Citation

Material Information

Title:
Cuba musical
Abbreviated Title:
Cuban musical conozca a nuestros artistas musicales
Creator:
Castillo, Jr., Andres
Publisher:
La Milagrosa
Publication Date:
Language:
English
Edition:
1 a. ed.
Physical Description:
72 p.

Subjects

Subjects / Keywords:
Caribbean Area ( lcsh )
Music--Cuba--Directories ( LCSH )
Musicians--Cuba--Directories ( lcsh )
Conservatories of music ( lcsh )
Spatial Coverage:
Havana (Cuba)

Record Information

Source Institution:
FIU: Special Collections
Holding Location:
Florida International University
Rights Management:
All rights reserved by the source institution.
Resource Identifier:
1213902 ( ALEPH )
FISC000242 ( BIBID )

Downloads

This item is only available as the following downloads:


Full Text

PAGE 3

$1'5(6 &$67,//2 -5 '( /$ 5('$&&721 '( /$6 5(9U67$6 &8721 \ &71('$/ 35,0(5$ (',&,21

PAGE 4

,035(17$ /$ 0,/$>5&6$ FFW03&6nU(/$ 7(/()n&1& 0% /$ +$6$1$ '(5(&+26 5(6(59$ '26 +HFKR HO GHSRVLWR FRQIRUUQH -O DUHD D OH\ HQ HO 5HJLVWUR GH OD 3URSLHGDG ,ULWHOHFWXDO )2726 (;&/86,9$6 -f( ( ' > ( /23 ( = 6 7 82 O2$ 8 *86 7 ,, $ %$1 $ 3257$'$ '( )(51$1'2 0(1&,2

PAGE 5

&202 XQD SROLWLHD >LUPH SDUD QXHVWUDV DFWLYLGDGHV DUWLVWLHDV &8%$ 086,&$/ XLHQH D HQMRFDU FRQ VHQWLGR MXVWR U DPSOLWXG QHFHVDULD XQ SXQWR GH YLVWD QXHYR HQWUH QRVo RWURV HV GHFLU HQ HO WHUUHQR GH ORV KHFKRV \ UFFRJLHQGR HQ VXV SDJLQDV QXHVWUD ULTXLVLPD SURGXFFLRQ FXEDQD FUHDQGR FLHUWD WUDGLFLRQ TXH WRGRV GHEHPRV XLJRUL]DU /D H[LVWHQFLD GH XQ RUJDQLVPR TXH UHVHLLDQGR ODV DLXHUVDV PDQLMHVWDFLRQHV DUWLVWLFDV SRSXODUHV U FXOWDV RMUH]FD LQFDOo HXODEOHV IUXWRV HQ FXDQWR DO FRQRFLPLHQWR U GLMXVLRQ GH XQD HVIHUD GHO DUWH TXH DTXL DOHDQ]D VLQJXODU EULOOR HUD XQD QHFHo VLGDG KRQGDPHQWH VHQWLGD 1XHVWUR PHGLR PXVLFDO HV XQR GH ORV IHQPHQRV PDV H[WUDo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o SRVLWR TXH SHUVLJXH \ SDU >XHU]D ODV QRWDV ELRVWUDLLFDV K P GH FHLLLUVH D HVFDVLVLPDV OLQHQV n< ORV UYnLURV 9n FDQWDQWHV LQFOXLGRV DO PDV HVWULFWR QUU U R GH QQ9nVRQ)UnGHV GnUIU\UOV 3Q UDLQ DVL HV XQD REUD EULOOUQWH WnUO SQULRGLVWW $QGHV &DVWLOOR -U2 HO TXH UHFLELUG HO FVWOPXOR n OD UGPLUDFLQ GH QXHVWUR VHFWRU TXH UHHRQRFH GLMLFLO \ QHFHVDULR TXH HV UG ORXUDU XQD PD\RU FRPSHQHWUDFLQ HQWUH ORV DUWLVWDV U VX SXEOLFR ( *21=$/(= 0$17,&, 35(6,'(17( '(/ ,167,7&72 1 $&,21 $/ '( 086,&$ $1'5(6 &$67,//2

PAGE 6

086,&$ 6,1)21,&$ n r r 2UTXHVWD 6LQLRQLFD GHO ,QVWLWXWR 1DFLRQDO GH 0XVLFD LQVWUXPHQWR GH ORV &RPSRVLWRUHV 'LUHFWRUHV 6ROLVWDV U 0XVLFRV FXEDQRV DSOLFDGR D VX SURSLR GHVDUUROOR \ GHVHQYROYLo PLHQWR HQ DPSOLD SUR\HFFLRQ QDFLRQDOLVWD (Q HO FRQFLHUWR TXH DSDUHFH HLHFXWDUXORVH HQ HVWD IRWR OD RUTXHVWD HV GLULJLGD SRU HO QRWDEOH PDHVWUR 3DXO &]RQND HO FXDO QRV KRQUD FRQ OD FLXGDGDQLD FXEDQD /D 2UTXHVWD GHO ,QVWLWXWR HV GLULJLGD HQ SURSLHGDG SRU HO PDHVWUR (QULTXH *RQ]DOH] 0 DQWLFL &20326,725(6 (175( ORV FRPSRVLWRUHV GHO SUHVHQWH PXVLFDO GH &XED )UDQFLVFR $ 1XJXR VH GHVWDFD FRQ XQD REUD TXH DO SDVDU GHO WLHPSR VH DFUHFHQWD HQ VLJQLILFDFLQ 6X UQXVLFD QDFH GH XQ LQWLPR VHQWLU FRPR HQ *LUDVRO \DHO V REHGHFH LQFOXVR FXDQGR VH IRUMD XQD WHFQLFD \ XQ HVWLOR FRPR HQ /LGLD (VWHV GRV EDOOHWV HVFULWRV SDUD QXHVWUD $OLFLD $RQVR DVL FRPR VX VLQIRQLD QGH SHQGHQFLD TXH HV VX PD\RU REUD VLQIRQLFD FRQMXQWDPHQWH FRQ ODV REUDV GH $UGHYRO &]RQND *XHUUHUR *UDPDWJHV 5XL] &DVWHOODQRV \ 0DUWLQ EDVWDQ SDUD FRPSUHQGHU KDVWD TXH SXQWR HV WUDVFHQGHQWH OD HVWHWLFD WDQ GLVLPLO HQWUH 6 SXHVWD HQ FXUVR SDU ORV PRGHUQRV FXEDQRV ^f &8%$ 086,&/

PAGE 7

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o PHUDV FODVHV GH %DOOHW HQ OD 6RFLHGDG 3UR$UWH 0XVLFDO GHVWDFDQGRVH GHVGH SHTXHILD HQ OD LQWHUSUHWDFLRQ GH ORV EDOOHWV SUHVHQWDGRV S2On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o GDPHQWH SHUR GXUDQWH DTXHOORV LQWHUPLQDEOHV GLDV HQ FDPD $OLFLD KDELD WHQLGR XQD IH LQTXHEUDQWDEOH HQ VX FXUDFLRQ\ HQ VX UHJUHVR DO %DOOHW n,nUDV XQD WHPSRUDGD HQ 3UR$UWH $OLFLD HV QXHYDPHQWH FRQWUDWDGD SRU HO %DOOHW 7KHDWUH GRQGH EULOODED FRPR SULPHUD HVWUHOOD $OLFLD 0DUNRYD 8QD QRFKH PHPRo UDEOH D 0DUNRYD HQIHUP \ IXH VXVWLWXLGD HQ HO UROGH *LVHOOH SRU $OLFLD TXH GHVGH HVD QRFKH LQLFLR VX FDUUHUD WULXQIDO KDFLD OD ULPD n d nnn +D VLGR HOHJLGD HQWUH ODV GLH] PXMHUHV PDV GHVWDFDGDV GHO DILR HQ ORV (VWDGRV 8QLGRV KD VLGR FRQGHFRUDGD FDQ OD 2UGHQ GH &DUORV 0DQXHO GH &HVSHGHV HQ VX SDLV QDWDO KD UHFLELGR GLVWLQWDV PHGDOODV GH +RQRU GH LQVWLWXFLRQHV GLYHUVDV \ KD VLGR FRQVLGHUDGD SRU FULWLFRV HPLQHQWHV \ H[LJHQWHV FRPR -D PHMRU EDLODULQD GH QXHVWUD HSRFD $1O"5(6 &$67,//2

PAGE 8

&8%$ 086,&$/ 18(6n,n526 ',5(8725(6 23,1$1 62%5( /$6 ( n67( WUDEDMR GH JUDQ LQWHUHV LQIRUPDWLYR YLHQH D DKRQGDU HQ HO DPELHQWH DUWLVWLFR PXVLFDO SUHFLVDPHQWH GRQ GH VH PXHYHQ ODV YRFHV IHPHQLQDV TXH VRQ QXPHURVDV \ PDJo QLILFDV \ ODV FXDOHV DFWXDQ DFRPSDILDGDV SRU n H[FHOHQWHV RUTXHVWDV TXH VRQ D OD YH] GLULJLGDV SRU FRPSHWHQWHV GLUHFWRUHV < FRPR SHQVDPRV TXH VRQ ORV PDHVWURV GH OD EDWXWD ORV XQLFRV DXWRUL]DGRV D GHFLU D XOWLPDn SDODEUD VDEUH ODV YRFHV FXEDQDV QRV GHFLGLPRV D PROHVWDUORV SDUD VDEHU VX RSLQLRQ DFHUFD GH FXDOHV HUDQ ODV WUHV YRFHV IHPHQLQDV PDV GHVWDFDGDV HQ ORV XOWLPRV DILRV EULQGDQGRVH ORV GLUHFWRUHV JHQWLOPHQWH D FRPSODFHU QXHVWURn UXFJX\ D VDWLVIDFHU DVL XQ LQWHUHV SRSXODU GH WRGRV ORV DGPLUDGRUHV GH OD EXHQD PXVLFD &RQVWLWXLGRV HQ MXUDGR ORV RFKR GLUHFWRUHV FXo \DV IRWRV < QRPEUHV DSDUHFHQ URGHDQGR HVWH WUDEDMR VH UHDOL]H OD VHOHFFLRQ EDMR YRWDFLRQ VHFUHWD \ GHQWUR GH OD PD\RU LPSDUFLDOLGDG DFDWDQGRVH HQ WRGR 8 YDORU D RSLQLRQ UHVSRQo VDEOH GH FDGD GLUHFWRU 5HDOL]DGR HO DFWR \ VXo PDGD OD YRWDFLQ IXHURQ HOHJLGDV SRU XQDQLo PLGDG ODV VLJXLHQWHV VRSUDQRV 0DUWD 3HUH] $PHULFD &UHVSR \ &DUPHOLQD 5RVHOO 1RVRWURV QR TXHUHPRV KDFHU QLQJXQ FRP HQo WDULR VDEUH ODV HOHJLGDV \D TXH VRQ ORV DGPLUDo GRUHV GH HVWDV H[TXLVLWDV VRSUDQRV ORV TXH SRo GUDQ KDFHU VX MXLFLR SHUVRQDO 6ROR QRV UHVWD DKDUD H RIUHFHU XQDV OLJHUDV REVHUYDFLRQHV VREUH ODV FODVLILFDFLRQHV TXH H[LVWHQ GHQWUR UOH ODV GLVWLQWDV YRFHV GDQGR DVL XQ SRFR OH IDFL $GROIR *X]PDQ f $OIUHGR %ULWR f *RQ]DOH]n 0DQWLFL *RQ]DOR 5RLJ

PAGE 9

0(-25(6 92&(6 )(0(1,1M6 '(/ 020(72 OLGDG D ORV OHFWRUHV TXH QR FRQR]FDQ PXVLFD GH PRGR TXH SXHGDQ DSUHFLDU D FDGD DUWLVWD HHo JLGD GHQWUR GH VX JUXSR SRU ,D H[WHQVLRQ GH VX YR] (QWUH WRGD ,D WHUPLQRRJLD WHFQLFD FRQIXVD H LQWULQFDGD TXH VH XVD JHQHUDOPHQWH SDUD GHo VLJQDU OD H[WHQVLRQ FDUDFWHU \ WH[LWXUD GH ODV YRFHV KXPDQDV FXDWUR WHUPLQRV FRUUHVSRQGHQ D ORV WLSRV IXQGDPHQWDOHV 6RSUDQR \ &RQWUDOWR SDUD ODV YRFHV IHPHQLQDV \ 7HQRU \ %DMR SDUD ODV YRFHV PDVFXOLQDV ,QWHUHVDQGRQRV SRU H PRPHQWR ODV GRV SULo PHUDV QRV UHIHULUHPRV GHWHUPLQDGDPHQWH D HOODV /D H[WHQVLRQ GH ODV YRFHV GHSHQGH GH ODV IDFXWDGHV LQGLYLGXDOHV GH FDGD FDQWDQWH DXQTXH GHVGH XHJR H[LVWH XQ OLPLWH WHRULFR TXH D VX YH] HQFLHUUD OD GHWHUPLQDFLRQ GHO JUXSR EDVLFR D TXH FRUUHVSRQGH XQD YR] VLQ TXH HVWD H[WHQ VLRQ DPSOLD VHD H[LJLGD \D TXH VH FRQVLGHUDQ H[FHSFLRQDOHV ORV VRQLGRV TXH VREUHSDVDQ HQ H DJXGR \ HQ HO JUDYH HVRV OLPLWHV H[LVWLHQGR HQWUH @ VROLVWDV XQD YR] LQWHUPHGLD GHQRPLo QDGD PH]]RVRSUDQR TXH VH VL WXD HQWUH OD VRSUDQR \ ,D FRQWUDOWR DXQTXH SRVHH WDPELHQ UHJLVWURV H[WUDRUGLQDULRV $SDUWH GH HVWD FODo VLILFDFLRQ KD\ RWUDV PXFKDV SDUD OD H[WHQVLRQ Y HO JUDGR GH DJLOLGDG GH DKL ORV WHUPLQRV GH 6RSUDQR OLJHUD 6RSUDQR ,LULFD 6RSUDQR GUDo PDWLFD $ HVWR GHEH DLLDGLUVH OD GHQRPLQDFLQ GH 0H]]RFDUDWWHUH PHGLR FDUDFWHU f H GHFLU LQWHUPHGLR 6H FR,RFD HQWUH OD VRSUDQR OLULFD \ D GUDUQDWLFD )HOL\ *XHUUHUR f 5RGULJR 3UDWV f 5REHUWR 2QGLQD /HRQDUGR 7LPRU $1'5(6 &$67,//2

PAGE 10

3DUD DFODUDU XQ WDQWR HVWR KD\ TQH EXVFDU DSR\R HQ FRQVLGHUDFLRQHV GH GL YHUVR RUGHQ DVL 6RSUDQR,LJHUD HV DTXHOOD TXH SRVHH IDFXOWDGHV GHQWUR GH VX OLPLWH JHQHUDO SDUD UHDOL]DU SDVRV GH DJLOLGDG 6RSUDQR GUDPDWLFD HV DTXHOOD WDPo ELHQ GHQWUR GHO SURSLR OLPLWH FX\R WLPEUH GH YR] SXHGH WUDGXFLU FDQ HQHUJLD ODV SDo VLRQHV YLROHQWDV GHO DOPD 1R REVWDQWH HVWR KD\ TXH WHQHU HQ FXHQWD TXH HO FRo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eHo OLFLWDU VLQFHUDPHQWH D HVWDV PDJQLILFDV FDQWDQWHV FXEDQDV TXH FRQ H SUHVWLJLR GH VXV YRFHV UHFUHDQ HO HVSLULWX GH ORV TXH JXVWDQ GHO DUWH PXVLFDO \ D OD YH] KDQ SXHVWR PX\ DOWR f QRPEUH GH &XED HQ HO H[WUDQMHUR f &f BB &f &fB&f BB &f&f BB &f BB &f BB &f BB &f BB &f BB &f &f &fB&f &f BB &f R &f&f &f&f &f R R F &f &fB&f n &8%$ 086,&$/ $&$'(0,$ 1$&,21$/ '( %$//(7 $OLFLD $ORQVR ',5(&725 3523,(7$5,2 )(51$1'2 $/2162 &WHVHV GH 4H8H/ $GHJLR 3XQH &HUDFHU \ >MHUFLFLRV 5OPLFRV &$//( (64 $ 1 9('$'2 n7(/() )

PAGE 11

$1'5(6 &$67,//2 /$ *(1(5$/ (/(&75,& &8%$1$ 35(6(17$ $ 686n'26n )$026$6 2548(67$6 &8O?$1$6 '( &21&,(5726 (1 3/(1$ $&78$&,21 < (1 81 (16$ <2 (Q HVWD VHQVDFLRQDO IRWR SUHVHQWDPRV D OD 2UTXHVWD GH &RQFLHUWRV GH OD *HQHUDO (OHFWULF TXH VH SUHVHQWD WRGRV ORV GRPLQJRV D ODV QXHYH GH OD QRFKH SRU ODV RQGDV GHO &LUFXLWR & 0 4 HQ HO SURJUDPD 8UL &RQFLHUWR *HQHUDO (OHFWULF HQ ORV PRo PHQWRV GH LQLFLDU VX SULPHUD HMHFXFLQ EDMR OD GLUHFFLRQ GHO PDHVWUR 3DXO &]RQND (VWD DXGLFLRUL PHUHFH FDOLGRV HORJLRV SRU VHU GH YHUGDGHUD GLYXOJDFLQ GH OD FXOWXUD PXVLFDO < HQ HVWH RWUR IODVK VH SXHGH REVHUXDU D RWUD JUDQ 2UTXHVWD *HQHUDO (OHFWULF TXH DFWXD WRGRV ORV GRPLQJRV D ODV GH OD QRFKH SDU ODV IUHFXHQFLDV GH OD 5 + &o &DGHQD $]XO EDMR OD GLUHFFLRQ GHO PDHVWUR 5RGULJR 3UDWV (VWRV YDOLRVRV PXVLFRV FXEDQRV IXHURQ VRUSUHQGLGRV SRU OD FDPDUD HQ ORV PRPHQWRV TXH UHDOL]DEDQ XQ ODUJR U FRPSOLFDGR HQVD\R SDUD ORJUDU PDV WDUGH XQD EULOODQWH LQWHUSUHWDFLRQ FXDQGR VH SUHVHQWHQ HQ ORV SURJUDPDV *HQHUDO (OHFWULF /D 0XVLFD +DEOH HQ ORV &RQFLHUWRV GH $OOVLFD &XEDQD

PAGE 12

1R SRGHPRV DGHQWUDUQRV HQ OD PXVLFD SRSXODU VLQ SUHVHQWDU D KRPEUH TXH DFWXDOPHQWH BB UHSUHVHQWD D PXVLFR FXEDQR HQ WRGDV VXV OXFKDV GH VXSHUDFLRQ \ HQ WRGRV ORV GHPDV SUR EOHPDV TXH SXHGDQ VXUJLU GHQWUR GH VX GLDULD ODERU MXQWR D VX LQVWUXPHQWR (VWH MRYHQ OHDGHU WLHQH HQ VX KD EHU HO UHDOL]DU JHVWLRQHV HQFDPLo QDGDV D OHYDQWDU HO VWDQGDUG GH YLGD GHO PXVLFR &2O7,2 VRQ HO 5HWLUR GHO 0XVLFR 'HVFDQVR 6Ho PDQDO 5HWULEXLGR 'LD GHO 0XVLFR 6KRZV HQ ORV FLQHV \ RWUDV UHVROXFLRQHV GH SRVLWLYR LQWHUHV SDUD ,D FODVH /RV GRV DILRV TXH OOHYD GH JRELHUQR 5Ro PHUR $GDPV OH KDQ YDOLGR SDUD JDQDUVH H DSR\R GH WRGRV VXV FRPSDILHURV ORV FXDOHV \HQ HQ HO D KRPEUH TXH QHFHVLWDQ SDUD ORJUDU PDQWHQHU GLJo UDUQHQWH HO DPELHQWH PXVLFDO GH QXHVWUR SDLV -26( 520(52 $'$06 6(&5(7$5,2 n*(1(5$/ '( /$ 81,21 6,1',&$/ '( 086,&26 '( &8%$ n$&1&,$ O&84$$57,6 7,&$ ' 5 52'5,*8= 5$'2 1R $/726 7/212 %&fnnf,Bffnf BB ffnBnnnnnnnfnBn,nnnnnnfnnnnnnnnnnfnnnfnnnfnnnnfn n BB f n f R fBffff f BB f R 6$1 -26( 1R n &8%$ 086,&$/ n(OM )272*5$)2 '( -86 $57,67$6 7(/() $ +$%$1$

PAGE 13

&216(59$725,26 < $&$'(0,$6 '( &RQIFGFUDFLRQ 1 GH &RQVHUYDWRULRV GH 0X VLFD $YH &HQWUDO 1O %f +XEHUW GH %ODQFNf &DO]DGD 1OO f 9HGDGR )2 &DUORV $ 3H\UHOODGH 6 %ROLYDU 14 n ? (VSHUDQ]D &DVWLOOR 1HSWXQR 1 n 8 L 086,&$ '( /$ +$%$1$ &RQVHUYDWRULR ,QWHUQDFLRQD, ) 14 &RQVHUYDWRULR 1 DFLRQDO $YH 0LUDPDU (GXDUGR 3H\UHOODGH $9H ,WDOLD 1 &RQFHSFLRQ (VSLQRVD 1 1 9RGDGR 6DUD (VWUDGD 6DQ 5DIDHO 1Wf )DOFRQ 1O OUDQ]R 3 9DUHOD 1 /XLV /HFXRQD % 1n! 2UERQ &DO]DGD 1 W2 5 n 6 n n,n 1y, DYHQWRV WDR OnQOO D n (VFXHOD GH %DOOHW $OLFLD $ORQVR 1 1 $FDGHPLD %n &DVDQRYD GH 2FW 1f 3URI -RVH 9DOOV 6DQ 0LJXHO 14 T 3URI 5XEHQ 6DYRQ 9LUWXGHV 14 )-f % 0 )I ) 8 ) ) )+ $6 8 $1'5(6 &$67,//2B

