)LVLRORJ

5HVSLUDWR

-2+1 %:(670'3K'

3URIH
V \
RU GH 0HGLFLQD
)LVLRORJtD
8QLYHUVLGDG GH &DOLI
6DQ 'LHJR
6FKRRO
0HGLF
L
RI
QH
/D>ROOD &DOLIRUQL

H
a (',725,$/
SDQDPHULFDQD 
0(',&$


%8(126 $,5(6
%2*2IÈ


&$5$&$6

0$'5,' ā0e;-2y 6È
HPDLO

LQIR#PHGLFDSDQDPHUL
F
DQDFRP

ZZZPHGLF
DSDQDP
H
ULFDQD
FRP
 (VWHOLEURDSDUHFLy SRUSULPHUD\
IXHELHQ \WUDGX
UHFL
YH]
FLGR D WUHFH LGLRPDV5HVXOWD DSURSLD
3ULPHUR HO OLEUR VH SUHVHQWD FRPR
PHGLFLQD
GH ODVFDUUHUDV
\ FLHQFLD
V
GH
FRQH[DV
ODVDOXG&RPR
HQ
PDOPHQWH MXQWR FRQ ODVFODVHV WHyULFD
0HGLFLQD GH6DQ
GH
OD8QLYHUVLGDG
'LHJR
&DOLIRUQL
D8&6'
GH (QHI
OD
SUL
PHUDHGLFLyQ IXHUHGDFWDGD SRUTXH HO
GR SDUD DFRPSDxDU HOFXUVRGHILVLROR
(QVHJXQGR OXJDUODREUD HVWi \
E
HVFUL
HFDā
ULRVHQiUHDVFRPR QHXPRQRORJtD
\
PHGLFLQD LQWHUQD DQHV
HOREMHWR GH HO
SUHSDUDUORV
H[DPHQ GH ODHVSHFLDOLGD
\
SDUD
RWURV (QHV
ORVUHTXLVLWRV VRQDOJRGLIHUHQWHV (
QHFHVLWD UHIUHVFDUVXPHPRULD SDUD HOOR
\ HQ VRQ
GLIH S
LPSRUWDQWHV ORVPXFKRV HVTXHPDV GLGiF
3XGLHUDVHU~WLODxDGLU XQD RGRVSD FaQ
ODVFODVHVWHyULFDV GH ORVDOXPQRV 8&6'
1RVRWU GH
QRVOLPLWDPRV DDOUHGHGRU GHGRFH FOD
JtD
UHVSLUDWRULD

TXH VH FRPSOHPHQWDQ FRQ WUDEDM \
WUHV
JUXSRV GH GLVFXVLyQ /DV OHFFLRQHV WH
OLEUR
\
OD PD\RUtD GH ORVFDStWXORV WHyULFD

/DV
H[FHSFL
FRUUHV
QHVVRQHOFDStWXOR TXH WLHQH GRV
VRQRUPDO KLSRYHQWLODFtyQ
VKXQW
\
RWUD VREUHHOGLItFLO
\
WLODFLyQSHUIXVLyQ HO FDStWXOR  FR
KHPDWRJDVHRVR
\
RWUD VREUHHTXLOLEULR 
FRQiFLGRED
GRVFOD
FDVVREUHHVWiWLFD
\
GLQiPLFD
\
VLHOSURJUDPD ORSHUPLW
WDPLQDQWHV DWPRVIpULFRV GHO FDStWXOR
FRPSOHPHQWDULD DFHUFD GHORVVLVWHPDV WH
y
 9,,, 3UHIDFLR

ULFDUHVSHFWRGHOFDStWXOR

([DPHQIXQFLRQDO 
\DTXHQRHVSD
UHVSLUDWRU
HMHFHQWUDOVH GHO
tQFOX\H
FXUVR WDQWR
$TXt SRUHO LQWHUp
VXLPSRUWDQFLD SDUDHOSHUVRQDOHQ
ORV
ODERUDWRULRVGHITXHVHG
PRQDU

