(/326&/6,&2(10(62$05,&$3$%/2(6&$/$17(*21=$/%2

8QLYHUVLGDG1DFLRQDO$XWQRPDGH0[LFR

(/326&/6,&27(035$12/RVFDPELRVRFXUULGRVWUDVHOFRODSVRGHOVLVWHPDWHRWLKXDFDQRFDGHVSXVGHODEDQGRQRGH0RQWH$OEQFD \GH ODVJXHUUDVGHH[WHUPLQLRSURWDJRQL]DGDVSRUODVFLXGDGHVPD\DVGHODVHOYDQRFRQGXMHURQDWUDQVIRUPDFLRQHVWDQSURIXQGDV FRPR SDUD TXH SRGDPRV KDEODU GH XQ QXHYR WLSR GH FLYLOL]DFLQ HQ HO3RVFOVLFR4XL]XQRGH ORVSURFHVRVPVFRPSOHMRV\DXQGUDPWLFRVRFXUULGRVGHVSXVGHO&OVLFRKD\DVLGRODUHXELFDFLQGHODSREODFLQDOPHQRVGHORVWHRWLKXDFDQRVDEDQGRQDURQVXFLXGDGGXUDQWHHOVLJOR9,,SDUDYLYLUHQYLOODVGH PHQRU WDPDR R SDUD HPLJUDU DO *ROIR GH 0[LFR \ KDFLD HO LVWPRFHQWURDPHULFDQR(QHOVLJOR,;OLQDMHVHQWHURVGHPL[WHFRVVDOLHURQGHODVPRQWDDVUXPER D ODPHVHWD FHQWUDO \ EXHQD SDUWH GH OD SREODFLQPD\D DEDQGRQ OD VHOYD0LJUDFLRQHV VLPLODUHV D VWDV FRQWLQXDURQ GXUDQWH HO 3RVFOVLFR WHPSUDQR

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

ZZZOHFWXODQGLDFRP3JLQD

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

0XFKRGHORTXHRFXUUDHQHO3RVFOVLFRWHQDTXHYHUFRQXQQXHYRDFRPRGRGHLQJUHGLHQWHVYLHMRVSHURWDPELQSRGHPRVREVHUYDUXQIDFWRUTXHQRVHKDEDYLVWRDQWHV HQ OD GHPRJUDID \ HQ OD SROWLFD GH 0HVRDPULFD OD LQYDVLQ GH SXHEORVPHVRDPHULFDQRVPDUJLQDOHVSURFHGHQWHVGHODVPRQWDDV\GHODV]RQDVVHPLULGDVGHOQRUWHORVFKLFKLPHFDV+D\GRVRSFLRQHVSDUDODHWLPRORJDGHODSDODEUDQDKXDlFKLFKLPHFD{ XQD HV lOLQDMH GH SHUUR{ \ OD RWUD lOD JHQWH GHO PDPDGHUR{ HQ HOVHQWLGRTXL]GHOXJDUGHRULJHQ

/RVFKLFKLPHFDV(QOD6LHUUD0DGUH2FFLGHQWDO\HQHO%DMRKDEDSXHEORVGHDJULFXOWRUHVTXHWHQDQXQSDWUQGHRFXSDFLQEDVWDQWHGLVSHUVR\SREODEDQYLOODVGHPHGLDQDPDJQLWXG(Q

ZZZOHFWXODQGLDFRP3JLQD

VWDV KDEDPXURV GHIHQVLYRV DOJXQRV SDODFLRV \ SHTXHDV SLUPLGHV WRGR HOOR GHXQDHVFDODPHQRUDODREVHUYDGDHQRWUDV]RQDVGH0HVRDPULFD0XFKRVKDELWDQWHVGHHVWDIUDQMDVHSWHQWULRQDOHUDQQDKXDVDXQTXHWDPELQKDEDDOJXQRVSXUSHFKDV\RWRPHV

/RVQDKXDVGHO9DOOHGH0[LFRDFRVWXPEUDGRVDODDJULFXOWXUDLQWHQVLYD\DVXVH[FHGHQWHV D OD SURGXFFLQ DUWHVDQDO D JUDQ HVFDOD \ D OD FRPSOHMLGDG GH XQDVRFLHGDG GH FODVHV \ HVWDPHQWRV YHDQ D VXV SDULHQWHV GHO QRUWH FRPR VHUUDQRVUVWLFRV6RODQOODPDUORVFKLFKLPHFDV/RPVSUREDEOHHVTXHHOIOXMRPLJUDWRULRGHHVWRV FKLFKLPHFDV KDFLD HO VXU KD\D HVWDGR VLHPSUH DELHUWR 7HRWLKXDFQ GHEH GHKDEHUVLGRXQFHQWURUHFHSWRUFDSD]GHLQWHJUDUDORVPLJUDQWHVDODYLGDSURGXFWLYDPHWURSROLWDQDVLQTXHORLPSLGLHUDQODVGLIHUHQFLDVFXOWXUDOHV

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

7DPELQ VH UHODFLRQD FRQ OD FHUPLFD &R\RWODWHOFR D YDULRV JUXSRV TXHHVWDEOHFLHURQVXVDOGHDVHQDOJXQDVFROLQDVDOQRUWHGHO9DOOHGH0[LFRHQHVSHFLDOHQ ORV DOUHGHGRUHV GH 7XOD KR\ HVWDGR GH +LGDOJR 'LFKR HQ RWURV WUPLQRV ORVFKLFKLPHFDV QR VH OLPLWDURQ D UHRFXSDU 7HRWLKXDFQ VLQR TXH FUHDURQ DOJXQRVDVHQWDPLHQWRVQXHYRV