PAGE 14

52*(/,2 0$57,1(= < 68 &5,2//,6,0$ +62125$ 0$7$1&(5$ QWHJUDQWHV 5RJHOLR 0DUWLQH] &DUORV $ORQVR %LHQXHQLGR *UDQGD 3DEOR *RYLQ -RVH 5 &KDYH] HO FHOHEUH 0DQWHFDf & /LFHD 3HGUR 1 HLWK U $QJHO $OIRQVR ( / DSDUHFHU HQ HVWDV HQWUHYLVWDV VH KD JDQDGR XQ FRQMXQWR DO FXDO HV LPSRVLEOH QHJDUOH HVH GHUHFKR REWHQLGR SRU VX ODERU GH PXFKRV DILRV VXSHUDQGRVH \ WUDWDQGR GH GLIXQGLU QXHVWUR JHQXLQR VRQ VLQ TXH HQ QLQJXQ PRPHQWR SHUGLHUD HVH VDERU \ FDGHQFLD TXH KDQ KHFKR IDo PRVR HQ WRGR HO PXQGR 0DV TXH JUXSR PXVLFDO D HVWRV PXVLFRV OHV HQHDMD SHUo IHFWDPHQWH HO QRPEUH GH ,QVWLWXFLRQ 0XVLFDO \D TXH HVH HV H YHUGDGHUR G $W SUHVWLJLR H D RQRUD
PAGE 15

n,,,,,f,,,'f, BB n& On fBfBf f f f f fn,6DRfBfBf f ff Bf B f ff f GHVSXHV GH XQ ODUJR SHULRGR GH DXVHQo FLD IXH HQ 5DGLR 3URJUHVR PDV WDUGH HQ OD 5 + & < S2,n XOWLPR VH TXHo GDURQ FRPR DUWLVWDV H[FOXVLYRV GH 5DGLR 3URJUHVR TXH KD VLGR HO OXJDU GH VXV PD\RUHV y WULXQIRV UDGLDOHV (Q GLVFRV KDQ JUDEDGR VXV PHMRUHV QXPHURV SDUD OD 9LFWRU \ OD 3DQDUW KDELHQGR WRUQDGR SDUWH WDUQELHQ HQ HO FLQH FXEDQR HQ ODV SHOLFXODV (O $Qo JHO &DLGR %RUUDVFD (VFXHOD GH 0RGHORV \ 0XVLFD 0XMHUHV \ 3Lo UDWDV 6X FDQWDQWH %LHQYHQLGR *UDQo GD HV WDPELHQ PX\ SRSXODU HQWUH ORV DGUQLUDGRUHV GHO FRQMXQWR SDU VX JUDWD YR] \ VX WUDWR DIDEOH 5RJHOLR WDPELHQ QRV GLFH TXH ORV FRPSURPLVRV SDUD DUQH ` LOnnLL"y &$0$< (0%(//(&( '(6'( /$ 35,0(5$ 3$67,//$ 45On ILHVWDV EDLODEOHV GXUDQWH WRGR HO DILR FDVL WLHQHQ DJRWDGDV ODV IHFKDV GLVo SRQLEOHV ORJUDQGR HVWR D EDVH GH VX ULWPR DOHJUH \ FDGHQFLRVR /D 6RQRUD 0DWDQFHUD DFWXD HQ HVWRV PRUQHQWRV SDU OD & 0 4 HQ HO SURJUDP D &DVo FDEHOHV &DQGDGR D ODV GH OD QRFKH \ HQ 5DGLR 3URJUHVR FRQWLQXD DUQHo QL]DQGR HO PLVUQR SURJUDP D GH ODV VLHWH TXH WDQWRV H[LWRV OHV KD EULQGDGR /R TXH VH SXHGH HVSHUDU GH XQ FRQMXQWR PXVLFDO H[SOLFD DVL 5RJHOLR 0DUWLo QH] 6L VR\ HQHUJLFR \ UHFWR HQ OD GLUHFFLQ GHO JUXSR HV HQ EHQHILFLR GLUHFWR SDUD WRGRV 3UHFLVDPHQWH GH HVH RUGHQ VXUJH OD RUJDQL]DFLRQ TXH VH WUDo GXFH HQ HQVD\RV HMHFXFLQ \ SXQWXDo OLGDG HQ WRGRV ORV FRQWUDWRV $135(6 &$67//2

PAGE 16

)5$1&,6&2 1$7$ 7HQRU GH UHOLHYH LQWHUQDo FLRQDO HQ HO EHOFDQWR TXH FXOWLYD URQ HO YHUGDGHUR DUQRU GHO TXH QR SXHGH DKRJDU XQD IDFXOWDG TXH ,H KD L QSXHVWR OD QDWXUDOH]D 1D\D QDFLR HQ /D +DEDQD GHEXWDQGR D ORV DILRV HQ HO 7HDWUR 0DUWL (Q HO DILR VDOLR GH VX SDWULD SDUD DFWXDU HQ 0H[LFR 9HQH]XHOD 3 5LFR (VWDo GRV 8QLGRV \ (VSDQD DFWXDQGR DTXL HQ ODV SULQo FLSDOHV HPLVRUDV \ WHDWURV (Q HO SXVR PX\ DOWR HO QRPEUH GH &XED DO SUHVHQWDUVH HQ OD *UDQ 2SHUD GH 6DQ )UDQFLVFR DOWHUQDQGR DO ODGR GH ILJXUDV FRPR /LO\ 3RQV \ /DXUHQ 6WHYHQ \ HQ GRQGH UHFLELR YDULDV RYDFLRQHV GH XQD VDOD UHSOHWD GH XQ SXEOLFR VFOHYWR r rn &8%$ 086,&$/ &$17$17(6 ,5,6 %X 5*8(7 6RSUDQR FXEDQD TXH VH DBILUPD HQ QXHVWUR PHGLR \ TXH SRVHH EHOO"y WOPEH GH YR] \ ,D IDFXOWDG GH KDFHU VHQWLU OD FD OLGD HPRFLRQ GH OD PXVLFD \ HO YHUVR ,ULV DFWXR SRU UQXFKR WLHPSR GHVGH ORV PLFURIRQRV GH OD 5 + & \ HQ ORV SURJUDPDV GH OD *HQHUDO (OHFo WULF DGHPDV HV XQD UQXMHU GH JUDQGHV FXDOLGDGHV DO FDQWDU HQ PXFKRV OXJDUHV FRPR 6RFLHGDGHV \ FHQWURV GH FXOWXUD VLHPSUH HQ JHVWR GHVLQWHUHVDGR \D TXH HV XQD YHUGDGHUD DPDQWH GH OD FXOWXUD PXVLFDO r r

PAGE 17

&8%$126 ,O2/$ 5$05(= (VWD PDJQLILFD VRSUDQR UHXQH GRV EHOOH]DV HQ VX FRQL XQWR DUPRQLRVR VX EHOOH]D ILVLFD \ VX EHOOD YR] FRQ OD FXD, LQ WHUSUHWD PDUDYLOORVDPHQWH VX DPSOLR UHSHUWRULR 9LROD QDFLR HQ /D +DEDQD \ GHVGH PX\ QLQD FRPHQ]R VXV HVWXGLRV GH SLDQR \ VROIHR $FWXDOo PHQWH WLHQH FRQWUDWR GH H[FOXVLYLGDG FRQ OD &RFDo &ROD \ VH SUHVHQWD HQ VX SURJUDPD /D 3DXVD TXH 5HIUHVFD SDU & 0 4 WRGRV ORV GRPLQJRV D OD S P $GHPDV SHUWHQHFH FRPR ILJXUD GHVWDo FDGD D ,D 6HFFLRQ /LULFD GHO ,QVWLWXWH 1DFLRQDO GH 0XVLFD nn n r f6( /( 0$77 (VWH MRYHQ TXH SRVHH XQD JUDQ YR] GH %DMR HV XQD UHDOLGDG HQ QXHVWUR SUHo VHQWH DUWLVWLFRYRFDO FRQ XQ IXWXUR DQWH VL TXH FRQTXLVWDU \ TXH ,H DXJXUDPRV SRU VX GHGLo FDFLRQ DO HVWXGLR SRU VXV IDFXOWDGHV LQWHUSUHWDo WLYDV \ SRU VX WLPEUH TXH GHVSLHUWD HPRFLRQHV GHVFRQRFLGDV HQ QXHVWUR PHGLR /H 0DWW RFXSDUD PX\ SURQWR XQ SXHVWR GHVWDFDGLVLPR HQWUH QXHVWUDV ILJXUDV LQWHUQDFLRQDOHV $1'5(6 &$67,//2

PAGE 18

&$17$17(6 (y 67+(5 %25-$ 8QD YR] SULYLOHJLDGD TXH WLHQH OD GXDOLGDG GH LQWHUSUHWDU D WRGRV ORV FRPo SRVLWRUHV GH $PHULFD GHQWUR GH OD PD\RU WHFQLFD \ FRQ XQD DJLOLGDG \ YDULDFLQ HQ VX YR] F[TXLVLWD TXH WRGRV DGPLUDQ (Q ORV PDV ILQRV SURJUDPDV PXVLFDOHV GH OD & 0 4 \ 5 + & VH SUHVHQWD HVWD DUWLVWD FXEDQD TXH WDUQELHQ KD VLGR DSODXGLGD SRU ORV SXEOLFRV GH RWURV SDLVHV r r 5(1( &/?%(/ 1XHVW UR VLHPSUH DGPLUDGR Io QRU GH ODV $QWLOODV HV XQ DUWLVWD GH HVRV n TXH WLHQHQ XQD SHUVRQDOLGDG TXH VH DJLJDQWD nn &HQWUR \ 6XUDPHULFD \ VL QR FDQWDIK PD\RU UHJXODULGDG HV SRUTXH VX FDUDFWHU HQHUJLFR \ UHo EH,GH DOHMDQ \ D D YH] GLVWLQJXHQ HQ HO DPELHQWH DUWLVWLFR &8%$ 086,&-?n

PAGE 19

)(51$1'2 $/%8(51( (VWH LQWHOLJHQWH PX,IJL FKDFKR QDFLGR HQ HO EDUULR GH /X\DQ SXHGH LInn nn GHFLUVH TXH VH KL]R GH XQ QRPEUH IUHQWH DW ORV PLFUIRQRV GH OD 5DGLR &DGHQD 6XDULWRV GH OD HXDO FRQWLQXD VLHQGR VX DUWLVWD H[FOXVLYR )HUo QDQGR KD ORJUDGR GHQWUR GH OD PD\RU VHQFLOOH] \ L` VLQ HVWULGHQFLDV GH YR] SULYLOHJLDGD FRQTXLVWDU D ORV PDV VHOHFWRV SXEOLFRV GH WRGRV ORV SDLVHV GH ,D $PHULFD GRQGH VH KD SUHVHQWDGR DGTXLULHQGR FDSDFLGDG \ FDOLGDG D EDVH GH HVWXGLRV $OEXHUQH SRVHH XQD YR] VXDYH TO- PDQHMD KDELOPHQWH VLHQGR HVWD OD PD\RU FXDOLGDG TXH KDFH TXH VXV LQWHUSUHWDFLRQHV WHQJDQ 88 VH GH RULJLQDOLGDG PXVLFDO PX\ JXVWDGD GH WRGRV P?f yyyyyyyy??,,?, &,%$146 0$5,$ &,(59,'(6 (VWD H[TXLVLWD FDQWDQWH HXEDQD nWLHQH HO SRGHU GH FDXWLYDU FRQ VX YR] TXH PDWL]D DGPLUDEOHPHQWH WDQWR HQ ODV ,DFLOHV FRPR HQn ODV GLILFLOHV SLH]DV PXVLo FDOHV TXH LQWHUSUHWD FRQ JUDQ SUHFLVLRQ 0DULD VH SUHVHQWD HQ YDULDGRV SURJUDPDV TXH SUHVHQWD OD & ? 4 7DUQELHQ VDEH GRPLQDU OD YR] FXDQo GR VH QHFHVLWD H DFRSODPLHQWR FRQ RWUD SDUD EXVFDU OD SUHVHQWDFLQ GH XQ GXR SHUIHFWR TXH FDQWH ODV SLH]DV FRQ JUDQ PHORGLD \ ULWPR r r $1'5(6 &$67,//2

PAGE 20

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r r 3(3( 5(<(6 (VWH VLPSDWLFR SURVSHFWR GH OD UHJLQ RULHQWDO HV HO YHUGDGHUR WLSR GH FDQWDQWH TXH VDEH HPRFLRQDU \ FDXWLYDU FRQ 8 VXDYH YR] D ODV IHPLQDV TXH VXVSLUDQ S2,n OD FDQFLRQ HQWRo QDGD DO RLGR 3HSH HVWD FRQVLGHUDGR FRPR HO PHMRU FURRQHU GH &XED \ GHVGH OXHJR DFWXD FRQ H[FOXo VLYLGDG SDUD OD & 0 4 \ JUDED HQ GLVFRV 5B & $ 9LFWRU OD ILUPD TXH JUDED HVWUHOODV VRODPHQWH +DFH SRFR 3HSH 5H\HV DFDED GH UHJUHVDU GH XQD H[LWRVD MLUD DUWLVWLFD SRU 0H[LFR DFWXDQGR HQ ODV PHMRUHV HPLVRUDV GH DTXHO SDLV GRQGH VXSLHURQ DTXLODWDU TXH YDOLD QXHVWUR JUDQ FDQFLRQHUR &8%$ 086,&$/

PAGE 21

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o WXDFLRQHV HQ RWURV SDLVHV UHDILUPDQ FRPR XQD HVWUHOOD DTXL HQ VX SDWULD \ VXV SUHVHQWDFLRQHV VRQ FRWL]DGDV SRU OD & 0 4 SDUD SUHVHQWDUOR HQ 6HUHQDWD 7UHV )ORUHV ORV PLHUFROHV D ODV SP \ DGHPDV HV DUWLVWD GH 5DGLR &DGHQD +DEDQD OD HPLVRUD TXH WDQ EULOODQWHPHQWH GLULJH &RVVLR GHO 3LQR GRQGH DFWXD WRGRV ORV GLDV D ODV GH OD QRFKH r r 0,*8(/ '( *21=$/2 HV XQ MRYHQ FDQFLRo QHUR TXH SRVHH XQD JUDWD YR] FRQ OD FXDO FDQWD ODV PDV EHOODV FDQFLRQHV GH VX H[WHQVR UHSHUWRULR HQ WRQR URPDQWLFR \ FRQ XQD PHGLD YR] TXH VLHPSUH OOHJD DO R\HQWH HQ IRUPD DJUDGDEOH \ HPRWLYD *RQ]DOR HV GH 6DQWLDJR GH &XEDf GRQ GH VH LQLFLR FRPR FDQWDQWH VLHQGR PDV WDUGH VROLVWD GHO 2UIHRQ &XED
PAGE 22

&$17 $17(6 &8%$126 2/*$ &+25(16 < 721< $/o 9$5(= 1R KD\ XQD SDUHMD PXo VLFDO TXH UHXQD ODV VLPSDWLDV GH 2OJD \ 7RQ\ XQLGRV SRU OD YLGD HQ H PDWULPRQLR \ XQLGRV HQ HO DUWH SRU VXV PDJQLILFDV \ DFRSODGDV YRFHV HVWRV DUWLVWDV KDQ UHFRUULGR WRGR FHQo WUR \ 6XUDPHULFD VLHPSUH DWUD\HQGR SXEOLFRV LQPHQVRV TXH ORV KDQ DSODXo GLGR PXFKLVLPR 7RGDV ODV FDSLWDOHV GH HVWRV SDLVHV UHFLELHURQ D QXHVWURV FRPSDWULRWDV FDQ MXELOR \ IXH HQ OD $UJHQWLQD D GRQGH OOHJDURQ FDQWDQGR WDQJRV \ VDOLHURQ LQWHUSUHWDQGR FDQo FLRQHV FRQ HVH VDERU FXEDQR TXH V QRVRWURV VDEHUQRV GDUOH 2OJD \ 7RQ\ UHJUHVDURQ \ \D VRQ DUWLVW DV H[FOXVLo YRV GH OD &2&$&2/$L SUHVHQWDQo GRVH HQ VX SURJUDPD 5RQGD 0XVLo FDO TXH VH WUDVPLWH D ODV SP SRU 5DGLR 3URJUHVR OD 2QGD GH OD $OHJULD ,6,'52 &$0$5$ 2WUR YDORU SURFHGHQWH GH 6DQWLDJR GH &XED GRQGH JR]D GH JUDQ SRSXODULGDG HV HVWH PXFKDFKR TXH UHVSRQGH SRU ,VLGUR &DPDUD $UWLVWD GH OD &DGHQD 2ULHQWDO GH 5DGLR HVWH VH KL]R UDSLGDPHQWH GH XQ QRPEUH HQ HO VHFWRU PXVLFDO SRU VX KHUPRVD YR] GH WHQRU $OOL DFWXR FRPR VROLVWD GHO 2UIHRQ &XED /D ILUPD %DFDUGL OH GLR XQD RSRUWXQLGDG \ WUDMR D /D +DEDQD GRQGH GHEXWR FRQ H[LWRV HQ HO SURJUDPD TXH SDo WURFLQDEDQ SRU OD 5 + & D ODV GH OD QRFKH \ PDV WDUGH WDPELHQ VH SUHVHQWR SRU OD & 0 4 HQ 'H )LHVWD FRQ %DFDUGL ,VLGUR WLHQH XQ SRUo YHQLU EULOODQWH \D TXH VLHQGR QXQ KDVWDQWH MRYHQ SRVHH XQD YR] SRWHQWH \ ELHQ HGXFDGD 5$8/ '(/ &$67,//2 (VWH MRYHQ FDQFLRQHUR TXH GHVSXQWR UXSLGDo PHQWHHQ HO DUWH PXVLFDO QDFLR HQ /D +DEDQD GHEXWDQGR HQ OD 0DUTXHVLQD GHO 6DUDWRJD HQ HO DILR SHUR 5DXO VDELD PX\ ELHQ PXFKR TXH KDFLD IDOWD HO SXOLUVH n\ VXSHUDUVH \ QR WDUG HQ FRPHQ]DU VXV HVWXG RV GH FDQWR \ FRPSRVLFLRQ 9ROYLR D ORV PLFUIRQRV \ FDQWR SDUD ,D 0LO 'LH] \ 5 + & SHUR VX FRQVDJUDFLRQ IXH HQ 5DGLR 3URJUHVR $OOL VX GHEXW FDXVRVHQVDFLRQ \ PX\ SURQWR KL]R SRSXODUHV QXPHUR FBRPR /XQD /XQHUD \ 0H 5LR GHO $PRU 'HVGH HQWRQFHV 5DXO YLHQH DFWXDQGR HQ ORV SULQFLSDOHV WHDWURV \ QLJKWVFOXEV DGHPDV GH KDEHU FDQWDGR HQ ORV (VWDGRV 8QLGRV GRQGH VLHPSUH JXVWR VX HVWLOR SHUVRQDO ELHQ TXH PDQHLD VX YR] SDUD VDFDUOH SDUWLGR D ORV QXPHURV TXH LQWHnOfUHWD BFXD$ B086,&$/

PAGE 23

f nn r n *XVWR !? 6HOHFFLRQDQGR $1'5(6 &$ 7,//2

PAGE 24

3('52 9,/$ < 686 $/(*5(6 08&+$&+26 '( /$ 2548(67$ +5O9(56,'(y 3HGUR 9LOD \ VX VD[RMRQ DOWR VHFXUXODGR SRU VXV WUHV FRPo SDLLHURV KDFH XQ ODQGR PXVLFDO HQ /D SLH]D TXH HQVD\ DQ (Q HVH PDPER ODV WURPSHWDV VH FUX]DQ OD PHORGLD FDQ EULo OODQWH] PLHQWUDV WHMHQ HO DFRPSDLLDPLHQWR ORV VD[RIRQHV $O ILQDO YHPRV OD EDWHULD TXH HV DOJR LPSUHVFLQGLEOH HQ OD RUTXHVWD \D TXH OOHYD HO ULWPR VLQ HO FXDO QR KDEULD OD PHGLGD QHFHVDULD SDUD XQD EXHQD HMHFXFLRQ &8%$ 086,$/ & 217,On^8$1'2 D ODERU TXH QRV yOPS86OP2t KDFH DILRV GH SURFXUDU RIUHFHUOHV XQD PD\RU GLYXOo JDFLRQ D QXHVWURV DUWLVWDV PXo VLFDOHV HV DKRUD TXH YDPRV D SRQHU HQ FRQWDFWR D ORV OHHo ?nn WHUHV FRQ XQD RUTXHVWD FX R EDQD OD FXDO SXHGH OODPDUVH WDPELHQ SRU YDULDGR G VX UHSHUWRULR D]] EDQGn (VWD RUTXHVWD D QXHVWUR MXLo FLR HVWD @ X FKDQGR SRU HO SULo PHU OXJDU HQWUH ODV GH VX JUXSR TXH PDV VH GLVWLQJXHQ HQ HVWHV PRPHQWRV $O LU D HQWUHYLVWDU D OD RUo TXHVWD 5LYHUVLGH QRV TXHo GDPRV PDUDYLOODGRV FXDQGR ROD HVFXFKDPRV HMHFXWDQGR ORV DFRUGHV GLILFLOHV \ PDUDYLOORo VRV GH XQ 0DPER (VWRV HQo VD\DEDQ H SURJUDPV /D 3DXVD TXH 5HIUHVFD TXH VH SUHVHQWD WRGRV ORV GRPLQJRV D OD XQD SRU OD & 0 4 \ HV SDWURFLQDGR SRU OD &RFDo &ROD +D\ JUDQ DILQDFLRQ HQ HO JUXSR ORV PHWDOHV VXHo QDQ EULOODQWHV \ SUHFLVRV PLHQWUDV ORV VD[RV GHVSOLHJDQ XQ HPSDVWH SHUIHFWR 'HVo SXHV GH UHFUHDUQRV FRQ DT XHo OOD LQWHUSUHWDFLRQ LQIRUPDO QRV FRORFDPRV IUHQWH DO DIDo EOH \ D OD YH] HQHUJLFR 'Lo UHFWRU HO FDEDOOHURVR 3HGUR 9LOD (VWH GHPXHVWUD XQD UHVo SRQVDELOLGDG PXVLFDO GH HVDV TXH LQVSLUDQ UHVSHWR \ FRQo ILDQ]D D OD YH] \D 4XH WLHQH XQD JUDQ VHJXULGDG HQ VX ODERU /RV SULPHURV GHWDOOHV PXVLFDOHV TXH SRGHPRV FRQRo FHU HQ OD YLGD DUWLVWLFD GH HVWD RUTXHVWD VRQ TXH VH IXQGR

