Manual lesson pages.indd

*DOD[LD
H[SUHVV
('%(,'"«(,/'% +'3"(,
0DQXDOGHO/tGHU
%LHQYHQLGRV
0LQLVWHULR3URYLVLyQ
NULVWL#SURYLVPH[FRP
ZZZORVQLQRVFXHQWDQFRP
£%LHQYHQLGRVDOSURJUDPDGHOD(%9³*DOD[LD([SUHVV´
7RGRHVWiOLVWRSDUDTXH³GHVSHJXHV´\KDJDVXQSURJUDPDHVSHFLDOWRGDODVHPDQDSDUDORVQLxRV
GHWXLJOHVLD\FRPXQLGDG£TXHSRGUtDFDPELDUVXVYLGDVSDUDVLHPSUH
/RVPDHVWURVYDQDGLVIUXWDUWUDQVIRUPDQGRODLJOHVLDHQXQDQDYHHVSDFLDO³/D*DOD[LD([SUHVV´
GRQGHFDGDGtDWRGRHOJUXSR³GHVSHJDUi´DOHVSDFLRH[WHULRUSDUDH[SORUDUODVPDUDYLOODVGH'LRV
/RVQLxRVVHUiQVDFXGLGRVFXDQGRYXHOHQHQODQDYHHVSDFLDO«VHLQFOLQDUiQDODL]TXLHUGD\
GHUHFKDFRPRHOORVVHLPDJLQHQDODQDYHGDQGRYXHOWDV\HVTXLYDQGRDVWHURLGHV/DVSLVWDVGH
DXGLRSDUDHOGHVSHJXH\HODWHUUL]DMHKDUiQTXHODLPDJLQDFLyQGHOQLxRFREUHYLGDDVtFRPRORV
VNHWFKVGLDULRVGHFDSLWiQFRQVXOD]DULOORURERW
&DGDGtDXVWHGOOHYDUiDORVQLxRVHQXQYLDMHDXQDHVWDFLyQHVSDFLDO\DVHDDODOXQDXQDHVWUHOOD
XRWURSODQHWD«GRQGHORVQLxRVDSUHQGHUiQDFHUFDGHODJUDQGH]DGH'LRVDWUDYpVGHODYLGD
GH0RLVpV(OWLHPSRGHOJUXSRVHFRPSOHWDUiFDQWDQGRQXHYDVFDQFLRQHVMXQWRV£FRQPXFKDV
DFFLRQHVHPRFLRQDQWHV
'HVSXpVGHODUHXQLyQSULQFLSDOMXQWRVORVQLxRVVHGLYLGLUiQSRUHGDGHVGRQGHDSUHQGHUiQOD
DSOLFDFLyQHVSDFLDOGHODOHFFLyQDVtFRPRWUDEDMDUHQVXVOLEURV\WDPELpQHVXQEXHQWLHPSR
SDUDWUDEDMDUHQXQDPDQXDOLGDGRSFLRQDO(QORVJUXSRVSHTXHxRVORVQLxRVSXHGHQOOHJDUD
FRQRFHUVHXQRVDRWURV\DVXVPDHVWURVIRUPDQGRDVtQXHYDVDPLVWDGHVTXHSXHGDQGXUDUSRU
WRGRHODxR
(VIiFLOOODPDUDWRGRVORVQLxRVGHUHJUHVRFRQXQDGHODVFDQFLRQHVGHOQXHYR&'³*DOD[LD
([SUHVV´\FRQFOXLUOD(%9FRQDOJXQRVMXHJRVGLYHUWLGRV&LHUUHHOGtDFRQFDQWRVXQDRUDFLyQ
£\QRROYLGHLQYLWDUORVSDUDTXHUHJUHVHQHOGtDVLJXLHQWH
(VSHURTXHGLVIUXWHQOD(%9GHHVWHYHUDQR«£6HTXHORKDUiQ³)XHUDGHHVWHPXQGR´
+QD.ULVWLQD
&RQWHQLGR
%LHQYHQLGRV\&RQWHQLGR
3HUVSHFWLYD*HQHUDO
&¡PRXVDUHO0DWHULDO
/HFFL¡Q&OPDOH
/HFFL¡QUHVS¡QGHOH
/HFFL¡QREHG—FHOH
/HFFL¡Q(VS—UDOH
/HFFL¡Q$OEDOH
0DQXDOLGDG,QVWUXFFLRQHV
0DQXDOLGDGILJXUDVSDUDFRSLDU
/RV&DQWRV
&HUWLILFDGR
3RVWHU
FDWORJR
0LQLVWHULR3UR9LVLyQ
(ODERUDGRSRU0LQLVWHULR3UR9LVLyQUHVHUYDPRVORVGHUHFKRV
/HVGDPRVSHUPLVRGHKDFHUFRSLDVGHOPDWHULDOSDUDVXV
QHFHVLGDGHVRSDUDEHQGLFLUDRWURVPLQLVWHULRVQRSDUDYHQGHU
3DUDPiVLQIRUPDFLyQFRQWiFWDQRVD
ZZZORVQLQRVFXHQWDQFRP
NULVWL#SURYLVPH[FRP
ROOiPDQRVD
£*UDFLDVDOHTXLSRFUHDWLYRGHOPDWHULDO
'ZLJKW\.ULVWLQD.UDXVV*HUPiQ$OFiQWDU5XEpQ&DQW~D
\-RVXH:HEE7UDGXFFLyQ*HUDUGR,xLJXH]
&'FRQODD\XGDGH&&SURGXFWLRQV
7RGDOD(VFULWXUDWRPDGRGHOD1XHYD9HUVLyQ,QWHUQDFLRQDO
8VDGRFRQ3HUPLVR
,PSUHVRHQ+XDWDEDPSRHQODVRÀFLQDVGH0LQLVWHULR3UR9LVLyQ
'ÄD 'ÄD 'ÄD 'ÄD 'ÄD
3HUVSHFWLYD
*HQHUDO
3XQWR
3ULQFLSDO
\/HFFLÊQ
£5HXQLyQGH
$VWURQDXWDV
6NHWFK
}&O¸PDOH
9LDMHD
1HEXFRSLR
}5HVSÊQGHOH
9LDMHD
0HJDQWDUHV
1DFLPLHQWRGH
0RLVÀV
0RLVÀV\OD
$UEXVWR$UGLHQWH
}2EHGÀFHOH
9LDMHD
0RYVWDU
/DV3ODJDV
}(VSÀUDOH
9LDMHD
3D]QDVD
&ROXPQDVGHQXEH
\)XHJR
}$O¸EDOH
(OSDVRGHO0DU
5RMR
9LDMHD
([SORWÀOLWH
9HUVR
6DOPRq&ODPRDO6HÈRU
DYR]HQFXHOOR\GHVGH
VXPRQWHVDQWR OPH
UHVSRQGHr
,VDÄDVEq–$TXLÀQ
HQYLDUÀ"–4XLÀQLU¸SRU
QRVRWURV"<UHVSRQGÄ$TXÄ
HVWR\}(QYÄDPHDPÄr
-XDQq(OTXHREHGHFH
VXVPDQGDPLHQWRV
SHUPDQHFHHQ'LRV\'LRV
HQÀO–&ÊPRVDEHPRVTXHÀO
SHUPDQHFHHQQRVRWURV"3RU
HO(VSÄULWXTXHQRVGLRr
,VDÄDVEq3RUTXH
HO6HÈRUHVXQ'LRVGH
MXVWLFLD}'LFKRVRVWRGRV
ORVTXHHQÀOHVSHUDQr
6DOPREq$ODEHQD'LRV
HQVXVDQWXDULRDO¸EHQORHQ
VXSRGHURVRILUPDPHQWRr
£$OD(VWDFLyQ
(VSDFLDO
£-XHJRV
*DOiFWLFRV
/LEULWRV/HHUOD%LEOLD
2UDFLÊQ\0DQXDOLGDGHV
–/LVWRVSDUD-XJDU"
[RGR
,GHDSDUD0DQXDOLGDG
5HFRUWDUHVWDILJXUD
HQIRPLSDUDSRQHUOD
HQVX0RELOH
[RGR
,GHDSDUD0DQXDOLGDG
5HFRUWDUHVWDILJXUD
HQIRPLSDUDSRQHUOD
HQVX0RELOH
[RGR\
,GHDSDUD0DQXDOLGDG
5HFRUWDUHVWDILJXUD
HQIRPLSDUDSRQHUOD
HQVX0RELOH
[RGR
,GHDSDUD0DQXDOLGDG
5HFRUWDUHVWDILJXUD
HQIRPLSDUDSRQHUOD
HQVX0RELOH
[RGR\
,GHDSDUD0DQXDOLGDG
5HFRUWDUHVWDILJXUD
HQIRPLSDUDSRQHUOD
HQVX0RELOH
-XHJRV
)RUPDXQD
SDODEUD
/DSUXHED
GHOJXVWR
-XHJRV
&DUUHUDGH
EHELGDV
5HOHYRGH
SO·WDQRV
-XHJRV
&DEH]D
SHJDMRVD
(IHFWRVGH
VRQLGR
-XHJRV
-XVWDFRQ
)ORWDGRUHV
+DFHUXQD
SLU·PLGH
-XHJRV
0DOYDYLVFR
VXFLR
5HOHYRGH
SDVWHOHV
5HIULJHULR
)UXWD
3LFDGD
3HSLQR\
-LFDPD
FRQFKLOH
*HODWLQD
$JXD)UHVFD
FRQ
*DOOHWDV0DULDV
3DVWHO
/D(%9)iFLO
$TXÄWHQHPRVXQD(VFXHOD%LEOLFDGH9HUDQRWDQVHQFLOODI¸FLOGHSODQHDU\I¸FLOGHKDFHU(VFRJHODIHFKDMXQWD
DOJXQRVYROXQWDULRVSHJDXQRVSRVWHUVHQODFRPXQLGDG\\DHVW¸VOLVWR
&RQXQHTXLSRP¸VJUDQGHGHSHUVRQDVKD\P¸VGLYHUVLÊQSDUDWRGRVDVÄTXHKHPRVGLYLGLGRHOWUDEDMRHQYDULRV
SDSHOHVSDUDLQYROXFUDUDP¸VSHUVRQDV$TXÄKD\XQDVLGHDVSDUDGLYLGLUHOWUDEDMR\KDFHUPHMRUVX(VFXHOD%ÄEOLFD
GH9HUDQR
'LUHFWRUSDUDRUJDQL]DUWRGR
3HUVRQDSDUDGLULJLUORVFDQWRV
*UXSRGHPXVLFD\RJUXSRGHOÄGHUHVSDUDD\XGDUFRQODVDFFLRQHV
3UHGLFDGRUq$VWURQDXWDrSDUDODVOHFFLRQHVSULQFLSDOHV
SHUVRQDVSDUDHO6NHWFK
(OFDSLW¸Q\HOURERW
SHUVRQDSDUDRUJDQL]DU\GLULJLUORVMXHJRV
SHUVRQDSDUDRUJDQL]DU\SUHSDUDUODVPDQXDOLGDGHV
OÄGHUHVSDUDORVJUXSRVSHTXHÈRV
PÄQLPRGHHQFDGDJUXSR
SHUVRQDHQFDUJDGDGHFRPSDUWLUODVDSOLFDFLÊQHVHVSDFLDOHVHQORVJUXSRVSHTXHÈRV
RSXHGHVHUFDGDOÄGHU
SHUVRQDHQFDUJDGDGHOUHIULJHULR
TXHEXVFDYROXQWDULRVSDUDWUDHUORRSUHSDUDORFDGDGÄD
/RV6NHWFK
&DGDGÄDHOFDSLW¸QOOHYDU¸DORVQLÈRVDXQYLDMHHQODQDYHHVSDFLDOq*DOD[LD([SUHVVrFRQ
ODD\XGDGHVXOD]DULOORURERW}}}3RQOHVQRPEUHVFUHDWLYRV
(OFDSLW¸QHVXQKRPEUHVHULRSRUTXHHVHOUHVSRQVDEOHGHODQDYHDVÄFRPRGHODLQIRUPDFLÊQ
HVSLULWXDO TXH ORV QLÈRV UHFLELU¸Q GXUDQWH OD VHPDQD O LQWURGXFLU¸ D OD DXGLHQFLD D VX
OD]DULOORURERWXQURERWWRUSHTXHDYHFHVIXQFLRQDPDO+D\WLHPSRVTXHPLHQWUDVHVW¸
KDEODQGRWHUPLQDPXUPXUDQGR\KDFLHQGRVRQLGRVH[WUDÈRVHQYH]GHSDODEUDV OVLHPSUH
QHFHVLWDDFHLWHHQVXVXQLRQHVSDUDVHJXLUPRYLÀQGRVH
&DGDGÄDHOORVLQWURGXFLU¸QHOSXQWRSULQFLSDO\ODUHVSXHVWDTXHORVQLÈRVQHFHVLWDQGDUFDGD
YH]TXHHVFXFKHQODSDODEUDGHOGÄD(OFDSLW¸QWDPELÀQLQWURGXFLU¸ODDSOLFDFLÊQHVSDFLDOTXH
ORVQLÈRVHVFXFKDU¸QHQVXVJUXSRVSHTXHÈRV
/DLGHDGHORVVNHWFKVHVSDUDDEULUOD(%9FDGDGÄDSHURWDPELÀQORVSXHGHXVDUSDUDFHUUDU
FDGDGÄDFRQHOORVRWHQHUDORVSHUVRQDMHVSDUWLFLSDQGRHQORVMXHJRVRGDQGRODYXHOWD\
YLVLWDQGRODVFODVHV}$ORVQLÈRVOHVHQFDQWDU¸FRQRFHUDOFDSLW¸Q\DOURERW
*DOD[LDH[SUHVV
6NHWFK
£(Q9LYR
&DGDGÄDORVQLÈRVDSUHQGHQODIUDVHGHOGÄD\VXUHVSXHVWD(V
XQDDFWLYLGDG08<,03257$17(SDUDTXHORVQLÈRVQRVHDEXUUDQ
GXUDQWHHOVHUPÊQSHURWDPELHQWHD\XGDU¸SDUDWRGRHOHYHQWR
3RUWRGDOD(%9FXDQGRFXDOTXLHUOÄGHUXVHODIUDVHGHOGÄDORV
QLÈRVGHEHQGHOHYDQWDUVH\KDFHUODUHVSXHVWDTXHDSUHQGLHURQ
GHOFDSLW¸QGXUDQWHHOVNHWFK
'›D
/LGHU&O¸PDOH
5HVSXHVWDo'LRVD\ÑGDPHp
%ULQFDUFRQEUD]RVH[WHQGLGRV
'›D
/ÄGHU5HVSÊQGDOH
5HVSXHVWDo6LDTXÄPHWLHQHVp
0DQRDORÄGRSDUDUVHFRPRVROGDGR
'›D
/ÄGHU2EHGÀFHOH
5HVSXHVWDo'HER0DUFKDUPHp
0DUFKDQGRFDPELDUDVLHQWRFRQRWUR
'›D
/ÄGHU(VSÀUDOH
5HVSXHVWDo4XLHURSHOHDUPHMRUHVSHUDUp
%ULQFDU\ER[HDUXQHWXVPDQRV\VLÀQWDWH
