Descargar - carmichael alonso

 $=3,/&8(7$ 1$9$552 0DUWtQ GH
75$&7$'2 '( /$6 5(17$6 '( /26
%(1(),&,26 (&&/(6,$67,&26 SDUD
6DEHU HQ TXH VH KDQ GH JDVWDU \ D TXLHQ VH
KDQGHGDU\GH[DU)XQGDGRHQHOFDSILQDO
[YL TXHVW L &RPSXHVWR SRUHO 'RFWRU ,RDQ
GH %DUUHUD &RLPEUD  HG [ K
II K 3HUJDPLQR PRGHUQR )DOWDQ K GD
WDEOD $OJXQDV DQWLJXDV KXHOODV GH DJXD /D
SULPHUD HGLFLyQ HV GH 9DOODGROLG 3DODX
&&3% ¼
$*5('$6RU0DUtDGH-HV~VGH9,'$
'( /$ 9,5*(1 0$5Ë$ VHJ~Q OD YHUVLyQ
GH &RQ XQ SUyORJR GH ( 3DUGR %D]iQ
0RQWDQHU\6LPyQ%DUFHORQD[
SS K /iPLQDV H LOXVWUDFLRQHV HQWUH WH[WR
+RODQGHVDSHUJDPLQRHVWDPSDGD%XHQHMHPSODU
¼
$PDGLV'XTXH\0HULQR'HPHWULR(/
$5*80(172 '( $0$',6 '( *$8/$
%LEOLRWHFD 8QLYHUVDO &ROHFFLyQ GH ORV 0HMRUHV
$XWRUHV $QWLJXRV \ 0RGHUQRV /;;,, 0DGULG
[SS+RODQGHVDWHOD&XELHUWDV
PXGDV%XHQHMHPSODU ¼
$=3,/&8(7$ 1$9$552 0DUWtQ GH
0$18$/ '( &21)(6625(6 &ODXGLR
%RUQDW %DUFHORQD [ SS
3HUJDPLQRPRGHUQR)DOWDQKGHSUHOLPLQDUHV\
ODV SULPH UDV SS GHO WH[WR (O DXWRU QDFLy HQ
%DUDVRDLQ 1DYDUUD HQ \ GHVSXpV GH
HVWXGLDU HQ $OFDOi IXH FDWHGUiWLFR HQ 6DODPDQFD
\ UHFWRU HQ &RLPEUD $FRPSDxy D %DUWRORPp GH
&DUUDQ]D D 5RPD SDUD DSR\DUOH HQ VX GHIHQVD
FRQWUDOD,QTXLVLFLyQ\DOOtPXULyHQ3DODX
¼
$=3,/&8(7$ 1$9$552 0DUWtQ GH
&20(17$5,2
5(62/8725,2
'(
8685$6VREUHHO&DSLGHOD4XHVWLyQLLLGH
OD[LLLLFDXVDFRPSXHVWRSRUHO'RFWRU&RQ
RWURV TXDWUR FRPHQWDULRV VREUH HO SULQFLSLR
GHO &DS ILQ GH XVXU < HO &DSLW ILQ GH
6\PRQtD < HO &DSLW 1RQ LQIHUHQGD [[LLL
TXHVW LLL < HO FDSLW ILQ [LLL TXHVWL ILQDO
)UDQFLVFR )HUQiQGH] GH &yUGRED 9DOODGROLG
[ SS K 3HUJDPLQR QXHYR
$OJXQDV PDQFKDV DQWLJXDV SHUR EXHQ HMHPSODU
/D SULPHUD HG HV GH 3DODX QRWD
(VWD HG QR HVWi HQ HO &&3% QL HQ OD %1(
¼
$=3,/&8(7$ 1$9$552 0DUWtQ GH
&$3,78/2 9(<17( < 2&+2 GH ODV
$GGLFLRQHV GHO 0DQXDO GH &RQIHVVRUHV GHO
'RFWRU 0DUWLQ GH $]SLOFXHWD DxDGLGR SRU HO
PLVPR DXWRU &RQ VX 7DEOD $GULDQ *KHPDUW
9DOODGROLG  HG [ K II K
3HUJDPLQR QXHYR $OJXQDV PDQFKDV DQWLJXDV
SHUREXHQHMHPSODU(QKXERHVWDHGLFLyQ\
RWUD GH =DUDJR]D GH HVWD DGLFLyQ DO 0DQXDO
3DODX&&3% ¼
$=3,/&8(7$ 1$9$552 0DUWtQ GH
5(3(5725,2 *(1(5$/ \ 0X\ &RSLRVR
GHO 0DQXDO GH &RQIHVVRUHV GH ORV &LQFR
&RPHQWDULRV SDUD VX 'HFODUDFLyQ &{SXHVWRV
(Q OD TXDO F VLJQLILFD FDStWXOR Q Q~PHUR
VL 9DOODGROLG " [ KRMDV VLQ
QXPHUDU 3HUJDPLQR QXHYR $OJXQDV PDQFKDV
DQWLJXDV SHUR EXHQ HMHPSODU 3DODX &&3%
¼
%,%/,$ 6$&5$ 9XOJDWDH (GLWLRQLV
6L[WL 9 3RQWLILFLV 0D[ -XVVX 5HFRJQLWD HW
&OHPHQWLV 9,,, $XFWRULWDWH HGLWD 9HUVLFXOLV
'LVWLQFWD HW DG VLQJXOD FDSLWD DUJXPHQWLV
DXFWD
LQGLFHTXH
(SLVWRORUXP
(YDQJHOLRUXPQHFQRQ%LEOLFRORFXSOHWDWD
6XPSWLEXV 7RUQDHVLRUXP &RORQLDH VD >@
[ [[LL SS K SS
3OHQD SLHO GH pSRFD FRQ QHUYLRV WHMXHOR \
GRUDGRV 3HTXHxD UHSDUDFLyQ HQ HO ORPR
$OJXQDV SLFDGXUDV GH SROLOOD \D WUDWDGD
SULQFLSDOPHQWH HQ HO PDUJHQ $OJXQD PDQFKD
DQWLJXDGHKXPHGDG3RUWDGDDWLQWDV6HJ~QHO
:RUOG&DW HO DxR GH SXEOLFDFLyQ HV
GH
¼
&DOGHUyQ 5tRV \ 5tRV $QJHO
%,2*5$)Ë$ '(/ &e/(%5( 32(7$
'5$0È7,&2 ' 3('52 &$/'(5Ï1 '(
/$ %$5&$ SRU 7LSRJUDItD % 5XHGD
7RUUHODYHJD  HG [ SS
$PSOLR iUERO JHQHDOyJLFR GHVSOHJDEOH
+RODQGHVDWHOD6HOORGHDQWSURS)UHVQHGRGH
OD&DO]DGDHQODSRUWDGD(ODXWRUHVHOFpOHEUH
+LGDOJR GH 3URDxR $XWRU GH
YDULRVHVWXGLRVKLVWyULFRV\QRYHODVDWRUPHQWDGR
SRUODVRUGHUD\HQFHUUDGRHQVXPHGLHYDO7RUUH
GH 3URDxR 5tRV \ 5tRV UHSUHVHQWD XQ WLSR GH
4XLMRWH FiQWDEUR GHO ;,; %XHQ HMHPSODU HQ
JHQHUDO 5DUR 3DODX 1R HQ OD %1(
¼
%2&&$&,2
&8(1726
'(
%2&&$&,27UDGXFLGRVSRU*DUFtD5DPyQ
,OXVWUDFLRQHV GH -RKDQQRW 1DQWHXLO 6WDDO
*LUDUGHW HWF >MXQWR FRQ@ &8(1726
(6&2*,'26 '( /$ )217$,1( *DUQLHU
3DULV[YROVGH[LSSK\
K SS SS 3URIXVDPHQWH LOXV FRQ
OiPLQDV \ YLxHWDV 7HOD HGLWRULDO URMD HVWDPSDGD
HQGRUDGR\QHJUR/LJHURVURFHVHQORVH[WUHPRV
GH ORV ORPRV SHUR EXHQRV HMHPSODUHV (O
'HFDPHUyQ VDOLy HQ FDVWHOODQR HQ HGLFLRQHV
HQWUH \ SHUR GHVSXpV ULJXURVDPHQWH
SURKLELGR SRU OD ,QTXLVLFLyQ \D QR KXER PiV
HGLFLRQHV HQ FDVL DxRV (VWD EHOOD HG HV OD
VHJXQGDHGLFLyQPRGHUQD ¼
&(/$'$ 'LHJR GH 53 'LGDFL GH
&HODGD 0RQWHODGHQVLV H 6RFLHWDWH ,HVX ,8',7+,//8675,63HUSHWXR&RPPHQWDULR
/LWWHUDOL HW 0RUDO 3KLOOLSSH %RUGH /\RQ
[KSSK3HUJDPLQRGH
pSRFD D OD URPDQD FRQ QHUYLRV GRUDGRV \
WHMXHOR +HUPRVD SRUWDGD LPSUHVD D GRV WLQWDV
FRQ HPEOHPD [LORJUiILFR 3DODX QRWD
'LHJR GH &HODGD QDFLy HQ 0RQGpMDU
*XDGDODMDUDHQIXHSURIHVRUGHWHRORJtD\
GHVSXpVUHFWRUGHO&ROHJLRGH$OFDOiGH+HQDUHV
\ GHO &ROHJLR ,PSHULDO GH 0DGULG $GHPiV GH
-XGLWK SXEOLFy FRPHQWDULRV VREUH 7REtDV
(VWKHU 5XWK \ 'DQLHO 0X\ EXHQ HMHPSODU
¼
&$'$/62-RVp2%5$6(6&2*,'$6
FRQ XQD $GYHUWHQFLD 3UHOLPLQDU %LEOLRWHFD
&OiVLFD (VSDxROD %DUFHORQD [
SS7HODHVWDPSDGDHGLWRULDO%XHQHMHPSODU
([OLEULV VHOOR GHO KLVWRULDGRU VDQWDQGHULQR
-XOLiQ)UHVQHGRGHOD&DO]DGD
¼
&$/'(5Ï1 '( /$ %$5&$ 3HGUR
&20(',$6 '( &ROHFFLyQ PiV FRPSOHWD
TXHWRGDVODVDQWHULRUHV+HFKDHLOXVWUDGDSRU
'RQ -XDQ (XJHQLR +DUW]HQEXVFK %LEOLRWHFD
GH $XWRUHV (VSDxROHV 0 5LYDGHQH\UD 0DGULG
 HG [ YROV GH O[[YL SS
KK SS K KSS K\ K SS
K +RODQGHVD SLHO $OJXQDV KXHOODV GH y[LGR
SHUREXHQRVHMHPSODUHV ¼
&(59$17(6 6$$9('5$ 0LJXHO GH
(/ ,1*(1,262 +,'$/*2 '21 48,-27(
'(/$0$1&+$&RPSXHVWRSRU6RFLHGDG
(GLWRULDO /D 0DUDYLOOD ,PS 1DUFLVR 5DPtUH]
%DUFHORQD /LEUHUtD (VSDxROD 0DGULG [YSSKOiPLQDVJUDEDGDVHQ
PDGHUD VREUH GLEXMRV GH =DU]D \ &DSX]
+RODQGHVDSLHO3XQWDVJDVWDGDVKXHOODVGHy[LGR
3DODX 5LXV (GLFLyQ HVPHUDGDPHQWH
LPSUHVD FRQ WLSRV ERQLWRV HQ SDSHO EDVWDQWH
EXHQR ¼
,GHP(/,1*(1,262+,'$/*2'21
48,-27( '( /$ 0$1&+$ &RPSXHVWR
SRU'LEXMRVGH*XVWDYR'RUp*UDEDGRVSRU
+ 3LVDQ ,PSUHQWD \ /LEUHUtD 5HOLJLRVD \
&LHQWtILFD GHO +HUHGHUR GH ' 3DEOR 5LHUD
%DUFHORQD[YROVGHK[LY
SS\KYSSKSS\OiPLQDV
+RODQGHVD SLHO HGLWRULDO HVWDPSDGD HQ RUR OiPLQDV\XQDKRMDGHWH[WRHQIDFVtPLO$OJXQDV
KXHOODV GH y[LGR SHUR EXHQRV HMHPSODUHV /D
SULPHUDHGLFLyQGHO4XLMRWHHQFDVWHOODQRFRQODV
FRQRFLGtVLPDV LOXVWUDFLRQHV GH 'RUp HPSH]y D
VDOLU HQ SHUR TXHGy LQWHUUXPSLGD OD
SXEOLFDFLyQDODPLWDGGHOSULPHUWRPR&RQWLQXy
OD HGLFLyQ OD FDVD 5LHUD HQ GH IRUPD TXH
HVWD TXH RIUHFHPRV HV OD SULPHUD HGLFLyQ
FRPSOHWD5LXV3DODX
¼
,GHP(/,1*(1,262+,'$/*2'21
48,-27( '( /$ 0$1&+$ &RPSXHVWR
SRU(GLFLyQDQRWDGDSRU'RQ1LFROiV'tD]
GH %HQMXPHD H LOXVWUDGD SRU 'RQ 5LFDUGR
%DODFD 0RQWDQHU \ 6LPyQ %DUFHORQD [YROVGHKO[[LLSSK\KLL
SS FURPROLWRJUDItDV (QFXDGHUQDFLyQ
HGLWRULDO HQ SOHQR SHUJDPLQR HVWDPSDGR HQ
FRORUHV SRU 0LUDOOHV (VWXFKHV HGLWRULDOHV
0DJQtILFRVHMHPSODUHV
¼
&(59$17(6 6$$9('5$ 0LJXHO GH
(O ,QJHQLRVR +LGDOJR 'RQ 4XLMRWH GH OD
0DQFKDSRU%LEOLRWHFD$PHQDH,QVWUXFWLYD
%DUFHORQD [ YROV GH [[LL SS \ [ SS ,OXV FRQ YLxHWDV GH 7RQ\
-RKDQQRW HQWUH WH[WR \ OiPLQDV HQ QHJUR 7HOD
HGLWRULDO HVWDPSDGD HQ QHJUR \ GRUDGR 0X\
EXHQRVHMHPSODUHV3DODX¼
&(59$17(6 6$$9('5$ 0LJXHO GH
(/ ,1*(1,262 +,'$/*2 '21 48,-27(
'( /$ 0$1&+$ &RPSXHVWR SRU
%LEOLRWHFD GH 3XEOLFDFLRQHV 0LFURVFySLFDV 7LS
&RPDV +HUPDQRV =DUDJR]D [ WRPRVHQYROVGH[[YLLSS\[L
SS )URQWLV HQ FDGD WRPR OiPLQDV
7HOD HGLWRULDO HVWDPSDGD *XDUGD QXHYD HQ HO ž
YRO IDOWD OD SRUWDGLOOD GHO HU WRPR 3XQWDV
OLJHUDPHQWH JROSHDGDV 3RU OR GHPiV EXHQRV
HMHPSODUHV3DODX5LXV
¼
&(59$17(6 6$$9('5$ 0LJXHO GH
(/,1*(1,262+,'$/*2'2148,-27(
'(/$0$1&+$&RPSXHVWRSRU/XMRVD
HG FRQ XQ SURHPLR GH ' -RVp 0 $VHQVLR
,OXVWUDFLRQHV HQ FURPROLWRJUDItD GH ' -RVp
0RUHQR &DUERQHUR \ ' /DXUHDQR %DUUDX
&DEHFHUDV H LQLFLDOHV SROLFURPDGRV GH
GLIHUHQWHV DUWLVWDV MXQWR FRQ &(59$17(6
< 686 2%5$6 $UWtFXORV SRU -RVp 0
$VHQVLR FRQ XQ SUyORJR GHO 'U 7KHEXVVHP
)6HL[(G%DUFHORQD[
YROVGHO[[[YLLLSS[[LLLSS\[
SS /iPLQDV FURPROLWRJUDILDGDV +RODQGHVD
SLHOHVWDPSDGD+HUPRVDHGLFLyQVREUHWRGRSRU
ODVYLxHWDVHLQLFLDOHVFRQVXVGRUDGRV\FRORUHV
YLYRV 0X\ EXHQRV HMHPSODUHV 3DODX ¼
&(59$17(6 6$$9('5$ 0LJXHO GH
(/ ,1*(1,262 +,'$/*2 '21 48,-27(
'( /$ 0$1&+$ 8QD 3HVHWD HQ WRGD
(VSDxD /XtV 7DVVR %DUFHORQD VD [SS 5~VWLFD 7H[WR DFROXPQDV
3DODXQRWD
¼
&(59$17(6 6$$9('5$ 0LJXHO GH
(/,1*(1,262+,'$/*2'2148,;27(
'( /$ 0$1&+$ &RPSXHVWR SRU $xR
7 ,, (Q 0DGULG SRU ,YDQ GH OD
&XHVWD (G IDFVtPLO SRU 0RQWDQHU \ 6LPyQ
(GLWRUHV%DUFHORQDHG[YROVGH
K I K \ K I K +RODQGHVD SLHO
HVWDPSDGD HQ VHFR 0X\ EXHQRV HMHPSODUHV
3DODX ¼
&(59$17(6
0LJXHO
GH
(/
,1*(1,262 +,'$/*2 '21 48,-27(
'( /$ 0$1&+$ (GLFLyQ )DFVtPLOH GH OD
LPSUHVD HQ 0DGULG HQHO DxR 7
,, SRU -XDQ GH OD &XHVWD (QFLFORSHGLD
/LWHUDULD7RPRV9,, \9,,, /LEUHUtD&LHQWtILFR
/LWHUDULD%DUFHORQD[YROVGH
KIROLRVQXPHUDGRVKGHWH[WRHtQGLFH
VLQ QXPHUDU K \ K IROLRV K
+RODQGHVD WHOD HGLWRULDO %XHQRV HMHPSODUHV
3DODX ¼
&(59$17(6 6$$9('5$ 0LJXHO GH
(/ ,1*(1,262 +,'$/*2 '21 48,-27(
'( /$ 0$1&+$ &RPSXHVWR SRU 'LEXMRV
GH *XVWDYR 'RUp *UDEDGRV SRU + 3LVDQ -
3pUH]GHO+R\R0DGULG[SS
K LOXV 7HOD HGLWRULDO 0X\ EXHQ HMHPSODU
¼
&(59$17(6 6$$9('5$ 0LJXHO GH
7+( +,6725< $1' $'9(1785(6 2)
7+( 5(12:1(' '21 48,;27(
7UDQVODWHG IURP WKH 6SDQLVK RI 7R ZKLFK LV
SUHIL[HG VRPH DFFRXQW RI WKH DXWKRU
V OLIH E\
76PROOHWW7KHVHFRQGHGLWLRQFRUUHFWHG7
2VERUQH /RQGRQ [ YROVGH
K[OSSOiPVKSSOiPVK
SSOiPV\KSSOiPV3OHQDSLHOGH
pSRFD FRQ WHMXHORV /RPR QXHYR HQ HO 7 ,
/LJHURVURFHVHQODVELVDJUDV\SXQWDVSHURPX\