7XOD\VXHQWRUQR(QWUHHODR\HOORVFKLFKLPHFDVTXHVHKDEDQDVHQWDGRHQ7XODRFXSDURQORVSHTXHRVPRQWHVTXHKD\HQHO OXJDU&RPRVHDVGHVXLGHQWLGDGVHSWHQWULRQDOWHQHPRVQRVORODFHUPLFD&R\RWODWHOFRVLQRDGHPVXQDDUTXLWHFWXUDTXHVHYDODGHSUWLFRVFRQFROXPQDV\XQDWFQLFDSDUDHODERUDUHVDVFROXPQDVFRQVLVWHQWHHQODIRUPDFLQGHFUFXORVFRQVHFXWLYRVGH ODMDVTXHVH ILMDQFRQ ODDUHQD\ ODFDOGH ODPDPSRVWHUD'LFKRVSUWLFRVWLHQHQVXDQWHFHGHQWHHQVLWLRVVHUUDQRVGH=DFDWHFDVFRPR/D4XHPDGD\$OWDYLVWD

(Q HO DR HVWRV FKLFKLPHFDV FRPHQ]DURQ XQ SUR\HFWR XUEDQR DO SLH GH ODVFROLQDV MXQWRDO URTXH IXHHO LQLFLRGH ODFLXGDGFX\DV UXLQDVKR\YHPRV$HVWHSULPHUGHVDUUROORVHOHFRQRFHFRPR7XOD&KLFR6XFHQWURFRQVLVWDHQXQFRQMXQWRGH EDVDPHQWRV SLUDPLGDOHV SHTXHRV FRQ WHPSORV \ FROXPQDWDV HQ VX FVSLGH (O

ZZZOHFWXODQGLDFRP3JLQD

PV FRQRFLGR HV XQ WHPSOR GH SODQWDPL[WLOQHD UHFWDQJXODU \ FLUFXODU GH SRVLEOHLQIOXHQFLDKXDVWHFD(VWHFRQMXQWRGHWHPSORVIXHHOFHQWURGHXQDFLXGDGGHNPHQ OD FXDO KDED WDOOHUHVGH FHUDPLVWDV\ WUDEDMDGRUHVGH ODREVLGLDQD+DFLD HO DRVHGLVHXQQXHYRFHQWURFHUHPRQLDOSDUDODFLXGDGDSRFRPVGHNLOPHWURGHOSULPHURHVHOJUDQFRQMXQWRTXHDFWXDOPHQWHSXHGHYLVLWDUVH

(QWUHHODR\HOWLHQHOXJDUHOHVSOHQGRUGHODFLXGDGGH7XOD(VPX\SUREDEOHTXHHQHOLQLFLRGHHVWDQXHYDHWDSDVHKD\DYHULILFDGRXQDDOLDQ]DHQWUHORVFKLFKLPHFDV TXH KDEDQ FUHDGR HVWH FHQWUR GH SREODFLQ \ JUXSRV GH WUDGLFLQWHRWLKXDFDQD TXH KDEDQ SHUPDQHFLGR HQ HO YDOOH UHIXJLDGRV HQ ORFDOLGDGHV FRPR$]FDSRW]DOFR R &XOKXDFQ /DV IXHQWHV OODPDQ QRQRDOFDV D HVWRV KHUHGHURV GH7HRWLKXDFQGHVFHQGLHQWHVGHORVOLQDMHVTXHKDEDQJREHUQDGRODDQWLJXDFLXGDG

3DUD HO DR FXDQGR RFXUUL OD DOLDQ]D HQWUH FKLFKLPHFDV \ QRQRDOFDV7HRWLKXDFQKDEDVLGRGHILQLWLYDPHQWHDEDQGRQDGD\7XODHUDHOFHQWURXUEDQRPVLPSRUWDQWH GHO UHD GHO 9DOOH GH 0[LFR 'XUDQWH DRV HVWD QXHYD FLXGDGLPSXOVXQVLVWHPDGHLQWHUFDPELRDODUJDGLVWDQFLDDOLDQ]DV\FRQTXLVWDVVLPLODUDOTXHKDEDWHQLGR7HRWLKXDFQ(OFHQWURGH7XODOOHJDWHQHUQXPHURVDVSODWDIRUPDVHQRUPHV SDODFLRV MXHJRV GH SHORWD \ XQ UHSHUWRULR HVFXOWULFRPX\ QRWDEOH SRU VXUHDOLVPR\VXPRQXPHQWDOLGDG

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

ZZZOHFWXODQGLDFRP3JLQD

DFFHVRDOSUHGLRLPSHGDQTXHHOJUXSRGHKDELWDFLRQHVIXHUDYLVWRGHVGHODFDOOH(QORVEDUULRVGH7XODODJHQWHVHGHGLFDEDGHPDQHUDSUHIHUHQWHDODHODERUDFLQ

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

SDQWHQ WHRWLKXDFDQR GH ;LSH7WHF HO GLRV GHVROODGR GH OD SULPDYHUD \ SRUVXSXHVWR GH OD VHUSLHQWH HPSOXPDGD \ GHO FDUDFRO VHJPHQWDGR DOXVLYRV D4XHW]DOFDWO H LQWHQVDPHQWH OLJDGRV D OD LGHRORJD GH OD FLXGDG GH 7XOD $GHPVDSDUHFHQ HQ HO UHSHUWRULR GH OD7UDGLFLQ$]WDWOQ ILJXUDV WDOODGDV HQ DODEDVWURTXHLPLWDQ OD WFQLFD TXH ORV WROWHFDV GHVDUUROODURQ VREUH XQ PDWHULDO LJXDOPHQWHWUDVOFLGRSHURPVGXURHOWHFDOL

