Endocrino Fisiopatologia
Endocrino Fisiopatologia
Endocrino Fisiopatologia
$63(&726
*(1(5$/(6
'(
/$6
$/7(5$&,21(6
'(
/$
)81&,Ï1
(1'2&5,1$
+LSRIXQFLyQ
\
KLSHUIXQFLyQ
UHVLVWHQFLD
KRUPRQDO
$OWHUDFLRQHV
SULPDULDV
VHFXQGDULDV
\WHUFLDULDV ,QVXIL
F
L H
QFLD
VXS
UDUUH
Q DOSULPD
ULD
,QVXIL
FLHQFLD
VXSUDUU
HQDO
V
HFXQGD
U
LD
+,3Ï),6,6
<
$/7(5$&,21(6'(/&5(&,0,(172
&ULVLV
VXSUDUU
HQDO
DJXGD
9DORUDFLyQ
GH
OD
IXQFLyQ
KLSRWDOiPLFRKLSRILVDULD
([FHVR
GHJOXFRFRUWLFRLGHV
VtQGURPH
GH
&XVKLQJ
7XPRUHV
KLSRILVDULRV
0D QLIHVWDFLRQHV
FOtQLFDV
+LSRSLWXLWDULVPR
$OWHUDFLRQHV
GHO \
FUHFLPLHQWR
OD
KRUPRQDFUHFLPLHQWR 'LDJQyV
GHO WLFR
\
WUDWDPLHQWR
OQFLGHQWDORPD
VXSUDUUHQDO
+RUPRQD
GHO
FUHFLPLHQWR
(VWDWXUD HQQLxRV
EDMD $63(&726
*(1(5$/(6 '(
/$6
$/7(5$&,21(6
,QVXILFLHQ
F LD
GH
OD
KRUPRQD
GHO
F (1
/$
UHFLPLHQWR HQQLxRV5(*8/$&,Ï1 '(
/$*/8&26$
,QVXILFLHQ
FLD
GH
OD
KRUPRQD
GHO
FUHF
LPLHQWRHQ
DGXOWRV &RQWURO
KRUPRQDO
GHO
PHWDEROLVPR
GH
OD
JOXFRVD
ODV
JUDVDV
(VWDWXUDDOWD
HQ
QLxR
V \
O DV
SURWHtQDV
([
FHVR
GH
KRUPRQD
GH
O
FUHFLPL
HQW
R
HQ
QLxRV 0HWDEROLVPR
GH
OD
JOX
FRVD
([
FHV
RG
HKRUPRQD
GH
O
FUHFLPL
HQW
R
HQ
DGXOWR
V 0H WDEROLVP
R
GH
ODV
JUD
VDV
3XEHUWDG SUHFR] 0H WDEROL
V
PRSURW
HL
FR
+RUPRQDVTXH
UHJXODQ
OD
JOXFRVD
$/7(5$&,21(6
7,52,'($6
&RQWURO
GHOD
IXQFLyQ WLURLGHD ,QV
XOLQD
$FFL
RQHV
GH
OD
KRUPRQD
W
LURLG
HD *OXFDJiQ
3UXH
EDVGH
OD
IXQFLyQ
WLURLG
H
D 6RP DWRV
WDWLQD
DPLOL \
QD K
RUPRQD
V
GH
ULYDGD
V
GH
O
LQ
WHVWL
QR
$OW
HUDFLRQ
HV
H
QOD
IXQ
FLyQ
WLURLG
H
D +RUPRQDVFRQWUDUUHJXODWRULDV
+LSRWLURLGLVPR $GUHQDOLQD
+LSRWLURLGLVPR
F
RQJQpLWR +RUPRQDGHO
FUHFLPLHQWR
+LSRWLURLGLVPRDGTXLULGR
\
PL[HGHPD +RUP RQDV
JOXFR
FRUWL
FRLH
GV
&RPDPL[HGHPDWRVR ',$%(7(6
0(//,786
<
6Ë1'520(
0(7$%Ï/,&2
+LSHUWLURLGLVPR $VSHFWRV
JHQHUDOHV
LQFLGHQFLD
\
SUHYDOHQFLD
(WLRORJtD
\
SDWR
JHQLD 3UXHEDV
GH
GLDJQyVWLFR
\
WUDWDPLHQWR
0DQLIHVWDFLRQHV FOtQLFDV 3UXHEDVGH
VDQJU
H
(QIHUPHGDG
*UD
YHVGH 3UXHEDV
GHRULQD
7RUP
H
QWD
WLURLG
HD &ODVLILFDFLyQ
\
ILVLRSDWRORJtD
$/7(5$&,21(6
'(/$
)81&,Ï1
'(
/$&257(=$
6835$55(1$/ 3UH
GLDEHWH
V
&RQWURO
GHOD
IXQFLyQOD
FRUWH]DVXSUDUUHQDO
GH 'LDEH
WHV
PHOOLWX
V
GH
WLS
R
O
%LR
VLQWH
VL
V
W
UDQV
SRUW
H
\PHWDEROL
V
PR 'LDEH
WHV
PHOOLWX
V
GH
WLSR
\
VtQGURP
H
PHWDE
yOL
F
R
$QGU
yJHQRV
VXSUDUU
H
QDOHV 'LDEH
WHV
JHV
WDF
LRQDO
0LQH
UD
OR
FR
UFR
WLLHV
G 'L
DE H
WHV
GHELGDD
RWUD
V
FDX
VDV
*OX
FRFRUWL
FRLHV
G 0DQLIHVWDFLRQHV
FOtQLFDV
GH
OD
GLDEHWHV
PHOOLWXV
6XS
UHVL
yQ
IDUPDFRO
yJL
FDGH
OD
IXQ
F L
yQ
V
XSU
DUU
H
QDO 7UDWDPLHQWR
3UX
HED
VG
H
OD
IXQ
FL
yQ
V
XSUDUU
HQDO &203/,&$&,21(6
'(
/$
',$%(7(60(//,786
+LSHUSODVLD
VXSUDUUHQDO
FRQJpQLWD &RPSOLFDFLRQHV
DJXGDV
GH
OD
GLDEHWHV
,QVXILFLHQFLD
VXSUDUUHQDO &HWRDFLG
RVLV
GLDE
pWL
F
D
(V WDGR
KLSH UJOXFpPL
&DStWXOR
FR
$OWHUDFLRQHV
GH
KLSHURVPROD U
O
FRQW
UR
O
HQGR
FUL
QR
GHO
FUHFLPLHQWR
HO
PHWDER
OL
VP
WXPRU
\
SUR
R
GX FWRUGH
KRUPR QD
$OJXQ RV
WXPRUHV
WLH
QHQ
OD
FDSD
FLGDGGH
+LSRJOXFHP L
D SURGX
FLU
KRUPR QDV
TX HJH
Q H
UDOPH QW
HQRV
RQVHFUHWDG
DV
SRU HO
WHM
LGR
&RPSOLFDFLRQHV GHOD
GLDEHWHV
UHODFLRQDGDV
FRQ
ORV
PHFDQLVPRV HQGRQGH
VHXELFD
HO
WXPRUSURGXFFLyQGH
KRUPRQD V
HFW
y SLFDV3RU
FRQWUDUUHJXODWRULRV HM
HPS O
R
FL
HUWRVW
XP RUHV
EURQ FRJpQFRV\
L RWU RVW
X PRUHV
F DQFURHVRV
(IHFWR6RPR J\L SURGX
FHQKRUP RQDDQWLG
LXUpWL
FDRYDVRSUHVLQD
$'+ DQWLG L
X UHWLF
)H QyPH QRGHODOED KRUPRQHV
\
FR UFWL
RWURSLQ
D$&7+ DGU
HQRFRUWLF
RWURSLF
KRQQ RQH\U"
&RPSOLFDFLRQHV FUyQLFDV
GHOD
GLDEHWHV
PHOOLWXV /DV
GLVIXQFL
yQ HQGR
F ULQD
SRUU
HVLVWH
QFLDKRUPRQDO
SX HGH
DWUL
&RPS OL
FDFL RQHVPLFURYDVFXODU
HV EXLU
VH
D
GH IHFWRV
HQORV
U
HFH SWRUHV
GHODV
FpOXOD
V
GLDQD(VS RVLEOH
&R PS OLFDF
L RQHVPDF U
RY DVFXODU
HV TXHHV
WR
V
UHFH SW
R U
HVKRUPRQDOHVHVW
pQDXVQ H
WHVR
TXHH
O
H QODFHTX H
ÒOFHUDV HOHQGLDEpWLFR
SLH VH
SURGXF
HFRQODV
K R UPRQDVVHD
GHIHFWXRVR
(O
VtQGURP HGH/DUR Q
,QIHFFLRQHV HV
XQ WLSR
G H
H QDQL
VPR RFDVLRQDGRSR UDQRP
D OtD
V
HQO
RV UHFHSWR
UHV
GH
OD
*+ GHORVWHM
LG
RV GL
DQD2WURPHF DQLV
PR TXHVHDVR F L
D
FRQ UHV
OD
L
VWHQFL
DKR UPRQ DO
FRQVLVWH
HQXQDUHV
SX HWV
D
LQWUD FHOXODU
(O
VLV
WHPD HQGRF U
LQRLQWHUYLH
QH
HQW
RGR VORV
DVSHFWRV
GHO
IQ X
F L
R
GHILFLHQWH HVWLPXODFLy
DQWH
QGHO
DK RUPRQD
OD (VWD DOWHUDFLyQHQ
QDPLHQWRFRUSRUDO
LQFOX\HQGRHO
FUHFLPL HQWR
\HOGH
VDUUROOR
HO
OD
UHV
SXHVWD
FHOXODUVH
REVHUY DHQ KLSHUSOD
ODVL
DVXSUDUUHQ DO
FR Q
PHWDER OL
VPR H
QHU Jp WFL
R
OD
G L
VWUL
EXFLyQGHP ~VFXO
R\WHMLGR
DGL
JpQLWD
+6&
DOWHUDFLyQ
HQ TXOD
HO
D JO
iQGXODV
XSUDUUH QDOUH
FLEH
SRVR
HO
GHVDUUROO R
VH[XDO
HOHTXL
OLE
ULRKLGURHO
HFWUROtWLF
R
OD
LQIO
D
OD
HVWLUQ
XODFLyQGHOD$& 7+SHUR SXHG
QR
HUHV
S RQGHUG HIRUPD
PD FL
yQ\OD
U HV
S XHVWDLQ
PX QLWDULD
(VWH FDS
tWXOR
VHFHQWUD
HQODV
DO
WHUDFL
RQH VGHODIXQFLyQKLSRIL
VDU
LD GHO
FUHF
LPLHQWR\OD
K RU DGHF
X D
GDGHELGR XQD
GHIHFWR
HQO
DVYtDV
LQWUD
FHOXO
DUHV
G HQ W
URGH OD
FRUH]
WDVXSUDUUH
QDOSDUD
O
D SURGXFFL
y QGH
FRUVRWL
O
"
PR QDGHO
FUHF L
PLH QWR
R V
RP DWRWURSL
QD *+JURZWKKRUPRQ H\
\
GH O
DIXQFLyQ GHO
D JO
iQG XD
OWLUR
L
GHV \OD
FRUWH]DV
XSUDUUHQDO
7DPEL pQDERUGD DIHFFLRQHVF
DGDYH]PiV SUHYDOHQWHV
FRPR D $OWHUDFLRQHV SULPDULDV
O
GL
DEHWHV
PH OO
LWXVH O
\Vt
QG UR
PH PHWDEyOLFR \WHUFLDULDV
/DVDOWHUD
FLRQHV HQGRFULQDV SXHGHQ FODVLILFDU
VH
H QDIHFF
LRQHVSUL
PDULD V
VH
FXQGDULD V
\
WHUFLD UL
D V
DSDUWLU
GHODV
XFHV L
y Q
G H
UHVSXHWV
DV
$63(&726 *(1(5$/(6 KRUPRQDOHVTXH VR Q
UHJX ODGDVSRUHO HM
HKLS RWDOiPLFR KLS
RILV
DULR
'( /$6 $/7(5$&,21(6 '( JOiQGX O
DHQGRFUL QD
GLDQ D/DV DOWHUDFLRQHV
SULPDU LDV
GHOD
IXQFLyQ
/$ )81&,Ï1 (1'2&5,1$HQGR F ULQD
VH
RULJ LQDQHQ ODJOiQGXOD GLDQDTXHHV
UHV SRQVDEO
HGH
SURGXFL U
OD
KRUP RQD3R U HMHPS O
RO
DWLURLGHFWRPtDWRWDO SURGX
XQD GHILFLHQFLD
SU L
PD UL
D G HKRUPR QDVWLURLGHDV
/D HQIHUPHGDG
'HVSX pVGHWHUPLQDUHV
WD VHFFLyQ FDStWX
GHO
O
RHO
OHFWRU
VHUi
FDSD]GH
FXPSOLUFRQOR
VVLJXLHQW HVREMHWL
YRV GH$GGL VRQHVRWURHMHPS ORGHDOWHUDF
LyQH QGRFULQD
SULP DUL
D(Q
HVW
HSDGH FLPLHQWRO
DFRUH] WD
V XSUDUUHQDO
SU HVHQWD
GDxR V
SRUPHFD
'HVFULEL
UORV
PHFD QLV
PRV GH
OD KLSR IXQFLyQ\O
DKLSHUIXQFL
yQ QLVPRV DXW
RLQUQXQ LUL
WDRV ORTX HFD
XVDXQD GLVPLQXFLyQHQSUROD
HQGRFUQLD
DVt
FR PRGHOD
UHVLV
WH QF LD
KRUPR QDO GXFFL
y QGHKRUP RQDV
VXSUDUUH QRFRUWLFD
OHV3
'LVWLQ
J XLU
HQWU
HDOW
HUDFLRQHVH
Q GRFUL QDV
SU LPDUL
DV
VHFXQGDUL
DV (Q O
DVDOWHUDF L
RQHV VHFX QG DULDV
GH O
DIXQFLyQH QGRFUL
QD
OD
\W
HUFLDUL
DV JOi
QGXO DGLD
QD H QHVHQ FLD HV QR U
PD O
6LQ HPED UJRQRSURGXFH
ODV
FR QFHQWUD
FLRQ HVDGHX F DGDVG HKRUPRQD SRUTX H
QR U
HF LE
HXQD
+LSRIXQFLyQ KLSHUIXQFLyQ HVWLPX O
DFLyQ
VXILFLHQWHSRU SDUWHGHOD
JO
iQ GXODKLSyIL
V /D
LV IXHQWH
UHDO
G HOD
GLVIX
Q FLy Q
VH
H QF XHQ WUDD
QL
YHOGHHVWD
J OiQGXOD
8QHMHP
\ UHVLVWHQFLD KRUPRQDO SOR
GH DOWHUDFLyQ
H QGRFULQD VHFXQGDULD DGHQR PDKLSR
HV
ILVDU
LR
HO
/DVDOWHUD
FLRQHV
G H
OD
IXQFLyQHQGRF U LQDJH
Q HUDOPHQWH
SXHGHQ
DWUL TXHVHFUHWDXQD
PD\RU FDQ W LGDGGHKRUP RQDVKLSRILVD
ULDV\
H V
WLPXOD
EXLUVH
D
XQDKLSRIXQFLyQ
RKLSHUIXQ FL yQ
GHXQ DJOi
QGX OD
HQGR FULQD HQH
[FHV RD
ODV
J OiQGX O
DV H QGRF ULQ
D V
GL
DQD
FRP RODV
VXSUDUUHQDO
HV
RD U
HV
OD LV
WHQFLD
KRUPR Q DO
SRUSD UW
HGH O
DVFp OXO
DV
GLD
QD([LV
WHQ \ OD
WLURLGHV
OD
VQ t
WHV
LVKR U
PRQ DO
/D JOiQGXODSX HGH
VH UGH
VWUXLGD
SRUXQ D
LQWHUU
XSFLyQHQ
H O
VXPLQL V
WURVDQJ XtQ HRL
QIH FFL
yQ
LQIO
DPDF L
yQ
UHV
SX HWV
DV D
XWRLQPXQLWDULDVRF UHF LPLHQWR QHRSOiV
L
FR &RQ HO a ,
HQYHMHFLPL
H QWR
SXH GH
VREUHYH QL
UXQ GHFOL
YH HQ
VXIXQ
FL
yQ R
SXHGH
SUHVHQW
DUVHO
DDWURIL
D
GHOD
JOiQGX OD
HQGRF ULQDGHELGR
D
DOJ~QWUD/DV DOWHUD
FLRQ HVHQGR F ULQ
D V
VXHOHQSUR GXFLU
VHGHELGRD
OD
KLSR
WDPLHQWR
IDUPD F
RO yJL
FR SRU
RRWUD V
UD ]RQHVTXHVH
GHVF
RQR FHQ
/D IXQFLyQR
KLSH U
IXQ FL
yQ GHXQ DJOiQGXO
DHQGRU FLQD
RSRUOD
UHVL
V
JOiQGXO
DSXHG H
SURGXFLU
KRUPRQD V
ELR OyJLFDPHQWH
LQDFW
LYDVR
ORV WH
Q FLD
GH
ODVFpOXODV
G L
D Q DD
DOJXQDKRUP R QD
3XHG HQ
FO
DV LIL
FD U
VH
DQWLF
XHUSRVFLU
FXODQWHV
SX HGHQGHV W
UXLU XQDKRUPRQDDFWLYD
D QWHV F RPR DOW
HUD FLRQ H
VSUL PD ULDVG H
ELGDVDODGLVIXQFLyQGHXQD
GH
T XH
SX HGD
HMHUFHU
VX
DFF L
yQ
HVWL
PXODF
L
yQR
V
XSU
HV
Ly
QKR
UPRQDO
$O
JXQRV
PpWR
GRV
GLD
JQy
V
WL
+,3Ï),6,6 < $/7(5$&,21(6
FRV
D
GLFLR
QDO
HV
L
QFOX\
HQ
OD
SUXHED
QiPLFD
GLODIGH
XQ
FL
yQ
GHO
HM
H
'(/ &5(&,0,(172 KL
SRWD
O
iPLFR
KLS
R
ILVDUL
RV
X
SUDUUHQD
O++6
DV
tF
R PROD SUXHED
GH
WRO
HUDQ
F
LDD
O
DLV
QXO
L
QD HWL
V
PXO
DFL
yQ
FRQ
JOXF
DJyQ\
HV
WLPXOD
'HV
SX
pV
GH
W
HUPLQD
U
HWD
V VHFFLy
QG
HO
FDSt
WX
OR
HO
O
HFW
RU
V
HUi F
LyQ
UiSLGD
FR
QF
RUW
L
FRWRU
SLQ
D
R
SUX
H
ED
GH
6\QDFW
KHQ
F
DSD
]
GH
F
XPS
OLU
FR
Q ORV
VLJ
XL
HQW
HV
EM
HR
WL
YRV
'HVFULELUWDQW
RO
DHWL
RORJ
tDFRPR
ODV
F
DUDFW
HUtVW
L
FDVFOt
QLFDV
GO 7XPRUHV KLSRILVDULRV
H
KL
SRS LWXL
WDULV
PR /RV WXPRUHV
KL
SRIL
VD
UL
RVSXHGHQFO
DV
LILFDU
V
H H
QSU
LPD
UL
RVVH F
\
XQ
$Q D
OL
]D UORVHIH
F WR
VTXHSURGX
FHOD
LQV
XIL
FLHQFL
D GH
K RUP
RQD GDULR
V
S
HM
OH
VLRQ
HV
PH WD
VW
iVLFD
V7DPELp
QVH
SXHGHQGL
IH
GHO
FU HF
LPL HQWR
UHQFLDU
HQWXPRUH
VIXQ
F
LRQD
OHV \QRIXQFLR
QDOH
V
HVGH
FLU
TXH
(QFRQWUDUOD
UH
ODFLyQH
QWU
HO
DV
IXQ
F
LRQHV
GHO
D*+\
ODV
PDQLIHVWD
VHF
U
HWDQ
KRUPRQDVKLSRIL
VDULD
VRQRU
HVSHF
WL
YDPHQWH WDPDx
R
6X
FL
RQHV GH
DFURPHJ DO
L
DL Q
H
V
XILFLHQF
LD GH *+LQL
FL
RH
GH
Q
HODGXOWR
SXHGH
YDULD
U
GHVGH
OH
VLRQH
VSHTXHxDVTX
HQR
SURGX
FHQXQ
FU
HFL
PL HQWR GHO
DJ O
iQGX OD
PLFURD GHQRPDV PP KD
V WD WXPRUHV
/D
KLS
yIL
V
LV
R
SLWX
L
WDULD
HV
XQ
DJ
OiQG
XO
DGH
OWDPDxR
GH
XQ
FKtFKD
UR
JUD QGHVH[SDQ V
LYRV PDFURDGHQRPDV ! PP TXH HUR
VLRQDQ
RJXLVD
QW
H TXH VHORFDOL
]D H QOD EVDH GHOFHU
HEURXQD GHSUHVLyQ
ODVLOODWX
UFD HLFQ
LGHQHQODVHWUX
VF WX UDVFUDQ HDO
HVFL
U FXQGDQWH
V
FRQIUP
RD GHVL
OO
D GH PR QWDUGH OKX HRVHVIHQRLGH
V OO
D PDGD VLOOD
6XH O
H Q HQFRQWUDUVH W
XPRU HVSHTXHxRV H QH O GHOV
DDXWRS
WXU
FD8Q WDOOR
FR H
Q IUPRD GH HPEXGR H L
OQMXQGWX EOR
FRQHFWD
VLDVGHODVSHUVRQDV D
GXOWD
V
/R VGHWLSREHQLJQR VRQORV
WXPRUHV
O
DKLSyIL
VL
VFR Q KLS
HORWi O
DP R /DJOiQGXOD KLSyIL
V
LV VHGLYLG
H XQ
KLSR IL
VDU
LRV PiV U
H SUHV
HQWDWL
YRV GHOOyEXOR D
QWHUL
RU F DPEL
(Q R
GRV
VHFFLRQHVXQ O
y EXOR SR VWHUL
RU TXH HV
H O
FPRSR QHQWH QH PD @
ORVFDUFLQRPDV GHOD
KLSyIL
VLVVRQ
WXP RU
HV PH QRVIUHFXHQW
HV/RV
QHXU RKLS
yIL
V
LV
\ XQR JODQGXODU DQWHUL RUD
GHQRKLSyIL
VL
VMW
DGH QRPDV IXQFL
RQDO HVSXHGHQVXEGLYLGLUVHGH DFXHUG
R FRQH
OWLS
R
(O
OyEXO
R DQW H
U LRUGH ODKLSyIL
VLVSU RGXFH$&7 + KRUPR QD
FHOXODU\ODKRUPRQ DVHFUH
WDGDWDEOD
HVWLPXOD
QWHGHO
D WURLG
L HV R WU
L
R WURSLQD 76+W\UR
KL G VWLPXODW L
QJ
KRUP RQHV
*+ K RUPR Q D
VJ RQDGRW Uy SL
FDV IROL
FXORHV W
LPXOD
QW H
>)6+IR
OOLF
OHVWLPXODWLQJ KR UP RQHV \OXW
HLQL
]DQWH>/ +OXWHL
QL]LQJ +LSRSLWXLWDULVPR
KRUP RQH@
\
SUROD FW
LQD &X DWUR GHH
V WDV$&7+ 76 +/+ \)6 +
(OKLS R
SLWXLWDUL
VPR VH
FDUDFWHUL
]DSRUXQDG
LVPL QXFL
yQ H
QO
DVHF
UH
FRQW
URODQ HFUH
F L
OD
yQ KRUV
PR QDORWUD GH
VJOiQGXO
DV HQGRF UL
QDV FLyQ GHKRUP RQDV KLSRILV
DU
LDV\VHDVRF L
D FRQ PD \R
XQD
U PRUEL
/D$&7+
FRQUROD
W ODO
LEHUD
F
LyQGH
FRUWL
V
ROSRU
SDUW
H
GH
OD
JOiQ OL
GDG\PR UWDOL
GDG/DFDXVDSXHGH HUFR
VQ JpQ LW
D UR
HVXOWDGRGH
GX
OD
VXS
UDUUH
QD
O DOJXQDD
Q RPDOtDDGTXLUL
GD
FXDGUR
/D
76+
UHJXO
DO
DV
HFUHFLy
Q
GHKRUPR
QD
WR LU
LGHD
SR
UOD
JO
iQ GXO
D 3RUORJQHH
UDOVH
UH
TXLHUHOD
G HVWUXFFLyQ GH
O GH
OOyEXOR
WLURLG
HV DQWHU
LRUGHODKLS
yILV
LVDQW
HVGHTXH HOKSL
R S L
WXLWDULV
PR VHYXHO
YD
/D
/+FRQWUROD
ODSURG
XFF
LyQGH
KRUP
R QDVVH
[X
DOHV
SRUO
RV FO
tQLF
DP HQWH LGHY
HQWH
/DV
PDQL IHVW
DFLRQ HV FOtQ LFDVGH
HVW
DDHOW
UD
RY
DLR
UVORV
\WHVWt
F
XORV
FL
yQ HQ
JQ HHUDO
DD SU
HFHQGHIU R
PD JUDGXDO VLQ HPEDU JR
SXHGHQ
/D
)6+
UHJXOD
O
DIH
UW
LOLGDG
HQO
RV
RYD
ULR
V\O
RV
WHV
W
tFXOR
V
ā GHVDUUROODU
VHFR
PR XQD
FQRGLFL
y QDJXGD SR W
H
\Q FLD
OPHQWHPR UW
DO
3RUO
RJQ HH
UDO
ODJHQW
H TXVH
HMDGH
XQ PD O
HV WDU FU
yQLFR
FRQGHEL
OLG
DGIDW
LJDSpU
GLGDGHODSH
WLW
RGH W
H UL
RUR GH OD IQXF
LyQVH[XDOH
9DORUDFLyQ GH OD IXQFLyQ
LQW
ROHUDQ
FLD DO U /D
ItR GH
FU RW
LFRWURSL
QD LQ V
XILF LH
QFLD VXSUDUU
H
QD O
KLSRWDOiPLFR
KLSRILVDULD
(QHO
FStWX
D OR LQF
OX
VH
\HXQU
HSDVR
JHQHUDO
GH
OV
DGLIH
UHQWHV
HV
WUDW
HJLD
VGLVSRQLEO
HV SDUD
HYDO
XDUO
DIXQFLyQH
QGRFULQD
/D
YDO
RUDF
LyQGHO
HVWD
GR EDVDO
GH
OD
VKRUPR
QDVGHO
HMH
KLS
RWDO
iPLFR
KLS
RIL
VDUL
R ODV
\ FpOXO
DV GLDQDLQFOXLU
GHEH
ODPHGL
FLyQGHORV
VL
JXL
HQWHVYDORU
HV LG
H D
OPHQW
H O
DVPXHVWUD
V GHO
DERUDWRU
LRVH
GH
E H
QREWH
QHU D
QWHVGHODV
GHOD
PDxDQDGHELGR O
DVYD
DULD
FLRQ
HV
FU L
FD
GLDQDV
&RUWL
VRO
VpUL
FR
3UROD
FWL
QDVp
ULFD /DFW
yWUR
SD 3URODF
WL
QD
35/
6RPDWyWUR
SD +R UPRQDGHO
FUHFL
PLHQW
R
7LU
R[LD
Q 7 \
6+ Vp
ULF
DV
* +
7HVW
RVW
H URQ
DKRPEUH
HV
WU
yJHQRVPXM
HU /+
)6
\+Vp
UL
FRV
&RUW
LFy
WRU
SD &RUWLFRW
URSL
QD
$&7+
*+ \
IDFW
RUG H
FU
HFLPLH
QWR LQ
V
XOLQRLGH
,*)
L
QVXOLQOLN
H *RQDG D +R
yWUR
S UPRQDIOL
RF
XORHV
WLPX
JURZWEIDFWR
U7L
W D
PELp
Q FR
QRFLR
G FR
PR VRP
DWRPHGL
QD
& ODQWH
)6+KRU
PR QD
Vp
ULFRV OXWHLQ
L]D
QWH/+
2VPROD
OL
GDGXULQDULD\H
QSODV
PD 7LUWURSD+R
y UPRQ D
HWL
VPXODQWHGH
O
D
WL
URLG
HV
76+
/RV HV
WXG
L
RV GHLP
DJHQS
HM
U
HVRQDQF
LD
PDJQpWL
FD>50@G
HO
KLS
R WiODP
R
KLSyIL
V
LVVRORGHEHQ
UHDO
L
]DUV
HFXDQ
GRHVW
pQ
LQG
LFD
$G
DSWDGR
G H
'6WUD\HU
5XELQ -(
(
6DIILW]
6FKL
OOHU
$/
(FOV
GRV6L
VH
UHTXLH
UHL
QIRUPDFL
yQPiV GH
WDOODG
DDFH
UFD
GH
ODIQ
X 5XELQ
V
SDWKROR J\&OLQ
LF
RSDW
KRO
RJLFIRXQGDWL
RQVP
RI
HGL
FLQ
H
FL
yQ KLS
RIL
VDUL
DVH
VROL
FL
WDQSUXHE
DVFRPELQ
DGDVGHIXQ
OD
FLyQ
WK
HG
7DEO
HS
3KLO
DGHOSK
L
D3$:RO
WHUV
.OX
ZHU
FRQ
KL
SR WDOiPL
FRKLS
RIL
VDULD
ORFXD
OVH
REWL
HQH
PHGLDQW
HSUX
H
EDVGH DXW
RUL
]DFLyQ
&DStWXOR
$O
WHUDFLRQHV
HQGRF
GHO
U
LQR
FRQWURO
GHO
FUH
FL
PLHQWR \HOPHWDEROLVP
T
XHWLH
QH Q
SUREO
HPD V SDUD
UHJXDU
OVX JO
XFHPLD Q R XHV
OH
Q FU
HFHU
&8$'52 &$86$6
'(/ FRQQRUPDOLGDGDSHVDUGH
TX HV
XVFQRFHQWUDF
LRQH V GH
*+ VHDQ
+,323,78,7$5,602 DGHF
X DGDV
&XD QGROD
KRUP RQDW
LURLG
HDHVPi V
EDMD GHQRUPDO
OR
VH
UHWU
D V
D FUHF
HOLPLHQWR yVHR \ HSLIL
V
HO
DULR /
FLHUUH
RV
DQGUyJH
7XPRU HV OHV \
LRQHV F RQ HIHFWR PD VD
GH
FRPR ORV DH GQRPD V QRVFRPR O
DWHV
WRVWHUR
QD O D
\GLKLG
URW
HVWRVW
HURQD H MHU
FHQHIH
FW
R V
KLS RIL
V DULRV TXL VWHV FiQFHU PHWDVWiV LFR RWUD
\
VOH V
LRQH V DQD
Ey OL
FRVVREUHHOFU
HFLPLHQW
R SRU
PH GL
R GH XV
VD FF
LRQHVH
QOD
&LUXJtD R UDGLD FLyQ KLSRIL VD
UL D VtQW
HVL
VSURWHL
FD/DVFRQF
HQWUDFLR
QHVH[FHVLYDPH QWH D
OWD
VGH
JOX
/H VLRQH V LQILOWUDWLYDV H LQIHFFLRQHV KHPRFURPDWR VLV FRFRUWL
FRLGH
V LQ
KLEHQHOFUH
FLPLH
QWR SRV
LEOHPHQWH SRUH
OHIH
FWR
H KLSR IL
VLWL
V OLQIRFtWLFD DQWD
JRQLV
WD TXHHMH
UFHQVEU
RHOD
VFU
HHFLyQGH*+
āā
,QIDU W
R KLSRIL V DULRLQIDUWR O
D JO
i QG
GH
XO
D KLSyILVL
V GHVSXpV
GH XQD SpUGLGD VDQJUH XV WGH
DQFLDV
O GX UDQWH HO
SDUWR +RUPRQD GHO FUHFLPLHQWR
VtQG URP H GH 6KHH KD Q /D*+ W
DPE LpQ OO
D PD G DVRPDWRWURSLQD
H VXQDKRUPR
QD SROL
SH SWt
,FWXV KLSRILVDULR KHPR UU DJLD SHQWLQ
UH
D H QODKL
Sy IVLV
L GLFD GH
DPL QRiFL G RV VLQ WHWL]D GDVHFUH \W DGDFp SRU
OXODVHVSHFtIL
(QIH UPH GDGHV JH QpWLFDV GHIH FWRVFRQ Jp QLWRVUDURV GHXQ D FDV
G HO
OyEXROD QWHUL
R U GHODKLS yIL
VLV OODPDGDV VRPDWyWURSRV ([LVWH
R PiV K RUPRQDV KL
SRILVDULDV OD FUHHQFLD
JH QH UDO
GH TXHO
D*+ VH SURG XFH VREUH WR
G R GXUDQWHORV
6tQGURPH ODVLOOD
GH D XP
YDFtD
HQWRG HO YROPHQ
X G H OD
SHUtRGRV FUHF LPLH
GH
QWR RE V1R
WD
QW H VH KDGHPR VW UDGR TXH HVWR HV
VLOODW
XU FD TXH QRVH HQF XHQ WUDRFXSD GD GO HWRG
R SRU WHMLGR
LQF
RUUH FWRSXHV ODWDVD GH SURG XFF LyQ GH *+H QDG XOWR
V HVFDVLWDQ
KLSRILVDULR
DOWD
FR PR HQ ORVQLxR V/D *+ HV QHFHV DUL DSDUD HOFUHFLPLHQWR \
$OW HUDFLR QHV WXP RUHV \ OHVLRQHV KLSRW DOiPL FVR FR Q
FRQWULEX\H DODUHJX ODFLyQGH ODVIXQF LRQH V PHWDE y OLF
DV IL
J
HIHF WRGH PD VD S
H M
F UDQH RIDU LQ
JLRPD V\ PDOLJ QLG DGHV
(VWL
PXO D WRGR V O
RVD VS HFWRV G HOFU HF LPL H QWRGHOF DUWtODJR 8Q R GH
PHWD V
WiV L
FD V UDGLDFLyQ KLSR W
DOiPLFDOHVLRQH V L
QILOWUDWL
YD V
VXVHIHF W
RVPiV HYLGH QHV
WH V REU
V H H OFUHF LPLHQWR OLQHDOGH O
KX HVR
S
H M
DUFRLGR
VV L
VWUDXPDWL V
PR V HLQIHF FLR QH
V
VHFXQGDULR D VX DFF L
yQVR EUH O
DV SODF DV GHFUHFLP L
HQWR HSLILV
DU L
R
GHO
R VKXHVR V ODUJRV (OJUR VR U yVH R DXP HQWDGH EL GR D XQPD \ RU
FUH
FLP L
HQWR S H UL
yVWL
FR /RV y U
JD QR V YL
V FHUDO
HV H Q\
G RFUQ L
RV HO
VHFXQG DULD HVODGH IL
FLHQFLD HQ GRF ULQD PiV JUDYH
\ FR QGXFH G D HV
HEL TXHOHWR HO P~VF
\XO R FDUGtDFR OD SL HO
\ HO
WH
MLGRFR QMXQWLYR H[S H
O
LGDGQ iX VHD VDQR UH[LDILHE UHKLS HRWHQVL yQ RU WRV
WiWLFD ULPHQWDQP XQ
D\RUFUHF LPL HQWR HQ U HVSXHV WDO D
D
*+
+LSRWiODPR
/yEXO
R
DQW
HUL
RU
GHOD
KL
SyI
LVLV
$FFLRQ
HVGH
SURP
RFLy
Q (IH
FWRVGH
L
QK LELFLy
Q
GH
O
FUHFLPLHQW
R GHOD
LQVX
OL
QD
+RUPRQD
GHOFUHFLPLHQWR
0HWDEROLVPRGH
$XPHQWRHQOD
VtQW
HV
LV
SURWHLFD KLGUDWRV
GH
FDU
ERQR
,QF
UHPHQWR
GH
OD
OL
SyO 0HQR
LVLV U
FRQVXPR
0D\RU
FRQVXPR
GHi
FLGRVGH
J£FRVD
JUDVRV
OL
EUHV
$XP HQWRG
HO ,QFUH
PHQW
R$X
PHQW
RGHOD
£ )LJXU D 3URPRFLyQGH
O
3pUGLG
D
GH $XPH
QWR FUHF LP
LHQWRHLQKLELFLyQ
OD
LQVX
FUH
FL PLHQWR GHO
WDPD
xR PDVD
PXVFXODU
W
HML GH
OD
GRDGLSRVRJOXF
HPL
D OLQD
GHOD
*+*)
,
IDFWRUGHFU
OLQHDO\OD I
XQFLy
Q PDJUD
FLPLHQWR
LQVX
OQRLGH
L
SH M
GXUD QWHODV WDSD HV
GH O
VXHxR \
/D VHFUHFLyQ GH*+ (VWDWXUD EDMD HQ QLxRV
HVHWLVPXO D GD SR UO
D KLSRJOX FH
PL DH O
D\XQ RODL
QDQL
F LyQ\
6H FO
DV
RQV LGHUD TXH XQ DHVWD
WX U DR W
D OOD H V EDM DFXD QGR H VH
QFXH QWUD
F
RQFH QWUDFLRQHV V
DQJXtQ HDVDOW
DVGH DPLQ RiFLGRV Q
HHS VHFLD
O
SRU GH
GHEDM R GH O
WH UFH USHUFHQWL OH Q OD F XU YD GHFUHF LPLH QWRHS VHU DGR
DU
JLQLQ D\ EM D
DVGHiF LGRVJUDVRV$OJXQ DVFRQGLFLRQHV HVW
OU
RHV
D
FQ
XD OHV PH QRU DGRV GHVY LD FLRQHV HV W
i QGDU SRU DED MR
GH OUDQJR
W
HVFRPR ORV WUDXPD W
LVPR V
OD
H[FLWDFLyQHOHWV
U pVH
PRF LRQDO\
GH O H
O
DSRE O
DF LyQ SDU D O
DHGD G \ HO VH[ R /D H V
WDW XUDED MD R O
H
HM
HUF L
F L
R LQW H QVRWDPE LpQDXP HQWDQ OD+* HVWHHIHFWR WPEL
UH Dp
WUDVQ
R HQH OFUHF L
PL HQWR SXH GH GH EHUVH XQDYDUL
D HGD GGH FD XVDV
O
RFR QVLJXH ODVHFUHFLyQ GH
KRUP RQD JU HOLQ
DSRUHOHV
WyPD JR \G
H
HQG RFU LQD VLQFOXLG DV OD
GH IL
F L
HQF LD GH *+ HOKLSRWL UR LGL
VPR \HO
HV
WUyJH QR V\ W H
VWRVWH
URQ D
/D*+ VHL
QK LH
ES RU
OD V
FRQFH QWUDF LR
QHV
SD QKL SR SWLXLWDULVPR GHILFLHQF LD G H WRGDV ODV KRU PRQDV VLQ WHWL
DOW
DV GHJO XF RVDG HL G
iF
RVJ UD
VRV O
LEUHV$*/ HQOD VDQJUHH
O
]D GDV QO
DHKLSyIL V L
V(Q IHF KD V U HF LHQ W H V VHKD HQ FQRWUDGR XQD
F
RUW LV
R O\OD REHV L
GDG /D FD
QWLGDG GH*+ WDPEL pQGLVPLQX \H RQ
F
UHODFLyQ HQW UHH VWDV GHIL
F LHQFLDV KRUP RQD OH V ODV\ D OWH
UDFLRQH V HQ
HO
HQYH MHFLPL HQWR
JH QHV HV SHF tILFRV 6H VDEH GH QX PHURVD V F DXVDV JHQ pWLFDV\ HUR
PRV yPL FDV SD UDXQD HVWD W
XUD EM D D SR UH MH PS O
R ORV VtQ
GURP HV GH
7X PH U \GH 1RRQD Q O
DDFR QGURS OD VLD \ YD U LRV
WLSRV GH GLV
SO DVLDV
381726 &/$9( aa ā
aK
2WUD VD OWHUDFLRQHV TXH SXH GH Q RUL JLQDU XQ DPH
QRU H VWDW
XUD LQFOX
\H QODGHV QXWUL FLyQSURW H LFRFDO y U LFD D OJ XQ DV
DIHFF LR QHVFR PR -D
+25021$ '(/ &5(&,0,(172 HQI HUP H GDG UHQD OF UyQLFD \ O
D GL D EH WHV PH OOLWX
V PD OFQR WUR
OD GD
/DKRUPR QD GHOFUHFLPLHQWR* TXH HV SURGXOR
+ V VtQG URPHV GH PD ODEVR UF
LyQF RPR OD HQIHUP HG DGFOHtDFD \
FLGD ORV
SRU
VR PDW yWURSRV GHOOyEXOR UGDQWHULR
HOD FL
H U
WRV WUDWDPL HQW RV IDUPDFR OyJ L
FRV FR PR ORVHVWHUR LG
HVDQ WFRLQ
KL
SyILVLV QHFHV DULD
HV
SDUD HO
FUHFL
PLHQWROL QHDO
yVHR YX OV
LYRVP\ HGL FDP HQWRV SD UD H O Gp ILF LW GH DWH
QFLy Q HKL
SHUDF WL
YL
HQORV
QLxRV7DPEL pQDXP HQ W
D O
DYHORFLGDG TXH DG OD
D G/RV WUD VW
RUQ RV PRF H
LQRD OHV S XH GH Q F RQG XF LUDD OWHUD
F LRQHV
ODV
FpOX
ODVWUDQVS RUWDQ DPLQRiFLGRVW UDYpV
D GH VXV
HQGR FULQDV IXQ F LRQDO HVTXH SUR YRFD Q HQD QL VPRLFR SV VRFLDO
W DP
PHPEUD QDV FH ODXO
UHV \ODW
DVD OD
TXH
DXWLOL]DQ ORV
ELp QGH QRPLQ DGR HVWDWXUDEDMD S VL FRVRFLDO
/DH WLRORJ tD
GHODHV WD
iFLGRV
JU DVRV PLHQWUDV TX HGVLPLQ
X\H OD
YHORF
LGDG D
OD
TXHXW
LO
L]DQORV KLGUDWRV GH FDUERQR
WXU DEDM DVHUHVX P H QH
HOFXDGUR
ā
/RVHIH
FWRV GH OD
*+ VREU HHOFUHFL
PLHQWROL
QHDO 3DU DSRG HU HVW DEOHFHU XQ GL DJ Q yVWLFR DOWH UDF Ly
GH
QGO HF UHFL
GHSHQGHQGH ,*)TXH VRQ SURGXFLGRVSULQFLSDO
PL HQ WR HVL P
SR UWD QWHUHDOL] DUX QD [S O
RUD
H F L
yQ It VLFD \D QDUQQHVLV
PHQWH HOSRU
KtJD GR GH WDOO
DGD VLQFOXLG D XQ D
UHY LVLy Q GHD QWHFH GH QWHV VR EUHH O
GHVD UU ROO
R
GH OQxR
L/ D PH GLFLy Q SUHFLVDGH OD HV W DWXU D \HOSHVRHV XQD SD UWH
&DStWXOR
$OW
HU
DF
LRQHV
GHO
FRQW
UROHQG
RFUL
QR
GHOFU
HFLPL
HQWR
\
HO
PHWDE
ROLVPR
U
HF RPLHQG DUHDOL]DU XQD50 GHOiUHDKL
SRWDO
iPL FR KLSRIVD
LUL
D
&8$'52
&$86$6
'(
(67$785$
%$-$ F
XD QGR H[
LV
WH VRVSHFKD F
OtQL
FD
GH O
HVL
yQ
8QD YH]T X H VH
GH
WHU
PLQ D
OD FX
DVDGHODHWVDWX
UD
FRU
WDVHDSKD
UEDGR
R H OXVR GH
X QW
UD
9DUL
DQWHV
QRUPD O
HV W
DPLH QWR FR
PS XHVWR SR U*
+GH$'1 U
HFRPELQDQW
H SDUD DOJXQDV
(VWD
W
XUD
EDM
DJQH
pWLF
DR
IDPLOL
DU D
OWHUDFL
R QHVTXH L
QFOX\HQOD
GIHF
LL
HQFLDGH
*+ \FL
HUWRV SUREOHPDV
(V
WDW
XUD
EDM
DF
RQVWLWX
FLR
QDO JHQpWL
FRV FRPR ORVVtQGUR
PHVG H3UDG
HU
:LOOL\GH 1RR QDQOD
H
QIH UPHG DGUHQDOFUyQLFDOD\
HWV
DWXUD
FRUD
WLLR
GSiWL
FD
%DMR
SHVR
D
OQDFLPLHQWR S GH
OF
UHFLPLHQWR
HM UHWUDVR
LQWUDXWHULQR (VWDWXUD EDMD \UHWUDVR
IDPLOLDU FRQVWLWXFLRQ
(VWDVG RV
YDULD
QWHV O
D HW V
DWXUD EDMD JH QpWLFD
IDP LOL
D
U
\H OU
HWUDVRFRQVWL
$OWHUDFLRQHV HQGRFULQDV
WXFLRQDO GH
O F
U HFLPL HQW R \ O
DS XEHU
WDGQRVQ
RH QIHUPHGDGHV H Q
,QVXILFLHQF LDG H*+
Vt
V
LQR YDULDFLRQHV GH ORV F U
LW
H UL
RV SRE
ODF
LRQDOHV (VWDVDOWHUD
,Q VXILF LHQFL
DGH *+ SU L
PD ULD
FL
RQHV UHTXLHU
H Q YLJLO
DQF LD SHURQRWUDW
DPLHQWR *HQpW
LFDPH QWH
,Q VXILF LHQFL
D G H*+ LGLRSiWLFD
HVW
RV Q L
xRV GH HWV
DW XUD ED M
D WL
HQG HQDHVW
DUELHQ SUR
SRUFL
R QDGRV
$JH QHV LD KLSRIL
VDUL
D
\WH L
QHQ XQD WDOO
D FH UFD Q D DOSURP HGL
RIDPL O
LDU GHHWV
DW
X UD6X
LQV XILF LHQFL
D GH *+ VHF XQGDUDL SDQKLSRSLW
XLW
DULV
PR
HGDG yVHD F
U RQR OyJLF
\
DVR QHTXLYD
OHQW
HV /RV QL
xRVFRQ UHWU
DVR
3URG X FF LyQ G H
*+ ELROyJ L
FD PH QWH LQ
DFWL
YD
FRQVWLWX
FLRQD
O G HOFUHF LP LHQW RWLHQHQXQDHGDGyVHD PHQRU TXHOD
3UR GXFF LyQ G HIL
FLHQWH GH,*) HQUHVSXHWV
D DX
QD*+
FURQR O
yJ L
FD V
LQ HL YHGQ F LD G HRW
UDVFDXVDV
TX HS H[
OLTX
HQ O
DG L
VPL
QRUPD OR HOH
YD GD HQDQLV
PR GH WL
SR/DUR Q
QXF L
y QGHO
F UHFLPLH QWR ā
+LSRW LUR L
GLVPR
'LD EH WHV PH OO
LWX
V PD OFRQW UR
ODGD
(QDQLVPR SVLFRVRFLDO SVLFRVRFLDOHVWDWXUD
(VWH WL
SR GH
([FHV R GH JO
XFRF RUWL
FR LHV
G
HQDQLVPRLPS OL
FDXQ KL
S RSLW
XLWD
ULVPR IQXFLRQDO\ VH REVH UYD HQ
(QGy JQ HRV V
tQGURP HGH &X VKLQ
J
DO
J XQRVQLxRVFR Q
FU DHQFLDVHPR FLRQDOHV 6H W
UDW
D GH QL
xRV TXH
([y JQ H RVWUD
W D
PL HQWR J OX
F RFRUWLFRLGH
JHQHUDOPHQWHSU HVHQWDQ XQ FU
HF LPLHQWRGH IFLH
LQWH FR Q YLH
QWUH
$QR PD O
tD VGH OPH WD
ER OVP
LRPLQ HUDOS
HM
DEXOWD
G RK i
ELW
RV D
OLPH QW
LFL
RV GH IL
FLHQWHV3 RU
ORJH QHUD OFXHQ
VHXG RKLS R SDUDWLURL
GLVPR
W
D QFQ R
D QWHFH
GHQWHV U H
GH
ODF
LRQHV IPLOL
DD U HV GL
VIXQF LRQDOHV HQ
'HVQXWULFLyQ\
HQIHUPHGDGHV FUyQLFDV O
DV TXHHOQLx
RKDVLGR JUDYHPH QWH GHVFXLG
D GR RGLVFLSOLQDG R $
(QIHUPHGDG RU
JiQFD
L R V
LV
WpPL
FD F
UyQL
FDS
H
M
D
V PD
HQ PH QXG RO
DQHJO
LJHQ
F LD OL VH
PLWDXQ D VR
OR QxR
LH Q-D IDP LO
LD(Q
HV
SHFLDOFXDQGR WVH
UDW
DFRQJ
OXF
RFRUW
LFR
LGHVFD
UGLRSDWtD JHQH UDO
-DIXQFL
yQGHOD*+ YXHOY H-DD
QRUP DO
LGDGXQ DY H ]TXHHO
R
HQIHUPHGDG U
HQDO Q
LxRHVU
H W
LUDG
RGO H
DP ELH
QWH UHVW
ULFWLYR(OSUR QyVW
LFR GHS HQGH GH
'HIL
FL
HQFLDQX W
ULF
LRQDO O
DPH MRU
tDFRQGXFW
XDO\ GHO
DDFHOHUDF L
y QGH O
FUHFLPL H
Q WR
6tQ
GURPH GH
PDODEVRU
FLyQ S
HM
HVS
U~HFH
OtD
FR
$OWHUDFLRQHV
IXQFLRQD
HQGRFULQDV
O
HV HQDQLVPR ,QVXILFLHQFLD GH OD KRUPR
SVLFRVRFLD
O HQ QLxRV
([ LV
WHQ YD ULD
V IRUP DVGHLQVXIL
FLHQFLDG H O
D*+ H QO
D Qx LH]/RV
$O
WHUDFLR
QHV
FURPRVyPLFDV
S
HM
V
tQGU
RPH7X
GH
UQHU
QLxR VFQ RHV
W DDOWHUD FL
y QVXHOH
Q SUHVH QWDUKDOOD]JRV ItVLFRV FR PR
$QRPDOtDV HVTXH OpWLFDV DFRQGURS
S O
DVLD
HM EDMD HVW
D WXUDHQDQ LVPR KLSRIL
VDULR DXP HQWR GH O
D JUDVD V X EF X
Wi
