(VSHFLDOLGDGHV _(OHVSHFLDOLVWDRSLQD 6Ë1'520(1(852/e37,&20$/,*12 'U*DUFttDGH&DVDVROD6i 'U*DUF DGH&DVDVROD6iQFKH]8QLGDGGH0HGLFLQD,QWHUQD)XQGDFL QFKH]8QLGDGGH0HGLFLQD,QWHUQD)XQGDFLy yQ+RVSLWDO$OFRUF Q+RVSLWDO$OFRUFy yQ0DGULG /RV QHXUROpSWLFRV VH FRPHQ]DURQ D XVDU HQ \ FRQVWLWX\HURQ XQD DXWpQWLFD UHYROXFLyQ HQ HO WUDWDPLHQWRGHORVSDFLHQWHVFRQHQIHUPHGDGHVSVLTXLiWULFDV6LQHPEDUJRFRPRVXFHGHFRQODPD\RUtD GHORVPHGLFDPHQWRVSURQWRVHGHVFULELHURQGLYHUVRVHIHFWRVVHFXQGDULRV'HWRGRVHOORVXQRGHORVPiV JUDYHVHVHOGHQRPLQDGRVtQGURPHQHXUROpSWLFRPDOLJQR610 (3,'(0,2/2*Ë (3,'(0,2/2*Ë$ (O610GHVFULWRSRUSULPHUDYH]HQVHREVHUYDHQXQDVHJ~QODVVHULHVGHORV HQIHUPRV WUDWDGRV FRQ QHXUROpSWLFRV (V GRV YHFHV PiV IUHFXHQWH HQ KRPEUHV TXH HQ PXMHUHV (Q OD SREODFLyQJHQHUDOODLQFLGHQFLDGHO610VHKDFLIUDGRHQXQFDVRSRUFDGDPLOORQHVGHSHUVRQDV (V SUHFLVR VHxDODU TXH HO 610HVXQDUHDFFLyQLGHRVLQFUiWLFD \TXHQRVHUHODFLRQDFRQODFDQWLGDGGHO IiUPDFRUHFLELGD8QD~QLFDGRVLVGHQHXUROpSWLFRSXHGHSURGXFLU6103RURWUDSDUWHXQSDFLHQWHTXHKD VXIULGR 610 UHODFLRQDGR FRQ XQ GHWHUPLQDGR QHXUROpSWLFR SXHGH QR YROYHU D WHQHU HVWD FRPSOLFDFLyQ DXQTXH VHD WUDWDGR FRQ HO PLVPR IiUPDFR SRVWHULRUPHQWH 1R REVWDQWH ODV UHFXUUHQFLDV VRQ WDPELpQ SRVLEOHV 3DUHFH TXH H[LVWHQ IDFWRUHV SUHGLVSRQHQWHV FRPR HO DJRWDPLHQWR ItVLFR ORV DPELHQWHV FDOXURVRV OD GHVKLGUDWDFLyQ OD H[LVWHQFLD GH HQIHUPHGDG RUJiQLFD LQWHUFXUUHQWH HO XVR GH QHXUROpSWLFRV GHODUJDGXUDFLyQ\ORVWUDVWRUQRVDIHFWLYRV\FRJQLWLYRVGHEDVH (O 610 HV PiV IUHFXHQWH HQWUH ORV HQIHUPRV WUDWDGRV FRQ ORV QHXUROpSWLFRV GH PD\RU SRWHQFLD FRPR KDORSHULGRO WLRWL[HQR \ IOXIHQD]LQD 1HXUROpSWLFRV GH PHQRU SRWHQFLD FRPR FORUSURPDFLQD \ PHVRULGLFLQD SDUHFHQ VHU DOJR PiV VHJXURV DXQTXH KD\ FRQWURYHUVLDV DO UHVSHFWR /RV QXHYRV