El Periódico de Estepona by MUltimedia

FTUFQPOB

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

XXX FMQFSJPEJDPEFFTUFQPOB DPN

5SBT DPODMVJSTF MB QSJNFSB GBTF EFM 1MBO EF 4BOFBNJFOUP mMP RVF UPDB FT UPNBS NFEJEBTn

&M DDPODFKBM E EF ) )BDJFOEB TTF F FYQMJDB UUSBT SSFDJCJS FFM JJOGPSNF E EF : :PVOH TTPCSF MMB TTJUVBDJÊO F FDPOÊNJDB E EFM $ $POTJTUPSJP &SOFTU

/&841"1&3

6SCBOJTNP

&M #/" QSFTFOUB BMFHBDJPOFT BM DPOWFOJP DPO MB 'BNJMJB 4BVEÄ (O %ORTXH 1DFLRQDOLVWD $QGDOX] KD SUHVHQWDGR DOHJDFLRQHV DO FRQYH QLR XUEDQtVWLFR GH SODQHDPLHQWR SDUD HO FDPELR GH FDWHJRUtD GH WH UUHQRV XELFDGR HQ HO 6HFWRU 6813 ( (O $UUR\R GHO 6DODGLOOR HQWUH OD PHUFDQWLO $VWXULRQ )RQGDWLRQ HPSUHVD OLJDGD D OD )DPLOLD 5HDO 6DXGt \ HO $\XQWDPLHQWR GH (VWHSRQD SiJ

1SPUFTUB DJVEBEBOB

-B 1MBUBGPSNB 7FDJOBM FOUJFOEF RVF MPT QSPCMFNBT TF BDVNVMBO /D 3ODWDIRUPD 9HFLQDO OODPD D OD FLXGDGDQtD D PDQLIHVWDUVH HO SUy [LPR GtD \D TXH HVWLPD TXH HV DKRUD PiV QHFHVDULD TXH QXQFD 3DUD HO FROHFWLYR VH YLHQH REVHU YDQGR XQ FRQVWDQWH GHWHULRUR GH OD YLGD SROtWLFD ORFDO SiJ

'ÑUCPM EF DBMJEBE Z NVDIB FNPDJÊO

(O LQLFLR HQ (VWHSRQD \ 0DQLOYD GH OD IDVH VHFWRU GHO &DPSHRQDWR GH (VSDxD GH I~WERO GH FDGHWHV KD WUDtGR D ORV FDPSRV GHO 6DQ )HUQDQGR 0XxR] 3pUH] \ /DV 9LxDV EXHQ MXHJR \ DGHPiV PXFKD HPRFLyQ

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

FTUFQPOB

&M QFSJÊEJDP EF

$0/5&/*%04

/&841"1&3

46#& Å -BT BZVEBT

#"+" Æ &M QBSP

=d Yfmf[ag `][`g hgj ]d k][j]lYjag \] dgk kg[aYdaklYk eYdY_m] gk$ Ea_m]d 9f_]d @]j]\aY$ kgZj] dYk Yqm\Yk Y dYk hqe]k eYdY_m] Yk na]f] Y YZjaj mf `Ydg \] ]kh]jYfrY hYjY ]d [ge]j[ag&

=d hYjg ka_m] kmZa]f\g ]f 9f\Ydm[ Y& Dgk dlaegk \Ylgk Yk dg [gf^ajeYf q ljYk ]d e]k \] \a[a]eZj]$ dY [a^jY `Y [gflafmY\g kmZa]f\g kgZj] lg\g ]f dgk k][lgj]k \] k]jna[agk&

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

RV GDWRV GHO SDUR HQ $QGDOXFtD \ SRU HQGH HQ 0iODJD FRQWLQ~DQ FRQ VX OtQHD DOFLVWD \ ORV JXDULVPRV VLJXHQ SRQLHQGR GH PDQLILHVWR TXH ODV PHGLGDV DGRSWDGDV GH PRPHQWR QR GDQ WRGRV ORV UH VXOWDGRV HVSHUDGRV 3HVH D HOOR WRGRV ORV SROtWLFRV WUDEDMDQ GXUR SDUD DFRJHUVH D FXDOTXLHU SODQ TXH SXHGD VHUYLU OH SDUD TXH ODV HFRQRPtDV ORFD OHV QR VH YD\DQ D OD GHULYD \ HO WHMLGR LQGXVWULDO FDLJD HQ SLFDGR (V HYLGHQWH TXH FXDQGR OD FULVLV DFKXFKD \ SRQH D ODV HP SUHVDV FRQWUD OD HVSDGD \ OD SD UHG VRQ ODV LQVWLWXFLRQHV S~EOLFDV ODV TXH WLHQHQ TXH DJXGL]DU HO LQJHQLR SDUD DOFDQ]DU VROXFLRQHV TXH YHQJDQ D DPRUWLJXDU HO JRO SH (Q HVWRV GtDV VH HVWi KDEODQ GR PXFKR GH QR WDQWR R PiV FXDQWR PLOORQHV GH HXURV TXH HO JRELHUQR YD D GDU D ORV D\XQWD

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

PLHQWRV SDUD TXH pVWRV SXHGDQ UHDOL]DU REUDV GH PHMRUDV GH LQ IUDHVWUXFWXUDV HQ VXV UHVSHFWLYDV SREODFLRQHV \ DVt JHQHUDU ORV DQ VLDGRV SXHVWRV GH WUDEDMR (V JUDFLRVR DQWH HVWH DQXQFLR FRPR HO SROtWLFR UDXGR \ YHOR] HPSLH]D D GDUOH GHVWLQR DO GLQHUR DQWHV GH TXH pVWH OOHJXH D ODV DU FDV PXQLFLSDOHV IDEULFDQGR XQ GLVFXUVR DOJXQRV DO PHMRU HVWLOR GH RWURUD GH )HOLSH *RQ]iOH] \ DQXQFLDQGR QR VH VDEH FXDQWRV R WDQWRV HPSOHRV 3HUR HVWDV PHGLGDV SXHGHQ WHQHU XQ SUREOHPD \ HV TXH SXH GHQ VHU VyOR SDQ SDUD KR\ $SDUWH GH OD OOHJDGD GH ODV D\XGDV JXEHUQDPHQWDOHV (VWHSRQD FRPR FXDOTXLHU RWUD FLXGDG WLHQH TXH WHQHU RWUDV PL UDV \ RWURV KRUL]RQWHV SDUD SUH SDUDU XQ IXWXUR SUyVSHUR \ TXH SHUPLWD SRU HMHPSOR TXH ORV JDVWRV FRUULHQWHV VH SXHGDQ SD JDU FRQ ORV LQJUHVRV FRUULHQWHV

&T DJFSUP RVF FTUB TFNBOB IB IBCJEP VO QSP CMFNB Z BMHVOBT EFQFOEFODJBT NVOJDJQBMFT TF IBO RVFEBEP TJO TFSWJDJP EF UFMÀGPOP

&O MB UFMF NVOJDJQBM MBT DPTBT QBSFDFO RVF FT U¸O BTÄ BTÄ 4F FTU¸O EBOEP ÊSEFOFT RVF OP GB DJMJUBO QBSB OBEB FM USBCBKP Z BEFN¸T QBSFDF RVF IBZ EFTDPOGJBO[B

2VÀ IBS¸ FM BMDBMEF -F EBS¸ MB DPODFKBMÄB EF $VMUVSB BM GJOBM B 3PTB %ÄB[ P TFHVJS¸ ÀM BDVNVMBOEP EFMFHBDJPOFT

DPOUFOJEPT BDUVBMJEBE

.¸MBHB

"OEBMVDÄB

EFQPSUFT

MJHBT MPDBMFT

MB DPDUFMFSB

&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

&M #/" QSFTFOUB BMFHBDJPOFT BM DPOWFOJP DPO MB 'BNJMJB 4BVEÄ

-B GGPSNBDJÊO E EFOVODJB V VOB E EJGFSFODJB E EF N N¸T E EF FO MMB E EPDVNFOUBDJÊO E EFM DDPOWF FOJP NFUSPT DDVBESBEPT F " (BSDÄB

O %ORTXH 1DFLRQDOLVWD $QGDOX] %1$ KD SUHVHQWDGR DOHJDFLR QHV DO FRQYHQLR XUEDQtVWLFR GH SODQHDPLHQWR SDUD HO FDPELR GH FD WHJRUtD GH WHUUHQRV XELFDGR HQ HO 6HFWRU 6813 ( (O $UUR\R GHO 6DODGLOOR HQWUH OD PHUFDQWLO $VWXULRQ )RQGDWLRQ HPSUHVD OLJDGD D OD )DPLOLD 5HDO 6DXGt \ HO $\XQWDPLHQWR GH (VWHSRQD VHJ~Q H[SOLFD OD IRUPDFLyQ HQ XQ FRPXQL FDGR GH SUHQVD (Q HO GRFXPHQWR HO %1$ PDQL ILHVWD TXH FRQIRUPH DO LQIRUPH WpF QLFR GH IHFKD GH 2FWXEUH GH VXVFULWR SRU HO WpFQLFR PXQL FLSDO ,JQDFLR 'H OD +R] HO iPELWR GH DFWXDFLyQ GHO SUHVHQWH FRQYHQLR SODQWHD XQ SUREOHPD LUUHVROXEOH DO PHQRV GHVGH XQ LQLFLR SRU FXDQWR TXH QR HV FDSD] GH GHWHUPLQDU OD VX SHUILFLH GHO PLVPR $Vt H[SOLFDQ GH ODV FHUWLILFDFLR QHV UHJLVWUDOHV DSRUWDGDV UHVXOWD XQ WRWDO GH P TXH GLILHUH VXVWDQFLDOPHQWH GH ORV P SURSXHVWRV QR TXHGDQGR DFUH GLWDGR TXH HO UHVWR GH ORV WHUUHQRV LQFOXLGRV HQ HO FRQYHQLR VHDQ SUR SLHGDG GHO VROLFLWDQWH QL H[LVWLHQGR GRFXPHQWR DOJXQR GH DSRGHUDPLHQ WR R VROLFLWXG HQ HO VHQWLGR GHO FRQ YHQLR SRU SDUWH GH ORV SURSLHWDULRV /D GLIHUHQFLD SXHV HQWUH OD UHDOL GDG UHJLVWUDO \ OD TXH VH GLFH TXH H[LVWH DOFDQ]D OD VXPD GH PHWURV FXDGUDGRV ³OR FXDO QR HV XQD FXHVWLyQ EDODGt´ Pi[LPH FXDQGR VREUH ORV PHWURV FXDGUDGRV VH HVWiQ DSOLFDQGR WRGRV ORV SDUiPH WURV XUEDQtVWLFRV HVWR HV HO tQGLFH GH HGLILFDELOLGDG P W P V HO GHO WHFKR UHVLGHQFLDO DVt FRPR ORV P W GH FHVLyQ YROXQWD ULD 3DUD HO %1$ VH GHEHUtD QR VyOR KDFHU SUHYDOHFHU OD UHDOLGDG ItVLFD GH ODV ILQFDV IUHQWH D OD UHDOLGDG UHJLV WUDO GH ODV PLVPDV 3RU RWUD SDUWH \ WUDWiQGRVH GH ODV YLYLHQGDV GH SURWHFFLyQ RILFLDO TXH

&M BMVNCSBEP EF MBT "WFOJEBT EFM $BSNFO Z -JUPSBM TFS¸ NFKPSBEP (O $\XQWDPLHQWR GH (VWHSRQD D WUDYpV GH OD GHOHJD FLyQ GH ,QIUDHVWUXFWXUDV KD LQIRU PDFR TXH HO DOFDOGH 'DYLG 9DODGH] KD ILUPDGR FRQ OD HPSUH VD ,QGUD 6LVWHPDV 6 $ PHGLDQWH SURFHGLPLHQWR DELHUWR \ WUDPLWD FLyQ XUJHQWH HO FRQWUDWR DGPLQLV WUDWLYR GH HMHFXFLyQ GH REUDV GH LQVWDODFLyQ SDUD OD PHMRUD GHO DOXPEUDGR H[WHULRU GH OD $YHQLGD /LWRUDO \ $YHQLGD GHO &DUPHQ GH OD ORFDOLGDG (O FRVWH GHO SUR\HFWR VH HOHYD D PiV GH ,9$ OR TXH VXSRQH XQ WRWDO GH \ HO SOD]R GH HMHFX FLyQ GH ODV REUDV VHUi GH XQ PHV D FRQWDU GHVGH OD FRPSUREDFLyQ GHO UHSODQWHR

3FEBDDJÊO

(BSBOUÄB /RV UHSUHVHQWDQWHV GHO %ORTXH 1DFLRQDOLVWD $QGDOX] HQ UXHGD GH SUHQVD

GHEHQ FRQWHPSODUVH HQ HVWD XQLGDG GH DFWXDFLyQ ³UHVXOWD LQFRPSUHQVL EOH FRPR HO Q~PHUR GH ODV PLVPDV QL VLTXLHUD VH GHWDOOD´ D GLIHUHQFLD GH ODV YLYLHQGDV GH OD GH UHQWD OLEUH $GHPiV QR VyOR VH GHMD VLQ GHWHUPLQDU HO Q~PHUR GH YLYLHQGDV GH SURWHFFLyQ RILFLDO VLQR TXH DGH PiV QR VH OOHJD D GHWHUPLQDU OD PR GDOLGDG GH SURWHFFLyQ RILFLDO ³UD]yQ SRU OD TXH HQWHQGHPRV TXH GH IRUPD GHOLEHUDGD VH WUDWD GH QR DERUGDU DXQTXH VHD GH IRUPD PtQL PD OD UHJXODFLyQ GH HVWDV YLYLHQGDV GH SURWHFFLyQ RILFLDO 3HUR HV TXH D WUDYpV GH HVWD IRU PD GH SURFHGHU SDUHFH TXH VH WUDWD GH LQFXPSOLU LQFOXVR ODV GHWHUPLQD FLRQHV \ HVWiQGDUHV SUHYLVWRV HQ ORV DUWtFXORV \ UHVSHFWLYDPHQWH GH OD /H\ GH $QGDOXFtD O 3RU RWUR ODGR \ FRQIRUPH D OD IL FKD WpFQLFD GH FRKHUHQFLD FRQ HO SODQHDPLHQWR WHUULWRULDO VXSUDPXQL FLSDO YLJHQWH FRUUHVSRQGLHQWH DO 327&62 HQ HO FRQYHQLR XUEDQtVWL FR SURSXHVWR VH GHWHUPLQD OD H[LV WHQFLD XQ \DFLPLHQWR DUTXHROyJLFR HQ OD ]RQD 3DUD HO %1$ HV LQVXIL FLHQWH TXH VH DSRUWH DO FLWDGR FRQ

YHQLR WDQ VyOR XQD ILFKD GHVFULSWLYD GHO \DFLPLHQWR &HUUR GHO $OFRUQRFDO VLQ TXH VH KDOOD GHWHU PLQDGR VX HVWDGR GH FRQVHUYDFLyQ DVt FRPR VLQ TXH H[LVWD LQIRUPH PX QLFLSDO GH WpFQLFR FRPSHWHQWH 'H LJXDO IRUPD GHEHUtD GH DSRUWDUVH OD VROLFLWXG GLULJLGD D OD &RQVHMHUtD GH &XOWXUD GH OD -XQWD GH $QGDOXFtD GH SURFHGHU D DFWXDU HQ GLFKR \DFL PLHQWR DUTXHROyJLFR (Q OR TXH UHVSHFWD D FRPSHQVD FLRQHV HFRQyPLFDV GHULYDGDV GHO FRQYHQLR XUEDQtVWLFR TXH HO $\XQWDPLHQWR GH (VWHSRQD KD GH SHUFLELU GLFHQ TXH D~Q FXDQGR HV FODUR TXH OD VRFLHGDG PHUFDQWLO VH FRPSURPHWH D HQWUHJDU DO $\XQWDPLHQWR GH (VWHSRQD OD FDQWL GDG GH RFKR PLOORQHV GH HXURV GLIH ULGR HQ XQD VHULH GH SOD]RV QR TXH QR TXHGD VXILFLHQWHPHQWH JDUDQWL]D GR HV TXH pVWRV YD\DQ GHVWLQDGR D TXp FRQFUHWR SDWULPRQLR S~EOLFR GH VXHOR H LQIUDHVWUXFWXUDV HQ (VWHSRQD YDQ D LU GLULJLGDV 7DQ VyOR VH KDFH XQD DOXVLyQ JH QpULFD D TXH HVWH GLQHUR YD D LU GHVWL QDGR D SDWULPRQLR S~EOLFR GH VXHOR LQIUDHVWUXFWXUD \ RWURV FRQFHSWRV

