El Periódico de Estepona

FTUFQPOB

&M QFSJÊEJDP EF 16#-*$"$*ª/ 4&."/"- (3"56*5" "- %& %*$*&.#3& %& /±.&30

XXX FMQFSJPEJDPEFFTUFQPOB DPN

7BMBEF[ PGSFDF BM 11 FTUBS FO VO HPCJFSOP EF DPODFOUSBDJÊO Z MPT QPQVMBSFT SFDIB[BO MB QSPQVFTUB &M Q QPSUBWP[ E EFM 1 1BSUJEP 1 1PQVMBS **HOBDJP . .FOB SSFDPOPDJÊ FO F FTUPT E EÄBT TTF I IBO N NBOUFOJEP DDPOUBDUPT Q RVF F QBSB R RVF TV GGPSNBDJÊO F FOUSBSB B B H HPCFSOBS F FO FFM " "ZVOUBNJFOUP

/&841"1&3

4JOEJDBUPT

-PT CPNCFSPT TF PQPOFO B TV JOUFHSBDJÊO FO FM $POTPSDJP /DV WUHV VHFFLRQHV VLQGLFDOHV FRQ UHSUHVHQWDFLyQ HQ OD 0HVD GHO 3HUVRQDO )XQFLRQDULR GHO $\XQWDPLHQWR 8*7 &&22 < &6, &6,) KDQ HODERUDGR XQ GXUR FRPX QLFDGR VREUH OD LQWHJUDFLyQ GHO SHUVRQDO IXQFLRQDULR GHO VHUYLFLR GH SUHYHQFLyQ H[WLQFLyQ LQFHQ GLRV \ VDOYDPHQWR HQ HO &RQVRUFLR 3URYLQFLDO GH %RPEHURV SiJ

1PMÄUJDB

&M DPNJUÀ EFM 1" EJDF RVF .POUFTJOPT OP FT PCTU¸DVMP QBSB TV EFTBSSPMMP (O FRPLWp GHO 3DUWLGR $QGDOXFLVWD DXQTXH DFDWD OD GHFLVLyQ PRVWUy VX WRWDO GLVFRQIRUPLGDG D OD VDOLGD GHO TXH IXHUD SRUWDYR] GH HVWD IRUPDFLyQ SROtWLFD GXUDQWH PX FKRV DxRV 5DIDHO 0RQWHVLQRV VH J~Q KD SRGLGR FRQRFHU HVWH SHULyGLFR SiJ

(SBDJBT QPS WVFTUSB TPMJEBSJEBE

/D VHPDQD VH KD FHUUDGR FRQ HO DFWR GH HQWUHJD GH ORV JDODUGRQHV (VWHSRQD 6RFLDO \ 6ROLGDULD TXH HVWH DxR KDQ OOHJDGR D VX WHUFHUD HGLFLyQ (O SXHEOR KD VDELGR UHFRQRFHU DVt ODV ODERUHV DOWUXLVWDV \ GHVLQWHUHVDGDV GH 0DUXMD &DUUHWHUR \ -XDQD 5RGUtJXH]

461-&.&/50 &41&$*"- %& %&1035&4 &/ &- */5&3*03

F

FTUFQPOB

&M QFSJÊEJDP EF

$0/5&/*%04

/&841"1&3

46#& Å -B TPMJEBSJEBE

#"+" Æ -PT CPNCFSPT

DY ]flj]_Y \] dgk hj]eagk kgda\Yjagk ]klYZd][a\gk hgj ]d 9qmflYea]flg \] =kl]hgfY ]f km l]j[]jY ]\a[a f na]f]f Y j][gfg[]j dY dYZgj YdljmaklY \]d ngdmflY% jaY\g&

=d [gf^da[lg \] dgk :geZ]jgk Y jY r \] dY afl]f[a f im] eYfla]f] ]d 9qmflYea]flg \] km hYk] Yd ;gfkgj[ag Hjgnaf[aYd \]k]eZg[Y \] ege]flg ]f ]d afa[ag \] dYk egnadarY[agf]k \] ]klgk ^mf[agfYjagk&

EF QVÈP Z MFUSB

FTUFQPOB

&M QFSJÊEJDP EF

/&841"1&3

;'?jYfY\Y$ ) ) % ) )³; *1.0( % = =kl]hgfY 0( / /( ) ).

L]d ^gfg qq ^^Yp2 1-* 0

af^gjeY[agf8 h]jag\a[g]kl]hgfY&]&l]d]^gfa[Y&f]l =\alY2 E=<A9 9KG;A9<GK Aehjae]2 9:;$ K&D& <]h kalg D D]_Yd2 K=%)-)(%*((+ Hj]ka\]fl] E E=<A9 9KG;A9<GK2 9flgfag ?Yj[ Y ?gfr~d]r

<aj][lgj2 9flgfag ?Yj[ Y ?gfr~d]r <ak] g2

Jm^afg 9\~f

;gdYZgjY\gj]k2 BmYfbg EY[aYk 9flgfag ? e]r HmZda[a\Y\2 .*- .- ,. 1) 9\eafakljY[a f2 F]j]Y K~f[`]r E]f\grY <akljaZm[a f2

BmYf Gj]ddYfY

>glg_jY^ Y2 E=<A9 9KG;A9<GK$ JY^Y]d ?Yd~f

&EJUPSJBM

/

D GLIHUHQFLD HQWUH OR TXH KDFHPRV \ VRPRV FDSDFHV GH KDFHU UHVROYHUtD OD PD \RUtD GH ORV SUREOHPDV GHO PXQ GR GLMR 0DKDWPD *DQGKL \ HV XQD YHUGDG FRPR XQ SXxR \ FR PR HMHPSOR EDVWDUtD FHxLUVH DO DFWR GH HQWUHJD GH SUHPLRV (VWHSRQD 6RFLDO \ 6ROLGDULD HQ ORV TXH HVWH SURQXQFLDPLHQWR VH FRQYLHUWH HQ XQD UHDOLGDG 1R VH SXHGH SRU PHQRV TXH DJUDGHFHU ODV ODERUHV OOHYDGDV D FDER SRU ODV JDODUGRQDGDV 0DUXMD \ -XDQD GRV SHUVRQDV TXH GH IRUPD GHVLQWHUHVDGD HV WiQ D\XGDQGR D UHVROYHU SUREOH PDV \ VLWXDFLRQHV TXH VXIUHQ DOJXQDV SHUVRQDV HQ HVWD FLXGDG (Q HO DFWR 'DYLG 9DODGH] DOFDOGH (VWHSRQD GLMR D PRGR GH DQpFGRWD TXH QDGLH GXGDUD GHO OD DXWHQWLFLGDG \ OD REMHWL YLGDG TXH SUHVLGtD HO RWRUJD PLHQWR GHO SUHPLR TXH VH HQWUHJDED D VX VXHJUD 0DUXMD &DUUHWHUR 3RU VXSXHVWR TXH QDGLH OR

FM QJDPUB[P

KYf H HYZdg$ * *, =flj]h& H Hm]jlY ? ? ) ))+(( DY D D f]Y \ \] ddY ; ;gf[]h[a f ;~\ar!

L]d&' > >Yp2 1 1-. / /. 1 1- + +,

=%e eYad2 emdlae]\aYYkg[aY\gk8l]d]^gfa[Y&f]l

GXGD \D TXH DFWXDFLRQHV FRPR ODV TXH UHDOL]D 0DUXMD VRQ GLJ QDV \ GH VREUDV FRQRFLGDV SRU WRGRV 7DQWR HV DVt TXH LJXDO HO SURSLR 9DODGH] FRPR OD PD\R UtD GH QRVRWURV GHEHUtDPRV WR PDU HMHPSOR GH OD KXPDQLGDG \ OD VROLGDULGDG FRQ OD TXH QRV UH JDOD OD PDGUH GH VX HVSRVD \ WUDVODGDUOR D QXHVWURV TXHKDFH UHV HQ OD YLGD FRWLGLDQD 6LQ GX GD WRGR VHUtD PX\ GLVWLQWR 6LQ GXGD WRGRV QRV DOHMDUtDPRV GH HVWD YLGD OOHQD GH DEVXUGRV H LQ WHUHVHV HQ OD TXH QRV HQFRQWUD PRV VXPLGRV FDVL D GLDULR 'HMDUtDPRV GH XQ ODGR HO RGLR ORV DMXVWLFLDPLHQWRV LQMXV WRV H LQFOXVR ODV PDODV DUWHV SDUD FRQVHJXLU WDO R FXDO FRVD \ SRUTXp QR HO SRGHU 6HQFLOODPHQWH WRGRV VHUtD PRV PiV KXPDQRV \ PiV VROL GDULRV \ TXL]i KR\ QR VH KDEODUtD SDUD QDGD GH WHUPLQDU D OD GHVHVSHUDGD GLVXHOWR HQ XQD GLVROXFLyQ

~

/P TFSÄB BDPOTFKBCMF RVF FM BMDBMEF JOGPSNBSB TPCSF MP RVF IB QPEJEP USBUBS FO SFVOJPOFT FO .BESJE Z 4FWJMMB &TUBS¸ QSFQBSBOEP BMHVOB TPOBEB TPSQSFTB

~

&T DJFSUP RVF 7BMBEF[ BVORVF DPNP TJFNQSF MP OFHBS¸ EJDF RVF MB QPTJCMF TPMVDJÊO FT MB EJ TPMVDJÊO

~

"UFODJÊO BUFODJÊO MMBNBEB B GJMBT FO .¸MBHB 4FS¸ RVF MB HFTUPSB Z )FSFEJB RVJFSFO TBCFS NFKPS RVJÀO FTU¸ DPO RVJÀO FO &TUFQPOB

DPOUFOJEPT BDUVBMJEBE

MB DPDUFMFSB

EFQPSUFT

MJHBT MPDBMFT

&O FM SFDVFSEP

NPUPS

TBMVE

BHFOEB EF TFSWJDJPT

DMBTJGJDBEPT

&M 1FSJÊEJDP EF &TUFQPOB Z TV FNQSFTB FEJUPSB OP TF IBDFO SFTQPOBCMFT EF MBT PQJOJPOFT WFSUJEBT QPS TVT DPMBCPSBEPSFT Z SFNJUJEPT 2VFEB UPUBMNFOUF QSPIJCJEB MB SFQSPEVD DJÊO UPUBM P QBSDJBM EF DVBMRVJFS DPOUFOJ EP UBOUP FTDSJUP DPNP HS¸GJDP VTBEP QPS &M 1FSJÊEJDP EF &TUFQPOB TJO TV QSFWJP DPOTFOUJNJFOUP

FTUFQPOB

"$56"-*%"%

&M QFSJÊEJDP EF

/&841"1&3

7BMBEF[ PGSFDJÊ BM 11 FTUPT EÄBT JODPSQPSBTF B VO HPCJFSOP EF DPODFOUSBDJÊO TFHÑO .FOB 4FHÑO SSFDPOPDJÊ FFM Q QPSUBWP[ E EFM 1 1BSUJEP 11PQVMBS O OP FT MMB Q QSJNFSB WWF[ R RVF FFM B BMDBMEF I IBDF F FTUB Q QSPQVFTUB " (BSDÄB

&

Q SOHQD URQGD GH GHFODUDFLRQHV DQWH OD MXH]D LQVWUXFWRUD GHO &DVR $VWDSD VDOWDED OD QRWLFLD UHODWLYD D TXH HO DOFDOGH GH (VWHSRQD 'DYLG 9DODGH] KDEUtD RIUHFLGR HVWD PLVPD VHPDQD D ORV LQWHJUDQWHV GHO 3DUWLGR 3RSXODU LQ WHJUDUVH HQ HO JRELHUQR ORFDO SDUD IRUPDU XQR GH FRQFHQWUDFLyQ HQ HO TXH QRV HVWXYLHUDQ SROtWLFRV VDOSL FDGRV SRU OD RSHUDFLyQ MXGLFLDO SXHVWD HQ PDUFKD GHVGH HO SDVDGR GH MXQLR 1DGD PiV FRQRFHUVH OD QRWLFLD OD PLVPD FRUULy FRPR OD SyOYRUD SRU ORV FRUULOORV SROtWLFRV GH OD FLX GDG HULJLpQGRVH HQ OD GHO GtD 7DQWR HV DVt TXH ,JQDFLR 0HQD TXH QR TXLVR UHVSRQGHU HQ UXHGD GH SUHQVD VREUH VL 9DODGH] OH KDEtD GLFKR TXH OD LGHD OD KDEtD FRQVXOWDGR FRQ UHV SRQVDEOHV SROtWLFRV GH VX IRUPDFLyQ D QLYHO DQGDOX] IXH LQWHUURJDGR FRQ LQVLVWHQFLD HQ VX FRPSDUHFHQFLD SD UD KDEODU GHO DVXQWR GH ORV SUHVX SXHVWRV UHFLHQWHPHQWH DQXODGRV -PT QPQVMBSFT SFDIB[BO MB PGFSUB EF 7BMBEF[ Z TF NBOUJFOFO FO TV UFTJT EF MB EJTPMVDJÊO EF MB $PSQPSBDJÊO (Q HVWH VHQWLGR 0HQD GLMR TXH HO DFWXDO DOFDOGH ³GHVGH VX WRPD GH SRVHVLyQ KD PDQWHQLGR FRQWDFWRV KD KDEODGR GH OD SRVLELOLGDG TXH HO 3DUWLGR 3RSXODU HQWUDUD D JREHUQDU SHUR QRVRVWURV VLHPSUH KHPRV PDQ WHQLGR OD LGHD TXH GLVROXFLyQ GH OD &RUSRUDFLyQ´ 3DUD 0HQD HVWH HTXLSR GH JR ELHUQR KD GHPRVWUDGR TXH QR WLHQH FDSDFLGDG SDUD JREHUQDU SRUTXH QR KD\ XQD XQLGDG QL XQD FRKHVLyQ HQ HVWH HTXLSR GH JRELHUQR QL HQ HO 3DUWLGR 6RFLDOLVWD 2EUHUR (VSDxRO´ ³1R YDPRV D IRUPDU SDUWH GH DO JR TXH HVWi FRQWDPLQDGR´ /D ~QLFD

,JQDFLR 0HQD SRUWDYR] GHO 33 HQ (VWHSRQD

VROXFLyQ HV TXH KD\D QXHYDV HOHF FLRQHV DJUHJy HO SRUWDYR] GHO 33 3HVH D HOOR \ DQWH ODV SUHJXQWDV GH ORV SHULRGLVWD HO SROtWLFR GHO 33 QR WXYR SUREOHPDV HQ UHFRQRFHU TXH HVWRV ~OWLPRV GtDV VH KDQ SUR GXFLGR FRQWDFWRV HQ HVWH VHQWLGR ³\ OD UHVSXHVWDV KDQ VLGR ODV PLVPDV TXH VH KDEtDQ SURGXFLGR HQ HVWRV ~OWLPRV PHVHV´ $QWH HVWD DILUPDFLyQ GH 0HQD

HV GHGXFLEOH SXHV TXH HO DOFDOGH VL KD YXHOWR D RIUHFHU HVWD PLVPD VH PDQD FRPR UHFRQRFLy HO SRUWDYR] SRSXODU OD HQWUDGD HQ HO JRELHUQR GHO 3DUWLGR 3RSXODU HQ XQ LQWHQWR FODUR GH GDU HVWDELOLGDG D VX JRELHU QR 6REUH HVWH DVXQWR IXHQWHV GHO 362( D QLYHO SURYLQFLDO TXHGDURQ H[WUDxDGDV DO FRQRFHU OD QRWLFLD GHFOLQDQGR HQ WRGR PRPHQWR SUR QXQLFDUVH DO UHVSHFWR

-B EJTPMVDJÊO OP QBTB QPS MB DBCF[B EFM QBSUJEP 1FSP OP TÊMP TF IB IBCMBEP FTUB TF NBOB RVF UFSNJOB TPCSF FTUF QMBO UFBNJFOUP 4FHÑO IB QPEJEP DPOPDFS FTUF QFSJÊEJDP FM BMDBMEF QPESÄB IBCFS EFKBEP FOUSFWFS RVF VOB EF MB TPMVDJPOFT QBTBSÄB QPS MB EJTPMVDJÊO EF MB QSFTFOUF $PSQPSBDJÊO Z QPS MB DPOWPDBUPSJB DPNP FT MÊHJDP EF OVFWBT FMFDDJP OFT QMBOUFBNJFOUP RVF WJFOF NBO UFOJFOEP FM 1BSUJEP 1PQVMBS EFTEF RVF TF JOJDJÊ MB 0QFSBDJÊO "TUBQB 1FSP FTUF OP FT FM TFOUJS EF TV GPS

NBDJÊO QPMÄUJDB TPCSF UPEP TFHÑO MP EFDMBSBEP B FTUF QFSJÊEJDP QPS FM QBSMBNFOUBSJP BOEBMV[ Z QSFTJEFOUF EF MB HFTUPSB EFM QBSUJEP FO FTUFQP OB +VBO 1BOJBHVB &O FTUF TFOUJEP 1BOJBHVB IB NB OJGFTUBEP RVF MB EJTPMVDJÊO EF MB $PSQPSBDJÊO OP QBTB QPS MB DBCF[B EF OBEJF EFM QBSUJEP 5PEP MP DPOUSB SJP mMP RVF UFOFNPT RVF IBDFS FT TFHVJS USBCBKBOEP Z SFGPS[BS MPT FT GVFS[PT QBSB QPEFS TBDBS BEFMBOUF UPEPT MPT QSPZFDUPTn

-B KVF[B EFM DBTP "TUBQB BQMB[B MB EFDMBSBDJÊO EFM BMDBMEF QBSB MB QSÊYJNB TFNBOB /D MXH]D GHO FDVR $VWDS ,VDEHO &RQHMR KD GHFLGLGR DSOD]DU OD WRPD GH GHFODUDFLyQ DO DOFDOGH KDVWD OD VHPDQD SUy[LPD (VWD VHPDQD VH KDQ SURGXFLGR ODV GHFODUDFLRQHV GH YDULRV FRQFHMDOHV GH OD &RUSRUDFLyQ DFWXDO DVt FRPR GH DQWHULRUHV OHJLVODWXUDV VLJXLHQ GR DVt ODV OtQHDV GH LQYHVWLJDFLyQ \ GH ORV KHFKRV DFRQWHFLGRV HQ HO HQ WRUQR GH OD RSHUDFLyQ 0XFKRV KDQ VLGR ODV SHUVRQDV TXH KDQ DFXGLGR KDVWD ODV GHSHQ GHQFLDV MXGLFLDOHV HQ FDOLGDG GH WHVWLJRV DXQTXH WDPELpQ ODV KD\ TXH OR KDQ KHFKR HQ FDOLGDG GH LPSXWDGRV /D GHFODUDFLyQ GHO DOFDOGH HV WDED SUHYLVWD TXH VH UHDOL]DUD HO SDVDGR MXHYHV DXQTXH D PLWDG GH OD PDxDQD VH FRQRFLy TXH OD FLWD GHO UHJLGRU TXHGDED DSOD]DGD KDV WD OD SUy[LPD VHPDQD (VWH YLHUQHV KD VHJXLGR HO FL FOR GH GHFODUDFLRQHV D RWUDV SHUVR QDV

" (BSDÄB

3FVOJÊO EF MPT JOUFHSBOUFT EF MB HFTUPSB EF &TUFQPOB FO .¸MBHB /RV KHFKRV TXH VH YLHQHQ SURGXFLHQGR HQ (VWHSRQD QR GHMDQ GH JHQHUDU QRWLFLDV GtD D GtD (Q HVWH VHQWLGR HVWH SHULyGLFR KD SRGLGR FRQRFHU TXH ORV PLHPEURV GH OD JHVWRUD GH (VWHSRQD HQFDEH ]DGD SRU -XDQ 3DQLDJXD HVWiQ FLWD GRV SDUD HVWH YLHUQHV HQ 0iODJD $XQTXH VH GHVFRQRFH OD KRUD IXHQWHV FHUFDQDV D OD (MHFXWLYD 3URYLQFLDO FRQILUPDURQ OD FLWD HQ OD TXH FRQ SUREDELOLGDG VH SRGUtD KDEODU DXQTXH HVWRV H[WUHPRV QR SXGLHURQ VHU FRQILUPDGRV SRU HVWH SHULyGLFR VREUH OD VLWXDFLyQ TXH DWUDYLHVD HO JRELHUQR GH 'DYLG 9DODGH] \ HO SDUWLGR HQ OD ORFDOL GDG (Q HVWH VHQWLGR KD\ TXH UHFRU GDU OR UHYHODGR HVWD VHPDQD SRU HO 33 VREUH HO RIUHFLPLHQWR UHDOL]DGR SRU 9DODGH] SDUD OD LQWHJUDFLyQ GHO 33 SDUD FRQIRUPDU XQ JRELHUQR GH FRQFHQWUDFLyQ