QHXUROpSWLFRVFRPRFOR]DSLQDULVSHULGRQD\RODQ]DSLQDTXHVHODQ]DURQDOPHUFDGRFRQHOUHFODPRGHVHU PiVVHJXURV\WHQHUPHQRVHIHFWRVVHFXQGDULRVTXHHOUHVWRGHORVQHXUROpSWLFRVWDPELpQSXHGHQSURGXFLU 610(O610WDPELpQSXHGHSURGXFLUVHHQSDFLHQWHVFRQHQIHUPHGDGGH 3DUNLQVRQDORVTXHVH OHVVXVSHQGHHOWUDWDPLHQWRFRQ/GRSDGHIRUPDEUXVFD 3$72*(1,$ (O610VHGLVWLQJXHGHRWURVVtQGURPHVFDWDWyQLFRVLQGXFLGRVSRUQHXUROpSWLFRVSRUODSUHVHQFLDGHILHEUH /DKLSHUWHUPLDVHGHEHDXQDXPHQWRGHODSURGXFFLyQGHFDORUSURYRFDGDSRUODFRQWUDFFLyQPXVFXODU\HO PD\RUWRQRVLPSiWLFR7DPELpQVHDOWHUDQORVFHQWURVGHFRQWUROGHODWHPSHUDWXUDKLSRWDOiPLFRV /D HWLRORJtD GHO 610 VH UHODFLRQD FRQ DOWHUDFLRQHV HQ OD UHJXODFLyQ GHO VLVWHPD GRSDPLQpUJLFR /RV QHXUROpSWLFRV EORTXHDQ OD WUDQVPLVLyQ GRSDPLQpUJLFD HQ SDUWLFXODU DO DFWXDU VREUH HO VLVWHPD GH UHFHSWRUHV ' LQKLELGRUHV GH OD DGHQLOFLFODVD (O EORTXHR GRSDPLQpUJLFR GH ORV JDQJOLRV GH OD EDVH SURGXFHKLSHUWRQtD\WHPEORUHV 7DPELpQ H[LVWH EORTXHRHQODVSUR\HFFLRQHVGRSDPLQpUJLFDV GLHQFHIiOLFDVHQODVTXHH[LVWHQ UHFHSWRUHV ' TXH LQKLEHQ HO IOXMR VLPSiWLFR WRUDFROXPEDU 6X EORTXHR SURGXFH DXPHQWR GHO WRQR VLPSiWLFR \ FRQWULEX\H D OD LQHVWDELOLGDG DXWRQyPLFD FDUDFWHUtVWLFD GHO 610 (O EORTXHR GH ORV UHFHSWRUHV ' KLSRWDOiPLFRVDOWHUDHOFHQWURUHJXODGRUGHODWHPSHUDWXUD\FRQWULEX\HDODKLSHUWHUPLD $OJXQDV DOWHUDFLRQHV GHO VLVWHPD GH QHXURWUDQVPLVLyQJOXWDPDWpUJLFRSDUHFHQHVWDULPSOLFDGDV 3RUHVWH PRWLYR OD DPDQWDGLQD IiUPDFR DQWDJRQLVWD GH ORV UHFHSWRUHV JOXWDPDWR SXHGH VHU HILFD] HQ HO WUDWDPLHQWRGHO610 0$1,)(67$&,21(6&/ 0$1,)(67$&,21(6&/ËË1,&$6 (O610VHFDUDFWHUL]DSRUODWULDGDKLSHUWHUPLDHQFHIDORSDWtD\ULJLGH]PXVFXODU$GHPiVGHODULJLGH] ORVHQIHUPRVSXHGHQWHQHUDTXLQHVLDRGLVWRQtD/DULJLGH]SXHGHVHUWDQLPSRUWDQWHTXHSXHGHSURGXFLU XQDGHIRUPLGDGGRORURVDGHODVDUWLFXODFLRQHV\DOWHUDFLRQHVJUDYHVGHODPRYLOLGDG/DULJLGH]SXHGH