QHD HQ OD]QRD DEG RPLQDOUDVJRV IDF L
D O
HV LQ PDG XURV FRQ S UR
PLQ HQFLD IURQWDO
U HWUDVRGH O
D G HQWLFLyQ \ S XHQWH Q DVD OSR FR
GHV DUUROO
DG R 6HKD Q LGHQWL
IL
FDGR YDULDV PXWDF LRQHV JH Qp WL
FDV HQ
L
PS RUWDQWH GH
ODH[SORUDFLyQ ItV
LFD GHO
QLxRTXH LQFOX
\H XQDFXL H OJHQT
X HFG RILFD
L SD UDOD
*+ 6LQH PE DUJR DOJX QRV QLxRV SU HVH Q
GDGRVD HYDO
XDFL
y Q\ VHJ XLPLHQWR U
HVSHFWRD O
DV F XUYDV F GH
UHF L W
D Q XQDLQ V
XILFLH
Q FL
D LGL
R SiWLFDGH*+ HQODTXH QR VHH QFXH QWUD
PLHQWR(OGLDJ
Q yVWL
FR GHXQDHVWDWXUDEDMD
QR VH KDFH FR QXQDVRO D QL
QJ XQD PXW DFLyQ FR QRFLDG/DLQVXILFLHQFLDGH *+ HQOD LIDQF
Q LD
PHG L
GD VL
QR TX HVH
E DVDH
Q FXDQ W
LILFDF
L
RQHV VHF XHQFL
D OHV GH OD W
DPELp Q SXHGHS UHVHQWDUVHFPRR UHVXOWDG RG H
W XP RUHVKLSR IVD
LU LRV
W
D OO
D
YHORFLDGGG HFU
HF LPLH
QWR HV \WD
WXUD
G HORVS DGU HV
&X D
Q GR O
DFD XVDGH ODEDMDHVWD
WXUD VHDWULEX\H DX QDL
Q VXILFLH Q F LD
/R VSURFH
G LPLHQW
RV GLD
J QyVWL
FR V GH
OD HV
WD WX UD EDMDH QQxR
LV GH *+ ODWHUDSL
D G H U
HH PSOD]R KRUPR QDO PH GLDQWH W
HF QR ORJtD GH
L
QFOX\H Q SUX
HEDV SDUD
G HVFDUW
D UFDXVDVQRHQG RU FLQDV$O J XQDV GH $'1 UHFR PELQ D
QW H H HV
OW
UDWDPLHQ W
R GH HOHFFLy Q/D *+ VH DG PL
HVWDV
SUXH EDV
TX HGHWHFWDQDOW
H UD
F L
RQH VTXHSX HGH Q FXDVDU HVWDWXU D QLVWUDPH GLD QW
H L\HFF
Q L yQ VXEF
XW iQHD GLDULDGXUDQ WH S HO
HUtRGR GH
EDMD
LQFOX\HQKH PR JUDPD QDHPL D
SUXHEDVPH WD E y OL
FDV FR PSO H
WDV F UHF LPLHQW RDFWL
Y R\SX H GHSUR
OR QJDUVH K
DV W
DO DH GDGDG X OWD
ā ā
H QIH
UPH G DGUHQDO\KH SiWL
FDSURWHtQD&UHDFWL YDY HORF
\ LGDG GH (Q XQ DDIHFF
L y QUDUD
OODPD GDVtQGURPHGH /DURQ R HQDQLVPR
VHGL
PH QWDFLyQ J O
REXOD
U QI
HHUPH GD GLQIO
DPD WRULD L
QWHVWLQDO) 6+ G H /DURQ
HOSUREOH PD IL
V
LRSDWROyJLFR O
DU HVHV
LVW
H QFLD KR UP R Q D O
\
FD UL
RWLSRVtQ
GURP HG H
7XUQH U\RWUDV
DQRPD Ot
DV FUR
PR Vy PLFDV GHELG RD DOW
HUDFL
R Q HV HQO
RV U
H FHSWR UHV GH *+ /DV FR Q FH Q WU D
,
*) G HIL
FL
HQFLD GH*+
76+ \WL
UR[LQDOLEUH KLSRWLURLGLVPR FL
R QHVGH O
D*+ VR Q QRUPD OHV DOWDV
R6L Q HPE D U
J RODV FLIUDV GH
W
UD QVJO
XWDPLQDVDWL VXO
D U HLPQXQ RJOREXOLQD OJ H $Q IH UPHGDG ,* )VH
PD Q WL
HQHQ EDMDV(OVtQGUR PH GH/DURQ VHSX H GH W UD WDU
FHOtD
FD\ DQiOL
VLVGHR UL
QD
H QIHUPHG DGUHQDO /D S UXH ED SDUDPH GL
DQWH HOUHHPS OD] R GHO
,*) /D WUDQVPL V
Ly Q GHOVQ tGURP H GH
,*)%3
W
DP EL
p Q SXH
GH VHU~WL
OSU DD
GHWHFWD
U O
D G H IL
FLH
Q F L
D G
H*+ /D URQ VH SURGXFHWUD D
YpVGHXQ DKH UH QFLDDW XRVyPLFD UHFHV LYD
\DO
JXQ DVHQIHUP HGD
GHV FUyQLFDV 6XHO
HQH PS O HD UVHUD GLRJ UDItDV HQ O
DFXD OVHKDQLG HQWLILFD
G RPiV G H PX WDF LRQHV GLIH UH QWHV GH
SDUDYDORUDUO
DH GDGyVHDTXHSRU
O RJQHHUDOPXHV WUD
UH WUDVR 6H U HFH SWRU
HV G H*+
81,'$' $OWHUDF
;,,L
RQHV
ODIXQFLyQ
GH HQGRF
U
LQD
(QOD
WDEOD VH GH V
FULEH Q D OJXQDV GLIH UHQFLDVHQWU HODLQV XILFLHQ
FLD
GH*+ TXH LQLFL
D H Q
ODLQ ID QF LD\ ODTX HDSDU
HFH HQ OD
H GD GDGXOWD ([FHVR GH KRUPRQD GHO FUHF
(OGLDJ QyVWLFR O
D LV QX
GH
ILF LHQF LD GH*+ HQ ORVDGX OW
RV VH HQ QLxRV
UHDOL
]DDO
HQF RQWUD UXQ DU
HV SX HVWDSRUDE DMR
GH OR
Q R UP DOD O
JHQH UDU/D SURG XFF L yQ H[FHVLYD GH*+DQ WHV GH OD SX E HUWDG\ GHODIX V LyQ
HVW
tPXOR VTXH LQFLWDQ SUR GX OD
FF LyQ GH *+ /DV F RQFHQWUDFLR QH V GH ODV HStIL
V LV GHORVKXH VRV ODUJR V SURGXFH JLJDQ WLVPR KL SR I VD
L
EDMDV
GH,*) FR QF LIUDV ED MD VG HWUHV RPiVKRUP RQD VKLSRILVDU LDV ULR
(Q H VWD H QI H
UP H GD G WRGR V O
R V WH ML
GR V
GHOFX HUSR FUHFHQ F RQ
LQGL
FD QLQVXIL
FLHQFLD *+/D SUXHE
GH DGHWROHUDQFL D DOD LQ
VXOLQD UD SLG H]
LFOXLGR
Q HOWHM L
GR yVHR /D VHF UHFLy Q H[F HVLYD GH *+
R
ODSUXHED FRPE LQDGD GH *+5+ \D
U JLQLQDVHXWLOL]D QFRPR SUXH SRU D GH QRPD V VRP D WyWUR SRV RFDV LRQD J LJD QWLVPR HQ QLxRVSUHS
~
EDV
GHH V
WLPXO D FLyQ SDUDGHWHFWDU ODGHILFLH QFLDGH *+ EHUH V(O JLJDQWL V
PR X RF
UUH FXDQGR QR VH IXV L
RQDQ OD V
HStILVL V \
(OWUDWDPLHQWR GH UHH PSO D]RO D
FRQ
*+ U
HF RPELQ D QW
HH VWiO D V
FRQF HQWUD F LRQHVDOWDV GH ,*) HVW LPXOD QXQ F U
HF LPLHQWR y VH R
LQGLF
DGR SD UDORV DGX OW
RV FR QLQ V XILFLHQFLD LQI RUPDGD DVGHV
GH*+
O PH GLGR 7DPE LpQV H SU HVH QWD Q RW UDV FRPS OLFDFLRQ HV GH ELG R D
FRQFHQWUDFLRQH V VpULFDV G H O ,*) -VH XWLOL
]D Q SDUD JXLD UHOWUDWD XQD PD \RUP DVDFRUSRUD O \OD
SR V LEO
H VHF U HFLyQ HQH [FH VR
GH RWU DV
PLHQWR6H KD PRV WUDG R TXH ORV QLx RVFR QLQ
VXILFL
H QF LD *+
GH
W KR
LH UP R QDV KLS RILVDUL
DV 3RU IRUWXQD VH WUDWD XQDD IHFFL
GH
yQ UU D
D
QHQPD\ RUUL
HVJ RGH D WHURHV FO H UR VLV(O WUDWDPL HQWR FR Q* +PH MRUDJUDFLD VDVX U HFRQR FLP LH QWRWH PSUDQR HOWUDWD\
PL H QWRGH O D GH
HO
SHUILO
OLStGLFR\ UHGXFH H OHVSH VRUGH ODFDSD tQWLP D
GH ODDUWHULD QRPD
3R UO RQ JH
H UDOHO H[F HVR HQ ODSURGX FF LyQ GH *+ VH WUDWD
FDUyWLGD
H QHV WDSR EO DFLyQ /D VFR QFH QWUDFLRQ HVGH *+ WDPEL Q F
p RQ ODDGPL QL V WUD
FLyQGH IiUPDFR VFRPR RF WUHRWLGD\ SHJY L
VR PDQW
SXHGHQEDM DUFR QODH GDG GH K HF KR VHK D
G HVSHUWD GR LQWHU pV
HQO RV TX HD\XGDQ
DGL VPLQX LU O
D V
F RQFH QWUDF LRQH V GH HVWDKRUPR QD
HIHFWRV
TXH SURG XFH OD
GL V PL QXF LyQ GHOD*+ HQORV D GXOWR VPD\R
UHV
SURFH VRGHVF U
L WRFR PR VRPDWRSDX VD
(OUHH PSO D]R GH*+ HV([FHVR GH KRUPRQD GHO FUHF
REYLDP HQWH LP SRUWDQW H
SD UD H O
Q LxR HQ FU
HF L
PL HQWR 6LQ HPED U
JR HQ DGXOWRV
VH
GHE DWHVXSDS HOH Q HOD GX OWR HQ HVS HFLDOHQ O
DV R PDWR SDXVD \ &XDQGR VHS URGX FHXQH [FHV RGH *+ HQ OD HGDGDGX OWDRGHV SX pV G H
QRVH
KDORJUDGR OO
HJ DUDXQ DG
HFL VL
y Q GHFR QVH QVRā TXH ODVHS tIL
V LV GHO
RVKXH VRV ODUJR V
V HKDQ IXVL
RQD GR ODDOWHUD FL yQ
VHFR QRF HF RPR DFURPHJ DOLD/D LQFL GH QF LDDQXD OGH
DFURPH JDOL D
(VWDWXUD DOWD HQ QLxRV HV GH FDV RV SRUOPL O yQGH
O UV RQD VSH F
RQ XQ DS UHYD O
H QF LD GH
/DHVWDWXUDTX HHV PD\R U D O SH UFH QWLO SDUD HOUD QJR GHHGDG \ FDVRV SR U
PLOO
yQ
VH[RVHFRQVLGH UD XQD HV WD WXUD D OW
D H QORVQLxR V
GRV GHVY LDF
LRQ HV
HVWi
QG DUSRUH QF LP DG
H ODPH GLD SRE ODFLRQDO
&RP RVXFHG H FRQ(WL RO RJtD \ SW D
RJH QLD /DV PDQLIH VWDF LRQ HV FOtQLFD VGH ODDF UR
O
DHVWDWXUDED MD
H[ L
VW HQ DOJ XQ D V YDU L
D QWH V
QRUP DOHV HQH VWHUDQJR PHJD OLDUHV XOWD QGH O
HIH F WRTXH SU RG XFH Q ODVDOWDVFRQ FQWU
H DF LR QHV
FRP ROD
HV WDWXU DIDPLO LDU H OH YDGD DG\XQ
H O
DQWR FR QV WL
WXF LRQDOGH O GH *+ \,*)
F LUFXODQW HV VRE U HODV Fp OXOD VGH OFXH USR/DFD XVD
FUHFL
PL HQWR
2W UDVF D XVD V GH HV WDWX UD HOHYDGD VRQ ODV DOWH UDF
LRQ HV Pi V IUHFXH QW H GHDF URP HJD OLDHV XQ DH GQRPD VRP D WyWURSR VHF UH
WRUGH *+ H Q ODKLSyILV LV$O UHG H GRU GHO
GH ODVSH UVRQD VFR Q
DFURP HJDOLD WLHQHQ XQ PD FURDG H QRPD VRP DWyWURSR D O
PRP H QW R
GHOGLD JQy V
W LFR \GHOJUX SR UHV WDQW HOD PD\RUt DWLHQH Q PLFUR D GH
QRPD V
2WU D V FDXVDVGH DFURPH JD ODL VR Q WXP RUHV KLS RWDOiPL F RV
TXHS
URGXF H Q XQDVtQWHV LVH [F H VL
YD GH *+5+ VHFUHF L
yQHF WyS L
F D
GH*+5+ SRU WXP RUHV QR HQGRFUL QRV FRPR OR VWP XR UHVFD UFL
QRLG HV RH OF iQ FU
HSXOPRQDU PLF URFtWL FR R
FQ RP H QRVIUHF XH Q
FLD
OD VHFUHF LyQ GH *+ SR UWXPRU HV QR H QG RF U
LQ RV/D XQ LyQ GH O
H[FHVR GH *+ FLU
F XODQW HQ FRORV UHF H SWR UHVGH *+ HQORV KH SD
(VWDWXUDGHILQLWLYD - 1 WRFLRV
WSUR YRFD XQD U VHF
HF LyQ H[FHV LYD GH 7*) (QW RQFHV VR Q
*UD V
DFR USRUD O U L HVWDVPRO pF XO D V GH
, *) F LUFXO DQW HV TX HVH XQH Q FR QO D
V
PRO p FX
0D VDFRUS RUDOPD JUD + - O
DVU HFH SWRUD VGH,*) OH QORV WHMLGR VS
H ULIp UL
FR V O
DV TXHDFW
~DQ GH
'H QVLGDGPL QHUDOyVH D - 1 - IRUPD GLUHF WD SD UD
H V
WLPX O DUHO FUHF LP LHQW R WVX
L O
D UTX HSURGX
FH O
DV
)DF W
RUGHFU HFLPLH QWR LQVX OL + 1 - PD QLIH VWDFLRQ HV FOtQL
FDV G HODD FURPH JD OLD
QRLG H,*)
3URWHtQDGH XQLyQD ,*) -
1
/LSRSURW HtQD VGHEDMD U U 0DQLI
YHUG WL
HV
DD
WD
O
FLR
LQL F
Q
LR
HV
F
FR
OtQL
QV
FDV
tQW
3RU
RPDV
OR
TX
JH
HV
QH
HK
UD
DF
O
OD
HQ
DOW
SUH
HU
VH
DFLyQ
QWHV
S DVD
GXU DQ
LQDG
W H XQ
G HQVLGDG
/LSRSURWHtQ DVGHD OWD 1 - - SHUtR G RFRQ V LGHUDEOH DQWH VGHT X HVH UHD OLFH HO
GL DJ QyV WLFR' H E LGR
G HQVLGDG DTXH ODDFURP HJDOLDHVXQ D SURG
X FFL yQ H[FHV L
YD G H* + HQOD H G D G
DGXOWD
XQDYH] TXHVHKDQ FH UUD GR ODV HSt ILVLVGH O
RV K XHVRV O
DUJRV
1
QRUPD O
O
DS HU VRQD QR SXHGHF UHFH UPiV 6LQ HPE D U
JR ORVWH MLGRV
E O
D QG RV
FRQWLQ~D QKFDLpQGROR
(OFUHFLPL HQW
$OWHUDFLRQHV
&DStWXOR GH
R GH
ORV
O
KX
FRQW
UR
O
HQGR
HVRV
FUL
QR
GH
O
SHTXH
FUHFLPLHQWR\
xRV
HO
PHWDER
GH
OL
VP R
QHV H [ FHGH
Q
ODV
PD QR VOR \
VSLH
VD
Vt FRPR ORV KXH
GH
VRVPHP EU DQR V
RV GH
OD WHV GH OD *+ \ H O ,*) L QFO X\HQ DOW HUD FLR QHV H Q HO HWDER
P
FDUD\
H O
FUiQ HR
VHWUDG
XFHHQ XQDJUD QGDPL HQWR SUR QXQ FL
DGR GH OL
V PR GHOD V JUD VD V \GH ORV KLG UDWR V GH FDUERQ R /D *+ SRGXU FH
PD QRVSL \
HVXQD QDUL
]DQFKD \EXO ERVDQGtEX XQDPDODL
Q IHU
LRU OLSyOLVLVF RQ XQ DP D\R UOLEH UD FL y Q GH $*/ SRU SDU WHGH O
WHMLGR
SURWXEH UDQWH
\XQDIU
H QWH
REOL
FXD ILJ/RV GLHQW HV DEVH
U
HQ DGLSR VR
OR TXH GH ULYD HQ XQ DP D\ RU FRQ FH QW UDF Ly QGH HV W
RV H Q ORV
SRUO
RTX HSURGXFHQXQDPRUGLGD GI HF L
LH
QWH\ GLILFXOWD G HQ
ODPDV OtTXLG RVF R U SRUD OHV $G HPiV OD *+ FR QWULE X\H OD IR
DUP DF L
y Q GH
WL
FDFLyQ/D V
H VWUX
FWXU
DVFDUW
LO
DJ LQRV D VHQODO
D U
LQJH OD V
\
YtDVU
H V
FH WR QDV \D TXH VH XWL OLFH Q $*/ SDUD REW HQH U HQH UJtD
H QOXJD UG H
SLUDWRUL
D V
WDPEL pQVHD
JUDQGDQ OR TX HFD
XV D XDQS URIXQGL ]DFLyQ XWLOL]D USD UD HOOROR D
V KLGUD WRV GH FD UERQR \O VDSU RW H tQDV /D *+
GHO
DYR] \O
DWHQGHQFLD
DGHVDUUROODU EURQTX LWL
V/R VF DPE L
RVYH U
HMH UF HP~ OWLSO HV HIH F WR V VREU H H O PH WDEROL VPR G H O
RV KLGUDW RV GH
WHEUDOHVD
PH QXGROO
HYDQF LIR
D VLVRM RUR
D E DV&RQ H OWLHPSR
HO FD UERQR LQFOX\ H QG R XQD PH QRU FD S WDF LyQ GH JOXFRVD SRU W
H ML
GR V
FUHFLPLHQWRH [FHVL
YRO GH
KXHV
R SURG XFHDUWUDO
JLD V\ DUWULWL
VGHJH FRPR HOP~ VF XOR H VTX H O
p WLFR \ H O D GLS RV R \X Q D XPH QWR H Q OD
QHUDWL
YD GHODFROXPQD
O
D V
FD GHUDV O
DV U
R \
GLOODV3UiF WL
FDP HQWH SURGXFF LyQ GH JO XF RVD SR U HOKt JDGR \ GH O
D VHF U HF LyQ GHLQ VXOLQ D
FDGDyUJDQR GHOFXHUSR
DXPH QWD GH WDPDxR DFD UGLRPHJDOLD
/
HO &DGD XQR GH HV WRV FDP ELRV RULJLQD UH VLV WHQ FLD XQD
L
D
QVX OLOD
QD
GHVDUUROORGH KL
SHUWHQVL
yQ OD\
DWH UR HV
FOHUR VLVDFHOHUD GDS XHGHQ LQGXFLGD S RU OD *+ (V W
R OHYD
O D OD LQWROHUD QF LD OD J
D
OXFR VD T XH
GDU
OXJDU D
XQDP RUWDOLGDGPRU ELOLGD GV
\
L
JQL ILFDWLYD V]]
HVWLPXOD OD V Fp OXO DV a GH OS iQFUHDV SDUD S UR GXF L
UV XOLQD
LQ DGLFLR
QDO /D HOHYDFLyQD ODU JR SO D]RGH OD *+ FRQG XFH DOD VREUHH VWLPX
ODFL yQ GH OD V FpOX ODV a
TXH SXH GH K D FHUTX HOL
WHUDOPHQ WH HV WDV VH
DJ RH WQ
(O U HV XOWDGR QH W
R GH H VWRV FD PEL RV PH WDE y OLFR VV R QD OWH
UD FLR QHV HQ O
D UH JXO DFLy Q GH OD J O
XF RVD TXH D PH QXGR OO HY DQ DO
GHV DUU ROOR GH GLDE HW HV PH OO LWXV
$GHQRPD W a
I
aU
R /DV F RQFH QWUD F LR QHV SODVPi WLFDV GH O7*) KD Q GH PR VWUD GR
VRPDWyWURSR VH UPiV SUH GLF WLYD V TX HO
RV YD ORU HV GH *+ H Q SOD VPD H QF XDQWR DO
)DFLHV
KLSRILVDULR UL
HVJR GH GH VDUUR OODU GL DEHW HV PH OOLWX V/DV FR QFH QWUD F L
RQHV SOD V
DFURPHJiOLFD
Pi WLFDV Pi VD OWDV G H-* ) O VH KDQ DV RF LDGRQ FRXQ PD \R UULH
VJ R
GH G HVDUUR OOR GH GLDE H WHV H Q ODV SH UVRQ DV FR Q D F UR PHJD OLD 6LQ
%RFLR HPED UJRO DVFR
Q FH QWU DF LRQHV SO DVPiWLFD VGH *+ QR K D QPR VWUDGR
ODPL VPD FR UH UODF LyQ /D SUHYD O HQFLD GLDEHWHV
GH PHOOLW X VLQIRU
PDGD HQS H UVR QDV F RQ QJ UD
RV GH DFURP HJ DOLD HV GH O
&DU GLRPHJDOLD
&XDQGR FRQV LGVH
H U DQ R WUDV YD ULDQWHV GH VHTXLOLEULR
GH JO
KLSHUWHQVLyQ
F RPR D O
WHUDFLyQ OD JOX FRVD GH
HQ D\X QRD VtF RPR OD
GH
WROHUDQF L D
+LSHURVWRVLV DOD JOXFRV D ODV WD VDVGH SU HYD O
H QF LD HQSH U VR QD VFR QD FUR PHJ D OLD
7yUD[HQWRQHO DXP HQ W
DQ D
YpUWHEUDV
WRUiFLFDV
2WUD V PD QL IHV WDFLR QH V F OtQL FDV UH ODF LRQD GD V F RQ OD DUR F
7ROHUDQFLDDQyPDOD
PHJD OL
DWH Q
LH Q VX RUL JH Q HQ DGH QRPDV KLS RILVDULRV TH XV QRO D
D OD
JOXFRVD
GHULYDGD OD FD
GH XV D HWL
ROyJ L
F D G H OD PD \RUt D GH ORV FDVR V $ PH G LGD TX HF UHFH
UHVL
VWHQFLD HOD GH QR PD KLS RIL VDU LR FDX VD PD\R U GLVIX QFL yQ GH ODKLS yILVLV \
DODLQVXOLQD GH OD VHVW
UX FWXUD VFH UHEUD O
HV FLU FXQGDQWH V/D JOi QGXOD KLS y IL
V L
V V H
HQ FXH QWUD OD IHQRVDKL SRIL VDU LD GH O KXH VR HV IHQ RLG HV S HM H Q
ODVLOOD WXUF D TXH VH ORFD OL]D GLU H FW D PH QW H SRU GH EDMR GH OQH U YLR
$XPHQWR BB a
'LVX I
QFLyQVH[XDO ySWLFR OF UHFLP LH Q(
WROD GH
JOiQGX OD KLS yILVLV ILQDOPHQWH FDXVD OD
PDV FXOLQDR DIHFFLRQHV
GH
WDPDxR PHQVWU XD OHV HQ PXMHUHV HUR VLy QGO H KXHR VF LUF XQ GD QHW GHEL \ GRD VX XELFDF L
yQ HVWRSXHG
PD QRV
SLHV FRQG XFLU GR ORUHDV GH FD EH ]DGHIHF WR VG HOFDPSR YLV XD OS R U
FRP
SU HV LyQGH O Q HUY LRy SWL FRSRU ORJH QHUD OK HPLDQRS VLD ELWH PSRUD O
\SDUiOL VL
V GH ORV QH U YL RVFUD QHD OHV ,9 \9 , /D F RPSUH VLyQGH
RWUDV H V
WUXFWXUD V KLS RIL VDULDVSXHGH F DX VUKLSRWLURLGLVP
D V HFXQG D
$UWUL W
LVGHJHQHUD WLYD UL
R KLSRJ R Q
DGLV PR L Q
H
VXILF LHQF LD V XSUDUUHQ D O KL SRJR
(O Q DGLV P R
SXH GH VHUU HV XOWD GR GH XQ GDxR GLU HF WR DOV LVWHPD KLSRW DOi PL FR R
KLS RIL VDULR RV HUFRQ VH FXHQ FLD LQGL U HF WDGH KLS HUS UR ODFWLQ H PL DS RU
OD LPSR VLE LOLGDG G H TXH H OID F WRU L QKLELG RU GH SU R O
D FWLQD GR SD
PLQD DOFDQF H ORV ODFW yWURS RV KL SRIL VDULRV Fp OX ODV TXH VHF UHWD Q
SUROD FWLQD DFD XVD OGGH
DxR SU RYR F D GR SRU HOWXP R U KLS RILVD ULR
"
2WUD V PD QLIH VWD F LRQH V L QF OX\ H QV XGR UF DLyQH[FHV LYD FRQ
RORU GHVDJ U D GDE O
H SLHO JUD VD LQW ROH UD QF LD D OFD ORU DXP H QWR SR Q
(QJURVDP LHQWR GH GH UDO PRG H UDGR GH EL OLGDG PX VFX ODU \ IDWLJD LHJ UUXODULGDG H V
OD
SLHO £BBB
KLSHUWURILD PH QV WUXDOHV GL VPL
\ QXF L
y Q GH O
D OLELGR /D KLS H UWHQ VLyQ H VUH ODWL
GHJOiQGXODV YDPH QWHIUHF XH QW H(O VtQGURP H GH DS QHD GH OVXH xR H VWiSUHVH QW H
VHEiFHDV \
VXGRUtSDUDV KD VWD HQ HO GH ODV SH UVRQD V /D SDWR JHQL D GH HV WH VtQ GUR PH
VXHOH VHU REVW UX FWL YD HQ O
D PD\RUtD GH OV DSU H
VR QD V GHELGR D
)LJXU D 0D QL
IHVW
DFLRQHVFOtQ
LFDV GHOD
DFUR PHJDO LD XQ DD FXPXO DFLy Q F UH F L
HQW H GH WHM LGR V E ODQGR V IDUtQ JH RV 3XH GH Q
;,,
81,'$' $OWHUDF
LRQHV
O
DIXQFLyQ
GH HQGRF
U
LQD
GHVD
UUROO
DUVH
SDUHVW
HVLDVD
FDXVDDWUDSDPL
GHOH QWR
Q HUYLR
VR
\ OD H OHYDG D
V
GLV
PLQX \H
VX
DFFLyQ H QODV
Fp OXO
D V
GLDQD'HELGRD
TXH
FRPSUHVLyQ
SURYRFDGD
SRU
HOH[FH VR
GHW
HMLGR
EO
DQGR\OD
DFXPX HOPHFD QL
VPRGH
DFFL
yQGHO
SHJYLVR PDQWQR UHGXFHHQ
UHDOLG
DGOD
ODF
LyQ
GHOtTXLG
RVXEFXWi
QHR HVSHFLDO
PH QW
HHQV HO
tQGURPH
GH O VHFUHFL
yQGH
O*+SRU
SDUWH
GH OW
XP RUKL
S RILV
DUL
RH[ L
VWH
ODSUHR
W~Q
HO
FDUSL
DQR
/DDFURPHJD O
LDWDPEL pQ
VH
DVRFL
DFRQXQ
PD \RU FXSDF
L yQ
GHTXH
HVWH
DERUGDM HWHUDS pXWL
FR SHUPLWDTXHHO
WXPRU
UL
HVJR
GHGHVDUUROODU
SyOLSR
VG HFRORQ\FQi
FHU
FRORUUHFW
D-
F RQWLQ~HFU
HFL
H QG
R8QD
W
H U
FH UDFODVHGHIiUP DF
R V
XWLO
L]DGRVSDUD
/DWD
VD
GHPR UW
D OLG
D
GGHODVSH UVRQDV
FRQDURP
F HJD OLD
HV
PiVH O
W
UDWDPLHQW
RGH
OD
DFURPHJ DLD
OVR QO
R V
DJR QVL
WD
V GHO
DGRSDPLQD
DOW
D
TXHO
DLQIRUPDGDH
QODSR EODFL
y QHQ
JQHHUDO
6LQHPEDUJR
FRPR O
DEURPR F
ULSWLQD
TXH HM HUFHQVXDFFLyQ
D O
XQLUVH UHFH
DS
ORV
D
YDQFHVHQHO
W
UDWDPL
HQWR KDQUHGXFLGR
OD
WDVD
GHPRUWD
OLGD G W RUHV
G H
GRSDPLQDHQ
OD
KSLy IL
VLVGHHVWDPD QHUD
GL V
PLQX \HQO
D
GH
ODV
GRVDW
UHV
YHFHV
TXHVHRE VHU
Y DED
HQO
DSREO
DFLyQ
J H
QHUD O VHFUHFLyQKLS
RIL
VDUL
DGH
*+ \S UR ODFW
LQD UDGL
/D
RW HUDS
LD
HVRWUD
D
XQDW
DVD
TX HHV
LQIH
ULR
UDO
GRE OHGHOD
HV
SHUDGD /D
PRUWD
OLGDG RSFL
yQGHWU
DW
DPLHQWR
DG\XY D QWHHVSHFLDO
PH QWH
~WLO
FXDQGRQRHV
HQ
SDFL
HQWHVFRQDF
URPHJD O
LDVHGHE H
SULQ
FLSDOP
HQWHD
HQIHUP HIDFWLE OH
HO
WUDW
DPLHQW
RTXLU~U JLFR\ HO
IU D
PDF ROyJLFRQRHVELH
Q
GDG
FDUGLR
YD VF
XODU
\UHVS L
UDWRUL
D
\
F iQFU
H
WR
OHUDGR
/DUDGL
RWHU
DSL
DKD GH PRV WU
DGRG LV
PLQXLU FRQp[L
WRODV
/DV
HQIHU
PHGDGH V
FDUGL
RYDVFX ODUHVUHVXOWDQ
GHOD
FR PELQDFL
yQG H FRQFHQWUDFL RQHVGH
*+HQVXHUR 6LQ
HPEDUJR
QRKDVL
GRWDQ
HIL
PLRFDUGLRSDWtD
KLSHU
WHQVLyQ
UHVLVWHQFLD
D
OD
LQ
VXOLQD
KLSHUL
QVX OL FD]HQUHGXF
LO U
DV
GH
,*)
QHPLD
H
KLSHUOLSLG
HPLDY
'LDQ JyVWLFR
/D DFURPHJD OLDVXHOHSDV DU LQDG Y
HUWLGD LQLF
LR
\ 3XEHUWDG SUHFR]
DO
VHHVWLPDTX HXQ
GH ODV SHUVR QDV \D GHVD UUROODURQ GLDEHWHV/D SXE HUWDGSUHF R]VH GH ILQH F R PR ODDF WLY
D FLyQ WHPS UDQDGHO
PH OO
LWXVSD UDFXD QGR HVWD VHG HWHFWD 3D UDOO
HJD U
D OGDJ
LQyV WLFR HMH KLSR WDO
iPL FRKLS RIL
VDUL R J R QDGD O TXH FR QGX FH D
OGHVDUUROOR
GHDF U
R PHJD OLD
VH U H
TXL H U
HG HXQ DH[S OR UDFLyQ ItVLFDTX HUHYHOH W HPSUD QR GHODV
FD UDFWH UtVWLF DV VH[ X DOHV\GH O
DIHUWL OLGD
G
7D Q WR
ODVFDUDFWH Ut
V WL
FDV WtSLFDV GHOD HQIH UPH GD G
S HM
H O
F UHF LPLHQWR OD$P HULF
DQ FD G
$
H P\ RI 3H GLDW U LFV FP RR OD
$PH ULFDQ
GHODV
PD Q RV\O
RV S LHV
\ H O
HQ J URVDPL HQ W R GHORVUDVJR V
IDF LDO
HV\ $FD G HP\ RI)DPLO \
3K\ VLFLD QV U
HFR PL HQ GD QTXHVH
U HD
HVWXGLRVGLDJ QyVWLFR V
G H ODERUDWR ULR(O ,
*) VpULFRHVODSUXHED OLFH XQGLDJQyV WL
FR GHS XEH UWD G SU HFR ]VLVHREVH U YDQVLJQRV GH
GHODERUWRUL
D R TXHU VH
HFRP LH QGD GHLQLF LR SDU D
HYD OXDUODVRVSHFDPE LRVSXE HUDO
HV DQWHV GH OR V DxR VGHHGD GS D UDO
DVQLx DV\
FKDGLD JQy VWLFD
G H DFURP HJD OLDH
OKDOOD ]JR G HFQ RFH QWUDFLRQHV DxR VGHHGDGSD UDO
RV QLx R Vā$PE D V
RUJ D QL]DF LRQHUV
HF RQR
SODVPi WLFDVQ RUP D O
HVGH ,*) HVGHWH UPLQ DQW H
6L ODVFLIUDVGH FH QLQY HWL
VJDF LRQ HV
UHFLHQW HVT XH VH xD O
D QOD
SR V L
E L
O LGDGGHTX HOD
,*)VRQ HOHYDGD VR
QR FR QFOX\HQW HV HQWRQ FHVVHUHD OL
]DXQ D S REODF LyQVHHV W
pG HVDUUR OOD Q GRD HGDGHV Pi V W
H PSUD QDV
FRPR
SUXHE DGHWROHUDQFL DD
O
D J OXFRV DSDUDFR QILUPDUHO GLD JQyV WLFR6LVH REVH UYDHQFKL FDVGH UD]D Q HJUD TX HOO
H JDQ HV WD
D
HW
DS DDQ W
HV
XQDFDU JDGHJOXFRVD QRO RJUD VX SUL
PLUO D VF RQFH QWU
DF LRQHVG H
*+ T XH ODVQLxDVFDXFi V
LFD V\HQQLxR VFRQ REH VLGD G TXHDOF
D Q]DQ
VpULFD
HQWRQ FHVVH F RQILUPD H O
GLD JQ yVWLF RGHDF URPHJDOL D
/D50 O DSX EHUWDGDHGDGH VPi VWHPSUD Q DV6LQHPEDU JR DPE DVRUJ D
HVODW
pF QL
F DGHLPD JHQG HSULP HUDO
tQHD T XHVHUHF RP LHQGD SDUD Q L]DF L
RQ HVSURSX VLHU
R Q PD QW H Q H UOR VFL W
UHUL
RV GLD JQyVWLFRV GH
GHWHFWDU\ORFDOL
]D U OHVLRQHV KLSRIL VD UL
DV SXHG
VHH
UH FXUULUDOD
7& SXE H UW
DGSUHFR] HQ OD
V HGDG HV WUDG LFLRQD OHVGH \
D xRV SDUD
FXDQGR OD
50 HVWi FR QWUDL QGLFDGD7D PE Lp QVH
V XJLHUHUHD OL
]DU
XQ D QLxD V\
QLx RV
UHVSHF WL
YD PHQWH
D ILQGHQR RPLWLU GLD JQyVWL
FRV GH
SUXHE DGH
F DPS RYL VXDOGHELGR DOD
SUR[L PLGDG GHO
DKLS yILVLV
F RQ D QRP DOt
DVHQG RFU LQDV
HO
TXL DVPD ySWLFR (O
GHVD UURO
ORVH[X D
OSU HF R ]
SX HG HVHU
G H
WLSR LG
LR Si
WLFRXRFD
V L
R QD GRSRUXQDH QIHUPH GDG JR Q DG DOV
XSU DUUH Q D
OR KL
SR W
DOiPL FD
7UDWD PL HQW R
(O WUDW DPL HQWRSDUD ODD
F URP HJD OLDVH
FH QWUDHQOD /R VWXP RUHVE HQLJ QRV
\ PDOL JQR VG HOVLVW
HPD QHUY LRVRFH QWUDO
FRUUHF FLyQGHODV D QRPD Ot DV
PH WDEy O
LFD V OD
Q R UPDOL] DFLy Q
GHODV 61& SXHGH QVHUOD
FDX VDG H OD SX EH UWD
G SUHF R](V WRVWXPRU HV
FRQ FHQWUDF L
RQ HVG H O
*) G H DFXHUGR FR QODHGDG HOVH
\[R S XHG HQ HOLPLQDUODVLQIOXH QF LDV LQKLELWRU L
D VT XH JH Q HU
DOPHQWH V
H
OD
U HVHFFLy Q
R UHG XFF LyQ GHODV PDVDVWX PRUD OHVSDUDDOLYLDUORV HM HUFH Q
VREUHH O
K LSRW
iOD PR GXUDQWH L
QIDQF LD (OGLD
ODJQyVWLFRGH
HIHFWRVGH O
DSUHVLy QFHQ WUDO\P H MRUDUOD VFDUD FWHUtVW
LF D
VFOtQLFDV ODSX EHUWDGS U
H FR]VHEDVD HQ O RV K D
OOD ]JRVItVLFRVG HWHODUFD
WH P
DGY HUVDV
/R VWXPRU HVKL SR IVDLULRVVH UHV HFDQ PH GLDQWH FLUXJtDSUDQD
HOSUL
Q FLSLRGHOGH
VDUUR OORGH ODVPDP DVDGUHQ DUFD
LQLF LR
XWLO
L]DQGR XQDW p
FQLFD WUD QVHVIHQRLGDO WUDWDPL HQWRPpGLFR
(O GH PD\ VH
RU
SURG XFF LyQGH DQGUyJ H QR VVXSUD UUHQD OHV PH \
QDU FDHO
HPSO HDFRP RWHUDSL DFRPSO HPH QWDULDR EHLQFPRR WUDWDPL HQWR FRPL HQ]RGHO
DPH Q VWUX
DF L
y Q H Q OD VQLxDV(OVLJQR PiV IU
HF XH QWH
SULP DL R
UFX DQG RHO WXP RU KLS RILVDUL
R HVLQ RSH UD EOH
/D VR PD W
RV WDH Q O
R VQLxRVH O
HV
FUHF LPL H QWR WHPSUD QRGH OVRJH QLWDOHV/R V
WL
QDHV XQDKR UPRQD FRQ GLY HUV DV
IXQFLRQ HVGH QWURGH O
F XHUSR \ K
DOOD]JRV UDGLROyJL FRV
SX HGHQ LQG L
FDU XQDHG D GyVHD PiV DYD Q
XQDG H
H OO
DVFRQ VLV W HHQ
LQKLELU ODOLEHUD F LyQ GH O
D*+ S RUSDUWHGH ]D GD TXHOD
FR UHVUS RQGLH QWHD OD HGDG /D VSHUV RQDV FRQSXE
H UW
DG
OD
KLS yILV
LV3R U
O
R W DQWRORVPH GLFDPH QW RV DQi ORJRV ODVRPD
DWRV SU HFR] VXHOH
Q VUHDOWDV
S DUD VX H GD GG XUDQWH ODL
QID QFLD
SHUR GH
WDWLQ
DFR PRRF ODWHR UWLG D
TX HO VH
LJD ORV
D
UHFH SW RU
HVG HVRPD HV WDWXUDFRUDW
GHD GXOW
RV GHELG R
D OFLHUUH
S UH
PD WXURGH ODV
HS tILV
LV
WRVWDWLQDSX HGHQ VU
HH IL FDFHV HQ H
OW UD WDPL H QW
R Pp GL
FR GHOD 6H S XHGHXWLOL
]D U
50 R
7& S DUD G HVFD U
W D
UOHV
LR QHV LQWUDFUDQHD OHV
DFUR PHJD OLD
SX HV SURG XFH QXQD LQKLELF Ly Q H
Q OD
VHF UHF L
y Q
G *+ (Q
H IXQ FLyQGHOD
F DXVDGH ODSXE H UW D
G SUHFR ]
HOWUDWD PLHQWRSX HG H
SRUUHWURDOLP HQWDF Ly Q
2WUR IiU PDFR TX HK DPRV W
UD GRHILFDFLDHV FR QVLVWLUH
QFLUXJtDPH GL FDF Ly Q RSX HGHRSW DUVHSR UQ R
WUDWDUO
R
/D
HOSHJY LVRPDQW
TX HR
S H UD W UDD
YpVGH XQ PHFD QLVPR GIHLU HQWH D GPLQ L
VWUDFL
y QGHXQDJR QLVWDGH OD KRUPR QD O
LE HUDGR UD
GHJRQD GR
GHDFFLyQ DOEORTXHDU OR V
UHFHSWR D
UHV
G H *+ (O
SHJY LVRPD Q HVWURSL
W QD*Q5+ JRQDGR WU RS L Q
U HO HDVLQ J KRUP RQ HG HODUJD
DFF Ly Q
XQDQ iORJRS HJLOD GR GH
$' 1 UHFR PEL Q D QWH
TX HLQ
F RUS RUDQXHYH SURGX FHXQDGLVPLQX FL
yQ H QO D VH QV L
EL OLGDGKLS RIL
VD U LD
D
OD*Q5+
PXWD FLRQHV GLIHUH QW HV
SDUD G LVHxDUXQ DPR O pF XOD
ID UP DF ROyJLFDO RT XHOOHYDD
XQ DPH QRU VHF U HF LyQ GHKR UP RQD VJR Q DGRWUySLFD V\
GLV
WLQ WD
DODG H
OD *+ HQ Gy JQ HD
(V W
HPH GL FDPH QW
RSX HG HXQLUVHHV WHUR L
G HDV
VH[XDO HV
GHE LGR D ODU HJ XDFLy
O Q DOD EDMD GH
ORVUHFH S
DORVUHFH SWR UHVG H O
D*+ \ DTX HEO RTX HD ORVHQOD FHVF RQOD WR UHVGH *Q5+ /D DGPL Q LVWUD F LyQ GH*Q 5+ W
D PE LpQDX\ GDD
KRUP RQD
SRU ORWD QWR DX QTX HVX V
FR QFH Q W
UD FLRQHV VHPD QWHQJD Q U HGX FLU
ODLQ
F LGHQFLDGH
S HUVR Q DV FR QHVWDWX UD
E DMD
&DStWXOR
$OW
HU
DF
LRQHV
GHO
F RQW
U
RO
HQGR
FULQR
GHO
F U
HFLP
LQ
HW
R\
HOPHW
DER
OLV
PR
VR EU HHO PH WDE RO LVPR \VH VL QWH WL]DWDQW RH QHODGXO WR F R PR H Q /D WLURLGHV H V PX\ HIL F LHQW H FXDQ GR G VH
LVSRQH D XW LOL
]D U HO
HO QLx R 6XV HIHF WR VPH WDE yO LFR V LQ FOX \H QODGLVPLQX FLy Q H Q OD \RGXUR 6H UH TXLH U H GH XQ DD EVR U F L
y Q DQXD OGH D SUR [L PD GD PH QW H
XWLOL] DFLy Q SH ULI p ULFD GH ORV KLGU DWRV GH FDUERQRXQ \DP D \R U PJ G H\R GR LQJH ULGR DOU HGH GR UGHUQ JVH UQ DQ D SD UDV LQ WHWL]D U
PRY L] OL
DF Ly Q \X
VR GH iF LG RV JUD V RV FDQWLGD G HV Q RUP DOHV GH K R UP R QD WLU RLGHD ( OS RFHVR
U S DUD H[WUDH U
(Q ORV QLx RV O
DV D OWHUDF L R QHV HQ HOFUHF LPL HQWRLQ FOX\H QHV W
D HO
\RGR GH OD VD QJ U H\ DOP DFH QD UOR SD UDX Q XVRIX WX UR FR Q V LVWHH Q
WXUD EDMDR DOW D \ SX EH UWD G SU HF R ]/DHV WD W
XUD ED MDHV XQ DFRQ ER PEH D U
HV WH HOHPH QWR GH QWUR GH ODV FpOXODV IR OLFXO DU H V H Q FR QW UD
GLF LyQ H Q ODTXH OD WDOODD OF D Q] DGD VHH QF XHQW UDSRU G H EDMR GH O GHO
J UDGL H QWHGH FRQFH QWU DF Ly Q(O \R GXUR , HV
WU DQ VSRU W DGR DWUD
WHU FH USH U FH QWL HQ ODF XU YD G HF UHF LPLH QW R FRUU HVSR QGL HQW HSD UD YpVG HO DP H P E UD Q D EDVD OG H ODVFp OXODVWLUR L
G HDV S R U XQ D S URWH tQD
OD H GDG H OV \[R
H GH O QxRL(V W
D SX H GH F RQV WLWX
LU XQ DY D UL
D QW H GHPH PE U DQD LQ WUtQVHF D OOD PD GD VLPSR UW H 1D
O O1, 61D U ,O
V\P
GH F UHF LPL HQW R QRU PD O S H M
HV W DWXUDED MDIDP LOL
DU R UHWD UG R SRUWH U\ (Q H OE RUG H D SL FD O XQ D VHJ
XQG D SU RWH tQ D WUD QV SR U
WD GRUD
FR QV WLWXF LRQD OGH O FUHF LP LH QWR SX E
\
H UWDG RGH EH UVH D DOWHU D GH G HQRPLQDGD SHQ G UL QD PX HYH H O\R GR GH QW UR GH OFO RRLGH
FLR QHV H QGRF ULQ DV H QIH UP H GD GHV F U
y QL FDVGHV QX WL FL
U yQ \WUD
V GRQGH SD UWLFLSD HQ ODKRU PRQRJp QHV L
V/D S URWH tQD 1, 6R EWL HQH V X
WRUQ RVH PRF LR QD OHV R DOWHUD FLRQHV F UR PRVy PL FD V/D HV W
D WXUD HQHU JtD GHOD 1D .