'›D
/ÄGHU$O¸EDOH
5HVSXHVWDoDDDDDDDDODERD'LRVp
0DQRVDUULEDDODEDQGRFRQXQJULWR
+RUDULR
KRUDVGHGXUDFLÊQ
*UXSR*UDQGH
7RWDOGHPLQXWRV
&DQWRVPLQXWRV
6NHWFKPLQXWRV
/HFFLÊQ3ULQFLSDO
FRQODVDFFLRQHVPLQXWRV
&LHUUHFRQFDQWRPLQXWRV
*UXSRVSHTXHÈRV
7RWDOGHPLQXWRV
/LEULWRVPLQXWRV
$SOLFDFLÊQ(VSDFLDOPLQXWRV
0DQXDOLGDGRSFLRQDOPLQXWRV
*UXSR*UDQGH
7RWDOGHPLQXWRV
-XHJRVPLQXWRV
&DQWRVSDUDFHUUDUHOHYHQWR
PLQXWRV
5HIULJHULRPLQXWRV
/RV-XHJRV
/RVMXHJRVSDUDHVWHDÈRVHUHDOL]DU¸QFRQWRGRVORVQLÈRVVHQWDGRVHQHOJUXSRJUDQGHIRUPDGHHTXLSRV/RP¸V
I¸FLOVHU¸ORVQLÈRVFRQWUDODVQLÈDV3DUDFDGDMXHJRGHEHU¸QSDVDUYROXQWDULRVGHFDGDHTXLSRSDUDMXJDUHQIUHQWHGH
WRGRVPLHQWUDVTXHORVGHP¸VQLÈRVD\XGDQJULWDQGR\ULHQGRGHVGHVXVVLOODV3DUDTXHORVQLÈRVQRVHDEXUUDQ
UHDOL]DGLIHUHQWHVMXHJRVFDGDGÄDFRQWLHPSRVFRUWRV\XVDQGRGLIHUHQWHVQLÈRVFDGDYH]6HJR]DU¸QFRPRVLHPSUH
SHURRFXSDU¸VPHQRVWLHPSRPRYLHQGRDORVQLÈRV\SUHSDU¸QGRORVSDUDMXJDU
6XJHULPRVTXHHVFRMDQXQOÄGHUSDUDGLULJLUORVMXHJRVTXHORVHVWDU¸SUHSDUDQGRPLHQWUDVTXHORVQLÈRVHVWÀQHQ
VXVFODVHVGHJUXSRVSHTXHÈRV3DUDFDGDMXHJRHQWUHP¸VSUHSDUDGRHVWÀPHMRUVDOGU¸QVXVMXHJRV}}}$VÄTXH
SUHS¸UHQVH\JÊFHQVH
6NHWFK
9LDMH &OiPDOH
6DOPRq&ODPRDO6HÈRUDYR]HQFXHOOR\
GHVGHVXPRQWHVDQWR OPHUHVSRQGHr
(O FDSLW¸Q GD OD ELHQYHQLGD D ORV QLÈRV D XQD VHPDQD GH DYHQWXUD \ GLYHUVLÊQ YLDMDQGR D WUDYÀV GH ODV
JDOD[LDVSDUDYHUODJUDQGH]DGH'LRVGHVSXÀVLQWURGXFHDVXOD]DULOORURERW(OFDSLW¸QOHVGLFHTXHYLDMDU¸Q
D6DWXUQR\YLVLWDU¸QODHVWDFLÊQHVSDFLDOq1HEXFRSLRrGRQGHXWLOL]DU¸QDOJXQRVWHOHVFRSLRVLPSUHVLRQDQWHV
\YHU¸QDWUDYÀVGHJUDQGHVGLVWDQFLDV(OFDSLW¸QWDPELÀQOHVPHQFLRQDTXHFDGDGÄDHOORVDSUHQGHU¸QVREUH
ODJUDQGH]DGH'LRVGLUHFWDPHQWHGHXQOLEURLPSRQHQWHYLHMRYLHMROLEUROD%LEOLDGLUHFWRGHORV$VWURQDXWDV
HQFDGDHVWDFLÊQHVSDFLDO
3XHGHSUHVHQWDUHOFDQWROHPDSRUPHGLRGHOFDSLW¸QEURPHDQGRFRQORVQLÈRVGLFLÀQGROHVTXHSDUHFHTXHQR
HVW¸QOLVWRVSDUDVDOLUDOHVSDFLRHQWRQFHVHOURERWOHVD\XGDDSUHSDUDUVHGLULJLÀQGRORVHQHOFDQWR'HVSXÀV
GHFDQWDUSXHGHXVDUORVHIHFWRVGHVRQLGRGHGHVSHJXH\DYLDMDUFRQWLQXDQGRHOVNHWFKPLHQWUDVYLDMDQ
/Dq*DOD[LD([SUHVVrHQFRQWUDU¸XQPRQWÊQGHDVWHURLGHV\WHQGU¸QTXHKDFHUDOJXQDVPDQLREUDVHYDVLYDV
SDUDQRFKRFDUFRQWUDHOORV(OURERWHVW¸PX\QHUYLRVR\FKLVSRUURWHDPXFKRSRUTXHWLHQHPLHGRGHFKRFDU
HQWRQFHVHOFDSLW¸QOHD\XGDSDUDTXHDSUHQGDDFODPDUD'LRV
(OFDSLW¸QHQVHÈDDORVQLÈRVTXHDOHVFXFKDUODSDODEUDGHOGÄDq&O¸PDOHrHOORVUHVSRQGDQFRQODIUDVHq'LRV
$\ÑGDPHrPLHQWUDVEULQFDQ\H[WLHQGHQORVEUD]RVKDFLD'LRV(OURERWORLQWHQWDYDULDVYHFHV\DSUHQGHMXQWR
FRQORVQLÈRV
$OILQDOHOORVHVW¸QVHJXURV\OOHJDQD6DWXUQRGRQGHHOURERWSLHQVDTXHHODQLOORDOUHGHGRUGHOSODQHWDHV
XQDDXWRSLVWDSDUDFRUUHUU¸SLGR(OORVWLHQHQSUREOHPDVGHDWHUUL]DMHDVÄTXHHOURERWWLHQHTXHFODPDUGH
QXHYRD'LRVMXQWRFRQODDXGLHQFLDq&O¸PDOHr\HOORVUHVSRQGHQq'LRV$\ÑGDPHr
}(OORVDWHUUL]DQMXVWRDWLHPSRSDUDTXHHO$VWURQDXWDOHHQVHÈHGHOD%LEOLD
'HVSXÀVGHKDFHUXQDWHUUL]DMHGLYHUWLGRFRQHOJUXSRLQLFLHODOHFFLÊQSULQFLSDO
0DQXDOLGDG
'ÄD+R\ORVQLÈRV
UHFRUWDU¸QHVWDILJXUD
HQIRPLSDUDGHVSXÀV
FROJDUODHQVX
8VDDQLÈRVGHFDGDHTXLSRORVQLÈRVHVWDU¸QGHSLHVREUHHOHVFHQDULR\WUDWDU¸QGHIRUPDU
0RELOH
-XHJRV)RUPD8QD3DODEUD
VRORFRQVXFXHUSRXQDSDODEUDGHOHWUDV3XHGHKDEHUYDULDVURQGDVGHMXHJR\FDGDHTXLSR
FRPSHWLU¸FRQWUDUHORM
&XDQGRHOOÄGHUORLQGLTXHÀOVXVXUUDU¸ODSDODEUDDORVSDUWLFLSDQWHV\ÀVWRVWUDWDU¸QGHIRUPDUOD
SDODEUDVRORFRQVXVFXHUSRVVLQKDEODU$GLYLQDU¸QVRORORVQLÈRVGHHVHHTXLSR&XDQGRHOHTXLSR
DFLHUWHHOOÄGHUGHWHQGU¸HOUHORM\DQRWDU¸HOWLHPSRTXHGXUDURQHQHQFRQWUDUODSDODEUD
6LVXVHTXLSRVVRQQLÈRVFRQWUDQLÈDV\VLSRUHMHPSORODVQLÈDVWLHQHQODSDODEUDODVFKLFDV
TXHHVW¸QHQHOHVFHQDULRIRUPDU¸QODSDODEUDFRQVXVFXHUSRVPLHQWUDVTXHVRORODVQLÈDVTXH
HVW¸QHQODDXGLHQFLDWUDWDU¸QGHDGLYLQDUTXÀSDODEUDHV6LORVQLÈRVSDUWLFLSDQVRORWHUPLQDU¸Q
D\XGDQGRDODVQLÈDVDJDQDU
(VWDVVRQDOJXQDVSDODEUDVGHOHWUDV
/DSUXHEDGHOJXVWR
'DUOHVXQDXQRWÄRWÄDVDOSÄRSRUVHUWDO
OÄRUÄRGDQORVVR\WXVPLVPDODVÄTXHYHU
8VHXQQLÈR\XQDQLÈD3UHSDUHXQSODWRTXHFRQWHQJDGLIHUHQWHVDOLPHQWRV0DQWHQJDHOSODWRGHORVDOLPHQWRVRFXOWRKDVWDTXHHVWÀ
OLVWRSDUDHOMXHJR/DVQLÈDVHPSH]DU¸QSULPHUR&RPRHOORVWLHQHQORVRMRVYHQGDGRVQHFHVLWDXQD\XGDQWHTXHVHOOHYHDOQLÈRSDUD
TXHQRHVFXFKHODVUHVSXHVWDVGHODQLÈD4XHODQLÈDVHSDTXHOHYDDGDUDOJRSDUDTXHORSUXHEH\GHEHU¸GHLGHQWLILFDUTXÀDOLPHQWR
HV$GYLHUWDDOSÑEOLFRGHQRJULWDUODVUHVSXHVWDVSRUTXHVXHTXLSRVHU¸GHVFDOLILFDGR7RPHXQSHTXHÈDFDQWLGDGGHOSULPHUDOLPHQWR\
GÀMHODGDUVRODPHQWHXQDUHVSXHVWD7HQJDVHUYLOOHWDVDODPDQRSDUDDJDUUDUFXDOTXLHUDOLPHQWRTXHORVMXJDGRUHVSXHGDQWLUDU(OODGHEH
UHVSRQGHUHQVHJXQGRV&RQWLQÑHFRQHOUHVWRGHORVDOLPHQWRV\DQRWHFX¸QWRVLGHQWLILFÊFRUUHFWDPHQWH5HSLWDHOSURFHVRFRQHOQLÈR
(OHTXLSRTXHLGHQWLILTXHODPD\RUFDQWLGDGGHDOLPHQWRVJDQD
1DFLPLHQWRGH0RLVpV
/HFFLyQ
q/RVKLMRVGH,VUDHOJHPÄDQDFDXVDGHODVHUYLGXPEUH\FODPDURQ
\VXELÊD'LRVHOFODPRUGHHOORVFRQPRWLYRGHVXVHUYLGXPEUH<
R\Ê'LRVHOJHPLGRGHHOORV\VHDFRUGÊGHVXSDFWRFRQ$EUDKDP
,VDDF\-DFRE<PLUÊ'LRVDORVKLMRVGH,VUDHO\ORVUHFRQRFLÊ
'LRVr [RGR59
/D%LEOLDQRVPXHVWUDHQ [RGRFDSÄWXORTXHHOSXHEORGH'LRV
DSUHQGLÊXQDOHFFLÊQPX\LPSRUWDQWHTXHQRVRWURVDSUHQGHUHPRV
HVWHGÄDfGHEHPRV&/$0$/(D'LRVfFXDQGRQHFHVLWDPRVD\XGD
HQFXDOTXLHUFRVD
/RVLVUDHOLWDVHUDQHVFODYRV\HVWDEDQSDVDQGRSRUSUREOHPDVHQ
ODYLGD+D\PXFKDVFRVDVHQQXHVWUDYLGDTXHQRVKDFHQVHQWLU
TXH HVWDPRV H[SHULPHQWDQGR SUREOHPDVf DOJXQDV YHFHV QRV
IDOWDGLQHUR\WHQHPRVPX\SRFDFRPLGDRWUDVYHFHVVHQWLPRV
TXHVRPRVODEXUODGHODHVFXHODRDYHFHVHVWDPRVJULWDQGR
SRUTXH QXHVWURV SDGUHV JULWDQ WRGR HO WLHPSR $TXÄ HV FXDQGR
QRVRWURVQHFHVLWDPRVf&/$0$/(
$O SXHEOR GH 'LRV HQ HVH WLHPSR QR VROR OHV IDOWDED GLQHUR \
DOLPHQWR HOORV WDPELÀQ HUDQ OD EXUOD GH ORV HJLSFLRV VH UHÄDQ
GH HOORV \ FRQ WRGD OD WHQVLÊQ PX\ SUREDEOHPHQWH SHOHDEDQ
HQWUH HOORV PLVPRV /D YLGD HUD GLIÄFLO }(O OÄGHU GH ORV HJLSFLRV
)DUDÊQGHFODUÊTXHWRGRVORVQLÈRVGHEÄDQPRULU}<VHVROWÊXQD
SHUVHFXFLÊQ6LDOJXLHQQHFHVLWDED&/$0$/(D'LRVfHVWRVHUDQ
ORVLVUDHOLWDV
3HUR'LRVWHQÄDXQSODQ OFXLGÊD0RLVÀVFXDQGRÀVWHQDFLÊ\
&OiPDOH
,
5HOOHQDFRQO¸SL]RFRORUWRGRVORFXDGURVGRQGHVHHQFXHQWUDXQD
FRQVRQDQWH\GHVFXEUHODSDODEUDTXHVHIRUPDU¸
,
O
W
K
\
T
$
U
(
,
2
Z
(
Q
,
2
8
S
,
2
8
$
(
,
N
J
I
G
V
$
2
8
$
(
[
,
$
(
,
2
8
$
P
E
]
S
,
2
$
[
(
,
2
8
K
I
W
Ÿ
(
,
$
(
,
2
8
$
Z
U
[
(
,
2
$
(
,
2
8
$
Ÿ
2
8
$
(
,
8
$
(
,
2
8
I
E
Q
$
(
,
$
(
,
2
8
$
S
W
V
K
,
2
$
I
(
,
2
8
]
Ÿ
N
M
(
,
$
(
,
2
8
$
U
K
P
F
Y
2
(
,
2
8
\
$
2
8
$
(
,
2
(
S
]
V
G
J
8
Ÿ
$
F
(
Q
8
Z
$
(
,
W
}'HVSLHUWD
/HY¸QWDWH
SRUTXHHV
WLHPSRGH
TXHFODPHVD
WX'LRV
( 8 $ ( 8 , 8 Y \ M 8 G O , U Y 8 P \ Z 8 , $ , $ 2 2
&RORUHDOD
HVWDFLyQ
(VSDFLDO
1HEXFRSLR
1DFLPLHQWR
GH0RLVpV
6DOPRq&ODPRDO6HÈRUDYR]HQFXHOOR
\GHVGHVXPRQWHVDQWR OPHUHVSRQGHr
$ 2 8 $ 2 ( 2 ( 8 $ 2 T 8 ( 2 ] 2 ( 8 $ 2 ( 8 ( 8 ,
*DOD[LD([SUHVV/HFFLyQ
£',26(6*5$1'(