RFDVLRQDULQVXILFLHQFLDUHVSLUDWRULD\IDYRUHFHUHOGHVDUUROORGHLQIHFFLRQHVUHVSLUDWRULDV /D KLSHUWHUPLD SXHGH DOFDQ]DU ORV & \ SXHGH SURGXFLU JROSH GH FDORU OHVLyQ FHUHEUDO SHUPDQHQWH FRPD\PXHUWH7DPELpQHVPX\FDUDFWHUtVWLFRODLQHVWDELOLGDGDXWRQyPLFDTXHFRQGLFLRQDDOWHUDFLRQHVGH OD WHQVLyQ DUWHULDO GLDIRUHVLV \ WDTXLFDUGLD /D HQFHIDORSDWtD VH PDQLILHVWD JHQHUDOPHQWH HQ IRUPD GH FDPELRVGHOQLYHOGHFRQVFLHQFLDTXHIOXFW~DQGHVGHODDOHUWDFRQDJLWDFLyQ\PXWLVPRDOFRPD /RV SULPHURV VtQWRPDV VXHOHQ DSDUHFHU HQWUH ORV \ ORV GtDV GHO FRPLHQ]R GHO WUDWDPLHQWR FRQ QHXUROpSWLFRVDXQTXHWDPELpQHVSRVLEOHTXHVHREVHUYHPXFKRWLHPSRGHVSXpVGHOLQLFLRGHOPLVPR /RVVtQWRPDVVHGHVDUUROODQHQXQSHUtRGRGHDKRUDV\VXHOHQGXUDUKDVWDyGtDVGHVSXpVGH ODLQWHUUXSFLyQGHORVQHXUROpSWLFRVRUDOHV\HOGREOHRWULSOHGHWLHPSRFXDQGRORVQHXUROpSWLFRVXWLOL]DGRV VRQFRQVLVWHPDGHGHSyVLWR ([LVWHQIRUPDVODUYDGDVGH610HQODVTXHIDOWDQDOJXQRVGHORVVLJQRVPiVFDUDFWHUtVWLFRV/DVRVSHFKD GLDJQyVWLFD HQ HVWRV FDVRV HV PX\ GLItFLO 6H KDQ GHVFULWR IRUPDV JUDYHV GH 610 HQ ODV TXH QR KDEtD ILHEUHQLULJLGH]PXVFXODU /D PRUWDOLGDG GHO 610 HV GH XQ D XQ /DV FDXVDV PiV IUHFXHQWHV GH PRUELPRUWDOLGDG VRQ OD LQVXILFLHQFLDUHQDODVRFLDGDDODPLRJOREXOLQXULDSURGXFLGDSRUODUDEGRPLROLVLV\ODLQVXILFLHQFLDUHVSLUDWRULD UHODFLRQDGD FRQ QHXPRQtD DVSLUDWLYD /DV EURQFRDVSLUDFLRQHV HVWiQ IDYRUHFLGDV SRU HO EDMR QLYHO GH FRQVFLHQFLDGHORVHQIHUPRV\SRUVXGLVIDJLD2WUDVFRPSOLFDFLRQHVPpGLFDVGHO610VRQHOLQIDUWRDJXGR GH PLRFDUGLR OD LQVXILFLHQFLD FDUGtDFD\ODVDUUtWPLDV(QDOJXQRVFDVRVVHKDREVHUYDGRWURPERSHQLD\ FRDJXODFLyQLQWUDYDVFXODUGLVHPLQDGD '$726' 6'( (/ /$%2 $%25$725,2 /D PD\RUtD GH ORV GDWRV GH ODERUDWRULR VRQ LQHVSHFtILFRV (V KDELWXDO OD HOHYDFLyQ GH OD FUHDWtQTXLQDVD &3. \ OD OHXFRFLWRVLV /D FLIUD GH OHXFRFLWRV YDUtD GHVGH ODV D ODV FpOXODVPP