3DUD UHVSRQGHU GHO FXPSOLPLHQWR GHO FRQWUDWR KD VLGR FRQVWLWXLGD D IDYRU GHO $\XQWDPLHQWR XQD JD UDQWtD GHILQLWLYD SRU XQ LPSRUWH GH VLHQGR HO SOD]R GH GL FKD JDUDQWtD GH XQ DxR FRQWDGR GHVGH OD UHFHSFLyQ GH ODV REUDV $VLPLVPR OD HPSUHVD GHEH VXVFULELU XQD SyOL]D GH VHJXURV TXH FXEUD ORV SRVLEOHV GDxRV D WHU FHURV GHULYDGRV GH OD HMHFXFLyQ GH OD REUD SRU XQD FXDQWtD QR LQIHULRU D (O FRQFHMDO GHOHJDGR GH LQIUD HVWUXFWXUDV (GXDUGR $ODUFyQ KD PDQLIHVWDGR TXH FRQ HVWD REUD QR VyOR PHMRUDUi OD LOXPLQDFLyQ GH GRV GH ODV SULQFLSDOHV YtDV GH OD FLXGDG VLWXDGDV D (VWH \ 2HVWH GHO PXQLFLSLR VLQR TXH OD REUD VX SRQGUi XQ FRQVLGHUDEOH DKRUUR GDGR TXH VH XWLOL]DUiQ ORV ~OWLPRV PDWHULDOHV HQ PDWHULD PHGLRDP ELHQWDO $GHPiV KD PDQLIHVWDGR TXH HQ HO FDVR GH OD $YHQLGD GHO &DUPHQ ODV PHMRUDV VHUiQ PD\RUHV \D TXH OD UHPRGHODFLyQ GH DVIDOWDGR \ OD FUHDFLyQ GHO &DUULO %LFL VH LQFOX \HQ HQ ORV SODQHV GH VXEYHQFLRQHV GH LQIUDHVWUXFWXUDV GH ORV IRQGRV HVWDWDOHV TXH VH UHFLELUiQ HQ SUy [LPDV IHFKDV

FTUFQPOB

&/53&7*45"

&M QFSJÊEJDP EF

/&841"1&3

$QWRQLR 6iQFKH] ´$KRUD OR TXH QRV WRFD HV WRPDU PHGLGDVµ " (BSDÄB &TUFQPOB

D VLWXDFLyQ HFRQyPLFD GHO $\XQWDPLHQWR GH (VWHSRQD FRQWLQ~D VLHQGR OD PD\RU SUH RFXSDFLyQ GHO JRELHUQR ORFDO TXH GHVGH KDFH DOJXQDV IHFKDV YLHQH WUD EDMDQGR HQ OD UHGDFFLyQ GH XQ SODQ GH VDQHDPLHQWR SDUD VX LQPHGLDWD SXHVWD HQ PDUFKD 'RFXPHQWR TXH SRU RWUR ODGR HV REOLJDGR WUDV HO FLHUUH GH FXHQWDV GHO HMHUFLFLR GH (Q HVWDV IHFKDV HO FRQFHMDO GH +DFLHQGD \D FRQRFH D OD SHUIHFFLyQ GRQGH UDGLFDQ ORV PD\RUHV SUREOH PDV ILQDQFLHURV FRQ ORV TXH VH HQ FXHQWUD HVWH $\XQWDPLHQWR \D TXH HO SULPHU WUDEDMR HO GH GLDJQyVWLFR GH OD VLWXDFLyQ TXH KD VLGR HODERUD GR SRU OD FRQVXOWRUD (UQHVW <RXQJ \D HVWi HQ SRGHU GH $QWRQLR 6iQFKH] TXH OD VHPDQD SUy[LPD OR SRQGUi HQ PDQRV GH ORV FRPSRQHQ WHV GHO HTXLSR GH JRELHUQR PLHQWUDV TXH ³OD VLJXLHQWH VH OR GDUHPRV D FRQRFHU DO UHVWR GH IRUPDFLRQHV TXH FRPSRQHQ OD &RUSRUDFLyQ \ ODV FHQ WUDOHV VLQGLFDOHV´ DJUHJD HO FRQFHMDO HQ XQD HQWUHYLVWD FRQFHGLGD D HVWH SHULyGLFR &M BO¸MJTJT EF TJUVBDJÊO TF MF EBS¸ B UPEPT MPT QBSUJEPT EF MB $PSQPSBDJÊO FO VOBT EPT TFNBOBT

(O FRQFHMDO GH +DFLHQGD UHIOH[LRQD WUDV FRQFOXLU ORV WUDEDMRV GH OD SULPHUD SDUWH GHO 3ODQ GH 6DQHDPLHQWR

$QWRQLR 6iQFKH] FRQFHMDO GH +DFLHQGH GHO $\XQWDPLHQWR GH (VWHSRQD

WLHQH SRFR TXH FXHVWLRQDU´ GLFH HO 6HJ~Q H[SOLFD HO Pi[LPR UHVSRQVD FRQFHMDO EOH GH ODV ILQDQ]DV PXQLFLSDOHV HO /D VHJXQGD IDVH VH HQFDUJDUi WUDEDMR GH HODERUDFLyQ GHO 3ODQ GH VHJXUDPHQWH D OD PLVPD FRQVXOWRUD 6DQHDPLHQWR HVWi GLYLGLGR HQ WUHV ³\D TXH QR VH KLFLHURQ ODV GRV SHWL IDVHV /D SULPHUD SDUWH GHGLFDGD FLRQHV D OD YH]´ DVHJXUD 6iQFKH] FRPSOHWDPHQWH D UHDOL]DU XQ DQiOLVLV 3HVH D HOOR HO GH VLWXDFLyQ /D VH FRQFHMDO H[SOLFy TXH JXQGD HVWi GHVWLQD GD D OD HODERUDFLyQ 4¸ODIF[ FOUJFOEF GHVGH OD GHOHJDFLyQ GH +DFLHQGD VH KD GH SURSXHVWDV TXH YHQJDQ D SRQHU VR RVF MB TFHVOEB GBTF EtDQ KHFKR DOJXQRV DGHODQWRV HQ HVWH OXFLyQ D ORV SUREOH PDV GHWHFWDGRV \ TF MF EFCF FODBSHBS B VHQWLGR ³+HPRV HV WDGR WUDEDMDQGR HQ XQD WHUFHUD TXH HV MB NJTNB DPOTVMUPSB XQD HVSHFLH GH ER OD UHODWLYD D OD LP UUDGRU LQWHUQR HQ Ot SOHPHQWDFLyQ \ QHDV JHQHUDOHV VROXFLRQHV TXH DSOLFDFLyQ GH ODV SURSXHVWDV FRPR FRQFHMDO WHQJR FODUDV´ ³/D SULPHUD HVWi WRWDOPHQWH WHU 'H HVWH GRFXPHQWR WLHQH FRSLD PLQDGD \ FHUUDGD \ OD UHFLEt D ILQD DVHJXUD 6iQFKH] HO HTXLSR GH JR OHV GH GLFLHPEUH \ OR FLHUWR HV TXH

/RV FLXGDGDQRV SDJDUiQ XQD FDQWLGDG UD]RQDEOH SRU OD EDVXUD (O FRQFHMDO GH +DFLHQGD $QWRQLR 6iQFKH] VDOLy DO SDVR GH ODV GHFODUDFLR QHV TXH VH YLHQHQ KD FLHQGR SRU SDUWH GH SROtWLFRV \ FROHFWLYRV WUDV OD LPSODQWDQFLyQ GH OD WD VD GH OD EDVXUD (Q HVWH VHQWLGR 6iQFKH] H[SOLFD TXH VH LPSODQWy HQ HO ³SH UR KDEtD XQ SUREOHPD 4XH OD RUGHQDQ]D HVWi SOHQDPHQWH HQ YLJRU \ HVWDEOHFH HO GHO YDORU FDWDVWUDO FRPR UHFL ER GH OD EDVXUD (VR WLH

QH XQ SUREOHPD \D TXH HVWXGLR HFRQyPLFR TXH VH KL]R HQ VX PRPHQWR VH UHDOL]y FRQ XQRV YDOR UHV FDWDVWUDOHV TXH QR FRLQFLGH FRQ HO UHDO´ 6L VH DSOLFDVHDVt VDOGUtD XQD UHFDXGDFLyQ VXSHULRU DO FRVWH GHO VHUYLFLR 6ROXFLyQ TXH VH KD WR PDGR SDUD HO VH FDPELDURQ GRV DUWtFXORV GH OD RUGHQDQ]D FDP ELDQGR HO YDORU GH ,%, SRU HO GH ,1, \ VH ILMDQ XQDV FDQWLGDGHV SRU WUD PRV TXH PXOWLSOLFDGR

SRU HO Q~PHUR GH UHFLERV GD HO FRVWH GHO VHUYLFLR 3DUD HVWH DxR OD VROX FLyQ HV TXH FRPR VDEH PRV TXH FRQ HO PRGHOR GHO VH UHFDXGD HO FRVWH GHO VHUYLFLR JLUD PRV GRV UHFLERV FRQ OD UHFDXGDFLyQ GHO SULPHUR WHQHPRV HO FRVWH GHO VHU YLFLR \ HO VHJXQGR UHFLER \D QR OR HPLWLPRV \ OR TXH KDFHPRV HV XQ H[SH GLHQWH GH DQXODFLyQ SRU H[FHVR GH LQJUHVRV &RQ HVWH PRGHOR VH SDJD XQD FDQWLGDG UD]RQDEOH

FTUFQPOB

&M QFSJÊEJDP EF

&/53&7*45" ELHUQR ³DXQTXH WRGDYtD QR KD\ HO FRQVHQVR \ OD PDGXUH] VXILFLHQWH´ (O FRQFHMDO MXVWLILFD OD FRQWUDWD FLyQ GH OD HPSUHVD FRQVXOWRUD SDUD HVWD VHJXQGD IDVH DUJXPHQWDQGR TXH ³FRPR TXLHUD TXH KD\ TXH WR PDU PHGLGDV SDUD HO UHFRUWH GHO JDV WR VLHPSUH VH SUHVHQWDUiQ ORV SUREOHPDV GH VXEMHWLYLGDG LQWHULRU´ /D WHUFHUD TXH HV OD GH OD DSOL FDFLyQ GH ODV VROXFLRQHV SDUD HO UH FRUWH GHO JDVWR ³OD WHQHPRV TXH KDFHU WRPDQGR GHFLVLRQHV FRQ HO DFXHUGR GH ORV VLQGLFDWRV ORV GHPiV PLHPEURV GH OD &RUSRUDFLyQ \ GHO HTXLSR GH JRELHUQR TXH VHUiQ ODV LPSOHPHQWDFLRQHV´ /D SULPHUD SDUWH GHO 3ODQ GH 6DQHDPLHQWR ³QRV YLHQH D SRQHU EODQFR VREUH QHJUR \ FRQ Q~PHURV OR TXH WRGRV PiV R PHQRV VDEH PRV´ DJUHJD HO FRQFHMDO 6iQFKH] WLHQH FODUR OR DFRQWHFL GR TXH GHWDOOD FXDQGR DILUPD TXH ³EiVLFDPHQWH KHPRV YLYLGR GH XQRV LQJUHVRV H[WUDRUGLQDULRV TXH QR GH EHQ HPSOHDUVH D JDVWR FRUULHQWH´

/&841"1&3

GDG VDODULDO GHO SHUVRQDO \ QR KD\ YRWRV SDUD VDFDUOD DGHODQWH OR TXH VLJQLILFD TXH SHUGHPRV XQ DKRUUR GH FDVL XQ PLOOyQ GH HXURV DO DxR TXH SRU XQ PDQGDWRV HVWDPRV KD EODQGR GH XQ DKRUUR GH FXDWUR PL OORQHV GH HXURV /D SUHJXQWD HV ¢TXLpQ OR YD SDJDU" ¢ $ TXp EROVL OORV YD D LU" /DV SUHJXQWDV DKt TXH GDQ´ $ OD SUHJXQWD GH ¢FXiQWR SXHGH WDUGDU OD ILQDOL]DFLyQ GH OD VHJXQGD IDVH" 6iQFKH] UHVSRQGH TXH WDUGD UiQ PiV R PHQRV XQ PHV \ PHGLR FRQ OR TXH FDOFXOD TXH HO GRFXPHQ WR FRQ ODV VROXFLRQHV D WRPDU SXHGH HVWDU OLVWR D ILQDOHV GH IHEUHUR ³(QWUH WDQWR QRVRWURV DSOLFD PRV DOJXQDV PHGLGDV FRPR SRU HMHPSOR OD GH ORV ERPEHURV´ 6iQFKH] VH PXHVWUD RSWLPLVWD DQWH ORV UHWRV GHO IXWXUR

/RV FDStWXORV TXH HVWiQ SRU OOD PDUORV GH DOJXQD PDQHUD PiV GHV PDGUDGRV VRQ ³HO XQR \ HO FXDWUR (VWH ~OWLPR HV XQR HQFXELHUWR SXHV HV DKt GRQGH HVWiQ ODV WUDQVIHUHQFLDV m)FNPT WJWJEP EF VOPT SDUD ODV HPSUHVDV PXQLFLSDOHV SDUD JOHSFTPT FYUSBPSEJOBSJPT SDJDU ODV QyPLQDV GH ORV HPSOHDGRV RVF OP EFCFO FNQMFBSTF GH ODV PLVPDV´ QBSB FM HBTUP DPSSJFOUFn ³(O XQR VHJ~Q 6iQFKH] HYROX FLRQD PiV R PHQRV ELHQ SHUR HO FXDWUR HYROXFLRQD EDVWDQWH PDO \ HVH HV HO SUREOHPD´ 3DUD LOXVWDU VXV SDODEUDV HO FRQFHMDO &RQ HOOR HO FRQFHMDO KD YHQLGR D GH +DFLHQGD H[SOLFD TXH ³XQ KHFKR GHMDU FODUR TXH XQR GH ORV PD\RUHV FRPR HV HO GH OD UHFRJLGD GRPLFLOLD SUREOHPDV GH OD HVWDELOLGDG SUHVX ULD GH OD EDVXUD ³VH KD HVWDGR SD SXHVWDULD PXQLFLSDO HVWi HQ ORV JDV JDQGR FRQ RWUR WLSR GH LQJUHVRV 6H WRV GH ODV QyPLQDV GH ODV HPSUHVDV KD DQDOL]DGR ORV FXDWUR R FLQFR ~OWL PXQLFLSDOHV TXH HV HQWHQGLEOH TXH PRV DxRV SHUR VL QRV YDPRV PiV VHD GRQGH VH WHQJDQ TXH DGRSWDU VR DWUiV HVWiEDPRV HQ OD PLVPD VLWXD OXFLRQHV PiV GUiVWLFDV VL VH DSOLFD OD FLyQ (Q ORV ~OWLPRV GLH] TXLQFH OyJLFD SDUD OD FRQWHQFLyQ GHO JDVWR DxRV HO $\XQWDPLHQWR QR KD SDJDGR (VWH DILUPDFLyQ IXH FRUURERUDGD OD 6HJXULGDG 6RFLDO 6H KD LQFUH SRU 6iQFKH] DO DILUPDU pVWH TXH HV PHQWDGR OD SODQWLOOD GH IRUPD LP WH FDStWXOR GHO 3UHVXSXHVWR ³KD\ SRUWDQWH LQFOXVLYH FRQWUD PiV TXH LUOR DMXVWDQGR´ LQJUHVRV H[LVWLHURQ PiV VH KD LQFU ³/R QRUPDO HV PHQWDGR´ TXH WXV QyPLQDV WXV &RQ HOOR VHJ~Q FRPSUDV \ WX OX] WX HO FRQFHMDO VH KD -PT NBZPSFT QSPCMF DJXD \ WX WHOpIRQR OR SURGXFLGR XQ GHVH WLHQHV TXH SDJDU FRQ TXLOLEULR ILQDQFLHUR NBT FTU¸O FO MPT WXV LPSXHVWRV \ FRQ \ ³VH KDQ DFXPXOD WXV WDVDV \ OXHJR GH GR GHXGDV SUy[L PDV D ORV FLHQ DBQÄUVMPT EFM QBHP EF MDU ORV JDVWRV H[WUD SDUD PLOORQHV (VD HV OD OÊNJOBT EF QFSTPOBM RUGLQDULRV ILQDQFLDU ODV LQYHU VLWXDFLRQ TXH WHQH PRV DKRUD´ Z EF USBCBKBEPSFT EF VLRQHV´ DVHJXUD 6iQFKH] $QWH HVWR ³(O LQJUHVR FR 6iQFKH] DHJXUD MBT FNQSFTBT UULHQWH GHEH LU DO JDV ³TXH OR TXH QRV WR WR FRUULHQWH \ HVR HV FD HV WRPDU PHGL DOJR TXH ORV VDEtD WRGR HO PXQGR´ GDV´ ³¢4Xp RFXUUH" TXH ORV FDStWXORV /RV FDStWXORV GH JDVWR FRUULHQWHV XQR \ ODV QyPLQDV GH ODV HPSUHVDV GHEHQ HTXLOLEUDUVH FRQ ORV GH LQJUH VRQ PX\ IXHUWHV \ FXHVWD PXFKR VRV FRUULHQWHV ³\ HVR SXHV QR HUD DMXVWDU HVR´ YHUGDG HQ ORV DxRV DWUiV < FXDQGR 6DOLpQGRVH XQ SRFR GHO DVXQWR PiV GLQHUR KD KDELGR HQ OD DUFDV \D TXH HQWLHQGH TXH HVWi EDVWDQWH PiV JDVWR VH KD KHFKR HQ HO FDStWXOR H[SOLFDGR 6iQFKH] PDQLILHVWD TXH XQR GRV \ WUHV SHUR ORV LQJUHVRV QR OD SUHVLyQ ILVFDO HQ (VWHSRQD ³QR HV SURFHGtDQ GHO XQR GRV \ WUHV YHQt PX\ IXHUWH ,QFOXVLYH HQ ORV ~OWLPRV DQ GH LQJUHVRV XUEDQtVWLFRV SRU DxRV KD EDMDGR 6L FRQWDPRV KDVWD FRQWULEXFLRQHV HVSHFLDOHV \ DOLPHQ HO EDMy 6H VXSULPLy OD EDVXUD WDEDQ´ \ VH LQFUHPHQWy HO ,%, DXQTXH HVWD /RV FDStWXORV GHO 3UHVXSXHVWR WDVD \ HO LPSXHVWR QDGD WLHQHQ TXH VRQ HO XQR QyPLQDV HO GRV ELHQHV YHU /R TXH SDVDED HV TXH KDEtD LQ FRUULHQWHV HO WUHV JDVWRV ILQDQFLH JUHVRV VXILFLHQWHV FRPR SDUD SRGHU URV \ HO FXDWUR WUDQVIHUHQFLDV SDJDU OD EDVXUD SRU RWUR FDPLQR FRUULHQWHV