EXHQRVHMHPSODUHVHQJHQHUDO/RVOiPLQDVVRQ
*91HLVWDSUqV)+D\PDQ(VWDHVODHGGH
OD WUDGXFFLyQ GHO QRYHOLVWD EULWiQLFR 7RELDV
6PROOHWW OD  VLHQGR GH 5LXV 3DODX
¼
&(59$17(6 6$$9('5$ 0LJXHO GH
7+( +,6725< $1' $'9(1785(6 2)
7+( 5(12:1(' '21 48,;27(
7UDQVODWHGIURPWKH6SDQLVKRI7RZKLFKLV
3UHIL[HG VRPH $FFRXQW RI WKH $XWKRU
V /LIH
E\ 'U 6PROOHWW ,Q ILYH YROXPHV &RRNH
V
(GLWLRQ/RQGRQVD[YROVGH
K [[LY SS K YLLL SS K IURQWLV
JUDEDGR OiPV SS IURQWLV JUDEDGR OiPV SS IURQWLV JUDEDGR OiPV SS
IURQWLVJUDEDGROiPVSSIURQWLVJUDEDGR
OiPV,OXVFRQOiPLQDVJUDEDGDVFRQIHFKD
GH \ +RODQGHVD SLHO FRQ WHMXHORV \
SXQWDV GH SHUJDPLQR 5LXV KDEOD GH ODV
EHOODV \ ILQtVLPDV OiPLQDV SHUR FRQVLGHUD OD
WLSRJUDItDGHPHGLDQDHMHFXFLyQ3DODX
%XHQRVHMHPSODUHV
¼
&HUYDQWHV
+,6725,$
'Ï0,1,
48,-27, 0$1&+(*8, 7UDGXFWD LQ
/DWLQHP 0DFDUUyQLFXP SHU ,JQDWLXP
&DOYXP&XUDP0LVDHHW2OLDHFXPSUyORJR
0DQROL / $QD\D (GLWLR QRYD FDVWLJDWD HW
DODUJDWD -XOLL &RVDQR 0DGULG [ SS 9LxHWDV 5~VWLFD 3UHFLXP
XQLXV OLEUL 3UR DPLJXLV 3HVHWDV 3UR
HQHPLJXLV SHVHWDV
8Q SDU GH IDOWDV
PHQRUHV HQ HO ORPR SHUR EXHQ HMHPSODU 3DODX
¼
&(59$17(6 0LJXHO GH 129(/$6
(-(03/$5(6 %LEOLRWHFD &OiVLFD (VSDxROD
%DUFHORQD[YROVGH SSK\
SS K 7HOD HVWDPSDGD HGLWRULDO %XHQRV
HMHPSODUHV ([OLEULV VHOOR GHO KLVWRULDGRU
VDQWDQGHULQR -XOLiQ )UHVQHGR GH OD &DO]DGD
¼
&(59$17(6
0LJXHO
GH
(/
/,&(1&,$'2 9,'5,(5$ ,OXVWUDFLRQHV GH
.ORQJ &ROHFFLyQ .ORQJ )HUQDQGR )p 0DGULG
[SSK+RODQGHVDWHOD%XHQ
HMHPSODU
¼
&(59$17(6 6$$9('5$ 0LJXHO GH
5,1&21(7( < &257$',//2 1RYHOD SRU
&tUFXORGH%HOODV$UWHV,PSGH$GH$QJHO
$OFR\ 0DGULG [ K SS K
LPSUHVDVSRU XQDFDUD OiPLQDV XQD HQ FRORU
LQLFLDOHV RUODV HWF GH $VSLD]X 3HQDJRV (VWHYH
%RWH\ HWF +RODQGHVD WHOD HGLWRULDO %HOOD \
FXLGDGD HGLFLyQ 5tR \ 5LFR $GPLUDEOHPHQWH LPSUHVD HQ SDSHO VXSHULRU
0X\EXHQHMHPSODU
¼
&HUYDQWHV
%2//(77,12
GL
7RSRJUDILDH6WDWLVWLFDGHO&RPXQHGL1DSROL
$QQR;;;9,,1ž1iSROHV[
[[[L[SS0X\LOXV&DPLVDVRULJLQDOHVORPR
UHSDUDGR $UWtFXOR GH %HQHGHWWR &URFH 0LFKHOH
&HUYDQWHVD1DSROLQHO
¼
&HUYDQWHV )RURQGD 0LJXHO GH
&(59$17(6 9,$-(52 &RQ XQ SUyORJR GH
'RQ&D\HWDQR5RVHOO\XQPDSDFRQORVYLDMHV
GH &HUYDQWHV )RUWDQHW 0DGULG  HG
[ SS 0DSD GHVSOHJDEOH 5~VWLFD SHTXHxRV DJXMHURV HQ ODV ~OWLPDV KRMDV SHUR
EXHQ HMHPSODU 'HGLFDWRULD DXWyJUDID D -XOLiQ
)UHVQHGRGHOD&DO]DGD ¼
&HUYDQWLQD >*DWHOO \ &DUQLFHU 3HGUR@
+,6725,$
'(/
0È6
)$0262
(6&8'(52 6$1&+2 3$1=$ GHVGH OD
*ORULRVD0XHUWHGH'4XL[RWHGHOD0DQFKD
KDVWD HO 8OWLPR 'tD \ 3RVWUHUD +RUD GH VX
9LGD 3DUWH 6HJXQGD ,PS GH 9LOODSDQGR
0DGULGHG[KSS3DVWD
FDVWHOODQD GH pSRFD %XHQ HMHPSODU 3DODX
&&3%; 5LXV ,, FODUDPHQWHQRFRQRFHODSULPHUDSDUWHSXEOLFDGD
HQ(ODXWRUIXHFLUXMDQRGHOD
PDULQDDQWHV GH OLWHUDWR \ IXH DXWRU DGHPiVGH
YDULDV REUDV FHUYDQWLQDV GH XQ SHULyGLFR
JDGLWDQR\0RGRGH3UHVHUYDUVHGHORV5D\RVD
ODV 3HUVRQDV 6L HQ XQD WURQDGD VHUi PiV
FRQYHQLHQWH DEULU SXHUWDV \ YHQWDQDV R OR
FRQWUDULR5DUR
¼
&HUYDQWHV
+HQULFK
0DQXHO
,&212*5$)Ë$ '( /$6 (',&,21(6 '(/
48,-27( GH 0LJXHO GH &HUYDQWHV 6DDYHGUD
5HSURGXFFLyQ HQ )DFVtPLO GH (GLFLRQHV
FRQQRWDVELEOLRJUiILFDVWRPDGDVGLUHFWDPHQWH
GH ORV UHVSHFWLYRV HMHPSODUHV GHO DxR DO
5HXQLGR \ RUGHQDGR SRU 3UHFHGLGR
SRUXQKRPHQDMHD&HUYDQWHVSRUORVHGLWRUHV
3UyORJRSRU-*LYDQHOJpQHVLVGHO4XLMRWHSRU
0DUWtQH] 5XL] $]RUtQ +HQULFK \ &tD
%DUFHORQD  HG [ YROV GH O[Y SS K SS \ K SS
+RODQGHVD SHUJDPLQR HGLWRULDO FRQ WHMXHORV
$OJXQDVSRFDVKXHOODVGHy[LGRXQDVIDOWDVHQORV
WHMXHORV GHO 7 , ORPR GHO 7 ,,, UHSDUDGR SHUR
PX\EXHQRVHMHPSODUHVGHHVWDLPSRUWDQWH\UDUD
REUD
¼
&HUYDQWLQD 0HQpQGH] 3LGDO 5DPyQ
'LU +LVWRULD GH (VSDxD 7RPR ;;9, (O
6LJORGHO4XLMRWH9RO,5HOLJLyQ
)LORVRItD &LHQFLD SRU 0HOTXtDGHV $QGUpV
&DUORV 9DOYHUGH -RVp 0 /ySH] 3LxHUR -XDQ
,JQDFLR *XWLpUUH] 1LHWR -RVp 0 -RYHU
=DPRUD 0 9LFWRULD /ySH]&RUGyQ \ -RVp
&HSHGD$GiQ3UyORJRSRU-RVp&HSHGD$GiQ
9RO ,, /DV /HWUDV /DV $UWHV SRU 5DPyQ
0HQpQGH] 3LGDO 0DUWtQ GH 5LTXHU -RVp 0
'tH] %RUTXH 0 GHO 3LODU 3DORPR $QWRQL
&RPDV 3XMRO 3LODU 9i]TXH] &XHVWD $QWRQLR
%RQHW &RUUHD $OIRQVR (PLOLR 3pUH] 6iQFKH]
\ )UDQFLVFR -RVp /HyQ 7HOOR (VSDVD &DOSH
0DGULG  HG [ YROV GH
[OYLLLSS\SS3URIXVDPHQWHLOXV7HOD
HGLWRULDO 0X\ EXHQRV HMHPSODUHV ¼
&HUYDQWHV 1DYDUUR \ /HGHVPD
)UDQFLVFR (/ ,1*(1,262 +,'$/*2
0,*8(/ '( &(59$17(6 6$$9('5$
6XFHVRVGHVX9LGD&RQWDGDVSRU,PSUHQWD
$OHPDQD 0DGULG  HG [ K
SS K 5~VWLFD %XHQ HMHPSODU ¼
&HUYDQWHV 1RJDOHV -RVp +20(1$-(
$/ *(1,2 ,10257$/ '(/ (;&(/62
$8725 '(/ 48,-27( \ D OD 6XEOLPH
*UDQGH]D GHO +DEOD \ GHO &DUiFWHU
1DFLRQDOHV /DV 7UHV &RVDV GHO 7tR -XDQ
SRU 0DWHX 0DGULG  HG [
SSK5~VWLFD+XHOODVGHy[LGR¼
&HUYDQWHV 2UUHJR 9LFXxD (XJHQLR
+,6725,$ '(/ ,1*(1,262 +,'$/*2
'21
0,*8(/
'(
&(59$17(6
&RPSXHVWR SRU 'LULJLGDD 'RQ 4XLMRWH GH
OD0DQFKD&DEDOOHURGHOD7ULVWH)LJXUD\GH
ORV /HRQHV 3UtQFLSH GH ORV +LGDOJRV GHO
0XQGR *UDQ 6HxRU GH ORV 3XHEORV +LVSDQR
DPHULFDQRV 3URHPLR GH 5 'iYLOD 6LOYD
$JXLODU 0DGULG  HG [ SS
5~VWLFD $OJXQDV KXHOODV GH y[LGR HQ ODV
SULPHUDVKRMDV ¼
&HUYDQWHV 2UWHJR )HOLFLDQR /$
5(67$85$&,Ï1 '(/ 48,-27( (VWXGLR
&RPSDUDWLYR GH YDULDV HGLFLRQHV \ VXV
UHVSHFWLYDV QRWDV FRQ XQ HMHPSODU GH OD GH
TXH FRQWLHQH DQRWDFLRQHV DFRWDFLRQHV \
FXHUSR GH OD LPSUHVLyQ SRU 7LS/LW 6HL[
%DUFHORQD HQ OD SRUWDGD 3DOHQFLD VD HG[YLLLSSKGHIDFVtPLOSS
+RODQGHVD SLHO HVWDPSDGD 0X\ EXHQ HMHPSODU
\ HGLFLyQ XQLIRUPH FRQ OD HG GH $VHQVLR GHO
4XLMRWH YHU Qž 3DODX ¼
&HUYDQWHV 6HUtV +RPHUR 62%5( 81$
18(9$ 9$5,('$' '( /$ (',&,Ï1
35Ë1&,3('(/
48,-27(
6HSGHO%XOOHWLQ
+LVSDQLTXH 'LMRQ [SS 5~VWLFD
'HGLFDWRULD DXWyJUDID D -XOLiQ )UHVQHGR GH OD
&DO]DGD%XHQHMHPSODU ¼
&+$<725+-7+(7528%$'2856
2)'$17(%HLQJD6HOHFWLRQIURPWKH:RUNV
RIWKH3URYHQoDO3RHWV4XRWHGE\'DQWHZLWK
LQWURGXFWLRQ QRWHV FRQFLVH JUDPPDU DQG
*ORVVDU\ &ODUHQGRQ 3UHVV 2[IRUG 
HG [ [[[YL SS 7HOD 'HGLFDWRULD
DXWyJUDID D -XOLiQ )UHVQHGR GH OD &DO]DGD
¼
&+$<725+-7+(7528%$'2856
$1'(1*/$1'8QLYHUVLW\3UHVV&DPEULGJH
 HG [ YL SS K SS 7HOD
HGLWRULDO'HGLFDWRULDDXWyJUDIDD-XOLiQ)UHVQHGR
GHOD&DO]DGD ¼
&+$<725+-'5$0$7,&7+(25<
,1 63$,1 ([WUDFWV IURP /LWHUDWXUH EHIRUH
DQG GXULQJ WKH *ROGHQ $JH 8QLYHUVLW\ 3UHVV
&DPEULGJH  HG [ SS 7HOD
HGLWRULDO%XHQHMHPSODU ¼
&ROyQ &5,67Ï%$/ &2/Ï1 &DUWDV
TXH (VFULELy VREUH HO 'HVFXEULPLHQWR GH
$PpULFD\ 7HVWDPHQWR TXH +L]R D VX 0XHUWH
%LEOLRWHFD 8QLYHUVDO &ROHFFLyQ GH ORV 0HMRUHV
$XWRUHV $QWLJXRV \ 0RGHUQR /;9,, 0DGULG
[SS+RODQGHVDWHOD&XELHUWDV
PXGDV%XHQHMHPSODU ¼
&5Ï1,&$ '(/ 2%,632 '21
3(/$<2(GLFLyQSUHSDUDGDSRU%6iQFKH]
$ORQVR -XQWD SDUD $PSOLDFLyQ GH (VWXGLRV
0DGULG  HG [ SS K 5~VWLFD
0X\ EXHQ HMHPSODU 6XEUD\DGRV D OiSL] GH
-XOLiQ)UHVQHGRGHOD&DO]DGD¼
(;,0(12 $EDWH $QWRQLR '(/
25,*(1 < 5(*/$6 '( /$ 0Ò6,&$ FRQ
OD +LVWRULD GH VX 3URJUHVR 'HFDGHQFLD \
5HVWDXUDFLyQ 2EUD HVFULWD HQ LWDOLDQR SRU HO
$EDWH $QWRQLR ([LPHQR \ WUDGXFLGD DO
FDVWHOODQR SRU ' )UDQFLVFR $QWRQLR
*XWLpUUH] ,PSUHQWD5HDO0DGULGHG
[ YROV GH SS K SS OiPLQDV
GH K SS OiPLQDVKSSK OiP7H[WRLOXVWUDGRFRQKHUPRVDV\JUDFLRVDV
YLxHWDV 3OHQD SLHO FRQ WHMXHORV \ GRUDGRV
7RPRV\DIHFWDGRVSRUSROLOOD\DWUDWDGDHO
SULQFLSDOPHQWH GH IRUPD PDUJLQDO HO UHDOPHQWH HVWi PX\ DIHFWDGR 3DODX ¼
(63,1(/ 9LFHQWH 9,'$ '(/
(6&8'(52 0$5&26 '( 2%5(*Ï1 SRU
HO0DHVWUR,OXVWUDFLyQGH-RVp/XLV3HOOLFHU
%LEOLRWHFD $UWH \ /HWUDV &DVD (G 0DXFFL
%DUFHORQD[K[[[LLSSK
0X\ LOXV 7HOD HGLWRULDO HVWDPSDGD &RUWHV
SLQWDGRV $OJXQD KXHOOD GH y[LGR &XELHUWDV
PX\ OLPSLDV \ IUHVFDV ([OLEULV VHOOR \ ILUPD
GH-XOLiQ)UHVQHGRGHOD&DO]DGD¼
&ROyQ 7RUUH \ GHO &HUGR -RVp GH OD
%($75,= (15Ë48(= '( +$5$1$ <
&5,67Ï%$/&2/Ï1(VWXGLR\GRFXPHQWRV
GH 3UyORJR SRU -RVp 0DUtD 2WV &DSGHTXL
&tD ,EHUR$PHULFDQD GH 3XEOLFDFLRQHV 0DGULG
 HG [ SS K )DFVtPLOHV GH
ORV GRFXPHQWRV 5~VWLFD ,QWRQVR 0X\ EXHQ
HMHPSODU
¼
)HLMyR 0RUD\WD 0LJXHO (/ 3$'5(
)(<-Ï2 \ VXV 2EUDV 6HPSHUH \ &LD HQ OD
FXELHUWD3URPHWHR9DOHQFLDVDDSUR[
 HG [ SS K 5~VWLFD $OJXQDV
KXHOODVGHy[LGRSHUREXHQHMHPSODU¼
)(<-Ï2 )U %HQLWR *HUyQ\PR
7($752 &5Ë7,&2 81,9(56$/ 'LVFXUVRV
9DULRV HQ WRGR *pQHUR GH 0DWHULDV SDUD
'HVHQJDxRGH(UURUHV&RPXQHV7RPRV,\,,
-RDTXtQ,EDUUD7RPR,,,3DQWDOHyQ$]QDU7RPR
,9 %ODV 5RPiQ 7 9, \ 9,, $QGUpV 2UWHJD 7
9,,,3HGUR0DUtQ0DGULG[
7 , /iPLQD K O[[[LL SS 7 ,, [[[LL SS7,,,OYLSSOiPLQD7,9[O
SS 7 9 [OYLLL SS OiPLQD 7 9,
[OYLLL SS 7 9,, [OLY SS XQ SOLHJR
YLHQHUHSHWLGR79,,,OYLSS3OHQDSDVWD
FDVWHOODQD GH pSRFD 3LFDGXUDV RFDVLRQDOHV GH
SROLOOD \D WUDWDGD HQ ORV WRPRV , ,, ,,, ,9 9
3RU OR GHPiV EXHQRV HMHPSODUHV 3DODX QRWD
¼
)(51È1'(= '( $9(//$1('$
$ORQVR (/ ,1*(1,262 +,'$/*2 '
48,-27( '( /$ 0$1&+$ %LEOLRWHFD
&OiVLFD (VSDxROD %DUFHORQD [
SS K 7HOD HVWDPSDGD HGLWRULDO %XHQ
HMHPSODU FDMR DQWHULRU UHIRU]DGR ([OLEULV
VHOOR\ILUPDGH)UHVQHGR
¼
)(51È1'(='(025$7Ë1/HDQGUR
GH&20(',$6(6&2*,'$6FRQHOGLVFXUVR
SUHOLPLQDU GHO PLVPR DXWRU \ XQSUyORJR GH
-RVp <[DUW /D &RPHGLD 1XHYD (O 6t GH ODV
1LxDV /D (VFXHOD GH 0DULGRV (O 0pGLFR D
3DORV %LEOLRWHFD &OiVLFD (VSDxROD %DUFHORQD
[ SS K 7HOD HVWDPSDGD
HGLWRULDO %XHQ HMHPSODU )LUPD \ VHOOR GH
)UHVQHGR
¼
)(<-Ï2<0217(1(*52)U%HQLWR
*HUyQ\PR &$57$6 (58',7$6 <
&85,26$6 HQ TXH SRU OD PD\RU SDUWH VH
