
HQWH YLXG
DV\VROWH
UDV
GHF
DGDUHSDUWLPLHQW
RDKD
FHUURSDGH
OQD
D RDOJ
RGyQ  R
,WHP RV LQIRUPDUpLV
HQF
D GDUHSDUWLPLHQW
R GyQGH \ KDQ
FyPR JDQDQ 
HO FXPELGiQGRO
HVODGH
FRPXQLGDG
SDUD
OD URSD
TXHVH
KLFLH
UH

\OR
SURF
HGLGR
WULEXW
R ORVLQGLRVWULEXW
D
ULRV\TpXOHVFXHVDQ
WO DVFRVDV TXHWULEXWDQ <HQ TXp VHD
SDUDODGL
FKD
FRPXQL
GDG SRGU
TXH
iVHU PXFK
GH
R
LQW
HUpV
SDU
DHO
FRP~Q
WDQW
RWLHPSRODVJDQD
Q RODV
 KD FHQDYHULJXDQGRTXp
 WDQWR
WLHP SRRF VH
XS DQ DXQTXHD
FDGDL
QGL
DQRO VH
H PDQGH
KDF
HU
PiVTXHXQDS
LH]
DGH
URSD
\
 RFD

SDUD
SDJ DU
VXWULEXWR VLy
QSDUDTXHO
DVGL
FKDV
YL
XGDV
\V
R O
WHUD
V
QRDQGHQKROJ
D]
DQDV
GDQGRPDO
HMHPSORD
ODV FDVDGDV
\YL
YL
HQGR
GHV
KRQHVW
DPHQWH
F
RPR VH
KD
YLVW
R YH
\ SRU
,WHPRVL
QIRUP D
UpLVTXpUVFHDWHV\ JU
DQMHUt
DVWLHQHQ ORV LQGLRV HQ FD
GD
H[SHUL
HQF
LD
SURYL
QFLD
DVt
QDWXUDOH
VHLQGXVWULDOH
V
,WHPTXpWDQW
DODQDHQWUDHQXQYHVG WL
R
GHFXPE L
GHK RPEU H <GH PX MH
U
\HQ
XQR GHDEDVFD
\O R PLVPR
HQHOGHDOJRGyQ\TXpO HVFXHVW D<FXiQ W
R
6R
EH
UO
RWR
FDQWH
D
OR
V
MR
UQD
O
HVGH
LQGL
RV
WL
HPSR WUD
GDXQLQGLRHXQDL
QGLDH QKDFHUXQRGH OR
VGLF KRV YHVWLGRV 
<T Xp
OHV
FXHVW
DOD
ODQD\DJO
RG yQ\
V L
ORVWL
HQHQ HQ
VXVWL
HUUDV
R VDOHQ IXHU D GH H
OODV
<SR UTXHO
RVLQGL
RVTXHV
L
UYHQ
HQODV
PLW
DVGHODVFLXGD
GHVH
Q JXDUGDV
DO
RUHVFDW
DU
GHJDQDGRV RUDV
\ W OD ERUV
H\VHUYL
FLR
VFDV
GH
DV
D
Q V
tHQO
DV FLX
GD
GHV\SXHOERV
,WHP
RVLQIRU
PDU pL
V FXiQW
R JQDD GHM
RUQDOFDGDGD
tG HWUDED MR XQ LQGLR
GHHVSD
xR O
HVFRPR H
QVXVSURS
L
DVWL
HUU
DV
KD\
DQPiV F
RP S HW
HQW
HVDO
DULR
\ FR
HQ W VX
L
HUUD
\ H
QODFL
X GDGGHOGL
VWULWR
\FXiQWRYLHQHDPRQWD UFDGD PHV 
<
PLGDTXHK 
DVW
D D
T Xt
VHO
HVKD
GDGRK
DU
pLV
WDV
DGHORVM
RUQDOHV
\FPRLGDT XH
HQTXpVH
UYLFL
RVJQD DQ
RSXHGHQJDQD UMR
UQDOHV HQFDGD
SURY LQFLD\ VLWHQGUiQ
VH
OHVGHEHGDUDORV
GLF
KRVL
QGLRV
D
QVtH
QO
DVGLF
KDV FL
XGDGHV
\S XHEOR
V GH
VL
HPSUH DSD
UHMR SDUD SRGH
UDOTXVH
LODU<JDQDUMRUQDO    HV
SDxR OH
VF
RPR HQ VXV
WLHUU
DV
WH
QLHQGR
FRQVLG
HU
DFL
yQD O
RV GtDV
TXHORV
LQGLRV
,WHP LQIRUPD
RVUpL
V GHORV
L
QGLR VW
ULEXWDU
LRV
WHQLpQGR ORVMXQ LRV VLQ HVWDU SL
HUGHQHQLU
\YHQLD
U
ODVPLWDV

\DT
XH
KDQGH
S DJD U
WU
LE XW
R GHOR
TXH
JD QD
SU
HVHQWHV

O
RVFDFLTXHV
H
Q TXpFRVDVTXLHUHQW D
VHU
VDGRVSDU D SDJDU VX WUL EXWR UH
Q\TXHO 
HVTXHGH
SDJDGRHO
WUL
EXW
RSDUD
VXVXVWH
QWDFL
yQ \ GH
V
XV PXMHUHV
,WHP
SRUTX H
HQX QDPLVPD SURY LQ
FLD\HQPL XQ
VPR UH SDUWLPLHQWR KD\ HKLMR
V\SURYHHU
VXVQ
HFHVL
GDGHV

XQRV
SX HEORV
Pi V
ULFRV\GHPi VJUDQM
HUtDV\UHVF
D W
HVTXH RWUR V
<V HKDQ GH ,W
H
PSUR
YHH
U
pL
VTXH
O
RV
LQGLRVTXH
KX
ELHUHQ
GH
VH
U
Y LU
HQ
O
DV
FLXG
DGH
VR
H Q
WDVDU
FRQIRU
PH DV
X V
SRV L
ELOL
GDGHVHQ F
DGD SXHEO
R LQI
RV
RUP DUpLVGH ORFR QWH RWUDV
SDUW
HV
VH
DQ
GH
O PLVP
 R WHPSO
H\
QR
GHGL
IHUH
QWHV

SRU
TXH
QR
UH
FLEDQ
GD
x R
QL
GRHQ O
RVFDStWX
ORV
DQW HV
GHHVWH\ORHQYLDU
pLVDSXQWDGR H
Q ODY LVLWD
 H
QVX
VDOXG
,WHP FXi
HQ
QWDVW
DV DV
KD\SXHVWDV
 FR F
DSR U
WDVD WE ULXWR HO G
ORV
L
QGL


RV
KDQUHFLE
LGR\
UFHLE
HQHQS D
JDUOD
 WDVD
GLFKD
\
GH
\
FRFD<V L
R
Dx TX
H
 
VHUDPDV
,W
HUR

H
VWDU
pL
VD
GYH
UWL
GR
TXHORV
LQGL
RV
TXH
KXEL
HUH
QGH
V
HUYLU
SDUD
JXD
UGDV
GH
JD
QDGRV
QR
V
HKDQ
GH
GD
USRU
PLW
DV
GH
GLH
]
HQGL
H]
GtD
V
FPRR
SDUD
ORV






GHPiV VHUYLFLRV
OR VDEHQUHFRJHU
QL
0$5$

SRUTXH
-867,1$

HQWDQ

\ KXUWDUVH PXFKR JDQDGR


SXHUFRVORV JDQDGHURV
6$5$%,$

EUHY
DKLMDU QL
9,(-2

HWL

LQGLRV
H
PSRSXHG

SD
VLUYDQ\
PXG
HOOR
UD
HQ
QR
GDQ

\
JX
H
V
H
Q
U
F

DGDV
GH
U G
VHL
V
RQ
tD
RF

H
VH
HQV
HU

R
HO
FXHQWDGH
RFDV
LyQ
JD
GH
Q
S
DG
HUG
R
H
QL
UVH
SURYH\HQGRTXH
H
YH
MD
LV
V FDEUD
PHVHV
V <
<QR
GHU
OR
V
TX
t
DV
H[
H
F
TXH
HV
HRV
OO
,WH
RV
LQ
TXH
ORV
GLRV
KXELH
ODV KDJDQ
URRVLQIRUP
UH
Q
UH
V
F
KD
DW
DUpL
25'(

EG
1$1=$6

R KDQ
L
DU
R

VTXp
PH

F

'(/

\
Q

HQWUH
RPS
V
9,

HV
L

D
55(<

W
HU
G

x

DQ

tD
72/('2

GH VJ
YLQR

V
K
RV
D
D
UD
\
YL
RW
DQ
UD
VXVLQGL
QWHQLGR
GR
V
OR
FRVD

\W L
H
V

Q
L
V

H
QGL
DO

Q

R V

HSD
F

Vx


RVF
DF

RO
\
DV
LTXUI
H
WLJ
HV

HV\
DQ
S
GR
DUD

PHV 
PHQRVWLHPSR\ORV TXHY KXELHUHQGH
DFDV

VH PX GHQ GH VHUYLUHQ
WL
] JXDUGDU
RV
PXOD W
RV\QHJURVFRGH
Q O
RV FDFLTXHVH LQGLRV 
DVt GHVHPHQ WH
UD V
FRPR GH
DxR DxRD

SRUTXHFRPRQR YDTXHDU
QL
VDEHQ
DQGDUDFDEDOO
RHQ
ORV
URGHRV T XH PLQDVJDQ D
GRVREUMHD
V\ RWUDVJUDQMHUtDV\ HOGDxRR SUR YHFK RT XH GH HOOR
KDFHQFDGDVHPDQDORV
WRPDQORVWRURV
P \
DWDQ\DVtKDQPH QHVWHU iV P ORV
LQGLRVKDQUHFLEL
GRSURYH\H Q GRFyP RV HDQG HVDJUDY LDGRV 
WLHPSRSDUD
VDEHU HQWHQGHU DJXD
UGD OD GLFK ,WHPRVLQIRUPDUpLV
TXp H[WUDQMHURV\ SHUVRQD VSUR KLEL GDVHVW
iQ \U HVL
GHQ
,WHURTXH ORV VLU
YHQ H
LQGLRVTXH
Q
OVDGLF
K DV
ODERUHV\JXDUGDV GHJD
Q D
 HQODV
SUR YLQ
FLDV TXH
YLVLW
iUHG HV\Fy
PR YL YHQ \
HQY LDUPH KH tV
F RSLD \PH 
GRV
WHQJDQ
GRFWULQD\VHOHVGHQ
KHUUDPLHQWDV
\QRJDVWHQ
QLU
RPSDQ OD
VVX\DV PR ULD
GHH OO
RVF
R Q
UHODFLyQGH VX PDQH UD GHYLYL U

YHUpLVODRUGHQTXH HVWiGD GD
HQOD
YLVLW
VREUHHVWR
DTXH]R VHKL
G
H OGLVWULWRGH ,W
HPRVLQIRUPDU p
LVTXpFDVD GRVHQ
 (V SD xDR HQRWUD V
S DUWHVIXHUDG HHVW
RV
OD FLXGDGGH7UXMLOOR \
F RQIR
UPH DHOOD TXHPXGDQGR
ORV
SU
OOHYiLV
HFLRV
FRQ  UHL
QRVUHVLGHQHQODVSRUYLQFLDVT XHYLVL
WiUHGH VDQVtHQ S XHEO RVGH HVSD xROHV
IR
UP HDOD
GLIHUHQFLDGHODV
SURYLQFLDV

SURYHHUp
LVHQFDGDXQDxRORTX HFRQ
  F RPRGHLQGLRV
\FRQOD D
YHULJX DFLyQ
G HVH UFDVDG RV
ORV SUH QGHU pLV
\ H
QY LUD
pL
V
YHQJD DHV
WD
&RUWH SUHVRVR
FRQILDQ]D V
GHSU VH
H VHQWDUHQHOO
D S DUDT XHVHD QHQ YL
DGRV
,WHP
HQOD
VSUR YLQFLDVTXH
YLVLW
iUH
GHVVL
KXELHUHLQJHQLRV
XREUD MHV
WD DVXV
PXMH U
HV
VDUpLV
DVLPLVPRORV
VDODUL
RV\
FRPLG DTXH ORV LQGLRVTXH K X ELHUH
QG H HQ HOORV ,WH
URTXpPHV
 WL]RVPXODWRV \]DPE D KLJRV\ QJHR UVK D\ HQODVSUR YLQFL
DV
VHU
YLU KDQ KDEHU
KDELG
GH
DFRQVLGHUDFLyQ
D ORV
RILFLRV
TXHKDQ
 G H VHUYLU
\ D TXH YLVLW
iU HGH
VDVt
H QSXH EORV GHHVSDx R OHVFRPR GH LQGLRVH TX p DPUDV
ORVWUDEDMRV
GLIHU
HQFLDVGH
HOO
RV
\HVL GRQGHKXELH
UHO
R V
WDOHV
LQJ
HQL RVHREUD WLH
QHQ
HK VL
DQKHFKRIXHU ]DVD JUDY
HL RVD ORVL
QGL RV
R O
HV VRQ SHUMXGLFLDOH
V\
MHV
KD\DVLPLVPRPLQDV TXH KD\DQGH
VHO
D EUDU
HVWDU
pLV
DGYHUWLGR
T XHQRKD  GH PDO H
MHPS OR
\SURFH GHUpL
V FRQ W
UDHOORV TXLWiQGROHV ODVDU PD V\F 
D VWL
JiQ 
ELHQGRFRSL
D
GHLQGL
R V
SDUD
TXHWRGRVH
KDJD G
HSUHIHULU
ODO
DERUGH O
DVPLQ DV GROHV VXVGHOLWRV
VDW
L
VIDFLHQGRD ORV GLRLQ
V\ HFK DUO
HVEHLVGH ORVUHSDUWLPL HQ
D
ORVGLFKRVREUDMHVLQJHQLRV

GiQGRPHDYLVR
H GH HOOR
SDUDTXH\R
 SU RYHD OR WRV
SURYH\HQGRFyPR QRYXHOYD QDHOO
RV< K DUpLV
Q~ PHUR \FRSLD GHHOORV
HQ 
TXHPiV
 FRQYHQ JD YLiQGRO
RVD O
DFLXGDGGH OGLV
W ULWRGRQG HVH KDOODUHQ HQR
OD T XH HMRU
PSDU H
,WHP
HQODV
WDVDVTXH
KL
FLpU
HGHVGHO
V
DODULR
\YHVWLGRV
TX HVH
KXEL HUHGH
G DU FLHUUH
GDQGR DYL
VRDODMXVWL
FLDFy PRORVHQ Y L
iLV
\ YRVW  UD
HUpLVUHODFLyQGH OD
V
D
ORVWD
OHV
LQGL
R V
HLQGL
DV
TXHKXELHUHQGHVHUYLU
 HQ
ODVFDVDVGH
HVSDxROHV<
ORV WDOHV
SHUVRQDV
FDFLTXHV
SULQ
FLSDOHV

SURYHHUpLV
F
yPR ORVR YHVWLG
V\ SLH]DV URSDTXH
 V GH
HOHV ,WHPRVLQIRUPD U
pLV SH TXp
UVRQDVHVF DQG DORVDV
\ EXOFLOL
RVD VKD\ H QO
DV
KD GH
GDU
VHD
GHEXH QDUR
SDGHO
D TX
HV 
H GD
G HWUL
EXWR QR
\
UO DD<URSD SDUW
HVTXH YLVLW
iUHGH
V
\S URF
HGHU pLVFRQWUD HOORV\HQYLD UpL
V D HV
WD&R UWHO
RV
GH
S RFDGXU
DFLyQ TX HRV
 SD UHFLHUHQRW
D EO
HPHQ WH
SHUMXG L
FLDOHV FRQ ODVL
QI RUP DFLRQ HVTXH F RQW
UD
,WH
PORV
LQGL
RVG H
V
HUYLFLR
TXHK XEL
pUHGHV
GHVHxDODU O
RVH
Q FR
DPH QGHURV HOORVKL
FLpU HGH
V
SDUDV
XVODEUDQ]DV\
JXDUGD
GH JD
QDGRV\RWUDV
REUDV
KDQG H
VHU
SDUD TX H
VLU ,W
HURRVL
QIRUPDUp LV
TXpJD QDGRVYDFXQRV \\HJ XDVK D\H QORVUHSDWLUPLH Q
YDQGHQWU
RGHOWpU
PL QR\QR
IXHUDGpO
PRGHUD QGRHO
Q~ PH URGH
HOORVFRQIRU WRVGHORV/DQ
OR V
\TXH JXDUGD WUDHQ
\VLK DFHQ GDxRD O 
DV VHPHQW HUDVGHORV
PHDODFDQW
LGDGGH GHOWD
LQGLRV
O
UH SDUWLP
LHQWR
\ DORV
 GH Pi V
VHUYL FL
RVTXH LQG L
RV
S U
RY H\HQGRFyP RVXVGX HxRVORVVDTX HQ GH ORV
U HSDU WL
PL HQWRV\OR VV
X 
GH
OWDOU
HSDUWL
PLHQWRVH
KXELH
UHQGHSURYHHU EDQDOD6LHUU
DHQSDUW
HV GRQG HQR KDJDQ GD xR

&R
VDV
JHQ
HUDOHV 6REUH
UH
GX
ODV
FFL
RQH
VGH
 OR
V
LQG
LR
V

,W
H
PRV
LQIRUPDU
p
LV
DTXp
$XGLH
QFLDHVWi
VXM
HWR
HO
SDUW
LGRR
SURYLQFL
D
TXH <SRU
TXH
O
DSULQFLS
DO
FDX
VD
GH
OD
YLVL
W
DJHQHUDOHV
SDUD
GDURUGHQ\
IRUPD
YLVL
WiUHGHV
V
\LFQ
RYHQGUi
TXHD
OJXQRV
S XHEO
RVGH
HVSDxRO
HV
\UHSD
UWLP
L
HQWRV FyPRLQ ORV
GL
RVW
HQJDQ
FRPSHWH
QWH
GRFWUL
QD\PHM RUSXHGDQV
HULQGXWU
VLDGRV
GH
L
QGLRV
HVW
XYL
HVH
QVXM
HWRV
D
RWUDX GL
HQFLD
$T XHIXHVH H
QFPRRGLG
PiV
DG
GH HQO
DVFV
RDV
GHQXHV
WU
DV
DQWD
IpF
DWyOLFD
\F
R QPi VID
FLOL
GDG\FRPR GL
GD G
O
RV
WDOH
VSXHEORV
DYH
UL
JXDQGR
ODV
FD
XVDVTXHSDUD
HOOR
KXELHUH

SDUD
TXH
YL

VW
R VH
OHV
SXH
GDDG
PLQVLWUDU
ORVDFU
VDPHQWRV\
VHDQ
PD QWHQLG
RV
HQMXV
WLF
LD\YLYDQ
VH
SURY
HD
OR
T XH
FRQYH
QJD
 SROtWLF
DPHQ
WH
FRPRSHU
VRQDV UD
GH
]yQ
\FRPRORVGHPi V
YDVDOOR
VGH6X0D 
,WHUR
RVLIRUPD
Q U pLV
TX
pPHUFDGH
UHVRU 
HVFD
WD
GRUHV
KDQDQGDGRUHV
FDWDQ M
HVW
DG
\SDU
D
TXHH
VWR
KD\D
HIHFW
R
FRQYL
HQH
T XHO
RVLQGLRV
TXHYL
YHQGLV
SHUVRV
GR
HQWUH
ORV
LQGLRV
TXp
\IUD
XGHV
\ H
Q JDxRVO
HV
KDQKHFKR
WRPiQGR
O
HVVXV \GH
UUDPDGRV
VH
UHGX]F
DQD
SXHER
OV
FRQW
UD]D
\ RUGHQ
HQSDUWH
VVDQDV GH\
F
RVDV
D
PH QRV
SUHFLR
\YQHGL
pQGRO
HVHQV
X EL
GRV
SUHF
LRVYL
QRV RWU
\
DV
PHUFD
 EXH
Q W
HPSOH
KDEL
HQGRYL
VW
RWGR
RVO
RVS
XHEORVGHORVUHSDUW
LPL
HQ WRV
TXHYL

 
 0$5$
-867,1$
6$5$%,$
9,(-2 25'(
1$1=$6
'(/
9,55(
<72/
('2 

VLWiUHGHVH GLVSRVLFLyQGH H
QFOD
DGD D
O
6LHUUDKDEpLV
UHSDUWL DSR
VHQWR
GH GHO
FD
FLTXH
<SU
SURYHHUFyPRRFXUDU
p
LVFyPRDGHPiVGHOR
VGLFK
RVD
SRVHQW
RV
PLHQWRORVLQGLRV
D
ORV PHQRVSXHEORVTXH
VH UHGX]FDQ

HQ
OD K
FXDO VHUSXHGDD\D
VHUY
LFL
RGH
FRFL
QD FR
U
\UD
OH
V
QHFHV
D UL
RV
SDUD
HO
VHUYL
FL
RGHO
DFDV
D
UHGXFFLyQ
SREODFLyQ
\ OD
RUGHQ
JXDUGDUpLV
GH 6X0DMHVWDG ,W
HPSUR
FXUD
UpL
VTXH
ODV
FDV
DV
GHORV
LQGL
RVSDU
WL
FXODUHV
V
HWUDFHQGH
IRU

FyPRGRV
TXH PD P
\DQH
3ULPHUDPHQWHHQFDGDUHSDUWLPLHQWRVHxDODUpLVORVVLWLRV
PiV UD
TXH
HOD
S R
VHQW
RGH
OD
PX M
HUH
K L
MDVLQG
L
HV
DG H
VHUYLF
L
RGH
OLQG
LR

KXELHUHGRQGH VH SXHGDIXQGDU
LQGLRV

WHQLHQGR
FRQV
L
GHUDF
L
yQ
TXH
SXHEORVGH H
VWp
DSDU
WDGRGH
OD
SRVHQW
RG H
ORV
KL
MRV
YDURQHV\
GHPiVL
QGLRV
TXHKXEL
HUH
HQ
ORV WDOHV VLWLRVVHDQ \ TGH
XHEXHQ
DE
VHDQ
X QGDQWHVG
WHPSOHH
H GLVSRVLFLyQ
O
D GL
FKD FDVD
WLHUUDVDJXDV
SDVWRV
PRQWHV\ GH ODVSD GHPiVFRVDVQHFHVDULDV
UD
ODYLGDKX  ,WHP SURFX UUpDLV TXHHQ FD GD FD VDORV LQGL
RV W
HQJ DQEUDEDFRDV DOWDVGHO
PDQD GH PDQHUD SXHGDQ
TXH
YLYLU ORV
\WVDQRV
HQJDQ
LQGLRV
HQVXFRP DUFD VXHORHQ TXHG XHUP DQ SR
UPDQHU D T XHQR GXHUPD QHQHOVQHOR
PDQ GiQ GRO
HV
WRGROR QHFHVDULR DWRGRVT XHWHQJ DQ VXVFDVDVE DUULGD V\OP LSLDV
,WHP DO
KDELGD FRQVLGHUDFLyQ Q~PHUR GH FDGLQGLRV
DUHSDUWLPLHQWRGH ,WHP SURYHHU pLVT XHGHQ WURG H O
F LU
FXLWR GHFDG D
S XHEORQRKD\ DF KiFDUDV
YHUHLV
HQ FXiQWRVSXHEORVVHSRGUiQ SREO
DUWRGRVOR QLVHPH QWHUDV
VFyPRGDPHQWHUHGXFLU\ SRU HOGD xRTX H KDF
 HQ D O
D V DOXGGHORVL
QGLRVFRQ O
DK X PHGDG
LQGLRVGHO UHSDUWLPLHQWRSURFXUDQGRTXH TXHVHUSX  GHHOO
DVD XQT H
X V
H
 O
H
VHDQORV PHQRVSXHEORV VSRGUiSH U
PLWLU TXHWH QJDQ XQSHGD]RG H
K XHU
WDFRQ TXH
GLHUH\
SDUDHOOR VH HVFRJHUiQORV \PiV DEXQG D
QWHVGHO
RV
PHMRUHV
TXH KX VLKXELHUHDFHT XLDVQR SDVHQSR U O
RVDSRVHQ W
RVGHODVFDVDV O
RGH
VLQ GLRV
ELHUH HQ HO UHSDUWLPLHQWRSURFXUDQGRHQ OD
WD OU
H ,
WH
FXDQWR UR
Y HU
p LVVLF
IXHUHR QYHQGUiS DUD OD GFK
LDU
SRVLEOHTXH HG
XFFLyQ WR
PDUVH DO
JXQ DV WLHUU
DV
GXFFLyQVH KDJDD \ D FRQWHQWRGHORVFDFLTXHV
YROXQWDG \SULQFL
SDOHV
H LQGLRV T XHW
HQJDQ HV
SD x ROHV RLQGLRVSD JiQ GROHV SRU HOODVOR
ODEUDGR\HG LILFDGR
<
GHOUHSDUWLPLHQWR
UHSUHVHQWiQGRO
HV
\ GiQGROHVD HQWHQGHUTXHVHKDQ
GHUHGXL FU SURYHHpLV
UO R DVt
W HQLHQG ROVRWD OHV HVSDx ROH VHLQGLRVWt
WXORVEDVWDQWHV DODV
D PXFKRVPHQRVSXHEORVGH GH
ORV
SREO
DU SDUD G L
FKDV WL
HUUDV
TXH RV SDUHFLHUHTXH VH KDQ SR U
T XH QR ORV WHQLHQ GR OHV
VH
SRGUi QWRP DUVLQOHV WRUQDU
TXH WHQLpQGRORDVt
H
QWHQGLGRORV YHQJ
FDFLTXHVH
DQ
FRQ PiV IDFLOLGDG
D LQGLRV UHFRP SH QVD
,W
HP S URYHHUpLV TXHO RD
V LQGL RV TXH VHUHGXMHUHQR D
WURVSXHEOVRQR VH
UHGXFLUVHHQ ORV SXHEORVTXH JUDF
LD\EXHQDRV
R
EUD SDUHFLHUH\ WHQJDQ SRU
OHVWRPHQ QLT XL
WH QODVFKiFDUDV \ WUUD
LH VT X H
WHQtDQHQORVSXHEORV
T X HGHVSR
TXH VHUHGX]FDQD PiVSXHEORVTXHDOSUHVHQWHYRVOHV
UHSUHVHQW
iUHGHV
XVDQG R
EODUHQF PRR HVWpQ GH QWUR
GH XQ D OHJXD GH ORVSXHEORVGRQGHVHUHGXMH UHQ
G H
SDUDHOOR GH ORV PHMRUHV PHGLRVTXH UHPLWHQDYXHVWUD VHU SXGLHUH TXH VH
PD QHUD TX HVLQYH M
D FLyQQLD O
HMD UVH GH VXV FDVDVOD
VSX HGDQODE
UD U\ QROR
SUXGHQFLD HVWDQGR VHTXLWDUiQ SD UDSRG HUF RQ HOO
D VK DFHUUHFRPS HQVDDORVHVSDxROH VH
,WHPKDELHQGRFRQFOXtGRFRQORVLQGLRVHQHOQ~PHURGH
SX HO
E RV
D
TXH VH LQGLRVDT XLHQVHTX LWDUHQWLHU
UDV SD U
D ODGLFKD UHGXFFLyQ
KXELHUHQGH
UHGXFLU

GDUpLVRUGHQGHWUD]DU SRUVXV
FDOOHV\ORV GLFKRVSXHEORV
,W
H P DGYHUWLUpLVHQFXDQ WRIXH UHSRVLE OH\ODGLV
S RVL
FLyQGHOD
WLHUUDGLHUH
FXDG
UDVDQFKDV\GUH
HFKDV
GHMDQGR HO
KX HFRGH
SOD]D \VLWLR
SDU
D O
DLJOHVL
D  OXJDU
TXH ODVGFLKDV U
HG XFFLRQH V
G HSXH EO
R VVHKDJDQGLVWL
QWDV>
GLV
WDQWH V"@GHODV
VL
QROD ELHKX
U
H SDUD
\ FDVDGH
VDFHUGR
WHV\VRO
DUSDUD FD
VDVGH
FRPX QL
G DG\ KX DFDV\PRFK DGH URVTXHORVLQGLRV VROtDQ WHQHUHQWLHPSRGH VX
LQILGHOLGDG
FDELOG
R \M
]XJDGRGHD ORV
OFDOG
HVTXHKD
 GH KDEHU
F i\
UFH
OFRQDSRVH
QWRV GL
V  ,W
H P SURYHHUp LVG HPDQ H UD T XH GHQ WUR GHXQ EUHYHWpUPLQRWRGRV ORV
WLQ
WRV
SDUDKRPEUHV\
PXMHUHV\FRUDOH
UV SDUD
VHUYLFL
R GH
ODWDO
FiUFH
O
\ DSR LQG L
RVGH FDGD U
H SDUWLPLHQWR VHSD V HQ D
YL YLU\PR UDUHQORV
SXHE O
R VGR QGHVH
VH
QWRSDUDHO
FDUFHOH
UR PDQG DQ UGHXFLUDSH UFLELpQGROHV T XH SDVD G RHOWpUPLQ R O VH
HVG H
UULED UiQODV
,W
HPWU
D]DUpL
V ODV
FDVDVGHORV
LQGLRVTXHWH
Q JDQ O
DVSXHUWD
VDODVFDOO
H V FD VD
VD QWL
JX DV\ VUHiQ FDVWL
JDGR V VLQR VH SDVDUHQGDQGRF DU
JRDO 
RV F
DFLTXHV
S~EOL
FDV
\TXHQLQJXQDFD
VD WHQ
JDRWUD
SXH UWD
TXHVDOJD FDVD
DGHRWU
RLQG L
R \ SULQFLSDOHVSDUD T XH OR
V KDJDQ SD VU
D\ HGLIL
FDUVXVFDVDVGHQWRUGO HGLFKR
VLQR FD
TXH
GD
LQGLRWH
QJDVXFDV
D DSDU
WH WpUPLQ RVRSHQ DGH
V X V
S H
QVLyQ G H O
R VFDFLFD ]JRV\TXHDFRVWD OGH
RV W
DOHVFD
,W
HPWUD]DUp
LV
ODFDV
D GHO
FDFLTXH
SULQFLSDOTX HVD
HF RQPiVDQFKU X D H FLT XHVV H
SRQ GUiQ RWU D
V SH
U V
R QD VT XH KDJDQ OD
GLFKD UHGX
FFLyQ< VLSD RV
UH
DO
JXQDPiVDXWRULGD
GTXHODGHORVLQGLRV
SDUWL
FXODUHV PDQHUD
GH
TXHDO
SULQ F LH
UHTXH FRQYLHQ HSRGU pL
VF RPH W
H UOD HMHFX FyL
Q GHODGLFKDUHGXFF L
yQ ODV
D
FLSLR
KD\D
SDWLR
\DSRVHQWREDVW
DQWHHQ TXHVH
SXHGDQ MXQW
DUHO
FDFLTXH\ORV S HUVRQDV TXH RVSDUHFLHUHVHx DOiQ GROHV VDODULRVPRGH UDGRV G
H O
DVFR Q GHQDFLR

SUL
QFLS
DOHVHLQGLRV
 GH
OUHSDUWLPLHQWR
FXDQG RKXELHUH
Q GHWUDWD
UGHODVFRVDV Q HVTXH DSOFi
L
U HGHV SDUDJDVWRV GH MXVWLFL
D \ORTX HDFHUFDGHO
DGLF KDUHGXF
WRFD
QWHV
DOEL
HQS~EOL
FR\JRELHUQRGHO
UHSDUWLPL
HQWR< GHPiVGHO
GLFKRSD WL
R FLyQ SURY H
\pUHGHV KD U
pLVHM
HFX WDU VLQHPED UJRGHODDSHODFLy
Q \UHFOD PD FL
yQ
\DR
SVHQWR
WUD
WDUpL
VTXHKD\DXQ
DV 
DOD
GRQ GHHO
GLFKR FDFL
TXHSXHGDFRPH U\ T XHORVLQGLRVQL RWUDVSHUVRQDV KDJ DQ 
HV
WDUH
Q WU
HGtD
\DXQD
 SDU WHGHO
D GLFK
D V
DODKD\DFi PDUD\UHFi
PD UD
S DUD ,WHP SUR YHHpULVFyPR SD VDGR HOWp
UPLQR TXHGtp
UHGHVDORV
 LQG LRVS D
UDVH
TXHH
QOD FiPDUD
GXHUPDHOFD
FLTXHFRQVXPX MHU
\ HQO
DUHFiPDUDHVWpQVXV SDVDU
\ K DFHUVXVFD VDVGRQ GHVH PD QGDUH Q UHGXFL
UV
H O
HVGHUULEHQ\GH VKDJDQ
KLM
DV\O
DVGHPiVPXMHUHVGHO
VHUYLFLR
GH O
DPXMHU GHOGL
FKRFDFLTXH
\ DOD \HFKHQ SRUWLHUUDOD VFDVDVDQWLJX DV TXH D QWHV
WHQtDQSHURV H
QR
O
HV TX HPDUi
RW
UDSDUWH
GHO
DVDO
DRWUDV
GRVSLH]DV
SDUD O
RVKML
RVY DURQ
H V
GHGLFKRFDFL
TXH ODPDGHUDGH HOO
DVS RUT XHVHSXHG DQ D\XGDU SDUDHO
EHQ HIL
FLRGHO
DV FDVDVTXH
\SDU
DORV
GHPi V
LGLR
QV GHV
X V
HUYLFL
R
SRU O
DVFXDOHV
Q RKD\DHQW
UDGDQLV
DOLGD QXHYDPH QWHKDQ GH KDFHU
0$5$ -867,1$ 9,(
6$5$%,$
-2 25'
(1$
1=$6
'(/
9,55
(<72/('
2 

,WHP SRUTXH
0DM
HVW
DG PDQGD
6X
TX
HVH
KDJDQ
DOFDO
GHV
\UHJLGRUHV
\DO OHVGH EDQ K DUp L
VODV SURED QD ]VHLQIRU PD FL
R QHVFRQWHVWLJ RVHVSDxR OHV
H LQG
LRV
JXDFLOHVGHORV\VH
O
HV
RUGHQH
UHS~EOL
LQGLRV
F
DFRQ
TXHVH JRELHUQHQ
DO
PRGR SRU ODV SUHJ XQ WDVV GHOR
L
QWHU URJDWRULRV TXHOOHYiLVKHFKRV K DELHQGR FXOSDGRV 
GH ORV S HVSDxROHV
URYH
HU
pLV
HQFDGD
UHSD
UWLPLHQWR
Fy
PR V
H H
OLM
DQF HQ
DGDXQ
 ORVS UHQ GHUpLV \WRPDG D V
V XV FRQIV H
LRQHVOHVK DUp
LVFD UJR \G D
U pLVWUD
VODGR <
DxR RILFLDOHV
MXVWLFLD GH
F
FLyQ
FRQ MXULVGL
GD
OLPLWD
\SDUDHOO
RYH UpLV
ODV
RU FRQFX O
LUpL V ODV FD XVDV VHQW HQFLiQGROD VFRQ IRUP HD MXVW LFLD
\ HMH FXW
DUpLVO DV
GHQDQ]DVTXH SDUD
HOGLVWULWRGH
VHKLFLHURQ
OD
FLXGDG 7UXMLO
GH
OR
DVt
SDUDHVW
R VHQWHQ F L
D VHQ ORTX HFRQ GHQi UHGHVGHEHU VHDORVLQGLRV G HW
ULEXWRV GHPDV L
DG RV
FRPR SDU
D
RWUDV
F
RVDVF
\RQIRUPH
D
OD
FDOL
GDG O
D
GH
WLHUU
D
GHMUD
pLVHQ
FDGDXQ FRV DV PD O WR PD GDV\ VHUY LFLRV
SRU S DJDVLQHP EDUJR GH FXDO
T XLHUDSHODFLyQ
UHSDUWLPLHQWRXQ
WUDVO
DGR GHODV RUGHQ
DQ]GLFKDV
DV
DxDGL
HQGR TXL W
R
DQGR
FRQ DS HODF LRQ HVTX HGH HOO
RV HLQWHUSRQJ DQ HQO
R W
RF DQWHD ORVXVRGLF KR
/RV FXD 
IRUPHD
OD
GLIHUHQFLDGHODV VKDU
pLV
QR
WLHUUDV
WILFD
L UDORV
LQGLRV/DVGH
FXDOH OHVH Q ORVGLFK RVFDVRV\ H
Q ORVGP Hi VGHTXH DSHODUHQO H
VRW RU
JD UpLV
HQFXDQW R
FDGD UHSDUWLPLHQWR
KD
FLpQGROHV
M
XQWDU
SDUD\ HOOR
HQ
O
DV
SDUWHV
\OXJDUHV
GRQGH GH
GH UHFKR KX ELHUH OXJDU UHP L
WL
pQGRO HVFRQ HOO
D VSUDD T XHSDUH]F D Q
D QWHPt 
QR KXELHUH HOHJLGRVDOFDOGHV
\O
RV
GHPiV
RILFL
DOHV
GHM
XVWLFLD
O
RV HO
HJL
UpLV
YRV SDUD T XH SR UPt YL VWDVSURYH DO
R TX HVHDMXVWLFLD
\ FP yR \Gy Q GH
VHGHED Q
SRUHOSULPHU DxR VHJX LU
< S R U
T XH OHYOiLVSD UD PHM RUHMHFX FyQ
LG HODGLFKD YLVL
WDDOJXDFLO<H VFU L
EDQR OHQJXD
\\ IDOWiQ GRRV FX DOTXLHUDGH HOOR
VOR
K DEpLV GHQRP EUD U
GHQXHYR
$G
YHUWHQFLDV FRQ H O VDODUL R TXH H VWiDF RUGD GR OO \
HYiVLVx H
D OD
GR HQ YXHVWUD FRPLVLyQH V
WDU
pLV D G YHU WLGR TXH KDOODQGR H[FHVRV FRQ WUDFXDOTXLHU SHUVRQD FRQ W
UD TXLHQ
(VWDUpLV HUWLGR DGY
O
RVTXH
SO HLWRV GLIHUHQ
FLD
\VTXH D
Y HULJXiUHGHV FDGD HQ SURF HGLpUHGH V GHOR T XHUH VXOWDUHGH ODGLFK DYLVLW
DHQ ODVFRQG HQ DFLRQHV
T X H
UHSDUW
LPLHQWR ORV
LHQWUH
QGL
RVXQRVF RQ RWU
RV V
R EUHWLHUUDV\ RWUDVFRVDVR KLFL
p UHGH VK DE pLV DSOL
GH
FDU O
D SDUWHT XHRVS DUH]FDVHU QHFHVDULD SDUDOD
SDJD
VREUHDTXpU 
HSDUWLPLHQWR SDUFLD
R
OLGDG SHUWHQH
FHQ DOJXQRVLQ GLRV\GHW
HUPL Q D GHORV GLF KRV VOD
DULRV GHORV GLFKR V
RIL FL
DOHV HMHFXW
DQ
\GR HQHVWRYX HVWUD
VVQ
H
FLyQTXHKLFLp
 U HGHVVHDVLHQWHHQODYLVL
WDSRUTXHH OOR
VREUHVPRPL
QR G VH
p WHQFLDV VLQ HPE DUJR GH FXD O
T XLHUDSHODFLy QTXH GHHOOR VHLQWHU
SRQ JD<JXD U
OXJDU
DTX HKD
\ DRWUD SOH
YH]
LWRV\F
R QVWHFyPROR KXER\ORT XHVHGHWHU
PL Qy
GDQ GR HQ WRGR OR GHP iVHOG HUHFKR GHODVSD U
WHV
\GMHUpLV
D W HVW
LPRQLRGH ODGHWHUPLQD FLyQGHFDG DSO
H L
W RHQ O
D FDMD
GH OD
F R
,WH P D YH ULJXDQGR ORT XH PRQ WDUHH O
VDODULRVt
QRGR GH OWL
HPSRTXH KXELH UH
PXQLGDG FDGDUHGH
SDUW
LPLHQWR
IDOWDGR GR FWUL QD HQF DGDS UH
DUWLPLHQWRGH ODTXHSRU ODV WDVDVVHPD QGDWHQH
 U
,WHP SRUTXHDQ XTXH VH SHUPLWD
\FRQYHQJD TXHLQ ORV
GLRVVHDOTXLOHQ
FRQGHQ DU p LVD ORVHQF RP H QGHUR V
T XHQ RODKXE L
HUHQWHQ LGR HQHOORDSOLFiQGROR
XQRVFRQR WURV
SDUD VH
D\XDGUH QVXV O
DERUHV\JUDQMHUtDV\ JXDUGDVGHJDQ D
DFRP OD XQ LGDG GH OUHSD UW
LPL H QWR
\G DUPH KHt
V O
XHJR DYL VRGHODV FRQGHQDFLR 
GRVHVWDU
pLVDGYHUWLG
RTXH V
LDOJXQRV LGQ
LRVGHVX YROXQWDG T XLVLH
UH
Q DHVQWDU
QHV TXH FHU FD GH HOORKLFLpUHGH V
SD UDTXH SRUPL YLV
WRSU RYHDO
D R UGHQV H
TXH
FRQRWURV
S DUD
OHVVHUYL
USRUDxRVRPHVHVORVWDOHV
 KD QGHTXHGDUREOL
LQGLRV
KD GH WH Q H
U H QOD FRE UDQ]D \ HMH
F XFLyQGH OD
VWDOHVFRQ GHQ DFLRQHV <HQHOHQ 
JDGVRDV
HUY LU
FXDQGROHVFXSL
HUHHQORV V
HUYLF
LRVGHWDP ERV HPLWDVU
HSDURV GH
SXHQWHV FDPLQRV
\\ RWURV
VH
UYLFLRVGH FRPXQ L
GDG V
LQHPEDU JRGHORVDVLH
Q W
RV WUDQWR  VRE UH VHHUpLVOD HMHFX FLyQGHH OOD
V
TXHKLFL
HUHQSDUDVH DOTXLO
DU
SRU HOGLFKRWL
HP S R , W
H P ORV YLV
LWDGRU HV HFOH VL
iVWLFRVK DUiQ O
DV L
QIRU PDFLR QHVFRQW UDORV VD
,WHPSRUTX HSRUH 
[SHULHQFLDV
H K DYL
VW
R ODIDF LO
L
GD GFRQ T XHO
RV L
QGL RV FHUGRW H V HLQ PL
VWU
R VGH GRF WULQ DSRUODVSUHJX QDV
WG HOL
Q WHUURJDWRULRTXHO VH
HV
GHSRQHQVLHQGRWHVWL
JRVHQ IDYRU
GHO
RV TXHORV
LQWHUHVDQ\ HVFDXVDGHPX FKRV KD G H HQ WUH JDU 
K DFLHQG RMXVWLFLD FRQIRUPH DODVFRP LVLRQ HVTXH OOHYDQGHO RV
SHUMXU
LRV\KDFHUVH
S UREDQ]DV OVDV
ID
\ FRQWUDYHUGDG 
HVWDUpLVDGYHUWLGR
T XHH Q SUHOD GR V \V  HGHV YDF DQWHV
O
DVGLIH
UHQFLDV\SOHLWRV
HQWUHLQGLRV
Q RGDUpLV
OXJD UD
TXH HOORVSUHVHQWHQ
ORV $F D E D
GD ODYLVLWD HQ FDG DUHSD ULPWLHQWRSR QGUpLV DOSLH HOOD
GH
YXHVW UR
WHVW
L
JRVQLSUHJ
XQW DV
\SURFXUDUp L
V
TX HFDGDXQDG HODVSDUWHVQR PEUHQFXDWUR SDUH FHU VREU H ODSRV L
ELOLGDG GH LQGLRV\ HQTX pFRVDV S DU
HF
RV
HU
i ELHQ
TX HS D
RVHL
VWHV
WLJRVT XH
GH OFVD
RSX HGDQ VDE HU

\ MXQWRVORV

WHVWLJRVGH HQ
WUDP ED V JXHQ HOW ULEXW R\HQ TXp FDQ WLGDG\
D TX pSOD
 ]RVH Q
FDGDDx XQ
R<HOVHU
YLFL R
SDU
WHVOH
VS U
HJXQ W
DUpLV
KDELHQGRUD MX
G R
ODVFRVDVTX HFRQYLQ LHUHQSDUDDY H TXH VH GH EH GDU DORVFFLTX
D H V\SULQFLS DO
HVSDUDTXH YLVWRH O
SDU HFHU
VHKD JD
UL
JXDFLyQGHOQHJRFL
R\GHWHUPLQDUpLVFRQIRUP HDORTXHOD
PD \RUSDUWH
G H
OR V ODWDVD F R QPi VIXQ G DPHQW R \ M
XVWLIL
FD FLyQ
W
HVWL
JRVVHFRQRUIPDUH Q
< VL
GLVFRUGDUHQ LQG
ORV
LRVGHODXQ DS DUW
HFQRORVGH ,WH P SR U TXH VXH OHKDEH U PXF KR VSOHLW
RV\ GL
IHUH QF LDV VREUHORVW
p UPLQRV
OD
RWUD
YRVGHRILF
LRQRPEUDUp LV
RWURVFXDWURRVHLVWHVW
L
JR VDW Q
LJXRVTXHSXH  \WLHUUDV GH ORV SX HEORVG H L
QGLR V
DYH UL
JX Dp U
LVHQFDGD SX HEORODV WLH
UUDV
\ WpU
GDQVD
EHU GHOGL
FKR FDVR H[DPL
\ORV
Q DUpLVSRU
OD PLVPD RUG HQ OD
\
GHWHUPL PL QR VT XH WLHQ HQ\ DF 
RVWD GH O
RVGLFK RVSXHE O
RV GHL
Q GL RVKDUpLVDP RMRQDUO RV
QDFLyQ
VHKD U
iF RQIRUPHDOD
GHFOD UDFLyQ\F
RQ IRUPL GGDGO HPD\RU Q~PHUR GH GLFKR VW 
p UPL QRV \WH U
LUDVGH PD QHUDTX HF 
HVHQ \V
H H[ FXVHQ GH DTXtDGHODQ W
H
W
HVWL
JRV< SDUDODVWDO
HVDHYULJXDFLRQHVSRGpLVSHGLUD ODVSD UWH
VPH PR ULDO
H V ORVGLF KRV SO HLWRV\F DG DXQR HQWLH
QG DOR
T XHOHSHUW
H QHFH 
GHOKH
FKRSD UDTXH PHMRUL QIRU
RV PDUSRGiLV
 ,WH P SR UTX HHQ HO&D StW XORRQF HGHO7t WXO
RGH OD 'RF WUL
QD GHLQGLRV GH
,WHPSDUDDYHULJXDUO
RVH[F HVRV\ DUJ DY
L
RVT XHORVHQFR PH Q GHURV
\FD  HVWD ,V Q
W UXFFL yQ VH GLFH TXH KDE pL
V GH L
QIRUP DURVG H Fi XQWRV DOJXDFLOHV
K D\
FL
TXHV
\WDPE HURVR \
WUDV
SHUVRQDVK X ELHUHQ
KHFKR ORV
D LQGLRVRFRV
DVTX H SDUD OD GRFW ULQD \T XLpQORV QRPE UDRVLQIRUPD U
pLVFRQ FXLGDGR FXiQWRV HUi
VQ
 0$5$
-8
67,1$
6$5
$%,$
9,
(-2 25
'(1$1=$6
'(/
9,5
5(<
72/('2 -
 

QHFHVDULR
V
HQFDGDGR FWULQ
DSDUD
MXQW
DUORV
LQGLR
VD
HOOD\GDUQRW
L
FLDGHOR
V VHUY
LFLRV
G H
PLWDV
\WDPERV
\RWUR
V
VH
UYL
FLRV
GH
ODFRPXQLGDG
W
RGRHO
WL
HPSR
QLxRV
TXHQDFHQ
\ GHORV
HQIHU
PRV\RWUDV
FRVDV
D
FFHV
RULD VDO
DGL
FKD
GRFWULQD TXH
VH
RFXSD
UHQ HVWR
HQ
<SURY
HHUpLV
FyPR QR KD
\DPi V
DOJXDFL
OHV
GH
ORVTX
HIXHU
 HQ QHF
HVDU
LRV
\TX
H
,WHP
SR
U TXH
HQ XQD
FpGXO
DGH
6X0DMHVW
DGHV
WiSURYHt
GR
TXHLQ ORV
GLR
V
HVWRV
DOJXDFLO
HV
ORVSURYHD\GpODV
YD UDVHO
&RUUHJLGR
U
GH DTXHOUH
SDU
WL
PL HQWR
\D
QDFRQD
VDQWLJXRV
TXHQR
HV
WiQ
VXMHWR
VFDFLTXH
D VQRW
ULEXWHQ
D
H QF
RPHQGHUR
VLKXE
OH
LHUH
\
VLQyHO
DOFD
OGHGH
OR
VLQ
GLRV
F
RQVHxDODPL HQW
RGHOU
SDGU
HGHOD
QLSHUV
RQDV
SDUWLFX
ODU
HV
\TXHp
VW
RVV
HUHGX
]F
DQ SXH
D
EOR V
\KXE
VL
LH
UH
QGH
GRFWUL
QDSX
 HV
KDV HU
GH
SDUD
VXPLQL
VWH
ULR
HV
MXV
WRTXH
VHD D
VXFRQWHQW
R
SHUR
W
ULEX
WDU
V
HDVyOR 6X
D
0DMHVWDG
RVLQIRUP
DUpL
VTXp
\DQDFRQDV
K
D\ H
QYXH
VW
UR
TXHVH
HQWLHQ
GDTXHVRQDOJXDLOH
FVGH
6X0DMHV
WDG SU
RY \
HtGRV
SR UVXV
 DO
FD O
GHV
<MXVWL
FLDV
<DV
tK D
Q GHWUDH
UYDU
DGHMXVWLF
LD
< HQ
FXDQWR DO
UHPRYHUO
R V\ GL
VWUL
WR
\VLIXH
UH Q~PHUR
EDV
WDQW
HSDUDUHGX
F
LUORV
DSXHEORV
G HLQG
LR
V
<
WUDHU
pLV
UHO
DFLyQ
SDU
WLFX
ODUH OOR
GH
VSDUD
TXH
SRU
PtYL
VWRVH
SURYHD
O
RTXH
TXL
WDUO
HVODVYDU
DVOR KDJD
Q DVLPL
VPR O
RVDOFDO
GHV FRU
R
U
HJLGRU
FQRMXVWD
FDXVD
D R
SHG
LP LQWR
H GH ORVWOH
DV
SDGUHV
GHOD
GRFWULQ
D \SRUTXH
SRGtD
UVHU FRQYH
QJD
TXH DOJHQ
XQDV
GRF W
ULQDVKXELHUH
YLF
DULR
VTXHWXYLHV
 H QMXULVGL
F SRU
FLyQ OR
VRU <SRUTXH
XQD
GHO
DV
PD\ RUHV
YHMD
FLRQHV
TXHV
H
HQWL
HQG
HT
XHSDGHF
HQ
OR
V
GLQDU
L
RV<SDUD
HOHMH
UFLFLR
GH
VXVRIL
F
LRV
HVWXYL
HV
HQHQF
R VWXP EUH
GH
WHQHU
IL
VFDO L
QGLR
VSREU
HV
\WEUL
XWDU
LRV
HV
HOV
XVWHQWDU\
REHG
H
FHU
D
WDQ
WRV
FD
FLTXHV

FXU
D
TXH
WDMH
UVH YDU
DGRQGHHVWRDFRQW
HFLHU
HSHU
PLWL
UpLV
TXH HO
WDO
YLFD
ULR
SX HGD FDV
SUL
QFLS
DO
HV
\PDQGRQHV
FRPR HQ
WUH
H
OORV
KD\
GHV
S XpV
TXH
KD\iLVKHFKR
O
D
WHQHU XQ TXHWUDL
DOJXDFLO
JD
YDUDJUX
HVD\ FDV
FRQ
TXLOOR
FRQIRUPHDODV
SUDJ U
HGXFFLy
Q
GH
ORV
SXHEORV
SURY
HHUpLV
T
XHV
RODPHQW
H
TXH
GHQ
HQ
HOOR
VOV
RFD
FL
TXHV
PiWL
FDV
G H
6X0D MHVWDG  SULQ
F
LSDOH
V
GHOUHSDUWLP
 LHQWR
\O
DVHJXQG
DVSH
UVRQ
DV
OV
\ R
FDFLTX
H
VGH
KXDUDQ
FD
,W
HP
SRUTX
HH
QHO
&DStWXOR
GR
FHGH
OR
VFStW
DXORVGHHV
WD
,QVW
UXF
FLyQ
VH RV \GH
SLVFDS
DFKDFD\
GHSD
FKDFD\
TXLWDU
pLV
WRGR
V
ORV
GHP
iV
PDQGRQHV
\
SULQ

HQFD
U
JD
T XH
PLU
pL
VO
DVGL
YLVL
RQHV
TXHVH
SRGU
tDQ KDFHU
GH
SDUUR
TXLDV
KDEp
LVGH FL
SDO
HV
\ODV
FR
QUWLE
XFLRQ
HV
\VUY
HLFLR
V
TXHOHV
KDFH
Q
ORV
LQGLRV

\WUD
HUp
LV
PH

LU
DGYHU
WLGR
SDU
D
HVWR
TXHGH
OD
UHGX
FFL
yQTXHK
LFL
pUH
GHVGHO
RV
OXJDUHV
GHORV PRUL
DGH
OR
VTXH
TXLW
iU
HGH
VS D
UDSURYHH
UHQ HOORFRQYHQJD
OR TXH
LQG
LRV
KDGH
UH
VXOW
DU
HVWD
GLYLVL
yQ
SRUTX
HV
LSR
EOiUH
GHVSXHEOR
V
GHFXD
WRU
FLHQ ,WH
PSRUTXHGHOD
FRVWXP
EUH
HQYHMHFLGD
TXHORV
LQGL
RVWL
HQHQGH
SL
Q W
DU
WRV
LQGLR
V
R
DO
JXQRV
PH QRV
DX
TpOO
D
VHU
iXQD
SDU
URTX L
D
\V
LGHORV
PLVPRV
LQ tG
RORV IL
\ JXUDV
GHGHPRQLR
V\DQ
LPDOH
VDTXL
H QV
ROtDQ
PRFK DUH
QVXV
GXKRV

GLR
V
SREO
iUH
GHV
GRVSXH
EORV\
PiVSRU
QRVXI
ULU
ODWLH
UUD
RWUD
FRVD

GHWR
GR V WL
DQDV
YDV
RVEiFXOR
V
SDUHG
HV H
\GLIL
FLRV
PDQWDV
FD
PLVHW
DVO
DPS DV
\FDVL
HQ
H
OORV
HO
HJ
LU
pLV
SD
UDSDUURTXL
DHO
SXHEOR
S
ULQFLS
DO O
RVRW
\
URVS
RUDQH[V
R GH WRG
DVFXDQW
D V
FRVDV
OHV
V
RQQHFHV
DULDV

SDUHFH
TXHHQDO
JXQDPDQH UD
FRQVHU
YDQ
D
TXHOO
D
SDU
URTXL
D V
X D
QWLJX
DLGRODWUtD
SRY
UHHUpL
V
HQHQW
UDQ
GRHQFDG
DUHSDUWLPLH
QWRTXH
QLQ
J~Q
,WHP
SRU
FXDWQR HO
HQ
&DStWXOR
FDW
RUFHGHODGLFK
D'RFWULQDV
HRVPD QG D
RIL
FLD
OGHDTXtDGHOD
QW
H
ODE
UHQL
SLQW
HOD
VWD
OHVILJ
XUDV

VRJUDYHVS
HQDV
O
DV
F
XDOHVHMH
FXWDU
pLV
HQVXV
SHUVR
QDV
\EL
HQHV
ORFRQWU
D
ULRKD
FLHQ
GR <
ODV
SLQWX
UDV
TXaRVLQI
aQQpL
VVL KD\
HVFX
HODV HQ UHSDUWLPLH
ORV QWR
VTXHYtVt
WiUH
GHV \T XH
\IJX
LUV
DTXH WXYL
HU
HQHQ
VXVFDV
DV
\HGLIL
FLR
V
\HQOR
VGHPi VL
QVW
UXPHQW
RV
GHLV
OD
PH MRU
RUGHQTHX  SD
RV
UHFLH
UH
SDUD
TX HODVKD\D
SDU
HFHT XHO
D PH M
RU
TXHEX
HQDPH QWH
\VLQ PXFKR
GDxR
VH
SXGLHU
HQTXLW
DU VHxD
\ O
DUpLVSRQTXH
JDQ
TXHVH
SRGU
tDGDU
VHUtD
TXHGH
ORV
FDQW
RUHV
KiE LHV
OTXH
K D
OOiU
HG HV
HQORV
U HSDU
F
UXFHV\ RWUDV
LQV
LJQLDV
GH
FU
L
VWL
DQRV
HQV
XVFDVDV
\
HGLFLRV
IL 
WLPL
HQWRV
<
RWURV
LQGLRV
ODGL
QRVTXHV
XSL
HVHQ
OHHU\HVFUL
ELU
\WDxH
UVH
xDO
iUHG HV
SDUDPDHV
WURV O
DHGH
VF
XH
ODFXiO
HV
IXHVHQ
Pi VQHFHVDULR
V
\HVWDRV
OHVGL
pVHGHV ,WHUR
RV
L
Q IR
UPDUp
LVTXp
IURQW
HUDV
KD\H
QYXHVWUR
GLV
WULWR
GH
LQGL
RV
GH
VDODULR
V
GHODV
FRPXQLGDGHVF
RQTXHSX
GLHVH
QS DJDUVX
VWU
LEXWRV\
VXVW
H QWDUV
X V JXHUUD
\O
DQRWL
FLD
TX
HGH
 HOO
RV
KD\
\
TXpW
UDW
RV\
FRPXQLFDFLRQ
HV
WLHQ
HQ
ORV
SHUV
RQDV
<FDVDSXHV
VXVHUY
LF
LRKDGH VHU
HQSURY HF
KRGHWRGDOD
FRPX QLGDG LQGLR
V
GH
SD]
FRQ
HOO
RV

\TXpS
URYHFKR
RGDxR
VH
VLJXH
GH
HOOR
VL
\
W
ULE
XW
DQ
<SRUT
LB
HHQHW
VDVHV
FXHOD
VFDVL
HO
SULQFLSDOLQW
HQWRTXHHQ
HOOD
VVHGHEHWHQHU DDO
JXQ
RVFD
FL
TXHVOR
TX
\
HFRQYH
UQ
iSUR
YHHU
DF
HUFD
GH
HV
WR
HV
HQVQH
DUO
DOH
QJ XD
HVSDxROD ORV
D
LQGL
RV
QL
x RV\P XF
KDFKRVGHHOO
DV
ORFX D
O ,W
H
PKDEp
LVG
HSURFX
UDU
TXH O
DV
HQ
UW
HSD
V
GRQGH
KX
ELH
UH
WD
PERVHQO
RV
VH
KDUtD
FRQ
PiVIDFLOtG
DG
PD QGDQGR
TXHOR
VQLxR V
TXHHQO
DVHVFXHO
DVUHVLGHQ F
DPLQ
RVU
HDOHV

VHSXHE
OHQ
SXHEOR
V
\
VL
SDUD
HV
WRQR
KX
ELH
U
HGL
VSRV
LFLyQ

VH
QRKDEO
DVH
Q HQ
RWUDOHQJX
DVLQRHQ
OD
FDVW
HOODQDGDU
pLVRUGHQFyP RHVWRVH PXGH
H
OW
DPERDO
SXHE
O
R
W
HQLHQG
RV
LH
PS UH
FR
QVLGH
U yQT
DF
L XH
HVW
RVH
KDJD
FRQ
KDJD
DVt
<TXHO
RVUHOLJLR
VRV\VDFHUGRW
 HV
WHQJDQ PXFKRF
X LG
DGRG H
HVWRFRPR F
RPRGLGDG
GH
O
R V
FDPLQD
QWHV

FRVD
WDQ
LPSRUW
DQWH 6X
\ 0D MHV
WDG
ORWLHQ
H
HQ FDUJDGR
FRPRYHUpL
VSRUHOWUDV
 ,W
H
PSURYHHU
pL
VTX
HHQ
W RGRVO
RV
WD
PERV\
YHQ
WDV
GHYXH
VWUR
GLV
WULWR
VH
O
DGRO DV
GH
FpGXODV
TXHOOHY
iLV
O
DVFXD
OHV
OH
VSRG p L
V
KDFHUQRWL
ILFDU SDJ
XHOR
D
VLQGL
RVY\
HQW
H
URV
OD
KLHUED
\OH
xD
TXH
GLHU
H
QDO
RV
SD
VDM
H
URV
KD
$VLPa VaRG
HMDUp
LVB
H
Q O
DVLJOH
VL
DVH
OQ~PHU
R GH
FDQWU
RHV P~VLFR
\V SUDD FL
pQGR
O
HV
VXVD
UDQFHO
HV
HQ
TXHF
RQIRUPH
D OD DEXQGDQFLDR
HVW
HULOLG
DG
TXHH
Q
HO
F
XOWRGLYLQR
QHFH
VD
QR VD
FRUWD
Q GR
OD
VXSH
UIO
XLGD
GTHXKD
OOiUH
GHV
\TH
XULHQ OD
WUUD
LHKXELHUH
OHV
SRQ
JLiV
SUH
FLR
VMVX
WR
VSRU
ORV
F
XDO
HV
YHQG
DQ
OD
KLH
UE
D\
GR
ORVW
aO
HV
FDQWR
UH
V\P~ VL
FRVSHUPDQH
FHU
HQH
OVHU
YL
FLR
GHO
DVGL
FKDV
LJOH
V
LDV OHxD
ORV
\
GHPiVPDQWHQL
PLHQW
RV
SUR
YHHUVTX
pL HO
RV
&RUUHJLGR
UV
H QL
FDFL
TXHVQR
VHOR
VSXH
GDQ
TXLWD
U\
DO
PDHV (Q WRGR
FXD
OHQWHQG
ORHU
pLV FRQ
F
XLGDGR
HOGLOLJHQ
\
FLD
FRPR
GHYRV
VH
WUR
G HHOO
aVV
HxDO
DUpL
VXQVDO
DULRF
RP SHWHQWH
GHO
DFRPXQL
GDG
VHJ~Q\
FRPR F
RQI
tD
FRPR
QHJRFLR
TX
HWDQWR
LP
SRUW
DVHDO
UYL
FL
RGH
'LR
V
QXH
V
WUR
VH
xR U\
GH
HQ
HO
&D St D
QW
WXOR HV
GH HWV
HV
HGHFODU
D D
\ OV
RGHPiV
OV
RUHVHU
YDUpL
VGH
O
R V 0DMHV
6X W
DGEL
\ H
Q GH
HV
WRVU
HL
QRV
+HF
KDH
Q OR
V
5H\H
V 

3529,6,21
&2
1/26
35,9,/
(*,26
',63
(16$'26$ /26
*(17,/
(6
+20%5(6 '(
&203
/$6
$a
,$6
'(
/26
/$1=$6$5
< 
&$%8&(6

&LXG
D
GH
G
ORV
5H
\H
V
V
GH
HSWL
H
PEUH

GH


'RQ )UDQFLVFRG H7RO HGR 0D\ RUGRP RH G6X 0D M


HVWDG \ VXYtVRUU
H \
*REH UDGR
Q U\&D S L
Wi Q
*H Q HUDOGHHVWRV
5HLQRV 3URYLQ
\FL DVGHO3HU~ 
3U HVL
GH Q
WHGHOD
$X GLHQFLD
\ &K DQFLOOHUtDUHDO
TXHUHVL
GH HQ OD LXGD
&GGHORV5H\ HV 
$ ORV$OFDOGHVGH &RU W
H&R UUHJLG
RUHV*R EHUQ DG RUHV
$O FDOGHV2U GLQDULR V

\RURV
WF XDOHVTXL
HU -XHF H
V-X \VWLFL
DV
GH 6X0D MH VWDGDt
VGH HWD
V &L XGD G GH
ORV5H\HVFRP RGH ODVGP Hi V &LXGDGHV
9LOODV\ OXJDUHV\SD U
WHV GH HVWRV
5HLQRV
\3URYLQFLDVGHO3HU~ 
\F D
D
G D
XQRGH
H OO
RV HQVXW
pU PLQR\M
XULVGLFFLyQ 
3RUFXDQWRSRUS 
DUWHGH'L HJR GH3RUUDVGH
6DJ UHGR &RQWGRDU\ HH GRU
YG H
OD V
&R PSD xtD
V
GHORV
JHQWLOHVK RPE UHVOD
Q] D
V\DUFDEXFH V
S DU
DODJXDUGDGHDFDEDOOR
GHHVW
RV5HLQRVSRUVt
\ HQ QRPEU HGHFDGDXQDGH ODVSHUVRQDVGHODVGLFK D
V
&RPS D xtD
V
PH K DV
LG R
KH FK DUHODFLy
QTX HF
RP RPH HUD QRWRULR GLFKR
ORV
VJHQ 
WLO
HV
K RPEUHV
ODQ] DVD \
UFDEX FHURVHVW
DEDQPX \SR EUHV\QF HHVLW
D
GRV D FDX V
D
GHQRKDEpU
VHOH
V SD JDGR ORFRU UL
GR H
G
VXVSOD]DV
\ VWX
LDFLRQHVT XH H HUD
QPX 
FKDFDQWLGDG GH HVRVGH
SRU RGH PDQHUDTXH DXQ SUDDVXVWHQWDUVHFRQ VXV
DUPDV\FDEDOOR
VSDUD HOVHUYLFLR HG
6X0D MHVWD
G HVF DVDPHQWHORSRGt DQK DFHU
\SRUTXHGHSUHVHQWHGHEtD Q\DGHODQWHSRGtDQGHE H UD
PX FKDVSHUVRQD VFDGD
XQRH GH
OORVHQHVW
D FLXGDG \ IXHUDGHHOO
DPXFK D FDQWLG
D GGHSHVRVSR UO 
RV
FXDOH
VHUDQSUHVRVPR \OHVWDGRV\HHFXWD
M G RV H
Q VXV SUHV
R QDVVHU
YLFLRDUPDV
\FDEDOO
RV
FRPR VH W
HPtDQ D GHODQWHVH
K DU
tDQRSX GLpQGRVH GHQL
ELpQG RVHK D
FHU
FRQ IUR
PH D
GH UHFKRV 
LHQG RF RQWL
QXRVFRPR ORH UDQGHOVH
UYL FLR
G H6X 0D 
M
HVW
DG\S D
UDTX HOR V
XVRGLFK R FHVDVHQR
\ IXHVHQ HHM
FXWDGRV PRO HV
QL
WDGRV
PHIXHSHGLGR
\ V
XS OLF
D GRT XHD WH
QWRDOR
VX VR
GLFKR \ TXHSRU3URY LV
LRQ HV
G H
HVW
D5HDO$X GLHQFLD\ GH O
RV GHPi VYVR
LUUH\HV\ JR EHUQDGRUHVTXH KDQ VL
GR
HQHV
WRV5HLQRVF
RP RPH H
UD QRWRULRTXHHV
WDED Q\H UDQ
UHVH U
YD GRVGHVHPH 
M
DQWHVYHMDFLRQH
VJXDU Gi QGRVH FRQHOORVOD
VOLEHUWD GHVTXHVH VXH
OHQ \ DFRV
WXPEUDQJXDUDU
G D ORVY HFL
QR VGH HVW
DFLXGDGHQ VHPH MDQWHVFDVRV
\ HVWDEDQ
HQHV
WDFRVWXPE UH
OHVK L
FLHVHPH U
F H
GDORVGLFKRV JQHWLOH
VKRP EUHVGHODVGL

5HD
O $F
DGH PLDGH
OD
+LV
WRU
LD &R
O
HFFLyQ
0DWD /LQDUHV
W
RPR
;;,

I
RO
V
Y
 R
W

YWR
 0$5$
-867,1$
6$5$%,$
9,(-2

FKDV&RPSDxtDVTXH GH DTXt QLPROHV


DGHODQWHQR
W
DGRVHQ IXHVHQ HMHFXWDGRV
OD
GLFKDIRUPD<
SRU
PtYLVWR DFDWDQGROR KpOR WHQLGR
SRU VXVRGLFKR
ELHQ<
GHGDU
OD
SUHVHQWH
SRUOD
FXDOHQQRPEUHGH6X SRUYLUWXGGH 0DMHVWDG\
VXV
SRGHUHV
\FRPLVLRQHVUHDOHV SRU
VXTXH
QRWRULHGDG
QRWHQJRTXH
YDQ DTXt
LQ
VHUWRVKDJRPHUFHG
D
ODV GLFKDV&RPSDxtDVGHORVGLFKRVJHQWLOHV
KRPEU HV
ODQ
]DV\DUFDEXFHVGH
OD
*XDUGDGH DFDEDOORGHHVWHUHLQR\
DFaGDXQRGH HOOR
a
SRUVtTXHDKRUD
\GHDTXt KDVWDWDQWRTXH
DGHODQWH SRU
6X0D MHVW
DGRSRUUP

HQ VXUHDOQRPEUH RWUD FRVDVHSURYHD\ VHUSU
HVR V<HMH
FX PDQGHQRSXHGDQ
WDGRVSRU GHXGD DOJXQDTXH
TXLHUDSHUVRQDV TXH GHOLWR
VHDQ

RS
PDQ HUD
HUWHQHFLHQW
FRPR
GHEDQR
H D
FXDOH
OD
D
V
UHDO
GHELHUHQHQ FXDOTXLHU
QR GHVFLHQGD

KDFLHQGDGH 6X 0DMHVWDGHQ \ GRVF
VXVSHUVRQDVQL
DEDOO
RVR */26$6$
HQ VXV ,16758
DUPDV
/$ &&,2 1 *(1(5$/ $ 9,6,7/26
$' 25(6 3$5$
PXOD

\ XQ
FDEDOOR

QL
HQO
D V
URSDVGHVXYHVWLUQL
FDPDQLVREU
HFDV DV 
VaGH
a '(7(50,1$5/$6 7$6$6 
PRUDGDVQL DGHUH]RVGH XQHVFODYRQLVHUYLFLRVQL
GH VXVHUY
LHVFODYD
FLR HQ
TXHFDGDXQR GH HOORVWHQJDQVDOYRHQORVGHPiVELHQHVTXH
WXYLHUHQ IXH
UDGH &LXGDGGH OR
V 5H \H V
GHRFWX EUH GH

ORV VXVRGLFKRVVR SHQD \GHTXHQLQJ~QHIHFWR
O
VHDQ
DVWDO
HV HQ Vt QLQJXQDV
HMHFXFLRQHV
\VL DOJXQD
HMHFXFLyQ
RHMH
FXFLRQHVOHV
HVWXYLHUH
QK HFK D
VD ORV 'H OD
9LVL
WD *H QHUDO
VXVRGLFKRVR
D GH HOORV HQ ORV
FXDOTXLHU <VXV SHU
VGLFKRV
RQDV VHJ~Q ELHQHV ,Q VWUXFFLy
Q TXH VHKDGHSODWLFD U
VREUHODVWDVDV RUGHQG DDVSRU)UDQFLVFR
GLFKRHVVH VREUHVHDQ\ DGHODQW
H
\ VH YXHO
YOHV
DQ
OLEUH
QRPHQ WH
SDVHQ
\VLQ GH/LPD GHV
SXpV GH KDEHU DQGDGRHQWUH
ORVLQGLRVPXF KRVGtDV(QFRP LpQGHQVH
FRVWDDOJXQD\ VHKDJDQGHQXHYRHQORVELHQHVIXHUD
SRU HVWD
GLFKD D'LRV GHYHUD
V GHORVTXH
PLSURYLVLyQ\ROHVUHVHUYR\
SRUUHVHUYDGRVFRPRGH HVWiGHFODUDGR
KH
 VXVR
\ FRQIRUPH
DHOOR

PDQGR D
ORV GLFKRVMXHFHV\ 0D MH
VWDGGHMXVWLFLDVGH 6X
HVWRVUHLQRV\
D
FDGDXQR GHHOORVHQVXMXULVGLFFLyQ T XHVL
HQGR 3REOD FLyQ
VHJ~QGLFKRHV
FRQHOORV
UHTX
HULGRV
SRU
SDUWH
GHFXDOTXLHUDSHUVRQDGHORVGLFKRV
JHQ WLO
HV
KRP  9D \DQDOUHS DUWLPLHQWR\ SDVpH
QOR Hy LQI
U
PHV H GHORVSXH EORV
\DVLHQWRV
EUHVODQ]DV
\ DUFDEXFHURVGHODV ORJXDUGH
GLFKDV&RPSDxtDVDVt
Q\ FXPS ODQ GpOWUD
WHQ FRQ HOVDFHUGRWH FDFL
\
TXHV DGyQG HV HUHGX FL
UiQ D
S XH
EORV\
\KDJDQJXDUGDU\ FD
GD XQRGHHOORVVHJ~QGLFKR
FXPSOLUFRQ HV
\Q RFRQVL
HQ WUiFHQORVPD \RU HV\Pi V
FHUFDQR VTXHVHU
S XH GD\ TXHG H
HQF DUJD
GRD O
VD

WDQQL
 GHQ
OXJDU
DTXHFRQWUDHOORVH
YD\D
QL
SD
VH HQPDQHUD
DOJXQD 
VRSHQD FHUGRWHD \ORV D
OFDOGHV
LQG LRVTXHWHQJDQ FXLG DGRGH KDFH UO
RVSU
HVWR\
TX
HO
RTXHF
RQWUD
HO
W
HQRUGH
HOOR
VH
KLFL
HU
H VHD
HQVt
QLQ
JXQ R\
QR KD\DHIH
F  SUR FXU
HQWRGR ORTXHSXGLH UHQTXHYD\DQSRUO D
W UD]
D TXHVHOH
VGDUiHV
WR
GHPiV
GH
TX H
LQF
XUUDQ
HQPLO
SHVRVGHRUR OD
&i PDUD GH6X
SDUD 0D M
HVWDG FULWDTXH
Y D DSD UW
HGHHVWR
D
FDGD
XQR HOORV
GHTXH
OR
FRQWUDULR
KLFL
HVH
+H
FKDHQO
RV5H \HVDTX L
QFHGH
 (OLMDDOFD
O
G HVSDU D
FDGDSXHE O
R\GpM
HOHVHOWUDVODGRGH O
DVRUG H
Q DQ]
DVTXH
VH
SWL
H
PEUH PLO
GHTXLQLHQWR
\ V\VHW
HQWDD
xRV 'R 
Q)UDQFL
VFRGH 7ROHGR OO
HYD KHFKDV 
3RU
PDQGDGRGH6X
0D MHVW
DG'LHJR
/ySH]G
H+HUU
HUD 
't JDVHDORVLQ GLRV
TXHGHVG HOX
H JR
VH
OHVKDQG H V
HxDODUODVWL
HUUDV
TXHKDQ
GHVHUV
X\DV SDU DVL
HPS UH
SRU WDQWR
TX HGH
FOD UHQ O
RVLQGLRVTXHWLHQH
QSRU
TXHVHOHVGHMH QWLHUUDV
EDVWDQWHV
SD UDHOO
RV\ TXH ODV
WLHUUDVTXHVRE
U DU
HQ
VHKDQGHGD U OR
D
V
LQGLRVPiV FHU
FDQRVT XHODV KD\DQPH Q HVWH
UVHJ~QO
RV
LQGLRVTXHORV RWURVGHFODUDURQOR\TXHVR EUDUH D ORV
XQRV\DORVRWURV
DHVSDxROHV\ SyQ JDVHH
VWR HQH
MHFXFLyQ\DVtTX HGHVHxDODGR \
DPRM RQDGR
ORT XH
KDGH VHU IL
M
RS RU ORGH
VLQG
LRV
ORFX DOKDG H
VHUODUJR\PX\ EDV

WDQWH OR
\ GHPiV SD
UDGDUORDTXLHQO
RSLGLHU H
\ PH UHFLHUH
\G RQGHKXELH
UH
S DUDKDFHUS XHE OV
RGHHVSDx ROHV
WpQJDVHFXHQWD FRQ H
OOR\DYtVHO
R\VL
SDUD
DFR PRGDUD ORVLQGLRVIXHUHPHQ HV
WHU
TX L
WDUWLHUUD V
DO
RV HSVDxROHV
VHKDJD
\ VHGpD
ORV H VSDxR O
HVH
Q RWUDSDUW
HH[FHSWR VLORVHVSDxROHVWXYLH
UHQHGL
ILFD GR
\SODQ WDG RTXHGRQG HKXE
L HUH
HGLIL
FLR\ SODQWDLPSRUW DQWQHR
VHKD
GHHQWHQGHU HVWR

$U
FKLYR
*H
QHU
DO
GH
,GLDV
Q 
/LPD


$ Q
R


25'
(1$1=
$6
'(/
9,
55(<
72/('
2 
 0$
5$
-867,
1$
6$5$%
,$
9,(-2
DTXHODxR
\DG YL
pUW
DOHVTX HQDGLH
VH FDUJXH
GH VPi GHORTXHHV
V X\RSRU
TXHVL
GH
PX F KRVH
FDUJDUHSRUPXFKRS DJD
Ui
\SRQJRTXH W
RG RO
RT XHORV
'R
FWULQ
D
LQGLVHQ
R W UDWDUKD QGLFKR
 V RQGRVFL
HQWRVFLQF
XHQDWW RSRVQRPi V
0LUH
 F
RQHO
VDFHU
GRW
H
ORV
SXHEOR
V
TX HSX
HH
GGRF
 WUL
QD
UGH
PD QHUD
TXH
HQ  'HV SXpV
GHYHQ LGRVO
RVPH GLG
RUHVFRWHMH
OD
PHG LGDT XHKDQWUDtGRFRQ O
R
PHG
L
R
GtD
R
SR
FR
PiVSXHGDHOFOpULJ
R
LU
GH
VGH
H
O
DVLH
QWR
SUL
QFLSDOS
DOXH
 TXHPRQWDUHORTXHORV
LQGLRV
SRUPH QX GR
KDEtDQ\DF
R QIHVDGR\YHUi TXH
EOR
PiV
OHMDQR FSGH
]JR
V
L
VX
\ VHWHMLHUH
Q
HQHVW
H
FLUFX
LW
RSXHEO
RV
GH IDOWD
JHQW
H\GLJD PRVTXHIDO
WySDUDFLHQWR
FL
QFXHQ WDWRSRV 
S L
GDOD F
X HQWD
RWUD
HQFR
PLHQGD
WyPa
aVaFDU
 JR
\GHM
HORV
VX\RV
GH
OHM
RV
D
RWUR
VD
FHUGRW
H GHODJH
QWHTXH IDO
WD\SRUT 
XpQR O
RVPD QL
IHVWDURQ
\HV
W
RVH
KDGHF KD
HUHQ
WRGDVODV
SDU
WHV
TXHIXHU
 H
SRVLE
OH\
V
LQR
KiJDVH &RWHM HW
DPELpQ FRQHVWR
 OR VSDGURQHVGH
ORVVDF
H UGRWH V\
K DOO
DUiD OJXQRV
O
RSRV
LEOH TXHQRWLHQHQFKiFDUDV

(O
WDV
D GRU
VHx
DOH VDODULR
D
OFOpULJRWHQLHQ
GRFXH
QWD HO
FRQ
WU
DEDMR
<F
RVWD $O F
DFLTXH
TX HW RPD U
HHQPHQ WLUD
FDOLI
LFDGD
SUtYH
OF GHOFDFL
FD]J R\ GH
V
TXH
OHTXHGD
F
RQHO
F
XUD]
JR
\ QR
V
HO
HGL
JDSR
UHQWRQ
FHV WL
pUUHOR
GHO
UH SDUWLPLHQWRSHUSHWXDP HQWH
6HxiO
HVH
OD
FRPLGD
TXH
KD
PHQ
HV
WHU
SDUD
FDGD
GtD
Q
RHV
WUHF
KDSRU
TXHO
RV  +DJ DQ~PHUR GHJH QW
HWULEXW
DU L
D
GHV
GH GL
HFL
VLHW
H D xRVW D
KDV
FLQFXHQWD \
GRPL
Q JRV
\IHV
LW
DV
VH
OHV
DOO
HJD
JHQWH
\HVW
HVHxDODPL
H
Q W
RQRV
HO
HV
GLJD YHDVL
SDUD
ORVY LHM
RVTXHYDQVDOLHQ
GRGHW
DVDKD\ RWURVWDQWRV
PR ]RVTXH
SRU
HQ WRQFHV
 YD\D Q
HQWUD
Q GRHQH OO
D
\FR PSiU W
DORV
GHPDQHU D
TXH ORV
LQGLRVQRYH QJDQ
DVHU
DJUDYLDGRV\FXHQWH
GRVVROWHURV
SRUXQWUL
EX W
DULR \
ODVYLXGDV
\ VROWH
UDVQR
ODV
FX HQWH
PD V
QR SRUH 
V
RVHOH
VKD
GHGHMDUGH FRQWDU
HOGLH]PR GH
7ULE
XW
RV
ORTXHFU
LDU
HQ \FRJLHUDQ
'L
 FH6X
0DMH
VW
DG
TXH
VH
W
DVHQ
OR
V
LQ
GLRV
G
HPDQ
HUDTXH
DQW
HV
H
QULTX
H]F
DQ  6HS D
GHORV
PL VPR V
LQGLRV
\GHORV
FRP DUFDQRV
DFy PR DFXGLyFDGDXQRGH
TXH
H
PSREUH
]FDQ
TH
\ XQR
 VH
D
LPS
HG
LPH
QWR
SDUD
VX
PXO
WL
SOLFDFLyQ
FRQ
 ORVFXDWURF
LHQWRVWRSRVH
Q FRP
OR ~QORVFLQ
FRDxRV PiV FHUFDSDJD GRV GH
V
HUYDFL
yQGRFWULQD
\ WRGDVO
DVVHPLOODV
T XH
WXYLHUHQYDOU
RFRQRFLGR
\KO D DO
UiGLJDPRVGH O
R TXH
3D
U
HFHU
GH
)UD
QFL
VF
R
GH
/L
PD
H
QOR
GH
OWULEX
 WR
V
REUH
HV
WH
IXQG
D
PHQWR WRFDDO
PD t]
WDOTXHW RHQ
GRVF
LQFRDxRVPRQ W
D  IDQHJDVT HO
XLQWR
GHHVWR XQ Dx RFRP~QTXH
HQ VR Q 
IDQH
JDV
 'LJ
R TXH
OR
V
WULE
XWR
V
V
HGHEHQI XQGDU
GH HQ
ORV
IUX
WR
V
GHO
DWLHUUD
<PXO +iVH GH
VDEHUW D
PE LpQHO
YDORUFRP~Q TXH
WXYLHURQ ODV
GLFKDVVHPLOODVHQ
WLS
OLFR
GH
JD
QDGRV
H
\QH
OWL
H
PS R
TXHV

REUDD
O
RV
L
QGLR
V
GHVSXpV
GHKDEH
U FDGDXQRGHORVGLFKRV
FLQFRDxRV\KDOO
DUi
GLJDPRV GHO
PD t]
WDOY DxR
DOL
y
FXPSOLGRFRQ
ODV
O
DERUH
V
GHOFD
PSRT
\XH
HQ
ORV
IUXWR
V
GH
OD
WL
HUUD
<PXOWL
 DGRVSHVRV\PH GLR
\WDO
DSHVR\WDOD
SHVR
\PHG LR\WDO
DWUHV
S HVRV\
S
OL
FR
GH
JDQDGRVVH
SX
HGH
HFKD
U
XQ
GL
H]PR\HO
WL
H
PSR
HQTX
HV
REUDD
ORV WDODF
X D
WURTX HHQ
 V
WRGR
FL
QFRDxR V VRQ
GRFHSHVRV HO
TXLQWRGH HVWR HV
L
QGLR
VDFD
EDGDVODV
ODERUHVVH
SXHGH
HF
KD
UH
O
TXL
QWRTXH
VR
Q
GRV
GL
H]
PRV HVWLPDFLyQ
G HXQ DxRTX HHV
G RVSHVRV
\WHV
UWRP LQHV
TX HHQ
 GODV
L
FKDV
SRU
LU
TX
L
W D
QGR
O
DRF
LRV
LGDG
D
ORV
L
QGLRV
 
IDQHJ
D VPRQW DQ
 SHVRV
DHVWR
TXHHVSU HFLRGHXQDxRF RP~Q
VHOH
HFKDH
OG LFKRGL
H]PR \PR QWD
HOGL
FKRGLH]
PR  SHVR
 V
/D
GL
V
WUL
EX
FLy
Q
GH
OR
FXDO
KD
GH
VH
U
SRU
HV
W
DRU
GHQ
 &RQ
 HVWR
TXHGD KHFKRGHXQDYtD
 GR VPDQG
 D GRVSRU TXH VDEVH
H
ORVLQGLRV
3UL
PHUR
D
OD
W
D VDGH
ORV
FDFLTX
HV
TXH
V
RQVXV
VH
xRUHV
QDWXUDO
HV
 TXH KD\
\O
R TXHK D
IUXFWLILF
DGRO
DWL
HUUD\
ORTXHYD OHDGLQHUR
H O
GLH]P R
6HJXQGR
DXQ
GHSy
VLWR
TXHHV
EL
HQ
GH
VXU
HS~ EOL
FD G HHOO
DHV\
WR K VH
DUi
VLQGDUDHQWHQGHU
SRUG 
yQGH YD HVWD
FXHQW D\DVt
7HUFHUR
D
O
DV
PLWDV
GHW
DPER V
\
RWU
DV
PLWD
VTXHHVELH
Q
JH
QHUDO
GHO
5HLQR
 HVWR
GH
ORV
IUX WRV
YDVDFDGRSRUHO
GLH]PRFRPRVHSURS XVRDO
SULQFLSLR
&XDUWR
DO
HQFRPHQGHUR
FRQ
FDUJ
RGH
O
DGHIHQ
VD
\GRF
WUL
QDHQ
\ H VW
D
SDU
W
H
SRGUi
K
DEHU
6X
0DM H
VWD
GOR
TXHI
XHUH
EXH
QR\M
XVWR
3DUD
OR
V
JD
QDG
RV

&y
PRVH
KDUi
O
DD
YHULJXDF
L
yQ
GH
OR
V
IUX
WRV
GH
O
DWLH
U
UDG
\HO
QGH
LQG
LR
V
+DJD
EX VFDU
FR
QFLW
DFL
yQ
GHOHQF
RPHQGUHSR
D
UDTXHHQ
YtH
SHUVRQ
DTXHEXV

+iQV
HGH
PHGLU
O
DVW
LHU
UDV
EDUEHFKDGD
V
FRQFL
 W
DFLy QG
HO
HQFRPH
QGHUR
SDUD TXH
WRG RH
O
JDQDGRGH &DVWLOOD\
O
DWL
HUUD
\DFRUU
iOH
OR
GH
TXHH
QYtH
PHGLGRUHV
DVXFR
V
WD
\YHU
i
ORVWRSRVEDU
EHFKDGR
V
R
VHPEUDGRV 9D \
\D FXHQ
W
HO
DVKHPEUDV
\ODV
FU
tDV
TXHKDOO
DU
HGH
XQDR
xS \
RU DOOt
TXHG
D
\D
DTXHO
DxR
\KD
JD
FDU
JRGH
H
OORV
D
ORV
 LQGL
RV
<
KDJR
F
XH QW
D
TX H HO
YHUi
PXO
WLSO
LFR
FRP~Q GLJR
\ TXH
K D
OOyFX
DW
URFL
HQWDV
FUtDV
KDOO
y
FXD
WURF
LHQW
RV
WRSR
VE
DUEHFKD
GRV
RVHPEUDG RV 6HSD
HO YDORU
TXHWLH
QHQO
DV
GL
FKDVFUtDV
FDER GHDTXHO
DO
DxR
HQTXHQD

W DQWR
(QTXH
VH
PLGHQ
OD
V
WL
HU
UDV
HOWDVDGRU
HV
Wp SLGL
HQGR
FX
HQWD
DORV
FD FL
HURQ\GL
JRTXHYDO
HD
GRV
SHVRV
FD
GDXQDVRQ
RF
KRFLHQWRV
SHVRV
HV
WH
FL
TXHV
GH
ORV
LQGL
RV
TXH
WL
HQHQKDJD
\
SDUH
FHUW R OR
GRV TXH
SXGLHU
HQVHU HV S
HO U HFLR
GH XQ
D
xRGH
TXH
YLHQH
DOGL
H]PRRFKHQWDSHVRV
Dt
\ VHVWR
GH
KDEL
GRV
\
Yi\DO
RV
HVFU
L
ELH
QGR\
SUHJXQWD
QGRD
FDGD XQRFX
iQW
RV
WRSRV
W
LHQH ORV
JDQD GR
VY
DV
DFDGRSRU
HO
GL
H]PR
FRPRV
HSURSXV
RDO
SU
LQFL
SLR
 0$5$
-867,1$
$5$%,$
9,(-2 25'
(1$
1=$6
'(/
9,55(<
72/(
'2 

7L
HP
SR
3DUD
HOWLHPSR
<
HO
F
DUJR GHO
TXLQW
R GH
O
DPL
W
DG
GH
O
RV
L
QGL
RV
KXD\
QDV
9pDVHHOWLHPSRDOR ODUJRTXHORVLQGLRVKDQPHQHVWHU
 SDUD
VXV
VHP
HQW
HU
DV TX
HKDQ
GH
VDOL
UGH
WLH
UUD
VX
D
D
OTXL
ODUVH S
H
VRV
TXHVHUiQGLJDPRVVHVHQWDGtDVHQHODxRHVWRV
TX
t GH
WUHVFLHQWRV
WHQORV Gt
DV <
HOFDUJRGH
O
TXL
QWR
GH
OD
RWUD
PLWD
G OR
GH
V
L
QGLRV
KXD\
GHWUDEDMRTXHWLHQHHODxR
R
PiV
\
ORVRWURVGRVFLHQWRV
FXDU
HQW
D
VH
SRG
U
tDQ QDV
<RWUD
JHQ
WH
TXH KD
VH
GH
TXHGDU
HQ
VX
SXH
EO
RKD

TXLWDUSRUTXHVHOHVYD\DDFRUWDQGR
OD
RFLRVLGDG\DVtGLUHPRVTXHHOTXLQ
FL
HQGR
URS
D  SHV
 RV
WV

WR GHGRVFLHQWRVFXDUHQWDGtDVVRQ
FXDUHQW
D\
RFKRGtDV
\
VHDQFXDUHQWDQR
PiV\ TXHGDQORV SDUD
LU
\ YRO
YHUD
ODODERU
RFKR GHODVFLXGDGHVRPLQDV 6RQWRGRV
 SHVRV
 W
V
\
DTXtVHSRGUtDQGHVFRQWDUOXHJRORVFLQFRGtDVGHORV
FXUDFD
V\FDFKDV
GH
TXH WUDWD
VH
UiDGHODQWH
)tQ JH
VHXQGHVFDUJRHQIDYRUGHORV
LQGLRVG H GL
OD FKD
SDUFLDOLGDG
(VWRV
 DUHQWD
FX
GtDV YHDVH OR
SRGUiQ
TXH
JDQDU OD GHORVPLWDG
LGQLRV
KXD\QDV
\ HVWHVHUiWULEXWR
GHOWLHPSR
HO
SDUDHVWDPLWDG
GH
LQGLRV\GL
JR 5HFL EHVHOH
HQ FXHQWDD
ODGL
FK D
SD UFL
DOLGDGSH
VRVTXH
TXH JDQDQ GRVFLHQWRVLQGLRV WRPLQHV F
TXH
DGD VRQ HVWD PLWDG GRVFLHQWRV
YDOHQFQLFRMRUQDO
HVTX HKDQGHGDU
D WRGR
V VXV
FDFLT
XHV
GtD HQ PRQW D
TXH SHVRV GHWULEXWR

\DODVFDMDV
VX\DV\GHFRPX QLGDGHQF
DG DDxR \ VL
/D
 RWUDPLWGGH
D LQGL RVKXD\QDVTXHVRQRWURVGRVFLHQWRV\
OD
GHPiV JHQWH
IXHUHQPXF KRVORV
LQGLRVPtUHVHTXH VHUiQ
SRFRVORV
 MRU
GHO
UHSDUWLPLHQ
WRTXH VRQ HQWD
RWURVFLQFX
\SRU GRVFL
WRGRV
HQWRV
FLQFXHQWD
QDOHV
\ V
LIXHUHQSRFRVKDQGHVHU
PD VO
RVM
RUQ DO
HV\
HVWR
Yp
DVHOD
URSD SRGUiQ
TXHKDFHU
HQ
ORVGFL
KRVFXDUHQWD
\
RFKRGtDVTXHHV
TX HGHGH
PD Q HUD
TXHORV
FDFLTXHVTXHGHQFRQWHQW
RVHQ
WR
HO
GLF
KRTXLQWR GHOWLHPSRTXH VHPHQ W
HUDV
\
FDGDVREUD
XQRSRGUiGHODV
GR OR
TXH VHU SXHGD ORTXHDO
PLUDQGR
SUHVHQW
HOO
HYDQ 
SHVRV
KDFHU
XQYHVWLG
RTXHYDOH
DGRVSHVRV\ WUDWHQ
GLJDPRV\
TXHDGYLHUW
DQVL
WLHQHQ
O
DQDR QR TXH GLIHUHQWH

GHPDQHUDTXH
KDUiQ
G
VHUi
RVFLHQWRV
FLQ  ,WHP VH
UHFL
EHQ
OHV HQ FXHQWD
SHV RV
TXRWURV
HYDOHQ
FXHQWD
YHVWLG
RV TXH GLFK
D
RVGORV
RVRV SHV
\FXDWU
RWRPL
Q H
VY DOH
Q WDQWRV
M
RUQD O
HVTX H
SLHUGHQO
RVGL
F KRV
LQGLRV
F DGD
DxR
FRQ
SHV
RV \ DVt WRGR WLHPSRYDHVWR
VDFDGR
SR UH
GHO
O
TXLQWR
FRPR VH SUR YLHQH
DVDEHU
SRULUD
VHUYLUDO
WDP ERGHWDO
W DQW
RV
Y HF
LQRV
SXVR DO LR SULQFLS TXHPRQWD QWDQWRV
SH V
RV\SRULU
DOV
HUYLFLRFRP~QGHWDO
FLXGDGWDQWRV TXHPGtDV
RQWDQWDQW
RV SHVR
V TXHVR
QORV
$KRUDSDUD
PiV FODULG
DGVHILQJH
XQFDUJRFRQWUD
ORV
LQGLRV
SRUH 
O
GLH]PR GLFKRVSHVR V


DTXtVH
KD GHPLUDUT XH
QRKDGH
SRU
\ HO
TXL
QWR F
RP R
HV
WiGLFKR
FDUJR
DWDO

SDUFLDO
LG
DG KDEHUH VWH
G HVF
XHQRWVLQRGH ORVT X
GtDV
HUHDOPHQW
HVH
SLHUGHQVL
Q JDQDUMRUQDO WDP
\
ELpQTX HHOWDPERTXHGH
0RQW
 DHO
FDUJRGHO
GLH]PRGH
OPDt]
G H
OGL
FKRDxRFR
P~QSHVRV SURYHtGRGHKDUWRVLQGL
RV
OR FXDO
VH
YH U
iSR UH
OD
EFGDULR
0RQWDHO
FDUJRGHOGL
H]PRGH
O
DVSDSDV\
FKXxRGH
OGLF
KR TX HY
D DSD
UWHGHHVWRGRQGHVHGDODUJD
UHODFLyQ
G H
HOOR
  SHVRV
DxRFRP~Q SHVRV
<HO
FDUJR
GH OGLH]PRGH
 O
DTXLQXD
GHO
GLFKRDx
RFRP~QSHVRV
<HO
F DUJ
R
G HO
GLH]PRGHORV
SRURW
R V
\DM
tGHOG
LFKRDx
R (Q
ODVYLVL
W
DV
F
RP ~Q SHVRV
<HOFDUJ
RGHO ]PR
GLH
GHOJDQD
 G RGHOD
WLHUU
DHVW
HSRV
 ,WH PVHO
HVUHFL
EHHQFX H
Q WD
SHVRVTXHYDOH
ODFRPLGD
WUHUR
DxR SHVRV TXHDOVDFHU
GRWH O
HTXHGDVHxD O
D GDSRUTXH
SDU H
FHTXHHV
M
XV W
R V VH
DTXH GHOFXHUSR
 GH O
FDUJR SVHRV
<HOFDU
JRO GH
GLH]PRGOHJD
Q DGR &DVW
GH
LOO
DHV
WHSRV

WUH
URDxR SHVRV $Vt TXH HOGH
PRQWD
VFDU
JRGH pVW
DVFRVDV 
SV
VLF

0R QWDHO
FDU JR SV
WV

<HOFDUJ
RGH O
GLH]P R
GHOJDQDGR
 QR YDFX
HVWH SRVWUHUR
DxR SHVRV 0R QWDHO
GHV FDU
JR SHVRV
<HO FDUJR
GHOGL
H ]
PR GHO
JDQDGRFDEUX
Q R
HVWH
SRVWUHU
R  4X HGDQSDUD H
OHQFRP HQGHUR\SD UD
XQ GHSyVLW
RGHFR
a  a RR PXQL GDG  
SVHRV
<HOFDU
JRGHOGLH]PROGH
JDQDGRSRUFXQR
HVWHSRVW
UHUR  HV 'H
WRV SHVRVKDJRFLQFXH QW
DSDUWHVLJX
DHOVTXH
DxR SHVRV V
DOHFDGDXQ
DD SHVRVSRFRPiVGH
HVWDV
S DUW
HV
ODV
FLQ
0$5$
-867,1
$6$5$%,$
9,(-2 25'(1$1
=$6 '(/
9,
55(<
72/('2 

FRTXH VRQ
GHM
RSHVRV
GH VREUDFDGD
D
xR
HQ
OD
FDMD
SDUD
UHVJXDUGR
GH
O
D
SDJ
D
GHOWULEXWR
HO
D
xRGHHVWHULOLGDG /DV
FRQGLFLR
QH
VG
H FD
MD
OD GHS
R
yV
LW
R
SDUD
\ JDVWRV
GH UHS~
EOLFD \
GRQGH
OD
HVW
H 'H
S
ULOLGDGyV
LWR
IXHUH
D
PHQXGRHVWDVFLQFR
SDUWHV GH
VHU
KDQ
GLH
]FRQ
\ 
SHVRV  3ULP HUDPH QWHHQODFDEHFHU DGH FDGDS DUFL
DOLGD GVHKDJD XQERKtRMXQW R
HVWRFDGDFLQFRDxRV
KDEUi
VREUD
GRXQ
WU
LE
XWR
HQW
HUR HQy DODFDVDGH OFDF
LT XHSU LQFLSDO
\ DOOt
V
H SRQJD XQ DFDM
D\ HQ HO
GLFKRERK tR
OD
FDMD
GH ORV
DxR
V
RWURV
GHDWU
i
V SH
VRV \FD MDVH
HK F HWU HO
L
EXWR \K D\DT XLSXFDPD \ RVTXH WHQJD QF XH
QDWFRQL 
RV
/DVRWUDVSDUWHV
 GR\D
OFR HQ
PHQGHU
y
R
FRQ
SDUWHV
(QFRPHQGHUR LQGLRVWULEXWD ULRV
\ FRQ O
R TXH OHVFXSR\ YDHQ VLI
DOWDDOJ XQR GHYHQU
LD
FD
UJR GHSDJDGHO
OD
VDODUL
RGHO
VFD
HUGRWH
\PRQWD 
HQ SH
VRV WUDHU HOW
ULEXWR D VX WHP
LS R \ HQ GLFK D FD
OD
MDKD \D WUHVODYH
OV TXH
WHQJDQ HWF
OD
VGLFKDV SDUWHV SHVRV y

SHVV
R
/RV FDFLTXHV UHSDWDQ
U H OWULEXWR HQWUHVXVLQGLRV FRPR OR WHQ
L HQ
GH FRV
&RQHVWRTXHGDHOFDUJR
\
GHVF
DUJR
DMXVW
DGRSRU
UHJODGH
WXPE UH\SDU DORVGtDVGH 6DQ- XD Q1D \ YLGD GGHFDGD XQ DxRWHQJD Q
FXHQWDOODQD
FXLG DGRGH DSUHPLD U ORV
D LQGLRVDSUDTXHW H
QJ D Q F VX
DVD MXQWD\ORVGL

3UHJ~QWDVHDORV
LQGLRV
HQTXp
F RVD
V
TXHUpLV
YRVRW
URV
SDJ
DU
HVW
RV
SH
 FKRV LQGL
RV FDGDXQ R
S RUVXPD Q ROOHYHDODFDMDORTXH O
H FXSR \
VLDOJX
VRVGHO
HQFRPHQ
GHUR
\O
RV
G DO
HSyVL
WRGLU
i
QORV
W
DQWR
VSHVR
V HQ
UR
SD QRV HVWXYL
HU HQHQIH U
PRVR DXVHQ WHVRPX \ OH
MRV QR PEU HQ XQLQGLRSDUWL 
\
ORV WDQWRV
F
R PLGD
\HQ
ORV WDQWRVHQ
GLQH
UR
HW
F
O
XHJRFR
QPX WDUO
HV
HO FXODU 
HO
FXD OOR
 OOHYHSRUH OOR
VRVXV PXM HUH
V\ QLQJ ~QFD FLTXHQLPDQ GyQ
GLFKR
GLQ
H
UR
H
QODVF
RVDV
TXH
HOO
RV
HVFRJLHU
HQD
ORV
SUHFL
RV
GHD
WUiV SXHGD UHFLELUFRV
D GHOGLFKR WULE
X W
RGH EDMRG HQLQJXQ DFROR UQLHO
LQ
GLR VH
ORHQWUHJXH VRSHQDGH S R UTXHORVFDFLTX HV
Q RK D QGHKDFHUPiV
GHU HSD
UWL
U \VROL
FLWDUO
D SDJD\D SUHP LDUDHOOD
$YLVR
V  ,WHPTXH ORVFDFLTXHVK DJDQWUDED MDUDORVLQGLRV \VL
DOJ~Q L
QG L
RIDOWDUH
GH SDJDUHOWULEXWRDOR VGFLKRV SOD
]R VV 
HOHV D
T XHQS UHQ GDVSR Up
O\ VH
 $YtVDVHTXH
KD\
PXF
K RV
LQGLRVIXHUD
HQF
RPLHQGD
VpS
D
GH
VH
TXH
VH
K
DUi PHW DQHQOD FDM
D\ VL
Q RODVWXYLHU H
H O
FDFLTX HVHDREOLJD GR DHOO
RGHQ WUR
GH
HOORV
F
RWHMDG
RV
FRQ
ODH
QFRPLHQGD
\
HQODV
FLXGDGHV
KD\
PXF
KRV GHXQ PH VGHVSXpVGHSD VGDRS HO
O
D]RSRU TX HWHQJDFXLG DGR GHKDFHUTX H
WUDEDMHQ\ JXDUGHQ O
RV LQGLRV

$YLV
DVHTXHKD\
\DQDFRQDV
SREO
D
GRV
H
QWLH
UU
DV
DMHQDV

VpSD
VHVL
VH
U
iELH
Q
,W HP TXHKDVWDTXH HVWpW
RGR HO WULEXW
R H
Q ODFDMDG R
DGR S U
HQG DV
SRU p
O
TXHHV
WRV
SDJXH
QGH WULEX
WR
HO
TXLQWRGHOWLHPSR
TXH
\ HO
GL
H]PRGH
O
RV
QRVH DEUD D
SDU
GDUOR DORVTXH ORKDQK D
GH
EHU SRUTXH FDG DQQRWHQJ D
IUXWRV
VHD
SDUD
HO
GXHxR
GHOD
V
WL
HUUDV
FRQFDUJ
R
GH
OD
GRFWUL
QD\
HOGHORV
FXLGDGR GH TXH F VH
REUH FRQWLHPS R
JD
QDG RV MXQ
VH
WHF
RQH
OGL
FKRW
U
LEXWR
RT
XHV
HUi
GH
H
OO
R
,W H
P TX H
H VWDQGRD Vt
MXQWR VH
D EUDODGLFK DFD M
D \ G VH
pD OHQFRP HQGH UR

 <HQGR
YL
VLW
D
Q GROO
DU
KD
iPXFK
RV
LQGLR
V
GHRWURV
UHS
DU
WL
PL HQWR
V
TXH HVWiQ VXS DUW
H\GH DOOt
SD JXH D
OVDFHUGRW HODVX\D\ODRWUDSDU WHGHOGHSyVLWRVH
SXHV
WRV
SRUPLW
LP
D
HVDOOt

LU
iWRPDQG
R
PHPRUL
DGH
HOORV
H
\QYL
DUO
DKDQ TXH GHHQO
D FDMDHQGLQHUR\ QRV HV
DT XHGHHOODVLQOLFHQFL D
G H
ODMXV
WLFL D
D
OYLVLW
DGRUTXH
DQGXY
L
HUH
YL
V
LWDQGR
HO
U
HSDUW
LPL
HQWR GyQG
GH
HV
RQ ,W HPTXH ODSDUWHTXH FXSR D
O RVFDFLTX HV
\F DMDVVX\ DV\GH
F RPXQLG D G
 'HM
HQ GDGD
RUGH
QTXH
HQO
DV
SDUWH
V
TXHKX
EL
HU
HOX
JDUO

DEUHQ
FRQEX
H\HV VHOD SDJXH QORVLQGLRVHQ FLQFR MRUQDOHV G L
H] 
R
ORVF XD O
HV RFXSHQ ORV
SRU
VXV
D\OOX
V
\DS
UpPL
HQO
RV
DTXHORVFRPSUHQ\
Gp
RUG
HQ
TXHV
HO
HV
SL
GD FDFLTXHVH 
Q O
R TXHHOO
RV TXLVLHU
HQ \HQ HVW
R HQWUHQ O
DVFDMDV SHUWHQHFL
HQ WHV
FXH
Q WD
FRQV
XS
HQD
VL
QR
FR
Q WL
Q
X DU
H
QO
DO
DER
UFR
QH
OO
RV
\F
RQHWV
RDQG
DQ DODUHS~EOLFD\VX \DV
GRHO
WL
H
PSRV
HDKRUUD
U
iPXFKD
JHQW
HS
DUD
O
DV
OD
ERUH
V\PLQ
 D V
  ,WH
P VLDO
JXQR V
DR xVORVL
QG LRVHVWXYLHUHQIDOWRV GHFRP LGD SXHGDQWRPD U

(VFULED
OR
VLQ
GLRV
SRU
VXV
D\ OOXV
\VDTX
HODV
SDUFLD
OL
GDGHV
GHKDQDQV
D\D SDUDVtOD
F RPLG DGHOWUL
EXWR DOSUHFLRT XHVHOHVFDUJy HQ ODW
DVDQR HP
\
KXUL
QVD
\ D
FDGD
XQ
DS
RUV
t
SRUTXH
VH
VH
SDFXiQWR
FDEU
i
GHVSXp
V WGH
UL
 EDUJDQ WH
TXH HQWRQF HV
Y DO
JD DPi V

EXWR
D
FDGD
SDU
FLD
OL
GD
GSRU
 M XQW
R\WHQJ
D FX
JUDQHQW
DFRQ
HVWR
TXHWRG
DV  ,W
HP TX HHQHOGL
F KRERK tR\FD MDKD\DPL WD\RV GHJXDUG DSRU VXV
D\ O
OXV
O
DV
FXHQW
DV ODV
KDFL
HQGR
YD\D
FD
GDSD
UFLDOLGDGSRU
VLQ
\R
ORHQYXHO
YD
OR \HVWHULHV
J RGH O
D\ O
OXS UL
QFLSDOTXH p O
JXD UGDUH
XQRFRQRWUR
OR SRU
TX
HV H
KDQGH
V
DEHU
GHVSX
pV
FXi
QWR
UHV
WD
F
DGDVH
xRUtR
 ,W
HP TXHGRV YHFHVFDGD D xRVHG HQHQW DHQ GHUHVWDVFRQ G L
FLRQHVDORV
L
QGLRV SRUT XHQLQJX QRSUHWH QGD L
JQ RUDQFLD
3HG
L
Ui
OD
VWD
VDV
TXHHV
W
iQ
KHF
KDV
DO
SUHV
H
Q W
H
\VHJ~Q
OR V
SUHFLRV
GH
DKRUD
Ki
UVH
DGHO
DV
XQ
DVPRGHUD
FL
yQ
D
GLQHUR
\GH
ORTX
HORV
LQGLRV
GDQD
VXV )LQ
GHFD
M
D
OD
FD
FLT
XHV
\
GH
OR
TXHYDOHQORVMRUQDOHV
 TXH
SL
H UG
H
SRULU
DORVWDPE
RV
\
D
VUYLU
H H QO
DV
FLXGD
GHV
\OD
PL
WD\F
RPLG
DGHO
V
DFH U
GRWHSD
UDYHU
O
R

&RQ
IRUPH
D
H
VWD
RUGH
Q
O
RV
UHSD
U
WLP
LHQW
RV
VD
OGU
i
Q W
DVDGRV
F
DGDX
QR
V
HJ~Q
TX
HYD
GHWRGDV
H
VWDV
FRV
DVD
O
RT
X HVH
O
HV
FDUJDUH
D
K RUD
V
XSR
V
LELOL
GDG
PDV
F
RQ
WRG
R
HVW
R
DO
F
DERGH
OD
W
DVD
VH
GL
Ui
DV
t FDGD


 
 0$5$
-867,1$
6$5$%,$
9,(
-2 25'
(1$1=
$6
'(/
9,55(
<
72/('2 

LQGLRGH HVWHUHSDUWLPLHQWRVDOH
FXDWUR
SHVR
VRD
WUHV
RDFRPRV
DOL
H U
H D
\ HVWR
SRUTXH
HV
HQ
K D
ELHQ
GR
F
XOSD
GHO
FD
FLTXHR GHO
HQFRP HQ
GHUR
GL 2U
GHQ
1XHY
DHQ
 OD
YL
V
LW
D
JH
QHU
D
O
FLHQGRTXH
IDO
WDQLQGLRVR PX F
KRVVH
TXHKD\
HQYLDUi
XQDYHULJX
D
GRUD
FRVWDGHOTXH
O
RSLGLHUH\SRU
OR
TXH
D
YHULJXDU
H
V
HSRGUi
EDMDU
RVX
ELU
SRU 3UH
JXQWDV\
U
HVS
XHVWD
V
VREU
H
O
DYL
VLWD
TXH
H
VWi
DQWV
H
GH
HVW
DKHF
K D
SR
UH
O
GLFKR
)U
DQF
LVF
RGH
/L
PD
SDUD
PD
\RUG
HFOD
UD
FLyQ
GH
O
RTXH
H
VWi
DQWHV
GH
HV
W
R
FDGDFDEH]D
WD
QWRPi
V HVWRQR
HV
SDUD
DOWHU
DU
QLVH
DO
WHUH ORV
D
LQGL
RVOD
FRVWXPEUHTXHWLHQHQGH
UHSDUWLU
ORV
W
ULE
XWRV
H
QWUHVt
SXHV
\DHOURER
GH
ORV
O3UHJX
 QW
D
6L
6X
0D
MHV
WDG
GLF
H
TXH
O
RV
L
Q GL
RV
V
HW
DV
HQ
GH
PDQHUD
TXH
HQUL

FDFLTXHV
TXLWD
F
RQTXLWDUOHVODV
VHOHV PHU
FHGHV
GHO
DFR
EUDQ]D
TXH]FDQ
\QR
H
PS REU
H]F
D
Q
FyPR YVH
HULIL
F
DUi
TXH
V
HFRQ
V
LJX
H
O
RT
XH
6X
0DM
HV
W
DG
PDQGD