(VR D OD ODUJD VH GHPXHVWUD TXH HV PDOR´ 6L DO FLXGDGDQR VH OH RIUHFH XQ VHUYLFLR GH UHFRJLGD EDVXUDV ³HV OyJLFR WLHQH TXH SDJDUOR´ ³3ULPHUR OR TXH WHQHPRV TXH KDFHU HV TXH YHQJD XQD HPSUHVD \ QRV GLJD TXH HV OR UD]RQDEOH´ \D TXH 6iQFKH] WLHQH FODUR TXH DGRS WDU GHFLVLRQHV VREUH SHUVRQDO \ HPRQXPHQWRV HV WRGR FRPSOLFDGR /D WHUFHUD IDVH LQVLVWR ³OD WHQH PRV TXH WRPDU QRVRWURV $Kt HVWi OD GH %RPEHURV TXH HUD XQD PHGLGD TXH UHVSHWiEDPRV WRGD OD LQWHJUL

" GJOBMFT EFM NFT EF FOFSP QBHBSFNPT B MB 4FHVSJEBE 4PDJBM MBT DVPUBT EFM QFSTPOBM EFM NFT EF EJDJFNCSF 3DUD ILQDOL]DU HO FRQFHMDO GH +DFLHQGD DVHJXUD TXH D ILQDOHV GH HQHUR HO $\XQWDPLHQWR YD D KDFHU IUHQWH D ORV SDJRV FRQ OD 6HJXULGDG 6RFLDO GHO PHV GH GLFLHPEUH SDUD GH HVWD PDQHUD SRGHU FXPSOLU FRQ HO DFXHUGR DOFDQ]DGR FRQ HVWH RUJD QLVPR \ FRQ +DFLHQGD ³\ DVt LQ FOXVR SRGUHPRV OLEHUDU ORV 3,(6 GHO (VWDGR \ QRV YD\DQ OOHJDQGR

FTUFQPOB

&M QFSJÊEJDP EF

"$56"-*%"%

/&841"1&3

-B 1MBUBGPSNB FOUJFOEF RVF MPT QSPCMFNBT TF BDVNVMBO

&M DDPMFDUJWP WWFDJOBM MMMBNB BB MMPT DDJVEBEBOPT BB N NBOJGFTUBSTF QSÊYJNP E EÄB E EJFDJTÀJT Q QPS MMBT DDBMMFT E EF MMB DDJVEBE FM Q 3FEBDDJÊO

D 3ODWDIRUPD 9HFLQDO OODPD D OD FLXGDGDQtD D PDQLIHVWDUVH HO SUy[LPR GtD \D TXH HVWL PD TXH HV DKRUD PiV QHFHVDULD TXH QXQFD (V KRUD VHJ~Q GLFHQ HQ XQ FRPXQLFDGR GH TXH HO SXHEOR GH (VWHSRQD QXHYDPHQWH VDOJD D OD FDOOH \ UHFODPH GH ODV LQVWLWXFLRQHV ³OD UHVWLWXFLyQ GH OD GLJQLGDG KXU WDGD (V QXHYDPHQWH KRUD GH TXH HO SXHEOR GH (VWHSRQD H[LMD XQ SXQWR ILQDO D OD SROtWLFD FRQILVFD WRULD HQ PDWHULD GH LPSXHVWRV PX QLFLSDOHV´ 3DUD HO FROHFWLYR VH YLHQH RE VHUYDQGR XQ FRQVWDQWH GHWHULRUR GH OD YLGD SROtWLFD ORFDO ³/DV PiV UH FLHQWHV DFWXDFLRQHV MXGLFLDOHV KDQ FRORFDGR D OD &RUSRUDFLyQ HQ XQD VLWXDFLyQ GH GHELOLGDG QXPpULFD TXH KDFH LQYLDEOH OD WRPD GH GHFL VLRQHV \ SRU WDQWR OD JREHUQDELOL GDG GHO PXQLFLSLR´ &M DPMFDUJWP FOUJFOEF RVF MB EFCJMJEBE OVNÀSJDB FO FM HPCJFSOP IBDF JOWJBCMF MB UPNB EF EFDJTJPOFT $QWH HVWD VLWXDFLyQ \ VXV SRWHQFLD OHV VDOLGDV HO SRVLFLRQDPLHQWR GH ORV GLYHUVRV SDUWLGRV \ JUXSRV SR OtWLFRV SUHVHQWHV HQ HO $\XQWDPLHQWR KD YHQLGR DGHPiV D HYLGHQFLDU PD\RUPHQWH OD SUHYD OHQFLD GH ORV LQWHUHVHV SDUWLGLVWDV DQWHV TXH HO JHQHUDO GH (VWHSRQD 0LHQWUDV WDQWR ORV SUREOHPDV VH DFXPXODQ \ VH HQTXLVWDQ /DV VROXFLRQHV SURSXHVWDV SDUD UHVRO YHU DOJXQRV GH HOORV VH HVWUHOODQ DQWH OD PDQLILHVWD LQFDSDFLGDG GH DSOLFDU GHFLVLRQHV FRQWXQGHQWHV HQ YLVWD GH OD SDWHQWH IUDJLOLGDG GHO HTXLSR GH JRELHUQR GLFH HO FRO NHFWLYRV DJUHJDQGR TXH ORV DFXHU GRV HFRQyPLFRV DOFDQ]DGRV QR VRQ PiV TXH FRUWLQDV GH KXPR SDUD HV FRQGHU OD YHUGDGHUD UDt] GHO SUR EOHPD ILQDQFLHUR GH OD FLXGDG R HQ HO PHMRU GH ORV FDVRV SDUFKHV

,PDJHQ GH DUFKLYR GH XQD GH ODV SURWHVWDV YHFLQDOHV

TXH QR VLUYHQ SDUD GDU VROXFLyQ SHUPDQHQWH DO DJRELR TXH VXIUH HO $\XQWDPLHQWR $Vt SXHV DVXQWRV TXH DIHFWDQ D JUDQ SDUWH GH OD SR EODFLyQ FRPR HV HO FDVR GHO 3ODQ GHO &DVFR $QWLJXR FRQWLQ~DQ SD UDOL]DGRV PLHQWUDV VH GHVEORTXHDQ FRQYHQLRV XUEDQtVWLFRV WDPELpQ QHFHVDULRV SHUR TXH EHQHILFLDQ D XQD H[LJXD PLQRUtD $ MXLFLR GH OD 3ODWDIRUPD OD FLXGDGDQtD \D QR VH GHMD VHGXFLU SRU ODV EXHQDV LQWHQFLRQHV \ ODV OODPDGDV D OD FRQILDQ]D SRUTXH HV WHVWLJR GH OD GHVDVWURVD VLWXDFLyQ HQ TXH VH HQFXHQWUD (VWHSRQD *R]DQGR GHO GXGRVtVLPR KRQRU GH HQFDEH]DU OD HVWDGtVWLFD GHO SDUR HQ OD SURYLQFLD SDGHFLHQGR XQD FULVLV HFRQyPLFD TXH VH HQVDxD HV SHFLDOPHQWH FRQ SXHEOR (VWHSRQD VH HQIUHQWD D VX IXWXUR LQPHGLDWR FRQ UDVJRV DxDGLGRV OD IDOWD GH FRQILDQ]D GHO SXHEOR HQ VX LQVWLWX FLyQ PiV FHUFDQD \ HO DOHMDPLHQWR GH pVWD GH ODV DFXFLDQWHV QHFHVLGD GHV GH OD SREODFLyQ PiV RFXSDGR FRPR HVWi HO $\XQWDPLHQWR HQ DG PLQLVWUDU VX SURSLD HQGRJDPLD /DV IDPLOLDV \ ORV HPSUHVDULRV

GH (VWHSRQD HVWiQ UHFLELHQGR HQ HVWRV GtDV OD FRPXQLFDFLyQ GH SD JR GH OD WDVD GH EDVXUD ,QDVHTXLEOH DO SDGHFLPLHQWR GH OD SREODFLyQ HO $\XQWDPLHQWR SHUVLV WH HQ VX SROtWLFD UHFDXGDWRULD DFX GLHQGR FRPR HQ HVWH FDVR D OD GXSOLFDFLyQ GH LPSXHVWRV SDUD VX IUDJDU VX LQVDFLDEOH PDTXLQDULD LQHILFD] H LPSURGXFWLYD (V KRUD SXHV GH VDOLU QXHYD PHQWH D OD FDOOH DJUHJDQ ³\ GH PRVWUDU TXH QR HVWDPRV FRQIRUPHV FRQ OD VLWXDFLyQ D OD TXH QRV KD FRQGXFLGR OD LQFDSDFLGDG GH QXHV WURV HGLOHV TXH (VWHSRQD QR VH TXHGD FDOODGD DQWH OD LQGLJQLGDG SROtWLFD HQ TXH KD UHFDtGR QXHVWUR $\XQWDPLHQWR´ /D 3ODWDIRUPD 9HFLQDO DSHOD D OD FLXGDGDQtD D PDQLIHVWDUVH HVWH SUy[LPR YLHUQHV GH (QHUR HQ ODV FDOOHV GH (VWHSRQD HQ GHPDQGD GH OD UHJHQHUDFLyQ GHPRFUiWLFD GHO $\XQWDPLHQWR PHGLDQWH OD GLVROX FLyQ GH OD SUHVHQWH &RUSRUDFLyQ \ OD FRQYRFDWRULD GH QXHYDV HOHFFLR QHV ORFDOHV TXH SHUPLWDQ GHYROYHU DO SXHEOR OD YR] TXH OH KD VLGR HV FDPRWHDGD

&M "ZVOUBNJFOUP FOUSFHB TVCWFODJPOFT B $SV[ 3PKB Z $¸SJUBT & 1 & /D GHOHJDFLyQ PXQLFL SDO GH %LHQHVWDU 6RFLDO KD LQIRU PD TXH KD KHFKR HQWUHJD UHFLHQWHPHQWH GH VHQGDV D\XGDV GH \ D OD $VDPEOHD /RFDO GH &UX] 5RMD \ D &iULWDV ,QWHUSDUURTXLDO UHVSHF WLYDPHQWH 'LFKDV SDUWLGDV SURFHGHQ GHO 'HSDUWDPHQWR 0XQLFLSDO GH ,QPLJUDFLyQ GHSHQGLHQWH GH OD GHOHJDFLyQ GH %LHQHVWDU 6RFLDO \ HVWiQ GHVWLQDGDV D DSR\DU ORV SUR JUDPDV GH DWHQFLyQ SULPDULD D LQ PLJUDQWHV HQWUH ODV TXH VH LQFOX\HQ QHFHVLGDGHV EiVLFDV GHO FROHFWLYR FRPR PDWHULDOHV GH DVHR DOLPHQWDFLyQ VHUYLFLR GH LQIRUPDFLyQ\ RWURV

4F JOTUBMBS¸ VO BTDFOTPS QBOPS¸NJDP FO FM 1PMJEFQPSUJWP &M $BSNFO & 1 & /D GHOHJDFLyQ PXQLFL SDO GH 'HSRUWHV LQIRUPD TXH HO DOFDOGH 'DYLG 9DODGH] KD ILUPD GR XQ FRQYHQLR FRQ OD HPSUHVD 7K\VVHQNUXSS (OHYDGRUHV 6/ D SURSXHVWD GHO FRQFHMDO GHOHJDGR GHO iUHD &DUORV 5RGUtJXH] SDUD OD LQVWDODFLyQ GH XQ DVFHQVRU SD QRUiPLFR HQ HO 3ROLGHSRUWLYR (O &DUPHQ (O FRVWH GHO SUR\HFWR VH HOHYD D HXURV PiV HXURV GH ,9$ \ HO SOD]R GH HMHFX FLyQ GH ODV REUDV VHUi GH FLQFR PHVHV D FRQWDU GHVGH HO GtD VL JXLHQWH D OD ILUPD GHO DFWD GH UH SODQWHR TXH WHQGUi OXJDU HQ OD SULPHUD TXLQFHQD GHO SUy[LPR PHV GH HQHUR 3DUD UHVSRQGHU GHO FXPSOLPLHQWR GHO FRQWUDWR KD VL GR FRQVWLWXLGD D IDYRU GHO $\XQWDPHLQWR XQD JDUDQWtD SRU XQ LPSRUWH GH HXURV

FTUFQPOB

&M QFSJÊEJDP EF

. -"("

/&841"1&3

%JQVUBDJÊO DJFSSB VO DVSTP NBSDBEP QPS MB EJOBNJ[BDJÊO UVSÄTUJDB 4BMWBEPS 11FOEÊO TTF N NVFTUSB DDPOWFODJEP E EF R RVF BBDFSDBS UFSSJUPSJPT FFT JJHVBMBS MMBT P PQPSUVOJEBEFT E EF R RVJFOFT WWJWFO F FO F FMMPT 3FEBDDJÊO

Q DxR HQ ORV TXH WUHV DVXQWRV KDQ VLGR ORV PiV VREUHVDOLHQ WHV FRQFHUWDFLyQ SODQHV GH GLQDPL]DFLyQ WXUtVWLFDV \ HO QXHYR 3ODQ ,QWHJUDO GH &DUUHWHUDV GH OD SURYLQFLD 6HJ~Q HO SUHVLGHQWH VH KDQ GHVDUUROODGR PXOWLWXG GH DVXQ WRV WRGRV HOORV GH HQRUPH LPSRU WDQFLD SHUR VREUH WRGR HO KD VXEUD\DGR XQ FRQFHSWR TXH KDVWD KDFH SRFR UHVXOWDED SURIDQR SDUD OD FLXGDGDQtD FRQFHUWDFLyQ 3RU RWUR ODGR KD\ TXH GHVWDFDU OD LPSRUWDQFLD GHO WXULVPR TXH VLQ OXJDU D GXGDV UHSUHVHQWD XQD GH ODV IXHQWHV GH ULTXH]D PiV LPSRU WDQWHV GH OD SURYLQFLD \ SRU HOOR GHVGH OD 'LSXWDFLyQ GH 0iODJD VH KD VHJXLGR DSRVWDQGR SRU ORV SOD QHV GH GLQDPL]DFLyQ WXUtVWLFD HQ WHQGLGRV pVWRV FRPR LQVWUXPHQWRV GH ILQDQFLDFLyQ GH SUR\HFWRV WXUtV WLFRV HQ ]RQDV GH LQGXGDEOH LQWHUpV SDUD HO YLVLWDQWH FRQ HO REMHWLYR GH SRWHQFLDUODV \ SRQHUODV HQ YDORU $SXQWy HO SUHVLGHQWH 3DUD 6DOYDGRU 3HQGyQ HO DSR\R GHO RUJDQLVPR SURYLQFLDO D HVWRV SODQHV HV PX\ GHVWDFDGR KDVWD HO SXQWR GH FRQYHUWLUVH HQ OD ~QLFD SURYLQFLD TXH WLHQH HQ PDUFKD WUHV SODQHV GLQDPL]DGRUHV HQ HO HQWRU

6DOYDGRU 3HQGyQ D OD L]TXLHUGD HQ IRWR GH DUFKLYR

QR GH OD $[DUTXtD HO HQWRUQR GH ORV HPEDOVHV GH *XDGDOKRUFH *XDGDOWHED \ OD 6HUUDQtD GH 5RQGD DPpQ GH RWUR 6LHUUD GH ODV 1LHYHV TXH \D HVWi ILQDOL]DGR \ HQ IDVH FRPSOHPHQWDULD \ SDUD HVWi SUHYLVWR UHFXHUGD HO QDFL PLHQWR GHO SODQ GLQDPL]DGRU GH 1RURUPD /DV UHODFLRQHV HQWUH 'LSXWDFLyQ GH 0iODJD \ HQWLGDGHV ORFDOHV KD

GDGR XQ HQRUPH VDOWR GH FDOLGDG GH WDO IRUPD TXH ORV D\XQWD PLHQWRV HQWLGDGHV ORFDOHV \ HQWHV PDQFRPXQDGRV WLHQHQ YR] SURSLD SDUD LQYHUWLU ORV PiV GH PLOORQHV FRQFHUWDGRV SRU HO RUJD QLVPR SURYLQFLDO /D FRQFHUWDFLyQ SRGHPRV GHQRPLQDUOD FRPR OD LQ YDVLyQ SDFtILFD GH OD 'LSXWDFLyQ SRU ORV SXHEORV 6DOYDGRU 3HQGyQ GHVWDFD TXH