JHQHUDOPHQWH DFRPSDxDGD GH GHVYLDFLyQ L]TXLHUGD $ SHVDU GH TXH OD ILHEUH \ OD OHXFRFLWRVLV VRQ GDWRV FDUDFWHUtVWLFRVGHO610HVREOLJDGRGHVFDUWDUSURFHVRVLQIHFLRVRVLQWHUFXUUHQWHVTXHVXHOHQFRPSOLFDUHO FXUVRHYROXWLYRGHODHQIHUPHGDGHVSHFLDOPHQWHVLSHUVLVWHODKLSHUWHUPLDDSHVDUGHODQRUPDOL]DFLyQGH OD&3.RVLORVVtQWRPDVVHPDQWLHQHQGXUDQWHPiVGHVHPDQDV 3XHGHQ REVHUYDUVH GLYHUVDV DOWHUDFLRQHV LyQLFDV FRPR KLSHUQDWUHPLD UHODFLRQDGD JHQHUDOPHQWH FRQ GHVKLGUDWDFLyQ H KLSHUSRWDVHPLD /RV QLYHOHV GH FDOFLR \ GH PDJQHVLR SXHGHQ HVWDU GLVPLQXLGRV HQ UHODFLyQFRQHOJUDGRGHOHVLyQPXVFXODU7DPELpQHVSRVLEOHGHWHFWDUKLSHUWUDQVDPLQDVHPLD\HOHYDFLyQ GHODOiFWLFRGHVKLGURJHQDVD\GHODIRVIDWDVDDOFDOLQD (Q ORV HQIHUPRV FRQ 610 VRQ KDELWXDOHV ORV QLYHOHV HOHYDGRV GH &3. GHELGR D OD LQWHQVD \ VRVWHQLGD FRQWUDFFLyQ PXVFXODU /RV YDORUHV VXHOHQ HVWDU FRPSUHQGLGRV HQWUH \ 8/ DXQTXH VH KDQ GHVFULWRFLIUDVVXSHULRUHVD8/ (V LPSRUWDQWH UHDOL]DU XQ 7$& FHUHEUDO \ XQD SXQFLyQ OXPEDU FRQ HO REMHWR GH GHVFDUWDU LQIHFFLyQ GHO VLVWHPD QHUYLRVR FHQWUDO X RWUR WLSR GH FRPSOLFDFLyQ LQWUDFHUHEUDO (O /&5 VXHOH VHU QRUPDO R FRQ FDPELRV LQHVSHFtILFRV GLVFUHWD KLSHUSURWHLQRUUDTXLD (Q HO 7$& FHUHEUDO WDPSRFR VH GHWHFWDQ DOWHUDFLRQHVHVSHFtILFDV(O((*HVQRUPDORPRVWUDUGDWRVGHHQFHIDORSDWtDLQHVSHFtILFD\WDPELpQSXHGH VHULPSRUWDQWHUHDOL]DUORVLH[LVWHVRVSHFKDGHHVWDWXVHSLOpSWLFRQRFRQYXOVLYRRGHHQFHIDOLWLVYtULFD ', $ * 1Ï 6 7 , & 22 ' ',)(5(1& 1&,,$/ (O SURQyVWLFR GH ORV HQIHUPRV FRQ 610 GHSHQGH PXFKR GH OD UHDOL]DFLyQ GH XQ FRUUHFWR GLDJQyVWLFR GH IRUPDSUHFR](QWUHODVHQIHUPHGDGHVTXHSXHGHQFXUVDUFRQHQFHIDORSDWtDILHEUH\ULJLGH]HVWiQ ODV LQIHFFLRQHV GHO VLVWHPD QHUYLRVR FHQWUDO PHQLQJLWLV HQFHIDOLWLV HO VtQGURPH VHURWRQLQpUJLFR HO VtQGURPHDQWLFROLQpUJLFRFHQWUDOHOJROSHGHFDORU\ODVUHDFFLRQHVGLVWyQLFDVDJXGDV (OVtQGURPHDQWLFROLQpUJLFR FHQWUDOVHSURGXFHSRUODDFFLyQGHIiUPDFRVDQWLFROLQpUJLFRVDQWLGHSUHVLYRV WULFtFOLFRVQHXUROpSWLFRV\VHFDUDFWHUL]DSRUVLJQRVSHULIpULFRVGHLQWR[LFDFLyQDWURStQLFDFRPRSLHOVHFD\ HULWHPDWRVD ERFD VHFD PLGULDVLV KLSRSHULVWDOWLVPR \ UHWHQFLyQ XULQDULD /D WHPSHUDWXUD VXHOH HVWDU HOHYDGD \ HO SDFLHQWH HVWi FRQIXVR \ GHVRULHQWDGR /D ILVRVWLJPLQD SDUHQWHUDO SURGXFH XQD EUHYH UHVROXFLyQGHORVVtQWRPDV\HOORSXHGHD\XGDUDGLIHUHQFLDUHOVtQGURPHDQWLFROLQpUJLFRGHO610 (OVtQGURPHVHURWRQLQpUJLFRVHFDUDFWHUL]DSRUDOWHUDFLRQHVGHOQLYHOGHFRQVFLHQFLDKLSHUUHIOH[LDQDXVHDV \ YyPLWRV \ PDUFDGD LQHVWDELOLGDG DXWRQyPLFD 3XHGH VHU EDVWDQWH SDUHFLGR DO 610 \ SRU HOOR HV PX\ LPSRUWDQWH UHDOL]DU XQD FRUUHFWD DQDPQHVLV HQ OD TXH VH HVSHFLILTXH FXLGDGRVDPHQWH HO WUDWDPLHQWR PpGLFRGHOHQIHUPR(QHOVtQGURPHVHURWRQLQpUJLFRJHQHUDOPHQWHHVWiLPSOLFDGRXQLQKLELGRUVHOHFWLYRGH OD UHFDSWDFLyQ GH OD VHURWRQLQD DVRFLDGR D RWURV IiUPDFRV TXH SRWHQFLDQ OD DFFLyQ VHURWRQLQpUJLFD LQKLELGRUHVGHODPRQRDPLQR[LGDVDDQWLGHSUHVLYRVWULFtFOLFRV (Q HO GLDJQyVWLFR GLIHUHQFLDO GHO 610 WDPELpQ KD\ TXH LQFOXLU D ODV YDVFXOLWLV WDQWR VLVWpPLFDV FRPR OD YDVFXOLWLVDLVODGDGHOVLVWHPDQHUYLRVRFHQWUDO /DKLSHUWHUPLDPDOLJQDWDPELpQGHEHWHQHUVHHQFRQVLGHUDFLyQFXDQGRHOHQIHUPRKDVLGRUHFLHQWHPHQWH DQHVWHVLDGR PiV LQIRUPDFLyQ VREUH KLSHUWHUPLD PDOLJQD FOtQLFD \ GLDJQyVWLFR YHU DUWtFXOR WUDWDPLHQWR YHUDUWtFXOR 8QD PHQFLyQ HVSHFLDO PHUHFH OD FDWDWRQtD OHWDO TXH IRUPD SDUWH GH XQ JUXSR GH HQWLGDGHV HQJOREDGDV GHQWURGHODFDWRWRQtDPDOLJQD\TXHWDPELpQFXUVDQFRQILHEUH\HQFHIDORSDWtD 7 5 $ 7 $ 0, ( 1 7 2 (O WUDWDPLHQWR GHO 610 VH VXVWHQWD HQ GRV SLODUHV IXQGDPHQWDOHV VXVSHQVLyQ GH ORV QHXUROpSWLFRV \ PHWLFXORVRPDQHMRGHORVWUDVWRUQRVKLGURHOHFWUROtWLFRV\GHODVGLYHUVDVFRPSOLFDFLRQHVTXHSXHGHQVXUJLU