Ë1',&(

3UHVHQWDFL
iQ 
5(6O67 .,$ 62/8&,21$5,2
'( 0$7(5,1(6 &DS
tW
XOR

(VIXHU]RVLPSOH  
0$5&2 5
OO$1RV
&DS
tWXOR

'HIRUPDFLy
Q
V
LPS
OH 

 
& 0DUFR /LDRRV
5

$XWRU
&DSLWX
OR

7RUVLyQ








 




 










2OVHIOR
SRUWDGD
GH
*LRYDQQD 3pUH]
&RPSRVLFLyQ GH
0HOLVVD
LQWHULRUHV
&KDX &DS
tW
XOR

)XHU]D
FRUWD
QWH
PRPHQWR
\ IOH[LRQDQ
W
FHQYLJDV


5HVSRQVDEOH
HGWFaQ

yH
<VHOD
5RDV
&DStWXOR

(VIXHU]RV
YLJDVHQ 

 
& (GLWRULDO
6DQ
0DUFRV
(,5/

(GLWRU
-U

2iYDORV 
8VVRQ
‡ 8UQD &DS
tWXOR

'HIRUPDFLyQ
YLJDV
HQ 
58&

7HOHOD[
 &DStW
XO
R

9LJDV
HVWiW
LFDPHQWH
LQGHWHUPLQDGDV


 
(āPDLO
āL
QIRUPHV2HGOWRUODOVDQPDUFRV
FRP

3ULPHUD
HGLF
L
yQ
 &DS
tW
XOR

9LJDV
FR
QWLQ
XDV







7UDMH


HFPSODUHV
(VIXHU]RV
&DStWXOR 
FRPEL
QDGRV ‡
 
āāā
1 ā

5HJLVWUR
GH
3UR\HFWR (GLWRULDO
Q
‡

+HFKR HOOHJDO
GHSyVLWR
VHJ~Q
OH\
Q‡
 &DStWXOR
2
9LJDV
U
HIRU]DGDV







%EKRHFD
1DFDRQDO
GH
O3RU~
5HJ
Q‡
ā
 &DStWXOR

&ROX
PQDV








 
3U22OEWGD OD UHSURGXFFLyQ WRWDO R SDUFLDO GH HVWD REUD
VLQ
SUHYLD DXWRR]DFLyQ
GHO \
DXWRU
HVFULWD
HO HGLWRU &DStW
XOR

8QLRQHV UHPDFKDGDV
VROGDGDV
\ 


,PSUHVR
3HU~
HQ
,
3ULQWHG
Q
3HUX &DStWX
OR

7HPDVHVSHHLDOFV


 





3RGO&,26
a
$Y

,QFD
*DUHLODVR GH OD
/OPD

9HJD
7HORID[

 &DStWX
OR

&RPSRUWDPLHQWR
LQHOiVW
LFR 
(āPDLO YHQDV2HGWRULDOVDQPDUFRVFRP
&DStWX
OR

,QIRUPDF
LyQ
FRPSOHPHQWDU
LD



 
&RPSVNLyQ
GDJUDPDFLyQ H LPSUHVyQ
$QLEDO -HV8V3DHGHV
*DOYp-O
$Y
 /RPDV
/DV 
 ‡ /
6-
$8& 
 5(
6,6,(12$
'(aV 6
RXa 
(Q
HO
FRUW
H
]
 
] R

1 L?]
/XHJR

R  

; aP O?
 ?

 )2
R 

03D
RVR


03D
FXPSO
H
)
‡
E
R
03D
$


PP
 
$%1 ]
(&

(

O

5HHPSOD]DQGRHQ

 $& 



1
,0
2
$&
F
/XHJR U  

03D!
R !FU
 
QRFXPS
O
H
$ )R
a 



2 )2  N1 
 & ‡
(QWRQFHV
 
$&
N1 [
1
$%

 N1 ž
‡R 
[

P
 !ž



  
03D &

5HHP
SOD]DQGR
HQ

 ,
: 
N
1,
O) 

I
R

L  
(2


&DOFX
OH
SD U
DODDPDGX
U U DGHODILJXUD

ORVHV
IXH
U]
RV SURGXFLGRVORHQ
V
HOHPHQWRV
2)&(
\
 (O
iUHD WUDQVYH
UVDO GH FDGD HOHPHQWR  
(2

 ! (2N1
7
HV
PP,Q GL
TXH
OD
WHQVLyQR
ELHQ
7 OD
FRPSUHVLyQ& -)
+

(&
)
R
a ! (&

N1 7
5HVROXFLyQ 
2
&/
ž
‡H
(&


[ P !ž‡
 F 
 03DO
7
R
]


2&
/

QXG
R

'%
,)
2
+

(QWRGDOD
HVWUXFWXUD
 

a 
RF

a 
 )a
 
,)
9 R O0
 RL

R
RF
R
Q
RV

 


!
$

)

 N1 )\





2
) 
\ 
N1 RF ')
'(
 
W
I 
Y 2 ,0
) L
2

RV -a

 '(RF

a

R)
 (%
a
 !(%
  N1 7

R
'% R

'&


 !
R
'%


RF
 

2SHUDQGR
 $ B [
1


; 



 HH

RR[
‡
1
P !$HH

 ,
PP
'%

 
 &
!  &

 03D
UI
Y
2
H
 'HWHUP
L
QH SDUD ODDUPDGXUD
O
DILJXUD GH
ODV iUHDV
WUDQVYHUVDOHV EDUUDV
GH %(
ODV (%
a

)%-a
-
 
\
%)&) 
GH PRGR TXH
HVI
XHU]RV
ORV QR
H[FHGDQ 01P
GH 
HQ WHQVLyQ
QL
āGH
P P *

01IPHQFRPSUHV
L
yQ 3DUD HYLWDU HO
$ & ) -a
)%
  

 UQ
)%  
N1
SHOLJUR SDQGHR
GH
H XQ
V HVSHFtILFD XQD
WHQVLyQ
UHGXFL
GD HQ
FRPSOD
UHV
LyQ 6P N+ N+


[

1
R $ !$)H

,
PP
)H
L
RR[UR

1
P
5HVROXFLyQ 
(Q WRGD
HV
WUXFWXUD
OD
O)+


,
0‡ R
'\

 2
 
'\   N1

 
 
(V
a
)V

-
a

)&
R
BB
aaaa
a*
$
2 & )
UL
R 
P;N1
a 

 )&

 
a
 

 -
a
 )&
!
 1 &

N
?
 N1
R
WR 
[1
(Q HO
[ 
FRUWH
[
$F

 

PP
ā‡
(6 $
H [
 ‡1
P

!

‡



7RGDV
O
DV
EDU
UDV GHOD
HVWUXFWX
U
D DUWLFXODGD
GHIL
OD
JXUD
W
LHQHQ
XQDVHFF
LyQ GH  PP
SRUPP
 'HWHUPLQH
Pi[LPDFDUJD
OD
3
TXH SXHGH
DSOL
FDUVH
VL
Q TXH
O
RVHVI
XHU]RV
; H[FHGDQI LMDGRV
DORV HQ 

HOSURE

N+ 



‡
 
5HVROXF
L
yQ S
'&
/ H /X
HJR 
%$3
a 
&

'
&/
Q
XGR

$

$%

(Q WRGD
HVWUX
FWXUD
OD
 O 
)+  $&
ŒH 2
 $
 $%
 
 2
$&

;
$
3 3

Y2
O)
$&
 
aS
H3
$ 
&
3

$
3R
$  [
 P



'
&/
QX %
GR
%&
(Q B3 [
 3
N
1

%$
(Q  B
 
3 
[ ! 
3 N1

2
O) 
$&
(Q   [
3

 ! 
3
N1
D$
aVH
a 
(VFRJHPRV
HO
PHQ 3
RU 

N1

 

%$ 
%& £%&
! %$  


8QDFROXPQD
VL 
yQGH N
KL
HUURIXQGLGR
GH IXQG
1'HWHUPLQ
DU VX
GL
L
FLyQ
R VRSRUWD
iPHWUR
LQWHU
LRU
VL
HO
H[W
HU
LR
D[
L
DOGH
XQDFDUJD
FR
PSU
HV
U GH
Hā
PP \
R
O)
‡
HOPi[LPR
HVIXH
U]RQRGHEH
H[FHGH
U 
GH 03D


H$aVFa 
3 !%
$
%&

3 5HVROXFLyQ

P

R  
 03D
5HHP
SOD]DQGR

HQ


3 [
$  1
£
HF %& V3

$ 

[

P 

PP

R 
[
1
P

%&%& 

3
W
$ 

2 '
W&,

LO
OW
W
£
 


'B


 
%&
3 ! 
'  PP
 
 

&DOFXOH
HO
GLi
PHWUR
H[W
HU
L
RUGHWLU
XQ
DQWH
W
XEXO
DUDFHUR
GH TXH
GH EH
VRSRUW
DU
XQD
IHX
U]DGHW
HQVL
yQ GH
 N1
FRQXQ
HVI
XHU]R
Pi [L
PRGH01P $ 







PP

6XSRQJDTXH
HO
HVSHVRUGH
O
DVSDUH
GHV
HVXQD
GpF
L
PD SDUWH
GHOGL
iPHWU
R
H[W
HULRU 
[ 1  

R

;2
 
P
 ! 

01
P
5HVROXFLyQ

R

01P

R8Q
 W
XE R
GHDFHURVH
HQFXHQWUDULJ
L
GDPHQWHVXLHWR
H2
‡
‡


 SRUXQ SHUQRGH
DO
XPLQL
R\
SR URWURGHEURQFH

WDO


2



 FR PRāVH
PXHVWU
DHQOD
I
LJXUD
/DVFDUJDVD[LDOHVVH
3

ž
aā  ž
āā
 

DSOL
Y DO
FDQ
RU
HQORVSXQWRV
GH3
TXH
LQ
GLFDGRV&DOFX
O
HHO
Pi[LPR
QRH[FHGDXQHVIXHU]RGH
03DHQ WP Pa6P

O
ā S
$   +<1
[
R[

1WP
‡
HO
HQ
DO

5HVRO
XPL
HO
XFLy
QLR

GH 
ERQFH
Q
U
03DHQ HODFHURRGH
03D 

$ 

[
ƒ
P


PP
 £R

RB
 
$  
  


HQ


 L

L
 £
 
OW
2





S   
 
£
3
L

3
‡  O

£



R
 
‡ !
ž
ā‡ 
 
PP
M
‡



‡


‡



&RUWH
$O
(Q
O
DIL
JXUD
VHPXHVWU
DSDUWH
GHO
W
UHQ
GH
DW
HUUL]Dā 3&
5 
M
HGHXQD
DYLR
QHWD
'HWHUPL
QHHO
HVIXHU]RFRP GH 1
SUHV
L
yQ HQ
HO
WRUQD
SXQWD$%SURGXF
LGRDWHU
DOQ R
‡

P !3
;  N1
P 
!
]DU
SRUXQDU
HDFFLyQ
GHOW
HUUHQR
5 
N1$%
IRUPDXQ
iQJX
OR
GH
ƒ
FRQ%&

5HVROXFLyQ $F 3
&RUWH  =5
a
2
&/ $

/W
Ua
 0 a
 a,0O a O
F
3
5  

$F 
WU
3 


3 7

1
;
 
P 
[

P
!

5‡
O2,+
&RUWH %U
Œā
R 3 3
5 
3
S



3 
3
5

5
%$VHQ
ƒ

2
 5
 3
7
%$ 
N1 &
 W[
5(6,67(1&,$
0$I-I$6
‡

6RWXRRā$5

U0
  4
VHa
5

R 5I &
%&
'HORVYDORUHV
RE
WH
QLG
RV

HVFRJHPRV
HO
PHQRU


3


N1

1 5
R
žHF
 [ P

 
[
P
 
5
N1

8QD
ED
UUD KRPRJpQHD
$% 
GH NJ VRSRUWD
XQDIXHU]DGH
N1
FRPRSXHGHYHUVHHQ
O
DILJXā '&
/
FLOLQG
U
R
U
D
/DEDUUDHVWiVRVWHQLGDSRUXQSHUQRHQ%
\ 5
XQFDEOH
&
'
GH
 PPGH
GL
iPHW
UR
'HWH
UPL
QH
UQ ()
Y 2
HOHVIXHU]R
HM
HUF
L
GRHQ
HO
FDEOH : 
5VHQ
ž
$ 

& P


5HVROXFLyQ Z


'
&/
:  
N1



8QDEDUUDKRPRJpQHD
$%GHN H
JGHPDVDSHQGH R
GHGRV
FDEOHV $& %'
\  FDGD XQR GH ORV FXDOHV
.Q
W
0 R* WLHQ
VH
H
XQiUHD
UD
YHQO
DI
L
W
UDQVYHUVDO
JXUD'HWH
UP
GH
LQHOD
PP
PDJQ L
FRPRVHREā
WXG
3
DVtFRPR
O
DXELFDFLyQGH
O
D I
XHU]
DDGL FL
RQDO [LP
Pi
D TXH VH 
P
; S
&'

a



 

 SXHGH
DSOLFDU EDUUD
DOD
/RVHVIXHU]R
V
HQ ORV FDā
EOHV
$&\%'WL
HQHQ XQOt
PL WH
GH
03D\
 O

&'

N1 7 03DU
HVSHFWLYD
PHQWH $ ‡
,
‡ P

$



P




; R R
P
HH 

 
03D 5HVROXFLyQ
'&/ P

&D
OFX
OH HOSHVRGHOFLOLQGURPiV PSHVDGRTXHVH
SXHGH

HO
FDEO
FR
ILJXUD
VL
H
ORFDUHQODSRV

%&
'HVSUHF
L
H
L
FLyQTXHVHLQGLFDHQOD
Q UHEDVDUXQHVIXHU]RGH
HO
 01
SHVRGH
OD
EDUU
D
P
HQ
$%
(O S Z
 


iUHD
W
UDQVYHUVDO
GH
O %&
FDEOH HV

PP
 ‡
5HVROXFLyQ R


; a  $& ! $& N
1
P
[R
ā
‡P‡
'&
/EDUUD
R
\ 
L)
$&%' 
3 %'3 


1%'
R 
[


 
 P $
5HHPS
O
D]DQGR%'

1 3

©
VR P

[
 aP  3 

1

N1

 2OL
5(6,67(+&-$

62W8&,21$),2
0OLII-!--(6


,
0 R*

/D
IL
JXUD
PXHVWUD
OD
XQL \
yQGHXQWLUDQWH
O
DEDVH
$&

 3
  
[ GHXQD
DU
PDGX U
D GH
PDGHUD 
'HVSUHFLDQGR
HO



[ 
  ; 
 
 P UR]DPL
HQWR
D
GHWHU
PLQHO
DGPHQ
L VLyQ E
VL HO
HVIXH
U]R
FRUWDQW
HDGPLVLEOH
HV
GHN3D E
S &DOFXO
H
WDPELpQ
OD
GL
PHQ L H
VyQ VL
HO
HVIXHU
]R
GH

6HTXLHUH
SXQ]DUXQD
SODFD
WDO
FRPRVHLQG
LFDHQ
O
D
I
LJXUD
TXH
WLHQH
XQ
HVI
XHU]
RFRUWDQ
WH
~O
W 
LPRGH 03D ‡ FRQWDF
W
RQRGHEHH[
FHGHU
GH 03D


D6L
HO
HVI
XHU]R FRPS
GHU
HVL
yQDGP LVL
EOH
HQHO
SXQ
 5HVR
OXF
L
yQ
]yQHV
03D
GHWHUP
L
QHPi HO
[L
PR HVSHVRUGH
O
D
‡ā
SODFDSDUDSRGHU
SXQ]DU
XQRULILF
L
RGHPP 
GHGLi
PHW U
RE
6L
OD
SOD
FD
WL
HQHXQ
HVSHVRUGH 
PP FDO
 
FXO
HHOPi[LPR
GL
iPHWUR
TXH
SXHGHSXQ]DUVH
5HVRO
XFLyQ



03D

SOD
FD
U VXH]RQ
FRV
R

D
2F  03D
SXQ]
yQ
3ODFD
2 

PP ‡

3FRVR
D
W
[
a W
‡  E[

$ W








PP
 P

S [ 1

 BFR
V
ž[ 1 ! E
  
P 

PP
$
  -
H P
 E[
P

1
S



; 
P
;

;  ! 3


 N1
P 1
S

W 
 E ž 
R
H[
 ‡
P

W
2H

O
a  FRV
ž[1 
 P
;
 

[ 1
H


P  M
 PP & 
1

 >F 
!  PP

P Q[R
P[H [


[P
‡
E 2
H 
PP 

P
P

S 
(Q
HO
GL
VSRVL
LYR
W GHO
WUH
QGH
DW
HUU
L]
DMH
GHVF
ULW
RHQ
HO
3URE
O
RVSHUQRVHQ$
2Fa !3  ! 3


N1
 \
%
WUDEDMDQD
FRUDQWH
W VL
PSOH\
HO
SHUQR&
HQ DFRUWDQWHGRE
OH'HWHU
PLQ
HORV
2
GL
iPHWURV
QHFHVDU
LRVVLHO
HVIHU]R
X F RUW
DQW
HDGPL
VLE
OH
HV
GH 01
P

5HVROX
FL
yQ
 %$
S
'&
/
W
2H


ž
R a
‡ B  

[


[ 

P WW
'
[


  2 

P 
PP
 H
P 5(6-6U(+D$

0(OO:(
2I

S$
6



6yWO&,21$-OO2

1 
 /D
SD O
DQFDDFRGDGDTXH
U
HSUHVHQWD
O
D ILJXUDHVWi
Ha
%$
 
N1&
 

 [
P‡ ' 
a
YxW HTXL
O
LEULR
D
'HWH
U
PLQHGHO
L
iPH
W
UR
GH
O
DED
UUD$%
VW

žāā
HOHVIXHU]R
QRU
PDO
HVW
iOLPL
W
DGRD
01P
E
'H
[

[
1 WHU
PL
QH HO
HVI
XHU]RFRUWDQWH VL
WXDGR
HQHOSDVDGRU
HQ
Q[
[‡1OP
 !M'$ 

P 
 PP

R
GHPPGH
GLi
PHWUR
,) 
2
9
5HVROXFLyQ

&\  
;6HQ
ž
 H 

 N1
2&/
+ 
O) 
F
%$FRV
ƒ H N1 PP P
;

H -
FF
 &


N1 R 
R

'H 
[

Q[
[
[
1
 1P

!ORH

 P 

PP
- ŒāR H
S
; 
;
; VHQ
ž
; S
 ! 



1 !
,3 

Q
N1



8QDSR
O
HD GH PP
VR DF
PHWLGDDOD

ž ) 
,
FL
yQGH
O
DVIXH
U]DVTXH
L
QGLFD
O
DILJXUD ā

I
££
HVWi RD B ‡2
PRQWDGD
PHGLDQ
WH XQD
FXxDHQXQ
HM
HGH aa BBa 2
\
[
 VH


Qž 2
\

 N1
PPGH
GLiPHWUR
&DO
FXOH
HO
DQFKR
EGH a
OD FXxD VL WLHQH \H

O PPGH ORQJLWXG

W) R
HVIXHU]R
FRUWDQ
WH
DGPLVLEO
HHV
GH
03D


;
 
 2 
N
1
‡

N1
5HVROXFL
yQ (QW
RQFHV
'&
/ 
OF1
2 
-R
R 
 2 


N1 
PP

[
1

D YFU
$% $%
$
ā 
3$% ! R

 1
6PP W
;[
P
N1

 2
,0 M
P PP
-R 
 
5



! 5 N1 

 
[
1 [

 

1
 

ER
R




1
P $
$ 



;
P

a 
FR


$ 

E
;
,JXDODQGR

$ O
E PP
 O M W 
 
 03D
-
 P

/D PDVD GH OD EDUUD PRVWUDGD
KRPRJpQHD
HQ OD
$%
$ 5HVROXFLyQ

WR
JXUD HV NJ

/D EDUUD
DSR\D
HVWi
GD
PHGLDQW
H XQ
SHUQR %HQ
PHGLDQWH
\ XQD
YHUWLFD
VXSHUILFLH
O
KVD HQ$ '&/ 9,67$
/$7(
5$/ 9,
67$
)5217$/
'HWHU
PLQHGHO
L
iPHWUR
GHO
SHUQRPiV SHTXHxR
SXH TXH

OO

 &

H
93VHQH
GHXVDUVH HQ % VL VX HV
W
i
HVIXHU]R
OLP
LWDGR DFRUWDQWH
03D (OGHWDOOH GHODSR\R
LGpQ
W
LFR DODSR\R
HQ %HV  a

 aVRā


VRā

'PRVW
UDGR HQ ODILJXUD GHO SUREOHPD
-
 
H  13RRV


5HVROXFLy
Q

 9
D VHQ

9 
1

 
P

'&
/
ŒāRa $$FRVD
 a$ 
$
5
J
a5N1
 FRVH

,)

2 $ 

!
 

[
B
P
ā FRV
%
N1
9 1
U


,I
+ ‡$ 
[OR
‡P

aU
 
 
03D
H
%
$ 
F%

N1 3

; E O
DILJXUD
'H
H W 3 B3VHQH
B
 S
% 
a% V
   N1
%

$ $FRVH $

‡
 VHQ


^3
B  8QFXHUSRUHFWDQJXODUGH
PDGHUDGHVHFFLy
Q S

9W  WUDQVYHUVDO
HOHPHQW

R GH
PP[
FRPSUHVLy

Q
V
GH
PPV
HJ~Q
HXVD
VHPX
FRP R
HVWUD
!
[  1
 HQI LJXUD
OD'H WHUPL
QH ODIXHU
]DD[LDO
Pi [L 

Q!O22
[
‡1P a G  P PD 3TXHSXH
GDDSOL
FD U
VH FRQFRQ ILDQ]D DO
FXHUSR HVI
VL
XHU]R HO GH SUHVLyQ
FRP
HQ OD
PD GHUDHVWi
OLP
LWDGRD
01 P\HO
HVI
XHU
'RVSLH]DVGHPDGHUDGH
GH
DQ PP ]R FRUWDQWH
SDUDOH
O
R O D
DV YHWDV HVWi OR
D
FKR \ PPGHHVSHVRUHVWiQ
SHJDGD V  01P
/DVYHWDV
IRU
PD Q XQiQJXO
RGHž 
FRPR LQGLFD OD ILJXUD O
DV S‡
D $SOLFDQGR FRQOD
KRUL]RQWD
O
VHJXQVHPXHVWUD ,QGLFD
L
GHDV TXH VHH[SUHVDQHQ
D  ODILJXUD XVHORV
FLyQ UHVXO
WDGRVGH O
SUREOHPD
\
GHWHUPLQHODIXHU]DFRUWDQWH
HO
HVIXHU
] R
FRUWDQWHHQODXQLyQVL
3 
 1E
*H  5HVROXFLyQ

QHUDO
L
FHSURFHG
HOLPLHQWR GHPRV
SDUD
WUDU H[
 
1Pa
TXH HO HVIXHU]R FRUWDQWHHQ XQD VHFFLyQ 3H $ H
LQFOLQDGDXQiQJXORHUHVSHFWR DXQDVHF 3H  
[

1LP
 [
[a P
 

3H  
N1
FLyQ WUDQVYHUVDO GHiUHD$ WLHQH XQYD
O
RU GDGR SRU U 3$VHQ 3
U $ 
VHQ


/D
 OD EDUUD KRPRJpQHD
$%
PRVXDRD HQ OD

‡JWD HV/D
NJ ‡
EDUUD HVWD DSR\DGD PHGLDQWH XQ
5HVROXF
Q
SHUQR
HQ\P
% HG XQD Y XVD
DQWHVXSHUIWHH
HUWLFDO
HQ
$ '&/ 67$
9 /$7(5$ 9,67$
)5217$L

a,9
SHUQR

EL
RHWHUPUH HOGLiPHWUR
PiV SHTXHxR
GHO TH SXH
GH XVDUVH
HQ

V
VXHVIXHU]R FRUWDQWH
QUPWDRR
D HVWi
 
HQ
03D (O GHWDOOHHV
GHO
tGHQWLFR
DSR\R DO DSR\R 
'
PRVWUDGR
D
HQOJXUD
GH
O 
SUREOHPD
P
5DVROXFLyQ D
9
‡VHR4
9D1
'&/
,0
L $
$ 
5



5N1 FRVR

R

OO
 $
226






;
FRV
P




% 
N1
9 1
,)
2

 $
[
W
2
P

W 
 
 03D
V


$
 %
N1 EOD
'H
ILJXUD
3 3VRQ
% 

%
% 

 N1

X$ $FRVR


W
G
3 
8QFXHUSR UHFWDQJXODU
WUDQVYHUVDO

GH
HOHPHQWR
GH
PP
[ PP
VH
VHFF
XVD
L
yQGH PDGHUD GH
FRPR
FRPSUHVLyQ VHJXQ VH PXHVWUD
‡
1 HQ
OR
ILJXUD 'HWHUPLQH
D[L Pi[La
DO ID IXHU]D 
9
Q

1OPā P

‡G
PP

PD
3TXH SXHGD RSKFDUVH
FXHUSR VLHO
GH
FRPS
HVIXHU]R
UHVLyQ
DO
O
D
FRQ FRQILDQ]D
HQ
PDGHUDO D

PtWDGR
HVWi 01WP\H
 
OHVIXHU
'RV
 SLH]DV GH 
GH
PDGHUD
PP GH DQ FRUWDQWH
]R SDUDOHOR D OR
ODV
HVW
D D
YHODV
FKR
\
PPGH
HVSHVRU
HVWLQ
SHJDGDV 
01
P
 
GH
/DV YHWDV IRUPDQ XQ pQJXIR
FRPR
PGtFD
OD
‡GHDVTXH
XU
ILJ
H[SUHVD
VH
Q
‡‡
D D $SKFDQGR
S
HQ ODKJXUD


WD B
ODV FRQ OD KRUL]RQWDO ,QGLFDā
ƒ


VHJXQ VH PXHVWUD
ORV
FLRQ
XVH UHVXOWDGRV GHO
SUREOHPD
GHOQH
UP
ODIXHU]DFRUWDQWH\HO
HVI
XHU]R
FRUWDQWH yQ
HQ3

 OD1
XQ
 *H
E 5RVROXFQ
SURFHGLPLH
HO
QHWDOWHH QWR
SDUD GHPRVWUDU  
[ P1
W2

TXH
HO
HVIXHU]R
FRUWD
QW
H HQ
XQD
VHFFQ SH Q$
DRD
QFW

XU X
UHVSH
iQJXOR FW
R VHF
D XQD 3 
‡

1OP
[

[
‡
P‡
3H
a
N1
H WUDQVYHUV
GR
UHD
$
WLHQHXQYD
O
U SRU
W 3O$VHQO 3


$ VRQ
 1 W

/D
MXQW
DTXHVHPXHVWUDHQOD
IL
JXUDHVWi

[
3Y 

 [[[


P
,
VHQ
ž
 VXM
HWD
PHGLDQWHWUHVUHPDFKHVGHPP
P
GH
GLiPHWU
R6XSRQLHQGRTXH
3 
N1
3YQ

N1 GHWHU 
PLQHDHOHVIXHU]RFRUWDQWHHQFDGD
W
OOQYQL
aaa S
S‡ UHPDFKH
E
HO
HVIXHU]R GH3 FRQWDFWR HQ
ž$
 FRVD !3
 ž 
$FRV
‡D 
31 

N1 FDGD
SO
DFD\
HPi[L
HO PR
HVI
XHU]R
SR
U 

PHGLR
HQ
FDGDSODFD6XSRQJDTXHOD
FDU
ā
JDDSOLFDGD
3HVWi
GLV
W
UL
EXLGD
L
JXDOPHQWH
'H
O
RV
YDOR
U
HV
HVFRJH
PRVPHQR
HO
U
 3


N1
 HQW
UHORVWUHV UHPDFKHV

5HVROXF
L
yQ

3UREOHPD
LO
XVW
UD
WLYR

S  
[

(
QOD
ILJX
U
Dā
 VHVXSRQHTXH WLHQH
HOUHPDFKH
GH
GPP
LiPHW
U \
RXQH W
D 
W a
 
Q
ž
UHPDFKHV
G
`

SOD
FDVGH
PP GHDQFKR
D
6L
ORV
HVIXHU]RV
DGPLV
L
EOHV
VRQ
GH 01I
P 

-F
R
 

SDUD HODSODVWDP
LHQW
R\
01P SDUD
 HO
HVIXH
U]R
FRUWDQWH

GHWH
U
PLQDU HO 
PtQLP
R
HVSHVRUGHFDGD
SO
DFD E6HJ~QODV
FRQGLFLRQHV
HVSHF
L
ILFDGDVHQ
O
D
SDUW
H D¢FXiOVHUi
HO
Pi[LPRHVIXHU]RPHGLRGH
WHQV
L
yQ HQODVSODFDV" W 
 
03D
S 
E

2  ; ;
 ‡
Q‡
U
HPDFKHV WG 




‡



&'
S ‡
I
3

R
 M
03D
 ‡
3E


 U
3E a FOHO
iUHDFH&0ODG2 R 
H ‡Q
ž
U
S
[

a
HPDFKHV
W
DG BBR[


 B
)LJ
XUD
ā [

[



5HVROXFLyQ

ž
‡
  03D
@
D
'HO
HVI
XHU
]RGH
FRUWH


BaU
žžž
aU
OW
£
!S  ;
;

 
 3 
  
1 

3D
UDOD
MXQWDWU
DVODSDGD
GHO
SU
REOHPD

GHWHU
PLQHOD Pi[LP
DFDUJDTXH3SXHGD
'HO
HV
I
XHU
]RGH
DSODVWDP
L
HQWR
3‡$

ž ‡ !
3 


W

;

;
‡ 
 3 [
[W1
DSOLFD
U
WDQWH ORV HQ
UHPDFKHV
HVW
iOL
PLWD
GRD ,ā
āāāā
ā
VHFRQFRQILDQ]DVLHOHVIXHU]RFRU
W
3
03D HOHVI
XHU]R FRQGH
W
DFWRHQ ODV
,JXDODQGR
3 SODFDVD \
203DHO
HVIXHU
]RGH WHQ

W [
!
P 
 O
PP!W 
PP
 VLyQ
PH GLRHQODVSODFDVD
03D 

5HVROXFLyQ
E 'HOHVIXHU]RGH
W
HQVLyQ
'HO
HV
I
XHU
]R
FRUWDQWH

  S  
BB
B


B

a 1
 OW
+ W
D
G ‡[

P

P P 3Qž
U 
[
HPDFKHV [U
G
 
Q
 ž
‡ 03DO S ; 
U


;

;  
! 3 
W

N1
 :LMO

'HO HVIXHU]R GH DSODVWDPLHQWR 5HVR

OXFLyQ
3 
Q‡ GD
UHPDFKHV
W 
[ S

3  N
1 $ 
Q

'
W
3 
 


 
 $
W
$
; ; ; 3 N1

'HO HVIXHU]R
W
HQVLyQ
GH 
[
1
!
W
 
03D
W

Q[
P[
P
3 Q
ž
U W[
HPDFKHV
[D

GD
[ 1
31 

; 




; ž
; 3
 
N1 [
1
W

‡‡

Q[
P[
 P
!
W 

 03D

'H ORV
YDOR
WUHV
UHV HVFRJHPRV
PHQR
U
 HO


3 
N1
-
S 3
D
%   
aG HW

W

 (Q ODDUWLFXODFLyQ
ILJ
XU
D
ā
2E
GHW
HU
PLQH
GHOD
HO
GLiPHā HL
QG

G



W Pt
URQtPRGHO \
SHUQRHO
PtQtPR
HVSH
VRU GHFDGD
UD
PD Ha
 U1

GH
O
D KRUTXLOOD
VL
GHEH
VRSR
UW
DUXQD FDUJD
3 

N1

[
 [



 
G
  P
!,G
P

P
VLQ
VREHSDVDU
U HVIXH
XQ
U]
R FRUWDQWH03D GH
QLXQR

Q[[‡
GH
 03DFRPS
DUHVL
yQ

aā
5HVROXFtyQ (QOD
 ILJX
UD PXHVW
VHU DHO
HV
TXH PDGH
XQDDUPDGX
UD \ HQ
FURTXL
V
HO E
HO
‡ GHW
DOOH
GHXQLy
OD
QGHODVEDUUDV
PHGLD
QW
H XQD
SODFD

HQ
HO
QXGR
%¢&X iQW
RV
UHPDFK
HV GH
PP GHGLiPHW
U
R VH
QHFH
VL
W
DQSDU
D XQLU
OD
EDUUD
%&DO
D SO
DFD 
\  ‡
W
3
G
 -Q
3 VL
ORV
HVIXH
EDUUD
U
%("
]RV
¢&Xi
DGPLVL
O
HV
EOHVW
HO
HVIXHU]
R
VRQ

 03
PHGLR
D
FRPGH

SUHV
L
03D"¢&
yQ RGH
WH
XiQWRV
QVLyQHQ
%&
SDUD OD
\
%( "
G

W
‡-
&B R
)

[[
 *
G  Q[[
O2ž !
G P

M
G PP
- P


N1
N1 N1

3

[
D 7G
!,  S
GD
W


D
S
;
[;

?H
E
W


W
[2

 O
P   
 PP 5HV
RXFtyQ
'&
/ '
 W
RPLOOR
8Q  
GH
PPGH
GLiPHW U
RH[WHU
L \
RU PP
HQI RQ
HO
GR GH ODURVFD
VX
£HWD GRV
SLH]DV PDGHUD
GH
FRPR VH LQGLFD
ILJXUD
6H DHQ
SU
LHWD
O
OD
DWXH
UFDKDVWD
WHQHU XQHVIXHU]RN1
HQHOWR
UQLOO
GH
R D&DOFX
O
DU HO
HVIXHU]R
FRUWDQ
WH HQ
ODFDEH]D \
PLVPR
GHO
HQ ODURVā
aaaa $&


£
a
/£
BB
FD

E'HWHUP
L
QDU WDPELpQ
HO
GLiPHWUR
H[WHULRU GH ODV P + R
DUDQGH
O
DV VL HOLQWHULRU
GH  PP \ OO




HV
HO HVIXHU]R GH $ N1
+
DSODVWDP
L
HQWR
DGPLVLE
O
H HQ
OD PDGHUD
HVGH03D
 

(QWRGDODHVWUXFWXUD

(QODEDUUD%&
ŒÂR
$\
;O 
 ; 


; 
a?+
;
O
N
1 Q  [
1 

ƒ

P[

P[
[ 
‡1
P
'&
/
FRUWH
;ā
;
%'
Q

U
HPDFKHV

U
RRa
P H
O









 Q
U
Q[
[



[1

P[[
1



P &( P

ŒāR HW Q
H

U
HPDFKHV

SDUD
O
DEDUUD%&VH
QHFHV
L
WDUiQUHPDFKHV

&(

a&( 
 7
N1
R
() (Q
O
DEDUUD
%(

VR
VH
aF( 2 a 
%(



 
 Q 



P[
[1

P[
[

1

,)
Y2 P

VRa
VH

 
 a 


Q

UHPDFKHV



%
( 
 


B [
[
1 B
'H \


 

%( N1 &  

N1
&
Q


 Q[

P
[[
P
1

‡

£
\
% Q
UHPDFKHV
ā SDUD
O
DEDU
UD%VH
( QHFHVL
W
DUiQUHPDFKHV

'&
/
FR
UW
H
\\

£


$%
‡‡ &iO
FXO
RGH
O
HVIXHU]R
PHG
L
R
 P

1W 


‡
 K
$ PH &(ā
\ PP
W

N1
,0
RW
&%

 a &%  N1
7
Ga
PP
S S D‡
PP
a    ž

*WL
? QQUHPDFKHV
QW[G $W;

D
 
GD

W
W
;
Q
a  $
W;
D

G

W
 5 '(
ZU(
-6O1&,$

[

RF 
RHPXHVW TXD HV
UH HO
I
XHU]R HQ XQFDVFDURQ HVIpQFR GH

[

[  !
 FU


03D

PHWU2
R \
HV W
SHVRU
VXMHWR D XQD
LQWHUQD
SUHVLyQ S DS
 SRU
HVWi GDGR
5HVROXFLyQ


[


[
!

[




 !
FU

03D



5HSH
WLU
HO
SURE
O
HPD
DQ
WHULRU
FRQ UHPDFKHV
PP
GH
GH
GL
iPHWUR
VL
QYDUL
DU
O
RV
GHPiV GDWRV S
5HVROXFLyQ
'HO
SURE
O
HPD
DQWHU
L
RU +DFL
HQGR HT 3 )
XOLEQR
%(

N & ! %&
1 N17
[
Q[ 
S[Q!
Rā ,
S@
3DUD QXHVWUR

FDVR
P G  FU
 [W
' [
HB
W 
(Q
O
DEDU
UD
%&
 8Q
UHFLS
LHQW
HFLO
tQGUL
FR
DSUHVLyQ I
DEULFDGR
HVWi GH SODFDV
WL
HQHQGHDF
Q [
 
[
B
BBH
BB  XQ
HVSHVRU
GH PPGLiPHW
(OU R
GHO
UHF
LSLHQWH
PP
HV\VXOR
QJLWXG

 Q UHPD
 
FK
HV 
P'HWH
UPLQH O
DPi[L
PDSUH
VLyQ LQWHUQD KFiUVH
TXH
OH
V
H
SXHGH
O
HVIHX
U]RDS

Q


[[
 HQHO
DFHUR
HV WiOL
PL
W
DGR 
D 03DVH
 6L
DXPHQWD
U
D SOD
U
HVLyQ
L
QWHUQDKDVWD
TXH
HO
UFL
HSLHQWHIDOODUD
ERVTXH
M
H HOWLSR
IUDFWX
UDGH
TXH RFXUULUOD
Q   [ 
Q UHP

DFKHV 5HVROXFLyQ


E 
[
[ 
[


DUD
O
D U
ED
UD %& VH
U
iQ
QHFHVLWD
U
H
PDFKH
V


BB
HF [
BBB
[
[

BB

a


 
 HH
FU 
03D āāā
ā?



(Q
O
DED
U
UD
%(
)D
OD
SRU
M
XQWD
B
[B

‡
[F


B ORQJ-
G
QDO
Q 
  Q  UHPDFK
HV S
'

Q
[ [‡
 &O  R
H [
W

[ 
S [[[
 S
> 
03D
Q

[
 [ ‡
  Q
U
HPDFK
 HV
  


+DOO
DU
OD
YHO
RFL
GDGSHQIpQ
FD OtPLWH GHXQDQLOOR
VHO
HVIXHU]R
JLUDWRQR
SD
U
DO
D EDUUD
%(
VH QHFHV
L
WDU
iQUH

PDFKHV QRU
PDODGPL
VLEO
H HV
GH
 P\
01 ODGHQVLGDG GHO
NJP‡DFHUR
6
HO 
UDGL
RPH
GLRHV
GH
PP¢D
TXpYHORFLGDG DQJXODU U
]R
VHDOFD
[
 GH
01P"
FU


[

[ 

 >
FU 

 03D
 5HV
ROXFLy
Q


3URE
O
HPD
LO
XVW
UDWLYR
D
'H 9
!Y
S‡ IL


^S!9




?

M PLV

Y 
P
 
! FUSUR
U
 RH
OR
V

YDORU
HV
REWHQ
LG  ' PP

RV HVFRJHPRVHOPHQRUSRUOR 
RR[ ‡ XQDWXEHU
ID TXH
FRQGXFH YDSRU03DD WLHQH XQ H[WHULRU
GLiPHWUR
GH
UR 
[
 
  URUDGV  ā PP
\XQHVSHVRUGH
 PP6HFLHUUDXQRGHVXV
H[WU
HPRVPHGLDQWHXQD
SODFD
DW
RUQLOO
DGD
DO
UHERUGHGH
HV
W
HH[UHPR LQW
HUSRVLFLyQGH
FRQ XQ

MXQWDR
HPSDTXHWDGXUD
¢&XiQWRV
WUQLOO
R RVGH  PPGH
GLiPHWU
R VHQHFHVLWDQ
SDU
D

8QGHSyVL
W
RFLOtQGULFR
GHDJXDGH
HM H
YHUW
LFDO
W
LHQHPGHGLiPHWUR
\ P
GH VXM HWDU
O
DWDSDVLHO
H VI
XHU]R
D GPLVLE
O
H HVGH
03D 
W
\ LHQHXQ
HVIXHU
]RGH
DOW
XUD
6L
KDGHOO
HQDUVH
KDV
WD
HO
ER UG
HGHW
HUP LQD U
HO
PtQLPR
HV SHVR
U
GH
OV
D DSULHWH
GH
03D"¢4XpHVIXHU]R
FLUFXQI
HUHQF
L
DOVHGHVDU
UROO
DHQ
O
DWXEHUtD"
SODFDVTXH
O
RFRPSRQHQ
VL
HOHVIXHU]R
HV W
iOLPLWDGRD
03D ¢3RUTXpHV
QHFHVD
ULR
HO
DSUL
HW
H LQLFLDOGHORV
WRUQ
L
OORV GHODWDSD"¢VXFH

GHUL
DVL
OD
SUHV
Ly
Q
GHO
YDSRUKLFLHUD
GX SOLFDU
HO
HVIXHU]R
GHDSULH
W
H"
5HVROXFLyQ

5HVROXFLyQ
S S[J[O W G
7,
Q['

)  S

S

NJ
P
[
P

V
 P
[ ! S  1P

S[' 
[ )  [
a


P
[

[
 
) 
! N1

W

[F 
! W [[
‡


P

W
 
 PP



(Q
HOGHSyVLWR
FLO
tQ
GULFR
GHO
DILJXUD

 OD
UHVLVWHQFLDGHODV
M
XQWDVORQJL
WXGLQD
O
HVHVGH
N1GHODV
\ WUDQVYHUVD
O
HVGH
N16L
OD
SUHVLyQ
L
QWHU
LRU
KD GH VHU

01 GH
P Q 

[
 !Q
 WRUQL
 OO
RV
GHWHU
PLQDU
HO
Pi[LPR
GLi
PHWU
RTXHVH
SXHGH -XQWD

[
[

[

P

GDU
DO
GHSyVLWR
 ‡ FLUFXQIHUH
QFL
DO
5HVROXFLyQ S
&- 

-XQWD ORQJLWXGLQDO $
-XQWD
FLUFXQ
I
HU ža
HQFLDO
!  W
$ U 2
 
W
 G
Q
 W
 $ W
Q
'

QG

'HOD
UHVLVWHQF
L
DO
RQJL
W
XGLQD
O
 S S
$ 
 !
-
W
Q
'
Q[ 
G
-

S
Q' 
S
O
 S  S
/
Q
R
Q 


Q  !Q
G 

[
 FW G -a
G
' -3

 !  
'
 P !
R  

PP
/ Q
S Q[ 
[‡ (QW
RQFHV

3 
Q ?
'W 
Q  W[
S'!3
 UU'
a

R Q[
 
[


‡ 
W  Q Q
! 
Q
!Q 

WRUQLOOR
V
‡ 
 VR
©‡[
R
[R
 ‡ H

RB
3-
 QSUU
U
 
[
[
 R

[ 
‡ !
 P
 
 PP 'H
DPERV
YDOR
UHV
HVFR VH
QHFHV
JHPRVHOPD\RU L
WDUiQ

WUQ
RLRV
OO
 5p6,67(OO&,$
'(
(5,$86

a 
 

S
R
 
[
FW Q 
R
[
‡







Q
 !


