QDNDJI@N?@G<BP@MM<5Q@I@UP@G<NDBGJNSDSTSS @noc`mHjm\g`nH\do\ 6 HJ~QHO'LFFLRQDULR/DURXVVHODJXHUUD VHSXHGHGHÀQLUFRPROD´OXFKDDUPDGDHQWUHGRV RPiVSDtVHVRHQWUHFLXGDGDQRVGHXQPLVPRWHUULWRULR 3XJQDGLVLGHQFLDGLVFRUGLDHQWUHGRVRPiVSHUVRQDV &LYLOODTXHWLHQHOXJDUHQWUHFLXGDGDQRVGHXQDPLVPD QDFLyQµS (QWUHORVVLJORV;,;\;;ORVYHQH]RODQRVQRVKHPRV YLVWRHQIUHQWDGRVDGRVWLSRVGHJXHUUDODGHOD 5HYROXFLyQ,QGHSHQGHQWLVWDFRPSUHQGLGDHQWUH \HQODTXH9HQH]XHODVXUJLy\VHFRQVROLGy SROtWLFD\PLOLWDUPHQWHFRPR(VWDGRVREHUDQRODRWUD PiVGLItFLOGHQRPLQDUHQJHQGUDGDSRUODGHVLJXDOGDG VRFLDOWLHQHVXPRPHQWRFXOPLQDQWHODVHPDQDGHO GHIHEUHURDOGHPDU]RGH $PEDVKDQVLGRVXVFHSWLEOHVGHLQWHUSUHWDFLyQSDUDHO DUWHODSULPHUDODGHODJXHUUDGHLQGHSHQGHQFLDSRU DOJXQRVGHORVDUWLVWDVDFWLYRVGXUDQWHHOVLJOR;,;\ KDVWDXQSRFRPiVDOOiGHVGHODSHUVSHFWLYDGHOJpQHUR KLVWyULFRODVHJXQGDODGHODYLROHQFLDVRFLDODSDUWLU GHODVSURSXHVWDVGHOQHREDUURFR (QODVSUy[LPDVOtQHDVWUDWDUHPRVGHHVER]DUODYLVLyQ TXHGHQXHVWUDVJXHUUDVKDQWHQLGR0DUWtQ7RYDU \7RYDUHQHOVLJOR;,;\0LJXHO9RQ'DQJHOHQOD FHQWXULDSDVDGD G\Bp`mm\?`n_`G\K`mnk`^odq\?`g Bi`mjCdnomd^j (OJpQHURGHODSLQWXUDKLVWyULFDHVWiGHVWLQDGRDODDX WRDÀUPDFLyQ\DODH[DOWDFLyQGHXQDSHUVRQDRGHXQ SXHEOR&RQVLVWHHQODUHSUHVHQWDFLyQFRQPHPRUDWLYD GHDFRQWHFLPLHQWRVKLVWyULFRVVXHOHVHUXQDSLQWXUD GHJUDQGHVGLPHQVLRQHV\GHFRQFHSFLyQJUDQGLRVD(Q 9HQH]XHODHVWHJpQHURORLQLFLD-XDQ/RYHUD HQHOSHUtRGRUHSXEOLFDQRFRQODSLQWXUDGH DFRQWHFLPLHQWRVKLVWyULFRVTXHELHQD\XGDURQDGHÀQLU QXHVWUDQDFLRQDOLGDGDWUDYpVGHOUHFRQRFLPLHQWRGH ORVVXFHVRV\VXVSURWDJRQLVWDV(QHVWHVHQWLGR/LVFD QRDÀUPD´TXHQXHVWUDSLQWXUDQDFLyFXDQGRVH SXVRD¶PLUDU·ODKLVWRULD(VWDFRQVWLWX\yHOWHPDSUHGRPL QDQWHGHODREUDGH0DUWtQ7RYDU\7RYDUµS G\Bp`mm\>jhjQdndjiD_`\g $0DUWtQ7RYDU\7RYDUOHFRUUHVSRQ GHUiLOXVWUDUDODPHGLGDGHODVDVSLUDFLRQHVRÀFLDOHV \DFDGpPLFDVHVFHQDVGHEDWDOODVTXHUHVSRQGDQDOD LFRQRJUDItDGHQXHVWUD,QGHSHQGHQFLD/RVWHPDVSD WULRVVHUiQHODERUDGRVGHDFXHUGRDODULJXURVLGDGGH ODVQRUPDVFOiVLFDV\FRQXQDIDFWXUDLPSHFDEOHPHQWH DFDGpPLFD /DREUDPRQXPHQWDOGH7RYDUHV/D%DWDOODGH&DUD ERERVHJ~Q1RULHJD $OOtQDUUDHOSLQWRUORVPRPHQWRVPiVVLJQLÀFDWLYRV GHODFRQWLHQGDODFDUJDGHORVOODQHURVFRPDQGDGRV SRU-RVp$QWRQLR3iH]TXLHQOXFHXQXQLIRUPHURMR ODLQWHUYHQFLyQGHODKHURLFDOHJLyQ%ULWiQLFD%ROtYDU FRQVX(VWDGR0D\RUODPXHUWHGH&HGHxR\GH3OD]D $OIRQGRODVWURSDVHVSDxRODVHQHOPRPHQWRGHOD GHUURWDS (QHO~OWLPRWHUFLRGHOVLJOR;,;FRQYLYtDQHQODSLQWX UDYHQH]RODQDHQSHUIHFWDDUPRQtDHOQDWXUDOLVPRHO QHRFODVLFLVPR\HOURPDQWLFLVPR(QHOFDVRGH7RYDU \7RYDUVHSXHGHGHFLUFRPRELHQDÀUPD&DO]DGLOOD TXH´6XHVWLORHVHOGHXQHFOpFWLFRµS (Q/D%DWDOODGH&DUDERERDODUWLVWDQROHLQWHUHVD FRQWDUXQDKLVWRULDVLQRQDUUDUFRQODPD\RUREMHWL YLGDGSRVLEOHDXQTXHSDUDHOORUHJLVWUHHQODPLVPD FRPSRVLFLyQHSLVRGLRVTXHRFXUUHQHQGLVWLQWRV OXJDUHV\KRUDVVDFULÀFDQGRODYHUDFLGDGGHORVKHFKRV SRUODLGHDOL]DFLyQGHOPDJQRDFRQWHFLPLHQWRORJUDQGR XQDUHSUHVHQWDFLyQGRQGHODDOHJRUtDVREUHSDVDDOD UHDOLGDG 13 (QHVWHSXQWRQRVSHUPLWLUHPRVWRPDUSUHVWDGDOD GHVFULSFLyQGH&DO]DGLOOD (OOLHQ]RVHDGDSWDDODFRQFDYLGDGGHODHOLSVLVGHO6DOyQ (OtSWLFRGRQGHVHHQFXHQWUDSDUDGHVSOHJDUHQGLItFLO SHUVSHFWLYDORVYDULRVHVFHQDULRVGHODEDWDOODVLPXOWiQHD PHQWHVRQH[SXHVWRVWRGRVORVPRPHQWRVGHFLVLYRVGHO HSLVRGLRVLQGLYLGLUHOHVSDFLRHQFXDGURV\PDQWHQLHQGR HOPLVPRSXQWRGHYLVWDFHQWUDOHIHFWRGHVLPXOWDQHLGDG PX\LQJHQLRVRDOTXHVHSUHVWDODIRUPDGHOHVSDFLRSDUD SRGHUSUHVHQWDUORVKHFKRVHQYDULDVVHFXHQFLDVDJUXSDGDV HQFXDWURKHFKRVFHQWUDOHVTXHGDQLGHDGHOWLHPSR\TXH SRUORPLVPRGHVFULEHQORVDFFLGHQWHVGHODOODQXUDEDMR GLIHUHQWHVJUDGRVGHOXPLQRVLGDGGHVGHODPDGUXJDGD KDVWDHODWDUGHFHUS OL]DGDTXHVHWUDGXMRHQODTXHPD\GHVWUXFFLyQGHXQL