El Periódico de Estepona by MUltimedia

FTUFQPOB

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

XXX FMQFSJPEJDPEFFTUFQPOB DPN

3PTB %ÄB[ TF DPOWFSUJSÄB FO MB OVFWB DPODFKBMB EF $VMUVSB TJ FM BMDBMEF DPOTJHVF TVT QSFUFOTJPOFT %BWJE 7 7BMBEF[ SSFBMJ[Ê MMB Q QSPQVFTUB F FO MMB SSFVOJÊO E EF MMB HFTUPSB F FO . .¸MBHB F FO MMB R RVF I IVCJFSPO WWPDFT E EJTDPSEBOUFT

/&841"1&3

1PMÄUJDB

.BSÄB .JSBMMFT EFTWFMB RVF OP EFKBS¸ TV BDUB EF DPODFKBM /D KDVWD DKRUD FRQFHMDOD VRFLDOLV WD 0DUtD 0LUDOOHV KD GHVYHODGR D HVWH SHULyGLFR TXH QR GHMDUi VX DFWD GH FRQFHMDO HQ HO $\XQWDPLHQWR GH (VWHSRQD DUJX PHQWDQGR TXH VH VLHQWH WRWDOPHQ WH ´LQRFHQWH GH ORV FDUJRV TXH VH PH LPSXWDQ \ TXH DGHPiV WHQJR OD FRQFLHQFLD PX\ WUDQTXLODµ SiJ

*OWFTUJHBDJÊO

-B 1PMJDÄB /BDJPOBM JOUFSSPHB BM SFTQPOTBCMF EFM %FQÊTJUP .VOJDJQBM (O SDVDGR MXHYHV DJHQWHV GH OD 3ROLFtD 1DFLRQDO LQWHUURJDURQ DO UHVSRQVDEOH GH 5LPDVD FRQ FHVLRQDULD GHO VHUYLFLR GH 'HSRVLWR 0XQLFLSDO GH YHKtFXORV HQ UHOD FLyQ FRQ XQ SUHVXQWR GHOLWR GH IDO VHGDG HQ GRFXPHQWR S~EOLFR SiJ

#BSSJFOUPT $SFTQP 3FJOB Z 'MPSFT WVFMWFO B DBTB

/RV FXDWUR LPSXWDGRV SRU OD RSHUDFLyQ ¶$VWDSD· TXH SHUPDQHFtDQ HQ SULVLyQ SUHYHQWLYD GHVGH HO PHV GH -XQLR TXHGDURQ HQ OLEHUWDG HO SDVDGR PLpUFROHV SiJ

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

FTUFQPOB

&M QFSJÊEJDP EF

$0/5&/*%04

/&841"1&3

46#& Å "MVNCSBEP

#"+" Æ &YQVMTJÊO

@Yq im] ^]da[alYj Y dY \]d]_Y[a f \] >]kl]bgk \]d 9qmflYea]flg \] =kl]hgfY q km [gf[]bYdY hgj ]d YdmeZjY\g fYna\] g im] k] `Y afklYdY\g ]kl] Y g& 9d_g fgn]% \gkg q emq ]kh][lY[mdYj&

Fg ]k \] j][aZg im] k] l]f_Yf \gk nYjYk \] e]\aj \]fljg \] mf eakeg hYjla\g& 9mfim] lg\gk kgfaehmlY\gk q hj]kmflgk afg[]fl]k `YklY Y`gjY $ Y mfgk k] d]k ]phmdkY \]d hYjla\g q Y gljgk fg&

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

(

VWD VHPDQD VH KD OOHYDGR D FDER OD FHOHEUDFLyQ GH OD 'HFODUDFLyQ 8QLYHUVDO GH 'HUHFKRV +XPDQRV &RQ PR WLYR GH HVWD HIHPpULGH WRGRV ORV HVSDxROHV SXGLPRV RtU D ORV UH SUHVHQWDQWHV GH WRGRV ORV SDUWL GRV SROtWLFRV GHO DUFR SDUODPHQWDULR OHHU DOJXQRV GH ORV DUWtFXORV FRQWHPSODGRV HQ OD PHQFLRQDGD 'HFODUDFLyQ $Vt VH SXGR RtU GH ERFD GH XQ UHSUHVHQWDQWH GHO SXHEOR OD OHF WXUD GHO DUWtFXOR TXH SUR FODPD TXH WRGD SHUVRQD DFXVDGD GH GHOLWR WLHQH GHUHFKR D TXH VH SUHVXPD VX LQRFHQFLD PLHQWUDV QR VH SUXHEH VX FXOSDELOLGDG FRQIRUPH D OD OH\ \ HQ MXLFLR S~ EOLFR HQ HO TXH VH OH KD\DQ DVHJX UDGR WRGDV ODV JDUDQWtDV QHFHVDULDV SDUD VX GHIHQVD 2WUR GH ORV DUWtFXORV TXH IXH URQ OHtGRV IXH HO TXH GLFH TXH WRGR LQGLYLGXR WLHQH GHUHFKR D OD OLEHUWDG GH RSLQLyQ \ GH H[SUH

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

~ ~

VLyQ HVWH GHUHFKR LQFOX\H HO GH QR VHU PROHVWDGR D FDXVD GH VXV RSLQLRQHV HO GH LQYHVWLJDU \ UHFL ELU LQIRUPDFLRQHV \ RSLQLRQHV \ HO GH GLIXQGLUODV VLQ OLPLWDFLyQ GH IURQWHUDV SRU FXDOTXLHU PH GLR GH H[SUHVLyQ &XULRVDPHQWH OD FHOHEUDFLyQ FRLQFLGLy FRQ HO GLFWDGR GHO DXWR SRU SDUWH GH OD MXH]D GHO &DVR $VWDSD SRU HO TXH VH DFRUGDED D LQVWDQFLDV GHO 0LQLVWHULR )LVFDO OD SXHVWD HQ OLEHUWDG EDMR ILDQ]D GH FLHQWR FLQFXHQWD PLO HXURV GH %DUULHQWRV &UHVSR 5HLQD \ -RVp )ORUHV 6HQFLOODPHQWH IXH XQD FRLQFLGHQFLD $O LJXDO TXH WDPELpQ HV XQD FRLQFLGHQFLD TXH HQ HVH PLVPR GtD D PXFKRV VH OHV ROYLGDUD HO FRQWHQLGR GH OD 'HFODUDFLyQ GH 'HUHFKRV +XPDQRV \ XVDQGR HO GHUHFKR GH OD OLEHUWDG GH RSLQLyQ YXOQHUDEDQ \ VH ROYLGDGDUDQ GHO DUWtFXOR TXH VH SURFODPD HQ OD PLVPD 'HFODUDFLyQ

&T DVSJPTP DPNP FO FM ÑMUJNP QMFOP IVCP HFOUF RVF BM[Ê DBSUFMFT QJEJFOEP MB EJNJTJÊO B MPT DPODFKBMFT JNQVUBEPT &OUSF FMMPT QFSTPOBT RVF TF DPOWFSUJSÄBO FO DPODFKBM TJ BMHVOPT EF FTUPT TF NBSDIBTFO 6OB QSFHVOUB &T DJFSUP RVF TF FTU¸ FTUVEJBO EP VOB GÊSNVMB QBSB RVF VOB DPODFKBMB QVFEB EFTFNQFÈBS TV USBCBKP FO FM "ZVOUBNJFOUP Z B MB WF[ QPEFS DPCSBS QPS BTJTUFODJB B QMFOPT

DPOUFOJEPT BDUVBMJEBE

%ÄB EF MB *ONBDVMBEB

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

&M QFSJÊEJDP EF

"$56"-*%"%

/&841"1&3

&M BMDBMEF TF QSPQPOF EFMFHBS MB DPODFKBMÄB EF $VMUVSB FO 3PTB %ÄB[

7BMBEF[ Q QMBOUFÊ TTV JJEFB FFO V VOB SSFVOJÊO E EF MMB H HFTUPSB E EFM 140& F FO . .¸MBHB B BVORVF I IVCJFSPO WWPDFT E EJTDPSEBOUFT " (BSDÄB

D ~QLFD UHSUHVHQWDQWH TXH HO SDU WLGR (VWHSRQD WLHQH HQ HO $\XQWDPLHQWR GH (VWHSRQD 5RVD 'tD] SRGUtD FRQYHUWLUVH HQ OD SUy[L PD FRQFHMDOD GH &XOWXUD VHJ~Q OD LQ WHQFLyQ TXH WLHQH HQ PHQWH HO DOFDOGH GH OD FLXGDG 'DYLG 9DODGH] VHJ~Q KD SRGLGR FRQRFHU HVWH SHULyGLFR GH IXHQWHV FHUFDQDV DO &RQVLVWRULR (VWD LQWHQFLyQ IXH SXHVWD GH PD QLILHVWR SRU HO UHJLGRU HQ XQD UHXQLyQ PDQWHQLGD SRU ORV PLHPEURV GH OD JHVWRUD GHO 362( GH (VWHSRQD HO YLHUQHV SDVDGR HQ 0iODJD \ FXULRVD PHQWH FXDQGR D~Q HO SDUWLGR QR KD EtD WRPDGR QLQJ~Q WLSR GH SRVLFLRQDPLHQWR FRQ UHVSHFWR D OD VL WXDFLyQ GH OD TXH VHUtD VX DQWHFHVRUD HQ HO FDUJR 0DUtD 0LUDOOHV 7RGR DSXQWD D TXH OD SULPHUD DX WRULGDG PXQLFLSDO WHQGUtD OD GHFLVLyQ PX\ PHGLWDGD \ DVt OR KL]R YHU HQ OD PHQFLRQDGD UHXQLyQ HQ OD TXH DOJX QRV PLHPEURV PRVWUDURQ VX WRWDO RSRVLFLyQ D HVWDV LQWHQFLRQHV (Q HVWH VHQWLGR HVWH SHULyGLFR KD SRGLGR FRQRFHU TXH KXER YRFHV GLV FRUGDQWHV DO UHVSHFWR \D TXH HQWLHQ GHQ TXH HO SDFWR FRQ HO UHVWR GH VRFLRV GH JRELHUQR HVWi WRWDOPHQWH FHUUDGR \ QR HVWDUtDQ GLVSXHVWRV D TXH GHOHJDFLRQHV TXH VRQ SHUWHQH FLHQWHV D ORV VRFLDOLVWDV HQ HO $\XQWDPLHQWR DKRUD FDPELDVHQ GH PDQR GHELGR D XQD GHFLVLyQ XQLSHU

5RVD 'tD] SRGUtD RVWHQWDU OD GHOHJDFLyQ GH &XOWXUD

VRQDO GH 'DYLG 9DODGH] 3HUR HVWD QR HV OD SULPHUD RFDVLyQ HQ OD TXH 5RVD 'tD] UHFLEH XQD RIHUWD SRU SDUWH GH ORV VRFLDOLVWDV \D TXH FRQ DQWHULRULGDG WDPELpQ FRQRFLy HV WH SHULyGLFR TXH DO SDUHFHU H[LVWtD XQD SURPHVD GHO SUHVLGHQWH GH OD JHV WRUD SDUD TXH OD HGLO GH (VWHSRQD RFXSDUD XQ HVFDxR HQ OD 0DQFRPXQLGDG GH 0XQLFLSLRV GH OD &RVWD GHO 6RO 2FFLGHQWDO QRPEUD PLHQWR TXH DO ILQDO TXHGy VLQ HIHFWR 2WUR DVXQWR GHO TXH VH KDEOy WDP ELpQ HQ HVD UHXQLyQ IXH HO UHODWLYR D OD LQWHQFLyQ GHO DOFDOGH GH EXVFDU OD

SRVLELOLGDG GH OD LQWHJUDFLyQ HQ HO HTXLSR GH JRELHUQR GH ODV GRV FRQFH MDODV GHO *UXSR GH &RQFHMDOHV 1R $GVFULWRV DQWHULRUPHQWH HQ ODV ILODV GHO 3DUWLGR GH (VWHSRQD &DUPHQ 2FDxD \ )DQFLVFD %HUQDO &RQ UHVSHFWR D HVWH SDUWLFXODU HV WH SHULyGLFR KD VDELGR GH IXHQWHV VR FLDOLVWDV TXH OD SRVLELOLGDG VyOR KD TXHGDGR HQ HO LQWHQWR \D TXH UHVSRQ VDEOHV SURYLQFLDOHV FRPXQLFDURQ DO DOFDOGH HQ HO WUDVFXUVR GHO HQFXHQWUR VX WRWDO QHJDWLYD D TXH XQ WLSR GH FXHVWLRQHV FRPR OD SODQWHDGD VH SX GLHVH OOHYDU D FDER

.BSÄB .JSBMMFT EFTWFMB RVF OP EFKBS¸ TV BDUB -B DDPODFKBMB FFYQVMTBEB Q QPS F FM 1 140& SSFJWJOEJDB TTV JOPDFODJB ZZ E EFDMBSB UUFOFS MMB DDPODJFODJB N NVZ UUSBOR RVJMB

" (BSDÄB /D KDVWD DKRUD FRQFH MDOD VRFLDOLVWD 0DUtD 0LUDOOHV KD GHVYHODGR D HVWH SHULyGLFR TXH QR GHMDUi VX DFWD GH FRQFHMDO HQ HO $\XQWDPLHQWR GH (VWHSRQD DUJX PHQWDQGR TXH VH VLHQWH WRWDOPHQWH ³LQRFHQWH GH ORV FDUJRV TXH VH PH LPSXWDQ \ TXH DGHPiV WHQJR OD FRQFLHQFLD PX\ WUDQTXLOD´ FRQ HO WUDEDMR TXH KD YHQLGR GHVDUUROODQGR

GHVGH KDFH PXFKRV DxRV HQ ODV ILODV GHO 3DUWLGR 6RFLDOLVWD 2EUHUR (VSDxRO 0LUDOOHV TXH HO SDVDGR PLpUFROHV PDQWXYR XQD UHXQLyQ FRQ PLHPEURV GH OD (MHFXWLYD 3URYLQFLDO GHO 362( HQ 0iODJD FRQRFLy HO MXHYHV OD QR WLFLD GH TXH OD GLUHFFLyQ GHO KDVWD DKRUD VX SDUWLGR KDEtD GHFLGLGR H[ SXOVDUOD SURYLVLRQDOPHQWH GHO PLV

PR FHViQGROD HQ VXV GHOHJDFLRQHV \ DSDUWiQGROD GHO *UXSR 0XQLFLSDO 6RFLDOLVWD (OOR YLHQH D UDt] GH TXH OD FRQFHMDOD UHVXOWDVH LPSXWDGD SRU OD MXH]D GHO &DVR $VWDSD 0LUDOOHV KL]R KLQFDSLp HQ TXH FRQVL GHUD LQMXVWD OD GHFLVLyQ DGRSWDGD SRU OD GLUHFFLyQ SURYLQFLDO GHO 362( \D TXH VH SRGUtD HQWHQGHU TXH H[LVWHQ GLIHUHQWHV EDUHPRV D OD KRUD GH PH GLU SXHVWR TXH RWURV FRQFHMDOHV VR FLDOLVWDV LPSXWDGRV QR KDQ VLGR H[SXOVDGRV GH OD IRUPDFLyQ