PAGE 25

KDFH DILRV FRQ H QRPEUH GH +DYDQD LYHUVLGH 9LOD LQJUHVR HQ HO DVXPLHQGR OD GLUHFFLRQ GH OD RUTXHVWD H HO DILR 5HEXVFDQGR HQ OD YLGD GH HVWH PRGHUQR 'LUHFWRU VDEHPRV TXH FRPHQ]R VXV HVWXGLRV GH PXVLFD D OD HGDG GH DILRV DSUHQGLHQGR VROIHR \ VX LQVWUXPHQWR HO VD[RIQ (VWH HV IXQo GDGRU GH OD %DQGD GH OD )ROLFLD DGHPDV GH KDEHU SHUWHQHFLGR WDPELHQ D OD RUo TXHVWD GH +HQH 7RX]HW (Q HVWD SLQWRo UHVFD RUTXHVWD HO EHQMDPLQ HV HO WURPo SHWD GH ORV VRORV FRQ VRUGLQD (QULTXH 2VRULR HO DUUHJOLVWD HV HO WURPS HWD 5HQH 5DYHOR \ HO 0HGLFR GHO JUXSR HV HO 'U 'LD] HO FXDO WDPELHQ WRHD HO GUXP 8QD GH ODV UQHMRUHV FRVDV TXH WLHQH ,D 5LYHUVLGH HV VX FDQWDQWH UXo ELR GH RMRV D]XOHV \ TXH UHVSRQGH DO QRPEUH GH 7LWR *RPH] VX YR] FODUD \ H[SUHVLYD QR WLHQH SUHFLR SDUD LQVSLUDU HQ ORV PRQWXQRV \ FDQWDU ODV JXDUDFKDV 3DUD FHUUDU OD HQWUHYVLWD GLUHPRV TXH HVWHV JUDEDQ SDUD ORV GLVFRV $QVRQLD GRQGH WLHQHQ VRORV GH RUTXHVWD IRUPLo GDEOHV FRPR 0RQGRQJR $VLD 0HQRU 4XH 5LFR HO 0DPER \ %RQJR %RQJR &RPR DUWLVWDV H[FOXVLYRV GH OD &RFDo &ROD WLHQHQ XQ JUDQ SUHVWLJLR DGTXL ULGR HQWUH ORV PLOHV GH R\HQWHV GH HVH DOHJUH SURJUDPD GRPLQLFDO DGHPDV KDQ DFWXDGR HQ 9HQH]XHOD &RORPELD \ 3XHUo WR 5LFR WHQLHQGR HQ FDUWHUD SURSRVLo FLRQHV SDUD DFWXDU HQ ORV (VWDGRV 8QLo GRVH /DV SDODEUDV ILQDOHV TXH GHILQHQ FODUDPHQWH HO SUHVWLJLR TXH RVWHQWD HVWD RUTXHVWD ODV GLFH VX 'LUHFWRU 3HGUR 9LOD n/(, EXHQ FRPSDILHULVPR \ OD YRo OXQWDG LQTXHEUDQWDEOH HQ XQD HMHFXFLQ PHMRU KDQ ORJUDGR ODV FDUDFWHULVWLFDV TXH ,H KDQ GDGR HO WULXQIR D PL RUTXHVWD 5LYHUVLGH ,QWHJUDQWHV 6Do [RV 3HGUR 9LOD 5HQH 5DYHOR *UHo JRULR %LHQHV \ $Vo GUXEDO *RPH] 7URPSHWDV $QWRo QLR \ -XOLR 7HPo S UDQ (QULTXH yy VRULR \ HL WURP ERQ (PLOLR 7HP SUDQR 3LD QR 7LWR *RPH] )UDQFLVFR $FHYH GR %DMD /XLV 7RUULHQWH 'UXP 'U (GJDU 'LD] %RQJRHV %DXGLO LR &DUo ERQHOO n2nnf,,,'fnBnfnffnBnfnfnnnnnnnnnnnnfnnnfnnnfnnnfnnnfnnnfnnnfnnnf n f ff nf fBf f R f fnn /$ /*$1&,$ ,03&$4/ 1 /26 75$- ' /$ 5487$ 5,956,'>f V 352'8&72 ' /$ 6DVWUHULD 5DGLRFHQWUR 81$ 6$6755,$ 3$5$ 171','2-y?O(2n$'2 +n$ $ 1 $ 7(/() r ) $1'5(6 &$67,//2

PAGE 26

3,$1,67$6 ( QXHVWUR JUDQ (UQHVWR /HFXRQD KDEULD TXH KDEODU WDQWR TXH QL WRGR HO HVSDFLR GH HVWD VHFFLRQ VHULD VXILFLHQWH &RPR YHUGDGHUR GLYXOJDGRU GH QXHVWUD PXVLFD GLUHPRV TXH HV OD ILJXUD PDV FRQRFLGD HQ HO PXQGR HQWHUR FRPR UHU SUHVHQWDWLYR GHO DUWH PXVLFDO &RPSRVLWRU \ SLDo QLVWD GH JUDQGHV YXHORV HV HO PDHVWUR /HFXRQD HO TXH SRVLEOHPHQWH KD VDFULILFDGR XQD FDUUHUD GH FRQFHUWLVWD SRU GDUOH YLGD D OD PXVLFD YHUQDFXOD FXEDQD 'H VX IHFXQGD LQVSLUDFLQ VRQ ]DU]XHODV WDQ IDPRVDV FRPR n0DULD OD (O &DInHWDO /ROD &UX] \ XQ VLQ QXPHUR PDV GH SUHFLRVDV FDQFLRQHV DQWH ODV FXDOHV XQR VH VLHQWH DEUXPDGR \ QR VH GHFLGH D HOHJLU S2,n TXH TXLVLHUD DEDUFDUODV WR LDV r r (175( QXHVWURV YDORUHV LQWHUQDFLRQDOHV GHO PRo PHQWR VH GHVWDFD GH XQD PDQHUD FDUOD YH] PDV QRWRULD D SUHVHQFLD GH -RUJH %ROHW &RPR LQWHUSUHWH GH ODV RKUDV FODVLFDV DO SLDQR VH SXHGH HVSHUDU GH HO XQD WHFQLFD GHSXUDGD HQ OD HMHFXFLQ GH HVWH LQVWUXPHQWR %ROHW HV RWUR DUo WLVWD GH UHOHYDQWHV PHULWRV TXH QRV VLWX D D IUHQWH XQLYHUVDO GHO DUWH &8%$ 086,&$/

PAGE 27

3 5(6(17$026 DKRUD DXVWHUD ILJXUDnGH )UDQo FLVFR *RGLQR ILQR LQWHUSUHWV WDQWR GH ODV GHOLFDGH]DV GH ,Q PXVLFD GH FDPDUD FRPR n GH OD GLILFLO W*UHD GH VXEUD\DU OD DFWXDFLQ GH WRGDV ODV JUDQGHV ILJXUDV GHO %HO &DQWR TXH QRV KDQ YLVLWDGR *RGLQR VH GHVDUUROOR HQ SUR\HFFLRQ GH FRQFHUo WLVWD WRGR HVWR D SHVDU GH VX GLDULR EUHJDU GHQWUR GH OD PXVLFD SRSXODU (VWH HV SLDQLVWD RILFLDO GH OD JUDQ RUTXHVWD GH OD & 9, 4 3UHVLGHQWH GH OD 6HFFLRQ GH &RQFLHUWRV GH@ ,QVWLWXWR 1DFLRQD GH 0XVLFD DGHPDV GH SHUWHQHFHU D OD DJUXSDFLRQ VRFLDO TXH SUHVHQWD HQ /D +DEDQD ORV FRQFLHUWRV GH PXVLFD GH FDPDUD 3,$1,67$6 &$5/26 $16? HV RWUR HOHPHQWR YDOLRVR GH OD F 0 4 TXH VHQWDGR IUHQWH D VX LPSUHVo FLQGLEOH SLDQR VH KD GHGLFDGR GH ,OHQR D LQWHUSUHWDU XHVUD UQXVLFD SRSXODU D ,D YH] TXH FRPR GLUHFWRU KD ORJUDGR XQ JUDQ DFRSODPLHQWR HQ OHL RUTXHVWD GH HVWD HPLVRUD $QVD ULDFLR nHQ /D +DEDQD \ GHVGH OD HGDG GH DILRV WRHD HO SLDQR ) XH HQ HO DQD TXH LQJUHVR HQ OD HPLVRUD GH 0HVWUH DGHPDV HV WDPELHQ 'LEXMDQWH $UTXLWHFW QLFR &DUORV nHV QX\ HVWLPDGR GH WRGRV VXV FRPo SDILHURV TXH YHQ HQ HO DO PXVLFR DIDEH < VHQFLOOR \ VLHPSUH GLVSXHVWR D SUHVWDUOH D\XGD D TXLHQ OD QHFHVLWH 7DUQELRQ WHQHUQRV TXH $QVD VH KD HVSHo FLDOL]DGR HQ SUFGXFLU MLQJOHV SDUD FRQIHFFLRQDU DQXQFLRV FRPHUFLDOHV HVWDQGR FRQVLGHUDGR HQ HVWD PDWHULD FRPR 8D DXWRULGDG HQ HO GLILFLO DUWH GH OO SXEOLFLGDG ?1'L(6 Y$6On,//2

PAGE 28

3,$1,67$6 /D UHSUHVHQWDFLQ IHPHQLQD GHO WHFODGR HQ TXH UHVSHFWD D SRSXODU UHFDH HQ ,62/,1$ &$55,//2 &RQ XQ WHPSHUDPHQWR VHQVLWLYR SDUD OD PXVLFD WRHD HO SLDQR FDQ PXFKR JXVWR HMHFXo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yy FRPR FRPSRVLWRUD \D TXH HV GH XQD ILEUD VHQWLo PHQWDO WDQ H[TXLVLWD TXH SURGXFH PXFKDV \ OLQGDV FDQFLRQHV HQWUH ODV FXDOHV HVWD VX JUDQ H[LWR 'RV *DUGHQLDV SDUD 7L r r / TXH SXHGH KDFHU XQ WHPSHUDPHQWR LQWHQo VDPHQWH DUWLVWLFR SXHGH GHPRVWUDU )HOR %HUJD]D HVWH MRYHQ \ H[FHOHQWH SLDQLVWD TXH VLQ UHDOL]DU JUDQGHV HVWXGLRV DO SULQFLSLR VLHPSUH WXYR XQD JUDQ LQWXLFLQ SDUD HMHFXWDU ODV PDV GLILFLOHV SLH]DV PXVLFDOHV $ WUDYHV GHO WLHPSR )H,R VH KD LGR VXSHUDQGR \ WLHQH WDO DJLOLGDG \ JXVWR SDUD WRFDU HO SLDQR TXH \D QRV KD KRQUDGR HQ VXV EULOO DQWHV DFWXDFLRQHV SRU HO H[WUDQMHUR (VWH DUWLVWD TXH VH KD SUHVHQWDGR PXFKDV YHFHV SRU OD & 0 4 WLHQH IRUPD GR VX JUXSR PXVLFDO GH YRFHV H LQVWUXPHQWRV FRQ ORV TXH KD JUDEDGR \D GLVWLQWRV GLVFRV &8%$ 086,&$/

PAGE 29

/$ 2548(67$ +1 &$6752 /$ 48( 5(81( 086,&$/0(17( $ &8$752 +(50$126 /D RUTXHVWD +QRV &DVWUR WDO FRPR VH SUHVHQWD GHVGH HO VDORQFRPHGRU GHO OXMRVR +RWHO 1DFLRQDO /$ RUTXHVWD GH ORV +QRV &DVWUR VH KD LPSXHVWR HQ HO VHFWRU JUDo FLDV D XQ DMXVWH SHUIHFWR XQD GLVFLSOLQH HVWULFWD \ XQD FDSDFLGDG PX VLFDO SURGXFLGD XQLFDPHQWH SRU ,RV HQo VD\RV \ LPSUHVFLQGLEOH TXH HV HO UHDOL]DU XQD EXHQD HMHFXFLRQ HQ FDG D QR GH ORV LQVWUXPHQWRV \D TXH XQLFDo PHQWH DVL VH SXHGH RFXSDU XQ DWULO GHo ILQLWLYDPHQWH HQ HVWD RUTXHVWD FXEDQD OD FXDO HV WDQ VROLFLWDGD SRU ODVn PDV H[FOXVLYDV VRFLHGDGHV KDEDQHUDV 3RU HVR DTXHOOD QRFKH HQ TXH QRVn HQFRQo WUDPRV HQ XQ EDLOH FRQ OD RUTXHVWD + & W G QRV DV UR QRV TXH DPRV PDUD YLOODGRV DO HVFXFKDU ORV LQVWUXPHQWRV UDVJDQGR OD QRFKH FRQ VRQRULGDGHV PDJo QLILFDV n\ HO VRQ PDV FDGHQFLRVR TXH GH FRVWXPEUH WHQLD VX PHMRU LQWHUSUHo WDFLRQ HQ DTXHOORV PXFKDFKRV FRUUHFWRV \ HOHJDQWHV TXH SUHFLVDPHQWH VH KDQ LPSXHVWR SRU ELHQ TXH HMHFXWDQ QXHVo WUD PXVLFD D OD YH] TXH VRQ HVWXQHQGRV HQ TXH VH UHILHUH DO SDVRGREOH D ORV FRPSDVHV GH OD PXVLFD DPHULFDQD (V 0DQROR &DVWUR HO LQGLVSHQVDEOH GLUHFWRU OD XQLFD SHUVRQD DXWRUL]DGD SDUD KDEODUQRV FRQ SRVLWLYRV FRQRFLo PLHQWRV GH ODV HYROXFLRQHV GH QXHVWUD PXVLFD \D TXH GHV GH KDFH DOLRV HVWD HQ HO DPELHQWH \ SRU VXV PDQRV KDQ SDo VDGR PXFKDV RUTXHVWDV H LQILQLGDG GH PXVLFRV TXH KR\ VRQ WDPELHQ GLUHFWRUHV GH VXV SURSLDV RUTXHVWDV 0DQDOR VH LQLFLR HQ OD PXVLFD WRGDYLD XVDQGR SDQo WDORQHV FRUWRV VLHQGR HQ HO FHUFDQR SXHo EOR GH *XDQDEDFRD GRQGH FRPHQ]R D DSUHQGHU PXVLFD FRQ HO JUDQ PDHVWUR *HUDUGR *XDQFKH HO FXDO HUD GLUHFWRU GH OD %DQGD GHO &XHUSR GH %RPEHURV \ HQ OD TXH WDPELHQ PLOLW 0DQROR (O SULPHU LQVWUXPHQWR TXH DSUHQGLR D WRo FDU IXH HO VD[RIQ \ PDV WDUGH HVWXGLR HO FODULQHWH \ HO SLDQR /D PD\RU QRYHGDG HQ HVWH JUXSR PXo VLFDO HV TXH MXQWR D 0DQROR OD UHVSRQo VDELOLGDG GH OD RUTXHVWD OD OOHYDQ RWURV WUHV KHUPDQRV D VDEHU $QWRQLR TXH WRHD HO WURPERQ \ HV HO PDQDJHU -XDQ 4XH WRHD HO SLDQR \ DFRUGHQ \ $Qo GUHV 4XH HV HO VROLVWD HQ OD WURPSHWD &XDQGR LQGDJDPRV VREUH VX RUTXHVWD 0DQROR QRV GLFH TXH OD IXQGR HQ HO n FRPHQ]DQGR HVH PLVPR DILR D SUHo VHQWDUVH SRU UDGLR VLHQGR HQ OD PLVPD HPLVRUD GRQGH DFWXDQ KR\ HQ GLD OD SRSXODU 5DGLR 6DODV GH 0DQROR $1'5(6 &$67,//2

PAGE 30

*XLOOHUPR 6DODV (VWD RUo TXHVWD VH KD SUHVHQWDGR HQ ORV PDV SUHVWLJLRVRV WHDo WURV \ HQ ODV PDV HOHJDQWHV VRFLHGDGHV FRPR HO +DYDQD
PAGE 31

2548(67$ 2),&,$/ '(/ &,5&8,72 F 0 4 $1'5( &$67,//2 >,+H DTXO D OD RUTXHVWD UDGLDO PDV IRUPLGDEOH GHO PRPHQWD U ODR n48LLOVWL n GHVWDFD DFRPSDLLDQGR D QXHVWURV FDQWDQWHV UHDOL]DQGR PDJQyLIeF4y VROROnyn nL RUT XHVWDOHV D HPLVRUD TXH GLULJH *RDU 0HVWUH WLHQH HO SULOLOHJnL IIU]OLdU Wnny`f ORJUDGR UHXQ]U D XQ QXWULGR JUXSR GH SURIHVRUHV YHUGDGHULVUUXLHVWI^MVyy-O-fy6OLVyyy m!n^ LQVWUXPHQWRV ORV FXDOHV EDMR ODV EDWXWDV H[SHUWDV GH 0 DG 4nOO" ^,3WULGHfyU ny-fWIG HQ HVWD IRWRf 5RLJ *XHUUHUR &VRQND U $QVD LQWHU SUHWDLWORV nWLLDL yYDWLDGR `n n"?6ynI? JHQHURV PXVLFDOHV 0HQFLRQHPRV DKDUD D VXV LQWHJUDQWHV SDUD TXH n WRGRV !B FRQR]FDQ D ORV UHVSRQVDEOHV GH WDQ PHULWRULD ODERU 9LROLQHV -HVXV *HWDQ n 5REHUWR y9,f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nSDUD OD 3DQDUW FRQ GDQ]RQHV GH VX SURSLD FRVHFKD &Wg 3HOLJUR (, DILR /RV &RPDQGRVn 5LWPR ,GHDO /D 3DHOOD HWF ,17(*5$17(6 >RVH LWR 9DOGHV yIODXWD \ GLUHFWRU 3HGUR +HUQDQGH] YLROWQ (YDULVWR n%DUnR ED@R 2UODQGR $ORQVR SLDQR 0LJXHO $U R VWHTXL W LPEDO 2VYDOGR 0DUWLQH] JLOLUR \ -XOLDQ &DEUHUD WXPED n

PAGE 32

$1721,2 $5&$12 (/ &5($'25 '( 81 5,702 18(92 ,QWHJUDQWHV 9LROLQHV (OLR 9 DOGHV 6DOYDGRU 0XLWR] )DXVWR 0XQR] 9LROD 0LJXHO 9DOGHV 3LDQR n,HVXV /RSH] n n%DR ,VUDHO /RSH] 7LPEDO 8 OSLDQR 'OD] *LLLUR -XOLR 3HGURVR 7nXPED (OLVHR 0DUWLQH] &HOORV -XDQ 3HUH] U -XDQ 5RGULJXH] 'LUHFWRU \n >ODXWLVWD $QWRQLR $UFDQR (638(6 GH SRQHU OD FODYH GH 6RO HQ QXHVWUR SHQWDJUDPD LPDJLQDo ULR DEULPRV HVWD QXHYD HQWUHo YLVWD PXVLFDO FRQ XQD RUTXHVWD TXH UHSUHVHQWD D VX JHQHUR HQ HO DPELHQWH SRU OD PDJQLILFD nFDOLGDG LQWHUSUHWDWLYD TXH UHDOL]DQ GH QXHVWURV WUDGLFLRQDOHV GDQ]RQHV (VH ULWPR WDQn DQWLJXR < WDQ LPSUHVFLQGLEOH HQ WRGRV ORV EDLOHV GRQo GH VX PXVLFD SDXVDGD PDV ILQD \ FRQ PDV FDGHQFLD HQ VXV FRPSDVHVn HV 6W n HOHJLGD SRU ORV EDLODGRUHV TXH JXVWDQ n GH GDQ]DU VLQ DJLWDUVH n n 6L UHFRUUHPRV OD KLVWRULD GH ,DUQXo VLFD HQ ORV XOWLPRV DILRV SRGUHPRV FRPo SUREDU TXH KD VLGR HO JHQLDO $QWRQLR $UFDILR FRQ VUL RUTXHVWD GH 0DUDYLOODV HO KRPEUH TXH GH YHUGDG KD KHFKR PXo FKR SRU HO DXJH GHO GDQ]Q HQ ORV PRo PHQWRV TXH PDV QHFHVLWDED HVWD PX VLFD WDQ QXHVWUD n 3HUR YDPRV SULPHUR D VDEHU DOJR GH $UFDILR 1DFL HQ /D +DEDQD\VH nFUL &8%$ 086,&$> (1 (/ '$1=21 HQ 5HJ,D DOOL DSUHQGL D WRFDU OD IODXWD FRQ H PDHVWUR -RVH $ 'LD] /OHYD HQ OD PXVLFD DILRV \ HQ OD SULPHUD RUo TXHVWD TXH WRFR IXH HQ OD GH 9DOGHVSL 6X RUTXHVWD GH GDQ]RQHV OD IXQGR HQ H DILR 3HUR ORV PDV FDOLGRV HORJLRV ORV UHFLELR HXDQGR RUJDQL]H XQD JUDQ RUTXHVWD UDGLRIRQLFD GH SURIHVRUHV OD TXH SUHVHQWR HQ HO SRU ORV PLFUR n IRQRV GH OD 0LO 'LH] \ OD HXDO HUD H UHIOHMR GH VX RUTXHVWD WLSLFD GH PXo VLFRV SHUR UHIRU]DGD ODV FXHUGDV \ FRQ DUUHJORV PDV FRPSOHWRV \ PRGHUQRV 3HUR HVWH JUDQ HVIXHU]R GH VXSHUDFLRQ PXVLFDO QR SXGR GXUDU PXFKR \D TXH QR KXER XQ SDWURFLQDGRU GHFLGLGR \ SD WULRWLFR TXH BFRVWHDVH XQ SURJUDPD GH HVWD LQGROH \ nVD JUDQ RUTXHVWD TXH ,H GDED FRORULGR\ O QXHYR UHDOFH DO GDQo ]RQ WXYR TXH VHU GLVXHOWD SRU HO DEDQ