GDGHVGHWUDQVSRUWHS~EOLFRVDTXHR\GHVWUXFFLyQGH ORFDOHVFRPHUFLDOHVDGHPiVGHOLQWHQWRGHHQWUDUSRU ODIXHU]DHQODViUHDVUHVLGHQFLDOHVGHODFODVHPHGLD \DOWD/RVDFWRVVHLQLFLDURQHQ*XDUHQDV&DULFXDR DOUHGHGRUHVGHO1XHYR&LUFR/D*XDLUD0DUDFD\ 9DOHQFLD%DUTXLVLPHWR0pULGD\&LXGDG*XD\DQD&G URP'LFFLRQDULRGH+LVWRULDGH9HQH]XHODVI Pi?\G\K\^d`i^d\N`>jgh (OHVWDOOLGRIXHGHFDUiFWHUHVSRQWiQHRODVDFFLRQHVQR HVWXYLHURQFRPDQGDGDVSRURUJDQL]DFLRQHVSDUWLGLVWDV RGHRWURWLSR/RVVLJXLHQWHVGtDVVHFRPELQDURQ DFWRVYLROHQWRVGHSURWHVWDSRSXODUKHFKRVGHOLFWLYRV \XQDYH]DYDQ]DGRHOSURFHVRDOJXQDVPDQLREUDVSR OtWLFDPHQWHRULHQWDGDV/DVDFFLRQHVVHGHVDUUROODURQ 'HHVWDPDQHUD7RYDU\7RYDULQPRUWDOL]DXQVXFH GHPDQHUDVLPXOWiQHDPDVLYDVRUSUHVLYD\YLROHQWDOR VRJORULRVRGHQXHVWUDKLVWRULD´KDUiGHODJXHUUDXQ TXHOOHYyDOJRELHUQROXHJRGHUHFXSHUDUVHWDUGtDPHQ HVSHFWiFXORGLJQRGHYLYLUHQODPHPRULDµ&DO]DGLOOD WHGHODVRUSUHVDRUGHQDUDOD*XDUGLD1DFLRQDO\DO S HMpUFLWRXQGtD\PHGLRGHVSXpVUHSULPLUORVGLVWXU <mo`TQdjg`i^d\5GjnNp^`njn?`g-2 ELRVGHFUHWDUHO(VWDGRGHHPHUJHQFLD\VXVSHQGHU ?`A`]m`mj?`,434 SRUGtDVXQJUXSRGHJDUDQWtDV$VtODV)XHU]DV $UPDGDVDVXPLHURQHOFRQWUROGHORUGHQS~EOLFR\ (OGHIHEUHURGHTXLQFHGtDVGHVSXpVGHKD HQWUDHQYLJHQFLDHOWRTXHGHTXHGDDORODUJRGHO EHUWRPDGRSRVHVLyQFRPR3UHVLGHQWHGHOD5HS~EOLFD WHUULWRULRQDFLRQDOpVWHVHPDQWLHQHGXUDQWHORVGLH] &DUORV$QGUpV3pUH]DQXQFLDXQSDTXHWHGHDMXVWHV GtDVVLJXLHQWHV$XQDxRGHORVVXFHVRVHO(GLWRULDO PDFURHFRQyPLFRVFRQRFLGRVSRSXODUPHQWHFRPRHO GHOD5HYLVWDGHO&RPLWp(YDQJpOLFR9HQH]RODQRSRU ´SDTXHWHHFRQyPLFRµ(QWUHODVPHGLGDVFDEHQGHVWD OD-XVWLFLD&(9(-DÀUPD´1RKXERDFFLRQHV FDUDTXHOODVTXHJROSHDEDQODHFRQRPtDGHODVFODVHV GLVXDVLYDVSUHYLDVQLEDODVGHJRPDQLFDUURVERPEDV SRSXODUHVOLEHUDFLyQGHORVSUHFLRVH[FHSWXDQGR QLOODPDGDVDORUGHQ'LJiPRVORGHXQDYH]HOHMpUFLWR SURGXFWRVGHODFHVWDEiVLFDLQFUHPHQWRJUDGXDOGHORV