1PQVMBSFT Z TPDJBMJTUBT DPOUJOÑBO MBT OFHPDJBDJPOFT EF VO QBDUP " (BSDÄB /D VLWXDFLyQ TXH VH YLYH DFWXDOPHQWH HQ HO $\XQWDPLHQWR GH (VWHSRQD HVWi SURYRFDQGR TXH ODV GLUHFFLRQHV UHJLRQDOHV GH DPEDV IRUPDFLRQHV SROtWLFDV VH HVWpQ WLUDQGR ORV WHMRV FRQ HO ILQ GH DOFDQ]DU XQ DFXHUGR SDUD FRQVHVXDU XQ SDFWR GH JR ELHUQR SDUD OD FLXGDG /D VHPDQD SDVDGD JUDFLDV D ODV PDQLIHVWDFLRQHV GH ORV SRSX ODUHV \D VH SXGR FRQRFHU TXH HO DOFDOGH GH OD FLXGDG 'DYLG 9DODGH] OH KDEtD RIUHFLGR D PLHPEURV GHO 3DUWLGR 3RSXODU GH (VWHSRQD HVWD SRVLELOLGDG LGHD TXH LQFOXVR VH WUDVODGy KDVWD OD GLUHFFLyQ UHJLRQDO GH ORV VRFLDOLV WDV HQ 6HYLOOD (Q OD UHXQLyQ PDQWHQLGD HQ 0iODJD SRU PLHPEURV GH OD JHVWR UD GHO 362( GH (VWHSRQD \ FDUJRV SURYLQFLDOHV HVWH DVXQWR IXH DERU GDGR FRQRFLpQGRVH DOJXQRV HQ WUHVLMRV GH FRPR KDEtD VXFHGLGR WRGR (O WHPD QR IXH VRPHWLGR D GH EDWH \ OR TXH VL VH DWLVEy HV TXH OD LQWHQFLyQ TXH PDQWLHQH HO 3DUWLGR 6RFLDOLVWD HV KDFHU OD SURSXHVWD D QLYHOHV UHJLRQDOHV 'LFKR \ KHFKR HVWD VHPDQD WDQWR -DYLHU $UHQDV Pi[LPR UHV SRQVDEOH GHO 3DUWLGR 3RSXODU HQ $QGDOXFtD FRPR /XtV 3L]DUUR VH FUHWDULR GH 2UJDQL]DFLyQ GH ORV VRFLDOLVWDV DQGDOXFHV KDQ SXHVWR DOJR GH FDUQH HQ HO DVDGRU \ PLHQ WUDV ORV SRSXODUHV KDFtDQ HO RIUH FLPLHQWR GH HVWDU GLVSXHVWRV D IRUPDU SDUWH GH XQD JHVWRUD FRQ OD SURPHVD SRVWHULRU GH XQD FRQYR FDWRULD GH HOHFFLRQHV ORV VRFLDOLV WDV KDQ SXHVWR HQFLPD GH OD PHVD HQ QRPEUH GH OD JREHUQDELOLGDG TXH ORV GHO 33 GHEHUtDQ D\XGDU D OD VDOLGD GH (VWHSRQD GH OD VLWXD FLyQ SROtWLFD HQ OD TXH VH HQFXHQ WUD DXQTXH GHMDQGR FODUDPHQWH GH XQ ODGR OD LGHD GH OD GLVROXFLyQ GH OD DFWXDO &RUSRUDFLyQ \ OD FRQYR FDWRULD GH HOHFFLRQHV /R TXH VH GHVFRQRFH \D TXH QDGLH VH KD SURQXQFLDGR HQ HVWH VHQWLGR HV OR TXH FDGD FXDO SLGH D FDPELR

FTUFQPOB

&M QFSJÊEJDP EF

"$56"-*%"%

/&841"1&3

-B 1PMJDÄB /BDJPOBM JOUFSSPHB BM SFTQPOTBCMF EF MB FNQSFTB 3JNBTB QPS QSFTVOUP EFMJUP EF GBMTFEBE 5PEP B BQVOUB B B R RVF MMB JJNQVUBDJÊO H HVBSEB SSFMBDJÊO DDPO MMB SFNBUSJDVMBDJÊO E EF WWFIÄDVMPT R RVF FFTUBCBO F FO F FM E EFQÊTJUP " (BSDÄB

O UHVSRQVDEOH GH OD HPSUHVD 5LPDVD KDVWD KDFH SR FDV IHFKDV FRQFHVLRQDULD GHO VHUYLFLR GH GHSyVLWR PXQLFLSDO GH YHKtFXORV \ TXH HQ OD DFWXDOLGDG PDQWLHQH HO VHUYLFLR PXQLFLSDO GH JU~D -DLPH 5LFR IXH LQWHUURJDGR HVWH MXHYHV SRU DJHQWHV GH OD 3ROLFtD 1DFLRQDO HQ UHODFLyQ FRQ OD FRPLVLyQ GH XQ SUHVXQWR \ SURYL VLRQDO GHOLWR GH IDOVHGDG HQ GRFX PHQWR S~EOLFR VHJ~Q SXGR FRQRFHU HVWH SHULyGLFR /R TXH QR VH KD SRGLGR FRQILU PDU VL HVWD SHUVRQD TXHGy HQ OLEHU WDG \D TXH IXHQWHV SROLFLDOHV GH OD &RPLVDUtD GH (VWHSRQD QR TXLVLHURQ SURQXQFLDUVH DO UHVSHFWR -PT QSPCMFNBT EF MB FNQSFTB 3JNBTB Z FM "ZVOUBNJFOUP WJFOFO EF UJFNQP BUS¸T /D LPSXWDFLyQ GHO UHVSRQVDEOH GH 5LPDVD SRGUtD WHQHU TXH YHU FRQ OD XQ SUHVXQWD UHPDWULFXODFLyQ GH YHKtFXORV TXH IXHURQ FRQGXFLGRV DO GHSyVLWR FXHVWLyQ TXH \D HUD FR QRFLGD TXH HVWDED VLHQGR LYHVWLJDGD SRU XQ MX]JDGR GH (VWHSRQD

,PDJHQ GHO 'HSyVLWR 0XQLFLSDO GH YHKtFXORV

3HUR ORV SUREOHPDV GH 5LFR FRQ HO $\XQWDPLHQWR GH (VWHSRQD FROHDQ GHVGH KDFH WLHPSR \D TXH FRPR SXEOLFy HVWH GLDULR KDFH SR FDV IHFKDV GHVGH OD LQVWLWXFLyQ PXQLFLSDO VH GHFLGLy HO UHVFDWH GH OD FRQFHVLyQ GHO VHUYLFLR PXQLFL SDO GH GHSyVLWRV GH YHKtFXORV FXDQGR HO UHVSRQVDEOH GH 5LPDVD

H[LJtD HO SDJR GH XQDV FDQWL GDGHV TXH VH OH DGHXGDEDQ SRU WDO FRQFHSWR 3RVWHULRUPHQWH HO PLVPR GHMy GH SUHVWDU ORV VHUYLFLRV GH JU~D PXQLFLSDO OOHYDQGR D FDER VyOR GH XUJHQFLDV SRU HO PLVPR PRWL YR HO LPSDJR SRU SDUWH PXQLFLSDO GH FDQWLGDGHV DGHXGDGDV

-PT #PNCFSPT EBO B DPOPDFS FM DBMFOEBSJP EF NPWJMJ[BDJPOFT & 1 7UDV HO SULPHU DFWR S~EOLFR GH GLVFRQIRUPLGDG FRQWUD OD LQWH JUDFLyQ HQ HO &RQVRUFLR 3URYLQFLDO GH %RPEHURV GH 0iODJD UHDOL]DGR FRQ PRWLYR GH OD FHOHEUDFLyQ GH OD VHVLyQ SOHQDULD GHO GtD GLH] GH GL FLHPEUH GH HO SHUVRQDO IXQ FLRQDULR GH FDUUHUD GHO 63(,6 GH (VWHSRQD HQ UHXQLyQ PDQWHQLGD HQ WUH ORV PLHPEURV GHO FLWDGR FROHFWL YR KD DSUREDGR SRU XQDQLPLGDG HO VLJXLHQWH FDOHQGDULR GH PRYLOL]D FLRQHV \ DFWRV GH SURWHVWD 9LHUQHV GtD D SDUWLU GH ODV QXHYH GH OD PDxDQD D ODV SXHUWDV GHO $\XQWDPLHQWR WHQGUi OXJDU XQD FRQ FHQWUDFLyQ GHO SHUVRQDO GHO 63(,6 HQ OD TXH VH UHSDUWLUiQ IROOHWRV LQ IRUPDWLYRV 3Uy[LPD VHPDQD 'tDV \ D SDUWLU GH ODV QXHYH GH OD PDxDQD FRQWLQXDUi OD FRQFHQWUDFLyQ D ODV SXHUWDV GHO $\XQWDPLHQWR \ HO UHSDUWR GH LQIRU PDFLyQ (VWD FRQFHQWUDFLyQ LQIRUPDWLYD VH WUDVODGDUi HQ KRUDULR GH WDUGH D OD &DOOH 7HUUD]D FRQFUHWDPHQWH D OD 3OD]D GHO +XHYR (O YLHUQHV GtD GLHFLQXHYH VL WLHQH OXJDU VHVLyQ SOHQDULD VH DVLV WLUi D OD PLVPD (O SHUVRQDO GHO 63(,6 QR GHV FDUWD SURORQJDU HVWDV FRQFHQWUDFLR QHV HQ RWUR KRUDULR R WUDVODGDUODV D RWURV OXJDUHV GH OD ORFDOLGDG &RPR \D SXEOLFy HVWH SHULyGLFR ORV ERPEHURV LQLFLDURQ OD VHPDQD SDVDGD XQD VHULH GH PRYLOL]DFLRQHV HQ FRQWUD GH VX LQWHJUDFLyQ HQ HO &RQVRUFLR 3URYLQFLDO

FTUFQPOB

&M QFSJÊEJDP EF

"$56"-*%"%

/&841"1&3

#BSSJFOUPT m4JFNQSF IF EFGFOEJEP MPT JOUFSFTFT DPMFDUJWPT EF &TUFQPOBn &M FFY SSFHJEPS MMPT DDPODFKBMFT E EFM 1 1&4 ++PTÀ **HOBDJP $ $SFTQP . .BOVFM 3FJOB ZZ F FM F FY KKFGF E EF H HBCJOFUF ++PTÀ ''MPSFT TTBMJFSPO E EF Q QSJTJÊO

" (BSDÄB (UDQ ODV QXHYH \ GLH]

GH OD QRFKH FXDQGR HO H[ DOFDOGH GH HVWHSRQD $QWRQLR %DUULHQWRV VH JXLGR SRU HO FRQFHMDO GHO 3(6 0DQXHO 5HLQD HO TXH IXHUD VX MHIH GH JDELQHWH -RVp )ORUHV \ HO WDP ELpQ FRQFHMDO GHO 3DUWLGR GH (VWHSRQD -RVp ,JQDFLR &UHVSR FUX ]DEDQ OD EDUUHUD GH VDOLGD GH YHKt FXORV GHO FHQWUR SHQLWHQFLDULR GH $OKDXUtQ GH OD 7RUUH GHVSXpV TXH ORV SHULRGLVWDV \ IDPLOLDUHV FRQJUH JDGRV D ODV SXHUWDV GHO FHQWUR HVSH UDUDQ SDFLHQWHPHQWH TXH VDOLHUDQ SRU OD SULQFLSDO $ ODV SXHUWDV GH OD SULVLyQ HVSH UDEDQ D ORV FLWDGRV IDPLOLDUHV \ DO JXQRV DPLJR DVt FRPR SHULRGLVWDV FiPDUDV GH WHOHYLVLyQ \ IRWyJUDIRV LQFOXVR XQD XQLGDG PyYLO GH &DQDO 6XU TXH RIUHFLy XQD DYDQFH LQIRU PDWLYR DXQTXH ORV LPSOLFDGRV SRU HO &DVR $VWDSD TXH SHUPDQHFtDQ HQ SULVLyQ D~Q QR KDEtDQ VDOLGR GHO PHQFLRQDGR UHFLQWR (O SULPHUR HQ VDOLU $QWRQLR %DUULHQWRV TXH QDGD PiV FUX]DU ODV EDUUHUDV VH YLy DERUGDGR SRU SHULR GLVWDV D ORV TXH DWHQGLy SDUD H[SOL FDU TXH KD\ XQ MXH] TXH HV LPSODFDEOH UHILULpQGRVH DO WLHPSR TXH VHUi HO TXH GLJD WRGR (O H[ UHJLGRU DJUHJy TXH KD\ PXFKD JHQWH LQYROXFUDGD TXH VRQ GHFHQWHV PDQLIHVWDQGR D FRQWLQXD FLyQ TXH VLHPSUH GHIHQGLy ORV LQWH UHVHV FROHFWLYRV GH (VWHSRQD \ TXH FRQItD HQ OD -XVWLFLD %DUULHQWRV PD WL]y TXH WLHQH OD FRQFLHQFLD PX\ WUDQTXLOD HQ HVWH VHQWLGR

$QWRQLR %DUULHQWRV GXUHQWH VXV GHFODUDFLRQHV D OD SUHQVD

$O VHU $QWRQLR %DUULHQWRV HO FHQWUR GH ORV UHSUHVHQWDQWHV GH ORV PHGLRV GH FRPXQLFDFLyQ HO UHVWR GH ORV LPSOLFDGRV TXH VDOLHURQ MXQWR D pO GHO UHFLQWR QR KLFLHURQ QLQJ~Q WL SR GH GHFODUDFLRQHV DO UHVSHFWR (O DXWR GH OLEHUWDG SURYLVLRQDO FRQ ILDQ]D VH GLFWy HO SDVDGR PDUWHV SRU OD MXH]D TXH LQVWUX\H ODV GLOLJHQ FLDV SUHYLDV GHO &DVR $VWDSD ,VDEHO &RQHMR D IDOWD GH VHLV GtDV SDUD TXH VH FXPSOLHVHQ ORV VHLV PHVHV GHVGH TXH ORV PHQFLRQDGRV LQJUHVDUDQ HQ HO FHQWUR SHQLWHQFLDULR GH $OKDXUtQ GH OD 7RUUH HQ SULVLyQ SUHYHQWLYD VLQ ILDQ]D HO SDVDGR GH MXQLR GH HVWH DxR \ GHVSXpV GH OD SXHVWD HQ PDU FKD GH OD RSHUDFLyQ SROLFLDO EDXWL]D GD FRQ HO PLVPR QRPEUH

