crónica do quotidiano inútil (cqi vol. 2)



 

&5”1,&$ '24827, ',$12,1 ›7,/ 9RO  MFKU\VFKU\VWHOOR   





c

RWDGRDXWRUPHP´ULDVGHRXWURVWHPSRVգ  (VWHOLYURIRLSULPHLUDPHWHSROLFRSLDGRDիVWHFLOլHP7LPRURYHU¤RGH ORJRDS´VD5HYROX¨¤RGRV&UDYRVGHGHDEULO 'XUDWH PDLV GHDRV DGRX SHUGLGRGDGR ¤R H[LVWLUHPF´SLDVGHVVD HGL¨¤R2DXWRUVDLXGH7LPRUSDUD%DOL,GR VLD HPUHJUHVVRXD 3RUWXJDOHVVHDRHVDLXHPSDUD0DFDX2VPDXVFULWRVRULJLDLV IRUDPHWUHWDWRSDVVDGRV¡P¢TXLDGHHVFUHYHUHP0DFDX  HDUTXLYDGRV 9LYHX D $XVWU¢OLD DW   6LGH\ H 0HOERXUH  $VVHWRX SRU XV WHPSRVR3RUWR%UDJD¨DH$¨RUHVDSDUWLUGHDJRVWR )RL DTXL  HP RYHPEUR GH   TXH DR DUUXPDU RV VHXV DUTXLYRV GHX FRPXPDSDVWDPDOFDWDORJDGDRGHHVWDYDPHVVHVPDXVFULWRVTXHRUDVH UHFXSHUDPFRP HRUPH DOHJULDHP HVSHFLDOSRU VXUJLUHPTXDGRR DXWRU FHOHEUDDRVGHYLGDGHYLGDOLWHU¢ULD 2 FXULRVR  TXH HVWH VHJXGR YROXPH GD &5”1,&$ '2 4827,',$12 ,1›7,/ DEDUFD TXDVH D WRWDOLGDGH RV WH[WRV TXH D FHVXUD GR UHJLPH VDOD]DULVWD FRUWDUD GR SULPHLUR YROXPH TXH IRL SXEOLFDGR HP PDLR  VHGR SRVWHULRUPHWH DFUHVFHWDGD XPD PDFKHLD GH WH[WRV GHVVH DR 2SWRXVHSRUFRYHUWHUWXGRDRRYRDFRUGRRUWRJU¢ILFRHPERUDRRULJLDO PHVHVHRPHVDSDUHFHVVHPM¢HPPL
VFXODVHVVDGDWD 3DUDTXHP¤R YLYHX D HUDGRիO¢SLV D]XOլ GD FHVXUDGHFHUWR VHU¢GLI®FLO HWHGHU TXH ¤R KDYLD OLEHUGDGH GH H[SUHVV¤R H TXH HVWHV WH[WRV HUDP LPSXEOLF¢YHLVDTXHOD SRFD 7UDWDVH GH HVFULWRV GH XP MRYHP HWUH RV  H RV  DRV GH LGDGH H MXVWDPHWH SUHRFXSDGR FRP R DPELHWH TXH VH YLYLD GH GHVHVSHUD¨D H RSUHVV¤R VRE R HVSHWUR GD JXHUUD FRORLDO $OJXPDV REVHUYD¨¶HV GH RUGHPSRO®WLFDHUDPW¤R DWXDLV HPFRPR R V¤R DJRUDRTXH PRVWUD DSHDVTXHDUHW´ULFDHDGHPDJRJLDV¤RDVFDUDFWHU®VWLFDVSULFLSDLVGHVWD GHPRFUDFLD ¡ SRUWXJXHVD TXH VH YLYH GHVGH  -XWDVH XP SRVI¢FLR HVFULWR HP  UHODWLYR DR SULPHLUR OLYUR H VHGR HVWD XPD VHJXGD HGL¨¤RIRLGHFLGLGRDFUHVFHWDUDOJXVWH[WRVTXHKDYLDPILFDGRGHIRUDGD YHUV¤RDWHULRU c
         c  7(0329$*2 527,1$,1&”02'$ +‚%,72,1&2558372 '25'(552&$'$ 6,/‹1&,20$67,*$'2 7(0329$*2 7(032,1&2558372 7(032,1›7,/ ;
 FDS®WXORLGDVSHUHJULD¨¶HVDRVORFDLVVDJUDGRVHLWHUGLWRVGDOLWHUDWXUD ¡VPDGUXJDGDVSR WLFDVFRPSUHWHV¶HVD VDWX¢ULRV  ‘ I¢EXODSDUD¤RGL]HUHPTXH¤RIDOHLGHIORUHVIHY ‘ I¢EXODGHF¤HVHKRPHVDJR

V

‘ ‘ ‘ ‘ ‘

I¢EXODRPLODJUHGDFDGHLUDGRGLDERDRVDOD]DU GH] FU´LFDPDL FU´LFDDTXHPPHOHUPDL FU´LFDDSROH¤RHH¨DPDL FU´LFDRXW  FDS®WXORLLGDVHIDEXODGDVHWHULGDGHV ‘ HHVW´ULDVGDPLKDWHUUD ‘ DOTX\ELULVPRVDJRVWRGH] ‘ HWDWRVRVVRKRVDVRHLURSHUHLUDJRPHV PDU ‘ HDRGDLHOILOLSH DEU ‘ HDXPDWDOGH] ‘ HGLDULDPHWHRWLFL¢ULRVHSRHPDVLFRVHTXHWHVPDU ‘ HSDUDXPDKLVW´ULDSDUFLDOTXHIDOHGHKRPHVIHY ‘ HUHFRVWUX¨¤RGRVOLYURVGRVGLDVGDVSHVVRDVDEU ‘ HFU´LFDGRTXRWLGLDRMXKR  FDS®WXORLLLGDVGLYLGDGHVDVWU«VLGDGHVGRKRPHPGRVRKRGDFRUUXS¨¤RGDPRUWH  ‘ FDUWDDEHUWDGXPFRGHDGR GRVRKR ‘ ‘ ‘ ‘ ‘ ‘

DSRHVLD XPDERODVHPSLWHUDPDL HYHPFRUUHUFRPLJR¡ELUXD MX HSDUDXPDFD¨¤RWULVWHGHHPEDODU¡ELUXD MX HVHLGDWXDYLGDVHW HRFDORUGDVSHGUDVVHW HFHDVGHFLGDGHVHW

GDFRUUXS¨¤R ‘ գRKRPHPFRUUXSWR ‘ HFU´LFDGRTXRWLGLDRPHP´ULDVGHJXHUUDVHW ‘ PHVDUPHVPDL GDPRUWH

‘ ‘ ‘ ‘

XPKRPHPPRUUHXV´PDL HRJUDGHHGLI®FLRGDIDP®OLDDJR HHGHV
ELWRRWXUDPHWHWRGDXPDYLGDVHW HDPRUWHHPWRGDVDVIDFHVGDLJUDWLG¤RDRPHXSULPRDOEHUWRPHLUDDEUVHW

 FDS®WXORLYGDVYHUGDGHVKHURLFDVWDOYH]LFRIHVVDGDV ‘ HPHP´ULDVPLVWDVRY ‘ KDELWDWHGHWRGRVRVFDOHG¢ULRVMXO ‘ KHU´L¡IRU¨DVHPIRU¨DGH] ‘ MRJRVGHSRUWXJXHUUDDEU ‘ SRHPDWULVWHVHW ‘ EXF´OLFDPDU  FDS®WXORYGDVGRORURVDVFHUWH]DVDUUDGDVFRPWHPRU ‘ RJ LRDJURWRZVNLVHW ‘ DPXOKHUGHPHWDODEU ‘ PLVVPXG®FLHMX ‘ DFULD¨DREULTXHGRPDL ‘ RGH"MXO ‘ HRIXWXUR KRMHDJR ‘ ¡PL GH] ‘ ROKRVGHVLO«FLRPDU ‘ ´GLR"VXLF®GLR"PDLR


 ;   
 
     6H  XP ի(8լ HWHGLDGR TXH RV DSDUHFH FRPR FHWUR GRV WH[WRV HVVH HXDUUDGRU GHILHVH FRPR DOJX P TXRWLGLDDPHWH GLVIDU¨DGR D YLGD GD FLGDGH GXPD FLGDGH PRGHUD H GHVXPDL]DWH 2 PDLV LPSRUWDWH GRV WH[WRV  R PRVWUDUHP H[DWDPHWH D PRRWRLD H R DEVXUGR GH XPD FHUWD VRFLHGDGH Š R PRVWUDUHP R RVVR GLD D GLD 



ի(VWHWHPSR TXDGUDGR (PFDGDFDWRXPDDJ
VWLD 2FHWURVRXHXլ



FL]HWRHPDUWHODGR6LPSRUTXH GH´VTXHVHWUDWDիŠLPSRVV®YHOSDUDXPLGLY®GXR LVRODGR FRVWLWXLU SRU VL V´ XPD YLV¤R GR PXGR WRWDOPHWH HVWUXWXUDGR H SRU FRVHJXLWH H[LVWH XPD UHOD¨¤R RUJ£LFD TXH XH DR ®YHO GDV HVWUXWXUDV GR SHVDPHWRRHVFULWRUHRJUXSRVRFLDOFRPTXHHOHVHUHODFLRDլ3DUD¤RIDODUPRVGH DXWRUR¨¤RLF´PRGD GLJDPRVTXHRDUUDGRU SHUIHLWDPHWHLGHWLILF¢YHOFRRVFR FRPXPDSHTXHDEXUJXHVLDHVWXGDWLOHGHHVTXHUGDVHTXLVHUPRVDWRGRRSUH¨RXP U´WXOR XWLOL]HPRV HVWH VHP HVTXHFHU TXH իDV SHVVRDV XOWUDSDVVDP VHPSUH D HVWUHLWH]D GRVU´WXORVլ 'D®R¤RGHILLUPRVHVWHHXTXHVHHXFLDRVSRHPDVRWHPRVTXHHOH XPGH´VTXHDVXDH[SHUL«FLDGL¢ULD DRVVD7DOYH]PDLVGHVHVSHUD¨DGDWDOYH] PDLV PLDGD SHOR W GLR 0DV HP WRGR R FDVR UHIOHWLGR D HVFULWD HVVH W GLR HXPHUD¨¶HV LILG¢YHLV LYHWDULD¨¶HV H[DXVWLYDV GH D¨¶HV IUDVHVIHLWDV WLUDGDV GR GLVFXUVRGRPLDWH HOD WDPE PVHPSUH DGLIHUH¨DRTXH RYRHLHVSHUDGR¤R URWLHLURmRK¢ELWRLFRUUXSWRIHLWRUXD| SHORPHRVFRUURPSLGRSHODSUHVH¨DGHXP իFRWHVWDW¢ULRլ &HUWRV MRJRV GH SDODYUDV V¤R GHFLGLGDPHWH LIOXHFLDGRV SRU RXWURV SRHWDV GD FLGDGH 'DLHO )HOLSH 0DXHO $OHJUH GH ի/LVERD SHUWR H ORJHլ   GD HPLJUD¨¤R GD JXHUUD 0DV K¢ R RYR ( V¤R H[SUHVV¶HV FRPR mSRU LVVR R V F ;; FRORL]DPRVD(XURSDիDVDOWRլ|(VWDLURLDDPDUJDTXHUHVVDOWDGHWRGRROLYURHVS FLH GH UHYROWD VHP REMHWR GH IL[D¨¤R GHILLGR GH WRP OHYHPHWH DDUTXL]DWH H GHVHFDWDGRHVW¢SUHVHWHXPGRVPDLVERLWRVHVLJLILFDWLYRVSRHPDVR,;HPTXH VH IDOD GRV UDSD]HV W®PLGRV GR
OWLPR EDFR GH WU¢V GRV HO WULFRV $ FUXH]D GRV IDFWRV TXHV¤RPDW ULDGDVXDSRHVLDTXHUSHODVXDYLRO«FLDTXHUSHORVHXSDFLILVPREDORIRH SHTXHREXUJX«V  G¢ OXJDU D ERV PRPHWRV SR WLFRV $ DGMHWLYD¨¤R DFRPSDKD D HVWUDKH]D GH TXH VH IDOD H  SRU YH]HV LHVSHUDGD իIUH WLFRV YDLY Vլ իVRV SHVDWLYRVլHPDLV$®YHOVLW¢WLFRV¤RSRXFRVRVFRUWHVFRPDWDOOLHDULGDGHTXHVH SUHWHGHDIDVWDU2RYRPRGHULVPRGDVJHUD¨¶HVGH>@IRLPXLWRPDLVORJHD GHVPRWDJHP VLVWHP¢WLFD GD IUDVH H FRP HOD GH WRGR R SHVDPHWR իRUPDOլ H SURGX]LGRSHORիERPVHVRլGRKRPHPPDGXURHKRHVWRGRWDOIXFLR¢ULRM¢IDUWRGH իIXFLRDUլTXHRSRHWDDERPLD6HDիDWHFLSD¨¤RGRHFRWURլTXHV´WHU¢OXJDUR LILLWRXFD SHGLGDUHVWDRHWDWRDSDODYUDTXHILFDLVFULWDիDVIROKDVGHSDSHOլ DEULGRDSHVDUGHWRGRRGHVHFDWROXJDU¡HVSHUD¨D ,VDEHO0DUJDULGD'XDUWH;3URIHVVRUDDVVRFLDGDGD)/83 'HSDUWDPHWRGH(VWXGRV3RUWXJXHVHVH5RP£LFRVLGXDUWH#OHWUDVXSSW              

-DFTXHV/HHKDUGWFLWDGRSRU(3&Lի25HLR)OXWXDWHլ 6¤RGHRWDUVHPHOKD¨DVFRPDHVFULWDGH-RV %D¨¤R/HDO$PHVPDGH
FLDVXUGDGHXPTXRWLGLDRGHPLV ULDGRV%UDGRV &RVWXPHVGHXPD/LVERDDGRUPHFLGDDVPHVPDVPHW¢IRUDVGDJXHUUDHGDHPLJUD¨¤RDPHVPDGHVFRILD¨DSHUDWHXP'HXVTXH ¤RSURWHJHDILDOիWRXVFHX[TXLWRPEHWլ ;9 ի4XHPFULDRKRPHP $)RPHD*XHUUDHD0RUWH 7HPIRU¨RVDPHWHGHVHUWLGRSRUPDXլH %D¨¤R/HDOGL]ի1¤RSRVVRDFUHGLWDUXP&ULDGRUGLVWUD®GRլ 



 &$3Ž78/2

=
‘  
‘‘

 ‘  ‘  ‘‘ ‘‘‘‘ 
‘ = =
‘
‘‘

 ‘! " ‘‘ # ‘                    





‘     
   
 
   4XHUDFUHGLWHPRX¤R DWLPLGH]GRPHXVLO«FLR DW M¢RFRIHVVHL DVROLG¤RGRPHXUHWLUR WHKRXPDIORUJXDUGDGD TXHRYLGDGH       K¢TXHPJXDUGHVHORV     DXWRP´YHLVOLYURV     PHP´ULDVYLYDVGHSHVVRDVPRUWDV  EHPPDVDGLDWHղ DIORUTXHWHKR GLIHUHWH HVW¢XPDUHGRPDGHYLGUR TXHRYLGDGH       K¢TXHPWHKDHVWDWXHWDVHPUHGRPDV  EHPPDVHVWDIORUHGLIHUHWH ¤RVHFDHPPXUFKD HPEHEHXRHOL[LUGDMXYHWXGH PDVPDW PVHFRPRRGLD HPTXHIRLFROKLGD DVVXDVS WDODVEHPDEHUWDV DVXDSROLFURPLD RVHXSHG
FXORDLGDHUHWR RVHXFKHLURSHUIXPDGR EHPPDVDILDODTXHPLVWR"գ HXHPGHYLDGL]HU PDVDIORU VWX SRULVVRHXDDIDJR HODPHDFDULFLD RGLDDGLDHPTXHDUHJR HRVEHLMRVTXHOKHGRX ¤R DHOD DWL VDEHVSRUTX«" DWLLJX PDSDKD HTXDWRDIORU PLKDLUUHPHGLDYHOPHWHPLKD  PDVLJX PPHJDUDWH TXHVHMDPDLVIHOL] WHGRWHDWL HSHUGHGRDIORU   ‘  

 

    OHLRRVROKRVGRVF¤HVDWULVWH]D

HUJXHPODJXLGDPHWHDVFDEH¨DV¢YLGDV VXVSHVRVGRVKXPDRVDWRV FRPEULOKRGHM
ELORRVROKRV DERFDKDPRRVVRHVHDIDVWDP      FRWHWHV  VLPXOWDHDPHWHRUHVWDXUDWH FRPHVJDUHVGHLGLJD¨¤RHGHVSUH]R SHVVRDVH[RWDPFRPJHVWRVRVROKRV RVPHGLJRVTXHSDUDP¡SRUWD   FDUSLWHLURVHVSHFLDOL]DGRV FRVWURHPVRILVWLFDGDVFDVRWDVHF¤R FRPDUFRGLFLRDGRHDOFDWLID  DOJXUHVSRUHVVHPXGRIRUD FRPIRPHVHGHIULRHGRH¨DV PRUUHPPLOKDUHVGHSREUHVVHUHVKXPDRV   XPDSUDLDSRSXORVD FHWHDVGHLPSURYLVDGRVHVSHWDGRUHV REVHUYDPHWXVLDVPDGRV XPF¤RTXHVHGHEDWHD¢JXD HPY¤VWHWDWLYDVGHVDOYDURGRR RVEDKHLURVDW´LWRV SHORLHVSHUDGRHVSHW¢FXOR HVTXHFHPEDUFRVHERLDV SHGXUDGRVRVVHXVDVVRELRV                ‘   



  

   RELVSRVHWDVH DFDGHLUDGHHVSDOGDU DFRPRGDVH HTXDWREDOD¨D 

  RE¢FXOR  DDEHOKDLPSHUWLHWH ]XPEHHPYROWD  DEDL[RGRS
OSLWR RVIL LVHUJXHPRVROKRVDRVF XV FRPRVHO¢HVWLYHVVHDYHUGDGH  DWU¢VGRELVSRDFDYHLUDGXPVDWR G¢FRUSRG¢YR] DRVSHVDPHWRVSURIDRV GHLPRUWDOLGDGH RSRYRPLVWLILFDGREH]HVH SHORELVSRVDFU®OHJR TXHIDODSHODYR]GDFDYHLUD  RELVSRLPSRWHWHSDUDVHFDODU GL]YHUGDGHVGXUDVHDWLJDV DDEHOKDLYHVWH FRWUDDDXWRULGDGHGLYLD TXHVHHUJXHDSRLDGDDRE¢FXOR  HDSD]YROWD¡LJUHMD SHORHIDGRKRVHUP¤R  RSRYRգHVWDYDHVFULWRգ FRWLXDULDLJRUDWH PDLVXVV FXORV  M¢GL]LD%HUWROG%UHFKW 'RULRTXHWXGRDUUDVWD VHGL]TXH YLROHWR 0DVLJX PGL]YLROHWDV DVPDUJHVTXHRRSULPHP 

„



m‘    !  ‘  'DTXL EHP ORJH GRGH YRV HVFUHYR R WHPSR YDL FRPR  VHX K¢ELWR PHWHRURO´JLFR LIOXHFLDGRDGLVSRVL¨¤RGDVSHVVRDVŠDVVLPTXHPHHFRWURFRPDFKXYDDRGDUDR SDSHO PDLV XPDV LPSUHVV¶HV GHVWH SD®V RGH RV KRPHV Y¤R WHGR FDGD YH] PDLV FRLVDVSDUDRVSUHRFXSDU 7DPE P  GH FKXYD R DPELHWH LWHOHFWXDO SRLV DV FDEH¨DV FDGD YH] PHRV Y¤R VHUYLGRSDUDSHVDUHFUHLRDW TXHDOJXPDVXFDRIL]HUDP 3RGLD DW  GL]HU TXH  GH FULVH D SRFD VH ¤R R WLYHVVHP VLGR WRGDV PHVPR DV PDLV EULOKDWHVHSU´VSHUDV 1D UHDOLGDGH RV KRPHV DGDP DUUHGLRV GRV OLYURV H HX FRPSUHHGRRV GH K¢ XV PHVHV D HVWD SDUWH R PDUDVPR D FDOPD H D LDWLYLGDGH OLYUHLUDV H OLYUHVFDV WUDVPXWDUDPVH D SRWR GH M¢ ¤R DV UHFRKHFHUPRV 6RE R SUHWHVR W®WXOR GH TXDOLGDGHRPHUFDGRWHPVLGRLYDGLGRSRUWUHPHGDVGRVHVGHOLYURVGHEROVRGHWRGDV HPDLVDOJXPDVHGLWRUDVXPPRYLPHWRTXHGHVPHWHWRGDDHVWDJD¨¤R $
LFD RWD VDXG¢YHO GHVWH DWDTXH WHP VLGR DW  DJRUD GDGD SHORV SUH¨RV TXH VH DSUHVHWDP RWLPDPHWH UHGX]LGRV H DJRUD RV HGLWRUHV HP VH TXHL[DP GH OXFURV PDUJHVLPSRVWRVHWF(XVHLTXHTXDGRK¢IRJRHPRVVDFDVDOKHGHLWDPRV¢JXDH V´GHSRLVYHPRVTXHHPERUDDGDHVWHMDTXHLPDGRILFRXWXGRKRUULYHOPHWHPDFKDGR HPROKDGR$VVLPRVOLYUHLURVVHHPSHKDUDPHPOD¨DUREUDVHPDLVREUDVFRPWRGDV DVIDFLOLGDGHVHDJRUDTXHFRPH¨DPDID]HUFRWDVV¤RHOHVDSUHFLVDUHPGHIDFLOLGDGHV   'H SRO®WLFD LVWR ¤R HVW¢ LGR PXLWR PHOKRU RX SLRU HPERUD R VHKRU 3UHVLGHWH GR &RVHOKRK¢GLDVVHPRVWUHDSUHHVLYRգHSRUXPK¢ELWRTXHK¢PXLWRVHPDW PHVWH SD®VգTXDGRXPSUHVLGHWHHVW¢DSUHHVLYRWRGRRSRYRRDFRPSDKDPHVPRDTXHOHV TXHRUPDOPHWHYRWDPFRWUDHOH6HHVW¢DSUHHVLYR SRUTXH¤RVDEHRTXHK¢GH ID]HUDXPSUREOHPDTXH¤R GHDJRUDPHOKRUGL]HGR GHVHPSUH 3RLVF¢HVWHRFLGHWDOSD®VTXDGRDOJX PVDLGHXPPLLVW ULRFDODGLKRHVHPGL]HU DGDHLORTXHDSDUHFHORJRDVHJXLUVHWDGR¡PHVDGDSUHVLG«FLDGHXPFRVHOKRGH DGPLLVWUD¨¤RGHDOJXPDRSXOHWDHPSUHVD3RLVHW¤RSRUTXH¤R")RLPLLVWURGHXR VHX FRWULEXWR ¡ D¨¤R  MXVWR DJRUD TXH VHMD D D¨¤R D FXLGDU GHOH H SDUD WDO DGD PHOKRUTXHDVF´PRGDVFDGHLUDVGXPFRVHOKRGHDGPLLVWUD¨¤R(SRURXWURSULVPDSRU TXH KDYHULD HOH GH YROWDU D VHU TXHP HUD GDWHV" Š HFHVV¢ULR PDWHU R SURJUHVVR H HYROX¨¤R'HSRLVRSRYRY«RSRYRO«HFRPH¨DDWHFHUFRPHW¢ULRV&RPRVDEHPXP SUHVLGHWH WHPH VHPSUH RV FRPHW¢ULRV GR VHX SRYR HP HVSHFLDO XPD GHPRFUDFLD FRPRDSRUWXJXHVD 3RURXWURODGRWRGRRPLLVWURRXH[WHPDPLJRVWHPLIOX«FLDVHDILDOFRPRYDLHOH SUHVLGHWH GL]HUOKH ի2OKH R VHKRU ¤R Y¢ SDUD HVVH OXJDU GHL[HR SDUD RV TXH V¤R PDLVFRPSHWHWHVլ(ORJRRPLLVWURVHVHWLULDUHIRUPDGRTXH DFRLVDPDLVDYLOWDGD TXHXPPLLVWURSRGHVHWLUH SRULVVRTXHYDLSDUDXPFRVHOKRGHDGPLLVWUD¨¤R (DILDORHOHYDGR®YHOGHYLGDHDVUHFH¨¶HV"&RPRLULDPVHUPDWLGRVHVVHVERV H VDXG¢YHLVK¢ELWRVGHVWDUHS
EOLFD" ŠSRUWXGRLVWRTXHRSUHVLGHWHGRFRVHOKRDGDDSUHHVLYRHDTXHOHVRUULVRTXHWRGRV ´V OKH FRKHF®DPRV DGD DJRUD PHRV DEHUWR PDLV PRUWL¨R Š TXH R IXGR VHU SUHVLGHWH  XPD HVWRSDGD LVWR GH WHU WRGRV RV GLDVRYH PLOK¶HV H PHLR GH GRUHV GH FDEH¨D XPSRXFRIRUWH  ‘  )DO¢PRV GH OLYURV H SRO®WLFD H IDOWDRV IDODU HP SHVVRDVVRFLHGDGHVIHVWDV HILP HP WRGRV HVVHV DWULEXWRV VRFLDLV TXH GH RVVRV DY´V KHUGDPRV 7DPE P DTXL R WHPSR VH 