$ 73 DVD
TX H LP
SX O
VD HOSU RFHVR &R P R UHV XO
EDM D TXH WL
H QH FP RR HWLRO RJ tD XQ D GH ILFLHQF L
D GH *+ SX HG H WD
GR OD
FRQ F QW
H UDFLy Q
G H\R GX U H
RQX QDJ O
i QG XOD WLUR LG HV QRU P DO
HV
WUD W DUVH FR QSH U
SD UD FLRQHV GH *+ KXP D QDV(Q O
RV DGX OW
R V OD DSUR [LPD G DPH QW H YH F HV PD \RU TX HOD
F LIUD SU HVH QW HH Q VDQJ UH
/yEXOR ODWHUDO
,VWPR
9DVR
FDSLODU &p
OXOD
IOLFXODU
R /X]FRQFRORLGH
$
W
7UDQVSRUWDGRU
O
$PLQRiFLGRV
GH\RGXUR <RGDF
LyQ
GH
WLURJ
OREX
OLQD
5(a
#
7
*0,7 ',7
+2E2E
&+F¢a&22+
7LURJOREX
OLQD
HQ
YHVtFX
ODV 7U
L\RGRWLURQLQ
D
7
7LUR[LQD
7
, ,
7LUR[LQD
7
Ra
3LQRF
LRV
WLV
6HFUHF
LyQ
+2
2
&+ Oa&22+
,
& 7UL\RG
RWLURQLQ
D
7
)LJXUD
*OiQ
$ GX
ODW
LU
RLGHV
%
(VWUXFWXUD
PLF
U
RVFy SLFD
GH
ORV
IR
OtFXORV WLURLGHRV
0HFD
& QLV
PR V
FHO
XO
DUHVSD
UD
HO WU
DQVSR UW
HGH
O\
RGXUR
R[LGDFLy
QGH
O
SRUWLU
RS
H UR[LG
DVD
7 X
32QLyQ
GHO
R[LGDGR
FRQ
OD
WL
URJOR
EXOLQD SDUDIR
UPDU
KRUPRQDV
WL
U
RLGHDV
PRYLPLHW
QRGH
7\ GHQWU
7 R
GH
OD
FpOXOD
I
ROLFXODU
SRU
SLQRFL
WRVLV
\
VX OLEH
UDF LyQ
HQVD
QJUH
] VH[XDO
(V
WD
QW
UR
O
HQGR
V DXWy
FUL
QR
GH
QRPR
O
FUHFLPLHQWR\
/RVI
iU
HO
PHWDER
PDFRV
TXH
OL
VP
EO
R
RTX
HDQ
-DDFWL
YLGDG
V
LPSiWLFD
V
RQ
DFFLRQ
HV
V
RQPHGL
DGDV
VRE
UHW
RGR
SRUO
D7L
(Q
OD
FpO
XOD
O
D
7
VH YDOLR
VRV
DG\
XYDQ
WHVO
HQ
W
UDWDPL
H
HWQ
RGHOKL
SHUW
LU
RLGL
V
PR
GHELGRD
XQHDXQ
UHFHSWR
U
QXFO
HDU
O
RTXH
SHUPLW
HO
DWUDQ
VF
ULSF
L
yQGHQHVV
JH X
F
D SDFLGDG
SDUD
DOLY
L
DU
D
OJXQRV
GH
HV
WRVPRO
HVWR
V
VQWRPD
V
GH
UHV
SXHV
WD
HVSH
FtIL
F
D DOD
KRUPRQD
WLUR
LGHD
7DVD
GH
JUD
OD
QGH
PHWDEyOLFD
VFp
V
OXO
FQ
D
D
V
W
LGD
GD
L
GH
Q
/D
D
VGH
KRUPRQ
GHWRGR
7
H
D
HO
OPH
WUR
F
W
XH
D
ER
L
LGHDO
USR
OV
&X
PR
D
L EDVD
HDFH
UD
QGR
HO
HV
OS
W
XH
PH
i
WDE
Q
GH
R
SHV
O
L
UH
DXPH
VPR
QW
H
QW
D
V
U
381726 &/$9(
aa
a!Wā
a
XQ SRU
HQFLPD GH
ORQRUPD O
(QUV H
SXHWD
V HV W
H
DPH W
D
EROVL
PR DFHO
H UDG
RO
DWDVD G GH
HJOXFRVD
XVR JUD
V D
V\SURW
HtQDV +25021$7,52,'($
WDPELpQVH
LQFUHPHQWD
/R V
Ot
SLGRVVH
PRY L]D
OLQ
GHOWHM
L
GRDGLSRVR
/DKRUPRQD W
LURLGHD DF
HOHU
D HOPHWD
EROLVPR \
\ XPDHQWDHO
FDWDER
OLVPRKHSiWLFR ROH
VW
HUR
GH
O
/D F
V RQ
FFHQWUD OD
Vt
QWHVLV SURGH
W
HtQDV
HQFDVLWRGRV
ORVWH
MLGRV
FLR
QHV V
DQJXtQHDV
GH FRO
HVW
H UR
OGVLPLQX\HQ HQHO
KLSHUW
LURL
GLVPR GHO
FXHUSR
\VHL
QFUHPHQWDQHQHOKLSRWLUR
L
GLVPR6H GHJUDGDQOV
DSU
RWH tQ
DV
&XDQGR SU HVHQWD
VH URLG
KLSRWL
LVPRHQ QL
xRVPD\
R
PXVF XODU
HV\VRQ
XWLOL]DGDV RPEX V
WLEOH
FRPR
OR TXH
SURED
F EO H UHV
\DGX
OWRV VHREVHUYD
GLVP
LQ
XFLy QGH
XQD
OD
PH QWHFDX
VHOD
IDWL
JDPX VFXOD
UTXHRF XUUH HQ KLSHUWL
HO
URLGL
VPR W
DVD PHWDEyOLFD DFXPXODF
LyQ GH
XQDVXVWDQ
FLD
PX FRSRO
LVD
FiU LGD KLGUyILO
DPL[HGHPD HQ ORVWHMLGRV
/DDEVRUFL
yQ GHOD
JOXF
R VDHQH
OWX
ERGLJHVWLYRVH
LQFUH
PHQWD
FRQMXQWLYRV GHWRGR HORUJ
DQ
LVPR DXPHQ
\ W R HQ
OD
FRQF HQW UDFL
yQ GHO F ROHVWHUR
OVpULFR
)XQFLyQ FDUGLRYDVFXODU /DVIXQFLR QHV FDUGLRY DVF XOD U \UHVSL
(O
KLSHUWLURL
GLVPR WLHQH XQ
HIHFWR RSXHVWR
DOGHO
UDWRULD V
H YHQ IH X
UWHPH QWH DIHFW
DGDV SRU ORV FPEL
D RV Q O
D
HIXQ KLSRWL
URLGLVPR 3URGX FHXQ
DXPHQWR OD
WHQ
V
D
D
FLyQ WLURLG
HD&RQ H
O D
XP H QWRGH OPH WDERO L
V PR VH SU RGX FH XQ PHWD EyOLFD\HQHO FR QVXPR GH
R[tJHQR
SURPXHYH
LQFUHPH QWR H QHOFQ RVXPR GHR[t JHQR ODV \
tQWHVLV G HSUR GXFWRV XQDPD \RUXWLO
L]DFLyQ GH
FRPE XVW
LE
OHV
PHWD EyOLFRV
PHW D EyOL
FRV ILQ
D O
HV FQR OD YDVRGLODWDF LyQ FRQ V
H FXH QWH (O IOXMR H
LQFUHPHQW DODFDSD F LG
DG U GH
HV
SXHVWD
GHOVLVWHPD
GH VDQJ UH
HQ SDUWLFXODUHO GHODSL HO VH LQFU H PH QWD FRPR PHGL R QHUYL
RVR VLPSiWLFR
SDUD GLVL
SD UHOFDORUFRUSRUD O
TX HU HVX O
WD GH XQD PD \RU PHWD WDVD
EyOLFD $XP HQWD QH O
YROXPH QVDQJXtQ HR O JDVW
HR FDUGtDFR \ OD
YHQ WLODFLyQ XQ PHG FRPR
L
R SDUD PD Q WHQH U HO IOXMR VDQJX tQHR \
ODHQWUHJD GHR[tJHQR ORV WHM
LGRV GH OF XH USR $DILQ
GH PDQWHQHU O 3UXHEDV
H GH OD IXQFLyQ WLU
JDVWR FDUGtDFR QHFH VDULR
VHDFH OHU DQ -D IU HF XH Q FLD\ O
DFRQWUDFWLOL 6H K DQGHVDUUR OO
DGR YD UL
DV SUXHEDV FRQ WULEX
TXH \HQ OGL
DDJQyV
GDG FDUGtDFD V(VSUREDE O
HTXH OD SUHVLy Q DU W
HULD OVHPRGLILTXH WLFR GHO
DV DOWHUDF
XQL RQHV WLURLGHDV 6HSXHGHQ REWHQHU FXDQWLILFDF
SRFR SRUTXHHODXP HQWRHQ ODYD
VR GL O
DWDF LyQ WLHQG H DF
RPS HQVDUHO QHV GH7WRWDO\ OL
EUH7 WRWDO
\ OLE
UH\76+ D WUD YpV GHPp WRGR V
LQFUH PH QWRGH O
JD VWRFDUGtD FR GH LQP XQR D Qi OLVLV
/DV SUX HEDV G H
7L \7WRWD OHV PLG H QWDQWR OD
SURW HtQDOLEUH F RPR OD SRUFLy QOLJDGD GHF D
GD KRUPRQ D /DVSUX
H
)XQFLyQ GLJHVWLYD /D KR UPR QDWLUR LGH D DF HOH UDODIXQ FLyQ GJH
LV EDV GH7L\ 7OLEUH VFXD QWLILFDQODVID U
FFLRQHV TXH QR HV WiQ DV
XQLG
WLYDSR U
ORTX HFDX VDXQDXPH QWR H Q OD PRWL OLGDG \ODSURGX FFLyQ D SURWH tQDVS
O DV Pi W
LFDV \TXHSRU O
R WDQWR
SX HGH Q H QWUD U
G HIRUP D
GH VHFUHFLRQHV JV DWURLQWHVWLQ D
OHV OR TXH DP H QXGR FD XVD GLDUUHD OLEUHH QOV D F p OXO
DV SD UDSURGX FLU VXVHIHF W
R V
/DV FR QFH QWU
DF LR
(ODX PH QWR GH ODSH WLW
ROD \LJHV
Q WD GH D OL
PH QWR V RPS DF DxD DOD QH V G
H
7 6+ V
H FXD
Q WLILFDQ SDUDGLIH UHQFLDUHQWUH O
DV D OWHUD
FLRQH V
PD \ RUWDVD PH WDEy OL
FD TX HV HSURGXF H FQ R ODV FR QFH QWUDFL
RQH V WLURLG HD VSULPD UL
DVT XH VH RUL
JLQ DQ HQODJOiQGX OD WLURLG HV\ O
D V
FUHF LHQWHVGH KRUPRQD WL
URLGHD $O PL VPR WLH PSR KD \XQDSp U VHFXQGDULDV FX\R RULJHQ ODJOiQ GXOD KHV
LS
yILVLV /RV YDORUH VGH
GLGD GHSHVR SRUXQPD\RU FRQ V
XPR FD Oy ULFR 7\7 OLJDGDEDMR
\OLEUHVRQ
VHQHOKLSRWLURLGLV PR SULPDULR 6LQ
HPEDUJR H O76 + VHH QFXH QWUD HOHYD GRYD /D
ORUD F LyQ GHDXWRD Q
(IHFWRV QHXURPXVFXODUHV /D KR UP RQD WLURLGHD WLHQH HIHFWR V WL
FX H USRVD QW LW
LUR L
GHRV S HM
DQWLFXH USRVDQWL732 HQ WLURLGL
OD
LPSR UWDQWHVVREU HHOFRQWUR OQHXURO yJ L
F R GH ODIX QFLyQ \H O
WRQR WLVGH+ DVK LUQRWR WDP E L
pQ HVL
PSRUWD QWH SDUD
H O G LDJQy V
WLFR HO \
PXV FXODU/LJHUD V OHY
HDFLRQHV Q ODV F
HRQ FQW HU DFLRQH VKR UP R QDOHV VHJXLPLH Q WR SH
GH
UVRQDV FR QD
OWHUDFLR QHVWLURLGH DV ā
KDF HQTXH ORVP~ VF XORVHV TXH O
pWL
FRV U HDFF LRQ HQ YLJRUR VDPHQ WH\ /D SU XH ED GHFD SW DFLyQ GH \RGR
PLG H OD FDSD FLGDG GH
XQDFD tGDGHHV WDVSURGX FH XQDUHD FFLy Q PX VFXO DU PiV OHQWD(QHO ODJOiQGX O
D WLURLGH V
SD UDFR QFHQWUD U
\ UHWHQHUHO\RGR GH OD
VD QJUH
HVWDGR KLSHUWLURLGH RDSDUHF H XQ
WH PEO RU PX VFX ODU ILQR 6HGHVFR 3X HGH UHD OL] DU VH XQDJ DPPD JUDItD GH WRLU
LGHV SH UW
HFQH WDWR
QRFH V
XFX DVDSH URSXHGH U HSU
HVH QWD UXQ DXPH QWR HQ ODVHQV LE
LOL 7F
SD UD GH W
H FWDU
QyG XORV W
LURLG HRV\GHWHUPLQ DU OD DFWLYLGDG IXQ
GDG GHODVVLQDSV L
V QHXUR QDOH V
G HOD Pp GXO D HS VLQDOT XH FRQWURODQ FLRQ DOGHOD J Oi Q GXO
D/ DHFR JUDItDSH UP L
WHGL
V W
L
Q J XLU HQ WUHOH
VLRQ HV
HOWR QR PX VFXODU(Q HOQLx R
OD KRUP RQ D WLUR L
GHD HV QHFHVDU D W
L LURLGHDV V yOLG DV \TXt VW
LFDV \ODVLP iJH QHVGH 7& \ GH50 VH
SDUD HO
GHVDUUROOR QRUP D
OGH OFHU
H EUR (V WDKR U PR QD PH M RUDODD
F L H
W PS OHDQSD U D G HPRV WUD UO
D FRPSU HV
LyQ WUDTXHD ORSLQ ]D PLH QWR GH
YLGDG PH QWDOH QHOHVWDGR GHKLSH UWLUR LGLV PR FD XVD QH UYLRVLPR RWUD
V VH V
WUXFW XUDV QDV
YHFL
/D ELRSV L
D SRUD V
SLUDFLy Q FRQ DJXMD ILQD
H[WUH PR DQVLHGDG \GLILFXOWDGG SDUD
RUPL U GHXQ yGQXR O WLURLGHR KD G HPRVWUDGR VHUHOPHMRUPp WRGRSDUD GLIH
/D HYLGH QFLD VXJLHUH TXHH[ LVWH XQD IXH UWHLQW HUDFFLyQ HQWUH UHQFLDUH QWU H S XQ
URFHV RS DWROyJLFR EHQL JQR \XQR PDOLJQR
7$%/$
a
0$1,)(67$&,21(6 '(/(67$'2+,327,52,'(2
a
āā
(
+,3(57,52,'(2 a
1,9(/
'(
25*$1,=$&,Ï1 +,327,52,',602 +,3(57,52,',602
0HWDEROLVPREDVDO 'LVPL QX FLyQ ,Q
FUHPHQWR
6HQV
LELOLGDGDODV
FDWHFROD
PLQDV 'LVPLQX FLyQ ,QFUHPHQWR
&DUDFWHUtVWLFDV
JH
QUHOH
DV 5DVJRVPL [HGHPD W
RVRV ([RIWDOPtD
HQHQIH U
PHGDGGH*UD
YH
V
9R]JUDYH ,QFDSDFLGDG
SDUD HO
F
LHUUHSDOSHEUDO
5HWUDVRGHO
FUHF
LPL HQW
RQLxRV &UHFLPLHQWRDFHOHUDGR
QLxRV
&RQFHQWUDFLR
QHVGH
FROHV
WH
URO
VDQJ
XtQHR
,QFUHPHQ WR 'LVPLQXFLyQ
&RPSRUWDPLH
QWRJ
HQHUD
O 'LVFDSDFLGD G
LQ
WHOHFWX
DOL
QIDQWLO ,
QTXLHW
XGLU
ULWDE LOLGDG
DVQLH
GDG
5HWUDVRPH QWDO\ItV
LFR +LSHU
FL
QHV L
D
6RP QROHQF LD 7HQGHQFLD
DODYLJL
OLD
)XQFL
yQ
FDUGLRYD
V
FXODU 'LVPLQX FLyQ
GHOJDV
W RFDUGtDFR$XP HQWR
GH OJDVWR
FDUGtDF
R
%UDGLF
DUGLD 7DTXL
FDUGLD\SD OSL
WD
FLRQHV
)XQ
F
LyQ
GLJHV
WLYD (VWU
H xLPLHQWR 'LDUU
HD
'LV
PL QXFLyQGHO
DH SW
LWR $XP HQW
RGHODH SWLWR
)XQ
F
LyQ
UHV
SLUDWRU
LD +LSRYH QWL
ODFLyQ 'LV
QHD
7RQRPXVFXODU\
UH
IOHMRV 'LVPLQ XFLyQ $XP HQWR
FRQW
HPEORU \
IDVFL
FXODF
LRQH
V
7ROHUDQ
F
LDDOD
WHP
SHUDWXUD ,QWROHUD
QFLDDO
IUtR ,QWR
OHUDQFLD
DOFDORU
3LHO\FDEH
OO
R 'LVPLQXF LyQGH
O
DVXGRUDFLyQ $XPHQWRGH O
DVXGRUDFLyQ
3LHO\FDEHOORVHFR
\HQJURVDGR 3LHO\FDEHOORILQRV\
3HVR *DQDQF LD 3pUGLGD
/DV DI HFFLRQHV WL
URLG HDVSX HGHQ GHEH UVH XQD
GHIHF WR
FR QJp QWRL
HQH OGHVD UUROO RGH OD W
LURLGH VRSXH GH QDD S UHFH UPiV W
DUGH H Q OD
YLGD FRQXQ LQLFLR JUDG XD ORUH SHQWLQR
(O ERF LR HVXQ DXP H
QW R H
Q HO
WDP DxR GH O
DJ Oi QGXODWLURLG HV
IL
J 3
XH GHSHV UHQWDUVHHQ HVWDG RVKLS RWLURLG HRV
KL
SHUWLU RL
GHRV RH XWLURLG HRV(O ERF L
R SX H GHVH U
G LIXV RSRUOR TXH
F RPS UR
PH WHDODJOiQGXO D FRPS OHWDVLQHY LGH QF L
D GH QRGXO DULGDG
R SXHGH
FRQ WHQHU QyGX ORV
(Q JH QHUD O
HOERFLRG LIXVR VH
FR QYL HUW
H
H Q QRG X
ODU
(V WDDIH FF LyQ SXH GHVHU Wy[ LFD O
RSRU
TXH RF D VL
RQD V
LJQRV GH
KLSH UWLURLGLV PR H[WUH PR RW LURWR [LFRV L
VR QR Wy[L FD/RV ERFLRV
GLIX VRVQR Wy[LFRV PXOWLQRGX ODUHV
\ VRQ UH V XOWDGRO D
GH
KLS H UWU R
ILD
F RPSHQ V DWRULD ODKLSHUS ODV
\LD GH OHSLWHOLR IROL FXODUSRU DOJXQ D
DOWHUDFLyQ TXH DIHFWDODSURG XFF LyQG H ODKRUPRQD WLURLGHD
ā
(O JUD GR GH FUHF LPL HQW R GH O
D W
LURLGHV HQ JQ H
HUDOH V SUR
SR UFLRQDO D OD HW[HQV LyQ \ ODGXUD FLyQ GH OD GHILFLHQFLD WLURLGHD
/R V ERF LV
RPXOWL QRGXODU HV SURG XFH Q XQ PD \R UF
UHFLPLH QW R GH
ODWLURLG HV&XDQGR H VWDHV GHPD VLDGRUDQG JH SXH GH FRPS U LPLU
HOHVy IDJR -D \
WiU
TXHD
SRU ORH TXF DXVD GL ILFXOWD G SDUDGHJ OXWLU
VHQV DFLyQ DV GHIL
[LDH V
\
WU
LGRU LQ VSLUDW RULR (W V
DV OHVLRQHVWDPE LpQ
SXH GH QFP RSU LPLUOD
YH QDFD YD VXSH ULRUGH HVWDPD QH UD
SURG XFH Q
GLVWHQ VLyQ H G
O DV
YH QDV GHO FXHOOR \P LHPEUR VVXS H UL
RUHV H GHPD
GHORV SiUSDG RV\ ODFRQM XQWL YD\V t
QFR S HWXV tJHQRW
+LSRWLURLGLVPR
%RFLR
(O
KLSRWLU
RLGL
VPR SXHGHSU
HVH QWDU
VHDFRQVHF
XHQF
LD
GH
XQGHIHF
WR
)LJXUD
%RF LR
QRW
y[LFR
(QXQDPXMH U
GHPHG LDQD
H GD G
FR Q
FRQJQp
LWRD GTXR
LGUL
R(O
KSRWLURLGL
L V
PR FRQJpQLWR
VH
GHVDUUR
OO
D
ERFLRQR
W
y[LFR
OD
WLURLGHV
KD
FUHF LGRGH
W
D OI
RUPD TXH
JH QHU
y XQPDVD
GHIR
UPD
SUHQDWD
O\HV
WiSU
HVH QWHDO
QDFHU
(O
DGTXLULG
RVH
GHEH
D YLV
LEO
HHQHO
FXH OO
R7RPD GR
GH 6WU
D \HU
' 65XELQ
5(GV
XQD
HQIHUP
HGD G
SULP D
ULD
GH OD
JOi
QGXOD W
LUR
LGHV
R
VHF
XQGDULD
SRU5XELQ
V
SDWKR
O
RJ\
&OLQLFRSDWKRORJLF
IRXQGD WLRQVRI
PHG L
FLQH
WKHG
DO
WHUDF
L
RQHVGH
RU LJH
QKLSRWDOi
PL FRKLSRRIL
VDUL
R )LJ
S
$ 3KLODGH
OSKLD
3$:ROW HUV.OXZHU
+LSRWLURLGLVPR FRQJpQLWR
URLGL
V
PR
SULP
D
ULR
R
SXHGH
WU
$OWHUDFLRQHV
&DStWXOR
DWDU
VH
GH
GHXQD
H
QIH
UP
O
H
FRQW
GDG
V
HF
UR
O
XQ
HQGR
GDU
L
F
D
UL
QR
GH
O
FUHFLPLHQWR\
HO
PHWDER
OL
VP R
(OKLS RWLU R LGLV PR FRQ JQ pLWRHV XQDFD XVD IU HF XHQWH GH GL VFDSDF DXVDGD HOSRU
GHWHU L
RUR GH O
DIXQFLyQ KLSRILVDULD R
VH U
XQD DOWHUD
FLGDG LQWH OHF WXDO TXH SXHG HSUHYH QLUVH /D V F DXVD V
GH OKLSRWLURL FLyQ WH UFLDUL
D RUL J LQ DGDS RUGLV
IXQ FLyQKLSR WDOiPLFD
GLVPR H Q H OQLxR SXH GHQ VU
HOD DXVHQ FLD Q Jp FR
QLWD
GH OD JO iQGXO D (O KLSRWLURLG LVPR SULPDU LR HVPX FKR PiV IUHFXHQWH T XH HO
WLURLGHV
OD V DQRP D OtDV
H Q O
DELR VtQWHV L
V GH OD KRU PRQD W
LURLG HD R VHFX Q GDULR \ H OWH UFLDUL
R 3XH G HVHU
SURGX FW
R GHXQDWL
UR L
G HF WR
XQD VHF UH FLyQ GH ILFLHQWH GH OD76 + (Q OR V FDVRV GH DXV HQFLD Pt D UHVHFF LyQ TXLU ~U JLFDGH RXQDD
EODF LyQ SRUUDG L
DFLyQ GH OD
FRQJp QL W
D GH OD JOiQG XOD WLURLG
HV HOQLxR VXH OH OFX
LUQRU PD O\HVJ OiQGX OD SDUD H OWUDWDPL HQWRGH O KLS
HUWLU
RLGL VPR &LHUWRVD JH QHV
W
IXQF LRQD OD OQDF LPL HQWR SRU TXH O
HIX HUR Q VXPLQL VW
UDGDV KRUP RQDVERF L
yJH QR FRPR HOF D
U ERQDWR GHOL
WL
R XW L
OL]DGR SDUDH OWUDW D
LQ
XW HUR SRUODP DGUH 3 PLH QWR GHORV H VWDGR VELSRODUH V IiUP \
DF RVDQWLW
L
URLG H
R V FR PR
/D K RUPR QD WLURLG HD HV HVHQFLD O SDU D FU HO
HFLP LHQWR \ HO HO
S R
US LO
WLRXU DF LOR \HOP HWLPD] R O
D GR
VLVFR QWLQXDVSXHG HQ EO
R
GHVDUUROOR QRUPDO G HOFH UHEURFD VLO
DPLW DG GH H VWH
SUR FH VR RFXUU H TXHDU OD VtQ
WHV L V KRU PR QD O\S URGX FLUS RWLU
KL RLGLVPR FRQ ER FL
R
GXUDQ WHOR VSULPH UR VPH VHVGHYLGD6L QRVHWU DWDHO
KLSRWLUR LGLPR /D
V V JUD QG HVFD Q WLGD GHV GH \RGR HM
S
OD LQJHV WDGHFi SV XODV
FRQJ pQLW R FDX VD GLVFD SDF LGDG LQWHOHFW XD O \ DIHFWD H OGHVDUUR ORGH
O DOJD V PDU LQ DV MDUDR
EHV SDUD OD
WRVTXH FRQWLH QHQ\RGXUR O
ItV
LFR DOV DPDQLIHVWDF L
RQHV HVW H
GH
WLSR GH KLS RWLU
RL GLVPR TXH DGPLQLVWUDF LyQPH GH
GLRV FR QGH
WUDVWH
UDGLRJUiILFR VTXHLQFOX\H Q
QRUHFLEH Q WUDWDPLHQ WRVH OHV
FRQ RFHF RP RFUHWLQLVPR 6LQ HPEDU JR \RGR H O
DR
QWLD UUtW P LFR FDUGtDFR FO
DVH ,7, DUQLRGDURQ DW
D PE L
pQ
HO
WpUPLQ R Q R V HDSOLFD Q L
xR FR Q
DO
GHVD UUROOR Q RUPDO HQ TXL HQV H SXH GH Q EORT XHD U O
D VtQWHVL
V GH KRUPR QD WLURLGHD FDXVD UK\
LSR
LQV
WLWX \y WH UD SLD GH UHHPSO D]R GHKR UP R QD WLUR LGHDSRF RG HVSXpVWLUR LGL VPR HVS HFLD O
PH QWH H
Q S H U
VRQDV Q H
FR
QIHUP HGDG WU RLG
LH D
GHOQD F LPL H QWR ā DXWR LQPXQLW DULD /DGHILFLHQFLD \RGRTXH FPRRVHGH
H[SO LFy HV
0X F KRV SD tVHV GH OPXQGR U
H DOL
] D QGH IRUP D UXWLQ DUL
D OD FDXV D GH ERF L
RH KLSRWLUR L
GL V
PR HV
SRFR IU HFXHQWHH Q
ORV(V WDGR V
GHWHFF LyQ QHR QD W
D OSDUDGL DJ QRV W
LFDU KLSRWLUR LGLV PR FR QJp QLWRH Q 8QLG RV JUD FLDV D OXVR JHQHUDOL] DG RGHVDO\RG DGD\GHRWUDVIX HQ
OD
LQ ID QF L
D WH PSUD QD/RV QH RQDWR VSU H PD WXUR VU HF
R LpQ QDF L
GR V WHVGH \R GXU R 6LQ H PED UJR OD GHIL
FLHQFLD GH \RGR SHUVLVWH HQ
FRQD OJXQD HQIH UP H GDG GH EH QVP RHWHU VHSUX D HEDV VpULF DV LQWHJ U
D ]RQDV P H QRV G HVD UUROODGD V
GHOP XQGR3 / DWLU
R LGLWL
VVX EDJ XG D
OHV
GH WLURLGHV SD UD HYLD WU
TXH GHVD UUROOHQ KLSRW LURLGL
VPR SU LPDULR TXHS X HGH SHVHU QWD U VHHQ HO SH Ut
RGR SXH USHUDO
WLURLGL
WLVSRV
(OKL SRWLURLGL V
PR F RQJQ pLWR WUDQV LWRULRF DUD
FW H UL]D GR SRU SDUWR HV RWUD FD XVD FR QRF LGDK GH
LSRWLURLGL VPR
DOW
D V FRQ FQ HWUDF LRQHV G H 76+ FRQ YD O
R UHV ED MR VQRU R PDO HVGH /D HWLRORJtD X HQPiVIUHF
WHGH O
KLSRWLUR L
GLVPR DGTXLU L
GR HV OD
KRUPRQD WLURLG HD VHUHFR QRFHDKRUDFR QPD\RUIUHFXHQFLD JUDFLD V WLU
R LG LWL
V GH+D V KLPRWR XQ D DOWHUDFLyQ
DXWRLQPXQLWDUL DHQ OD TXH
DO
D LQWURGXFFLy Q GH GHWHFF
OD LyQ SUHF R] QHR QDWDO
/D WLURLGHV GH O OD
JOiQG XODWLUR LGHV O
OHJD VHUWD
RWDOP HQWHGHV WUXLGD
SRUH O
SUR FHV R
IHWR\H O
UH FLpQ QD FLGR HV VHQVLEOHDO
H[F H VRGH \RGR(O\RGR S XHGH LQPXQ L
WDU LR( V W
DHV ODSULQF LS
DO F DX
V
DGHK LSRWLUR L
GLVPR DGTX LULGR
FUX]DU -DSODFH QW DVHH [F UHWDHQODO
HF KH PD W
HUQD \
VH DEVR UEHFRQ H QQLx RV\DGX O WRV ,
"/D WLURLGLWL
VGH+D VKLPRWR HVSUHGRPL QDQW H
IDFLOLGD GHQOD S LHO LQIDQ WLO
(OKLSR WR LU
LGL VPR WUDQVLWRU LRSXHGH VH U PH QWHH XQD
QIHU PHGDG GH ODV XMHUHV
P FXU VRGH
(O
ODHQIH UPH GD G
FDXVDGR SR UH[SRVLFL y QPDW HUQDRLQID QWLODVXVWD QFL
DV FP RR \RGR YDUtD XQ(Q
LQ LFLR SXH GH HVWDU SU
HVHQWH V RORHOERFLRSHUR Q FR
SRY LR GQD TXH VH XWLOL
]D FQ R ILQHVGH GHVL QIHFFL yQS HMGXFK D HO
WH L
PSR
H OKLS RW LURLGLV
PRV XH OHKF DUH
VH LGHHY
QWH$X QTX H SR U
YDJQ LDOR GH VLQI HF WDQWH WySLFR/RV UP Ii
DFR VDQ WWLUR
LL G HRV FRPR OR
JH QH UDOO
D D OW
H UDFLy QF XDV
DK LS RWLU
RLGL
VP R S X
H GHGHVDUU ROO
DU VH
HO
SURSLOWL R XUD F LOR \HOPH WLPD]R OWDPE Lp QSXH GH QDWUDYHV DU O DXQ
DSO HVWD GR KLSH UWLUR LGHR H QODHWDSD L
QWHUPH GLD(OHV W
DGR WD U
QV LW
R
FHQWD\ EORTX HDU H OIXQ FLRQD PLHQWR GH OD W
LURLGHV IH
WD- UL
RGH KLS HUWL
UR LGLV PR SX HGHHV WDUU
HODFL
RQDGR QOD
FR
VHFUHF LyQ GH
(OKLS R WLU RLGL VPR Q FR
JpQLWR WUDWVH DF RQ UHHPSOD ] R GHKRU KRUP RQD WLURLG H D SUH IRUPD GDSUR YH QHL
QWH GHODVFpOXO
DV GD xD GDV
PRQD WLURLG HD /D HL YH GQFLD L
QGL FD TXH HV LPS RU
WDQW H QRUP DOL GHO
D JOiQGX OD
]DUO
DVF RQFHQWU
DFL
RQHVGH7ORD QWHVSRVLEOH
SRUTX H HOUHWUD
VR
VH
D F
RPSDxD GHXQ
GHVDUUROO
R SLV
FR PRWRU\PH Q WDO
PiV OLPLWDGR0DQLIHVWDFLRQHV FOtQLFDV(OKSRW
LL URLGLVPR SXHGHDIHF
WD U
FDVL
/DGRVLV VHYD
DMX
VWD
QGR PH G
D
L
GD TXH F
UHFH QLxR
HO
&XD QGRVH WRGDVO
DVIXQFLRQHVFR U SR
UDOHV SU6XV
LQ FLSD
OHVP DQLI
HVWDFLRQHV
DSOFD
L XQ W
UDWDPLHQWR
GHUH
H PSOD]R KRUP RQDOSDUDKLSR WLURL
GLVPR HV WiQU
HODFLRQDGDVFRQ D
OJXQR GH HV
WRV GRVIFDWRU
HVHOHVWDGR
FRQJpQLWRGHIRUPDWHPSUDQD\FU H
WHUD
HOUL
HVJR GHGLV FDSDFLGDG KLSRPHWDE yOLFR
UHVXOW
D QWH
GHODGHILF
LHQFLD KRUPRQD
GH WLURLG
LQWHOHFWXDO
HV
PX \
EDM
HO
FRPSUR PL VRP L
[ G
HH PDWRVR O
RV
GH
WHML
GR V F
RUSRUDOH
V
(OHVWDGR
KLSRPHWDEy OL
FRDVRFLDGR FRQH
OKSRWLURL
L GLVPR V
HFDUDFW
HUL]D
SR U
GHELOLGDG\IDWLJD L
Q LFLR
JUDGXDOXQDWHQGHQ
GHF LD
D
JDQDUSHVRD
+LSRWLURLGLVPR \ PL[HGHPD
DGTXLULGR SHVDU GH OD GH DSHWLW
SpUGLGD
RHLQWROHUDQFLDDO
IUtR
IL
J
(OKL
SRWLURLG
LV
PR HQQLxRVPD\RU HV\DGXOWRVSURYRF DX QDG
HV &RQIRUP HDD Y
Q]DO
DHQI HUPHGDG
-DSL
HOVHYXHOYHVHFD
\
iVSH UD
\
DFHOH
UDFLyQ GHORV
SURFHVRVPH W
DEy O
LFRV \PL[ HGHPD 3RU HV
WH HOFDEH
OO
R VHWR
UQDJUX HVRTX \
HEUDGL]R/D FDUD
VHKLYH
QFKDGD
~OWLPR H VH
QWL
HQGHOD
SUHVHQFLDGHXQWLSRGHHGH PD PXFRV R
VLQ FRQSiUSDGRVHGHPDWR VRV\D
GHOJD]DPL HQWR GHO
WHUF
LRW H
H[UQ
R GH
IyYHDFDXVDGR SRU DF
XP XODFOD
LyQ GHXQ DV
XVWDQFLDPX FRSROL
VD O
DVFHMDV
'L VPLQX\HODPRWLOLGDGGHOWXE RGL
JHVWLYR
OR
TXH SUR
FiULG
D KLGUyILO
D H
QORV
WHM
LGRV FRQMXQ W
LYRVG HW
R GRHO FXHUSR(OGX FHHVWUHxLPLH
QWRIDW
OXOHQFLDVGL \
VW
HQV L
yQ DEGRPLQ DO YHF$V
H
HVW
D GR KLSRWL
URLG
HRSXHGH VU
HOH YHFR QR FS
RV VL
JQRV V \
tQWR
VHREVH
UYD XQD
UHO
DMDFLyQ UH
WDUGDGD ORV U
HGH
IOHM
RVWHQGLQR
VRVSUR
PD V
RSXH GHSURJUHVDU
DXQD DO
WHUDFLyQ SRWHQFLDOP HQW HPR UWD
O IXQG RV EU D
\
GLFDUGLD
(OFP RSURPL VRGHO 61& PDQLIL
VH HVWDSRU
FRQDJQL
RH GHPD3 HPERWDPLHQWR QWDOOH
WDUJLDPH
G H
\
W
HULRURGHODPHPRULD
ā
$XQTXH HO
OtTXL
GR PL[HGHPDWR VRV XHO
H VU
H iV
PHYLHGQWHHQ
(WLRORJtD\SDWRJHQLD
(O
KL SRWRLULGL
VPR DGT XLU
LGRSXH GH
GHU L
YDUOD F
DUD
VH SXHGHDFXPXODU HQORVHVSDFLRV LQW
HUVWL
FLD
OHVGHFDVL
GHO
DGHVWUXFFLyQ
RGLVIXQFLy
QGHO
DJ O
iQGXODWLUR
LG HV
S HM
KLSR L F
W XDOTXLHU
HVWUXFWXUD
F RUSRUDO\ U HV
HV
SR Q VDEOH GHO DV
PXFKD
;,,
81,'$' $O
WUD
H
FLRQ
H V
GH
OD
IX
QFLyQ
HQG
RUF
LQD
&DEH
OO
RJUX
HVR
(OKL SRWLUR LGLV
PR W VH
UDW
DPHGLDQ WH
WHUDSLDGHUHHPSOD ]R FRQ
VHFR
TXHEUDGL]R
\ /HW
DUJLD\S
UREO
HP D V SUHSDUD FLRQH V VLQWpWLFDV GH7R7
/DPD\R Ut
D GH OD
V SH UVRQD V
GH
PHP RULD V RQWUDWD
GD VFR Q7/DV FRQFQWHUDFLRQH VVpULFDVGH76+ VRQ ~W LO
HV
3pUGL
GD
GHO
WHUF
LR
H[W
HUQR
GH ODVFHMDV SD UD
YDORUD UHO JUDGR GHDGD SWDFL
yQ D O
DWHUDSLDGHUHHPSO D]R FRQ
O
(GHPD SHU
LRU
ELWD ULR 7&XD QG RV HQRUP DOL]DODF
RQFH QW
UD FLyQ GH
H VW
DKRU PR QD OD
GRV LV
3DOGH]
L ,
.