-VDFT EF /BWJEBE

-B JMVNJOBDJÊO OBWJEFÈB RVF MVDF FO MBT DBMMFT EF &TUFQPOB FT EJHOB EF FMPHJP ZB RVF MF IBO EBEP VOB OPUB EF DPMPS BM DFOUSP EF MB DJVEBE FO FTUBT GFDIBT UBO NFNPSBCMFT QBSB UPEPT &M TJTUFNB EF JMVNJOBDJÊO VUJMJ[BEP QPS MB FNQSFTB FODBSHBEB EF MB JOTUBMBDJÊO BQBSUF EF OPWFEPTP FT EF VOB HSBO WJTUPTJEBE Z NVZ QSFDJPTJTUB

(O DXWR GLFWDGR SRU OD MXH]D VH KDFH D LQVWDQFLD GHO 0LQLVWHULR )LVFDO TXH IXH HO TXH HOHYy OD SHWL FLyQ GH VXVWLWXFLyQ GH OD PHGLGD GH SULVLyQ SURYLVLRQDO \ SURFHGLHQGR OD MXH]D D DFRUGDU OD PRGLILFDFLyQ GH OD VLWXDFLyQ GH ORV LPSXWDGRV

'MPSFT m%PZ MBT HSBDJBT B MPT RVF IBO DPOGJBEP FO NJ JOPDFODJB ZB RVF FM UJFNQP UFSNJOBS¸ E¸OEPMFT MB SB[ÊOn " ( B S D Ä B &RQ XQD ILUPH]D

TXH DVRPEUD D SURSLRV \ H[WUD xRV Pi[LPH FXDQGR VH HVWi VHLV PHVHV HQ SULVLyQ HO TXH IXHUD MH IH JDELQHWH GH DOFDOGtD GHO $\XQWDPLHQWR GH (VWHSRQD -RVp )ORUHV TXLVR GHMDU FODUR HO MXHYHV D HVWH SHULyGLFR TXH WLHQH VX FRQ FLHQFLD PX\ WUDQTXLOD ³\D TXH VLHPSUH KH WUDEDMDGR \ OXFKDGR SRU OR PHMRU SDUD (VWHSRQD Pt SXHEOR´ -RVp )ORUHV DSURYHFKy GH LQ PHGLDWR OD RFDVLyQ SDUD DJUDGHFHU DO ³JUDQ Q~PHUR GH SHUVRQDV TXH PH KDQ DSR\DGR \ PH KDQ WUDVOD GDGR VX FRQILDQ]D HQ PL LQRFHQ FLD \D TXH HO WLHPSR \ OD -XVWLFLD WHUPLQDUi GiQGROHV OD UD]yQ´ (Q VX SULPHU GtD HQ FDVD WUDV VDOLU GHO HQFLHUUR SUHYHQWLYR DO TXH VH KD YLVWR VRPHWLGR )ORUHV HVWXYR DWHQGLHQGR D IDPLOLDUHV DPLJRV \ FRPSDxHURV (VWH SHULyGLFR WDPELpQ TXLVR FRQRFHU ODV RSLQLRQHV GH -RVp ,JQDFLR &UHVSR \ 0DQXHO 5HLQD DXQTXH WRGRV OR LQWHQWRV UHDOL]D GRV UHVXOWDURQ IDOOLGRV

FTUFQPOB

&M QFSJÊEJDP EF

"$56"-*%"%

/&841"1&3

-PT QSFTVQVFTUPT NVOJDJQBMFT EF FTUF BÈP WVFMWFO B UFOFS WJHFODJB

4V BBQSPCBDJÊO F FO F FM 1 1MFOP . .VOJDJQBM TTF MMMFWÊ B B DDBCP H HSBDJBT BETDSJUPT BM WWPUP E EF MMPT F FY DDPODFKBMFT TTPDJBMJTUBT O OP B 'H QR KDEHUVH DSUREDGR ORV SUHVX SXHVWRV PXQLFLSDOHV HO $\XQWDPLHQWR KDEUtD TXHGDGR SDUDOL]DGR QR VH KD EUtDQ SRGLGR SDJDU QyPLQDV QL VH SR GUtD SDJDU D SURYHHGRUHV XQ DXWpQWLFR FDRV TXH VH HYLWy FRQ HO YRWR UHVSRQVD EOH GH ORV H[ FRQFHMDOHV VRFLDOLVWDV

& 1 &

O 3OHQR GH OD &RUSRUDFLyQ 0XQLFLSDO DSUREy HO SDVDGR PLpU FROHV GLH] GH GLFLHPEUH GHVHVWL PDU ODV DOHJDFLRQHV SUHVHQWDGDV FRQWUD ORV SUHVXSXHVWRV PXQLFLSDOHV GH HVWH DxR DVt FRPR ODV UHFODPDFLRQHV IRU PXODGDV FRQWUD ODV RUGHQDQ]DV ILVFDOHV GH 7DO FRPR LQIRUPy HVWH SHULyGLFR OD VHPDQD SDVDGD ORV SUHVXSXHVWRV GH HV WH DxR KDEtDQ VLGR DQXODGRV HQ YLUWXG GH VHQWHQFLD GLFWDGD SRU HO -X]JDGR GH OR &RQWHQFLRVR $GPLQLVWUDWLYR 1~PHUR 6HLV GH 0iODJD TXH HVWLPy HO UHFXUVR IRUPXODGR SRU ORV FRQFHMDOHV HQ OD RSRVLFLyQ -XDQ 0DQXHO 5RGUtJXH] 3DUWLGR (VWHSRQD \ 5LFDUGR *DOHRWH 3DUWLGR 3RSXODU FRQ WUD OD FRQYRFDWRULD GHO 3OHQR FHOHEUDGR HO TXLQFH GH IHEUHUR GH HVWH DxR HQ HO TXH VH DSUREDURQ ORV SUHVXSXHVWRV SRU SULPHUD YH] DO HQWHQGHU HO -X]JDGR TXH VH KDEtDQ YXOQHUDGR ORV GHUHFKRV GH ORV FRQFHMDOHV HQ OD RSRVLFLyQ DO QR VXPLQLVWUDUOHV OD GRFXPHQWDFLyQ TXH pVWRV KDEtDQ UHTXHULGR UHVSHFWR D ORV SUHVXSXHVWRV DVt FRPR DO QR KDEHUVH FHOHEUDGR OD FRPLVLyQ LQIRUPDWLYD FRQ DQWHULRULGDG D OD FRQYRFDWRULD GHO 3OHQR /RV SUHVXSXHVWRV PXQLFLSDOHV GH YROYLHURQ D HVWDU HQ YLJRU JUDFLDV DO YRWR D IDYRU GH ORV PLHPEURV GHO

-PT QPQVMBSFT TF BVTFOUBSPO EFM TBMÊO EF QMFOPT

,PDJHQ GH DUFKLYR GH XQ SOHQR

(TXLSR GH *RELHUQR \ GH ORV H[ FRQFH MDOHV VRFLDOLVWDV DKRUD HQ HO *UXSR GH ORV 1R $GVFULWRV $VXQFLyQ /ySH] 0DULYt /ySH] )UDQFLVFR =DPRUDQR \ 0DULVD 5RGUtJXH] DVt FRPR DO YRWR WDPELpQ DILUPDWLYR GHO H[ FRQFHMDO GHO 3DUWLGR $QGDOXFLVWD 5DIDHO 0RQWHVLQRV (O ~QLFR YRWR HQ FRQWUD GH ORV PLHPEURV GHO *UXSR GH 1R $GVFULWRV IXH HO GH )UDQFLVFD %HUQDO H[ FRQFHMDOD GHO 3DUWLGR GH (VWHSRQD 3(6 PLHQWUDV TXH &DUPHQ 2FDxD WDPELpQ H[ FRQFHMDOD GHO 3(6 VH DX VHQWy GH OD VDOD HQ HVWH SXQWR 7DPELpQ YRWDURQ HQ FRQWUD ORV FRQFHMDOHV HQ OD RSRVLFLyQ -XDQ 0DQXHO 5RGUtJXH] 3(6 \ 5LFDUGR *DOHRWH 33

/RV FRQFHMDOHV GHO 33 VH DXVHQWDURQ GHO VDOyQ GH SOHQRV FXDQGR VH GHEDWLH URQ \ YRWDURQ ORV GRV SXQWRV UHODWLYRV D ORV SUHVXSXHVWRV FRPR \D KLFLHURQ HQ HO SOHQR GH TXLQFH GH IHEUHUR D H[ FHSFLyQ GH 5LFDUGR *DOHRWH TXH SHU PDQHFLy HQ OD VDOD VHJ~Q DUJXPHQWy ,JQDFLR 0HQD 3RUWDYR] 0XQLFLSDO GHO 3DUWLGR 3RSXODU GH (VWHSRQD SDUD GH IHQGHU OD SRVWXUD OHJDO GH VX SDUWLGR H[SOLFDQGR TXH VH DXVHQWDEDQ SDUD SURWHVWDU GH QXHYR SRU HO LQFUHPHQWR GH SUHVLyQ ILVFDO TXH ORV SUHVXSXHVWRV VXSRQHQ SDUD OD SREODFLyQ $QWRQLR 6iQFKH] SRUWDYR] GHO *UXSR 0XQLFLSDO 6RFLDOLVWD \ DFWXDO FRQFHMDO GH +DFLHQGD UHSOLFy TXH ORV SUHVXSXHVWRV QR HUDQ REMHWR GH GHEDWH HQ HVWD VHVLyQ SOHQDULD VLQR OD GHVHVWL PDFLyQ GH ODV DOHJDFLRQHV SUHVHQWDGDV FRQWUD ORV SUHVXSXHVWRV \ GH ODV UHFOD PDFLRQHV IRUPXODGDV FRQWUD ODV RUGH QDQ]DV ILVFDOHV

&M UFSDFS DPPSEJOBEPS QBSB MB "MDBMEÄB DPTUBS¸ B MBT BSDBT NVOJDJQBMFT FVSPT BM BÈP %F MMPT UUSFT DDPPPSEJOBEPSFT TTPMP V VOP FFT E EF & &TUFQPOB & 1 & (O QXHYR DOFDOGH VRFLDOLVWD

'DYLG 9DODGH] QRPEUy HO SDVDGR FXDWUR D GLFLHPEUH D -RVp 3HGUR )HUQiQGH] *DJR QXHYR FRRUGLQDGRU GH $OFDOGtD DWULEX\pQGROH ODV IXQFLR QHV GH FRRUGLQDFLyQ GLUHFFLyQ \ HVSH FLDO DVHVRUDPLHQWR HQ PDWHULD GH SHUVRQDO SHUFLELHQGR SRU HOOR XQD UH PXQHUDFLyQ EUXWD DQXDO GH (XURV *DJR IXH SHUVRQD GH FRQILDQ]D GH %ROtQ HQ %HQDOPiGHQD

$O HOHYDGR FRVWH TXH VXSRQGUi HV WH QXHYR FRRUGLQDGRU KDEUtD TXH DxD GLU HO FRPSOHPHQWR GH QRYHFLHQWRV HXURV PHQVXDOHV DVLJQDGR DO -HIH GHO *DELQHWH GH $OFDOGtD /XFLDQR 6iQFKH] \ OD UHPXQHUDFLyQ FRUUHV SRQGLHQWH D OD WDPELpQ FRRUGLQDGRUD GHO ÈUHD GH $OFDOGtD /HWLFLD 7HEXO SHUVRQD YLQFXODGD D ODV -XYHQWXGHV 6RFLDOLVWDV GH 7RUUHPROLQRV 9DODGH] GLR FXHQWD DO 3OHQR GHO QRPEUDPLHQWR

GH )HUQiQGH] *DJR HO SDVDGR GLH] GH GLFLHPEUH OR TXH SURYRFy GXUDV FUtWL FDV SRU SDUWH GH OD RSRVLFLyQ DVt HO HGLO GHO 3(6 -XDQ 0DQXHO 5RGUtJXH] DUUHPHWLy FRQWUD HO $OFDOGH DUJXPHQ WDQGR TXH HVWRV QRPEUDPLHQWRV HYL GHQFLDQ TXH VX WDQ GLIXQGLGR SODQ GH DXVWHULGDG HV SXUD GHPDJRJLD \ TXH DGHPiV QR VH FRPSUHQGH FyPR H[LV WLHQGR HQ (VWHSRQD SHUVRQDV SUHSDUD GDV SDUD HVH FDUJR HO $OFDOGH FRQWUDWH SDUD OD $OFDOGtD D GRV SHUVRQDV TXH QR WLHQHQ QDGD TXH YHU FRQ (VWHSRQD

$FTBEP FM MJRVJEBEPS EF MBT 4PDJFEBEFT .VOJDJQBMFT

& 1 (O 3OHQR 0XQLFLSDO FRQVWL

WXLGR HQ -XQWD *HQHUDO 8QLYHUVDO DFRUGy HQ OD VHVLyQ H[WUDRUGLQDULD FHOHEUDGD HO SDVDGR PLpUFROHV FHVDU D -XDQ 0DQXHO 'H +R\RV 9DOOHMR FRPR OLTXLGDGRU GH ODV VRFLHGDGHV PXQLFLSDOHV (VWHSRQD ;;, &RQWURO &RQWDEOH 6 / 8 \ (VWHSRQD ;;, &RQWURO 6HUYLFLRV 6 / 8 QRPEUDQGR FRPR QXHYR OLTXLGDGRU DO 7HVRUHUR GHO $\XQWDPLHQWR )pOL[ 'RPtQJXH] (O $OFDOGH VRFLDOLVWD 'DYLG 9DODGH] H[SOLFy D SUHJXQWDV GHO H[ FRQFHMDO VRFLDOLVWD )UDQFLVFR =DPRUDQR TXH 'H +R\RV KDEtD FR EUDGR FXDQWLRVDV VXPDV SRU OD OL TXLGDFLyQ GH ODV VRFLHGDGHV \ TXH SHVH D VHU UHTXHULGR SDUD TXH DSRU WDVH OD GRFXPHQWDFLyQ DFHUFD GH ODV FXHQWDV EDQFDULDV SDJRV D OD 6HJXULGDG 6RFLDO \ D +DFLHQGD \ HVWDGR GH JHVWLyQ GH ODV FRUUHVSRQ GLHQWHV OLTXLGDFLRQHV pVWH QR OHV KDEtD IDFLOLWDGR LQIRUPDFLyQ DOJXQD \ TXH QR KDEtD FRPSDUHFLGR D ODV UHXQLRQHV D ODV TXH D WDO HIHFWR VH OH KDEtD FRQYRFDGR -XDQ 0DQXHO 5RGUtJXH] FRQFH MDO GHO 3(6 SODQWHy DQWHV GHO GHED WH GH HVWH SXQWR FRPR FXHVWLyQ IRUPDO TXH OD -XQWD *HQHUDO QR HV WDED YiOLGDPHQWH FRQVWLWXLGD DO IDO WDU GRV PLHPEURV GH OD &RUSRUDFLyQ TXH QR HVWDEDQ SUH VHQWHV UHILULpQGRVH D VXV FRPSDxH URV GH IRUPDFLyQ -RVp ,JQDFLR &UHVSR \ 0DQXHO 5HLQD TXLHQHV HQ HVH GtD D~Q VH HQFRQWUDEDQ HQ SUL VLyQ SUHYHQWLYD SRU VX LPSXWDFLyQ HQ HO &DVR $VWDSD 7DQWR HO FHVH GH 'H +R\RV FR PR HO QXHYR QRPEUDPLHQWR GH )pOL[ 'RPtQJXH] FRPR OLTXLGDGRU GH ODV VRFLHGDGHV PXQLFLSDOHV VH DSUREDURQ FRQ HO YRWR D IDYRU GHO (TXLSR GH *RELHUQR \ OD DEVWHQ FLyQ GH ORV HGLOHV GHO 3DUWLGR 3RSXODU \ GH WRGRV ORV PLHPEURV GHO *UXSR GH ORV 1R $GVFULWRV VDO YR ODV H[ HGLOHV GHO 3(6 )UDQFLVFD %HUQDO \ &DUPHQ 2FDxD TXH YRWD URQ D IDYRU DPEDV SURSXHVWDV \ )UDQFLVFR =DPRUDQR TXH YRWy D ID YRU GHO QRPEUDPLHQWR GH )pOL[ 'RPtQJXH] /D PDVLYD DEVWHQFLyQ GH OD RSRVLFLyQ VH MXVWLILFy HQ OD IDOWD GH GRFXPHQWDFLyQ H LQIRUPD FLyQ VREUH HVWH WHPD