0XFKRV FROHJDVPHKDQ VXJHULGRTXHFROR
PiV
DG
HODQWHTXSXHVWR
HHOFRQRFLPLHQWR
 VREUHODFXUYD
HV
QHFHVDULR SDUD HQWHQGHU WUD
YpVGHODEDUUHUD
FRUUHFWDPHQWH O
JDVHRVD(Q
HIHFWR
KHPRV KHFKR HVWHFDPELRHQQXHVW 1RREVWDQWH
ORVGLIHUHQWHV FDStWXORV HQ
IRUPDLQGLYLGXDO
GHO \
OLEURSXHGH
SUHIHULPRV
SUHVHQWH RUGHQDPLHQWR GH ORVFDStWXORV \
FRPRLQGLFD
UH
V
XPHQHO DOFRPLHQ]RGHFDGDFDStWXOR
ELpQ IDFLOLWD SUREDEOHPHQWH ODWDUHD GHO
$YHFHVVHGLVFXWHVLHOFDStWXOR

0HFiQLFD YHQWLODWRULD G
SRUHMHPSOR MXQWR
9HQWLODFLyQ
DOFDStWXOR
0LH[SHUtHQFLDGHPiV
HQVHxDQ]D VH RSRQH D HOOR HV
(OWHPD
WDQFRPSOHMR
\ GH O
GLItFLOSDUD HOHVWXGLDQWH GHPHGLFLQD D
\PiVDGHODQWH HQ HO FXUVR FXDQGR ORVHVW
FRQFHSWRV (QWUH SDUpQWHVLV
ORVHVWXGLDQWHV JUDQ
GHSDUWH
PHGLF
HQFXHQWUD ORVFRQFHSWRV \
UHVLVWHQFLDGHSUHVLyQPXFKRPDVG
IOXM
DxRV PLHQWUDV TXH SRU FXDOTXLHU
VXSXHVWR
FRORTXLR VRE VDO
ELRORJtDPROHFXODU
$OJXQRVFROHJDVPH
KDQ
UHFRPHQGDGRTXH
VHOHGHGLTXH
PiV
H[WHQVLyQ DORV
ORV
GH PXHVWUD XWLOL]DQGR \
GLIHUHQWHV
ODV HMHPSO
HFXDFLRQHV
RV
FOtQLFRV G
6RPRVGHODRSLQLyQ GHTXHHVPHMRUWUDWD WHy
U
LFDV\DTXH
SXHGHQ SHUIHFFLRQDU EiVLFD(QUHDOLGDG
LQIRUPDFLyQ OD VLVH
LQFOX\HUDQ ORV
\HMHPSORVFOtQLFRV
HQHOOLEURTXHGDUtD KDEODU

0XFKDVGHODV
PX\SRFRGH
JXQWDVDOILQDOGHFDGD FDStWXOR FiOFXORV
 UHTXLHU
/DDFWXDO KD
VLGR H[KDXVWLYDPHQWH UQRGLIL
HGLFLyQ SXHVWD DO
FDURQ ODVVHFFLRQHV \IXQFLyQGH HVWUXFWXUD
SXOPRQDU KLSy[
YDVRFRQVWULFFL
yQ
WUDQVSRUWH HQ
VDQJUH
GH JDVHV FXUYD GH OD UHODFLyQ S
GLQiPLFD GH ODVYtDVDpUHDV \UHVSLUDFLyQ UHFHSWRUHV
SHULQDW
GHORVHVTXHPDV
KDQ
VLGRPHMRUDGRV 6HLQWURGXMHURQ
PDWRSDUDD\XGDUDOOHFWRU FRPRHODJUHJ FDSt

WXOR /DVSUHJXQWDV DGHPiV VHKDQ UHIR
6WDWHV 0HGLFDO([DP /LFHQVLQJ
\
VH
tQDWLRQ KDQFRO
RFDGR DOILQDOGHFD
6HUHDOL]DURQ HQRUPHV HVIXHU]RVSDUD QR
ODWHQWDFLyQ GHDJUDQGDUOR (QRFDVLRQHV
VLHVWHOLEUR QRVHUiPX\VXSHUILFLDO1R
DFXHUGR