WXPHID
\ FF
LyQIDF LDO GH7VH
FR QVL
GHUD VDWLVIDFWRULD
~QLFD PH QWH H SDUD
O
KLSRWLURL GL
V PR
0DFURJO
RV
LD a 9R]URQFD
\JUXHVD SULP DULR
(Q H O
WUDW
D PLHQWRGHORVDG XOWR
VPD \RUHVFRQ KL SRWLURL
'L VPLQXF
LyQ GH GL VPRV HGHEH SUH IHU LU
XQDER UGDM
HGH GRVLV
EDM DV DYDQFH
\O H
QW R
ODVXGRUDF
LyQ GHELGR DOULHVJ RGHLQG XFLUVtQGURP HV FRUQRD UL
RVD JXG RV H QSH U
LQW ROHUDQFLD
D OIU tR VRQDVVXVFH SWLEOH V
7DP EL
p QHVLPS RU WD
QWHTXH VHWRPH GH PRGR
VLV
WHPiWLFR OD IU R
PD GH7 TXHKD\D VL
GR SHVUFULW
D IL
Q D
GH TXH
3XO
VR OHQW R VXVYDORU HVGH OD
ERU DW RU
LRVHD QO
RPi V UHSUHVHQWDWL
YR SRVLE OH
GH VX
FUHFL
PLHQWRFD
UGtDFR
FD
UGLR
PHJDO LD HVWDGRWLUR L
G HR 3RUO RW
DQW R
GHEHQS H UVL
VWLU
HQO V
DIRUP D V JHQ pUL
FDVRF
RPH UFLDO HV 7
GH
TX HKD\DQWRP DGRGHVGH XQLQL
F L
R
R?OR
$WU
RILD
JiVW ULF D
&RPD PL[HGHPDWRVR
*DQD
QFLD
SRQG
HUD
O (O FP RD PL [HG HPD WRVR HV XQD H[ SUHVLyQ G HOD IDVH WH UPL QDOGH O
KLS RWL URLGLVPRTX HSRQH HQ SHOLJUR OD YLGD (OK LSRWLU RLGLVPR
GH OD UJRSO D]ROOHYD DXQ HW V
DGR GH FULVLV F RQUH GX FLF yQ JUDYH GHO
PH W D EROLV
PR FH OXODUTX HDIHF
W DW RG
DRVVLVWH ORV PDV FRU SRUD OHV
7DPEL pQVHGHVD UU ROO
D KLSRWHUPLD TXH HV XQ IHXU W
H W IDF
RU SUR QyV
WLFR GH PRUW D
OLGD G(V WDDIH F FLyQ HV W
iDVRF LDGD FRQ F ROD SV R FDU GLR
YDVF X ODU
KSRLYHQWL ODFLyQ \ DH OW
UD FL
RQH V PHW DEyO L
FD V JUD YHV TXH
LQFOX\H Q KLSRQD WU HPLD KLSRJOXFH PLD \ DF LGRV L
V OiFWLF DW
(OWD U
WDP L
H QWR FR QV LV
WH HQQ X
FQ RWU ROL QWH QVLYR GH ORV IDF
(GHPD
SH ULIpU
LFR
PDQRV
SLH V
HWF
WRU HV SUH FLSLWDQWHV WHUDSL D GH DSR \R SDUD HOFR QUR WO GH O HVW DGR
FDUG LR UU
HV SLU
DWRUL RODKLSR QDWU HPL DO D
\KL SRJ O
XF H PL D WHUD \
SL DGH
UHH PSO D]R WLURL
GH R6LVH SU HVH QWD KLSRW H UPL DH O
U HFD OH QW D PL HQW R
DFWLYR GHOFXHUSR HVWi
FR QWUD LQGLFD GR SR UTXH SXH GH LQGXF L U YDVRGL
'HEL
OL
GDG ODW
D F LyQ \FRODSV R YDVF XOD U
/DSU HYH QF LyQ VLHPS UH VU Hi S UH IHULEOH
PXVFXODU DOW UDWD PLHQWR OR FXDOLPSOLFD XQD DWH QF LyQ HVSHF LDO D SR EODF L
R
QHV GH D O
WRUL
HVJ RFRPR OD
V PXM H UHVFR QD QWHFH GH QW HV GH WLURLGLWLV
GH +D VKLP RWR6H GHEH LQIRUP DUDHV W
DV SHUVR QDV VR EUH ORV VL
JQRV
\Vt QW RPD VGHOKL SRW LU
RLGL VPR JUDYH \OD QHFHV LGD GG H LQ VWLWXLU XQ
WUDWD PLHQWR Pp GLFR W
HPSUDQ RW
+LSHUWLURLGLVPR
/D
WL
U
RWR[
LFRVL
VHV
HO
VtQG
UR
PH
FtQ
OLFR
RFDVLRQDGR
SR
UOD
H[SRV
L
FLy
Q
GH
O
RVWHM
LGRV
FRU
SRU
DO
HVFRQ
D
FHQWU
D
FLRQHVD
OW
DV
GH
KRU
PRQD
)LJXUD
0DQLIHVWDF
LRQHVFOtQLFDV
GHO
KLSRWLUR
LGLVPR
WL
URLG
HD
FLU
FXOD
QWH
PDQL IHV
WDF L
RQ HVGHO HWVDGR KL
SRWLU
R LG
HR JUDYH$ PH QXGRVH(WLRORJtD \SDWRJHQLD
HQVDQFKD ODOH
QJXDOD \YR] V
HYXHOYHPi VUQRFD\DGTXLHUHXQ (QOD
PD\ RUtD
GH ORV
FDVRV
OD
WLUR
WR[L FRVLVVHGHEHDODKLS HUDFWLYL
WRQREDMR6R QIHF
U XHQWHV ORVV
tQGURPHV GHDWUDSDPLHQWRFRPR GDGG H
OD
JOiQGXOD W
LURL
GHVR
KLSHULUR
WL GLV
PR/D FD XVD
PiV IUHF XH QWH
HOVtQGU
RPH GHOW
~Q HOFDUSL DQR
DVtFRPR H
OGHWHULRU
R GHO
DIXQ GH
KLSHUWLURLGL
V
PR HV
OD
HQIHUPHGDGGH*UDYHV TX HVH
DF RPSD xD GH
FLyQPXVF XODUFRQU L
JLGH] FDODPEUHV\GRORU/RVGHSyVLW
RV GH RIW
D OPRDSWtDR
GHUP RSDW
tD
\
ERFLRGLIXVR 2WUDV
FD XVDV
LPS RUW D
Q WHV
PXF RSROLVDFiULGRVHQH O
FRU D]yQF
DXVD Q
GLOD
W DF
LyQ FUGtD
D FD JHQHGHKLSHUWLURL
GLV
PR VRQH
OER
FLRPXOWLQRG XODU
H O
DGHQ RPD WLURLGHR\
UDOL
]DGD EUDGLFDU
GLDR \
WU RV VL
JQRV GH
DOWH
UD F
LyQ GHODIXQFyQ O
L DW
LURLGL
WLV/RVDJH QWHV
TX
HFR
QWLH QH Q\R GRSXH GHQLQG XF LUWDQWR
FD UG
tDFD/RVSULQF
LSD O
HV V LJQRVVt \
QWRPDVGHOKLSRWLURLGL
VPR VH KL
SH UW
L
URLGLV
PR FR PRKLSRWLURL
GLVPR /DF ULV
LVRW
RUPHQ WD WLURL
GHD
U
HV XP HQHQODW
DEOD
HV
XQDPDQLIHVWDFLyQDJXGDH[DJHUD
GDGHOHVW
D GRWLURWy
[LFR O
'LD JQyVWLF
R \W
UDW
DPL HQW R(OGLDJ
QyVWLFRGHKLSRW
LURLGLVPR VH 0DQLIHVWDFLRQHV FOtQLFDV
EDVD HQ
ODUHYL
VLyQGHD QWHFHGHQW HV
GHOSDFLHQW
HOD
H [S O
RUD FLyQ 0X FKDVGHO
DVPDQLI
HVW
DFLRQHV GH KL
SH UWLU
RL
GLVPR HVW
iQU
HODFLR
It
VLFD \
O
DVSUXH
ED VG
HODERUDWRUL
R8QD 7EDMD
HQVXH
UR F RQ\
FHQ QDGDV FRQHO
DXPHQWR
HQHOFQ R
VXPR GH R[tJH
QR\ HO
HPSOH R
GH
W
U DFLRQHV
GH76+ HOHYDGD VVRQFDUDFW
HUtVWL
FDVGHOKLSRWLURLGLVPR FR PEXV WL
EO
HV PHWDEyOLFRV
SUR SL
RV GH OHVWD
GR KLSHUPHWD
EyOLFR \
SULP DUL
R6HGHEHQUHDOL
]D USUXHEDVGH D
QWLF
XHUS
RV DQW LWL
URLGHRV W DPE Lp
QFRQXQDPD\R
U DF WL
YLGDG GHOVLVWH
PDQHUY LRVR
VLPSi WL
F
R
FXDQGR V VH
RVSHFKH
WLURL
GLWLV
GH+DV KLP RWR
ORV
YDORUHVGHORV D
QW L (O
KHF KRGHTXH
PXFKRVGH ORV
VLJQRV \VQt
W
RPDV GHO
KLSHUW
LU
RL
FXHUS RV
DQWL
732 VHYHUIL
LFDQFQ RIU
HFXHQFLDM
3 GL
VPR VH
DVH
PH MDQ
D
O
RVGHODKLSHUD F
WLYLGD
GGH OV
LVWH
PD QHU
YLRVR
VLPSiWLFRVXJLHUHTXHOD
&DStWX
KRU
O $OWHUDFLRQHV
R
PR QD WLU
GH
O
RLG
FRQWUR
HD
O
HQGRFULQR
GH
O
F
SXHGH
UHFLP
LHQ
L
W
R
QF
HO
\
PHWDER
UH
OL
PH
VPR
GH ODH QI HUPHGDG *UDYHV
GH SXHGH FDX VDU SUREOHP DVJ UDYH V QH
ORV RMRV SRU HMHPSO R SDUi OL
VLV GH ORV P~ VF XORV H[WUDRFXODUH V OR
TXH JHQHUD GLSORStD FP RS URPLVR Q HUYLR
GHO
ySW L
FRFRQ
Sp UGLGD
YLVXD O
\ XOFHUDF LyQ FR UHDQSR U TXH OR V SU iS DGRVQROFD D Q]D Q
DFHUUDU V HEU VRHH OJ ORE R RX FDOUSR UH[RIWDOPR V
3RUJH OR
QH
2OLJRPHQRUUHD UDOODRIWDOPRSD WtD WLHQG HHVWDEL
DOL ]DUVH XQD Y] H TXH
VH WUDWD O
KLS HUWLUR LGLV PR 6LQ HPE D UJR SXHGH HPSHRUDU GHIRUPD J UDYH
GHVS XpV GHOWUDW D
PL H Q WR RQ \RGR
F UD GLDF WL
Y RF (Q
RQVFXHHQ F L
D
DOJXQR V Pp GLFR VS UH VF ULEHQ JOXFR FR UFWL
RLG HV GXU DQWH
YD ULDV
VH PD
QD VDQW HV \ GH VSXpV GH HVWH WUDWDPL HQWRQ H
SH U VRQDVFRQ VLJQR V
GH RIWD OPRS DWtD(V WD V DIHFF LRQHV SXHG H Q J UDDYD UVHSR UHOWDED
0L[HGHPD TXLV PR DVt TXH H VWH Ki ELWR GH EH GHVD OH QWD U
VH /D ILJXUD /
SUHWLELDO PX HV WUD DXQD PXM H UFR QH QIH UP HGDG GH *U DYHV
7RUPHQWD WLURLGHD
/D
WRUP H
QWDWLU
RL
GHD UL
VL
V
RFW
LU
RW
y[L
FDHV
XQD
YDULDQ
W
H [WU
H
HPDGH
OD
WLURWR[
L
FRVLV
TXHSR
QH HQU
LHVJR YL
GD
OD
\
TXH
SRU
IRUWXQD
VH
SUHVHQWDHQ
SR
FDVRFDVLRQHVJUDFLDV
OR
VPpWRGRV
GLDJQy
D V
WLFRV \
GH
WUDWDPL
HQWR W
XDDF
O
HV
&X DQGRSURGXFH
VH VHYH
FRQ
PD \RUIU
H
FXH
QFLDQFDVRV
HV LQ
GLDJQRVWL
FDUHQSH
R
UVRQD
VF
RQKLS
HUW
LURLGL
VPR
)LJX
UD
0DQ
LIHVWDFLR
QHV
FOtQ
LFD
VGHKLSHUWLU
RLGLVPR
TXHQRU
HFLEHQHOWU
DW
DPL H
QWRDG
HFXDGR PHQX$
GR
VHSU
HFLSL
WD
81,'$' $O
W
HUDF
;,,LRQHV
OD
I
GH
XQF
LyQ
HQGRF
U
LQD
'H V
SX pV GH WHUPLQDU HV WDVHF FL
yQ G H OFD StW XORHOO
H FWRU
VH Ui
SRU HO
HV WUpVSUR YRFD GR SR UX QD L
QIHFF LyQ XQ WU
DXP D W
LVPR IV L
tFR FDSD ]GHF XPSOLU FR QOR VVLJ XLHQWHVREM HWLYRV
R HPR FLRQ DOR-D PDQLS XO D FLyQJ GHOD
OiQG XOD W
LURLGHV G XUDQWH O
D
WLURLGH FW
RPtD /D W
R UPH QWD WL
UR LGH D VH PD QLILHV WD
SRU ILHEU H PX\ 'HV FULELU IXQ FLyQ
ODGH ODVKRUP RQD V GH OD FRUWH]DV
XSU DUU
H QD O
DOWD DOW
H UDFLRQHV FDUGLR YD VXFODUHV H[ W
UH PD V SH
MW DTXL FD UGLD \VXUHJ XODF LyQSRU PH GLR GHUHWURD OL
PH QWD FLyQ
LQVXILF LH
QF LD FR QJHV WL
YD D QJ
\
LQD GH SHF KR HIHF\
WRV JUDYH VHQ O
H 5H ODF
LR QDU OV
DIXQ FLR QHV GH ODV
KRUP RQD V GH ODFRUW
H]DVXSUDUU H
61 & SHMDJLWDF LyQ
LQTXL H W
XG GH OtU
\ LXP /D W
DVDGH PR UWDOLGDG QDO FRQ O
D H
QIHUP H GD G GH$ GGL
VR Q L QV XIL
F LHQFLD VXSUDUUHQD O
HV DOW
D
\
H O
V
tQGURP HGH&XV KL Q J[ HF
HVR GHJO XF RFR UL F
WRLG
HV
(VWD DOW
HUD F L
y QUH TX LH UHGH XQ G L
D JQyV WLFR H
LPSO HPH QWDFL yQ
GH W UDWDPL HQWR WHPSUDQR V $O L
QL FLR GH EH ORJU DUVHO D
HV WD ELOL]D &RQWURO GH OD IXQFLyQ G
F L
yQ KHPRGLQiPL F DGH OD SHU VR QD /D VK RUPR QDV WLURLGHDV SXH
G HQ HOLPLQDU VHPHG L
D QWH SODVPD Ip UHVLVGLi OL
VL
V RDGV RUFLyQVXSUDUUHQDO
SRU
KH PRS H
UIX VLyQ(O HQIUL D PL HQWR SHU LIpUL
FR VH LQLFLD XWLOL]D QGR /DV JOiQGXO DVVXSUDUUH QD OHV V
RQ HVWUX FWX UD VEO L
DWHUDO
HVSHTXH xD V
F RPSU HV DVIUtDV XQ FROF \
KyQ SDUD HQIU L
D PL HQWR 3DUD TXH HW V
D TXHSHVQ DDSUR [LPDG DPHQW H J\ VH XELF DQ H QHOU
H WUR
SHULWR
UHGXFFL yQ GH W
HPSHUDW XUD UHVX O
WHHIL FD] GH EHHY LW
DUVH TXH OD SHUQHRVREUH H O
iSLFHGHFDGD ULxyQ
ILJ
/D PpGXOD RSRUFLy Q
VR QD WL
ULWHG H
IUtR /DV PH GLGDV G HDSR \RJH QHUDOHVSDUD U HH PSO D LQW
HUQD ODJOGH
iQGXOD TXH FR QVWLWX\H D OUHGHGRU GHO
GHFDGD
]D UORVOtTXLGRV ODJOXF RVDO R \
VH O
HF WUyOLWRV VRQHVH QFL D
OHV GXU DQWH JOiQG XO
D VXSUD UUH QDOVHF UHWDDGUH QD OLQD QRUDGU
\H QDOLQ
D\IRUP D
H O
HV WDGRKL SHUP HW DEyOLFR 3D U DLQKLEL UORVH IHFWRVLQG HVHD EOHV GH SDUW
H GH OVLVWHPD QH UYLRV R VLPSi WL
FR /D FRUWH]DFQ RV
WLWX\H
-D7V RE UHODIXQ FLyQ FDUG LRYD VF XODU VHD GPLQ L
VWUDQ EO RT XHD GR OD
PD \RUS DUWHGHODJOiQGXOD FH UFDGH O \HVUHVSRQVDEOH GH
UHV aD GUHQp UJLFRV FRPR H O
SURS UD QRORO/RV JOXFRFR UWLFR LGH V VHVHFU
H W
DUWUHV WLS
RV GH KRUP R QDVJOXF RF RUW LFRLGHV PLQHUDO
RF RW U
L
H PS OH
D QSDUD FR UUHJLUOD LQVXILFLHQF LDV XSU D UUHQDOUH ODW
LYD TXH HVF RL
GHV DQG\
UyJH QRV'H ELGRD TXH H O
VLVWHPD QH U
YLRVRVLPS i
WLFR
F RQVHF XH QF LDGH O HWV
UpV LP SXHV WR SRU HOHV WDGRKLS HUWLUR LGHR D V
t WDPEL pQ VHF UHWDU H
DG
QD OLQD QRUDGUHQDOL
\ QD -DIXQFLyQPH GXO D U
F RP RSD UDLQK LELU -DFR QYH UV
L yQ SH ULIpU LF
D GH7D 7 6H SX HGH VXSUDUUH QDOQR HVHVHQF LD OSD UDO
DYLG D SH UROD VXSUDUUHQRFRUWL
F D O
DGPL QLVWUDU SURSL OWL
RXUD FLOR P RHWLPD]R O SD UDL
QKLE LU ODV tQWHVLV Vt
O
RHV/D S pUGLG D
IXQ F L RQD OW
RW DO
GH OD
FR UH]D
WV XSUDUU HQDO
UHVXOWD
WLURLGHD (OiF LGR DFHWLO
V D O
LFt
OLFRDXP H QWD O
DV FR QFH QWU DF LRQHV PRUWDO H QXQ RV
F XDQWRV GtD VR VH
PDQD VVL QR UHFLEHWDWDPL
U H QWR
GH K RUP R QDV WLURLGHD V OL
EU HV DOGHV SO D]D UHV WD
VKR UPR QD V GH VXV (VWDVHFFL yQ GHO
FD S t
WXO R GHVFU LEH
HOSUR FHV R
G H
VtQ W
HVLV\
IXQF L
yQ
SURW HtQDVSRUWDGRUD
V
SR U OR
TXH QR GH EHXWLOL]D UVHGXU DQ WHO DWRUGHO
D VKRUPRQD VGH-DFR UH]W DVXSUUUD H QD O
\ -RV HIHFWRV
GHVXLQVX
PH Q WD
WLURLG HD Y IL
FLHQFLDH[ \
FVHR
&DStWX
O $OWH
R UD
FLR
QH
V
GHO
FRQWUR
O
H QGRF
ULQR
GH
O
FUHF
LPLHQWR\
HO
PHWD
EROL
VPR
%LRVtQWHVLV
(Q
HVW
WUDQVSRUWH \ PHWDEROLVPR
-D
DV
FR
-D
UH]
DO
WD
GRV WH
VXS
URQ
UDUU
DH
H QDO
HV
O
PL
VH
QH
SURG
UDOR
XF
FR
HQ
UF WL
PiV
RLG H
GH
Pi
V U HO
KRUP
HYDQ
RQD
WHH
V'H
O
FR U
381726 &/$9( BW
a
WL
VRO KLG UR FR UWL
VRQ DHV HOSULQ
FLS D OJOXF RF RUWLFR LH G\O RV DG Qy
U +25021$6 '( /$ &257(=$ 6835$55(1$/
JHQR V VQRO DV K RUP R QDV V[HXDO
H V PiV VL
JQLIL FD WLYD V7R GDV O DV
KRUP R QDV GH OD
FR UH]W DVXSUD UUH
QD OWLHQH Q XQ DHVW UX F WXUDV LPLO DUGH /DV PD QLIHV WDF LRQHV GH OD LVQXILFLHQFLD VXSUDUUHQD O
WLSRHV WH U
RLG H \VH V L
QW HWL]D Q
DSD UW
LU GH DFH WDWR\F ROHV W
H UR O&D GD SULPDULD UHODF LRQDVH
Q VR EHUWRGR FRQ ODGHILFLHQFL
PLQ HUD ORFR UWL
F RLG HV FR PS UR PLVR ODGH
FDSDFL GDG SDUD
XQ RG
H ORVSDVRV LQ YROX FUDGRVSDUD ODVtQW HVLV GHODV GLIH UHQW HV KRU
UHJX ODU OD HOLPLQ DFLyQ GH VD O\DJXD\
JO
XFRFRUWLFRLGHV
PRQDV UHTX L
H UH GH XQD HQ] LPDHVSH FtILFD YpDVH OD IJL
/D
L
QFD SDFL GDG SDU DUHJX ODU ODJOXFHPLD FRQW UR\
ODU ORV
$&7+
VHF UHWDG D SRU HO
OyEX O
R DQWH ULRU GH ODKLS yILV L
VFR QWUR O
D O
D
HIHFW RV GH ODV UHVSX HVWDV LQPX QLWDU LD LQIODPDWRULD
H
VHFUHF L yQGH ORVJ OXF R FRUWLFRLGHV OR V
\
DQGUy JH QRV VXSUD UU HQ D O
H VW
" /D SURG XFF LyQ H[F HVLYD GH OD FR UHW]D VXSUDU UHQD ORFD
(O FRUWLV ROOD D OGRVWHURQD \ O
RV DQG UyJH QR VV XSU DUUH QDOHV VLR QD DOWHUDF LRQHV HQ HO PHWDEROL VPR GH ODJXF
ORVD \
VRQ VH F UHWDG R V
H Q HV WD GROLEUH
\ VH XQH QD SURWH t QD VS O
D VPi WLFDV ODUJ H XODF LyQ GH VR GLRSRWDV
\ LR PD \R UUHW
HQFLy QGH
SDUD VH UWUDQVSRU WDGDV HQH O
VL
VWHPD FLUFX O
DWR ULR(O FRUWL VR O
V HXQH VRG LRS \
pU GL GD SR GH
WDVL R SUREO HPDV SD UDUHV SR Q
VREU HW RGR DO D
JO REXOLQ DGH XQLyQ FR ULFRH
WD VWHUR LG HV \H QPH QRU GHU DOHV WpV
UGHE LGR DO
D LQKLE LFLyQ GH OD
U HVS XHVWD
JUDGR D O
DD O
E~ PLQD /DDOGR V
WHURQD \ORV D
QGUy J HQR VVHGHV SOD]D Q LQIODPDW RULD LQPXQ HLWDUL
D DVtFRP
R VLJQR V GH ODVFR Q
OL
JDGR VDODD OE~PLQ DFD VLHQV
X WRWDOLGDG 6H KD VXJH UL
GR TX HO
D FH QW UDF L
RQHV DO
WDV GHDQG UyJHQRV SHM W LVPR KLUVX
UHVH UYD GHKR UP R QDV XQL GD VD
SURWH tQDV SXH G HH[ WHQ GH UODG XUD FLyQ
GHVXDFF LyQ D O
UHWUD VDUODGH SXU
DF LyQ PH WDEyOLF Dā
(O VLWLRSU LQ FLSD O
GRQG HRF
XU UH HOPH WDER OL
VPR G HODV KRUPR $QGUyJHQRV VXSUDUUHQDOHV
QDV GH ODFR UH]D
WV XSU DUUH QDOHV
H OKt JD GR GRQG HV XIUH QXQ DVHU L
H
/R V
D QGUyJH QRV VXSUDUUHQ D OHVVH VLQWH WL]DQVR EU H WRGRH Q O
DV ]RQDV
GHF RQ YH UV LRQHV PH WDEyOLF DVDQWHV GH VHU FR QMX JD GD V\Y R OYHU VHUH WL
FXO DU\ ID V FLF XOD U GHOD FR UH]D
W ILJ
$ (V SURE D EOHTXH
KLGUR V
RO XEOHV 'HV S XpV VRQ HOLPLQDG D VHQOD R U
LQ DR O
D ELOLVW"
HVWDVKRUP RQD V WHQ JD Q XQ HIH FWR SR F R VL
JQLILFD WLYR HQ ODIX QFLy Q
VH[XD OQRUP DOH 6LQ
PE D UJR K D\ H YLG HQF LD GH TXH OVRD QGU yJH
QR VVXSUDUU HQD OHV H OPi V LPSRUW D QW HO
D GH KLG UR HSLD QGUR VWHURQ D
>'+($ @\
V X VX OID WR >'+ ($6@ F RQWULEX \H Q D
OF UHFLPL HQW RSXE H
UDO Y HOO
GHO
R FU R SRUD OHQ HVS HFLD OHQ H O
SXE LV\ O
DV D [LODV GHODV
0pGXOD
PXM HU HV7DPEL p Q SXHGH Q GHVH PS H xDU SD XQ
SH O LPS RUWD QWH HQ
ODUHJ XOD FLy Q GH OD KRUPR QD H V
WH UR LGH HQ OD PX MH U
H PEDU D]D GD
aaIa
+2 \ODXQ LGDG I HWRS OD FH QWDU LD(O '+($6 VH XW
LOL ]D FD GD Y] HPiV
SDUDWUDWD UODH Q IH UP HGDGGH $G GLVRQ D Vt
FR PR H QDGXO WRVF RQXQ D
UHGXFF LyQ HQ VXV FR QF HQWUDF L
R QHV GH HV HVXOID W R /RV DQG UyJH QRV
VXSUDUUH QDO H V VR Q IV L
LRO
yJL FDPH QWH LPSRUW D QWH V HQ PXMH UHVF RQ
$
HQIHUPH GDG GH $G GLVR Q \G HEH FR QV LGHUDUVH H OW
UD WD PLHQW R UHV
/L
WXWL
YR GLD ULR DQW HG HO
pILF LW
GH '+( $6 'D GR TX HO
RV WHV WtFXORV
SURG XFH QH V W
DV KRU PRQD V QR H[ LVWH QLQJXQD MXV WLIL
FDF L
y Q SD UDVX
ā+LGUR[L
ā +LGUR[L
XVRH QKRPEU H V/D VFRQFQ H
WUDF L
R QH V GH'+( $\ RWUDV KRUP RQDV
B SB URJ
£
HV
a W
UR QDSUHJQtRORQD
VXS UUU
DH QDO HV GLV PL QX\H Q FQ RO
D HGD G XQ SUR FHV RF RQR FLGR FRPR
DGUH QRSD XV LD (O YDO RUGH O
WUDWDPL H QWRUHVW LWXWLYR GH '+ ($ 6 HQ
'HVR[
tFRUWWFR
VWHURQD
'HVR [LFRUWLVR
O 'HKL GURHSL
DU URVW
HURQD OD
DGU HQR S D XV LD QR H V
WiSU RE DGR H QVX WRWDOLGD G /DV FR QFH QWU DFLR
QHVGH '+($6 SXHGH QVHUPDU RWUR
FD GRUGH H QYHMH FLPL H QWR \D
O
&RUWLFRVWH
URQD
O
&R UW
L
VRO $Q GURVWHQHGL
RQD
TX
F
HSD
ULQ
UF
R\
WL
LS DQHQORV
FRQWULEX \HQ
V
D
LVWHPD
OD
SUH
VFD
YHQFL
UGLR
y
YDVF
Q GH
XO
SUR
DU
EO
LQP
HP DV
XQL
HV
WDULR
SHF tIL
\HQGR
FRV TX
H
O
$OGRVWH
URQD
VREUH YLH QH QFR
0LQHUDORFRUWLFRLGHV
QO
D H GDGā
% 6L
W
LR
GH
DFF LyQ
HQ]L
PiWL
FD /RV PLQHUDORFRUW
LFRLG
HV WLH
QH Q XQ SDSHOHVHQF LDOHQODUHJ XOD
KWRUR[OO
DVD
aKLGUR[
ODVD
O FLyQGHODVFRQ FQ H
WUDF
L
RQHV GH SW R
DVL
R \ VGL
RR \ GHOHTXLOLE
ULR
KtGULF
R6H SURGX FQ
HHQO
D ]RQD JORPHUXORVDODFD SDH[WHUQD GH
)LJXU
D$ *OiQGXOD
VXSUD UUHQD O 6H REVHUYDQODPpGXODFp OXO
DV
GHODFRUWH]D
VXSU
D UU
H QDO
/D VHFUHFLyQGHDOGRVWHURQD HW V
i
\ODVWUHVFDSDV
OD
FRUWH]D
/DFD SDH[WHUQD]RQD
GH JORPHUXORVD
HVU HJ XDO
GDSRUHOPH FDQL
V
PR GHUHQL QD
DQJLRW H
QV L
QD \SU RODV
FR Q
OD
UHVSRQVDE
OH
SULQFLSDOGH
OD
SURGXFF LyQ GH PLQHUDORFRUW
LFRLGHV
ODF H \
QWUD
FL
R QHVVDQJXtQHDV
GH SRWDVLR/DVFR QFHQW UDFL
RQHV DOW
D VGH
PHGLD
]RQDIDVF
LFXODGD\
OD
LQ
WHUQD ]R QDUHW LF
XODUJHQHUDQORV
JOXFR
DOGR V
WHURQDSURP XHYHQ
OD
U H
WH QFLyQGH
VRGLR H
QORVW~EXORVGLVW
DOHV
FRUWLFRLGHV\ORV
DQG UyJHQRV
VXS U
DUU HQD OHV% 9t
D VSUL
QFLSDOHV
SDUD
OD
ELRVtQWHVLV
GH
ODFRUWH]D
VXSUDU
UHQDO/DV H Q]LPDV HVHQFL
DOHVSDUD
H
VWH GH O
ULxy
QDOD
YH]TXHDXP
H QW DQODV
SpUGLGD V
XULQ D
ULD V
GHSRWDVL
R
SURFHVRLQFOX\HQ
a
KLGUR
[LO
DVD \OD K
OD LGUR[LO
DVD GHILFLHQFLD
8QD /DD OGRV
WHURQ DHV
LPSRUW D
QWHSDUDHO
HTXLOLEULRGHVRGLRFOR
HQ
FXDOTXLH
U
HQ]
LPD EORTX
HD
OD
VtQW
HV LVGH ODVKRU PRQDV GH
SH QGLHQW
H
V\ UXUR\SRWDVLR
DVtFRPRSDUDHOPD QWHQLPL HQWRGHOYROXP H QFRU
GHVYtD
DORVSUHFXUVRUHVKDFLDYtDV
DOWH UQDWLYDV SRUDOW
RWDO
3DUDFRPSU H
QGHUODLPSRUW DQFLDGH
ODDOGR V
WHURQD
GHEH
81,'$' $O
WHU
D
;,,FLR
QHV
GH
OD
IXQF
LyQ
HQGR
FU
LQD
,QI
HFFy
L
'R
+L
ORU
Q
O
SRJOXFHPLD
6
XH
£+
QR
HPR
UUDJLD
V
G
XH
H
Y
UR
ODD
O
HFHV
HVF
DV
GRV
L
W
H
PD\R
URQ
D
U
TXH
HV
F
H
UX
F
O
LD
FU
YHFHVOD
G H
OT
RVR
X
WL
OD
DO
H
H
OOD
GR V
O
F
WH
XH
FD
UR
U
QWL
QD
SR
GDG
Q
'H
GH
EL
G
RQJD
WH
FRU
WL
VROH
RDOD
Q
SRWH
QF
H
L
O
D
XQ H[FHVR
(V
WU
pV
a £a
7UD
XPD
WLV
PR LQVXILF
LHQFLDGHH
VWH
HVWHUR
LGH /D
VF RQVHFXHQFLDV
GHXQDFRQFH
Q
WUD
F LyQDOW
DGH
HVWD
KRUP RQDV RQ
YD ORUHV
EDMR V
GH
SR W
DVL
RG \
HEL
+
LSRWiODPR
B OLG
D G
PX VFXODU
PLHQWU
DV
T XH ORVGpIFL
LWVF
D XVD
QLQFU
HPHQWRGHO
SRWDV L
R\
WR [L
FLGDG
FDUGtD
FD
*OXFRFRUW
LFRLGHV
/yEXORDQWHU
LRU /D VKRUPRQ DVJOX FRFR UW LFR
LGH VV
REUH WRG RH O
FR UV WL
R OVHVLQWH WL
GHOD
KL
SyIL
VLV
] DQ
H QODV
]R QDVIDVF LFXODU\UHWLFXODU GHOD JOiQGX OD VXS UDUUHQDO
/DV FRQ FHQWUD FLRQ HV VDQ JXtQHDV GHH VW
DV KR U PR QDV H V
UHJ XODQ D
,QKL
ELFLy
Q SRU WUDYpVG HPHF DQLVPRV GHUHWURD OLPHQW DFLyQ QHJD WLYD GH OV
LVWHPD
$&7 +
^I
UHWURDOL
PHQWDFLyQ K L
SRWDODUQLFR KLS RItVD ULR
VXSUDUUH QDO IL
J
'H PR GRVLPL ODU
D
F
R
Ly
WUD
QG
VK
HVG
RUP
HH
RQD V
OKLSR
K
W
LSR
i OD
ILV
PR
DULD
V
VHU
FR
HT
QWUROD
XH LU
G
HG
DV
H
SR
OD
U
IDF
KRUP
WR
RQ
UHV
D
GH
OEH
OLE
LUDG
HUD
R UD
GH FRUWLFRWURSLQ D&5+
FRUWL
FR WR U
SLQUH O
H DVL QJ K R UPRQH VSD UD
0P VX
SUDU
UH
QDO
UHJ XO
D UO
D /ELHUD FL
yQ GH $&7 +/D VFQ RFH QWU DF LRQHV GH FRUWLVRO
D XP HQWDQD PH G L
G D TXHL VH
QF UHPH QWDQ
ODV GH $& 7+ \GLVPLQ X
&RUW LVRO
\H Q
F XDQGR FDH Q O
RV YD OU RHV
GHH V
WDKR UPRQ D([ LV
WH XQ D FRQVLGH
L
UDEOHYD UDF
L Ly Q
G LXUQ D HQ OD
FDQWLGDGGH $&7+
TX HDOF
DQ ]DVXSLFR
Pi[ LP RWH
PS UDQRS R UODPDx DD Q
D OU
HG HGR UGH ODV K \
7HMLGRV GLDQD GLVPL QX\H PHD
GLGD TX HDYDQ ]D HO
GtD(V W
R SD UHF HG HE H UVH XQ D
D
DFWLYLGDG UtWPLFD HQ H O61 &TX H SURYR FD E URWHVG H VH FUHF LyQ GH
)LJXUD 6LVWHPDGH
UHWURDOLPHQW DFLyQ
KLSRWDOiPLFR
KLSR I
LV
D ULR &5+ \
DVX YH]G H $& 7+(W V HSDWUy QGLXUQ RVHLQ YL H UWHHQODV
VXSUDUUHQDO ++6TXHUHJXODOV
DFR QFHQ WUDFLRQHVGH
JOXFRFR UWLFLRHGV S HUV
RQD VTX HWUDED MD QG XUDQWH-D QRF KH \GXH UP HQHQ H O
GtD (O
FRUWLVRx/DOLEHUDFLyQ FRUW
LVROHVWi GHUHJXODGD
SR UO
D
FRUWLFW RUR
SLQD U LW
PR WDPEL p QSXHG H PR GLIL
FDUVH SRUHVW U
H VR UHV ItV
LF RV SVL\
FR
$&7+ (O
HVWUpV
LQGXFH ODO
LEHU
DFLyQGH FRULVRO
W D WUDYpV
GH OVLV
WHPD
OyJLFRVG HSU HVLyQHQG yJH QD
S VL FRVLVPDQtDFR G HSUHV LYD KH\
S D
++6 \ GHOD
&5+ FXD
ORV
OHVFRQ WUR
ODQODOLEHUDFLyQ $&7+ SRUHOOy
GH
EX OR
DQWHULRUGH OD
KLSyILV
LV
/DVFRQFH QW UDFLRQHV DOWDVGHFRUWLVRO
LQLFWDQ OD WRSDWtDXRWUDV DIHFF LRQ HVGHO
P HW DE ROL
VP R G H
O FR U
WLVR O
LQKLELFLyQSRU
UHWURDO
LPHQWDFLyQQHJDWL YDGH OD
OLEHUDFLyQ$&7+ GH /RV J OX FRF RUWLF RLG HVGHVHP S HxD Q XQD IX QF L
y Q QHFHV DULD
H QO
D U
HV SXH V W
DD O
HVW UpV Q \ HVHQVR
FL
DOHV SD UDODVXSH UYLYHQFLD
FRQVLG HUD UVHTXHW DQW
RHV WD
KRUP RQD FRPR OD
F RUWL
VRQD FXH QWDQ &XD QG RVH
V LQWHWL]DQ SDUD U
HVS RQG HUD O
HVWUpV HV
WD VKR U PR QDVD\ X
FRQ XQD IQXFLyQPLQ H
UD ORFR
UWLF RLG H 6LQHPEDUJRDSU R[ L
PD GDGD Q
H QODU
HJ XODFLyQ G H ODV
IXQFLR QHV PH WDE yOLFDV GH OF XH US
RH \
Q
PH QWH HO
GH
HV WD
IXQ FLyQVHR EWL
H QHDWU
DYpVGH
OD
DOGRV W
H URQD H OFRQ WURO
GH OD
UHVS XHV WDLQIO
DPD WRULD/D V
DF F LRQHV G H OFRUWLVROVH
$XQ T XH D OD
OGRVW
H URQD WHQLH XD Q D FWL
YLGDG PLQHUDO
R FR UWLFRLGH U HVXPHQ HQODWDE O
D
0XF KD VG H
ODVDFF LRQ HVDQWLLQ IODPD W
RULDV
,1)
/8(1&,$35,1&,3$/
()(&726
(1
(/
&8(532
0H
WDE
ROL
V
PR
GH
OD
JOX
FR
VD (VWLP XO DOD J OXFRQH RJ pQHVLV
'LV
PLQX \H H O
F RQVXPR GHJOX F R VD
SRU
ORV WHMLGRV
0HWD
EROL
V
PR
SUR
W
HLF
R $XP H QWD ODGHVFR PS RV LFLy Q GH OD
VSURWHt QDV
,QF
UH PH Q W DODVFRQFH Q WU DFLR QH V GHSURWHtQDSODV PiWLFD
0H
WDEROL
V
PR
GH
OD
V
JUD
V
DV $XP H QW D ODPR YLOL
]DF Ly QGH iF LG RVJUDVRV
,QF
UH PH Q W D
H OFRQVXP R GHiF LG RV JUDVRV
$F
FLyQ
DQWLLQ
IO
D
PD WR (VWDELOL]D ODVPH PEUD QDV OLVRVR PDOH VGH ODV
FpOXODVLQIO
D
PDWR U
LD
VSU
HYLQL
H
QGROD
OLEH
UFD
Ly
QGH
PHGLD
UL
DFR
QFHQW
UDFLRQHV GRUHV LQIO D PDWRULRV
IDUPD
F ROyJ
LFDV 'LVPLQ X\H O DSHUP HD EL O
LGDG FD SLO DUSD
UDHY LW
DU HO
H
G HPDL
Q IO
D
PD W
RULR
/LPLWD ODIDJRF LW
RV LV
SR UOHXFRF LWRVSDUDU H
GXFLUOD
OLEH
UDFLyQGH
PHGLD
G RU
HV
L
QIODPDWRULRV
,QKL
EH OD
U HV SX HWV
D LQPXQLW D ULD
&DXVD DW
UR IL
D GHOWHM LG
R OLQ
I i WLFR
'LVPLQX \H ORV HRVLQy ILO RV
5HGX F HO
D IR UP DFLy Q
G HDQWL F XH USRV
'LVPLQX \H H O
G HVDUUR OO RGH LQPX QLGDG
PH GLDG
D SRUFpOX
ODV
5HGX FH O
D ILHEUH
,
QKLE H ODDF WLYLGD GG H ILEURE OD VW RV
(I
HWF
R
SV
LFR
O
yJ L
FR 3XHGH FRQUL W EXLUDODLQ H VW
D EL OLGD GHPR FLRQ DO
(I
HFW
R
SH
UPL
VLYR )DFLO
LWD O
D UH VSXHVWD G HORV WH MLG RV D
ODV
LQIOXHQF LDV
KX PRUDOHV
\
QHXUR
QDOHVFRPR
ODV
TXHJH
QHUD
Q
ODV
FDWHFR OD UQL QDVHQ HS LVR GLRV GH WUDXP D WLV
PR\ HVWUpV
H[WUH
PR
DWULEXLG DVDO
FR UVR
WLOVH
FRQ VLJ
$OWHUDFLRQHV
&DStWXOR
XHQFQ
GH
O
FRQW
RO
D
URO
HQGRFU
DG
LQRGHO
PL QL
V
FU
HFLP
L
HQWR
\
HO
WUDFLyQ
G
PHWDE
HF
ROLVPR
RQ \
VXHURWRPD G DV
SRUO
DQRFK H
HQWU H
ODV
\
K\ O
D
SUX
H ED
FHQWU DF L
R QHV
IDUPDFR O
yJ L
FDVGH OD
KRUPRQ D
GH
VXS U
HV LyQGHPJGHGH[DPH W
D V
R QDGXUDQWH
OD
QR F KHVRQH[F H
O
HQWHVPp WRGR V
GHGHWHFFLyQGHV tQGURP H
G H
&X V
KLQJ
ā
FDGR VG