5HV
SXHV
WD
6L
GH
FD
G D
FLQ
FRG
tDVOR
HQ GHO
WL
HPSRVH
O
HV
WR PDD
ORV
L
QGLRV
3URYL
VLRQHV
DSDUWH XQR\V
HOH
VG
HMD
QORV
F
X D
WUR
\HG
OR
VI
UXW
RVGHO
DWL
H
UUD \
JD
QDGRV
VHO
HV
TXLW
D
HO
GLH
]PRQR
PiV
TXL
pQ
KDEUiTXHR
VH
QHJDU
TXH
ORV
L
QGLRV
VH
HQU
LTX
HFH
Ui
QV
LH
OORV
TXLH
UH
Q 
8QD
SDUDWRPDU
FXHQ
WD
\
UHVLG
H
QFLD
D
ORV
YHFLQRV\
RW
UDVS
HUVR
QDV
TXH
KD Q
WHQLGRFDUJRGH PD\RUGRPRV
LQGLRV\
\FU
LDGRV\
KD
\DU
D
HVWLWXFLyQ
VXV SDUD 
3UH
JX
QDW
3XHVS
RU
TXpW
HQLH
QGR
OR
VL
QGL
RV
WDQW
DQ
HFHV
LGDGGH
V
X V
F
RPL
GVD
LU
HQHVWREODQGD
ODPDQR
SURF~U
HVH
TXHVH
FRQFLHU
WH
Q
R
TX
HOD
GHWHUPLQDFLy
Q
VH JD
\QDGRV
V
HO
HV
KD
GH
TLX
WDU
QD
GDGH
HOO
RV

UHPLWDDO
YLUU
H\ 5HV
SXH
VWD
3

RU
TXpHO
5H\
PDQG
DTX
HGL
H]PHQFRQ
IRU
PHDO
RVHSD
VxR O
HV
3DUD
WRPDU
UHVLGHQFLD
D
ORV
FXU
DFDV
PD\RUHV
\PHQRUHV
\
SDUDU
HV
WLW
XL
UD
ORV FXD
QWR
PiV
TXH
QR
VH
OH
VKDQ
GHT
X L
WDU
GH
H
VWD
VF
RVD
VVLQ
R
FRQ
FDFLTXHV
H
QORV
FD
FLFD
]JRV

HVWRHV
MXVW
R\
SHOLJURV
R
\
WUDE
DM
RVR V
LGHUDUV
HHQ
HOODV
\O
RV
LQGLRV
H
VFRM
DQH
QOR
TXH
TXL
HUHQ
SD
JDU
3DUD
S HGLUODV
H
QFRPLHQG
DV
\
WDVD
V 
3UHJXQWD

3XHV
SR
UTXpGHO
WLHP
SR
V
H O
HV
TXLW
D
GH
FLQ
F
RXQR
PiV TXH
GH
3DUD
FRQRFHUGH
O
RV
FDV
RV TXHVH
RIUHFLHU
HQ FLYLOHV\
FULPL
QDOHVGH
IL
FLRR GLH
]
R GH
Pi
VRG
H
PHQRV
\SHGLPL
D HQW
R GHSDUWH 5H
VSXHV
WD
D
<
HV
WiGLFK
R
TX H
DXQTXH
V
HOHVXLWH
TGHFLQFR
GtD
V
XQRTXH
U

3DUD
SHGLU
WtWXORVG
H
WL
H
UUDV
\
D
YHULJXD
U
Vt HVWiQ
HQ
S
RVHV
L
yQ
GH
PiV
GH
O
R VRQ
DSDUH
MDGRV
DHQU
LTXH
FHU
VL
HOORV
TXLH
UHQ
\V
LVH OHV
HF
KDUH
LTXHHV VX\R\
WLHQ
H
QWtW
XOR
\
UHVWL
QR
W
XLUOR
D
VXGXHxR PHQRV
O
RV
LQ
GLRVQ
RKD
QGH
W
UDEDMDU
PiVGH
O
RTXHVHOHV
H
FKDUH
7RPHSDU
WH
VDO
YR HWF
)UDQFLVFRG
H
/LPD \ HUD
EDM
DU
PX F
KROD
JURV
HGD
GG 
H W
ODL
HUUD
SRU
TX H
H
OIUX
WR
VH
+HFKR
H
VDFDGRFRUUH
JLGRH
FRQ
FHUW
DGR
IX
HHVWH
WUDV
ODGR
FRQO
D
LQVWUXFFL
yQ TXHGD
UtD
GHQW
UR
GHHOOD

D
GHP i
VGH
TXHO
DRFL
RVL
GDGHV
PiV
GD
RU
L
JL
QD O
TX
H)UDQ
 FL VF
RGH
/LP DSUHVHQWyDQWH
OR
VR IL
FLD
OHV
UHDO
HVGHHVWD
FL
XGDG xRVDORV
LQGL
DRV
TXH
DOD
V
RWUDV
JHQWH
V
HQ
HOSO
HLW
R
TXH
WUDWD
F
R Q
HOILV
FDO
VR
EUH
O
RV

 SHVRVTXHOHSLG
HHQG
RV
GtD
V 

3U
HJX
QW
D
3XH
VOXH
 JRXHQ
ER
VHUtD
KDF
HUGH
PDQH
UDTXHW
RGRV
ORV
L
QGL
RV
GH
HVWH
SUHVHQ
W
H
PH V
GHVHSWL
H
PEU HH
TXHGy
HQ
HO
UH JL
VWUR
HV
FU
LWR
HQ
FXDWURKR
MDV WU
DED
MHQD
O
DF
DQW
LQD
\
TXHQR
 KR
OJD
VHQ

HV
RVF
XDWUR
GtD
V
TXH
\
VH
FRUULJ
Ly
HQHVWD
FLXGDGGH
ORV5H\HVHQ
VH
LVGtDV
GHOP
HV
GHVHS
WL
HPEUH
GH TX
HGDQ
SDUD
HOO
RV
SXH
VTXH
QRDQG
K H
WUDEDM
DU
PiVG
HSDUD
OD
PLOH
TXLQ
LH
QWRV
\
VHWHQWD
DxRV W
DVD

) XHUR
QGH
HOO
RV
WHVWL
JRV
$OR QVR
*XH
UUH
URH&ULVW
yEDO
0pQGH]
<$R
O
RQVR 5HVSXHVW
D
 %XHQR
VH
UtD
PDV
ORV
L
QGL
RV HVW
i
QKHF
KRVHQ
ODV
PiVS D
UWH
VD
+HUQiQGH]

HVFULE
DQRGH6X0D MH
VWD
G5H
DOHS~E
O LF
RGH
HVWD
GLF
KD
FLXGDG
I
Xt KRO
JD
UVH
PXFKR
\
VL
GHPX FK
RKRO
JDUORV
T XL
HUHQS
DV
DUDPX 
SUHVH
QWH
DORTXHGLFKR
HV3RUH
QGH
KL
FH
DTXt
HVWHPtR
VL
JQRTXHHV
WD
O
$ORQV
R F
KRWUD
ED
MDU
TXL]
i
VH
SHUGHUtD
O
DW
L
HUUDT SRU
XH
GH
Q DGL
HHVW
i
+H
UQiQGH]
HVFU
LEDQRS~E
OLFR
 WD
QSH
OJURV
L D
FRPR
GH
ORVL
QGLRV
SX
HV
K D
\GRVFL
H
QWR
VSDUD
FDGD
1RV
ORV HVFULEDQRVS~EOLFRV
GH
OQ~PHUR HVWD
GH
FLXGDGGH
ORV 5H\HV
TXH HVSD
xRO
DTXt
IL
UPDUQRVQ
XHVWURV
QRPEUHVGDPRV
I
HT XH
$ORQVR
+HU Qi
QGH]GHTXL
HQHV
WD
FDUW
D
YDILUPDGD
\V
LJQDGDHV
HVFULE
DQR
S~ EOLFRGH
Q~P H
URGHHVW
D
F LXGDG
GH
ORV


3UHJX
QW
D
3XHV
Ki
QVHGH
TXHGD
U
ORV
LQGLR
V
F
RQ
HV
D
FRVWX
PEUH
SDUD
V
LHPS
UH

5H\HVT
\ XH
DODV
HVF
ULWXUD
V
VLJQD
GDVGH
V
X VLJQR
\IL
UPD GDVGHVX
Q RPE U
HFR
PR 5HV
SXH
VWD

 (VR
V
HUHPHGLD
Ui
FRQPiVVHJXUL
GDG
HOW
LH
PS RDGHO
DQWH
SRU
TX H
YD
HVW
DK VH
DGDGR
\GDH
Q W
HUD
IHFUpGLWR
\ HQ
M
XLFLR\
IXHU
DGHO
\HQ GH
IH HOO
R OD
MXV
WLFL
DDEK
Ui
FREUDGR
Pi V
IHX
U]D
V\O
RVLQGLR
VVH
LU
iQH
Q
OR
IL
UPDPR V
GH
QXHVWURV
QRPEUHVHQ
ORV5H \H
VD

GLH
FLVpL
VGtD
V
GH OPHVGH
 RF V
D\DQGRH
QHO
WU
DEDM
RFRQHV
WH
XQ
GtD
GHFL
Q F
RTXHD
KRUD
VH
OH
V
WXE
UHG
HPLOTXL
QLHQWRV
VWH
HQWD
DxRV

-DQ
X 9i]TXH
]H
VFULEDQR
S~EOLFR
 (VW
H PDQGD
WUDED
MDU
\H
OORV
LU
iQV
LQWL
HQGRH
OSU
R YHFKR
\HOS
URYH
FKR
EDQ
3pU] H

HVFULEDQR
S ~EOL
FR
 )UDQFL
VFRGH
O
D9HJD
HVFULEDQR
S~ EOL
FR
 O
HV
DILFLRQ
DU
iD
OWU
DEDM
R
 0$5$
-867,1$
6$5$%,$
9,(-2
25
'(1$1
=$6
'(/
9,55(<
72/('
2 
3UHJXQWD&RQ
HVD RUGHQGH
WL
H
PSR
TXLQWDUOHVHO
\GLH]PDUOH
V
ORV IUXWRV
KD
FLHQ
GD
OR
FD
XO
Q
R DV
HV
t
SRUTXHH
QOD
VUUD
HQ tD
KD\S
REUHV
FUHFHUi
OD
UHQWD GHO 3HU~ R GHVFUHFHUi
U
\LF
RV
FRPR
HQWUH
QRVRWURV\
H
V R
GHO
URER
GH
O
RV
FDFL
TXH
VH
VW
i
5HVSXHVWD3DUHFH
TXHSRU
HOWLHQWRGHFXHQWDVTXHVHKD\D
WRPD GRS RUDO
 UHPHGL
DGRHQHO
FD
StWX
OR

GH
ODL
QVW
UXFFL
yQ
\
DOOt
V
HYH
Ui
JXQDVSURYLQFLDVOOHJD
ODWLHUUD D GHWUHV
RUR UHQW
GH
D
FXHQWRV

3UHJXQWD
3 D
UDT XpVH KDQ GHPHGL UO
DVWLHUUDVEDUEHFKDG DV
\ DKRUD XQFXHQWR\
HVWiHQPLO GRVFLHQWRV
GXFDG RV
5H V
SXHVWD0iQGDQV H PH GLU
SDUD GRV F
RVDVODXQ DSDU DV
DEH USRU HOODVO
RV
3UHJXQWD1R
VHUiPHMRU\ PiVIiFLOHFKDUHVHWULEXWR
SRUFDE
 H]D VFRPR L
QGLRVT XH KD\ SX HVODWLHUU
D TX HVH KO DDU
OHFXOWL YDGDQ RVH
VH KDFHHQ &DVWLOOD\ PDQG DHQOD UXFFLyQ
,QVW
HO
GH5H\OR FXOWLYyHOODGHVX\R
OD U
DSRW
DUD VDEHU GHORVL
QGL RV GHSRUDOOt
GHMXOLRGH \FODURHVWiTXHHVWiPHMRUSXHVWRGRVOR
GLF HQ FH
UFDGH FR PR DFXGLy DTXHOODWL
H UU
D SRU FDGDWR SR O
RV WLHPSR V
5HVSXHVWD0HMRU
QR PiVIiFLOVt\
DORTXHVHGLFHFRPR
VHKDFH H
Q&DV GHDWUi
V \ YHQLUDVDFDUSR UH
V WRXQ DxR FRP~ Q FRPRK VH
DFH
WLOOD\OR DSXQWDHVDLQVWUXFFLyQVHQLHJDSRUTXHHQFXDQWRD HQ&RQVH
HO MRG H
+DFLHQ GD\GHVSXpVD H V
WHDxR OR
FR P~ Q HFKDUO
H
GH &DVWLOOD
\DVH VDEH VHUYLFLR
TXH HO R R U
GRQDWLYR
GLQDULR \ HO
GLH]PR FRQ HO
VHFUHWRT XHDSXQWDX QRHV GH
WRV GR VFDSt
W XORV
H[WUDRUGLQDULRVH PDQH
UHSDUWH
UDV 
RUD SRUFX HQ XQD GH GRV GHJHQWH
QDPDVRUD DO
SRUKDFLHQGDV\ILQWRGRYLHQH
D
VHUSR UKDFLHQGDV  3U
HJXQ
D WD+DEUiX Q LFQ
RQY H QL
HQWH HQHVRTXHH QF RPH Q]DG QR DPH GLUO
D V
SXHV ODV FXQDPDVUHVSHFWRGH KDFLHQGDV
HVWiQ RUGH QDGDV ODV WLH
UUDVEDU EHFKDGDV GHMD UiQO
RV LQGL
RV G HEDUEHFD KU <VHG HV
ODV DOFDEDODVODV
WHUFL
DV
ORV GLH]PRVODV
VDOLQDV\ D OIROt
V

WUX
LUiQD V
t \HQ JDxDUiQ DOTXHORVYLVLWDUH
VHUYLFLR\
PRQWD]JR
ORV
DOPRMDUtID]JRV VHGD
OD *U DQ
GH
D GD\
RWUDV
UHQWDV
HQWRGDVHVWDVFRVDVHOTXHODVYLHQHD
GHVHP ERO 5H V
S XH
VWD(VRV
H U
tD VLODYLVL
WDKX ELHVH
GH GXUDUPX F KRV
DxR V \\DTXH DO
VDUQRHVSRU
FDEH]
DVVLQRVHJ~QORPXFKR
RSRFR TXHFDGDX QR FDERGHHOODORVLQGLRVFR PHQWDUH QH
V WDPD OL
FLD
SRGU t
DQ V
H PHG LU
SDUWLFLSDGHODWDOFRVD\ORVPLVPRV Vt
UHSDUWHQ ORV LQGLRVHQWUH OD
VWLHU
U DVT XH KXVH
ELHUHQVHPEU DGR HO DxRSDV DGR TX H
VH Ut
DQ
WULEXWRVSRU KDFLHQGDVODV TX HWLHQHPiV FXDOHVFRQVLGHUDQHO IiF
LO
HV GH FRQR FHU
JDQDGRVFRJHPiV PDt]\ SXHVSRU TXH WLHQHPiV
QRV ERKtRV
 3U

HJXQWD< ORV
L
QGLRV T XHQRWLHQHQ WL
HUUDVFyPR VHVDFDUtDQ SRUHOOD
 V
KDEHPRVGHDSDUWDUGHORTXHHOORVPLVPRV
KDFHQ HQWUHVt
\HVR 5HVSXHVW
D &
RQYHU\ FRWHMDUHO
SDGUy QGHOV D
FHUGRWH FRQO 
RTXHHO YLVLW
DGRU
GH FDEH]DVWDQWR
XQDFRPR RWUD
D
HV D GDxRVR
SR UXH
T \D VH WXYLHUH
HVF ULWR
\ FRQG 
HF LU
TXH H
OFDFLTXH T XH
GH VFX E ULH
UH
LQG L
RV
VDEHTXHXQDVSURYLQFLDV PXFKD VWLH
UUDV\ RWUDV
\SXHEORVWLHQHQ SDUD
ORV FXD O
H VW
HQJ DSRF DV
WLHUUDVOHKDU iQVHxRU GHODVWLHUUDV
SRFDV
XQDV VRQIpUWLOHV\ XQDV VHKLHODQ
RWUDV
ORV HVWpULOHVHQ GHO RWUR FXDQW RPiV TXHPX\ SRFV R VRQ ORVLQG LRVTX HQR
IU
XWRV\HQ
RWUDV
QRHQRWUDV
YDOHPXFKRODFR PLGD HQ RW
UDV WLHQ
HQWLHU UDV\WDPE Lp
Q O VH
HVSRGUtDGH FL
U TXHFXD OTXLHUL
Q GLR
SRFRH
QXQDVKD\
PXFKRVSDVWRV\ JDQDGRVH
Q RWUDVSR FRVR TXHG H
VFXE UL
HUH LQGL
RV OHKDUiQ VHxRU G HORVT XH GHVFXEULHUH
QLQJX
QR V
HQ
RWUDV
KD\DSDUHMR
SDUD JDQDUEXHQRVMRUQ DOHVHQ
3U
HJXQWD (V
RGHK DF HUD ORV
LQGLRVVHxRUHVGH ORV TXHGH VFXEULHUHQ VHUi
RWUDV
QRO
HKD\WD
QWR
HQRWU
DVQR OHV
VREUD
WL
HPSR SDUD DO
TXL
FL
HUWRSR UT XH V
LHVR VROREDVWDSU DD TXp VRQO DVGHPi V GLOL

ODU
VHHQRWU
DVOHV
V
REUDPXFK R\ HQXQDPLVPD SURYLQFLDVH
JHQFLDV
KDOO
DUiQHVW
DVGLIH
U
HQFLD
VSRUOR
F XDO
DXQTX H
VHD SRU UHSD U
WL

PLHQW
RV\FU
HFL
HQGRR
EDMDQGRODVFDEH]DVVHJ~Q
ODJURVHGD GGH 5HV
S XHVWD
1RVHUiFLHU W
RSRUTXH XQRVVHHQFXE UHQ RWUR
DVGH ORV
FFLDTXHV
FD
GDWH UUD
L GRQG H
KD\SREUHV ULFRV
\GD HV
xRVR SR U
TX HVL
V H \O
RVLQGLR VSDUWLFXODUHVQRRVDUiQKDF HU HVHGHV
FXE UL
PLH QWRSRU
KDFH
SRUTXHORV
 FDFLTXH
VQRUREHQ 
SRU
DWDM
DUHVWHPD OV
H KDFH TXH\D VD EHQ T H
X G
HVS XpV OHV
KDQ PGH
DWDUVLQ T H
X V
 H
V H
SD
RWU
R\HV
TXHORV
F DFL
TXHV
HFKDQDKR UD XQD
UL
FR VHL
VS HV
R V\D
 SRUP iVF LH
U
WR OR
GHODV WL
HUUDVS U
RT XH DVtW
RGR VW HQ
L HQVHP HQ
XQSREH
UGRV
SHVRV
GLJDPRV\HFKD QGRD
SREHV
U\D ULFRVDFXD WHUDV

WUR
SHVRVD
FDGDXQR
FODUR
HVWiTXH KXUW
VH
DUtDQ D
TX HOORVGRV 3UHJX
QWD 1
RSR GUiQORV LQGLRVDOW
LHPSRGH SH GLUOHVSRUPHQX GRODF
X HQ
SHVRV
DOSREUH
SDUD
GDUORV
DOUL
FR\ H
OOR
VQRKDQ GHSDVD USRU WDGHODV WLHUUDVTXHFD GDXQ R V
HPE Uy DTXHOD xR FDUJDU VH
G H
HOOR
TXHHQYROYLHQGR
 H O
M
XH]OD
VHSDVOD G
VVH
KDQGHYR OYHUDVX Pi V
GH ODVTX HIX
H UHQ VX\DV
SRU GHIUDXG DULQGL
RV 
FRVWXPEUH\
SXHVS
DUHFH
EX H
Q D
GHEUtDVHGHJXDUGDUDXQ TXH QR 5HVSXHV
WD 
+DELpQG RO
RV S UHYHQLGRGHTXH QDGLHVH FDUJXHGH Pi VGHORTX H
IXHVH
V
LQRSRUH
YLW
DUO
RVLQ
FRQYHQH LQW
HV TXH
WUDH
Q ODVQRYHGDG HV IXHUHVX\R SRUTXH
 WRPD
VLOR DM
HQ R SDJD U
i WLEUX WRSRUH OO
R
\D
OR
TXHVH
GLFH
HQO
DLQV
WUXFFL
yQ GH
GHM
XOL
R TXHORPDQ GD FUpHV
H T XH QDGLHVH TXH Ui
UHK FDUDF H X
VWDVOD FDUJD DMHQD <
HO5
H\Q
RPDQGDWD
OV
LQRTXHV
HGLFHTXH
VH
YHDVLVHUiEXH QR\ GHVSXpV DO VXPD USRU FDGDG HPi VGH R PHQ RV VH V
DFDUi OD
SUHV
XSRQ H
SDUDHOO
RTXHO
RV LQ
GLR VO
DEUD
GRUHVV RQLJX DO
HV HQ
PH QWLU
D 
25'(1
$1=$
6'(/
9,55(
<
72/('2 
 0$5$ -867,1$
6$5$%,$
9,(-2

TXHKDQGHKDFHU
HQLUIXHU
DGHVXF
DVD D
EXVFDU
ORVMRUQD
OHV

3
UHJXQWD&yPR
VHKD GHFDVWLJDUHVWDPHQWLUDDO
TXH
VH
FRJLHUH SULPHUR
HQ HOOD \VL
P iVIX
HUHPHQHVWHUTXtWHVH
OHV
P iV
V HJ~Q
OD
G L
VWDQF D
L

5HVSXHVWD&RQ
SULYDFLyQSHUSHWXDGH
\
GHVWLHUURGHOUHLQRSDUD
FDFLFD]JR 

3U
HJXQDW
'
H TXpVLU
YHGHT
XH V
HSRQJDHVHOt
PLW
HGHFLQFR
M
RUQ DOH
VSDUD
DWHPRUL]DUD WRGRVORV GHPiV ORV
FDFLTXHV
\FDFKDV

3UHJXQWD(VDV 5HVSXH
V
WLHUUDV VHUtDQWUDEDMRVDV\ FRVWRVDVGHPHGLUWD
6LUYH
GHTXHFD
GDLQGLRV
HSDTXHHQGDQ
GR FL
QFR
MRUQDOHV VXV
D
5HVSXHVWD+iVH F
D FLT
GHPDQGDUDOHQFRPHQGHURTXHDVXFRVWDHQYtHPHGLGRUHVXHVDKRUDV HD
HQODV
VHP HQW
HUDV
R U S
RDV
R 
PHQV D
MHUtD
V
HSXHVVH
WUDWD
HQ HOORGHVXSURYHFKRTXHpOD\XGHDOJRQR V
X \DV
R GH
OD
UHS~EOL
HVFDRHQ
OR
T XH
ORV
FDFLTXHV
TXLVLH
UHQQROV
H
PXFKR\
SDUD
PiVVDWLVIDFFLyQ
DO HQYtHHOWDVDGRU VX GH
JXD
FLOFRQ EHQPi VH V
\
WDKDVLGR
ODF
DX V
DGHODRSUHVLy
Q
GHORVLQGL
RV
HOORV\ YD\DQWRGRVMXUDPHQWDGRV\
HV
Wi HQ WDQWR HOQRK
TXHDEHU
VDELGR
HVWRHOORVTXH
VHKDQGH GDU
DVXV
FDFL
TXHV\DV 
X
KDFLHQGRHVWpHOWDVDGRUHVFULELHQGR
\
SUHJXQWiQGROHV ORVLQGLRV UHS~EOL
F D\
HQ
VDELHQGRTXH S
DUDWRGR
HOOR
QRKDQGH GDU
PDV
FXiQWRVWRSRVWLHQHFDGDXQR\FRWHMHGHVSXpV
OD
PHGLGD
FRQOD GHFL
Q F
R M
RUQDO
HVHQG Q
i GR
OR
VVHSRGU
iQ TXHMD
UVL OHV
VH
SLGH
GHFODUDFLyQGHORVLQGLRV PiVVLQSDJD


3UHJXQWD(Q 
D
OR GHORV JDQDGRVSRU TXHORV HVFRQGHUiQ3UH
JXQWD
XHV3
SRU
WRGRV TXpW D
VH
V
DQ HRV
VFL
QFRM
DPD O
HVHQ
SH V
R V

5HVSXHVWD3DUD
HVRVHPDQGDQRWLILFDUDOHQFRPHQGHUR
SDUD
TXH
DV
KDJD 5HVSXHVW
D+iFHVHSRUGHPRVWUD
FLyQTX H
S DUD
KDFHUO
RKD
GHVH
UGH HVWD
EXVFDUSXHV pO \ VXV FULDGRV UHSD
UWL WHUQiQ PiV QRWLFLDVPDQHUDV
DEHUO
RVMUQD
GHOR OHVTXH
H O
FD
FL
TX HOO

HYDV X
D
V
L
QGLRV\ VL
PLHQWRTXH
KD
YHLQWHDxRVTXH
OH
YH WUDWD
\ SDVD \D TXHQR QRSDVD
Q G GH
LH]
SRUTXHKD\DW
DPELpQHQ
HVW
ROt
PLWH
FRQRFLGR
HOYLVLWDGRUTXH
KD
GHSDVDU
ODUJR
 GH WD
VDUORTXHYDOH
 Q DTXHOO
RVFQF
LR RP
iV MRUQDOHV
DOOt
HQHO
SXH 

3
UHJXQWD3RGUtD
H[FXVDUHVRGHOJDQDGR
SRU
HVHSHOLJUR EO
R\VREUHHOO
R
HFK D
UGRVGLH]PRV
R
XQRRORV
TXH
OH
SDUHFLHUH
SDUDORV
FDFKDV
\ YLV
WR
WRGRORTXHHVWRV
M
RUQD
OHV
YDOHQ GL 
D
5HVSXHVWD1R
VH SXHGHH[FXVDUSXHV GHO
SRU
VHKD
O

D GH VDFDU HOGLH]PR
QHURGHV
FRQWiUVH
ORGH
ORV
 SHV
RV
TXHPRQWD
WRGR
HOF
D UJR
UD]yQ TXH HVWi WUDWDGD WRFDDO
IHQ
UXWR
OR GH DWUiV HQOR TXH
GH
OD
WLHUUD 

3U
HJX QWD
/RTXHWRFDD
ODPLWD
GH WD
PE RV
\RWU
DVPLW
DV
FyPRVHKD GH

3UHJXQWD3RU
TXpVH PDQGD
OD
PLWDGTXH
GHORV
KXD
\QDVQR
LQGLRV
PDV KDFHU
YD\DQD WUDEDMDU D ODV IXHUD
GH
FLXGDGHV\
V
XV 5HV
S XHVW
D
9H
D RWUDVODERUHV UORVLGQ
LRVTXHHQ XQ
DxRRFXSDUiQ
VH H QL
UDVUY
HLU ORV
WLHUUDV
SRU
\ TXpQR VHPDQGDTXHYD\DQWRGRVSXHVHO
WL
H
PSR WDPERVDVtGH
LGDY X
H
OWD\HV
WDGDH
Q TXH
QRL
QWHUHVHQ
M
RUQD O
GHHVWH
WUDEDM
RKD
GH
V
HU GHVSXpVGH
D
FDEDG
D
VODV
OD
E RU
HV
 \VDE
LGRORTXHPRQWDDGLQH
URHVWD
S pU
GLGD
GHV
FRQW
DUO
D O GH
RV
5HVSXHVWD0
iQ
GDV
H
LU
O
DPLW
D
GQR PiV
SRU
TXH TXHG
QR
HQGHVS
REO
DGRV GLFKR
VSHVV
RGOHF
D U
JR
ORV
SX
HEORV
\SRUTX
HKDQGHV
H UYLU HQWDPERV
ORV
\DFXGLU
D 

3U
HJXQWD
3XHVGLF
HQTXHHV
FRVDFHL
UWDTXHORV
LQGL
RVKROJDUiQ
PXFKR
KDFH
U
VXVFDVDVFDPLQRV
\SXHQWHV
\RWUR
D
xRLU
i
ODRWUD
PLWD
G \DTXHKD
QGH DO
LU WD
PER GHTXHHQHO
WD
PER KXELH
VHL
QGL
RV
<DVtGHGRV
DGRVD
RxV
O
HVFDHUiHVW
DREOL
JDFLyQ
 W
DP ELpQFRQ EDVWD
QWHV
SDUDTXHFRQGVH
FDQVROHYD
OVHQD TXH
OW UD
EDMRUSH
DU
OD
PLW
DG
TXHVDO
GU
iKDEUi
PX F
KR VH
UYLFLR
HQ
ODV
FL
XG
D GHV
\D 
FX WL
pQGRVH
HQWUH
PXF K
RV\TXH
FRQHV
WHUHPHG
LRHVW
DUtD
QHOOR
V
Pi V
GLU
iQ
DOJXQRV
D
ODV
PLQD
V\KD
OODUiQ
ORV
KRPEUHV
MRUQ
DOHURV
SRU FRQ W
HQW
RV
TXHFRQHVRV
GHVF
XH QWRV
\DV
tVREUH
H
V W
RKDQJD
VW
DG R
VXGLQHUR
\QR
TXHVH
HVW
pQ RFLRVRV
FXDQWR
Pi VTXH
FRPR HOO
RV PXF KRV
GL
QHURV
VH
SDQRW
UDV KDELOLGDGHV
H QTXHJ D
QD U
DTXH
OGLQHU
 R QDGLH
OHV 5HV
SX HVW
D
(VFRVD PX\
FL
HUW
D\DVt
ORGHEHQGHSUR
FXUDUOR
VTXH
SURYH
REOLJDD GH
VXV
FD
VDOLU
VDVVLQR
JDQDUDT
XHOO
D
VXPD
H QDTXH
OORV \HURQOR
V
WDPERVGH
T XHHQ
WRGR
FDVRHO
WD
PER TXHGH
ELHQ
SUR

GtDV
TX
HSDUD
HVWRVHOHV
VHxDODQGRQGH
HOORV
TXL
VLH
UHQ YHtGR LGH
QGLRV\TXHFRQ
WRGRHV
WRVHOHV
KDJDGHVFXH
QWR SRU


3UH
JXQWD$PLW OD
DGGHORV
RWUD
L
QGLRVKXD\QDV DOD
\ GHPiV JH
Q W
HGHO HOWL
HPSRTX
HSLHUGHQUHVS
HFWRGH
OVHU
YLFL
R GHO
W
DP E
R
SXHEORTXp
V
HOH
PDQGDKDFHU
 
D
3U
HJX
QW
D 
&RPRVHSRGUiV
DEHUTXH
HOW
DPE RHWV
iEL
HQSURYH
t
GRGH
V H
U
5HVSXHW
V
D
5HVSRQGLG
RH
VWiDQ
WH
VGHH
VWRTX HH
QVX
PLVPR
SXHEORVH
KDQ YL
FLRF
RQSDOFHU
\GHV
FDUJR
G H
ORVL
QGLRV

GH
RFXS
DUH
QKDFHU
URSDORV
 GtDV
TXHH
VHO
TXLQ
W
R GHOWL

HP 5HV
SXHVW
D1RFRQSRFRWDE
UDM
RQ L SRFRV
HQ GtDV
V
HKDVD
ELGR
ODYU
H
GDG
SR
THXV
REUDGHODV
VHPH
QWHUDV
 GHH
VRSRUTXHHQPXFKRVW
D
PER VO
RKDPRV
W UD
GR
ODH
[SHULH
Q

3UH
JXQ
W
DH
3XHV
SRU
TXpD
ORV
TXHK
DQ
GH
LU
IXHUD

GtD
V
\DO
RV
TXH FL
D
ORVXQRVHV
W
DQGRFRQW
HQWRV
ORV
RWURV
GHV
FRQW
HQWRV
\ TXH
OR
TXH
G D
Q HQ
VX
SXH
EOR  VH KKD
DOO
DGRT HV
XHVL
D
XQWDPER V
DOHQHQ
XQ
DxR

F D
U
5HV
SXHVW
DF4Xt
WDQVH
D
OR
VTX
HK
DQGH
LU
IX
HU
D
GtD
V SRU
OD
LGD
\Y
XHOW
D JDV
\HO
WDP ERXQD
DSDUWH RWUD
\
WXYL
HD
VH
VHL
V
OHJX
DVTXH
DQ
 0$5
$-8
67,1$
6$5$%,$
9,(
-2 25'
(1$1=
$6
'(
/9,55(
<72/('2 

GDUTXHHVWDUtD
ELHQS URYHtGR GHVHUYL
FL
R FQR LQGLRV  D
3UHJXQ
WD 3
RGUtDV
HGD U UHJODGH HVR
KXD\QDVS DUDTXH H
QWUH HRV
OOD QGHUHSDUWLGRHO WUDEDMRGH 5HVSXHV
WD 6LPX \
ELHQ  PD V
SRU O
DIDOWD
FRP ~Q GH
LQGLRVVH
UtDGDxRVR<QR
DTXHOV
ODFDUJDV KDEUtD
OX JD UG 
H HMHFXWDUVH


3UHJXQ
WD 'HPDQHU DTXHFD UJDV D LQGLR

V
SRU OHJXD V
DOHQ  D
3UHJXQ
WD3 RUTXpFDX V D
5HVSX
HWV
D 0X \ELHQ
GLFKRHVWiDVt 5HVSXHV
WD3 RUTXHSRQ JP DRV FDV
R DXQSXH EO RGH 
LQGLR
VTXH H
VWiOHM
RV

3
UHJX
QW
D 3XHV
FyP RVH
KDU i
GHHVRUHJODJHQHU
DOTXHV
LUYDD O
WDPE RTXH GHOW
DPER OH FDEHQ GRVG tD
VFDGD PLWDHQHOW
D PER 
WDUGDHQ
OOHY
DUH
 FDU
J DV
y  JDVy
FDU FDUJD V\DVt
PiV YHQLU
\YR OYH UDVXFDVDHVRVGR VG 
tDVTXHVHO
HK DEtDQGHTXL
RPH QRV WDU
DHVWHF ODURH VWi
T XHOL
EUHT XHGDUtD\ORVGHPiV L
QGLRVGH
5HVSXH
V
WD 'H
HVWDPDQH UD
SRQJDQ GHTXLSXFDPD\R VH
Q W HO
DP ERTXHVH MXQWR
DOWDPE R FDUJDGR V\
SRUH VR HQHVWRV
FDVRVV
HKDGH DF
X 
DJUDYLDUH
SRUWLHPSR GH
V H
LVPHV HV
W
UHVGHLQYLHUQR\WHV
UGH GLU
DOGHVFX HW QRGH O
WULEXWR
YHUDQR\
F XHQWHODV
FDU JDVTXHV 
DOL
HUHQ DTXHGH
OWD
 PER H
Q 3UHJXQW
D6 LO
RVLQGLR V T X H
YLQLHUHQ OHM RV
GH WLH
HQ
PS RGHOL
QYLHUQ R
KX 
DTXHOORV
VHL
V PHVHV\GREOHDTXHOODVXP D
\ VUi
H XQ DxR \ OD ELHVH
QGHSD VUD UtRV
\Q tYH
HV\
F D PL QRVSHOLJ
URVRV
T Xp
UHP HGLR
FDQWLGDGGH
FDUJDV
TXHVH
K DOO
DU H
TXHSDVQ
DHQXQ DxRVHOH
VSR 5HVSXHVW
D ' DUO
HV
D H
V FRJHU H Q
T XpWLHPSR GH ODxR
T XLHUHQ
ORVWDO
HVVHUYLU
GUiQGDU
ORVLQGL
RVSRUHVWHFG DE
DULR HO
WLH
PS RT XH OH V
FDEH\PDQ GDUHVOHVFRJ HU
GHXQDYH]SRUTXH
$ 
FDUJDVHQXQ OHYLHQHQ
DxR
LQGL
RVSR UO H

JX DHQ
XQ QRGHVFRQF LH UWHQDORVGHPi V V
\ XSODQ HOVHUY
LFL
RGHDTXHOWLHP
DxR FRPR\DHVWi
GLFKR SRGHLQYL H UQ R 
SXHVOR V
G H
OHMR VOHKDQ GHV
HUYLUGREODGRHQ
$ 
FDUJDVHQXQDxRO 
HYLHQHQLQGLR
VSR UO
HJXD HQ
XQ YHUDQR
DILR
  
3
U
HJXQW
D  (QFXDQ WDVPL WVDVHUiELHQTXHOR VLQGL
RVUHSDUWL
HVHQHODxR
$ FDUJ
DVHQ XQDxR O
HYLHQHQLQG 
LRV
S RU OH
JX D HQ
XQ 5HVSXHVW
D  (QWUHVPL WDV S RUH[F XVDU
ODVL
GDV \YHQLGDVTXHVHFDXVDQGH
DxR3RUDTXtVH
SXHGHVD FDU
WRG DV
ODVFDU
JDVTX HVH
KXEL HUHQ TXHO 
D
V PLW D VD QG H
Q DSULVD
GHSURYHHUV
XELHQG R
RE DMDQGRD F
DGDOHJXDTXH HOWDPE R
WX  
3 UH
JXQW
D&RQ OD RUGHQ GH HH
VDEFG DULR
 FXi QWRVGtD
VVHUYL
UtDXQ L
QGLR
YLHU
HTXHD 
QGD U
DDPE DVSD UW
HV HQ XQ
WDPE R F DGDDxR


3UHJXQW
D <VL HVH
DEFGDULRQRVH
SX GHUH
L FXPSOLU
SRUIDOW
D GHLQGLR
V 5HVSXHVW
D  6H
UYLU
iGR FH GtDV \
PH GLR\HV
WD U
i HO
WDP ERPX \ELHQVHUYL
GR
5HVSX
HV
WD 7DQWR
GLQH U
RVHGHVFRQWDUiGH
ORVSHV
RVFX DW Q
RVGtDV
SHU \OV
RLQGLRV PX \GHVFDQV D
GR VP DVVL
VHGLFH
SRU GHVFRQWDU
G H
GLHUHQ
ORVLQGLRV
SRULUDOWDPER 
PD V\DVHKD GLFKRTXHOR O
DWDVDHVWRV GRF H
GtDV\PHG LR
GL JRTXHQR K D
VH
QGHGHVFRQDWU
TXHOR
VLQGL
RVPi VTXLH
UHQ HV
TH XT
X HGH
QGHVFDQ VG D
RVGHVHUYL WDQWRV
SRUGH TXH
HVWRVGtDV
ORV VHL
V R
VL
H W
HGHHOO
RVSR UOR
PH 
FL
RDXQTX HV
HDSDVDQGRLQGLRVGHXQRVWD
PE RVTX HW
LHQHQVREUD Q RV
JDQ DUiQ MRUQ DO
\ GHHVWRV
QR VHKDQGHG HVFRQWDU
VLQRORV
DORV
TX HW
LHQHQIDOW
D\ DVtGHPDQR HQPDQ RKD VW
DTX HFRQ FLQFRTX H SLH VHUGHQ 
IDFLOLGDG
VHFXPSO DGHVHUYLFLR
H O
W
DPER DJUDYLDGR \HQWDQWR 3UHJXQW( D QHOW
D PER GRQ G H
ORVHVSD ItRO
H VKDF HQ
F RQWLQ
DQRF KHQRV
HOHV
TXHQ 
R
VHKLFLHU
HHVWR
QXQ FDO
HVIDOWD
UiQ
SOHLWRV
SR UHV
RVHGHEH KDGHGH MDU Pi VJHQWHSX HV
OR
T X HVH
KDWUDWDGREDVD
W DTXt
KD
PLUDUPXFKR HQTXHTX HGHQGHVFDQVDGRVTXHHV \DJUDQGHOD VLGR
UHVS HFW R GH O
DVFDU JDV
FDUJD
GHORVWDPER V
\QR VHSXHGHFDPLQDUSRUH 
OUHLQRVL
ORV 5H VSXHVWD ' HM
DUiQVHOH  yLQG L
RVPiVT XHDO
RVR WU
RV
PL GLpQGRORFRQ
WD
PERV QRHVWiQSURYHtGR V
 ODSRV
LELOL
G D GGH L
QGLRVTX H
SDUD H O
ORWXY
L HU
H SU
D
RSyVLWR
\VQL
R
3
D
 UHJX
QWD <VL
GHXQWDPER VDOLH
U
H QPXFKR V
FDPLQRV
TX pFXH
 QWD VHKDUi EDVWDUDTXH V
H OHGHMHQOVRGOHD 
EF GDU
LRSR U
TX HHV
WiE L
HQUHV
KDVWD
HOWDPER\GHDOOt
DG HODQWH
SRUORV
FDPLQR VT XH
VHDSDU SHWDGRDO G HVFDQV RGHORVLQGL
RV 
WDUH
Q 3U
HJXQWD /DPLWDTXH K DFH
VH DO
VDFHUGRWH HQ VX
F
DVD HWLH
\ OPSR TXHORV
5HVSX
HW
VD6L
VHHQWL
HQG HEL
HQORTXH\D
 K D
VH
GLFKR
ORPLVPR WLH
QHKDVW
D LQGLRV
S LHUGH QS RUL
U DOVHUYL
FLR FRP~ QGHODVFL
XGDGH VFyPR
DOOt
TXHG HDOOt
DGHODQWHT XHSRUHOPL V
PR D EFGD UL
R VH
KD VHVDWLV
IDUi 
GHUHJLU 5HVSXH
VWD  (VRHV SFR D FR V
D SRUTX H U VH
H SDUWHHQ WU
HPX FKDJHQ WH
PD V


3UHJX
QWD$ ORVL
Q GL
RVTXH HV
WXYL
HU HQOHM
RV OW
GH
DPER\ DO 
RVTX HHV
WX WRGDYtD K D
VH GH
GHVFRQ WDU
DOJX Q DFRVDGHOWU
LEXWRSRUHOOR
R
YL
HUHQFU H
FD GH
OVL
HQGR LJXDOHVHQQ~P HURUHS DUWLU
iVHWDQW
R IDYRUHFLHQ GR VLH PS UHDO
RVLQGLRV HQODV
FX H
QWDVVHSXHGHK 
DFHU
VHU
YLFLRH
QHOWDPE RORVXQRV
D FR PRDORVRWU
RV  VDWLVID
FHU
5HVSX
HV
WD 1RVLQR
T XHD
ORVTXHYLQLHUH
Q GHOH
MRVVH
HFKH QDOJXQ RV
GtDV 3UHJX
QWD 8Q DFDMD GH GHSyVLWR TX H PDVH QGDKD FHU
S DUDTX p
HV GH
R
PHQ RV
SRUO D
Pi VRFXSDFL yQGHOD
LGD\YXHOW
DDVX V
FDVDV TX pVLU
Y H
 0$5$ -867,1$6$5$%,$9,(-2 
25'(
1$1=
$6
'(/
9,55
(<
72
/('2

5HVSXHVWD GH 6LUYH


TXH
H[FXVHQ
VH QXHYRVUHSDUWLPLHQWRV
TXHVR FRORU W LU\ OVDGH Pi V TXHD GUVH OR
V
HQ
LQGLRVSX H VSRUS RWUD
DUW H
GH SOHLWRVORV \ FDFLTXHVKDFHQ
DVt UREDQDORV L
Q FDGD GtD SDJDQ HQ MRUQDOH V
DO IL
QHOORKDG H VHU
GH PDQHUDTXH VXP D GR
GLRV\VLUYHGH TXH KD\D FRPXQLG
KDFLHQGDGH
D G SDUDD\X GD
WRG RMXQW R DGLQH U
R QR GHPRQW
KD DU PiV G H
O GLFKR GLH]PR
DODSDJD GHOWULEXWR HO VLHQG RDxR
HOGH GH HVWHULOLGDG\ DVt
\T XLQWR TXH KH GL
FK RSRU TXHVREU HORVLQGLRV Q RKD\ DPi V
SyVLWR GH GLH] SDUWHV KDOODUi
GHTXHODV GLFKDVFLQFXHQWD VH
GH XQD FDU JDQL WHQJDQ FXHQ WDPiV GHFR QXQD
 GDWD 
KD\ XQ WULEXWR HQWHUR FRQ HQ
FXD
HO
OOD FDMD FDGD FLQFRDxRV
VH ILMDDVHJXUDHO
\ WULEXWR VLUYHGH VRFRUUR D O
RV GDU DOJ~Q 
3UHJXQWD (Q p FRVDTX
V VHKD GHS DJDU HV
R TXH VHG H
KD
U HSDUWLUSD UD
SREUHV \ GHTXH HO TXH KD\ TXHQIHUPDUHR
LHQ PXULHUHVLQR HOGHSyVLWR\ HQ FRPHQ GH UR
HQWUH HQ VX OXJDU VH K DF
VDTXH
HU 5HVSX HV
FRQ GHO GHSyVLWRSRGUDQVHWD 
<D HVWi GLFKR TXHHV PX \Ii FLO
SXHV ORVPL V
PRV LQ GLRVORK DQ
HOOR REUDV S~EOLFDV\ TX H GH WDOVH
HOORV
WLHPSRSXHGHYHQLU GH HVFRJ HU 
SXHGD FRPSUDUUHQWD
TXH EDVWH
SDUDWRGRX HO
WR\ VWULE
RE
UH 
3UHJXQW
D H L6OR VLQ GLRV PD OLFLRVDPHQW HHVFRJLHVHQ FRVD VT XHV HIXH
Q G H
WRGR HVWRVLUYHGHTXHHQHVWDFDMDVHKDQGH
HFKDUORVWULEXWRV SR FR SURY HF KR SRUKDFHU PD ODOHQF RPHQGH URHV R
WDQGR FHU FD
SRUODVSURSLDVPDQRVGHORVLQGLRVTXHORVKDQ
GHS DJDU\ QR GH ODV FLXGDG HV HV
FRJLHVHQ TXH QR TX HUt
DQ GDU FRPL G DTX p
ORV
KDQ GH FREUDU ORVFDFLTXHVFRPRKDVWD ORKDQ KHFKR DTXtU HPH GL R
SRUTXH GHEDMR GH HVWD FRE
FREUDQ]DKDQ
UGR
DG H UHSDUWLGR
5HVSXHWV
D 3D \
UD H V
R O HV
D GLV
FUHF Ly
Q GH OWDV
D GRU SDUDDOOHJD UORVO R
DT XH
VXVLQGLRVORTXHKDQTXHULGRFRPRHVWi
GLFKR
\TXLWiQGROHVOD IX HUH MXVWR V
L HOORVQRVDOL
HU RQDHOOR
FREUDQ]DTXLWDVHOHVHOURER\ SXHG HQ KXUWDU FRPRYHDQTXHQR

3UHJXQW
D  3DUD TX pPDQ VH GDT XHORVLQGLRVODEU HQFRQE X H
\HV
UHSD
UWLUiQMXVWDPHQWH\ DVt GHHQOD
KD EHU ODV GLFKDFDMDKDEtD
FRQGLFL
RQHV VLJXLHQWHV 5 HV
SXHVW
D 3 RUT XH HV XQ D  GH
ODV FRVDV PDV L
P SR UWDQWHV TXH HQ WL OD
HU UD
V HSXH GH S UR YHH U
SR UTXH \D V
HVDEH OR VDUDGRV TXH ORVLQG LRV


3UH
JXQWD<
WRGDYtD YXHOYRD GHVG GHFLUTXH
HOXHJR TXH FRQYHUQtDTXH WLHQ HQ SD UD VXV ODERUHV \HO WUDEDMR FQRTXH ODV KDFHQ \ HO
GDVHUHSDUWLGR D FDGDLQGLROR FDEH]D V TXHKDEtDGHSDJDUSRU
W LH
PS R TXH WDUGD QHQ HOO
D V SRUO
D IO D
WDGH OLQVW
UX PHQWR SXHV
5HVSXHVWD3
XHV \R YXHOYR UD]D
yQ GHGHFLU
 TXH QR SXHGHVHU VLODE UDVHQ SRU
F Q
RE  XH\HVRWUD
GL
JR HQODVS DUWHVTXH K DOXJ DUHOWUD 
PiV GH GLFK
DV
ODV
\HV SRUTXH ORV YDQ VDOL
HQ
LQGLRV
GR XQRV E DMR T XH DJRUD WRPDQ FLHQLQGLRVHQ ODVW
LHUUD VEDV W
DUtDQ SDUD
HQO
D WDVD \ RWURV HQWUDQGRHQ YHFHV KD\ FL
Q HOOD\ DVt XQDV HOO
R YHLQWH R W
UH L
QWD \ORV VHWHQWDUH VW
DQWHV SRGU tDQ L
U DO D V
FXHQWDLQGLRV \ RWUDV RWUDVPi V\ VHWHQWD

RWUDV HQ OD WDVD \PLQ DV\ F RQ HVW RKDEUtDPX FKDFRPL GDP \XFKD SODWD\ JD UQ
PHQRVHQXQ DSDUWH FRQHVW
\DVPX GDQ]DVKDGHDQG DUODS DU
 V RE U
D GH L
Q GLRV SDUD RWUDVODERUHV\ FUHRTXH Y HUQ t
DS RU HVW H
WLFL
yQ ED\
VWDTXHFDGD
 SD UFL
D OL
GDGVHSDORTXHK D GH SDJDU UH PHGLR D HJQR U
VDU
VH PXF KR ODWL
HUUD
\HOORV
JXD UGHQ VX
XV
R GHUH
S DU
WLUHQWUHV
tFRPR HVWi GLFKR 
3UH
JX QW
D 3R U TXp VH GF L
H TXH YHQ JDQ KHFKDV W RGDVHV W
DV F XHQWDV FRQ
\SDUDTXH F
DORV
FLTX
H VQRUHSDUW
D QGHPDVLDGR QR KD\ Pi V F DGD SDUFL DOLGDG SR UVtT \
XH QR VH HYQXH OYD OR XQR FRQ
VLQRTXLW
DUOH
V O
DVPDQRV GHODFDEHD]FPRR VH WUDW
DUi DGH OR RWUR
OD
QWHHQODVFRQGLFLRQHVTXH
KD GH
KDEH U O HQ
D FDMD GHOGH
5HVSXHVW
D 3 RUTX H YLQL HQGR FDOURSR GtDVH KDFHU XQ OLEUR EU HYH\  PX \
SyVLWR
U HVROXWR W
RGR
GH HO
U HL
QR FRPR ORVOL
EUR VTXH H O
5H\ W
LHQ H HQ


3UH
JXQWD
&RQ WRGR
H VWR
VHWL
HQHSRU
GLILFXOWRV
RHOUH
PHGL R GHOURERH G &D VW
LOODS RU HOFXDO IiFLOFRVD VHUi WRUQDU FXDOTXL HUD V
LHQ WR
ORV FDFLTXHV R FRQFLH UWR FRQ ORVHQFRPH Q GHURV
\ P HV
Q\ EXHQ RSD UDR W
UDV
5HVS
XHVWD$KRUD
HVW
RHVORTXHSD
U HFH
T XHVHKD SRGLGRKDFHU FQRHO FRV DVD \
XQTX HQRIHVH
X VLQR SRUQ R DQGD UUHYRO YLHQGR SD UD
WL
HPS RDGHODQWHVL
VHGHVFXEUL
HUH RWU
D PD OLFL
D HQWRQF HVHV F DGD F RVD FLH
Q PLOK RMDV GH HVFUL
WXUD HUD EXH QR \ DVtH VWi
SRUQiRWURUHPHGLR\KiV
H GHLU
PX \ SRFR SR FR
DFQ R HWV
DV K HFKR HQ &D VWLOOD OO
DP D\
QHOO
OH
EUR
L ORVGH
SDUH FHUH
V\ Q R
FRVDVPX\ DUU
DLJDGDV
 WLHQ HV LH
V PDQRVGH SDSHO

D
3U
HJXQ
WD
/XHJ
RW RGR OR
TXHPRQ WDO
DWDVD
GH O
FD FL
TX H\
GH O
RV WDPERV 
)UHJXQWD /D GHFODUD FLyQ GHORTXH YD O
HQORVWL EXW
U RV T XHDO SUHVHQWH VH
\RWUD
V PLWDVF \
RPLGDGHOVDFHU
GR W
H VHKDGH GHV
F RQWDU GH SDJDQ SD UD TX pVHPD Q GDK DFHU
WRGRO
R TXHPRQW
 DUH ODPDVD GHO
WUL
EXWR \GHVFRQWDGR VHKD 5HVSXHVWD
F% VX QD EXH QD FUXLRVLGDGT XHK ROJDUiG HVDEHU TXLHQ TXL HUD \
GHTXHGDUSRUUHSDU
WLU
DORVLQGLRV
\ H
Q HOO
RVPLVPRV \ O
R TXH SDUD HQWH QGH USR UHOODFXiQW RKDVXE L
GR HO5H LQRSR UH 
V WDWUD
UH
VWDUH
SDUDHOGH
SyVLWR
\HQFRPHQG HUR
VHKDGHU
HSDUWLUQ RPiV ] DGH DKR UD DV t
\
VHKD GH KDFHUPX \EUHYHPHQ WH X HQ
QVR OR
5HVSXHV
WD
$VtHV
ODYHUGDGTXHHVD
V GRVFRVDVVRO
D VHV
OHVKDQG HUHSD U
 F DStWXORSD UDFD GDSD UFL
DOLGDGE \
DVWDUi TXH GLMHUH DVt
+t] RVH
0$5$
-867,1
$
6$5$%
,$
9,(-2

HVW
LPDFLyQ
GHOYDOU
RDGLQHUR GHODV
FRVV
DTX HG DEDG H
WUL
EX WR
HVW
DSDUFL
DOLG
DG\YDOH
 Q VHJ~Q HO
WLH
PSR H
DG
KR UD W
RPDQG R HQ
OD
VFRVDVDUL
Y
DEOHV
XQ DxR FRQ RWURW
DQWRGLQHUR H
VWRSRUQR
LU
FDUJDQGR
GHHVFUL
WXUD

3UHJ
XQ
WDL
'tFHVH
PiV TXHV
LVH V
LJXHH V
WD RGUHQVHKDE UiQK HFKRPX 
FKDVFRVDV
FRQYLHQH DVEHU
D 3XH EORV
\ VxHDODGR TXH
ORGH
HOO
RVKDQGHTXHGD U QH
ODV GRFWULQD
VSDUD VLHP SUHKDEUiVH
VDEL
YLH
GR ODV
UHQ
WL
H
IDOWD
UUD
GH
V
H
XH
OODV
TV
\
REUDQ
GHVSXpVDO
GDU
RV
SDUD
H
VS
D
Dx
ORVL
RHV
OD
Q GLR
V
V
t
TX
HQ
H
D
W
U
X
W

L
S


FXODUF
RP RS D
UD KDF H
U S XHEORVKDOO
iUDQVH PX FKRVLQGLRV 352
9,6
,2
1(6
3$5$ 48((/
(1
&219(1
72 '(
-
$8-$
IXHUDGHHQFRPLHQGDUHVSpWDVHH O
WULE
X WRD QR
ORT XHORV 6(
(16(
f(
$
/26
1$785
$/(6
$
/((
5<
(6 
&5,%,5
LQGL
RVKDFH
QVLQRORDT XHFRQ GHVFDQVR XHGSQH KD
FHU7RG R
HO3HU~TXH
GDUHGX FLGRHQ FRQIRUP LG
DGDOVRULFRV FRPR D 7D
PERV
GH
+XDQFD\R
G
\H
$UH
V

GH
QRYL
HPE
U
HGH


ULFRVD\
O
RVSREUHVFRPR DSREUHVHV
WyUEDVH HO URER ORV GH
FDFLTXHV

ILM
DVH\DVHJ~ UDV
H HOWULE
XWR XH
TS RU ODVREUDT XH 7UDVO
DGR GHOD
VSURYLV
LR QHVTXH6X([F HOH QFL DSURYH\ ySDUDORVUHOL
JLRVRV
SDUDHVWR
V
HUHSDUWHHODxR GHHV
WHULOLG
DGORVLQGLRVQRSDJ DQ TXHKDEtDGHKDEHUHQO
RVPR QDVWH
ULRV
G H
OD S UR YLQFLDGH-DXMD\ OV
RTXH KD 
WULE
XWR
3URYpHV
HDO 
RV JDV
WR VFRPXQH VD \
RW UDVQFHHV
LGDG H
V EtD
Q GH
WHQHUSRUFDEHFHUD\FRQVHUYDFLyQ
GH VX UHOLJLyQ
\ O
DR U
GHQ TXH V
HGLR
TXtWDV
HRLSQL
RQHVGH WDVDGRUHVSXHV KDQGH LU IR
U] D
GR VSRU SDUDTXHHQHOO
R V
KXELHVH
HVF XHO
DVSDU
D HQVHxD U DORV
QDWXUDOHVDWDxHU\FDQ 
UHJO
DVGH
FXHQWD H
\ OOR
VLUiQPD VGHVFDQVD
GRV GiQGR O
H VS HO
XQ WD
UOHH
U\HVFULELU
\ODO
HQJXD HVSDx ROD
\OVRP~V LFRVTXHKD Et
DGHK DE H
USDUD
WRGHGRQGHKDQGH WRPDU ODPLUDTXH HVVREU HHOF
DStWXOR FH
OHEUDUO
R V
GLYL
QR VR
ILFL
RVOLPLWDQGRO
DFDQW L
GDGG HTXHVHVHU
YtDQ \UHPHGLD Q
RFWDYR
GHOD
LQVWUXFFLyQ\DVtVH
Ui JUDQ
FRQWHQ WRHOVDEHU
TX H GRH O
VHUYLF
LRSHUVRQDOH TX
GH HRV
OO WHQtDQ \ HTX L
YDOHQFLDDO 
RV GLFKRVHQ 
WRGRVORV
W
DVDGRUHVVDOL
HURQ DD XQ
'iVHRUGHQ FRP RODFDUJD FRPHQGHURVHQODSDUW
HTXH O
HVSX V
LHUHQUH
OLJL RV RVDXQ TXHVHDFRQHOD XPHQWR
VREUHORV
LQGLRV VHDPDV
QR GHXQD SXHVGH V
S XpVGHK H
FK R VX
VRGLFKR SDUDODPD\RU PHM
R
R UFRQVHUY
D FLyQ G H VXV
UHOL
JLRQHV FPRR GLFKR
WRGRXQDPDVDVHGLVW
ULEX\H HQO
DV FD
UJDVIRU ]
RVDV GHO
RV LQ HV
WiVL
FRQIRUPHDHVWR
HOGLFKRHQFRP HQGH UKD
R GHTX H
GDU \
TXHGH REOLJDGRD
GLRVOR
SULPHUR\GHVSXpVO DHQ
V F
R VDV
DHOORVPH QRVQHFH V
D  GDU SD
\
JDU
HQFDGDXQDxR D
ORVGFK
LRVVLH
W HUH OLJLRVRVHO
VtQRGRGHORVWULEXW
RV
ULDV
PXpVWUDV
HFRP R H
O5HLQ RFHFHU
U i PXF KR \ TXHFUHFHUi GHOGL
FKRUHSDUWL
PLHQ W
RDFUHFHQWiQGRVHUDWD
VLF SRU FDQWLGDGGHO
GL FKRVtQRGR
PX FKRPiVFDXQGRORVLQGLRVHVWpQL
QGX VWULD
GRVOD D
EUDU
F RQ UHV
SHF WR ORGH
VFOpUL
JRVUHOLHJLRV
RVTX HGHQ X HYR VHDFUHFLHQW
DQ HQHO GL
FKR
EXH \HV
' DQVH
DYLVRVSURYH F
K RVRV
FUpHVH
TXH HVWUD]D
MXVWD PRQ DVWH
ULR\GFRWU
LQDF
R QIRUP HDO
FRQF LHU
WR H R UGHQTXHWLHQHQORVTXH DQWHV
9D HO
QHJRFLR
RUGHQDGR SRUFXHQWD\U]yDQ\ QR DS 
RFRPD V GHODGL
FK DUHGXFFLyQ
HVWDEDQ HQODGL
FKDG R F WULQDGH V
X SUHO
DGR HD VL
PL V
PR
 PHQRV HVQHFH
\V DULRTX HYD\D SRUFXHQWD SR U
T XHVLQR VH
OHVKDGHGDUHO
FDPD ULFR
\ FRPLGDDO
RV UHOL JLRVRVTXHGHQX HRYVH
S XH EODQ
FXDOTXLHUD
\HUURHQHVWRSR SRU
FRTXHIXHVHVHUtDPX \JDQGH
U DFUHFHQWiQGRVH
UDWD V
LF 
SR UFDQWLGDG
UHVSH FWR G HORTXH V
H D E
G
DO RV
D GHPiV
SRU H TXH
O
QHJRFLRHVJDUQG H\
\Q HRG VREUHUHJODVGHFXHQWD HO
FX DO
GLFKRFD
PD ULFRV
HOHVKDGHGDUSRUOR VQD WXU
DOHVGHOGLF
KR UHSDUWL
PLH Q
QDGLHOH
SXHGH
HUUDU
/R FXDOPH SDUFH
H DVtVDOYRPH MRU
MXLFL
R WR
SR UH
Q GH
SDUD H
ORV
TX
X V
RGLFKR KD\DFXPSOLG RHIHFWRT \
X H
ORVG L
F KRV
Q D
)U DQFLVF
RGH/LP D
UXE ULFDGR
 WXUDOHV
WHQJDQGRFWUL
QDVXILFLHQWH
SDUDTXHPH MRU SXHGDQ VH
UGRFWULQDG RV\HQ
VHxDGRVO D
HQ
V
FRVDVGHQXHVWUDVDQWDIH
FD WyOLFD V
H\
YD\DFXPSOL HQGRORTX H
+HFKR VDF
DGR
\ 
FRUU
HJLGR
\
FQ RFHU
WDGRIXHHVWH
WU
DVO
DGRFRQ
ODGHFO
DUD 6X0D MHVWDG
FRQ W
DQWRDFXHUGRGHOLEHU
\ D FLyQ WLHQ HSURYHtGR\PD QG DGRDFRU
FL
yQ
RUL
JLQDOTX
H)UDQFL
VFRGH
OL
PD SUHVHQWy
DQW
HO
RVRIL
FLD
O
HVUHDOH
V
GHHVW
D GpGHGDU GLOD
H
SUH
VHQWHSRUO
DFXDOH
Q FDUJR DO FRP LVDU
LRJHQU H
DO\SUR YLQFLDO
F
LXGD
GH
Q HO
SOHLW
RTXH
WU
DW
DFRQ ILV
HO
FDOVREUH
O
RVV
LHW
HPLOH
TXLQ
LHQWRVS
HVRV GHODGLFKD
R UGHQGH
6DQ) UDQFL
VFRGHHVWD URYLQSFLDGH TX HGHORVUH
TXH
OH
SLGHHQGR
V tD
V
GGHHV
WH
SUH
VH
QWHPHV GH
VHSWLH
PEU
H T
\XHGyHQH
OSUR OL
JLRVRV
GH H
OOD
SURYH D
HQ GLF
HO
KRPRQ DVWH
ULR \ GRFWUtQDGHOGL
FKR UHSDUWLPLHQ
F
HVR
HVFULWR
HQ
FLQ
FRKRM
DV
\VH
F
RUULJLyHQH
VWDFXG
LDGO RGH
V5H
\HVHQVH
LV WRGHO
RVKXULQKXDQ F
DVGH
O RVGL
FKR VVLHW
 HUH OL
JLR VRV
VHLV
VDF HU
GRWHV\X QROHJR
Gt
DV
GHO
PH VGH
V
HSWLHPEUH
HPLO
TXLQL
HGQWR
V\V
HWHQW
DDx
RV\IXHU
RQH GH
OO
R SDUD TXHH
VWpQHQGL HO
FKR UHSDUWL
PLHQWR\ PRQ DW V
HUL
RHQ \
WQ LH
GDQHQ ODGRF
W
HVWLJ
RV
$ORQV R
*XHUUHU
RH
&ULV
Wy
EDO0p QGH]
 WUL
QD \FRQYHUVLyQ
G HO
RVQ DWXU
DOHVGpOO SRU
D IU RPD HRUGHQTXH GLFKD H
V <
(\R$ORQVR
+HPiQGH]
HV
FULE
D
Q R GH
6X0DMHVW
DGU
HDO
HS~E
OLF
R GH
HVWD
GL
FKD
FLXG
DGIXL
SUH
VHQWH
D
OR
TXH
GLFKRHV
HSRU KLFH
HQGH
DTXt
HV
W
HPtRVLJ
QR $U
FKLR
Y*HQH
UDO
GH
,
QGL
DV
/L
PD

$

' 
TXHHV
WDO
(QWHVWLPRQ
LRGH
YHU
GDG
$O RQVR+HUQiQGH]

HVFULEDQR
S~
E OLFR
 0$
5$
-867,
1 $
6$5$%,
$
9,(
-2 25'
(1$1=$6
'(/
9,55
(<
72/('
2 

TXH GHORVWU
LEXWRVGH ORVLG Q
LRVG HOGLFKRU
HSD UWLUQ
LHQaTX HHVWiQREOLaDGRV GHO
D $XGLHQ FD
L\ &KDQLFOOHU
tDUH
DOTXHUHVLGHHQODFLXGDG GHOR V5H\HV 3RU
DGDUFRQ
 IR UPHO D
DWDVDDOGLFKRVXHQFPRHQ GH UR
VHGH
\ SDJXHDORVGL FKRV F
XDQWR GHODYLVLW
D TXH
KLFHHQHO
UHSDUWLPLHQWRGHOR V
KX UQKX
LD Q FDVGHOD HQ
VLH
W HUHOL
JLRVRV
HO GLFKRVtQRGR SRUOD IRUPDHRUGHQTX HGL
FKD H
V< TXH O
RV FR
PL H QGD GHO
FD SLW
iQ&ULVW
yE DO3H
x D
FX\D GRFW
ULQDH VW
iF DUJ
D RG H ORV
UH OLJ
LR
FDFLTXHVSUL
QFLSD OHV
HLQGLRVGHOOHVGHQHOGLFKRF
DP DULFR\
FRPL GD<SR UTXH VRVGHO PRQ DVWHULR 1XH VGH
W
UD6HxRUDG HOD&R QFHSFLyQ GHOD RU GHQGH 6DQ
HQ HOGL
FKRWL UHSDU
PLHQ WR K D
VH
GHSR QHU\SRUYHHUSHU
VRQ DTXHWHQ JD D VX )UDQFL VF
R TXHHVWiHQHO
GLFKRUHS
DUWLPLHQWRKHHQWQGL
H GR TX HFRQ
 YLH QHGD URU
FDUJR \UHFRMD
WRGR VORVELHQH VGHODFRPXQLG DGGHO
GFK
LRU HSDUWL
PL HW QRaDUD GHQHQ DOJX QDVFRVDV
HQHVSHFLDO
HQTX HKD
\D X QDHVFXHODGRQGH VH
HQ VHxH D
TXHORVE H
QHILFLHHDGPL QVL
WUH
SDUD PD\RUE LHQ
HXWLOL
GDGD
ODGLFKDFRPX QL GDG OHH
U\ H
VF ULEL
U \KDE ODU
ODOH
QJ XDH
VSD xRODDO
RV LQ
GLR VFRP R 6X 0DMHVWDG O
R
PDQ GR DORV
FD FLTXHVSULQFLSDOHVDFX\RFDUJR
 HV
WiOD
FREUDQ]D\ SDJD GH O
RV PDQGD \ HQODFDQWLGDGGHLQGL
RVFDQWRUHV\P~ VLFRV K TXH
DGH KDEHUHQ HO
WUL
EX WRV
G HO
GLFKRUHSD UWLPLHQWR TXHKD
QGH H
GDU
S D
JDUDOGL
FK RVXHQ FR PHQ GLF
KR PRQ DVWHUL
RSD U
DTXHF 
RQPiV DXWULG
RDG \GHFHQ FD
LV HFHOHE UHQO
RV GLYL
GHUR TXH 



 URWR 
GHQ HD \XGHQDODGLFKDSHUV
RQ D
F RQ OGL
HFKR VtQRG R QRVRILFLR
 V \SR U
YH\H QGRHQWRGR OR
VXVRGLFKRRUGH QR\ PDQ GR TXHGH
 DTXt
FRQIR UPHDORTX HGLFK
R HV
H DVLPLVPRFRQ GLF
HO KRFDPDULFR
SDUDTX Hp 
OORGp DGHODQ WH
K D\DH 
Q HOGLFK
R FQRYHQWRXQD HV
FXHODGRQ GH HQ VH
VHxHO RV
D L
Q GLRV
\SDJXHH DFXGDFRQ pOD
ORVGLFKR VUH
OLJLRVRVTXHOR
WXYLHUH
Q<UHVLGLH
U HQH Q
OD O
HHU \ HVFULE
LU\FDQ W
DU\W
Dx HU
\KD EODU
ODOHQJXDHV SDxRD
O O DHQ
FX
DO KD GH
GLFKD GRFWUL
QD\ UHWHQJDQHQ VtODV
IDOWD
VTXHK XELHUH
KDELGRHQODGLFK D GR
F  KDEHU GRVPD HVWURV
XQRTXH HQVH
xHDFDQ W
DU\WDxHUIODXWDVHRWU RVLQ
VWUX PHQ
WULQDGHOGLF
K RVtQRGR\ KD JDQPH WHU
OR
HQ O
D FDMD
\GH HOOD VHGLVWULEX\
DVt
D WR
V RWU
H
RT XHHQVHxHDO
HHU\HVFUL
ELU\
K DEODUO
DOHQJX DHVSDxROD DFDG DXQR
\U HSDUWDH
Q WU
HORV QDWXUDOH
VGH OGLFKRUHS
DUWLPLHQWRGHTXLHQV
H FREUD<SR U GHOR VFXDOHVPDQ GR TX
HV 
H OH
GHGHVDODULRSDUDVXVWHQWDUVXV FDV DV
\ SJ DUD
TXHSRU OR VGLF
DQGDU
K RVUHOLJLRV
RVGLYLGLGRVHQO
DGLFKDGRFWUL
Q D O GH
RV QDWX VXV WULEXWRVYH LQW
H SHVRVGH SODW
D FRUUL
HQ W
H \X Q YHVWLGR GH DEDV
F D TXH
UDOHVQRSRGtDpO DFXGLUO
HVFRQ HO
G LFK
RFDPD ULFR
OHGR\
FRP LVL
yQSD UDTXH Gp VH HQWLHQGH PD QWD F \
DPL VH
WD\ GR FHIDQHJDV GH PDt ]
OR FXDOVH OH
V
R U
GHQFyPR O
RVG LFKRVQDWXUDOHVORGHQDORV
 GL FKRVUHOLJLRV
RVTXHSHUVRQDP OHQ GH \ SDJXH GH ODFRPX QLGDGGHO GLFKR UH
SD UWLPLHQWR HQ \
HVWDHVFX HOD
WHDQG XYLHUH
Q\ UV H
LGL
HU HQHQODGFKD
L G RFWULQD\QRSDUDORV
TXH IDOWDUHQ GHO KDQ GHH QVHxDUD WGR
RV OV
RLQGLRVTXH TXLVLHU
HQY HQLU HOOD
DGH OGL
FK RU
H
Q ~P HURGL TXH
FK RHV\ HQHOHQWUHWDQWRTXHVHSRQHOD
GLFKDSHUV RQDP DQ GR SDUPLWL HQWR\SRUT XHSRGtD
UVHU TXHQR
 TXLVL HV
HQYHQLUPXFK RVGH VX
YR OXQWDG
DOGL F
KR HQFRPH QG HURFDFL
TXH SULQ
\FL
SDOH V
HLQGLRV
G HOGL
FKRU HSDUWL
PLH QW
R VHKD GHFRP SHOHU
DWRGRVORVKLMRV
GHFDFLTXH
V \SUL
Q FLSDOHV
G HLQG LRVULFRVD
T XHDFXGDQFR QH

OGLFKRVtQRGR \FPRLG D
D O
RVGLFKRV
UHOL
JLRVRVaaJ~Q <GH O
D TXHH 
VWpQHDSUHQG DQHQ
ODVGLF
KDVHVFXHODV
\DLPL
VV PR ORV QL
xRV K XpUID
QRVTXH
PDQ HUD GLF
TXH
KD HVVLQ OLFD
UpS GLO
QL
DFLyQ DOJXQD
\ TXHHOYLV
LWDGR UGH
O D KXELH UHHQHOGLFKRUHSDUW
LPLHQWRD
ORVFXDOHV
V
tIXHUH Q
SR EH U
VV
H OHVSURY HDGH
SUR YLQFLDGH-DXMD RHOFRUUHJLGRUTXH IX
HUHH QHO
GLFKRUHSDa
WLP LHQWRaa tOR
 ODGLF KDFRP X QLG
DG V
XFPR LGDFRQTX
H VHSXHGDQ VXVW
HQ WU
D OD
PD QGR
FXDO
VH
K DJD FXPSOLU\ HMHFXWDUFRQ WRGR ULJRU
VLQHPE DUJRFXDOTXLHUDSHODFLyQR OH
V GH HQHO
GL FKRPRQ
 DV WHULR\
PDQ GRD -HUyQLPRGH6LOY D
YLVL
WDGRUGHO GLFKR
VXSOLFDFLyQTXH GHHOORLQWHUSRQJDQ SRUFXDOTXLUD ODV
Ga
GLFKDVSD U
aaVD WHQWR UHSD UWLPLHQ W
RTXH OXHJR
W
DVHOD TX HFRPLGD
OH
S DUHFLHUHGHE HGDU DFDGD LQGLR
T XHDVtFRQYLHQHD O
VHUYLF
LR GH'LRVQ XHVWUR
6HxRUEL
HQ< FRQ
VHUYDFLy
Q GH O
R V KX pUIDQRGHORV TXHDQGXYLHUHQHQ
ODGLFKDHVFXHODSRUTX
\H ORT XH 6X0DMH V
GLFKRV QDWXUDOH
V \SDUDVXE XHQDG RFWUL
QD\FRQYHUVLyQ
\TH XHQHVWDSDU WHV
H WDGPD QGD HQORT XHW
RFD DHVWD
VGLFKDVHVFXHODV
KD\D PDV FXPSOLGR HIH FW
R
GHVFDUJ XHODU
HD OFRQFLHQFLDGH 6X0DM HVW
D GSD \
UDTXHOXHJR S VH
URY HDQ O
RV HQF DUJRD OJXDUGLiQGHO
GLFKRFRQYHQWRTXHKDJDTXH HOUOLHJLRVRT XHVHDxD GH
UHOLJLRVRVTXHIDOWDQSDUD HO GLFKR
Q ~P H
UR H
Q HO
GLFKRPRQD VWHULR
HQ FDU JRDO HQ HOGLFKRPRQD VWHULR
S DUDO
DFRQVHUYDFLyQGHODUHOLJL
yQ VL
VWD
DV LHPSUH HQOD
JXDUGLi QTX H OXHJRGp ORTXH
QRWLFLDGH
FHUFDGHOHVWi
SURYHtGRDOGLFKR&R GLFKD HVFXHO
D SDUDTXH ORV
PD HVWURV PiV FX
FRQ
LG
D GR HQVHxHQ D Q L
xR VORV

\
PL VDULRJHQHUDO
\ SURYLQFLDOGHO
DGLFKDRUGHQ\HOGL
FKRHQFRP HQGH UR
FDF LTXHV HOORV ORWHQJD QGH D
SUHQG HU SRUT
\XHH QHO
GL F
KR FRQYH QW
R KD \ VDFUDPHQWR
HLQG LRVHOGL
FKR YLVLWDGRU\ UHJLGRUQRFRU
GHMHQGH FXPSOLU
\ HMHFXW
DUOR TXH \FRQY LHQHTXH
 O RV RIL
FLRVGL
YLQRVVHF
HOHEUHQ FRQPiV DX WULG
RD G PDQ GR TXH
H QHVWD
PL SURYLVLyQO
HV W
RFD 
VRSH QDGHFDGD S
PLO HVRV
GHRURSDUDODFiPDUD GHO GLFKR UHSDWLPL
U HQWR VHGHQDOGLFKRFRQYQH WR
RF KRLQG L
RVF DQWRUHV \WDxH
GH VX 0D MHV
WDG+H FKR HQHOWDPER GH+XDQ FD\ R
DYHLQWH
\VLHWHGHQRYLHP  GRU HV O GH
RVPiV GLHV
WU
R VTXHKXELHU
H 
HQ H
OHQWUHWDQWRT XHGHOR VTXH VHHQ
EU HGHPLO\
T XLQLHQWRV\VHWHQWDDxRV
< SRUTXHHVWR\
LQIRUPDG RTXHH 
OVtQRG R VHx DUHQH QO
D HVF
X HOD
KXELHUHLQGL
RVKiELO
HVSDUDHOOR
ORVFXDOHVVHDQREOLJ
TXHDKRUD SDJD DORVUVH
OL
HJLR V
RVTX HH
VWiQ HOGLFKR
HQ PRQ aVW
HULRGa O
D &R a DWD xHU\F DQWDU
H Q O
GL
HFKRPRQ DVW
HULRWRGRVORVViEDGRV GHODxR \GRP LQJRV
FHSFLy QHVFRQIRUPH DXQFRQ FLHUW
RTXH W
LHQHQKHFKRFRQHO
GLFK R
FDa a
DQ 3 HQD \ ILHVWDVVRO
H PQ HVW R
\
GRHOPiVWLH
PSR SXHGDQ HWVDUHQVXV FDVD V
\ H QVXV
\ TX HQR O VH
H VGDHO VtQRGRHW Q
HUDPH QWHTXHVH
G DDOR
VRWURVUHOL
JLRVRVRV KD FLHQGDV HSRUUD]yQGHHVWDRFXSDFL
yQ VHDQVH UH
UYDG RVGH WRGRV ORV
VH UYLFLRV
PDQ GRT XHVHOH GH\SDJX H HQFGDDXQ DxR ORV
D
GLFK
RV V
LHWHUHOLJL
RV RVaO SHU VRQ DOHV\ GHPLWDV\ FRPXQ LGDG\VGHOD
HOHVGpFRQTXp
 SXHG DQSD JDUVX
Vt
Q RGRT XHV
H DFRVWXPEU D\ HWViPD QGDGRGD UFDGD
DXQR GHORVGHPi V UHOL
 WULEXWR\ RWURVtTXHHOGLF
K RFRQYHQW
RVH SXHGDVHUYLUGH O
RVLQGL RVKX pUIDQRV
JL
RV RVTXHHVW
iQR W
HQ
UDV
G RFWULQDV
)HFK DXWV
XSUD'RQ)UDQFLVFRG H7R OH
GR TX HHV W
XYLH U
HQHQODGLFKDHV
FXHOD
IXHUDGHODV
KR UDVTXHHVWXYLHUH QHQHOODSDUD
SRUPD Q GDGRGH 6X([FH OH
Q FLD$OYDUR 5Qt] GH
1D YD
PXHO DS UQ HGHU\ VLRWUR
TXH
VHUYLFL
RDJX
OQRKXE LHUHQPH QHVWHUORSX H GDQEXVF
 D U\
'RQ )UDQFLVFRGHP 7ROHGR
D \RUGRPR GH6X0DMH VWD
G\VXY L
VRUUH\ JR FRQ F HUW
DUVH FRQOR VGL
FKRV LQG
LRVGHOUHS DU
WL
PL HQWR HSJ DiQGRV HOR SRU
\OD
EHUQDGRU FDSL
\ WiQ
JHQ HUDO HVWRV
GH
UHLQRVHSURYLQFLDVGHO
3HU ~HS UHV
LG HQWH SUH VHQ WH
PD Q GRDOYLVL
WDGRUGHO
GLFKRUHSD U
WLPLHQWRFRUU H HJLG
DO
RUTX HH 
QpO
 0$5$ -867,1$ 6$5$%,$9,(-2

IXHUH
D
RWUDV
H FXDOHVTXLHUMXVWLFLDVH
D
FDGD
XQR
HQMXULVGLF
VXF
LyQ
TXHKDJDQ
JXDUGDU \PL
FXPSOLUHVWD
SURYLVLyQHQWRGR
SRU
WRGR FRPRHQ
\ HOOD VHFRQ
WLHQH VLQFRQVHQWLUQLSXHGD
SRQHU
GDU
SRQJD
QL OXJDUTXH
HPEDUJR
HQ HOOR VH
QL LPSHGLPHQWRDOJXQR SRU
LQGLRV
QL ORV GHO
FDFLTXHVSULQFLSDOHV
GLFKRUHSDU
WLPLHQWR
SRUSHUVRQD
QL
RWUD DOJXQD SRUTXH DVt FRQYLHQH DO VHUYLFLRGH 'LRV
1XHVWUR 6HxRU\ GH D
GHELGD
6X 0DMHVWDG
HMHFXFLyQ\
\ OOHYDU
HIHFWROR TXH
FHUFDGHHVWR6X0DMHVWDGWLHQHSURYHtGRH
PDQGDGR

VLQHPEDUJR
GH
FXDT
OXL
HU
DSHODFLyQ\VXSOLFDFLyQTXH QL
ORVRWURV
GHHOORLQWHUSRQJDQ\ORVXQRV
QRGH
MQ
H
GHDVtFXPSOLUVR
OR DGH FDGDTXLQLHQWRVSHVRVGH
6X0DMHVWDG+HFKRHQ
$UHV

SHQ SDUD
D YHLQWH\
O
DF
HOWDPER
iPDU
DG
H
VHLVGH
GH
PLO
GH
RUR
QRYLHPEUH

TXLQLHQWRV\ VHWHQWD DxRV
\ SRU
PDQGDGR
'RQ )UDQFLVFR
GH 6X GH 7ROHGR
25'(
1$1=$
3$5$ /$
5('
8&&,2
1
'(
/26
,1',2
6
([FHOHQFLD$OYDUR 5XL] GH 1DYDPXHO '( 
+8$0$1*$

+X
DPDQ
J
D

GH
GLFL
H
PEU
H
GH



/DRGU
HQTXH
6X
([FHO
HQFD
LKD
GDGRSD
UD
O
DUHGX
FFL
yQOR
GH
V
QDW
XUD
OHV
TXH
KDF
HSRUV
XSHUV
RQDH
QOD
YL
VL
WD
JHQHUD
O
GH
H
VWRV
U
HL
QRVG
H
O
DTXH
W
LH
Q H
GD
GDD
ORV
YLVLW
DGRU
HV
SD
UDF
DGD
SD
UWL
GR

'R Q )UD QFL


VFRGH7ROH GR PD\RUGRP RGH
6X 0D MHVWDG\ V
X 9L VRUU
H \
*R 
EHUQDGRU \ &D SLW
iQHQH *UD OGH HVW
RVU
HLQRV H
SUR YLQFLDV
GH O3HU~ S U
HV LG
H
HQW H
GHODUHDO$X GLHQFLD\FK DQF LOOH
UtD
UHD
OTX HUH
VLGH HQ
OD FLXGDG GH ORV5H\H V
3RUFXDQ WRS R
UVHUXQDGH ODVF
RVDVPiV LPSRUWDQWVH
SDUD HOEXHQ JRELH UQR GH
HVWRV
UHLQR VELHQ\FRQVHUYD FLy Q
GHO
R V
QD WXUDO
HVGHHOORV
\TX HFR QP iVFRP R 
GLGDGSXH GD QVHU
GR FWUL
QD GRV\ HVQHxDGRVHQO
DVFR VDV
GHQ XH V
WUDVDQW D
IHFD Wy
OLF
D
OH\QDW XUDO
\EX HQDS ROLFtD
6X0D M
HVWDGSRU PX F
K DVFpG XODV\SURY LVL
RQ HV
UHDO
HVWLHQH SURYHtGR\PDQ GDGRTXHVH KDJD
OD UHGXFFLyQ GHHOORV DSXHEO RV
GRQGHYLY DQ M
XQWRV\FR QJUHJDG RV
SDUD
F RQVHJXLUORV
GL FKRV HIHFWRVHQFXP 
SOLPLHQWRGH O
RFX DO ORVD
Y LVLWD
GRUHVJQHH UDOHV
TXHKH SURYHtGR SD UDKDFHU OD
YLVLW
DJHQH UDOGH
HVWRVUHL
Q RV O
HVK H
PDQGD GR
TX H
K DJDQODGLFKDUH GXF FLy
QDORV
PH QRVOX
JD UHVTXHVHD
SRV LEO H
\TX HV
HDQFR PSDWLEOHV
DODVGRFWULQD V
\ FXUD]J RV
TXHVHKDQ G H
KDFHU\SUR Y HHUSDUDTXHF 
RQPi VIFL
DOLGDGSX GLHV HQORVGLFK R V
QDWXUDOHV
U HF LE
LU
ODGLFKDGR FWULQD\
ORV
UHOLJLRVRV
\VDFHUG RWH
VGiUVH OD\DGPLQ LV
WUDU
ORVVDF UDP HQWRV\HQ HVWD F
R QIRU
PL GG DSR
UH 
OFDP L
Q RGRQ GH\R K HYHQG LR
SURYH\H Q
GRH RUGHQDQGRODVFR VDVTXH
Pi VFRQYLHQHQDO
E LH
Q GHORVGLFKR VLQ
GLRV
HDVL
HQWRGH ODW
LHUUD
KHPDQ GD GR
K DF
HUDOJXQDVUHGXFFLRQHV 
K DELHQGR YLVWRDO 
JXQDSDUWH GHORV
D V
LHQWRVGR Q GHSDU
HFL
y V
H GHEtQ
DU H
G XFLU
\SRE ODU O
RVQD WXUDOH V
SDUDTXH FRQ PLS U
HVHQ FLDD X
H
WRULGDG
VHFRPH Q]DVHDK DFHUOD GL
FK DU 
HG XF 
FL
yQ\ORV GLF KRV
QDWXUDOHVHVWXYL HV
HQPiV OO
DQRVHQHOO
DSDU DORVYLVLW
D GRUHVTX H
ODKDQGHK DF HU
HQWRGRH OUHLQ R
\TXHDT XHOORV
DTXLHQWRFDHVORV GLVWULWR
VSRU
GRQGH\ RSD VDVHSDUDHQF XP SOLPLHQWGR
H Y VX
LVLW
D\EUH YHG DG
G H HOO
DKD OOD
VH Q
KHFKDVDOJ XQD VUHGXFFLRQH V
\ S URVL
JXLHQGRORVXVRGLFKR FRPR Q HJRFL R
WDQ LP
SRUWDQWHDO VHUYL
FLRGH'LR V \GH
 6X 0D MHVWD
G\ ELHQGHOR VGLFKRV QDWXUDOHV 


$UF
K
LYR
2FQF
UD
,
GH
,GQ
L
DV
/L
PD

$ 
'


H



y 0$5$
-867,1$
6$5$%,$
9,(-2 25'
(1$1=$6 '(/
9,55
(<72/('2 

OXHJRFRPROOHJXp
D HVWDFLXGDGGH+XDPDQJDPDQGpMXQWDUORV
FDFLTXHVHSULQ +XDQFDV H $WDY L
OORV
TXHHVWiQ SR
UV 
tDSD UWHTXHWL
HQHQ PLO
\RFKHQ W
D< VHL
V
FLSDOHVHLQGLRVGHOGLVWULWRGHHOODTXHVHKDOODURQ
DVLPLVPR DO
SURYLVRU iQL
PD V \ H QWU
H HOO
DVVH
KDOODURQFD
HQHOODHX QG
R ODGLFKDYLV
LWDGHO
GLFKR'D PLiQ GH
\YLVLWDGRUGHHVWHRELVSDGRHDORVFOpULJRV
\UHOLJLRVRVHVWDEDQHQVX
TXH
GRFWUL OD
%DQGHUD GR VFL
HQWRV\FXDUHQWD\FDXWUR LQGLRVGHWUL
EXWRV
SR U
PD QHUDTXH
QD D
ORV
H FRUUHJLGRUHVGHHQF ORV
RP HQGHURV
GLFKRVQDWXUDOHV
\SUR KD
\ H
\
Q WR
DGDVODVGL
VXV FKD
VSDUFLDOLGD
GHV\S XHEO
R GH+XDP DQJD
FR
 QO
RV SXHEORV
SXpVWROHVFXDQLPSRUWDQWHHUD OD
GLFKD
UHGXFFLyQHQ
ORVSXHEORV \
KDFHUVH
UH
 TXH
DK RUD VHUHGXFHQDO
GLFKRS XHEO
RGR V
PLO QRY\
HFLHQW
RV
\FXDUHQWD<FXD
SDUWLPLHQWRVTXHKD\ HQ ORV WDQGLYWpUPLQRVGH
LGLGRV\ W
URiQLP DV
HVWDFLXGDGSRU\SR U
ODYL
VLW
DGHOGLFKR'DUQL
HVWDU iQG H
OD%DQGH UD
VHLV
FLH
Q W
RV<Y HLQ
WH
DSDUWDGRV\ ODV FDXVDV KDEtD\
\ TX
OR
H
PRWLYRVTXH
6
X 0D MHV
WDG SDUD HOOR
L
QGLRVW
U LEX WDU
LRV\HV
HVWH
XQ R ORGH
VFXUD ]JRV
FHUFDGHHVWRWHQtD PDQGiGROHV
TXHFRPRSHUVRQDVTXH
SURYHtGR\ K D
EtDQ YLVW
R
OD WLHUUD
\ HUDQ QDWXUDOHVGH HOODWUDWDVHQ SDUWHVO X
\JDU
HV \SODWLFDVHQHQ TXp
VHSRGUtDQ UHGXFLUORV GLFKRVLQGLRVGRQGHQR GLYLGLGRVH DSD
U 2WUR
FXUD]JR
HVWXYLHVHQWDQ
WDGRV
\WXYLHVHQ WLHUUDV H DJXDV QHFHVD
ULDV SSDVWRV
DUD \ ODV GHPiV FRVDV
VX FRQVHUYDFLyQ WUDW
RV \ \VXVWHQWDFLyQ
JUDQMHUtDVTXH
IXHV
H QGHGLIH UHQW
H QR 3XHEO R GH0DF KDFDUD
 $OSXHEOR GH0D FKDFDUDTXHWL
HQHVHLVFL
HQ W
DV<
WHPSOHTXHHOVX\R+DELHQGRWUDWDGR
FRQIHULGRGLYHUVDVYHFHV
\ VRE UH
HOOR DQWH YHL
QWH\ VH L
ViQLP DV LQGH
LRV WU
GH
LEXWR SRU
ODY L
VL
WD GHOGLFK
 R' DUQLiQ OD
GH
Pt ODV GLFKDVSHUVRQDV \ TXFDFLTXHVSULQFLSDOHVH
HVH
K LFLHV
HOD %DQGUHD FLH QWR\F 
LQFXHQW
D\
LQGLRVSDUD F
X DW
UR K D
VH
GHSDVDU\UHGXFL
UGHO
SXH EOR
GH L
Q
GLFKDUHGXFFLyQFRPRPiV
DSURSyVLWRIXHVHSDUDHIH
FWRV
TXHV H
S U
HWHQGHQ
ORV GLR
VOOD
PD GR$U DQJXD\
HQ ODV SDUWHV TXH D FDGD PR GHXQR
ORV\GHV FU (O S XH
WRFDEDWHQLHQGRGHODQWHORV
LS E O
RGH +XDUQDTX HWL
HQHGRV PLO \GRVFLHQWRV
\FXDUHQWD< FL
QFR
FLRQHVGRQGHOHVSDUHFLyTXHVH UHGXFLU

GHOR
F XDO\RKH YLV
WR iQ
GHEtDQPXGDU\L P
DV H LQ GL
RVGHWUL
EXWRVWUHVFL
HQWRV\ VHVH
Q WD\V L
HV
TXHVH
K D
OODURQS RUO
D
DOJXQDSDUWH SRU YLVWD OD
GLFKD
GH
UHGXFFLy
RMRV\
Q V
H SRGtD
U GL
FK
HQWHQGLGRTXHDY 
LVL WD GHOGL
FKR'DPL iQG H
OD%DQ GHUDK iVHGHHVW
DUHQ
HOSURSLRDVL
HQWR
KDFHU GHWDQWR GHOXJDUHVD
WDQ
Q~PHUR
SRFRVFRPR\R
SUHWHQGtD\WDQ F
RP TXHHVW
i SR U
TXH VH
KDQUGXHFG L
RD OPp XFKRVS XHEOH]XHOR
V
SHT XHxRV<QR V
H
SDWLEOHV
SDUD
OHV GDU
GRFWULQDQHFHVDULDFRQPXFKRPHQRV
OD Q~PHU RGHV D
FHU SXHG& S iVDU DRWUD
SDUWH

GRWHVTXHOH GHEtDQSRQHU OD
GLFKDUHGXFFLyQSRU
DQWHVTXH
WHQHU VHKLFLHVH
QR (O
X"H EOR
G H<QWDL
WLHQHTXL
QLHQWD
V\ VHVHQW
D VLV
\ HiQ L
PD V
HQWUH
ODV
F XDOHV
ORV TXHHUDQ QHFHVDULRVH KDEHU H QHVWDVGR KD\SRU OD YL
VLWDGHO
VHQ HVWRPX\ QRWDEOHIDOWD \ TXHGLFKR '
 DPLi Q O D
GH
%DQ GHU
DFLHQWR\
GRFHLQGLRVWULEX
FRVDVWDQ SULQFLSDOHVQR SRGtD EDVWDQW HVHQ WD
ULRV
K i
V H GHHVWD
KDEHU HQJDxRH KDEtD WHVWLPRQLRVUHQ
ODSDUWHGRQGH H V
WiSR U
TXHVH KDQ
UHGX FL
GRDpORWURV
ORVGLFKRV
FOpULJRV
FDFLTXHVH LQGLRV\ FRUUHJLG
RUHVGHQFRPHQGHURV
HORVQD \ SXHEORV S HT XHxRV\QRVHSXHG H
SDVDU RWU
D SDUW
H
WXUDOHV\ TXH ORV WDPSR
GLFKRVFDFLTXHVH
FR QR SRGtDQ
UHFL
ELUOHGH TXH LQGLRV (O S X HEORGHORV
\XQ JDVOODPDGR/X FUH
WLHQHGRVFLHQ
WDV
\FQLFXHWQD\ WUHV
GRQGH VH GHSDV KDEtD
D
U IXHVHQIDOWRV \ GH
W HPSOH
DJXD
SXHV WLHUUDViQL
PD V \
SDVWRV HQWU
H HOOD
VKD\
WUHLQWDLQG
LRVGH WUL
EXW RSRUO 
DGLF
KD
YLVLW
D 
QR V
HKD
H
OORV
DV
t
ORV
SULQFLSDOHV
FRUR
Q ORV
PH QRUHV HVFRJtDQ
ORD SURE DEDQ
H
SRU ODV GHSDVDU QL U
HG XFL U
DRWUDSDUWH
+ DVW
D DTXt RWUR
HV FXUD]J
RH O
FXDOHV W
iHQ
F
DXVV
DVXVRG
LF
KDV
< SRU
D\XGDU
DORVGLFK
RVYLVLW
DGRUV
HPDQGpKDFHUODG LFKD FRQ WUDU
LR G HO
HJXD\ PHGL 
D
U
HGXFFLyQ
FRQIRUP
H D ROD
UGHQ
\W 
UD]DTX
HH QWU
H
WRGRV
VHKD
E tDDFRUGDG R \
TXH SXHEORV
ORV GHUHSDU
LQGLRV
WLPLHQWR
HQF
RP H
QGDGR
GHO HQ'L HJR*D YLOiQ
2WURFXUD]JR
YHFLQRGH
ODGLFKD
FLXG D
G GH
+XDP DQJD
TXHHUDQ
GL
H] VL
\ H
V
SX HEORVVH
UH GX
MHV
HQ
\SREO
DVHQ
HQ VLHW
H
SXHEOR
V \TXHKXELHVH H
OORV
HQ
SRUDKR UDWU
HV FX 3XH E ORGH /XULF
RFKDFXD W
URSXHE O
RV $O SXHEORGH/XULF
RFKDTXH
 WLH QH
UD
]JRV
HQ
OD
IRUPD
\ PDQ H
UDVL
JXLHQWH RFKRFLH QW D V
\YHLQWH
XQDiQLP DVV
HKDQ GH UHGXFLU
HOSXHEORGH
0DOFDUDFD 
\HO
SXHE
ORGH&HFFHFK
XJX DTX
HW 
L
HQHG RVFLH
Q WDV
\FLQ
FXHQWD
\VL
HWH
iQLPD V
T XH
VRQ
5HGX
F
FLyQ GHO UHSDUWLPLHQWRG
H
'L
HJR
*DYLO
iQ SRU
WRGDVPLO
\FXDWURFLH
QWDV
\FLQFXHQWD RFKRH
iQLPDV
HW Q
UH
ODVFDXOH
VKD\
GRVF
LHQWV
R\RKFHQWD\QXHYHLQGLRVWUL
EX WD
ULRV
SRUOD
G L
FKDYLV
LWDGHOGL
FKR
$O
SXHEORGH
+X DUQ
DQJD VH
UHGXFQ
HFXDWUR
S XHEO
RV
$OSXHEO
RGH+XD 'DPLiQGHO
D%DQGHUD
UQD
QJDGH
O RV
RUH
MRQHVVH
KD GHU
HGXFLU
H
OSXHE O
RGH&RFKD
SR U
TXHVRQ
RUH 3XHEO
RGH0D \RF
WUHV
SXHE O
RV
 $OS XH
EORGH
0D \RFTXHWL
H
QH TXLQL
HQWDV
MRQHV\
GHO
DPLVPDJH
Q HUD
FLyQGHORV
GHO
GLFKRSXHEO
RHQ
HOFXD
O
GL
FKRSXH \
Y HL
QWHVH\
L
ViQLP DV
VHKDQGH U
HGXFLUHOSXH
EORGH&DVLO
TXHWLHQH
FXDWUR
EOR
GH&RF
K D
GL
]TXHKD\
GRVFLHQWDV
\GLH
]VL \
H WH
iQLPDV
<DVL
PLVPRVH
UH FL
HQWDV
WUHLQ
WD
\QXH YHiQL
PD V
\H O
SXHE ORGH
&KDQ FKDU
DTX H
WL
HQH WU
HVF
LHQWDV
GXFH
DOGL
FKR
SXHEOROR
VSXHEORVGH&KL
OFDV
\0 R\RS DPSDWL TXH
HQH
Q H
QWUH \
VHWHQW
D\VL
HWHiQL
PDV 
THXVRQSRUWRG DV
PLO WU
\ HV
FLHQW
DV\FXDUHQWD
\XQD
HQW
UDPERV
FLHQ
WR
RFKHQWD
\FXD W
URiQLPDV
\HOGL
FK RSX
H EOR
GH+XDPDQJDPLO iQL
PD VH
Q WU
H
ODV
FXDOHVKD\WUH
VFLHQW
RV\ V
HWHQW
DLQGL
RVW
ULEXWDUL
RV
S RU
ODYLV
LWD
<FXDW
UR
FLHQWD
V\
FLQFXHQW
D\R F
K R
iQLPDV
HQWUHODV
F
X DO
HVVH
KDOO
DUR
QFXDQG
R GHOG
LFKR'DPLiQGHOD%DQGHUDFPRR WRGRSDU
HFH SRU
XQDUH
ODFLyQTXHGL
y
YL
VLW
y'DUQL
iQ
GH
OD
%DQ GHUD
WUHVFL
HQWRV
\V
HWHQWD\VH
LV
LQGLR
VGH
WUL
EXWRV
\H
Q ILU
PD GD
GHV
XQ RPE U
H%DUWRO
RPp 0DU Wt
QFOp
ULJ
RTXHHVW
iHQOD
GLFKDGRFWU
LQD
HO
GL
FKR
SXHEOR
GH
+XD PDQJDK D\
RWUD
VSUDFL
DOL
GDGHVGH
LQGLR
VTXH
VRQ
1D QL
RV <KDVWDD
TXtHO
WHUFH
URFXUD]JR
 0$5$
-867,1$
6$5$%,$
9,(-2

3RU OD FRQILDQ]DTXH


WHQ JR GHYRV SDGUH
HO
%DUWROGLFKR
RPp0D UW
tQ 
T XH
HVWiLVHQ
ODGRFWULQD
GHORV
Q D WXUDOHV GHO
GLFK
R UHSDUWLPLHQ WR
FRQ FX\ RDFX H
UGR 
\SDUHFHUVHKL]R
OD
GLFKDUHGXFFLyQ\GH YXHVWUDFULVWLDQGDG\VXILFLH QFLD\TXH
FRQ WRGDF XLGDG
ILGHOLGDG\
R SRQ pLV HIH
HQ
FWR O
D GLFKDUHGXF FL
yQ SDUD TXH HO
`YLVLWDGRUGHHVWHSDUWLGRKDOOH
OD FXDKHFKD
QGRY D\DDODGLFKDY LVLWD
GHOGLFKR
U UHSDUWLPLHQWRR ODSD
UWHTXHIXHUH SRD
V LEOHKHDFRUGDGR GH RV ORFRPHWHU H
SDUD O HOORGL
DSUHVHQWH
SRU ODF XDO HQFDUJ
RV RTXHOXH JRTXH OD UHFLEDLVYDLV
H SDUW
RVDLV DO GLFKRUHSDUWLPLHQWRH
F
RQIRUP HD OR GLF
KTXH
RH VKDJiL VODUH
GXF FLyQ
GH VXVR
G
Y
H
ORV GLFKRVQDWXUDOHV
DQ GHFODUDGRVVLQ
OD
GHO
PXG
D
DU
ORVSULPHURV
QL DOW
HUDU
V
LWLRV
FRVD

OXJ
DOJX
DU
QD
HV
DW
H
HQW
DVL
R
HQ
TX
WRVTXH
HFRPR

VDEpLVVH KL]RFRQ
WDQWDGHOLEHUDFLyQD FH
XHUG R\FRQ YLHQHWDQWR DOVHUY LFLR
GH 35
29,6
,2
1( 6
62%5(/$
(5(
&&,21
'(
81&219(17
2)5
 $1&,6&$1
2
'LRV1XHVWUR 6HxRU
\ GH6X 0DMH VWDG\ GHORV
ELHQ
GLFKRVQ DWXUD OHV\FRQ IU
R (1
-$8-$ < $3(57
/$
85$ '(
81$
(6&8(
/$
(1(/
PH OD
D
LQVWUXFFL
yQTX HF 
RQ HVWD RV GDGDVHUi
FRPSHO HUpLVHDSUHP LDUpLVFRQ 5(3$57,0,%172
'(
/26
+$1$1,,'$1& 
$6
WRGRULJRU
D ORV GLFKRVLQGLRVTXH
KD JQDVXV
F D VDV
\ODVGHP iVF RQ WHQLG DV
HQ O
D
GLFK DLQVWUXFFLyQ
WHQLHQGRFR QVLG HUD
FLyQ D
TX HORV
 LQGLRV
TX HKXEH L
UHQGH WUD

+QD
PDQ
J
DG

HH
Q HUR
G
H
EDMD UXQDVHPDQ DHQ KDFHU
O
D VGLFKDV
FD VDVOHVTXHGH RWUDRW HO
LHP SRT XHRV
SDUHFLHUH SDUDHQWHQGHU HQ HO VH
PHQWHUDV
EHQHILFLRGH
TX HW RGDV
SRU
ODV VXV
GLFK DVFVDV
D V HKDQGHKDFH UGHFRPXQLGD G HDORV GLFKRVLQGLRV \F 
D FLTXHVH (VW
HHVXQ
WUD
VOD
GREL
HQ\IHOP
LHQW
HVDF
DGRGH
G RV
SURYL
V
LRQH
VGHOP
X\
SULQFLS D
OHVDVL
PLVP RFRPS HOHUHLVHDSUHPL DHLV
U V
D
HSDVTXH
HQ D YLYLU\PRUDU H
[ FH
OHQWH
VH
x RU
'RQ
)UDQF
LVFR
GH 7ROHGR
YL
V
RUUH
\ 
JREH
UQDGRU<
FDSL
WiQ
JH

HQ OR
VGLFKRVSXHEORVHD 
VLHQWRV GRQGHH VWiRUGHQD GRTX HK DJDQ ODGLFKDU H
 QHUD
O
GH
HVWRV
UHL
QRV
\SUR
YLQFLDVGHO
3HU~

GH
ORVU
HJLVW
UR
VGH ODV
GLFK
DV
SU
R
GX FLyQ
F D ORV
FXDOHVGL
F KRV FDFLTXHV
SULQFLS DOHVHLQGLRVPDQG R T XHHOO HQ
RV YLVLRQHV

V
X W
HQRU O
D
GH
FX
DOHV
HV
HV
WH
TX
HV
H
VL
JXH
YLYDQ \UHVLGDQVLQ SDVDU
VH
DRWUD
PXGDUQL
QLQJXQD SDUWH\ TXH F
XP SODQOR
TX HVREU
 H HVWR
OHVPDQ GiVGH
HV VRSHQDGH FDGD FLHQD]RWHV\T XH VHDQ W
UD VTXL 'RQ )UDQ FLVF
R GH7RO HGRPD \RUGRPR GH6X 0D M
HVWDG <VX YLV
RUUH\<
ODGR V\SHUGLPL
 HQWRGHWRGRV VXVELHQH V\GH F VXV
D FL
F D]JRV\ SULQ FLSDOD]JRV JR EH UQDGRU \FDS LiQ
WJHQH UDOGH HVW
RVUHLQRV
\SURYL QFL
DVGHO3H U
~ <SUHVLGHQWH
\ SDUDHOOR SRGi
OHV
LVKDFHU
GH UUL
EDU\GHUULEp LVW
RGDV FDVDV
ODV ER KtRV\UDQ GH OD UHDO$X GLHQFLD\&K DQ F
LOO
H U
tDUHDO
T XHUHV
LGHO D
HQ
FX LGDGGH O
RV5H \HV
FKHUtDVGRQGHDOSUHVHQWHYLY HQHPRUDQ TXH QR IXHVHQQHF HVDULD VSDUD O
DGL 3
RU FXDQWR HQODYLVL
WDTXH\R KLFHHQHO
UH SDU
WLPLHQWRGHORVKX U
tQK XDQFDVTXH
FK DUHGXFFLyQ
VQ
LHPE DUJRGH F
X DOTXL
HUD SHODFLyQ\VX SOL
FD FL
yQ TXH GH HOO
RLQ HV HQ
Y
HO DOOH
GH -DXMDGHODHQF RPLHQGDGHOFD
SL WiQ&ULV
WyE DO3HxD 
YHFLQRGH
WHUSR QJDQSRUTXHOD
GLFK DUH
GXFFLyQ GHORVGL FKRVSXH EORVVHK DFH HQ FXPS OL
 O
D FX L
GD G GH+XD PDQ JD
PD QG pUHGXFLU
ORVLQGLRVHSXHEORV GHOUHSDUWL
PLHQW R
PL H QWR
GHORTXH 6X0D MHVW
D GWLHQHSURY HtGRHPDQGD GR HQ
ORF XDO WRGRHQ HQ FL HU
WD IRUPD SDUDTX HSXG
 LH VHQVHUPH M
RUGRFW U
LQDGRVHQ O
DVFRVDVGHQ XHV
WHQ GHUHL
VKDVWDWD
Q WRTXHYD\D D O
RVGLFKR VUHSDU W
LP LHQWRVHO GLFK RY LV
LWDGRU WUD VDQ W
D IpFDWyOLFD
OH\QDWXU DO
\EXH QDSROL
FtD\SD UD FRQ
VX
VHUYDFLyQFRPR
TXH OOHJDGRVH
ODGHM
DUHLVDO
S XQWR\HWVDGRT XHODWXY L
pUHG H
VS DUD TXH O
D SUR SD UHF HSRU ODGLFKDUHGX FFLyQ\FRQ IRU
PH Q~P
DO HURGHLQGLR V
TXH KD\HQ HO
VLJDHDFDEHD\XGiQGR O
HHQWRG ROR
T XH IXHUHQ HFHVDULR
TX HSDUD WRGROR T
XH GLF KR UHSD U
WLPL HQWR\GHORV SXHEORVTXHKDQ GH V
HUUHGXFL GRV
SRU DKRUDKD
GLFKR HVYRVGR
\S RGHUF R
\
PLVL yQHQIRUP D \ PDQGR DOGL
FKR YLVLW
D GRUT 
X H SD UHF LGRT XH
FRQ YHUQ t
DTXHKD \DHQHOPRQ DVW
HUL
R GHOD
&RQF HFSL
yQ GH
ODRUGHQ
FRQIRU PH D
ORTXHHVWi
DFRUG D GRFHUFDGH O
DV GLFKDVUHGXF FLRQHV HQODLQ V
WUXF GH 6DQ )DQUFLV FRTXH HVWi
HQ H O
GLFKRUHSDUWL
PL HQ W
RVHL
VUOLHJLRVRVVDFHU
GR WHV
FLyQ TXHOHHVW
iGDGD 
SURYHD GHWRGROR TXH YLHUHT XHHVQHF HVD ULR
SDUD OD HXR QOHJ
R O
DFX DOGL
FK D
UHGX FFLyQUHVSHFWRDO
Q~PHURGH LQGLRVTXHKDEtDHQ
HVWD ELOL
GD GDV \
LHQWR OD GHGLFKD
UHGXFFLyQ+HFK DHQ +X DPDQ JD DRQF HGtDV HO GLFK RUHSDUWLPLHQWRK DV
LGR \HVFDXVDSDUDTXH QRV
HS RQ JD
H QpOPiVQ~ 
GHOPHV GHGLFL
HPEUHGHPLO\ TXLQLHQWRV\VHWHQ W
D\XQ VLF 
Dx R V'R Q)UD Q PH UR GH VDFHUGRWHVHQODGLFKD GRFWUL
QDSRU TXHDQ W
HVTXH VHKLFLHVHQHV
WDED Q
FLVFR GH7ROHGR
SR UPDQ
 GD GR GH6X ([FH O
H QFLD$OYDUR t
] GH
5X1D YD PXH O
 PX \GLYLGLGRVD SD
HUWDGRVO
RV SXHEORVGHLQGL
RV GHOGLF
KR UHSDUW
LPL HQW
R <TX H
GH H VW
RVVH L
VVDFHUGRW H
VO
RVFX DWUR
DQG H
Q IX
H UD
GHOGLFKR
FRQY HQ WR
DK DFHU
ODGRF
WULQD HQ ORVO
XJD UHVTXHVHKDQ GHUHGXFL
UFRQIRUPH D
ODGLF KDRUGHQTXHS D
UD
HOOR HV
Wi GDGD\ O
RVRWURVGRV\ HO
OHJRKDQGHUH V
LGLU
HQ HOGLF
K RPR QDVWHULR
GH O
D &R Q FHSFLyQSDUDKDFHUFDE H]DGHO
FRQY H
Q WR\FRQVHU
YD FLyQG HVXU
HOLJL
yQ
\ GRFWULQDU O
RV LQGLRVTXHH V
WiQ SREODGRV\VHK DQGHUHGX FLU
MXQWR DO
GLFK R

$U
F
KLYR
*HQHU
DO
GH
,
QGL
DV
/L
PD


$ '
 
 25'(
1$1=
$6
'(/
9,5
5(
<72/
('2 
0$5$
-867,1$
6$5$%,$
9,(-2

FRQYHQWRSRUTXH 6X 0DMHVWDGFHODQGR GHEH\ WLHQHO


DV FRQ OD WRQ LR GH5LEHUD
FULVWLDQGDGTXH YHFLQRG H-DFLXG DG GHORV5H\ H
VF\ XD GRFWUL QD H V
Wi DO
FDU JR
UHOLJLRQHVTXH HQYtD\ SDUD KD
FRQYHUV
OD
HQYLDGRD
LyQGR FWU
LQD GHUH
HVWRVUHLQRV ORV
OL
JLRVR VGHODRUGH QGH 6DQ WR 'RPL QJR VHHQWHQG L
y TXH FRQ YHQtDG DU
\ FRQVHUYDFLyQGH ORV HQQDWXUDOHV
FXDQWR
IXHUHSV RLEOH KD
ORV RU
TXHULGR TXH GHQ HQTXH KXE L
HVH XQD HFVX HODHQ H
OPRQ DVWHULRT XHGH Q XH1Y R
VHK DPD Q 
IUDLOHV GH ODV GLFKDV UHOLJLRQHVWHQJDQ FDEHFH UDV ODV
GH
SUR GD G R
FRQYHQWRVHQIXQGDU\ K DFHU HO
ODV GLHQ
FKR U
H SDUWLP L
HQWRGRQ G HVHHQV Q HO H
D
HU<H V
YLQFLDV\UHSDUWLPLHQWRVGRQGHGHQODGRFWULQD SXHGHQ FULE LU\ KDEODU ODOHQJXDH VSD xR
DORVLQGLRVHQORVFXDOHV O
DOR D
VLQGLRVFR PR 6X 0D M
HV WDG O"PD QG D
FRQVHUYDUOD IRUPD H REOLJDFLyQGH SXHG HQUHQRYD U
 \ H QODFDQWLGDG
VX SURIHVLyQ LOHJLEOH VH GHLQGLRVFD QWR UHV
\ P ~ VLFR
VTX HKDGH KDEH U a
QHOGFa R
PR 
UHFRJLpQGRVHODV GRFWULQDV KXE SRU
LHUHDOJXQRUGHQ
DV Q DVWH UL
GH VXVSUHODGRV RSDUD TX HFRQPDV DX
FXDQGR WRULGDG \GHFHQ FLDFHOHEUHQ O
RV GaYPRV R IO
F PV H
MXVWDV <WHQHUPiV
FDXVDV SDUD FRPRGLGDG
TXH KD\D VDFVDQWtVLPR
UDPH QWRGRQ G HQ WRGR ORVXVR GLFK R RUGHQR \ PDQG RT XH GHD T XLD GH ODQWHKD \D
SUR YH\ HQ R
 OE L
GHSDUHFLHUHD \SUHODGRV
ORVUHOLJLRVRV
H DVLPLVPRORV
UHOLJL
RVRVWHQJD Q GLFKRV H Q HOGLFKRFRQ YQHRWXQDHV FXH ODGRQ GH H
QVH
VHxHO RV
DLQGLRV DO 
H HU<HVFQ UU
PiV D\XGD \ FRPSDxtDSDUD ODREOLJDFLyQGH UHOLJLyQ
FXPSOLU