\D
TXHVL
ORV
EHFDULRVGH
QHXPRQRORJtD FRPLHQ]DQ VXHQWUHQDPLHQWR
FRQ HO FRQRFLPLHQWR FRPSOHWR GH WRGR \ HO
PHFiQLFD YHQWLODWRULD HO PXQGR VHUtDXQ
0XFKRV HVWXGLDQWHV \ SURIHVRUHV GH
PH
O KDQ
OLEURRKDFLHQGR VXJHUHQFLDV SDUDPHMRUDU
GHGLVFXVLyQTXH VXUJH\HVWR\ DSRQHV
 PX\DJUDGH
3UHIDFLR YLL



&DStWXOR
 (VWUXFWXUD
\IXQFLyQ

&yPR DUTXLWH
ODFWXUD
GHO SXOPyQD FRQWULEX\H
VXIXQFLyQ 
&DStWXOR
9HQWLODFLyQ

&yPR OOHJDD
ORV
DO
HODLUH
YpRORV 
&DStWXOR
'LIXVLyQ

&yPR DWUDYLHVDQ ORVJDV
KHPDWRJDVHRVD 
&DStWXOR
)OXMR VDQJXtQHR
\
PHWDEROLVPR

&yPROD
FLUFXODFLyQ SXOPRQDU H[WUDH
SXOPRQHV
\
DOWHUD DOJXQRV PHWDERO 
&DStWXOR
5HODFLRQHV
YHQWLODFLyQ

SHUIXVLyQ
&yPR HO
HTXLOLEULR
GHORVJDVHV\ ODVDQJU
HO LQWHUFDPELR JDVHRVR 
&DStWXOR
7UDQVSRUWH GHJDVHaSRU
&yPR OOHJDQ
ODV
ORVJDVHVDORVWHMLGRV SHUL 
&DStWXOR
0HFiQLFD YHQWLODWRULD
&yPR HVWiVRVWHQL
\
FyPR VHPXHYH HOSXOPyQ 
&DStWXOR
&RQWURO GHODYHQWLODFLyQ

&yPR UHJXO
VH
D
HO LQWHUFDPELR JDVHRVR 
&DStWXOR
(O
VLVWHPD UHVSLUDWRULR  HQFR
&yPR VHFXPSOH HOLQWHUFDPEL
HOHMHUFLFLR
DSUHVLRQHV
\
EDMDV
DOWDV

\ HQHO
PRPHQWR GHO QDFLPLHQWR 
&DStWXOR
([DPHQIXQFLRQDO 
&yPR
UHVSLUDWRUL
VH
DSOLFD ODILVLRORJtD UHVSLUD
ODIXQFLyQ SXOPRQDU 
$SpQGLFH$
 
6tPERORV XQLGDGHV \HFXDFL
$SpQGLFH
%
5HVSXHVWDV
 
$SpQGLFH
&
%LEOLRJUDItD
 
FRPSOHPHQWDULD
$XWRUL]DFLRQHV
GHODV
ILJXUDV 

ËQGLFHDQDOtWLFR 
 \
(VWUXFWXUD
IXQFLyQ
&yPR
OD
DUTXLWHFWXUD
GHO
SXOPyQ
FRQWULEX\H
D
VX
IXQFLyQ

OQWHUIDaHKHPDWRJDVHRVD
 (VWDELOLGDGDWYHROD

 
H
  a ‡ -W M
ā 
 M 



B

- a


 a W 
O ‡ ‡ U
‡ a a + a

a W

W
 




U ‡

 £O

!

 a‡
‡

 B
 ‡
‡


 ā ‡ 

a

?