ž‡‡
R
   PP
!'
W    PP!R
[ 
 
 P

[ ‡
 1 Q
V 

! V  !V
 O
 PP
 [
P 
2F--

[

  
 P
  
- 

 03D
Q

‡(ODSULHWH
LQLFLD
O
SHUPL
WH TXH
O
RVW
RPLOORV SHUPDQH]FDQ  D
ILMRV
 5HSHWLUHOSU
REOHPD DQWHaRU
FRQ

XQ GLiPHWUR
GH
O
FRQGXFWR <
U
GHP
HPDF
KHV
GH PP GH GLiPHWURPRGL
ILFDUVP
RW
URV
ORVGDWRV
‡6LVH GXSOLFD
HO
HVIXHU]R W
HGH
ODVSHUQRV
DSULH
ID
OO
DUt
DQ

[R‡[ 
 F [ 

8Q
FRQGXF
WRWXEH
RUtD
GH SUHVLyQ IRUPDGRSODFD UHPDFKDGD
SRUHVS
XQDL
UDO HQ
W
LHQ
H P
GLiPH
GH
WUR
L
QWHULRU
2
PP\GH
HVSHVRU(OSDVR O
DHVS
L
GH
UDO HV ) 
; 

‡

; 
;  ) 
N1
GH
P/D MXQWD
HVS
LUDO
FRQVLVWH
HQ HQVHQF
XQ
LOOR
 VXMHWDGR
VRODSH FR Q
UHP
DFKHV GHPP

6L
O
RV HVIXHU]RVLEO
HV VRQ
DGPLV
W 03D R E 
\ 
Q 

B [



03D
GHWHUPLQDU
HO
HVSDF
L
DPLHQWR ORVGH
UHPDFKHV
OR ODUJR
D GH
SDUDODMXQWD ! 
Q 
XQD
SU
HVLyQ
GH
03D GHDFFLyQ KLGUiXOLFD
GHVSUHFL
DHO
HIHFW
R GHO
FLHUUH
6H ‡ UW


  


; ;
GHXQH[W
UHPR OGH
D WXEHUtD HVIXHU]R OHV
ORQJLWXGLQDO
HVIX
HOHU]R ¢&Xi 
F LUFXQ
IHUHQFLDO"

5HVROXFLyQ 
[

Q
[
 R‡[



 !
Q

 
R P
 3 
 03D
Q' 
 
 P W   03D 6  !
6  
V
 PP
Q 
G  
P ž
‡ 
03D

/ PSDVR 

(OSyGHVL
WR O
D
GHI
LJXUD FRQV
VH
W
UX\y FRQ SODFD

ž
F 
32 
[R
‡[
-RF  , GH
R
PRV
F
PPGH
L
DFHUR
UFXQIHUHQF
L
&DOFX
DO\
ODU
ORQJ
L
O
RV HVIXHU]RV
WXGLQD
OTXH
Pi[L

RULJLQD
Ui
W  
[ ! 
03a
XQD
SUHVLyQ
LQ
W
HULRU
GH

 03D
ƒ


a
5HVROXFtyQ
 a

) 
)
3'


/ ) 
[
 [
[ ! )
N1

W
Q
$
S
Q
S

U$



[


O 


‡
Q




 Q  
[
R [
‡Q




%Q / ?
[



H
SW
/ !  03D
-RF 
[


:O,

)
‡ 
QU

US
&$3Ë78/2

'()250$&,Ï1 6,03/(
U
a
/
U


SUREOHPDV
LOXV
W
UDW
LYRV

%


'X U
DQ W
HXQD
SUXHED
HV I
XHU
]RGHIRU
PDFLyQVH
KD REWHQL
GRTXHSDUDXQHV
GH01POD
GHIRUPDFLyQKDVLGR
GH
[ 
RH
PP \SDUDXQ
 HVIXH
U]RGH
3 ) 01 P
GH[
H
PP6L
HO
OLP
LW
HGH
SURSRUFL
RQDOLGDG 01IP
HVGH

¢FX iOHVHOYDORU
GHOPyGXOR
HOiVW
LFR"
¢&XiO HO
HV
HVIXHU]R
FRUUHVSRQG
L
HQWHD
UU

'

%
W
U
/ 
UUa



%'
S XQDGHIRUPDFLyQ
XQLWDULD 
"
GH H6L
O
O
tPL W
H GHSURSRUF
L
RQDOLGDGKXE
L
HVH
VLGRGH 
01P ¢VH
KXELHUD
GHGXFLGR
O
RV PLVPRV UHVXOWDGRV"5
UU
'



%'S UU[
[
[
[
[ ODUHVSXHV
WD

U D






BB
Q'
%
W !
 
UU
[
[
[
 5HVROXFL
yQ

 
-R
U  

03D
 R01Pa 
‡ (
D 
 
‡
 H  

āāā
ā
‡
ā
ā
‡‡/LPLWH (  

[

1P


&DOFXO
H HO PtQLPRHVSHVRU
GH OD
SODFDTXH
I
RUPD G
HO
HSyVL
WR
GHO
SURE
OHPD
DQW
HULRU

VL
HO
HVIXHU]R DGPLVLEOHHVGH
01P \SUHVLy
OD
Q
LQWH
ULRU

YDOH 
‡‡‡
‡
‡‡ SURSRUFLRQ
DO ( 

*3D
@

01P
'HODVHFXDFLRQHV
KD
OO
DGDVHQ
HO
3
 
[ 1P
  [
 [a
PP  
PP
S%
' ; 

1IP
 
;
ž
H  W

U

 
03D
WS
%
'
 [R
‡[



! W

 P
 PP
 3DU
DXQDGHIRUPDFLyQGHVHVXSHUD
HO
OLPLWHGH
SURSR
U
FLRQD
O
LGDG

]R [

[
‡
‡ 6L
HO
OtPLW
H GHSURSRUFLRQDOLGDGKXELHUD
VL
GR 
01IP

VHKXELHUD
SURGXF
L
GRO
RV
PLVPRVUHVXOWDGRVSXHVWRTXHOD
GHIR
UPDF
LyQGH


VXSHUD

L
JXDOTXH
HO
SUR
EOHPD
7DPE
L
pQ DQWHUL
RUHOOLPLWHGH
SU
RSRUF
L
RQDOLGDG


UU
['

%'

S
 
8QD
EDUU /
DSULVPiWLFDGH
O
RQJLWXG
VHFF
L
yQ
WU
DQVYH
U
VDO$\
GHQV
L S
GDG
VH
VX
V

 UU

'

%W SHQGHYHUWLFDOPHQWHGH
H[WUHPR
'HPRVW
U
DUXQ
TXH
DODU
JDP
VX
LHQWR
WRW
DO
HV
 S
 
JO
$( VX
/ODPDQGR
0
D PDVD
WRWDO TXH
GHPRVWUDU
W  0JO$(
DPELpQ
W
UU[
'

%'S UU
[
2

[
[


[[
‡
RUU'

% ! W

[ [‡
UU
[
[
 
 5VROXFLQ

W
P ! W

PP )
R
'HDPERV
YD
O
RUHV
HVFRJH W
PRVHOPD\RU
HQ
W
RQFHV 
PP
M D\^$

S

J

$ 
\2

 
SJ
$\ &RUWH
0ā
0
R9 
$
ž
Y 3 \
J ££
S


-W
O
(FW

O
G

[
[
[

R
RY
‡
 P


‡/2 6 
 PP
y 
-G\
R
( ‡

I

 3aā<G\
££
 
S S
!
-
G S 
B
BB
BB
R[ [R‡[
S Z $ QG
SHUR


$ R

G  PP 
!G
 PP
‡
 U£O
SJ
 (
X !
a WTT
R RH ORV

YDOR
U
HVHVFRJHPRV
HO
PD\R
U  
-G PP
-

]R]
XRD
OOD
QWDGH DFHUR
 PP GHHV
SGH
HVRU
 \
PP GHDQFKR
GH  PP GH
3UHPXOIOS
OLFD
QGR
SR
U
$  S
J/ $
 ;
GL
iPHW UR LQIHULRU O
XHJR
VHPR
FDOLHQWD
VH
QW
D
VREH
U XQD\ UXHGD GH DFH
R ( $ ‡
SHU  9 !
R 0
I
  
0S /
$

PPGH
GLiPHWUR
6LFRHILF
HO
L
HQWH I
ULFF
GH
LyQ
HVWiW
L HV
FD 
¢TXp
SD
U
a VHUHT
XL
HUH SDUD JLUDU ODOODQWD 'HVSUHFLH
FRQ UHVSHFWR
ODGHIR
D
5HHP
SOD]D
QG
Rā FLRQ
GHO \
DUXHGD
XVH
( 
 *3D
a OT
TG

8QD
YDUL
OOD
GH
DFHUR
TXH
W
L
HQH XQDVHF
FLyQFRQVWDQWH \GH
  D
XQ ORQJLāPP 5H
VROXFLyQ

WXG
GH
 P
VHVXV
SHQGHYHUWLFD
O
PH QWH GH XQR H[WUHPRV
GH VXV
VRS RUWD
\ 'HE
L
GR DOD
GLODWDF
L $ PP
yQ KD\ XQ LQFUHPHQWR
UDGLD
O 



XQDFDUJD TX
GHN1
HSHQGH VX H[WUHPR
GHLQIHULRU

6LODGHQVLGDG
GHO
DFHUR (VWH
LQFUHPHQWR HV
HVIXH
FDXVD
U
]R DVt
R
GHO
HV 
NJ‡ <
P
(  
0[
1P
GHWHU
PLQ
DU
HODODUJDPL
HQWR
GH
OD
YDUL
OOD
WQDLFHF
WRQ
DSOLTX
HHO
U
HVXO
WDGR GHO
SUREOHPD
 ā !D5 
‡ GRQGH  PP
5 
(*3D
 (
5HVRO
XFLyQ
3HUR
HO
HVIXHU]R HV SURYRFDGR
1
VREHHOiUHD
U SRUODIXHU]D
DFFLyQ
GH
R FDUJ
 D
D[L 
DOSHV
R R 
SURS
L B

S/
SJ
 
/
 1 1
(
$ ( R U
UDGLR
W
HUQR
H[
U

UDGLRLQWHUQR
$ 
U

 U

 

R



ž

ž B

 


B

!
a 
  

 
 P
 
! 
PPO $V
1 

UU
U
U


&DEH UHFRUGDU
U

U 
 K 
TXH
PP DQFKR
 0DV QR
LVWH
UR]DPLHQWR
H[ OD IXHU]D GH 1
)DFFLyQ
£ L 

HV

8Q
DO
DPEUHGH
DF
HRGH
U 2
PGH
OR
QJLW
XG TXH
FXHOJD
YHUW
LFDOP
HQWH VRSRUWD
XQD
FDUJD GH 'HW

HUPLQDU
1
GUiUQ
HWU
HO
R QHF
HVDULR
GHV
SUHF
L
DQGR HOSHVR
GH
O GRQ
GH—
DODPEUH

VL
HO
HVIX
HU
]R QRGHEH
H[FH \
GHU GH 03D
HO
DO
DUJ
DPLHQWR
GHEHVH
U 
(O SDU QHFHVDULR
)[
H HV 


0 H PPHVSHVRU
 GRQGH 
LQWHULRU
PP6XSD
yQJDVH (*3

D
U

U
'H




‡
\
0—
(UWK
HO—£
(

UKH
5H
VRXFLRQ U
5HH
PSO
D]DQGR GDWRV
QGā
R
 a

GRQGH
ā$
 0

[
P
- 



 F




ā
P
P! 
>0  N1
P

 8QD
WH
GH
EDUUD
PP
DOXP
GH
VRSRUWDXQDVIXHU]DVD[LDOHVW
LQLR GHVHFFLyQ FRQVWDQ
-6N1
)/
-N1 1 3$% 
N1 3VH

N1 3HR 

N1

DSOLFDGDV HQ ORVSXQWRV

UD
W
6( *3D
RR
DFR UW

LQG
LFD
OD
ILJ
X


GHWHQUQQDUHODODUJDPLHQ
DPLHQWR
WR
WDOGHOD
EDUUD


1RKD\
TXH
M


ā RHPW RP
RVP


U 66$%

6VH
yFR



^

;



 

;  
; 

;
SDQGH R GH
HVW
HHOHPHQWR
 R[
R
[R


V

[
RP !
>
6 

PP-DFRUWDPLH
QWR
5HVROXF
Q

 NOO
ON1 
8QWXERGHDOXPLQLRHVWiXQLGRDXQDYDULOOD
GH
DFHUR\D
RWU
D
GHEURQFH VH
WDOFRPR LQGLFD
HQ
OD
ILJXUD \
VRSRUWDXQDVIXHU]DVD[LDOHV
HQ
ODV
SRVLFLRQHVVH
xDODGDV
'HWHUPLQDU HOYDORU
GH
SFRQ ODVVLJXLHQWHV
FRQGLFLRQHV
ODGHIRUPD

N1‡‡
 BO
Ba@ W
‡
3 N1
$6
FL
W
yQ
HQ
WRWDO
VLRQHV
QR
KD
KDQ
GHH[FHGHU
VREUHSDVDU
GH
PPGH
01P
QL

ODV
HQ

HO
DFHUR01-PH
 QH
O
DOXPLQLR
QL01P
 
HQHOEURQFH6HVXSRQHTXHHOFRQMXQWR HVWi
,6
Na FRQYHQ LHQW
HPHQWHDQFODGRSDUD
HYLW
DU SDQ
HO
GHR\ TXHPyGXORVORVGHHODVWLF
LGDG VRQ

N1‡ BB)BBa
>
B W
‡
3VH
 

N1 [ 01PSDUDHODFHUR[01P 
SDUDDO HO
XPLQ
LR\
[ 01 P SDUD
HO ‡
EURQFH


N1‡
 O
)
 - ‡
 3FR 


5HVRX
FLQ

3M
$a££
/a/aS-O

3
BB




N1  H
3
‡>BB
aā 
S
$%3


ā,  3aā 3HF 




; 




; 

 

;^

; 

R[

R[
a -3 33 3
M6 
 D
 PPO
DUJDPLHQWR
3
āaB



aa£
aU]££

S-
Uāa
OW
&' R
S 
3
S 3
3

5H
VROYHUSUREOHPD
HO LQW
HUFDPELDQGR
 ODV
W
XHU]DV
DSOLFDGDV
HQ
VXV
H[W
U
Hā $  &
PR
VHQ
HO
L]T
XLHUGR
OD
IXHU]D
GH 
N1\HQ
GHUHFKR
HO OD
N1GH

ƒ
 VH

ž$V 
žFR
3

 
3
?
 3
5HVRX
FI
Q 
 
[
^
[



[

[

 
[

`
[


,6
,1 
!1
 

; S

 ;
6
S

6
; S

3

N1
  (O
'H
O
EURQFHR 3
[
[ ‡ 
N1
3ERQFH 3/ [

[
R 
 PP

($ [
££ [[
 ‡
'HO
DO
XPLQ
LR R  S
[
[



PP  \
'HO
DFHUR
 R 
[
RV 
3
! S 
N1 P 
 P !\ PP

;a


DFHUR

'HORV

YD
ORUHV
RE
WHQLGRVHVFR
JHPRVHO
PHQRUSRU
O
RWDQWR

N1O ,3


'RVEDUUDV
$6\
&'TXHVHVXSR XQ
 EORTX SQVPDQFR
H GH
FRQFUH
WRGHPDVD
ā
0KD GH
VHUV XVSHQGLGRYDU
LO
O
DV
GH GRV (‡
*O
R

QHQDEVROXWD
PH QWH
UtJLGDV
HV W
iQ ( =‡
1-
P
 / P
$ -22QYQa N1 FX\RV
H[ WUHPRVLQIHULRUHVHVWiQDO
PLV
PR
DUW
L
FXODGDV $\HQ'\
HQVH SDUD

/ QYQ
QLY
HOW
DOFRPRVH
LQG
LFD HQOD
ILJXUD('Hā
*3‡
GDVHQ&PHGLDQW
H XQ URGLOOR P P WHU
PL

QDUI
DU
HODFLyQ GH ODVVHFFLRQHV
O‡P P GH
P
FRP R
LQGLFDOD
IL %
XQD
JXUD(Q P
H R O
DVYDU
LOODVGHPDQHUDTXHHO
EO
RTXHQRVH
P
YDUL
OO
DGHDFHURD\XGDDVRSRUWDU GHVQLYH
O
H
OD
FDUD
J GH
N1
'HWHU
PLQDUHO 5HVR
OXF
LyQ
GHVS OD]D
PLHQ
W
R YHUWLFD
O
GHO URGLā
OIR
VLW
XDGR &
HQ
$ 
O0 L

7
 7B
5HV
ROXFLyQ 
7

0
J !U
   0J
'&
/
IDGRGHUHFKR P OP
P
ŒFR&W 62N1
R ,)
Y 2 $  O
H
'\  R
P
77 U
0J ! F

B
0J 0
'\ N
1 P 
DFž‡,
££ 
*
ŒF2 '&
/
ODGR
L]T
XL
HUGR
B
7
/D
 
0J 0J 
 $
?

7
 2 (
‡$
 
aJ
a  $ 

 [

$DF [
$ DF

7D ?
 W6P X
O-


/D
EDUUD
UtJLGD
VX
$6MHW
DDGRVYDULOODV
YHU
!
'&/

WRGDODHVWUXFWXUD WO
FD
OHV
FRPRVHPXHVWUDHQODILJXUD
HV
W
iXX $OXPLMR
2
O)Y HQ
SRVLFLyQ
KR
UL]RQWDODQWHVaH
DSOL
FDUOD O
P
62N1
FDUJD
3
6L3 N1

GHWHUPLQH
HO
PRY© / P

$aPP

?
$\
'

\


7 
$\

U P O PLH
QWRYHUWLFDO
GH
O
DEDUUD
 $ PP

$

(‡
*3D
(‡O22*3D

R
R
‡
$\
N1 
!
7

N1 P
P
S
 
5HVROXFL
yQ '&O

%DU
UD$%

U

RW

,0

U OZOR
 4 $


a P P
P P 7
^


7 7W
!



7R
3
!7 
N1

$
W
 B-
%
U
 3
 7RR
UO
Y
2

S
-&
\

 PP R‡‡ < 
O
 [
££B

R
 
RR
[
;
‡
[
-
;
R
[
 R$

PP
ž‡‡
 ž‡F
 

W
[
 \
+

6 RR
[
R
[ 3
 @ >3 
 @
! !H
 PP 


[

[

[
 
R[R‡
[RR
[
 
RR
[R

[RR
[

>
$aO  P OaP

MW
aO

QP,
/
--a ā
ā
P
P [

3 

 S
! 
N1@
a 


P
 

P
  
8QD
YDULOOD
GH
ORQJ
L
WXG
/\
VHFF
L
yQFLUFXODU WLHQH XQ GL
 PP [

P P !
O[
PP O,< 
PP M
O
LQHD
O
PHQW
H
PLHQWR
TX
H
O
GHV
H
'
GH
SURG
XF
HQXQH[WUHPRKDVWDGHQHO
L
UiXQDIXHU]D
3
GH
WHQV
L
yQ
RWUR


'HWHUP
L
QDUHO
DO
DUJDā



OD
O
D
a
I
HQ
LJ
$<
GDV
ž
HQ
"W
UJtGDV$%
EDUUDV

F

<
PHG L
\
&'
PRVWU
XUDHVWDQDSR\DGDV
PHGt
DGDVHQ
DQWHSHUQRV $
DQWHODVYDULOODV
HUPLQHODPi[LPD
PRVW
TXH
UD
SXH

O 

‡

OOOOW

(‡*3D
IXHU]DS
P P %
5H
VROXFLyQ
S
R

GD VH
DSOLFDUVHFRPR
PXHVWUDVtHO
PRY tā
PLHQWR
YHUtFDO
W GHODVEDUUDVHVWi
OLP
L
WDGRD

BPP'HVSUHFL
HORVSHVRVGHO
RV WRGRV
PLHPEURV

S
‡
5HVROXFLyQ

'&

/
EDUUD
&'
'H
O
DU
HODF
L
yQWULiQJX
GH O
RV
O0
F 2 U
; R G 2\
7 
RH
3 !
 
7RH
3 P P \a O OR
‡ !; 
H
S
R
O
Ož
(
(
/‡
G\

$
 0$5&2
L/$
‡,26

Q[

 Q'

\
 XDV
GHDOXPL <
QLR $%\%&DUWLFXODGDVaQ$
&D6 $
'RQGH
 $  ! $ 

 RRV
YDQ
QJ
GRV
 FRPRLQGLFD
O HVWiQ
DILJXUD XQLGDVHQ%PHā
 /

R
SR
UWHV
GLDQW
HXQ


DVDGR
3 <
U VRSRUWDQ
O S
DFDUJD  Vā
N1

DV
a‡ YDQ

B

ā
 /‡P
+DV
W
LHQH 8QD
Q VHFF
LyQGH
PP \( 
 [ 0RUU
X U

5HHPSO
D]
DQGR
WPOā
Q D
UO
DVG HIR
UPDFLRQHV
W
RWDOHV GH <
FDGD
H XQD
GH
HU ā %& ‡
GHVSOD
]D PLHQ
WRKRUL]RQWD
O\YHUW
 LFDOG
HO
SXQWR RQVL
GpUH
VH  \
;ƒ ž
‡

£WR
  3-
G 3
 U
VQ(
/W 
! H
\
Q(
' \ā \
 /G
/R
5HV
ROXFLyQ

'
&/

 UOS
O
J@ %$
3
LW
-
OR
(O
 !  3
/R /

W
LW(2
££ 3/
Q(
2G ,)
+ 2

%$FRVž 2
%&FRVž 
%

8QD
YDULOOD
GHO
JDG
D GH
L \V
WXG
ORQJ
/ HFFLyQ
U
HFWD FRQVWDQWH
HQ
XQ
$ VLWXDGR >
%& %$
-
SO
DQRKRUL]RQ
W
DOH[SHUL
PHQ
WDXQD
U
RWDF
LyQ DOUHGHGRU GHXQHMHYHUWLFDOTXH
SDVD
SRU
XQRGH
VXVH[WUHPR
V
/ODPDQ
GRUDODGHQVLGDG
 āa
DODYHORFLGDG
\ XO
DU DQJ
3
N1 %&
GH
PR VWU
DUTX
HHODOD
U
JDPLH
QWRWD
WR
O
GHOD
YDU
LOO
DYL
HQHSO
SRU
/

(
Y 2
) 
5HVROXF
L
yQ %$
VHQ

%&

VHQž  3
Z
) PD$ %$


%$

 S
   ,%$ 3
, $ ,%& 3
,
‡
)
$G
[
SZa ;

)$
 S
UR
‡ 
[
G[
,‡
;
'HV
SOD]
DPL
HQW
R GH
%
$

££-

)
 [

G[
($

ā
ā
yHF
žH$
U
 ‡‡

V


$UR

S
[G[
‡
‡
a D$ 

[ 
R
,



[
[[


 ($ ;

££
B O
B(
-
P [
G
(R [
( 
SO
2 U
[ @
 $


; P

OT

TG

R
 
O


%$
VHQ

ž

%&
VHQ
ž3

££B R
[R

[

P
VH

[R
‡[RR
[

D$
a

VF
L3 
£

VFƒ
! 
%&3!
%&

3
OOHF
 O

[
R
P
%$ 3
Ï\ P Q

R
[ 

 !y%$[

P
yY GHF
 VHF
žV
WDQ
ž D
O
DUJDP
L
HQWR
Q yO$

RR[‡
[[

yY
R 

HF 
y  R
R[


 !OOHF



[
P DFRUWDPLHQWR
ÏHF
[[
[
Ï%$
 
23  
'HVS
OD]DPL
HQWRGH%



y

6HF
ž
$

 y
 [ 

D

V %

23 -VI
££

\
P

ā
a
DI
\HQ
R 
  
ž‡
 Ï%$
  y%$
! \
Ï 

OO 


'HOOO\O
 ž
Y P
Q

M 
y
 M
 PP O 
y\PP
žYRHF
 V
 
a4
VVZ
ža—
aā 
—y
GRQGH
Ï
Ï\ H$


 O
YHUHOSUREOHPDVL
5HVR O DFHUR

GH 
DYDULOOD$%HVGH
(  [

01P
‡
D ž\
D 

žVLQPRGLILFD
U
O
RVGHPiV
GDWRV

5HVRXFOQ
 Vž‡‡


\  


'&
/
'H


\
$
‡ O)
+ 2 7H
QHP
RV
ž
%$FRV
%&FRV
ž

%$ J
 %&
Rž
āa!
R
 
PPD
O
DUJD
PL
HQW
R

>
ž‡
 - DFRUWDPLHQWR
PP
 

8Q
DEDUUD GHVHFFLyQ
FL 2
UFXODU TXH YDULD OLQHDOPHQWH
HQ
XQ GHVGH XQGLiPHWUR
H[WU
HPR KDVWD RWUR HO
RPHQRU
SXHVWR
VHG
VXVSHQGH
HQ VX
YHUWLFDOPHQW
H GH RRQ
GH
H[WUHPR
PiVDQFKR
6L
ODGHQVLGDG
PDWHU
L
DO S

GHO
HV
GHWHUPLQDU
DODUJD
PL
HQ
HO 9 9
FRQR
\9FRQR[
WR
PL
GHELG
R DVX
SURSLR
SHVR
$SOLFDU HO UHVXOWDGR
HQWR GH XQVyOLGR
FyQ
L
FD VXVSHQGLGR
GHIRUPD
GH
O
DO
DUJ
D
DODGHWHUPLQDFLyQ
 GHVX EDVH 9  $
\
 M M
W [
VI

5HVROXFOQ
a
R >
ā
 'G WL
@B G/
R 9 Q
< / < 
'
G
‡
‡
‡=

$ 
‡ $
/  a

S
/
\
‡ ‡
‡Z

‡ ‡
‡

; aHQ

D

'H
O
DUO
H
DFLyQ 

[
[/ !
G['
 !
/[' !
[G G/ [  G
/ 3HUR

G
' 'G

= G!
\[
= aa \'G
GO !=  /
R 5-
 [O
>BFI/\
@
FW\
( \'G
;


‡£‡/@6! /
@
$
ā
$
&RUWH
‡O
R H-Ë<FI/ FI/

XX
*

#
)
aZ
B
$]
(W



\
2G
(
SJ>
[/
[

'

G [
 [/

$ 6a
 >
GO

/ -
FI/
‡ :‡ (
' 
G 'G'
‡ ‡ \
‡ ‡
;
 ‡
‡

‡ ‡

‡‡

 ‡ ££
S
J/ 2
 GB
SJ/
FI
(
'G (''G

Rā$
\ ] āJā9
S O D


SURE
OHPDV
WUDWLYRV
LOXV


 LWL:



8Q
FLOLQG
UR
PDFL
]RGH
GL
iPHWUR GVRSRUWD
FD
UD
J D[LDO
3
XQD
'HPRVWUDU
TX
HD
O
YDULDFLyQ
GL
iPHW
UR
HQVX
HV
3Y
Q(G
 Ha>

R
X
R

R\
O

5HVROXFL
yQ  RR[
R1 
 03D

R

[[

P
S R
 
FRPS
UHVLy
Q
[
1 
03D
Y R[RR[
  P

;
\

 B [
R‡
1 
 03D
  H
 ! V R
 
[ 

R
[[
W
R
P

 H
($
H( FU
- X 3
! 

3H
UR H
R[

[
[

S ] ! 
3 
N1
R\(\ā
G
‡ 

££ 3G
? !££
> 3 
X
< UF(G
 < Q(G 
XQ
WDP
ERU
FLO
tQGUL
FR DFH
GH
U
RFRQV
W
UXLGR
SO
DFD
GH
VR
O
aiDGD 2aP
GHa 
aaa
āGLiP
HW
URL
QWHU
L
RUGH

 &D
P
OFXODU
HO
DXPHQWR
GHOGBL a-2
PHWURDD
XQD
SUHVLyQ
L
QWHU
LRU GH
03D
6XSRQJD
TXH ODUH
ODFL
yQ 3R
GH
VVRQ
 <

HV
8Q
EO
RTXH
UHF
W
DQJXODUDO
XPLQLR
GH WLHQH
ORQJL
PPGH
W
XG VHJ~Q
O
DGLUHF
FLyQ ( 
*3D
;PP GH DQFKR GLUHFF
L
yQ \PP
<
VHJ~Q OD GHJUXHVR =
LyQ HQODGLUHFF
(VWi VRPHWLGR DWUHVIXHU]DV
WUHV
GLU
HFFLRQHVVHJ~Q
8QDIXHU]D
XQL
ā 5HVROXF
LyQ $
GHWHQVLyQ L]R
PPP
+‡
‡,
IR
UPHPHQWH
GL
VWUL
EXLGD
GH

N1 \
HQ ODGLUHFFLyQ
IXHU]DV
FRPS
;
UHV
GH
Ly
Q
FH
āā
‡
 ā




XQtIRUPHPHQWH
GL
VWULEX
L
GDV\ N1O
DV
VHJ~Q
GLU <\=
UH
HFFLRQHV Vā

ā
SHFWLYDPHQW
H6L \
X  ( 
*3DGH
W
HUPLQDU TXpFDUJD
XQLIR
U
PHPHQWH
WRWDO
‡

āā
‡
GLVWULEX
L
GD O
=
HQ
GLUHFFLyQ
TXH
O
DV
FDU
;
DGLUHFFL
yQ
JDV
SURGXF
GDGDV

L
Ut
DO
DPL
VPD GHIRUPDFLyQ
HQ
O
DWUDQVYHUVDO
 ā







/Y 3 N1 WHQVLyQ ) 

;





;
 !)

N
1

3< 
 N1FRPSUHVL
yQ
3 N1FRPSUHV
Ly
Q
PP 



X 
DXUUXUXR
R 
V[

/
O


PP
( [
3D
W X
‡
B
( ! 
H RR[



W

 4
;
,‡‡,
PP
2 WO  
H 
āG R 
 [

[


PP 
[


PP 
R

PP
 0FR/WZV

8QWXERGHDFHUR
PPGH
GL
iP \
HWUR
GH
PPGH
HVSHVRU
H
QFD£D
SHUIH
FWDPH££
2W
5(6-67(,&,$
,0‡(5:(6

a

\
WH
VLQKROJXUD
RULI
L
FLR
DEVROXWDPHQWH
HQXQ Ut JLGRH
LQ
GH
IRUPDEOH
'HWHU
PLQDU
H£ 2\
H  
[
 !
W

9 W
 
a
;
HVIXHU]R
FLUFXQIHUHQFLD
O
HQ
HO
WXERFXDQGR
OH
DSOL
FDVH
XQDIXHU]D FRUQ
D[LDO GH (

 !; ;
D
SUHVLyQN1

GH
(O
FRHILFL
 Y
HQWH 
\
(  [
1IP'HVS
UHFLDU
OD
SRVLELOLGDGHQO
DV
GHSDQGHR
SDUHGHV GHOWXER U[XUY
D 
;  
?
( ! OR
 3D
5HVROXFLyQ
a B 3'
YO
 XQ
W
 
XERGHDOXPLQLRGH
PPGH
ODUJR

FHUUDGR
H[WUHPRV
HQVXV

WLHQHPP
 āG
H \
GLiPHWUR
XQD SDUHG GHPPGH
HVSHVRU
6L
HOWXERFDEH MXVWDPH
GRV
SDU
HGHV
ULJGDV
FRQ
SUHV
LyQLQWHUQDQXOD

GHWHUPLQH ORVHVIXHU]RV
R[

D  !R

 
 N3D \
WQD
JHQFLDO
XQD
SDUD
SUHV
L
yQ LQWHUQD


01I
GH Xa
\
P6XSRQJD
; LW
(  [1P

žYS

R 5HVRXF
tQ
'HO
SU
REOHPDDQWHULRU
(
2\ 82[
 X3
W
T

 XWG
žY



 [

 !ž
Y   N3D

‡
!

;

[
O
! ž
H
 
 N3D
TB
[


[[

I


[

[




!
T


1I
P

T

 01IP

TG [

8QWXERGHEURQFHGHPPGHORQJLWXGFHUUDGR

PP  
a ! [ ā 
HQVXVH[WUHPRV R


WLHQH
01-P
\
GH GLiPHWUR
 PP GH HVSHVRU 6H LQWURGXFH
RUL
IL GH VLQ KROJXUD HQ XQ
FLR
PP GH GLiPHWUR UHDOL]DGR UtJ
HQ
LGR
LXQ
QG
H
HORU
PDā
EORTXH DEVROXWDPHQWH
ā

SURE
O
HPDV L
OXVWUDWLYRV

\
EOH
VH VRPHWH SUHV
DXQD
L
yQ LQWHULRU
01IP&RQ
 GH
O
RV X
YDORUHV \
a
( 
[
01IP HQHOWXER
GHWHUPLQDUFLUFXQIHUHQFLD
HOHVIXHU]R
O \
8QDEDUUDGHDFHURGHPPGHGLiPHWUR
PGHORQJLWXG VH HQYX
FDVFDUyQ GHKLHUUR HVSHVRU
IXQGLGR

&DOFXODU
GH PPGH
ODIXHU]D G
5HVROXFLyQ VL
yQTXHHV
SUHF
LVR
DSOLFDUSDUD SURGXFLU PPHQODORQJLW
XQDFRUWDPLHQWR
P
GHGHODEDUUDFRPSXHVWD
HODFHUR

( [
 
3DUD
1I P
\SDUD HOKLHU
U

YU
`
F  
?
(
IXQGLGR
( 
 [
1IP

5HVROX
FLyQ
) 
'3 S
 DFHUR
KLHQR
) 
QRR
[
 1I
P
[ 
 !)


N1
6PP
R
3O

!
;
 
!2\

 ;
a
‡
‡ /‡P
<($ ‡
[[ R
QR



‡

 ā
aaā
ā ÂÂ
ā
āā
R 
H/!I\


 
; ‡!R 
[
 
1IP

\
 5(6,67(1&,$
'(
,07(5,$86

ML
622-&,211OO

/DIXHU]D3GH
FR
PSUHV
L
yQVHU
i
OD
VXPD
GH
O
DV
IXHU]DV
VR
SRUWD
TXH
 ‡
DFHUR
HO
WXERGH
\ KLHUU
R HQXFOHR
GH
3 3
3
 K

3
 IXHU]DTXH
 VRSRUW
D
HO
Q~FO
HRGH
DFHUR (VWR
TXLHUHGHFLUTXH
HO
SULPH
U
RTX
H
OOHJ
D
D
VX
HVI
XHU]R
DGPLVLE
OH
HV
HO
FRQF
UH
3
K
IXHU]D TXHVRSRUWD HOWXER GHKLHUUR W
R
3RUOR
TXH
&RPR DPERV
WL
HQHQ XQD FRPSUHVLyQ
PPDVt ££
ā££ GH
  
PP 
R
3RUOR
W
DQWR

 ā‡K   P
 !
 aR

 [

3D


££
B 3
‡
/B 3
P
(QOD
HFXDFLyQ


H( $
   
2
 P
Dā D RR[
1P
 £
 

 $;

 
[ ^$
$
;
; 


;

!
3 

N1 
 GRQGH
W W
$ 
 
[
 
 


P
6L3
/
B 3

P  
( $

   


P $
; 
;


 $ ;
  
;
[
 K 1
 P




$
 OR

[ P 
$ PP 
 
!
3K N1


$Vt


3
 
`
N 
1 N1
3
N1 M 

8QD FROXPQD GH
PDGHUD
GH
VHFFL
yQ  [  UHIXHU]D
PP
PHGLDQ
VH
WH
SO
D
F DV
G H
DFHUR GH GHDQFKR
PP
HVSHVR
\ W
UHQ VXVFXDWUR
FD
UDV
ODWHUDOHV

8QDFROXPQD
FRQFUH
WR
DUPDGR
GH GH
PPGHGLiPHWUR
VHGLVHxDSDUD
VRSRU
ā 'HWH UPLQDUHO
HVSHVRUO
DVSODFDV
GH GHPDQHUD
HO
FRQMXQWR
TXH
VRSRUWDU
SXHGD
W
DU
XQD
IXH
U
]D
D[LDO
GH FRPSUHVLyQ N1
6L
H
GH
O
HVIXHU]R
 H HO
DGPLVLEOH
Q XQD FDU
JD D[LDO GHN1
VLQVHTXH
H[FHGDQ ORVHVIXHU]RV
DGPL
VLEOHV
GH
FRQFUHWR
03D<
HVGH
HQ
HO
DFHURGH

03D
GHW
HUPLQDU
OD UHIXHU
VHFFLyQ 
GH
]RGH
DFHUR TXHVH (F
QHFHVLWDUi
 \
*3D 
(*3D  01PHQO
DPDGHUD 01 \GH

P
HQ
HODFHUR
 /RV
PyGX
O
RV
HO
iVWLFRV
VRQ
5HVROXFLy
Q (P  
;01P \
H;
01P
3 
N1
(TXLOLEULR \HQHOHMH 5HVRO XFLyQ 3 
N1

/
/
33F 3 R DYH
$a
a S (TX LOLE
U
LR
H Q
HO <
HMH 33
P D 
 3
\
‡

F
YF y
a 
FU 
P $ž
‡
 3  


R
$FU
$$
R 
F3 


&R
PSD
W
LELOLGDGGH
GHIRUPDF
LRQHV 
 OL
P ž‡
‡;
&RPSDWLELOLGDG
GH ££


GHIRUPDFLRQHV ž
H R
[
2P B 2D

‡

[
‡

/ S
3D /
H ž
‡ 2F
ž
‡
R FU
 P 

$D(D $H
(F !(D (V
Â R 6L
 
 R  
GP
[3D


[
‡ 
[R‡!ž
‡
FU

 ‡
R‡‡
! 
 !2P [
3D
HPā
'H
OD 
HFXDFLyQ FXDQGR
 
D
GP

ž
‡ 
ž
‡FU


 [ 3D


FU
F RR]
RGP


[
[
6
3D R [
P  26
 3D
 5(
66UI
,&,$
'( 6DO-'2
L$$-2
0$U(5OO=6
‡


(Q

FRQ
$P 

[W
Ra
P
D

(TX
OOLEQ2
HQ
HO
H£H
<

;a
; RV
; $;
‡ 
;Yā
[
 3FX
3 0

$D
 
;a
,--,
$
!W O $
RWD 
P $

PP

$FXž
FX
$R 
0
$
2WDO



 
;
ā
; P

; 
; 

a
; P
; 

; 0
!


  W
PP   
 PP 
,0[ 
NJ

L
UD
8Q
EO
RTXH
HQ
QGLF
DO
DI
FRPS
WUHV
YDUL
LJXU
O
OO
D
HWDPHQW 
DV VLWXDGD
aa
/DVYDULOOD
GPDVD
aa
G PLVPRSO
0
DQ
VH
DSR
R

FRPR
(Q
SUREO
SDUD
TXH
H
O
HO
PD ¢TXp
DVW
U
YDU
LDFLyQ KDGHWHQHUOD
O
RQJLW
XG GH
HVYDULOODV WUDEDMHQ
O
D
DGPLV
YDU
LOOD GHDFHUR
DVXPi[LPR
L
EO
H" HVIX
0
FLyQ GH
PP (
B VHFREUH WLHQHQ XQDVHF

<
U
GH 
03D /DYaULOO
Ga2D*3D HVI
XHU]RDGPLV
LEOH 5HVROXFLyQ

PP(  FHUR WLHQHVH FFLy
QGH
XQD
HRLQ


03D &DOFXODU
HaP3iD<
 HOHVIXHU]R DGPLVLEOH
[LPR YDORU 0 GH

PP HV £


‡

‡
5HVR
OXFLyQ
tOa
aā




 0




 
 




U
  
 

 


&RPS
DWLE
LOL
GDG G
GH

ž‡
HIRUPDFLyQ


&X
/ $ &X $F
HURRR
` y R
R
&REU ž
HY
H ££
 ‡HY
 
!V


ž

/ a OH

ž 
ā /a2 P
&RPSD
W
LELOLGDG
GHIRUPDF
GH
Ly
Q ( L

 ‡


‡
&X

R/ 
 F
XOFX
(D(F
X OO
[
[


[
[
 a
[ 
[
 

a
D
[
žP
‡[


P
RR
[R3D

R
[R
‡3D


/RV
H[WUHPRV
LQIH
U
LRU
HV GH EDUUDV
ODV I L
JXUD
GH OD HVWiQ
H
ā DG 
2FX
 R‡  HQHO
PLVPR QLYHO
DQ WHVGH
FR
O
JDU GHHOODVXQEORTXH
V
M UtJL


 H
 GR
GHPDVD
0J/DVEDUUDV W
L
HQHQ
GHDFHUR
VHF
XQD
 (

ā
R P
āR
‡  [
 3D
HQO

FL
yQ
GH PP\
 ( 

*1P/D
EDU M
a
UD GH EURQFH
‡
M

žFX
[
[

3D[
 
S  
!FX
D
OOHQ
QD
H
U
XQDVHFFLyQ
HO
HVIXHU]R
ODVW
PP
UHV
( 
\
GH

HQEDUUDV
*1OP'H
WHUPL
ā
‡ ‡

 žFX D

[‡
3D
 ! 



5HVROXF
LyQ

5HVRXFQ

$OXPLQ
LR
EDUUD
$
%URQFH
^ 
P
OR
‡ $FHUR
EDUUD%




 



$

2P /R
‡

P ( 3 ‡
1



PP
 $ (

0‡6
0J
‡ 671  
R

‡ E
 


D E $ $D $$
/ /D /$
&RPSDW
LEL
OLGDG
GHIRUPDF
GH
L
yQ££E
 ££
 ž‡ Š Š Š

FU
 /
/FU FU
[
B
FU
[
  ā

! !
(a 
[ H
 [‡
(TXLOLEUL
R 
HQHOHMH<3È
3H3
!FUE
FU
 



$$ 
FU$  !
$DFUH
S 
;
; 
RFU$

-FUH
; 
;





(TXLOLEU
L
R < 
HQHOHMH
3SE
0

&RPSDW
LE
LO
LGDG
GHIRU
GH
PDF
LRQHV
‡
$
; ‡

FUE
$0  
FU R
$ FU
D

D
 0
$ 
D

EU  %DUUD
 RH
/
$$ $


; ;R
 
P


; 
; 
P

 ;
; NJ
 ($
! B 2
 H

2VO

ž
R

 03D FU$   



[‡

RR
[‡

(Q

 
FUE

03DM
'H
 \


/D
SO
DWD
I
RUPD
U
tJL GH
GDODILJXUDWLHQHXQDPDVD ' OFU
$ 
 
3[
DM!
 

3D
[
M
GHVSUHFtDEO
H<RHVFDQVD VREUHEDUU
DV GHGRV
DO XPLQLR
FDGDXQDGH ORQJLWXG
 PPGH
aDEDUUDFHQWUDO U
R\
WLHQH
HVGHDFH
ORQJL
XQD
  E7UHV
DUU
DVGH DFHUR GH VHFFLRQHV [PPLJXDOHV

KDQXQL
GH
U
VHGH 
XG
GH 
 PP&DO
FXOH HOHVIXHU]R a HQ OD


ED UUDDFHGHU
RXQDYH]
TXH ODFDUJD (
S FHQWUDO
a āaM PHGLDQWH
SDVDGRUHVUtJLGRV
GH
PPGH
GL
iPHWUR TXH
O
DVDWUDYHVDUiQ
SRU
XQRV
  RU
LILFL
RVUHDO
L]DGRV O
RV
HQ
H[WU
HPRV GHODV
EDUUDV

/DGLVWDQFLD
HQW
UHFHQWURV GH
aa aN1VH KD\DDSO
L
FDGR&DGD EDUUD GH
PQ
WLHQHXQ
iU \
HDGHPP
XQ
PyGX RULIL
FLRV HV
2PHQ
GH ODV GRV EDUUDVH[W
HU
LRU
HV
SODWHUDOHV
HUR


HV
PP R
R ( 
GH
*3D /D
E  PiV FRUWDO
DEDUUDFHQWUDO
HQ 'HWHUPL
QDU
HOHVIXHU]R
FRUWDQ
W
HHQORVSDVDGRU
iUHDG   DUUD GH WL
HQH
DFHUR XQ
H PP <XQPyGXOR *3D
(GH
 GHVSHFLDQGR
U GHIRU
PDFLyQ
ODO
RFDO
HQO
RV
RULILFLRV

 ‡
5(6,6,(1&-$'( 62O
,-&,2OO$5.
0$7(0,(6


5HVROXFLyQ

/ 
P FRPR
 LQGLF
D ODILJXUD WUHV DODPEUHV PPGH
VHF GH DFHUR
FLyQ
FDGD XQRVRSRUWDQFDU
JD
GH
PDVD
XQD
0/DV
ORQJ
LWXGHV
L
QL
R

FLDOH
V
GH ORV DODPEUHV
VRQ

P P 

\ P D
$ ¢&XiO
HVHVIXHU]R
HO HQ HODODPEUH
PiV
ODUJR
VL 
0  NJ"
‡  ‡‡ E
6L
0 
NJG
 HWHUPLQDU
HO
HVIXHU]R
HO
DO
DPEUH
HQ FRUWR
PiV



‡
%
‡ ‡ $ PP
(PSOHH
(  
*1P 

 H
‡

‡
‡‡
 5HVROXFLyQ

V
ž‡ ,
‡‡
,
PP
S
 ( [
3D

O
O
‡‡ 

  
ILQ

 / /OR a
‡
££
‡‡ 
Y
B



‡

‡‡
 ‡ ‡‡



‡ ‡‡ ‡ āāāāāā
āā
ā
āāā -
‡‡
a 

‡
S‡ 
0
OLEULR<
(TX
L   !
HQHOHMH
3
$ S

a

  


$ $
&RPSDWLE
LOL
GDGGH
GH
I
RUPDFLRQHV
(TXLOL
EU
LR
HQ
HO <
H£H3
3
3 
 0

/
'HO ££$
JUiILFR
  ££
 ! / /
 D$
R


( ( &RP
R 3/
y
  ! 
!0 
'H
 \
  ($ ($

VV
2$ 

 3D!