WHP IHLWR VHWLU HVRSDGR SRLV GHSRLV GD իPROKDGDլ TXHLPD GDV ILWDV HVWD FLGDGH >GR 3RUWR@ FRWLXD PDLV SDFDWD H WUDEDOKDGRUD TXH XFD FDGD YH] PDLV PHWLGD FRVLJR SU´SULD1RHWDWRSHORTXHGHODFRKHFHPRV ELVELOKRWHLUDFRPRVHIRUDXPDYLODGH SURY®FLD 1LVVR SURYDYHOPHWH VH WRUDU¢ FRP WRGD D IXWLOLGDGH TXH DSHVDU GR WUDEDOKRHGRVTXHWUDEDOKDPYDLFDUDFWHUL]DGRDVXDRXWUDIDFHŠXPVRELVPRSREUH HDW XPSRXFRRUGL¢ULRFRPRRGDTXHODVYHOKDVTXHDGDWHGRHODVGHDWUDWLYRVH Y¤RHPSRDGRWRGDVSDUDSDVVHDUHP6DWD&DWDULDHWRPDURFK¢GDVD&RIHLWDULD &RILD¨D RLWHFRWLXDSDUHFLGDFRPXPDFLGDGHIDWDVPDHPTXHRVHVSHWURVգRKPRRWRLD գV¤RVHPSUHRVPHVPRVDVPHVPDVHVTXLDVŠVHPG
YLGDDJUDG¢YHOWHUXVPDHVH XV YDWHV FRPRRV RVVRV DO P GR PDLV  VDXG¢YHO H M¢ YDL LGR ORJD HVWDFU´LFD PDLVHIDGRKDTXHWRGDVDVRXWUDVHPDLVFKXYRVDWDPE P Š ERP SRU RXWUR ODGR HVWDU DTXL HVWH LVRODGR SD®V DIDVWDGR GH WXGR H GH WRGRV Š GHVSUHRFXSDWHŠEHPSU´SULRGH´V HVWHDPROHFLPHWR HPTXH YDPRV FRVHWLGR HVWDSUHJXL¨DGHHVWDUORJHGD(XURSD(VWHWRUSRUTXHW¤REHPVHG¢FRPDTXLORTXH DLGDK¢HP´VGHODWLRVDSHVDUGDVPLVWXUDVGHVDJXHVHUD¨DV(SRURVROM¢VHLU DOHYDWDGRDTXLYRVGHL[R   

c

!‘       ‘ +¢ GLDV FRYHUVDYD HX FRP XP SRO®WLFR DWLJR PLLVWUR KRPHP DLGD RYR LWHOLJHWH GH WUDWR DI¢YHO FRFLVR H O
FLGR H DGPLUDYD HOH R VHX SRGHU FU®WLFR 'LVFXWLDVHRDUXPDGDTXHODVGLVFXVV¶HVVHPEDVHVHPILVGHWHUPLDGRVHPTXH SDODYUDV Y¤R SX[DGR SDODYUDV DVSHVVRDVY¤RILFDGRVXVSHVDV HODVHSRXFR PDLV 1´VRVGRLVTXHDW HW¤RILF¢UDPRVDSDUWHLWHUYLHPRVDFRWHGDHXFRPRRXYLWH H HVSHWDGRU HOH FRPR FRWHGRUղH HW¤R FRLVD FXULRVD WRGRV VH YROWDYDPFRWUDHOH XP ®WLGR HVIRU¨R GH FRIXGLU EDUDOKDU H HOH FDOPR DSHDV FODPDGR SDUD VHU RXYLGRXPDXPRVLDDSDUDGRDRVJROSHVDW TXHDGLVFXVV¤RV´ILFDUDPGRLV(OH FRPRVVHXVDRVPHWDOLGDGHMRYHPDEHUWDHO¢VWLFDHRRXWURXPMRYHPGHH SRXFRV M¢ KDELWXDGR DR FRPRGLVPR GDV SRVL¨¶HV FDWHGUDLV GHIHGHGR D VXD WRUUH GH PDUILP3RLVVHJXLDHXHPSROJDGRDU¢SLGDFDYDOJDGDTXHRVGRLVID]LDPHYLRHVS®ULWR O
FLGRGRPDLVYHOKRYROWDUVHPSUHDRSRWRGHTXHGHULYDYDPPDVFRPXPDVHJXUD¨D H XP VDEHU TXH PH H[WDVLDUDP 1R PHX TXDVH VLO«FLR IXLPH VHWLGR DRV SRXFRV EDWLGRSRUDTXHOHKRPHPH[WUDRUGL¢ULRHYLWRGDDVXDMXYHWXGHDVXDIRU¨DHTXDWR RRXWURFRP D VXD UHGX]LGD DJLOLGDGHPHWDO VH UHPHWLD D XPD HVSRU¢GLFDLWHUYH¨¤R HPTXHVHGHVGL]LDHDFDGDFRWUDGL¨¤RLDFHGHGRFDPSRDRRSRVLWRU0DVGL]LDHX TXH FRYHUVDYD FRP HVVHKRPHP TXH FRVLGHUR EULOKDWH H HOHFRP DVXDOLJXDJHP DEHUWD LD GHVFUHYHGR VLWXD¨¶HV DUUDGR DEXVRV H HJDRV H DR PHVPR WHPSR FULWLFDYD WRGD XPD HVWUXWXUD HUUDGD &RVLGHUDYD GHVDFHUWDGD D IRUPD FRPR VH UHFRORFDYDPPLLVWURVHVLPLODUHVHDRVOXJDUHVGHIDYRUFKDPDYDHVSHOKRVGHXPDFHUWD FRUUXS¨¤R SRLV GRV HJ´FLRV HVWUDJHLURV SDVVDUD HOH D GLUHWRU GD MXWD DFLRDO GH IUXWDV &RPHWDYD MRFRVDPHWH TXH JRVWDGR DSHDV GH EDWDWDV DDDVHV H ODUDMDV WLKD GHID]HUSODHDPHWRV VREUH DFXOWXUD GHWRPDWHV (WLKDXPKRUURUGDDGR DRV WRPDWHV WLKD YRWDGH GH PDGDUWURFDU HVVD FXOWXUD SHOD GH DDDVHV ( SHUJXWDYD FRPR VH SRGH VHU HILFLHWH FRPR SURJUDPDU GHYLGDPHWH VH GRV HJ´FLRV H[WHURV SDVVDUDDRVSUREOHPDVLWHURVGDVIUXWDV"0DOYDLDJRYHUD¨¤RRPHXSD®VPDVSLRU LULDVHRVHJ´FLRVHVWUDJHLURVKRXYHVVHXPSURGXWRUGHIUXWDVղ&LWDGR%UHFKWVHP LVXOWDULJX P  1¤RK¢SLRUDDOIDEHWRTXHRDDOIDEHWRSRO®WLFR(OH¤RRXYH ¤RIDODHPSDUWLFLSDGRVDFRWHFLPHWRVSRO®WLFRV2DDOIDEHWR SRO®WLFR W¤REXUURTXHVHRUJXOKDGHRVHUHGHSHLWRIHLWRGL] TXHGHWHVWDDSRO®WLFD1¤RVDEHRLPEHFLOTXHGDVXDLJRU£FLD SRO®WLFD TXHDVFHDSURVWLWXWDRPHRUDEDGRDGRHRSLRUGH WRGRVRVEDGLGRVTXH RSRO®WLFRYLJDULVWDGHVRHVWRRFRUUXSWR HODFDLRGRVH[SORUDGRUHVGRSRYR%HUWROG%UHFKW ‘ ‘ (VW¢ PXLWR HP YRJD DJRUDXPD HVS FLH GH PRGD RYD H
LFDTXH DV IDP®OLDV GH ERPWRPHFRPSHUJDPLKRVVHPSUHTXHVHUH
HPVHMDSRUIHVWDRXOXWRFKDPHP D HVVDV UHXL¶HV IRUV\WLDDV $TXL HVW¢ FRPR HX DGPLUR D GHPRFUDWL]D¨¤R GH XPD LGHLD DULVWRFUDWL]DWHDSHDV¤RVHUHLFDSD]GHSHUGRDUTXHWDOVHMDSURYRFDGRSHODH[LEL¨¤R D79GHXPDV ULHFKDPDGDի7KH)RUV\WH6DJDլGDDXWRULDGH:LOOLDP*DOVZRUWK\0DO Y¤RDVSHVVRDVDPLKDWHUUDYHGRERDWHOHYLV¤R 9HLRWXGRLVWRDUHVSHLWRGHXPIXHUDORGHHVWLYHSUHVHWHHRGHWDOIRLGLWRSDUDPHX HVSDWR 1RV IXHUDLV DSUHFLR DW  FHUWR SRWR D SDUWH VRFLDO SRLV VH IDOD VH GLVFXWH PDVգRIXGRգVHFRYLYH3RUYH]HVHPRVOHPEUDPRVTXHHVWDPRVDOLSRUFDXVD GHXPDPRUWHDOL¢VRVLJLILFDGRGHPRUWHYDLYDULDGRFRPDVLGDGHVSDUD´VգPDLV RYRVգHSDUDRVPXLWRYHOKRVTXDVHHPDVHWLPRVXVSRUDIDVWDPHWRRXWURVSRU SUR[LPLGDGH PDV RV GH PHLDLGDGH HVVHV DSDKDP FKRTXHV JUDGHV $LGD ¤R HVW¤R VXILFLHWHPHWHSHUWRGHODSDUDDVHWLUHPHWHPHUHPPDV¤RHVW¤RM¢W¤RORJHTXDWR 

1¤RGRHVFULWRU)UHGHULFN)RUV\WKHPDVGDի6DJDGD)DP®OLD)RUV\WHլGH-RK*DOVZRUWK\

cc

SHVDYDP H FRPH¨DP D VHWLUVH ¤R HYHOKHFLGRV PDV YHOKRV $ILDO R TXH VHU¢ D PRUWHRILPGDYLGDRXXPDRYDYLGD"3DUD´VFXMDVFRFH¨¶HVUHOLJLRVDVGRPXGR DGDPDUUHGLDV RX V¤RSHFXOLDUHVPRUWH  DSHDVXP SRWR D YLGDWDO FRPR RKDYLD VLGR R DWR GHDVFHU 2 DVFHU SDUD ´V SDUHFHRV VHPSUH LVHV®YHO H  DVVLP TXH SUHVVDJLDPRV D PRUWH H R HWDWR FUX]DPRRV FRP HOD GLDULDPHWH XP GHVDILR FRVWDWHGRTXDOգPXLWDVYH]HVHPRVFKHJDPRVDDSHUFHEHU ‘ +¢DUUHLJDGDHPPLPXPDR¨¤RTXHJRVWRLPHVRGHH[SRUDSHVDUGHLFU GXORH F WLFR $FUHGLWR  H DFUHGLWR PHVPR  D HYROX¨¤R VHMD HP TXH FDPSR IRU HVW WLFR DUW®VWLFRPXVLFDOSRO®WLFRKLVWUL´LFRHWF &RPH¨RSRUID]HUXPDSDUWH¡PRGDFRPR VHGR DTXLORTXH HP DOJXP PRPHWR DJUDGD D XPD PDLRULD SRU PXLWR PLRULW¢ULD TXH VHMD PDV ¤R TXHUR H[SULPLU TXDO D HVS FLH GH DJUDGR HP VXDV FDXVDV H HIHLWRV 3RUWDWRHYROX¨¤R¤RVHU¢PRGD(YROX¨¤RVHU¢գHPSHU®RGRVORJRVգDSDVVDJHPGH XPHVW¢JLRLIHULRUDXPHFHVVDULDPHWHVXSHULRU¤RLWHUHVVDTXDWR SRUWDWRXP PRYLPHWRYHUWLFDODVFHGHWHORJRGL£PLFR ,YROX¨¤RVHU¢ DDWLWXGH HVW¢WLFDKRUL]RWDOHPTXHSDUWLGRGHի$լ VHFKHJDDXP ի%լ TXH HPERUD GLIHUHWH ¤R  VXSHULRU RX SRU UHFULD¨¤R GH XP ֤ DWHULRU D ի$լ TXH REYLDPHWH ¤ROHYDU¢ D ի%լ ,YROX¨¤R VHU¢ WDPE P DTXL M¢ R¨¤R GL£PLFD HPERUD XP PRPHWR HVW¢WLFD HP UHOD¨¤R D SHU®RGRV ORJRV  XP FLFOR TXH VH FRFOXD XP HVW¢JLRLWHUP GLRXPDGHULYD¨¤RSRLVLWHUP GLDGHի$լDի%լ 9ROWDGR ¡ HYROX¨¤R H GDGR DGPLWLU D LWHOHFWXDOLGDGH R KRPHP DTXHOD OHYDU¢ HFHVVDULDPHWH ¡ SHUIHL¨¤R HPERWDU DTXL GHYD H[FOXLU D FULD¨¤R LYROXWLYD FRPR  ´EYLRTXHSHODVUD]¶HVDWHULRUPHWHDSUHVHWDGDV¤ROHYDU¢DDGD 7XGR LVWR VHUYH SDUD SRGHU DILUPDU DJRUD TXH GLVFRUGR GDV SHVVRDV TXH ID]HP LYHW¢ULRV RX EDOD¨RV GR SUHVHWH SRLV WDO V´ SRGHU¢ VHU IHLWR XP IXWXUR LGHWHUPLDGRHPTXHWRGDV DVFRRUGHDGDV¡GLVW£FLDGRWHPSRSRVVDP VHUWRPDGDV HPFRVLGHUD¨¤RDRHVW¢GLRDWHULRUHDRSU´[LPR(VHK¢GHILLWLYDPHWHFRLVDTXHHX ¤RYHMDHVWHSD®V HYROX¨¤R  

cV

‘     "   $TXL6HWDGR'HLWDGR 1HVWHVLO«FLRPXGR (YROWRSRUPRWDKDVGHOLYURV ,LFLRXPSUREOHPDPDWHP¢WLFR &RWRRVDRVGHYLGDHRVOLYURV (HPWHPSRWHUHLSDUDOHURVSUHI¢FLRV ( 1DSROH¤R ¡ PLKDHVSHUDDOJXUHVGHVHMDGRPDLVGRTXHXFDFRP DIRU¨DSU´SULD GRGHVSRWLVPRHDOLJXDJHPGRFHGRH[®OLRTXHPHGHEUXFHVREUHHOHHRH[DPLHR HVWXGHRGLVVHTXHDW DRPDLVSURIXGRUHFDWRGDVXDDOPD'L]HPTXHSHODD¢OLVH ELRTX®PLFDIHLWDDRVVHXVFDEHORVRLPSHUDGRUPRUUHXY®WLPDGHXPDH[FHVVLYDGRVHGH DUV LFR$SHWHFHPHYLDMDUHLUDW 6DWD+HOHDUHFRVWLWXLUգXPDXPգRVSDVVRVGR SULVLRHLURHDSXUDUXPDFHUWH]DTXHSXGHVVHVHUKLVW´ULFDPDV3KLOOLS5RWKGL]TXHPDLV XUJHWHVHULDOHUի3RUWR\ըV&RPSODLWլ  0DV R FDWR PDLV VDJUDGR GD PHVD GH FDEHFHLUD K¢ DLGD XP DPLJR VLOHFLRVR TXH HVW¢ FHUWR TXH PXWXDPHWH MDPDLV RV DEDGRDUHPRV 0RUWR K¢ VHWHWD DRV HOH  WHUULYHOPHWH DWXDO H HVSHUR D TXDOTXHU PRPHWR RXYLU EDWHU ¡ SRUWD H GH VHJXLGD DOJX PHWUDUDDXFLDUPHDFKHJDGDGHOHŠW¤RDWXDOFRPRVHYLYHVVHKRMH(VSHUD VHDFDGDS¢JLDGHOHLWXUDTXHIDOHGH´VFRPRVHWXGRRTXHHVW¢HVFULWRVHUHIHULVVH DSHDV D XP GLD GH RWHP H[WUDRUGLDULDPHWH SUHVHWH $ VXD IOX«FLD H R VHX HFOHWLVPRWHP¢WLFRFRGX]HPRVHVXEMXJDPV¤RDVXDLPDJLD¨¤RHDVVXDVYLY«FLDV TXHP RV FKDPD GR ODGR GH O¢ GR DELVPR RGH LVRODGRV UHSRXV¢PRV ¡ HVSHUD GR PLODJUHŠXPGHXVTXHGHVFHGR2OLPSRSDUDRVFKDPDU¡UHDOLGDGHGHVFUHYHGRգD FDGD SDVVR գ D SRGULG¤R FHOHVWH H գ ´V գ ERTXLDEHUWRV H LGHIHVRV R DGPLU¢PRV H LYHM¢PRV &UHPROR PDLRU GR TXH 1DSROH¤R H RV VHXV ,PS ULRV IRUDP VHPSUH UHGX]LGRVHPERUDFRVWUX®GRVHPEDVHVTXHVHFRVROLGDUDPDUD]¤RLYHUVDGRHVFRDU GRWHPSRŠDWLPHX(¨DGH4XHLU´V TXHPHHWUHJRH FRPDVWXDVDVDVTXHGHVHMR YRDU(VSHURTXHPHSHUGRHVDRXVDGLD 1¤RDVIL[LRDLGDSRUHWUHRVOLYURVPDVDRWRDOJXVPDLVTXHWDOYH]FRVLJDDGTXLULU D )HLUD GR /LYUR 3HUJXWR DRV TXH O¢ SDVVDP H ¤R SDUDP FRPR SRGHP YLYHU VHP OLYURVDPHRVTXHM¢YLYDPVHPS¤RHP¢JXD0DV¤R¤RDFUHGLWRHVVHVHUHPLWDV 2VTXHFRPSUDPOLYURVSRUFRPSUDUGHFHUWRVHJDEDPGHFRPSUDUHPDFXOWXUDHDTXHOHV TXH OKRV YHGHP VH JDEDP GH D YHGHUHP 0DV DGD WHKR D FRPSUDU RX D YHGHU WHKRDSHDVGHHVWXGDUHGHOHUHFHVVLWRSDUDDSUHGHU4XHPHLWHUHVVDD(FRRPLD R FXUVR GR PHVPR RPH VH XFD PH SHUJXWDP VREUH(¨D" 3RU TXH PH REULJDP D HVWXGDU VHP OHU" 6´ OHGR VH DSUHGHղH M¢ 1DSROH¤R FHUFDGR GH DEXWUHV R OHLWR GH PRUWH DJRL]D (VFUHYHPVH ELOKHWHV VREUH ELOKHWHV H K¢ VHPSUH XPD RYD
OWLPD YRWDGH D ILUPDU HP SDSHO 4XDGR DFDEDU SRU PRUUHU VHU¢ DLGD HOH TXHP HVW¢ HVFUHYHGR D +LVW´ULD HTXDWR RV YLYRV HP DV HWUHOLKDV ILJXUDU¤R ( JHHUDO RX LPSHUDGRUIRLVHPSUHXPKRPHPDPE®JXRTXHVHIRLPDWDGRDRVSRXFRV2DUV LFRV´ VHUYLXSDUDDEUHYLDUDPRUWHFRUSRUDO$RVSRXFRV6DWD+HOHDDLOKDLDDLTXLODGR D DOPD PDLV GR TXH R FRUSR PRULEXGR 1HOD YLPRV R PHVPR J LR TXH FKRUDYD DR OHPEUDUDS¢WULDHRTXHGHODKDYLDIHLWR6RKRXW¤RDOWRTXHDFRUGRXDWHVGHDFDEDUR VRKR7RGRVRVDRVLUHLOHPEUDUPHGHOKHKRUDU D PHP´ULD DGH DEULO PDVDGD PDLVSURPHWR¤RY¢R(¨DWHUFL
PHV9DLORJDHVWDPLVVLYDRGHDVLGHLDVVHOLEHUWDP HVHHYRODPGHL[DGRDSDODYUDVXVSHVDSHORSHVDPHWR ‘  m      ‘ Š PXLWR YXOJDU DJRUD RXYLUVH IDODU GH WXULVPR VXDV YDWDJHV HFHVVLGDGHV FULD¨¤RGHHVWUXWXUDVHGHEDVHVSODHDPHWRVXUEDL]D¨¶HVHWRGRXPPDUGH WHUPRVYDJRVHLPSUHFLVRVTXHRVDVVHJXUDPգGHDWHP¤RգTXHDGDYLU¢DVHU c