VDOLyDPDWDU\FRQWLQXyPDWDQGRGXUDQWHFLQFRRVHLV VHUYLFLRVS~EOLFRVWHOpIRQRDJXDHOHFWULFLGDG\JDVGR GtDVKDVWDTXHORVPXHUWRVVXPDURQPLOHVµS PpVWLFRDXPHQWRSURPHGLRGHHQHOSUHFLRGH ODJDVROLQD\XQDXPHQWRLQLFLDOGHHQORVVHUYLFLRV (OEDODQFHRÀFLDOGHHVWDVHPDQDGHYLROHQFLDVHWUDGX GHWUDQVSRUWHS~EOLFRHVWH~OWLPRIXHUHFKD]DGRSRU FHHQPXHUWRV\PiVGHPLOKHULGRVTXHKR\HQ ORVJUHPLRVGHOWUDQVSRUWHTXHH[LJtDQHO GtDSHVDQHQODFRQFLHQFLDWDQWRGHTXLHQHVGLHURQOD RUGHQGHUHSULPLUFRPRGHDTXHOORVTXHODFXPSOLH (ODXPHQWRGHODVWDULIDVGHOWUDQVSRUWHS~EOLFRHQWUD URQ HQYLJRUHOGHIHEUHURHVHGtDGHVGHODVHLVGHOD PDxDQDORVFKRIHUHVLQLFLDQVXUHFRUULGRKDELWXDO (VWHPRPHQWRDFLDJRGHQXHVWUDKLVWRULDIXHHOUHÁHMR WUDWDQGRGHLPSRQHUODWDULIDTXHHOORVFRQVLGHUDEDQ GHXQSURIXQGRSURFHVRGHIUXVWUDFLyQDFXPXODGDHQ MXVWD\GHVFRQRFLHQGRHOSDVDMHHVWXGLDQWLO(VWDIXHOD ODSREODFLyQGHPHQRUHVUHFXUVRVGHELGRDOGHFDL PHFKDTXHHQFHQGLyXQDUHDFFLyQGHYLROHQFLDJHQHUD 14 PLHQWRHFRQyPLFRGHOSDtVGXUDQWHWRGDODGpFDGD GHORFKHQWD\DODVH[SHFWDWLYDVTXHFUHyHOVHJXQGR JRELHUQRGH&DUORV$QGUpV3pUH]GHUUXPEDGDVDORV SRFRVGtDVGHWRPDUSRVHVLyQ\DQXQFLDUXQDVHULHGH PHGLGDVTXHFRPRVLHPSUHDIHFWDEDQDORVPiVGHV SRVHtGRV\H[FOXLGRVGHORVSODQHVJXEHUQDPHQWDOHV $SDUWLUGHOGHIHEUHURFRPHQ]DURQDFXHVWLRQDUVH XQDVHULHGHFRQYLFFLRQHVIXHUWHPHQWHDUUDLJDGDVHQ ODVFODVHVGLULJHQWHVGHOSDtVWDOHVFRPRODSDVLYLGDG SRSXODUHOFRQWUROGHODSREODFLyQSRUSDUWHGHORV SDUWLGRVSROtWLFRV\ODVRUJDQL]DFLRQHVHVWDEOHFLGDV\OD HVWDELOLGDGGHODGHPRFUDFLD'LFFLRQDULRGH+LVWRULD GH9HQH]XHODVI <mo`TQd_\@iOd`hkjn?`Qdjg`i^d\ Nj^d\g (OGHPDU]RGHDSXQWDED0LJXHO9RQ'DQJHO HQVXGLDULR ´¢6HUiDFDVRLQMXVWRSHFDGRLPSHUGRQDEOHDFDVRLPSUX GHQWHLUUHVSHWXRVRRIDOWDGHQDFLRQDOLVPRFRPSDUDUDVt VLQSDWULyWLFDDQHVWHVLDODEDWDOODGHO8FFHOORFRQODGH&D UDERERGH7RYDU\7RYDURODGHOGHIHEUHURGH"µ 0iUTXH]S 0LJXHO9RQ'DQJHOQDFLGRHQ%D\UHXWK$OHPDQLD