FRQWLQ~DHOGHVLJQLRGHO7+($752&5Ë7,&2
81,9(56$/ ,PSXJQDQGR R UHGXFLHQGR D
GXGRVDV YDULDV RSLQLRQHV FRPXQHV ,PSUHQWD
5HDOGHOD*D]HWD0DGULG[
7,[[[YLSS7,,[[[LLSS7,,,
OYLSS7,9[OSS79[YLSS
3OHQD SDVWD FDVWHOODQD GH pSRFD 3LFDGXUDV GH
SROLOOD \D WUDWDGD SULQFLSDOPHQWH PDUJLQDOHV
SHURTXHVHDGHQWUDQHQHOWH[WRHQHO7,93DODX
¼
*DUFtD \ %DUEDUtQ (XJHQLR 3526$ <
9(562 7UR]RV (VFRJLGRV GH ORV PiV
QRWDEOHV HVFULWRUHV FDVWHOODQRV RUGHQDGRV H
LOXVWUDGRV FRQ XQD LQWURGXFFLyQ KLVWyULFD
ELRJUDItDV \ Pi[LPDV VDFDGDV GH VXV REUDV
SRU3HUODGR3iH]\&tD0DGULGHG
[SS7HODHGLWRULDOHVWDPSDGD8QRV
DXWRUHV GHVGH )UD\ /XLV GH *UDQDGD KDVWD
3pUH]*DOGyV%XHQHMHPSODU
¼
*yQJRUD $UWLJDV 0LJXHO '21 /8,6
'( *Ï1*25$ < $5*27( %LRJUDItD \
(VWXGLR &UtWLFR 5HYLVWD GH $UFKLYRV 0DGULG
 HG [ K SS K )URQWLV
5~VWLFD 0DQFKDV HQ ODV FXELHUWDV 'HGLFDWRULD
DXWyJUDIDD)UHVQHGRGHOD&DO]DGD¼
(O *UHFR *XGLRO -RVp '20e1,.26
7+(272.Ï328/26 (/ *5(&2 (GV 3ROtJUDID %DUFHORQD  HG
[ SS K 3URIXVDPHQWH LOXVWUDGR
*XDIOH[ FRQ VREUHFXELHUWD 0X\ EXHQ HMHPSODU
¼
+,6725,$
6,/(16(
(GLFLyQ
SUHSDUDGD SRU )UDQFLVFR 6DQWRV &RFR -XQWD
SDUD$PSOLDFLyQGH(VWXGLRV0DGULGHG
[ [OL[ SS K 5~VWLFD ,QWURGXFFLyQ
FUtWLFD\WH[WRHQODWtQ
¼
+LVWRULD 6LOHQVH *yPH]0RUHQR 0
,QWURGXFFLyQ D OD +,6725,$ 6,/(16( FRQ
YHUVLyQ FDVWHOODQD GH OD PLVPD \ GH OD
&5Ï1,&$ '( 6$03,52 -XQWD SDUD
$PSOLDFLyQ GH (VWXGLRV 0DGULG  HG
[ SS K 5~VWLFD 3HTXHxD UHSDUDFLyQ
HQ HO ORPR SHUR EXHQ HMHPSODU $SXQWHV D OiSL]
GHOKLVWRULDGRUVDQWDQGHULQR-XOLiQ)UHVQHGRGHOD
&DO]DGD
¼
+25$7,861LFRODL3HURWWL/LEHOOXVQR
,QIUXJLIHU GH 0HWULV 2GHUXP +RUDWLDQDUXP
>MXQWR FRQ@ 4 +RUDWLL )ODFFL (SLVWRODUXP
/LEHU 3ULPXV 6HFXQGXV $SXG 6LPRQHP
&ROLQDHXP 3DULV [ II II
3HUJDPLQR PRGHUQR 5HSDUDFLRQHV HQ XQD
HVTXLQD GH OD SRUWDGD IDOWD XQD SDUWH GHO I $LLFRQODYLGDGH+RUDFLRSRU3HWUXV&XLQLWXV
)ORUHQWLQXV DOJXQDV ILQDV SLFDGXUDV HQ ODV
~OWLPDVIIHOVHJXQGROLEURFDUHQWHGHSRUWDGD
(QFRQWUDPRV XQ HMHPSODU LQFRPSOHWR II
VRODPHQWH HQ OD %1 GH 3DUtV QLQJXQR HQ HO
&&3%
¼
+20(5, ,/,$'26 /LEHU 3ULPXV
6HFXQGXV7HUWLXVFXPLQWHUSUHWDWLRQHODWLQD
4XDUWXV 6HSWLPXV 1RQXV ([ 2IILFLQD
7\SRJUDSKLFD $GDPL 6DUWRULL 'DYLG 6DUWRULXV
,QJROGVWDG >MXQWR FRQ@
>7tWXORJULHJR@$5,672/(/,6'(025,%86
$' 1,&20$&+80 /LEUL 'HFHP &XP
YDULLVOHFWLRQLEXVUHFHQVDGLHFWLV3HWUXV+RUVW
&RORQLDH $JJULSLQDH [
+RPHURK SS K SS K K
SS $ULVWyWHOHV K II SRU HUURU GH
SDJLQDFLyQ PDUFD K EO 3HUJDPLQR
UtJLGRGHpSRFD'RQGHVHXQHQORVGRVWtWXORVGH
HVWH YROXPHQ VH KD GHVFRVLGR SHUR SRU OR
GHPiV XQ H[FHOHQWH HMHPSODU FRQMXQWR GH HVWRV
GRVWH[WRVFOiVLFRVGHODOLWHUDWXUDJULHJD7H[WRV
HQJULHJRFRQWUDGXFFLyQDOODWtQHQSDUDOHORHQ
ORV OLEURV \ GH OD ,OLDGD DPSOLRV
HPEOHPDVGHORVLPSUHVRUHV ¼
+2-('$3DGUH0DHVWUR)UD\'LHJRGH
/$ &5,67,$'$ GHO &RQ XQ SUyORJR GH '
0DQXHO 0LOi \ )RQWDQHOV UHYLVDGD SRU HO 5
)UD\ 0DQXHO 5LEp 6RFLHGDG (GLWRULDO /D
0DUDYLOOD %DUFHORQD [ SS
&DUWXOLQDHVWDPSDGDGHpSRFD3RHWDGRPLQLFDQR
QDFLGR HQ 6HYLOOD HQ 6H WUDVODGD D 3HU~
GRQGH HV QRPEUDGR 5HJHQWH GH ORV (VWXGLRV GH
/LPD \ PXHUH HQ +XiQDFR GH ORV &DEDOOHURV
3HU~HQ/DSULPHUDHGHVGH\HVWD
SDUHFH VHU OD VHJXQGD SXEOLFDFLyQ GHO SRHPD
FRPSOHWR3DODX ¼
+XLFL $ /$6 &5Ï1,&$6 /$7,1$6
'( /$ 5(&2148,67$ (VWXGLRV SUiFWLFRV
GH /DWtQ 0HGLRHYDO +LMRV GH ) 9LYHV 0RUD
9DOHQFLDHG[YROVGHSS\
SS &DUWXOLQD HGLWRULDO 'HIHFWRV PHQRUHV HQ
DPERVORPRVtQGLFHPDQXVFULWRHQHO7,DSXQWH
DOiSL]HQODJXDUGDGHO 7 ,,EXHQRVHMHPSODUHV
HQ JHQHUDO 'H OD ELEOLRWHFD GH )UHVQHGR GH OD
&DO]DGD ,PSRUWDQWH UHFRSLODFLyQ ¼
+857$'2 '( 0(1'2=$ 'LHJR /$
9,'$ '( /$=$5,//2 '( 7250(6 \ VXV
)RUWXQDV\$GYHUVLGDGHV%LEOLRWHFD8QLYHUVDO
&ROHFFLyQ GH ORV 0HMRUHV $XWRUHV $QWLJXRV \
0RGHUQRV/;;,;0DGULG[SS
+RODQGHVDWHOD&XELHUWDVPXGDV%XHQHMHPSODU
¼
,1%*(%,52/ $YHQ &HEURO /$
)8(17('(/$9,'$7UDGXFLGDHQHO6LJOR
;,,SRU-XDQ+LVSDQR\'RPLQJR*RQ]iOH]GHO
ÈUDEH DO /DWtQ \ DKRUD SRU SULPHUD YH] DO
&DVWHOODQR SRU )HGHULFR GH &DVWUR \
)HUQiQGH] 7UDWDGR , \ ,, % 5RGUtJXH]
6HUUD0DGULGVDDSUR[HG[
SSK5~VWLFD/RPRDPDUURQDGRSHUREXHQ
HMHPSODULQWRQVR
¼
,6/$ -RVp )UDQFLVFR GH &$57$6
)$0,/,$5(6 < (6&2*,'$6 GHO 3DGUH
HVFULWDVDVX+HUPDQD'RxD0DUtD)UDQFLVFD
GHOD,VOD\/RVDGD\DVX&XxDGR'RQ1LFROiV
GH$\DODGHVGHD%LEOLRWHFD&OiVLFD
(VSDxROD %DUFHORQD [ SS
7HOD HVWDPSDGD HGLWRULDO %XHQ HMHPSODU ([
OLEULVVHOORGH)UHVQHGR ¼
-29(//$126 (/ '(/,1&8(17(
+215$'2 \ 2WUDV 2EUDV %LEOLRWHFD
8QLYHUVDO &ROHFFLyQ GH ORV 0HMRUHV $XWRUHV
$QWLJXRV \ 0RGHUQRV /;, 0DGULG [ SS K +RODQGHVD WHOD &XELHUWDV
PXGDV%XHQHMHPSODU
¼
-29(//$126 *DVSDU 0HOFKRU GH
2%5$6 (6&2*,'$6 FRQ XQD DGYHUWHQFLD
SUHOLPLQDU 7RPR , %LEOLRWHFD &OiVLFD
(VSDxROD%DUFHORQD[SS7HOD
HVWDPSDGD HGLWRULDO 7RPR , VRODPHQWH
¼
-29(//$126 *DVSDU 0HOFKRU GH
',$5,26 0HPRULDV ,QWLPDV 3XEOtFDORVHO,QVWLWXWRGH-RYHOODQRVGH*LMyQ
6XFHVRUHV GH +HUQDQGR 0DGULG  HG
[ [[LLL SS K 5HWUDWR 5~VWLFD
FXELHUWDVUHIRU]DGDVFRQDOJXQDIDOWD$SXQWHVD
OiSL] GH )UHVQHGR GH OD &DO]DGD ¼
-RYHOODQRV*RQ]iOH]%ODQFR(GPXQGR
-29(//$126 6X 9LGD \ VX 2EUD ,PS
$UWtVWLFD(VSDxROD0DGULGHG[
SS K /iPLQDV 5~VWLFD 3HTXHxD
UHSDUDFLyQHQODHVTXLQDGHODVSULPHUDVKRMDV
SHUREXHQHMHPSODU
¼
/D]DULOOR /$ 9,'$ '( /$=$5,//2
'( 7250(6 (GLWHG E\ +- &KD\WRU
8QLYHUVLW\ 3UHVV 0DQFKHVWHU  HG
[ SS 7HOD HGLWRULDO $OJXQRV SRFRV
DSXQWHV D OiSL] GH )UHVQHGR GH OD &DO]DGD
'HGLFDWRULDDXWyJUDID%XHQHMHPSODU¼
/(Ï1 )UD\ /XLV GH /$ 3(5)(&7$
&$6$'$ (GLFLyQ LOXVWUDGD 0RQWDQHU \
6LPyQ %DUFHORQD [ SS K
/iPLQDV H LOXVWUDFLRQHV HQWUH WH[WR +RODQGHVD
SHUJDPLQRHVWDPSDGD'LVHxRGHODVFXELHUWDVGH
$ GH 5LTXHU \ - 7HUVRO (QFXDGHUQDFLyQ GH +
0LUDOOHV0X\EXHQHMHPSODU
¼
/LWHUDWXUD &OiVLFD )UDQFHVD - /$
)217$,1( 2HXYUHV )DEOHV HW &RPpGLHV
02/,Ê5( 2HXYUHV &RPSOqWHV - 5$&,1(
7KpDWUH &RPSOHW 3 &251(,//( 7KpDWUH
&RPSOHW 92/7$,5( 7KpDWUH /DSODFH
6iQFKH] HW &LH 3DULV [ WRPRV /D )RQWDLQH K SS OiPV K
0ROLqUHYROVGHKYLLLSSOiPVK
SS OiPV 5DFLQH K YLL SS K OiPV &RUQHLOOH YROV GH YLLL SS K OiPV K SS K OiPV K SS K OiPV 9ROWDLUH SS OiPV /iPLQDV
JUDEDGDV DO DFHUR DSUqV %D\DUG *HIIUR\ HWF \
FRORUHDGDVDPDQR+RODQGHVDSLHOFRQQHUYLRV\
GRUDGRV FRUWHV GRUDGRV VHSDUDGRUHV GH VHGD
$OJXQDV SRFDV KXHOODV GH y[LGR XQD DQWLJXD
PDQFKD HQ XQD FXELHUWD +HUPRVR FRQMXQWR
EHOODPHQWHHQFXDGHUQDGRFRQODVREUDVGHFLQFR
GH ORV SULQFLSDOHV DXWRUHV FOiVLFRV IUDQFHVHV
¼
/Ï3(= '( *Ï0$5$ )UDQFLVFR
&2148,67$ '( 0e;,&2 %LEOLRWHFD
&OiVLFD(VSDxROD%DUFHORQD[
YROVGHSSK\SSK7HODHVWDPSDGD
HGLWRULDO +XHOODV GH y[LGR HQ ODV JXDUGDV SHUR
EXHQRV HMHPSODUHV &OpULJR GH *yPDUD 6RULD
¼
/Ï3(= '( /$ +8(57$ -RVHSK
(;$0(1 '( /$ 326,%,/,'$' '( )L[DU
OD 6LJQLILFDFLyQ GH ORV 6,1Ï1,026 GH OD
/HQJXD &DVWHOODQD ,PS GH ,JQDFLR $OEHUWL
9LHQD[[LLSSK3LHOGH
pSRFD $EXQGDQWHV SLFDGXUDV GH SROLOOD
PiUJHQHV GHWHULRUDGRV HQ ODV SULPHUDV KRMDV
3DODX ¼
0DUFKHQD 0RQWHVTXLHX &$57$6
3(56$6 7UDGXFLGDV SRU - 0DUFKHQD
&DOOHMD 0DGULG  HG [ SS
K7HODHGLWRULDOHVWDPSDGDFRQVREUHFXELHUWD
/D  HG GH OD WUDGXFFLyQ GHO UHYROXFLRQDULR
$EDWH 0DUFKHQD HV GH 1vPHV %XHQ
HMHPSODU
¼
0LFy -RVp 0DUtD \ -DLPH 6DOHV
3$5$Ë62 &(55$'2 3RHVtD HQ /HQJXD
(VSDxRODGHORV6LJORV;9,\;9,,6HOHFFLyQ
\ SUyORJR GH &tUFXORGH /HFWRUHV %DUFHORQD
HG[SSK&DUWRQpFRQ
VREUHFXELHUWD
¼
0LJQHW 0 $1721,2 3e5(= (7
3+,/,33( ,, 'HX[LqPH pGLWLRQ UHYXH HW
DXJPHQWpH3DXOLQ3DULV[K
[ SS K SS +RODQGHVD SLHO GH pSRFD
+HUPRVD HQFXDGHUQDFLyQ (VWD  HG HV
FRQVLGHUDEOHPHQWH PiV DPSOLD TXH OD  3DODX
¼
025(72 < &$%$f$ $JXVWtQ
&20(',$6 (6&2*,'$6 GH (O 'HVGpQ
FRQ HO 'HVGpQ (O 3DUHFLGR HQ OD &RUWH (O
/LQGR ' 'LHJR %LEOLRWHFD &OiVLFD (VSDxROD
%DUFHORQD [ SS K 7HOD
HVWDPSDGD HGLWRULDO %XHQ HMHPSODU ([OLEULV
VHOORGH)UHVQHGRGHOD&DO]DGD¼
0XxR] \ 5LYHUR -HV~V 12&,21(6 '(
',3/20È7,&$
(63$f2/$
5HVHxD
6XPDULD GH ORV &DUDFWHUHV TXH GLVWLQJXHQ ORV
GRFXPHQWRV DQWHULRUHV DO VLJORV ;9,,,
DXWpQWLFRVGHORVTXHVRQIDOVRVRVRVSHFKRVRV
/D *XLUQDOGD 0DGULG  HG [
SS K 8Q HVWDGR GHVSOHJDEOH FRQ VHOORV
ILUPDVHWF5~VWLFD)DOWDXQDHVTXLQLWDGHODFXE
DQWHULRUSHUREXHQHMHPSODU
¼
0XxR] \ 5LYHUR -HV~V 0$18$/ '(
3$/(2*5$)Ë$
',3/20È7,&$
(63$f2/$GHORV6LJORV;,,DO;9,,0pWRGR
7HyULFR3UiFWLFR SDUD $SUHQGHU D /HHU ORV
'RFXPHQWRV (VSDxROHV GH ORV 6LJORV ;,, DO
;9,, 'DQLHO -RUUR 0DGULG  HG
FRUUHJLGD \ DXPHQWDGD [ SS GRFXPHQWRV UHSURGXFLGRV HQ IDFVtPLO 5~VWLFD
/RPRUHIRU]DGRUHVWRVGHFHOR\KXHOODVGHy[LGR
HQ ODV FXEV LQWHULRUHV OLPSLRV ¼
2YLGLR 38% 29,',, 1$621,6
$0$725,$6HEDVWLDQ*U\SKLXV/\RQ
[ SS (QFXDGHUQDGR HQ SLHO GH FHUGR
GH OD pSRFD GHFRUDGD HQ VHFR FRQ SDQHOHV FRQ
PRWLYRV IORUDOHV ILOHWHV \ XQD UXHGD FRQ FXDWUR
ILJXUDVEtEOLFDV&ULVWRHOUH\'DYLG6DQ3HGUR
\ 6DQ 3DEOR" $OJXQDV DQWLJXDV DQRWDFLRQHV
PDUJLQDOHV \ VXEUD\DGRV /RPR RVFXUHFLGR
DOJXQDV KXHOODV HQ ORV SODQRV (PEOHPDV GHO
LPSUHVRU HQ SRUWDGD \ FRORIyQ 0X\ EXHQ
HMHPSODUGHHVWHKHUPRVROLEURLPSUHVRHQOHWUD
FXUVLYDSRUXQRGHORVJUDQGHVLPSUHVRUHVGHOV
;9,FRQVXHQFXDGHUQDFLyQRULJLQDOGHFRUDWLYD
¼
129(/,67$6 '(/ 6,*/2 ;9,, FRQ
XQD DGYHUWHQFLD SUHOLPLQDU *UHJRULR
*XDGDxD /RV 7UHV +HUPDQRV (GXDUGR 5H\
GH ,QJODWHUUD 1DGLH &UHD GH /LJHUR /RV
3ULPHURV$PDQWHV/D9HQJDGDDVX3HVDU(O
+HUPDQR,QGLVFUHWR(O&DVWLJRGHOD0LVHULD