IHLWRFRPRGHYLD3RURXWURODGRFRPH¨DPDHFRDUգDSHDVDJRUDգSURWHVWRVM¢ UHSHWLGRVGH]RDVPDLVDWLJLGDVSHORIODJHORHRXYLPRVIDODUGHVXELGDVGHFXVWR GHYLGD®YHLVGHSUH¨RVLIOD¨¤RKLSHUWURILDHFR´PLFDUHGHVKRWHOHLUDVFDDLV GHGLVWULEXL¨¤RHWFղ'HWXGRLVWR´VVXEGHVHYROYLGRVRXYLWHVTXDVHOHLJRV HP WDLV DVVXWRV ¤R RV SRGHPRV LPSHGLU GH HFROKHU RV RPEURV GH LFRPSUHHV¤R PDV DOJR HVW¢ LGR WHUULYHOPHWH HUUDGR SRLV SRU H[SHUL«FLD SHVVRDOFRVWDW¢PRVFRPR FDURGRUPLUHFRPHUR$OJDUYH1¤RRVYHVWLPRV O¢ HP WLYHPRV GLKHLUR SDUD GLYHUV¶HV )DFWR FXULRVR GXUDWH XPD VHPDD FRVHJXLPRVIDODUHPSRUWXJX«VDWU«VSHVVRDVի1RVPRNLJլի3DVGHSRXUERLUլ  ի+LHU JLEW HV 'HXWVFKH ]HLWXJHլ (VWHV H RXWURV G®VWLFRV YL SRU DTXHODV SDUDJHV H DGHL KRUDV ¡ SURFXUD GH XP ի$TXL IDODVH 3RUWXJX«Vլ VHP YHU HKXP&RPH¨D D VHUWULVWH VHUVHSRUWXJX«VHP3RUWXJDODPHRVTXH VXUMDP UHIRUPDV ‘ 1HVWD SRFD GR DR DRV KRVSLWDLV S
EOLFRV DFRUUHP PXLWRV YHOKRV FRP GRH¨DV LPDJL¢ULDV Š FXULRVR Y«ORV FKHJDU WU PXORV H HFROKLGRV FRP YR]HV FDYHURVDV GRUHV H TXHL[XPHV UHDLV RX LPSURYLVDGRV 2V LWHURV FRPSUHHVLYRV G¤ROKHV EDL[D H HOHV ILFDP UDGLDWHV &RP DV VXDV PDOHLWDV LYHWDGDV Y¤R ILFDGR DR ORJR GRV FRUUHGRUHV FORURIRUPL]DGRV HP FDPDV GH HPHUJ«FLD SLVFDGR RV ROKRV M¢ LVHJXURV ¡V HIHUPHLUDV PDLV D]RXJDGDV 3DVVDGDV DOJXPDV VHPDDV HVJRWDVH գ SDUD FDGD FDVR գ D ERD YRWDGH GRV FO®LFRVHPSHKDGRVHPDMXGDURXWURVWDWRVTXHDJXDUGDPYH]'RVTXHVDHP RV FXUDGRV Y¤R FRWUDIHLWRV SHOD WURFD GH XP ODU SHOD RXWRDO WHPSHUDWXUD GDV RLWHV RV MDUGLV LTXLHWRV H[FOLHWHV GH FRPLGD DEXGDWH H DFRFKHJDGD GRUPLGD DTXHOD +RVSHGDULD GD &DULGDGH VXEUHSW®FLD PDV HVVHV ¤R WDUGDP D HVJRWDU D SDFL«FLD GRV P GLFRV (VVH EHIHLWRU FRUSR FO®LFR  LPSRWHWH H LRSHUDWH XP SUREOHPD D ®YHO JHUDO RGH DV HVWUXWXUDV GH DSRLR ¡ WHUFHLUD LGDGHIDOKDPDVXDUXGLPHWDUIDVHGHSURMHWRLUUHDOL]¢YHOղDVVLPDSHDVVHY¤R PLRUDGR SUREOHPDV TXDVH LGLYLGXDLV XP SHUS WXR DGLDPHWR GRV GLUHLWRV E¢VLFRV'HVVHVSVHXGRGRHWHVPXLWRV¤RYROWDPHPGHOHVVHRXYHPDLVIDODU 2XWURV DFDEDP SRU PRUUHU LOXGLGRV R KRVSLWDO FRP XP W XH VRUULVR DV VXDV ERFDV GHVGHWDGDV 1LJX PLU¢UHFODPDURV VHXV FRUSRVFXMDVRVVDGDV DFDEDP SRU RFXSDU DV PHVDV GRV ODERUDW´ULRV GH DDWRPLD VHUYLGR GH FREDLD ¡V H[SHUL«FLDV GH FDORLURV GHVSUHRFXSDGRV ,03‚9,'26 H 6(5(126 YDPRV DVVLVWLGR LGLJDGRV PDV 08'26 ¡V PRUWHV TXH VH UHSHWHP RGH FRPR H TXDGRFDOKDVHPDOJX PHIHWLYDUDVUHIRUPDVGHTXHWDWRVHIDOD ‘ SRUIDODUHPUHIRUPDVYHLRPH¡LGHLDDGRHVLRVXSHULRU4XDO¤RIRLRPHX HVSDWRգK¢GLDVգDRSDVVDUSHOD8LYHUVLGDGHHY«ODIHFKDGDFRPRVHJXLWH DYLVR ի(FHUUDGD SDUD OLPSH]DVի YHUGDGH VHMD GLWD TXH D 5HIRUPD WLKD GH FRPH¨DUSRUDOJXPODGR ‘ (VFUHYHX 5RODG %DUWKHV լ2 SUD]HU GR WH[WR WDO FRPR R VLPXODGRU GH %DFR SRGH DILUPDU ի1XFD VH GHVFXOSDU XFD VH H[SOLFDUլ ‘‘ 1XFD DGD VH HJD ի9ROYHUHL R PHX ROKDU HVVD VHU¢ SRLV D PLKD
LFD HJD¨¤Rլ )LF¨¤R GH XP LGLYLGXRTXDOTXHUVHKRU7HVWHDRFRWU¢ULR TXHSRUVLPHVPRDEROLULDWRGDVDV EDUUHLUDV DV FODVVHV DV H[FOXV¶HV գ ¤R SRU VLFUHWLVPR PDV SHOR PHUR GHVHPEDUD¨DUGRYHOKRHVSHWURիDFRWUDGL¨¤RO´JLFDլTXHDPDOJDPDULDWRGDVDV OLJXDJHV PHVPR DV UHSXWDGDV LFRPSDW®YHLV TXH VXSRUWDULD PXGR WRGDV DV DFXVD¨¶HVGHLORJLVPRGHLILGHOLGDGHTXHSHUPDHFHULDLPSDVV®YHOIDFH¡LURLD VRFU¢WLFDOHYDGRRիRXWURլDRVXSUHPRRSU´EULRFRWUDGL]HUVH HDRWHUURUOHJDO TXDWDVSURYDVSHDLVEDVHDGDVXPDSVLFRORJLDGDXLGDGH 7DOKRPHPVHULD DEMHWR SDUD D RVVD VRFLHGDGH 2V WULEXDLV D HVFROD R DVLOR D FRYHUVD¨¤R ի4XHP VXSRUWD VHP YHUJRKD RX FRWUDGL¨¤R"լ PDV HVWH DWLKHU´L H[LVWH  R 

&RWUHK URV

c

OHLWRUGRWH[WRRPRPHWRHPTXHDWLJHRVHXSUD]HU(W¤RVHGHVID]RYHOKR PLWR E®EOLFR DFRIXV¤RGDVO®JXDV ¤R PDLV  XPDSXL¨¤RR VXMHLWR DVFHGH DR FO®PD[ SHOD FRDELWD¨¤R GDV O®JXDV TXH WUDEDOKDP ODGR D ODGR 2 WH[WR GR SUD]HU %$%(/)(/,=4XHHVVHVHMDWDPE PRYRVVR                                    &$3Ž78/2

=
‘$ %& =
‘= =
‘        

-RXLVVDFH7HUPLRORJLFDPHWHDLGDYDFLODWHղGHTXDOTXHUIRUPDKDYHU¢VHPSUHPDUJHPSDUDLGHFLV¶HVDGLVWL¨¤R¤RVHU¢ IRWHGHFODVVLILFD¨¤RVHJXUDRSDUDGLJPDRVHWLGR¤RVHU¢SUHF¢ULRUHYRJ¢YHOUHYHUV®YHOLPSODW¢YHO

c

                         

‘ 
 

 #    c‘ HGRUPLGRFRUSRGHSLVDUSHGUDV RW®YDJROHLWR SURLELGRVVRKRV  VHVDFLRDOLVWDGDPLV ULDDOKHLD RUHS´UWHUEDWHXDFKDSD       SULPHLUDS¢JLDGHDPDK¤ FLGDG¤RVHPURVWR  LGHWLILFDGR   RFRUSRGHPDGUXJDU c

SDJDU¢WD[DGHWXULVPR  DFLGDGH   UXDVHMDUGLV V¤RGRSRYR    ¤RRVXVXUSHP   V‘ RLWRDRVGHVFDO¨RV GXDVHVWUHODVFDYDV DSX®GDHVTXLD    SROLFURP¢WLFRUHFRUWH UHPHGRVGHROKDUVHYHUR        IDFHVXDVHVXSOLFDWHV իGRLVSHVRVXPDFըURDլ   DTXLFRPH¨D    KRMH DILF¨¤RLILGDGRRUJXOKR        HPGHVWLRGHSREUH  
‘ իTXHPFRPSUD"լ VROHWUDVHPIXWXURDGROHVFHWH DVRYDVDYHLGDVGDPHWLUD IDFKDGDGHHVWµPDJR¡VPRVFDV SUHJDGRUHYROWDVGHGRUHVSRVWHUJDGDV LOXV´ULRVHFRVGHUHFXVD       VLO«FLRGDIRPHVHPGLDV SHUGLGDSUHVVDGHSDVVRV       HPP¤RVHPDIDJRV PXUFKDVYLROHWDV     FHVWRVGHHWHUDHVSHUD  GHFLGLGD   LFLVLYDPHWH       HVWUDJXOHPRVHVWDYR] SREUH]DLF´PRGDRVGHVSHUWD FRPSUHPRVXPVRKR       M¢VHTXHVWUDGR DIRPHGDLOXV¤RVHPGLDV   ‘ FULD¨DVHPHVFROD WDPE PDWL   LWHUGLWDUDPDLPDJHPHRLYHWR ¤RYHGDV   SDUFDVHVPRODVHPUHWUDWRGHHVTXLD DSUHJRDW¤RV´    SHVRVGHFXUDUWRGDVDVPLV ULDV ¢UGXDDSUHGL]DJHPGRGLDDGLD c

LGLWRVDVDFLHGDGHGR´FLR  HKXP´EROR     SDWHUDOLVWD     FDULWDWLYR VRIUHDU¢RY®FLRGHV FXORVHVSROLDGRV   ‘ IDP®OLDVK¢   DRVJULWRV PRUUHGRRGHFDOKD      TXDOTXHUVRO      TXDOTXHURFDVR VXJDGDVGLDDGLD     JUDWXLWDPHWH SURP®VFXDVH[HUJDV      PRULEXGDV     VXEYLYDV VHPKHURLFDVJHVWDV      SURVWUDGDV      UHVLJDWHV  VXUGDVUHEHOGLDV     DVVDKDPVHKRPHV     DVVDFDPVHF¤HV  &8,'$'2VLOHFLDPDYR]GRSRYR         FRPP®VWLFDVSHULJUD¨DV   ‘ GLOHWDWHUUD    DTXLRFOLPD    DDWXUDOEHOH]D WXU®VWLFRVS´VWHUVGDLGLJ«FLD PDVFDUHPVHGHSHGLWHVRVLG®JHDV         WRGRV GHFRUHPVHFLGDGHV      UXDV       YLODV      SUDLDV HVSODDGDVGRWRUSRUUHSHWLGR  GHSRLV  FREUHPVHDVHVPRODV        WRGDV  PLOKDUHVGHIDUGDVSRUSDJDU GH]HDVGHFRVHOKHLURVDHJRUGDU   ‘ VDXGDGH  SDODYUDUDUD c„

VRRU®IHURGDYRWDGH      VHPSUHDGLDGD       UHSDUWLGD SDODYUDDWLJD    GRURYD      UH IXGLGD GHVRODGRV   H[WHVRVIHXGRVHEDOGLRV SDUDWXULVWDYLUYHUYROWDU  HM¢SDUWLDPRYRVHYHOKRV FRORL]DGRUHVGDDPEL¨¤RGHVYDLUDGD         HWHUD         HPEDODGRUD HVYHWUDYDPSRYRV      OHG¢ULDVIDPDV YL
YDVGHYLYRV     YR]HVGHI¢EXOD  RUHLRGRFOLPDGRSHUS WXRVRO XFDHVSDWRXVDEHU      
LFD DVDXGDGH   FHUWH]DKLVW´ULFD   GHWRGDVDVFUX]DGDV    „‘ RSLDGRVDVFLDP    DDOIDEHWRV PLLVWURVKDYLD    WHF´ORJRVGDGHV LIRUPD¨¤R LVWLWX®DPFRFXUVRV      IHVWLYDLV HOHL¨¶HVGHPLVVHV     SDUDDVPDVVDV IROFORUHVGHDOXJXHU      WRXUDGDV      IDGRV      PXOKHUHV  RUHLRVHPHVSHUD¨D RSRYR  DHVWHVLDGRHJUDWR EHELD  RVXRU   FDODGR EDLODYDRYLKR FKRUDYDIDGDVGHIROKHWLP EDWLDSDOPDV    DRVDJUDGRUHWUDWR LVHV®YHLVROKRV YLDLDXJXUD¨¶HV c

    HVFRODV     IRWD¢ULRVHSRW¶HV YLDFDVDFDV   PLLVWURV      SUHVLGHWHV   EDTXHWHV      MDWDUHV       FRPHPRUD¨¶HV  a‘ HVTXHOHWRVGHGRPLJR PDUJLDLVKDELWDWHVGRWUDEDOKR         VHPIXWHERO ORJDHVSHUD   SO¢FLGDFRWHPSOD¨¤R SHUGLGRVRFHDRV    GDPRUWHPDLVOHWD VR£PEXORVYLVLR¢ULRVGRVDFURLPS ULR SHUHHGHVWLRGHFRORL]DGRUHV EUR]HDGRVSHORVRO     SRXFRHW®PLGRSRUTXHJU¢WLV  UDVWHMDYDP   HVPROHUHVGHILPGHVHPDD PLOLR¢ULRVGDLOXV¤RUHSHUFXWLGD KHU´LVGHWRGRRDR      ¡FRTXLVWDGHXPV´P«V RGHRGLKHLURSDUDFRPSUDUXPYHU¤RGHFHWH"   TXHUHVWDYDVH¤RHGRUPLURGHVHMRLVDWLVIHLWR"  FRYLFWRVVHEDVWLDLVWDV       GRHYRHLUR SRYR  GHGLVFXUVRVRXYLGRU  GHLPSRVWRVSDJDGRU JHWH  FDWDGD  GHFDWDGD  GHVHFDWDGD HVFUDYDGRVHPSLWHURVHKRULRGDWUDGL¨¤R  SRUTXHDUUDVWDVLPDJHVGHOLEHUGDGH" SURPHVVDVTXH¤RVDEHULDVXVDU  c ‘ YRXILFDUDWHWR    DILWUL¤R DOJX PSRGHHVSHUWDU VRXXUJHWHSDUDRDGHXV  HVSDWRGHVIUDOGDGR     LJ XREDGHLUDWH V

        TXHPPHDFUHGLWD"   DOJX PSRGHPRUUHU      GHIUDXGDGR         ORJH          DWHVGRWHPSR"  12,167$17((;$72(048()$/$5   

Vc

‘ $ %

 !   ]XLDPPDUWHORV     GHYR]VHPJHWH PXGRVIDWRFKHV VROHWUDGDVWUDGL¨¶HV      VRRUDVLPDJHV DFLGHWDO   L RUJDLFDPHWH       FRORU¢YDPRVVHWLGRV  D]XOգSDU¢IUDVHGHDPL]DGH LULVDGRIRUPLJXHLUR      PXOWLIRUPH GHVOL]DGRGRVFDEHORV   SHUGLGRVSURMHWRV    RYHUGHHVSDWR HVFDFDUDGDV   DVERFDVMDPDLVYHFLGDV VRIU®DPRVVHGHV     IRPHVGHPXLWDVHUDV   REULJDGR   VLOHWH VHDUDVHVTXHFLGDV    GHP¤RVRVFDEHORV    HIRLFHVDDOPD WXGRGHPHXSDVVRXDDGD   H[DOWDGRVSHVDPHWRV       DJLWDWHV         DTXLHWDYDPPRUGD¨DV HVFDODYUDGRVRXWURV      IXWXURXFDRVRXEHUDP LPDJLDYDP    YDJD    LVHJXUDPHWH       RWHPSR DFUHGLWDGRVH    
LFRV   SULYLOHJLDGRVKDELWDWHV  DGRUPHFHWHV    RVLGHFOL¢YHLVHUURV DFHVWUDLVOXWDV    VRWHUUDYDP MXVWLILFDUVH¤RSRGLDP FRGHDGRV   SRUWULEXDLVGRSRYR VV

DGDSUH XFLDYDP     HWHURVHVFUDYRVGRPDOTXLVWRVRKR  YRJDYDP YRDVDWLJDV JRYHUDGRVSRUUHLVGHJD]H SHUGLGRVDSRHLUDGRVFRPS«GLRV          VRUULDP HWUHYDGRVGHVWLRV      P®VHUDVO¢JULPDV          S¢ULDV HGHWDWRHVSHUDUHP      OKHVDVFHUDPHYHVRVROKRV HGHWDWRVRKDUHP      UHVSLUDYDPYXOF¶HVM¢H[WLWRV HGHWDWRYLYHUHP      VHPRSUHVVHWLUHP         LOXGLGRVPRUUHUDP   LJX PGHOHV    KRMHRXYLX GHIHHVWUDGDVPHP´ULDV       FRORL]DGRUHVGHSDLVDJHV     

V

‘ 




   
   WDWRVRVVRKRV     XFDGHPDUFDGRV         PHXLUP¤RGHWRGRRWHPSR             LVXEPLVVR SHUVHJXLGRV    SRUXPDPDFKHLDGHTXLPHUDV HJDOD¢PRVDVSDODYUDV       IDODFLRVDVDPEL¨¶HV LPHVRVFDPSRV     SRUKDELWDU OH]®ULDVGHOHWDVPRUWHV       HVWLRODGDV JUHWDYDRYHU¤R     VHYHURVFDU¶HV LJX PFXLGDUD     RVOL´WLSRVHVPDHFLDP DTXRVRVJUDGHDPHWRV       GDVDXGDGH  HUDHW¤RRWHPSRգ  IRUWXDVGLVVLSDGDV      DPDUJRUGHPLOFDVD¨RV      SUHPDWXUDVHLOLGDGH IHEULOFDWDUUR    HVFUDYDOXWD FLIUDV  WDEHODV   JU¢ILFRV PHFDL]DGRRKRPHP     HJUHDJHPVHPRPH LPSLHGRVDHIHEULOFDGHLD      JDJUHRVRVRVVRV RVLO«FLRFKDWDJLVWD      VHGLOX®DDVREUHYLY«FLD YDVWDSDLVDJHP    SRUHWUHRDGREH SDUHGHV  TXDWUR    GHVIUDOGDGDV YRJDGRDRYHWR      GRGHVSUH]RPRWRUL]DGRGDVVDJXHVVXJDV  3(5)(,7$6›&,$'$'(       LUUHIUHDGRSURJUHVVR      FLYLOL]D¨¤RGRDEDGRR GHVHUGDVHDDJULFXOWXUD FULDVHIHUUR   FLPHWR V

   IRPH W®PLGDHVLPSOHV     DYR]GRSRYR        TXHDLGDUHVWD  UHFXVDDFDULGDGH     GDVSLUDKDV VHFUHWDVDVJUHYHV     FRUURPSHPDRSUHVV¤R VHOYDJHVVHDEDWHP      HVELUURVHODFDLRV  DKFRPR ERPVHUVHSUROHW¢ULR          RIHXGRGRSDWU¤R   WXPHXLUP¤R ¤RDVVLVWLVWH   DRPLWRRDSRJHX GHDVFH¨DFRGHDGR       RVHWHFLDYDV WXDVP¤RVHUDPDGRU      VHPSUHUHWDUGDGD HVFUHYLDPDDJRLDOHWD       GRVTXHFDODP H[XOWDWHYLW´ULDGRVTXH¤RFRVHWHP  PLOLWDWHVPRGHORV      GHUHEHOGHVVHYHGHUDP IDOVRVKHU´LV   FRYDUGHVGHPHUGD IHOL]HVRVWUDLGRUHV      SHORS¤RXFDWULFDGR      SHODFDUHLYLRODGDHFDVWD      SHODIRPHPLWLJDGD ULTXH]DVLPHVDV     VDOGRGHODVVRVP
VFXORV TXHPDVHUJXHX"  LPRODGRVRVFRUSRV      VHPSDODYUDVHPJHVWDV DEDWHPVHGHOXWRDOGHLDV SDJDVHGDIRPH     DYLGD DVDOWRVHHPLJUD     DSUH¨RGHPRUWH  GHFLGHWHLUP¤Rգ  YROWHD´VTXHPD´VSHUWHFH FRRVFRUHDJLU¢V     ¡RSXO«FLDGHGLVFXUVRVHPIDP®OLD  REVROHWDVFRYHUVDVTXH¤RDVIL[LDPգ  V

UHSXGLDPRVWRGDDDWURSRIDJLD         TXHRVKLSRWHFD ¤RRVH[HFXWHPRV WDPE PHOHVVHWLU¤R      XPV´GLDTXHVHMD     XPV´LVWDWH RY¤RHVIRU¨RGRVXRUJU¢WLV  HVVHGLD   XUJHWHH
LFR LH[RU¢YHO   RJULWR     HW¤RFRPXLW¢ULR     HW¤RUHYROXFLR¢ULR           35(6(17(  SDUDTXH¤RPRUUDPSRUGHVSUD]HU SHODVGRUHVLVRIULGDV SHORVDJXHXOFHUDGRXFDFXVSLGR SHODVP¤RVLPDFXODGDVVHPSUHDVVDVVLDV UHYROYHUVH¤RDSRVHWDGRVGRRV          GHVWHIHXGRVDTXHDGR  GD¨DUHPRVRF£WLFRILDO        DSRWHRVHGHODEDUHGDV           YRVVRVFRUSRVGHIXWRV VHU¤RRVVRVRFK¤R      DS¢WULDOLEHUWD      DYRFD¨¤RLVXEPLVVD  LJX PRVDSRGHGHYLJDWLYRV KRUDUHPRV    GDVPHP´ULDVDYRVVD DGXEDUHPRVGDVFL]DVYRVVDV         RS¤R  DOJRUHDVFHGDVUX®DVYRVVDV        DHVSHUD¨D  TXHPRVFRIRUWDU¢      HVVHLVWDWHLJHWH" 

V

‘ 
     c‘ PDUJHPLV´OLWDGHWRGRRSRHPD VHPSUHRVKDELWD     DOJXUHV       DSDODYUD     JHVWR      WDOYH]VRUULVR IDPLOLDUHVYLDMDWHVGHWRGDDKLVW´ULD SDLUDPVREUHDPHP´ULDGRFULVWDO HVWUDJHLURVSHVDPHWRVFUHVFHPGRVGHGRV LYDGHPDFDVD     ODYUDGR       VRKRVLPSRVV®YHLV  DWUD¨¤RHWHUL]DGDRVWUDVFHGH P®VWLFDPDJLDGHURFKDVSRUGHFLIUDU IDWDVLRVDV RSRUWXLVWDV    GLYDJDP LVXVWHW¢YHLVWHVHV      RV]LPE´ULRVGDUHW´ULFD DJ´VWLFRV F WLFRV  HVSUDLDPVHIHUYRURVRV  RJULWRLIHWR    DORXFDYLDJHP        PXOWLFRORUGRWHPSR JUDGHVGHUDLYD    LDXGLWRIODJHOR  SUHJDUDP¡VMDHODVGRF UHEUR         KRORIRWHVGHFXUDGRVRR         RFULPHGDHVW¢WXD         WHVDVPRUGD¨DV         KLUWDVWHLDV     SDLVDJHVVHPLGDGH  VXSOLFLDUDPRWHPSORLHUWH        GRFRUSR YLRODUDPPHP´ULDV      FRILVV¶HVVHPSUHUHWDUGDGDV  R´GLRFDOPR    VHUHRFRPSDKHLUR   DGDFDPDUDGD    FRVSHOKHVRWHXVDJXHSXUR    ULWHGDGRUDLPDO V

        PDV¤ROKHVSHUGRHV         PDV¤RHVTXH¨DV  RW´[LFRIXPR    GDLGRP¢YHOYRWDGH          FDV¢ORV¢ UHGLGRV   IUXVWUHVFDUUDVFRV       DEDWHUWH¤R HRVGHWHVTXHWHDUUDFDUDP HDO®JXDTXH¤RWHVROWDUDP         HPERUDWDFRUWDVVHP  HRSHVDPHWRTXHWH¤RDSULVLRDUDP          VHU¤RDYLW´ULD          VHU¤RDWUR¨D  GRVWHXVROKRVDEHUWRV     GRLVYXOF¶HVGHVDJXH       VHPYLGDWRVH[WLUSDUDP SDUDTXHPRUWR     RV¤RIXOPLHV   WHXVRVVRVOD¨DGRV¡VFL]DVHDRPDU          HWRDPFD¨¶HVKHURLFDV WDPE PWX VRREUHFDWR        UHVLVWHWH   FDPDUDGD   ´VWHHUJXHUHPRV        EDGHLUDYLYD RVVDDOXWD RVVDDGHVIRUUD RVVDDWURYD    HVSDGDGHVWHFDWR  DPLJR  DOLEHUGDGHWHSHUWHFH        DYLGDWHPHUHFH SRHPDVHPWHPSR      IDUSD       PLVWDYR]GHVIUDOGDGD OLYURVSRUKDELWDU    RPXGRGRVHPILP DFRUUHWDGDVKRUDV SHRVDVDUTXHRORJLDV      UDVWHMDWHV VXEWHUU£HDVDVYR]HV      RVLYDGHP IHFXGDV   DVP¤RV       JL]  V„

    VXRU LURLDGHVSRMDGDGHO¢JULPDV WUXF¢PRVDSDODYUD      GHVHUWD      L VREUHYLYHWH YHFLGDIRL   ROHWDUJRGDPHGLRFUDFLD  V‘ HVJRWHPPDWHULDLVHKXPDRV         DWLMDVHDLDL¨¤R FRRSHUHPRSHU¢ULRV   W FLFRV   PHURVREVHUYDGRUHV         72'26 RYRV   YHOKRV    PXOKHUHV     LY¢OLGRV           FULD¨DV LFOXVLYHKRPHV      ¡FDXVHGXPDFK¯VPH   UHLHDGHVRUGHP     HRFDRV ¤RVXFXPEDDYLJLO£FLD  SROLFLDVLHSWRV VROGDGLKRVGHFKXPER ERPEHLURVGHSDOKD IRU¨DVGHVPLOLWDUL]DGDV       YLJLODWHV       EXIRV       FRUSRGHSD] 2,03257$17(6„2$6)$5'$6 PRELOL]DGRVWRGRV FXUVRVHVSHFLDLV     GHGHVLIHVWD¨¤R LVWUX¨¤RGHSLTXHLTXHVYRODWHV JXHUUDVHPFDUWHOHPTXDUWHO         DW VHHVWURSLDUD25'(0 DEROLGRWHPSRUDULDPHWHRWUDEDOKR   SHULJRVD   DGDSURWHJLGDHEHPDUPDGD   DRTXHFRVWD       GHIRWHVILGHGLJDV  RVHUYL¨RDFLRDOGDPDOLIRUPD¨¤R          DWHWRHYHHUDGR WY  MRUDLV     FLHPDRYR  V