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

'Ì$ '( /$ ,10$&8/$'$ /D LPDJHQ GH /D ,QPDFXODGD UHFRUULy ODV FDOOHV GH (VWHSRQD (VWH DxR OD FHOHEUDFLyQ VH WRUQy PiV LPSRUWDQWH DO FXPSOLUVH DxRV GHVGH VX SULPHUD VDOLGD /D UHSUHVHQWDFLyQ GH ODV FRIUDGtDV ORFDOHV HVWXYLHURQ SUHVHQWHV HQ HO GHVILOH

(O SDVR GH OD ,QPDFXODGD FRQWy FRQ XQ JUXSR GH MyYHQHV FRVWDOHURV

/RV HVWDQGDUWHV GH ODV KHUPDQGDGHV GLHURQ UHDOFH DO GHVILOH

/D MXYHQWXG FDGD YH] PiV LQYROXFUDGD HQ ORV GHVILOHV

3UHFLRVD LPDJHQ GH /D ,QPDFXODGD

/D EDQGD GH P~VLFD LQWHUSUHWy SUHFLRVDV PDUFKDV HQ HO UHFRUULGR

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

/D FRFWHOHUD ;AF=

DA:JGK

ÉLaZmj f$ ]f dYk _YjjYk \]d `geZj]Ê$ ]d ^jmlg \] [mYljg Y gk \] jg\Yb] kmZeYjafg

DUD HO GLUHFWRU 5RE 6WHZDUW OR TXH FRPHQ]y FRPR XQD DYHQ WXUD VXEPDULQD SDUD H[SORUDU D ORV WLEXURQHV DFDEDUtD FRQYLUWLpQGR HQ XQ KHUPRVR \ SHOLJURVR YLDMH D WUD YpV GHO HTXLOLEULR GH OD YLGD HQ OD 7LHUUD )DVFLQDGR GHVGH SHTXHxR SRU ORV WLEXURQHV 6WHZDUW GHVDFUHGLWD ORV HVWHUHRWLSRV KLVWyULFRV \ OD LPDJHQ TXH PXHVWUDQ ORV PHGLRV GH FRPXQLFDFLyQ GH ORV WLEXURQHV FRPR PRQVWUXRV GHYRUDKRPEUHV VHGLHQWRV GH VDQJUH \ UHYHOD OD UH DOLGDG GH HVWDV FULDWXUDV FRPR SL ODUHV GH OD HYROXFLyQ GH ORV RFpDQRV &RQ XQDV LPSUHVLRQDQWHV LPi JHQHV ILOPDGD HQ DOWD GHILQLFLyQ 6KDUNZDWHU QRV DGHQWUD HQ ODV DJXDV FRQ PiV WLEXURQHV GHO PXQ GR GHVWDSDQGR OD H[SORWDFLyQ \ FRUUXSFLyQ HQ WRUQR D ORV WLEXURQHV \ ODV UHVHUYDV PDULQDV GH ODV ,VODV &RFRV &RVWD 5LFD \ ODV ,VODV *DOiSDJRV HQ (FXDGRU (Q VX OXFKD SRU SURWHJHU D ORV WL EXURQHV 6WHZDUW VH XQH DO FRQVHU YDFLRQLVWD UHQHJDGR 3DXO :DWVRQ GH OD 6HD 6KHSKHUG &RQVHUYDWLRQ 6RFLHW\ 6X LQFUHtEOH DYHQWXUD FR PLHQ]D FRQ XQD EDWDOOD HQWUH HO 2FHDQ :DUULRU \ ORV SHVFDGRUHV LOHJDOHV GH WLEXURQHV GH *XDWHPDOD TXH DFDED FRQ HP EHVWLGDV GH EDUFRV SLUDWDV SHUVH FXFLRQHV GH FDxRQHURV HVSLRQDMH GH OD PDILD WULEXQDOHV FRUUXSWRV \ DFXVDFLRQHV GH LQWHQWR GH DVHVL

DY ha]\jY Yj\a]fl] .$7( (//,277 (',725,$/ /$ )$&725,$ '( ,'($6 393 HXU

( (O GRFXPHQWDO QRV PXHVWUD RWUD FDUD GHO PXQGR GHO WLEXUyQ

QDWR OR TXH KDFH TXH WHQJDQ TXH KXLU SDUD VDOYDU VXV YLGDV 7RGR HVWR OH OOHYD D GHVFXEULU TXH HVWDV PDJQtILFDV FULDWXUDV KDQ SDVDGR GH VHU XQ GHSUHGDGRU D VHU XQD SUHVD \ TXH D SHVDU GH KDEHU VREUHYLYLGR D ODV H[WLQFLR QHV PDVLYDV HQ OD KLVWRULD GH OD

7LHUUD SRGUtDQ GHVDSDUHFHU HQ XQRV DxRV GHELGR D OD FRGLFLD KX PDQD (O YLDMH GH 6WHZDUW OOHQR GH YD OHQWtD \ FRUDMH SDVD GH VHU XQD PLVLyQ SDUD VDOYDU D ORV WLEXURQHV D FRQYHUWLUVH HQ XQD OXFKD SRU VDO YDU VX YLGD \ OD GH OD KXPDQLGDG

]f [Yjl]d]jY

Mdlae~lme Y dY La]jjY 'LUHFFLyQ 6FRWW 'HUULFNVRQ *pQHUR 'UDPD FLHQFLD ILF FLyQ ,QWHUSUHWDFLyQ .HDQX 5HHYHV -HQQLIHU &RQQHOO\ -RQ +DPP -RKQ &OHHVH -DGHQ 6PLWK .DWK\ %DWHV *XLyQ 'DYLG 6FDUSD EDVDGR HQ HO JXLyQ GH (GPXQG + 1RUWK SDUD OD SHOtFXOD 8OWLPiWXP D OD 7LHUUD GLULJLGD SRU 5REHUW :LVH /D IDPRVD FLHQWtILFD +HOHQ %HQVRQ VH HQFXHQWUD FDUD D FD UD FRQ XQ H[WUDWHUUHVWUH OODPDGR .ODDWX TXH KD YLDMDGR SRU HO XQLYHUVR SDUD DGYHUWLU D OD KX PDQLGDG VREUH XQD LQPLQHQWH FULVLV JOREDO &XDQGR IXHU]DV TXH HVWiQ PiV DOOi GHO FRQWURO

;geg dgk \]e~k 'LUHFFLyQ \ JXLyQ 9LQFHQW *DUHQT 'XUDFLyQ PLQ *pQHUR &RPHGLD ,QWHUSUHWDFLyQ /DPEHUW :LOVRQ 3LODU /ySH] GH $\DOD 3DVFDO (OEp $QQH %URFKHW $QGUpH 'DPDQW )ORUHQFH 'DUHO 0DUF 'XUHW /LOLDQH &HEULDQ /XLV -DLPH &RUWH] 3URGXFFLyQ &KULVWRSKH 5RVVLJQRQ \ 3KLOLS %RHIIDUG

GH +HOHQ WUDWDQ D .ODDWX FRPR D XQ VHU KRVWLO \ VH QLHJDQ D VX SHWLFLyQ GH GLULJLUVH D ORV OtGH UHV PXQGLDOHV HOOD \ VX KLMDVWUR -DFRE GHVFXEUHQ ODV OHWDOHV UD PLILFDFLRQHV TXH VXE\DFHQ HQ OD DILUPDFLyQ GH .ODDWX GH TXH HV XQ DPLJR GH OD WLHUUD

8QD SDUHMD KRPRVH[XDO (PPDQXHO \ 3KLOLSSH TXLHUHQ XQ KLMR SHUR QR WLHQHQ GHUH FKR D DGRSWDU 3KLOLSSH WUDWDUi GH KDFHUVH SDVDU SRU KHWHURVH[XDO DQWH OD DVLVWHQWH VRFLDO TXH GHEH GH FLGLU VL OH FRQFHGH HO KLMR DU

O UH\ +HQU\ KD XQLILFDGR ORV UHL QRV GH :HQGHU \ 9DUUH SHUR FRQWLQ~DQ ODV FRQWLHQGDV 6DEHOOD OD KHUPDQDVWUD GH +HQU\ IRPHQWD OD UHEHOLyQ FRQWUD pO HQ 9DUUH TXH HVWi VLHQGR LQYD GLGR SRU ORV LQKXPDQRV (LND GHVGH HO 1RUWH +HQU\ QR KD GHFLGLGR FXiO GH VXV WUHV KLMRV VHUi VX KHUHGHUR DXQTXH ORV UXPRUHV DSXQWDQ D TXH 6DQJODQW VX LQPRUWDO GHVFHQGLHQ WH EDVWDUGR HV HO IDYRULWR /LDWK HQDPRUDGD GH 6DQJODQW EXVFD XQ SRUWDO DO SDtV GH ORV $RL GRQGH QDFLy OD PDGUH GH HVWH SDUD LQYHVWLJDU OD GHVDSDULFLyQ GH HVWH SXHEOR PiJLFR 6XV YLGDV \ VX DPRU FRUUHUiQ SHOLJUR IRU]DGRV SRU ODV IXHUWHV H[LJHQFLDV GH OD SROtWLFD HO FRQRFL PLHQWR SURKLELGR \ OD IDPLOLD /D DXWRUD .DWH (OOLRWW HV XQD LQTXLHWD \ FXLGDGRVD HVFULWRUD TXH DERUGD VLQ PLHGR OD IDQWDVtD (Q VXV QRYHODV UHFUHD XQ PXQGR ULFR \ VXJHUHQWH GH EDVHV KLVWyUL FDV \ JUDQ SURIXQGLGDG GRQGH XELFD WUDPDV OOHQDV GH HPRFLyQ VXVSHQVH \ SHUVRQDMHV DWUDFWLYRV

JXPHQWDQGR TXH VX KLVWRULD SHUVRQDO OH REOLJD D SHUPDQH FHU VROWHUR SHUR QR SRGUi HYL WDU TXH HOOD DGLYLQH TXH HV JD\ 3KLOLSSH FRQRFH D )LQD TXH HVWi LOHJDOPHQWH HQ HO SDtV \ OH SURSRQH TXH OH KDJD XQ KLMR

'HSRUWHV (1 (67(321$

ZZZ ODJROHDGD FRP

0iV DSXURV GH OR HVSHUDGR

ů ĐŽŶũƵŶƚŽ ƋƵĞ ĚŝƌŝŐĞ WƌŽĐŽƉŝŽ ƐƵĨƌŝſ ŵĄƐ ĚĞ ůŽ ĞƐƉĞƌĂĚŽ ĞŶ ƐƵ ƷůƚŝŵŽ ĚĞƐƉůĂǌĂŵŝĞŶƚŽ͕ ƉĂƌĂ ƉŽĚĞƌ ĚĞƌƌŽƚĂƌ ƉŽƌ ϭͲϮ Ăů ĐŽůŝƐƚĂ ĚĞů ŐƌƵƉŽ͕ Ğů ĂƐŝŶŽ ĚĞů ZĞĂů ĚĞ DĞůŝůůĂ )~WERO

*ROI

%DORQFHVWR

ů ƐƚĞƉŽŶĂ ǀŝĂũĂ ŚĂƐƚĂ ůŵĞƌşĂ ĐŽŶ ůĂ ďĂũĂ ĚĞů ĚĞůĂŶƚĞƌŽ ĂƚĂŶŚĂ

ZĂƷů 'ƵĞƌƌĞƌŽ͕ ĐĂŵƉĞſŶ ŽŶĐĞŶƚƌĂĐŝſŶ ĚĞ ĚĞů ƌĄŶŬŝŶŐ ĚĞů ůƵď ĞƐĐƵĞůĂƐ ĚĞ hŶŝĐĂũĂ ĚĞ 'ŽůĨ ƐƚĞďďƵŶĂ ĞŶ ƐƚĞƉŽŶĂ

EƵĞǀŽ ĚĞƐƉůĂǌĂŵŝĞŶƚŽ Ă ƚŝĞƌƌĂƐ ĂůŵĞƌŝĞŶƐĞƐ ƉĂƌĂ Ğů ƐƚĞƉŽŶĂ͕ ƋƵĞ ƐĞ ŵĞĚŝƌĄ Ăů ŝƵĚĂĚ ĚĞ sşĐĂƌ͕ ĚŽŶĚĞ ďƵƐĐĂƌĄ ůĂ ĚƵŽĚĠĐŝŵĂ ǀŝĐƚŽƌŝĂ ĚĞ ůĂ ƚĞŵƉŽƌĂĚĂ Ǉ ŵĂŶƚĞŶĞƌƐĞ ĞŶ Ğů ŐƌƵƉŽ ĚĞ ĐĂͲ ďĞǌĂ͘ >Ă ƉƌŝŶĐŝƉĂů ŶŽǀĞĚĂĚ ĞƐ ůĂ ďĂũĂ ƉŽƌ ƐĂŶͲ ĐŝſŶ ĚĞ ĂƚĂŶŚĂ͕ ƋƵĞ ĨƵĞ ĞǆƉƵůƐĂĚŽ ĞŶ DĞůŝůůĂ͘