HIRUP DGLU
HFWDRLQGL U
HFWD
H Q
H OFRPS RUWDPLHQWR
H PR
FL
R QD O6HKDQ LGHQWLIL
FDG RUF H
HSWRUH
VSD UDHVW
DVKRUP RQDVHQH
O
WHMLGRFH UHEUDO
O
R TXHVXJL
H UH TXHWL
HQHQ XQSDSHO
LPSRUW DQWH
HQ +LSHUSODVLD VXSUDUUHQDO
OD
UHJ XODFLyQGHOFRPSRUW DPL H QWR$
OJXQD V
S HUVRQD
V WUDW
D
GDVFRQ /DKLSHUSODVL
D VXSUDUUHQDOFR QJp QLWD+6&RV
tQG URPH DGUHQR
KRUP RQDVVXSUDUUHQR FRUWL
FD O
HV KDQPRVWUDGR FRQGXF WD
VTXHYD
Q JHQLWDOHVXQ D
OWHUDF
LyQ TX HVH RUL
JLQDSRUXQUDVJRD XWRVyPLFR
GHVG HOLJHUDP HQW H
DEHUUDQWHV
D SVLF
yWLFDV
UHFH
VLYRHQHOTXHH[LWH
VXQD GHILFLHQFL D
GHFXDOTX
LHUDGH OD
VHQ] L
PDVQHFHVD
ULDVSDUD
ODVtQWHVLV
GH
F RUWLVRO
YpDV
HOD
IL
J8QD
(IHFWRVLQPXQLWDULRVHLQIODPDWRULRV
(O
FRU WL
VRO LQIOX\H HQP~O FDUD
FWHUt
VWLFD
FRP~ QDWRGRV O
RVWLSRVGH
+6& HVXQGHIH FWR
HQO
D
WLSOH
V
DVSHFW RVGH IXQFL
-Dy Q LQPXQLWDU LDOD \UV H
SXHW VDLQIO
DP DV tQWHVL
VGH
FR UVR
WLOTXHVH
W UDGXFH H
Q OD
HOHYDFLyQ
GHODV F
R QFH
Q
WRUL
D
6H UHTXLHUHQ
JUDQGHV Q W
LGDGHVFD
G H
FR U WL
VR O
SDUD FR Q V
HJXLU WUDFLR
QHVGH
$&7 + \SURGXFH KL
SHUSOD VLD
VXSUDUUHQD
O
8QD PD\RU
XQDDFFLyQDQWLLQIODUQDWR
U LDHILFD]
(V WR
VHO
RJUD PHGLDQWH ODDGPL FRQFHQWU
DFLyQGH$&7+ VEURHHVWLPXODODV
YtDV
G H
SURGXFFLyQ
QLVWU
DFLyQGHGRVLVIDUPDFROyJLFDV
PiV DOOi GH ILVLRODV
O
yJLFDV DQGUyJHQRVVXSUDUUHQDOHVPLQHUDOR
/RV FRUW
LF
RL GHV
S XH GHQVLQ
GHFRUWL
VROV
LQ W
pWLFR DX PHQW R
(O
GHOFRUWL
VRO EORT XHD O D
LQ IODPD WHWL
]D
UVH HQ
FDQWL
G DGH[FHV LYD L QV
R
XIL
FLHQ
WH HQIXQF
Ly Q GHO
WLS
R
FLyQH
QXD QIDVHW
H PSUD QDG LV
PLQ X\H QGR OD SHUP H
DE L
OLGD GFDSL GHGHILFLH
QFLDHQ]LPiWLFD(V WD
HQIHU PHGDG DIHFW
DD
QH R QDWRV
GH
ODU
\H
VWDELOL
]D QGRODVPHPEUD Q DV
OL V
RVR PD O
HV GHHVWD PD QH U
D
Q R DPER V
VH[RV
/R V
QLxRVUDUDYH]V
H GLDJQRVWL
FDQDO
QDFH U
DPHQRV
VHOLEHUDQ
ORVPHGLDG RUHVLQIOD
PD WR UL
RV7DPEL p QHOLPLQ DODU
HV TXHSU
HVHQWHQXQFUHFLP LHQWRGH
O
RV y U
J DQRV
JHQLWDO
HVRTX HS
LHU
SXHWD
VLQPX Q LWDUL
D
DOLQKLELUODLQPX QLGDGPH GL DG DSRUFp O
XO DV OD
\GDQ
VDO
\PD QLILH
VWHQVt
Q WRPDVGHF U
LVLV
VXSUUU
DHQ DO
(QO DV
QLxDV
KXP RUDO
&RQ XQ
DP H QRU
UHVS XHVWD
LQIODPDW R ULDVHUH
GX FHODIL
HEUH OD
VFLIU
DV
D OW
DV
GHD QGUyJ HQR VVR
Q
UHVSR QVDEO
HVGHTXHV
HG HVDU
URO
OH
'X UDQW
HODIDVH
G H
F LFDWU
L]DF LyQHOFRUW
LVROV XS ULPH OD DWLFYLG
DG XQ V
tQGURPHGHYLULOL
]D FLyQ TX
HVHHY L
GHQFLDFQRJH
QLW DOHV
DPEL
GHO
RVILEUREODVW
RV\SRUOR WD
Q W
R OD
IRUPDF L
y QGHF LFDWU L
F HV
(OJXR V
FOL
W
RURUQHJ DOL
DIVXL
yQ GH
ODELRVPD \RUHV\
SU HVHQFLDGH
VHQR
FRUW
LVRO
W
D PE LpQ
LQKLE H
ODV
tQW HVLV
GH SURVWD
J ODQG LQDVOR TXH SXH
G H XURJHQL
WDO
ILJ(Q QLxRV
GH DPE RVVH[RV
HOUHVWRGHO
RV
H[SOLFDU
H QJUDQ
S DUW
HVXDFF LyQDQWLLQIO
DPD WRULD FDUDFW
HUHV
VH[X DO
HVVHF XQGD URV
LV RQQRUPDOH V
\ODIHUWLOLGDG
QR
U
HVXOW
D
D
IHFWDGD
VL
VH
LQ
V
WLW
X\H
H
O
WUD
W
DPL
H
QWR
D
GHF
XDGR
6XSUHVLyQ IDUPDFROyJLFD GH
([L
VW ODIXQFLyQ
H
XQ
HV
SHFWUR
SDWR
OyJLFR
SR
UGHILFL
HQFLDGH
KLGUR
[L
VXSUDUUHQDO OD
V
DTXH
YD
GHVGH
OD
SU
HVH
QF
LD
GH
+6&
YL
UL
O
L]DQW
H
V
LPSOH
KD
V
WD
XQ
D
8Q DVSHFW
RUHD
OPH QWH
V L
JQLIL
FDWLYR GHO
WUDWDPLHQWRIDUPDFR OyJLFRDGHILFLHQFLD
H
Q] LP iLFD
WFR PS OHWDFRQ
SpUGL
GDV DO
GH+6& /D
YLUL
ODUJR
SOD]RFRQ
JOXFRFRUW L
FRLGHVHVODL
Q VXIL
FLHQ FLDVXSUDUUHQDOTXH
OL]DQW
HVLPS OHDOWHUD
ODVt
Q WHVLV
GH FRUWL
VRO
\ GHVY tDO
DGHHVW
HURL
VHSURGXFH HVWRVV
FXDQGR
H
VXVSH Q GHQ
/DLQVX ILFLH
QFLD
UH
V XOW
DGH GHV
SDUDOD
SURG X FFLy
QGHDQGUy JH QVR3RUOR
JH Q H
UDO
O
DV
S HU
VRQD V
OD
VXSUHVLyQ
GHO
VLV
WHPD ++ 6
/D VXSUHVLy QFUyQLFD
SURYRFDDWURIL
D FR Q
HVWDGHILF
LHQFLD SURGXFH Q V
XILFL
HQWH
DOGRV WH URQD
RSURGXFW
RV
GHOD
JOi
QG XO
D V
XS UDUUHQDO
\OD
V XVS HQVLyQ DEUXSWD
GHORVIiUPDLQWHUPHGLRVGH DOGRVW
H UR
QD \DVt
HYLDW
QO
R V
VLJQR V
\VtQW
RPDVSR U
FRVSXHG H
GHUL
YD UHQLVQXIL
FLHQFLD VXSUD UU
HQD O
DJXGD(O
S URFHVRG HIL
FL
HQFLD GHOPLQHUDORFRULFRWLGH/DYDUDL
QWH TXHSL
HUGHVO
DV H
SDUD
UHFXSHUDU
ODIXQFLyQVXSUDUU
H Q DO
QRUP D O
SX H
G H
VHU
SURORQJDGR DFR PSDxDGH XQD SURGXFFL yQGHILF
LH
QWHGHDOGRVWHUR QD
\VXV
SUR
\UHTXHULU
PH VHVRPiV GXFWR
VLQW
HUPHG L
RVOR
TXH GDOXJD UD
GHVHTXL
OLEUL RVKLGU
RHOHFWUR
O
t
W
LFRV
SHM
KLSR QDWUHPLD YyPLWRV
GHVKLGUDWDF LyQ\F
KRTXH
1R
3UXHEDV GH ODIXQFLyQ VXSUDUUHQDO V
LHPSU H
VH
S UHVHQWDKLSHUFD OH
PL D
SRU
OR
TXHHVWD QR
GH EH
VHU
FRQVL
6HSXHGH Q
HPSOHDUYDULDV
SUXH EDVGLDJ
Qy VWL
FD V
SDUDHYDO
XDUO
DIXQ GHUDG
DFRPR HOSDUiPHWURGL DJQyVWLF
RSULQ
FLSDOā
FLyQGH
ODFRUW
H]DVXS UDUUHQD
O\H
OVLV
WHPD ++ 63XHGHQPH GL
UVH /D SUHVHQF LD GH
a KL
GUR[LODV
D HVUDUD \SRQHGHPD QL
SRUHMHPSOR
ODVFRQF HQWUDFLRQHVVD QJXtQHDVGHFR U
WLVRO
D O
GR VHILHVWRXQFXDGUR
W GHPD\RU JUDYHGDG
(QODV
SHU VRQDVDIHFWD
GDV
V H
URQD\
$&7 +SRU
PpWRGRVGH LQP X QRD QiOL
VLV
/DFXDQWLILFDFL
yQGHR EVHU
YDXQD SURG XFFLyQ
H[F HVLYDDQGUyJHQR
GH V\ GHILFL
HQFLD
DO
ORVSURGXFWRV
PHWDEyOLFR V
ILQDOHVGHO
DVKRUPR QDV
VXSUDUUH
Q DOH HQFR
V QYHUW
LUO
OGHVR[LFR UFRV
WL W
HURQDHQ
FRUWLFR
V WHURQD
/DVREUHSUR
RULQDGH
K
EULQG D
LQIRUPD F LyQ
VRE UHSRV L
EOHVDOWHUDF
L
RQH V
HQD GX
O FLF
yQ GH O
GHVR[LFR
O UW LFRV WHURQD
OD
FXDO
W LHQHDFWLYLG
DGQ PL
H
ELRVtQW
HVLV
KRUPRQDOG HOD
FRUWH]DVX SUDUUH
Q DO
/DVSUX
H EDVGH
FRU UDOR
FRUWL
FRLGH OD
HV
UHV
SR QV DEOH
G H
OD
KLSHUW
H QV LyQTXHD
FR PSDxD
WLV
RO
OLEU
HHQRULQ
DGHK
ODV
F RQF HQWUDFLRQHVGHFRUWL
V
R O
HQV
DOLYDDHVWD
GHILFLHQFLD3DUD
UHD OL]
DUHOGLD
JQyVWL
FRGH +6& V
HUHTXLHU
81,'$' $O
;,,
WHUDFLR
QHV OD
GH
IXQFLyQ
HQGR
FU
LQD
%
XSāB
a
a
āO
)LJXUD
$
/DF
W
DQW
HGHO
VH[R IHPHQLQR FRQ
VXS
UD
UUHQDO
KLSHUSODVLD
FRQJpQ
L
WD +6& HQ TXLHQ
VH REVHUYD LyQ YLULOL]DF
GH
ORV
JHQL
WDOHV FRQGHKLSHUWURILD
O
F
OtWR
ULVIXVLy
\QSDUFLD
OGH
ORV SOLHJXHV
ODEL
RHV
%
FURWDOHV 8Q ODFWDQWH
VHP DQDV
GHGH HGDG PXULy
FXDGUR
JUD
YH
SRU
GH+6&XQSHUGHGRUD GH VDO (Q
ODD
XWRSVLDDPEDVJOiQGXODVVXSUDU
UHQDOHV VH HQFRQWUDURQ
YLVLEOHPH
QWH
FUHFLGDV
7RPDGR
GH
6WU
D\HU '
5XE LQ
((GV 5XEL
Q
V
SDWKRORJ\&OLQLFRSDWKRORJLF
RI
PHGLFLQHWK
HG IRXQGDWLRQV
)LJ
S 3KLODGHOSKLD
3$
:ROWHUV .OXZHU
XQ DHYD
OXDFLyQ EL
R TXt
PL FD SU
HFL
VD GHORVPHWD EROW
RV
L H QO
DYtD
GHO GHOFOtW
RULVVH
S DUDU
ORVODELRV PD\R UHV H[WHU
\L
RU L]DUODYDJ
LQD 6H
FRUVR
WL
O\YDORUD UORVVtQWR PDV VL
J \
QRVF OtQ
L
FRV/DV SUXHEDVJHQp SXH GHQ SU HVF
UL
ELU IiUPDFRV DQWLDQGURJpQLFRVD PXMHUHVFR
Q +6&
WL
FDVW
DP EL
p QV RQ LQYD
OXDE OHV 6LQ HPED UJROD
FRUUHODFLyQHQW
UHHO TXH H[
S HULPHQWDQF UHFLPLH
QW RLQGHVHDGR GHYH ORO SpR
UGL
GD GH
IHQRW
LSR H \
O
JQ HRW LS
R QR VLHPSUH HY HV
LGHQWH FDE H
OORD QGURJpQ LFD
DXQTXH GHE H
QF Q
R VL
GHUDUVH O
RV HIHFWRV
VHFX Q
(O
WUDWDPL HQWR Pp GL FR GHOD+6& LFOX
Q \H HOUHH PSOD
]R GHO GDULR V
G H
HV W
RVPHG L
FDP HQWRV
JOXFRF
RUWLFRL
GHSRU YtDRUD O
RSDUH QWHUDO7DP ELpQ SXHGH DGPL
QLVWU
DU
VHHOPL Q HUDO RF
R U
WLF RLGHDFH WDW
R GHIOXGURFRUWL
VR QDDQLxRV ,QVXILFLHQFLD VXSUDUUHQ
TXHSHL
UGHQ VDO(Q SHUtRGR V GH
H QIHUP HGDG XRUW
RV IDFW
R U
HVHV
WUH ([ LV
WHQG RVIRUPDVG H
LQVXILFLHQFLDVXSUD UU
HQDO
SU LPDU
LD\VHF XQ
VDQWHV
LP SRUWDQW HV F
R PR F UL
V
LV HPR FLRQDOHVGH EHDGP LQL
VWUD
UVH GD ULD YpDQVHODVFDUDFWHU
tVW
LFD VHVSH
FtILFDVH
Q OD WDE
OD
/D
XQDGRVL
VG HHWUVpV DXPH QWRG HODGRVLV
/DV S
HUVR QDV FRQ
+6& LQ VXILFL
HQFL DV XSUDUUHQDOSULPD U L
D H R
QIHUPHGDG GH
$GG L
VRQ HV
W
DPEL pQGH EQH XWLOL
]DU XQ D SO
DFD REUD]DOHWHG HDOHUWDPpGLFD FDX V
D GD SRUO
D GHVW
UXFFLyQ G HODJOi
Q GXODVXSUUUHDQD /D
O L
QV XIL
(Q IXQ
FL
yQ GHOJ UDG R GH YLUL
OL
]DF L
yQ S XHGH LQ
GL
FDUVH XQDFLUX
JtD FLH
QF LDV XSUDUUH
QDOVHFXQG DULD U HV
XOW
DHQFDPE LR GH
DOWHUDFLRQ
UHFRQVWUX
FWL
YD GXU DQWHHOSULP HUDxRG
HY L
GDSDUDUHGXFLUHO
WDPD xR HQ H
OVL
VWHPD ++ 6
VH F
O
HKL
S
$OWHUDFLRQHV
R
SULPDULD
SURGX HU
SL
JPH
QW
GH
DF
L
O
F
yQ
H
RQWUR
O
HQGRFULQR
QP
GH
O
F
iVGHO
UHFLP
GH
OD
LHQ
V
SH
U
W
R
V
HO
\
RQ
PHWDER
D
V
OL
FR
VPR
Q
/D HQIH UPHG D GGH$GGLV RQHV XQ WL
SRLQ GH
V
XILFL
HQF LD VXSUDUU H QDO HQIHUPHGDG $GG L
VRQO
R
GH
TXH U
HVXOWD
~WLO
SDUDGL
VWLQJXLUHQWUH
SU LPDU L DV
H RULJLQDH QODVJOiQG XODV VXS UUU
DH QDOHV VH FDUD F
\HLQ
W VX ILF
LHQFLDVXS UDUUHQDO
SULPDULD VHFXQGDULD
W
\
UL]D SRU XQDS URGX FFLyQV XILF
LQ L
HQ W
H GH KRUPRQ DVG HF OD
RUW H]D
VXSUDUU H QDO
\ DOW
DV QF H
FR
QWUDFLRQHV G H $&7 + GH ELGR -DID OWD
D GH 7UDWDP LHQWR
/D HQIHUPHGDGGH $GGLVRQ
DOL
JXDOTXHO
DGLDEH
LQKL EL
FLy Q QRUP DOSRUU H
WURDOLP HQWDF Ly Q WHVPH OO
LW
XV GHWLSRHV
XQDD O
WHUDFL
yQPH WDEyOL
FDFUyQLFDTX H
UHTXLHUHWUDWDPLHQWRGHU
HHPSOD]R KRUPRQDOGHSRU
YLGD
/DU HJX
(W LRORJtD \SDWRJHQLD
(V W
D H QIHUP H GDG HVXQ DD
OW
H UDF L
yQ UH O
D ODFLyQGL
DU LD
GHODIDV
HFU
yQLFDGHO
DHQIHUPHGDGVH
ORJUD PHGLDQWH
WLYDP HQW HUDUD
HQ ODFXDOVH SU H
VH QW D ODGHVWUXF FLy
Q GH WRGD V DVXQD
O WHUDSLDGH UHHPSOD]RRUDOTXH LQ
FUHPHQW HVX LQ
WHQVLGDG
FD SDV GH ODF RUWH]DV XSUDUUHQD O (Q ODVVRFLHGDG HV
RFF LGHQW DOHV GXUDQWHORVSHUtRGR V
GHHVWU
pV
(OIiUPDFR
HOHJLGRGHEHWH
QHUD F
WL
-D GHVWUX FF
LyQQ DXWRL
UQXQ LW
DULDOD HV
FX DVD PiV IUHFXH QWH GH O
D YLGDGWDQWR JOX
FRFRU WL
FRLGHFRUQRPLQ HUDOR
F RUWL
FRLGH/RVPL QH
H QIH U
PHGDG GH$GGL V RQTXHU HSUH VHQW DHO GHWRGR VORVFDV RV UDO
R FRUWLFRLGHVV O
RDPHQWHV Q
R Q HFH
VDULR
VHQ
FDVR V
GHL
QVXILFLHQFL
&XDQGR HQI HUPHGDG
OD GHVF ULW
IXH
D SRU SULPHUD SRU
YH]
7KRPD V VXSUDUUHQD OSULPDULD JHQHUD
(QO
-D
KLGURFRUWL
VRQDH VHO
PHGL FD
$GGLVRQ
HQ
ODHWLRORJtD SULQ FLSDO HUDODWXE HU
FXO RVLV
HQIHU PHQWR HO
HFFGH
LyQ (QO
RV FDVRVOH
YHV
SXHGH VHU
VXILFLHQWH
PHGDG TXH VLJXHV LH
QGRVX SULQF L
SD OFD XVDHQSDtVHVGR Q GHHV SUH HVWHIiUPDFR/DIOXGURFRUWL
VRQDXQPLQHUDORF
RU WLFR
LGH VH
XWLOL]D
YDOH QW
H
2WUD V
H WL
RORJtD VPH QRV IU HF XH QWHVLQFOX \HQHOF DUFLQRPD HQ LQGLYLGXRVTX HQRREW
LHQHQ HIHFW
XQ
RV
XILFLHQWH UHWHQFLy
GH Q
UQHWD VWi VLFRXQ DLQIHFF LyQLFyWLFD
P H VSHF L
DOP H QWHKLVWRSOD VPR
VLVOD LQIHFFLyQ SRUFLWR PHJ DORYLU XV -DHQIHUPHGD GDPLO RLGH O
D
+6& HOVtQGURP HGH:DW HUKR XVH )ULG HULFKVHQ \OD
KH PR FURP D WR
VLV3X H GHSUH VHQWDUVHXQ DKHPRUUD JLD V XSUDUUHQD OE
LO
DWH UD O
HQ SH U
VR QDVTX HW
RPDQ DQWL
F RDJ XOD
QW HV H
Q HOW
UDQVFXUVR GH XQ DFLUX JtD +LSHUSLJPHQWDF LyQ
D FR U]y
DQ DELH UWR\
GXUDQW HH OSDUWR R XQ W
UDXPDWL VPR PD \RU /D SLHO EURQFHDGD
SOLHJ
XHV
FRUSRUDOHVSH]RQHV\ ,QVXILFLHQFLD t
DFD FD
LQ VXILF
LH QFLD V XSUDUUH QDOSXHGH VHURULJL QDGD SRU H
OVtQGURP H GH PHPEUDQDVPXFRVDV
KLSRWHQVLyQ
LQPXQRGHILF LHQ FLD D
GT XLU LGD
V LGD HQ
HOFXDOVHGHVWUX\ HJ OD
OiQ
GXOD VXS UDUU
H QDOSRU XQD YDU
LH GDGG H DJ HQWHVLIHFFLR
Q V RV GH WLSR
RSRUWX QLV W
D/R VPH GLFDP HQW
RV TX HL QKLEH QODV tQ
W
HV LV RFD
XV DQ +LSRJOXFHPLD
GHJUDGDFLy QH[FHVLYD JOXFRF RUWL
GH
F RLG HVWDPELp QSXH GHQ SURGX EDMDWROH
U DQFL
D
FLULQVXILFLHQFLD VXSUDUUHQDOSHMNH WRFR Q D]ROM
WY DOHVWUpV
IDW
LJD
GH
EL
OL
GDG
PX
VFXO
DU
0DQLIHVWDFLRQHVFOtQLFDV
/D FRUWH]D
V
XSUDUUHQDO
WL
HQ
HXQD
JUDQ $WURILDGHVWUX
Q
3pU
GLGD
SHVR
GH
B
BBB
B VXS
U
DUUH
QDO
FD SDF LGDGU HVH
GHUYD
SRUOR TXH ODV PD QLIH VWDFLRQHV GH OD VX
LQ HPDFLDFLyQ
ILFLHQ FLDVXSUDU U
H QDOQR OHO
JD Q D V HU LGHHY
QWHV KDVWDTXH KDVLGR DQRUH[ L
D
GHV WUXLGD DSUR
[L PD GD PH QW
H H O GH OD JO
i QGX O
D(V WDV PDQL YyP LWRV
\ 3pUG
F-
, L
GDV
IHV WDFLRQH V U VH
HODF LRQDQ SULQFLSDOPH QWH FRQ V
XILF LH
OD
QFLD LQ GLDUUHD
GH XULQDULDV
UQLQH UDORFRUW
LFRLGH V \
JOXFRFR ULFWR LGHV DV tF RUQR FRQ KLS H
US L
J VRGLR
DJXD
5HWHQFLyQ
UQH QWDF L
yQ SRUODVFR QHFQWUDFLRQH V D OWDVGH $& 7+
$X QT XH OD
IDOWD GHSRWDVLR
GH D QGUJHyQRV V
XSU D UU
HQD OH
V SH M'+ ($6 HM HU
FHSRF RV H I
HF WRV
HQ ORVKR PEUHV \D TXHORVW
HV WtFXO RV WD PELp Q SURGXF HQ HWDVVKR U
PR Q DV
H Q
ODV
PXMHUH V
VHREV
HUYD H VFDVR YH OR
O LO D[
DU
\S~EL F R
ā
/D LQ
VXILF L
HQFLD PLQ HUD
GH
O
RFRU WL
FRL GHV SURYRFD PD \R U XQD
SpU GLGD XULQ
DULDGHV RGLR
FORU
XUR\ DJ XDMXQW RFR QXDQPH QRUH[F U
H
FL
yQ GH SRWDVLRILJ
(O UHVX O WD
GR KLS HV RQDWUHP LD
S pUGLGD
GH OtTXLGRH[WUDFHOXODU
GLVPLQXF L yQ G H OJDV WRFDUGtDFR SHUFD H KL
OHPLD 3X HHGKDE
H UXQGH V
HR DQy PD ORG HFR QVXPL UVDO$ PH QXGR
VH SUHVH QWDKLSRW HQV LyQRUWR
V WiWLFD 2WUR V
V tQWR PD VWHPSUDQR VGH
OD HQIH U
PH GDG VR QG HV
KLGUDWDF LyQGH ELOLGD G \ IDWL
JD6L -D
SpU
GL
GD GH VGL
RR \ XD DJ H
HV
[WUH PD SX H GH VREU HYHQLU F RO
D
XQ
SVR
FDUGLR YDVFXODU \FKRTX H'HEL GR DOD IDOWD GH JOXFR FURL FW
RLGHV O
D
SH UVRQD FQRH
QIH UPH GDGGH$GG LVR Q WLHQH XQDOH WR
UDQF LD E DMDDO
HVWUp V(VWDGHILFLHQ FLDSURYR F DKLSR JOX FH PL D OHWDU
JLD GHE LO
LGDG
ILHEU H\ VtQW
RPD VGLJH VWL
YRV FRPR DQRU H[ LD QiXVHD V
Yy PLW RV \
Sp UGLGD SRQGHUDO
3R U
HOF
RQWUDU LR
O
DKLSH USLJPH QWDF LyQ VHGHEH OD VF RQFQ H
D
WUDFLR Q HVHO
HYDGD VG H
$&7+ /D S LHOFH OX GRUDGD EURQFH DGDR
LQFO XVR HQiU
HD VQR H[SXHVWDV \ HQ ORV SOLHJ XHV QR UPD OHV PLHQ
WUDV O
RVTXH
SXQWR V GHS UHV
L
y QVH PDQ
WR HV S HF L
DOP HQWH RVFXUR V
/DV HQFtDV\O
DV PHPE UDQD VPX FRVDV EXFD OHVSXHGH QD GTXLU LUXQ
WRQRJU QH
RD]XODGR /DVHFXHQF L
D GHLQ DP
RiFLGRV O
D $&7+ GH
H V )LJXU D
0DQLIHVW
DFL
RQHV
FOt
QLFDVGHOD
LQVXILFLHQF
L
DVXSUDU
UH
PX\ SU D
HFLGD O
DD
GHODKRUPRQD H VWLPXO DQWH G H
ORVUQHOD QRF LW
RV QDO
SUL
PDULD
HQIHU
PHGDG
GH
$GGLVRQ
\V
HFXQGDULD
81,'$' $OWHUDF
;,,L
RQHV
ODIXQFLyQ
GH HQGRF
U
LQD
HV
WU
pVR
F
XDQG
RV
HVR
PHWH
D
OSDF
LH
QWH
D
XQD
F
LUX
Jt
D
0DQLIHVWDFLRQHV FOtQLFDV
&ULVLVVXSUDUUHQDO DJXGD
/D
VSULQ
F
LSDO
HV
PDQL
IHV
W
DFL
RQH
V
GHO
V
tQGURP
H
GH
&X
VKLQ
J
FRQ
V
LV
FUL
/DV
LV
V
XSUDUU
HQD
O
DJXG
DHV
XQ
DD
OW
HUDF
L
yQT
XH
SRQH
H
QUL D WHQ
HVJ
R
O HQ
-D
H
[DJHUDF
L
yQ
GH
ODV
DFFLRQH
V
SURSLD
V
GHO
F
RUW
LV
RO
YpDVH
O
D
YLGD &XDQG R HOSUREO HPD VXE \DFHQW H V
H H QFXH QWU
D HQODHQIHU WDEOD
/DDOWHUDFLy QHQHO PH W
D E R OL
VPRGH ODVJU DVDV SURYRFD
PH G DGG H$GGL VRQ OD
V ROD H[SR VLFLyQ DXQD H QIHUP HGDG PH QRU XQ HSyG
VLWR SHFXOLDU
OtSLG RVTX H P
VH
GH
DQ LILHVWDS R USURWUXVLyQ
R H TX
SH xDV GR VLVGH HW V
U pVSX HGHQ UH S
FLSLWDU iXVHD V Q DEGRPLQ
YyPLWRV D
O
FR MLQH WHV
DGLSR VRV H Q
ODUHJ LyQ VXEFOD YLF X-DUSR VWHULRU
GHE LOLGDG PX VFXO DU
KL
SRWH QV LyQ
GHV KLGUDW DF L
yQ \FRODSVR YVDFX RJLEDGHELVRQWH IDFL
\
HV GHOXQD OHQ
O D
U
H GRQG D SOHW
\ yULFD
O
D U(O LQLF L
R HGO
D FULVLVV XS UDUU
HQD OSXH GHU VH
UHSHQWLQR SUR
RIL
JV
\ 6H REV HUYD GH ELOLGDG PX VF XODU \ODVH[WUH
J U
HVD UGXUD QWHXQ SHUtRGR G HYDUL
RV GtD V/RV Vt
QWRP DV SXHGH Q PLGDG HVVH
DGH OJD]D QGH ELGR DODG
HVF RPSR V L
FLy QGHODVSURWHtQD V
SUHVH QWDU VHGH PDQ HUDV~ELWD HQQLxR VFQ RO DYU DLDQWHGH+6& \ H O
GHVJDVWH PXVF XODU(QFDVRV DYDQ] DGRV OD
S LHO
VRE UHORV
DQWH
FRQ SpU GLGD GHO VD
/D KH PRUUD JL
D V XSUDUU HQD OELO
DWHUDOPDV D EUD
LY ]RV\
ODVSLHUQDVWDPEL pQ
VH YXHOYH GHOJDGD \WL
HQH ODDS DUL
HQFLD
RULJLQ D XQD IR UP D
D JXGD GH LQVXIL
FLHQ F LDVXSUDU UHQD OIXOPLQD QW
H GHXQ SHU
JDPLQ R (VWUtDVSXUS~ UL
FDV R FLFD WULFHV S RUG L
V W
HQVL
y Q
(VWD KH PRUUD JLDSXH GHVH UFD XVDGDSRU VH SWLFH PLDPH QLQJRFyF LFD TXHG
H U
LYDQH O
GHV WLUDPLHQWR H ELOLWDP L
H QW
SRU
RFW D
D Ey O
G
LFR HGO
D
WUD
XP DWLVPR V XSUDU UHQDOWHUDSLD D
QW L
FRDJ XOD QWHWURPER VLVGHOD SL
H O\O
RVWH MLGRV V
XEF XWiQHRV GL VWULEX
VH \H Q VER UH O
DV PDPDV
YHQ D VXSUDUU H QDOR
PHWi VWDV L
V VXSUDUUH Q DO
, O
DUHJLyQSUR [LPDO GH
OR V
PX V ORV\HODEGRP HQ6HS XH GHSU HVH
QW DU
/DLQ VXILFLHQF LDV
XSUD UUHQ DO
VHWUDW D
FR QWH UDSLDGH
UHHPS O
D]R RVWHRSRURVLVGHELGR D
ODGHV WUX FFLyQG HSURW H tQDVyVHDV\ D OW
HUD
F LR
KRUPRQ DOTX HLQFO X\H XQ DF RPELQD FLyQ H JOX
GFRFR UWL
F RLGHV\ QHVHQHO
PH WDEROLVPR GH OF D
OF LR
ORT XHJH QH UD
GRU VD O
J LD\IUDFWX
PLQHU DORFR UWLFRLH GV
3DUD HOFRQWURO HODLQ VXIL
FG
LHQF LDVXSUDUUH UDV
Y HUW
HEUDOHVSRU FRP SUHVLy Q\GHODV FRVWL OOD
V
$ P H GLG D
TXHVH
QDO DJ XG DVH GHEHQ VHJX LUODV FLQFR V VDOSDUD VXUHVWL
WX PR YLOL
]DHO
F DOF
LRG HO
KX HV
R S XHGH QIRU PD UVHFiOFXOR VUH QDOHVW
FLyQ
V XSO HPH QWD F
LyQ GH D] ~F
DUG H [WUR VD VXS
OH
PH QWDFL
yQ /R V
JOXF RFRUWLFRLGH V
SR VH HQ
SURS L HGDGH V
PLQHUDOR FRUWLFRLGHV
GH HW VHURLG HV V RSRU WH SDU DHOIXQ F L
R QDPL HQWR IVLROyJLFR \ (VWRSURYRFD KLSR FDO
H PLDFRPR U
HV XOWDGR GH XQDH[FHF U LyQH[FH
V XSHUY L
VLyQ SDUD LGHQWLILFDUODFDXVD VXE \DFH QWHS
HM
LQIHF VL
YD HSG
RW DVLRH KLSHUWHQVLyQ T XH GHU L YD H OD
GUHW H QFL
yQ GH
FLyQ (O YR OXP H QGH OtTX LGR H[WUDFH OXODU G HEH U
HV WDEO
HFH UVH
GH VRGLR
/ DVUHVSXH WV
DVL
QIODP DW R ULD
VHLQPX Q LWDULDVVHLQKLEH Q
-RTXH
IRUP DLQWH QVLY D
FR QVRO XFLyQ VDOLQDDO \GH[WUR VD
D (O GD
O OXJDU
DXQD PD \RUVXVFH SWLELOLGDGO DV
D LQIHFF LRQ HV(OFRUWLVRO
UHHPSO D]RGHJ OXFRF RUWLFRL GHV ORJ
VH
U
D PHG LD QWHO
DDGPL QLVWUDFyQ DXP
L HQWDO
DVHF UHF L
yQGH iF LGRVW UL
JiV
FRV HV WRSXH GH GHVH PERFD U
LQWUDYH QRVD GHGH [D PH WDVR QDKL R
GURFR U
WL
VR QD 6HSUH IL
HUHODS
UL HQXOFHUD
FLyQ \V
D QJUDG R(O DXPH QWR FRQF XU UHQWHH Q O
DV FRQFHQ
PH UD SRU GRV UD]R QH V
HVGH OD U
JDDFF Ly Q K\QRL
QW HUIL
HU
H WU
DF LRQ
HVGHD QGUyJH QRV F
DX V D
KLU
VXWLVP R D FQ pO
H YHHLUUHJ X D
OULGD
FRQ ODFXDQWLIL FDFLyQ H GH
VWHUR LGHVHQV XH URXRULQDGXUDQW H
S UXHEDV GHVP HQVW
UXD OHV
H QODVP XMHU HV
/DV FR QFH Q WUDFLRQHV H[FHV L
YDVGH
VXE VHF XH QWHV GHHVWLPX O DFLyQ F
RQFRUW LFRWUR SLQD$ &7 + FXDQGRJO XF RFRUWL
FRLG HVSXH GH QGDU OXJDUD ODELOLGDG HPR F LRQD OH[WHUPD
VHKDFH Q HFHV DULRHV WDEOHFH UXQ GLDJQy VWL
FR 'HV SXpVGHWR HV
VH TXH YD
HVGG
HXQ DHX IRULDO
HYH \
DX VH QFLD HOHIDWLJD QRUP DO
KD VWD
ā
SXH GH XWLOL]D U
KLGUR F RUW
LVR Q D(O
WUDW
D PL HQWR FRQ PLQH UD
ORFR UFWL
RL FRPS RUWDPLH QWRVD EL
HUWDP HQW HSVL
FyW L
F RV
GHV
QRHV
QHFHV
DULR
FXDQGRVH
DGPLQL
V
WUDQ
JDQG
U HV
FDQWLGDG
HV
GH
KL
GURFRUWL
VRQ
DSHUR
PH GL
GDT
DXHVH
UHGXFH
O
DGR
VL
V
HV
QHFHV
DULR'LDJQyVWLFR \ WUDWDPLHQWR
DxDGL
UILXG
URFR
UWL
VR
QD(O
FRQWU
RO
GH
OWUDWDPL
HQW
RGHU
HHPSO
D]R(O
GL
DJQyV
WL
F
RGH
OVtQGURP
H
GH
&X
VKLQJHV
XQ
SURFHV
RG
HGRV
SD
V
RV
GHOXJ
FRFRU
WL
FR
LGHV
\PLQH
UDORFR
UW
LFRL
GHVFRVH
QV
LJX
HPHGL
DQWH H
O
SUL
PHUR
FRQVL
VW
HH
QGH
WHF
WDU
H
OKLS
HU
FRUL
VR
WO
LV
PR
HOVHJ
XQG
R
&DSt
WXOR $O
WHUDFLRQHV HQGRF
GHO
U
LQR
FRQWURO
GHO
FUH
FL
PLHQWR \HOPHWDEROLVP
7UDVWRUQRV
HPRFLRQD
OHV
&RM
LQHWHV
DGLSRVRV
&DUDGHOXQDOOHQD
JLED
GH
ELVRQWH
+LSHUWURILD
FDU
GtDFD
a ^KLSHUWHQVLyQ
3LHO
GHO
JDGD
<
DUUXJDGD
)LJXUD
6t
QGU RPH GH&XVKLQJ,PDJHQGH PXMHU
FRQ
XQD
PHQ DGHQRPD
$EGR KLSRI
LVDULR
SURGX FWRU GH
FR
UFRWURSLQD
WL $&7+
HQ
TXLHQ VH
HQ
SpQGXOR REVHUYDFDUDGH
OXQ
DOO
HQD JLEDGH
ELVRQWH
DXPHQWRGH
Y
HOOR
IDF
LD
O\
DGHOJD]DP
LHQWR
GHO
FDEH OO
R7RPDGRGH 6WUD\HU6
' 5XEtQ
5
(GV
0DOD
1
a (VW
Ut
DV
5XELQ
VSDWKR
ORJ\ &O LQLFRSDWKRORJLF
IRXQ
GDWL
RQV
RI
PHGLFLQH
FLFDWUL]DFLyQ a DEGRP
LQDOHV
WK
HG
)LJ
S3KLODGHOSK
LD3$
:ROWH
UV
.OXZHU
a
$PHQRUUHD
U HVH
FFL
yQ WUDQVHVIHQR LGDOGH
XQDGHQRPD KLSRIL
V
DUL
RXQDR KHPL
KLSRIL
VHFWRPtDVR Q ORVPp WRGRV
GHW
UDWDP LHQW
RSHU
IHULGRVSDUD OD
H QIHUPH
GDG GH
&X VKLQ J(VWR
SHUPLW
H
HOLPLQDU
VRODP H
QW H
HO
WXPRU
H QOXJDU
G H
H[WLUS D UWRGD KL
OD
SyILVL
V
'H VSXp
VGH UHVHF
OD F
LyQ
H[ L
WRVD
O
D SHUVRQD GH EHUHFLELU
WHUDSL
DGH U
HHPSOD]R GH
FR ULVR
WO
GX UDQWH
PHVHVR K DVWD
TXHVH
U
HVWDEOH]FD
OD
IXQFLy Q
VXSUDUUH
(TX QD
LPRVLV O 7
DPELpQ SXHGH DGP LQL
V
WUDUVH UDGLRWHUDSLD FRP R
PH GLGDWH
UDSpXW L
FD
(Q FDVRGH
DGHQRPDVXSUDUUH
QDO
VHSXHGHUHD
OL]DU
V
XSUD UUHQDOHFWR UQtDXQL
ODWHUD
O
R
ELODW
H UDO
'HVH
USR V
LEOH
WDP
'HVJDVWH
\
GHELOLGDG
ELpQVH
H[W LU
SDQO
RV WXP RUHVH
FWySLF
RVSURG XFW
RUHV
G H
$& 7+
3DUD
PXVFXOD
U
WUDWDUSH UVR
D
QDVF RQWXP RUHV
HFWySLFRV
RFDUFLQ
RPD VVXSUDUUHQD
OHV
TXHQR
SXHG H Q VHU
UHVHFDGRVHV
SRVLEO
H UHF
XUULU
DIiUPDFRVTXH
EORTXHDQODV
tQWHV LVGHHVWHURL
GHV
SHM
PL WWR
DQR
NHWRFRQD ]RO\
PH WLUDSR
QD
7DPE LpQHVQHFHVDULR
WRPDUSU HF
DXFL
R QHVSDUD
UHG X
F L
U
DO
PtQLPR OD
V LQIHFF L
R QHV
GHEL LQ
GRDODUQXQ
RVXSUV H
LyQFDXVDGD
SR UHO
KLSHUFRUWLVROLVPR Y
)LJXUD
&D
U
DFWHUt
VWLFD
V
F
Ot
QLF
DVG
H
O
VtQG
UP OQFLGHQWDORPD
RHGH&XVKLQJ VXSUDUUHQ
8Q LQFLGHQWDORPD
HVXQ DPDVD
TX HH VH
QFXH QWUD
GH
IRUPDLQHVSH
HQU
HDOL]DU
SUXHEDV
SDUD
GHWHUPLQ DU
O
DFDXVD
GHOD
KL
SHUVHFUH
FLy Q
UDGDHQXQDJO
iQGXOD VXSUDUUH
QDO JUDFL
DVDXQ HV
WXGLR
GHLPDJH Q
/DVSUXHEDV
GLDJQyVWLFD
V
PiV XWLOL
]DGDV
VRQO
DFRQFHQWUDFLy
Q
GH
TX HV
H
UHDOL]D
SRUR
WUDVUD]RQHV
SULQ FLSDOPH QWH7&SHURWD
PE L
pQ
FRUWL
VRO
O
LEUHHQ
RULQDGH
KFXDQWLIL
FDFLyQ
GH
FRUWLVROHQ
SODV
PD
50 \HFRJUDItD
/RV LQFLGHQW
DO RPD VWDPEL pQSXHGHQ DSDU
HFHU
GH
PH GLD
QR FKH\
HQ
VDOL
YDQRF WXUQD
\OD
SUXHEDGH
V
XSUHVLyQ
G H
HQRWURVyU
J DQ
RVSHM
KLSyILVL
V WLURLGH
V/RVGRV
S XQWRV
Pi V
GH[DP HWD
VRQDD
GRVL
VEDM
D
/D SUXHEDGH
GH[D
PH WD
VRQD&5+
W DP
LPSRUWDQWHV HVWDE
D OHFHUFRQUHV SHFWR ORV LQ
D
FLG
H QW
D ORPDV HV
EL
pQSX H
GHVHU
~WLO
GXUD
QWH
H OSURFHV
RGLD
JQyVWL
FR
8QDYH]GL
DJ
QRVWL
FDGR
H O
V
tQGURPHGH
&X VKLQJVH
SXHGHQ
XWL
OL
]DU
ODV
V
LJXL
HQWHV VLVRQP D
OL
J QR
V \VLVRQK RU
P RQ DO
P HQWHDF WL
YRV(O
FDUFLQRPD
SUXHED
VSDUD
D\ XGDUD
GHWHU
PLQ DU
OD
FDXVD
HVW
LPXOD
FLyQGH
&5 + V XS U
DUUHQDO
SUL
PDULR HV PX\UDU
R
SHURRWU
R VWL
SRVGHF
iQ FUH
HQ
VXSUH
VLyQGH
GH[DPHWDVRQDDGRVLV
DOW
D
UDGL
RJUDItD
V
GHOD
KL
Sy IL
VLV HV SHFLD
OHOGH
S XO
Py QJQHHUD
OPH Q W
H H VH
[WL
H QGHQSRUPHWiVW
DVLV
\
ODV
JOiQGXODV
VXSU