 ‡ ‡
aa
a

&RPHQ]DPRV
FRQ
XQD
EUHYH UHYLVLyQ
GH
ODV
UHODFLRQHV \
HQWUH ODHVWU
-D
IXQFLyQ
GHO
SXOPyQ
&RQVLGHUDUHPRV
SULPHUR ODLQWHUIDVH
KHPDWRJDVHRV
GRQGH
VH
SURGXFH HOLQWHUFDPELR
JDVHRVR
UHVSLUDWRULR
/XHJR
VH
GHVFULELU
 FyPR
HV
WUDQVSRUWDGR
D
HOOD HOR[tJHQR
D
WUDYpV
GH \
ODVDpUHDV
YtDVFyPR
OD
 VDQJUH
UHWLUD
HO
R[tJHQR
GHOSXOPyQ
)LQDOPHQWH
VHUiQ
WUDWDGRV
EUHYHPHQW
GRVSRVLEOHV SUREOHPDV
FyPR
ORV
SXOPRQDUHV
DOYpRORV
FRQVHUYDQ
VX
HVWDEL
\
GDG
FyPR HOSXOPyQ
VH
PDQWLHQHHQ
OLPSLR
XQ
DPELHQWH FRQWDPL

(OSXOPyQ HVWiGLVHxDGR SDUD HO LQ

SHUPLWLU TXHHOR[tJHQRVHGHVSODFH
\
TXHHO
[LGRGHFDUERQR ORKDJD HQ VHQWLGR R
IXQFLRQHV0HWDEROL]DDOJXQRVFRPSRQ FL
U

FXODFLyQ
DFW~DFRPRXQ UHVHUYRULRGHVDQJ
\ HO
LQWH
FDPELR\
JDVHRVR
SRUORWDQWR FRPHQ]DUHPRV Q
PDWRJDVHRVDGRQGH VHSURGXFH HOLQWH

 &DStWXOR


OQWHxDVH
KHPDWRJDVHRVD
(/
R[tJHQR \HOGLy[LGR GHFDUERQR\
ODVDQJUHSRU
VHPRY
VLyQVLPSOHHVGHFLUGHVGH
XQ
iUHDGHDOWD SUHVLyQ SUHVLyQ
EDMD SDUFLDO
SDUFLD
O
ODGH
PLVPD PDQHUD TXH HO DJXDFRUUH FRO
)LFNHVWDEOHFH TXH ODFDQWLGDG GHJDVTX
HV
GLU
HFWDPHQWH SURSRUFLRQDO O
iPLQD
HLQYHUVDPHQWH
DODVXSHUILFLH SUR
QDO DVXHVSHVRU/DEDUUHUD KHPDWRJDVHRI 
tJ\
WLHQH XQD VXSHUILFLHGH
D 
P
GHPDQHUD TXHHVWiELHQ D
GH LQWHUFDPELR JDVHRVR
¢&yPRHVSRVLEOHREWHQHU
VXSHUILFL
HWDQ SURGLJLRVDSDUD
/D
XQD
GLIXVLyQGHQWU
OLPLWDGR /D
HVSDFLR
FDYLGDGGHWRUiFLFD"(VWRVHORJUD
VRVVDQJXtQHRV FDSLODUHV DOUHGHGRU GHX
DOYpRORV
GHQRPLQDGRV 
ILJ
(QHOSXOPyQ KXPDQR H[LVWHQ
QH
VGHDOYpRORVFRQ
 XQGLiPHWUR GHDOUHGHG
UDV
 VXVXSHUILFLHWRWDO
P
SHURVXYROXPHQ
VHUtD OOHJDUtD
GH
FRQWUDULR XQD ~QLFD HVIHUD GH HVWH YROX

P
(OSXOPyQFRQVLJXLHQWH
JHQHUD

HVWDJUDQiUHDGHGLIX
SRU
VHHQ PLOORQHV GHXQLGDGHV
/RVJDVHVVRQ WUDQVSRUWDGRV KDFLD ODV
XQ OD
YtDV
DpUHDV
ODVDQJUHHVOOHYDGD
\ YDVRV
ORV VDQJXtQHRV
KDFLD HORWUR