ů ůƵď ĚĞ 'ŽůĨ ƐƚĞďďƵŶĂ ĚĞ ƐƚĞƉŽŶĂ ĐůĂƵƐƵƌſ ůĂ ƚĞŵƉŽƌĂĚĂ ϮϬϬϴ͕ ĐŽŶ ƵŶĂ ĐĞͲ ŶĂ ĞŶ Ğů ƌĞƐƚĂƵƌĂŶƚĞ >Ă ZĂĚĂ͕ ĚŽŶĚĞ ƐĞ ĞŶƚƌĞŐĂƌŽŶ ůŽƐ ƚƌŽĨĞŽƐ Ă ůŽƐ ŐĂŶĂĚŽƌĞƐ ƚƌĂƐ ůĂ ĚŝƐƉƵƚĂ ĚĞ ŽĐŚŽ ƚŽƌŶĞŽƐ ĞŶ ĚŝƐƚŝŶͲ ƚŽƐ ĐĂŵƉŽƐ ĚĞ ŐŽůĨ ĚĞ ůĂ ŽƐƚĂ ĚĞů ^Žů͘

ƐƚĞ ƐĄďĂĚŽ Ğů ƉĂďĞůůſŶ ĐƵͲ ďŝĞƌƚŽ >Ă >ŽďŝůůĂ ĚĞ ƐƚĞƉŽŶĂ ĂĐŽŐĞƌĄ ůĂ ƚƌĂĚŝĐŝŽŶĂů ĐŽŶĐĞŶͲ ƚƌĂĐŝſŶ ĞŶ ůĂ ƋƵĞ ĞƐƚĄ ƉƌĞǀŝƐƚŽ ƋƵĞ ƉĂƌƚŝĐŝƉĞŶ ĂůƌĞĚĞĚŽƌ ĚĞ ĚŽƐĐŝĞŶƚŽƐ ŶŝŹŽƐ Ǉ ŶŝŹĂƐ͘

FTUFQPOB

&M QFSJÊEJDP EF

%&1035&4

/&841"1&3

'ÑUCPM 5FSDFSB EJWJTJÊO HSVQP *9

1PMJEFQPSUJWP

&M &TUFQPOB WJBKB IBTUB "MNFSÄB DPO MB CBKB EFM EFMBOUFSP $BUBOIB

-B 'VOEBDJÊO )PSBT %FQPSUJWBT QBSUJDJQB FO FM * $POHSFTP "OEBMV[ EFM %FQPSUF

+ + .BDÄBT 1XHYR GHVSOD]D PLHQWR D WLHUUDV DOPHULHQVHV SDUD HO (VWHSRQD TXH HVWH GRPLQJR SRU OD PDxDQD VH PHGLUi DO &LXGDG GH 9tFDU GRQGH EXVFDUi OD GXRGpFLPD YLFWRULD GH OD WHPSRUDGD \ PDQWH QHUVH HQ HO JUXSR GH FDEH]D /RV HVWHSRQHURV KDQ HQWUHQDGR FRQ QRUPDOLGDG GHVSXpV GHO WULXQIR FRQVHJXLGR HQ 0HOLOOD DQWH HO &DVLQR GHO 5HDO \ HO GHVFDQVR GH OD MRUQDGD GHO OXQHV /D SULQFLSDO QR YHGDG HQ HO HTXLSR GH 5D~O 3URFRSLR HV OD EDMD GHO GHODQWHUR &DWDQKD TXH IXH H[SXOVDGR HQ 0HOLOOD \ KD VLGR VDQFLRQDGR FRQ XQ SDUWLGR 3RU HO FRQWUDULR VH UH FXSHUD DO DUJHQWLQR 'LHJR 5RPHUR WUDV FXPSOLU HO FLFOR GH DFXPXOD FLyQ GH WDUMHWDV DPDULOODV 7DPELpQ KD HQWUHQDGR FRQ QRUPDOLGDG HO JDGLWDQR -XDQGH WUDV UHFXSHUDUVH GH XQD JULSH (O FHQWURFDPSLVWD %DUULRV VLJXH HQWUHQDQGR DSDUWH GHO JUXSR \ UHFXSHUiQGRVH GH VX OHVLyQ HQ OD URGLOOD GHUHFKD

+ + .BDÄBT /D )XQGDFLyQ +RUDV 'HSRUWLYDV GH (VWHSRQD KD HVWDGR SUHVHQWH HQ HO &2'$ FHOHEUDGR KDFH XQRV GtDV HQ 6HYLOOD (O HVWHSRQHUR $QWRQLR -RVp 0HQD *DUFtD SDWURQR GH OD )XQGDFLyQ KD SDUWLFLSDGR HQ OD PHVD GH WUDEDMR GHGLFDGD DO 'HSRUWH (VFRODU \ 'HSRUWH 8QLYHUVLWDULR GRQGH KD FRQFOXL GR HQWUH RWUDV FRQVLGHUDFLRQHV HO REMHWLYR GH ORJUDU HQ TXH HO SRU FLHQWR GH ORV FHQWURV HV FRODUHV HVWpQ LQFRUSRUDGRV DO SURJUDPD GH 'HSRUWH HQ OD HV FXHOD LPSXOVDGR SRU OD -XQWD GH $QGDOXFtD 6HJ~Q KD GHVWDFDGR 0HQD HV PX\ LPSRUWDQWH SDUD OD )XQGDFLyQ HO HVWDU SUHVHQWH HQ HVWRV IRURV \D TXH HO 3ODQ (VWUDWpJLFR GHO 'HSRUWH $QGDOX] HV HO TXH YD D PDUFDU ODV OtQHDV HQ PDWHULD ItVLFR GHSRUWLYD HQ QXHVWUD FRPXQLGDG HQ ORV SUy[L PRV RFKR DxRV (Q HVWH HYHQWR WDPELpQ KDQ HVWDGR SUHVHQWHV HO FRQFHMDO GH 'HSRUWHV GHO $\XQWDPLHQWR GH (VWHSRQD &DUORV 5RGUtJXH] \ HO MHIH GH GHSRUWHV GHO iUHD GH 'HSRUWHV &DUORV 'H %ODV SDUWL FLSDQGR HQ OD PHVD GH WUDEDMR GH GLFDGD DO 'HSRUWH /RFDO

-PT F FTUFQPOFSPT TTF F FOGSFOUBO BBM DDVBESP E EFM $ $JVEBE E EF 7 7ÄDBS DDPO EF WWPMWFS BB SSFDVQFSBS FFM Q QSJNFS Q MB JJOUFODJÊO E QVFTUP F FO MMB UUBCMB

5SFT CBKBT FO FM 7ÄDBS

3RU VX SDUWH HO HTXLSR DOPHULHQVH GHO &OXE 'HSRUWLYR &LXGDG GH 9tFDU RFWDYR FRQ SXQWRV WLHQH ODV EDMDV SRU VDQFLyQ GH &DQWDUXWWL %ODVFR \ )HUQDQGR (VWH HTXLSR DOPHULHQVH KD GLV SXWDGR VLHWH SDUWLGRV FRPR ORFDO JDQDQGR HQ FXDWUR RFDVLRQHV D &DVLQR 5HDO *UDQDGD /RMD \ 9pOH] PLHQ WUDV TXH KD SHUGLGR HQ WUHV RFDVLRQHV DQWH $OPHUtD % 9HUD \ 0RWULO 3RU VX SDUWH HO (VWHSRQD KD MXJDGR RFKR SDUWLGRV D GRPLFLOLR JDQDQGR HQ FLQFR RFDVLRQHV \ SHUGLHQGR WUHV HQFXHQWURV (O (VWHSRQD \D QR MXJDUi HQ HO HVWDGLR )UDQFLVFR 0XxR] 3pUH] KDVWD HO GH GLFLHPEUH TXH VH PHGLUi DO *UDQDGD \ VHJXLGD PHQWH HO VH GHVSOD]DUi D OD FD SLWDO JUDQDGLQD GRQGH VH PHGLUi DO *UDQDGD $WOpWLFR \ ILQDOL]DUi OD SULPHUD YXHOWD GH FRPSHWLFLyQ (O SDUWLGR HQWUH HO &LXGDG GH 9tFDU \ (VWHSRQD FRPHQ]DUi D ODV RQFH \ PHGLD GH OD PDxDQD GHO GR PLQJR HQ HO 0XQLFLSDO GH 9tFDU $OPHUtD FRQ DUELWUDMH GHO FHXWt -XDQ 3DEOR 5DPRV 5RGUtJXH] TXH HVWD WHPSRUDGD KD GLULJLGR FXDWUR HQFXHQWURV FRQ WUHV YLFWRULDV ORFD OHV /RMD & 1tMDU $GUD *UDQDGD \ $OPHUtD % 9pOH] \ XQ WULXQIR YLVLWDQWH HQ HO SDUWL GR GHO *UXSR ; HQWUH $QWRQLDQR \ 'RV +HUPDQDV TXH DFDEy FRQ HO UHVXOWDGR GH

&DWDQKD QR SRGUi MXJDU DO HVWDU VDQFLRQDGR SRU VX H[SXOVLyQ HQ 0HOLOOD

"MJOFBDJÊO QSPCBCMF

/D DOLQHDFLyQ SUREDEOH TXH SXHGH SUHVHQWDU HO (VWHSRDQHV HV OD FRP SXHVWD SRU ,VDDF (VStQROD 2VFDU 7HQD &XHVWD &XHYDV $QWRQLR 5RPiQ 0DUFRV 'LHJR 5RPHUR &KXSL ÈQJHO \ %RUMD 3RU RWUR ODGR HO FRQMXQWR TXH GLULJH 5D~O 3URFRSLR VXIULy PiV GH OR HVSHUDGR SDUD SRGHU GHUURWDU SRU DO FROLVWD GHO JUXSR &DVLQR GHO 5HDO GH 0HOLOOD $BOUBSVUUJ #MBTDP Z 'FSOBOEP OP QPES¸O KVHBS FTUF QBSUJEP QPS QBSUF EFM DVBESP BMNFSJFOTF /RV HVWHSRQHURV IXHURQ MXVWRV YHQ FHGRUHV HQ XQ HQFXHQWUR TXH VH OH FRPSOLFy GHVGH HO LQLFLR FRQ OD H[ SXOVLyQ FRQ WDUMHWD URMD GLUHFWD GHO GHODQWHUR &DWDQKD SRU GDU XQ FRGD ]R HQ OD GLVSXWD GH XQ EDOyQ FRQ XQ GHIHQVD PHOLOOHQVH FXDQGR WDQ VyOR VH KDEtDQ GLVSXWDGR QXHYH PLQXWRV SRU OR TXH ORV HVWHSRQHURV MXJDURQ FDVL WRGR HO SDUWLGR FRQ GLH] MXJDGR UHV &XDQGR VH FXPSOtD HO SULPHU FXDUWR GH KRUD GH SDUWLGR ÈQJHO IXH GHUULEDGR GHQWUR GHO iUHD \ HO iUEL WUR VHxDOy OD SHQD Pi[LPD SHUR ORV HVWHSRQHURV GHVDSURYHFKDUtDQ OD RFDVLyQ GH DGHODQWDUVH HQ HO PDUFD GRU \D TXH HO GLVSDUR GH ÈQJHO OR GHWXYR %UXQR 3RU ORV ORFDOHV HO MXJDGRU TXH PiV SHOLJUR FUHDED HUD 0DQROR TXH HQ XQ EXHQ UHPDWH SXVR HQ DSXURV D ,VDDF TXH WXYR TXH GHVSHMDU GH EXH QD HVWLUDGD $O GHVFDQVR VH OOHJy FRQ HO HPSDWH D FHUR HQ HO PDUFDGRU \ FRQ OD SUHRFXSDFLyQ HQ ORV PDOD JXHxRV WUDV QR KDEHU FRQVHJXLGR DGHODQWDUVH

(Q OD VHJXQGD SDUWH 5D~O 3URFRSLR RUGHQy D VXV MXJDGRUHV LU D SRU HO SDUWLGR \ GLR HQWUDGD D %RUMD -XDQIUL \ $QWRxLWR /D SULPHUD JUDQ RFDVLyQ SDUD PDUFDU OD WXYR HO GHIHQ VD HVWHSRQHUR &XUUR TXH FDEHFHy IXHUD SRU SRFR XQD MXJDGD HQVD\DGD (O MRYHQ IXHQJLUROHxR -XDQIUL HVWXYR DFHUWDGR HQ XQ UHFKDFH GH %UXQR WUDV XQ EXHQ UHPDWH GH %RUMD \ FRQ VLJXLy PDUFDU HO \ HO FXDUWR GH OD SUHVHQWH WHPSRUDGD 3RFR GXUy OD DOHJUtD HVWHSRQHUD \D TXH D ORV VLHWH PLQXWRV OOHJDUtD HO HPSDWH D XQR HQ XQ EXHQ GLVSDUR UDVR GH 0DQROR TXH EDWLy D ,VDDF HQ VX VDOLGD /RV ~OWLPRV PLQXWRV IXHURQ GH DJRELR WRWDO VREUH OD SRUWHUtD GHIHQ GLGD SRU %UXQR HVWUHOODQGR &XHYDV XQ EDOyQ HQ HO ODUJXHUR DQWHV GH TXH %RUMD VDFDUD ELHQ XQ FRUQHU \ 2VFDU 7HQD FDEHFHDUD D OD SHUIHFFLyQ SDUD FRQVHJXLU HO GHILQLWLYR TXH VX SXVR HO VXVSLUR GH DOLYLR HQ OD H[SH GLFLyQ HVWHSRQHUD TXH VXPDQ VX XQGpFLPD YLFWRULD GH OD WHPSRUDGD TXH OH SHUPLWH FRQWLQXDU HQ OD VHJXQ GD SRVLFLyQ $BTJOP 3FBM %UXQR 6DODK %HQtWH] +DPLGD +DPL PLQXWR 7DLVRQ $GDP 5RFKD 0DQROR &KLD 7DUHN \ 6LOYD 6LGL PLQXWR 6OJÊO &TUFQPOB $ ' ,VDDF (VStQROD 2VFDU 7HQD &XHVWD $QWRxLWR PLQXWR &XHYDV &XUUR 0DUFRV -XDQIUL PLQXWR $QWRQLR 5RPiQ ÈQJHO &DWDQKD \ &KXSL %RUMD PLQXWR (PMFT PLQXWR -XDQIUL DO SURYHFKDU XQ UHFKDFH GH %UXQR D GLVSDUR GH %RUMD PLQXWR 0DQROR EDWH SRU GH EDMR D ,VDDF HQ VX VDOLGR PLQXWR 2VFDU 7HQD DO FDEHFHDU XQ VDTXH GH HVTXLQD GH %RUMD SCJUSP -DYLHU *DUFtD 5RGUtJXH] GH $OPHUtD