" (BSDÄB

FTUFQPOB

&M QFSJÊEJDP EF

"$56"-*%"%

/&841"1&3

-PT CPNCFSPT EF &TUFQPOB TF PQPOFO B TV JOUFHSBDJÊO FO FM DPOTPSDJP QSPWJODJBM

"OVODJBO N NPWJMJ[BDJPOFT B BVORVF B BDFQUBS¸O FFM EJ¸MPHP DDPNP Ñ ÑOJDB TTPMVDJÊO BB MMB TTJUVBDJÊO B BDUVBM &1&

-

DV WUHV VHFFLRQHV VLQGLFDOHV FRQ UHSUHVHQWDFLyQ HQ OD 0HVD GHO 3HUVRQDO )XQFLRQDULR GHO $\XQWDPLHQWR 8*7 &&22 < &6, &6,) KDQ HODERUDGR XQ GXUR FRPXQLFDGR HQ UHODFLyQ FRQ OD LQ WHJUDFLyQ GHO SHUVRQDO IXQFLRQDULR GHO VHUYLFLR GH SUHYHQFLyQ H[WLQ FLyQ LQFHQGLRV \ VDOYDPHQWR HQ HO &RQVRUFLR 3URYLQFLDO GH %RPEHURV GH 0iODJD 'HQXQFLDQ TXH HO $\XQWDPLHQWR QR KD FRQWDGR FRQ HOORV SDUD WRPDU OD GHFLVLyQ /RV ERPEHURV GHQXQFLDQ TXH SHVH D OR TXH FDOLILFDQ FRPR GH FLVLyQ LUUHYRFDEOH H[SUHVDGD SRU OD &RUSRUDFLyQ 0XQLFLSDO GDQGR SRU FRQVHQWLGD \ SRU FRQVXPDGD OD LQWHJUDFLyQ HQ HO &RQVRUFLR«QR VH KD DOFDQ]DGR QLQJ~Q DFXHUGR HQWUH ORV WUDEDMDGRUHV \ HO D\XQWD PLHQWR \ TXH D~Q QR VH FRQRFHQ FXHVWLRQHV HVHQFLDOHV FRPR HO FRV WH HFRQyPLFR GHO FDQRQ DQXDO TXH WHQGUi TXH DERQDU HO $\XQWDPLHQWR DO &RQVRUFLR TXLpQ SHUFLELUi ODV VXEYHQFLRQHV GH OD 81(63$ FXDQWtD GH ODV WDVDV SRU HO VHUYLFLR SRVLEOHV H[HQFLRQHV GH ORV HPSDGURQDGRV R Q~PHUR GH HIHFWLYRV HQ ODV JXDUGLDV 1BSB MPT CPNCFSPT FM "ZVOUBNJFOUP QSFUFOEF VUJMJ[BSMPT DPNP NPOFEB EF DBNCJP 6HJ~Q ORV UHSUHVHQWDQWHV VLQGLFD OHV GH ORV ERPEHURV HO VHUYLFLR HQ OD DFWXDOLGDG VLJXH SUHVWiQGRVH HQ SUHFDULR FRQ XQ Q~PHUR GH HIHFWLYRV LQVXILFLHQWH SDUD FXEULU FRQ XQDV PtQLPDV JDUDQWtDV FXDO TXLHU FRQWLQJHQFLD TXH SXGLHUD DFRQWHFHU FRQ XQDV LQVWDODFLRQHV UXLQRVDV H LQVDOXEUHV \ FRQ XQD

$OJXQRV GH ORV UHSUHVHQWDQWHV GHO FROHFWLYR GH HQ OD UXHGD GH SUHQVD

SODQWLOOD PDOWUDWDGD VXPLGD HQ OD LQFHUWLGXPEUH \ D OD TXH HO D\XQ WDPLHQWR SUHWHQGH XWLOL]DU FRPR PRQHGD GH FDPELR FRQ RWURV RUJD QLVPRV VXSHULRUHV D FDPELR GH QR VDEHPRV TXH 'LFHQ KDEHU HVWDGR GLVSXHVWRV D UHQXQFLDU D SDUWH GH ORV GHUHFKRV ODERUDOHV SDFWDGRV HQ VX GtD FRQ HO DFWXDO $OFDOGH /RV VLQGLFDWRV H[SUHVDQ LJXDO PHQWH HQ HO PLVPR FRPXQLFDGR TXH D~Q UHQXQFLDQGR D SDUWH GH ORV GHUHFKRV ODERUDOHV ILUPDGRV \ SDFWDGRV FRQ ODV PLVPDV SHUVRQDV TXH DKRUD RFXSDQ OD $OFDOGtD \ OD &RQFHMDOtD GH +DFLHQGD HVWDEDQ GLVSXHVWRV D DFHSWDU OD LQWHJUDFLyQ VLHPSUH TXH HOOR IXHVH HQ EHQHIL FLR GHO SXHEOR

"GJSNBO IBCFS TJEP BNFOB[BEPT DPO TFS EFHSBEBEPT TJ OP BDDFEFO B MB JOUFHSBDJÊO /RV IXQFLRQDULRV FRQFOX\HQ HQ VX FRPXQLFDGR TXH VyOR DFHSWDUiQ HO GLiORJR FRPR YtD SDUD OOHJDU D XQ HQWHQGLPLHQWR TXH QR FODXGLFD UDQ DQWH FKDQWDMH DOJXQR QL VH GH MDUDQ LQWLPLGDU DQWH HO DQXQFLR GH VHU GHJUDGDGRV SURIHVLRQDOPHQWH VL QR DFFHGHQ D PDUFKDUVH DO &RQVRUFLR $Vt PLVPR HQWLHQGHQ TXH VX LQWHJUDFLyQ HQ HO &RQVRUFLR QR REHGHFH DO LQWHUpV GH OD VHJX ULGDG GH ORV FLXGDGDQRV VLQR D FXHVWLRQHV GH FDODGR SROtWLFR

-B 1PMJDÄB /BDJPOBM SFTVFMWF FM TFDVFTUSP EF VOB NVKFS Z EF TV OJFUP EF USFT BÈPT 3FEBDDJÊO $JHQWHV GH 3ROLFtD

1DFLRQDO KDQ GHWHQLGR HQ (VWHSRQD D GRV LQGLYLGXRV GH QDFLRQDOLGDG PDUURTXt FRPR SUHVXQWRV DXWRUHV GH XQ GHOLWR GH VHFXHVWUR /RV DUUHVWD GRV UHWXYLHURQ FRQWUD VX YROXQWDG D XQD PXMHU HVSRVD GH XQ SROtWLFR WDQJHULQR \ D VX QLHWR GH WUHV DxRV GH OD PLVPD QDFLRQDOLGDG TXH VXV FDSWRUHV \ VROLFLWDURQ D VXV IDPLOLD UHV XQ UHVFDWH GH HXURV SRU VX OLEHUWDG /RV DJHQWHV ORJUDURQ OL EHUDU D ODV GRV SHUVRQDV KRUDV \ PLQXWRV GHVSXpV GH TXH VH SXVLH UDQ ORV KHFKRV HQ FRQRFLPLHQWR GH OD 3ROLFtD (O GLVSRVLWLYR SROLFLDO VH SXVR HQ PDUFKD WUDV OD GHQXQFLD SUHVHQWDGD HQ OD -HIDWXUD 6XSHULRU GH 3ROLFtD GH &HXWD SRU XQ IDPLOLDU GLUHFWR GH ODV GRV SHUVRQDV UHWHQLGDV +DEtD UHFL ELGR XQD FRPXQLFDFLyQ HQ OD TXH VR OLFLWDEDQ XQ UHVFDWH SDUD OLEHUDU D VX VREULQR \ D VX FXxDGD VHFXHVWUDGRV HQ 0iODJD 7UDV WHQHU FRQRFLPLHQWR GH ORV KHFKRV ORV LQYHVWLJDGRUHV GH OD -HIDWXUD 6XSHULRU GH 3ROLFtD GH &HXWD ORV SXVLHURQ HQ FRQRFLPLHQWR GH ORV HVSHFLDOLVWDV HQ VHFXHVWURV \ H[WRUVLRQHV GH OD &RPLVDUtD *HQHUDO GH 3ROLFtD -XGLFLDO (VWRV VH WUDVOD GDURQ LQPHGLDWDPHQWH D (VWHSRQD GRQGH VH HQFRQWUDEDQ ODV YtFWLPDV DQWHV GHO VHFXHVWUR SDUD KDFHUVH FDUJR GH OD LQYHVWLJDFLyQ \ FRRUGL QDU ODV DFWXDFLRQHV /RV DJHQWHV HVWDEOHFLHURQ XQ GLVSRVLWLYR HQ WRUQR DO GRPLFLOLR GH ODV YtFWLPDV /RV SULPHURV GDWRV UH FRJLGRV SHUPLWLHURQ UHODFLRQDU XQ YHKtFXOR FRQ HO VHFXHVWUR 8QD YH] ORFDOL]DGR REVHUYDURQ FRPR HO DX WRPyYLO HUD RFXSDGR HQ VX SDUWH GH ODQWHUD SRU GRV LQGLYLGXRV \ FRQILUPDURQ TXH HQ ORV DVLHQWRV SRVWHULRUHV VH HQFRQWUDEDQ ODV GRV YtFWLPDV GHO UDSWR /RV SROLFtDV LQ WHUFHSWDURQ HO YHKtFXOR \ SURFHGLH URQ D OD GHWHQFLyQ GH ORV GRV VXMHWRV GH \ DxRV \ QDFLRQDOLGDG PD UURTXt /D RSHUDFLyQ IXH LQLFLDGD SRU OD -HIDWXUD 6XSHULRU GH &HXWD \ KD VLGR FRRUGLQDGD SRU 6HFFLyQ GH 6HFXHVWURV \ ([WRUVLRQHV GH OD 8'(9 &HQWUDO GH OD &RPLVDUtD *HQHUDO GH 3ROLFtD -XGLFLDO FRQ FRQ HO DSR\R GHO *5(&2 &RVWD GHO 6RO

FTUFQPOB

&M QFSJÊEJDP EF

"$56"-*%"%

/&841"1&3

&M DPNJUÀ EFM 1" EJDF RVF .POUFTJOPT OP FT PCTU¸DVMP QBSB TV EFTBSSPMMP -PT SSFTQPOTBCMFT E EF MMB GGPSNBDJPO TTFHÑO FFM B BDUB E EF V VOB SSFVOJÊO B --JOB 3 3JWBT E EF Q QPOFS UUSBCBT B BM UUSBCBKP E DVMQBO B EFM DDPNJUÀ

" (BSDÄB (O FRPLWp GHO 3DUWLGR

$QGDOXFLVWD DXQTXH DFDWD OD GHFL VLyQ PRVWUy VX WRWDO GLVFRQIRUPLGDG D OD VDOLGD GHO TXH IXHUD SRUWDYR] GH HVWD IRUPDFLyQ SROtWLFD GXUDQWH PX FKRV DxRV 5DIDHO 0RQWHVLQRV VHJ~Q KD SRGLGR FRQRFHU HVWH SHULyGLFR D WUDYpV GH GRFXPHQWDFLyQ TXH REUD HQ VX SRGHU (VWD VHPDQD HQ XQ FRPXQLFDGR ILUPDGR SRU OD FRQFHMDOD GH HVWD IRU PDFLyQ SROtWLFD RWURUD VHFUHWDULD GH 0RQWHVLQRV VH GDED D FRQRFHU D ORV PHGLRV GH FRPXQLFDFLyQ GH OD H[FOX VLyQ GH 0RQWHVLQRV FRPR PLHPEUR GHO JUXSR PXQLFLSDO DQGDOXFLVWD HQ HO $\XQWDPLHQWR GH (VWHSRQD DFRJLpQ GRVH D OR GLFWDGR SRU RWUDV LQVWDQFLDV VXSHULRUHV GH OD IRUPDFLyQ SROtWLFD $O UHVSHFWR HVWH SHULyGLFR KD FR QRFLGR TXH HO SDVDGR GH QRYLHP EUH HO FRPLWp ORFDO GH OD DJUXSDFLyQ GHO 3DUWLGR $QGDOXFLVWD GH (VWHSRQD FHOHEUy XQD UHXQLyQ H[WUDRUGLQDULD HQ OD TXH FRQWHPSODED FRPR ~QLFR SXQ WR GHO GtD HO VRPHWLPLHQWR D GHEDWH GH OD SURSXHVWD GH DSDUWDU D 0RQWHVLQRV GHO JUXSR PXQLFLSDO (Q HVWH VHQWLGR HQ HO DFWD GH GL FKD UHXQLyQ VH H[SOLFD TXH WUDV OD OOD PDGD WHOHIyQLFD UHFLELGD GH PLHEURV GHO FRPLWp SURYLQFLDO 2VFDU &DPDFKR \ 6DOYDGRU /ySH] TXH WUDVODGDQ OD LQWHQFLyQ TXH HO SDUWLGR GLFWDPLQH TXH 5DIDHO 0RQWHVLQRV SD VH GH VHU FRQFHMDO UHSUHVHQWDGR ODV VL JODV GHO 3DUWLGR $QGDOXFLVWD HQ HO *UXSR 0XQLLFSDO DO *UXSR GH &RQFHMDOHV 1R $GVFULWRV HQ OD &RUSRUDFLyQ GH (VWHSRQD

(O GHVHQFXHQWUR HQWUH 0RQWHVLQRV \ 5LYDV HV SDWHQWH

(Q HVWH VHQWLGR VHJ~Q UHIOHMD HO GRFXPHQWR ORV DVLVWHQWHV D OD UHXQLyQ H[WUDRUGLQDULD GHO FRPLWp H[SRQHQ TXH SRU SDUWH GHO FRPLWp ORFDO ³QRV DRFJHUHPRV D OD GHFLVLyQ TXH ORV yU JDQRV GH HVWH SDUWLGR HVWLPHQ RSRUWX QDV´ 3HVH D OR GLFKR \ HQ HO SiUUDIR VL JXLHQWH ORV DVLVWHQWHV PDQLILHVWDQ TXH ³QR REVWDQWH SRQLHQGR GH PDQL ILHVWR TXH OD SHUVRQD GH 5DIDHO 0RQWHVLQRV 5XELR QR KD UHSUHVHQWD GR QLQJ~Q REVWiFXOR DO GHVDUUROOR IXQFLRQDO GH HVWH FRPLWp PLHQWUDV TXH HQ OD FRPSDxHUD $JULSLQD 5LYDV *yPH] VL HQFRQWUDPRV WRGR WLSR GH WUDEDV SDUD HO IXQFLRQDPLHQWR GH HVWH FRPLWp \ TXH UHSHUFXWH HQ HO GHVDUUR

*MVNJOBDJÊO OBWJEFÈB

-B JMVNJOBDJÊO OBWJEFÈB USBT MB QPMÀNJDB TVTDJUBEB FO GFDIBT BOUFSJPSFT QPS TV BEKVEJDBDJÊO ZB FT VOB SFBMJEBE FO &TUFQPOB Z MB NBÈBOB EFM KVFWFT MPT PQFSBSJPT EF MB FNQSFTB FTUBCBO QSPDFEJFOEP B UFSNJOBS EF DPOGFDDJPOBS FM EFDPSBEP JMVNJOBSJP QBSB MB DFMFCSBDJÊO EF FTUBT GJFTUBT FO MB QPCMBDJÊO

OOR SROtWLFR GHO SDUWLGR HQ HO PXQLFL SLR´ $O HQWHQGHU GHO FRPLWp OD GHFL VLyQ DGRSWDGD SRU ORV yUJDQRV VXSH ULRUHV ³VL OH RIUHFH D OD FRPSDxHUD $JULSLQD PiV SRWHVWDG SXHVWR TXH

VHUtD QXHVWUD ~QLFD UHSUHVHQWDQWH HQ HO *UXSR 0XQLFLSDO´ 3HVH D HOOR HO GRFXPHQWR H[SOLFD FODUDPHQWH TXH HO FRPLWp VH UHLWHUD HQ VX GHFLVLyQ GH UHVSDOGDU OD GHFL VLyQ DGRSWDGD SRU ODV LQVWDQFLDV VX SHULRUHV GHO SDUWLGR $SÄUJDBT EFM #/"

3RU RWUR ODGR HO %ORTXH 1DFLRQDOLVWD $QGDOX] WDPELpQ VDOLy DO SDVR GH ODV GHFODUDFLRQHV UHDOL]DGDV SRU /LQD 5LYDV VREUH OD SRVLELOLGDG GH SUHVHQ WDU XQD TXHUHOOD SRU HO DVXQWR UHODWLYR D OD DVLJQDFLyQ DO JUXSR PXQLFLSDO (Q HVWH VHQWLGR -RVp 1DYDUUR UHVSRQVDEOH GH OD IRUPDFLyQ GLMR TXH ³QRVRVWURV QRV YDPRV D HQWUDU HQ PD UUXOOHUtDV SROtWLFDV SRUTXH HVWD VHxR UD /LQD 5LYDV TXH HV OD UHVSRQVDEOH GH OD EDVXUD HQ (VWHSRQD VH GHGLFD D SRQHU GHPDQGDV VLQ VDEHU PX\ ELHQ OR TXH HVWi KDFLHQGR´ 1DYDUUR GLMR TXH VyOR VH KL]R HFR HQ XQ SURJUDPD GH UDGLR GH OR DSDUH FLGR HQ XQ SHULyGLFR ³GRQGH VH GLFH TXH DO SDUHFHU KD\ GLVFUHSDQFLDV VR EUH HO DVXQWR GH OD DVLJQDFLyQ DO JUX SR PXQLFLSDO´ &RQ LQGHSHQGHQFLD GH HOOR 1DYDUUR DJUHJy TXH 5LYDV HVWi JHV WLRQDQGR HQ HVWRV PRPHQWRV ³XQ FD SLWDO S~EOLFR GH FDVL VHLV PLO HXURV HQWUH VX VXHOGR \ OD DVLJQDFLyQ GH OD TXH QR WLHQH TXH GDU FXHQWD D QDGLH (VWD VHxRUD VH TXHGD FRQ OD DVLJQD FLyQ GHO JUXSR´

FTUFQPOB

&M QFSJÊEJDP EF

"$56"-*%"%

/&841"1&3

&M QMFOP EFCBUJS¸ EF OVFWP MPT QSFTVQVFTUPT NVOJDJQBMFT EF &M F FRVJQP E EF H HPCJFSOP F FO N NJOPSÄB TTF F FOGSFOUB B B MMB P PQPTJDJÊO EFM 1 11 R RVF I IB BBOVODJBEP TTV JJOUFODJÊO E EF WWPUBS F FO DDPOUSB &1&

&

O PLpUFROHV GLH] GH GLFLHPEUH HO 3OHQR GH OD &RUSRUDFLyQ HQ VH VLyQ H[WUDRUGLQDULD WHQGUi TXH GHEDWLU GH QXHYR ORV SUHVXSXHVWRV PXQLFLSDOHV \ OD SODQWLOOD GH SHUVRQDO SDUD WRGD YH] TXH FRPR \D LQ IRUPy HVWH SHULyGLFR OD SDVDGD VHPD QD HO -X]JDGR GH OR &RQWHQFLRVR $GPLQLVWUDWLYR 1~PHUR 6HLV GH 0iODJD GLFWy VHQWHQFLD SRU OD TXH DFRUGy HVWLPDQGR HO UHFXUVR SODQWHD GR SRU PLHPEURV GHO 3DUWLGR 3RSXODU \ GHO 3DUWLGR GH (VWHSRQD DQXODU OD FRQYRFDWRULD GHO 3OHQR TXH DSUREy ORV SUHVXSXHVWRV HO TXLQFH GH IHEUHUR GH HVWH PLVPR DxR DVt FRPR HO DFXHUGR GH DSUREDFLyQ GH ORV PLV PRV EDVHV GH HMHFXFLyQ \ SODQWLOOD GH SHUVRQDO DQH[D DO PLVPR DO HQWHQGHU HO -X]JDGR TXH VH KDEtDQ YXOQHUDGR ORV GHUHFKRV GH ORV FRQFHMDOHV GH OD RSRVLFLyQ DO QR FHOHEUDUVH OD SUHFHSWL YD FRPLVLyQ LQIRUPDWLYD FRQ DQWHULR ULGDG D OD FRQYRFDWRULD GHO 3OHQR 7BMBEF[ OPNCSB B VO OVFWP DPPSEJOBEPS EF "MDBMEÄB QFTF B TV QMBO EF BVTUFSJEBE 7RGR HOOR FRORFD DO $OFDOGH 'DYLG 9DODGH] HQ OD GLItFLO WHVLWX UD GH VRPHWHU D OD DSUREDFLyQ GHO 3OHQR GH QXHYR ORV SUHVXSXHVWRV

TXH KD WHQLGR DFFHVR HVWH SHULyGLFR HMHUFHUi IXQFLRQHV GH FRRUGLQDFLyQ GLUHFFLyQ \ HVSHFLDO DVHVRUDPLHQWR HQ PDWHULD GH SHUVRQDO HQ OD HVWUXF WXUD JHQHUDO GHO $\XQWDPLHQWR GH SHQGLHQGR GLUHFWDPHQWH GHO $OFDOGH &DEH UHFRUGDU TXH HO ÈUHD GH $OFDOGtD \D FXHQWD HQ OD DFWXDOLGDG FRQ XQ FRRUGLQDGRU FDUJR TXH GH VHPSHxD /XFLDQR 6iQFKH] IXQFLR QDULR PXQLFLSDO TXH SHUFLEH XQ FRPSOHPHQWR GH QRYHFLHQWRV HXURV PHQVXDOHV SRU GHVHPSHxDU HVWD IXQ FLyQ &YQVMTJÊO EF .POUFTJOPT EFM (SVQP .VOJDJQBM EFM 1BSUJEP "OEBMVDJTUB