;
(
y &R
PSDWLELOLGDG
GHIRUPDF
LRQHV
GH

O 2D  


[

3D
/ 6
 
a/
 


$ [

PP
 ! 
a

a 


3$ R$$ !
3$ N1

R
0/




/ 
/
/
/

$UHD
GHO
RUL
ILFLR $ Q
R ' 'H

 \

£
 £ ($ 



 

'  $R 
P
P  0 
3DUD  
NJ[

1
1

 3$ 
 UB 

[
1 [
1[ P B
[O2
6[
 R

$R
[

P
 
 
W 03a
 ££

BR
R[‡1P O
[
[ 
aP



[
P 
PP
 0),&2
-1RV ‡WL
5HHPSOD]DQGRHQODV
HF  \
XDFLRQHV


5HVROXFLyQ

 
££ 
PP


PP
!2 P P
(
&RPR
R £/
£  R
!  

03DM

M
R 
 03D
$FHUR
‡

$OWPOQRR 





 

R 
 
03D
‡ 7

W 
££
ā 

 ‡
£££££££LL

 
 3DUD
0 NJ
 
 1 $QOD
V
O GH
ILMDU 

 ILMDGR OOOa
OQDO
(QO
D
HFX
DFL
yQ


 
 

[R
 P
'H


3HU
RHVW
H
YDORUHV
LQFRKHUHQWH/RTXH
U
HDO
PHQWHVXFHGHHVTXHHOFDEOH


QRVH
GHI
RUP
D R
2




  

  aaaa
aa
=
P aW
‡ž
,

‡

ža






ā
£
ā  
P
££



ž
OI!ž
 W  3HUR

££ !
a££$- aa

B 


'HO
JUiI
LF H
R O
/

G 


 


3RU
HTXLOL
EUL
R 3
3

0
‡
RH
P
£B
B


 P
0 0/
R
ž $
  V
! R ($ 
 $GHPiV

R

&R
Q
a
/
ƒ

; P
0

1

6H UH \
VXHOYHQ


    
 
PP! 
R
OO
(,/

[

3DM
OL
 

P
P MR
!  L
(/

[
3D
M


(O
FRUXXQWRGHODILJXUD
FRQVLVWHGHXQDEDUUD
U
t
JL
GD$% 
GHPDVD
GHVSUHFLDE
O
H
DUWL
FXODGDHQ2
PHG
\
GH
L
DFHUR 
\
DQWHXQSHUUR
O
LM
(QOD
DDODV
FRQI
LJXUDF
L
YDU
yQ
L
OODVGH
DO
XPLQ
PRVWUDGDOD
ED
L
R aaaPW 
$
a=aP


!*2

D ! 

 
$D $


UU
D$(HVWiHQSRVLFLyQ
KRUL]RQOD\
OKD\XQFO
DUR 1

 aā
R $D

UUZQ &RQ  
 [L
P ‡
 PP
 HQWUHODSXQWD
L GH $FHWyD`
QIHULRUGHODYDULOOD
(‡*3D (‡*3D $[RP
( [
3D
DO
XPLQL
]R
\
R
HQOD
VX
YDULO
O
DUWLFXODF
D
L
yQHQ
'
&D OFXOHHO
GHDFHURFXDQGROD
SXQWD
HVWXH
LQI
HU
U

LR
O‡
U F$‡
6P
PP $$, 
[

P
($-[
3D
KU
GH
O
DYDULOOD
GHDOXPL
QLRVH
DUWL
FXO
DHQHO
DSR\R'
VH
UH
VXH
O
YHQ


ž
\‡
 
03D!  03DM
-R$,

OLM
,
5W66OIIO&,$
'(
 6
W-&-21$5
(5,$86


‡

8QD YDULOOD KRPRJpQHD GH VHFFLyQ FRQV
WDQWH VH HPSRWUD HQ
VR
VXVH[WUHPRV HQ
(TXLOLEULR
 
5 
HVHOHMH
53 ; 



\

'H

SRUWHV LQGHIRUPDEOHV 6RSRUWD XQD FDUJD
D[LDO 3 DSOLFDGD ILJXUD
FRPR
 LQGLFD OD 5 3E
£"
/
'HPRVWUDU TXH ODVGD
GDV
SRU
5
UHDFFLRQHV

 2EVpUYHVH
3E/\
53DO


‡‡ U
‡

YLHQHQ
 

8QDEDUUDKRPRJpQHD FRQV
 GHVHFFLyQ
O
TXH HVWDV UHDFFLRQHV VRQ DQiORJDV D ODVWD QW 
H LJXDO PPD
VH HPSRWUD HQ
GH XQDYLJD VLPSOHPHQWH DSR\DGD FRQ XQD VXV H[WUHPRVUtJ HQ
L
GRV
VRSRUWHV
6H
$ S & 3
2
FDUJD FRQFHQWUDGD WUDQVYHUVDO DSOLFDGD HQ VRPHWH D DFFLyQ
OD
GHODV IXHU]DV
HOPLVPR SXQWR D[LDOHV
3  N1
  \ 
3 N1

DSOLFD 
GDVFRPR
L
QGLFD ODILJXUD'HWHUPLQDU
P 
P 
P
HO
5HVROXF
LyQ
 HVI %&
XHU]RHQHOVHJPHQWR
,QGLFDFLyQ

DSURYHFKDU
HOUHVXOWDGR GHO SUREOHPD
D 
 ‡ E  DQWHULRU
HPS O
HDU
\ HOPpWRGR
VXSH
U
 GH

/
‡ SRVLFLyQ
‡


-
$ ^
‡3 5H VROXFLyQ

;
 

V 4 ^


‡
5
 5
 5
 5

B(
R B(

,āā5
 I‡
$
£a ‡3
5
L  3 3 
3 U
 %

‡‡ 








3a

75$02

-
75$02

‡‡



  



E O!L

'H
 'HO
SUREOHPD DQWHULRU

B3/

5a 
3
E 5E3
/
 D/

O
$  
5a3
5a3D
/ /

 
($
5 
75$0
  


3 

5
D 
($
 3RU
O
RTXH


5‡
$‡ 
5!

53LE
3E 

$
75$02
 5£
S ££
5E /
 
($ 




5HHPSOD]DQGR YDORUHV
$
55

 !

  

 5a
aāaaBaa
aaaaN1BM
āBB‡
3HF
E D


5
 N1
 ‡


(QHO
SUREOHPD
DQWHULRU

¢TXp IXHU]D
LPD 3SXHGH
Pi[
DSOL
FDUVHTXHVLQ
VH VR
3HFN
1 5$ !3HF
 N1
EUHSDVHQ
O
RVHVIXHU]RV
DGPL
VL \GH

EOHV GH03DHQHO
DOXPLQ
L
R 03 D HQ
HO
$ 
 PP!
 
žHF
3


OR 
HF
 03DO DFHUR" ¢6HSXHGH
DSOLFD
U
XQDIXHU]DPD\RU
VL
VHPRGLILFD GHO
ODORQJLWX
D
YDU
LOOD
GHDOXPLQLR SHUPDQHFLHQGR FRQVWDQWHDILUPDW
L
YRGHWHUPLā
ODGHD
QDU
ODQXHYD ORQJLWXG
DTXHOOD
 GH

/D
EDU
U
DUHSUHVHQ
WDGDHQODILJXUDHVWi
IL
UPHPHQ
a QZ
 
PP 5HVROXFLyQ

W
HHPSRW
U
DGD HQH[W
UVXV
HPRV 'HWHUPLQDU ORV
O
)XHU]D
Pi[LPD 3
HVIXHU]RV HQ O
F
FDGD
XDQGR PDWHULD
VH
O
DDSOLFD
IXHU]D
D[L
DO
3
 N1 $O
XPLQLR
$O$FHUR
^D /DV
GHIRU
PDFLR
QHV VH PDQWLHQHQ
LJXD
O
HV
y$,
!D
( *3D ( *3
D
$ PP

$ PP

5HVROXFLyQ
 




aaā
a

E
B
a a
(Q
FXDQGR

R$ FI

ā

03D


  ā
£

 UP 03D

!Ra
$OXPLQLR
 ‡
$O $FHUR
D
>

</ (VWR
TXLHUH
GHF
L
UTXH
HO
SLP
UHURD
TXH
O i R
FDQ]D
U FP
HO VH
UD HO
DFHUR
a
; ā R$,

ž‡
 
 !
R

R$,
 03D

aO  

03D

5
‡
` B āBS 5
LO
 
$GHPiV

5
 3! 5 5 3
5
$$$$
$
$$,

&R
PSD
W
LELOLGDG
GH
GHI
RUPDF
L
yQG$,
GG
 

5HHPS
O
D]DQGR
YD
O
RUHV3
 
 

N1
$E !
5D 5
[
P B 5
[P
LL
)XHU]D
PD\RU

YDULDQGR
D

($,
$$, (
$ ;

3D
 
R

R[
3D





$ 


5 



(TXLOLEU
L [5
R HQHOHMH
$

S 




'H \


5  N1  5
 


N1

R R 
03D


‡
S ‡
VHU
iPi
[LPR
FXDQGR
 ‡
 ‡


 5
$

‡ !
M
R 

03D

^
  R


 03D
 5(
6,67(1&,$
'( 62O,-&-21$5,2
0$OO5,$/(6
‡

5HHPSOD]DQ 
GR HQ ,3
 N1 3HU
R

(VWR
RFXUU
HFXD
QGRD


 03D[

03D
[
;
 
 [ āOD
RVR P
-
S Ëaā
),  ML
āH! 3

5 3
‡


a- MāL
YDU
8QD
LOOD
HVW
iI
RUPD GDGHWUHVSDUWHVGLVWLQ
WDV

FRP
]DV
D[LD
R
OH
LQ
GLF
V
D
3 
OD
I

L
JXUD
N1

\
3
N1
'HWH
U


PL
PPMB
\VRSRUWDXQDVIXHU
 
PP
PP‡

3L H! I?H

5 3
3
 3
QDUORV
HVIX
HU]RV
HQFDGDPDWHU
L
DOVLORVH[ 
W
UHPRV
HVW
iQ
ILU
PH %URQFH
0-POQ
PHQWHHPSRWUDGRVHQXQRV OR $FHUR
PXURVUtJL
GRVH
L
QGHIRUPDEO
HV  UPI
$   QYQ
$  $ 
PP

( *3D ( ( *3D
*
3D
5HVROXFQ

,‡   

/D /DF /HR

 5H
HPS
OD]DQGRHQ
>
5

33

@/$%
5
 3
/HF

5/FR 

,$ ā



O
)? 
@
H >R 2UGHQDQGR
(D$$
D (HF$DF (FR
$FR

‡
££ 



OU


I 
 ‡
O
%
H  R
3DUDHVWHSUREOHPD
 2

‡
5‡O
$ ), O ‡
ž, 5
$O
UHHPSOD]D
U
YDOR

$GHPiV
U
HV

5 
VH
 WLHQH

5 3
 5 


 N1

3 !5 

 N
1

'H
V
 H
RE
VH1D 3
! $%5

3

3


 N1
&RPSUHV
L
yQ
 
££$6  3DF 3
5 
N1 7
U
DFFLyQ
R
F 
 3
FR 
$
N1 7UDFFLyQ

FR
 'L
YLG
LHQGRDFDGDIXHU]DSRUVX
UHV
SHFWLYDiUHD

V 
$6HF

žFR 


O
D$%  &RPS
03DM U
HVLyQ


I
DF

 M
 03D ^7UDFF
L
yQ

O
DFR




03DM^7UDFFLyQ
(O
0,&2
/XP ā

5HVRO
YHU
HO
SUREOH
PD
DQWHULRUVLWRVPXURV
FHGHQ

VHSD
U
iQGRVH 
 PP
DO
DSOLFDUODVIXHU]DVGD 

 

GD
V 3
B 1-,02 
$‡ UUP
 $
  Pa
=22 $ 

OW
Q£-
(
 *O

(
‡

*3D(‡
O2
*3£
5HVROXFOQ
5HHP
SOD]DQGRHQOD
HFXDF
LyQ

GH
O  
SUREOHPDDQWHULRU
5  N1 SO


H (D
(S
($,




[


03D
3H 


03DO

5
&2025 
 3

S ! 
5 

N1
FRPSUHVLyQ $GHPiV

7DP
ELpQ
3 
$53
3


N1 &RPSUHV
LyQ
3HF 53  
N1 7
U
DFFLyQ
3
FR5  N1
  7UDFFLyQ
R
R$%

 03D
M O
RHF

03DMO
RF

03DM
OWWWOWIWO
32 SUR\HFWD
SUHVLyQGD

8Q
WXERGHDFHURGH

PPGH
HVSHVR
U
DMXV
W
DH[DFWDPHQ
W
HGHQ
W
URGH
RWU
RGH
DOXPLQLR
GHOPLVPR
HVSHVR
U
6LHO
GLi
PHWURGH
FRQW
DFW PPRHW
RHVGH HU
P 3RU
HTX
LOLEU
LRGH
IXH
U]
DVHQ
HO \
HMH
QDUOD SUHVLyQ \
ORV
GHFRQWDFWR
HVIXH
U]RV
FLU
FXQIH
U
HQFLD
OHVVL
VHVRPHW
H
HO 3'
W
XER
GHOX
DPLQ
LR
DXQDSUHVLyQ
H[W
HU
L
RU
GH3 
01P
( [

1 \
P 3
'/R
 [
W/ !R 
[
($ [

1P W

5HVROXFLyQ
 S 3
' 

[
[
 O
R$O

03DO
O
$OXPLQLR
R$,

[W
[6[O

' [
[

ž‡
$FHUR
LO 3
 
W ž‡

 
03D
[6
[O


(QHO
SURE
OHPDDQ
W
HULRU
GHWH
U
PLQDU
OD
SUHV
LyQ <
GH FRQWDFWR
ORV HVIXHU]RV
FL
U
FXQ I
HUHQF
L
DOHV HQHOFDVRTXHLQLF
LDOPHQWH
H[LVWD
XQD
KROJXUD
UD
GL
DOG"XQD
FHQW
pVLPD GH PLOtPHWUR
DPERV WXERV
DHQWUH
Q
WHV GH DSKFDUOD
SU
HVLRQ GH

01PHQHO
WXERGH
DOXPLQLR


5HVROXFLyQ


‡

!/
(
R
 5HHPSOD]
DQ
GR
YD
O
RUHV
3[3D
P 6P

2 2

P 

G P 6HJ
 ~Q VHPXHVWUD
ILJXUD
XQD
HQOD
YLJD UtJLGD
(  
[
3D
GH
VX
PDVD GHVSUHFLDEOH
DUWLFX
MHWD PHGLDQWHGL
O
GRV
I
\ 2
DGD HVWi
HQ
HUHQWHV
YDULOODV
ORQGH
( 
[3D S
JLWXG
HV
SHUR
 SRULGpQW
ORGHPiV
L
FDV'HWH
UPL /‡P
QHOD
FD
UJD HQFDGD
V
L  N1
3YDULOOD

 [
3H 3D
 H
(VWRQRHV
O 3H 2
yJLFR
  5HV
ROXFOQ

<
QR
VH JHQHUDQ
HV
I
XHU]RV HO
WXERGH
HQDFHUR

P P 
P

(Q FDPELR HQHOWXERGH
DO
XPLQLR
HO
HVIXHU]R
VH
Ui ‡
X
2
32
ž$L
  03
D[
2

  U

S
a
 )
W   R
[[ O
 0D

3 -4N1 O
‡

P
/P

/D ILJXUD
UHSU XQ
HVHQWD
WRUQLOOR GH DFHUR TXH
VXMHWD
PH
GLDQWH XQDV
DU \
DQGHODV
WXHUFD XQ
WXERRPDQJXLWR EURQFH

(OSDVR
GH
GHO
WRUQL
OO
R
HV  GH

PP-DVHFFLyQ
UHF
W
D GHO WXER GH
EURQFHHV 
GH \O
PP D
GHOWRUQLOOR GHDFHUR

HVGH PP
6HDSULHWD
-D
W
XHU
FD KDVWDFRQ
VHJXLU PDHQ
QJ XLWR
HO
GHEUR
QFH XQ HVIXHU]R
GH
FRPS U
HVLyQ 
01
GH
P
 'HWHUPLQDU
 HV
 HO
IXH
U]R VLFRQLQXDFLyQ
WD VH
-D
WXHUFD
OH GD D
XQD
YXHOWDPiV¢&XiQW
DV YXHOWDV KDEUi TXH
P 
P
GDU
DKRUD HQVHQWLGR SDUD
UHG
XFL
FRQWUDULR
U
WDO
HVIXH
U
]RDFHU
R"
'H ODVHPHMDQ]D
 GH
5HVROX
FL
yQ
ÏS 
01 

ÏS2$ 
6DEHPRV
TXH
 R
a 
 [
PP 2V
( !R  a
*3D 


PP

6L
OHGDPRV XQD YXHOWD

 
R
 
PP
££$


[ 
)D

)$  )$


B


)

R( !R 
[
*3D
2 
O
  !
O
R 

03
DM D
(Q
PP
  ,)

N1M
!
)H
)LL
 

(O‡
QXPHUR
YXHOW
GH
DV

QHFHVDULR
R 
SDUD
R


HV
TXH
 YXHOWDV

  ,)$

N1
-
 :IO



8QDYLJD UtJLGDGHPDVDGHVSUHFL
Dā
\
EOHHVWDDUWLFXODGDHQXQH[WUHPR 5HVROXF
LyQ
VXVSHQGLGDGHGRV
YDU
LOODV
/DYLJD
HVWiLQLFLDOPHQWH
SRVLFLyQ
KRUL]RQ
 HQ 01
2
‡ P

\
WDO
HQVHJXLGDVH
DSOL
FD
ODFDUJD
3 D
01P

&DOFX
OH HOPRY
L
PLHQWR
YHUWLFD
O
GH
O
D
FDUJD
VL
3 

N1

$‡QYQ
(
‡*

PP

$ 622
3D ( *3D % & 
S $ P  P  P 
/ P / P
5HVRO
XF
LyQ
R
aUR
$
 P‡
%
‡ 
H S a 
OO-
LW -££
$‡PP
 P P
H‡*3D $V‡
 

$OXP
LQLR
/‡P IH 
,2*3D
/F
-P

 
$ 
3‡N1 (0$ ž !)D
)
F 3 

P P
 P
 )[ P

OL
V 

PP


*3D


OtH


DRR
PP

D
*3D


V

"3OH

3
O
H`B 3/
 [
N1[ P &P[D

01P
  03D
)H

ā

($
($

(H$
 
[
*3D
[PP

 1 
) 
[ [ PP)
 %Pi[


N1
%Pi[ 
P P
OL 
[O
N1P

3 *1PP
 2£

O
PP
)FP
D[
FU 03D
 
 ‡
PD[F $


8QD
EDU
UD
Ut
JL
GD GHPDVDGHVSUHF
L
DE OHHVWi
\
DUWLFXODGDHQXQH[WUHPR
VXVSHQG
L
GDGHXQD B %URQFR ) 
[

1
[

 PP )  N1
YDULOOD\ GH
XQDGH
DFHUR

EURQFH
VHJ~Q VH$ QZQ
  &Pi[ 
PP
&Pi[
H $ 622
QYQ

PXHVWUD WL
JXU
HQ
D¢&XiQWRYDOH
OD O
D FDUJD(‡
*3D ( %*O
D
Pi[L
PD
3TXHSXHGHDSO
L
FDUVHVLQH[FHGHU/‡
P /
XQP OLV
 LV
B)H
[[
[ )V


HVIXHU]RDFHUR
HO HQ
01P
GH HO P
QLXQRHQ
 P I
P OtH

 
!2F
[
[)F
[ )H
EURQFHGH
01 P" S
ž
[

)H 


(Q

3[

[ !
a [ 
Pi 
N1

P

ODI
LJXU
D UHSUHVHQWD
O
DVHFF
L
yQHVTXHPiLFD
W EDU
GHXQ 7U
HV
YD FRUXXQ

ULOODVVLWXDGDVHQXQP
L
VPR
SODQR

VRSRUWDQ
HyQ
OD
FDUJDW
DO
XWR
Q
LI
RUPHPHQWHUHSD
UWLG
DHV
GH  H 
N1
\HVWi
VRS
RUWDGD
SRU
WUHV
YDUL
OO
DV
GH
ODP
LVPD VHFFLyQ PHQW
HXQD IXHU]DGH
.1
FRPR
LQG
VH
L

FD HQ
I
LJXUD
OD

P X
SRQLHQGR TXH GH
DSDQWHV
O
LFDU ODFDUJD O
DVQLQJXQD GH
\
HO
PLVPR
PDWHU
LDO
'HWHUPL
QDU SDUWH
ODGH
O
DFDU
JDTXH P
 WUH
VHVWDE
D
QL
I
O
RMD
QL
W
HQVD
GHWHUPL
QDUO
DV WHQVLRQHV
TX
VRSRUWD YDUL
OO
FDGD
D 6H VXSRQH
DO
VXH
O
RFRO
JDQWHFR
PR P DSDU
HFHQ
HQ
FD
GD
XQD
3DUD
HODFH
U
R( 
 [

1
P 
SHUI
HFWPHQ
D WHU
tJL \
GR WpQJDVH
HQ
FXHQWD
TXH
QRTXHGD \
SD
UD
HO
EURQFH
£
 [1P
QHF
HVDULDPHQWH
KRUL]RQ
W
DO
PāWa P‡

ž
5HVROXF
OQ

5HVRXFOQ
$O©R 1
(
D
‡


a
P

 H
V
$
6P P P

)
P )D
P )H
$ S

P 

N1
-P 
N1

)$ )D
)F
,
‡
P 
OP P

S6 

36


V
FRV
ž
V


$

6H
ž

 
O£ O! £$
F !£ R
 F V RyD ^

6W
 ($
  (
$ 6W

)6
)$
 [
)
F
) 6
)$
)F


D
)$)H

)F

£
‡

D 

£

(Q



a)D
)H
aa)a !
D
V
S VHF
(
(
ž

6 !V (
^ @
>
S
(


6 N
 

1^
 [ 

 
M6
! 


N1 V

 M 
 N1 

  5(6-6U&OO&,$
OI 
62:221$OOO2
0$-IOO$(6
‡


7UHV
ED
U VH
UDV$%$&\$' M 3
DUWLFXODQHQ$SDUDVRSRUWDU
XQWDVXQDFDUJDN1 3RU
HTXLO
L
EULR

FRPR VHLQGLFD
ILJXUD
(O
GHVSOD]DP
HQOD
LHQWR
KRUL]R
QWDO
GH
O
SXQWR$HVWi
LPOH
2 !
,)Y 6 
 
FRV
ž 6-
FRV
ƒ ‡
GL
GRSRU
XQD FRUWDKRUL]RQWD
YDULOOD
O
$( TXH
VXS
R
VH
QH
LQILQ
L
WDPHQWH 'H
UtJLGD
WHUPLQD
UORV HVIXHU]RV
HQ \
FDGD EDUUD
ODIXHU]D
WRW
DO
HQ
$( 3DUD
EDUUGH
OD
D
DFHU $ 
R PP\( *3D
 
\SD
UDFDGD XQDGH DOXP
6D
EHP
ODVEDUUDV
LQ
L
R
RV
TXH
GH
$ 
V R

$   \(
PP 
 *3D 

 VV-
  

 V

   
% H
$0R R
$ 
PP
( *3D V


N1 ! R
D 

1FP
O P
$OXLQLQOR V



N1 ! R 
 1FP ,
$ PP
( *3D  



N1 
! R
1FP


(
O)+
2
3 N1 VH
 VHQ
ž6
6VHQ ƒ ! 6$(

N1,

5HVROXFLyQ

V V aRVHQ
ƒ 

&RQ
ORV
PLVPRV GDWRV GHODQ
W
HULRU

SUREOHPD
FDOFX
O
DUOH
Pi[LPR3 YDORU
VL
O
RV HVIXHU]RV DGPLVLEOHV
03D VRQGH
]
 a
HQ
HO
DOXPLQ
L
R\GH

03D H
HQ
O
DFHUR

D

D
 ā R
 VHQ
ž



-WO
‡6
a 


aā


  
5HVROXFQ
S

‡ ‡
‡ % HB'
‡ ‡ $!QYQ

$
 (‡*3D
$O
XPLLR
R


$
UUYQ

/ P ( *3,
V 03,
 2


V
  6
W W

VHF

ƒ
‡ V
($
 ($ $
‡
V
 W 
6 6W V

 V



 S
‡ (

$ ($ 66
V

ÏL6 6W
O

  

6
($
 ($

R
O)\
3V
 
FRV
ž 
66
FRV
ž

 

8QD
YDULOODGHDFHURDQFODGDHQWUHGRV
U
LJL
GRV
TXHGDVRPHWLGDD
PXURV

V

‡F

3 
6
 
66
WH
QV
LyQGH1D
6,
HOHVIXHU]R
DGP L
VLE
OH
HVGH01P

‡
KDOO
DUHO
 
 
 V

!S GLiPH
WURPtQLPRGHOD
YDULOO
DSDUDTXHQRVHVREUHSDVHDTX
ā6
6 WH
PSHUDWXUDKDVWD

‡F
6XSRQJD
D 


—P
Pž \
&
(
*3D


3
( L






ā6 
6!3 
5HVR
OXFLyQ


6 R
 
$03D
[

PP
3D
[ P
6
1
 N1 U£I
3 1 $ 


6
$03D
PP
;
7
R 
ž&

[3D
[
P ‡
01P
6 
N1  āH
7 
3 [
N1 !
L
3 
N1M D 
 —PPž&
( *3D




SUREOHPDV
LOXVWUDWLYRV



8QDYDULOOD
GHDFHURGHPP  GHVHFFLyQ GQ 
ž‡ 1


a [ ƒ&

SXQWRVIL

MRVHVWDQGRHVWLUDGDFRQXQ
HVWiVXMHWDHQVXVH[WUHPRVD
GRV ( $(

HVI B
F

XHU]RHQODYDULOODD
$
T
aWXH
U]D
WRWD
O
GH1D

ž&
&DOFXODU
HO
; 
—PP
 ž 
\
&
( a 1aaSHUDWXUD VHDQXODUiHWHVIXHU]R"


X
$ 

PPBG
 
 
5HVRXFLQ
G 

PPO

O / U
$ 
Oa

3 
1
PP

7 
ž& 

/RVULH
O
HVGHXQDYtD
IpUUHD

GH PGH
ORQJLWXG

VHFRORFDQDXQD
WH
PSH
U
DWX
U
D
,
‡‡

WV
 GH
ž&FRQXQDKROJX
UDGHPP¢$TXpWHPSHUDWXUDT
W
RSH"&DOā
FXO
DU
HOHVIXHU]RTXH
DGTXLULU
LDQDHVWD
WH
PSHUDWXUDH[LVWLHUDWDKR
VLQR
R
ž 
& "3U/
3

/ VHxDO
DGD D 
—P
P
ž \
&( *3D
 
‡
a  F[8
7
$( $(
5HVROXF
O
Q
R Ra‡7(
 

‡ !

U  1

PP
01




P !£
  M
01P
/ P7 ž& +ROJXUD PP
yO DO$7

; 

;a[ y7
;

a [
PžW7
& [RR[R
V< IH
!

7 

F 
W7 ž & 
 ž
&


 ‡
7


ž
&OV

āH!M7

 žFO y777
 R  

F! F
7 

 
ā
8QDURGH
EURQ
FH
5(6,67(-,&,$

GHPPGHHVSHVRU GLiP
'(

HW
U
0$7(5-LO6

RLW
Q
HUL


RU
FX\R
OI 
:&OI1££

HVGH
PPVH
3/;
 H

7 
 F RORFD
SHUIHFW
DPHQW
HDM
XVWDGR VREUHRWUR
GHDFHUR GHPP
GHHVSHVRU
DXQD
$( //! ;$7

( WHPSHUDWXUD FRP~Q ‡
F (O
DQFKR
GHLJXD

O
SDUD GRV
ORV
HV GH PP

'HW HU
PL
QDU
OD
SUHVLyQ
GH
FRQWDFWR HQWUHDPERV -D
WHPSHUDWXUD
DURVFXDQGR
GHV
H
 [
  —P ‡H[
 !
 *3D
OFU ,
03D F L
HQGD KDVWD
ž&
'HVS

U
HFL
DUHO
KHFKR TXH LQWHU
L
HODUR
RU
SXHGD DEROODUVH
SR
U
P‡F
SDQGHR
(D   WW
*3D


\
—PP
ž
&(E 
*3D WW
\ 
—P
Pž
&
8QD
OODQ
W 2
D GH DaHUR
 PPGH
GH HVSHVRU
PPGH \
DQFKR
 F
RORFDVH

VREUH
XQD UXHGD PRWQ]
O
RFRPRWRUD
GH
 P
GH
GGH
LiPHWUR
FDOHQWiQ
GROD ‡H 5

D
HVROXFLyQ
'H
OJUiILFR
WHPSHUD
WXUD FDOD
XDOHQFDMD
SHUIHF
W
DPHQWH-DVREUH
UXHGD
TXHHVWi D‡H

 'DWRV

'HWHUP
QaUSUHVayQ
ODGHFRQWDFWRUXH HQWUHDPEDV
GDV
DO
GHVFH
QGHUO
DWHP
SHUD 'LVFR EU
RQFH
GH

W
XUD
aRPXQ D'HV SU
HFLDU
&
O
DGHIRUPDF
L
yQ GH OD SURGXF
UXHGD
L
GDSRU
OD UE
 PPPHGUDGLR
L
R
SUHVWHQFRQ
GHW
DFW
RD 
—PP
ƒ&(\


[
1P
a KE
 PPHVSHVRU
5HVROXFLyQ

‡
Y
F
%URQFH ? H[ [R
‡

 (E *3D
‡
U
W2PP O 'L
VFR
DFH
GH
U
R


‡

aaU PP
 U

 PP
PHG
UDGLR
L
R

D 
—P
D

K PPHVSHVRU

 [R
U
F

P
Pž& ‡
(*3D
( *3D $O

ž
&
ž
& 
ž
&
I 
$O
KD
EHU
XQ GHFUHPHQWR
WH
PSHU
DWXUD
GH
O
RV DURV
FRQ
W
UDHQ
VH

REYLD
PHQWH HO
GL
VFR GHEURQFH
U
HGXFH VXV PHGLGDV PXFKR DFHUR
PiV
SRU
O
RTXH HO
W
DQWR

VH
SURGXFH
SUHV
XQD
L
yQ
3TXH FRQWUDH
GL
VFRLQWHULRU
HO
\
DVXYH]
GL
ODWD HO
D/$7 

 H[WHU
L
RU

2 3/ 3U
LPHURKD
OODPRV GLIH
OD
U
HQFL
D GH
ORQJ
LWXGHV
DO
FRQ
WUDHUVH
HOO
RVXSRQHPRV
SDUD
$( 

 TXH VHHQFXHQWUDQ VHSDUDGRV
(O
GHFUHPHQWR
GH
ORQJL
W
XG GHFLUFXQIHUHQF
OD LD
GHO
DURGH EURQFH HV
  Q
U H[
 $O Q

[



PP Q
 
PP

(OGHFUHPHQWR GHORQJLWXG GHO

DURGH
DFH
GH
U
RODFLUFXQIHUHQF
HV

RW
 D87 !FU
($7 !
WW R 


03D 
UWW
$O Q
 

[

 
 PP
 PP
(
(QWRQFHV
L
QWHUIHUHQF
ODL
D GH ORQJLWXGHV
HV
(QWRQFHV

03D 
W
 
Q






Q

 PP

\
-D
LQW
HUIH
U
HQFLD

GH
U
DGL
RV
HV


S

 03D
;a S
! 
03D



aa
PP 
 PP

a
5(6,67(1&,$
OOI :&1$££
0,(5,$/(6
‡

$VLP
L
VPR
ODVORQJ
L
WXGHV
TXHO
DSUHV LyQ
3
FR
QUW
D\HQ
RR
HO
GLVFR
LQWHUL
RU
\
GLOD
WDQGRHOGLVFR
H[W
HU
LRU
GHEH
FRPFLGUUFRQOD

LQWHUI
HUHQFLD
GH
ORV
UDG
L
RV
KDOODG
RV



(QHOLQWHULRU GHO
JDGGHXQFLOLQGUR
RHO
L
QFUH
PHQW
RR
GHFUH
PHQWR GHIDORQJL
WXG
UDGLDOSRUXQD
SUHV
HIHFWRGH
LyQ
LQWHUQD
3
YLH
QH
GDG
RSRU
3
SUHV
L
yQ  
āā


3U
yU
(

K GRQGH
U
UDG
L
R 
  BIa


KHVSHVRU OLOD
W!WR 3,

/XHJR
WHQH
PRV TXH ODVXPD
YDU
L
DFLRQHV
GHODV
H
UDGLDOHV
V
 S
3U 

‡
(
U
K  PP W/
RRRH
LLURRRH

W/
DRHUR 
(K
‡ ‡
—P —PP
HW 
[PP[OO7

ž&[W
7
&RORFDQGR
O
RUHV
ORVYD EU
RQFHP&


3



+







 -

 PP ,
3D01P

—P —PP
‡/ 
[PP[W7
UR ‡ PHH
XDFH

ž&[W
7

ž
&VH
$XQDWHPSHUDWXUDGH
FRORFDXQD >
0[
PP
0J
SODQFKD ULJGDTXH
WL
HQH XQD PDVD GH R    PP
0J
 VREUHGRV YDULOODVGHEURQFH \ XQD U 
RQFH [PP

[
1
P
GHDFHURVHLQG
RRPR
L
FD HQODILJXUD

¢$
YD

MH
TXpWHPSHUDWXUDTXHGDUiGHVFDUJDGDWD
a
a
a

PP
ULOODGHDFHUR"
'DWRV

DFHUR

$ 
 PP 5HHPSOD]DQGR HQ
( [
1P\
D 
 —PP
ƒ
&
 
 ā
PP

 a  

 —PPW7 2PP
%URQFH
( 
FDGD
[

XQD
1P

\D

 
$  


—P
P
PP
ž
&
W 
ž
&
W7



ž
& !7 
 ž
&ž
&
>
7 
ž&
5HVROXFLyQ

$ GH
XQDWHPSHUDWXUD

ž&KD\XQFODUR
W
PP
0J HQWUH
HO
H[WUHPR
LQIHULR
UGH ODEDUUD < GHEURQFH
$ PP


 O
D ORVD
Ut
JLGD VXVSHQGLGD GH ODV GRV EDUUDV GH
$FHUR

 (
[1
P DFHUR
 VH
VHJ~Q PXHVWUDHQOD
I
LJXUD
'HVSUHFLDQ

MMM
URQFH$FHUR%URQFH
% GRODPDVDGHOD
ORVD
GHWHUPLQHHOHVIXHU]RHQFDGD
O‡
PP D

—P
Pž& HRR
PP
HOHYD
EDUUDFXDQGRODWHPSHUDWXUDGHOFRQMXQWRVH


$P
P
D 
ž
( 
&3D
[
UD

OD
1IP\
EDUUDGH
D
EURQFH
—
PP

$ 
ƒ
&
 PP
3DUDFDGD
‡

EDUUDGH
DFHUR

$  PP 
([
 1P
  
%UR
QFH
(

[

1
P
\D 

—P
P ƒ
&
D

£P
Pž
&
P
5HVROXFLyQ
aW
W
 
OR
‡SHUR
 /$O
D
 
\$aa
a$W
$ 
PP $ 

PP 


!/
U $W

D
/
aa
%U
RQFH
( 
[1
P $FHUR
( 
RR[

1P


D 


—PP
‡
F D

—PPž
&

$FHU
R
$/ 
D/
$
7
—P 
$/ 


PF[
PP[
ž
&a
$/ P
P U
V
6U




a
$(
6U FU
2 
āFU
  
03D )/ )/

[
$W
Dā
/a
a
$(

$(
%URQF
H
—
$/ 

 H[
; 
PP
; ž
&a
$/ 


 OR PP PP
;  
B

[ 
[ 


N1
FUPP a) 
 1
P 
[OR 

PP
PP
 
03D
OFU
 



8QFLOLQGUR
GH
DOXP
L
QLR\RWUR
 GH EURQFH 
SHUWHFWDPHQ
O2UUUQ 

N1 01

QWR
 
a

WH
FHQWUDGRV

VHDVHJXUDQ
HQWUHGRV
SO
DFDV
UtJ
L a
GDVTXH 
 ‡ 


ž
 

PP
R
DXP

VH
SXHGHQ
DSUHWD
U
PHGLDQWH
GRV WRUQLOORV
GHDFHUR

FRPRVHREVHUYD
HQO
DIL
JXU
D
$2
ž &QR
H[LVWHQ āā
IXHU āā
a
ā W
ā


N1 01
]DV
D[LDOHVHQFRQMXQWRGHO
GLVSRVL
WLYR
'HWHU
PLQDU
O
DV
 -
E 


LRQFR 

WHQVLRQHVHQ
FDGD
PDWH 
ULDOD
ž &FRQORV
VLJX
L
HQWHV 
EI  PP 

RQFR P
GDWRV
3DUDORV
WRUQL
OO
RV
$O
XPL
QLR
$ 

PP
( 

[! \
1P
D 
 —P
Pž
&


%U
RQFH
$ 
PP 
(  [1 \
P
D 
—P
Pž
&
&DGD
WRUQ
LOO
R
$ 
PP [
( 
1 \
P D 

aW
PPāž
&

5HVROXFLyQ


‡
\
 U
)
%URQFH
`a




0-PL
QLR
a
)
N1



 RBB


N1 

O2O
RP
O
01
" a
OO
O
 O!O
R 

PP
 5HVXHOYD DQWHU
HOSUREOHPD

LR
U

VXSRQLHQGRXQ
TXH
HO KD\
DU
RH
G

‡ PP
HQW
U H£
H 5H
HPSOD]DQGR
YDORUHV

)I6-67I+&9,
ZU(OU$86
IOI 


6R-&.-,$52

W
H[
UHPR
HUG
K
HFG
R 
H F \
PGURGHEURQFH
OD
SODFD
U
tJLGD
D
R

&
 O ( $
5HV
ROXF
LyQ
 ‡
$  
 UF
āBB
P [1,
P 
[ 

P

[  H
aURR
Rā-P
[ P 
1, [ 
‡P

$&
 [
U
H
a 
[
ā‡P
[ 1 PRR
, [RaP


?


PP PP
5HVR \

OYLHQGR
 $  \
  N1 
)  N1
$OXPLQLR
%URQFH $FHUR

-
aM

PP
W

UU 
‡ ‡ 

8Q
FLO
LQGUR GHDFHURHVWi
GH
XQPDQJZWR
GHQWUR
EURQFH

D
GH
PERV
O
DP
GH
L
VPD
‡
/PP ‡
aQYQ O
RQJLWXG
\
O
RV GRV£XQWRVVRSRUWDQFRPS
XQDIXHU]D
U
HVLyQGH
N1 YHUW
TXHVH
DSOLFDSRU
LQWH
UPH
GLRGHXQD
SO
DFDGHDSR\R
'HWH
KRUL]RQWDO
U
PLQD
U
D
OD
/XHJR
 F
GH ‡H

7 YDUL
DFLyQ GHWHPSHUDWXUD FRQ
WRWD
O
PHQWH \
ODTXHHODFHURTX
GHVFDUJDGR
E
OD
TXH
GHVFD
U
JDSRU
FRPSOHWR EURQFH
DO
'DWRV
DFHUR
 $ 
 ( 
PP 
*3D
\R
 
aPP
ž
&

‡


H 
 ) ) ‡‡
 EURQFH

[

$PP ( 3D\(
  *3D
 D 

aPP
ž&
B

W
‡


 Q
5HVROX
FLyQ

D'HO
JU
iILFR


5 





V
‡‡ƒ
,
V 5   ‡
%52)?£5
2\$&
‡

a


ÏU a


U 


OD5

 UR
H

 



>
! 
6$āOH$OO7 R$FO$Fā/?7
(H5$H5
) ) 


a aaa
O
)+ 2 !$)
  
&RPR OD5
/$F



[ 
/ [
/XH
JRGHO
JUi
ILFR
 V
£$
££$ 
7/26$;$FO
(H HU
265
5$%$! (H$$H$ 
$F

2V
ž7H

ž5H
5HHPSO
D]DQGR
YDORUHV

$&
££ $& £$&


a££$
PP 
££$F
R (

D$O$R
$/$
(
/VW7
 $
$O
(

H
$ D/

7
ā
- $F[ F RR
!
U [
3D 
7 ž&

$$ %%
 $&$F 


%$
[
U
F [

3D
 FT

E (Q HOFDVR
SUREOH
PD
GHO
DQWH
U
LRU VXSRQJD
WX
HUFD
TXHID
VHDSULHWD
L
U SDUD
N1 
 O 
XQHVIXHU]R
L
QLFLD
GH 
[ 1P
HQPDQJX
HOL
WR+D
OO
H HOHVIXHU]R HQ
[
-/
D$& 

O$7;PO$7 XOWLPR GHVSXpV
DXPHQW
R
GGHXQ
HWHPSHUDWXUD
ž& GH
 ‡ 
 
V

 ($Fā$$F
 


‡


 
 5HV
ROXFLyQ

ažā

B $7 
ž
&
7 
a$ 



($
Fā$$F
D

FDH5 ‡
D O
‡


$FD

 ž)H

OR āF-
7
‡

  


R

 ‡ ‡
3‡
‡
‡aI

6U
 




‡ 6)$
‡ āUāā
ā
U‡ V



aQ
PDQ
JXLWR
EURQFH
GH PRQ
VH
W VH
<
DVREUH XQWRUQLOOR
VXMHWD
PHG
L
GHDFHUR
DQ W ‡
L

7
 
‡
V



Ha
a aaUaaHaaaaa
aaDPSEL
R GH
WHPSHUDWX
U
D TXH FDXVDUi
TXH HVIX
HOHU]a
B HO
DDUD $ 
WRUQLOORGHDFHUR
PP  *3D
( % %
D
< 
—P

P& 3DUD
HO $ 
PP(
PDQJXLWR GHEURQFH 
 *3
D  
—PP
ž&
 ‡ ‡  \
D

5HVR
OX
FLyQ


)H  
; 
a  )V

N1
$V P

% $ %

 6LV
/XHJR OOL$
 6L$
2UD
DH
/$7 
)/
D

/7
)/
($
$$  (V$H

a$7DH
D$
)  - ! 
)  
 N1
a  N1
)7 ORV
03D@
($$$
(H$V
3RU
FRQGLFLyQ 

/D EDUUD FRPSXHVWD
ILJXUD

HVWi
GH 
ILU
ODPP PP
PHPHQWH VXMHWD L
QGHIRUPDEOHV
DVRSRUWHV
[
a BWB S
P$H5 6HDSOL
FD XQD IXHU]D 
3  N1
D[LDO
D $OXPLQLR
XQDWHPSHUDWX
UD 
GH ž&&DOFXODU
HV
 ORV $FDUR
I
XHU]RV
HQ FDGD
PDWHULDO
ID ( 
WHPSHUDWXUD
D ( 

‡
‡1-0!
1-0
&D 
GH
ž 
—P
Pž
&SDUD
HO
DFHUR $PP
 $ PP


\
—PP
ž&SD
UD
HO
DOXPLQLR
 0W
UR
Ò$OO26

5HVROXFLyQ

¢
&RQV
LHUDQ
G GR TXH
VRO
R DFW~D
3 N1


O$ )3
5 P
$&
P 
PP 
(Q
HO
SUREOHPD
DQWHULRU

¢DTXpWHPSHUDWXUD DOFDQ]DUi HO
\
HO
DFHUR

HOPLVPR YDORU QXPpULFR"

5HVROXF
L
yQ

+ 2 !3
,) 5
5  ‡

 L
&RQVLGH
U
DQGRVR
TXH
O
R DFW~D 3  N1
U
2 ! 
2$ ž$F
2
5, Ua
$BB)Ba
3a$aFāaO%

5 

 N1 
5  
N1

 


)

2ā

553 2 



5£/$
5

3/$F 2
LL
&RQVLG
HU
DQGR
JaH
VR 7
OR DFW~D
 ž& 

($$$($F$$F
2U$&
I£
‡ (Q
W
RQFHV

GH \


5  N1
$F2U$F

,a^$B
‡‡
‡ ‡  O!LL$F
£$
2U$
2££$
 &RQV
 L yU
GHUDQGR TXH
 DFW~D
VROR
a
Ë 


O
2$&
a
U
'HOJUiILFR
2 U
‡








5HV
ROY
LH 
QGR 5
N1

)L
QDOPH
QW
HVX
PDQG
R ORVHIHFWRV 55 5

5
3RU
FR
QGLFLyQ

$$ $$&
5 
5
$
)
$&
N1 5

££



[
N15
B 
P
N15
P
[

‡‡


6
N1 
N1
5HHPS
O 
D]DQGRHQ 
L7

O
ž
&-
 (3,

BR
UR‡a

5
8QD
YDU
LOODIR HVWi
UPDGDSRU
ORVWUHV
VHJ
ā
PHQWRV LQGTXH
L
FDI L
OD
JXUD
6LODV
IXHU
ā È a P

LOa5
DRRPP PP22
PP ‡
‡
£
]DV D[LDOHV
3\3
VRQ QXODV
GHWHUPL
ā ‡
QDU
ORVHVIXH
U
]RV HQFDGD
PDWHUL
DO
DO
GHV
ā 3
E
‡  

FHQGHU OD WHPSHUDWXUD
ž
& HQ FD
ORV
ā  I   U
+
VRV
VLJXLHQWHV
D ORV VRSRUWHV
VH QR$-XPOQLR
6URQFH $WOOUR VV
 ž‡
PXHYHQ
FHGHQ
HQDEVROXWR
 PP

2


\ E ORV VRSRUWHV

—P P
ž
&SDUD
V
R ‡
HO
EURQFH

 —PP
ž
&SDUDHODOXPLQLR
\


—PPž
&
SDUD
HO
DFHUR


5HVROX
FLyQ
‡ D

03D
OL
U
 6U D03D

5
a a a 6H
W
LHQH
5 N1
ā

,-
‡ D03D

  
 + OW5

VV
 +
25


5HVR
O
YHUH
O
SUREOHPD
DQW
HULRU
VL
3
\
3
VRQGHN1\ORVDSR\RV
D6
2  DO
GHVF
HQGH
U
O
DWHPSHUDWXUD ‡
F
$  
 PP$ 
PP
 $ PP

6U

2U

2U 
 2LL

ƒ

ƒ

R ( [
 
1P( 

[

1P ( 

[

1P

5HVROXFLyQ

L
&RQV
LGH
U
DQGR TXH
O
R DFW~D
VR
3
5HHPSOD]DQGR


D / ( $ ‡5L
a
'  #
62N1 N1 W
5
 
[


[
 
[
 [

 

[
 
[ O)

55
  N1 



[
 
[  (V
2 
 
[

5/

5

OL

5



a 2 
($ ($ ($
D 
03D 5HHPS
O
D]DQGR
6H
WL
HQH
5
 N1
ā 


03D
D
ž
&/P
(
1P
 $
P
  03D
 

[a  
 [ 
[
 [RY 
 
[ RR
[
‡
 
[a RR[ ‡
[

‡

'H\



5 N1 
5 
N1 &RQGLFLyQ
GH
O
SURE
O
HPD
)a
 D $
$7( 

) ;/?7
($ 
/?
LL
&RQV
L
GHUDQGR
VRO
R
TXH
DFW
~D7

ž
&


V
$ È B
‡
WO 
P

£ Oa
‡ ‡
5 ‡

 
 
8QD EDUUD KRUL
]RQWD
UtJLGD
O
GH PDVD GHV
 
 5
+
Ï5 OO5


ž5O
SUHFLDEOHFRQHF
HVWi
W
DGD DGRVYDULOODV VH
J~Q VH PXHVWUD
ODI
L
JXUD6L
HO
HQ
VL
VWHPD
P$‡
(‡




:
*3,
HVW
i RULJLQDOPHQWH
GH HVIXHU]RV UL
OLEUH
GH aaPa JaP†
-

-O

‡&
P
/?L

2
;La
;/
 a</?
7
5/ 
5/
5/

[R

R
WHUPLQH
HO
FDPEL
RGH
WHPSHUDWXU
VDUi XQHVIXHU]R
W
HQVLyQ
DTXH

FDX
GH03D
GH

HQ 
P $‡ 

,0
,

(*3
($ ($ ($ -DYDULOOD
DFHUR
GH D
D
  &
IOOO:O
$

a
5 N1
5HVROXF
L
yQ

6XPDQGR
O
RV
 a
HVWDGRV
 N1 DN1
£BB
BB£

 D‡

‡
aU
F


,
P 2
$‡
‡

P
(‡
‡

3D
L

‡
MR
  R
03D
  

03 R
D
 
O03D 2 P -Pa OOU

P D
D


aU F
Q
a
L‡‡
/DEDUUD UtJLGD$%HVWi
DUW
L
FXO
DGD
PHGLDQ  BB$
‡
‡X
P
2
WHXQSHUQR
\FRQHF
 W
DGD
HQ GRV
D
Y DU
LOODV U D Pa (‡‡
D
3D


VHJ~Q VH PXHVWUD
O
DILJXU
D6L
ODEHQ
D
UUD$ a H
$% VH PDQWLHQH
SRVL
FLyQ
KRU
L]
HQ
RQWDO D
GHWHUP
L
QDGD WHPSHUDWXUD
FD
OFX
OHO
D UHOD (‡
!3OL
 
‡
6L  a 
 03D  N1
(‡
*3D
FL
yQ GH iUHDV
O
DV YDULOODV
GH
SDUDTXH OD D ‡


a P
& D 

P


& $D 2£
"
O
‡P
VH
EDUUD$%
PDQWHQJDKRUL]RQWDO
D
FXD OTXL
HU / P
'H
O
JUiILFR

W
HPSHUDWXUD PD 'HVSUHFLH
VD GH ED
ODOD ££‡
 
££ 6R
UUD
$%

V 6a
2£E
5HVROXFL
yQ P


P
7DPELpQ

a
a?
V

 
! £
!