      WHDWURGHYDJXDUGD          FRYRFDGRV KDYHU¢FRPXLFDGRVKRU¢ULRVFRFLVRV          WH[WR
LFR   FRJUHVVRVPXGLDLVGHFRPEDWHL
WLOUHXLGRV   RGHEDWH DEDVHGHWRGDDIXWLOLGDGHSROHPLVWD    LPSHULRVRPDWHUDSRSXOD¨¤R         KLEHUDGD HVWDGRGHV®WLR UHFROKHUREULJDW´ULR     HPWRGRVRVERUGHLVHOXSDDUHV DFHUDGDYLJLO£FLD DEROLGDDSULYDFLD     HDLWLPLGDGH YDVFXOKDGDVSHVVRDVHKDYHUHV  REVWUXDPDVUXDV     FRPEDUULFDGDVGHSDSHO¤R  LDXJXUDGDVHPGLUHWRSHODWY   FLGDGHV  HVWUDGDV    SRUWRV        PDU®WLPRVHD UHRV HVSLDGRV   FRPRUH]DPDVWUDGL¨¶HV          IUDFDVGDVIURWHLUDV   DEXURFUDFLDRFXSDUVH¢GRUHVWDWH    DWLJXHUULOKHLUDHDS¢WULGD       LILOWURXD25'(0 WHYHRDSRLRGHPLRULDVM¢GHWHWDGDV FRGHDGDDRPDORJUR       FUHVFHX        HVHIH]JHWHWHPLGD UDFLRDGRVYLYHUHV     SRUHVWUDWRVVRFLDLV VHKDVHWDO¶HV    RPHUFDGRHJUR          GRVLWHOOLJHFHVHUYLFHVORFDLV DPHVWUDGRVF¤HVSDVWRUHV        YLJLODWHV UHEXVFDPUHVLG«FLDV 

DHOLWHFRPXL]DYDOLYURVSURLELGRV   RWHVRXURFRPSRGHUHVVXSUDRUPDLV          HPLWLDPHWDOVRDWH GHVFRJHODGRVVDO¢ULRVGDDGPLLVWUD¨¤R IRPHWDGDDHVSLUDOLIODFLR¢ULD IDOLGRVSHTXHRVHP GLRVHPSUHV¢ULRV PRRSROL]DGRRJUDGHFDSLWDO         RSD®VFUHVFLD          V´OLGRHLDEDO¢YHO D25'(0HDOWHFLDDIDP®OLDHDUHOLJL¤R VHPDPLJRVHPFRKHFLGRVGHFDI  LJX PDIURWDYDDS
EOLFDPLOLW£FLD YLDMDYDVHRVFROHWLYRV       SUHIHUHFLDOPHWHDPDUHORV GHVDMXVWDGDWHG«FLDDRVGLVFXUVRV          GRJU¤RPHVWUH LPSRVWRVSDJRV    UHVLG«FLDRVVXE
UELRV     G ELWRVDRPHUFHHLUR MRJDGRUHVIRUWXLWRVGHWRWRERODV        DSRVWDVVLPSOHVգ KRU¢ULRVIL[RVSRUFRWUDWRVFROHWLYRV  RVFDW´OLFRVGHGRPLJR      IXFLR¢ULRVGHYRWDGRV VROHWUDYDPRUHVSHLWR     KRHVWRVHSRWXDLV VHPDPEL¨¶HVYLYLDP      RUJXOKRVDPHWHV´V   HW¤RFKHJRXRWHPSRGDVIORUHVգ   PDFXODGRRYHU¢FXORVRORS¢WULR GHVPDVFDUDUDPVHDEXVRV       GHY®WLPDVHKXPDV VXIRFDUDPVHJUHYHV FDUUHJRXDSRO®FLDGHFKRTXH SULV¶HVPDFL¨DV    VHPFXOSDIRUPDGD WRUWXUDV  GHSRUWD¨¶HV      DGDIRLHILFD] RSRGHUOHJDOPHWHFRVWLWX®GR         DXWRULGDGHLUUHIXW¢YHO            FDLX VHPSUHWHVDVOLEHUDOL]D¨¶HVVXEYHUVLYDV GHELOLWDGRVRVSRGHUHVF®YLFRV DHOLWHGLULJHWHHVFRLFHDGDHGHSXUDGD  c

HUDPKRPHVS
EOLFRVGHPXLWRP ULWR   IRUDPWUD®GRVSHORSRYR       DTXHP¤RVHUYLDP UHFRKHFHXVHDXWRULGDGH¡218 HWDEXODUDPVHHJRFLD¨¶HVFRPWHUURULVWDV          DW HW¤RJXHUULOKHLURVVHPS¢WULD  LJRUDUDPVHLPDJLRVRVHVTXDUWHMDPHWRVGHEUDFRVFRORRV HDWHUUDXD    PXOWLUUDFLDOSRUTXHGLVFULPLDW´ULD    SOXULFRWLHWDOSRUTXHLPSHULDOHLUD ILDOPHWHKLSRWHFRXWUDGL¨¶HVEDORIDV HWHUUDYDPVHSU´VSHURVIXWXURVSODHMDGRV  RSUHVHWHHUDGHFULVH PDVDVSUHYLV¶HVPHWLDPVHJXUDV   DSUHVWDGRRDMXVWHGHFRWDV        DOJX PKRXYH SDJDGRFRPDYLGD      PRUWH       RXRTXHSUHFLVRIRVVH GHPROLGDDDPHD¨D     SHODSRSXOD¨¤RJHWLD EURWRXDYR]X®VVRDHOLEHUWDGDVPDVVDV PLOK¶HVGHYLGDVVDOYDV       DWHVGHFRWDPLDGDV   DVFLDXPMRYHPFRWLHWHRYHOKRPXGR  ‘HDXPDWDOTXHXFDFKHJRXDVHUGH]  DOJR VHP RPH SUHPHGLWDGR FRPR TXDGR VH Y« XP ERHFR GH EDUUR GHFDSLWDGR  DJLWDYDPH SHORV PLOKDUHV ORJ®TXRV GHPRJUDILFDPHWH PRUWRV R FDWDFOLVPR LFDUDJXDR FRUUHGRGHVHIUHDGRUHWRPDYDFRVFL«FLDGRPHXFRUSRRIHJDWH SDUDYDSHUVFUXWDGRREUXPRVRDUTXHDFLGDGHPHUHVHUYDUDVHPSUHLJXDOPR´WRD VDWXUDWH YLUDYD FRVWDV HJDDGRPH FRP XP TXDOTXHU VRUULVR GH RFDVL¤R GRV TXH FKHJDYDP DS´FULIRV H YLKDP SRXVDU RV PHXV ROKRV GHVHFDWDGRV  H VHJXLD EXVFDGR D H[WUHPLGDGHGRVPHXVVDSDWRVXPDVROX¨¤RDUHVSRVWD FDPLKDYD DOKHDGR GH PLP H GD FDW¢VWURIH DV UHVSRVWDV YDULDYDP REFHFDWHV գ Y¤V HVSHUD¨DVHPFDGDSDVVDGDգ¡GLVW£FLDH[DWDGHPLPSU´SULR SRWDSHDYD  XPD UD]¤R RYD XPD RUGHP RYD SRU HWUH D WHUUD HODPHDGD FKHJDULD PXLWRPDLVWDUGH  DWLWXGHSRO®WLFDգGLULDPPDLVWDUGHRVFDUUDVFRVGRWULEXDOGDVLGHLDVUHSHWLGDVգPDV IRLDVVLPTXH>HP@FKHJXHL¡LGDGHGHYLWHHWU«V M¢RYHWRGDLVDWLVID¨¤R YDUULDDFDVDHVWUDKDGDH[SHUL«FLDSRUVROHWUDU WUDVLGRFKHJRXGH]HPEURFRPRTXHPDXFLDDOXDRYDRDWDOSRUTX«HJ¢OR" KDYLD OX]HV  FHUWR XP SLKHLUR HJDODDGR FRPR TXHP TXHU GHSRU SDODYUDV JDVWDV XFDLYHWDGDVDILDOVHPSUHH[LVWLUDP  V

WXGRHUDGHFDOFDGRHVSHOKDGRDW PHVPRRVVDSDWRVDFKDPL PLVW ULR¤RIRVVHP RVPL
GRVGHVFRILDUղ DVFLDUHYLYLILFDGRXPVRUULVRDUUDFDGR¡IRU¨DDVIUDVHVGHRFDVL¤RHRPDLV RHWDWRDOJRGHVWRDYDգWDOYH]HXգDTXHOHXLYHUVRGHP
PLDVHPSRDGDVDW PHXV SDLV TXHUHULDP VHWLUVH GLIHUHWHV PDV ¤R FRVHJXLDP DSUHHVLYRV SRU WRGRV RV DWDLVDUGHUHPW¤RGHSUHVVDLPSLHGRVDPHWH WXGR PH LUULWDYD P
VFXORV IDFLDLV FRWUD®GRV VHULD DTXHOH R VRUULVR SU´SULR"  DFDEUXKDGRSHORVERORVSHORVGRFHVW¤RWUDGLFLRDL]LKRVW¤RKDELWXDL]LKRVW¤RVHP VHVR R LVWDWH IXWXUR GHL FRPLJR GR ODGR GH IRUD HVSHFDGR GH S  ¡ SRUWD FRPR XP HVWUDKR XFD FRPR PHGLJR SRLV  DYLOWDWH SHGLU R DWDO XVXIUXLGR GD SVHXGR WRPDGDGHFRVFL«FLDGRVLFRHUHWHVKDELWDWHVGRGLDDGLD MDPDLV HVTXHFL R KRUURU D DIURWD VDFU®OHJDGH WHU VD®GR D PDLV EHOD RLWH GR DR GH DPRUHFRPSUHHV¤RXLYHUVDLVEO¢EO¢EO¢HEO¢ DGHL¡VRUWHHPVHLM¢SRURGHHPTXHXDVHYHWRVDVFDO¨DGDVHUXDV HP XP V´ FDI  DEHUWR DTXHOD KRUD HUD DWDO H HX V´DFLGDGH VHP URVWR V´ FRP RV PHXVSDVVRVYDJDEXGRVHUUDGRVREFDWDGXSDVGHOX] HPXPFDUURDSHDVDTXLHDO PRDODULGRTXHWHGHFDVDVKDELWDGDV DW RVSREUHVKDYLDPHPLJUDGR GHVFLDW ¡EDL[DO¢RGHDVSHVVRDVHDVJHWHVVHDFRWRYHODPSHMDGRUXDVHSDVVHLRV GXUDWHRGLDHHPXPJXDUGDRWXURVHU¢TXHRVODGU¶HV¤RFRPHPRUDPRDWDO"  HPXPOL[HLURHPXPE«EHGRLJX PGDIDXDFRVWXPHLUD XPVROLW¢ULREDFRGHPDGHLUDGHL[HLTXHRWHPSRYRDVVHVREUH´VFRPDTXHODFDU®FLD TXHWHGHTXHPM¢¤RPHGH LGLIHUHWH DR IULR SHVHL GHLWHL FRWDV ¡ YLGD VHWLPH LILLWDPHWH PL
VFXOR DOL R FHWURGDPLKDFXULRVLGDGHGDPLKDVLFHULGDGHRIHGLGD HUJXLPHPXLWDV HVWUHODVKDYLDPM¢ DSDUHFLGR HSDVVDGRVREUHPLP DOKHDGDVGDGDWD HVW¢WXDGHWRGRVRVFDOHG¢ULRV  YROWHL D FDVD P¤RV YD]LDV H YDJDV WRGR HX PH GHVYDHFLDDFRFOXV¤RDTXHFKHJDUD HP FDVD DV SHVVRDV HGRPLJDGDV FDUDV DOHJUHV FRU GH WL¨¤R RX VHULD FDUPLP"  R ERPIRJRDDOLPHWD¨¤RIDUWDDVFRYHUVDVDPHDVHGHVSUHRFXSDGDVGHDWDOTXHWDO DFKDVRPHXYHVWLGRSDUDDիSDVVDJHPլ"DVRWDVGRղLKRIRUDPPXLWRERDVHDVWXDV ղLKD" SRU YH]HV D SX[DUHP DR VHWLPHWR TXHP VDEH RGH HVWDUHPRV´V GDTXL D XPDR" SDUDUHVYDODUHPDW ¡TXHL[DIDPLOLDUHLPSURI®FXDGDHRUPHVXELGDGRFXVWR GHYLGDHWF HW¤R ¤R VHL EHP SRUTX« IL]OKHV VHWLU TXH M¢ DVFHUD H HVWDYD DOL DFRUGDGR GLVFXWL FRPUDLYDEHUUHLWDOYH]WHKDWDPE PIDODGR JHVWLFXOHLHTXDWRPHGHL[DUDPDJLWHL DVSVHXGRWUDTXLODVFRVFL«FLDVDGRUPHFLGDVSHORFDORUGHUHEDKRTXHDOLHUDPJULWHL WXGRR TXH HUD YHUGDGH HKDYLDP FDODGR DILUPHLGLUHLWRVLFRJUX«FLDVDSHOHLSDUDD IDOWDGHVHVRGHVHPHOKDWHUHXL¤RRGHWXGRFKHLUDYDDPRIRDW DVLGHLDV IDOVRH PDOV¤RGHUUXEHLDVIDFKDGDVDVSDODYULKDVGRFHVSU´SULDVGDVVREUHPHVDV  YLRVURVWRVDLPDGRVHDOHJUHVWUDVILJXUDUHPVHDIRJXHDGRVLFRPRGDGRVգTXDVHDW  ¡FRJHVW¤RգDLFDPEDOHHLRDUGRUH[FHVVLYRGDRYDOXWDHFDODUDPPHLVWR FDOHL PHHVJULPLUDVR]LKRDW PHVHWLUDFRVVDGRHLJX PPHSHUGRDULDSRUWHUGHVSHUWDGR RTXHVHHVIRU¨DYDPSRUPDWHUHPSHUPDHWHOHWDUJR  MDPDLV HVTXHFL HVVH DWDO R SULPHLUR WDOYH]
LFR HP TXH VHWL D SOHLWXGH GR VHX VLJLILFDGR HUD FRPR YHU SUHV SLRV XV ¢UYRUHV W¤RV´ ¢UYRUHV KRPHV VHP URXSDJHV GH ILJLPHWR VHP HVVHV IDOVRV WUHMHLWRV GH IUDWHULGDGH VHP FDULGDGH LVWLWX®GD SRU FDOHG¢ULRGHUURWDGRVDPDUIDKDGRVFRPRVHIRVVHPKRPHVգDGDPDLV



YLRV D WRGRV YHFLGRV FRPR PDXV DWRUHV S VVLPRV DPDGRUHV VHP WHUHP HVDLDGR D SH¨D TXH V´  OHYDGD ¡ FHD XPD YH] DR DR H FRVFLHWHV GD H[LJ«FLD GR S
EOLFR VHPSUHSUHGLVSRVWRDGHOHVH[LJLUWXGR IRL XP GLD WDOYH] LJXDO PDV XP DWDO GLIHUHWH VHP HVRWHULVPRV PDV PDLV VHWLGR D VXDPLOLP WULFDGLPHV¤R HVVHORJ®TXRDR¤RDVFHXRPHLRMHVXVSDUDHWHURGHVFDVRGRKRPHPHP KRXYH XP SDLDWDO GHVFHGR GD FKDPL  IRL XP GLD GH DWDO   FRPR WRGRV WULVWHղPRUUHUDDSHDVXPDGHFU SLWDWUDGL¨¤RXOWUDSDVVDGDSHODURWLDGHFDGDGLDFRP DEHOH]DJDVWDGRV DVWURVTXH ¤REULOKDPSRUTXHLFDVDYHOPHWHOXWDPSHORGLUHLWR ¡ YLGD SDUD DO PGRHVSDWRDPRUGD¨DGR ¡VERFDV HVWDUUHFLGDVSDUDDO PGDLFRPSUHHV¤R DV FULD¨DV ILFDUDP PDUFDGDV SHUGLGD TXH IRL D LJHXLGDGH ¤R SXODUDP HP WDPSRXFRJULWDUDPGHDOHJULD DV SUHGDV SDUHFHUDP PXLWR PDLV PRGHVWDV DOL¢V SDUHFHUDP WHU R VHX YDORU UHDO H H[DWR DVFDUDVRXWURUDJDLDWDVPROGDUDPVHI
HEUHVHTXDWRDVFDEH¨DVDEDDYDP OHWDPHWH 
OWLPR UHI
JLR  SDUD ¤R DFHLWDUHP R SHVDGHOR XP HVWUDKR M¢ ¤R HX  URPSHUD DVWU JXDV GR DWDO DOJR VH SHUGHUD SDUD VHPSUH WDOYH] D TXDVHVHVD¨¤R GH SD]HWHUDHLPRUUHGRLUD  KRMHM¢TXDGRDYR]VHPHHWDUDPHODXPSRXFRDRSHVRGRVDRVFRVXPLGRVXPD YRUDJHPDFHOHUDGD HVFXWRXPTXDVHYD]LRGHWURGHPLPFRPRXPWUHPHGRիSXFKլ SRUWHUSHUGLGRRPHXDWDO O¢ IRUD D YR]HDULD D DOHJUH P
VLFD GD H[DOWD¨¤R LIDWLO PRYLPHWR GHVHIUHDGR SHUSHWXDVH D GDWDDFRWHFLPHWR DV UXDV UHJXUJLWDPK¢ FULD¨DV LPSDFLHWHV H DLGD LJ XDV DW  TXDGR"  TXH DVHLDP SHOD KRUD VDJUDGD GH GHVFREULU D FKDPL  FRPR IRWHGHPLVW ULRVGXPV´PRPHWR DOJXUHV ORJH R WHPSR RX R HVSD¨R RXWUDV FRPEDWHP XPD TXDOTXHU JXHUUD VHP LGDGHV RX FKRUDP ¡ FKXYD DR IULR DR PHGR H DR YHWR VHFR GD IRPH D LJRU£FLD GHVVDSDODYUDTXHWHHP¢JLFDDWDO WLULWDPXKDVILFDGDVDSHOHTXHHVFRUUHGRVGHGRVRVVRVVRUYHGRRFDORUGDVSHGUDV HGRVUHPHGRVPXOWLWXGL¢ULRV KRMHSDUDHODV GLDGHMHMXPPDLVXP SRUTXHLJRUDPTXH¤R 3¢VFRD V´DPDK¤RXPHVPRM¢ORJRSHODPDGUXJDGDKDYHU¢UHVWRVRVODWRVGHOL[RSDUDHODV  VHPSUHDPDK¤ DPDK¤DUHVSRVWD
LFDTXHDHVSHUD¨DWHPSDUDFDODURKRMH  WDPE P KRMH PRUUHU¢ JHWH SDUD VHPSUH DTXL RX D 1LFDU¢JXD HP JXHUUDV FDODPLGDGHV DFLGHWHV RX LFLGHWHV GR PHVPR PRGR TXH DTXHOH M¢ ORJ®TXR DR PRUUHXDWUDGL¨¤R SRUWXGRLVWRHVWRXPDLVV´WULVWHHDSDJDGRDSDUWLUGHKRMHM¢¤RWHKRDWDO       



‘
 


 
 


  


 

    

‘ SUHYLV¤RDW ¡VKRUDVGHDPDK¤F XPXLWRXEODGRYHWRIUDFRRXPRGHUDGR GH VXGRHVWH SHU®RGRV GH FKXYD IUDFD D RUWH GR VLVWHPD PRWHMXWRHVWUHOD FRGL¨¶HVIDYRU¢YHLV¡IRUPD¨¤RGHHYRHLURVGXUDWHDPDGUXJDGDHFRPH¨RGD PDK¤ ‘ FKHJDP PHVDJHV D PDK¤ K
PLGD H YLVFRVD RGDV GDV ORJDV WHUUDV GH ¢IULFDHPEDODPFRUSRVHVTXDUWHMDGRV ‘ SDUWH GR FDLV GR 6RGU  R SU´[LPR GLD  PDLV XP FRWLJHWH GH WURSDV HP PLVV¤RGHVREHUDLD ‘ HPYLVLWD¡H[SRLWHUDFLRDOGHRVDNDSDUWHKRMHDFRPSDKDGDGHVHXPDULGRD VHKRUDGHղ ‘ SRWRPRUWRDVFRYHUVD¨¶HVXLODWHUDLVGHJHHEUDSDUDR{DFRUGRGHSD] ‘ PHVDJHPGHS¢VFRDSUD¨DGHV¤RSHGURURPDPLOKDUHVGHIL LVHVFXWDUDPKRMH DH[RUWD¨¤RGHVXDVDWLGDGHRSDSD¡SD]LOLPLWDGDDRILPGDVJXHUUDVGDIRPH HGHWRGDVDVPLV ULDVTXHHPSDOLGHFHPDPLVV¤RGRKRPHP¡IDFHGDWHUUD ‘ RIELDODUPDGRFRPDFUHVFHWHYDJDGHFULPHVDXPHWDRVVHXVHIHWLYRVFULDGR RYRVFRUSRVGHOXWDFRWUDUDSWRVHFRUUXS¨¤RSRO®WLFD ‘ LWHJUDGDRSODR PXGLDOGHUHDELOLWD¨¤RGR PRYLPHWRKLSSLH RV IOHXP¢WLFRV ORGULRV DVVLVWLUDP KRMH ¡ SURFODPD¨¤R GH LGHSHG«FLD GH NLJըV URDG H FDUDE\VWUHHW ‘ VHJXGRGHFLV¤RGDLDWDIRUDPERLFRWDGDVDVYLDJHVD UHDVDS´VRGHVYLRGH PDLVXPDDYL¤RSDUDFXEDRVSDVVDJHLURVLF´OXPHV¡DWHUUDJHPHPODKDEDD IRUDP FRGHDGRV D UHFXSHUDUHP D VXD OLEHUGDGH HP MXKR SU´[LPR DS´V FRODERUDUHP գ JUDWXLWD H LLWHUUXSWDPHWH գ DV FROKHLWDV GH FDD GH D¨
FDU RGHRVDWUDVRVSURYRFDGRVSHODIDOWDGHP¤RGHREUDSURYRFDUDPXPDVLWXD¨¤R FD´WLFDRVPHUFDGRVLWHUDFLRDLVHVWHIRLR{DYL¤RGHVYLDGRGHVGHRL®FLR GRDR ‘ILPGHXPDHUDUXGROIKHVV¤RVHU¢OLEHUWDGRDUHDOLGDGHHPVDLU¢GDSULV¤R GH VSDGDX DS´V D VXD PRUWH VHJXGR XP FRPXLFDGR FRMXWR GDV SRWHFLDV DOLDGDV ‘YLROHWRVLVPRDEDORXGHRYRSRUWXJDODTXHOHPRPHWRVXEPHUVRHPLWHVR HYRHLUR SDUD TXHP HVSHUDYD GRP VHEDVWL¤R D GHVLOXV¤R գ GH EDUFDV V´ D GH &DURWH  PRUWRV DSXUDGRV DW  DR PRPHWR DV EXVFDV SRU VREUHYLYHWHV SURVVHJXHP  K¢ PLOKDUHV GH IHULGRV H GHVDSDUHFLGRV V¤R LFDOFXO¢YHLV RV SUHMX®]RV PDWHULDLV LJRUDPVH GDGRV TXDWR DR 
PHUR GH GHVDORMDGRV WHGR VLGRFULDGRVVXEVHFUHWDULDGRVHVSHFLDLVGHDX[®OLR¡VY®WLPDV ‘DS´V RV LERV FXUGRV DIURVVXGDHVHV RYRV PDVVDFUHV R SRYR NKPHU HVW¢ HYROYLGRHPIHUR]OXWDFRPDVIRU¨DVJRYHUDPHWDLVղ ‘F XPXLWRXEODGRYHWRIUDFRRXPRGHUDGRGHVXGHVWHղ

m‘  
   
 
      

   

   

   