$SOLFDFLRQHV7HOHVFRSLR
$SUHQGDPRVHOOHQJXDMHGHODV6HxDV
%HEÀ
0DWDU
)DPLOLD
$EUDKDP
623$'(/(75$6
) $
5 ,
$ 3
7 ,
* (
) $
2 7
, 6
( $
1 1
- $
3 &
5 ,
6 $
8 (
, 6
5 8
5 $
3 ,
$ 7
1 7
& $
& 2
( )
$
%
5
7
2
*
2
2
5
%
(
* 0 $ + $
& , 4 : 6
/ 2 $ % (
$ ( / ( 5
9 $ 0 2 ,
1 , ' ( 7
( 7 ' $ /
( 6 7 8 *
- ( 5 $ 0
, 2 % ( 5
< . 0 $ 5
* & / $ 0
5
,
6
8
6
,
5
0
,
%
,
$
%
6
$
0
(
/
%
2
5
3
5
/
$
6
,
6
2
9
$
/
&
6
(
ORSURWHJLÊSDUDTXHQRORPDWDUDQ/DPDP¸GH0RLVÀVWUDWÊ
GHHVFRQGHUORORP¸VTXHSXGRGHORVVROGDGRVTXHTXHUÄDQ
TXLW¸UVHORSDUDPDWDUORSHUROOHJÊXQWLHPSRHQTXHHOOD\D
QRSRGÄDHVFRQGHUOR(QWRQFHVIXHFXDQGRSUREDEOHPHQWHHOOD
WXYRODEXHQDLGHDGHf&/$0$/(D'LRV'LRVFXLGÊGH0RLVÀV
FXDQGRVXPDP¸ORSXVRHQXQDFDQDVWD\ORHFKÊHQHOUÄRf
ÀOVHSXGRKDEHUDKRJDGRROOHYDGROHMRVSRUODFRUULHQWHSHUR
'LRVVHDVHJXUÊGHTXHHVWXYLHUDDVDOYR(OUÄROOHYÊODFDQDVWD
KDVWDODFDVDGH)DUDÊQHOOÄGHUGH(JLSWR\VXHVSRVDGHFLGLÊ
WRPDUOR FRPR VX SURSLR KLMR 1XHVWUR 'LRV HV 7$$$$$$$1
*5$1'('LRVWHQÄDXQSODQSDUDODYLGDGH0RLVÀV\ORYLR
GHVGHTXHHUDXQEHEÀHQXQDFDQDVWD\HQGRDODGHULYDHQHO
UÄR'LRVWHYHDWL\DPÄ\FRQRFHDFDGDXQRGHQRVRWURV
3RGHPRVDSUHQGHUXQDOHFFLÊQPX\LPSRUWDQWHHVWHGÄDTXH
HV&/$0$/(D'LRV/RVWLHPSRVSXHGHQVHUGLIÄFLOHVSDUDWL\
SDUDPÄWDOYH]VHDQWLHPSRVGXURVHQODHVFXHODRSHOHDVFRQ
WXVKHUPDQRVHQFDVD/RPHMRUTXHSXHGHVKDFHUHV&/$0$/(
D 'LRV /RV LVUDHOLWDV KLFLHURQ HVWR (OORV IXHURQ FDSDFHV GH
&/$0$/(D'LRV\OD%LEOLDGLFHTXH'LRVORVHVFXFKÊ\ORV
UHFRUGÊ'LRVORVYLR\ORVFRQRFLÊ7XYRFRPSDVLÊQGHHOORV
\ ORV VDOYÊ O \D WHQÄD XQ SODQ SDUD FRQ 0RLVÀVf QDFLGR
FRPRLVUDHOLWDVDOYDGRGHODPXHUWHHVFDSÊHQXQDFDQDVWD\
DGRSWDGRHQODIDPLOLDGH)DUDÊQ$VÄTXHSRQJDPRVHQDFFLÊQ
ORTXHKHPRVDSUHQGLGRHVWHGÄD\f&/$0$/($',26
(6&/$926
&/$0$/(
352%/(0$6
,65$(/
02,6(6
)$5$21
(*,372
&$1$67$
5,2
3$&72
$%5$+$0
,6$$&
-$&2%
6(59,'80%5(
38(%/2
/RV WHOHVFRSLRV VRQ DOJR DVRPEURVRf SRUTXH FRQ HOORV
SRGHPRVYHUODJUDQH[WHQVLÊQGHO8QLYHUVR'HVGHODWLHUUD
QRSRGHPRVYHUORVSODQHWDV\ODVOXQDVTXHWLHQHQVRORFRQ
QXHVWURVRMRVfSRUTXHQRVSDUHFHQFRPRPLOHVGHSXQWRVHQ
HOFLHOR3HURFRQXQWHOHVFRSLRORVSRGHPRVYHUP¸VGHFHUFDf
DXQORVFXHUSRVGHDJXDFU¸WHUHV\RWUDVFRVDVLQWHUHVDQWHV
&RQ XQ WHOHVFRSLR QRVRWURV SRGHPRV YHU FRVDV TXH HVW¸Q
GHPDVLDGROHMRV
$ YHFHV QRVRWURV QRV VHQWLPRV LQVLJQLILFDQWHVf FRPR XQD
SHTXHÈDHVWUHOODHQXQ8QLYHUVROOHQRGHHVWUHOODV+D\YHFHV
FXDQGRSDUHFHTXHQDGLHQRVYHSHUR'LRVQRVHVW¸YLHQGR(V
FRPRVL OWXYLHUDXQWHOHVFRSLR\SXHGHYHUQRVDXQFXDQGR
KD\PLOHVGHSHUVRQDVDQXHVWURDOUHGHGRU\ OVHHQFXHQWUHD
PLOHVGHNLOÊPHWURVGHGLVWDQFLD
6NHWFK
9LDMH 5HVSyQGHOH
,VDÄDVEq–$TXLÀQHQYLDUÀ"–4XLÀQLU¸SRU
QRVRWURV"<UHVSRQGÄ$TXÄHVWR\}(QYÄDPHDPÄr
+R\HOURERWWHQGU¸SUREOHPDVSDUDUHVSRQGHUOHDOFDSLW¸QFRPRVLÀOKXELHUDSHUGLGRVXRÄGR(O
VNHWFKFRPLHQ]DFRQHOFDSLW¸QVDOXGDQGRDOURERW\WUDWDQGRGHFRQVHJXLUTXHODQDYHHVWÀOLVWD
SDUDGHVSHJDUSHURHOURERWORLJQRUDFRPSOHWDPHQWH&RPRHVW¸EDWDOODQGRSDUDFRPXQLFDUVHHO
FDSLW¸QOHHQVHÈDDOURERW\DOJUXSRODSDODEUD\ODUHVSXHVWDGHOGÄD(OOÄGHUJULWDq5HVSÊQGHOHr\
ORVQLÈRVSULPHURUHVSRQGHQSRQLÀQGRVHODPDQRHQVXRÄGROXHJRVHSDUDQFRPRXQVROGDGR\GLFHQ
q$TXÄPHWLHQHVr
(OFDSLW¸QOHVFRPSDUWHTXHKR\YLDMDU¸QDq$QWDUHVrOD†HVWUHOODP¸VEULOODQWHHQHOFLHOR}TXH
WDPELÀQUHVXOWDVHULQFUHÄEOHPHQWHHQRUPH$OOÄDWHUUL]DUHPRVHQODHVWDFLÊQHVSDFLDOq0HJDQWDUHVr
}\YHUHPRVTXÀWDQHQRUPHHVHO8QLYHUVR
&DQWHQODFDQFLÊQOHPD\GHVSXÀVSRQODSLVWDSDUDGHVSHJDU\YLDMDU
0LHQWUDVYLDMDQHOFDSLW¸QOHGLFHDOURERWTXHWLHQHQTXHDJDUUDUOD9ÄD/¸FWHDFRPRVLIXHUDXQD
DXWRSLVWDSDUDSRGHUOOHJDUDVXGHVWLQR(OURERWQRORHVFXFKDFRUUHFWDPHQWHGHPRGRTXHVH
SDVDXQDHQWUDGDGHOD9ÄD/¸FWHD\WLHQHTXHWRPDUODVLJXLHQWH(OFDSLW¸QOHSRQHDFHLWHDOURERW
HQWRQFHVÀVWHFRPLHQ]DDUHVSRQGHUOHELHQ8VHYDULDVYHFHVODVIUDVHVq5HVSÊQGHOHr\q$TXÄPH
WLHQHVr
}(OORVDWHUUL]DQMXVWRDWLHPSRSDUDTXHHO$VWURQDXWDOHVHQVHÈHGHOD%LEOLD
'HVSXÀVGHKDFHUXQDWHUUL]DMHGLYHUWLGRFRQHOJUXSRLQLFLHODOHFFLÊQSULQFLSDO
0DQXDOLGDG
-XHJRV&DUUHUDGHEHELGDV
'ÄD+R\ORVQLÈRV
UHFRUWDU¸QHVWDILJXUD
HQIRPLSDUDGHVSXÀV
FROJDUODHQVX
0RELOH
8VH D QLÈRV GH FDGD HTXLSR \ TXH IRUPHQ XQD OÄQHD D XQ H[WUHPR GHO
HVFHQDULR(QHORWURH[WUHPRSRQJDXQDPHVDFRQXQDMDUUDGHDJXDSDUD
FDGDHTXLSR'ÀOHDFDGDQLÈRSDUWLFLSDQWHXQSRSRWH/RVQLÈRVFRUUHU¸QDOD
PHVD\FRPHQ]DU¸QDEHEHUHODJXDFRQHOSRSRWHKDVWDTXHHOOÄGHUVXHQHHO
VLOEDWRHOORVVHUHJUHVDU¸QFRUULHQGR\RWURPLHPEURGHVXHTXLSRFRUUHU¸SDUD
FRQWLQXDUEHELHQGR(OTXLSRJDQDGRUVHU¸DOTXHOHTXHGHPHQRVDJXDFXDQGR
VHWHUPLQHHOWLHPSR2HOSULPHURTXHVHWHUPLQHVXMDUUDGHDJXD
5HOHYRGH
SOiWDQRV
3DUWLFLSDXQQLÈRGHFDGDHTXLSRVXREMHWLYRHVSHODUHOSO¸WDQR\FRPHUORORP¸VU¸SLGR
SRVLEOH(OÑQLFRSUREOHPDHVTXHGHEHSRQHUXQDPDQRDWU¸VWRGRHOWLHPSR&RORTXHORV
SO¸WDQRVHQXQSODWRVREUHXQDPHVDIUHQWHDHOORV&XDQGRHOOÄGHUORLQGLTXHORVQLÈRVGHEHQ
LQWHQWDUSHODUHOSO¸WDQRFRPRSXHGDQXVDQGRVRORXQDPDQR\VXVGLHQWHV(QFXDQWROR
SHOHQGHEHQFRPHUVHHOSO¸WDQRFRPSOHWRSDUDJDQDU
0RLVpV\HODUEXVWR$UGLHQWH
/HFFLyQ
q8Q GÄD HQ TXH 0RLVÀV HVWDED FXLGDQGR HO UHEDÈR GH -HWUR VX
VXHJURfHO¸QJHOGHO6HÈRUVHOHDSDUHFLÊHQWUHODVOODPDVGHXQD
]DU]DDUGLHQWH0RLVÀVQRWÊTXHOD]DU]DHVWDEDHQYXHOWDHQOODPDV
SHURTXHQRVHFRQVXPÄDDVÄTXHSHQVÊ}4XÀLQFUHÄEOH9R\DYHU
SRUTXÀQRVHFRQVXPHOD]DU]D
&XDQGR HO 6HÈRU YLR TXH 0RLVÀV VH DFHUFDED D PLUDU OR OODPÊ
GHVGH OD ]DU]D }0RLVÀV 0RLVÀV t$TX› PH WLHQHV tUHVSRQGLÊ
t1RWHDFHUTXHVP¸VtOHGLMR'LRV4XÄWDWHODVVDQGDOLDVSRUTXH
HVW¸VSLVDQGRWLHUUDVDQWD<RVR\HO'LRVGHWXSDGUH6R\HO'LRV
GH$EUDKDPGH,VDDF\GH-DFRE$ORÄUHVWR0RLVÀVVHFXEULÊHO
URVWURSXHVWXYRPLHGRGHPLUDUD'LRVr([19,
}4XÀ WDQ ,1&5(,%/( HV QXHVWUR 'LRV PRVWUDVH \ KDEODU FRQ
0RLVÀV}'LRVOHKDEOÊD0RLVÀV\OROODPÊSRUVXQRPEUH(VWH
GÄDDSUHQGHUHPRVORTXHSRGHPRVKDFHUFXDQGR'LRVQRVOODPDf
}5(6321'(/(
0RLVÀVHVWDEDPHWLGRHQVXVDVXQWRVFXLGDQGRODVRYHMDV OQR
HVWDEDRUDQGRQLKDFLHQGRQDGDHVSLULWXDOfÀOHVWDEDWUDEDMDQGR
'LRV OR OODPÊ PLHQWUDV HVWDED WUDEDMDQGR 1R OH GLMRf q+H\ WÑ
TXH HVW¸V DOO¸r }OR OODPÊ SRU VX QRPEUH 'H UHSHQWH 0RLVÀV
SXGR HVFXFKDU D DOJXLHQ OODP¸QGROR SRU VX QRPEUHf q02,6(6
02,6(6r7DOYH]ÀOPLUÊKDFLDORVODGRVEXVFDQGRTXLÀQORHVWDED
OODPDQGRfSHURQRKDEÄDQDGLH OHVWDEDVROR(QWRQFHVÀOORYH
}8QDUEXVWRDUGLHQGR–7ÑFUHHVTXHVDFÊXQH[WLQJXLGRUGHVX
EROVDSDUDWUDWDUGHDSDJDUHOIXHJR"3UREDEOHPHQWHÀOWUDWÊGH
5HVSyQGHOH
,VDÄDVEq–$TXLÀQHQYLDUÀ"–4XLÀQ
LU¸SRUQRVRWURV"<UHVSRQGÄ$TXÄHVWR\
}(QYÄDPHDPÄr
(VFXFKDU
˜QJHO
,
0
(
2
GDU
}1HFHVLWR
XQDEXHQD
DUD
UHVSXHVWDS
QRVHJXLU
ROD
¸QG
UHJ
6LJXHODVOtQHDVSRQODVOHWUDVHQ
RUGHQ\GHVFXEUHHOQRPEUHGH
XQSHUVRQDMHLPSRUWDQWH
623$'(/(75$6
5
2
9
(
$
6
=
$
6
,
)
(
5
5
*
7
$
¨
2
$
7
,
6 3
( )
$ 7 $
( 6
+ $
5 1
$ *
% (
, /
8 /
( 6
2 1
$ <
( 7
0 6
' ,
2 7
7 5
5 9
' (
$ '
5 $
7 *
' ( /
5 , =
5 2 =
$ 0 $
2 6 5
$ 0 =
% 1 $
( + <
& , 2
1 $ 6
, 0 8
+ 2 ¨
5HJXODUPHQWHWÑ\\RQRYHPRVDUEXVWRVDUGLHQGR\QRUPDOPHQWH