) 
) ;/?
7
( $
) ƒ
/?
7(
a
 OZORV
0OIOFR 5(6,67(-,&,$
OI
0$(5,$86
‡ ‡‡‡
62O82OO1,.



3DUDHOFRQMXQWR
PRVWUDG
R
HQOD
I
L
JXUD
GHW
HUPLQH
HO
HVIXHU]R HQFDGDXQDGH
O
DV )Y 
 5a 2 

GRV
U
LOODV
YDYHUWLFD
OHV
VL
OD
WHPSH
UDWXUD VHHOHYD
ž
&GHVSXpV
 TXHOD VHDSOLFD
FDUJD

3
N1'HVSUHFLH
O \
DGHIRUPDFLyQ
O
DPDVD GHODEDUUD
KRUL]RQ
W
DO
$%    R 


5HVROXFLyQ
 ,(
&;-/
/XHJR $7
/ $ 

D &RQVLGHUDQGR
O
R ODDFFLyQ
VR 3
GH ODIXHU]D
a Ly
7 a 

($ 

) 5HVROY
LHQGR

 N1 5


 

N1

)LQDOPHQWH
-RVHVWDGRV
VXPDQGR
FDUJD
 GH
N1

3 62N
1 > 
 
N1 


ā

)Y
))5
3 2 


OVV
N1


0 
))
3 2 


FU


03D
'HO
JU
iI
LFRy 
 y  
 
($

/
)/ )/


($

 
FU
 
03D


££ H
5HVROYLHQGR


/RV
GH
O
H[WU GH
HPRVLQIHULRUHV
D ILJXUDHVWiQ QL
GH
ODVWUHVYDULOODV
GH
YHO DOPLVPR
DFH
DQWHV
U
R
DSOLFDU $
D


& (
1P
 $
P /
P OD IXHU]D N1GH
/DV 
WUHV YDULOODV
O
D WLHQHQ
P P

PL
VPDVHFFLyQ

$  PPD  
—PP
ž
&\
 P
 [


[

[



( [
  1P
'HWHUPL
QDU UHODF
OD
LyQ HQWUHOD

[
ā‡ ]RR
[UR

[


 IXHU]DO
DYDULD \
HQ
OO &
HO
FDPE L
R GH
WHPSHUD
W
XUD
P P
7
yPHGLGR HQ &HOV
JUDGRV
LXVGHVSUHFLDQGR
O
D
) 

 N1
)

$N1
5

N1 PDVD
GH
O
DSO
DFDULJ
LGD ,
‡ a
P P
N1
E &RQVLGHUDQGR
VR
O
R DFW~D
7
yTXH

ž& 5HVROXFLyQ

3RUHIHFWRGH
O
DFDUJD N1
GH

VH
SURGXFHQ IXHU]DV YDULOO
GLVWLQWDV
DV
$
4 
%\ & $ HO
VX
FDPE
LR
YH]
GH
WHPSHUDWX
UD
FDXVD
GL
O
DWDF
LyQ FRQWUDF
R FL
yQ HQ
FD
GD
YDULOOD

6HDQODV
IXHU]DV
7
7

7H
/RV
HO OO

RQJDFLRQHV

OO
H
/RV
LQF
UHPHQ
W
RV
SR
U
O
D £$
£ y
WHPSHUDWXUD
 F
 a

'HO
JUiI
L
FR

VH 3RU
O
DV OH\HV
OD
HV
W
iWLFD
GH 
¢
7DPELpQ`



/)Y 27
77F N1

6P P P 0
‡
2
7

7F


N1


U U
 


)
)O
YR($
/ ! U
($ Y)

+Y
 )
 -
+
'HU
OD
HODFL
yQ
GH
HORQJDFLR
QH
V
P P
 )
 
)
RF

6F
6R

‡
^ P 

`
  £


L

-ā/B



‡
ā





‡6 6
6


‡$ ‡6B
  

 )
)
W

RQ 
 WRQ




N1
 N1
‡ 
3RV QD
LFLyQ

5HVROY
 HU
HO
SURE
O
HPD
DQW \'
HULRU
$VL
VRQ \%
DFHUR
GH \&

GH
DOXP
L
QLR
3D
UD
$G ‡ 7B
V
BO
‡ B
7

6H 7F
 āHVWHPHWDO
D 
 —P
P
ž \
&( 
[

1IP
‡
i
HPV
$ ($
X YH
($
 
($
6 W6
$ P 
 WžWH;yW
6
H
Dy  5HVRO
XFLQ
5HVR
O
YLHQG
R

7B

D($$W
B



[ 

RR
[

RRR
[R
ƒD
W

H    P

7B



D
W
ā5HOD
FLy
QGH
IXHU]DHO
HQ&\
FDPE
LR
GH
WHUQSHUDWX

R 
 >7
UD H
HVWi HQN1@

 VH
&RPR REVHUYD OD
HQ ILJXUD
FXDWU
REDUUDV GHDFHUR Rā 
VRSRUWDQ GH
XQDPDVD 0J

&DGDED VHF
UUDWLHQHXQD ‡

FLyQ
GH PP
'HWHUPL
QDU
O
DIXHU]GH
D WHQVLyQHQFDGD 
‡
‡
GH
EDUUDGHVSXpV
XQL
QFUHPHQW
RGH
WHPSH 62
GH
UDWXUD
ž&
D 

 —PP
ž
&\
( [ 
1P


5HV
ROXFOQ

D
&RQV
LGHU
DQGR
TX
H
VR
OR
DF
W~D

W
RQ
R

)Y 2

D ! a


a) 

WR
Q
V 

7DPELpQ
 
H
Y
! 
-
‡
5HVROY
LHQ
GR
D

 N1,
$£
BB BBB

N1,
 &$3Ë78/2


7256,
Ï1



SUREOHPDV
L
OXVWUDWLYRV

‡
&
DO
FXOD
U
HO
PtQLPR
GLiPHWURGHXQiUEROGH
DFH
U
RTXHVRPHWL
GRDXQ
PRPHQWR
WRU
VL
RQDQWHGH
N1P
QRH[S
GHEH
HLU
PHQWDU GHIR
XQD
U
PDFLyQ
DQJ
XODU
VXā
SHULRUD
ƒ
HQ XQD
ORQJL
WXG GH
P¢&Xi
O
HV
HQWRQFHV
HOHVIXHU]R
FRUWD
QW
H
Pi[LPRTXH
DSDUHFH
U
iHQ
pO
" 8VH*

*1P
‡
5HVROXFLyQ
 7/
6DEHPRV 
TXH --G2 -*
 7/ G
G Y

 [

 G
P
  PP
Q2* 

 [

$GHPiV
7H7G   W
 
W   [ 
[   ā
 

01P


-- [ a
 ā ā



(QXQ
iU
EROPDFL]RGH
P
GHORQJLWXGHQ
HO
TXHHO
iQJX
O
R WRWDOGH
WRU
VLyQHV
GHž
HO
HVIXHU]R
FRUWDQ
W
HPi[L
PRHVGH

03D
6L  *3D
* FDOFX
ODU
VX
GLiPHWUR
¢4Xp
SR
W
HQF
L
DSR
GUiWUDV
PL
WU
LDUV"
‡
5HVROXFLyQ
6DEHPRV
TXH

7/ 7 2  G
W
/
  
R 
 ?


G 
/
-* - G* 2 *
5HHPSOD]DQGR
[

G
Q

[
 G
P
  PP
-

$GH 

PiV 7PG
QI
7 


 


I
PG 

Q
[



ā 

 0:,
 5(
6,67
<&,$
'( 628229$5,2
707O
-,:(6




+DOODU
O
DO
RQJLWX
G
GHXQDYDULOOD
EURQFH GHPPGHGLiPHWUR
GH TXH
SXHGD SDUD
W
RUFHUVH YXHO
WDV
GRVFRPSOHWDV VLQ VREUHSDVDU
FRUDQ
WW
H DGPL
VLE
OH  XQ iUERO GH

HO HVIXHU]R GL
iPHWUR
DFHUR GH
FRQVWDQWH
GH 03D
8VH *  *3D H
,JXDO D  PP HVWi FDUJDGR PHGLDQWH
SD
UHV DSOLFDGRV DHQJUDQHV PRQWDGRV VR
5HVROXFLyQ
 EUH
pO
VHJ~QVHPXHV
WUD HQOD
ILJXUD
8VDQ
/ 2 * 
[

Q

[R

 GR
XQ PyGXOR
*   ‡
*1P
FDOFXOH
HO
UPD[ /  ;;

!,/PM iQJXO
R GH WRUVLyQ GHO HQJUDQH 'FRQ UHV
WR$
SHF DO



8Q
JUDQ
iU
ERO
GH WUDQVPLVLyQOD OL
Kp
FHSDUD
GH XQ EDUFR
WU
DQV
PLWLU
WLHQH TXH
5HVROXFL
yQ
0:D
 U
VVLQ
TXHHO
HVIXH
U
]R FRUWDQWH
H[FHGD GH\
 VQ
L01P
TXH
HO
iQJXO
RGH
WRU
VL
yQVHDVXSHULR
U
DXQJU
DGR HQ XQD ORQJLWXG
GLiPHW
U
RV GH  ‡
1P 


* 
'HWHU
PLQDU
HOGLi
PHWU
R PiV DSURSLDGR *1
P‡
VL *    
5HVROXFLyQ

IW
aB
£a£WOWW

 
 
$ H% R
$SOL
FDQGR
OD 7J!WHQHPRV
HFXDFLy
Q

,
7
Q
;

R 
QI
UW 01

7

Q


P


 7

7
2
7 
!

V
/XHJ
R
7WG tUI
 !G
a
 P
*
a#" 



7R 7
!



V(
* a
$G
HPiV
B7/
Q
[Rž !
Ga2 P
PI
* PI

[  





7
- ž 
7

G PP
 -




'HPR
VW
UDU TXH
O
KXQ
XHFR
GiUER
H VHFFLyQ
FLUFX
O
DUFX\R
GL
iPH
W
UR
LQWH
U
LRU VHD 

O
DPL
WG
DGHO
H[W
HULRU WLHQH XQD
W
RUVLyQ
UHVLVWHQFLD
TX
HHV
LJXDO
aD
GH
ODOD
D '
07R
U
VRU
TXH
OL
HQH iUER
XQ
O
PDF
LR
] O
GH
PLVPR
GLiPHW
U
RH[WHULR
U

 
O

5HVROXFLyQ
3DU
D
HO
iUERO
KXHFR

 ^WW
U 7'7'
Qa'

G

Q'

7

iUERO
3DUD
HO PDFL]
R


70 Q'
H @BB
 (^
-*
!‡
7/
3DUD
PLXQ
VP
RPDW
HUL
DO
WH
QHPRV
7 
  > 

 



VR[
£V[
‡£

'H \



HV LQFRUUHF
W
R
D
 U 

DG
',

'H
W
HUPLQDUHO
Pi[LPR PRPHQWR
WRUVLRQDQ
W
HTXH SXHGH VRSRUWDU
iUE
RL XQ  G ODD PEUHGHDFHUR
GHPPGHGLiPHWU
KXH
FRGH VH
FFLyQ GH\ 
 PP
PPGH GLiPHWUR
H[
W
HULRULQW
HULR
H
U 
8QD
WUDQVPLVLyQ
IOH[E
O
H FRQVWa H HXQFDMDWDQ
DM
XVWDGR
TXHVHSURGXFH
XQ
SDU
U
HVSHF
W
LYDP HQWH
VLQTXHVHVREUHSDVHXQHVIXHU]R
FR  1PL
2
UDQWHGH
W [ HQF
HUUDGRHQXQWXER
XD
HQH
TX 'HW
HUPLQDU
OD
Pi[LPD
ORQJ
LW
XG TXH
URUVRU
UH
VL
VWHQWHSRU
IULFFLyQ
GH
1aaH[ FHGHU
GH 03D
¢&Xi
O
VHUiHO
\
VL
Q
TXH
ODGHIRUPDF
LyQVHDVXSHULRU
D
PHG
L
RJUDGRSRUPHWURGH
ORQJ
LWXG86H HG
HW
HQHUVL
HO
HVIXHU]R
FR
U DQ
WWHQ R
H 
[
* 1P‡
aaJXO
R
WRW
DO
GHWRUVLyQ"8VH**3D 
5HVROXFLyQ


H
5HVROXFLyQ
6DEH
PRV TXH -
R
B




 ‡
‡W
[

[

 ā‡
'HO
GL
DJUDPD H HHHHH
 HH
H a UD
ULR
ā

-;ā
a
;
 OOL
7
 
W&   !7N
1
P 6L
WRPDPRV
XQ
GL
I
HUHQFLD
O
GH
ORQJL
W
XG


‡a





‡`
7
G[
a
7-* a
 !ƒ  a
[

N1
! 7 P
7HQH
PRV
P
/
W LWF
7

 /


£7


a


N1Q-

W
[
W
/a6


[  !/6P P



8QiUERO
GHW
UDQVP LVLyQ
GHDFHUR
FR
QVWDGHXQDSDUWHKXHFDGH
P
GHORQJLWXG U £ 7
/G[
£
/P[G[ P /
[G[
\
GLi PHWURV
GHPP \

PP
\
RUW
DSDUWH
PDFL
]DGHPPGH
GLiPHWUR
3DU
DHOJLUR
W
HQH
PRV FD
-R -
R-*

-R-* -* R
\
PGaOQJ
RLWXG 'HWHU
PLQDU HW Pi[LPRPRPHQWR
WR
U
VLRQDQW
H TXHSXHGH
VRSR
GH
UWD
WRUVL
U
VRQ
yQ
VX
TXH
SHU
HOHVIXHU
HHOYDOR
]R
U
VR
GH
EUHSDVHHO

ž
HQ
I
YDOR
U
GH
DORQJLWXG
WRW
DO
01P

GH
 QL
 HOiQJXOR
P8VH
*
WR
*1KQ
WDO

‡
P/ 


>
H R
 ž ,
 
-* 
[RV£a

‡
5HVROXFLyQ
$SOLFDQG
R
IDV
HFXDFLRQH
V
GHO
HVI
XHU]
RW
HQHPRV H H
(O
iUERO
GH
OD
ILJXUD
JLU
DDU
VDEVR
U
ELHQ

GR HQ
N: $ \

N:HQ GH
% OR
V
N: 6PP
72 72
  GLpP
W
 
G

Q' Q
R


R‡£V
 !
7VN1
P DSOLFDGRVHQ
&6L* 
[R
‡
1
P‡FDOā

PPFOO0

FXO
DUHO
HVIXHU]R
FRUWDQW
HPi[LPR<
HODQ 
JXORGH
WRUVLy
Q GHOD
UXHGD$UHVS
HFW
RGHOD
7 7
a
   V V
!7

N1P UX
HGDF

0DWHxDODFH
UR P P
Q' LW


5HVROXFLyQ
$GHP
iV
&DOF
XODPRV ORV
PRPHQWRV
WRUV
LRQDQWHV
-

H

B
H
B



 7

/B

 7
/
WL




B
7 
‡‡ 
@B

 



 N1-7,
ā
7 $%



B

 
;
Q

N1P
-* *-+ - %

;
QIQ OW
$




W

ā
  7ā>  -V

[a B
7,&
 
Q

01
P W
 
7aD

OWa


01P

%[
O
2 R

‡

‡
‡
FRR




VH
 QGLOF
LW Q

OWGLH

(O
HVIXHU]R
Pi[LPRW
HV W


01P
‡
-

!
76

N1P 
7
 N 
1P
 OLG
OOIO 5,6,6,(1&-$ :21$,
0$7(3-$86
2I ‡

H 
7HFOHH

7‡V/‡
V
 L
7VFO
VF
7
/
R© -* -* -*

XE W  H  7VOHH
7HFO
 HH   >




@V
[a
4HO
HTX
7
Q

 QR HQHPRV
 ‡F
!  
HHF
 *
-VF
VH
-HV*‡H
aG


[
a
YF 
-
 M
  
=


!
 

G
a

P 
WRPDQGR
HO GPP
PD\RU
  

aRV
[ HV

Q

 H 

$XQHMH GHVHFFLyQFRQVWDQWH\PGH

N:
OR
QJtWXGTXHJLUD
DWUDYpVGHXQHQJUDQHVLWXDGRD
P
U
VVHOHDSOLF
GHOH[WUHPR
]TXHUGR

D
HQGRQGH
! 
UO B
 F
 
ž
, VH DEVRUEHQ
N:\DP
GH
HVWHORVRWURV
D 'LPHQVLRQDU
N:
iUEROVLHOHVIXHU]RFRUWDQWHQRKDGHH[F
01OP

E
6HO W
L
HQH
HMH
XQGLiPHWURGH
PPGHWHUPLQDU
HO
iQJXORW
RWD
O
GHWRUVLyQGHXQH[


8QiU VH

EROGH DFHURVHHQFXHQWUD
FD
U
JDGR P

1  
1P RWUR
  *1O
8VH*
 P


J~QVHPXHVWUDHQ ODILJXUD8VDQGRXQ Py
7R
GXO
R * *1P
 
 FDOFX
 OH HOGLiPHWUR UH? 5HVROXFLyQ

TXHULGR
GHO
iU
ERO
VL
HO
HVI
XHU]RFRUWDQWHHVWi  R
O
LPLW
DGR D
01P
\HW
  iQJX
OR GH URWDFLyQ
HQHOH[WUHPR
OLE
UHQRGHEH
H[FHGHUGH
ž $
P 
 P  P 6P,
5HVROXFtyQ
7 6221P 1P &DO 7 "

FXODQGRORV

a
+
*aa 7 
[
 Q

 N1P

Q
7
H
7 
B[
 N1P
 Q
R

UW

'HO
HTX
LO
L
EULR
W
HQHPRVTXH7


1P

7
[
 
B N1P
7UDPR
$% 'HO
HTX
LOL
EU
L
RFDOFXODPRV
Q Q
B 7



[
 !G
7  

7
1P QG
W QFI P
 +D
FHPRVHOGLDJUDPDGH
PRPHQ
WR
WRUVRQDQWH

R
%&
7UDPR % ` 




  2
0
 

7HH

 1P U  V

[
 !G
 P
 /
N1P
 


UUG
& 

3DUD
Fy
FD
O
FXODUORV
PRHV
HO
JLURV

KDUHPRVHO
JLURHQOD
EDUUD
GL
DJU
DPDGHPRPHQWR
W
RUVLRQDQWHSDUD
YHU

D3DU WHF

FR
D GLPHQVLRQDUWHQHPRVTXH
! 
$ % & KRUDULR 

J†B[
W
7 -W 
4[
V

DQW
L
KRUDUWR 
QG
 QG
aa!
, a
O 
! 


WRGRVJLUDQ
DQXQ
RUDQR


 G P !G


 

PP

 5(6,
6OI1&$
'( 62W;;--
0$
OOO$86


6L
E 
G
PP*
*1P

 
7O HQ


 B 7 -
 G[
*
žLW
 'G-

GRQ
GH
H 

 HF OG*
   7/
2 

 
'GG


Q*'
G
G ;
 /
B 7HV
! 
 7SF

2‡

G
Q


[>
 G

 
[ 
H
 


 
ƒ

 ‡

[


[


8Q
iU
ERO
KXHFRGHEURQFHGH
PP
GH
GL
iPHW
UR
H[W \
HULRU
PP
L
QWHUL
RUWLHQH

$
 O
 GH
QWURXQHMH
GHDFHU \
RGHPPGHGLiPHWUR
GH
O
DPLV
PDORQJ
LWXG
HVWDQGR


`
[ 


[ DPERVPD
WHU
L
DOHV
ILU
PHPHQW
H XQLGRVHQ ORV 'H
H[WUHPRVGH
WHU
PLQDU
HO
a
Pi[LPR HVIXHU]R PDWH
ULDO
HQFXDQGR
FDGD
VRPHW
HHOFRQMXQWR
VH D
- H
UDG
 
 
ž WR
UVRU
GH
N1P
*
 *1P
 \
SDUDHOEURQFH
*
 *1P

SDUDHODFHU
5HVRWXF
OQ


8QHMHGHDFHURGH
PGHORQJLWXGWLHQHXQGLiPHWUR
TXHYDUtD
XQLI
RUPHPH QWH ÈU
ERO
KXHFR
GH
EU
RQFH

GHVGHPPHQXQ
H[WUHPR
KDV
W
DPPHQ
HO
RWU
R
6XSRQLHQ
GRTXHHV
YiOLG
D %URQFH
ODHFXDFLyQ

HQFDGD
HOHPHQ
W
RGLIHUHQFLDOGHORQJLWXG
VL
QHUURU
DS U
HFL
DEOH
GHWHUP
L
QDUHOiQJXOR
WRW
DOGHWRUVLyQ
VL
WUDVP
LW
HXQSDU
WR
U
VRUGH
 1
P8VH
PP
 


* [
 01P
 ‡  $RRUR
?U
5HVROXFLyQ
G G'OG[

7 
a

7 &RPRHVWiQ
I
LUPHPHQ
W
HXQLGRV
DPERVJLUDQHO
PL
VPR
iQJX
O
R



H
H 
7/ 7/
G R 
- *H -‡*
H ‡
/
7
6L
WRPDPRVXQGWWHUHQFLDO
ORQJLWXG

SRGHPRV
GH
WHUPLQDUHOJLUR
GH GLIHUHQFL
DO


7
/
7
7
! 
a
'


G

aG



-
aB

-


 a2
&XDQGRG[ $GHPiV
 U


7

7 
1P
a
, 7

 \7
7
 



/XHJR
 7
7-F
[
 !W

- 

01P

 ,
aRR
RV


I



,QWHJUDQ
GR
RE
WHQHPRV
 % 7G[ ‡

 



-*
R 
U

$GHPiV


W 
 -
 


G
G[
/  



W
F


HFO2 
[
- aRRV







 W
B

01 
P

 

8Q
WU
iUER
O
FRPSXHVWRHVWi
HVPDWH
UL
DOHVGLIH
U
FRQVW
HQWHV
\
VXM
L
WXLGRFRQ
HWR
DGRV


(QHO
iUERO
GHODILJXUD
GRHQ VXV H[
W

UHPRVOD SRUFLyQ $%‡
ILUPHPHQWHHPSRWUD


WLHQHPPGH
GLiPHWURHVGH
\ EURQFH FRQ$
SDUHV DSOLFDGRV VHJ~Q OD VH LOXVWUD HQ
V
W 
01P \

* 
*1P

/DSRUFLyQ%&
IL
JXUD D &DOFXOH
Pi[ L
PR HVIXHU]R
HO HV
GHDFHURGH GLiPHWUR
  V 
7PPGH

FRUWDQ
E
WH
GHVDU
&DOFXOH
HO
UROO
DGR HQ
iQJXORGH
PDWHU
URWDFLyQ
FDGD
GHO
LDO
H[WU
D
01P

\ 
* *1P

6L 
D P \E
PGH
WHUPLQDU HO Pi[L
SDU
PR 7 WRUVRU
TXH
PROLE
UH
GHO
iUERO
8VHORVV
LJXLHQWHVYDā P P W


SXHGH
DSOL
FDUVHHQ
HO
SXQWR%GHXQLyQGHODV
ORUH
V
* 
*1 *
P
  *1P
\ GRV
SDUW
HV
*  a1
 P‡
5HVROXF
LyQ 5H
VRO
XFLyQ

/L
EHUD
PRV OXHJR
$
D&RQVW
U
XLPRV
GLDJ
HO
U
DPD
GH
PRPHQWRWRUVRU
6
N1P 7$$[
 7HF[


 7  
7HF 



‡ L[


[a
RRV

[


a
B
āBBI
ā I
[
; 
£
NWL0 W  7
a  a

1P
N

 

/XH
JR
SDUD
HO
DOXP
LQLR
 DR[

[

RRV


ā7 !  !,7D
!WN1 FHU
R


N1
PO
7D
WDO
F[

O0
1
P
, 

ž
   P


-D 
 ‡
R

 

(Q
HOSURE
OHPDDQWHULRU
GHWHU
PL
QHODUHODFLyQGH
ORQJ
LWXGHV
EDTXHGHEH
H[
LVWLU
$FHUR SDU
DTXHHODFHUR
HO
\ EU
RQFHWUDEDMHQ
DO
Pi[LPRHVIXHU]R
SRV
LE
OH
¢4Xp
SDU
W
RUVRU7
HV
QHFHVDU
LRSDUDHOOR"
7H
[


WDFDF
 OV
01
WP
,
5HVROXFLyQ ‡

-DF

R



%U
RQFH

a B
B B
7
[

OV01P


,

E&D
U
 LU







OFXODPRVORVJLURVSRU WUDPRV
%URQFH
$FHUR
2 

2  PP
a
 U 
 PP
 W
01

P

01

ā * 


P *

*1
*1
P
P

B
7DO
/D
WB !
W-
[
[
R


DO
   W   N1
- *DO
DO R

[[ 
H ā



VR[

[
R

RV£
‡
!
O
H 
 
ž
\R 

‡ 7 
$
 
 N1


 

8QSDUWRU
VRU7
VHDSOLF
DFRPR
L
QGL
FD
O
D


OD


E
2 E ILJXUD

DXQ
iUER
O
PDFL]R
FRQ H[
WUHPR
V
HP
!


D SRWUDGRV
'HPRVWUDU
TXHPRPHQ
ORVWRV



[

[
 WRUVL
RQDQWHV
HQ ORV
HPSR WUDP
LHQWRV VRQ
 
7 7E/\ 
7 7D$

¢9DULDU
tDQHVWRV
YD O
ORU
HVVL
HO
iUER
O
IXHUDKXHFR"

 7
7 7‡ 

 O
U N
1P 5HVR
OX
FL
yQ



8Q
iUERO
FRPSXHVW
RTXHFRQVWDGHXQVHJPHQWR
(TXLOLEULR
7
7
7
7



 2

7 7 ‡


*OOH
7 7
GH
DOXPLQLR
\XQRDFHUR
GH HVWi VRPHWLGR D
6DEHPRV
TXH
GRV PRPHQWRVGH
WRUVLyQ FRPRVH
PXHVWUD HQ 
 
BBB‡B
B,


7
OD
I
LJXU
D&DO
FXO
H HO Pi[LPR
YDORU
DGPLVL
EOHGH  B 

B 7
D7E
B
7 GH DFXHUGR VL
JXL
HQWHV
FRQFRQGLFLRQHV
ODV  




 -*
 -3 ! 7


 


W V

03D 

W 03D\HO
iQJXO
R GH
URWD

FLyQ
GHO
H[WUHPR
OLEUH

OPL
LWDGR 
ƒ
D
8VH
O
RV 
'H \

YDORUHV
*  *3D
 \*
  *3D P 6
P
7

E
7 7
D
! 

7 EDB7 !
a
a O
TTG

5HVROXFLyQ
 
W 6
03D *
 *3D UELO
 W

/7L
O
T
TG
W
‡V 
03D **3D
PP
7 
PP =7
R 
ž 7DDZR
DOXPQOR
 1R
YD
ULD
U
tDQ HVWRV
YD
O
RUHV
VL
HO
iUER
O
HV
KXHFR

7

W 

W 
 V
7
;
P 
P 
8QiUERO
GHPPGH
GLiPH
W \
URPGH
ORQJLWXG

FRQ
O
RVH[WUHPRVHPS


 
£ 7 GRV
VHVRPHWH
DXQSDU
WRU
VRUGH
N1PDSOLFDGRD
PGHO
H[
WUHPRL
]TXLHUGR
!7
6 7 \
DRU W
RGHO
PLVPRVHQ
W
L
GR GH
N1PD
PGHHVH
H[WUHPR
'HWHUPLQDUH

 
   HVIXHU]R FRUWDQWH Pi[LPR SRUF
L
yQGH
O
iUERO
HQ,QGLFDFLyQ
FDGD 
DSOLFDU HO
PpWRGRGHVXSHUSRV
L
FLyQFRQ ODUHVROXFLyQGHOSURE
DQWH
U
LRU
7
W 

 
 
7
‡
ā W  
 ; 5HVROXF
L
yQ


!
7V


7R
D 
7 7
 LR

[ V
7 ž[
a

‡

[R
‡[a


[
[ a

 



 
‡ 
7
V




7 



OWL


  7
Pp[
& [
 [
  'L
EXMDQGRHOGLDJUDPDGH
PRPHQ
WR
WRUVR
U


O 
W
PD[-  Q 


 2
 

a




  





8Q
iU
ERO
VH
FRPSRQHGH
WUHV
SRUF
LRQHV
$&
&'\
'%
VROGDGDV
HQ
WUH
V \
tHO 
6DEHPRVTXH
FRQ
M
XQ
WR
I
LU
PH PHQW
HHPSRWUDGR H[WUHP
HQ \
RV
VXV
FDU
JDGR
FRP R
LGLFD
Q OD
ILJXU
D
3DU
D
*
EURQFH
HO
DFHU

R*
*1P

*1

P

SDU
D
'HWHUPLQDU
O
HO
DOX
PLQ 
LR**1
DWHQVLyQFRUWDQWH
Pi[LPDHQ
F
\
P

DGD
SD
PDW
U 
DHO [

HULDO Wa,2 W 
! 


01P

-

OW


7H

1P 7R  [
$
?

1P
? %
W 
$OXQ:
LLR
-W ‡
W
!  01
P
,
a$,-HOR H R%URQFH
$-XP
RR 

PGLiP

P B


PP
GLi
P Q
R
PPGLiP W
! 

01
P
,
P O
6P P -W 


5HV
ROX
FLyQ


/RVGRV
iU
ERO
HV GHDFH
URPRV
(TXLO
LEU
LR WU
DGRV O
DHQ
ILJXUD FDGD XQR
+7 7ā
FRQH[ XQ
WUHPRHPSR W
UDGR HQ 



O
 
BB
+
©
XQ DSR\RUtJLGR WLHQH VHQGDV
   
*
7
EUL
GDV
UtJLGDPHQ
W
H VX
MHW 
DVDVXV 



B £B
ā 
ÂaB£

7
H[WUHPRV
WiQ
DWRUQ
VXVEU
L
L
OL
EUHV
OODGRV
GDV6LQ
DO
HPyEDU
RWUR O
W
,
/RV H£HVHV 
XQR HQ
GJR
a[V
B

 B -
 



U

FHVDQQHDFt
WH XQD Q H HQ  
O
DO
RFDOL
]DFLyQGH
ORVEDUUHQ
RV
GHOR
V
WRPLOOR
V
VHJ~QVHLOX
VWUD
HQ
O
DI L
JXUD
&DOFX
OHHO
Pi[LP
RH
VIXHU]R
FRU
7a WDQWHHQFDGD
iU
EROXQDYH
]TXHORV
HMHV VH
KD\DQ
DWRUQLOOD
GR
XQRDO
RWUR
8VH
XQ
YDOR
UGH*
 *1P
\
GHVSUHFLHOD
GHIRUP
DFLy \
EULGDV
QGHWRUQLOORV 
&R
PSDWL
ELOLG
DG
GH
GH
IRUPDFLRQHV

JLURV 5HVROXFLyQ
D
F

H
2  OW

$ $ H R R
Q

UDG

7 
7
UW

UW 
Q
 *
 




*
7
 1P

7
7
 7


2
7 
 
W  !-W 01P

 ,
 O;
W   $ OW



 0WOOI;-
OO$<26
O
WIO



8Q
DFRSO
DPLHQWRSRU
PHGL
RGH
EL
UGDVWLHQHSHUQRV
GH
 PP
GH
GLiP
HW
UR 8QDFRSOD
PLHQWR
SRU
PHGLR
GHEULGDVWLHQHSaUQRV
HTX
LGLVWDQUHPHQ
W
HHVSDFLDGRVHQXQFtUFXORGHPPGH
GL
iPHW
UR
'HWH
UPL 
āGH VLW PP
XDGRV HQ FL
UFXQIHU
XQD
HQF
L
DGH
QH
HO
SDUWRUVRUTXH
WUDVP
LWLU
SXHGH
HVIX
VLHO
HU]R FRUWDQWH
DGPLVLEO
HHQ
ORV PPGH
GLiP
HWU\
RFXDWURSHUQRV
GH
O
PLVPR
GLi
SHUQRVHVGH
01
P
 PHWURR HQ
WU
R
FL
UFXOR
FRQFpQWULFR GH  PP GH
GLiPHWUR
 VH
FRPR t
QGLFD
HQOD
I
L
JXUD
¢4XHSDU
WR
U
VRU
5HVROXFLyQ SXHGH
W
UDVPLWLUVLQTXH
HO
HVIXHU
]RFRUWDQWHH[FHGD
GH03DHQORV
SHUQRV
"
6DEHPRVTXH
$ a
G 
 a



  5HVROXF
Ly
Q
)LJXUD

3$
 W

 
 1
R  
PP !5 PP
73
5Q 3'Q



 !7
P
 N1
 G  
 PP
G
 PP! 5 PP

8QDFRSODPLHQWRSRU
PHGL
RGH
EUL
GDVFRQHFWDXQ
iUER
O
GHPPGH
GL
iPHWUR
3 S  3B
\RW
URKXHFRGHGLiPHWURVH[WHULRUH
L
QWHUL
RUGH 
\ 
PP
UHVSHFW
LYDPHQW
H $G
HPiV
73  
5Q 35
Q55S 

 
6t
HOHVIXHU]R
FRUWDQ
W
HDGPL
VLEOH HVGH
01
P‡
GHWHU

PLQDUHO
Q~PHUR
GH
SHUQRVGH

2PPTXH QHFHV
VH
L
WDUtDQ

GLVSXHVWRVHQ UHQFLD
XQDFLUFXQIH
GH
7
[2

 ;


;  
; 
 2


; ;


 
; 
;
PPGH
GLiPHWUR
SDUDTXH
HO
DFRSODPLHQWRVHDLJXDOPHQWH
UHV
LVW
HQWH
TXH
HO
PiVGpELOGH
O
RV
iUER
O
HV
7N1P
5HVROXFLyQ


ā ā Q~PHURGHSHUQRVGHDFHURGH

2PPGH
GLiPH
W
UR
TXH

VHQHFH
3ULPH
U
R FDOFXODPRVHOPRPHQWR
WR
U
VRU DGPLVLEOH
 aaaa£a
aa
aFtU
FXO
RH[W
HU
LRUS
GHO
U
REOHPD
DQWH
ULRUSDUDSRGHU
WUDVPLW
LU
XQSDU
W
RUVRUGH
N1 P

WL 7

 


7
6 2

[
 7
V

 1 5HVROXF
Ly
Q
L

RRJ


 'DWR
V
5 
6DEHPRVTXH7
3 Q 
3
5Q

 7
W  
 
 7
6
[ !


76

 1
L

R



£

 [
O [




R
£
‡[R

V[
Q
[







[

[


7  1 
Q 
 ! 
 Q2
 SHUQRV

7DPE
L
pQVDEHPRVTXH



5HVR
OYHU
HO
SURE
O
HPD
Vt
HQHOFtUFXOR
LQWH
U
LRU
O
RVSHUQRVVRQGH
GH
7 35
Q$U5Q

LG
 ;aP GLiPHWUR

5HVROXF
Ly
Q
Q  [
 
QG'U
Q





[ 

 !Q SHUQRV
 , ,3

6DEHPRVTXH
5 ,
Q7
W
$5Q

W  !
W 
V
7DPELpQ

* 5U
5 * 

‡

(Q
WRQFHV
B
7SP
B

[ ;a
W W

 01OP
W


7

;
 ;
2
 ;




;
£

;;£
;

; 
 W
PK
- [
 ;  ;

7


N1
P M 7SP‡‡
B
Pā‡ -
W 

[
[
[O2

W 

01O ,
P



(Q
XQ
FRQMXQWRGH
UHPDFKHVVRPHWLGRVD
O
DDFFLyQGHXQSDU
WRUVRU

GHPRVW
UDU 6UHPDFKHVGHPPGH
GLiPH W
UR
aa
TXH VHSXHGH
DSOLFDU
ODIy
UP
XO
D GH
OD
WRU
VLyQ
W 
7S
-SDUDGHWHUPLQDU
HO 
M
HaaaO
DSODFDGH
O
D ILJX
U
DDXQDEDVH
UaL
HVIXHU]RFRUWDQWHHQHOFHQWUR
GHXQ
UH 

$SGRQGH$HV
PDFKH VLHQGR- HO GD'HWH UPLQDUHO
HVIXHU LR
]RFRUWDQWHPH
iUHD
GHOD
VHFF
L
yQUHFWDGHXQUHPDFKHVLWXDGRDXQDGLVWDQFLD
SGHO
FHQWURL
GH HQ
FDGD U
HPDFKHSURGXFLGR
SRUO
DV IXHU
GHOFRQMXQWRGHUHPDFKHV
G N1
DSOLFDGRVFRPR  VH LQGLFD
]DV

4Xp IXHH
U]DV
DG
L  S GtDQ
FLRQDOHV SR U DSWL
5HVROXFLyQ
aDUVHVL
QTX H
HO HVIXHU]R
FRUDW
QWHVREU
a
7HQHPRVTXH SDVHHO
YD O
RUGH
01P

HQ
U
HPDFKHD 
7S 3 W
$ JXQR"
W- - 
¢ $S
 ‡ S

5HVROXFLyQ
6DEHPRVTXH
3$
 W

S
P
$GHP
iV
 ‡ 
S  P
7  
 3 S$WS
£

£
ā
‡


7DPELpQ
 8ELFDPRV
HO
FHQWURGHJLUR

U 
U W &DO
FXODPRV

-O
$S


 R
FH W


&
"
SS (S
!
S

$ (S

S

$
3DUDiUHDV
LJXDOHV

-$(S




7
Wa

S
 W
$S -
S !
&73O
/-
OTTG
 -



^

 
£



-

;
OÒ

P



8QDSODFDVH VXMHWDD
HOH
PHQ
W
RI
L \XQ 
MR N1
UtJL
GRPHGL
DQWH
FXD
WUR
UHPDFKHV
GH 7 
/XHJR [2

[2
 
1P

IL
PPGH
JXUD
GLiPHWUR

FRPR
VH
LQGLFDHQ OD
\
'HWHUPLQDUHOPi[LPR
PtQL
PRHVK 

K
$
 
$
 7SB  !W
01P


W
 PP
W

IXHU]RVFRUWDQWHVTXHDSDUHFHQHQWRVUH
PP
W
 PP
I U
-  
 [‡ 

PDFKHV

5HVROXFLyQ 
N1 ;

B !U

[ 

01
P

'HO
JUi
ILFR 
7
 [ 
 


N1P
(Q
YLVWDGHTXH

01P S

! 
! N1
£ 
 W

,
-

$
S$ ¢
S 






£ 






2 £
£ 
£ 

-


;
a
P
 
3!

7
VR[R‡1O V
 3
P
  N1!  N1

>S 
W
! 