PAGE 33

7ULQLGFG 684fHVn GH 7OLL1Lf$f +1W" GRQR GH ORV UDGRLHPLVRUHV TXH QR TXLo VLHURQ SUHVWLJLDU QXHVWUD PXVLFD WLSLFD 9HDPRV WDPELHQ DKDUD TXH $UFDXR IXH HO SULPHUR HQ PWURGXFLU OD WXPEDGRUD HQ XQD RUT XHVWD WL SLFD \ HV WR X 7L HQ H /L \ FRQ XDO VH REUR XQ JUDQ FDPELR HQ HVWD PXVLFD TXH HO PLVPR H[SKFD )XH SRU HVD HSRFD TXH FRPHQo FH D QRWDU HQ ORV EDLODGRUHV XQD WHQo GHQFLD D HOD ERUDU SDVLOORV FDGHQFLRVRV DOJD TXH ORV DOHMDED GH OD PXVLFD DJLo WDGD GH ODV JXDUDFKDV \ ODV UXPEDV 3XHV ELHQ HVRV EDLOD GRUHV DO VDFDU Q XHYRV SDo VLOORV KDFLDQ OXFLU D OD RUTXHVWD PX\ YDFLD HQWRQFHV IXH FXDQGR HQFRQWUH HQ OD WXPED QHFHVDULR SDUD UHIRU]DU HO ULWUQR \D TXH FRQVROLGD \ ,H GD SDXVD \ ,OHQR D OD PHORGLD (VWH ULWo PR QXHYR SXHGH H[SOLFDUVH DVL HQORV PRQWXQRV HO SLDQR KDFH XQR HIHFWRV TXH VH WUDQVSRUWDQ D XQRV SDVDMHV DSURo SLDGRV SDUD TXH ORV EDLODGRUHV HQWUHQ FRQ VXDYLGDG HQ OD SDUWH ILQDO OXHJR n )80( n ? HQWUDQ XQLGRV OD WXPED HO EDMR \ ORV YLROLQHV PLHQWUDV,DIODXWD GD YDULHGDG KDFLHQGR nODV LQVSLUDFLRQHV SDUD TXH H nO QR VHD PRQRWRQH 3D D yHB/O //BO! OQHQ2OXH GFFLU TXH HQ HO WLHPSR TXH OOHYD GH IXQGDGD OD RUTXHVWD GH $UFDILR \ VXV 0DUDYLOODV HVWD KD DFWXDGR HQ PXFKDV UDGLRHPLVRo UDV \ HQ FDVL WRGDV ODV VRFLHGDGHV GH OD 5HSXEOLFD KDKLHQGR UHFLELGR UQXFKRV KRQRUHV FRPR VRQ HO SUHPLR $&5, GHO DILR GLSORPDV GH OD 8QLRQ GH 0DWDQ]DV %XHQDYLVWD 6RFLDO &OXE &OXE $UWLVWLFR &XOWXUDOn $VV GH &UR QLVWDV 6RFLDOHV \ XQD JUDQ FRSDMGH KL VRFLHGDG nGHO EDUULR GH %HOHQ GIWL4nO FDILR WRHD WRGDV VXV YHUEHQDV GHG@LFH PXFKRV DILRV $QWRQLR $UFDILWfHVnnXQLQ WHOLJHQWH\ VHQFLOOR PXVLFR FXEDQR TXH QRV KRQUD FRQ VX ODERU GLDULD HQ IDYRU GHO UHVXUJLPLHQWR GH OD JHQXLQD PXVLFD SRSXODU 1'5(6 &$67,//2 B

PAGE 34

/ r r 3D5 48( ORV 7URYDGRUHV 6RQULHQWHV VRQ OODPDGRV SDUD DOHJUDU WRGDV ODV ILHVWDV GRQGH TXL HUD TXH LPS HUH OD PXVLFD \ f EXHQ KXPRU VH H[SOLFD GH XQD PDQHUD PX\ ,DFLO 3XHV HV TXH H 7ULR 6HUYDQGR 'LD] VDOH DQWH HO SXEOLFR \ FDQWDQ EDLODQ HQVD\DQ JHVWRV FRPLFRV H LQLFLDQ SDVRV GH FRQJD PLHQWUDV HQ VXV JXLWDUUDV YLEUDQ ODV FXHUGDV VXHQD XQ JROSH TXH LPLWD DO LQGLVSHQVDEOH ERQJR VXUJLHQGR GHVSXHV OD OHWUD SLFDQWH \ KXPRo ULVWLFD GH XQ QXPHUR FRPR /D )LHVWD GH @RV 5DWRQHV &KUWSTQGR &DILD 7RFDQGR 0DGHUD $ 5RPSHU H@ &RFR n 6HUo YDQGR 5HFLR \ 3RUWDO IRUPDQ XQ WULR QHWDo PHQWH SRSXODU TXH QXQFD OHV IDOWD WUDEDMR HQ ORV WHDWURV QL HQ,RVFDEDUHWV (VWH WULR VH SUHVHQWD HQ (On6KRZ nHUH nOD 0nDILnDULLyn SRU OD &04 \ DGHPDV VH SXHGHQ HVFXFKDU HQ PXFKDV GH ODV JUDEDFLRQHV TXH WLHQHQ H[FOXVLYDV SDUD 5DGLR 3URJUHVR OD HPLVRUD TXH PDV SURJUDPDV PXVLFDOHV SUHVHQWD HQ VX NLORFLFORV *8,7$55$6 (75( ODV YRFHV IHPHQLQDV FXEDQDV TXH VH XQHQ SDUD IRUPDU WULRV DUo UQRQLFRV HO PHMRU GH WRGRV HV HO GH ODV +HUPDQDV /DJR 6X HVWLOR HV GHSXUDGR WLHQHQ JUDQ D U PR Q L D TXH FRPSOHPHQWDQ FRQ DFRUGHV YRFDOHV PRo GHUQRV TXH SDUHFHQ HO IRQGR PXVLFDO TXH ERWD GH XQD RUTXHVWD /XFLD *UDo FLHOD \ &ULVWLQD VRQ ORV QRPEUHV GH HVWDV KHUPRVDV KHUPDQDV TXH KDQ SDVHDGR VX WULR SRU ORV PDV OXMRVRV WHDWURV \ FDEDo UHWV GH WRGRV ORV SXHEORV GH OD $PHULFD TXH KDQ YLVLWDGR /DV +UPDQ"V /DJR KDQ WRUQDGR SDUWH HQ YDQRV FRUWRV FLQHo PDWRJUDILFRV WLHQHQ JUDEDGRV GLVFRV FRQ OD 3DQDUW \ VRQ DUWLVWHV GHO &LUFXLWR &04

PAGE 35

< 92&(6 '( OD UHJLRQ RULHQWDO VRQ HVWDV OLQGDV FKLTXLOODV TXH LQWHJUDK HO WULR GH ODV +HUPDQDV 0DUTXHV (Q OD LQo WHUSUHWDFLRQ GHO ULFR IRONORUH FXEDQR HOODV QR WLHQHQ ULYDO &RQRFHQ PX\ ELHQ OD PXVLFD TXH SDOSLWD HQ QXHVWUR DPELHQWH SRSXODU \ VDEHQ PXFKD PXVLFD SDUD KDo FHU GH VX WULR XQR GH ORV PDV FDSDFLWDGRV SDUD DFWXDU FRQ YHUGDGHUD WHFQLFD PXVLo FDO HQ FXDOTXLHU OXJDU TXH VH SUHVHQWHQ &XDQGR HMHFXWDQ XQD JXDUDFKD FDQWDQ XQ EROHUR &XVD 7LQL \ 1 HU]D SRQHQ ORV SRTXLWRV QHFHVDULRV SDUD DOHJUDU \ HPRo FLRQDU D VXV PLOHV GH DGPLUDGRUHV (VWH WULR IHPHQLQR WDPELHQ KD UHFRUULGR GLVo WLQWRV SDLVHV \ VRQ DUWLVWDV GHO &LUFXLWR &04 r r /26 WULRV WLSLFDPHQWH FULROORV \D VH YDQ DFDo EDQGR FRQ D M QHYLWDEOH HYROXFLRQ GH OD PXVLFD PRGHUQD SRU HVR KD\ TXH SUHVHQo WDUOHV D ORV OHFWRUHV SRFR EXHQR TXH TXHGD HQ HO DPELHQWH 3RU HMHPSOR WHQHPRV D /XLVLWR 3KL \ VXV *XDUDFKHURV TXH HV XQ WULR TXH WRGDYLD LQWHUSUHWD XQD %D\DPHVD \ XQ 4XLHUHUQH 0XFKR FRQ HO VHQWLPLHQWR \ OD PHo ORGLD TXH VLHPSUH KDQ SUHGRPLQDGR HQ QXHVWUDV FDQFLRQHV (VWH WULR IXQGR /XLVLWR 3,D HQ H DQD GH FRQ 3HSH 7UHOOHV \ 5REHUWR &RUGHUR ORV FXDHV VRQ WRGRV FRPSRVLWRUHV GH ,LQGDV PHORo GLDV (QRV KDQ YLVLWDGR 0H[LFR 9HQH]XHOD \ &RVWD 5LFD DGHPDV GH UHDOL]DU H[LWRVDV SUHVHQWDo FLRQHV SRU WRGD OD LVOD /XLVLWR 3,D \ VX WULR KDQ JUDEDGR HQ GLVFRV 9LFWRU KLWV PXVLFDOHV FRPR /D 7UDVQRFKDGRUD \ 7X \ WX 9LGD (VWRV FRUo GLDOHV PXFKDFKRV SXHGHQ VHU HVFXFKDGRV HQ OD *DUDYDQD GH (VWUHQRV GH /D 2QGD GHn OD $OHo JULD SRU 5DGLR 3URJUHVR \ SXHGHQ VHU YLVWDV DFWXDQGR HQ HO VLPSDWLFR &KH] 0HULWR HO OXMRVR EDU GHO +RWHO 3UHVLGHQWH $1'5(6 &$67,//2

PAGE 36

f ,n (L 175( OD VHOHFFLQ GH WULRV FXEDQRV TXL]DV H TXH PDV SRSXODULGDG KD\D DOFDQ]DGR HQ WRGDV ODV HSRFDV HV HO IDPRVLVLPR 7ULR 0DWDPRURV &LUR &XHWR \ 0Lo JXHO FRPR VRQ SUHVHQWDGRV HQ WRGDV SDUWHV IXHURQ FRPR SXHGH GHFLUVH XQD DJUXSDFLRQ PXo VLFDO KLVWRULFD (VWH 0LJXHO 0DWDPRURV JUDQ PXVLFR RULHQWDO FDQWDQWH \ FRPSRVLWRU GH ORV EXHQRV IRUPR VX WULR KDFH \D PXFKRV DILRV HQ VX TXHULGD 6DQWLDJR GH &XED GHVGH DOOL VH DEULR SDVR FRQ VX JUXSR SRU WRGRV ORV HVFHo QDULRV \ SRU WRGDV ODV FLXGDGHV TXH YLVLWDED &RPR QRV SDVD HQ FDVL WRGR HO OLEUR HO HVSDFLR QL VLTXLHUD DOFDQ]D SDUD HPSH]DU D KDEODU GH HVWH WULRn VRODUQHQWH GLUHPRV 48 VXV PHMRUHV FUHDFLRQHV HVWDQ JUDEDGDV HQ GLVFRV 9LFWRU \ TXH DFWXXOPHQWH VH SUFVHQWDQ SRU OD 5DGLR &DGHQD +DEDQD HQ 8 SURJUDPD GH ODV S P &8%$ 086,&$/n Y 75(6 PXVLFRV YLOODFODUHILRV VH UHXQLHURQ XQ GLD GHO PHV GH DJRVWR GHO SDUD XQLU VXV DQKHORV GH WULXQIRV HQ XQ PDJQLILFR WULR TXH VH LPSXVLHUD HQ HO DPELHQWH PXVLFDO 8UEDQR 0RQWHUUH\ \ ORV KHUUQDQRV )HOL[ \ $OIUHGR 7RUUHV VH XQLHURQ SDUD IRUPDU HO ^n7ULR 7RUUHV 0RQo WHUUH\ (VWRV ORJUDURQ GHVGH VXV FRPLHQo ]RV WHQHU OD FDOLGDG QHFHVDULD \ FRPHQo ]DURQ VXV DFWXDFLRQHV FRQ $PDGR 7ULQLo GDG \ GHVGH HQWRQFHV KDVWD DKRUD VLHPo SUH VH KDQ SUHVHQWDGR SDU ODVRQGDV D]XOHV GH D 5+& \ HQ XQ SURJUDPD D ODV GH OD PDQDQD (VWH WULR KD DFWXDGR HQ MLUDV SRU WRGD 9HQH]XHOD \ KDQ JUDEDGR GLVFRV SDUD OD &RS GH 1RUD 0RUDOHV (VWRV DUo WLVWDV GH OD &DGHQD $]XO IXHURQ WDPELHQ SUHPLDGRV SDU OD $&5, HQ VX VHOHFFLRQ GHO DQD 75,2 +126 Q,* $/ (VWRV WUHV PXFKDo FKRV KUQ nGR GVW U VR PLV &OXH QLQUP R W LR HQ n W n B Ry 7 n+ UPYQRV ,L E/UOy &Q B n R :n FRPR WRORV XV ?XW VW 6 8? n B F, 826 SQn SRV W QWH VHQH yOE 6R n U yOEnFV HQ H VLP OWFR OU UUR GH /XY \f yy FQW EDQ HQ IL HVWHo F W V \ ,OFJQE Q /HVW ZyLyFVfUVH SUHVHQWLQGRVH HQ ,DV FR WFV VXSUHUQDV TXH RUJDQL]DEDQ ORV FLQHV GH DTXHO ,XJDU 3HUF VLHPSUH VH QRWD HQ HOORV XQ DIDQ SRU HQVD\DU QXPHURV GLILFLOHV DFRSODQGR VXV YRFHV HQ DXGDFHV DUPRQLDV TXH VH VDOLDQ GH FRUULHQWH GDQGRVH DVL XQ YDORU LQDSUHFLD EOH \ XQ HVWLOR XQLFR HQ n&XED $VL OOHJDURQ ORV 5LJXDO D OD & 0 4 GRQGH ORV FRQWUDWDURQ FRPR DUWLVWDV H[FOXVLYRV UHDILUPDQGR PDV WDUGH VX YDORU KD FLHQGR XQD WRXUQHH SRU 0H[LFR 1RUWHDPHULFD \ OD $PHULFD &HQWUDO FRQVLGHUDQGRVH IRUPLGDEOHV ORV H[LWRV TXHy REWXYLHURQ (Q +ROO\ZRRG FDQWDURQ HQ HO IDPRVR FDEDUHW &LURnV FRPSDUWLHQGR WDPELHQ HQ 1HZ
PAGE 37

yn /$ 0-25 25487 $ &84$1$ $1 $&78$'2 1n /2y-$5',1 ' O $ 7 5 3,& $ / $1'5(6 &$67,//2

PAGE 38

2 752 JUXSR PXVLFDO TXH VH LPSRQH HQ ODV PDV H[FOXVLXDV HVI HUDV GH QXHVWUD VRFLHGDG HV HO &RQMXQWR &XEDNRQJD TXH GLULJH ) HOLSH
PAGE 39

nn n (''< U(67(5 $/ )5(17('( yO-254-JiU$ 043H1$ n n n n n n ZUL`Wn \ M50,'$%/( L n ) B ) UO(17( D VX RUTXHVWD TXH OXFH XQD HOHo JDQWH FRPELQDFLRQ GH VDFR EHLJH \ SDQWDORQ PRVWD]D HVWD SDUDGR HO GLo UHFWRU (GG\ /HVo WHU TXH FRQ JHVWRV K D E L O H V Y PRYLo PLHQWRV FDGHQFLRo VRV \ OODPDWLYRV FRQGXFH D VXV PXo FKDFKRV FRQ JUDQ DFLHUWR SRU WRGDV ODV nSLH]DV TXH HM Ho FXWD HQ HO SURJUDo UQD GRPLQLFDO GH (FRV GH OD 6XHUo WH HQ HO HVWXGLR JLJDQWH GH OD &Do GHQD $]XOn D ODV GH OD PDQDQD $QWHV GH FKDUo ODU FRQ HO REo VHUYDPRV \ HQ HVWH (GG\ /HVWHU VH YHQ ORV GHVHRV GH WULXQIDU TXH ,H KDQ YDOLGD WRGRV ORV H[LWRV DOFDQ]DGRV HQ HO VHFWRU $ ORV VHLV DLLRV FRPHQ]R ORV HVWXGLRV GHO GLILFLO DUWH GH WRFDU HO YLROLQ 7DPELHQ DOFDQ]R HVWXGLDQGR GLD \ QRFKH ORV WLWXORV GH %DFKLOOHU \ &RPHUFLR 0DV WDUGH VH HQIUDVFR HQn ORV HVWXGLRV GH OD DUPRQLD ORJUDQGR nD ORV DILRV VX PD\RU DQKHOR HQ OD YLGD HO RUJDQL]HU VX SURSLD RUTXHVWD 3RU HOOD GHMD WRGR \ VH DEUD]R GHILQLWLYDPHQWH D OD PXVLFD (VWD RUTXHVWD GHEXWR HQ OD &0; DFWXDQGR WDPELHQ HQ OD &O9,%4 &0:n &04 \ DFWXDOPHQWH SRU OD 5+& VX ODERU UDGLDO,D DOWHUQDQ DKRUD FRQ OD LQILQLGDG GH ILHVWDV EDLODEOHV TXH WLHQHQ TXH DPHQL]DU FRQWLQXDPHQWH /D FDSDFLGDG H WDPELHQ D (GG\ GHVGH KDFH WUHV DILRV D OD DGPLQLVWUDFLRQ GH OD 5+& GRULGH HV HO FDMHUR 3HUR GLJDPRVOH TXH HVWD RUTXHVWD KDnWRUQDGR SDUWH HQ OD SHOLFXOD (PEUXMR $QWLOODQR GRQGH VH OXFH SRU VX LUQSHo FDEOH IRUPDFLRQ \ HVWLOR SDUD HMHFWnDUnDn VLFD LQGLFDGD (GG\ GD RSRUWXQLGDG D VXV PXVLFRV \ FDGD XQR VH OXFH HQ VX LQVWUXPHQWR KDFLHQGR XQRV VRORV IRUPLGDEOHV TXH D ILQDO ORV UXEULFDQ FRQ XQ DFRSODPLHQWR JHQHUDO GH ,D RUTXHVWD EDMR VX H[o SHUWD GLUHFFLRQ TXH WHUUQLQD KDFLHQGD VX DERU SHUVRQDO GHVGH HO SLDQR TXH WDPELHQ GRPLQD \ HMHFXWD PX\ ELHQ 3HUR D PD\RU DPELFLRQ GH HVWH MRYHQ PXVLFR D YLR FRQYHUWLGD HQ UHDOLGDG KDFH SRFRV GLDV \ IXH D GH SRGHU VHQWLUVH HVWDEOHFLGR HQ VX SURSLR QHJRFLR TXH $1'5(6 &$67,//2