(O 'HVEUD]DGR %LEOLRWHFD &OiVLFD (VSDxROD
%DUFHORQDHG[SSK7HOD
HVWDPSDGD HGLWRULDO /RV DXWRUHV VRQ $QWRQLR
(QUtTXH] *yPH] )UDQFLVFR 1DYDUUHWH \ 5LEHUD
VX QRYHOD FRUWD HVWi HVFULWD VLQ HO XVR GH OD $
DQWLFLSDQGR DVt SRU DxRV DO JUDQ QRYHOLVWD
IUDQFpV*HRUJHV3HUHFTXLHQFRQVLJXLySUHVFLQGLU
GHOD
(
£WDUHDQDGDIiFLOHQIUDQFpV'LHJRGH
$JUHGD \ 9DUJDV -XDQ 3pUH] GH 0RQWDOYiQ
$QGUpV GH 3UDGR =D\DV \ 6RWRPD\RU \ &DVWLOOR
6ROyU]DQR %XHQ HMHPSODU ([OLEULV VHOOR GH
)UHVQHGRGHOD&DO]DGD ¼
>3HUGLJRQ@ /(6 &+$16216 '(
3(5',*21(GLWpHVSDU+-&KD\WRU/LE
$QFLHQQH +RQRUp &KDPSLRQ 3DULV [ SS K 5~VWLFD (O DXWRU WURYDGRU
SURYHQoDO GHO V ;,,, IXH SURWHJLGR GH 3HGUR ,,
HQ VX FRUWH GH &DWDOXxD \ $UDJyQ /RPR
UHIRU]DGR 'HGLFDWRULD DXWyJUDID GH &KD\WRU
¼
>3HUGLJRQ@ 2WUR HMHPSODU VLQ GHGLFDU
¼
48(9('2 /26 68(f26 /LEUR GH
7RGDV ODV &RVDV \ 2WUDV 0XFKR 0iV 3RHVtDV
9DULDV %LEOLRWHFD $PHQD H ,QVWUXFWLYD
%DUFHORQD [ SS K
,OXVWUDFLRQHV HQWUH WH[WR 7HOD HGLWRULDO
HVWDPSDGD &DMRV UHIRU]DGRV DOJXQRV SXQWRV GH
y[LGRVXHOWRVSHUREXHQHMHPSODU ¼
58,=
'(
$/$5&Ï1
-XDQ
&20(',$6 (6&2*,'$6 7RPR , /RV
)DYRUHVGHO0XQGR0XGDUVHSRU0HMRUDUVH
/D 9HUGDG 6RVSHFKRVD 7RPR ,, *DQDU
$PLJRV ([DPHQ GH 0DULGRV /RV 3HFKRV
3ULYLOHJLDGRV %LEOLRWHFD &OiVLFD (VSDxROD
%DUFHORQD [ SS K
7HOD HVWDPSDGD HGLWRULDO %XHQRV HMHPSODUHV
)LUPD \ VHOORV GH )UHVQHGR GH OD &DO]DGD
¼
6$$9('5$
)$;$5'2
'LGDFR
'LHJR ,'($ &+5,67,$1232/,7,&,
6\PEROLV &, ([SUHVVD ,RQQHP %ODHX
$PVWHUGDP [ SS VtPERORV JUDEDGRV HQWUH WH[WR 3OHQD SLHO GH
pSRFD ORPR SURIHVLRQDOPHQWH UHVWDXUDGR 3DODX
QRUHFRJHHVWDWLUDGDSHURVtFLWDRWUDGHOPLVPR
LPSUHVRU \ GHO DxR DQWHULRU (QFRQWUDPRV HMHPSODUHV HQ HO FDWiORJR GH OD
%1(SHURQLQJXQRHQHO&&3%(VWHHVXQRGH
ORVPiVLPSRUWDQWHV\SRSXODUHVWUDWDGRVVREUHOD
SROtWLFD \ HO DUWH GH UHLQDU GHO V ;9,, HVFULWR
SRU HO JUDQ GLSORPiWLFR HVSDxRO SDUD HO LQIDQWH
%DOWDVDU KLMR GH )HOLSH ,9 \ WUDGXFLGR DO ODWtQ
SRU HO PLVPR DXWRU +XER QXPHURVDV HGLFLRQHV
HQ FDVWHOODQR ODWtQ \ ORV SULQFLSDOHV LGLRPDV
HXURSHRV
¼
48(9('2 < 9,//(*$6 )UDQFLVFR
(/ *5$1 7$&$f2 9LVLWD GH ORV &KLVWHV
&XHQWR GH &XHQWRV &DVD GH ORV /RFRV GH
$PRU /LEUR GH 7RGDV ODV &RVDV \ 2WUDV
0XFKDV 0iV 3UDJPiWLFD GHO 7LHPSR
%LEOLRWHFD &OiVLFD (VSDxROD %DUFHORQD [SS 7HOD HVWDPSDGD HGLWRULDO %XHQ
HMHPSODU )LUPD GH )UHVQHGR GH OD &DO]DGD
¼
52-$6 $JXVWtQ GH (/ 9,$-(
(175(7(1,'25HSURGXFFLyQGHODSULPHUD
HGLFLyQ FRPSOHWD GH /LEURV SULPHUR \
VHJXQGR FRQ XQ HVWXGLR FUtWLFR SRU 'RQ
0DQXHO &DxHWH &ROHFFLyQ GH /LEURV
3LFDUHVFRV 5RGUtJXH] 6HUUD 0DGULG [ SS )URQWLV +RODQGHVD WHOD 8QDV
SLFDGXUDV GH SROLOOD \D WUDWDGD SULQFLSDOPHQWH
PDUJLQDO SHUR TXH VH DGHQWUDQ HQ HO WH[WR HQ
DOJXQDVKRMDV ¼
52-$6 )HUQDQGR GH /$ &(/(67,1$
7UDJLFRPHGLDGH&DOLVWR\0HOLEHDHQODFXDO
VH FRQWLHQHQ GHPiV GH VX DJUDGDEOH \ GXOFH
HVWLOR PXFKDV VHQWHQFLDV ILORVRIDOHV \ DYLVRV
PX\ QHFHVDULRV SDUD PDQFHERV PRVWUiQGROHV
ORVHQJDxRVTXHHVWiQHQFHUUDGRVHQVLUYLHQWHV
\DOFDKXHWHV(OSULPHUDFWRVHDWULEX\HD-XDQ
GH0HQDRD5RGULJR&RWD%LEOLRWHFD&OiVLFD
(VSDxROD %DUFHORQD  HG [
SS K 7HOD HVWDPSDGD HGLWRULDO 0X\ EXHQ
HMHPSODU
¼
58,= -XDQ (/ /,%52 '(/ %8(1
$025 (GLFLyQ SUyORJR \ QRWDV GH $OIRQVR
5H\HV &DOOHMD 0DGULG  HG [
[Y SS K 7HOD HGLWRULDO HVWDPSDGD FRQ
VREUHFXELHUWD 6REUHFXELHUWD UHSDUDGD %XHQ
HMHPSODU
¼
6iLQ] \ 5RGUtJXH] 3HGUR /$
(92/8&,Ï1 '( /$6 ,'($6 62%5( /$
'(&$'(1&,$ (63$f2/$ 'LVFXUVR OHtGR
HQ OD LQDXJXUDFLyQ GHO FXUVR DFDGpPLFR GH
D(G$WOiQWLGD0DGULGVDDSUR[
 HG [ SS 5~VWLFD
$OJXQRVVXEUD\DGRVDOiSL]SHUREXHQHMHPSODU
¼
6$17$
7(5(6$
'(
-(6Ò6
&2/(&&,Ï1 '( /$6 35,1&,3$/(6
2%5$6 GH (GLFLyQ LOXVWUDGD FRQ JUDQ
Q~PHURGHJUDEDGRVSUHFHGLGDGHXQDUWtFXOR
WLWXODGR6DQWD7HUHVDHQOD/LWHUDWXUD3DWULD
HVFULWR SRU ' $QJHO /DVVR GH OD 9HJD
%LEOLRWHFD 6DOYDWHOOD %DUFHORQD VD DSUR[
[ [L[ SS K SS LOXV 7HOD
HGLWRULDOHVWDPSDGD%XHQHMHPSODU ¼
68È5(= )UDQFLVFR 'RFWRULV )UDQFLVFL
6XDUH] *UDQDWHQVLV GH 6RFLHWDWH ,HVX LQ
&HOHEUL &RQLPEULFHQVL $FDGHPLD 7KHRORJRFD
3ULPDULL 3URIHVVRULV 9$5,$ 2386&8/$
7+(2/2*,&$ $SXG%DOWKDVDUXP /LSSLXP
0RJXQWLD [ K SS K
3HUJDPLQR UtJLGR FRQ QHUYLRV 3LFDGXUDV HQ HO
ORPR \HQHOPDUJHQGHKRMDVDOJXQDVKRMDV
DPRUURQDGDV ([OLEULV (Q JHQHUDO EXHQ HVWDGR
6XiUH] QDFLy HQ *UDQDGD HQ HVWXGLy HQ
6DODPDQFD GRQGH HQWUy HQ OD 6RFLHGDG GH -HV~V
HQ )XH SURIHVRU GH ILORVRItD \ WHRORJtD HQ
ÈYLOD 6HJRYLD 9DOODGROLG 5RPD $OFDOi
6DODPDQFD\&RLPEUD\IXHFRQVLGHUDGRFRPRHO
SULPHUSHQVDGRUGHVXpSRFD/DSULPHUDHGGH
OD REUD VH SXEOLFD HQ0DGULG HQ HVWD HV OD
 3DODX 1R HQFRQWUDPRV QLQJ~Q
HMHPSODU GH HVWD HG HQ HO &&3% QL HQ OD %1(
¼
7,562'(02/,1$/$9,//$1$'(
9$//(&$6 &RPHGLD )DPRVD GHO 0DHVWUR
3XEOtFDOD $GROIR %RQLOOD \ 6DQ 0DUWtQ
&OiVLFRV GH OD /LWHUDWXUD (VSDxROD 5XL]
+HUPDQRV0DGULG[[[LSS
K 7HOD HGLWRULDO HVWDPSDGD 7H[WR HQPDUFDGR
HQ URMR +HUPRVD HGLFLyQ GH EROVLOOR %XHQ
HMHPSODU
¼
9DOHUD &LSULDQR GH /$ 6$17$
%,%/,$TXHFRQWLHQHORV6DJUDGRV/LEURVGHO
$QWLJXR \ 1XHYR 7HVWDPHQWR $QWLJXD
YHUVLyQ GH &LSULDQR GH 9DOHUD FRWHMDGD FRQ
GLYHUVDV WUDGXFFLRQHV\ UHYLVDGDFRQ DUUHJOR
D ORV RULJLQDOHV KHEUHR \ JULHJR 6RFLHGDG
%tEOLFD 0DGULG [ SS
3OHQDSLHOHVWDPSDGD/RPRUHIRU]DGR&LSULDQR
GH9DOHUD6HYLOOD/RQGUHV""IXHPRQMH
KDVWD TXH KX\y D /RQGUHV WHPHURVR GH OD
,QTXLVLFLyQ(OFDStWXORTXHOHGHGLFD0HQpQGH]
3HOD\R HV XQR GH ORV PiV VXJHVWLYRV GH ORV
+HWHURGR[RV (O FDWyOLFR 0HQpQGH] QR TXLHUH
DGPLWLUORVPpULWRVGHXQDWUDGXFFLyQKHUpWLFDGH
OD %LEOLD QL TXLHUH VHU GHVKRQHVWR HQ VX
DSUHFLDFLyQGHXQDREUDFDVWHOODQDGHOVLJOR;9,
$OILQDOVHOLPLWDDXQHVFXHWR$OILQ\DOFDER
HVWi KHFKD HQ HO VLJOR GH RUR FRPR VL QL XQ
SURWHVWDQWH HVSDxRO IXHUD FDSD] GH H[SUHVDUVH
PDO HQ DTXHOOD GRUDGD pSRFD /D  HG HV GH
$PVWHUGDP\ODSULPHUDHGLFLyQHVSDxROD
HV GH KDELHQGR VLGR HOHJLGR SRU OD
SURWHVWDQWH 6RFLHGDG %tEOLFD FRPR VX YHUVLyQ
SUHIHULGD GH ODV (VFULWXUDV 0X\ EXHQ HMHPSODU
3DODX DXQTXH GLILHUH OD SDJLQDFLyQ
¼
9DOHUD &LSULDQR GH (/ 18(92
7(67$0(172 GH 1XHVWUR 6HxRU -HVX
&ULVWR TXH HV ORV (VFULWRV (YDQJpOLFRV \
$SRVWyOLFRV $QWLJXD YHUVLyQ GH &LSULDQR GH
9DOHUDUHYLVDGDFRQDUUHJORDORULJLQDOJULHJR
,PSUHQWD GH OD 8QLYHUVLGDG &DPEUtJLD
&DPEULGJH[KSS3OHQD
SLHOHVWDPSDGDORPRUHIRU]DGR(VWDHGLFLyQXQD
GHODVPXFKDVTXHVHSXEOLFDQHQHOV;,;SDUD
RIUHFHU DO OHFWRU HVSDxRO XQD %LEOLD SXUD VLQ
DQRWDFLRQHV \ GH SDVR FRQYHUWLUOH DO
SURWHVWDQWLVPR QR HVWi UHFRJLGD SRU 3DODX
¼
9$//$'$5(6 '( 9$/'(/20$5
-XDQ &$9$//(52 9(1785262 FRQ VXV
([WUDxDV $YHQWXUDV \ 3URGLJLRVRV 7UDQFHV
$GYHUVRV \ 3UyVSHURV +LVWRULD YHUGDGHUD YHUVR \ SURVD DGPLUDEOH \ JXVWRVD SRU
6HJXQGD \ ~OWLPD SDUWH &ROHFFLyQ GH /LEURV
3LFDUHVFRV 5RGUtJXH] 6HUUD 0DGULG [SS+RODQGHVDWHOD%XHQHMHPSODU
)DOWD OD SULPHUD SDUWH (VWD HV OD SULPHUD
SXEOLFDFLyQGHXQPV,QpGLWRHVFULWRHQ(O
DXWRU VH SUHVHQWD FRPR FOpULJR FRUGREpV
¼
9HJD /RSH GH /23( &$53,2 /RSH
)pOL[ GH 3(5,%Èf(= \ HO &RPHQGDGRU GH
2FDxD 7UDJLFRPHGLD )DPRVD GH 3XEOtFDOD
$GROIR %RQLOOD \ 6DQ 0DUWtQ &OiVLFRV GH OD
/LWHUDWXUD (VSDxROD 5XL] +HUPDQRV 0DGULG
[ [[[YLLL SS K 7HOD
HGLWRULDO HVWDPSDGD 7H[WR HQPDUFDGR HQ URMR
+HUPRVDHGLFLyQGHEROVLOORTXHFRPELQDHOULJRU
HGLWRULDO FRQ XQ GLVHxR DWUDFWLYR FXLGDGD
WLSRJUDItD \ XQD HQFXDGHUQDFLyQ GXUDGHUD %XHQ
HMHPSODU
¼
;LPpQH] GH (PE~Q \ 9DO 7RPiV
/(1*8$ (63$f2/$ (1 68 6,*/2 '(
252 &DPELRV QRWDEOHV TXH KD WHQLGR
&DUDFWHUHV SULQFLSDOHV TXH OH GLVWLQJXHQ GH
FRPR DKRUD FRP~QPHQWH VH XVD &HFLOLR
*DVFD =DUDJR]D  HG [ SS
K5~VWLFD/RPRUHIRU]DGR
¼
/LEURV \ /LWHUDWXUD GHO 6LJOR
;,;
$GHOLQH - 92&$%8/$5,2 '(
7e50,126 '( $57( (VFULWR HQ IUDQFpV
SRU 7UDGXFLGR DXPHQWDGR FRQPiV GH YRFHV\DQRWDGRSRU-RVp5DPyQ0pOLGD/D
,OXVWUDFLyQ (VSDxROD 0DGULG  HG
[ SS ,OXVWUDFLRQHV HQWUH WH[WR 7HOD
HGLWRULDO HVWDPSDGD 0X\ EXHQ HMHPSODU
¼
È/%80 32e7,&2 &ROHFFLyQ GH
&RPSRVLFLRQHV ,QpGLWDV GH ORV PiV 1RWDEOHV
(VFULWRUHV GH (VSDxD LOXVWUDGDV FRQ
PDJQtILFRV JUDEDGRV 5HJDOR D ORV VHxRUHV
VXVFULWRUHV D /D ,OXVWUDFLyQ ,EpULFD (VW (G
GH 5DPyQ 0ROLQDV %DUFHORQD  HG
[ SS 3URIXVDPHQWH LOXV FRQ
JUDEDGRV D OD PDGHUD &XELHUWDV SURYLVLRQDOHV
3RHVtDVGH6DOYDGRU5XHGD0DQXHO5HLQD6RItD
&DVDQRYD 9tFWRU %DODJXHU &DPSRDPRU HWF
¼
È/%80 32e7,&2 &ROHFFLyQ GH
&RPSRVLFLRQHV ,QpGLWDV GH ORV PiV 1RWDEOHV
(VFULWRUHV GH (VSDxD LOXVWUDGDV FRQ
PDJQtILFRV JUDEDGRV 5HJDOR D ORV VHxRUHV
VXVFULWRUHV D /D ,OXVWUDFLyQ ,EpULFD (VW (G
GH 5DPyQ 0ROLQDV %DUFHORQD  HG
[ SS 3URIXVDPHQWH LOXV FRQ
JUDEDGRVDODPDGHUD3DUDHQFXDGHUQDU3RHVtDV
GH 6DOYDGRU 5XHGD 0DQXHO 5HLQD (FKHJDUD\
9LWDO$]D%ODQFDGHORV5tRVHWF¼
$5&+,92 (63$f2/ '( $57( <
$548(2/2*Ë$ 3XEOLFDFLyQ FXDWULPHVWUDO
GH ODV 6HFFLRQHV GH $UTXHRORJtD\GH $UWH GHO
&HQWUR GH (VWXGLRV +LVWyULFRV 'LUHFWRUHV 0
*yPH]0RUHQR\(7RUPR\0RQ]y1~PHURV
tQGLFHV -XQWD SDUD $PSOLDFLyQ GH
(VWXGLRV H ,QYHVWLJDFLRQHV &LHQWtILFDV %ODVV
0DGULG [ Q~PHURV HQ YROV0X\LOXVFRQOiPLQDVIRWRJUiILFDVGLEXMRV
HQWUH WH[WR SODQRV HWF &DPLVDV RULJLQDOHV
&RQWULEXFLRQHV GH *yPH] 0RUHQR 6iQFKH]
&DQWyQ 5LFDUGR GH 2UXHWD -RVp 0RUHQR 9LOOD
7RUUHV%DOEiV*DOOHJR%XUtQHWF$OJXQRVORPRV
UHIRU]DGRVFRQFHORSHURPX\EXHQRVHMHPSODUHV
¼
%$55(5$&D\HWDQR$OEHUWRGHOD(/