\
9tDVDpUHDV
IOXMR
DpUHR
/DV
YtDVDpUHDVFRQVLVWHQ HQXQD YXHO
YHQ
VHULHGH
PiVHV
WUHFKRV\ PiVFRUWRV
PiV QXPHURVRV D PHGLGD TXH SHQH
GHQWUR GHOSXOPyQ
WUiTXHD
VHGLYLGH
ILJ
HQ ORVEURQTXL
/D
FKR
H
L]TX
L
HUGR TXHDVXYH]VHGLYLGHQ
/XHJR
\ HQVHJPHQWD
HQ EURQ
EURQTXtRORV
ULRV(VWHSURFHVRFRQWLQ~D WHUPLQDOHV
TXH
KDVWD
UHSUHVHQW
DOFDQ]D
ODVYtDVDpUHDVGHPHQRU FDOLEUH FRQ H[FH
DpUHDV
FRQVWLWX\HQ
YDV GH
FRQGXFFLyQ
ODV 6XIXQFLyQ HVODGHFRQG
GRKDFLD ODVUHJLRQHVGHLQWHUFDPELR JDVH
UHDVGHFRQGXFFLyQ \
SRU
QR FRQWLHQHQ
ORWDQWRDOYpRORV
QR WRPDQ
HVSDFLR
PXHUWR DQDWyPLFR
WHUFDPELR JDVHRVRFRQVWLWX\HQ 6X YROXPHQ
HO HVGH
GHGRU GH
 P/


/D SDUFLDO GH XQJDVVHGHWHUPLQD PXOWLSOLFD
SUHVLyQ
WDO 3RUHMHPSOR 
GH
HODLUH
‡6XSUHVLyQ
VHFR
3R D
WLHQH
 SDUFLDO
QLYHO GHO PDU
SUHVLyQ
EDURP
p 
WULFDPP +J HV[
 


PP+J&XDQGR HODLUH
ODGRKDFLDVXSHULRUHV
ODVYtDVDpUHDV

VHFDOLHQWD
\KXPHGHFH
ODSUHVLyQ GH YDSRU
\

HQWRQFHV
PP+JGH
GH PRGR TXH ODSUHVLyQ WRWDO GHO
 'H
PP+J
DKt
TXH3R
OD
 [



GHO DLUH LQVSLUDGRVHDGH
 PP+J
8Q
OtTXLGRXQ
H[SXHVWR
JDVKDVWD D TXH VHOOHJDDOHTXLOLEULR
JDV3DUD XQD GHVFULSFLyQ PiVFRPSOHWD GH ODV
/RVDOYpRORV QRVRQ
W 7DPSRFR
HVIpULFRVVLQR
SROLpGULFRV
 WLHQHQ WRGD VXVXS

SDUD ODGLIXVLyQ
ILJ 3R
UFRQVLJXLHQWH
YpDVH
HVWDV FLIUDVVRQVyORDSUR
 (VWUX \
FWXUD
IXQ
FL
yQ 

/RVEURQTXtRORV
W
H UPL
QD
OHV
GLY
VH
LGHQ EURQTX
QH t RORV
UHVSL
UDWRULRV
TXH HQ RF
QHV
SU
HVHQWDQ OY
pR
DO
RVTX
HQ
DFHQVXV
SDU
GH
HGHV

6HOO
HJDSRU
~OW
LPR DFRQGXFF
RV
ORV
DOY
HROD
UHV
TXH
HWV
iQFRPSOHWDPHQ
W
HU
HYH
VWLGRV
GHDOYp
RORV(V
WDU
HJLyQ
DOYHR
O
DU GH
SX
O
PyQ GRQGHV
H
HIHFW~DHO
LQWHUF
DPELR
JDVHRVRVH
FRQ
RFHFRP ]
RRQD
UHVS
LUDWRULD
/D

SP

)LJ

0LFURJUDItD
HOHFWUyQ
LF
D
TXHPXHVWUD XQFDSLODU
SXOPRQD U
&
HQOD
SDUHG
DOY
HRODU

6H
REVHUY DODEDUUH
U
DKHPDWRJDVHRVDH[WUHPDGDPHQW
HGHOJDGD GHDOU
HGHGRU
GH
 —P
HQ
DOJXQ RVVHFWRUHV
/DIOHFKDJUDQGH
L
QGLFD
HO
WUD\HFWR GHGLIXVLyQ
GHVGHHO
DLUH DOYH
KDVWDHO
LQ
WHULRU HULWU
R
GHO
FLW
R
(&
\FRPSU
HQGHOD
FDSDGH
VXVWQ D
FLDWHQ
VLRDFWLYD
QRPRV
WUDG
DHQHO
SUHSDUDGR
HO
HSLWHO
L
R DOYH
RODU
(3