PAGE 40

$ HV XQ KHUPRVR HOHJDQWH Y H[FOXVLYH FDEDUHW ,ODPDGR OO4OXE TXH DFDED GH LQDXJXUDU D RULOODV GHO 3XHQWH GH $OPHQGDUHV 82Q VLWLR DWDYLOORVR GRQGH GH VHo JXUR WDPELHQ (GG\ WULXQIDUD DO EULQGDU EXHQ DPELHQWH FL-ID < EXHQD PXVLFD GHV GH OXHJR HMHFXWDGD SRU VX RUTXHVWD GH SURIHVRUHV TXn[ZQD YH] DFRPSDILDUDQ D XQ JUXSR GH PDJQLILFRV DUWLVWDV TXH DFWXDUDQ HQ ORV VKRYL" \ GRQGH HV SR VLEOH TXH WDPELHQ VHDQ WHOHYLVDGRV SRU SULPHUD YH] HQ &XED HVWDn!FODVH GH RVSRFWDFXORV 3DUD WHUPLQDU FRQR]FDQ DKRUD D ORV LQWHJUDQWHV GH OD PRGUIWD RUTXHVWD GH (GG\ /HVWHU 6D[RV 0DULR 0HQGH] 5XEHQ 1RULHJD 5REHUWR 6DQTKH] \ 2VFDU 'XTXH 0HWDOHV $OEHUWR -LPHQH] 'DJREHUWR -LPHQH] \ (YHOLR 0DUWLQH] %DMR 6DOYDGRU 9LEDU 'UXP :DOIUHGR GH ORV 5H\HV -U %RQJR 0DUFHLR *RQ]DOH] \ WXPED 0DQROR *X]PDQ (Q OD SDUWHYRFDO VH OXFH XQ FDQWDQWH GH nSRVLWLYRV PHULWRV TXH JXVWD PXFKR SRU VX VDEURVR ULWPR SDUDFDQWDU HVWH VH OODPD )UDQN %DUTXLQ $1 5$)$(/ < $*8,/$ R R 7(/() f n ff Rn n n &8%$ 086,&$/

PAGE 41

2548(67$63238/$5(6 /DXUHDQR 6XDUH] FO SRSXODU 6XDULWRV WDPSRFR SRGLD IDOWDU HQ HVWD REUD GHGLFDGD D ORV P XVLFRV FXEDQRV XLH UQHMRU TXH H O TXH VH KD SDVDGR ORV DOLRV EULQGDQGR PDV \ PDV SURJUDPDV PXVLFDOHV D WUDYHV GH VXV N LOR FLFORV (VWD HV XQD GH ODV HPLVRUDV FXEDQDV GRQGH PDV VH FRQVLGHU D DO P XVLFR 6XDULWRV QRV RI UHG HVW D IRWR GH VX SRSXODU \ H[FOXVLYR FRQMXQWR /26 &80%$1&+(526 ORV FXD OHV VH KDQ LPSXHVWR SRW XQD R ULT Lo QDOLGDG PXVLFDO QXQFD DQWHV HMHFXWDGDy ,17(*5$17(6 0LJXHOLWR 'W D] GLUHFWRU \ FDQWDQWH SLDQR < FRUQo SRVLWRU 2EGXOLR 0RUDOHV 0 *RQ]DOH] nERQJR 3LFR OR )HUUHUD \ 0DFLDV JXLWDUUDV \ HO FRPSRVLWRU PDV EULOODQWH \ PDUDFDV LFR 6DTXLWR &RPR UHSUHVHQWDWLYR GHO P86O&2 OXFKDGRU HVWH $QJHO &DPDFKR HV XQ SHUIHFWR HMHOIn 0XVLFR GH YHUGDGHUD +EU DYQXQFD PDV VH SXGR D OHM DU GHO DPELHQWH \ VLQ HPEDUJR fRJU HVWXGLDU \ KDFHUVH nGHnXQD FDUUHUD (, 'U &Do PDFKR TXH SRVHH WD PELHQ XQD PDJQLILFD YR] ,XQGR VX FRQMXQWR HQ D FLXGDG GH &DPD< HQ HO DILR \ FRQ HOOD VLHUQSUH VH yKFY G HVWDFDGR SRU VX ULWPR DOHJUH \ SRU TXH HMHFXWD QXHVWUR 62,O SRQOHnGR HQ OD SDUWH YRFDO XQ JUXSR Gn YRFHV TXH OOHY DQ DO FRQMXQWR XQD PRGDOLGDG GLVWLQWD TXH OHV GD UHDOFH $FWXDOPHQWH HO &RQMXQWR &Do PDFKR VH SUHVHQWD SBRU $D 5+& \ SRU 5DGLR 6DODV ,17(*5$17(6 5RVLWD 6DQFKH] FDQWDQWH \ FODYH :LFK\ /RSH] JXLWDUULVWD \ FDQWDQWH 3LSR +HUQDQGH] FDQWDQWH \ PDUDFDV $QJHO &DPDFKR FDQWDQWH \ GLUHFWRU /XLV 'O D] EDMR 3 3HURMR WURPSHWD ( 3XHQWHV WURPSHWD 2 &XUEHOR WURPSHWD LFR $FHYHGR SLDQR 0DULR $UHQDV WXPEDGRU 5RJHOLR ,JOHVLDV ERQJ \ 2FWDYLR 6DQFKH] JXLWDUUD $1'5(6 &$67,//2

PAGE 42

n n 6,122 *$5$ < (86L2 *5(1(7 O O nLUnOfnnIrnWIWW?LfLUnf ??W ?? Y?????n nW f f ffffffffff &XED WLHQH HQ VXV URPRQULFRV PHORGLHV \ DUGLHQWHV ULWPRV XQ YHUGDGHUR WHVRUR PXVLFDO TXH LQVSLUDGRV FRPSRVLWRUHV \ YDOLRVRV LQWHUSUHWHV FRPR $PRGHR 5ROGDQ &RWXUOD 0RLVHV 6LPRQV OHFXRQR :KLWH %ULQGLV GH 6RORV 6DQFKH] GH )XHQWHV \ PXFKRV PDV KDQ HQULTXHFLGR FRQ VX WROHQWR \ KHFKR TXH VH FRQR]FD HQ HO PXQGR HQWHUR FRPR PDV KHUPRVR FRQWULEXFLQ GH QXHVWUR SXHEOR D IHOLFLGDG XQLYHUVRO < HVWD UPLVLFR WDQ EHOOR TXH VH KR LPSXHVWR HQ ORV PDV OHMRQRV SRLVHV HO FXEDQR GLVIUXWR SOHQLWXG fff SXHV HV QXHVWUR fff \ VH HVFXFKD HQ WRGDV SDUWHV fff D WRGRV KRUDV 3RU HVR GHEHPRV H[FOFUQRU -n --I 7R PELHQ &XER FRQWULEX\H D VDQD DOHJULD XQLYHUVDO FRQ XQ SURGXFWR GH SULPHUOVLPD FROLGRG HO n%$&$L?' TXH GHVGH HV XQ QRPEUH FRQRFLGR HQ HO PXQGR HQWHUR GRQGH VH LPSRQH SRU VX SHUIHFWR RILHMRPLHQWR \ FULROOLVLPR \ UHILQRGR VDERU < HO n%$&$L?' TXH QR WLHQH VXVWLWXWR HO FXERQR JR]R SOHQRPHQWH SXHV WLHQH ROFDQFH GH VXV ODELRV fff GHVGH HO KRJDU PDV KXPLOGH PDV SRGHURVR fff \ HQ WRGRV ORV ERUHV fff \ HQ WRGDV ORV ILHVWDV 3RU HVWR GH QXHYR WHQHPRV TXH H[FOFUQRU L4XH VXHUWH WLHQH HO FXEDQR n4XH VXHUWH ILHQH HO FXEDQR 7RPH 8G VROR HQ KLJKEDOO O2$fn R HQ FRFNWDLOVn 'Q 8 f FO D EHELGD FXEDQD TXH DOHJUD DO PXQGR HQOHUR

PAGE 43

$/)216,1 48,17$1$ (/ &$17$17( ',5(&725 < 686 -29(1(6 '(/ &$<2 8QD IRWR WLSLFDPHQWH FULROOD QRV PXHVWUD D ORV RXHQHV GHO &D\R HQ SOHQD DFWXDFLRQ EDMR QXHVWUD FDPSLLLD OXFLHQGR XQDV DOHJUHV JXDUDFKHUDV n(1 HO DUJRW PXVLFDO GH QXHVWUR DUQELHQWH VH ,H OODPD FRQMXQWR PDFKR D DTXHO TXH OOHYD HQ VXV HMHFXFLRQHV XQ ULWPR \ PHORGLD EDODQFHDGR XQ JUDQ DMXVWH \ VREUH WRGR XQ FLHUUH IXHUWH UHFDUJDGR HQ ORV WRQHV EDMRV &RQMXQWRV FRQ HVWDV FXDOLGDGHV WDQ QHFHVDULDV SDUD LPSRQHUVH HQWUH ORV IDQDo WLFRV GH OD PXVLFD SXHGH GHFLUVH TXH HVFDVHDQ \ HQWUH ORV SRTXLWRV TXH UHXQHQ HVWRV GHWDOOHV HQ VX HVWUXFWXUD KD\ TXH GHVWDFDU D ORV -Ro YHQHV GHO &D\R (VWR PRWLYR TXH ,RFDOL]Do UDPRV DO FRQMXQWR HQ XQR GH VXV SURJUDPDV UDGLDOHV GDQGR DVL RSRUWXQLGDG D VX MRYHQ \ GLQDPLFR GLUHFWRU SDUD TXH QRV KDEODUD FRQ nPDV OXMR GH GHWDOOHV VREUH ODV DFWLYLGDGHV PXo VLFDOHV GH VXV PXFKDFKRV $OIRQVLQ 4XLQWDQD VH SUHRFXSD PXFKR SRU HO WUDEDMR GH VX FRQo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
PAGE 44

3238/$5(6 2548(67$6 ? (/ &21-8172 &2/21,$/ '( 1(/2 626$ WDPELHQ VH KD LPSXHVWR SHU VX XQLMRUo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n -RVH 'LD] \ -RVH *RQ]DOH] 62O ORVn GHV P XVLFRV UHVSRQVDEOHV GH PDQWHULHU HO JUDQ DMXVWH \ OD FDOLGDG PXVLFDO TXH RIU HFHQ HQ VXV HLHFXFLRQHV /$ */25,$ 0$7$1&(5$ (VWD DTUXSDFLRQ GH PXVWFRV FXEDQRV KDQ UHFRUULGR WRGD OD ,VOD OOHYDQGR QXHVWUD 6HQXLQD PXVOFD J8BFBnLBOWHSUHWDQ RQ O OLJHUH]D \ ULOOD'WH] TXH HOORV Vn VDEHQ GDUOH FRQVUGHUDQGRVHOHV FRPR /RV 0RQDUFDV J UUWUQR /D *ORUUD 0DWDQFHUD VH IXQGR HQ 0DWDQ]DV HQ HO DILR \ YLQR D /D +DEDQD HQ HO n+DQnnJWnKDGRn PXFKRV GLVFRV DFWXDURQ HQ OD )ORULGD \ 7DPSD \ DFWXDO PHQWH SXHGHQ VHU HVFXFKDGHV SRn OD 5+& D&GHQD $]XO HQ XQ SURTUDPD EDLODEOH D ODV GH ,D WDUGH ,17( *5$17(6 -RVH 0 *RQ]DOH QnWDQWy n\ GLUHFWRU 3HSH 0HULQR FDQWDQWH WURPSHWDV (ORUODQH 5RVDOHV \ &DUORV 7ROHGR JXLWDUUD 5DIDH/2UWIL EDL B )UDQFLVFR %RFDODQGUR SLDQR $OHMnDQRLR 6RVD nE4QJR Yn PDQDTHU / 'I D] n ,;ODDFDV 3 +HUQDQGH] \ WXPED &DUORV 'WD] f B &8%$ 086,&$/

PAGE 45

f 5&yOO $1'5(6 &$ 67,//2

PAGE 46

B B BB B +80%(572 68$5(= < /$ 0(`25 2548(67$ $&203$1$17(n +/$ &260232/,7$ $/ LJXDO TXH KHPRV LGR HQWUHYLVWDQGR D ODV RUTXHVWDV FXEDQDV HVFRJLHQGRODV HQWUH ORV GLVo WLQWRV JHQHURV TXH LQWHUo SUHWDQ YDPRV DKRUD D KDo FHU RWUD FODVLILFDFLRQ QHFHo VDULD HQWUH ORV JUXSRV PXo VLFDOHV SDUD VHJXLU FRRUGLo QDGDPHQWH HVWDV HQWUHYLVo WDV +DEOHPRV HQWRQFHV GH ODV TXH SULQFLSDOPHQWH DFo WXDQ FRPR RUTXHVWDV DFRPo SDILDQWHV \ HQ HVWH JUXSR FDEH GHVWDFDU D OD PDV GLVo WLQJXLGD \ OD TXH PDV WLHPSR OOHYD DFWXDQGR FRo PR DFRPSDLLDQWH GH ORV PHMRUHV DUWLVWDV H[WUDQMHo URV TXH YLHQHQ D &XED 1RV UHIHULPRV D OD RUTXHVo WD &RVPRSROLWD TXH GLo ULJH ,,XPEHUWR 6XDUH] \ TXH VH SUHVHQWD HQ ORV VKRZV GHO HOHJDQWH WHDWUR $PHULFD (QWUHYLVWDPRV D HVWD RUTXHVWD DO WHUPLo QDU XQ HQVD\R GH ORV TXH UHDOL]DQ D PHQXGR HQ ORV PLVPRV HVFHQDULRV GH VXV H[LWRV /D &RVPRSROLWD IXH IXQGDGD HQ HO DILR SRU 9LFHQWH 2 9LDo QD HVWH JUDQ PXVLFR FXo EDQR TXH \D PXULR ORJUR VDOLU DGHODQWH FDQ VX RU TXHVWD \ DO RFXUULU VX GH FHVR DVXPLR OD GLUHFFLRQ VX >RYHQ SLDQLVWD +XPEHUWR 6XDUH] HO TXH KDELD LQo JUHVDGR HQ ,D RUTXHVWD DO ,UOH6 GH IXQGDGD 'HVGH H +XPEHUWR HQFDPLQR VXV SDVRV KDFLD XQ PD\RU VWDQGDUG GH WUDEDMR SDUD VXV PXVLFRV HQ OXJDUHV H[FOXVLYRV \ GH YHUGDGHUR SUHVWLJLR $VL HV TXH YHIORV D HVWD RUTXHVWD DFWXDQGR HQ HO WHDWUR $PHULFD GHVGH KDFH PDV GH DILRV \ GRQ GH KDQ DFRPSDILDGR D ILJXUDV FRPR 3HGUR 9DUJDV $OEXHUQH &DEHO =RLOD *DOYH] 1HJUHWH /LEHUWDG /DPDUTXH &DUORV 5DPLo UH] 8UFHOD\ 0DUWD 3HUH] %DUULRV HWF $GHPDV OD RUTXHVWD &RVPRSROLWD KDFH ODV GHOLFLDV GH ORV DVLVWHQWHV DO FDEDUHW 0XOJRED HQ OD FDUUHWHUD GH 5DQFKR %Ro \HURV \ QR GHMDQ FXDQGR @H VRKUD WLHUQSR GH DUQHQL]DU DOJXQD ILHVWD EDLODEOH B (Q HVW FRPSRVLFLRQ >RWRJUDLLFD V LUO-ILOSLW-FLSUn /DV GLVWLQWDV VHFFORQHV GH /D RUTXHVWD DUOLLST VD[RV \
PAGE 47

+ XPEHUWR 6XDUH] GLULJH HQ XQR GH ORV HQVD\RV D VX 2UTXHVWD &RVPRSROLWH (, PDQDJHU GH HVWD RUTXHVWD HV 0LJXHO 2 9LDQD KHUPDQR GHO IXQGDGRU GHO JUXSR HO TXH VH GHVFQYXHOYH PX\ ELHQ FRPR PXVLFR VLHQGR XQR GH ORV PHMRUHV GUXPQLVWDV FXEDQRV D OD YH] TXH UHSUHVHQWD D VXV PXFKDFKRV HQ WRGRV ORV SUREOHo PDV GH RUJDQL]DFLQ \ WUDEDMR (Q VXV OD ERUHV UDGLDOHV VH LQLFLDURQ HQ OD UHYLVWD /ODYH GHO $LUH SRU OD &2&2 OXHJR DFWXDURQ HQ 5+& \ SRU XOWLPR LQDXJXUDURQ 8QLRQ 5DGLR +XPEHUWR 6XDUH] HV HO YHUGDGHUR GLUHFWRU TXH VH VXSHUD D EDVH GH HVWXGLRV JUDGXDGR GH 'RFWRU HQ /H\HV QR KD HMHUFLGR OD FDUUHUD SRUTXH SXGR PDV HO DUQRU TXH VHQWLD SDU HO DUWH PXVLFDO \ SDUD DSUHFLDU VX ODERU GLUHPRV TXH VH GHVo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o GHUR PXVLFDO TXH OHV EULQGD OD RUTXHVWD &RVPRSROLWD 6D[RV -RDTXLQ %HQLWH] 2URVPDQ =D\DV 2UHVWHV *HODEHUW 0HWDOHV )ORUHQFLR +HUQDQGH] \ )HOL[ 3ULHWR -RVH $ 9DOGHV WURPERQ 3LDQR &DUORV )D[DV %DMR -RVH $ 0RQWDOYDQ 7XPED -HVXV *RQ]DOH] \ EDWHULD 0LJXHO 2 9LDQD 3DUD @6 VKRZV FXHQWDQ FRQ HO YLROLo QLVWD 'HRJUQFLDV 0RQFDGD BB Wf,,,,}ff f R f R R fB f WW f R R R B, nff]Vf R R nfBfBfBRRR 81$ &257(6,$ '( H H ( 1 7 / ( 0$1 $755,$ < &$0,65,$ *$/,$12 +$6$1$ 7(/()212 $ $1'5(6 &$67,//2

PAGE 48

,17(535(7(6 '( 1,,(675$ 25/$1'2 *8(55$ &$6&$5,7$f 'H OD PXVLFD SRSXODU TXH VXUJH HQ OD FDOOH \ VH H[WLHQGH HQ VXV GLVWLQWDV UDPLILFDFLRQHV \D VHD OD FRQJD DJLWDGD OD JXDUDFKD TXH GLFH GHO KXPRULVPR PXo VLFDO OD UXPED D ELHUWD TXH QRV OOHYD D DUUROODU GHVHQWHQGLHQGRQRV GH WRGRV ORV SUHMXLFLRV QR KD\ PHMRU H[SRQHQWH TXH HVWH 2UODQGR &DVFDULWDf *XHUUD (VWH PDJQLILFR LQWHUSUHWH GHO IRONORUH FXEDQR QDFL HQ &DPDJLLH\ \ VH KL]R GH XQ QRPEUH FDQWDQGR HQ ODV RUTXHVWDV GH -XOLR &XHYD \ +QRV 3DODX &RPR DUWLVWD H[FOXVLYR GH OD ILUPD 7ULQLGDG \ +QR VH SUH VHQ W D HQ VX SURo UDPD &DUQDYDO 7ULQLGDG \ +QR D ODV y GH ? QRFKH SRU HO &LUFXLWR & 0 4 &DVFDULWD XQH VX HVWLOR SHUVRQDO XQD JUDQ PHGLGD TXH ,H GD LQD JUDQ VROWXUD DO LQWHUSUHWDU ODV JXDUDFKDV \ WGHPDV GH VHU DUWLVWD H[FOXVLYH GH ORV GLVFRV 9LFo WRU VH KD SUHVHQWDGR HQ 1HZ f(= &RPR FDQWDQWH KD UHFRUULGR WFGRV ORV PDWLFHV GH ,D PXVLFD SRSXODU \ HQ WRGRV VLHPSUH KD VLGR XQ LQWHUSUHWV GHVWDo FDGR RVHLWR KL]R IDPRVRV DTXHOORV GDQ]RQHWHV TXH PXFKR VH EDLODURQ \ FDQWDURQ VLHQGR WDUQELHQ H@ TXH LQWURGXMR HQ ODV RUTXHVWDV WLSLFDV H HPRo WLYR \ FDGHQFLRVR ULWUQR GH /D *XDQWDQDPHUD GH ,Q TXH KL]R XQD YFUGDGHUD FUHDFLRQ TXH ,H YDOLHURQ HO DSRGR GHILQLWLYR FRQ TXH ,XH EDXWL]DGR (O 5H\ GH OD *XDQWDQDPHUD &RPR FDQWDQWH FRQRFH PX\ ELHQ ORV UHVRUWHV QHFHVDULRV SDUD ORJUDU SDVDU QXQFD GH PRGD \ DKRUD WHQHPRV TXH FXHQWD FRQ XQD JUDQ UDGLRDXGLHQFLD TXH HVFXFKD HQ VXV GRV PDJQLILFRV SURJUDPDV (O 6XFHVR GH +R\ SRU & 0 4 D ODV Y D ODV QXHYH \ PHGLD GH OD PDQDQD SRU OD 5 + & GRQGH VH SUHVHQWV FRQ 6 RUTXHVWD WLSLFD B &8%$ 086,&$/

PAGE 49

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r r 0$18(/ /,&($ 1R SRGLD IDOWDU HQ HVWD VHFFLRQ HO SHTXHILR 3-17,//,7$n DUWLVWD GH ORV EXHQRV TXH GRPLQD PX\ ELHQ HO JHQHUR SRo SXODU (VWH FDQWDQWH GH DSHODWLYR SLQWRUHVFR HV U Q SLPHQWRVR LQWHUSUHWV GH ODV JXDUDFKDV ODV TXH PDQHMD HVWXSHQGDPHQWH VDFDQGROH H PHMRU SDUo WLGR FDQ VXV JHVWRV \ H[SUHVL RQ D D YH] GH OOHYDU fQ VX YR] HPRWLYLGDG \ SRWHQFLD 3XQWLOOLWD HV GH +ROJXLQ \ DOOL GHEXW HQ OD 2UTXHVWD GH VXV SURSLRV KHUPDQRV (Q H DILR FDQWR HQ &Do PDJLLH\ FRQ D 2UTXHVWD GH *RQ]DOH] $QQH \ FXDQGR GL HO VDOWR D /D +DEDQD IXH SDUD DFWXDU MXQWR D -XOLR &XHYD +D YLDMDGR SDU YDULRV SDLVHV GH &HQWURDPHULFD JUDED HQ GLVFRV 9LFWRU < DFWXDOo PHQWH HV DUWLVWD GH 5DGLR &DGHQD +DEDQD GRQGH VH SUHVHQWD HQ ORV SURJUDPDV HVWHDUHV GH OD QRFKH HQ OD (PLVRUD 0XVLFDO GH &XED $1'5(6 &$67,//2