#BMPODFTUP

$PODFOUSBDJÊO EF FTDVFMBT EF 6OJDBKB FO &TUFQPOB + + .BDÄBT (VWH ViEDGR GH

GLFLHPEUH HO SDEHOOyQ FXELHUWR /D /RELOOD GH (VWHSRQD DFRJHUi OD WUDGLFLRQDO FRQFHQWUDFLyQ GH HV FXHODV GH EDORQFHVWR GH 8QLFDMD HQ OD TXH HVWi SUHYLVWR TXH SDUWL FLSHQ DOUHGHGRU GH GRVFLHQWRV QL xRV \ QLxDV HQ ODV FDWHJRUtDV GH EDE\V SUHPLQL PLQLEDVNHW LQ IDQWLOHV \ FDGHWHV (VWH DxR SDUWLFLSDUiQ ODV HV FXHODV GH &HXWD 0DQLOYD \ (VWHSRQD (VWD DFWLYLGDG TXH RUJDQL]D OD GHOHJDFLyQ GH 'HSRUWHV GHO $\XQWDPLHQWR GH (VWHSRQD D WUD YpV GH VX HVFXHOD PXQLFLSDO GH EDORQFHVWR FRPHQ]DUi D ODV GLH] GH OD PDxDQD \ HVWi SUHYLVWR TXH ILQDOLFH VREUH ODV WUHV GH OD WDUGH

FTUFQPOB

&M QFSJÊEJDP EF

%&1035&4

&M &TUFQPOB DSFÊ OVNFSPTBT PDBTJPOFT FO .FMJMMB

/&841"1&3

"VORVF MPHSBS MB WJDUPSJB GVF N¸T DPNQMJDBEP EF MP FTQFSBEP FM &TUFQPOB MPHSÊ TVNBS EPT QVOUPT N¸T FO TV QBSUJEP BOUF MPT NFMJMMFOTFT EFM $BTJOP EFM 3FBM

(VJMMFSNP EF $BTUSP EJSJHF FM DBMFOUBNJFOUP

#SVOP EFUJFOF MBO[BNJFOUP EF QFOBMUJ EF OHFM DPO FM

3BÑM 1SPDPQJP EBOEP JOTUSVDDJPOFT

4BMVEP EF MPT FOUSFOBEPSFT

"OHFM TBMUB QBSB SFNBUBS VO CBMÊO

FTUFQPOB

&M QFSJÊEJDP EF

%&1035&4

/&841"1&3

(PMG

1FTDB EFQPSUJWB

3BÑM (VFSSFSP TF QSPDMBNB DBNQFÊO EFM S¸OLJOH EFM $MVC EF (PMG &TUFCCVOB -B F FOUJEBE H HPMGÄTUJDB E EF &&TUFQPOB DDMBVTVSÊ MMB UUFNQPSBEB DDPO MB DDFMFCSBDJÊO E EF V VOB DDFOB FFO V VO SSFTUBVSBOUF E EF MMB MMPDBMJEBE

+VBOKP .BDÄBT (O &OXE GH *ROI

(VWHEEXQD GH (VWHSRQD FODXVXUy OD WHPSRUDGD GHSRUWLYD FRQ XQD FHQD HQ HO UHVWDXUDQWH /D 5DGD GRQGH VH HQWUHJDURQ ORV WURIHRV D ORV JDQD GRUHV HQ ODV GLIHUHQWHV FDWHJRUtDV GH FODVLILFDFLyQ JHQHUDO WUDV OD GLVSXWD GH RFKR WRUQHRV HQ GLVWLQWRV FDPSRV GH JROI GH OD &RVWD GHO 6RO /D FODX VXUD HVWXYR SUHVLGLGD SRU -XDQ $QWRQLR 7UR\DQR SUHVLGHQWH GHO FOXE (VWHEEXQD \ ORV MXJDGRUHV SURIHVLR QDOHV -XDQ 4XLUyV 'LHJR *XHUUHUR \ 3HGUR 0DFtDV (Q OD FODVLILFDFLyQ JHQHUDO \ WUDV OD VXPD GH ORV RFKR WRUQHRV GLVSXWD GR GXUDQWH OD WHPSRUDGD HO YHQFHGRU HQ SULPHUD FDWHJRUtD IXH 5D~O *XHUUHUR *yPH] FRQ XQ WRWDO GH SXQWRV \ HQ VHJXQGR OXJDU VH KD FODVL ILFDGR $XUHOLR 5RGUtJXH] /ySH] FRQ (Q VHJXQGD FDWHJRUtD HO SULPHU FODVLILFDGR KD VLGR HO HVWHSRQHUR )UDQFLVFR -DYLHU &iFHUHV &DUUDVFR FRQ SXQWRV SRU GHODQWH GH 'DYLG &KDFyQ 4XLUyV TXH VXPy \ HQ WHUFHU OXJDU )UDQFLVFR 5XL] 9HUD FRQ SXQWRV 3RU ~OWLPR HQ OD WHUFHUD FDWHJRUtD KXER XQ FODUR YHQFHGRU FRQ SXQ WRV -RVp - &KDFyQ 0RUHQR VHJXLGR GH )pOL[ 'HOJDGR $OJDV FRQ \ 5RPiQ 0XxR] &DEHOOR FRQ SXQ WRV (O ~OWLPR WRUQHR VH GLVSXWy HQ HO FDPSR GH JROI (O 3DUDLVR GRQGH SDU WLFLSDURQ FLQFXHQWD JROILVWDV HQ OD PRGDOLGDG GH LQGLYLGXDO VWDEOHIRUG

,PDJHQ GH OD HQWUHJD GH WURIHRV GHO WRUQHR

FRQ GRV FDWHJRUtDV (Q SULPHUD FDWH JRUtD HO WULXQIR IXH SDUD HO YHQFHGRU DEVROXWR 5D~O *XHUUHUR *yPH] TXH VXPy SXQWRV VHJXLGR GH -RVp 0DUtD 7ULYLxR \ -XDQ $QWRQLR 7UR\DQR FRQ FDGD XQR (Q OD VHJXQGD FDWHJRUtD HO WULXQIR VH OR DGMXGLFy -RDTXtQ $\DOD /R]DQR TXH HPSDWy D SXQWRV FRQ 6HUJLR 0RUHQR &KDFyQ \ GHFLGLy HO KiQGL FDS (Q WHUFHU OXJDU VH FODVLILFy )HUQDQGR 5DPRV 2OLYD FRQ SXQ WRV (Q OD DFWXDOLGDG HO &OXE GH *ROI (VWHEEXQD FXHQWD FRQ XQRV VR FLRV \ WLHQH FRQYHQLRV FRQ ORV GLIH

UHQWHV FDPSRV GH OD ]RQD SDUD IDFLOL WDU D ORV VRFLRV OD SUiFWLFD GH HVWH GH SRUWH 3RU RWUR ODGR ORV JROILVWDV (XVHELR 7HMHUR \ -RDTXtQ 0HGLQD VH SURFODPDURQ FDPSHRQHV GHO WUDGLFLR QDGR WRUQHR GH 1DYLGDG GHO &OXE GH *ROI &DQFHODGD TXH VH GLVSXWDy HQ HO FDPSR GH JROI (O 3DUDLVR FRQ XQD SDUWLFLSDFLyQ GH FXDUHQWD \ GRV SDUH MDV (Q VHJXQGR OXJDU VH FODVLILFy OD SDUHMD FRPSXHVWD SRU -HUyQLPR &DOYR \ 0pQGH] 5RWK \ WHUFHUR IXHURQ )UDQFLVFR \ 0LJXHO $YLOpV 7UDV OD IL QDOL]DFLyQ GHO WRUQHR VH SURFHGLy D OD HQWUHJD GH WURIHRV

1PMJEFQPSUJWP

7BSJBEP QSPHSBNB EFQPSUJWP FO &TUFQPOB DPO NPUJWP EF MBT GJFTUBT OBWJEFÈBT -B Q QSJNFSB E EF MMBT DDPNQFUJDJPOFT Q QSPHSBNBEBT EFM UUPSOFP E EF / /BWJEBE E EF B BKFESF[ FT MMB E

+ + .BDÄBT 8Q DxR PiV OD GHOHJD FLyQ GH 'HSRUWHV GHO $\XQWDPLHQWR GH (VWHSRQD HQ FRODERUDFLyQ FRQ GLYHU VRV FOXEHV GH OD ORFDOLGDG KD RUJDQL]D GR FRQ PRWLYR GH ODV ILHVWDV GH 1DYLGDG XQD VHULH GH DFWLYLGDGHV GLUL JLGDV D WRGR WLSR GH SHUVRQDV \ HQFD PLQDGDV D ILQDOL]DU HVWH DxR GH XQD IRUPD DJUDGDEOH \ GHSRUWLYD /D SULPHUD FRPSHWLFLyQ VHUi HO WRUQHR GH 1DYLGDG GH DMHGUH] TXH WHQ GUi OXJDU HQ HO (VWDGLR 0XQLFLSDO )UDQFLVFR 0XxR] 3pUH] GHO DO GH 'LFLHPEUH \ HQ HO TXH SDUWLFLSDUiQ ORV DOXPQRV GH OD HVFXHOD PXQLFLSDO DVt FRPR DOJXQRV SDGUHV HQ FDWHJRUt DV SLWXIRV VXE VXE VXE \ PD \RUHV &RQWLQXDUi HO GH 'LFLHPEUH FH

OHEUDQGR D SDUWLU GH ODV RFKR GH OD WDU GH HQ HO SDEHOOD /D /RELOOD OD 1RFKH GH ODV $UWHV 0DUFLDOHV TXH FRQJUHJD Ui FRPR FDGD DxR D XQRV FLHQWR FLQ FXHQWD SDUWLFLSDQWHV GH GLIHUHQWHV HVFXHODV \ FOXEHV FRPR ODV (VFXHODV 'HSRUWLYDV 0XQLFLSDOHV GH (VWHSRQD GH -XGR .iUDWH .XQJ IX \ 7DL FKL &OXE GH -XGR &RVWD GHO 6RO & ' GH .iUDWH \ 'HSRUWHV GH &RQWDFWR GH 6DQ 3HGUR GH $OFiQWDUD 6KDROLQ 7HPSOH .XQJ IX 6KX \ 5H[ 'RMR GH .iUDWH .\RNXVKLQ ORV FXDOHV UHDOL]DUiQ GLV WLQWDV H[KLELFLRQHV GH VXV GLVFLSOLQDV PDUFLDOHV 7DPELpQ HO SDEHOOyQ GH /D /RELOOD DFRJHUi HO GH 'LFLHPEUH HO 7RUQHR GH 1DYLGDG GH EDORQFHVWR TXH FRPHQ ]DUi D SDUWLU GH ODV FXDWUR \ PHGtD GH

OD WDUGH \ FRQVLVWLUi HQ XQ FRQFXUVR GH [ RWUR GH WULSOHV \ RWUR GH WLURV OL EUHV 6H SRGUi LQVFULELU FXDOTXLHU SHU VRQD TXH OR GHVHH \ DO ILQDOL]DU VH UHSDUWLUiQ PHGDOODV SDUD ORV PiV SH TXHxRV \ PDWHULDO GHSRUWLYR SDUD ORV JDQDGRUHV GH ORV FRQFXUVRV $BSSFSB QPQVMBS

3DUD ILQDOL]DU FRQ HVWH SURJUDPD GH SRUWLYR HO GRPLQJR GH 'LFLHPEUH WHQGUi OXJDU OD &DUUHUD 3RSXODU GH DWOHWLVPR TXH FRPHQ]DUi D ODV RQFH GH OD PDxDQD \ WUDQVFXUULUi SRU GLIHUHQ WHV FDOOHV GH OD ORFDOLGDG UHFRUULHQGR XQ WRWDO GH NLOyPHWURV 3RGUiQ SDUWL FLSDU SHUVRQDV GH WRGDV ODV HGDGHV \ DO ILQDOL]DU OD FDUUHUD VH VRUWHDUiQ PiV UHJDORV DGHPiV GH REVHTXLDU FRQ XQD FDPLVHWD D ORV TXH ILQDOLFHQ OD SUXHED

(BSDÄB MJEFS EFM DPODVSTP EF DPSDIFP EF k&M 4BSHPl /D $VRFLDFLyQ GH 3HVFD 'HSRUWLYD (O 6DUJR GH (VWHSRQD SDUWLFLSy FRQ XQ WRWDO GH GLH] SHVFDGRUHV HQ HO VHJXQGR FRQFXUVR GH OLJD HQ OD PRGDOLGDG FRUFKHR \ YDOHGHUR SD UD HO FDPSHRQDWR SURYLQFLDO 6H FHOHEUy HQ HO SXHUWR GHSRU WLYR GH (VWHSRQD \ ORV FLQFR SUL PHURV FODVLILFDGRV IXHURQ $QWRQLR *DUFtD -LPpQH] -RVp 6XiUH] 0RQWR\D $OEHUWR /ySH] )HUQiQGH] )UDQFLVFR 0RUDOHV 0DUWtQ \ 0DQXHO 5XL] 5HQGyQ (O SUy[LPR FRQFXUVR VH FHOHEUDUi HO GRPLQJR GH 'LFLHPEUH 3RU RWUR ODGR HVWH FOXE HVWHSR QHUR DSUREy HO FDOHQGDULR GH FRQ FXUVR SDUD OD SUy[LPD WHPSRUDGD WDQWR HQ DJXD GXOFH FRPR PDU FRVWD /D SULPHUD FLWD WHQGUi OXJDU HO GH HQHUR HQ OD PRGDOL GDG GH DJXD GXOFH \ WHQGUi OXJDU HQ HO SDQWDQR GH /RV %DUULRV &iGL] 6HJXLGDPHQWH OD VHJXQGD SUXHED VHUi HO GH PDU]R HQ $UFRV &iGL] HO GH PDU]R HQ HO SDQWDQR GHO &KRUUR 0iODJD \ HO GH DEULO HQ HO UtR PDODJXHxR GH *XDGDOPDU FRQ GRV PDQJDV (Q FXDQWR D OD PRGDOLGDG GH PDU FRVWD OD SULPHUD SUXHED WHQ GUi OXJDU HO GH HQHUR HQ OD SOD \D GH /D /tQHD GH OD &RQFHSFLyQ &iGL] HO GH IHEUHUR HQ OD SOD \D HVWHSRQHUD GH &RVWDOLWD HO GH PDU]R OD WHUFHUD FLWD HQ OD SOD\D PDQLOYHxD GH 6DELQLOODV \ WHUPL QDUi HO GH DEULO HQ /D 5DGD GH (VWHSRQD /D LQVFULSFLyQ SDUD QXHYR VR FLRV HQ HVWH FOXE VHUi GH HXURV \ OD FXRWD DQXDO 7DPELpQ VH DSUREy TXH ORV VRFLRV FRODERUDGR UHV SDJXHQ HXURV \ ORV LQIDQWL OHV GLH] (O 9,,, FRQFXUVR GH SHVFD GH SRUWLYD PDU FRVWD 9LOOD GH (VWHSRQD VH FHOHEUDUi HO GH VHSWLHPEUH GH HQ OD SOD\D GH /D 5DGD 3RU ~OWLPR VH DSUREy HO SUHVXSXHVWR SDUD OD SUy[LPD WHP SRUDGD HQ OD DVRFLDFLyQ TXH SUHVL GH $QWRQLR *DUFtD -LPpQH] \ TXH VXSHUDUi ORV RFKR PLO HXURV \ VH HQWUHJy ODV SODFDV D ORV JDQDGRUHV GH HVWD WHPSRUDGD SURFODPiQGRVH FDPSHyQ HQ ODV GRV PRGDOLGDGHV GH DJXD GXOFH \ PDU FRVWD HO HVWH SRQHUR -RVp 6XiUH] 0RQWR\D