HO
L
QVWHUW
L
FL
R ,1HO
HQGRW HOLR
FDSLODU
(1
HO
\ SDO
VP D7DPELpQSXHGHQ
DSUHFL
DUVH SDUWHVFp
OXODV
HV
GH
W
UXFW
XUDO
HVGHQRPLQDGDV IL
EU
REODVW
RV )%OD
PHPE UDQ
DEDVDO
%0
\HO
 Q~FOHR
GH
XQD FpOXO
DHQGRWHOLDO
 &DSt
W
XO
R

SRUFLyQ GHO GLVWD

O
DO
SXOPyQ
EURQTXtROR WHUPLQDO
DQ
DW
yPL F
DGHIRUPD
QRPLQDGDiF
L
QR /D
 GLV
WD
QFLD
GHVGH
H
O
EURQTXtRO
R
WHUPLQDO
D
O
DOYpRO
R
PiV
GLVWDOGH HV
XQRV
SRFRVPLOtP
HWU
RV
SHUR
O
D]RQ
DUHVSLU
DWRULD FRQVWLWX\H
SDU
WHGHO
SXOODPD
PyQ\VX
 YROXPHQ UH
SRV
HQ
R HVGHDOUHGHGRU

/ GHD

)LJ

6 āāG

HaF
RQHQ
XSXO  TXH
PRQ PXHV
W
UD
QXP
HURVRV
DOYpROR
V
\XQ
 SHTXHxR
EURQTXtR
ā

aaVFDSLODUHVSXOPRQDUHVSRU
ODV
SDUHGHV
VHGHVSOD]DQ
GHORVDOYpRORV
ILJ
 /RV

RULILFLRV HQODVSDUHGHVDOYHRODUHVVRQORVSRU
.RK
Q
 IXQFLyQ
\
(VWUXFWXUD 

)LJ

0ROGH GH
Yt
DVODV
DpUHDVGH
O
RV SXOPRQHV
KXP
DQRV

/RV
DO
YpRORV KDQ
VHFVL
FLRQDGRV OR
UPLWH
FXDOYHU
SH ODV
GH
F
YtDV
RQGXF
FL
yQ
DpUHDV
GHVGH
OD
WU
iTXHD
KDV
W
DO
RV
EU
RQTXtRORV
WHUPLQD
OHV


'XU DQWHOD
LQVSL
UDFLy Q
HOYROXP HQGHOD
F DYLGDG
WRUiFLF
D
DXPHQ W
D\
HODLUH
HV
OO
H
YDG RK DFLD
HOLQWHUL
RUGHOSXOP yQ(O
DXPHQW RGH
YROXPHQ VH
FRQ VJL
XHHQ
SDUWH
SRU
ODFR QWUDFFLyQGHO
GLDIUDJPD TXHFDXVDVXGHVFHQVR\
HQSDU
WHSRUOD
DFFLy
QGH
ORV
P~VFXO RVLQWHU
FRVWDOHVTXHHOHYDQ FR VWL
OOD
ODV
V\D XPHQW
DQGHWDO
IRUPD
HO
āiU
HDGH
VHFF LyQWUDQVYHUVDO
GHOWyUD[
(ODLU
HLQV
SLUDG RIOX
\HKDFLD
DGHQWURKDVWD
OD
V
LQPHGLD

FLRQH VGHORV
ER UQTXtRORVWHUPLQDOHVPHGLD QWHXQIOXMR
FRQYHFWL
YR EXO
N
IO
RZ
FR
PRDJ HO
XDDO
R ODU
JR GH XQDP DQJXHUD'H VSXpVGHHVWH
SX
QWR 
HOiUH
DGH
VHFFLy
Q
WUDQVYH UVDO ELQDFRP
GD GHODVYtDV
DpUHDV
HV WDQ
HQRUP HDFD
XVD GHOJUD
QQ~PHUR
GH
UDP DV IL
J
TXHO
D YHORFLGDGIURQWD
OGHODLUH
VHYXHO
YH SHTXHxD
(QWRQFHV
O
DGL
IXVLyQ GHO
DLUH
GHQWU R
G HOD
VYtDVDpUH
DV
VH FRQYLHUWHHQ
HOPHFDQLVPRGRPLQDQWH
GH
ODYH QWLODF
LyQ HQOD
]RQ D
U HV
SLUDWRULD