'LRVQRQRVKDEODFRQXQDYR]DXGLEOHSHURVHHVW¸WUDWDQGR
GHFRPXQLFDUFRQQRVRWURVWRGRHOWLHPSR'LRVTXLHUHKDEODU
FRQWLJRSDVDUWLHPSRFRQWLJR\GDUWHGLUHFFLÊQ(OSUREOHPDHV
TXHPX\SRFRVGHQRVRWURVHVWDPRVHVFXFK¸QGROH/DPD\RUÄD
GHODVSHUVRQDVYDQGHXQODGRDRWURLJQRUDQGRD'LRVWRGR
HOWLHPSRfVHROYLGDQGHTXHDXQH[LVWH\}P¸VDXQGHTXH
DFWXDOPHQWH O TXLHUH KDEODU FRQ QRVRWURV }'LRV UHDOPHQWH
HVSHUDTXHWÑ5(6321'(/(–1RHVQXHVWUR'LRV,1&5(,%/("
0RLVÀVSXGRKDEHUHVFRJLGRLJQRUDUD'LRVDVÄFRPRQRVRWURV
ORKDFHPRVKR\fSHURÀOVHGHWXYRHVFXFKÊ\OXHJRDEULÊVX
FRUD]ÊQ \ VX ERFD SDUD 5(6321'(/( O OH UHVSRQGLÊ D 'LRV
FRQHVWDIUDVHfq$TXÄPHWLHQHVr19,'LRVWHQÄDHOSODQGH
VDOYDU D ORV LVUDHOLWDV GH OD HVFODYLWXG \ TXLVR XVDU D 0RLVÀV
0RLVÀVUHVSRQGLÊDOOODPDGRGH'LRVFRQXQDIUDVHWDQVHQFLOODf
QDGDFRPSOLFDGRfVRORqDTXÄPHWLHQHVr}'LRVWDPELÀQTXLHUH
KDFHU FRVDV DVRPEURVDV FRQ WX YLGD O WLHQH SODQHV JUDQGHV
H LQFUHÄEOHV SDUD WL SHUR O QHFHVLWD TXH WÑ WH GHWHQJDV \ OR
HVFXFKHV} OTXLHUHTXHWÑ5(6321'(/(
$SOLFDFLRQHV7DPDxR$VRPEURVR
$SUHQGDPRVHOOHQJXDMHGHODV6HxDV
0RLVÀV
6
&RORUHDODHVWDFLyQ
(VSDFLDO0HJDQWDUHV
0RLVpV\OD
]DU]DDUGLHQWH
6
*DOD[LD([SUHVV/HFFLyQ
£',26(6,1&5(,%/(
KDFHUDOJRSDUDDSDJDUORSHURVHGLRFXHQWDGHTXHHODUEXVWRQR
VHTXHPDED}(VWDEDDUGLHQGRSHURQRVHTXHPDED}(QWRQFHVHO
DUEXVWRHPSH]ÊDKDEODUFRQÀO0RLVÀVGHELÊKDEHUSHQVDGRf
GHER5(6321'(/("
( ) $ - 5(6321'(/(
2%('(&,2
$ 7 6 ¨
-(752
1 , 2 2 5(%$¨2
/ / 0 $ =$5=$
= , % 6 6$1'$/,$6
7,(55$6$17$
8 5 5 $
29(-$6
2 ¨ 2 - $620%526$6
, ( 6 6 ',26
5 / $ % 2,5
526752
2 < 6 9
&21680,$
6 1 2 & $1*(/
$ % ( 5 //$0$6
8VDORVSRVWHUV
<D TXH 'LRV FRQRFH QXHVWUR QRPEUH \ QRV DPD SRGHPRV
VHQWLUQRVLPSRUWDQWHV\JUDQGHVHQPHGLRGHO8QLYHUVR$VÄ
FRPR OD 7LHUUD VH YH JUDQGH FRPSDUDGD FRQ 9HQXV 0DUWH
0HUFXULRR3OXWÊQ0XHVWUHHOSRVWHU3HURVLFRPSDUDVOD
7LHUUDFRQ-ÑSLWHU6DWXUQR8UDQR\1HSWXQRVHYHSHTXHÈD
3RVWHU 0LUHPRV HVWDV IRWRV GHO 8QLYHUVR &RQWLQÑH
PRVWUDQGR ORV SRVWHUV $XQ HQ OD JUDQ H[WHQVLÊQ GHO
8QLYHUVR'LRVWRGDYÄDSXHGHHQFRQWUDUWH\FRQRFHWÑQRPEUH
\ WÑ QHFHVLWDV UHVSRQGHUOH FXDQGR O WH OODPD 7Ñ SXHGHV
VHQWLUWHPX\LPSRUWDQWHSHURODUHDOLGDGHVTXHHQHO8QLYHUVR
HQWHURWÑHUHVPX\PX\SHURPX\SHTXHÈR
6NHWFK
9LDMH 2EHGpFHOH
-XDQq(OTXHREHGHFHVXVPDQGDPLHQWRV
SHUPDQHFHHQ'LRV\'LRVHQÀO–&ÊPRVDEHPRV
TXHÀOSHUPDQHFHHQQRVRWURV"3RUHO(VSÄULWXTXH
+R\HOURERWVHTXHMDSRUTXHQRGXUPLÊODVXILFLHQWHDQRFKH\TXLHUHWRPDUXQDVLHVWD&DGDYH]TXH
HOFDSLW¸QOHGLFHTXHSUHSDUHODVFRVDVSDUDHOGHVSHJXHHOURERWQRTXLHUHREHGHFHU\DGHP¸VVH
VLHQWHDEXUULGR&RPRHOFDSLW¸QHVW¸OXFKDQGRSRUTXHHOURERWQROHREHGHFHfOHHQVHÈDDOSÑEOLFR
ODIUDVHGHOGÄDq2EHGÀFHOHr\ODUHVSXHVWDGHOJUXSRVHU¸SDUDUVH\FRPHQ]DUDPDUFKDUGLFLHQGR
q'HER0DUFKDUPHrGHKHFKRTXHFDPELHQGHOXJDUFRQDOJXLHQ/DLGHDFRQODOHFFLÊQGHKR\HVTXH
HOSÑEOLFRFRQVWDQWHPHQWHVHHVWÀFDPELDQGRGHOXJDUORVPDQWHQGU¸PRYLHQGR\HVFXFKDQGROD
SDODEUDq2EHGÀFHOHr
(OURERWQRORKDU¸ELHQDOSULQFLSLR\P¸VTXHKDEODUVRORKDFHUXLGRVUDURVHQWRQFHVHOFDSLW¸QOHGD
XQDFRFDFRODJUDQGHFRQPXFKDFDIHÄQDSDUDGHVSHUWDUOR8VDXQDFDUWXOLQDSDUDSUHWHQGHUTXHVHD
XQDFRFDFRODRXQFDIÀJ}$KRUDHOURERWVHPXHYHSRUWRGRHOOXJDUP¸VU¸SLGRTXHXQFRKHWHRXQ
FRPHWDRTXHODYHORFLGDGGHODOX]
&DQWHQODFDQFLÊQOHPD\GHVSHJDQDOHVSDFLR(QHVWHSXQWRHOURERWVHGDFXHQWDGHTXHQRVDEH
DGÊQGHYDQHQWRQFHVHOFDSLW¸QVHORGLFH(OORVLU¸QDODHVWUHOODP¸VFHUFDQD\DWHUUL]DU¸QHQOD
HVWDFLÊQHVSDFLDOq0RYVWDUrGRQGHDSUHQGHU¸QDFHUFDGHOPRYLPLHQWR7RGRHOWLHPSRHOURERWVHHVW¸
PRYLHQGRSRUWRGDVSDUWHV
+¸JDORVDWHUUL]DUUHDOPHQWHU¸SLGRGHPRGRTXHHVWHYLDMHVHDXQRGHORVP¸VFRUWRVGHODVHPDQD
OXHJRHQWUHDODOHFFLÊQ(OURERWSXHGHFRUUHUSRUWRGDVSDUWHVFRPRORFRXQDYH]TXHDWHUULFHQFRQ
HOFDSLW¸QGHWU¸VGHÀODPHGLGDTXHVDOHQ
0DQXDOLGDG
-XHJRV6RQLGR'LYHUWLGRV
(OOÄGHUSUHSDUDU¸GHDQWHPDQRXQDOLVWDGHHIHFWRVGHVRQLGR
7RV+LSR(UXFWR(VWRUQXGR$SODXVRV%RVWH]R5LVDWRQWD3LVRWÊQ&DUUDVSHDU
$OLQHHDMXJDGRUHVGHFDGDHTXLSRDOWHUQ¸QGRORV'ÄJDOHVDORVMXJDGRUHVTXHWLHQHQTXHFRSLDU
WRGRVORVVRQLGRVTXHXVWHGKDFHHQHORUGHQHQTXHORVKDFH+DJDHOSULPHUVRQLGRGHODOLVWD
5HFRUUDODOÄQHDWRGRVORVMXJDGRUHVGHEHQHVWDUKDFLHQGRHOVRQLGRLQGLYLGXDOPHQWH(QWRQFHV
KDJDHOSULPHU\VHJXQGRVRQLGR\WRGRVORVMXJDGRUHVGHEHQKDFHUORWDPELÀQ(QWRQFHVDÈDGDHO
WHUFHUVRQLGR\HORWURHWF6LXQMXJDGRUQRKDFHHOVRQLGRRVHOHROYLGDRORKDFHHQXQRUGHQ
LQFRUUHFWRTXHGDU¸IXHUD&RQWLQÑHDJUHJDQGRVRQLGRVKDVWDTXHVRORTXHGHXQMXJDGRU}(VWH
HTXLSRVHU¸HOJDQDGRU
&DEH]D
SHJDMRVD
'ÄD+R\ORVQLÈRV
UHFRUWDU¸QHVWDILJXUD
HQIRPLSDUDGHVSXÀV
FROJDUODHQVX
0RELOH
3RQJDFLQWDDGKHVLYDDOUHGHGRUGHODIUHQWH\HOPHQWÊQHQXQQLÈRGHFDGDHTXLSR3RQJDXQDPHVD
HQHOHVFHQDULR\GLVSHUVHSHGDFLWRVGHSDSHOHQHOOD4XHFDGDMXJDGRUSRQJDVXVPDQRVDWU¸V
FRORF¸QGRVHGHWU¸VGHODPHVDIUHQWHDOSÑEOLFR&XDQGRHOOÄGHUORLQGLTXHORVMXJDGRUHVKDU¸QURGDU
VXFDEH]DDORODUJRGHODPHVDWUDWDQGRTXHVHOHVSHJXHQWDQWRVWUR]RVGHSDSHOFRPRVHDSRVLEOH
(OMXJDGRUTXHWHQJDP¸VWUR]RVGHSDSHOHQXQPLQXWRVHU¸HOJDQDGRU6LXQQLÈRWLHQHHOFDEHOOR
ODUJRK¸JDVHORKDFLDDWU¸VDQWHVGHSRQHUOHODFLQWDSDUDHYLWDUMDORQHVGRORURVRVGHFDEHOOR
/DV3ODJDV
/HFFLyQ
q3HUR HO 6HÈRU VLJXLÊ GLFLHQGRf o$VÄ TXH GLVSRQWH D SDUWLU 9R\ D
HQYLDUWHDOIDUDÊQSDUDTXHVDTXHVGH(JLSWRDORVLVUDHOLWDVTXHVRQPL
SXHEORp3HUR0RLVÀVOHGLMRD'LRVu–<TXLÀQVR\\RSDUDSUHVHQWDUPH
DQWHHOIDUDÊQ\VDFDUGH(JLSWRDORVLVUDHOLWDV"u<RHVWDUÀFRQWLJR
uOHUHVSRQGLÊ'LRVu([D19,
u6HÈRU uLQVLVWLÊ 0RLVÀVu WH UXHJR TXH HQYÄHV D DOJXQD RWUD
SHUVRQD
(QWRQFHVHO6HÈRUDUGLÊHQLUDFRQWUD0RLVÀVf
0RLVÀVVHIXHGHDOOÄ\YROYLÊDODFDVDGH-HWURVXVXHJUR$OOOHJDUOH
GLMRu'HERPDUFKDUPH4XLHURYROYHUD(JLSWRGRQGHHVW¸QPLV
KHUPDQRVGHVDQJUHr([D19,
2EHGHFHUHVDOJRWDQGLIÄFLO1DGLHTXLHUHREHGHFHU1DGLHTXLHUHGHMDU
ORTXHHVW¸KDFLHQGRSDUDREHGHFHUDRWUR6REUHWRGRSXHGHVHUGLIÄFLO
2%('(&(/(D'LRV\DTXHHQUHDOLGDGQRORSRGHPRVYHU\HQWRQFHV
WUDWDPRVGHILQJLUTXHQRH[LVWHGHPRGRTXHQRORREHGH]FDPRV
&DGDXQRTXLHUHKDFHUVXVSURSLDVFRVDV6LQRWHJXVWDREHGHFHU
DWXVSDS¸VfVDEHVTXH}QRHUHVHOÑQLFR7RGDODKXPDQLGDGQDFH
VLHQGRHJRÄVWD1RQDFLPRVFRPRXQDVGXOFHVFULDWXUDVFRPRTXL]¸V
SLHQVDQfQDFLPRVHJRÄVWDVSHQVDQGRTXHWRGRHOPXQGRGDYXHOWDDO
UHGHGRUQXHVWUR$YHFHVFXDQGRVDEHPRVTXHGHEHPRV2%('(&(/(
SHURQRORTXHUHPRVKDFHUQRVHPSH]DPRVDTXHMDU\DSHGLUVDOLUGH
DTXHOODVLWXDFLÊQ(VRIXHORTXHKL]R0RLVÀV
'LRVWHQÄDXQSODQ0$5$9,//262SDUDVDOYDUDVXSXHEORGHODHVFODYLWXG
\ODRSUHVLÊQ OTXHUÄDPRVWUDUVX*/25,$\VX*5$1'(=$DOPLVPR
WLHPSRGHOLEHUDUDVXSXHEOR OGHFLGLÊXVDUODVSODJDVfXQDVHULHGH
FRVDVPDODVfFDGDYH]SHRUHVKDVWDTXHORVHJLSFLRVGHFLGLHURQGHMDU
2EHGpFHOH
$SOLFDFLRQHV0RYLPLHQWR
$SUHQGDPRVHOOHQJXDMHGHODV6HxDV
6DOYR
/DV3ODJDV
-XQWRV
,UVH
'LRV
623$'(/(75$6
+(50$126$1*5(2%('(&(/(',),&,/48(-$5
3/$1*/25,$*5$1'(=$9$5$3/$*$6
/ , & , ) ,
$ 6 + ( 5 0
2 % ( ' ( &
- 4 8 ( - $
3 ' : $ 8 3
* / , 2 4 *
/ ( $ * = :
1 = , 1 ( ¨
'
$
(
5
/
5
*
,
8
1
/
7
$
$
/
/
9
2
(
5
*
1
$
6
$
9
5