HO DFXHUGR HQWUH LQVWLWXFLRQHV HV OD JDUDQWH GH TXH ODV PiV GH DF WXDFLRQHV TXH VH YDQ D HMHFXWDU HQ ORV SUy[LPRV PHVHV GDQ XQD UHV SXHVWD VROYHQWH D ODV QHFHVLGDGHV GH ORV FLXGDGDQRV TXLHQHV UHFOD PDQ PiV \ PHMRUHV VHUYLFLRV S~EOL FRV (Q WRUQR D XQ WHUFHU HMH KD JLUD GR DVLPLVPR OD SROtWLFD GHVDUUR OODGD SRU OD 'LSXWDFLyQ HQ PDWHULD GH UHG YLDULD /RV NLOyPHWURV GH FDUUHWHUDV GHSHQGLHQWHV GH HVWH RUJDQLVPR KDQ GH HVWDU HQ SHUIHF WDV FRQGLFLRQHV SDUD TXH OD FLXGD GDQtD SXHGD KDFHU XVR GH HOOD 3DUD PDQWHQHU HQ XQ UD]RQDEOH HVWDGR HO ILUPH \ RSWLPL]DU ORV UH FXUVRV HFRQyPLFRV VH KD OOHYDGR D FDER XQ HVWXGLR GH YLDELOLGDG TXH SRGUtD RWRUJDU OD FRQVHUYDFLyQ GH FDGD XQD GH ODV FXDWUR ]RQDV HQ ODV TXH VH UHSDUWH OD UHG SURYLQFLDO GH FDUUHWHUDV D XQD HPSUHVD DGMXGLFD WDULD /D PRGHUQL]DFLyQ GH QXHV WUD SURYLQFLD GHEH SDVDU SRU XQD EXHQD FRQVHUYDFLyQ GH OD UHG SUR YLQFLDO GH FDUUHWHUDV LQGLFy HO SUHVLGHQWH GH OD 'LSXWDFLyQ $GHPiV (VWR\ FRQYHQFLGR GH TXH DFHUFDU WHUULWRULRV HV LJXDODU ODV RSRUWXQLGDGHV GH TXLHQHV YLYHQ HQ HOORV VHQWHQFLy $GHPiV GH HVWDV WUHV JUDQGHV DSXHVWDV HQ HVWH FXUVR TXH WRFD D VX ILQ QR VH GHEH REYLDU OD FODUD DSXHVWD TXH VH KD KHFKR SRU ORV GHUHFKRV VRFLDOHV (Q XQRV WLHPSRV GH WDQWD LQHVWDELOLGDG OD ERUDO VH KD IRPHQWDGR HO HPSOHR DXWyQRPR OD FUHDFLyQ GH HPSUHVDV GH LQVHUFLyQ \ VH KD RULJLQDGR OD 8QLGDG GH 2ULHQWDFLyQ 3URIHVLRQDO FRQFOX\y

6OPT NJMMPOFT EF FVSPT QBSB MBT FVSPT FO TVCWFODJPOFT QZNFT NBMBHVFÈBT TFHÑO FM 140& QBSB DPMFDUJWPT DVMUVSBMFT " ( (O VHFUHWDULR JHQHUDO GHO

362( PDODJXHxR \ GLSXWDGR QDFLR QDO 0LJXHO ÈQJHO +HUHGLD KD GHV WDFDGR TXH HO *RELHUQR SRQGUi D GLVSRVLFLyQ GH ODV S\PHV SHTXHxDV \ PHGLDQDV HPSUHVDV PDODJXHxDV XQRV PLOORQHV GH HXURV SDUD PH MRUDU VX ILQDQFLDFLyQ \ OLTXLGH] HQ HVWH 6HJ~Q +HUHGLD HVWD D\XGD TXH VH WUDPLWD D WUDYpV GHO ,&2 ,QVWLWXWR GH &UpGLWR 2ILFLDO HV XQD GH ODV PHGLGDV GHO *RELHUQR SDUD DPRUWLJXDU ORV HIHFWRV GH OD FULVLV \

OR TXH VH SUHWHQGH FRQ HOOD FRQFUH WDPHQWH HV DWHQGHU ODV QHFHVLGDGHV GH ILQDQFLDFLyQ GH ODV S\PHV TXH DFWXDOPHQWH HVWpQ VRPHWLGDV D XQD VLWXDFLyQGH UHVWULFFLyQ GH FUpGLWR (Q HO FDVR GH OD SURYLQFLD GH 0iODJD HO Q~PHUR GH SHTXHxDV \ PHGLDQDV HPSUHVDV DVFLHQGH D /RV GDWRV GH GHVHPSOHR VRQ PX\ SUHRFXSDQWHV 'HVGH ODV DGPLQLVWUDFLRQHV VH HVWi KDFLHQGR XQ HVIXHU]R LPSRUWDQWtVLPR SDUD HV WLPXODU OD HFRQRPtD \ JHQHUDU HP SOHR ´

& 1 & /D 'LSXWDFLyQ GH 0iODJD KD FRQFHGLGR XQ WRWDO GH HX URV D FROHFWLYRV GH WRGD OD SURYLQFLD YLQFXODGDV FRQ OD HGXFDFLyQ FXOWXUD \ WUDGLFLRQHV PDODJXHxDV /D PD\RU SDUWH GH ODV DFWLYLGD GHV SUHYLVWDV VH FHQWUDQ HQ WDOOHUHV HQFXHQWURV PXVLFDOHV IXQFLRQHV WH DWUDOHV \ DFWLYLGDGHV GH FRQFLHQFLD FLyQ VRFLDO UHVSHFWR D OD LJXDOGDG GH JpQHURV OD KRPRVH[XDOLGDG \ GLVFD SDFLGDG (QWUH ORV SUR\HFWRV PiV VXEYHQFLRQDGRV GHVWDFDQ (GXFD &ROHJD DFWLYLGDG UHDOL]DGD SRU HVWD

DVRFLDFLyQ HQ GHIHQVD GH ORV GHUH FKRV GH ORV KRPRVH[XDOHV R HO ,,, 0D\R 0XVLFDO &HUWDPHQ %DQGDV GH 0~VLFD 3RU FRPDUFDV VHUi OD 6HUUDQtD GH 5RQGD FRQ FHUFD GH HXURV OD TXH UHFLED XQD PD\RU SDUWLGD SUH VXSXHVWDULD 3RU VX SDUWH OD $[DUTXtD REWHQGUi DOJR PiV GH HXURV (QWUHWDQWR ODV ORFDOL GDGHV HQFXDGUDGDV HQ OD &RVWD GHO 6RO 2FFLGHQWDO \ HO 9DOOH GHO *XDGDOKRUFH YDQ D SHUFLELU \ HXURV UHVSHFWLYDPHQWH

FTUFQPOB

"/%"-6$*"

&M QFSJÊEJDP EF

/&841"1&3

&M EFTFNQMFP TVCJÊ FM QBTBEP NFT EF EJDJFNCSF FO UPEB MB DPNVOJEBE BVUÊOPNB VO

"OEBMVDÄB GGVF MMB TTFHVOEB E EF &&TQBÈB DDPO V VO N NFOPS JJODSFNFOUP EFM Q QBSP ZZ MMB Ñ ÑOJDB FFO MMB R RVF BBVNFOUÊ MMB DDPOUSBUBDJÊO

&1& (O GHVHPSOHR VXELy HO SDVD

GR PHV GH GLFLHPEUH HQ $QGDOXFtD HQ SHUVRQDV XQ UHV SHFWR DO PHV DQWHULRU OR TXH VLW~D HQ HO Q~PHUR WRWDO GH SDUD GRV UHJLVWUDGRV HQ ODV RILFLQDV GHO 6HUYLFLR $QGDOX] GH (PSOHR 6$( (VWH DXPHQWR HV LQIHULRU DO GHO FRQMXQWR GH (VSDxD GRQGH HO LQFUHPHQWR LQWHUPHQVXDO IXH GHO $QGDOXFtD IXH OD VHJXQGD FRPX QLGDG DXWyQRPD FRQ XQD PHQRU VX ELGD GHO SDUR GHVSXpV GH &DQDULDV $VLPLVPR VH GHVWDFy FRPR OD ~QLFD HQ OD TXH VXELy OD FRQWUDWDFLyQ WDQ WR HQ HO EDODQFH PHQVXDO QXHYRV FRQWUDWRV \ XQ DXPHQWR GHO FRPR HQ HO FLHUUH GHO DxR (Q WpUPLQRV LQWHUD QXDOHV GXUDQWH HO GHVHPSOHR DQGDOX] FUHFLy HQ SHUVRQDV OR TXH VXSRQH XQ VHLV SXQ WRV SRU GHEDMR GHO UHJLVWUR QDFLRQDO /D VXELGD GH GLFLHPEUH VH GHELy IXQGDPHQWDOPHQWH D OD FRQVWUXF FLyQ TXH UHJLVWUy SDUDGRV PiV 3RU HO FRQWUDULR HO SDUR EDMy HQ HO FROHFWLYR VLQ HPSOHR DQWHULRU FRQ SHUVRQDV PHQRV \ HQ OD DJULFXOWXUD FRQ GHVHPSOHDGRV PHQRV (Q FXDQWR DO UHVWR GH VHFWR UHV OD LQGXVWULD FRQWDELOL]y SDUDGRV PiV PLHQWUDV TXH ORV VHUYLFLRV UHJLVWUDURQ (Q HO EDODQFH GHO DxR OD FRQV WUXFFLyQ WDPELpQ IXH HO SULQFLSDO VHFWRU UHVSRQVDEOH GH OD VXELGD GHO SDUR FRQ XQ LQFUHPHQWR GHO /H VLJXHQ OD DJULFXOWXUD OD LQGXVWULD ORV VHUYLFLRV \ HO FROHFWLYR GH SHUVRQDV VLQ HPSOHR DQWHULRU (Q OD GLIHUHQFLDFLyQ SRU VH[RV HO DXPHQWR LQWHUPHQVXDO IXH GHO HQWUH ORV KRPEUHV PLHQWUDV TXH GHVFHQGLy XQ HQ HO FDVR

2ILFLQD GH (PSOHR HQ (VWHSRQD

GH ODV PXMHUHV 5HVSHFWR DO PLVPR PHV GHO DxR SDVDGR ODV VXELGDV IXH URQ GHO \ GHO UHV SHFWLYDPHQWH 3RU HGDGHV HO SDUR EDMy HQWUH ORV PHQRUHV GH DxRV LQ WHUPHQVXDO \ VXELy HQ HO UHVWR (Q HO EDODQFH LQWHUDQXDO ORV LQFUHPHQWRV IXHURQ GHO \ GHO UHVSHFWLYDPHQWH )LQDOPHQWH HQ HO UHSDUWR SUR YLQFLDO GHVWDFD OD IXHUWH EDMDGD GHO GHVHPSOHR HQ -DpQ \ HO OHYH GHVFHQVR HQ *UDQDGD /RV LQFUHPHQWRV VH SURGXMHURQ HQ 6HYLOOD +XHOYD 0iODJD &iGL] $OPHUtD \ &yUGRED 5HVSHFWR DO DxR HO SDUR VXELy HQ WRGDV ODV SURYLQFLDV FRQ HVSHFLDO LQFLGHQFLD HQ $OPHUtD /H VLJXLHURQ *UDQDGD 0iODJD 6HYLOOD +XHOYD &iGL] &yUGRED \ -DpQ

.¸T EF NJM BMVNOPT TF CFOFGJDJBS¸O EFM 1MBO EF 'PSNBDJÊO .BSÄUJNP 1FTRVFSP

&1& /D -XQWD GH $QGDOXFtD KD LQLFLDGR XQ QXHYR 3ODQ GH )RUPDFLyQ 0DUtWLPR 3HVTXHUR DGDSWDGR D ODV GHPDQGDV \ QHFHVL GDGHV DFWXDOHV GHO VHFWRU DQGDOX] \ GHO TXH VH EHQHILFLDUiQ PiV GH PLO DOXPQRV (O SODQ GLVHxDGR SRU HO ,QVWLWXWR GH ,QYHVWLJDFLyQ \ )RUPDFLyQ $JUDULD \ 3HVTXHUD ,)$3$ DGVFUL WR D OD &RQVHMHUtD GH $JULFXOWXUD \ 3HVFD LQFOX\H GLH] WLWXODFLRQHV SUR IHVLRQDOHV \ DFFLRQHV HVSHFtILFDV HQ OD OtQHD GH WUDQVIHUHQFLD GH WHFQROR JtD GH HVWH RUJDQLVPR (O SURJUDPD IRIHUWD PiV GH KRUDV HQ WLWXOD FLRQHV \ FHUWLILFDGRV QHFHVDULRV SD UD TXH ORV WUDEDMDGRUHV SXHGDQ GHVHPSHxDU GHWHUPLQDGDV WDUHDV

-PT DJVEBEBOPT ZB QVFEFO TVTUJUVJS TVT FMFDUSPEPNÀTUJDPT QPS PUSPT FOFSHÀUJDBNFOUF N¸T FGJDJFOUFT &1& /D &RQVHMHUtD GH ,QQRYDFLyQ &LHQFLD \ (PSUHVD D WUDYpV GH OD $JHQFLD $QGDOX]D GH OD (QHUJtD KD SXHVWR HQ PDUFKD OD WHUFHUD HGLFLyQ GHO 3ODQ 5HQRYH GH (OHFWURGRPpVWLFRV FRQ OR TXH ORV XVXDULRV \D SXHGHQ DFXGLU D FXDOTXLHUD GH ORV FR PHUFLRV DGKHULGRV KDVWD DKRUD SDUD DGTXLULU VX HOHFWURGRPpVWLFR HQHUJpWLFDPHQWH HILFLHQWH GH FOD VH $ R VXSHULRU ,QQRYDFLyQ GHVWLQD HVWH DxR SDUD HO 3ODQ 5HQRYH PLOORQHV GH HXURV GH SUHVXSXHVWR \ SRU SULPHUD YH] VH LQFOX\HQ DSDUDWRV GH DLUH DFRQGLFLRQDGR TXH FRQWD UiQ FRQ XQD D\XGD GH KDVWD HXURV GH LQFHQWLYR LQFOXLGD OD LQVWDODFLyQ \ GHVLQVWDODFLyQ GHO HTXLSR DQWLJXR FRQ XQ SRUFHQWD MH Pi[LPR GHO GHO GH YHQWD (Q HVWD QXHYD FRQYRFDWRULD VH YDORUD HVSHFLDOPHQWH OD Pi[LPD HILFLHQFLD HQHUJpWLFD GH ORV HOHF WURGRPpVWLFRV \ VH PRGLILFDQ ODV FXDQWtDV GH ORV LQFHQWLYRV $Vt VH RIUHFHQ GHVFXHQWRV GH KDVWD HXURV DO FRPSUDU IULJRUtILFRV \ FRQJHODGRUHV FODVH $ \ KDVWD HXURV SRU DGTXLULUORV GH FODVH $ FRQ XQ SRUFHQWDMH Pi[LPR GHO GHO SUHFLR GHO DSDUDWR QR UHFLEHQ LQFHQWLYR ORV IULJRUt ILFRV \ FRQJHODGRUHV GH FODVH $ /DV ODYDGRUDV \ ORV ODYDYDMLOODV FRQYHQFLRQDOHV \ ELWpUPLFDV GH FODVH HQHUJpWLFD $ ~QLFD FDWHJR UtD HQHUJpWLFD H[LVWHQWH SDUD HVWRV HOHFWURGRPpVWLFRV FRQ HILFDFLD GH ODYDGR $ \ HILFDFLD GH VHFDGR R FHQWULIXJDGR $ y % UHFLELUiQ KDVWD HO GHO FRVWH FRQ XQ Pi[LPR GH HXURV 3DUD EHQHIL FLDUVH GH HVWH 3ODQ ORV FLXGDGD QRV GHEHQ HQWUHJDU XQ HOHFWURGRPpVWLFR GHO PLVPR WLSR TXH HO TXH GHVHDQ DGTXLULU GH PHQRU HILFLHQFLD HQHUJpWLFD TXH HVWp HQ XVR \ FX\D LQVWDODFLyQ VH YD\D D UHDOL]DU HQ XQD YLYLHQGD GH $QGDOXFtD +DVWD HO PRPHQWR VH KDQ DG KHULGR D HVWH 3ODQ 5HQRYH FRPHUFLRV TXH VH GLVWULEX\HQ D OR ODUJR GH OD &RPXQLGDG $QGDOX]D

'HSRUWHV (1 (67(321$

ZZZ ODJROHDGD FRP

9XHOWD DO WDMR

ů ƐƚĞƉŽŶĂ ĐŽŵŝĞŶǌĂ ůĂ ƐĞŐƵŶĚĂ ǀƵĞůƚĂ ĚĞ ĐŽŵƉĞƚŝĐŝſŶ ĐŽŶ ůĂ ŝŶƚĞŶĐŝſŶ ĚĞ ĐŽŶƐĞŐƵŝƌ ůĂ ǀŝĐƚŽƌŝĂ͘ ů ƌŝǀĂů ĚĞ ĞƐƚĞ ĚŽŵŝŶŐŽ ĞƐ Ğů ĨŝůŝĂů ĚĞů WŽůŝĚĞƉŽƌƚŝǀŽ ũŝĚŽ )~WERO