DKVHGDVP¤RV  GRVS V    DKVHGDVUD®]HV 

EURWDVVHPUD®]HV

     GRVWURFRV        SHGHVVHPHVSRMRV     HTXDWRDWHXODGR XPULEHLURWUDTXLOR    FRUUHUSODFLGDPHWH       DV¢JXDVVHU¤RUXEUDV  VHIHFKDUHVRVRO VHGRDOWREURWDUHPSDODYUDV HHTXDWRRXYLUHVDFXVD¨¶HV     WDSDRVRXYLGRVFRPXPHVWDPSLGR VHXP¤RFKHJDU   XVDLGLVFULPLDGDPHWHRVHFHVV¢ULRV     VHRVFODU¶HVGDYHUGDGH    DTXHFKDPDPGLD       ¤RWHRIXVFDUHP HDL´VSLWDWUHYD   EDWL]DGDRLWHWH¤RDVVXVWDU HW¤RFRPRLU¢VDLTXLODU    DJXHUUDTXHWHLWLPLGD"    VHWHVHUYLUHVGRULEHLURIHUWLOL]DGRU SRGHDFRWHFHUDRS¤RFROKLGR VHUDGXEDGRFRPVDJXH    HDVWHUUDVDUDGDVGDU¤RIUXWRVHVTXLVVRV FRPVXPRGHLGHDLVIDOKDGRV     FDVFDVGHVXVSLURVGHSD]         HVHPHWHVPHW¢OLFDV  DVPHVPDVTXHRXYHVVLELODUHPGLDVGHVRO SRUHWUHRFDWRVLOHFLRVRGDVFLJDUUDV      DVVHDUDVHDVYLKDV    ¤RFKHLUDU¢DVXRU HTXDWRDUUHPHVVDUHPLPSROXWDVJUDDGDV FRPRJUDLKDVGHHVSRW£HDJHUD¨¤R  GRIRJRDVFHU¢RFDRV UHRUGHDGRFRPO¢JULPDVUHVVHTXLGDV FRPFDWRVGHYLGLPDFHOHVWH HW¤R  VREUHRUHVWDWH 

VHGHEUX¨DU¤RRVV¢ELRV    HIDOKDU¤R    ¤RPDLVVHVDEHU¢    HPRXYLU¢IDODU       GH+20(0    



!‘


 " 








 


 

GLYDJR SRUHWUHOLYURVTXHPHHIDGDP HUJRRVROKRVHHVSUDLRRV DWUDY VGRVYLGURV WHWDGRUHV HPIUHWHDPLP FRPDFXULRVLGDGHPHVPDGREL´ORJR VREUHIRUPLJDVGHEUX¨RPHVREUHDYDUDGD XPDDXPDGLVVHFRDVSHVVRDV K¢PXLWDVHYDULDGDV FRPXPWUD¨RFRPXP SDVVDPDPLKDUXD DPHVPDKRUDRVPHVPRVGLDV RXWUDVգPDLVգG¤RVHDROX[RGHHVFROKHU HVREUHHODVDSRWRGHGRDFXVDGRU FRPRTXHPDVPDUFDHPDUFRPHVPR HVFROKLPDOSUHILURDVTXHSDVVDP RVPHVPRVGLDV¡VKRUDVPHVPDV ‘ FULDGDVTXHVHHYDGHPDSHDVSRUPRPHWRV¡VXDFRGL¨¤RSDUDFDODUHPPDLV IXGRDOLEHUGDGHTXH¤RW«P ‘ RSHU¢ULRVGHFDUDDOHJUH" FDVD¨R¡VFRVWDVUXPRDRWUDEDOKRHVTXHFHGRD FHUWH]D
LFDHDFXVDGRUDGRDPDK¤ ‘ FKHIHVGHIDP®OLDLFRWXUEDGRVSRUTXHPRPXGRSDVVRXVHPDGDID]HUHP SDUDRGHWHUTXDGRRGHVFREULUHP¤RVHU¤RDVPXOKHUHVTXHPOKHVDWLUDU¢¡ FDUDSDODYUDVGXUDVFRPRRD¨RHPDUFDWHVFRPRRIRJR ‘ HPSUHJDGDVFRPHUFLDLVTXHYLYHPYHGHGRVRUULVRVDHVSHUDDJXVWLDGDH GHVHVSHUDGDGHXPPLODJUHTXH¤RVHGDU¢GHLWDGRVHVHPSUHDFHUWH]DGH KDYHUXPDIRWRRYHODSDUDOKHVHJDDUDVPLV ULDV ‘ FRPHUFLDWHVSHTXHREXUJXHVHVVHPFKL´HPELJRGHVUHYLUDGRVFRPRR WHPSRGRH¨DLWULVHFDPHWHLJXDLVDRVGHRWHPDWHRWHPGHVHPSUHD ¢YLGDVRIUHJXLG¤RGHXPOXFURDGHVS´WLFDRFXSD¨¤RGHHVFUDYL]DUWXGRHWRGRV¡ KLSRW WLFDLPDJHPGDIHOLFLGDGHSHORGLKHLUR ‘ IXFLR¢ULRVSDFDWRVTXHSDFDWDPHWHDUUXPDPXPDYLGDգDGHOHVFRPRTXHP DPDUUDFRWUDWRVHWHURVHSDFDWDPHWHVHUHFXVDPDPHOKRUDUD£VLDGH SDFDWDPHWHFXPSULUHPRVSDFDWRVUHJXODPHWRVDW TXHRS´TXHRVFREUHRV HWHUUHDHOHVRSDFDWRHVTXHFLPHWRGDPRUWHPDFDFDHSDFDWD  EDWHP¡SRUWDGRTXDUWR XPVREUHVVDOWR FDHPVREUHRSDYLPHWR DVILJXUDVTXHգXPDDXPDգUHFRUWDUD OHWDPHWHGHL[RFDLURVROKRVVREUHRVOLYURV UHSRGRFRPYR]GHHIDGRHOHYDWRPH GHSRLV¡PHVDGHMDWDU FDVDGRTXHL[RPH HVWRXFKHLRGHHVWXGDU ‘! 
 
  #     DPDGUXJDGDTXHFRPLJRVHFUX]DWRGRVRVGLDVRX¨RSDVVRVDVUXDVYD]LDVUHSOHWDV GHVLO«FLR „

HVWXJRRDGDUHFRWLXDPDPDUWHODUPHDVSDVVDGDVDJRUDPDLVU¢SLGDV RF XFRPH¨DDUDLDUVHGHOX]RLWHDLGD DFL]HWDIDFKDGDGRVSU GLRVIHFKDGRVHPXGRV XPURURDUFRW®XRDFRPSDKDPH DEULVDOHYDWDSDSHLV XPDFLGDGHVXMDHFDODGD HPJHWHGDTXHODTXHWUDEDOKDGHRLWHSDUDRVTXHYLYHPGHGLD HPFDUURVV´RV SDVVRVTXHPHFRIXGHP RVODPSL¶HVV¤RJRWDVGHOX]TXHVDOSLFDPDVWUHYDVXPSRUWDOXPDVRPEUDHVWUDKD DVVXVWRPH XPYDJDEXGRDUHSRXVDU GHHVWUDKDUGHSRLVGDLIOD¨¤RGRVEDFRVSDUDWRGDD JHWH XPDILODORJDGHFDUURVHVFXURVSDUDGRVDSUR[LPDVH¡PHGLGDTXHFDPLKR PHWRDVP¤RVRVEROVRVYD]LRVRXTXDVH¤RDVVRELRSRUTXH¤RVHL WLURGXDV PRHGDV RSUH¨RFRIRUPDGRFRPRGHVFDVRY«PHVHJXLUHSDVVDUSHORVW¢[LVIULRVR DRLPDWRGDRLWHOX]HVTXHDFHGHPTXHDSDJDPOX]HVTXHDFHGHPTXH

DSDJDPTXHDFHGHPTXHDSDJDPTXHDFHGHPT XHDSDJDP48($&(1'(04 8($3$*$048($&(1'(0

XPDORXFXUDSDUDRVROKRVFDVDGRVGHPDLVXPGLDFRPPDLVGHKRUDV DVKRUDVTXHPLXWRDPLXWRVHJXGRDVHJXGRHVFRUUHPOHWDPHWHSRUHWUHRV PRYLPHWRVTXHID¨R FRWLXRRPHXSDVVHLRIRU¨DGRYROXWDULDPHWHDFHLWHRPHXUHJUHVVRDFDVD DWUDYHVVRDJRUDRXWUDUXDGHVHUWDHYD]LDFRPRWRGDVRXTXDVHRVFO¢[RHVRIXPRR S´DVPDUFDVRDVIDOWRRVLUUHTXLHWRVSH¶HVDVFULD¨DVRVYHOKRVRVFDUURVRV FDPL¶HVRVLDOHLURRXRVHP¢IRURYHUPHOKR LGLIHUHWHDWUDYHVVRDFHUWH]DGHRHVSD¨RHVWDURXWURWHPSR JXDUGRSDUDDPDK¤HVWDVLPSUHVV¶HVVREUHRWUDVLWRGLXUR  HDVSDVVDGDVXPDDXPDFHUWDVFDGHFLDGDVFRPRREDWHUGRUHO´JLRDSHUVHJXLUHP PH YHMRPDLVUHFODPHVOXPLRVRV3(16–(6'250,'$6DKFRPRPHDSHWHFLDILFDUM¢ DTXLVH¤RIRVVHDTXHOHUHEROL¨RO¢GHWURDTXHOHYDLY PFRW®XRXPDDWLYLGDGH IHEULOTXDVHGLXUDLJXDODWDWRVV®WLRVHPWDWRVSD®VHVVHPUHP GLRSRUTXH¤R  XPDGRH¨DRXHW¤RWHULDPGHH[WHUPLDUTXDVHPHWDGHGDSRSXOD¨¤R ROKRSDUDRUHO´JLRգHPHLDRF XPDLVFODURFKHJRDFDVDSDUDGHVFDVDU PHWRPHDFDPDRVOH¨´LVTXHWHVRFKHLURDJHWHDYLGD¡PXOKHUGHVFRKHFLGD TXHGRUPHDRODGR HVTXH¨RRVSDVVRVTXHM¢¤RRX¨R SDVVDGRVLVWDWHVM¢UHVVRR KRUDVVDLRGHFDVDRPHVPRWUDMHWRGHRWHPGHVHPSUHXPIRUPLJDUGHJHWHLJXDO FRPDVIDFHVPDUFDGDVDYRWDGHOLYUHGHWUDEDOKDUSRULPSHULRVDHFHVVLGDGHGH VREUHYLYHU XPGLDPDLVTXHHVFRUUHHVHHVFDSDSRUHWUHRVGHGRVDEHUWRVGDVP¤RVIHFKDGDVDV KRUDVH[WUDRUGL¢ULDVRFLHPDDWHOHYLV¤RRDXWRP´YHORVHOHWURGRP VWLFRVD DPEL¨¤R DPRUWH PDVDWHVRURWLHLURGLDDGLDDLTXLODWHFRPDRLWHDHWUDURGLDGHOLEHUDGDPHWHH DPXOKHUFRPTXHPVHFDVRXգDGHVFRKHFLGDFRPTXHPVHGRUPH RVILOKRVTXHVHW«PH¤RVHYHHPHTXHHVWXGDPգRXGHYLDPHVWXGDUգSDUD WUDEDOKDUHPPHRVTXHRVSDLVJDKDGRPDLVGRTXHRVDY´V 

HDVPDUWHODGDVGRVSDVVRVRRXYLGRXPDRLWHXPDYLGDLWHLUDDW TXHFDVDRV SU´SULRVS V HVVDDOWXUDFDVDGRGHWXGRHWRGRVDGHFLV¤RTXHVHWRPD DPXOKHURVILOKRVDPLV ULDRSDUD®VRGRXUDGRGDHVWUDMDDVPD¨¤VGRSDUD®VRFRP VDERUDGHVLOXV¤RXPUHJUHVVRXPDYROWDDRODU¡PXOKHUDRVILOKRVDRGHVHPSUHJRDR GHVHVSHUR DW TXHXPGLDOHYHPGHVWDYLGDDVSDVVDGDVDTXHODVLF´PRGDVHSHUWXUEDGRUDV PDUWHODU¤RPDLVWDUGHRUX®GRLWHVRGDVKSDVVDGDVGHYXOWRVHJURVFKDS XD P¤RRFKLDUGDFDUUHWD DVIORUHVTXHVHDSDKDPGRFK¤R RVILOKRVTXHFKRUDP RPRYLPHWRLWHVRRVFO¢[RHVRIXPRDVPDUFDVRDVIDOWRRVSH¶HVDVFULD¨DV GDVFHUWH]DVWULVWHVRVYHOKRVRVFDUURVRFDPL¶HVRVLDOHLURHRVHP¢IRURYHUGH     



&$3Ž78/2 

=
‘='= =
‘‘ ( ‘)
‘= =
‘=‘*+‘‘  ‘ , -‘‘ !./ -‘‘ ‘    





c

‘m

 
m   SHWULILFDGRK¢ELWR FDRVDEVROXWR DSLHGDGH¤RDFDOHWD IULH]DVMXGLFLDLV ղ  ղ   HVSHUDORJDGHL
WHLVFDVD¨RV   DVJUDGHVVLOHFLDGDV   VHPDUUHSHGLPHWRVգUHPRUVRV   VROHGDGHUHIUDWDGDGHUDFRU ղ  ղ   VROLG¤R   JXLGDVWHLPHVRPRYHGRRVFRPSDVVDGR   HUJXHGRSUHPHGLWDGDVUHIRUPDV ղ  ղ FULPLRVR DVVDVVLR JDJXHVGHKRPHPDWHSDVVDGR FULYDGRGHLVXOWRVDURWLD LFDGHVFHGRXOWUDMDGDVDOPDV FRPDP
VLFDP®VWLFDGDVSHGUDVTXH¤RFHGHP ¤RSDUWHPHPFHGHPգ PDUJLDOKDELWDWHGRSHVDGHOR VROHWUDGRFRPRYRVG´LHVWDUHPYLYRV LJRUDGRSRUTX« HVVHRI®FLRGHDGDFULDUHP HPPHVPRDPRUWHDTXHPHFRGHDUDP  LVHV®YHO PHWDOL]DGR M¢DHODWLKDGLUHLWR GHVGHRDWRGHTXHDVFL   FULPH RTXH "SDUDTXHP" DVRFLHGDGHTXHLWHJURFRPRM
UL WRUDGDMXL]GHPLP" WRGRVOKHGHPRVIRUPD    VLJLILFDGR HX  RVRXWURV    DY®WLPDGHPLP VRXGHXVGHPLPSU´SULR HRVGHXVHV¤RVHFRGHDP¡PRUWH  

V

î
 
‘mm 
&  
     
              DSRHVLD XPDHVIHUDVHPSLWHUD

   

   

   

   

   

   

   

   

   

   

   

P¢TXLDGHIDEULFDUVRKRV VHPRYHWHWDEODGRGRVGLDV  D$W´LR*HGH¤R  SRHWDHKRPHP 

 DHVWDERODFRORULGD      GHVOL]DGRIU¢JLO          LULVDGRYLWUDOGDLPDJL£FLD GHYRRIXJD]LVWDWH      FRPEXVW¤RGHDPRU           HPSHGUDGXUDգ&$6$            086(8            $48‚5,2GHPLPPHVPR  FLUFXGRDFDEH¨D     V´UGLGDDOGHLD RVRROHWRFH¢ULR     DVLELODWHHVILJH LPSRGHUDOFRWUDSRWR      DVXSHUI®FLHGRHX RSDOFRGRFHWUR      URODWHV¢JXDVVHSURMHWDP        FRWUDDVSDUHGHVGRFRUSR   K¢XPHXDERLDUGHWURGHPLP գ   HVIHUDFRORULGD    DVP¤RVGHXPDFULD¨D YHUVREUDFRGDLGHLD UHIXOJHWH®ULVGHPLOVRLV    DUHIUD¨¤RGRLVWDWH ERLDPJHPLGRVDVHVSRUDVGDFD¨¤R OLYUHVPDUJHVGDSRHVLD     VHPIRUPDHPOHL DSDUHWHDOIDEHWR     VHPDGRURVGHOXDYHOKD ERODFRORULGD    PDWL]DGD FLWLODWHDJ
VWLD     RUDPHFKRFD     RUDPHDIDJD LTXHEUDW¢YHOUDL]GH¤RVHUV´  DGROHVFHWHDSRWHRVH    FRUXVFDWHOLWXUJLD      DSXKDODDJDUJDWDGRJULWR 

VDEHUGRVRXWURV     DRSDFDVLIRLD        O¢IRUD  RPXGRORJH DVFHGHPFODPRUHV     GHOLTXHVFHWHVFRPSDVVRV     HRDWRUVRXHXHVWD&$6$          086(8  $48‚5,2GHPLPPHVPR  LVRODGR PXGRHVXSOLFDWH VHPJULWDUTXHH[LVWR      V´ PHP´ULDGHLYH¨¤RDWLJD  (8R '(86'(0,035”35,2      



‘   ' #     YHPFRUUHUFRPLJRFDEHORVVROWRVDRYHWR SHUDVIXVWLJDGDVSHODVHVSLJDVFRPRXPSRHPDOD¨DGRDRIRJR RFKHLURDFDPSRDIHR FDOPDDDOGHLDRVFDPSRVSRYRDGRV JHWHDIDRVDGHXPODGRSDUDRXWUR RTXHVHVHPHLDRTXHVHFROKH DVWHUUDVDGXEDGDVSHORVXRU DVP¤RVFDOHMDGDVSHORWUDEDOKR RS´DHWUDKDUVHDVUXJDVGDFDUD RVGLDVEHORVYHUGHVHD]XLVFL]HWRVLJXDLVDWDWRV RVF¤HVDRORJHJXDUGDGRRVUHEDKRV DIRPHHRVYHUGHVSUDGRV RVRODSLRFRPRS¢RXSLFDUHWDDEULGRHVWUDGDV ID]HGREURWDU¢JXDGDVIU RWHVGRVODYUDGRUHV DEULVDTXH¤RFRUUH DVRPEUDTXHVHHVFROKHSDUDDPHUHGDIUXJDO FRPLGDGHFULD¨DVSDUDKRPHVIHLWRV GHRYRDH[DGDDW VROSµU YLGDVSHKRUDGDVSRUIUXWRVTXH¤RVHU¤RFROKLGRV DRORJHSDVVDPFDUURVVLELODWHV SRUFLPDHRUPHVPRVWURVGRVDUHV DWURDPDFDOPDYLRODPDDOGHLDRVLRDVVXVWDGRUHSLFDDPHGR SHGXUDGRVRVILRVK¢SDUGDLVFRORFDGDVDVIXGDVK¢SHGUDV DVYHOKDVVHWDGDVDRVROTXHHWUDDVSRUWDVDEHUWDV H[DPHLDPPRVFDVFULD¨DVFKDIXUGDPDODPD F¤HVHFRVWDGRV¡VSU´SULDVVRPEUDV VDFRGHPDVPRVFDVFR¨DPDVSXOJDV HPWRGDVDVHOLWHVVRFLDLVK¢SDUDVLWDV  FDEH¨DVVHPRYHPLTXLVLGRUDV GRVO¢ELRVRFXPSULPHWRVDXGD¨¤R RFXOWDFRPHW¢ULRVLFRYHLHWHVILFDDSDLUDURPXUP
ULR FKDS XVDVFDEH¨DVP¤RVTXHVHOHYDPDRFKDS X  H´VV´TXHU®DPRVRVYHUGHVFDPSRV DYRWDGHFRWLGDGHFRUUHUHVDOWDU DOLEHUGDGHGRVS¢VVDURVKRPHV GRVKRPHVIHLWRVS¢VVDURV DVRLWHVFODUDVHO®PSLGDV DVHVWUHODVRDOWRFRPRWHWR ´VVHWLGRDWHUUDSXOVDUVRERVVRVFRUSRV FRPXPIU PLWR SHUFRUUHGRDVVXDVIRUPDVRVHXFDORU FRODGDVDVERFDVMXWDVDVP¤RV RRVVREDIRHWUHFRUWDGR SRUWHWRDVHVWUHODV ‘   " 

' #    ¤RYRXIDODUGHWLGHPLPRXGH´V YRXFDWDUXPDKLVW´ULDGHHPEDODU TXDGRDVSHVVRDVSRUH[HPSORRDOHWHMR 

WLKDPDVFRVWDVYHUJDGDV DVFDUDVUXJRVDPHWHPDUFDGDV HREUR]HDGRGHPXLWRVV´LV P¤RV¢VSHUDVPDVIRUWHVGHKRPHV  ¤RYRXGL]HUTXHHUDPIRUWHVFRPRDVFHUWH]DV PDVGLUHLTXHDYLGDYLYLDO¢ SRUHWUHRVYDJDURVRVH[WHVRVFDPSRV PXGRVHFDELVEDL[RVFRPRRVKRPHV TXHDGRUPHFLDPHWRDGRKLRV¡VHVWUHODV HXHWXGRUP®DPRVVREXPEUDFRWHWRգ  KRPHVSDUDTXHPDVHVWUHODVHWRDYDPFDWLJDVGHHPEDODU DYLGDLJXDOHRVKRPHVRVPHVPRV LGLIHUHWHVFKRU¢YDPRVRVRVVRVSUREOHPDV IDO¢YDPRVPDVDGDGL]®DPRV DVRVVDVSDODYUDVOD¨DGDV¡WHUUD¤RJHUPLDYDP DVVHDUDVGRVRVVRVDWRVVHPHVSLJDVSDUDFROKHUPRV RS¤RTXHDPDVV¢YDPRVHUDIHLWRGHSHGUDV TXHW®KDPRVHPOXJDUGHFRUD¨¶HV RVKRPHVFDODGRVHWDFLWXURVFRWLXDYDP HPEDODGRVHWRDYDPF£WLFRV ¡SD]XLYHUVDORPHLRGRVLO«FLR HTXDWRRVFDPSRVVHDJLWDYDP DVSHGUDVIORUHVFLDPHRVUHJDWRVLDPDOHJUHV JDUJDOKDGRVHJUHGRVMDPDLVSURXFLDGRV HXHWXVRERWHWREUDFRSRUF X HRVKRPHVTXHHW¤RKDYLDGRUPLDP HPEDODGRVSHODVHVWUHODV DVRVVDVP¤RVPDFLDVHDYHOXGDGDV RDUFDVDGRHRVROKRVSURIXGRV ID]LDPULUGHSHDKRPHVHPXOKHUHV SHORFKRURGRVRVVRVSUREOHPDV HVWDDFD¨¤RGHHPEDODUգ  V
ELWDHVLPXOWDHDPHWHVXUJLXGRDGD XPPHWUDOKDULPSLHGRVR FHLIDGRRVDJXHVD®DHPERUERW¶HV GDVERFDVDEHUWDVPDVFDODGDV FRPREDO¶HVYD]LRVILFDYDPRVVRKRV SDUDTX«HW¤RXPDFD¨¤RGHHPEDODU"  HWRHPRVHPX®VVRRXPD
OWLPDYH] HVWDWURYDGHLDU ‘

 

   

   



   



   



   



   



   

VHLGDWXDYLGDSU´[LPD DVSDODYUDVSHVDPFRPRFKXPER HDVLGHLDVYRJDPDRVDERUGDEULVD GRSHVDPHWR   DPRU 

 

‘ DV¢UYRUHVVDFROHMDPDVIROKDV DPDUHODVFDHPFRPHVWU SLWR RVUDPRVHVFRUULGRVFRPH¨DPDGHVRODU HUJXLGRVXPDV
SOLFDLDWHGLGD DYH]GRKRPHPFULDGRUGHPLWRV  GHVWUXLURVRU¢FXORVHDSHGUHMDURVGHXVHV SRUTXHRKRPHPFULDGRUGHULWRV  ¤RWRUDU¢DKDELWDUDV¢UYRUHV  D¢UYRUHPRXPHWR HVWDWXDSHUHHGDVD]RDOH[LVW«FLD RVSLJRVSHGHWHVDIDFHHUXJDGD FRPRO¢JULPDVHPROKRVFHUUDGRV DERFDHPXGHFLGDP¤RVHFODYLKDGDV FRWUDRF XGHGRVIDOKRVDWHUUDODPD 



‘ DRSURFHGHUHPDHVFDYD¨¶HVGRRYRDUUDKDF XV HFRWUDUDPUD®]HVGH¢UYRUHVGHERFDDEHUWDHFDODGD HRGHVHVSHURRVROKRVVHPLFHUUDGRV HRVGHGRVIHFKDGRVXPDDJ
VWLDGHGHUURWD  ‘ DRVLGRVRPDLVDOWRWHUUD¨R GRFLPHWREURWRX¢UYRUHVHPUD®]HV ¡VRPEUDGRVROFDVDGRGHLYHUR FL]HWRGRF UHEURGRVKRPHV XPGLDDVFHUDPUD®]HVRFRFUHWR SLWDUDPOHWUDVSURLELGDVHPVLO«FLR RPHLRGDVWXDVSDODYUDVHULVRV VHPOXJDUSDUDPDLVLJX P DIHOLFLGDGH LVWR XPEHPTXHYDLHYHP    



‘  

 