FRQF VX
X
OR
DO \ F DQWDU\WDxH U\K DEODU
OD OHQJX DH VSDxRODHQODFXDK DGH K DEHU G RVPD HV
SXHGDQ PHMRU OD
UHDO
GHVFDUJDU
FRQFLHQFLDGH
0DMHVWDG \ GH HQFRPHQ
6X
ORV WUR VXQRT XH HQVHx HDFDQ WDU\ WDxH UIODXWDV RWUR
H
VPV W
UX PH QWRV <RWUR TX H
GHURVGHO KD TXHULGRTXH
UHLQR HQ ORV DO J~Q
GLFKRVFRQYHQWRVKD\D
RDOJXQ RV H QVH xH DOHHU\ HVFULELU KDE \
ODUOHQJ XD HVSDxRODO RV
D LQGLRV  D
FDG DX 
QR G H
UHOLJLRVRVDOOHQGH SDUD GLFKDGRFWULQD
GHORVOLPLWDGRV
OD ORVGLFKRV
\SRUTXH D ORV FXDOHVPDQ GRT XH OH
VH
GH GH VDODULRVXVFDVDV\ SDJDU VXV W
ULE XWRV
YH PW H
VH HFKD WDQWR PHQRVVtQRGR
UHOLJtRVRV \ SXGLpQGRVHS UHV
HQ
TXH D ORV FOpULJRV
SHV RV GHSODWD FRUULHQWHXQ\ YHVWL
GR GH DEDVFDT XHVH HQWLHQGH PDQ WD <FD 
WDU
SDUD OD GLFKD \SDUD ODVGRFWULQD
GHPiV GH68 HVWRVUHLQRV
0D MHV SRUPL V HW
D \GRFHID QHJDVPGH D t]O
R FXDOH VHS\
DJX
OH
H GH OD
G FR PaQL aD G GHO
WDG FOpULJRVTXHGDQ PDV
HPEDUJDGRVVLVHOHVHFKDVH

TXHKDJDQSUHJR QDU KD \
VL GLFK R UHSDU
WLP LHQWR \ HQ HWV
D H
VF XHOD KDQGH HQVHxDU D W
RGR VO RV LQGLRV T XH
DOJXQDVSHUVRQDV TXH TXLHUDQ REUD VGHO
WRPDU
GLFKR D VX FDUJRTXL VLHHO
UH
Q YHQ KDFHU
LU DHOODGHO GODV
LFKR U
H SD U
WLPLHQWR <SRUSRGU TXHtD VHUTXH a
PRQDVWHULRHLJOHVLDH OD
UHPDWHQ OD
TXHSRU
HQ TXH PHQRVFDQWLGDGOD
TXLVL
HU H TXL VLHVHQ HQLU
YPXF KRV GH YROXQ WVX
D G K VH
D Q HGFRP SH O
HUWRGR D VORVa O-26
KDFHU H WRPDGD OD SDUD
VHJXULGDGTXH
TXHODKDUiQ DFDEDiQ
H
U HQ HO
FRQYLHQH G H F
D FLTXHVH SULQFLSDOHVGH SXHE ORVU LFR
VT X
D
HHVWpQ DSUa
H QG DQ HQ O
a aFKD
WLHPSR H SRU HO SUHFLR DY RV
TXH ORVVHRIL
FLD
GLFKRV
OHV
FRQFHUWDUHQ PDQGR O LPL VP R OV
RQL xRV K XpUIDQR VTXHK XELHVH HQHOG L F
KR UHSD UWL
POG
LHQ W
R
H VFXH D
D V
UHDOHV DUHDO
OD
TXH KDFLHQGDTXHHV %RQF
RIXHUH
RQWH GD D FDUJRGH D OR 3HGUR
V FXDOHV
V LIXH GH
VHQSR EHV
U O H V
VH
SURY HDGHOD LFKD
GF RP XQLG DG VX FQRQ D <
UHLV H SDJDUHLV OR TXH
ODFRVWDUH
WHUFLD
REUD
HGLILFLR
SDUWH
\
OD
PD WHUL
DOHVGH FR QT XHV
HS XHG DQVXV W
HQWD UO
D FXDO VHO
HV HHQ
GH OGL
FK RPRQ D VWHULR<PD QGR
GHOGLFKRPRQDVWHULRH ODFXHQWD
\ UD]yQLJOHVLDTXHFRQ
HFDUWDV
DJRGHOR GHS D -HUyQLP R GH 6LOYD
YLVLWDGRU GHO GL FKRUHSDUWLPLHQWRT XH OXHJR WDVHOD F R
TXH DVtGLpUHGHVHSDJiUHGHV
SDUDHOGLFKR HIHFWRUHVSHFWR T XHGLFKRHV GHOR PL GD TXHOH DUHFL
SH UH HORV
G TXH DQ GXYLHUHQHQODGLFKD HVF X HOD< SDUD TXH OR
<HQ HO WUDVODGR SUR YLVLyQ
DXWRUL]DGR PDQGR U
GH
HFLEL
GR
TXH
VPL
\
 RV VHDQ TXH 6X 0D MHVWDG PDQ GD O HQ
RTXH WR FDDHWDV
V LF K DV
G HV
Fa H aDVK D\ DFXPa K GR

S
DVDGRV HQ FXHQWDVLQUH RWUR
FDXGR DOJXQRHRWURVt
PD QGR D YRV HOGLFKR HI HFWRHQFDUJR DOJXDUGL iQ H O
GLFKRGF RQ YHQWRTXH HOUHK JRV a T XHVH aaG H
'R $QW
QLR H5LE
GHUDTXHD
VLPLVPR FRQWULEX\i
LVFRQORTXH PRQW DUHODRWUD HQ O
D GLFKDHVF XHODSDUDTX HORVPDH V WURV
FRQPD V
FX L
GDG RH V QHQ HQ DORVUX Q RV
WHUFL
DS DUWH
GH OD
GLFKDREUD HGLILFL
\
RVLQSRQHU HOO
RH[ FXVDHQ
QLGLODFL
yQDO \ HOORVORW
HQJD QGH DSUHQG HU H
SR UT 
XHH O
HQ
GLFKRFRQYH Q WRBK\ DV 
DFUDP HQ WR
JXQBD<TX HORV
 QDWXU DOHVG
HOGL
FKR YXHVWUR
UHSDUWLPL
HQWRD\X GQHHFRQ WUL
EX\DQ \ FRQYL HQHTX HO 
RV RIL
FLRV GLYLQR VVH FOHE
HU HQ FRQPD V
DX aRQG DG PDQGR aXH
FRQ-RUQDOHV GHLQGLRV
SDUD
ORGHP iV H-D
G GLFKDRU E D
DWHQWRDT XH6X 0D  G HOGLFKRUHSD UWLPL
HQWR VHGH Q DOGLFKR FRQYH QWRRFKR LQGLR VFD QWRUHVH WD xH
M
HVWDGOR WLHQ
HSURYHtGRH
PD QGDGR DVt\
HV
SDUDVXELH
Q\ FRQYHUVLyQ H
Q RO
R G RUHVGHORV Pi VGLHVWURVH TX
KX ELHUH HQHOHQWUHWDQWRTXHO R
GH
V TXHV
H H Q V
H
KDFL
HQG RH
FXPSOLHQ GRPDQGRD
FXDOHVTXLHU
MXVWLFL
DVRDO
GLFK R
YLVLW
DGR U
D F
DGD xD UH HQO
D HVFX HO
DK XELHUHLQG LRVK iELOHVSDUDHOOR
O RVFXDOHV V HD QREOJ LDGRVD
XQR HQ MXULVGLFFL
VXy Q
TXHFRPS HODQ DSH
UHPLHQ DORV YRV
GLFKRV RIL
FLDO
HV D FXGL U
D FDQWDU HWDxHU GLFK HQ RPHO
RQDVWHUL
R WGR
RV ORVVi E DG RV GHODxR GR
UHD
OHV<H QFR PHQGH URHORD
VGFL
KR VLQGLRV
 DO
D SDJDF \
XPSOLP LHQWR GH OR PLQ JRVIL \
HV W
DV \ t
VSH
YUV D GH ILHVWDVVROHPQ HVH W
RGR HO iV
P aL
HPSR ?SXH GD Q
TXHGLFKR HVV
LQFRQVHQWL
U
QLGDUOXJD UTX
HHQHR
OO SXHGDS
VH RQ HUQLSRQJ D VWDUHQVXVFDVD V\ HQ KDFLVXV
HQ GD VHSRU ]yUD
QG HHVWDRF XSD FLRQ VHDQ U
HVH U 
HPEDUJR L QL
PS HGLPHQWR
DO
JXQR UTX
SR
HD 
Vt
FRQYLHQHDO
VHUYLFLRGH'LR VQXHV YDGRV GHWRGR VORVVHUYLFLRVSHUVR QDOHV \GHPLWDV\G  H
ODF RPXQ LGD GVHOHV ap
WU
R6HxR U\GH6X0DMHV W
DGH E
DOLHQ ORV
GH
GLFKRVQDWXUDOHVH
ORVXQRV QL ORV FRQTXHSX H
GD QSDJ DUV
X WULEXWR HRURV
Wt TXHHOGLFKRF RQYH QWR VHSXH GD VHUY L
U
RaRVQ RGHMHL
VQL
GHM
HQ OR
GH DQV FXPSOLU
t SRUDO
JX QDPDQHUD 
VRSHQD HFDGG
D GH OR VLGL
QRV K XpUIDQRV TXH HVWXYLH UHQHQ ODGLFKD H
VFX HDOIOLHUD GH O
DV aR UV
D
PLOSHVRV GHRURSDUD UHDO
VX
FiPDUD +HFKRHQ+X DPDQJD 
DFLQFR GtDVGHO TX HH VWXY
LHUH Q Q H
HOODSD UDDS UHQGH U\TXH aWUR
VL
Va UYLa DOJXQR Ka EaH UHQ
PHVGH HQHURPLO GH
\TXLQLHQ
WRV
H VHW
HQWD\
XQ DxRV PH Q HV
WHU@RS XHGD QEXVFD U
\ F RQFU H
WD UVH
F RQORV
GLF KRVLG Q
L RVG HO UHSDUWPH QWR
'RQ )UDQFLVF
R GH7ROHG
RPD\ RUGRP R HG
6X 0DMHVW
DG VXYLVRUUH\\JR SDJiQ GRVHOR \ SUROD
SU HV HQ W
HPD Q GR DOYLVL
WDGRU GHOGLFK R USDHU WLPLHQWR H DO
EHU
aD GaU<FDS LW
iQJHQHUDO
H
QHVWRV
U HL
Q RV
HSUR
 YLQ FLD
VGHO
3HU~ SUHVLGHQW
HGH O FR UUHJLRGUT XH HQ pOIXHUH \ DRWUD VFX D
OHVTXLHUD M
XV WL
FLD V HFD D
GD XQR HQ
D
XGLHQ FLDUHDOTXHUHVLG
HHQO
D FLX
GD GGHOV
R5H\ HV
3 RU
FXDQW R HQODY L
VL
WD VX MXUL
VGLFFL
y Q TXH K DJD Q
JXD UGDU H
 FXPS OL
UHVWDP L
SUR Y LVL
yQ HQ WRGR F
 RURa
TXHKFH
L HO
HQ
U
HSDUWL
PLHQWR ORVK
GH
QDD
QKXDQFD V
HQFRP HQG DRGHQ GRQ $Q  HQ HOODVHFRQ WL
HQHVLQF RQVH QW
LUQ LG D
U O
XJDU TXHH Q HOO
R VHSX HGD
SR QU HP

 0$5$
-867,1$
6$5$%,$ 9,(-2

SRQJD HPEDUJR
QL
LPSHGLPHQWR
SRU
ORV
DOJXQR
FDFLTXHV

SULQFLSDOH
VHLQGLR
V
GHO GLFKRUHSDUWLPLHQWR
QL
RWUD SHUVRQD DOJXQDDOVHU
YL
FLR
SRUTXH DVt FRQYLHQH
GH 'LRV QXHVWUR 6HxRU
SDUD
OOHYDU
HD
GHELG
GH
DHMH
6X
FXFLyQ
0DMHVWDG
OR H
TXH FHUFDGH HVWRWLHQH
PDQGDGR VLQ
\ SURYHtGR
HPEDUJRGH
U
DDSHOD FXDOTXLH
FLyQa VXSOLFaFLyQTXH
ORV XQRV
\ GH HOORLQWHUSRQJDQ
QL
GHMLV
H
ORV
GH RWURV QR
OR DVU FXPSOLU SRU DOJXQD
FDG
D
TXLQLHQWRV
PDQHUD
VRV
GH RUR
SHVR SHQD GH
SDUDOD
FiPDUD GH 6X 0DMHVWDG
DFLQFRGtDV
+HFKR
GHO
PHVGH
HQ +XDPDQJD
HQHUR<
GH
TXLQLHQWRV
PLO
VHWHQWD H XQ DxRV
\ 7ROH
GR
SRU
'RQ )UDQFLVFR GH
PDQGDGR GH 6X ([FHOHQFLD$OYDUR 5XL] GH 1DYDPXHO

25'(
1$1=$6
3$5
$(/
6(59,&,2
'(
/26
7$0%
26 
'(+8$0$1*$

+XDPDQ
JD

GH
HQ
HR
UGH




/D RUGHQ
TXH K VH
D W GH
HQHUHQHOVHUYL
FWRGHORV W
DPERV H VO
DVL
JX L
HQWH
3RUFXDQWRGHV
S XpVGHKDEHUWUD
WDGRF
RQ IH
ULG R\SODWLFD
GR HOU
H PH GL
RT XH VH
SRGUtDGDUSDUDSRQ HURU HQ
GHQHOVHUYLFL
R GH O
RV WDPER VGH HWVH
UHLQR\
KDEHUV
H UHV
XHOR
W GHPXGD U
OR TXH
DOSUHV
H Q
WH KD\SR UUHGLPLUO
D YHMDFLyQ
TXH
ORV
QDWXUDOHV
GH HVWRV
UHLQRV
SDGHFHQHQHO VHUYLFLR
GHHOORV
SR UHVW
D U
MXQW
RV\
RFXSDGRVR UG
GH
LQDU
LR HQ
HOGLFKR
VHUYLFL
R\REOLJ DGRVGHH[WUDRUGLQDUL
RWDQW
R
Q~PHUR GHLQ
GLRVFRQWDQWD
YHMDFL
yQG H
KD FH
UOR V
YHQ LUGHW
LHUUDO HMR
WDQ
V
VLH
Q
GRODFDXVDSUL
QFLSDOS D
UDHVWRKDEHUGHWHQHUH QORVGLFKR V
WDPER VKHLUED
O
HxD\DJX DT
XHKDVWDDTXt
KDQGDGR\GDE DQGHEDOGHDO
RV HVSDxROHV
FDPLQ DQ
W
HV\DXQT XHHV
WDED PDQ GDGRTXHQRVHGL
HVH QRVHKD EtDJXDUGDGR QL
HMHF
X
W
DG RH
Q DO
JXQDVSDUWHV
\H V
RWUDF
DXVDKDEHUGHK DEHULQGLRVSDUDFDUJD
\ DKRUD
KDELH
Q GRGHPDQG DUHM
HFXWDUOD
SULPHUDFDXVDUHGLPLHQGR DORVL
Q GLRVH V
GH
WD
YHM
DFLyQ\ODV
HJXQG DGQDGRRUGHQFyPR
 QR VHD
Q FDUJDGR VHQO
D VSUDW
HV\O
X 
JDUHV
GRQ GHO
RVFDP LQRVHVW
iQDELHU
WRVSDUDS RGHU DQGDUEH V
WLD
V GHFDEDOHU
OtD
\F
DUJD VLQ
RIX
HUHFRQVXYROXQW
DG\TXHFRQHOOD\GRQ GH QR S XG LH
VH
UHQ
OO
HYDU
EHV
WLDVGHFDU
JDVHO
HVK D\D
GHSDJDU MXVWR
VX MRUQD
O \OPLWD
L U \PHGL U
ODF
DUJD
TXHLQ FDGD
GLR
KXELHUHGHOO
HYDU
\KE DpL
QGRVH W
UDWDGR\FRQ IHULG
R ODRU
GHQTXH
PHMRUVHSRGtDW
HQHUSD UD
T XH
ORVW
DPER VHVWX
 YLHV HQ PHMR USURYHtGRV\V
HUYL
GRV\OVRLQG
LRV
IX HVHQUHGLPLGRVG
HODYHMDFLyQ TXH SDGHFtDQKDVWDDTXt
KD
SDUHFLG
R TXH
VHSRGUtDGDU
ODRUGHQ
VLJXL
HQ W
H


4XHSUHVXSXHVWR
T XHWRGRV
O
RVWDPERVHV
W
iQHQORVFDP L
QR V UHDOHV
TXH
VH
KDKHF
KR K
\DFHPH U
FHG
GH HOORV
DO
DVFLX
GD
G HV
HQFX\RVGLV
WUL
WRV
FDHQ
SDUD
TXHV
LHQ
DO
J~ QWLH
PSRSXGL
HUHKDEHU
SURYHFKRGH
HOORVSRU
D UUHQ
GD
PLHWQRHR
Q
RWUD
PDQ HUD
Ot
FL
WD WDO
S
HO
URY
HFKRVH
DSURSLRV OD
VGH
GLFK
DV
FLXGD
GHV
SDUD
UHS
DUR V
GHF
DPLQRV\SXHQWH
V\HWV
pF DD
UJRGHODV
GLF
KDV
FLX
GDGHV
ODV
YL
VL
WDVGH
ORV
GLFKRV
WD
PE RV
\SRVWXUD
VGHPDQ WHQL
PLHQWR
V
\
DUDQFHO
HV

3RUDK
RD
UHQHO
HQWUHWD
QWR
TXH
RWUD
FRVDSUR
VH
YHH
V
LQGHURJDUHO
GHU
HFKR

%L
EOL
RW
HFD 1DF
LRQDOGHO
3 HU~0VV%

/L
EUR
GH
ODV
2UG
H
QDQ]D
V
GHO
YL
UUH
\
7RO
HGR

IR
OV

YWR

YW
R
0$5$
-867,1$
6$5$%,$
9,(-2
25
'(1$1=$6 '(/
9,
55(<
72/('2 
 
TXHKDEtD VREUHDOJXQRVUHSDUWLPLHQWRVGHTXHIXHVHQ
REOLJDGRVDTXHIX H VLHUH
QH QFD UJDU GH OVHU
YLFLR GH HOORV VH OHVKDQ GHGD UFR QO VDFRQ GLFLRQHV
VHQ D VHUYLUD ORV GLFKRVWDPERVFRQ \ PDQ WHQL FLHUWRQ~PHUR
DUUL
E DGF L
K DV GHLQGLRV
PLHQWRVTXHGDQGRHQ VXIXHU]D UDTXH VLH Q\ YLJRUDTXHOODREOLJDFLyQSD
2EOLJiQGR VH HR OO
V DO VHU
YLFLR G H ORV GLFK RV WDPER V\ QRT X
OR
HULHQ GR VH
DOJ~QWLHPSRVH WRUQDU
D OHV
VHUYLUORV
PDQGDUH
WDPER VFRQ IRUGLFKRV
PH KDGHGD UD HV
S Dx RO HVDHOHFFLyQ GH ORV F DELOGRVHQ FX\R GL VWU
LWR H VWXYLHUHQ
D HOOD\ D VX FRVWXPEUHVHDQ DYHQLU PDQGVH
DGR \P
KD
DQ GDREOLJDGRV \GHODMX VWLFLDPD \RUGH ODFLXGD G O
R TX HVH O
HVHQ FD UJD TXH KD JDQ FRQ
TXH FHVH DTXHOOD PDQHUD VLUY
DQ HQGH OD VLJXVHUYLFLR\
LPDQHUD
HQ WH VH WRGRFXLGDG R\
GLOLJ H
QFLDGH PD Q HUD HQTXH
FRVD WQDLPS RUW DQWH QRKD \D
 4XH HQ FDGD XQWDPER
HVSDxRO KD\DR FDFLTXHX W HQJD RWUR LQGLR TXH
IDOW
DFRQ DS HUFLELPL HQW
R TX HHQ OD UHVLGHQFLD VHOHVK DGHSHGLU SDUWLFXODU
HQ HOORV PDQWHQLPLHQWRV\ FDPL QD
SURYLVLRQHVQHFHVDULDVSDUD
QW HV \ FXHQWD GHT XH
OR HQ HVW ORV
R VH
K XELHU H KHF K R
SDUD ODV FDEDOJDGXUDV
\GH SDQ
YLQR FDUQHPDt]OHxD
KLHU
ED DJX
\D\ /RVWDPEHURVQR KDQ GH VHURE OLJDGRV D GDU LQGLRVGH JX tDQL FD UJD<S RU
TXHSDUD D\XGDGHOVHUYLFLRGHORVGLFKRVWDPERVSRUTXHQRV
H HQFDUJD UiQ TXHD HQ
OJXQ D VS DU WH
VR SRU IDOW DGH F DED OO
RVR S RU OD DV SH UH]D GHO
GH HOORVSHUVRQDVTXH SXHGDQWHQHU VHUYLU GHOUH HVFODYRVTXH
FDPLQR Q OHV
RVHSR G U SRGHU
tDQH[ FXVDUSU DDH OUHP HGLR GHHVWR OD VHQ
UH GXF FLRQHV
SDUWLPLHQWR HQ FX\R GLVWULWR Q HVWXYLHUHDVHQWDGRHO
VHSURYHH TX HGLFKRWDPER
K
VH
D JDQS XH EROV VL
H QGR SR VEOLH VH
M
XQ W
RO OH
R
D
VWP D KD
ERV DGR QGH
GH GDU DO KDVWDRFKR
WDPEHUR LQGLRVPLWD\RV
SDJ iQGROHVDFDGDX QR OR VLD
OJ~QFDPL
 QD Q WHKX ELHUHPH QHVWHU L
Q GLRV S DUDFDUJD R JX tDFQ RT X HQR
TXHSDUHFLHUHMXVWR TXHH VHDDOJRPHQRVTXHOR
Q O
D FL
XGDG \ VHDPi TXH
VTXH GH JDQDQ
WDPERWDP ER O
HD
EX V TXH \ F VH
RQFLHU WHF RQ pO R FRQ H
O
TXH HVWRVLQGLRVVH PH VHV
\VRODPHQWHORV
PXGHQ S XHG D
FDGD
RFX SD UGRV FDFLTXHR DOFD OGH GHO SXHO E R
S DJDQ GR DOPL VP RLQGLR DQ WVHT X H VDOJDOR
HOWDPEHUR SUR YHHU HQ
HOWDPER \ DJXD\
GH
WUDHU
PDt
KLHUED
]GH GRQG H TXHVHFRQFHUWD UH\ QROOHYD QGR Pi VFD UJDGH FXD UHQ
W DOLEUD V
OR FRPSUDUHKDVWD \ VL
DOJXQRVGtDVQR
HO WDPER QHFHVDUL
R RF X
OH IXHUH B S R
\UTXH SD UHFH TXH VHUtD GH LQFR QYH QL H
QW H DO]DUHOVHUYLF LRK TXH
D\ HQ
SDUORV HQ HVWD VHUYLFLRORV
PDQHUD SXHGD GH
EHQHIL
FLDUHQ RFXSDU
O
D V HQ
ORVGLF
K RVW DPER V GHK HFKR VLQ WHQ HU SULPH UR HIH
FWR HOVH U
YLFLR GH HOO
RV
WLHUUDVFRPDUFDQDVDOGLFKRWDPERSDUD VXV
WHQWDFLyQ FRQ VXSURYHLPLHQWRR
FRQIRUPHHV D
WD Q X HYDRUGHQ  RUG H
QR P\
DQ GR TXH SRU GRV PHVHV SUL

TXHQR ORV DOTXLOD
U SXHGD
SDUD
FDUJ
D VQLSDU
DRWUR VHUYLFLR
DOJXQR 
PHURV VLJXLHQ W
HV T XH FRPH Q]D Ui Q DF RU UHU GH VGH HO
GtD GH ODSX EOLFDFLyQ
 (O GLFKR SDUD
WDPEHUR
HO SURYHLPLHQWRGHO SXHGD WHQHU GLFKR
HQ WDPER GHHVWD
V RUGH QDQ]DV ORVWDPE RV GH ORV W p
UP LQRV\ MU X
LVGLFFLy Q GH HV
WD GL

ORV WpUPLQRV GHO UHSDUWLPLHQWR RYHMXQR \ FD GRQGH HVWXYLHUHHO
FKDFLXGD G GH JDQDGR
+X DPDQJ D VH VLUYDQ SR U -DIRU PD \R UGHQ TX HKDV WDDT Xt
EUXQR TXH KXELHUH PHQHVWHU K DJD
HO FXDO OR WUDLJD
VHKDQHQ
V
UYLG
H R SDUWH
\ DF XGDQDHOORVGRQGH
O
RV LQGLRV T XQR
H GHDQWH VH UDQ REOL JDGRV <
GDxRD ODV VHPHQWHUDVGHORVLQGLRV\
SDUDODJXDUGDGHHOORV
V
H OHGHXQR HQHVWHWLHPSR HO FRUUHJLGRU DOFDO GHV UHJH
L
GRUH VGH HV
WD FLXG DG W
HQ JDQ
R GRV PLWD\RVSDJiQGROHVOR VHUYLFLRTXHIXHUH
HQ MXVWRFX
\
L VH
GDGR GH DV PXGHQGH
HQ WDU HD 
VLHQWHQ OR VGHQ
LFKRV WDPE RVH OVHUYLF LR F RQIRUPH
VHLV PHVHV D HVWDQXHYD RUG HQ SD UDTX H VH VL
UY D Q \ SURYH DQ GH DT Xt D GHO DQWHVR
 /DV MXV
WLFL
DVGHODVFLXGDGHVSRQ JDQD 
UDQFHOHV
\SUHFLRVDORTXH VH KX SHQDGH FDGD T XLQLHQ WRV
S HVRV D SOL
F D
GRV SD UD REUDVStD VDP L G LVWULEXFLyQ
EL HU
HGHYHQGHUHQORVGL
FKRV W
DPERVGH PDQHUDTXHORVWDPE HURVWHQ JD Q HQOD FXDOGLFKD S HQD PD QGR T XHH OYLVLWDGR U TXH\R WHQ JR SURY H t
GR SDUD
DO J~
QL QW
HUpV JDQ
\DQ
FLDHQ HOOR
\SDUHFH F
RVDFRQ YQHHLQWH
T XHHQ FDGD HV
WHS D
U W
LGR OHV HMHFX WH F DVR
HQ TXH Q R O
R FX PSOL HUHQ\ FR EUD GD VODVSH QDV
FRVD YHQ
TXH
GLHVHQVH OHV J GLHVH
DQDQFLD
ODF XD
GH
UW
D SDU
WH GH O
R T X H PH O
DV HQYtH SDUD TX H\R
O DV GLVWU
L EX\ D \S DUD HOO
ROH GR\ SRG HUFR \
PL
YD OLHVHHQ
HO
DVLHQ WR
G HOGLFKRWD
PERH HQWU
O
RVLG Q
LRV\RWUDVSHUVR Q DV VL
yQ SDVDGRV ORV GLFK RVGRVP H VHV GH F
\
OD UR TX H
ORV L
Q GLRV TX HK DV WDDTXt
 4XH S DUD
TXHHVWRPH M
RU VH
SXHG DVXVWHQWD
UH
QOD FR
PDU FD GHFDGD W
D P HUDQRE O
LJD GRVYH D
QULDO VHUYLFLR GH ORV GL FKRV WDPERV QR VHDQ REOLJ DGRV
ER VHVH
xDOHQGRVRWUHV
F KiFDUDV
HQ TXHSXHGDHOWD
PEHUR VHPE UDUD OJ~Q D YHQLU YHQ JDQ DQL
VUHYLUORV QL OVDM XV W
LFLDV OHVFRPS HOD Q D H OORHQ HO
PDt] W
ULJR
RFE HDGDGH
O R TXHVH
G L
HUH HQ
ODWLH
UUD\KDEtDVH
GH SURF XUDU HQWUHWD
Q WRTX HS RU Pt RWUD FRVD IXH UH PD QG DGR
TXH V
HVH
PEUDVH FHEDGDSRUTX HFRQO 
D SDMD
\JUDQR V
H SXGL
HVH VXVWHQ WDU ,W
H PRUGH QR \P D QG RT XH HO FRUU HJLGRU VDOJD HQF DG DX Q DxR YLV
D
L
WDU
HO GLFKR
WDPER FQRPHQ
 RV VHUYLFLR PHQ
D
RVDO
OR
JXQDS DUW
HG HO
Dx RTXH ORVW
pUPLQRV\ WDPERV GH HVWDFXGDL G \ QR SXGLHQGR pO VDOLUVDOJD XQR GH
K D\IDOW
DGHKLHUED OR
V DFO
D O
GHV KDFH D
U ODGLFK DYL VLW
D \ T XH S DUD FRQH OGLFK RF RUUH JL
GRU \
 /RV LQGL
RVGH
OUHSDUWL
PL HQWRGRQGHHVWXYLHU
HHO
WDPE RKDQGHVHUREOLJDG RV SDUDFR QHO
D OF DOGH HOFDELOGR GH HV W
D FLX GD G QRPEU H XQ UHJLG RU T XHYD \D
D WH
QHUVL
HPS UHHO
WDPE RHQKLHVWR
\EH LQSDUDGR
1R KDQGHVHUREOLJDGR V FRQFXD OTXLH U H GH
OORVDK DFHU OD GLFKD YL VLWD
OR V
WPEDH URV O D
H
xD QGDU
L
KLHUEDQLRWUDFR
VD GH
E DOG
H V
LQRSR UOR
 VSUH  WHP
,R UGHQ R\ P DQGR TXHORV DUDQF HOHVGH ORVPHV RQHV GHHVWD FLXG DG\GH
FL RV O TXH
DV
MXVWLFLDV
OHVSXVL
H U
HQ ORVW
DPER V GH W VX
LHUUD WpUP
\ LQRVKD VH
JDQ \RUGHQ HQ SR UH OFD ELO
GR GH
 < SRUTXH MXHV
V
WRTXH HOHQ
VHUYL
FLRGH O
RVGLFK
RVWDPER V\SURYHFK R TXH HOO
DSHUR TXHVH GHVSD FKHQ VRODP HQ W
H FRQ IL
UPDO GH
F RU UHJLGR UD OF
R
DOGH R
G HHROO
VV
HSRGUtDWHQHUORV
LQGL
RVVHDQ SUHI
HULGRV
SR UD
KR UD
\ HQHOHQ WH 
U UHJL
GR UTX
HV 
DOLHUH DYLVLWDU 
WDQ W
R TXHRWUDFRVD
SDUH ]FDV
LORVFDF LTX
HV\SULQFLS
DOHV\RWURV LQG L
RV <SRUTXHWRG DV ODV GL
FKDV RU GHQD Q]D V VH KLFLHURQ \DFRUG D URQ \ D SURE DURQ
GH ORV
UHSDUWLPL
HQWRVGQ RGHHVWXYLHU
H QVL
WXDGRVOR
V GLFKRV
WDP ER V
VH TXL FRQP XF KR DFXH UGR \GHOLEHUDF L
yQF \
RQ YLHQ H D
OVHUYLFLR G H'L RV QXHV W
UR
 0$5$
-867,1$
6$
5$%,
$9,(-2

6H xRU\ GH6X 0D MHVW


DG \ELHQ \ FQRHVUYD FyQ
L O
RV
GHYH FLQRV\PRUD GRUHV
GH HVWDFLXGD G\ GH O
RV GLFKR VQDWXUD OHV\ EX H QJRELHUQR G H
OD5H S~ EOLFD
T XHWRG DVODV
GLFKD VRUGHQ DQ]VDV HJXD UGH Q\ FXP SODQ \TH XSDUD HO
GLFKR
HIHFWR VHFRQ ILUPH Q\ DSUX HEH QODV
GH OD GLFK DFL XGDG F RPR ORWL
H QHQSH
G LGR
SRU HQGHDFR UGpGH GDU\ GLODS UHV HQ WHS RUOD FXD O
HQQR PEU HGH
6X 0D MHVWDG
\ HQYLUWX GGHORV SRGHUH VT XH GH VXSH UVRQ DUHDO
W HQJRKDJR
PHUFHG DHVWDGL
F KD FLXGD G
FD ELOGRMXVWLFLDHUHJL PL HQW RGHHOO
D GHO
HVFRQ 
ILU
GLF
PDU
KD VRU
\DSURE
GHQD Q
DU
]D V
FR
TX
PR
HO 
S
D
RU
GLF
O
D
KD
SU
FL
HV
H
XGD
Q
G
WHO
PH
HV
SL
FR
GL
QILU
y
PR
OHVF
\
RQI
DSUX
LUP D
H
E
V
H
R
WR
\D
GDV
SUR
O
ED
DV
VH 
FR PR GHVXVRYD Q LQFRUSR UDGD V\PD QGR TX H O
D VGF LKDV RUGH
QDQ] DV
\ODV 25'(1$1=$6
62%
5(
(/
%(1(),
&,2
'(
/$6
0,
1$6
'(
+8$0$1*$
GH PiV T XHGHQXH Y RVHKDQK HFK R\
R UGHQ DGR SRU PL TXHD TXt
YD QLQVHUW
DV \
+8$1&$
9(/,&$
<
5(*,
0(1/$%25
$/'(
/2
6,1',
*(1 
$6
VHJXD UGHQFXPSO D Q\HMHFXWHQ HQWRGR H SR UW R
G RFR PR HQ HOO
DV\HQFDGD
X QDGH HOO
DVVHQ FR
WLH
Q H
\ GHFODUDTX HVHD QOOH YD GDVDS XUD\GH ELGDHMH
FX +D
VHQ
DQ
JD

GH
HQH
UR
GH


FLyQ FR QHIHFWRVLQ O
HV GDURWUR QLQJ~ QH QWHQG LPLH QWRQL GHFODUDFLyQ\THX
H O
FRU UHJLGRU\D OFDOG HVRUGLQD ULRVTXHD OSU HVHQ WHVRQ IXH
R
UHQ\ HO
GLFKR
'RQ) UDQFLVFRGH7R OHGR
0D\RUGR PR GH6X 0D MHVWDG
VX9L VRUUH\
*R
F DELG O
R 
FDGDXQ R S RU
OR TXHOH WRF
DODVK D JD OO
H YDUD SX UD\
GHE LGDHM
HFX 
EHUQDGRU\
&D SLWiQ*HQ HUDO
H QHV
WRV5HLQRVH
3U RY L
QFLDV
GHO3HU~ 3RU FXDQWR
FLy QFR QH 
IHFWRFR PR F
RV DTX HW 
DQWRLP SRUW D 
F RQOD GLOLJHQFLD
\ FXLGDGR
6X0DMHVW
DGW L
HQ HS
UR YHtGR\PD QGDGRSRUOD
VFp GXODV
HSURYLVL
RQ H VHLQVWUX
F
TX HG HH OORV
VHFRQ I
tDVLQFRQ VHQ WL
UQL GDU OXJD UT XH FRQW UD
HOODVVHYD\D FLR
QHVTXH
PH WL
H QH
GD GDVTXHFRQV
XPD GLOLJHQF
LD\FXLDG
GRSURFXU H <GpRUGHQ
QL SDVH HQQ L
QJ XQD PD Q HUD
VR SH QDTXH GHP iV TXH H VH
MHFXWDUiQHQ O
DV TXHVHO
DEUHQ EH \
QI HFLHQ
L O DVPL QDVGHRUR
SOD WDD \
]RJXH
\ RW URVPH W
DOHV
S HUVRQD V\ELHQHV GHORVTH XO 
R FRQWUDULR KL FLHUH QOVDS H QDVH
QOD V
G LFKDV TXHKD\HQHVWRVUHLQRVFRPR FRVDW
DQLPSRU WDQWHDVX
5HD O6HUYL FLR<EHQH
R UGHQ DQ ]DV
FRQWH QL GDV
VLQUHPL VLyQDOJXQ D
HQ OD UHVLG HQFLD
T XHVH
O H
VWRPD  ILFL
RGHU H
VX
DOK DF
LHQ GD
ELHQ\FRQVHUYDFLyQ
GH ORVQDW
XUDOHV\H VS DxROHV
SR
U H\KDQ GHGDUGH ORVGLFKRV VXVRILFLRVVHOH VWRPD UiFX HQWDGHFyP RKDQ EODGRU
HV\PR UDGRUHVGH HOORVS
\DUDPD\R UDSURYHF KDPLHW Q
R
\ DFU HFHQ W
DPLHQ
F XPSOL GR\
K HFKR FXPS OLUO
DV GLFKDVRU GH QDQ ] DVKD FH L
QG RS U
HVHQWH SDUHQ
 WRV
X\ R\
SR UR WUDV
FDXVDV\HIHFWRV
HQG HUH
]DGR VDO
VHUYL
FLRG H'LRV 1X H
VWUR
W LF
X ODUGHFDGDRU G HQDQ]D SDUDV DEHUV L
VH K DQ FXPSOL GR \HMHFX
WDGR \PDQ  6HxRU\GHIH
Q VD\DPS OL
D F
LyQGHVXV
DQWDIHFDW
yOL FD
\SDUD
ORFXPS OLU
\SRQHU
G RD OFRUUHJLGRUH  MX
H] GH UHVLGHQ FL
DTX HG HD TX t
D GH O
D QWHYLQLHUHQDHVWD HQHMHFXFLyQH
Q OD
YLVLWDJHQUHO
DT XHYR\KDFHL
QGR SDUDSURY HHU\ RUGH
QDUOR
FL XGDG TX H
H Q
OD UH VL
GHQFLD TX HWRPDU HQ D
O GLFK RFRUU HJLGR U
DOFDOGHV<UH TXHPiVFRQ YHQ JD
DODVL
HQ W
R\HVW
D ELOLG
DG
GHHVW
RV GLFKRV
UHLQR V
TX HVHDQ
PD Q
JLGRUH V\RWURVRIL FL
DOHV GHOGLFKR FD
E LOGR D VtOR JXDU GHQ \FPXS ODQ<HMH WHQL
GRVHQSD]\ MXVWLF
LD
KHLGRSURYH\HQ GR
ORTXH KDVLG
RQ HFHVDU L
RSDUD
WR
F XWHQ HQHOO
R V
\ HQ FDGD XQRGH HOORVODV SHQ D V
T X H
OHV HVWiQSXHVWDVHQODV PDU H[S
HULHQFD
LG HODUL
TXH]D GH
OD V
PLQDVGHTXH KHWH
QLGRQ RWLFLDTX H
HVWiQ
GL FKDV RUGHQDQ]VD\ O
DVT XHHUD QRE OL
JD GRV DH M
HFX WDU VL
Q RODV
K XELHUHQ
K H GHVFXELHU
WDVSDUDTXH VHOD
EUH Q\EHQHILFLH
Q\OHJODRGD
HW VDFL
XG D GGH
+XD
FKR JXD UGDU\F X PS OLU
 VRSHQD TXHQ R OR K DFLHQ GR HMHFXWDUiQH QORV PDQJ DSURVLJXL
H QGRODGLFKDYLVL
WDPHKHLQIRUPDG RGH
O DJURVHG D G GH
PLQDV
GLFKR VFRUUHJLGRUH V\MXHFH VGHUHVLGHQFLD OD VTH XG 
HMD UHQ GHFXP SOLU
<HMH G H
SODW
DD]RJXH \RWURVPH WDO
HVT XH
KD \HQO
RV WpUPLQRVGHHOODV S
HLRUORV
FXWDU FRQIRUP HD ORTXH GLFKR HV
\ VH FRE UDUi QGH VXVSHUVRQ DV\ELHQHV H
QVD\RVTXH K VH
DQK HF
KRS RUHO
PLQ HUR GH 0D MHVWDG
VX V H
K D HW QHQGLGR
VHU
\VHUi FDXVDSDUD QRWHQH UVDWLVIDFFL
yQ G H ORVX QR VQ L
G HORV
R WURVQL
SD UD PXFKDO
DULTXHD]TXH VHSXHGHVDFDUGH ODV
GLFKDVPLQ D
V\HODFU HFHQ W
DPL H
Q W
R
ORVGLF KRVRILFLRV \FDUJ RVQL SDUDRWU RV DOJXQ RV\ SD UDTXHYHQ JD D
Q R TXHGH
O DEUDUVH\
EH QHILFL
DUVHKD
G HU
HVXOWDU
DO
D UHDO
KDFLHQGDGH 6X0DM HVWD
G
WLFL
D GH WR
GR VPD Q GRTXH WRGD VHVWDVRU GH QD Q]D V HVSXEOLTX H
Q \SUHJRQ HQ \SDU
D ORV
GHP iVILQHV\HI
HF W
RVTXHHVWiQGLFKR V\
TXHOD
F DXVDSRU TXHQR
HQOD SOD]DS~E OFDGH
L HV WDGLFK DFL
XG DG \ VH OHDQHQ HO GL
F KR
F DELOGR<VH V
HKDQOD
E UDGRKD GRVL
SRUQRWHQHULQ
GLRVO
DVS HUVRQDV TXH
OD VWLHQ H
Q<TX H

DVLHQWH QHQHO OLEURGR QG HVHD V
LHQWDQ OD VSU RYLV L
RQ HV TX HWL
HQHSDUDTX H UL
HQGRSURYHHUGHO
U H
PH GLRQ HF
HVDULR
SDUDTXHVH
 FRQVLJD
WDQJUDQ EL
HQ<XWLOL
ORVFRU UHJLGRUHV\ DOFDOGHV\UHJLGRU H
VTXH DOSU HV HQWHVRQ RIXHUHQODV
YHD Q GDGFRPRKD GHUHVXOWDUGHO
DEUDUVH\
EHQ HIL
FLDUVHOD
VGLF
K DVPLQ DVDWRGRHO
\WHQ JD QFXHQWDF RQODH M
HFX FLyQ\FXPS OLP LHQ WRGHH OO
D V
+H FKDH QO
DFLX 5HLQR
\ DORV
 Q DW
X UDOHV H
\VSDxORHVTXHHQpOHVWiQ\UVH
LGHQ \D O
RVTXLQW
R V
GD GGH+XDPDQ JD DGLH]\QX HYHGtDVGH O P HVGH HQH URGHPLO\TX L
Q L
HQWRV UH
DOHV
GH6X 0DMH V
WDGK H
PD QG DRGTXHVH
UHSDUWDQ<GHQLQGLRVSDUD ODO
DERU
\ VHWH QWD\XQ DxR V'RQ )U DQFLVFR GH 7R OHG RSRU PDQG DGRG H6X([  \EHQHIFL
LRGHODVGLFKDVPLQ DV
\ DXQTXH HVWHQ
H
UHLQRKDEtDKH FKDVDOJXQDV
FHOHQFL D$OYU D
R 5X L]
G H1DY D PX HO RUGHQDQ]DV
SR UO RV
 JR EH UDQ
G RU
HVSDVDGRVSDU
HFLy SRUHQWRQFHVV
H G HEtDQ
JXDU


%LEOLRWH
F
D1DF
tRQ
DO
GHO
3H
U
0VV
 
% I
ROV

YW
R


 0$5$ -867,1$ 6$5$%,$9,(-2 25'(1$
1=$6
'(/
9,55(<
72/('
2 


GDU\FXPSOLU \ 6X 0DMHVWDGKDELpQGRP GH QXHYR


HLQIRU
 WLHQH KHFKDVILM
DORWUDV
D
FXD OQRSX HGDGH M
DUGHMH QL HVWDFiQGRVHR
PH MRUiQ GRVH FRPR T X LHUD
PDGR GH SHUVRQDV \GH H[SHULHQFLD
JUDYHV
\WUDWDGR YHFGLYHUVDV
V
H REU
VHODV TXHV 
H HVWDFDUHR PH M
RUDU H \ ORV
GHP iVTX HGHV
 SX pVGHpO
BBYQ L
LH U
aQ 3"U VX RU
TXH PiV VHUtDQQHFHVDULDVSURYHHUVH
\RUGHQDUVHDVt
SDUDORWRFD
QWHDOELHQ\ GHQ V
H KDQG  HL
U HVWDFD
QG R\PH MRUDQGR KDFLHQGR HVWDFDIM D
LV HJXQ GLFKR HV 
FRQVHUYDFLyQGH ORV D ODERU
OD
QDWXUDOHV
\ EHQHILFLRGH GLTXH
FKDVIXHVHQ
ODV VL
GRV R PiV YLQLHUHQMXQ WRVEUHYH\VXPDULDP HQ WHVHDYHUL JH FXiO IX
H HOSUL 
PLQDVFRPRSDUDOD
EXHQD JXDUGD\
FREUDQ
]D
GH ORVTXLQWRV
UHDOH
V\DFUHFHQ PH U
KDOODGRU \GHVFX EULGRU\HO
TX HDYHULJXD
 UH
VHUS ULP HUR>VH @SUH IL
HUD 
UHVHU YDQ 
WDPLHQWRGHVX5HDO SDUDTXLWDU
ODV+DFLHQGD\
GXGDVSOHLWRV
\GLIH
UHQFLDVTXH GRVX GHUH FK RV D
D
OYRDOT XHWRG D
YtDSUH WHQGLHUH VHUSULP HUR KDOODGRU 
VH UHFUHFHQ
\SRGUtDQ UHFUHFHU FHUFD SXQWRVFR
GH
QPXHOORKH PLUDGR \ HVWRV
S U
RFXDW Q
R SRUH[SH ULHQFDVH
L KD YLVWRTXH SR U
S OH
LWRV \GLIHUHQ FLDVa XH
FKD FRQVLGHUDFLyQ
\WHQLHQGRFRPR SUHVHQWHPH
WHQJROD
SDUH
FLyTXH 
DGFRVD
H VHPXHYHQ VREUH SRVHVLyQ GHPL Q D
VODODERU\ EQ HHILFL
R GH ODVG LFKDVPPD V
PiV GHODV GLFKDVRUGHQDQ]DVTXH VHGHEtDQ \JXDUGDKDFHU
U
ODVHaWiQKHFKDV
DUD
\ VHPD QGD FHUU
D UV WD
KDWDQWRTX HVHDYHUL J HT 
XLpQ W LHQH PHM RUGH UHFK R
RUGHQDQ]DVGHO WHQRU VLJXLHQWH
a PXFK DV YH FHVVHHVWiXQR R GRV VLQODEU DU
DxRV
V
HQ LEH Q HILFLDUVH
OR FD XO
3ULPHUDPHQWHRUGHQRPDQGR TXH HQWRGDV
\ HVWHGLVWU
LWRGH
ODV PLQDVGH G H
PiV GHO GD xR TXH SDU WHV
ODV
U HFL
EHQH VHQQRW DE OHSHUMXL FLR GHQ XHVWUD UHD O
+XDPDQJD \ DVLHQWRVGH SODWD
D]RJXH\ ODV
RWUR PHW
GH
DO
FXDOTXLHUD
DVt
H Q
+DFLHQ GD \ GHWRGD OD
UHS~E OL
FDSRUWaQ WRSDUD T X HW
RGR OR VX V
RGL FKR FHVH <
ODV TXH DKRUD HVWiQ GHVFXELHUWDVFRPR GHV
FXE ULHUHQ
VH HQ ODV TXH DGHODQWH VH
T XHO
DVGLF KDV PLQDVQR VHGHMHQGHODEUD U\
E HQH IaFLDU
W DQWR W L
H PSRRUGH QaRV
JXDUGHQODV F
KDVHQ
RUGHQDQ]DVKH
HVWRVUHLQRV
SDUD ODV PLQDV\
ORVD OFD
OGHVGH
\ PDQ GDPRV T XHFDG D\FX DQGR TXHOR WB
DO
D FDHF LHUHGH QWU " 
GHFXDU Q W
D G t
DV
ODV GLFKDVPLQDV WHQJDQ PXFKRFXLGDGR \ Vt
VHRIUH GHODV FXPSOLU\ HMHFXWDU
S RUHO
FXDO GLFKR WpUPLQR \QR PiV 
ODPPD VR EU HTX HVHOLW L
JDUH HV W
HFH U
UD G a
FLHUHFDVRTXHQR SRU
ODVHVWpGHFLGLGR
GLFKDVRUGHQDQ]DVVH
RFXUUDDO
DVTXH
D QWH
OD M
XV WLFLDODVSDUWHVGLJDQ\D OHJXH Q GH MXVWLF
VX
LDS \
UHVHQWHQ O
DV HV FUL
VH KLFLHURQHQORV D
xDDKRUD UHLQRV
~OWLPDPHQWH
SDUD ODE
GH(VS
RU
OD
\EHQ HI
L
WXUDV\ U
H FDXGR VTXHKX ELHUHQ GHWHV
WLJRV KDVWD HQ Q~P HUR G HGRFH < QR Pi V
FLR GHODV \SPLQDVGH
ODWD
\HQODV RUR
GHFLVLRQHVGHORVSOHLWRVTXH
VH
RIUH
\FRQ ORTXH GLMHUHQDO
HJ DH UQ
\ SUREDUHQ GHQWUR G HHVWHGLFK RW 
pPL QRVLQ RWU D
FLHUHQ SRU SRVHVLyQ \ SURSLHGDG SRUGHVSREO DGDV VH
GH PLQDV \ HQ WRPDUODV
PDV FRQ FOXVL yQ\ DYHUL
JX DFLyQ O
D GLF
KD MXVWL
FLD OR YHD \G HWH UPLQH U
HVHU YDQ G R
JXDUGHQODV RUGHQDQ]DVYHLQWH\ D
\VLHWHVHVHQWD\ VHV
HQ W
D\XQD RFKR
VHVHQW
VX GHUHFK RD VDO
YR ODD
SDU WHTX D
LHQVHQWHQFLDUH 
SDUD TX H HQSRV H
VLyQ < HQ
QXHYHGHODV RUGHQDQ]DVQXHYDVGH \OD
RUGHQDQ]D ODV
TXLQWD
H
RUG
 (VSDxD
GH
S U
RS LHGDG VLJDVXMXVWLFL
DFR PR YLHUHTX HOH
FR Q YLH QH
\ O
X HJR GHOa aHQHQaL DGH
QDQ]DV TXH *DVHD
KL]R
SDUD
HVWH UHLQR DXQTXH ODGLFK
D RUGHQDHQ
Q]D FXDQWR
ODGLFKDPLQ DD
OD SDUW
H DTXLH QVHQWHQ FLDUH

OD FXDO ODEUH\ EHQHILF LH
W HQLH QG R
VHVHQWD
\RFKR PDQGD TXH FRQ FDGD ORVSOH
VHQWHQFLDTXH
LW
RV GH VH GLHUH HQ
FXHQW D\UD]y Q FQRG 
tDPHV \DxR PHWDO
GHOTX HV 
DF DUH\ GH OD V
FR VWDV<OJDV 
SRVHVLyQGHPLQDVVH \VH GHVSRVHDDO
PHWD HQSRVHVLyQ
DDTXH OHQ
 FRQGHQDGR
WRVT XHHQ OD O
DE RU\EQ HHILFL
R VHKL
FLHUHQ 
GDQG R ILDQ]DG  H PLOGXF DG RVS DUD
FX\RIDYRU VH KXELHUHGDGR HQFLD

HVWR HQWLHQG
VH
DREOLJ
iOD
QGRV H
\WDO
F R VHQW
TX HG DUi FXH QWD FQRSDJR GH ORVXVRGLF KRVLQ HPE DUJR GH OD DSHODFLy Q VL
PHQ]DQGR TX HQX
HYHO
DPH QWH
VHPHWLy
HQOD
SRVHVLyQDEUDU
OD G LF
K D
OD
PLQD
IXHUH FRQ GHQDGR \VHPD Q GDUHORFXDO VHKDJ DH FXPS O
D DV tVL
Q H PED UJR G H
FRQ RWUD
V
WDQWDVKHUUD
PLHQWDV
\DSDUHMRV FRPR OD
EUDEDHOD
O
TXH GHO D
DQWHV
F XDOTXLHUD DSHODFLyQQXOLG DG\D JUDYLRTXH OR GH
TXH V
HW H
GH
UPLQ D U
H\ HMHFX 
SRVHtD\
GHRWUD
PD QHU
DQRVH
DGHVSRMDGRHO
SRVHHGRU
\FRQTXHHQTXHSRUOD
W DU
HVHLQW HUSXVLHVH VL
ODSD UW
H
\FRQWUDTXL HQVHVH QWHQFLDUH VHWX YLHUHSRU DJU D
GLFKDRUG
HQDQ ]
DVH
PDQGDTXHHOTXH
HQWUD
UHHQ
ODSRVHVL
yQGHILD
Q]DGpKDVWD
YLDGR GHQWUR GH WUFH
HU RGtD SXHGD DSHOD U
\ GH Q WURG HV HVH QWD GtDV HQ JUD 
HQFDQWLG
DG GHPLOGX
FDGRV
Q RV
HDQHWVDV
ILD
Q]DVOL
PLWDGDVV
LQR WRGR
GHHO
GRGH VHJXQG DDSHODFLyQ QXOLGDGD \
JUD YLR
DPEDV SD U
WHV VLJD QVX MVXWL
FL D \
LQWHUpV\
MX]JDGR VHQW
\ H
QFLDGR
\DXQTXHHQ
FXD
Q W
RDO
DGLFKDRU
GHQD Q]DV
HG L
FH
SUHVHQWHQ VXVHVFULW
XUDVUHF DXGR V\
WHVWLJRVHQOR T XHGHGH U HFKRK XE L
H UHOXJD U
HO
SRVHHGRU
WHQJDFXHQWD
GH
ODV
FRV
WDVTXHKLFLH
 UHHQO
DO
DERUGHOD
VGLFKDV
PL QDV
VHJ~QGFKR
L H V\ FRQOR TXH GHQ W
URGH OGLFKR WpUP LQ
R VLQ RWUDFRQ FOXVLyQ QL
\GHO
SURYHFKRTXHGHHOODV
VDFDUH
HVW
D
FXHQWD
O
DK D\D
GHWHQHUXQ
WHUFHUR\QR
RWUDSURUUR JD FL
yQ GLMHUHQ\ DOHJDUHQ\S  UREDUQHV HGHWHUPLQ HOR TXH VHD MXV
HO
PLVP RSRVHHGRUW H
\
QRUGHODV
HOGLFK DV
RUGHQDQ]DVYHLQ
WH XQ D
\ V
\ HVHQWD
WL
FLD\ V
L ODVQWHH QFLD HF
IXHU
RQ ILU
PD WRULDW
RG D YtD ODSDUWH HQFX \RIY D
RU VH
\VLHW
H
\VHVHQWD
\RFKR
\VHVHQW
D\QXHYH
GH
(VSDxD\ODRU
G HQD
Q ]
D TXLQWD
GH
*D V
HD O HV
DVTXHVH
VL
JXHQ GLHUH
WHQ JD FXHQWD\UD]y QG HO
GLFK R
PH WDOT
XH V HVD FDUH
\ GH ODVGL F
K DVFRV WDV
\JVDWRV VHJ~Q GLFKRHVSD UDGDU ODFRQ SDJRVL HQ YtDRUGLQ DU L
DIX HUHYHQFL GR
\FRQGHQDG RDT XHODGp\ VL
QTXH KD\D Pi V
JUDG R GHVSX OLF DFLyQQLQXOLG D GQL
RWURUHPHGLR DOJXQRVHUHPL WDODFDXVDD GL
OD FK DMXV
WLF LD
SD UDTXHH 
QSRV HVLyQ
2UGHQDQ]DVGH(VSDxD
\HQS URSL HGD GKDJDMX V
WL
F LD\ GHODVHQWHQFLD R VHQWH QFLD VTX HF HUFDGH HOOR
GLHUHQ SXHGD
VH
D SOLFDUFRQIRUPH DODVOH\HVGH Q X HVW
URVU HLQ RV\ H Q
JUDG RG H
,WHP
RUGHQDP RV\PDQGDP RVTXHH
OSULPH
UR TXHKDOO
DUH GH V
FXEULH
R U H DSHODFLyQ \ VXSOLFDFLy
Q V
HJXLU VX M
XVWLFLDFRPR OHV FRQYQLLH UH\ V
LODGLFKD VHQ
PLQDFRPRS U
LPHURKDOO
DGRU\
GVHFXEULG
RUKD
JDSULPHURUHJ
LVWU
R\ JRFHGHOD WHQFLDGDGD HQD SHO
DFLyQGH O
D SULPHUD VHQWHQFL DIX HU
H UHY RF D WRULD
T XHO DWDO
PHGLGDTXHFR
PR WDO
K DGH
WHQHU \ HVW
DFD
GH
UVHFRPR OH
SDUHFL
HUH\OHHVWX VHQWHQFLD VHD HO
HY DGDDSXUD \ GHELGD HMHFXFLyQ \ODS DUW H HQFX\ RID
YR UVH

YL
HUHPHMRU
DX QTXH
DOFDQFH\
W
RPH GH
QWUR
GHVX
VHVWDFDVOD
FDWD
RFDWDVTXHORV GLHUH SXHV
VHD
WDHQODWHQH QFLDGHOD
GLFKD PLQ D DHOFX DO

OD RWUDSD UWHHQFX \ R
GHPiV GH TXH
VSXpVGHO
KXELHUHQ
KHFKR
FRQTXHD
QWHWRGDV
F RV
DVK DJDHVWDFD IDYRUVH GLHUH O
D SULPHUD V
HQWH QFLD
G p F
X HQWDF RQ SDJR G H WRGR ORVF DDGR H
25'
(1$1
=$6
'(/ 9,5
5(<
72/
('2 
 0$5$
-867,1
$
6$5$%
,$
9,(-2

SOD
W
D
D
]RJXH
XRU
RX
R
WUR
PHWDD
O KD\D
GH
UHJL
VW
UDUUHJ
\ L
VWU
H
GHQWUR
GH
YHLQ
W
H
SURFHG
LGRGH ODGLF
K D
PL QDVW KD
DHO
GtD
TX HVHODTXL
WDUH
VDFDGDVO
DV F
RVWDV\
GtDV
FRPRO
DGHV
FXEUL
HU
HDQWH
HO
DO
FDO
GH
\
HVFUL
EDQ
RGH
ODV
PLQ
DV

JXDUG
DQG
R
JDVW
RVTXHOD HQ
ODERU\ EHQHILFLR
VHKXELHUHQ KHFRK\HVWHVHJXQGRWQ H
HGRU
WHQJ
DDVLPL V
PR F XHQWD
\U] DyQSRUOL
EUR
VHJ ~QGLFKRHV
GHORTXHG 
HODPLQD HQ
WR
GR
ORGHPiV
DF
HU
FD
GHFRPR KD
VH
GH
KDF
HU
HO
GLF
KRUHJL
VWU
R
ODUPD
IR
<
VHVD
FDUHHGHOD V
FRVWDV
\ JDVWRV\GHO
RV GLFKRVPLOGXFDGRVGHILDQ]D
SDU
D
RU
GHQ
GHOD
RUG
HQDQD
]G
LH]
\
VHLV
GHO
DV
QXH
YDV
RUGHQDQ
]DV
GH
(V
SxD
DFX\
R
TXHGD
UiFXHQW DFRQSDJRVLHQSRVHV
LyQ S
\ URSL H
GD GIX
HUHYHQFGR
L \F
R QGHQDGR WH
QRU
HV
H
VWH
TXHVH
VL
JXH
DTXH
ODG H\O
D GLFKDF
D X VD
HQSRVHVLyQ
\ H Q
SURS L
HG DG
VHUHPLWDDODGLFKD
M
XVWLFL
D
SD UDTX HOD
VSDUWHVH Q
YtDRUGLQDULD
SX HDGQVHJXLUV
XMXVWL
FLD

,W
HP RUGHQD PRV\PDQGD PRVTXHFDGD \FXDQGRTXHDOJXQRSLGLHUHPLQD 2UG
H
QDQ]D

GH
(V
SxDD
TXHRWUR
SRVHD TXLHWD
\S DFtIL
FDP HQWH
\SLGLHUHDVLPLVP R
TXHOD
GLF KDPLQDVH
FLHU
UH
TXH SR UTXHHOIXQGDP HQWR
SULQFL
SD O GH
OR TXHH 
QWDO
FDVRVHSUHWHQGH ,
WH
P
R
UGH
QDP
RVPD
\ QGDP
RV
TX
HF
XDOT
XLHU
D
TXH
GHVFX
E
ULHUH
PLQ
DVGH
RUR
V
R QO
RVPHW D
OHVT XHGH
ODVGLFKD VPLQDV
 VH VDFDQ\SRUT XH
QRVHGHM
H GH
ODEUDU SO
 D
WD
GH
QWUR
GH
YH
LWQ
H
GtD
V
GHV
SXp
VT
XH
VH
KXEL
HUH
GH
VFX
EHU
LWR
R
K
DOO
D
GR
H
O
\EHQH
ILFL
DU SRU ORV
GD xRVT XHGHH
OORVHVLJXHQ OD
GLFKDMXV
WLFLD
PD QGHTXH PHWDO
VHD
REOLJDGRGHOD
UHJ
L VW
UDUDQW
HOD
MXVWL
FLDH
Q FX\DM
XULV
GLFFLyQHVWXYL
HUH
GHQWU
RGHWUHFHGtDV
S HU
HQWRU LRV
ODSDUW
HGpLQIRUPD FLyQ
GHOGHUHFKRTXHWXYL
HUH O
DWDO
PLQD\SRUD 
QWH
HVFUL
E DQRSU
HVHQWDQGRHO
PH WDO
TXH KXE
VH
LU H
HKDOO
DGR
\TXH
OD
RW UD
SDU W
HVL
TXLVL
H UHOD
GpGH
ORFRQWUDULR
GHO
RTXHYLHUH
TXHOH
FR QYLH \HQ
HO
UHJL
VWUR GHVH
FODUDUi
OD
SH U
VRQD
T XHO
RGHVFXEUL
y\ O
RUHJLV
WUy
< OD
SDU
QH OX
\ HJRSDVDGRVORVWU
HLQ W
DGtDV
SDUHFLHQGRWHQHUGH
UHF KR
H O
TXH
S LGH
PDQ GH WL
FL
yQGHHV
WD\VL
KDO y
O
HO
PH WD
OTXHVH
SUHVHQWD
\TXHGHQ WUR
GHRWURVVHVH
QWD
DO
SRVHHGRUTX HGHV
G H
HQD GHODQWH
WHQJD
FXH QWD\U]DyQGHO
PH WDOSOD
\ WD
TX H
VH GtD
VGVHSXp
VGHKHFKRHOWD
O UH
JLVWUR
HOTX
HO 
RKXE L
HUHKHFKRVHDREOLJDGRGH
V
DFDUH
GH ODGLFKDPLQD\ GHODV
FRVWDV
\JV DWRV
TXHVHKLFL
HUHQ
VHJ~QTXHHVWi HQYLD
U\HQYtHXQ
WUDVO
DGRDX WRUL]D
GRGHOGLF
KRUHJL
V WUR
DQWHH
OGLFKRQ XHVW
UR
GLFKRHQ
ODRUGHQDQ] DDQ
WHVG H
HVWD
SD UD
GDUODFRQSDJRVL
IXHUH
Y HQ
FGRLOR
F XDO DGPLQLV
WUDGRUJHQH
UDOV
LO
RKX EHU
LH\V
LQRDW QH
O
RV QXHVWURV
RILFL
DOHVTXHUH

VHJXD
UGH \FPXSOD \HMHFX WH
VLQHPED UR
JGH F
X DOTXLHUD
DSHDOFLy
QQXOLGDG\ VLGH
QHQO
DVIiEULF
DVGH
ODV
PLQ DV
GH*XD GDOF
D QDOSDU
D TXHVH
D V
LHQWH<SRQJD
DJUDYLR
TXHGHH OOR
VLQW
HUS RQ JD
\HVWR
KHFK R
SU RFHGDSRUO
DGLFKD
FDXVDVLQGDU HQHO
OLE
UR\UHJL
VWUR
JHQHUDOTXHKDGHKDEHUGHO
DVGLFKDV
PL QDV<SDUDTXH
O
XJD U
DODUJDVQL
GL ODFL
RQ HVGHPD OL
FL
D\KD JDMXVW
LFLD VHVSD
H \WQHJDU
D]yQGHWRG DV
ODVPLQDVTXHKXELHUH\VH
GHVX F
E ULH
UHQ<QR
,WH
P RUGHQD PR V
\PDQ GDP RVTXHFD
GDF \
XDQGRTXHVHRIUH
FL HU
HQFDVRV KDFLHQGR
HO
GLFKRUHJLV
W
URHQ O
DIRUPD\WL
HPSR FRPRHVWiGLF
KR<QRJX DGU
DQ
HQTXHVHQRP E UDUHQ
WHUFH URV
S RU
ODVSDUWHV TX R
HO
D GFL
KDMXVWL
FL
D OR
VQ RP GROR
GHP i
VTXHGLFKRH
VSXH GDRWUR
FXDOTXL
HUDUH
JLVWUDU
ODGLFKDPLQD <KDE
HU
EUDU
HTXH ORVWDOHVW
H UFHURVDQWHWRGDVF RVD
V KDJDQ MX
UDP HQWRTX HELHQ\ \DGTXLUL
U
HOGHUHFKRTXH
HO WDO V
FXEUGH
L
GRU
R F
XDOTXLHUDRWU
DSHURQVDT XH
KX
ILHO
PHQWHGLUiQ\GF HOD
UDUiQ T
OR XH
OHV
SDUHF LHUH
\ VOL
RV
GLFKRVW
HUFH URV
QRVH ELHUH
DUHJ
LVWUDU
W
XYLHUH
KDFLHQGR U
HOHJ
LVWU
RVHJ~QGLFKR
HV
FRQFHU
WDUHQHQ GLVF
R UGLD
VH QRPE UDUi
RWUR WHUF
HUR\VLHVWH
WDOVH
F RQIRUPDUH ,WH
PORVRILFL
DO
HVUHDO
HVVHDQREOL
JDGRVDWHQHUH
QEXH QDJXDUGDORVWU
DV

FRQHO
S D
UHF HUGHDOJXQR GHORV KRGLF
VW
HUF HURV
DTXHOVHJXDUGH
\ FXPS OD\ ODGRVGH
ORV
UHJLVWU
RVTXHD
V tVH
HQYLDUHQ
FRQIR UPHDODRUGHQDQ]DTXHGHHV
HM
HFXWH\VL
Q RVHFRQIRUP DUHQ
\HWXYL
V HUH Q VLQ
JXODUHVHQW
R GRRHQSDUWH
Yi SDOGDTXH
HVWiSXHVW
DDQWV
H GHHVW
D
\TXHWHQJDQXQOLE
URHQTXHDVLHQWHQ
SRU
\DQVH
QRPEU DQGR W
HUFHURVKDVWDWDQWR
TX HHQWRGR KD\DGRVSDUHF
HUHVFR QRIU VXRUGHQW
RGR V
ORV
UHJL
VWU
RV TXHKXE
L HUH
HQVX
S U
RY LQFL
D
\ TXH
FDGD D
xR HQYtH
Q
PHV\KDEL p
Q GROR V
VHJXD UGHQ\ HMH
FXWHQORTX H
GLMHUHQ\VQWH
HQ FLDUHQ DQ
WHPL D Q
WHHO
YLUUH\R
JRE HUQDGRU
TXHSR UWLHP
S R
IXH UH
UHO
DFLyQSDUWLFXOD
U

GH
WRGDVO
DVPLQ DV
TXHKXEL HUHHQ
VXSURYLQFLD
\ GHO
DVTXH EH
Q HILFL
DQ<H
O
2UGHQDQ]
DV
GH *DVHD ~WLO
TXH
VHV
DFDGH
HOODV

3RUTXH
K D\HQ
H
VWD
SURYL
QFLD
PXFKDVPLQDV
TXHDQWH
 V GHHV
WDVRU
GHQQDD]
V
,W
HUR
SRUTXLW
DUORV
SOHLW
RV\GLI
H
UHQFLD
V
TXHV XH
OH
KDEHU
HQWUH
O
RVGRV HVW
D
EDQUHJLV
WU
DGDV
\QRVHKDE
tDQ
ODEUDG
R\
HW V
iQX RF
SDGDV
\DTXHVH
O DEUDQ
GHVFXE
ULGR
UHV
V
R EUH
TXLpQKD
GHJR]DU
GHO
GHUHFK
RTXHWLHQ
HQ
SRUTXH
PXFKDV QR
HV
WiQ
UHJLVWUD
GDV
SRU
OD
IRUPDTXHH
QOD
V
RUGHQDQ]DV
WU
HV<
FXDWUR
VHPDQGD
YHFHV
DFDH
F
HTXHPX FKDV
SHUV
RQDV
DQGDQ
FDW
HDQGR
HQ XQFH
UUR
RUGHQR\
PDQ  RU
GHQR
\PDQ GRTXH
GHQWU
RGH
XQPHVGH
VSXpV
GHO
DSXEOLF
DFLyQ
GHHV
WDV
RUGH
GRTXH
DTXHO
JRFHGHO
GHUHF
K R
GHGHV
FXEUL
GRU
TXHS ULP
HUR
KDOOy
HO
PHW
DOHQ QDQ]
DV
ORVGXHxRV
GHODV
WDOH
V
PLQDVHQYtQ
HWHVWL
PR QLR
VDORV
RIL
FLDO
HVGH
OR
V
DTXHO
FH
UUR
DXQTXHR W
UDF
XDOXL
THUDSH
UV
RQD
KD \D
FRPH Q]DGR
D
FDWHD
USUL
PHU R U
HJL
VWUR
VGH GLFODV
KDV
PLQ DV
FRQIRUPHDO
D RU
GHQDQ]DWHUFHUD
GH HL
WD
V
SRUTXH QRSXHVH
H
GOODP
 DUPLQDDTXHOO
D
GRQGHQRVHKD
KDOOD
GRPHWDO
\VL RU
GHQDQ]D
V\OD
RUGHQD]Q
DGL
H] V
\HL
VGH
(VSDxD
VR
SHQ D
GHTXHV
HDQSHU
GLGD
V
SRUFD
VR
GRVKDOODUH
Q
HOGLFKR
PHWDO
HQ
XQPLVPRGtD QR
\ V
HSXGLH
UH
DYHUL O
DV
GLFKDV
PLQDV\
SDVDG
R GL
HO F
KRWp
UPLQRVH
SXHGDQ
WRPDU\
UHJLV
WUDU
SRU
RWUD
JXDU
FXiO
IXHUHH
OSULPHURTXHXHOVH
OO
DP
DTH
GHV
FX EULG
RU\
JRFHGH
OR
V
GH UH
 FXDO
TXLH
UDSHU
VRQD
FKRV
\OLE
HUWDGHV
GHGHV
FXEUL
GRUHO
TXH
WUX
MHUH
SUL
PHURHO
GLF
KRPHWDO
D
PDQL OW
HPRUGHQR\PDQGRTXHV
LDO
JXQRFRPSUDUH
PL Q
DGHQ WU
RGH
GLH]
GtDV
IHV
WDU
DQWH
ODM
XVWLFL
DKDELH
QGRKHF
K R
ODV
GLO
LJHQFL
DV
VREUHGL
FKDV
 VH
DREOL
JDGR
DWRUQDUOD
D
UHJLV
WU
DU
DXQ TXH
HO
YHQGHGRUO
D
WXYLHUH
UHJLV
WUDGD
<HQ
,W
HP
TXHGHDTXt
DGHODQ
WHF
XDQGRDO
JXQRU
HJLVWU
DUH
PLQDYHW
DQXHY
DGH HO
WDO
UHJL
VWU
RGHF
OD
UHGHTXLH
QOD
FRPSUy\DVLP
LVPRHQYt
HWHV
WLPRQLR
GHO
UH

 
 0$5$
-867,1$
6$5$%,$
9,(-2 25'(1$1=$6
'(
/9,
55(
<72/('2 

JLVWUR D ORV RILFLDOHVUHDOHV ODRUGHQDQ


GHQWUR
]D GHDOXPE
GHO WLHPSR UDGD
OD
TXH GLFK
DYHW
VHDOD
GHMD UiQSRU
GHFODUD LQ~WLO
QRKD
HQOODQG RHOGLFKRPHWD OIL
MR
WUHV
SDUD
TXH VHSDGHTXLpQ VHKDQ GHFREUDUORVGHUHFKRVUHDOHV RYLHQG RTXHHVEXHQDOD
VHJX LU
iQW RGDSRUHOJUDQL
QWHUpVTXH GH HOO
ROH
VYLHQH 
,WHP TXH QLQJXQR SXHGD YHQGHU SULPH UR
WHQJDQL FRPSUDU PLQD ,WHPSRU TXHFOD
VLQTXHUDPHQWH VH HH O
JY UD
Q DxG
R\ SU H
MXLFL
R TXH YLHQHD 6X
GHVFXELHUWRPHWDO ILMR HQ HOOD WUHVHWD
VGRV 0D MH
R TXH D OR PHQRV VW
DG \ W
RG RD
HVWpH
OFRP~Q TXH O
DKRQGDGDDV
PL QDV QRHWV
pQSRE ODGDV\ VHO
DEUHQ RUS
VR SHQD GH SHUGHU \HO
HOSUHFLR
YHQGHGRU
ODPLQ DODHO
FD X O
VH
FRPSUDGRU TX HDF
D HFHPXFK DV
YHFHV
TXH W
HQ LHQGRXQD PLQDODGHM
D \VHYDG HOGL
FKRDVLHQ
DSOLTXHSDUD \HHOGHQXQFLDGRU
OSUHFLR GLYLGDVH HQWUHV OD
PL WDG DSDUWHV
UD
S WR\ GH WRGR
HOUHLQR\O
D
GLFKD PLQD QR VHO
DEUD\VR FRORUGH WpUPLQRVTX H
ODFiPDUDILVFR\
\ OD
RWUD PLWDG \GHQXQFLDGRU
MXH] SLGHQ SDU D
LU KSRU
HUUDPLHQWDVGHWLHQHHOGR P L
Q LR\
SR V
HVLyQ H OD
G GLF
KDP LQD
\ VL
V H XGLH
SVH WRPD U
SRUG 
HVSRE ODGD KDEUtDRWURVPX FKRV TXH ODEUDVHQ<VD 
,WHPSRU FXDQWR PXFKDVSHUVRQDV \WRPD UPLQDV QR KDFHQ VLQR GHVFXEULU
FDVHQ SURYHFKRGH HOODOR
\ VTXLQ WRV
UHDOHVVHUtDQDFU
HFH QWD GRV
\ WRGRHO
FRP~Q
\ UHJLVWUDUODV\ ODV GHMDQ SRU UHJLVWUR
ODEUDU
GH GH PDQHUD TXH VROR VLUYHHO
VH DSURYHFKDUtD \FRQVL
GHUDG RTXH ODUD]yQ SRUT XHVH FRQFHG HO 
DGLFKD I
D
HVWRUEDUTXH RWURV \ 6X 0DMHVWDG
QR
\OD ODV
UHS~EOLFDVRQ
ODEUHQ
GHIUDXGDGRV
FXOWDG GHWR
PD UPLQDSRUHVTXH O
DVSXHE OHQ\ODEUHQHVPX\ M
X VWRTXH G HQ
H
GHO DSURYHFKDPLHQWRTXH GH HVWR HOODV
HV
Wi EDVWDQ
VH SRGUtDQ WHQHU \ DXQTXH
M
i QGRO DVGHVSRE ODGDV
\>VLQ@O
DEUDU ODVSLHUG D
Q \FXDOTXLH U
SH UVRQD ODV
SXH GD
WHPHQWHSURYHtGRSRU RUGHQDQ]DVKHFKDV D QHHF
MXWDGR RU
 HQHVWHUHLQRQR VH K
WRP D U SRU
GHVSR EODGDV
\SRU WDQW R
RUG HQR \PDQ GR TXH GHVSXp VTXHOD HW
D
Y
GHQR\ PDQGR TXH GH DTXt DGHODQWH Q XHYDV OD
V RORV TXH GHVFXEULHUHQPLQDV
HVWXYL H
UHUHJLV
WUD GD\ O
DGDGD
FDWDODPLQDHQ GGHO
H
VFX EULGRUFR PR DUU
LED HVW
i
WRPDUHQ D HVWDFDVR UHJLVWUDUHQ FRQWLQ~ HQ\WHQJDQODV FRPLHQFHQD ODEUDU \
GLVSX HVWR\SXH VWRORV
OtP LWHV
\ PR MRQHVF RPR HVWiRUGHQ DGR \SVDDGRV O
R V
SREODGDVSRUODRUGHQ OD
PDQHUDTXH \GH
HVWiPDQGDGRHQ
OD
RUGH QD Q]DWUHL
QWD
FX DUHQWDGtDVTXH SDUDGDUO 
D L
F K
GDFDWDHVWiQFRQ FHGLGRVDVt HO
GHVFXEULG RU
\ FLQFR\ FLQFXHQWD\\FLQFXHQWD\WUHV
\FLQFXHQWD
GRV
\FXDWUR *D VHD\
GH
FR PRORVGHPiV TXHV
HKXELHUHQ HVWD
FD GR O HQ
DGLFKDYHWD 
GHQ WURGHRWURVGLH]
VHLV
\VLHWH\ RQFHGHORV FRPLVDULRVVR FRQWHQLGDVVX WHQRU ODV SHQDV HQ HOODV
GtDV VHDQREOL
JDGRV ODEU
DUD
FDG D XQRV
X PLQD 
VR HQDST XHVLQ ROD
ODEUDUHQ
GHODV FXDOHVGLFKDVRUGHQDQ]DVHVHVWHTXH
VLJXH
 VH
G HQWURGLF GHO
KR Wp
UPLQR FXDOT
XLHUD ODV
SR GiUWRPD USRU GHVSR EODGDVKDFLHQGR
ODVVROHPQ LGDGH VTXH
DED MR
VHGL U
iQ 
,WHP SRUTX HPX FKDVSHUVRQDV WLHQHQ PX FKDVPL QDV \QR ODVO
DE UDQ <
2UGHQDQ]DVGH *DVHD SU HWHQG HQTXHFRQWHQHU
XQQ HJUR R
LQGLR H
Q HOODV
HV
Wp QSREODGD V<QDGLHVHODV
SXHG DWRPDU\FQ RHVW
RV
LQODEUDUO DV
GHIUDX GDQOD
RUG HQVREU H
G LFK D
SRUOR
W DQ
,WHPSRUH TXH
[SHULHQFLD
VHYHSRU
TXHHQWRGRVORVDVLHQWRVGH
 PLQ DVTXH WR RUG HQR\
PD QGR XHQ
TROO VH
DPH SRE O
D U\O
DE U
DUODVG L
FK D
V PLQDV V
LQR DQ
VH GHVFXEUHQ\ UHJLVWUDQPXFKDVPLQDVWUD\pQGRVH SDUDUHJL
VWUDU G XYLHUHQFXPHWDO
DWUR LQ
GLRVHQGH
FD GDXQ DHOODV
R
GRV QHJURV\QR DQGDQGR O RVV
REUHGL FKRV
TXHVHKDOOD
 ODID] O
D
HQ
WLHUUD
GH V HJ~QODGLVSRVLFLyQ
\ FDMDV
JUDVHUtDV TXH VH T XH MXVW
DPHQ WH FXDO
TXLHUD HUVRS
QD OD X HGDSW
RPDU SRU GHVSRE OD GD\DGT XLULU
KDOODQSDU
HFHFO
DUR TXH GLF
VL
K DVYHW
ODV
DVH TX
VHUHJL
VWUD
Q VHVL
JX L
HVHQ VH H OV
HxR UtRHQHOODFRPRVLO
D UHJLVWUDUD
\SRE ODUD O
SULQF L
D
SLRTX HVHGHVFXE ULy
KDOODUtDQ
HQ
HOODVPHWD
OILM
R\SRUF DXVDV H
TXH
HVWDFD
Q PX F
KR VHQ XQD YHWD FR QT XH DJD
KQO DVGLOL
JHQFLDVTX HDOWLH
PS R VH
G LU
iQ\S RUT XH PX FKDV
YHFH V
QLQJXQRTXL
HUH
GDU OD
FDWD
HQVX
PLQ DSDUDGHVFXEUL
UHO GLFKR
PH WDO
HVSHUDQG R D FDHF H XH
TDOJX QRGHVF
XEUH DO
JXQD YHWD\ O
DUHJLVWUD HVWDFDR
HQODTXH RWUR
TXHORV
 RW
URV
ORKDJD QS
DUD HGTX
HVSX pV
TXHY 
LHUH
FL
HUWR URYHF
HOSKRGHODGLFK
D G HVFXE ULy
\HVWDQSREUHTXHQR HORV
WLHQ
F
X DWURL
QGLRVQLORVGR VQ 
HJURVDUULED
YHW
D GHV
FXEULUO
H
SRUORFDXO
WRGDVODVGHPiV YHW
DVTXHUHJLV
WUD QVHGHMDQ GH F RQWH QLGRV
SDUD SRGHUO
DEUDU\ SR EDU
OO DGLFKDPLQ D
SDU D QRSHU GHUO
D<S RGUtD
VHJXLUF UHH
\ VH TXH HPXFKDV
HOODV
VLJXL
pQGRVHV
GHUt
DQ WDQ
EX HQDV FRPR ODV VHU TX HV HO
REUHG L
FKRSRU
 ID OW
D GHSRV LELOL
GDGTXLV
LHUHODE UDU
SRU VX HUVR
SQ DOD
GHVFXELHUW
DV\GH HVWR 0DMHVWD
DG\6X
WRG
DRHO
FRP~ QYLHQHPX \ JUDQGDxR GL FK DPLQ
 D UGHQRR\PDQ GR TXH ODEUDQGR HQHOODSR UVX
 SH U
VR QDSUR SLD VH
\SRGUtD
VHU
TX HVL
DTXHOORV
TXHODVUHJLV
WUDURQ QR
SUHW H
QGLHVHQ H
OVHx RUtR
GH GL JD WHQHUS
REO DGDOD
GLFKDPL QD TXHDVtHVWXYL
HUH
HOO
DVKXEL
HVH
RWURV TX
HWXYL
HVHQDSDUHMR\YROXQWD
GSDUD GHV
FXEULUODVS RUEL
HQ
GHVREUW
HRGR
2UGHQR\PDQGRTXH WRGDV
ODV
YHFHV
TX HD
OJXQRYLQLHUHFRQPHW D
O
DU
HJLVW
UDU
PLQ DV
TXHWR
GRVOR
VTXHSLGLHUH
QH VW
DFD
VHQOD L
FK
GD YHW
D\ WRPDUHQ 2UG HQ DQ]DV
GH ORVFRPLV
DULRV
PLQDDQWH
V XH
TVHKDJD GLFKR
HOUHJL
VWUR REOLJX
VH
HQWRGRVDGDUX QD FDWD
GH
GLH]
HVWDGRV
HQODPLQD GHO
GHVFXEULGRU K DVW
D
R
W
DQWRT XHVH
KD OHO
PHW DOILMR 2W URV
t
S RUTXH VH
WLHQHH[ SH UL
HQFLDTX HOV
RK RPEU H VUL
FR V QRVHDSOLFDQ
SRUTXH
SRGUtD
VHUKDOODU
VH
DQWHV GLH
GHORV
]HVW
DGRVTXHFDGD
XQ R GHVX
SDUWH DODEUDUPL QDVSRUTXHKDQYLVWRTX HH Q
HOO
R KDQ HUG
SLGR PX FKR VVXVKDFLHQGDV
VLH
QGRREOL
JDGRHOGHVXEU
FL GRUSD D
JDUODFXDUWD
SDUWH GH
OR
TX HFRVWDUHDGDU \ O
RV TXHWL
HQHQ SRFRFD
X GDOQR VH DQ
GDEXVFDUODVSRU IDO
WDOOHVORQHFHVDULR<
O
DGLFKD
FDWD
\TXH DQWH
W
RGDVFRVDVHO
DOFDOGHD
Q WH
TXLH
Q VH
UHJ LVWU
D UHOD
GLFKD SRU VHUFRVDPX \FRQYH
QLHQWH X H
VH
TGH VFXEUDQ\OEUH
DQ PLQ DV U
GHQRDPRV <
YHW
DWRPHXQ
ILDGR U
TXH REOL
VH
JXHHQ IR
UP D XH
TVLG
HQWUR F XDUHQGH
WDG tD
VQR PDQGD PRV TXH FXDQGRDOJXQD SHUVRQDG HV
FX EULHUH
DOJXQ DYH WD<O D
UHJLVWUDUH
I
XHUH O
D
GDGD
GL
FK DFDW
DSDJDU
iQGRVFLHQWRVSHVRV
SDUDOD
FiP DUD 6X GH
0D MHV
 TXH WRGRVORVTXHHQ HOOD
SLGLHUHQ HVW
DFDV\ W
RPD UHQPLQ DVFRQWU LEX\DQODFDQ
W
DG ORV
HQ
FXDOHVGHV
GHDKRUD
GR \SR
UFRQG HQDGRV HV \
WDPGH
DQHUDGHVSXpV WLGD G GH SHVRVTXHIHXUH
Q PHQ HVWHUUHSDWLU
pQGR O
D HQ HOOD RU
SL JXDOHVS DUW
H V
 0$5$
-867,1$
6$5$%,$
9,(-2 25
'(1$
1=$6
'(/
9,55(<
72/('2 

SDUD TX HVHGpXQD


OD
PLQ
D
GHO
WDO
GHVFXEULG
FDWD
RU
GHYHLQ
HQ
WH
HVW
DGRV RPiV GHHM
HFXW DUO
RVDOFDOGHV GHPLQDV\Q RVHDQHQHOORUHPL VR VVRSH QDGHSULYDFLy Q
GRQGH VHKDOODUH
PHW
DO
\ ORV
M
XHFHV
HOGLFKR
OH
GHQHO
ID
YRUQHF
HV
DUL
RSDUD
TXH GHVXVRILFLRV
FRQ HV
WD GHFODUDFLyQ \DGL
WDPHQ WRTX H F HQ
XD QWRODVGLFKDV RU 
OHV GHQLQGLRV
SDUD
HOORGHOD
FRPDU
FD
GRQGH HV
VHG
FXEULHU
H
QWRP
\ DGRT
XH VHD GHQDQ]DV REOJDQ
L D GDU XQDFDWDGH GLH]HVWDGR VR
X QD GH YHLQWH HVW
DGRV<HQ
PHWDOHQ
OD
WDO PLQDGHOD
SULPHU
D
SOD
WDTX
H
VH
V
DFDUH
VH
YXHO
YD UHVWLWX\
\D D
ODV HO
FDVR GHODRUGHQD Q]DR Q FH
QD GH ORV
FRPLV DULRVVHFX PSO D FQ RGDUOD
F DWD GH
WDOHVSHUVRQDV
OR
TXH DVtKXELHUHQ
UH
WULEXLGR\ GHV
FXEULGRU
VL
HOD
WD
HO
O
G
PLQD WUH
VHVWDGRVDQ VL
W HVQR VHKDOODUH Pi V
ILM
R SRU XH FRQ K
T DOODUORFXPSOLUi FRQ
RYHWDTXLVLHUH
pOVROR
DVX
FRV
WD
GDU
OD
GLFKD
F OR
DWD SXHGD
KDFHU

FRQW
DQWR
TXH WRGDVODVRUGHQ DQ]D V
GHQWURGHWUHLQWD
GtD
V
GHVGH
HO GtDTXH
UHJLVWU
DUH VH
GHFODUHVX
YROX
QWDG HQHVWR \ SRU T XHVR\ LQIRUPD GRTX HKDVWDDKR UDQR VH K DQ JXDUGD GRODVRU G H
aWH
HOHVFULEDQRGHPLQDV\RW
URV
GRVPHVHV
WHQJD
KH
GHQWUR
FDK\
 GDGD GH
OD QDQ]DVH VWRV
GH UHLQR V HQHOVHxD ODUPLQDV D 6X 0D M
HV WDG O
X HJR FEH
DO D G HO
GLFKD
F
DWD
<SDVDGR HO GLFKR OD
WpUPLQR
GHQFRPR
VHFRQWLH
WRGRVMXQWRV
QHH
Q
GHVFXEULGRU DXQTX HH V
Wi EDVWDQWHP HQWHSUR YHt
G R RUSODV G L
FKD VRG UHQDQ]DV GH
HVWD
GLFK
D
RUGHQDQ]D

T XH
KD YHQ L
GRPX FKR GDxRD ODKD FL
HQGD\ SDWULPRQL RU HDO\ QRFDE HHQUD] yQ
2WURVt
SRU FXDQWR YH WD
HQ
\PLQDV
ODTXH KDQ
VH UHJLV
W
UDGR HOGL
HQ
FKR TXHSXHV 6X 0DM HVWDG S H
UPLW HTXH VXVYDV DOORV
SX HGDQ FRQ OLE
H U
WD GGVH
FX EU LU
FHUUR

GHP iV GHODV YHWDVSULQ
FLQFR
FLS
DOH
VTXHHVWiQ
DF OD
XFKLOODGpOQR KD
VH
\ODEUDU PL QDVV
H D GHIUDXGDGR GH OD DUWH
S X H S
T
RU O
D VGLFKD V RUG HQD
Q ]
D V UH
JXDUGDG
R QL
FXPSOLGR
ODRUGHQTXHVH HQ
GD,D
RUGHQDQ]DWU
HLQ
WD\ FLQFR
GHO
DV
VHUYDSD U
D Vt
RUG HQR\PD Q GRT XH GHDTXtD GHOD
Q WHHQ WRGRV ORVQXHYR VGHV 
TXH
KL]R HO GLFKR 3UHVLG
QXHVWUR
HQWH
HV
SHUDQGR FDGD RTXHHO
R XQ
WUROD
EUH \
GHVFX
EUDHO
PHWDO
HVWiVXVSHQVDOD
ODERU
\ FRQYLHQ
HTXH GHVFXEU
VH D\YHDH
O FXE UL
PLHQW RVGHPL QDV VHGHD6X 0D MHVWD
G FRQ IRU
PH D ORGLVSX HVWRHQO
DRUG H
PHWDO VL OR GLFKDVY
KD\
HWDV
\VH
HQODV
GpSR] XQ
R HG
YHLQWH
\ FLQFRHV
WDGRV QDQ]D WUHLQWD
\VLHWHGH *D V
HD 
OD FXDOPDQGR TXHVHFXPSO D \HMHFX W
HFRPR H Q
H
QOD
aaa GHOG
HVFXE
ULGRUHSRUTXHORVWDOHV
GHVFXEUL
GRUHV
RORV
PiVS RU
IDOWD H OO
D
VHFRQWL HQH
VRODVSHQDVHQ H OODV
FRQ WHQLGDVFRQH V
WD GHFODUDF LyQ\DGLWDPH Q
GHSRVEaG
D
G QR
ODVGDQ

RUGHQDPRV\PDQGDPRVTXH WRGDV
ODVSHURQVDVTXH WRTXH HQFXDW Q
R HQ ODGLFKDR UGHQD Q]DPD Q GDT XHHO GH VFXEUL GRUO 
XHJR T XH
UHJLVWUDG
HVWiQ DVHQODV
GLFKDYHWDVGHQWUR WUHV PHVHVG
HVSXpVGH
GHSU HJRQDGD K XEL
HUH UHJLVW
UDGR VX PL QDGHVFX E U
LGRUDVHx DOHSDUD 6X 0D MHVWDG PLQD RU S
OD
HVWD
RUGHQDQ]D HQHOGLFKRDVLHQWR
KDJD
OD LFK
GDGLOLJHQFLD
FRQIRUPH D
OD
GLFKD S DUW
HGH DUULEDHSR UODGH DEDMR \VH HQWLHQGDTXH KD GH VHx DODUGRVPL QDV 
RUGHQDQ]DGHVXVR
 \
SRQ JD ODG
L
FKDFDWDSR]R
HQY
HLQWH
\FL
QFRH VW
D GRV\H
OTXH XQDD
OD SD UW
H GH\ DUULED
R W
UDD ODGHDE DM
R GH O
D G LFKD PLQ DG HVFXEULGRUD 
DVt OR QR
FXPSOLH
UHSL
H UGDODPLQD\VH SURQXQFLH
RUYDFDSDV
DG R HS
O
GLFKR TXHOXHJR TXHODVK XEL HUHV
Hx DODGR GHQWUR GHGLH]G tDV VDHREOLJDG RDHQ YLDU
WpUPLQR
\ FXDOTXLHUD
VHODSXHGDWRPDU
\UHJLVWUDU
\VHOH
DGPLWD U HJ
LVWU
HO
RGH WHVWLPRQL
R GH H
OORO RV
D RIL
FLDOHV U
HDOHV\ ORVGLFKRV RIL FL
D O
HV HQ WG
RU GH WURV R
HOOD
<VHD REOLJDGRD
FXPSOLU ODGLFKD
RUGHQ D
Q]DFRQDGLWDPHQWRTXHVL
GHQWUR GRVPHV HVGV HXp
SV TX H O VH
H V
K X ELH
UH H
Q WUHJDGR HOGLFK R WHVWLP RQ L
R<VH KX
GHGLa
]GtDVGHV
SXpV
TXH KLFLH
UHHO
QXHYRUHJLV
WUR ODSHUVRQD
TXHDQW
 HV WHQtD
OD EL
H U
HGDGR FDWD
OD
HQ ODGHVFX EULGRUD GH
OR VGLH]HVWDGRV TXH OD RUGHQDQ] DGL V

WDO
PPD OD
< W
HQtD
UHJLV
WUDGDTXLVLH
UHF
RQWULEXLUOR FRQ
VGPHi V
HQ GDUHO
GLFKR SRQHR GVHXFELHU
WR PHW DO
IL
MR V
HDQ RE OJDGRVD
L HVFRJHU F XiOGH O
DV GLF
K D
VPLQ DV
Sa]RTXHHQW
DO
FDVR
KDF LHQGRREOL
JDFL
yQ
GH H
OOR
VHD
DGPLWG L
R
\VH
O HYXHO
YDOD VHKDGHWRP DUSDUD 6X 0D MHVWDG \TXHHVWR VHDQR EO
LJD GRV D KDFHUORVGLFKRV
UPQD<HQOD
SDUHW
<HQ H
OOXJDUGRQGH
DQWHVO
DWHQtD
UHJL
VWUDGD HOTXH
VH
\
OD RIL
FLDOHVVRSHQD GH SDJ DUD6X 0D MHVWD
G HOLQWHUpV R GDx RTXH G HHOO
RVH UH
KDEtD
WRP DGROD
GHMH
\ODS XHGDWR
PDUHQRWUDSDUWH
DUUL
ED D
ED MR GRQGH
HV FUHFL
HVH \HQ FDXQWR ODVPLQD VTXH K DVW
D DTXtHVWi QU HJL
VWUDG DV HQ X H
TQR VH

WXYLHUH O YDFR
D
PL VPD YHW
GH
D \ GR
SDVD
HOGLFKRW
pUPLQR HG ORV
GL F
KRVGLH] KD GDGRPL QDD6X
 0DM HVW
DG QLKH FKRO
DVG LOL
JHQ FLDVFRPR VHPD Q GDHQOD GL
GtDV
QRVHaDGPLWL
GR SRH
U HY
LWDU
JDVW
RV
SOHLWRV GL
ODFL
RQHV
HV REUHHOWR
PDUGH FKDRUG HQDQ] DWUHLQWD \VL
HWH KH PDQG DG R XH
TG HQXH YR VH WUQ
RH D
K DFH U<
O
DVDOHV
PPD VGHFODU
DPRV T XH
FR QV
yO
RHOS
HGLPLHQWRGHOTXH
 ODTX LV
LHUH
WRP DU GHVDJUDYLH6 D
X 0D MHVWDGFRP R IXHUDMXVWRK DFHUORFR QF XDOTX L
HU D
SDUWLFXO DU
<YLV
WD

GH O
MXH \
] WHV
WLPRQLR FRPRQR
GH
HV
WiQKHFKDVO
DVGLFK
DVGLOLJHQFLD
V VH VL
Q HPE DUJR GH
F XD OTX L
HUDHOHFFL
yQ Q L
SUHVFULSFLyQ TXH V
HDO HJXH SXHVO
RV GH UH
OHV
DSO
aTXHQODV
GLFKDVPLQDV\YWH
DV \ HVWRVHD
WtWX
OR
EDVWDQWH
SDUD O
DSRVHVL
yQ FKRV GH 0D MHV6X
WDG Q RV
H SXH GHQ UH
S
VFULELU VLQRHV SRUW 
LHPSR LQPH PR ULDO
<3a
aSHGaG GH
H
OOD
V\PDQGDPRV
 TX
HHO
DOF
DOGHGHPLQDVW
HQJD
HVSHFLD O
FXLG
DGR ,W
HP RUGHQR \ PDQ G RTXHSDUD EHQHO
HIL
FLR GHODV GLFKDV PLQ DVGHSO DWD
<GLOL
JHQFLDGHYHU
ODVGLFKDVYHWDV
\KFDHU TXH JXDUGHVH
FX
\L PSO DHVWD
RU
 RUR\ D]RJXH O
RV GXH xRVGH HOODVVHSXHGD Q DUSY R
H FKD UG 
H ORVPR QW
HVDJXD H
GHQDQ]
D LF 
KDOHV OELU
HPH QWH VL
Q TXHSRU
 H OORVH
OOHY HLQW
HUpV DOJXQR SRUH O
5H \1XH VWUR
aWURVt
SRU
TXH PXF
K RV
GHORV TXH PLQDV
SR
WRPDQ
UG
HVSREODGDV O
\HVV
R Q 6HxRU LHVSD
QxROH VHQ FX\R GLVW
ULWRHVWXYLHUHQVRFR ORU GH YHQ WDQL
WUXHT XH QL
DGMXGLFDGDV
O
DV HM
DQ
GHV
WDUF
RP R
ODV
WHQtDQ
V
LQ ODV
OD
EUDU

RUG H
Q D
PR V
\PD QGD HQ DRWU
PDQH UD
PRaTX HO
DVSHUVRQDV
DTXL
HQHVVH
OHV
D GMXG
L
FDUH
QLQ P
DV RUGHVS
S R EODGDV VH ,WHP TXHHQ FXDQWR DOEHQH IL
FLRG
H ODVGLFKDV PLQDV ORVPR QWHV
DJX D V<
RaKJXHQ
LXHJ
RDGDU
 IL DQ
]DVHQ
FDQWL
GDGGH
FLHQ
SHVRV
TXH
GHQ W
URGHFL
QFXHQWD KL
HUEDVLF H
KDO
HVK DQ GHVHU\VHD QFRPXQ HV\QR VHK DG HDG TXLULU
G H
UHFKRQL
GtDV
GDUDQ
XQSR]R GH HVWD
GLH]
GRV
DO
OHQGHHOR
GT XH
ODGFL
KDPLQDWXYLHU
H SRV
H V
LyQ HQ WU
HO
RV G XH xRVGHO
DV GLFKDVPL QDVVLQRTXH LQGLIHU HQWHP HQWH
VH KDQ
O
DEUDGR
< QR
6O ORFXPaOLH
U
HOR
VGFL
KRVFL
HQ
SHVRV
VHDQ
DSOFDGRVOD
L PLWDGSD
UD
H
OK"VSW
DO
<
ODRWU
DPLWDG
SDUDO
DQXH
VWU
DFiPDUD F
\XDO
TXLHUD
OH
SX H
G DWRPDU 
,&+2 
+LHU
ED
SD
MD
RJU
DPLQ
H
DFDU
DF
WHU
tV
WL
FD
GH
O
DV
PHV
HWD
VD
QGL
QDV

O
DGL
FK DPLQD
 F RQODPLVPD
FRQGLFL
yQ
\SHQD
ODV
FXD
OHV
WH
Q JDQ
PXF KRFXL
GDGR TXH
V
LU
YH GH
IR
UUDM
H
\
FP
REXVWLEOH

0$5$
-867,1
$6$5
$%,$
9,(
-
2
25'(
1$1=
$6
'(/
9,55(<
72/('
2 
GH
SRG
HU
DSURYHF
KDU
WRG
RV
OR
V
TX
HODE
UD
QH
QPLQD
V
GH
OHxD
DJXDH
LFKR
 ORV
GL
FKRV
Wp
U
PLQR
V SODWD PDU FDG DORFXDO
WRGR PDQ GRDODOFDOGH \YHHG RU
TXH HVR IXHUH
WHQ JD
2UGHQR<PDQ GRTXHS RUT
XHF H
VHQDO G L
I  FXLGD GR GHOR HMHFXWD
U
VRS HQDTXH VH
HMHFXWH HQVX SHU
VRQ DO 
DV GLFKDV
S HQD V
FKDPLH QWR
GHDOJXQRVPRQW H
V\FK  JQQ DVaH
UHQFLDV
TXH VREUHH
ODSURYH \TX HGHH VWRSDUWL
FXOD
UPHQW HVHOHKDGHSHGLU UHVL
GHQFDL
DFD
UDVV
HS RGQDQUH
FUH FHUG H  GO ,WH PRU GHQ R
\PD QGRTXHHOYHHGRUG HODVGFK
LD VPLQD V\V LQRORKXELH 
QLQJXQ D
SHUV
RQ DSXHGD IXQGLU
QL
K  DTXW
D HDQW
H 
D
F HU
DV
LHQWRSDUDIXQGL G 
D] RJX
HGHQWURGHG   G  F
LHQH VHPH WD
HGH UHHOD OFDO
GH \VXWHQLH
QWH
WHQJDHQFDG D
DVLHQ WR
X QOLEUR
HQTX HVH
DV LHQ
WHWRGDV
PHH WD
JXD RQ GHHVWX
YLHUHIX
Q GLGR
RWUR HQ 
FRP HQ]DGR
\ DEH D
QHIL
FLDUPH WD
O G  TXHVHKXELHUH ODV
I XQ GFLR
LQH V\DIL
QDFLR
QH VTXH
 H QHOO
RV HKLFLHVH\SHVR\ UPRDQ DH
QTX HV 
H
?
HVWD
RUGHQDQ]DSUHWHQGLHUHHGLIL
F
DUHR
 DaJXQaFRQ WUDO
R FRQW
H QL
GRHQ SHVH OD SO
D WDTXH VDOL
HUH
\ TXHORVGXHxR VGH ODVGLFKDVPL QVD\  SO
DW DVHDQ
FKROHVH
DGHUULEDGD
OD REUD GG D a QD
VLHQWR SRUHO
PLVP RK H REOLJD GRVF DG DPH
V DTXLQWDUOD \ RILFLDO
ORV
HVFRWHM
H QODTXHV HWUDHDTXLQWDU
GLFKR
H V
<SRUT XH
PH 
RU <FRQH QDR
HQ

TPPH QW
RV SH
V RV DSOLF
DGRVVHJ~Q FRQOD UHODFLyQ TXHHO
GLFKRYHHGRU RD
OFDOGHV X
RWHQLHQWH
HQY L
DUH GHVXOL
E UR
GHG ORV
L
FKRVDVLHQWR
V PDG
- RQ HQRV
PGSH
U PF
VHK
DJ DQOR VGLFKRVHGLIL
FLRV SDUD T XHVHH QWLHQGD
VL
VHKDTX LWDG
Q ROR TXHVH VD
Fy
TXH FXDQ DOJXQ
R RTXL
VLHU GLIL 
QXHYRPDQLILH
VWHDQWHDODOFDO
G G H HWU
FDUDVLHQWRGH < SRUTXH SRG UtD
V
HUT XHHQD OJX
QDV PLQD VSRUVHUGH SREUH PHW DOSR R
U
ILF
DU
\ H
ODO
FDOGH FLWD
GRVORH HPPD V OX
HO aDU\V
LWL
R GQ RGHp 
OTXLHUH
HGL PHU FH GSDU WLFXO
D UR
SRURWU
DV FDXVDVVHS DJDVH PHQ RVGHUHFK RVTX HHO
T XLQWR

 VFRPDU FDQR
V\DYHQJXGD RTX Wi
RUGHQDQ]D
O
HGp O
LFH
Q FL
DS DUDHOO
R  HQ RHVDFRQWUD
HVWD \SR UTX HXQD VPLQDVDFXGHQD PiV D]RJX HSODRWDSR UFD
UJ D G H
PHWD OTXH
GLFKD
VSHQDV
 \HQ D
RWUPDQ HUDQROHSX HGDK D
FHUVRODV RWUDV \ VHULDLQFRQYHQLHQWHTXHVH PH]FODVHQ XQRV PHWDOHVFRQ RWURV
RUGH QR
\PD QGRG TXH
HDTXt
DGHODQWH QLQJXQDS HUVRQDSXH GDPH] FO
D UPH WDO RWUD
GH

a
,WH
P
SR TX
U HD
O
DUHG
RQG
DFR
\ G
O
DV
PLQ
DV
GH
D]
RJXHVH
KD
QG
HV
F
XELH
aaaFH
KFH
U
URGH
+X
DQFBY
D
HOLF
D
GR
H
VWiQ PLQD FRQH OGHODVX\D
SDUDIXQ GLUOR
MXQWRVHO
SH QDGHSHUG HUWRGROR DVt TXH
GH
O
DERU
DQWL
JX
DTX
HHQ
 HO
GLFK
RFH
UU
R
V
HKL]
ROD
YDGHURV
HVF
RUL
D
OHV
\
WHUU
HUR
V PH ]FOD UHVX\R DM
HQR
R\O 
D SODW
D RD]RJXH TX HGH HOOR
VDFDUH FR QPi VRWUR
WDQWRGH VXYDOR UDSOLFD
GROD
PLW DGSDUDO
D FiP D UD
\ O
DRWUDPLWDG SDUDHOM
XH ]
H
ODEUDU
KD
KDEGR
LGLIH
UH
QF
LD
SUHWHQ
GLH
QG
V
Ea

aXaL
HaaRTaH
H
VHU
VX\RV
<TX
HQR
 KD
QGH
G DUPLQDVQL H \GH Q XQ FL
DGRU S HUR
SRUXH
T DF DHFH HO
PH WDOULFRGH SO
D W
DV LQPH W
DOEDMRTXH
SRU
GHFL
UTXHQ
RV
RQPLQV
D
YW G HV
WDF
DV OR
D
V
T
X H
VH
ODV
SL
GDQ OOD
PDQ VRURFK HE 
LHQ
VHSHUP LWH
TXHK DV
WDHQ OD
F DQWL
G DGTXHIX HUHQHFHVDULD HO
ZH
DVRU
HQR
\PD
QGRTX
F
KRVOD
YD
GHURV
\HFV
RULDO
HV
\W HHQ
FXDQWR
DOR
V
GL TXHW 
X YLHUHGH VX\RPHWDO
ULFRSXHGD PH]FODUFRQ HO
GHOSREUH SHURQ RDO
UHYpV
HU
UHURVV
HJXD
UG OD
H RUG G
PHG
L
UVH
TXHHQ
ODV
GHPiV PLQDV H
Q D
Q]DHHV
WDFDU
VH
\ TXH HO TXHWXYLH UH
PHWDOSR EU
HS XHG D
PH ]F O
DUF RQHOPH W
DO ULF
R DMHQRVRODV
,WHP 
SR U
TXH HV
WR\LQIRUPDGR TX H
HQ OD
FRE  GLFKDV SQ HVD\
TXHORPLVPR VHDFRQHO
D] RJXHV LHQ
GR QHFHVDULRSRU TXHGHRWUD
0DM H
VWDGSHUWHQHFHQGHODSODWD
\ U DQ]DGHORVTUX QWRV
TX HD 6X PDQ HUD Q RS VH
RGU tDQ
IXQGLU
QRVHKDWHQLGRHOFX
LGDGR < GL
OLD
HQFLU TXHVH
K DV
DFDGRGH ODVGLFKDVPLQ DV ,WHP R UGHQ R\
PDQG R TXHQR VH
S XHGD YHQG HUQLFDPE LDU FRQPH WDO GH
DL VH
QF UD TXHFR
Q YHQDS
t G 
DQWH
J~Q
F
VH
HVH
x
Q
RU
DO
GH
JXQR
PLQ
VL
D
Q
F
GH
RQ
SO
D
Y HQL
WD
HQWHV
RUR
X


G
aU
P V
HLU
Q
X
R
FQD RQL
TXHG
PD\RU
DU

D
H
GRP
D
TXH
TXtD 
H
GH
 W
DT
O
DQ
Xt DG
WH
H
QLQ


SO
\
DWD
DIL

QD
RUR
GRS
QL
R
D]RJ
UT
XH
XHGH
H
Q
HVW
PH
D
WD
PDQH
OF
RPR
UDVH
VH
SRGU
VD
FD
tDWH
GH
QH
O
U
D
PL QD
FXHQWD
DQW
HQ
HVGH
OR TXH
HV W
DU
GHF
IX
DG
QGLGR
D PLQD
DO
JXQD QRYHQGDQ L
WUDWHQL
SDJXH QLSUHW W RP RUD
SH U VRQD VHVDFD \OR TXH GH
HOO
RVH GHEHGHTXLQWRV D6X0D MH
VWDG \G 
H RWUDPD QHUD
VHP RUQ HSUHVWD
GR RUR QLSO
DW VHUtD
PX \GLILF
XO WR
VR
OR
FX D
ODVtVH
JX DGUH\FXP SO
DVRODV
SH QDVH QOD
R U
GH QDQ
PDUFDUFRQODPDUFDUHDOVR
SH QDGHG D SRU
O
DVGRVWHUFL
DVSDUWHVSDUDODFiPDUD S a H
a aHQRW
G HW
RGRVVXVELHQ HV
DSOLFD GRV ]DDQW HVGH H V
WD FRQW
HQL
GDV SHURELHQVHS HUP LW
HTXH VLDO
J~ Q VHx RU
G HPLQD
SDU
DHOGHQXQ FL
DGR U<
MXH]<TXH GHP iVGH H -HVWDG<OaRWUD WHUFHUD
S DUW
H TXLVLHUH YHQGHU VXPHWDO
D RWURSDUDEHQH IL
FLDU H
Q DOJ~QDVLHQWR GHODV

GLFKD V
D
(VSDxDSHUR SRUTXHHV
WR\ LQI
RUPD GR X V HDGHVW
H UUDGRSHUS HWXDP HQWH PLQDV ORSXH GDK DFH
UGDQG RGH HOOR
\ GH ODFDQ WL
GDGTX HY QH GHQ RWLF
LDD O
OD
DEXQ GDQFLD
G HUHDO
HVTX H
aD
FDXVD GH KDQREHU
HQ H VWR
V
UHLQRV YHHGRU S DUDTX HW 
HQJDF
XH QWD
GHFREUDU ORVGHUHFKR VUHDOHV
 