DUUH
Q D
OHV\R EW
HQFL
yQGH
PXHVWUD
VDQJXt
QHD
G HO D OD O
iQGX
JO D
VXSUDU UHQDO
RWURVFiQ FH UHV
TX HWDPELp
QORKDFHQ
VH
QRSHWURVR
LQFOX\HQHO
GH
PD PD HVWyPDJR
S iQFUHD V
FRORQ\
ULxyQ
DVt
FRPR
6LQWUDW
DPLHQWR
HO
VtQGUPRH GH&XVKLQ
JLGQ
XFHPR U
ELOLG
D G ORV PHODQRPDV ORV O
\
LQIRPDV (OWDPDxR ODV
FDUD
\
FWHUtV
WL
FDV
JUDYH
HLQ
FOXVROD
PXHUWH
/D HOHFF
LyQHQWU
H
FLUX
JtD
UDGLR
WHUDSLD TXHVHREVHUYDQHQ O
DP DVDD\X D
G Q GHD
WHUP LQDUVL
H O WXPRU
HV
R
WUDWDPLHQWR
IDU
PDFR O
yJL
FR HVWiGHW
HUPLQDGD
HQ
JUDQ
SDUWH
SRUODEH QJLQRR
PDO LJQR
8Q SURFHGLPL HQWRGHGHWHFFLyQD
S URSLDGRSDUD
FDXVDK GHO
LSHUFRUW
L
VRO
LVPR (OREMH
WLYR
GHO
WUDW
DPLHQWR
FRQVLWHH[FOX
V LU
OHVL
RQHVFRQDFWLYLGDG
KRUPRQDO SUXHED
VRQODV
VSDUDGHV
HQ
HOLPLQDU FRUUHJLU
HO
R
R U
LJHQ GH
OD
VREUHSURGXFFLy
Q
GHFRU
WLV
R O FDUWD U
IHRFURPRFLWRPD VtQ
GURPH &X VKLQ
GH
J\VtQGURPHGH
&RQQ
VL
QRFDVLRQDU
GDxRV
VXSUDUU
HQD OHV KLSR
RIL
VDULRV
SHUPDQH QWH
V /D H
[FHVRGH
PLQHUDORFRU WL
FRLGH
V
81,'$' $OWHUDF
;,,L
RQHV
ODIXQFLyQ
GH HQGRF
U
LQD
7H
MLG
R
D
GLSRVR
0~
VFXOR
HV
TXHOpW
W2
/D FRUWH]D VXSUDUUH Q DOSURG X FHWU
HV WLSRV
G H
KRUPRQ DVPL QH *OX Fy JQHR $OP DFHQDP LHQWR
*OXFHPLD
UDO RFR UWLFR LHV
GJ OXF RFR UWLF R LGHVD QG
\
UyJHQR VV
XSUDUUHQDOHV 3URWHtQD V GH WULJOLFpU
LGRV
/R
VLV
V
WH
PLQH
PD U
H
UDORF
QLQ
RUW
DD
LFR
QJ L
LG
RW
HV
H QV
MXQW
LQD
R
FR
FRQO
QWULEX
R V
\H
PHFD
QD
O
QL
V
FQR
PRV
W
SURS
URO
GH
LR
ODV
V
FR
G
F
HO
Q
FH QWUDFL RQHVFRUSRUD O
HV GH V R GLR\
S R W
DVLR
/R V
JOX FRFRUW
L FRL
GHV
WL
H QHQDFL FR QHVD QWLLQIOD PDW R ULD
VF R
\
QWULEX\HQD
ODUHJXD O
FLyQ $PLQRiFLGRV
G H O
PH WDE R OL
VPR G H
OD JOX FR V DO
DV
SURW HtQD VOD\
VJUDVDV
GXUDQWH 7U LJOLFpULGRV
S H UtRGR VG
HHVWUpV
(V WDV KRUPRQD V HV WiQEDMR
HOFRQWURO
G HO
VLV
WH PD++6 /R V
DQG U yJ H QR VV XSUDUU H QDOHVW
LHQHQS RFR
HIH FWRHQ
HO FRQWUR O
G H
ODVIXQFLR Q HV FR USRUDO HV GLDULDVSHURFRQWU
LEX\H QDO
G HV DUUROORGHYH ORO
FRUSRUD O
H QODVPXM HU HV/D
+6&HV FD XVDGD *OXFRVD 7a£JOL FpULGRV
SRU
FLHQ
XQ
F
GHIHFWRJHQpWLFRHQ
LDGHXQDGHOD VHQ ] LP
ODYtD
DQ V
GH
HFH
O
V
FRUW
DULD
L
V
VRO
TX
SDUDV
HSURYRFD
XV
tQWHVL
V
O
DGHIL
(Q IXQ *OXFyJH QR
J
F L yQ
G HODH Q]LP DLPSO
L F DGD ODDOWHUD FL
y Q
FDXVDY LULOL
]DF LyQHQ
OD FW
DQWHV IHPH QLQDV \H Q DOJ XQ RVFDV RVDO
WHUD
FLRQHVKLGUR HOHF
WURO t
WLFDV SRUHOGHWHU L
R UR HQ OD Vt
QWHV LVPLQ GHHUDORFR UWL
FRLGHV
/DLQ VXIL F
LHQF LDVXS UD U UHQ DOFU
yQL FD SXHGHVHU
FD XVDGDSRUOD
G HV WUXFF L
y QGH-D
JOiQGX OD VXSUDUU HQD OHQIHUPH GDG
G H
$GGL V
R Q )LJXUD 5HJXODF LyQ
KR UPRQD O
\KHSiW LFDGH ODJOXFHPLD
R SRUGL VIXQ FLyQGH OV
L
V WH PD ++ 6 (VWHWL
SRLQ GH
VXILFL
H QFLD
UHT XHLU
H WHUDSLD GH U
HH PSO D ]R FR Q KRUP RQDV GHO
D FU RH]D
W G R WDUDO
F XH USRGHOR[tJHQRQH FHVD ULRSD UDILQ HVPH WDEy OLF RVHV
HO
VXSU DUUH QD O
/D LQVXILF LHQ FL D VXSUDUUHQ D O
DJXGDXQ HV
DD
OWHUDKt JD GRH QUHVSXHVW
DODVDKRUPRQ DVGH OSiQ
F UHDV H QGRU F
LQR
HO
TX H
FL y Q
SRW HQ FL
DOPHQWH PR UWD O (OVtQG UPHGH
R &XV KLQJVHUHILHUH F RQWURO DH O
VXPLQL V
W URFRUR S
UD O
GH FRPEX VWLEOHIL J
D O
DVPDQLI HVWDF LRQ HVTXH VH GHVDU UR OO
D Q
SR U
FR QFHQWUDF LRQHV
H[FHV LYD VGHJ OXFR FU RF WL
RLGH V
(VW H V
tQGURP HSX HGHGHE HUVHD 0HWDEROLVPR GH ODJOXFRVD
GR VLV
IDUPDFRO yJLFDV G H J OXFRFR U WLFR LGHV
XQ WXPRU KLSRILVD /D J OX FRV DHVXQD PROpFXOD VH L
V FD U
ERGH
Q RV(V XQ FRPEX VWLE O
H
ULR RVXSUDUUHQDO R-D VtQ WHVL VWXPR UD O
HFWySLFDGH$&7 + /DV HILFLHQWH TXH FXDQG RVHPH WD EROL]D H Q SUHVHQF LDGHR[tJ HQRVH
PDQL IHV WDFLRQH VFOtQ
L FD V GHO VtQGURPH G H&XVKLQJ VRQUHIOHMR G HVFR PSRQ HKDVWD IRUPDUDJ XD GLy[
\ LGR G H F DUERQ R$XQTX H
G H FRQFH QWU DFLRQHVPX \ DOWD V GHJOXFRF RUWLFRLGHV PXF KR V WHMLGRV yU J
\
DQRVVRQ FDSDFH VGH XWL
OL]DU RWUDV IRUP DV GH
8Q LQ FLG HQWDOR PD HV XQD PD VD V XSUDUUHQDOTXH G VH
HWHFWD F RPEX VWLEO H
FRPR ORViLFGR VJ UD VR V\ OVD FHWRQD VHO FH
UH EUR
LQ HVSHUDG D PH QWHGXUDQ WHXQ HW V
XGLR GH LPDJH Q
TX HV
HUHD OL]D G HSHQG H FDV L
H[FOX VL
YD PH QWHG H
O DJ OXF RVD FRP RIXH QWH G H
FR P
SR U
RWUDV UD]R Q HV
&DG D YH] O
HVH
U HF RQRFHFRQP D\R U
IUHFXH Q EX V
WLEO H'H ELGRDTX HH
OFUHH EUR QR SX HGH VL
QW HWL ]DUQLDOP DFH QDU
F LDSRU O
R TX HVH
KDFH KLQFD SLpHQ O D
QHFHVLG DGGHU
HD OL]
DUXQ Pi VGH XQ RVSRFRV PLQXW RV
H O
VXPLQL V WUR GH JOX F RVDOD IXQFLyQ
GL DJQyV WLFRFRUHFU WR\ RIU HFH U
HOW
U D W DPLH QWRFRUHVUSRQGLHQWH FH UH EUDO QR UPDOUHT XHLU
HGHIOXM XQR FQ RWLQXR S URYH Q L
H QW H
GH OD
F LUFXODF L
y Q /DK LSRJOFHXPL D JUDY H \ SUR ORQJD G DSX HG HFDXVD U
PXH UWHFH UHEUDO
HLQFOXVRXQD KLSR J O
XFH PL DP R GHUDGD SX HGHRUL
$63(&726 *(1(5$/(6 J LQ
DU XQD GLVIXQFLyQ FHUHEUDOVLJQ LIL
FD WLYD
DFLyQ
DOP
D
R
OWHUDFLRQHV
GH
O
FRQW
UR
O
HQGR
FUL
QR
GH
O
FUHFLPLHQWR\
HO
PHWDER
OL
VP R
$FLQR
V
SDQ
FU
HiWLFRV
FHQDU
VH
F
RPRJ
OXFyJH
QR
&XDQGR VHXWLO
L]DQ LGR
iF
VJUDVRV SDUD J H QHUDU
HQH UJtD
VH
OL
EHUDQ XQD VPR O
pF XODVRUJiQLFDV iFLG
DV OODPDGDV FHW
RQD VH Q
HOWRUUHQ W
HVD QJXtQHROR
TXHGD RULJHQDXQ
DV LWXD
F LyQGH
FHWR
VL
V'XU D Q W
HORV
SHUtRGR V
GHXVRH [FHLV
YRGH iFLGR V
JUDVRV
FR PR )LJXUD ,VOR
W
HGH/D
QJHUKDQVHQ
HO
SiQFUHDV
FRPE XVWLEO
H OD
PD \R UD
FXP XODF
LyQGH HVWRViF LGR VFH
WRRUJiQLFRV
SX HGHFR QGX FLU
DXQHVWDGRGHL GR
DFVL
VPH WDEy OL FD
OO
DPDG RFHWRD
6LQ
H
PE D
UJR
SXH GH
QPH GL
UVH
O
DV
FRQFQWU
HDF L
R QHV
VDQJ
Xt
QHDV
GH
FLGRV L
V/D VFRQGL
FLRQ HV
GH PHQRUGLVSRQL
ELOLG DG GHJOX
F RVDGHR
Sp
SWLGR
&FL
UFXO
DQWH\XWLOL
]D
UO
DVFRPR
XQDPHG L
G D
LGLU
Q HF
W
DTXH
LQ V
XOLQD F
U HDQ
XQPD \R UUL
HVJ R
GHFHWRDFLGRVLV
U
HIOHM
DOD
SURGXFFLyQ
GHLQV
XOLQ
DSD
QFUHiW
LF
D
)L
JXU
D
(VW
U
XFWXUDGH
OD
SUROQ
VX
OLQD$OH
OLPLQDUVH
HO
SpSW
LGRFRQHFWR
SpSWLGR
&OD
SURLQVXOLQD
VHFRQYLHUWH
&DGHQD
% LQVXO
LQD
WUDQV SRUW
D GRUD GHJ OXFRVD HVIR VIRULODGD O SRU
D
H Q]LPD JOXFRF L 6RPDWRVWDWLQD \ KRUPRQDV DPLOLQD
QD VDTXHF
UHDXQDPR O pFXODTX HQ
RSX H GH
GLIXQG LVHD
U WUDY pV
G HOD GHULYDGDV GHO LQWHVWLQR
PHPEUDQ D
FH O
XODU
DVtTXH HIHFWL YDPHQW H
DWUDSD
DOD
JOXFRVD GH Q /D VRP DW RVWDWLQDHVXQ DKRUPR Q DS D QF UH iWLFDS ROL
SHSWtGL FD
TX H
WURGHOKtJD GR
/D LQ VXOLQD WDPELpQO D
DFWLYD
HQ]LPDJ OX FyJH D
QR F RQWL H QH VR OR DPLQR iFLGR V
WLH QH XQD YLGD PH GLD
HQ SODVPD
VLQWDVD
TXHFD WDOL
] DHOSURFHVR LQWUDK HS iW
LFRGHWUDQVIRUP DFLyQG H H [WUH PD GDP HQWHFRUW
DGH
PLQ 6LQ H PED U JRDFW~DGH
IRUP D
ORFDO
JOXFR VDHQJOXFy JH Q R H QOR V L
VORW HVG H/DQJH UKDQVSDUD GL V PL QXLU ODVHF UHFL
yQ G H
LQVX
'H ELGR TXH OD
D
VPH PEUD QDVFH OXODUHVVRQLPS HUP HDEOHV D OL QD GH \
JOXFD Jy Q
/DVHFUH FLy
Q GH VRPDWR VWDWLQ DHV
LQF HQWL
YDG D
ODJOXFRVD
XQ DIDPL
OL DGHWUDQ VSRUWDG R UHV
GH
J OXFRVDFRQWULEX\ HDO SR UP ~ O
WLSO HVFD UDFWH
UtVWLFDVU
HODFLR QD GDV FR Q-D
LQ JHVWD
GH DOLP
H Q
PRY LPLHQWRG HHV
WD PR O
pF XOD
D OLQWHULRUGHO
DVFp OX
ODV
(V WR V
WUDQ VWR V
T XH LQF OX\HQ OD
OLEHUDF LyQ
G H F LH UWD V KR UPR QDVGL
JHV WL
YDV \
SRUWD GRUHVGH QRPEU H*/87
*/87
HWF
WLHQHQ FGD
D XQ R H ODXP HQW RG H
J OXFRVDiFLG RV
JUD V R V\ DPLQ RiF LGRV
VDQJ XtQHR V
VXSURSL DGLVWULE
XF Ly QGH WHMLGR ~QLF R3RUHMHPSO R
*/87
HV HO $G H PiV GHORVHIHF WR
VSDQF UHiWLFRV ORFD OHV SDUD UHGXFLUO
DVHFUH
WUDQVS RUWDGRUGHJOXFRVD H QUHVSX HW V
DDOD
LQVXOLQDSDUDORVWHMLG RVF LyQ GHLQV XOLQDJ OX
\
FDJy QOD
VRPD WR VWDWLQD WDPEL pQ
GLVPL QX\HOD
PX VF XORHVTX HOpWL
FR \
D GLS RVR/D SURW H t
QD*/ 87 HV
VHF XHVWUDG D PR WLOLGDG JDVWURLQWHVW
LQDO\U
HGX FH OD DE VR UFLyQG H
ORV
DOLP HQWR V
GHQW URGHODPH PEU D QDFH OXODU \QR DFW~DFR PRWUDQVSR UWDG R U
G H (O S D S HO SLQUFLS DOGH
ODVRPD WR
VWD WLQ D HVD XP HQW DU
HO
WLHPS R
TX H
JOXFR VDK DVWDTXH XQ DV
HxD O
G H O
HQOD FHFRQ HOU
HFH SWRUGH L
QV X OR VQXWUL HQWHV HVWiQGLVSRQ LE
OHV HQ HOWRUU H QWH V
DQJ XtQ HRSDUD
OLQDKDFH TXHPXHYD
VHD O QWH
LUL RUG HO
D PH PEUD QDFHOXOD U
GR QG H T XH ODVF p OXO
DVG H O
F
XH USRSX HGDQXWLOL ] DUOR V
HQ WRQ FHVSXH GH
IDF LOL
WDUOD HQWUDG DG HJOXFRVD HQO
DFpOX OD
(V WH (O SROLS pSWLGR
DPL O
R LGHRG H O
L V ORWH RDP LO LQD
HVR WUD
KRU
SURFHV RVHPXH V
WUDHQ ODILJX UD PR Q DV HFUHWDGDSRU ODV
FpO
XODV IGH OS i QFUHD V
/DV FRQFHQWUDFL H
V
S O DVPiWLFD V
GHDPLOLQDVHHOHYD Q
GHVS XpVGH XQ DFRPLG DRLQIXVLyQ
*OXFDJyQ G H
J OXFRVD (V
WDKRUP RQDSD UHFH
WUDEDMD U
MXQW R
FR QOD
LQVX O
LQDSDUD
UHJ X ODU OD VFRQ FH QWUD
FLRQHV GHJOX FRV D HQ SODVPD LQKLE L
H QGROD
(OJOXFDJRQ HVXQDPR OpF XODSROLS H SWt
GL FD
SURGX FLGD
HQH O
SiQ FUH DV
SR U
ODVFpOXOD V
D
GH ORVLV
OR WHVGH /D QJH UD K
QVHQUHVSX HWD
VD XQDGLV
VH F
UHF LyQ SRVS UD QGLDO
GHJ OX
FDJy Q\ G HVDFH O
HUDQG R
HO
YDF LDGRJi
V
WUL FR W 6H KD LGHQWL
ILFDGRTXH D OJXQ DV K RUP RQ DV GHULYDGDV
PL QX FL
y QGHOD
JOXFRV DHQODVDQJ UH
(OJ OXFDJy QFR
QWULEX \HDPD Q
L
QW HVWL Q R WLHQHQ ORTXHFR VHQRFHF
RPR HIHFWR WL
QD HV
LQFUH
WR
VL
J
W
H QH U
ODV
FR QFH QWU
DF LRQHV GHJOX F RVDHQ VDQJUHHQWUHOD
VFR PLG DV\
Q LIL
FD TX HDXPHQW DQ
ODOE L
HU D
FLyQ GH LQV XOLQD \G LV
PLQX\H QOD
G H
GX UQWDHO
RV S HUtR
G RV GH D\ XQR /D VF RQFQWHUDFLR QHVGHJ OXFD Jy Q
J OXFDJy Q F XDQG RS
HUFLEHQXQLQFUH PH QWR G H
ODJOX FRVDHQSODVPD
W
D PE L
pQD XP HQWDQGXUD QWHH O
HMH UFLFL
RS DUD
HY LDW
U
XQ DGL
V PLQX F Ly Q
GHODJOXFRVD VDQJ XtQ HD
'HV SXpV G HVXOLEHUDFLyQHQHOS iQFU HDV
HOJOXFDJy QYLDMDDWUDY pVG HO
D Y HQDSRUWD D
OKtJDGRSDUD LQLFL
D UOD +RUPRQDV FRQWUDUUHJXODWR
GHJUD GD FLyQKHSiWLFD GH OJOXFy JQ HRJOXFR JHQy OL
V
LV
HOF XDOHOHYD 2W UD VKRUP RQDV TXHSX
H GHQ DIHFWDU OD JOXFH PLD LQFOX\HQORVJOX
UiS LGDP H QW
HODJO
X F R VDHQ VDQJ UHYpDVH O
DWDEOD(O JO
XFD FR FU RWLFR LHV
GO DV FDW
HFR O
DPLQ DV OD * \+(VW DVMXQ WR
FRQ HO
JOXFD
Jy QWDPEL p QDXP H Q WDHOWUDQVS RUWHGH DPLQR iFLGRVH
Q H O
KtJD GRJ yQ D YHFHV GHQRPL
VH
Q DQ
K RUP RQD VFRQWUDUU HJ XDWR
OU LDV SRUTXH
\HVWLPX ODODFRQYH UVL
y QG HSURW HtQDVH Q
PiV JOXFRVDPH GLD QWHHO D\ XG DQD FRQWU DUUHVWDU
OD V
IX QFLRQ H V GH DOP DFH Q DPLHQWRG H
LQVX
SUR FHVRDQW HV
G HVFU LWR
GH JOX FRQ HRJp Q HVLV
'DGR TX HH
OD OP DFHQ DLQD S DUD UHJ XO
D UO
DJOXFHPL DH
Q
VQ DJU HGX UD QWHSH UtRGRV
G HD\XRQ
PL HQW R
GHJOX FyJHQ RHQH O
Kt JDG RHV
OLPLWDGROD
JOXFR QHRJp QHV L
VHV H M H
UF LFLR \RW UD
VVLWXDFL
R QHVTXHOL
PLWD Q OD FDS W
D FLyQGH
J OX FRVD
R
LP SR UWDQWH
SDUDPD QW HQH U
-DJOXFH PL DH
QHO
WUDQVFXUVRGH O
WLHPSR EL H
Q DJR WDQVXVUHVHUYDV9
&DSt
WXO $OW
R HUDF
LRQ
HV
GHO
FRQ
W
UROHQGR
FULQR
GHO
FU
HFLPLHQ
WRHO
\PHWDEROLVPR
7$%/$
a
$&&,21(6 '(/$,168/,1$
*/8&$*Ï1
(1(/
<(/
0(7$%2/,602
a
B
'(/$*/8&26$ /$6*5$6$6< /$63527(,1$6
`
-,
,168/,1$ */8&$*Ï1
*O
XFRVD
7UDQV
SRU WH
GHJOXFRVD
$X
PHQWDHO
WUD
QV
SRUWHGHJ
OXFRVD
DO
P~
VFXO
R
H
VTX
H
OpWLFR
\
HO
WHMLGR
DGLSRV
R
6tQW
HVL
VGHJ
OXFyJHQR,Q
FU
HPHQWDOD
VtQW
HVL
VGHJ
OX
FyJ H
QR 3UR
PXHYH
O
DGHJU
D
GDF
LyQ
GHJO
XFyJH
QR
*OXFRQHRJpQHVLV 'L
V
PLQX\H
OD
JOX
FRQHRJpQHV
LV
$XPH
QWD
ODJ
OX
F
RQHRJp
QHV
LV
*UDVDV
6t
QW
HVLV
GHWUL
JOLFp
UL3URPXHYHOD
V tQW
HVLV KHSiWLF
DGHWUL
JOLFpU
LGRV\i
F LGRV
JUDVRV
GRV\
iFLGRVJUDVRV
$FXPXODF
LyQ
GHJUDVD
,
QFU
HPH QWD
HOWUDQ
VSR UHW
GHiFLGRVJUDVRV LQ
DOWHU
LRUGHOR
V
HQ
H O
W
HML
GR
DGL SRVRDGL
SRF LWR
V
$XPHQWDOD
FRQYHU
VLyQ GHiFL
GR VJUDVRV
DWUL
JOL
Fp U
LFO
RV
SRU
LQFU
H PH QW
RHQ
ODGLVSRQL
ELOLGDG J GH
O
LFHURO
IVRIDWR
GHELG
R
DXQ
PD\R UWUD
QVSRU WH
GHJOXF
RVD H
QOVR
DGLSRFLWR
V
0DQWL
HQHODV
UHVH
UYDV OLStG
LFDVDOQKLLE
LUOD
GHJUDGDFLyQ $FW
LYD OLS
OD
DVDGH
ORV
DGLSRF
LWRV
OR
TX
HLQ
F
U H
GHORV
WUL
JOL
FpU
LGRVDOP DF HQDGRVSR UOD
OLSDV
DGHORV PH QWD
ODFDQW
LGDG
GH
iFLGRV
JUD
VRV
GL
VSRQL
DGLSRFLW
RV EOHV
TX HVH
XWLO
L]D
Q
FR PR
IXH
QW
H
GH
HQHUJtD
SRUHO
RUJDQLVPR
3URWHt
QDV
7U
D
QVSRUW
H
GH $XP
H
QWD
H
OWUD
QVSRUWH
D
FWLYR
GH
D
PLQ
RiF
LG
RV
H
QO
DV
F
pOXO
DV
$XPH QW
D
OD
FD
SWDF
LyQ
GH
D
PLQRiF
LGRV
SRU
O
RV
DPL
QRiFLGR
V KHSDW
RF
LWRV
VX
F
\
RQYHU
VL
yQ
DJ
O
XFRVD
SR
U
JO
XFRQHRJpQHV
L
V
6tQW
HV
LVS
URW
H LFD , QFUHPHQWD
ODV
tQW
HVLV
GHS
URWHt
QDV
DO
DXPHQWDU
O
DWUD
QV
FULS
FLyQ
GHO
$5 1PHQVDM
HUR DFH
\
OH
UDU
OD
V
tQWHVLV
SURW
HLFDD
SDUWLUGHO
$51 ULER
Vy
PLFR
'HVFR
PSRVL
FL yQ 'L
VPLQX\H
OD
GHJUDGDFLyQG
H
SUR
WHt
QDV
DO
PHMRUDU
HO
XVRGH
GH
O
DV
SURW
Ht QDV JOXFRVD
\
iFL
GRVJUDV
RVF
RP R
FRPEXVWL
EOH
(VSDFL
RH[WUDFH
O
XODU (VSDF
L
RL
QWUDFH
OXO
DU
$GUHQDOLQD
(VWDFD W
HFRO D
PL QD H G
ODPp GXODV XSUDUUH QD OD \XGD PDD
QWHQHU
ODV
*
FRQFHQWU DFLRQHV GH OX FR
JV D HQ VQDJUH GXUDQW H SHU tRGRV GHW UHV
pV
PH GLDQ W
HO
D HV WL
PXO DF LyQHJ GOX FRJH QyOLVLV H Q H O
KtJD GR H
OOR
SH U
ID
,QVXOLQ
D
PL
D
W
GU
H
H
TX
QD
HVH
OLQ
DWD
OL
EH
PEL
U H
p
Q
JUD
Q
LQKL
QG
EH
HV
FDQWLG
OD
OL
EHUDF
DGH
L
V
yQ
GH
GH
JO
L
XFRVD
QV XOLQ D
HQ
GH
O
DVD
ODV
Q
Fp
JUH
OXO
/D
DVa R
SDQFUHi WL
FDVOR TXHGLV PLQX\H H O
PRY LPLH QWR GHJ OXF RVDGH QWU
RGH
O
DVFp OXO
DV PX VF XO
DUHV \D XPH QWDODGHJUDGDF LyQ GH ODVU
HVHUYDV
R
GHJOX FyJH QR PX VFXODU $XQTX H
ODJOXFR V DOLEHUDG D GH O
JOXFyJHQR
*OXFR
VDa
PXVF XO DUQRH QWU DHQ ODVDQJ U
H
HOXVRT XH KDFH Q
ORV P~VF XORVGH
HVWDV UHVHUYDV H QHUJp WLFDV LQ
WHUQD VD\ XGDF R
D QVHUYD UOD
JOXFRVD R R
VDQJXt QHDSDU DTX HSXH GDU VH
H PS OHD GDSR URWURV W
H MLGRV
FRPRHO R R R
QHUYLRVR /D D GU HQDOLQ DWDPE L
p QWL
H Q HXQ HIHF W ROL
SR OWLF
t RGLU
HFWR
R R R
VREUH ODVFpOXODV DGLSRVDV
SRUORTXH DXPH QWD OD GL
V SRQLELOLGDG GH
iFL
GR VJ
UDVRV SDU DTX HVHD QXWLOL
]DGRV FR PR IX HQWHG HH
QHU JtD
/D 7UD
QVSRUWD
GRU
HV
FDSDF LGDG HG
OD DGUHQD OLQDSDU D
H O
HY DUOD OXFJRVD VD QJXt QHDW
DP R GHJ
O
XFRVD
ELpQHV XQ PHFD QL
VPR KR PHRV W
i WL
FR LP SRUW D Q WHH Q SHUtRGRVGH R
KLSRJO XFH PLDā R R
DXP HQWD
OD
FDQWL
GDG
GH
*+ $O J
XQ RV WLSRVGH
HMHU
FLF L
R
FR PRFRUUHU XWLOL ]DFLyQGHJUDVDVFRPRIX
HQ WH
GHHQHUJtD
2WUDV
K RU
PR Q DV
\SUDF
WL
FDU
FLFO
LVPR
DVtFRPRGLYH U V
R VHVWUHVRUHV
SRU HMH
PSOR
OD FRPR HO
J OXFDJy Q
OD
DGUHQDOLQD
OD*+
\O
RVJ OXF
R FRULFR
WLG HV
DQHVW
HVLD
OD
ILHE
UH
\
ORV
WUDXP DWL
VPRV
LQ F
UH PHQWDQ
O
DVFLIUDVGH*+ DF W~DQSDUDPDQWH QHU
RL
QFUHPH QWDU
ODVFRQFHQWUDFL
RQHV
V DQ
/DKLSH
UVHF
UHFLyQ
FU
yQL
FD GH
*+
FR PR OD
TXH
RFXUU H
HQOD
DFURPH J XtQHDVGHJOXFR VD
HV
WDV
KRUPR QDVVH
GHQRPLQDQFRQWUDUUH
J X
JDOL
D
SXHGH
OO
HYDUD
LQ
WROH
UDQFLDOD D
JOXFRV D
\DO
GHVD UU
R OO
RGH
GLD ODWRULD
V(OJOXFDJy Q\
ODDGU
H QDOLQ
D
SRUHMHPS OR
SURPXH YHQ
EHWHV
PHOOLWX
V
/DSURGXFFLyQGH
*+ D XPH QWD
GXUD QW
HODLQID
QFLD OD
J O
XFRJ HQyOLVLV
GHJUDGDFLyQGHODV
UHVHUYDVGH
JOXFyJHQR
WL
HQH
DOJXQRVS
LFRV
H
QODSXEHUW
DG\G LVPLQX \HFRQ
O D
HGDG3 (OJOXFDJy Q\ O
RVJOXFRFR
UWL
FRL GHVD
XP H
QW D
QODJO
XF RQHRJp
QHVLV
SUR GXF FLyQGHJOX
FRVDQX HDYDSDUWLU VXVWUD
W
R
GH
V QR
+RUPRQDV JOXFRFRUWLFRLGHV JOXFpPL FV RHV
S HFLD
OP H
QWHD
PL QR iLG
FRV/D*+ GV L
PLQX\H
/DV
KRUPR QDV
JOX
FRFRUWLFRLHV
GV LQ WHWL]DGD V
HQ
OD
FRUWH]DVXSUDUUH HO
FRQ V
XPR SH ULI
pULFR
GH
JOXFRVD/D
DGUHQD OL
QDH \
OJOX
FDJyQ
QDO
V
R Q
FUtW
L
FDV
SDUD
ODVXSHUYL
YH QF LDH Q
S HUt
RGRV
GH D\ XQ QD W
RH
L DPELpQ DXPH QW
D Q
HOXV
RGHJUDVDFRPRIH X
QWHHQH UJpWL
FDDO
QLFLy
QEDM
RHWV
DVFLUF
XQ VW
DQFLDV ODKL SRJOXFHP LD
V HFR QY
LHUWH IDYRUHFH U
OD
OLEHUDFLyQ
GHiF
LGRVJUDVRV
GHO
RVDGLSRFLWRV
HQ XQ
SRGHURV
RHVWt
PX OR
SDUDOD OLEHU DF
Ly Q
GHJO
XFRFR UWLFR
LHV
G
(VWDV
KRUPRQD V
IRP H
QWDQ J OXFRQ
OD HRJp QHVL
VSR U
HO KtJDGR
\
GHHV
WDPDQHUD
DXP HQWDOD
SURGX FFLy QGHJO
XFRVD KHSi WL
FD
/R V
JOXFRFRUWLFR
L
GHV
WDPELp Q
LQKLEHQ ODIDV HLQIO
DPD WRULDGHO
DUHV
SXHVWD
LQPXQLW
DULD
(O
X VR
IDUPD FR WHUDS pXWLFRGH
J OXFRFRUW L
FRLHV
G
HVXQ
WUDWDPLH
QWR
IUHF
X HQWH
S DUDOD
V H QIHUPHGD GHVLQIOD
PDWR U
LDV
DSHVDU
GHTXHSXHGH SUHVHQWDU VHKLS HUJOX
FHPL DFRPR HIHFW
R
(--
',$%(7(6 0(//,786
VHFXQGDULR
GHVX
XVR
9 6Ë1'520( 0(7$%Ï/,&2
'HVSX
pV
GH
W
HUPLQDU
HVWD
VH
FFLyQ
GHOFDStWXOR
H
OO
HFWRU
VHUi
FDSD
]
GH
FXPSOLU
FR
QO
RV
V
LJXLHQWHV
REM
HWLYR
V
0H Q F
LRQD U ODVHV
WDGtV
WL
FD VGH LQ
FLGHQF LD
\SUHYD O
H QF
LDGH OD
G L
D
(OFXH USRSXH GHHPS OHDUOD JOXFRVD i FLGR VJ UDV
RV\
SURWHtQDV E H WHVPH OOLWX V
FRPR FRP EX VWLEO
HSDU DVDW LVIDFHUVXV Q HFH V LGDGHVHQHUJp L
WFDV 5HF RQ RFH U ODVSUX
HEDVGH VD QJUH\
RULQ D
TXHVH XWLOL
]DQ SD UD
H O
6LQ HPEDUJ RO
DV Q HXU RQDV G HO
FH UHEUR GH SHQGHQH[FOXVL
YD G LDJ QyVWLFR\ H O
WUDWDPLH QWRG H
ODGL
DE HWHV
PH OOLWX V
PH QW H
G HO
DJOXFR VD SDUDREW HQHUHQ H UJ tD
(O Kt JD
G R
DOPD F
HQD
'LV WLQJX LUODV FDUDF
WHUtV
W L
F DV GL
VWL
QWLYD V
GHODV F
X DW
URFO DVLILFD
HO
H[FH VRGHJOXFRVD FR PR JOXFyJHQR \ UHFXUUHDODJOXFRQHR F LR QHV GH OD GLDEHW
HVPH OOLWXV
WLSRV\JHV WDFLRQDO RUL
J LX
JpQ HVLVSDUDFRQYH UWLUORV DPLQ RiF LG RV HOODFWD WR\
HO
JOLFH
UR O Q DGD SR URWUD
V FDXVD
V
HQJ OXFRVDGXUD QWH SHU t
RGR VGH
D \X QR RF XDQGR LQJHOD
VWD GH
'H ILQLU
H OVt QGURPHPH WDEy OLFR\GHWHUPLQ DU
VX U
HODFLy Q FRQO
D
JOXFR VDQRDO
F DQ]DDVDWLVIDFH U
HO
ULWPR G HO
D GH PD QGD/
DV
FR Q GL DE HWHVP H OO
LWXV
GH
WLSR
FHQWUDF LRQHVGH
JOX FR VDVD QJ XtQHD UH IO
HM DQ O
DGLIHUHQF
LDHQWUH
O
DF DQWLGDGGHJ O
XF R VDOLEH UDGDHQO D FLUF XODFL yQSRUHO
KtJDGR $VSHFWRV JHQHUDOHV LQF
\ODTXHHVH[WUDtGD GHODVD QJUHSR UOR
V WHMLGR VF
RUSRUD
OHV
/D V
J UD
VDV TXHVLUYHQF RPR XQ DIX
H QWH HILFLHQ WHF RPE
GHXVWL
E OH
\ SUHYDOHQFLD
SDUD HO
FXH U
SR V
H DOPDFH Q DQHQH OWH MLGRD GLSR VR
HQ
IRUP D
G H /D GLDE HWHV PH OOL
WXV
'0 VH UHILH
UHDXQFRQMXQ WR
G HDOWH UDFLR
WUL
JOLFpULGRVORVFXD OHVFR QV LVW
HQ HQ WUH ViF LGRVJUDVRV
OL
JDGR V Q HV PH W
DEyOL F DVIU
HFXHQWHV TXH V
H FDUDFWHUL
]DQ S RU
HOGHV D UU
R OO
R
DXQ DPR OpFXODGHJ OL
FH UR O(QFR QGLFLR QHV TXHIDYRUHFHQOD G H
KLS HUJOXFHPLD OD
FXDO
HV VH F XQGDULDD
XQGHVH TXLOL
EU LRHQWUHOD
GHJUDGDF LyQ
G H
JUDVDVF RPR H O
D\XQ RRODG LDEHWH V
PHOOL
WXV RVVHF
O U HF LyQ
GH LQVX OL
QD\
OD
UH VSX HWV
DFHOXODU
D
HV W
D 8Q D
SH U
V R Q D
FR Q
WUL
J OLFpULGRV
VHGHVFR PSRQ HQ
HQH OWHMLG RDG LRSVRPHGLDQ XQGL
WH DE HWH V
Q RFR QWURODGD
HV LQ FD SD]GHWUDQVSRUWDU JOXFRVD D OLQW
H
SUR FHVRGHOL
Sy OVLV(VWRV iF LGRV
JUD VR VSURG X FWR
GH
OD
OLSyOL
VLV ULRU GH ODVFp OXO DV
&RPR U HVXO WDGR
ODVFpOXODVFR URUD
SO H VVHYHQ
VRQ XWLOL
]DGR V
FR PR HQH UJtD SRUOR VWHM LGRV FR URSUDO
HV
RFR Q SULY DG DV
G HOFR PEX VWLEO
H
QHF H VDULR\
UHFXUU H
QDOD GHVFRPS RV L
F L
y Q
YHUWLGRVH QFHWRQD VSR UH
OKt JDGR /D VS UR WHtQDV
FRPSXH VWDV GH
JUDVD V
\SURW H tQ
DV
SDUDJ HQ H UDU
HQHUJtDFHOXO
DU
/D'0 VHFOD
GHD PLQ RiFLG RV
VRQ HVH QF LDOHV
SDUD ODIR UP DFLyQGHWR
GDVDVV
O LIL
FD H Q
FXDWUR WLSRV
TXHVH PXH VWUDQ
HQ H
OFXDGUR
HVWUQFWXUD V
R UJiQLFDV
$ GIHUH
L Q FL DG HO DJ OXFR VD\
ORV
iF L
GRV 6H J~ Q O RV&H QW
H U
V IRU 'LVHDVH &RQWURO DQG3UHY HWQRL
Q
J UDVRVH
OH[ FHVRGH DPLQ RiFLGR VV ROR SX HH GD
OPDFHQDUVH
G H & '&GH ORV (V WDGRV
8QLGR VOD'0 HVXQSUREOH PDGHVD OXG FUy
IRUP D
OLPLW
DGD HQH O
F XHU S R'HE LG RT D
XH ORV iF
LGRV
J UD
VRVQL FR FRQ PLOO
RQHVGH DG XOWRV
PD\R UHV
GH DxR VG H H
GDG
QRSXHG HQ
FR QYHUWLUVHH Q
J OXFRVDH OFXH USR G HE H
GHVFR
PS RQ HU RPiV FR QG LDE HWHV
GLDJQR VWLFD GDDSUR[LPDGD PH QWH
HO
GH
O
D V
SUR WHtQDV\
XWLOL]DUORVDP LQ
RiF LG RVSDU DODJOXF
RQ HRJpQHVLV ODSRE ODF
Ly Q GH (VW
DGRV8 QLG R VGHDFXHUGRFR QHV WDGtV WLFD V
GH O
HQFRQGL FLRQHVHQODVTX HQR KD\V
XIL F L
HQW H J OXFRV D
SDUD
V
D WL
VID 'H O
Q~P H UR
W
RWDO
GH DGXO WRV
FRQG
LDEHWHV
GLD JQRVW
LFD GD V
ROR
FHUODV
QHFHV LGD GHVPH W D
E y OLFDV H
O W
HQtDGLDE H
WHV
GHWL
SR FQRXQDPD \RUtD SUHGRPLQDQWHG
(O PH WDEROLVPR HQH UJp WL
FRHV W
i FRQ W
URODGR SRUGL
V WLQ
WDV S HUV RQD V
F RQ GLDE H
WHV
GHWLSR $ GL
FLRQD O
PH QWHR WURV
PLOOR
KRUPR Q DV
HQ W
UHRWUDV LQ VXO L
QDJOX FDJy Q DU GHQDOLQ
D
*+ \ Q HVGH DG
XOW R VPD \RUHV
G H D xRV
G H
HG DG
KDQVLGR FO
DV L
JOXFR FR UWL
FRLGHV'H HV W
D V KRUP R QD VVR OR ODLQVXOLQ
D
WL
H QHOD ILFDGR VFR PR S U
HGLDEpWLFRV D
SD ULU
WGHK DOO
D] JRV GH
ODE R UD W
RU L
R
FDS DFLGDGGHG L
VPLQX LUOD JOXFHPL D (VWR OR ORJ UD
DO
IDYRUHF UTX
H HPX HV WUDQ HO
H YDFL
RQH V
GH OD JOX
FRVDH QD
\ XQRR GHO
D VFR QFH Q
HOWUDQV SRUHW
GHJ OXFRV D
D O
DVFpOXO DV G HOFX H USR\
UHGXFLU
V X WUDFL R QHVGHK HPR JO
R ELQD
J OXFRV LO
DGD$&P DERV V
HUHYLV
DUiQPiV
SURGX FF L
yQK HS iWLFD\ OL
EH UD FL
yQ K DFLD HOWRUU HQWH
VDQJXtQHR D
G H ODQW H
H QHV WHFDStWXO
R/D SUHGLDEHWHV\O
DG LDE HW
HVDI HF WDQ
D
/D LQVXOLQDWDPEL p
Q GL V
PL QX \HO
D OLSyOL VL
V \SRUOR
WDQWROD S HUV R Q DV
GH F XDOTXL
H U
VH[R HGDG
UD]D\ RUL
JH Qp
WQL
FR(Q WU H
ORV
&DSLWXOR
$OW
HUD
FLRQ
HV
GHOFRQWURO
HQGR
FU
LQR
GHO
FUHFLPLHQ
WRHO
\
PHWDEROLVPR
&8$'52
&/$6,),&$&,21(6
'(
/$
'0 &8$'52
&5,7(5,26
3$5$
(/
',$*1Ï67,&2
'(
/$
',$%(7(6
3UHGLDEHWHV
(VWDFODVLILFDFLyQVHXWLOL]DFXDQGRODV
FRQFHQ WUDFLRQHVGH *OXFRVD SODVP iWLFDHQ
D\XQR] PJ
G/ PPRO /
JOXFRVD
HQVDQJUH HVWiQHO HYDGDV
S HURQR
FXPS O
H Q
FRQORV
3RUD \XQR VH HQWLHQG HHYLWDU
O
D LQJH VW
DF
D OyULFD GXUDQWHD
O
FULWH
ULRV
GLDJQy VWL
FRVS DUDGLDEHWH V PH Q RVK
'0G HWL
SR R
6HFDUDF
WHUL]DSRUOD
SURGXFF LyQLQVXILFLHQWHGH
LQVXO
LQD *O XFHPLD SODVPiWLFD K
! DODV
PJG/ PPRO
/
GHELGRDOD
GHVWUXFFLyQDXW R LQUQXQLW DULD ODV
FpOX
GH O
DV
a GX UDQWHO
D 37 2*
SDQFUHiWLFDV
FRQ IUHFXHQ F
LD
FR QG XFHDXQD
GHILF L
HQFLD R
DEVROXW
DGHLQVXOLQD
7DPEL p
QKD \XQ
V XEWLSRLGLRSiWL
FR
HQ +H PRJ O
RE LQD $&
!