$
$
'
=
+
5
)
&
6
(
5
$
,
¨
$
9
=
(
,
*
/
2
5
,
$
*
+
6LJXHORVQ~PHURV\IRUPDODVOHWUDVGHHVWDSDODEUDGHODOHFFLyQ
6LVR\REHGLHQWH
YHUÀPL
UHFRPSHQVD
OLWURVGHDFLHWHSDUD
PÄPPPPP
&RORUHDODHVWDFLyQ
(VSDFLDO0RYVWDU
-XDQq(OTXHREHGHFHVXV
PDQGDPLHQWRVSHUPDQHFHHQ'LRV\'LRV
HQÀO–&ÊPRVDEHPRVTXHÀOSHUPDQHFH
HQQRVRWURV"3RUHO(VSÄULWXTXHQRVGLRr
*DOD[LD([SUHVV/HFFLyQ
£',26(6
0$5$9,//262
VDOLUD6XSXHEOR\GHMDUOHHOWULXQIRD'LRV'LRVTXLVRTXH0RLVÀV
IXHUDODSHUVRQDTXHKDEODUDFRQ)DUDÊQ0RLVÀVIXHHOKRPEUHTXH
'LRVHVFRJLÊSHUR0RLVÀVQRTXLVRREHGHFHU OQRTXLVRLU
0RLVÀVVHTXHMÊ\VHTXHMÊGLFLHQGRTXHÀOQRHUDEXHQRSDUDKDEODU
HQSÑEOLFR\TXHPHMRU'LRVIXHUDEXVFDQGRRWUDSHUVRQDf0RLVÀV
WHUPLQDGLFLÀQGROHD'LRVTXHHQYÄHDDOJXLHQP¸V–/HKDVSHGLGR
DWXPDP¸TXHQRWHHVIXHUFHDLUDOJÑQOXJDURKDFHUDOJXQDFRVD"
(QWRQFHVVDEHVFRPRVHVLQWLÊ0RLVÀV3HUR'LRVWHQÄDXQSODQPX\
JUDQGH\HUDLPSRUWDQWHSDUD0RLVÀV2%('(&(/('LRVVHFDQVÊGH
WRGDVODVTXHMDVTXH0RLVÀVKL]Rf\OD%LEOLDGLFHTXH'LRVVHHQRMÊ
FRQÀO$OILQDO'LRVSHUPLWLÊTXH0RLVÀVWXYLHUDD\XGDRWUDSHUVRQD
TXHIXHUDFRQÀO–6DEHVTXÀKL]R0RLVÀV"""$VÄHVfDOILQDOÀOSXGR
2%('(&(/(
(O SODQ GH 'LRV HUD PRVWUDU VX JORULD \ PDUDYLOODV TXH LQLFLDURQ
FRQYLUWLHQGRODYDUDGH0RLVÀVHQXQDVHUSLHQWH\GHVSXÀVGHMDUOD
LJXDO)DUDÊQVHQHJÊDGHMDUVDOLUDOSXHEORGH'LRVDVÄTXH'LRV
LQLFLÊ FRQ ODV SODJDV FDGD YH] G¸QGROH D )DUDÊQ OD RSRUWXQLGDG
GH DUUHSHQWLUVH SHUR ÀO QR TXLVR 'LRV HQYLÊ SODJD WUDV SODJDf
FRPHQ]DQGRFRQVDQJUHUDQDVPRVTXLWRVPRVFDVPXHUWHGHORV
DQLPDOHV ÑOFHUDV JUDQL]R ODQJRVWDV WLQLHEODV \ OD PXHUWH GH ORV
SULPRJÀQLWRV'HVSXÀVGHWRGRHVWR)DUDÊQILQDOPHQWHVHULQGLÊ\
GHMÊHOWULXQIRD'LRV(OSXHEORGH'LRVDKRUDHUDOLEUHSDUDVDOLUf
HOORVKDEÄDQYLVWRODJORULDGH'LRV
}7RGRHVWRSDVÊSRUTXH0RLVÀVHVWXYRGLVSXHVWRDGHMDUGHTXHMDUVH
OHYDQWDUVHH,5\2%('(&(/(
'LRVRUGHQÊHOPRYLPLHQWRHQHO8QLYHUVR OSODQHÊGHVGHHO
SULQFLSLRTXHOD7LHUUDJLUDUDVREUHVXSURSLRHMHSHURWDPELÀQ
DOUHGHGRUGHOVRO3HURHVWDQGRHQHOVXHOR}HVWRQRSDUHFHTXH
VHPXHYDHQDEVROXWR3RQJDDORVQLÈRVHQXQFÄUFXOR\TXH
WUDWHQGHLUDORWURH[WUHPRGHODLJOHVLDGDQGRYXHOWDV–6HUÄD
GLIÄFLOYLYLUQXHVWUDVYLGDVVLSXGLÀUDPRVVHQWLUHOPRYLPLHQWR
\ODURWDFLÊQGHOD7LHUUD"$VÄFRPR'LRVSODQHÊHOPRYLPLHQWR
HQ HO 8QLYHUVR WDPELÀQ SODQHÊ HO PRYLPLHQWR HQ QXHVWUDV
YLGDV(OSODQGH'LRVLQFOX\HDFFLRQDUWRPDUULHVJRVREHGHFHU
LQFOXVR FXDQGR HO FDPLQR SDUHFH GLIÄFLO R ORFR 'H KHFKR VLQ
HO PRYLPLHQWR U¸SLGDPHQWH QRV DEXUULPRV \ FRPHQ]DPRV
D EXVFDU RWUDV FRVDV SDUD HQWUHWHQHUQRV $VÄ FRPR OD 7LHUUD
FRQWLQXDU¸ JLUDQGR 'LRV VHJXLU¸ G¸QGROH GLUHFFLÊQ D QXHVWUD
YLGD\QXHVWUDUHVSXHVWDWLHQHTXHVHUqVÄ6HÈRUr\REHGHFHU
6NHWFK
9LDMH (VSpUDOH
,VDÄDVEq3RUTXHHO6HÈRUHVXQ'LRVGH
MXVWLFLD}'LFKRVRVWRGRVORVTXHHQÀOHVSHUDQr
$EUDOD(%9GHKR\FRQHOURERW\HOFDSLW¸QOXFKDQGRHQWUHHOORVfDFHUFDGHDGÊQGHYLDMDU¸Q(O
FDSLW¸QGLFHTXHQHFHVLWDQLUDODOXQDSHURHOURERWTXLHUHLUDXQDHVWDFLÊQVDWHOLWDO/XFKDQGH
XQODGRDRWURPLHQWUDVWUDWDQGHSUHSDUDUVHSDUDGHVSHJDU&RQWLQÑHODOXFKDHQWUHORVFDQWRVSDUD
KDFHUODSDUHFHUP¸VODUJD&DQWHQXQDFDQFLÊQ\FRQWLQÑHQODOXFKDVREUHHOHVFHQDULRGHVSXÀVRWUD
FDQFLÊQHWF
(OFDSLW¸QHQVHÈDDOURERWHOSXQWRGHODOHFFLÊQGHKR\\ODUHVSXHVWD&XDQGRHOOÄGHUGLFHq(VSÀUDOHr
ORVQLÈRVGHEHQVDOWDU\KDFHUPRYLPLHQWRVGHER[HRPLHQWUDVGLFHQq4XLHURSHOHDUrGHVSXÀVMXQWDQ
VXPDQRV\VHVLHQWDQDOPLVPRWLHPSRTXHGLFHQq0HMRUHVSHUDUr
(OURERWVHGDFXHQWDTXHHVW¸HTXLYRFDGR\OHSLGHSHUGÊQDOFDSLW¸Q(OFDSLW¸QDGPLWHTXHLUDO
VDWÀOLWHWDPELÀQHVXQDEXHQDLGHD\SURSRQHTXHSXHGHQLUPDÈDQDVLHOURERWTXLHUH<DTXHHO
$VWURQDXWDHVW¸OLVWRHVSHUDQGRHQODOXQDSDUDODOHFFLÊQGHKR\(OFDSLW¸Q\HOURERWHVW¸QIHOLFHV
GHWHQHUXQDVROXFLÊQfODOXQDKR\\HOVDWÀOLWHPDÈDQDHQWRQFHVVHGDQXQDEUD]R\VHSUHSDUDQ
SDUDGHVSHJDUDODOXQD
(OFDSLW¸QGLFHTXHDWHUUL]DU¸QHQODHVWDFLÊQq3D]QDVDr\TXHDSUHQGHU¸QVREUHQDYHVHVSDFLDOHV\
HOHVSHUDU+DJDHOYLDMHU¸SLGRGHODWLHUUDDODOXQDSDUDODOHFFLÊQ
,GHD(OURERWSRGUÄDSDVDUDOJÑQWLHPSREXVFDQGRVXVERWDVSDUDODOXQD
0DQXDOLGDG
-XHJRV-XVWDFRQ)ORWDGRUHV
'ÄD+R\ORVQLÈRV
UHFRUWDU¸QHVWDILJXUD
HQIRPLSDUDGHVSXÀV
FROJDUODHQVX
0RELOH
3DUWLFLSDQGRVQLÈRVXQRGHFDGDHTXLSR3RQJDXQWUR]RGHPDGHUD[VREUHHOHVFHQDULR
\TXHORVQLÈRVVHSDUHQVREUHÀO(OREMHWLYRHVVDFDUDORWURMXJDGRUGHODWDEODXVDQGRXQ
MXJHWHFRPRVLIXHUDXQDHVSDGD8QIORWDGRUGHHVSXPDODUJRVLQJROSHDUDODRWUDSHUVRQD
HQODFDEH]D(OMXJDGRUHVW¸IXHUDHQFXDQWRVXSLHWRFDHOVXHOR(ORWURMXJDGRUGHEH
PDQWHQHUVHVREUHODWDEODSDUDJDQDU
2SFLRQDO6HSXHGHMXJDUHOMXHJRVLQHOIORWDGRU
+DFHUXQD3LUiPLGH
(VWHHVXQMXHJRVHQFLOORGRQGHFDGDHTXLSRXVDDQLÈRVSDUDKDFHUXQDSLU¸PLGHVREUHHO
HVFHQDULRWDQU¸SLGRFRPRSXHGDQ7UHVMXJDGRUHVKDU¸QODEDVHDUURGLOO¸QGRVHHQHOVXHOR
GHIUHQWHDOSÑEOLFR/RVVLJXLHQWHVGRVQLÈRVVHDUURGLOODQVREUHVXVHVSDOGDV\HOP¸V
SHTXHÈRVXEHKDVWDDUULEDDUURGLOO¸QGRVHVREUHODSDUHMDGHHQPHGLR
}(OSULPHUHTXLSRHQFRPSOHWDUODSLU¸PLGHVHU¸HOJDQDGRU
&ROXPQDVGHQXEH\)XHJR
/HFFLyQ
q(OIDUDÊQLEDDFHUF¸QGRVH&XDQGRORVLVUDHOLWDVVHILMDURQ\YLHURQDORV
HJLSFLRVSLV¸QGROHVORVWDORQHVVLQWLHURQPXFKRPLHGR\FODPDURQDO6HÈRU
(QWRQFHVOHUHFODPDURQD0RLVÀV
u–$FDVRQRKDEÄDVHSXOFURVHQ(JLSWRTXHQRVVDFDVWHGHDOO¸SDUDPRULU
HQHOGHVLHUWR"–4XÀKDVKHFKRFRQQRVRWURV"–3DUDTXÀQRVVDFDVWHGH
(JLSWR"<DHQ(JLSWRWHGHFÄDPRVq}'ÀMDQRVHQSD]}3UHIHULPRVVHUYLUD
ORVHJLSFLRVr}0HMRUQRVKXELHUDVLGRVHUYLUDORVHJLSFLRVTXHPRULUHQHO
GHVLHUWR
u1RWHQJDQPLHGRuOHVUHVSRQGLÊ0RLVÀVu0DQWHQJDQVXVSRVLFLRQHV
TXHKR\PLVPRVHU¸QWHVWLJRVGHODVDOYDFLÊQTXHHO6HÈRUUHDOL]DU¸HQ
IDYRUGHXVWHGHV$HVRVHJLSFLRVTXHKR\YHQ}MDP¸VYROYHU¸QDYHUORV
8VWHGHVTXÀGHQVHTXLHWRVTXHHO6HÈRUSUHVHQWDU¸EDWDOODSRUXVWHGHVr
([19,
(VWHGÄDYDPRVDDSUHQGHUFÊPRORVLVUDHOLWDVDSUHQGLHURQD(63(5$/(HQ
'LRV(QFXDQWRORVHJLSFLRVGHMDURQVDOLUDOSXHEORGH'LRVVHDUUHSLQWLHURQ
GH KDEHUOR KHFKR (QVHJXLGD )DUDÊQ TXLVR FRPHQ]DU D SHUVHJXLUORV \
UHJUHVDUORVDODHVFODYLWXG/DHQRUPHYLFWRULDGH\DQRVHUP¸VHVFODYRV
DKRUDHVWDEDSRUSHUGHUVH(OHQHPLJRORVYHQÄDSHUVLJXLHQGR\HOORVWHQÄDQ
PLHGR'HKHFKRFRPHQ]DURQDTXHMDUVH\GHVHDEDQUHJUHVDUVHD(JLSWRf
HOORVSHQVDURQTXHSUHIHUÄDQODHVFODYLWXGDVHUOLEUHV\DTXHHVWDEDQVLHQGR
SHUVHJXLGRVSRUHOHQHPLJRHQHOGHVLHUWR/DÑOWLPDFRVDTXHTXHUÄDQHUD
(63(5$/(HQ'LRV
/RDVRPEURVRHUDTXHODJHQWHWXYLHUDPLHGRGHVSXÀVGHKDEHUYLVWR
ODJORULDGH'LRVTXHORVSURWHJLÊ'LRVKL]RFRVDVDVRPEURVDVSDUDHVWH
SXHEORPLHQWUDVYLDMDEDQ'LRVPLVPRHQYLÊXQDFROXPQDGHQXEHSDUD
JXLDUORVHQHOGÄD\XQDFROXPQDGHIXHJRSDUDJXLDUORVHQODQRFKHf\
(VSpUDOH
*DOD[LD([SUHVV/HFFLyQ
£',26(60$*1,),&2
&ROXPQDVGH
QXEH\)XHJR
,VDÄDVEq3RUTXHHO6HÈRUHVXQ'LRV
GHMXVWLFLD}'LFKRVRVWRGRVORVTXHHQÀO
HVSHUDQr
$SOLFDFLRQHV1DYHV(VSDFLDOHV
$SUHQGDPRVHOOHQJXDMHGHODV6HxDV
*HQWH
9HU
&RORUHDODHVWDFLyQ(VSDFLDO3D]QDVD
3URPHVD
}0LUDORTXH
VDFDPRV<WÑ
TXHQRTXHUÄDV
HVSHUDU
623$'(/(75$6
6LJXHODVOtQHDV\SRQODVOHWUDVHQRUGHQHQFRQWUDUiVDOJRTXH'LRVTXLHUHTXHKDJDV
6
(
$
(
3
5
(
/
6
,
(
5
9
2
3
6
'
/
7
%
/
2
.