[


 OWtO


/DS GH
-DFD -D
ILJX
U VH
D EDVH
VXMHWDDXQD 6L
7  
!
W 

01
P

12
QJRGD
PHGL
DQWH
 GH
UPDFKHV
H PP
DUYDORUGH 3 
'H
WHUPLQ HO O
DVIXHU]DV
PDQHUDTXHHQQLQJXQRGH
O
Gā

RVUHPDFKH ,
22PP


 
7

;
;
W
;



; 
; 

 
;2

W
; 

 
; ;
VHEUVR
HSDVHHO
HVIXHU]R
DGPLV
L
EOH GH

PP

 

 1P
7 !
7 O
N1P

03D







PP

 







 S



3RUEOHPD
LOXVWUDW
LYR

 

5HVROXFLyQ 

6HDS
OLFD XQ PRPHQWR
WRUVLRQDQWH
GH
 VHFF
1PDXQWXER LyQUHFWDQJX
GHO
DU
'H GH
WHUPLQDPRV 
HOFHQWUR FRPR
HO
GH
-D
ILJXUDU HVSH
PLQDU
'HWH HW
HMH
JLUR TXH HVWi VREUH HO
VRU W GH VXV SDUHGHV HO GH PDQHUD TXH
U
$2
$
 HVIXHU]R FRUWDQWH
H[FHGD GH
03D

QR
$  PP &DOFXODU
HVIXH
U]R
HOHQ ORV
FRURV
WODGRV QYQ

7"? 'HVSUHF
L
DU
WD
FRQFHQWUDF
L
yQ GH HVIXHU]RV
-
-
G
$
 [

-WR


^‡
a 
a

 
V


RRV


` a-L
BM
BBāaaaR
U
 H£H HQ ODV
HVTXLQDV

5HVROXFLyQ



 £ 7  
W (
3
[[
 OU

62PP W
$W
6DEHPRV TXH $ 
EK



[
 

P


- 
[
6
;
1
P
 \ !
B W
 O
PP
W 
PP
W


W
62
;O2

!
S
6

1 

 S


N1 O
/a
 DFRSODPLHQWR
SRU
PHGLR EU
LGD
GH   

8QWXERGHPPGHHVSHVRU
W
LHQHXQD
W
RU
GRDPHW
UR
HVSDFLD
GRV
XQLIRU
PHP V O
RHQHVHaV
SHUQRV DFH
U
R
GH
GH

2PP G PD HOOSWLFDLQG
L
FD FRPR
HQ
O
DILJX
UD
VH

\
PHWURFXD
IU
"
SHUQ
RV DGH
O
XPaaH
GH
aQD FLUFXQIHaHQFLDGH
GLi
a PP GH
+DOO
DUHO
PRPHQWR
UVL
RQDQ
WR
W
H TXH
SURGXF
Lā
 PP GH GRDPHWUR
¢4Xp SDU WRUVRU
2PP GH
ai
PBHWUR HQ
FtU
FXOR
XQ
GH

01P

HQHODFHURRGH
01P
 SXHGHB WaDVPRWLU
VRQ
H[FHGHU HO YDORUUi
HQ
pO
GHXQHVIXHU]RFRUWDQWH
01
P‡ GH
<
SDU 
DHO DOXPLQLR
* *1P
 ‡
HQ
HOD-XPRPR
" HL
3DUD 
DFHUR
* *1OP


PP

5HVROXFLyQ
 5HVROXF
L
yQ
'HO JUiILFR
WHQHPRVDE
$ Q UW
ž
;ž
 
7 


 

[R!

6DEHPRV
TXH
 a 

7W  Q W
$5
 $
5
Q 

 
$GHPiV
7W$
W [

 

[

[
 [
 [



!
>7

N1P-

W
 
W

*
5
*5 




8Q WXER GH PP W
LHQH
GH
O
DWRU
HVSHVRU
'H

W

HQHPRV
W
‡ B W
V
R!



 £

W


W
 I
L
\
PD GLPHQV
JXUD
WH
DSO
&DO
FX
LFD
L
O
RQHV TXH VHO
DU
HO
HVI
XHU]
R
FRUWDQ
XQ PRPHQWR
W
RU
W
HV
VLRQDQ
W
D
L
LQGLFDQ HQ
VH
H GH

ž

L
6L
W
 


W 
01
P

6t 
1 \
P HO
YD
O
RU
GH DHV
PP
D
 ILW6,6I(-,&$
'(
0 6RZRR
I-OO$/(6
‡
OL
-
1-

5HVROXFLyQ

7 V

[R
‡
DR
[
 




6DEHPRV
TX W$I
H  /XHJR
 U
  
   
Q
[
'RQG  1P
H 7 W
 PP
 D 
PP

'H
O
JU $ 
iILFR
Q


  

[ [
‡P
 W


01 ,
P



! 

W 
  W 
 
 03D
7DPELp
Q
VDEH
PR
V TXH

[

[R

35

Q







££
*G


[






'HWHU
PLQ
DU
OD
GLPHQV
L
yQ GHO
D
SUREOHPD
DQW
HILRU

GH
PDQHUDTXH VRSRUWD
SXHGD U
XQ
PRP HQ
WR
WRUVL
RQDQWHGH

1PFRQ
XQ
HVIXHU]R
FRUWD
QWH
DGP L
V LEOHGH
01OP

 &DOFX
O
DUHO Pi[LPR
DODUJD
PLHQWRUHā
GHO
5HVROXFLyQ ā
VRUWH SURE
GHO
OHPDDQWHxR
U
VL HVWi KHFKR
GHEURQFHIRVIRUDGR SDUD

HO
TXH
'HOJiILFR
U DQW HU
LRU
W
HQHPRV$Q
[2


D
[  
 D PP * 
*1P
\HO
HVIXHU]R
Pi[
LPR SXH
 GH VHU01 GH
P


$SOLFDU

ā

!
W V
[
! D
 āOD PPM

[

D

‡
)LJX
U
D 


'HGXF
LU
O
DIyU
PXOD
GH
-D
W
RUVL
yQ
77
S-SDUD XQDVHFFLyQ
FLU
FXODU

SDUWLHQGR
GH 5H
VROXFLyQ
TXH
HVWDSXHGH
FRQV
L
GHU
DUVH
IUR
PDGDSRU
XQD
VHU
LHGH
W
XERVGHSDUHGHV
GH
OJDā 'HO
SURE
OHPD
DQWHULR
U
YHPRV W
TXH
 S
! 
GDV
HQF
DMDGRVV
GHQWU
XQR
R
GH
RURV \
W  VXSRQLHQGR TXH FRUWDQ
HOHVIXHU]R
WHHQ

FDGD
I
LEU
DHV
SURSRU
FL
RQDOVX
GD
LVWDQF
LD
DO
FHQWUR
 !
W
 ;
  1
5HVROXFLyQ
3DU
D XQ
DQLOOR
GH
HVSHV
RU
GS
WHQ
HPRV
35
y *G
/XHJR

Q



 
[

R

‡F
R







! V
M  PP




W
QS


G7
GUI
aS

SG7 S7
QS
GS

- £
/-7
, OTTG
 

6HEFR
QVW
U
X£
aaUOaHV
Xa
H aaVaa
Gaa
aHUP
L
aa
WLU
aaLaaaaaaaaaaaaQaa
DOD
XQ
U
aaaHaa
aHaLLUaa
JDPLHQWR GH PP
a
HVIXHU]R
VLQ
FRUWDQW
HTXH HO
H[FHGD GH 03D
$S
OL
FDU FRQ
*3D * 


3RUEOHPD
LOX
VW
UDWL
YR

5H
VROXFLyQ


'HWHU
PL
QDU
HO
HV
I
XHU]
R
FRUWDQW
HP
i[L
PR\
HO
DODUJ 6DEHP
RV
TXH

DPLHQWR HQXQUHVRUWHKHOLFRGDO
GH

HV
SUDV
GH
DO GH
DPEUH PP
FRQXQ
 UDG
L
RPHG
LRGHPP
 HO
FXDQGR
UHVRUWH 35
 G
3
[
 [O
 V
[
‡
VR XQD
SRUWDFDUJDGH

N1
$SOL
FD
UO
D
H[SUHV
LyQ
  &RQ
 * *1P
 HQG
W
O
5
Q
[

 [
[

5HVROXFLyQ V
!S
 N1
6D
EHP
RV
TXH
P 5
G
 !P
  
$G
HPi
V Q
35


[


V[
URR
QV [UR

/D
H[
SUHV
L
yQ‡
RHV
 W 35

 
P


 Ï *G

  [

[




QG P P !
QV
 ‡
 


'HWHUP
L
QDU HOHVIXHU]R FRUWDQWH UHV
RUWHGHEURQFH

Pi[LPR
IRVIRU
DGRHQXQ GH
DFHU
RFR ORFDGRVHQ
VHULH
FRP RL
QGLFDOD
ILJXā
GH GLiPHWUR
PHGL
R GH  \IRUPDGR
PPSRU
YXHOWDV YDUL
OOD
GH
GH 

' RV
UHVRUWaHFDUJD3
XQD

( O
UHVRUW
H
VXSH ULRU
W
LHQ
H 
HVSLDV
U

FaDLa
 PP GH GLiPHWUR HVWLUD
XQD
FXDQGR
ORQJ
L
WXG VHGHPP$SOL U
 D
VRa,GH PP
GH GLiPH WURFRQUD XQ
GLRPHGLRGH
FDU

ā

2FRQ2 
 *1 P aaYaa 

(OLQIH
xRU
WLHQHHVSLUDV
GH 
YDULOO
DI a
5HVROXF
O
Q  GLiPHWUR FRQ PHG L
R UDGLR
GH
 aP
G6
ÏRHa1 P
 GHW
HUPt
6DEHPRVTXH QRGHEH
H [
FHGHUHQ
Q L
QJXQRGH HR aH   ā

FRQ
QDU
S\H
W
DODUJD
PLHQWRWRWDO
GHO
FRQ£XQWR
$SOLFDU  OHQWH
* 
*1P

&DOFXO
DUODFRQVWDQaH
GHOUHVRUWHHTXLYD
W 35
Q  3RR [!
£V URR
[UR
H !3V1 GLYLGLHQGR
O
DFDUJDHQWUH
HODO
DUJDP L
HQWR
*G
  [R‡£FR
[  

5HVROXF
OQ S
$GDV
HP
W B

35
 
!P
  
 IS 5HVRUWH VXSHULRU
QG P P

Q 
' 
G 
 PP
'RQGH

UQ
HFU 
 5 
PP !P 

5HVRUWH
L
QIHUL
RU 
W 
 

[ ; 

 ! W 
P03DO Q 
 

G  PP

Q [
 [    

5 PP ! 
P 
BB

01P \ 
* *1
P


8Q HPEUDJXH HVWi VH
L
DFFLRQDGR
VU
HVRUWHV KHOLFRLGDOHV
SRU
GLVSXHVWRV S 2&
/
VLPpWULFDPHQWH&DGDUHVRUWHWLHQHGRFH
HVS
LUDVDODPEUH
GH DFHURGH
GH 2
 PP
(Q
HOUHVRUWH
VXSHULR
U `
GHGL
iPH W \
UR XQGLiPH
WU
R GH
PP
H[WHULRU 'HW
HUPLQDUODTXHKD\
IXHU]D TXH
HMHUFHUFRQWUD
ODSO
DFDGHOHPEUDJXHSDUDFRP
SULP
L
U
ORVUHVRUWHVXQD
O
RQJLW
XG 35
P
  W 3
!  
^
Wa
GHPP¢&Xi O
VHUi
HO
HVIXHU]RFRUWDQWHPi[LPRHQHOORV"
$SO
LFDU

ā
F RQ W  QFIP P Q

 

* *1P‡
! S
W 3
6 V
O
 N1
5HVROXFLyQ (QHOUHVRUWH
LQIHULRU

35
Q OL*G


6DEHPRVTXH
££*G

 3 

5
Q W
B3
^





`!
W 
W
3
3
!6 V
 N1

Q



 

$GHPiV

W  35

P

 RF‡
  

 ‡  S 
  
N1
PW
 WG
 P
 P
3DU
DFD
O
FXO
DU
HO
DODU
JDPLHQWRWRWDO
 O


L R R
'RQGH

P 
5G

  !
P  ££
B35
aQB



O

W 
a 
P


*G  D

[


 
ā
 

Q



R










 ! ,‡

 01P
‡
M
R 35
 aQ






‡
 


P
*G
¢ 
D[ 


 ‡X
R  P
 O
! OL
FP
35
 G
UQFIO
$SOLFDQGR
 
5
N 
S
[
V  !N

N1
P 5HHPS
O
D]DQGR
O
RV
GD
WRV
W
HQHPRV



8QDFDUJD 3HVWiVRSRUWDGD SRUGRVUHVRUWHV W 
3
KHOLFRLGDOHV > 
@ ! 

W 
3
6
FRO
RFDG
RVFRQFpQW
U
LFDPHQWH
GHQWU
R
XQR
GH
RWUR FRPR  LW

 


VHREVH
UYD HQ
OD ILJXUD W
LHQH
(O 
LQWHULRU
HVSLUDV GH
DODPEUH GH GL
iPHWUR
PPGHVREUH
U
DGLR XQ PHGLRGH !
3
V N1

F
P
P\HOH[WHULRU  HVSLUDV GHDODPEUH GH  PP
RQ XQ
U
DGLR PHGLR  GH
'HWHUPLQDU
 O
D PPFDUJD B 
3
> 
 RR -!

 3!
6 3
6

 N1
Pi[LPD TXH
3SXHGHQ VRSRUWDU GH PDQHUD TXH QR W



VHLW

  R


W

VREUHSDVH HO HVIXHU]R

DGPL
VLEOH FRUWDQWH
 GH
03D
HQ FDGD
UHVRUWH
$S
OL
FDU ā FRQ ,QLFLDO
*
   *3D 3 
  N1
PH QWH ORV GRV UHVRUWHV WLHQHQ VXVH[WUHPRV VXSHULRUHV
DOPLVPR
QLYHO

5HVROXFLyQ
 
6L
HO
U
HVRUWH
L GH
QWHULRUGHOSUREOHPDDQWHULRUHV *1WP‡

EURQFHIRVORUDGRFRQ*
FDO
FXODU
HO
HVIXHU]R
FRUWDQ
W
HPi
[L FDGD
PR HQUHVRUW
H
FRQ3

N1
 
$SOLFDU

2
7HQH
PRV UHVRUWHV
FRQFpQ
W
ULFRV
TXL
HVWR
HUH
GHF
L
U TXH DPERV LVā
WHQGUiQ ODP
PD
GHIRUPDF
L
yQOL 5HVROXFLyQ
(O
VLV
WHPDHTXLYD
HVO
HQW
H$
$SOL OL
FDQGR 
O L
WHQH
PRV

3
 
3











B3(










`



! 5
a  !3
 N1 3(

N1
3

U U
3( 3
&DOFX
O
DQGR
P 

35
a


P
 


 
P





3 33 $S
OLFD QG
QGR P
 P
'HOLOL
HTX
EULR WHQHPRV

3 3

3TXH
‡
 


$GHPiV

5H
HPSOD]DQGR

WHQHPRV

B Q
‡ -LË35-
LË3(5
aQ(


Y! aa 


>


@  03D


 Q
W  
 
5HH
PSO
D]DQGR
WHQHPRV


)?



B
3H

 
WB 




 

@ 03D






£ !a 
!3 
 3 (
 a

 
 




MW

  MW
03DM 

 
 03DM
 LLa,

8QD SODFD
WUDO ILJX
ORVGRVO
U
DYHU
DSR\
TXH
HV
DWH
D

H
UtJLGD
PP
UHVRUWHV
UDOHV
VL
Q HO UHVRUWH
FHQ
VH

PiV ODUJR TXH
PpWULFDPHQWH
FR 


WH



Q





>

@ !
 




OW
āB


H
03D
BB
ORFDGRV
&DGD XQR GH ODWHUDOHV
HVWRV WLHQH RLx
P
 HVSLUDV GH PP DODPEUH
VREUH GHXQ 
GLiPHWUR
PHGL
R GHPP 
(O UHVRUWH FHQ 
W
UDO
WLHQH  HVSLUDV
DO
DPEUH GH \
GH  PP 

5HVROYHU
SU
REO
HPD
HO

VL
O
RV UHVRUWHV
ODWHUD
O
HV VRQ
EUR
QFH
GHIRVIRUDGR S
GLiPHW
U
RPHGLR GH PP 6L VH DSOLFD XQD HO
TXH *

*1
P‡
¢6H SXHGHHO
SUHGHFLU
HIHFWR
FXDOLWDW
LYR GH
FDHVWH
PELR
FDUJD
3   N1 O
DSO
DFD
HQGHWHUP
L
QDU HO HQ ORV
HVIXHU]RV"
HVIXHU]RPi[ FRUWDQWH
L
PR HQ UHVRUWH
FDGD
$SKFDU
ā

FRQ * 
 *1P‡ 5HVRXF
LQ
5HVRO
XF

Q 
* *1P 
*H *3D

3ULPHUDPHQWH

YHUHPRV VL SDUD
3
GHIRUPD
ODFDUJD
PHQRV
PiV
 R VUORV
O
DWHUDOHV UHVLVWHQ HQ ODSURSRUFLyQ
O
DQWHU
LR
U 
R PP 5HHPS OD]DQGR HQ LyQ
ODHFXDF


GH
O
SURE
O
HPD
DQWHULRU


B 





;
 H

3 3 

F
 ‡ 
!
 P
 PP 

3

3 


[

3

1
(QWRQFHV

DFW~D WRGR
VL
VWHPD
 HO
3H   1

W



>
@ !WH
 03D

H Q
 

 


8QD EDUUD
Ut
JLGDDUWLFXODGD HQ XQH[WUHPR SHQGH G
GRV UHVRUWHV
LGpQWLFRV
FRPR VH REVHUYD
IJXā HQ OD
UD &DGDHXQR
OO
RV WLHQH
GH  HVSLUDV
PEUH GH DOD
GHPPFRQ GLiPHWUR PP
'HW
HUPL
PHGLR
ā GH
QDUHOHVIXHU]R Pi[L
PR
FRUWDQWH
HQORV DS Q
UHVRUWHV
FDQGRā

'
HVSUHF
L
H ODPDVD
OD U
ED
UD
GH
UtJ
L
GD 
)
(TXtOLEUL
R 2
Y !3


3H 
3   a
PP
P
5HVROXF
L
yQ  
OJ
&RPSDWLELOLGDG
GHWRUPDF
ty
QGH
H

R
‡ V 


X  'LEXMDQGR HOGLDJUDPD
GHIRUPDF
LyQ
'&
/
GH

35
Q
££*F
$SOLFDQGR

‡7HQHPRV
 3
F


 3
/


 

[



 
[




ž‡

3
F


3
 NJ


3

3  
'HO
HTX
tOL
EULR

YHU
'&/
3 

ƒ,0
3

3



3

 1
33
  
 


3H  1
 ,4,
'H
-D
FR
PSDWLELOLGDGGH
GHIRUPDF
LRQHV

'HO
HTXLOLE
ULR
3
3 

 
R£
£" !££  3
3RUVHPH£DQ]D
     
 'H
OD
V
GHIR
UP
DFLRQHV
3

3
  
3 3

35Q 'H\


WHQ
HPRV

££
$SOLFDQGR
*G
 HQ ^ 
33 

3 Q
5 3RGHP
RV
DSUH
FLD
U
TXH
HO
UHVRUWH
HV
W
iPiVFDUJDGRTXH
UHVRUWH


SRU
HO
*G‡ >

3
5Q@ !3 3
*G
  
 WDQWR


'H


\
WHQH
PRV
 W 
 
3


>
R
-V
R[
3  HH3 NJ
3
 \3 
NJ  Q
 



3DUDFDOFX
O
DU HOHVIXHU]RFRQVWDQWH

DSOtFDPRV
Pi[LPR V
31


NJ
 U
3
£
J

N
W
35

O

WWUL

5 

&RPRVHLQG
L
FDHQOD
ILJX
UD
XQEOR

TXH
UtJL VR
GRGH NJSHQGHGH
W
UHV


a"

 UHVRUWHVFX\RVH[WUHPRVLQIHULRUHV
W
 RR

[
 
01
P %URQFH
LQLFLDOPHQWH

HVWiQDO QLYHO
PLVPR

Q    IRVI
RUDG
R
 $FHUR
&DGDUHVRUWHGHDFHURWLHQH
HV
SLUDV
GHDODPEUHGHPPGH
GLiā



> @  PHWUR
VREUH
XQ GLiPHWUR
PHGLRGH

W     [

01P
Q  \
 PP  *1OP
*

(O
UHV
RUWH
GHEURQFHWLHQHHVSLUDVGHDODP

W  01


P‡M EU H
GH \
PP GLiPHWURPHGLRGH
 
PPFRQ* 
*1P

'HWHUā

6LFDGDUHVRUWHGHO
SUREO
HPDDQWHULR U
WLHQH

HVS
Lā PLQDU HOHVIXHU]R
FRUWDQ
WH Pi[LPR
U
DVGH
DODPEUHGH
2
PP VREUHPPGHGLiPH HQFDGDUHVRUWH
DSOLFDQGR
ā

W
UR
PHGL
RGHWHU
PLQDU
O
D FDUJD Pi[LPD
3SDU
D TXH
HOHVIXHU]RQR
H[FH
GD GH 01P
HQ
QL
QJ~Q
UH
ā 5HV
ROXFLyQ
VRUWH8VH
-D
HFXDFLyQ
ā &DG
DU
HVRUWHGH
PaP
P
5HVROXFLyQ
 
$SOLFDQGRHOHTXLOLEULRHQHO
'&/

'LEXMDQGR
HO
'&/
 a

ā
āāā
ā@
ā
āāā
ā
āā
ā āāāāā
T

a

‡
‡‡

‡ž
&


‡


 
 





$SOLFDQGR
FRPSDWL
ELOLGDG
GHIR
UPDF
GH
L
RQH
VSR
U
VHPHMDQ]D
 WHQHPRV



 R

 &$3Ë78/2

  !


 




$SOL
 
FDQGR
R 
35Q
*FI
 

HQ
WHQHPRV
 )8(
5=$
&257$17(<
020(172
)/(;
,21$17(
(1
9,*$6
3

 
 

‡  3

3



 (VFU
L
ELUODV
GLVWUL
EXF L
RQHV GHPRPHQWRV
IOH[LRQD
QW
HV
\I
XHU]D
FRUDW
QW
H HQ
ODV
YL
JDV
GHORV
SURE
O
HPDV VLJXLHQW
HV7U
D]DU
W
DPELpQVXVGLDJ
U
DPDV
PDUFDQGROR
VYD
O
RUHV
3
3


3 
 HQ
WR
GRV
O
RV SXQWRVGHGLVFRQWLQX
L \
GDGHQ
O
RVGH
I
XHU
]DFRUWDQ
W
HQXO
D'HVSU
HFLDU
HO
SHV
R
SURSLRGHO
DV YL
JDV
'H

 \

VHREWLHQHOR
VLJ
XLHQWH
\

SU
REO
HPDV
LOXVWUD
W
LYRV
3 NJ
1
3 
NJ


1 
9L
JD
FD
UD
JGD
FR
PRVH
LQG
L
FD HQODILJXUD
3 
 NJ
1

3DUDGHWHUPLQDUORV
HV
I
XHU]
RV
FR
UD
WQW
HVHQ
FDG
DUHVRUWH
DSO
LFDPRV
5HVROXFLyQ

3
5
G

W QFI 5

3DU
DHO
DFHUR

‡

^




ā

>

QR
O


 




01P


- ‡
P
5
 
WB  01
P

&D
OFXODPRV
O
DV UHDFFLRQHV
DSOLFDQGR
O
DV HFXDFLRQHVGH
HTXLOLEULR

3D
UDHO
EU
RQFH 

0‡2 

5

 2
! 5 

N1

W 
ERQFH


>




- 
,)
 
55
 ! 5 
N1
QR




01P
 (Q
 O
RV FRUWHV
FDOFX
O
DPRV
O
DV
I
XHU
]DV LQWHUQDV



‡FHUR
 01P
  $
O

*QFH

 01 
P
&RUWH


/0



0
[


[ !

`

0 [
-02[ 2 a
O0[  $OU0-

I
,)

9 2
!9 FWH

N15
a
 5(6,67(1&-$
'(
0$7(5,$/(6


6RZDR1$5,2


0

[
&RUWH

 


062[

[ 20 
! [ 
[
 W1 
0

(QO
RV
&RUWH
FRUWHV
FD
 
[

OFXOD

PRV

ODVIXHU]DV
LQWH
UQDV


0
 
N1
P0B


N1
P O
a 
0B2

0

[
2 !0
[
WY
)



92!9


FWH
 ;
0

2 ā0 

N1
P
  ;‡
;
,
)Y 
9 2
!9 N1FWH
 
&RUWH



[




O0

2

0
[


[


[
2 
 

 - 0
[

WG

a
&RUWH



[



0[
 

 
0 ‡
 
0 2
 2
,0
 0
2
[

[
 

2
;
W
)
Y2





9 2
 !
9 

FWH
 !
0 
[
0 

OO‡ ā
0
 ‡

N1
P ;


'L
EXMDPRVORV
GLDJ
U
DPDV
 W
)
9  
9 9
2
! 
N1
FW
H

$ %
ā

M 
9N1M -

ª

&RUWH


 [


0HR 


;
N1PO

; 
^
 
 āa
 ) 2)&

0B
2


O 
0 2
 [

[
 

 
2
M

B

9L
JD
FDUJDGDF
RPR
VH
L
QGLFD HQODILJXUD P ā
‡IO
,
ā

P 
0
!  
[
 ? R


;
0  
N1P0‡

2N1P
‡  


5 W)
 9
2

 R
  9R
 9
 ! 
N1
FWH

5HVRO
XFLyQ

,
2N1
P P  'LEXM
DPRV
O
RV
GLDJUD
PDV

,



ā


 ā
aBBB£B Pa
 -0 
 

FR [
 [
 


$
£ U
 %



 N1 W


P

 '

$ % H R  N1
P


5 5
&DOFX
 OD
PRVODV
U
HDFFLRQHV
 
 LOLF

V
B BB
O
O N1 
 

O0
 2


 5 !
 25 
N 1

W
Y
)2
 5
5
 2 
!5 N1

N1
P
 5WVLVU(1D$ 6RZ&,21$5OOO
,0IOIDV‡
&OI

9LJDFDUJDGDFRPRVH
LQGLFD
HQ
OD
ILJXUD

&RUWH
ā

[



P 
W0 2
B
0
[[[



[
2
$- F
W 0 

[

[


W
N1
L
PR 0 
N1

P 0
R
5 5 
[‡,
0

‡


N1P
5HVROXFLy
Q
N1 U)
9 2
, 


[

9 R

 
N1P
PH !9 


[
 9
9B
 

N
1

9 

[
!;  
!; 



5  'LEXMDPRV
 ORVGLDJUDPDV

 9‡2
1RWD

SDUDFDUJDV
GLVW
U
LEX
L
GDV
HTX
(V
L
YDOHQWHVRORSDUDFDOFXODU
UHDFFLRQ
HV

T  
‡
;

PUQ
T/

£ 
 


U
 !
2)&
 /- a
N1'0)
 aP


&D
/
W
/
W 
a

OFXODPRV
ODV
UHDFFLRQHV


0HH 

[
 [RM
[ 

M
 W
02
$



[





2 !
$ N1




N1 
N1
I
U)Y2

$




; 
$2 !$BN1



9LJDFDUJDGDFRPRVH
LQG
LFD-D
HQ
I
LJXUD  U
F
&DOFX
-, ODPRV ORVPRPHQWRV
FRUWDQWHVHQ
\ ORVFRUWHV LQGLFDGRV  
N1P 
&RUWH
‡

[


` $‡‡a WaaaP
P5
aOž
5
U0
B2
0

[[


[2 5HVROXF
L
yQ

0 
[
[
 
N1 
N1
P


0 



0  N
1P

N1


£
;





OGIOO


U
£U)9
2

9


[
9 R
 
N1

 ! 9 
Y


[
N1
$ 
% ‡
 R
ā

P P
9 
 !
; 
 

!
a 
;  5 5
 5(6t12$
'(
0O7IOO$86
‡
OOaM
6O!:2,:OO2


&DOFX
ODPRV
ODV
U
HDFFLRQHV
 
'L
EXMDP
RVORV
GLD
JU
DPDV

0 2

I)
Y 


5





5



5 

 [

2!
5 

N1
5 
! N1

')&
+






ƒ +a
'0)
‡ 

E
(

&DOFX
 O \
DPRVODVIXHU]DVPRPHQWRV
FRUW
DQW
H
HQ
ORV
FRUH
WV
&RUWH


[

` 9L
 LJXUD
OD  ‡
P
JDFDUJDGDFRPRVHLQGLFD
HQ
āU ā
P


0B 2
 0[
[[O
2
 N
1 $ HO OH
NWOOUQ
0 [

[
5HVRO
XFLy
Q
0 2
OW
‡
ā0
;‡‡
‡ N1
P 6P
5 5

)
2


[

92

9


[

Y
 
 Y
 ‡‡

N1 ‡ ; P P
‡

,
 ā
&RUWH


 [

` $ 
 a22

 N1OP OH
aR

 
‡


/0B 2
0
[

[



;
[

2 

0 [
[
 £
FW  6P
[

0 
 
0
 
N1
P 1,
 £a 5 5

,
)Y2

[
9  




-
0 a 
&DOFXODPRVODVUHDFFLRQHV
9 [
 
9 
 N1
9N1
 L
B

 Œ‡
W 25


>@

2
 !5 
 N1


 ,
)
Y 2

5

@
52 !5
 N1
9
[ !

[

a[

`
&DOFX
 O
DPRV
ORV
PR
PHQWRV
<FRUWDQWHV
HQ
ORV FRUWHV

&RUWH

ā
 
[

` &RUWH


[

`


0O
2
 0

[



;

;
2


/0
 2
0  2  !0
[  [
0[
 [

 0 
2ā
0 
N1
P


LW2 ‡ 
‡


0

0‡N1P

2 ,
)
Y2


9 2
 !9 
FWH
[ &RUWH
 
[
`
U
)Y 
2
9[
 R

W
/0
B R
0
 [[

[
@
  [


9 [ a[

9
2N1
9 0[
  [ 
 N1 0a
9
 
[

 

; 
[


`
IR
O1
0OO
0
‡





ā



0
N1
 ‡
P


N1
P
I/aā
ā

[

ā
,)Y2 
 [
@
9 2 9
 !  [
 
9
‡


N1
9‡


 N1


/0
25






 2 !5 
N1
9 
[
 !
; 
[ 

O) 5
Y2 


5 2
 !5
N1
&RUWH


 [^

7RPDPRV
HO
O
DGR
GH
U
HFKR &iOFX
 OR
GH
ODVIXHU]DVHQ
FRUWHV
 ORV

W
(0
B
0

;2 !
0 

[ &RUWH


[^

0

N1
P0
2N1
P


/0


‡ 
2
0[[

[
2

,
Y 2
/) 
9
 2
9 
!  N1
 0 
[
[
0
‡‡22
0[‡
 
N1P
'LEX
 MD
PRV
ORVGLDJUDPDV

‡
aāWāZ
 W Y 
 O) 

[

9 2
 !9
[ 
‡


 ‡ I!
1
9
‡
‡
N1

9 N1
‡
2)&
+ M0£
a 
 20) &RUWH


 [


a I
0
B 2
0
>
[@[[


ž

 W‡
£ 0
[
 [





0


N1
P 0
 
N1P
0
 2

WY2 9
O) 


[

 2
9 [

9LJD
FDU
JDGDFRPRVH
L
QGLFDOD
HQ
ILJXUD
P ‡
M ,
 9
 N1
9
‡
 N1
9 
[
![ 
[ 

0
0

‡ā‡




N1P
P
5H
VRO
XFLy
Q 'LEX
 M
DPRV
O
RV
GLDJ
U
DPDV GHPRPHQWROHFWRU
I
XHU]D
\ FRUWDQWH

&DOFX
 ODPRVUHDFF
ODV
LRQHV
6LVW
HPD
HT
XL
YD
OHQWH
VR
OR SDUDHO
FiOFX
O
R GH
OD
V
UHDFFLRQHV
 


 , 



‡
,ā
N1


‡


‡
N1

 ā,

 


  
  

ā
L
  ‡ 0Pi[


N1 
P
$I -H
5 a
 FDUJDGDF
RQ
OD
FDU
JD
W
ULD
QJX
ODU
P


0pQVX
O
DFDUJDGD
FRPR
VH
LQ
GL
FD
HQ
OD
I
L
JXUD

a


Z1K
,V F>LI 

0pQVX
TXH
OD
LQGLF
DO
DI
L
JXU
D

5HVROXFLyQ
$
W W

HO
/
Z1P
$O a OD  5HVR
OXFLyQ
 

 8 O


(O
FiOF
XO
R
GH UHD
ODV
FF F
LRQHV HQ
HV
RSF
LRQDO
/

&i OFX
O
RGH ODV
IXHU
]DV
HQ
OR
V
FRUWHV

&D
 O
FXODP
RV
ODV
I
XHU]
DVH
HQ
O
FRUWH

 [
 
2
/
&RUW
H

[

2/

 Z :
I
O0
 2

B
0
>
Z[
@
 2
 !
[ 0

Z[‡
 3
RU
VH
PH£DQ [
]D /
 !
Z
;
Z/

0
  0





Z/‡


W
)Y2
O 
Z
[

9 2
!
9

Z[ IB 2
O0
 
0
>Za
[
@
[
`
2
9 2
9
‡


Z8
0 
Z
[
‡
&R
UW
H

[

/
/ /

I
O0
 2
B  
0 
Z ;

8 
88
` 2


ZO
ZW  O- [
O
0 
[ Z,
‡ ‡,‡ ‡,
  


Z

a

OOY
0 Z[

0 BB
ZO

0
 ZO

 9 

N‡
O
  OO
‡O  
Q 
‡
/
;



W
()

'LEX
M
^Z8
Y

DPRV
O
RV
GLDJUD
9 !
`


PDV Y

R
 OY
a,
aOBa
')
&
B
 a 
a   
 'LE
XM
DPRV
O
RV
GLDJ
U
DPDV


')
& 


 Ft
ZO
Z/

 




0H 


 


a 
Z/ BZO

'0)




9H 
W
 
'0)
 


 ML


0pQVX
OD FRQ
OD
FDUJD ODU
WULDQJX
TXH
LQ
GLF
D IL
OD
JXUD
 P
Z1P ,‡ ‡,
%
O
DFXD
O
YDUt Z
D GH
1P
HQ
HO
H[WUH
PR
OEUH
L D
FHU
RHQ
R
a
O
DSDUHG
 9
L
JD FRQ
O
DFD
U
JD
L
QGL
FDGD
HQ
O
DILJXU
D  OO+P
$W
P 5
P
5HVROXFLyQ 5

&DOFX
O
DPRV
O
DVUHDFF
LRQHV
 5HVROXFLyQ

Z 

&DO
FXO
DPR
VOD
V
UHDFF
L
RQHV


P
,‡ ,
‡
%
‡
 -
,2OO1P
$
&L WL
 
a
2 
5 Oaaāaa aā]aa
5 P
‡IF a
5
P
Ë
,
02
Z8
@
>
/
@

0 2 R Z/
0 


I
,
)Y2
> 52 !
Z/
@
 5 Z
8 I
Œ‡25


@

 2 !5

N1

I
,) 5
Y 2 
 5 2 !5
@
 
N1

&DOFX
O
DPR
VODV IXHU]DV
HQ
HO
FRUWH


[

R/`

‡

,
0 2 a
-


/

[

Z/


>Z


a-

/
[
/
/

[

0
2
 


&iO
&R
UW
FX
H
O
R GH
ā
O

DV IXHU]DV
[


`
FR
UDQ
WW \
HVPRPHQ
WR
IO
H[L
RQDQWHFR
HQ
UHV
W


,
0B 2
0
[ !0 
2 [
Z
U 
/[ 0

20
  
N1
P
0aR 2 I
,)
Y 2 
9 2 !9 
N1F
W
H

Z[ Z[

0  
/  ZO

0O 
 &RUW
H

ā
 [

`
`
,0
 2


0

2[

2
[

[


2

0 6[


[
0 

N1P 

  ‡
OO
‡
O 

[B


,

W‡
‡‡ N1
P

aa
0‡

N1
P 
,
‡‡
$ ‡ I
0
Z[
 9

2
I
, 2
)Y  [

@9  2
9

Z[ ;


£Ya,
O 9
[

O
 9
‡
‡ 
L
29
‡
‡‡

N1
20) 01[
 0

 9 
[
 ![  ! 
 
‡a
 M

&RUWH
[
 &D
 O
FXODPRV
O
DV
U
HDFFLRQHV

`
Œ‡ā‡2
0
>


[

[@
R 
Œ‡2






5
 2


[ 5 N1
0 [[
0

 N1

P
0 2 ‡
W()
5

5R
 N1
5
‡
W
()
Y 2
 9
>


[
2 
9 [
  &
 DOFXODPRVODV
I
XHU
]DV
HQ
ORV
FRUW
HV
9
‡  Y

‡ 2
N1 &RUWH
ā
 [ 


'LEXMDPRV
 ORV GLDJUDPDV !
9 

N1
F
W
H

 
(0
‡,
R0
[
R 0 
! [

0 2
0 

N1P
2)&
  



‡‡ [ 

‡
&RUWH

 
[ 

N1P
0PUX
N1
P W
()

‡
2
9 2 !9 

N1
FWH

O
90
-āWāa



 
O0
 2
0

[ 0 
! [
 

0
W 
N1
P
0
 
N1
P

&R
UW
H
ā

[
  [
‡,
‡W
()
Y 2

[9

2 
[a
ā
‡
LJDFRQOD
FD
U
JDLQGLFDGDHQ
OD 
a1P 
I
LJX
U
D 9 

;

) 0 W
5H
VROXFLQ
Y
‡‡N
9 '
1


Y


[![DP
H
N1

W
N1
; ‡

‡6P ‡‡ 
(0 2

0
>

2[
[

@


2[2

£ (TX
L
YDOHQWH
ILFWLFLR 

L


N1P 0 [
[


  
:OQ
$
IW L  (
Lž
0O 0
6


N1P
a ,‡ 
,‡ \ P
P  P
5 ā
5
£
P 0
0


 
 0PR:
‡.-6 5(6,6UI10
'( 6a
0$I1W6


&RUW
H


[


` &D
OFX
O
DPRV
O
DV
IXH
U]D
VHQ
O
RV
FR
UHV
W
‡W
;
)2
, 


[9 2 9 
! [


&R
UWH

[ ^



[ 

  N1 
9‡ 9 2
OU
 OO

? a 

a
U0
B2
0
>

[
[ R
@
W
a
,)
,

0

[

9
2
 0
[

[
HH0 
!9

[

<
 O£
a0
0
[


[

 0 
2 0 

N1P ;
-&‡2 ‡
‡
 
0 
N1P
0


2
&RUW
H
 ^
[
 


'E
LXMDQGR
O
RV
GLDJUD
PDV
[
 )


)

[  [
[


  )
 
B
  Z
‡
I
‡

‡
 
? N1
KQ
 W [
2)&   
)
[ [

 


[ -  5 

N1 P
O
W a0
a
W
W
)Y2


)
)

9 
2 
N1 
[
 [
 
9 



 9
20
)  

N1

 9
V

N1

W
 [ [

ƒ` a
0a 2


) 
)02




0pQV
XO
DFRQODFDUJD
LQ
GL
FDGD
HQ
OD
IL
JXUD

,V
NOOKQ
U-
W:P
0 [

[


$  H 0



N1P0
  

N1

P
P P

‡ 


5HVROXFLyQ
2)&
RLUW
U


+ + 

a

W  N1
WL P O O£ N1P 




B

,‡P‡ ,‡ P
I 20)



 0-IOD-
Ò1,26 ,/IO

ILO


0pQVXOD
FRQO
 D
FDUJ
D
LQG
LFDGD
O
DHQ
I
LJX
UD
$OW NttLLx

F  a 5HVROXF
L
yQ
U
PN1P O


5HVROXFQ

$O 



  ‡
OO1OUQ
‡

5 O

OaN1 
‡

 H &DOFXO
DPRV
5

‡P
P `
L
02 7
8
 R
5/ 

&DO
FXO
DPRV
ODV
WXH
U]DV
ORV
HQ
FR
UHV
W 
5Z8

&RUWH

[ 

`
&DOFX
O
DPRV
ODV
IXHU]D
V
HQ
O
FRUWH
H  [
 2
 /

W 2
/I

Y 
[

9 
2 !9 
[
/Z[‡
9 ;


;
9  
N
1
W


) Rā
a 

Yā /9 2
  

Ë
(
0B
 0
2 
;  !0 
[
2 [
 B
 
‡ 
 ZO
0
20
 
 N1 [ a Z[
 ZO Y
‡

&RUW
H


 [


`


N1P %0 9 
 
/
!
^

9
ZO


[UFW
;

W ;
N1 
O)
Y2 
[  
9 2

! D[
Y 
‡
;

L
‡,
9  N1
;‡  
0;‡ 
N1

`
O
0B 20
[

[

[

 2
‡W
(
0B
2 
0Z[

;[
/ 

ZO
6

2 ;

0 

 [

[

N1
P M
Z/
7

9LJD
FRQ
OD
FDUJ
D
W
UL
DQJXODU
TXH
LGQ
LFD
OD
I
LJXU
D
I( ZO


W
5
U
5
/
0 0 U

‡ā£
Y
 5(6,67(1&,$
(5,$,,6
2I 6y,-4211O-

9RODGL
 ]R
PpQV
XO
DFD
U
JDGDFRPR
L
QGLFD
+KQ
OD
ILJX
U
D

9LJDFRQODFD
UJDWULDQJXODUTXHLQGLFDHQOD
I
LJXUD
a
$ 

5HVROXFLyQ

I
5
8

 5L
 I P P

5HVRO
XF
LyQ

‡

N1P
ā
N1P


$ 
 H HD R
I
‡
‡ 8 ‡, 8 P


‡
,
‡ ‡,
‡
P P 

3RUVLPHWUtD
5 5

a
/
`
a
/ &DOFX
ODPRV ODVIXHU]DVHQ
UW
HV ORVFR

&RUWH
ā

[
`
&DOF
XOD
PRV IX
ODV
HU]DVHQ
HO
FRUWH
ā
 KDVWD
HO
FHQWUR GHO
\OXHJR
WUDPR
SRU
WU
DW
DUVH XQ
GH
D
HVWUX
FWXUDVLPHWUtD
FRQ GHJFDUJDV
HRPH
W
UtD

(O ')&
HV
DQW
LVLPp
WU
LFRHO
\ '0) HV
VL
PpWULFR
\
I
,)
Y 2
[

9 2
 !
9 [

9R 2
‡
 ā9 
‡‡ 
 N1
&R
UW
H
ā
 ;
2
/

,
‡


‡

O0  ;
 0
 [
[
2
 !
0
6[


W
,
)Y 
2
Z[

ZW
9
2 !
Z[

9 
ZW -

 O / 
 £
a 
BB
[
Z
 
:;Z[ 0‡
;
Rā 0

 ;


N1P

Y
 7
 
ZO
Y
 
R 
ā
Z[

 /


LO
ZO
0
O
I
&RUWH

ā 
[





 [
7
O


[

 I
,)
Y2
O2
9 2 !
9 


N1
FWH

 
‡
,
‡ ‡,
ˌ L
2
ā0 Z[
;
B
Z/F[!
 R I
,% 0 
‡
 ‡  /  ,
0B 0

[  
0

[ 6N+KQ
 
0 
LU

N1
P0
ž
[ 
 N1P
0 Z[

a ¢


,‡ ; ‡
,
O

 
 &RUWH

[
 

2)&
ZO


0
‡
‡ 2 
 0
‡  


+ I
,)
Y 
9 2 9 'N1
!
‡,

ā
 
[
H

Ë
,
0B 2

0

[
 2

‡aa
a
 

0[ 

a  a
0


N1P

0

N1P

 9

, I   ;
')&

a 


ž


 9  
[
!
;  


 

 ‡
[ā



ž[ 

0
(0B
 0
a[

[a
[
2 a āaWa0

'0) 
U/
 žaa
-
->-WB /   ;

I


0 
 [[
 a
0  0
 2 
 N1
P

0

0
B 


N1
P

9LJDFDUJDGDFRPRLQGLFDHQOD
IL
JXUD P &RUW
H
ā ^
[ 

P5
5 
IO)
Y 2
9 !9 
N
1

5HVRO
XFL
yQ
 
(0 2
 
 02
[
 0aI
ML ‡

 ‡
0 [  
[-

‡
ā £
 0 0


 N1

P 2
N1
P



N1-P

$I   a
aO
  F
I0 'LEX
MDQGR
O
RV
GLDJUDPDV

P P
5 9

&iOFXORGH ODVUHDFFLRQHV



(0
2


5 $
 !
2  ')&
;
()
I9 2
$
 
aR !
5 
N1  

£
0
&iOFXORGHODVIXHU]DVHQ
 -RV
FRUWHV W
'0) 
 a
 [
 0PD[
P
N1

&R
UW
H
ā

[ ^

 ‡
‡ £W
ā£
N1
P
I
,)
Y a2[9 2 !9   
N1
P
[
9
 
 


9 ‡ 

N1

 

8QDFDUJDGLVWULEXLGDFRQ
XQ
W
RW
VRSRUWDGDSRUXQD
UHDF
F
LyQ
XQL
DO
IRU
GH
PH
N1
FRP

R
N1

0 N1

P 0B N1P



0
0

N1
P
LQGLFDOD
ILJXUD

WW
WWWWWWWWWWW
'LEX
 M
DQGR
O
RVGLDJU
DPDV


5HVROXFtQ




WW
W UāUW
 W
W W
I Z
20)

N1P
;
P P P O1
P 
 


  


 Z
&DOFXODPRV
SDUDTXH
ODYLJDHVWpHQ
HTXLOLEU
L
R B
W
)Y
2  
 Z6
2  Z 
 N1
P   O
 
āāāā

&RPHQ
W
DULR
HV
W
DHVW
U \
XFWXUDHVVLPpWULFDHQJHRPHW
FDUJD
SR
U
OR
FXD
O
&DOFX
 ODPRV ODVIXHU]DV
HQ
ORVFRUWHVQRWDUTXHHV
VLPpWU
L
FR