GXUDQWHHOFXUVRGHODHQIHUPHGDG (V IXQGDPHQWDO PDQWHQHU XQ DGHFXDGR HVWDGR GH KLGUDWDFLyQ /D LQVXILFLHQFLD UHQDO HV XQD GH ODV FRPSOLFDFLRQHVPpGLFDVPiVIUHFXHQWHVHQHO610GHELGRDODGHVKLGUDWDFLyQ\DOGHSyVLWRGHPLRJORELQD HQORVW~EXORVUHQDOHVVLODUDEGRPLROLVLVHVLPSRUWDQWH6HGHEHPDQWHQHUXQDGLXUHVLVGHXQRVD P/KRUD/DLQHVWDELOLGDGDXWRQyPLFDDXPHQWDFRQVLGHUDEOHPHQWHODVSpUGLGDVLQVHQVLEOHVGHDJXDKDVWD P/ SRU FDGD JUDGR GH DXPHQWR GH WHPSHUDWXUD FRUSRUDO (V PX\ FRQYHQLHQWH FRQWURODU OD ILHEUH \ SDUD HOOR HV PX\ HILFD] XVDU PDQWDV IUtDV /RV DQWLWpUPLFRV VyOR VRQ HILFDFHV VL HO DXPHQWR GH OD WHPSHUDWXUDHVWiUHODFLRQDGRFRQDOJ~QSURFHVRLQIHFFLRVRLQWHUFXUUHQWH +D\ TXH PRQLWRUL]DU ODV FRQVWDQWHV YLWDOHV FXLGDGRVDPHQWH \ FRORFDU XQD VRQGD QDVRJiVWULFD GDGR HO ULHVJR GH EURQFRDVSLUDFLRQHV 7DPELpQ HV SUHFLVR UHDOL]DU SURILOD[LV GH HQIHUPHGDG WURPERHPEyOLFD /D PRQLWRUL]DFLyQGHORVHQIHUPRVFRQ610VHKDFHPHMRUHQODVXQLGDGHVGHFXLGDGRVLQWHQVLYRV $GHPiVGHODVPHGLGDVGHVRSRUWHH[LVWHQDOJXQDVIRUPDVGHWUDWDPLHQWRHVSHFtILFRSDUDHO610(O GDQWUROHQR VyGLFR PJ.J LY DO GtD UHSDUWLGR HQ WUHV R FXDWUR GRVLV IDYRUHFH OD UHODMDFLyQ PXVFXODU (VWH PHGLFDPHQWR DFW~D EORTXHDQGR OD OLEHUDFLyQ GH FDOFLR GHO UHWtFXOR VDUFRSOiVPLFR GH ODV ILEUDV PXVFXODUHV/DEURPRFULSWLQDPJFDGDKRUDVSRUVRQGDQDVRJiVWULFDLQLFLDOPHQWHDXQTXHSXHGH DXPHQWDUVHODGRVLVKDVWDPJDOGtDVLIXHVHQHFHVDULRWDPELpQSXHGHVHU~WLO/DEURPRFULSWLQDHVXQ DJRQLVWDGRSDPLQpUJLFR\IDYRUHFHODUHVWDXUDFLyQGHODWUDQVPLVLyQGRSDPLQpUJLFD(QHVWDPLVPDOLQHD GH WUDWDPLHQWR WDPELpQ VH KDQ HPSOHDGR ORV VXSOHPHQWRV GH /GRSD FDUELGRSDOHYRGRSD SRU 61* R / GRSD LY 2WURV WUDWDPLHQWRV HPSOHDGRV VRQ SDQFXURQLR FDUEDPDFHSLQD DPDQWDGLQD DQWLFROLQpUJLFRV DQHVWHVLFRV\SODVPDIpUHVLV 8QD IRUPD HVSHFLDO GHWUDWDPLHQWRGHO610HVODWHUDSLDHOHFWURFRQYXOVLYD6XPHFDQLVPRGHDFFLyQQR