HQDGRSWDD9HQH]XHODFRPRVXSDtVFXDQGR VXIDPLOLDHPLJUDHQ'HVGHORVGLHFLQXHYHDxRV HVWDEOHFHFRQWDFWRSHUPDQHQWHFRQODVFXOWXUDVLQGtJH QDVSLDURDVPDNLULWDUHV\SDQDUHVKHFKRIXQGDPHQWDO HQVXIRUPDFLyQ\H[SUHVLyQDUWtVWLFD\HQHOFRQRFL PLHQWRGHORVDQLPDOHVSDLVDMH\JHRJUDItDGHOWUySLFR 7DPELpQHVWXGLDUiORVPLWRVFRVWXPEUHV\DUWHVDQtDV GHHVWDVHWQLDVLQGtJHQDV0iUTXH]S 6XIRUPDFLyQHVWiSODJDGDGHGHVHUFLRQHV\DGPLUD FLRQHVSULPHURDEDQGRQDHO´&ROHJLR+XPEROGWPiV WDUGHOD(VFXHODGH$UWHV3OiVWLFDV&ULVWyEDO5RMDV\D SDUDHVHHQWRQFHVDGPLUDD*UQHZDOG9DQ*RJK %RVFK*URV]\DORVYHQH]RODQRV5HYHUyQ$EUHX\ 5LYDV (QVHKDFHVHQWLUDQWHODRSLQLyQS~EOLFDQDFLR QDOSRUHOHVFiQGDORTXHRFDVLRQDVXREUD5HWUDWR HVSLULWXDOGHXQWLHPSR(OSiUURFRGHOD&DWHGUDOGH &DUDFDVQRVyORDUUHPHWHDEDVWRQD]RVFRQWUDODREUD VLQRTXHDGHPiVORDFXVDGHLUUHYHUHQWH\EODVIHPR &iQGLGRFLWDGRSRU0iUTXH]H[SOLFDEDHQVX FROXPQDGHOGLDULR(O8QLYHUVDO 1RYLHQODHVFXOWXUDQLQJXQDSURIDQDFLyQ PiVD~QVDELHQGRFRPRVDEtDTXH9RQ 'DQJHOHVFULVWLDQR6LVpTXHORDWHQDFHDHQ ORKRQGR\ORFROPDGHWUiJLFRVHQWLPLHQWR HOHVSHFWiFXORGHXQDVRFLHGDGVLQLGHDOHV TXHSDUHFHHQWHUUDUHOHVStULWXHQHOFRQIRUW HQHOPDWHULDOLVPRRHQHOYLROHQWRIDQDWLV PRLGHROyJLFRTXHDYHFHVQRVUHWURWUDHDOD (GDG0HGLDS (QVHDFHUFDDOSDLVDMHQDFLRQDODWUDYpVGHFROOD JHVVREUHPDSDVGH9HQH]XHOD\WDPELpQHQSRUFLRQHV GHWLHUUDHQFDSVXODGDVDGHPiVVHGHFODUDHOKHUH GHURGH&DUPHOR)HUQiQGH]\$UPDQGR5HYHUyQDO PRPHQWRGHSURSRQHU´XQDUHQRYDFLyQGHOSDLVDMHXQ FRQFHSWRLQpGLWRGHOHVSDFLRJHRJUDItDÁRUD\IDXQD YHQH]RODQDVµ0iUTXH]S G\=\o\gg\?`N\iMjh\ijTGjn 0++<jn?`Gp^c\<h`md^\i\ 9RQ'DQJHODFRPHWHHQVXREUDPiVLPSRUWDQWH /D%DWDOODGH6DQ5RPDQRTXHOXHJRGHFXDWURDxRV GHWUDEDMRHVH[SXHVWDHQHO0XVHRGH$UWH&RQWHP SRUiQHRGH&DUDFDV7RPDFRPRUHIHUHQWHODREUDGH 3DROR8FFHOORTXHFRQVWDGHWUHVSDQHOHV HOGHPD\RGHHODUWLVWDDQRWDHQVXGLDULR /DEDWDOODPLVPDRFXUULyHOGHMXQLRGHHVFDUD PX]DSUREDEOHPHQWHLUUHOHYDQWH6LWXDFLyQGH,WDOLDFD UDFWHUL]DGDSRUODDXVHQFLDGHXQSRGHUFHQWUDO)XHU]DV PHUFHQDULDVVXVWHQWDGDVSRUORVGLVWLQWRVSRGHUHVORFDOHV )ORUHQFLD0LODQRHWF0iUTXH]S $SDUWLUGHODREUDGH8FFHOORHODERUDXQDDOHJRUtDGH $PpULFD\VXWLHPSR7LHPSRGHH[FHVRYLROHQFLD\ GHYDVWDFLyQTXHOHSHUPLWHQDVHQWDUVHHQODSURIXVLyQ 2+ EDUURFDRPHMRUQHREDUURFD´SRUODVQXHYDVSRVLELOL GDGHVTXHWLHQHHOHVSHFWDGRUGHFRPSRQHUVXVLPiJHQHVµ *UX]LQVNLS (ODUWLVWDUHVXHOYHODREUDGHPHWURVGHODUJRSRU PHWURVGHDOWXUDHQRFKRSDQHOHVGRQGHPH]FOD SLQWXUD\HVFXOWXUDDGHPiVGHP~OWLSOHVPDWHULDOHV GXFRVHVPDOWHVyOHRVHVFDUFKDVVSUD\VWDSLFHV PHWDOHVHVSHMRVFXHUGDVPRQHGDVPDGHUDVSLHOHV SOXPDVREMHWRV\DUWHVDQtDVLQGtJHQDV (QORVWUHVSULPHURVSDQHOHVVHHVFHQLÀFD/D%DWDOOD HQHOSULPHURHQFRQWUDPRVVXYHUVLyQGHODEDWDOODGH 8FFHOORHQHOVHJXQGRXQDPiVFDUDSLDURDGHOD$EHMD 6DOYDMHR5H\RIUHQWHDORVGHVFXEULGRUHVHQHOWHUFH URODJXHUUDÁRULGDDTXHOODFRQYHQLGDSRUORVD]WHFDV FRQRWURVSXHEORVFRQHOÀQGHKDFHUSULVLRQHURVSDUD VDFULÀFDUORVDVXVGLRVHV (QORVWUHVVLJXLHQWHVHULJH(ODOWDUHQHOFXDUWRSDQHO XWLOL]DORVUHVWRVGHVXREUD(OUHJUHVRGHODFXDUWD QDYHHVFXOWXUDHQVDPEODMHLQVWDODFLyQFRQODTXH UHSUHVHQWDD9HQH]XHODHQOD;9,,%LHQDOGH6DR3DXOR TXHGHVPRQWD\GHVWUX\HOXHJRGHVHUDGPLUDGD\ FRQVDJUDGDHQHOHYHQWRHQHOTXLQWRXQDFDEH]DGH SHUURFHUFHQDGRVLUYHFRPRDOHJRUtDGHOD,JOHVLD &DWyOLFDHQHOVH[WRSDQHOHODUWLVWDVHUHSUHVHQWDD WUDYpVGHXQDPDVFDULOOD(QHOVpSWLPR\RFWDYRVH HVFHQLÀFDHOFRPEDWHHQWUH6DQ-RUJH\HOGUDJyQ (Q/D%DWDOODGH6DQ5RPDQR9RQ'DQJHOVHSODQWHD ´XQDHVWpWLFDDQWLFOiVLFD\DQWLDFDGpPLFDGHH[SUHVLRQHV ¶GHOLUDQWHV·\¶REVFXUDV·µ0iUTXH]S $GLIHUHQFLDGH0DUWtQ7RYDU\7RYDUXWLOL]DUHFXUVRV TXHKDFHQGHODREUDXQHVFHQDULRWHDWUDOQRH[LVWH XQDQDUUDFLyQFRQXQSXQWRGHYLVWDFHQWUDO9RQ'DQ JHOQRFUHHHQODUHSUHVHQWDFLyQGHODJXHUUDFRPR