HO
')&HV
DQWLVLPp
WU \
LFR
HO
'0)
VL
PpWU
L
FR
&RUWH
ā
[ 


; 
'HW
HUPLQD
U
ODV
GLVWULEXFLRQHV
IXH
U \
]D FRUWDQWH
GH
UQR

I
)
Y 2
9

;


 2
9
9



2 

9 
N1
[
:7Lx
‡

[

0

PHQ
FDV
\
WR
R
E
W
GHTXHODIXHU]D
3
S
OH[LRQDQWHHQODEDUUDFXUYDGHOD
ILJX
U
D
DHQHO
VHDYHUWLFDOFRPRHVWi
\
LQGLFDGR
HQHOFDVRGHTXHVHD
KRUL]RQWD
OGLULJLGD
KDF
LD

OD 
H




OO
‡ OO
‡

‡  L]TXL
HUGD
I
0

‡
2
0


[[
2 
0 
 ;

 ;
 R
0
 
0 N1
P 5HVR
XF
OQ

 

&D
OFXODPRV
ODV
IXH
U 
]DVHQHOFRUWH
ā 2

LW

 ;


&RUW
H‡ [
   &RUW
H
 S
I 


 O 



a
Y
)2
[

[


 9
2  W)
[
 R

9
3FRV
 D R

IU 

9 
 
6[
 
M
M

M-M
M0 OY 
3FRVD
 
9 N1
   9

2N1
;
5 5V
HQ
I
02
 0

[

[





[[
2
-
0
‡
 2
 035VHQ
 2 
0 
[



[

 0 
 
35VHQ
 
 &iOFXORGH
O
DV
IXHU]DV



U
?0
'LEXMDPRVORV
GLDJUDPDV

L
U

a-

&RUWH
 
WUDPR
$% 

OL
,

S
O)
9
3

VHQ


S
S
>
W
9


(
0 2

VHQD

0
3>5

FRV
2

3
aO
;!6

')& '0)
35
0 
E O
&D
FXODPRV W
 HO
ODVIXHU]DVHQ
FRUH  F
FRV

[


&RUWH



WUDPR%&

a W I
0

S


Y-
†

 
1 W 
)2 
9 
OW
FRVWD
 
2 B
 



`

£ B  




 S

9VHQ 
(QHOF
RUW
H



BB
O)
 
93VHQ
 
Π2

5>
VHQ
D
L@
0 2
9 
 
3VHQH 35 ‡

0 &FRVD



W0
 2

0
3
5 R
5HRV

0
35
 
FRV

S


'HWHUPLQDU
OD
V
GLVWUL
EXFLRQHV \0GH
HQ
HODUFR
9
VHPLFLUFX
O
DUOD
GH
ILJXUD
VL
D ODIXHU]D
YHUWLFDO 3 HV
FRPRVH \
LQGLFD
 
E
VL
HV
KRU
L] \K
RQWD
O  DFtDODL]T
XLHU$ H OOI&



 


‡ 
GD
SHUR
DS
OL
FDGDHQHOPLVPR
SXQWR

S 35,=
5HVROXFLQ

‡

D ‡
?
5

&iOFX
OR
GH ODV
U
HDFFLRQHV

SRUVHU
 VLPpWxFR B

BBB 20)

aa


S

55 
 R
E
O
5 5L
 OLO
‡ 5(6,6U(1&,$
'( 6RXa
0$7(0(6



N1
&iOFX
 OR
GH
O
DV
UHDFFLR
QH
V
B9LJDFDUJDGDFRPR
LQG
LFD
OD
ILJX
U
D P OP

-

`
(0  !35
2 
5 
52
5 3

5HVROXFLy
Q
W
,)Y

2 !
5

5 2 5 3
!  
N1 
N1


)+ R
!3U
R ! S

U
$aaO

 % &
R
5W
aOa
 (Q
 HO
W
UDPR$%ODV
I
XHU
]DVVRQLJXD
OH
V
DD
  W
5

3DUDHO
W
UDPR
%&
HaQ &iOFXORGH

I
U
HDFF

(0 R
LRQHV
ODV





5
2 5
N1
0
W
O)
2 5





2 5
N
1
 Y
)R3VHQ

H


FRV

HL
R  aa

S  5
 a 'LEXMDQGR
HO
GLDJUD
PD GH
FRUWDQ
W
H
9 ©
3FRV
D FH
Q£
a
H 
3
H
VHQD IO 9‡5 

N1 R)&
>


 -I  HO ž
S HY
BiUHD

2 $ 
9
9B
3 

99 1 N
`

0 2
 WY
RF
i
U
HD


2
H‡
9
9

N1
20)
2
0

W
0
i
U
HD



 
35 O6  
N1
0 3
5 
VHQ
 
WFRV
 W
0DF
iUHD
 



O
‡‡a

 \
35

0 
0
2 
9L

JDHQYRODG
]DVXQ
\ SD
L
]RVREUHOD
U
TXH
DFW~DQGRV
FRPRLQGLFD
O
DI
JXUD
L 
I
XHU
£
W
£
P P
N1 ‡
P

5HVROXFLyQ

LOXVW
SUREOHPDV
UDWLYRV

6LQHVFULELUODVH[SUHVLRQHVGH
IOH
[LRQDQ
WH
\I
XHU
]D FRUWDQWH
W
UD]
PRPHQWR
DU
ORV
GLDJ
U
DPDVFRUUHVSRQGLHQWHVDODVYLJDVGH
SU
REO
HPDVVLJXLHQWHV
'DU ORV
O
RV
YD
ORUHV
QX
PpULFRV HQWRGRV
O
RVSXQ
WRVGHGLVFR
QWLQX
LGDGHQ
\ URV
GH
IXHU]D 
N1
FRUWDQWH
 QXOD
P 
 P P
 5 2I
(6,67(&,$ 6RF2221$,2
0$(LO28(6 P
&RUW
DQWH
9

N1 0
2!
y
0$6 

 

 !
0 
0

y0$%

N1P
$9

 
y9RF  
 $0RF


 
!
0H 
0
$0HF
 
N1P
9H 


 

N1 y
0H






!
0
0H
 $ 
0F
 

N1
P
)OH
[LRQ
DQ
WH y
0B
a

 !
0 
0

y0
 


  
N1
P

$
0$6 
0 




 
N1
P
')& 

£


- 
0


 
N1P

N1

$
0RF



  P
 O O 

N1

0 
 
-
0H 
0
$ 
 


 ZZZ

?I
?>
'0) 9LJ
D
FD
UD
JGDFRPRVH
PXH
VUD
W OD
HQ
I
LJXU
D N1OP
$
0HR 

 
 
0R 0F$0FR
 

 



 P
W‡,
5W
P

N1
 P
ā9L
JD
FDU
JDGD
FR
PRL
QGL
FD
O
DI
LJXUD

/P WP
ON1KQO
P 
N1

W

5HVROXFOQ
5 I
5D
&i
O
FXORGH
O
DVUHDFFLRQHV ā  R a O
I
,
0H 2



5



2 2L1
N1 P
 O

5
N1
‡W
,
)Y2





5
2 M W - H
% a
I
,0
H5








 N
2 !5 1
5 
N1
$ 5‡aL1
 2 
I
O)
Y 
5
 !5
N
1
9

N1 a P ‡ 5‡
P‡ N1


5 5
$9
  9‡  
5N1
9 
N1 
 $9
D 

 
N1
Y
Y
Y 
 
 


 £

 9a 9
 

N
1 

 

&RUWDRH ‡ &RRDQOD
$9
 2ā
ā& ‡ 
N1  
N1


 ,





$
9RF 




N1 




ƒ
$
9H
R



 N1 9H 9
 $9
RF



 
 

9' Y
H
$
YH
R 
  

N1 9H 9
H
5

 


N
1 0RO00R  
OOH[LRQDQWH
0
 F1
P
$9
2
9 Y

1. 
+P
y0$% 



[

 

 5WVULOI-W&-$
'( 6O--&,21$OOO2
0$OOOO:(6

OWLO

N1
&iOFXOR
GH
OD
SRV
L
FLy
Q
SDUD9
2
 ![

 P

G


9LJDFDUJDGD
FRP
R
VH
LQ
GLFD
HQOD
I
LJXUD
 0$2$0$Hi
U
HDFRQDQWH

 +




N1P

0H 
 N1

P
1OPO
£ N1P WL
0DF

^



0H0

$ 
0DF






WL
0H[





 
 0[
0H
$0H[

 
5 $0[R




   $
0R0[0[R


 


5HVROXF
LyQ
62N
1
U
P 

N1
N1 










£

‡

 

N1P 
N1OP ‡
‡


$  H R ( 


5 a
,
ā
Wā


PP P P
S S

&i
OFXOR
GH
O
DV
UHDFF
LR
QHV 

(Q
3
OD
YLJD
SDUD
TX
PRVWUDGDHQ
HHO
O
PRPHQWR
VREU
H O
DILJXUDGHWHUPLQH
FDGDDSR\R O
I
ŒR 2

5



2 !5 N1
 VHDL
JXDO
DO
PRPHQWRD
OD
PLWDG
GH
O
FODU
R N1P

P P P

I
)
Y 

 5 !5 
N1

YR
$9 

S££ 


N1 $
9D9 WL
9 R
S££



N1
P

9 9D
5

WL
9HH2 !
9H 9D  5HVROXFL
yQ S S

O O


a1
&iO
FXOR GH
UHDFFLRQHV
ODV ‡
Y¢Y¢£

 WL
9FR&

 
 92 9F
! WL9
HR 
 ‡
5 5
 
 3 
VLPpWULFR
 ‡
a

N1‡P
9£9£
5 
 



 9R( 
O! 
 

 
 !
9( 9
L
W!
9R(
R 9$
3
$9$H



9D
3

‡ $ % W '(

Y
H 
YD
5WL9
HH
O&

 5


&RUWDQWH

N1 a
9H 

0$
9H
WL
9F



3h
2$0$H 
!

3
R
£
 

;


 3 
S
OLM

y0HF

 


 0H 
3

 9a 9

y
9FR


 


N1
0H0F 2
3


3 !
3  Y
9R
5 

  !

y9
2( 

 


0RPHQWR






3
  
  9( 9
! ¢
y9
') 




   



IWH[LRQDQWH ?
 

S ?‡



&RUWDQWH
N1

a




N1 
N1
\
9LJDFDUJDGD PLN1P
DSR\DGDFRPRLQGLFDOD
ILJX
U
D P
H0RPHQWR
 IOH
[L
RQDQ
W
H

N1OP
0‡ 2 !
W0





 0 0
‡

W!0
 
N1P
P P W
0HF2





0H 
0
0HF



N1
P
5

5HVROXFLQ
‡N1
 y
0FR 



00

0FR



 

 W!
02(  



00
y02(
 

2
62N1 O 
N1
N1OP 

0RPHQWR
N1P QH[LRQDQ
WH
N1
P 

% H

(

āI
a
a


    
N1OP
,
‡ ‡
, 

8QDFDUJDGLVWU
LE
XL
GD
HV
Wi
VRVWHQ
L
GD
SRU

GRVFDU
P OO
O-OO-
OOL-
D 5HDFFLRQHV
JDV
UHSDUW
L
GDVFRPRVHPXHVWU
D
HQ
O
DI
LJXU
D I
I
I
I I
ZN1P
6P
Z]
W1IP
Ë
O0
 2
5 






2 !
5 
N1


5HVROXFLyQ
I
O
)Y 2



5
 !
5 
N1





E
&RUWDQ
W
H ‡



N1P
Y5
 
y9
! 






YY

y9





1N  6P
9
9H
  

 !
y9RF

 
 


9H 
9
W9WH

 N1 ZN1 ‡
Pā
9H 
9H 

!
y
9HR 






 
D` 5HDFFLRQHV
E

&RUWD
QWH
a
,0
2
:




 Z

! 2

a
N1
P 9 5
  
!92 
$ 99
! 9
$ 
2 
N1
W
(
IY2



2
Z Z
! N1
P
9a 9
!$9HF2 !
9F 9
$9HF
 N1
E
&R
UW
DQWH
9H 9H
 5 
 


!
$
9HR 
2 9H
9  $
9  
 2 

N1
Y 2

$9



9H 9
! 
$9
2


‡
YY 
$9
DF

!
9F 9
$9DF


 &RUWDQWH
‡ £ 


N1
Y¢
9H 
 
$9&2 

! Y¢
9¢ 
 
$9&' 
 
R
  0RPHQWRIOH[LRQDQWH
H
[ ‡ P


 0
2 !
$0$' 



0
0‡
 $0
2




N1P


‡ 0
0
 








$
0HF




0H 







N1P
aa

Maa-
 0a0F 
!
$0

 0 
! 0a$0FR

 
N1
P


 

W1
0RPHQWR
 F-
IOH[LRQDQWH
M
aB
BBBa
B
a




W1
P N1P 


9LJ
DFRPR
YRODGLLR
FDU
JDGDSRUXQD
IXHU
 
 
O‡O‡ ā
]D
<
XQ
SDU
FRP VH
R PXHVWUDHQOD
ILJXUD a 

P P ‡
P,
ONWVRXFLyQ N1

a P


9LJDFDUJDGDFRPRVH
PXHV
W
UDHQ  
62N1
$ 
N1
P  OD
ILJXUD




IO 
VaT F -
R P P P

 

P

 āt


 5H
VRXF
OQ 5 ££

5I
BP
 OW
‡
P P N1
5 /

 

D 5HDFFLRQHV
HTXLOLEU
L
R N1 


a
ŒH 
2
5 
 


2

!
5N1  $
 %


a
(

‡
W 9 2
() 
5
 R
!5


N1
OP P P P
5 5
D 5HDFFLRQHV
5(6,67(1&,$
'( 
 W
0$7(I$/,
6

2&O21$OOO2

Ë
O0
‡2


$





2!
$ 
N1 9LJD
V FD
UD
JGD
FRPR
VH
PXHVWUDHQ
O
DI
JXL
UD

‡
IO)
Y 




$  !
$ N1 W IIWW
WO
5 ZO1
P
‡ ,
‡‡ ‡,
‡‡
,‡
‡
,‡ ‡,
&RUWDQWH
E P P
 P P P
5H
VROXFLyQ
Y
Y

R
!YY
W
9

 N1

Y
Y
$ 
 

W
YHW


 
R
 H N1
a -N1
! V
9H9Y¢

N1  N1P O
 ( )
$WH

F
U OWW
Ra 
WWMW
H
9 9
H

9
W 2
FR !
9 H
9 9
W 

FR 2 

N1 5 W
,
‡ ‡I‡‡,‡
‡‡‡ ,
, ‡
Y
9 


W9&¤
 2 !9‡ 

N1 
P 
P PP 
P
‡
ZN1
5HDFFLRQ
D HV
&RUWDQWH &iO
FXO
RGH
\ Ë  
N1
O0
 R 

Z

R !Z

N1
P

<  


P ‡W2
O)
 $







2 N1
!$  

F 0RPHQWR
I
OH[LRQDQWH &RUWDQWH
E

0‡2
 W
0




 

0a 0
‡

W0
 2


 N1
P 9 
 WL
9


!
9a 
9
W
9

 N1

0
0
  0

W 





0
a 
 


N1

P Y
9a
$

 W

 9H


 
 !
9a 


N1


0
0U
 
W0
F






0a 



N1
P YL Y
a





W
YHRR
! Y
R
N1

0a 0a 
 0F
W
 
 !
0a 
N1
P

 
0a 0a   
 
W02( 
 


0( 
2
N1P

‡
? a
0RPHQ
WR 
 
 
aa
a)9

QH
2OO
DQWH 
WH
 
&RLWDQ
N1
P 
N1




 F
0RPHQWR IOH[LRQDQWH 

&iO \
\
FXORGHR
[


P


0‡ 0D
'
2 





 0 0‡
 
'0
 

2



N1P
0HH 
 




0H 0


0HH 




 N1
P FRQDQWH
0HR  
' 
0 
0H

0HR
  

 N1
P OF1



02( 



0‡0

02(
 




 
N1
P

0



 
0
0
H
0
 


2N1
P 0RPHQWRIOH[LRQDQWH
E
0
2 W
0




!0 0
‡

0
 2



N1

P

 W
0RF



!0H 
0
0RF
 N1
 P
0 

!
 0 
0H
 0 
 N1
P
W
0





 
!
0 0

0

 
 

N1
P
 


0




 !
0‡ 0


0




 
N1
P


N1

aaa^UU
£


1P
  O



9LJDHQYRODGL]R
FD
U
JDGDFRPRVH 0RPHQWR 
LQGLFDHQ
O
DI
LJ
XUD 
N1
P  Baa
IOH[LRQDQWH —
?a
P P W
W P WQ OF1
PO 
 
   
5H
VRO
XFOQ


9LJDHQYRODGL]RFDUJDGDFRPRVH
 P

N1
N1

PXHVW
UD
HQ
OD
I
LJXUD
*P
-GWOOQ
$ % O
 4
N:

P N1
P

O P
2N1O W
 R J
H H 5HVROXF
L
Q
‡ 
N1
N1

D
&RUWDQWH

Y
2
9

 N1
!
9a Y
W
9
2 

 N1
*$ OH %
‡
O
,6:OOO
2 (
P 

N1P
Y9a 
9HH2 !
9a Y
9HH 
 ‡ P ‡
, ,   
P P P
D &RUWDQWH
YJ
Ya

 9
FR2 !
9a Y
J
9&!
 
N1
YRW9

9a 2 
9a 9
a 

92( 


 !
Y

9a

92( 


 N1 YYa
N1
W9
HF 
2 !
9a 
 N1
 
YJY
a 

Y
W! 


 YJ
  Y
Y
W! 

 


 D
5HDFFLRQ
HV

YJ 9
a
OO
9RH2 !
9a 9a
y9RH 
 
N
1 

; 
N1






 
a
&RUWDQWH

N1


 
O 
a- 5


Ë

02


$
2 
!
$ 

N1

E
0RPHQWR
IOH[
L
RQDQWH D
&RUWDQW
H
0‡

 OO
0$E 2
 !
00‡
 
O0
O


2
 
 
N1
P
YRW
9


!
9a 9
W9


  
N1
OO
0HF 

 !
0H0

W
0HF
 


 62
N1
P
W
0







 !  W
0 0H
0FR!
2


N1P YYa$
 


OO
9HF

 !9a 
 
N1
W
0'( 
!
0( 0
W
0RH

N1
P
YJ9a 
N1
OO
9FR 


 !
9' 9J
W
YHR


 
N1

0RPHQWR
OOH[LRQD
QWH
a  

 

N1P 
 


 
O 

 
B 


&iOFX
O
R \
GH "
 
 


  \  


P
\  

BB
‡


 E
0RPHQ
W
RI
O
H[L
RQDQW
H

žāW
0‡
0



 !
0 0‡W
  
0
2
 


N1
P
W
0

 


!
00y
0


  N1


P
0F
W 

 





!
0H 0
W
 
0F
2
N1
P
5 OO
0HR 

 


!  W
0 0H 0HR2



N1
P
5DVRXF

Q

0RPHQWR

N1OP 

B
IWH[LRQDQWH 
a?a
 

N1P ‡
 



‡
‡
P P P ‡
 ‡ 
8QDYLJD
PXHVWUD HQ
PH
W
UHV
FRQ
DSR\DGD
SXQWRV FRPR
ODILJXUD
VL
VW
H
QWRV XQLGRVOL
HQ GRV
VR
HQH
QX
OR
VHJ
HQ
XQ
O
HQ N1
ā
TXH
HO PRPHQWR IOH[LRQDQWH
VH

SHUQR
HV


$WOLFXODFLyQ
PP


£


a
£ a
/
aāa
 
 āa?a
ā
B/

 /a

 \
&i O
FX

\ 

O
R GH
ā




\





P
P P
5 5 a

5HVROX
FLyQ
‡
 H 0RPHQWR
IOH[
L
RQDQWH


 N1 0‡
2

0$% 




 0 
! 0$
 2
0
 
P
N1
£
W W
0RF


!0H 0
 
 
0RF





N1
P
N1O
$£aO N1P
R 

R
0
 !

  0
0H

0HR


2
N1
P

5 % &I2
O 5
(
)O
5 
0'(  

 0H 
HH 0

0'( 2


P
N1

P P W

0(< 




!
0
0 W
0HY 



 N1

P
D
&iOF
XOR GH
UHDFF
ODV
L
RQHV 
0<) 







 ! 0B
0  0Y
 2N1

P

aā


Ë
,0
a2

5



2




$ N1
R  
W
 

W
,)
a
2
9 

2 Y
( )I
5
B0RP
)O
H[
HQWR
RQDQL
H

>0P[ 

N1
PO
N1P 
9 
N1 

Ë
,)
a 2






5
2  H&
/ Rā


N1 
8Q
 PDUFR
$%&'

FRQ
HVTX
L
QDV UtJLGDV
& HQ % \
$ N1






 £ VRVW
L
HQH OD FDUJD FRQFHQWUDGDD O
PXHVW
U

3 FRPR
S VH 
W
,)a 

$
  $O


 
HY HQOD
ILJXUD

'LEXMDU
O
RV
GLDJUDPDV GHIXHU]D
FRUWDQ
ā
 \
WH
PRPHQWR
IOH
[LRQDQ
W
H SDUD FDGD XQD 
GH
OODV
$ WUHV
%

5 N1
O
5 O
5
2
SDUWHV
PDUFR
GHO


E&RUWDQWH 5HVROXFL
yQ
9‡ 
$

9


  9
a 
! 9
 


 N1 D
&RUWDQWH

Y9a 
  9DF2 !
  9a 9

9HF
N1
Y 3


Y

R
Y
Y 
 Y
 3

9a 9
a
$





9 2 !9a 9
W

9HR 
 N1
YH 3


9FRž
ā9ž 
Y H
9
&' 
3
9a 9aD
9NIO-
 
9'(2 !
9a 9a
W
9'( N1
Y

Ya N1

9
-
 !
Y Y

9
N1

‡
 
L
E
0RPHQWR
IO
H[LRQDQWH
3/
B
B
, B


B BM F 0RPHQWRV
02

0 

 


0a 0

0D
2

N1P

0 0

3O-
 
38
aa
tO 3


0



0

 


N
1Pā
‡
$a$ 

HF
‡‡  

  B
0H 0
‡

H0

 

HF 
!
0
0
0 
©! ‡ a3/
  2

 X 3 0a

0a




 

 
 
0HR 
 0R
 0H

0FR2

3/ '$

aB
BB

a

0H  
0FR
3/
 
3O 
 N /BB

B 



3/ 3O I

0R 
 3/



0RQHQOR
LHO-RQRQa

 0

N1 
P
OF1
P
LL&
B3O

0H 20) 
U
N1




B


8QDYLJD $%&' VRVW
HQLGD
HVWiSRUXQ
SH
UQ
R HQ 
$ \ XQ DSR\R 'VXMHWD
OLEUH
O
DVFDU
D
HQ
JDV
PRVWUD
GDV OHQ
D
IL
JXUD
TXHDFW~DQH[W HQORV
U
H ( 





PRV GH PLH
ORV
PEURV YHUWLFDOHV
%( \&)  PP



 P

(VWRVPLHPEURV XQLGRV
UtJLGDPHQ
HVWiQW
H D ā
aODa  


OR
YLJD
HQ%\
&
'LEXMH GLDJ
UDPD
URV
VGH
IXHU]D P
FRUWDQ
W
H\
PRPHQW
RI
OH[LRQDQW
HSDUD
O
DYLJD$%&' I
-
VRO
DPHQ W
H


9LJD FDUJDGD
XQ
L
IRU
PHPHQ
W
H FRPRLQG
L
FD
O
DI
JXUD
L

5HVROXFLyQ a

Oā I 
U

H &iOFX
O
R GH
ODV UHDFFLRQHV
5 O 5L
I
U0 
 2 
$

 

 
2 N+ H
1
P
5HVROXFLyQ
!$  $

N1 R ZW 
% 
I‡,‡ 
O1
P 
N+
 ‡
I
W)Y
 

 $ 2


‡ Z1WP

!
$ N
1 $ ‡

,
‡
P P P 5
O
E
&RUWDQ
W
H
5HDFFLRQHV
Y
$  
N1Y
 R Y
!
Y
 R 
 
N1

9a 9a 

 
 

9
2!
9 
9



9


2 IU0
2
 a/a
$ / 2 !$
ZO




N1 ZO
‡WW)
R
Y ZO
ā
 

a$
  
R$

 OOIO

&RUWDQ
W
H 

9LJD FDUJDGD FRPR
ILJX
U
D LQGLFD OD
ZO ZO ZO
9
W-9
B 
 9  9  
W-9
B 

3DU
D
HO
FRUWDQ
W
H U
FH
R 
ā
Z[
 ZO
Z[ /
M
I& 
 
a 5HVROXFLyQ

W-9
B D
 !
/! 
; 
N1


BB
 BB
(VWH
SURE
OHPD VLPL
HV
O
DU
DO \
DQWHU
LR
USUHVHQ
W
D OR
VLJ
XLHQ
W
H


 5HDFFLRQHV tGHP 3
0RPHQ
W
R
 &RUWDQWH

tGH
P
S 


/3
0


2
W-
0 

ZO[aa
B  £

 £ 0RPHQWR
IOH
[LRQDQWH
2,$)
LOOP

āa
W-0
0 2 
Z/

;/ZO
 

 
‡
ZO

0PX
 
Z:P
9LJD
VRPHW
L
GDO
D
DDFFLyQ
O
D FDUJD
GH
W
UL
DQJXODU
FRPR
LQGLFD
O
D ILJXUD
a
  

9LJD
FDUJD
GD FRPR
LQG
L
FDI
LJXUD
OD

N1P
NO
P

P
5HVROXFLyQ I
P P P

3R
UHT
XLOLEU
LR \
W
UtD
VLPH
`
 5HVROXFLyQ
 5

ZO

55
 ; W


‡
‡
ZO ZO ,‡
P‡
 P

?
9 5 
 W-9
 £
B

R
B ‡

9 ‡  O
aPP "-
DRN1P
O O

‡
‡

9/Y
W 29

‡
y
Z/
Y

ZO

9 
‡
B
ZO $P P
& 2 P
 5 5
0RPHQWR
IOH[
L
RQDQWH


;
 ZO

&i
OFXOR GH UHDFFLRQHV

0 W-
0 
ZO  `
Œ‡ 2

 

5

2

 ‡ 9 

  
 N1
!5


ZO

W
)Y 2
5
5
 
 2
0P
  $GHPiV
HO
'0)
GHEH VHU VLPpWULFR 5
! N
1
   H 
£


]
a


a
a a (


R

U 
H
L
1
a
‡

a ,
a ?B
( V
 H

(

H
 
a

£
£
R
H
X££ 

 B¢



ML
( ( aa aa 
HO
O 
^

] H



X


 7
(
£ (


R  


 
ā
ž



- I   a

P !
 

R
"

! 

2
M"


 
"
X "
ž

H




M   D 




 (  H


]
R ££

 IOR 
 Q IO
-J
 a
J

R

H



 ] 

 
( H

 ā£

 
R
H 

; 4
a


7
 (

H   
 8
 

8
 W -
TFRa R




I


4 
 a 
 
R R !

a


 R ,0 
4
R

 !


 ! 

"  
ā
 H


R
a



 R 

 





4



4

 R a
I ( 
I 4
(


!
I


-
R


a
R

a a
D  R


 H (  

!
D!

 WV
ž  !

R

//
 !  R 4   a
   

H! a
 R

ā

a R 


R L

L
 ! ! !
4



2
&2

2


- a
-
 R -

a R
a R £££
R R a

a

H
] (
( ; ]
;
a

 (

 R
L

a ]
 a


( 

]
 
 



L
"

I -LR
H
a Ua
(   (  a 

F ] 

a


 
a
La

J

a





  Ra

 ££
H


U
IO  a






a

R 
R
R




 


1


R

,1
,
?
a



V

H
a


R
 R IO

 


  R



R RR 
£M
 &; R




a

H

 
 
;
a, R, 


4
aRJ R  !
a

 






 
!
 a

a,

 &;

L
H
H "

,-
a
 




I


 
4


a!2



 D
D a a
!
I




I
[  ,1 ;


£




H 

 IO
R 4  a
!ž
X
a!

M
R 

R
W
!


!  R
! H
  
 4
R

H

 aL

Z 4B
aa
X  

L !
  R
- 4
(
!X


M !!Lªaa

4
-
!
!

Q  a a
X


 5HVROXFLyQ



9LJD
FDUJDG
D
FRPR
VH
L
QGL
FD
HQ
ODILJXUD

N1 N1P
a 
N1P

 -
N1P
N1
&,
  
OL1OUQ

O 5HVR

&i
O
OX
FLyQ

FXOR
GHUHDFF
LRQHV
OP
5
 P 
P-
5

H '
I
U0 2







P




5
2 !5 
 
N1
P P 
āOā ‡ I
(
)Y 2
5
5


  



&iOFX
OR
GH
ODV
UHDFFLRQHV
 5 
N1
$ %
I
60H2

 !
5
 52
 N1 )XHU]D
FRUWDQWH


OP
,‡

QU
‡P-
‡
5
‡
I6)Y 2
55


  !
5 N1 Y
5 
 y 
9  
9[

)XHU]
D
FRUWDQWH
 99
$
 '9


  1

N
 R
9‡ 5
 
 y9


N1 
9HF 
y




 Q

‡
 ‡OOP

9 9
y9


N1 a 

!
9H  
9 HF
y9 


N1
y9
HF

  !

 
9H 
N1 ā
')&aa 

OF1
+ [ 
  &i
OFXOR
GH
[
FRUWDQ
W
H FHUR
9a 9H5
 
 N1
 a
[
[



![‡

[

 2
[
!  
HH
9 
 !
9' 
N
1
0RPHQWR
IOH[LRQDQWH

&i
OFXORGH
[
$
(OPRPHQWRPi[LPRVHUiODVXPDGHODViU
\

[
[

 
![

 0
i[$
 
$

&iOFX
OR
GH
PRPHQ
WR
IOH
[LR
QDQWH $ a


 N1
P
 N1P 



 $
3DUD
HVJHQHUDGDSRUXQDFXUYDGHVHJXQGR
JU
DGR

0
2
y0
 
 


 

!0
0
‡

O0[
O 

9
 
[

[

 
 [
y >

0











@


!
0H 

 $V
O
$ 
I



[
G[[

a[ O
ā
y
0HF




!
0H 0y
 
0DF
 



$ 
! 

1P
N 


y 
0FR


!
0
 0H
 y

0FR
 

2
 3RUORWDQWR
0

 N1P


N1
P

0

N1PM
0P
i[ 
6
N1PO
 ]
a
6,

H

-
‡
H

£££

L
L
1
a
?
 (
L
6,H


LM

M

L V

a
“


  a   

 

U H (






4
0
  H Ra
a, HQ

 R
4
a

1



(
B
1
 a
,-
‡‡ R ‡ 
a 
a

a HQ OLO
1 ?
  R !


a  ( Q

a R
a,1L" 
 R
 ]


,
!

B
a
(
]
H 
!
a



 

&


RH R 


J



 R


U
a 
1


  

a
R, R H
a a
! R 
a,1  H R
 
I


 L a  a 


££
ā¢
 

a
HQ ‡
R ‡ 


H

4  Q
(
(
£
£ R  a


H

& R Q


H 4 
*
a
4! a
R R £

U
4
D R !
4 a

a

‡
‡

)

(
a 
 R





O
a

a 

!
(


H

0



FL

 J
a £££ R
 R

‡ OOOƒ
J

WL
]
£ ]
£ †
a HQ

a


a 4 a
a aa RHQ L

 Z aO L
 a
 H
HDR 
R a
  R
O

a
]
R 
H
ā


āR




R

Ha R 

RR
R‡
H‡


 a
£ 4
4
a R  (
H



H
 H U R ££
 
a R
&
4

 ! ( (


R   a



 RO

   
R

 a
H R 
 4

 ,1]
1  

H
(
8
‡ W2
-
 



Xa R !
8

 a R
āH
4
a
FR H 
H a H
 ,1 4 4L


R 


R
4 4
4
a R
! 2!

 
 
8
 (
  

H 
&7
a4  a 4VR



1


āHQ
DV
R 
R
Q
 R 

4
!

O
H
V
R!
&7
H
H R

R



8!ā
4H
 ¢ H
U ā , 1
R ā

R
M 
££ a

 R R HQ
D!


ā 
R
   a 
HQ

 4
R  !££
 aaR

& X R
M
2O 2‡




&
!R ¢ !O!

2R
āā
2
H££a

( O


ā
 -


ā R
 1 4
(©-aa
ā

X 

 

* 
H HQ

U
4
a R H
D! FR
- R RJ
F



2
£

a
R

 


1 2!

(

a

ža©

]

- 
 


OI





  a

-
a
‡
‡
(
£ ‡
‡ M
]



!
1


  H D 

a

I R
£
O



W
£‡
aa 
‡ O D 1

a


WL



( R

a 


HW  (
a P
 a 1 a
,1  O
(L ]  a


W a R
] 

 £
! ‡ a

 D





 £ 

 a U
U
a

  

H 
 
a
1
W


a
‡

 (
( 

 ' a
 ]


  
  ‡‡ 



a
 
U
a
£  !



I
W

a 

£
a
,1




a D
H
1

R
 
  (
H HR
a
R 

©   
1 D


P

H
a
OG ‡ £  £
R R

 £
H

F R
a a


 £ 
 a ( 
  

 
 R R
 
a


,0 £
‡ a

H  R

2
DOX

Z
a 
   R

 

2
  
 L
Oa

aa
 a 


 

2
a R
 R
X

a

ƒ

 a
1
a

 
(


F
H
(
B 
(


ā£
R R



"

J


-

( H
O
(
 (

ā£

H



] (

I
R
( 
 a
a 
 
"


] a
!  1
 
(  O
R 

'
R

O 
£

 R
  R
2
 
 ] !
  


( !
O]
H 
O (
 ] 
H 



a 

]
R (


 a



U

I



!R

 £ 
( '
a '
 F

 
F' (


IO 

a
£  O

 


 a,
1

   F

 

H Ra



‡
 a £ a a
M-1 

 
   

 
 ' 1
a


a R H 
RD!
H a 
1
 4 
1


1
Ha 


a
H &" 
 ā£


&" ' a
Ra 
R R a H

L 

D &"
D

a
[ 


4 a


a 
4 a
BJ£ 4 H  

M
 ,0 
,1
2 &"
H

a

ā
 
; a


  

 O 
,
1 4 a

  F

H  W
!  1,
0

 
 
R 4
R 


a R
2R



H R R  1




,
 2 R 
4
 
X
H
4āH ! !
H
4 
† £
R H a  ! 
(



2
 (
£££ 4
£ R
 a RI X £

 


  ££
?
R
J

D

!
H

H


aJ
4
4

R

H
Z

M   

£
 
R


(a
(a
1



1 ‡




(
a
a  
4

2 H
H
O
H
- 

£




!
4& ‡
2
‡
a 4!4
4

H


M
1
a 2&
BFWO
1
(
1
R 
a a  W
©L!

£
&'
R R
X
*!
R H
UR 1
8


a a 4
8
a ‡
W 1
H
9!Wa:

1
P FD
L! -
a (-J
a
(‡
FU
1
a
X
a
H4R
2
ā


J!
2
ā
4

R
2&K




 (Z
] Ra ]
8 
4 

] !


a2a!
R¤( R ]] ! U
 PāFX

 
Q]X] ! ! ]   R 1
24FWO
W9 X
©L

[2a


 

!



a
 a


8


a
D
a
9  
R U
W2

"

 

  F&OF
a 'FR
F

2
ā
4
R




£  R

1
D 
&?, H  R
4
H Wp

 
 
R HR

  ,
a
a a£££
a

 

 
! 

ā

2
a  4

 



4 a H
! ā a 



 

1

D
R 
[X   



 a



VRD
a
££ 


R  a
  ā
 4
4
£

 

 

 
a
 H
!
R


!  4

8
  
a

 R HRFR 2
D-




,1 
,
H D
I

 a
RH 
1 OOO 
9&

H
  F 

 D
 

 a !

 !


 4


V
W
 !XR H 
 


 Haa Q 


;

X" ! X

 
4
X
2



a ££ O  DFR8! R DR
!D
!££ 
R
Ja
 
 X ! ©L £




 a a Q

©L
!
 &O&&*
 &
R W
 a , !, ! VV H
! R
 4 āR H  O JWL
H
a
R 

X
&;&O!
X
8-6"žR

! R

F
! a!
X
a!








(
]
] !



" 


B DL


(
1

 
 
a
R

L

a




L





 

]
#


;
(
HQa

W  ]

H

4
7!
2

,


!

2 X
  


DL
M W
Rž

D
,1


 !
 O

 


M
a
!a
!8-
4
aa



X

 ‡

L
a
R


W
1 R


f

W


FU
£ 
(

  ££
@R
1

 O

(
  R ‡

R
LO R 
 BB
a

 H

 
R

a 

 
a ( 
R
  W
 
 R
a
4
 @


a Z
a
Z
FU ! R 
a   R @
 H  R R( - a


£ 
H   R£! 
O £  R


a a WU
R 1
FU


ā  a


 a
R ( W
£JR@ R R WO

 

1


FU R


-H R




(
R 

 W


a
Ha 
W 
 




R 1

 
a
R a

 

Ra
4 
( R R -(
R ( W ££ 
R 

 
 WU
 R H X FU 


a


(  R FU


a




 

R W

 

W
a Oa 
R W


4
 H 
a
RR  f
RR

 



 R a R
a









X
a  
O

R


(  R F



R 


 IO R


a !



a 
R a ā
W 1 !
@R
@
a a
 !


B
FU

2


a a R
 
II
a
Ra T @

L W O

a
4



@

 
 
4 a 4 
R  
4
H O RR
 
R 

 ā
2



?
 RR

 
a
H 
 F
Z ( X
    

H 
 

@ @ - ?  RR
 

R ! !
D!
 
 ā



V 2

H


X
ž

2
a

a


!



a

  R
 
 R R

 


 

R ( a


R 1
R


R



 







 R



X
R
(
1
a

‡

   -
1



 
 


 
R
R

R


( R



R H ££ (


 
 

 ‡£
W 



P 

L R 


a
! H !





 



R





  
 O
a
OL OO


1 a R , a
  R


  R (


R (Oa
D
 HO Ra
  X 4

W
 
Z

" a ( H R


OOW
O
 ] R W 


R H

 BB

R

 
 
4
RR

W  
R R

 





 

H   WL
 VU
a
R 
 R 
WU
R


1


 H  B L£
 a

 

R a


 O FU R OW
‡

aR a 


W a -, a 


!
ā

 
a

!
  

8



a a   
a a


M 
  
 


R


R RRR
Oa

 



! R








  


R R a   a



 
O  

 F~ X  
  RR

L 

 H


R (  



     -, a R   a


4
  ( W 
L£LO  !R  1R

-,  aa a
a
!R R



 2
  R
! a
@ !
! 

 L
 ! &7D !
a D FU R
@
@ @
@ a @  @ !

 




 (
R
,/
1

a
;
R

‡‡
H
aa
;
BB


R R
X
(
a



f a
L



 
 a   ; (

FU Hž
ƒ

a2!
FU
R 

H R
£
 £

 
O   £ 
R 4 @
£ R

£
@
R W
F LLO 
 : FU
FU   @

?
FU


 £ R

£ 
 
O %
 
£
a

H
£
( £
R O O
£
4

O
O 

(
R
R
,


 
a
a
a
a
a 

R (
āR
 


 ,1 
a

a

 




£
a @
R



(
‡ a
1
O?O

;
R R(
R 
9 

  




R
R
RR 1


OOO R 



a FU 9
  R £(
FU M£ R

 ‡


O R 1
a ££ £
IO £
£
RR 
 @ @ 
V
 

 


 


  R R
  
a a


 £ 


9
a a
a 
FU
a
R

H 
 £

 £
£
£
a

R

9
 

FU  H

 ££O
R 4
O O
a
HR
ā Q Q IOH 
RR


O
R
D!
H

  
Ra


 
 
£
R Q  R
R
R 
 R 2 a
2 R
 

££

V
a  a R a (
Ra
R 

(
 

a
R   a
 R R


 
FL




R R R  a a a
a (
a R

 
  Ra a a
1
(


 1




O
 
a 9
R 2 a R R ,1 a



a 4
 a
R 9 1  L


 a 
 a
R 
   W
R R (


 !
a @! ( ££ a
£ a R

Q  OO  Q
H a £

R @ R a
 

R 

 
 £ @
@ £
£ R
O


2 
( @W


V @


 ! @ IO
O O R IO
a 4
R FU
 R
4 
 
M 
 R4 
(
R   R£ ‡ D
 R R
V
  O
O R
H+RR





I




R

9


  a £
FL

MD H
4 4
F
!!
  ā  H 4 (



H
a
a
 ££
£££ a!
Ja
a R
(
1


R
a
RHO





9

a
  (
V




aa
†
£ 

Q R
(

 
D R   (
R]

 
a D


OL a
X(


a % RJ

a D H ]


H
£

a



(
R
 (

  
D
D
 ( (
FR a
O






£  (
a,
 
R 
a

Q

a


 X
 

a 

 

X
L
 £
a
a

B
B
(
R

ā

E a
a


 

a 

a
a a


,;


R
£
(
]



 

O
VR

 (  ^
8-O
W- 
OO



R
2£B, 


R
 L
 &7 
FR
O
 OO  2
R a 

 Q  
a




U
£

 a R

a R @
a
F
 
R  
R 


a a R
 R H a a R £
!




&7


!a  



a
a

a 





 R
R &"





aā
WFR
a B

&
X
B
! (



  a
R -
a ,
1 Q ,&"


a a  
¤ H
R

 
 a
1


] " a

H!

 

,1 2

Q
O
a
a
X

&2,1



a

J!

! 

,0

RžHR
WHR 
F



£ X 

 i
IIL

£
R
(
(

 ā

X

aa
-


a 4

LM

 R

4
!
-

V
M (



H


R
]



 


- :RF

4

R a


F
āH 
( Da




a
H

aa
; -


 

( 
 

]V
 H

D D
4

a
( 
 
X



4

££ H


(
Q
4
4
!
!

 ! 
J
4
!
D!


a 0


1



pU

(


J£
a
a


1
R

RB

‡


 
D X
 ā
,
!
H 1
4


H 
 a 
LR
HQ

J
HH R
 !


]
a
] 
( 
R



R
2
R
! 

!
]
 
 
2
a
R
 H
H
R
0
4


2 X
V

 
H[
R


R
-
R(
D! D!

āDU
 

4

E R  R  f R 




‡  BH R
 ]
a
R 
 
 



R  


££ D! (


H
£
Da H
]
R
R
D!
H 
X

-


J R 
ā 

D
D
;
;

R
UJ ( R

 


4
H ( 
R!( 

ā

R!
2 


2

R 


ā 
R



R

 




ā
 D H

  

Q ££ 
aD 


 £ 
 
  



4
U

 
R ( 



H ( R DU


 
H R 4
R a
9

 
FR
2
L
 BX (
 

4 4
!

 




( !H  R 0
R H


a
R 4


( H W R āa
āD
( HX
R

 


R
 
 

V 

 

H


] FR R R
R aR

 D
 
 !




D


R H H
( ] R F R

 aH R 

 R 
 R
4
a (! R
2 a

 D 

( 
 O ( R
R
&
 O 4 a
R 
 
] 
 R 
H 

LO
 
a 
 
R a H
M  āH 2W VR
D R R

2


R I ( 4
 BX 6
H( H
( 

4
 ā R

 

£ WL
ā
a
£
B-


4BR
 -
4B/%

a  ž


Ha
X

a
 ā££
R




R
££

DB 

 £ 4B 2t?


a


4 
 


 4 
D
 aa


2
 H
R 
P
4 

H
X 
4
4
H
FY
(a (!
8




(
4
ā
2 
R
DW8 *

2 



R R
ā2 
4

( 
-O ‡
P 
] 
(ā 4

]
£
‡ D F1(
āa
(
 


(


R 1=4
2 R 
U
 
*H


 2R
D!
ā
 

1 9!
4 a
a 
1 D
,


H RVR

O &O!

2ā
2!
 a
U=
a
 (ā
PP V R

R
a
D] 9!
‡4DM
]
 R 

1a
H


8!ƒ
;O O
(

 
a FD
R2 
1
R a a


; U X


 a
R
R
£]
R aX&2WK 1
J


( H 


4

4 
W

ā££


a
  ‡2

2  D

,
;

 
 H H


4
( 

! J R (
 
 
&!


R V
R



4 

 
 ªFQƒ
R H
4
(
J 

H[

 (
 
 4
H H 42!42 (
-
D" R


a 1
W &! a 
FX8!



1

R R 4
R ! # (

(

  
R a R
 4 RO (
 ] -



KLQ

‡

1

R 

  a
( FD (

 H R (
 
4 a ; -D! H 1

D R
&!