(O *UXSR 0XQLFLSDO GHO 3DUWLGR $QGDOXFLVWD KD SUHVHQWDGR XQ HVFULWR DO $\XQWDPLHQWR GHO TXH VH GDUi FXHQWD DO 3OHQR HQ OD VHVLyQ GHO SUy [LPR PLpUFROHV SRU HO TXH FRPXQLFD OD H[SXOVLyQ GHO *UXSR GHO DQGDOX FLVWD 5DIDHO 0RQWHVLQRV TXLHQ \D IXH H[SXOVDGR GHO 3DUWLGR SRU VX LP SXWDFLyQ HQ HO &DVR $VWDSD 5BNCJÀO TF EFCBUJS¸ MB EFTFTUJNBDJÊO EF MBT BMFHBDJPOFT DPOUSB MBT PSEFOBO[BT GJTDBMFT

/D FRUSRUDFLyQ GHFLGLUi VREUH ORV SUHVXSXHVWRV PXQLFLSDOHV

GH HVWH DxR JREHUQDQGR HQ PLQR UtD \ FRQ HO DQXQFLR GH 0HQD SRUWDYR] GHO 3DUWLGR 3RSXODU GH YRWDU HQ FRQWUD ORV PLVPRV ,JXDOPHQWH HQ HO 3OHQR GHO PLpUFROHV VH GHEDWLUi OD GHVHVWL PDFLyQ GH ODV DOHJDFLRQHV SUHVHQ WDGDV FRQWUD ODV RUGHQDQ]DV )LVFDOHV SDUD

'DYLG 9DODGH] DFWXDO $OFDOGH VRFLDOLVWD GDUi FXHQWD DO 3OHQR GH OD &RUSRUDFLyQ GH XQ QXHYR QRPEUD PLHQWR GH IXQFLRQDULR HYHQWXDO R FDUJR GH FRQILDQ]D GHVLJQDGR SRU HO PLVPR SHVH D VX WDQ GLYXOJDGR SODQ GH DXVWHULGDG (O QXHYR IXQFLRQDULR VHJ~Q FRV WD HQ OD FRQYRFDWRULD GHO 3OHQR D OD

$KRUD HO *UXSR 0XQLFLSDO $QGDOXFLVWD VyOR FRQWDUi FRQ XQ PLHPEUR /LQD 5LYDV DFWXDO FRQFH MDOD GH OD GHOHJDFLyQ PXQLFLSDO GH $VLVWHQFLD \ 'HVDUUROOR 7RGR HOOR DFRQWHFH WUDV HO HQIUHQ WDPLHQWR TXH DPERV SURWDJRQL]DURQ HQ HO ~OWLPR 3OHQR 0XQLFLSDO HQ HO TXH 5LYDV PROHVWD FRQ OD LQWHUYHQ FLyQ GH 0RQWHVLQRV GHMy FODUR TXH OD SRUWDYR] GHO *UXSR HUD HOOD \ TXH 0RQWHVLQRV KDEtD KDEODGR D WtWXOR SHUVRQDO \ QR HQ UHSUHVHQWDFLyQ GHO *UXSR

"$56"-*%"%

FTUFQPOB

&M QFSJÊEJDP EF

/&841"1&3

"/(&- $ 3%&/"4 ."%3*% )&3."/0 .":03 %& -" $0'3"%*" %&- ".03

/D ,QPDFXODGD FHOHEUD YHLQWLFLQFR DQLYHUVDULR GHVGH VX SULPHUD VDOLGD

" (BSDÄB &TUFQPOB

6

(O SUHJyQ FRQ PRWLYR GH WDQ HVSHFLDO FHOHEUDFLyQ FRUUHUi D FDUJR GHO FDSDWD] 3HGUR 0DUtD *XWLpUUH] 0DUtQ

RQ PXFKRV ORV ViEDGRV TXH KDQ HVWDGR HQVD\DQGR QLxRV TXH \D KDQ KHFKR OD SULPHUD FRPX QLyQ \ TXH HO GtD GH OD ,QPDFXODGD VH FRQYLHUWHQ HQ FRVWDOHURV GHO SDVR HQ HO TXH VH VDFD OD 9LUJHQ HQ SURFH VLyQ HO GtD RFKR GH FLHPEUH VHJ~Q H[SOLFD HO KHUPDQR PD\RU GH OD &RIUDGtD GHO $PRU TXH HV OD UHV SRQVDEOH GH SRQHU HVWH SDVR HQ OD FDOOH HQ OD IHFKD TXH HV DQWHVDOD D OD 1DYLGDG (VWH DxR VHJ~Q H[SOLFD $QJHO &iUGHQDV 0DGULG H[LVWH XQD QRYH GDG \ HV TXH ³HVWH DxR VH FRQPHPR UD HO YHLQWLFLQFR DQLYHUVDULR GH OD VDOLGD SURFHVLRQDO GH /D ,QPDFXODGD´ 3DUD FHOHEUDU HVWD HIHPpULGH GHVGH OD &RIUDGtD VH KDQ SURJUDPD GR XQD VHULH GH DFWRV HQWUH ORV TXH GHVWDFDQ XQD PLVD HQ OD SDUURTXLD GH (O +HUPDQR 0D\RU GH OD FRIUDGLD $QJHO &iUGHQDV OD 9LUJHQ GHO &DUPHQ HO SUHJyQ SD UD /D ,QPDFXODGD TXH YD D FRUUHU D GHVGH OD +HUPDQGDG VH OOHYD D FDER HOOR \ \D HVWDPRV HQVD\DQGR FDUJR GHO FDSDWD] 3HGUR 0DUtD GXUDQWH WRGR HO DxR H LQFOXVR ORV $SURYHFKR OD RFDVLyQ SDUD KDFHU XQ *XWLpUUH] *DUtQ (VWH SUHJyQ HV ~QL HVWUHQRV TXH OD PLVPD SRQGUi HQ OD OODPDPLHQWR D WRGDV ODV SHUVRQDV FR FRQ PRWLYR GH OD FHOHEUDFLyQ GH FDOOH FRQ PRWLYR GH OD FHOHEUDFLyQ TXH TXLHUDQ LQFRUSRUDUVH D OD PLVPD ORV YHLQWLFLQFR DxRV PDWL]D HO KHU GH OD 6HPDQD GH 3DVLyQ \ GHFLUOH TXH HVWDPRV PDUWHV \ MXH PDQR PD\RU 6HJ~Q H[SOLFD HO KHUPDQR PD\RU YHV HQ HO FROHJLR 6LHUUD %HUPHMD \ /D PLVD WLHQH ILMDGD VX KRUD GH GH OD FRIUDGtD TXH ODPHQWD TXH HO TXH VH WUDWD GH XQD EDQGD GH FRUQH FRPLHQ]R D ODV RQFH GH OD PDxDQD SDVDGR DxR QR SXGLHUDQ HVWUHQDUVH WDV \ WDPERUHV´ GHO RFKR GH GLFLHPEUH ³\ D FRQWLQXD ORV SUHYLVWRV SRU OD FOLPDWRORJtD ODV FLyQ GH OD FHOHEUDFLyQ UHOLJLRVD VH YDUDV TXH SRUWDUDQ FHOHEUDUi HO GHVILOH 6O UBMMFS EF CPSEBEP EF PCSBT EF BSUF ODV VHxRUDV TXH YDQ SURFHVLRQDO TXH GLV -BT CPSEBEPSBT EFM GH PDQWLOOD ³(VWH FXUULUi GHVGH ODV LQV 3HUR TXL]i OR TXH HO S~EOLFR QR FR WDODFLRQHV GH OD "NPS DPOGFDDJPOBO DxR HVWUHQDUHPRV QR]FD HV TXH OD +HUPDQGDG GHO YDUDV QXHYDV WDQWR SDUURTXLD GHO $PRU FXHQWD FRQ XQ JUXSR GH ERU &DUPHQ KDVWD OD UHVL VOB UÑOJDB QBSB ODV GH PDQWLOOD FR GDGRUDV TXH HVWH DxR WLHQH FRPR UH PR ODV GH OD SUHVL GHQFLD GH DQFLDQRV FM 4BOUP $SJTUP GHQFLD´ WR OD ILQDOL]DFLyQ GH OD W~QLFD TXH 3HUR HVWD KHU HVWUHQDUi HO 6DQWtVLPR &ULVWR GHO 2WUR GH ORV HV PDQGDG QR VyOR SR $PRU WUHQRV HV HO WHFKR GH SDOLR ³TXH \D QH HQ OD FDOOH HO GHVILOH SURFHVLRQDO 6HJ~Q H[SOLFD $QWRQLD &DUUDVFR HVWi WRWDOPHQWH ERUGDGR \ TXH DxR GH /D ,QPDFXODGD VLQR TXH WDPELpQ XQD GH ODV ERUGDGRUDV OD FRQIHFFLyQ SDVDGR WDPSRFR SXGLPRV HVWUHQDU \ GXUDQWH OD FHOHEUDFLyQ GH OD 6HPDQD QR VH OOHYD D FDER SRU SDUWH GH HOODV OD W~QLFD GHO &ULVWR LPDJHQ TXH DO 6DQWD HV OD HQFDUJDGD GH OD RUJDQL]D VLQR TXH OR TXH KDFHQ HV OD SDUWH FDER GH ORV YHLQWLVLHWH DxRV YD D HV FLyQ GH ORV GHVILOHV SURFHVLRQDOHV GH PiV FRPSOLFDGD TXH HV OD GHO ERUGD WUHQDU XQ W~QLFD´ OD SRSXODU %RUULTXLWD \ GH ORV WLWXOD GR 7RGR XQ SURFHVR TXH WHUPLQD HQ 2WUR GH ORV DVSHFWRV LPSRUWDQWHV UHV SURSLRV HO 6DQWtVLPR &ULVWR GHO XQD YHUGDGHUD REUD GH DUWH \ HQ OD \ D WHQHU HQ FXHQWD HV TXH OD KHU $PRU \ 1XHVWUD 6HxRUD GH OD TXH VH HPSOHDQ DxRV PDQGDG UHWRPD OD VDOLGD D OD FDOOH (VSHUDQ]D 6H FRPLHQ]D SRU OD FRORFDFLyQ GH VX EDQGD GH P~VLFD OR TXH SDUD $SURYHFKDQGR OD RFDVLyQ GHVGH GH XQRV SDWURQHV SDUD SRFR D SRFR $QJHO HV XQ SODFHU ³\D KH VLGR HVWH SHULyGLFR VH KD TXHULGR FRQRFHU LU ERUGDQGR FRQ KLOR GH RUR 3DUD GLUHFWRU GH OD EDQGD (VWDPRV HQ PiV HQ SURIXQGLGDG HO WUDEDMR TXH

$QWRQLD HVWH WUDEDMR TXH UHDOL]D HO JUXSR GH PXMHUHV ERUGDGRUDV HV XQD REUD GH DUWH SDUD OD TXH KDFH IDOWD PXFKD LQVSLUDFLyQ ³\D TXH VHJ~Q YDPRV KDFLHQGR HO WUDEDMR pO SDUHFH TXH QRV LOXPLQD \ OXHJR WRGR YD VD OLHQGR SDUD FRPR pO OR TXLHUH OOH YDU´ &RQ YR] HPRFLRQDGD $QWRQLD H[SOLFD TXH pO UHILULpQGRVH DO WLWXODU GH OD KHUPDQGDG YHUtD TXL]i FRQ PHMRUHV RMRV ³TXH FRQIHFFLRQiVH PRV URSDV \ SUHQGDV SDUD SHUVRQDV QHFHVLWDGDV DXQTXH HQWLHQGR TXH HOORV ORV WLWXODUHV GH OD FRIUDGtD WDPELpQ VRQ PHUHFHGRUHV GH HVWH FD ULxR TXH QRVRWURV SODVPDPRV HQ HV WH WHUFLRSHOR´ 4JFUF BÈPT QBSB CPSEBS FM NBOUP EF /VFTUSB 4FÈPSB EF MB &TQFSBO[B

$QWRQLD TXH KDEOD HQ QRPEUH GH WR GR HO JUXSR GH VLHWH ERUGDGRUDV \D HV YHWHUDQD HQ HVWDV OLGHV \D TXH QR HV OD SULPHUD YH] TXH ERUGD SUHQGDV RUQDPHQWDOHV SDUD FULVWRV \ YtUJH QHV $QWRQLD FXHQWD VX H[SHULHQFLD GXUDQWH VLHWH DxRV TXH GXUy HO ERU GDGR GHO PDQWR GH 1XHVWUD 6HxRUD ³(O SURFHVR HV HO PLVPR TXH HO TXH HVWDPRV UHDOL]DQGR FRQ OD W~QL FD DXQTXH HUD PiV GLItFLO SXHVWR TXH WLHQH FLQFR PHWURV GH DQFKR SRU FDVL VLHWH GH ODUJR 8ViEDPRV XQRV EDVWLGRUHV PX\ JUDQGHV \ QR DEDUFi EDPRV D WDQWR´ ³(O PDQWR KLFLPRV FRPR HO TXH VH YD D OD XQLYHUVLGDG D HVWXGLDU GHUHFKR VLQ KDEHU DSUREDGR OD VHOHFWLYLGDG 1RV PHWLPRV HQ WDQ WD HQYHUJDGXUD SHUR DIRUWXQDGD PHQWH HQ OD KHUPDQGDG FRQWDPRV FRQ HVWD REUD GH DUWH´ DJUDGHFLHQGR OD D\XGD GH OD &RRSHUDWLD $JUtFROD ³(Q HVDV SLH]DV YDQ PXFKRV VHQWL PLHQWRV PXFKRV UH]RV PXFKDV Oi JULPDV \ PXFKDV VRQULVDV´ DJUHJy $QWRQLD $SDUWH HVWH JUXSR PXMHUHV WDPELpQ KDQ ERUGDGR OD VD\D GH OD 9LUJHQ

0

=d H H]ja \a[g \ \] = =kl]hgfY

/D FRFWHOHUD ;AF=

DA:JGK

:gdl$ mf Kmh]jh]jjg \] Kmh]jh]d [mdY ]f dY dlaeY hjg\m[[a f \] <akf]q hYjY ]d [af]

:

DOW 'LVQH\ $QLPDWLRQ 6WXGLRV GD ULHQGD VXHOWD D OD DFFLyQ OD GLYHUVLyQ \ ODV HPRFLRQHV \ SUH VHQWD XQ UHSDUWR GH QXHYDV \ DWUDFWLYDV SHUVRQDOLGDGHV DQLPD GDV FRQ %ROW XQD GLYHUWLGtVLPD FRPHGLD GH DQLPDFLyQ UHSOHWD GH DYHQWXUDV HQ IRUPDWR 'LVQH\ 'LJLWDO ' 3DUD HO VXSHUSHUUR %2/7 WRGRV ORV GtDV HVWiQ UHSOHWRV GH DYHQWX UDV SHOLJURV H LQWULJDV DO PHQRV KDVWD TXH ODV FiPDUDV GHMHQ GH JUDEDU 'H IRUPD IRUWXLWD HQYtDQ D XQD HVWUHOOD GH XQD H[LWRVD VHULH GH WHOHYLVLyQ GHVGH VX HVWXGLR GH +ROO\ZRRG D 1XHYD <RUN $Vt FRPLHQ]D OD DYHQWXUD PiV JUDQGH GH VX YLGD XQ YLDMH SRU HO PXQGR UHDO TXH GHEHUtD OOHYDUOH GH YXHOWD D 3HQQ\ VX GXHxD \ FRSUR WDJRQLVWD 3HQQ\ 6X ~QLFD DUPD VRQ ODV IDOVDV LOXVLRQHV GH TXH WR GRV VXV LQFUHtEOHV KD]DxDV \ SRGH UHV VRQ UHDOHV &RQ OD D\XGD GH GRV LQVyOLWRV FRPSDxHURV GH YLDMH XQ JDWR GRPpVWLFR DEDQGRQDGR \ KDVWLDGR OODPDGR 0LWWHQV \ XQ KiPVWHU REVHVLRQDGR FRQ OD WHOHYL VLyQ OODPDGR %ROW DFDED GHVFX EULHQGR TXH QR QHFHVLWD VXSHUSRGHUHV SDUD VHU XQ KpURH %ROW UHSUHVHQWD XQ LPSRUWDQWH SXQWR GH LQIOH[LyQ HQ ORV :DOW 'LVQH\ $QLPDWLRQ 6WXGLRV \D TXH HV OD SULPHUD SHOtFXOD GH DQLPD FLyQ FRQFHELGD \ SURGXFLGD D ODV yUGHQHV GH -RKQ /DVVHWHU GLUHFWRU GHO GHSDUWDPHQWR FUHDWLYR GH :DOW

=d DaZjg \]d \ Y \]d Bma[ag >afYd &211,( :,//,6 (',725,$/ /$ )$&725,$ '( ,'($6 393 HXU

¶%ROW· QRV SURPHWH GLYHUWLGDV DYHQWXUDV HQ '

'LVQH\ \ 3L[DU $QLPDWLRQ 6WXGLRV \ GHO RVFDUL]DGR GLUHFWRU GH 7R\ 6WRU\ 7R\ 6WRU\ >-XJXHWHV@ $ %XJ V /LIH %LFKRV >8QD DYHQWXUD HQ PLQLDWXUD@ 7R\ 6WRU\ 7R\ 6WRU\ /RV MXJXHWHV YXHOYHQ D OD FDUJD \ &DUV DGHPiV GH (G &DWPXOO HO SLRQHUR GH OD DQLPDFLyQ JHQHUDGD SRU RUGHQDGRU TXH D\X Gy D FUHDU 3L[DU $QLPDWLRQ 6WXGLRV \ TXH DKRUD HV SUHVLGHQWH GH :DOW 'LVQH\ \ GH 3L[DU $QLPDWLRQ 6WXGLRV %ROW UHSUHVHQWD HO GHEXW FRPR GLUHFWRU GH &KULV :LOOLDPV XQ YHWHUDQR TXH OOHYD DxRV HQ 'LVQH\ \ TXH KD WUDEDMDGR HQ HO

GHSDUWDPHQWR GH KLVWRULDV \ GHVD UUROOR \ %\URQ +RZDUG DQLPDGRU GH 'LVQH\ GHVGH FRQ WtWXORV FRPR 0XODQ >0XOiQ@ /LOR 6WLWFK >/LOR \ 6WLWFK@ \ %URWKHU %HDU >+HPDQR 2VR@ &ODUN 6SHQFHU TXH SURGXMR /LOR 6WLWFK /LOR \ 6WLWFK \ SURGXFWRU HMHFXWLYR GH 0HHW WKH 5RELQVRQV 'HVFXEULHQGR D ORV 5RELQVRQ VH HQFDUJD GH OD SURGXFFLyQ /DVVHWHU HV HO SURGXFWRU HMHFXWLYR &KULV :LOOLDPV \ 'DQ )RJHOPDQ &DUV

HVFULELHURQ HO JXLyQ 1DWKDQ *UHQR VH HQFDUJy GH OD GLUHFFLyQ GH OD KLVWRULD

]f [Yjl]d]jY

<gk hgdak ]f Yhmjgk 'LUHFFLyQ \ JXLyQ eULN &DQXHO 'XUDFLyQ PLQ *pQHUR $FFLyQ WKULOOHU ,QWHUSUHWDFLyQ &ROP )HRUH 3DWULFN +XDUG /XFLH /DXULHU 6\OYDLQ 0DUFHO 3LHUUH /HEHDX 5RQ /HD 6DUDLQ %R\ODQ 6DUDK -HDQQH /DEURVVH /RXLV -RVp +RXGH 3DWULFH %pODQJHU /D DSDULFLyQ GH XQ FDGiYHU HQ OD IURQWHUD HQWUH 4XHEHF \ 2QWDULR RFDVLRQD TXH GRV SROL FtDV GH GLIHUHQWHV SURYLQFLDV HVWpQ REOLJDGRV D WUDEDMDU FRQ MXQWDPHQWH 8QR GH HOORV HV 'DYLG %RXFKDUG XQ LQYHVWLJD GRU SROLFLDO IUDQFR FDQDGLHQVH GH OD 6 UHWH GH 4XHEHF \ HO RWUR HV XQ GHWHFWLYH DQJOR SDU

;j]h k[mdg 'LUHFFLyQ &DWKHULQH +DUGZLFNH 3DtV 86$ ,QWHUSUHWDFLyQ .ULVWHQ 6WHZDUW 5REHUW 3DWWLQVRQ %LOO\ %XUNH 3HWHU )DFLQHOOL (OL]DEHWK 5HDVHU 1LNNL 5HHG $VKOH\ *UHHQH -DFNVRQ 5DWKERQH .HOODQ /XW] &DP *LJDQGHW (GL *DWKHJL *XLyQ 0HOLVVD 5RVHQEHUJ EDVDGR HQ OD QRYHOD GH 6WHSKHQLH 0H\HU

ODQWH GH 2QWDULR 0DUWLQ :DUG /RV SUREOHPDV VXUJHQ SRU ODV JUDQGHV GLIHUHQFLDV GH DPERV QR VyOR HQ VXV FDUDFWHUtVWLFDV SHUVRQDOHV VLQR WDPELpQ SRU HO PpWRGR GH WUDEDMR TXH XWLOL]DQ