PP RO/
(VW DSUXHEDGHEH
HO
FXDO
QR VH
ORJ UDQ
GH WHFWDUD QWL
FXH USRVDXWRLQP XQ H
V UHDOL]DUVHH Q ODERUD WRULRV
FHU
WLIL FD GR V
GHD FXHUG RFR Q
ORV
'0GH WLSR HVWiQ GDUHV $& GH O
'L DEHWHV
&RQW URODQG&R PS OLFDWLRQV
&DUDF W
HUL
] DGD
SRU XQ
H V
WDGR GH U
HVLVWHQFLDDOD
LQV XOLQD
\ 7ULD'&&7 'H EHUHSHW
LUV
H ODSUXHED SDUD FRQILUPDUORV
GHFOL
YHSURJ UHVLYR
HQ OD
VHF U
HF LyQ
G HHVWDKRUPR QD
SRU UHVXOWDGR V HQ DX VQFL
HD GH
KLSH UJ OXFHUQLD
LQH TXt YRFD
ODV
FpOXOD
VISDQF UHiWL
FDV $P HQXG RV
HDFRPS DxDGH R
PD QLIH
VW
DF LRQHVFOtQL
FDV FR QFRPLWDQW HV
HVW
RVHGHQRPLQD *,XFRVD SOD VPi WL
FD DOD]D]
U P J
G/PPR O
/HQ
VtQGURPHPHWD EyOLFR XQD SHUVRQ D F R Q
VtQWR PDV
FOiVLFRV GHKLS
H U JOXFHPL DRFRQ
'0 JHVWDFL
R QDO FULVL
VKLS HU JOXFp PLFD
$QRPDOt DVHQ
ODUHJXDFOLyQ GHOD
J OXFRV D
TXHDSDU
H FHQ
$G DSWDGRGH
$PH ULFDQ'LDEH
W
HV
$VVRFLDW LRQ
&ODVV
LILFDWLR
Q
GXUDQWH
HOHPEDUD ]R
SUL QF LSDOP HQWHGXUD QW
HHO
VHJ XQGR
DQGGLD
J QR V
LV R I
GLDEH W
HV
6WD
QGDUGVRI PHGLFDFU DH
LQGLDEHWHV
RWHU
FHU
WULP HVWUH
'LDEHW HV&DUH
6XSSO
SDJH6,6
O
'LDEHWHV
GHELGR DRWUDVFD XVDV
,QFOX
\HVtQGU RPHVGLDE pW LFRVPRQRJ pQLFRV
FRPROD
GLDEHWH
VQHR QDWDO\
GLDE HW HV
GHWLSR 02'< D
V t
FRPR
FXDGURV
UHODFLRQDGR V
F RQ DOWHUDFLRQH V
FRPRODIL
E URV
LV EDV
GH JOXFR VD \ FHWR QDVXULQ
DULDV VR Q~W
LO
HV HQHO
WUDWDPL HQWR
GH
TXtV
WLFD
\H O
WUD
V SODQW
H GH yUJDQR V -D
GL
D EH W
HV
$GD
S W
D GR
GH
$PHULF
DQ
'L
DHEHV
W$VVR
FL
DWL
RQ
&OD
VV
LILFDW
LRQ
D
QG
GL DJQRV
LVGL
RI
DE
HWHV
6WDQG
DU
GV
RI
PHGLFD LQ
FDUH
GLD
EH W
HV 3UXHEDV GH VDQJUH
'L
DEHWHV&DUH
O
6XSSO
O
6O6 /D V
S UXHED VGHVD
Q JU
HVRQGH
JU DQD\ XGDHQ
HO
GLDJQyVWL
FR\ W
UDWD
PLH QWRGHOD'0 H
LQFOX\HQJO
XFRVD VpU
LFDHQ
D\XR Q
J OXFH PL
DD
O
D]D U
SUXHEDG H
WROHUDQ
FLDRUD
ODOD
JOX FRVD
372*
JOXFHPL D
FDSL
ODU\YOD
RUHV GHKHPRJORELQDJOXFRVL OD
GD
D GX OW
RVHVWDGRXQLG
HQVHV OD '0HVPiVIU HF XH QWH
HQ WUH QDWLYRD
PH UL
FDQRVQDWL
YRVGH$ODVND
G
H ORV KRPEUHV G
H
ODV PXM H
UHV
DIU
RDPH U
LFDQRV QRKL
VSDQRV G HORV KR PEU HV 3 UXH EDGHJ OXFRVDSO
DVPi WL
FD HQ D\XQR/DSUXHED
G H JOX
FRVD
G HODV
PX MHU
HV
\ODWL
QRDPH UL
FDQRV
G HORV KRPE UHV SODVP iW
LFD H QD X
\QR*3 $
FRQ VLVWH HQ
ODFXDQWL
ILFDF
L
y Q GHJOX
G HODV
PX MH
UHV
/DG LDEHWHV
GH
WLS R HVOD
IRUP D PiV IUH FRVD HQSO
D VP DG HV
SXp V
GHXQ SHU tRG
RGH
DO
P H
QRV KV
Q
LWH
QHU
F XH QW
HHQQLxRV
FRQXQ
DP D\R U
L
Q F
LGHQF
LD Q GH
XHYRVFDVRV HQSHU QLQ J~QWLSRG HLQ
JHVWDFDOyUL
FD8Q YOD
R U
GH*3 $SRUD EDM
RGH
VR QDV
FDXF iV
LFD
VQRKLV
SDQ DV7DP ELp
QKDD XPH QW
DGRODLQF LGHQFLD P JG/ PPRO
/ VH
FR QVLGHUDQRUPD O
YpDVH
H O
FDS
G H GLDEHWHV
GH
WL
SRH Q
QLxRV FRQX
DQLQ
FLG HQF LD
PiV V
LJQLIL FDLYD W
W DEOD/DV F
LIU
DVHQW
U H
\
PJ
G/ \
PPR O
/
G H QXHYRVFDVRV
H
QSR EO
DF L
RQHV PLQRULWDUL
DV VRQVLJQLIL
FDWLYDV GHIL \VH
QHQFRPR D
OWHUDF
OD
LyQGH
OD JOXFH
PLD
/D'0 \HO
LPSDF WRUV HXOW
DQW
HGHO
DV IOX FW
XDFLRQHV G HJOX HQD\ XQR$*$
(O
QLYHOGLDJ
Q yV
WL FR
GH*3$ SDUD
GLD
E HWHV GHHV
F R VD
VDQJXtQHD FRU
DR\
W ODUJR SO
D]RFRQG XFH Q DXQ
DY D ULH GDG GH P JG/
2PP RO/RPD\R U
FRPS OL
FDFL
RQHV
TXHYD
QG
HV GHXUJHQ F
LDV
PpGLFDVD
JXGDV
DGL
VFD
SDFLGD
G\PXHU
WH
/D
'0HV XQ
IDFWR UGHULH
VJR
VLJQL
IL
FDWL
YRSDUD 3UXHEDG HJOX
FHPLDD
O
D]DU
3UX H
EDTXHVH
OO
HYD
D
FDER
VLQ
FRQ
FRURQDUL
RSDWtDH
LFWX
V
HV
OD
S UL
QFLSDOFD
XVD
GHFHJXHUD
\
HQIHUPH V
LGHU
DU FXiQWRWHPS
L RKDSDVDGR
GHVGH ~O
WLP
OD
D FP
RLGD
8QD
GDGUHQDO
FUyQLFD
DVtFRPR
XQPR WL
YRIU
HFXHQWHGH
DPSXWDFLR
QHVFR QFHQWUDFLyQ
GH
JOXFRVD
SO
DVPi WL
FD
DO
D]DU
L
QHTXt
YRFDPHQWH
H OH
GH
ORVPLHPEURV
L
QIHU
LRU
HV2SWLP L]DU
HO
FRQWUR
O
GHOD
JOX
FHPL YDGD
DD
!PJG/>
PPR O/@
H
QXQDSHU
VR
QDFRQ
Vt
QWRPDV
WU
DYpVGH
XQD
YUDHL
GDG
GH
LQW HUYHQFLRQHV
UH
GXFHODV
FRPS OL
FDF
LRFOiVL
FR VGHGLDE
HWHV
FRPR
SROLGL
SVL
D
SR OL
IDJ
L
D
SRO
LXU
LDYLV
\
LyQ
QHVUH
ODF
LRQDGD
VF
RQHV
WDH
QI HUP HGDG3 ERURU
VDR H
QXQ
LQGLYL
GXR
FRQFUL
VLV
KL
SHUJO
XFpPL
F D
HV
GLDJ
QyV
W
LF
DGH'0
3UXHEDV GH GLDJQyVWLFR
3UXHED
GH
WR
OHUD
QFLD
RUDO
D
O
DJ
OXFRVD
/D
372*
HV
XQD
SUX
HED
\
WUDWDPLHQWR LPSRUWD
QW
HGH
H[
SRO
UDF
LyQ
SDUD
GHW
HFW
DU
GLDEHWHV
GH
OD\PL
FDSD
(OGLDJQyVWLFRGH
'0 VH
FRQILU
PDPHGLD
QWHSUX
HEDV
GH
OD
ERUDW
RFL GDGG
HO
FXHUSR SDUD
HOLP
L
QDU
ODJO
XFRVD
GHVD
OD
QJU
H7DQWRH
Q
ULRTXHF
XD QWLILFD
QODV
FRQFHQW
UDFLR
QHVGH
JOX
FRVD
HQ
VDQJU
H
/RVKR PEUHV
FRPRHQ
PXM
HUHV
OD
SUXHED
PLGH
OD
U
HVSXH
VWD
GHOD
JOX
F ULW
H ULRVGLDJQyV
WL
FRVSDUD
FDGDWLSR
GH
'0 V
HGHVF
ULEH
QHQ
HO FRVDSO
DVPiWL
FD O
DD
DPGLQL
VWU yQG
DFL H J
GH
XQD
VROXF
LyQ GH
F XDGUR
/DV
PHGLF
LRQHVGH
ODJOX
FRVD
VD
QJXtQ
HD ODV
\
SU
XH JOXFRVD
FRQFHQWU
DGD
DLQ
W
HUYD
ORVUH
JXODUHV
GH
HQWH
UO\K
(Q
81,'$' $OWHUDF
;,,L
RQHV
ODIXQFLyQ
GH HQGRF
U
LQD
SHU VRQD VFRQWR O H UDQFLD QRUP DODODJOXF RVD HWDVV FLIUD VYXH O
YHQD VXEF XWiQHR SD UDR EW HQH U PXH VWUDV IUHF XHQ WHV/RV FH QWU
RV HVSH
ODQRUP DOLGD G GH QWURGH ODV VLJX L
HQWH V K G HV SXpV GH OD LQJHVWDF LDOL]DGR VHQHQGR FULQROR JtD XWLOL]D QFD G DYH] Pi V
H VWDWHFQROR JtD
GH O
D F DUJD GH J OXFRV D HQ FX \R F DVRSX HGH V XSRQ H UVH T XH H[LVWH SDUDORJUDU FR QWU ROy SWL PR XQ
GH OD JOXF H PL D H QVXV SD FL
HQW HV/D
VXILFLHQW H LV QXOLQD SDUD SH UPLW LUTX HOD JOX FRVD VDOJD GH ODVDQ YDULH GD G\OD H[ DFWLWXG GH HV WR VVLV WHPD V PH MRUDQ FR QWLQXD PH QWH
JUH\ H QWUH H Q ODV FpOXODV GH OFXH USR'H ELG RTX D
HXQ DS H
UVRQD 6LQ H PEDU JR -D YLJLODQF LD G H O
D JOXF RV D PH GLDQWH SXQ FLyQ GH O
FRQ GLD EHWH VQR W L
HQH ODFDS DLGFD G SDUD UHVSRQG H UDXQ D XP H QWRGH GH GR VL
J XH VLH
QG R HOHVWi QG D UGH FXLGDGR
JOXFRVD PH GLD QW H ODOLEHUDFL yQ GH VXILFLHQW H LV QXOLQ D SDU D IDFLOLW
DU
VXDO PDFH QD PL HQW R H [S H UL
PH QWD XQDXP HQWR GH O
D JO XF HPL D SRU 3UXHED GH OD KHPRJORELQD KHPRJORELQD JOXFRVLODG
$O&
DUULED GHORRE VH U YDGR HQ SH UV RQD VF RQWR O
HUD QF LD QR UP D O
\S
HUPD (V WDSUX HED PLG HODFD QWLG D GG HXQ VXE WL
SR SDUWL FXOD UGHKHPRJ O
R
QHFH DV tGX UQWDH SHUtRGR V Pi VO
DU J RV
$ OR O
D UJR GHXQ DSUX
H E DGH ELQD THXK D VLGR JOXFRV LODGD HV GH FLU D TX OD
H VH DGKLUL HURQ
WROHU DQF LDDOD
JOXF RVD ODV FR QFH QWUD FLRQHV GH J OX FRV D SODV Pi WL
F D PRO pF XOD VGH JOXFRVD (V W
H SUR F HVR VHQRPEUD YHF HVD
FRPR JOX
GH K K *3 PD\R UHVR LJXD O HVD PJ G/ O
PPRO /VHFR V
LODF LyQ D XQTX HJ OXFRV LO DG D HV HOWpUPLQ R Pi V
SU HF LVRS RUTX H
FRQ VLG HUDQ XQ FUL WHUL
R GL DJ QyVWLFR '0 WDEOD
GH H
OSURFHVR QR U HTX LHU HGH DF WLYLGD G H Q] LP iWLFD &XDQGR VH OLEH
UD
Q HULWURFLWRV O
D PpGX OD GH
yVHD O
D KH PRJ ORE LDQ QR VXHO HFR Q
&RQWUROGHODJOXFHPLD HQORVFDSLODUHV PHOOLWXV WHQH UJOXFR VD 6LQ HPED U JR GX UDQWH H
HQODGLDEHWHVO W UDQ VF XUVR GH ODY L
GD GH
/R V DYDQ F HVW H FQROy JLFRV K DQ SH UPL WL
GR YLJLODU ODVF RQ F H QWUDFLR O
RV H UL
WURF LWRV
GH DSUR [LPDGD PH QWH GtD VOD KH PRJ ORELQD
QHV GH JOXF R VD HQ VDQJU H PH GLD QWHHO XVR GH XQD JRW D GH V
DQ JUH VHYD KDF L
H QG RJ OX FRV LO
D G D 'HELGR TXH ODD
HQWUD GD GHJOX FRVD
FDSLODU (V WHSUR FHGLPL H QWR KDSURSRU F LRQD GRORV D SUR IHV LRQDO HV HQOV RHU L
WURF LWRV QR HV GH S HQG LHQW H GH OD LQVXOLQD O DYHORF LDGG D
GHODV DOXGP XQ
HGLRUiSLGR H
FRQ y\
PL FR SDUD YL JLODU O D
J OXFHPL D ODFXD OO
D JOXFRV DVH XQ HD ODPRO pF XOD GH KH PRJ ORELQ D UHIO
H MDODV
\KD SH UPLWLG RD ODVSH UV RQD V FRQ GLDE H WHVPD QW H QH U VXV FLIUDVGH FRQFQWUD
HF LRQHV GH JOXF R VD VD QJ Xt QH D/D JOX FRV LODFLyQHV HVH Q
JOXFRVD FH UFD GH ORQR UPDOD WUDY pVGHOD DXWRUQ RQL W
RU L]DF LpQF RQ F
LDOP HQWH LUUHYH UVLEOH SRU ORWDQ WR H OQL YH OG
H $& SU HVHQWH HQOD
WLQXD (W VVRPp WR GRV XWLOL]D Q XQD JRW DGH VD QJU HFD SL OD U REWH QLGD VDQJU HSURSRU F L
RQD XQ LQGL FD GRU GH ORV YD ORU HV GH JOX FHPL DSD UD
DOSLQF KD UHOGH GR FRQ XQD D J XMDHV SHFLD O
RO
D QFH WDSH TX H xD (VWD ORVSU y[ LP RV GtDV G H YLG D GH ORV HUL WURF LWRV (Q F RQGLFLRQHV
JRWD HV FRORFD GD RDE VUERL GD SR UXQDWLUD
U HDF WL
YD ODV FR
\QFH Q GHKLS HUJOXFH PL D
V HLQ F U
HPH QWD ODF LIUD GH $& /D WDEOD
WUDFLRQH VGH J OX F RVD VHGH WHUPLQ D QHOHFWUyQ LFDP HQW H J UDF LDVXQD PXHV WUD YD O
R UHV GH $& HQ FU RUHO DFLyQ FRQ O
DV FR QFH QWUDF LRQHV
PH GLGRU GH J OXF RV D/D PD\R UtDGHORV PRQ LWRU HV DSUREDGRV SURP H
SDUDGL
R GH JOXFRV DH QS ODVPD
VXX VR HQH O KR J DU
FD OLEUD Q ODV OHFWXUD VG H JOXF R VD VDQ J XtQ HD D
YDORU HV SOD VPiWLFR VSDUD XQ DF RPSDUDF LyQ PiV V HQF LOOD V
SHF W UH3UXHEDV GH RULQD
R
DO
RV YD ORUHVGH ODERUDWR ULR (V LPSR U
WDQW HSU DD OR V
XV XDULR V VD
EHU/DV SUXHED VGH J OX FRVD HQ R ULQD LGLQ FD Q TXH K VH
D VXSHUDGR HO
FyPR HV WiFDOLEUDGR HO PH GLGR UT X HHV
WiQ XW LOL]DQG R SDUD SRG H U XPEUDO UH QD O
GH UHD E VRU F LyQ GH J O
XFRV D OR FXDO VXH OHYH QL
U P DFR
L
QW HUS UHWD UDSURSLDGDP HQW H ORVU HVXOWDGR V GH ELGR D TX HO
DV SUXH SDxD GRGH KLSH UJOXFH PLD /D VS UXH ED V UH QD OHV SD UDODGH W
HFF LyQG H
EDV UHD OL]DGD VH Q VDQJUH tQWH J UDVLQOD FDO L
EU D FLy Q SDUD JOXFRV D FHWRQD VVR QLQGLFD WLYDV GH TXH HOFXH USR HV WiSURGX F LHQGR FXH USR V
HQ SDVOPD SX H G HQ EULQGDU U HVXOWDGR VG HJ OXFR V DV DQ JXtQ HD XQ FHWy QLFRV HQ H[FHV RGH ELGR SRU OR JH QH UD ODO D
XWL O
L]DF LyQ GHVXV
Pi VED M RVTX HOR VG HJOXFRVD H QSOD VPD WUDWR
VGH HQH U
JtD GH WLSR QR JOXFpPtFR Y
(QOD DFWX DOLG DG VHH QF XH QWUDQ GLVSRQL EOHV VL
V WHPDV GH PRQL
WRUL]DF LyQ FR QWL QXD GH OD JOXF RVD TXHS HUPLW H Q KDFH U D XQ
MX V
WH
SUHF LVR SD U
D OD D GPLQL VWUDF LyQH G HVWD
KRUPRQ D /R V GL V
WLQWR VV L
V (PLO \ \ VX IDP LOLD W
H QGU iQ TX HDSU HQGH U
WHPD V GLVSRQH Q GHSH TX HxR VFDW p WHUHV LPS O
D QW DGRV HQW HHO
ML
GR Fy PR \ FXi QGR UHD OL]D U DQi O
LVLV GHRU LQDH Q
EX VFD GH FW HRQD V DV t FP RR XWLOLD ]D U XQ
PH G L
GRU G HJ OXFRVD VD QJ Xt QHD S DUDF
RQW URO
D U
OD J OXFH PL D
7$%/$&255(/$&,21(175(
a a
&21&(175$&,21(6 O
I
'(
+(02*/2%,1$$&<
*/8&26$3/$60È7,&$3520 ',2\
&ODVLILFDFLyQ
ILVLRSDWRORJtD
?
*/8&26$ (1
3/$60$ 3520(',2 (Q HOF
XDGUR VH LQF OX\HXQUHVXP HQGH O
HTX
VH PDG H
F O
DVL
IL
FDFL
yQ GHOD'0 (Q ODV VHFF
LRQHV V
LJXLH
QW HVGHVFVH
ULEH
Q ODV
+(02*/2%,1$$& 0*'/
0028/ FDUDFW
HUt
VWLFDVIL
VLRS
D W
R OyJ LFDV\PD QLIH
VWDFL
R QHVFOtQL
FDVGHFDGD
R
XQR
GHHVWRVW
LSR V
O 3UHGLDEHWHV
3UHGLDEHWHVH
V XQWpUP LQR GLD
JQyV WL
FR TXH XWLO
VHL
]DFXDQG ROD
JOX
FRVDH Q
V DQJUHHVW
i HOHYDGDSH U
RD~ QQRVHFXPSOHQOV
RF UL
WHULR
VQHFHVDUL
RV SDUDGL DJQRVWLFDU'0/D GHW
HFFLyQGHOHVWDGR
SUHGLDE
pWLFRHV
PiV IU
HF XH QWH
HQ
S HUVRQDVFRQUL
HVJR
GH
G HVDUUROO
DU
$GDSWDGR
GH
$PHU
L
FDQ
'L
DEHWHV
$VV RFLDW
L
R Q
*O\FHUQLF DU
J W '0
HWV GH
WLSR
'0 6L VHGHW
HFWDSUHGLDEHWHV
O
D V
PRGLIL
FDFLRQHV
6W D
QGDUGV
RI
PHGL
FD
FDUH
LQ GLD
EHWHV
'LDEHW
HV &DU H HQ
HOHV
WLOR
GHYLG D
OD
GL H WD
ORV
K iEL
WRVGHHMHUFLFLR
\SHUGHU
S HVR
6XSSO 6
6 SXHGHQD\XGDUDSUHYHQU L O
DSURJUHVLyQ D'0GHW
L
S R
'LDEHWHV PHOOLWXV
GH WLSR
GH
KLSHUJ
O
XFH
PL
DH
Q
$OWHUDFLRQHV
&DStWXOR GH
O
DVRFLDFLyQ
FR
QX
QD
FRQW
UR
O
GHILFLH
QF
LD
U
HQGR
HOD
F
WL
UL
QR
YD
GH
GH
O
FUHFLPLHQWR\
HO
PHWDER
OL
VP R
/D '0 GHWLSR '0O FDUDF
VH W
H UL]D SR UO D
G HVWUX FFLyQ GHODVL QVXOLQD
0XFKD VSH U VRQDV FR QGLDEHWH
VGH WLSR V
RQ DGXOWR V
FR Q
FpO
XOD V%SDQF UH iWL
FDV $ OHGUH GRUGH O G HOR V
FD VR V
GH'0 SHUWH VRE U HS HVR6LQ H PEDUJR
ODV WH QG HQF LDVU HF L
H QWH VLQGL FD QTXHHV WH
Q HFHQDOWLS
RVV/D PD \RUtD WL
H Q HQPH G LD FL
yQ LQPXQL WDULD
FR PR WL
SR GHGLDE HWHVVH RE V UHYDFR QPD\ R UIUHF X HQF L
DH QDGRO HVFHQWHV \
VHGH VSUHQGHG HODGHWHFF LyQ GH DXWRD Q WLFX H USR VH VS HFtILFRV8Q QLx RV XQDDIH
FF LyQG HQ RPL QD G DG LDEHWHV G HWLSR02'< PDWXUL W\
S H
TX HxR SRUFH QWD MH
G HODV SH U
VR QD VFR Q '0 WLHQH Q XQD IRUP D R QVH WGLDEH WHV RI WKH \RXQ J V$X Q TX HQ RVH SUR GX FH O
DGHVWUXF
LGL
R SiWL
FD HQ ODT XHQR VH G H
WHF WDQLQ J~Q DX WRD Q WL
F XHUSR(V WD FLy QD XWRLUXQXQ LWDULDGH O
D VFpOX O
DV % O
DV S HUVRQDV FR Q'0 HYH Q
IRUPD HVPiVIU HF XHQWH
H QS HUVRQ DVGH R UL
J H QDV LiWL
F R RDIUL
F DQ R WX DOP H QW
H SX HGH QUHT XH UL
U GH LQVXOLQD 3R UOR W
DQW R ORVWpUP L
QRV
'HV GHODSHUVS HF W
LYDGH OWUDWDPL H QWRQ R H[ L
V WHQ GLI HUH QFLDVHQWUH D
Q WHULRU HVUHODF LRQDGRV '0 FRQ
FRP RGLD
OD
EH WHV LQ
GH
L
F L
R QH
ODVYDULDQWHV
G H'0O QR R EVWDQ WH
ODIR UPD LQ PXQL WDULDVH
FR QR FH H
ODGX OW
R \ GL
D E H
WHV QR LQVXOLQ DG HS HQ G H
LQWH JH QHUD QFRQ IXV
Ly Q
DYHF HV
F RPR WLSRO$\OD IR UP DLGLRSi WL
FD FR PR W
LSR % V \VHKDQ YXH OW
R REV ROH WRV /D'0 WLH QH XQ IXHUW HF RPS R QHQW H
/D'0O G HPH GL
D FLyQ LQP XQ L
WD ULDWD PE LpQ VHFR QRFHFRPR JHQW p FR
L&L HUWRV IDF WRU HVJH Q pWL
FRV SDW yJH
\ QLFR V DG TXLUL
GR VV
H
GLDEH WHV
MXYHQL ORLQVXOLQDG HSHQGLHQW H (V W
D VH SUH VHQW D
FRQ Pi V KD QLPS OLFDGR H QOD GLVIX QF LyQ SURJ UHVLYDGH FpOXOODV
DVaHQ ODV
IUHFXHQF LDHQ
My YH QHV
SHUR SX HGHD SDU HFHUD FXD OT XLHUHGDG/D WDVD SH UVRQDV FR QSUHGLDEH W
HV\ '0 V
GHGHVWUXFFLy QGHODV
FpO
XODV IHVPX\ YD U
LDE OHHVUiSLGD HQDOJXQD V /D VDQRPD OtD
V PH WDEy OL FDVD VRFLDGD VFR QOD
'0 VH
LO
X VW
U D Q
SHU V
R QDV\
OHQWDHQ RWUDV
/D IRUP D
Ui SLG DPH QW HSURJ UH VLYDQRVROR H
Q ODILJXUD
(V WDV DQRPD O
tDVLQF O
X \ HQ
VHRE VHUYDFRQP D\ RU
IU HF XH QFLDHQ Q LxRV VLQR WDPELpQ HQ DOJX 5H VL
VWHQF LDO D
DLQ VXOLQD
Q RV
D GXOWRV
/R VDGXOWRVFRQ '0 DOJX Q DV YHF HV WDPEL pQ SUHVH QWDQ $OWHU D FLyQ HQ OD VHF U
HF LyQ GH LQV XOLQ D S RU ODV FpOXODV a
XQ DIR
UP D
OHQWD PH Q W
HSUR J UHVLYDGH'0 LQ VXOLQR G HS HQGL HQWHF RQ S DQ FUHi WL
FDV
UHVXOWDGRVDXWR LQPXQLW DULRV VLPLOD UHV OD '0
D, (V WD IRUP DOHQWD3URGX FF L
y Q FU HF LH QWH GHOD JOX FRVD S R UHOKtJD GR ā
PH QWHSUR JUHVLYDG HO
DGX OWR F VH
R QRFHF RPR GLD EHWHV DXW RLQPX QL
WDULDODW
H QW
HHQ DG XWO
RV'$/$ V6HKD Y LVWR XQ DU
H ODF L
yQH QWUH
OD (Q FR QWUDVWHFR QOD '0, HQ ODTXH HVWi SUH VHQW HXQD G H
ILFLHQF LD
'0O GHPHGL DF LyQL
Q PXQLW DULD
F RQ FLH UWD SUHGL VSR VLFLy QJHQ pWLFDDEVRO XWDGH LQV XOLQD O
DV SHUV RQD VFRQ '0 SX HGH Q WHQH U
FRQ FQ H
SHM
JHQ HV
GL DEH WRJpQF LR V
/D VXVF HS WL
ELOLGDG DOD '0O L
QYRWUD F LRQH VDOWDV QR UP D O
HVR E DMDVGH LQVXOLQD 3RU UHVLV WHQFLD ODD
OXFUDDP~OWLS OHVJH QHV6LQ HPEDU J RH OSULQ FLS DOJ HQ GHVXVFH S LQ VXOLQD VHH QWLH QGH -DGL VPL QX FLy Q HQ -D FDS DFLGDG GHHVWDK RU
WLELOLGDG '0 G H
WLSR
D$OD
VH HQ FXH QWUD HQ H OJQ HG H O
DQWtJH QR PRQDSDUD DFWX D U
GH IRUPD HILFD ]HQ ORV WHMLG RVGLDQD H
QHVSHF LD O
OHXFRF LW
DULRKXP D QR+/ $ KXPDQ OHXNRF\WH DQWL JH Q UHODFLRQDG R H QH O
PX VF XODU HOKH S iWLFR H O
\
DGLSR VR (VWD O HV
D FDUDFWHUt
VW LFD
FRQO
DSUHVHQ W
D F L
yQGH ODQ
WtJH QRDOL
QIRF LWRV7 SUHG R PLQ D QWHGH ODGLD EH W
HVGH WLSR\ UHV X O
WDGH XQ D FRP
ELQDF Ly Q
/D GL
DE H WHVGH WLSRHV X QD DOWH UD FLy QFD W
DEyOLFD FDUDF HGH IDFWRUHV
W F RPR OD V XVFHS WLE LO
LGD G JHQpWL FD \OD REH VLGDG
ā
UL]DGDSRU XQDIDOWD
DE VROX WDGH LQVXOLQD H OHYDFLy Q G HODJOXFR VD /D WDEO D FR PS D UDODVFDUDF WHUtVWLFD VGHOD GLDE HWHVGHWL
S R
VDQJ XtQHD\G HVF RPSR VLFLyQ GHSU RWH tQDV\ JUD V DVFR USRU DO /D \
HV WL
S R
FD UHQFLDDEVROXWDGH LQVXOLQD HQ SHUVR QDV FRQ' 0 VLJQ L
IL
F DTXH $O LQLFLR ODU HV LV
WH QFLD OD D LV Q
XOLQ D HV WLPXO D XQDXPH Q WR
VRQS DUWL
FXODUP HQWHSURSH QV DVD
GHV DUU ROODU FHWR DF LGR VL
V8QD GHODVH Q OD VHFUHF LyQ GH HV WDDP H QXGR KDVWD DOFDQ ]DUXQD KLSHUL
QV X
DFF L
R QHVGH
-D LQVXOLQDHVODLQKLEL FLyQ GH ODOLSiWL VLVSH M
G HJUD OL
QHPLD PR GHUDGD DO WLHPSR TX HODV FpOXO DV a L
QW HQW D QPDQW HQ H U
G D
F L
y QGHJUDVD -DOLE
\HUDF L
y QGH $* /G HOD VFp OXOD VJ U
DVDV(Q OD JOXFH PLD HQ FRQFH QWUD FLRQH V QR UPD OHV 'HV SXpV ODGHPD QG D
DXVH QFLDGHLQVXOLQD G HVD
VH
UUR OO
D FHWRV L
V F XDQG R HVWRViF LG
RV JUD FU HFLHQWH VHFUHFL
GH y QGH LQV XOLQD FQ RGX F HDODLQ VX ILFLH
QFLD HO \
VRVVRQOLEHUDGR VGHOD
VFp OXODVJUD VDV\VH FR QYLH U WHQHQ FH W
R QDVHQ DJ RWDPLH QW RGH ODFpOXODS
(V WR
FD XVD FLIU DVDOWDVG H JOXF HPLDSRV
HOKJDtGR
'H ELGR DV
XHVFDV DUHVS XH VWDDODLQ VXOLQ DWRG DVODVSHU S UDQGLDO \HODXPH QW R HY HQWXD OHQ ODSURG XFF LyQG HJ OXFRVDSR UH O
VRQ DVFRQGLDE
H WHVGHWLSR GH PH GLDFLyQ LQPXQLWDULD UHTX LUHHQ K tJD GR
'H ELGRDTXH ODVS HUVR QDVFRQ '0 QR WLHQHQXQD GHILFLHQ
G H
UHHPSOD ]RH[yJHQR GHLQ VXOLQD SDUDU HYH UWLU
HOHVW DGR FDWDEy OL
F R FLD
DE V ROXWDGH L QVX OLQ DVRQ P HQ RVSURSHQ VDVDODFH WRDFLGR V
LVHQ
FRQWURODUODVF RQF HQWUDFLRQHV JOXFRVD HQ VGH
DQJUH S UHY \ F
HQLUOD RPSDUDF L
yQ FR QO DV
SHUVR Q DVFRQ HOWLSR
FHWRV L
V
L (Q OD '0 OD U
HV LVWH Q FLD D LQ V XOL
OD
QD KHSiW LFD EDVDO VH
PD QLILHVWD VXS HSRU
USURG XFFLyQ
XQDKHSiW L
FDGH JOXF R VD
DSHV DU
(Q H OHW V
XGLR FD V
GH
R GH O
D XQ LGDG (PL O\ G HH[ LVWLU
KLS HULQVX OLQ HPL DHQ D\ XQR $V t
ODWDVDGH SURGXF FLyQG H
7RURQWR GH Dx RV GH HGDG
IXH GLD JQR V O
WL DJ OXFR VD V
H FR QYL HUWH HQ HO SU L
QFLSDO GHW HUPLQ D QWHG HXQD*3$
FDG DFR QG
LDEHWHV G H WL
S R (PLO \WHQtDVtQ HOHYD GDH QHV WD VSH U VR QD V$XQ TX HOD UHV LVWHQF LD D ODLVQXO
LQD H Q
WRPD V FO
iV LFRV GH K LSH U JOXFH PL D J UDYH SHUVR QDV FRQ '0 SX HG HVHU FD XVD GD SRU PX \GL YH UVRVIDF W
RU HV
GHV K LGUDWDF LyQGL XUH VLVR VPy WL
F DDF \
LGRV V WRG
L RV HVWiQ IXH U WHPH QWH DVRF LDGR VFR QO
D RE HVLGD G \ODLQDFWLYL
PH W
D EyOL F
D 'H ELGRD TX HHV WDED H QU
LHVJR GH G DG$X QTX H D~QR QVH KD QG HWH UPLQ D GR ODV FD XVDVHVS H
WHQ HUGLDEHW HVGD GR VV
XV D QWHFH GH QWHV ID
PL FtILF DVGH ODGL V IXQF Ly Q GH ODV F pOXODV a HQ OD'0 SDUHFHVH U
OL
DU HVVHOHSUDF WL
F DUR Q D O
J XQDV SUX HEDV SDUDTX HH
QDPER V
W LSR VGHG LDE HWH VSXHG HKD E HUXQD PD \RUDSRSWR VLV
GHWHFWDUOD
SU HVH QFLDGH DXWRD QWL
FXH USRV WUDWDP(OLHQWRGH VXV G HOVDF pOXODV a SQ D FUHi WL
FD V HQ UHVSX HW VDDO HVWUpV F DXVDG RS R U
QHFHVLGDGHV D JXGDV VH DER UGD UiFR Q Pi VG HWD OO
H H QODVHFF L
y Q ODK L
S H U
J OXFH PL D
VREUHFHWRDFLGR VLV
GLDEpWLFD &$ '
\
5HVLVWHQFLDDODLQVXOLQD
VtQGURPHPHWDEyOLFR
&DGD
YH
]P
iV
\
'LDEHWHV PHOOLWXV
VtQGURPH
GH WLSR
HYLG
HQF
L
DLQ
GL
FD
TXH
OD
U
HVL
VWH
QFL
DD
OD
LQ
V
XOLQ
D V
QR
ROR
FRQWU
L
EX\H
PHWDEyOLFR DOD
KL
SHUJ
OX
FHPLD
HQ
SH
UVRQDV
FRQ'0
VLQ
R
TX
HWDPE
Lp
QSXHGH
/D
'0U
HSUH
VHQW
D
OD
PD\R
U
tDGH
ORV FDVRV
GLDEHWH
V O GH
FHUFD
GHGH V
HPSHxDU
X
QSD
SH
O
HQ
RWUDV
D
Q RPDOtD
V
PHWD
EyOL
FDV
L
QFOX\HQGR
O
D
(V
XQD
D
OWHUDFLy
Q
KHWHURJp
QHD
TXHGHVFUL
EH
O
DSUH
VH
QFLDRE
HLGDG
V
O
DV
FRQFH
QW
UDF
L
RQHV
HOH
YDGD
VGH
WUL
JOL
F
pULGR
VSO
DVPiWL
FRV
81,'$' $O
;,,
W
HUDF
LRQHV
OD
I
GH
XQF
LyQ
HQGRF
U
LQD
3UHGLV
SRVLFL
yQ )DFWRU
HV
JHQ
pW
LFD DPEL
HQ
W
DOHV
5HVLV
W
HQFLD2E
HVLGDG
D
OD
LQVX
OLQD
/ 'LV
PLQ
FDSW
D
XFLy
FLyQ
G
Q
H
G
OD
H
OD
JOX
FRVD
+LSH
U
L
JOXFH
PL
D
0D\RU
SURGXFFLy
Q
KHSiWLFDGH
JOXFRVD 'LDEHWHV
GHWLSR
)LJXU
D
3W
D
RJH
QLD
GHOD
'0
\OD
VEDMDVGHOSRSUR
L W HtQ DV GH GHQ VDOWD
LGDG +' / KLJKGHQ O
R FXDOF
R QG XFH
DKLSHU
J O
XF HPLD KLSH
H
ULQVXO L
QHP L
D(O W
LSR GH
VLW\
OLSR
SURWHL
QVKLSH UWHQVLyQ
LQIODP DF L
yQ VLV
Wp PLFD GH WHFWDGDREH VLGDG
HVXQIDFWRU
LPSRUWDQWH
HQHOGHV
DUUR OO
RGHOD
'0
/DV
PHGLDQWH
ODSURWHtQD UHDFW L
YD>3
&&5@ \ R WUR
VPHG L
DGR UHV
DOWH
SHUVRQDVFRQREHLGD
VG HQODSDUWH
VXSHUL
RUGHO FXHUSR
X
R EHVLGDG
UDFL
yQ HQ
ODILEULQy
OLVLV
IXQFL y Q
D Qy PDOD GHOHQGRWHOLR YDVFXODU \FHQW U
DO
HVWiQHQ PD\RU
ULHVJR GH
GHVDUURO
ODU'0 \
DO
WHUDFLRQHV
HQIHUPHGD G
PDFURYDVX FO
D UH
Q IHUPHGD G
F RURQ D ULD
FHU HEUR YDVF
X ODUPHWDEyOLFDVTXHO
DV
SHU V
RQD VFRQREHVL
G DGHQ O
DSDUW
HLQIHU
LRU
GHO
\DU
WHULD
O
SH ULIpU
LFD
(V W
D FRQ VWHODFLyQ
G HDQ RP D Ot
DVVH FRQRFH D
FXHU SR
RSHULIpU
LFD
/D PHGLGD O
DFLU
FXQIHUHQ
GHFLD
DEGRPL QDO
PH QXGR
FRP RVt
QGU RPHGH UHV L
VW
HQF LDD
ODLQVXOLQD
VtQG URPH;R \HOt
QGLFHFLQWXUD
FDGHUD
7&& V
R QSDUi
PH WUR VTXHVH
XV D
QSDUD
HO
WpUPLQ
R SU
H IHU
LGRVtQ
GU RPH PH W
DEyOLF RÂ
/R
V
V LJQRVFOt
GLD
J QRVWL
FDUREHVL
GDGFHQWUDO
\D
PE RVKDQ
GH PR V
WUDGR
FRUUHODF
LR
QLFRVOD
V
DQR PDOtDV
H QORV U
HVXOWDG RVGHODERUDW RULR\O
DV HQIHUPHQDU VHEL
HQFR QO
D
UHVLV
WHQFL
DOD D
L
QVXOLQD
8QD S p
UGLGD
GH O
GDGHV
DVRFLD
G DV
FRQHV WHVtQGURP HVHGHVFULEHQ HQHO
F XDGUR GHOSHV
RFR URSUD
O
SXH GH
PH MRUDU
OD
UHVLVW
HQFLD OD
LQ
D
V
XOLQ
D\UHGX
(O
ID
F WRU
PiVUH O
HYDQW HTXHFR QGX FHDOD
'0 HQODVSHUV
R QDVF LU
ODV
FRQFH QWUD
FLRQHV
G H
JOXFRVDHQVDQJU
Hā
FRQVt
QGURP HPH WDE yO
LFR H
V OD
REH VLG
DG (V W
R V SDFLHQW HV
WL
HQH Q (ODXP HQWR
GHOW
HMLG
RD GLSRV
R\XQDGLVWULEXFL
yQ GHQVDGH
OD
PD\R U
UH
VLVWHQFL
D DODDFF LyQ GHODLQV
XOLQ DSU \
H VH
QW DQX Q
GH HD
W GLS RV
LGDGFQWHUDO
GLIL
FXOW
DQ O
DSHUIXVL
yQYD VF XODUGH HVH
W
HMLG
R
UL
RURHQ
ODVXSUHVLyQ GHODSURG XFF LyQG HJOXFR VDSRU H O
KtJDGR SRU-R
TXHOO
HYDQD
SHUIXVL
y QL
QVXIL
FLHQWH GHWLSR
FUyQLFR
FRQ
iUHDV
a
7$%/$ &$5$&7(5Ë67,&$6 '(/$',$%(7(6
< a0(//,786
'(
',$%(7(6
'(
7,32
',$%(7(6
'(
7,32
(G
DGGH
LQL
F
LR *HQHUDOPHQWHLQ
ID
QWLO *HQHUDOPHQW
H
HQ
OD
HGDGD
GXOWD
7L
SR
GH
LQ
LF
L
R $EUX
SWR
V
tQWR PDV
SR OLXULD
SROLG
LS
VL
DGHVKL
*UDGXDO
JHQH
UDO
PH QWH
VXW
LO
RD
VLQ
WRPiWLF
D
GUDWDFL
yQ
DPHQXG RF
RQ
FH
WRDFLGR
VLV
JUDYH
3H
VRKDELWXD
O 1RUPDO
HVIU
H F
XHQW
HOD
SpUGLGD
SR
QGHUDO 6REU
HSHV
R
UHFL
H QW
H
$QWH
F H
GHQW
HV
IDPLOL
DUHV 6HSUH
V HQW
DQSHUR
V
RQSRFR
IU
HFXH
QWHV 0X\
IUHF
XHQWH
$VRF
LDFLy
Q
FRQHO
+/ $ 1R
/HV
LRQHV
GHOL
V
ORWH 7HPSUDQDV
LQIOD
PDFLyQ 7DUGtD
V
ILEUR
V
LV
DPL O
RLGH
7D
UGtDV
D
WURIL
D\
ILEU
RVLV
&RQM
XQWR
GH
FpO
XODVI 1RWDE
OHPH QW
H U
HGXFLGR 1RUPDO
RO
LJH
UDPHQWH
UHGXFLGR
1L
YHOGH
LQ
VXOLQ
D
FLU
F XO
D
QWH1RWDE
OHPH QW
H U
HGXFLGR (O
HYDGRR
QRUPDO
0DQHMR
FO
tQL
FR $EV
ROXWDQHFV H
LGDG
GHLQV
XOLQD (Q
JHQH
UDO
QR
VH
UHTXLHUH
LQV
XOLQ
DGH
L
QLF
LR
OUD
HV
WLWX
FLyQ
GH
LQV
XOLQD
SXHGHV
HU
QHFHVDU
LDHQ
HWDSD
V
SRVWHULRU
H
V
O
D
SpUGLGD
GH
SHV
RV
XH O
HPHMRUD
U
OD
F
RQGLFL
yQ
+/$
DQW
tJH
QR
O
HXFRF
LW
DUL
R
KXP
D
QR
&DStWXOR
$OW
HU
DF
LRQHV
GHO
FRQW
URO
H QG
RFUL
QR
GHOFU
HFLPL
HQWR
\
HO
PHWDE
ROLVPR
(Q
JQH
HUD
O
O
DLV
Q
XOLQ
D
H
QYt
DxD
VH
OHV
SDUD
LQKLEL
UO
DOS
LyOL
&8$'52
+$//$=*26
)5(&8(17(6
(1 V
LV
6LQ
H
PED
UJR
O
D
UHV
L
VWH
Q F
LD
DO
DL
QVXO
LQDH
QO
D'0FD
XVD
XQ
D
(/
6Ë1'520(
0(7$%Ï/,&2 PD\RU
GHJUD
GDF
L
yQ
GH
OtS
LG
RV\
D
XP HQW
RH
QO
DOL
EHUDF
L
yQ
GH
$*/
(O
KtJD
G RWU
D QVIRU
PDHVWRV$*/H QW
ULJO
LFpU
LGRVOL
SR
\
SURW
HtQDV
GHPX\
EDMD
GH QVLGDG9/ '/
YHU\ORZ
GH QVLW\
OLSR
SURWHLQVL
/RVUHVXO
WD
6L
J QRVFO
tQLFRV
GRV
QHWRV GH
OD
LQIOD
PDF LyQ
VLVW
pPLFDFRPELQDGD
FRQH
O
DXPH QWR
GHO
2EHV LGDGFH
QWU
DO
SDU
WH
VXSH
ULR
U
GHO
F
XHUSR
FR
QXQ
DP
D\R
U
HVWU
pV
R[ LD GWL
YR
OD
GLV
IX QFL
yQHQGRWHOL
DO
\H
O
DXPHQWR
GHOt
SL GRV
H
Q
F L
UFXQ IUH
HQFLD
DEGRPLQD
O
ODVD
QJU H
FR QULEX
W \H QD
OD
FRQVW
HODFLyQ
GHD
OW
HUDFL
RQHV
PH W
D EyOL
FDV
$FDQWRVLV
QL
JUL
FDQVFD
PELRV
F
XWi
QHRV
FR
Q
KL
SHUSLJPHQWDF
LyQHKLSH
U W
URIL
D TXHVH
SUHVH QWDQ
HQ
HO
VtQGUP RH
PH W
DEy OL
FRH
LQFOX
\HQGL
VOLS
LGHUQL
D
KLSH
UWHQVLy Q
SDWRORJtDYDVF
XO D
U\
DQR PDOt
DV
HQ
OD
FRDJXODF
LyQ
+DOO
D]JR V GH
OD ERU
D WRUL
R
*OXFRVD HQ
D\XQRSRVRSUDQGL
DO
HOHYDGD
5HV
'L
L
V
VOL
W
SL
HQF
GH
LD
D
UQLD
OD
FD
LQ
U
V
DF
XOLQ
WHUL
D
]D
FR
GD
QK
LS
SRU
H
ULQ
XQD
V
XO
XP
LQH
H
PL
QW
R
D
GHO
RV
381726
&/$9(
a
a
a
ā
0
WUL
JOL
FpUL GRV
\ FR
QFH QW
UDFLRQHV
EDMDV
GH O
FR
OHVWHUR
O
+'/
$QRPDOt DV WURPEyWLFD