/D WDVD
GHGLIX
VLyQGHODVPROpFXO G HQ

WURG HODVYtDVDpUHDV
HVWDQ UiSLGD
\
ODVGLVWDQFLDV FXEULU
V
RSRU
Q WDQ
FRUDV
WTXHO
DV
GLIHUHQF L
DVGHFRQFHQWUD FLyQGHQWURGH
ORViFLQRVVH
FDQFHODQ YLUWXDO VH

JXQ G R1RREVWDQWH
F RPRODYHORFLGDG D L
UHFDH
GHOUiSLGDPHQWHHQO
DUHJLyQGO
RV
EURQ TXtRORV
WHUPLQD OHV
HO
SROYR L
QK D
ODGR VHGHSRVLW
DFRQIU
HFXHQFLD
D OO
t
 &DS
t
W,-
R


7U
iTXHD
]
R
H %U
RQTX
L
RV

2 



2
H 


2
WL

H
a
%U
RQTXL
ROR
V 



%URQTXLRORV
WH
UPLQDOHV
L


%URQTX
tRO
RV
UHVSLUDWRULRV 


&R
QGX
FWRV 
DOYHRO
DUHV 

6DFR
V 
DO
YHRO
DUH
V

)LJ

5HSUHV
HQWD
FL
yQLGH
DO O
GH
DV
YtDVDpUHDVHQHOVHU
GH
DFXHUGRFR
Q:H
KXPDQR
L
EHO
2EVpUYHVH
TXHSULPHUD
ODVV
JHQHUDFL
RQHV FRUU
=
HV
SRQGHQ
D
ODV VD
YtD
pUHDV
GH
FRQ

GXFF
LyQ\OD
V
~OW
L
PDVD 
OD]RQD
UHVSLUDWR
ULD

R ODV
]RQDV
WUDQ
GH
VLFLyQUH
\VSLU
DWRULD

(OSXOPyQHV
HOiV
WLFR
\VH
WRUQDSDV
LYD
PHQWHDV
XYROXPHQSHL
UQVSLUDW
RULR
GXUDQ

WH
OD
YHQWLOD
FLyQH
QUH (V
SRVR PX \IiF
LOGH
GL
VWHQGHU
8Q D
UHVSL
UDFLyQQRUPD
OGH
DO

UHGHGRUGH
P/SRU
HMHPSORUHTXLHU
HXQD
SUHVLyQ
G H
GLVWHQVLy
QGHPHQRV 
GH
FP+ 3RUHO
FRQWUDULR
XQ
JORER G
HFXPSO
HDxRVSXHGHQHFHV
LW
DU XQD
SUH
VLy
QGH

FP + SD
UDHO
PLVPRFPDE L
R GHYR
OXPHQ
/DSHV
ULyQUHTXHULGD
SDUDPRY L]OL
DU HOJDVD
WU
DYpV OD
V
Yt
GH
DV
DpUHDVHV
W
DPELpQ
PX\STHXHxD'XUDQWHXQDL
QVSLUDFLy
QQRUPDO
XQIOX
MRDpUH
R GH
/VHJUHTX
LH
UH
XQD
FDtGDGH
SUHVLy
QDOR
O
DUJROD GH
V
YtDV
Dp
UHDVGH
PHQ RV
GH
FP+ (Q
FRPSD
UDFLyQ
XQIXPDGRUGH
 SLSDWL
H QHTXHJHQ
HUD
UXQDSUHVLy
 Q GHDOU
H
GHGRU GH
 FP
+SDUDFRQVHJXL
U
H O
PLVPRIO
XMR