.iUDWH

3ROLGHSRUWLYR

ĂŵƉĞŽŶĂƚŽ ĚĞ ƐƉĂŹĂ ĚĞ &ƷƚďŽů ĂĚĞƚĞƐ ƉŽƌ ^ĞůĞĐĐŝŽŶĞƐ ƵƚŽŶſŵŝĐĂƐ

ůĞŶĂ 'ĂƌĐşĂ ƌĞƉƌĞƐĞŶƚĂ Ă ŶĚĂůƵĐşĂ ĞŶ Ğů yyys/ ĂŵƉĞŽŶĂƚŽ ĚĞ ƐƉĂŹĂ

sĞŝŶƚŝĚſƐ ĞƋƵŝƉŽƐ ĞŶ ůĂ >ŝŐĂ WƌŽǀŝŶĐŝĂů ĚĞ ƚĞŶŝƐ ĚĞ ŵĞƐĂ

Ŷ ƐƚĞƉŽŶĂ͕ ůŽƐ ƉĂƌƚŝĚŽƐ ĐůĂƐŝĨŝĐĂƚŽƌŝŽƐ ƐĞ ĚŝƐƉƵƚĂƌŽŶ ƚĂŶƚŽ ĞŶ Ğů ĂŵƉŽ ĚĞ ĞƉŽƌƚĞƐ ^ĂŶ &ĞƌŶĂŶĚŽ ĐŽŵŽ ĞŶ Ğů ƐƚĂĚŝŽ DƵŹŽǌ WĠƌĞǌ͘ Ŷ DĂŶŝůǀĂ͕ ůŽƐ ĞŶĐƵĞŶƚƌŽƐ ƐĞ ŚĂŶ ĚŝƐͲ ƉƵƚĂĚŽ ĞŶ Ğů ĂŵƉŽ >ĂƐ sŝŹĂƐ ĚĞ ĚŝĐŚĂ ůŽĐĂůŝͲ ĚĂĚ͘

>Ă ŬĂƌĂƚĞĐĂ ĚĞ ƐƚĞƉŽŶĂ ůĞŶĂ 'ĂƌĐşĂ ,ĞƌƌĞƌĂ ƌĞƉƌĞƐĞŶƚĂƌĄ ůŽƐ ĚşĂƐ ϭϬ Ǉ ϭϭ ĚĞ ĞŶĞƌŽ Ă ůĂ ƐĞůĞĐĐŝſŶ ĚĞ ŶĚĂůƵĐşĂ ĞŶ Ğů yyys/ ĂŵƉĞŽŶĂƚŽ ĚĞ ƐƉĂŹĂ ƋƵĞ ƐĞ ĐĞůĞďƌĂ ĞŶ ůĂ ůŽĐĂůŝĚĂĚ ĂůĂǀĞƐĂ ĚĞ sŝƚŽƌŝĂ͘

ů ƉƌſǆŝŵŽ Ϯϰ ĚĞ ĞŶĞƌŽ ĚĂƌĄ ĐŽŵŝĞŶǌŽ ůĂ ƐĞŐƵŶĚĂ >ŝŐĂ WƌŽǀŝŶĐŝĂů ĚĞ ĞƐĐƵĞůĂƐ ĚĞƉŽƌƚŝͲ ǀĂƐ ĚĞ ƚĞŶŝƐ ĚĞ ŵĞƐĂ ĚĞ DĄůĂŐĂ͘ ĞƐƚĂĐĂ ůĂ ĞƐĐƵĞůĂ ĚĞ ƐƚĞƉŽŶĂ ĐŽŶ ƐŝĞƚĞ ĞƋƵŝƉŽƐ͘

FTUFQPOB

%&1035&4

&M QFSJÊEJDP EF

/&841"1&3

'±5#0- $".1&0/"50 &41"¨" $"%&5&

'ÑUCPM 5FSDFSB EJWJTJÊO

-BT BVUPOÊNJDBT USBFO CVFO GÑUCPM Z FNPDJÊO BM .VÈP[ 1ÀSF[ Z 4BO 'FSOBOEP

&M &TUFQPOB JOJDJB MB TFHVOEB WVFMUB DPO HBOBT EF SFWBODIB

-PT DDBNQPT FFTUFQPOFSPT KKVOUP DDPO FFM E EF . .BOJMWB BBDPHJFSPO MPT Q QSJNFSPT FFODVFOUPT E EFM / /BDJPOBM E EF DDBEFUFT

+ + .BDÄBT /D IDVH VHFWRU GHO &DPSHRQDWR GH (VSDxD GH &DGHWH GH )~WERO SRU 6HOHFFLRQHV $XWRQyPLFDV FRPHQ]y D FHOH EUDUVH HVWH MXHYHV HQ ODV LQVWDODFLR QHV GHSRUWLYDV GH (VWHSRQD \ 0DQLOYD (Q (VWHSRQD ORV SDUWLGRV VH GLVSXWDURQ WDQWR HQ HO &DPSR GH 'HSRUWHV 6DQ )HUQDQGR FRPR HQ HO (VWDGLR 0XxR] 3pUH] (Q 0DQLOYD ORV HQFXHQWURV VH KDQ GLVSXWDGR HQ HO &DPSR /DV 9LxDV GH GLFKD ORFDOL GDG (Q HVWD SULPHUD MRUQDGD ORV SDU WLGRV GLVSXWDGRV HQ (VWHSRQD IXHURQ ORV FRUUHVSRQGLHQWHV D ORV JUXSR $ % $ \ % (Q HO JUXSR $ OD VHOHFFLyQ GH OD &RPXQLGDG 9DOHQFLDQD VH LPSXVR SRU WUHV WDQWRV D XQR D OD &DQWDEULD (Q HO JUXSR % OD VHOHFFLyQ GH &HXWD QR SXGR FRQ OD GH $UDJyQ VLHQGR GHUURWDGD SRU HO WDQWHR GH WUHV D XQR (Q OR TXH VH UHILHUH DO JUXSR $ PXUFLD QRV \ FDQDULRV FHUUDURQ VX HQIUHQWD PLHQWR FRQ XQ HPSDWH D FHUR PLHQWUDV TXH LGpQWLFR UHVXOWDGR VH SURGXMR DO ILQDO GHO WLHPSR UHJOD PHQWDULR HQ HO HQIUHQWDPLHQWR HQWUH ORV FRPELQDGRV GH ODV ,VODV %DOHDUHV \ OD VHOHFFLyQ GH $QGDOXFtD (Q 0DQLOYD VH GLVSXWDURQ GRV HQFXHQWURV ORV FRUUHVSRQGLHQWHV D OD SULPHUD MRUQDGD GH ORV JUXSRV $ \ % (Q HO SULPHU JUXSR HO SDUWL GR WXYR FRSPR FRQWHQGLHQWHV D ORV FRPELQDGRV GHO 3DtV 9DVFR \ *DOLFLD YHQFLHQGR ORV SULPHURV SRU HO WDQWHR GH XQ JRO D FHUR (Q HO VL JXLHQWH HQFXHQWUR HQ HO TXH VH HQ IUHQWDURQ ODV VHOHFFLRQHV GH $VWXULDV \ &DVWLOOD /HyQ HO WULXQIR IXHURQ SDUD ORV FDVWHOODQRV TXH GHUURWDURQ D ORV DVWXULDQRV SRU GRV WDQWRV D XQR (VWH ILQ VHPDQD VLJXH OD GLVSXWD UDQ ORV ~OWLPRV HQFXHQWURV GH HVWH &DPSHRQDWR GH (VSDxD GH &DGHWH GH )~WERO SRU 6HOHFFLRQHV $XWRQyPLFDV FX\DV IDVHV GH VHFWRU HQ FDWHJRUtD PDVFXOLQD VH HVWiQ FHOHEUDQGR HQ (VWHSRQD \ 0DQLOYD \ HQ FDWHJRUtD IHPHQLQD HQ 0DUEHOOD \ 0LMDV (Q WRWDO HVWiQ

/RV DQGDOXFHV QR SXGLHURQ SDVDU GHO HPSDWH D FHUR DQWH ORV PXUFLDQRV

SDUWLFLSDQGR PiV GH GHSRUWLVWDV HQWUH ODV VHOHFFLRQHV IHPHQLQDV \ PDVFXOLQDV TXH VH DORMDQ HQ HO +RWHO + GH (VWHSRQD PLHQWUDV TXH OD GLUHFFLyQ JHQHUDO GH DFWLYLGD GHV \ SURPRFLyQ GHSRUWLYD WHQGUi FRPR VHGH HO *UDQ +RWHO (OED (VWH HYHQWR GHSRUWLYR FXHQWD FRQ HO SD WURFLQLR GHO &RQVHMR 6XSHULRU GH 'HSRUWHV \ OD -XQWD GH $QGDOXFtD (O &RQVHMR 6XSHULRU GH 'HSRUWHV \ ODV &RPXQLGDGHV $XWyQRPDV HV WiQ OOHYDQGR D FDER DFWXDFLRQHV SDUD FRQWULEXLU D UHVDOWDU ORV YDORUHV \ IXQFLyQ HGXFDWLYD GHO GHSRUWH $QWH HO FUHFLHQWH DXPHQWR GH ODV FRQGXF WDV DQWLGHSRUWLYDV TXH VH HVWiQ SUR GXFLHQGR HQ HO iPELWR GHSRUWLYR \ VHQVLELOL]DGRV DQWH HVWH LQFUHPHQWR GH OD YLROHQFLD TXH DWHQWD D ORV SULQ FLSLRV PiV HOHPHQWDOHV GH OD pWLFD GHSRUWLYD HQ HO DxR VH SXVR HQ PDUFKD OD FDPSDxD &RPSLWH HQ 'HSRUWH 7ULXQID HQ 9DORUHV (VWD FDPSDxD VH YD D OOHYDU D FD ER HQ ORV FDPSHRQDWRV GH (VSDxD LQIDQWLO \ FDGHWH D WUDYpV GH XQ WUR IHR GHQRPLQDGR -XHJR /LPSLR TXH UHFLELUiQ DTXHOORV HTXLSRV TXH GHV WDTXHQ SRU VX FRPSRUWDPLHQWR HMHPSODU HQ HO GHVDUUROOR GH OD FRP SHWLFLyQ

)03"3*04 4FDUPS (SVQP " +PSOBEB 4¸CBEP EF FOFSP &TUBEJP 4BO 'FSOBOEP I 7BMFODJB $BUBMVÈB 4FDUPS (SVQP # +PSOBEB 4¸CBEP EF FOFSP &TUBEJP 4BO 'FSOBOEP I "SBHÊO &YUSFNBEVSB 4FDUPS (SVQP " +PSOBEB 4¸CBEP EF FOFSP &TUBEJP ' .VÈP[ 1ÀSF[ I $BOBSJBT .FMJMMB 4FDUPS (SVQP # +PSOBEB 4¸CBEP EF FOFSP &TUBEJP ' .VÈP[ 1ÀSF[ I "OEBMVDÄB /BWBSSB

$SVDFT $36$&4 %PNJOHP EF FOFSP &TUBEJP 4BO 'FSOBOEP I " # &TUBEJP 4BO 'FSOBOEP I " # &TUBEJP ' .VÈP[ 1ÀSF[ I " # &TUBEJP ' .VÈP[ 1ÀSF[ I " #

+ + .BDÄBT (O (VWHSRQD FR PLHQ]D OD VHJXQGD YXHOWD GH FRP SHWLFLyQ FRQ OD LQWHQFLyQ GH FRQVHJXLU OD YLFWRULD \ ROYLGDU ORV WUHV ~OWLPRV HPSDWHV FRQVHFXWL YRV (O ULYDO GH HVWH GRPLQJR HV HO ILOLDO GHO 3ROLGHSRUWLYR (MLGR TXH HQ HO SULPHU SDUWLGR GH OLJD GHUUR Wy D ORV HVWHSRQHURV SRU /RV SRUWHURV $QWRQLR H ,VDDF \D KDQ FXPSOLGR HO SDUWLGR GH VDQFLyQ DXQTXH $QWRQLR QR SRGUi MXJDU FRQ PROHVWLDV PXVFXODUHV (O GH IHQVD &XUUR WDPELpQ VHUi EDMD SRU OHVLyQ \ HO FDQDULR 0DUFRV HV GX GD (O FHQWURFDPSLVWD %DUULRV VH HQFXHQWUD PXFKR PHMRU GH VX OH VLyQ GH URGLOOD \ WRGR KDFH LQGLFDU TXH HQ XQDV VHPDQDV SRGUtD UHD SDUHFHU WUDV GRV PHVHV OHVLRQDGR (O HTXLSR DOPHULHQVH GLULJLGR SRU -XDQ &DUORV &LQWDV QR SRGUi FRQ WDU FRQ HO FHQWUDO ,YiQ 6XiUH] &DEDxDV TXH KD VLGR VDQFLRQDGR FRQ XQ SDUWLGR (O SDUWLGR HQWUH HO (VWHSRQD \ HO (MLGR % FRPHQ]DUi D ODV FLQFR GH OD WDUGH HQ HO HVWDGLR )UDQFLVFR 0XxR] 3pUH] FRQ DUELWUDMH GHO JUDQDGLQR 0LJXHO /RUHQ]R 9tOFKH] \ VH JXDUGDUi XQ PLQXWR GH VLOHQFLR SRU HO IDOOHFLPLHQWR GHO SDGUH GHO HQWUHQDGRU GHO (VWHSRQD 5D~O 3URFRSLR

"MJOFBDJÊO QSPCBCMF

,VDDF (VStQROD 2VFDU 7HQD &XHYDV &XHVWD 'LHJR 5RPHUR -XDQIUL $QWRQLR 5RPiQ &KXSL ÈQJHO \ &DWDQKD (O ILQDO GH OD SULPHUD YXHOWD GH OD 8QLyQ (VWHSRQD &OXE GH )~WERO QR KD VLGR PX\ SURGXFWLYR \D TXH WDQ VyOR KD FRQVHJXLGR WUHV HPSD WHV HQ ODV ~OWLPDV WUHV MRUQDGDV GLVSXWDGDV IUHQWH D &LXGDG GH 9tFDU *UDQDGD \ *UDQDGD $WOpWLFR (Q OD FODVLILFDFLyQ RFXSD XQ ILFWLFLR WHUFHU SXHVWR FRQ SXQWRV VHJXLGR GHO ILOLDO GHO 0iODJD &OXE GH )~WERO TXH VXPD DXQTXH ORV PDODJXLVWDV WLHQHQ GRV SDUWLGRV SRU MXJDU DQWHV GH TXH ILQDOLFH OD SULPHUD SDUWH GH FRPSHWLFLyQ $~Q DVt HO EDODQFH WLHQH TXH VHU PX\ SRVLWLYR

FTUFQPOB

&M QFSJÊEJDP EF

%&1035&4

/&841"1&3

,¸SBUF

'ÑUCPM 4BMB

&MFOB (BSDÄB SFQSFTFOUB B "OEBMVDÄB FO FM 9997* $BNQFPOBUP EF &TQBÈB EF ,¸SBUF

&M FRVJQP EF 5BMMFSFT 4PM Z -VOB TF QSPDMBNB DBNQFÊO EF TV UPSOFP

-B E EFQPSUJTUB F FTUFQPOFSB WWJBKB DDPO MMB JJMVTJÊO E EF DDPOTFHVJS V VOPT RVF TTF DDFMFCSB FFO 7 CVFOPT SSFTVMUBEPT FFO MMB DDPNQFUJDJÊO R 7JUPSJB

/D NDUDWHFD GH (VWHSRQD (OHQD *DUFtD +HUUHUD UH SUHVHQWDUi ORV GtDV \ GH HQHUR D OD VHOHFFLyQ GH $QGDOXFtD HQ HO ;;;9, &DPSHRQDWR GH (VSDxD TXH VH FHOHEUD HQ OD ORFDOLGDG DODYH VD GH 9LWRULD GRQGH VH GDUiQ FLWD ORV PHMRUHV NDUDWHFDV GH WRGR HO WH UULWRULR QDFLRQDO (O SDVDGR GH QRYLHPEUH (OHQD *DUFtD SHUWHQHFLHQWH DO *LPQDVLR %DVVDL GH (VWHSRQD VH SURFODPy VXEFDPSHRQD GH $QGDOXFtD GH NDUDWH HQ OD PRGDOL GDG GH NXPLWH GHQWUR GH OD FDWHJR UtD MXQLRU \ HQ PHQRV GH NJ OR TXH VXSXVR TXH SXGLHUD UHSUHVHQWDU D OD VHOHFFLyQ DQGDOX]D HQ HO FDPSH RQDWR GH (VSDxD (Q HVWD RFDVLyQ (OHQD +HUUHUD YLDMD FRQ OD VHOHFFLyQ DQGDOX]D FDU JDGD GH LOXVLyQ SXHV DXQTXH OD FRP SHWLFLyQ VHUi EDVWDQWH PiV QXPHURVD HQ FXDQWR DO Q~PHUR GH SDUWLFLSDQWHV DVt FRPR PiV FRPSOL FDGD \ GLItFLO TXH ODV DQWHULRUHV SXHV QR HQ YDQR HQ OD PLVPD VH GDQ FLWD ORV PHMRUHV NDUDWHNDV GHO SDtV UHSUHVHQWDQGR D VXV UHVSHFWLYDV && $$ WLHQH FRQILDQ]D HQ OD IXHUWH SUHSDUDFLyQ ItVLFD \ WpFQLFD TXH KD OOHYDGR D FDER SDUD XOWLPDU VX SXHV WD D SXQWR 3UHFLVDPHQWH HVWRV GtDV + + .BDÄBT