V ',$%(7(6
0(//,786
+LS HUXULFHPLD /D '0 HVXQD DOWH
U
DF LyQ GHO PHWDEROLVPR GH
'LVIXQFL yQH
QG RW
HOL
DO\YDVFXO
DU
GHOP~ VF
XOR
OLVR KLGUDWRV FDUERQR
GH
ODVJUDVDV \
ODVSURWHtQDV TXH
$OEXPLQ XU
LD GHU LYDGH DQRPDOtDV ODV t
QWHV
HQLVOLEHUDFLyQ
R GH
LQVXOLQD SRU ODV FpSDUWH
OXODV
aRGH
GHLQFDSDFLGDG
OD
(QI H UPHGDGHV
FRQFRPLW DQW HV GH ORVWHMLGRV HV WD
SDUD
KRUPR QD
XWLOL]DU
+LS HU
WHQVL
yQ /D'0U HVXOWD
GHOD SpUG LGD O GH
D
IQXFLyQGH ODV
$H WURHVF
OHURV
LV Fp OXODV a\
SR U
ORWDQWR GHI
LFGH
LHQFLD
DEVRO
XQD XWD
+L SH UD
QGURJHQVL
PRFRQVtQGURPHGHRYD
UL
R
SROLTXtVWL
FR GH LQV XOLQD
/D'0 VH SURGXFH SRU DOWHUDFLRQHVHQ OD
FDSD
$GD SWDGR
GH
5XELQ
5
6WUD\H
U'
6
5XE
LQ
V SDWKRORJ\
FLGDG WH GH
MLGRV
ORV SDUDXVR KDFHU
O
GH
DLQVX OLQD
&OLQLFRSDWKRORJLF
IRXQGD
WL
RQV
RIPHGLFLQ W
H
KH
G
7D EOD
S
3KL
O
DGHO
SKL
D3$
/L
SSL
QFR WW
:LOO
L
DPV
:LO
NLQ
V
UHVLVWHQFLD OD LQVXOLQDHVWR
D VH DFRPSDxD XQDGH
IDO
W D UHODWLYDLQVXOL
GH QD R GH SUREOHPDV OLEHU
DUODSDUD
HQ UH ODFLyQFR Q
OD
JXOFHP LD GLVI
XQFLy
QGH FpOXODVa
0DQLIHVWDFLRQHV FOtQLFDV
SO
D
QWHUD
Sp
XWLFR
LQ
FOX
\H
W
UDWDPLH
QWR
PpG
LFR
QXWUL
FLR
QD
O
HMHUFLFLR
\
IiUPDFR
GH OD GLDEHWHV PHOOLWXV V
DQ
WLGLDEpWL
FR
V
/DVSH
UVRQDV
FR
Q'
0OUH
TXLHUH
Q
WUD
WD
PLHQWRFRQ
LQ
VXOLQD
GHVGH
H O
PRPH QWRGHO
GL
DJQyVWL
FR FDPELR
(Q
(Q'OD0O O
RVV
LJQRV\V tQWRPDVV
XHOHQ SUHVH
QW
DUVH
GH
PDQHUD HO
FQRWUR
OQXW
ULFLRQ
DO\O
DSpUG LGD GH V
R SXHGHQ
SHV HU
VXIL
FLHQWH
V
UHSHQWLQ
D/D '0 SR
UO R
J H QHU
DO
VH
GHVDU UROO
DGH
IRUPD
D
VLQ SDUD
UHJXDU
OODJOXFH
PLD H Q ODV SHUV
RQD VFRQ
'0 TX HD
G RSW
DQ
WRP iW
LFD PHQX
D
GRSH
UVLVWHGXUDQWH
DxR VVL
QVU
HGHWHF
WD
GD
KV D
WDF DPELRV
GHHV
WLO
RGH
YLGDD
ODU JR SOD]
R6LQH
PED UJRHV
LPSRUW
DQW
H
TXHGL VH
DJ QRVWL
FDGXUD
QW HXQ DH[S
ORUDF
LyQ PpGL
FDGH
UXWLQD
RDO PDQWHQHU
HO
VHJXLPLHQWR
SRUTX H HQ
FXD O
TXLHU
PRP HQWRSX
HGHGL
V
DW
H QGHU
DOJXQ DRWUD
DOW
HUD
F LyQ PLQXLU
O
DVHFU
HFL
yQGH LQ
VXOLQD SR UO
DV
F pOX
ODV%
RV
XU
HVLV
WHQFLD D
/RVVLJQRV VtQ
\
WR
PDV GHOD
GLDE
HWHV
LG H
QWLILF
DGRV
FRQ
PD\RU O
DLQV
XOLQ
DSXHGHU V
SHL
VWLUH PS HR
RUDU
6LHWV
H
HVH
OFDV
RVH
GHEH
Q
IU
HF XHQF
LDF VH
RQRFHQFR
PR O
DVWU
HV
SROL
V SUHVF
ULELU
PHGLF
DP H
QWR V
SDUD WUDW
DUODU
HVLV
WHQFLDD
ODLQV
XOLQD
3ROLXUL
D
PLFFL
yQH[FHV LYD &DGDYH
]VH
UHFXUUH
Pi V
DO
WUD VSO DQWH SiGH
QFUHDV
FRPRXQPpWRGR
3ROL
GLSV L
DH[FHVRGH
VH G SDUD
HO
FRQ WU
RO
GHOD
GLDEHWHV
ā
ā
3ROLI
DJ
L
D
KDPE
U
H
H[F
H
VLY
D
(PL O
\ 7R URQWR O
DS DFLHQW HFRQ GLDEHW
(V WRV WUHVVtQWR PD VVH UHODF LRQDQ GH IR UP DH VWUH FKDF R QOD KLSH UJOX GH WLSR UHTX H ULUiLQVXOLQ D SDUDHO
UHVW
R GH
FH PLD \ O
DJO XF R VXUL D SHVH
UQ WHV H Q OD GL DEHW HV
/D JOX FRV D HV XQ D VXYLGD /RV UHJt PH QHVGHL
QV XOLQDSHGLiWULFD
PR OpF XODSH T XH xD RV PyWLFD PH QW H D F WLYD &X DQGR JOX OD
FH PLD VH VH L
QGLYLGXD OL
]D Q SDUDFD GDSD FLHQWHSRUOR
H OH
YD ORVX ILFLHQWH ODFDQ WLGDGGH JOXF RVD ILOWUDGD SRU O
RV JORPpU X TXH V HXWLOL
]DQ GLIHUH QW
H VH V
WUDWHJLDVDILQGH
ORV GH O
ULxyQ H[FH G HODF D QW LGDG TXH SXH GH VH UUHD EV RU ELGDSRU ORV PD [LPL ]D UHO
FR QWUROGHODJOXFH PLDSHURVLQ
W~EX ORV UHQD OHV(V W
R SU RG XFH JOX FRV XU LD DRPSDx
F D GD GH ODSp UGLGD GHVF XL GDUODVSU HR F XSDFLRQH VGHVHJXULGDGH Q
GHJU DQG HVYR O~P HQHV R VPyW L
FRV GHDJ XD HQ ODRULQ D/D VH G UHVXO WD HVWH JUXSR HWDULR &XDQGR (PLO \ VHD
PD \RU
GHOD GHV KLG UD WDFLyQ LQWUD FH OXO D U TXHVH SURG XFH FXD Q GR DODXPH QWDU V HUiFDGD YH] PiV LQG H SHQGL HQWH UHVSH FWR VX FXLG
D DGRSURE D
ODVF RQ FQ HWUDF LRQ HV GHJOXFR VD VD QJX t Q H D
VH RULJLQD XQ PRYLPL H QW R EOHPH QWH UHJ XODUiVX UpJ LPH QLQWH QVLYR GH LQVXOLQDV ROD
(OOD\
RV PyWL FR GHO DXJD KD F L
D D IX HUD OD V
GH
FOXOD
p V GH OFXH USR LFOQXV R VXIDPLO LD WDPEL pQ VH LQIRUPD UiQ VRE UHHOXVR G HERPE DV
GH
H QDTX HOODVXEL FDGDV HQ HO FH QW UR KLSRWD OiPL F R GH OD VHG (V WHV tQ LQVXOLQDW RPD
\U iQXQD GHFLVLyQ U HVSHF WRD
VLSXH GHXWLOL]
D U
HVWD
WRPDWHPSUDQR SXH GH VH UIiF LOPHQWH SD VD GR SRU DOW R HQ SH U V
RQD V W HU
DSLD \FXi QGR GH EH UtDKDF HUOR
7DP ELpQGH EHQ WUDEDMDU
HV WU
H
F RQ'0 VRE UHWRGR H QTX L HQHV KD QW
H Q L
GRXQ DXP H QWR JUDGXDOGH FKD PH QWHFRQ XQQX Wy UL
ORJR GXUD Q WH WRGDVXYLGDSDUD D
PSO LDU
VX
ODJOX FHPLD /D SROIDJLL D QR V XH OH H V WDU SU HVHQ WHH Q SHU V R Q DVFR Q FRP SUH QVLy Q VRE UHHOSDSH O
YL WDOG HODQXWULFLyQSDUDODVDOXG(O
'0 (QOD'0O
OD SR OIDJ
LL DSUREDE OHPH QWHHVVHF XQGDULDD O D
LQ D DERU GDMHDFWXDO
TXHSHUPLWH SODQL ILFDU FRPLGV DLQ
GLYLGXDOL]DGD
Q LFLy QFH O
XODU \HO
DJRWDP LH QWR GH OD V UHVH U YDVFH OXODU HV GH KLGUDWR V \ IOH[LEOHV SU HPLWLUi D (PLO \GLV IUXW DUXQD GH GLHW
DVDOXGDE OH
GHFD U ERQR JUDVDV
\SURW H tQ D Vāā
ā
QRUPDO H QOXJ DU GHVR PH WHUVH XQ UpJLPH
D Q Ut
JLGR \HVSHF LDOL
/DSp UGLG DSR QGH UDO DS HV DU GH FRQWDU FR QX Q DS HWLWR QR UPD O ]DGR TXHO D
DOH MH
GH VXV FRPS DxHURV
R L
QF OXVR PD\R U
HV XQ IQ H yPH QR IHF UXH Q WHH QOVDSH UVR QDV F RQ
'0,QR FRQWURO DGD /D Sp U GLGD GH SHV RWH L
QH XQ GREO HR ULJH Q(Q
SU L
PH UOXJDU
HV W
i ODSp UGLG D GH Ot
TXL GR VF RUS RUDO HV SRU OD GL XUHV L
V
RV PyWL FD(O Yy PLWR SX H GH H[D JH U DU HV W
DSp UGLGD GH OtTXLGR VHQ OD
FH W
R D FLGRV L
V (Q VHJ XQGR OXJD U OD Sp UGLG D GH WHMLGRV FR USRU D OHV
SRU OD IDO
WDGH LQVXOLQD RE OLJ D D OFXH U SR D XWLOL]DU ODV UHVH U YDV GH /D'0 HV XQD D O
WHUD FLyQ GH OPH WDER OL
VPR GH ORV
KLGU DWRV
GH
J UDV D\SUR WH tQDVFH OXO
D UHV SDUD REW H QHU HQHUJ tD
$XQTX HOD Sp UGLG D FDUER QRODV S URWHtQ DV\ O
DV J UD VDV TXH GHUL
Y D GHXQG HVHTXL
GH SHV RHVXQ IHQy PH QR IU HF XH QWH H Q ODVS HUVR QDV F RQ '0O GHV OLEU
LRH QWUH ODGLVSR QLEL OLGDG O RV\
UHTXHULPL HQW RVGHLQVXOLQD
F RQ WU RODGD
O DVSH UVRQD VF RQ '0 VXH OHQ VH URE HVDV 1R RE VWDQW H /D HQI HUP H GD G
SXHG H FODV
LILFDU VH FP RR'0O HQODTXHH
[LVWH
DO JXQD VGHHV WDVSHU VRQD V QR GL DJQR V WLF DG DV SXHG HQ SU HVH Q WD U
Sp U
GHVWUXFF LyQ G H
Fp OXODV I
\XQDGH ILFLHQFLD VROXWD
DEG H
LQVXOLQD
G LGD GH SHV R LQH[S OFDE
LO H DPH G LGD TX HOD
U HVLV
WH QFLD F H OXO DUD OD R' 0
HQ O
D TXH KD
\ X
QDID OW
DG HHILFDF LDRGHGLVSRQLELOLGD G
LQVX OLQ DFLUFXO DQWHU HGXF H OD G L V S RQLELO LGDG GH HQH U JtD
ā
GHODL
QV XOLQ D/D GL DEH WHVJ HVWDF LRQD O
VHGHV DUUROODGXUDQWHHO
2WU RVV LJQ RV \V tQWR PD V GH KLS H U
JOX FHPLD LQF OX\H Q YL VLyQ HPE DUD]R \DX QXT H ODWROHUD QF LDD ODJO
XFR VDP D
HQXG RVXHOH
ERUU RVD IWLDJ D HLIHFQ FLR QHV F XWi QH DV SH UVLVWHQW HV (Q O
D '0 UHJUHVDU D ODQRU PDO LGDG GHV S XpV GHOS DUWR FRQVWL
WX\H XQ
HV WRV VXH O
H Q VH UO
RV V
tQWR PD V TX HOOH YD Q DO
DSH UVR Q D DEXVF DU WUD UL
HVJR LP S RUWDQWH SDUD HOG HVDUUR OOR GH
GLD EHWHV( O
VtQGURP H
WD PL HQWRPp GLFR/D YL VLyQ ERUUR VDVH GHV DUU ROODH QOD PH GLGD HQ PHWDE y OL
FR U
H SUHVH QWD XQD FRQ VWH O
D FLyQ G HD QRP DOtDVP HWD
TX HH O
FULV
WD OLQ R \OD
U H W
LQD V H YH Q H[S XHV WR VDORV OtTX LGRV KL SHU RV EyOL
FDV FDUD FWHUL
]D GR SR U
R E HVL
GDG U
HVLVW
H QFLD DO D
LQVXO
LQD
PR OD UHV/D UH GX FLy FQGH OYR OXPH Q SOD VPiW LFR SUR GX FH GH EL OLGDG \ FR QFH QWUDF LRQH V DOWDV GHWULJOL
Fp U LGRV \
ED MDV GH+' /KLSHU
ID WL
JD $
PH QXG R
VH RE VUY HD Q LQIHFF LRQHV FUyQL FDV F XW iQHDV HQ ODV WH
QV LyQ HQIH UP HGD GHV FDUG LRYDVF XODUHVPD\ \RU UHVJ
L R GH
SH UVRQ DVFR Q'0 /D KLS H U JOX FH PLDO D
\
JOXFRV XU L
D WD PE LpQ IDYR GHVDUUR OO
DU '0
UHFH Q HOFUHF LPL HQW R GH OHYD GXU D V
/DV LQ IHFF L
RQHV SR U&DQGLG
D /RV VtQWR PDV TXH SRUOR JQ HHUD OVHL
GHQWLILFD QH QO
D '0 O
VR QXQ DTX HMD IUHFXH QWHH Q O D V PXM HU HV F
RQ GLD EHWHV
VRQSROLXULD
SR OLGLSV L
D S O
R
LIDJ L
D S\
pUGLGD S Q
RGHUDOD S
HVDU
GHWHQHUXQ DS HWLWRQRUPD OR LQFOXVR PD\RU $XQ TXHODV
SH UV
R
QDVFRQ '0 SX HG HQ SUHVH QWDU XQRP R
iVG HHV W
RVVtQWRP DV
7UDWDPLHQWR DO
LQLFLR VXH OH QVHUD VLQWRPi WL
F RV (O GLD
J QyV WLFRGHOD'0 VH
(OU HV XOWDGR TXHVH H VS HUD FR QVHJ XL UF RQ H OWUDWDPL HQW RSDUD ODGL D EDVDHQ ORV VLJQR VFOtQ
L FRVGH
O DH QIH UP HGDGH QORVYDORUHV
GH
EH WHV WDQWRGH WLSR OF RPR GH WL SR HV O
D QRUPDOL] DF LyQ GH ODJ OX JOXFHPL DH Q DX\Q R ODVPH GLF L
RQ HV G H
J O
XF RV DSODVPi WLFDDO
FH PL DDILQ G HSUHYH QLU FR PS OLFDF LRQ HV FRUW
DRODU \JR SOD ]R (O D ]DU\OR V UHV XOWDGRV G HO
D SUX H ED G HWRO
H UDQF LDDJ OD
O
XF RVD
/DJOXF
R VLO
DFLy
Q LPSOLFD
&D
O
D
StWX
O $OWH
R
ILMDFL
yQL
UD
FLR
UUH
QH
V
YH
G
U
V
HO
FRQWUR
LEOH
O
H
GH
QGRF
OD
ULQR
GH
JOX
O
FUHF
F
LPLHQWR\
HO
PHWD
EROL
VPR
D &RPSOLFDFLRQHV
RV DJXGDV
DO
DPRO pF
XO
DGHKHPR JORELQDODPH G L
FLyQGH
K HPRJORELQD GH OD GLDEHWHV
JOXFRVLO
DGD
$& D
SRUWDXQ tQGLFHLQG L
UHF
WR GH
ORVYDORUHV
GHJOXFHPL
DGXU
D QWH
YDULRVPHVH V/D DXW
RPR QLW
RUL]DFLyQHV/D VW
UHVSULQ
FL
SDO
HV FRP SOLFDFLRQ
HV
DJXGDV
GHOD
GLDEHW
HVVRQOD
XQDWpF
QLFD
TXHSHUPLW
HPD QW
HQH U
ODJOXFHPLDHQQL
YHOHV FH
U &$ 'HO
( ++\
OD KLSRJ O
X FHPLD
7RGDV
VRQ
VL
WXDFL
R QHVSHO
LJUR
FDQRVD
OR
QRUPDOSRU
PH GLRGHODFXDQWLILFD
FLyQIUHFXH VDV
QWH GH SDUDOD
YLGD
TX HU
HTX LH
UHQGHU
HFRQRF
LPLH
QWR W \
U
DWDPLHQW
R
O
DJOXFRVD
HQVQDJUH\HODMXV
WHFU RH U
VSRQGLH
QWHGHOD GR
VL
V L
QP HGL
DWRV
( V
WDVF R PSOLFD FL
RQHVVR
QU
HVSRQVD
EOHV
G H
XQQ~P HUR
GHL
QVXOLQ
D LPSRUWD
QWHGHKRV SLW DOL
]DFLRQHVGH O
\FR
QVXPR V
LJQLIL
FDWL
YR GH
U
H FXU
VRVGH
VDOXG
&HWRDFLGRVLV GLDEpWLFD
&203/,&$&,21(6 /D
&$'VH
SUHV
HQWD PD
FRQ
\RU
IU
HF
XHQF
LD
HQ
ODV
SHUVRQD
VFRQ
'0,
H
QTXL
HQH
VOD
ID
OW
D
GH
L
QVXOLQ
D
FR
QGXFH
D
XQ
DPD
\RUOLE
H
U D
'( /$ ',$%(7(6 0(//,786
F
Ly Q GHi FLGR V
JUD VRV
GH OWHMLGR DGLSRVRGHELG RDODDFWL
YLGDGGH
O
D OLS
D VD QRVXSU LPLGDFp GH
OXOD
DGLS
ODRVDTXHG HVFRPSRQ HORV
'H
VSX pV G HW
HUPLQ DUHV WDVHF
FLyQGHOFD StWXOR
HOO
HF W
RU VUH
i
WUL
JOL
FpU LGR V
H QiFLGR V
JUD VRV \ JOL
FHURO(O
D XPH QWRHQO
DVFRQ
FD
SD ]G
HFXPSOLU FRQOV
RVLJXLH
QWHVREM
H WLYRV
FHQWUDFL R QHVGHiF LG
RVJ UDVRVOOHYD O
DSURG
DXFF L
y Q GH
FH W
RQ D
VSRU
'LIH UHQFLDUHQWUHO
DV SULQ
FLSDO
HVFRPSOL FDFLRQ
HVDJXGD VGHD HO
O Kt
JD GR IL
J
/D &$' SXHGH VERUHYHQLU DO
LQLF
LRGHOD
GL
D EH WHV
FWHRDF LGR
VLVGLDEpWL
FD&$' HVWDGR
KLS
H UJOXFpPLFR H QIHUP H GDGDPH QXG RDW Q
HV GHOGLDJQyVWLFRRSX
H GHSUHVHQW
DUVH
KL
SH UR VPRODU(++
H KLS
RJOXFHPLD F
R PR XQ DF
RPSOL FDFLyQ GXUD QWHHO
FXUVR GH
HV W
D
0H Q FLRQDUO
D V
FR PSOLF DF
LRQHVGHOD
GLDE HW
HV
TXHVH
U HO
DFLRQDQ (O HV WU
pVDXP HQWD
ODOLEHUDFLyQGHKRUP RQDV JOXFRQHRJp QLFDV
FRQ ODVKRUPR QDV FRQWUDU
UHJXO
D W
RUL
DV HOH
IHFW
R6RPRJ\ L\HO \SUHGLV SR QH DO
D SHUVRQDD OGHVD UUR
OO
R GHFH WR
DF L
GRV L
V/D&$'
IHQyPH QRGHODOED V
XH O
H VH USUH FHGLGD SURV
L WXDFLRQH VGH HVW
UpVIt
V L
FR RHPR FL
RQD O
'LVWLQJ XLU
HQWUHODV
GL
IH UH
QWHV
FR PSOL
FDFLRQHVFU
yQLFDVGHOD
GLDFR PR LQIHF FL
yQ LQIO
DPD FL
yQ HPED UD]R DQ
V LHGDG
R H [WUH
PD
(QOD
EHWHV HIH
F W
RVPL FURYDVFXODU
H V\PDFUR YDVFXO
D
UHV~OFHUDV O SU
GH iFWL
F DFOtQLFD O
DFHWRDF LGRVLV V
HSUR GXFHWDP ELpQ SRURPLVL
y Q
SL
H GLDEpWL
F RHLQIHFF
LR QHV RXVRLQD GHFXD GR G H
OD
LQVXOLQD
'HILF
LHQFLD GHLQVXOLQD
\
H[FHVR
JOXFDJyQ
GH
'LVPLQX
FLyQHQOD
F
DSW
DFLyQGHJOXFRVD
)LJXUD
0HFDQLVPRV
GH ODFHW RD FL $FLGRVLV
GRVLVGLDEpWLFD
/D
&$'VH FDUDF W
H UL]D SRU FRQ PHWDEyOLFD
FHQWUDFLRQHVPX\EDMDVGH
LQVXOLQDH Q
\H[WUHPR
HOHYDGDV JOXFDJyQ
FDWHFR
GH OD PLQDV \RW UDV
KRUPRQDVFRQWUDUUHJXODWRULDV
(OD XPH QWR H Q
ODV
FRQFHQWUD
FLRQHVGH
JOXFDJyQ \FDWHFR ODPL
QDV
OOHYD
D ODPRYLOL]DFLyQVXVW UD W RVSD UD OD GH 'LXUHV
LV
JOXFRQHRJpQHVLV
\OD
FHWRJpQHVLV HOKt
JDGR HQ RVPyWLFD
/D
U
JOXFRQHRJpQHVLV
H[FHV
HTXHULPLHQWRVSDUD
DSRUWD
LYDU
UJOXFRVD
HEDVD
TXH
DOFHUH
ORV
EU R W
3pUGLGD
GH
\D RWURV
WHM
LGRV GHSHQGLHQWHV HV WHD] ~F D U
GH DJ
XDHOHF
\ W
UyO
LWRV
W
LQGX
FH
XQDXPHQ WRGH JOXFH P
ODLD
/D PRYLO L]D
FLyQGHiFLGRVJUDVRV
OL
EUHVDSD UWLU
GH ODV
UH VH U
YDV
GHW
ULJOLFpULGRVHQ
HO
WHMLGR DLGSRV R OOHYD D 'H
VKLGUDW
DF
LyQ
XQD SURGXFFLyQDFHOHUDGD
$*/iFLGRV JUDVRV
GH FHWRQ
61&
DV
VLV W
H
FH
PD
WRV
\ LV
OLEUHV
QHU W
,QVXILFLH
QFLD
FL
UFXODWRULD
YLRVRFHQWUDO
81,'$' $O
W
HUDF
;,,LRQHV
OD
I
GH
XQF
LyQ
HQGRF
U
LQD
ā
SUR JUHVD U
D FR PD 6H S XHGHH[S HULPHQWD U GR OR U
DEGRPL QD O\OD D
S DOSDFL
y Q
VLQ SUHVH Q
FLDGHHQIHUPH GDGD EGRPL QDO(O
DOLHQ W
R WLHQH 0DQLIHVWDFLRQHV \ WUDWDPLHQWR FOtQLFDV
/D V PD QLI HV WDFLRQHV
XQ RORUDIUXWDGR FDUD FW HUtV
WLFR
G H ELGRDO D SU H V H
Q FL
DGHFHWR iF LGRV Pi V UH OHYD QWHV G HO(++ VRQ G HELOL
GDG G HVKLGUDWD FLy Q SROLXU
LD
Y ROiWLO
HV3XH G H Q
HV WDUS U
HVHQWHV KLSRWH QV Ly Q \ WDTXL
F DUGLD
G HELGRD OWHUD F LR QHVQH XUR O
yJ LFDV \VH GH[F HVLYD/DVD O
WHUDFLR Q HV Q HXUROy
D O
DGL
VPLQX F Ly QHQ HOYR OXPHQ VDQJXtQ HR 0X
F KR VGH
ORV L
J Q
VRV J LFD V LQF OX\HQ K HPLSDUH V LD
F R QYXOVL
R QH VFRPD\ H VWR V V tQWRP DV
\ VtQWRP DV TXH VH SURG XFHQHQ OD
&$' HV WiQ UHODFLRQD GR VF
RQS XH G H Q FR QIXQG L
UVHFR QXQ GH UUDP H
FH U HEUDO(OWUDWDPL H QWR
H[L
PHFD QL V
PR VG HFR PS HQVDFLyQ /DIUHF XH Q F L
D FDUGtDFDD XP HQWD WRVR GH O(+ + FRQ VL
VW HH Q XQ DYL JLO
DQF LDFX LDGR
GV DG HOS D FLHQWH\
S RUHM
HPS OR D PHG LGDTX HH
O
FXH USR
FR PS HQ V DO
DGLVPLQX F Ly QHQ H Q OD FRUU HFF L
yQGH OD GH V KLGUDWDF L
y QO
D KLSH UJOX FHPLD \ HOGHV
H O
YROXPH QVDQ J XtQHR \OD
IUHFXH QFLD\ODSURIXQG L
GDGGH ODUHV SL
H TX LOLE ULRHOH FWU ROtWL
F R (O FX LGDGR OD YLJLO
\
D QFLDFU HF DQR V
VRQ
UD FL
yQVH HOHY DQSHM UH
VSLUDFL yQGH .X VV PDXO FRPR X QPHFD SD UWLF X ODUP HQW H LPSR UW DQW HV SDUD HYLWDUTX HDO
PR PH Q WR TXHHO
QL V
PR F RPSHQ VDWRU LRSDUDHYLDU
WXQ DGLV
PL QXF LyQ HQHO
S+
ā D J XD VH GHVS ODFH G HQX H
YR D OLQ WH
ULRUG HODVF pOXODVQ H U Y LRVDV VH
GH VDUUR OOHXQ HGH PD FH U H
EUDO ā
ā
HOHF
WUR Ot
WL
FR WUD
WD PLH QWRLQV
XOtQL FRSD U DODKLSHU JOXFHPLD \ HVWUH
FKDYLJ LO
D Q F L
DGH VLJ QRV
YLWDO
HV\ YDO
RU HV GH ODER UWRUL
D R 8QD YH]0DQLIHVWDFLRQHV FOtQLFDV
/D KLSRJOXFH PL D JQ HHUDOP H Q W
HWL
H QH
TXHVHHVW D ELOLFHHV
LP SRUWDQWHF DSDFLWD U
DO DIDPLOLD
HOULHVJ RGH X Q LQL F LR UiSLG R\ VXV Vt QWRPD VSURJUH VD Q
FR QUDSLGH
] /RV VL
JQ RV
SUHVHQW DU&$' HV WDUiSUHVHQW HSDUD(PLO \ H QGHWHUPL Q DG DFL
VU \ VtQWRP DV
G H K L
SR J OXFH PL DSX H GHQGLYLG LUVHHQ GR VF DW HJ RUtDV
FXQVWDQF LDV SHUR JH QHUDOPHQW H SXH GH S UHYH Q LU
VH(PLO \ \VX DT XH OR O
VFD XVD GR VSRUO D
DOWHUDFLy Q
H QOD
IX QF L
yQ FHUHE UD O
\
ORV
IDPLOLDWH Q GUiQT X HDSU HQGHUFyPR \ F XiQG R DQDOL]DU
O
D RU LQDHQ U H ODF LRQ DGR VF Q RO
D DF WLY DFLy Q GHOVLV
WH PD QH UYLRVR DXW yQRPR
EXVFDG H FH WR QDVDV tFRPRXD WL
OL]DU
XQ VL VW
H PD GHPR QL WR UL]D 'H ELGR TX HH D
O
FH UH E UR GH S HQG HGH O
D J O
XF RVD VDQJ Xt Q HDS DUD
FLyQ
F D V
H UR G H
J OXF R V
D SDUD
YLJ LODU
ODJ O XFH PL DFD
SL ODU DED V WHFH UVH
G HH Q HUJtD ODK L
S RJ OFH
XPL DSURG
XFH F RP S R UW D PLHQ WR
V
TXH VH UH ODF LRQDQ FR
&DStWX
QODD
O $OWHUDFLRQHV
R
OWHUDFLy
GH
O
F
QG
RQWUR
H
O
HQGRFULQR
VX
GH
O
F
IQ
U
X
HFLP
F
LHQ
L
W
RHO
\
yQ
PHWDER
3X
OL
H
VPR
PD \ RU HV
GHLQVXOLQD(OIHQyP H
QRGH 6R PRJ\ LHVPHQR VIU
HF XHQWH
TXH H O
IHQyP HQRGHODOED
GHVFULWR HQVHJ XLGD
&RPSOLFDFLRQHV PDFURYDVFXO
&OtQLFDPHQWH
ODV
FR QFHQWUDF LRQ HV
DOWDVGH OXFRVD P
JDWXWLQD 'HE L
GRDO
GD x R
YDVF XODUSUHY L
DPH QWHPH QFL
RQDGR
RF DL V
RQDGR RUS
SXH G HQ FRP SOLF
DU HOWUDWDPLHW Q
R PpG LFRG HOD GLDEHWHV VL V OD
HQRKLSHUJOXFHP LD\ V tQ
GURPH
HOPHWD EyOLFR
ODV
SH UVRQD VFRQ' 0
HQWLH QG HSRU
FR PSO HWR
TX HVH
WUDWDG HXQUHVXO W
DGR FRQWUDUUHJ XODWR FRUUHQ
PD\RU ULHVJRGH SUHVHQWDU
FRPSOLFD FL
R QHV
PDFURYD VFX ODUHV
UL
R GH O
DKLSR JOXFHPL D
(OHS L
VRG LR KLSRJOFpXPLFR SUH VH
VH
QW DFRQ WDOH
VFRPR H
QIH UPH GDG FRURQD ULDH QIH
UP HGDG
FH UHEURYD VFXODU
IUHF XH QFLD
GXUDQ WHOD
QRFK HRHQ
XQ PRP HQWRH QTXHUHVXOW
DG LItFLOLFWX
V\
HQIHUPHGDG YDVF XODU
SHU LIpUL
FD
81,'$' $O
W
HUDFLR
;,, QHV OD
GH
I
XQF
LQ
yHQGRF
U
LQD
$OWHUDFLRQ
HV
GHOD
PRWLOLG
DG
JDVWURLQW
HVWLQ
DO
5HWUDVR
HQ
HO
OOO
Z
YDFLDPLH
QW
RJiVWF
UL
R
'LDUU
HD
(VWUHxL
PLH
QWR
9tDVJHQLWRX
UL
QDULD
VBB
BB
B
(VW
DVLVHLQI
HFFLy
Q
YHVLFDO
'LVIXQFL
yQHUpFW
LO
KRPEU H
FUy
QL
FD
)LJXUD
/DV
QHX U
RSD WtDVSHULIpULFDV PiVIUHFXHQWHVH
SHU VRQDVFRQ '0H KLSHUJOXFHP LDF
UyQLFD SX HGHQ FODVL
ILFDUVH
HQVRP
WLFDVRDXWRQyPLFDV LFDV DIHFW DQQ/DVVRPiW
RUPD OPHQWHD
ODVH[WUHPL
1HXURS
DWtD
VRPiWLFD $WHURHVF OHU
RVL
V GDGHV LQI
HUL
RUHV3XHGHQ
SU HVHQWD UVH
SDUHV WHV LDVVHQVDFLRQHVG
$QRPDOtDV
GH
OD
I
XQFLyQ (QIHUP HGDG
VHQVRULDO
\
PRWRU
D \HQW XPHFLPLHQWR XQD SDVtFRPR
H
UFH SFLyQ GLVPLQ XL
GD GHOD
YLEUDFLyQ
YDVFXODU WHPSH UDWXUD
GRORU\
SURSLRFHSFLy Q
(V WRVVtQWR PDVDXPHQWDQ HOULHVJR
ÒO
FHUDV
GHOSLH
GL
DEpWLFR SHUL
I
pULFD GH OHVLyQWLV
XODU
GH
\ FDtGDV/
DYD ORUD FLyQGLDULD GH ORVSLHVHV
IXQGDPH Q
WDOSR UTXHHVWDV
SH UVRQDVSXHGH QQRVH QW LU
XQ D KHULGDHQ
ODSLHO
RXQD
TX HPD GXUDGHVDUUROODU
\ OHVLR QHV GHOS
DVt
LHTX
H VR QG
LItF
LO
HVGHFXU DU
(Q
*DQJU
HQD DOJXQ DV SHUVRQDV
ODV
QHXURSDW tDV SH U
LIpULFDVSUR GXF HQ
GRORU
FUyQLFRGH
,QIHFF
LRQ
HV ODH[WU HPLGD G
LQIHULRU
/DYDORUDF Ly QGHHVW HGRORU \VXWUD
W
DPLHQWR VRQ
LQGL VSHQVDEOHVSDUD
PHMRUDU
VXFD OLGDGGH YLGD$P HQXGRVHHPS OHDXQ
DERU GDM HIDUPDFROyJLFR VX WUDWD PLHQWR 7R
SDUD
PDGR GH
0DUNV5
)LJXUD
&R
PSOL
FDFLR
QHVD
ODUJR
SOD]R
GHOD
'0 6NL QGLVHDVHLQROGDJH
3KLODGHOSKLD 3$-% /L
SS LQFRWW
&DStWXOR
$W
OHU
DFLRQHV
GH
O
FRQ
W
UROHQGRFU
LQR
GHO
FUHFLP
LHQ
W
R\
HO
PHW
DERO
LVP
R
W
DPE L
pQFRQWULE
X\HQ O
D KSLH
UJ OX
FHPLD O D
\
DOW
HUDFLyQ GHOD
IXQFLyQ
QH
XWUyILO
D/RV Gp
IL
F LW
V V
H Q
VR UL
DO
HV SXHGHQ KDFHUTX HX Q
DSHUVRQD &216,'(5$&,21(6
FR
QGLD
E HW
HVLJQRU
HXQWUD XPDWLVPRL QI
R
HFFLyQG H
PH Q RULP
S RU
W
D Q
3(',È75,&$6
F
LD
/DHQIHUPHGDGYDVF XODUSXHGHDOW
HUDUOD
FLU
FX O
DFLyQ \GL
VPLQXLU
H
OVXPLQLV
WURGHFOXO
pDV VDQJXtQHD
V R \
W
UDV
VXVWDQFLDV QHFHVD
ULD
V
/D L
QVXILFLHQ FL
DGH *+ HQH OQLxRPH DQX GR V
H GDJQRV
L
SDUD
XQDU
HVSXHV
WDLQIO
DPDWR U
LD DGHF
XD GD XQ\
DFLFDWU
L]DFLyQHIL
FD] WL
FD FXD QGR S D
XQ
WUyQ G HF U
HF LP L
HQ WR Q RUPD OD OQDFL
/D
KLSHU
J OX
FHPLD OD
\
J OXFRVXUL
D SXHGH QLQIOXLU
H
Q HOF
U HFLPLH
QW
R GH PLH QWRGHV FLHQGH P D
HQR VG HOW
H U
FH US H UFHQWLODOUHGHGR U
PLF
URRUJDQLV
PR V DXP
\ H QW
DUOD
JUDYHG DGGHO
DLQIHFFLyQ3 GHOWHUFHU PHV GHHGDGQ
(O
K LSRWLURLGLVPR FRQ JQ p
LWR HVPiV IUHF XH QWHHQ ODV
PXM H
UHV\PH QRV K DEL
WX D
O HQWU H
OR VQLxRV DIURDP H
ULFDQR V
(Q ORVQL xR VDIHFWDGRV S RU KLSHUWL
URLG LV
PRGH ELGR D OD
HQIH U
PH GDG G H*U DYHV SXHGH HQFRQW UDU VH XQ PD U
F DGRU
/DV DOWHUDF LRQHV PH W
D E yOL
FDV DV
RF L
DGDV FQR -DGLDE HWHVD IHF JHQp WL
FR \DQWHFHG HQWHV IDPLOL DUHV GH H QIHUP HG DG WLU
R L
W
DQ FD VL D FG DD DSDUD WR FRUS RUD O/DV FRPS OLFDFL
R QHV DJXG DV GHD DXWRLQPXQL WDULD /DV PD GUHV F RQ H
QI HUP HGDGGH
GHODG LD EHWHV L
QF OX\HQFH WRDFLG RV
LV GLD
EpWLFD HVWD GR KLSHUJ OX *UDYHV SXH GHQ KH U
H G
D UXQ DI UPRD F RQJp QLWDG HKLSHU W
L
FpPLFR KLS H URV
PR O
DU H KLSRJ OXFH
PL D HQ SH UVR
QDV GLDEpW
LFDV URLGLVPR F RQR F
LG DFP RR WLU RWR[LFRVLV Q HR QDWDO
W
UDWD GDV FR QLQV XO
LQD /D V FP RS OL
FDF L
R QHVPE WD
LpQRF XUU HQ
/RV QxR
LV FQR6& + SX HGHQ H QWUDUH Q ODSX EHUWDG DORV
GHEL GR FD D PE LR VFRPS HQVDWR ULRV O DV
GHKR UP R QDV FR QWUDUU H
D
xRV GHHGDG
JXOD WRULDV /DV FR PSOL FDF LRQHV F UyQLFDV GH ODGD L
E HW
HV DIHF
/D '0 GH ORV QLxRV GLDJQRV W L
FDG RVFR Q GLD
W
DQ H OVLVWHPD PL FURYDVF XODU Q L
FO
X\ HQG R -DU HWLQ
D O
RV ULxRQHV EHWHV KDVH
LFQ
UH PH QWDGRH QORV~OWLP R V DxRV HQ Qx
LRV
\HO VLVWHPDQH UYLRVR S HULIp
ULFR HOP
\
DF UR YDVF XO D
U DUW
HU LDV \DGROHVFH QWHV PX\ SURE DEOHPH QWH FD DXVDGH RE OD
HLV
FRURQ D U
LDV FHUHEURYDVF XO DUHV SH UL
Ip\
ULFDV /D GLVIXQ F
LRQHV GDG \O
DG LVPLQXFLy QG H-DDF WL
YLGD G ItVLFD
PLFU RY DVF XODUHV PDF URYDVF
\ XO DUHV FR QWUL
EX\H Q D ODIRUP DFLyQ
/RV YDORUHV QRUPD OHV G H J
OXFHPLD+E \
$&YD UtDQ
GH~O FHU DV H QHOSLHGL
DEpW LFR /D LQIHFFLyQ HV XQPRW LYRSU GH
H FRQV LG
HUDE OHPH QW
HG H DFXHU GR FRQ OD HG DGG HOQLxR/D
RFXS DL F
y Q LP SRUWDQWH GHELGR DOD
V DO
WH UD
FLRQHV TX H R VH
E VH
U YD Q $P HUL
FD Q 'LDEHWHV $VV R F
LDWLRQS XEOLFD FG DD DxRV VXV
HQ O
D FLFDWUL ]DFL
y Q VHF XQG DU
LDV DO RVFDPEL RV ILVLROyJ L
FRV GH DFWXDOL
]DF LRQHV T XHVLU
YH Q F RPR UHIH UHQW H
O
DG LDE HWHV /DK LSHUJOXFH PLDF UyQLFD WL
HQH XQ SD SH OUHOHYDQW H
GHQ WUR GH ODV FRPS OLFDF LRQHV SRUOR
TX H VH GHEH EULQG DU XD Q
DPS OL
D FSD DF LW
DFLyQ\ DSR \RO DV
D SHUVRQDV SD UD
TX HD
S U
H QGD Q D
FRQWU ROD UH O D]~FD U
H Q O
D VQDJU HOLPLW
\H QVXS RVL
EOH DS D
ULFL
yQ
L
&21a,'(5$&,21(6 (-(5&,&,26
'( 5(9,6,Ï1
a *(5,$75,&$6
8Q KRPEU HGH DxRV GH
HGD GIXH GHULYD GR FRQ
(ODXP HQW RGHOKLSRWLU RLG L
VPR D VRF L
DGR FRQH OHQYHMH HOQH XUyORJR SD UD
XQDHYD
O XDFLyQS RUFHIDOHD/R V
FLPLHQ WR VHSXH GH DWUL
E XLUDO
D D OWHUD FLyQ GHODIQ X
FLyQ HVWXGLR VG H50 U
HYHO
D Q XQDPD V
D VXSUVHD ODUJUDQGH
LQPX QLW
DULD D \
DOJXQD VFR PRUELOLGD GHV" [F P TXHSDUHFHDWULEXLEO H XQ
D WXP RU
/DV PXMH UHV PD \R UHV FRQ KLSRWLUR LGL
V PRD PH QXGR VH KLS RILVDULR7LH QHDQW H
FHGHQWHV GH KL
SHU W
H QVL
yQ \
HQ
HQFX HQWU
D Q DVL
QWR Pi WL
FDV RPXHV WUDQ VtQ WRPD V V
XEFOtQL
HOL
Q WHUURJDWR UL
RGL U
LJLGRPD QLIL
HVWDT X
H VXVPD QRV
FRVFRPR IWLD
JD FR QIXVL
y Q \GRO R U PX VF XODU VRQ XQ SRFR PiV JUD
QG HVTXHD
QWHV \TXHH [SHUL
8Q FX DGUR GH KL
SH UWLURLGL
VPR S X HGH F RQIXQG LUVHFRQ PH QWD PD\ RUGL DIRU
HV L
V/RV D
QWHFH GHQWHV IDP LOL
DUHV
DO
J XQRV UD VJRV GH O HQYH M
HFLPL H QW RQRUP DO
6H U
HF R VRQ Q HJDWLYRV DOL
JXDO TXHO
RVGH F DPE LRS RQGHUDO
PLHQGD F XDQW
LILFDU OD76 + VpU
L FD FXD Q G RVH SUHVH
QWDQ SROLXULDSROL \ G LS
VL
D DOW
HUDFL
R QHV YL VXDOHV G L
V\
IXQ
Vt
QWR PDV FRPR GH ELOL
GDG PX VFXOD U RG HW H UL
RUR PH QWDO
FLyQ HUpFWLO/R V
KDOO
D ]JRVGHODERUD W
RULR SRVWHULRU
HV
(OKLSRKLS HUWL
UR LGL
V PRH V PiV IUHF XH QWH HQO
D VPX MHUHV UHYH ODQXQ D*+
Vp UL
FD GHU
HI HUHQF LDGH QJP/
GHHGDG DY DQ]DGD TX HH
Q ORV
KRPE UHVā OD QRU
PD O HV QJ
P/ TXHQR GV L
PLQ X\ H GHVSXpV
/D'0 HV ODVpSWL PD FDX VDGH PX HUWH HW QH
UOR VDGXOWRV GHX Q DSUXHE D GHWRO
H UD
QFLDRUD O
D O
DJOXFRVD L
Q WR
OH
PD\R UHV \DIHFWDD O G HHV
WH J UX SR H WDU LR
UDQFL D D JOX FR
OD
VD FRQ\
FHQWUDFLRQ HVH O
HY DDGV GHO
(QORVDGX ORW
VPD\R UHVHVW
iLGQ LFDG R UH D O
L]DUXQ HVW
XG L
R IDFWRU HFU HF
GLPL H
QWR LQVXOLQ
R LG
H
,*) WRP DGD
GHGW H
HFF LyQ GHGLD E HW
HV FDGDD
x RV S R UTXHH QH
OO
RV D HQG RV RF
DV LRQH V
\ J />HOOPtLW
H
YHFHV QR VHREVHUYD QORV Vt
QWRPD V FOiV LFR VO D
V
\
PDQL VXSH ULRUQR UP D OHV
GH J/@ 2WUR VtQGLFHV
IHVW
DF L
RQHV QRHVSHF tILFD
V GH
OD
H QIH UP HGD G SXH G H
Q U
HWUD GH ODIXQFLyQ KLSRIL
VD
ULD VHHQFXHQWUD QGH QWURGHO
VDU
H GL
O DJ QyV
WF L
R UDQJ R QRUP D O
/DKLSRJ OFHXPL D HQ DGXOWR V
GHHG D G DYD Q ]D GDSURGX FH XQ $¢4Xp
GLDJQyVWLFR
VXJL
HUHQ
ODV
FDUDFWHUt
VW
L
FDV
FRQMXQWR GHVtQWRPD V~QLFRVGL VW LQWRV D ORVYV L
WRVHQWUH FO
tQL
FDV
U
HVRQDQFLD
PDJQpWLFD
\
KDOO
D]JRVGH
OR
V PiV My YHQHV LQ
FOX
H
\H GRO
RU HV G HFD EH]DG XUDQWHOD ODER
UDW
RUL
RGHHVWH
KRPE U
H"
QRFKH GLILFXO
W
D GH Q HOKDEOD F \
R QIX VLy QO R T XHSXHGH %¢&XiOHV
O
DUD
]yQ
SDUD
SUHJXQWDU
DOD
SHUVR
QD
JHQHUDUXQ FR
PS RUWD PLHQ WR UDUR VL
KD
H[SH
ULPH
QWDGR
PR GL
ILF
D F
LRQHV
HQVX
SHVR