:
(
+
5
2
9
$
)
,
$
'
%
(
6
2
5
*
$
/
,
0
6
(
8
5
3
7
2
,
:
)
5
$
,
5
&
(
5
1
7
8
9
/
(
1
0
5
(
5
1
7
6
'
,
8
4
0
8
2
;
$
$
$
(
(
&
=
%
8
)
<
*
/
%
9
7
.
7
(
$
/
,
%
5
(
6
1
;
8
2
7
7
2
1
)
+
<
8
<
8
/
5
,
$
&
¨
(
<
%
5
)
0
7
,
$
/
0
$
(
6
7
$
'
,
$
1
/
7
9
2
7
5
(
,
6
(
'
$
$
62%5(1$785$/
0$-(67$'
(63(5$/(
7(67,*26
)$925
9,&725,$
/,%5(6
'(6,(572
0,('2
&2/801$
18%(
)8(*2
0,/$*526
/8=
%$7$//$
GDUOHVOX]–3XHGHVLPDJLQDUWHXQDPXOWLWXGGHP¸VRPHQRVPLOORQHV
GHSHUVRQDVFDPLQDQGRDWUDYÀVGHOGHVLHUWRFRQXQDFROXPQDGHIXHJR
HQIUHQWHGHXQRVSLVRVGHDOWR"1RVDEHPRVTXÀWDQDOWDHUDHVD
FROXPQDSHURFRQWDQWRVLVUDHOLWDVTXHKDEÄDQRSRGÄDVHUXQDOODPD
SHTXHÈD}(VWHHVXQPLODJUR0$*1,),&2'LRVORVJXLÊPLHQWUDVYLDMDEDQ
FRQXQDJUDQVHÈDOVREUHQDWXUDOfDXQDVÄHOORVWHQÄDQPLHGRDOYHUTXH
HOHQHPLJRVHDFHUFDED
5HJXODUPHQWHWÑ\\RWHQHPRVPLHGRLJXDOTXHORVLVUDHOLWDVFXDQGR
WUDWDPRVGHREHGHFHUD'LRV\WRGRORTXHHVW¸DQXHVWURDOUHGHGRU
SDUHFHXQGHVLHUWRfQRKD\DGRQGHLU\HOHQHPLJRQRVSHUVLJXH$XQ
FXDQGRKHPRVYLVWRODPDMHVWDG\PDUDYLOODVGH'LRVf\ORVPLODJURV
XQRWUDVRWURFXDQGRQRVKDVDOYDGR&XDQGRWHQHPRVPLHGRHVGLIÄFLO
(63(5$/(
3UREDEOHPHQWHORVLVUDHOLWDVSHQVDURQTXHWHQÄDQGRVRSFLRQHVfFRUUHUR
OXFKDU7DOYH]QXQFDSDVÊSRUVXVPHQWHVVRORVHQWDUVHDOOÄ\(63(5$/(
–4XLÀQ TXLHUH HVSHUDU FXDQGR DOJR PDOR HVW¸ SRU VXFHGHU""" 7RGRV
VDEHPRVTXHKD\TXHOXFKDURKXLUfSHUR'LRVWHQÄDXQSODQ0RLVÀV
HVFXFKÊHOSODQGH'LRV\VHORVFRPSDUWLÊfq8VWHGHVTXÀGHQVHTXLHWRV
TXHHO6HÈRUSUHVHQWDU¸EDWDOODSRUXVWHGHVr(OSODQGH'LRVHUDSHOHDUOD
EDWDOODSRUHOORV\HOORVVRODPHQWHWHQÄDQTXH(63(5$/(
–$FX¸QWRVGHXVWHGHVOHVJXVWDVHQWDUVH\HVSHUDU"}$QLQJXQR(VWDV
SHUVRQDVHVWDEDQHQSUREOHPDVfDVÄFRPRWÑ\\RDYHFHVWDPELÀQ
HVWDPRVHQSUREOHPDVfSHURHOSODQGH'LRVHUD(63(5$/(\GHMDTXH
'LRVSHOHHSRUHOORV/DSUÊ[LPDYH]TXHWHQJDVSUREOHPDVSÄGHOHD
'LRVDYHUVL OTXLHUHSHOHDUSRUWL\WXWUDEDMRVHU¸ORPLVPRTXHORV
,VUDHOLWDVfVROR(63(5$/(
'HVSXÀVGHTXHHOKRPEUHIXHFDSD]GHYHUODOXQDÀOTXLVRYLDMDU
HQXQQDYHHVSDFLDO0LUHHVWHSXQWRDVRPEURVRDFHUFDGHORVYLDMHV
GHQDYHVHVSDFLDOHV$ODPLWDGGHOFDPLQRDODOXQDORVDVWURQDXWDV
DSDJDQORVPRWRUHV\HOUHVWRGHOFDPLQRVHGHVOL]DQHVWRGHELGRD
ODIDOWDGHJUDYHGDG}(OSXQWRHVTXHFXDQGRORVPRWRUHVVHDSDJDQ
OD QDYH VH HVWD PRYLHQGR DO P¸[LPR GH WRGR HO YLDMH (V LJXDO FRQ
QRVRWURVODPD\RUSDUWHGHOWLHPSRSHQVDPRVTXHQHFHVLWDPRVWUDEDMDU
GXUR\HPSXMDUSDUDOOHJDUDGRQGHTXHUHPRVLU6LQHPEDUJRPXFKDV
YHFHV 'LRV QRV SLGH TXH QRV VHQWHPRV \ HVSHUHPRV DVÄ FRPR ORV
DVWURQDXWDVWLHQHQTXHHVSHUDUHQHOQDYHHVSDFLDO1RVRWURVWHQHPRV
TXHKDFHUDEVROXWDPHQWHQDGD\GHMDUTXH'LRVFXLGHGHQRVRWURV
'HEH GH VHU PX\ GLIÄFLO SDUD ORV DVWURQDXWDV HVWDU HQ PHGLR GH OD
QDGD HQ OR LQPHQVR GHO HVSDFLR \ DSDJDU VXV PRWRUHVf }FRQILDQGR
TXHYDQWDQU¸SLGRFRPROHVHVSRVLEOH1RVRWURVWDPELÀQSRGHPRV
UHODMDUQRVVDELHQGRTXHFXDQGR'LRVQRVSLGHTXHHVSHUHPRVQRVRWURV
HQUHDOLGDGYDPRV}WDQU¸SLGRFRPRQRVHVSRVLEOH
6NHWFK
9LDMH $OiEDOH
6DOPREq$ODEHQD'LRVHQVXVDQWXDULR
DO¸EHQORHQVXSRGHURVRILUPDPHQWRr
+R\HOURERWDFWÑDSHQVDQGRTXHHVHOPHMRUURERWGHOPXQGRLQFOXVRGHO8QLYHUVR\TXLHUHTXHHOFDSLW¸QOR
DODEHSRUORLPSUHVLRQDQWHTXHHV(OFDSLW¸QWUDWDHOSXQWRGHTXHVROR'LRVHVLPSUHVLRQDQWHQRQRVRWURV
ODVSHUVRQDVf}SHURHOURERWHVW¸VHJXURGHTXHÀOVLPSOHPHQWHHVSHUIHFWR
(OURERWHVW¸HQWXVLDVPDGRSRUTXHLU¸QDOVDWÀOLWHTXHTXLVRLUD\HUf}\DGYLHUWHTXHHVWDU¸QSUR\HFWDQGRXQD
JUDQSHOÄFXOD9HU¸QODH[SORVLÊQGHXQDHVWUHOODfXQDVXSHUQRYD
OU¸SLGDPHQWHHVW¸OLVWRSDUDVDOLU\VDOHQDODHVWDFLÊQHVSDFLDOq([SORWÀOLWHrTXHVHORFDOL]DHQXQVDWÀOLWH
-XHJXHFRQVXVNHWFKGRQGHHOURERWSLHQVDTXHKDFHFRVDVSHUIHFWDPHQWHSHURHQUHDOLGDGHVW¸FRPHWLHQGR
HUURUHV(MHPSOR}0LHQWUDVYXHODODQDYHHOURERWEURPHDFRQTXHSXHGHYRODUVLQPDQRVVHGDODYXHOWDSDUD
DPDUUDUVXV]DSDWRV\PLHQWUDVQRHVW¸PLUDQGRHOFDSLW¸QWLHQHTXHDJDUUDUHOYRODQWH\DSHQDVHVTXLYDXQ
FRPHWDTXHYDYRODQGR
'HVSXÀVGHQRYHUVXVHUURUHVSRUXQUDWRHOURERWFRPHWHXQHUURUJUDQGH\VHVLHQWHPDO
(OFDSLW¸QFRPSDUWHODSDODEUDGHOGÄDTXHHVq$O¸EDOHr\TXHÀVWDKDEODDFHUFDGHODDGRUDFLÊQD',26\QRD
QRVRWURVPLVPRV(OFDSLW¸QOHHQVHÈDDOJUXSR\DOURERWTXHODSDODEUDGHOGLDHVq$O¸EDOHr\HOORVUHVSRQGD
JULWDQGRq$DDDDDDDODER'LRVrFRQVXVPDQRVDO]DGDV
$ODFHUFDUVHDODJDOD[LDHOFDSLW¸QVHGDFXHQWDTXHVHOHROYLGÊHOPDSDGHODVGLUHFFLRQHV\QRVDEHFÊPR
OOHJDUDOVDWÀOLWH$GLYLQDQ\RUDQJLUDQGRDODGHUHFKDOXHJRDODL]TXLHUGD\DOILQDOOOHJDQSHUIHFWDPHQWHD
ODHVWDFLÊQHVSDFLDOFRUUHFWD7DQWRHOFDSLW¸QFRPRHOURERWQRWDQTXH'LRVHVHOTXHOHVD\XGÊDHQFRQWUDU
VXFDPLQR\MXQWRVJULWDQq$DDDDDDDODERD'LRVrFRQODVPDQRVOHYDQWDGDV
'HVSXÀVGHDWHUUL]DUHOORVVDOHQGHHVFHQDULRPX\HPRFLRQDGRVTXHYDQDYHUXQDVXSHUQRYDKR\
0DQXDOLGDG
-XHJRV0DOYDYLVFR6XFLR
/DLGHDGHHVWHMXHJRHVTXHORVHTXLSRVFRPSLWDQSDUDYHUFX¸QWRVPDOYDYLVFRVSXHGHQSRQHUHQXQUHFLSLHQWH
TXHHVW¸HQODFDEH]DGHVXFRPSDÈHUR(VGLYHUWLGRKDFHUHOMXHJRVXFLRSDUDTXHHOSÑEOLFRORGLVIUXWH
3RQJDXQDHVFDOHUDHQHOHVFHQDULR\GRVQLÈRVTXHODVRVWHQJDQ&DGDHTXLSRQHFHVLWDQLÈRVSDUD
SDUWLFLSDU\VRORXQHTXLSRSDUWLFLSDDODYH]YLJLODGRVFXLGDGRVDPHQWHSRUXQUHORM}QLÈRVVHWLUDQDO
VXHORHQIUHQWHGHODHVFDOHUDXQLHQGRVXVFDEH]DV3URWHMDODURSDGHORVQLÈRVSRQLHQGRXQDEROVDGH
SO¸VWLFRFRPRFDPLVD7DPELÀQVHUÄDEXHQRVLHVWRVGRVQLÈRVWXYLHUDQOHQWHVGHSURWHFFLÊQ3RQJDOD
PLVPDFDQWLGDGGHPDOYDYLVFRV\FKRFRODWHOÄTXLGRHQGRVUHFLSLHQWHV8QQLÈRVHVXEHDODHVFDOHUDFRQ
HOUHFLSLHQWHGHORVPDOYDYLVFRV'RVQLÈRVHVW¸QVRVWHQLHQGRODHVFDOHUDRWURVGRVHVW¸QHQHOVXHOR
FRQXQUHFLSLHQWHHQVXVIUHQWHV&XDQGRHOOÄGHUORLQGLTXHHOQLÈRGHDUULEDGHODHVFDOHUDWUDWDU¸GH
HFKDUODPD\RUFDQWLGDGGHPDOYDYLVFRVHQHOUHFLSLHQWHGHDEDMRHQXQODSVRGHPLQXWR$OILQDOVH
FXHQWDQORVPDOYDYLVFRVHQHOUHFLSLHQWH}/RVPDOYDYLVFRVTXHVHFRPLHURQQRFXHQWDQ'HVSXÀVGH
TXHXQHTXLSRWHUPLQHFRQWLQÑHFRQHOVLJXLHQWH}(OHTXLSRFRQHOPD\RUQÑPHURGHPDOYDYLVFRVHQHO
UHFLSLHQWHJDQDU¸
5HOHYRGH
SDVWHOHV
'ÄD+R\ORVQLÈRV
UHFRUWDU¸QHVWDILJXUD
HQIRPLSDUDGHVSXÀV
FROJDUODHQVX
0RELOH
/DLGHDGHHVWHMXHJRHVWHQHUGRVQLÈRVGHFDGDHTXLSRGHFRUDQGRXQSDVWHOWDQU¸SLGRFRPRSXHGDQ
\TXHVHDGLYHUWLGRSDUDWRGRHOJUXSR'HDQWHPDQRSUHSDUHGRVSDQHVTXHQRKD\DQVLGRGHFRUDGRV
3URSRUFLÊQHOHVPDQGLOHVEHWÑQFXFKLOORVDOJXQRVDSOLFDGRUHVRFXDOTXLHUFRVDSDUDGHFRUDUXQSDVWHO
SHTXHÈR&XDQGRHOOÄGHUGLJDORVQLÈRVVHSRQHQHOPDQGLOSRQHQHOEHWÑQORGHFRUDQ\DOWHUPLQDUWLHQHQ
TXHGDUOHXQDPRUGLGDDOSDVWHO(OJDQDGRUHVHOHTXLSRTXHSXHGDGHFRUDUP¸VU¸SLGRVXSDVWHO
}&RPRSUHPLRH[WUDDVHJÑUHVHTXHWLHQHVXILFLHQWHSDVWHO\ÑVHORFRPRXQGLYHUWLGRUHJDORSDUDWRGRV