PAGE 50

&(/,$ &58= &XDQGR &HOLD FDQWD VX YR] OOHJD D OD PDVD GH SXHEOR TXH JXVWD GH HVRV ULWPRV DIURFXEDQRV TXH HPRFLRQDQ SRU VX FDGHQFLD < SRU HVH VDERU D FRVD FULROOD TXH VXUJH \ VH FRPHQWD GLD D GLD SRU HVH HOHPHQWR SLQWRUHVFR TXH FQWRQD XQD PHORGLD HQ PHGLR GH VX WUDEDMR DTXHOORV TXH HQ OD HVTXLQD GHO EDUULR VXHQDQ XQ JROSH GH FDMRQ FRQ ULWPR \ SUHFLVLRQ GH PXVLFR FRQVXPDGR < HV TXH HVW D DUWLVWD WLHQH XQ VHQWLGR PXVLFDO PX\ DPSOLR FDQWDQGR ORV PRQWXQRV \ ORV DIURV FRQ XQ HVWLORy SHUVRQDO &HOLD QDFLR HQ /D +DEDQD \ ORV SULPHURV SDVRV HQ OD UDGLR ORV GLR HQ *DUFLD 6HUUD \ D 0LO 'LH] HQ HO DILR GH PDV WDUGH DFWXR HQ 5 + & \ HQ 8QLRQ 5DGLR KDVWD TXH HPEDUFR SDUD UHQGLU FRQo WUDWRV HQ 0H[LFR \ 9HQH]XHOD $FWXDOPHQWH &HOLD HV DUWLVWD GH OD &2&$&2/$ SUHVHQWDQGRVH HQ 5DGLR 3URJUHVR D ODV SP \ D ODV RFKR GH OD QHFKH HQ &DVFDEHOHV &DQGDGR SRU OD & 0 4 &HOLD IXH WDPELHQ VHOHFFLRQ $&5, f2 3$1&+,72 5,6(7 $XQTXH VX ODo ERU PXVLFDO OD UHDOL]D KDFH PXFKRV DOLRV OHMRV GH QRVRWURV 3DQFKLWR 5LVHW PHUHFH PDV TXH QLQJXQR HO DSDUHFHU DTXL \D TXH VX YR] GH FXEDQR PDQWLHQH YLJHQWH OD PXVLFD QXHVWUD HQ WLHUUDV GHO QRUWH 5LVHW HV GH ORV EXHQRV FRPR DUo WLVWD \ FRPR DPLJR VLHPSUH UHFXHUGD D ORV VX\RV \ GLD D GLD HMHFXWD QXPHURV FULROORV TXH ,H VRQ HQYLDGRV SRU ORV FRPo SRVLWRUHV 3DQFKLWR FDQWD HQ XQ OXMRVR FDEDUHW \ HVSHUD PX\ SURQWR HO SRGHU YROYHU D YL VLWDU VX SDWULD GDQGH PXFKR VH ,H HVWLPD SHUR PLHQWUDV VLJXH LPo SRQLHQGR QXHVWURV ULWPRV HQy WLHUUDV H[WUDQMHUDV &8%$ 086,&$/

PAGE 51

'82 '( 92&(6 r r r '82 0$5 7 $ 3,1('$ /,1$ %5$1'2 (, DGRUQR PXVLFDO GH HVWH OLEUR VH KHPRV HQFDUJDGR D HVWDV GRV SUHFLRVLGDGHV TXH IRUPDQ XQR GH ORV GXRV PDV FRPSOHWRV \ ELHQ DFRSODGRV GH QXHVWUD UDGLR (OODV KDQ DFWXDGR SRU OD & 0 4 HQ GLVWLQWRV SURJUDPDV \ DGHPDV IRUPDQ SDUWH GH OD 6HFFLRQ /LULFD GHO ,QVWLWXWR 1DFLRQDO GH 0Xo VLFDn (VWDV GRV KHUPRVDV MRYHQHV YDOHQ PXFKR \D TOH VL VH LPSRQHQ HQ HO EHOo FDQWR KDFHQ SRUTXH XQHQ D VXV GRWHV QDWXUDOHV XQ FRQWLQXR HVWXGLR GH OD PXVLFD \ HO FDQWR /LQD HV VRSUDQR OLo ULFD OLJHUD \ 0DUWD HV PH]]RVRSUDQR (/ '82 0$57, &RPSXHVWR SRU ODV KHUPDQDV %HUWD \ $PHOLD VRQ GRV YRFHV QHWDPHQWH FXEDQDV TXH FRQ HO nWLSLFR DFRPSDILDPLHQWR GH JXLWDUUD ,H GDQ YLGD \ FRORULGR D QXHVWUDV FDQo FLRQHV SUHIHUHQWHPHQWH ODV DQWLJXDV (VWDV GRV OLQGDV FXEDQLWDV HMHFXWDQ OD PXVLFD DQWLJXD \ OD PRGHUQD FRQ OD GXOFH HQWRQDFLRQ GH VXV YRFHV ODV TXH DFRSODQ FRQ JUDQ HPRFLRQ \ VHQWLPLHQWR SDUD EULQGDU D VXV PLOHV GH DGPLUDGRo UHV ODV LQWHUSUHWDFLRQHV TXH UHDOL]DQ HQ VX SURJUDPf GH ODV SP S2O D &0Uf f $1'5(6 &$67,//2

PAGE 52

+5(< '(/ 0$0%2 &+$5/$ &21 3(5(= 35$'2 (/ 9(5'$'(52 (, EDLOH HQ QXHVWUD WLHUUD HV XQD GH ODV GLYHUVLRQHV TXH WLHQH PDV DGHSWRV FRQWDQGRVH SRU OHJLRQHV ORV KRPEUHV \ PXMHUHV TXHn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nHQ TXH QRV UHXQLPRV FRQ 33 DQWHV GH TXH HVWH IXHUD D 0H[LFR QRV GLMR FRV DV PX\ LQWHUHVDQWHV FRPR SRU HMHPSOR TXH D HO VH OH RFXUUL WUDEDMDU HQ HVW D QXHYD PXVLFD SRSXODU HVFXFKDQGR ORV HIHFWRV GH ILJXUDV VLQFRSDGDV TXH SDUD HMHo FXWDUODV HQ ODV WURPSHWDV KDELD LQWURGXFLGR HO FRQMXQWR GH $UVHQLR 5RGULJXH] HQ WRGRV ORV PRQo WXQRV HVWULELOORV \ D TXH GLHURQ HQ OODPDUOH 'LDEOR \ ,XH WDPELHQ HO PDHVWUR $UFDILR TXLHQ @H GLR LGHDV D 33 SDUD FRQWLQXDU VXV LQYHVWLJDFLRQHV PXVLFDOHV 1RV VLJXLR FOLFLHQGR 33 TXH ,Q SULPHUD RUTXHVWD TXH HMHFXW XQR GH VXV DUUHJORV PXVLFDOHV UXH ,D &XEDQH\ TXH GLULJLD 3LOGHUR HQ OD 0LO 'LH ] DOOD SRU HO DILR GH /XHJR FRPR SLDQLVWD GH OD &DVLQR GH OD 3OD\D WDPELHQ LQWURGXMR VXV GLILFLOHV FRPELQDFLRQHV SDUD VRORV GH RUTXHVWD KDFLHQGR ORV SULPHURV H[SHULPHQWRV SDUD JXDUDFKDV VREUH QXPHURV FRPR
PAGE 53

2548(67$63238/$5(6 &217OO172 &$6$%/$1&$ 2WUR PXVLFR GH YHUGDG OXFKDGRU HQ HO VHFWRU HV (UQHVWR *DUFLD )XQGDGRW GHO &RQMXQWR &DVDEODQFDn HQ HO DLLR HVWH KX VDELGR OOHYDU SRU FRQWLQXRV VHQo GHURV GH WULXQMRV TXH KDQ FRORFDGR HQ XQ SODQR GLVWLQJXLGR HQWUH ODV RUTXHVWDV GH VX JHQHUR (O &DVDEODQFDn" VH KD SUFVHQWDGR HQ 5DGLR 6DODV \ DKRUD JUDED FRQ H[FOXVLXLGDG SDUD 5DGLR 3URJUHVR ,Q 2QGD GH OD $OHJULD HQ VXV NLORFLFORV (VWH &RQMXQWR WDPELHQ DFWXD HQ FDVL WRGDV ODV ILHVWDV TXH RUJDQL]DQ ODV VRFLHGDGHV GHO %LJ )LYH ,17(*5$17(6 &DQWDQWH U 'Lo UHFWRU (UQHVWR *DUFLD WURPSHWDV 3HUIHFWR $OMRQ VR -RVH %HWDQFRXUW U 5RODQGR $JXLOD %DMR 0DULR $JXLOD SLDQR -XDQ &RVWD ERQJR 9LUJLOLR 5REo ELR WXPED 'RPLQJR *RQ]DOH] JXLWDUUD 'LRQLVLR GH OD &DPSD FDQWDQWH GH EROHURVf 5DXO )XQGRUD (;&(/6,25 086,& &2 n B 3LDQRV GH ODV 0HMRUHV 0DUFDV ,QVWUXPHQWRV SDUD %DQGDV \ 2UTXHVWDV 0WLVLFD SDUD WRGRV ORV &RQVHU YDWRULRV /RV LQHMRUHV LQVWUXPHUUWRV SDUD %DQGDV 5LWPLFDV \ (V FR ODUH V 6$1 5$)$(/ DOODGR GHO nIHQ &HQWVf n,7(/()212 0 n +$%$1$ $1'5(6 &$67,//2

PAGE 54

& f02 OD IDPD GH VHU XQD RUTXHVWD IRUPLGDEOH OD RVWHQWD /D &DVLQR GH OD 3OD\D GHVGH ORV PLVPRV GLDV GH VX IXQGDFLRQ KD\ TXH UHPRQo WDUVH D HVD PHPRUDEOH IHFKD SDUD SRo GHU REWHQHU GHWDOOHV FRPSOHWRV \ ELHQ KLOYDQDGRV GH WRGD VX ODERU PXVLFDO )XH HQ HO DILR GH FXDQGR FLHUWR GLD VH UHXQLHURQ FLQFR FRQRFLGRV PXo VLFRV D VDEHU *XLOOHUPR 3RUWROD 0Lo JXHOLWR 9DOGHV $QVHOPR 6DFDVD :DOo IUHGR GH ORV 5H\HV \ /LGXYLQR 3HUHLUD SDUD GHMDU IXQGDGD OD RUTXHVWD &DVLQR GH OD 3OD\D (Q HVH PLVPR DQD \ EDMR OD GLUHFFLRQ GH 3RUWHOD FRPHQ]DURQ D SUHVHQWDUVH HQ H &DVLQR GH OD 3OD\D DFWXDQGR PDV WDUGH WDPELHQ HQ HO &Do VLQR 1DFLRQDO \ HQ HO KRWHO GH HVWH PLVPR QRPEUH 7DPELHQ IXR D ORV SRFRV PHVHV GH RUJDQL]DGD FXDQGR VH SUHVHQWDURQ HQ ORV SURJUDPDV GH ,D &Do GHQD &UXVHOODV GRQGH 0LJXHOLWR 9DOo GHV ,RJUR REWHQHU HVD LQPHQVD VLPSDo WLD TXH OOHYDURQ HQ MLUDV PRQXPHQo WDOHV SRU WRGR &HQWUR \ 6XUDPHULFD 3HUR YROYDPRV DO SUHVHQWH SDUD SUHVHQWDUOHV D XVWHGHV HO MRYHQ \ H[FHHQWH GLUHFWRU TXH DVXPLR D UHVSRQVLELLGDG HQ OD RUo TXHVWD GHVGH HO DILR GH FXDQGR VH UHWLUH *XLOOHUPR 3RUWHOD HVWH HV XQR GH -RV IXQGDGRUHV \ IXH WDPELHQ PXFKR WLHPSR OHVRUHUR G JUXSR 1RV HVWDPRV UHInL UL QGR D /LGXYLQR HU LUQ FXDO 6 B &8%$ 086,&$/ /,'89,12 3(5(,5$ \ 68 6,(035( 3238/$5 2548(67$ <&$6,12 nB '( /$ 3/$ <$ ,17(*5$17(6 3LDQR /XLV )UDQFD 7URP SHWDV (VFDODQWH $ *LUD, 3 3HUHLUD 7URPERQ ( GH OD 2VD 6D[RV 3HUHLUD 7 5RGULJXH] 0 9WD GD ( %DX]D %DMR & 9LOOD 7XPED $ /RSH] %RQJ ( 0DUWLQH] &DQWDQWHV 6LVR *XDQFKH \ 7 5RGULJXH] DGHPDV GH VHU XQ UHVSRQVDEOH GLUHFWRU HV WDPELHQ HO VD[RIRQ DOWR HQ OD RUTXHVo WDR /LGXYLQR QRV VLJXH GLFLHQGR TXH DFo WXDOPHQWH IRUPDQ OD GLUHFFLRQ XQD FRRo SHUDWLYD LQWHJUDGD SRU 7LFR 9LDGD $Qo JHO /RSH] 3ODFLGR 3HUHLUD (GXDUGR %DX]D \ HO /XHJR QRV KDEOD GH VX JUDQ ODERU PXo VLFDO WLHQHQ JUDE DGRV SDUD OD 9LFWRU PDV GH GLVFRV DFRPSDILDQGR D ORV PHMRUHV DUWLVWDV H[WUDQMHURV TXH VH KDQ SUHVHQWDGR HQ /D +DEDQD KDQ UHDOL]DGR FXDWUR FRUWRV SDUD WHOHYLVLRQ HQ 1RUWHo DPHULFD DGHPDV GH RWUDV SHOLFXODV FXo EDQDV GRQGH SUHVWDURQ WDUQELHQ VX FRRo SHUDFLRQ (QWUH ORV KRQRUHV UHFLELGRV SRU VXV LQWHJUDQWHV VH FXHQWDQ SODFD GH RUR UHFLELGD QRU H &OXE GH /HRQHV GH 0DUDFDLER GLSORPD GH OD 9LFWRU SRU ORJUDU UHFRUG GH YHQWD FRQ HO GLVFR %Ho VDPH 0XFKR \ SRU XOWLPR VH JDQDURQ XQD FRSD GH SODWD HQ XQ FRQFXUVR RUo JDQL]DGR SRU XQD UHYLVWD GH 1< SDUD VDEHU FXDO HUD OD RUTXHVWD PDV SRSXODU GH OD $PHULFD /DWLQD 3DUD FHUUDU HVWD LQWHUHVDQWH FKDUOD FRQ RWUR PXVLFR FXEDQR TXH UHSUHVHQWD D XQD JUDQ RUTXHVWD FXEDQD TXH FXLGD PXFKR GH VX ULWPR Y PHORGLD YDPRV D UHFRPHQGDUOHV D VXV DGPLUDGRUHV TXH SXHGHQ YHUOD DFWXDU SHUVRQDOPHQWF DVLVWLHQGR DO OXMRVR FDEDU B 0RQWPDUo WUH VL W XQGR HQ \ 3 HQ RO 9 RGDGR

PAGE 55

/$ 0-25 25487$ U &218172 &84$12 *5$4$1 1 ',&2 3 $ 1 /I?5 7 ',675OJ8,'25 &XEDQ 3ODVWLFV DQG 5HFRUG &RUS 7HOHU $ 6DQ 0LJXHO +DEDQD Un F X R VHRV 6$ &$17$ (1 yf R f BB f f ffBf f f f f f n R R Q f fBf f ^ R f R 2548(67$63238/$5(6 25(67(6 6$1726 < VX 2548(67$+ 6L DQ DOL] DPRV HVWH QRUQEU H SRGUFPRV YHU TXH (Q HO VH UHXQH WRGD XQD YLGD GH DUWLVWD PXVLFDO 25(67(6 GLULJH D VXV PXFK DFKRV XFJR HMHFXWD XQ VROR PHORGLRVR FRQ VX WURUQER Q \ PDV WDUGH HDQWD OD PHORGLD TXH HVW D DFRP SDLLDQGR VX RU TXHVWD 3HUR HVWR QR HV WRGR D WHUPLQDU GH DFWXDU OD RUTXHVUD HV PX\ SRVLEOH TXH YHDPRV D HVWH P X VLFR GDULGR OH ORV X OWLPRV WRTXHnV D XQD EHOOD FDQFLR Q GH OD HXDO WDPELHQ HV HO DXWRU 6XV PD\RUHV H[LWRV PXVL FDOHV KDQ VLGR $PRU GH 0HGLDQR FKH $UQRU GHO $OPD \ 7X +LMR 2UHVWHV KD BnDEDGR PXFKRV GLVFRV SDUD OD 5&$ 9LFWRU \ HV WD PELHQ DUWLVWD H[FOXVLYH GH ,D 5DGLR &DGHQD 6XDULWRV ,17(*5$17(6 0HWD-HV $UPDQGR 6DQWRV 5REHUWR 5DPRV \ $QWRQLR /LQDUHV VD[RV 'DQLOR )HUQDQGH] +XPEHUWR 0RUHOO f $OEHUWR n3HUHH \ $QJHO *RPH] S LDQR (OLR 0DUWLQH] EDMR ,UPLQR 0DUWLQH] GUXPV 5REHUWR 7HEHDX ERQJ $QWROLQ 3HU8 WXPED 2OD\R )HUQDQGH] PDUDFDV 2P DU *RPH] FDQWDQWH GH O+OOnOFKDV /HR 6RWF \ 2UHVWHV 6DQWRV FDQWDQ ORV EROHURV $1'5(6 &$67,//2B

PAGE 56

r r %$1,f$'( /$'-9,6,21 &(175$/ '( /$ nn n 32/,&,$ 1$&,21$/ n ??n 2WUR VHFWRU PXVLFDO GHO SDLV HVWD UHSUHVHQWDGR DTXL (V OD %DQGD GH OD 3ROLFLD 1DFLRQFL GLULJLGD SRU VX HMH HO &RPDQGDQWH $OEHUWR 5RPDJXHUD ? 3 \ OD FXDO GHVDUUROOD SRVLWLXDo PHQWH XQD ODERU SRU WRGRV FRQFHSWRV HQFRPLDEOH WHQGLHQWH D KDFHU OOHJDU KDVWD HO SXHEOR /D EXHQD PXVLFD GH SURSLRV \ H[WUDLWRV 3RU >DOLD GH HVSDFLR KHPRV HVFRJLGR HVWD EDQGD FRPRn UHSUHVHQWDWLXD GHO nDSRUWH PLOLWDU D QXHVWUD FXOWXUD PXVLFDO \D TXH DVL PLVPR ODV %DQGDV GH /D 0DULQD GH *XHUUD (VWDGR 0D\RU GHO (MHUFLWR OD 0XQLFLSDO \ RWUDV PXFKDV UHDOL]DQ VHPHMDQWH ODERU TXH HV PHUHFHGRUD GH ORV PDV FDOLGRV HORJLRV 2548(67$63238/$5(6 8Q FRQM XQWR VH LPSRQ H DQW HV TXH Q DGD SRU VX UL WP R \ OD FDOLGDG PXVLFDO GH VXV LQWHJUDQWHV SHUR VL DXHUQ DV HVWHV VRQ M R YHQHV & &`WOVLDV G H VXS HUDUVH \ FDGD MHFXFLnQ OD UHD OL]DQ G HVSXHV GH PXFKRV \ HIHFWLYRV HQVD\RV HV FRVD VHJXU TXH PX[ SURQWR VH DGXHILDU DQ GH XQD OBHJLd! GH DGPLUDGRUHV GH OD PXVLFD $VL VXFHGH DO &21 -8172 '( /8,6 y6$1O7n /RV TXH HVFXFKDQ VXV DFWXDFLRQHV ,BODV S P SRU OD &04 ORV HVFRJHQ SDUD DPHQL]DU VXV ILHVWDV VDEHQ TXH HV 8,O JXSR PXVLFDO TXHy VH VXSHUD G L D D G L D /XLV 6DQWL WRFD HO SLDQR PDUDYL y ,ORVDPHQWH \ D ODy YH] GLULJH D VXV PXFKDFKRV TXH VRQ WURPSHWDV 0DUFRV 8UED\ $QJHO 0DUWLQH] \ 0LJXH0HQGH] JXLWDUUD /XLV 5RGULJXH] ERQJ )HUQDQGR 7DUDID EDMR 2VFDU (VSLQRVD WXPED *RQ] DOH] /2L FDQWDQWHV VRQ )HOR 0DUWLQH] \ &RODFKR $ORQVR \ DO SLDQR VX GLUHFWRU /XLV 6DQWL BB &8%$ 086,&$/