7DPELQKD\ LQGLFLRVGHSUHVHQFLD WROWHFDNLOPHWURVDOVXUGH7XODHQ OD3HQQVXOD GH

HQ VX KLVWRULD (QWUH HO DR \ HO OOHJDURQ ORV FRQWLQJHQWHV GH OD SULPHUDPLJUDFLQ\FRQGXMHURQD&KLFKQ,W]HQWRQFHVWRGDYDOODPDGD8XFLO$EQDODVXSULPHU DXJH )XH HQ HVH ODSVR FXDQGR VH FRQVWUX\ OD DUTXLWHFWXUD GH(VWLOR 3XXFFRPSDUDEOHDODGHRWUDVFLXGDGHVGHODUHJLQTXHFDUDFWHUL]DDOl&KLFKQ9LHMR{OD&DVD GHO9HQDGR OD&DVD5RMD OD&DVD GH ODV0RQMDV \ HO REVHUYDWRULR GH SODQWDFLUFXODUFRQRFLGRFRPR&DUDFRO

(Q HO VLJOR ; XQ QXHYR JUXSR GH SXWXQHV OOHJ D &KLFKQ ,W] \ VX SUHVHQFLDPRWLY XQ FDPELR GH JUDQ PDJQLWXG HQ HO DVSHFWR GH OD FLXGDG (VWH JUXSRFRUUHVSRQGH D OR TXH ODV IXHQWHV HVFULWDV GHQRPLQDQ lLW]DHV{ IXHURQ HOORV TXLHQHVFDPELDURQHOQRPEUHDODFLXGDGODOOHYDURQDVXP[LPRHVSOHQGRU\ODFRQYLUWLHURQHQFHQWURKHJHPQLFRGHODSHQQVXOD

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

(OVHQWLGRGHODLQIOXHQFLDKDVLGRWHPDGHGLVFXVLRQHVTXLQlFRSL{DTXLQ/DVHYLGHQFLDVVHDODQTXHODGLUHFFLQGHODLQIOXHQFLDHQHVWHFDVRYDGHQRUWHDVXU DV FRPR HQ HO FDVR GH &DFD[WOD YD GH VXU D QRUWH 7UHV VRQ ORV DUJXPHQWRVSULQFLSDOHV HQ SULPHU OXJDU TXH ODV WUDGLFLRQHV KLVWULFDV GH

FRPQDODVGRVXUEHVHOW]RPSDQWOLRULJLQDULRGHOD6LHUUD0DGUHLJXDOTXHHOFKDFPRRO(VFRLQFLGHQWHHOXVRGHSLODUHVGHSLHGUDFRQODLPDJHQGHXQJXHUUHURDUPDGRFRQODQ]DGDUGRV\HOXVRGHFROXPQDVFRQODIRUPDGHXQDVHUSLHQWHHPSOXPDGDTXHVH\HUJXHFRQODVIDXFHVFRPREDVD\ODFRODFRPRFDSLWHO(QWUHODVVHPHMDQ]DVTXHKD\HQODVLPJHQHVHQEDMRUUHOLHYHGHDPEDVFLXGDGHVGHVWDFDQODUHSUHVHQWDFLQGHJXLODVGHSHUILOGHYRUDQGRXQFRUD]QMDJXDUHVUDPSDQWHV\HOPRQVWUXR7LHUUDGHFX\DVIDXFHVVXUJHXQURVWURTXHUHSUHVHQWDDO6RORD9HQXV

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

&KLFKQ,W]HQILQQRGHEHYHUVHFRPRXQDFRQTXLVWDWROWHFDFRPRXQHQFODYHVLQR FRPR XQD GH ODV FLXGDGHV TXH GHVGH ILQHV GHO &OVLFR IXHURQ IXQGDGDV RIRUWDOHFLGDV SRU HWQLDV PHUFDQWHV PV R PHQRV OLJDGDV D GLIHUHQWHV WUDGLFLRQHVUHJLRQDOHV

7XOD\HOOLQDMHGH4XHW]DOFDWO+R\VDEHPRVTXHHOQRPEUHGH7XOD7ROODQHQQKXDWOVHXWLOL]SDUDYDULRVVLWLRVTXHWHQDQHQFRPQVHULPSRUWDQWHVFLXGDGHVFX\RVOLQDMHVJREHUQDQWHVUHPRQWDEDQVXRULJHQD4XHW]DOFDWO\ WHQDQODFDSDFLGDGSDUDXQJLU\FRQILUPDUHQHOSRGHUDSUQFLSHVGHFLXGDGHVPHQRUHV7ROODQVLJQLILFDOLWHUDOPHQWHOXJDUGHWXOHV3RGUD

ZZZOHFWXODQGLDFRP3JLQD

VHUXQDPHWIRUDSDUDDOXGLUDODDJORPHUDFLQGHJHQWHGHXQFHQWURXUEDQRGHELGRDTXH ORV WDOORV GHO WXOH FUHFHQ HQ JUXSRV FRPSDFWRV R ELHQ SRGUD WUDWDUVH GH XQDUHIHUHQFLD D XQ OXJDU lSDUDGLVLDFR{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

(Q OD 7XOD GH +LGDOJR VH FRQVROLGDURQ \ HQULTXHFLHURQ ODV SULQFLSDOHV LGHDV \VPERORV OLJDGRVD ODFLXGDGVDJUDGD\D VX OLQDMHGLYLQRVWDSDUHFHKDEHU VLGR OD7XOD PV FOHEUH GH 0HVRDPULFD &XDQGR ORV QDKXDV KDEODQ HQ ODV IXHQWHVFRORQLDOHV GHXQ UH\GLYLQR OODPDGR4XHW]DOFDWO GH VX DSRWHRVLV \ FDGD \GH ODPDJQILFD FLXGDG TXH VH YLR REOLJDGR D DEDQGRQDU HVWQ KDEODQGR GH 7XOD OD GH+LGDOJR 3HUR HV LPSRUWDQWH VXEUD\DU TXH HVWD 7XOD GHED SDUWH GH VX SUHVWLJLR \SRGHUDOKHFKRGHKDEHU UHFLELGR HQ VX IXQGDFLQ OD DOLDQ]DGHXQFRQWLQJHQWHGHOLQDMHVGHRULJHQWHRWLKXDFDQRORVQRQRDOFDV\TXHDOVXFXPELU7ROODQ;LFRFRWLWODQHQWUHVHGLFLRQHV\DWDTXHVQRPXULODLGHDGH7XOD