ORVQLÈRVDOILQDOGHOD(%9
(OSDVRGHO0DU5RMR
/HFFLyQ
q(QWRQFHVHO6HÈRUOHGLMRD0RLVÀV‡([WLHQGHWXEUD]RVREUHHOPDU
SDUDTXHODVDJXDVVHYXHOYDQFRQWUDORVHJLSFLRV\FRQWUDVXVFDUURV
\MLQHWHV’0RLVÀVH[WHQGLÊVXEUD]RVREUHHOPDU\DOGHVSXQWDUHO
DOEDHODJXDYROYLÊDVXHVWDGRQRUPDO/RVHJLSFLRVHQVXKXLGDVH
WRSDURQFRQHOPDU\DVÄHO6HÈRUORVKXQGLÊHQHOIRQGRGHOPDU(Q
HVHGÄDHO6HÈRUVDOYÊD,VUDHOGHOSRGHUGH(JLSWR/RVLVUDHOLWDVYLHURQ
ORVFDG¸YHUHVGHORVHJLSFLRVWHQGLGRVDODRULOODGHOPDU<DOYHUORV
LVUDHOLWDVHOJUDQSRGHUTXHHO6HÈRUKDEÄDGHVSOHJDGRHQFRQWUDGH
ORVHJLSFLRVWHPLHURQDO6HÈRU\FUH\HURQHQÀO\HQVXVLHUYR0RLVÀVr
q(QWRQFHV0RLVÀV\ORVLVUDHOLWDVHQWRQDURQXQF¸QWLFRHQKRQRUGHO
6HÈRUTXHDODOHWUDGHFÄD
&DQWDUÀDO6HÈRUTXHVHKDFRURQDGRGHWULXQIR
DUURMDQGRDOPDUFDEDOORV\MLQHWHV
(O6HÈRUHVPLIXHU]D\PLF¸QWLFR
ÀOHVPLVDOYDFLÊQ
OHVPL'LRV\ORDODEDUÀ
HVHO'LRVGHPLSDGUH\ORHQDOWHFHUÀr
([19,
/RÑOWLPRTXHYLPRVGHORVLVUDHOLWDVIXHTXHHOORVHVWDEDQHQSUREOHPDV
YLHQGRDVXVHQHPLJRVTXHORVSHUVHJXÄDQfSHQVDQGRHQVLSRGÄDQ
OXFKDURKXLUSHURHVFRJLHURQHVSHUDUHQ'LRV(OORVVHHQFRQWUDURQ
DWUDSDGRVHQWUHHOHMÀUFLWRHQHPLJR\XQUÄRJLJDQWHq(OPDUURMRr(OORV
HVWDEDQDWUDSDGRVHVSHUDQGRHQ'LRVTXLHQORVLEDDUHVFDWDUf\ /
/2+,=2}$/$%$/(
'LRV OH GLR LQVWUXFFLRQHV D 0RLVÀV SDUD TXH WRPDUD VX YDUD \ OD
$OiEDOH
6LJXHORVQ~PHURV\IRUPDODVOHWUDVGHHVWDSDODEUDFODYHGHODOHFFLyQ
&RORUHDOD
HVWDFLyQ
(VSDFLDO
([SORWpOLWH
6DOPREq$ODEHQ
D'LRVHQVXVDQWXDULR
DO¸EHQORHQVXSRGHURVR
ILUPDPHQWRr
*DOD[LD([SUHVV/HFFLyQ
$SUHQGDPRVHOOHQJXDMHGHODV6HxDV
9LYR
&DQWDU
&HOHEUDFLÊQ
*UDFLDV6HÈRU
SRUHVWDVULFDV
PD]DQLWDVTXHULFDV
PDQ]DQLWDVODODODOD
ODODOD
623$'(/(75$6
$/$%$/(%5$=20$532'(5&$17,&2
75,81)2&$%$//2)8(5=$3$'5(&58=$5
2
3
:
&
5
=
8
$
/ /
2 '
) 8
1 $
8 )
, %
5 ,
7 9
,
(
,
9
=
'
=
&
%
5
)
8
(
5
=
$
$ &
9 $
* 1
= 7
& ,
( &
) 2
% $
=
/
%
(
5
,
=
/
$
$
$
8
$
3
$
/
5 0 5 %
% $ / (
= ( 0 5
5 * = $
8 5 = 3
$ ' 5 (
5 % * &
2 8 7 5
/RSULPHURTXHHOORVKLFLHURQIXHFDQWDUDODEDQ]DVD'LRVfDODE¸QGROH
SRUVXVPDUDYLOODV\VXIXHU]D
(VWDGHEHVHUWDPELÀQQXHVWUDSULPHUDUHVSXHVWDD'LRVSRUWRGDV
VXVPDUDYLOODVfVROR$/$%$/(&XDQGRWÑOHSLGHVD'LRVTXHWH
D\XGHFRQXQH[DPHQHQODHVFXHOD\ OORKDFHfWÑWHVLHQWHVELHQ
\KDFHVELHQHOH[DPHQf$/$%$/(&XDQGRHVW¸VFDQVDGRGHYHUD
WXVSDS¸VSHOHDUWRGRHOWLHPSR\RUDVD'LRVSDUDTXHOHVGHSD]f
\GHUHSHQWHHOORVGHMDQGHSHOHDUf$/$%$/(&XDQGROHSLGHVD
'LRVTXHWHYHD\WHGHXQSUR\HFWRSDUDD\XGDUHQODLJOHVLDf\HO
PDHVWURWHSLGHTXHVHDVHODVLVWHQWHf$/$%$/(&XDQGROHSLGHV
D'LRVTXHWHD\XGHDHYLWDUDXQFKLFRSUREOHP¸WLFRHQODHVFXHOD
\HVWHFKLFR\VXIDPLOLDVHFDPELDQDRWUDFLXGDGf$/$%$/('LRV
FRQVWDQWHPHQWHQRVHVW¸D\XGDQGR\FXLGDQGRHQWRQFHVQRVRWURV
QHFHVLWDPRVUHVSRQGHUFRPRORKLFLHURQORVLVUDHOLWDVf$/$%$/(
$SOLFDFLRQHV6XSHU1RYDV
£',26(6$620%5262
(OSDVRGHO
0DU5RMR
H[WHQGLHUD VREUH HO UÄR H LQPHGLDWDPHQWH HO DJXD FRPHQ]Ê D
SDUWLUVHHQGRV(OJLJDQWHVFRUÄRVHGLYLGLÊ\OHVGHMÊXQHVSDFLRVHFR
SDUDTXHFDPLQDUDQVREUHWLHUUDILUPH(VWHHVXQRGHORVPLODJURV
P¸VDVRPEURVRVGHOD%LEOLDfXQJLJDQWHVFRUÄRGHWHQLÀQGRVH\
DSLO¸QGRVH PLHQWUDV TXH PLOORQHV GH SHUVRQDV OR FUX]DEDQf \
FXDQGRORVHJLSFLRVWUDWDURQGHVHJXLUORV'LRVFLHUUDHOUÄRFD\HQGR
VREUHHOORVPDW¸QGRORVDWRGRV},PDJÄQDWHD'LRVSHOHDQGRODEDWDOOD
SRUWL1RKD\QDGDP¸VTXHKDFHUTXH$/$%$/(SRUHVHPLODJUR
PDUDYLOORVR–3XHGHVLPDJLQDUWHFUX]DQGRXQUÄRHQVHFR\YLHQGRD
'LRVFRQTXLVWDUDWXVHQHPLJRVIUHQWHDWXVRMRV"
$OJXQDVHVWUHOODVVRQWDQHQRUPHV\WLHQHQWDQWDSUHVLÊQHQ
VXLQWHULRUTXHOOHJDQDXQSXQWRGRQGHQRSXHGHQVRSRUWDU
P¸V OD SUHVLÊQf }HVWDV FUHFHQ \ FUHFHQ \ FUHFHQ KDVWD TXH
(;3/27$1HQXQPLOOÊQGHSDUWHVHQHOHVSDFLR}/RVFLHQWÄILFRV
ODVOODPDQVXSHUQRYDV(OGÄDTXHORVLVUDHOLWDVIXHURQUHVFDWDGRV
GH OD HVFODYLWXG \ GH OD PXHUWH DO FUX]DU HO 0DU 5RMRf HO
DJUDGHFLPLHQWR\ODDOHJUÄDGHEHGHKDEHUFDXVDGRXQDHQRUPH
SUHVLÊQGHQWURGHHOORVf}HOORVH[SORWDURQGHDJUDGHFLPLHQWR\
DGRUDFLÊQDO'LRVTXHORVVDOYÊ$VÄFRPRXQDVXSHUQRYDWÑ\\R
SDVDPRVSRUWLHPSRVHQORVTXH'LRVYLHQHHQQXHVWURUHVFDWH
\QRSRGHPRVPHQRVTXHH[SORWDUHQDGRUDFLÊQ}DJUDGHFLHQGR
D'LRV\DGRU¸QGRORSRUVDOYDUQRV
0DQXDOLGDG
0RELOH
7XMXHJRLQFOX\H
)LJXUDVGH)RPLSRUFDGDQLÈR +LORSRUFDGDILJXUDHQWRWDO
+LORSDUDVXVSHQGHUHOPÊYLO
1HFHVLWDU¸ORVPDWHULDOHVVLJXHQWHVSDUD
FXPSOLUHOSUR\HFWR
ERWHOODYDFÄDGHSO¸VWLFRGH
GRVOLWURVSRUFDGDQLÈR
7LMHUDV
0DUWLOOR
/RV3DVRV
3HUIRUDGRUD
&ODYR
$GTXLULUXQDERWHOODYDFÄDGHOLWURVSRUFDGDQLÈR
4XLWHODHWLTXHWDGHODERWHOOD
&RUWDUODSDUWHVXSHULRUGHODERWHOODSDUDKDFHUXQHPEXGRLQYHUWLGR
5HWLUHODWDSDGHODERWHOOD8WLOL]DQGRPDUWLOOR\FODYRKDFHUXQDJXMHURHQ
HOFHQWURGHODWDSD
$WHXQH[WUHPRGHOKLORQHJURKDVWDHOFXHOORGHODERWHOODHLQVHUWHHORWUR
H[WUHPRGHOKLORHQHODJXMHURGHODWDSD9XHOYDDFRORFDUODWDSD\FLÀUUHOD
8VDODSHUIRUDGRUDSDUDKDFHUFLQFRDJXMHURVLJXDOPHQWH
HVSDFLDGRVHQODSDUWHLQIHULRUGHOHPEXGRLQYHUWLGR
8VDODSHUIRUDGRUDSDUDKDFHUDJXMHURVHQFDGDILJXUDGHIRPL
$WHXQH[WUHPRGHFDGDKLORGHFRORUDVXILJXUDGHIRDPL
FRUUHVSRQGLHQWH&RQHFWHHORWURH[WUHPRGHFDGDKLORHQXQDJXMHURHQOD
SDUWHLQIHULRUGHOHPEXGRLQYHUWLGR\SHUPLWHTXHORVKLORVFXHOJXHQ
b$KRUDWLHQH6XQGLYHUWLG2P2%LO(JDO&7,&2TXHSXHGHV
OOHYDUDFDVD\FROJDUSDUDTXHWRGRVORGLVIUXWHQ
'ÄD
'ÄD
'ÄD
'ÄD
Ä' D
&DQWRV
&'*DOD[LD([SUHVV
9DPRVVXELHQGRD
/D*DOD[LD([SUHVV
3RUTXHHVWDPRVHQODQLÈH]
&217(1,'2
/$*$/$;,$(;35(66
*DOD[LD([SUHVV
7LHQHWRGRHQVX3RGHU
<DKD/OHJDGR
&XDQ*UDQGHHV'LRV
$VRPEURVR'LRV
0DVTXH$GPLUDEOH
&DQWDUÀDO6HÈRU
$VRPEUDGR(VWR\
/DJUDQGH]DGHPL'LRV
0L'LRVHVWDQ*UDQGH
3LVWDV
6RQLGR1$9(GHVSHJDU
7,(1(72'2(16832'(5
'LRVWLHQHDWRGRHOPXQGRHQVXVPDQRV
7LHQHDWRGRHOPXQGRHQVXVPDQRV
4XHUHPRVYHUWRGDODJUDQGH]DGH'LRV 7LHQHDWRGRHOPXQGRHQVXVPDQRV
7LHQHDWRGRHQVXSRGHU
4XLHQWRGRORFUHÊVRORFRQVXYR]
1RWHTXHGHVIXHUDYDPRVDERUGDU 'LRVWLHQHDODVHVWUHOODVHQVXVPDQRV
7LHQHDODVHVWUHOODVHQVXVPDQRV
3RUTXH\DYDPRVDGHVSHJDU
7LHQHDODVHVWUHOODVHQVXVPDQRV
7LHQHDWRGRHQVXSRGHU
$ODGHUHFKDf}6DOH
'LRVWLHQHDOD9ÄD/¸FWHDHQVXVPDQRV
$ODL]TXLHUGDf}'DOH
7LHQHDOD9ÄD/¸FWHDHQVXVPDQRV
$OWRSRUTXHYLHQHQORVREVW¸FXORV
7LHQHDOD9ÄD/¸FWHDHQVXVPDQRV
7LHQHDWRGRHQVXSRGHU
6RPRVSDVDMHURV\TXHUHPRVYHU
'LRVWLHQHDODV*DOD[LDVHQVXVPDQRV
}/DJUDQGH]DGH'LRV
7LHQHDODV*DOD[LDVHQVXVPDQRV
7LHQHDODV*DOD[LDVHQVXVPDQRV
7LHQHDWRGRHQVXSRGHU
'LRVWLHQHHO8QLYHUVRHQVXVPDQRV
7LHQHHO8QLYHUVRHQVXVPDQRV
7LHQHHO8QLYHUVRHQVXVPDQRV
7LHQHDWRGRHQVXSRGHU
<$+$//(*$'2
$620%5262',26
<DKDOOHJDGRHOPRPHQWRGH