R
H 

D

R H(a 4 
H



 J 1 R 9
2 ā
! (
 H
(


4H
H
4
a
H
O  
*!
4
-
=(

£
O2RR*! āR

2
R


[B
P
(
# H H
a Ra

 H 

 

R
 £



ā
££
W  L ! a
R
R 

&I
HR
2
BH
a
# H


WL
2
R
R R? RVRX'
H
R

 

6


2!  X 4
PF!F

£




  a((a


āž

D!
H
 R R



 RR

 R

4 ;

OLO
£
a H 

R ] 




&
(

;

 R




 OD




aa
(



Q 
1



D R


2 D!  ]
]
 4
J 
6
!W


;

(

2


 J
 
 

!W 4
R `
H
R


ā(



LR  (
‡
£ (
ā££ R
R
JR D 
a
pU pU  
 BB
2

D
F

]

 J 
1a
† ] D R
a
 
 J R
OD£

F 
H
H
 R



2
H 1
!
R L
P?
£
! (


4
ā R  J
`



6
V£

£
R !( a( !  R
D


R
(
H a 
J

 1 


ā (
 R R



(
 
K

 ;

2 R



R D
O

a ] O
a( J a


e 4
;a 
(
!




D 




JV

a

 
H
V

(





4
4 JH OD † a 1
D 
4

J
R a H (




£

`
4
W H



! 
R
R aa R 4 (
4 a(
a  ā4
££

 a H £
£



J R


iD
1

H ž

iāā

H[£

 1
2!

( R  a R

 L
M 
2 


a 
a W

2
4 


( a 
 !
† R a

a

āa
L
<
! £ a V£
R
a a 
  



! a R ?




a

H
R 4

W
! D


££


&DOFXODQGR 5 &D
O
FXODQGR
5

I
Œ‡ 2 
 


 2
5
Ë
O0
2 



5

2
5
! 
 N1 
5
! N1
 
5  N1

0
5 
  
 N1P   
0  

N1P



)XHU
]D FRUWDQWH
 5HVR
O
YLHQGR VROR SDUD GRV FDUJDV
3RV
LFL
yQSD
U
DFRUWDQ
W
HPi[
L
PR
 £VR 


[
 5 


ā


P

&i
O
FXORa
GH
 5 3RVLFLyQ
HV
W
DV
SDUD
GRV FDUJDV
U
DI
XHUD
\
WUDPR
ODRW
GHO


Ë
U
02
5








 2
 a5
5

  N1
;

‡


,0Qi[


N POYPi[
1 5a 
 N1
P PP P
-P
8Q
F 
DPLyQ FRQ UHPROTXH TXH UXHGD
P WLHQH
FDUJD SRU
VREUH
V XQD YLJD GH
HMH 

GH \
N1
VHSDUDGDV
UHVSHFWLYDPHQWH
SR
U
GLVWDQFLDV\
P
 GH  &DOFX
O
DQGR
5

'H
WHUPLQ
DU
HO
Pi[LPR PRPHQWR
IOH[LRQDQ
W
H \ODPi[LPD
IXH
U]D
FRUWDQ
W
HVREUH
HO
FO
DUR
Ë
U1L
 2
 


 2
5 $
L

W9
0
5HVROXFLyQ


0RPHQ
W
RIOH
[LRQDQ
WH ! 
5‡
  I
$ 

&DOFXODQGR OD UHVXOWDQWH \ VX SRVLFLyQ
5‡
‡  
0

N1P

aa-
 -

5
 R
 

 N1

D! P
 




&RUWDQ
W
H
,
;‡
‡ 

 R 
 3RVLFLyQ
HO
FRUWDQWH
SDUD
Pi[
LPR

P -P P
; 
&DOFXODQGR
5



3RV
L
FLyQ
SD
UD HO PRPHQWR
Pi[LPR
 Ë
O0

2 



5



 2

 5   5
$
!  N1


aā
 āa
  
‡

;
0QD[
W
5 I
5H
  N1
  $ 9Pi[N1
P  

P P
  
P P P
 &$3Ë78/2


(6)8(
5=26 (1 9,*$6





3UREOHPDV
LO
XVWUDWLYRV



8QD
YLJDHQ
YRODGL]
R
GH  PPGH DQFKR
PPGHFDQSRU
W
R\
P GH
O
RQJ
L
WXG
VRSRUWDXQDFDUJDTXH
YDUD
LXQ
LIRU
PHPHQWHGHVGHFHURHQ
HO
H[WUH
PR
O
L
EUH KDVWD

1
PHQ
HO
HPSRWUDPLHQWR
'HW
HUPLQDU
HO
YDO \
RUHO
VLJ
QR
GHO
HVIXHU]RHQXQDILEUDVLWXDGDD
PPGHO
H[W
UHPR
VXS
HUL
RUGH
OD
YL
JDHQ
XQ
D
VHFF
L 
yQDPGH
O
H[WUHPR
O
LEUH


5HVROX
FL
yQ
'H
O
HQXQFLDGRWHQHPRV

&RUWH
$$ 

Z W222
 1O
P
K  


P
\ 

(
1

[‡
 
/ P
 
EOO
 
E 
 
P

&DOFX
O
DPRV
HO
PRPHQWRDXQD
GL
VWDQF
LD P
GH 
Z
[ 


1
0 [
[L  P
3RGHPRV
DSUHF
L
DU TXH
O
DV ILEUDV
VXSH
U
LRUHV
DO
(
1
GH
O
DVHF
FLyQHVWiQ
I
UDFFLyQ

6DEHPRVTXH

‡  
D 0\
  
 

D03D
 
 







5(
6,67(1&-$OL
0(-OO(6
6a

6
XQD
YLJD VLPSOH RVLPSOHPHQWH GH
UHFWDQJXOD
DSR\DGD
U PPGH GHVHFFLyQ
5HVROXFQ

DQFKR RR
SRU
PP GH
DO
WXU
D
\
PGH
ORQJLWXG
HVWi VRPHWLGDFDUJ
D D XQD
FR
QFHQ
WUD
GDGH 1
HQ XQSXQWR P
VLWXDGR
GH XQRD GHORV
SR\RV
D 'HWH U 6DEHP
RV
TXH
PLQH
HO
HVI
XHU]R
Pi
[LPR DVtFRPR HOHVIXHU]R
VL
WXDGD
2PPGHXQDILEUD
D
HQ
OD
SDUWH
VX
SHULRU GH OD
SDU
DVHFFLyQ
XQD VHFFLyQ PL
WDG
VLWXDGD
FO
GHO
DUR D OD
H aa D (H (
a

5HVROXFQ
'HO
HQXQFLDGR WHQHPRV
VLJX
L
HQW
HHV
TXHPD
HO
 D 
[R žā
 [
a
[
P
aP
03D 
O
D 
03DO

UW 
K PP,
<  
(1

 

,‡
O
P ‡, 
8QD
EDU
UD GHG
DFHUR
H 6PP GHDQFKR
HVSH
VRU
PP
P
\GH
O
RQGH
JL
WXG
VH
IOH
[L
RQD
SR
U
OD DFFLyQ
SDUHV
DS
GH
O
LFDGRV H[
HQ
WUHPR
VXV
V
GHPDQH
U
DTXH
E PP HQ
HO
FHQ
WUR
DGTX
LH
UH XQD
GHIOH[LyQ GH
'HW
HU
PL
PP
QDUHVIX
HO
HU]R
Pi[LP
R
HQ
O
DEDU
UD \
PDJQL
OD
W
XG
GHO
RV SDUHV DSOLFDGRV
( 
 *1P
‡
'LEX
M
DPRV
HO
GL
DJU
DPD GH
PRPHQWR
IO
HF
W
RU
5HVROXFOQ
'0) $VX
PLPRVGHIRU
XQD
PDGD GHF
LIRUPD
UFX
ODU

1P R
0 1P
0 (Q HO
WULiQJ
XO
R2&%
WHQHPRV
SR
U
3LWiJRUDV

IOW
 
0

  1P
a
 S S

S
 

 622

5HVROYLHQGR
0H0 

 L   S

PP
2Pi[ 
‡  EK

 




03D

O
DPi[
03D
O $ āāāā

a 
-
&
a āā


Q\a 0\

BB



 
03DāD\   
03
 
D
Y
Y 3DUD
HO
HVI
XHU
]
RPi
[LPR




< 
PP
DB
 [

(S 

PP6
03
D ODPi[
 6
03DO
6268QD VLHUUD GHGH FLQWD
DFHUR
DOW
DUHV
GH
L
VWHQFLDW
L
HQH

TXH

PP GH
DQFKR (O PRPHQWR HV
\ 
PP GH HVSHVRU
SDVD SRU
SRO
HD
XQDV
VGH  PP
GLiPHW
U
GH
R¢4Xp
HVIXHU]RPi[LPR VHGHVD
UUROODI
O
H[LyQ
SRUDO
URGHDU
OD ODV SROHDV"
GLi
PH ¢4Xp
0
 EK
6

6



WU
RPtQ L
PR SXHGHQ O
DV
PL
WHQHU
VPDV VLQ TXH VREUHSDVH DB
 

 HO HVIXHU]R GH ; 
03 D"
(   *3D ,0 

1PO
 0
',


(Q XQ
HQVD\R O
DERUD
JDGD FRQ SDUHV
GH
WRULR VREUH
H[WUHPRV
YL
JD
HQ VXV
FDU
āXQD PP
VH HQFRQWUy 
 2ai[
£ 
F 
; 

03D 
TXH
O
DVILE
UDVWDOHV
FRPRO
DV $%
GHODILJXUD
WX
ā $
ā   PP W 0
YLHURQDODUJDPLHQ
XQW RGH
PPPLHQWUDV TXH H W
2Pi
[
W

; 



03D
PWQ
ODV
&' VH
WXG
GH
KDEtDQ DFRUWDGR
PPHQWUH
SXQWRV

PP HQ
&DOFXODU
O
O
RV
D
HV
O
RQJLā
UXHU
H
B B2 

āORai[

03DO
O
Ri[

03D@
]RV
TXH KDQ
GHELGR DSD
GH
U
HFH U
HQO
DVILEU
DV VXā 
PP 
1
SHULR
UH
LI
QHUL
RU
GHOD
YL
JD( 
*3D

'HWHU
PLQ
DU
HO
HVSHVRU
PtQLE
PR GH
O
D
5H
VROXFLyQ YLJD
GH OD
ILJXU
D
GHPDQHU
D
TXH HO
7HQHPRV HOVLJXLHQWH
HVTXH
PD
GH
GHIRU
PDFLyQ Pi[
LPRH
VI
XHU]R
QRU
PDO
QR
H[
FHGD
GH 
P P

03D E

5HVROXFLyQ
(+ ,\

 




 
 &D
O
FXOD
PRV
O
DV
5[
\ Ë
W02
I
3 1

 

 



Z 1P
I
W
P

5
 2
5
!  1


5 
! 1
W
P P

'HO
JU
iILFR VHFFLyQ !
0B

 1P 
5 
<
< 
 


'H
O
RV
W
UL
iQJXORV R
6H
   

 6DEHPRV
TXH

<W <H <W
<H ‡

B
0B
[ 20)
B
B
aā
 

‡‡‡
 2
  
 
; H 1
P 
EK E^






'H 

\ REWHQHPRV
\ 
 <
PP PP Ea
! 
PP ā M
EPLQ
 
PP-

3DUDFDOFXODU HOUDGLR GHFXUYDWXUD 

8QDYLJD
GHWLSR
FD M
D
PX\ XVDGD
HQ FRQVWUXFFL
R RR
PPPP RRPP
R

O  
a  
 

QHVDHUR
QiXWLFDV GHFRQVWD
XQ DVHULH GH
WXERV
‡ ‡ R

<W3  !
£
S
[ [ [
PP
 [
P
XQLG
VH
RV
LQ
PHGL
GLFD

DQW
HQ
H XQDVDOPDV
VHFFLyQ
PX\
ILJ
GHOJDGD
XUDHQ
V
&DGD
FR
OD
PR
WXER 
PP
/XHJR WL
HQH XQD
VHFFLy
Q UFWD
H 
GHPP‡ 6LHO
HVā
IXHU
]RPHGL
R HQ
HVWRV
W
XERVQR SXHGH H[FHGH U R
0H

!0( GH03D
GHWHUPLQDUFD U
JOD
D W
RWDOXQLIRUPHā
S  S
0 PHQ W
HGLVW
U
LEXLG
D TXH SXHGH
VRSRUWD U
HVWDYLJD
7

[WR

[V
  [

WR
 VREUH XQ
FODU
RGH  'HVSUHF
P L DUHOHI
HF W
RUHā
‡ VL
VWHQWH O
DV
GH
DO
PDV XQ GH
L
yQ
 OMIO

5HVROXFLyQ XQD
EDU
UDUHFWDQJXO
DU
VLP
SO
HPHQWH
DSR\DGD

GH
PP
GH
DQFKRSRU 
PP
3DU
D
XQWUDPR
VLPSOH
WHQHP
RV
TXH āGH
HVSH
VRU
VRSR
UWDXQD
FDUJDGH 1

PXQL
IRUPHPHQ
W
HGL
VWULEXL
GD VRE
U
H
WRGD ORQJ
VX
LW
XG
¢&XiO
HV
OD
ORQJ
L
WXG Pi[LPD GH V HO
HV OD
I
XHU]
R
EDUUD
‡ Z/ Z
 IOH
[L
RQDQWHHVWiUHV
W
ULQ
JL
GRD 03D"
0PL
[ Z1P

$GHPiVODVHFFLyQWUDQVYHUVD
O
HV 5HVR
OXFLyQ
3DUD
XQD
EDUUD
VLP
SOH
PHQW
H DSR\DG
D Z 
 1
P
7 R$ 
 

R R R 
R 0 Z/  
/
 ‡


 (
1
‡‡‡
 
 
E  
PPP
G K 
PP 

P


Ra R B0 

/
R R
H
7 & 
EK 






[
O
 ‡

0 7G
  ;
0R$G


4
; 
 a
/ 
  PL
P ,/Pp[


0
V
0
Z
a
ZV

1
P
OZ 
Pp[  1L
PO D


8QD
EDU
UD
GH
VHFF
L
yQ
F LUFXODUGHPPGH
GLiPHW
U
R
WLHQ
HXQDOtQHD
D[
LDO
VHPLFLU 3 D
FXODUGHPPGHUD
8QDEDUUD
PP
GH GL
GHiPHW
URVHHPSOHDFRPRYLJD
VL
PSOHPHQWH
DSR\
DGD GL
RPHGLR
FRPR
LQGL
FDODI
L 6L
JXUD  \
31 ‡  ‡
VREUHXQFODURGH
P
'HW
HUPLQ
HOD
Pi[LPDFDUJDXQLIRUPHPHQWH
GL
VWULE
XLGD  1
) FDOFX
O
DU
HOHVI
XHU]R 

Pi[LPRGH IOH[LyQ aII

U
TXH SXHGHDSOLFDUVHDOR
GH
O
DPLWDGGHUHFKDGH
ODUJR
VL
HO
HVI
XHU]
R
ODYLJD
HQ
O
DVHFF
L
yQDDGHVSUHF
6H L
DOD
GHI
RUPDFLyQJH
$
/a2a
OO
GHELGRDOD
IOH[
L
yQHVWi
OLP
L
WDGR
XQ
YD
D
ORUGH
01
P‡ QHU
DO
GH
O
DEDU
UD

5H
VROXFLyQ

&DOFX
O
DPRV HO PRPHQWR
Pi[LP
R
5HVROXFLyQ
 &DO
FXOD
PR
VHO
PRPHQW
R
HQ
O
D VHFFLyQDD
0Z ‡
P ) 1
‡

QG 
‡
V 
F 5 Z

 
‡
6DEH
PRV
TXH

20) $

1P?£
I
0& 0 0 
ž
£


 
&

 D
a 0

Z


 'HO
JUiIL
FR
a
:6
1P 
O
ZPL  1PO
[


5
G 
 
 
\G‡
5t†B
t†B5

P ',
(TXLOLEULR



(O
PDUF
RGHOD
ILJXUD

GH iQJXOR &
UHFWRHQ
VRSRUWD XQD
“-
O0
2
%
5

)G
3G
 
 2

FDUJD
XQ
LIRUPH
PHQWH
UHSD
UWL
GD HTXLYDOHQWH D  1 GH
SUR\HFF
LyQKRUL]RQWDO
HV
GHFLU

XQD FDUJD 
WRWDO GH
%\
-

RRR

a-


" %1 1'HWH
UPLQDU Pi[
HO
LP GH
R HVIXHU]R IOH
[yQ HQ 
QRUPDO
L


$ 
ā

 
āāā



O
DVHFF
L
yQDā
DVL
HVWDHVXQFXDGUDGRGHPPGHODG
6P
'H OD SDUWH
-D
HVWUXFWXUD
GH
1 5HVRO
XFLy
Q
“-
O0 

2 0&-
OW

 M
&DO
&i
FX
O
FX
O
DPRV
O
HO
R GH

PRPHQWR
\
55

HQ
Dā
D

5 

5
a
0 2 




5 5 
  1
0   5 
  “-L0
2
0 


1
P ‡ 


‡‡‡



 02
 

$GHPiV
 
0 
 1P
R
a Q
0 Q
 
 
-R
03DO

G

 $GHPiV

E 
 PP


P
/XHJR

8QD EDUUD
U
HFW
DQ
JXO P N1
DU GHDFHUR GHPPGHDQFKR
0 6N1 0 



O aa
- 
 
SRU
PPHVSHVR
GH U
HV
FDU
JDGD FRPR VH PXHVā 


EK
 

 



,
UD HQ OD
'HW
H
ILJXUD
UPLQH
O \
D PDJQLWXG
XELFDF
L
yQ  
P a 
 R
03D
 
GHOPi[
L
PR HVIXHU]R
IO
H[L
RQDQWH


5HVROXFLyQ
 
5HSL
WDHO
SURE
O
HPDKDOODQGR
HO
Pi[LPR HVIXHU]R
GHE
O

GR OD
DIOH[LyQ HQ OD VHFFLyQ EāE
'LEXMD
PRV HOGLDJUDPD
W
RIOH
[L
RQDQWH
GH
PRPHQ
5H
VROXF
L
yQ
0


1
P 1
0 1P &DOFXODPRV HO
EE
PRPHQWR
 HQ

E
 PP   P Ë
(0

2

K
 PP


P


0
R  
  O

a

 
0 2
EK
 




20)

-R 
03D
O 
1P ! 
0  1P

 /X
HJR
8E
LFDF
L
yQ
DO
DGHUH
FKD GHO
GH
SXQWR
DSOL
FDFLy
Q GH
0 0 


  
 OR
 Pi[ 

03D
O

EK
 



 £


8QD EDUUD
UHFWDQJX
O
DU
GH
DFHUR

GH PP
GH
DQFK
R
SRUPP
DO
WXUD
\
GH
UQ D
GH ORQJ
L
WXG
HVW
i VLPS
O
HPHQWH DSR\DGD HQ 6DE
VXV
L
HQGRTX
H[WUHPRV
H
O
D
GHQVLGDG
GH
O
DFHUR HVNJ
P


GHWHUPLQ
HHO L
Pi[
PR
HVIXHU]RIO
H[LQ
y
SRU ‡ 
B [
W
PP
GHELGR DOSHVRSURSLR GH ODEDUUD V



G


O£
5HVROXF
L
yQ Z 3
 OP
3
P
E PP
 &D
OFXODQG
RHO
PRPHQWR

K PP P
/ P
O B
0 
[
Z

  Z

\
NJWP OP
 
B 0 Z 
B W [
 O
!ZVN1
WP-
&DOFX
O
DPRVHOSHVRSRU
XQLG
DGGHORQJLWXGGHELGR
DO
SHVR
SURS
LR D

6


[
[


Z
EK 
 




NJI

P  E &DOFXO V
DQGR

O \ $[
,

0 ZO
  



NJ
IP

  
 ;




£
 
 [


PP

0 



D   
NJI
FP

EK
 




V

D

[
 

 !V 

[
PP


OFUPi[


03DO \

8QDYLJDGHPGH
O
RQJL
W
XGVLPS
O
HPHQWH
DSR\
DGD
HVWiIRUPDGDSRUGRV
SHU
 : 6 
;
 !OZV
 N1P -
ILOHV&
[
UHPDFKDGRVIRU
PDQGRXQD
+D
OOOD
U
OD
FDUJDXQLIRUPHTXH
SXH

[
[a
GHVRSRUWDU

DGHPiVGH SHVR
VXSURSLR

VLQ
TXHVH
VREUHSDVH
HO
HVIX
HU ]R
DGP L
VLEOHGH
01P‡

VL \
DODVDOPDVVRQ
YHUWLF
DOHV EODVDOPDV
HVWiQ
KRUL
]RQWDOHV  y 6
L [
HVWiVLPS
O
HPHQWHDSR\DGD
HQVXV
H[WUHPRV



8QDYLJDGH QRQF
HQWUDGD
VHFFL
FHQWUD
O
GHN1
<XQD
XQLIR
UPHPHQWHGL
VWU
L
EXt
VRSRUWDXQDFDUJDF ā ‡W GT
SXHGH
H
5HV ROXFLyQ
 GDGH

N1
P
LQFO
XLGRVXSHVR
SURSLR

&D O
FXODU
OD
Pi[ 
LPDRQJX X
O
 'DWRVGH
O
RV
SHOI
L
OHV WHQHUVL
HO
HVIXH
U
]RDGPL
VLEOH
HV
GH 
03D
D
\ &

; 5HVROXF
Ly
Q
6HFFLyQ6[


 $
PP
Z
 NJP
 1
P
Z
‡ ; 


[
PP
G



‡
‡


‡
O
\ 
[
 PP
D
 PPG

PP
‡

 L

PP 

‡
‡

O O
 'H
DFXH
UGR
ODV
D
WDEO
DV

X
 [
QD YLJD GH VHFFLyQ
 VH:
XVD FRPR
HQ
YRODG
L]R
YLJD
GH

P GH
OR
QJL
W
XG
&DOF
XO
HOD Pi[LPD XQLIRUPHPHQ
FDUJD
W
HFLVWU
LEXLGD
TXH SXHGH
DSWt
V
a 


[

PP
FDUVH DWRGR
O
DUJR YGH
L
OR
JDDGHPiV
OD GH VX SURSLR
HVIXH
U]R
SRSHVR
U VL
Z/
3/ IO
H[LyQ QR
GH
H[FHGH
KD
UHO
YDORU
GH
01
P

0  
 /

 
222
/
5H
VROXFLyQ

6DEH
PRV
TXH 'D
WRV
OD
GH
VHFFLyQ :[

ž


0Pp 

[
6
/



/V
[


[O


[
ZSS
6


NJ
P 
1P
 [PP

 /-
LOOO
O-
:7
:


/ P
!

/


/
V

 ,/L
P / 

0 Z Z


7 Z

8QDYL
JD GH
 P
HVWi
FRORFDGD VREUH VL
WXDGRV
GRV P
DSR\RV
D
GH
VXV
0 Z

 
H[WU
HPRV6H KD
FRQVWUXLGRGRVGH [
SHUILOHV & VX
UHPDFKDGRVV SRU
/X R 6
HJR  
6 [Oā
Y O
Z 
6 1L
PO

\
DOPDV FRO
RFDGDV
HVWDV SRVLFLy
HQ Q YH
ULFD
WO
'HWHU
PL
QDUIDFDUJD
W XQ
DO LWRU
WR 
[[
PHPHQWHGLVWULE
XL
GDHQWRGD
VXOQ
RJL
W
XG
TXH SXHGH
VRSRUW
DU
VLQ
H[FHGH
U
HO
HVIXHU
]RPi[LPR GH

03D 

5HSHWLU HO DQWHULR
SUREOHPD
UHPSOHDQGR YL
JD
XQD
GH
P FRQ XQD VHFFLy
Z
[
5H
VROX
FLyQ ‡
5HVROXF
L
yQ
&D
O
FXO
DPRV ORV
PRPHQWRV Z "


'DWRV
O
DVGH
HFF
LyQ :
[

0B Z



 
ZO 

Z

OOOOOOOO
O
O ZSS 
NJ

:7


P 


:
1
P 
6

[
PP


'DW
RV
GHO
SHUI
LO
&
[

U
HPDFKD
GR

0 :
7a 
Z 


Z 
6 

PP
[

[ 


[PP
P P P  
/XHJR
0 Z  
R  
/XHJR V
[ 
O
Z
 N1LP
O


6[
[ 

 
‡
BZ
Ba

6 [
‡

/DILJXUD PXHVWUD
M
XQWD
ODVHFFLyQ
HQ GHXQD



[
[ ID TXH XQG UHPDFKH
H  PP
GLiPHWUR
GH



ZV
!

OZ



N
N1

1O
P

PO
XQH GRV
6XSRQ
W
L
SO
DFDV GH PPPP
HQGRI
ULEX\HQ
XQ
L
DV
TXH
IXHU]DV LQGLFDGDV
IRUPHPHQ
GHO UHPDFKH
VRE
U
W GH
H DOR
O
DUJRO
D
GLVā
SDUW
H
H IDTXH DFW~DQ
L
QDU
R
D XQD GH 
VH

GHWHUP
HO
Pi[LPR HVOXHU]R
IO
H[L
yQ TXH
GHDSDUHFH
HQ
HO
UHPDFKH

 5HVRXFQ
+D
FHPRV XQ HVTXHPD GH
HVI
FyPR
XHU]
RV
VREUH
DFW~DQ
HO ORV
K
JR VX '0) UHP
DF
H<
OXH
 D
Da
P
URP
: ,:P
O4B 
ODPPO

ž
,

L 0


N1P
 S
 P

‡N1P 
B
8QDYLJD GHPDGHUD
GH
DWO
\
 PPGHDQFKR
GH
GH PP
XUD HVWiFDUJDGD FRPR
6L
HO
Pi[L
LQGLFD
 
ODILJXUD

:  N1P
N1
P
‡ PR HVIXHU]R DGPLVLEOH
YDO
RU \
HV Pi[LPRV
3TXH

GH Z
GHWHUPLQDU
 HV GH 
SXHGHQ VLPXO

ORV
01P
P P
DSOLFDUVH
I
'0) 5
W
iQHDPHQWH

0 
[

2Pi  
[ 6 
03D 5HVR
WXFO
Q
 
OR
PD
[ 
 03DO






3D
UD TXH 3 \ Z VHDQ
VL
PXOWiQHDPHQWH
Pi[LPRV KDUHPRV TXH

 PDGHUD
8QD YLJDGH
GHVHFFLyQ FXDGUDGD TXH SRVLWLYR
L
JXDO
DO
VHD
QHJDWLYR
IHUURFDUULO


P GH W

VHHPaOHD FRPRGXUPLHQWH
HVWi P 2
a aV
P
0aD[$

VRVWHUQ
BGD SRU
U
HDFFLyQ
XQD XQLIRUPHPHQWH
<
GVWQEXGD
VRSRUWD
O
77LQ7LU
:L a
DV GRV FDUJDV GLVWULEXL LxN1
QaaZ£
U77
N1 0
D
Z
GDV GH N1FDGDWD
ILJXUD
XQDI
FRPR tQGLFD 
5 
Z 




'HWHUPLQDU HO WDPDxR GH OD VHFFLyQ GHO GXU
PLHQWH VtID WHQVLyQ
03D
 DGPLVLEOH HV GH  2
,0 
3

$
 I
Z2 



E
$GHPiV
  PP S
5HVROXF
O
Q
K 
PP Z
&DOFXODPRV HO PRPHQWR Pi[LPR GHO '0)
3RU
HTXLOLEULR

ž


01P


6P   6
I
,)
2

0 6DEHPRV
TXH 5



Z
: 2
 / P P P
:‡
N1 :‡

0 Z 
L
2P$[  6[
 
Z
 EK

Z
!  aB

O  2E
WHQHPRV
: N1P

ZV 1P
'HO
'0)

0PB N1
P
  Z $1P

! Z 1


3DUD XQDFXDGUDGD
VHFFLyQ

WHQHPRV
 3DUD
FD
O
FXODU

3HQ


B‡D 
D

&  
3$
Z
$
   
 1


6

D

OZ \
N1PO
,3


N1
,
(Q HOSUREOHPD DQWHULRU
YRODG
L
]RHV

2N1
GH\ [
VLODFDUJD
P pVWH
WLH
QH HQ HO V
2EWHQHPRV
 0
 1P
PHWURV
ORQJLWXG
GH
GHWHUPLQDU
ORV Pi[LPRV
YD
ORUHV GH [ \
GH3TXH
QHU
WH SXH
$SOLFDQGR
HTXLOLEU
L
RWHQHPRV
 Z
VLPXOWiQHDPHQWH

5HV
RXFOQ
O
;Y‡2
 
3
Z
6
  P 
 OOOOOOO
I OOW
3DUD HVWH
ODV
L
QFyJQ
FDVR
L 0
WDV VRQ 3 \ [ VDEHPRV \D TXH 

Z

3
 

5‡Z35 
6Z
 3
Z
;
0
5
  >


 
3
@


 
  
 [ [
 [
0PD[ Z  
 [‡  !
36
 N1

 6L 
KDFHPRV
 3 [
!
N1
!
 
1R
0
 V [


EK
RRR[
 




 ![V 
O[ PL
P 
 &R
QFOXLPRV
TXH

SDUDFDVR
HVWH

HOPRPHQWR Pi[LPR
MXVW
RG
VH
HE
Dā
SUHVHQW
MR GHODFDUJD
3


$GH
PiV


 0
5
 
 Za

3
Z

Z
[  
 5 !  1
5 
 Z
2
63 
 63
V
 

5
S  
 [
 


 !
S
V
 
, 
3N1,


5HVR
O
YHUHOSUREOHPD
 DQWHULR
U
FRQ
ZN1P
 
3 1

, N1
3,
 


 
6P



8QD DU GH  PP GH DQFKR S
UHFWDQJX
YLJD
O
SRU DO
PP
WXUDHVWi
GH P
FDUJDGD FRPR VH P
5HVROXFQ
PXHVWUDI
LJXUD
HQ 6LZ 
ODN1P
FDOFX
OH 
$SOLFDUHPRV ODH[SUHVLyQ
YHULILFDUH
PRVH[SU

OD
HVL
yQ
\
GHO
OXHJR
SURE
O
H
HO
YDORU GH 3 TXH SURGX]FD
SRU XQ HVIXHU]R
6P PD
DQWHULRU

IOH[
L
yQ Pi[LPR

203D
GH

0 > 

3
@
 



 
5HVROXFQ
!
3V N1
3DUD FDOFXODU
HO
0
KD\ SRVLELOLGDGHV
GRV TXH VH HQFXHQWUH
FHQWU
R
GHHQWUH
OX] RMXVWR
GHED
MR GH ODFDUJD
3
 
(Q


[


  P
$GH
PiV
VD
EHPRV
 


V;

V
 N1
6L ,3
,

0
EK

 R


0


[
 

 01,&2
OZ
O26



3UREOHPD
LO
XVWUDWLYR

6H
 DSO
L
FD XQDFDUJD
FRQFHQW
UDGDGH
N1
HQ
HO
FH
QUW
R GHXQDYLJD
VL
PSOHPH
Q


8QDYL
JDVL
PSOHPHQWH
DSR\DG
D
HQ VXV
H[WUHPRV

GH F P
O
DUR

GH
VRSRUWD WH DSR\DGD
PGH
FO
GH
DUR6L

HO
HVIXHU]
RDGP
LVL
EOH HV01
GH
P 
HOH
 JLU
XQD FDUJD XQLIRUPH
N1
PVREUH GHWRGD
ORQJ

L
WXG¢&Xi
VX
OHVYLJ
OD
D
PiV
WD
VHFFLyQ
PiV
O
LJHUD
: 
O
LJHUDSHUI
GH
LO
:TXHH[FHGHU
QRi XQ HVIXHU]R
IOH
[L
yQSRU
GH 03D"
¢&XiO
HV HO HVIXHU]R
O
DYLJD
VHOHFF
UHDO
LRQD
GD
"
HQ
5HVROXF
LyQ
5HVROXFLyQ
 /
 S
3DUD XQD
VL
PSO
HPHQWH
YLJD 0 Z
DSR\DGD 

5HHPSOD]DQGR
GDWRV
 0 
ORV
 222
O
  RRR
 1P ,- ,-

0 [

 $GHPiV
W
 6


 
[
P
 (O
PRPHQWR SDUD
HVHVWH
 FDVR
R
[
(VFRJHPRVWDEOD
GH R
:
OD
[ a

0

PDVD

 NJP

 1
P
0B
B 
[
 N1
P



;
P
 

0


a  

[1
P ā-0
UHDL

[
1PO 
[
/XHJR
W 6  

[
P


[


PP


[
R
0  
[ 03D

£R
03D
 O
6
[R 'H
O
DWDE
O 
D GH SHUILOHV
HVFRJHPRV
:
[
 

5HSH
W
LU HOSUREOHPD
DQWHULR
U
VLO GD HV GH\
DFDUJD
GLVWULEX
L N1P
O
DO
RQJLW
XG 'D
WRVO
SHUIL
GHO

GH ODYLJD HV P PDVD
 NJP   1P
6

[


PP

5HVROXFLyQ

6L
PLO
DU
DO
SUREOHPD
DQWHU
L
RU Z/
 


0  
  

6
 
1
P ‡


0  
  
1
P ž




0D    03D
6 
[
0  
/XHJR
6

 


 2

[ P
 2


 [
PP
 

5HVROYH
U
HO SUREOHPD
DQWHULRU

VL
O
DO
RQJLWXG
O
D YLJD
GH VHFDPELD

P D
R[
'H OD WDEOD HVFRJHPRV
GH SHUILOHV

:
[
 5H
VROXFL
yQ

PDVD 
NJ

P 

21P

6L
PLO
DU
DO
SU
REOHPD
DQWHULRU

6
 [

PP



 
  
UU  0
a/
 [
 
a

 N1
P
0

  1
 P
UHD
1
PO

 /XHJR
R  03D
 
M
R
  03DO

[ 
V
DR[
O2


 [
R
P 


[
PP

[
 ILO

'HW
OD
DEO
DTXHWH
QHPRV
HV
FRJH
PR
V,
:*O
2[O2
OO 

5HSHW
LU
HO
SUREOHPD
DQWHULR
U
VLODFDUJD
XQLIR
U
PHPHQ
W
HGLVWULEXLGDVH
FDPE
LD
D
PDVD 

N  
JFP  1P 
N1
P
6

[

PP
5HVROXFLyQ

0



; 
Oa
 
[

1
P 8VDQGR
HO
PLVPR
SURFH
GLPLH
QW
R
DQWH
U
LRU

0RWD
B [

 



6  
0
3D 0 


ƒ


N1P

[

2W
UDSRV
LE
LOLGDG
KXE
LHUD
VL
GR:[
TXH
WLHQH
6
[
 6
0PL[ O
[O


[


P


 [


PP



SHU
RHQ FXDQWRDHVIXHU]R
KXE
L
HUD
VDOLGRā
  03
 ! [O2
 2DFIP
[
FRQHV
HO
IXHU]R
DGP
L
VLEO
H ā

 D
<HVWRFXP
QR
SO
H
'H
O
DWDEOD HVFRJHPRV
:[
8QD
Y
GHN
L
JDVLPSOHPH

1P OR
QWHDSR\DG
HQ
V 
PFHQWUDIHV
( OP
G
GH
FODUR
VR
H
SRUW
D
BXQDFDUJD
U
HSD UW
L
GD PDVD
 NJ 
P N1P
DGPLVLEOHHVGH
03D
+DOODUa
Ha"aa]DRV
U HFFHD
O
LyQiaiV
OLJHU
D
a

HO
HVW
XDULR 6

[

PP

P[WPRHQODYLJD
HO
HJLGD
5HVROXFQ
 
0




!
6 



N1
P
'H
O
HQXQFLDGR
WHQH
PRV
 Z 
N1 
P
0RFD[
a-O
O
')
OO

R  6 


[ 
 
03D

R

03
DV
03D6t


ž




 03DO
 P 
8QD
Y
LJD
DSR\D
GDHQVXV
H[W
UHPRVGH

PGH
FO
DUR XQ
LtR
U
VRSRUWDXQDFDUJD
PH GH
N1
PHQ
WR
GD VXORQJLWXG
VR
EUHPLVX
WDG
GHUHFKD
6L HVIXH
HO
U
]R
&DOFXODPRVHOPR
PHQWR
Pi[LP
R
TXHHVWiHQ
HO
FHQ
W
R
GH
OX]
 DG
PLVL
EOHHVGH01P
 HOHJ
 LU
ODVHFFLyQ:PiV
HFRQyPLFD

F:P
Z 
5HVRWXFLQ



0



a
ā  'HO
HQXQF
L
DGRWHQHPRV
0

RP


N1

P
03D
&DOFXODPRV
U
HDFFLRQHV
ODV ML

 Ë
,
0‡2

5


2 - P P -

6!0PD[ ; B 5 
! 
N1
 FWP 
2D [




[ P! 

[ PP

W
,
)5
2 5

2
 2)&

(VFRJHPRV
XQ
:
[
! 
5
N1 O1

'DWRVGHO
SHUIL
O
P 

NJP 
1  6

P [

PP

0 




 6
 [
 
 



N1
P


 DB
0 [
6  [
  03D
 R
 
U£

03DO
 

a
 'H WDEOD HVFRJHPRV
[
 :
PDVD


NJ

P 

1
P
0
6PO

W[

[
DP
[


 


 P
4
;

V
 

PP
[


3DUD
FDOFX
ODU
HO
PRPH
QWR
DG
L
FLRQDOSRU SHVR
SURS
LR

WQHPRV
H 

[
(VF
RJHPRV :
XQ
[
0a/ ZL
 PDVD
6 
NJP
[


PP


1
P

0 




`


B
1 &D
OFXO
DPRVPRHO
PHQW
RDGL
F L
RQDO
SRU
33


ž
  P

‡
0B 
 


N1P 0 Z/

 


O
 

N1P
 
FUB
0D

[ 
 03D
6 [
 ā0
 
 




N1
P



 
(O
SHUILO
HFRQyP
PiV LFRHV 
:
[   0

[

  03
D


6  [




8QDYLJD
VLP
SOH 2
PHQWH DSR\DGD
 P
GH
OD
UJR
GHVRSRUWD
XQD
FDUJD
GH N1
P 
 ,(
SHUILO
Z
PiV
OLJ
HUR
HV
:
[

M
GLVWULEXLG
D
XQLIRUP
HPHQWH HQ WRGD \XQD
VXORQJLWXG
FDU
JD GHFRN1
QFHQW
UD

GD HQ VX L
SDUWH
D6LHVIXH
HO
PHG
U]RSHUPLVLE
O
H HV
GH

03DG
HWHUP
LQH
O
D
YLJD GH IRUPD :PiV O OLJHUD
HDUVH
 
TXH SXHGD HPS 
3URE
OHPDLO
XVWUDW
LY
R

5HVR
OXFOyQ 'H

8QDV
YLJX
HWDV
GH
PDGHUD
GH
 PP
DQFKR
GH
SRU PP
 VHF
 GH
GH DOWXUD
FL
yQVLP
SHPH
O QWH DSR\DG
DVVREUH FOD
XQ
UR
GH
PKDQGHVRSRUWDU
SL
VRXQ
'H
DFXHUGR
DO
HQXQFLDGR
WHQHPRV

FR
Q FDUJD
W
RWDO
GHN1
P‡
'HW
HUP
LQDU
O
DGLVWDQFLD
HQWU
HHMHV
GH
O
DV
YL
JXHWDV
3 
N1 GH
PDQH U
DTXH HO
HVIHU
X]R Pi[LPR 03D
GH 
VHD
¢4Xp FDUJD SRGUODQ
WRWDO
VRSRUW
DU
VL
O
D GLV
WDQ
FLD
HQWUH
HM
HV
I
XHU
DGH


P"

 5HVROXFLyQ

'HO
JUi
ILFR
WHQ
HPRV G " G "
P 6P


Z G
N1
P

 
 03D  
3DUD HVWD H
HVWUXFWXUD
O
PRPHQWR Pi[LPR
YD
O
H 0

DZO


DG


G
 /
0 
ZO




 $GHPiV

5HHPSO
D]DQGR
WHQ
HPRV
 a 


RG[V[
OR

EK 

0

 
O

O2


N1
P $QFKR
WULE
G "
  ā ,
G
 PL
 ,-aM

6L 

G

P 5HVROXF
L
Q
ZZ


ZN1P
 3D
UD
O
DSDUWHDWHQHPRV

5
V

0
££
Z^

Z
N1
P P
,<
B
Z
2
[
B

[

‡ !:B

 āOZ 
N1P
 , P



8QDV YLJDV
PDGH UD
GH
GH  PP
[
HVSDFLDGDV
 HQWU
H

HMHV
 P 5
HVWiQKLQFDGDV HQ HOWHUUHQR\ I
RU
DFW~DQFRPRYLJDV
PDQGR
O
D  G
Z
HQ N1
P
YRODGL]R
HVWUXFWXUDUHVLV
W
HQWHGHXQDDWDJXtD
SD U
DFRQ
WHQF
L
yQ GHDJXDFX\D
GHQVL
GD
R &DOFXOD
PRV ODV
UHDFFLRQHV
HVGH

NJP
‡&DOFXODU
OD
DO
WXUDGHVHJXULGDGGHODJXD
GHW
UiVGHOD
UHSUH
VD
 
VL
HO
HVIXHU]R
DGPLVL
EO
H HV
GH
01P
‡ )ZK
 
G! 

G
)
5HVROXFOQ
5 )

G
N1


V 
(VTXHPDGHFDUJD
+ " SRU
O
DSU
HVLyQGHO
DJ
XD 9

5
V
 ; 
G

\ R
 !I

5

‡
G P


! 5
0



  ;
āa
āG 

G
N1P
\+
G
Z +
B
0Pi[






F
B
GB[

B

[a
G
 
>

 ,

P
2  

EK
 
`
0Pi[ 
LEZ+
a
Z+
a!0Pp[a


+
+

+
3D
UDODSDUWH
E
W
HQHPRV
SRGHPRV
DV
XPLU
XQ P
G O
XHJR
UH
O
DFLR
QDUOR

W
XHULD
KLGUR

5 ZL
LB
0  Z+




 


‡

 
a
2Pi
[  +
6[
 +6
!  P
>
+ 
P
O
 EK 



N1P +


 FRQ
8QDVYLJDVGH PDGHUDGHPPGHDQFKR\PP
GH
DOWX
U
D 
PGH 

[

ORQJL
W
XG
DSR\D
GDV
O
LEU
HPHQWH HQ
VXV
H[WUHPRV
LQIHU
L \
RUVXSH
ULRU

VRVWLH
QHQ 


XQ GLTXH RSUHVDGH
PGHDO
W
XUD
O
DGHQVLGDGGHO
 NJ
DJXDHVGH
P

ā  Z 

'HWHUPLQDU DHOHVSDFLDPLHQWRGH
PDQHUDTXH
HO
HVIXHU]R R

 03D
ORVPDGHURVGH
Pi[LPRVHD
03D \
 
GH
^E
HO

HVSDFL
DPLHQWR
V R
L


 03D\DJXD HO 
DOFDQ]DVXPi[LPD
DOWXUDGH
P  /XHJR
UH
O
DFLRQDPRVORV
HVIXHU]RV


G 
 P

 OIIO



6H OHFF
L
RQH
O
DV
VHFF
L Z
RQHVPiV OLJHUDV HPS
TXH
O
HDUVH
SXHGDQ
SDUD ODVYLJ


/DV YLJDV GHOFL
HUWR
HGL
SLVR
IL
FL
R
GH

GH
P GH
O
RQJLWXG
‡ Q ā
VL HVWi
UQSHPHQWH \WUDEHV GHO 
SUREOHPD

VL HV
HO
I
XHU
]RDGPLV
L
EOH HV03D
GHR HV
SU
H

DSR\D
G VXV
DV
 W
H[ HQ<
UHPRVHVWiQ
VRPHW
L
GDV XQD
D FDUJD
GH
N1P
 6L
 FLDQGR
HO
SHVR
SUR
SLR GH
PL
HPEURV
ORV
YL [
JDV WLHQHQVHFFLRQHV

GHWH
UPL
QHHO
:
HVSDFLDP
L
HQWR DGHFXDGR DV
GRHVI
XQ
XHU]R
SRUI
O
H[LyQDGP
L
VLE
OH GH03
D XVDQ 5HVROXFtyQ
7RP DQ
GR HQFXHQWD
GLDJ
U
DPDVORVGH FDUJDV
HVW
RV
HO
HPHQWRV
GH

FDOFX
O
DPRV
5HVRXFtQ O
RV
PRPHQ
WRV
Pi[LPRV
'D
WRV
SDUDSHUILO
HO [
:


P 
NJP 9L
JD %ā
 [
6 


PP 

[

P!
O
Z  

  Z 
W2N1P
 
'HO
HVTXHP
D
SDUD
SU
REHO
OH
PD
0PD[ 

N1P
G G 0i  [
 ‡ 


a P;  



; P
 [ 5
22OP 

/
P 5
aa
a
U 'H
O
6,
D

WDE
O
[

PP
D HVFRJHPRV
>
:
a
[DO
a
£

N1P

N1P
 O

O

9LJD
ā

N1 
N1P

££
FL
ž O
&DOFX
O
DPRV5

I
(0 2
 O
O
&D
UJD SRU
HO
SLV
R 5
 
Z
GN1
P 

 R W
5
5
!  N1 P
&DUJD
SR
U
HO
SHVR GHOD
YL
JD
Z 
 
1P
N1P 3RV
L
FLy
QSD
UD FRUWH FHUR
/D
FDU
JD
W Z
RWDO
HV ZZ 9 [ 
xHFWRU
(O PRPHQWR Pi[

LPRSD
U

D
O
DYJ
LD HV !
;  P




0Pi;  5

[ !0Pi


 N1P
Z/ 
££ā
0Pi[ GRQGHO P

 Z
$Vt0
 0 
[



  Pi[ 


 

;
P
&RPR HO HVIXHU]R
LV
L
EOH
HV
Pi[LPR
 DGP 
‡GP
 [W


D   [   Z
 03D
0PD 'HW
OD
DEOD HVFRJHP
RV
,
:[,
6 [

P
'RQGH ‡
7U
DEH&ā
3/


[ Na
 
£
G

 N1
!
LGP
O 0PD[   
P 
[
P
 
0 

N1P
RH
OD
WDE
O
DGH
SHUILO
HV
HVF O
:
RJHPRV[,
0 
[
 

7LHQH [
6PP
 2

[
!  PP



6L
 
 P 

W
£
6 Pi[ 
; 
 
2RGP [ 

5‡3 ‡ 3DUD
%

'H OD ,:[
HVFRJHPRV
WDEOD , 7HQ
HPRV

P P P Z  



 
N1
P
&
‡ 7UDEH  Z  
 




 M
W

O
- -

0
3/ 


V
 N1P! [ 
0Pi [ ;

P‡
‡GP
ž

[



Z 
!