/D USOLFD GHO FHQWUR FHUHPRQLDO GH 7XOD HMHFXWDGD HQ &KLFKQ ,W] HV XQWHVWLPRQLRGHOSUHVWLJLRDOFDQ]DGRSRUODPHWUSROLQDKXD\GHODH[WHQVLQPVDOOGH IURQWHUDV WQLFDV GH DOJXQDV GH VXV LGHDV \ VPERORV FRPR HO OXJDU FHQWUDO GH4XHW]DOFDWO\VXVTXLWRGHJXHUUHURVJXLODV\MDJXDUHVFDSDFHVGHDOLPHQWDUDO6RO2ODHQRUPHLPSRUWDQFLDGHOMXHJRGHSHORWDHQWUHORVULWXDOHVGHO(VWDGR

&KLFKQ ,W] QR IXH OD QLFD ORFDOLGDG PD\D HQ OD FXDO VH GLIXQGL HO FXOWR D4XHW]DOFDWO\HOUHSHUWRULRGHLPJHQHV\FUHHQFLDVTXHGLFKRFXOWRLPSOLFDED/RVLW]DHV LQIOX\HURQ HQ GLYHUVDV FLXGDGHV GH OD SHQQVXOD PLHQWUDV GXU OD HWDSD GHKHJHPRQD GH &KLFKQ ,W] \ FXDQGR VX FDSLWDO IXH DWDFDGD SRU HO JUXSR GH ORVFRFRPHVGH0D\DSQHQHODRORVLW]DHVVHLQWHUQDURQHQHO3HWQ\IXQGDURQSREODGRVFRPRODFLXGDGLQVXODUGH7D\DVDO

'HVGH OD SRFD GH ODV LQFXUVLRQHV GH SXWXQHV DO 8VXPDFLQWD \ D

HQHPLJRV ORV FDNFKLTXHOHV FX\D FDSLWDO IXH ,[LPFKPXHVWUDQ HQ VXV WUDGLFLRQHVKLVWULFDVIUDJPHQWRVGHHVHFRQMXQWRGHLGHDVTXHVHGLIXQGLSRU0HVRDPULFDFRQOD H[SDQVLQ WROWHFD GLFHQ VHU RULJLQDULRV GH XQDPRQWDD GH VLHWH FXHYDV9XFXE3HF D ODPDQHUD GHO&KLFRP]WRF GH ORV QDKXDV'LFHQ WDPELQ TXH VXV FDXGLOORVKDEDQHVWDGRHQ ODFLXGDGGH7XOQ=X\XTXHDOODSUHQGLHURQDJXDUGDUD\XQR\HVSHUDUODVDOLGDGH9HQXVHQHODOEDLJXDOTXHORVVDFHUGRWHVGH7XOD

(QHVD7XOQJREHUQDEDXQVREHUDQRGHQRPEUH1DF[LWUHSUHVHQWDQWHHQODWLHUUDGHO GLRV.XFXPDW] HTXLYDOHQWH DO.XNXOFQGH

TXHVHLQGLFDHQORVFGLFHVTXHORVVHRUHVGH7XODVRQQDKXDVORPVSUREDEOHHVTXH HVD SRGHURVD FLXGDG FX\R UH\ WLHQH WDQWR SRGHU FRPR SDUD RWRUJDUUHFRQRFLPLHQWRDXQJREHUQDQWHGHRWUDHWQLD\ UHJLQ VHD7XOD OD7XODGHO DFWXDO+LGDOJR &RQWDQGR FRQ HO UHFRQRFLPLHQWR GHO VHRU GH 7XOD \ FRQ VXV SURSLDVHVWUDWHJLDV\DOLDQ]DVHQODVLHUUD0L[WHFD2FKR9HQDGRLQWHQWFRQVWUXLUXQLPSHULRHQ OD 0L[WHFD SHUR DO FDER GH ORV DRV HO SUR\HFWR QR SURVSHU \ SUHYDOHFL HOSDQRUDPDGHGHFHQDVGHUHLQRVGLVSHUVRVTXHFRQWLQXKDVWDOD&RQTXLVWDHVSDROD

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

(VXQD OVWLPDTXH OD LQIRUPDFLQDUTXHROJLFD VREUH&KROXOD VHD WDQSUHFDULDSHURORVGDWRVTXHH[LVWHQ\ODVYHUVLRQHVGHYDULDVFUQLFDVLQGLFDQTXHIXHXQFHQWURPX\ LPSRUWDQWH$OLDGRRVRFLRFRPHUFLDOGH7HRWLKXDFQVREUHYLYLD ODFULVLVGHHVWDOWLPD\YLRVXYLGDSURORQJDGDKDVWDODSRFDGHOD&RQTXLVWDHVSDROD$OVHURFXSDGDSRUORVROPHFDV\[LFDODQFDVKDFLDHODR&KROXODUHFLELLQJUHGLHQWHVFXOWXUDOHVGHODVWUDGLFLRQHVPL[WHFD\PD\D/RVOLQDMHVWROWHFDVTXHVHUHIXJLDURQHQ&KROXOD DOUHGHGRU GHO DR FRQYLYLHURQ SRU XQ WLHPSR FRQ ORV ROPHFDV \[LFDODQFDV\ OXHJRHQWUDURQHQFRQIOLFWRFRQHOORV ORVH[SXOVDURQ\VHKLFLHURQGHOSRGHU