%HOOD 6ZDQ VLHPSUH KD VLGR GL IHUHQWH &XDQGR VX PDGUH VH FDVD SRU VHJXQGD YH] GHFLGH LUVH D YLYLU FRQ VX SDGUH D XQ UHFyQGLWR \ OOXYLRVR SXHEOR $OOt FRQRFH DO PLVWHULRVR (GZDUG &XOOHQ 0X\ SURQWR HQ WDEODQ XQD HVWUHFKD DPLVWDG

&RQ HO WLHPSR %HOOD WHUPLQD SRU GHVFXEULU HO JUDQ VHFUHWR GH (GZDUG pO \ VX IDPLOLD VRQ YDPSLURV 1R HQYHMHFHQ QR WLHQHQ FRO PLOORV \ VRQ ItVLFDPHQWH SHUIHF WRV 6L YLYLHUDV SDUD VLHPSUH ¢SRU TXp PRULUtDV"

$

PHGLDGRV GHO VLJOR ;;, OD MRYHQ HVWXGLDQWH .LUYLQ (QJOH VH SUH SDUD SDUD KDFHU XQ YLDMH HQ HO WLHP SR -XQWR FRQ RWURV FLHQWtILFRV SUH WHQGH UHFDEDU LQIRUPDFLyQ GH SULPH UD PDQR VREUH XQD GH ODV pSRFDV PiV RVFXUDV GH OD KLVWRULD GH OD +XPDQLGDG OD (GDG 0HGLD $SDUHQWHPHQWH WRGR KD VDOLGR ELHQ .LUYLQ VH HQFXHQWUD HQ XQD QHYDGD FDPSLxD LQJOHVD HQ SOHQR VLJOR ;9, /R TXH QR VDEH HV TXH HQ HO WpFQLFR TXH PDUFy ODV FRRU GHQDGDV GH VX YLDMH KD FDtGR IXOPL QDGR SUHVD GH XQD H[WUDxD SODJD TXH SDUHFH DVRODU OD SREODFLyQ GH DPERV WLHPSRV /D KLVWRULDGRUD HVWi DWUDSDGD HQ SOHQD pSRFD GH OD SHVWH QHJUD \ VX YHQLGD HV LQWHUSUHWDGD FRPR XQ DFWR GH 'LRV FUHHQ TXH HV XQ iQJHO SUR WHFWRU OOHJDGR GHO &LHOR SDUD HYLWDU HO -XLFLR )LQDO /D DXWRUD &RQQLH :LOOLV KD JDQD GR VHLV SUHPLRV 1HEXOD QXHYH SUH PLRV +XJR \ SRU VX SULPHUD QRYH OD /RV VXHxRV GH /LQFROQ HO SUHPLR -RKQ : &DPSEHOO 0HPRULDO 6X QRYHOD PiV SRSXODU HV (O /LEUR GHO GtD GHO -XLFLR )LQDO FRQ OD TXH FRQVLJXLy ORV SUHPLRV 1HEXOD +XJR \ /RFXV

'HSRUWHV (1 (67(321$

ZZZ ODJROHDGD FRP

e[LWRV KDVWD HQ OD WHOH

ů ůƵď ĚĞ ƐŐƌŝŵĂ ĚĞ ƐƚĞƉŽŶĂ ŚĂ ƉĂƌƚŝĐŝƉĂĚŽ ĞŶ ůĂ ƐĞƌŝĞ Η ƌƌĂLJĄŶΗ ĚĞ ĂŶĂů ^Ƶƌ͕ ƋƵĞ ĐŽŶƚĂĐƚſ ĐŽŶ Ğů ĐůƵď ĞƐƚĞƉŽŶĞƌŽ ƉĂƌĂ ƋƵĞ ĂƐĞƐŽƌĂƌĂŶ LJ ƉĂƌƚŝĐŝƉĂƌĂŶ ĞŶ ƵŶŽ ĚĞ ƐƵƐ ĐĂƉşƚƵůŽƐ )~WERO

$UWHV PDUFLDOHV

2UQLWRORJtD

ů ƐƚĞƉŽŶĂ ƐĞ ĚĞƐƉůĂnjĂ ŚĂƐƚĂ DĞůŝůůĂ ƉĂƌĂ ĞŶĨƌĞŶƚĂƌƐĞ Ăů ĐŽůŝƐƚĂ

>Ă ĞƐƚĞƉŽŶĞƌĂ ůĞŶĂ 'ĂƌĐşĂ͕ ƐƵďĐĂŵƉĞŽŶĂ ĚĞ ŶĚĂůƵкà ĚĞ ŬĄƌĂƚĞ

ŽƐ ĞƐƚĞƉŽŶĞƌŽƐ ƐŽŶ ĐĂŵƉĞŽŶĞƐ ĚĞ ƐƉĂŹĂ

ŽďůĞ ũŽƌŶĂĚĂ ĚĞ ůŝŐĂ ĞƐƚĞ ĨŝŶ ĚĞ ƐĞŵĂŶĂ͕ ĂƵŶͲ ƋƵĞ Ğů ƐƚĞƉŽŶĂ ĚĞƐĐĂŶƐĂƌĄ Ğů ůƵŶĞƐ͘ ů ƐĄďĂĚŽ Ă ůĂƐ ĐƵĂƚƌŽ ĚĞ ůĂ ƚĂƌĚĞ Ğů ĞƋƵŝƉŽ ĚĞ ZĂƷů WƌŽĐŽƉŝŽ ďƵƐĐĂƌĄ ůĂ ƵŶĚĠĐŝŵĂ ǀŝĐƚŽƌŝĂ ĚĞ ůĂ ƚĞŵƉŽƌĂĚĂ ĂŶƚĞ Ğů ĐŽůŝƐƚĂ ĚĞů ŐƌƵƉŽ͕ Ğů ĂƐŝŶŽ ĚĞů ZĞĂů ĚĞ DĞůŝůůĂ͘

>Ă ũŽǀĞŶ ŬĂƌĂƚĞĐĂ͕ ƉĞƌƚĞŶĞĐŝĞŶƚĞ Ăů 'ŝŵŶĂƐŝŽ ĂƐƐĂŝ ĚĞ ƐƚĞƉŽŶĂ͕ ƐĞ ƉƌŽĐĂͲ ŵĂ ƐƵďĐĂŵƉĞŽŶĂ ĚĞ ŶĚĂůƵкà ĞŶ <ĂƌĂƚĞ ĞŶ ůĂ ŵŽĚĂůŝĚĂĚ <ƵŵŝƚĞ LJ ĞŶ ůĂ ĐĂƚĞŐŽƌşĂ :ƵŶŝŽƌ͕ ĐŽŶ ĞĚĂĚĞƐ ĐŽŵƉƌĞŶĚŝĚĂƐ ĞŶƚƌĞ ůŽƐ ϭϲ LJ ϭϳ ĂŹŽƐ LJ ĞŶ ŵĞŶŽƐ ĚĞ ϱϯ ŬŝůŽƐ͘

ůĨŽŶƐŽ DĞŶĂ Ğ /ǀĄŶ sĞƌĂ ƐĞ ŚĂŶ ƉƌŽĐůĂŵĂĚŽ ĐĂŵƉĞŽŶĞƐ ĚĞ ƐƉĂŹĂ ĞŶ Ğů y>/// ĂŵƉĞŽŶĂƚŽ KƌŶŝƚŽůſŐŝĐŽ ĚĞ ůĂ &K ;&ĞĚĞƌĂĐŝſŶ KƌŶŝƚŽůſŐŝĐĂ ƵůƚƵƌĂů ĞƉŽƌƚŝǀĂ ƐƉĂŹŽůĂͿ͘

FTUFQPOB

&M QFSJÊEJDP EF

%&1035&4

/&841"1&3

'ÑUCPM 5FSDFSB %JWJTJÊO HSVQP *9

&M &TUFQPOB TF EFTQMB[B IBTUB .FMJMMB QBSB FOGSFOUBSTF BM DPMJTUB

-PT N NFMJMMFOTFT E EFM $ $BTJOP 3 3FBM BBÑO O OP DDPOPDFO MMB WWJDUPSJB F FO MMP EF DDBNQFPOBUP ZZ UUBO TTÊMP I RVF TTF MMMFWB E IBO TTVNBEP UUSFT Q QVOUPT

+ + .BDÄBT 'REOH MRUQDGD GH OL JD HVWH ILQ GH VHPDQD HQ HO *UXSR ,; GH OD 7HUFHUD 'LYLVLyQ DXQTXH HO (VWHSRQD GHVFDQVDUi HO OXQHV (O ViEDGR D ODV FXDWUR GH OD WDUGH HO HTXLSR GH 5D~O 3URFRSLR EXVFDUi OD XQGpFLPD YLFWRULD GH OD WHPSR UDGD DQWH HO FROLVWD GHO JUXSR HO &DVLQR GHO 5HDO GH 0HOLOOD (VWH FRQMXQWR D~Q QR FRQRFH OD YLFWRULD \ WDQ VyOR KD VXPDGR WUHV SXQWRV FRQVHJXLGRV HQ WUHV HPSD WHV DQWH *UDQDGD /RMD \ %D]D (QWUH ODV QRYHGDGHV PiV GHVWDFD GDV GHO (VWHSRQD HVWi OD FRQYRFD WRULD GHO SRUWHUR $QWRQLR \ HO GHODQWHUR $QWRxLWR DXQTXH DPERV FRPHQ]DUiQ HO SDUWLGR HQ HO EDQ TXLOOR 'LHJR 5RPHUR KD VLGR VDQ FLRQDGR FRQ XQ SDUWLGR SRU DFXPXODFLyQ GH WDUMHWDV DPDULOODV 7DPSRFR HVWDUi HQ OD OLVWD GH FRQYRFDGRV HO JDGLWDQR -XDQGH TXH QR KD SRGLGR HQWUHQDU SRU OD JULSH /D SHRU QRWLFLD GH ORV HVWHSR QHURV KD VLGR OD FRQILUPDFLyQ GH URWXUD GHO OLJDPHQWR FUX]DGR GHO FHQWURFDPSLVWD %DUULRV TXH VH SHUGHUi HO UHVWR GH WHPSRUDGD \ QR VH GHVFDUWD OD LQFRUSRUDFLyQ GH DO J~Q MXJDGRU TXH OH VXVWLWX\D

&M DBODFSCFSP "OUPOJP Z FM EFMBOUFSP "OUPÈJUP WVFMWFO B FTUBS FO MB DPOWPDBUPSJB EF 3BÑM 1SPDPQJP (O &DVLQR GHO 5HDO WLHQH ODV EDMDV SRU VDQFLyQ GH 6DOYL \ %UDKtQ \ UH FXSHUD DO SRUWHUR -HV~V (VWH HTXL SR PHOLOOHQVH KD GLVSXWDGR FLQFR SDUWLGRV FRPR ORFDO HQ HO 0XQLFLSDO /D (VSLJXHUD HPSDWDQ GR GRV SDUWLGRV IUHQWH D *UDQDGD

\ /RMD \ SHUGLHQGR HQ WUHV RFDVLRQHV DQWH 9HUD

9pOH] \ 0RWULO

3RU VX SDUWH HO (VWHSRQD KD MX JDGR VLHWH SDUWLGRV D GRPLFLOLR JD QDQGR HQ FXDWUR RFDVLRQHV \ SHUGLHQGR WUHV HQFXHQWURV (O (VWHSRQD \D QR MXJDUi HQ HO HVWDGLR )UDQFLVFR 0XxR] 3pUH] KDVWD HO GH GLFLHPEUH TXH VH PHGLUi DO *UDQDGD $QWHV VH GHVSOD]DUi HO GtD KDVWD OD ORFDOL GDG DOPHULHQVH GH 9tFDU (O SDUWLGR HQWUH &DVLQR GHO 5HDO \ (VWHSRQD FRPHQ]DUi D ODV FXDWUR GH OD WDUGH GHO ViEDGR HQ HO 0XQLFLSDO /D (VSLJXHUD GH 0HOLOOD FRQ DUELWUDMH GHO DOPHULHQ VH -DYLHU 0 *DUFtD 5RGUtJXH] &RPR HV KDELWXDO 5DGLR (VWHSRQD WUDQVPLWLUi HO SDUWLGR HQ GLUHFWR HQ HO )0 \ ZZZ XQLRQHVWHSR QDFI FRP

(O (VWHSRQD WLHQH XQD EXHQD RSRUWXQLGDG SDUD VHJXLU VXPDQGR SXQWRV

"MJOFBDJÊO QSPCBCMF

,VDDF (VStQROD 2VFDU 7HQD &XHVWD R &XUUR &XHYDV $QWRQLR 5RPiQ 0DUFRV &KXSL ÈQJHO &DWDQKD \ %RUMD &NQBUF FO FM EFSCJ

(VWHSRQD \ 0iODJD % VH UHVSHWDURQ GHPDVLDGR \ DUULHVJDURQ SRFR HQ HO HVSHUDGR GHUEL PDODJXHxR TXH DFDEy FRQ HPSDWH D FHUR \ FRQ UHSDUWR GH SXQWRV /RV GH 5D~O 3URFRSLR QR KDQ DSURYHFKDGR OD MRUQDGD GH GHVFDQVR GHO OtGHU 0RWULO SDUD DXSDUVH DO SUL PHU SXHVWR \ FRQWLQ~DQ VHJXQGR D XQ VROR SXQWR GH ORV PRWULOHxRV (VWH HV HO SULPHU HPSDWH TXH FRQVLJXH HO (VWHSRQD WUDV GLVSXWDUVH TXLQFH MRU QDGDV GH OLJD (O SDUWLGR QR GHVWDFy SRU ODV RFD VLRQHV GH JRO FRQ XQD SULPHUD SDUWH GRQGH HO HVWHSRQHUR ÈQJHO IXH HO SUL PHUR HQ FUHDU SHOLJUR FRQ UHPDWH IXH HQ XQ FHQWUR GH 0DUFRV $ OD FRQWUD 0DQX QR UHPDWy ELHQ GHODQWH GH OD SRUWHUtD \ OD GHIHQVD ORFDO GHVSHMy D FyUQHU $QWHV GH OOHJDU DO GHVFDQVR HO (VWHSRQD UHDOL]y VX PHMRU MXHJR FRQ YDULDV RFDVLRQHV TXH QR FRQVLJXLHURQ UHPDWDU ELHQ 0DUFRV ÈQJHO &KXSL QL $QWRQLR 5RPiQ (Q OD ~OWLPD MXJD GD GH OD SULPHUD SDUWH VH SLGLy XQ SR VLEOH DJDUUyQ GHQWUR GHO iUHD DO ORFDO ÈQJHO SHUR HO iUELWUR DOPHULHQVH &DUULyQ 5RGUtJXH] QR VHxDOy QDGD (Q OD UHDQXGDFLyQ GHO SDUWLGR IXH HO 0iODJD % HO TXH WXYR ODV RFDVLRQHV PiV FODUDV GHVWDFDQGR XQ UHPDWH HQ FDUUHUD GH -DYL 5DPRV TXH SDUy ELHQ ,VDDF &XDQGR VH FXPSOtD HO PLQXWR HO GHIHQVD &XHYDV GHVSHMy GHEDMR GH SRUWHUtD XQ ODQ]DPLHQWR GH IDOWD GHO PDODJXLVWD -XDQPD FRQ ,VDDF ED WLGR /R ~QLFR GHVWDFDEOH GH ORV GH

5D~O 3URFRSLR IXH XQ GLVSDUR GH $QWRQLR 5RPiQ GHVGH IXHUD GHO iUHD TXH SDUy )UDQ \ XQD UiSLGD LQWHUQDGD GH ÈQJHO TXH WHUPLQy FRQ EXHQ GHV SHMH FRQ XQD PDQR GHO SRUWHUR YLVL WDQWH HYLWDQGR HO SDVH D &DWDQKD $O ILQDO UHSDUWR GH SXQWRV TXH KL ]R MXVWLFLD GHVSXpV GH OR YLVWR VREUH HO WHUUHQR GH MXHJR &RQ HVWH HPSDWH HO (VWHSRQD KD GHMDGR HVFDSDU GH VX FDPSR XQ WRWDO GH FLQFR SXQWRV WUDV OD GHUURWD SRU DQWH HO &RPDUFD GH 1tMDU (O SUy[LPR ViEDGR GH 'LFLHPEUH VH GHVSOD]DUi KDVWD 0HOLOOD GRQGH GLVSXWDUi D SDUWLU GH ODV FXDWUR GH OD WDUGH OD GpFLPR VH[WD MRUQDGD GH OLJD IUHQWH DO HTXLSR GHO &DVLQR 5HDO 6OJÊO &TUFQPOB $ ' ,VDDF (VStQROD 2VFDU 7HQD 'LHJR 5RPHUR &XHYDV &KXSL 0DUFRV -XDQIUL PL QXWR $QWRQLR 5RPiQ ÈQJHO &DWDQKD \ %RUMD -XDQGH PLQXWR

.¸MBHB $ ' # )UDQ -XDQPD 0DQX ,YiQ 2UR]FR 3HULFR -DYL /ySH] 6DOYL PLQXWR &DUORV -DYL 5DPRV ÏVFDU PLQXWR

'DYLG *RQ]iOH] \ 5XEpQ 3HGULWR PLQXWR

SCJUSP (VWHEDQ &DUULyQ 5RGUtJXH] GHO FROHJLR $OPHULHQVH ([SXOVy DO HQWUHQDGRU GHO 0iODJD % 5DIDHO *LO HQ HO PLQXWR $GHPiV DPRQHVWy D ORV HVWHSRQHURV 2VFDU 7HQD ÈQJHO \ &DWDQKD \ SRU HO HTXLSR YLVLWDQWH D )UDQ ,YiQ &DUORV \ -DYL 5DPRV *ODJEFODJBT (QFXHQWUR GLVSXWDGR HQ HO HVWDGLR )UDQFLVFR 0XxR] 3pUH] GH (VWHSRQD FRQ XQDV SHUVRQDV HQ ODV JUDGDV HQ PDxDQD GRPLQLFDO IUtD \ FRQ PXFKR YLHQWR TXH GLILFXOWy HO MXHJR (O )UHQWH /LEHUWDULR RUJDQL]y XQD UHFRJLGD GH DOLPHQWRV QR SHUHFH GHURV SDUD ODV IDPLOLDV QHFHVLWDGDV

'SFOUF -JCFSUBSJP SFDBVEB LJMPT BMJNFOUPT QBSB MPT OFDFTJUBEPT

+ + .BDÄBT (O )UHQWH /LEHUWDULR SHxD RILFLDO GH DILFLR QDGRV GH OD 8QLyQ (VWHSRQD &OXE GH )~WERO UHFDXGy XQRV VHLVFLHQ WRV NLORV GH DOLPHQWRV HQ HO ~OWLPR SDUWLGR GLVSXWDGR HQ HO HVWDGLR )UDQFLVFR 0XxR] 3pUH] DQWH HO IL OLDO GHO 0iODJD &OXE GH )~WERO (VWRV DOLPHQWRV QR SHUHFHGHURV VH KDQ GRQDGR D &DULWDV ,QWHUSDUURTXLDO GH (VWHSRQD SDUD TXH SXHGD VHU HQWUHJDGR D ODV ID PLOLDV PiV QHFHVLWDGDV GH OD ORFD OLGDG +D\ TXH GHVWDFDU OD GRQDFLyQ GH GRVFLHQWRV NLORV GH ORV VRFLRV GHO (VWHSRQD )UDQFLVFR 0LJXHO \ -XDQ $QWRQLR /D SUy[LPD DFWLYLGDG GH HVWH JUXSR GH DILFLRQDGRV VHUi OD FHQD GH 1DYLGDG TXH FHOHEUDUi HO SUy[L PR GtD GH 'LFLHPEUH HQ HO UHV WDXUDQWH (O &D]DGRU GHO 3XHUWR 'HSRUWLYR GH (VWHSRQD (Q 0D\R FHOHEUDURQ XQD EDUEDFRD GH FRQYL YHQFLD MXQWR D MXJDGRUHV \ ORV PLHPEURV GLUHFWLYRV GH OD 8QLyQ (VWHSRQD \ HQ DJRVWR XQD PRUDJD HQ OD SOD\D GH /D 5DGD

'ÑUCPM BNJTUPTP

5PSOFP EF WFUFSBOPT EFM .¸MBHB Z .FMJMMB FO &TUFQPOB (O (VWDGLR 0XQLFLSDO )UDQFLVFR 0XxR] 3pUH] GH (VWHSRQD DFRJHUi HO SUy[LPR GH GLFLHPEUH HO , 7RUQHR GH 9HWHUDQRV GH )~WERO HQ HO TXH SDUWLFLSDUiQ OD 8QLyQ (VWHSRQD &OXE GH )~WERO HO 0iODJD &OXE GH )~WERO \ OD 8QLyQ 'HSRUWLYD 0HOLOOD /D FRP SHWLFLyQ TXH HVWi RUJDQL]DGD SRU OD 'HOHJDFLyQ GH 'HSRUWHV GHO $\XQWDPLHQWR GH (VWHSRQD FR PHQ]DUi D ODV GH OD PDxDQD \ VH GLVSXWDUi HQ OD PRGDOLGDG WUHV HQ XQR WUHV WLHPSRV GH PLQX WRV FDGD XQR /RV HVSHFWDGRUHV SRGUiQ GLV IUXWDU HQ HVWD MRUQDGD GHO EXHQ MXHJR GH DQWLJXRV IXWEROLVWDV GH SUHVWLJLR GH OD 3ULPHUD 'LYLVLyQ FRPR %UHVFLD 3RSR 6DQWL %XUJXHxD HQWUH RWURV