HHV
QH FHVDULDS DU
DHO FRP  GL
SRGUtD
GLYLGLU
ODSODW
D PD UFDGD W   HUF L
R RUPD QR
\
Q R VH OW HP SRUTX H G GH
DU
OR V
GX HxRVGHODVPL QDVORVVDODUL
RV V GH
XV
PD\ RG UR
 D RP LQHV \PHG VWRPLQ HV<R
VDQD
JUDQ WUDEDM
R HQODVSDJDVGH OR
V LGLR
QV  JUDQ RVS VH
D WHQJD PL QDSX HGD W
HQHU
SRU Vt
QLHQ FRPS DxtDGH RWURPLQD QLODEHQ HILFL
HQL
SHUPLWRTXHHQWUHWDQWRTXHVHODEUDPRQ HGD\ FRP HUFLRGHFR VDVPH QXG DV OD
EUH S RU VtQLSRULQW
HUSyVL
WDS HUVRQDVRS HQD GHK D
EH O
OD SHUGLGR FRQRW U
R
HQSOD
WDPHQ XGD SRU
PDUF DU<WUW TXHE DV W
HS VH
X H
GDQ K DFHU
S DJDV WDQWR YDORU DSOFDLGRV
HJ~Q GHVXVR \TXHODPLQD VHDSOT L
X H OGDHQXQFLD
GR U
GLH]
SHVRV\QRPiV GH
XQ DYH]FRQH<FaQWU DWDU
F RBQ
HOO
DKDVWDHQ FDQWGD
LGGH  ,WH P SRU TXHGHGDU
ORVGXH xRVGHO
D VPLQ DV
ORVVDODUL
RV GH VXVPD\R UGR
GHOR
VGLFKRVGL
H]S HVRV
\GHG TXHV
GL
D O
JXQRKFLL H
UHSDJDHQP iVFDQWLG DG PR V\F ULDGRVTX HHQW
LHQG
H QHQHOEHQHILFLRGHODVPLQDVHQ PH WDOR D HQ
]RJXH
H XDPD \RU DXQTXH GL 
KL]
YHFHV

SR UHO
PL VPR KHFKRL
Q FXUU
D HQO
DV GLFK L JDTXH DRHQPXF KDV VHHQWL HQGHTX H K VH
D
VJXL
H GR PXFK RGDxR DORVVHxRUHVG HPL QDVHQOD SR
WL
HQGDHQO
DS DJDGHOR
VMRUQDOHV
G , G LD V
SH Q DVSH
URTX HH 
VWRQR V
H HQ FDVHJX ULGDG GHODJXDUGDGHV
X VKDFLHQ
GDV \D6 X0D MH
VW
D G H
Q ODSDJDGH VXV
HRVP URVTXHV HKLFL
HU  G K
QDV
SRUV 
HPD QDRPHV
 <OR PLVPR HQ G OR
HOD HQHQ L
FDV PDV
L TXL
Q WRV UHDOHVR UGHQR
\PDQG RTXH GHDTX tDGHODQW H
QLQJ~Q VHxR UGHPL QDV
GHVH
UHQWDQWDFDQWLGDGVRODHVW
DS XHUWDE DVW
DUaJDSRU FRP R V
TXH
Ra\K DQ SXHGD GD UVDODULRHQPHWDOQL
HQ D]RJXHQ L
HQ SODWDTXHQR VHDPD UF
DGD DVXV

SO
DWD
SRU PD UF
DUGHV \
GHPH GL
R LE D VFD
DUPXFK DFDQWLG
DG GH FUL
DGRV QLHOORVUHFL
ELOOR

VRSH QDSR UFD
GD YH] F GH
DGDWUHVFLHQWRVS HVRV
DVtDO
S HVRDQ
UDVH  SXH GH SDJDUFyPR GDP HQWH H Q DPR FR PR DOFULDGR
DSOFDG
LRV V H
J~Q GHVXV R

0$5$
-O-67,1$
6$5$%,$
9,(
-2
25'
(1$1
=$
6'(/
9,55(<
72/
('2 
,W
HPRUG
H QR<PDQGR SDUTXH
DTXH KD\DiVFXHWQDP  
WRVTXHQLQJXQDS HUVRQD
GH O
DVT XHE
  <UD]RQ H
QORV
TXLQ DQWHHODOF
DOGHHOFXDORtGDVO
D VSDUWHVDSOLTXH
DODV GLFKDVJX D U
GD VO 
D
S DU
WH
VXV RU
K Q RV
SURSLRV\ IQX
GLFLRQHV DUD
QPPDV
 SX HGDIXQGt
UPHWO
DV
LQR
H Q
<QR HQ VVR
DMHQR S H
QDG G TXHSRUHVWDV
RUGHQ DQ ]
DVOHV
S HUWHQHFHFRPR GHQD
XQ FLDGRUH V
\ TXHFXD OHV
TXLHU
TXHGH RWUD
PD QHUDIXQGLHUHQDSOLFG 
 G HSHU HU
H PHWDO

 DV HJXQ
R H VXV
R MXV
WLFL
DGHO5HLQRS XHGDQ SHGLUHVWDVOL
FHQFLDV\HMHFXWDUODSHQD 
,WHPTXHSR
UX T
HHQHO
D]RJX HQR
VH XHG K  ,WHP 
RUGHQR\PD Q GRTXHH O
DOFDOGHTX HHV
R IH XUHHQODVGLFK DV
PL QDV
R
EHUPX FKRV
IUDXGHVHQOD
PDQ HUD GHO S ,
HHF
DU
ODPDUF D
UHDO<SRGUtD
KD
\PDQ GRTXHGH
D TXtDGHO
DQWHVHSDJX
SDJDU
HD
6X
RV
0
GHUH

FKR VD
V 0
XD M
 W
HV
G
D
R
UGHQR
VXOXJDU
WHQLHQW
HJXDU GHQ\K DJDQ JXDUGDUODV
RUGHQ DQ]DV KHFKD V
S DUDODVPLQDV
Q HFHGHD]RJXHHQORVPLVPR WG D MHV
W
DG HO
GHUHFKRTXHOH
SHUWH HQHVWRV
UHLQRVH
Q O
RTX HQ 
RIXH UHQFRQWUDUtDV
DHVWDV

V
DVWHQRV RQGHVH
IXQGLHU K ,WHP 
RUGHQR\PDQGR TXHQLQ J~QD OF
D O
GHQL
YH HRGU QLHVFULEDQRQLRILFL
DO
SD JDGRQR S VH
XHGD PXGDUQL G H
<TXH DVW
DTXHHV
Wp
0D MH
VWDG
HOD]RJXHTX H
TXH G
YHQ HaSDUD\ IXUD
TXHGHVSXpV
GH SDJDGR 6X UHDO
QLRWUD
SHUVRQDD FX\RFDUJRHVWpO
D DGPLQLVWUDFLyQGH O
DMXVWLFLD
< +D FLH
Q
DUHSDUDVXGXHQRWDPS RF G GD5HD O
HQODVGLF
K D
V PLQ D
VS XHGDWHQH UHQWRGRVXGLVWULWR
PL Q DQLPL QDV
GH
IXHUDGHOR
VGLFKRVDV
LHQWRV
VLQ,
L  
 R V
HSXH D DU
VDF
SDUD
UFHQ F
LDHQHVFQWRDQWH
HO L E G RUR
S ODW
D
D]RJX H
Q L
S O
RPRQL GH RWURPH WDO
QLODEUDUODVSRUVtQ L
SRU LQW
HUS
y
RUHDO\ILUPDGHOY 
HHGRU
R  ,
G HV
FULD
QR HO
DVPLQDV
FKR V
GHOYHHGRU
GH ODVGL
FKDDV
Fa H<
TX
,
HSRU
OD
GL
FK DO
LFHQFL
DQR OO
HYHGH
UH VL
WDSHUVRQDQLSR UFRP SDxD t
VR SHQDTXH VHD
SULYD GR GHRILF LR\ODPLQD
G  PUQD V
VU HKXELHU
HR
GH O
DO ,G  RPLQ DV
VHDSOLTXHDOGHQ XQFLDGRU 
HVSXHVGHWHQHU
ODGLFKD,
tFH  G B FDHRVXWHPHQWH
\
 QHWD XH
H QRGHDPL
OQ
VUQRWUD
FpGXOD
GHOGLFKRYHHG RUDOFDOG  DUXQJXQR
RS X
HGDVDFDU ,WHP
RGHUQ R\PDQGR T XHORV FLD
RIL
OHV
UHDOH
VGH6X 0D M
HV W
D G HO
QLYHHGRU
R G RU
YHH VXIFDWRU
R VHD
REO

 
t G
RH
WHP HQW
H\
HOGLFK
R 
HUG
VQR 
HD]
RJXH QL
DOFDOGH
Q R
S XHGDQWHQHUHQODVGLFKDVPLQ DVWU
DWRQLF RQWUDWRQLJUDQ MHU
tD
DO
UJDR DDYLV
 D UGH HOOR
DO GLFK  JXQDV
RSH QDGHSUL
Y DFLyQGHVXV RILF
LRV \ T XH
GH
WHQJDQ SHUGLGD ODFDQWLG
DG
VRQDTXHORTXL
VLHVHVDFDU
SD UD
T XH  RFPRS DQ HRR
US HU

HO
YDOURGHO
GLFKRD]RJXHFRQ H
OFXDWT W
  WOD
GLH
KD
FpGXOD
VRSHQDGHOS 
HUGH
U FRQTXHWU
D W
DUHQ\JU DQMHDUHQ
DS OFDG
L R VHJ~QGLFKRHV
SUDGRURVDF
DGRUTX HGH
 RWUDP  R DSOL
FD
GRVHJXQGH
VXVR <DO
FRP ,WHP
TX HSRUODVRUGHQDQ] DVTHXKL]
R SDUDO
DVPLQ DVHO
S UHVLGHQWH*D VHD
 DQ HUDRVDFDUHV
HOH
WR
PH G
HFXDWURW
DQWR\VHDSOLTXH
VHJ~QGLFKRHV SRU HVFDP PDGRFRQ JREHUD Q
GRUTXHIXHGH HVWR
VULQHRVHVWiYHGDGRTX H
Q LQJX QRS XH GDWHQHUGHQ

TXL
FX
Q
HW
,WHPSDUD
TXH
WRVRUGHQR
QDDSDUWH
F
<
RQ
K
PDQ
FGD
D\
GR
DV
DPHMRU
TXH
Hx
HO
FXH
Q W
YHHGRU
RG  G

D 
aaL
VU HQ
HU
OD
HD
FREUD
R
OF
DOG
Q]D
HR
GH
WHP

OR
H
V
QW
GF
H
WH
L
KRV
QJD
W
Q
F
UROHJX
HU\
XPS
GH

OLGR
D
GRV
SD
OD
\PH

GLFK
GL
UHFH
D
D

RU
PiV
TXH
GH
SR
QQ
T
UW
DD
XH

HQ
]

XQ
HU
T X
D
DO
H
PL
JX
QD
QRV
ULHQGR
H[FH
LQ
K
F
DF
S

H
W
RQ
RVL
YHQ
UPH
L
IX
HQ
H
W
UFH
UH
HV
G
K
\
GH
D
V
V
W
F

IDY
XE
D
RU
U
D
KR
HF
LGRU
UD
H
U
S
Q
D
XH
R
O
GD

R
V
H
V
W
K
H
D
TXH
G U H UPQD HD]RJXHR VXVI W G 
H DR ]
JXHTXHVH
KXEHLUHTXLQWG G
  D FRUH V HDFDQWL
GD G GHV
FXE UHU
LHQ\ODEUDUH QPLQDVS RUJUDQHO EHQHIFLL
R TXH GH HOO
R UHVXOWDDOD
VDTXH IXH
UDGHOR
VD
VLHQWRVFR R\  DTXH KXELH UHGDGR OLFHQFL
DTX HVH UHS~EOLFD

SHUPLWR\PD QGRTXHG HDTXtDG HODQW
HGHQW
UR GHXQDOH JXDFXD O
TXL
H
,WH G QRUUQH
D DRUGHQD Q]DVX SUDSU y[L
PD  UD
SHUVRQDSXH
 GDW
H QHUGRVPLQ DV\QRPiV \HO
GHVFXE ULGR U
TXHFRQIRUP H
DODV
PRU < HQR
PDQG RTXHHOYHHGRU DOG 
PLQV DGHO
 D] RJXH
FDGDVHPDQ W
 G

DH " H
WHQL HQWTX
H HU 
HVLGL
HUHH
Q ODV GL
FKD V
RUGHQDQ]DVSRG tD
WHQHUGRVS XHGDWHQHUW
UHV\TXH HQORTXH WRFDDODYD

D9 H
6O WRRVO
RVDVUHQW 
VHKXELHUHVDFDGR
DTXHOODVHPDQ W G RV<TX PWH HOD]RJXHTX H GHUR
V\HVFRULDOHV
SXH GDWHQHUXQD Pi VGHQWURGHODGLFK DOHJXD
I 
GLF D RUQDQ FXHQWD DR
OV
R G
XQ URQHV
TXHKXEL
HUHQKF H
KR K G PD\ RURPR V GHOD
V OW
HPRUGHQR\PD QGRTXHH O
DOFDOGHGHODV
GLFKDVPL QDV
R VX W
HQLHQ W
HWH
Q
 <DF UHQRWRGDVODV GHPi G7
SDUHFL
H UH
TXHFRQYLHQH
S D
UD VDEHUYHUGDG DV ,WJaQFDV
TXHO 
H JDQ
PX FKRFXL
GDGR GH YLVLWDU
ODV PLQDV TXHVHODEUDQ\ YHUVLO RVGXH xRV
GH
F
X H
QWD <U
D]yQOR
UHFRM
D DXQDFDVDTXH G
\HO
K
DaRJXH
K GHORV TXLQWRVSRUVX
 HOO
D
VDTXLHQVHKXELHUHQGDGRLQGLR V
SDUD JXDUGDGHHOOD
V ORV
WU D
H QDODEUDUO
DV
TXH GHDOOt
VH
HQWU
HJXH
DOR IL
O D D H HUHQ ODV
GLFKDV PLQVDSDUD GLF
KDVPLQD V
HORVRFXSDQ HQRWUDVFRVDV\ V
LKDODU
OHT XH QR DEUDOQO
RVGLF
KRV
G V
RU HV
H]D UHDO
HVDTXLHQ SR G
HKDEHU \
TXHHQ
SRGHU
GH  UVX RUHQ
RKXELHUH LQ
GLRVH
QODW
D O
PLQDSD UDTXHORVKX ELHUHQGDGR OH\ PDQGH
FRP SH OTXH
DO DEUH
G D
VSHUVRQ DV
TXHTXLQ
OR WDUHQ G
HORTX HHQWUHJ
 DU RQ
G H
TXLQWRDOY G  TXH HUD]yQSR U
OL
EUR FRQ
H OO OD
RV GLFKD
PLQ D \
VLVL
HQ GRSDUD HOO
RUHTXHUGRSRU
L WpUPL QVXV
RVGHWUH
V
HHRURDFDO
GH VRS H 
PDQ HUD SDJVH
DU
H\QR
S DUHFHSRUORV
OEL
 GGL Q DTXH RTXHGH
RW UD HQ WUHV
GtDVHO
GXHxR GHODWDO
PL QDQRW RUQDUHD
PH WHUORV L
QG LRVHQHOO
DVH
OH
GHPL Q DV R PD\RUGR
VXV PRV ORW UR
V HL FKR YHHG RU<GH OR
VGXHxRV TXL
WHQO
R V
WDO
HVLQGLRV\GHDKtDGHOD QWHQR HGH
OQRWUR V\GHFODUH O
DPLQD SRU
RUQ H
QDS DJDURWUDYH]
TXHSRUK D
EHUPXFKRVDVLH
QWRVQRVH GL   HS RUTX HSR
GtD
UVH U YDFD
SDUDTXHFXDOTXLHUSHUVRQDTXH TXLVLHUH
OD
S XHGDUHJ LVW
UDU\WRP DUSDUDVt

E , SXWHVHQYL
Vt
WDU W
RGR V
HQ
FRUDU RV
TXLQWR
VFPRRGLF KRH   XQ DV HPDQDSDUD
D RPHQ RVVHYW
VtW
HQ \ F
RE G
QDV
VRSHQ D
GHSULYD
F
LyQ
G 
IL O UH QHQ RVVUQ
HD 
HF
D DV
SHUVRQDVYHHG  ,G
HVWX
YLHUHQ TXH
ROR
FXPSOLHU RU RDFD HFX\R
DFD UJR 2U
GHQDQ]D
V
GH
LQ
GL
RV
L
QWHUHVHV HQHPDVTXHS DJDi
U 6XD 0D MHVWD
G ORVGDxRVH
,W
HP RG
UHQ
R\
PDQGR
TXH
HO
YH
HGRUD
OH
R
,
G 3ULPHUDP
HQWH
TXH
HQ
ORV
DVLHQW
RVGH
PL
Q DV
KD KGH
DEHU
GRFWUL
QDEDVW
DQW
H
PLQDV
WH
Q JD
GRV JXDUGDV
TXH FRU
 D H
TXHRHV
IX
HUH O
DV
GH
GLF
KDV
GH
VD
FHUGR
WHV
TXH
DGPL
QLVW
UHQ
ORV
V
D F
UDPHQW
RV H
\QVHxHQ
ODGRFWUL
QD
D
ORV
LQGL
RV
V
HSXGHUH
L H
VDFDU
O
GL
F
KR UD QRVFDUQPRV
GH
GtD
<GH
QR
FKH
SRUGRQGH
 D]RJXHY
\HDQ
\H
[    TXHY
LQL
HUHQ
DO
DOD
ERUG
HHOOD
DSURYHH
\  UO
DV
GH
EDVW
LPHQWRV
\
DWRGRV
ORV
G H

SDUD
VD
FDU OR
<V
LD
OJXQR
KDOO
DUHQ WPWQ aQOLF
DV
HQFL
D
VTXHOYOH
DQ
TX
H YD
VLQL
FHQFL
DO
RSXH
GD
WRPDU\
WDHU
U PiV
LQGL
RV
TXHR
FXUULHUHQ
DO
RV
DLH
VQWRV
OD
FXDO
VH
GL
JDO
RVGR
PLQJRV
\IHL
VW
DV
TXH
ORV
LQGL
RV
KDQ
GHJX
DUGDU

OR
VFXDOHV
VDFHU
GRWHV
KD
QG H
VH
UQR
PEU DGRV
H
 0$5$
-867,1$
6$5$%,$
9,(-2 25'(1$
1=$6
'(/ 9,5
5(
<72/('2 

SUHVHQWDGRVHQQRPEUH \ FRODGRV
\DGH6X
GPLWLGRVSRU 0DMHVWDG ORVSUHODGRV
FLD\E XHQD RUGHQ T XHHOPX \ H[F HOHQ W
tV LPRVHxRU 'RQ )UDQFLVFRGH 7R OHGR
FRPRDOSUHVHQWHVH SURYHHQORVGHPiVFXUDVGHLJOHVLDHQSXHEORV
GHL
QGLRV\ PDQ GDUHG DU\GLH UH
TXH ORV GLFKRV VDFHUGRWHVWHQJDQ \ KFDHUORV FXLGDGR GH YLVLWDU
\ TX HHQ O
DV SD ORV
UWHV\OJD
XUHQIHUPRV
HV GRQGH VH D
SRVLEOHK DQ GHUHVHUY D
UORV LQGL RV
FXUDU
<SURYHHU GH \SOR
DUD
ODQHFHVDULR
SDJD
\ VDODULRGH Q RQKDGHHOORV G H
FDUJDUVH\ GRQ GH KXE LHUH
GLVSRV L
FLy QG HKDFHUFDP LQRVVH DEULUi Q
GHPD Q HUD
FRQWULEXLUORV LQGLRVFRVDDOJXQD
T XH
SXHGDQ DQGDU E HVW LD
V\QRVHDF R
D
VWD GHORVLQG
LR V

,WHP HQFDGDDVLHQWRVHKD KXEL HUHH Q
\
GHKDFHU
HO XQDLJOHVLD\
,WHP ORV
DLQGL VLQROD
RV OH
VH
VK D GH GH M
DU HO
WLHPSR TX HH U
IX
HQHFH VDU
L R S DUD
HQWUHWDQWROXJDUGHFHQWHSDUD OD
GRFWULQD
\ QRKDGHGHFLUPLVD\
VHU HQVHxDU
K DFH
U VXVFKiFDUDV\ VHPH QW
HUD VR UGHQ DQ GRODVPLWDV HQ HOWLHPSR G HO DVVH 
D FRVWDGHORVLQGLRV
PH QWHUDVGH PDQH UD TXHORVL
Q GLRV S XHG DQVHPEUDU \E H QHILFL
DU V
X VFK iFDUDV
,WHP VHGp RUGHQ FRPRHQFDGD ORV DVLHQWRWHQJDHO
S URYH\HQG R VDFHUGRWHD
FRPR ODV PLQDVQRTXHGHQ VLQ FRVWD
JHQWHTXHODV@D GH
EUHO
RF XDO
BVH SX HaH
PLQHURVFDMDVGHODQFHWDV\ MHULQJDVDOXPEUHVROLPiQFDUGHQLOOR\
VDV\DO SD
K DFHUDWHQWRTX HQR WRGDVOD
V VHPHQ WHUDV YLHQHQ XQ
HQ
WL HPSR <K DELHQ G R GV L

JXQRVUHJDORVGH SDUDORVHQIHUPRV
LQGLRVTXHHQIHUPDUHQ
SRVL
FLyQ VHWHUQ iQ FH UFDGH
ORV DV LHQWR V
GHPLQDVS DUDSRG HUVHPE UDU OD VFR 
,WHPVHKDJDQJDOSRQHVERKtRVHQORVDVLHQWRVGHPLQDVGRQGH
\ VH
UHFRMDQ
PLGDVGHORV LQGLRV VHSURYHD\ GH RU GHQFRPR VHKDJ D
<JXDUH]FDQGHODJXD\IUtRFRQEDUEDFRDV
SDMDORVFXDOHVVHKDUiQ
\ FRQSD UWH
GHORVLQGLRVTXHVHUHSDUWLHUHQ
SDU DODV \ PLQDV
KDQ GHKDEHU FRPR VXMRUQDO ,WHPTXH ORVL QGLR V
TXHWX YLHUHQ PLQ DVHQVV
XW L
H U
UDV TX HVHKDQG H VHJX LU
VLWUDEDMDVHQHQHOODVSRUTXHQR VHKDQGHKDFHUD VXFRVWD GHFO
DU R
T XHODEU iQGRODV GHQWU
R GH O Wp
UP LQ RTXH  O
VH
HVVHx DODU
H QR V
VH
DT X HQ G H
<SDUD TXHORVLQGLRVVHDQELHQWUDWDGRV
\QRYHMDGRVQLPROHVWDGRV
\VHDQ VXV
WLHUUDVSDUD L
U D ODEUDUDRWUDVPLQ DV
SDJDGRVGHVXWUDEDMRPDQWHQLGRVHQMXVWLFLD
\ \VHFXPSOD\ OR
TX HHQJXDUGH ,WHP TXHL ORV
Q GLRV
TXH GHVX FEULHUHQ PL QDV
JR F HQ GHOG 
HUHFK RGH GHVF X
 G

VX IDYRU
<SDUDVX EXHQ WUDWDPLHQWRLUi DVLHQWRVDO EULG
R UHV
\
UHIHULGRVHSRUQiQ HQORVVHOHVGD U iQ
LQGLRV
SDUD ODEUD UODV F
RP RD
O RVHVS DxROHV< 
VHH
QWHQ HUD Q
FDOGHVGHLQGLRVTXHVHDQ \FDOLGDG\ SHUVRQDVGH
FRQFLHQFLD
EXHQD FR
DXWRULGDGQ H
OORV
ODV RUG HQD Q] DVGH
PLQ DVFR P R FRQORV
HVS DxROHV
<GH TXLHQVHHQWLHQGDTXHVRQ
FHORVRVGHOELHQGHORVLQGLRVHQTXH
IXHUHSR \ TX HOR
V LQG LR VT XH
VHUHSD UWL
H UHQ SDUDODV
PL QDV QROR VKDQGH RFXSDU
VLEOHFRQMXULVGtFFLyQEDVWDQWHTXHQRKDQGHHVWDUVXMHWRVD
ODMXVWLFLD
RUGLQ
DULD HQR WUDFRVD VLQR HQ
OD
V PLQ DV QL ORV K DQGHU HS
DUWL
U V QL
R D P
 LQH
U R V TX H
VLQRD OD $XGLHQFLDUHDO GHOGLVWULWR ODEUHQPLQDV
4X HORV LQGLRV TX HYLQ
L HUH QGH V XYROX Q W
DGDODEUD U O
DVPL QD VV
HDQ S UHIH
4XHQRKDQ GHHQWHQGHUHQ
ODODERU GH ODVPLQDVLQGLRVGH
GLIHUHQWHW
HP
SOHGHVX QDWXUDOGHPDQHUD O
DEUHQ PLQDVHQORV
\X
TXHORVVHUUDQRVQR
QJDVQL ULGRVD G H
P iV T ORV
H
X Y
LQLHUHQ FRPS HO HUD
OH
VDO
D ODERU G
HHOODV
O
RV\XQJDV HQORV
VHUUDQRV ,WHPTX HG VH
p RUGHQFRPR D O
JX Q RV GHO
RV\DQ DFRQD VTXH
 DQ GQDI XHUD GH
,WH
P OR
V
D
LQGLRV
VHOHV
K DGHGDUF
RPS HWH
Q WH
VDODUL
RGHSODWD\FRPLGD ORVUHSDUWLPLHQWRV YD\ DQ OD
D
ODE R U ODV
GH PLQDVSRUT XH VHH FKHP HQR V FDUJ D
VHJ~QOD
GLVSRVL
FLyQF D
GH
GDSURYLQFLD
FRQ TXH
TXHGHQSDJDGR VGHVXWUDEDMR DORVUHSDUWLPL HQW RV
<ORVGtDV
TXHR VH
FXSDUHQHQ
ODLGDYX\
HDOW
GHVXV
WHU
LUDVD
ODVPLQD V
GHPD  ,W
HURQR K DQ GH VHUFRP SHOLGRV O
RV LQ
GLRVDODE UD
U O
DVPLQ D V
TXH VH G HV

QHUDTXHG
HVSXpVGHPDQ W
H QLG
ROHVTXHGHJDQDQFL
DTXHSXHGDQOHYD
OU SDUDVXV FXEULH
UHQVL IXH U HF
QR
RQOLFHQFLD GH OJREHUQ DGRUS DUDH OOR\Q RVHKD GH GDU
WLH
UUDV OL
FH
Q FL
DVLQR HQ PL QDV GHVHJXLU\ D SURYH FKDPLHQWR
4XHORVLQGLRV
TXHODE
UD UH
QODVPLQVDKDQ
 GH FRPHQ]DUWUD D
ED M
DUXQDK 
R UD \T XHORV LGLRV
Q T XHVH
RF X SDUH QHQ O
DODERUGH O
DV PL QDaV HDQUHOH aD GRV
GHVSXpV
GHVDOLG
R HO
VRO\ODDKRUDGHO
F RPHUGHVSX
pVGHKDEHU FRPLG ROV
R HOT DxR
XHVHRFX SD UHQHQKDF HUPL WD Q ODV
HPLQ D
V GHK DFH U
PL WDHQOD V FtXG D
KDQGHGMH
DU PHGL
D KRUD
S DUDGHVFDQV
DU KDQ
\GHGHMDUGHW
U DEDMDUDO
SRQ HU GHV
\GHVHUYLUHQ F DUJDV\JLXVD\ VHUiQ DYH QWDMD
GR VD
ORV GHPi VLQG L
RVSD UD VH
U
GHOV
RO HO
HJLGRVH 
Q RIL
FLR V GH KRQUD
D OFDOGHV\ UHJLGRUHV
X RWURV RILFLRVKRQ UDGR V
<TXHD
 O
RVLQGLRV
TXHW
UDEDMDUHQH
QOD
VPLQVDQR
VHOH
VKDGHGDUWDU
HDSRU \ TX H QR KD VH
GH OXJD GDU
U TX HYHQJDQ LQG
LDV VROWHUDVDO D
VPL Q DVVLQR
QLQ
JXQ D
YtD SDUD
\ORV
TXHK 
XELHUHQGHW
UDHUO
HxDFDU
EyQV
DO\ODVGHPi V
F R VRO
DP HQWHFD V
DGDV \ FRQVV
XPD ULGRV DO 
DVFXDO
HV KD QR
QGH RE OLJDUDPi V TXH
VDV
QHFHVDUL
DVKDQG H
VHU
S DJDGRVEDVWD
QWHPH QW
H
GHPD QHUDTXHVHDQ DUSYH
R DV
HU YL
UD VXVPD UL GRV\JXLVDUOHV GH FRPHU \VERUHHVWR HOGLFKR DOF
DOGH R VD
FKD
GR V
\WHQ JDQ
JDQ DQFLD
FRPR ORV
TX HWUD
ED M
DUHQHQPLQDV FHU
GR WHKDQ GHK DF HUH[DP L
QD FLyQ S DUD T XHODV
TX HQR
I XHUHQFDVDGDV V HYX FO
,W
HPTX HOR
VLQGL
RVQRVHDQFRPS HOL
GRVDO
D ODE
RUGHODVPLQDVPGH iV YDQSHUPLWLpQ GRVH TX HF 
XDQGR YL QLHUHQ L
Q GL
RVDWUDH U
FRP LGD <aWUDVSUR YLVLR
GLV
WDQFL
DGHYHLQWHO
HJXDV QHVSXHGDQ YHQ LULQ GLDVVR
OWHUDVFR QT XH VH
YXH O
YDQ OXHJ RV X
D
V
WU LH
UDV
OW
HPSRUFXDQWRQR S XHGHVH
GDUU
HJODQL
RUGHQFLH
UWDGHO
Q~P HURGH
LQ  ,WHUR
PDQ GR TX HH 
OD
OFDOGH GH PLQ DVMXQWD
PHQ WHF RQHOVDF H
UGRWH HD [PL 
GL
RVTXHKDQGHYHQLU
SDUDODO
DERUGHODVGLFK
DV
PLQ D
VGHFDGDU H
S DUWLPLHQ
WR QHQORVLQGLRV TX H YLQLHU
HQ DOD
V PL QDV GHPi V
G HORVT XHO
D MXVWL
FL
D PDQG DUH
R
SURYLQFLD
GHQWURGHO
DVO
HJXDVVXVRGLF
K DV
VH
UHPLWH
ORVXV
RGLFKROD D
SUXGH Q YHQL
U VL
YLHQHQ SRU PDQ GDGRGH HQ FRP HQ
VX
GHURRG HVX FDFLTXH R
GH R WUDSH U

0$5$-867,1$6$5$%,$9,(-2 25'(1$1=$6'(
/
9,55(
<72/(
'2 

VRQD R VL WLHQHQ


H
OORV FRPSDxtD
R KHFKR
D
OJ~Q
FRQFL
H
UWR
FRQ
\TXp
VD
O
DULR
\ O
HQJXD
GHPD
QHU
DTXH
HQWLH
QGDQ
OR
TXH
GH
V
XIYD
RU
HV
WiRU
GHQ
DGR
\V
HSXHG
D
Q
FRPLGD
GDQ
OHV
SDUD
TXH
SURYH
DQFyPR
QR
UHFLEDQ
D
JUD
Y
LR
TXH
MDUV
LFRQWUD
HOO
R R
RWUD
GH
PD
QHUD
I
XHUH
QD
JUDYLD
GRV

,WHUQ
TXH KDELHQGR
YH
QJDQ
LQGLRV
GHVX
YROXQWDG
TXH
D
OD
EU
D ODV
U PL
QDV HQ
,
WHP
TX
HO
DVGL
FKDV
RU
GHQ
D
Q]D
VV
HS
X EOLT
XH
QH
QO
RV
SXHE
OV
RGH
ORV
L
Q GL
RV
HO
Q~PHUR
TXH
SDUD
GLFK
D
OD
ODERU
GH
H
OODV
IX
H
UHPHQH
V
WHU
QR
VH
FRP
SHOD
Q
RURV
W
F
RPDU
F
DQRV

DXQTXH
VH
D
GH
OV
RTXH
IX
H
UHQ
IX
H
UD
GH
O
DV
YHL
QWH
O
HJXDV
SDU
D
TXH
<TXH HO WLHPSR
KD
GH
GXUDU
F
DTXH
GDWD
PL
TXH
ORV LQGLRV
KXELHUHQ
GH
VHU

HQW
LH
Q GDQ
HO
EHQ
H
ILFL
R
TXH
UHFLE
H
Q\
ODV
O
LE
HUWD
GH
VTXH
FRQV
HJXL
U
iQSR
UY
H
QLU
GH
YLU HQ ODV
V
HGp
RUG
PLQDV
H
QF
RQIRUPH
D
O
DGVS
LRVLFL
yQGHOD
WL
HUU
D
FyP
RVH
D
HQ
PHQRV\GDxR
YHM
DFLyQ GH ORV LQGLRV V
XYROXQW
DG OD
D
ODERU
GH
OD
V
GLF
KDVQPL
DV
\DWU
DHU
ED
VWL
PHQWDV
D
H
OOD
V
<SRU
T XHUD HV
]
yQTX HORD
VL
Q GLRVTXHKDQGHWUDEDMDUH
QO
DV GLFKDVPL
<TXH
VH
Gp
RUGHQ
WUD
< ]D
H OD
Q O
DERU
GH
OD
VPLQD
V
SDUD
TXH
VH
ODE
U
aQGH
QDVVH
OH
V
SDJXHVXM
XVWR
MRUQDO
\WD U
EDMRRU
GHQR\ PDQGR TXHDO
RVLG Q
LRVTXH
PDQ
H
UD
TX
HORV
 LQGLRV
VHJXUDPHQW
H
SXHGD
Q
DQGD
UH OD
Q GL
F
K D
OD
ERU
\VL
QSO
HJUR
L
<
TXH HO DOFDOGH
PLQ
D
V OHV
GH
P
YLVLWH
iV
DPHQXG
 R
TXH
OR
VH
U
SXGL
H
UH WU
DEDM
DUHQHQODVPLQDVGHSODWDTX HDKRUDHVW
iQ G HV
FXELHUW
DVVDFDQ GRPH
W
DO O HQ
DVDIL
QD
FLRQH
V \
PRO H
UGHPH WDO O GH
D
VPLQ DVV
H OHV D
FDGDGp

XQR SRU
4XH
FRQF
DGDYHLQ
WH
\FLQ
FR LQGLRV
KDGH
D XQ
QGDUSULQFLSDO
R
PDQGyQ
XQPHVGH
WUHL
QWDG
tDVGHW
UDEDM
RD WUHV
SHVRVF
R U
ULHQW
HV \DO
RVTXHWUDEDM
DUHQ
TXH WHQJD
FXHQ
W
DFRQ
HOORV

DVt
SDUDTX
H
OR
F
RQYL
HQH D ORV
FRPR
S
LQGLRV
DU
DO
DV
H
Q RUR
WV
PLQLVWHULRVOHVG
pSRU
VH
FDGD PHVGHOR
VGLFKRVWUHLQ
WD GtDV WUDEDM
RGH
IDOWDV
KLF
LHUHQ
TXH

DO
F
XDO
KD
GH
SDJD
UHO PLQHUR
M
RUQDOVX
K
D
\
GH
WU
QR
D
EDMUD

RW
URVWU
HV
SHVRVD
FDGDXQR\GHPiV GHHV
WRDFD
GD XQRG H
ORV
GLFKRV LQ
GLRVH
Q
,WFP
VHRUGHQ
Gp TXH FDGD
HQ
DVL
HQWR
O
RV
PLQ H
UR V
WQJ
HDQ
FDQW
L
GDGG
H PDt] FX
D OT
XLHUD
RFXSDFLyQ
TXH VH
RF
XSHQ FDGDVHPD QDGRV
OLEUD
V\PHGLD GHYFDDR
SDS
DV<
DMt
S
DUDVX
VWHQW
DFLyQ
GHO
RVLQGL
R WUXL
V TXH HUHQ
HQOD
O
DERU
GHV
XVPL FD
UQHUR OD
GHLHR
WUUD GH
&D VWLOOD
\OR D
VTXHW
UDEDMD
UHQ HQOD
VPLQDVG HD
]RJXH
QDV
<VXSOLU
ODV
ID
OWD
V
TXHKXELHU
H
FRQTXH
QRO
RSXHGDQYHQG
HUD RWURV
LQGLRV VH
OHVGDU
iDFGD
DXQRODV
GLFKDVGR VOLE
UDV\
PH GL
D G HF
DUQHU \
R PiV FXDWUR
VLQ
OL
FHQFL
DGHO
DOFD
OGHRKD
GHVHU
DFDUJ
RG
HODOFDOG
HGH
PLQD
V KDFH
HO UOR SHVRV
FDGD
PHV HQ
FXDOTXL
HURFXSD
FLyQ TXHWYL
XHUHQW
RF DQWH
DODVKDVGLF
PL QDV
WUD
H
UIDOWDQG
RHQ
HO DVLHQWR
DF
RVWD
GH PLQ
ORV
HUR
V GHD]RJXH

,WH
PHO GLFKR
DOFDOG
H
GH
FXD
WUR
HQ
FX
D
WUR
PHV
HV
KD
GH
KDF
HU
WDV
D
UO
DV
FR
 ,WHP
RUGHQR\PDQGR T XHDOR
VL
Q GLRVD QTXH
G XYL
HUHQHQOD
VGLFKDVPLQDV
PLG
DV
SD
UDTXH
QR
VHDQ
DJ
U
DYLDGRV ORV
QL HVSDxROHV
LQGLRV RFX
SDG RHQODEUDUPHWDO ODVPGH
LQ
DVQR VHO
HVGp W
DUHDSRUQLQJXQDYtDQL
,WHP
TX
HH
OGL
FKRDOF
DOG
HGH
PLQD
VHQ
W
UH HQ
PLQ
D
V
ODV
\YLVLW
 HO
RV
DV
LHQW
RV W
DVHO
DVFDUJDVR DUUREDV WDOTXHGH

KDQGH
PHVD
FDUSXURSRUTXH SDU
HFH TXH
GH
ORV LQGLRV
SDUDYHUOD
FRPLGD
TXH
WLHQ
H
FDGD
XQR
\
KDJD
SUR
YH
H
UDO
TXH
OH HQ
HVWRVHU
iQ PiV U
HOHYDGRV L
QGORV
LRV
SHUPLWR\PD QGRT XHDOR
VTXH K VH
X
IDOWDU
HGH ORV
GHS
yVLW
RV TXH
KD
GH
KDEHU
SDJi
QGROR
V
DFRV
WD
GHO
MRUQD
OG
HO EL
HUH
Q GHRFX
S D
U SDUDHO
EHQ HILFLR
GHODVGL
FKDVPLQD VHQ
WUDH
UOHxD
LFKRSDMD
LQGLR
D
TXLHQ
IDOWDUH

F
DUEyQF
HQ L
]DVDO
PDGHUDYDVRVRKDFDOO
DR ED
UUR SDUD
ROO
DVSRUTXH H
Q HW
VR
,WHP
TXHO
V
RGLFK
RV
DOFD
OG
H
VGH
PLQ
DV
QL
VDF
HU
GRW
HV
QR
KDQ
GH
W
HQHUPLQD
V QR
VHSXHGHGDUUHJO
D FLH
UWD
HODOF
DOGH\HO
VDFHU
GRWH TXHHWV
XYLHU
HQ HQO
DGRF
SRU
Vt
QL
SRU
L
QWH
USyVLWDV QL
SHUVRQDV
FRPSDxt
D
FRQ
TXL
HQ
O
DV
WYX
LHU
HV
RJUD WUL
QD GH
ORV GLFKRV
DVL
HQWRVSXHGDQWDVDU\W
DVHQORTXHGHFGDDXDQGHODVGL
YHV
SH
QDV F
KDVFRVD
V V
HUiMXVWRTXHKDJD\GHTXpSHV
R V\PHGLGDORKDGHW
UDHUHO
LQGLR
2WURV
tPDQGRTX
H OR
D
VGF
L
K RV
DOF
DO
GHV
GHPLQ
DV
VHO
HVWR
PHUH
VLG
HQ
FLDD TXH
HQHR
OOVHRFXSDUHW
HQLH
Q GRFRQVLGHUDF
LyQ D
ODGLVWDQ
FL
DTXHK D
\GR QGHKD\
V
XVWLHP
SRVSDU
D TXH HQ
WLH
QGD
VHFyPRKDQ
XV
DGRV
XRILFLR
\
JXDUGD
GR
\KH O
DVGLF
KDVFRVDVKDVWDGRQGH V
H KDGHWUD
HUOR D
VGLFKRVDVL
HQWR
V \HOW
LHPSR
FKR
JXDUG
DUODV
RU
GHQDQ]
DVTXHF
Q PHR
R IR
U DTXH
GLF
KRHV VRQID
YRU
G
HQ
H
ORV TXH
VHSRGUiRFXSD UHQFU
RWDU\FRJHUO
R TXHDt
VVHKXELH
UHGHWD U
HU
WHQL
HQGR
LQ
GLR
V<KDQGHVHU
FDV
WLJDG
RV FRQ
UL
JRU
VL
QROD
V
KXEL
HUH
Q JXD
UGD
GR \
KFH
KR V
LHPSUHFRQVL
GHUDFL
yQT X
D
HORVL
QGLRVVHDQDQWH
V V
REUHOO
HYDGRVT XHWDU
EDMD
G RV
JXDUGD
U GHPDV
LDGDPHQWHVREUH O
RFXDOOH
VHQFDUJRODFRQF
LHQFLD


,W
HUQ
TXH
HQOV
DWLH
Q GDV
TXH
KXELHUH GH
PHU
F
DG HU
tD
V HQ
O
RVDVL
HQWRV
Q
RK
DQ ,W
HPRUG
H
QR \
PDQGR TXH
SRUTXHS
DUD
H O
EHQ
HIL
FL
R GH
ODV
GLFKDV
PLQDV
GHYHQG
HUD
ORV
LGQ
LRV
YLQR
QL
FRVD
VG
X OF
HV
QL
FRVD
VV
X SH
UIO
XDVTXH
O
R V
LQ
GLR
V
QR VR
Q PHQH
VWH
UL
QGL
RVFDUS
LQW
HURV

ROO
HUR
V\RW
URVRIL
FL
RV\
HVW
RV UD GH
]yQ
GHEH
Q
KDQPHQHVWH
U\
TXHHO
DOFD
OG
HYL
VLW
HO
DVGLFKD
V
WH Q
LGDV\
YHDVL
KD\OD
V
GLF
KD
V GHJDQ
DUPiV
M
RUQDO
TXHOV
RTXH
QRVEHQ
D R ILFL
RV
TXH FDG
D
DXQR
GHORV
GL
FKRV
F
R VD
VV
XSHUI
OXD
V\VL ODV
KDOO
D
UH
VHO
HV FRQG
HQH
SRUSHUGLGD
V RIL
FL
DOH
VVH
OH
Gp
SRU
FDGDXQHV
PGHW
UHLQ
W
DGtD
VGHWU
DED
M
R V
HLV
SHV
R VF
RUUL
HQWH
V
\PiVPHGL
DQ H
ID
JDGHPDt
]SDU
D
FDGDPH
V\GRV
OLE
UDV
\PHGLDGHF
DUQH
SDUD
,WH
PTXH
O
DVGLFK
DVW
L
HQGDV
TX
HKXE
LH
UH
HQORV
DVL
H
QWRV
QR
K DQ
GH
WHQ
H
U
F
DGD VHP
DQD
PiVXQD
GH
SX
HUW
D QL
KD
QGH
YH
QGHU
H
QHOO
DV
V
LQRIX
H
UH GH
GtD
FO
D URO
R\
TX
H
VH
YH
QGLHUH
D
ORV
L
QGLRV
VHD
S~E
OFR
LSDU
DTXH
QRV
HDQHQ
JDx
D
GRV < SRUTX
HS DUD
IXQGDU GHQXH
YRORV
GLF
KRVDV
LHQWV
RVHUiQPHQHV
WHUKDFH
UV
H
PXF
K DVROO
DV\RWU
RVH G
LILFLR
VGHFDU
SLQW
HUtD
RUGHQR
\ PDQG
R TXHHO
DOF
DO
GH
,WH
P
RUG
HQR PDQGR
\ T XH
OV
DRUGHQDQ]
DVTX
HWFR
DQ
DO
EL
HQ
\FRQ
VHU
YDFL
yQ
GH
ODVGLFK
DVPLQDVWH
QJ D FXLG
DGRGHWH
QHUV
LHPSUH HQ
OR
VGLF
KRVDV
LHQW
RVOD
GH
O
RV
LGLRV
Q <DO
DRUGHQ
TXHVH
KDGHW
HQH
UHQ
OD
SDJD
GH
VXV
MRUQ
DO
HV\W
UD
F
DQW
LGDG GH
LQGL
RV RIL
\
FLDOHVTXH
SDUD
ORVXVRG
L
FKR IX
HU
HQPHQHV
WHU\TXH
SD
UD
EDMR
VH
OHDQ
H
OSUL
PHUR
GR
PLQ
JRGH
FD GD
PHVH
QO
RVDL
VHQWRV
GHOD
V
PLQDV
FXDQ
HV
WHH
IHFWRO
RVSXHGDQ W
UDHUGHFDX
OTXL
HUD SD
UW
HT XH
HV
WXYL
HUH
Q GHO
GLVW
UL
WR GH
GR
OV
RLQGLRV
\PLQHURV
HV
WiQ
MXQW
RV \K
D\DPDVQ~PH
URGH
HOO
RVFR
QXQ D
H
VWD
FLXGDGGH+XDPDQ JD
a
aaa




 0$5$-867,1$6$5$%,$9,(-2 25'(


1$1=$6
'(/
9,5
5(<
72/('2 

<SRUTXHORVLQGLRVUHFLEDQPHQRVYHMDFLyQ
\WUDEDMR O
DVHQODEUDU
GLFK DV \ THXHV
 WRVH
SRQJD SRUPiV YDORU H
Q HOSUHFL
RGHOGLFKR PDt ] SDUD YHQGHUVH <
PLQDV\HOSURYHFKRGH MRUQDOHVTXH SRU WRGRVHQHOODVVH
 JDQDUHQVHUHSDUWDQ
SDUDT XHH VW
RPH MRUVH SXHGD HMHFX W
DU DOF
HO
DOGHGHODV GFLKD VPLQDV WHQJDMX
ORVLQGLRVRUGHQR
\PDQGRTXHORVtQGLRVTXHHQODVGLFKDVPLQDVVH
RFX SDUH Q ULVGL
FFLyQS DUDHOORDVt
FRQ WUDORVF DFLTXHVFRPRFQ RWUDH QFRPHQGHURV GH TXLHQ
VH PXGHQSRU VXVPLWDV \TXHORVFDFLTXHV
GHGRVHQ
SULQFLSDOHVGHGRVPHVHV VHKXEL HUHGHW
RPD UHOGLFKR PDt ] 
FDGDUHSDUWLPLHQWRWHQJDQFXLGDGRGHXQ WHQ H
U GtDDQWHVTXHVH
,W
HP RUGHQ R\PDQGR TDFDEDUHODPLWD
XH DGHP iV GHO
RV L
QGLRV TXH HVWXYL HUHQ WDVDGRV
HQORVGLFKRVDVLHQWRVORVLQGLRVTXHOHVKDQT GHVXEFHGHU
XHV
H GHQDFDG DXQROR GH
VT XHODEUD U
HQ PLQDV
K D\DHQ H ODVL
H QWR GHODVPL
<SRUTXHHV FRVDPX\ LPSRUWDQWHTXHODV HQGHPDQ HUDTXH Q DV
GH D]R
PLQDVVHODEU JX HFLQFXHQ
 WDLQ GLRV\H QODV
GH 7XQVXOODRWURV F
LQFXH QWD L
QG LRVSDUD
ORVLQGLRVTXH HQHOODVDQGXYLHUHQHVWpQVHJXURV\ RUGHQR\ PD QGR T XHHODOFDOGH
OR VSXHGD U
VLQSHOLJURHSDU WL
UH QOXJD UGH
ORVTX HHQI HUPD UHQ RV 
HK X\HUHQ
TXHHODOFDOGHGHODV F
XLGDGRGHODV
Y
GLFKDVPLQDVWHQJD
LVLWDUYHU
\ SRU VXSHU \ QRKDE LHQGRIDOWDV
TXH VX SOLU
S XH GDUHSD UWLU
ORVGLFKRV LQGLRV DORV EHQI HFL
LD
VRQD HQFXDQWR
\ ODPDQHUDFyPRVHKDQGHODEUDUVHJXLUTXHVH
\ KDGHWHQHU ULRVGHODVGLFKDVP LQDVTXH P iVOHVSDUHFLHUH
TXHODVK DQ PHQHV W
HU SURF XUDQG R
HQ HOODV HVWi SURYHt
GR\
EDVWDQWHPHQWH
RUGHQDGR
RUGHQDQ]DVKHFKSRU
D
V SDUD VLHPS UHTX HSRUVXFXOSD Q RSLHUGD QGH W
UDEDM
DU\SDJ DU VXVMRUQ D
OH V
ODV PLQDVGHHVWRVUHLQRV
HVSHFL
DO
HQODV TXHKL]R HQ
*DVHDSUHVLHOOLFHQFLDGR
 ,WHP SRUTXH PXF KDV YF H
HV DFD H
FH TXHO
RVLQGLR V
WUDED MDGRUHV GHVS XpVGH
GHQWH TXHIXH $XGLHQFL
DGHORV5H\HV
GHHO \HQODV TXHKLFLHURQ
HO
&RQGHGH KD EHUVHUYLGRDOJXQRV GtDV V
H KX\HQ \DXVHQ WDQ
\SL HUGHQO 
R TXH K D QWUDE DM
DGR
1LHYDYLUUH\TXHIXH
ORV
\ FRPLVDULRV

PDQGRDODOFDOGHTXHIXHUHGH
OD V
G LFKDV \O
RVGXH xRVGH O
DV PtQD VSLHUGHQ GHKDFHU KDF LH
Q GDV
VXV

RU GHQ R\
PD QG RTX H
PLQDVTXHYHDODV \ ODVFXPSOD
GLFKDVRUGHQDQ]DV
\HMHFXWH FXDQGR O
R WDO
D FDHFLHUHHO DOFDOGH KDJD GLOL
JH
QFLDSRU WRP DU HOL
Q GL RR LQGLRV
TXHVHKX ELHUH
KX tGR O
H\
FDVWL
JX H\KDJ D
S DJDU
OR TXHVHOH VGE HH \KDJD TXH
,WHPRUGHQR\ PDQGRTXHFDGDViEDGRILQ GX HxRV GH GHFDGDVHPDQDORV
DFDEHGHWUDEDMD U
VXPL WD\ VL
WRG DYtDQR SDUHFLH
UHFRE UDUi O
R TX HVHG HELHUHDO
ODVPLQDVSDJXHQHQ
SODWD
WRGRVORVMRUQDOHVTXHGHELHUHQDTXHOOD
VHPDQ DDORV
WDOLQ
GLRGHORVGtDVTX HWUDED M
y \ORG HSRVLW
HHQSH U
VRQD ILDEOHSD UDT XH FXDQ 
LQGLRVTXHKXELHUHQ
WUDEDMD
GR HQVXV
SURSLD
VPD QRVGH FDGDLQGLR
\TXH QRVH
GRYLQLHUH\SD UHF
LHUHVHO HGHHQ RYtH
\ QRSDUHFLHQGR VH KDJD GH HOORORTX H
OHVSDJXHHQURSD QLHQ FRVDV
VXHOWDVGHWULEXWRVQLHQRWUDV
QLHQOL
EUD Q]D V
GH
FRQYLQLHUH\GH HV
WDPD WHULDWHQJD OLE
UR \UD]y
QD SDUWH
VXV HQFRPHQGHURVVLQRTXH
UHDO\ YHUGDGHUDPHQWHVHSDJXH TXH D FDGDXQR OR
VH OH GHELHUHHQSODWD
SHQDTXHDO PLQHURTXHQR VR G ,WH
HQ ORVSDJDUHQR VH OH PSRUT XHVHJ
~Q O DQ H
F HVLGDGSUHVHQ W
H\O
D VSHUVRQDV TX HWLHQHQ PL QDV
LQGLRVSDUD WUDEDMDU
HQVX
WRUQDU PLQDKDVWD
D TXHORVKD\DSDJDGR\
ORV UHJLV
WUDGDV WHQ
\R J
TXHRKHFK R H UHS
O DUWLPLHQWRGHL
QGLRV TXH S
DUHFHQ E D V
WDQ WHVSDUD
LQGLRVVHGHQD \VLSRURWUR HVWDUD]yQKROJDUHQDOJ~QGtDHODOFDOGH
K DJDTX H OD
ODERUGH OD
VG L
FK DV
PLQDV \VHxD ODGRORTXHDFDGDXQ RV 
H OHKDGH G DU<SRU 
HOWDOPLQHUR
O
HV SDJXHFRPRVLWUDEDMDUDQ OD
SDJDSULQFLSDO\ HWVR \TXHVREUH T X H
SRGUtD VHUTXHGHPi VGH ORVGLFKRV L
Q GL
RVTX HTXH GDQ UHSD UWLGRVDOJXQRV
OHVKDJDHQWHURFXPSOLPLHQWRGHMXVWLFLD RWURV VXYROXQW
GHDGR SRU L
QGXFLPL HQ W
RV\KDODJRV HSUR PHV D VTXL V
LHVHQ YHQ L
U
DHQWHQ GHUHQOD GLFKDODER UG HQD PLV
 HQF
X\R EXH QW D W
UDPL HQWR HVMX VWRVH
2WURV
t
RUGHQR PD\
QGRTXHOR
VFDFLTXHV\
SULQFL
SDO
HVGHOR
VGFK
LRV LQ GLRV
WHQJDWDQWDFXH QWDFRPR FQ ROR
V LQGLRV TXH KDQ
GH HQWH QGH UH 
QOD GLFK DODERU
QR FREU
HQSRUHOORVORV
GLFKRVMRUQ
DOHVQL
GHVSXpV
GHFREUDGRV
VHORVWRP HQ QL
\VLHODOFDO
GH GHODVGL F
KDV PLQ DVQR WXYLHVH
QRWF LD
LGH ORV LQGLRV TXH G HVX
G HRWUD
PDQHDUOHVGHIUDXGHQGHV
X WUD
EDMR SHQVR
DTXHSRUIDSULPHUDYH]
YROXQWD G VH
DOTXLO
DVH QQR SRGtD WHQ HU
F XHQWDFRQ GHIH
VX
QV DDPS DUR \E XHQ
VHDQGHVWH
UUDGRV
GH O
DVGFKDV
L PLQDV \GHVXV
FDFL
FD]JRV
S RUGRVDxRVHSR UO D

WUDW
DPL HQWR\F RQS UR
Y HHU TXHIXHV HQSD JDGRV
GHVX VM
RU QDOHV \WUD EDMRR UGHQ R
VHJXQGDYH]VHDQSULYDGRV
SHUSHWXDPHQWHGHV
XVFDFL
FD]JRV OR
 FXDO
ORV GLFKRV
\PD Q GR TXHFXDQGR DFDH FL
H UHT XHDOJX QDSHUV
RQ DDT OXLO
D UH L
QG LRV GHV XYR 
DOFDOG
HVHM
HFXWHQ
FRQWRGR ULJR
U
OXQWDG SDUDODODER U
GH ODV GLFKDV PLQD VIXHUD
G HORV GHOG LFKRU HSD UWL
PL HQWR
OWHP
RUG HQR\
PD QGRTXHHQ
FD GDDVL
HQWR
SULQFL
SDO
GHODV
GLFKDVPLQ DVG H VHDREOLJDG RDORVPD QLIHV W
DU DQWHH O
DOF DO
GH VX
R
WHQLH QWHD QWHVTX HFRPtH QFH
SODW
DD]RJXHXRURK D
\D XQGHSyV
LWR GH
PDt]GH
KDVWD
FLHQIQDHJDVHOFXDO DWUDED MD
U FRQH OORV\HOGLFKR DOFDOGHW ORV
RPH SR UPH PRUL DHQ OL
EUR DSDU W
H
VHSUR
YHD\UHQXHYHGHHV
WDPDQH UD

TXHWRGRVORV
UHSD
UWLPLHQ
WVR
T XHHV
W XYLHUHQ TX HU D
SD HVW
RK DGHWH QHU WHQ\
JD FHXQWD\FLX
G DGR G HK DFHUOHV SDJD UDO
R V
UHSDUWLGR
V
SDUDODO
DER U
GHDTXH O
DVL
HQWRVH
WRP HQ
ODPL
WDGGHOD
V WD
VDV TXHVH WLHPSRV \DO 
RVPL VPRV SO D]RVTX HDOR VGHPiVLQGLRV GHOGLF KR UHSD UWL
PL HQ WR
KDQGHSDJDUD
VXV
HQ FRP HQGH
URV
DORV
F XDOHV
VH
OHV
SDJXHDO
SUHFLRTXHY DOLH
UH \ TXH JXD
VH
U
GH \ KDJD JX DUGDU FRQH OOR WRGDVGH
O
DV R UGHQ DQ]D V TXH HQV X
HOPDt]
HQSDUW
ODHGRQ GHORV
L
Q GLRV
H
UDQREOL
JD GRVD
HQWU
HJiUVHOR
HQHO W
DP ER IDYRUH VWiQ
K H
F KDVVRSHQ D
TX HHOT XHGHRWUD
PDQHUD WUXM HUHLQGLRV DWUDED MDU
GHFDGDUHSDUW
LPLHQWR
SRU TXHSRGU
tDVHUTXHO
RVHQFRPHQ GHUR
VVHDJU DYLDVHQ HQODODERU E
\ HQH IFL
L
R GH ODVGLFKDV PLQ DV
VQSULP
L HURORV PD QLIH VW
DU DOGLFKR
GLFL
HQGRTXHOO
HYiQGRORHOOR
VDVX
 FR
VWDH VWD
D FLXGD
G GH
+XD PDQJDORYH QGLH DOFDOGHL
Q FXUUDHQ SHQDSR UFDGD YH]G HFL
HQSHVRVD S O
LFDGR VVHJ~Q GLFKR HV
UHQD
Pi VSU
H FL
RVH
OHSDJXH
DOSUHFLR
FRP~Q FR
PR YDOL
H
UH H
QODGLF
K D FLXGDG \ H
ODOFDOGHTX HQROR
 H M
H FXWHHQ RWUDWDQWDSHQD
GH+XDPD QJDUHEDM
DQG RO
DFRV
WDTXHSXGLH
UDKDEHUHQ
OO
HYDUOR
\TX HO
RV GLFKRV ,WHPSRUT XHD KRUDFRPR VHFRQ WL
H QHHQ
ODRUGHQD Q]D DQ WHV
G H HVWDTXHGD
LQGLRV
OR
OOHYHQGHVXVUHSDU
WLPLHQWRV
DODVGL
F KDV
PLQDVSRUVXVPLWDVFR PR VHx
DODGR HOQ~PH UR GHLQ GLRVTX HVHK DQGHRFXSD UHQ ODOD ERU GH O
D VGLFK DV
IXHUHQ
DWUDEDMDU
HQHOO
DV\TXHSRU
HOOO
HYDU
VHO
HVSDJXH
ORTXHHODOFDOGHWD PLQDVSR \
GUtDVHUTXHSRU DXVHQW DUVHDOJ~QGXHR xGH PLQ DV DTX LHQHVWiQ UH
VDUH
SRUF
D GDGtDGH
ORV
TXHKXE LH
UH
GHFDPLQRGHVX
VWLHUUDVD
O
DVGFKDV
L PLQ DV SDUWLGRV L
QGLRV R SRU IOW D
DU HO PH WD
O HQ DO
JXQD VPLQ DV D TX L
HQ HVWiQH 
U
 0$5$
-867,1$
6$5$%,$
9,(-2 25'(1$1=$
6'(/
9,55(<
72/('2 

SDUWLGRV LQGLRVR RSRU


QRKXQGLUVH
TXHUHUODV FDX VD R ODEUDU
VH
SRU RWUD ,WHP 
RUGHQR\PDQ GRT XHSDUD VDFDU HOPH WDOGHV
GH OD PLQD D ORDOW
R\
GHMDVHQGH ODEUDU GH PDQHUD L
QGLRV
TXHORV
TXH GXHxRVGH
SDUD RHOODVRFXSDVHQORV
WURFDXOTXLHUPLQLVWHU
LR \ VHUYL
FLR G H ODVGLF
K D
VPLQDV ORV G XHxRV GH
OHV HVWiQUHSDUWLGRV\ DFRQWH
FHU TXH WDPELpQSRGUtD
HQ
PLQ DVDOJXQDV
KXELHVH HOO
D VGHQDORV LQGLRV
TXHW UXMHUHQWUDED MDQ GR O
RV FRVWDOH
V\S U HWUHFKRV QHFHVD
PDV ULTXH]DGHODTXHKDVWD DKRUD GHVFXEULHUH
KDQ Q
GHPRVWUDGR\
RWUDV GH VH ULRVGHPD QHUDTXHQRURP SDQ VXVYVHG WL
RV QLURSD V
VR
S HQ DSRU FDGD YH]TX H
QXHYRTXHIXHVHQGH VHJXLU\ H6
PHQH
SRU
VWHU TXHHQ HOXQ
IDOWDUFDVR\
HQGH V
HLVSHVRV
D HQ
SOL
FDG RHO
V
VHJ ~Q RWUR
GLFK RHV
TXHTXHGHSURYHtGRGHFRPSHWHQWHUHPHGLRRUGHQR\
PD QGRTXHFXDQGRD FD H < SRUTXH H
OWU
DE D
MR GHIXQ GLU\VFDDU UHFDX GR \O
XP E UH DORVK RUQR VHV
FLHUHFHVDUODODERUGHDOJXQDVPLQDVORVLQGLRVTXH
SDUD
HOODVHVWDEDQ
GL
SXWD GRV H[F HVLY
R \HVW
R\LQIRUPD GR TXHQ ROR SXH GHQ VXIULU
ORVLQGL RVVLQ U
H PXGD UV
H
HODOFDOGHORVSXHGDGLSXWDUD HQWHQGL
HUH TXH
RWUDVPLQDVTXH
RUGHQR D
\PD PiVSURYHFKR
QGRTXHORVLQGLRVT XHHQ HVWR VHRF XSDH U
QVHUHP XG HQGH VHLVHQ
VHSXHGDQODEUDU\TXHWHQJDQQHFHVLGDGGH
Pi V
LQGLRV\
DODVTXHGH
QXH YR VH VHL
V KRUDV\OR
PL VP RV
H DGHORVL
Q GLRVTXH WUD
HQORV IXHOOHV
SDUD IXQ GLUO
D SODW
D
KXELHUHQGHVFXELHUWRFRPR OH
SDUHFLHUH\ QHFHV
PHMRU
VL
DULRVSDQR
UDIXHUHQ VRSH QDTXHHOTXHGH
RWUD PD QHUD OR
V WD U
ED MDUHHQ O
RVGLFKRV PLQLV WHULRVLQFX
RWUDVPLQDV\ODERUHVORVHQYtHD KDVWD TXH VXVWLHUUDV\UUDFDGDY QRORVRFXSH\
H]
HQSHQDGHFLH
Q SH VRV
ODWHUFLD SDUWUHEDMH
HS DUD
ORV
LQ GLR V
\ O
D VRWUDVGRV
VHDQPHQHVWHUDTXHOORVLQGLRV DUWLPLHQWRTXH DFDHFLH
HVWi
GHOUHS
UH KHFKR\ VL
WHUFHUDVSDUWHVDSOL
FDGDVVHJ~Q GLF KRHV
TXH DGHPiVGHORV LQGLRVTXH SD UD
HVWiQUHSDUWLGRVIXHUHQPHQHVWHUDxDGLU
OD
,WHPRG U
HQR\PDQ GR TX HQR
K D\D KRUQ RQLD IL
QDFLyQGH SO
DWD TX HQ 
R H
VWp
ODERU GHODV PLQDVTXH VH SDUD
GHVFXEULHUHQPHGp
TXH\R YD H DYLVRGH HOOR
G H
Q WURGHDOJXQDFDVD
T XHWHQJ DFK
LP HQHDSRU G RQ GHVD
OJDH OKXPR 
SRU T XHGH
OR TXHFRQYLHQH\ HQ HO TXHHQWUHWDQWRpO
OHSDUH
 FL
HUH TXH SRGUi UHSDUWLU ORV
QR HVWDUGHHVWDPDQHUD DFRQWH FHPX F KDV YF HHVHQJ UD
VDUVH ORVLQ GLRV\ PR UL
U
VRQPiVPHQHVWHUGHPDQHUDTXHQRFHVH
ODODERUGHODV GLFKDVPLQDV
GH HOOR
,WHPRUGHQR\PDQGRTXHORVGXHxRVGHODVPLQDVDTXLHQQRVH
KXEL HUHQ \ SRUFXD QW
RDOW
LHPS R O GH
D V
SD JDV TXHVH KDQGHKD F HUDORV LQGLRV GH
UHSDUWLGRLQGLRVQLHODOFDOGHGHODVGLFKDVPLQDVQR QLPH VWL]RV VXVMRUQD OH
VVXHOHQ
SRQHHQYtHHVSDxROHV
UOR
 V
GX HR xV
GHODV PL QDVDF KDTXHVTXH OHVGHE HQIDOODV
FRQYDUDQLVLQHOODD VDFDULQGLRVGHORVUHSDUWLPLHQWRVTXHORVKXELHUHQGH
GDU PD QGRTX HHO
ViEDGRDOWLHPSR T XHOHKD GHSD JDUDYHULJH DQWH HODOFDOGHGH
SDUD O
D VGLFKDVPLQDVSRU YHM
DFLRQHV
\
H[FXVDUPXFKDV
GDxRVTXHVXHOHQ
KD F HU ODVID OO
DVTXHKXELHUHQKHFK RHQ SUHVHQ FL
D GHOLQGLRRLQGLRV\
 S DUHFL H
Q G R
VHU
VLQRTXH HVWRKDJDQSRU \DOFDOGHVLQGLRV\SDUD
DOJXDFLOHV
HVWH
HIHFWR HQ TXH D Vt
VHOHVTXLWH
\SDVDGR D
TX HO GtD
\VLQR VHDYHU L
JXDVHHQ WRQFHV TXH DGHODQWH
FDGDDVLHQWRGHPLQDVKD\DXQ \DOJXDFLOHV MXULV
GLFFL
TXHWHQJDQ
DOFDOGHLQGLR
yQ Q RVHDQR EOL
JDGRVDGHVFRQWDU ID
OODQLQJXQ D
HQWRGRVORVSXHEORVTXHKDQGHDFXGLUD DTXHODVLHQWR < VLDO
DVSHUVRQDVDT XLHQV H
GLHUH Q LQ
GLRV SDUDO
DV GLF KDVPL QV DQROVR
OWHP
RUGHQR \PDQGR TXH D ORV HQFRPHQGHURV VH TXHODEUDUHQ
RF XSDH U
QVLQRPLQDVQR
TXHSRUVXF
D XVDORVGHMDUH K ROJ D
USR UQR
OHVGDU HQ TXH HQWHQGH U
OHVGHQ OD

SDUD GLFKD
ODERU LQGLRVGH VXVUHSDUWLPLHQWRVSHUR VHU R WUDESRUTXHSRGUtD
DM
DUO DR
VKHUUDPLHQW DVQHFHVDULDVTXH O H
V SDJXHQGH YD FtRDTX HOORVGtDV

TXHORVPLVPRV LQGLRV
S RUMXVWDV
FDXVDV
TXLV
LHV
HQ DWQ
HV
WUDEDM
DUFRQ VXV
HQF R  < SR UTXHHV
FRVDQRWRUL DTX HHODEULU ODVROODV T HQ
XH VHFR FLyHOD ]RJXH
PH QGHURV TXH
FRQR WURV

SLGLpQGR O
HSHU
PLVR\TXHFR
QWV
iQGROHDO
DOFD
OGHGH ODV H VPX\ GDxR V
RHQHVS
H FL
DOS DUDORVL
Q GLRV TXHQ RVDEHQFyPR KD G HVHU
 RUGH

GLFKDVFDXV
DV\TX HQR
IX HUR QLQ
GXFLGRV
DHOORVLQR
TXH
GHVX
YROXQWDG
ORSLGD Q Q R\ PD QGRTXHORVKRUQR VGHOH xD QRVH DE UDQ KDVW
DKDE H USDV DGR YHLQWH<
SX HGDGDU
OLF
H QFLDSDUDWUDEDMDUFRQ HQFRP
VXHQG HUR
ORV
LQG
LRVTXHHVW
iQ UH F XDWURKRU DVGHVSXpVTXH V
H GH MD
URQ GH FHED U FRQOH
x D OR \
V KRUQRV TXH
SDUWLGRV V HIXQGH QFRQLFKR SDMD
R KDVWD KDEHUSDV DGR RF KRKRUDV T XHVH GHMDURQ GH
O
WHPRUGHQR \PDQ GRTXHQRVHSX
HGDQFDUJDU
LQGL
RV
FRQPH WDO
GHVGHO DV FH EDUVRSHQ D
GHGRVFLHQW RVSHVR V
DS OLFD GRV V
H J~ QGHV
X VR \TX HO RV
K RUQR V
PLQ DV
GR QGH VD
VH
FDKDVW
DORVDVLHQW
RVGRQGH
VHEHQHILFL
D
VRSHQDTXHH 
OTX H T XHVHEHQ H
ILFLD
QFRQOHxDQR VHWRUQHQ DFDUJD UK DVWD
TXH VHSD V
H Q RWUDVYHLQW
H
ORFRQW
UDULR
KLF LH
UHSRUFDGD YH]
LQFXUUD
HQSHQ
DG H
GRVFL
HQWRV
SHVRVDSOL
FD GR V \ FDX WU
RKRUDV
VRODV
GF L
K DVSHQ DV
VHJ~Q GLFKR
HV /R FXD
O V QR
HHQWL
HQGDF
R Q
ORVTXHDQGDQ FD
W
D
HDU\EXVFDU ,W
HP RGUHQR\PD Q GR TXH VL
GH VSXp VG HKD EHUF
XPS OLGR ORVLQ GLRVTXH
PLQ DV
Q R
WUD\HQ GRPiVTXHXQ DFDU
JD WUD EDMDUHQHQODV
GLFKDVPLQ DVVXV PLWDV ODSH UVRQD RSH
UVRQ DVFRQ TXLHQK X
< SDUD
T XHPH MRUVHSXHGDQEHQHIL
FL
DU ORV
G LFKR
V
PHWDOH
V\VHH[FXVH G H E L
HUH QWUDEDMDGRO
HVGH W
XYLHU HO
DV SDJV D
H ODOF
D OGHOHV
FRP SH O
DDS DJDUOHVFRQ
FDUJDU
ORVL
QGLRV 
RUGHQR\PDQ GRT XH
VH
DEUDQ
FD PLQ
RVGHVG
HODV
GFLKDV
PLQ D V W RGRULJRU\DGHPi V
GH V
X SULQFLSLROHVK D JDSDJD USRUFDGD XQG tD
G HORVTXH
DHVW
DFLXGDGGH+X DPD QJD\DOD
GH/LPD
ORF
XD O
W
RGRVH
KDJDDFRVWD
GHO RV pOGHWXYLHUHO
DSDJD\ KROJDUHQ RWURWDQWR FRPR VLWU
DEDMDVH Q
\ ORPL VPR V
HD
GXHxRV GH
OD
V GLFKDVPL QDVS XHV HVEH HQ
QHILFLR
VX
\DUSYRHFKD
PLHQ WR
SD UD VL
YLQ LH
QG RO
RVLQGLRV
G HVXV SXHEORVD W
UDE DM
D UOVDSHUV
RQ D VDT XLHQ HVWiQUH
TXHVH KDJDWUDM
LQDU FDUQFRQ
HURV FRQ
\PX ODV\F
DEDOO
RV\ H
ODOFDOG
H OR S DUWL
GRV SRUDTXHOOD
PL UDQ RORV RF
XS DUHQ QLGLHU HQ HQTXH H
Q WHQGH USRUTXH
H
MHF XWHW
HQL
HQ GR VL
H PSUH FRQVLGH
UDFLyQGHQR FDUJ
DUPX F
KRO RD
VGXHx RV HQWDOFDVRODV
SH U
VRQD VT XL
DH
Q HVWDED QU 
HSDUWLGR VO
HVKQ DG HS DJDU GH YDFt
R
GHOD
VGLFKDVPLQ DV\TXHS DUDHVWH
HIH
FW
RGHKDFHUHV
WRV
FDPLQRVHODOF
D OGH VDOYRVLHO
DOFDO
GHORVGLH
UH DRWUR TXHW 
UD EDMH FRQ pO
TXHH QHVWH FDVROHVKDQ
SXHGDDSOFD
LUDOJXQDSDUWHGHODV
SHQDVHQ
TXHF 
RQGHQDUH
FRQIRUPHDHV
WDV RU  GHS DJDUORV
G tDV
TXHKR O
JD UHQ
GHQDQ]DVQR
WRFDQG RHQODSDUWHTXH
WRFD
DOD
FiP DUD
\ILV
FR
UHDO <SRU TXHFRPR SR UO
DV RUGH QDQ]DV D QWHVGH HVWDKHPDQ GD GR TXH V
HGp



25'(1$1
=$6
'(/
9,55
(<72/
('2 
 0$5$
-867,1$
$5$%,$
9,(-2

DORV LQGLRVGRFWULQD
FRPSHWHQWH
TXH WDPELpQKD\D DOFDOG
HSHUVR
Q DGHXQ
F RQ OO
HY
DUF
R QIR
UPHD
ODUD
QF
H
OO
RFXDO
VH
JXDU
GH F
\XPS O
DHQWU
HWD
QWR
TXH
RW
UD FRVD
ILDQ]D TXH UHVLGD PLQDVSDUD
OD
HQ
EXHQDODV
DGPLQLVWU
GLFKDV
DFLyQH H
OODV
G\ VH
SURY
HD\PDQGH
SDUD PDQWHQHUH HQMXVWLFLDDORVTX
HQHOODVUHVLGLHUHQ
GHIHQV
D\DPSDURG HO
RV ,WH
P UGHQR
R PD QGR
\
TXH F
GH
D
G D
UHJ
L
VWUR
GHPLQDV
TXH
VH
KL
FLH
UH
OO
HYH
LQGLRVWRGR DPSDUR D FRVWD
GHODV
PLQDVSRUTXH
\
FRQ HV
WDFRQGLFL
yQ\ FRQ HO
HV
FULED
QR XQ
SVHR
GHF
DGDSH
UVRQD
GH
OU
HJL
VWUR
\VDFD
\TXH QR
VH
OO
HYHQ
ODV GHPiV GLFKD
VR
HQODV
UGHQDQ] DV FRQWHQLGDV
VHMXVWLILF
yHO
UHSDUW
LPLHQ WRGH RWURV
QLQJXQRV
GHUH
FK
RVS
RU
HO
GLFK
R
DOFDOG
HQL
HVFUL
ED
Q R
DXQTXHSRU
RWUD
V
RU
ORV LQGLRV
SDUD ODERU
OD \ GH
QRREVW
HOODV
D
QWHTXH FRQIRUPHDHVWR
VHS XHGH GHQ
DQ]DVHVW
pSURY
HtG
RRW
UDF
RVD
VR
ODV
SHQDV
FRQWHQ
LGDV
HQ
OD
RUGH
QD
QWHV
FDUJDUWRGR VDOD
ULRGR GH
F
WULQD
HO \DOFDOGH
DORVGLF
K RVPLQHU
RVSHURW
HQLH QGR GHHVWD
FRQVLGHUDFL
yQ D TXH DG
6X
HVWi
EL
0DMHVW
H
Q DSURYHFKDGRHQODO
DERU O GH
DVPL \ SRU T XH HQ HV
WDV R UGHQDQ] DVHW V
iR U
GH QDGR \P DQG DG ROD RUGHQ T XH VH
QDV HQ TXLQWR
V
VXV
\GHUHFKRV
UHD O
HV
\HOIDY
RU\PH UFHGTXHHV
MXVW
RVHK DJD KDGHWHQH UHQ ORTXH WRFD DODODERUGH
O DVPLQ DVGH D]RJXH\F REU DQ]D GHORV
DORV
TXHVHR
 F XSDUHQ HQFRVDWDQ
~W
LOUHS~EOLFD
D OD 
PHK D
SDUHFLGR\SRUOD TX L
QWRVUHDOHV GHOGLFKR D]RJXH \HV T DVt
XHO GH
D PLQ DSULQFL
SDOaHOGLFKR D]R 
SUHVHQWH \ PDQGR
RUGHQR TXH WR
FD
HQOR
DORV VDODULRV
TXH
HORV
VDFHUGRWHV
G JX HGH$P DG R UGH&DE UHUD6X 0D MHVW
D GWLHQHWR PD GD OD
S RVHVLyQ <VREUH OD
TXH DQGH
K HQWHQGHU
HQGFRWULQDUD
ORV
QD W
XUDOHV DGPLQLVWUDFL
\ yQGHORV V
D SURSLHG D
G \I X U
WRVGH HOODK D\SOHLWRSHQ GLH
QWH\SRU OH\HVUHDOHV HVW
iQ UHVHUY D
FUDPHQWRVGHORV UHVLGL
HUHQ
HVSDxROHVTXH
HQ
ODODERU EHQ
\I
HFLR
LG HODVGLFKDV GDVSDUD VROR6X 0DM H V
W DGODVPL QDV GHD]RJXH GHWRGR VVV
XU HLQRV 
\Ra HPDQ a
PLQ D
V6X 0DMHVWDG
\VX UHDO
KD FLH
QGDFRQWULE
X\DF RQ ODSDUWHTXLQWD O
RV GH GD GRK DFHUODVGL FKDVRUG HQDQ] DVSHUR GHFODURT XH RU
SHVWRQR HQWLH
VH QGD P
VDODUL
RVTXH GLHU
HVHOHV
Q
\HQFXDQWR V
DODO
DULRGHODO
FDOGH 0DMHVWDG
6XSD JXH SXHGD HQ WHQGH U
T XH VHS DUDSH UXLFL
M R DOGHUF HKRG H6X 0D M
H V
WDG HQ QLQJXQ D GH
ODPLWDG ODU
HVWD
\TXHO DV
VRQ
FXDWUR
SDUWHV
GHVDODUL
RGHORV
VDFHU
GRWH V\OD ODVGLFKDV FRVD VTXHWRT XHD ODV
GLFK D
VPLQ DV D GH
]RJX HQL
HQ O
D EUDUODVSR UTX H
PLWDG VDODUL
GHO
R
GHODOFDOGH
SDJXHQORV
GX H
x RVGHODVGLFK
DVPLQDV\SRU TXH
HQ OV
D S GH
ODWD \R  UR 0DMHV
6X WDGWLHQHKHFKD PHU FHG TXHH QWR GRVVXV UHLQRV
HVWRKDJDQ FRQ
OD \RU
PDLJXDOGDGS RV
TXH
LEOH
\V VHD
LQ
DJUDYLR
GHSDUWH GH
V
HGHVFXE UQD\ OD EUHQOLE UHPHQ W H
S DJiQG RO
H V
X VGHUHF KRVUHDOH
V 
HOO
DVPD QGRTXH
 FD GD XHxG
RGHPLQD DJXHSF DGD
HQ XQ SRUDxR
FD
G DXQR GH
ORV
LQG LR
V TXH OH GDQ \DGHODQ
W
UHSDUWLGRV
HV
H UHSDUWLH
U
HQXQ HSODWD
SHVR FRG ,WHURSR UTX H GHOD HM
H FXFLyQ GHHVWDRUGH QDQ]D \SHQ DVGH HOODV HSHQG HG
UUL
HQWH SRU S VXV
DJDQGR WHUFLRV
VLHPSUHXQ
WHUFLRDGHODQW
DGRT GH
XHVHSD JXH O
DEX HQD DG PLQLVWUDFLyQ GHODVGLFKD V
PL QDV\ HOELHQO RV
GH
LQ GLRV<QD WXUD OH
V
OD
S D
UWHTXHOHV
F DEHGHORV VDO
DGLFKRV
ULRV
\VL
DOJXQD FDQWLGDG
VRE
UDUHDOILQ TXHHQH OO
DVK DQ WUDED
GH MD
U\D XPHQ WRG H
ORVTXL QWRVUHDOHV
\ DS URYHFK DP LHQWR
GHO
Dx R
FXPSOLGRVO
RVRUQDPHQWRVTXH PVRQ
HQHVWHUSD
U D
HO
VHUYLFL
RGHODGRF GHHVWRVUHLQRV\ VLVH KX EL
HV HGHKD F
HU SO
HLWRVODUJR VHQODHMHFXFLyQGH O
DV GL

WULQD DGPLQLVWUDFLyQGHORV
\ VDFUDPHQWRV
HQORV
FX D
OHV6X0DMHVWDG
K D
GH D\X FKDVSHQ DVQRKD VH
UtD HOHIHFWRTX HV
H SHUWHQGHRU GHQ R<PD Q GR SD TXH
UDOD
GDUFRQOD
TXLQWD
SDUWH
VH
SRUQ i
SRUFXHUSR
GHKD FL
HQGD SDU
DOD
SDJDGHOGLH
]  HMHFXFLyQ HVWDVGH
RU GHQDQ ]DV \GH O
D VSHQDV HQ HOO
D VFRQWHQL GDVVH SURF HGD
PR GHO DxR
YHQLG
HUR HVWH
UHVS
D HFWRVH
UHSDUWLUi
PH QRVRPi V
SRUFDGDLQ GLR VXPDULDPH QWH WHOVLQ
D GHMXLFLRVLQRTXH VRODP HQWHVHFLW
WDQ
HO DSDUWHR<VLDO
TXHGL VH
HU
H \ SDUD TXH FR
HVWHUHSDUWLPLHQWR
EUDQ]D\ SJDD
VH DJK
DFRQP i V JXQD GH O
DV JXD U
GD VG H OGHQXQ FLD
G RUHQ O
DVSH QD V XH
TR Q
VXE HQ GHFLHQS HVRV
ILG
HOL
GDGRPEUDUVH i
QHQ FDGD
XQ D
xRXQD H U
V
SRQD GHODV
PiV DER
Q DGDVT XH DUULE
D VHD FUHtGR SRU MXUDP
VX HQWR KD
E LHQGRXQ WHVWLJR HTX
FRQIR UPH F RQp O
<
UHV
LGL
H UH
Q HQODV
GLFKDVPLQDV FXDOOR
HOFREUH\SJDX HO RV
DGLFKRVVDF
HUGRW HV HQODVGH PiV VLKX ELHUHHYLGHQ FLDGHKH FKREDVWDQ WH\VLQRSUREiQG RVHF RQGR V
<DO
FDOGHVG
HORX H
VREU
TDUH
WHQJDFXHQW
D\UD]yQSRUVX
OL EU
R\HO
DOFDOGHWHQ WHVW
LJRV\ T XHFRQ HW V
R \OD FL
W DFL
yQ HG
OD
S DUWH\ HOGHVFDUJR TX HTXLVLHUHGDU
JDFXLGDGR O
RGH
FXPSOLU
\HMHFXWDU G HQWUR
GH GR VGtDVVHSUR FHGD VHQW
DHQFLDV
LQPiV WpUPLQRVGHSXE OLFD
FLyQ <F RQ
WHQFLyQ\ VO L
DVFRQ GHQF DRQ
LHV H[FHGLHUHQGH FL
H QSH V
RVH VHHM
F XWHQ V
LQH PED UJR
< SRUTXH
HO
GLF
KR D
OFDO
GH HVF
\
UL
EDQR PLQ GH
DVHVM
XVWR TXHDU WHQJDQ
D
Q 
G HFXDOTX LU
HDSHO DFL
yQ \VS XOLFDFLyQ\GHVS XpVGH HMHFXWDGDVOHV RWRUJX HVX SOL

FH
OGHOR
VGHUHFKRV
TXH KDQ
GH
OO
HYDUGHORV
SOHLWRV
\Q HJRFLRV
RUGLQD
ULRVTXH F DFL
yQ SD UDD QWHTXLH Q \FR QBGHUHFKR GHED\ VLIXHUHODF RQGQ HDFLyQ GHBPi V
DQW
HHOO
RVSDVDU
HQ\ RIUH
VHFL
HUHQ
SDUDTXHHQWLH
QGD QOR
TX HOHV
SHUWH
QHFH\KDQ F XDQWD
t GHORVGLF KRVFLH
Q SHVRVGH SRV
LW DQGRODSH QDOHV
RWR UJXH VXVDHSDFOQ HV
GHKDE
HURUGHQR
\PDQGR TXH ORVGLFK
GH
RVSOH
LWRV\QHJRFLRV
RUGLQDULRVOO
H
 FR QFDUJR TXH VLGH QURG
W H RFKR PH VHVQR WUXMHUHQWHVW
LP RQLR T XHHVWiUHY RFD
YHQO
RVGHUHFKRV
FRQIRUPHDO
DUDQFHO
TXHWL
H QHQODV
MX V
WLFL
DV\HVFU
LEDQRV HG
G D
ODGLFKD VHQWHQFL DVHH M
HFX WH
HVWD
FLX
GDGFQR WDQW
RTXHQR
K DQGH
OOHYDUGHUHFKRV
DOJXQRVGH
QLQJ~QQ HJRFLR
TXHV
HRIUHFLHUHLQGLRV

D
VRSHQD OR SDJDU
GH
FRQ HO
FXDWUR
WDQWRSDUDODF
i \ SRU TXH WRGDV ODVGLF KD VRUGHQQ D]DVVHK LFL
H URQ
\ D FRUGD URQ<D SURE D
PDUD
GH6X 0DMHV
WDG
\SULY
DFLyQGH
VXV
RILFLRV
\SRUTXH RGU
VHS
tDRIUHFHU
TXH URQFRQ PXF KR DFX HUGR \GO HLEHUDFL
yQ \FRQ YLHQH DOVHUYLFL
R GH 'LRV 1XH V
WUR
DO
J~Q PLQHUR
XRWUD
SHUVRQD
SLGLHVH
T XHpO
IXHVHDGDUODSRVH
VLyQGHDOJXQD 6HxRU\ GH6X 0D M
HV W
DG \DO L
HQ
E\FR QVHUYDFLyQ HG
ORVGLFKR VQDWXUDOHV< SDUD
PLQD
RDY H
USRU
YLVW
DGHRMRV
DOJX
QD L
IHG
UHQFL
D TXHX ELHV
HVRE
KU HHOO
RWRFD QW
H VXGRF W
U LQ
D \ FRQ YHUV LyQ \EX HQWUDWDPL HQWR \TX HV 
HDQ SDJDGRV H VXV >
R U
G

DD
OJXQDV
PL QDV
RD RWUR
DV
LHQWR
HQWDO FDVR
RUGHQR\PDQGRT XHVHGpGHVD
 QDOHV\W UDED MR\SU DD HOEHQ HIL
FLR\ X W
LOL
GDG S~E OL
FD GHHVWRV UHLQRV<G H ORV
OD
UL
RSRU
FD GD XQ XHGtD
H
HQ
OO
R
VHT
RFXS D
UHVDO
LHQGRIXHUDGHODV
LH
QWRWUHVSH YHFL
Q RV HPRUD GRUH VG HHOO
RV TXH VHJXDUH GQFX PSODQ\ HMHFX WHQFRQ WRG RUL
V
RVGH
SODWDHQVD\DGD\ D
OH
PDUFDGD\
VFUL
EDQR GRVSH
VRVDOO
HQGHGHV
XV GHU
H JRUSRUH QGH DFRUG p GHGDU L \OD
SUHVH
G Q WHO
D FXDOHQQR PEU HG H6X0D MHVWDG
FKRVTX
HVH OH GHELHUHQGH
ODHV
FUL
WXUD\DXWRV HDQW
TX
Hp O
SDVD
UHQ T
X HKDGH \HQY L
U W
XG GH O
R VSRGHU HVTX HGH VXSHUVRQDUH DOW
HQ JRDSUX HERUD W
LILFR<WHQ 
 0$5$
-8
67,1
$6$5$%,
$9,
(-2

JRSRUEXHQD
 V OV
D GL
FKDVRUGHQDQ]DVTXHGH VXVRYDQ L
QFRUSRUDGDV\PDQGR
TXHH 
QHO
HQWUHWDQW
RTXHRWUD
F RVD
SRU0D 6X
MHVWDGHSRUPt
H QU VX
HDOQRPEUH
VH
SURYH D\PDQGHVH
JXD UG
HQ FP
\ XSO DQ\HM
HF XWHQHQWRGRS H
RU W
RGRFRPR
HQHOODV
\HQFD
GD XQD
GHHOO
DVVHF
RQWLHQH\
GHFO DUD
T XH
VHDQOO
HYD GDVD
SXUD
\GHELGDHM
HFXFLy
QFQRHIH
FWR VLQO
HVGDU WUR
QLQ
RJ~ QHQ
W HQGLPLHQWRQL
GHFDUD
O
FLy
QQLFRQVH
QWLUQ
L
GDUOX
JDU
T XHFRQWUD
HOODVQL
DOJXQDGHHOODV
VHYD\DQL
SDVH
HQPD QHUD
DOJXQDTXQL
HHQO
D HMH
FXFLQ
y\FXPSO LPLHQWRGHHOOD
V HV
SRQJDQLQ

J~QHVWRUERQL
GLO
DFL
yQQLLPSG HLPH
QWR\TX HHO
D OFD
OG
HYHHGRU\HVFUL
EDQR GH
PLQDVTX H
D O
SUHVHQ
WHVRQ
RIH XU
HQODVOOHY
HQ\KDJDQOOHYDU
DSXUD GHEL
\ GD 
HM
HFXFLyQFRQHIH
FWRF
DGDXQR SRUOR
T XHO
H WRFD
HMHFXWDQGRHQ ODVHUV
RQDV S
\EL
H QHVGH
O RVTXHQR
O DVFXPSOLHUHQO
DVSHQDVH Q
ODVGLFKDVRUGHQDQ]DV
FRQ  '( +8$0$1*$
$/2&8&,21$ /269(&,126
WH
QLGDVFRQW 
RGRUJL
RU\FRQ
OD GLOL
JHQ FD
L\FL XDGGRTXHGHHOORV
VHFRQIt
DVR
+XDPDQJD  GH HQHUR GH
SHQDTX H
GHPiV XH
TVHH
MHFXWDUiQ OD
VSHQ
H
UVRQD V
\E LHQHVGH
ORVTXHOR
KL 
FL
HUHQO
D V
S HQDV
HQHOO
D
VFRQWHQLGDVLQ
VUH
PLVLyQ DJOXQDH
QODUHVL
GHQFLD
TXHV 
H
OHV
WRP DUH\KQDGH
GDUGH
O RVGLF
KRV VX
VRILFLRVV
HOHVWRP D
UiFXHQWDFyP R G6X
([FHH
O
Q F
LD
HQSUH
VX
VH
QWDFL
yQ
3U
RSRV
LFL
yQS
\OiW
LFD
TXHP
DQGy
H
FVU
KDQ XP SF
OLGR
\KHFKRFXPSOLUODV
GLF
KD VRUGHQ D
Q]DVKDFL
H QGR UH
S
JXQ WD
SDUWL
 D
OR
V
YHF
LQR
VGH
OD
FLX
GD
GG
H+X
DPDQ
JD

FXO
DUGHFDGDG XQD
HHOO
DV
SDUD VDEHU DQVLVH
FXPSOLGR\HMHFXW
K D GR SRU
\ OD
 GOPH G HQH
UR
GH PLO
SUHVHQW
HPD QGR OD
D
SHUVRQDRSHUVRQDVTXHIXHU
 H QDOHVWRPD U
ODGLFKD
UHVL G G
GHQFLD
D Vt
ORJX
DUGHQ\FXPSODQ\HMHFXWHQHQHOO
RV\HQFDGDXQRGH
H OORV
VR
(QOD
FP+XDPGHD
QJDDYHL
Q
WHGRV
\ Gt
aH
DV V
G)U
H
DQF

LVFR
GH
7R
\
TXLQL
HQWR
V
\VHWH
QWD
\
QD xRV
aOW
P
XaH

aHa
aH
Ha
aUUHL
VH
SURYL
QFLD
V
GHO
OD
VSHQD V
TXHOaHVW
iQSXHVW
DV HQ
ODVGLF
KD VR
UG HQDQ]DV\ODV
TXHHUDQREOJD
L OH
GRYtV
RUU
H\\
JER HUQ
DRU S \
L
DQ
FD 
W
GRVHM D
HFXWDU
VLQR K XELH
ODV
UHQFXPSOLGR\KHFKR JXDUGDU
FXP SOLU
\HM
HFXWDU
 3HU

PDQGyMXQW
DU O
DV
HQ
FDBV
DVGH
FDELOGR
OD
VSHU
V
RQ D
VVUJXW
H H
QV

VRSHQDTXHO 
RTXHKDFLH
QGRVHHM
HFXWDUiHQODVGLFKDVSHUVRQDVTXH
 WR PD UHQ
OD
GLFKDUHVLG
HQFLD
ODV
TXHGHM
D UHGH
HMHFXWDU
FRQIRUPH DORTXHGL
FKR HV
VH
FR 
HO
F
DSL
WiQ
$QW
RQLRGH
2]QD
\R
FR
UHJLG
U RU
G
aOD
GL
FKa
FL
XG
D
G
EUDU
iQ HV
X
GSHUVRQD
\ELHQHV\VUH
iFDXVDSDUDQ R
VHWHQHUVDWLV
IDFFLyQGH
ORV 
HO
F
DSLW
iQ
+HUQ
DQGRG
H
6RWR
PD\R
U
<$Q
WRQL
R
GH2UH
DOFDOG
HV
XQRVQLORV
RWURV
SDUDO
RVGLFKRVRIL
FLRV
\FDUJR VQL
SDU D
RWURVD
OJXQ RV
HSDUD B
$PD GR
U GH&D
EUHUD

TXHYH
Q JDDWL QR
FLD
GHWRGRV
PDQGR TXHODV
GLFK DV
RUG HQDQ]DVS VH
UHJRQHQHQ

3 HGUR
GH5LE
HU
D
O
DSOD]DS~EOLF
DGH GL
OD FKDFLXGDG\HQOR
VGLFK RV
DVLHQWRVGH PLQD
V\H
QODV B
$QWRQLR
GH
0DxXHFR
GHPi V DUWHV
S \ O
XJDUHVDTXt
GHFODUDGDV+HFKD HQODFLXGDGGH+X DPDQJD D

9D V
FR
6XiUH
]
YHL
QW H
GtDV
GHHQHURGHPLOTXLQLHQWRV\V
HWHQ
\ WD
\XQ DxRV
'RQ )UDQFLV
FRGH
B> @
&K DYHV

UHJLGRUHV

7ROHGRSRU
PD QGDRGGH6X
([FH OH
QF L
D$OYDUR5XL ]
GH1DYD PXH O
*DUFL
'tD]
GH6DQ0LJ
 X H
O
SUR
F
XUD
GRU
PD\R
U
B
(OFDSLWi
Q3HxD

'LHJR*DYLO
iQ
B
- XDQ
3

DORPL
QR
B+HUQDQG
R$ORQVRGH
%DGDM
R]
B%DOW
DVD
U
GH2QWLYHUV
R
B-XDQ
9HOi]
TXH]9HOD
1~xH
]
B+HUQiQ
*X LOOpQ
GH0HQGR]D

(OFRQW
D
GRU'LHRJ  GH
6DO
D]DU
\H
OW
HVR
UH
U *DUFL
R 1~
xH]
9H
OD


(QU
LT
XH
*DUF
pV

-XDQ
5RPR
<-H
UyQL
PR,VL
GU
R
HVF
ULE
DQR
V
GHO
Q~PH
UR
B
3HGUR
*yPH
] H
G
0H V
D
B
3HGU
R
GH
&R
QWUHU
DV


$U
F
KLYR
*H
QHU
DO
GH
,QGLD
V

/LP
D


$

'






0$5
$
-867,1
$
6$5$%
O$
9,
(-2
25'(1$1
=$6
'(/
9,5
5(<
72/('2 

(Dt
V
MXQWR
V
6X([
FHO
HQFLD
PD QGy
DP
t$O
Y 
FUH
WDU
tRGH
\ OD
JREH
UQ
DFLyQ
YtV
\ tW  DUR
5Xt]
GH
1DYDPXHO 
VX
V
H GHELGDH MH
FXFLyQSXHV FRQW
DQ WR\WQDPD GXURFRQH V
MR6X0D MHVWDGORGH
VX
SUH 
VHQF
LDOR
VL
JXL
H H D
QW JHQHUD HV
WRV
GH
U
HL
QR
V
TXH
HVH\H
 VH
HQ WHU
PL QyO RHQ
VUHLQR VGH(VSD xD\ F
RQ DQWD
WV\
WDOHVSHUVRQD V6X([F HOHQ
FLDORKD DFRUGDGR HQHVWHVLQWHQHUQLDGPLWLULQ FRQYHQLH QWHDOJXQRH Q
OD
HMHFXFLyQ TXHQR VHDPD\R UHO EHQHILFLR
GHKDFH OO
DSRUOR FXDOQRSRGU i
3O
i
WLFD
TX
HP
DQGyKDFHU
([
FHO
H
QFLD

6X

ORV
YH
FLQR
V
GH
+ GHM
DU GH WHQ
HUFXHQ WD FRQODVRE UVD\SDODEUDVTXH HQ FRQ WUDUL
R GHHVWR
PDQ
QDJD
HQWHQGLH U
HTXHKD\ HQ HV
WDFLXGDG
 6X ([FHOHQ
FLD
GLFH
TX H KD
pO YHQLGRD HV
WD  
$VLPLVPR 6X([FHOH Q FLD
FRQGH VFHQGLHQGRFRQOD VGHPDQ GD V \FDPR
O U HV
EXHQ DV
REUDV
\YROXQWDG
HQGHUQ W
  G FLXGD GG RQGHK DKDOODGRW
DQ TXHDpO KDQYHQLG R GHVSXpVT  XH
HQ W
UyHQHVW
H 5H LQRVREUH HOIDYRUHFHU
MHVW
DG<GH6X([   RVU
DFLR Q OD
H TX HDOVHU
YLFL
R GH6X0D
HO
ODWLHQHQ FHH XH
QFUDHaVXUHDO
QRP EUHOR
V Y HFLQRV\PR UDGRUHV
GH GDUD\X GD\UHPHGLR S DUD
OD O
DERU GH DV
OPLQDVG HO
HSHFL
V D OPHQ WH
G HOD
JDFL
yQGHLDT
FLXGQDRGSGXHG+
GHM
DH
UGH HYD
OO
USDUW
LFXODU FRQ WH
Q W
DPLH QWRH
REOL
 SURYLQFLDGHHV
W D
FLX GDG
KDK HFKR GLOLJ
HQFL
DSDUDF HUW
LILFDU
H OSRGHUGDUOHV
HXD PDQJ D HO
UHPH GLRHD\XG DTXH HUD
PHQHV WHUGHO
RVQDWXUDOHVSDUDTX HODV
OD EUDVHQ
 (QGHPRVWU
D
F
LRQG
H RK FXDO
DSR U
FXUDGRG  a VL
QWHQH U
RUG HQGH6X 0D M
HVWDG\SUDHOOR
IDYRUHFLHQ GR
DO5H \HQJHQHUDO
KDRIUHFLGR
GH
ORPXF KR
TXHp G K HM
O DU VHQD HQOR
SR FRTX H VH \DO 
DJHQWHRFLRVD\ Q HF
HVLW
D GDHQ SDUWL
FXO
DUHQ GDU O
HVPDW HULD RFXSD
GH

FLXGDGH Dt
VKDPDQG G W HVH DDFH U
S RU9XH VWUDV
0H UF
H GHV
\SRUVX FLyQ\HQ WU
HWHQLPLHQ W\R
SULQFLSDOP H QWH
DOR
VYHFLQR V\VHxR UHVGHODVPL
DR HQHUFXHQW
D GH I  
VHUYLFLR
GH1XHVWUR
6Hx RU
G  DY RHFUHU DVREUDVSLDV<GH QDVGHHVWDFL
XGD G HQ GHV
FDUJD UOHVGHORV
WUL
EXWRVT XHSDUD DY DO
ORVLQGLV
R
 HTXH HW
VHX JDUVH
SXHG G E
FLDU
IYDRUHFHU OO
HYDUDG
\
H@W H<HP H
XFK R
SUH WHQtDQDVtFR
QODVMXV WLFL
DV
VDFHUGRW HV
FDFL
TXHVPD \RU HV
HPH QRUHVOHQ
JXD V
DQHFRPR HVHVWHKLW OG
GHTX H
9X HV
WUDV
0H UFHG 
H
VVHV
LUYHQHKDQ
RVS
GH 
L HHV
WRV QDWXUD
OHV \FULDGR VTHXHQ
 HV WR W
DPE LpQ WU
DtD QRFXSDGRVQ RTX HGiG QROHVDKRDUD
PRQM DV
TX H
DQW
SDUWL
FXODU
\ EX GVH UYLU \HVW
HPRQ DV
WH ULR
GH TXLHQVD W
LVID
FHUPi V TXHDOD SDJD GHOV
RPLVPRV LQGL
RV MRUQDOHURVT XH
FLyQ\H
MHP SOR
DHVW
DWL
HUUD
\ HL DSX HHGDa
KD
FHU FR QVXYLGD\RD
U HQVXVPLQDVOHV
K DQ GHWHQHUSXHVWRVSRUVXV
PL W
DV ODV
MXVWL
F LDVTXHTXHGDQ
UHFHU
<D\XGDUDV
tDFiFRP  Pa V
F
RV D
VSLHQ VD 6X([FHOHQ FL
DIDYR VHxDODGDVSRU6X([F HOH
QFLD
SD UDO
DV PLQDV
SRUOR FXDO
6X ([FH OHQ FL
D
SLG H
,
LJtR
VRVG H
HVWR
VPRQDWHULRa
V  aa Ha
PD D-HVWDG
<WH QHU aXLGDGRGHORVUH
 \HQFDUJD D
9X HV
WUDV 0HU FHGHVPXF KR TXHHO
WUDWDQ~ HQWRTXH KDJDQ DOR
V
GRFW
ULQDTXH
D9X HV
WUD 0 G \RU DSURYHFK DPLHQWR
GH ODEXHQD GLFKRVQ 
DWX UD
OHVVHD
GH PDQ HUDTX HQR
 GHQ RFDLV
yQ DTXHFHVH HVW
HEHQ H
ILFLR
 VHU FHHVGDQ OD
\
EXHDQ D G
FDQR \FXUD
GH
HVWD
VDQWDL
JOHVL
DDO  \XD TXH
K DFHQDOYL
 WDQJUDQGH DOUHLQR \DOV
RSD UF WL
XODUHVXVV
RGLFKRV D
OTX LWiUVHORSRUQ R

0HUF HGHVGHE
HQKRQUDU\DFDW
DU

S FXKD
\ DOR
VGLF KRVUHOLJLRVRV
9X HVWUDV JXDG U
DU O
D RUGHQ T XH VX([ FHOHQFLDPD QGDH Q HOEXHQ WUD W
DP LHQWRGH
X HV U DFH
HVWR HV K 
WRGRVHLPSRUWDPiV H
Q HW
  RQUD<DX WRULG
DGGH ORVL
QG L
R V
V
RVPLH SRVTXH ORV   
VHDQPX \UHV
SHWD
GR V
 HF HVLD
V WL
FRV
< UHOLJLRVRV 
$VLP L
VPR HQORTX H K VH
D RIUHFLGR HQHV
WHOXJDU HQ TXH VX([FH OHQFDL
$V LP LVPR6X([FHOHQF
LD
KDPDQ GG DRIDY  SXHG DKDE H
UKHFKR HQ S O
D]DVR HQYF DDQWHV
DO
R VSD U
WLFXODUHVEHQH Pp ULW
RV
FLX GD GH DVt
WHUQiQPXFKRF
R QWHQW  R UH FHU
ODVR EU DV S~EOLFDV
GH HVW
D KDVLGR SRFRSHURK iOR KHFKR FRQWDQWDYROXQWDG FXDQWROD WLH
QH SDUDOD
OD ODERUGHODVF
DVDVGH
FDEL
OG D PBL
QWOR TXa
\H UHTX HHQ
 OD HMHFXFLyQGH JUDWLIL
FDFLyQGHORV EQ HHPpULWRVGH HVWH
UHLQR
K DFLHQG RVHSD UDFLyQGHORV
 <F DUHH WUD
t
GD\G O 
< S OD]D
< FDPSR OD
V
WL
GH
HUUDVTXE H DJX DD
HVW DFPG DG TXHORVRQDORVTXHS OR
UHWHQGH QVHU\OV
HGLHUDRWUDFRVDGH Pi VVXVWDQ
HVH DUDQQR KD\ WU 
UHFH UH V
GLIHUHQ
WHVF
RQTX I D FRQ RYHUVLDV
P SD FLD
R YDORU UD TXH
\ GH
ODYDFD
PLVPD PDQ HUDKDWHQLGRUHVS HFWRGHKDFHU
HVHFR QXQGD \ HV
W E 
S XH GHKDFHU
VLQFRVWDV GHUU
QL
DP DV G, aU HS XHV OR TXHD 
KRUD VH Pi V
PH UF HG
GHODVTX HH
OORV
SXHGH QHQW HQGHU
HQOR OD
VPGH
LQD VGH
 D] RJXH
OO H RV YHFL
QR VVH Y K
H RVHQPX FKRGLVJ
XVWR
GH
VX([F HOHQFD
LX HV H UQ LDD D
FHUFRQ (QSD UWLFXODU
\HQ JH QHUDO
TXL HUH6X([F HO
HQFLDTXH 9X HVWUDV0HU FHGHVOH
WH ODVTXHU Ut
D
PD QGDU
HFKDU  S SD UWLF
XO DU PHQWHQR VR
ODPHQ  UHFRQR ]FDQHVWRQR HQ HO
DPR U\ILGHOL
G DGDTX H O
H HVREO LJD
GR HOVHU
 SDUDQ PJXQD RE UD
S ~E O
 
FPR V GH
H VW
DFLXG
DGW J
DQ WG W
HD SHUR YLHQGRORV
YH KLMRVGDOJRKL
GD OJR JHQ W
\
HKRQU DGD SRUTXHDQLQ JXQ RTXH
 O RVHDHVPH 
D
VDRV \FDUJD GVRT 
FHG FRQV H
TXH
GHVF
DUJDV
HQ,L  XH aQ D<GHVHD KDFHUO
HVPH U QHVWHUSHGLUO
HVHVWDGHX GDW
DQ GHE LGDVL
QRHQ TXHVH DQW
D QYH UGDGHURVUH
 HL D
YUDVH QVXV
QHF HVLGDGH V
a VP VPR 6X([FHOHQFL
D
KDPD QGD GRUHGXFLUORV SXEOLFDQRV\SRVSRQ JD Q HQFXDW Q
R IXHUHPHQHVWHUVXV SDUWL
F XODUHVDO
ELH Q
HUD FRQD 
VLVW
HQFL
DSD UFWt
XO G QD W
XU DOHV GHH
VWDSU RYtQ TXH6X 0DMH VWDGSUH WHQGHHQ ODV
UHS ~EOLFD
V\
FLXGD GHVGHHVWHUHLQRS DUD
DU HVX SHUVRQ D
\ G , 
WHVO D
GH
GRFWU
LQD\ HQFRPH
QG G   H RVFRUU HJL GRUHVVD
FHUGR  DX
HO PH QWR\FQRVHUYD FLyQGH HOOD
VTXHWHQJDQSRUS DUWL
FXODU KRQUDREH GH
I HURVH RVGLFKRV QDWXU 
F G HORV
YHFL
QRVDV S G
t D HV HQW
D QWREHQH FHU
DFDWDU\HVWL
PDU VXFRUUHJLGRU\MXVW
LFLD
PD\ RU SX HVW
R SR U6X0D MHV

 DUD HHV FDUJR GHVX DO 
GRFW ULQD TXH DORGHEHQ
GLG  V PDV < VDWL VIDFFLyQGHOD WD
G GH FXPS O
LU\ HMHFXWU
DO DVS URYLVL
RQHV HRUG HQD QD]VGD GDV SRU 6X
V
,' 6 H
-2 VXV UHSDI 
FDUJD UORVSDUDDGHODQW
HGHW
D WR  UOILOW
HQWR V FRPR SDUDH O
QR ([ FHOHQFLD
PLH QWUDV QRPD QGDV H
R GLVSHQVDVH
RWUD FRVDFRQ HDV
OOVLQRWUDV
Q V VDDQ RV GHG W
PHQ HVWHU HVWDQGR
SRUKD
FHU
ODGtK G  RF Q Q DV F XDQWRV IXHUDQ LQW
H
US UH
WDFLRQHVQL FR QXOWD
V V Q L
FRQ JUHJD
FLRQHVQL SHUV
X FLRQH V VL
F VL
QR
U
H DUHX FF
Q HQH D
 G
WUD
V PHU FHGHV
TXHHQWRGR
\SW G I
 UJ D < PDQ D Y D
XH
V  ODVTXHVH
K L
FLHUHQ H QVXFDELOGROOHQRFRQFRUUHJLG
VXRU S DUDODVFRVDV
RU RR 
D DYRU H]FDQ D\XG HQ <OO
HYHQDO D
JHQHUOHV
D GH O
ELHQ S~EOL FRT D
X H
SRU UD]yQGHVXV RILFL
RVVRQ REOLJDGRV \

0$5$
-867,1$
6$5$%,$
9,(-2

TXHODVSDUWLFXODULGDGHVGHORVYHFLQRVRKDELW
 LG
W
 W DQ
HV DV
D
3,FDG
D
XQ
RSRU
 Vt
D DFDUH D 6X ([FHOHQFLD\
TXLHQ W SULQFLSDOP
GHO\
MHVWDG FLHOR
GH WL E  HQH
SDUD
JDQDU
FRQ
OD
PD

FaaLaa[aaa


aaaD
D HUUD\ \ XHQD
QRPERSLQLyQ
(

aaaH
DVtV-LWa Haaaaaa XH[a aaa
VX([FHOHQFLD
KDGH WHQHU
SRUKLMRV
DPLJRVGHVSX
H D TX

aQ H G
 K E H
H ELHQ W GtG H
 HV HUHF D
RQ RF
LGR
HU
HQ
Q R RV PFRQYHQLHQWHVKD
KDELGR KEGH
TXH
I G
+XDP W  DHUDW
D RHQ
HVD FRQIRUPLGDG
DQJD HGHKDEHU
VX ([FHOHQ
DK 
S @ W GL FLDRUDHQS UHVHQ
FLD
XHV RRV
PH ,2V
TXH OH KD SDUHFLGRHQSUHYHQFLyQ
SDUD
DGHOW G
QR HQWHQGLHUHTXH
WHUQi ,LE
 6
H RTXH
X
(VHFRQVLJX
 DQH
HQ HVWD
[FHOHQFtD SDUWH
FXD
SUHW
Q
HQ
R
GH

OD DIPDV

Q
UH D PaQRGHO
O
TXH WLHQH GHOD
RUPDFLRQ
FDVWLJDUORDTXt
SDUD FXFKLOOR
SDUWLFXOD USRU HQ 25' (1$1 =$6 3$5 $/$ &,8 '$ ' '(+8$0$1 *$ 
PHWLGRH W
 DVtGH
VSHUVRQDV GHMy
TXLHQHVD DHQFDUJ
GR \FR
  D PDQHUD R HQFDUJDTXH TXHKDF H
XQ
FDGD XQR HQWLHQGD
VHUYLFLR
PX\SDUWLFXODU
DO 5H\
SDUDPHUHFHUpO FRQ +XDP DQJDHQH
U R 
FRQ W HQ
SURFXUDUT XH VH
VHUYHHQUH YXHVWUDV O
DSD] H WHPRU
PHUFHGHV TXH OHVGHVHD
'RQ )UDQFLVFR GH 7ROHG RPD\ RUGRP RGH6X 0DMH VWD GVXYLVRUUH\ JR
EHUQ DG RU\FSLW
DiQ JHQHUDOHQ HVWRVU
HLQRV HSURYLQFLDVGHO 3HU~3RU FXDQW R
SRUOD YLV
LWDJHQHUD O
T XH\RYR \KDFLH
QGR SDUDGDUDVLHQW
R \H VW
DELOL
GDG HQODV
FRVDVGHHV
WRVUHLQRVH SURYHHU O
R TXH
YLHUHTX HFRQ
 YL HQH\H VQHFHVDULRDOELH
Q
\ FQRH VU
Y DF
LyQ GH OD
V FLXGD
GHV TXHHWV
i Q SREODGDV
\ SDUDTXHODVUHS~EOLFDV
DQGHQ ELHQRUGHQD GDV \O
RVYHFL QR V
\PRU DGRUHV
G HH8 D
V VHDQ PDQWH QLGRV HQ
S D]\HQMXVWLFL
D\ TXHVLHPS U HYD\DQH
Q FUHFLPLHQWR\DXPHQ WR
\ DVLPLVPR OR
TXHWRFD D
OELHQG HORV QDW
X UDOHV\SDUD TXHPH M
RU SXHG DQ VHUGRFWULQDGRV \
HQVHxDGRVHQ OD
VFR VDVGHQXH VWUDVDQWD
IH FDW
yOLFD
OH\QD WXUD O
\ EXHQDSROLFtD
\TXHFHVHQVXVYLFLRV\ERUU DFK HDV\
U VH DQ QELH
WUDW
DG RV\ SDJ DGRVGHVXV MUR