&$&+(7(52 '(/ %86&$3,e 3UyORJR GH
)UDQFLVFR 5RGUtJXH] 0DUtQ %LEOLRWHFD
0HQpQGH] 3HOD\R 6DQWDQGHU  HG
[ SS K 5~VWLFD 6REUH OD REUD
VXSXHVWDPHQWH HVFULWD SRU0LJXHO GH &HUYDQWHV
IDOVLILFDFLyQ GH $GROIR GH &DVWUR SXEOLFDGD
RULJLQDOPHQWH HQ %XHQ HMHPSODU 'H OD
ELEOLRWHFD GH )UHVQHGR GH OD &DO]DGD FRQ VX
ILUPD
¼
%$55(5$&D\HWDQR$OEHUWRGHOD(/
&$&+(7(52 '(/ %86&$3,e 3UyORJR GH
)UDQFLVFR 5RGUtJXH] 0DUtQ 6RFLHGDG
0HQpQGH] 3HOD\R 6DQWDQGHU VD DSUR[  HG [ SS K 5~VWLFD $OJXQDV
KXHOODVGHy[LGR
¼
%HUPHMR,OGHIRQVR$QWRQLR+,6725,$
'( /$ ,17(5,1,'$' < *8(55$ &,9,/
'( (63$f$ GHVGH SRU7RPRV , \ ,,
5/DEDMRV0DGULGHG[[O
SS K OiPLQDV \ K SS K OiPLQDV+RODQGHVDSLHO3ROLOODPDUJLQDOHQODV
~OWLPDVSSGHO7,,(QWRWDOVHSXEOLFDURQ
WRPRV
¼
%HUPHMR
,OGHIRQVR
$QWRQLR
&21)/,&726<75,%8/$&,21(6'(/$
&203$fË$ '( -(6Ò6 GHVGH VX)XQGDFLyQ
KDVWD 1XHVWURV 'tDV $JXVWtQ -XEHUD 0DGULG
HG[YROVGH[YSSK
\ SS 5~VWLFD +XHOODV RVFXUDV TXH
FUX]DQ ODV FXELHUWDV ORPRV DPDUURQDGRV SHUR
EXHQRVHMHPSODUHV
¼
$52/$6
->XDQ@
32(6Ë$6
&$%$//(5(6&$6 < 25,(17$/(6 GH
/LEUHUtDGH3DVFXDO$JXLODU9DOHQFLDHG
[SS5HWUDWR5~VWLFD/RPRUR]DGR
DOJXQDVIDOWDVHQODFXESRVWHULRUGHGLFDWRULDGHO
FRVWXPEULVWD FXEDQR &DUORV 1RUHxD D )UHVQHGR
GHOD&DO]DGD ¼
%,2*5$)Ë$
&217(0325È1($
81,9(56$/ \ &ROHFFLyQ GH 5HWUDWRV GH
7RGRV ORV 3HUVRQDMHV &pOHEUHV GH 1XHVWURV
'tDV %RL[ 0DGULG  HG [ YROV
GHKSS
K K SS K SS UHWUDWRV OLWRJUDILDGRV 3HUJDPLQR GH
pSRFDDODURPDQDFRQQHUYLRVGRUDGRV\WHMXHOR
EUHYHV ELRJUDItDV GH ORV SHUVRQDMHV PiV
GHVWDFDGRVGHODSULPHUDPLWDGGHOV;,;WDQWR
HVSDxROHV FRPR H[WUDQMHURV -RVp %RQDSDUWH
'RQ &DUORV 0DUtD ,VLGUR GH %RUEyQ 'LHJR GH
/HyQHO*HQHUDO6HUUDQR/DPHQQDLV6LU5REHUW
3HHOVLQUHWUDWR0HWWHUQLFKVLQUHWUDWR*HRUJH
6DQG (VSDUWHUR 3DODX VRODPHQWH FLWD UHWUDWRV\ODREUDHQYROV<DTXHODSDJLQDFLyQ
QR HV VHJXLGD \ QLQJXQD GH ODV IXHQWHV
ELEOLRJUiILFDV
GD
SDJLQDFLyQ
£PHQXGD
FDWDORJDFLyQQRHQFRQWUDPRVQLQJXQDIRUPDGH
YHULILFDU GHILQLWLYDPHQWH TXH QXHVWUR HMHPSODU
HVWp FRPSOHWR 6LQ HPEDUJR HO QXHVWUR FRQWLHQH
PiVOiPLQDVTXHORVTXHVHFLWDQ\DFDEDFRQXQ
GHILQLWLYR
),1
HQHO7,,,3LFDGXUDVDQWLJXDVGH
SROLOOD\DWUDWDGDHQHO7,3RUORGHPiVEXHQRV
HMHPSODUHV5DUR
¼
&$032$025 ' 5DPyQ GH 2%5$6
&203/(7$6 GH ,OXVWUDGDV FRQ JUDEDGRV
LQWHUFDODGRV HQ HO WH[WR GH - /XtV 3HOOLFHU \
-(6DOD0RQWDQHU\6LPyQ%DUFHORQD
 HG [ K SS 0X\ LOXV +RODQGHVD
WHOD HGLWRULDO HVWDPSDGD +HUPRVD GHFRUDFLyQ
SLFWyULFDHQODSODQDDQWHULRU+XHOODVWHQXHVGH
y[LGR HQ DOJXQDV SRFDV KRMDV SHUR PX\ EXHQ
HMHPSODU ,QFOX\H QXPHURVDV REUDV LQpGLWDV
¼
&$67(/$5 (PLOLR /$ 586,$
&217(0325È1($ %RFHWRV +LVWyULFRV
2ILFLQDV GH OD ,OXVWUDFLyQ (VSDxROD 0DGULG
 HG [ SS K 5~VWLFD
/RPRUHIRU]DGRDOJXQDVIDOWDVHQODVFXELHUWDV
,QWHULRUHVOLPSLRV
¼
&$67(/$5 (PLOLR 1(5Ï1 (VWXGLR
+LVWyULFR (GLFLyQ LOXVWUDGD 0RQWDQHU \
6LPyQ%DUFHORQDHG[
YROV GH SS K SS K \ SS K
,OXVFRQYLxHWDV\ OiPLQDVHQQHJURIURQWLVHQ
FRORU HQ FDGD YRO +RODQGHVD SHUJDPLQR
HGLWRULDO FXE DQWHULRU LOXVWUDGD %XHQRV
HMHPSODUHV ¼
&RORPD /XLV )UD\ &DQGLO (PLOLR
%REDGLOOD (/ 3 &2/20$ < /$
$5,672&5$&,$ &UtWLFDV ,QVWDQWiQHDV ,
6XF GH 5LYDGHQH\UD 0DGULG  HG
[SS5~VWLFD(VWHHVXQRGHYDULRV
OLEURV \ IROOHWRV TXH VH SXEOLFDQ HQ HO DxR
GHVSXpV GH OD VDOLGD GH 3HTXHxHFHV 5HVXOWD
FXULRVRTXHXQOLEURWDQSRSXODU\WDQSROpPLFR
HQVXPRPHQWRVHKD\DFRQVLJQDGRDOWUDVWHURGH
ODKLVWRULDOLWHUDULD&XULRVDPHQWHDSHVDUGHVXV
MHVXLWLVPRV \ HVQRELVPRV HV XQ OLEUR DOWDPHQWH
OHtEOH \ FRQWLHQH HQ &XUULWD $OERUQR] XQR GH
ORV JUDQGHV SHUVRQDMHV GH OD QRYHOD HVSDxROD
¼
&HMDGRU \ )UDXFD -XOLR (O /HQJXDMH
6XV WUDQVIRUPDFLRQHV VX HVWUXFWXUD VX
XQLGDG VX RULJHQ VX UD]yQ GH VHU HVWXGLDGRV
SRU PHGLR GH OD FRPSDUDFLyQ GH ODV OHQJXDV
7RPR , ,PS /D 0LQHUYD 6DODPDQFD 
HG [ SS 5~VWLFD 7RPR ,
VRODPHQWH (Q WRWDO VH SXEOLFDURQ WRPRV HQ
6DODPDQFD%LOEDR \ HQ0DGULGHQHOFXUVRGH
DxRV 5DUR )DOWD XQ WUR]R GH ORPR SHUR EXHQ
HMHPSODU
¼
&58= 5DPyQ GH OD 6$,1(7(6
,OXVWUDFLyQGH-RVp/OREHUD%LEOLRWHFD$UWH\
/HWUDV (G&DVD0DXFFL %DUFHORQDVD DSUR[
[YROVGHK[OLYSSK
\ SS K 3URIXVDPHQWH LOXV FRQ YLxHWDV \
GLEXMRV D WRGD SODQD 7HOD HGLWRULDO HVWDPSDGD
FRUWHVSLQWDGRV3UyORJRGH-RVp)HOLX\&RGLQD
$OJXQDKXHOODGHy[LGRSHUREXHQRVHMHPSODUHV
FRQORVFRORUHV\GRUDGRVGHODVFXELHUWDVIUHVFRV
\YLYRV
¼
&HMDGRU \ )UDXFD -XOLR /26
*e50(1(6 '(/ /(1*8$-( (VWXGLR
)LVLROyJLFR \ 3VLFROyJLFR GH ODV 9RFHV GHO
/HQJXDMH FRPR %DVH SDUD OD ,QYHVWLJDFLyQ GH
VXV 2UtJHQHV 6RFLHGDG %LOEDtQD GH $UWHV
*UiILFDV %LOEDR  HG [ SS
LOXV XQ HVWDGR GHVSOHJDEOH 5~VWLFD $OJXQRV
SRFRV PDUFDV PDUJLQDOHV GH )UHVQGR GH OD
&DO]DGD
¼
&/$5Ë1 /$6 '26 &$6$6 1RYHOD
%LEOLRWHFD 0LJQRQ % 5RGUtJXH] 6HUUD 0DGULG
 HG [ SS K ,OXV +RODQGHVD
WHOD QR FRQVHUYD FXEV RULJLQDOHV /RPR PXGR
%XHQHMHPSODU
¼
',&(17$ -RDTXtQ (/ 68,&,',2 '(
:(57+(5 'UDPD HQ FXDWUR DFWRV \ HQ
YHUVR -RVp 5RGUtJXH] 0DGULG  HG
[ SS K &XELHUWDV SURYLVLRQDOHV
&DULxRVD GHGLFDWRULD DXWyJUDID (VWD HV OD
SULPHUD REUD GHO SUROtILFR GUDPDWXUJR
PDGULOHxR
¼
',&(17$ -RDTXtQ /$ 0(-25 /(<
'UDPD HQ WUHV DFWRV \ HQ YHUVR -RVp
5RGUtJXH] 0DGULG  HG [ SS
&XELHUWDV SURYLVLRQDOHV 'HGLFDWRULD DXWyJUDID
¼
',&(17$ -RDTXtQ (/ '848( '(
*$1'Ë$ 'UDPD OtULFR HQ WUHV DFWRV \ XQ
HStORJR HQ YHUVR 0~VLFD GH ORV PDHVWURV
$QWRQLR /ODQRV \ 5XSHUWR &KDSt -RVp
5RGUtJXH] 0DGULG  HG [ SS
K&XELHUWDVSURYLVLRQDOHV
¼
8QDOiPLQDHQHOFDGDWRPRSRUWDGDVLOXVWUDGDV
3OHQD SLHO GH pSRFD FRQ WHMXHOR 3ROLOOD \D
WUDWDGDSULQFLSDOPHQWHPDUJLQDOHQHO7,,TXH
VH DGHQWUD HQ HO WH[WR HQ XQD VHFFLyQ GHO OLEUR
/DHGFLWDGDSRU3DODXFRUUHVSRQGHHQ
HODxRSHURQRHQODSDJLQDFLyQ
¼
-219($8; -XOLR +,6725,$ '(
&8$752 2%5(526 ,1*/(6(6 9HUVLyQ
OLEUH GH 3DWULFLR 3pUH] &XHYDV \ -XOLiQ
)UHVQHGR ,PS GH /D 9R] 0RQWDxHVD
6DQWDQGHU  HG [ SS
+RODQGHVD SLHO /RV REUHURV
VRQ ORV LQYHQWRUHV
H LQJHQLHURV +HQU\ 0DXGVOD\ *HRUJH
6WHYHQVRQ:LOOLDP)DLUEDLUQ\-DPHV1D\VPLWK
(Q UHDOLGDG HO QRPEUH GHO DXWRU IUDQFpV QR HV
-XOLRQL-XOHVVLQR(PLOH\VXREUDSXEOLFDGD
HQ HV XQD YHUVLyQ GH OD REUD GH 6DPXHO
6PLOHV VREUH LQJHQLHURV EULWiQLFRV -XOLiQ
)UHVQHGRGH&DO]DGDGHFX\DELEOLRWHFDSURFHGH
HVWH WRPR MXJy XQ SDSHO LPSRUWDQWH HQ HO
UHJHQHUDFLRQLVPR HQ &DQWDEULD 1R KHPRV
HQFRQWUDGR QLQJXQD UHIHUHQFLD D HVWD REUD QL HQ
3DODX QL HQ QLQJ~Q FDWiORJR ELEOLRWHFDULR HQ OD
UHG ¼
',&(17$ -RDTXtQ -8$1 -26e
'UDPD HQ WUHV DFWRV \ HQ SURVD -RVp
5RGUtJXH] 0DGULG  HG [ SS
K&XELHUWDVSURYLVLRQDOHV
¼
(63521&('$ 2%5$6 32e7,&$6 GH
(63521&('$ 3UHFHGLGDV GH OD %LRJUDItD
GHO $XWRU %LEOLRWHFD 6DOYDWHOOD %DUFHORQD
 HG [ SS 7HOD HGLWRULDO
HVWDPSDGD%XHQHMHPSODU
¼
)HUQiQ &DEDOOHUR (3,672/$5,2 '(
)(51È1 &$%$//(52 8QD &ROHFFLyQ GH
&DUWDV,QpGLWDVGHOD1RYHOLVWD3XEOLFDGDSRU
$OEHUWR /ySH] $UJHOOR FRQ SUyORJR \ QRWDV
GHO PLVPR DXWRU 6RFLHGDG GH 0HQpQGH] \
3HOD\R6XFGH-XDQ*LOL%DUFHORQDHG
[SSK5~VWLFD'HGLFDWRULDDXWyJUDID
GHOHGLWRUD)UHVQHGRGHOD&DO]DGD ¼
)HUQiQGH]GHORV5tRV$QJHO(678',2
+,67Ï5,&2'(/$6/8&+$632/Ë7,&$6
HQ OD (VSDxD GHO 6LJOR ;,; 6HJXQGD HGLFLyQ
UHIXQGLGD\FRQVLGHUDEOHPHQWHDXPHQWDGDFRQ
YLVWDV GH VLWLRV HGLILFLRV \ PRQXPHQWRV
KLVWyULFRV HVFHQDV PHPRUDEOHV UHWUDWRV
IDFVtPLOHV \ DXWyJUDIRV GH KRPEUHV SROtWLFRV
HVFULWRUHV JXHUULOOHURV (QJOLVK \ *UDV
0DGULG[YROVGH[LSS\
SS K OiPLQDV FRPSOHWR +RODQGHVD
SLHO%XHQRVHMHPSODUHV ¼
,5(/$1' :+ /$ $%$'(6$ R /DV
,QWULJDV ,QTXLVLWRULDOHV /LEUHUtD GH 6DXUL
%DUFHORQDHG[SS\SS
/$)217$,1( $XJXVWR $1,7$ < (/
3Ë&$52 GH 2SLQLyQ ,PS GH &DEUHUL]R
9DOHQFLD  HG [ YROV GHSS
K \ SS K 8QD OiPLQD HQ HO 7 , 3OHQD
SLHO GH pSRFD FRQ WHMXHOR )DOWDV HQ HO ORPR
GLVFUHWD SLFDGXUD \D WUDWDGD HQ ODV ~OWLPDV KRMDV GHO 7 , +HUPRVR OLEUR PLQLDWXUD 3DODX
QR FLWD QLQJXQD OiPLQD HQ HVWD HG
¼
YHKtFXOR GH ODV LGHDV OLEHUDOHV GH VX DXWRU
DGHPiVGHXQDIRUPDGHIODJHODUODVFRVWXPEUHV
GHO PRPHQWR \ ORV YLFLRV GH ORV SROtWLFRV (V
UDUR HQFRQWUDU HQ HO PHUFDGR FROHFFLRQHV WDQ
FRPSOHWDV D SHVDU GH ORV WDODGURV GH OD SROLOOD
¼
>/$)8(17(
0RGHVWR@
)UD\
*(581',2 3(5,Ï',&2 6$7Ë5,&2 '(
32/Ë7,&$ < &26780%5(6 GH $EULO GH
DGH-XQLRGH&DSLOODGDVD
PiV OD &DSLOODGD (VWUDRUGLQDULD GH $JRVWR
,PS GH /DUXPEH %LOEDR 0HOODGR
0DGULG D 7ULPHVWUHV  HG
7ULPHVWUHVHG[YROVGH7
, YLLL SS OiPLQDV 7 ,, KSS
OiPLQDV7,,,KSSOiPLQDV7,9K
SSOiPLQDV79SSOiPLQDV79,,
SS OiPLQDV 7 9,,, SS OiPLQDV
7 ,; SS K OiPLQDV 7 ; SS OiPLQDV7;,SSOiPLQDV7;,,SS
OiPLQDV7;,,,SSKOiPLQDV7;,9
SSKOiPLQDV7;9SSKSS
+RODQGHVD SLHO GH pSRFD ORPRV UHIRU]DGRV
3ROLOOD \D WUDWDGD D YHFHV PDUJLQDO SHUR HQ
DOJXQDVHFFLyQGHFDGDWRPRFHQWUDGDHQHOWH[WR
VHVXHOHDxDGLUHQHVWDVGHVFULSFLRQHVOLEUHURGH
YLHMHVFDV OD EHOOD IUDVH SHUR TXH QR GLILFXOWD OD
OHFWXUD3XHVHQHVWHFDVRORVLHQWR6tGLILFXOWD
OD OHFWXUDSHUR QR OD LPSRVLELOLWD (O 7 HV HO
~QLFR TXH VH OLEUD GH WRGR 6DOWD OD &DSLOODGD
Q~PHUR\VHUHSLWHQ\)DOWDQ
\(QHO7;ODQXPHUDFLyQGHODV
IDVFtFXORV VH YXHOYH WRWDOPHQWH LUUHJXODU SHUR OD
SDJLQDFLyQ FRQWLQ~D GH IRUPD QRUPDO 3DODX QR
UHFRJH HO Qž H[WUDRUGLQDULR (VWD
SXEOLFDFLyQ SHULyGLFD WXYR XQD HQRUPH
SRSXODULGDGHQVXPRPHQWR\IXHXQLPSRUWDQWH
/$55$ 0DULDQR -RVp GH )tJDUR
2%5$6 &203/(7$6 GH ,OXVWUDGDV FRQ
JUDEDGRV LQWHUFDODGRV HQ HO WH[WR GH - /XLV
3HOOLFHU0RQWDQHU\6LPyQ%DUFHORQD