;
S
 N1

;

P



[



O
5L
 




'H OD
HVFRJH ,:[
WDEOD
PRV  'HO
'0
)REW
HQHP
RV

 



0 N1P


(Q
OD
IL VH
JXUD PXHVWUD XQDSDUWH
GH
O
DSO
DQW
D
GHO
SLVR
GH
XQ
HGLILFLR

L
QG LFiQ
GRV
H 
O
DFDUJD
TXH
DF
W~D
VRE
U
HFDGD
FO
DUR FDUJD
DSOL \
FDGDFDU
JD
PXHUWD
6HO
HFFLR 6
0Pi[

[
QH ORVZ
SHUILOHV
DGHFXDGRV
OL
JHURV
PiV

VL
HO
HVIXHU]R
SRU
IOH[LyQ
DGPL
VLE
OH 2RGP [

HV GH \
03DO
DV YLJDV
FRUUHFW
HVWiQ
DPHQWH
DUULRV
WU
DGDV
 V
[
P 

[
PP

U
0XU
R


PL

N 1

P N1
P 


P 
N1
P 

P 
P V
N1O
P
N1

P
P

 6
N1
P
P!
O
 'H
7L
O
D
HQH
WDE

OD
6
‡ 9LJD
GH
SHUI

[
L
O
HV

Z
%
! 
PP

;
 

,:

N1
P
[
HVFRJHPRV

!

[



,
PP
 6,



ā
 
ā 
ā

ā 
ā


P 
ZO 

,
*‡
 0   

N P
1
W   
+XHFRH
G P 0 
[

HVFDO
HUD
‡ 

Pi
[
P
2DG [



; P!


0XUR
'H
O
DW
DEO
DGH
SH
UI
LOHV ,:
HVFRJHPRV [,
5H
VRWXFO
Q

V
ā
6H KDUi
W
UDGR

‡ 3DUD %
GH
XQ PH OXHJR HOHVTXHPD
FDUJDV
SDUD
OX
HJR
FD
OFX
O
DU0
HO

Z
‡ 
 
N1
P
7L
HQH6


‡ 7U



DEH

&
[ !
PP

[

PP



£ 

S

 

0B££Z/

 




 
` 0 3/




 

 N1P

L /  L

W
5 5-
0  
N1P
6

[ 
  [
 P


'H
O
DW
DEOD
GH
SHUI
LO
HV
HVFRJH
PRV
/XHJR 6P [
>
:[,

0P££[
V
FUā  6
 ! 

[
 [
P

 

PP

 
DGP ;
',
,'


5HSLWDHO
SURE
O
HPDDQWHULR
U

VL
O
DFDUJDGH

N1
P
VH
FD
PEL
D D
N1P

OD
\ ‡ 7UD
EH
&ā

GH
N1
P

D 
N1
P

3  [
 
; N1
5HVROXFLyQ B
3/ 6
0
 
 


(O
SU
RFHG
LPL
HQWRVL
PLHV
ODU DOSUREOHPD
DQWHULRU
  

Z [ 
 N1
P /XHJ
R / 6P
‡ 9LJD

J
ā


0 Z/
V
a
0PD[

[
 



; P



 RDGQ
R
[


0

 


W5W
/ 6P

W
āa, 'H
O
DW
DEO
DGHSHUILOHV
HV
FRJH
PRV
:
[

FRQ6 

[

PP
!
 [PP





6t

6 
0PD[

RDGP
[
[ 

 
S Z 



3UREOHP
DV
LO
XVWUDW
LYRV

6"[
āP


[


PP L
I


O
£ £
££ 
 8QD
 YL
JDVLPSOHPHQWHDSR\DGD

GH
P
GH
ORQJ
L
WXG





'HOD
W
DEOD
GH
SHUI
LOH
V
HVFRJHPRV

,:
[
, W
LHQH
O
DVHF
FLyQ
LQG
L
FDGDHQ
O
DItJXUD

/D
FDUJD
U
HSDU
QP
W
LGD
XQLIRU
PHPHQWH
YDO
H 1
Z P
&DO
FXODU
VL
Z
FRQ 
6
[
 PP

 !
[


PP

P P D
V

01 \
P
RV

01P‡
‡

‡‡

‡
WR
QP

‡ 9L
JDā

Z


!Z 
N1P

Z 
 


 !Z 

N1P
5HV
ROXFLyQ
ZHQ
1

3 



 ;L
 

N  
1 !0
 N1
P 3DUD
XQD
YLJD
VLP
SO
HPHQWH
DSR\D
GD
WHQHPRV
0a
‡ā
a/



0Pi[
[ 8Q
PRPHQWR
SR
VLWLY
R
JHQHUD
FRPSU
HVL
yQOD
HQ
ILE
U \
D VXSHULRU
W
UDFFL
yQ
HQ
OD
6
   [
 P
2DGP 
[
 ILE
UD
L
QOHU
LR
U

0PL
 [<F
Z
2V
O [
 :6
! 1P
'HWDE
ODO
DGH
SHUILOHV
HVFRJHPRV
,:
[

O  
[
FRQ
6



[
!

[

2
6t


9LJ
D
ā
  \ Z2
D0Pi;  6
  !
; ZV
 
1P

:  ; 
 
N1
P
  [


  £
0 ZW

OO
OE
V D 
 
  !
6
0PR[ 
 [ 

[
 
 O 
Z 1OtUO
2DOP[
'HOD
WDE
ODGHSHUILOHV
HVFRJ
HPRV

ZV
R[VO žH
a
]RR
^žFR
03D
FRQ

6

[


!

[



6L
FU<W  03D
<W
 OMLO

 N1
'HWHUPLQDU ORVHVIXHU]RV Pi[LPRV 

&DOF
XO
HHO
YDORU Pi[LPR
GH
O
\
GHWHQVLyQ 0‡
6N+
P -
FRPSUHVLyQ HQODYLJD QUQ
HVIXH
U]RSRU
IOH[LyQ

DWHQVLyQ
GH OD ILJXUD
VHFF
LyQ HV 7
/DXQD WxOO 

L
Pa
P RFRP
DSU HVLyQ

SDUDO
DYL
JD

// W W
FRQ
O \
DV GLPHQVLRQHV
SURS
LHGD P
HQ
YRO
DGL
]RPRV
WUDGD HQODIL
GHV TXH VHO
D
LQGLFDQ
ILJXUDHQ JXUD


N1
5 5]
5HV
ROXFLyQ

3DUD
FDOFX
O
DU
HO
YDOR
U
Pi[L
PR GHO
HVIXHU]R
IOH
[L
SRU
yQ

GL
EXM
DPRV
HO
GLDJUDPD
5HVROXF
L
yQ GH
PRPH
QWRIOH
[L
RQDQWH
0
‡N
1P
'LEXMDPRV
HO
GLDJUDPD
PRPHQWRV
GH 3R
VLFLyQ
[ GH Pi[LPR
PRPHQW
RSRVLWLYR
D
SDUWL
U
GHO
GL
DJUDPD
FD
UJDV
GH

I P

 P


; 
!; 
 
-O
O
OOOOO
a
Z N1P


0a-2
 

V

 

- / 
P

&i
O 5
FXOR 5
GH
\  !0Pi[


N1
P
2
0)


N1Ix?


Š 
 V H
I
0 5
2  
 
 

2
N0P

-NONQ‡

W 0a/ 


a P
N1

20)‡ 
a




,

N1
5  a
ā 
5 
N1

(Q
O
DVHF
F WHQHPRV
LyQ PRPHQ
W
RSRVLWLYR

‡
HVWR RULJLQD
FRPS
UHV
L
yQ HQOD
ILEUD
VXSHULRU
W
UDFFLyQ
\ O
L
EUD
HQOD
LQIH
U
LRU
 O
3DUDā
HO
WHQHPRV
0 FRPSUHV
L
yQ O
HQ
DILEUD VXSHULRU

B
0aX
O[< ^
FB [

B
 03
ž
‡
U  

‡ 
 D
-
H 

[


  B
03D [




B
03
R
 V D
[
 [


0a
- 
[<, 

[


03D
(Q OD
VHFFL
yQ
 WHQHPRV PRPHQWR
QHJDW
L
YR
HVWR JHQHUD
W
UDFFLyQ
O
DO
LE
HQ
UD
  

VXSHULRU
FRPSUHVLyQ
\ O
DO
L
EUD
HQ
LQIH
UL
RU
 3DUD
HO
0
i[
WHQHPRV WUDFFLyQ HQ OD OLEUD VXSHUL

B
0i
[< 
B[


 B 03

D  
[ 


03D
 R[


 03D

 D

   B   D

 
[ [

OFU 
 
03D
MOFU
F 203DO H
0F 
a[< O[aaa

 
  03D
   ORH 
03DL 
03DM OR


 VH
(QODILJXUD
PXHVWUDOD
VHFF
LyQGHXQDYLJDFDUJDGD

PP 
5HVXH
OYD
HO
SUREOHPDDQW
HU
LRU

VXSRQL
HQG
R
DKRUD
TX
HO
RV
PRPH
QW
RV H[WUD
GHPDQHUD WDOTXH VXPRPHQWRIOH[LRQDQWH DOFDQ]D ORV

 
 
 




 
PRV VRQ

3 \
1P 
3 1P


YDORUHVH[WUHPRVGH
3
1P 
\
3
1
PVLHQGRQYQ
S
ODFDUJD
DSOLFDGD

HQ
QHZWRQV
&DO
FXO
HHOYDORUPi[L
5H
VRWXFQ
PR TXH DGTX
SXHGH
LUL
U 3VL
HO
HVIXHU]RWU
DEDMR
GHHV
GH  03D
WHQV
L
yQD\GH  FRPSUHV
03D
L
yQ D 5HVROYLHQGR
PDQHUD
VL
GH
PLODU
DO
SUREOHPD
DQWHU
L
RU

5H
VROXFLyQ
0
i[

3
1P !0
‡631P

7HQHPRV
VL
JXLHQWHV
ORV PRPHQWRV
3DUD HOPRPHQWR
SRV
L
WL
YRWHQHPRV
 FRPSUHVLyQ \
HQ
WUDF

ODILE
0L[
 3
1P 3Pi[
" FL
yQ HQOD
LQIHU
L
RU

0i[
 
3
1P
ž‡

  


ž< 
O
3DUDHOPRPHQWR
SRVLWLYR

WHQHP
RV
FRPSUHV
L \
yQHQODILEUDVXSHULRU
WDF
UFLyQ
HQOD
LQIHULRU

R
6L ! R 
 

6t
F<H 
2 2
i
$GHPV    
 <  R
B0i
[<H  
3 
6
[
 !
3V  1

6L
R !ž‡
 6t  [ V
6L
 
!
R 
 !
 1R
3DUD
HO
PRPHQWR
QHJDW
L
YRWHQHPRV
 WU \
DFFLyQ HQODILEUDVXSH
FRPSUH
R 0
i[<F
63


6[ VLyQLQIHULRU
HQOD

H  [

$GHPiV

0

Iā< O
3
 2
a 
6
[  !3V
  1

[
R
6L
! 
  


  [
6t  0Pi <W 

63

6 ;

 [

3DUD HOPRPHQWR
VLyQ
O
DI
HQ
L
EUD
L
QHJDWLYR
QIHUL
RU


DG
WHQHPRV
HPiV
WUDFFL

\
yQODILEUDVXSHULRU
HQ FRP
SUH !
3V

 
,3

 N1,


R B< B

B

&DOFXOH
HO
Pi[ L
PR YD
ORU : Z
GH Z
2F <H 


TXH SXHGD
UHVLVW
LU Y
OD
L
JD GH
OD
6L
R 
! !
R 
 

1R ILJXUD
 RV
VL 01
 P\R
V
 P P
R
6L 
 R
!


 6t 01P
P


 0
i[
< 
3 

[
O2V

  [
a
5HVROXFWQ
3VDD1 >3Pia N
! 1, 'HO
HQXQF
L
DGR WHQHPRV HOGLDJUDPD
FDUJD
V
GLEXMDPR
V
HO
'0
GH
)
SDUD
REWH
QHUPi[
HO
LPR
PRPHQWR


'HOHQXQFLDGR GL
DJUDPD
WHQHPRV
FDUJDV
GH
G
HO
L
EXDPRV 0)
M HO'
SDU
D
REWH 
¢&X
iO HO
HV
YDOR
U
GH
:
TXH
SXH Z
QHU
HO
Pi[
LPR PRPHQWR GDOLFDUVH
DS OD
HQ ILJXUD
OD VL
YJ
D
L
D

V
PR
D
VWU

DGD
03D\

 P -P
FU
V
01P


*H
6
03D" P-
DV
01
P

H 5
0a
:
N1P

5HVR
OXFLyQ
D
aUMID
‡ ZW
0Pi[
0
Pp‡ 'LEXMDPRV
HO
GLDJUDP
D
GH
PRPHQW
R
IO
H[LR
QDQWH
SDUD
REW
HQ
HU
RV
P
ORPHQ
W
RV
'
0 a
) 0
 Pi[L
PRV
N+

P
0 5

  &i
O
FXOR
GH
0a
: N1P
a
O0
 2

5

:
O
 3DUD
HO
PRPHQWR
SRVLW
L
YR
WHQHPRV
FRPS
UHVLyQ
O
DHQ
ILEUD
VXSH
UL \
RU :
2
5 :
!
WUDFF
L
yQ HQOD
$GHPiV

L
QIHULRU


0a‡

5 :
5W
P P P
2F <H
 
R<W  0i 
[  
:
 :
0
D
ā6L !  
R
 
 

6U O
3DUD
PRPHQWR
HO SRVL
WLYR
WHQHPRV 
6L
ž ‡ 
 ! R 

! 

1R

R0
ai!L
<F

:[



6[
:6
! 
N1
 [V D 
6L 
! ž
‡
 
 
6U

3DUD
HO
PRPHQWR
QHJDWLYR

WHQHPRV
WUDF
FLyQ
O
DHQ
ILEUDDGH
VXSHULRU
PiV
0
a< F 

:[





R
B\B
B 2 , 6 B
;
[
2F<F 


:V
!  N1
 !ž
D
6L ‡

 6t
3DUDHO
PR
PHQWR
QHJDWLYR
WHQHPRV WUDFFLyQ
O
DILEU
D
VXSHU
L \
RU  SU
HQ
FRP H
/XHJ
R VLyQ
HQ
O
DLQIHULR
U
iV
R <W
 B B
B
0
i!
<W 

Z[



VR
[L
R $G
HPV

 
 
2F<
H
 


 [
V
:V
!  N1 R
6L R
! 


! 
1R
R!
6L R

 

6U
R
OZ
 N1,
 5(6,67(12$'(
0$(5,$8
6

,-LL
6RW822OO$I2

0\
B
Z
[  6L
R
ž H  

 6t
 6L
R 
 
R  
!
 1R

   6
[
[ V

 0
i
[<
F 

[
[  V
 H
;
!
[a P
!
:V ā
N1MZ

N1
, H O ;6

8QDYLJDGH
IXQG
L
F L
yQ VRSRU VXSHULRU
3DUDHOPRPHQWR
QHJDW
L
YRWHQHPRV
 WU
DFFLyQ
O
D ILEUD
HQ \
FRPSUHā
WDODVFDUJDV
-D
ILJXUD
GH6L VL
yQO
HQ
DL
QIHULRU

ORVHVIXHU]RV
DGPLV
L
EOHVVRQ

O1 O1

<

GH
DF
<
 01P
RPSUHV
L


yQ
DWHQVLyQ
UHVSHFWLYD
 ;
e
f
āU0O
ā-62PP $GHPiV a 
<

ž
‡



<H 


; /- /-
QUQ R
6L  
PHQWH
FD
O
FXODUORV OIPLWHV
R 
  
GH
O
RQJLWXG
HQWUH ORV TXH
SXHGHQ
YDUL
DU
-RVYRODGL]RV

0P
i[<W
,[
[


%
 
 a ;Y 6
 
; 
 O[
 PD
 PL

;
5HVRO
XFLyQ
M££H

8QD YLJD GHVHFFLyQ
7
VRSR
UW
D ODVWUHV
IXH
HQ
U]
DV
FRQFHQWUD
GD
VTXH
VH
LGL
QFDQ
'
'LEXMDPRV
0)
S
HO
DUD REWHQHU
0

Pi[
ā HQ
OD
ILJXUD

&RPS
UREDUO D
TXH
OtQHD
QHXW
U
D HVWiDPPGHODSDUW
LQIHU
L
RU
GH
 OD
VHFF
L \
yQTXH
 
 [
 R
‡
PUUU
&RQHVW
RV
GDW
RVG
HW
HUPLQD
U
HO
YDORU
2DG 

P 03D
Z  


N1IP Pi[L
PR GH 3GH PDQHUD
O
RVHVIXH
U]RVTXH
VHDQ
V R\
03D RV
3D0

H

;
  03D
DP
" 
O-
O 3 3 S

0
i[
[
O O O
P P

PP

0aB
BZ/


0Pi[ ; P



a
[ 0

 5HVROXF
Ly
Q

0
 
[   

O
3DUDHOPRPHQWR
SRV
LWL
YR
WHQH
PRVFR

LQIH
ULR
U
$GHPi
V
 PSUHV
tp
QHQ
OD
ILE \
UDVXSHULRU
WUDFF
L
yQ
HQ
OD
Š

O
3ULPHUR FRPSUREDUHPRV TXH
[  PP
 
[ PP

 +DF
HPRV
HO
VLJXLHQWH
FXDGUR


,93DUD
 HO
PRPH
QWR
QHJDW
LYR
WHQHPRV
 WU
DF
FLyQHQ
OD
I
LEUD
VXSH
UL\
RU
FRPSUH
ā
LyQ$
3RUF $£ OWa $
UHD [ 
;ā
; 


6OHRQHU

VLyQHQ
O
DLQIHULRU
a 
$
[[
 FU
 \ 

B

   $GHPi
V  \   Q

  2F 
H


;


  


 
 

;
  
  
žžž
  
[‡
6L
R

!R 
R
6L !R



03D
!


 



6t

1R

[R

PPā

R0i[
 <W
3[ 



6[V


 
[  
PP
 [
   
PP‡
7  

;
6

36
! 
N1 ,
3
N1O
127$(Q
 HO
HQXQFL
DGRPHQFLRQD
TX
H
ODOtQHD
QHXW
UD
HVW
i
D
PP
GH
ID
SDUW
H
LQIHULRU

GHEHUt
D
GHFLU
GH
-D SDUWH
HVXSHULRU
VWRVH
SXHG
HFRUURE
RUD
U
SRU
I
D
SUHVHQF
LDGHIDVDODV
HQ
I
DSDUWHVXSHULRU
 

8QD YLJDGH
IXQG
L
FLQ
GHaaPL
OaaaDHV
aaaaQaaaGaLaaaa
L
aJL
VRSRUWDXQDFDUJD
XQL
RU  01
 \
P
FU
 01
 P

'H
WHUP
L
QDU HO
DRPtV
/RVHVIXHU]RV LEWHV
VRQR ‡

'LEX
M
DPRV
HO
'
0) Pi[LPR
YD
O
RUGHZVL
[P

SDUDREWHQHU
HO \
0i[
0i[ 
P
5
5
&DOFXODPRV
Z (1

OPO

3 P P P


5
5
 3 O
P ; ;

0
i[
3

3 5 5
0i
[ 3


3
3 5HVROXF
L
yQ
'LEXMDPRVHO
'0
)SDUD
REWHQH
U <
0
0Pi[
ā
Z
3DUD
PRPHQWR
HO SRVLW
WUDFFLyQHQ
O
DLQIHU
L
RU
L
YR
WHQHP
RV
FRP
SU
HVL
yQ HQ
I
LEUD
OD
VX
SHU
LRU
\
0Pi[ 
[ Z[

: 


 -OOOO
OO
FU
F<H 
$GHPiV
*< Q [
3DUD ! 
0Pi[

Z W
5 -

 Z/ 0 ‡ [
[
6L
‡ !
FU

 
! 1R ££
0Pi[
 Pi[
6L
FU
 R
! 

03D

 6t
 Z  Z[
[
 
/XHJ
R 0Pi[  
0i[
 Z

[


‡0i[
<F 

3[ O

6

[
 3V
! 
N1
 

 [ ā6
3DUD
[ 
 HH0
 
6Z
 
  3DUD HO PRPHQWR
SRVLW
LYR
KD\
FRPSU
HVLyQ
O
DI
HQ
L \
EUD VXSHULRU
W
UDFF
L
yQ R
HQOD
LQIHULRU
 SDUD HO PRPHQWR
QHJDWLYR
WHQ
HPRV
R 
! 
 

2F <H   

0PD[
< 0
Pi[

O
6
 
[

 !0D[

$GHPiV
    
R£<  

  
[V

6L
 
 ! ž
‡ 
 6t ,JX
DO
DPRV
PRPHQWRV

6L
R 
!
R

 
!
 1R ‡
0Pp
[
:


;  




0a<FZ 0


Z[
   

R ā  V
6
[

!
:6
1P

[

3DUD HO PRPHQWR QHJDOLYR

W
UDFF
Ly
Q HQ
OD
SDUWH \
WHQHPRV
U
VXSHULR
FRP 'H \


WHQHP
RV
[ 
 
 [  2
FX\DV
UDt
FHV
VRQ
 
SUHVLyQ
O
DL
QIHULRU
HQ

;
!;


$GHPiV
aK 
2F <H 
ž
ā



 7RPDPRV HOSRVLWLYR



P [
9HULILFDPRV
HVIXHU]RV

6L
R 
 !
R  
!
 
1R
 
5HHPS
O
D]DQGR

Z
HQ
 B
 !
O
Z
 1
P 


N1
P


6L
 
R
!

 
 
6t

L-M

8QD YLJD
HVW
iI
RUPDGDV SRU
HLVSO
DQFKDV GH SR PP
U

GH
PP
DQFK"
GH
R 0
D
[< R 

Z-
RV
R
ā[ 

!:6

1
P
 HVSHVRU FRORFDGDV
OLE
U
HPHQWHVRE XQD
UH
RW
UD
I
RUPDQGR FRQ
£XQWR
XQ 
GH
PP

[ GH
DQFKR SRU
PP GH DOWXUD PSDUD
UD
O
D UHVLVWHQFLD
&R GH GLF
FRQ ODGH GHXQD
XQD
VRO
DYLJD
SLH] \
DGHODV
PLVPDV
GL
PHQVL
RQHV
E&DOFX
(VFRJHPRV YD
HOPHQRU
O
RU

 O
Z 

N1W
PO
O
DU
O
DUHODF
L
yQ UHV
GHL
VWHQFLDV VLODYLJDHVWXYLHUD
IRU
PDGD
SR
U
GRFHSODQFKDV GH
 PP GH DQFKR

2PPGHHVSHVRU
SRU
(Q
HO
SURE
O
HPD
DQWHU
L
RU
GHWHUP
LQD
U
ORV
YDORU \Z
HV[
GH GH
PDQH
U
D TXH
HVWD
~OOLPD VHD Pi[LPD
5HVROXFLyQ


5HVROXF

Q D  ,
L
 PP

8VDPRV
O
D H[SUHVLyQ GH
GHWH
UPLQDGR
PRPHQWRV
V HQ
SU
REOHPD
HO DQWHULRU

W PP
 L K 

0PDZ
O

[
0PD[B
Z
[

\
ORV PRPHQWRV
RFDV
L
RQDQ
TXH
HV
ORV
IXHU
]RV Pi[LPRV
O
3DUD
HO
PRPHQWR
SRVLW
L
YR
WHQHP
RV
6L
R
 
!R

 E PP 
E
'
‡ Š
0‡ 0
 2

RPD[<
/XHJR
 F Pi[ 6




 [ !
0
 
V /D
UHV
L
VWHQF
LD GHFDGD
O
iPL
QD
L
QGHSHQG
L
HQWH HV

  [ PD[
‡ 2W
0
0 
  O2
0
; 
EW






/D
UHVLV
W
HQFLDGH
O
DYL
JD
FR
PSOHWD OO2
ā
/D GHODILJXUDVHUHIXHU]DUHPDFK
YLJDGHVHFF
L
yQ 



 B-
a
 
0  0 


; 
GRVSODFDVGH
[ 
PPDORV
SDW
L tQWH  
QHVVXSHULRUH PP
EK



 
0X U
LRU6L HO HVIXHU]R
Pi[L
PR HV GH03D

FDOFXODU
O
D
PP
WX
HU]DWRWD
O
GHFRPSUHVLyQRWHQVLyQDHQFDGD
UHIXHU]R
 
\
EHQFDGD
SDWtQ
'HVS
UHF
L
DU
HO
HIHFWRGH
GHEL
O
LWDFLyQGHPP
D 
 
 !

[

0 
[


0
X OR
V
RULILFLRVGH ORVUHPDFKHV (

a
QZQ
 UPL
0 
0X
 /DUHODFLy
Q
HV
GH
D
, 5HVROXFLyQ
+DFHPRVXQHVTXHPDGH
 HVIXHU]RV

E
a




-

 
 

W 
K


 

 


PP

E E

&' Š &DOFX
O 

 \
DPRVORVHVIXHU]RV
HQ  


$QDOL]DQGR
SD
U
DFD
GD
Oi
PLQD  
D ž
‡
03D 
‡  D
03D 
03D

a 0
 B D/DIXHU]D
W
RW
DO HQ
U
HIXHU]RHVWiGDGDSRU
FDGD HV
IHU]R
X PHG
L
RSR
U
HO
HO
EW
 



; 0,
iUHD

3DUDODYLJDGH
XQD
VRODSLH]
D B
2£
2XB

B 03
R 
   D
D 
 0
0 X 
  ÈUHD 
2
 [

R
P‡
EK




 [0X
7 D


ÈUHD
[
[4-
 
,
75N
1 &5,
,JXDODQGR
O
RV
HVIXH
U]
RVā
a

B
 

,
E/DIXHU]DHQFDGDSDWtQ

HV
WiGDGD
SRU SR
U
HOHVIXHU]RPHGLRHQH
HO

[  [
0£ 

0 !0£B iUHD
GH
O
SDWtQ
  0X
B

 B


B 03
R D
   
U£/DUHODF
QaH VG
 H


Ly
D
a
ÈU
HD

 




 R
[
 P‡
U
D0È
 U
HD ;




 
; a

,7S
 N1 
&SO
 O
WI


8QDVHFFL
yQ HQ 7 O
DVWLHQH
GLPHQV L
RQHV GH IL
JXUD
OD
 7H
QVLyQ
'HPRVW
UD U
TXH O
D LQHD QHXWUD PP GH
HVWi
OERUGH D 

aOa
\
VXSHULRUTXH HO PRPHQWR L
QHU
FLD GH UH
FRQ
VSH FWRD 
 D
‡
03D
HOOD
‡‡HV

  [ PP
B‡ 6L
HO
HVIXHU]R Q
GHWHQVLy
HQ 
D 
03D
ODSDUWH PIHQRU
O
SDWP HVGH 
GH01P

GHWHUPLQDU

D
OD 
IXHU]D
WRW
DOGHWHQV L
yQ HQHOSDWt
QO D
E
IX
HU]DWWR
DOGHFRP  PP
SUHVLyQ O
DVHQ
HFF
LyQHO F
PRPHQWR GHODIXHU]D WRWDO GH

FRPSUHV
L
yQ FRQ UHVSHFWR (1G PRHO
PHDO
QWRI DIXHU
GH
]D WRWDO
WHQV
LyQ GH UHVSHFWR 1 FRH
GHO
PS DU
DUO
(
D VXPD
\
GHF
GFRQ HO
PRPHQWR WRWD O
DSOLFDGR
VHJ ~Q
VHGHGXFH
GH ODIyUPXOD IOH[LyQ GH OD

5HVRXFtyQ 6D
EHPRV TXH  
3D
UD GHPRVW
U
DU ODSRVLFLyQGHODOtQHDQHXWUD\
HO
PRPHQ
W
R GH
LQHUF
LD
KD
FHPRV  
  R
 03D 

  
  


‡,

"
£a
L
 
(
1

PP
D/D
IXHU]D WRWDO

R0 R

R
Wt
Q

 
HVHQ
7
‡HOSD
R
ÈU

 

HD

03D 

ÈUHD 


 
  

; !7

;



;  N1
a
 PP

,7S
 N1,
E/D
IXHU]D WRWDO GH R H
FRPSUHVLyQ
0È
 UHD HV

ž
3DUW
L
PRV OD VHFFLyQ
HQ
SRUFLRQHV
20 




R  




03D
$G
HPiV SDUD
U
HFWiQJX
XQ
O \
R GH EDVH
DOW
XU
DK
E ÈUHD 



 
 

;  !& 

; 

;   N1


 EK 
OH

N1,
F
(O
PRPHQWR
O
DGH
IXHU]DVLy
GH
Q
HVFRPSUH
W
iGD
GR
SRU
/XHJR
O
LFDUHPRV
DS 6WH
tQHU
0F F

a<F 

a

,0F
N1
PO ‡
3RUFLyQ
$ [  $
;  $;

;


G
(O
PRPHQ
WR GH
OD IXHU]D
GH
WHQVL
WRWDO
yQ HVWi
GDG
R
SRU

   
;

[ 
;
 

07 0 
00 
  

;
2


;
;
 G 
0 7 
R  






 ;



L
[
 
;
 
0  
1
P
0 7
G R





 
 
($
[ [  0 
1P
; ($
 ! 
 PP 
6t
0 7 
G >R
 


a

@
 WL
 ;
$  [

  


;
PP‡

0 1P 

 ,0U


N1PO
 5(6,67I1&-$
'L ‡6
0$,(,08
6
,-WLO
2:&,21$OOO2

U
H0 0 0H  
 





N1
P
3DUD

0\ 
$GHPiV
R £ !
0 R\ 6D
EHPRVTXHG0
\

G)
\
R


G$
\
a
\

G$
H
,
0
G0-
$
R
F
\
G$
 a-$

\
G$


0

a,

GRQGH
O

-
$

\

G$

(Q XQDYLJD VH
FFLyQFXDOTXLHUD
GH HVāHQ
ODTXH
ā  HO
IXHU]R
VREUH
XQ
[L
HO
PR
PiHV
R
HPHQWR
GHPRVWUDU
iUH
D
GH
$
TXH

FRPR
O
DIXHU
HO *
VRPEUHDGR
]D WRWDO 8Q
D YLJD
[

W
LSRFDMD
GH HVWiFXDW
IRUPDGD
U
R
 PPGHVHFFLyQDWRUQLOODGDV
ILU
PHPH
W
DEODV SRU
QWH
GH
HQWUH Vt
HQOD
ILJXU
DYL
HQHGDGD
SRU
)R \
VLHQGR
FO \
 FRPRLQ
GLFD
O
DIL
JXUD6LHOPi[LPRHVIXHU]R
QRUPDOTXHVH
OD
RUGHQDGD GHO
FHQWURGHJUDYHGDG GH O 

iUHD
,
U
(1 H SUR
GXFHHVGH
03D
 GHWH
UPLQDUI
XHU]D
OD
WRWDO
TXHDFW~D
VRPEUHDGD'HPRVWUDU
WD
PELpQ HO
TXH
PRPHQWR GH VREUH SRUF
OD
LyQ
UD\DGD O
DGH
VHFFLyQ
\
HO
PRPHQWR GH
HVW
DI
XH U]
D FRQ UHVSHFWR
DO
(1HV0
R HO


HQ HVW
DI
XHU]D UHVSHFWRGHO
(1
,QGLFDFLyQ

(PS O
HDUO
RV
UH
ā
GRQGH HV

 HOPRPHQWRGH
L
QHUFLD
GHO
iUHD$
FRQ
UHV
ā VXOWDGRVGHO
SUREO
HPD DQ
WHULRU

SHFWRD
OD
Ot
QHDR
HM
HQHXWUR

5HVROXFLyQ

5HVROXFLy
Q
7HQHPRVOR
VLJXLHQWH
 BB 
āa
f
 
‡ //B
BB M
(1 
‡
/





 
'H
PRV
W
UDU
TXH
 $SOL
FDPRV ODVHFXDFLRQHV DQWHULRUHV
)
RF
$

 \
 

I
)

; 
 


; 

a
0
 ,

H 
 ,)

 NW?
3DU
D
 $G
HPiV
6DEH
PRV
TX
H$G)
$

G$ !
)
$R

G$ 
,









 

; 



R
<
 ‡ 
$G
HPiV

 !
RF
D


\

H H 


 

; P



!
) 
,$^
aY

G$ R

F!,
$ā<

G$ 0 

[ 


[ 

1
P

O
)D
H
$
\
 
6t 0 N
1P

‡

5HSH
WLU
HO
SUREOHPD
DQWH
UL
RU

XVD
QGR
XQD
GH
O
DV WDEODV
YHUWLFDOHV

HQ
O
XJDUOD
GH

U
D\DGD EDQFKRO
DGH
VHFFL
yQHQ
OD
]RQD
GRQG
H
V
HYDO
~D HOHVI
XHU
]a
$iU
HD TXH
i U
SR
HVW
HQFLPD
R
GHED
GHO
QLYH
O
GRQGH VH
HYD
O
XD
HO
HVIXH
U]R
5HVRXFQ \
SRVLF
L &*
yQ GH GH
OiU 
HD$
FR
QUHV
SH
FW
RDO(1
$S
D03D
R  
\

PP
 

OLFDPRV GH

H
VL
PL
P

O
DU
PDQHUD

$


P



[
4  91 OP
1LYHO  EP
 $P
 \
PW£
03D

 
;  

; 
 R R
RH R
! 
)
 

; 

 
; 
 

 
1
  
; 
; 
 

[ 

! N
)  1
  
; 
; 
 
 



 
, 





 ;
 
 

 ;

    

; 

; 
! 
0 
 

[ 




; 

1P   
   

;  


; 
! 
0 
N1P
 

; 


; 

  
 

\
3UREOH
PDV
LO
XVW
U
DWLYRV
    



; 


; 


8QDYJD
L GH
PDGHUD 
GH 
PPGH DQFKR PP
\GHDO
WXUD
HVW
i
VRPHWL D
GD 
;  


;  
  
XQD
IXHU
]D
FRUW
DQW
HYHUFD
WL  
OGH N1
'HWH
UPL
QD UHO
HVI
XHU SR
Q
]R FRUWDQWH
HQ
 R R
WRV
W
RPDGRV 
GH 
HQ PPD
O
RDO
WR
GH
O
DYL
JD SDUWL
D
UGHE VX
RUGH
VXSH
UL
RU 
 
; 

; 

5H
VROXFLQ
'LE
XM
DPRV
O
DVHFF
L
yQ
W
UDQVYHUVD
O 
'HPR
VW
U
DU
TXH
HO
HVIXHU]RHQ
FRUWDQWH
O
Dt
QHO
DQHXW
U
DGH
XQD
VHFFL
yQ
FLUFX
O
DU
W
HVa
9Q
U

VXSRQ
L
HQGRVH
TXH
GL
VW
ULEX\H
XQ
WWR
UPHPHQ
W
H HQ
WRGDVX
O
RQJOW
XG
R
‡‡
5H
VROXFOQ


©ª

a

W
£
9
(1
 ‡ 6DEH
PRV
TXH
 
O
E
W <
$


ā  

ā







 
 
PP  a
āāāā
āāāā ‡
‡
 
‡‡‡ , a

 
 a 
R
‡
aāaā

ā


ā
ā



-
< B
\
U

'DWRV 
9  N1 Q
3D
UD FDOFXODU
HO
HVIXH
U
]R
FRUWD
QWH HQ
QLYH
FDGD
O
WHQH
PRV
 
EU
$

UX


 a
U  
B
O
E

$


E
O

\


5HHP
SO
D]D
QGR

,-
'RQGH
9
IXH
U]
D
FRUWD
QWH
HQ
O
DVHFF
L
yQ




EK

PRPHQ
WR
GH
L
QHU
FLD  a
-

aU
;aD"





'HPRVWUDU
TXH
HOHVIXHU]R
Pi[
LPR
FRUWDQWH
HQ XQD
VHFFL
YLJD
yQ
W
XEX
O
DU
GH
GH 6LPS
O
LILFDQG
R
SDUHGHV
GH
O \
JDGDV
GH VHFFLyQ
$
HV
9$
   a U
U
UU
I`9
5HVRXF
O
Q
 Q
U

UI
U

U
I
FRUQ 
R W
U
U WHQHUQRV

3DUDVHFF
XQD
L
yQ WXEXODU
W
HQHPRV

9
 LO$

\
‡ U
U
W
W
Y
$
U

U
WW


DG
HPiV SHTXHxR
W HV

SRGHPRV
DI
LU
PDU  2
TXH
W 
a 

W U
U
W
Y
 

  



 

  āāā
ā
ā
ā(
1 $

U
UW


Oā
,


‡ 
8QD YLJD
VLPS
O 
HPHQWH DSR\DGD
UQFOD
GH
GH
U
R WLHQH
OD
(O
HVI DUi(1
XHU]R FRUWDQWH
Pi[
LPR
HVW 
HQ VHF
FLyQ
L
QGL
FDGD HQ
I
L
JXUD
OD
'HWH
U
PLQD
UO
DPi[LPD
FDU
 RR


PP
7HQHPRV
VL
JXLHQ
ORV
WHV YDORUHV JD
XQLIRU
PHPHQWH
GLVWU
L
EXL
GD TXH SXHGH
OL
FDUVH DS

D WRGR 
O
RODUJR
O
DGH
YLJD
HO
HVIXHU]R
VL
HV
Wi
O
LPL
WDGR
03
D
D
 £
U
UL
  

$
 Q
U
U

 
5H
VROXFLyQ
 ‡



E
UU
 


 

U"
U
L
\ā
F



Q
UI
UI
 


$ QU

U
I (1  




 
$

\9 
&RPR

W
OEa
3DUDY
XQD
LJD
VLP
SO
HPHQWH
DSR\
DGD

9

Y8
Z
1


U 
 
U 
 
U"
UO
9
 Q
U
 U

$V
t

W  



U‡
UL`

U 
U
 ‡

'RQGH

\ 

P

 NFR;

;
 

;
a [

 aPā

E2
2
  2 
 
P
$UHD
=RQD < $
\


$\\


3DUD
FD
O
FXODU
2 B B
ā


 ā
B

ā
[

[2
B
[

2 $
\ O
[


[  [
 
[
ā

$
 
$

[




P




-
[ [ ā
2 
[R
ā‡ 
[O


B
2




 2







BR
<  ‡<
 BO
$\
B[
 P

 
\ O
$  [
4 

;


 Oa

; P
Z
 /$

(OU\

\

W
  [



[  
[
‡ 9

[ 



Z
! V
 1OP OZ
N1P

D&DOFXODPRV HOHVIXHU]R
7HQHPRV

HO
HMH
QHXW
U
RW
££
2 HQ


E P


OD VHFFLyQ PRVWUDGD
HQOD
IL
JXUDFRUUHVSRQGH
YLJD
 QYQ
Bž
DXQD 2 $

\
 2
IRUPDGD HQVDPEO
DO
DUGRV
SLH
]DV
UHFWDQJXOD
U
HV PD
GH $

 





; P
GHUD
/DYLJDHVWi D
XQD
VRPHWLGD
IXHU]D FRUWDQWH
Pi[O
 PP ā


P
\

 
‡PD GH N1
'HPXHVWUH
TXH
ODO
tQHD
QHXWU
DHVW
i

[ 6

;





ORFDO
L]DG D
 PPDEDMR
GHO ERUGH
VXSH
U \
LRUTXH PP 
W

[



 
1  [
 R‡
 PP
8VDQGR
HVW
RV YDORUHVL GHWHUP
QH
HO
HVIXH
U]
RFR
UWD
QWH

D
HQ
HO
HM
H
QHXW
U
R\
E
HQ OD 
 O
W


03a,
XQLyQOD
HQWUH
V
GRV
SL
H]DV PP
E3DUD
HO
HVIXHU]R
O
DXQ
L
yQHQ
 
5HV
ROX
FLy
Q

2
P P
y 
MXVWR GHED£R
3DUDGHWHUPL
QDU
ODO
LQH
D
QHXW \
UD

FRO
RF
DPRV UHIHUHQ
XQD
FLD HQOD
XQL
yQ E
 
$




  P
[
P \




 
P


 '


O,
2*O

‡ P


[ 
[


 !
O
W 
03D
O

7

L
W
 



[ 


 
OLQHD

UHIH2ORRDO
OW
 U $


 
!
E
3DUD

 H[

 R
!
P



03D


(Q
O
DILJXUD
VU
3 N1FDOFXODU FRUWDQW
H
HHOHVIXHU]R
Q
SX
QWRV
GLVW
D
DQF
LDV
GH

SDUD
HO
QLYHO

 

 HQ  PP GHVGH
VXSHULRU
HOVHFERUGH
GH
FLyQ
GOD
H
Pi[LP
D9O
D
OQHD
t
QHXWUD HVWi DPP
VXSHU
L
RU
 2
[
GHOERUGH
H

 

PP R
,
a
,  
$

 




 
[
R
P

  V



‡ 
QUQ ā
R
\ 
 
R
 
 P
S 3 S (1


‡OQUQ 
E ‡
‡‡‡‡
‡
‡‡‡‡‡
-
‡‡‡
‡‡‡‡

P P IQUQ [

 O
[
 ,
 03DM

P 
W 
[



 
5

[
 O

[OR


03D
M
5H
VROXFLQ
 U



[




U
a
BBBa
'HO HVTXHPD GHFDUJDV
')&
GHWHUPLQDPRV
SDU
D REWHQH
U
HO HO Y
B 3DUD
HO
QL
YHO
E
 P
 
 [
 PP

 SO ‡3 OS $ 
 


a
aā

1B
ža


L9


2a
P P
2EWHQHPRV  
$
 
;
 āāāāāā
āā
aāā
9PB
 3
WP
I
5 3
‡ I
5P \‡





 
N1
!\ 


‡
3 3
 
WG
,a
9B

O W££<
XHJR
 $ $

 



 

$

!  [
 2

 P

3 
3
 R 
  

; 
; 



; 
; 


< 
[


 RQ
a
 9 9


 
  W O
 E\
OE\
$
 $




 L

 









a L

 ‡

‡



‡

‡



‡






‡



‡ 

‡
 




‡




7PPW
 

W 
[

[






 OR
[ 
 
03DM






 






 
[ 
[O
R




03D
M






H
 
[
V
R
  
 ‡ 
 R
V
LWRPDPRV
HO
iUHD SRU HQFLPD
GH R GHE

ž
,
)
2 'tVOOOER
FL
yQ
GH
HVIXHQRV 127$

(O
U UPV
HVXOWDGR
HO P
HV


Q
3LYHO
DU
D DQi
-RVOL
GH
VLV
VLJX
L  BQLYH
HQWHV  O
HVQY
L
HQH WRPDU
FR O
DV iUHDV



(U

‡‡

ā

3DUD
HO
QLYHO


VXSHULRU

$

R TXH HVWiQ
SR
U
GHED£R
 £

 
\

W R
 3DU
D HO
QL
YHO

 
 ‡ 

 y
ERRVE

 $

 


 ; P

R

 a R
\

  
 
E