/DOOXYLDGHOROYLGR

38%/,&$'2

8QDQiOLVLVGHFRVDVTXHHOHVFULWRU$QWRQLR*DUFtD\DQR
UHFXHUGD

$PLDEXHODPDWHUQDOHJXVWDEDOHHU7DPELpQHVFULEtD1XQFDYLQLQJXQRGHVXV
WH[WRVSHURPLVWtRVGLFHQTXHORKDFtDPX\ELHQ/DSREUHFXDQGRFUX]yHOXPEUDO
GHODYHMH]HQWUyDOIDQJRVRWHUULWRULRGHOROYLGR6XVUHFXHUGRVVHIXHURQ
GHVJDMDQGRKDVWDTXH\DQRVDEtDGyQGHYLYtDTXLpQHVWDEDDVXODGRTXLpQHUD
HOOD3DVDEDWRGRHOWLHPSRDUUDQFiQGRVHSHORVLQYLVLEOHVTXHVHJ~QHOODOHVDOtDQ
HQODVPHMLOODV

6XHVSRVRPLDEXHORHUDXQKRPEUHGHOFDPSRGXHxRGHSODQWDFLRQHV\JDQDGR
'XUDQWHFDVLWRGRVVXVDxRVIXHXQKRPEUHO~FLGRHLQWHOLJHQWHSHURWHUPLQyVXV
GtDVDVRPDGRDOEDOFyQFRQIXQGLHQGRDODVSHUVRQDVFRQYDFDV0LUDEDKDFLDHO
SDUTXHLQWHULRUGHODXQLGDGUHVLGHQFLDOGRQGHYLYtD\FUHtDHVWDUIUHQWHDXQDILQFD
KDEODEDGHQHJRFLRVLPDJLQDULRVSUHJXQWDEDFRVDVVREUHSODQWDFLRQHVTXHVRORVH
KDEODEDGHQHJRFLRVLPDJLQDULRVSUHJXQWDEDFRVDVVREUHSODQWDFLRQHVTXHVRORVH
H[WHQGtDQIUHQWHDVXVRMRV

3RUVLIXHUDSRFRPLDEXHODSDWHUQDPLUDEDH[WUDxDGDDPLSDSi\OHSUHJXQWDED
TXLpQHUDDTXpKDEtDYHQLGR6R\WXKLMROHUHVSRQGtDpOXQD\RWUDYH]'H
SURQWRPLDEXHODORJUDEDUHFRQRFHUOR\VHSRQtDIHOL]SHURHVRGXUDEDDSHQDVXQ
PLQXWR/XHJRYROYtDDSUHJXQWDUOHTXLpQHUDDTXpKDEtDYHQLGR6HWUDWDEDGHXQD
FRQYHUVDFLyQFLUFXODUTXHGHVHPERFDEDLUUHPHGLDEOHPHQWHHQHOVLOHQFLR

(O~QLFRTXHVHFRQVHUYyFRQVFLHQWHKDVWDHOGtDGHVXPXHUWHIXHPLDEXHOR
SDWHUQR&XDQGRSLHQVRHQHVWHSRUFHQWDMHGHVIDYRUDEOH\DTXHOODLGHDGHTXHORV
JHQHVPDOLJQRVVHVDOWDQODJHQHUDFLyQLQPHGLDWDSDUDEURWDUFRQIXHU]DHQORV
QLHWRVWHPRSRUPt0HSUHJXQWRVLHVWDUpJHQpWLFDPHQWHSUHGLVSXHVWRD
H[WUDYLDUPHHQODVEUXPDVGHODO]KpLPHURODGHPHQFLDVHQLOUDVWUHRHQPLVROYLGRV
PLVGHVFXLGRVORVSULPHURVVLJQRVGHODGHFDGHQFLD

(QODSHQ~OWLPDHVFHQDGH%ODGH5XQQHUHOUHSOLFDQWH5R\LQWHUSUHWDGRSRU5XWJHU
+DXHUOHGLFHD'HFNDUG+DUULVRQ)RUG<RKHYLVWRFRVDVTXHXVWHGHVQR
FUHHUtDQDWDFDUQDYHVHQOODPDVPiVDOOiGH2ULyQ+HYLVWR5D\RV&EULOODUHQOD
RVFXULGDGFHUFDGHOD3XHUWDGH7DQQKlXVHU7RGRVHVRVPRPHQWRVVHSHUGHUiQHQ
HOWLHPSRFRPROiJULPDVHQODOOXYLD(VKRUDGHPRULU(VHPEOHPiWLFRTXHHQHO
~OWLPRVXVSLURHOUHSOLFDQWHVHDIHUUHDXQRVSRFRVUHFXHUGRVH[WUDRUGLQDULRVHO
WHVRURPiVYDOLRVRHOWHVWDPHQWRLQFRQFOXVRGHDOJXLHQTXHGHVDSDUHFH$VtHO
WHPRUTXHPHDVDOWDHVTXHFXDQGRODOOXYLDGHOROYLGRHPSLHFHDODYDUPLV
UHFXHUGRVWHUPLQDUpYDFtRLQFDSD]GHHFKDUPDQRGHQDGDHQORVHVWHUWRUHV
ILQDOHV\\RWDPELpQKHYLVWRFRVDVTXHXVWHGHVQRFUHHUtDQ'RVHMHPSORVTXH
DFDEDQGHOOHJDUDPLPHQWH