PAGE 57

0,*8(/,72 9$/'(6 n18(y6754 (n0%$-$'n25 086,&$/ + $%/$5 GH &XED fQ HO H[WUDQMHUR HV IRUo ]RVDPHQWH B KDEODU GH VX VHOHFWR WDEDFR GH VX FDQD TXH SURGXFH OD UHILQDGD D]XFDU GH VXV PXMHUHV TXH D WUDYHV GH ORV WLHPSRV KDQ LPSXHVWR VX UHLQDGR HQ KHUPRVXUD \ EHOOH]D \ GH 0LJXHOLWR 9DOGHV HO HPEDMDGRU GH QXHVWBUD PXVLFD SRSXODU 3HUR GHFLGLGDPHQWD HVWH XOWLPR HV HO TXH PDV GH FHUFD KD FRORFDGR ORV SXHEORV GHO FRQWLQHQWH DPHULFDQR D QXHVWUD SHTXHILD ,VODn (O KD VLGR HO XLFR FDSD] GH UHInOHLDU ODV FRVWXPEUHV \ ORV n VHQWLUPHQWRV GHO SXHEOR FXEDQR 0LJXHOLWR FDQWD EDLOD \ HQ VXV JHVWRV VXUJHQ ODV HVFHQDV PDV SXUDV GHO DPELHQWH FULROOR HO VRODU HQ QRFKH GH WRTXH GH VDQWR /RV FXHURV HO URQ \ HO SDLLXHOR FRORUDGR VH XQHQ HQWUH ULVDV \n IUDVHV FDOOHM HUDV RWUDV YHFHV VX YR] DUUXOOD FRPR SDOPHUDV PHFLGDV SRU D EULVD WURSLFDO \ HV HQ VXV DFWXDFLRQHV HQ HO FDEDUHW /D &RQJD GH 1HZ
PAGE 58

&$/=$'$ < 9('$'2 7(/() ) n(/ %$5 < 5(67$85$17 ??& + ( = 0(5,72n3UHVHQWD FRQ RUJXOR I FXKDQD FRQ /XLVL WR 3,D \ VXV *XDU DFKH UR V r r 2&( /$6 '(/,&,$6 '( 81 $0%,(17( $&2*('25 < $*5$'$%/( $,5( $&21',&,21 $'2 /$ 0(-25 %(%,'$
PAGE 59

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nLD )DULILDV &RQVXHOR 0DUWLQH] %H OLVDULR 3HUH] XDQ 9DOGHV 9LROHWD 0RQFDGD 0DUXMD 6DQFKH] \ $QWRQLR +DOORUDQV 1RWD )DOWDQ DOJXQRV FX\RV QRPEUHV QR UHFRUGDPRV rr 2%'8/,2 025$/(6 (/ 0$;,02 ,038/6$'25 '( /26 26 $)52&8%$126 (VWH FRQVDJUDGR H LQWHOLJHQWH SLDQLVWV FXEDQR VH KD GHGLFDGR D HVWXGLDU \ D EULQGDU ORV ULWPRV DIURFXEDQRV FRQ WRGD VX YHUGDGHUD WUDGLFLRQ ,OHo YDQGRORV DO SHQWDJUDPD SDUD VHU LQWHUSUHWDGRV SRU LQVWUXPHQWRV \ FRUR GHVSXHV nTXH HO ORV KD\D LQVWUXPHQWDGR WHQLHQGR D OD YH] HO VLJQLILFDGR KLVWRULFR GH HVD PXVLFD \ ODV OH\HQGDV GH FDGD DJUXSDFLRQ 2EGXOLR QDFLR HQ /D +DEDQD \ \D D D HGDG GH DILRV WRFDED HO YLROLQ \ H SLDQR (Q H DILR GH VH FRQVROLG FRPR GLUHFWRU \ RUJDQL]DGRU GH UHYLVWDV PXVLo FDOHV GH QXHVWUR IRONORUH D SUHVHQWDU VX IDPRVD REUD %DWDPX 6XV FRo QRFLPLHQWRV \ GRPLQLR FDGD YH] PD\RU GHO DVXQWR OOHYDURQ D SUHSDUDU HQ H DILR XQ FRUD IRONORULFR FRQ HO FXDO VH SUHVHQWR HQ XQ FRQFLHUWR GH OD 2UTXHVWD 6LQIRQLFD GH /D +DEDQD 0DV WDUGH IXQGD OD 6RFLHGDG 6LQIRQLFD )RONORULFD GH &XED FRQ D FXDO WUDWD GH GDU,H YLJHQFLD D VX FRUD \ RUTXHVWD &RQ HVWD RUJDQL]DFLRQ GHEXW D HQ OD 5DGLR &DGHQD 6XDo ULWRV HQ HO SUHVHQWDQGRVH HQ HVDV DXGLFLRQHV ORV SRHPDV QHJURV SDUD FRUR \ RUTXHVWD
PAGE 60

2WUD IDPLOLDn FXEDQDn TXH KDn GHGLFDGR OR PHMRU nG VX YLGD Dn GLYX OTDU QXHVWURV ULWRV HV n,D TXH OOHYD HO DSHO OLGR SUHVWLJLRVR GH ORV 3$/$8 /D WU DGLFLRQ PXVLFDO SDVR GH KHUUQDQR D KHUPDQR \ OXHJR HVWHV DO WHQHU IDPLOLD WDPELHQ ORV KLMRV VLJXLHURQ OD ,Q FOLQDFLRQ nSRU OD P XVLFD VXUTL HQGR DV L HVH JUXSR WDQ SRWHQWH \ QXPHURVR TXH KD RUJDQL]DGR D HVWDV GRV PDTQ LILFDV nRUTXHVWDV TXH OH GDQ S UHVW LT LR D &XED HQ WRGRV ORV S D LVHV GHO H[WUDQMHUR GRQGH KDQ UHD OL] DGR QXPHURVDV SU HVHQW DFLRQHV n(QFDE HVWD SDJLD OD G HFDQD GH HVWDV R UTXHVW DV GH ORV +HU PDULHV 3DODXn (V nGLULJLGD SRU 5DLPXQGR 3DODX \ ,XH IXQGDGD HQ HO KDELHULGR VLGR OD SULPHUD TXH LQWUR GXMR HQ OD VHFFLRQ GH SHUFXVLRQ OD VHUL H GHn WDPERUHV TXH WDQWR D\XGDQ D ,D PXVLFD FXEDQD (VWH JUXSR HVWD UHD OL] DQGR XQD QXHYD MLUD SRU YDULRV SDLVHV GH OD $PHULFD &HQWUDO ,17(*5$17(6 6D[RV 5DLPXQGR 3DODX GLUHFWRUf 3HGUR *XLGD -HVXV 3HUHGD \ 9LUJLOLR 9nL[DPD 0HWDO HV /HRQDUGR 7LPRU -U 0DQXHO 'XFKHVQH -U \ 3HGUR 6XHTXH 3LDQR 0DULR 6DQWDQD %DMR 5 3DODX F %DWHULD 2 *RQ]DOH] (Q OD SDUWH YRFDO WL HQ H D 0DUFRV 3HUGRPR (O EHQLDPQ -RV 3DODX HV nODn 2548(67$ 3$/$On -81,25 n\ HV GLU LTLGD SRU *HQDURn (VWH JUXSR KD DFWXDGR HQ ODnV SUIQFLSDOHV HL4UD6n \ VH SUHVHQWV HO HO FDEDUHW %DUQEX &OXE 6X" ,QWHTUDQWHV VRQ 3MDQR \ GLUHFWRU *HQDUR 3DODX 6D[RVn n3HGURn 5XL] $QGUHV 7LPRU \ (QULTXH 3DODX 0HWDOHV 5RODQGR )RUQHOUR 3 1XQH] \ $QWRQLR 3DODX %DLD 5 3HUH] $OHMRn %DWHU L D /XLV 3DODX Y ORUJH 3DODX FRPR FDQWDQWH WLHQH D n 5RODQGR (VWUHOOD n U 2548(67$6 3238/$5(6n n /$6 )$026$6 2548(67$6 '( /26 +126 3$/$8 nnn n Un n nnnn &8%$ 086,&$/ n

PAGE 61

5(&8(5'26 086,&$/(6 8Q UHPDQVR GH UHFRUGDFLQ WHQLD TXH K DEHU HQ HVWDV S D T LQD V \ SDUD HPSH]U R OU H FHPRV XQD IRWR GRQGH DSDUHFHQ SDUWH GH ORV P XVLFRV TXH IRUPDEDQ DTXH OOD SUHVWLT LR VD 2UTXHVWD 6LQIRQLFD GH /D +DEDQD TXHn GLU LT L D HO TXHU LGR H[FH OHQW H PDHVWUR *RQ]DOR 5RLJ HQ HO DILR ,QWHJUDQWHV SULPHUD ILOD GH DEDMR KDFLD DUULEDf -RVH 0 /R S H] 0RGHVWR %UDYR R VH $QGUHX -RVH 0 3DFKHFR PXHUWRf 5DPRQ $FRVWD PXHUWRf 6DOYDGRU 0XILR] 5RJHU 'XJDW $UPDQGR 0ROLQD *DVSDU 5RVDOHV PXHUWRf \ 5DIDHO )HUQDQGH] 6HJXQGD &DWDOLQR $ULRQD /PXHUWR ` -XDQ 9D]TXH] 5DXO $QNHUPDQ (GJDUGR (VWUDGD *RQ]DOR 5RLT $QWRQLR 3LQD (QULTXH 3LILD \ $GROIR 9UOODUDRV 7nHUFHUD 3HGUR 0HUFDGR *XLOOHUPR 'D] D -XVWR /DJXDUGLD $QWRQLR %XVWDPDQWH )UDQFLVFR 5RGULJXH] 5DLPXQGR n 7ROO -DLPH 3RQVRGD 0DXULFLR 2UWHJD *XVWDYR .LHOPDQQ -RVH ) 4XLQRQHV \ $JXVWLQ *R PH] &XDUWD 9LFWRU +XHG 6U 5H\H $QWRQLR $QGUDFD $UPDQGR 9 9DOHQ]XHOD -XDQ 3HUH] 0DWHR 'LDJR PXHUWRf 5DIDHO 2UR]FR $UPDQGR 2UWHJD +LS R OLWR 5RGULJXH] 0DUWLQ 0DUWLQH] \ 0DWHR &UX] 8QD GH ODV SDUH-DV TXH PDV DSODXVRV UHFLEL HQ DTXHOOD ,DUQRVD HSRFD HQ TXH HVWDEDQ GH PRGD ODV ]DU]XHODV ,XH OD IRUUQDGD SDU &$5,'$' 68$5(= \ 0,*8(/ '( *5$1'< (VWH PDJQLILFR GXR DOo FDQ]R JUDQ SRSXODULGDG FDQWDQGR GHVGH ORV PDV HOHJDQWHV HVFHQDULRV GH OD FDSLWDO $1'5(6 &$67,//2

PAGE 62

%(/,6$5,2 /(=< 68 2548(67$W 0$17,(1(1 9,*( 18(6752 7,3,&2 '$1=21 (QWUH ODV SRFDV RUTXHVWDV WLSLFDV TXH VH PDQWLHQHQ HQ HO DPELHQWH SRU VXV EXHQDV HMHFXFLRQHV GHO GDQ]RQ \ TXH D VX YH] VRQ GHn ODV PDV DQWLJXDV V HQo FXHQWUD OD GH %(/,6$5,2 /23(= (VWH LQFDQVDEOH PXVLFR FXEDQR QDFLR HQ OD FLXGDG GH &DUGHQDV \ HQ PX\ WHPSUDQD HGDG FRPHQ]R VXV HVWXGLRV GH PXVLF D VLQ WHQHU TXH VDOLU GH VX FDVD \D TXH VX TXHULGD PDPD KDELD HVWXGLDGR SLDQR \ SRGLD HQVHILDUOH VROIHR %HOLVDULR WRPR PX\ D SHFKR VXV HVWXGLRV H LQJUHVR HQ OD %DQGD ,QIDQWLO GH &DUGHQDV GRQGH VH GHVWDFR S2On PXFKR TXH HVWXGLDED GHPRVWUDQGR VLHPSUH WHQHU XQD JUDQ GLVSRVLFLRQ SDUD GLULJLU JXVWDQGROH DGHPDV WHQHU HVD LQGHo SHQGHQFLD LQQDWD GH ORV PXVLFRV TXH OXHJR PDUFDQ SDXWDV HQ QXHVWUR DPELHQWH PXVLFDO (Q HO DILR VH WUDVODGR SDUD /D +DEDQD FRQWLQXDQGR DTXL VXV HVWXGLRV GH PXVLFD HOLJLHQGR HQWRQFHV HO LQVWUXPHQWR TXH OH GDULD VX PHGLR GH YLGD \ UQXFKD SRSXODULGDG 3HUR YHDPRV DKRUD FRPR %HOLVDULR QRV VLJXLR UHODWDQGR ORV SRUPHQRUHV nGH VX ODERU HQ OD 2UTXHVWD )XQGR VX RUTXHVWD WLSLFD HQ HO HQ OD FXDO SXVR WRGRV VXV FRQRFLPLHQWRV \ VXV HVIXHU]RV SDUD LQWHJUDOn XQ JUXSR TXH SXGLHUD LQWHUo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n n 1R SRGHPRV GHMDU GH KDFHU FRQVWDU DQWHV GH GDU ORV XOWLPRV GHWDOOHV GH OD D: n`DRU GH HVWH PXVLFR TXH %HOLVDULR /RS] KD URGHDGR VX SUVRQD GH FXDOLo GTd -DQ KHUPRVDV \ QHFHVDULDV TXH SXHGH GHFLUVH TXH GRQGH DFWXD XQD YH] FRQ V-fU"IXyHVWJ DOOL GHMD VLHPSUH XQ QXHYR DPLJR TXH HVWLUQDUD D WUDYHV GH OD YLGD Q%W FMUUHFy VHQFLOOR \ DIDEOH %OLVULR WLHQH DGHPDV HO KRQR GH KDERU HVWXGLDGR OOOD FDUUHUIWyyDHVSXHV GHy WHQHU VX YLGD \D HQFDXVDGD fQ OD UQXVLFD TXH PRWLYDED 4n \D QT`WLWL yyHOyWLHPSR QHFHVDULR SDUD GHGLFDUOR Dy HVWXGLR SHUR SXGLHURQ PDV ODV DQVLDVGH VXSHUHFLRQ Y HO HVIXHU]R WHVRQHUR \ GHVGH HO QILR ^/yy VH JUDW-L-U@ UOH DERJDGR &8%$ 086,&$O

PAGE 63

/D 2UTXHVWD GH %HOLVDULR /2SH] WLHQH RUJDQL]DGR XQ VHUYLFLR GH EHQHILFHQFLD nHQWUH VXV LQWHJUDQWHV DGHPDV VX UVSHUWRULR HV H[FOXVLYR 3XHGH GHFLUVH TXH HVWD 2UTXHVWD FRQVWLWX\H OD PD[LPD DWUDFFLQ HQ VX JHQHUR HQ ORV EDLOHV TXH DPHQL]D ,-HJDQGR D WDO H[WUHPR TXH VRQ PX\ SRFDV ODV IHFKDV GLVSRQLEOHV SDUD VXV FRQWUDWDo FLRQHV ,QWHJUDQWHV 3LDQR *HUDUGR *RQ]DOH] YLROLQ +XPEHUWR 7ULJR EDMR 0DULR 9HXOHQV WLPEDO *HUDUGR &DEUHUD JLLLUR $XUHOLR 9DOGHV &RPR IODXWLVWDV DFWXDQ DOWHUQDWLYDPHQWH $QWRQLR 0 %XVWDPDQWH \ HO 'LUHFWRU %HOLVDULR /RSH] 2548(67$ 2),&,$/ '( 5$',n2 &$'(1$ +$%$1$ 2WUR JUXSR PXVLFDO TXH UHSUHVFQWD D RWUD R UT DQO]DF LR Q UDGLDO YLHQH D QXHVWUD V SD TLQDV (V OD REUD PDJQLILFD GHO 6U $OHMR &RVVLR GHO 3LQR HO FXDO GHVGH VX HPLVRUDn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n PHWDOHV 5DXO &DUUHUR \ 3HGUR &DEUHUD LROLQHV $OEHUWR 4XLDQ -RVH $ 6DQFKH] \ $OEHUWR 3R]R EDMR -XDQ 3HILDOYHU SLDQR 5HQH 8UELQR WXPED 2VFDU 9DOGHV \ PDUDFDV $nOUHGR /HRQ /$ &$'(1$ 25,(17 $/ '( 5$',2 SUHVHQWD D VX 2UTXHVWD H[FOXVLXD &+(3,1 &+29(1n 1R 3"LD IDOWDU OD JHQXLQD UHSUHVHQWDFLRQ GH QXHVWURV PXVLFRV GHO LQWHULRU ORV FXDOHV VRQ WIQ 326OWO926 XDORUHV FRPR ORV GH /D FDSLWDO 3DUD GHPRVWUDUOR DTXL HVWD OD IDPRVD 2UTXHVWD GH &+(3,1 &+29(1 OD FXDO VH H[SRQH D OD FULWLFD GH WRGRV VXV DGPLUDGRUHV GHVSXHV TXH /D HVFXFKHQ HQ ORV SURJUDPDV TXH VH SUHVHQWDQ SRU HVWD VLPSDWLFR HPLVRUD GH 6DQWLDJR GH &XED U OD FXDO UD SXHGH VHU VLQWRQL]DGD HQ /D +DEDQD S27 OD &0&, $1'5(6 &$67,//2

PAGE 64

7529$'25(6 &8%$126 (QWUH ORV W DQ WR V LQWHU SU H WHV GH OD GH FLUQD &8 EDQD &(/,1$ < 5(87,/,2 VDQ ORV GRV PDV PLPDGRV \ TXHULGRV GH OR V UDGLR\HQWHV 'RV YDORUHV LQLTXD ODE OHV HQ OD UQ X VLFD GH QXHVo WUD FDPSLILD HOORV SX HG HQ PDV TXH QDGLH TU DU XQ DV EULOODQWHV DFWXDFLRQHV \D TXH VRQ WDPELHQ RULXQGRV GH GRV SHTX HILR V SX]E OH FLWR V GH 0DWDQ]DV \ 2ULHQWH UHVSHFWLYDPHQWH (VWHV GRV DUWLVWDV H[FOXVLYRV GH OD 5+& SXHGHQ VHU HVFX FKDGR V HQ VX SURJUDP D GH OD PDQDQD SR U ODV RQGDV D ] XOHV /$ &$/$1'5,$ HV HO QR PEU H VLPSDWLFR FU Q TXH KDQ \XHULGR -ODP DU D 1 HQD &UX] (VWD JUDQ DUWLVWD GHO YHUVR SRVHF XQD GH ODV YRFHV PDV OLQGDV \ SRWHQWHV GH VX JHQHUR (PSH] D FDQWDU HQ 6WD &ODUDy\ SUHFLVDPHQWH MXQWR D &ODYHOLWR ,XHJR YLQL HURUU SDUD /D +DEDQD \ VH KLGHURQ GH XQ QR UQE UH SUHVWLJLRVR HQWUH ORV FDQWDQWHV GH GHFKQDV FXEDQDV $FWXDO n PHQWH /D &DOD"ULDy VHyUBHHQyWDy H XQ SUR JUDPD GH OD PDQDQD SR U 5+& \ nOXHJR FDQWD HQ f 6XFHGLR HQ &XED XQ PDJQLILFR SURJUDPD TXH VXUJH 3nW 7D &DGHQD $]XO IRRGV ORV GDV D ODV n GHn OD WDUGH &8%$ 086,&$/n M f r 3URFHGHQWH GH /DV 9LOODV HV HVWH JUDQ FDQo WDQWH GH QXHVWU D GH FLUQ D \ TXH UHVSRQGH SRU &/$9(/,72 VLHQGR VX YHUGDGHUR QRPEUH 0LJXHO $OIRQVR 3R]R (Q VX YR] OD P XVLFD W LS LFDP HQW H FULR,OD WLHQ H XQ SRVLWLYR LQWHUSLHWH HVWDQGF FRQVLGHUDGR FRPR HO PHMRU LPSUEYnL VDGRU FXEDQR GHO JHQHUR FPLFR &O DYHOLWR WLHQH HGLWDGR YDULRV OLEURV GH GHFLP DV DGH PDV GH WRFDU HOOD WLG y6XV DFWXDFLRQHV ODV UHD OL] D HQ YDULRV SURJUDPDV GH OD PDQDQD TXH SUHVHQWD HO &LUFXLWR &04 ? ('8$5'2 6$%25,7 XQH D VX EULOODQWH HM Ho HXWR ULD HQy OD JXLWDUUD FRPR VROLVWD \ DFRUQ S DILDQW Hn XQD IHFXQGD LQVS LU D FLR Q TXH ED ,OHYDGR n FRQVLGHUDUOR &2,'2 XQ JUDQ FRUQSR n VWU B GHO yJQHU" SRSXODU 6DERULW QDFLR HQ &DPSHFKXHOD 2ULHQWH \ WRHDn ,D JXLWDUUD WDP ELHQ GHVGHn PX\ MRY HQ KDELHQGR RIUHWLGR FRQ FLHUWRV GH TXLWDUUD 6DERULWn OO HYD DFWXDQGR HQ OD y&04 P D V GH DILRV \ HV WDPELHQ WLQ JUDQ FRPSRVLWRUn