QDOHV\WDE
U DMR
OOHJDG RTXHI Xt HVWD
D
FLXGD GGH+X DP DQJD PH LQIRU
Pp GH OR
TX HSDUD
 H V
WH HIHFWR ELHQ
VHUtD
RUGHQDU\ PDQ GDU\KDE LHQGR YLVWRODVSU RYL

VL
RQH VTXHV
H KDOO
DURQHQ H
OFD ELOGRGH
HOODODV
FXDOHVVH
WRP DURQSRUPH PR U
LD
\K H
F KDVHQPL SUHVHQ FLD
ODV HOHFFLRQH
VG H DOFDO
GHV\ UHJLGRU HV\DOJXQRV FD
ELOGRV\
D\X QW DPLH QWRVHQOV RFXDOHV W VH
UDWDURQ
SURYH\ HUR QHS O
DWLFDURQ DO
JXQ DVFRVDV
T XHFRQYHQt DQSU RYHHUVHSDUDE HO
L
H Q
GH ODUHS~E OLF
DGHHVWDGLFKD
FL
XGD G\GHO
RV QDWX UDOHVGH
VX GLVW
UL
WR\ODRUGHQTX
HGH D TX tDGHODQWH GHEtD
VH
WHQHUHQOV
DH O
HFFLR QHV\RWUD VSDUWLFX
OD
UHV 
SDUHFLyTX HVH
G HEtDQKDFHUODVRU
GHQ DQ]DVVL
JXLQ HW
H V
3UL PHUDPH QWH
RUG HQR\
PDQGRTXH XtDGHOD
GH
QWHHQ DT
ODHOHFFLyQGH O
RV
DOFDOGHV\
UHJ LRGUHV\ OV
RGHP iVRIL
FLD
OHV TXHVHKDQGHH OHJLUHQFDGD XQ DxR
SDUDODEXHD QDGPL QLVWUDFLyQ \UHJLPLHQWR GHHV
WDFLXGDG VH JXDUGHODIR U
PD
\RUG HQVL
JXLHQWH
4XH HO
SULPH UR GtDGHOPHV GHHQHUR GHFDGDXQ DxR SRUODPD xDQ DVH
MXQWHQFRQHOFRUUHJLG RUTXHH VRIX
H U
HORV D
OFDOGHV
\ UHJLGRUHV \HVFULED
Q RGHO
FDELOGR\SURFXUGRDUP D\RUTX HKXELHUHQVLGRHO
DxRD 
QWHV \MXQWRVRLJDQ XQD
PL VD
GH O(VS
 tULWX6D QWRHQO
D LJOHVLD
PD\R U
GHHVWDFL
X GDGH QHO
HQW U
HWDQWR TXH
HQODV F
DVDVGH FDELO
G R QR
K D \FDSLOOD
QL O
XJDUGHGLFDG RSDUD SR GHUVHFLUGH\

%LEOLR
W
HFD
1DFLR
QDO
GHO
3HU~
0VV
 %
IROV




YW
R 
 -867,1$
0$5$ 9,(-2
6$5$%,$ 25'(1$1=$6
'(/
9,55
(<
72/('
2 

RLUODPLVDVHMXQWHQWRGRVHQVXFDELOGRHQODV GRQGHOR QDQ]DV UHDOHVTX HOH VH


FDVDVGpOR V
KDQ PD QGDGR HQ WU
HJD U
\ HO
HQHOOXJDU RWURDOFD OGH T XHQR IXHU H
DFRVWXPEUDUHQKDFHU HQ HGLILF
HODUHQWUHWDQWRTXH
ODV
GLF
KDV FD HOHJLGR
VH DFDEDQ SDUD WH
QHGRUGH
GHEL HQHVG H
G L
IX QWRVKD GHVHU
D GHODQ WH
SURFXUD GRU PD\ RU
VDV\ KDELpQGRVHDVHQWDGRSRU HV
FULEDQR OD FDEH]D FDELOGR GHO GLFKR G
HOGLFKR HODFLXGD G\
H QHVWHFDELO
GR KDGH HQWUDU\VHU
U HFL
E LGR SRUWD aaU RF XUDaRU aQ
HO FRUUHJLGRUSRQJD HQ XQD PHVD HFKHQ ORV GRVSODWRV R ODIRUP DT
FiQWDURV XHVHDFRVWXPE UD
HQ DV
LP
\L
VP
TXH RGVH
H
OR V
UHJLGRUHVVHHOHJ LUa aQ RILH OH MH
YRWRVSDUD
HOHJLUORVGLFKRVRILFLRV
\DOOtYHQJDQORVGLFKRVDOFDOGHV\
UH
JLG RUHV FXWRUSR UV 
HLV
PHVHV\ HOT XH
VHD
Pi VSDUHFLHUHTXHF RQY LHQH\ D VPVP" VH H Q 
SRU VXDQWLJHGDG
\WUDLJDQ HVFULWRVVXVYRWRVHQGRV
SDSHOHVHQHOXQR
ODVSHU WUHJDUiQ O
D VOODYHVGHODUFKLYR GHO
F DELGR
O O DV
D
S HUVRQDV T XH OD V KXELH UHQ G H
VRQDVTXH OHVSDUHFH
FRQYHUQi TXH VHDQ \HQ
DOFDOGHV
RWUR
HOORVTXH
QRPE UD
Q WHQHU\VH HOLJLHUHQ
HQ HO
FDELOGRSDUD HOOR
SDUD UHJLGRUHV\ ORVSDSHOHVS GHOD
ODWRR HOHFFLQGH ,W DOFDOGHVVH
HURRUGHQR\ PD QGRTXH HFKHQHQXQ
D T
GH
XtDGH O
D QWH
Q RVHSX HGD Q MXQ WDU FD Ea
DOGR
FiQWDUR<HOGHORVUHJLGRUHVHQ RWUDVHxDOSRU RWURVLQILUPDVQL
SX HGDQ GRQGH ORVDOF D
OGH V\ UJL
HG RUHVVLQHOFRUUHJLGR UR
V XWHQ LQW
HH HQFVR
D TX HaVW X Y HUH
VHUFRQRFLGRV D XVHQWHVRSHQD SRUFDGDYH ]G 
HFLHQSHVRVD FDG DXQ
R G HO
RV TX HVH
-a Q WD UHQ
,WHPTXHFDGDXQRGHORVGLFKRVDOFDOGHVHUHJLGRUHVSDUD
ODHOHFFL
yQGHORV H QHOGLFKR FDELO
GRDS OFD
LGRV SDUDODFi PDUD 6X 0
GH
DMHVWDG <REUD VStDV SR U
GLFKRVDOFDOGHV
KDGHYRWDUSRUFXDWUR SHUVRQDVGRVODV SDUHFLHUH P LW
TXH PHMRUOHDG\ SRU O
D VHJXQ D
G G
 H
SULYDFLyQ GH
RI L
F L
R O
UHD
S RUTX HDO JX QD YH] VH SR
TXHWHQJDQLQGLRVHQHQFRPLHQGD\ WHQJD
QLQG L G UtD
RIU HFH
RV ORVRWURV GRVYHFLQRVTXHUGH WUDW
DUHQ D
OJ~Q FDELOGR
QR DOJ~Q QHJRFLRTXH 
RFDVH DaF
R UUH JL GRU

<SDUD HOHFFLQGHORVVHLVUHJLGRUHVTXH HOHJLUHQ
FDGDXQ
 DxRKD\ D VHKDQVLHQGRU
GHHTXH ULGRH OGLFKRFRUUHJLGRUVH
K D GHVDOLUGH OG 
LFKR F D ELOGRD SDU W
H
GHYRWDU FDGDXQR SHUVRQDV
GHODVSRU GRFH
FXDOHVORVRFKRKDQ
YH FLQRV GRQGHQR
GHVHU S XHGDR 
LUORTXHVHWUDWD
\ DFDEDGRKD YROYH UDKDF
GH HU ODV
FV RDV RU 
 TXH WHQJDQLQGLRVHQ \O RV FXDWUR
HQFRPLHQGD TXH\ SRUTXH
QR WHQJDQLQGLRV GLQDUL
D V PDQ
GH HUD TXHVHFR PLHQ] H\ DFDE HH
O GL
FK R F
DE LO
GR FRQ pO < S DUD
SRGUtDVHUTXH DYHFLQGDGTXHKD\
DFDXVDGHODSRF
HVWDFLXGDGQR
VH
HQ
SX GLH TXHHVWR K VH
DJD Pi V VLQ
LQFRQ YHXLHQ W
H V
FX DQGR HQH VW
RV FDVRV aVaUHFXH QW H VH
VHQKDOODU WDQWRQ~PHURGHSHUVRQDV
SDUD
HOHFFL
yQGHORVGLFKRV
UHJLGRUH
VFRPR KDGH SHGLU DOSULQFLSLRDOGLFKRFR UH U
JL
GR UF 
RQ WRGR H OFRPH GLP LHQWR <U HV
DUULED YDQ GHFODUDGRVHQ HO HV
WDFLX
HQWUHWDQWR
GDG TXH FUHFHOD
SHWRG HELGR SREODFLyQGH 
VHSHUPLWHTXH YRWDUFDGD
FXPSODQFRQ
XQUHJLGRU\ DOFDOGHSRU SHUVRQD V RFKR ,W HP RUGHQR \PD QGRT XHHQ O
RV FDE LO
GRVT XHM VH
XQ WDUH Q HQHVWD FLX GD G
OW
?GH ODV FXDOHVORV YH F
LQRV FRQ VHLV
\ORV
LQGLRV
VHDQ
GRV\ VLQ
K HFKR LQGLRV VyORHOFRU U
HJLGRU SXHGDH 
Q WUDU\HQ WHFRQ
U H VSDGD <GDJD <O RV DOFDOGHV <U H 
+HVWRDVt HO FRUUHJLGRUFRQ HO GHDOFDOGH\
FD JLGRUHV
UHJLGRUPDV QR OD
VSDQWLJXR\
XH
GDQ PHWHUVRSHQD G HFDGDFLHQ
HVFULEDQRSaVR V
< SH UG LGDV

O
DV DP UD V
ELOGR UHJXOHQ ORV YRWRV DSDUWiQGRVH SHUVRQD VGHO \HQFX
HQ HO HQWUHWDQWRDQWR D UHY
HVWR
RFR
ODVFDXOTXLHUD
GHPiVRUGHQDQ]D TXH GLVSR QJDH aHUPL WD OR FR Q 
FDELOGR\SULPHUR
UHJXOHQORVYRWRVTXH HVWXYLHUHQHQHO HOH
FFLyQ WUDULR
FiQWDURDWHQ W
RDTX H O
DUD
GHOD]yQT XHHQWRQF HVKXE RSDUDH OO
RQ ROLPt WD KR\
GH ORV DOFDOGHV\ GH WRGDV ODV YRWRVTXHSHUVRQDVTXH VH,W KDOODUHQ
HURRUGHQ R PDTXH
\ QGR TX HQLQ WLHQHQ
 J~Q DOFDOGHU HJ
QL
L
GR UT 
XH D KRUDHV RD G a
IXHUHQYHFLQR
V
FRQ LQGLRV\VDTXHQORV PiVYRWRVWXYLHUHQ
\GHO
DVGRVTXH
SUH ODQWH IXHUH HQHOGLFKR FDELGR
O SRU
HOWLHPSR TXH IH XU
H QR S XH GDWU aW D U P
VRQDVTXHI
XHUHQ VLQ
LQGLRVQLHQFRPLHQGDV
DTXH Q RWURV PiVGRVTXH
YRWRVWX FR QWUDW
DU HQFRVDVGHFRP HUQLYHQG H U
SDQ FRFLGRQLYLQR QLRWUDF XDOTX LH UF aV D
YL
HUHQ \GH HVWRV
F
XDWURHOFRUUHJLGRU
HVF
RMDGRVTXHOHSDUHFL
HUHH
OXQR TXH GHFR PH US RUPHQ X GRDQXT XHVHD GH VXFRVHFKD 
VR SH QDGH O DWHQHU SHU G LGD
WH
Q JDLQGL
RVH
QHQ FRPLHQGD\HORWUR
VLQ
HOO
RV\HVWRV
VHDQDOFD
OGHVDTXHODxR \ GH FDHU H
Q SHQD GHFLHQSV H
RV FDGDY H ]TXHOR KLFLHUH<SUL Y DFL
yQ GH V XV
\OXHJRVH
UHJXO
HQ ORV
YRWRVGH UHJLGR
ORV
UHV\GHW
RGR V
ORVYHFL
QR VFR
QLQG
L RV RILFLRV
TXHWXYLHUH
QYRWRV
SDUDWU
HVUHJLGRUHV
VHVDTX
HQVHLV
OR
VT XH
PiV YRWV
RWXY L
HUHQ \ SR UTXH\R GHMRRUGHQD GRTXH ORVL
QGL RV
T XH VHUHSDUWL
H U HQ aDUD OD S OD] D
\GHWRGRV
HVW
RVHOFRUU
HJLGRU HVFRM
DF
LQFRORV
TXHIR
SDU HFL
HUHTXH VHDQ
YHFL GHHVWDFX LGDG\ O
RV\DQ DFRQ DVTXH KDVWDD TXtQRK DQ SDJD GR WE UL
XWR <RWURV
QRVFRQ LQGLRV\ TXHQR WH
Q JD
LQGLRV
RWUR\DTXHOORV
V
H DQUH
JLGRUHV LQGL
RV HLQG L
DVFD VDGRV\VROWHURVTXH WLH
Q HQVXV UDQFK HUtDVH Q FDVD GH ORV YH
< KHFKR HVWRORV
DOF
DOG HVGHO SDVDG
DxRRHQWU
HJDUiQODVYDUDV
DOFRUUHJL FLQRV\HF QRPH QGH URVGHHVWDFLXGDG \QR WL
HQHQ KHFK RV DLV
HQ W RV GH
VHU YLU S RU
GRU\HOFRU
UHJLGRU
HQQRPE UHGHOFDE
 LOGR\FLXGD
GOHVUH
Q GLU
iODV
JUDFLDVD DxRVHUHG XF]DQ DGRVSDUURTX LD
VTX HTXHGDQ V
HxD ODGD VSD UDTX HDOO
tVDQH GR F
HOORV\D
ORV
UHJL
GR U
HV\SUR FXUDGRUSRU
KDEHUXVDGRELHQR VXV
ILFLRV
\ OXHJR W
ULQDGRV \ HQVHxD GRVHQQ XH VUD
WVDQ W
D IHF DWyOLFD
SRU FXUDV SRS UL RVTX Ha  aD
HQWUDUiQ
ORVD
OFDO
GHV\UHJLGRUHVQXHYDPHQWHH
OHJLRV
G K DU
\
i
Q VXMXU
DPHQ WRHQ HOO
RKH S UHV
HQ W
DGR HQ QRP EUHGH6X 0DMH V
W DG\FH VHQODVE" UUD FKHUDa <YL FWRV
O D
IR UPDDFRV
WXPEUDGDTXH XVDUiQEL
HQ VXV
RILFL
RV\H
VSH FDO
L
PHQWH MXUDU
iQ TXH \RWURVHQ TXHSR UQR
H VW
DU SREODGRV VHUHFUHFtD
Q \K D\ DPa
RU DSDUHMR GH FDV 
ODH O
HFFL
yQTXHKXELHUH
QGHKDF HUSDUD
HO
DxRV
LJXLHQW
HODKDUiQELH
Q\GHUHFKD WL
JDUORVD S
\
DUWDUORV HVW
RGH
VYLFLRVTXH KDVWDDKRUD KDQ QLG WH
R RUGHQR <PD Q
PH QWHVLQ
DIL
FLyQQL
RGLRWQL
HHQ GRFHX
QWDV
RODPH QWH FRQ VHUYL
FLRGHO
H'LRV\ GR TXH QLQJ~Q YHFL QRHQFRP HQGHUR LQGLRV
GHQLR WUDVQ L
Q JXQ DVSU HVRQ D VQR
GHO5H \EL\
HQGHVXU
H S~EOFD
L K \
HF
KR HV
WRHOFR
UUHJLGRUG OHV
DUiODV
YU DVD WHQJD HQVXF DVDUQ DF
K HU
tDVGHLQG LRVQLLQG LD
VFDVDGRV <VR OWH URV DXQ TX H GLJD
DO
RV DOF
DO
GHVHQQRP EUH
GH 6X 0DMHVW
DG TXH VRQ RILFLDOHV\DQD FR
QDV \TX HK DQ QDFL
GR \F UL
D GR HQ VXV FDV
aV VDO YR
< RWUROXHGtD
JRVLJXL
HQWH VH
MXQW
DUiQ HQ
FDELO
GRHOFRUU
HJ LGRU
D
OFDOGHV\ DTXH OORVTX HK XELHUHPHQ HVWHUSDUD VXVHUYLFLRRU GLQDULR \O RVWaYL H UH FRQ
U H
JLGRU HV
QXHYDPHQWHHO
HJLGRVO \
RV
DOF
GH
D
OGHVHOHJL
Ui
QXQ R\XQUHJLRU
G SDUD FHUWDGR VSRU DxRR  DxRV
D QWHHOF RUUHJL
GRU \HFULE

V <O HV K XELHUH SD aD GR
TX HW 
HQJDQ
ODVOO
DYHVGHW
HQ HGRUHVGH
ELHQHV GLIXQW
GH
RV 
FRQIRUP HD
ODVRUGH HQILQGH FDGDXQDxRSRU SUHVHQFLD GHO
PLV PR FRUUHJLGRU VR SHQ DTXHVL D VWQR
25'
(1$
1=$6
'(/
9,55(
<
72/('2



 0$5
$-8
67,
1$6$5$%,
$9,(-
2
PR
PHMR
U
SD
UHF
L
HUH
D
OFD
ELO
GR
GH
DG
O
LFKD
FL
XG
DG
FX\
UV
DGH
OD
V GLFKDV
SD

ORK LFLHUHODMX VWL
FLD GHUOH
E
UL
HODV UDQFK H
UtDVTXHHQ VX FDVDWXYLHUH\OH VD
U
URTXLDV
TXHORV WDOHVLQ GLRVSRU IXHU]D\ PiV GHGRVFLHQWRVSH VRVDS OFD
LGRVSDU D
ODFi 
,W
HUR
SRUTXHHVWR\L
Q IR
UPD GR TXHDFDXVDGH
WRP DUORVHQFRPH QGaU
RVO
R V
PD UD\ RE UDVS~EOLF DV\GH QX QFLDGRUSRUW 
HUFLDVSDUWHV
L
QGLRVT
X H
KDQPHQH VWH
USDU
D HOVHUYLFL
RGHVXFDVD
GH PD QRGaORVaDFaTXHV
<
< SRU TXHV R\ L
QIR UPDG R TX HSRUODIODTXH]DHLPE
 HFLOL G DG\PXFKR UHV QRGH
OD
MXVWLF
LD
KDKDELGR
DOJX QDUHP L
VLyQHQO
DSDJD GHORV
GLFKRVLQGLRV
RU 
SHWR TX HW 
LHQ HQOR VL
Q GLRVDORV HVSD xROHV
HVSHFLDOPH QWHD VXVHQFR PH QGHURV GHQR\PDQGRTX
HG 
HDTXt
DGH ODQW H
ORV
LQGLRVPLWD\RVTXHORVYHFaQ R
V<HQFR
QR WLHQHQ OLEHUWDGQLFD SD F
LGDGSDUD TXHVH
OHVSX HGD FRQILD U
\VDEHU KDFHUORV PH QGHUR
VKXELH
UHQPHQHVWHU
SD UD H
OVHU
YLFL
R GH
VXVFVD
DV ORV
FRUUHJLGRUHVVH
ORV
DVLHQWRV GH VX VRILFLRV\ SXHVDP tFRPR VXSURWHFWRU LQFXP EHSU RFXUU
D TXH GHQ

SRUOD
RU
GHQ\DO
RVSUHF
LR V
TX HD
O
RVGH PiVHVWDQ
W HV
\KDELWDQWHVVH
VXHOHQ
QR VHDQ G HIUDX GDGR VG HVXWUDEDM R
K DELpQGR PHS UL
PHU RLQIR U
PD GRGH O
R TXH UHSDUWLU
HaOD
SO
D ]
DO RV
\GLFKRVH QFRPHQ GHURV
QRORV
S XHG DQW
RPD UGHRWUDPD 
DOSUH VHQW HVHU iMXVWR TXHJD QHX QLQGLRLQGR L
D HQ VXPD QRDVLVWL
HQGR FRQ 
QHUD
VRSHQD
GHFDGDFLH
QSHVR VDSOL
FDGR V
FRPR GLF
KR HV
WLQXD PHQ WHDVHUYLUDVX DPR HQH O
H QW
UHWDQ W
RTXHYDULHGD G\ PX GDQ]DG H
WLHP
SRV RWUD FRV DGLHUH DHQW HQGHURUGH QR\PDQ GRTXH FDGD XQ LQGLRTXHD VH
Q ,WH
UR
RUGHQR\PD QGRTX HWRGRVORV
YH FLQ
RVHVWD
Q WHV<KDELWDQWHV
<HQF a
WDUHDVH UYL USR UX 
Q Dx RVL
HQ GR GH HGDG GHGLH
] \VLHWHDx RVDUULEDVHOHGp PH DGHURV
GHLQGLRV
\RWUDV
FX DH O
VTXLHU
S H
UVRQ DVGH
HVWDFLXGDGGHQ W
URGHVHWV
GH VROGD GD \ VDODULRSR UFDGD DR xG RFHSHVRV\ PH GLDI DQHJDGH PD t]FDGD GtDVGH
VSXpVGHODSXEOL
FDFLyQGH HVWDV
RUGH QDQ]DV
DQWH FR
HO UH U
JLGRUGHHOOD
PH VSD UD VXFP RLGD \ FDGDL GLD
Q GH ODV TXH
IXHUQH GH GLH]\VLV
HDxR VDUULED GH F
ODUH
QORV
LQGLRV LQGLDV
H
FR QT XHSLHQVD
Q TXHGDUGH RUGLQDUL
RSD UDVHUY
LFLR
JDQ HSRU F DGD DxR VL H
VSHVRV\X Q YHVWLGRGHDO
JRGyQ \VX FRPLG DTX HV
H H
Q  GHVXFDVD
\TX H
TXHULHQGR
HOORV GHV
XYR OXQWDG
VHUYLUOHV
HDVL
H QWHQDQWHHO
GL
WLH
Q GH VL
Q FD UQHPH GLDIDQHJD GH PD t
]\ THXO RV
D LQGLRV\ FKLQDVPH QRUHVGH FKR FR
UUHJL
GRU\HVF
ULEDQRDOR Pi V
ODU
JRS RU
GRVDxR V
GiQGROHSRUFDGDXQ
R
O
RV GLF KRV GLH]\V L
HWH DxRVRGLH ]\VHL
VVHOHV VR
GH
ODP HQWHGHYHVWLU
KRQ HVWD ORTXHDUU
LEDH
V W
iGHFO
DUDGR
\ OR VGHPiVVHV
DTX HQ
DSREO DUD
ODVGLFK D
VSDUUR
PH QWH \ GHD DOOt
G HODQ WH
JDQ HQHOVDODUL
R 
FRPR DU ULE
D HVWiGLFKR TXLDV
VRSHQDGHOT
XHQRORKLFL HUH
TXH HV
O
HUiQTXLWDG RV
WRGRVOaVLQGLRV
Ta H
WXYLHU
H
\ PiV V
HUiFRQGHQD GR HQWUH
VFLHQ WR
V
S HVRVGH SHQDD
S OLFDGRVVHJXQ
,WHUR RUG HQR PD \
Q GRTX HD ORVL
QGLRV JDQDGHUR VVHOHVGpGH VDODULRDO
UHVSHF WRGH RF KRSH VRV\PiV PH GLDID
Q HJDGHPDt]S RU PHV \O RD
V ODE
UDG RUHV GLF
KR
HV
VHOHVK DJDS DJD UXQ
SH VRSRU FDG D
XQ PHV \PHGLDID QHJ D P GH
Dt]\WLHU
UDHQ ,WH
UR
RUGHQR\PDQG
RT XHO
RVDLV
HQWRV
GHORV
GLFKRV
LQ GL
RVHL
QGL D
VTX
H
TXH VLHP EUHFX DO
PiV TXLVLHUHHOGLFKRLQGLR KDQ
GHV
HUYLUSRU VDxR
H
K D
JDQD 
QWHFRHO
UUHJLG
R U
\ HQ
VXDXV H
Q FLD
DQW
HVX
WH
,WHP FRQIR UP iQGR VH
FRQX Q DSURYLVL
yQ GHOD$X GLHQFLDUHDOTXH VHKDOOy QLH
QWH
\QRDQWH
RWUR
XH]
MD
OJXQR\
SRUDQ
WH
XQRGH
O RVHVF
ULEDQRVGHaVW
DFL
X
HQ HODUF KLYR G H
HVW DFLXGDG\ SD UHFLp
QG RPH FRVDUD] RQDO EH\FRQY HQLHQWH
H Q GDGS
RUV
XWXUQRXQ
DxR
XQ R\
RWUR
DxRRWUR

SRU
ORF
XDOOO
HYH H
OHV
aQ EDQR
OD
HOHQ W
U HWDQ WR
T XHRW UDFRVDGDDHQW HQGUHO D
PXG DQ]DGH OWLHPSRRUGH QR\PD Q PLWDG
GH
ORVGHUHFKR
V
TXHO
HSHUW
HQHFDQ
tDO
HVSDxRO
SRUTXHD RW
OUD
PLWDGQR
OD
GR TXH ORV LGL
Q RVTX HYLQLHUHQDVHUY LU
HQHVW
D FL
X GDG\ YHFLQRVGHHOODTXHVRQ KDGH
OO
HYDU
DORV
GLFKR
VL
QGLR
V\TXH
DQWHV
TX H
KDJDORV
DV
LHQ WRV
H[DPLQHQ
ORV
ORVTX HDOT VHXLODQSDUD ODSOD]D JDQ H
QF DGDXQGtD FRQ IRUP HD
ODG L
FKDS U
R LQGLR
V
VL
ORKDFHQ
GHVX
YROXQW
DG\V
LW
LHQH
QD
VXVPXMHUHV
HQ RWUD
V
SDU W
HV
GH
YLVL
yQ QXH YH JUDQRV GH SODW
D FRUULHQWHPDU FDGD\
SRU TXH VLQHPE DUJRTX HDVt PD QH
UD
T XH
Q R
UHFLE
DQ
YH
MDFLyQS
UR
FXUDQGR
VL
HPS U
HTXHQRHVWpQPXFKR VDx
RV
HVWDE D RUGHQ DG R\
PD QGDGRSR UOD
GL F
K DSURYLVLyQVR\ LQIR U
PDG RTXH
 K DVWD HQXQDFVD
D OR V
GL
FKRVLQ
GLRVSRU
TXHQRSDUH]FD
Jp
Q HUR HVFO
GH
D
YR QL
VHU
DJRUD QR VHK D QSDJD GR DOR
V GFKR
L V LQ
GLRVPi V GHPH GLRSHVRFD GDVHP DQ D YLGXP
EUH
TXH VDO HQ
DRFK RJUDQRV SRU GtD\ TXHORVLQGLRVSDUHFH TX HKDQVLGR HQHV
W R \ SRUTXH
SRURFDVL
yQGHOD
Y H
MDFL
yQTX HSRUHVWD
V RU
GHQDQ] DV
VHTXLH
UH
GHIUDX GDGRV \ ORVHUtDQ GH DTXt DGHODQWHVL
Q R ORV
S DJDVHQ HQ WH
UDP H
Q W
HR VH TXLWDU
DORV
LQGLRV
SRGUtD
VHU
TXHQR
 TX LHVL
VHQ
ORVLQ
GL RV
QLL
aGLDVVHU
YLU
D
HVSD
FRQ YLUW L
H V
H HQ SURY HFK RVX\R \ SRUT XHQLQJ~ Q
E LHQK D\ SDUD H
OORV PD\ RUQL xROH
V\SR
UHVW
DFDXVD
IDOW
DVH
HOV
HUYLFLR
QHFHV
D UL
RDORVYHFL
QR VH
VW
DQWHV
<aD
SDU DQL QJ~Q FUL V
WLDQR TXHODH Q
V Hx DQ]DGHODGRFULQD
W FULV WLDQ D
HVSLULWXDO
PDQ  ELW
DQW
HVHQ
HVWDFLX
GDG
RU
GHQR\PDQG R
T XH
HOFRUUHJL
G RU
DOFD
OGHV
<DOJX
DFLOH
V
GR TXHGHDTX tDGHOD QWHDO
RVLQGLR V\
DFDGDXQ RGHHOORVVH
OHGpHO
GLF KR
PH GLR WHQJ
DQPX F
K R
FXLGDGR
GH QR
FRQVHQWLU
TXH DQGHQ
YD JDP XQGRV
\ DO
RVL
QGL
RVH
SHV RSR UVHPDQ DTXH
 VD OH
DORVGLFK RV
RFKR JUDQRV\HORWURJU DQRD
FX PS OLPLHQ LQGL
DVTXHOR
IXHU
HQ
\QRHVWXYL
HUHQ
RFXSDGRVHQRILFLRV
RODERUHa
G H
FKiFDUaV
WRGH RVO
QXH YH HOFRUUHJLGRURS HUVRQDTXH SRUpO
WX YLHUHDF DU
JRHO U
HSDUWLU
GH 
VX
VWHQWR
GHV
XVSDGU
HVR
R UDV
W RFXSDFRL
Q HV
O
HVFRP S H
ODQ\DSUHPLH
QDTXHVLU

ORVGF LKRV LQGLRVOR FREU H
GH ODSH UVRQD
R SHUVRQDVD TXLH QVHUHSDW U
L
HUHQ V
\ H YD
QDOR
VHVSDxRO
HV\HVWR
HMHF
XWHQPiVULJRUDORVLQGLRVHL
QGLDV
VROW
HUDV

KD JDF DUJ RGH HOORSDU DTXHGH D OOt
VH
SDJ XHHOVDODULRG HORVFXUDVTX H
H VW
iQ QR
GDQGRQGLD
L QL QJX
QDDHVSD
xROTXH QR
V
HDFD VDGR
VHxDODG RVSD UD HO
VH UYLFLR
GH ODVG RVSDUURTXLDVFRPR VHGLFH H
QRWU DGHHVWDV ,WHPRUGHQR PDQ
\ GRTXHO
RVLQ
GLRVRIL
FLDOHV
GH SOD
WHUtD MXQ
VH
WHQ
W
RGRV
RUG HQD Q]DV \H VW
R SRU OD
SDUWHT XHWRFDUHDHVWRVLQGLR V
GH OVHU
YLFLRGHOD
S OD]D D
XVDU
VXV
RILFL
RV\
ODEUD
UO
DSOD
WDTXHHV
O
GLHUHQDODEUDU
HQXQ D
SDUHW
S~EOLF
D
GH HVWDF LXG D
G SRU TXH SRUORTX HK DGHWRFDUDORV\D QDFRQ DVHLQ
GL RVGHVHU GH
HV
WDFL
XGDGTXHOH
VHDVH
x DO
DGDS
RUHO
FDELOGR
SDUDWUDHUV
XVWL
HQGDVGH
O
DERU
YLFLRV HOHV KD GHUHSD UWLU
VX UDWDLJXDOPHQ WHDHVWRV \VLGHODGLFK D
UHS DUWL
 SRU
TXHGHQR V
HKDEHU
KHFKRHWR
VD VtHVW
R\ L
Q IR
UPD GRT XHUHV
XOWD
QPXF K
RV
FLyQ VRE UD UH
D OJXQDFRVD VHSRGU iH[ SHQGU HHQ
R UQ D
PHQWRV GHODVLJ
OHV LDV
GH V
XV
L
QFR
QY
HQLH
QW
HV

SDU URT XLDV R
H QYHVWLULQGLRVSREU HVGHORVPLVPR VTX HD\XGD QD
FR QWUL
EX L
UFR
 0$5$
-867,1$
6$5$%,$
9,(-2 

25'(1$
1=$6
'(/
9,55(<
72/('2

,WHP RUGHQR\PDQGR TXH


KDELWDQWH
QL QLQJ~QYHFLQRHVWDQWH
HVWD
FLX HQ FR QORV PLQLVWURVFRQ TX LHQ YR\ K DFL
HQ GR HVWD9LV LW
D *HQ HUDOKH H QWHQ GLGRTX H
GDG QL HQVXVWpUPLQRV\ MXULVGLFFLyQHQORV QL HQRWUD WDPERVQL
H VVQLFRPSDUD FLyQ HOGHQ
D xR PD\ HVWDQFLDV
RUTXH H OTX HD QWH VH V
H QWHQGtD \ HQW RWDOGHV
FXDOTXLHUDSDUWH QL KDJDSXHGDKDFHU
FKLFKDGHPDt]QL
FRVDSDUDYHQ GHRWUD WUX FF LyQ
GH VXVKD FLHQG DV \ OD GH
VFRPX Q LGDGHV \ HQ PX FK DVP X HUWHVGH LQGLR V
GHU
QLOR YHQGD
DLQGLRQL FRQVLHQWDTXHVXVPXMHUHVGHXGRV
QL
IDPLOLDU
HVFULD TXH PXH UHQH Q
S URVH FXFL yQ GH OR
VVXVRG LFK RVS OHL
WRV\ OR SHRUH VHQPXFKD FR 
GRV
QLFULDGDVPHVWL]RVQL PHVWL]DVQL SH U
VRQ D HVFODYRVLQGLRVQL
UUX SF LyQGH VV
XFV RWXLQGLDVQL
PEU HV SRU T XHGHW UD WDUORRWUD
V VHKD Q PR V
WUD GR DEXV FDUWHV 
OR KDJDQ HQVXVFDVDV\ HVWDQFL
DV
VRSHQ
UDQFKHUtDVQL
D
SRU
FD GDYH]VL HQ VXV WLJRV IDOVRV\D XVXU SDU O RV Pi VFY DLORV R V
OD VK DFLHQ GDV GHORV T XHQR ORVRQ
IXHUH YHFLQRR
RWUD
SHUVRQD KRQUDGD GH TXLQLHQWRVSHVRVDSOLFDGRV
VHJ~Q GH \ KD FHURWURVHPEXV WHV HL 
QY HQFL
RQHVP X\ GD xR VDV DVXV UHS~ EOLF DV<T XHU LH
QG R
VXVR
\VLIXHUHSHUVRQDGHPHQRVFDOLGDGOHVHDQ
GDGRVFLHQD]RWHV\
GH VHUU
WD GR SUR YH HU
GHUHP HG LRD WRG RO RVXVRG LFK
R KDE L
pQ GR ORWUDWDGR FQ RP XF KD VSHUVR
GHHVWHGLVWULWRSRU ODPLVPDSHQD GLH] QLQJXQ
DxRV\
PDQGR
DSHUVRQDTXH
VR QD VG HFLHQFL D
\ FQ RFLHQFLD \ FHORVRVGH OV H
UYLFL RG H'L RV \GH 6X 0D M
HVWDG <
FRQVLHQWDHQVXFDVDERUUDFKHUtDV
QL
WDTXLVGHLQGLRV EL HQ GHORV
GLF KRVQ DWXUD OH VPDQ GRTXHF HUFD GH ORVGLFK RVSOH LWR V
WRG RVORVLQ 
< SRUTXHSRU H[SHULHQFLDVH TX HVHFDXVDGHODV
 YHHOPXFKR
ERU UD GDxR GLR V FFL
DTXHV S ULQFLSD
\O H V\ SDUWL
FXODUH V\V XV FR PX QLG DGHV\S XHEO RV GHORV
FKHUDVTXHORVLQGLRVDFRVWXPEUDQD
KDFHU
DVtDVXVDOXG\FRVWXPEUHV
FRPRHQ U HSD UWL
PL HQWRVTX HKD\ HQ ORV WpUPL QRV
\ MXULVGLFF Ly Q
GH H VWD
F LX GDG \ORVMX H
FH V
HVWRUEDU
OD
UHOLJLyQFULVWLDQDTXH KDFRPHQ ]DGR
DSODQWDU
HQHOORVVH
\ WRUQ
DU V
H DVtDOFDOGHVGHLQGL RV FRPR FRUU HJLRGUHV YLVLW
\
DG R UHV\ GHP iV MXVWLFLD TXHK D\
D VXVDQWLJXRVULWRV
\FHUHPRQLD VRUGHQR\PDQGR WHQJDPX FKR
TXH OD MXVWLFLD \KXE LUH
HHQ HVWDGLFK D FLX GD G\H QORV GLFK RV UHSDUWLPL HQWRVH QORVSH OLWRV
FL 
FXLGDGRGHFDVWLJDUODV HVWRUEDUOR ORTXH
ERUUDFKHUtDV\
DHOORV
WRGR
IXHUHSR YLO
HV \FULPL QDOHVGH SR FD LPS RUWDQFLDTX HGH DTX tDGH ODQWHK X ELH UH
JX DUGHQOD
VLEOH\ YLVLWDU \ DVLHQWRV
VXVSREODFLRQHV
\SDUD
TXH HVWRWHQJD F XPS OL
GR PiV IRUP DR \
U
GHQ VLJX L
HQW H TXHOR HQ
V SOHLWRV GH YL HQW HSHVR V DED M
R QLQJX QD
HIHFWRPDQGRF DFLTXHR
TXH D FXDOTXLHU SULQFLSDOTXH
IXHUHEDLODGR
ERUUDFKR FRVD VHHVFULEDVRE UHHOOR V GH GHPDQ GD QL GH UHVS X H
VWD Q L
G HSUR ED Q]DVVLQROD V
HQERUUDFKHUDRMXQWDGHLQGLRVSRU
ODSULPHUD
YH]VHDGHVWHUUDGR
XQ
D xRGHVX SDUWHV SD U
H] FDQDQ WH HOD OFDO GH GHORV LQGLRV RF RUUHJL GRUYL R
VLWDGR UR RWU
R
UHSDUWLPLHQWR\DTXHODxR HVWp ODFLXGDGHQ
VLUYLHQGRHQ PRQXQR
DVWH GH ORV MXH] \GHSDO DEUDOH LQIR U PHQ GHVX GHU HFKR \ V
L VHFRQIRU PDU HQ H
Q H O
K HFKR
ULRV\KRVSLWDOHVTXH
ODMXVWLFLDOH QROHDFXGDQVXVLQGLRV
VHxDODUH\ FRQORVDOL H O
M
X H ]
PDQ GHOR TXH VHK D G HKD FHU
\V LH O
WDO MXH]IXH UH DOFDOGH LQGLR \D OJXQD
PHQWRV\WULEXWRVTXHOHVXHOHQDFXGLU
\ODMXVWLFL
D
SRQJDHQ VXOXJDUTXLHQ
JR GHOD VSDUWHVVHDJUD YLDVH SX HGD DSHODUG H SD ODE UDSD UDDQ WHHO FRUUHJLGRU YL R
ELHUQH
<SRUODVHJXQGDYH]SRU WUHVSRU DxRV\GHVWHUUDGR
ORVGLFKRV
WUHV
DxR V VLWDGRU GHVXUHSDUWLPLHQWR 
H OF
X DO
ORD YH U
LJH S RUOD PL VPD RU GHQ < GH ORTXH
GHO GLFKRUHSDUWLPLHQWRD WHUFHUD
OD VHD \SULYDGR FDFLSHUSHWXDPHQWHGH VHQWH QFLDVX
UHQR KD\D OX JDU DSH OFLDyQ\ V LQR VH FR QIRU PDU HQHQ H OKH FKR GDGD
FD]JR\GHVWHUUDGRGHHVWRVUHLQRV\TXHDORVLQGLRVSDUWLFXODUHVTXH
IXHUHQ
K D XQ DGH
O DVSDUWHVWUD HUi WU HVRF XDWUR WH VWL
JRV TX HGH SDO DEUD L
QIR UPH QDOFR
OODGRVHQODV GLFKDVERUUDFKHUDVOHVGHQ SRU ODV FDOOHVGH
ODFLXG DG FLHQ D]RWHV
UUHJL GRU\MX H
]\ VLD FRQ W HFLHUDHVWDULJX DOHV HQOD V
S URED Q]DV HOMXH] VH L
QIR U
R GHOOXJDU
GRQG H
IXHUHQ KDOODGRVHQ
O
DIRUPDDFRVWX
PEUDGD PDUi GHRILF LR
GH RWURV VL Q HVFULELU
H QH OORSDO D EUD\ ODPL VPD RU GHQ VHK DG H
<SRUTX H\R
K H
KHFKRPHUF HG
DHVW
DFLXGDGGH
DOJXQRV
SHVRV
GHRURSDUD JX DUG DU
H QORVSOHLWRVT XH K XE L
HUHGHVGH YHLQW HSH VRVKD V W
DFLH QWR DXQTX HVRE UH
WU
DHUH
ODJXDH OO
D
D
SRUODID
OWDJUDQG
HTXHKHYL
VWR
TXHWLHQ
HGHOD
GL
F KDDJXD H VW
RSH VH
UPLWH TXH VH SXHG DKD FHU
S UR F HVR SR UHVFULWR HQTX HVH GLJD VLQIU
L
\SDUD
KDFHUXQDIXHQWH
DW
HQWRTXHQR
WLH
QHS UR
SLRV

\TX HOR SDUD
TXH
HVW
RIDO PD HVFUL
W D
OR TXH H O
D FWR U SLGLy\ HO
U HR UVH SR QGH \ OR TXH ORV WHVWLJRV GHOD
W
DUHOR
UHSDU W
DQ HQWUH
ORV
YHFLQ
RV \PR
U DGRUHV HOO
D
GH
\VH
UiQHFHVD
ULRTXHVH XQ DS DUWH
\ GHODRWUDGL MH UHQ \ORTX HH OMXH] VHLQIR UPy GHVX RIL FLR\ODVHQ 
KDJD
QODVRUGHQDQ]DV
TX HF
RQYLHQ HQDVt
SDUDTXHWU

DtGDOD
GLFKDDJX
 DV
H D
G HU
HFH WHQ FLD
WRG RHQUHOD FLyQ\ O GH
DV
H QWHQFD LTXH HQH VWRGLH UH
H OF RUU H
JLGRU RMXH ]
HO
DFHTXLDSRUGRQGHGHEHYHQLU \ VHKFyPR
D
GH
UHSDUWLU
FRPRSDUDRWUDV
F R TX HH QO
D UHVLGHQFLD TX HV 
H OHWRP DUHVL Q RK XEL HUHVHQWH QFLD GR MXVWDPHQWH SD 
V
DVDH
VWRWRFDQWHV
RUGHQR\ PDQGRTXHHO
FDELOG
RKDJDOD
VGLF
KDVRU
GHQ DQ]DV JD Ui HO
GDxR TXH KXE LHUH UHFLELGR O
DSD U WHD JUDYL DGD
<KHFKDVODV HQYtH
DQWHPt
SD UD
TX H
\ROD
VFRQIL
UPH\D SUXHE
H\
SURYHDOR
T XH < HQFX DQWRD ORVSOH LWRVTX HVXH
O HKD E HU HQWUHORV LQGLR VVRE UH FKiFD UDV
PiV F
RQ YHQJD  D JXD V\iUEROHV SD VWR
\ V FR PR QR VXED ODH VW
LP DFLyQ GH ORVGLFK RVFLHQ SHVRV
< SRUTX HVHKD
HQWHQGLGRT XH
ORVQDWX
UDOHV
KDQJDVWD
GRPX FKDVXPD GH V H
JX DUG
D U
iPL OD
VPD RU GH Q DVHQWDQ GRV LHPS UH XQHQ OLEURT XH SD UDHV W
H HIHFWR
GLQHURV KDFL\
HQGD
DVt
G H
ODFRPX QLGD
GFRPR VX\DSURSLD
HQVOR
S O
HLWRV
T XH KD G HKD EHUHQHODU FK L
YR GH ODFDEH ]D GHO UHS DUWLPLH Q WRODUH ODFLyQ GH OSOHL
W R
KDQPR YLGR\TXHKDQPX HUWR
PX FKRQ~P H
UR L
QGH
GLRVHQ
LU\YH
QLU
D O
DUHDO TXH KXER\ VREUHT Xp\ OR T XHVHGH WHUPL Qy SDUD TXH VREU HHOORVP PL R QRSXH 
$XG L
HQFLDGHORV5H\HV
H QV
HJXLPL H
Q W
RGH
HOORV
GH
ORFXDO
VHLQIL
HU
HHOPX F
K R GDKD EHU PiV SOHLWRV \ VL DOJXQD YH] VH W
R UQDUH VRE UH pOV
H KD EOHO RT XHVH
GDxRTXHORVGLFKRVLQGL
 RVKDQUH FLELGR
\UH
FLEHQH
QSHUPLWLUO
HV
TXHW
UDLJDQORV GHWHUPL Qy
GLFKRV
SOHLWRV
\ HQ QR
D
GPLQ LV
WUDUOHV
MXVWLFL
DSRU
ODIR
UPD \WDQ
VXPDU LDPHQWH < HQFX DQWRD ORV S OHLWRVTXH HQWUH O
RV G LFKRVLQGLRV KX EL HUHTX H V
H DQG H
\SRU
ODRUGHQTX H6X
 0DM HV
WDGWLH
QHRU
GHQDG R
\HQV
DOLUV
HGHV
XVWL
HU
UDVHQVH PD \RU HVWL
PD FLyQ T X HORV GLFKR VFH L
Q SHVRV OR VGLFK RV MXHFVHD YHULJXD Ui
Q OD
JXLPLHQWRGHH OO
RVDO
]iQGRVHGH VXV
RILFL
RVWUD
WRV
\ JUD
QMHUtD
V\KDFLp
QGRV H YHUGD GSRU HVFUL
WR EUHYH \ VP XDULD PH QW HSU RQ XQ FLDQ GR VHQWHQ F L
D RtGD VODVSU D
SOHLWL
VWDV\FQRIRUPHDOD
IODTXH]DH
LPE H
FLOL
GDGGH
ORVPLVPRVQDWX
UDOHV
\S R WHV\VL
D O
JX QDGHOD VSD UW HVDSH ODUHRWR UJD UHOK DQ O
D GLFK DDSHOD FL yQ\ HQ YLDUiQ
FDLPSRUWDQFLD\FXDO
LGDGGHVXVSOHL
WRV
DKRUDTXHSRUPL
S URSL
DSHUVRQD\ HOO
RV GHVXP DUL
R HOS URFH VR RUL
JLQ DODO SURFXUDGR UR OHWUDGR T XH HVWi VHxD O
DG R

0$5$
-8
67,1$
6$5$
%,$
9,(-2

Ta
SDU
D
ORV
LQG
LRV
HQHO
MX]JDG
RRW
UL
EXQD
OVXS
HUL
RU
TXHGHO
 WD
OSOHL
WR Gt
QR
FU
HDGRQGHVH
GHWHUPLQ
DU
i
HO
GLF
KR
SO
HLWR
FRQ
IRUPHWL
 aXLHa
H&2
DXa
RV
VLQ
DG
PLW
LU
RWU
DDSHO
DFL
yQ
SUXHE
DQL
DO
HJ
DFL
yQ
D
Vaa
\ V I
RU
aa
PLVPRV
TXL
HQV
HWUD
W
DUH
HO
GLFKR
SOH
L
WR
YD\D
QQ
LXHGD
SQLU
HQ VX 
V WRV
LQ HQWUH
SHQ
DV
TXHD
EDMR
L
UiQGHFODU
DGD
V VHJXLQQHQWR

V
RODV
\VL
HO
SOHLWR
RSOHL
WRV
IX
HU
HQGH
WDQWD
FD
OLG
D
GTXH
VHD  
GXH

   QHF
HVDQ
RD 
VLVW
LUV
XV

QVD
 H
RV
HQYLDQGR
HO
FR
UUH
JLG
RU
UH
ODFLy
Q
GHHOO
R D([FH
6X
O  
FtpQ TXH
GROH FRQYLHQH
VH
O
HV
GDU
i
OHQ
LFFLD
\GH HVWD
PDQHUD
SRGUiQ<SDUH
GH
RWUD
PDQHUD
DO
JXQ D UDQLU<QR
\SR UTXHSRG
UtDV
HUTXH
OR
VD
OFD
OG HV\
FRUUH
JLGRUHV
R YLVLWDGR O 
JXQDV
FDX VDV
QR
DGPLQLVWUD
VHQ
UH
FWD
MXVWLF
LD DOJXQ
DRV
G  ,L WL U HV
SRU
a

FRV
DGXUDUHPL
WLU
HOUHPH
GLRGH
H
OOR
SDUD
ODV
UHV
LGHQFLDV
aXRa OOJDQ
aHV
\ VHaLD 3529
,6,213$5$
48(
12
6(
3/$17(1
0$6
&+$
&$5$6'( 
&$&2
TXH
FXDQGR WDO   [F HH
QFUDSHUPL
WH
  F DV
R DFR
QWHFLHU
H
HO
UHOL
JLRV
RTXHDV
LV
WLHUH
DOD GRFWL Q
UD
G &X]FR


H
PDU
G]
RG
H 
GLFK
RV
LQG LR
VTXH
OLWL
JDUHQLQIR
UPH
SRUXQD
FDUWD
D6X F
Q
   HRV
$XGL  HUHQ
L-?F L
DRD-D
UHDO
HQFtDSD
UDTXH
VH
SURYHDGH
UHPHGLR
OR
FXD
OSURY
HHUi
6X([F  
FDUW
DVPLVLYDV
PDQGDQGRDO
FRU
UH
JLGRU
R M
XH]OR
X H
KT
D

GHKDF H
HQF U
DSR
UV
XV
 'RQ )UDQFLVFRGH7ROHGRPD\ RGRP
U R GH6X0D MHVWDGVX9tVRUUH\
*R
/R
F
XDO
W
RGR
PDQ
GR
TX
HV
HJXDU
GH
FXP
\
SOD
\
H
MHFXW
H
DVt
F
RPR EHUQ D
GR U\
&DS LWiQ
*HQH UD
O
GH HVWRV
UHLQRV \SURYL
QFLDV
G HO3HU~
S UHVLGHQWH
GHO
$XGLH QFLD
UHDOTX H
UHVLGH O HQ
D FLXGDG GH O
RV5H \HV
3RUFX DWQR6X0D M
HVWDG

a] D
a F 
aGRVaQS
 aaaJ,
aaUaa
aH
RH
D a aV
TaXH
OR
FaG
W SRUXQD V
X U
HDOFpGXOD 
WL
HQHS URYHtGR\ PD QGDG R
SRUFDXVDV MXV
WD V
\FXPSOt
HVWD
RUGHQSXVLHUH
SOHLW
RRGHPDQGDHQ
WUL
EXQDO
G  H\aQ
R
F RQWUD O
HUDVDVXVH
UYLFLR\ELHQGH HVWRV
UHLQRV\ OR V
GH
QDWXUDOHVGHHOORV
TXHHQO
D
FDO
GHVRUGL
QDUL
RV FR
PR
HQODV
$XGLHQFDL
V
5HDO
HVa
DaU
HRaFURUHJL
GRUHV
RD
O 3UR YLQFLDGH
ORV$QGHV QRVHSODQWHQ FK iFDUDV
Q
LSRVWXUDVGHFRFDGHQXHYRQL
U   VP LFHQFUD
H
[SUHV
D PtD
I
X H VHUHSRQJDQ ODV
TX HDQ
WVHGHOD GLFKDUH DOFpGX
ODHVW
DE DQSXHV W
DV\OR
PLV PR
HQVHD
JXLU
3HLWRV
IX
H
UDGHV
XVUHSDUWL
PLH
QWRV
SRU
HO PL
VP KK G

ODV
FD
X VD
VH
SOLW  
 R H
FRSH
UH 
UiQ HVWiRUGHQDGRSRUDOJXQRVGHORVFRUUHJLGRU HV
TX H
KDQVLGR HQ
HVWDFLXGD
G\YL
HRV
\
SRUD
SUL
PH UD
YH]
VHUi
QWU
DV
TXLO
D
G RV
<OH
VH
UiQ
GG 
D]RWHV
\
SRUOD
V HJXQG
D
GHVWHUU
DGRVGH
V
XV
UH
DUW
LPL D HRV
UHQ VLW
DG RUGH
ORVGL
FK RV
$QG HV
\HVWR\ L
QIR U PDGRTXHOD
GLFK DRUG
 HQDQ]D\F
pGXOD
O
DW
HUFHUD
GH
HVWRVUH
LQR
V
ODV
FXD
OHV
SHQDV
PD
Q;DUp
HMH
aaa a
aa3Wa
aaa a

<SRU UHDOQRVHKDQJXDUG DGRQLJXDG UDQDQ
WV H\HQGR FRQWUD
HOODVVH DQS
KO
DQWDGR
GHVSXp V
DFiPX FKDVFKiFDU
DVG HODGLFKD FRFD G
\ H
SUHVHQWHVHYDQSODQWDQ
GR\
UHSR QLHQGR\HQ
HVSHFLDOKD\
PXF K DV
FRF K DVTXHG
LFHQV
RQ XQ DV
HUDVGH
VHPLOOD
GHODGLFKDFRFDSDUD
GH VGHDO
OtWUDVSRQ HU\SODQWDU
GHQX HR Y
GH
OR O
V
FXD
HKD
VHJXLGR HQ 5HLQR
HVWH
PXFKRGD xR \P HQ RVFDERHQ
H OEXHQ WUDWD
PL HQW
RTX H
D
ORVQDWXUDO
HVVHGHEHK DFH
USRUT XHPX O WLSOL
FiQGR VHODV
FKiFDUDV VHKD
GHPX O
WL
SOLFDUSRUIXHU
 ] DQ~PHO HURGHORVLQGL RVTXHODV
KDQ GH HQ
W UD
UDEHQHIL
FLDU
\SRU FRQV
LJXLHQWHO
DV H
QIHUP HGDGHV\PX HUW
HV
T XH GH OHV
V X
DOOt
HOHQ
UHV
XOWDU
\
DVLPLVPRVHKDGLVPLQX LGRS
RU KDEHUWDQ W
DHO
YDORUGHO
DGLF KDF
RF D\
SHUGLGR
V
PX FKRVKRPE UHV F
DXGDOR V
RVTXH HQHOO
D VRO
tDQW
UD W
DU
DGHPiVG H
RWURVPXFKR V
LQFRQYH QLH
Q WHV
T XHSRUO 
DGLFKD UD]yQ VHK DQV
H JX
LGR\ SRGUtDQVHJXL
U\SRU
TXH H
Q HO
HQWUHW
DQW RTXH
FRQP iVDF XHUGR \GHOLEHUDFLyQ\
FRQFRQ
V XOW
DGHSHU
VRQDVJUDYHV\H[SHUWDVHQHVWD
PD WHULDV HGD
RUGHQ\DVLHQWRHQO
R TXH
WRFDDO
EHQHILFLR
\FRQVHU YDF
LyQGHHOOD
\DOELHQ GHORV
Q DWXUDOHV
FR QYLHQ
HSURYHHU
TXH
GH XHY
QRQRVHS O
DQWHQPDV FKiFDUDVQL V
HUHSRQ JDQ
ODVS OD
QW D
GD V
DF
RUGpGH
GDU\GtOD
SUHVHQWHSRUOD
FXDOHQFRQIRUP LGDGG 
H
ODGL
FKD RUGHQDQ]D\FpGXD
O
GH6X 0DMHVWDGRUGH
QR \PDQGR TXHGH DT Xt
DGHODQWH
QLQJ XQDQLDOJX
QDVSHU

VRQDV GH
WRGRHVWH5HtQRSXHGD SODQWDUQ LSOD
QWHGHQXHYR FKiFDUDGH
FRFDQL
UHSR QJDO
DVTXH HVW
iQ SODQW
DGD V
QL VLH
PEU HFRFKDVQL
S XHG DWUD
VSRQHUO
DV \D
VHPE UDGDVQLPH WHU
LQGLRVDKDFHU QLQJX QDGH ODV
GLF
KDVFRFK DVV
RSHQDT 
XH

%LEOL
RWHFD
1DFL
RQD
OG
H0D
GULG
0VV


IRO
V


YW
R


 


0$5
$-
86O
,
1$
6$5$
%,$
9,
(-2

OHVU HiD UU
DQFDGR
<TXHPDG ROR TXHD
G
EUD UHFRQ WU
DHV
WDPL
SURYLV
LyQ \  
VL H QXHYRSODQWU D
HU
H SXV
L H
UH\VHP
WG PD V
LQFXUUD H
QS HQDGHG 
D SD UD F
-DiPDUDGH
VX 0D-HVWDG  RVPL SH V
RVOD
PL
  <DRWU DPLWD GSDU
D  G 
SRUUJXD HV
SDUWHV
\HQ
FXDWURD xR G G -XH]< HQX QFLDGRU
K V H HVWLHUU
RGH HV
WRV
5  O
HDVS HQD V
HMHF
XWDUi
QHQOD
VSHU VR
Q EL H PRVDVFXDOHVGL
 DV<U H
QHV GHOR V
TX   
VR DVFD XOH
VPDQGRDO
 UU H
FR
7O
G G  HF R
R
QWUDQRKLFLHUHQ
  R
H U H RV
$Q G HV\DRWU
DVDO

<MXVWLFLDVTXHO
RKDJDQHMHFX
 W DU  
D  FX HV
TX]HUSHUVRQ D
V
W  VL UHPtV
VLQt
pQ DOJXQD
DUDQ HQH OOR
V
ODV
GLF
KDVSH
QD VOR
 WK  VRS HQDTXHV
HH M
HFX
FRQ UDQR DFUHQGR\SDU
G
HWRG

RV

\QQL
JXQRSXHGD
SUHW HQG
HU

JQRUD

QFDPDQGR T
TXHY HQJDDQRWL
FLD
SURYV yQH 
QO
DGLFKD
3URYLQFLDG  $ XHV H
SUHJRQ HHVWD
PL
G
H

D3 D ] H
\QOD
FLX
GDGGH 3,
-D
H RV
WD
QGH
V\H QH V
W
DF
P
G G
DH
OG
&X]FR <O
D 
FKDHQHO
 &X ]
FRD
TXL
QFHG 
tDVGD \TGXH
VHPH HQ Yta
WHVWLPRQLRGHH,R
+H 
a HPHV HPDU ]RGH PLO  3529,
6,21
325
/$
48(
6(
&21&
('(1
35,9,/
(*,26
$
)$92
5
<XQ DQ RV'RQ)UDQFL
VFRGH7 OHG S <TX PHQWRV\VHWH
Q WD
5Xt]GH 1D YDPX HO RRU
R PDQ GDG RG 
H 6X([ FHO
HQF LD
$OYDUR '(/26
0,1( 
526

<XFD
\

G
HPD
\R GH

3U
RYLV
L
yQG
HOYL
UUH\
'RQ
) UDQF
L
VFRGH
7ROH
GRK
HFKDHQ
<XFD\
DGH
PD\R
GH
S
DUDTXH
QR
VH
SXHG
DK
DFHU
HM
HFXFLyQ
HQO
DV
PLQDV
\VXV
SHU

WU
HF
KRVQL
 HQ
OR
VHV
FOD
YRVF
RQ
TXH
O
DV
OD
EUDQ
QLORV
GXH
x RV
GH
H,D
VSXH
GDQVHU
SUH
VRV
SRU
GHXGDV
VLQR
HQ
HO
DV
L
HQWR
\
FHUU
RGRQGH
W
UDEDM
DQ\
F
XHQWD
TXH
VH
KD
GH
WHQ
HU
GH
O
RVIUX
WRV
SD
UD
VDWLVID
FHU
D
ORV
DFUHH
GR
UH
V

'RQ )UDQFLV
FRGH7ROHGR0D\ RUGRPR GH6X 0DMHVWD
GV X9VLRUU H\
*R
EHUQDGRU\&D SLW
iQ*HQ H
UDOHQHWVRV
5H LQRV \
3UR YL
QF LD
VGHO3HU~ \7LHUUD
)LU
PH 3UHV
LGHQWH
GHOD5HDO$XGLHQFL
D GH &L
OD XGDG GH
O
RV5H \HV3RU FXDWQR
HO
ELHQ\
XWLOL
GDGXQLYHU
VDO
TX HV
H
VLJXHGHTXHVHODEUH
Q\EHQHIL
FLHQ ODVPLQDV
TXHKD\HQHO
&H UUR
GH3
R
WRVt
3RUFR\%H UHQJXHOD
\RWUDVF
XDOHVT XLH U
PLQ DV
OR
\ PXF K R
TXHHVW
RL
PSRU WDDO
VHUYLF
LRGH'LRVQXHVWUR
6H xRU
\G H680D M
HV
WD
GELHQ
\FRQVHUYDFL
yQGHHVW
RV5HLQRV\GHIQV
HD\D
QW HO
DFLyQGHOD6DQWD )H
&DWyOL
FD
6X 0D MH
VWD
GSRUVXVFp
GXO D
V \SURYLVL
R QH
V
PH WLHQ H
HQFD UJD GRTXH
Gp
RUGH QFy
PR V
HOD
E U
HQ\EHQHILFL
HQ
ODVGLFKDV
PLQ DV
\
T XHO
RVVHxRHV
UGH HOODV
VHDQ
IDY R
U H
FLGRV
\
D\XG DGRV
\SRUTXHVR\L
QIRUP DGR
TXH GHFDXVDG HK DFHUVH
HM
HFXFLyQ
S RUDO
JXQDVGHXGDVTXHO
RVGFKRV
L V HxRUHVGH
PL Q DV
GHE HQH QORVL
Q
JHQLRV
KHUUDPLHQWV
D
\RWURVSHUW
UHFKRVTX HW
LHQHQSDUD
ODVODEUDU
\ EH QHIL
FLDU
\SUHQGHUOHV
SRU
ODGL
FKDUD]yQVXVSHUVRQDV
VHGHMDQGHO
D EUDU
ODV GLFK D
VPL
QDV
GHTXHUHVX
OWDQ
PXF KRVGDxRV
DVt
DORVVHxRUHV
GHHOODV
FRPR D ORVDFU
HH
GRUHV\
SRUOD
FDXVDGHQRODEUD
UODVGLFKDV
PL QDVQRSXHGH QV
HUS DJ DRGVGH
HOO
DV <
 SRUTXH
FRQYLHQHVH
S RQJD
UHPH GLRDHVWR
GHPD QHUDTXHGH D TXt
DGH
O
DQWHODGLFK
DO 
DERU
\EHQ H
ILFLR
YD\DHQ DXP HQWR\FU
HF L
PL HQWR
\ ORVGLFKRV
VH
x RUHV
GHPLQ DV
SRUVHUID
YR UHFL
GRVV
H DQLPH Q
DODEUDU
\E HQHILFLDUDFRUGp
GH GDUGtODSUH
\
V
HQWH
SRUODFX
D O
PD Q GRTXHVL
DOJXQDSHUVRQDR SU HV
RQ DV
SUHQGLHUHQD
O
RV
VHxRUHV
GHPL QDV
TXHDO
S UHV
HQWHWXYL
HUHQPLQDVHQYH WDVGH
S OD

W
DXRUR
\ ODV
OD
EUDUHQHQO
RVGL
FKRVDV L
HQWRVGHPLQDVGHDTX HOO
DM
XU LVGLF
FLyQ

%DOO
H
VWHU
RV
7RPiVGH
7RPR3ULPHUR OD R
GH
VUDHQDQH
DV
GHO
3H
U
Wt
/L

EUR
;,,
7LWX
O
R'LH]V
HLV
\
Si
J
V Y
W
R


YWR

 0$5$ -867,1$ 6$5$%,$9,(-2

SRUODVGHXGDVTXHOHVGHELHUHQQRVHSXHGDKDFHUQLKDJD
HMH
FXFLyQ
DOJXQDSRU
HOODVHQODVGLFKDVPLQDVQL SHUWUHFKR
V\HVFO
DHQODV
YRV KHUUDPLHQWDVQL RWURV
FRQTXHODEUDUHQ
EHQHILFLDUHQFRQODVGLFKDVKHUUDPLHQWDVQLHQVXV
\ SHU VR
Q DV
SRUTXHODVODEUHQ
\EHQHILFLHQFRQWDQWR WR
FD OD
TXHHQFXDQWRD
D
SUL ORTXH
VLyQGHORVGLFKRVVHxRUHVGHODV
\VXV
HVFO
DYRVFRQ TXHODV
ODEUDQGHQ PLQDV
ILDQ]DVGH OD KD] TXHWHQGUiQ \&HUUR
G H0LQD
SRU
V FiUFHOOD 9LOOD$VLHQWR
HQ GRQGH ODEUHQODV \SR
UODV
 GLFKDVPLQDV
GLFKDVGHXGDVVH
KD FHU
\ SXHGD
KDJDHMHFXFLyQHQORV IUXWRV PLQDV

SDUDTXHVH
TXHVD VDFDUHQGHODV GLFKDV
FDGDVODVFRVWDVMXVWDV
\ORGHPiVTXHSDUHFLHUHVHOHGHEDGDUSDUD
VXVDOL
PHQ 
WRV SDJXHGH OR GHXGDV
TXH

GH TXHGDUHODV
OR FXDOORV GLFKDV
GLFKRVVHxRUHV
GHPLQDV
\PLQHURVKDQ\ GH
UD]yQ
WHQHU H REOLJDUVHGH
FXHQWD
TX
HO DGDUiQ
$&/$5$ &,2 1( 6 $ /$,1 675 8&&,2 1 *(1( 5$/ 
SRUODRUGHQ
IRUPDTXHOHIXHUH
\ PD QGDGRVLQIUDXGH
HQJDxRFDXWHODQL
HQFX &X] FR
 GHMXQLRGH
ELHUWD
DOJXQD
VRSHQD GH TXH LQIRUP
DYHULJXiQGRVH
DFLyQ
EDVW
DQWH TXH HQFRQ
ORV GLFKRVVHxRUHVGHPLQDV\ DUHDO
J~Q
PLQHURVFRQTXLHQVHKLFLHUHQVH KDOO
GR PR G H6X 0DMH VW
DG 9LV R
VX
U
UH\*R 
IUDXGHFHUFDGHODSDJDGHODVGHXGDV\ORTXHWRFDD
VDF DUHQ GH 'RQ ) UD
QFL
VFR GH ORVIUXWRVTXH
7ROHGR 0D \RU   GHO3HU~\ 3UHVLGHQWH
ODVGLFKDVPLQDVFRQWUDORTXHGLFKR
HV
QR
SXHG
DQJR]DUQLJRFHQGH
HVWDPHU  GH HVWRVUHP RV< SU RYPFL D
V
EHUQDGRU \&DSOWD
Q JQ HHUD   H VLGHHQ OD &LXGDG GHORV 5H\HV

FHG\ \ SULYLOHJLR
TXH SRU HVWRQR VHDYLVWRLPSHGLUTXHQR
SXHG DKDFH
U GHO
D 5HDO $XGVH
LHQFLD \&K DQF O
HQD T OXHG
U W L Q RVVHGLH
U RQDORVYLV
LWDGR
HMHFXFLyQHQ ORV GHPiVELHQHVTXH WXYLHU
H Q IXH
UD ORV GLFKRVVHxRUHVGH K ODYLVL
W DJHQHU
PLQDVDHHVRV UH Et
3RUF XDQWRSDUD DFH U  , WUX FFLyQ
OD RUGHQ TXHGHLDQ
GH ORV DTXtUHIHULGRV
< PDQGR D
'DPLiQGH OD %DQGHUDD SUR YHtGR TXLHQKH U GHVSDF KDURQ SDUDK DF HU D QV
HV
JH Q H
UDOHVTXHV
H    G G p HH VWR KDE
LHQ GRPD QGDGRYHU
SRU &RUUHJLGRUGH
OD
3ODWD
\9LOOD ,PSHULDO \VX GH
MXULVGLF
FLyQTXH
3RWRVt XDU
GDUHQ ODGLFKD YL
VLW
D <HVS XV
  
GHWHQ HU\J 
 G G &X]FR
G D SH UVRQDVGH H[SHULHQFLD\D
KDJD
JXDUGD
U FXPSOLU
\HMHFXWDUHVWDPLSURYLVLyQHQWRGR
\SRU
WRGR
F RP RHQ ODGLFKD ,QVWU
XFFLRQ HQHW V
D aP D G SU RYH\ HURQ SDUD TXH VHV PLUD
H\
HOODVH
FRQWLHQHVLQHPEDUJRGHFXDOTXLHUDDSHODFLyQTXH
L
QWH US
RQ RWURV YL
VLW
DGRUHVTX HGH
HQODHOOD
G LF
KDFP aVH
V
 H D OG HFO
DUDFLyQSDUD TXHPH MR
U
JDSRUTXHSDUD HOOROH KDJRPHUR HMHFXWRUFRQWDQWR   H DxD GLHVH
TXHXVHGHH K LF
L HVHDJXQ HVWDPLSUR 
WUDW
D VHFRQYHUUQ
VWD T XHV KL  O GLF
K DYL
VLW
D\YLVW
R\ SODWL
FDGR
YLVLyQHQODV OH
SDUHFLHUH
FRVDVTXH

TXH KDFLpQGRVHORTXH FRQIR UPH GLFKRHV\
FRQ 
PDV DFXHGGHW
U
R < HU PLQ DFLyQVH
 FLHVH  

 GH E

HJX DUGDU\FXP S 
OLU
D HOODORVDFUHHGRUHVSRGUiQ ODVS K
VHUPHMRUSDJDGRVTXHVLYXHOYHQSUHVDV
HUVR UHFLG
R TXH ODGLFKD ,QV WUXFFQ VH 
VRE
UH HOOR
PH S D  GFODU D FLRQHV
\ D
SX QWDPL HQWRV
VL
QDVV
\HYQHGL
HVHQO
DVGLFK
DV
PLQDV
QHJU
RV\
SHU
WU
HFKRVGH
HOO
DV
\S RUHVWD SRU O
RVGLFKRVYLV
LWDG RUHVJH QHUDOHVF RQ D
V H
F
DXVDQR
SXHGDQH[FXV
DUOD
OD
ER UG
H
OD
GLFK
DV
PLQDV
\QR
 GHM
HQ GHOR
DV t
FXP
JXL
H QW HV
 6 G
&D SL
WXO
R GHOD,VWU
QX FFLyQ
SOLU
SRUDO
JXQDP D
QHUDVR
SH
QD GH SH
VRV
PLO
GHRURS OD
DUD &iPDUD GH6X 3UL PHUDPHQ W
HTX HS RUTXHH Q HO HJX QE R VH
GHFODUD\PD Q
0DMHV
WDG
+HFKRHQ
HOYDOOHGH
<XFD D
\YHL
QWH
GtDV
GHOPHV
 G H
PD\RGHPLO\  GL FK RVYL
VLWDGRU HVQ RP U HQ HQJXDV
VH
G D RU
GH QS
DUDT XH RVB GQ RPEU DU
ORV GL
FK RVYLVL
WDGRUHV
TXLQLHQWRV\
VHW
HQWD
\XQDxR
V
'RQ)UDQFL
V
FRGH
7ROHGR
3RU
PDQGDGR GH6X GDT XHQR KDELH
QGR HVSDQROHV OHQJXaV aXH
 D  H
U O
RVPHVW L]RVRSHUVRQDVIL

([FHOHQFL
D
'L HJ
R/yS
 H]GH
+HUUHU
D ODVOHQJXDVTXHOHVSDUHF L
HUH O
RV FXDHV DQ HV
GHGL JQDV
T XHVHKDOODUHQ 
 G
H
O7HUF HUR &D St WXORG HOD GLFKD,QVWUXFFQVHPDQ D
 ,WHPSRUTX HHQ GLTX HH 
VW
HVH
D XQDGH ODV
SU HVRQ
DV
E GRUDG OL
WHP DO
RVP O2 <
6 
TXHVHQRP UHFXUD  K  O H OO
HYH
VLQ RHV
H OHV
FQEDQR <
TX HOH YD
OH O
YL
VLW
DGRU FRQVDaD QR\H, D \ TXLHQ DO JXQDVM
X VWDVFDXVDVGHFODUR
HOD O
JX DFLO
\
pVWRVQRFRaY aHQH TXH WaH a  Q
QaE UDU SRUW
DO FXUDGRUG HO
RVGL
\PDQGR TXHORV
GL FKRVYVWDGRUHVSG  UU HV
SHFWR GH\
O RVSUL
QFLSDOHV
 LQ GL
RT XHVHD ODG
LQR <H PH  
F
K RV LQG
LRVDXQ
   WGHQORVLQGLRVODFRPLG D
TXHK DOO
DUHFDGDYLV LW
DGR
HQ VXSDU WL
GR  \TX a HV 
W
VH
K DF HHQVXE HQHILF
LR
\F DPD U
LFRTXHH OWDO
YL VLWD
GR UOH
VHx D ODUHS
\X WLO
LGDG
/LPD
6H
GLFWDUR
QRWU
RV
R5HYVW
D+LVW
yU
LFD
a7RPR9,,
SiJ V G

t  a
PD U
]RGH


%LEOL
R
DSXQ
WDPL
HQWRV
 GH
LGp
QWLFR
WH[W
RIHF
KDG
RV H Q3 RWR
V
H
W
HFD
1DF
LRQDOGH
O3H
U~
0VV
%

IOV
R YWR



25'(
1$1
=$6
'(/
9,55(<
72/
('2

 0$5$
-867,1$
6$5$%,$
9,(-2
SDUHF
LHU
HOR D
V
DOSDUDJ
WDV
HVW
HUDV\RW
UDV
FRVDV
FRPR
,WHPDGHPiV
GH
ORFRQWHQLGRHQHO
4XL
QWR
&DStW
XOR
GRVHGiO
DRUGHQ OD
WD
V D
HQKOL
DU
KDFHU 
GH
OU
D]RQDPLHQWR
TXHORV
YLVLW
DGRUHV
KDQGH
KDFHU
D
O
RVLQGLRV OHV
VH
DGYLHU
WH YLVLW
DGRUHV
HQ
F DGDSURYP FLD
 OS &
t
WXOR
Y H
LQWH
<WUH
V
TXHWUDWD

TXH
QRHQFXEUD
QSXH
EORVQL
HVWDQFL
DGH
RYHMHURV

QL \XQ
GH
JDV
QLLQGLRV
D
SHU 
 ,W
HUR
DGHPi VGH
ORFRQWHQLG
RHQKH D
O V
DFHUGRW
HV\YLV
L
WDGRUHV
HFOH

 G DV TXH KD
QKHFR  RV V
 
FL
ELpQGRO
HV
TXH TX
OR
HQRPDQ L
IHVW
DUHQ
ORSHU
GHUQi

\DVL
PL V
PR ORVWUpPLQRV
 GHORV
HV
WDWXW
RV\RUHQDQ]   G
KRVY
LVL
WDGRUHV
TXpGHU
HFKRVH
GL H LQI
RUP DU
DQ RV
LF HV
SD
VWRV
JDQDGRV
H
VFRQGULMR
V
GH KXDFD
VRGHO
DFRPXQLG
DGVR
OD GLF
K D
SHQD VLiVWLF
RV
SUDD
ORVP U
RVV OUQRGHO
RVYL
VLWD
GRUH
VVH
JDU
KDQ
OOH
YDGR
SRUODV
YL
W\
L
DV
VL
RWUDV
FRV
DV<
 V
UUQ
V
H
SURYHDO
RTXHF
RQYHQJD
<DV
LP L
VPRV
HOHV
SU
H JXQW
HVL
VXVF
DFLTX
HVRS
ULQFLS
DO
HVR
UHOL
JLRVRV
RFOpULJRV WL FXODU
GHWR
GRSDUDTXH 
TXH
HVWXYL
HU
HQHQ
VXVGR
FWULQD
V
OHV
KQDW
RPD GR
DOJXQD
VFRV
D V
RKHFK R
RWURV
GD \
WUDHUiQ
U
HOD
FLyQSDU
O
G O FRQ W
HQL
GRHQH
F
O
DS

XO
L
WWU
R
HLQWD


VH
LQI
R U
PD UDQ
xRVD R
JUD
YLRV
SDUD
VHOD
VKF D
HUYROY
HU
\U GD
RU
GHQF
PRQ RV
HOHVKDJDQGH 
 ,W
HPDGHPD V H
 G

 W UDQ
GH V
ROW
HURVD
FDVDGRV<
DTXt
DGHOD
QWH QWDUiQTXH
P 
VHQ O 


OR
VGLFKR
VYLVL
W D
GRUHV<SU
HJX   GH WRGRWUD
HUiQUH
DFLRQ
OWHPV
HOH
V
WR PDUi
SRUPH PRUL
DODV
KDFLHQGD
V
W
UDWRV\JUDQM
HUtD
VTXH GHPX F
KDFKRVV D
ROWHURV
TXHK DQGHWUL
EXWU
D<
WX
YLHUHQ
OR
VL
QGLRV\
ODSRVLELOLGDGGH
FDGDXQ
RPX \
HQ
SDUWLFX
ODU SD
UWL
F XODU   WT XH
WUDW
D
VREUH O
DVL
JOHV
LDV

 ,WHP
HQFXDQW
R
HO
&DSt
WXOR
7UHFHGH O
DGL
FKD,QV
WUXFFL
yQGLFH
TXH 
,W

HUR


HQ
FX DWQR
G
DO&DStW
XOR
G TX
WU
H
H
PW
QR


DGUHVSyV
V
LHQR
DSUR
L
WRODRE UD

GH
ODV

FXDQ
GR
ORV
FDFLTX
HVGLM
HUH
Q
TXH
WL
HQHQ
LQGLRV
DXV HQW
HV

TXHQ
RDV VH
LHQW
HQKDVWD <PRQ DVWHULR
V
FRPH Q ]D
RV
PDQ R G  TXH
VH
KDGH
KDFHU
ORVGL
FKRVY
L
TXH
VH
YHDQSDU
DSRQH
UOD
HG
DGFL
HU
WDGH
FDUR
O \ PDQGR
TXHp 
VWR
VVHDQ
HQO
RV WD
OHVL
JOHVLDV
\
PRQ D V
WHULRV
SDUDO
DUHXFFO
RQ GL
KREUD
KDVW
D
PH L
QI RUPDUGHOR
TXH
HVWiQ
HQ
SDUWHGH
GRQG
H
EXHQ
DPH Q
WH
S XH
GHQ
V HU
WUDtG
RV
\
QRHQO
RV
TX HH
V
WiQ VLW
DGRUHVSUR
YHDQ
\ G
HQ GHQ
RU FyPRFHVH D H
G  FD GHHOOR
VHSURYH D 
HQ
OR
VDV
LHQWR
VGH
3RWRVt
\
3RU
FRS
RUTXHW
RGRVSRUOD
PD\RUSDU
WH
WL
HQHQLQ TXHFRQYH QU
DTXHFaU  H O&DStW
XOR
F
LQFXHQWD
\F LQFR
WUDHU
DQ
GL
R
VHQOD
V
GLFKDV
PLQDV

GH
O
RV
FXDOH
VGL
UiQO
RVGL
FKRV
FDFLTXH
V
ODV
HGDGHV
TXH 
 ,W
HP
DGH PDVGH
a
F
R QW
Haa aQ
GHORV
DV
LHQW
RVTXH
ORVSUH O
DGRV
KDQ
WLHQ
HQ\
FRQH
VWD
GHFODU
DF
L
yQ
VH
JXDU
GHHO
GLFKR
F DSt
WXO
R
GHO
D,QVWU
XF
FLyQ ORVGLFKRVYL
VL
WDGRUHVUHO
DF
LyQSDU  X H
K D
KD
E LGR\
KD\SH
Q GLHQ W
HV
VREUH
,WHPH
Q FXDQWRDO
&DStWXO
R'LH] VHLV
\
S RUHO
FXDO
VHPDQGD
TXH VH KH
FK RV
REU H
ORV
GLH]PRV\
G H
ORV
S O
H LW
RV
T KF RQPXW D
GR
DSODW
D SDUDTX
HV
H
G GODVFRV
DVTXHVH DQ B WR VH
PXHV
WUH
D
ORVGFL
KR VYLVL
WDGRUHV
HOOLEUR
GHED
XWL
VPRV 
PDQGR
TXHW
DPEL
pQVH
O
HV TXHV
HS DJXH
Q L
H]PR VH   ORXQL
YH UVD
O
TXHVR H
EUH V
PXHV
WUH
WRGRV
ORVSGDUR
QHV
\PHPR ULD
VTXH
WL
HQHQORV
 GLFKR
V
VDF
HUGRW
HV
DVt
GH SURYHD GH
PDQ HU
D TX H
QR SDU
HSHU 8O&2
OD
YL
VLW\
D EDXWL
VPRFRPRGHF
DVDGRV
\ODV
YL
VLWD
V
TXHKXELH
UHQ
KHFKR
FXD
OHV
TXLHU SUH
WHQGH 
G RHQHO
&D StWXO
RFL
QFXHQWD
\ VHL
VG HO
D
FR
UUHJL
GRUHV  OW
H
QL
DG HPiVGHO
R F
RQWHQW G
K  LW
D GR
UHVV
LORV
QRYHQ RV
G HORV
 

 UHODFLyQ
ORV FRV
Y LV 
 G 6X

,WHPD
GHPi V
GHO
RFRQWH
QLGRHQHO
GLH
] QXH
\ YH
&DStXO
W
RTXH
W
UDWD
V
R  GLF
K D
,QVWUXFFWRQ
WUDHU
DQ L G KD QJDV
WDGRSRUF
RPVRQ H

GLH]
PRV HQ F
Gt
H KR&DStWXORFRQHW
P RVV
H
EU
HOD
GRFWUL
QDV
H LQIR
UPDUiQORV
GLF
KRVYLVLW
DGRUVHVL
VRE
UH
ODID
OWD
TXH
KD
KDELGR GH VHKDQHOOD
FRPSXHVWR
ORV
HFQRPHQG H
UR V
\TXp
KDQGD
GRSRU
HV
WD 0D MHVW
DG VL
Q
RHOO
D  G yPR O
R V
FDFL
TXHVWHQJDQ M
X
FD
XVD
\SRUF~
\RPD QGD
GRHTXpV
HKDKHF
K R
GHHOO
R
\HMH
F
X W
DUiQ
O
DV
SURYL ,WHP ORV
GLFKRV
YLV L
WDGRU
HV GD UDQG
aU
W aQ

 GaOH
VTXHVL
HOO
RVODVKLFLH
UHQ
 O E RU
UDFKHUDV WULHQ
D Y  \
VL
RQH
VTXHOO
HYD
Q UL
VGL
FFLQSDUDFDVWL
JDUDV B

 VFDVWL
JDGVRFRQ
PXFK RQJ RU
W
X YLHUHQ
GHVFXLGRHQFVD
WL JDGDV
VHUD QH R 
,W
HP HQF
XDQWRH SRU

&DStWXOR
Y HLQ
WH
VHPDQGD
TXHVHH
Q YtH
UH
ODFL
yQ R  H QDV TXH
YL H
UHQVHUQHFHVDUL
D
V 
GH O
RV
VDF
HUGRW H
VTXHVH
UiQ
PHQHVWHU
SDUD
ODGRFW
ULQ
DGHFDGDU
HS D
UWL
PLHQW
R SDU
DHVWROHV
SRUiQ
QD V
3  LG  &DStWXO
RQRYHQ W
D<FP
GTXH O RF
R QWHUR
RHQH
SRUFXD
QWR
VHK
L

SRRLGR
T XH
VH
GHFO
DUHTXpIH
OL
JUHV
HV
VH
KDQG 
HGDUDFD
GDV
D 
,W

HP 
RUGHQR<
I
PDQ
 GH O

RV
LQGLRV VH
G
JXDUH
\
FXPSODDGYL


U
WLHQGRT

X H
Q R
D
FHUGRWH

RUGH
QR \PDQGRTXH
H
QOD
UHGXFF
LyQTXH
VH
KDGH
K D
FHUH
QORVOX
JDU
HV FRTXHWU
DWDGH
OR V
RL
FLRV  I  T XH
QRIXHUHQ
QHFHVDQ RVSDU
TXHVH
SXGLHUHQF
RQJ U
HJDU
KDV
WD
FXDWURFL
HQ WRV
LQ
GL
R V
WU
LEXWD
ULRV

VH
K DJD
DHV
WH VHKDGHREOL
JDUDORV
LQGLR VD
TXHX VHQ W
HUR
RV
UHVSHFW
R
SDUDFXPSOLU
\KDFH
U
XQDGRFWUL
QDDXQTXH
VHDQ
DO
JXQR V
LQGL
R V
PiVVL O
DUHS~ EO
LF
D W GRVO
RVFD
StWXO
RV
TXH
WUDWDQ
SXGLHUDQ
H
VWD
U MXQWRV
\H
QXQ
OXJD
U\ HQ
O
RVTXHQR
V HS
XGLHUHQ
MXQWDU
HQ QX DQ GRTXHV
HFXP SDQR

 ,W
HPRUGH
QR<P GLWPHQWR\
GHFODU
DFLyQ
TX
 HS
RUTXH
OXJDU
VH
MXQW
H QKDV
WDHH
VQ~PHU
RHQGRVR
W HV
UOXJDU
HV
FP RSDWLE
OHV
\HQ
FR  GL R QHVWH
DD
VREUH
ODUHG
X F
FLyQGH
O
R VLR P
VH LW R W
UDV
SDUWHV

KD\SXHEOR
V
Pa<JU
D 

PD UFD
TXH
XQ V
DFHUGRWHFX
UD
OHV
SXH
GDHQVHxDU
OD
GRFW
UL
QDFRPRFRQYLHQH HQOD
SURYLQFL
DGHO
&ROO
DR<GH&
KXFX
aaWDOH
VOR
VGHMDU
iQH
VWDU
O
RV
GLFKRV
YL
 ,W
HPDGHP iV
GHOR
F
RQ WH
QL
GRHQ
HO
&DStW
XOR
YHLQW
H
<XQR
F
XHW
UDWD G H
V<FRPSDWLEO
HV
SDUD
ODVGRFWQQDV
HV W
 \HQ
 O RVTXH
GHQXHYR
V
HIXQ
G H
ODPDQH UD
TXHDKRUDHV
DQ
GH
ORVKH
FKLF
H UR
V 
HQHO
HQWU
HWDQWR
TX
H WRPD
VH U HVR
OD
OXFL
yQ\DFXHUGR
GHOR V
LWDGRUH
VVHJXQ
< G  O
DGLFKD
,QVWUXFFL
yQ
TXH
DFHUF
DGHH
VWRVHGHEH
KDFHU
SRU
H[F
XV
DUHO
GD
xRTXH
KDFHQH
QWUH
ORV
RWURV GDUQ
H<UHGXM
HUHQ
JXDUD
UD Q   GH
OPHPRUL
DO
HL
QWH
LQ
GLRV
RU
GHQR\PDQG R
TXH
ORV
GLFKR
V
YLV
LW
DGRUH
V
SRQJDQORV
GLF
KRVK
HFKLF
HURV  ,W
HP HQ
FXDQWRDHStWXO
D RSUL
PHU R\W
HUFH
P
UR
DQGDV
HSU
HJX W
QOH
R
T XH

   GL FKRVYLV
LW
DGRUHV
HQTXHVH EW H
TXH
KDOOD
UHQ
HQ YLYL
HQGD
DSDUWDGD
FH
UFD
GHO
VDF
HUG
RWH
SDU
D TXH
Q R
FRQVL
HQWD UURJD
WRULR
TXHOO
HYDQRV G WDVD\ID
O
WDGHGRFWUL
QD
TXH DQ
FR
PX QLTXHQ
FRQHOOR
VRWUR
V
LQGL
RV\
TXHO
RV
GLFKR
V
YLVLW
DGRUHVSURYHDQG
\ H
Q ORV
HQ F
RP HQGHUV
RKDQ
OOH
YD GRIXHU
D HD
RU
GHQTXHOR
V
WDOHVKH
FKL
FHURV
H
VWpQ
RF
XSDGRV
H
D\XGHQD F
RPX QLGDG
OD
DSDJDU

OL+


0$5
$-
867,1$
6$5$%,
$9,
(-2



a
F
&D
GR
VF
V
V
R
a


WUR
K
3
L
DQ
G
]DUU
<HO
H
R
aQ
9V
KDF
FP
HU
ODV
RHQG
RUH\
U %OD
GLFK
y<
GH
D
V
SR
S
V
U
HJXQW
LW
y
OR
VFR1~xH]
D
V
KDV
V
GHO
GL
WD
FK
WLH
RV
HO
P R
LQ
3UHV
GaR
L
G
X
V
HHO 
<GHVa  I
a
TaHV)
H H

DF
U
D
D

H
FKRVYLV
LW
DGRUH
VD
YHUL
JXD
UHQ
TXHORV
GFLK HQWH*DV HD
<OR
TXHO
RVGL
SRUYL
UWXG ODV
GH
GLFK
DV G RV aQFRPHQG HU RV
OOH
YDURQGHPDV
LDGR
VXVRGLF
KRV
GH
ORHQ
TXH
HaaaaHDVaV
aaSaaV
TXHOHVIHUR
X QKHFKDV
SRL
ORV
HMHF
XWDUiQ
SRU
HOORO
RVGLFKR
DV HQFRPHQGU<Ra RaRHO

3UBa
aLaHQWH
*DVHD
QR
JX F T
DLyQ XH
VREUH
HOO
RV
HKL
 UH
PULUD
QFRQOD
DYHUL

KDEHU
OOH
YDGR
ORV K
GL FHUHG

\
RV
H[FHVRV<GHPD VtDV
TX H
DYHUL
JXDUHQ
HV
H
RQF
DPHQ HURV
DORV
GF L
KRVG
 G 
W
DVD
OR
VRE
GRV
V
VH
UH
SRU
QWHQ
HOOR
H
FLD
U
i
O
GLF
Q
WUDWD

KR
\H
MH
3U
H
FX
W
VLGHQW
DUi
QF
H
*D
RQIRUP
Iaa
L aa?
VHD a



URVHV

W
aX
SXHVaXH
DOOQHV
H D
T
V
W
XHU
IXHUR
aHWD
V
UXFF
D
QT
Q
V
XH 25
'(1
$1=$6
3$5
$
/26
2),
&,$/
(6
5($/(
6'(

+8$0$1 
*$
7RGRV
ORV
FXD
OHV
GLF
KRV

FDStW
 XOR W
TX
HORV
 GLF
KRVY
LVL
WD
GRUH
VJXDU
GHQFa
XaOL

a H
WRV
<GHFODU
DFL
RQ
HV

PDQG
R &X]
F
R
G
H
DJRVWRGH


FRQW
HQLGR
V
H
QOD
GLFK
D
,QVWUX
FHLya
F
RQ
HO
FXL
aaa
a Q
La
RQ
OaVG
H
PaFDStWXO
RV

Q
Ita


+aFKD
H
QOD
FL
XG
DGGH
&X]F
R
DGLH
]
\VLV
HGtDV
GHO
H
a
aaaXa
R
HaV
aa /RVMXH
F
HVRIL
F L
DOHV
GHOD
UHD
OKDFL
HQGDGH6X0DMHVW
DG GH
OD
FXLGD
GGH
6
T(XP$
H
RV
QH
VaW
HQWD
H
XQ
D
xRV
'RQ)UD
QFL
VFR
GH
7ROHG
R
3RU
PDQG
D
GRG +XDPDQJD
\DVL
HQWRGH
PL QDVGH
D]RJXHG
H+X DQFDYHOL
FD
FHUWL
ILF
DPRV
\KDFH

X  YDUR GH
5Xt] 1DYD
PXHO H
PRVVD
EHUORV
DVHxRUHV
TXHOD
SUHVHQWH
YLH
UHQT
XH HQW
UH
ORV
SDSHOHVUF
\ HDXG
RV
TXHHVWiQHQ
OD
FDMDGHWUH
V
ODY
OHV
HQSRGHU
GH
QR VOR
V
GLF
K RV
RILFLD
O
HV
U
HDOHV
W
R
FDQ
WHV
D UHDO
OD KDFLHQGD
GH6X
0DMHVW
D G
HVWi
XQ DLQ
VWUXF
FLy
Q ILU
PDGDGHO
V
HxRU
GRQ
)UDQFLVFR
GH7R OH
GRYL
VRUU
H\
T XH
IXHG
HH
VWR V
UHLQR
V
\GH$OYDU
R
5XL]
GH
1DYDPXHO

VX
VHF
UHWDULR
SDUD
OR
VRILFL
DOHV
UHDO
HVGHOD
GL
FKDFLXGD
GGH
+XDPDQ 
JD
GHO
WHQR
U
VL
JXL
H QWH

'RQ)UDQFLVF
RGH7ROHGR
PD\R U
GRPRGH
6X0D MHV
WDG\VX
9LVRUUH\\*R 
EHUQDGRU\
FDSLWiQ
JHQH UDO
GHHV
WRV
UHLQRVSR
\ U
YLQFLDV
GHO3HU~\SUHVL
GHQW H
GHO
DUHDO
$XGLH QFLD\
&KDQFLOO
HUtD
TXH
UHVL
GHH
QODFLXGDGGHO
RV5H\HVSR U
FXDQWR OD
Y L
VLW
D
HQ
JHQ HUDO
TXHSR
UPLSHUV
RQD
YR\KDFLHQGRSDUD
G DUDVLH
QWR
\HWV
DELOL
GDG
HQODV
FRV D
V H GH
VW
RVU
HLQRVE
LHQ
\FRQVHUYDFL
yQGHORVHVSDxROHV
\
Q DW
XUDOHVTXH
H QHOORV
HVWiQ\
UH
VLGHQSD
\ U
D
T XH
VHDQPDQWHQLGRVHQ
WRGDSD]
\M
XVWLFL
DF
RP R6X0D MHVWDG
GHO
5H\QXHVWUR
6HxURO R
X LHUH\
T PDQGDK H
H Q
WH
Q GLG
RTXHHQ
ORTXHWRFDD
ODKDFLHQG
D
UHDO

EXHQDJXDUGDEHQHILF
LR\DFUH
FHQW
DP LHQW
RGH
HOO
DQR HV
WiGDGD RU
OD GHQ\
IUR
PDTX HFR
QYLHQH\
SDUDSURYH HU
\RUGHQDU
TXHHQHVW
R V
H WHQ
JD
GHDTXt
DGHDO
QWH
ODT XH
HVQHFVD
HUL
D \FRQYH 
QL
HQWH H
\ V
MXVWRTXH
VHW
HQJD
OOH
JDGRTXH
IXt
DOD
FLXG DG
GH+XDPD Q JD
\ HQGR
SURVLJXLH
QGR
ODGL
FK D
YLVLWD
JHQHUDO
PDQGpWR
PD U
O
D YLV
LW
DF \
XHQWDGHOD
UHDO
KDFLHQGD
DOR
VRIL
FL
DOHVGHHOO
D
DVt
SDUD
YHUORT
X HHUD VXF
D
DUJR
\TX HVH
FR
EUDV
HFRP R
SDUDHQWH
Q GHUGHTX
pPDQHUD
ORV
GLF
KRVRIL
FLD
OHVUHD
OHV
KDEtD Q
XV D
GRVXV
RILFLR
V\OD
FXH QWD
\UD]yQ
TXHKD
EtDQW
HQLGRHQHOGLF
K R
EH QIHFL
LR\
EXHQDJ
XD UG
DGH
OD
G L
FK DUH
DO
KDFL
HQGDSDU
DTXH
YLV
WDVH
HQWHQGLHUD
O
RTXHFHUF D
GHHV
WRHVQHFHV
DUL
RS URYHHU
GHPDQHUD
TXHHQ
W RG RHOOR
KXELHU
HHOUHFDXGR

 %L
EOLRW
H
FD 1DFLRQ
DO
GH
0D GU
L
G0VV

IRO
V
 

 &ROHF
 FLyQGH
'RRXVQ
HQWRH
,Qp
G LWR
UHODWL
YR
VD
'HVFXE
L
UQ
LHQWR
&RQTXLVWD
\2UJDQLR
D
FLyQGH
D
DQWJX
LDV
SRV
HV
LRQHaH
VSDLLRD
VGH$PpULFD
\2FHDQtD79,,,
S
iJV


0D 
G
U L
G




0$5
$-
867,1$ 6$5$%,$
9,(-2
25'(1$1=$6'(/
9,55
(<
72/
('2 
<EXHQ
DRUGHQTXH
FRQY
LQL
HVHW RP
\DGDOD
GLFKDYLVL
 WD
\FXHQW
DV
HSURYH\
yTXH
VH
PHWL
HVH
HO
DOF
DQFHTX
HV
HKL]
RHQ
OD
FDMD
U
HDO\
TXHHQ
HO
OLE
URTXH
HV
W
DEDHQ HQ
SO
D
WD
F
RUUL
HQWH
ORV
WDOH
V
GHU
HFK
R
V TXL
\ QWR
KD
GH
VU
HF
RQ
LQ
W
HU
pV
GH
O
DUHDO V
FDMDH
DVHQ
WDVH
ORTXHH OO
GH
DV
HVD
FDVH
SRUVXV
Jp TXLQ
FH
SRU
F
LHQWR

K   HQHRU
VSRUTXH
QR VH
aFLD
<TXHQRV
HKLFLH
V
HIXQGL
FLyQ
QL
SDJDVLQ
T XH
HV
WXYL
HVHSU
HVHQW
H
HO
FRUUH
 
(OR
UR
TXH
VH
TXLQ
WD
UH\
PDUFDU
H
VH
KD
GHKDF
HU
O
DFXHQWD
SRU
ORV
TXLOD
WH
V
JLG
RU
<SRUDO
JXQDRFXSDFLy
QXQRGH
ORVDOFD
OGHV\
RWU
DV
PXFK DV
FRVD
V
HQTXH TXHWXY
LHUH
\V
LTXLV
LHUH
Q
OD
VSD
UWHV
SDJ
DU HOXQR
SRUF
LHQWR
\TXL
QWRHQ HO
QRHVW
DaDGDGDRUGHQ
TXHLPSRUWD
Q
DOEHQ
HILFLR
\
EXHQDJXDGU
DGH GL
OD FKD GLFK
RR
UR
OR
KDQ
GH
U
HFLELU
\V
L
ORTXLVL
HUH
Q
SDJD
UHQ
S ODW
D
FRUH
UL
QW
H
KDGH
U
HDO
KDFL
HQGD
HQWUHWDQWR
TXH
VHOHV
GDEDOD
TXHGHEt
 W VHU
FRQ
LQWHU
pV
GH
W
UHLQW
D
SRU
FLHQW
RVL
\
OR
TXLVLH
U H
QSDJD
USOD
HQ
W
DH
QVD
 DQHQHUSRUTXHQR
KDOO
y VH
TXH
WXYL
HVHQSDUD
HVWH
HIHFWR
VL
QRGRVLQVW
UXFFLRQH
V
TXHOHVGLy FRQ
HO
WDGRU \DGD
KD
GH VHU
FRQ
LQ
W
HUpV
GHTXLQFH
SRU
FL
HQWR

2UWHJ
D
GH0HOJRV
DTXHV
RQGHO
WHQHU
VLJXL
HQW
H

/DV
MR\
DV
GH
RUR
TXH
VH
TXL
QWDU
HQ
V
HKDQ
GH
WDVD
U
XQD
V
F
RQRWUD
V SRU
GH
YHLQW
HXQ
\ TXLODWHV
\OOH
YDU
ORV
GH
UFKRV
H F
RPR
GLF
HHQS
D
ODUW
LGD
GH
DUULED


7DPELpQ
VH
KDQ
GH
OO
H
YDUTX
HO
L
QWR
GHOR
TXH
PRQ
WDUH
R
YDOL
HUHQ
ODV
HV
PH
5H
ODFL
yQ
GH
F
RPRKDQ
GHWHQ
HU
O
DV
FXHQ
WV
DORV
VH
QR
U
HV
RILFL
D
OHV
UHD
O
HV
GH
OR UDO
GDV
GH
3XH
U
WR
9LHMRKDFL
pQ
GR
OV
D
WD
VDU D
UV
RQD
SH
TXH
OR
HQW
LHQ
GD
TXH
WRF
D
DO
DUH
D
OKDFLHQG
D
GH
VX
0DMHV
WD
G

'H
O
RV
FDS
LHOO
MRV
RUD
\ WV
F
RVDV
GH
HV
FDP
L
OO
D\
DUJ
HQW
HU
tD
\
GH
O
DV
MR\
DV
T
XH

+DQ GH
WHQ
HU

GRV
OLEUR
V
WDOXQR
HO
FR
PRHO
RWUR

\H
OXQRHOO
GH
RV
KD
GH SDUHFLHUH
Q
VHU
KHFK
DVHQ
(V
SDxDK QR
DQGH
OH
Y
ODU
GHUHFKR
V
2UW
HJD
GH
HVW
DU
HQ
OD
FD
M GHWUHV
D OO
DYH
V\HO
R W
UR
HQ
SRGHU
GHO
FRQW
DGR
U
\O
DV
SUDWLG
DV 0HOJRV
D
TXH
VH
DVHQ
WD
VHQ
HQH
OXQR SL
DO
HGH
OD
OHW
UD
VH
KD
QGHVHQW
D
U H HQ
O
RW
UR
&RPRWRGRSDUHFHSRUODGLFKDYLVL
WD\TXHUL
HQGR SU
RYHHUHQHOO
RGHUH


(a G
ORV
LFKR
V
OL
EUR
V
KDQ
GH
WHQH
U
FXHQW
D
DSDU
WH GH
OR
TXH
SUR
FHGLHU
H
GH
TPQWRV
\
GH
UHF
KRVGH
PDUFD
GRU PHGL R
\GDUOH
VOD
LQVWUX
FFLyQTXH GHEtQ
DGHWHQ
HUSDUDTXHHQO
DGLFKDUHD
O
KD
FLHQGD
KX ELHV
H O
DEXHQDJXDUGD FXHQW
D\UD]y
QTXHFRQY L
QLHV
H\TXH
OR V
GLF
KRV

,WH
P
RWU
DF
XHQWD O
GH
RTXHFREUDUHQ
GH
ORV
U
HSDUWLPLH
QWR
V
TXH
HV
WiQ
HQ
O
D RILFL
DOH
VQRVHGHVFDUJD
VHQ FRPRORKDF tD
QGLF
LHQGR TXHQR OH
VH
V
KDE tD
GDGR
FRURQD
UH
DO
FRPR
FR
VDTXH
QR
HV
GH
YDF
DQWH LQVWUX
FFL
yQHQODVFV
R DV
\FDUJRVGHTXHVH
OHVSRGtDLPSXWDU
FXOSD
\S DU
DTXH
HVWR KLFLH
VH
V
H FRQPiV D
FXHUGR \FRQVL
GHUDFLy
QOOH
JD GR
TX HIXt
D
HVWDFLXGDG

$VL
PLV PR
RWU
DFXHQW
D
GH
SHQ
DV
GH
FiP
DUD
OR
\ TXH
SD
JDUHQ
GH
SHQ
DV
GH
Fi

PDUDKDQ
GH
W
HQH
UORV
HQ
GL
F
KRV
OLEURV
GDW
D
GH
SRU
V
t GHO&X]FR
PDQGp WRPDUDVL
PL VP ROD
GLFKDYLVL
WD\FXHQWDD
ORVRILFLDOH
V
UHDOH
V
GHHOO
D\YLV
WDKDELHQGRKDOO
D GR TXH
IXHUDGHO
DUHD O
FDM
DWUD
tDHO
WHVRUHUR
GH

2WU
D
FXHQW
D OR
GHTXH
FR
EUD
UHQ
GH
GH
XGDVTXH
V
HGH
EQ
DD
6X
0DM
HV
WDG HOO
DSDVDGRV
G HGLH]
\V L
HWH
PLO SHVRV DVt
GH
ODGF LKD
UHDO
KDFLHQGD
F RPRGH
RWUD
VFRVDV
PD QGpTXH HO
GLFKR WHVR
UHURSDJV
DHHO GL
FKRDOFD
QFH\
T XHKDV
WD

3RUHV
WD
RUG
HQFXD
OTXL
HU
Jp
QHUR FD
GH
UJR K
D\DOR
TXH
D
VHQ
WD
Ui
Q HQORV
GL

TXHOR
KLFL
HVHQRXVDVH
HOGLFKR RILFLR\
WDPE LpQ
VHKDWyTXHQR
O W
HQtDQORV
GL

FKR
aOLE
U
RV
HQ
OR
V
FDUJ
RV GD
W
\DV
SRU
TXH
DVt
F
RQYLHQH
SDU
D
TXH
KD
\ D
W
RGD
FKRV
RILFL
DOHV
UHDO
HVRUGHQ QLLQVWUXFFLyQ
SDUDOR
WRFDQWHD OD UHDO
GLFKD
KD
FOD
ULG
D
GHQ
O
DKDFL
HQGD
UH
DO
2UWH
JD
GH0HO
JRV
D
FLHQGD
QLSDUD
RWUDV
FRVDVDHVWRWRFD
QWHV
FRPR KD
SDU HFL
GRSRU
ODGLFKD
YLV
LWD
\SRUTXHHQ
ODGLF
KDFLXGDGGH +XDPDQ JD\HQ
WRGDV O
DV
GHPiVGHHVW
RVUHLQRV
FRQYLQHH
DO VHUYLFLR
GH6X0D M
HVWDG
EHQI HFL
L
R\DFUHFHQWDPLHQ
WR
EXHQD JX
DUGD
5HOD
ayQ
GH
ORV
GH
UH
FKRV
\TXLQW
RV
TXHKD
QG
H
OO
HYDU
OR
VRIL
FLD
O
HV
UHDO
HVGH
OD GHHOOD
TXHVH
G pD
VXV
RILFLDOH
VUD H
OHV
OD
R UG
HQHLQ
VWUXFFL
yQTXHSDUD
HOOR
GHEHQ
FW
QGDG
GH
+XDPDQJ
DG
HO
RUR
SOD
\ WD
TXHDOOt
V
HYLQ
LH
UHD
TXLQWDU
PDU
\ FDU WHQHU
\SRUKDEHU ODGLHQ
FKDFLXGDGGH+X D
PD QJDO RV
TXLQ
WRV\GHUHFKRV
UHD
OH
VGHSO
DWD\RURTXHDOOtVH
TX LQWD
\GHORV
WUL
EXWRVGHO
RVUH
SDUWLPLH
QWRVTXH

/D
SO
DWD
ODEU
DGD
TXHV
H
TXLQWDUH\
PD
UFDUH
VH
KDGH
W
DVD
U
DG
RVP PLO
D VHKDQGHSDJDUO
DVGRVWHUFLDVSDUWHV
GHHOORV
HQEDUUDV
GHSODWD
HQVD\DGD\
UDYHGtHVHO
PDUFR HQ
HQVD\D
GR \GHUHFKR
ORV
V
GH
XQRSR
UFLH
QWR
GH
PDU
 PDUFDGDKHFKDVHQI OD
XQGLFL
yQ GHODGLFK
DFLXGDG
F RQIRUPH
DORSRUPt
S UR
FDG
RU
<HO
TXLQ
WR
GH
O
DWDO
SOD
WD

VLTXLVLHUH
OR
QSDJ
DU
HQ
SODW
D
FR
UULHQ
WH
 YHtGRSR
UTXHKDELQpGRVH GH
SD JDUHQ
ODGFKD
L SOD WD HQVD
\DGD
ORSDJDEDQHQ
KD
GH
VHULQWHU
FRQ
pV
GH
TXLQ
F
HSRU
FL
HQWR OD
GLFKD
S O
DWD
F RUU
LHQWHDV
XVHQF RPHQGHUR V
OR FXDO
Q RVH
TXLQWD
ED\HUDFD
XVD
GHTXH6X
 0DMHVWDGQRFRE UD
VHV XV
TXLQWRV
\GHU
HFKRV UH
DOH
V\DV
LPLVPRORTXH

7RGD
O
DGHPiV
SO
DW
DHQ
EDUUD
V
R
WH
MXH
ORVR
SODQ
FKD
VTH
X  TXL
VH
QW
DUH
Q
\
SURFHGH
\ KD
G H SURF
HGHUGHORVTXLQW
R VGH
D]RJXH \SDO
WDGHO
DVPLQDVTXH
PDUFD
UHQ
VH
KD
GH
KDF
HU
OD
FXHQWD
SRUOD
OH\TXH
WXYLHU
H
\GH FR
HOOR
EUDU
DKRUD O
DEUDQ
VHHQOV
RW pUPL
Q R VGH
ODGLFKDFLXG
DG TXH
SRUKDEpUV
HO H
VGDGR
HO
XQR
SRUFLH
QWR
\
TXLQW
RFRPRDUULE
D
V
HGLFHVL
OD
V
SDU
WH
V
TXLVL
HUHQ
SD
JU
D
L
QGLRVSDUDOD
ODERU\EHQHIL
FLR GHHOOD
VGD \
GRRUG HQF
yP RVHOD
EUHVH
HQ
 25'
(1$
1=$
6'(
/9,55
(<
72/('2 
0$5$
-867,1$
6$5$%,$
9,(-2

WLHQGHTXHKDQ GHVHUHQPXFKDFDQWLGDG
DFUHFHQWDPLHQWRGH
\ OD
KDFLHQ
GD
UH
D
O ,W HP DVPX VPR WHUQi H O GLFKR FRQWD GRU FDUJR \OLEUR DS DUWHGR QGH VH
PDQGRTXHORVRILFLDOHVUHDOHVGH
OD
GLFKDFLXGDGGH
+XDPDQJD
GHDTXt
DGHODQ D
VLHQ W
HQORV OLEUD
PLHQ W RVT XH V
H GLHU
H QDO SLHGH O
DOHWUD< ODFDQWLGDGG H
WHKDVWDTXH RWUD
\JXDUGHQOD
FRVDVHSURYHD
RUGHQVLJXLHQWH
WHQJDQ TXH V
RQ \ GH F
DG D Jp Q HU
R GH OEL
UD PL H QWR SRU VX SDUWH SDUD H OGV H