$    DVODWDVDOWDVRGHFRDELWDV FKHLURGHJHWHGHWUDEDOKR FDL[DVGHRGRUHV FRPHOHVWHPLVWXUDV RIXVFDGRROIDWRV FDVDGRV LVHV®YHLV   GHLWDGRVRFDORUGDVSHGUDV DRYHWRRXUXPRUGRVLO«FLREUDFR KDELWDGRDFDVDGRFRUSR O¢RGHDP¤RVHDEUHHYDL HRVS VJHODPDPRWDKD YLYDFRPVDERUDWHUUDXD DVHUYDVIOXWXDPHPWHXVFDEHORV FRPRHPERFDVGHIRPHHIULR RROKDUHUUDWH   OXPLRVR    LIODPDGR HVWHFRUSR¤RVRKDGRTXHRGXOD FRPRLOKDRXYXOF¤R    DERFDTXHDERFDWHKR ¤RPHGL]FRPR V VHFRUSRVHFRLVDVHSHVVRD DP¤RWUHPXODWHSHUFRUUH KHVLWDSHODUHVSRVWDPXGD HWUHWHUWHH¤R KHVLWDRDELVPRGRVROKRV HTXDWRDVFHVRX¤R GHFLGR EHERDVRGDVYLYDVGRWHXVHU WHFHGRRPRPHWRYLEUDWH IRJRULRRFHDR ¢UYRUHDEHUWDXPPXUP
ULR SHODXFDVH[RDFDV P
VLFDP®VWLFDVXDYHVXVVXUUR VHPOXWDGHS¶HVDVDUPDV OLJXDJHPGHVSLGDGH¢UYRUH DSHUWDVRFK¤RRGHFD®VWH GHVSUHGHVRYDLY PGHP¤RV UHVWDDRLWHHDWHUUD HDVIRUPDVM¢FDODGDV SRUHWUHRVLO«FLR GHUDLYDVSHHWUDWHV GHYRUDGRHVWHPRPHWRRYR ERFDVVLOHWHVYHWUHVHPIXJD „

FRUSRVHPRGDVGHVXRU    FRPGHWHVFXUYRVGHGHUURWD FUDYRIXGR DSHOHGRGHVHVSHUR ROKRVJDVHDGRV GHGRVHFODYLKDGRV   VHUHDDVVLVWHVFRPVRUULVRPRUGD]   WULFDVRVO¢ELRVHPSROJDGD   FRPS¶HVRFDEHORM¢FRPSRVWR RVDJXHHVFRUUHHPJRWDV PDFKDDYHUGHDOFDWLID RWHOHIRH]XLGRDRORJH PHVPRTXHRGHVHVSHURGHL[DVVH DP¤R¤RRDOFD¨DULD    ULVWHVHPGLVIDU¨DU    SHGHVTXHWHDJULGDYLROHWDPHWH    ¤RWHGDUHLHVVDVDWLVID¨¤R RWHOHIRHUHWLHLVLVWHWH DPDFKDDODVWUDGR    RWHXVRUULVREDLODRVO¢ELRVVHVXDLV PHXVGHWHVILWDPWHFRPGHVHMRLFRWLGR HTXDWRDORXFXUDVHDSRVVDGHPLP      WXVRUULVLFU GXOD H[FLWDGDSHODVHVXDOLGDGH GRPLDVWXGRHWRGRV VDEHVTXHDORXFXUDHDYLRO«FLD ULRVGHIRUWHFDXGDOGHVDJXDP HPFDVFDWDFHUWHLUDRVIUDFRV IDOKDGRVHVXEPLVVRV    RWHXFRUSRHVTXLYDVHVHPSUH SHUDWHHVWDLPSRW«FLDDOKHLD VXEOLPHHLFRTXLVWD WHOHYDWDVHVDLV DODJDGRHPVXRUDFRUGR DLGDHVHPSUHHVWHSHVDGHOR VHPFRVXPDUDRVVDERGD        ‘ 



 
m    SRUYH]HVYHPRVIDFHVFXULRVDVUXJDVHF¤VDDVVRPDUHP¡VMDHODVHTXDWRGHWURGR HO WULFR {  YDPRV SHUFRUUHGR DV UXDV H LPDJLDGR FRP I UWLO LPDJLD¨¤R HVVH FDWDORJR GH SHVVRDV LGRVDV VHP ILOKRV YL
YDV D JUDGH PDLRULD SHOD IRUPD FRPR 

YHVWHP  IHFKDGDV XP PXGR D TXH FKDPDP FDVD OLPLWDGRVH D HVSHUDU FRP SDFL«FLDRGLDHPTXHGHL[DU¤RGHVHU DW  O¢ PDWDUVH¤R DRV SRXFRV FRP R VRSUR GH YLGD TXH DLGD UHVSLUDP HTXDWR VH DPHGURWDPFRPRTXHVHSDVVDF¢IRUDRXWUDVKDYHU¢VROWHLUDVK¢PXLWRKDELWXDGDVD SDUWLOKDUHP D VROLG¤R FRP LRIHVLYRV DLPDLV GRP VWLFRV Y®WLPDV GH FDULKR H DPRU H[FHVVLYRV¤RH[WHVLYRVDRXWURVHUKXPDRVHPSUHTXHSDVVRSRUHVVDVSHUVRDJHV YHOKDVGHROKDUWULVWHHYDJRFRPH¨RDLPDJLDUTXDWDVKLVWRULDV¤RWHULDPDOLSDUDPH FRWDUKLVW´ULDVGHDPRUGHIDP®OLDVIHOL]HVTXHXFDFKHJDUDPDVHUPDVFRWHWRPH գFRPRPHPEURGDVRFLHGDGHSURWHWRUDGRVDLPDLVգTXHXFDWHKDPVLGR   HTXDWRSDFKRUUHWDPHWHRHO WULFRYDLSHUFRUUHGRHVWDFLGDGHYHOKDROKRRVMDUGLV SOHRVGHYL¨RHFDOPDPHWHSDVVHLRSHODVVRPEUDVVREDVTXDLVVHDEULJDPMRYHV HDPRUDGRVDPDWHVFRPPHGRTXHRPXGRDFDEHM¢SDUDTXHPPDLVLJX PFRWD XPHJR®VPRGHFRUSRVTXHVHHFRWUDP PDLVDGLDWH¡VROHLUDGHXPDSRUWDSU GLRHVFXUHFLGRSHODLGDGHHSHODVUHGDVIL[DV  XPDLUUHYHU«FLDSURIXGDGHERFDVGXDVERFDVXHPVHXPEHLMRSURORJDGR HTXDWRDVP¤RVգGLVWUD®GDVգEXVFDPXPSUHWHVRSRUWRGHDEULJRO¢IRUDSDVVDP FDUUHJDGRUHVXPDTXDOTXHUHVWLYDJHWHHPDLVGHWUDEDOKR¢UGXRTXHSDUDPH FRPHWDPDIDVWDGRVHOHWDPHWHFRPDVHLRVGHHVF£GDOREDLODGRRVROKRV O
EULFRVSDUDRVTXHLVLVWHPHPILFDUHVSHFDGRV¡VSRUWDVK¢VHPSUHXPDRXRXWUD FDUHWDJURWHVFDGRSDUPDLVDGLDWHHVVDPHVPDUXDK¢XPDFRVWUX¨¤RFL]HWDSRXFR DFROKHGRUDRGHVHDVLODPVRKRVGHVIHLWRVGHSHVVRDVFXMRILPFKHJRXDWHVGDGDWD PDUFDGDPXLWRDWHVPXLWRDWHVGDPRUWH HVVHDOEHUJXHGHIRPHHIULRDVDOPDVTXHHVSHUDPPRUUHPOHWDPHWHGHPLV ULDVHP FRUDJHPSDUDHIUHWDUHPDHVPRODHDLFHUWH]DGRGLDDGLDSDUDHOHVHHODVD HVSHUD¨D Y¤HDDVVLVW«FLDVRFLDO¡WHUFHLUDLGDGH XPPLWRVRERTXDOHPDEULJDU VHSRGHP   IRLHVWHDOEHUJXHTXHPXLWRVDRVSDVVDGRVUHFRKHFLRSDUGRSRUWDOFRPDVP¤RV HUXJDGDVDSHOHPDOVHJXUDGRRSHVRGRVDLGDPDJURVRVVRVROKRVDLGD¤R DSDJDGRVVREUHERFDVPXUFKDVHDVFDUHWDVTXHHOHVRWHLM¢¤RHUDPGHHVF¢ULR HPGHVRIULPHWRPDVGHXPORJRHUHVLJDGRDPRUDSREUH]DSRUY«ORVDVVLPH SRUDLGDDFUHGLWDURDPRUGHFLGL¤RPDLVDGDUHVWHHO WULFR     

î
  
m‘     #    RKRPHPFRUUXSWRFRPSURXRSD®V SUD¨DVGHHVW¢WXDVL
WHLV FRXWDGDGHSULYLOHJLDGRV DOIREUHGHLHSWRV     LDSWRV PDFDEURVWRUFLRLVWDVGDYHUGDGH  FRPSRVWRRKLR 

    SDF®ILFRHPDUFLDO FRPRFRYLKD¡D¨¤R LVWLWX®UDPVHIHULDGRV      SRO®WLFRV SDUDVDFLDUSRYRVGHDFODPDU  RKRPHPFRUUXSWRFRPSURXRUHEDKR DOLPHWRXRGHIRPHHI  YHVWLXRGHSUHFRFHLWRVWUDGLFLRDLV  HFXUUDODGRRVGHVILODGHLURVGDPHWLUD WRUWXUDGRSHORRSU´EULRGDJUDGHIDUVD VLOHFLDGRSHODKXPLOKD¨¤RGDJUDGHIUDXGH RVHKRUSDUWLX    LVRORXVH      RUJXOKRVDPHWHV¢WUDSD GRVHXDWUR   GLWDYDRUGHVLFRJUXHWHV FROKLDIXGRVHPXGRV       HWHVRXUDYD DD¨¤RHULTXHFLD     ¡FXVWDGRVHXVXRU         HHUDSRXFR KLSRWHFRXRVHXVDJXH O¢IRUDRPXGR     TXHDYRHJRVFRVWUX®UDP  DPXGH]HUDHIUDVFDGD VXMHLWDDD¢OLVHVODERUDWRULDLV LPSHUDYDRVLO«FLRWRWDO       DEVROXWR HDSRO®FLD   GHVLSU´SULDHGRVRXWURV FD¨DYDORXYDPLKDVLFRVHTXHWHV  RKRPHPFRUUXSWRPRUUHX GHXVGHVLPHVPRHGRVRXWURV      HPWRGRV  DO PGDVO¢JULPDVH[WRUTXLGDV¡IRPH         DRGHVHVSHUR LWHOHFWXDLV   KRPHVGHEHP        VRKDGRUHVHXW´SLFRV YLUDPFKHJDGDDVXDKRUDGHD¨¤R  SUHVRVSRUPRWLYRVSRO®WLFRV        72'26  IRUDPH[HFXWDGRVSHORRYRWLUDR    c





V

!‘ 
 


  

 
m 

 RJHHUDOPHGURXRLVWDWHREVFHR LPSRGHU¢YHOHVSHOKRGHWRGDVDVDPEL¨¶HV URVWRRXHFRGHPLPSU´SULR" HVSLRRFDOHG¢ULRHVIROKDGR KRUDVGHVHUWDGDVXPY XVHPPLVW ULR HPFDGDMDHODGRWHPSR  DFDGDPRPHWR   WRGRRDWR     GHVHFHVV¢ULR   VHKRUJHHUDOFXLGDGRFRPRVYLGURV PRRFXODUHVROKRVGHWRGDVDVJXHUUDV GD¨DFDGHLUDPHLD UHJUHVVDDWLSU´SULD    RGHMDPDLVKDELWDVWH  VXVSHVRGRIXPR   DUGHWHIDUGD LULGHVFHWHVIRJRV LFDGHVFHWHVFHODVRVDEULJDP SHGXODULPSDFL«FLD    VµIUHJRPDFKR DEHUPDGDHVWUDGDRGXUROHLWR ORJDYLDJHPVHPUHWRUR LYHWDPVHYLW´ULDV¢UGXDVHVFDODGDV FRPWLPEDOHVHFDPSDLKDV     W®PLGDVFDU®FLDVSURLELGDV  HLODTXHHWUD EDDOJHVWRDOXJDGRDRFRUSR M¢RYHOKRPXUPXUDDIDJRV HVSRMRVDVFDU®FLDVLPDJLDGDV WU PXODVP¤RVVXMDV    GHVDJXHLRFHWH SUH¨RLMXVWRGHDOJXPDVIRPHV  VRHUJRDFDEH¨DHSHVDPHDUXD GHVDEDPPXGRVDFK¢YHDGHFDI  VRUYRVHVXDOERFDGHPXLWDVHVSHUDV  DGHMDPDYHVVHPRPH PLUUDGDVIROKDVGHRFXOWDPHWUDOKD PXWLODGDFRUGHPXLWRVPDSDV HVYD]LDGDDPHP´ULD    GHFDVD¨RVPXLWRV DGRUPHFHDJRUDVDFLDGR    JHHUDO]LKRGHPHUGD ¤RWULTXHVGHGRVGHLILGRVPHGRV 

WUXFDGRRFDPSR HVSD¨RGHPRUWRV LXPDRVJULWRVGHHVWHUWRU VD®UDP¡UXDRVIDWDVPDV HDJRUD" SDUDTX«DSLVWRODVHKRUJHHUDO" GHL[HRVUHYLVLWDURFDOHG¢ULR ¤RUHJUHVVDU¤RDRVDWD
GHV VRDPDODUPHVHPWDWDVFDEH¨DV GHVRRWU¢IHJRGHSDVVRV DSUHVVDGRVVHFUX]DPHDFRWRYHODP LJX PRVGHWHU¢   RTXDUWHOYD]LR   DUPDVDRDEDGRR WRGRVGHVLULHP GHVFRPSRVWR   UHSXJDWHPHWHX S
VWXODGHJHWH ULG®FXORHV´DPXOWLG¤R LV®JLDVGRPHGR   RIXWXUR M¢DPDK¤     GLOXRPHSDXVDGDPHWHDELFD HJUR«[WDVHGHHVSXPD ERLDGRGHVFRWURODGR    PHDIRJR V¤RYDJDVDVDUHFRUGD¨¶HV     HPHLXGDP VXVSHGHUDPDURWLDHPYROWD LWHUIHUHWHVHLWURPHWLGRV     GHORXFRPHDSRGDP HPXPJHVWR   SRUPLP   SHORYDJDUGHVWHFDVD¨RDWLJR GHVDJXRDSUDLD ORJRDUHDOGHPHP´ULDV    H[DXULGDV RIHVRVVHHUJXHPRVO¢ELRV     RGHVG PGDFROKHU UHWHPSHUDGRSHORD¨
FDULGLVVROXWR  SDJRRSUH¨RGHVWHVRKR     RXWUR LJRURRGHVG P   SREUHVDVVDODULDGRVGDG
YLGD SURIDDPRFLRVRVWHPSORV     TXHIRPRV  UXLGRVRUHO´JLRRVPDWUDTXHLD FDOFRUUHDPRVDVIROKDVGHVWHHVSD¨R L
WLOOLYURTXH¤RHVFUHYHPRV VRDPFODPRUHVFO¢[RHVHIUHLRV 

DOKHDGRSURVVLJRVHPRXYLU YRFLIHUDWHVYR]HVTXHM¢HVTXHFL GHYROKHVRYDVDJ
VWLDV VRPRVDFLGDGHGRSDVVDGR HVW ULODELVPRTXHUHFXV¢PRV  FDUFRPLGRVGHJUDXVGDVRPEUDPHSURWHJHP VROLW¢ULDPHORSHLDGHVDXGDGH RHVSHOKRVHHVYD®UDPGH]PLXWRV UHDVFHXK¢DSHDVWU«VVHKRUJHHUDO DWUDYHVVDYDRFRUUHGRULPDJL¢ULR XPDILF¨¤RGHUXDTXRWLGLDRVHVELUURV RH[RGRUHDO VDOWDPRVRJUDGHPXUR    GH´VPHVPRV    HKXPDVLPDJHVRVSHUFXWHP UXLRVDVSHGUDV   GHVRFXSDGDMDHOD   XFDH[LVWLGD GHVFRKH¨RHVWHIDWDVPDTXHKDELWR UHSHWHPVHSDVVDGDVDWLJDV     FRPRVHIRVVHPSULPHLUDV HVWUDKDVIRU¨DVPHGRPLDP VLELODWH HVWHWHPSRLYHWDGR     DEULVD RYHWRRYRDFDVDGDSDODYUD DRUGHPFXPSULXVH    HPRVVRVFDPLKRV DORJDPLVV¤R   SRYRDVHGHDOHJRULDV HVFRPEURVRVGLDV   PXUDGDVGHOLTXHVF«FLDV HVFDEURVDVLYDGHP    RUHY UEHURGDLPDJHP RSULF®SLRGREHLMR    RPXGR GHVDXVWLDGRDWR   LDXJXUDDOXWD VDE®DPRVVHURFDYDOHLURDGDWH VROLW¢ULR  O®GHUGDUHVLVW«FLD HLOD  WXD  GHVIUXWDGHVWHFROXLR HUHGDGDEDWDOKDLFRFOXVD ¤R¡DYLGH] VR¨REUDWHVFRUSRV HFUHVSDGDVP¤RV TXDVHXLGRVRSUD]HU    DSRVVHSULPHLUD

DHWHULGDGH XPDIDO¢FLDGL]HP  FRF«WULFDYLDJHPDRRXWURODGR HPY¤RVHDJXDUGD DDEUXWDTXHGDVHPUHJUHVVR LVXEPLVVRV   VREUHYLYRVHYLOHFHPRV DHJHGUDGDHTXLYRFDGHVRUGHP SRGUHV  FRUUXSWRV   FDFURVGHWRGRVRVILOKRV H[LVWLPRVRVTXHFUHHP   HFRILDP    HPY¤R   HVWUHOHMDWHFLYLOL]D¨¤R    GDERPEDOHWDO FHUFDGRVSRUGHFDGHWHVIRPHV VRXEHPRVGDYLGD EHEHPRVDWD¨D RV WLPRF XGDVLGLIHUH¨DV   HPERUFDRJHHUDO YLW´ULDS®UULFDVREUHRPHGR VROGDGRGHPXLWDVJXHUUDV WRGDVDEVROXWDVHILDLV XFDOLEHUWDGR   GRHPEDORGHVRKRVLRPLDGRV PDWRX  GHFHSRX   HVWURSLRX XFDDYHUGDGHVDEHU¢V    JHHUDOGDJUHLVHPOHL  RRPHGDSD]GHVFRKHFHRVDJXHGDOLEHUGDGH     ‘

        OHVVROGDWVVDVDUPHV VըHIRFHWGDVODJXHUUH LOVVRWOHVSDXYUHVDYRFDWV GHODSDL[VXUODWHUUH      PHVDUPHVVRWOըDPRXU        ODFRPSU KHVLR HOOHVWXHW 











 OHVVHWLPHWVGHVG VKR«WHV WDWTXHOHVIXVLOV FHX[TXLEDWDLOOHW   MHFKHUFKHODSDL[ SDVODJXHUUH 



î
 
‘m  
        



  



  



  

 

  

  

 

  

     



  

XPKRPHPV´  FRUSR VHPTXHDOJX PY¢   HRHUJD 

 DOGHLDVGDKLVW´ULDOHGD IRJRGHLPLJUDUHPVDJXHUHPR¨DGR YHUERVGHPDWDELFKR  FLGDGHVWHW¢FXORVGHLOXV¤R  YRDGHEDIRUDUGHVSUH]R        HVWDGHYHU¢VHUDOHLWXUD  KDELWDWHSHUGLGRGHXPTXDOTXHUXLYHUVR F´VPLFR  P®VHUR    HVWUDJHLUDGR EHEHVRVROSX®GRSHORVRXWURV FDYDVRPRVWR    RIHXGRGDWXDS¢WULD  UHYROWDVDGLDGDVRDFUHWUDYRGRYLKR   KRPHPDGHJDGHTXDOGHVHVSHUR         UHLYHWDVHDHVSHUD¨D VXEPLVVRDRVVXRUHVI¢FHLV VXESH¨D   URGDGHWDGDGDSURGX¨¤R YLYHVDVDFUDFRXWDGDGRVPRVWURV FDVDPVHRVGLDVVHPDOPD HVFODYL]DGDVKRUDV PHW¢OLFDVYR]HVGHUREµV GHVFRPDGDGRDOLHDWHVYRWDGHV  PDUHMDGRVROKRVGHVDXGDGH YHUGHVFDPSRVGHPLV ULD VHDUDVGHIRJRODYUDGDV       FRUSRGHWRGRVRVYHWRV  HYLOHFLGRFRUSR    ODVVR    FRUFRYR    WUµSHJR RKRPHPPDVFDUDGRGHP¢TXLD IRLVXEVWLWX®GRVHPSDODYUDV  OLEHUWR VHP´SLRGHYLVPRHGDV „

     FRUURHGRYDJRVEROVRV Y¢JDURVSDVVRVHPMDUGLVHWHURV VHPKRU¢ULRVHPYLGD       HVTXHFLGRRWHPRUFKDWDJLVWDGRGHVHPSUHJR RYHOKRKRPHP     GHHVSHUD¨DVXOFHUDGR FKRURX´GLRV    XFDLPDJLDGRV DWHPRUL]DWH    FULD¨DVVHUHIXJLDYDP         DSUHHVLYDV  HRGHVSHUG®FLRGHRVVRVVHPRI®FLR VHPHWHGHU VHPIRU¨DGHJULWDU      RRPHYLRODGR      DYLGDSRWDSHDGD VHPUHIRUPDHPFDULGDGH  SLHGRVDVVHKRUDVWULFRWDWHV DJDVDOKDGRVFD®GHRVGHHVWLPD¨¤R        DGRUD¨¤R URVDGRRVWHVLYRVLVXOWRV SURYRFDWHSREUH]DKRPL]LDGD  VR]LKRRHRUPHFRFUHWRGDURWLD RSUDWRGXPKRPHPFRGHDGR O¢RGHDLGDGHDFXVD      ILFW®FLRVPXGRV  VXEVWLWX®GRRS¢ULDH[SORUDGRU    GHFRPSODFHWHVDPRV         LVREUHYLYRV LPSDWHGHFU´PLR FLWLORXRUREµ    VHPGRH¨DV      FDVD¨RV     SDXVDV     VRIULPHWR  LFRVHTXHWH    DOJX PSROXLXDSDLVDJHP XPFRUSRYDGLRDFDOHWDGRGHFH¨¶HV RSRO®FLDGHJLURWRUFHXRDUL] RPRWRULVWDIDUGDGRVRUULXLGLIHUHWH RFDLFKHJRVWRXGDTXHOHH[WHVRSRVWH    FKHJDGDDRLWH     KDELWXDLV RVDPDWHVHVWUDKDUDP HUDGHFKDLOORWDORXFD      WURSH¨DGRRIDUGR RMRUDOLVWDSUHVVXURVR 

      EDWHXPDLVXPDFKDSD       VHPULVRV  LJX PSHUJXWRX      SRUTX«RXFRPR RFRUSRLJX PRUHFODPRX RODERUDW´ULRKRVSLWDODU       RUHWDOKDUDP HGHSRLVGHXVDGR     ROD¨DUDP¡HVWUXPHLUD ¤ROKHVDELDP    HPRPHHPDLGDGH HPOKHSDJDUDPRGLUHLWR¡PRUWH   DVDYHVVXVVXUUDYDP/,%(5'$'(      



‘$!
  