PAGE 65

n, n/DV QRFKHV HQ HO 0RQWPDUWUH VH GHVOL]DQ HQWUH DOHJLD HVSOHQGRU \ HQ XQ DPELHQWHLFRQIRUWDKOH %8W1$ &2@1$ U 0$*1,,&$ 08U&$ &$,12 ' /$ 3/$W$ 2548W67$ &8%$1 $'2/2 *8=0$1 U 8 254 ,, nn2?I ;&/86,92 35617$1'2 n,BIn *5?1 ,(9,67$ 086,&$O 559$&,21n $O2R Y 3 9'$'2 2WUD RUTXHVWD TXH KD XXHOWR D VXUJLU OLHYDQGn FRPR PD[LPD >LJXUD UHSUHVHQWDWLXD D OD LQROXLGDEOH 3 $8 / 1 $n n$/9$5(= HV OD >RUPDGD 327 HVWH JUXSR GH PDJQLILFRV PXVLFRV FXEDQRV ORV RXDOHV DFRPSDLLDQ D 3DXOLQD HQ DTXHOORV UQLVPRV GDQ]RQHWHV TXH WDQWD IDPD OH EULQGDURQ D HVWD FDQWDQWH /D 2UTXHVWD 5LWPLFD Gn 3DXOLQD "nY] HV GLULJLGD SRU n $UPDQGR 2UWHJD U WLHQH FRPR LQWHJUDQWHV D 1LOR (VSLQRVD 5XEHQ *RQ]DOH] 3HGUR $OXDUH] 3HUH] $OHMR /D]DUR +HUUHUD 2UODQGR *RQ]DOH] )UDQFLVFR -LPHQH] U *HUDUGR 6DOLQDV $1'5(6 &$67,//2

PAGE 66

$56(1,2 52'5,*8(= &XDQGR VH DQXQFLH SDUD DUQHo QL]DU XQD ILHVWD EDLODEOH DO &RQMXQWR GH $UVHQLR 5RGULo JXH] SXHGHQ HVWDU VHJXURV TXH DOOL VH UHXQLUDQ VLHPSUH EXHQRV EDLODGRUHV 3RUTXH HVD HV OD FRQVLJQD GRQGH WRHD $UVHQLR DFXGHQ ODV SDUHMDV TXH GH YHUo GDG VDEHQ PDUFDU HO FRPSDV < JXVWDQ GH GDUOH OXFLPLHQWR D VX EDLOH HMHFXWDQGR ORV PDV GLILo FLOHV SDVLOORV TXH VROR URQ XQ ULWPR FRPR HO GH $UVHQLR VH SXHGHQ UHDOL]DU FRQ PDHVWULD \ ,y SHUIHFFLRQ (, &LHJR 0DUDo YLOORVR WLHQH EDMR VX PDQGR D XQ JUXSR GH EXHQRV PXVLFRV TXH VH SUHVHQWDQ SRU OD HPLVRUD 5DGLR 6DODV DGHUQDV GH JUDEDU GLVFRV SDUD D 5 & $ 9LFWRU /D IRWR GH HVWH JUDQ PXVLFR \ FRPSRVLWRU FXEDQR TXH DXQ VLHQGROH DGYHUVD OD YLGD \D TXH GHVGH PX\ QLILR VH TXHGR FLHJR KD ORJUDGR LPSRQHUVH D WUDYHV GH VX DUWH PXVLFDO YLHQH D HVWDV SDJLQDV HQ UHSUHVHQWDFLRQ GH VX &RQMXQWR HO FXDO SRU IDOWD GH IRWRV QR KD SRGLGR DSDUHFHU DTXL 6,1'2 *$5$ < 81$ 5(/,48,$y 086,&$/ &8%$1$ (Q FXDOTXLHU ,XJDU GH HVWH OLEUR TXH DSDUH]FD D LOXVWUH \ QXQFD ELHQ KRQUDGD ILJXUD GH 6LQGR *DUD\ VHUD GH RUJXOOR \ UHJRFLMR SDUD WRGRV \D TXH HO SRGHU HQFRQWUDUQRV GH QXHYR FDQ HO URVWUR VHUHQR \ \D FDQVDGR GH HVWH LQPHQVR FRPSRVLWRU GH QXHVWUR ULFR IRONORUH HV DOJR TXH GHEH FDXVDUQRV VDWLVIDFFLRQ (O DXWRU GH HVH KLPQR D OD FDQFLQ FXEDQD TXH VH OODPD /D %D\DPHVD GHEH GH VHU DGy PLUD GR \ UHVSHWDGR SRU WRGRV ORV TXH DPDPRV \ VHQWLPRV SRU QXHVWUD &XED 0XVLFDO &RQ VXV RFKHQWD DILRV \D FXPSOLGRV 6LQGR QR VH VHSDUD GH VX TXHULGD JXLWDUUD FRQ OD FXDO \ DO LQIOXMR GH VXV QRWDV DUPRQLRVDV KD FRPSXHVWR PDV GH FDQFLRQHV TXH VH KDQ LPSXHVWR SRU HPRWLYR Y FULROOR GH VXV OHWUDV 7HQJDPRV IUHQWH D OD WRWR GH HVWH YLHMR PXVLFR FXEDQR KXPLOGH PRGHVWR \ JUDQGH XQ JHVWR GH DGPLo UDFLRQ SDUD VX JUDQ REUD PXVLFDO TXH KRQUD D &XED \ D OD FXDO QXHVWUD SDWULD KD SUHPLDGR DXQTXH XQ SRFR WDUGHf LPSRQLHQGROH OD 0Ho GDOOD GH /D +DEDQD D HVWH DQFLDQR TXH WDQWD HPRFLRQ KD VDELGR GDUOH D QXHVWUR FDQFLRQHUR SRSXODU &8%$ 086,&$/

PAGE 67

/$ 5(35(6(17$&,21 '( 18(67526 &20326,725(6 < $55(*/,67$6 -8/,2 &8(9$ &(/(%52 686 %2'$6 '( 3/$7$ &21 ,-$ 086,&$ &8%$1$ /D PXVLUX FXEDQV YLVWLR VXV PHo MRUHV JDODV SDUD FHOHEUDU GLJQDo PHQWH VXV ERGDV GH SODWD FRQ XQ FXEDQR HMHPSODU TXH UHVSRQGH SRU -XOLR &XHYD \ HO TXH FRQ VX WURUQo SHWD YLHQH HMHFXWDQGR QXHVWUD PXo VLFD GHVGH KDHH PDV GH DOLRV -XOLR HV WDPELHQ XQ YHUGDGHUR FRPSRVLWRU GH QXPHURV TXH OOHYDQ LPSUHJQDGRV HO VDERU GH ODV FRVo WXPEUHV \ ODV H[SUHVLRQHV VHQFLOODV \ KXPDQDV GH QXHVWUR SXHEOR 3DUD FRPSUREDUOR DKL HVWDQ VXV JUDQGHV FUHDFLRQHV FRPR 6DEDQL 7n 7,(O 0 PDU PJR D DQJR DUDQRQ nn (, G %LEL 3 E H ff :yprO: SH H @ XDJXD UFFLWDV yOWO^ n ODV 0XMHUHV 'HILHQGHWH \ RWURV PXFKRV TXH KDULDQ OD ,LVWD LQWHUo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o VLFDO \ GHEH UHFLELU HO HVWLPXOR GH WRGRV ORV DGPLUDGRUHV GH ,D PXVLFD \D TXH HVWH JUDQ WURPSH WLVWD FXEDQR QRV KD UHSUHVHQWDGR HQ WRGRV ORV OXJ DUHV GH RWURV SDLVHV GRQGH VH KD SUHVHQWDGR FRQ VX RUTXHVWD /D 0XVLFD FXEDQD UHFLEH XQ DSRUWH FRQWLQXR GH QXHYDV FRPSRVLFLRQHV TXH VXUJHQ HVSRQWDQHDV GH 8 OHJLRQ GH IHFXQGRV FRPSRVLWRUHV ORV TXH D VX YH] UHFLEHQ HO DSR\R GLUHFWR GH VXV KHUPDQRV ORV DUUHJOLVWDV SDUD YHVo WLUODV GH ODUJR HVSHUD GH VX RSRUWXQLGDG SDUD KDFHUVH SRSXODUHV HQ ODV YRFHV GH QXHVWURV FDQWDQWHV &RPR GLVSRQHPRV GH XQ EUHYH HVSDFLR VROR SUHVHQWDPRV D XQD FRQRFLGD ILJXUD GH HVH VHFWRU HO FXDO YLHQH D UHSUHo VHQWDU GLJQDPHQWH D WRGRV VXV FRPSDQHURV FRPSRVLWRUHV HQ HVWDV SDJLQDV (V 269$/'2 )$55(6 FRPSRVLWRU IHFXQGR \ PX\ SHJDGR D VHQFLOODPHQWH WL3,&2 FX\DV REUDV PXVLFDOHV VRQ PXQGLDOPHQWH FRQRFLGDV \ QR HV QHFHVDULR PHQFLRQDUODV \D TXH WRGDV VRQ PDJQLILFDV $O LJXDO TXH )DUUHV KD\ HQ H DPELHQWH GHVWDFDGRV FRUQSRVLWRUHV TXH PFUHFHQ XQD PHQFLRQ FRPR -XOLR \ $OIUHGR %ULWR 0DULD & 3UDWV $UURQGR 3HSH 'HOJDGR -RVH $ 0HQGH] ,W 0DUTXH] HWF /D UHSUHVHQWDFLRQ GH ORV DUUHJOLVWDV OD GHMDPRV HQ PDQRV GH %(%2 9$/'(6 PXVLFR SUHVWLJLRVR TXH UHDOL]D FRQ JXVWR \ JUDQ VHQWLGR PXVLFDO ORV PDV GLILFLOHV \ PDUDYLOORVRV DUUHJORV 4XH ,OHYDQ XQ FRUWH PRGHUQLVWD D ,D YH] TXH QR SLHUGHQ QL ULWPR QL PHORGLD (Q VX ILJXUD GH UHFRQRFLGRV PHULWRV TXHUHPRV HQYLDUOH XQ VDOXGR D RWURV FRPSDILHURV GH ODERU $ %ULWR 1LQR 5,YHUD 'LD] &DOYHW 6 5DPRV -LPHQH] &ODUR )XPHUR & )D[DV \ RWURV PXFKRV TXH HV LPSRVLEOH GHVWDFDU $1'5(6 &$67,//2

PAGE 68

n B 6L KHPRV GHMDGR SDUD WHUPLQDU HVWH SHTXHILR WUDEDMR FRPR WULEXWR D XQ LQPHQVR DUWLVWD PXVLFDO FXEDQR \D GHVDSDUHo FLGR KD VLGRFQ OD ^PLFD LGHD GH TXH FXDQGR ORV ,HFWRUHV KD\DQ DGPLUDGRn IULODERUn GH QXHVWURV DUWLVWDV SXHGDQ UHo FRUGDU FRQn YHQHUDFLRQ RWUD YLGD PXVLFDO TXH IXH WURQFKDGD SRU HO GHVWLQH \ ,D FXDO WXYR XQD WUDVFHQGHQFLD LQFDOFXODEOH SDUD QXHVWUR SUHVWLJLR FXOWXUDO HQ RWURV SDLVHV *UHQHW PXULR D ORV DILRV \ VX ODERU DUWLVWLFD IXHUD GH QXHVWUR SDLV IXH WDQ FRORVDO TXH ELHQ SXGLHUD GHFLUVH TXH KD VLGR XQR GH ORV PD[LPRV UHVSRQVDEOHV GH ODMSRSXODULGDG DOFDQ ]DGD SRU ,Q PXVLFD FXEDQD HQ WLHUUDVL?I6-WDQMHUDV 0X\ MRYHQ DXQ (O LVFR FRPSXVR VXV SULPHUTLWJrRQHV TXH yWRo GDYLD KR\ VH HVFXFKDQ FRQ DJUDGR 6X SUIMMPIIUDnyRPSRVL*6Q GH JUDQ H[LWRy IXH $OOD HQ OD 6LULD \yn^D7,tV PDV WD:GH HVWUHQR IXHUD GH &XED VX IDPRVD RSHUHWD nyn-nLn9LUJHT G?^So UHQD DGFPDV ,XH HO TXH LQWURGXMR HQ 3DULVy-yDyyJUI}D FRQJD *UHQHW GHMD DO PRU LU REUDV WDQ SRSXODUHV GWLLQLHWOnR IRONORUH FRPR 3DSD 0RQWHUR (O 6LWLHULWR $\ nn0LQUL ,QHV 6L 0XHUR HQ &DUUHWHUDn /DPHQWR &XEDQR )DFXQGR \ XOWLPDPHQWH ,H KD ELD GDGR YLGD D HVH ULWPR WDQ FDGHQFLRVR \ WLSLFR TXH ,ODUQR HO 6XFX6XFX 3HQVHPRV XQ PRPHQWD HQ (OLVHR *UHQHW UHFRUGHPRV7R PXFKR TXH OH GHEHPRV HVSLUnLWXDOPRQWH SRUTXH TXLHQQR KD SDVDGR XQ UDWR DJUDo GDEOH HVFXFKDQGR VX PXVLFD \ D TXLHKHnW! 4L8KDnnnWUILOLGR UHFXHUGRV DOJXQD PHORGLD VX\D" 32,n HVR HV TXH HO QR VHUD ROYLGDGR QXQHD +RQUHPRV HQ *UHQHW D WRGRV ORV TXH KDQ GHVDSDUHFLGR GHVSXHV GH RIUHFHU PHMRU GH VX YLGD HQ DUDV GHO DUWH PXVLFDO GH QXHVWUD SDWULD (1 +?-1$-( B$yn(y/,6( *5(1(7 BB f W, U n f U !n If f f f fBf ff ff R ff f ff&I ff f f f ff f f f f fyff fB 0 $ nL& LM/ (/ $^%,752 '( W$ n02'$ ? ? n &8%$ 08,&$/ ? ? n U ! -M ff Ly,Wn?L nU(/( +n $ % $ 1 $

PAGE 69

5REHUWR (VSL &RQMXQWR &DVLQR %HUQD]D 14 DOWRVf $ 5RJHOLR 0DUWLQH] 6RQRUD 0DWDQFHUD 9LYHV 14 n 0 3HGUR 9LOD +LYHUVLGH &DUORV ,,, 14 8= 0DQROR &DVWUR +QRV &DVWUR &RQVXODGR 19 DOWRVf $ -RVHLWR 9DOGHV ,GHDO )LJXUDV 1 $= $QWRQLR $UFDILR $UFDILR \ VXV 0DUDYLO ODV )UDQFRV 1f 8 5RTXH 9 5RGULJXH] &RQWLQHQWDO \ &XEDNRJD &DOOH 1f ) (GG\ /HVWHU 2UT GH VX QRPEUH 6DQ ,QGDOHFLR 14n 0LJXHO 'LD] /RV &XPEDQHKVURV n 6XDULWRV \ 9HGDGR ) 'U $QJHO &DPDFKR 2UT GH VX QRPEUH (VSDGD 1 f f f f f f f ff 8 $OIRQVR 4XLQWDQD -RYHQHV "HO &D\R n 5DVWUR 1O 0 %H\ 'LD] &DOYHW &RORQLDO &DOOHMRQ GH (VSDGD 1r 8 -RVH 0 *RQ]DOH] *ORULD 0DWDQFHUD &DUGHQDV 14 $== 0LJXHO 2 9LDQD &RVPRSROLWD 3OD]XFOD $ 5HFLR 14 0= n (UQHVWR *DUGD n &DVDEODQFDn nn 5HLQD 1, DOWRVf 0 /LGXYLQR 3HUHLUD n &DVLQR GH ,D 3OD\D 6DQ -RVH 14 DOWRVf 8 2UHVWHV 6DQWRV 2UT GH VX QRPEUH n 6DQWD (PLOLD 1nf 0 /XLV 6DQWL 2UT GH VX QRPEUH &DOOH 4 9HGDGR ), 5DLPXQGR 3DODX +QRV 3DODX &DOH $OPHQGDUHV 14 0DULDQDR %2 *HQDUR 3DODX 3DODX -XQLRU n 3DVDMH &OnHLFKHnULH 1r 9HGDGR n )2 %HOLVDULR /RSH] 2UT GH VX QRPEUH 0DQ]DQD GH *RPH] 14 $ &KHSLQ &KRYHQ 2UT GH VX QRPEUH (PLVRUD &0.: 2ULHQWH 0 3DXOLQD $OYDUH] 2UT GH VX QRPEUH 6XDUH] 14 ; $UVHQLR 5RGULJXH] 2UT GH VX QRPEUH 3XHUWD &HUUDGD &HUUR 8 -XOLR &XHYD 2UT GH VX QRPEUH /LQDV 1 8 8QLRQ 6LQGLFDO GH 0XVLFRV 6DQ -RVH 14 $ ,, )HGHUDFLRQ n1DFLRQDO GH $XWUHnVnGHn 0XVLFD GH &XED &RQFRUGLD 14 DOWRVf n *8,$ 086,&$/ 2UTXHVWD 'LUHFWRU 'LUHFFLRQ $VRFLDFLRQ 1 DFLRQDO GH 7URYDGRUHV &XEDQRV 0RQWH 14 DOWRVf 6LQGLFDWR 1DFLRQDO GH $XWRUHV 0XVLFDOHV &XEDQRV 0RQWH 14n 1 ,2n+ 7 & ,B O-,O6n n, $% $1 (5 26 0RQWPDUWUH &DVLQR GH ,D 3OD\D \ $GROIR *X]PDQ \ 39HGDGR &DUUHWHUD $UUR\R $UHQDV $YH 7UXIILQ &DO]DGD V 9HGDGR / \ 9HGDGR &DUUHWHUD GHn $UUR\R 1DUDQMR 3XHQWH GH $OPHQGDUHV 1HSWXQR \ 3UDGR n &DO]DGD GH 5DQFKR %R\HURV &DO]DGD GH 9HQWR 6DQV 6RXFL 7URSLFDQD &KH] 0HULWR 0RFDPER &OXE 7RSHND &OXE 5LR &OXE RURFFR %DPEX &OXE n 5LR &ULVWDO %DMR OT /XQD &RQMXQWR &RORQLDO /XLVLWR 3,D \ VXV *XDUDFK nLn (GG\ /HVWHU \ VX 2UT 2UT 3DODX -XQLRU 2UT +QRV &DVWUR +RWHO 1DFLRQDO 7HOH $ $ 8 %2 % ) ) 8 $1'5(6 &$67,//2n

PAGE 70

, ,fnH 5(/$&,21 '( /26 0(`25(6 352*5$0$6 0OO6,&$/(6 n '( 18(675$ 5$',2 5 + &&$'(1$ $=8/ .FVf DP /D &DODQGULD DP &HOLQD \ +HXWLOLR DP 7ULR 7RUUHV 0RQWHUUH\ DP -RVHLWR )HUQDQGH] SP *ORULD 0DWDQFHUD SP 2UT +DYDQD &DVLQR SP 'RPLQJRVf 3URJUDPD 0XVLFDO GH OD *HQHUDO (OHFWULF B B n n On n n n &,5&8,72 & 0 4 .FVf DP &ODYH OLWR \ 6DERULW DP &RQMXQWR &DVLQR \ 6HU n YDQGR 'LD] SP /XLV 6DQWL SP 6RQRUD 0DWDQFHUD f DP 3URJUDPD PXVLFDO FRPELQDGR SP &DVFDULWD SP 2UT & 0 4 \ 0DQWLFL SP 'XR 0DUWL SP 'RPLQJRVf 3URJUDPD PXVLFDO GH OD *HQHUDO (OHFWULF I n, 5$',2 *$5&,$ 6(55$ &0&8 .FVf SP %HOLVDULR /RSH] \ SP 3DXOLQD $Oo YDUH] \ VX 2UTXHVWD Q$',D 352*5(62 &0%& .FVf DP 6RQRUD 0DWDQFHUD SP &RORQLDO SP &RQMXQWR &DVLQR SP 2OJD &KRUHQV \ 7RQ\ $OYDUH] SP 6RQRUD 0DWDQFHUD \ &HOLD &UX] SP &RORQLDO SP &RQMXQWR &DVLQR 5$',2 &$'(1$ +$%$1$ &0&+ .FVf SP $UVHQLR 5RGULJXH] SP 5LWD 04 5LYHUR SP 3URJUDPD PXVLFDO SP $UWLVWD LQYLWDGR \ 2UT GLULJLGD SRU 5 3UDWV SP 0DQROR )HUQDQGH] SP 7ULR 0DWDPRURV SP &DVLQR 5$',2 6$/$6 &0%= .FVf DP *ORULD 0DWDQFHUD DUQ 2UHVWHV 6DQWRV SP +QRV &DVWUR SP &RQLXQWR &DPDFKR SP $UVHQLR 5RGULJXH] SP $Uo FDILR SP +QRV &DVWUR SP RYHQHV GHO &D\R ? L Q$',2 &$'(1$ 68$5,726 &0%/ n6S2 .FVf DP /RV &XPEDQFKHURV SP /RV &XPEDQFKHURV SP D SP /RV n+LWV PXVLFDOHV GHO PRPHQWR 5$',2 &$3,7$/ $57$/(-2 &0%6 .FVf DP 3HUH] 3UDGR \ VX 2UT SP &RQMXQWR &DVLQR SP 3HUH] 3UG4 SP 0XVLFD 3RSXODU &$'(1$ 2,17$/ '( 5$',2 &0&, .FVf DP &KHSLQ &KRYHQ SP YHQHV GHO -D]] ySP 5HQH GHO 0DU \ VX &RQMXQWR SP 0XVLFD 3RSXODU SP &KHSLQ &KRYHQ SP 5HQH GHO 0DU \ VX &RQMXQWR 5$',2 $/9$5(= &0%; .FVf nSP 'LVFRODQGLD nSURJUDPD PXVLFDO GH *RULV 6KRS GH 6DQ 5DIDHO \ (VFREDU /$ &$6$ '( /$6 0(',$6 &0%< .FVf P 0DPERV GH 3HUH] 3UDGR 8H y SP D SP 0XVLFD YDULDGD FXEDQD 5$',2 48,=$6(,*/( &02$ n .FVf SP %DLODEOHV FRQ HO &RQMXQWR &DVLQR /RV &DPSHRQHV GHO 5LWPR 3DWURFLQD *RULV 6KRS &8%$ 086,&$/

PAGE 72

f