>A
IRUPD©¥R
")"1/,1" +& Á0& &+01 ) Å "0 ")Ç1/& 0 !" &5 1"+0Ã, [ =: -RV« 9 & 0DWLDV /LFHQFLDGR HP (QJHQKDULD (OHWURW«FQLFD ,67
3URIHVVRU GR (QVLQR 6HFXQG£ULR 7«FQLFR $XWRU GH OLYURV W«FQLFR GLG£WLFRV GH HOHWULFLGDGH H HOHWUµQLFD
/ .2" 2* &+01 ) ÅÃ, ")Ç1/& #&.2" "* -/,1"$&! ,+1/ 0, /" /$ 0 " 2/1,09 9 &/ 2&1,08 Ç +" "00Á/&, .2" ,0 - /")%,0 !" -/,1"ÅÃ, 0"' * "* "0 ,)%&!,08 !" #,/* $ / +1&/ .2" "5&01" 0")"1&3&! !" " ,,/!"+ ÅÃ, "+1/" ")"08 12 +!, 0Ð , - /")%, &*"!& 1 *"+1" *,+1 +1" !, -,+1, !" !"#"&1,s +, 0, !" "00" - /")%, +Ã, !&0- / /8 -,/ 3 /& 8 !"3" !&0- / / , 0"$2&+1"8 *,+1 +1": )Ç* ! -/,1"ÅÃ, ,+1/ 0, /" /$ 0 " 2/1,09 &/ 2&1,08 !"3" -/"3"/90" 1 * Ç* -/,1"ÅÃ, ,+1/ ,+1 1,0 !&/"1,0 " ,+1 1,0 &+!&/"1,0:
<@:@:@: ")"1&3&! !" " ,,/!"+ ÅÃ, "+1/" -/,1"Å "0 ,+1/ 0, /"&+1"+0&! !"0 4XDQGR QR PHVPR 4XDGUR (O«WULFR H[LVWHP DSDUHOKRV GH SURWH©¥R OL JDGRV HP FDVFDWD V«ULH FRPR QD VLWXD©¥R HP TXH H[LVWH XP 4XDGUR (O«WULFR *HUDO H GRLV RX PDLV 4XDGURV 3DUFLDLV FRQIRUPH VH UHSUHVHQWD QD )LJXUD « QHFHVV£ULR JDUDQWLU TXH K£ VHOHWLYLGDGH HQWUH HVVHV DSDUHOKRV GH SURWH©¥R
)RQWH GH DOLPHQWD©¥R
'
'
0RQWDQWH
&
6H QR FDVR GR GHIHLWR HP $ DWXDVVHP ' H ' HQW¥R GLU¯DPRV TXH Q¥R WLQKD KDYLGR VHOHWLYLGDGH 4XDO VHU£ HQW¥R D SULQFLSDO YDQWDJHP GD H[LVW¬QFLD GH VHOHWL YLGDGH" &RQIRUPH VH FRPSUHHQGH IDFLOPHQWH D H[LVW¬QFLD GH VHOHWL YLGDGH JDUDQWH TXH QR FDVR GH GHIHLWR RX GH VREUHFDUJD Vµ ͤFD IRUD GH VHUYL©R GHVOLJDGD D SDUWH GD LQVWDOD©¥R HO«WULFD QHFHVV£ULD H VXͤ FLHQWH ͤFDQGR RSHUDFLRQDO R UHVWDQWH GD LQVWDOD©¥R JDUDQWLQGR DVVLP PHOKRU 4XDOLGDGH GH 6HUYL©R $ VHOHWLYLGDGH HQWUH DSDUHOKRV GH SURWH©¥R Vµ SRGH VHU JDUDQWLGD D SRU FRPSDUD©¥R HQWUH DV FXUYDV FDUDWHU¯VWLFDV GRV DSDUHOKRV HP FDXVD VHMDP DSDUHOKRV GH SURWH©¥R FRQWUD VREUHFDUJDV RX FRQWUD FXUWRV FLUFXLWRV 1D SU£WLFD SDUD JDUDQWLU VHOHWLYLGDGH HQWUH DSDUHOKRV GH SURWH©¥R GR PHVPR WLSR GRLV IXV¯YHLV J* RX GRLV GLVMXQWRUHV PDJQHWRW«UPL FRV JHUDOPHQWH « VXͤFLHQWH TXH R DSDUHOKR VLWXDGR PDLV D PRQWDQWH HQWUH RV GRLV WHQKD FRUUHQWH HVWLSXODGD SHOR PHQRV YH]HV PDLRU GR TXH D GR DSDUHOKR VLWXDGR D MXVDQWH SDUD R ODGR GD FDUJD ,Q ͡ ,Q
4XDQGR « TXH H[LVWH FRRUGHQD©¥R" 3DUD DO«P GD VHOHWLYLGDGH HQWUH DSDUHOKRV GR PHVPR WLSR « QHFHVV£ ULR JDUDQWLU TXH H[LVWH FRRUGHQD©¥R HQWUH R DSDUHOKR GH SURWH©¥R FRQ WUD VREUHFDUJDV H R DSDUHOKR GH SURWH©¥R FRQWUD FXUWR FLUFXLWRV LVWR « HQWUH DSDUHOKRV GH WLSR GLIHUHQWH ([LVWH FRRUGHQD©¥R HQWUH HVWHV GRLV DSDUHOKRV VH QR FDVR GH XPD VREUHFDUJD DWXD DSHQDV R DSDUHOKR GH SURWH©¥R FRQWUD VREUHFDUJDV H QR FDVR GH FXUWR FLUFXLWR HOHYDGR DWXD DSHQDV R DSDUHOKR GH SURWH©¥R FRQWUD FXUWRV FLUFXLWRV WDO FRPR VH UHSUHVHQWD QD )LJXUD
W -XVDQWH
'
'
$
%
'
&DUJD
'
),*85$ 6(/(7,9,'$'( (175( $3$5(/+26 '( 3527( 2 (/ 75,&$
'L] VH TXH H[LVWH VHOHWLYLGDGH HQWUH GRLV DSDUHOKRV GH SURWH©¥R TXDQ GR QR FDVR GH XPD VREUHLQWHQVLGDGH DWXD DSHQDV R DSDUHOKR GH SUR WH©¥R IXV¯YHO RX GLVMXQWRU VLWXDGR LPHGLDWDPHQWH D PRQWDQWH SDUD R ODGR GD DOLPHQWD©¥R GR SRQWR GR FLUFXLWR TXH RULJLQRX D VREUHLQWHQVL GDGH 3RU H[HPSOR VH VH YHULͤFDU XP GHIHLWR QR SRQWR $ GHYH DWXDU R GLVMXQWRU RX IXV¯YHO VH IRVVH R FDVR ' H QXQFD ' 6H R GHIHLWR IRVVH HP % GHYHULD DWXDU DSHQDV ' 6H R GHIHLWR IRVVH HP & GHYHULD DWXDU ' HYLGHQWHPHQWH ZZZ RHOHFWULFLVWD SW R HOHFWULFLVWD
) ,R
,
),*85$ &225'(1$ 2 (175( )86 9(/ ) ( ',6-81725 ' (0 &$62 '( 62%5(&$5*$ , , $78$ 2 ',6-81725 (0 &$62 '( &8572 &,5&8,72 , ! , $78$ 2 )86 9(/
4XDQGR QXPD LQVWDOD©¥R VH XWLOL]D IXV¯YHO H GLVMXQWRU R IXV¯YHO GHYH VHU PRQWDGR D PRQWDQWH UHODWLYDPHQWH DR GLVMXQWRU GH IRUPD D TXH R