HG [ K [Y SS 0X\ LOXV
+RODQGHVD WHOD HGLWRULDO HVWDPSDGD +HUPRVD
GHFRUDFLyQSLFWyULFDHQODSODQDDQWHULRU+XHOODV
WHQXHV GH y[LGR HQ DOJXQDV SRFDV KRMDV SHUR
PX\ EXHQ HMHPSODU ,QFOX\H QXPHURVDV REUDV
LQpGLWDV
¼
/,67$ $OEHUWR 32(6Ë$6 ,1e',7$6
(GLFLyQ\HVWXGLRSUHOLPLQDUGH-RVp0DUtDGH
&RVVtR 6RFLHGDG 0HQpQGH] \ 3HOD\R (G
9ROXQWDG0DGULGHG[SS
5~VWLFD%XHQHMHPSODU ¼
1$.(16 -RVp /$ 3,48(7$
&ROHFFLyQ GH $UWtFXORV ,PS GH 0 5RPHUR
0DGULGVDDSUR[HG[SS
K 5~VWLFD /RPR DOJR GHELOLWDGR SHUR EXHQ
HMHPSODU
¼
/Ï3(= 6,/9$ - &+8/$3(5Ë$6
&ROHFFLyQ GH 'LiORJRV HQ 9HUVR &RQ XQ
SUyORJRGH'RQ0DULDQRGH&iYLD\XQHStORJR
GH'RQ-RDTXtQ'LFHQWD)HUQDQGR)p0DGULG
 HG [ [Y SS K
,OXVWUDFLRQHV GH 3Oi \ +XHUWDV 5~VWLFD &XELHUWD
LOXVWUDGD $OJXQDV OLJHUDV KXHOODV HQ ODV FXEV
%XHQ HMHPSODU HQ JHQHUDO -RVp /ySH] 6LOYD
0DGULG %XHQRV $LUHV SRHWD
FRVWXPEULVWD\OLEUHWLVWDGH=DU]XHOD¼
0$57Ë1(= 3('526$ )HUQDQGR
3(5),/(6 < &2/25(6 6iWLUD GH
&RVWXPEUHV SRU ,OXVWUDFLyQ GH $QJHO
/L]FDQR %LEOLRWHFD $UWH \ /HWUDV (G &DVD
0DXFFL %DUFHORQD  HG [ K
SS K 9LxHWDV HQWUH WH[WR 7HOD HGLWRULDO
HVWDPSDGD H LOXVWUDGD SRU ( &DVDOV FRUWHV
SLQWDGRV 0X\ EXHQ HMHPSODU 1RYHOLVWD \
GUDPDWXUJRPDGULOHxR¼
0HQpQGH] 3HOD\R $UWLJDV 0LJXHO
0(1e1'(= < 3(/$<2 $OGXV 6DQWDQGHU
HG[SS/iPLQDV5~VWLFD
%XHQHMHPSODU ¼
1Òf(= '( $5&( *DVSDU £685680
&25'$ 3RHPD 0DULDQR 0XULOOR 0DGULG
HG[SSK6LQHQFXDGHUQDU
$QWLJXD PDQFKD GH KXPHGDG HQ HO PDUJHQ
LQWHULRU
¼
3$/$&,2 0DQXHO GHO 81 62/'$'2
'( $<(5 ,OXVW GH -* 1HVVL %LEOLRWHFD
0LJQRQ%5RGUtJXH]6HUUD0DGULGVDDSUR[
HG[SSKLOXV+RODQGHVD
WHOD%XHQHMHPSODU
¼
0(621(52 520$126 5DPyQ GH
(/ $17,*82 0$'5,' 3DVHRV +LVWyULFR
$QHFGyWLFRV SRU ODV &DOOHV \ &DVDV GH HVWD
9LOOD,OXVWUDFLyQ(VSDxROD\ $PHULFDQD0DGULG
[ WRPRVGH SS\ KSS
K LOXVWUDFLRQHV HQ OiPLQDV +RODQGHVD SLHO
/RV WRPRV HQFXDGHUQDGRV HQ XQ YROXPHQ
¼
3$/$&,2
9$/'e6
$UPDQGR
0$57$ < 0$5Ë$ 1RYHOD GH &RVWXPEUHV
2ULJLQDO GH ,OXVWUDFLyQ GH - /XLV 3HOOLFHU
%LEOLRWHFD$UWH\/HWUDV%DUFHORQDHG
[ SS K 7HOD HGLWRULDO HVWDPSDGD
FRQ GLVHxR GH -RUED &RUWHV SLQWDGRV 8Q
FXDGHUQLOORVXQSRFRVDOLGRSHUREXHQHMHPSODU
FRQODVFXEVIUHVFDV\YLYDV([OLEULVVHOORGH
)UHVQHGRGHOD&DO]DGD ¼
3$/$&,2 9$/'e6 $UPDQGR /$
(6380$
1RYHOD
GH
&RVWXPEUHV
&RQWHPSRUiQHDV ,OXVWUDFLyQ GH 0 $OFi]DU \
-RVp &XFK\ +HQULFK \ &ž %DUFHORQD 
HG[YROVGHSSK\SSK
LOXV 7HOD HGLWRULDO HVWDPSDGD FRQ GLVHxR GH
3DVFy$OJXQDVKXHOODVGHy[LGRHQORVLQWHULRUHV
SHUREXHQHMHPSODUFRQORVKHUPRVRVHVWDPSDGRV
PRGHUQLVWDV GH ODV FXELHUWDV HQ PDUUyQ FRQ
GRUDGRV IUHVFRV \ YLYRV ([OLEULV VHOOR GH
)UHVQHGRGHOD&DO]DGD ¼
3DODX 0HOFKRU GH &$17$5(6
3238/$5(6 < /,7(5$5,26 5HFRSLODGRV
SRU (GLFLyQ LOXVWUDGD 0RQWDQHU \ 6LPyQ
%DUFHORQDHG[SSK,OXV
FRQ OiPLQDV \ YLxHWDV +RODQGHVD SHUJDPLQR
HGLWRULDO FXE DQWHULRU LOXVWUDGD \ HVWDPSDGD HQ
UHOLHYH FRQ XQ GLVHxR GH 5LTXHU 7HPSUDQD
UHFRSLODFLyQ GHO FDQFLRQHUR SRSXODU HVSDxRO
%XHQHMHPSODU
¼
3$5'2 %$=È1 (PLOLD $5&2 ,5,6
&XHQWRV %LEOLRWHFD 'LDPDQWH /ySH] HG
%DUFHORQD VD DSUR[  HG [ SSK
+RODQGHVD WHOD /RPR PXGR %XHQ HMHPSODU
¼
3e5(= 'LRQLVLR 'U 3HGUR 5HFLR GH
7LUWHDIXHUD-(6Ò60HPRULDVGHXQ-HVXLWD
1RYLFLR (VWDEOHFLPLHQWR 7LSRJUiILFR 0DGULG
 HG [ SS 5~VWLFD %XHQ
HMHPSODU 0X\ UDUR 3DUHFH VHU OD SULPHUD REUD
GHO QRYHOLVWD \ DXWRU JDVWURQyPLFR JDGLWDQR
¼
3e5(= *$/'Ï6 %HQLWR /$ '(
%5,1*$6,PSGH/D*XLUQDOGD0DGULG
HG[SSHQUHDOLGDGSRUXQHUURU
GH SDJLQDFLyQ HO ODV ~OWLPDV SS +RODQGHVD
WHOD%XHQHMHPSODU
¼
3e5(= *$/'Ï6 %HQLWR '2f$
3(5)(&7$ ,PS GH /D *XLUQDOGD 0DGULG
HG[SS+RODQGHVDWHOD8Q
SOLHJRVXHOWRSHURFRPSOHWR ¼
3e5(= *$/'Ï6 %HQLWR /2
352+,%,'2 ,PS GH /D *XLUQDOGD 0DGULG
HG[WRPRVHQXQYROGH
SS K +RODQGHVD WHOD %XHQ HMHPSODU
¼
3e5(= *$/'Ï6 %HQLWR (/ $0,*2
0$162 ,PSGH /D *XLUQDOGD0DGULG
HG[SSK+RODQGHVDWHOD&RVLGR
XQ WDQWR EDVWR HQ HO SULPHU FXDGHUQLOOR ¼
3e5(=
*$/'Ï6
%HQLWR
7250(172 ,PS GH /D *XLUQDOGD 0DGULG
 HG [ SS +RODQGHVD WHOD
3pVLPDPHQWH FRVLGR 'LRV QRV VDOYH GH
HQFXDGHUQDGRUHVDVt
¼
3e5(=
*$/'Ï6
%HQLWR
0$5,$1(/$ ,PS /D *XLUQDOGD 0DGULG
 HG [ SS +RODQGHVD WHOD
¼
3e5(=
*$/'Ï6
%HQLWR
(/
'2&725 &(17(12 SRU ,PS /D
*XLUQDOGD 0DGULG  HG [ WRPRV
HQXQYROGHSSK\SSK+RODQGHVD
WHOD ¼
3e5(=
*$/'Ï6
%HQLWR
72548(0$'$ (1 /$ +2*8(5$ (O
$UWtFXOR GH )RQGR /D 0XOD \ HO %XH\ /D
3OXPD HQ HO 9LHQWR /D &RQMXUDFLyQ GH ODV
3DODEUDV8Q7ULEXQDO/LWHUDULR/D3ULQFHVD
\HO*UDQXMD-XQLR$GPyQGH/D*XLUQDOGD
\ (SLVRGLRV 1DFLRQDOHV 0DGULG  HG
[ SS K +RODQGHVD WHOD %XHQ
HMHPSODU¼
3e5(=
*$/'Ï6
%HQLWR
/$
620%5$
&(/Ë1
7523,48,//26
7+(526 ,PS /D *XLUQDOGD0DGULG 
HG[SSK+RODQGHVDWHOD&XDWUR
QRYHODVFRUWDV ¼
3e5(= *$/'Ï6 %HQLWR 5($/,'$'
1RYHOD HQ FLQFR MRUQDGDV >MXQWR FRQ@
5($/,'$''UDPDHQFLQFRDFWRV\HQSURVD
DUUHJOR GH OD QRYHOD GHO PLVPR WtWXOR >MXQWR
FRQ@ /26 &21'(1$'26 'UDPD HQ WUHV
DFWRV SUHFHGLGD GH XQ SUyORJR ,PS GH /D
*XLUQDOGD 0DGULG \  HG
[ SS K SS SS K
+RODQGHVDWHOD/DVWUHVREUDVHQSULPHUDHGLFLyQ
KRMDV HQFXDGHUQDGDV DO UHYpV SHUR EXHQ
HMHPSODU
¼
3e5(=*$/'Ï6%HQLWR/$/2&$'(
/$&$6$&RPHGLDHQ&XDWUR$FWRV,PSGH
/D *XLUQDOGD 0DGULG  HG [
SS+RODQGHVDWHOD1RWDVDOiSL]GH)UHVQHGR
GH OD &DO]DGD HQ OD ~OWLPD SiJLQD SHUR EXHQ
HMHPSODU
¼
3e5(= *$/'Ï6 %HQLWR (3,62',26
1$&,21$/(6
7HUFHUD
6HULH
=XPDODFiUUHJXL >@ 0HQGL]iEDO >@
'H 2xDWH D /D *UDQMD >@ /XFKDQD
>@ /D &DPSDxD GHO 0DHVWUD]JR >@
/D (VWDIHWD 5RPiQWLFD >@ 9HUJDUD
>@0RQWHVGH2FD>@/RV$\DFXFKRV
>@ %RGDV 5HDOHV >@ 9GD GH 7HOOR
2EUDVGH3pUH] *DOGyV0DGULG
HG [ YROV 5~VWLFD /D WHUFHUD VHULH
FRPSOHWDHQHG\WHPSUDQDVWLUDGDVYROV
GHžPLOODUHOUHVWRHQWUHHOSULPHUR\HOFXDUWR
/RPRV UHIRU]DGRV HQ WRGRV ORV YROV
5HSDUDFLRQHV HQ DOJXQDV FXELHUWDV (V UDUR
HQFRQWUDU ORV (SLVRGLRV HQ  HGLFLyQ FRQ VXV
FXELHUWDV RULJLQDOHV $GMXQWDPRV WDUMHWDV
SRVWDOHV FRQ LOXVWUDFLRQHV SDUD =XPDODFiUUHJXL
/DVUHSURGXFFLRQHVVRQGH/DXUHQW
¼
3e5(= *$/'Ï6 %HQLWR /$ '( 6$1
48,17Ë1 &RPHGLD HQ WUHV DFWRV \ HQ SURVD
,PS GH /D *XLUQDOGD 0DGULG  HG
[ SS &XELHUWDV SURYLVLRQDOHV %XHQ
HMHPSODU
¼
3e5(= *$/'Ï6 %HQLWR 1$=$5Ë1
1RYHODV (VSDxRODV &RQWHPSRUiQHDV ,PS GH /D
*XLUQDOGD 0DGULG  HG [ SS
K +RODQGHVD WHOD %XHQ HMHPSODU ¼
3e5(= *$/'Ï6 %HQLWR +$/0$
1RYHODV (VSDxRODV &RQWHPSRUiQHDV ,PS GH /D
*XLUQDOGD 0DGULG  HG [ SS
K +RODQGHVD WHOD %XHQ HMHPSODU ¼
3e5(=*$/'Ï6%HQLWR(/$%8(/2
1RYHODHQ&LQFR-RUQDGDV1RYHODV(VSDxRODV
&RQWHPSRUiQHDV ,PS GH /D *XLUQDOGD 0DGULG
 HG [ SS +RODQGHVD WHOD
%XHQHMHPSODU ¼
3e5(=*$/'Ï6%HQLWR/$129(/$
(1 (/ 75$19Ë$ ,OXVWUDFLRQHV GH 0DUtQ
%LEOLRWHFD0RGHUQD90DGULGHG[
SS +RODQGHVD WHOD /RPR PXGR %XHQ
HMHPSODU
¼
3LUDOD
$QWRQLR
+LVWRULD
&RQWHPSRUiQHD 6HJXQGD 3DUWH GH OD
*8(55$&,9,/$QDOHVGHVGHKDVWDHO
)DOOHFLPLHQWR GH 'RQ $OIRQVR ;,, )HOLSH
*RQ]iOH] 5RMDV 0DGULG  HG
[YROVGH7,SSKOiPV
PDSDV 7 ,, SS OiPV PDSDV 7
,,, SS K OiPV PDSDV 7 ,9
SS OiPV PDSDV XQ HVWDGR
GHVSOHJDEOH79SSOiPVPDSDV
\ 7 9, SS K OiPV PDSDV /DV
OiPLQDV VRQ FURPROLWRJUDItDV \ PDSDV
GHVSOHJDEOHV(VWHHMHPSODUFRQWLHQHXQDOiPLQD
QR LQFOXLGD HQ OD SDXWD OD SRUWDGD
FURPROLWRJUDILDGD GHO 7 , +RODQGHVD SLHO
HGLWRULDO HVWDPSDGD $OJXQDV KXHOODV GH y[LGR
PX\ RFDVLRQDOHV SHUR PX\ EXHQRV HMHPSODUHV
GHHVWDKHUPRVDHGLFLyQ
¼
3e5(= *$/'Ï6 %HQLWR (/(&75$
'UDPDHQ&LQFR$FWRVSRU5HSUHVHQWyVHHQ
HO7HDWUR(VSDxROOD1RFKHGHOGH(QHURGH
9LXGD H +LMRV GH 7HOOR 0DGULG 
HG [ SS K +RODQGHVD WHOD GH
pSRFD%XHQHMHPSODU
¼
3e5(= *$/'Ï6 %HQLWR &$6$1'5$
1RYHOD HQ FLQFR MRUQDGDV 1RYHODV (VSDxRODV
&RQWHPSRUiQHDV 3HUODGR 3iH] 0DGULG 
HG [ SS K +RODQGHVD WHOD %XHQ
HMHPSODU
¼
3pUH]9LOODDPLO0pQGH]&DVDO$QWRQLR
-(1$52 3e5(= 9,//$$0,/ /D 3LQWXUD
5RPiQWLFD HQ (VSDxD , (GV GH OD (VILQJH
0DGULG VD DSUR[  HG [ SS
K OiPLQDV PRQWDGDV SRU ODV SXQWDV HQ
FRORU &DUWRQp FRQ VREUHFXELHUWD (OHJDQWH
HGLFLyQ FRQ DGRUQRV [LORJUiILFRV HQ OD SRUWDGD \
VREUHFXELHUWDUHIXHU]RVGHFHORHQODVREUHFXE
SHUR EXHQ HMHPSODU (VWH HV HO SULPHU
PRQRJUiILFR \ GXUDQWH PXFKRV DxRV HO ~QLFR
VREUHHOSLQWRUURPiQWLFRQDFLGRHQ(O)HUUROHQ
\PXHUWRHQ ¼
3,<0$5*$//)(678',2662%5(
/$ ('$' 0(',$ %LEOLRWHFD 8QLYHUVDO
&ROHFFLyQ GH ORV 0HMRUHV $XWRUHV $QWLJXRV \
0RGHUQR ,9 0DGULG  HG FRUUHJLGD
[ SS K +RODQGHVD WHOD &XELHUWDV
PXGDV%XHQHMHPSODU ¼
3LFyQ -DFLQWR 2FWDYLR 'XOFH \ 6DEURVD
/D (VSDxD (GLWRULDO 0DGULG VD  HG
[ SS K &XELHUWDV SURYLVLRQDOHV
¼
3XMDO \ 6LHUUD -RVp ',&&,21$5,2
(7,02/Ï*,&2 GH ODV 3DODEUDV 3ULPLWLYDV
GHOD/HQJXD/DWLQDFRQVXVUDtFHVGHULYDGRV
FRPSXHVWRV \ OD FRUUHVSRQGHQFLD FDVWHOODQD
(VWHEDQ 3XMDO %DUFHORQD [ SS
5~VWLFD 7UHV SLFDGXUDV GH SROLOOD \D WUDWDGD
'HGLFDWRULD DXWyJUDID D )UHVQHGR GH OD &DO]DGD
¼
3XMDO \ 6LHUUD -RVp (7,02/2*Ë$ <
)21e7,&$/DWLQR&DVWHOODQD(VWHEDQ3XMDO
%DUFHORQD [ SS 5~VWLFD 7UHV
SLFDGXUDV GH SROLOOD \D WUDWDGD 'HGLFDWRULD
DXWyJUDIDD)UHVQHGR
¼
6DDYHGUD $QJHO '848( '( 5,9$6
520$1&(6 +,67Ï5,&26 GH /LEUHUtD GH
9LFHQWH 6DOYi 3DUtV  HG [ K
SS 5HWUDWR OLWRJUDILDGR DSUqV :HEHU YLxHWDV
HQWUH WH[WR 3LHO HGLWRULDO HVWDPSDGD 5HVWRV GH
KXPHGDGHQHOPDUJHQDIHFWDQGRSULQFLSDOPHQWH
ODVSULPHUDVKRMDVDOJXQDVUHIRU]DGDVGLVFUHWDV
SLFDGXUDV GH SROLOOD PDUJLQDO \D WUDWDGD
¼
6DDYHGUD $QJHO '848( '( 5,9$6
2%5$6&203/(7$6,OXVWUDGDVFRQGLEXMRV