<DKDOOHJDGRHOPRPHQWRGH
<DKDOOHJDGRHOPRPHQWRGH
$ODEDU6XQRPEUH
$GRUDU6XQRPEUH
-HVXFULVWRHUHVHO5H\
0L'LRVDVRPEURVRHV
OUHLQDFRQSRGHU
9HQFLÊFRQDXWRULGDG
0L'LRVDVRPEURVRHV
<DKDOOHJDGRHOPRPHQWRGH
<DKDOOHJDGRHOPRPHQWRGH
<DKDOOHJDGRHOPRPHQWRGH
$ODEDU6XQRPEUH
$GRUDU6XQRPEUH
-HVXFULVWRHUHVHO5H\
*ORULRVR\PDMHVWXRVR
&RQVXDPRUVR\YLFWRULRVR
4XLWDVWHHOWHPRUHQPÄ
0HVDOYDVWHKR\WHDODERD7L
1DGLHPHGHWHQGU¸}1R
1DGLHPHSRGU¸SDUDU}1R
9DPRVWRGRVDODEDUDVÄDVÄ
&8$1*5$1'((6',26
(OHVSOHQGRUGHXQ5H\
9HVWLGRHQPDMHVWDG
/DWLHUUDDOHJUHHVW¸
'ÄDDGÄD OHVW¸
(OWLHPSRHVW¸HQ O
3ULQFLSLR\HO)LQ
&XELHUWRHVW¸GHOX]
9HQFLÊODREVFXULGDG
<WLHPEODDVXYR]
/D7ULQLGDGHQ'LRV
(O3DGUH+LMR(VSÄULWX
&RUGHUR\HO/HÊQ
&X¸QJUDQGHHV'LRV
&¸QWDOH
&X¸QJUDQGHHV'LRV
<WRGRVORYHU¸Q
&X¸QJUDQGHHV'LRV
&X¸QJUDQGH
&DQWRV
*DOD[LD([SUHVV
&$17$5($/6(¨25
&DQWDUÀDO6HÈRUSRUVLHPSUH
6XGLHVWUDHVWRGRSRGHU
5$3
+DHFKDGRDODPDUORVFDUURVGHO)DUDÊQ
-HKRY¸FRQVXSRGHUHOPDU5RMRSDUWLÊHQGRV
\HOSXHEORGH,VUDHODOGHVLHUWRFDPLQÊ
\DODWLHUUDSURPHWLGDOOHJDURQJORULDD'LRV
/HYDQWDWXPDQRDODLUHVLWHJXVWDHOEDFLOÊQ
HVWDILHVWDQRVHDFDEDVHJXLPRVDODEDQGRD'LRV
<RPHHQFDUJRGHODULPDWÑGHTXHHOSDUW\QRSDUH
\DWRGRVHQHVWDFDVDGLJR&20(,1HYHU\ERG\
(FKÊDODPDUORVFDUURVGHO)DUÊQ
/DOD/DODODOD/DOD/DODODOD
/DOD/DOD/DODODOD
5$3
+DHFKDGRDODPDUORVFDUURVGHO)DUDÊQ
-HKRY¸FRQVXSRGHUHOPDU5RMRSDUWLÊHQGRV
\HOSXHEORGH,VUDHODOGHVLHUWRFDPLQÊ
\DODWLHUUDSURPHWLGDOOHJDURQJORULDD'LRV
/HYDQWDWXPDQRDODLUHVLWHJXVWDHOEDFLOÊQ
HVWDILHVWDQRVHDFDEDVHJXLPRVDODEDQGRD'LRV
<RPHHQFDUJRGHODULPDWÑGHTXHHOSDUW\QRSDUH
\DWRGRVHQHVWDFDVDGLJR&20(,1HYHU\ERG\
(FKÊDODPDUORVFDUURVGHO)DUDÊQ
/DOD/DODODOD/DOD/DODODOD
/DOD/DOD/DODODOD
$620%5$'2(672<
0LOHVGHPLOORQHV
'HJDOD[LDVEULOODQKR\
3RUHOSXURDOLHQWR
'HHOJUDQ<R6R\
3RVWUDGRVWHDGRUDQ
6HUDIÄQ\4XHUXEÄQ
(O8QLYHUVRHVWX\R
3ULQFLSLR\HO)LQ
$VRPEUDGRHVWR\
7XLQFRPSDUDEOHSRWHVWDG
7XUDGLDQWHVDQWLGDG
6DQWR6DQWR6DQWR
7XVREHUDQDDXWRULGDG
7XEULOODQWHPDMHVWDG
-HVÑVJORULRVR-HVÑV
6XIULHQGRPÄFDVWLJR
&ODYDGRHQODFUX]
(V$OID\2PHJD
4XHKDEOÊ\IXHODOX]
(QVXVPDQRVFODYRV
7RPDQGRPLOXJDU
/DVPLVPDVTXHPLGLHURQ
/RVFLHORV\HOPDU
$VRPEUDGRHVWR\f
0$648($'0,5$%/(
7($027(48,(52
7HDPRWHTXLHUR
7HDQKHORHQPÄYLGD
&RQGHVHVSHUDFLÊQ
7HDPRWHTXLHUR
6DWXUDPLVGÄDV
'HHVWDORFXUDGHDPRU
(UHVP¸VTXHDGPLUDEOH
7XSUHVHQFLDPHLQYDGH
<QRDJXDQWRODVJDQDV
'HFDQWDUWH\JULWDUWHPLDPRU
/$*5$1'(=$'(0,',26
0L'LRVHVJUDQHLQFUHÄEOH
0DUDYLOORVRHV\RTXLHURGHFLU
0DJQÄILFR\DVRPEURVR
/DJUDQGH]DGHPL'LRV
(VH[WUDRUGLQDULD
0,',26(67$1*5$1'(
0$*1,),&2',26
0DJQÄILFR'LRV
0DJQÄILFR5H\
7HDGRURWHDGRURWHDGRUR
0DJQÄILFR'LRV
7HDGRURWHDGRURWHDGRUR
0DJQÄILFR'LRV
0L'LRVHVWDQJUDQGH
7DQIXHUWH\SRGHURVR
1RKD\QDGDTXH OQRSXHGDKDFHU
/RVPRQWHVVRQVX\RV
/RVUÄRVVRQVX\RV
/RVDVWURVVRQVX\RVWDPELÀQ
,JOHVLDBBBBBBBBBBBBBBBBBBBBBBBBBBB
2WRUJDHO3UHVHQWH
5HFRQRFLPLHQWR
$BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3RUKDEHUSDUWLFLSDGRHQOD(VFXHODE›EOLFDGHYHUDQR
*DOD[LD
H[SUHVV
BBBBBBBBBBBBBBBBBBBBBBBBBB
,JOHVLDBBBBBBBBBBBBBBBBBBBBBBBBBBB
2WRUJDHO3UHVHQWH
5HFRQRFLPLHQWR
$BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3RUKDEHUSDUWLFLSDGRHQOD(VFXHODE›EOLFDGHYHUDQR
*DOD[LD
H[SUHVV
BBBBBBBBBBBBBBBBBBBBBBBBBB
7HLQYLWDPRVD
/D(%9
*DOD[LD
H[SUHVV
('%(,'"«(,/'% +'3"(,
}8QHYHQWR
HVSHFLDOSDUDQLÈRV
'RQGH
&XDQGR
&20
/RV1LQRV
&XHQWDQ
–6DEHVTXHSXHGHVKDFHUXQD(9%VLQFRVWRDOJXQR"
"3"
5"4"26*1
"4
*"37
*" *% 26*
.#
7 &4$"
$".#
.04"
&45" "3"
6%% 5& 4
*"
#":
1"3"
$".
'HVFXEUHWRGRVORVUHFXUVRVGH*DOD[LD([SUHVV
TXHWHQHPRVSDUDWLWRWDOPHQWH JUDWLV
3DTXHWH*UDWLV
VDFDUFRSLDV
7HLQYLWDPRVD
*DOD[LD
H[SUHVV
/D(%9
SRUFDGD,JOHVLD
('%(,'"«(,/'% +'3"(,
}8QHYHQWR
HVSHFLDOSDUDQLÈRV
'RQGH
&XDQGR
3DTXHWH%iVLFR
1R,QFOX\H(QYLR
&RQVLJHWXSDTXHWHHQXQ
HYHQWRFHUFDGHWL
3DUD1LxRV
7HLQYLWDPRVD
*DOD[LD
H[SUHVV
/D(%9
('%(,'"«(,/'% +'3"(,
}8QHYHQWR
HVSHFLDOSDUDQLÈRV
'RQGH
&XDQGR
0HJD3DTXHWH
3DTXHWH%iVLFR
0DQXDO
/tGHUGH%ROVLOOR
$OXPQR3HTXHV
$OXPQR,QWHUPHGLRV
$OXPQR3UH$GRF
3DTXHWHGH3RVWHU
&'V
0HJD3DTXHWH
7HLQYLWDPRVD
*DOD[LD
H[SUHVV
/D(%9
('%(,'"«(,/'% +'3"(,
}8QHYHQWR7HLQYLWDPRVD
HVSHFLDOSDUDQLÈRV
/D(%9
*DOD[LD
H[SUHVV
'RQGH
}8QHYHQWR
HVSHFLDOSDUDQLÈRV
&XDQGR
'RQGH
('%(,'"«(,/'% +'3"(,
&XDQGR
3UHFLR
3UHFLR
3DUD1LxRV
7HLQYLWDPRVD
0DQXDO
/tGHUGH%ROVLOOR
$OXPQR3HTXHV
$OXPQR,QWHUPHGLRV
$OXPQR3UH$GRF
3DTXHWHGH3RVWHU
&'
*DOD[LD
H[SUHVV
/D(%9
('%(,'"«(,/'% +'3"(,
}8QHYHQWR
HVSHFLDOSDUDQLÈRV
'RQGH
&XDQGR
0DQXDO
/tGHUGH%ROVLOOR
$OXPQR3HTXHV
$OXPQR,QWHUPHGLRV
$OXPQR3UH$GRF
3DTXHWHGH3RVWHU
&'V
6XSHU3DTXHWH'9'
-XHJRVGH0DQXDOLGDG
3UHFLR
ZZZORVQLQRVFXHQWDQFRP
Z Z Z / R V 1 L Q R V & X H Q W D Q F R P
3DTXHWH*UDWLV
/LVWRSDUD
/LEURVGH$OXPQR 7RGRVORVSUHFLRVHVWiQHQ
3HVRV0H[LFDQRV
0DQXDO
GHO/tGHU
6XSHU3DTXHWH'9'
3HTXHV
&DQWRV3DODEUDV\$FFLRQHV
FX
,QFOX\H
'9'
&'GHFDQWRV
/LEURGHODV
(GDGHV
*XLDGHO/tGHU
GH%ROVLOOR
,QWHUPHGLRV
(GDGHV
SDODEUDV
FX
FX
3DTXHWHGH3RVWHUV
GHLQYLWDFLÊQ
GHORVSODQHWDV
(GDGHV
FX
7HLQYLWDPRVD
*DOD[LD
H[SUHVV
/D(%9
('%(,'"«(,/'% +'3"(,
}8QHYHQWR
HVSHFLDOSDUDQLÈRV
'RQGH
&XDQGR
FDGD3DTXHWH
6XSHU
*DOD[LD
H[SUHVV 3RVWHU
7HLQYLWDPRVD
/D(%9
('%(,'"«(,/'% +'3"(,
}8QHYHQWR
HVSHFLDOSDUDQLÈRV
'RQGH
&XDQGR
&'GHORV&DQWRV
3UH$GRF
HQFRORU
HQPLFDGR
[FP
(QYtR *5$7,6 HQ
SHGLGRVGHPiVGH
0DQXDOLGDG0RELOH*DOiFWLFR
3DUDQLxRV
FSDTXHWH
(OSDTXHWHGHO
0RELOH*DO¸FWLFRLQFOX\H
$VWURQDXWDV
5RERWV
1DYHV
3ODQHWDV
(VWUHOODV
+LORVFRUWRV
+LORVODUJRV
£3LGDVXPDWHULDOKR\
FX
&HUWLILFDGR
3DSHORSDOLQDFRQFRORUHV
,JOHVLDBBBBBBBBBBBBBBBBBBBBBBBBBBB
2WRUJDHO3UHVHQWH
5HFRQRFLPLHQWR
$BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3RUKDEHUSDUWLFLSDGRHQOD(VFXHODE›EOLFDGHYHUDQR
*DOD[LD
H[SUHVV
BBBBBBBBBBBBBBBBBBBBBBBBBB
FX
/OiPDQRVD
RSRUHPDLOLQIR#SURYLVPH[FRP
8QDWDUGHGHFDSDFLWDFLyQ
3 U R 9 L V t R Q Z Z Z O R V Q L Q R V F X H Q W D Q F R P
8QLPSDFWRSHUPDQHQWH
HQODYLGDGHORVQLŸRV
&DSDFLWDFLyQ
SRU
,QYROXFUHP¸VSHUVRQDVHQVXHTXLSRSDUDTXHVHDQP¸VHIHFWLYRVP¸VHQWXVLDVWDVf
\PHMRUHTXLSDGRVSDUDVHUYLUFRQH[FHOHQFLD
6DOGUVLQVSLUDGRHTXLSDGRUHQRYDGR\FRQHFWDGRFRQRWURV
TXHWLHQHQSDVL¡QSRUHOPLQLVWHULRFRQQLŸRV
3DUDPiVLQIRUPDFLyQ
VREUHOD *LUD
ZZZORVQLQRVFXHQWDQFRP
NULVWL#SURYLVPH[FRP
1XHYR6LWLR:HE ZZZORVQLQRVFXHQWDQFRP
1XHYR6LWLR:HE