HVWiGHOWRGRELHQDFODUDGRSHURSDUHFHVHUHILFD]QRVyORSDUDHO610VLQRWDPELpQSDUDODPD\RUtDGH ORVWLSRVGHFDWDWRQtD &RQ UHVSHFWR D WRGDV HVWDV IRUPDV HVSHFtILFDV GHWUDWDPLHQWRGHO610KD\TXHWHQHUHQFXHQWDTXHQR H[LVWHQ HQVD\RV FOtQLFRV ELHQ GLVHxDGRV PHWRGROyJLFDPHQWH TXH GHPXHVWUHQ FODUDPHQWH VX XWLOLGDG \ DOJXQRVHVWXGLRVKDQFXHVWLRQDGRVXXWLOLGDG %,%/,2* 2*5 5$ ) Ë $ $GLW\DQMHH$GHULELJEH<$0DWKHZV7(SLGHPLRORJ\RIQHXUROHSWLFPDOLJQDQWV\QGURPH&OLQ 1HXURSKDUPDFRO 1HXURSKDUPDFRO 9HODPRRU$9DUDGDUDM51HXUROHSWLFPDOLJQDQWV\QGURPHUHFRJQLWLRQSUHYHQWLRQDQG PDQDJHPHQW'UXJ6DIHW\ PDQDJHPHQW'UXJ6DIHW\ &DUERQH-57KHQHXUROHSWLFPDOLJQDQWDQGVHURWRQLQV\QGURPHV(PHU0HG&OLQ1RUWK$P 0DUW 0DUWttQH]('RPLQJR3/ORUHW-6t QH]('RPLQJR3/ORUHW-6tQGURPHQHXUROp QGURPHQHXUROpSWLFRPDOLJQR0HG&OLQ%DUF SWLFRPDOLJQR0HG&OLQ%DUF &UX]-03DWR0*RPH];$%DWDOOD$&XWULQ&6LQGURPHPDOLJQRSRUQHXUROHSWLFRVHQHO DQFLDQRGHVFULSFL DQFLDQRGHVFULSFLyyQGHFXDWURSDFLHQWHV$Q0HG,QWHUQD QGHFXDWURSDFLHQWHV$Q0HG,QWHUQD 3HORQHUR$//HYHQVRQ-/3DQGXUDQJL$.1HXUROHSWLFPDOLJQDQWV\QGURPHDUHYLHZ3V\FKLDWU 6HUY 6HUY 6HJDGR6$/y 6HJDGR6$/ySH] SH]*RQ]i *RQ]iOH]&&9LOODOED OH]&&9LOODOED*DUFt *DUFtD09*LO*-0XLQR0$0LOOi D09*LO*-0XLQR0$0LOOiQ1X 1XxxH]&- 6tQGURPHQHXUROp QGURPHQHXUROpSWLFRPDOLJQR$Q0HG,QWHUQD SWLFRPDOLJQR$Q0HG,QWHUQD $JXLUUH&*DUFt $JXLUUH&*DUFtD0RQFR-&0HQGLELO%6 0RQFR-&0HQGLELO%6ttQGURPHQHXUROp QGURPHQHXUROpSWLFRPDOLJQRDVRFLDGRDULVSHULGRQD 0HG&OLQ%DUF %DMMRND,3DWHO72 6XOOLYDQ75LVSHULGRQH %DMMRND,3DWHO72 6XOOLYDQ75LVSHULGRQHLQGXFHGQHXUROHSWLFPDOLJQDQWV\QGURPH$QQ(PHUJ 0HG 0HG *DUFt *DUFtD/ySH]00&LSUp SH]00&LSUpV/GH&HQGUD(9LODOWD)-6t V/GH&HQGUD(9LODOWD)-6tQGURPHQHXURO QGURPHQHXUROpp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yQGH)HEUHUR &RS\ULJKW6$/8'$/,$7RGRVORV'HUHFKRV5HVHUYDGRV