+ + .BDÄBT

FTUFQPOB

&M QFSJÊEJDP EF

%&1035&4

/&841"1&3

&TUFQPOB Z .¸MBHB # PGSFDJFSPO VO CPOJUP FTQFDU¸DVMP FO FM .VÈP[ 1ÀSF[ FO MB ÑMUJNB KPSOBEB EF MJHB EJTQVUBEB FO DBTB "OHFM QJEJÊ QFOBMUJ FO FTUB KVHBEB EFOUSP EFM ¸SFB EFM .¸MBHB

$BUBOIB DFEF FM CBMÊO BM NBMBHVJTUB *W¸O

.BSDPT DPOUSPMB VO CBMÊO QSFTJPOBEP QPS .BOV

4FHVJEPSFT EFM .¸MBHB FO FM .VÈP[ 1ÀSF[

'SBO EFTQFKB VO CBMÊO GVFSB EFM ¸SFB

&M QBSUJEP FOUSF &TUFQPOB Z .¸MBHB # GVF NVZ EJTQVUBEP

FTUFQPOB

&M QFSJÊEJDP EF

%&1035&4

/&841"1&3

,¸SBUF $BNQFPOBUP "OEBMVDÄB ,VNJUF

&THSJNB

-B FTUFQPOFSB &MFOB (BSDÄB )FSSFSB TF QSPDMBNB TVCDBNQFPOB EF "OEBMVDÄB 5SBT FFTUF O OVFWP UUSJVOGP MMB E EFQPSUJTUB E EF & &TUFQPOB TTF BTFHVSB FFTUBS GGPSNBOEP Q QBSUF E EFM DDPNCJOBEP B BVUPOÊNJDP

+VBOKP .BDÄBT /D MRYHQ NDUD

WHFD HVWHSRQHUD (OHQD *DUFtD +HUUHUD SHUWHQHFLHQWH DO *LPQDVLR %DVVDL GH (VWHSRQD VH KD SURFODPDGR VXEFDPSHRQD GH $QGDOXFtD HQ .DUDWH HQ OD PRGDOL GDG .XPLWH \ HQ OD FDWHJRUtD -XQLRU FRQ HGDGHV FRPSUHQGLGDV HQWUH ORV \ DxRV \ HQ PHQRV GH NLORV (VWH FDPSHRQDWR VH KD GLVSXWD GR HQ OD ORFDOLGDG DOPHULHQVH GH $GUD (VWD HV OD WHUFHUD YH] HQ ODV GRV ~OWLPDV WHPSRUDGDV TXH (OHQD *DUFtD FRQVLJXH VXELU DO SyGLXP HQ XQ HYHQWR GH HVWD FDWHJRUtD /R KL]R FRPR FDPSHRQD HQ HQ OD FDWHJRUtD LQIDQWLO \ HQ OD ORFDOL GDG VHYLOODQD GH $UDKDO \ FRPR VXEFDPSHRQD HVWH DxR HQ GRV RFDVLRQHV XQD HQ OD FDWHJRUtD MXYHQLO HQ HO FDPSHRQDWR GLVSXWD GR HQ HO SDEHOOyQ /D /RELOOD GH (VWHSRQD 0iODJD \ DKRUD HQ $GUD $OPHUtD HQ OD FDWHJRUtD MX QLRU VLHPSUH HQ OD PRGDOLGDG GH .XPLWH /D FRPSHWLFLyQ VH GHVDUUROOy FRPR HUD GH HVSHUDU FRQ XQ DOWR QLYHO FRPSHWLWLYR HQ WRGDV ODV FD WHJRUtDV SXHV QR HQ YDQR $QGDOXFtD HV XQR GH ORV Pi[LPRV H[SRQHQWHV HQ HO NDUDWH QDFLRQDO FRQVLJXLHQGR DxR WUDV DxR HQFDEH ]DU HO PHGDOOHUR HQ ODV GLVWLQWDV FRPSHWLFLRQHV QDFLRQDOHV 1R REV WDQWH HQ HO FRPEDWH ILQDO (OHQD *DUFtD QR SXGR GHVDUUROODUOR FRQ

(OHQD *DUFtD FRQHFWDQGR XQ JROSH

OD IOXLGH] \ FRQWURO TXH UHTXHUtD HO PLVPR SXHV OD RSRQHQWH WDPELpQ UHSUHVHQWDQWH GH OD 'HOHJDFLyQ PDODJXHxD GH .DUDWH IXH XQD GXUD \ VHULD ULYDO 1R REVWDQWH HO FRPEDWH ILQDO WHUPLQy HQ HPSDWH VLQ TXH DPEDV FRQWHQGLHQWHV HQFDMDVHQ QLQJXQD WpFQLFD OR TXH GD LGHD GH OR GXUR \ HVWUDWpJLFR TXH IXH HO PLVPR SRU OR TXH KXER TXH LU DO GHVHPSD WH 'XUDQWH HVWH PLQXWR GH SUyUUR JD WDPSRFR VH SXGR GHVKDFHU OD

LJXDODGD VLHQGR OD GHFLVLyQ DUEL WUDO OD TXH GHFOLQy RWRUJDU OD YLFWR ULD D OD ULYDO GH (OHQD 4FMFDDJÊO BOEBMV[B

(VWH QXHYR SyGLXP UHSUHVHQWD SD UD OD MRYHQ HVWHSRQHUD VHJXLU IRU PDQGR SDUWH GH OD 6HOHFFLyQ $QGDOX]D TXH HO SUy[LPR PHV GH HQHUR GH SDUWLFLSDUi HQ HO &DPSHRQDWR GH (VSDxD TXH VH FH OHEUDUi HQ 9LWRULD *DVWHL] ÈODYD

0SOJUPMPHÄB

-PT FTUFQPOFSPT "MGPOTP .FOB F *W¸O 7FSB TF QSPDMBNBO DBNQFPOFT EF &TQBÈB FO (JCSBMFÊO + + .BDÄBT /RV HVWHSRQHURV $OIRQVR 0HQD H ,YiQ 9HUD VH KDQ SUR FODPDGR FDPSHRQHV GH (VSDxD HQ HO ;/,,, &DPSHRQDWR 2UQLWROyJLFR GH OD )2&'( )HGHUDFLyQ 2UQLWROyJLFD &XOWXUDO 'HSRUWLYD (VSDxROD TXH VH FHOHEUD HVWRV GtDV HQ OD ORFDOLGDG RQX EHQVH GH *LEUDOHyQ (Q WRWDO VH KDQ SUHVHQWDGR GLH] PLO DYHV SURFHGHQWHV GH GLVWLQWDV FRPXQLGDGHV DXWyQRPDV TXH KDQ VLGR HQMXLFLDGRV SRU XQ WRWDO GH RFKHQWD MXHFHV QDFLRQDOHV $OIRQVR 0HQD 9i]TXH] KD SDUWLFL SDGR HQ WUHV UD]DV GLIHUHQWHV FRQ XQ WRWDO GH YHLQWLFXDWUR HMHPSODUHV FRQ VLJXLHQGR GRV WtWXORV GH FDPSHyQ GH (VSDxD HQ ODV UD]DV GH )LIH )DQF\ \ *ORVWHU &RQVRUW 3RU VX SDUWH ,YiQ 9HUD -LPpQH] SDUWLFLSy HQ GRV UD]DV GLVWLQWDV FRQ XQ WRWDO GH YHLQWLVLHWH HMHPSODUHV FRQVL JXLHQGR XQ WRWDO GH FLQFR PHGDOODV GH

YLHPEUH \ VH FODXVXUDUi HO GH GL FLHPEUH FRQ OD HQWUHJD GH ORV SUHPLRV \ HMHPSODUHV &RLQFLGLHQGR FRQ HVWH HYHQWR QDFLRQDO VH KDQ UHDOL]DGR ORV H[iPHQHV GH MXHFHV VXSHUiQGROR ODV GLIHUHQWHV SUXHEDV ORV HVWHSRQHURV $OIRQVR 0HQD 9i]TXH] \ $OIRQVR -RVp 0HQD %UDFKR .VOEJBM ,YiQ 9HUD

RUR FXDWUR GH SODWD \ GRV GH EURQFH (VWRV RQFH JDODUGRQHV ORV KD FRQVH JXLGR HQ ODV UD]DV GH 'LDPDQWH GH *RXOG HQ GLIHUHQWHV JDPDV \ 'LDPDQWH %DEHUR FROD ODUJD (VWH FDPSHRQDWR VH HVWi FHOHEUDQ GR HQ HO UHFLQWR IHULDO GH *LEUDOHyQ GDQGR FRPLHQ]R HO SDVDGR GH QR

(O SDVDGR PHV GH HQHUR HO MRYHQ HVWH SRQHUR ,YiQ 9HUD GH DxRV FRQVL JXLy HO FDPSHRQDWR GHO 0XQGR HQ +DVVHOW %pOJLFD HQ OD UD]D GH 'LDPDQWH GH *RXOG FRQ XQD SDUWLFL SDFLyQ TXH URQGy ORV FXDUHQWD PLO HMHPSODUHV /D WHPSRUDGD ILQDOL]D FRQ XQ EDODQFH PX\ SRVLWLYR SDUD ORV GRV FDQDULFXOWRUHV GH (VWHSRQD TXH KDQ FRQVHJXLGR GHVWDFDU HQ YDULRV FDPSH RQDWRV LQWHUQDFLRQDOHV

&M $MVC EF &TUFQPOB QBSUJDJQB FO TFSJF "SSBZ¸O EF $BOBM 4VS (O &OXE GH (VJULPD GH (VWHSRQD KD SDUWLFLSDGR HQ OD VHULH $UUD\iQ GH &DQDO 6XU 7HOHYLVLyQ D SHWLFLyQ GH /LQ]H 79 SURGXFWRUD DQGDOX]D GHO *UXSR (QGHPRO TXH FRQWDFWy FRQ HO FOXE HVWHSRQHUR SDUD TXH DVHVRUDUDQ \ SDUWLFLSDUDQ HQ OD JUDEDFLyQ GH XQR GH VXV FDStWX ORV (Q OD WUDPD GHO PLVPR OD SURWDJRQLVWD ,VDEHO TXH HQFDU QD OD DFWUL] 0DUtD 'HOJDGR SDUWL FLSD HQ XQ WRUQHR GH HVJULPD RUJDQL]DGR SRU VX SUHWHQGLHQWH *RQ]DOR LQWHUSUHWDGR SRU HO DFWRU &DUORV 0DGULJDO $PERV DFWRUHV WRPDURQ FOD VHV GH HVJULPD FRQ ORV PDHVWURV GHO &OXE $OEHUWR =HUUDGD \ 5RVLEHO 9LQGHO TXLHQ SDUWLFLSy FRPR DFWUL] FRQ HO SDSHO GH -LPHQD GH +XUWDGR UHDOL]DQGR DGHPiV ODV HVFHQDV GH DFFLyQ FRPSOLFDGDV GHO DVDOWR GHO WRU QHR 3DUWLFLSDURQ WDPELpQ ORV FDPSHRQHV GHO FOXE GH (VWHSRQD 0DUtD 0DOGRQDGR )HUQDQGR $EDVFDO H ,OGHIRQVR $UDO TXLHQ HQFDUQy DO %DUyQ 9DQ +HUGHU (VWD WHOHVHULH TXH UHIOHMD OD UHDOLGDG DFWXDO GH $QGDOXFtD WLH QH XQ VHJXLPLHQWR PDVLYR 5FOJT EF NFTB

1MFOP EF WJDUPSJBT QBSB MPT FRVJQPT EFM DMVC FTUFQPOFSP 3RU SULPHUD YH] HQ OD SUHVHQWH WHPSRUDGD ORV WUHV HTXLSRV GHO &OXE 7HQLV GH 0HVD GH (VWHSRQD VH DGMXGLFDURQ OD YLFWRULD DQWH VXV UHVSHFWLYRV ULYDOHV (Q OD FDWHJRUtD GH 6XSHUGLYLVLyQ GH +RQRU HO HTXLSR HVWHSRQHUR VH GHVSOD]y D $UUR\R GH OD 0LHO GRQGH YHQFLy SRU DO %HQDOPiGHQD 7HQLV GH 0HVD FRQ WUHV SXQWRV GH 6DOYDGRU 0LUDOOD \ XQR GH 3DFR )ROFK \ $JXVWtQ 3pUH] (Q 'LYLVLyQ GH +RQRU \ HO 3DEHOOyQ GHO &DUPHQ MXJDED HQ 5RQGD DQWH HO 9LFHQWH (VSLQHO \ JDQy FRQ FRPRGLGDG SRU FRQ SXQWRV FRQVHJXLGRV SRU 'DYLG 6iQFKH] -HV~V =DEDOD \ 3HGUR 0DUWtQ GRV FDGD XQR &RQ HVWH QXHYR WULXQIR ORV HVWHSRQHURV FRQWLQ~DQ HQ OD WHUFHUD SRVLFLyQ GH OD FODVLILFDFLyQ 3RU VX SDUWH HO &OXE 7HQLV GH 0HVD GH (VWHSRQD JDQy SRU DQWH HO &KLFKLOLQGULV GH $UUR\R GH OD 0LHO 5LVWR \ ÈQJHO *DUFtD VH DQRWDURQ GRV SXQWRV FDGD XQR \ $GUtDQ &LQWDGR GHEXWy FRQ XQ SXQWR

H]ja \a[g \ \] = =kl]hgfY ), =d H

J]kmdlY\gk Da_Yk Dg[Yd]k

GDWRV SURSRUFLRQDGRV SRU OD 'HOHJDFL°Q GH 'HSRUWHV

'±5#0- "'*$*0/"%0

3&46-5"%04 6 % #6$"/&304 ' $ &453&--" &45&10/" $ % %04 .*- 0$)0 "5- ."-"(6&¨0 $ ' $ % #03(03040 6 % $"/$&-"%" 41035 &45&10/"

&45&10/" "5- #

&-&$530/*$ ' $

-" 1&¨"

&45&10/" "5- "

6 % 4"-&463

+03/"%" %& %&4$"/40

$-"4*'*$"$*ª/ +03/"%" &26*10 &45&10/" "5- " &45&10/" "5- # 6 % #6$"/&304 6 % 4"-&463 -" 1&¨" $ % #03(03040 &-&$530/*$ ' $ $ % %04 .*- 0$)0 6 % $"/$&-"%" 41035 &45&1 ' $ &453&--" &45&10/" "5- ."-"(6&¨0 $ '

+6 (" &. 1&

13ª9*." +03/"%"

*/

5'

5$ 4"/ 150

' $ &453&--" &45&10/" 6 % #6$"/&304 $ % #03(03040 "5- ."-"(6&¨0 $ ' $ % %04 .*- 0$)0

'±5#0- 7&5&3"/04

3&46-5"%04 -04 ".*(04 30(&3 #6--*7"/5 3"$,&5 $"-*." $ ' 4 #"3 %0.1*&33& 6 % &45&10/&3" .&40/ -" 5*/"+" "% 1*4$*/"4 %&$0:5&$ +03/"%" %& %&4$"/40

$-"4*'*$"$*ª/ +03/"%" &26*10 +6 (" &. $ % #03(03040

6 % #6$"/&304

(3610 07 -" 3"%"

6 % &45&10/&3"

&45&10/" "5- #

30(&3 #6--*7"/5 3"$,&5

-" 1&¨"

.&40/ -" 5*/"+"

%3"(0/ 30+0

"% 1*4$*/"4 %&$0:5&$

$"-*." $ ' 4

&-&$530/*$

$"31 )/04 3".04 &45&1

#"3 %0.1*&33&

-04 ".*(04

13ª9*." +03/"%"

'HSRUWH %DVH UHVXPHQ VHPDQDO

'±5#0- 4&/*03

1&

*/

5' 5$ 4"/ 150

+03/"%"

-04 ".*(04 (3610 07 -" 3"%" $ % #03(03040 &45&10/" "5- # %3"(0/ 30+0 6 % #6$"/&304 &-&$530/*$ $"31 )/04 3".04 &45&1

"% 1*4$*/"4 %&$0:5&$ -" 1&¨" 30(&3 #6--*7"/5 3"$,&5 $"-*." $ ' 4 #"3 %0.1*&33& 6 % &45&10/&3" .&40/ -" 5*/"+" +03/"%" %& %&4$"/40

(SVQP

3&46-5"%04

+03/"%"

6 % $"/$&-"%" 41035 &45&10/" 6 % 4"-&463 &45&10/" "5- " -" 1&¨" &-&$530/*$ ' $

&-&$530/*$ $"31 )/04 3".04 &45&10/&/4& (3610 07 -" 3"%" $ % #03(03040 &45&10/" "5- # %3"(0/ 30+0 6 % #6$"/&304 -" 1&¨"

7RGRV ORV UHVXOWDGRV

)"$*&/%"4 ("3$¤" /"7"330 $3"4 ' $ -" -6/" ' $ $045"1¤/

3&,-".& "5- +6/*03 $045"'&3.0/5 " % $ &45&10/&/4& 16&350 #"/±4 ' $

$-"4*'*$"$*ª/ +03/"%" &26*10 +6 (" &. $045"1¤/

" % $ &45&10/&/4&

$3"4 ' $

3&,-".&

"5- +6/*03 $045"'&3.0/5 -" -6/" ' $

)"$*&/%"4 ( /"7"330

16&350 #"/±4 ' $

13ª9*." +03/"%"

1&

*/

5'

5$ 4"/ 150

+03/"%"

3&,-".& " % $ &45&10/&/4& "5- +6/*03 $045"'&3.0/5 16&350 #"/±4 ' $

$045"1¤/ )"$*&/%"4 ("3$¤" /"7"330 -" -6/" ' $ $3"4 ' $

'±5#0- 4&/*03

(SVQP

3&46-5"%04 6 % ."33*055 )%"% %&- 30$¤0 "5- -04 -".04 #"3 4 *4*%30 %#"/ #"

&4$":0-"4 : :&404 *( 3(6&; )%"% +&464 $"65*70 -" #6--" &- 10530$-0 ' $

$-"4*'*$"$*ª/ +03/"%" &26*10 +6 (" &. &4$ : :&404 *( 3(6&;

)%"% %&- 30$¤0

%#"/ #"

-" #6--"

"5 -04 -".04 #"3 4 *4*%30

&- 10530$-0 ' $

)%"% +&464 $"65*70

6 % ."33*055

13ª9*." +03/"%"

&4$":0-"4 : :&404 *( 3(6&; -" #6--" )%"% +&464 $"65*70 &- 10530$-0 ' $

1&

*/

5'

5$ 4"/ 150

+03/"%" %#"/ #" 6 % ."33*055 "5- -04 -".04 #"3 4 *4*%30 )%"% %&- 30$¤0

=d H H]ja \a[g \ \] = =kl]hgfY )-

J]kmdlY\gk Da_Yk Dg[Yd]k

GDWRV SURSRUFLRQDGRV SRU OD 'HOHJDFL°Q GH 'HSRUWHV

'±5#0- 4"-" %*7*4*ª/ %& )0/03

'±5#0- 4"-" +67&/*- 3&46-5"%04

3&46-5"%04 #"3 %0.1*&33& 41 &45&10/" ,*04,0 $"4640 %& 4&$"%&30 0#3"$045" ."$"3&/" &45&10/" "5- # 6 % $"/$&-"%" ."3*/" &45&10/"

. -" ("/(" 1"-"/(3& #03(03040 &45"%*0 ** 41035 $ % ' & "5- #0-*--ª/ "650&4$ &45&10/ $"3/*$&3*" ("3*/ %&1035*70 $"-"/$)" $"-*." $ ' 4

13ª9*." +03/"%"

*/

5'

5$ 4"/ 150

."3*/" &45&10/" #"3 %0.1*&33& 41 &45&10/" 6 % $"/$&-"%" &45&10/" "5- # 0#3"$045" ."$"3&/" ,*04,0 $"4640 4&$"%&30

%JWJTJÊO (SVQP

3&46-5"%04

/055*/()". 13*4" &630 .0503 $"5&/";;*0 # %&- ."3 -&:7" */5&3 %& (3"4401)&3 $ % %"/6#*0 6 % $"/$&-"%" 4 $

63*/$* .6&#-&4 ("/(" "5- '-6.*/&/4& " - "3&"1"%&- 4"#*.0503 $3*45"-&3¤" .03"-&4 $"45"¨0 #"33&30 4 - +03/"%" %& %&4$"/40

+6

("

13ª9*." +03/"%"

6 % $"/$&-"%" 4 $ $"45"¨0 #"33&30 4 - $3*45"-&3¤" .03"-&4 " - "3&"1"%&- 4"#*.0503 "5- '-6.*/&/4& $"5&/";;*0 63*/$* .6&#-&4 ("/("

&.