(OHQD HQ LPDJHQ GH DUFKLYR FRQHFWD XQ JROSH D XQD ULYDO

VH KD WUDVODGDGR KDVWD 7RUUHPROLQRV SDUD OOHYDU D FDER OD ~OWLPD FLWD GH HQWUHQDPLHQWR FRQ HO UHVWR GH VHOHF FLRQDGRV DQGDOXFHV D ODV yUGHQHV GH ORV VHOHFFLRQDGRUHV UHJLRQDOHV (XJHQLR 7RUUHV \ :HQFHVODR $QJXOR 6X HQWUHQDGRU 9LFHQWH +LGDOJR WDPSRFR IDOWDUi D HVWD FLWD GHO FDPSHRQDWR GH (VSDxD /D H[SHGLFLyQ PDODJXHxD SDUWLy SDUD WLHUUDV QRUWHxDV HQ OD QRFKH GHO

SUy[LPR MXHYHV SRU OR FXDO YLDMD UiQ WRGD OD QRFKH KDVWD OOHJDU D 9LWRULD *DVWHL] GRQGH HQ OD WDUGH GHO YLHUQHV VH UHDOL]DUi HO SHVDMH RILFLDO GH ORV FRPSHWLGRUHV DVt FR PR XQ SHTXHxR HQWUHQDPLHQWR SRU SDUWH GH WRGRV ORV FRPSRQHQWHV GHO FRPELQDGR DQGDOX] GRQGH YHODUiQ DUPDV KDVWD OD PDxDQD GHO ViEDGR TXH GDUi FRPLHQ]R OD FRPSHWL FLyQ RILFLDO

10-*%&1035*70

(SBO BDUVBDJÊO EFM $MVC /BUBDJÊO &TUFQPOB FO MB QJTDJOB EF $BSSBORVF (O SDVDGR ILQ GH VHPDQD VH FHOHEUy HQ OD SLVFLQD GH OD &LXGDG 'HSRUWLYD GH &DUUDQTXH HQ 0iODJD OD VHJXQGD MRUQDGD GH ODV IDVHV WHUULWRULDOHV GHO &DPSHRQDWR GH $QGDOXFtD GH QDWDFLyQ HQ FDWH JRUtDV GH EHQMDPtQ \ DOHYtQ (Q WR WDO SDUWLFLSDURQ XQRV GRVFLHQWRV QDGDGRUHV GH ORV FOXEHV 0HGLWHUUiQHR 0LMDV )XHQJLUROD &HUUDGR GH &DOGHUyQ 0DUEHOOD $[DUTXtD (VWHSRQD 1HUMD \ 7RUUHPROLQRV (O &OXE 1DWDFLyQ GH (VWHSRQD

HVWXYR UHSUHVHQWDGR SRU VLHWH MyYH QHV QDGDGRUHV \ FRQVLJXLHURQ EXH QRV UHVXOWDGRV GHSRUWLYRV PHMRUDQGR VXV UHVSHFWLYDV PDUFDV HQ ODV FDWHJRUtDV GH FLHQ PHWURV EUD]D \ FLQFXHQWD PHWURV HVSDOGD 0DULR &LVPD GHVWDFy HQ FLQ FXHQWD PHWURV HVSDOGD FRQ XQD PDUFD GH ,JXDOPHQWH KD\ TXH GHVWDFDU OD JUDQ DFWXDFLyQ GHO MRYHQ HVWHSQHUR -HV~V GHO 9DO TXH VH VLWXy TXLQWR HQ OD SUXHED GH FLHQ PHWURV EUD]D \ VpSWLPR HQ FLQFXHQ WD PHWURV HVSDOGD

7FJOUJEÊT FRVJQPT FO MB -JHB 1SPWJODJBM EF UFOJT EF NFTB (O SUy[LPR GH HQHUR GDUi FR PLHQ]R OD VHJXQGD /LJD 3URYLQFLDO GH HVFXHODV GHSRUWLYDV GH WHQLV GH PHVD GH 0iODJD (Q WRWDO SDUWLFLSDUiQ YHLQWLGyV HTXL SRV GH XQ WRWDO GH VLHWH FOXEHV PDODJXHxRV VLJQLILFDQGR XQ DX PHQWR GH FXDWUR FRQMXQWRV HQ UH IHUHQFLD D OD SULPHUD HGLFLyQ 'HVWDFD OD HVFXHOD GH (VWHSRQD FRQ XQ WRWDO GH VLHWH HTXLSRV /D SULPHUD FRQFHQWUDFLyQ VHUi HQ &LXGDG -DUGtQ GH 0iODJD

+ + .BDÄBT (O HTXLSR HVWHSR QHUR GHO , 7RUQHR 7DOOHUHV 6RO \ /XQD VH KD SURFODPDGR FDPSHyQ GH OD SULPHUD HGLFLyQ GHO 7RUQHR 7DOOHV 6RO \ /XQD HQ FDWHJRUtD MXYHQLO (VWH WRUQHR GH I~WERO VD OD VH GLVSXWy ILQDOPHQWH HQ HO SD EHOOyQ (O &DUPHQ \ QR HQ HO SROLGHSRUWLYR 6DQWR 7RPiV GH $TXLQR FRPR HVWDED SUHYLVWR HQ XQ SULQFLSLR GHELGR D OD LQHVWDEL OLGDG PHWHUHROyJLFD /D SULPHUD VHPLILQDO OD GLV SXWDURQ ORV HTXLSRV 7DOOHUHV 6RO \ /XQD \ 6SRUWLQJ (VWHSRQD YHQ FLHQGR HO SULPHUR SRU FXDWUR JR OHV D GRV (Q OD VHJXQGD VHPLILQDO HO $XWRHVFXHOD 0DULQD TXH VXVWL WXtD DO $'- 6DQ 3HGUR FDtD D PDQRV GHO &OXE 'HSRUWLYR &XOWXUDO (VWDGLR FRQ XQ PDUFD GRU GH WUHV JROHV D XQR (Q HO SDUWLGR HQWUH WHUFHU \ FXDUWR SXHVWR HQWUH HO 6SRUWLQJ (VWHSRQD \ HO $XWRHVFXHOD 0DULQD UHVXOWy YHQFHGRU HO 6SRUWLQJ (VWHSRQD SRU VHLV D FXDWUR &RPR FODXVXUD DO WRUQHR VH GLVSXWy OD ILQDO HQWUH HO DQILWULyQ 7DOOHUHV 6RO \ /XQD \ & ' & (VWDGLR HO SDUWLGR IXH PX\ YLV WRVR \D TXH ORV GRV HTXLSRV VRQ GH XQ JUDQ QLYHO WDQWR HV DVt TXH VRQ GRV FODURV FDQGLGDWRV D JDQDU OD SUHVHQWH HGLFLyQ GH OD OLJD PXQLFLSDO MXYHQLO GH I~WERO VDOD (O PDUFDGRU UHIOHMy DO ILQDO GHO SDUWLGR XQ VHLV D FXDWUR IDYR UDEOH DO 7DOOHUHV 6RO \ /XQD SUR FODPiQGRVH FDPSHyQ GHO WRUQHR

%FQPSUJWJEBE

/D GHSRUWLYLGDG GH ORV FXDWUR HTXLSRV SDUWLFLSDQWHV IXH GHVWD FDGD SRU ORV RUJDQL]DGRUHV TXH \D KDQ DQXQFLDGR TXH VH FHOHEUD Ui XQD QXHYD HGLFLyQ GRQGH SDU WLFLSDUiQ PiV HTXLSRV \ SURFXUDUiQ TXH HQ XQ IXWXUR HVWH WRUQHR VHD XQ UHIHUHQWH GHQWUR GHO I~WERO VDOD GH (VWHSRQD

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

' $ &453&--" &45&10/" 6 % #6$"/&304 $ % #03(03040 "5- ."-"(6&¨0 $ ' $ % %04 .*- 0$)0 +03/"%" %& %&4$"/40

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

13ª9*." +03/"%" &45&10/" "5- # $ % %04 .*- 0$)0 "5- ."-"(6&¨0 $ ' $ % #03(03040 6 % #6$"/&304 ' $ &453&--" &45&10/"

5$ 4"/ 150

'±5#0- 7&5&3"/04

3&46-5"%04 "% 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

$-"4*'*$"$*ª/ +03/"%" &26*10 +6 (" &. $ % #03(03040 1"-"/(3& (3610 07 -" 3"%" &45&10/" "5- # 6 % &45&10/&3" 6 % #6$"/&304 "% 1*4$*/"4 %&$0:5&$ -" 1&¨" .&40/ -" 5*/"+" %3"(0/ 30+0 30(&3 #6--*7"/5 3"$,&5 &-&$530/*$ $"31 )/04 3".04 &45&1 $"-*." $ ' 4 #"3 %0.1*&33& -04 ".*(04

13ª9*." +03/"%" $"31 )/04 3".04 ("3$¤" .&40/ -" 5*/"+" 6 % &45&10/&3" #"3 %0.1*&33& $"-*." $ ' 4 30(&3 #6--*7"/5 3"$,&5 -" 1&¨" "% 1*4$*/"4 %&$0:5&$

'HSRUWH %DVH UHVXPHQ VHPDQDO

'±5#0- 4&/*03

5' 5$ 4"/ 150

+03/"%" (3610 07 -" 3"%" -04 ".*(04 &-&$530/*$ 6 % #6$"/&304 %3"(0/ 30+0 &45&10/" "5- # $ % #03(03040 +03/"%" %& %&4$"/40

(SVQP

3&46-5"%04

+03/"%"

6 % 4"-&463 $".10 4"/ '&3/"/%0 6 % $"/$&-"%" 4 &45&1 $".10 4"/ '&3/"/%0 &-&$530/*$ ' $ $".10 4"/ '&3/"/%0 -" 1&¨" $".10 4"/ '&3/"/%0 &45&10/" "5- " $".10 4"/ '&3/"/%0 +03/"%" %& %&4$"/40

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

7RGRV ORV UHVXOWDGRV

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

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

$-"4*'*$"$*ª/ +03/"%" &26*10 +6 (" &. $045"1¤/ " % $ &45&10/&/4& 3&,-".& "5- +6/*03 $045"'&3.0/5 $3"4 ' $ -" -6/" ' $ 16&350 #"/±4 ' $ )"$*&/%"4 ( /"7"330

13ª9*." +03/"%"

-" -6/" ' $ $045"1¤/ )"$ ( /"7"330 3&,-".&

5$ 4"/ 150

+03/"%"

16&350 #"/±4 ' $ &45 '$0 .6¨0; 1 3&; $3"4 ' $ &45 '$0 .6¨0; 1 3&; "5- +6/*03 $045"' &45 '$0 .6¨0; 1 3&; " % $ &45&10/&/4& &45 '$0 .6¨0; 1 3&;

'±5#0- 4&/*03

(SVQP

3&46-5"%04 &4$":0-"4 : :&404 *( 3(6&; -" #6--" )%"% +&464 $"65*70 &- 10530$-0 ' $

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

$-"4*'*$"$*ª/ +03/"%" &26*10 &4$":0-"4 : :&404 * 3(6&; )%"% %&- 30$¤0 -" #6--" %#"/ #" -04 -".04 #"3 4 *4*%30 &- 10530$-0 ' $ )%"% +&464 $"65*70 6 % ."33*055

+6 (" &.

13ª9*." +03/"%"

-04 -".04 #"3 4 *4*%30 %#"/ #" 6 % ."33*055 &4$":0-"4 : :&40 * 3HVF[

5$ 4"/ 150

+03/"%"

&- 10530$-0 ' $ &45 '$0 .6¨0; 1 3&; )%"% %&- 30$¤0 &45 '$0 .6¨0; 1 3&; )%"% +&464 $"65*70 &45 '$0 .6¨0; 1 3&; -" #6--" &45 '$0 .6¨0; 1 3&;

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

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

13ª9*." +03/"%"

5$ 4"/ 150

'±5#0- 4"-" 4&/*03

$"-*." $ ' 4 ,*04,0 $"4640 %& 4&$"%&30 &45"%*0 ** 41035 $ % ' & "5- #0-*--ª/ "650&4$ &45&10/" $"3/*$&3*" ("3*/ %&1035*70 $"-"/$)"

%JWJTJÊO (SVQP

3&46-5"%04

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

13ª9*." +03/"%"

5$ 4"/ 150

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

'±5#0- 4"-" 4&/*03

%JWJTJÊO (SVQP

13ª9*." +03/"%"

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

5$ 4"/ 150

+03/"%" "650&4$6&-"4 ."3*/" $ % 41035*/( &45&10/" '4 5"--&3&4 40- : -6/" '4 3&%4 %&7*-4 $"'& %& ."3*" '&3("3 ' 4 +03/"%" %& %&4$"/40

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

%JWJTJÊO (SVQP

3&46-5"%04

."/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

&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

.&3$"463 3&45 &/3*26& 1"3"*40 $"' (*/0 "1" $0/453 5*,* 5"," -04 3&.&%*04 -" 1*;;&3*" .0#*-& &0-0 ."/5&/*.*&/50 &- 1"3"*40

5$ 4"/ 150

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

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

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

13ª9*." +03/"%"

+03/"%"

63*/$* .6&#-&4 ("/(" $"5&/";;*0 # %&- ."3 -&:7" */5&3 %& (3"4401)&3 $ % %"/6#*0 " - "3&"1"%&- /055*/()". 13*4" &630 .0503

$-"4*'*$"$*ª/ +03/"%"

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

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

13ª9*." +03/"%"

+03/"%"

0#3"$045" ."$"3&/" ."3*/" &45&10/" &45&10/" "5- # 6 % $"/$&-"%" #"3 %0.1*&33& 41 &45&10/" -" ("/(" 1"-"/(3& #03(03040

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

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

$-"4*'*$"$*ª/ +03/"%"

&26*10 +6 (" &. %&1035*70 $"-"/$)" $"3/*$&3*" ("3*/ "5- #0-*--ª/ "650&4$ &45 $"-*." $ ' 4 ."3*/" &45&10/" 0#3"$045" ."$"3&/" 6 % $"/$&-"%" &45"%*0 ** 41035 $ % ' & -" ("/(" 1"-"/(3& #03( &45&10/" "5- # ,*04,0 $"4640 4&$"%&30 #"3 %0.1*&33& 41 &45&10/"

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

5$ 4"/ 150

+03/"%" '3&/5& #026&30/ ' 4 &45"%0 1630 1"7*.&/50 &45&10/" $"-&6 ' 1

"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/"%"

5$ 4"/ 150

+03/"%"

16&350 ' 4"-" $ % 13"7*"/0 $0/4.&." $65"3 -" 6/*ª/ ' 4 -" #6--" 1&¨" -04 -0$04

"5 4"-"%"7*&+" ."4 1$ 4&37 */'03. 5*$0 "130/" &45&10/" -6.*/0404 )&4-" +03/"%" %& %&4$"/40

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

/D FRFWHOHUD ;AF=

DA:JGK

;mYf\g ]ddY e] ]f[gflj $ ]d \]Zml [geg \aj][lgjY \] dY Y[ljar @]d]f @mfl

µ&

XDQGR HOOD PH HQFRQWUy¶ SXHGH GHVFULELUVH FRPR XQD FRPHGLD VHULD R XQ GUDPD FyPLFR (V XQD SH OtFXOD TXH VXEUD\D ODV FRQWUDGLFFLR QHV GH OD YLGD \ GLVIUXWD FRQ HOODV %DVDGD HQ OD QRYHOD VXSHUYHQWDV GH (OLQRU /LSPDQ HORJLDGD SRU OD UHYLVWD 3XEOLVKHUV :HHNO\ SRU KDFHUQRV UHtU \ OORUDU JUDFLDV D XQDV SHUVSLFDFHV FDUDFWHUL]DFLRQHV \ D XQ FDULxRVR KXPRU ODFyQLFR OD SHOtFXOD HV PX\ ILHO D OD DJULGXOFH PH]FOD GH KXPRU \ VHQWLPLHQWRV GH OD DXWRUD +HOHQ +XQW LQWHUSUHWD HO SDSHO SURWDJRQLVWD TXH UHFXHUGD D VX RVFDUL]DGD LQWHU SUHWDFLyQ HQ 0HMRU LPSRVLEOH \ WDP ELpQ GHEXWD FRPR UHDOL]DGRUD 'LULJH FRQ PDHVWUtD D ORV FRSURWDJRQLVWDV 0DWWKHZ %URGHULFN &ROLQ )LUWK \ %HWWH 0LGOHU QRPLQDGD D XQ 2VFDU TXH UHJUHVD D OD JUDQ SDQWDOOD GHV SXpV GH XQRV DxRV GH DXVHQFLD /D DFWUL] \ GLUHFWRUD WDPELpQ FRHVFULELy HO JXLyQ \ SURGXFH OD SHOtFXOD $SULO (SQHU XQD PDHVWUD GH DxRV YH FyPR VX VLPSOH \ HVWDEOH YL GD HPSLH]D D KDFHU DJXDV +DFH XQ DxR $SULO VH FDVy FRQ %HQ XQ YHFL QR XQ SRFR PiV MRYHQ TXH HQVHxD HQ HO PLVPR FROHJLR (O UHORM ELROyJLFR GH $SULO VLJXH PDUFDQGR ODV KRUDV \ TXLHUH TXHGDUVH HPEDUD]DGD HQVH JXLGD D SHVDU GH GDUVH FXHQWD GH TXH OD SUHVLyQ QR HV EXHQD SDUD OD UHODFLyQ GH OD SDUHMD 6X PDGUH LQWHQ WD FRQYHQFHUOD GH TXH DGRSWH SHUR LQVLVWH HQ WHQHU XQ KLMR VX\R (OOD IXH DGRSWDGD \ SDUHFH TXH VLHPSUH HFKy HQ IDOWD DOJR \ QR TXLHUH TXH VX KLMR