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$ 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

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/"%"

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 ' $

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$ 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

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 ("/("

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

13ª9*." +03/"%"

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

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

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

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/"

'±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

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/"%"

&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$ 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"-"

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

DxRV (VWUHOOD 9HFLQRV HQ HO %DU /D

(QYtH VXV LPiJHQHV D DQWRQLRJRFD#JPDLO FRP

4XH ELHQ VH OR SD VDEDQ

DxRV

6XV 0DMHVWDGHV -XDQ 3RQWH \ 6HEDVWLDQ DxRV

$QWRQLR (O 3DYtD \ .DULQD DxRV

*UXSR GH DPLJRV SRVDQGR 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

-RVp $JXLODU FRQ VXV QLHWRV DxRV

3DTXL *DUFtD GH IDUDODHV DxRV

3DVDQGR XQ MRUQDGD GH SOD\D

DxRV

(O 3DGUH 0DQXHO \ /X\NL DxRV

FTUFQPOB

.0503

&M QFSJÊEJDP EF

/&841"1&3

DPOEVDUPSFT EFOVODJBEPT QPS VTBS FM UFMÀGPOP NÊWJM NBOVBMNFOUF NJFOUSBT DPOEVDÄBO

"EFN¸T DDPOEVDUPSFT I IBO TTJEP E EFOVODJBEPT Q QPS V VTBS BVSJDVMBSFT ZZ Q QPS P PUSBT DDPOEVDUBT R RVF Q QSPWPDBO E EJTUSBDDJÊO

%(5 'XUDQWH ORV TXLQFH GtDV DO GH QRYLHPEUH GH GXUDFLyQ GH OD FDPSDxD GH FRQWURO \ YLJLODQFLD GHO XVR GHO WHOpIRQR PyYLO SXHVWD HQ PDUFKD SRU OD '*7 ORV DJHQWHV GH OD DJUXSDFLyQ GH 7UiILFR GH OD *XDUGLD &LYLO KDQ GHQXQFLDGR D FRQ GXFWRUHV SRU KDEODU SRU HO PyYLO PLHQWUDV FRQGXFtDQ (VWD FLIUD OLJHUDPHQWH LQIHULRU D OD GHO DxR SDVDGR GHPXHVWUD TXH OD VRFLHGDG FDGD YH] HV PiV FRQVFLHQ WH GHO SHOLJUR TXH VXSRQH KDEODU SRU HO WHOpIRQR PLHQWUDV FRQGXFH DXQ TXH WRGDYtD TXHGD XQ UHGXFWR GH FRQGXFWRUHV TXH QR VyOR SRQH HQ SH OLJUR VX YLGD VL QR OD GH ORV GHPiV FXDQGR OOHYDQ D FDER FRQGXFWDV FR PR ODV TXH VH KDQ FRQWURODGR GXUDQ WH HVWD FDPSDxD 6HJ~Q GLYHUVRV HVWXGLRV HO XVR GHO WHOpIRQR PyYLO HV XQ IDFWRU TXH PXOWLSOLFD SRU FXDWUR HO ULHVJR GH VXIULU DFFLGHQWHV (Q WRWDO VH KDQ FRQWURODGR HQ ODV FDUUHWHUDV HVSDxRODV D H[FHSFLyQ GH ODV GH &DWDOXxD \ 3DtV 9DVFR TXH WLHQHQ ODV FRPSHWHQFLDV WUDQVIHULGDV PiV GH YHKtFXORV PiV TXH HQ OD FDPSDxD GH FRQWURO UHDOL]DGD HQ QRYLHPEUH GHO SDVDGR DxR GH ORV TXH KDQ VLGR SD UDGRV $GHPiV GH FRQWURODU HO PDO XVR GHO WHOpIRQR PyYLO GXUDQWH OD FRQ GXFFLyQ H LQIRUPDUOHV GH OD LQIUDF FLyQ TXH HVWDEDQ FRPHWLHQGR ORV DJHQWHV WDPELpQ KDQ YLJLODGR OD XWLOL ]DFLyQ TXH VH KDFtD GH ORV FDVFRV R DXULFXODUHV FRQHFWDGRV D UHFHSWRUHV (Q WRWDO KDQ VLGR SHUVRQDV ODV GHQXQFLDGDV SRU KDFHU XVR GH HVWRV GLVSRVLWLYRV &RPR VH DQXQFLy DO FRPLHQ]R GH OD FDPSDxD DGHPiV GHO XVR GHO Py YLO WDPELpQ VH YLJLODUtDQ RWUDV FRQ GXFWDV TXH SURYRFDQ GLVWUDFFLyQ FRPR PDQLSXODU HO &' IXPDU R KD FHU XQ PDO XVR GHO QDYHJDGRU GLVSR VLWLYR PX\ ~WLO GH D\XGD DO FRQGXFWRU SHUR TXH HQ RFDVLRQHV SXHGH VXSRQHU XQ SHOLJUR FODUR GH

.VFSFO QFSTPOBT FO MBT DBSSFUFSBT EVSBOUF FM QVFOUF EF MB $POTUJUVDJÊO .PUPS 7UHLQWD SHUVRQDV KDQ

IDOOHFLGR HQ ORV DFFLGHQWHV PRUWDOHV RFXUULGRV HQ ODV FDUUHWH UDV HVSDxRODV GXUDQWH HO 3XHQWH GH OD &RQVWLWXFLyQ VHJ~Q LQIRUPD OD 'LUHFFLyQ *HQHUDO GH 7UiILFR (Q ORV VLQLHVWURV UHJLVWUDGRV HQWUH ODV KRUDV GHO SDVDGR YLHUQHV GtD \ ODV KRUDV GHO OXQHV GtD RWUDV SHUVRQDV UH VXOWDURQ KHULGDV GH FDUiFWHU JUDYH \ OHYHV (O YLHUQHV KXER FLQFR DFFL GHQWHV FRQ FLQFR IDOOHFLGRV GRV KHULGRV JUDYHV \ XQR OHYH PLHQ WUDV TXH HO ViEDGR VH FRQWDELOL]D URQ WUHV YtFWLPDV PRUWDOHV \ WUHV KHULGRV OHYHV HQ WUHV VLQLHVWURV (O GRPLQJR VH SURGXMHURQ VLH WH DFFLGHQWHV FRQ VLHWH YtFWLPDV PRUWDOHV XQ KHULGR JUDYH \ RWUR OHYH PLHQWUDV TXH D\HU SHUGLHURQ OD YLGD SHUVRQDV HQ VLQLHV WURV HQ ORV TXH RWUDV SHUVRQDV VXIULHURQ KHULGDV GH JUDYHGDG \ WUHV GH FDUiFWHU OHYH

/DV VDQFLRQHV SXHGHQ OOHJDU D HXURV \ OD UHWLUDGD GH WUHV SXQWRV

%F MPT GBMMFDJEPT FTUF QVFOUF DVBUSP FSB NPUPSJTUBT

DFFLGHQWHV FXDQGR VRQ PDQLSXODGRV GXUDQWH OD PDUFKD (Q WRWDO KDQ VLGR FRQGXFWRUHV ORV TXH KDQ VLGR GH QXQFLDGRV SRU HVWRV PRWLYRV GXUDQWH OD FRQGXFFLyQ /DV GLVWUDFFLRQHV VRQ OD VHJXQGD FDXVD GH VLQLHVWUDOLGDG YLDO HQ QXHV WUR SDtV OD PD\RUtD GH HOODV IiFLO PHQWH HYLWDEOHV \ TXH VXSRQGUtDQ XQD GUiVWLFD GLVPLQXFLyQ GH ORV DFFL GHQWHV GH WUiILFR \ SRU HQGH GH IDOOH FLGRV

(Q OR TXH YD GH DxR KDQ PXHUWR HQ DFFLGHQWHV GH WUiILFR SHUVRQDV PHQRV TXH HO DxR SDVDGR HQ HVWD PLVPD IHFKD OR TXH UHSUHVHQWD XQ GHVFHQVR GHO SRU FLHQWR /RV GRV DFFLGHQWHV PiV JUD YHV GHO SXHQWH VH SURGXMHURQ D\HU HQ OD SURYLQFLD GH *UDQDGD \ HQ OD PLVPD FDUUHWHUD OD 1 (O SULPHUR GH HOORV WXYR OXJDU D ODV KRUDV HQ 9pOH] GH %HQDXGDOOD SRU OD FROLVLyQ HQWUH GRV YHKtFXORV RFXUULGD FXDQGR XQR GH HOORV LQYDGLy HO FDUULO L] TXLHUGR GH OD YtD SRU FLUFXODU D YHORFLGDG LQDGHFXDGD (Q HVWH YH KtFXOR YLDMDEDQ FXDWUR MyYHQHV GH \ DxRV WUHV GH ORV FXDOHV IDOOHFLHURQ (O VHJXQGR VLQLHVWUR VH UHJLV WUy HQ ,]ERU D ODV KRUDV WDPELpQ SRU FROLVLyQ DO LQYDGLU XQ WXULVPR HO FDUULO L]TXLHUGR GHELGR D XQD SRVLEOH GLVWUDFFLyQ GH VX FRQGXFWRU \ HQ HO PLVPR PXULH URQ WDPELpQ WUHV SHUVRQDV GH \ DxRV

"VNFOUB IBTUB VO FM OÑNFSP EF DPOEVDUPSFT RVF VUJMJ[BO FM EJTQPTJUJWP EF NBOPT MJCSFT 2WUD GH ODV FRQVHFXHQFLDV TXH VH SXHGHQ REWHQHU GH OD FDPSDxD OOHYD GD D FDER SRU OD '*7 HV HO DXPHQWR GH FRQGXFWRUHV TXH XWLOL]DQ HO GLVSR VLWLYR PDQRV OLEUHV FRQGXFWD TXH SURYRFD OD SpUGLGD GH FDSDFLGDG GH FRQFHQWUDFLyQ QHFHVDULD SDUD FRQGX FLU QR VH PDQWLHQH XQD YHORFLGDG FRQVWDQWH OD GLVWDQFLD GH VHJXULGDG QR HV VXILFLHQWH FRQ HO YHKtFXOR TXH

FLUFXOD GHODQWH \ HO WLHPSR GH UHDF FLyQ DXPHQWD FRQVLGHUDEOHPHQWH HQ WUH PHGLR \ GRV VHJXQGRV GHSHQGLHQGR GHO FRQGXFWRU +DVWD ILQDOHV GH RFWXEUH VH KDQ SURGXFLGR DFFLGHQWHV GH WUiIL FR GH ORV FXDOHV OD IDOWD GH DWHQFLyQ KD HVWDGR SUHVHQWH HQ

FDXVDQGR IDOOHFLGRV \ KHUL GRV /PSNBUJWB

/RV FRQGXFWRUHV GHQXQFLDGRV SRU ³FRQGXFLU XWLOL]DQGR FDVFRV R DXUL FXODUHV FRQHFWDGRV D DSDUDWRV UHFHS WRUHV R UHSURGXFWRUHV GH VRQLGR HO XVR GXUDQWH OD FRQGXFFLyQ GH GLVSR VLWLYRV GH WHOHIRQtD PyYLO R FXDO TXLHU RWUR PHGLR R VLVWHPD GH FRPXQLFDFLyQ TXH LPSOLTXH VX XVR PDQXDO«´ KDQ LQFXUULGR HQ XQD LQ IUDFFLyQ JUDYH TXH DFDUUHD XQD PXO WD GH HXURV \ OD GHWUDFFLyQ GH WUHV SXQWRV WDO \ FRPR VH UHFRJH HQ HO DUWtFXOR GH OD /H\ GH 6HJXULGDG 9LDO

FTUFQPOB

4"-6%

&M QFSJÊEJDP EF

/&841"1&3

4BOJEBE BOJNB DPO VO IJQ IPQ B MBT Z MPT BEPMFTDFOUFT B VTBS FM QSFTFSWBUJWP FO TVT SFMBDJPOFT &O I IVCP O OBDJNJFOUPT ZZ JJOUFSSVQDJPOFT EFM F FNCBSB[P F FO N NFOPSFT E EF B BÈPT WPMVOUBSJBT E 3FEBDDJÊO

D PDWHUQLGDG QR SODQLILFDGD \ ODV LQWHUUXSFLRQHV YROXQWDULDV GHO HPEDUD]R VRQ XQD UHDOLGDG FDGD YH] PiV H[WHQGLGD KR\ GtD HQ QXHVWUR SDtV /DV VLWXDFLRQHV VRQ HVSHFLDO PHQWH LQGHVHDEOHV FXDQGR ODV TXH ODV VXIUHQ VRQ DGROHVFHQWHV /DV FLIUDV KDEODQ SRU Vt PLVPDV (Q (VSDxD HQ KXER QD FLPLHQWRV \ LQWHUUXSFLRQHV YR OXQWDULDV GHO HPEDUD]R HQ PHQRUHV GH DxRV 6H SURGXMHURQ SRU WDQWR XQRV HPEDUD]RV HQ FKLFDV GH HVDV HGDGHV (VWR KD OOHYDGR DO 0LQLVWHULR GH 6DQLGDG \ &RQVXPR D DFWXDU HQ YD ULRV IUHQWHV SDUD HYLWDU HQ OD PHGLGD GH OR SRVLEOH TXH XQD VROD DGROHVFHQ WH VH HQFXHQWUH FRQ XQ HPEDUD]R TXH QR GHVHD < HO SULPHU IUHQWH VREUH HO TXH DFWXDUi HO 0LQLVWHULR FRPR FRQWLQXD FLyQ GH SROtWLFDV VLPLODUHV GH SUHYHQ FLyQ GH HQIHUPHGDGHV GH WUDQVPLVLyQ VH[XDO HV OD SURPRFLyQ GHO XVR GHO SUHVHUYDWLYR HQ OD TXH KDUi XQ HVSH FLDO HVIXHU]R (Q HVWD OtQHD \ SDUD OOHJDU DO S~ EOLFR REMHWLYR HO PLQLVWUR GH 6DQLGDG \ &RQVXPR %HUQDW 6RULD KD ODQ]DGR KR\ XQD FDPSDxD LQIRUPDWLYD HQ OD TXH D WUDYpV GH XQ KLS KRS VH PXHV WUD D ODV \ ORV DGROHVFHQWHV FXiO HV OD DFWLWXG GH PtQLPR ULHVJR FXDQGR VH YDQ D PDQWHQHU UHODFLRQHV VH[XDOHV (O KLS KRS OR LQWHUSUHWDQ XQD FKL FD \ XQ FKLFR TXH VH GLVSRQHQ D FRP SOHWDU XQD UHODFLyQ VH[XDO