1&

*/

5'

5$ 4"/ 150

+03/"%"

%JWJTJÊO (SVQP

6 % 5)& )6.#-&4 ' 4 .&3$"463 6 % ".# "-6.*/*04 %0.*/(6&; 7&3" 7*/05&$" $0--"%0 -" 1*;;&3*" .0#*-& &0-0

+6

("

13ª9*." +03/"%"

&45"%0 1630 $"-&6 ' 1 1"7*.&/50 &45&10/" '3&/5& #026&30/ ' 4

&.

1&

&.

1&

*/

5'

5$ 4"/ 150

+03/"%" $ % $ &45"%*0 5"--&3&4 40- : -6/" '4 3&%4 %&7*-4 $"'& %& ."3*" '&3("3 ' 4 "650&4$6&-"4 ."3*/" +03/"%" %& %&4$"/40

%JWJTJÊO (SVQP

3&46-5"%04

(3610 $"-"#";0 5*,* 5"," -04 3&.&%*04 $"' (*/0 "1" $0/453 3&45 &/3*26& 1"3"*40 ."/5&/*.*&/50 &- 1"3"*40 +03/"%" %& %&4$"/40

&26*10 (3610 $"-"#";0 -" 1*;;&3*" .0#*-& &0-0 6 % 5)& )6.#-&4 ' 4 7*/05&$" $0--"%0 3&45 &/3*26& 1"3"*40 .&3$"463 $"' (*/0 "1" $0/453 6 % ".# 5*,* 5"," -04 3&.&%*04 "-6.*/*04 %0.*/(6&; 7&3" ."/5&/*.*&/50 &- 1"3"*40

+6

("

13ª9*." +03/"%" (3610 $"-"#";0 6 % ".# "-6.*/*04 %0.*/(6&; 7&3" 7*/05&$" $0--"%0 6 % 5)& )6.#-&4 ' 4 .&3$"463

&.

1&

*/

5'

5$ 4"/ 150

+03/"%" ."/5&/*.*&/50 &- 1"3"*40 -" 1*;;&3*" .0#*-& &0-0 5*,* 5"," -04 3&.&%*04 $"' (*/0 "1" $0/453 3&45 &/3*26& 1"3"*40 +03/"%" %& %&4$"/40

'±5#0- 4"-" 4&/*03

%JWJTJÊO (SVQP

3&46-5"%04

-"4 $0-6./"4 %& #"$0 6 % 3&#&-%&4 365" %& -" 1-"5" &45"%0 1630

$-"4*'*$"$*ª/ +03/"%"

&26*10 6 % 3&#&-%&4 365" %& -" 1-"5" $"-&6 ' 1 1"7*.&/50 &45&10/" -"4 $0-6./"4 %& #"$0 '3&/5& #026&30/ ' 4 &45"%0 1630 -" 6/*ª/ %&1035*7"

("

-" $"/5&3" #"3 .*(6&- ' 4 &45&10/" $0.165&3 &4$"-&3*5"4 '4 '&3(6440/A4 3&"- $-6# /"65*$0 '4 $ % 41035*/( &45&10/" '4

3&46-5"%04 -" 6/*ª/ %&1035*7" '3&/5& #026&30/ ' 4 $"-&6 ' 1 1"7*.&/50 &45&10/"

+6

'±5#0- 4"-" 4&/*03

&630 .0503 /055*/()". 13*4" $ % %"/6#*0 */5&3 %& (3"4401)&3 # %&- ."3 -&:7" +03/"%" %& %&4$"/40

'±5#0- 4"-" 4&/*03

$-"4*'*$"$*ª/ +03/"%"

$-"4*'*$"$*ª/ +03/"%" &26*10 $3*45"-&3¤" .03"-&4 &630 .0503 63*/$* .6&#-&4 ("/(" $"45"¨0 #"33&30 4 - /055*/()". 13*4" "5- '-6.*/&/4& $ % %"/6#*0 $"5&/";;*0 # %&- ."3 -&:7" " - "3&"1"%&- 4"#*.0503 */5&3 %& (3"4401)&3 6 % $"/$&-"%" 4 $

&26*10 5"--&3&4 40- : -6/" '4 -" $"/5&3" $ % $ &45"%*0 $ % 41035*/( &45&10/" '4 "650&4$6&-"4 ."3*/" '&3("3 ' 4 '&3(6440/A4 ."3#&--" (0-' ' 4 &4$"-&3*5"4 '4 $"'& %& ."3*" 3&"- $-6# /"65*$0 '4 3&%4 %&7*-4 #"3 .*(6&- ' 4

13ª9*." +03/"%"

+03/"%"

. -" ("/(" 1"-"/(3& #03(03040 %&1035*70 $"-"/$)" $"3/*$&3*" ("3*/ "5- #0-*--ª/ "650&4$ &45&10/" &45"%*0 ** 41035 $ % ' & $"-*." $ ' 4

'±5#0- 4"-" 4&/*03

1&

5"--&3&4 40- : -6/" '4 '&3(6440/A4 &4$"-&3*5"4 '4 ."3#&--" (0-' ' 4 #"3 .*(6&- ' 4 $ % 41035*/( &45&10/" '4 +03/"%" %& %&4$"/40

$-"4*'*$"$*ª/ +03/"%"

$-"4*'*$"$*ª/ +03/"%"

&26*10 +6 (" &. %&1035*70 $"-"/$)"

$"3/*$&3*" ("3*/

"5 #0-*--ª/ "650&4$ &45&1

0#3"$045" ."$"3&/"

6 % $"/$&-"%"

."3*/" &45&10/"

$"-*." $ ' 4

-" ("/(" 1"-"/(3& #03(0

&45&10/" "5- #

&45"%*0 ** 41035 $ % ' &

,*04,0 $"4640 4&$"%&30

#"3 %0.1*&33& 41 &45&10/"

3&%4 %&7*-4 -" $"/5&3" $ % $ &45"%*0 "650&4$6&-"4 ."3*/" '&3("3 ' 4 $"'& %& ."3*" 3&"- $-6# /"65*$0 '4

*/

5'

5$ 4"/ 150

+03/"%" 365" %& -" 1-"5" 6 % 3&#&-%&4 -"4 $0-6./"4 %& #"$0 -" 6/*ª/ %&1035*7"

"130/" &45&10/" 16&350 ' 4"-" "5 4"-"%"7*&+" -6.*/0404 )&4-" -" #6--"

."4 1$ 4&37 */'03. 5*$0 -" 6/*ª/ ' 4 $ % 13"7*"/0 $0/4.&." $65"3 1&¨" -04 -0$04 +03/"%" %& %&4$"/40

$-"4*'*$"$*ª/ +03/"%" &26*10 +6 $ % 13"7*"/0 $0/4.&." $65"3 -6.*/0404 )&4-"

."4 1$ 4&37 */'03. 5*$0

16&350 ' 4"-"

1&¨" -04 -0$04

-" #6--"

-" 6/*ª/ ' 4

"130/" &45&10/"

"5 4"-"%"7*&+"

("

13ª9*." +03/"%"

."4 1$ 4&37 */'03. 5*$0 "5 4"-"%"7*&+" -6.*/0404 )&4-" "130/" &45&10/" 16&350 ' 4"-"

&.

1&

*/

5'

5$ 4"/ 150

+03/"%" 1&¨" -04 -0$04 -" #6--" -" 6/*ª/ ' 4 $ % 13"7*"/0 $0/4.&." $65"3 +03/"%" %& %&4$"/40

). =d H H]ja \a[g \ \] = =kl]hgfY

(67(321$ (1 (/ 5(&8(5'2 8Q UHSDVR D OD KLVWRULD GH OD FLXGDG D WUDYpV GH ODV LPiJHQHV

HFLQRV DxRV 3DYtD¶ FRQ XQRV Y $QWRQLR 3pUH] µ(O

(QYtH VXV LPiJHQHV D DQWRQLRJRFD#JPDLO FRP

$QWRQLR HQ SOHQ D DFWLYLGDG GH SH OXTXHUtD DxRV

$JXVWtQ 3pUH] %RUUHJR \ -RDTXLQD 1DYDUUR 5RPiQ FRQ VXV KLMRV µ/RV 3DYtDV¶ DxRV

µ(O 3DYtD¶ (VWXGLRV 0DQIHUUp $QWRQLR DxRV V RUD UDG DER FRO MXQWR D VXV

$QWRQLR SHLQDQGR D 0D

UtD 2UWt]

DxRV

=d H H]ja \a[g \ \] = =kl]hgfY )/

(67(321$ (1 (/ 5(&8(5'2 )RWRV FHGLGDV SRU $QWRQLR *yPH]

8Q UHSDVR D OD KLVWRULD GH OD FLXGDG D WUDYpV GH ODV LPiJHQHV

0HMtDV 3HxD DxRV

DVWRUD $QWRQLR \ OD DUWLVWD 3

3XpV Vt $QWRQLR 3p UH] FRQ µ(O 3R]t¶

$QWRQLR µ(O 3DYtD¶ GXUDQWH XQD DFWXDFLyQ HQ &DVDEODQFD

$JXVWtQ 3pUH] %RUUHJR ]DSDWHUR LQGXVWULDO GH (VWHSRQD DxRV

$QWRQLR µ(O 3DYtD¶ WRGR XQ DUWLVWD DxRV

DxRV

FTUFQPOB

.0503

&M QFSJÊEJDP EF

/&841"1&3

6OP EF DBEB DVBUSP NFOPSFT GBMMFDJEPT FO BDDJEFOUF EF US¸GJDP OP MMFWBCB DJOUVSÊO EF TFHVSJEBE

5PZPUB FNQJF[B B QSPEVDJS TV ÑMUJNP NPEFMP FM 7FO[B .PUPS 7R\RWD SURGXMR HO SDVD

"M NFOPT EF MPT OJÈPT NVFSUPT FO MP RVF WB EF BÈP OP VUJMJ[BCBO OJOHÑO TJTUFNB EF SFUFODJÊO (Q OR TXH D PHQRUHV VH UHILHUH GH D DxRV HO Q~PHUR GH QLxRV IDOOHFLGRV HQWUH HQHUR \ RFWXEUH GH HV GH GH ORV TXH DO PH QRV QR OOHYDED QLQJ~Q GLVSRVL WLYR GH VHJXULGDG (Q HVWH PLVPR SHULRGR KDQ ID OOHFLGR HQ (VSDxD SHUVRQDV HQ DFFLGHQWHV GH WXULVPRV R IXUJR QHWDV GH ODV FXDOHV QR OOHYDED QLQJ~Q VLVWHPD GH UHWHQ FLyQ OR TXH VLJQLILFD TXH GH KD EHUOR OOHYDGR XQR GH FDGD FXDWUR IDOOHFLGRV VH KXELHUD VDOYDGR (VWD FLIUD D SHVDU GH VHU QHJD WLYD KD LGR PHMRUDQGR GHVGH HO DxR pSRFD HQ OD TXH HO Q~PHUR GH IDOOHFLGRV SRU QR OOHYDU SXHVWR HO FLQWXUyQ GH VHJXULGDG VH HOHYD ED DO 6UJMJ[BDJÊO

(O FLQWXUyQ GH VHJXULGDG HV XQ HOH PHQWR EiVLFR \ IXQGDPHQWDO GH OD VHJXULGDG YLDO \D TXH UHGXFH D OD PLWDG HO ULHVJR GH PXHUWH HQ FDVR GH DFFLGHQWH ([LVWH FDGD YH] XQD PD\RU FRQFLHQFLDFLyQ SRU SDUWH GH OD VR FLHGDG KDFLD HO XVR GHO FLQWXUyQ GH VHJXULGDG DXQTXH WRGDYtD TXHGD XQ SHTXHxR SRUFHQWDMH GH SHUVR QDV TXH QR OR XVDQ /D XWLOL]DFLyQ GH HVWH HOHPHQWR GH VHJXULGDG HVWi

36$

%(5 ³3DUD KDFHU GDxR D XQ QL xR QR KDFH IDOWD SRQHUOH OD PDQR HQFLPD EDVWD FRQ QR SRQHUOH HO FLQWXUyQ´ FRQ HVWD IUDVH WDQ UHSUH VHQWDWLYD HV FRPR WHUPLQD HO QXH YR VSRW GH OD QXHYD FDPSDxD GH OD 'LUHFFLyQ *HQHUDO GH 7UiILFR SDUD UHFRUGDU D ORV SDGUHV OD QHFHVLGDG GH TXH VXV KLMRV XWLOLFHQ HQ WRGR PRPHQWR ORV DGHFXDGRV VLVWHPDV GH UHWHQFLyQ LQIDQWLO (O QXHYR VSRW VH SRGUi YHU \ HVFXFKDU HQ ORV PHGLRV GH FRPX QLFDFLyQ GHVGH KR\ \ WUDWD GH KD FHU XQ OODPDPLHQWR D ORV DGXOWRV SDUD TXH VHDQ FRQVFLHQWHV GH OD LPSRUWDQFLD \ OD UHVSRQVDELOLGDG TXH WLHQHQ KDFLD ORV PHQRUHV ORV SDVDMHURV PiV YXOQHUDEOHV HQ FXDO TXLHU LPSDFWR SDUD TXH YD\DQ DGHFXDGDPHQWH DQFODGRV FRQ ORV FLQWXURQHV R FRQ ORV GLVSRVLWLYRV HVSHFLDOHV GH UHWHQFLyQ SDUD VX HGDG

&,752(1

-PT Q QBESFT TTPO MMPT SSFTQPOTBCMFT E EF R RVF MMPT N NFOPSFT I IBHBO DPSSFDUP V VTP E EF MMPT TTJTUFNBT E EF SSFUFODJÊO B BEFDVBEPT

(O FRQGXFWRU SXHGH VHU VDQFLRQDGR FRQ PXOWD GH HXURV \ SpUGLGD GH SXQWRV

PiV JHQHUDOL]DGR HQ ORV FRQGXFWR UHV \ RFXSDQWHV GH WXULVPRV TXH HQ ORV GH IXUJRQHWDV 7DPELpQ VH DSUHFLD XQ PD\RU SRUFHQWDMH GH VX XVR HQ YtDV QR XU EDQDV VLHQGR PD\RU HQ DXWRSLVWD R DXWRYtD TXH SRU FDUUHWHUD FRQ YHQFLRQDO (Q FLXGDGHV HO XVR GHO FLQWXUyQ GH VHJXULGDG HV PD\RU FXDQWR PD\RU HV HO PXQLFLSLR (Q ORV DVLHQWRV GHODQWHURV HO XVR GHO FLQWXUyQ GH VHJXULGDG HV XQ KiELWR DGRSWDGR SRU HO GH ORV FRQGXFWRUHV TXH FLUFXODQ SRU FDUUHWHUD 6X XVR WDPELpQ VH H[ WLHQGH DO DVLHQWR GHO FRSLORWR GRQ GH PiV GHO GH ORV DGXOWRV VLWXDGRV HQ GLFKR DVLHQWR OOHYD DEURFKDGR HO FLQWXUyQ GH VHJXUL GDG (Q HO FDVR GH RFXSDU HO DVLHQ WR GHODQWHUR XQ PHQRU GH DxRV HO GH HOORV QR XWLOL]DED QLQ J~Q GLVSRVLWLYR GH UHWHQFLyQ 3RU OR TXH UHVSHFWD D ODV SOD]DV WUDVHUDV OD XWLOL]DFLyQ GH FLQWXUR QHV GH VHJXULGDG SRU SDUWH GH ORV DGXOWRV HV OLJHUDPHQWH VXSHULRU DO

(Q HO FDVR GH RFXSDFLyQ SRU QLxRV ORV UHVXOWDGRV VRQ PiV YD ULDGRV 6L KDEODPRV GH PHQRUHV TXH XWLOL]DQ HO FLQWXUyQ GH VHJXUL GDG HQ ORV DVLHQWRV WUDVHURV HO SRUFHQWDMH VH HOHYD DO SRU FHQWDMH PX\ VLPLODU DO XVR GH ORV GLVSRVLWLYRV GH UHWHQFLyQ LQIDQWLO HQWUH PHQRUHV GH D DxRV 'HVGH ORV KDVWD ORV DxRV HO XVR GH HVWRV VLVWHPDV GH UHWHQFLyQ HQ DVLHQWRV WUDVHURV GHVFLHQGH D XQ

8Q FKRTXH IURQWDO D NP K SURGXFH OHVLRQHV FRQ UHVXOWDGR GH PXHUWH VL QR VH OOHYD HO FLQWXUyQ GH VHJXULGDG (Q PLOpVLPDV GH VHJXQGR HO FRQGXFWRU URPSH HO YRODQWH FRQ HO WyUD[ FRQ XQD IXHU]D GH YHFHV VX SHVR \ HO DFRPSDxDQWH FKRFD FRQ VX FDEH]D FRQWUD HO VDOSLFDGH UR \ VDOH GHVSHGLGR SRU OD OXQD FRQ OD PLVPD IXHU]D &M DJOUVSÊO BMDBO[B VOB N¸YJNB FGFDUJWJEBE FO MPT WVFMDPT EPOEF TF SFEVDF VO FM SJFTHP EF NVFSUF $GHPiV HO FLQWXUyQ DOFDQ]D XQD Pi[LPD HIHFWLYLGDG HQ ORV YXHOFRV GRQGH VH UHGXFH XQ HO ULHVJR GH PXHUWH (O 5HJODPHQWR *HQHUDO GH &LUFXODFLyQ REOLJD DO FRQGXFWRU \ D ORV SDVDMHURV WDQWR GH ORV DVLHQ WRV GHODQWHURV FRPR GH ORV WUDVH URV D OOHYDU FRUUHFWDPHQWH DEURFKDGR HO FLQWXUyQ GH VHJXUL GDG R HO GLVSRVLWLYR GH UHWHQFLyQ FXDQGR YD\D D UHDOL]DU FXDOTXLHU WUD\HFWR GH YtD XUEDQD R FDUUHWHUD (O LQFXPSOLPLHQWR GH HVWD QRU PD HVWi WLSLILFDGR FRPR LQIUDFFLyQ JUDYH \ VH VDQFLRQD FRQ PXOWD GH HXURV \ OD SpUGLGD GH SXQWRV SDUD ORV FRQGXFWRUHV (Q HO FDVR GH PHQRUHV HO FRQ GXFWRU H[FHSWR VL HV XQ SURIHVLR QDO TXH SUHVWD VHUYLFLR D WHUFHURV VHUi UHVSRQVDEOH GHO XVR FRUUHFWR GHO VLVWHPD DGHFXDGR SRU ORV PH QRUHV TXH YLDMHQ FRQ pO

GR GH QRYLHPEUH HQ VX IDFWRUtD GH *HRUJHWRZQ HQ .HQWXFN\ OD SULPHUD XQLGDG GHO PRGHOR 9HQ]D XQ DXWR IDPLOLDU FRQ FDSDFLGDG SDUD FLQFR SHUVRQDV HQ XQ PRPHQWR HQ TXH ODV YHQWDV HQ (VWDGRV 8QLGRV KDQ FDtGR D QLYHOHV GH OD GpFDGD GH

/D FRPSDxtD QLSRQD KD DILUPD GR TXH WDQWR OD LQJHQLHUtD FRPR HO GLVHxR GHO 9HQ]D VH KDQ UHDOL]DGR SHQVDQGR HQ HO PHUFDGR HVWDGRXQL GHQVH \D TXH HO PRGHOR VHUi YHQGL GR HQ 1RUWHDPpULFD GH IRUPD H[FOXVLYD 6H WUDWD GHO XQGpFLPR YHKtFXOR TXH 7R\RWD SURGXFH HQ 1RUWHDPpULFD /D LQJHQLHUtD GHO 9HQ]D IXH UHD OL]DGD HQ HO &HQWUR 7pFQLFR GH 7R\RWD HQ OD ORFDOLGDG GH $QQ $UERU 0LFKLJDQ \ HO GLVHxR VH OOHYy D FDER HQ HO FHQWUR GH GLVHxR GH OD HPSUHVD HQ 1HZSRUW %HDFK &DOLIRUQLD

(O 9HQ]D HVWDUi GLVSRQLEOH HQ GRV YHUVLRQHV OD PiV EDMD WLHQH XQ PRWRU GH OLWURV \ FXDWUR FLOLQ GURV TXH GHVDUUROOD FDEDOORV GH SRWHQFLD PLHQWUDV TXH OD VHJXQGD FXHQWD FRQ XQ PRWRU GH OLWURV HQ 9 \ XQD SRWHQFLD GH FDED OORV /D YHUVLyQ PiV EDUDWD WHQGUi XQ SUHFLR GH GyODUHV \ HO 9HQ]D 9 FRQ WUDFFLyQ D ODV FXDWUR UXHGDV FRVWDUi GyODUHV \ HV WDUi D OD YHQWD D SULQFLSLRV GH GL FLHPEUH