$ILQDOHVGHORVRFKHQWDYLFRQHVWRVRMRVTXHVHKDEUiQGHFRPHUORVJXVDQRVD
XQWLSRGHOFROHJLRGHDSHOOLGR0RUHLUDKDFHUXQJROGHQDUL]D]R8QKHUPRVRJRO
TXHOHVGLRHOWtWXORHQHO~OWLPRPLQXWR(OWLSRDO]yORVEUD]RVIHOL]\VDQJUDQWHFRQ
HOWDELTXHDSODVWDGR\FHOHEUyXQRVVHJXQGRVDQWHVGHGHVPD\DUVH$XQ
LQFRQVFLHQWHVHJXtDVRQULHQGR

&XDQGRWHQtDXQRVRDxRVD~QLEDDPLVD8QRGHHVRVGRPLQJRVHQOD
LJOHVLDGH1XHYD7HTXHQGDPD&DOL&RORPELDSXGHREVHUYDUFyPRHQPHGLRGHOD
HXFDULVWtDVHOHDFHUFDEDXQWLSRDPLDPLJR6DQWLDJR'RPtQJXH]\OHGDEDXQD
SDWDGDYRODGRUDHQODFDUD*ULWy£9DXQRYDXQR\OXHJRVHIXHPX\RURQGR
)HOL]-DPiVORKDEtDPRVYLVWR-DPiVORYROYLPRVDYHU

7DPELpQKHYLVWRGRVWLURWHRV\WUHVHVWUHOODVIXJDFHV9LFDHUXQPHWHRULWRHQOD
SOD]DSULQFLSDOGH&KLQ~&yUGREDFXDQGRFRQWDEDFRQXQRVDxRV1RORSXGH
HQFRQWUDUSRUTXHHUDGHQRFKH\WRGDVODVSLHGUDVTXHYLPHSDUHFLHURQLJXDOHV+H
YLVWRSHOHDV\FRLWRVGHSHUURVLQFHQGLRVIRUHVWDOHVQXEHVFRQIRUPDGHEDUFR
PDUHVSLFDGRVDOJXQRVFXDGURVIDPRVRV9LDPLPDGUHPRULUOHQWDPHQWHGHXQD
HQIHUPHGDGLQFXUDEOH\DPLKLMDGDUVXVSULPHURVSDVRV3HURKD\FRVDVTXH\DQR
UHFXHUGRFRPRHOOXJDUGRQGHKDFHDxRVHVFRQGtVHWHFLHQWRVGyODUHVSDUDTXHQR
VHSHUGLHUDQODFDUDGHDOJXQDVH[QRYLDVHOVDERUGHODVJDVHRVDV:LQNHO
QRPEUHGHSHOtFXODVTXHPHFRQPRYLHURQHOFXPSOHDxRVGHPLVDPLJRVHOOXJDU
GRQGHVXHORGHMDUODVOODYHV\ODELOOHWHUD

$OJ~QGtDTXL]iQRUHFRQRFHUpODVOtQHDVGHPLURVWUR8QGHVFRQRFLGRPH
REVHUYDUiGHVGHHOHVSHMReO\\RQDGDWHQGUHPRVHQFRP~QQLVLTXLHUDHVWDV
PtVHUDVOtQHDVTXHKR\ORJUpUREDUOHDOWLHPSR

6HPDQD&20&23<5,*+7‹38%/,&$&,21(66HPDQD6$
7RGRVODVPDUFDVUHJLVWUDGDVVRQSURSLHGDGGHODFRPSDxtDUHVSHFWLYDRGH38%/,&$&,21(66HPDQD6$6HSURKtEHODUHSURGXFFLyQWRWDOR
SDUFLDOGHFXDOTXLHUDGHORVFRQWHQLGRVTXHDTXtDSDUH]FDDVtFRPRVXWUDGXFFLyQDFXDOTXLHULGLRPDVLQDXWRUL]DFLyQHVFULWDGHVXWLWXODU