F
DUJR GHOGLFKR W
HVRUHU R \OD VPL V
PD VOLEUD Q]DVVHDVLHQWHQ HQHOOLEURFR 
P~Q TXHKD GHHVWD
UOD HQ
FDMD\ HQH OGHOWHVRUHUR ODOH
DWUDSR UTXHKD\ D
FXHQWDFODUD SDUD
T XHVH SXH GDQ DYHULJXD UORVGLFKRVOLEU
DPL H
QW RVGH FDGD
,QVWUXFFLyQSDUD OR WRFDQWH D RILFLDOH
ODV KDFLHQGDUHDO GH 6X 0DMHVWDG D ORV
UHDOHV GH+XDPDQJD XQR 
GHPDQ HUD OR
TXH
V GL
FKRV OLE
UR VU HVSRQGDQ DOGHOFRP ~QT XHK DG H
HVWDU ODHQFDM
DSDUD T XHSX QR
HDGKDE HU QLQJ~QIUDX GHH DXQT XHYHQ JD
OLE
UDQ] DGH 6X0D MHVWD G R GHVX 9VL RUUH\ OLEUHHOGLFKR FRQWDGRU FRQIR U
3ULPHUDPHQWH
TXHODFDMD GRQGH OD
KDFLHQGD
VH HFKDUHKD GH UHDO
VHU
IXHUWHEDUULFDGD
< \WHQHUWUHV OODYHVGHGLIHUHQWHVJXDUGDVFDGDXQD GHODV PH DH OOD
FXDOHVWHQJDQ
ODXQD HO FRUUHJLGRU\ FRQWDGRU
RWUD  HO WHVRUHUR \RWUD
OW HPWHQ GUHO
iQ RW
UROLE UR GRQG HV H
DV LHQW HQ W
RG DVODVSURYLVLRQHV <FpGXDV
O
UHDOHV\G HORVYLVRUUH\HV TXH DHOO
RV YLQ LHU
H QGLULJL
G DVO
D VFXDOHVGLFK DV
4XHDVLPLVPRKD GHKDEHU FDMDSRU Vt FRQ WUHV OODYHVODV FXDOHV KDQ GH
SUR YL
VLRQ HVG H
ORVGLF K RVYL VRUUH\HV HJRE
H UQDG RUHV K DQ
VH GH HQGHH U]DU
WHQHU HOFRUUHJLGRU\WHVRUHURFRPRGLFKR
HV
D GR VHSDJDQ\
KDQ GHWHQHU
\H QWUHJDUDOFDELOGRGH ODFLXGD G
\H OGLFKR FDELOGRO
XH JRT XHODVUHFLED
WRGRVORVWULEXWRVGHORVLQGLRVTXHHVWiQHQODFRURQD
UHDO

VREUHTXHHVWiQ
KHFKDVVLWXDFLRQHVDSHUVRQDVSDUWLFXODUHV
GHORV JHQWLOHVKRPEUHV
\ ODQ]DV ODVKDGH KDFHUDVHQWDU DOH V
FULEDQ R G HOG LFKRFDELOGRH QXQ O EUR
L SD UWL

<DUFDEXFHURV
\WULEXWRV
YDFRV
FDGD JpQHUR GH FRVD VX SRU Vt WHQLHQGR FXODUTX HSD UD K HOOR
D GHWHQH U\D VHQ WDGDV OD
V KDQ GHHQ WU
HJ DUDORVGL
FDMyQ\ GLVWLQFLyQDSDUWH FKR VRILFLDOHVU
HDOHVOX HJR GDQ GRFp GX ODD O
SL HGHFDG D
X QDG HHOODVHQHO
GLF KROLE
UR GHFyPR OD UHFLEHQ\ ORVGLFKRV RILF
LDOHVUHDOHVODVKDQGH DVHQ 
,WHP
WHQJDQ \ OD
SXQ]RQHVFRQ
PDUFD TXH VH HFKDQ ODV OH\HV DO WDU H
QRUR
HO \
GLFKRVXOLEUR SRU TXH SRU HO OL
E URGHOGLFKR F
DELOG RVHOHVKD GH
SODWD<ODV FRQWUDPDUFDVHQXQ ODOODYH
ODWHQJD
HOFRUUH
FRIUHFLWRH
JLGRU W
RP DU
F X HQWDGHHOO
D V \G H FyPR OD V KD QFP XS OL
GR \H QHOPL VPR OLEUR
TXH HV \H
RIXHUH
O GLFKRFRIUHFLWRHVWpHQ \TXH QR ODFDMDGHWUHV DSDU OODYHV
WH KD VH
Q GH
DVH Q WDUSURY ODV
LVLRQ HV \PHUF HGH V<OLEUDQ] DVTXH VH
DQGHQODVPDUFDV\
SXQ]
RQHVIXHUDGHOGLFKRFRIUHFLOORVRSHQDGH
PXHU WH KLFLHUHQ
<GH SHUGLPLHQWR GH WRGRV VXV GH6XELHQHV DSOLFDGRVSDUD OD FiPDUD
0DMHVWDG ,WH PWHUQ iQRWUROELUR H QTXH VHDVLHQ WHQ ORVUHSDUWLPLHQW RVTX HHVW
iQ HQ
O
D FRURQD UHDO YD
\ FRV F D
G DJp QHUR SR UVt
\ O
DVWD VDV
GHO RVGLFKRVUHSD U

,WHPKDQGHWH
QHUWUHV OLEURVHQ
TXHVH
 DVL
H QWHQ FXHQW
ODV
DVHO
XQ RHV
W p WL
PL HQWRVRWU \R
S DUD ORV UHPDW HVGH ODV DOPRQH GDVT XHKXE LHUHQ GHKD FHU
G H
QWUR OD
GLFKD
GHFDMD
TXH L
Q WLWXOH
VH FRP~QHQTXH KDJDFDUJ RH
VH
OWH GH O
DKDFL HQGDU 
HDOG H 6X 0DMHVW DG TXH HV
WXYLH
QR U
HFR QPX W D
G DDSODWD <
VRUHUR<HO RWUR
H
OWHVRUHUR FXH
SRU
QWDV JpVXV
QHUR
\
V
SR UVt
GL VWLQ
WD\ GH W
RGRVORV GHPiVWULEXWRVGH FX\D FRE U DQ]DIXHUHV X
DFDUJR 
DSD U
WDGDPHQWH
FRQGtD

PH V \ DxR
RWURKDGH
H
WHQHUHO
F
RQWDGRU GRQG H
VHKDGHDVH
QWDU
HK DFH
UF
DUJRGLDO
FKR
WHVRUHUR WRGR GHOR
UHFLELHUH
TXH  ,WHPQR KDQ GHWUDHU QLQJ~ QGLQHUR RUR QL
S O
D W
DIH X
UD GHODVGLFK DVFD
<H QWUDU
HHQV
XSRGHU
D Vt GHKDFL
HQG
OD
D
U H
DOFR
PR GHWRGRORGHPi V MDVQLDS URYHFKDUVHG H HOORVHQ WUD
WRV Q LJUD QMH
U tD
VQLHQRWU DFRVD DO
JXQ D
TXHH W
ViGLFKR
SRQL
HQGR\GHF
ODUDQ
GRFDGDFVRD
GHSRU HVSHF
Vt
LILFDGD SRU VtQL SRUtQ
WHUS yVLW
D VSHUVR QDV G HQLQ JXQDHUD PDQTX HVHD VRS HQD
PHQWH TXpH
VFX \
iQGROR
 UHFLELy\
HQp
OVHDVLHQWHQ
ODV
PLQ D
V SDUL GDV
W GH SDJDUSDUD OD FiPDUD G H6X 0DM HVWDG RWUD W
DQ W
D FDQWLGDG FRP R SDUH
TXH D VH
VHQW
DUHQHQHO
FRP~Q O
DFGH
DM
DVLQ WHQ
TXH
JDHOOLEUXQ
RPi V FLHUHTXH KDQWUDt
GR IXHUD ODFDGH
MD
TaHHORaUa
<OR UPHQ
ILHQWUDPERV FDGDOEL
UR
HQ
\HOFRU
UHJLGRU\ OR
V
GLFKRVRI
LFLD
OHV
UHDO
HV KDQ
GH ILUP
DUHQ
HOFRP~QM
XQWP DHQW
HD \
VH
Q WDUV
H  ,WHPV H MXQWD
UiQ FD G D VHPDQD GRV DEULUGtDV
O
D FDMDH O
D
PD UWH
V
KDWRGRHQ ORV
PLV
PRV OL
EURV
\QR
HQP HO
D
QXDO ODIX
HQ
QGLFL
yQDQWHVGH SD UDK D FHU SDJDPH QWRV\ HO ViED GR SDUD KDFHU IXQG LFLyQ \ F
RE UUD
VDOLU
GHHOOD SHQD VR
FLH
GH
QSHV
RVFD
GDYH]DO
TXHOR
F RQ WUD
ULRKLFLH
UH ORV TXLQWRV \RWU
D V FV RV
DGH ODKD FLH QG DUHDOVL
Q VOLU
D GH KD DOOt
V
WD TXH
SDUDOD
FiP DUD
GH
6X 0DMHVWDG O RV
K D\DQ PH WLGRHQOD F
D MD \ UHDO
WRG RV O
RVSHVRV GHRUR \SODWDT XHK X
ELHUHQUHFLELGRDVt GH ODDOP RQHGD FP RR GH RWU
D VFDXHVOTX L
HU FRVDV SHU
,W
H
P FDXGQR
VHKL
FLHUHOLEUR
QX
HRY
DQWHVGH
DVHQWD
U
S DU
WLG
DHQpOUXEUL WHQLHQWHV D6X
 0DMHV WD GORPH WH
U iQ H Q O
DFD MDGRQGH KX ELHUH GHH QWUDU
FDUiQ GHO
LFKRFR
UHJL
UGRU\
RILFL
DO
HVU
HDOHV
HO GLFKR
OL
EURH
QILQ FDGGH
D FRQIRUPH DO 
RTX HG FLKR HV \PD QG RD OFRUUHJLGRU TX HHV RIXHU
 H TXH
SODQD
QXPH UDQGR ODV
WRGDV
KRM
DV
VRSH
Q D
GHFDGD
FLH
Q SH
VRVDFDGD XQR WRPH M
XUD PH QWR
DFHU FD GH HOOR
SDUD TXH ORFXP SOLUiQDV
t \VLIXHUHQ HFH
DSOL
FDGRVSRU IR
OD
UPD V
XVRGLF
KD VDULRHQ ODPLVPD VHPD QD KDF HU RWUD IXQGLFLyQOD KDUiQ

a

 0$5$
-867,1$
6$5$%,$
9,(-2 25'(
1$1=$
6'(/
9,
55(<
72/('2 


,WHP
HQ ODV IXQGLFLRQHVTXH \VHKLFLHUHQFREUDUiQORV
GHUHFKRV GRHO
FRUUHJLGRUKDJD
PHW
TXLQWRV HUDO
RVGL
FK RVRIL
FLDOHVUHDOHV
GHVXVSURS L
RVE LH
SHUWHQHFLHQWHV
6X0DMHVWDGGHORUR
D
\SODWDTXHPHWLHUHQ
D
PDUFDUVLQR QHVO
RT XHPRQ W
DUHO
D GL
F KDDO
PRQH GDVR SHQDD OFRU
UHJLGRUTX HQ R O
R
IXHUHHQSODWDODEUDGDRURSLHGUDVSUHFLRVDVTXHGH UHFLELU H
MHFXWD
UH \DO 
RVGLFKRV
HVWRVHSXHGD
RILFL
DOHV
UHDOH VGHTXHSD JDUiQRWUDW
DQ WDFDQWLGDG
HQSODWDHQVD\DGDR \OD
SODWD
ODEUDGDVH
HQUHDOHV
KDGHWDVDUD
UD]yQGH FRPROD TXHVHGHMD
UHGHPHWHUHQOD GLF
K DFDM
D FRQ IUR
PH DORTXH GLFKR
GRV PLO
\GRVFLHQWRV\ FLQFXHQWDPDUDYHGtHVHOPDUFR\ HV
S DUD ODV
ODGL
FK MR\DVGH
DFiPDU DGH6X0D M
HVWDG  RUR
VH KDQ GH TXLQWDUSRU YHLQWH\ GRVTXLODWHV\ PHGLR
,W
HPQR VDFDU
iQGHODVWDOHV
DO
PRQHG DVSDUDHOORVQL
S D
UD RW
U RVQLHFK D
<
SRUTXHVHKDHQWHQGLGRTXHHQ DOJXQDVSDUWHVORV OD RILFLDOHVUHDOHVGH
UiQSHUVRQDV TXH
ORVDTXH QVR
SHQ D S GH
D
JD URWUDWDQW
D FDQW
LGDG SDUD OD
SODWDTXHUHFLEHQ\ ODFDMDVHKDFHQFDUJRGHHOORD
WUDHQ D UD]yQGHFXD
FiPDUD GH 0DMHVW
6X DGFRPR O
RTXHV D
FDUHQ KLFLHUH
R Q
VDFDUGHODVGLF KDV
WUR SHVRVHOPDUFR
\ KDFHQSDJDGHHOODDOGLFKRUHVSHFWRGHTXH
OD
GLFKD DOPRQH GDV
UHDOKDFLHQGD
KDUHFLELGR
GDxRSRU HQGHRUGHQR
\PDQGRTXHWRGD
OD
SOD
,WHPFRE UDUiQWRGRV
MXQWRVOR
TXH VHGHELHUHDO 
DK DFL
HQGDU HDO\Q RHO
WDFRUULHQWHTXH KD
GHUHFLELHUHQTXH
VHU HQORV SHUPLW
FDVRVTXHVH
H OHV
XQ RVLQHORWUR
 \PH W
HUORKDQFRPR HV W
iGLFKRH QODSU
LPHUD IXQGLFLyQ HV

HQODIXQGLFLyQTXH
UHFLELHUHQ
VHKDJDFDUJR DO WHVRUHURD FLQFRSHVRVHO
WDQGR D ELHUWD
ODFDMD
K DFLH
QGR H
O MXUDPH QW
R \ VROHPQ LG
DG TX H VH O
HV
PDUFR\ TXHORV GLFKRVRILFLDOHVUHDOHVQR TX HW 
X SDJXHQD ODV SHUVRQDV
YLHUHQOLEUDQ]DVVLQRIXHUH
HVW
DQGRPDUFDGD\DUD]yQGHORVGLFKRV
FLQFR P DQGD
SHVRVHO
PDUFR OWHPOHYODiQ
U DODV
GL
F KDVDO
PRQH GDV OL
HO EURGH UHP D
WHVDGRQ GHVHDV LHQ
WHOR
T XHDVtVH
YHQGL
HUH \VH
IL
UPHSRU SDUD
WRGRV
T XH
S RUO
DIHGH O
GL FKR
,WHP
HVW
DUiQ HQODV GLFKDVIXQGLFLRQHV GLFKR
HO F RUU
H WRGRVSUHVHQWHVFRQ
OLEUR
VH PHWDHQODFD
MDHQ O
DSUL
PHUD IXQGLFLyQ OR
TXHK XELHUHQPRQW DGR
OR
JLGRU\WHQGUiQFXHQWDFRQ TXH HQWUD \VHQOD
H VDFDGH FDMDHOODPL
ODVGL
F K DV
DOPRQHGDVF 
RPR GL
FKRHV 
UDQGRF VLHPSUH
yPRVHSHVD\VHKDFH
OD
FXHQWD\D VL
OJXQR
HVWXY
L
HUH HQ
IHUPRRDXVHQWH

GpODOODYH\ OD GHMHD \GH
FRQILDQ]
DVL
SHUVRQDILHO
QR ,WHP HQOD SODWD
TXHU HFLE
LHUH
Q SHUWHQ HFLHQWH D6X 0D M
HVWDG GH T XL
Q 
WXYLHUHWHQLHQWHGH PDQHUD OOD
YHV
TXH
\ VLHPSUHKD\D WUHV
WRV R HQ WHQHGRUHVGH
RWU
DFXDOTXLHUPD QHUDQ R UHFLEDQ SODW
D FURULHQWHVLQR H QVD
QR SXHGD QLQJXQRWHQHU ODXQD SRU GRV VXVWLWXFLyQGHO
DXQTXHVHD RWUR \ DGD
FRQ DSHUFL
EL
PL HWQ R
TXHORTX H UHFLELH
UHQ GHRWUDPDQ HUDOD PHU 
,WHPRUGHQR \ PDQGR TXH \SODWD
VH SHVHDO
\ QR MXVWR
HO RUR PD R G DxRTXHH OOD
HQK XELHUH
VHD SRUVX
 FXH QWDSHU
R
EL
HQ VHSU HP LW
H
ODUJR
DVt
DOUHFLELUFRPR
DO
DSDJD\HQWUH
JDUOR \ QR TXHFRQVLHQWDQ
HO TX H SD
 U D
D MXVWD
U
DOJXQDVSDUWLG
DVJ UD QGHVTXHK XELHUHQGHUHFLELU
SR U X
TH
EDODQ]DULR
KDJD
RWUDFRVDGHPD QH
UDTXHSXHGDQ H
FLE
ULU
DJUDYLR
OD
VSU D
 QR WRGD V
Y H
FHVVH
SRGUiQ KDOO
DUEDUUDV RWHMRVTX H
LJXDH O
Q
SX HGDQ UHFLELU
DOJXQD FDQW
LGDGHQSODWDFRUUL
HQWH FRP R VHD
G HPDQ HUDTXH SXHGD FDE HU
WHV
VRSHQ
DSRUFDGDYH] TXHOR FRQWUDULR
KLFL
HUHQ FLQ
GH
FXH
QWDSHVRVD
FDGDXQRGHORVGLFKRV
RILFL
DOHV
\EDO
 DQ] DUL
RSDUDO
DGLFKD
FiPDUD HQHOO
D ODP DUF
DUHDO
\T XHHV
WDVFDQ WL
GDGHVTX H DV
t
UHFLELHU
H QODVJDV WHQ
HQDM
XVWD UO
D VSDU
WLGDV
GHOLEUD
Q]DV TXHSDJDU HQ 
GHPDQ H
UDT XHQR SXHGD

,W
HP WHUQi
QXQOLEUR GRQGH DVL
HQWHOD
SODWD
VH \ TXH
RUR
YLQ
L HUHQ
YLHMR KDEHUQLKD\DPH U
PD HQODFDM
DGHOD GLFKDSO
D WDF
R UUL
HQ W
H\
V LH
PS UH VDOJD
D
UHPDFKD U
SRUHO
GDxR TXHSX
H GHQU
HFLEL
UO
DVSHUVRQDVTX
HUHPDFKDQ 
HQ ORTXHUHFL
ELHUHQHQ
ODV
SD JDVTXH
KL FLHUHQDU
D] yQGHFLQFRSHVRVHOPDWH R
OR V FXDO
H
KDGH
WHQHUEX
H QDRUGH
Q\QRKDUiQHOGL
FKRU
HPDFKHVLQ
RHQOD
GLF
KD FD
MD
\ILU
PDUOR
KDQHQWU
D PE RV
\GHFyPRVHOHV
HFKy
OD
PDU FD
 ,WHPH Q
F XDQWR ODV
D
SQHDVGHFiPDUD TXHQR VHSXHGH H
[FX VDUVL
QR TXH
VHKDQ GHUHFL
ELUHQ
SODW DFRU
ULHQWH FRQIRUPHOD D
VFRQGHQ DFLR
Q HVTX HVH

,W
HPHQOD
VDOPRQHGDVTXH V
HKLFLH
UH
QGHORVWU
LEXWRV UHSD
GHORV
UWLPL
HQ KLFLHUHQ
SR UXH
T HHQ
VW
DVKD GHKDEH U FDUJR \GV H
FDUJR D
SD UWHPD QGR
WRV
TX HH
VW
iQHQOD
FRURQ DUHDOR
YDFRVRGHRWUDFXDO
TXL
HUFRV
DTXHQ R TXHOD FDQWL
GDGTXHGHHOO
DVVH
FRE UDUHVHSRQ JDHQ XQ
F DM
yQ DDSUWH\ TXH
HV
WXYL HUH
Q
FRQP XWD
GRVDSODWDHVW
DUiQ FRQ
HOFRUUHJL
GRU
\HQVX
DXVHQFLD VHWHQJDF XHQWD
TXH QR UHFLE
D
VH
VLQ R HQSO
DW DTXHT 
X HSDO
D PDU FD UHDO

VX
WHQLHQWHRXQ
DOF
DOGHRUGLQ
DULR
\OR
TX HD
VtYHQGLHU
HQRUHPDWDU
HQVHD ,WHP SRUTXH DFRQW
HFHT XHPXFKR VYLHQHQ DT XLQWDU
SODWD FRUULH
QW H V
LQ
D
OXH JRSD
JDU H
\QSHUVRQDVTHX  VHD
FLHU
WD
OD SDJD\
QRILD
GR\H V
DQWH HQ VD\DU\FRQIRUPHDODVFpGXODVGH6X 0D M
HVWD G
VHFXPSO HFRQO 
DPL V
PD
FU
LEDQ RTXH
Gp GH
IH O
UH PD W
H\O
RVGL
FKRVRILFL
DOHVU
HDOHV
QRKDQGHUHFL
 SODWDT XHVHTXL
QWDUH
PDQGR TXHQR
V H U
H F
LED SODWD
S RUHOGLFKR TXLQWR
EL
UORTXHS
URFHGLHUH
GHODV
GLFKDV
DOPRQHGDVVL
Q RI
XHUHQ
WRGRV
MXQWRVHQ V
LQRI XHUHGH
PDQHUD TXHTXHSD HQ HOOD
ODPD U
FDUHDO
VRSH QDGHS DJDU
O
DFDMD Q
\RIXHUDGH
HOO
D\HQOD
SULPHUD
IXQ GL
FLyQTXHVH
KLFL
HUH
GHVSXpV
HO
LQW
HUpV RHQFLPDTXHH 
QHOORKX ELHUH
GHKHFKDO
DGFKD
L D OP RQHG D
HQODFXDO
GFLK D
IXQGLFL
yQVHKD GH
PH WHU
HQO
D GL
FKD
FDMD
WRGR TXH
OR
SURFHGLHU
HGHODGL
FK D
DOPRQHGDGH
TXHKDQ   ,WHP
 SRUTXHQ 
RHVWi
GD GDO
DRUGHQT XHVHKDGHWHQHUHQODVHVSDGDV TX H
GH
WHQ HU
PX\SDUWL
FXODU
FXLGDGRORV
GLFKRVRIL
 FLDOHV
UHDO
HV
\QROR
KDFLHQ V
HDSOL FDUH
QSDUDOD
F iPDUD FH
UFD G HO
R TXHK VH
DGHGDUS RUFDGD XQD 

 0$5
$
-867
,
1$ 6$5$%,$
9,(-2 25
'(1$1=$6
'(/
9,5
5(<
72/('2 

PD
QGRTX
HSRU
FDGD
HV
SDGD
VH
UHFLE
DQF
XDWUR
S
HVR
V
\
SRU
FDG
DG
DJD
XQ GHFD
UJRG \
DW
DSRUV
XVJpQ
HU
RV
GHORV
SHV
RV
TXH
KDQ
HQWU
DG
RH
Q
VXSRGH
U
SH
VR\
F
R Q VH
HVW
R YXH
OYDQ
D
OD
V
SDU
W
HV ILUPD
GRGH
HQWD U
PER V
\
GHOFRUUHJL
 GR UT
XH
VH
OH
KD
GH
WRPDU
\DW
QHHV

FUL
EDQR
D FL
ODXGDGGHO
RV
5H\HV
SDUD
TXH
DOOt
VH
SUR
YHD
OR
TXH
FRQ
YHQJD

,WH
P
QRVHV
HUYL
UiQ
SRU DOJXQD
YtD PDQH
QL
UD
GHOR
VLQG
LRV
TXHH
VWi
QR DOD
UHDO
K D
FLH
Q GD
DGHPiV
GH
OR
FXD
O
GDUiQ
DO
GLFK
R
FRUHU
JLG
RUXQ
WLHQ
WR
HVWXYL
HU
HQHQOD
FRUR
QDUH
DO
QL
GH
ORV
GHPi V
TXH
WXYL
HUHQHQ
DGPL
QLVWU
D GHFXHQWD
FDGDFXDWR
UPHV
HV
GH
WRG
RO
R TXH
KXEL
HUH
HQ
OD
GLF
KD
FDM
D DVt
FLy
QHQ
VXV
K DFLH
QGDV
FKiF
DUDV
QLJUDQ
MHUtDV
QL
JDQDGRVQ
L
HQVXV
FDVD
V
GHRUR
FR
PR GH
SODWD
WRFDQ
WH
D UHD
ODOKDFL
HQGD
\
WULE
XWRV
GH
L
QGLR
V
SXH V

QL
SRU
WHU
FHUDV
SH
UVRQDVDX
QTXHGL

JDQTXHOH
V
SDJDQORV
MRUQ
DOHV

VR
SHQD WRV
HQO
DFRU
RQDU 
HDO
TXH SRU
F
DGDYH]TXH
OR
KLFL
HU
HQ
SLHU
GDQ-D
WH
U F
LD
SDUWH
GHOVD
O
DUL
RGH
DTXHO
DxR 
,W
HP
VHPDQGD ORV
D
GLF
KRVRIL
FLDO
H V
UHDO
HV
TXH
W
H QJDQ
PX\SDU
WLF
XO
DU
FXLGD
G
RGH
KDFHU
JXDUG
DUOD
RU
GHQTXH
VH
K D
GD
GR
\GL
HUHD
ORV
LQGLRV
SO
D

,W
HP
OO
H
JDGRV
O
RVSOD
]RV
HQ
TX
HORV
LQGLR
V
KDQ
GH
SDJDU
O
RV
W
ULEXWR
V
OR
V W
HURVSD
UD
OD
ODERU
GH
O
DSO
DWD
\RUR
SDU
DTXH
GH
OD
GLF
K D
SO
DW
D\
RUR
TXH
F
REUD
UiQ
VL
QGDUO
H
VHVS
HUD
DOJ
XQ
DS
RUTX
HDV
t
FRQYL
HQ
HDO
VHU
YL
FLR
GH
6X VH
OD
EUDUHVH
SDJXH
Q
DVX
0D M
HVWDG

V
X V
TXLQW
RV\
GHUH
FKRV
UHD
OHV
PLUDQ

0DMH
VW
DG PXFKR
T X
HQRSXH
GD
KDEHU
IUDXGH
HQO
RTXH
WR
FDOR D
VTXLQWR
V\
GHU
H
FKRV
UHDOHV


OWH
PDV
LVW
LUiQDO
U
HP D
WDU
GHOR
V
GLH
]PRV
GH
OD
LJO
HVL
D
SRUTXH

 HQHOO
R
QR
KD\D
IUDXGHQLHQJDx
RW \
RPDUi
Q
ILD
GRUHV
OHJRVDER
\ QD
GRV
\WHUQiQ 
,WHP

KD
Q GH
WH
QHUPXFKR
FXL
GDGRT
XH
V
HJXD
UGH
QO
DV
RUG
HQD
Q]DGH
V O
DV
FXHQW
DGHFREUDU
ORV
GRV
QRYHQ
RV
\O
DFX
DWD
UHSLVF
RSDO
HV
WDQGR
V
HGHY
D PLQDVGH
RUR
SODW
D\
D]RJXH\
RWUR
V
PHWDO
HV
TXH
VHU
iQ
H
QWUHJD
GRV\
HQ
OR
F
DQWHTXHSHUWH
QHFH
D6X0DMHV
W
DG
DXQTXH
WHQJ
DK
HFKDPH
 UFH
G GH
O
RV TXH
D
HOO
RV
WRF
DSURFXUHQ
TXH
HQ
QLQJXQD
FRVD
VH
GHM
HQ
GH
F
XPS OLU
V
RVOD
GRV
QRYHQRV
S RUTXH
HQ
WD
OFD
VR
VH
KD
GHGDU
SRU
OL
EUDQ]D
W
HQL
HQGR
FXHQW
D SHQDVHQ
HOOD
VF
R QW
HQL
GDV

DSDUW
H
SRUVtGH
HOOR
V ,W
HP
FXD
QGRIXH
U
HQU
HFL
ELGR
VD
VXVRILF
L
RV
KDQ KD
GH
FHU
MX
UD
PHQWR
DGH
,WHP
SRUTXH
GH
WRGR
HO
RUR\
SODWD
URSD
M
R\DVSLHGUD
VSUH
FLRVDV
\RWUDV PiV
GHODV RUGLQ
FRVDV
D
ULDV
TXH
KDQGHMXU
D
UVX\
HOH
Q
TX
HJXDU
 GDUiQ
VH

FU
HWR
GH
ODV
F
RVDV
TXH
VHWU
D
WDU
HQHQWUH
HOO
RV
WR
FDQW
HVDOD
UHDO
KDFHQG
L D
FRVDV
TXHVH
VDFD
QSRU
FXDOHV
TXL
HUSH
UVRQDV
GH KXDFDV\HQWHUU
DPLHQWRV
\
ODV
G
HPi V
T
XH
SDUD EHQ
HO
HIL
FLR
GHHOO
DV
OH
VIH
XUHQ
F
RPXQL
FDGDV

HOFXDO
\DGRUWRUL
D RV
TXHORV
L QGLR
V
WHQtDQ
FRQI
RUPHDORTXHHVW
i SURYHtGR
\RU
GL
FKRM

XUDPHQW
R\
HWV
DL
QVWUXFF
L
yQ
SRU QiQOD
OHWU
DD
HQ FD
ODEH]
DGH
O
RV
GHQDGR
V
HSDJD KD
\
GH
SDJDUD
6X0DMHV
WDGHOTXLQWR
\HOVpSWL
PRGH
WU
HV
OLE
UR
VTXHKD
QGH
W
HQHUO GH
DUHDO
KDF
LHQG
D
WRGR
\SD
UDTXHVH
SXHGDQ
VDFDU
ORV
GLF
KRVW
HVRURV
VH
K DQGH
GDUOL
FHQFL
DV
O RV
GLFKRV
RILFLDO
HV
SRUO
R
T XHW
RFDDK OD
DFLH
Q GDUHDO
SDUDGDUUD]yQ
GH 
,WH
PHQO
RV
SOHL
W
RVTXH
KXE
LHUHV
\HRIUH
FLHUHQ
WR
FDQW
HVD
OD
UHDOKDFL
HQGD
O DV
WDOH
V
OLF
HQFLD
V
KDQGH
WHQH
UOLE
UR
DSDWU
H
GR QGHODVD
VLH
QWHQ\QRPEUDU KDUiQD
VLVWHQFLD
FRQORV
SUR
FXUD
GRUHV
\O
HWUDGR
VSDUD
TXHOD
VVLJDQF
R Q
SHUVRQDV
GHF
RQILDQ]
D
SRUYHH
GR UDQ
WTH
XLHQ
VH
ODEUHQ\TXHWHQJ
 DQ FXH
Q W
D JUDQGLO
LJHQFLD
\F
XLGDGR\
FDGD
VHPDQD
XQDYH]
HO
GtD
TXHVHKXEL
HUHQ
\UD]yQGH
O
RTXHVH
VDFDU
HSRU
TXH
QR
SXHGDKDE
 HU IU
D XGH
HQORV
GHUHF
KRV GHM
XQWD
UDIXQGLFL
yQ
FR
PXQLFDUiQ
FR
QHO
FRUU
HJL
GRU
H O
HVWD
GRHQTXHHV

D6X0D MHV
WD
GSHU
WHQH
FLHQW
HV
\ TX
OR HGH
 HVWRSDJDUHQOR
PH WHU
iQH
Q O
D WiQ
\WUDW
DUiQ
GH
O
RTXHFR
QYHUQi
TXH
VH
KDJDHQ
HOOR
V
SDUD
TX H
PHMRU VH
FD MD
U
H DO
\WHUQiQ
UD
]yQ\FXHQ
WD
GH
SRUVt
GHORTXHVH
S DJDUH
GHFDGD DUUL
EHQ
\ SD
UDHVWR
WHQGU
iQXQ
OEL
URHQ
TXHVH
DVL
HQWHQO
RV
S O
HLWR
V\HO
KX DF
DRHQW
HUUDPL
HQWR
RD
GRUDWR
UL
RSDU
DTXHVH
H QWLH
QGD\
VHSDOR
TXHGH HVWD
GRHQTXH
HVWi
F
DGDXQ
R\GRQGH
VH
D V
LHQW
H
ORTXHVH
DFRUGDUH
TXH
HVWRSURF
HGH
\QRKDQGH
QRPEUDU
OR
VWDO
HV
YHH GRUHV
VL
QRIX H
UHKDEL
p Q VH
K DJ
DHQ
FDGD
XQR
GHH
OOR
VSDU
DTXH
PHMRU
VH
FXPSOD
G RVH
GDGROL
F
HQFLD
SRU
YL
VRUUH
\\
JREHUQD
GRU
\Q RHQYLUW
XG
G HO
DV
TX H
VH

,WHP
V
LYL
QLHUHQ
DO
JXQDV
FGp
XOD
VROL
EUDQ]D
VG
H6X0DMHV
WDGRGH
DO
JXQRV
GLHUHQ
SRUO
DVMX
VWLFLD
V
SDU
DODE
UDU
ODV
GLFK
DV
KX DFDV GHV
XVJREHUQDGRUHV
VL
QR
IXHUH
QVHxD
ODGDPHQWHHQ
DOJ~QUHS
DUW
LPLH
QWR

,WH
PW
HUQiQ
PX\SDUWL
F
XODU
F
XLGDGRGHH
Q YLDU
HQFD
GDXQDxR
GH
VHL
VH
Q GHWULE
X W
RVV
LQRJH
QUHO
DHQ
OD
FREU
DQ]DGHWULEX
W
RVYD
FR V
QRO
DV
KDQ GH
VHLV
PHV
HV
DOD
FLX
GDGG
HO
RV5H\HVWRG
RH ORUR
\SO
DWDTXH
WXYL
HUH
Q\
HO FXPSOL
UQL
SDJDU O
\D
V T
XHYL
QL
HUH
Q G
H VX V
WDG
0DMH
RGHRWUR
FX
DOTXLH
U
HQWU
HJDUO
R
DO
DU
ULH
URKDGH
VHU
DQWH
H V
FULEDQR
\D
VHQWD
UiQHO
Q~PH
UR
OH
\ JREHUQ
DGRUTXHK
DVL
GRHQ
H
VWR
VU
HLQRV
VHxDO
DGDPHQWH
HQWDO
UHS
DUW
LPLH
Q W
R
\YDORU
\SHV
R
G H
FDGD
EDUUD
\HKFDUO
H
KDQOD
FRQWU
DPD UF
DTXH
SD
UD
HVWH GH
WULE
XWRVYDFRV
PDQGRTX
HQR
ODVFXP SO
DQQL
SDJXHQVLQ
RTXH
PHGHQ
HIHF
WR
WHQGU
iQH \
QYLDU
iQUH
O
D FL
yQGHGRQGHSURFH
GH
SDUWL
FXOD
UPH
QWHGH DYL
VRGH
HOOR

FDGD
FRVD
HQ
GRVFRS
L DV
OD
XQDD
OYL
VRUUH\R
JREH
UQDGRUT
XHIX
HUH\
RWUD 
OW
HPKD
EpL
VGHW
HQHU
FX
LDG
GRGH
L
QIR
U
PDUR
V
VL
KD\
HQ
HO
SDU
WL
GRGH
HVD
D ORV
RIL
FLDO
HV
U
HDOHV
GH
ODGLF
KD
FLXGDGGHOR
V
5H\HV FL
XGDGD
OJ~
QU 
HSDWLPL
UHQWR
RUHS
DWLPL
UHQW
RVGH
L
QGL
RV
TXH
KDEL
HQGRVL
GR

,W
H
P
W
HUQ
iQ
FX
LD
GGR
HQ
IL
Q
GH
FD
GDD
xR
XQ
GH
H
Q YL
DU
WR
GDV
OD
V
F
X H
QWDV SXH
VWRVHQ
O
DFRURQD
UH
DO
O
DSURS
LHGDGR
DGPLQ
L
VW
UDF
LyQ
GHH
OORV

O
RVKD
\D


 

 0$5$
-
867
,
1$
6$5$
%,$
(-9,
2

GDGR
RH
QFRPHQGDGR
DO
J~Q
JRE
HUQD
GRU
FRQ
DO
JXQR
LQWH
U
pVR p
OV
VLQ D\

EL
GD DYHUL
\JXDGDOD
YHU
GDG
GDUpL
V
DYLV
RGH
H
OOR
D
OILVF
D
OGH
O
DD
XGLHQFL
D
HQ
FX\R
GL
V
WULWR
VH
KXEL
HUH
GD
GR
SDU
D
TX
HSL
GD
OR
T
XHFRQYHQ
JD
DO
VHU
YL
FLR
GH
6X
0DMH
VWDG

<OR
FRQWHQL
GR
HQ
HV
WDLQ
VW
UXFFLyQ

FRQ
O
RGH
PiVTX HRIUH
VH
FLHU
H
DOD
EXH
QD
RU
GHQ
\UHFDXGRGH
OD
KDFLHQGD
UHDO

PDQ GRTXHJXD
U GHQ
O
RVRILF
L
DOHV
UHDOHV
ODGLFK
D
GH
FXG
LDGGH+XDPDQJD
\TXHH O
F
R UU
HJLGRU
GH
ODGLF
KD
FLXGD
GW
HQJD
PX\
SDUWLF
XODU
FXL
GDGR
GHTXHDV
tVH
FXPSOD
\
HMH
F
XWH
+H 
FK
DH
QHO&X]FRD
YHLWH
Q\V
LHWH
GtDV
GH
OPHV
GHDJRV
WR
GHPLO
TXLQLHQ
\ WRV
\
VHWH
QW
D\
XQ
DxR
V
'RQ)UDQFL
VF
RGH
7ROH
GR3RUPD
QGDGR
GH
6X([FH ',
632
6,&,21(6
62%5(
/$&216
758&&,21'(
/$
&$7('5$/
(/'
O
HQF
LD
$OYD
UR
5Xt]
GH
1D YDPXHO &8=
&2<
(5(
&&,21(
&'(17526
(' 
8&$7,926

&X]FR
DJ
RWR
V GH
GH


/D
RGU
HQTXH
([6X
FH
OHQFLDGLy
KDF
H
ULJOD
OSDUD
HVLDGH
HVW
DFLX
GD
GGH
O
&X
]FR
ORV
\
VH
PLQ
DULRV
HQ
F
XPSO
LPLHQW
R
GH
ODV
FpG
XODV
GH
6X
0D
MH
VWDG


(Q ODFL
XGDGGHO&X]FRD
GtDVG H
OPH V
GH
DJRVWRGHHO([FP R
6U
')UDQFLVF
R GH7ROHGRYtV
RUU
H\GH HVWRV5HLQRV
KEDLHQGRYLVWR ODV
FXHWQDV
TXH
PDQ G DO
y WRPDU 'HiQ\&DELO
GR GHO
D6DQWD,
JOHVLDGHO
&X ]FR
<TXHSRU
HOO
DV
S DU
H F
tDODPXFKDFDQ W
LGDGGH
SHVRVGH TXHHV
WDED
RUR
QJDVWDGRVHQVROR
HO
UHSDURGH
ODGLF
KDLJOHVL
D H
\QO
DV GP HiV
FRVDV
Q H
FHVDULDV
SDUDH O
VH UYLFLR
GHO
FXO
WRGL
YLQRVLQ
WHQHUQLO
HUHV
WDU
D OD IiEULFD
GHO
DGLFKD,JOHV
LDSR VL
EOHSDUD
KDFU
HLJOHVL
DFRQYHQLHQWH
DOD
DXWRULGDGGHHVWD
FL
XGDG\RE LSD
VGR \TXHOD
T XH
GHSUHVH
QWHKD \
HVWDEDHQXQERKtR FRQPXF KDL
QGHF HQ
FDL\ SRUD XQ
FpGXOD
UHDO
VHPDQ GDTXH ODV
LJOHVLDV
FDWHGUDOHVVHKDJDQ
SRUWHUFLDVSDUWHV\TXHOD
XQDSDJXH6X 0DMH
VWDG\ODRW
UDOR
V YHFLQRV HF
\ QRPH QGHUVR\OD RWUD
ORV
LQ
GL
RV\TXHVREUHHVWR
KDEtD
SOHLWR
V\GLIHUHQFLDV
HQWUH
H O
GLFKR&DE LOGRH
FOHVLiV
WL
FR
\ ORV GLFKRV
YHFLQRV\HQFR
PHQG HURV
\ TXH
HVW
D EDQWRGRVQH FHVLWD
GRVSRU
H[FXV
D U
ORVW
DOHV
SOHLWRV
\O
DSDUW
HT XHD6X0DMHVW
DG OH
SRGUtDFDEHU HQHV
WR
\
TXH VL
QRVHW
RPD VHDO
J~QPH GL
RVH HV
WDUtD
OD
GLFKDLJ
OHVLDFRPR HVWi
G HW
DQ
W
RVDxRVDHVWD
SDUWH
KDE L
HQGRW
UDWD
GR HVW
RPX FKD
VYHFHVFRQHOGLFKR&D ELOGR
\YHFLQ
RVG HHWD
VF L
XG DG\DV
LPLVPR OR
PX FKR
TXHFRQY HQGUtDDOVHUYL
FLRGH
1XHVWUR6HxRUVHSXVL
HVHHQHM
HFXFL
y Q HQHVWH
2ELVSDGROR TXH HO &RQ 6DFUR
FLOL
RWUL
GH QWLQR
GL
VSR QH
DFHUFD OGH
RVFOR
HJLRVVH
PLQDULRV
SX HV
HQ QLQJ XQ
DS DU
WH
GH
ODFULVWL
DQGDGHU
DQWDQQHFHV
DUL
RV FRPR HQHVWR
V5HLQRV
SR UV
H UWRGRV
SODQ
W
DQXHYD\KDEH U
HQHVWH
GLFKR
2E L
VS DGRPX FKDF
DQWLGDGGHPXFK DF KRV
\WHQHU
WDQ
SRFD GRF
WULQD
\ HQV
Hx DQ]D
HQO
DV FRVDVTXH
OHFRQYHQtDVDEHU
PD \RUPHQWH
TXH ORV
Pi VGHHOO
RVHUDQPHVWL]R
V\ SRUODSD
UHW TXH
KHUHGDQG HODV
PDGUHV


$U
FLKYR
*H
QHU
DO
GH
,GQ
LDV
/L
PD


9DUJD
V
8JDU
WH
5X
Ep L Q
U( VD
\R
GH
XQ
'LF
FLRQDUL
R
GH
$UWt
I
LFHV
GH
O
D$QL
pU
LF
D0HUL
GL
R
LDO

Si
JV




 (G
LFL
yQ
%X
UJRV
 LQ
&RPS IU
D
'RFX
PH
QWR

7L
W
XO
R;;;
,,
S
iJV




U
 0$5$
-8
67,1
$
6$5$
%,$
9,(-2 25'
(1$1=$6
'(
/9,55(<
72
/('2  


F
RP~QPHQWH GHUXLQHV
LQFOL
QDFL
RQHV
VHDVHQWyDFHUFDGH O
R V
XVRGLFKR FR
\ Q OR
VFXDOV
HGLFKRV
WUHLQ
WD
SHVRV
VH
DSODUR
LF Q
SRUVH
LV
DxRVSDU
DKDFHU
XQFOR
HJLR
DF
XHUGR\ FQRRU
IPL GDGGH V
ORVL
WRGR
JXLHQWH GRQGH
ORVPXF KDF
KRVP
HVWL
]RVVH
F
ULDV
HQ\
DSUHQGLH
VHQ
OHW
UDV
\EXHQDV
FRVWXP
3ULPH UD PHQWHTXH
SDUDKDF
HUO
DG L
FKD,JOHVLD
V
LQPX FKRGDxRGHODV
SDU EUHV
\GHHV
WHIXH
VH
SDWUy
QHO
FDE
LO
GROHJR
\
TX HG
H
ORTXH
PRQWDUH
Q OR
V
GLFKRV
W
HVTXHKDEtDQGHF RQW
UL
EXLU
SDUDHO
HGLIL
FLR
GHH OOD
VHKLFLHVH
DQWH
WRGDVF
RVDV W
UHL
QWDSHVRVSDUD
TX
HHO
GLFKRF
ROHJL
RIXHVH
SHU
SHWX
R\QRPRP H
QWiQHRVH
FR
U
HEDM
D GH ORVDODU
VLRVTXH
VHGDEDQHQHVWH
2EL VSDGRDORVFOpULJ
RV
UHOL
JL
RVRV EU
DVHHQ FD
GDXQDxR
U
HQWDGH
\ORSURFHGL
G R GH
HOO
D FR
VH
PSUDVHQ
ODV
FRVDV
TXHHVWD
EDQ HQGRFWUL
QDV
SRUV
HUH[FHVL
YR VO
RFDX O
VHKE D tD
VXSO
LFDGRD6X QHF
HVDULDV
KDVWD
TXH
WXYLH
VH
VXILFL
HQW
HUHQW
D\
TXH6X
([FHOH
QFL
DWHQGUtD
FXLG
DGR
([FH
OHQFLD GHVGHODFLXGD
GGH+XDP DQJDSRUO 
RV
YHFLQRVGH H
OOD
<GHHVWD
FLX HQ
QR PE UHGH6X
0DMH
VWDG
SRUVHU
ODRE
UDWDO
GH
PD QGDU
DOJRSDUD
GLF
K R
GDG
3XHVORVGLFKRVVDFHU
GRW
HV
WHQGUtDQ
PH QRVWUDE
DMR<FRVWDGH
DTXtDGHOD
QWH
 FR
OHJL
R  a

SRU
FDXVDGHODUHGXFFLy
Q\VH
VXI
UtDVHU
PHQRV HO
VDO
DULR <VH
OHV
UHEDM
DVHGH ,WH
P
TXHSDUD
HO
GLFKRF
ROHJL
RVP HL
QDUL
R
HOGL
FKR&DELOG
R
HFOHV
LiVWL
FR
UH
 L
L
F
XDWURFLH
QW RV\FLQFXHQW
DSHVRV
HQVD\DGRVTXHVH
SDJDEDQ D F
DGDVDFHU
GRWH
VH SDU
WLHVH
SRUOD
VU
HQWDV
GHFLP
DOHV\VDOD
ULRV
GHGRFWUL
QD
TXHUH
VW
DEDQ
\GHPi V
W
HQWD\FLQFR SHVRV
GH
ORVFX
DOHV
VHDFXGLHVHSDUDO
DREU DGH GLF
OD
KD,
JOHVL
D UHQWD
V SU
\ HV
RQ DV TXH
FRQIRUP
H D
O&R QF
LOLR
HV
WiQREOJDGR
L VDF
RQW
ULE
XLU
FXD
FRQ
ORVFXDU HQWD\FLQ
FRSHVR
V
S RU
VHLV
DxR V
SRUOD
WHUFH UD
SDUWH
TX HORV
 YH WUR
PLOS
HVRVGH
SOD
WDHVQD\D
GDTXHSRU
DKRUD
SDUHFL
yEDVWD
U
SDU
DH
OVXVWH
QW
R
FL
QRV GH
H VWH2ELVSDGRHV
WiQREOL
JDGRV FRQWULE
DX LU
<TXH FRQSDJDUHV
WRGH GHO
GLFKR
FROHJLR
HQ
FDGD
XQDxR
FDGDGRFWULQDQRIXHVHQ
REOL
JDGRV PiV
DORV
GLFKRVHQFRPH QGHURV
SDUDOD
REUD 2WURV
t
VH
DFRUGy
TXHSDU
DTXHW 
RGR OR
VXVRGLFK
RWXYL
HV
HHI
HF
WR
HQOD
VUH

GH
ODGLF
KD L
JOHV
LDKDVW
DV
HUDFDEDGD EDM
DVGH
ORV
G LF
KRV
VDO
DUL
RVF
RUULHVHQ
GHVGH
HO
SULPH
URGtD
GHO
PHV
GHV
HSWPLH

,WHP 6X([FHOHQFLD
SRU
ODSDUW
HTX H
FDE HD 6X
0D MH
VWDGKL
]RPH UF
HG< EUH GHODxR
SDVDGR
GHVHWHQ
W
D\
X QR VL
F 
\
DLPL
VV PRORTXHVH
U
HSDU
WL
HVHSDU
D
OLP
RVQDSD UDODREUDGH
O
DGLFKD
LJO
HVLDH
QORTXHO
HFDEHD6X0DMHV
WDGGH
ORV GLFK
HO RFRO
HJLR
VHPLQDU
LR
SRUSDUW
HGHO
&DELOG
RHFO
HVLiVWL
FR
GL
H]P RVGH HVWDFL
X GDG
TXH VRQ
GRVQRY
 HQR V
SRUVHLVDxR V
DWHQW
RTXHSRU ,WH
P VH
DFRUGy
GH
QRPEUDUXQDSHUV
RQDOH
JDTXHIXH
VH5HFHS
WRU OD
GH O
6X0D M
HVWD G\0DUT XpV
GH&DxHWHVH
KDEtQDG DGRGHVGH HO
DxRGHFXDUH
QWD GLFK
DREUD
HQFX\R
SRGH
UH
QWUD
VHOD
SODW
DTXHV
HUHFRJLH
V
HSDUD\ HOOD
TXH
QR O
KDV
WDHOV GH
HVHQ
WD\XQRS
DUDHO
GL
FK RHIHFW
R\FRQHVWR6X0D MHVW
DGTXHG
DVH I
SDJDV
HVLQR
IH X
VH
SRU
RUGHQ
\ OL
EUDQ]DGH
O& 
RUU
H JLG
RUGVHD
WFXL
GDG\GHO 
OLEU
H V GH
X W
HUFLD
SDU WH
\
GHODV
UHEDMDV
GHODVGRFWLQDV
UT X HH
VWiQDV
XFDU
JR PD\RUGR PRGHOD
GLF
KD
REUD
TXHKD EtD
GH
KDEHU\XQSUH
EHQGDGR
\XQ5H
ODV
FXDLHV QRIXHVHREOLJ
DGR
DDFXGLUFRQHOOR
VDODREUD O
DGL
GH
FKDLJ
O
HVLD JLGRU
\ DVt QRP
VH
EUy
SRU5HF
 HSWRU'DLHJR
GH7RUUH
V
YHFL
Q R
GHH
VWD
GLFKD
,WHP
TXHSRU
 OD WHUFH UDSDUWHTHXORVLQ
GLRVKDEtDQ
GH FRQUL
WEXLU
FRQ FLXGD
G \SRU
0D\RGR
UPR DO
3DGUH/XLVGH
2OYUH
DFOp
UL
JRFRQVX
V
DOD
UL HO
R
IR
UPHDOD
GLFKD
FpG
X O
D SDJDVHF D
GDLQGLRGH
WDVD
GH O
GL
VWULWR
GH HV
WH2ELVS
D GR FXDO
KDGHW
HQHUFXHQWD
 G HORV
SHUWU
HF
K RV
G H
OD
GLFKDREUD
\PDWHU
LDO
HVG
\HTXH
XQ
WRPLQSDU
DOD
GLF
KDR EUDT XHHV
HO
MRUQDO
GHXQGtD
O
RFXDO
OHVH
UDPi V
~ WLO ORV
RILFLDO
HV
\SHRQHV
W
UDEDMHQ
\ OLEUDU
HQ
HO5HFHSWRU
O
DSDJDGH
HOOR
V
VLQ
D
WHQW
RTXH
DVLKXEL
HUHQ GH
YHQLU WU
D
DE D
MDUHQH
OOD
G H
VXVW
L
HUUDVSRUH
VWDU
ORV T XH
HQ VX
SRGHU
HQW
UH
SO
DWD
GHW
RGROR
F XDO
V
HKLFLH
URQHFUL
VW XU
DV
QHFHVDU
LDV

PiV
GHHOOR
VPX \
OHMRV KD
EtDQ GHRFXSDUPX F
KRVGtDVHQ
ODYHQLGD
HVWDGD< <DVt
DFRUGDG
R
ORVXV
RGLFKR
 ([6X
FH
OHQ
FLDPD
QGyV
HOO
D
PD VH
Q2ILFLDOHV

YXH
OW
D\VH
UtD
FDXVD
G H
TXH DO
JXQ RVSHUHFLHV
HQ\TXHUL
HQGRWU
DEDMDUHQV
XVSUR OR
V
TXHKX
EHL
VHQ
HQ
HVWH
5H L
QR
\KQDY
HQLG
R DJXQR
O V\VH
 WUD
WDGHOS
U
HFLR
H
Q
St
DV
WLH
UUDV
V
LQPXGDUWHPSO HV
HQXQ V
RORGtD
S RGUtD
QJDQDU
HOGLFKRWRPtQ\ TXH
K D
QGH
KDFHU
\
DFDEDUO
DGL
FKDL
JOH
VLD
\VHYD
QM
XQW
DQGR
PD W
HUL
DO
HV VH
\
TXHO
RVYVL
L
WDGRUHV
WXYLHV HQFXLGDGRGHOR KDF
HUFREUDU\
HQY LDU
DO5HFHSWRU PDQG
DKDFHU
GH
WUH
V
QDYHV
FRQ
VXVWDU
V
FRUR\SR
UWD
GDV\
H
VTXLQ
DV
\S
LOD
UHV
GH
GH
ODGL
FKDRE
UDSRUTXH
 OV R
LQGL
RVQRVHRFXSDVHQHQ
WUDHUO
R FDQ
WHU
tDOR
\
GHPiV
WRGRGHODG
U
LOOR
HQTXHSDU
HFH
YHQ
GUi
DF
RVWDU
VWH
HQWD
X
,WH
Qt
TXHG 
HO
DUHQ WDGH ODIiEULFD
GHO
DGLFKDL
JOHV
LD J VH
DVWDVHFDG
D XQ RFKH
QW
DPLO
SHVRV
DxR
HQ GLF
OD
KDREUDGV RPLO\TX LQLH
QWRV
SHVRV \ O
RV
KD QR
ELHQGR
ODVGRV 2WU
RVt GLFK
HO
R
FDELOGR
HFOHVL
iVWL
F
RWL
HQH
\D
FRP SU
DGD
FDVDSD UD
HO
GLF
KR
SDU
WHV
TXHPRQWDVH
\O
D RWUDTXHGDVHSD UDHO
JDV
WR
G H
RUQDP HQWRV
\FRVDV
QHF H
 FRO
HJL
R
MXQW
R DO

DL
JOHVLD
TXHO
DKD
QGH
 LQFR
USRU
DUHQ
HO
FO
DXVWURH OO
GH
D VH
\
V
DUL
DVF DO
XOW
RGLYLQR\
GH H
OORKL]RREOLJDFLyQ
HO
GLFKR&DELOGRHFOHVLiV
W
LFRGH YD
SRQLHQG
RHQ OR
HIHFW
R TXHPiV
UHVW
DFRQ
ORV
FX
DOHV
FRO
HJL
RV\HOTXH
DKRUD
DFXGL
UD
O5HFHSWRU
FRQH  OOR
\ PiVVHJDVWDVH
OD DG
PLW
GHO
DOFDQFHTX
HV 
HOHV V
HKDIXQ
GDGRGH
O
D&RPSDx
tDGH
-HV
~VV
HHV
SHUD
KD
EUiPXFKD
H QPLHQGD
HQ
OD
KL]RFX HQODV
HW Q
DV
TX HV 
HO
H WRP DUR
Q 
T XH
IXHGLH
]PLO W
\DQWRVSHVRV
FRP R OL
EHU
WDG
FRQTXHVHDQ
FUt
O
RVPXFKD
FKRVGH
HV
WD
FLXGDG
\HQOD
YL U
WXG
\FLV
U
FRQVW
DSRU
OD
VGLFKD
VFH XQWDVGRQGH YDOD
UD]yQGH
HVWR W
LDQGDG
GHH
OORV
GH
TXH
'LRV1XHVWU
R6HxRUKD
 GHVHU
PX\VHUYL
GR\O
DWLHUU
D
,W
HP
DW
HQWR
TXH
HO
&DELO
GR HFOH
V
LiVWLF
R QR
WXYR
SRUEL
HQTXHHO
&DELO
GR PX\DSUR
YHFKDGD
FRQ
HO
HMHPSOR
TXH
SRGUiQ
GDU
D
HVWRV
QDW
XUDO
HV
O
HJR
FRQ
WULEX
\H
VH
SDU
D
HO
FRO
HJ
LR VH
PLQDUL
R
QLWXY
LHVH
YRWR ODRUG
HQHQ
GpO

SRU
V
HU
QHJ
RFL
RPHUH
HFO
HV
L
iVWLFR

V
H DFR
UGyTXH
VHKLFLH
VHQ
GRVFR
OH
JLRVVHPLQDU
LRV

XQR
SRU
H
OF
DELOGR
HFO
HV
LiV
WL
FR
\ RW
UR
SRUHO
OH
JR\
TXHGH
ORV
VHWH
Q W
D
\ FLQFR
SHV
R
VTXH
VHKLFLHUR
Q
GHU
HEDMD
D
ORVFHVD
U
GRWHV
UH
VWDED
QWUH
LQW
DVDFDGR
VO
RV
F
XDU
HQWD
\F
LQFR
FR
QTXH
 VHKDEtD
G H
DFXGL
USDUD
ODRE
UDGH GLF
OD
KD,
JOH
VLD


aa
B
B



IIL

a


18(9$6 $',&,21(6
/$
,1675
8$
&&,21
*(
1(5$/
3$5$/26
9,6
,
7$'25 
(6

&X]FR


GH
VHSWLHPEU
H
GH



'RQ) UD
Q FL
VFRGH
7RO H
G R
0D \RUGRPRGH6X 0D MH
VWDGVX9tVRUUH
\*R
EHUDGR
Q U\&DSLWi
QJHQHUDO
HQHVWRVU
HLQR
V\
S URYL
QFLDVGHO3HU~3UHVLG
HQWHGH
O
D$XG LHQ
FLD
5HDOTXHUH
VLGHHQODFLX
GDG
GHORV5H\HVHWF
3RUFXDQWR HQ
O
DV
FRPLV
LRQHV
LQVWUX
FFLRQHV
\GHVSDFKRVTXH
VHKDQGDGRO RV
D YLVL
W
DGR U
HVGHHV
W
RVUHLQRV
SDUDODYLVL
WDJHQHUDOGHHOORV

SRUDOJXQRV F
D St
WX ORV
GHOD
,QVWUXF
FL
Q*HQH UD
O\SRUGRVSURY L
VL
RQHVSDUW
LFX
ODUHVVHOHVPDQ GD\ H
QFDUJDTXH
W
UDLJDQ
UHODFLy
QSDUWL
FXODU
GHOD
IDO
WDTXH
O
RVYHF
LQRV\HQFRPH QGHURV
KDQWHQL
GR
GHGRFWU
LQD
HQORVU
HSDUWL
PLHQ W
RVTXHOH
V
HVWiQHQFRPHQ GDGRV \O
RTXHKDQGH
KDFH
UDFHUFD
GHUHVW
LWXLU O
RVLQGL
D
RV
OD
GL
FKDIDOWD
GH GRFWUL
Q D\
ODVIDOWD
VTX H
HQ K HOOD
DQKFHKROR
VVDFHU
G RWHV
V
HJ~QTX
HP iVODUJDPH QWHVHFRQWL
HQHHQO
D
GLFK
D,QVWUXFFLQ
\SURYL
VLRQHV
\SDU
 DTXH-R
VXVRGLFKRVHKLFLHV
HFRQPiVFOD
UL
GDG\MVX
WL
ILFDFLy
Q\VHSURYH\HVHO
RTXHF
R QYLQL
HVHHVWDQGR HQ
HVWDFL
XGDG
GHO&X]FR
 MXQ
PDQGp
W
DU DOJXQ
DV GL
JQL
GDGHV
FDQ yQLJRV\F XUDVGHO
D VDQW
D
,JOHV
L
D GH
HV
WDFLXGDG
\DR 
WURVSUHO
DGRV
\UH
OLJL
RVRVGHODV2U GHQHV
GHO
RVGH
PiVDXWRU
LGDG\GRFRW
V
G HHOODV
\GHVSXpV
GHKDE HUO
HVSURSXH V
WRHO
LQWHQWR
TXH
FH
UFDGHHV
WRWHQtD
DVt
SD UD
ORTXHORV
GL
FKRVHQFRPHQGHURV HVW
DUtD
QREOL
JDGRV
DU
HVWL
WXLU
FRPR 6X0DMHVWDGSRUOR
VU
HSDWL
UPLHW QV
RTXH HVWiQHQVX&RURQD
UH
DOSRUOD
GLFKDIDOW
D
GH GRFWULQD
\
TXpUHO
DFLyQTX HIXHVHFOD
UD\HYLGHQWH
VH
SRGUtD
WUDHU TXHSDUD
K L
VH
FLHVH
ODGLFKD
UHVWLW
XFLyQ K
DELHQGR W
UDWDGR\
FRQ 
IH
ULGRV
R EU
HHOOR
VHUHVROYL
y
SR UOD
PD \RU
SDUWHO
RVLJXLHQWH

4 XH
ORV
YLVLW
D
GRUHV
JHQHU
D
OH V
GH
HVWH
U
HLQ
R\FD
GDXQ
R GH
HOO
RV
WUDL
JDQ
U
HODFLyQ
\DHYULJXDFLyQ
SD
UWLF
XODU
SDUD HOD
TX GLFK
DUHVW
LW
XFLy
QV
HSXHGD
KDFHU U
F
R QMXVWLILF
OD D
FLyQ
TXH
FRQYL
QL
HU
HG HORV
LQGLR
VWLE
UXW
DULR
VF
\DVD
GRVTXH
WXYR 

FD
G D
UHSD
UWLPLH
QWR HQ GH
WLHPSR
FDGD
HQF
R PHQGHU
RDVt
GH
OR
V
T XH
DOSUH
V
HQWH


U
O
RVSRV
HHQF
RPRORV
TXHDQ
WHV
ORV
KDQSRVH
tGR
SRUYtD
GH
HQF
RPLH
QG D
RV
X FH
V
LyQ HQ
R
RWUD FXDOTXLHUPDQHU
D


H5HY
O
DWD
+L
VWy
ULFD 
7
9,,

SiJV




 U




 0$5$ -867,1$ 6$5$%,$9,(-2 25'
(1$1=$6
'(/
9,55(<
72/
('2 


<
TXH DVLPLVPRTXp
VH
VDFHUGRWHV
DYHULJXDVH
KD
WHQLGR
FD
GD HQFR 
a4XHHQ
F
X D
QWRD
OV
RKH FKL
FHURV
O
RVM
XHFH
VVHJO
DUHVS
XHGDQSURFH
GHU
PHQGHUR HQ VX
UHSDUWLPLHQWR
WLHPSR
\
ORV
TXH
HQUHVSHFWR
VX OD
WD
VDFLyQ
GH GH D
F
DVWLJDUO
RV

SUH
YL
Q L
HQGR
HQODF
DXVDSRUV
H
UFPRRHV
PL
VWL
IRU
L
\OR
PL V

LQGLRV TXH
~OWLPR
HO
TXH
&RQFLOLR
VHHQ
FHOHEUy
FLXGDG
OD GHSRU
ORV
ORV5H\HV PR
SXH
GDQ
KDFU
HORVHFOH
VL
iVWL
F
RV VLSU
HYLQ
L
HUHQ

SUHODGRV GHKDQ
HVWRV
IDOWDGR
HQ
FDGD
UHLQRV
UHSDUWLPLHQWR
GHMDGRSRQHU
GH \  (Q ORTXH WRFD DOV
RD SyVWDWDV\GR JP DWL]
DGRUHVS RUVHU QHJ RFLR <
ORV GLFKRV HQFRPHQGHURV
\
ORV VDODULRV TXH FDGD
GLF
KRV WLHPSR
VD JDQDEDQ ORV
FDXVD GHKHUHM
tDHQ TXHQ RVHSXHGHQH QW
UHPHWHU OVDM
XVWLFL
DVVHJODUHV < HQTX H
FHUGRWHV
\
TXH WRGR OR VXVRGLFKR VH DYHULJXDVH FRQ FLWDFLyQ SRUD KR GH
UDQRV ORV
HTXLHUHHQWGLFKRV
UHPHWHU HORILHQFR
FLRDSRVWyOLFRGH OD6DQWD ,QT XLV
LF LyQ
PHQGHURV
\SHUVRQDV
DTXLHQ SDUD
WRFDVHVH
TXHKLFLHVH FOD
U LG
DG < PiV
FRQ VHDFX HGD
U T XH OD
M XV
WLFLDHFO
HVL
iVWL
FD RUGL
QDUL
D O DHQ
VF D
XV DVTXH GH HVWD PD 
MXVWLILFDFLyQ
 QHUD VH RIU
HFL
HUHQ SURFHGD FDV
D W
LJDUO
RV SRU O
D RUGHQT XHOD,QTXLVLFLyQ RUG L

<TXH WDPELpQ VH KD DYHULJXDVH
KDELGR
DOJXQDV
IDOWDV
HQ VL
ODV GRF QDULD DFRVWX
PE UD \T XHHQ F
X D
QWR DORVDSyVWDWDVFXDQ GRK VH
D
OODUH IODTXH]D
WULQDV
GH ORV VDFHUGRWHV TXH ORV SHUPLWtDQ
RUGLQDULRV
TXH GH HQWH
WHQtDQ VHxDODGRVQGLPLHQWRHQ HOO
R
\V RGIH
HF W
R GHVXFDWHFLVP R
VH KD\DQ F
RQ HOORVE HQLJ
KXELHVH
SDUD FDGD UHSDUWLPLHQWR GH DTXpOORV \ TXH VHODHMHFXWDVH
IDOWD QDPH
HQ ORV QWH SH
UR HQOVRTXH KXELHUH GH HQHQW
EX H
Q GLPLHQW
R \T XHHVWX YL
HU HQ VX
HQFRPHQGHURVSDUD GHVGH
TXH VHOXHJR
UHVWLWX\HVH
DORV LQGLRV
\TXHG H
ORV
 ILF
LHQWHPH QWHFDWHTX L
]DGRVVHFDVWLJXH
Q FRQPiV ULJRU\FRQ H
OTXHOR VGH UHFKR V
PiV VDFHUGRWHV
TXH KDEtDQ
GH WHQHU
\SRQHU FRQIRUPH VREUHDOORV
&RQFLOLR SHUPLWHQ < HQORT XHWRFDDOVRG RJPD W
L]D
G RUHVS RUHOPXF KR GD xR TX H VH
TXH
GHDQWHV GHO GLFKR HVWDEDQ
VHxDODGRV
&RQFLOLR OHV F
VH
RQIRUPH
DYHULJXDVH KD HQWHQGLGR TXHKQ DK HFKR\KD FHQHQORV QXHYDPH QWH F
R QYHU
WLG RV H LPS H
D RUGHQ
OD FRQWHQLGD
&DStWXOR
DQWHV
HQ
GHHVWH
HO
\VH WUXMHVH
UHODFLy
Q GH HOOR GLPH QWR DO
DSUHGLD F
FLyQGH O6
DQWR (YDQJHOL
R \TX HDXQTX HQRIXHVH Q O
RV W
DOHV
FLWDGRV
SDUD
WRGR ORV GLFKRV HQFRPHQGHURV GRJPD WL
]DGRHU
VF UL
VWL
DQR VVLQRLQIL
HOHV
 VH
SG RUtD \GHEtDSURFHGHU FRQ WUD H
OO
RV
KDVWD SHQDVGHPX HUWHTXH H
QHOFDVWL
JR GHORVWDOHV
GRJP DW
L]DGRUHV ORVMX HFHV
<SDUHFLpQGRPH
TXH
DGHPiV GH OR GH
HVWH
TXHSDUWL
FXDFHUFD
ODUOO
H
HFOHV
LiVWLFRVSURFHGDQ K DVW
D U
HODM
DUORV DOEUD
]R V
H JO
DU
YiLV RUGHQDGR
SRU
ORV GLFKRV FDStWXORV \SURYLVLRQHV
GH
FRQYLHQH
,QVWUXFFLyQ
TXHVH JXDUGH
OD
RUGHQ FRQWHQLGD HQ ORV \DVLPLVP
GLFKRV
ROR WUHV FDStWXORV < VLDFRQWHFL
HUH TXHKDOODUHQ DO
J~Q GRJ PD W
L]DG
RU L
QILHOTXH HVWRUEDUH
TXH VH
KDGDGR
RV OR
TXH
HQQRIXHUH
FRQWUDULR
D HOORV DFRUGp ODSUHVH
Q GH GDU ODSUHGLFDFL
yQ GHO
(Y DQJ HR
OL\SUR
 FXUDU HGHSHUYHUWL
U HQORVQXHYDPHQ WH FR QY HU
WL
WH
SRU FXDO
OD YRV TXH

PDQGR
KDELHQGR FLWDGR HQFRPHQGHURV
ORV FDGD
GLFKRV GRVH QHWH
VF DVRS RGUiQ OD
V MVW
XL
FLDVVHJODU
HV SURFHGHUFQ RUD
W V WD
ORO
HV GRJPD 
XQR YXHVWUR
HQSDUWLGR OR
TXHSRU
OHV
SDUD
HO
WRFDGLFKRKDJiLV
HIHFWR
ODVD
YH WL]DGRUHVLQIL
HOHV
 FDVWL
JiQGR OV
RF RQ SHQDVGH PXHUWH\ RWUDVTXHOH VSU DHFLHUH
ULJXDFLRQHV HQ
ORV
FRQWHQLGDV
GLFKRV
FDStWXORV
FRPR HQ HVWi
HOORV
GHFODUDGR< SXHV HVWiGHFO
DUDGR SRU M
XQWDVGHWy H
ORJRV\MX UL
VWDVTXH 6X0DM HV
WD G K D PDQ
OR WUDLJiLV
PX \
ELHQWRGR
DYHULJXDGR HQ ODV T XH
UHODFLRQHV
W
UX GDGR K D
H LQIRUPDFLRQHVFHU
HQ ORV
UHLQRVGH(VSDx DTXHQRVO y
R HVHV
WRFXVDD SDUD FRQG HQDUORV
M
pUH
GHV
SDU
DTXH YLVWDV
SURY
HDORVH
P
TXH
iV
FRQYHQJD< SRU
ODIOW
DDGHGRF DPX HUWH
 SH
UR D~Q SDUD JXHUUDD W
RG RXQ UHL
Q R \SURYLQFLDGH T XH WDQWD V
WULQ
D FRQWHQLGD
HQHO
WHUF
H
UR&DStWXOR
H
MHFXWDUpLV
HQORV
HQFRP H
QG HU
RV KD  PX HUWHV \GxDRVGHK DFLH
QGDV VXFHGHQ
FL
HQGRFREU
DUGHHOORV
OR
TXHH
QH
OOR
VH
PRQWDUH
ORFXD
OKDU
pLV
S RQHUHQGHSy < SRUTXH FRQYLHQH D
OVHUYLFLRGH
'R LVQXHVWUR6H xRU \DXP HQWR G HVX
VLWR
V
HJXUR
SDUD
TXHV
HDFXGD
FRQHOOR
D H TXL
Q OH
SHUWHQ
HFH SRU
O
DRUG H
Q TXH VDQWD IHFD
WyOLF
D\D OD
R EOL
JDFLy
Q T XH6X0D MHVW
D G WLH
Q H GH
TX HHQ HVWRVUH LQRV
SRU
PLU H
IXH
GDG
D
\PHLU
pLV GDQGR
DYLVR
GHORTHXH
QHVWR
KL
FLpU
HGHV VHSRQ JD HQHVWR
UH PHG L
R PDQGR DORVGLF
K RVY L
VLW
DGRUHVJ HQHUDOHV TXH HQOR
$VLPLVPR PDQGpSURSRQHU\VH
SURSXVRHQODGFLKDMXQW
DTX H
SRUTXH TXHW
RFDDORVGL
FKRVKHFKL
FH URV
\ GRJPDWL]
DGRUHV TXHQRHV
WX YLHU
HQE DX
W]DG
LR V
HO
SULQFLS
D
O HIHF
WRGHODYLVLW
D JHQH
UDO\
SHUVRQDO
PtD HUDHO GH
H
[WLUSDUR OLG
D \IXHU
HQLQIL
HO
HVTXHKDOO
iUHGHVHQYXHVWUR
VGLVW
UL
WRVKDJiLVM
XV W
LFLDH
QORV
WDOHV
W
UtDV
KHFKLFHU
tD
V \GRJPDWL]
DGRUHV SDUD
TX
HO 
DGRFWULQDGHO(Y
DQ JHOLR
FDL
JD HQ F
DVRV
S URF
HGLH
Q GRHQ OD
VGLFKDVFDXVD
V\VHQW
HQFLiQGRODV
\ HMHF
XWDQGR O
DV

VHQ
GLVS
RVLF
Ly
Q \ WLHUUD
TXH HSX
G DK D
FHUIUXWR
SRUHVWDUW
D QLQIRUPDGR GHOSRFR WH
QFLDVHQWRGRORTXHGHG H
UHFKR KD\DO
XJDU\S DU
DT XHODVGLFKDVMX
VWL
FL
DV
TXHKDFH
SRU UD]yQGH
FRQVHQWL
U\ QR
KDEHUVH JDGR O
FDVWL
R VWDO
HVL
GyODWU
DVKH HFOHV
LiV
WLFDVKDJDQ ORPLVPR OH
V GDUp
LVDYL
VR GH O
R TXHHQ HV
WRV GRV
FDVRV
F
KLFHURV\GRJPDWL]
DGRUHV \HOHVF
iQGDOR
TXHHOORVPLV
PRV KDFH
Q HQHQWHQGHU HVW
iGWHHUPLQ
D GR\DFRUGDG
R <HQORTXHWRF
D D ORV
DSyVW
DW
D V\GRJPDWL
]DGR
TXHOV
RWUDQV
JUHV
RUHV GH
ODOH\
GHL!
LRV
TXHKD
QUHFL
E LGRQRVDH
Q FDVW
LJDGRVFRQ U
HVTXH KXELH
UHQ U
HFLEL
GR HOVDFUDPHQWRGHOEDXWL
VPR \IXHUHQ HQVH
xDGRV HQ
HO
HMHPSORTX HGHEtDQ
\ OR
HUDQORV H
QTX
RJXD
UGDEDQ ORVPDQ GDPLHQW
RV GHO O
DVFRV
DV GHQXHV
WUDVDQW
D IHFDW
KyOL
F DSDUD
T XHVHDQFDVW
LJDGRV FRQIR
UPH DOR
FXOWR LG
RODWUtD
H
VTXHVV
XWLUD
QRV,QJ ORV
DV
OHV
SRQtDQ\VHUtD
HQODPD\RUSDUWH TXHHWi
V D FRUGDGRFRPR GFKR
L H VGDUp
LVDYL
VRH GH
OO
R O DV
D M
XVW
LFL
DV H
FOHV
LiV
LQ
IUXFWXRV
DODY L
VLW
D JH
QHUDOV
L DHVWR
QRVHSXV
LHV
H UHPHGLR H
Q HOHQWU
HWD
Q W
R W
LFD
VRUGLQDU
LDVTXHGHHOOR
S XH
GHQ GH \
EH
QFRQ RF
HUFRQIRUPH DO
GLFKRSUD
HFHU

TXHVHKDFHHOFRQFLOLR
\HQFDUJiQGROHV H HQWU
HTX
WRGRV V
HYHLV
H \SODWLF
DVH D
ORVFXDOH
VHQFDUJRTXHWHQJDQG HHOO
RSDU
WL
FXODU FXLG
DGRSXH VHV
QHJRFLRWDQ
SDUDH
VWD
SURYLQFLDOD
RUGHQTXHV 
HSRGtD
WH
QHUSD
UD TX
HH QWU
HHOEUD]
R HF
OHVL
iV L
PS RUW
DQWH\HQTXH
'L RVQXHVWU
R6xHRU\6X0D M
HVWDGVHUi
Q VHUYLGRV FRQ
\ HVWR
W
LFR\VHF
XODUKXELHVHODH
MHFXFL
yQ GHOFD
VWL
JRTXHFQRYLQH
H HQ HVW
RVFDVRV
< L
UiQH[WSLU
DQGR \UHPHGLDQGR OD
V GLF
KDVLGRO
DWUt
DV\ KHFKLFHUtDV\KDEUiPi V
YLV
WR\SO
DWL
FDGR VR
EUHHOOR
V
H DFRU
GyORVJX
LLHQWH OX
JDUGHTXHVH
HQVHxH SO
D QWH
\H QORVQDWX
UDO
HV O
D GRFW
ULQDFULVW
LDQD\O
H\HYDQ
 0$5$ -86
O
,1$
9,(-2
6$5$%,$ 25'
(1$
1=$6
'(
/9,
55(<
72/('
2 

JpOtFD
HQTXH KD KDELGR WDQWR LPSHGLPHQWRD G RJPD W
L]D VH
FDXVDGH PDQ G D
TX
ORV HQRPEU pLV
GLFKRVSRUG HIHQVRU GHOR
V Q DWXUDOHVXQD GHODV SHUVRQDV TXH
GRUHV\ KHFKLFHURV OOHYiL
VF Q
R Y
RV\GHVSXp VSDU HFLyTX HO
R HVH
IX XQ LQGLRODG L QR
\ VHR V
G Ly R U
GHQSDUDTX HOHQRP EUiV H
GHV SDUD HOOR
\D KRUD VR\ L
QIRU PD GRTX H
Q LQJQ L
Q 
< SRUTXH6X 0DMHVWDGTXLHUH\ WULEXWR
VGH ORV PDQGD TXHWRGRVORV
GLR
SR UOD
 GL
QR TXHVHD W
HUQi FDSD FL
GD GSDUD XVDU HOWDORIL
FLR\ SR UT XH ORV
UHSDUWLPLHQWRVTXHHVWiQHQ
OD&RURQD5HDOWDVDGRVDPHQXGHQFLDVQR HQ SOD \
QDWXU
D OH
VQR SXHG DQUHFL EL
UGD xR HQ HVW
RK HDF RUGDGR TXH HODO JXDFLO PD\ RU
VH FRQPXWHQ\WDVHQ
WD RHQSODWD
HQVD\DGD\
HQRUR
PDUFDGD 
DVt

SRUHOEH 
TXHOOH
Y iLV
ORVDHHQOD VSDUWH V
TXH Q RHWQHQ GLpUHGHV TXHK D\DOJ~Q LQGLR T X H
QHILFLRTXH GH HOORUHFLEHQORV LQFRQYHQLHQWHV
HV MXVWR LQGLRVFRPRSRU RWURV
VHDVXILFLHQ
WHSDUD H
OOR SR UTX\
HFH VH
QFRV WDV \YHMDFLRQH VG H ODVSH U
VR QDV
TXHORPLVPRVHKDJDHQORVWULEXWRVTXHHVWiQFRQVLJQDGRV
SDUDODSDJD GHODV
FRQWUDTXLHQVHSURFHGLHUHPD QGR TXH GLFKR
HO DO JXDFLOPD \RUS RUH OWUD ED MR
JXDUQLFLRQHVGH HVWHUHLQRFX\DFREUDQ]DHVWi UHD OHV< D FDUJRGHORV RILFLDOHV
SDUD TXHHVWDWDVDFLyQ\ FRQPXWDFLyQVHSXHGD FR QY HQJD <RFXSDFLyQ
KDFHU T XHKD
PHMRU\ W
H QHUHQ
GH
G HIHQGHU
FRPRORVG L
FKR VL
Q GLRVDVtHQ FDXV DVFLYLOH V
VLQ DJUDYLRGH QDGLHYRV PDQGRTXHOD
KXELpUHGHV GH WUDHU FRPR FULPLQ
LQIRUPDFLyQTXH DOHV
K D
\ D\ OOH
YH FDGD XQ
Dx R
WU HVFLHQWR V
S HVRV SOD
GH W
D HQV D\
DGD
SDUDGDU YXHVWURSDUHFHU
FHUFDGHHVWR
VHD UHVSHFWRGH SRGUi QS DJDUOR TXH \PDUFD GD
OVRF XDO
HVVH OH
S DJXHQ SRU O
DRU GHQ \GH GyQ GHVHK D GHSDJDU HO
GHP iVV
DODULRTXH O
HV HVWiV
Hx DODGR SRUUD]yQ GH OG 
L
FK RR ILFLR
GH DO
JXDF L
O PD 
HQ RUR R HQSODWD PDUFDGD\ QR
HQVD\DGD\
HQRWUDVQLPH QXG HQFLD
FRPLGDV
V
\RU
<T XHQROOHYH
RWUD SDJD GHODVSDUWHV
DX QT XHFXDO TX L
H UD
GH H OO
DVVHD FRQ 
GHODVTXHSDJDQDOSUHVHQWHSRUTXHHVWDVVHKDQGHFRQPXWDU\
WDVDUFRP R
GL
GHQGDRF HQ
RVWDV
FKRHV/D FXDOGLFKDDYHULJXDFLyQ
WUDHU
pLVPX\HQSDUWLFXODU
SDUD SRG HU PHMRU
HQWHQGHUOR TXHVH GHEHSURYHHU ,W HP RUGHQR \PDQ GR TXH YRVOVRG L
F KRVYLVLWDGRUHVQ R GL H
V WW XtORV
GHFDFLFD]JRVDOSRVHHGRU QL VXFHVRUT XHYHQ JD GHQX HR YVL
QR W DQ VODPH
R Q WH
< SRUTXHODUHGXFFLyQGHORV WDQ
QHFHVDULDFRPR
LQGLRVHV
WHQ pL V
HQ
WH
VWL
PRQLR G HO
D DYHU
LJXD FLyQT XHKX ELHUH
K HFKR G H
OWDOFDFLFD]JR SDUDT X H FRQ
WHQGLGRKD
SDUHFLGRTXHORVTXHSRGUiQPHMRUHMHFXWDUODGHVSXpVTXH
K XE LpUH
HOO
DRFXUD
U DQWH Pt
\ YVWD
L SURY HDOR TXHF 
RQ YH QJD 
< HQ ODGLFK DD YHULJXD
GHV VHxDODGRGyQGH PXG DU\ UHGXFLUVRQORV
VH KDQ HQFRPHQGGH
HUR V
 SRU HO
FLyQHQYLDUpLVUHO
DFLyQ SDUWLFXODUV L
HO WDO
FDFLTX HVXFHV
RRU HVYL UWX RVR \ G H
SDUWLFXODULQWHUpVTXH GH HOOR SDUD HOOR VHOHV VLJXHVH RV HQYLDUiSURYLVLyQ
<
EXHQDVFRVWXPE UHV\HQWH QGL
PL HQWR
\GHO
RFRQ W
UD UL
R VL
ORKXELH UH\ D
VLPL VP R
KDFHUODKHLVFXPSOLU\ TXH
HMHFXWDUFRQHOULJRU
YtpUHGHV FRQYLHQH  TXH
GHODFXOSDT XHKDOO
iUHGHV FRQ WDUHOWDOFD
FLT XH V LV
XF
< HGLHUHG XUDQ WHOD GL
< SRUTXHHVQHFHVDULRWHQHUDYLVRGHODV KLFLpUHGHV FRQGHQDFLRQHV
FKDYLV
LWDJHQ HU
D OPRULUDOJ~TXH
QF DFL
TX H VH W PHHQYtH
HVWLPRQLR GH ORVK LM
RV TX H
DVt
S DUDO
DFiPDUDGH 6X0DMHVWDGFRPRSDUD SDUDTXHG HODV JDVWRVGHYLVLWD
GHM
DG \
HO
D FDOL
GDGYL
 UWXGPp ULWRVHK D
ELOLGDG GHFG DDX QRSDUD TXH SRU Pt
GLFKDVFRQGHQDFLRQHVGH
JDVWRV GH YLVLWDVH \DY XHYD\DQOLEUDQGR
VWURV DYLVWR
YRV
V
HSUR YHDOR
T XHFRQ YHQJD DFHUFD G
HOWDOFDF L
FD]J R
RILFLDOHVYXHVWURVVDODULRVPH
ODLUpLV GDQGR FRQGHQ
GHDFLRQHV
ODVTXH GLFKDV  ,WHP
 
SR UTXH FRQ YLHQHTX HH O
SDUHFH UTX HYRV
 O RVGLFKR VYLVLWDGRU H V
KtFL
pUHGHVGH
WUHV HQ
W
UHVPHVHV \ HQGR
QR SXGLGHQWUR
GLFKRWpUPL QGHO
R GH KDEpLV
G H
GD UV
RE U OD
H WDVDTX HSRG UiQO GDU
RV LQGLRVGHFDG DUHSDU WLPLHQ WR FRQ 
YRV
ORVGLFKR
VYLVL
WDGRUHV
SRUO
DGLVW
DQFLD
TXHKD\D
H VW
D&RUWH
ODHQYLD Up L
VOR IRU
PH DYXHWUVDVLQ
VWUXFFLRQHVVHGpOXHJRDFDEDG DO 
DY LV
LWDGHFDGD UHS DUWL
PL H Q
PiVGL RU
QDUR
LTXHSXGLpUH
GHV
\ QROLEU
DUp
LV
HQODV
GLFKDVFRQHGQDFLRQHV FRVD WR
<TXH V
HHQYtHHOGLFKRSDU HFHUYRVPDQ GR TXH OXHJR FRPR DF D
Ei U
H GHV OD GL
DO
JXQDSDUDHO
GLFKRHIH
FW QL
R VHSDJDiU
QORVGLF
KRV
VDODUL
RV QRIX
VL
H UH SRUOD FKDYL
VLWD
H QFDGDUHSDUWLPLHQWRGpLVHOGL
FKRSD UFH HU\PH OHHQYLp LV
IU P
LD GR GH
RUGHQTXH\R
S DUDHOOR
GLHUH
SRUOLEU
DQ]DV
PtDV YXHVWUR
Q RPE U
HFHUU
DG R\VHOODGR < SRUTXH SRGU iQ UHV
X OWDU
LQF RY QHQ L
H QWHV G H
 <DWH
QWRTXHVR\LQ
IR U
PD GRTXHH
OV
DODU
LRGHODOJX
DFLOPD \RUH[ HV
 GDUO
HOXHJRDQWHHOHVFULEDQR
OH KDUpLV
GHYXH VWUDPD QR \OHWUDFRQ WRGRVHF UH WR
FH
VLYRS RU
TXHDGHPiVGpOWLHQ
HVXV
GHUHFKRV
\ W
ODHUFL
DSDUW
H O GH
DV GHQX QFLD GHM
DQG RH 
QYXHVWURSRGH UXQWUDVODGR 
< DFD
E D GDODYLVLW
DF DGDXQ R GHYRVHQ VX
FL
RQHVTX H
KDFHQGHFO
DUR TXHORV DOJ
XDFLOHV
PGLFKRV
D\RUH
VKDQ GHOOH YDUGH SDUW
LGRSDUDOD
H QWU
HJD 
S RUQpLVDO
SL H
GHODVDY HUL
JX DF L
RQ HVGHFDGD UHSDU WL
PL HQ 
VDO
DULRFXDWUR
SHVVR
\QR
 PiV DXQTXHORV
DGHO
DVSURYLQFL
DVGHDUULED OHV HV WR
HQSDUWLFXODU O
GH
L
FK RSDUHFH U
ILUP DG R
\DX WRUL]DGR GHYX HV
WURHVF ULE D
QR SD UD
Wi
Q V
Hx DDO
GRV FLQFR
SHVRV TXHKDJDIH

,WHPSRUTXHHWR\
V LQIR UPDGR\DO
JXQRV LQGLRV TXHMDQT X HVH
UHFL < F XD
Q GRHQ YLiUHGHV H
O GLFKRSDUH FHUPH HQYLDUpL
V W
HVWLP R QLR GH O D
EHQDJUDYLR
HQODGLVWULEX
FL
yQ GHO
DJUXHV
D O GH
DWDV
D TXHDKRUDSDJDQ <FRQ  DYHUL
JXD FLy
Q GHIDOWD
GH GRFWULQ D
TX HKXEH L
UH KDE LGRHQ HOWDO
UHSD UWLP L
H QWR GH
YLHQHTXHHQ HVWR
KD \D
WRGDLJXD
OGDG\VHSU
RYHD
G HPDQHUDTXHORVLQG LV
RQR OD
FXD O
DYHULJXDFLyQKD UpLV
SURFHV R DSDUWH\SR UHO
L QWHUURJD W
RULRTX HVHK LFLHUH
OH
UHFLEDQHQ HVWRYRV
PD QGRTXHH
QHOLQ
WHUtQ
TXHOD
WDVDJHQHUDOVHK D FH
HQ SDUD
ODDYHULJXDFLyQ O
DG LFKDIDOWDGHGRFWUL
GH
QD QRVHSUHJX QH
WV LKD \IDOWD GH
ODGL
VWULEXFLy
Q
GHODJUX
H VD OD
GH
GLFKD
WDVDTX
H DKRUD
SDJDQ
ORVLQGLRV WHQJiLV GRFWUL
QDSRUT XHOHV
SRGUt DS DUHFHU DORV
LQG LRVGH OLWRFRQHVD
I UOR
VLQRTX p VD 
PX \SDUWLFX
ODU
FXHQWD GH
GDU RUGHQ
Fy
PR VHKD
JDLJXDOPHQWHHQWUHWRGRV ORV FHU
GRWHVKDKDELGR\HQ TXpW 
LHPS RF y
\
PR\ TXpD XVHQFLDVKDQK HF KR\FX iQ
WULEXWDULR
V
GH
PDQ HUD
TXHQRVHDQDJUDYL
DGRV
XQRVPiVTXHRWURVV
LQ R TXH HQ GR TXp
\ WL
HPSRV KDQ IDOWDGR
ODGLFKDGLVWUL
EXFLyQ
KD\DWRGDLJXDOG
DG\ VHSD
FDGDXQROR
T XHK DGH SDJDU ,W HP SDUDF XPSOLU XQ FD
FRQ
St
WXOROD GH
,QVWUXFFLyQ JHQH UDO T X H
 ,W
HPSRUTXH HQ
XQ FD
StWXO
RG H
OD,QVWUX
FFLy
QJHQHUDOTXHVH RVGL
y KDEODVREUH
OD DYHLJXD
U FL yQGH O
RV GLH]PRVRV PDQ GR TX HO
DHQ YLpL V
SRU OD OL
VWD

?
?

 0$5$
-867
,1$
$5$%,$
9,(-2 25'(1$1=$6
'(/
9,5
5(<
72/('2 


TX
HW
RPiL
V
GH
ODV
WL
H
UUDV

DYH
UJX
LDQ
GRDFy
PRDFXG
HFD
GD
W
RSRGH
HOO
DV
DVt
G
H aHUGHV OD
HFUHWD
L
aIRUPDFLyQSDU
HF
HTXH
VHUtD
DOJ~Q
LQFRQ YHQL
HQWH
SRUTXHORV
PD
t]WULJR
\SSD
DV
FRPR RW
GH
UDV
VH
PLOO
D
V VL
VH
\
VLHP
EUD
FDGD
Dx
R
\TX
p LQGLR V
QRWHPtD
QOEHU
LWDGRQRRVD
U
tDQ
GHFL
U
ORVDJUD
YLRVTXH GH
HOOR
V
\GHV
X V
FD
QWL
GDGVH
V LHP
EUD
FDGD
Dx
R
\O
RPLVPR
KDU
p
LV
HQ G
ORH
ORV
JD
QDGRV
 a
PD\RUGR PRV KD
QUFLE
HL GRYRV
PDQGRTXH
QRK DJi
LVODGL
FKDFWL
DFLy
QKDVWD
( Q S
HOD
UHFH
UTXHVH
RV
PDQGDDYRVORV
GL
FKRV
YLV
L
WDGRUH
V
UHDO
HV
TXH KDEHU KHF"R
OD
GLFK
DL
Q IR
UPD FLy
Q
VHFUHW
D
\U
HFL
ELGDpV
WDORV
SRGUpLV
FL
WDU
SDUD
HQ
YpL
LVGH
OD
WDV
DTXHSRG
UtD
GDU
FD
GD
UHS
DUW
LP
LQWR
H HQJHQ
HUDO

\HQSDUWLF
XODU WRGR< S
6,DU
DHVWR
RVSDUHFLH
UHLPS
TXH
L
GHQHVWDU
ORVGLFKRV
HQF
RPHQ GH
URV
FD
GD
LQGLR
DVLPLVPR
HQYLDUp
LV
YXHV
W
UR
SD
UHFHU
GHOD
WD
VD TXH
VH
UiELHQ
TXH
VH H
Q VVXUHSDWLPL
U HQWRV
ORV
HFKDUpLV
GH
HOORV
SD
UD TXH
ODGLFKD
LQIR
UP DF
LyQVH
Gp FDFLT
DOXH
SULQ
FLSDO
\
VHJXQGD
SHUV
RQ
D
\ORV
 GH
SDFKDFD
SRUTX
HWRGR
 VO
RV F
UHWD VH
K DJ
DFRQ
WRGDOL
EHUDG
W FR\
PRFR
QYLHQH

GH
PiVSULQFLSD
O
HV\PD
 QGRQHV
VH
KD
QGH
TXLW
DU
/D
FXDOGLF
KD
UHODF
LyQGH
W
R <SRU
TXHFRQ
 YL
HQH K TXH
D
\DPRGHUDFLyQHQ
ORVFD
PDU
LF
RV
TXHVH
KDQ
GH
GDV
O
DVFRVV
DVXVRGLFKDVPH
HQYLDUp
LV
FRQ
HO
S D
UHFHU
GHOD
WDV
DHQ
DFD
EDQGR GDU
D
OR
V
VFD
HUGRW
HV
GH
OD
VGRF
WUL
QDV
SRU
H
OH
[FHVR
TXHHQ
WRG
DV
SDU
W
HV
KDKD
ELGR
OD
YL
V
LWDGH
FDGDUHS
DWLP
U LHQ
WR aQ
HVW
R
PHH
QYLDU
pLV
U
HOD
FLyQ
F D
GDXQR
HQVX
GLVWUL
WR

GHO
FDP
DU
LFR
TXHV
HUi
-XVWR
VH
OHV
GpSDUD
VX
VXVWHQW
DFLyQ
F
RQ
ODEU
HYHGDGTXH
VH
D
SRVL
EO
H
SXHV
LP
,WH
P RUGHQR
\PDQGR ORV
TXH
YLV
LW
DGRU
HVHFOH
VLiVWLFRV

FOpULJR
V
\ SRUWD
WDQWR
TXHGH
VH
GO
XHJRVH
SRQJD
UHPH
GLRHQ
HV
WR
I
UDLO
H
VQRHFK
HQ
SHQDV
SHFXQL
D UL
D
VQLGHH[
FPRXQLy
QFQRUD
W OR
V
LQGL
RVTXH
GR
FWULQDQ
\HQ
FDV
RTXH KD\DQ
QHYG
DRORV
GLF
KRV
IUDLO
HV
DOJX
QRVGLQ
HU
RVVR 7RGR FX
OR D
OJXDUG
DU
pLV
<FXPSOLU
p
LVHQ SOD
U
RVHFXFL
yQGH
ODGLF
KD
YLV
LWD
FRO
RU
GHGH
UUDPD
VSD
UDRUQD
PHQ WRV
\RUDV
W FRVDV
TXH
QRKD\DQ
FRPSUDGR
O
DV aHQH
UO
DFRQ
OD
GLOLJ
HQFL
D\
FXL
GDGR TXH
GHYRV
VH
FRQItD

SXHV
FRPRHQW
HQG
pLV

KDQ
GHKDF
HU
YROYH
U
\SDJ
DU
DO
RVLQGL
RV
SDUDOR
FX
DO
SRGUiQ
HPEDU
JD OR
U TXH LPSR
UW
D WQ
DW
R TXH
HQWRG
RTXHGH
GDGR
HODV
L
HQW
R TXH
FRQYLHQH
+HFKD
HQ
HO
ORV
HQ FRPH
Q GH
UV
R
OHV
GHEL
HUH
QGHVXVOD
DULR
PDQGQH\
T

XHGpO
VH
O
H V
YXH
OYDQ &X]FR
DR
FKR
GtDV
GHOP
HV
GHVHSW
L
HPEUH PL
GH
OHT
XL
QLH
Q W
RVHVHWHQW
D
H
XQ
ODV
GLFKDVGHUUDPDVD
 ORV
GLF
KRV
LG
QLR
V DxR
V
'RQ) U
DQFLV
FR
GH7R
OHGR
3RU
PDQGDGRGH
 6X([FHOH
Q FL
D
$YODUR
5XL]
GH
1DYDPXHO
< SRUTX
HHVWR\LQIRUPD
GR TXH
K
D\ D
OJXQRVUHSDUWL
PLHQWR
VVLQ
GRF
W
ULQD

G H
FX\ D
F
DXVD
VH
PXHU HQ
PXF KRVLQ
GLR
V
VLQEDXW
LVPRQL
FRQIHVL
yQ
\F
RQ
YLHQ
H
S U
RY H
H U
GH
UHPHGLR
HQHV
WRRUGHQR\
PDQ GR
TXHFXDQGR
OR
VGLFK
RV
YL
V
LWDG
RUHV
VHJO
DUHV
\
FDXTX
OLHUGHYRVHQ
YXHWU
VRSDUWLG
RKDOO
iU
HGH
VDOJ~Q
UH

SDUWLPLH
QWRVL
QGRFWULQD

SRGiL
VSRQHU HQ VDFHUGRW
pO
HRV
DF
HO
HUG
RWHV RV
TXH
SDUHFL
HUHSDUD
TXH
HQWL
HQGDHQ
ODGLFKDGR
FWUL
QD
VLQ
OHV
GDUW
LW
XOR
GH
HVW
R HQ
H
OHQWUH
WDQW
RTXH \R
HQQRPEUHGHVX0DMHVW
DG
SURYHR SHV
\ UHQW
R ODV
SHUVR
QDVTXH
SDUHFLH
UHQ FRQYHQLU
HQ
ODVWDOHV
GRFWU
LQDV\
SDUDHOOR
PDQGDUp
LV
OXHJR
DYLVR
GHORTXHH V
HQ
WRKLFtp
UHG
HV
< HO
GLF
KRYL
VLW
DGRUHF
OHV
LiVWL
FR
QROH
V
KDJD
SUHVHQWD
FLyQSRU
HVF
ULSW
RQL
O
HVOHYH
OG HUHF
KRVSRUH
OOR
VLQ
R TXHSDOD
E UD
GH
O
HVGp
OLF
HQFLD
SDUD
DGP LQLV
W
UDU
ORVVD
FUDPHQWRV


,WHP
RUGHQR\ TXHH
O
PDQGR
YLVL
WDGRU
GH
&RQGH
VX\R
3DULQ
\
DFR
FKD

TXH
HV*yP H]
+HUQiQ
G]
H
YLV
LWH
OR
VW
DPERVTXHT
XHGDU
RQ
GH
HW
V
DEDQ
GD
GH
O
UtR $SXULPD
GHT
X H
HV
WDE
D
RUG
HQDGRO
RV
YLV
LWDVH
'LH
JR
GH
3RU
UDV
SRU
HV
WD
U
HQ
W
UHW
HM
LGRVF
RQH
OGL
VWULW
R
GHO
GLFK
ROF
H
LQFL
DGR\
SRUTX
HFRQ
YL OD
HQHDVt
GL
YL
 D
V
LyQ
GHODV
SDUUR
TXL
DVGR
\FWULQ
D
V
,W
H
PD GYHUW
LU
pLVYRV
ORVGL
FKRV
YLVLWDGRUH
V
TXH OD
V
HQ
SDU
WHV\
OXJD
UH
VDGR
K\DO 
DEUDQ
]DV
GH
VH
PHQ WH
UDV
H
QO
DUHG
XFFLy
QTXHK
LFL
pU
HGHVWHPpLV
UHVS
HFWR U
HGXFLU
D FHUFD
OD
VGLF
KDV
VHPHQW
GH
HUDV
D
OJXQRV
LQGLRVGH
PDQ HUD
TXHDX
QTXH
ODVYD\
DQD
ODE
UDU
YXHOYD
QD
GR
UPL
UD
VXVFD
VD
V
DGRWHQJDFX
UDV
FL
HU
WRV\
GRFWUL
QD
V
\PL
HO
V
PR U
HVS
HFWRVHWHQJD
HQ
KDFHU
D
OJXQDVUHGXFFLR

QHV
FHU
FDGH
ODVWUUDV
LHG H
ORV
SDVRV
WSR
UOD
GRF
WUL
QDG
HORV
SDV W
RUH
V\ GVH
p
RU
GHQF
yP R
ODYHQJDQD
UHFLEL
U
VLQ PXFKR
SHUMX
L
FL
RGH
ODJXD
U
GDGHORV
GLFKRV
JDQDGRV


<
SRUTX
HSD
UD
KDF
HU
OD
GLFK
D
YLV
LWD
\
RUW
DV
FRV
DV
FRQWH
Q L
GDV
H
QH
VWD
,
QVWUX
F
FLy
Q
VH
RV
PDQGD
TX
HFLWpLV
 D
OR
V
HQFRPHQGH
U
RV
\V
LH
VWXYLHVHQ
DO
KD

352
9,6
,2
1 <
$872&21
',632
6,
&,21(6
$',&,21$/(6
62%5( 
/$ &2&$

&X]F
R

GH
IHEUHUR
GH


'RQ )UDQFLV
FR7ROHGR
GH PD\R UGRPR GH 6X 0D M
HVWDGVXY tVRUU H\JR
EHUQDGRU\FSDLWiQ JHQHUDOGH
HVWRVUHL
Q RV SURYLQFL
H D VGHO3H U
~\7LH U
UD)L UPH
SUHV
LGHQWH GHOD
$XGL HQFLD \ &KDQFLOOHUtDUHDO
TX H UHVLG
HH QODFLX GDG GHORV
5H\HV$YR VHO
FRUUHJLGR
U\
D OF
D O
GH VRU
GLQDUL
RV T XHDOSUHVHQWHVRLVR IXpUHGHV
GHDTXtDGHODQWH ODFHQ
LXGD
GGH O&X]FR
 YR V
H
ORVYD
LV
L
WDGR UHV
JQ HHUD OHVGHO
GLVWU
LW
RGHODGLFKDFL
XGDGH
DOFRUUHJLGRUGH
OD
SU RYL QFLDGHORV$QGHV\ DRWURV
FXDHV
OTXLHU M
XHFHV M
XVWLFL
D
\
V \ FXDOH
D
VTXL
HUG H YRV HQYXH VWUDMXULVGLFFLyQ
VDEH
GTXH FRQWLQX
HQ
DFLyQ
GHODYL
VLWDJHQHUDO
TXH SRU PLSHUVRQ D
YR \KDFLH QGR
\HQFXP S OLPL
HQWRGHDOJX
QDV FpGXODV
\SRYULLRVQH VU 
HDOHV\R KH
PDQ GDGR KD
FHUDHYULJXDFLyQGHODV FRVDV
WRFDQ WHV
DOEQHIHF L
R GHOD FRFD\ HQ WHQGL GR\
DYHUL
JXD GRHOYHUGDGHURKH
FKRG HODJUDQMH
UtD
OR K HFRPXQLF DGR
F R Q H
U S
VRQDV
GRFWDV
\ GHH[SHULHQFL
DW R\
PDGR VXSDUHFHU
VREUH DOJXQDV GXGDV\ H
VF U~SX O
RV
TXHVHRIUHFtDQ\SU DDWRPD
UU HV
ROXFLyQH G
WRGDV H
OODVPH KD SDU HFLGR FRQ
VXOW
DUORSULPHURFR Q6X0D M
HVWDGSR UV
HUFRVD G HPX FKR SHVRHLPS R U
WDQ FLD

FXPS OL
HQGR HO
HHQ
Q WUHW
DQWR
FRQ O
R TXH6X
 0DMHV WDG SUHFLV
DP HQWH
SR UVX VU
HD
OHV FpGXODV
WL
HQHSURYHtGRRUGH
\Q DGRHQFXPSOL PLHQWR GH O
DVFXDO HV\ R KH
PDQG DGR FRQPXWDU \V
HKDQ FQ R
PX W
DGR O
DVW
DV D VTX HDOJXQ RVU
HSDUWL PLH QWRV
GHHVWDFL
XG DGWHQtDQ LQGL
RV
GHSDUDEHQHILFLDU
F RFD \FHVWRVGHFR F DD RUR\
SODW
D FRQIRUPHDODGLV
SRVL
FLyQ GHODVW
LHUUDV
 R \U
TX H
SHQ RWU
DGH O
D VGFKLDV
FpGXODV 0DM HVW
6X
DG W
LHQHPDQ GDGR TXHQLQJ~Q LQGLRFQR WUDV
X YRO XQ W
D GVD
H
FRPS HOLG
R DHQ
WUDUHQHO
GL
FKREH QHILFLRG
HOD
GLF KD FRFDRUGHQR\
PDQ GR TXH
DKRUD\ HGDTXt
DGHODQWH
HQQLQJ~QWLHPSRQLS RUQ LQJXQ DFDXVD L UD
Q] y QTXH
VHD
QLQJXQDS HU
VRQDH 
QFRPHQG HURQ L
QRHQFRPHQ GHUR 
SR UV
tQLSRU VXVFULDGRV
QL
DJHQWHV 
QLHQ RWUD
PDQ HUDDOJXQDSX HGDFRP SHOHUQLDS UHPLDUQL FRPS HOD
QL
DS UHP L
HDQLQJ~QLQGLR
QLLQGLDDTXHFRQUD
WV XYRO XQWDGHQWUHE D
H QHIL
FLDU
FRFDHQORV$Q GHVQL
Y DOO
H
VGRQG H V
H F
UtDTXL
H U V
HD VHUUDQR R\XQ JD DXQTX H
GLJ
DQ TXH VH
ORSDJDQT \
XLH
UHQ SDJDUV
R SHQ
D T XHVLIXHUHHQFRP H QGHUR SRU

%L
EOL
RW
H
FD1D FLRQD
OGH0DGU
LG0V V

IOR
V



%LEOLR
W
HFD
1DF
L
R
QD
OGH
O3HUL
0VV
%
I
RO
V
YWR

YWR
0$5$
-867,1$
6$5$%,$
9,(-2 25'(
1$1=$6
'(/9,
55(<72/(
'2 


OD SULPHUDYH]SLHUGDWRGRVORV SR U
XQDxRS \
RU
OD  ,W
H UR
UpGLWRVGH VX HQFRPLHQGDSR UTXH HVWR\ LQI RUP DGR TXH HQ O
D VFKiFDUDVGH O
D GF LKD FRFD
VHJXQGDSLHUGD ORV GLFKRVUpGLWRV \OH V
HD DUUDQFDGD WRGDO
D UHV
GH GRV DxRVLGHQ GHRUGLQDULR PX FKRVL QGLRV TXH OO
DPD QFD PD\R VOV
RFXDOHVVRQ WDtUGRV
FRFDTXHWXYLHUHGHUDt]\QR WRUQDUDSRQHU\HOTXHQRIXHU HHQFODSXHGD
R DOOt
GHGLIHUHQWHV
SD UW
HV \UHSD UWL
PL HQ WRV
PD QGR TX H
ORVGLFKRV
FDP D\ RV\ FDGD
PHQGHURLQFXUUDSRU
OD
SULPHUDYH]HQPLOSHVRV SHQ D
\ SRU
ODVHJ XQGDHQ
GH XQR HOOR
GH
V
TXH TXLVL
HUH QWHQ JDQ OEHLUWDGSDUDV D
OLU
VH\G MH DU
O
D VGLFKDV FKi
GRVPLOSHVRV\
VHD
DUUDQFDGDOD
GLFKD
OH
FRF
DTXHWXYLHUH\TXHQR ODSXHGD FDU
DV \YROYHUVHDVXV UHSDU WL
PL H QWRV TXH Q
\
L
QJXQD S HUVRQDO
HVKDJ D HWVRUER
WRUQDU D SRQHUDSOLFDGDVODV
GL
FK D
VSHQ DV PL
OD WG
D SDU
DODFiPDUDGH 6X 0D QL
L PSHGLPHQWR D H
OORTXH VLQHF HVDULRHVSRUHV WDPLSURYLVLyQ
UH YRFR FDVR
MHVWDG\ OD RWUD \GHQXQFL
PLWDGSDUD
DGRUO TXH
RHMH
F XWDUHQ
\ HOMXH]
O
VR
DVGL HDQX OR GR \
\S
R UQLQJX QDV\GH QLQJ~Q YDO RUQLHIHFWRW
RGDV\ FXD OHVTXLHU
FKDVSHQDVPDQGR
DYRV GL
F
ODV
KDV MXVWLFLDV\
M
XHFV
HDQWH TXLHQ 
G H
VH
QXQFL
DUH FRQWUDWDFLRQHV D VL
HQ\
WRV \F RQ FLHUWRVT XH
WX YLH
UH QKHFKRV OR FRQ
V GX HxR VGH
\D FX\DQRWLFLDYLQLHUHTXHHMHFXWpLV
O
DV GLFKDVSHQDVVLQ
ODVPRGHUDU QLGL
IHULU OD
V GLFKD VFKiFDUDV \ PD QGR DOF RUUHJL
GRU GH ODSURYLQFL
D GH ORV $QG H
V
ODV FXDOHVVHUiQHMHFXWDGDVHQ
YXHVWUD
V SHUVRQD
V \EL
HQHVS RUFDGD YH] TXHO
R TXHOXHJR TXHHVWDPL SURY L
V LyQOHVHD QRWLIL
FDGD O
DK D
JD SUHJRQDUHQOD GLFKD
FRQWUDULR DSOLFDGDVGH
KLFLpUHGHV O
DPLVPD IR
UP D
GHORFDXOPDQG R \RUGHQD SURYL
QFLD MQXWHORV GL
F KRV FDP D\RV \ SRUO 
HQJX DL QH
W
pUSUHW
H O
HV G p DHQ
Up
D ORV MXHFHVGH
UHV
LGHQFL
DTXH KDJDQSDUWLF
XODUSUHJXQWDHQODV U HV
LGHQFLDV WHQGHUOR FRQWHQL
GR H
Q HVWD GLFK DS URYLV
LyQ \VLDOJXQR RDJO
XQ RVG HORV G
L
TXH VH RVWRPDUHQ\
TXHHM
HFXWHQODV
GLFK DVSHQDV
VLQUHPLVLyQDOJXQ DS \
RU FKRV F
DP D\RVVHT XL
VLHUHQ VDOLUORV SRQJD V
X OHQ
EHU
L W
DG \ Q
RFRQ VLHQWD TXH
TXH TXHULHQGRDOJXQRVLQGLRV
DOTXLO
DUVH GH OLEU VXHYROXQW
SURSLD
DG S DUDHQ QL
QJ XQDSHU VRQD ORHVH
WV
RUE H \HQYtH WHVWLPRQLRGH F
RPR ORKDKHF KR \FX P
WUDU
DOEHQ
HILFLRGH
OD
GLFKDFRFDQRKD SDUHFLGRSRU
DKRDUSRQH U H HQ
V
WRHV SOLGRDVt
WDQFRFXDQGR
ORW
DO FD
HFLHUHVH
D GH SHUPLWLU
\
KD
SHUPLWHFRQODV
F RQG L
FLRQHV < HQFXDQ WRDODV FRQ GH QDFLRQ HVTXHHVWiQ PD QGDGDVKDFHU GHO D
V WD
\ OD
GHPDQH
UD VLJXLHQWH VDVTXHV HSDJDED QHQ FHVWRV FR FGH
D
OLPSLR V
\ HQ LQG
LRVTXH VH S RU O
GDQ
DV
GL
FKDV WDVDVSD UDHOEHQHILFLR GH ODGLFKD FRFDRUG H
Q R\PDQ GRT XH FHVH O
D
3ULP HUDPHQW
H TXHF D
QLQJ~Q
FL
TXH FXUDFD QL SXH G D
SULQFLSDO
DOTX
LDU
O SDJDGHODGLFKDFRF D\ F
RPL HQFHQ OD GHODSO
DWD \RURDTXH V
H FRQ PXWD OR
LQGLQL
R LQGLRVGH SXHEORVQL
G
VXV
HRW
URVQLQJXQ RV
QLHO GHO
GXHxR
DV FKiFDUDV XQR\ ORRWURDF
DED GD HVW
D S UL
PHUD PLW D
GH TXH VHFRM
HS RU
HOPH VGH PD U]R
@RV
SX H
GDFRQFHUWD
UQL DOTXLOD
UFRQ O
RV GLFKRV FDFLTXHV S ULQFLSD
QL
OHV GH HVWH
SUHVHQWHDx RGH
 \
PLO
TXLQ LHQWRV\VHWH
QWD \G 
RV
DXQTXH GLJDQ KDFH
Q SDUD
TXH
SDJDU VX
ORWULEXWR D RWUDV
FR VR
V
DT XH
SDUVH
 < HQFXD QWRDHVWHFDS t
WXOR ~OWL
PR FR EUDODIXHU
]D \HMH
FXFLyQ \ SHQDV
KD\DQ GH FRQYHUWLUHQ
SURYHFKR GH GLFK
RORV
V
LQGLRVR GHOD
FP RX QLGDGVR
GHHVWD SUR
PL
YLVL
yQ GVHGHHO GtD HQH O
GLFKRFDStWXORGHFODUDGRH \
Q FXD QWRD
OD
VSH
QDVDUULED
F RQWHQLGDVDO ORFRQWUDUL
HVSDxROTXH
RKLFLHUH
\DO
FDF LT
XHRFX
WRGRORGHP iVGHVGHHOG tDGH ODSX EOLFD
FLyQ \S UH
JyQT XHGHHOO
D VVHKLFLH U
H
UDFD SULQFLS
R
DO
GHSUL
YDFLyQGHORV
GLFKRVFUDJRVSRUODH SULP
UD
YH] <SRUOD
VHJX
QGDGH
GHVWL
HU
URGH
HVWHUHLQR
SRUGLH]DxRVSDUDHO
UHLQRGH7LHUUD )L
UPH  HQODGLFKDFLXGDG GOH& X]FR 
\TXH
GHPiV
GHHVWR
O
DMXV
WLFLD
QRFRQVHQWLUiTXHO
RVLQGLRVDVt
DOTXLO D
G RVFXP < SRU TXHSR GUtDVHUTXH D O
JXQDV SH UVRQDVGXHx RV\V HxRUHV
G HFK iF
DU D
V
SODQ
DXQTXH
WHQJDQSRU
HODO
TXLOHUU
HFLELGDOD
S O
DWDQLOHVKDQGHF RP SHO
HUD GHFR FD
SRU V
tRSRU VXVFULD GRV \DJH QWHV
DQWHVGHODSXEOLFDFL
yQ GHHV WDPL
TXHO
DYXHOYDQ
VLQ
RTXHORVLQGLRV
SDUWLFXODUHV XGXQR
RV
RPX F KRVMXQWRV
 SURYLVL
yQ WYLH
XV HQKHFKRV DOJX QRV FRQF LUH
WRVFRQLQGLRVSDUDHQWUDU
DO EHQ HILFL
R
FDGD
XQRSR
UVtVH
 S XHGDQDOTXLO
DUSDJiQ GROHVD
FDGDXQRG H HOORV
ORTXHKX GHODGLFKDFRF
 DTXH QR VHD FRQIR UPH DORD TXtRUGHQDG R
PDQ GRT XHORV TXH
ELHUHGH
KDEUHH
QVXV
SURSLDV
PD Q RV\V
H DSHUFLEHD
O
RV GLFKRV
FDFLT XHV
FXUD WXYL
HU HQKHFKR VO
RV WDOHVFRQ FLHUWRV GHQWURGHGL H]GtDVGHVSXpVTXH HV W
D PL
FDV
\SULQF
 L SDOHV
TXH
VH
HQY L
DUiQSHUVRQDVD VXFRVWDSDUD
TX HH[
DPLQHQ \DYH SURYLVLyQIXHUHSXEOLFDGD\S UHJ RQ D
GD ORVH
[KLE DQ\WUDL
JDQ \SU
HVHQW HQDQ WHHO
ULJ
HQVL
KDQ
DOTXLO
DGR
ORVGLFKRVLGQ
LRVFRQUD
WORT XHGLFKRHV
SDU DHMHFXW
DU SUHVHQWHHVFUL
ED QRSD UDTXHYLVW DO
D MXVWLILF
D FL
yQ GHFDGD XQRGHO
RV WDOHVFRQ
HQHO
ORV
\H
QVXVEL
HQHVODV
GL
FKDVSHQDVU H
VLQ
PLVy L
QDO
JXQD WUD
WRV\ FPRXQLF DGRF RQP L
JR VH PD QG HO
R T XHVHKDGH KDFHU
HQ HOFX PSOL
,WHUR