0QFM QSFTFOUB TV 0QFM *OTJHOJB FO VOB BWFOUVSB QPS MBT DBMMFT EF .BESJE .PUPS 2SHO ,QVLJQLD VH KD SUH VHQWDGR UHFLHQWHPHQWH HQ ORV VDOR QHV GH /RQGUHV \ 3DUtV /D FDPSDxD GH ODQ]DPLHQWR HQ /RQGUHV \D PDU Fy XQ KLWR HQ PDUNHWLQJ FDOOHMHUR FRQ OD VRUSUHQGHQWH FDtGD GHO YHKt FXOR GHVGH HO FLHOR FRPR XQ REMHWR YRODGRU QR LGHQWLILFDGR /D QRWLFLD IXH VHJXLGD SRU ORV SULQFLSDOHV PH GLRV GH FRPXQLFDFLyQ GHO 5HLQR 8QLGR $KRUD 2SHO KD HVFRJLGR (VSDxD SDUD UHDOL]DU RWUR VRUSUHQ GHQWH ODQ]DPLHQWR TXH SXHGH FRQ YHUWLUVH HQ XQD GH ODV FDPSDxDV GH FRPXQLFDFLyQ GHO DxR ,QVLJQLD HV XQ QXHYR QRPEUH XQ QXHYR DXWRPyYLO XQ QXHYR QL YHO &RQ VX YDQJXDUGLVWD GLVHxR \ VX VRILVWLFDGD WHFQRORJtD HO 2SHO ,QVLJQLD DEUH XQD QXHYD HUD /DV FDXWLYDGRUDV OtQHDV H LQQRYDFLRQHV WpFQLFDV GH HVWH QXHYR FLQFR SOD]DV UHSUHVHQWDQ XQ GHFLVLYR DYDQFH KD FLD HO IXWXUR 'HVFXEUH HO QXHYR 2SHO ,QVLJQLD OD SURSXHVWD SHUIHFWD SDUD GHVFXEULU XQ VRUSUHQGHQWH F R P S R U W D P L H Q W R GLQiPLFR 'HVFXEUH HO QXHYR 2SHO ,QVLJQLD HQ ZZZ RSHOLQVLJQLD HV

FTUFQPOB

4"-6%

&M QFSJÊEJDP EF

/&841"1&3

&M )PTQJUBM $PTUB EFM 4PM BNQMÄB TV PGFSUB DPO UÀDOJDBT BWBO[BEBT EF SFQSPEVDDJÊO BTJTUJEB

-B DDPOTFKFSB E EF 4 4BMVE WWJTJUÊ MMB O OVFWB V VOJEBE F FO MMB R RVF TTF IBO JJOWFSUJEP DDBTJ FFVSPT F FOUSF P PCSBT ZZ F FRVJQBNJFOUP 3FEBDDJÊO

&

O +RVSLWDO &RVWD GHO 6RO GH 0DUEHOOD DPSOtD VX FDUWHUD GH VHUYLFLRV HQ UHSURGXFFLyQ DVLV WLGD FRQ OD LQFRUSRUDFLyQ GH WpFQL FDV DYDQ]DGDV FRQ OR TXH OD SREODFLyQ GH UHIHUHQFLD GHO FHQWUR TXH QHFHVLWH HVWH WLSR GH DVLVWHQFLD QR WHQGUi TXH VHU GHULYDGD KDVWD HO 5HJLRQDO GH 0iODJD /D 8QLGDG GH 5HSURGXFFLyQ $VLVWLGD GHO +RVSLWDO &RVWD GHO 6RO TXH KD YLVLWDGR OD Pi[LPD UHVSRQVDEOH GH OD VDQLGDG DQGDOX]D 0DUtD -HV~V 0RQWHUR FR PHQ]DUi D RIHUWDU WpFQLFDV DYDQ]D GDV HQ UHSURGXFFLyQ DVLVWLGD D SDUWLU GHO GH GLFLHPEUH (VWD XQLGDG WLHQH FRPR ILQ HO HV WXGLR GLDJQyVWLFR \ WUDWDPLHQWR GH SDWRORJtDV TXH VXSRQHQ XQD GLVPL QXFLyQ GH OD IHUWLOLGDG \ VXUJH FRPR UHVSXHVWD D XQD GHPDQGD DVLVWHQFLDO FDGD YH] PiV FUHFLHQWH $GHPiV GH VDUUROOD VX DFWLYLGDG HQ HO HVWXGLR \ WUDWDPLHQWR GH SRVLEOHV IDFWRUHV PDVFXOLQRV \ IHPHQLQRV SDUD OR TXH LQWHJUD ODV iUHDV GH *LQHFRORJtD 8URORJtD \ /DERUDWRULRV &OtQLFRV 3DUD SRQHU HQ PDUFKD WpFQLFDV DYDQ]DGDV FRPR OD IHFXQGDFLyQ LQ YLWUR ),9 OD IHFXQGDFLyQ LQ YLWUR FRQ LQ\HFFLyQ GH HVSHUPDWR]RLGH HQ HO yYXOR ,&6, \ OD LQVHPLQDFLyQ DU WLILFLDO FRQ VHPHQ GH GRQDQWH $,'

XQD 6HURWHFD VHJXULGDG IUHQWH D SDWy JHQRV HQ HO VHJXLPLHQWR GH SDFLHQWHV FRQ KHPRILOLD UHDOL]DGR SRU HO VHUYL FLR GH +HPDWRORJtD \ +HPRWHUDSLD GHO +RVSLWDO 5HJLRQDO GH 0iODJD KD UHFLELGR HO 3UHPLR GH &DOLGDG 6DQLWDULD GH $QGDOXFtD /D FRQVHMHUD GH 6DOXG 0DUtD -HV~V 0RQWHUR KD HQWUHJDGR HO JDODU GyQ HQ XQ DFWR FHOHEUDGR HQ +RVSLWDO 0DWHUQR ,QIDQWLO GH OD FDSLWDO PDOD JXHxD (O SUR\HFWR JDQDGRU SODQWHD OD FUHDFLyQ GH XQ VLVWHPD GH VHJXL PLHQWR ELROyJLFR SDUD SDFLHQWHV KH PRItOLFRV D WUDYpV GHO GLVHxR \ GHVDUUROOR GH XQ GHSyVLWR GH PXHVWUDV GH VXHUR SODVPD $'1 \ $51 GH HV WDV SHUVRQDV FRQ HO REMHWLYR GH FRQ WULEXLU D OD PHMRUD GH VX VHJXULGDG (VWRV SUHPLRV FRQYRFDGRV SRU OD $JHQFLD GH &DOLGDG 6DQLWDULD GH

SRUFHQWDMH VH VLW~D HQ OD PHGLD UHJLV WUDGD SRU RWUDV XQLGDGHV GH UHSUR GXFFLyQ D QLYHO QDFLRQDO &RQ OD DPSOLDFLyQ GH VX FDUWHUD GH VHUYL FLRV HO KRVSLWDO SUHYp WHQHU XQD GH PDQGD GH HQWUH D SDUHMDV FRQ SUREOHPDV GH UHSURGXFFLyQ DO DxR /D 8QLGDG GH 5HSURGXFFLyQ $VLVWLGD GHO &RVWD GHO 6RO FXHQWD FRQ XQD SODQWLOOD GH FXDWUR JLQHFyOR JRV XQ H[SHUWR HQ ODERUDWRULR GH UH SURGXFFLyQ XQ WpFQLFR GH ODERUDWRULR XQD HQIHUPHUD XQ DQHV WHVLVWD \ DX[LOLDUHV 5ÀDOJDBT

(O &RVWD GHO 6RO HVWi DSOLFDQGR WpFQLFDV SLRQHUDV HQ IHUWLOLGDG

HQ HO FHQWUR PDUEHOOt OD &RQVHMHUtD GH 6DOXG KD LQYHUWLGR FHUFD GH HXURV HQWUH REUDV \ HTXLSD PLHQWR +DVWD DKRUD HO KRVSLWDO UHD OL]DED WpFQLFDV EiVLFDV GH UHSURGXFFLyQ DVLVWLGD OR TXH VXSR QtD WHQHU TXH GHULYDU DO +RVSLWDO 5HJLRQDO GH 0iODJD XQRV FDVRV DO DxR 3DUD SRGHU UHDOL]DU HVWDV WpFQLFDV VH KD DGTXLULGR OD ~OWLPD WHFQRORJtD FRPR XQ HTXLSR SDUD FULRFRQJHOD FLyQ GH HPEULRQHV \ HVSHUPDWR]RL

6O QSPZFDUP EFM )PTQJUBM 3FHJPOBM EF .¸MBHB QSFNJP $BMJEBE 4BOJUBSJB EF "OEBMVDÄB + " (O SUR\HFWR 'HVDUUROOR GH

$QGDOXFtD FRQ XQD SHULRGLFLGDG ELH QDO VH KDQ FRQYHUWLGR HQ XQ UHIHUHQWH SDUD ORV SURIHVLRQDOHV VDQLWDULRV &RQ HOORV VH SUHWHQGH UHFRQRFHU D ODV LQVWLWXFLRQHV FHQWURV \ HTXLSRV SURIHVLRQDOHV TXH LQYHVWLJDQ DQDOL ]DQ \ SRQHQ HQ PDUFKD DFFLRQHV SDUD OD PHMRUD GH OD DWHQFLyQ VDQLWDULD WH QLHQGR DO FLXGDGDQR FRPR HMH GH VX SUiFWLFD GLDULD (Q SDODEUDV GH OD FRQVHMHUD HO UHWR HUD SURGXFLU XQD SURIXQGD WUDQV IRUPDFLyQ GHO VLVWHPD VDQLWDULR S~EOL FR DQGDOX] FRQVLJXLHQGR PD\RU IOH[LELOLGDG FRRUGLQDFLyQ HILFLHQFLD \ GHVFHQWUDOL]DFLyQ 3DUD HOOR VH GH VDUUROOy HQ HO , 3ODQ GH &DOLGDG \ (ILFLHQFLD GHO 6LVWHPD 6DQLWDULR 3~EOLFR $QGDOX] TXH HQ IXH UH OHYDGR SRU HO ,, 3ODQ GH &DOLGDG TXH QDFLy FRQ OD YRFDFLyQ GH FRQVROLGDU HVDV SROtWLFDV

GHV LQFXEDGRUHV GH &2 SDUD GHVD UUROOR \ FRQVHUYDFLyQ GH ORV HPEULR QHV PLFURVFRSLR LQYHUWLGR \ PLFURLQ\HFWRUHV FDPSDQD GH IOXMR ODPLQDU FRQ VLVWHPD GH JDVHDGR PH VD DQWLYLEUDWRULD \ VLVWHPD GH ILOWUD FLyQ DPELHQWDO \ HFyJUDIR (O +RVSLWDO &RVWD GHO 6RO FRPHQ ]y D UHDOL]DU WpFQLFDV EiVLFDV GH UH SURGXFFLyQ DVLVWLGD HQ FRQ XQD PHGLD GH SDUHMDV DWHQGLGDV DO DxR FLFORV DQXDOHV \ XQD WDVD GH HPEDUD]R SRU SDUHMD GHO (VWH

/D IHFXQGDFLyQ LQ YLWUR ),9 HV XQD WpFQLFD SRU OD TXH OD IHFXQGDFLyQ GH ORV RYRFLWRV SRU ORV HVSHUPDWR]RLGHV VH UHDOL]D IXHUD GHO FXHUSR GH OD PD GUH /D ),9 HV HO SULQFLSDO WUDWD PLHQWR SDUD OD LQIHUWLOLGDG FXDQGR RWURV PpWRGRV GH UHSURGXFFLyQ DVLV WLGD QR KDQ WHQLGR p[LWR (O SURFHVR LPSOLFD HO FRQWURO KRUPRQDO GHO SUR FHVR RYXODWRULR H[WUD\HQGR ORV RYR FLWRV GH ORV RYDULRV PDWHUQRV SDUD SHUPLWLU TXH VHDQ IHFXQGDGRV SRU ORV HVSHUPDWR]RLGHV HQ XQ PHGLR OtTXL GR (O RYRFLWR IHFXQGDGR HO ]LJRWR

VH WUDQVILHUH HQWRQFHV DO ~WHUR GH OD SDFLHQWH FRQ OD LQWHQFLyQ GH LQLFLDU XQ HPEDUD]R 3RU VX SDUWH OD LQ\HFFLyQ LQWUDFL WRSODVPiWLFD GH HVSHUPD ,&6, HV XQ GHVDUUROOR UHFLHQWH DVRFLDGD D OD ),9 TXH SHUPLWH LQ\HFWDU GLUHFWD PHQWH XQ HVSHUPDWR]RLGH HQ HO RYR FLWR XWLOL]DQGR WpFQLFDV GH PLFURPDQLSXODFLyQ 6H XWLOL]D FXDQ GR ORV HVSHUPDWR]RLGHV WLHQHQ GLIL FXOWDGHV SDUD SHQHWUDU HQ HO RYRFLWR \ HQ HVH FDVR VH SXHGH XWLOL]DU HVSHU PD GHO FRPSDxHUR R GH GRQDQWH /D ,&6, WDPELpQ VH XWLOL]D FXDQGR HO UH FXHQWR GH HVSHUPDWR]RLGHV HV PX\ EDMR

$JHQGD GH VHUYLFLRV 25*$1,6026 $<817$0,(1726 "ZVOUBNJFOUP EF .BOJMWB

$BMMF .BS .BOJMWB .¸MBHB

5FMÀGPOP 'BY 1¸HJOB 8 8FC XXX NBOJMWB DPTUBEFMTPM DPN

"ZVOUBNJFOUP EF $BTBSFT

$BMMF 7JMMB $BTBSFT .¸MBHB

5FMÀGPOP 'BY 1¸HJOB 8 8FC XXX DBTBSFT FT

"ZVOUBNJFOUP EF &TUFQPOB

1MB[B #MBT *OGBOUF &TUFQPOB .¸MBHB

5FMÀGPOP 'BY 1¸HJOB 8 8FC XXX FTUFQPOB FT

5(*,6752 '( /$ 3523,('$' 0GJDJOBT FO &TUFQPOB

%JSFDDJÊO 1SPMPOHBDJÊO $BMMF %FMGÄO T O 3FTJEFODJBM .JSBNBS &TDBMFSB QMBOUB 1SPWJODJB ."-"(" .VOJDJQJP &45&10/" $1 5FMÀGPOP 'BY & N NBJM FTUFQPOB !SFHJTUSPEFMBQSPQJFEBE PSH

%JSFDDJÊO 3FBM &EJG % 7JDFOUF 1SPWJODJB ."-"(" .VOJDJQJP &45&10/" $1 5FMÀGPOP 'BY & N NBJM FTUFQPOB !SFHJTUSPEFMBQSPQJFEBE PSH

%DQFRV \ &DMDV $ 1 .¸MBHB 'BY

$0/'&%&3"$*ª/ &41"¨0-" %& 03("/*;"$*0/&4 &.13&4"3*"-&4 $&0&

$BMMF %JFHP EF -FÊO 5FMÀGPOP F N NBJM DFPF!DFPF FT

$ 1 .BESJE 'BY

$BMMF "SRVÄNFEFT T O *TMB EF MB $BSUVKB $ 1 4FWJMMB 5FMÀGPOP 'BY F N NBJM JOGP!DFB FT

$0/'&%&3"$*ª/ %& &.13&4"3*04 %& . -"(" $&.

4BO -PSFO[P 5FMÀGPOP F N NBJM JOGP!DFN NBMBHB FT

%*165"$*ª/ %& . -"(" 1MB[B EF MB .BSJOB T O 5FMÀGPOP

$ 1 .¸MBHB 'BY

$ 1 .¸MBHB F N NBJM JOGP!NBMBHB FT

"W "OEBMVDÄB 4 /

$"+"463

"W &TQBÈB -VJT #VÈVFM 4 /

$"+"(3"/"%"

127$5,26

3FBM

6/*$"+"

(PZB 3FBM 3FBM 3FBM $USB $¸EJ[ ,N $OP 1BESF $VSB 6SC )VFSUB /VFWB

.BSRVÀT EFM %VFSP $ $PN $PTUB EFM 4PM LN

.PSP %PNJOHP +PSHF "WEB &TQBÈB QMBOUB 5FMÀGPOP F N NBJM KNPSP!DPSSFPOPUBSJBM PSH

/PUBSJPT .BOJMWB

"W &TQBÈB "W &TQBÈB

#"/$"+"

"W &TQBÈB

(BSDÄB 6SCBOP +PTÀ .BSÄB 6SC &M 1JMBS $USB /BD LN 5FMÀGPOP F N NBJM KNHBSDJB!DPSSFPOPUBSJBM PSH

&TUFQPOB .¸MBHB

'BY

&45&10/" 5FMG

-" $"*9"

"W &TQBÈB 5FSSB[B "W "OEBMVDÄB

5FMG 5FMG 5FMG 5FMG 5FMG

&45&10/" 5FMG &45&10/" 5FMG &45&10/" 5FMG

&45&10/" 5FMG &45&10/" 5FMG

(VFSSFSP "SJBT 'FSOBOEP 1[B 7JDFOUF &TQJOFM &EJG 1MB[B .BOJMWB .¸MBHB

5FMÀGPOP 'BY F N NBJM GHVFSSFSP!DPSSFPOPUBSJBM PSH

"W &TQBÈB &45&10/" 5FMG $53" / ,. #"+0 " "W (ÊNF[ #BSSJP &45&10/" 5FMG

4"#"%&--"5-"/5*$0

&45&10/" 5FMG

"W &TQBÈB

#"3$-":4 #"/,

&45&10/" 5FMG

"W &TQBÈB

#"/$0 ;"3"(0;"/0 5FSSB[B

&45&10/" 5FMG &45&10/" 5FMG &45&10/" 5FMG &45&10/" 5FMG

$"*9" ("-*$*"

#"/$" ."3$)

&45&10/"

"WEB 1BESF $VSB FTR $FMFTUJOP 1SJFUP "[B 5FMG 'BY

+27(/(6 (67(321$ $USB EF $¸EJ[ ,N 5FM 'BY

) &45&10/" 1"-"$& "WEB EFM $BSNFO T O &TUFQPOB 5FM

'BY

XXX I FT

(3"/ )05&- 1-":" #&--"

6SCBOJ[BDJÊO $PTUBMJUB T O 4BMBEJMMP #FOBNBSB &TUFQPOB

5FM 'BY XXX IPUFMTQMBZB DPN

"5"-":" 1"3, (0-' )05&- 3&4035

$BSSFUFSB $BEJ[ ,N # &TUFQPOB 5FM 'BY XXX BUBMBZB QQBSL FT F N NBJM SFTFSWBT!BUBMBZB QBSL FT

$"-&%0/*" (0-' 3&4035 41"

$ )JOPKP T O 1BSDFMB 4BMBEJMMP #FOBNBSB &TUFQPOB

5FM 'BY XXX B DDBMFEPOJB DPN F N NBJM SFTFSWBT!IPUFMDBMFEPOJBHPMG DPN

&45&10/" 5FMG

(3"/ )05&- &-#" &45&10/"

&45&10/" 5FMG &45&10/" 5FMG &45&10/" 5FMG

,&.1*/4,* )05&- #")*" &45&10/"

"W &TQBÈB &45&10/" 5FMG "W "OEBMVDÄB &EJG 7BMTVN &45&10/" 5FMG $USB / ,.