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

(QWUH ORV DRV QXWULGRV FRQWLQJHQWHV GH WROWHFDV DEDQGRQDURQ VXZZZOHFWXODQGLDFRP3JLQD

FLXGDG \ VH UHIXJLDURQ HQ &KROXOD FRPR OR KDEDQ KHFKR DQWHV ORV WHRWLKXDFDQRV'HVSXV GH XQRV DRV GH FRQYLYHQFLD SDFILFD SHUR VXERUGLQDGD D ORV VHRUHVROPHFDV ORV WROWHFDV VH KLFLHURQ GHO SRGHU \ OOHYDURQ D &KROXOD D VXPRPHQWR GHPD\RUHVSOHQGRUTXHGXUDUDKDVWDODSRFDGHOD&RQTXLVWDHVSDROD

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

ZZZOHFWXODQGLDFRP3JLQD

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

6HKDKDEODGRGHOD7UDGLFLQ0L[WHFD3XHEODFRPRHOlHVWLORLQWHUQDFLRQDO{GHO3RVFOVLFR PHVRDPHULFDQR \ KD\ EXHQDV UD]RQHV SDUD HOOR $O PHQRV GXUDQWH ORVOWLPRV DRV GH OD KLVWRULD GH0HVRDPULFD VH UHDOL]DEDQ REUDV GHQWUR GH ODV

ZZZOHFWXODQGLDFRP3JLQD

FRQYHQFLRQHV0L[WHFD3XHEOD HQ HO9DOOH GH 3XHEOD7OD[FDOD HQ ODV0L[WHFDV \ HO9DOOHGH2D[DFDHQORVYDOOHV\FDDGDVGH7ROXFD0[LFR\0RUHORVHQ*XHUUHUR\0LFKRDFQ$GHPVHQFRQWUDPRVPRGDOLGDGHVORFDOHVRDGDSWDFLRQHVGHOHVWLOR\ODLFRQRJUDID0L[WHFD3XHEODHQ ODSLQWXUDPXUDOGH7DPXQ 6DQ/XLV3RWRV HQ ODFHUPLFD GH $PDSD 1D\DULW \ HQ OD SLQWXUD PXUDO GH 7XOXP 4XLQWDQD 5RR \6DQWD 5LWD %HOLFH ,QFOXVR HQ OD FHUPLFD GH &RVWD 5LFD VH DSUHFLD XQD IXHUWHLQIOXHQFLDGHOD7UDGLFLQ0L[WHFD3XHEOD

(OKHFKRPLVPRGHTXHFDVLWRGDVODVUHJLRQHVGH0HVRDPULFDKD\DQFRPSDUWLGRXQ VLVWHPD GH IRUPDV \ VPERORV HV PX\ VLJQLILFDWLYR (V LPSRUWDQWH DGHPVREVHUYDU HO WUDVIRQGR KLVWULFR GH HVH KHFKR FXOWXUDO SDUD WHQHU HQ FRPQ XQUHSHUWRULR GH YDVLMDV GHFRUDFLRQHV DUTXLWHFWQLFDV PRVDLFRV GH WXUTXHVD REMHWRVFHUHPRQLDOHV GH KXHVR PDGHUD \ FXDU]R HUD SUHFLVR HQ SULPHU WUPLQR TXH ORVUHLQRVPHVRDPHULFDQRVSDUWLFLSDUDQDFWLYDPHQWHHQXQDPLVPDUHGFRPHUFLDOSXHVVL ELHQ PXFKRV REMHWRV VRQ GH PDQXIDFWXUD ORFDO OD XQLILFDFLQ \ OD LQIRUPDFLQJHQHUDO VREUH ORV UDVJRV EVLFRV GHO UHSHUWRULR H[LJD XQ FRQRFLPLHQWR \ XQDDFWXDOL]DFLQ TXH VOR SRGD OOHJDU PHGLDQWH HO FRPHUFLR /DV OLWHV TXHFRQWHPSODEDQ \ HPSOHDEDQ FRWLGLDQDPHQWH ODV REUDV 0L[WHFD3XHEOD \ ODVLQFRUSRUDEDQ D VXV VHSXOFURV GDEDQ XQD LPSRUWDQFLD VLPLODU DO VDFULILFLR KXPDQRWHQDQ FLHUWR FXOWR D OD PXHUWH DFHSWDEDQ XQ YQFXOR HQWUH ORV IHQPHQRVDVWURQPLFRV \ VXV SUFWLFDV UHOLJLRVDV \ SROWLFDV UHQGDQ FXOWR D 9HQXVUHODFLRQDEDQODQRFKHFRQHOMDJXDU\HO6ROFRQHOJXLOD

/RVFGLFHVSLFWRJUILFRVKDEODQGHHVHXQLYHUVRFRPQGHODSROWLFDODKLVWRULD\ OD UHOLJLQGHO3RVFOVLFR ODV VHFXHQFLDVSRGDQH[SUHVDUVH ORPLVPRHQPL[WHFRTXH HQ QKXDWO HQ RWRP HQ SXUSHFKD R HQ RWUDV OHQJXDV XWLOL]DEDQ ODV PLVPDVFRQYHQFLRQHVSDUDKDEODUGHJXHUUD\VDFULILFLRGHDOLDQ]DVSROWLFDV\PDWULPRQLRVGHORVFLFORVGHORVDVWURVGHORVQRPEUHVGHORVGDV\GHGLRVHVPX\VLPLODUHV