TXH QR SXHGDQ
VH GL GDU
Q HURV
DGH O
DQWDGRVD L
QGLRVDXQT XHVHDQ PLH W
Q R
GH HOORV

\TXH O
RV TXHGHQWUR G HOGLFKR
WpUPL QRQ R
H[KLEL
HUHQ G
HVGH DKR
GHO
RVTXH
IXHU
H QD
DOT
XLODU
QL VH
SXHGD QKDFH
 U HVFUL
WXUDV DOT
X LO H
GH
UQL
FRQ UD
V HGDQS RU
Q LQ
JXQ RV\PDQ GR TX HQRVHFXP SODQ
FLHU
WRV SRU TXHXQD

PiV
PLWD
\TXHOD HVWDVHD
iVF
P
HUFD
QDDOWLH
PSRTXHV
H < SRUTXHSRURW
UDPL SURYL
VLyQ
WHQJRSURYHtGR
HPDQGD GR
HQFRQIR
UPL
KL]
R
OD
HVFULW
XUD
\VH
DOTXL
ODUHQVR
O
DV
GLF
KDV
SHQ DV
 GD
G GH XQD
F p
G XOD
GH6X0D MH
VWDG\ OGH
DVRU
GHQ DQ]D
VVREU
HHOO
RKHF
K D
V
T XH
 ,
WHP
TXHV
LGH
VSXpV
GHKDEHUV
HK
HFKRHO
FRQFLHU
WR
\UHFLELGRORV
L
QGLRV QLQJXQ D
SH U
VRQDGHHVWHUHLQR
SXHGDSO
DQWDUQLSOD
Q W
HGHQXHYRFKi
FUDV
D GH
TX
HV
HDOTXLO
DUHQ
GH YR
VX
OPHQ
X O D SDJDVH
D
UUHSLQWL
HU
HQ
YROYL
H QGR SDJDD
ODO FRFDQLUHSRQJDO 
DVTXHHVWi
QSODQWD
GDVV L
H
QL
PEU HFRFKD
V
LOHJ
L
EOH 
UDVSR
GXHx
RKD\
 DFXPSOLG
R\QR
V H
DR EOL
JDGRD DORV
HQWUDU
GLFKRV
$Q GHV
FRQT
XH QH
U O
D V\DVHPEUDGDVQLWH
QHULQGL
RV KD
FH
DUODVGLF
KDVFRFKDV
VRSQHD
TXH
YXH
OYD
OD
GLFKD
SD
JD\DL
YVHD SHU
VRQ
OD
DTXHO
HKXELHUH
DO
TXLO
DGR D
OR
PH QRV VH
U iQGHQXHYRDUUDQ
FDGDV
\ TXH
PD GR
ORTXHDV
tGHQXHYRS VH
XVLH
UH
\SO
DQWDUH
GL
H] GtDV
DQWHV
TXHVHD
WL
HPSRGHHQW
U
DUD
TXHOO
DPLWDSRUTXH
WHQJDW
L
HP SR
G H \VHPE UDU
H\Pi VTXH
LQFXUUDHQ
SHQDGHGRVPLOSHVV
RODPLWDG
SDUDO
DFi

DSHUFLEL
UV
HGHD
OTXLDU
O V
RWUR
L
Q G
LRV \KDF QROR
LHQGRGHHV
WDPD QHU
DVHD
REOL PD UDGHVX0D M
HVW
DG\ OD
RWUDPLWDGSDUD
HOM
XH]G \
HQ
XQFD L
GRUS
RUL
JXDHV
O
SD
U W
HV \H
QFXDWURDxRVGH
GHVWL
HUU
RG H
HVWRV
UHLQRV
\T 
X H
O
D V
GLFKDV
SHQDV
OD
V
JDGRFXPD
SOLU
HO
FRQFLHU
WR




 0$5
$-
867,
1$
6$5$
%,
$9,(-2 25'(1
$O
I
=$6
'(/
9,55(
<72/
('2 
HMH
FXW
D
VHQ
ODVM
XVWLFL
DV
VRSHQD
TXH
VHHMHFX
WDUtD
HQ
HOOD
VFR
PRSDU
HFHSRU
ODGL
 S UHVHQ WHV
FRP RW
HVWLJRV-X
DQGH6RWRDOJXDF LO
PD\RU GH
HVWDFRUW
H\3GH UR
5D
FKDPL
SURYL
VLyQ IH
OD FKDGH FXD
OD O
HVD
TXLQFH
GHPDU]R PLO\TXLQLH
GH QWRV PtUH ]
DOJXDFLO
PD\R UGH
H V
WDFL
XGDG\- XDQ GH3DQFRUERH$ORQVRGH0H VDYH
VHW
\ HQWD
H
XQDxRV
\V
HS U
HJRQy\
SXEOL
FyHQ
HV
WD
FLXGDG
SDUD
UHPHGL
DUHOG
DxR FLQ RVGH HOOD
\*R Q]DORGH0RQ ]yQ RWUDV
H PXFK DV
SHUV
R QDV \R GHHOO
GR\IH
PD\RU
TXH
LUtD
FUHFLHQ
GRHQ
ORV
LQ
GLRVKDELHQG
RPi V
FKiFDU
DV 
 SRUHQGH
SDUD $OYD UR5X L
]GH1D YDPXHO(GVHSXpV GH OR
VXVR GLFKRH
QODFLXGDGGHO&X]FR
PiV
UD
WLIL
FDFLyQGH
O
RH TX
HQ HVWR
HVWiSURYHtGR
\PDQGDGR
\GHO
D HMH
F
XFLyQ DSUL PHUR GtD
GHOPHVGH
PDU ]RGHPLO\ TXLQLHQWRV\
VHWHQW
D GR
\ VDx
RV6X ([
\
FXPSOLPL
HQWR
GH HOOR
PDQGRTX
HDVt
 VHJXDUG
H\F
XPSODDKRU
D
\ HG
DTXt
DGH FH OH
Q FLDGLMR
TXHSR UF
XDQWRGHVSXpVGH KDEHUVHSUHJRQDGROD
SURYLVLyQGHVXVR
ODQWH

V
LQHPEDUJRGH
FXDOTXL
HU
DSHODF
LyQ
\VXS
OLFD
FL
yQTXHGH
HOOR
VH
LQWHUS
RQJD FRQWH QLGD HQTXHV
H GD
ODRUGHQTXH VHKD GHWHQHUHQ
HOEHQHIL
FLRGHOD
FR FD
\
TXHYR
VO
DVGLF
KDV
MXVWLFLD
VKDJiL
V
HMHF
XWDU
ODV
GLFK
DVSH
Q DV
HQO
RVTXHFRQWUD HVWiLQIRU PDGRTXHORV
 LQGLRV
TXHP iVGDxR VUHFLEH Q
HQHQW
UDUD
ORV$Q GHV
DEH
HOO
RV
KXELH
UHQLGR\
SDVDGRIXR
HUHQ\SDV
DUHQ
VR
SHQDTXH
VH
HMHFXWD
UiQHQ Q HILFLD U
ODGLFKD
FRFDVRQORV
QLxRVSHTX HxRVGH
HG D
G\TXHO
DV
PXM HU H
VTXHHQ
YXHV
WU
DV
SHUVRQDVEL
\ H
QH V\
TXH
SDU
DHOORVHRV
KDUi
FDU
JRHQ
OD
VGL
FKDVUH
VLG
HQ WU DQ FRQHOO
RV
GHPiV GHO
GDxRTXHHOODV
U HFLEHQ
OHK DFH
QQRWDEOH
DO
RV LQGL
RVFRQ
FLDV
\
HO
MXH]
\GHQXQFLDGRU
W
HUQi SDUWH
VX
FRQ
HVW
DDSOL
FDGD TXL H
Q HQWUDQ

SRU
WDQWRSD
U D
UHPHGLDUORV GL
FKRVGD xRV6X
([ FHO
HQFLD
PDQG D
ED \
<SRUT XH V
DOHU
YLFLRGH'LRV XHVWUR
Q6HxR U\GH VX
0DMH VWDG
ELHQF \
RQ  PDQ GyTX HORV
L QGLRV
TXHVHDO
TXLODUHQBSDUDHO
GLFKREHQHILFL
RQRSXH GDQ
PH WHU
V
HUYDFLyQGHO
RVGLFKRVLQ
GLRV
FRQYLHQHTXH W
RGRORV
XV RG L
FKR
V HD
OO
HYD GRDSXUD FRQ VLJRPX MHUHV
DXQTX H
VHDGHVXYROXQW DG\TX HORV
LQGL
RVPHQRUH VGH
FDWRUFH
\
GHELGDHMHFXFLyQ
FR QH
IHFWR
PD QGRD
YR VODV
 GLFKDVM 
XVWL
FL
DV \
YLVL
WDGRUHVJ H D BxRVQRV H
SX HGDQDOT
XLODU
SDUDHO
GLF KR EHQHIL
F LR
QLPHWHUORVVXV
S DGUHVQL
SD
QHUOHV\
D FR UUHJLGR
UGHOR
V $QGHV D\
FDG DXQRGHYRV HQ
VX MXUL
VGLF
FLyQTXH Q HQWHVSD UD
TXHOHVD\XGHQQL
GHVXYROX QW
DGHQWUH Q
HOOR
V
VRSHQDTX HHO
LQGLR
W
HQJiLV
PX \ SDUWLFXODU
FXLGDGRGHKDFHUFXP S OLU
\JXDU GDUDVt
HM
HFXWD QGRFRQ R LQGLDTX HH
QWUDUHFRQWU
DORVXVRGLFKR VHDD]RW DGRS~EOLF
DPHQ W
H\ HQWU
HJD GR
WRG
RULJ
RUODVGFKD
L VSHQDVHQODV
 S HUVRQDV \
ELHQHVGHORV
TXHFRQWUD
HOORIXHUHQ D XQ PRQ DWHULRR
V KRVSLWDOTXHV
LUYDGRV Dx RV
\HV HO
SDxROTXHOR
VD OT
XLODUH

\
SD VUH
DQ HQFXDOTX
LHUPDQ HUD
VLQ
UHPLVLyQQ L
GLODFLyQQRREVWDQW
HF XDO
TX L
HU PHWLHU H<FRQVLQWL
HUHTXHHV
WpQHQ VX
FK iFDUDSR UVt
R SRUL yVLWD
QWHUS SHUV
RQ D
DSH
ODFLyQ\VXSOLFDFL
yQTXHGHHOOR
VHL
QWHUSRQ JD
VRODVGLFK
DVSHQDVTXHR VHV LQFXUUD S RU
FD GD
YH]HQSHQDGHG
 R VF
LHQW RVSHVRVDSOLFD
GRVSRU
ODIRUP D
\RUGHQ
WiQ
SXHVWDV\HQFDUJR O
DVDX
DGLHQFL
DVUHD OHV
TXHQR DGP L
WDQVREUHHVWD
UD]y Q TXH VH DSOLTXH
QODVGHPiVSHQDV
SRU
ODGLFK DSURYLVLyQ\
PDQ GyDO
FRUUHJLGRU
T XH
SHW
tFL
Q QL
VXS OL
FDFLyQ
QLRWURSO
HL
W RD
OJX QRQLYRVO
D VGLFKD
V MX
VWLFLDV
HQ QLQ HVIXHUH
RGH OD
SURYLQFL
D ORV
GH$Q GHVT XHVRODGLFKD
SHQDWH
QJ DPX
 \SD U
JXQD
PDQHU D
SXHVWRGRV>L
OHJL
EOH@SRQ
HUHV W
RUER L
PSHG H
LPHQWRHQFRVD WDQ
L
P WLFXODU FXLGDGRGHHMHFXWDU
ORTXHSR UHVWH
 DX WR VH RUGHQ
D\PDQGD SDUDT XH
SRU
WDQWHDO
GHVFDUJRGH
ODUHDO
FRQFLHQFLDGHV
X0DMH V
W DGG \
HO
ELHQ\FRQVU H
YD 9HQJD D RWLFLD
Q G HWRGRV
PDQ GH
T XHVHSU HJRQHS ~EOL
FDPHQWHH
QH VWDFLXG
DG \
FL
yQGHOR
VGLFKRVQDWXU
DOHV\EXHQJREL
HUQ R\SDUD
TXHY HVWR
HQJD
DQ RWL
FLDGH HQ O
D GLFKDSURYLQFL
DGHORV$QGHV\DVt ORSURYH\ y\
ILUPyOR
'RQ )UDQFLVFR
W
RGRV\QL
Q JXQRSXHGDSUHWHQGHU
LJQRUDQFLDPDQG RTXHOXHJRVH
SXEOLTXH\SUH GH 7ROHG RD QWH
PL $OYDUR
5X L]GH
1D YDP XHO
( GHVSXpVGH
ORV
X VRGLFKRHVWH
JRQHHV
WDPL SURYL
VL
yQ HQ O
DGLFK
D FLXGDGGHO& 
X]FR \TXHVH
 GHVSD FKHQOD
V GLFKR GtDPHV<DxR HQ
ODGLF
K DFLX
GDG GHO&X ]FRHQOD
SOD]DPD\R UGHHOOD
SUR
YLVLRQHV
QHF H
VDULDV
SDUDTXHOR
V
YLVLWD
GR UHV
JHQHUDOHV F
\RUUHJL
GRUGH O
DGLFKD SR UYR]G H
3H GURGH9DOGHORPDU
SUHJ RQHURS ~EOLFRGHH
VWDFLXG
DG VH
S UHJRQy
SURY
LQFLDGH ORV KDJ$QGHV
DQKDFHU LOHJLEOH 
UHODFLyQGH HOOD
HQOVRUHSDUWL
 S~EOLF DPH QWHHV
WHDXWRSR U*RQ] D
OR *yP H ]-LP pQH]
OHQJXDJHQHUD O
GH OV
R
PLHQWRV
GHVXGVWUL
L WRGiQGRORW
RGRDHQWHQ GHU
DORVGLFKRVFDFLTX
HVFXUDFDV\ LQ GLRVVHOHV
GLRDHQWHQGHUVHJ~Q
 pO GLMR\GHFODU y
HVWDQGRSU
HVHQWHVPXFK RV
SULQ
FLSDOHV\
DORV
QDWXUDO
H V
GHOR
VGLFKRV
U HSDUW
LPL HQWRV
SRUOHQJXDHLQW
pUSUH W
H FDFLTXHV H LQ
GLRV<ORV
DOFDO
GHVGHHOO
RVHQ HVWDFLXGDGV
LHQGRWHV
WLJRV-XDQGH
SDU
DTXHW 
RGR V
VHSDQ\HQWLHQGDQ
OR H FHUFD
TX G HHV
WR GHEHQJXDUGDU \
K HFKD 3D Q F
RUER 
+HUQiQ %UDY RGH
/D JXQDV\ )DQUFV LFR GH
ORV 5tRV
\RWUDVPX FKDV
ODLFKDS
GX EOLFD
FLyQHQYtQ
HWHVWL
PR QLR
GH HOOR
DQWH
Pt VRO
DVGLFKDVSHQDVHQ SHU VRQ DV\GHWRGRGR\IH$O
YDUR5XL] GH1DYD PX HO
OR
FXDOOR
V XQRV\OR
VRWURVHQWHQGiLV
FRQ HOFXLG
DGR \GLOLJ
HQFLDTXHGH YRV
VH
FRQIt
DQHJ \RFLR GH
WDQ W
DFDOLG
DG LPS
H U
RWDQFL
D GHOVH
UYLFLR
GHVX0DM HVW
D G
UHT
XLHUH
+HF KDHQODFL
XG DGGHO&X]FR
  DYHLQWH
\FLQ FR tDV
GG HO PHV IH GH
EUHUR GH TXLQLH
PLO
QWRV\VHWH
\
QWDH GRVDxRV'R Q)DUQF L
VFRGH 7ROHGR
3RU
PD QGD GRGHVX
H[FHOHQFLD
$OYDUR5X t]GH1
DYDPX HO
(QODFLX
GDG &X
GHO
]F
R
DY
HLQWH VHLV
GtDV
\ GHO
PHVG
HIEUHUR
H GH
PLO
\TLX
QL
HQWRV
\VH
WH
Q WD
\
GRVD
xRV
H
Q SUHV
HQF
LDGH$OPL
YDUR5XL]
GH
1DYDPXHO
VHF
UHWDUL
RGH
6X([F
HOHQ
FLD
\GH
OD
JREHUQDFLyQ
\YLVLW
DJHQHUDO GH
HV
WRV
UH
LQRV
SRU
YR
]GH3HGURGH
 9D
OGHO
RPDU
SUH
JRQHUR~EO
LFRHQ
S HVWD
FLXG
D
G
V
HSU
HJRQy
\ XEOL
SFyHV
WD
SURYL
VLyQ
SRU
O
HQJXD
GH3HGUR
0LJXHO

LQWpU
SU
HWH
VH
yD
GL HQWHQ
GHU
O
RH
QHOO
D
FRQHW
QLGR
DO
RV
FDFLT
XHVH
SUL
QFLS
DO
HV
H
LQGL
RVHVW
DQG
R


ILS
U 'RFX
D PHQW
R

SiJ
V




35
29,6,21
62%5(
/$62%/,
*$&,21(6 /26
'(
2),
&,$/
(6
5($/(6
'(/ 
&8=&2

&X]
FR

GH
MXOL
R
GH


>5
HSUR
GXFH
Q
ODV
2UGH
Q
DQ]DV
SDUD
ORV
2IL
FLD
OHV
UHD
OHV
GH
+XDPD
QJDGDGDV
HQ
HO
&X]
FR
HQ
GH
DJ
RVWRGH

6XSU
D
'RFXPHQWR
Q~P

SiJV



VH
\ FRPSO
HPHQWDQ XQ
FRQ
DG
LVSRV
LF
L
yQHV
SHFtIL
FD@


,WHP SRUTX HSRUH[S HUL


HQFLD VHKD YLVW
R HO
PDO U
HFDX GR TXH VH SRQH HQ
ODF
RE UQ D]DGHODVUHQWD V
\K DFLHQGD UHDO
DtVGHORVWUL
EX W
R VGH LQGLRVFRPR
GHXGDV \DOFDQFHVGHELGRV D
60 \ D
X QTXH FQRRU
IPHD GHUHFKROHJODGRVOR
V
SOD]RVORVDGP LQL
VWUDGR UHV
VRQ REOLJDGRV GD UF
RD
EU D
GD VODVGHX GDVSURREDU
KDEHU KHFKRGLOLJHQ
FLDVED VWDQ
WHVSDUD O
RV
TXH
GL
FKRVRILFLDOHVH
VWpQ PiVSDUWL

FXODUPHQWH DGYHUWLGRVGH HVW
RVHOHVRUGHQD \PD QGDTX H
OOHJDG RVORV
SD]ORV
GHO
RV WULEXW
R V
GHLQGLRV TXHH
VWiQ REOJDLG RVD
FREUDU\RWUDVFXDOHVTXLHUU
HQWDV
\DOFDQF HVGHFXHQWDVT X H
VHGHEHQ D6O 0
RVSL
GD Q\F ERHQ
UV L
Q WHQ
HUHQ
HOO
RHF [XVDQLGLODFL
yQ DOJX
Q D
FQ RD SHUFLEL
PL HQWR
T XHFDGD YH]TX HVH
OHVW
R
PDUH FXH QW
DRWDQWHR GHHOO
DV
\ VH KDOO
DUHQ GHXGDV
SRU FREUDUG HSOD]RV
SDVD
GRV\Q RSURED UHQKDE HUKHFKROD VGLOL
JHQFLDVTXHVRQ REOLJDGRV\ GEHL
HURQ
KDFHUOX HJRTXHVH FX
PSOLH VHQORV SOD]
RV OHVK
VH
DUiFDUJR GHHOODVFRPRFR
EUDGD V\QRVHOVHDGPLWL U
iSRU GHVFD UJRH O
GHEHUODV
WR GDYtDORV GHXGRUHV
\
VHFRE UDUiQGHVXVSHUVR QDV
\ELH QH V

3R UTXH PDQYRV
GRD ORVGLFKRVRILFLDOHVUHDOHV
SRUORVSRG HUHVRFRPLVL
R
QHVTXH GH60WHQJR TXH
GHVGH H O
GtDTXHHVWD
PL SURYLVL
yQL QH
VWUXFF
LyQ RV
IXHUHQRWLIL
F DGDHQDGHO DQW
HO
D JXD UGpL
V\ FXPS O
iLVHQWRGR \SRU WRGRPRGR
GHEDMR O
DV
GH
SHQ DVHQHOOD
FRQWHQ LGDV
VLQH[FHGHUHQFRVDDOJXQ DTXHSRUHV
WD
GLFKDPL LQVW
UXFFLyQVH W
RP DUi O
D FXHQW
RV D\U]DyQGHOFXPS OL
PLHQW RGH
YXHV
WURV
R ILFLRV
ODFXDOGL
F K D
LQVWU
XFFLyQ PD Q GRTXHDVHQWp
LV\SRQ Ji LV
SRUFDEH]D
HQYX HWU
VRV OLE
URVSDUD TXH YRV
\ ORVTXH GHVSXpVYLQL
HUHQWHQJDQ QRWLFLD
GH
FRPR K DQGHKD FH
UORVGLFKRVVXVRILFLRV
 \ QRSXHGDQSUHWHQGH UL
JQ RUD QFL
D

/HYLOO
LH
U5REHUW
R *REHU
QDQW
H% GH
O
3HU~
2DU
WD%\3DSH
H%6LJ

R;9,

0D
GULG

7
9,,
,S
i JV


5HDO
$F DGHP
LDGH
O
D+L
VWRU
LD
&RO0DWD
/LQDUHV

7
;;,,
IROV



0H PRULDG
H
YL
UUH\7ROH
GR
SiJV



 0$5$
-867,1$
6$5$%,$
9,(-
2

)HFK
D
H
QHO
&X]
FRD

YHLQ
WH
RK
\ F R
GH
MXOL
R
GH
PLO
TXL
QLH
QW
RV
VHW
HQW
DG
\RV

'RQ
)UD
QFL
VFR GH
7RO
HGR
3RU
PDQGDGR
GH
6X
([FHO
HQFL
D
$OY
DU
R5XL]
GH
1D
YDP
XHO

6D
FyVH
ORV
XVRGLF
KR\ HF
FRUULJ
L
yV RQO
DVyUG
H
QHVRU
LJL
QD OV
H
TXHSDU
HFH H
V
WDU
ILU
PDGDV
GH6X([FHOH
Q FL
D
\GOHG
LFKR
$OYDUR L]
G5X
H
1D YD TXH
PXHO SD UD
HO
HIHFWR
VHWUD
MHURQ
DQWH
PtHQ
YHLQW
H\GRVGtD
VGHO
PHV GH

RFW
XEUH
GH PLO
TXL
QLHQW
RV
VHW
HQ WD
\GRV
DxRV
 3RUP 
t6DQFKR
GH2UXHHV
FULE
DQRGHFD
ELOG
R
HVWDQ
GR
SUHVHQWHV
SRU
W
HVWLJRV

) UD
QFLV
FR
*yPH]\0LJXHOGH
0R QWR\D 
<O
RFHUWLIL
FR\VJQ
LRTX
HHV
DW
DOHQWHV
WLPRQ
LR
GH
YHUGDG6DQ
FKRG
H2UX H
HVF
ULED
QRS~E
OLFR 3529
,6
,21
325
/$ 48
(
6(352+,%(
87,/,=$5
$
/26
,1',2
6
(QFLX ODGDG
G H
O &X]FR
DSUL G
PHU tD
GHO
PaV
GHDJRVW
RGHPL O
TXLQ
LHQW
RV 3$5
$3257
($5
&$5 
*$6
VHW
HQWD<GRVDxRV
SRUPDQG
 DG RGH
 6X ([FHOHQF
L
D
\HQVXSUHVHQFL
DVH
QRWL
IL
FDURQ
<HQWUHJ DURQHV
WDLQ
VWU
X FF
LyQ
\RUGHQDQ]DV
D
0LJX HO
6iQFK H
]
FRQWDGRU
\ &X]
FR
GH
DJR
V
WR
GH

-XDQGH
3U DG
RW 
HVRUHURGH 0
6 HQHV
W
D FL
XG D
GGHO
&X]F R
\H OD
OORV UH
FLEL
HURQ
<6X([FHOHQFLDPD QGyDOR
VGLFKR
V
RILFLD
OHV
UHDO \
HVD$QWR
 QL R 5RGUt
JXH]
VX 'RQ )UD QFLVFRGH7RO HGR0D \RUGRPR GH6X 0D MH
VWDGVX9tVRU
UH\*R 
RILFL
D
OTXHO
XH JRODVDVLHQ
WHQHQ
ORV
OLEURV
FRPR
SRUODGLF
K DLQ
VWUXF
FLy
QVH EHUQDGRU \FSD LWiQJHQHUDO GHH VWRVUHLQRV \
S URYLQFLDVGHO 3HU~
\ 7LHU
UD)LU
PDQGD 
<TXH GHQWHV
WLPR QLR
GHHOO
R
\DVL
PLVPRVH
H
Q WUHJy
ODSURYL
VLyQ
SDUD PH 
HW F
$WRGRV ORVFU R
U HJLGRUH V
DOF D
OGHVPD\R UHV
\ RUGLQDU LR
V\
DRWURV
FXDO
ORTH
XW 
RFDDT 
XH O
RVFDFLTXHV
FREUH
QV OR
WULE
XW
RV
GH OV
RUHSDUWL
PLHQWR
VTXH HVTXLHUMXHFHVHMXVWLFLDV
\ DORV
YLVL WDGRUHVJHQHUDOHVHDOJXDF LOH
V
PD \RUHV
HYXHV
HVW
i OD
Q HQ F
RUR QDUHDO\O
RIUL
PD URQ
0L JXHO
6iQF
KH
]-X DQ
GH3DU
GR $QWH WURV
OXJDU WHQLHQWHV HQORVGLFKRV RILFLRVTXHDOSUHVHQWH VR
LVHDGHODQWH
IXpUHGHV
Pt $OY D
UR 5XL]GH1D YDUQXH
O HQWRGD VODVFLXG DGHV
YLOOD VHO
XJ DHVH
U SUR YLQFL
DVGH HVW
RV UHLQRV
GHO
3HU~ DH
FDGD XQR HFXD OTXLHUGH926 HQYXH VWUDM
XU L
VGLFFL
y QDTXL HQ
HV WD
PLSURYLVL
yQIXH
U H
PRV W
UDG DRVXWUD V
ODGRV L
JQD GR GH HVF
ULEDQ R
S~EOLFR %LHQVDEpLR
VGHEpL
VVD
EHU
T XHHQ ODY L
VLW
D JHQHUDOTXH KHPD QG DRGKDFHUHQH V
WRV UHL
QR V
H\RYR\KDFL
HQ
GR SRU DOJXQDV SUHYLQLHQG RD OGD xR HY MHFL
DyQ TX HORVLQGLRVKDQ U
HVFtE
LGR
K DVWDDTX t HQFDU JDUVHFR PR E HVWLDVSRU VXYROXQW DG VLQ
Q LQJXQDRUGHQHO
DV
Pi V YHFHVFRQWUD HOOD
H Q FXP SOLPL HQW
R\ HHF
MXFLy QG HWDQWDVFpGXODV SURYLH

VL
RQ HVFRUQ R6X 0D M
HVW
D GW L
HQHGD GDVSDUD TXHV OR
GLFKR VLQ
 GL
R V
QR VH
FDUJX
H Q
K HSURYHt GR \PD QGDGR TX HQ R KD\D LQGLRVGH FDUJD\GD GRODRUGHQTXH KD
SDUHFLGR VUHQH FHV DUL
DS DUD HOVH UYLFLRGH ORV
WPEDR V
YHQW DVHPHVRQHVTXH
K D\DH QH OORV
KL HUEDHOHxD HFRPLG D\E DVWLPHQ W
RVQ HFHVDULRV
\OR V
TXHHVWX
YL HUHQSX HW V
RVHQ YHQWDVQR VSOR
X HGDQ VDFDUO
RV FDPL QDQWHVFRQFDUJDV\
SRU 
T XHFQ RYL HQHDOVH U
YLFLRGH 'L RVQ X HVWUR
6H xRU\ GH6X 0D MHV
WD
GELHQ
\FRQ 
VH UYDFLyQ GHORV QDWXUDOHVG HHVWRV GLFKRVUHLQRVTXH O
RVXV RGLF
KR H VH
MHF
XWH\
F XPS ODHQ WRGD VSDUWHVDFR UGpGH G DU
\ Gt
O
DSUH V
H QWHSRUOD
F XDO
PD QGRTXH
DKRUDQ LGHDT XtDG HOD
QWH QLQJXQD SHUVRQDGHFXDO TXLHUHVW
DG R\
F RQGLFLy
QTX H
VH D
VHD RV DGR GH W
UDHU F
RQ FDUJ DV SRUQLQJXQD SDUWH GHORVFDPLQRVGHHV
WRV
U HL
QRV GHO 3HU~Q LQJXQRV LQGLRVD XQ TX HHOOR
 V GJD
LQTX HO 
DVTXLHUHQOO
HYDUG
HV X
Y ROXQWDG QL V
REUH O
D GLFK DUD]y Q O
HVK DJDQ QLQJXQ R V
PD ORVWU
DWDPLHQW
RV QL
RWUDYHMDF L
yQ DOJX QDVRSH QD TX H ORVTXH OO
HYHQF RQ FDU
JD VKD\DQSUHGL
GR OD
W DOF
DU JD F D
R
U JDVTXH OOHYHQOD WHUFL
DS DUWH
S DUDOD FiPD UDGH6X0D M
HVWDG
\ O
D RWUDWH U
FLDS DUWH
S DUD REUDV StDV\ODRWUDW
HUFLDS DUWHSDUDHO
GH QX
Q FLD
GRU
HPDQ
 GR D YRVODVGLFKDVMXVWL
F L
DV HYLV
LWDGRUHVJH QHUDOHV DOH
JXDF
LOHVTXHD
V OR
t

/L
EUQ
V
FH
2D
ELO
OR
V
GH
/LPD

7
9,,
Si
JV

/L
PD

 0$5$
-867,1$
6$5$%,$
9,(-2

KDJiLVFXPSOLU\ HMHFXWDUFDGD MXULVGLFFLyQ


VLQ
UHPLVL
y
XQR
Q GHYRV HQYXHVWUD
QL GLODFLyQDOJXQDSXHV WLHUUD
FRPR
FDQWL
GWDQWD
DG
HVGHQRWRULR KD\ HQ HVWD
FDEDOORV\ FDUQHURV \ EHVWLDV GH FDUJD H D WDQ EXHQSUHFLR TXH VHSXHGH ELHQ
H[FXVDUHOGDxR\ YHMDFLyQ\ LQFR
QYHPDORVWUDWDPLHQWRV
QLHQWHV H RWURVPXFKRV
TXH VHKDQ UHFUHFLGRGHFDUJDUVHORVGLFKRVLQGLRV\
SDUD
TXH HVWRYHQJDD
 QR
WLFLDGHWRGRVHQLQJXQRSXHGDSUHWHQGHULJQRUDQFLD\
\HMHFXWH

OXH VHFXPSOD
JRTXH UHFLELpUHGHVHVWDPL GLFK
DV
SURYLVLyQODKDUpLV
FLXGDGHV SUHJRQDU HQODV
FDGD XQR GHYRV \
KHFKRHVWRVHDVLHQWHHQHOOLEUR
HQOR TXH OHWRFDUH GHO&D
ELOGR\ WHPpLV PX\
TXH GLFKRHVVRSHQD
OD
HMHFXFLyQ
SDUWLFXODU
OD
\FXPSOLPLHQWRGH
FiPDUD
FXLGDGR GH
GHPLOSHVRVGHRUR
0DM
GH6X
HVWDG\ GH
OR
SDUD

TXH OD
HQ
UHVLGHQFLDTXH KDUi
DYHULJXDFLyQVREUHVL
VHRVWRPDUH KDEp
LVFXP
VH
SOLGROR VXVRGLFKR\
KDUi
FDUJRSDUD
GHHOOR
FREUDUGHYRVH
VHRV F DGD XQRGH 25'(1$1=$6 3$5 $ /$ &,8'$' '(/ &8=&2 < 68 6 7( 50, 126 
GHYRV TXH OR OD
GLFKDSHQD
FRQWUDULRKLFLHUHHQOR
QLQJXQDUH
FXDOQR KDEUi
PLVLyQH VROD DO
HVFULEDQRGHO
GLFKDSHQD PDQGR FD
GD&DELOGRTXH
DxROD HQ &KHF DFXSHGH RFWXEUHGH  
KDJDQRWLILFDU D ODV-XVWLFLDVTXH XHGD GHQXHYR HQWUDUHQ SDUD TXH QLQJXQRVHS
H[FXVDU GH TXH QR YLQR D VX HQD
QRWLFLD
OJX
QDV SHUR SRUTXH 'RQ SRGUtD
)UDQFLVFR GH 7R VHU
OHGR0D\R TXH
UGRP RG H6X 0DMHVWDGVX 9tVRU
UH\*R
SDUWHVSRU OD DVSHUH]DGHORVFDPLQRVQR OD
VGLFKDVEHV VHSRGUtDFDPLQDU
EHUD Q
GR U\
&D SLWiQ*H Q HUDO
GHHFRQ
VW
RV 5H L
QR V\SUR YLQFL
DV HOG
3H U
~ \7LHUUD)LU
WLDV FDUJDGDV\ HQ VHPHMDQWHVSDUWHV6X HGDQ OOHYDU 0DMHVWDGSHUPLWH
PH\3UHVLGHQWHGHOD5H DTXH
O$X GLHQFVHSX
L
DT XHUHVLGHH Q
ODFL
XGDG GHORV5H\HV HW
F
FDUJDVHQLQGLRVPDQGR \ HQFDUJRDYRVODV WD
OFDVRPH GLFKDV-XVWLFLDVTXHHQ
&RQ VLG
HUDQGR TXHX QD GHODV
FRVDVPi VQ H
FH VDUL
DV DUD
SHODXP HQWR\FRQ VHUYD
HQYLpLVUHODFLyQGHHOORFRQLQIRUPDFLyQ
\DYHULJXDFLyQEDVWDQWH\
GH
ODVFD
UJDV FL
yQ GHODV
5H S~EOLFDVH V
TXHWHQJDQ RUGHQD Q]DV MVX
WDV U
\ D]RQ DEOHV
SRUGR QGH
TXHVLQPXFKDYHMDFLyQ\WUDEDMR SRGUtDQOOHYDUORVLQGLRVMXQWDPHQWHFRQYXHV
VH
ULMDQ\JRELHUQHQ\ HQHVW
DYLVL
WDJHQH UDOTXH SRUPDQGD GRGH 60
S RUPL
WUR
SDUHFHU

SDUD
TXH YLVWD VH SURYHD \
HO
HQ HQWU
OR
HWDQWRTXHQR
FRQYHQJD SHUVRQD
Y\RK 
D FL
H QGR HVWRV
HQ5HL
Q RVKHKDOO D
GR HQHVWR
WDQ WDIDOW
DTX H
H QDO
SHUPLWLUpLVTXH ORVLQGLRVOOHYHQODVGLFKDVFDUJDVVR
GLFKD
OD SHQD

\VREUHWRGR JXQDVFRVDVV
XVWDQFLD OHVODV
UHS~EOFDV
LQR WLHQH QHVWDWXW
RVPXQL FLSDOHVHQ
TXH HVWp
RV HQFDUJR
OD
FRQFLHQFLDSRUTXH OD
GH6X
FRQ0DMHHVWR
V
WDGHPtDVH GHVFDUJD SURYHtGRORTXH
BV
HGHE HKDFHU
HQHOOD
V\ HQRWUDVODVRUGHQDQ]DV HVW
iQDJUDYL DGDV
HQ VXUHDO QRPEUH+HFKD DYHLQWH H HQHO&X]FR
VHLVGH XL DJRVWRGHPLOH
\WL
HQHQPTiVILQDO
LQ WHUpV
S D
UWLFX
ODUGH O
RVULFR VTXHQRDOFRP~Q TXHFRQ YLH
QH
QLHQWRVHVHWHQWD\GRV
\SDUD
TXHORVGLFKRVYLVLWDGRUHV
DxRV
JHQHU
DOHV
ORFXP DOD
VUHS~EOL
FDV \SR
EU HVGHHOO
DV
\DXQ TX HSRUVHUODW
LHUUDQXHYD QR
\
KDEH UVH
SOD
Q HMHFXWHQ
\ DVt
OH
V
HYQDL
Up
LV
DORVTXH
HVWXYLH
UH
QHQYX
H
VWUD
MXULVGLFF
LyQ Q
X YLVL
WDGRSR URWURV
 JRE HUQDGRUHVQRHVP GH
D UDYLOO
DUTXHKD \DORVGLFKRV GHV
WU
DVO
DGR
DXWRUL
]
DGRGH
HVW
DPL SURYLVLyQ\
OD
SXEOLF
DFL
yQT
XH
GH
GHHOO
DVHKL

FXL
GRV \IO D
WD
VPD\ R UP H QW
HTXHDOJXQ RVGH EHQG HSURFHGHUO DGH
YDUHL
GDG GH
FLHU
H
IHF
KDXW
V
XSUD
GRQ)UD
QFLVFRG
H
7RO
HGR

SRUPDQG
 D GRGH
6X ([
O
RVWLHPS RV\GHVyUGH QHVTXHKDQ XVDFD
GR ODVJXH UU
DV\DOERUR W
R VSDVDGRVKH
FH
OHQ
FLD
$OYDUR5XL
]
GH1
DYDPXHO
SURFXUDGRGHY HU\HRHD
PtQD USRUPLS HUVRQ DODVTXHVHKDOO
D URQ\TXLWDQG RO
R
TXHVHKDOOyGHODF RQG LFL
yQVE R
UHGLFKD \
DD xG L
HQGRORTX HU SRDOJX
QDV SRU
YLV
L
R Q HV
UHDOHVKD OO
p SUR YHtGR
\K D
FLH QGR RWUDV PXF KDVQHFHVDULDV QX HYR
GH
~WLO
HV\FRQ YH
QLHQ W
HV F
RQ IRUPH DODGLVSRVLFLyQ GHO
D W
LHUU
D \F 
RQV HU
YDFLyQ GH
O
RV L
QG LV
RQ DWXUD
OHV GH HOO
DSURYH\HQ GRDV LPLVP R GHQXHYR ORT XHW
RFD DOD
DGPLQLVWUDFLy
Q GH O
D MXVWL
FL
D\ RILFL
RV TXH PH SDUHFLHUR
Q QHFHVD ULR
V H
Q HOOD
TXLWD
Q GRORV
SOHLWRVGH HQ W
UHOR
VHVSDxR OHV
HQ FX DWQR
SD UHFLy
S RVL
EO H
\DV ERO
X 
WDPHQWHORVGHORVLQ GLRVHQTX H
JDVWD EDQ FRQV
\ XPtDQVX WHPSR
L \ KDFLH QGD
TXHHUDQHJRFLR HUQLFL
SRV RSD UD FRQV HU VX
YD FLyQGHWRGRORFX DOKLFHHO OLEUR
YRO
X PHQH TX
V
H VL
JXH SRQ L
HQGR O
DVSHQD VTX HSDUHFLH
URQ QHFHVDULDV SDUD
O
D HMH

 %LEOLRW
H FD
1DFL
RQDOG HO
3HU ~
0VV
%I
ROV
YWR
YWR9DSHU
FHGLGD
GHXQDS H
WLFLyQGH
O
DFLXGDGIROV

Y
WR5HDO $FD GHPLD GH
OD +VLWRUL
D&RO
0D WD
/ L
Q DUH
V7
;;,,IROV

OL

LLQGDRL
yQ
HVSDxR ODGH2XHRR\2WGH QDQ]DV
SDUWW
VXJRELHUQR3XEOLF
D
GR SRU+R UDFOR+8UW
HD JD\&DUORV$ 5RPHU R/LPD
Si JV

\
0HPR
 
LD
G HOYLU
UH\
7ROHGR 
SiJV
/HYLOOLH *R
U EHUVX XL

W GHO
HV 3HU~ 
79,,,
SiJV

 0$5$
-867,1$
6$5$%,$
9,(-2 25'(1$
1=$6
'(/9,55
(<
72/('2 

FXFLyQGH WRGR HOODV


SDUH F H
FRPRSRU
SRUTXHHV QHJRFLR FODUR TXH PL UQGR
D JL
QDU\RWUDV LQ
QXPHUDEOHV UD
] RQHVTXHKD\ PX\ FDO
UDVUDSDIXQGDPH QW
R
ODVVL FRVDV
QSDVLyQ\ LQWHUpV
SU D
WLFXODU
VLQ V
H SUR YHHQPi V FRQ JUXDP HQWHTXH GHHVWHSUHVXSXHVW
RT XH O
D H[SHULH
Q FL
D \FDV RV PX HV
WUDQFDGDGtDFODUD
FRPHWLpQGRODVD
SHUVRQ DVTX HWHQJDQLQWHQWRV\
 ILQHVG LIH
UHQWHVTXH HVODFRV D PHQWH\DVtPD QGR
TX HORVXVRGLFKRFXDQGR VHOH\H
UHQODVRUGHQDQ]DVH
Q
TXHPiVKD ODUHS~EOL
HVWUDJDGR
FDH QHVWRV5H LQRVWHQ HU
FDGDXQR ILQDVX SDU  FDGDXQ DxR FRPR\R GHMRS U
RYHtGR SRU H
OO DVHQHOFDELOG
R\ D\XQWD
WLFXODU
QHJRFLR
GHMDQ GRHOFRP~ QGHWRGD ODUHS ~OEDLFVLQQHUYLRV \IXHU] DV
S D PLHQW
R GH HVW
D FLX
GDGVH O
HDQ DVL
PL VPR ODV GLFKDVUD]RQHVSD
UD WUD
HU D
UDSRGHUVH
UHJLU
\ JREHUQD UOR
FXDORFDVL GLy yQUD SD TXHODV
 SUL PH UDVIXQ GD  OD
PHP RULDDORVTXH
WL
HQHQ FDUJRGHODUH
S ~EOLF D
GHFXiQWDPD V
L
PS RUW
DQ FD
L
FLRQHVGHWRGRHO5HLQRODVGHMDUDQVLQVXVWDQFLD\SU RSLRVGHQLQ JXQD FRQ GLFL
yQ HV
DXQSDUDHODFU
HFHQW
DPL HQWRGHO
DK DFL
HQGDGH FDGDXQR\VHJXUGL
DGGHHOOD
TXHKD FDXVD
GDGR D PXFKDV\
H[ F HVL
YD V
GU HUDP D
V TXHVHK DQ KHFKR <K DFH Q WHQ
HUFXHQWDFRQO
RTXH
WRF DD
OELHQF
R P~Q TXHQR DO
SURSLRSDU
WLFXODU
ORFXDO
FDGDGtD
GHVSXpVT XH ODVUHS~EOLF
D VVR QJDQUGHV \VHHPS LH]D D HQWHQGU HODV
 SDU
DFQ RV
HU YDFLyQGH
O
R X QR\ GHO
R RWU
R KD GH V
HU DFF
HV
R UL
R\DVLPLVPR
QHFHVLGDG
HVTXHWLHQ H
Q 
ODV FXDOHV VHSXH GHQ SURYHHU
QR RW URVPHG
SRU
LRV< PDQGR TXHVHDVL
HQWH
\SRQ JDHQXQDWDEODH
Q OD VD
ODGHO
D $XGLHQFL
DGHODV
FRPRODVKDFLHQG
D VGHORVSREUHVV RQ IDFDV
O VH OHVKDQLGR\YDQ FRQ VXPL HQG R FDVDV FDELOGRGH
GH O DGLF
K DFLXGDGH O
G&X] FRH VWDFD
E H]D
GHODVGLFK
DVRUGH
PXFKD SDUW
HGHHOODV HQORVR EU
HGL FKRGH ORF XDOVXFHGHQ RWURV GDxRV PX FKR QDQ]
D V
GH
EX HQDOH
WUD

FRPR F
RVDTXaWDQWR
LP SR UWDOR
TXHHQHOODV
VHFQRWL
HQH
PD\RUHV\SHUMXGLFLDOHV

TXH H VWiQ
Y LVWRVDTXLHQ WL
HQHODVFRVDV SUH VHQWHVFXDQ  +HFKR HQHO
SXHE
ORGH &KHFDFXSHWp
UPLQR GH OD
FLXGDGGHO&X]FR GLD
H]
WRPi V TXH HV UD]yQ YLV
WD \ H[DPLQDGD
QDWXUDO
SRU DXWRUHVJUD YHV \SR UHO \RF
K R GtDV
GH O
PHVGH RFWXEUHGHPLO\ TXLQL H
QWRV\VHWHQW
D \GRVDxRV
PLVPRKHFKR TXHODV K DQWQ HLGRIL
UHS~EOLFDVTXH
QD OSURSyVLWR FRP~Q WLHQH 'RQ)UD QFLV
FRGH7ROH
GR 
Pi VDXPHQWDGRHOSD U
WLFXODU F GH
DGD XQ R\ Pi VVHJ XUR\YD FUHFLHQ GR FDGD
GtDFRPR PXHVW
VH UDFODUDP HQWHHQ ULTXH]D V
ODV
GHWRGDVODV WLHUUDV TXH DWQL
JXDPHQWH IXHURQV
HxR UtDV
\ HQWRGDVGHP ODViV TXHHVW
iQ FRQJUHJD GDV <MXQ
WDV W
HQ
TXH
HPRV UHODFLyQ YHUD G
GHUD TXHWRGR WLHPSR TX H
HO
OR
V H VSDxR OHV
H V <S RUTXHHO
IXQGDPHQ WRGH
ODUHS ~
EOLFDHVHOMXVW
LFLDPD\R U\FRU
UHJL
GRU
WXYLHURQGL
YLGLGR
VHQ VX WLHUUD WRPDEDQ \ PD OWUD
ORV
WDEDQ H[WUDQORV
MHURVFRQ TXH6X0D MHV
WD
G SRQH
DVtSDUDHMH
FXFLyQGHODV
RU GHQD Q]DV
TX HWL
HQHKHFKDV
\
WDQWDIDFLOLGDG
FRPR DWRGDV FXDQWDV QDFRLQ HVEiUED UDVKHPRV Y L
VWRKDV W
D TXH SURYHtGDVSDUD JRE LH
UQRGHHOEXHQ
HOODV
FRPR SDUD HMHFXWD
UODMXVWL
FL
DUHD
O\
VH MXQWDURQ
\GHMQ DGRFDGD XQR FRQW
HOHQWDPLHQ WRGHHVWDQVX FLD <WLHUUD WH FRQVHU
YD UHQSD
 ]\ TXLH
WXG O
RVYDVDOO
RVGH6X0D M
HVWDGFRQODFXDOOD
VSHTXH

QLHQGRILQ
 DO
FR P~Q SUR
VHMXQWDURQ \ F
RQ JUHJDURQ 
GHORFXDO UH VXOWyYHQLU D xDV
FRVD V FUHFHQ
\VHDXPHQWDQ \FXDQGR ID
OWDWHQ HPRV HS[HUL
HQFLDTXHO
DV
VHUODJHQWH
Pi VEUDY D\ WPLGD
H GH
TXHV H
ODV
K DOODURQ DTX HO WLHP
HQSR< PX\ JU
DQGHV\SUyVSHUDV
U H
FLEHQQRWDEOHGLV
PLQX FLyQ 
DQ W
HWRGDVFRVDV
FRQYLH

GHVSXpVDFi
WRGRHVWRSRQJR HQHOSULQFLSLRGH HV
WDV RUGHQDQ]DV S DUDVRORSHU QHKDFHURUGHQDQ]
DVF DS
\tWXORVGH
ODRUGHQTXH O
RV FRUHJL
UGRUHV KD QG
HWHQ
HU
VXDGLUDO
RVYHFLQRV\PRUD GRUH VGH HVWDWLHUUDI XH
VLVHSRVLEOHTXH ORWRPD VHQ HQ
KD FHUV
XVRIL
FLRV

S RU
TX HGDGR FDVR
TXHSRUO
DV OH\HVGHO
R V5HLQRV\6x
HR
SRUHMHPSORSDUDORTX HW 
RFDFD DGD XQ RHQVX UHS~E OL
FDSRUT XH HVFLHUWRTXH UtRV
GH6X0DMHVWD
GHW V
iSURYHtGRO
RT XH
GHEH QKDF HU
\DTXHOORGHTXHV
HKDQ
VLKDQWHQLGR
WUDED MRU H
\
YXHOWDV HQTX HK DQ VLG
R PX HUWRV\S HUGLGD VX V
VK D GHD
EVWHQ HU
FRQSHQDVU
LJXURVDV
SHURFRQW RGR
HVR K D\QHFHV
LGDG TXHFR
QLV
G H

F L
HQGDV\TXHO
R SULQFLSDOK DVL
GR SRU PL QR
UU
DSRU HOLQWHUpVF RP~ Q<SR U UD
GD O
DFDOLG
DGGH
FDGDUHS~E OL
FD
VHDxDD G
Q DO
JXQDV ~WLO
HV\QHFVHDULD
VSDU
DTXH
LQWHUF
HGHUSRUKRP EUHVE XOOLFLR
VRV \GHOLQFXHQWHV 
\ QRKDF HUO
RV PD QLIHVWDUDOD 6X0D MHV
WDGVH
DPH MR
UVHUYLGR
\ VXV
YDVDOO
RVELHQJREHUQD GRV
SDUD O
RFDXO
HQ
MXVWL
FLD
OXHJRTXHVHH QW
L HQGHDQGDU GHVDVRV HJD GRV O
R F
SRU
XDO V
H K DQLPS HG L HV
WDFLXGDGGHO&X]FRFXDQWRDORVGLFKRVFRUUHJLGRUHVRUGHQR \PDQGROR
GR PXFKRVFDVWLJRVTX HK DQ V
LGR RFDV LyQTX HO RVPL VPRV GHOLQFXH QWHV KD\D Q VL
JXLQHW
H 
V L
GRHQIDEUL
FDUORVGLFKRVDO ERURWR V
\ UHYXHOWDV 
QR TXHULHQGR H QWHQ GHUT 
XH HQ
HV W
RVHGHIUD
XGDHO
L QWHUpV O GH
DVU HS~E OFD
LVT XHT HV
X HORVPD ORV V
H DQFDVWLJD
G RV
\TXHHQ
HOO
RVVHHMHFXWHQ ODVSHQDV HQGHUHF KR HVWD
E O
HFLGDV QRH QWHQGLHQ GR 7,78/2 ,
T XHFDVWL
JDU
DOPD O R
HVOD REUD PL V
GH
HULFRUG L
PiV
D GHWRGDV FXDQW DVHQWHQG H
PRV 
\TX H
OD
MXVWLFLD
HVODPD\R U
S LHGDGT XHVHSXHG HHMHFXWDUSR UTX HSHUGRQU D &DSt
WX
ORV
\
RUGH
QDQ]
D
VTXH
KDX
G
HJXDUG
DU
OR
V
&RUUHJL
GRUH
VGH
HV
WD JUDQ
X QPDOR XVD
HV
UGH FUXHOGDG FRQWRGR VORVEXH QRV
HL 
QWURGX FLU\KDFH UT XHORV FL
XGD
GGH
O&X]FR
GHOLW
RVVHDQ
IUHFXHQ W
DGRV IDOWDQGR HO WH
PRU GH ODHMHFXFLyQ GH OD M
X V
WLFLDOR
FXDO
QR V
R O
DPH QWHHVW
i DSUREDGRSRU WRGRVORVILOyVRIRV PRUDO HV SHURD XQS RU 3ULPHUD
PHQWH
TXHSRUFXDQR
WODJREHUQDFLyQ
G H
HVW
DFLXGDG GHO
&X]FR
ORVWHyORJRV
\VDQ WRV
Y DURQH V
FX\R RILF L
R\ SUR IHVL
yQ HVLPLWDU D'L RVQX HVWUR HV
JUDQGHO
\RV
SOHL
WRVPXF
KRV\GH
FDO
LGD
G 
VLHQGRH
OFRUU
HJL
GRUVRORQR
SXHGH
6HxRUHQ
ODPLVHULFRUGLD\H VW
HH
V HOSULQFLSDO LQW
HUp V
GHWHQHU5H\ \ 6HxRU Q D H
QWHQG H
UF
y PRGDPHQWH GDU
QL GHVDS
FKRD
ORTX HH
VWiD
VX

FDUJRGHOR
FXDO
KD
WXUD
OSDUDTXHOR
 FTXH
DGD XQRFLHJR FRQ HOLQWHUpV SURSLR
SLHU GH 
OD YHUGD  UH
VXOWDGR
KDVW
DDRKUD
TXHHOFRU
UHJL
GRUQR
 OHWUDGR
FRQWUD
ORGL
VS XH
VWRSRUp
O
GHUDFL
HQFL
DGHPLUD U
SRU OD UH
S~EOL FDORSURYHD \RUGH QHFRPR TXL H
Q HVWiOL
EU H O
\DVSUDJPiW
LFD
VGHH
VWR
V5HLQRVGH
6X0DM HV
WDGKDKHF
KRSDJDUDVHVRU
tDV
D
\VRORWL
HQHILQ
DOELH
Q \XWLOLGDG
 GHWRGRVT XH HV
H O
PD\ RU TXH VHSX HGHL 
PD  O
DVSDUW
HV\F
UDJDGR
OD
US H~EOF
D
LGHFVR
WDVSURKLEL
GDV D
X QT
\
XHORVH
DQR
 0$5$
-867,1$
6$5$%,$
9,(-2 25'(1$1=
$6'(
/9,55
(<72
/('
2 

SXHGHGDU UHFDXGRDODV YLVLWDVTXHHVWiQD


\ REUDVS~EOLFDV
FDU JRKDELHQG R VX FRVDVSH UM
XGL FLDOHVTXH KDOOR\ HQ
FRVWXP XVR
EUHVSULQF LS DOPHW Q H
HQ HWD
V FL X
GH GHWHUPLQDUORVSOHLWRVRUGHQR
\PDQGRTXHGHDTXt FXDOTXLHUDTXH DGHODQWH GDG GHO&X] FR V
H KDXV DGR XQ DHQ TXHFRQYL HQH SRQ HU UHPHG LR HVTXH
\ FR 
IXHUH SURYHtGRSRU FRUUHJLGRUGH \F RQGLFLyQ HVWD FLXGDGGH
PR ORV
FXDOTXLHUHVWDGR
LGQLRV\ QDWXUDOHVVH KD QKHFKRD WDQ
PLJRV GH SOHLWRV\ GH SDSHOHVSD
TXH VHDWHQJDWHQLHQWHOHWUDGR OD
VFX DVD V< TXHHQWLHQGDODUHFLpQGGHWHUPLQDFLyQGH
R O
HVTXHQR WL
HQH QVHJXU LG
DGV X
HQ
V
K D FL
H QGD V LQ
VR FRQIL UPD QWRGR VVXV
OH SDJXH GH VX VDODULRSRUTXH SDUD HQWHQGH UHQ JRHO
D
 pO OH TXHGHWLHPSR
Wt
WXORVGHOR V
F RUUHJLGRUH VTX HQXH
Y DPH QWH
YLHQHQ JR EDO
L
HUQR GH HVWDFLXGDG \
ELHUQR
\ FXPSOLUFRQ OR GHPiVTXH VHQWHQFLDUODV HVWi D VX FDXVDV
FDUJRVXV
\ W
HQLHQWHVS LGLpQGR OHVPD QGD PLHQWR DPGH
SD UR GH ORTXH D V
tSRV HHQ \
JUDYHV\ GH LPSRUWDQFLDTXH OH GLFK RSDUHFLHUHVR
 SHQD
RWURVGHDTTXH
XO HORHQT XH
QRQXH YDPHQWHVH
SRQLHQGRHO
H QW
UDQ SD UDHOGLFKR HIHF WR<DOOHQGH GH
WHQLHQWHQR VH ODPLWDG
OH SDJXHPiV
TXHOH DOUH
HVWi
VS HFWR
GHGHO VLWXDGR\ ORVSOHLWRVTXH V
H KDQ VHJX LGRG HQ
DUOHVWDOHV PD QG DPL HQWRV LQMXVWDPH QW H V
H
WLHPSRTXHOH \TGHMDUH
XHSRU YtD
GHWHQHU
QLQJXQD
FRQVLHQWDTXHODV SD UWHV OHVKDQ OYDOHGR O
RV GHUHFK R VGH HOOR
VDVtS RU ORV GLF KRV FRU UHJLGRUHVFRP R
SDJXHQDVHVRUtDVVR SHQD GH PX FK DV
SDJDUODVpO
YF HVH GREODGDVSHUR
SRUORV H
VFULEDQRV SUR SRUTXH
YH\
\ HGQ RVREUHHOOR
 RUGH QR\ PD QGR T XH GHDT XtDGH
DFDHFHTXHODVSDUWHV PDOLFLD

\SRUTXHORVSOHLWRVQR
FRQ F
RQFOX\ DQQL DFD  VH ODQWHQRVHGHQ QLOLE
UH QORVWDOHVPDQ GDPLH QWRV G H
DP SDUR VR SHQDT XHHOFR
EHQUHFXVDQDOFRUUHJLGRU
VXWHQLHQWH\SLGHQTXHHODFRPSDxDGR
\ VHD O
HWUD GR UUHJLGRUTXHOR
W DOKLFLHUH
LQFXUUD S HQDGHQ
HFLHQ SHVRV D SOLF
DGRV HQ OD
IR UPD
RUGHQR
\PDQGRTXHOD SDUWH
TXHORWDO KLFLHUHGHSRVLWH PH  ORTXHXQOHWUDGR
VXVRGLFKD\ HOHVFULEDQ R HQFLQFXHQ W
DSHVRV \GH YROYH UWRGRV ORVGU H
HF KRVTXH
UHFHSRU YHU HOGLFKRSOHLWRFRQIRUPHD IXHUHWDVDG R OR TXHSRU
DVtKXELHUHQ HOFRUUHJLGRU
OOHYDGR<TXH VLDOJ~QSOHLWRVF XHGLHUH HQ WUHORVGLFK RVQDWXU DOHV
\VLQTXHpOVHSDTXLpQHV \FRQVXSDUHFH
HOGLFKROHWUDGRVH
UGHWHUPLQ H VHOLMD
HOL
EUHG \
HVSD FKHSRU OD RUG HQ TXH
WHQJRSURY HtGD TXH KD G HWHQHU H
O M
X H]
OD
GLFKDFDXVDVLQ
GDU OXJDUD PDOLFLDVQLODUJDVWHQLHQGRILQ
VLHPSU H
D TXH ORV GHQD WXUDO
HV\ VLKXELH U
HGH SDV DUDQWHHO
FR U
U HJLGRU JX DUG HODGLFKD RUGHQQ  R
SOHLWRVVH DFDEHQ\ FRQFOX\DQVLQPROHVWLDGHODV SHUP L SDUWHV
WLHQG
R TX H HQDOJXQ DPDQHUD KD\ DSO
H LWRVFQ RH OO
RV \TXH ORV
VL
KX ELHUH
,WHUR

SRU FXDQWRGHDQGDU DFRPSDxDGRVORVFRUUHJLGRUHVHVRFDVLyQ GH QR VHDFDEHQ\G HWHUP LQHQFRQG OD
L
FKD EUHYHGDG \ TXHSR UQLQJXQD YtDV
HOOHYH Q
SRGHUHQW
HQGHU FyPRGDPHQWHHQ HVWiD VXDOOHQGFDUJR
OR HGH
TXH
LUFR QWU D GHUHF KRV
VR O
D GLFK DSHQD
OR TXHHVWi
SURYHtGRSRU FDStWXORVGHFRUUHJLGRUHVRUGHQR\PDQGRTXH ORVGL ,WHPSRUTXH VHKD YLVWRS RUH[SHULHQFLDKD EH UUHVX OWDGR PX F KRVLQFRQ YH
FKRVFRUUHJLGRUHV DFRPS DxDU
QRVH QLOOHYHQFRQVLJRPiV
FRQVLHQWDQGHOD SHU  QLHQWHVGHGD UO 
RVFR UH U
JLGRU HV
DOFD O
GHVR GLQ
U DU LR VXR WUDV M
XVWLFLDVSR VHVLRQHV
VRQDR
SHUVRQDVTXH HOORVPLVPRVOODPDUHQ\ SDUD HOQH JR KXELHUHQ
GH PHQHVWHU
LQGLRV\GH HOORKD QUH
VX OW
DGR JUDQGHVSOHLWRV\ GLIH UHQFLD V
H QWUHODVSDUWHV
FLRHQTXHYDQ HQWHQGHU
VRSHQDTXHVL
D HVWHFDStWXORQRKXELHUHQ
JXD UGD GR RUGHQR \PD QG RTXH G H
DTXt DGHODQWHQRGH Q QL PHW DQ HQS RV HVLy
Q GHUHSDU 
VHDQ FRQGHQDGRVHQ ODPLWDGSDUD FLHQSHVRV
REUDV S~EOLFDV\ RWUD PL WDG OD WL
PLHQ WRGH LQGLRV 
GH SRFD R PXF KDFDQWL
GD G DQLQJXQ DSH UVRQD DXQ TXH VHD
SDUDJDVWRVGH UHVLGHQFLDSHUR SHUPLWH'RPLQJ TXHORVRV\ELHQ
ILHV WDVVH OHV SRUF DXVDGH HQF RPL HG QDR SRUVHQWHQ FLDRFD XVD HMHF XWRUL
D VLQ TXH SUHFH GD
SXHGDQDQGDUFRQOD
FRPSDxtDTXHVHOHVMXQWDUH PDQ G DWRPtR R GH 9LUU ORV
H\H VRJREHUQDG RUHV TXH VXFH GLHUHQ\ TX HORVGL
,W
HPSRUFXD QWRGHHQYL
DU
ORVFRUUHJL
GRUHVYLVLW
DGRUHV\FRPL VD
ULRVD YLVL FKRV M
XHFHV SR QJD QSRU FDE H]D GHODWDOSRV HVLyQ HOG LFKR PD QGD W
RVR SHQ D
WDU
ODWLHU
UD
HVWi

DYHULJXDGR
TXHKDQU 
HVXOWDGRPX FKRV
G DxR VDVtDORVQ DWXUD  TXHTX HO
HORFR QWUDULRKLFLHVHLQFXUUD H
QS HQ DG HPL OS HVRV
 O
D PL WDGSDU DOD
OHV
FPRR DORVGHPi VTX HS
RUHOODDQGDQ \PX F
K D
VH[RU ELWDQ FLDV
\ IHUX ]D V FiPDU D\ILVFR GH60 \O 
D RWUDPLWDGSDUD R EUDV S~ EOLFDV\ Pi VTX HYXHO
TXHSURFHGHQGH O
DVG LF
KDVYLVLW
DVHQ TXHK D\PiVTXHDYH UL
JXD U H
Q ODV UHVL YDWRGRV -RVGHUH FKRV TX HK XELHUHOHYODGR SR UOD
GLF KD UD]yQ \H OHVFULEDQ R
GHQFLDVTXHH
Q WRGROR GHPiVSDUDTXHSULQ FLSD
OP HW
QHVH SURYHH QRUGH QR \ VHU
i FRQGHQ DGR H
Q HOGREOH 
PDQ GR
TX HGH
DTXtDGH O
DQWH
ORV
FRUUHJLGRUHVQRSURYHDQ
QLHQ YtHQO RV
GLFKR VF R , WHPSRUTXH S ULQ
HO
FLSD O
QHJRFLRTXH 6 0QRV HQ FDUJD HVHOFXLGDGR G H
PLVDULRV

QLYLVLWDGRUHV
VRSH
QD DOO
H
QG HGH SDJDUORV
GDxRVTXH KLFLH
U HQLQF X OD
FRQY H U
VLyQ GH ORVQDWXUD OHV\GRQGHP iV DSUR YHF KD WHQ HUO
HV HVHQ HVW
D FLX
UUDQ
HQSHQDGH PLO
S HVRV
DSOLFD
GRVHQODIRUPD VXVR
GLF
K D\T XHKDELHQGR Q H GDGGO H&X]FR
 SRUTX HDVtFRPR GH HOO
DVDOL
HURQ ODVLGRO DWUtDV
S DUD W
RGR HOUH L
FHVLG
DGGHYLVL
WDU
VHK DJDSURYHDHQOD
\ TXHDEDMRLUi
IRUPD
GH FO
DUDGR  QRDVtGHO R IUXW
T XHHQ HOO
D VHK DFH
UHVXOW
D HOSUR YHF K RXQLY HUVDOORFXDOD VL

,WHPTXH VL FRUU
HO
HJLGRUR
GLFKR
VX OJD
XUHQLHQWH
W VH KDOODUHQ GHVRFX S D PLVPR FRQL YHQH TXH HVWp
D FD U
J RGHOFRUUHJLGRU \GHV FDU JDU\ 
R FRQp O
PL FR Q
GRV
\OHV
SDUHFLHUH TXH
SXHGHQYLVLW
D UORV
GL F
K RV
WDPERVSRU VX SHUVRQD< YHU FL
HQFLDSXHV 6 0OD GHVF
D UJy FRQ PLJR H
Q HVWD SDUWH \SRU TXH FRQ HODXWRU L

O
RV F
DPLQ RVU
HDOHV KDF
\
HUOR
VDGHUH]DU
T XH F
XDOTXLHUD
GH HOORV TXH VDOL
H UH D GDGVH WHQ
LH SR UH[SHULHQFLD T XHUVHXOW
D WDQWR SUR YHF KR FRP R GHOFDVWLJRRU
KDFHU
ORVXVRGLF
KR QRSXHGDRFXSDUVHHQ
H OOR
HQXQDxRPi VGH GRVPHVHVVR GHQR \PD QG RTX HS HO
UL
PHU 'R PLQ JRGHFDG DP H VG HVSXpV GH ODSXEOLFDFLy Q
SHQD FLGH
HQS HVRVDOSFDL
GRVVH
J~ Q GLFKR
HV\TX
HVL
H O
GLF KR FU R
UHJLGRUH O
R GHHVWDRUGH QDQ ]DHOFRUUHJLGRU TX H HVR
IXHUH GH H
V WD FL
X GDGYLV LW
H GRVYF HHV
GLFKRVX
OXJDUWH
QL H
QWH QRHVW
XYL
HUHQGHVRFXSDGRV 
G H
VXHUW
H TXH HOXQR GHHOORV ODVSDU
URT XLDVH O
GLFK R'RPL QJR VHSD\
D YHUL
\JH FRQ HO&D FL
TXH \$OFDOGH\
SXHGDKDFHUO
DGLFKDYLVL
WD
TXHHQW
DOFDVRHOGL
F KR
FRUU
HJLGR UFRQ DFXHUGR GHO $OJXDFLOHVVLKD\ ER UDFUKHUD V FyPR
\ J VH
X DUGD WRG RO RGH PiV TXH\R GHM R
FDELOGR

SUR YHD
XQ RGHORVUH
JLGRUV
HTX H
ODK DJD
\HQ
WDOFDVROH GpSRGH UED V RUGHQDG RHQOR WRFDQWH D ODV
GL FKDVSDUURTXLD V
OR FXD OPDQGRTXH DVtVHKDJ D
WDQWH
SDUDTXHH QWL
HQGD HQWRGR
ORQHFHVDULRDQH[R
\FQ RYHQLHQ WH \FXPSOD VR SH QDG HFLHQSH VRV DSOFDGRV
L V HJ~Q GLFK R HVT XH
\ OH V
HD SX HVWR
,WHPSRUFXDQWRHQHVWD
YLV
LWD
JH QHUDOTXH\RKH
KHFK R 
\D YHUL
JXDFL yQ GH SRUFDUJRG HUH VL
G H
Q FL
D \VH DFRQGHQ DGRHOO HQ
R
 0$5$-867,1$6$5$%,$9,(-2 25'
(1$
1=$6
'(/
9,55
(<
72/('2 

,WHP SRUTXH XQD GHODV FRVDVTXHDFD SURYH


UJR GHO PiV SULQFLSDOPHQWH \HQG R UL
PHUR
S T XHORV
VXV
HVWiQ RGLF
KRVR HQJUDGR GHDSHODFLyQHQ OR
VFD V
RV
&RUUHJLGRU
\
MXVWLFLDPD\RU
HV
HODPSDUR GHORVKXpUIDQRV
SREU
HV
SRUTXHHV \ TXHKX ELHUHO
XJDU
FRQWDQW
R TXHHQ
ODRGHQ
U SURF
GHHGH
UJX
D UGHQODTXH HVW
i
FRVDFODUD OR
VXVRGLFKRKXELHVHGHVFXLGRDOOHQGHGH
TXH VL HQ OD
IDOWD
TXH UH GDGDDOR V
GLF
KR VMX
HFHV
SDUDTXH
ORVGLFKRVSO
HLWRVV
HD QEUHYHV\VXPD UL
RVGH
VXOWD HQOD 'RFWULQD SHUVRQ
D
V
\VHOHVSLHUGHQ
HQVHxDPLHQWRGHVXV
VXV
ELHQHV PD QHUDTXHSRUWRGR
OR URYH
StGRS
RUHOGLFKR&R UUHJL
GR UQR
 OL P
VH
LWH
ODMXULV
\ VHORVXVXUSDQ VXVWXWRUHV \ RUG HQR
FXUDGRUHV\ SDUD GLFFL
RQ TXH GHU
UHPHGLDU GH
HF
KR OH
VHVW
i
ORFQRFHGLGD
VXVRGLFKR
\ PDQGR TXH HQSULQFLSLR GH V
tR
FDGD
SRU
V
X DxR HO GLFKR &RUUHJLGRU
OWHP SRUT
XHWR
GD VOD
V
GLFKSRU
DVRUGHQDQ]D VT
XHGDEDQL Q~WLO
HV
VL
QR VH
WRP DVH
OXJDUWHQLHQWH WRPH FXHQWD D PH QRORV
UHVWXWRUHV
\ \ FXUDGRUHVGH
FXHQWDVDO 
DV
SHUVRQDVD
FELHQHVGH
X\RF 
DUJR
T XHGD O
DHM
HFX FyL
Q GHH
OODV\
VH HMH
FXWDVHQ
VHSD \ DYHULJHHQ FX\R SRGHU GLV
FHUQLGDV
KD\ ELHQHV GH KXpUIDQRV
O
DVSH QDVVHJ~Q\FP
RRVLQ
YQ
DS X HVWDU
HV
WD
VRUGHQ R PDQ
\ GR TXHGHVGHHOGtDV TXH
H
ODV
GLFK
D
VFXUDGXUtDV\ OR KDXQR
FLHQGR
VDF\
DU
FDUW
OR
DV RWUR
H
GH
[ LQTXLHUD SXEOLFDU
HQ HQDGHO
DQWH
ORVMXHFHVGH
UH V
LGHQ F
LD
K DJDQ LQWHU
URJDWRUL
R SRUODVGL
FRPXQLyQ\ FRQRWUDV
\SRQJD HQWRGR
GLOLJHQFLDV OR
UHFDXGR
VXVRGLFKRHQWHUR FKDVRGUHQD Q]DV \ RILFLRVGH
FDGD XQR
\SR UH
OODVWRPHQ ODGLF
K D UH
VLGHQFLD
GH PDQHUD TXH VH WHQJD SD
FXHQWD\
UD FX
OR
DOW
RPH XQR UD]yQ FXDO FRQYLHQH
\KDJDQORVFDUJRV
\FQ RGHQD
FLRQHV ORV M
XH
D
FHV
\ RILFLDO
HVGHMXVW
LFLDG \
HKD 
GHORVUHJLGRUHVFXDOIXHUH DFRPSDxDGR
QRPEUDGRHQFDGDXQ
\ OD
UH DxRSRU
FLHQGDTXH KXEHL
UHQ
LQ FXUUL
GRHQHOODV
GHVSXpVGH O
D SXEOLFDFLyQ
VRSHQD TXH
VROXFLyQGHFDGDXQD
FXHQWDV

TXHGHDVHQWDGDHQXQ
GHODVGLFKDV SDUD OLEURTXHVL
HQOR VXV
RGLFKRKXELHVH
GHVFXLGRQHJOL
RJH QFL
DT XH H
OGL
FKR MXH]LQFXUD
UH Q
HOORWHQJDHOHVFULEDQRGHFDELOGR\YHDQ\
WXWRUHV
\FX HQWLHQGDQVLORVGLFKRV
SHQDG H
T XLQLHQ
WRVSHVRV
DSOLF
DGRVV
HJ~Q GLFKRHV
\pOTXHGHVSXpV GHO
YLQLHUH
UDGRUHV EXHQ
D
WLHQHQ
FXHQWD
\
VL VRQ \
DERQDGRV
KDELHQGR
FXDOT
XLH
UDGHODV O
R HM
HFXWH \SRQJDHV
WD RU
GHQDQ]D SULPHUR
SRU FD St
WXOR\D YHUL
JXDFLyQ GH O
D
GLFKDVIDOWDV VH UHPXHYDQODV GL
FKRV
ELHQHVH
GLFKDVFXUDGXUtDV
Q F
XH QW
D\
TXHSRQJDQORV
O
HKDGH
WR PDUVRO
DGLFKDSHQD
FREUR FRQIRUPH
D
GHUHFKR
\
YHDQORV GLFKRVPHQRUHV\
HVW
i
Q GRFWUL VHSDQ VL
QDGRV\
HQVHxDGRV

\ HQ WRGRSRQJDQ
UHFDXGR

GH
PDQHUD HO
OD
FTXH
RQ FLHQ
FLD
GH
6
0TXHGH
GHVFDUJDG
D
HQHO FREUR \ UHFDXGR\ELHQHV\ GH VXVSHUVRQDV
7,78/2 OO
TXHSRU WRGROR VXVRGLFKRQR\
HOHVFULEDQRGH
OOHYHQGHUHFKRVDOJXQRV
FDELOGR
WDQ VRODPHQWHOOHYHXQ SHVR FXHGHODVLHQWR\
QW
D V
SRU UHVROXFLyQGHODV GLFKDV
'HODVFDVDVFDELOGR
GH\ F iUFHOHV
TXH HOWDQWHR GHHOODVVHKD
HVFULEDQR
 GHWRPDU SRU HOGLFKR
,WHP SRU FXDQWR DO SUHVHQWH RILFL
DOHV ODKDFLHQG
GHQR D KD\ PDV GH GRV 3R UFX
DQWR HV
QR WURL
RT XH XQD
GH O
DVFRVDV SULQ DTXH
FL
S DOPHWQH
VH KDGH
UHDO \ SDUD
FRQYLHQH
HOEXHQ UHFDXGR \ ILGHOLGDGTXH FDMDV
K D\D HQ ODV
WHQ GLFKDV
HUDWHQFyQ
LS DUDHOEXHQJRE L
HUQRGH ODV
UHS~ EOLF
DV
H VO
DHMHFXFLyQ
GH ODM
XV
VLHPSUHWUHV OODYHV FRPR \PDQGR
HV XVRHQTXH
WDQWR\ FRVWXPEUHRUGHQR
WL
FLDSRUTXHH OO
GH
D
S HQGH H
O LQ
WURGXFLUVHHODPR UDO
DS D]\HOWHPRUTX H
FR
TXHRW
UDFRVDVH
SURYHHTX
HHO&RUUHJLGRU
 TX HRHV
IHX
UHGHHVW DFL
XGDGWHQJD PR JHQWHGHSROLFtD
HVWiQREOLJDGRVDWHQ HUORVV
~ EGLW
RV HVSH
F LD
OPHQWHHQ HVW
RV
XQD OD
V
GH
GLFK
DV
ODO
YHV\IPLUH
FRQORV
 RILFLDO H
VHQ ORV
OLEURV\DVL
VWDHQODV UHLQRVHQORVFXDOHV
FRQ OD
VPX FKDVDOWHUDFLR
QH VTX
H KD DELGR F
K
RQODIUHFXHQ 
IXQGLFLR
QHV
WRGD
VODV
YHFHV
TX H KLFLHUH
VHQ VRSHQDGHW
UHLQW DSHV
RV DOSDGRV
LF FLD ODJGH
XHUUD
K D
\Pi VQ HFHVL
G DGO R
GH
VXVRGL FKRTXH HQRWUDVSDUWHV
\FRQ
VHJ~Q
GLFKRS HV
HURHVW
VLXYL
HVH
RFXSD GRHQFRVDV
GHLPSRUWD QFLD\QROR X
S VL
GH UDQGR TXHL Q
HVWD
WURGXFFLyQHM \
HFXF LyQ HGM
XVWLFL
D QR HGSX
HWHQHUHIHFWR
GLHV
HKDFHU
ELHQ SHVH
UP LW
HTX
OH
HH
QYt H
ODGLFKDOOD
YHFRQ
H O
D O
JXDFLOPD \RU
 VL
Q KDEHUFi U
FHOHV
SDUD O
RVGHOLQFXHQWH V
DFRPR GDGD V\ SD D
UHM
DGDVSUDDV
X JXDU
HO
FXDO
DVL
VWD
SRUpO
HQ
ODGLFK
DIXQGLFL
yQ\KDVWD
TX HODV
 GLFKD VFDMDV FL
H U
UHQ
VH GD\ IUR
WDOH]D
O
DVFXDOHVQR KDEtDHQHVWDFLXGD GVLQRIODFDV\GHQL
QJXQ D V
X V
\WRUQH
O
DGLFKD
OO
DYH
DOGLFKR
&RUUHJL
GRU 
SRUTXHDOO
HQGH XHOR
TV XVRGLFKRFRQ WDQFLDQLDSD U
HMRSDU
D TXH VHSXGLHVHQ JXDU
GD UO RVSUHVR V
ODVFDXO
HVDOR XHT
YL
HQHSDUDHO
GL
FKREXHQUHFDXGRGHO
D L
FKGDKDF
LHQGDLPSRUW DDVLP LVPRDO
 \RK HDYHULJXDGRQR
 VHU Yt
D QG HRW
UDFRV DV
LQ R GHGLV
FXO SDGHORV&RUU
H JLGRUHV
JXQVDYH
FHV HODXWRULGDG
SUHVHQF
LD OD
GH
MXVWLFLD
\ SDUDOR
TX HWR
FD O
DD
LFK
GD \DOFDOGHV\GH
 ORVGHP iVPLQLVWURVGH MXV
WL
FLD \FRQVLGHUDQGR TXHHV
WD UHS~
UH
DOKDFL
HQGD \YHU
\
HQWHQGHU
FyPRXV VH
DQ ORV
GL
FKRVRILFL
RV\ FyPR VH
JXD U EOLFDSULQFLSDOGHO
UHLQR HVW
i SREUHGH SURSLRV \SRU RWUDVMV X
W
DVFDXVD VTXH
GDQO
DVRUGH
QDQ]DVTXH
SRUPt XHGDQ
T S URY HtG
DVV
R EUH
HOO
R HVWiQSRUH[ W
HQVRUH
IH ULG
DVHQXQ DFXHUGR\ TXH
R W
XYHFRQ ODM
X VWL
FL
D\U
HJ L
PL HQ
,W
HPSRUF
XDQWR HQWRGDV
OD
VRUGHQDQ]D V
TXH VLVH
JXHQ\\ RGHMpKHFKDV WR HHVWD
G FL XGDG HQ
GLH]\VHLV
GtDVGHOP HVGH MXOL
RGHO D
x RSDVDGRGH
V HWHQWD
SDUD
HOEXHQ
JRELH
UQRGHHVW
DFLXG
DG
VHJ~Q \FRPR SRU
HOO
DV
SUDHFH
HVWiQGLV \XQ DxRVTXHHVWi
D VHQWD
GR HQ HO
OL
EUR GH&D ELO
GR D
IR MDVGRVLFHQW
DV
Y HLQWH\
WL
QWD
VOVD
MXULV
GL
FFLRQH
VHQ FR
HO
QRFLPLHQWR HO
DV
GFXDVDVRUTX
SH D
VO
KD FRQY H FLQFRDFRUG p
T XHVHFRPS UD V
HQ OD
VF D
VD VTXHIXHU
 RQ GH $ORQVR H
G
+L QR MVD
R
QLGR
SDUDTXH FDGD
QRHQWL
HQGD
X OR
SULQFLSD
TXH
OPHQWH
WRFD DVXRILFL
R\ VH \D\XGD USDUDODFRPSUD ORVHGH
GLILFL
RV\UHSD URVQF H
HVD UL
RV FRQRQFH
PL OS
H
OH
SXHGDWR
PD U
FXHQW
DHQSDUWLF
XODUGHOR
TX HTXHG
 D D
VXFDUJR 
QRHP EDUJDQ W
H VRVFRUULHQWHV
TX HH
VODPL W
DG HOD
GFRQ VLJQ
DFL yQ\ DVL
HQ WRTXHVHWR
Py FRQ OD
O
RFXDOHO
&R U
UHJ
LGRUMXV\
WLFL
DPD\RU \ OX
JDUWH
VX
QLH
QWHHQ SULPHUD\H 
Q V
H PX MHU
\ KHUHGHURVGH7RPi V 9i]TX H
]GIXQ
LW R SDUDTXH FRQHVWRV\F
RQOR HTX
JXQGDLQ
VWDQ
FD
LWLH
QH\KDGH
WHQHU
MXULVGL
FFLyQVREUH
WRGRORVXVRG L
FK R\
SXH PRQW yHOSUHFL
R HQ
TX HW
RPDU RQODVFDVDVDQWLJXD VGHOF
D ELO
G RO
R V
KHUHGHUR V
GHO
GH\G
HEHFRQRFHU
FXDQGRD
pOELH
QYLVWR
OHIXHUH
GHWRGDV
ODV F D
XVDVFLYL
OHV \ GLFKR$ ORQVRGH +LQRMRVD\FQRG RVPLOSHVRV TX HKL]R O
DFLXGDG XHQ
ERV VR
FUL
PLQDOHV
H[SU
HVDV TXH\ F
VH
RPS UHKH QGH
Q HQWGDV
R OD V
GLFK DVMXUL
VGLFFL
RQ H
V EUHODVFDVDVHU TXH
D QFiUFHOS~ EOL
FDH QHV
WD FXG
LD GVHFXPS OLH
UDQDORVGL
 0$5$
-867,1$
6$5$%,$
9,(-2 25'
(1$1
=$6 '(/ 9,55(<
72/('2 

FKRVKHUHGHURVWUHFH PLO\ SUH


TXLQLHQWRV
FLRH
QTXH SHVRVHQVD\DGRVTXHIXp
GR Q GH FDH O
DWRUU HHQOD HV TX L
QDGH ODV HO
GLFKDV FDVDVTX HK DGHVHUIXH UWHF
R Q
VHFRQWUDWDURQ\WDVDFLyQTXHHQHOODVVHKL]RODVFXDOHVGLFKDV
FDVD
VFRQWRG
D VXV Y HUMDV \K D GHVHUYLUSR UF 
iUFHOGH ODVSU HVRQDVGH
 O DFD OLG
DG TXHK XE L
HUH Q
VX FXDGUD\WLHQGDVDSOLTXpHQHOGLFKRDXWR \
KDFLHQGDGH
H VW
DGL
FKD DSURSLRV
FRPH WL
GR GHOLWRV JUDYHV
OR FXDO KDGH TXHG DUD O
DUEL WULRGHGLFKR &RU UHJLGRU \
FLXGDGGHO&X]FR\SRU ODSUHVHQWHHQQRPEUHGH6X0DMHVWDGODV
DSOR
LFGH \
 MXH] D QWH TX L
H QSHQ GLHUHQ OD VGLFKDVFDX VDV\SRUT XHVH FXP SODFRQ ODSUHY HQ
FODURSRU SDUD
TXHHOHIHFWRSDUD
WDOHV\ HG
TXHVHFRPSUDURQ\
LILF
DGR FLyQ VHKDQ
HIH\
F W
R SDUD TXH VHxD O
R ODGLFKD FiU
F HODVL
PL VPR PD QGRTXH HQHOODQR
\ HGLILTXHQFRQIRUPHD OD WUD]D HIHFW
RRU
TXH\RWHQJRGDGDWHQJD
VH S XHG DQ SR QH USHUVRQDV TX H FXPSOLGR
QR W
H QJD QO
D VFDOLGDGHV VREUHGLFKDV VRSHQDT X H
GHQR \ PDQGR OR VLJXLHQWHSULPHUDPHQWHTXH HVWi
D PDQR HOHO
MX H]TXHDSRVHQWR
OR PD QGDUH 
LQ F XUUD TXH
HQSHQD GH FLQFXHQ W
D SHVRV DSOL
FD GRVHQ O
DU 
IR
GHUHFKDGHVSXpVGHHQWUDGRSRU FLQFRSLH
HO]DJXiQGHODGLFKDFDVDTXHWLHQH
PD VXVRGLF KD\ S RUTXH PXFKD V
Y HFHV DFDHFH TXH HQ FDVR TXH Q RVHD KLM
R 
]DVDOWDVVLQHOSDWLRFDEDOOHUL]D\ WRGROR
QHFHVDULR

VHD
SDUDDSRVHQ FRFLQD\
G DO JR HV GH EDMD FRQ GLF
LyQ GHFODUR 
T XHVLDOJXQR IX HUHR KXEL HVHVL
GR RIL
FLDO R
WR GHORV&RUUHJLGRUHVHQ
FXDOYLYDQSRU HOWLHPSRTXHORIXHUHQ
HO VLQ
S DJDU KH FK R DOJX QD VFRV DVIDV
H\ V
LG RFDVWLJDGR SRU HOO
DVHQ WDOFDVRQ R VH
OHS XHG D
FDVD DOJXQDGH H[FHSWR
TXHDOTXLOHU
SRU FXDQWR& ODV
DELOGR GLFKDVFDVDVGH
GD UODGLF KD FiUF HOGHEDM R GH O
DS HQDVXV
RGL FKD
VRQJUDQGHV\ GHVSXpVGHFRQFOXLGR\ SULQFLS
DO
KDEUiPH DFDEDGRHO ,WHP HGLILFLR
SRU FXDQWR FRQ YLHQ HSDUD O
D JXD UG D
\ VHJXULG DG GHODFiUFHO 
TX HH O
QHVWHUDOJXQRVUHSDURVRUGHQR\PDQGRTXHHOGLFKR&RUUHJLGRUWHQJD
FXLG
DGR DO JXD FLOPD \ RU\ DOFDL
GH G HK HUPD QGDG YL YD GHQWURH OO
HQ
D
RUGH QR\PDQ GR
GHDSOLFDUDOJXQD
SDUWH
GHODV SHQDVHQTXHFRQGHQDUH
SDUDUHSDUR
GHODGLFKD T XH WHQ JD HODSR VHQWRT X H TXHGD RUGHQDGR TXH G VH
REOH HO
HQ
VHJXQGR S DWLR
FDVDGHPDQHUDTXHHQHO
WLH
PSRTXHIXHUH&RUUHJLGRUVLIXHUHGRV
DxRVDSOL T XHHV F RPR HQ WUDQGRSRU H O
S UL
PHU SD WLR ODPDQDRGHU HFKD HQFP LD O GH
RVF D 
TXH WUHVFLHQWRVSHVRV FLHQWRFLQFXHQWDFDGD HIH
FWRSHQD
VR DxR
OD ER]RV\ HSDUD
QORGH PDQGHO
D UVHGLFKR
IXHUDR
G HQWUR GHODGLFKD FiUFHO
TX H GDDUEDLWUL R
TXHVLKXELHUHFRQGHQDFLRQHV KDFHU
KDELHQGR
FXPSOL
HQTXHORSXHGD
GR FRQ
OD GH O &R UUHJLGRU FRPR VDO
LH UH ODWUD]D \TXHHO GLFK RD O
JX DFLOPD \R U
QLDOFDOGH
FiPDUD\
ILVFRGH
60\ OR
QROR KDELHQGRKHFKR TXHIDOWDUH
VHDFRQGHQDGR QR SX HGDG RUPLU HUD
IX
G HOR VGF L
KRV DSRVHQWRV VROD SH QDSR UOD
SUL PH UD YH]
HQ HOORDO OD
UHVLGHQFLD\
WLHPSRGH VLQR 0D\RUGRPR
WXYLHVHFXLGDGRTXH
GH FLQF XH Q WD HO
SH VRVDSOLFD GRV V HJ~QGF LKR\ HV
VLWU
H VQRFK H VS VH
UREDVHK DE H U
GHOD FLXGDGFRQVXPDQ\
JD
VWHQORV GLFKRVWUHVFLHQWRVSHVRVHQ
GLF
K RV
UHSDURV IDO WDGR VHD SULYD GR GHOGLFK R RIL
FLRVLQRIXH UHK DELp QGROH PDQ GD GRHO&RUUH 
GH PDQHUD OD
GLFKDTXHFDVD HVWp VLHPSUHELHQ QHFHV
DULR OR UHSDUDGD
JL GR HQ
UDOJX Q OR
DFRVD TXHLP SRUWH 
SR UGRQ
 GH OH VHDIRU]DGR K DFHUODGLFKDD XV
HQ FD L

FXDOSULQFLSDOPHQWHTXHGD &RUUHJLGRU D FDUJRGHO GLFKR
, WHP SR UTXHM XHV
VWR TXHD HO
SRV HQWR GHODVPXM HUHVHVWpGLYL GL
GR GHO RV
,WHP HO DSRVHQWRTXHHVWi
DPDQRL]TXLHUGDFRPRVHHQWUD ORVFRUH
U HQ
GH Pi VRUGHQR\ PD QGRTX HV L
IXHUH QHVSDxR O
DVHVWp
Q HQ ORDOWRGH O
DGLFKDF D 
GRUHVSULQFLSDOHVGH
OD
V GLFKDVFDVDVTXHGH
SDUD
TXHVHD
SDUD&DELOGR
\ DX\ Q VD \ FiUF HOTXH HVWiWUD]D GR HQFLPD GHOR V FOD
D ER]RV SD U
D HOGLFKR HIHFWR\
WDPLHQWR\O D
GRQGHVH
MXVWLFLD\UHJLPLHQWRGH
MXQWHQ FL
XGDG DHQ HVWDGLFKD
HQED ORMR TXH GDQ RFKR FO DDE R]RVS DUDHOGLF KRHIHF WRFRQV V
XS XHUWDVIH XUW
HV
WHQGHU
HQODVFRVDVWRFDQWHV
DOJRELHUQRGHHOODORVGtDVTXHOHV
SDUHFL
HUH
VHU
Q H
 HQ H OXQ R GHORV FXDOHVKD Q GH HVW
DUODVPXOD WDV\QHJ UV
DH QHORWU R
ORVQ HJURV
FHVDULR
\
TXHDOOt
YHQJDH OR
O &RUUHJLGRUDVXVRGLFKRVLQ
FRPS H
OHUO
HVDTXH
 YD  \ PX ODWRV \H Q HO
R WURODV LQ GL
DV\ HQ HORWURORVLQ GLRVG H
MDQGR V
LHPS UHOD V
\DQDV
XDSRVHQW
RKDFH
D UHO GLFKR
D\XQWDPLHQWR
SRUTXHGHVGHDKRUDVHxDO
R PH MRU HVUD SDORV HVSD xROHV SXH VTXHGD QVXILFLHQ WV
HSD UD HOUHFDXG RTXHHV
 PH 
ODGLFKD
SLH]
DSDUD GLF
HO
KR H
IHFWR
HQ OD
FXDODVLPLVPR
RUGHQR\PD QGRTXH QHVW H UTXH VHWHQJD HQWR GDV SDUDTXH HVW
pQ GLYL
GLGRV GH PD QHUD TXHH QODGL 
HVWp
HO
DUFKLY
RDGRQGH
HVW
pQV OR
SDSHOHV
\ UHFDXGRV
WRFDQW
HVDODGL
FK D
FLXGDG FKD FiUF HO KD\DW RGDK 
RQH VWLGD G\OLPSLH ]D\HQ ORGH PiV WRFDQWH DORVGLFK R V
\ODV
SURYLVLRQ
HV
UHDOH
VFpGXODV\PDQ
 GDW RVGHORV
9LUU
H\HV\*REH UQDGRU
HV DO JX DFLO
H VPD \RUHV \$OFD LGHVVH JXD UGHQODV OH
\HV \
S UDJPi WLFDV
G H OR
VUHLQRV \
TXH HQFXDOTXLHU
PD QHUD
WUDWHQ
GHOJRELHUQRGHHOO
D
SRUO
DRUG HQ
TXH\ RGHM
R VHx R UtRV GH 60 TXH KD E ODQ \WUDWDQHO UHFDXGR TXHK D
VH
GH WH
QH UHQO D
SURYHtG
DHQ
ODV
RUGHQDQ]DV
TXHSDUWL
FXODUPH QWHWUDWD
QGH
ODFXVWRGL
DJXD\UGD FXV WR GLD\ JXDUGD OR
GH
VGF L
KR VSUHVRV
\VH SRQJD QVXV WtW
XO RVHQORVGLFKRVF D 
TXHVH
GHEH
WHQHU
HQORV
GLFKRVSDSHO
HV\HVFULWXU
DV
\GHEDMRGHO
DVSHQDVHQ OD ER ]RV
HOO
DFRQWHQLG
DV

 ,WHP SR UTX HXQ DGH ODV FRVDVSULQFLSDO HVTXH UHVH
TXLHUHTX HKD\D QHQ OD
,W
HPSRUTXH
HVM
XVWR TXHORV
FDEDOOHURV
HKLM
RVGD
OJRTX HSR
UG 
HOLWRV
TXH GLFKD FD UFH O
HV DJX
HO
D D V
t SDUD O
D OL
PS L
H]D G HHOO
D F
RP R SDUDH O
E D
V WL
PH Q WR
KXELHUH
QF
RP HW
LGR SRR
UFD
XVDVFLYLOHV
HVWXYLHUH
QSUHVRV
WHQJDQFDUF
HOGL
VWL
QWD GH ORV SUHVRV RUGH QR\PDQ G RTX HOXHJR TXH OO
HJDUH HODJ XDT XH\R GHMRSUR 
\DSDU
WDGD
GHO
D RWUD
aHQWHF
RP~Q RUGHQR\PD QGR
TXHHO

TX HWXYL
 HUHODVF
D YH tG R TXHVH WUDL
JD GHOD IXHQ WHSUL
Q FLSDOGH HVWD
FLXG D G
DOSDUD M
H GHODVGLFK D V
OLG
DGHV
VEUHG
R L FKDV
R DOR
 PH QRVTXHF 
R PXQPH QWH
VHD
WHQLGRSRUWDO
\TXH FDV DV GH &D ELOGR VHKDJD XQD FDMD\ GHHOODVHVDTX HQ GRVS DM
DV GHDJ XD\VH
QRVHD
RIL
FL
DO W
QLHQJDWL
HQGDGHPHUFDGH U
tDV SUHVH
GH
QWH
RH U
IX
H
SHUVRQDTXH HQ FD xH SR UF DxR GLVW
LQWR DSD U\
WDGRK DVW
D HOSDWLRGH O
D GLFKDF 
D UFHOGHODUH G
WH
Q JD
FRQTXpV
XVW
HQ W
DUV
H V
H\
VXVWHQWHFRQDXWRUL
GD
G HQ
O
D 5HS~EOLFD
OH
VHD D GHQ WUR DGRQ GH PDQGR TX HV 
H KDJDXQ DH Q
IXW
HTXH VHD EDMD\GH VGHDK RUDK D
GDGDSR
UFiUFH
 O ODV
GRVSLH
 ]DVTXHHV
WiQDPDQ RGHU
HFKD
FRPR HQWUDQGRSRUH
O JR PHUF HGO D
DGLFK DFDVD &D GH
ELOGR GHOD GLFKDFDQWL GDG GHDJXD S DUDVL
HP
FRUUH
GRUGH
OD VDOD
GH&DELOGR
\VLHOGHOLW
RTXH
KXELHUH
F RPHWLGRIXH
UHGH S UH M
D Pi V \T XH GHVSXp VT X H VH
OOH
Y DUHODQ HFHVDULDD O
D IXHQ W
HS ULQFLSDOGHOD
PX HU
WH
TXHKD\D
PHQ HVWHU
SRQ HU
Pi V
VHJXULGDGHQVX
SHUVR
Q D
TXHW HO
DO
S U
HVR SO D] DDXQT XH VHDWDQ WD
OD TX HYL
Q LHU
H TX HVHS XHGDU HSD U
WLUSRUD OJXQV DF DVDV
VHD
SXHV
WRHQHO
DSRVHQWR
TXHGHMRSURYHLGRV TXH
H
GREO
HHQ O
DSULPHUD
SLH]D VHD OD VXVRG LFK DODPi VSU H IHULGD\P i VSULYLOHJLDGDGH WR GDV\TX
HO DDFHTXLD


 
 0$5$
-867,1$
6$5$
%,$ 9,(-2 25'(
1$1=$6
'(/
9,55(<
72/('
2 

GH RWUD
ODDJXDSDUDHO
VHUYL
FLRGHOD
FDVD\ FHVDUL
DV
QH
VHFRQVHUY
HDFRVWDGH 3UL PH UDPHQ WH
T XHSR VH
Q JD XQ F D
SH OiQ
OSH UVR QD GHEXHQ DYLGD \ IPDD 
ORVSURSLRV \ FRQH VWLSHQGLR
\VDODULR
 PR GHUDG RHOFXD OWHQJD
REOLJDFLyQGHGHFL UPL VDHQ
,WHPSRUTXH KDFLHQGDUHDO
OD VH
HQWLHQGH
TXHHVWDUi
PHMRU JXDUGDGDHQ
OD GLF
OD KD FDSLOOD
WRGRVORVGtDV 'RPL QJ RV \ IL
HVW
DV GH JXDUGDU\ O
RV /X QH V
GLFKDFDVDGH&DELOGR
SR UUHVLGL
 U HQHOODOD PLQLV
MXVWLFLD\ORV
WURV
S U
LQFLSDOH
V -XHYHV\ 6iEDGR V
TXHVRQOR V
GtD VT HQ
XH VHK DFH
F DGDVHP
 D QDYLVL
W DGHF iU
FH O
GH HOOD VHxDORGHVGHDKRUD
SDUDIXQGLFLyQ
DGRQGHHVWpQ
ODVFD
VDVUHDOHV\ VH SDUDTXHHO &RUUH JLGRU
\$OF DOG HRUG LQDUL
RV \ ORV
Q HJRF L
DQ WHV
\
S UHVRV SXH GDQ
FREUHQORVTXLQWRVD60SHUWHQHFLHQWH
V
HO
DSRV HQWR
GHVWLQ
DGRSDUDHORIL
FLD
O RLUPLVD HQORVGtDVVXVRGLFKRV \ TXH H
O GLFKR FD SHOQOiWHQJDDV L
PL VPR REOL
TXHWLHQHORVOLEURVD HVWpQO
DVF
DMDV
FDUJR\
GH
ODVWUHV
OOD
YHV
PDQGRTXHHQ JD
pO
FyLQ GHFRQIHVDUWRGRVO
RV GLFKRV SUHVRVDtV OD
VFX DUHVP DV
FRP R W
RG RVORVGH
\ORV FRIUHVGHODV
PDUFDV\SXQ]
 R QHV
\OLEURV
\WRGRORGHPiVWRFDQWHDOD PiVGtD VTXHFDGDXQR
 HOOR
GH
VORS L
GLHUH\ FXDQG R IXH UH
Q HFHVD
ULR
GLFKDUHDO
KDFLHQGD
TX HHQQLQJXQD
 PDQHUD SXH
VH
GDQV
DFDUGHO
GLFKRDSRVH
 QWR  ,WHP TXH DWHQWR
TX HHQOD GLF KDFiUFHO KD\GH RUGL QDULRQHJUR V\Q HJUDV
VLQRIXHUH
SDUD DGHUH]D
UO
DPDUF D\
GHP iV
KHUDPLHQW
U D V
ORFXDO
VHKDGHKD \PX OD WRV LQGLR
H
V
TXH WRGR VORV GLFKRV 'R PLQJRV \ ILH
VW
DVDQ W
HV TXH GLJD
FHU HQSUHVHQFLDGHO
&RUUHJLGRU RIL
FL
\
DOHV

\KDF HU DXWR
TXHTXHG HSXHV
 W RHQ PLVDWHQJD REOLJDFL
yQGHMXQWDU ORV\V DFDUGH ORVFDO DER ]RV
HODO
F DLGHGH ODGL
HOOLEUR
FyPR VH VDFDQSD
UDHO GLFKR
HIHFWR
\FyPR YRO
VH
YL
HURQGHVSXpVGH FKDFiUF H
O\GHFLUOHV
ODVRUDFLRQ HVG HOD
LJOH VLD\
ORV PD QGDP L
HQWRV \R EUDVGH
FRQFOXLGR PLVHULFRUGLDU HS
UHVHQWiQGR O
HVOD RE OL
JDFLyQ T XH FRPR FULV
WLDQRVW
LH QHQ GH FXP 
OWHP FX DQWR
SRU
K DELHQG
R\RWUD]D
GRG HKD
F HU
GHODQW
H GHO
PRQD VWHUL
RGH SOLU
ORV\H O
S U
HPLR TXHVHGDD O
RV TXHOR JXD UGDQ \ODSHQDTXH WLHQHQ DSD 
1XHVWUD 6HxRUDGH 0HUF HGHVGHMDQGROD
ODV
FDOOHH
Q PHGLR
WLHQGDV
SDUDSUR UHM
DGD ORV TXHKDFH Q
ORF RQWUDULRSRU SDO DE UDVOO
D QDV TXHWRGRVODVFP RS UHQ
SLRV GHHVWD
FLXGDGS RU
TXHGDUFRPRTXHGDEDSOD]DVXILFLHQWH
SDUDWL
DQJXH]\ GDQFXD OHVFRQYLHQHQSDUDVXL QKDE LOL
G DG\ IODTXH] DGH PDQ H
UD TXH SRU HVWDU
UHJRFLMRV
VH KDOOy LQFRQYHQL
HSRU
QWH TXH ORV GLFKRUHOLJLRVRVGHO
PRQ DVWHULR SUHVRVQR GHMHQGHWHQHUGRF
W ULQD \ HQVHxDP LHQWRFD XOFRQ YL
HQHS DUDOD VDO
YD 
GHFtDQPLVD OD
FDSLOO
DTXHHQ
V
DO
HDO
DGLFKDSOD]DSDUDTXHGHRUGLQDUL
ROD FL
yQ GH V
X ViQLP DV
\SDUDTXH HOGLFKRVDF HUGR WH
HQWL HQ GDORTXHHVWiREOL JDGR
YLHVHQ
ORVLQGLRVTXHHVWiQH
QHOGLFK
RWL
DQJXH]\WDPELpQ
 V
HYHGHORVFURU
H SRU VDODHO
ULRTXHUHFLE
HRUGHQ R\PDQ GRT X HDQWHVT XHHQWUHD
KDFHU GLFKRHO
GRUHVGHODV
FDVDVGH&DELOG
RSRUO
RFXDO
\RPDQ GpVXVSHQGHU
\FHVDU GLFK
HO
R RIL
FLRHQ O
D FiUFHO
VH
OHDHVWRTXH \RGHMR RUGHQ DGR S DUDTXH JXDUGH
OR \ FPX
HGLILFL
R\REUDKDVWDTXH RWUD SDUHFLHUH
FRVDPH
RUGHQR\ PDQGR TXHVL
ORV SOD
\H QFDUJRDO&RUUHJLGRU TXH VL
HPSU H WHQJD FXH Q WDHQFyPR VH TX KDFH
H
GLFKRVUHOL
JL
RVRV GH
MDUHQ GHFU
LGHPLVDGH
RUGLQDUL
R
SRUHO PLVPRFD
VRVHKD SRU VHUGHVFD UJRF GH
RQ FHL
Q FL
D QR SDUHFH TXH HV PH Q HVWHU
SRQU HV 
REUH HOOR
JDQ HGLILFDUODV
GLF
KDVFDVDV
\ WLHQGDV
SXHVV
LHQGRODFD
XVDSRUTXH GHMy
VH GH RWU
D SHQD 
KDFHUHOGLFKR
HGLILFLR

HVMXVWRTXHVH
KDJDSRUO
DJUDQQHFHVLGDG
T XH
ODGLFKD ,WH PSU RFXDQWRHQ
 ODGLFK DF iUFHO
FRQ Y LHQHT XHK D\DFRIUDGtD OD
GH
FDUL
FL
XGDG WLHQH SURSLRVSDUD
GH VXVWHQWDFLyQ
VX ORFXDO K DJD
VH
VL
QHPE DUJR GH GDGDVtSDUD TXHORV
SR EUHVVHD QPD QWHQLGRV FRPR S DUDT XHOR
V KHUP DQRVGH
FXDOTXLHU UpSOLFD
\V
HOHVQRWLILTXHHVWD
RUGHQDQ]D OD
GLF KD FRIUDGtDHQWQLH
GDQHQ
V ROLFL
WDUVXV S OHL
WRV \QH JRFLRV
\FRQ FHUWDUORV \
DYHULJXDUORV FRQVXVDFUHHGRUH VSRUT XHS RUOW D
ID GHH VW
R DFD
HFH G H
WH QHUVHH Q
ODV GLFKDV
F iUF
HOHV
PD\R UP HQWH FX DQGROD FDQW LG
DG SR UTXH
 HV WiQSUHV RVHVSR
7,7 8/2 ,,, FDV
ROLFLWDQGR TXHVHEXVTXH DOJR GH OLPRVQD\ TX HORV DFUHHGRUHVD\XGH QFRQ
VXSDU WHSR QLpQGROHV
SRU GH O
DQ WH HOSRFR U HPHG LR TXH WLHQHQSD UDVX VSDJDV
&DSLOO
DGHO
DFiUFHO WHQLpQGO R
RV SUHVRVHQQRKDELHQ GR KDF L
HQGD FRQTXp SXHGDQ VDWL
VIDFHU \SD UD
TXHSL GDQOLPRVQD \VHGLVWULEX\ DHQ O
DQHF H VLGDG GHODGLFKDFiUFHOF RPR HQ
,WH
P SRUFXDQWRXQDGHODV
FRVDV
TXH PiVFRQYLHQH
TX H
K D\
DH Q
ODGLFKD RWU
DV SDUWHVVHKDF H
RUGHQR \ PD Q GRTXHH 
O &DELOG RMXVWL
FLD\
UHJL PL HQ WR
VR
FiUFH
OTXH\ 
RGHMRIXQGDGDHQHVWD
FLXGD
GHVXQDFDS
 LOOD
GRQG HS VH
XHG D
GHFLU OL
FLWHTXHO DGLFKDFRIU
D GtDVHD VL
HQ WHHQOD GLFKDFiUFH O
FRQ HO
Q~ PH UR GHF R
PLVD\ODRL
JDQORV
 SUHVRV\WRGRVO
RVGHPiVTXHYDQDDVL
VWLU
DODVDXGL
HQ FLDV IUDGHV FRPR HVWiHQO
D FL
XGD G GH ORV5H\ HV \VHS URFXU HODV
LQGXO JHQFL DVTXH
FXDGQRHO&R UUH
JLGRU DOF
\
DO
GHVRUGLQD
ULRV
YDQ DYL
VLWD
UODGL
FKDFiUFHO
\ORV WL
HQ H
SDUD TXHPHG L
DQWHHOO
DV VHDQ LP HHO
SX HE ORDK DFHUFDULGDG\OVDRU GHQDQ 
'RP LJQRVSDUDFX PSOLUFRQ
ODREOL
JDFLy
QGHOD,JO
HVLD
SRUTXHGDGa FD
VR TXH ]DVTX HVRE U
HHOO
RVHKL
FLHUHQVH SRQJDQ HQHVWHOLEUR HQXQ F
XDGHUQ R\V HW
RPH
O
DMXVWL
FLDHVXQD O
DVYLUWXG
HVSUL
GH
QFL
SDOHV
SD UD
ODFRQVHUY
DFLyQ\DXP HQWRGH HVW
HQHJR FLRSRUFDXVDSURSL DGH PDQ HUDTX HFRQ HOHMHPS ORTXHV HGLHUHWR
O
D 5HS~E OL
FD
KD GHDQGDUFRQ H
OOD
ODPLVHUL
FRUGLD
SU DD
TXHORV
S UHVRVVHD
Q GRVVH DQLPH QD
K DFHU
ORPLVP R 
SX HVODFD SLOO
DVDF \
H UGRWHTXH
H UDORPi VGL
FRQVRO
DGRV F
RQ OV
RVDFULIL
FLRV
RUGLQDU
LRV
\SXHGDQF XPSOLU
FRQOD
REOLJDFyL
Q GH IL
FXOWRV R
T XHGDSURYHtGRSDUDTXH ORKD\D GH RUGL
Q DULR HQOD
GLFKD FDUFH O
FULVWLDQR
V
\WH
Q JDQVDFHUGRWH
TX HO
RVFRQLI
HVH\FRQVXHO
HHOWL
HPSR TXHH VW
X /D VF
X DOHVGLFKDV
RUGH QDQ]D VPD QG RTX HV 
HJX DUGH Q
\FXP S ODQHQ WRGR \
YL
HUHQHQ O
DGLFKDFDUFHO
RUGH
Q R\
PD QGRTXHODSDU
WH\ OXJDU
GRQG H
\ RGHM
R SRUWRG RF RPR HQHOO
DVVHF RQWLHQH \GHFODUD VRO DVSHQ DVHQHOODFRQ WHQLGDV
W
UD]DGD\ HPSH]D GD
D H
G LILFDU
OD GLFKD
FDSLOO
DVHSURV
LJD\DFDEH
F RQD WRG
OD HQHOHQWUHWDQWRTX HS
RU60RSRU PtHQ VXUHDOQR PE UH
RWUD
F RVDVHSU RYHH
SU
HVWH]DSRVLEO
HSXHVGHMRGLQHURV
\DSDUHM
RSDUDHOOR
\FRQHOO
D VH
WHQJDHO \PDQ GDVLQUHPLVLyQDOJXQD\S DUDT XH
Y HQ JDQ DQRWLFLD GH
WRGR VPDQG RTX H
RUGHQVL
JXLHQWH VHSXEOLT XH Q
\SUHJR QH
QHQ
O DFLXGDG GHO
&X ] FR HQHOOXJDUDFRV
WX PEU DGR
L
W