; 
;   ! (#  




  

 SDUDTXH¤RWRPEDVVH RJUDGHHGLI®FLRGDIDP®OLD SUHFLVDUDPGHPLP SDUDTXHFDWDGRR HOHVHHUJXHVVH

 UHWRUFLGDDPHPRULDGHVYDHFLDVHOHWDPHWHDDJ
VWLDMDPDLVVXVFLWDGDDFHGL WHPHURVRDRVURJRVHPFKDWDJHVP
OWLSODVVREDYR]GROHWHHRFDWRVHHUJXLDD SDLVDJHPUH RYDGD GRVPLWRV RVDJUDGRPDXVRO XGDIDP®OLDXPJULWRVXIRFDGRSHORVYHUPHVH[LJLDXPPRXPHWR SHUHHFRPRRIHVDGHVDJUDYRDOXWDY¤GRVVHPLGHXVHVXOWUDMDGRVLDFRPH¨DU VHKRUDVHVHKRUHVDRVVHXVOXJDUHVDJUDGHSH¨DYDLղPDV¤RIRLWRGRV FRPSRVWLKRVHPUHWUDWRGHFRUSRLWHLURP¢VFDUDGHSDF®ILFRVFLGDG¤RVVHPP¢FXOD PXLWRPDTXLOKDGRVSDUDDWHXDURVWUD¨RVLGLVFUHWRVGRFDVD¨RD¢OEXPGH UHFRUGD¨¶HVIRLWUD]LGRHYROWRRS´GDVSUHFLRVLGDGHVL
WHLVVHUYLGRHPEDGHMDGH SUDWDFRPDGRURVGHYLGURRXFULVWDOEDUDWRGHVIROKHLROHWDPHWHHFHGRPHFDVHL GRVDUTXLYRVHPSDSHOWLPEUDGR RUHSUHVHWDWHGDLOXVWUHDVVHPEOHLDWHFLDUHVSHLWRVDVHYHHUDGDVFRVLGHUD¨¶HVTXHD GRXWDDVVLVW«FLDDVVLDODYDFRPKRRU¢YHLVPRYLPHWRVGHFDEH¨DHPDSURYD¨¤R HVWDYDDOLRUHWUDWRPDVUHFXVHLPHDY«ORSHGLOKHVRHJDWLYRHIRLHW¤RTXHRV ROKDUHVYRDUDPDFXVDGRUHVFRPRVDFULOHJLDGRVTXHPDLDDTXHODGHUHVVXVFLWDUHP RPHVVHPVDXGDGHHPO¢JULPDVHROKDUHVWULVWHVGHSDSHO¤RRKRPHPPRUUHUDLVVR HUDFHUWRYLDFHUWLG¤RGH´ELWRGDWLORJUDIDGDXPDOHWUDPLXGLKDPXLWROLGDFRPR FRY PHPFDVRVGHVWHV HRILOKRHVWDYDDOLHPIUHWHKLUWRPXLWRFRYLFWRGRVHX SDSHOTXDO" IDODGRGRVVHXVMXYHLVGHYDHLRVDYDURVWUDEDOKRVRVVHPHDGR H[SHULHFLDVSDUDUHFROKHUOXFURVIDEXORVRVYHFHUDDVSDODYUDVUHGLDPGLYLGHGRVRV DWRVLDPVHDPRUWL]DGRHR RDJOXWLDUDRVXRUIDUWRGRVRXWURV RIDXVWRVRPDXVRO X¤RSHVHLHFRWUDUDIDP®OLDHPRIDEXORVRPLWRPDVDRYHU WRGRVW¤RMXWLKRVHFRPSHHWUDGRVFRYHFLDPTXDOTXHUXPGHTXHHUDPDIDP®OLD GRORURVRHTXLYRFR RVHWRVIRU¨DGDPHWHJUDYHVHUDPSROWU¶HVHVPDHFLGRVSRU´FLRVDFXPXODGRV VHWDGRVHPULTXH]DVLYLV®YHLVSHVDGRRTXHWHULDPVLGRVHղD®HVWUHPHFHGRYLR YHUGDGHLURGLYLGHGRHUDHW¤RHVVHRVHJUHGR"  ROKHLHPYROWDWROHUDGDVSHORIDXVWRVRDPELHWHDVO
JXEUHVUXJDVHXPDWULVWH]DLILGD HVXEWHUU£HDLVDWLVIHLWDHLFRWLHWH GHSRLVVHPVDEHUFRPRGHL[HLDYR]RFDWRHVD® VHDTXHOHHUDRJUDGHHGLI®FLRGDIDP®OLD SHORTXHO¢DSUHGL      DWRGRVREULJDGR  

c

‘

     
 

   VD®PRV XPD RLWH HP EXVFD GH SLULODPSRV ®DPRV SHORV FDPSRV IRUD GH P¤RV GDGDV FRPRHDPRUDGRVHVTXHFLGRVGHWXGRDW GDVHVWUHODVGHUHSHWHFDLXXPDHYLPRVTXH HUDFRPRRVSLULODPSRVIRLHVVHLVWDWHTXHHWHGHPRVTXHRPXGRHVWDYDHUUDGR SHVDPRVHW¤RDVXDUHFRVWUX¨¤RFRPH¨DGRSRU´V ¤R IRL SUHFLVDU LYHWDU RV FRUSRV SRLV VHPSUH H[LVWLUDP DSHDV XPD GLPHV¤R LPDWHULDO RV VHW®DPRV VXSHULRUHV HYROWD WXGR H WRGRV LGLIHUHWHV ¡ UHYROX¨¤R TXH ID]®DPRV¡RVVDIUHWHFRUULDPRVLGHDLVHSDUDWU¢VILFDYDPFRPHVWURGRGHGHUURWDV DVD GHVLOXV¶HV H VRKRV HVPDHFLGRV TXH GRHP D PXOWLSOLFDU FRPR GHUURWDV TXDGR VH OXWDSHORTXHVHDPD FU®DPRV HP ´V H RV LGHDLV DV SHVVRDV SDVPDYDP V´ GH ROKDUHP SHOD FDODGD PDGDYDPRVILOKRVID]HUHPDUUXD¨DVH´VSURVVHJX®DPRVDUHFRVWUX¨¤RUHYROX¨¤R HFRWUDGRUX®DVGHRXWUDVFLYLOL]D¨¶HVGDRVVDDFHUWH]DGHVHSURORJDUSDUDO¢GRV WHPSRV DUPDV HH[ UFLWRVSRGHULDP SDUHFHU ULG®FXORVSRLV ¤R RVW®KDPRV DV Y®WLPDV VHULDPRVV´´VHRVXLF®GLR¤ROHYDULDDRGHVHVSHURSRGHU®DPRVWHUOKHGDGRRVPDLV HVWHUHRWLSDGRVRPHVPDVFKDPHLOKHDSHDVDPRU DV SDUHGHV FDLDGDV GH EUDFR ILFDUDP HUXEHVFLGDV SHOR VDFULO JLR H FRPH¨DUDP D DEDDU IUHHWLFDPHWH DV SRUWDV EDWLDP H R YHWR HWUDYD D DVVRELDU LGLIHUHWHV SHUPDHFHPRVLP´YHLVRPHLRGDVDODGHKRORIRWHVDVVHVWDGRVVREUH´VDOWLIDODWHV EHUUDGRJULWRVXOXODWHVGHSURIDD¨¤RYLRODGRRRVVRVLO«FLRI®VLFR YHLR H YLPRV XP DFL¤R YHVWLGR GH PDHLUD H[F«WULFD TXH DSRWRX SDUD ´V GL]HGR իOHYHPRVHFDUFHUHPRVVHU¤RMXOJDGRVHFRGHDGRVլIRPRVVHSDUDGRVHPHWLGRV HP FHODV RGH PDO FDE®DPRV GH S  RX VHWDGRV WUDWDGRV FRPR DLPDLV TXH HOHV JRVWDULDP GH VHU VH XP GLD UHSDUDVVHP FRPR V¤R LJ´EHLV DJXHW¢PRV WXGR PDOWUDWDGRV GHSRLV GXUDWH XV GLDV HVSHUDUDP TXH D RVVD DSDU«FLD PHOKRUDVVH SDVVDUDP GLDV RX VHPDDV HVW¢YDPRV HP FRPSDUWLPHWRV VHSDUDGRV PDV XFD GLVWDFLDGRVGHIDFWRFKHJRXRGLDHRVOHYDUDP¡IRU¨DSDUDXPDVDODRGHDVSHVVRDV FRPH¨DUDPDPXUPXUDUPDORVYLUDPPLUDGRRVFRPRDLPDLVROK¢YDPRVHPYROWD HPEXVFDGHDOJRSDUD VRUULU PDVR PDLVDPLVWRVR HUDR PDUWHOR HPFLPDGD PHVDGR MXL] DFL¤R RV ROKDUHV PLURHV H UHSURYDGRUHV FHUFDYDPRV H D XP VLDO GR DFL¤R WRGRVDSRWDUDPSDUD´VHGLVVHUDPGDTXHODIDUVDիFXOSDGRVHFRGHDGRV¡PRUWHլ  HTXDWRDJXDUG¢YDPRVDH[HFX¨¤RDVFHXXPILOKRTXHRVIRLUHWLUDGRHUHFROKLGR  ILGRVYLWHDRVGHFDWLYHLURRFRUUHGRUGDPRUWHDLGD¤RIRUDUHLWURGX]LGDDSHD FDSLWDOTXHRVDJXDUGDYDHVRXEHPRVSRUXPMRYHPTXHVHLWLWXORXRVVRILOKRTXH D SHD IRUD FRPXWDGD R RVVR FULPH GHL[DUD GH VHU DPDU HUD OHJDO H XP SURGXWR GH FRVXPRPDFL¨RDRYDVRFLHGDGHGRPHVPRWLSR     ‘ 




 
       $
  

LWHUDGRRիODUGRFRP UFLRլղRFWRJH¢ULRIDOHFHXղXPD SRVL¨¤RVRFLDOHXPDILOKDTXHV´FKHJRXDS´VRHWHUUR

 WUDEDOKDGRUYLVLR¢ULR GHDFLRDOLGDGHVRKDGRU V

HPSUHHGHGRUHSDL UHFHEHWHXVGLYLGHGRV      HPVDXGDGH      RXKRPHDJHVS´VWXPDV XPDFDPSDUDVD     VHPO¢JULPDVHPIORUHV  XWRSLVWDHDUUHEDWDGR VHWLPHWDOSRUTXHPRVVLRVGREUDP RVLO«FLRGRHVTXHFLPHWR     FRPRUHFRUGDUWHVHPO¢JULPDVHPWULVWH]D    VDXGDGHGHWHFRKHFHUHPFULD¨D¡RVVDPHVD    HUDVGRVRVVRVIDO¢YDPRVGHWLSRUYH]HV    SDODYUDVGHSHDRXFRPSDL[¤R    GHVFXOSDRVHUDVYHOKRHSHVDYDPWHORXFR    ILFRXDDOPDTXHRVOHJDVWH    HVWHSRHPDGHVDXGDGH    GHVFDVDHWUHRVWHXV    GLUWHHLGDWXDILOKD         TXDGRDHFRWUDURLIHUR   



&$3Ž78/2

=
‘'= =
‘*
‘‘ 01‘ 2

 ‘                                            





‘HPHP´ULDVPLVWDVDLOKDHFDWDGDGDVEUXPDV>RVDRVGRPHXSDL@ RY  DLOKDHFDWDGDGDVEUXPDVIHVWHMDVHKRMHRGLDXLYHUVDOGR$025 DSHVDU GR DUPLVW®FLR PXGLDO DV D¨¶HV EHOLJHUDWHV XP GHVHVSHURGH W GLR WHWDUDP ERLFRWDUDLLFLDWLYD PHXSDLKRPHPGHSDODYUDVSRXFDVPDVV¢ELDVXFDPHGLVVHRGHFRKHFHXPLKD P¤H JXDUGDYDHVVHVHJUHGRFLRVDPHWHFRPODLYRVGHYLJD¨DFRWUDRPXGR DSHUJXWDVPLKDVXFDFDORX5(63267$ KRPHPGXURHPDUFDGRWLKDSDODYUDVWHUDVDVP¤RVTXHWDPE PVDELDPFDVWLJDU PHXSDLHUDXP+20(0 SDUD HOH YLGD VLRLPL]RX VHPSUH )$0Ž/,$ LJX P FRPR HOH PHOKRU PH MXVWLILFRX D H[LVW«FLDPDVDLUUHYHU«FLDGDPLKDG
YLGDHWHUDHMRYHPHPRRXYLD FRPSUHHGLDRHVHRGLVVHVVHFRWUDGL]LDDLPDJHPTXHGHPLPFULDUD DVPLKDVUHVSRVWDVHUDPLVXOWRVRIHVDVGLVFXWLDSURYRFDYD ERGRVRDFDEDYDSRUYLUDW PLPFRPXPDSDODYUD-867$HG´FLO¤RVHYHUJDGRHOD FRPRXPDMXVWLILFD¨¤RDWHVVHHDOWHFHGRHHOHYDGRDPHXVROKRVSRUWDODWLWXGH FRPR UHEHOGH UHMHLWHL VHPSUH HVVD 3$/$95$ MXVWD H G´FLO PDV HOH HUD R &$0,1+2 PRVWUDYDPRYH]HVVHPFRWD ILJLGR RXYLU EDL[DYD RV ROKRV SDUD PLP SU´SULR HVFRGHGR D DOFDWLID RV SHVDPHWRV IDODYDPH RFDPLKRHUD HOH H HX UHFXVDYDR¤R HUD SDUD PLPHP SDUD DV PLKDV SRVVHV DGHFLV¤RWRPDUDDK¢PXLWRHHOHVDELDRFRPGRUHP¢JRDGHSDL HPEUHKDGR HP DWDOKRV H UXDV GXYLGRVDV VHP IXWXUR HP FHUWH]DV HYHUJRKDYDR GHVDFUHGLWDYDRFRPRSDLHHOHVHPSUHVHPVDEHUFRPRHXRDGPLUDYD DRFDPLKRGHPDVLDGR¢UGXRSUHIHULDYLGDDDYHWXUDHPR¨¤ROXWDI¢FLO VHLTXHFKRUDULDSRUPLPVHRVRXEHVVHHPHUHFLDHPTXHIRVVHXPDV´SDODYUDPLKD WHUDGHDPSDURRPHXEUD¨RSRXFRIRUWHHPYH]GDPHWLUD  DW XPGLDEHORFL]HWRHPTXHGHVFREULR6(*5('2LYLRO¢YHOPHXSDLHFRWUDUD PLKDP¤HDVLOKDVHFDWDGDVGDVEUXPDVO¢RGHKDELWDYDR$025  MDPDLVO¢HVWLYHSRULVVRVHPSUHSHUWRGHPHXSDLORJHGHOHHVWLYH              ‘m 





#     HVWHRGLD 

  FHOHEUDGRKDELWDWH        GHWRGRVFDOHG¢ULR   SHGHWHPHP´ULDRMRUDOGHSDUHGH   YRR
LFR   LUUHSHWLGDYLDJHP       UHVVXUUHWD   FD´LFDFRVDJUD¨¤RGDXWRSLD   HVWHRGLD   H[´JDPRDWR   GHVIUDOGDGRJULWR       GHWRGRVEDGHLUD    LPRGHVWRRUJXOKR     DPEL¨¤R        LVRIUHDGDVHGH          GH¤RVHUV´  



‘m 
' " 
 "
$                       UXDZD\VFKRROER\DDOOHJLVEHUJ   UHVFHGHRLVWDWHDPXGDVHLYD JRUJROHMDWH    DSRFDO®WLFRUXPRU KRUL]RWHORJH    SHUGLGROLPLWHVHPLGDGH UHIUDW¢ULRVRO    RJUDGH&D\RGHWRGRV´V DEUDVDRVHVWHVXFRGHWH[DVWHD  LPSHWXRVD   DERFDGRYHWR       UDVJRXDIRWHGRROKDU  GLDWHGH´VWKHWULS PLUDJHVHWHUL]DGDV      SDLVDJHVVHPRPH  LXGDGDVDUPDVGRYHWUH OHWRVHDEULX    RWHPSRGRGHOWD IXOPLDWHVGHXVHV     HVW¢WXDVGHYLVFR RWUL£JXOR   YHUWLJLRVDVDFDV  FUHVFHPRVDVHFDVHGH RSD®VGRFRUSRHPUHWUDWRLWHLURգ HVSROLDPRVDXGH]YLUJHP      VHPXPYDJLGR FRUUHPGXHGHVDIORUHVWDGDVHLYD LUUHSULPLGDDOHJULDHVFUDYD S UILGRVRVJHVWRV     GHYRUDYDPDSDLVDJHPGHPHGRV HWX  PLKDSREUH¢UYRUHGHVSHGD¨DGD          SHUPDHFHVWH H[WHVD  SO¢FLGDWHVWHPXKD HGXPDV´YH]    DRKRPHPSURPHWLGR VLOHFLDUDPRUHO´JLRGDVYHLDV DPSXWDGDVYLWHHWU«VYR]HVGHPLVW ULR  RJUDGHHVFUDYREUDFRGDPHGLFLD HFROKHXLGLIHUHWHVRPEURV VDUF¢VWLFRFXVSLX   JRGըVDZD\RDWULS  

HW¤RRLWHVRDURPD       SH\RWHRVHVWUHPHFLD HSLW¢YDPRV    MHURLPXVERVFKDFHODKRVSLWDODU U®DPRVGRVWUDLJKW3K'0' JHWWLըKLJKHPEDGHLU¢PRVRGHVSUH]R          OHPEUDVWHPHXDPRU"         R%HUNHOH\WULEHW¤RS´VWXPR         DIDFHGRFRUWHMR           IULVFRHUDDFLGDGH           HXFDO¢IRPRV  

„

m‘# 

       DYHVGHIRJRDVDVDV Y´PLWRVGHPRUWH EXVFDPVHKRPHV DEUHPVHFRUSRV MRUUDVDJXHLRFHWH    HVFDPRWHDGR  EDODVGH´GLRVVXLFLGDV KHU´LV¡IRU¨D SHTXHRVGHXVHV UHSHWLGR L
WLO  DYLGD VREUDVGHJHWH DOYRVI¢FHLV  DJHRPHWULDGRHVSD¨R ROKRVGHEUXPD  VLO«FLRVSRULFHGLDU  LVLJHFDWRVHPVRUWH FDWLYHLUR  GHVWHUUR   GL¢VSRUD KHU WLFRVFDG¢YHUHVGDFKXYD  FODGHVWLDYR]LPRODGD JUXWDVXVSHVDDERFDGRHVSDWR HDWU JXDSRULVWDWHVPRURX RUHSRXVRGRVVDJXHVWXPXODUHV HDFDXGDGRFRPHWDVHIH]FD¨¤R HPPLOJDUJDWDVUHDVFLGDV  DPDUJHPGRSRHPDDIDOVDS¢WULD      DJRL]D DFL«FLD HVWD  HUJXHPRVDIRUFD  HRVFUXFLILF¢PRV WUDTXLORVRVGHVSHGLPRV     PHRVXPEDUFRDUDL]GRWHPSR     OLEHUWRHVSD¨RGRXLYHUVDOFDWR    RSDFDVDYHLGDVGDJUDGHLOXV¤R D´LPDJHWHDIRUPLJDWHSUHVVD HVWDVDVGRXUDGDVJDLRODVGHFLPHWR EHPVHLFRPR GRORURVR     DWUDYHVVDUOX]LGLRVFRUSRV        FREDUGHVP¢VFDUDV DTXLLPDJL¢PRVDEMHWDVVHY®FLDV     FRIRUWDWHGHVDPRU     SDODYURVRGHOHLWH 

SUHGHVWLDGRVHWHVVREUHYLYRV    VDFURGHYHUGDPRUWH HRSRYRIRVVDGR   DYDODFRPXPGDSRPSDDELVVDO  GHFDGHWHV SURVWUDGRV  ¤RVHPDVWXUEHP     VHKRUHVGHVWHPXGR  GHVRUELWDGRVDVWURVRVYLJLDP RYLROLRGHWHXVO¢ELRV DVFHDYLJD¨D DVHKDHRSDVVH GHVWHF£WLFRVHPSRYR        LYHWDGRRDELVPRLPDWXUR      FDYDOHLURVGRVRKRVHY¤R      GDOHLVHPS¢WULDOLEHUWDGR      JXHUULOKHLURVGHVLHGRVRXWURV      SDODYUDVOKHVIDOWDPDW¢YLFDV      EH]LGRVSHORIRJRGHVDFU¢ULRV      VLGHUDPDJHHDORJLDGRPLWR    DTXLHDJRUDVHPHGLWD LDXGLWRHVSHW¢FXOR UHYROXFLR¢ULRVPLLVWURVGHJXHUUD HPFRUSRDFRUSR D¨¶HVEHOLJHUDWHV HYLWDULDPJUDWXLWRVDJXH  RSRYRSDJDULDLPSRVWR SDUDPRUUHUGHVIDVWLDGR SDVVDULDIRPHSDUDWHUJRYHUDWHVE OLFRV DJHRJUDILDGDYHOKLFHVREUHYLYHULDHPSD]  



!m 

  c‘ FRPULVRSRGUHGHFRUSRPHF£LFR FDVDGRGHLYHWDUIORUHVFRPO¢JULPDVFRORULGDV VXRHVSDGDVGHDPRUDIUDJLOLGDGHGRFULVWDO  YLRORDVRPEUDTXHXDSURMHWDV HVWHVLO«FLRGHSDODYUDVTXHDGRUPHFH DJDUURDVP¤RV¢UYRUHVRGHXFDPHHIRUFDUHL IHFKRRVROKRVUDLDGRVGHLPDJLD¨¤R VRKRHVWHFDPSRYHUGHGRWHXROKDU SODWRDWRVGHTXH¤RFROKHUHLILOKRV DWL¨RRIRJRGHPHVHWLUYLYR UHIXJLRPHDVID
OKDVGHVWDEDUULFDGDGHSDODYUDV DTXH¨RPHFRPROKRVGHLID FXEURPHFRPO¢JULPDVVHFDVGHRVVRVUHVVHTXLGRV   RXHW¤RUHHVFUHYDPRVWXGRGHVGHRL®FLR  VXRFDFHURVDVIORUHVRFULVWDOGRULVR PHF£LFR RYLRODUGDWXDVRPEUDGLVIRUPH FDVDGRGHYLYHUO¢JULPDVRKRUL]RWH HPPLPFRPH¨DDSDLVDJHPSHUHJULD V¤RWHXVRVVHLRVHDFDULGDGHGDVSLUDKDV  RJHORHDFLFDWUL]GDOLJXDJHP         RVDGRUPHFH F´VPLFD DSRHLUDGHWHXVDIDJRVGHLID FKRURFRYXOVRGHRVVRVUHVVHTXLGRV  HORTXHWHEDUULFDGDGHSDODYUDV         DPXOWLWXGHGRVSDUWRV WURFRVHVWXDWHVPHUHSRXVDP         O¢RGHMDPDLVPHHIRUFDUHL  PRUUHU¤R DUTXLYDUODSLGDUHVSRPSDV HPWLOHYHGDPGH FDWDGRVVLO«FLRV UHSXOVDGH´GLRVVHPGLPHV¤R SURVDLFDVDVDVYRDPHPRVVRVS V  RERVTXHLDFDEDGRTXH V        PHTXHGRDGMDFHWHHL
WLO SRUTXHHYLWDVFDWRVKHURLFRV HXRVLYHWRRVVHPLGHXVHVVR¨REUDGRV HXRVDPRUWDOKR     WLFRVVRORV     S
WULGDVVHPHWHV UHFXVDGRV   GRDOWRGDSLU£PLGH        RVYLGLPDPRUHPRUVR YLROHWRDXIU¢JLRGHXPTXDOTXHUKLR  RODELULWRGRPHGRIORUHVFHDFDWHGUDOGDFDUH c

          WUDVPLJUDRVH[RVHGHWR VLPFRORL]¢PRVRVFRUSRVGHDPEL¨¶HVGHVPHGLGDV  V‘ PRUUHU¤R WHUIORUHVDFDPSD HVWDUDTXLL
WLOHGHLWDGR HTXDWRVRIUHV´GLRVGHVFRKHFLGRV GHLGHDLVHPTXHXFDDFUHGLWDU¢V DIORUHVWDRGHFDWDPRVS¢VVDURV ¤REDWHPFRUD¨¶HVGHKHU´LVFRPRWX HRFDWRGDVDYHVVRXHXTXHRLYHWR ¡PHGLGDTXHRVKHU´LVPRUUHP DPRUWDOKDGRVHPIROKDVVHFDV RVKRPHV¤RVHTXHL[DU¤RGDVVXDVFUH¨DV RVFRUSRV¤RGHVFHU¤R¡WHUUDSXWUHIDFWD HODUHFXVDU¢RFRUSRGRVKHU´LV SDUDTXHSRVVDPDSRGUHFHUHYROWRVHPUHPRUVRV HDVEDODVGHL[DPGHPDWDURVS¢VVDURV FXMRFDWRLYHWR   VDOSLFDGRSHORVDJXHGHXPTXDOTXHUKLR  1„29,2/‹1&,$ H[FODPRHVWHVLO«FLRGHSDUHGHVXDV HTXDWRHVPDJRXPDPRVFDHPJHVWRGHLGLJD¨¤R SURLELGRIDODUGHDPRU VHKRPHV¤RKHU´LVLVLVWLUHPHPFRPSUDUFRUSRV YLROHWDGRDOPDVTXHM¢¤RH[LVWHP SRUHWUHULVRURXFRGHDLPDLV  HIRUFRPHDFREDUGLDGHVWDLD¨¤R      FRPSDODYUDVL
WHLV  PRUUHPIX]LODGRVILOKRV HPEDODGRVHPWHPSRDOJXP HPEHU¨RVUHSOHWRVGHHVSHUD¨D DVP¤HVDUUDFDPDFDUHFRPXKDVGHGHVHVSHUR FKRUDPO¢JULPDVGHHVSDGDVGHYLJD¨D¤RGHVHPEDLKDGD UH]DPSUHFHVTXHKRPHVOKHVYHGHPDWURFRGHUHOLJL¤R DFHGHPYHODVHPDOWDUHVHYHVWHPGHOXWR PDVRVKHU´LVYHUGDGHLURV¤RUHVVXVFLWDU¤R  FLGDGHVFKRUDPDVUX®DV HVYHWUDGDVSHORYXOF¤RGHFDSULFKRV FLGDGHVVHHUJXHU¤RPDLVDOWDVHRFDV HODVDVFHU¤RRVTXHDVK¤RGHDUUDVDU   '     FROLDVWUDTXLODVGRW GLR UHVJDWDPF XVGRK¢ELWR SDVWRUHVGHHWRDUHVWUHODV VDFURRI®FLRGHGHXVHV V

