%2/(7Ë12),&,$/'(/5(*,67520(5&$17,/ 1~P 0DUWHVGHPD\RGH 3iJ 6(&&,Ï16(*81'$$QXQFLRV\DYLVRVOHJDOHV 5('8&&,Ï1'(&$3,7$/ &$032)5Ë2)22'*52836$ 5HGXFFLyQGH&DSLWDO\0RGLILFDFLyQ(VWDWXWDULD (Q FXPSOLPLHQWR GH OR GLVSXHVWR SRU HO DUWtFXOR GH OD YLJHQWH /H\ GH 6RFLHGDGHVGH&DSLWDOVHKDFHS~EOLFRTXHOD-XQWD*HQHUDO([WUDRUGLQDULDGH $FFLRQLVWDVGH&DPSRIUtR)RRG*URXS6$HQDGHODQWHOD6RFLHGDGFHOHEUDGD HQHOHGLILFLR7RURQD$YHQLGDGH(XURSD3DUTXH(PSUHVDULDO/D0RUDOHMD $OFREHQGDV0DGULGHOGHPD\RGHHQVHJXQGDFRQYRFDWRULD DGRSWyHODFXHUGRGHUHGXFFLyQGHFDSLWDO\FRQVLJXLHQWHPRGLILFDFLyQGHHVWDWXWRV FX\RFRQWHQLGREiVLFRVHUHSURGXFHDFRQWLQXDFLyQ 5HGXFLUHOFDSLWDOVRFLDOFRQFDUJRDUHVHUYDVGHOLEUHGLVSRVLFLyQHQODVXPD GHXQPLOOyQFXDUHQWD\FXDWURPLOQRYHFLHQWRVQRYHQWD\WUHVHXURV¼ PHGLDQWHODDPRUWL]DFLyQGHOPLOOyQFXDUHQWD\FXDWURPLOQRYHFLHQWDVQRYHQWD\ WUHVDFFLRQHVGHOD6RFLHGDGWLWXODULGDGGHORVDFFLRQLVWDVGLVWLQWRVGH 6LJPD:+)RRG(XURSH6/&RPRFRQVHFXHQFLDGHODUHIHULGDUHGXFFLyQHO FDSLWDOVRFLDOGHOD6RFLHGDGTXHGDILMDGRHQHOLPSRUWHGHFLHQWRXQPLOORQHVFLHQWR VHWHQWD\FLQFRPLORFKRFLHQWRVWUHLQWDHXURV¼UHSUHVHQWDGRSRU FLHQWRXQPLOORQHVFLHQWRVHWHQWD\FLQFRPLORFKRFLHQWDVWUHLQWD DFFLRQHV GH XQ HXUR ¼ GH YDORU QRPLQDO FDGD XQD GH HOODV6H GHMD FRQVWDQFLDGHTXHODILQDOLGDGGHODUHGXFFLyQGHFDSLWDOFRQVLVWHHQODGHYROXFLyQ GHDSRUWDFLRQHVDORVDFFLRQLVWDVFX\DVDFFLRQHVVHDPRUWL]DQ(QFRQVHFXHQFLD PRGLILFDUHODUWtFXORTXLQWRGHORV(VWDWXWRVVRFLDOHV )LMDUHQVHLVHXURVFRQQRYHQWDFpQWLPRVGHHXUR¼SRUDFFLyQHOYDORU GHDPRUWL]DFLyQGHODVDFFLRQHVTXHVHDPRUWL]DQORTXHVXSRQHDWULEXLUDFDGD DFFLyQXQYDORUGHDPRUWL]DFLyQVXSHULRUHQFLQFRHXURVFRQQRYHQWDFpQWLPRVGH HXUR¼DOYDORUQRPLQDOGHODVDFFLRQHVTXHHVGH¼SRUDFFLyQ (QORVGtDVQDWXUDOHVVLJXLHQWHVDODIHFKDGHFHOHEUDFLyQGHOD-XQWD *HQHUDO ([WUDRUGLQDULD GH DFFLRQLVWDV HO &RQVHMR GH $GPLQLVWUDFLyQ GH OD 6RFLHGDGRODVSHUVRQDVIDFXOWDGDVDWDOHIHFWRSURFHGHUiQDDERQDUHQPHWiOLFR HOYDORUGHDPRUWL]DFLyQGHODVDFFLRQHVDWUDYpVGHODVHQWLGDGHVSDUWLFLSDQWHVHQ OD6RFLHGDGGH*HVWLyQGHORV6LVWHPDVGH5HJLVWUR&RPSHQVDFLyQ\/LTXLGDFLyQ GH9DORUHV6$,EHUFOHDU 3DUDFXDOTXLHUDFODUDFLyQRVROLFLWXGGHLQIRUPDFLyQDGLFLRQDOORVVHxRUHV DFFLRQLVWDV SRGUiQ SRQHUVH HQ FRQWDFWR FRQ HO 'HSDUWDPHQWR GH $WHQFLyQ DO $FFLRQLVWDGHOD6RFLHGDGDWUDYpVGHOWHOpIRQRGHOXQHVDYLHUQHVGH QXHYHDGLHFLQXHYHKRUDV 0DGULGGHPD\RGH(O3UHVLGHQWHGHO&RQVHMRGH$GPLQLVWUDFLyQ' 3HGUR%DOOYp/DQWHUR ,'$ KWWSZZZERHHV %2/(7Ë12),&,$/'(/5(*,67520(5&$17,/ FYH%250(& $OKDEHUVHUHDOL]DGRODUHGXFFLyQGHFDSLWDOFRQFDUJRDUHVHUYDVGHOLEUH GLVSRVLFLyQOD6RFLHGDGKDFRQVWLWXLGRODFRUUHVSRQGLHQWHUHVHUYDLQGLVSRQLEOHSRU XQLPSRUWHLJXDODOYDORUQRPLQDOGHODVDFFLRQHVDPRUWL]DGDVTXHGDQGRH[FOXLGR HO GHUHFKR GH RSRVLFLyQ GH ORV DFUHHGRUHV WRGR HOOR GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ HO DUWtFXOR GH OD YLJHQWH /H\ GH 6RFLHGDGHV GH &DSLWDO '/0,661