 0$5$
-867,1$
6$5$%,$
9,(-2 25'(
1$1=$
6'(/
9,5
5(<
72/('2 

+HFKRHQ&KHFDFXSHWpUPLQRVGH
OD
GLFKD
FLXGDG

HQGLH]\
RF
KR
GtDV
GHO FXPSOL
U
HO
GLF
KR
Q~PH
URH
Q SH
UVRQ
DV
GHF
DOL
GDG\V
XI
LFL
H
Q WH
V
YHFL
QRV
GH
HVW
D
PHVGHRFWXEUHGHPLOTXLQLHQWRVVHWHQWD\
F
RGH
7ROHG
R GRVDxRV'RQ
FL
XGD
G
UHPLWLH
QGR
O
DF
R Q
ILUPD )UDQFLV
FLy
Q
GHO
RVGLF
KRVR
IL
FL
RV
D6X
0DM
HVWD
GF
RPR
S DUHFH SRUHODXWRTX HVRE U
HH OOR K L]R
VH S UL
HQ
QF L
SLR GH D
x R
HVWH GH
PLO TXL
QLH QWRV V
HWHQWD\G RV
RUG HQR\ PD QGR T XHORV TXHVR Q U
HJ L
GRUH V S HUSHWXRV <
7,78/2 ,9 OR VTX H\RSURYHtHQODIR UPD V
XVRGLF K DHQWLHQGD Q\DV LVW
DQ HQH OGLFK RFDE LO 
G R\ D\XQ W
DP LHQWRKDVW
D TXH6X 0D MHVWDG RWUDFR VDSURYH D
VLQT XH VHHOLMDPDV
'HODHOHFFLyQGHORVDOFDOGHV
\ RILFLDOHVGHOFDELOGR Q ~PHURGH UHJLGRUHVSD UDORTX HW 
RFD DO JRELH UQRG HHVWDGLFKD F LXGDG
,WHPSR UVH
U SHUVRQDV GH FDOLGDG ORVT X HDKRUD HV W
iQ SURYL VWRV HQH O
GL 
3RU FXDQWRDOFDELOGRMXVWLFLD\ FLXGDGHVD UHJLPLHQWRGH
LHQ
TX HVW
i ODV
F KR FDELOGR\D\X QWDP L
HQ WR
\ K DELWXD GRV D HQWHQGHU HQ QHJR FRLV GHJRE LHUQ R
FRPHWLGR SDUWHGHOJRELHUQRGHODV
UHS~EOLFDV

KDELpQGRVH
WUDWDGRGH ORILFLR
GH
GH ODV UHS~EOLF
DVSRGUtD VHU
K DEHU\R PH QHVW HU
D OJXQRV GHHOORVSD UDSUR YHHU 
FRUUHJLGRUHVD OD
FX\RFDUJRSULQFLSDOPHQWHHVWi
FiUFHO\QHJRFLRV
F RQYHQLHQW HV
ORVHQ FDU
JR V
\H QRILFLRVRHVWDU DXV HQWH V
SR URWUD
UD ] yQOHJt
WLPD G HPD QHU D
SDUDOD HMHFXFLyQGH
ODMXVWL
UHDO
FLDFRQYLHQHSRQHU ORTX HWRFDDOD RUGHQHQ
HOHFFLyQGH ORV DOFDOGHV\ RUGHQR\PD QGR
UHJLGRUHV\
TXH HQ RWURVTXHVH HQWHQGL
RILFLDOHV HVH
FODUD\HY LHGQWHPH Q WH 
QRS RGH UK 
DFHU SUHVHQFLDHQ W RGRD TXH O
OR VXVRGLFKRVH OD
VLJXLHQWH
JXDUGH\ FXPSOD DxR HO
HQ
GL
FK R EFD
LO
GR \D \XQW
DPL H QWRR UGHQ R P
\DQGR XH THQ
WDOFD VR H O
GtD GH DxR XHYQ
R SURVHYH DQ\ HOLM
DQ ORV X H
TDV t
IDOWD UHQSDUD D TXHODx R GH
3ULPHUDPHQWHTXHHOSULPHUGtDGH RtGRW RGRVMXQ WRV DxRQXHYRKDELHQGR
PDQ HUDTXHD OO
HQGHORV RILFLD
OHVG H 6X 0D MHV W
DG \HOD OFDO
GH GH ORV QDWXU DOHV
XQDPLVDGHO(VStULWX6DQWRVH
KDJDHQHOFDELOGRMXVWLFLD\
UHJLPLHQW ROD
H OH
F
V L
HPS U
HVHDQ VLH
VORVGLFK RVUHJLGRUHV FRQ WDQ WRTX HT HO
XHD VtIXH UHHOHJLGR
FLyQGHORVDOFDOGHV
SRU HO RUGHQTXHKDVWD FRQW 
D QWR
TXH
DTXtVH VHKD KHFKR
HOLMD HO XQR GH HOORVGH \RORV
WURTXHQ VH D
YHFLQRVHQFRPHQGHURVGH
R OR YHFL QR
X KRP EUHULF
R \GH
LQGLRV ODFD OL
GDG TXH H
VWiPDQG DGRTX H W
HQ JD DOFDOGH
HO
VHDKDFLHQGRFDGD SRU
Vt
YRWDQGRSRU
HOHFFLyQ GRVGH
GRV GHORV TX
ORV XQRV \ HQR
 YH HV
FLQR
RWURV \ QDWXUDOHV
XQ HO
MXH]GH
FXDOWHQJD
O
DMXULVGLFFLyQ
FRQIRUPH DODV RU ,WHUR
T XHKHFDK V\FRQ IL
UPD GD VODV GLFKD VHOHFFLRQ HV
HOSULPHU GtDG HFD
GHQDQ]DVTXH SRU TXHGDQSURYHtGDVWRFDQWHVDO
PL RILFLR
ODV FXDOH
V GL GLFKR EtOGR H
OLMDXQ
VHDOFDOGH 
\X QUHJ L
G RU T XHVHD QDX THOD xRWHQHGR UHVGHE LHQHV
FKDV HOHFFLRQHVQR SRUYLUWXG
WHQJDQ GHHOH
IXHU]D
JLGRV
HOODV
SXH GDQORV
QL GH GLIXQWRV\WRPHQ F XHQWD DORV TXH GHMDURQ HO GLFK R
RILF L
R HO SDVDG RO RV
XVDU ORVGLFKRVRILFLRV
KDVWD
WDQWR
TXHSRU SRU HO
PL TXHIXHUH
R YLUUH\R JR FXDOHVOD HQ
DGPLQ LVW
UDFLyQ GH pOJX D UGH QFX \PS ODQ O
DV RUGHQ DQ]DV <SU R
EHUQDGRUGHHVWRVUHLQRVVHDQFRQILUPDGDVRSRU
ODSHUVRQD
DTXLHQHOORVGHUH
LQ YLVLRQH V
TXH 6X 0D MH
VWDG WL
HQHS URY HtGDV \G HVSDF KDGD V
D VtDO 
R T XHWRF D DO
SRGHUSDUD K D
FHUODGLFKDFRQILUPDFLyQ

VR SHQD GH HQ O
D VSHQ
LQFXUULU
DV HQ UHFDX GR\FE RUD
Q] DGHORVGFKR
L V ELH Q HVFRPR DOGHVSDF KRG HHOO
RV VRODVSH QV D
TXHFDHQ ORVTXHDGPLQLVWUDQMXULVGLFFLyQVLQWHQHUO
D
\ TXHHO
FRUUH JLGRU
DVLVWD HQHOODVFRQWH QLGDV
ODFXD OHV
H VW
iQ RU LJLQD O
HV HQODFDMD OE
\ L
UR O GH
DGLFKD F R 
DODVGLFKDVHOHFFLRQH
V\ O
DV
UHJXH
O HQ
SU
HVH QFLD GH D\X QWD
GLFKR
PL HWQ
R\ WH
 EUDQ ]DKDVWDWDQWRTXH SRU6X 0D MHVWDG\ SR UPt
 \ S RUHOTX H VXFHGLH UH HQ
QLHQGRSR GUHKDJDODGLFK
DFRQILU
PDFL
yQ\ Gp
ODVYDUD
VD ORV
TXH Pi V
YRWR V HOG L
F KR ILFL
RRRWUDFRVD IXHUHS URY HtGD 
WXYLHURQFRQF RQGLFLyQTXHHOTX
 H IXH
UHH
OHJLGRSRUDOFDOG
HGHORVTX H
QR WX ,WHPS RUF
X DQWRO
RV TXH GHMDQO DV YDUVD GHDOFDOGHVTX HGDQ PD VLQVWUXLG RV
YLHUH
Q LQGLRVRIHXGR GH 0DMH
6X
VW
DGVHD
WHQLG
RSRUKLM
RGDOJR TX \
H QR
VHD HLQI RUPDGRV O GH
RVQ HJR FRL
V \S O
HLW RV GHOD UHS~E OL
FD 
\ HGO
R TX HFRQYL HQH
QLKD\DV
LGR RILFLDO

QLWH
Q JD
W
LHQGD
GH
PH U
FD GHU
tDVG
HSUHV
HQWH\W
HQ JDFRQT Xp SHGL U\TXHVHSURYHD SDUD O
D FRQVH UY D FL
yQ \EXH QJRE LH
UQR GHH OODVHRU GHQ D
VXVW
HQWDUVH\T XHO
DGLFKDFRQIL
UPDFL
yQVHKDJDV
HJ~QGLFKRHVDO T
X HPiV \PD QG DT
XH XQRG 
HORV GLFKRV HD
VH OH JLGR\T XHGHS RUSURF XUDG RUJHQ HUD OG H
YRWRV WXYLHUHQRFRQVWiQGROH VR
QTXH
LQFDSDFHV KDQ
R
DGTXL UL
GR DOJ~QYRWR ODGLFKD FL
XGDG \DV
LVWD DORVFDE LO
GRV FXDQ GR WXYLHU
H Q DJO
R TXH SHG L
U< WRG DV
SRUVRERUQR R F
RKHFKRSRUTXHHQWDO
FDVRSRGUi FQ
R ILUP
DU\FQ RIL
UPH D ODVYH FV
HTXH pO
TXLVL
HUHD O
FXDOOXHJ RT XH VHDHOHJLGRVHOHGHSG R HUED V
WD Q W
H <
FXDOTXLH
UD GHORV TX GRV
HWH
QJDPiV
YRWRV
\VL
WXYLHUHQ
ORV
GLFKR V
Y RWRV
LJXD  JHQ HUDOSDUDWRGRV O
RV HJRQFL
RV HOFX DOTXHGH HQ HOOLEURILUPD GR GHWRG R HO
OHV
 F
HORUU HJLGRU
SXHGD HOH
JLU
HOHTX
PiV
OHSDUHFL
HUHTXHFRQYLHQH OR
 FXDOVH D\X QW D
PL HW QR
\HOVXVRGL FKRKD JD O
D VROHPQLG DG\ M
XUD PH QWR RG ULQ DUL
R <VHD
KDJD\FXP SODHQ IRUP
OD
DVX
VRGLFK
DVR
SH QD
GHPLOSHVRVGHRUR DSOLFDGRV HOHJLGR SRUYRWV R
\pOT XHPD VWXY LU H
H GHORV GLFKRV GRVDOFD O
GH V GHODxR SD 
ODW
HUFLDSDUWHSDUDRE UVDS~
EOLFD
V
\OD
RUD
W SDUDJDVW
RVGHUHVLGHQ FLD
HQ OD VDG RTXHG HSRUSURFXUDGR U
GH ODGLF K DFLXGD G
FXDO D VH
YHULJ H
FyPR VHJX
DUGyFX\
PSOLyORHQ H
VWD
RUGHQ DQ]D FRQWHQLGR ,WHURTXHDVLPLVPR H O
GLFK R tD
G HOL MD
VH
XQ RGH O
RVUHJLG RU HVGHO GLFKR
,WHPSRU FXDQWRHOXVR
\FRVWX
PEUH
GH HVWDFLXGDG
GHVSXpVTX HVHIXQG y D\X Q WDP L
HQ WR
SR UILHO
 H M
HFXWRU SRU VH LVPHVH VFRQWLQXRV HOFXDO FRQY DU D G H
KDVLGR
T XHHO
Q ~PHUR GHOR
V
DOFDOG
HV
VHD
GRV\HOGH
ORV
UHJL
GRU HV
V HLVGH
PD  MXVWLFLD
\F RQO
DVSUHHPL QQ HFLDVWRFDQ WHV DOGLFKR RIL
FLR 
OHXVHH OGLFK RWLHPSR
QHUD
T XHWRGRV RF
K R
MXQWDP HQWH
FR
QH 
O
FRUUHJLGR
UKD QHFKR
K FD ELOGR\D\XQ WD SRU ODRUGHQ FRQWHQL
GDH O
HQ
Wt
WXORG H ORVILHOHVHMHFXWRUHV\ FXPSOL GRVO 
RV GL 
PLHQWRSDUD RUGHQDU
ODVFRVDVO GH
D UHS~
EOLFD
\GH VHU
HOH
JLGRVDOJXQRVGH ORV FK RVVHLV
PH VHVVXFHGDRW UR
H O
FXDOIXH UHHOHJLG RSDUDH OO
RG H
ORV G LFKRVUHJ L
G R
GLF
KR VU
HJ L
GRU HVH
QFDGD XQD
xRUHVXOW
DED
QRHVWD
ULQIRUPDGRVHQORV Q
HJR FLRV UHV\Q RKDQGHVXFHG HUFRPR KD VWD DTX t
VLQR X HKD
TQG H VHU
HOH JLGRVSRU Y R 
GHO
DUHS~ EOLFDFRPRF RQYHQtD

SURYHt
WU
HVUJHLPL
HQWRVTX
HHVWD
E DQ YDFRVSD U
D WRV MXUDQGR SUL
PHUR ORVGH OD\XQWDPLHQ W
R TXH HOHJLUiQ SHUVRQDK iELO\ V
XIL 
 0$5$
-867,1$
6$5$%,$
9,(-2 25
'(1$
1=$
6'(
/9,55
(<72/('
2 

FLHQWH<HOGLFKRILHO HMHFXWRUDVLPLVPRMXUH IRUPDFRPR HVXVR\ FRVWXP HQ RWUDF RVD DOJXQD PiV GHORTXH Dp OWRFDV
R SHQ DT XHV LVH W
UD WDUH
RDF RU GDUH 
EUH< PDQGRTXHQRSXHGDUHKXVDUQLQJXQRHO GHMDUOHGHXVDU GLFKRRILFLRQL
VH
D HQ VtQLQJXQ D\ GH QL
QJ~Q YD ORU QLHIH FWRODWDOS URYL VLyQ HL
Q FXUUDQ H Q
GHVSXpVGHHOHJLGRVRSHQDGH H V
 FLHQSHVRVDSOLFDGRVVHJ~QGLFKR
SHQD GH PL OSHVRVGH SODWDHQV D \DGD D SOL
FDG RVVHJ~Q G LF KR HV 
,WH PSRUT XH PX FKD VYH FHV DFDHFH TXHS RU QRS HGLU D OJXQR GHORV GHOGL
FKRF D ELOGR HO
WHVWL
PRQ LRGH OD HVL
G HU
Q FLD
GH VSXp VQ 
R VH SX HGH SUREDUQL DYHUL
7,78/2 9 JXDU R U
GH QRP \
DQ GR TXH HO HVFUL
ED Q RWHQ JDFXLG DGR GH D V
H QWDUORTXH VRE UH
HOORSDJ y FRQ GtD
PHV \ DxR \OD FR VDVREU HTX HVHW UD W
D ED V
R SHQD GH FL
HQ
'HORTXH WRFDDO
FDELOGR
\GHVXREOLJDFLyQ SHVRV D SOLFDG RVVHJ~QG L
FKR HV
,W HP 
SRU FXD QWRH O
GD U WLHUUDV\ FEDDO OHUtDVHV
W iU HVHUYD GR D6 
X 0D M
H V
WD G
3ULPHUDPHQWHSRU FXDQWR WUDWH
Q
FRQYLHQHTXH
ODVFRVDV GH RUGLQDULR VH
\DODV SU HVRQDVTX HHQ VX QR PE UH WXYLH
UH Q HVSHFLDOF RPLV LyQ SDUDH OO
R \G H
SHUWHQHFtHQWHV OD
UHS~EOLFDRUGHQRD \ PDQGR VHPDQ D
TXH
VH KDJD
HQ FDGD
KDEH UVH HQWU HPH W
LGR ORVF
D ELOGRV K DVWD DKRUD HQ GDUO D
V GLFK DVWL
HUUDVVLQ WHQHU
D\XQWDPLHQWRGRV TXHVHDQ/XQHV
GtDV \9LHUQHV\ TXHHVWpQMXQWRV GRVKRUDV
ODGLFKD FXOW
ID
DGDOOHQGHG  H K D
EHU H[FHGLG RK DQ UHVXO WDGR PXFK RVGDx RVD Vt
FDGaGtDSRU PHQRV<TXH SDUD
ORHOOR
WHQJDQDPSROOHWDR
UHORM
\TXH O
D KRUD
GH -XQWDUVHVHDFXDQGRVHHPSLHFHD PD \RU\TXHQLQJXQ R ORGH
V DORV
WDxHU DPLVD Q DWXUDOHVF RPRSOHLW
RV HQ W
UHS DUWHVH LQIR
 UP DGR 6X 0D MHVW
D G OR
GH VXVR
GLFKRVDOFDOGHV <UHJLGRUHVIDOWHQ
VRSHQ
D GH FXDWUR DSOLFDGRV
SHVRV
SU DDOD GL
FK RK D SUR YHLRGH [SUHVD UH YRFD FLyQOD GH
VGLF KDV G DWDV \ RG UHQyOD RUGH Q
REUD ODFiUFHO
GH TXHVH KD GHWH QHU
H QGLYLG LUODVGLF KD VWLHUU
D VFRPH WL
p QGR VHQH HO
JRFLR S RUOD
RUGHQ TX HSD UHFHUi H
Q ODVRG UHQD Q]DV TXHHV WiQ KHFKD V VRE UHODVGHKH VDVTX H

,WHPSRUTXaHV DYHULJXDGRTXHFXDQGRORVQHJRFLRVVH
WUDWDQ
SRU RUGH Q \
\RKL F HPHUFH GDH 
VWD FLX
GD G RUGHQR \PD QGR TXHD T
GH
XtDG HO
DQ WHHOGLFK R
UD]RQ HQSRFRWLHPSRVH \PHMRU
KDFH\
HQWHQGGLR TXHGHWHUPLQDPXFKRPiV
FDELOGR HD\XQWD PL HQWRQ R Gp QLS UR YHDS 
RU QLQ JXQ DYtD WLHUUDVFDEDOOHUtDVQL
FXDQGR VLQHOODVHWUDWDQPXFKDVRWUDVFRVDVRUGHQR
\PDQGR TXH ORSULP HR
U
HVWDQFL DVD QLQJX QDSHU V
RQD T X H
OD VSLG D
QL GHRWU DPD Q HUDQL ODVD
S OLTX HSDUD
TXH VH WUDWDUH GL
FKR FDELOGRVHDOR
HQ HO HQHOSDV
TXH
DGR TXHGy DFRUGDGR
SURS LRVV R SHQDTX HW 
RGRV ORV TXH VH KDOD UO
HQ HQ HO GLFK RD \X QDP
WL HQWR T XH
SDUD TXHOD VH HQWLHQGD OR
DYHULJXDFLyQTXHVH TXHVHDFRUGy \GWXYR
HQ HQ
IXHUHQ HQHOORDOO
HQ GHGHG H FOD UDU
F RPR GHFODUR SRU QLQJX QDGH \QLQJ~Q YDORU
OR
FXHQWDORVFRPLVDULRVDTXLHQVHKXELHUHFRPHWLGRGH TXHV
H SXVRFD D
UJRGH
\HIH FWR OD W
DO SURYLVLyQLQFXU UDQ HQ SQHD GH PLO S HVRVS O
GH
DW
D HQVD\ DG D\
FDGDXQR <HQ TaHVH
OR SURSXVL HUHYD\DQKDEODQGRSRU DQ WL
JHGD G VX RUGHQ\
H[FHSWRTXaHO RILFLRGHSURSRQHU FRUUHJLGRUV 
LQ GH P DUFD G DD
VHDVLHPSUHUHVHUYDGRDOS OLF
D GRV VH
J~Q GLF KR HV
FODUDU HQQLQJXQDPDQHUD <SDUHFHU\ DVLPLVPRHO VX YRWRTX HV
H UHVXPLUOR ,WH URTXHVLDOJ~Q DOFDOGH RUHJLG RUSLGLHUH DOJ~Q VRODU DO
JX
R
Q DRWUD FRVD
YRWDUH <HOWLHaSRGHODHMHFXFLyQ
SHUR QRTXH
WHQJD
Y RWRVLQR
IXHUHHQGRV GHOD V TXHF HO
DELO
GR SX HHGS URYH HUS DUDVLRS DUD DOJ~ QFULDG RVX\RT X H
QR
Faa RV
HOXQRaVLOJXQRGHORVDOFDOGHV
\HJLU
GRUHV
VHUH
PL WL
HUHQDVXGHWHUPL QD VHSXH GDS URYH HUIDOW
DQ GRDOJ XQR GH OGLFKR D\XQ WDPL HQW R \T XHODWDOSHU V
RQ D
FaRQ<HORWURVUO
RVYRWRVIXH UH
QLJXDOHV

\ORTXHO
DPD \RU
SDU W
HDFRUG DUH VH TX HOR SLG HQR KVH
DOOHSUHVHQWH D OD G LF
KD SU R YLVLy
Q  HQ O
D FX DO
\ WRG DVODV
HMHFXWHFRQ IUPH
R D ODYHULILF
DF LyQ
GLFKD
\KDELpQGRVHGHHMH
F
X WDUIL
UPHQWRGRV GHPiVVH SRQ JD FO
i XVXODT X H V
HD VLQ SHUM
XL FLRGH WHUFH UR DX QTXHK D\DS UHFH 
HaPDQG D
PL HQWR TXHVH SDUDHOO
R
QGLHUH
RH
PEDU JDQWHTXHKD\DQVLGRFRQ WUD GLGR DH YULJX DFL
yQ TX HQR OR H VFRPR HV
Q HFHVDULR \XVR \ F RVW
XPE UH\ SURYL 
UaRVORVYRWRVORVF
XDOHVTXH GHQDVHQWDGRV
HQHOOL
EUR FD
GH
ELOGRVL
ORVVR EUH
 VL
R QH V \RU GHQD Q]DV O TXH
R S URYHH Q \HQ HOWtWXORT X H DVtVHGLHUHVH SRQJD
GLFKR V
RDOJXQRGH HOO
RVORSLGLHUHQSDUD
VXGHVFDUJR
H[FHSWRHQO
RV FDVRVTXH FRQ GF LLyQTX H QR V
H SXHGD Y HQG HUVLQ HVW
D UHGL IL
FD GR DO 
R PHQ RV GHWUHVWD
HQ GHUHFKRHV W
i GHW
HUP LQ
DGR TXHV
HDQ W
RGRVF 
RQIRUPHVSDUDO
D HM
HFXFLyQ  SLDVH Q DOWR\FRPRTXLHUD TXH V
H DTX HO
D WDOS HU
VRQ DD T XLH QG VH
L
HUH Q L
ORV
TXH HQ pOVX FHGLHUHQ
QR ORSX HGDQ Y HQG H
UQL H
Q DMHQD U HQLJOHV L
DQLPRQDV WHULR
,WHPaRUFXD QBW"
ORVTXH WL
HQHQDFDUJR ODV
UH
S~E OL
FDV
HVWiQR EOLJDGRV D
WUDWDUGHOELHQ\XWLOLG
DGGHH OO
DV\FXPSOLU
ORTXHW
LHQHQM
XUDGR VLQ
WHQ HUUH
V QLSHU VRQ DHFOHV L
iVWL
FD VR
SHQD TXH O
DG D
WD VHDHQVLQ L
Q JX Q D\ VH
D WRPDG R SDUD
SHFWR QL
D FHSFLyQS HUVR
GH QD V
FRQYLHQHTXHOR
SX HDGQKDFHU
OLEUHPH QWHVREUH SURS LRVGH HVWDFLXGDG
\HQ O
D PL VP D SHQD LQFXUUDQ VLQ RORV HGL ILF
DUHQ RFHU 
O
R FXD O
D
OOHQGH GHOD
VRUGHQDQ] DVDQWL
JXDV
K D\SURYLVLRQ
H
VGH6X0D M
HVWDGGHV FDUHQ H Q
ODP D QHUDVXVRGLF K D G Q
HWUR GRV
GHDxRV TX H SR UH O
PL V PRF V
DROR V
SDFK DGDV
HQH V
WDFRQIRUPLGD G\VXVWDQFLD
RUGHQR\PD QGRTXHWRGDVODVYHFHV GHFODUR SR UYDFRV
 T XH OR
VX VRGLFKR VHDVLQSHUMXLFLR GH ODWUD ]D\FDOO
HV GHHVWD
TXHH OGLFKRD\ XQW
DPLH QWRTXLVLH
UHWUDWDU
DOJ~QQJHRFLR
H Q F HO
XDOVHD L
QWHUH FLXGD G HQWU DGDV\VDOLGDV\ EX HQD SR OLFtD\RUQ DWRG H HOODS DUDORFXDO DQW HV
V
DaR HO
FR UHJLGRa
XRIL
F L
DOHV GHOGLFKR
 FDE LOGR
O
DWD
OSHUVRQDVHD REOLJDGRD TX HV H HPS LHFH V
HOODPH Q HO ILHOHMHFX WRU\ ORV DDULI
O H VWR GR ORFXD O
HO GLFKR
V
DK VHGH H
O<G HMDU
ORVW
UDWDU HQ
VXDXVQFL
H DORTXHFR
Q YLQL
HUHSURYHHU\HOVX FDE LO
GR K DJD \FXP SODVR S HQD GH FLQFXH QWDSH VRV DS OFDL GRVVHJ~Q GLFKR HV
V
R GaFKR
QRSX HGDKDFHUUHVL
VW H
QFLDVREUH
HOOR SHQD
VR
GH FLH
Q SHVRVDSOLFDGRV ,W HP T XHSRU FXD Q WR
H Q HVWD FLXGDG
WHQJR U
HOD FLy Q TXH K D
\ P XFKRV E LH
V
HJ XQ GaL
K RHBV
\TXH
O
R VXVRGLFK R
VHSRQJDSRUSUHJ
XW Q D
HQH O
LQWHUURJDWRULR QH VG HPH QR U H
VSHUG LGRVDVt SR UFXOSD GHVXV WX WRU
H V\ FU XG DRUHVFRPR SRU QR
GHODUHVLGH
QFLD \VH
HMHFXWHSUREi QGRH
VKDEHULQ
FXUL GR
U DOJXQR HQO
D GLF
KD SH
QDHF [SWR
H T XH QRSXHGDQ DFDEDU HO
GLFKRFDELO
GRVL
Q F HO
RUUHJLGRUQLWUDWDU 'RV FLHQWRVSHVRVVHJ ~Q HO
0VV GHOD%LEOLRWH
FD 1D F
LRQ DOG HO
3HU~ 
 0$5$
-867,1
$6$5
$%,
$9,
(-2 25'
(1$
1=$6
'(/
9,55(
<72/('
2 

HVWDU
SUR YHtGRV
GHODVWDO
HVWXW
HODV\
F XUDGXU
tD
V
\W
HQHU ELHQ
VXV
HV
SH UVRQDVGH T XHVREUH HOO
DV VHLP SRQH Y
\ HQGLH Q GRVXVSURS LDVKU HHGD G HVHQ FRQ ID L
Q]D<
FRQIL
D Q]DGHOR
FXD OUHVX
 OWDQRVHUGRFWU
LQD VQL
GR H QVHxDGRV
ORVVXVRGLFKRVQL K DFLHQGRH OFRPS UDGR UODROELJDFLyQ GHO
FHQVR \KD FLHQGR G HV
SXpV S D JR ORV
D
KDEHUUHF
DX GRQL
VHJXULGDGHQ
V XV
KDFLHQGDV\
GDGR
FDVR TXHDXQXTHV RE
UHOR GLFKR VPH QRUHV FRQ ODVGLFKDVHV FULWXUDVVREUH OR FD XO GDGR FDVR TXH QR
VXVRGLFKRHVWi
SURYHtGRORTXH
F RQYL
HQ H
KDPXFKR
WLH
PS RSRUS 
URYL
VLRQHV\R U
 VHSXH GHSURYHHU FyQJUXDQLVXILFLH
QW HP HQWHSDUDT XH FHVH O
D PDOLFL D GH M
iQGRO R
GHQDQ]DVSRU
QRK DEHUVH
SX HVWR
H
QHMHFXF
LyQKD
V
LGRGH
QLQ J~Q
HIHFW
RVLHQGRQH DOR TXH HVWiGLVS XHVWRGHGHUHFKR FR QWU
D ORVVHP HMDQ W
HV \ SRY
UH \H QG RHQOD
JRFLR
GHWDQWDL
PSRU WDQFLD
SRUWD
QWR
SU RYH\HQGR
VREUH
HOOR
RUG
HQ R\
PDQ GR
T XH VHJXU L
GDGG HODGLFKDK DFLH
QGD RUGHQ R\ PD QGRTX HQ L
Q J~ QWXWR
 U QL FX UDGRU
HQSUL
QFLSLRGH
FDG DXQDxR
HO
GLFKRFDE
LOGR
QRPEUH
XQUHJLGRU
TX HH
QFR PSD xtD GHPH QRUH VQL RWUD
SH UV
RQ DSXHG
 D H FKDUFH QVRDK DFLHQG D D M
HQD V L

Q PD Q LIHV

GHOFRUUHJLGRU
WRPH FXHQWDORD
VWDOHV
WXWRU
HV
\FXUDGRUHVGHPHQR UHV LQ
H WDUORSR USHW FLy
L Q DQWHHO
FDELOGR\ D\XQW DPLHQWR GH HVWD FLXGD GHO FX DOQR P
TXLHUDSRU W
RGDV OD
V YtDV
SRVLEOHV
TXpSH UVRQ
DV
WLH
QHQ KDFLH
QG DFD DUJRGH EUHSH UVRQDV FRQGH
LI
DQ]DGLH
VWUDV \H WQHQGGLDVHQ WD V
DFLyQ GH KHUH GD GHVODV
KXpUIDQRV\KDJDUHODFLy
Q GH
ORTXHKDOO
DUHGH
HV
WDF
DOLGDGHO
9L HUQHVGHF
DGD FXDOHV F
RQ MX
UDPHQ WRHQODV
HVS DO
GD V GH
ODGLFK DSH WL
FLyQ GLJDQ \G HF OD UHQDQWH
VHPDQD H
Q FDELO
GRSDUD TXHVH
KDJDDVHJ
 XU DU
\
KD\DOL
EURDSDUWHH
QS RG HU
GHO HOHVFULEDQRGH OGLFKRFD ELOGR

H O
SUHFLR FRP~Q\ OR TX HVHSRGU tDK DOODU GHS UH

HVFULED
QR GHFDELOG
R 
H Q FX
HO
DOV
HDVLHQWHQ
OR
VDOFDQ
FHV
T XH
U H
VX OW
DUHQGHODV VHQWHSR UO D
GL F
K DK HUHGDG
VEUH
R T XHGL HO
FKR FHQVRVH LP S RQH W
RGRF XOR
DO
GLF
KDV FXHQWDV
\UH HO
FDXGRTXHV
HSXVRHQODV
GHPiVKDFLHQGDV
\RUGHQ TXHVH VHSRQJD SR UF 
DEH] DGH O
DGLFKDHVFULW XUD
\ DYHUL
JXD GR HOFH QVR\ WULEX WRT XH
GLySDUDVHJXUL
GDG GHHOODV
\O RV
D W
XWRUHV\
FXU
DGRUHV
T XHQRW
X YLH
UHQ EXHQDV VREUHH OO
DKD\HQ OD
IRUPD FRQW HQL
GD HQO
D RUGHQDQ]D DQ WHVGHHVWD Q R VHSXH
FXHQW
DV 
RI 
XHUHQVRVSHFKRVRVHQ
ODDGP LQL
VWU
DFLyQ
GHODV
GLFKDVWXW
HODV\FXUD GD L
PS RQH UPiV FHQ VRVREUH
HOOD GH OR TXHPR QWDU HODPL WDG GHO GLFK RYDORU
GXUtDV
VHOHV
UHPXH YD\VHGHQ
FRQ IL
DQ]DV
DRW
URV
\WHQJ
 D HVS
HFL
DOFXLGD GR
TX H HQ TXH IXHUH WD
VD GRVRSHQD TXHH O HVF
ULEDQ RLQFXU UDHQ SHQ D GH GRV FLHQWVR
O
RV KXpUIDQRVPHQ RUHVVH
DQ GRFW
ULQDGRV\TXH
ODV
KXp UIDQDV
VHFDVHQHQWHQ SHVRVDS OFDGRV
L VHJ~ QGLFK R
HV\ORV WXWRUHV\FXUD GRUHV \ ODVGHP iV S HUVRQDV
GLHQGRHQ WRGRO
RVX V
RGLFKRFRQ FH
HO O
R \GLOLJ
HQFLDV
TXH GHV
X V
SH URQVDVVH TXHGDQDOF H QV
R HO
GLQHUR
TX HGH DVX
F DUJR VD QHHO
DUOR VL
Q TX HOD IDOWDGHO
FRQIt
D<ORVGHPiV FXP SODQ\JXDUHQ
GV 
RSHQD
GHGRVFL
HQ W
RVSHVRVDSOLFDGRV WLH
PSR QLODVEDMD V
GHODVKDFLHQGD VQLTXLHEUD V
GH O
RV ILDGRU HVOH VHD GHIHQVD
VHJ~QGLFKRHV QLGLVF XOSD QRK DELHQGR SUHFHGL
GR ODVROHPQ LGDG VREU HGLFK D\ PDQ GR T XH H
O
,WHPSRU FXDQWR Y VH
HSRU H[SHULH
Q FLD
HQ
HVWDFL
XGDGGHO&X]FRTXHSRU HVFULED QRG H
FD ELOGRWHQJDFXLG
 D GRG HKD FHUSUHJR QD UHQSULPHUR
 GH F DGDDx R
QRKDEHURUGH Q HQ
SRQHUO
RVFHQVR V
VREUHOD
VFDV
DVK HUH
\ GD
GHVQL
WHQHUVH
QR ODVGR VGH RU
Q DQ]D V
VREUH GL
FKDVV R SHQ DGH FL
Q FXH QWD SHV R VDSOLFD GRV V H
J~Q
WLF
LDFXiQW
R H VWiVREUHFDGDXQDHVWiQSHUGLGR
VPXFKRVELHQHVGHPHQRUHV\ GLFKR HV
QRDOFDQ]DHOY D
ORUGHORVELHQHV OD
SDJD
D GHO GLFKRFHQ
V R
GHOR XDO
F
DOO
HQGH ,WHP SRUFXD
Q WR \R
GH M
RKHFK DV RUGHQ DQ]DVTX HWUD
W DQ GH O
D R UGH QT XHVH
GHODSpUGLG
D GHORSLQ
UFLS D
O
K DQVXFHGLGR V
\XFHGHQ\HVWiQ
SH QGLQH
WHVPX KD GHWHQHU OD
HQ
SURYLVLyQ
GH WD
PE R V\FDPL QRVF RP RSRU HOO
DV SD UHFHU iHQ
FKRVSOHLW
RV HQ TXHVHFRQVX PHQ ODV
K DF
LHQGDV
RUGHQR\PDQGR TXH
OXHJRVH ORVFXD O
HV \HQOD VYHQWDVRUGHQR\ PD QGRT XHKD\ DD UDQF HOGH W
RG RV OVRSUH
KDJDOLEUR
GHORVFHQVRV
HOFXDOHV
WpHQSRGUHGH
OHVFU
LEDQRGH
F DELOGR
DQWH
HO FLRVGHODV FRVDVT XHV
HK XELHUHQ
GH YHQGHU\ SRUFXDQ WR HOGLFK RD\X Q WDPLHQ
FXDOVH
PDQLILHV WHQW
RG RV
OR V
TX HS DO
UHVHQWH
KD\VREUH
FDVDV K
\ HUHGD
GHV\GH WRSRUVDE HUODWLHUUD
\ HQWH
QG HUFRQIRU PHDO WLHP SR GHF DGD XQD xR HOSUHFLR
DTXtDGHODQWHQRVHSXHGDSR QHU
RWURVREUHQLQ
JXQD GH
HOO
DV
VLQ
T XH
ORVFRQWDU
 GHODFR PLG D\ GHORVGHPi VEDVWLPH QW
RV MXVWR
HVTXH KDJ DO 
R VDUDQ F HOHVMXQ
WDQW
HVYHDQHQ HO
G LFK
ROLEUR
ORVTXHHVW
iQLPSXHVWRVSDUD
TXHQR
KD\D-RVIUD
X WDPHQ WH FRQH O
GLF KRFRUUHJL
GR U
PD Q GRTXH DVt
VH JXDUGH \ FPXSO DSD UDT XH
GHV<HQJDxRV TXHKDV W
DDTXt PDQ G
\
RDORV
HVF
ULEDQRV
T XH
Q LQ
JXQRKDJD H
V QR VHGHVDFSK HQVLQR V FRQ
RODODILUP DGHOFRU UH
JLG RUUHI UHQGG DDG HO HVF ULEDQR
FUL
WXUDGH
F H
QV RVL
QTXH V
H YHDHOGL
FK R
OL
EUR\VHDVL
HQW
HHQH pO
O
TXHQXHYD GHFD ELO
GR O
RV F
XD OHVPDQ GRTX HV
HS RQ JQD\UHQXHY HQHQ FDGD XQ DxR VR SHQD
PHQWHVH
LPS RQ HVR
SHQDGHSULYDFLyQGH
RILFLR
\ Vt
HQ
ODWDO
H
VF ULWX
UDQRKX GHFLHQS HVRVHQORVFD XO
HVPD QGRG \
R\SRUF RQGHQ DGR VLOR FRQWUD ULR KLFLHUH

ELHU
HUHODFLyQ GHWRGRV
ORVTX HHVWi
 Q LP SXHVW
RVV
REUH W
ODDOKHUH
GDG F
RQIRUPH DOGLFKR FD ELOGR
V H
J~Q GLFKR
HV
D
ODUHODFL
yQGHO GLFKROL
EUR FX D
O
HO
HVWp
FRQVX
DEHF HGDUL
RSDUDTXHIi
F LO
PHQWH ,WHP SRU F
XDQ W
RSR U YLSUR
VLyQ GH6X 0DM HVWDG GV H
S DF K D
G D HQ 9DOO DGR OL
G
VH
SX HGDQ
K DOOD U F XD
OR
O
PDQ GRTXH GLF
HO
KRFDELO
GRSRQJDSRUR 
EUD
VRSHQD DYHLQWH \FLQFR GHRFWXEU H
GHPLO \ TXLQLHQWRV\F L
Q FXHQ WDDxR VH VWi S U
RYH tGR
GHFL
QFXHQWDSHV RVFDG DDXQRDSOLF
DGR V
VHJ~QGLFKRHV
\TXHGHQWURGHVH
LV TXHF HO
DE LO
GR \ DX\QWDPLHQWR SXHD GF QRRFHUHQ JUD GR GH D SHODFLyQ K DVWD V
H
GtD
VGHVSXpVGH OD DQLIHV
PW DFLyQ\SHUJyQGHH
VWDVGLF
KDVRU
GH QDQ]DV
VHPDQL VHQWDPLOPDU DYH GV
tO DFXDO
HVWi H HQ
ODUFKLYRGHHV WDFLXG DG \KD PXF K RWLHP
SRTXHVH XVDGHH OO
DSR \
UTXH VH GH
UWDQSR FDO
DF DQ W
LG DGWH QJR HQWH QG LGRTX H
IL
HVW
HQ WRG
R VO RVGLFKRVFHQVRVVRSHQDGHFLQF
XH QWD
SHVRVDSOFD
L
GRV VHJ
~Q
GLF
KRHV UHVXOWDQDO JXQRVLQ FRQYHQLHQWHV\VHSL H
UGHQ VHGHM\
DQGH VHJX LUDOJX Q RVQ HJR
FLRVTXH H[FHGHQ HQSR FDFDQ
WGDG
L S R U
HVWDUOHMRVOD UHDO$XG LQ H
F LDRUG HQR \
,W
HUR
SR
UFXDQW
R
PXFKDVYHFHVDFDHFH\
H
VQHJRFLR
RUG
LQD
UL
RHQ
H
VWD
FL
X PDQGR T XHODGLFK DFDQWLGDGVHH[WLHQ GDG R
D
VFLHQW RVSHVRV HQVD\DG RV \G DGR
GDG
ORV
WX
W
RUHV
\FXU
DGRU
HV
GH
PHQRUH
V
HFK
DUK VX
DFL
HQGDH
QFHQ
V
RV
\W
RPDU
HO FDVRT XHD V
tORWH QJRPDQ GDGR SRUS URYL
VLyQPD QG R TXH D VL
PLVP R VHJXDU GH
GLQHUR
SDUD
Vt
L
PSRQL
pQGROV
RVREU
HKH
U
HGDGHV
DM
HQDV
KDFL
HQGR
FRQW
UDWRV
SDOLD
 SRU RUGHQD Q]DF Q RRFLpQGRVHHQ O
DV GFKLDV FDXVDVS RU ODRU GHQ \ IU RPD \HQ
GRV<
ILQ
JL
HQGR
FR
QV OR
VxRU
H HV
GH
HOO
DV
QR
YODH
QL
G R
OD
VGLF
KDV
KHUHGD
GHVOR
 HOWLHP SRH Q
ODGL FKDSURY L
VL
yQ FRQ WQLG
HD V






a 
a

 BB

  
Ba

 0$5$ -86


,
,1$
9,(-2
6$5$%,$
25'
(1$1=
$6
'(/
9,5
5(<
72/('
2 
,WHP SRU FXDQWR ODFLXGDG
ODMXVWLFLD
HVWDQGR
PD \RU MXVW
HQ
HV
R O VH
H ,WHP SRUFXDQWR D
VtSRUOD DXWRULGD GTX HH VMXVWRTX HWHQJDQ OR
VGLFK RV
JXDUGHQWRGDV ODV SUHHPLQHQFLDV RILFL
R
DOOHQG HDQH[DV FRQFHUQLHQWHVDO
DOFDOGHV\ U
HJLGRUHVDVt
HGLFKR
QVXV SHUVRQDV FRPR HQ VXVFVDDVHVW
DQ GR DV 
XFDUJR
TXH GRQGHTXLHUD KDEUi QHFHVLGDGGH MXVWDV
FDXVDVR U VXSDUHFHU HOUH \
JLPLHQ SRU
WR GH
XQDRWUDV
WDQSULQFLSDOFLXG DG FRPR HV WD
FRPR SRUTXH KD ELHQGR GH
GHQR\PDQGRTXH HVWDQGRHOFRUUHJLGRUHQHOFDELOGRQR KDFHU VLQpO VHUORVTXH K VHSXHGH
DQGHSRQ HU
ORVSUH FLRV
D ODVFRVDV TXH YHVH
QGH Q\FP RSUD QSRU
FDELOGR H $\XQWDPLHQWRDVtRUGLQDULR
FRPR H[WUDRUGLQDULR\ DXVHQFLD \ HQVX PHQ XGRFRQIRUP HO DD
VRUGH QDQ ]DV X H
THVWiQ SUR YHt
GD VSDUD HOGL F
K RHIHFWR
SRU MXVWRLPSHGLPHQWRDVLVWDVX HOOXJ
DUFRP R
OXJDUWHQLHQWHJXDUGiQGROHDVt
HVMXVWRTX HHVW
pQ OLE
UHVSDUDSR GHUOD
K HQ
D
FH UFRQW RGDU H
FWLWXGR U
GH Q R\PDQ GR
HQ HOSURSRQHU
ODPLVPDDXWRULGDG\SUHHPLQHQFLD \HQWRGROR
GHP iV
TXH D OD TXHQLQ J~Q DOFDO
GHQL
UHJLGRUS XHGDYHQGH U
SRU PH QXGR HQ F VX
DVD QL
IXHUDG H
SURSLDSHUVRQD FXDOWRGR
OR GHO&RUUHJLGRU PDQGRTXH\FXPSO D DVtVH JXDUGH HOO
D 
SRU LQWHUSyVL
WDSHUVRQ D
QLQJXQD FRVD DXQT XH VHDGH VXFRVHFKD VLQRSR U
VRSHQD GHFLHQSHVRVSRUDSOL FDGDYH]
FDGRVVHJQ TXH VHKLFLHUHOR FRQWUDULR
MXQWRVRS HQDG 
HFLHQSHVRVDO SFD
LGR VVHJ~Q GLF KR HV

GLFKR HV
,WHP 
SRU FXDQWRHV
XVR\FRV WXPE UHHQ HVW
D FLXGDG GHO&X ]FRT XHHQFDGD
OWHP SRU HVFRVWXPEUHPDQWHQLGD
FXDQWR ORVUHL
\
Q RV
JXDUGDGD HQWRGRV XQD xRYtVSH
 U DGHO
6H xRU6DQWLDJRVH
 OOHYHHO
H VWD QG DUWH HQ GyQ
\SD
YtVSH UDV<
\VHxRUtRVGH 6X0DMHVWDGTXH DOF
HQORV&DELOGRV\
DOGHV \ D$\XQWDPLHQWRVORV
PLVDPD \RUDFDEDOOR
DFRPSD xDG RFRQ WRGR V
ORV YHFLQRV HVW
DQWHV <KDELWDQWH V

UHJLGRUHV\ORV GHPiV RILFLDOHVHQWUHQ \GHIHQ VLY
DV
\ G DGR
VLQ DUPDV RIHQVLYDV
HO
FXDO KD GHOOH
YDU\OOHY
DXQR ORV
GH
UHJL
GR UHVD TXLQHOH FDEHSRUR VX
UGH Q
FDVRTXHSRU DOJXQRVUHVSHFWRVHQHVWDFLXGDG
\UHLQR KDSURYHtGROR
VH FRQWU D O DFXD O
G LFKDFRVW
X PEUHGH \
YRFLy QVHLQWURG XMRSR UW 
HQH US 
RU DHYULJXDGR TXH
ULRKD \ TXHGDGR
VH HQ FRQVLG
FRVWXPEUH
HUDQGR TXH WRGRV SUHVHQW HFHVDQ DO HVWHELHQDY HQWXUDGRVDQWRSDWUyQ GH(V SDxD D\XGy HQOD FRQTXLVWD <SFDLIL
F D
RUGHQR \ PDQGR TXH VROR HO HQWU &RUUHJLGRU
DU F RQ FLyQ GHOR
R VX OXJDUWHQLHQWHV
QDWXUDOHV
TXHW 
HVWL
ILFDE DQ KDEH
SXHGD UO
HY L
V WRPXFKD VYHFHV\K DEHUOH
VGHV 
DUPDVHQ HOGLFKR$\XQWDPLHQWR\ \QR RWUDSHUVRQD ED UW D
DGR FXDQGR
Pi VHVSHUDQ]DV W
GHORVDOFDOGHVUHJLGRUHVHQtDQG HYHQF HU \HQPi V DSULHWR O
RVWHQ t
DQ
RILFLDOHVVRSHQD GHFLHQSHVRVSRU KLFLH
UHQ\ODVDU SX HV
FDGDYH] TXHORWRVORFXD O
WDPE L
pQVH
FRQWUDULRYHUILLFDSRU ORVV
X FHVRV TXHK XELHURQ HQ VHPHMDQ WHV
PDVSHUGLGDV 
DSOLFDGD OD
GLFKDSHQD VHJ~QGLFKR FXDT OXLH FR\
U HV VLQ HPEDUJRGH XQ W UDV
X F RQVHUY
iQGRVHWDQ RFD
SJHQ H
WFRQ WUDWD QW
DHOFX DO
G LF
K R H
VWDQGDU WH
FpGXOD R FRVWXPEUH TXH KD\D SDUD TX HS R T XHG D
HQSRG HUG
UOR FRQWUDULRSHUR ELHQ VHSHUPLWHHHO
TXHG LFKRGtDO
HVD FD
SR UWRG R H
ODxR\pOSR UDOIpU
H]J H
QHUD OGH OD LF
KD
GFLXGDGH QFRQI LU
PD FLyQ\ DSUR E DFL
yQ GHOD LF
K D
G FRVW
XPEUH 
FDVRV TXH VH SRGUtDQ OD
GLFKD RIUHFHU
VDOD GHO GRF WHQJDQ
HQDFDELOGRXQD
HQ
\R K H
PDQ GDG R
K DFHU
XQ D
LJOHVL
D G H
ODD GYRFDFLyQ G HO
6Hx RU6D QWL
D JR 
\TXH DVt
GH SDUWHVDQDV ODV FXDOHV VH MXV
WLFLD
FRPSUHQ
T XH GH ORV SULPHURV JDVWRV GH
VHOODPH ODSDUURTXLDTXHQXH YDPH QWH
K HIXQ GDGR HQWUH1X H VWUD
6Hx RD
UG H%H 
KXELHUH
OpQ\ HO+RV SLWDOGHORV
Q DWXUDO
H V
RG U
HQ R\PD QGR T XHHQHOGLFKR GtDVHGL
JD Q
OWHP SRUFXDQWR HV QRWRULRQHFHVLGDG TXH HV
XQD
TXH HVWDGHODV PD\RUHV ODVYVSHU
t D V
\ PLVDWR FRQ
GD VROHPQ LGDGHQ O
D GLFK DL
JOHVLD\Y D\D HO
GLFKRH V
FLXGDGWLHQHHVO HGH
xDSRUWHQHU ORV PRQWHV
OH
MRV FXDOOR
DVLGR
K FDXVD GH WDQG DUWHFRQ WRGRHODFRPSDx DPL HQ WR
GH ODF LXGDG \Q RDRWUD SDUWHDOJXQD <
KDEHUFRUDG WR ORV
F HUFDQRVV
LQRUGHQ QRH
PE DUJDQWH
TXHKDPX FKRVDxR V
T XH TXH DWHQWR TX H
HVILHV
WDGHODFLXG DG HQFDUJX
VH H\SLGDDOFDELOG R HFO
HVL
iVWLFR
SRURU
GH Q DQ]DHWDE
V D SURYHtG
R ODTXHVHKDEtD
G HWHQH
U
SDU DV
X FRQVHUYDFLyQ  T XHYD\ DQ D YtVSHUDV
\DPLV D
\ ODKDJDQ GH FL
U FR QWRGD O
D V
RO H
PQL GDG\T XH
VLQ
RTH XK 
DIDOWDGR H
OFXLGDGR\HHFMXFLyQ
\SDUDSURYHHU
VREUHHOO
RDQWHVT XH HQ HOGL
F K R
HVWDQGDUWHHQODD XQSDUW
H HVWpQVLHPSU HODVDUPD VGH &D V
WLOO
DHQ 
GDxR
HO VHDPD\ R U

RUGHQR\DQGPR TXHHO
SULPHU PHV
GHVSXpV HO
GD
HOHFF L
yQ F L
PDO DV
GH
GHOD FLXGDG\G
HODR WUD
ODLPDJH QGH O6HxRU6D QWL
DJR HQODIRUP D
GHDOF
DOGH V\UH
JLGRU HV
HOXQR GHORVGLFKRV
RUGLQ
DULRV
YL
VLW
HQORVPRQWHV\T XH TX H\RD OSUHVHQWH
ODVGHMRSXHV WDV
EUDGDV HHGVW
DFLXGDG \
ORVTX HV
RQ SURSLRV

GHQRUGHQ
FRPR VHSODQW
HQ\E H OWHP SRUTX H
HVM
XVWRTX HKD
EHQGL R GHHVWD U
H OGLFKRHVWDQGDU W
H \VHxDGHOD
QHIL
FLHQDV X HPWL
SR \KDJ DQ D
OD YHULJXDFLyQ D O
JXQVL
D
SHUVRQ DKDFRUDGR
W GH FLXGDG HQ SRGH U
GHOGLFKRDOIpUH]VHSD HQWLHQ
\ GD ELHQOR TXHW 
LHQ HDFDU
JR \
HOOR
VPDGHUD 
VLQOLFHQFLDGHOGLFKR$\X QWDPLH
Q W
RO \
RVFDV
WLJXHQFRQIRUPH D DORTXH HVREOLJDGRFRQHO
GLF KR RILFL
R\HQ O
DV SHQ DV
TX HLQFXUU HQRFXPS OL
H Q
GHUHFKR\ORVTXH IXHUHQ
PRQ WHV
F RPXQHVDW
HQWRTXHKDVD
WDK RD
UHVWDEDSUR GR ODGL
FKD RE OJD
LFLyQHQHOV
HUYLFLRG HVX5H \T XH HVHOHIHFWRSDUD TXHOHUH
KLEL
GR TXHQLQ
 JXQD SHUVR
QD SXGLHVHKDFHUHQ
HOO
RVOHxDV
LQ HMDU
GKRUF
D\S  HQ FLEHTX HK DJDHOSOHLW
RKRPHQD MHFRQ ODVOHRPQL GDGR \
UGHQ TXH FRQYLHQH\
GyQKDJDQ HMH
FXWDU S
OD H
Q DHQORVTXHKXELHU
HQLQFXUU
LGRFRQIRUP HD
OD U GH
R UHFLED HOGLF
KR HVWDQGDUW
H FRQOD DXWRULGDG XH
TD FRVWXPEUDQ DU HFLELUOR
V D
OI p
QDQ]DTXH DOHV
HV
S DxRO
GLH]SHVRV\DOQ
HJURV
HLV\F
LHQD]RW
HV
\LQGL
DO RWUHV UHFHVJHQ HU D
OHVVHPH M
DQWHVHVWDQGD UWHV
H QORV UHLQRV GH6X 0DM HVWDG RUGHQR \
SHV
RVDSOLFDGR V
S RUWHUFL
DVSDUWHV\SURYHDQ
GHD TXt
HQDGHO
DQWHVH
JXDUGH \ PD QGR TX HHO
D OI
pUH]JHQHUDOTXH KDGH GHMDUHOGLFKR HVWDQG DWU
HOD YtVSHUDGH O
FXPSODOR TX HHV
WD EDSURYHtGR V
REU HHVWD
UD]yQTX \
HQL
QJXQ RKDJDF DUEyQ 6H xRU6 
D QWLD
JR YHQJDFRQ pODF DEDOORGH V
GH VX FDVD DOD
V FDV DVG H$\X QWD 
DVLHW
HOHJXDVG HHVWDFLX
GDG SHQVR
DGHFL
QFXHQWDSHVRV
O
DFXDO\RSRQ JR DO PL HQWRDGR QGH O
HUHFLEL
y DFRPSDx DGRFRQ WRGD OD FL
XGD G\HQ HOODVVHHQWUH
TXH FRQOR
W
UDULRKLFLHUH
\GHM D
UDOJXQ DPDQHUDGHJXDUGDHQO
RVG L
FKRVP RQ  JXH DOFRUUHJLGRURMXVW
LFLDPD \R U\VHDVLHQWHH OD XW
R GHOGLFKR HQW U
HJRHQ HO
WH
V\TX HE UDGDVDQXT XHV
HD GHORVFDFLTX
HVFRPD UFDQRV
WRG
R O
R FDXO
PDQ G R OLEURGHOF 
D ELO
GR\ HV
HO FULEDQRORQ SR
JD SRU \Ip
WH
VWL
PRQL R\HOGL FKRFRUUH
TXH HG
DTXt DGHODQWHJ VH
XDUGHSRU RUGHQD
Q ]D
TXHH 
O
GLFKRFDELOGR
FXPS ODOR JLGRUGH VXPDQR VHOHGpDO
QX HY RDO
IpU H]
\ UHFLED GHpOHO
S OHLW
RK R PHQDMHH Q
WRFDQW
HOD D
GLFKD YLVLW
D
VRSHQDG HFLH
QSHVRV
DO SFD
LGRV
VHJ~QGLFKRHV ODIRUPD VL
JXLHQWH
 25'
(1$1=$6
'(
/9,55(
<
72/('
2 
O9,
$5$
-8
67,1
$
$5$%,$
9,(
-2

9RV VHx
RUIXODQR
KDFpLV
SOH
LWR H
QDMH
KRPFR PRKRPEU HFDEDOO
HURKLMR
GDO
JRXQD 
GRV\ WUHV
YHFHV
DOPRGR\IXHUR
GH ORV
5HLQRVGH&DVWL
OO
DHQPL V 7,7
8/2 9,
PDQRV FRP RHQ
PDQ RVGHKRPEUH
FDEDOO
HUR
KLMRGDOJRGH
WHQHU
HQVHJXUDJXD U
GD\
F XVWRGL
DHVWH
HVWDQGD
UWH
GH FLXG
OD D
GTXHRVHQWUHJR
\WH
QHUOHHQ
ILHO
JX D
U 'H
OHVFUL
ED
QR
GH
OFD
ELOGR
JXDUGD
\ GH
O
DV
HV
FUL
WXU
DV
TX
HH
V
WiQV
Q
DFDUJ
R
GD\FXVWRGLDFRQO
DILGHOGDG
LT XHGHEpLVD
9XH V
WUR5H\6Hx\RUQDWXUDO D\
3R UFXDQ
 W RXQDGHODV
FRVD
VTXHPiVFRQYLH
Q HSD
UDHOJRELHUQRG HODV
UH
WR
GR VORVGHHV
WDFLXGD
GTXHOR
JXDUGDUiQFRPR GHEHQ VRQ
\
REOL
JDGRVD 6X
S~EOL
FDVGHHVWRVHVWDGRVG
 H0D 6X
MH
VWDG
HV
ODJXDUGD EXHQ
\ UHF
DX GRG HODV
0D MH
VWDG\TXHOH
 GHIHQGHUp
LV
GHWR
GR VORV
 HQHPL JRVFRQWU
DUL
RVKDVWDSHUGHU SURYLVLRQH
V\F pGXO
DV5H DO
HVTXH
GHRUGL
QDULRVH
SURYHHQSR UHO
5H DO&R QVHMR
OD
YGDLVLSRUHOO
RIXHUHPHQHVWHU
\THXFXDQG
 R IXHUHF QH
HVDU
LRVDFDUO
H HQ GH,Q ODV
GL
DV\ SRUORVYLVRU
U
H\HV JE
\ RHUQDGRUHV
T XH0D 6XM
HVW
DG HQ YtD
D V
t
SO
D]D RFPSR
D S~EOL FRSDUDTXHWRGDV
ODVMXVWL
FLDV
YHFLQ
RV\YDVDOORV 6X GH SRUTXHKDELpQ GRVHSXHVWRW
DQWD
GLOLJHQ
FLD KpFKR
\
VHWDQW
RV D
F XHUGRV SDUDGH
0DMHVWDGVHPH WD
QGHEDMRGHpO

ORKDUpL
VGRQGH PiVFRQYHQJD\ORDYLVDUpLV WHU
PLQ DUO
R TX HPiV FRQYL
QLH
VH
TXHGDQODVGLF
KDVSURYLV
LRQHV WRGDVVLQQLQ
DO
FDVWHOO
DQR RSHUVRQ
DTXHWXYL
HUHH
Q JXDUGD
ODIRUWDOH]
D\PX QLFLRQHVGHOD J~QHIHFWR
VLQRKD \UH
FDXGRHQOD
JXDUGD
\VL HVQR
W
XYLHVHQSX H
V WDV
SRU RU
FL
XGDG GRQ GHV
HSRQHGLFK HO
RHWDQGD
V UW H
\GR QGHSXHGHKDFHUGDxRFRQ
 V X GHQGHVXH
UWHTXHVHSXGLHVH
QYHU\
HQWHQGUHGH
RUGLQDULRSDUDODHMHFXFL
yQ \

DUWL
OO
HUtDHO
FDVWHOO
D
QRO RV
D TXHQR PHWHQGHEDMR
VH
GHpO
\GHWRGRORGPHiV FXPSOLP LHQW
RGH H
OODV
TXHHV
OR
TXHSULQFLSD
OP HQWH
VH
K D
G HSUHWH
QG HU
HQWRGR
TXHRVSDU HFLHUH
FRQYHQLHQWH VHUYLFLRGH
DO6X 0DMHVWDG\EXHQVXFHVRGHORV ORFXDOQR
K HKDOODGRHO
UHF
DXGRTXHFR
Q YLH
QH\
SDUDTXHGH XtDGHODQ
DT WHOH
QHJFRRV
L TX HRIUH
VH
FLHVHQ
\TXH
VRODPHQWH
OHGDUpL
V\HQWU
HJDUpL
VDO
FRUH U
JL
GRU KD\DRUGHQR\ PDQGRTXHH O
HQ
DUFKLYR
TXH\RGHMRSURYHLGRTXHKD\D HQODV
RMVX
WL
FLDPD \RU\
FDELOGRGH
HVW
DFLX
GDGD O
FDE RGH
OD 
xRFRPRORUHFL
EtV
YtV FDVDVGHO$\XQ W
DP LHQWR OD
PL
HQ
VPDVDODGRQGH K VH
DFH F
D ELO
GR 
K\ DDWUHV
SHU
D GHO
6H xRU6DQWLD
JR
S DWUyQ
\YHUGDGHURDPSD UR OD
GH
QDFLyQHVSDxRODH Q OO
DYHVOD
X QD GH
ODVFXDOHV
WHQJ
DHO
DOFDOGH
PiVDQWLJXR\ODRWUDXQUHJLGR U
HV
WRV5HLQ RV
\(XHUD
GHHOORV
\TXH
VGX
LUDQWHHOGLF
KRDxRTXHDVtOH
WX
YLHUH  \OD
RW UD
HO
HVF ULEDQ
RGHOFD
ELOGR
\HQH
O GLFKR
DU
FKLYRH
VWpHO
OLEURGHODV
S UR
GHVGHEDMRGHHVWH
GLFKRSOHL
WR
KRPH QDM
HKXEHUH
L D OJ
XQ DW
UDL
FLyQHQ R
HPL JRV YLV
LRQHVRULJLQDOHVTXH\R GHMR
HQFXDHGUQD
GDVODV
TXHVH KDQS RGLGRK DEHU
TXHTXL
V LHUHQD
FRPHW HU
SR UFXD
 OTXLHUD
PD QHUD Yt
DOD
RIRUW
DOH]D
G HHVW
DFL X KDVWDDKRUDFRQ O
DVGLOL
JHQFL
DVTXH
SRUPLPD QGDGRVH
K DQKHFKR FX HO
DO GL

GDGR
 V
PHWH UpL
VGHQWURGHHO HOODFRQ
GLFKR
HVW
DQGDUWH\OD
JHQWH
ILHOTXH
F RQ FKROLEURQR
V HSXHGDV
DFDUIX
HUDGHOD
GLFKDV
DOD
QLTXL
WDUGHpODOJXQDGHODV
HO
GLFK R
FV D
WHOOD
QRGHODIRUW
DO
H] OH
D SDUHFL
HUHTXH F
RQYLHQHPHWHU
\ W
HQGUp LV GLFKDVSURYL
VL
RQHV QLSDUD
VDFDU
WUDVODGR

QLSDUD
VDFDU L
JLQD O
RU
HQ DJ~Q
O S UR
HO
GLFKRH VWDQG
DUWH OD
FRQ
PLVPDJXDU
GD\FXVWRGLD\REOJD
LFLyQ
VXVRGLFKDVR FHVR SR
QL UR WUDFDXVDQLQJ
XQD
VRSHQDGHPLO
FDVWHOO
D
QR VUH
S DUWLGRVSRUO 
RV
SHQDGH
 FD HUH
QFDVRI
HR\HQ
ODV
SHQDVHQTXH
FDH QH
LQFXUUHQ
ORV
KRP EU
HVFD TX H
WLHQHQODVGLFKDV
OYHV
OD
HQORV
FXDO
HVGHVGHDKRUD
OHVGR\SR UFR
QG HQD GRV
EDOOHUR
VKLMRGDOJRV
TXHQR JX
DUGDQFX\PSOHQODVIpHV
\SDODEUD
V TXHGDQ \ ORFRQWUDUL
RKDFLHQ GR
\PDQ GRTXHHO
MXH] GHUVH
LGH
QFLDDYHL U
JH DQWHWRGDV
SURPHW H
QD VXV
5H\HV\
6H xRUHV
QDW
XUDO
HV
FRVDVORFRQWHQLGRHQHVWD
RUGHQDQ]D
\DSDUHFL
HQGRFXOSDGRVHMHFXWHODGLFKD
(OFXDO
GLFKRSO
HLWRKRPH
Q D
MH
VHJ~Q
\ FP
RR HQ
pOVH
FRQWLHQ
H
KD
GHW
R SHQD\ORPLVPR VHHQWLH
QGH
HQO
RTXHWRFD
DOOLE
U
R GH
HVWDVRUGHQDQ] DV
RLJL
U
PDUHO
FRU
UH
JL
GRURMXV
WLFLD
PD\RUWHQL
HQGRWRPDGD
VDPE D
VOV
DPDQRVFRQ
O
DV QDOHV
TX H
KD GHHVWDU
MXQWR\
HQFXDGHUQ
DGRFRQOR
V XVR
GLFKR
VX
\DVDO
GL
FK
RD OIp
UH]
JHQH
UDOTXH
OHKDFH
\SURPHWH
HO
FXDOKD UHVSR
GHQGHU
,WHPSRUFXDQWR
FRQ YHQG U
i
DOJXQDV
YHFHV
VDF
DUDOJXQ D
SURYLV
LyQSDUD
S UHV

HQO
DIUP
RDVLJXLHQW
H<
RHO
GLFKRIX
ODQR
K DJR
HOGLFK
RS 
OHL
WR
KRPHQDMH
WDFL
yQGH D
OJ~Q QHJR
FLRR SHGL
PHQWR
D G H
SDUWH
VRGH RILFL
RRDOJXQD
VGHODV
FRPRFDE
DHU
OO
RKLMRG
DO
JRXQDGRV
\WUH
VYHFHV
DO
PRGR \IXH
UR
GH(VSDxD

RUGHQDQ]DVVXVRGLF
K D
VRUGHQR\PDQGRTXHHQ
SRGHU GHOH
VFULED
QRG HFDELO
GR
GH
JXDUGDU
\FX OR
PSOLU TXH
VHPHKDGLFKR
\UHIHULG
RSRUHO
GLF
KRVH
xRU
FR HV
WpXQ OLE
UR H
QTXHHV
WpQVD FD
GDV DXW
\
RUL]D
GDV
WRG D V
ODVGLFK
DVSURYLVL
RQHV\
UUH
JLGR
U
IX
ODQR
VR
SHQDGH
LQFXULU
UH Q
OD
S HQDT
X H
PHKDV
LGRGLF
KD

GHOR
FXDO FpGXODVTXHTXHG
DQHPS H]
D GDV VDF
D
DU
\HQ
HOPLV PR HV
WpRWURW
UDVODG
R GH
VRQ
WHVW
LJ
RV
IXODQR
IXODQR\
IXODQR
\W
RGRORVX
VRGLFKR
KDGHTX
HGDU
SRUI
p HVWDV
GLFKDV RUGHQDQE
DVDV
LPL VPRDXWR
UL]
DGRH
OFD XOGLFKROL
EURHOHV
FUL
EDQ R
W
\HV
WLPRQLR
H
Q HO
GL
FKROLEUR
GHFDELOG
R\
GHFyPRV
HHQWUHJy GL
HOFKR
HVW
DQ GHFDELOGR
WUD L
JD
DORV
FDELOGRVRUGL
QDULR
V
\OH
WHQJD SXHVWRHQFLPDGH
ODPHVD
GD
UWH
KDELH
QGRSURFH
GLGRVHJ~Q
\FRPRGHVXVR
VHF
RQWLHQH
/DV
FXDO
HV
GLF
KDV \HVWpLQ
VWUXLGRL QIR
HUPDGR WRGR
GH
O
RFQRHW
QLGRHQ H V
WDVGLF
KD V
RUGHQDQ]DV
RUG
HQDQ]DV
PD QGRTXHVH
JXDUG
HQ\
FXPS O
D Q
HQWR
GR\SRU
WRGRFRPR
HQ
HOOD
V SDUDGDUQRWLFL
DDOD
MXVWLFLD
\U
HJLPLHQ
WRFXD
QGRDOJR VHWUDW
DUHGHH OR
QHOOD
V
VH
FRQWLHQH

\GHFODU
D\VR
ODV
SHQDVH Q
HOO
D V
FRQW
HQLGDVHQ
\ HO
HQWU
HW
DQWR
TXH FRQWHQLGRSDUDTXHQRVHYD\D
QLSDVH
FRQWU
DHO
WHQ R U\U P
IRD GH
HOODV
\VL
SRU
6X0DM
HVWDGSRU
R PtHQVX5HDO
QRPEUH RW
UDFRVD
VHSURY
HH\
PDQG D DOJXQDSURYLVLyQ FpGXO
R DV
H SURYH\
HUH
GHQXHYR
O XHJR TXHVH
UHFL
ED\RE H

VLQ
U
HPLVLyQ
DOJXQD
\SDUDTXH
YHQJDD
Q RWLF
L
DGHWR
GRVPDQG
 R TXHSXEOL
VH GH]FD\SUHJR QH
SXHVW
R VO
RVWHVWL
PRQLRV
GH
WR OR
GR VXV R GLFKR
V
HSRQJDRULJLQDO
TXHQ
\SUH
JRQHQHQ
ODFLXGDG
GHO
&X]FRHQHO
OXJDU
DFRVW
XP EUDGR FRQOD
V GHPiV\VH
SRQ JDHOWUD
VODGR
DXW
RUL
]DGRHQ H OGLFKR
O
LEUR PGH
DQHUD
+HF
KD
HQ
&KHFD
FXS
H
WpUPLQ
R
GHO
&X]F
R
DGL
H]RF
\
KRGtD
V
GHO
PHV
GH TXHTXHGHF R Q
HO
UHFDXGRVXVRGLFKR DS
\ DUHQ
WHSDUD ODJXDUD
G\H HF
MXFLyQGH
RF
WXEU
H
GH
PLO
TXLQ
L
HQWR
V
VHWH
QWD
\
GRV
Dx
RV
' RQ
)UDQFL
VF
R
GH
7RO
HG
R ORSURYHtGRSRU YLUU
H\H VVXV
JR
R
EHUQD
GRUHV
\
TXH VL HQHWV
RKXEH L
UH
GHVFXLGR
 0$5$
-867,1$
6$5$%,$
9,(-2
25'
(1$1=
$6
'(/
9,5
5(
<72
/('2 
R UHPLVLRQ
HO HVFULEDQRGH LQFXUUDHQ SHQD
FDELOGR GH
VSHVRV
GRVFLHQWR
DSOL
D GRQG HPi V RUGLQ DUL
D PHQW HVHMXQWD QD RLUORVGLYLQRV RILFLRVRUG HQR PD\
Q
FDGRVVHJ~QGLFKRHV\
SDUD
VDFDUORVHOH WpUPL
GHQGRV
QR PHVHVGH
GR TX HHQ
 HVFDxR
HO TXH HVWiSX HVWR HQODFDSLOOD PD \RUSDUD HOGLFK R HIHFWR
,WHPSRU
FXDQWR
ODEXHQD RUGHQ GHO HVFULE
FDELOGR
DQR FX\D
R SHQGH GHO
VH V
LHQWHQ O
D MXV W
LFLD UH JLPLH
\ QW RSRU VXRU GHQSULPHUR H OFR UH U
JLGRU \ O
XH JR
FDUJRHVWiQ ODVSURYLVLRQHV\ F
ODL
XGDG
RUGHQDQ]DVTXH
\ WRFDQ DO JRELHUQRGH
ORV O GHV
DOFD
RU GLQDULRV
\ OVRU HJLGRU HVSRU VXRUGHQ \ D
QWLJ HGD G\ HOS URFXUD
SDUDKDFHUVXRILFLRFRQ
OD
HQWHUH]D\ILGHOLGDGTXH GHW
HQH
HVREOLJDGRKD
UHQ
GR UJHQH UDO
GHOD FLXGDG \ H
OMXH ]G HQDWXUDOHV\RILFLDOHV
UH DOHV\DOJXDF LO
PD 
WHUD
QRWLFLDGHWRGR SDUDFXDQGR HOOR
DOJRVHSURSXVLHUH
GLVS
XHVWR
S RU TXH HVWp
\R U\HVFULED QRF GH
DELOG R\ TXH HVWDQ GR HQOD L
JOHVLDPD\ RU FXD O
TX LH
UD GH
RUGHQDQ]D SURYLVLyQQR VHHQWLHQGDPiV
\ \PDQGR GH HQOD HMHFXFLyQRUGHQR
OR V
VX VRGLFKRV QR VHSXH GD VHQWD U HQRWUD SDUWHVRSHQ D GH FLQFX HQW DSHVRV
TXHWHQJDHVSHFLDOFXLGDGRGHDYLVDUGHOR DOJR
VHSUR VXVRGLFKRVRSHQDTXHVL
D SOLF
DGR VV HJ~Q GLFKR HV
YH\HUHVLQDYLVDUDO FDELOGR
FRQWUD GLFKR DOJXQDRUGHQDQ]D
\SURYLVL
yQ
LQFXUUD ,WHP 
S RU FXD QWRODGLF KDR UGHQQ RSXHG H
K DEH U
H IHFW
RV LQRHV HV
WD QGRHO
HOGLFKRHVFULEDQRHQSHQD
WUHLQWD
SHVRVDSOLFDGRVVHJ~QGLFKR
HGH
V GLFK RHVFDxR UHVHUYDGR SDU DHOGL FKR $\X QWDPLH QW R VX
GH
HUWH TXH QLQJ~Q RWUR
,WHP
SRUFXDQWRORVSOHLWRVTXHKDQ SRUODV
RUGHQDQ]DV
GH GHVHU GHILQLGRV
VHS XHGD V
HQWD UHQHOGLFK RHV
F D xR HQODVGLF KDVFRQJUH JDFLRQ HV\ ILHV
W DVRUGH
HVWDFDSLWDOHVMXVWRTXHSDVHQ H
VSULQDQWHHOHVFULEDQRGHFDELOGRSRUTXH
QR \PD QGR T XH QL
QJXQ DSHUVR QD GHFXD OT XLH
UHVWDGR \HVWH
F
 RQ GLFLyQ TX H V
HD V
L
FLSDOPHQWHVX SUHHPLQHQFLD
\ RILFLR

\DVLPLVPRSRUTXH
HQ VXSRGHU
HVW
iQODV Q RIXHUH GHO GLFKRD\X QW DPLH QW RVHSXHG D VHQWDUHQH OGL
F KR HVFDxR VRSHQ D
HVFULWXUDV
\RUGHQDQ]DVWRFDQWHV
DORVXVRGLFKRRUGHQR
\PDQGRT XH
WRGRVO
RV GH FL
QFXHQ WD SHVR V
DSOLF DGR VVHJ~Q GLFKRH V
\S DUDTXH VR EUH HOO
R QR SD UH]FD
GLFKRVSOHLWRVSDVHQ DQWH \
QRHO DQWH
RWUR
QGLFKRHVFULEDQRGHFDELOGR
LQJXQR T XHKD\ LQREHG LQFL
HD QL FHVQH
LGD GGHHMHFX WDU
S HQDV HQ QHJRFL RVS~ EOLFRV SUR
\FRQpOVHKDJD
OD
YLVLWDGHTXHHVWiKHFKDPHQFLyQHQHO
WtWXOR
TXHWUDWD
GHORV YH tGRV
\ RUG HQDGR V
PDQ GR TXH HQ WRGDV O
DV FRQJUHJ DFLRQHVS ~ EOL
FD V
D QW H
VTX H
RILFLDOHVHMHFXWRUHVDORVFX
DOHVVHHQFDUJDTXHQR VL
QRTXHVXWUDLJDQSURFHVRV
HQWUHQ HQOD PL VDPD\ RUXQR G HO
RV DOJXDFLO HV
PHQ RU HV
HVWp JX DGUD QGR H
OG L

PDULDPHQWHFRQR]FDQ\GHWHUPLQHQ\ HMHFXWHQODV FK RGLFKDVSHQDVSXHV
HVFDx RSDUD DY L
VDUDO DVSHUV RQDV IRUDVWHUDVTX VRQQHJR
HSRGU tDV
HU QR WHQH UQR WFLD
L
FLRV PHQXGRV\ HVMXVWR ILQ HMHFXFLyQ
DTXH
OD
\QR
HQ
DKDFHU
HOORVVH WHQJDGH ODGLFKD R UGHQ DQ] D
\V LQR HPE DUJD QWHHOGLF KRDY L
VR DJ OXQRV H T XLVL
HUH
FRVWDVQL GHP
OOHYDUGHUHFKRV
D VLDGRV VHQ W
DUHQ GLFKR
HO HVFDxR \ W DO
LHPSRGH HQ WDU
UHO D\X Q W
DPL H QWRVH KD OODUH HQ
,WHP
SRUFXDQWR GHPXFKDVFRVDVTXH O
DVSDUWHVHQFDELOGRSRGUtDQSDVDU
pOTXH HOFRUUH JLGRUR DOFD OGHRUG L
Q DULROH PDQ GH OH
GHVR FXS H 
\ VLHQ D
OJXQD
QR SRGUiQ
SHGLU WHVWLPRQLR
SRU VHU FRQWUD \DHOFRUUHJLGRU
OFDOGH
RUGLQ
DULRV
\ PDQ HUDUHVLVWLHUH H
Q QR T XHUHUOR KD FHUOHTX L
WHQ GHOWDO
OX JDU \ DD F
E D GRVORV
FRQYLHQHTXHFRQVWHGHHOODV
SDUD VXWLHPSR
\OXJDURUGHQR
\PD QGRTXH
WRGDV G LYLQRVRIL
FLRV KD JQDS URFHV R VE RUHH OO
R\ KDOODQGR KDE H
U LQF XUULGR FQ RWUDHO
ODVYHFHVTXHVHSRUILDUHDOJRFRQWUD FDELOGR
DYL
VH RUGHQDQ]DTXH
WHQ RUHOHVFULEDQRGH
\IUPRD GH HVWDRU GH QDQ] D 
D OO
HQG HGH HM
HFX WDUHQp O
OD GLFKDSHQ DVHD
ORTXHHVWiSURYHtGR

\VLQR HPEDUJDQWHHOFRUUHJLGRUR RUGL
QDULRV
IXH DOFDOGHV
G HVW
HUUDGR SR UX QDxR S UHFLVR GH HVWDGLFK DFLXGDG \ V
XV WpUPL QRV\ V LHQOD
UHQFRQWUD
HOORV

WHQJD
FXLGDGRGHSRQHUOR
SRUWHVW
LP RQLRFRQPHVD x
\
RGtD
 HMHFXFLyQ GH H VW
D RUGHQ DQ]D K XELHU HGHVFX LGRHQ ODV GLFKDV MXVWL
FLD VLQ FXUUDQ
\HOQHJRFLR
VREU
HTXHSDV
yS DUDTX HFRQVW
 H FXDQGRVH
OHSLGL
HUHH
QODUHVL
 HQ SHQD GH FLHQSH VRVDS O FD
LGRV VHJ~ QGLFKR HV\ SDUD DYH ULJXD FLyQ G HHOO
R
GHQFLD
FRQORV
YRWRV
TXHIX
HUHQ F
RQWUDORFRQW
HQLGRHQ
ODRUGHQDQ]D
VR
S HQD PDQ GRTXH VH KD JDSUHJXQWD ORH Q
GH
HOODFRQWHQ L
GR HQ O
DV UHVLGHQ FLDV TXHG H
GHFLHQ
SHVRV
DSOLFDGR
V
HQOD
IRU PDVXVRG
LFK DWHQ
\ JDXQ
FXDGHUQRDSDUW
HGRQ DTXt HQDGH ODQ WHVHWRPD UH QDOD VGLFKDV M
XV WLF
LDV
GHDVL
HQ WH
ORV GLFKRV
WHVWL
PR QLRV
HOFXDOVH
DREOLJDGRD
KDFHUYHUD
OMXH]GH
,WHPS R UFXDQWR D YHULJXHV
DGR TXHF XDQGR K D\ F
RQ JUHJ DLFyQ S~E OFD
LH Q
UHVLG
HQFLDOXHJRTXH
WR
PDUH YDUD
OD
SDUDTXHOH
FRQVH
W OR
GH
TXHKDSDV
DGROR
ODVIL
HVWDVVR OH PQ HV
VXHO HKDEH U LQVX O
WRV S HQGHQFL
\ D
V\G HVKR QHVWLGD GHV HQOD
FXDOKDJD\
FXP SOD
VR
SHQDGHFLHQSHVR
V OL
FD
DS
GRVV
HJ~QGL
FKRHV
GLFKD FLXGDG\ H VWDQGRWRG
 D ODMX VWLFLD
\ HMHFXWRUHV GHHOO
D M
XQWRV HQ OD GL
FK D
LJOHVL
D\ ODVFD VDV ROV
DV\ VLQJXD UGD HVRFDVLyQS DUDTX HFRQP iV G H
VY H UJHQ
]D V
H FRPHW D OR VXVRGLFKR S ULQFLSD OPHQ WHTXH HQW UD
Q GRH QOD GLFKD LJO HVL
D D
7,78/2 9,, GD UQRWLFLD OGGH
LFKR Ut X
GR WD PE LpQ HVRFDL VyQGH SHU W
XUE DUVH 
H L
PSHG LVH
UO D
ILHVWDV
D OL
HQG R D O
JXQRV MXH FHV D UHPHGL DU OR
RUGH QR \PD QG RT  XHF 
XD Q GRKX 
'HORVDVLHQWRVGHO
FD ELOGR
HX
OXJDUHV
S~EOLFRV ELHUHODV GLFK DV QJU
FR
HJD FRQHV
L S~ EOLFDVT XHHO DOJXDFL O
PD \ RUFRQ RWUR GH
ORVPHQ RUHVDQ G HGHR UGLQ DULRSR UO 
DSOD]D S~EOLFD\ FDOO
HV GHOD FLX GDG V 
R
,W
HPT XH
SRUF
XDQWRHQ ODV
FRQJUHJD
FR LQHV
S~EOL
FDVHV
FRVWXPEUHO
RD GD SHQD GH FL
Q FXHQ WDSHVV R
D SOLFDGRV VH J~QGLFK RHV
 \ TX HV H
O
H SR Q JDSR UF 
DUJR
XVDGD
\JXD UG
DGD
HQWRGRV
ORVUHLQRV
\VH
xRU tR
VGH
6X 0DMH
VWDG
\R W
UDV
SDUWHV GH U
HVLGH QFL
D \ VHDFQ RGH QDG RHQOD
 GLF K DSH QDQR KDELHQ GRFX PSOL GR 
TXHO
DVSHUV
RQDVFX\R
DF DUJRHVW
iHOJREL
H UQR
GHOD
VUHS~EOL
FDV
VH
VLHQW
HQHQ ,WHPS RU FXD QWRH VMXVWR \FRPR W D
O HVW
i XV D
GR \J XDUGD GR TX H O HQ
DV
WXJDU
SUHHPLQHQWH
TXHO
HVHVW
p VLW
XDGR\GS LXWD
GRSDUDHV
WHHIHFWR
DVt
SDUD SUR F
HVLRQ HV\D 
X WRVS~EOLFR V
OD MXVWLFLD
\ UHJLPLHQ WRYD \DMXQW R\ OH Y
OH O
XJD U
KRQUDU
VXVSHUVR
QDV
HQWDQWR
TXH WL
HQ HQ
ORVGLF
K RV
RILFL
RV
FRPRS DUD
TXHOD
SU H
HPL QQ HWHDV t
SRUUD ]yQ G H
ORV RILFLRVFRPR SR UT XH
ORVTXH ORV WLHQHQ KDQ GH
U
H S~EOFD
LORVFRQR]FD
\VHSD
Q W
RGRV TXHHVW
i D
VXFDUJRHO
JRELHUQR
GHHOOD
LUHQOXJDU K RQU DGRSUHILULpQ GRV HDW 
RGRVODV GH Pi VRUGHQR PDQ\GR T XHHQ
OR
FXDO
\SULQFLSDO
PHQWH
K DGH
VH UH
QODL
JOH
V L
DPD\ RU\
FDW
HGUDO
GHHV
WDFL
XGDG WRGDVODVSURF HVLRQHV\
D F WRVS~ EOLFR VY 
D\ DQMXQWRV GHWUiVGH ORVFD SLWXODUH V
GH

 0$5
$
-867,1
$6$5$%,$
9,(-2
25'(1$1
=$6
'(/ 9,55(<
72/('2 
Oa VD
QWDL
JOHVLD
<aR YD\a
RWUR
QLQJXQR
HQW
UHHOO
RVV
LQR GHODQ
W
HHQ SURFH
OD

VLyQ 
OR
FXDOVHHQWLH
QG HVL
HOYLV
RUUH\
RHO
JREHUQDGRUQR
 IXHVHHQ
O
DVGFK
LDV FHV
LyQKDGHSDVDU
\YHD\
HQW HQGD
L F yPRHVW
iD
GHUH]DGR
\GHVSXpVGH
SDVDGD
aURa HaLRQ
HV
SRUTX H WDO
HQFDVR
HO
FRUUH
JLGRU
\DOFDOGH
V
RGLQDUL
U RV ODV KDQ
GH OD
SURFHVLyQHMHF
XWHOD
VSHQDV
TXH KXELHU
HSXHVWR
DH
OTXHKXEL
HUH
VL
GR UHPL
VR
LU ULJ
LHQ
GRGOH DQWa
<QRHVW
DQGR GOHDQ
W
H GLFKR
HO YLV J
RUUH\ REHUQDGRU KD HLQREHGL
HQWHHQHOGLFKR
PDQ GD W
R
GH VHU
HO
D\XQWD U
PHQWRODFDE
H]D\
HO
DOJ
XDFL
OPD \RU
\PHQRU
KDQGHLU
JXLDQ
 ,W
HPT XHWU
HLQWDGtDV
DQWHVGH
ODGLF
K D
IL
HVW
DHO
GLFKRFRUUHJ
LGRUPDQGH
GRa aUG
HQDQG ROD
 V
GLFKDVS
URFHV
LRQHV
H
QORT
XHWRFDD
OD
SURFHVL
yQ
GH&RUSXV MX
QWDUHQ
ODVFDVDV
GHFDELOGR
HVWDQGRSUHV
HQ WH
H
O
$\X QWDPLH
QWR
WR
GRVORVPHU
&KU LV
WL
KDQGHKDFHUO
R
TXHDEDMR
LUi
GHF
ODUDG
RODF
XDOGL
FKD
RUGHQJXDU
GHQ
\ FDGHHV
U\R ILFLD
OHVG
HWRGRV
ORV
RILFLRV
D
ORV
FXDO
HV
KD ELpQG
ROHV
PDQLIHVW
DGRDQ
FaPS O
DQ

V" S
H QDGHF L
HQSHV
R V
DSOL
FDGRVVHJ~Q
GLF
KRHV
\FXDQGR
KXELHUH WH WRGDV
FRVDVODREOL
JDFLyQTXHWLHQHQGHKRQU
DU\FHO
HEUDU
OD
GLFKD IL
HV
W
D
I
HVWDV
SaEOW
FDVGHUHJRFL
MRV
RUGHQR
\PDQGRTXHD 
VL
PLVPRHV
WpQM
XQWRV
HQODV FDG
DR ILFL
R FRQVXSRVLELOL
GD
GSRUORTXHUHS
UHV
HQWD
RSRUTXH XVR
HV
\FVR

GLFKDVIL
Ha
WDVa a HO
OJXDFLO
PD\ RU
\PHQRUHVHQWHL
QGDQ OR
HQ TXHWRFD
 D OD WX
PEU HHQW
RG DVODV
SDUWHV
\O
X JDUHV
GRQGHKD\
FULVWLDQRV
O
HVPDQGHDSHUFLE
LU
SOD]D
<V KXE
L LHUHYL
V \
RUUH\ JREHUQDGR
UHQ
ODVGLFKDV
ILH
VWDV
HO
FRUUHJL
GRU
\ TXH R FDGD
ILFL
R VD
TXH VXG
DQ]D RDXWR GH
UHS
UHV
H QW
D FL
yQ
H[DPLQ
DGRS RU
HO
DOFDOGHKDQ VHUYLUH
GH
Q VX
OR
V
RGLFKR\
HQFXDOTXLHUD
FDVR
\
OXJDUDG
RGQH B 2UGLQDUR
L \VLKHF
K DOL
VW
DGH ORVILFL
DO
HVG
RH
FDGDRIL
FLR
H
VSDxROHV

SDUH FL
HUH
W  GL HV TXHV
RQ W
DQ FRV
SR TXHQR XHGH
SQV FD
DUGDQ]D
R D
XWRSRUVt
VROR
V
RUGHQDU
XY HUHD
LFKDFRa JUHJDFLyQ

SURFXUHQ
TXHHVW
pDWDYLDGR
\RUGHQD
GR
\FRQO
D
GHFHQFLDT
XH FRQYLHQHSRUO
DDXWRULG
DGT
XHUHSUHVHQWDQ
O
RVT
XH DOOt
HVWi
QO
R FyPRVHM
X QWH
XQRILFLRF
RQRWURSD
UDRtUOR
TX
HHOF
DELOG
RGHFLGL
HU
HVREUH
OR
FXDOV
HO
HVHQFDUJDTX HK
DJDQ\FXPS ODQ
FRPRGH HOORVVH
FRQIt
D VX
VRGLFKRFRPSH
 O
HUORV
DTXHO
R JXDUGHQ
\ FXPSO
DQ\HMH
FXWDU
O
HV
ODSHQ D
TXH
O
HV
IXHUHSXHVWDO
RFRQWUDUL
RKDFLHQGR\
SDUD
TXHV
HHQWLHQ
GDKDE
HUVH
FXP SOLGR
FRQO
DGLFKDREOLJDFLyQOD
 YtVSHUDGHO
DILHVWDX
QRGHORV
DOFDOGHV
RUGLQDULR
V
FRQHO
HVFULE
D QRGHFDELOG
R
YD\DQ D
YHU TX
OR
HFD
GD XQRW
LHQH
RUGHQDGR V
\L
7,78/2
9,,, KDQF
XPSOL GRFRQHPDQ
OG DWR
TXHOHVIXH
K HFKR

\SUHFLVD
PHQWH
PDQGR TXH
VH
KDJDHQOD
IRUPD VRG
VX
LFKD
V
LQ TXHV
H OHV
SXHG
DFRQPXWDUD
GLQHURV
QLHS
'HIL
H
VWDG
OD H
O&RUSXV
&KUL
V
WL GtU
VHORV
SRUOR VXVR
GLFKRVR
SHQ DGH RVFL
G
HQWR
VSHVRVHQ
TXHGR\
SR UFRQG
 H
QDGDV
DODV
GLFK DV
MX
V WLFLDV\
UHJLPLHQWR
SRUFD
GD
YH]TXHOR
FR QUDULR
W KL FLHUH
Q
,WHUD
SRUFXDQWR
ODILHVWD
\ SURFHVL
yQGHO
&RUSXV
&KULVWL
HV
ODSULQFLSDOT
XH DSOL
FDGRV
V HJ~QGLF
KR HV
\HQ ORTXHW
RFDDOR
VLQGLRV
QDWXUDO
HVRUGH
QR
\
VHKDFH
HQWRGRHODxR
DVtS
RUORTXHUHSUHVH
QWD

FR
PR SRULU
HQ HOO
DH O
&XHU PDQGR TXHVH
JXDUG HOD
RUGHQTX H
WHQJRGDGD
HQHOWtWXO
RGH ODV
3DUURTXLD
V
SRGH1XH VW
UR6HxRU HVXF-
UL
VWR
'L RV
\KRP EUHY
HU
GDGHUR
ORF XDO

GD GRFD
VR ,WH
PSRU
FXDQWR
HV
XVRFR
\
VWXPEUHORDGD
XVD
GD\
JXDUGDGD
HQ
WRGRV
ORV
aX H
QROD
SRGDPR VFHOHEUDU
FRQOD
VRO
HPQLGD G
TXHVH
GH EH
GHSDUWH
GHQXHVWUD 5HLQRV\
VHxRUtRV
GH 6X
0DMHVWDG

TXHO
DMXV
W
LF
LD
\UHJ
LPL
HQWR
OOHY
HQHO
S D
OLR
\
LQFDSDFL
GDG<SRV
LELOLG
DGSHUR
FRQYLHQH
TXH SRQ
JDPRVHQHOO
DPi V
IXHU]DV
KX YDUDV
GHO
6DQWt
VL
PR6DFUDPHQWR

DVtSRU
KRQUDU
VXV
SHU
VRQDVF
RPRSRU
VHU
S UL
PDQ DV
HQOR[
BW
HULRU
<H
QORaa H
ULRU
FRQR ]F
DPRV
ODV
HxDODGtVL
PD PHUF HG
TXH YL
OHJLRGH
ODV
FLXGDGH
V
RUG
HQR\
PDQGRTXH
HO
FRUU
HJLRU
GOOHYHHO
HVW
DQGDUWH
GHaXHVWUR
6HxRU-HVXFUaaW
R
UHF
LEtPRVHQGHMDUQ
RV
VX
YHUGDGHURFXHUS
RSDUDUH GHO
6DQWtV
LP R6DFUD
 PHQ WR
\
ORV
DOFDO
GHV U
\HJLR
GUHV\
RILFL
DOHV
G
H6X0D M
HV
PH GLR
GH
QXHV W
UDVD
OYDFLyQFRQW
RGDVO
DVDSDUL
HQFLDV
SRVLEO
HV
SRUTXHVLHQW
R WDG MXHFHV
\ GH
QDW
XUDOHV\ SURFXUDGRU
JHQHUD
O
\HF
VU
LED
Q R
G H
FDELOG
ROO
H
YH Q
GDV
SDUWHV
HVWRH
VWDQ FHVDULR
QH \REOL
JDWULR
RHQ
pVWD
VVH
KDGHSRQHUPi V
FXt
 ODV
GLF
K D
VYDUDV
\VH PXGHQFRPR
VH
IXHUH
QFDQ
VDQGRGH
PDQH UD
TXH
QRODV
GDGaH
QODUHSU
HVHQWDF
LyQ 
SRUVHU
H VW
RVL
QGLRV
SODQW
DV
QX HYDV
\GDUO
HV
GRFW ULQ
D
WRPHQRWURV
QLQ
JXQRV
\ VL
DUD
O
RS
V
X VRGL
F
KRQR
KXEL
HUH
E DV
WDQWH
Q~PHURHO
<HM
HPS OR
SDUDTXHFUHDQ\HQWLHQGD
QO
R THXHV
QHFHVD
ULRSDUDVDOY
DUVH G
H-R
Gt
D DQWHV
GHOD
IL
HVW
D
VHxDH
OQ
WHU
VRF
XDWUR
FD
EDOO
HURVY
HFL
QRVTXH
ORV
D\XGHQ
FXDO
YL
HaHQHQDOJ
~QFRQRF LPL
HQWRGH
ODV
FRVDV
TXHVH
OHV
SUHGLFD
Q \
HQVHxDQSRU
ORV
FXDOH
VDXQTXH
QRVHD
QGHO
F
DELO
GRQR
ORSXHG
DQUH
KXVUD
VR
SHQD
GHFLQ
HO
DXWRUL
GDGTXHYHQFRQTX H
VHKDFH
SRUTX H
SDU
DH
OYHUGDGHURFRQRF
LPL HWQ
R
FXHWQ
DSHVRV
DSOLFDGR
VVHJ~
Q
GLF
KRH
V
HV
PHQHVWHU
Pi V
WL
HPSR GH O
TXHKDSDVDGR
SDUD
VX
FRQYHUVLyQ
SDUD
ORFXDO
HQ
FDU
JDQGR
FRPRHQFDUJRDOD
MXV
WLFL
D\
HO
UHJLPLHQWR

TXHW
HQJDQHVSHFLD
O
F XLGDGR OWH
P SRU
F
XDQWR
ODGL
FKDILHV
WD
\SURFHV
LyQ
HV
MXVW
RTXHV
HKDJD\F
HOHEU
H
GaQR
aH-DU
FRVDSRUKDFHUGH
ODVSRV
LEOHV
H OR
Q TXHW
RFDFHOHEUDU
\KRQUDUO
D FRQWRGDOD
KRQHV
WLGD
GTXH
DQRVRWUR
V
IXHU
HS
RVLE
OH
\GHHVW
DUO
DVPXMHUHV
HQ
GL
FKDIL
HVW
DRUG
HQR\PD Q GR
TX HVH
KDJDOR
VLJXL
HQ
W
H OD
VYHQWDQ D
VU
HVXOW
DQDO
JXQRVLFQ
RQYHQL
HQW
HV
SULQ
FLSDO
PHQWHTXHGHMD
Q LU
GH
3ULPHUDPHQWH
TXHODV
YtVS
HUDV
GH
OD
IHV
LW
D
HO
PLVPRFRU
UHJLGRU
DSH
UFL
ED HQOD
SURFHVLyQ
\
OD JHQWH
TXHHQ
HOOD
KD\
VH
SDU
D GW
\ HHQH
L TXHEUDQGRHO
KLOR
WRGR
VO
RV
LQGL
RV
GH SD
U
ODVURTXL
DV
SDUDTXH
D
FDGD
XQRO
RTXHO
H
FXSL
HUH
GH
OD
V GHOD
GLFKDSU
RFHLy
VQ
SRU
PLUDU O
DVG
DLFK
DV
YH
QWDQ
DV
RUGHQR PDQGR
\ TXH
HO
FD
OO
HVSRU
GRQGH
KDGH
SDVD
U

OR
WHQJDOLP
S LR
\
HQUDPDGR
\DO
RVH
VSDxRO
HV GtD
DQWHVGHG OD
LFKDILHVWDVH
SUH
JRQHTX
HQL
QJXQ
DPXMHUHV
WpH
QHVWDV
GLFK
DV
PDQGH
FRQ
SHQD
ODFXDOVH
HMH
FXW
H
FRQ
PXF KR
UL
JRU
TXHW
HQJDQH
Q WDSL]DGDV
OD
V YHQW
DQDVSRUO
DSDUWH
\OXJD
UTXH
KDGH
SDVDU S
ODURFHV
LyQ
VRSHQDGHFL
Q
FDO
O
HV
aDGDXQR
V
XB
SHU
WHQHQFL
DFR
QWRGR
OR
PHMRUTXH
H
QVXV
FDVDV
KXELH
U
H
\ FXHQW
DSHVRVHQ
ORV
FXDO
HV
GHVGH
DKRUD
\RO
DVGR\
SRUFRQGHQDGDV
\PDQGR
DTX
HO
GtD
SRUOD
PDQDQD
HQ
DPDQH
FL
HQGR
YL
V
LWH
O
DV
FD
OOH
VSRUGR
QGH
OD
GL
FKD
SUR TXHH
O FRUU
HJL
GRUHMH
FXW
HO
DGLFKD
RUGH
Q DQ
]D
GRQG
HQRTXH
LQFXUUD
pOHQ
OD
SHQD
GR EDGD
O \ SRUT LU
XHGHHQOD
SURFHVL
yQ
KRPEUHV
HQWU
HO
DVGLF
K D
VPX MHUH
V


 
 0$5$
-867O1$
$5$%,$
9,(-2 25'
(1$1=$6
'(
/9,55(
<
72/('2 

WDPELpQSDUHFHTXHHVLQFRQYHQLHQWH GLF
KRFRUUHJLGRUQR
O RFRQ PDQGRTXHHO
VLHQWDVR
OD
GLFKDSHQD VL QR DOJXQ
IXHUH
DGHO
DV VXVRGLF
DOJ~QFULDGRGH
K DV 7,78/ 2; 
,WHP SRU FXDQWR HQWRGRV DFRV
HVWRVQHJRFLRVS~EOLFRVORVLQGLRV
W
XPE UDQ
DQWHV\ GHVSXpVD \H[RUELWDQFLDV\
KDFHU GHVFRQFL
ERUUDFKHUDV
HUWRVHQEHEHU -XH] QDWXUDOH
GH V
\ QR
HV
MXVWR TXHOR RUGHQ
TXH
DSDUD VH
HGLILFDFLyQ
VX KDFH

UV H
XOWH\ HQ VX
GDxR \\ SHUMXLFLR
HQ RIHQVD GH 6HxRU
'LRV
DQWHVHV
M 1XHVWUR
XVWR HQTXH < SRUT XH
G DGRFDVR TX HSRU HOGLFK R& RQG HGH 1LHYD9VL
RUU H \TXH I
X p
WLHQGDQTXHSRU OD
ILHVWD
\VROHPQLGDGVH
UD]yQ GH DE
VWHQHU KDQ
VHP
GH
H GH GHH VW
RV5H LQRV
VHSRYH
U \yTXH KX ELH
U HHOGLFKRMXH]G H
QD W
X UD
OHV
S DUDT XH HQ
MDQWHVSHFDGRVPXFKRPDV RUGTXHHQORV
HQR \PDQGR GHPiVGtDVRUGLQDULRV
WH
QG LVH
HHQODGHWHUPLQDFLyQ GH VXVFDX VDVQRGLy ODRUGHQTXHGH VH
EDGH
t WH 
HQFDUJRDOFRUUHJLGRUTXHHQORVWDOHVGtDVFRQVXVPLQLVWURV
\ DOJ
XD FLOHV
WHQJD QHU HQGHWHUPLQ DUO
DV
QLVHxD Oy RWURVF DVRVHQ TXHG HEDWHQHUM
XULVG LF
FLyQ SR U
PiVHVSHFLDOFXLGDGRTXHHQWRGRVORV
RWURV

SDUDTXHODV ERUUDFKH
GLFKDV
UDVQR ORF XDO O HQWUH
R VRU
GLQDULRV \ pOK DK DELGRGLIHUHQFLDV\SR U
TX LWDUODV\ TXH
VHKDJDQVREUHOR ODFRQFLHQFLDSRUTXHSDUHFH
FXDOHQFDUJRTXHEDVWD SR 
VLQ
 TXHGH GLVW
LQWDO
DX QD
MXULVGLFFLyQ GHODRWUD\VHSDFDG DXQRO 
RTXHSXHG H< G HEH
QHUOH RWUD SHQDWHPSRUDO HQWHQ GHUFQRVLGHUDQGRDVLPL VP R HOQXHYR PD QGD W
R T XHGH6X 0D MHVWDG \ R
WH
Q JR SDUDTXH HQW
RGRFX D
QW R
IX HUHS RVLEOHV
H TXLWHQORV
SH O
LW
RV HQ W
UH ORVGL
FKR VQDWXUDOHV
\ QR
VHDQY HM
D GR VQL
PRO HV
WDGRVFRQ FRVWDV
VOL
DHQGR G HVXWLHUUD
\DG QDQGR SRUODV
$X GL
HQ FLDV SHUGLGR VFRP RKDVWDDTX tVH
KDKHF KR<D VtSUR
7,78/2 ,; YHtVREUHH O
GLFKRQHJRFLR O
DV RU GHQDQ] DVVLJ
XLHQ WHV

3ULPH UDPHQ W
H
TXHDWHQ WR TXH HOTX HKDGH V
H U
SUR YHtGRHQOD GLF
K D YDUD
'H ORV DPLJDEOHVFRPSRQHGRUHV KD GHVHUSHUVRQDGHDXWR UL
GDG \ FDOLGDG 
FP RROR KDQ VL
GRK D
VWDDR KUD
 <T XH
HQ ODPD\RU SDUWHKD\HQ HO FDELOGRD \
\XQWDP LHQWR GHHVW
DFLXGD GQ HF H
V L
GDG
,WHPSRU FXDQWRXQD FRVDV
TXHPiVGH ODV GDxR
ODV
UHS~EFDXVD
O
LFDVHQ GHW UD
WDU QHJ
GH
RFL
RVGHJRELHU QR W
RFDQ W HVD
ORVLG QL
RVRUGHQR\PD QGR TX HHO
VRQORVSOHLWRVDVt OD
JHQWHFRPRHQODSpUGLGDGH
HQRFXSDFLyQGH
ODV
K DFLHQ GtDG HO
D xRQXH YRGHFDGDDxR FX D
Q GR VHKD FH
Q ODVGHPiV HO
HFFLRQ HV
VH SUR
GDV
\PiV HQHVWDVSDUWHVTXHSDUHFHTXHVHKDQKDELWXDGRD
HOO
RVPi VTXHHQ YHD\ QRP E U
HTXLHQVHD
MX H] GHORVGLFKRVQD W XU
D O
HVDTX HODxR
HOFX DO
DVtQ RP
RWUDV
QLQJXQDV
ORVFXDOHVGDGRFDVRTXHQRVHSXHGHQDWDMDUFRQ
W
RGD V
ODVOH
\ HV EUDGR WHQJDYR]\ YRWR
HQ F DELOGR \D\XQ WDPLHQ WRFRPR UHJLGRU
\ VHVLHQW H<
HVFULWDVTXH HV HO SULQFLSDOLQWHQWRFRQ 5H\HV
SHUR WL
pQHVH TXHODV
VHOHJX DUGHQO
D KDFHQORV
VKRQUDV
 IUDQT XH ]VDSU HH
PLQH QFLDV
\ OL
EHUWDGHVTX HW 
LHQ HQORV
SRUH[SHULHQFLD

TXHHQ UHS~EOLFDVGHPXFKDLPSRUWDQFLD
\GRQGHKD\ WUD
WRV\ GHPi VUHJL
GRUHV HQ
WRGR G LFKR
HODxR TX HWX
Y L
HUHODGLFKDYDUD
KDFLH
QGDVJUXHVDV
VHKDQ DW
DMDGR HVW
\
RUEDQPXFK RV
QRPE UDQGR
SHUVR QDVTXH ,WHP 
T XHHOGL
FKRM
X H ]D V
tQ RPEUDGR FRQR ]FDG HWRGDVOV
DFDXVD VFLYLOHV\
VLQ
MXUL
VGLF
FLyQHQWLHQG
D QHQF
RQ FUW
HDU
ODV
SDUWHV
SRUID
OW
DGHORVFDXOHV
VHGH  FULP LQDOHVTXHK XELHV
HQHQWU HORV GL
FKRV QDWXUDOHV
\ VH
Q WHQFLH
\G HWHUPL QHVLQ
MDQGH
DWDM
DUPX FKRVH
Q HVWD
FLXGDG SURY
\
H\HQGRVREUH
HOOR
RUGHQR \PDQG R TXH ODMXV
WLFLDRUGLQDULD
VHO HS XHGD HQ WURPHWH UHQHOODVHQSU
LPH UD LQVWDQFLD 
TXHHQFDG
DXQDxRH 
OFDELO
GR\D\XQWDPLH
QWRQRPEU HQGRVSHUVRQDV F GH
D \ VLHQGROD GIH
LUHQFLDVREUH ELHQHV PX HEO
HV RVEUH
R LQ WHU
HVHVGH GR VPD UFRV
OL
GDG XQHO
RUH
OLJL
RVR\ H
O RWUR
VHJ
ODU
TXH
VHDQGHDXWRULG
DGSDUDT XHHQWL
H Q GH SODWD\GHQGHDEDMR
HM HFXWH V
HQWVX
HQFLD\FQ RVRODVX
 GHWH
UPL QDFLyQ TXH GH
GDQHQVHU
D PL
JDEOHVFRPSRQHGRU HV XQD
\SHUVRQDGHOF
DE LOGR
TXH DV
LVWDFRQ GHILQ LGRH
OG LF
KRSOHLWR

HQ OR FXDO QRK D\DHVFULEDQRQLSHUPLWDT XHKD \D GLO
D 
HOO
RVFXDQGROHV
SDU
HFLHUH
ORV
F XDO
HVF
RQWRGDFDULG
DG
GHMDQGRORV
OLWL
JDQWHVHQ FLyQ HQOD
G HW
HUPLQ DFLyQ
G H O
DFD X VD
VLQRT XHSRU V
RODODGHWHUPLQ DFLyQT X H
KL
WRGDOLE
HUWDG DSUHPL
VLQ
DU
ORV
DQWHVGi
QGROHV
DHQWHQGHUTXHV 
H
OHVKDUiHQ W
H U
D FLHUHODIHQH]FD\DFDEH\O V
DSU D
WHVTX HGHQ VDWLV
IHF KDV
MXV
WLFL
D VROR
U
HSUHVHQWi
QGROHVODREOL
JDFyL
QTXHFR
PR FULVWLD
QRV
WLH
QH QD
OD SD] ,WHP ORVL
VGLFKRVS
 OHLWR VIXHUHQ GH P GRV
DUFRVSDUDDUUL
ED \ODV SD U
WHV
<FRQIRUPLGDG<ORV
JD V
WRVGH OD
KDFLHQG
DHLQFHU
WLGX
PEU HGHOVXF
HVR GHORV QR IXH U
H QFRQIRUPHFR QO 
D GLFK DVHQW HQFLDHQODYLVLWD Fi
UFHO
GH TXH VH KDFH
SOH
LWRV
HQHPLVW
DGHV\UHQFRUHVTXHGH
H OOR
QDFHQW
RGRFRQWUDHO
VRVLHJRO D
GH WUHVGtDVFD GDVHPDQDKD JD UHODFLyQ DOFRUUHJLGRUG HORVGLFKRVSOH LW
RV\ DYH
FRQFL
HQFLD
\TXHV
XSUH WHQVLy
QVyO
RD HV
WDM
DUORV
R EU
HGLFKR
VLQTXH
S RUYtDGH ULJXD FLyQTXHHQ HOO
RKXELH UDKHF KR SDUD
 T XHORVGH WH
UPL QH\
V t
IXH UHQ K DV
WD
OLPRV
Q D
QL RWUR
GHUH
FKR VH
OHVKD\DGH
OO
HYDU
FRVDDOJXQD
ORVFXDO
HVHQWHQG L
HQ HQ FDQWLGDGGHFLQFXHQWDS HVRVQ RVHH VFUL
E D FRVD
QLQJXQ DFRPR HQ O
RV GH Pi V
GRHOFDVR
\SUHWH
QV
LyQ GH
DPE D V
ODV
SDUW
HV
SURFXUHQFRQF
HUWDUORV
HQFXDQWR HQ \ V
LIXHUHHQPi V
FDQWLG
DGV HDVLHQ W
HOD DYHULJXDFLyQ TXHVHKL
]R\ GHWUPHL QDGR
VXPDQRIXHUH
HM
HUFLW
DQGR HQ
HOORHVW
DRE
UD FD
GH
ULG
DGFRQHO
FHOR\GLOL
JHQFLD SDU DHOGLFKRHIHFWR
 FXD
OD O GHWHUPL QD FyQ
LV HHMHFXWHVLQTXHKD\ DO 
XJDUD PiV
TXH H GH
OOR
VVHFRQ
ItD DSHO DFL
yQ \O
D GHMH
ILU
PDGD GHQ VX
RPE UHHOFRUUHJLGRUTX HH
VRIX HUH GH HV
WD

 $SDU
WL
UG
HHW
VH
W W
X
LO
RV
DOYR
O
RV
;;;
,
\
;;;,,
IDOWDQ
0DQ
HQ
X V
FULW
R
HO
GH
O
D%L
EOL
RWH
FD1DF
LRQD
OGH
O3HUIL

También podría gustarte