*OJDJP EF SFMBDJPOFT TFYVBMFT FO FEBEFT UFNQSBOBT

/D FDPSDxD VH EDVD HQ OD HYLGHQFLD GH TXH ODV FKLFDV \ FKLFRV FDGD YH] LQLFLDQ VXV UHODFLRQHV VH[XDOHV D HGD GHV PiV WHPSUDQDV 6HJ~Q ORV GDWRV GH (VSDxD GHO (VWXGLR VREUH &RQGXFWDV GH ORV (VFRODUHV 5HODFLRQDGDV FRQ OD 6DOXG GH +HDOWK %HKDYLRXU LQ 6FKRRO DJHG &KLOGUHQ GH OD 2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG HQ FRODERUDFLyQ FRQ HO 0LQLVWHULR WUHV GH FDGD DGROHVFHQWHV GH HQWUH \ DxRV KD PDQWHQLGR XQD UHODFLyQ VH[XDO FRPSOHWD (VWH HVWXGLR FRQWLHQH GDWRV GH HQ WUHYLVWDV D DGROHVFHQWHV GH HVD IUDQMD GH HGDG HQ VX DSDUWDGR GH VD OXG VH[XDO (O LQIRUPH WDPELpQ UHIOHMD TXH ODV FKLFDV \ FKLFRV HVSDxROHV WLHQHQ VX

'HWDOOH GH OD SiJLQD ZHE GH OD FDPSDxD GHO PLQLVWHULR

SULPHUD UHODFLyQ VH[XDO D ORV DxRV /DV FKLFDV VXSHUDQ D ORV FKLFRV HQ SUHFRFLGDG GH HOODV WXYR VX SULPHUD UHODFLyQ VH[XDO FRPSOHWD D ORV DxRV \ HO GH HOORV TXH WLHQHQ VX PD\RU SRUFHQWDMH GH LQLFLR HQ ORV DxRV $GHPiV GH HQWUH ORV DGROHVFHQWHV TXH KDQ PDQWH QLGR UHODFLRQHV VH[XDOHV FRPSOHWDV PiV GHO DVHJXUD KDEHUODV WHQLGR FRQ PiV GH XQD SDUHMD (VWDV FLIUDV FRPSDUDGDV FRQ ODV GHO HVWXGLR GH VH KDFH FDGD FXDWUR DxRV PXHVWUDQ XQD GLVPLQX FLyQ OHQWD SHUR SURJUHVLYD HQ ODV HGD GHV GH LQLFLR (Q OD IUDQMD GH \ DxRV HQ HOORV VH LQLFLDURQ D ORV DxRV DxRV DQWHV TXH HQ \ HOODV D ORV DxRV DQWHV $Vt HO SURJUHVLYR DXPHQWR GH OD SURSRUFLyQ GH DGROHVFHQWHV FRQ UHOD FLRQHV VH[XDOHV TXH LQFOX\HQ HO FRLWR D XQD HGDG SUHFR] LQGLFD TXH HV LP SRUWDQWH SRQHU HQ PDUFKD LQWHUYHQ FLRQHV SDUD TXH ORV MyYHQHV WHQJDQ LQIRUPDFLyQ DFWLWXGHV \ KDELOLGDGHV SHUVRQDOHV SDUD GLVIUXWDU GH XQD VH [XDOLGDG VDOXGDEOH 7RGR HOOR GHVGH HO FRQRFLPLHQWR \ FRPSUHQVLyQ GH TXH ODV UHODFLRQHV VH[XDOHV HQ HVDV HGDGHV VRQ DVXPLGDV FRQ QDWXUDOLGDG \ IRUPDQ SDUWH GH VX YLGD FRWLGLDQD D GLIHUHQFLD GH OR TXH VXFHGLy HQ pSRFDV DQWHULRUHV HQ (VSDxD $ HVWR VH XQHQ GRV DUJXPHQWRV GH SHVR Î (Q DxRV VH KD GXSOLFDGR OD WD VD GH HPEDUD]RV HQ DGROHVFHQWHV D DxRV GH SRU PLO D SRU PLO

Î (O SURJUHVLYR DXPHQWR GH LQWH UUXSFLRQHV YROXQWDULDV GHO HPEDUD]R HQ PHQRUHV GH HGDG 8Q DVXQWR TXH SUHRFXSD PXFKR DO *RELHUQR \D TXH GHWUiV GH FDGD FDVR KD\ XQD DGROHV FHQWH DIHFWDGD

*OGPSNBDJÊO QBSB VOB FMFDDJÊO SFTQPOTBCMF

(Q HVWH HVFHQDULR HO 0LQLVWHULR GH 6DQLGDG \ &RQVXPR FRQVLGHUD IXQGD PHQWDO LQLFLDU XQD VHULH GH DFWXDFLR QHV SDUD DWDMDU ODV FRQVHFXHQFLDV QHJDWLYDV GH ODV UHODFLRQHV VH[XDOHV FRPSOHWDV VLQ SUHFDXFLRQHV GH ORV DGROHVFHQWHV $Vt OD SULPHUD PHGLGD HV OD FDPSDxD LQIRUPDWLYD TXH KR\ VH KD ODQ]DGR (O REMHWLYR GH OD FDPSDxD HV SUH YHQLU ORV HPEDUD]RV QR GHVHDGRV GHV GH XQD LQIRUPDFLyQ DGHFXDGD \ DFFHVLEOH TXH SHUPLWD D FKLFDV \ FKL FRV HOHJLU UHVSRQVDEOHPHQWH OD FRQ GXFWD PiV IDYRUDEOH SDUD HO GHVDUUROOR GH VX VH[XDOLGDG GH OD PD QHUD PiV VHJXUD /RV DQXQFLRV HOHJLGRV SRWHQFLDQ DGHPiV ODV UHODFLRQHV GH LJXDOGDG HQ WUH DPERV VH[RV \ OD UHVSRQVDELOLGDG FRPSDUWLGD D OD KRUD GH WRPDU GHFL VLRQHV VREUH HO WLSR GH UHODFLRQHV VH [XDOHV \ HO XVR GH DQWLFRQFHSWLYRV /D FDPSDxD WDPELpQ EXVFD IR PHQWDU ODV KDELOLGDGHV VRFLDOHV FRPR OD DXWRHVWLPD OD FRPXQLFDFLyQ \ OD UHVROXFLyQ GH FRQIOLFWRV SDUD TXH GHVGH OD DXWRYDORUDFLyQ ODV FKLFDV \ FKLFRV FRQVLJDQ YLYLU VX VH[XDOLGDG GH IRUPD VDWLVIDFWRULD \ VHSDQ FRPX QLFDU OR TXH TXLHUHQ \ OR TXH QR TXLH UHQ TXH DUJXPHQWHQ VXV GHVHRV \ WHQJDQ FDSDFLGDG GH SURSRQHU

%FTDBSHB HSBUVJUB EF UPOPT EF NÊWJM

3DUD ORJUDU OOHJDU DO S~EOLFR REMHWL YR HO 0LQLVWHULR KD LQYHUWLGR HXURV FUHDWLYLGDG HXURV \ FRPSUD GH HVSD FLRV HQ PHGLRV HQ HVWD FDPSDxD TXH GXUD GRV VHPDQDV GHO DO GH GLFLHPEUH (Q HVWH VHQWLGR HO 0LQLVWHULR KD KHFKR XQ HVSHFLDO HVIXHU]R HQ OD GLIXVLyQ GH OD FDPSDxD D WUDYpV GH ,QWHUQHW VH KDQ SUHYLVWR LPSDFWRV HQ UHGHV VR FLDOHV 0HVVHQJHU +RWPDLO <DKRR )DFHERRN 1HWWE\ SODWD IRUPDV GH YtGHR \ SiJLQDV GH YLGH RMXHJRV GH WHOHYLVLRQHV QDFLRQDOHV DVRFLDGDV D VHULHV R SURJUDPDV MX YHQLOHV UHYLVWDV \ SUHQVD MRYHQ GLDULRV GHSRUWLYRV \ SiJLQDV GH HGXFDFLyQ \ GH P~VLFD $GHPiV HO 0LQLVWHULR KD UHVHU YDGR SDUWH GHO FUpGLWR HQ ,QWHUQHW SDUD GHVFDUJDV GH UHDO WRQRV \ SROL WRQRV &DGD PyYLO SRGUi KDFHU XQD GHVFDUJD JUDWLV VDOYR HO FRVWH GH FRQH[LyQ TXH FREUD FDGD RSHUDGRU GH PyYLO XQRV HXURV $GHPiV XQD YHUVLyQ GH PLQX WRV GH OD FDQFLyQ GH OD FDPSDxD VH Ui GHVFDUJDEOH DO RUGHQDGRU 7RGR HVWR VHUi DFFHVLEOH WDP ELpQ HQ ZZZ \RSRQJRFRQGRQ FRP &RQ HO PLVPR REMHWLYR GH OOH JDU KDVWD ORV PiV MyYHQHV VH GLVWUL EXLUiQ FDUWHOHV HQ PXSSLV GH XQLYHUVLGDGHV HQ WRGD (VSDxD 0HWUR GH 0DGULG \ HQ ORV EDUHV \ ORFDOHV GH PRGD GH ODV SULQFLSDOHV FLXGDGHV HVSDxRODV 7DPELpQ VH OOHYDUiQ SRVWDOIUHH D XQRV EDUHV GH PiV GH FLXGDGHV HVSD xRODV 6H SRGUiQ YHU DQXQFLRV GH WHOHYLVLyQ \ HVFXFKDU FXxDV HQ UDGLR IyUPXODV SDUD MyYHQHV (Q SUHQVD KDEUi LQVHUFLRQHV GLVWUL EXLGDV HQ GLDULRV JUDWXLWRV \ XQL YHUVLWDULRV \ RWUDV HQ UHYLVWDV GH MyYHQHV (Q FLQH HO VSRW DGDSWDGR D VH HPLWLUi HQ VDODV DQWHV GH XQD SHOtFXOD GLULJLGD D S~EOLFR DGROHVFHQWH .¸T QBTPT QBSB MB QSFWFODJÊO

/D FDPSDxD VyOR HV HO SULPHU SDVR GH XQD VHULH GH DFFLRQHV FRQFUHWDV TXH HO 0LQLVWHULR GH 6DQLGDG \ &RQVXPR YD D SRQHU HQ PDUFKD SD UD SURPRYHU HO XVR GH ORV SUHVHUYD WLYRV (Q SUy[LPDV VHPDQDV HO 'HSDUWDPHQWR TXH GLULJH %HUQDW 6RULD HVWDUi HQ FRQGLFLRQHV GH DQXQFLDU QXHYDV PHGLGDV DO UHVSHF WR $GHPiV WRGDV HVWDV DFFLRQHV VH HQPDUFDQ HQ OD (VWUDWHJLD GH 6DOXG 6H[XDO TXH \D HODERUD HO 0LQLVWHULR GH 6DQLGDG \ &RQVXPR FRQ ODV &RPXQLGDGHV $XWyQRPDV \ VRFLHGDGHV GH VH[RORJtD REVWHWUL FLD \ JLQHFRORJtD DWHQFLyQ SULPD ULD HQIHUPHUtD PDWURQDV QHRQDWRORJtD \ FRQWUDFHSFLyQ 7DPELpQ FXHQWD FRQ OD SDUWLFLSD FLyQ GH DVRFLDFLRQHV GH PXMHUHV \ GH SDFLHQWHV

$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 ). \ \] < <a[a]eZj]

*( \ \] < <a[a]eZj]

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

)+ \ \] F Fgna]eZj]

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

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

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

\] < <a[a]eZj]

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

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

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

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

%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

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

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

' $1721,$ 0 $5$*Ð1 6WD $QD

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

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

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

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

1*404 &/ 7&/5" 130$& %&/5&4 %& #"/$0 %&4%& &63 *%&"- 1"3" */7&3403&4 /&$&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$"- / &4 5&10/"

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

".1-*0 1*40 %& %03.*50 3*04 #"¨0 (3"/ 5&33";" ".6&#-"%0 $&3$" %& 50%0 &63 5-' 3&'

BMRVJMFS

"5&/$*ª/ 1*404 &.#"3(" %04 103 #"/$0 "- %& 46 7"-03 3&"- %& .&3$"%0 5-' 1*40 505"-.&/5& 3&'03." %0 %03.*503*04 #"¨0 5&33";" &/ &- $&/530 &63 5&-' 3&' 7&/%0 /"7& 3&'03."%" 10-¤(0/0 3¤0 1"%3ª/ -"7 304: &45&10/" 4"-ª/ .6: (3"/%& )"#*5"$*0/&4 #"¨0 &/53& 1-"/5" 1"5*0 +"3%¤/ $0/ '6&/5& '"$)" %" "35¤45*$" .026&5" 63 (& 7&/%&3 . 5&-'

)BTUB FVS

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

010356/*%"% $"4" ."5" &/ ;0/" $&/ 530 4"-*%" " %04 $" --&4 %03.*503*04 #"¨0 "4&0 1"5*0 */5& 3*03 &63 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*40 &/ 1"326& "/5&/" ;0 /"4 7&3%&4 1*4$*/" %03 .*503*04 #"¨0 1"3" &/53"3 " 7*7*3 &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&'

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

-0$"- $0.&3$*"- %& .&5304 $6"%3"%04 $&3$" $"--& 5&33";" &6304 1*40 4&.* /6&70 %& %03 .*503*04 #"¨04 .6: -6 .*/040 50%0 &95&3*03 4ª-0 &63 5&-' 3&' 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*$6-"3&4 %*4'365" %& 56 7*7*&/%" %&4%& )0: : '03."-*;" 56 )*105&$" &/ .&4&4 5&-' 010356/*%"% ."(/¤'*$0 1* 40 %& %03.*503*04 #"¨0 $&3$" %& 50%0 &63 5&-' %61-&9 4&.* /6&70 63(&

7&/5" &6304 .07 .BOJMWB 4BCJOJMMBT $BTBSFT 4PUPHSBOEF ;0/" %&- ."$%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.&/ &6304 5&-'

4& "-26*-" $"4" "%04"%" . &/ 63# -04 56-*1" /&4 %03.*503*04 "1"3$" .*&/50 1*4$*/" 5&/*4 13*7"%" 13&$*0 " /&(0 $*"3 5&-' 3&' -"4 1"-.&3"4 1*40 %& %04 %03.*503*04 6/ #"¨0 "¨04 %& "/5*(³&%"% ")03" &6 304 %& "-26*-&3 %& 4&15*&. #3& " +6/*0 &41&$*"- 1"3" 130'&403&4 "-26*-0 1*40 %& %03.*50 3*04 #"¨04 5&33";" $&3 $" %& 50%0 &63 5&-' 3&' 1*40 %& 53&4 %03.*503*04 &/ ."3 : 4*&33" &63 %& "-26*-&3

.¸T EF FVSPT

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

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

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

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