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

FRPQDQWHVTXHGLVSXWDUVHVORHOSRGHUUHJLRQDO

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

/DUHVWDXUDFLQWROWHFD\HOLQJUHVRPDVLYRGHFKLFKLPHFDV7UDVDEDQGRQDUVXFLXGDGQXPHURVRVFRQWLQJHQWHVWROWHFDVEXVFDURQUHIXJLRHQRWUDVORFDOLGDGHV$OJXQRV OLQDMHV QREOHV DFRPSDDGRV SRU FRPXQLGDGHV GH DUWHVDQRV \FRPHUFLDQWHV \ DSR\DGRV SRU FLHUWD IXHU]D PLOLWDU RFXSDURQ ODV FLXGDGHV GH&XOKXDFQ HQ HO9DOOH GH0[LFR \&KROXOD HQ HO9DOOH GH3XHEOD7OD[FDOD \ VHKLFLHURQGHOSRGHUHQDPEDV$V LQVWDXUDURQGRVQXHYDV7XODVHQ ODVFXDOHVVLJXLJREHUQDQGRHOOLQDMHGH4XHW]DOFDWO3RUKDEHUVLGR&XOKXDFQHOVLWLRGHUHIXJLRGHODQREOH]DWROWHFDHQHOYDOOHVHXWLOL]GXUDQWHHO3RVFOVLFRWDUGRODGHQRPLQDFLQGHFXOKXDSDUDKDFHUDOXVLQDOOLQDMHGHORVWROWHFDV&RPRHVELHQVDELGRODQREOH]DPH[LFDIXHXQDGHODVTXHDGTXLULHURQJUDFLDVDXQDDOLDQ]DPDWULPRQLDOHVHOLQDMHFXOKXD

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

ZZZOHFWXODQGLDFRP3JLQD

0RUHORV3RU VX SDUWH ORV WROWHFDV GH &KROXOD HQIUHQWDURQ HO GHVDIR GH GHUURWDU D ORV

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

+DFLD HO DR DUULE D ODV FHUFDQDV GHO 9DOOH GH 0[LFR XQ JUXSR GHFKLFKLPHFDVDXWRGHQRPLQDGRPH[LFD\OODPDGRD]WHFDHQDOJXQDVIXHQWHV(QOOHJDURQDODPDUJHQRULHQWDOGHOYDOOHORVFKLFKLPHFDVlGH;ORWO{DVOODPDGRVSRUYHQLU OLGHUDGRV SRU XQ FDXGLOOR GHOPLVPR QRPEUH (Q KLFLHURQ VX DUULER ORVWRWROLPSDQHFDV \ D PHGLDGRV GHO VLJOR LUUXPSLHURQ HQ HO YDOOH ORV DFROKXDV ORVWHSDQHFDV \ XQ QXHYR FRQWLQJHQWH GH RWRPHV /D LPSRUWDQFLD GH HVWRV SXHEORVPLJUDQWHVVDOWDDODYLVWDDOKDFHUXQUHFXHQWRGHODVFLXGDGHVTXHFDGDXQRGHHOORVIXQGXRFXS0[LFR7HQRFKWLWODQPH[LFDV7HQD\XFD\7H[FRFRFKLFKLPHFDVGH;ORWO $PHFDPHFD WRWROLPSDQHFDV &RDWOLQFKDQ DFROKXDV $]FDSRW]DOFRWHSDQHFDV\;DOWRFDQRWRPHV

'XUDQWH OD VHJXQGDPLWDGGHO VLJOR;,,, ODVFDEHFHUDVSROWLFDVPV LPSRUWDQWHVGHO 9DOOH GH 0[LFR IXHURQ &XOKXDFQ KHUHGHUD GH 7XOD ;DOWRFDQ 7HQD\XFD \&RDWOLQFKDQ (O UHD LQPHGLDWD GH LQIOXHQFLD GH &XOKXDFQ HUD HO VXU GHO YDOOH;DOWRFDQ HMHUFD VX DXWRULGDG VREUH ORV GLVSHUVRV VHRURV RWRPHV \PD]DKXDV GHOQRUWH\QRURHVWH7HQD\XFD\&RDWOLQFKDQVHUHSDUWDQHOSRGHUHQOD]RQDRULHQWDOGHOYDOOH

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

'HORVFKLFKLPHFDVGH;ORWOVLQHPEDUJRVHKDTXHULGRKDFHUXQFDVRDSDUWHGHELGRDOQIDVLVTXHSRQHQODVIXHQWHVGH7H[FRFRHQHORULJHQFD]DGRU\QPDGDGHVXV DQWHSDVDGRV /DV VHFXHQFLDV SLFWRJUILFDV GHO &GLFH ;ORWO TXH PXHVWUDQDOJXQRV KRPEUHV GH SHOR ODUJR FXELHUWRV FRQ H[WUDRV FDSRWHV TXHPHURGHDQ FRQDUFR\IOHFKDHO9DOOHGH0[LFRKDQGDGRVXVWHQWRD ODYLVLQGHHVWRVHPLJUDQWHVFRPRH[SORUDGRUHVVROLWDULRV

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

ZZZOHFWXODQGLDFRP3JLQD

(QUHDOLGDGHOSURSLR,[WOLO[FKLWOTXHKDVLGRXWLOL]DGRSDUDDILUPDUHOFDUFWHUEUEDUR GH ORV FKLFKLPHFDV RIUHFH XQD H[SOLFDFLQ EDVWDQWH VDWLVIDFWRULD UHFXHUGDTXHKDEDXQRVFKLFKLPHFDVHQHOQRUWHTXHHUDQDXWQWLFRVEUEDURVSHURVHDODTXHVXV DQFHVWURV QR OR HUDQ SRUTXH HUDQ lYDOHURVRV \ GH PXFKR JRELHUQR{ $GHPVSUHFLVD TXH FRQRFDQ \ HVWDEDQ HPSDUHQWDGRV FRQ ORV WROWHFDV \ TXH GHFLGLHURQHPLJUDU DO VXU SDUD RFXSDU WHUULWRULRV TXH KDEDQ VLGR GHMDGRV SRU ORV PLVPRVWROWHFDV @WRGRVORVYDOLHQWHVVHSUHFLDEDQGHHVWHQRPEUH{GLFHHOKLVWRULDGRUWH[FRFDQR(VWDJHQWHYDOHURVD OOHJDGLULJLU DOJXQRVGH ORV UHLQRVPV IXHUWHVGHO3RVFOVLFRWDUGRFRPR0[LFR7HQRFKWLWODQ\ODSURSLD7H[FRFR