GH$SHOHV0HVWUHV\-/XLV3HOOLFHU0RQWDQHU
\6LPyQ%DUFHORQDHG[
YROVGHKUHWUDWR[YLLLSS\KSS
\0X\LOXV+RODQGHVDSLHOHGLWRULDOHVWDPSDGD
8QDVSRFDVSLFDGXUDVGHSROLOOD\DWUDWDGD/RV
JRIUDGRV H LOXVWUDFLRQHV GH ODV FXELHUWDV PX\
IUHVFRV
¼
52'Ï -RVp (QULTXH $5,(/ 3UyORJR
GH/HRSROGR$ODV&ODUtQ6HPSHUH\&LDHQ
OD FXELHUWD 3URPHWHR 9DOHQFLD VD DSUR[
[ SS K 5~VWLFD 3DUHFH
VHU OD  HG GH OD REUD PDHVWUD GHO DXWRU
XUXJXD\R
¼
58,=
$*8,/(5$
9HQWXUD
3529(5%,26 (-(03/$5(6 6HJXQGD
6HULH /HRFDGLR /ySH] 0DGULG  HG
[SSK+RODQGHVDSLHO&XELHUWDV
OLJHUDPHQWH UR]DGDV 5DVSDGXUD HQ OD KRMD GH
GHGLFDWRULD
¼
586.,1
-RKQ
/$6
6,(7(
/È03$5$6 '( /$ $548,7(&785$ (O
6DFULILFLR/D9HUGDG/D)XHU]D/D%HOOH]D
/D 9LGD (O 5HFXHUGR /D 2EHGLHQFLD
7UDGXFFLyQ GH &DUPHQ GH %XUJRV )
6HPSHUH \ &LD 9DOHQFLD VD DSUR[ 
HG [ SS K 5~VWLFD )DOWD XQD
SDUWHGHODFXELHUWDSRVWHULRUSHURSRUORGHPiV
EXHQHMHPSODU
¼
586.,1 -RKQ /$6 0$f$1$6 (1
)/25(1&,$ (VWXGLRV 6HQFLOORV GH $UWH
&ULVWLDQR 7UDGXFFLyQ GH &DUPHQ GH
%XUJRV ) 6HPSHUH \ &LD 9DOHQFLD VD
DSUR[  HG [ SS K
5~VWLFD +XHOODV GH y[LGR HQ ODV FXELHUWDVSHUR
EXHQHMHPSODU
¼
6$13(5( < 0,48(/ 6DOYDGRU /$
(0$1&,3$&,Ï1 '(/ +20%5( +LVWRULD
GH VX 'HVHQYROYLPLHQWR )tVLFR 5HOLJLRVR
0RUDO 3ROtWLFR &LHQWtILFR \ $UWtVWLFR
SRU«6HJXLGD GH XQD FRQFOXVLyQ RHStORJR GH
GRQ 1,&2/È6 6$/0(5Ï1 $/2162
-DLPH 6HL[ %DUFHORQD  HG
[YROVGHF[[[YSSKOiPLQDV
FURPROLWRJUDILDGRV OL[ SS K OiPV
FF[FLY SS K OiPV SS K OiPV \ K SS OiPV
+RODQGHVD SLHO +LVWRULDGRU UHSXEOLFDQR \
FDWDODQLVWD %DUFHORQD $OJXQDV
KXHOODV GH y[LGR ORPRV DOJR UR]DGRV SHUR
EXHQRVHMHPSODUHV3DODXQRWD
¼
7+(%866(0 (O 'RFWRU 81 75,67(
&$3(2 )HUQDQGR )p 0DGULG  HG
[ [LL SS K 5~VWLFD /RPR
UHIRU]DGRPX\EXHQHMHPSODU¼
7$%2$'$ /XLV 7,7,5,081',
3UyORJRGH-DFLQWR*3LFyQ'LEXMRVGH&LOOD
)RWRJUDEDGRV GH 7KRPDV 7LS GH 0DQXHO *
+HUQiQGH] 0DGULG  HG [
SS K LOXV +RODQGHVD WHOD %XHQ HMHPSODU
¼
7$%2$'$ /XLV ,17,0,'$'(6 <
5(&8(5'26 3iJLQDV GH OD 9LGD GH XQ
(VFULWRU (O ,PSDUFLDO 0DGULG  HG
[SSK5~VWLFD/RPRUHIRU]DGR
¼
7$%2$'$ /XLV /$ 9,8'$ '(
&+$3$552 1RYHOD &yPLFD (GLFLyQ
GHILQLWLYD)UDQFLVFR%HOWUiQ0DGULGVDDSUR[
[ SS 5~VWLFD /RPR
UHIRU]DGR )DOWD OD FXE SRVWHULRU FXE DQWHULRU
UHSDUDGD
¼
7+(%866(0 (O 'RFWRU )87(6$6
/,7(5$5,$6 ,OXVWUDFLRQHV GH - )DEUp
2OLYHU-XDQ*LOL%DUFHORQDHG[
SS K (QFXDGHUQDFLyQ HGLWRULDO HQ
KRODQGHVD FDUWRQp )DOWDQ FP GH ORPR 3RU OR
GHPiVEXHQHMHPSODU ¼
9$/%8(1$ $QWRQLR GH 0LJXHO GH
(VFDODGD )( '( (55$7$6 '(/
',&&,21$5,2 '( /$ $&$'(0,$
9LFWRULDQR 6XiUH] 0DGULG  HG
[ YROV GH SS K SS SS
K \ SS 5~VWLFD )DOWD OD FXELHUWD
SRVWHULRUGHO7,,ORPRVUHIRU]DGRV7,,,GHOD
(VSDxD(GLWRULDO
¼
9$/(5$-XDQ'2f$/8=%LEOLRWHFD
3HURMR 0DGULG  HG [ YLLL SS +RODQGHVD SLHO 5HIXHU]RV HQ DQWLJXD
PDQFKD GH KXPHGDG HQ HO PDUJHQ GH ODV
SULPHUDV\~OWLPDVKRMDV
¼
9$/(5$ -XDQ /$6 ,/86,21(6 '(
'2&725 )$867,12 SRU« )UDQFLVFR
$OYDUH] \&6HYLOODHG[YROV
GH SS K \ SS K +RODQGHVD WHOD
%XHQRVHMHPSODUHV
¼
REUDFRPRXQDYHUGDGHUDQRQDGD4XL]iVWHQtD
UD]yQ
¼
=$%$/(7$ -XDQ GH (/ 'Ë$ '(
),(67$ SRU OD 0DxDQD \ SRU OD 7DUGH
%LEOLRWHFD &OiVLFD (VSDxROD %DUFHORQD [SSK7HODHVWDPSDGDHGLWRULDO
%XHQHMHPSODU ¼
9$/(5$
-XDQ
&$57$6
$0(5,&$1$6 SRU 3ULPHUD 6HULH )XHQWHV
\&DSGHYLOOH0DGULGHG[SS
K +RODQGHVD WHOD %XHQ HMHPSODU ¼
9$/(5$ -XDQ /$ %8(1$ )$0$
,OXVWUDFLRQHV GH .ORQJ &ROHFFLyQ .ORQJ
)HUQDQGR)p0DGULGHG[SS
K ,OXVWUDFLRQHV HQWUH WH[WR +RODQGHVD WHOD
%XHQHMHPSODU
¼
9$/(5$ -XDQ *(1,2 < ),*85$
)HUQDQGR )p 0DGULG  HG [
SSK+RODQGHVDWHOD
¼
9$/(5$ -XDQ (O 3iMDUR 9HUGH
,OXVWUDFLRQHV GH /HDO GD &iPDUD %LEOLRWHFD
0LJQRQ%5RGUtJXH]6HUUD0DGULGHG
[ SS K ,OXV +RODQGHVD WHOD QR
FRQVHUYD FXEV RULJLQDOHV /RPR PXGR %XHQ
HMHPSODU
¼
=$3$7$ 0DUFRV /$ 3,('$' '(
81$5(,1$(SLVRGLRKLVWyULFRHQGRVDFWRV
RULJLQDO \ HQ YHUVR GH 5 9HODVFR 0DGULG
HG[SS6LQHQFXDGHUQDU/D
UHSUHVHQWDFLyQGHHVWDREUDIXHSURKLELGDSRUHO
JRELHUQR GH 6LOYHOD \ ODV SULPHUDV SS GH
HVWD HGLFLyQ HVWiQ GHGLFDGDV DO GHEDWH HQ OD
SUHQVD \ HO FRQJUHVR VREUH HO DVXQWR FRQ
QXPHURVDV LQWHUYHQFLRQHV GH *XPHUVLQGR GH
$]FiUDWH
¼
=255,//$ -RVp /$ /(<(1'$ '(/
&,'(VFULWDHQ9HUVRSRUHLOXVWUDGDSRU-
/XLV 3HOOLFHU 0RQWDQHU \ 6LPyQ %DUFHORQD
[ [YL SS 0X\ LOXV 7HOD
HGLWRULDOHVWDPSDGD%LVDJUDVDOJRUR]DGDVSHUR
EXHQ HMHPSODU FRQ ODV FXELHUWDV ELHQ
FRQVHUYDGDV \ VXV PDUURQHV QHJURV \ GRUDGRV
PX\IUHVFRV
¼
9$/(5$ -XDQ $6&/(3,*(1,$
%LEOLRWHFD 0RGHUQD ,,, 0DGULG  HG
[ SS K +RODQGHVD WHOD /RPR PXGR
%XHQHMHPSODU ¼
9$/(5$ -XDQ *$58'$ R /D
&LJHxD %ODQFD \ OD 3DGPL ,OXVWUDFLRQHV GH
$QJHO +HUQiQGH] 9LXGD H +LMRV GH 7HOOR
0DGULG  HG [ SS K LOXV
+RODQGHVD WHOD %XHQ HMHPSODU ([OLEULV VHOOR
GH)UHVQHGRGHOD&DO]DGD
¼
9DOHUD 2FKDUiQ 0D]DV /XLV GH
,1&255(&&,21(6 '(6/,=$'$6 HQ ODV
3iJLQDVGH3HSLWD-LPpQH]+DVHUYLGRGHWH[WR
OD~OWLPDHGLFLyQLPSUHVDHQ0DGULGHQ
5HYLVWD GH $UFKLYRV 0DGULG  HG
[SSK5~VWLFD(ODXWRUGHVFULEHVX
=255,//$ -RVp /$ /(<(1'$ '(
'21 -8$1 7(125,2 )UDJPHQWR
,OXVWUDFLyQGH-/3HOOLFHU0RQWDQHU\6LPyQ
%DUFHORQD [ SS 0X\ LOXV
FRQ YLxHWDV WH[WR RUODGR +RODQGHVD SHUJDPLQR
HVWDPSDGD SRU + 0LUDOOHV +HUPRVD \ HOHJDQWH
HGLFLyQ0X\EXHQHMHPSODU
¼
=255,//$ -RVp
'21 -8$1
7(125,2'UDPD5HOLJLRVR)DQWiVWLFRHQGRV
SDUWHV (VW 7LS GHO /LEHUDO 0DGULG [ SS K /iPLQDV GH )HUUDQW
-LPpQH] $UDQGD +XHUWDV 3Oi 3HUHD 0HVWUHV \
0pQGH] %ULQJD 5~VWLFD 0X\ EXHQ HMHPSODU
¼
&XHYD GH ORV (FRV 8Q 0DWXVDOpQ ÈUWLFR (O
&DPSR /XPLQRVR 8QD 9LGD (QFDQWDGD /D
+D]DxDGHXQ*RVVDtQ+LQG~'HPRQRORJtD\
0DJLD(FOHVLiVWLFD $VHVLQDWR D 'LVWDQFLD /D
0DQR 0LVWHULRVD (O $OPD GH XQ 9LROtQ /RV
(VStULWXV 9DPSLURV /D 5HVXUUHFFLyQ GH ORV
0XHUWRV ,PDJLQDFLyQ 2FXOWLVPR \ 0DJLD
&RPHQWDULRV D WRGRV ORV (StJUDIHV 3XH\R
0DGULGHG[[[LLLSSK
5~VWLFD/RPRUHIRU]DGRFRQSpUGLGDVFXELHUWDV
UHSDUDGDV LQWHULRUHV OLPSLRV /D DXWRUD IXH OD PiV FpOHEUH RFXOWLVWD GH VX pSRFD
IXQGDGRUD GH OD 6RFLHGDG 7HRVyILFD 5RVR GH
/XQD IXH DVWUyQRPR WHyVRIR \ DWHQHtVWD
¼
/LEURVUDURV\FXULRVLOORV
%HUQDOGR GH 4XLUyV & 3(f$/$5$
,OXVWUDGRSRUOD)RWRJUDItD%LEOLRWHFD0LJQRQ
9LXGD GH 5RGUtJXH] 6HUUD 0DGULG  HG
[ SS K )RWRV +RODQGHVD WHOD %XHQ
HMHPSODU
¼
%ODYDWVN\ +HOHQD 3HWURYQD 3È*,1$6
2&8/7,67$6 < &8(1726 0$&$%526
&RPHQWDGRV SRU 0DULR 5RVR GH /XQD /D
&DPSR'tD]$QJHO/265(<(6<(/
&/(525HVXPHQ+LVWyULFRGHVXV&UtPHQHV
(GLWRUHV(OL]DOGH\&RPSDxtD0DGULG
HG[SS+RODQGHVDSLHO6DOWDGHOD
SiJLQD D 'HGLFDWRULD DXWyJUDID GH -XDQ
*DUFtD 9DUHOD D -XOLiQ )UHVQHGR GH OD &DO]DGD
(VWH
OLEUR
UHDOPHQWH
SDUHFH
VHU
H[WUDRUGLQDULDPHQWH UDUR 1R HQFRQWUDPRV
QLQJ~QHMHPSODUQLHQ3DODXQLHQOD%1(QLHO
&&3% QL HQ HO :RUOG&DW 6RODPHQWH KHPRV
SRGLGRHQFRQWUDUDODXWRUHQOD(VSDVDGRQGHOH
GHVFULEHQHQORVVLJXLHQWHVWpUPLQRV3HULRGLVWD
\ SRHWD HVSDxRO P HQ OD PLVHULD FRPR WDQWRV
LOXVWUHV HVFULWRUHV HQ 0DGULG HQ )XH
UHGDFWRUGH/D,EHULDHQ\HVFULELyGHVSXpV
HQ HO 'LDULR (VSDxRO \ /DV 1RYHGDGHV
GLVWLQJXLpQGRVHFRPRSXEOLFLVWDLQWHOLJHQWH/D
(VSDVD HQ JHQHUDO WDQ FRQVHUYDGRUD QRV
SURSRUFLRQDDYHFHVDOJXQDDJUDGDEOHVRUSUHVD\
WRGDYtDVHPXHVWUDFDSD]GHYHQFHUODKLGUDGHVX
FRPSHWLGRULQWHUQHW4XL]iVORTXHLPSRUWDQRHV
HOQ~PHURGHFDEH]DVVLQRPiVELHQHOFRQWHQLGR
(VXQDOiVWLPDTXHQXHVWURHMHPSODUVHHQFXHQWUH
PXWLODGRSHURVHHQFXDGHUQyDVt\DDILQDOHVGHO
;,;SRVLEOHPHQWHIXHXQDFWRGHFHQVXUDSRUVX
FRQWHQLGR WDQ LQIODPDWRULR $XQ DVt LQFRPSOHWR
VLJXH VLHQGR XQ OLEUR PX\ LQWHUHVDQWH \ SRU
QXHVWUDV LQYHVWLJDFLRQHV HMHPSODU ~QLFR
¼
&KDUERQQHO 9tFWRU (/ 25,*(1
0868/0È1 '( /26 -(68,7$6 /RV
6HFUHWRV GH ORV -HVXLWDV 0RQLWD 6HFUHWD
%DWWDJOLQ%DUFHORQDHG[
SS5~VWLFDLOXVWUDGD/DVREUDVFRQSRUWDGD
\SDJLQDFLyQSURSLDHQFXDGHUQDFLyQHGLWRULDO(Q
OD PHMRU WUDGLFLyQ IUDQFHVD GRQGH HO
DQWLFOHULFLVPR PiV LQVSLUDGR KD VDOLGR GHVGH
GHQWURGHODLJOHVLD&KDUERQQHOSDUHFHKDEHUVLGR
DEDWH DEEp OLEUHSHQVDGRU \ WHPSUDQR GHIHQVRU
GH9HUODLQH5DUR
¼
(63(-2025$/'(&/e5,*26SDUD
TXH ORV 0DORV VH (VSDQWHQ \ ORV %XHQRV
3HUVHYHUHQ
2
VHD
UHFRSLODFLyQ
H[WUDRUGLQDULDPHQWH DPSOLDGD \ FRUUHJLGD
GH ORV FHOHEUDGRV \ RGtIHURV 0DQRMRV GH
)ORUHV0tVWLFDVSXEOLFDGRVSRU(O0RWtQFRQ
OLFHQFLDGHXQRUGLQDULR,PSGH05RPHUR
0DGULG  HG [ SS &XELHUWDV
SURYLVLRQDOHV HQ SDSHO GH DJXDV 5HVWRV GH
KXPHGDG FRQ FRQVHFXHQWH GHELOLGDG GHO SDSHO
HQ HO PDUJHQ H[WHULRU 3DQIOHWR IXHUWHPHQWH
DQWLFOHULFDO \ PXFKDVGH ODV DFXVDFLRQHV FRQWUD
HO FOHUR WLHQHQ EDVWDQWHV GHWDOOHV HQ FRP~Q FRQ
OR TXH HVWi VXUJLHQGR HQ OD SUHQVD KR\ HQ GtD
6HJ~Q 3DODX HVWH HV HO SULPHUR GH WRPRV
¼
)HUQiQGH] \
3DUUHxR
5DPyQ
&203(1',2 *(1(5$/ '( /$6
23(5$&,21(6 '(/ *,52 < '( /$
%$1&$ VHJ~Q ODV FRWL]DFLRQHV PRGHUQDV
,PSGH(O5HJDORGH$QGDOXFtD6HYLOOD
HG [ SS 0X\ LOXV FRQ SODQRV
GHVSOHJDEOHV ILJXUDV HWF +RODQGHVD SLHO FRQ
DGRUQRV HQ VHFR HQ HO ORPR \ ODV FXELHUWDV
JXDUGDV \ FRUWHV MDVSHDGRV (O DXWRU QDFLy HQ
%DUFHORQD HQ \ IXH FDWHGUiWLFR GH OD
(VFXHODGH&RPHUFLRGH6HYLOOD(VWDSDUHFHVHU
ODHG\VDOLHURQYDULDVHQORVDxRVVLJXLHQWHV
%XHQHMHPSODU ¼
)ODPPDULRQ &DPLOR (/ ),1 '(/
081'2 (GLFLyQ LOXVWUDGD FRQ OiPLQDV
GLEXMDGDV SRU ORV SULPHURV DUWLVWDV
SDULVLHQVHV 9HUVLyQ FDVWHOODQD GH )UDQFLVFR
*XWLpUUH] %ULWR 9GD GH &K %RXUHW 3DULV
[SSLOXV5~VWLFD&XELHUWDV
GHWHULRUDGDVPDUFDVGHFHOR
¼
,EDUUHWD 5+ /$ 5(/,*,Ï1 $/
$/&$1&( '( 72'26 ) *UDQDGD