6SC #FOBNBSB &45&10/" 5FMG "W +VBO $BSMPT * #M CBKP &45&10/" 5FMG

#"/$0 %& "/%"-6$*"

&45&10/" &45&10/" &45&10/" &45&10/"

#"/$0 (6*16;$0"/0 "W &TQBÈB

40-#"/,

&45&10/" 5FMG 5FMG

$"+"."3

$USB $¸EJ[ .¸MBHB ,N "MFKP .BSUÄO 6SC &M 1JMBS #FOBNBSB "W &TQBÈB

&45&10/" 5FMG

$BMMF 3FBM

)PUFM &M 1BSBÄTP $PTUB EFM 4PM &45&10/" &45&10/" &45&10/" &45&10/" &45&10/"

%&654$)& #"/,

&TUFQPOB .¸MBHB

'BY

&45&10/" 5FMG

"W +VBO $BSMPT * & "MCPS¸O

&45&10/" 5FMG

#*-#"0 #*;,"*" ,659" &TUFQPOB .¸MBHB

'BY

#"/$0 1016-"3 &41"¨0-

"W &TQBÈB &E 1BOPSBNB &45&10/" 5FMG &45&10/" 5FMG &45&10/" 5FMG

$"+" %6&30 3FBM &45&10/" 5FMG

"W &TQBÈB

/PUBSJPT FO &TUFQPOB

#BZÊO 1FESB[B *HOBDJP $ 3FBM 5FMÀGPOP F N NBJM JCBZPO!DPSSFPOPUBSJBM PSH

&45&10/" 5FMG

$"+" %& ")03304 : .0/5& %& 1*&%"% %& (6*16;,0" : 4"/ 4&#"45*"/

$"+"40-

3URIHVLRQDOHV

&45&10/" 5FMG

"W &TQBÈB 1035 "

3FBM "W &TQBÈB +VBO $BSMPT * 6SC $BQSJDIP

$"+" 363"- %& (3"/"%"

"W &TQBÈB

$0/'&%&3"$*ª/ %& &.13&4"3*04 %& "/%"-6$¤" $&"

#"/$0 &41"¨0- %& $3&%*50 4 "

##7"

(67(321$

$BMMF $PSUJOB EFM .VFMMF 5FMÀGPOPT F N NBJM JOGP!DBNBSBNBMBHB DPN

&45&10/" 5FMG

"W &TQBÈB

#"/,*/5&3 %JSFDDJÊO 1SPMPOHBDJÊO $BMMF %FMGÄO T O 3FTJEFODJBM .JSBNBS &TDBMFSB CBKP 1SPWJODJB ."-"(" .VOJDJQJP &45&10/" $1 5FMÀGPOP 'BY & N NBJM FTUFQPOB !SFHJTUSPEFMBQSPQJFEBE PSH

27526 25*$1,6026 $ ."3" %& $0.&3$*0 %& -" 1307*/$*" %& . -"("

#"/&450

5FMG 5FMG 5FMG 5FMG

&45&10/" 5FMG

$BSSFUFSB $BEJ[ .BMBHB ,N 'BY

5FM XXX FMCBFTUFQPOB DPN

$BSSFUFSB / ,N #BIJB %PSBEB &TUFQPOB

5FM 'BY XXX LFNQJOTLJ TTQBJO DPN

"/%"-6$*" 13*/$&44 $BSSFUFSB $BEJ[ .BMBHB ,N

5FM 'BY F N NBJM DPTUBTPM!PDDJEFOUBM IPUFMFT DPN

40'*5&- -"4 %6/"4 #&"$) )05&- 41"

$BSSFUFSB $BEJ[ .BMBHB ,N #PMBEJMMB #BKB &TUFQPOB 5FM 'BY XXX MBT EEVOBT DPN F N NBJM MBTEVOBT!MBT EVOBT DPN

$308/& 1-";" &45&10/"

$BSSFUFSB / ,N &TUFQPOB 5FM

"() &45&10/" 6SC 1BSBÄTP #FBDI $USB /BD ,N 5FM &TUFQPOB XXX BHIFTUFQPOB DPN

FTUFQPOB

&M QFSJÊEJDP EF

DJHQGD G G H VV HUYLFLRV

/&841"1&3

&$0326 '( *2/) 3529,1&,$ '( 0È/$*$ 5FMG (PMG 3ÄP 3FBM 5FMG "MPIB "MIBVSÄO (PMG )PUFM 3FTPSU

(PMG "OUFRVFSB $MVC &M $BOEBEP

5FMG 5FMG 5FMG

(VBEBMIPSDF $MVC EF (PMG

5FMG

1BSBEPS EF (PMG EF .¸MBHB

5FMG

(VBEBMNJOB $MVC EF (PMG

5FMG

-B $BMB (PMG $PVOUSZ $MVC

5FMG

5FMG "ÈPSFUB (PMG 5FMG "OUFRVFSB (PMG 5FMG "SUPMB (PMG "UBMBZB (PMG $PVOUSZ $MVC 5FMG 5FMG #BWJFSB (PMG $BCPQJOP $MVC EF (PMG 5FMG $BNQBOBSJP $MVC EF (PMG5FM

$MVC EF $BNQP -B ;BHBMFUB

5FMG $MVC EF (PMG &M $PUP 5FMG $MVC EF (PMG -B 4JFTUB 5FMG

&8(5326 '( 6(*85,'$' (PMG -B %BNB EF /PDIF 5FMG 5FMG (PMG -B %VRVFTB 5FMG (PMG -PT /BSBOKPT 5FMG (PMG 3ÄP 3FBM 5FMG (PMG 5PSSFRVFCSBEB (SFFOMJGF (PMG .BSCFMMB 5FMG (VBEBMIPSDF $MVC EF (PMG 5FMG (VBEBMNJOB $MVC EF (PMG 5FMG 5FMG -B $BMB (PMG 3FTPSU -B /PSJB (PMG 3FTPSU 5FMG -B 2VJOUB (PMG $PVOUSZ $MVC 5FMG

5FMG -BVSP (PMG -PT "SRVFSPT (PMG $PVOUSZ $MVC 5FMG

.BSCFMMB $MVC (PMG 3FTPSU

5FMG

5FMG

.POUF 1BSBÄTP $PVOUSZ $MVC

5FMG

3FBM $MVC EF $BNQP EF .¸MBHB

5FMG 5FMG 5FMG 5FMG

4BOUBOB (PMG $PVOUSZ $MVC

5FMG

'"3."$*"4

%& (6"3%*" 1)"3."$*&4 0/ %65:

=kl]hgfY$ EYfadnY q KYZafaddYk 1 \ \] < <a[a]eZj]

)+ \ \] F Fgna]eZj]

' -8$1 $ $57$&+2 & 5HDO

' $1721,$ 0 $5$*Ð1 6WD $QD

' 0 ,6$%(/ *$/'21 $YGD GHO &DUPHQ Q

. \ \] < <a[a]eZj]

)( \ \] < <a[a]eZj]

\] < <a[a]eZj]

' -26e * 58('$6 ' -26e 0 $<$/$ & $GROIR 6 GH )LJXHURD $YGD -XDQ &DUORV ,

/ \ \] < <a[a]eZj]

%FOVODJB BOUF FM $VFSQP /BDJPOBM EF 1PMJDÄB B USBWFT EF JOUFSOFU

85*(1&,$6

4BOUB $MBSB (PMG 4BOUB .BSÄB (PMG $PVOUSZ $MVC

- \ \] < <a[a]eZj]

.JKBT (PMG .JSBGMPSFT (PMG $MVC .POUF .BZPS (PMG $PVOUSZ $MVC

-B 3FTJOB (PMG $PVOUSZ $MVC &TUFQPOB (PMG 'MBNJOHPT (PMG $MVC (PMG &M 1BSBJTP

%FOVODJB UFMFGÊOJDB BOUF FM $VFSQP /BDJPOBM EF 1PMJDÄB

IUUQT XXX QPMJDJB FT EFOVODJBT

5FMG 5FMG 5FMG

3FBM $MVC EF (PMG -BT #SJTBT

5FMG 5FMG 5FMG 5FMG

6SHFODJBT 11PMJDÄB / /BDJPOBM

6SHFODJBT 11PMJDÄB --PDBM

6SHFODJBT ( (VBSEJB $ $JWJM

$PNJTBSÄB 11PMJDÄB / /BDJPOBM 7BMMF *ODM¸O

$PNJTBSÄB 11PMJDÄB --PDBM 6SC 4FHIFST "WEB -PT 'SVUBMFT T O $VBSUFM ( (VBSEJB $ $JWJM "WE -PT 3FBMFT

.BSCFMMB (PMG $PVOUSZ $MVC

$MVC EF (PMG -PT "MNFOESPT

5FMG

7HOpIRQRV

)) \ \] < <a[a]eZj]

' 5$)$(/ 3e5(= & %HUP~GH]

' -8$1 9$&$6 $1*8/2 & 3LODU GH )DULQyV %OT /D 9LxD

0 \ \] < <a[a]eZj]

)* \ \] < <a[a]eZj]

' 0,*8(/ 0e1'(= ' -8$1 0 86(52 $Y $QGDOXFtD (G /D 1RULD $Y $QGDOXFtD

0DU \ 6LHUUD

' 0$18(/ 752<$12 $YGD /LWRUDO Q

>YjeY[aYk ]f EYfadnY 1-* 01( *)>YjeY[aYk ]f KYZafaddYk 1-* 01( ).0

GJLGH=<A9 Lz;FA;9 =KL=HGF9 9n\Y \] dY DaZ]jlY\$ 0& =\a^a[ag 9d%9f\Ydmk % =kl]hgfY L]d^&'>Yp2 1-* 0( /) )( % 1-* 0( 0+ *)

#PNCFSPT "WEB 3VÄ[ .ÀOEF[ T O &NFSHFODJBT 44BOJUBSJBT $SV[ 33PKB )FMJDÊQUFSPT TTBOJUBSJPT 6SHFODJBT $ $USP EEF 44BMVE "WE 3VÄ[ .ÀOEF[ * T O *OTUJUVUP EEF 55PYJDPMPHÄB 1SPUFDDJÊO $ $JWJM )VFSUB /VFWB #MR #BKP "NCVMBODJBT 4BMWBNFOUP . .BSÄUJNP

6(59,&,26 6$1,7$5,26 $USP 44BMVE $JUB QQSFWJB

"WEB 3VÄ[ .ÀOEF[ T O $USP 44BMVE **OGPSNBDJÊO "WE 3VÄ[ .ÀOEF[ T O $BTB EEFM . .BS $JUB QQSFWJB

#EB 1FTDBEPSFT D $PMÊO $BTB EEFM . .BS *OGPSNBDJÊO

#EB 1FTDBEPSFT D $PMÊO )041*5&/ &&TUFQPOB $USB /BDJPOBM LN )PTQJUBM $ $PTUB EEFM 44PM $USB /BDJPOBM LN .BSCFMMB )PTQJUBM $ $BSMPT ) )BZB "W $BSMPT )BZB .¸MBHB )PTQJUBM &&VSPQB . .BSCFMMB )PTQJUBM . .BUFSOP **OGBOUJM )PTQJUBM $ $JWJM )PTQJUBM $ $ 6 6OJWFSTJUBSJP 4FHVSP . .ÀEJDP " "%&4-"4 $ 5BKP

-867,&,$ +V[HBEP **OTUBODJB /VN "WE +VBO $BSMPT * /VN "WE +VBO $BSMPT *

$%$67(&,0,(172 /VN "WE +VBO $BSMPT * 3FHJTUSP DDJWJM "WE +VBO $BSMPT * 1VOUP EEF --V[ 44FWJMMBOB &&OEFTB *OGPSNBDJÊO

"WE -JUPSBM

"WFSÄBT

3FQTPM ( (BT ##VUBOP *OGPSNBDJÊO 1FEJEPT "WFSÄBT $BNQTB ( (BT ##VUBOP 1FEJEPT 4FSWJDJP EEF BBCBTUFDJNJFOUP EEF " "HVB ) )FMHVJOB 44 " $ 3FBM *OGPSNBDJÊO "WFSÄBT .FSDBEP . .VOJDJQBE EEF " "CBTUPT 1MB[B "VHVTUP 4V¸SF[ EF 'JHVFSPB

6(59,&,26 +25$6 'VOFSBSJBT

'VOFTPM 44 - $ $BSNFO 4FWJMMB *OUFSGVOFSBSJBT $ ;BSBHP[B 4FSWJDJPT &&TQFDJBMFT 44 " 1PM *OE &TUFQPOB 4FSWJDJPT ''VOFSBSJPT EEF &&TUFQPOB "W "OEBMVDÄB

$FSSBKFSPT

+ $ $¸DFSFT ( (BTDÊO $ ;BSBHP[B -B 55JFOEB EEF MMBT --MBWFT $ 7BMFODJB -

7UDQVSRUWHV \ &RPXQLFDFLRQHV 3BEJP 55BYJ &TUBDJÊO EEF " "VUPCVTFT 11PSUJMMP "W &TQBÈB T O 3BEJP 55BYJ

"FSPQVFSUP . .¸MBHB DFOUSBMJUB

-MFHBEBT

4BMJEBT

"FSPQVFSUP EEF ( (JCSBMUBS

3&/'& **OGPSNBDJÊO 7 7FOUB ZZ 33FTFSWB EEF ##JMMFUFT

&TUBDJÊO EEF UUSFO . .¸MBHB

* 5 7 ZZ " "ZVEB FFO $ $BSSFUFSB *WFTVS &TUFQPOB $JUB QSFWJB )ST $BSSFUFSBT " "VUPQJTUBT EEFM 44PM

(QVHxDQ]D *EJPNBT 5IF --BOHVBHF ""DBEFNZ

"WE EF "OEBMVDJB FTR $ +PSHF (VJMMÀO

UIFMBOHVBHFBDBEFNZ FT!IPUNBJM DPN

2WURV WHOpIRQRV GH LQWHUpV "SDIJWP ) )JTUÊSJDP . .VOJDJQBM #JCMJPUFDB 11ÑCMJDB . .VOJDJQBM .FSDBEP . .VOJDJQBM EEF " "CBTUPT 1[B EF "VHVTUP 4VBSF[ EF 'JHVFSPB 0GJDJOB EEF $ $PSSFPT EEF &&TUFQPOB "WE &TQBÈB 1PMJEFQPSUJWP $ $VCJFSUP -B --PCJMMB 1PMJEFQPSUJWP $ $VCJFSUP &M $ $BSNFO $ )VFSUB /VFWB 1PMJEFQPSUJWP . .VOJDJQBM 44UP 55PN¸T 1VFSUP % %FQPSUJWP

** =d H H]ja \a[g \ \] = =kl]hgfY

$QXQFLRV FODVLILFDGRV WBSJPT &.13&4" %& "-*.&/5"$*ª/ #64$" 1&340/"- 26& 16&%" 53"#"+"3 %&4%& 46 1301*" $"4" %& " )03"4 "- %¤" */(3&404 %*"3*04 */5&3&4" %04 --"."3 " -04 5&- '0/04

*/(3&404 &953"4 53"#"+& %&4%& $"4" &/ 564 3"504 -* #3&4 $0.1"5*#-& $0/ 56 "$ 5*7*%"% "$56"- '".*-*" &$5 %& " )03"4 "- %*" ("/& %& " &953"4 */5&3&4"%04 --"."3 " 0 /&$&4*5"4 %*/&30 3"1* %0 5& %".04 &- *.103 5& 26& /&$&4*5&4 &/ )03"4 40-0 $0/ 6/" 130 1*&%"% : 4*/ %0$6.&/ 5"$*0/ 5".#*&/ )*105&$"4 : 3&6/*'*$" $*0/&4 &/ 5*&.10 3& $03% --"." 4*/ $0.130.*40 5&-'

JONPCJMJBSJP

.¸T EF FVSPT

"-26*-0 "1"35".&/50 &/ 1"326& $&/53"- %& %03.* 503*04 #"¨04 ".6&#-"%0 -"3(" 5&.103"%" &63 5&-' 3&'

1*40 &/ 63#"/*;"$*ª/ 53"/ 26*-" ;0/"4 7&3%&4 1*4$* /" %03.*503*04 #"¨0 1"3" &/53"3 " 7* 7*3 &63 5&-' 3&'

" &453&/"3 "%04"%"4 &/ -*/&" %& (0-' ."(/¤'*$"4 $"-*%"%&4 ;0/"4 "+"3%*/" %"4 : 1*4$*/" %&4%& &63 5&-' 3&'

1*40 %& %04 %03.*503*04 6/ #"¨0 "¨04 %& "/5*(³&%"% ")03" &6304 %& "-26* -&3 %& 4&15*&.#3& " +6/*0 &41&$*"- 1"3" 130'&403&4

1*40 505"-.&/5& 3&'03." %0 %03.*503*04 #"¨0 5&33";" &/ &- $&/530 &63 5&-' 3&'

$)"-&5 &.#"3("%0 13&$*0 7"-03 .&3$"%0 &63 ")03" &/ 7"-03 &63 5-'

1*40 %& 53&4 %03.*503*04 &/ ."3 : 4*&33" &63 %& "- 26*-&3

/&$&4*5" %*/&30 63(&/5& 40-0 $0/ 46 &4$3*563" )* 105&$"4 "53"4"%"4 $"/$& -".04 &.#"3(04 3"* "4/&' $0/'*%&/$*"-*%"% 4&3*&%"% .07 5-' '"9 1-";" %&- "+&%3&; -0$"- / &45&10/"

.BOJMWB 4BCJOJMMBT $BTBSFT 4PUPHSBOEF

;0/" 10-*$¤" /"$*0/"- 1* 40 %& %03.*503*04 #6&/ &45"%0 4&.* ".6&#-"%0 &63 5-' 3&'

&O &TUFQPOB

"5&/$*ª/ 1*404 &.#"3(" %04 103 #"/$0 "- %& 46 7"-03 3&"- %& .&3$"%0 5-'

4& 7&/%& 1-";" %& ("3" +& &/ "7&/*%" %& &41"¨" &63 5FM

010356/*%"% ."(/¤'*$0 1* 40 %& %03.*503*04 #"¨0 $&3$" %& 50%0 &63 5&-'

)BTUB FVS 010356/*%"% $"4" ."5" &/ ;0/" $&/ 530 4"-*%" " %04 $" --&4 %03.*503*04 #"¨0 "4&0 1"5*0 */5& 3*03 &63 5&-' ".1-*0 1*40 %& %03.*50 3*04 #"¨0 (3"/ 5&33";" ".6&#-"%0 &63 5-' 3&'

.6/*5"3*" &63 5-' 3&'

1*404 &/ 7&/5" 130$& %&/5&4 %& #"/$0 %&4%& &63 *%&"- 1"3" */7&3403&4

7&/%0 /"7& 3&'03."%" 10-¤(0/0 3¤0 1"%3ª/ -"7 304: &45&10/" 4"-ª/ .6: (3"/%& )"#*5"$*0/&4 #"¨0 &/53& 1-"/5" 1"5*0 +"3%¤/ $0/ '6&/5& '"$)" %" "35¤45*$" .026&5" 63(& 7&/%&3 .

5&-' 130#-&."4 &$0/ª.*$04 /0 --&("4 " '*/ %& .&4 56 4*56"$*ª/ &4 (3"7& &. #"3(04 3"* "4/&' (&45*0/ %& $3&%*504 )*105&$"3*04 -" 40-6$*0/ " 56 #0-4*--0

"1"35".&/50 &.#"3(" %0 &/ 16&350 %& -" %6 26&4" 7"-03"%0 &/ &63 ")03" &63 5-' xx 010356/*%"% 1*40 %& %03.*503*04 #" ¨04 ".1-*" 5&33";" $0/ 7*4 5"4 ("3"+& : 53"45&30 1*4$*/" 4ª-0 &63 5&-' 3&' -0$"- $0.&3$*"- %& .&5304 $6"%3"%04 $&3 $" $"--& 5&33";" &6304

%*4'365" %& 56 7*7*&/%" %&4%& )0: : '03."-*;" 56 )*105&$" &/ .&4&4 5&-'

1*40 4&.* /6&70 %& %03 .*503*04 #"¨04 .6: -6 .*/040 50%0 &95&3*03 4ª-0 &63 5&-' 3&' $)0--";0 1*40 %& %03.*03*04 " &4 53&/"3 5&33";" 7*45"4 (" 3"+& 1*4$*/" &63 &63 %& )*105&$" (" 3"/5*;"%" %F B FVSPT

7&/%0 $"4" ."5" #"+0 $"4$0 "/5*(60 &45&10/" %03.*503*04 )"#*5"$*ª/ 53"45&30 4"-ª/ #"¨0 $0 $*/" $ /53*$0 " 50%0 )" #*5"#-& 63(& 7&/%&3 .

13&$*0 &63 5&-' 40-0 1"35*$6-"3&4

%61-&9 /6&70 .

40-"3*6. . %03.*503*04 #"¨04

"4&0 $0$*/"4 &26*1" %"4 1-";" %& ("3"+& : 53"45&30 %& .

5&33";"4 %& . $ %&-'*/ %&53 4 %& *(-& 4*" %&- $"3.&/ 13&$*0 &6304 5&-'

%61-&9 4&.* /6&70 63(& 7&/5" &6304 .07

;0/" %&- ."$%0/"-4 "%0 4"%" &/ ;0/" 53"/26*-" 103$)& +"3%¤/ 1*4$*/" $0

BMRVJMFS 4& "-26*-" &45& 10/" #&- "*3 13&$*040 "1"35".&/50 /6&70 %03 .*503*04 #"¨04 5&33";" $0/ 7*45"4 "- ."3 "*3& "$0/%*$*0/"%0 '3*0 $"-03 ("3"+& 53"45&30 : 1*4$*/" &63 .&4 "-26*-0 "1"35".&/50 %& %03.*503*04 #"¨0 ".6& #-"%0 &63 5&-' 3&' /&$&4*50 "-26*-"3 $026&50 &456%*0 &/ ;0/" 53"/26*-" &63 5&-' 3&' 4& "-26*-" $"4" "%04"%" . &/ 63# -04 56-*1" /&4 %03.*503*04 "1"3$" .*&/50 1*4$*/" 5&/*4 13*7"%" 13&$*0 " /&(0$*"3 5&-' 3&' -"4 1"-.&3"4

4& #64$"/ 1*404 &/ "-26*-&3 : 0 7&/5" &/ ;0/" &45&10/" 103 %&."/%" %& $-*&/5&4

1*40 %& 53&4 %03.*503*04 %04 #"¨04 4&.*/6&70 ;0/" $&/530 &63 5&-' %61-&9 " ,*-0.&5304 %& &45&10/" .6: 40-&"%0 "¨04 "/5*(³&%"% "-26*-&3 &63 01$*ª/ " $0.13" *.13&4$*/%*#-& $0$)& .07 1*40 %& 53&4 %03.*503*04 : %04 #"¨04 4"-0/ ".1-*0 $0$*/" : -"7"%&30 "¨04 "/5*(³&%"% 13&$*0 &63 "- .&4 %& "-26*-&3

"-26*-&3 "1"35".&/50 %& %04 %03.*503*04 ;0/" 16&350 %&1035*70 13&$*0 &63 5&-'

FOHMJTI #&- "*3 1"326& 0-*704 /&8 1&/5)064& #&%4 #"5)4 501 '-003 13& .03& #& %300.4 03 456%*0 /*$& ,*5 $)&/ 5&33"$&4 '"#6-064 7*&84 ("3"(& "/% 4503"(& 100- "*3$0/ 4"5 57 "%48*3&-&44 .

5&33"$&4 . 7&3: 26*&5 "3&" &63 $0.& "/% )"7& " -00,