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

/RV WHSDQHFDV GH $]FDSRW]DOFR VH HQIUHQWDURQ GLUHFWDPHQWH D &XOKXDFQDOUHGHGRUGHODR\ORJUDURQGHUURWDUDOTXHKDEDVLGRHOSRGHUPVSUHVWLJLDGR\ HVWDEOH GHVSXV GH OD FDGD GH 7XOD 3RVWHULRUPHQWH ORV WHSDQHFDV DWDFDURQSREODFLRQHVGHORVFKDOFDVTXH\DQRFRQWDEDQFRQODSURWHFFLQGH&XOKXDFQ(Q EDMR HO JRELHUQR GHO FOHEUH 7H]R]PRF $]FDSRW]DOFR DWDF \ FRQTXLVW

ZZZOHFWXODQGLDFRP3JLQD

7HQD\XFD\HQKL]R ORPLVPRFRQ&KLPDOKXDFQXQVHRURTXHDQWHVKDEDHVWDGREDMRODSURWHFFLQGH&RDWOLQFKDQFXDQGRVWDHUDXQDFLXGDGPVSUVSHUD

(QHOFRQWH[WRGHODVFHQVRWHSDQHFDORVPH[LFDVSXGLHURQSRUILQHVWDEOHFHUXQJRELHUQRIRUPDOORTXHHQQKXDWOVHOODPDEDXQWODWRF\RWO/DLVODHVWDEDGLYLGLGDHQGRVDVHQWDPLHQWRV7ODWHOROFRDOQRUWH\7HQRFKWLWODQDOVXU\FDGDDVHQWDPLHQWRLQVWDXU VXSURSLD FDVDJREHUQDQWH/RVPH[LFDWODWHOROFDVRSWDURQSRU DFHUFDUVH DO(VWDGR PV SRGHURVR \ HQ WRPDURQ SRU UH\ D &XDFXDKSLW]KXDF KLMR GH7H]R]PRF GH $]FDSRW]DOFR (Q ORV PH[LFDWHQRFKFDV HVFRJLHURQ D$FDPDSLFKWOL GH OD FDVD UHDO GH &XOKXDFQ SRU DTXHOORV GDV UHIXJLDGR HQ&RDWOLQFKDQ

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lFR\RWH TXH D\XQD{RlFR\RWH KDPEULHQWR{(QWUH ORVVHRURVDOLDGRVGH$]FDSRW]DOFRHQDTXHOODFDPSDDHVWXYLHURQGRVMYHQHVHVWDGRV7ODWHOROFRTXHUHFLELFRPRFRPSHQVDFLQORVWULEXWRVGH+XH[RWOD\7HQRFKWLWODQDO FXDO ORV WHSDQHFDV SUHPLDURQ FRQ OD WULEXWDFLQGH OD SURSLD FLXGDGGH7H[FRFR3HURHVWDVLWXDFLQFDPELDUDPX\SURQWR

/RVPH[LFDV\VX7ULSOH$OLDQ]D/RVSULPHURVUH\HVRWODWRDQLVPH[LFDVHOWUPLQRWODWRDQLVLJQLILFDOLWHUDOPHQWHlHOTXH KDEOD{ \ DV VH QRPEUDED D ORV P[LPRV GLULJHQWHV GH ORV VHRURV R UHLQRVQDKXDV VH YLHURQ IRU]DGRV D SDJDU WULEXWR D $]FDSRW]DOFR \ SDUWLFLSDURQ HQ ODVJXHUUDV GH OD H[SDQVLQ WHSDQHFD $FDPDSLFKWOL WXYR XQD DFWXDFLQGHFLVLYD HQ ODV FRQTXLVWDV WHSDQHFDV GH ;RFKLPLOFR 0]TXLF &XLWOKXDF \&XDXKQKXDF&XHUQDYDFD+XLW]LOKXLWOGLULJLHOHMUFLWRPH[LFDHQODIHUR]FDPSDDGH7H]R]PRFFRQWUD;DOWRFDQHLQFOXVRSDUWLFLSHQHOLQLFLRGHODV

ZZZOHFWXODQGLDFRP3JLQD

KRVWLOLGDGHV FRQWUD 7H[FRFR 'XUDQWH HO JRELHUQR GH &KLPDOSRSRFD RFXUULXQDFULVLVGHVXFHVLQHQ$]FDSRW]DOFRDOPRULU7H]R]PRFHO WURQRTXHGHQPDQRVGHVXKLMRPHQRU7D\DW]LQ,QFRQIRUPHHOSULPRJQLWR0D[WODGHUURFDVXKHUPDQR/RVPH[LFDVSDUWLFLSDURQHQXQLQWHQWRIDOOLGRGHUHVWDXUDFLQGH7D\DW]LQDFRQVHFXHQFLDGHOFXDO&KLPDOSRSRFDIXHKHFKRSULVLRQHURSRU0D[WOD\DVHVLQDGR

'HVSXV GHO DVHVLQDWR GH VX UH\ \ DJRELDGRV SRU ORV H[FHVLYRV WULEXWRV TXH$]FDSRW]DOFR OHV LPSRQD ORVPH[LFDV HVWDEOHFLHURQ FRQWDFWR FRQ1H]DKXDOF\RWOTXLHQHVWDEDUHIXJLDGRHQHO9DOOHGH3XHEODWUDVODPXHUWHGHVXSDGUH\IRUMDURQXQDDOLDQ]D FRQ HO REMHWLYR GH GHUURWDU D $]FDSRW]DOFR (O SODQ XUGLGR SRU OD QREOH]DPH[LFD LQFOXD OD FRODERUDFLQ GH EDWDOORQHV KXH[RW]LQFDV \ XQ DFXHUGR GHQHXWUDOLGDGFRQ7ODFRSDQFLXGDGWHSDQHFDTXHGLVFUHSDEDGHODVSROWLFDVGH0D[WOD$ORVPH[LFDVORVJXLDEDVXQXHYRWODWRDQL,W]FDWO