 LIDVGHO¤    VDFROHMDWHV       FDPSHVLDV GHVFHGRDOGHLDVGHORXVD YHGHGRFRUSRVGHLYHUR  FLFORVWUDVXPDWHVGHYLGDգ  FDEDDVGHFROPR     FRPRGRUGHKRPHP ¢ULGRVVRV    PRWHVDOLJXDJHP IUXJDLVPHUHGDVGHFRGXWRUHVGHUHEDKRV VRKRVGHIRPHHIULR  U
VWLFDSDLVDJHP     IUDJRVDVHVFDUSDV FLRORJR  RLWHVGHYLJ®OLD  XLYDWHVORERV    RK¢OLWRGDVWUHYDV DJUHVWHVYDOHV   SRYRDGRV      DMRVGHVDVDGRV HVW¢EXORVFRPKRUL]RWHVGHOXDFKHLD SRHLUDGHWRMRHVYHWUDGRDVROLG¤R PXOKHUHVDVFLGDVGHEDIR        FULVWDLVGHFL]D DWHUUDHVERURDGD     HVWHVSDVWRUHV        DVRUWHGLIHUHWHV                



&$3Ž78/2 

=
‘=&

‘3
‘  =
‘‘‘       





! &    

   c‘ RSRHWDFRPSµVRYHUVR DOLGRXR   SHVRXR     OLPRXDUHVWDV TXDGRDFDERX     WLKDSDULGRXPDIROKDHPEUDFR  RXHW¤RUHFRPHFHPRVGHVGHRL®FLR  RSRHWDSURMHWRXRYHUVR      D´UELWDLWHUHVWHODU LTXLHWDVPDUJHVGHULRVVHPIURWHLUD SD®VF´VPLFRGRYHUER YDUULGRRVRKR     SHORYHWRGDLVDWLVID¨¤R OLPDUDPVHDUHVWDV     Y®UJXODV    SRWRV SDODYUDVVHLVUHYLWDOL]DGDV FRFOXVRSRHPD     GHVHVFULWDIROKD HPEUDFR   EROVR    YDJRHURWR  V‘ RSRHWDDFUHGLWRX HVFUHYHX VRKRX HPEDODGRVH OHGRGHDOPD UHSDURXHPVLSU´SULR KXPLOKDGR FRPGHVHVSHUR UDVJRXDREUD     GHVHFHVVDULDPHWH  ¤RKDYHULDM¢TXHPDOHVVH   RXHW¤RUHFRPHFHPRV  RSRHWDSLFHORXGHYLGD    GLVIRUPHVOLJXDJHV SREUHSHGD¨RGHJHWH   V´    KXPLOKDWHHLHVSHUDGR UDVJRXDREUD  GHVHFHVVDULDPHWH  

¤RKDYHULDM¢TXHPDOHVVH  
‘ RFRPSRVLWRUHWURX    VHWRXVH SHGLXVLIRLDGHD¨
FDUHFDI  WRFRX WRFRX VHPSDUDU  RWHFODGRGDPHVD DVFROKHUHVH[WDVLDGDV HPVXVWHLGR DW DRLVWDWHGDVPHVDVYD]LDV  O¢FRPSµVDVXDREUD VRERUHS
GLRDVFDGHLUDVYDJDV SHODVP¤RVFRUUHUDPO¢JULPDV WRPEDGRDVWHFODV  GHVVDP
VLFDIL]XPSRHPDGHDPRU   HVWURSLDGRVDRV   YRUD]HVDOKHDPHWRV HRPDLVV´RVSRHWDVLHVTXHFHUDPVHPSUH¨R   FKRYHU¤RS´VWXPDVKRPHDJHV GRVVXSOHPHWRV        DW HW¤RPXGRV OLWHU¢ULDVUXDV RRPHGHSUD¨DVFRPHVW¢WXD  SUHLWRDRSRHWDTXHLJX POHX  



m 
'
          ¡PDULDWHUHVDKRUWD    

   

   

   

   

   

DLGDDSDUHGHHPIUHWH HLYDGDURWLDGRLVXOWR P®VWLFDP
VLFDGHSHGUDV    ¤RSDUWHP    ¤RFHGHP 

  DPXOKHUGHPHWDOHPHUJLX     VDFURVVDWDPDV¤RPXLWR  HWRDYDXPTXDOTXHUHOHWU´LFRVDOPR ULGHWHSHGLDXPFUXFLIL[R  VH[RLUUDGLDWHGHD¨R PHF£LFDHUXS¨¤R   UROL¨DVDFDV   LFRFOXVRVVHLRV RUHIOH[RGH]LFRFRPSXKD     IULDOLJXDJHP     PHWDOGHPXOKHU  OLHDURWLMRORHDFDOL¨D   WDOKDJURVVHLURGHFULVWR DFREUHDGDSHORFLR   SULPDYHUDGHXPDV´RLWH UREµGHPXOKHUWHOHJXLDGD UHIXOJHWH RROKDU   LULGLXP FDUXGD  GHVHJDRVDHJUHDJHP ROHDGD SDUD¤RFHUUDUGHWHV    DRSUD]HU    ¡GHUURWD VRRUD LIORUHVFHWHI«PHD   WDPE PWXFU«VDHPDFLSD¨¤RGDPXOKHU"   



m!


;#    DXWRHVWUDGDGDIDPDI¢FLO HVWLUDGD  MDFHWHFRIXV¤R LWULFDGRVRVVRV   VDJXHHIHUURV     FRWRUFLGRV SHUGLGDDJUDGHFRUULGD VHPW®WXORVTXHYDOHVVHP HPVRUULVRVYDJRV   GHVRFXSDGRV RGHRVROKRVGHHPEDODUSURPHVVDV      SXEOLFLGDGH REMHWRVLPEL´WLFDPXOKHU GHV®PERORV       VLJRV FRLVLILFDGRRPLWRGDIHPLLOLGDGH YLDJHV  SU PLRV   GLYHUV¶HV HXPDXWRP´YHOFDL[¤R    SDUDPRUUHU¡IDWDOYHORFLGDGH    FRFXUVRGHEHOH]D
OWLPD M¢RWDEXOHLURIULRGDPRUJXH VHHUJXHXWU PXOD SDUDVHPDTXLOKDUGHEUDFR     WRPVXDYH     SU´SULRSDUDRHYHWR EHODGHGLDVHGHLWRX   H[WHVRVRUULVRRWXUR  HRFRUSRSUHPLDGRDJUDGHH[SRVL¨¤R ¡WHUUDGHVFHX   VHPRYD¨¶HVHPGHVHMR    

„

m "    


 
   
      RFDYDOKHLURGDJUDYDWDGH´HVWUHLWR DSUXPDGRV®PERORGHVRFLHGDGHVHOLW¢ULDV  HPSXKDVXDIOHXPDXPVRILVWLFDGRED]DU FRPXPYDJRGHVG P DSRWDDVXSHULRULGDGH GRVHXSROHJDUWHVR SDJD HVDL GLVWLWRFDYDOKHLUR   XPDFULD¨D GHSDVVRVDOFDWLIDGRV HOHYDVHDJUDWLG¤R FLFRDRVM¢DPROHFLGRV  VXDYHV  DP
VLFD  RFDORU  RX®VTXH  HROLYUR   XPGHVHOHJDWHVRPRXVDLWHUURPSHU XPSDLFDOPRTXHVHVRHUJXH WDOYH]LTXLHWR PROHVWDGR  LHUWHRFK¤R XPFRUSRLGLJR ¤RSXOVD GHOJDGRILRO®TXLGR HVFRUUH LJ´ELOPDFKD DODVWUD  RVIU¢JHLVGHGRVGDFULD¨D IXPHJDWHLVWUXPHWR   GHDWHFLSDURIXWXUR  OXPLRVDLVSLUD¨¤R RF UHEURGRFDYDOKHLUR  ի(67(6%5,148('26&$'$9(=(67„20$,65($/,67$6լ   mm
)# !   SDUDPHOKRUDSUHGHURVRPEULRHVSD¨R 

ULVTXHLXPI´VIRUR VHJXUDGRRHWUHPHW¢OLFRVGHGRV ¤RFRVHJXLLGHWLILFDUPH ¡PDVVDYLVFRVDHDUTXHMDWH HPWDPSRXFRFRKHFLD GHPHP´ULDDOJXPD RI WLGRRGRUH[DODGR  WHPSORHVWUDKR   SODRHDPSOR VHPKRUL]RWHV HPPRYLPHWRV     VRPRXFRU DOJRLGHILLGR  WDOYH]EULOKR     ORJ®TXR HVWUDKDPDLIHVWD¨¤RGHH[LVW«FLD SHORWDWRLPDJLHLPH    KDELWDYDXPYXOF¤RIRVVLOL]DGR GHSRLV FµVFLRGDHRUPHGHVFREHUWD FUHVFHXHPPLPRPHGR WRURXVHG
YLGD M¢DGDHUDSHUFHW®YHORHVW¢WLFRDPELHWH DFKDPDGRI´VIRURLFDGHVFHGRDHVFXULG¤R SULPHLURKHVLWDWH   GHSRLVLWHVDVHWLRVROVXSODWDGR  (17„2%(55(, M¢RVGHGRVDUGLDPXPDODEDUHGDLWHVD HFODYLKDGRVSHORIULR L
PHURVV´LVPHW¢OLFRVFDYDOJDYDPDGRUH[LODGD FRPV¢GLFR  WDOYH]F´VPLFRգ     SUD]HU DSUHVVHLPHDDSDJ¢ORV DVSHGUDV  DVSDUHGHV   HPPLPSU´SULR      H¤RKDYLDRGH GHRYR¡VHVFXUDV   FRPRDOL¢VVHPSUHHVWLYHUD  DGPLUHLPHSRU¤RWHUPHPRULDGR RPLVWHULRVRORFDO GHLSRUPLPDXVHWH O¢ RGHXFD HVWLYHUD m$    & #   HUD FRPR VHWLU XP GHXV GHWUR GH PLP H GHSRLV DTXLOR FRPH¨DYD D PH[HU D PH[HU ERUERWDGRVD®DGDSHOHWUHVSDVVDGRRVRVVRVUDVSDGRRDUDRPHVPRWHPSRTXHDV P¤RV FRPR TXHP FRUWD XP S¤R HTXDWR SHUPDHFH LPXWDYHOPHWH HVW¢WLFR VHP TXHL[DVVHPJHPLGRVHPGRUHVPROGDGRDRJHVWRHO¢VWLFR „

ղ HUD FRPR VHWLU R WHPSR SDUDGR DPDK¤ H DSHDV VH YLVVH R IXWXUR HP WXGR DW  R HYRHLUR TXH FUHVFHGR GHWUR GH ´V M¢ HUD K
PLGR FDFLPER O¢ IRUD REMHWRV PXGRV TXLHWRV FRPR MDPDLV HP GH] VHJXGRV WLKDP SDVVDGR H M¢ HUD DPDK¤ YHUPHOKR JRUJROHMDWHRIXWXUR¡VYH]HVSUHJDYDGHVWDVSDUWLGDV  ROKRV VHP EULOKR GHVRUELWDGRV YDJRV XP TXDOTXHU HVSD¨R TXH HKXP GH ´V VDELD LGHWLILFDU FRPR VH HVWLY VVHPRV GR ODGR GH O¢ H TXDGR RV PLU¢VVHPRV HVFRGHU PRV®DPRVFRPSDYRU HW¤R YLKD R HVSHOKR DV SHVVRDV SHUJXWDYDP SRU VL SU´SULDV H DV LPDJHVղO¢ SHUGXUDYDPDVSHVVRDV¤R RVURVWRVDEULJDYDPVHXPTXDOTXHUEXUDFR¡SURFXUDGDOX]TXH¤RYHPGRVEXUDFRV M¢ HUD GLD DV LGHLDV FDYDOJDYDP RV PLXWRV ¡ GHVILODGD SRU HWUH PXGRV VRUULVRV WROHUDWHV GH ORXFXUD LJX P DFUHGLWDYD D OLJXDJHP GRV ROKRV TXH M¢ HUDP S´ H KDELWDYDP XP TXDOTXHU FDL[¤R R HWDWR DOL HVWDYDP LGHVPHW®YHLV OHPEUDGRRV FRPRFRWLX¢YDPRVYLYRVGHS DTXHOHWHPSORGHPRUWH HUD FRVWXPH SHGXUDUPRRV R WHPSR H RV PLXWRV HWHURV H IXWXURV EULFDYDP FRRVFR SX[DGRRV DVFRUGDV SDUDRVEDOD¨DUPRV DIOLWRV HWHPHURVRVM¢TXH¤R VDEHU®DPRVYLYHURXWURWHPSR H M¢ WXGR HUD P
VLFD YLKD GRV ROKRV SHHWUDYD R VH[R DW  RV GHWHV UDJHUHP GH SUD]HU WXGR HUD P
VLFD LFOXLGR R HFDUDGR GDV SDUHGHV XDV MDPDLV KDYLDP VLGR FDLDGDVգFRPRXPDDFXVD¨¤R HYLKDGRVSRURVGHVXRUGRFDEHORHPSDVWDGRFRPR ERODV ¡ FKXYD GH YHU¤R TXH MDPDLV WRPEDU¢  VHPSUH D P
VLFD D OX] RV VRV LUUHSHWLGRV PLMDGRDOXDDSRHVLDDLXWLOLGDGHGHFRUUHUPRV DWU¢VGRTXH VHPSUH RV IXJLU¢ LUUHPHGLDYHOPHWH SDUDGRV XP YDVWR FDPSR DWXOKDGR GH XUDV YD]LDV գ -$0$,6$/*8Š0(;,67,8/‚գ R VRP DOXFLDGR DV SHVVRDV EHP EHELGDV VDLGR FRP SDVVRV WUµSHJRV SURFODPDGR SURILVV¶HVHWUHFRILVV¶HVTXHXFDVHU¤RDVVLDGDVSRUTXHVLFHUDV HXPF¤RVHPVH[RSRLVXFDIRLF¤RHFRVWDVHDXPSRVWHILW¢PRVRDLPDOFRPRVH HOH H[LVWLVVH H RV FKDPDVVH H KRXYHVVH SRVWH GHSRLV DIDJ¢YDPROR FRP R ROKDU GRUPLU®DPRVGHVFDVDGRVFRPRSRVWHVHFRVHPSUHHVWHYHDSHDVSRVWHDGDPDLV XP JDWR PLD OXJXEUHPHWH D XP JXDUGD RWXUR VHP UXD HP IDUGD SRLV XFD IRL DGPLWLGR H FRWLXD D YLYHU LOXGLGR HTXDWR OKH SDJDP D IRPH FRP VRUULVRV GH FRPLVHUD¨¤RHGLDULDPHWHVHDUUDVWDSHODVSRUWDVTXHO¢¤RHVW¤RPDVGHYLDPHM¢K¢ TXHPOKHDWLUHSHGUDVDVTXDLV¤ROKHDFHUWDGRRWUHVSDVVDPFDLGRDWU¢VGHOHFRPR VH ¤R R WLYHVVHP DWLJLGR R TXH  PHWLUD SRLV DV SHGUDV WRPEDP PDJRDGDV FRP UHVWRVGHVDJXHFRDJXODGRHRVDJXHGDVSHGUDV YHUPHOKRFRPRRGDVHVWUHODVTXH ¤REULOKDPHTXDWRKRXYHUXPDFK¢YHDGHFDI SDUDHVWDFDURVDJXHFRPPHUGD M¢ RLWHVHPSUHRIRLPDVRVRO¤RDFUHGLWRXDW YHUXPDUDWD]DDPRUWDGHPHGRH XP SRO®FLD ¡ SDLVDD XP ERUGHO YHVWLGR GH OX[R FRPR PRUFHJR GH UD¨D SRU HWUH SHGUDVSUHFLRVDVGHPLOHJDRVIRVIRUHFHGRDWUHYD XPPHGLJREXVFDXPODWRGHOL[REHPFRVHUYDGRHSU´VSHURSDUDGHLWDURVVHXVUHVWRV TXH FLYLVPR գ FRPHWDU¤R H D HVVHV UHVSRGHUHL TXH DGD GLVWR H[LVWLX  GHSRLV DOJX P LU¢ D VXD RSXO«FLD UHPH[«ORV LYHWDUOKHV¢ XP RPH WDOYH] EDTXHWH SDODYUD TXH FRKHFH SRU RXYLU GL]HU  H FRWLXDU¢ GH P¤RV EHP HVWHGLGDV VHP TXH DOJX PY¢HDVDFDULFLHH[FHWRFRPDVDOLYDGRGHVG P  DUXDYD]LDFRPRVHLJX PDDWLYHVVHDWUDYHVVDGRGHVGHK¢V FXORVRTXHWDPE P  PHWLUD RXWUD  SRLV GDV SHVVRDV VREUDUDP VRPEUDV ILFDP VHPSUH SDUD DOJX P LU H JXDUG¢ODV HFDEH¨DVGHFULD¨DVTXH¤RDVFHUDPHVSHWDGDVRFK¤RSDUDH[HPSOR SDVVDYDPVHPDVYHUHPSLVDYDPDVHHODVVHPXPJULWRDW TXHXPDWURSH¨RXHWRGRV VH FDODUDP HUD WDUGH M¢ FKHJDUD D KRUD GH UHFROKHU ¤R KDYLD WHPSR GH DUTXLYDU LPDJHVGH DJRLDM¢ DVJHWHV YRDYDP PHVPR VHP TXHUHUHPLFDSD]HVGH VDEHUHP FRPRHYLWDUSLVDUHVVDVIORUHVHVWUDKDVTXHLJX PFROKHULD „c

FDVDGDV HP FDVD VHP DVDV HP PHP´ULD TXH HVWD  XPD GRU  TXHULDP GRUPLU WUDTXLODVHGURJDYDPVHS®OXODVFRORULGDVFDGDXPDHUDFDEH¨DGHFULD¨DHPWDPDKR GHDOILHWHVHPSRWDHPYR] R VDJXH MRUUDGR FRWLXDGDPHWH FRPR FDVFDWD HP VRKRV FRPR DOJX P TXDVH D DIRJDUVH TXHUHGR DFRUGDU SDUD ¤R PRUUHU H ORJR DFRUGDGR DGDYDP GHVHVSHUDGDPHWH¤R KDYLD M¢ TXDUWR RX VDODRX FDVD H LJX PUHVWDYD SDUD VHOKH DUUDURVRKR HUDDVVLPDTXHOHWHPSRDW TXHXPJ LRLYHWRXDIDODHWRGRVJULWDUDPFRPRVHIRUD YLWDO HW¤R RXWUHP JULWRX D OHPEUD¨D GH TXH M¢ DWHV VH HWHGLDP SRU JHVWRV H GD® DVFHXRVLO«FLR GHSRLVRK¢ELWRRHVTXHFLPHWRVHPVDEHUHPRTXHH[LVWLUDDWHVGRVLO«FLRHHW¤RM¢ HUDPVDSRVGHHRUPHVERFDVDEHUWDVHPSUHFLVDYDPGHDGDUSDUD¤R PRUUHUHP SHJDMRVRVDJDUUDYDPVH¡SDLVDJHPHYLWDGRDWRGRRFXVWRFDLUHODGDGROKHFRUVHP PRYLPHWRFRPRWLKDPRGRPJHLDOGDYR]VHPSUHTXHUHVSLUDYDPH¤RVDELDPTXH RID]LDPORJRPRUULDPGHRYRGHVWDYH]VXIRFDGRV  ILOPHVPXGRV¤RKDYLDHUDPWRGRVWRXSHLUDV¡FXVWDGHWHUHPRVROKRVYHGDGRVSDUD ¤R GL]HUHP GR TXH YLDP  HVFDYDYDP VHP XPD SDODYUD LFLWDPHWR H WXGR UX®D SRU WRGDDSDUWH GHXV ¤R IRUD DLGD LYHWDGR գ HP HUD SUHFLVR գ LJX P SHVDYD H VH R ID]LDP SHVDYDPTXH¤RSRGLDPHDFUHGLWDYDPTXH¤RDVVLPHVWDYDGHWHUPLDGRSDUD¤R VHFRWHVWDUHPGRJPDV  IRL HVVD DOWXUD TXH D HVWUHOD VH LWLWXORX XP TXDOTXHU RPH H GHVDWRX D URGRSLDU SHUFRUUHGRRHVSD¨RHPIXJDLWHUHVWHODUGHL[DGRSDUDWU¢VXPUDVWRLYLV®YHOTXHV´ WRPDYD IRUPD D LPDJLD¨¤R GDV RXWUDV HVWUHODV DV TXDLV YLKDP GH RLWH SDVVHDU R FRVPRV DIDVWDGR SRHLUD ¡ VXD SDVVDJHP GHVDILDGR R WHPSR HVVD VXFHVV¤R GH LVWDWHV LDFDEDGRVLILGDYHOPHWH FRWLXDGRV H SHUGLGRV GHVGH R L®FLR SRLV WXGR IRLVHPSLWHURDW RVLO«FLR SRUXFDWHUH[LVWLGR ղ HVWDR¨¤RGHDPDK¤ IDOVDHTX®YRFDDLGDIDOWDLYHWDURիDJRUDլFRPRTXHPSHGH GHVFXOSDH¤RVDEHHM¢GHWU¢VWRGRVJULWDPGL]HGRTXHVLPSDUDVHVXVSHGHUHPGD VXD WRWDO LJRU£FLD VHP WHUHP GH DGPLWLU H FRIHVVDU D VXD LH[LVW«FLD H HW¤R GH RYR LYHWDP DOJR FKDPDGR իRWHPլ SDUD VH DXWRGHVFXOSDUHP H ORJR OKHV DJUDGHFHPRVVHPVDEHUPRVSRUTX« ¤R HVWDPRV GHVHVSHUDGRV SDUD RV VXLFLGDUPRV FRP SDODYUDV O¢ R ®WLPR HP D FHUWH]DGHWHUPRVMDPDLVDVFLGRWXGRYDJRVHPFRWRURVVHPFRUHPIRUPD m'
   EDWR¡OHPEUD¨DGRVGLDV SHODSRUWDHWUHDEHUWD    RX¨RVDXGDGH HWURDVDODYD]LD DVSDUHGHVXDVHIULDV HPXPDIRWRJUDILD SDUDHJDDURVROKRV  YDVFXOKRRVFDWRVHEXUDFRVLPDJLDGRV HPXPDPLJDOKD SDUDDYLYDUPHP´ULDV LFU GXORVDLRDFRUUHU FRPDVHVD¨¤RGHWHUSHUGLGR SDUWHGHPLP  „V

mm 


*    DKHVWHGHVWLRGHP¤RVFRPGHGRV SDOSDGRFRUUHGRUHVGDPHP´ULD ¡GHVILODGDHPPDGUXJDGDVRVVXGDV FRUSRVDWLUDGRVDRVDVWURV   FDPLKDVRVGHVILODGHLURVGRVRKR FRPV´LVDERFDGHEHLMDUHVWUHODV FDODVHVWHSXVDPDUJR FRPROKRVGHPDUHDOJDV DVURFKDVLVRIULGDV VLPIDODVSHORVWHXVROKRVGHVLO«FLR m!‘
 )
;
 )    IHFKDRVROKRV LPDJLDWH GHEUX¨DGRVREUHRULR  FRPXPGHGR SUHVV¤ROLJHLUD LJXDODHPSXUU¤R  DEULU¢VRVROKRV DFRYLF¨¤R GHWHUHVUHDOL]DGR XPGRVLFRIHVV¢YHLV    GHVHMRVWHXV

„