DY ddYeY\Y \] dYk kgeZjYk SDVH SRU OR PLVPR 3HUR VXV LQWHQWRV DFDEDQ HQ GHVDVWUH \ WRGR VH GH UUXPED D VX DOUHGHGRU %HQ OH GLFH TXH IXH XQ HUURU FDVDUVH TXLHUH VH SDUDUVH &UHH TXH QDGD SXHGH LU SH RU SHUR VX PDGUH PXHUH \ VH TXHGD VROD 6X YLGD GD RWUR YXHOFR FXDQGR DSDUHFH VX DXWpQWLFD PDGUH D OD TXH QXQFD KD TXHULGR FRQRFHU SHUR D OD TXH VLHPSUH KD HFKDGR GH PHQRV %HUQLFH HV OR RSXHVWR D OD PDGUH DGRSWLYD GH $SULO \ D OD SURSLD $SULO HV OD DQILWULRQD GH XQ SURJUDPD GH WH OHYLVLyQ FX\R p[LWR VH EDVD HQ OD LQWL PLGDG LQVWDQWiQHD \ HO FDQGRU HQODWDGR 4XLHUH UHFXSHUDU HO WLHPSR SHUGLGR PHGLDQWH XQ ERPEDUGHR GH SUHJXQWDV \ FRQVHMRV %HUQLFH HV VR FLDEOH $SULO UHWUDtGD %HUQLFH HV H[D

JHUDGD $SULO PiV TXH GLVFUHWD %HUQLFH OOHJD FRPR XQ SHUVRQDMH VD FDGR GH XQ FXHQWR SHUR $SULO QR VD EH VL VH WUDWD GHO KDGD PDGULQD R GH OD EUXMD PDOYDGD 7UiV OD PDUFKD GH %HQ OD SURWDJR QLVWD FRQRFH D )UDQN HO DPDEOH \ DWUDFWLYR SDGUH GH XQR GH VXV DOXP QRV 7DPELpQ DFDED GH VHSDUDUVH \ FRPR $SULO GHVHD FRQRFHU D RWUD SHU VRQD SHUR HVWi GHVLOXVLRQDGR (V REYLR TXH VRQ FRPSDWLEOHV \ SRGUtDQ LQWHQWDUOR SHUR KD\ XQ LPSHGLPHQWR $SULO VH HQWHUD GH TXH HVWi HPED UD]DGD FRPR UHVXOWDGR GH XQ HQ FXHQWUR GH GHVSHGLGD FRQ )UDQN R FRPR OR OODPD %HUQLFH VH[R GH VH SDUDFLyQ < VX YLGD GD XQ WHUFHU YXHOFR 3HUR QR VHUi HO ~OWLPR

]f [Yjl]d]jY

=d `abg \] JYeZgo 'LUHFFLyQ *DUWK -HQQLQJV 3DtVHV 5HLQR 8QLGR \ )UDQFLD 'XUDFLyQ PLQ *pQHUR &RPHGLD ,QWHUSUHWDFLyQ %LOO 0LOQHU :LOO 3RXOWHU -XOHV 6LWUXN &KDUOLH 7KULIW -HVVLFD 6WHYHQVRQ 1HLO 'XGJHRQ $QQD :LQJ 7DOOXODK (YDQV )LQROD 0F0DKRQ 5DFKHO 0XUHDWUR\G 3URGXFFLyQ 1LFN *ROGVPLWK ,QJODWHUUD XQ YHUDQR D SULQFL SLRV GH ORV RFKHQWD 5DPER HO EHOLFRVR SHUVRQDMH LQWHUSUHWDGR SRU 6\OYHVWHU 6WDOORQH WULXQID HQ ODV WDTXLOODV GH FLQH GH WRGR HO PXQGR 'RV QLxRV VH DSUHVX UDQ D LPLWDUOH /HH &DUWHU \ :LOO 3URXGIRRW

.$5(1 &+$1&( (',725,$/ /$ )$&725,$ '( ,'($6 393 HXU

(V OD SULPHUD SHOtFXOD GH +HOHQ +XQW FRPR GLUHFWRUD GH FLQH

J]kakl]f[aY 'LUHFFLyQ (GZDUG =ZLFN 3DtVHV 86$ \ 5HLQR 8QLGR 'XUDFLyQ PLQ *pQHUR 'UDPD DFFLyQ EpOLFR ,QWHUSUHWDFLyQ 'DQLHO &UDLJ /LHY 6FKUHLEHU -DPLH %HOO $OH[D 'DYDORV $OODQ &RUGXQHU 0DUN )HXHUVWHLQ 7RPDV $UDQD -RGKL 0D\ *XLyQ (GZDUG =ZLFN \ &OD\WRQ )URKPDQ EDVDGR HQ HO OLEUR 'HILDQFH 7KH %LHOVNL SDUWLVDQV GH 1HFKDPD 7HF

$KRUD :LOO VH GLVSRQH D XQLU VXV IXHU]DV FRQ HO DSDUHQWH PHQWH GLDEyOLFR FKXOR GHO LQVWL WXWR /HH &DUWHU SDUD FUHDU VX SURSLD SHOtFXOD pSLFD GH DFFLyQ GLVHxDQGR HIHFWRV HVSHFLDOHV WUHPHQGDPHQWH FUHDWLYRV H LP SURYLVDGRV

/RV HMpUFLWRV GH +LWOHU DYDQ]DQ SRU (XURSD 3DUD PL OORQHV GH SHUVRQDV VXSRQH XQD PXHUWH VHJXUD SHUR SDUD ORV KHUPDQRV %LHOVNL WUHV MyYHQHV JUDQMHURV MXGtRV GH OD UHPRWD FDPSLxD GH %LHORUUXVLD VH FRQ YLHUWH HQ DOJR PiV XQD OODPDGD

D ODV DUPDV TXH QR SXHGHQ LJ QRUDU TXH SRQH D SUXHED VX YDORU GH VX IUDWHUQLGDG \ GH VX YROXQWDG SDUD UHEHODUVH FRQWUD HO PDO KDVWD OOHJDU D GLULJLU D PLOHV GH SHUVRQDV HQ XQD GH VHVSHUDGD OXFKD SRU OD VXSHUYL YHQFLD DQWH ODV GLILFXOWDGHV

Q OHJDGR UHFLHQWH FRQYLUWLy D &DVVDQGUD 3DOPHU HQ KHUHGHUD GHO WtWXOR GH SLWLD OD YLGHQWH PiV SRGHURVD GHO PXQGR 1RUPDOPHQWH HO SXHVWR VH FRQVLJXH GHVSXpV GH DxRV GH HQWUHQDPLHQWR SHUR ODV FLU FXQVWDQFLDV TXH URGHDQ D &DVVLH VRQ XQ WDQWR DQRUPDOHV $KRUD &DVVLH VH YH DWUDSDGD HQ XQD VLWXDFLyQ HQ OD TXH GLVSRQH GH XQD FDQWLGDG LQJHQWH GH SRGHU TXH ORV YDPSLURV GXHQGHV \ PDJRV GH OD FLXGDG TXLHUHQ PRQRSROL]DU R HUUDGLFDU D WRGD FRVWD« \ TXH HOOD PLVPD QR VH DWUHYH D XVDU (V PiV &DVVDQGUD DFDED GH GHVFXEULU TXH FLHUWR PDHVWUR YDPSL UR XQ WDQWR DUURJDQWH OH KD ODQ]DGR XQ KHFKL]R PiJLFR TXH DGYLHUWH D FXDOTXLHU SRVLEOH SUHWHQGLHQWH SDUD TXH QR VH DFHUTXH D HOOD \ TXH SRGUtD H[SOLFDU OD LQFRPSUHQVLEOH DWUDFFLyQ TXH H[LVWH HQWUH HOORV /D DXWRUD &RQ HVWD QRYHOD .DUHQ &KDQFH FRQWLQ~D ODV DYHQWXUDV GH &DVVLH 3DOPHU TXH FRPHQ]y FRQ µ(O DOLHQWR GH ODV WLQLHEODV¶ (O XQLYHUVR GH &DVVLH HV ULFR HQ GLIHUHQWHV FODVHV GH PDJLD H LQFOX\H FULDWXUDV VREUHQDWXUDOHV FRPR GXHQGHV EUXMDV OLFiQWURSRV KDGDV IDQWDVPDV PDJRV EODQFRV \ RVFX URV \ YDPSLURV

). =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

$QWRQLR $QGUHV \ 5DIDHO WUH V EXHQRV KRVWHOHURV DxRV

(QYtH VXV LPiJHQHV D DQWRQLRJRFD#JPDLO FRP

(O 3DGUH 0DQXHO FRQ YHFLQRV GH (VWHSRQD

$PLJRV DO

IDHQD DxRV

ILQDOL]DU OD

DxRV

ELFLFOHWD

HQ 'RV MyYHQHV SDVHDQGR

DxR

&RPR SRVDE

D -RVHVLWR

DxR

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

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

0LJXHO \ )UDQFLVFR

FRQ XQ DPLJR

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

DxRV

3DGUH 0DQXHO \ DPLJRV HQ HO SDWLR GH OD ,JOHVLD

SULPHUD FRPXQLyQ 0LJXHO /ySH] HQ VX DxR

XH OOHYD VX QRPEUH

/RV 3DYtDV HQ HO SXHEOR T

DxRV

0DULQHURV IDHQ DQGR HQ 0HOLOOD DxRV

FTUFQPOB

.0503

&M QFSJÊEJDP EF

/&841"1&3

%FTDJFOEF FO FM OÑNFSP EF GBMMFDJEPT QPS BDDJEFOUFT FO -B B BDDJEFOUBMJEBE FFO DDBSSFUFSB E EFTDJFOEF Q QPS R RVJOUP B BÈP &OUSF ZZ MMB DDJGSB E EF GGBMMFDJEPT TTF I DPOTFDVUJWP & IB SFEVDJEP V VO Q QPS DDJFOUP

%FTDJFOEF FM OÑNFSP EF GBMMFDJEPT FO BDDJEFOUF EF NPUP

(Q KDQ IDOOHFLGR PRWR ULVWDV PHQRV TXH HO DxR DQ W H U L R U O R T X H V X S R Q H X Q D UHGXFFLyQ GHO SRU FLHQWR

Î (Q HVWRV PHVHV KDQ VLGR GHWHQL

GDV SHUVRQDV SRU FRQGXFLU FRQ XQD WDVD GH DOFRKRO WLSLILFDGD FRPR GHOLWR SRU FRQGXFLU FRQ JUDYHV H[FHVRV GH YHORFLGDG \ SRU FRQGXFLU VLQ KDEHU REWHQLGR QXQFD HO SHUPLVR GH FRQGXFLU R OL FHQFLD

Î (675$'$ &HQWUR (VWDWDO GH

7UDWDPLHQWR GH 'HQXQFLDV $XWRPDWL]DGDV (QWUy HQ IXQFLRQD PLHQWR HO GH PDU]R GH 'HVGH HQWRQFHV VH KDQ WUDPLWDGR H[SHGLHQWHV GH GHQXQFLD SRU H[FHVRV GH YHORFLGDG (O WLHPSR PHGLR GH QRWLILFDFLyQ GH ODV GHQXQFLDV KD SDVDGR GH GtDV HQ D GtDV HQ OD DFWXDOL GDG

3FEBDDJÊO

XUDQWH HO DxR VH KDQ SURGXFLGR DFFLGHQWHV PRUWDOHV HQ FDUUHWHUD HQ ORV TXH KDQ IDOOHFLGR SHU VRQDV KDQ UHVXOWDGR KHULGDV JUDYHV \ KHULGDV OHYHV 'DWRV D KRUDV(Q UHODFLyQ D HVWRV GDWRV VXSRQHQ XQD UHGXFFLyQ GHO SRU FLHQWR HQ HO Q~PHUR GH IDOOHFLGRV PH QRV \ GH XQ SRU FLHQWR HQ OD FLIUD GH DFFLGHQWHV PHQRV 6RQ FLIUDV LQIHULRUHV D ODV UHJLV WUDGDV HQ /D DFFLGHQWDOLGDG HQ FDUUHWHUD GHVFLHQGH SRU TXLQWR DxR FRQVH FXWLYR (Q KXER PXHUWRV PHQRV TXH HQ OR TXH VXSRQH XQD UHGXFFLyQ GHO SRU FLHQWR /RV UHVXOWDGRV VXSH UDQ ODV SUHYLVLRQHV GHO 3ODQ (VWUDWpJLFR TXH VH KDEtD PDUFDGR FRPR REMHWLYR HO GHVFHQVR GHO SRU FLHQWR HQ HO Q~PHUR GH YtFWLPDV PRUWDOHV /D PHGLD GH SHUVRQDV TXH ID OOHFH GLDULDPHQWH HQ DFFLGHQWHV GH FDUUHWHUD KD GHVFHQGLGR GH PXHUWRV GLDULRV HQ D HQ 3RU OR TXH HQ HO DxR KDQ IDOOHFLGR GLDULDPHQWH SHU VRQDV PHQRV TXH HQ (Q HVWRV FLQFR DxRV OD FLIUD GH YHKtFXORV KD DXPHQWDGR XQ SRU FLHQWR \ OD GH FRQGXFWRUHV XQ 3RU WDQWR GHVFLHQGH GH IRUPD FRQVLGHUDEOH HO Q~PHUR GH IDOOH FLGRV SRU FDGD PLOOyQ GH YHKtFX ORV TXH SDVD GH ORV GH D ORV GH

GH YHORFLGDG \ HO GH PD\R SDUD OD FRQGXFFLyQ VLQ SHUPLVR +D VLGR OD JUDQ QRYHGDG GH HVWH DxR

.¸T QSFDBVDJÊO FO MBT DBSSFUFSBT

'HVGH TXH VH SXVR HQ PDUFKD HO 3ODQ (VWUDWpJLFR VH KD GHWHFWDGR XQ FDPELR HQ ORV KiELWRV GH FRQGXFFLyQ $O PHQRV GRV PLOOR QHV PiV GH SHUVRQDV XWLOL]DQ HO FLQ WXUyQ ORV SRVLWLYRV SRU DOFRKROHPLD VH KDQ UHGXFLGR D OD PLWDG \ OD YHOR FLGDG PHGLD GH FLUFXODFLyQ WDPELpQ KD GLVPLQXLGR

(O Q~PHUR GH DFFLGHQWHV PRUWDOHV VH UHGXMR GXUDQWH

(VWH GHVFHQVR HO SULPHUR GH ORV ~O WLPRV DxRV FRLQFLGH FRQ OD DSOLFD FLyQ GHO 3ODQ GH 6HJXULGDG 9LDO GH 0RWRV SXHVWR HQ PDUFKD SRU HO 0LQLVWHULR GHO ,QWHULRU HQ GLFLHP EUH GH /D FLIUD GH YtFWLPDV PRUWDOHV HV DKRUD LQIHULRU D OD UHJLVWUDGD HQ HQ TXH IXHURQ 1FSNJTP QPS QVOUPT DÊEJHP QFOBM Z &453"%"

(VWRV GDWRV VRQ FRQVHFXHQFLD GH XQD SROtWLFD GH VHJXULGDG YLDO TXH VH KD DSR\DGR HQ WUHV PHGLGDV FRQ FUHWDV Î (O 3HUPLVR SRU 3XQWRV TXH HQ WUy HQ YLJRU HO GH MXOLR GH

(O DxR KD VXSXHVWR VX FRQVROL GDFLyQ FXDQGR ORV FRQGXFWRUHV KDQ QRWDGR VXV FRQVHFXHQFLDV GH IRUPD PiV HIHFWLYD (Q ORV GRV DxRV \ PHGLR GH IXQFLR QDPLHQWR XQ PLOOyQ \ PHGLR GH FRQGXFWRUHV KDQ SHUGLGR DOJ~Q SXQ WR KDQ SHUGLGR HO SHUPLVR \ RWURV KDQ DJRWDGR \D VX FUp GLWR GH SXQWRV \ HVWiQ SHQGLHQWHV GH HQWUHJDU VX SHUPLVR $GHPiV FRQGXFWRUHV KDQ UHDOL]DGR \D FXUVRV GH UHFXSH UDFLyQ GH SXQWRV \ KDQ UHFXSH UDGR VX OLFHQFLD R SHUPLVR SDUD FRQGXFLU WUDV KDEHUVH H[DPLQDGR GH QXHYR Î 5HIRUPD GHO &yGLJR 3HQDO TXH