%DUFHORQDVDDSUR[[SS
5~VWLFD %XHQ HMHPSODU $XQTXH HVWH WtWXOR HV
WRGRXQFOiVLFRGHODOLWHUDWXUDDWHD\DQWLFOHULFDO
HVSDxROD QR HQFXHQWUR QLQJXQD LQIRUPDFLyQ
VREUHHODXWRUQLVLTXLHUDHQHO'LFFLRQDULRGH
,xLJXH]H[FHSWRTXHVXQRPEUHHUD5RJHOLR \
WDPSRFR HQFRQWUDPRV PiV WtWXORV VX\RV /D 
HGHVGHSXEOLFDGDSRU1DNHQV\VHKDUH
HGLWDGRQXPHURVDVYHFHVDOFDQ]DQGRXQDHG
DOUHGHGRU GH <D HQ OD SiJLQD ZHE GHO
'LDULRGH/HyQHQFRQWUDPRVXQLQWHUHVDQWtVLPR
\ DPSOLR WH[WR VREUH HO DXWRU 5RJHOLR
+HUTXHV ,EDUUHWD HVFULWRU \ H[FRPXOJDGR
IUDWULFLGD \ VXLFLGD GH )pOL[ 3DFKR 5H\HUR
6XSRQJRTXHHVWHWULVWH\YLROHQWRILQKDEUiGDGR
WHPD D VHUPRQHV GXUDQWH UDWR \ FLHUWD
VDWLVIDFFLyQDORVVHUPRQHDQWHV¼
*pUDUG 'U - 18(9$6 &$86$6 '(
(67(5,/,'$' (1 $0%26 6(;26
)HFXQGDFLyQ$UWLILFLDOFRPRÒOWLPR0pWRGRGH
7UDWDPLHQWR 9HUVLyQ HVSDxROD GH 'U /XLV
0DUFR/D(VSDxD(GLWRULDO0DGULGVDDSUR[
HG[SSK7HODHGLWRULDO
HVWDPSDGD 0X\ LOXV FRQ YLxHWDV PRGHUQLVWDV
FOLFKpV GH OD &DVD &K 'HFDX[ GH 3DUtV
GHOLFLRVDPHQWH
VXJHVWLYDV
VH[XDOHV
\
UHODFLRQDGDVFRQODUHSURGXFFLyQ%XHQHMHPSODU
¼
+DHFNHO ( (/ 25,*(1 '(/
+20%5( (/ 021,602 /D]R HQWUH OD
5HOLJLyQ \ OD &LHQFLD 3URIHVLyQ GH )H GH XQ
1DWXUDOLVWD 9HUVLyQ HVSDxROD SRU (QULTXH
'tD]5HWJ ) *UDQDGD %DUFHORQD VD DSUR[
 HG [ SS 5~VWLFD
&XELHUWDVDOJRGHVOXFLGDV ¼
+ROEDFK %DUyQ G¶ 02,6e6 -(6Ò6 <
0$+20$7UDGGH-XDQ4XHYHGR6HPSHUH
\ &LD HQ OD FXELHUWD 3URPHWHR 9DOHQFLD VD
DSUR[  HG [ SS K
5~VWLFD/RPRGHELOLWDGR ¼
/ySH]
9HQWXUD
)
&2/Ï1
72/('$120LVWHULR$FODUDGR)UDQFLVFR
%HOWUiQ 0DGULG VD DSUR[  HG
[ SS IRWRV 5~VWLFD 0X\ EXHQ
HMHPSODU
¼
/HDQWH \*DUFtD 5DIDHO 75$7$'2 '(
&(0(17(5,26 TXH FRQWLHQH HO 'HUHFKR
&DQyQLFR \ &LYLO \ 6HQWHQFLDV GHO 6XSUHPR
7ULEXQDO VREUH FRQVWUXFFLyQ GH ORV PLVPRV
KLJLHQH EHQGLFLyQ QLFKRV \ SDQWHRQHV OODYHV
DWULEXFLRQHV GH ORV D\XQWDPLHQWRV SULYDFLyQ
GH VHSXOWXUD HFOHVLiVWLFD LQKXPDFLyQ
H[KXPDFLyQ\WUDVODFLyQGHFDGiYHUHVHWFHWF
7LSRJUDItD 0DULDQD /pULGD  HG
[ SSK +RODQGHVDWHOD &UHR TXH
HVWHHV HOOLEURPiVPRUERVRTXHKHWHQLGRHQWUH
PDQRV /D PD\RU SDUWH WUDWD GH ODVSHUVRQDV TXH
QR VH GHEH SHUPLWLU VHU HQWHUUDGRV HQ ORV
FHPHQWHULRV HFOHVLiVWLFRV ORV MXGtRV ORV
SDJDQRV ORV KHUHMHV ORV VXLFLGDV ORV GXHOLVWDV
ORV WRUQHDGRUHV £ \ DTXt VH SXHGHQ LQFOXLU D ORV
WRUHURV ORV VDOWHDGRUHV GH FDPLQRV ORV
FRQFXELQDULRV ODV PXMHUHV S~EOLFDPHQWH
SURVWLWXLGDVHWFHWF
¼
0DULVFDO
'RFWRU
1LFDVLR
(/
025),1,602 /D +LJLHQH GH =DUDWXVWUD
,OXVWU GH 9DOHUD %LEOLRWHFD 0LJQRQ %
5RGUtJXH] 6HUUD 0DGULG VD DSUR[ 
HG[SSKLOXV+RODQGHVDWHOD%XHQ
HMHPSODU
¼
0iV
-RVp
1$55$&,21(6
0,67(5,26$6&RO0LQLDWXUD(G*DODWHD
0DGULGVDDSUR[HG[SSK
5~VWLFD&XELHUWDLOXVWUDGD)DOWDXQDHVTXLQDGH
OD FXELHUWD SRVWHULRU $WUDFWLYD HGLFLyQ
PLQLDWXUD
¼
/$ 0$621(5Ë$ 'HVFULWD SRU XQ
*UDGR/DV6HFWDV%LEOLRWHFD7ULPHVWUDO1ž
(G 9LODPDOD %DUFHORQD  HG
[ SS /iPLQDV 5~VWLFD OiPLQD
PRQWDGDHQODFXELHUWD%XHQHMHPSODU¼
0,5$/7$
&RQVWDQFLR
(/
6$&5$0(172 (63Ò5(2 ([SRVLFLyQ
3UiFWLFD +LVWyULFD \ &UtWLFD GHO 0DWULPRQLR
&DQyQLJR VX 3UHWHQGLGD ,QGLVROXELOLGDG \
*DUDQWtD6RFLDOIDOVHGDGGHVX)XQGDFLyQSRU
&ULVWR \ 0RGR GH &DVDUVH DQWH HO &XUD
FRQWUD VX 9ROXQWDG R VLQ ([SHULHQFLD 3UHYLD
-RVp 0DWDUUHGRQD 0DGULG  HG [
SSK5~VWLFD
¼
0RUHX[ $EDWH 81 'Ë$ (1 /$ /81$
7UDG GH 0DQXHO 3XPDUHJD $JXLODU 0DGULG
VDDSUR[HG[SSKLOXV
5~VWLFD $OJXQDV PDUFDV \ DSXQWHV D OiSL]
¼
0DWHRV .RFK 'RFWRU ) (678',2
,17,02'(/$9,5*,1,'$'6LJQRVTXHOD
'HWHUPLQDQ \ 0HGLRV TXH OD 6LPXODQ 9tFWRU
)DXUH 0DGULG  HG [ SS OiPLQDV&XELHUWDVSURYLVLRQDOHV ¼
0OOHU ) 0D[ ¢48e +$&(5 &21
/26 9,(-26" (VWXGLR 6RFLROyJLFR
9LFWRULDQR 6XiUH] 0DGULG  HG
[ SS 5~VWLFD $OJXQDV KXHOODV HQ
ODV FXEV SHUR EXHQ HMHPSODU 'HGLFDWRULD
DXWyJUDID 0LV KLMRV WDPELpQ VH KDFHQ HVWD
PLVPDSUHJXQWD
¼
0XUFLDQR $ 352178$5,2 '(/
'8(/2 ,QGLFDFLRQHV XWLOtVLPDV SDUD QR
9DFLODU -DPiV FXDQGR KD\ TXH LQWHUYHQLU HQ
ODQFHV GH KRQRU &RQVHMRV DO GXHOLVWD DO
SDGULQR \ DO WHVWLJR ,PS \ /LWRJUDItD GHO
'HSyVLWR GH OD *XHUUD 0DGULG  HG
[ SS K 5~VWLFD %XHQ HMHPSODU
5DUR
¼
1RUGDX 0D[ /$6 0(17,5$6
&219(1&,21$/(6
'(
18(675$
&,9,/,=$&,Ï17UDGGH$*yPH]3LQLOOD
6HPSHUH \ &LD HQ OD FXELHUWD 3URPHWHR
9DOHQFLD VD DSUR[  HG [ YROV GH SS K \ SS 5~VWLFD /RPRV
DOJRGHELOLWDGRV ¼
3XOLGR $QJHO /26 ,65$(/,7$6
(63$f2/(6 \ HO ,GLRPD &DVWHOODQR
,QWHUHVHV 1DFLRQDOHV 6XFHVRUHV GH
5LYDGHQH\UD 0DGULG  HG [
SS K /iPLQDV &XELHUWDV SURYLVLRQDOHV
6REUH OD FXOWXUD \ HO LGLRPD GH ORV MXGtRV
VHIDUGtHV0X\LQWHUHVDQWH
¼
5HQDQ
(UQHVWR
(678',26
5(/,*,2626 /DV 5HOLJLRQHV GH OD
DQWLJHGDG /D +LVWRULD GHO SXHEOR GH ,VUDHO
/RVKLVWRULDGRUHVFUtWLFRVGH-HV~V0DKRPD\
ORV2UtJHQHVGHO,VODPLVPR7UDGGH&ULVWyEDO
/LWUiQ 6HPSHUH \ &LD HQ OD FXELHUWD
3URPHWHR 9DOHQFLD VD DSUR[  HG
[SSK5~VWLFD/RPRGHELOLWDGR
¼
5HQDQ (UQHVWR /26 (9$1*(/,26 <
/$6(*81'$*(1(5$&,Ï1&5,67,$1$
7UDGXFFLyQ GH &DUPHQ GH %XUJRV 6HJXt
6HPSHUH \ &LD HQ OD FXELHUWD 3URPHWHR
9DOHQFLD VD DSUR[  HG [ YROVGHSSK\SSK5~VWLFD)DOWDOD
FXESRVWHULRUGHO7,
¼
5HQDQ
(UQHVWR
/$
,*/(6,$
&5,67,$1$ 7UDGXFFLyQ GH &DUPHQ GH
%XUJRV 6HJXt 6HPSHUH \ &LD HQ OD FXELHUWD
3URPHWHR 9DOHQFLD VD DSUR[  HG
[ SS K 5~VWLFD %XHQ HMHPSODU
¼
6DLQW(OOLHU ' / GH /26 25Ë*(1(6
'( /$ 9,'$ (YROXFLyQ 7UDQVIRUPLVPR
'DUZLQLVPR(O7UDQVIRUPLVPRMX]JDGRSRUHO
QDWXUDOLVWD - + )DEUp $JHQFLD 0XQGLDO GH
/LEUHUtD 3DULV ,PS $OGXV 6DQWDQGHU VD
DSUR[  HG [ SS 5~VWLFD
FXELHUWD LOXVWUDGD $OJXQRV DSXQWHV D OiSL] SHUR
EXHQHMHPSODU ¼
6DOLOODV 5DIDHO (/ '(/,1&8(17(
(63$f2/
+$03$
$QWURSRORJtD
3LFDUHVFD9LFWRULDQR6XiUH]0DGULG
HG [ [Y SS K SS 5~VWLFD
/RPR QXHYR 8QD HVTXLQD GDxDGD HQ ODV
SULPHUDVSSVLQDIHFWDUHOWH[WR8QDGHODV
SDUWHV WUDWD GH ORV JLWDQRV WDPELpQ VREUH
EDQGROHURVHWF
¼
6iQFKH] 9DUHOD 5LFDUGR (9$ <
0$5Ë$ )HQyPHQRV 'LDEyOLFRV \ 0LODJURV
TXH 'HPXHVWUDQ HO &XPSOLPLHQWR GH OD
3URPHVD +HFKD HQ HO 3DUDtVR 7LSRJUDItD
&DWyOLFD &DVDOV %DUFHORQD  HG
[SS5~VWLFD0X\EXHQHMHPSODU
1XHVWUR PXQGR LQWHOHFWXDO VHUtD PiV SREUH VLQ
OLEURVGHHVWHWLSR)UHVQHGRORGHVFULEHHQXQD
QRWD D OiSL] FRPR OD PD\RU FDQWLGDG GH
PDMDGHUtDV TXH KH YLVWR (O DXWRU HUD FXUD
JDOOHJR5DUR ¼
(O 6(;72 0$1'$0,(172 7H[WRV
2UWRGR[RV GH &RQFLOLRV 3DGUHV GH OD ,JOHVLD
6DQWRV 3RQWtILFHV 2ELVSRV \ 9DURQHV
(PLQHQWHV HQ &LHQFLD \ 9LUWXG ,PSUHQWD
3RSXODU 0DGULG VD DSUR[  HG
[ SS K 5~VWLFD /RPR UHIRU]DGR
KXHOODV GH PRVFD HQ OD FXELHUWD DQWHULRU SHUR
EXHQHMHPSODU3DODX1RHQOD%1(QL
HO &&3% 5DUR LPSUHVR DQWLFOHULFDO ¼
9DOOH \ $OGDEDOGH 5DIDHO GHO
%2648(-2 $1$7202),6,2/Ï*,&2 GH
ORV Ï5*$126 6(;8$/(6 '( /$ 08-(5
GHO (PEDUD]R \ GHO )HWR %DLOO\ %DLOOLqUH
0DGULGVDDSUR[HG[SS
K GH WH[WR HQ XQ FXDGHUQLOOR JUDSDGR XQD
OiPLQD FRQ FDUWXOLQDV LPSUHVDV PRQWDGDVXQD
VREUHODRWUD&DUWXOLQDHGLWRULDOFRQORPRGHWHOD
+HUPRVR OLEULWR SRSXS $OJXQD KXHOOD GH y[LGR
HQHOLQWHULRUGHODFXELHUWDPDUFDGHXQJROSHHQ
OD FXE DQWHULRU SHUR EXHQ HMHPSODU 5DIDHO GHO
9DOOH \ $OGDEDOGH PpGLFR 9DOODGROLG ¼
9DOOH \ $OGDEDOGH 3DQ]HU 'U * /$
08-(5 5(35(6(17$&,Ï1 ,178,7,9$
'( 68 (6758&785$ < '( 686
Ï5*$1267H[WRH[SOLFDWLYR\ILJXUDVGHO'U
* 3DQ]HU WUDGXFFLyQ GLUHFWD GHO DOHPiQ GHO
'U 5DIDHO GHO 9DOOH \ $OGDEDOGH %DLOO\
%DLOOLqUH 0DGULG VD DSUR[  HG
[ SS GH WH[WR HQ XQ FXDGHUQLOOR
JUDSDGROiPLQDVVREUHPRQWDGDVLPSUHVDVSRU
ODV FDUDV GDQGR LPiJHQHV GHO FXHUSR
IHPHQLQR OD ~OWLPD FRPSXHVWD GH SDUWHV
GLVWLQWDVHQIRUPDGHSRSXS&DUWXOLQDHGLWRULDO
FRQORPRGHWHOD(VWHHVXQRGHORVOLEURVSRSXS
PiVGHWDOODGRVTXHKHYLVWRMDPiV$OJXQDPDUFD
HQ ODV FXELHUWDV ORV LQWHULRUHV SUiFWLFDPHQWH
LPSHFDEOHV3DODXDXQTXHHVFULEHPDOHODSHOOLGR
GHO DXWRU 0X\ UDUR HQ HVWD FRQGLFLyQ
¼
9HODR&ROODGR'DUtRGH(QHURGH
0HPRULDV GH XQ 3DQFLVWD 3UyORJR GH
$QWRQLR5R\R9LOODQRYD(G+pUFXOHV0DGULG
 HG [ SS 5~VWLFD %XHQ
HMHPSODU 1RYHOD DPELHQWDGD HQ OD 3ULPHUD
5HS~EOLFD(VSDxROD
¼
:HUWKHLPHU 0DQXHO 3$5$'2-$6 <
9(5'$'(67UDGSRU-XOLR%URXWiFRQXQD
FDUWDSUyORJRGH-RVp(FKHJDUD\6XFHVRUHVGH
5LYDGHQH\UD 0DGULG  HG [
SS 7HOD HGLWRULDO HVWDPSDGD 0X\ EXHQ
HMHPSODU3URYHUELRV
¼
7RGRVORVOLEURVGHQRPHQFLRQDUVHORFRQWUDULRHVWiQFRPSOHWRV\
HQEXHQHVWDGR
/RVSUHFLRVHVWiQHQ(XURV
6LGHVHDQSDJDUHQRWUDPRQHGDLQIyUPHQQRV\KDUHPRVODIDFWXUD
HQODPRQHGDTXHLQGLTXHQ$xDGLUHPRVODFRPLVLyQEDQFDULDDOD
IDFWXUD
/RVHQYtRVDSDUWLFXODUHVVHHIHFWXDUiQQRUPDOPHQWHFRQWUDUH
HPEROVRFRUULHQGRDFDUJRGHOFOLHQWHORVJDVWRVGHHPEDODMH\HQYtR
PtQLPR(XURV7DPELpQVHSXHGHSDJDUFRQ9LVDR0DVWHU&DUG
/RVSUHFLRVQRLQFOX\HQ,9$
$LQVWLWXFLRQHVORVOLEURVVHPDQGDUiQFRQIDFWXUD(OSOD]RGHSDJR
HVHVWULFWDPHQWHGHXQPi[LPRGHXQPHV
3RGHPRVDWHQGHUSHWLFLRQHVSDUWLFXODUHVGHOLEURVTXHQRVH
HQFXHQWUDQHQHVWHFDWiORJRVREUHWRGRHQHOFDPSRGHODOLWHUDWXUD
HVSDxROD
&RPSUDPRVELEOLRWHFDV\OLEURVVXHOWRVHQQXHVWURFDPSR3DJDPRV
ORVPHMRUHVSUHFLRV\DOFRQWDGR
5RJDPRVKDJDQFLUFXODUHVWHFDWiORJRHQWUHVXVDPLVWDGHV\DVLPLVPRQRV
IDFLOLWHQQRPEUHV\GLUHFFLRQHVGHSHUVRQDVRHQWLGDGHVLQWHUHVDGDVHQ
UHFLELUOR
/RVOLEURVTXHVHRIUHFHQHQHVWHFDWiORJRQRDSDUHFHUiQHQORV
SRUWDOHVGHLQWHUQHWKDVWDGHQWURGHXQRVPHVHVSDUDGDUXQDSULPHUD
RSRUWXQLGDGGHFRPSUDDQXHVWURVFOLHQWHVKDELWXDOHV 3HGLGRVD
/ORUHGDGH&D\yQ
&DQWDEULD(VSDxD
7HO
HPDLOOLEURV#FDUPLFKDHODORQVRFRP
&RQVXOWHQQXHVWURVWRFNFRPSOHWRHQ
ZZZFDUPLFKDHODORQVRFRP