HVSHFWiFXORGLJQRGHVHUYLYLGR(QHVWHVHQWLGRDÀUPD 0iUTXH] (OHVSHFWDGRUIUHQWHD/DEDWDOODDSHVDUGHVXGHVSOD ]DPLHQWRQXQFDHQFRQWUDUiORQtWLGRQLUHJXODURFRQÀJX UDFLRQHVJHRPpWULFDVDEVROXWDVODVXFHVLyQGHPRWLYRV\ IRUPDVHQPXOWLSOLFLGDG\DJORPHUDFLRQHVTXHHV([FHVR HQWUHJDQXHYDVYLVWDVUHODFLRQHVLQpGLWDVGHVFXEULPLHQWRV FRQVWDQWHVGHORLUUHJXODUH[HQWRGHQRUPD\PHGLGD IRUPDVLOLPLWDGDVHQGHVERUGDPLHQWRS /DUHSUHVHQWDFLyQGH/D%DWDOODGH&DUDERERGH0DU WtQ7RYDU\7RYDUHQHO6DOyQ(OtSWLFRGHO&RQJUHVR 1DFLRQDOQRVKDEODGHQXHVWUDJUDQGH]DUHVXPHHO JULWRSDWULyWLFRGHDPRUDOSXHEORDODLJXDOGDGDOD MXVWLFLD\DODOLEHUWDG&LHQDxRVGHVSXpV0LJXHO9RQ 'DQJHOHQ/D%DWDOODGH6DQ5RPDQRQRVUHFXHUGD TXHHOFRPEDWHLQLFLDGRHQRFWXEUHGHD~QQR KDWHUPLQDGR$WUDYpVGHVXYLVLyQXQLYHUVDO\FUtWLFD RSRQHODVLGHDVGHWUDJHGLDUHGHQFLyQ\VDOYDFLyQ 3DUDÀQDOL]DUHVWDVUHÁH[LRQHVVREUHODYLVLyQTXHGHOD JXHUUDWLHQHQ7RYDU\9RQ'DQJHODÀUPDUHPRVFRPR *XLOOHUPR0HQHVHV <HVRHVVHUDUWLVWDFUHHUTXHKD\DOJRTXHGHFLU\TXH HVHDOJRREOLJDDEXVFDUXQDIRUPDGHH[SUHVLyQDEVROXWD PHQWHXQLGDDOFUHDGRU(VRHVVHUDUWLVWDODFHUWH]DGH FRPSUHQGHUHOPXQGRGHXQDPDQHUDWDQH[FHSFLRQDOTXH YDOHODSHQDGHFRPXQLFDUODDORVGHPiVS 2, =d]gdjc`h`mjbm\a\ &DO]DGLOOD-3LQWXUD9HQH]RODQDGHORV6LJORV ;,;\;;&DUDFDV,QYHUVLRQHV0%DUTXtQ )XQGDFLyQ3RODU'LFFLRQDULR0XOWLPHGLDGH +LVWRULDGH9HQH]XHOD&DUDFDV$XWRU *UX]LQVNL6/DJXHUUDGHODVLPiJHQHV'H &ULVWyEDO&ROyQD´%ODGH5XQQHUµ0p[L FR)&( /DURXVVH'LFFLRQDULREiVLFRGHODOHQJXD HVSDxROD0p[LFR$XWRU /LVFDQR-&LHQWRFLQFXHQWDDxRVGHFXOWXUD YHQH]RODQD(Q9HQH]XHOD,QGHSHQGLHQWH SS 0iUTXp])0LJXHO9RQ'DQJHO\OD%DWDOODGH 6DQ5RPDQR&DUDFDV)XQGDFLyQ3RODU 0HQHVHV*(OHGLÀFLRGHODVDUWHV(Q'HO EDUURGHORVLQGLRVDODLQGXFFLyQFURPiWLFD&DUDFDV 2&, 1RULHJD69HQH]XHODHQVXVDUWHVYLVXDOHV 0pULGD9HQH]XHOD3XHUWDGHO6RO 5HYLVWD&(9(-(GLWRULDO&DUDFDV&RPLWp (YDQJpOLFR9HQH]RODQRSRUOD-XVWLFLD 2-