HQWUy HQ YLJRU HO GH GLFLHPEUH GH SDUD ORV H[FHVRV GH DOFRKRO \

Î 0iV XVR GHO FLQWXUyQ GH VHJXUL GDG DXQTXH WRGDYtD HO GH ORV IDOOHFLGRV QR OR OOHYDED /D FLIUD GH FRQGXFWRUHV \ SDVDMHURV IDOOHFLGRV TXH QR OOHYDEDQ SXHVWR HO FLQWXUyQ GH VHJXULGDG KD GHVFHQGLGR GHO SRU FLHQWR HQ DO SRU FLHQWR HQ Î 0iV XVR GHO FDVFR DXQTXH WRGD YtD HO GH ORV IDOOHFLGRV HQ FL FORPRWRU QR OR OOHYDED (O Q~PHUR GH FRQGXFWRUHV \ SDVDMHURV GH PR WRFLFOHWD IDOOHFLGRV TXH QR XVDEDQ FDVFR HQ FDUUHWHUD KD SDVDGR GHO HQ DO HQ Î 0HQRV DOFRKRO (O SRUFHQWDMH GH

SRVLWLYRV HQ ORV FRQWUROHV GH DOFR KROHPLD TXH VH KDQ UHDOL]DGR KD SD VDGR GHO HQ DO HQ

Î 0HQRV YHORFLGDG /D SURSRUFLyQ

GH YHKtFXORV GHWHFWDGRV SRU UDGDUHV D PiV GH NP K KD SDVDGR GH HQ SULPHU DxR GHO TXH VH WLHQHQ GDWRV DO HQ

FTUFQPOB

4"-6%

&M QFSJÊEJDP EF

/&841"1&3

.¸T EF BOEBMVDFT NBZPSFT EF BÈPT TF IBO CFOFGJDJBEP ZB EFM DIFRVFP NÀEJDP HSBUVJUP -B Q QVFTUB F FO N NBSDIB E EF F FTUB Q QSFTUBDJÊO I IB Q QFSNJUJEP MB E EFUFDDJÊO E EF N N¸T E EF Q QSPCMFNBT E EF TTBMVE + "

Q WRWDO GH SHUVRQDV PD \RUHV GH DxRV VH KDQ EHQHIL FLDGR GHO FKHTXHR PpGLFR GHVGH VX SXHVWD HQ PDUFKD HQ (VWD SUHVWDFLyQ LPSXOVDGD SRU OD &RQVHMHUtD H LQFOXLGD HQ HO 3ODQ GH $SR\R D ODV )DPLOLDV $QGDOX]DV SUH WHQGH FRQRFHU HO HVWDGR JHQHUDO GH HV WH VHFWRU GH OD SREODFLyQ GHWHUPLQDU VX JUDGR GH DXWRQRPtD \ GHWHFWDU \ SUHYHQLU SRVLEOHV HQIHUPHGDGHV /D UHDOL]DFLyQ GH HVWH H[DPHQ GH VDOXG KD SHUPLWLGR LGHQWLILFDU SUREOHPDV HQWUH ORV PD\RUHV DQGDOXFHV OR TXH SRQH GH PDQLILHVWR OD HILFDFLD GH HVWD LQLFLDWLYD (QWUH VL WXDFLRQHV PiV IUHFXHQWHV GLDJQRVWLFD GRV SRU ORV SURIHVLRQDOHV VDQLWDULRV VH HQFXHQWUDQ SUREOHPDV UHOD FLRQDGRV FRQ GLDEHWHV PHOOLWXV FRQ DVPD FRQ HQIHUPHGDG SXOPRQDU REVWUXFWLYD FUyQLFD \ FRQ DOHUJLDV D PHGLFDPHQWRV \ HIHFWRV VHFXQGDULRV $VLPLVPR D WUDYpV GH HVWH H[D PHQ VH KDQ GHWHFWDGR GLDJ QyVWLFRV UHODFLRQDGRV FRQ ULHVJR GH H[FOXVLyQ VRFLDO OR TXH KD SHUPLWLGR LGHQWLILFDU ODV QHFHVLGDGHV GH DWHQ FLyQ VRFLR VDQLWDULD GH HVWDV SHUVRQDV /D GLVWULEXFLyQ SRU SURYLQFLDV GH ODV SHUVRQDV DWHQGLGDV KD VLGR $OPHUtD &iGL]

$BQUBDJÊO BDUJWB

(Q OD FLWDFLyQ GH ORV PD\RUHV SDUD UHDOL]DUOHV HO H[DPHQ VH KD SULRUL ]DGR D ODV FXLGDGRUDV TXH DWLHQGHQ D JUDQGHV GLVFDSDFLWDGRV \ SHUVR QDV GHSHQGLHQWHV DVt FRPR D DTXH OODV SHUVRQDV TXH QR KDQ DFXGLGR QXQFD D VX FHQWUR GH VDOXG \ TXH KDQ VLGR FLWDGDV D WUDYpV GHO VHUYL FLR WHOHIyQLFR 6DOXG 5HVSRQGH $GHPiV OD &RQVHMHUtD GH 6DOXG FRQWLQXDUi FRQ OD FDSWDFLyQ DFWLYD GH ORV DQGDOXFHV TXH VH LQFRUSRUHQ D HVWD IUDQMD GH HGDG /RV UHVXOWDGRV REWHQLGRV D WUD YpV GHO H[DPHQ GH VDOXG KDQ SHU PLWLGR FODVLILFDU HO JUDGR GH DXWRQRPtD GH ODV SHUVRQDV HVWXGLD GDV SRU OR TXH VH FXHQWD SRU SUL PHUD YH] FRQ XQD FODVLILFDFLyQ GH HVWH WLSR TXH SHUPLWH FRQRFHU ODV GHPDQGDV DVLVWHQFLDOHV GH ORV PD \RUHV \ VXV QHFHVLGDGHV GH FXLGD GRV &TDVFMB EF QBDJFOUFT

(O FKHTXHR PpGLFR FRQWHPSODGR HV WRWDOPHQWH JUDWXLWR

&yUGRED *UDQDGD +XHOYD -DpQ 0iODJD \ 6HYLOOD $ ODV SHUVRQDV HVWXGLDGDV VH OHV KD UHDOL]DGR PHGLFLRQHV GH OD WHQVLyQ DUWHULDO SUXHEDV DQDOtWLFDV YDORUDFLR QHV GH OD DJXGH]D YLVXDO \ DXGLWLYD SUXHEDV SDUD GHWHFWDU OD SUHVHQFLD GH SUREOHPDV FDUGtDFRV RQFROyJLFRV R GLDEHWHV DVt FRPR SDUD GLDJQRVWLFDU SRVLEOHV SUREOHPDV GH GHSUHVLyQ GH PHQFLD R LQFRQWLQHQFLD XULQDULD $ WR GRV HOORV VH OHV KD IDFLOLWDGR XQ SODQ

.¸T EF EJTDBQBDJUBEPT PCUVWJFSPO MB UBSKFUB EF BQBSDBNJFOUP FO + " /D &RQVHMHUtD SDUD OD ,JXDOGDG \ %LHQHVWDU 6RFLDO WUDPLWy HQ XQ WRWDO GH QXHYDV WDU MHWDV GH DSDUFDPLHQWR HQ $QGDOXFtD SDUD SHUVRQDV FRQ GLVFDSDFLGDG \ PR YLOLGDG UHGXFLGD GH ODV TXH HO FRUUHVSRQGtD D KRPEUHV \ HO D PXMHUHV (VWH GRFXPHQWR SHUVRQDO H LQ WUDQVIHULEOH DFUHGLWD D VXV WLWXODUHV SDUD TXH SXHGDQ HVWDFLRQDU ORV YHKt FXORV HQ ORV DSDUFDPLHQWRV UHVHUYD GRV \ GLVIUXWDU GH ODV YHQWDMDV TXH ORV D\XQWDPLHQWRV HVWDEOH]FDQ D VX IDYRU $GHPiV GH $QGDOXFtD OD WDUMHWD WLHQH YDOLGH] HQ WRGD (VSDxD \ YDULRV SDt VHV HXURSHRV 3RU SURYLQFLDV 6HYLOOD HV OD TXH UHJLVWUD PD\RU Q~PHUR GH SHUVRQDV EHQHILFLDULDV VHJXLGD GH 0iODJD &iGL] +XHOYD -DpQ &yUGRED $OPHUtD \ *UDQDGD

/RV RUJDQLVPRV HQFDUJDGRV GH GHWHUPLQDU ODV FRQGLFLRQHV GH ORV VR OLFLWDQWHV VRQ ORV FHQWURV GH YDORUD FLyQ \ RULHQWDFLyQ GH OD &RQVHMHUtD SDUD OD ,JXDOGDG \ %LHQHVWDU 6RFLDO TXH VH RFXSDQ HQWUH RWUDV FRVDV GH YDORUDU ODV GLVFDSDFLGDGHV ItVLFD SVt TXLFD \ VHQVRULDO ([LVWH XQ FHQWUR GH YDORUDFLyQ HQ FDGD FDSLWDO GH SURYLQ FLD DQGDOX]D DVt FRPR HQ OD FLXGDG GH $OJHFLUDV 3DUD REWHQHU OD DFUHGLWD FLyQ HV QHFHVDULR TXH OD SHUVRQD VROL FLWDQWH WHQJD UHFRQRFLGR XQ JUDGR GH GLVFDSDFLGDG LJXDO R VXSHULRU DO DVt FRPR SUHVHQWDU GLILFXOWDG D FDXVD GH HOOR SDUD XWLOL]DU ORV WUDQVSRUWHV FROHFWLYRV (Q FXDQWR D VX YLJHQFLD OD WDUMHWD VH FRQFHGH SRU XQ SOD]R Pi[LPR GH GLH] DxRV 1R REVWDQWH FXDQGR HO UH FRQRFLPLHQWR GH JUDGR GH GLVFDSDFL GDG WHQJD FDUiFWHU SURYLVLRQDO OD DFUHGLWDFLyQ VH RWRUJDUi SRU HO SOD]R GH UHYLVLyQ TXH VHxDOH HO FHUWLILFDGR

WHUDSpXWLFR \ GH FXLGDGRV DGHFXDGR D VXV QHFHVLGDGHV TXH OHV SHUPLWD LQFL GLU \ PHMRUDU VX VLWXDFLyQ DFWXDO $QGDOXFtD KD VLGR OD SULPHUD FR PXQLGDG DXWyQRPD HQ LQFRUSRUDU HVWH QXHYR GHUHFKR SDUD ODV SHUVRQDV PD \RUHV GH DxRV TXH VXSRQHQ PiV GH DQGDOXFHV 'HVGH OD SXHVWD HQ PDUFKD GH HVWD SUHVWDFLyQ \ KDVWD MXQLR VH KD HVWXGLDGR DO GH OD SREODFLyQ PD\RU \ SURJUHVLYDPHQ WH VH FRPSOHWDUi OD YDORUDFLyQ D WRGRV ORV PD\RUHV TXH GHVHHQ VHU H[DPLQD GRV

/DV DFWXDFLRQHV GH OD &RQVHMHUtD GH 6DOXG FRQ OD SREODFLyQ PD\RU VH FRPSOHWDQ FRQ OD SXHVWD HQ PDUFKD GHQWUR GHO SUR\HFWR GH (VFXHOD GH 3DFLHQWHV GH XQD DFWLYLGDG GLULJLGD D SHUVRQDV FXLGDGRUDV GH JUDQGHV GLVFDSDFLWDGRV HQWUH ODV TXH VH HQ FXHQWUDQ SHUVRQDV PD\RUHV GH DxRV /D (VFXHOD GH 3DFLHQWHV HV XQD LQLFLDWLYD GHVDUUROODGD HQ FRODERUD FLyQ FRQ OD (VFXHOD $QGDOX]D GH 6DOXG 3~EOLFD ($63 &RQ HVWD DFWLYLGDG TXH VH GHVDUUROODUi HQ HO SULPHU WULPHVWUH GHO SUy[LPR DxR VH SUHYp TXH ODV SHUVRQDV FXLGDGR UDV GH JUDQGHV GLVFDSDFLWDGRV FXHQ WHQ FRQ OD LQIRUPDFLyQ QHFHVDULD VREUH FXLGDGRV FRQ HO REMHWLYR GH DOFDQ]DU ODV PHMRUHV FRQGLFLRQHV GH FDOLGDG GH YLGD

$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

.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 \] = =f]jg

)/ \ \] = =f]jg

' -26e 0 $<$/$ $YGD -XDQ &DUORV ,

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

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

)( \ \] = =f]jg

), \ \] = =f]jg

)0 \ \] = =f]jg

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

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

)) \ \] = =f]jg

)- \ \] = =f]jg

' -8$1 0 86(52 ' -26e * 58('$6 $Y $QGDOXFtD & $GROIR 6 GH )LJXHURD 0DU \ 6LHUUD

)* \ \] = =f]jg

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

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

85*(1&,$6

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

1 \ \] = =f]jg

.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

). \ \] = =f]jg

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

' $1721,$ 0 $5$*Ð1 6WD $QD

>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 &O &TUFQPOB

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

;0/" .&3$"%0/" 1*40 %& %03.*503*04 #"¨0 ". 1-*" 5&33";" ".6&#-"%0 &63 5-' 3&'

.BOJMWB 4BCJOJMMBT $BTBSFT 4PUPHSBOEF "1"35".&/50 &.#"3(" %0 &/ 16&350 %& -" %6 26&4" 7"-03"%0 &/ &63 ")03" &63 5-'

/&$&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/" 1*40 505"-.&/5& 3&'03." %0 %03.*503*04 #"¨0 5&33";" &/ &- $&/530 &63 5&-' 3&' "5&/$*ª/ 1*404 &.#"3(" %04 103 #"/$0 "- %& 46 7"-03 3&"- %& .&3$"%0 5-' ;0/" 10-*$¤" /"$*0/"- 1* 40 %& %03.*503*04 #6&/ &45"%0 4&.* ".6&#-"%0 &63 5-' 3&'

)BTUB FVS

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&-'

1*40 &/ &- 4&()&34 )" #*5"$*0/&4 ("3"+& 53"4 5&30 $0$*/" ."%&3" "3."3*04 1"5*0 " .UT %& -" 1-":" ;0/" 3& 4*%&/$*"- &63 /& (0$*"#-&4 5&-

"%04"%" &/ $"/$&-"%" %& %03.*503*04 #"¨04 "4&0 1"5*0 ("3"+& &63 5&-' 3&'

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

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

010356/*%"% $"4" ." 5" &/ &- $&/530 %& &45& 10/" 4"-*%" " %04 $"--&4 %03.*503*04 #"¨0 "4&0 1"5*0 */5& 3*03 &63 5&-'

.¸T EF FVSPT

1*40 %& %03.*503*04 #" ¨0 5&33";" &/ 63#"/*;" $*ª/ 53"/26*-" $0/ ;0/"4 7&3%&4 : 1*4$*/" &63 5&-' 3&'

xx 010356/*%"% 1*40 %& %03.*503*04 #"¨04 ". 1-*" 5&33";" $0/ 7*45"4 ("3"+& : 53"45&30 1*4$*/" 4ª-0 &63 5&-' 3&'

BMRVJMFS 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$*0/ " 56 #0-4*--0 1*40 4&.* /6&70 %& %03.* 503*04 #"¨04 .6: -6.* /040 50%0 &95&3*03 4ª-0 &63 5&-' 3&' -0$"- $0.&3$*"- %& .&5304 $6"%3"%04 $&3$" $"--& 5&33";" &63 %*4'365" %& 56 7*7*&/%" %&4 %& )0: : '03."-*;" 56 )*10 5&$" &/ .&4&4 5&-' 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

010356/*%"% ."(/¤'*$0 "1"35".&/50 %& %03.*50 3*04 #"¨0 $&3$" %& 50%0 &63 5&-' 3&' %61-&9 4&.* /6&70 63(& 7&/5" &6304 .07 %F B FVSPT ;0/" %&- ."$%0/"-4 "%0 4"%" &/ ;0/" 53"/26*-" 103$)& +"3%¤/ 1*4$*/" $0 .6/*5"3*" &63 5-' 3&' %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&-'

"-26*-0 "1"35".&/50 %& %03.*503*04 #"¨0 1"5*0 ".6&#-"%0 -"3(" 5&.103" %" &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$*"3 5&-' 3&' -"4 1"-.&3"4 "-26*-0 1*40 %& %03.*50 3*04 #"¨0 -"3(" 5&.10 3"%" &63 5&-' 3&' 1*40 %& %04 %03.*503*04 6/ #"¨0 "¨04 %& "/5*(³&%"% ")03" &6304 %& "-26* -&3 %& 4&15*&.#3& " +6/*0 &4 1&$*"- 1"3" 130'&403&4 1*40 %& 53&4 %03.*503*04 &/ ."3 : 4*&33" &63 %& "- 26*-&3 "-26*-0 "1"35".&/50 +6/50 "- #63(6&3 ,*/( %& %03.* 503*04 #"¨0 "4&0 ".6& #-"%0 -"3(" 5&.103"%" &/ -" 1-":" &63 5&-' 3&'

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$0/ 4"5 57 "%4- 8*3&-&44 . 5& 33"$&4 . 7&3: 26*&5 "3&" &63 $0.& "/% )"7& " -00,

103 40-0

&6304 46 "/6/$*0 "1"3&$&3 &/ &45" 4&$$*ª/

JOGÊSNFTF