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

/D 7ULSOH $OLDQ]D SDUHFH KDEHU VLGR XQ JUDQ DUUHJOR SROWLFR SDUD GRWDU GHHVWDELOLGDGDODVWUHVFDEHFHUDVSDUWLFLSDQWHV\JDUDQWL]DUOHVXQGRPLQLRGXUDGHUR$OSDUHFHUHVWHWLSRGHDOLDQ]DKDEDRFXUULGRDQWHVHQ0HVRDPULFDSRUHMHPSORKXERXQD IRUPDGD SRU 7XOD 2WRPSDQ 2WXPED \ &XOKXDFQ /D DOLDQ]D LPSOLFDED XQFRPSURPLVR GH D\XGD UHFSURFD HQWUH VXV PLHPEURV \ SHUPLWD DSURYHFKDU ORVDQWHFHGHQWHVGHFDGDXQRHQGLIHUHQWHVVHFWRUHVGHOYDOOH\HQWUHGLIHUHQWHVVHRURV/DV DQWLJXDV FRQTXLVWDV ORV DQWLJXRV QH[RV HQWUH FDVDV JREHUQDQWHV H LQFOXVR ODVDQWLJXDV UXWDV GH PHUFDGR GH ODV TXH KDED IRUPDGR SDUWH FDGD XQD GH ODV WUHVFDEHFHUDVVHVXPDEDQDODDOLDQ]DVLQTXHVHSHUGLHUDODLGHQWLILFDFLQSUHIHUHQWHGHFDGDFDEHFHUDFRQXQJUXSRGHVHRURV

+XER PXFKRV VHRURV HQ HO 9DOOH GH 0[LFR \ VXV FHUFDQDV TXH HVWDEDQGLUHFWDPHQWH VXERUGLQDGRV D DOJXQR GH ORV WUHV JUDQGHV UHLQRV GH OD DOLDQ]D (VWRTXLHUHGHFLUTXHDGHPVGHSDJDUWULEXWRWDOHVVHRURVVXIUDQODLQMHUHQFLDSROWLFDGH ORV WODWRDQLVDOLDGRVTXLHQHV OOHJDEDQDQRPEUDUQXHYRVJREHUQDQWHVDXQTXHDVDOWHUDUDQ OD OQHD GH VXFHVLQ ORFDO /RV SULQFLSDOHV VHRURV GHSHQGLHQWHV GH7HQRFKWLWODQHUDQ(FDWHSHF7HQD\XFD0H[LFDOFLQJR+XLW]LORSRFKFR&KXUXEXVFR,]WDSDODSD &XOKXDFQ ;RFKLPLOFR &XLWOKXDF \0]TXLF 'H 7H[FRFR GHSHQGDQGLUHFWDPHQWH +XH[RWOD &RDWOLQFKDQ &KLPDOKXDFQ 2WXPED 7HSHWOD]WRF$FROPDQ 7HSHFKSDQ 7H]R\XFD &KLFRQDXWOD 7XODQFLQJR &XDXKFKLQDQJR&XDXKFKLQDQFR ;LFRWSHF 3DKXDWOQ \ 7ODFXLORWHSHF )LQDOPHQWH 7ODFRSDQ7DFXEDHMHUFDXQGRPLQLRGLUHFWRVREUHORVVHRURVGH$]FDSRW]DOFR2FR\RDFDF

ZZZOHFWXODQGLDFRP3JLQD

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

ZZZOHFWXODQGLDFRP3JLQD

ZZZOHFWXODQGLDFRP3JLQD

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

/D WULEXWDFLQGH ORV VHRURV VRPHWLGRVD OD7ULSOH$OLDQ]DQRVH VXPDEDSDUDUHSDUWLUOD HQWUH VXV WUHV PLHPEURV OR TXH RFXUUD HUD TXH FDGD VHRUR VRPHWLGRHQYLDED VX WULEXWDFLQ D OD FDEHFHUD FRUUHVSRQGLHQWH 7ROXFD 7ROORFDQ HQYLDED VXWULEXWR D 7ODFRSDQ &XDXKWLWOQ WULEXWDED D 7HQRFKWLWODQ 7HSR]RWOQ SDJDEDGLUHFWDPHQWHD7H[FRFR\DVVXFHVLYDPHQWH3RGDRFXUULUTXHXQVHRURWULEXWDUDVLPXOWQHDPHQWHDGRVFDEHFHUDVGHOD7ULSOH$OLDQ]DFLHUWRPRQWRDFDGDXQDVHIXHHOFDVRGH&XDXKQKXDFSRUHMHPSORTXHWULEXWDEDD7HQRFKWLWODQ\D7H[FRFR

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

0VDOOGHOUHSDUWRGHORVIOXMRVWULEXWDULRVSDUHFHKDEHUH[LVWLGRXQDGLYLVLQGHHVSHFLDOLGDGHV HQWUH ODV WUHV FDEHFHUDV DOLDGDV 0[LFR7HQRFKWLWODQ HUD HO OGHUPLOLWDULQGLVFXWLEOHVXHMUFLWRHUDPVIXHUWH\ODVFDPSDDVPLOLWDUHVVHSODQHDEDQHQ HO SDODFLR GHOKXH\ WODWRDQLPH[LFD (O WUPLQRKXH\ WODWRDQL JUDQ UH\ R JUDQVHRUVHXVDEDH[FOXVLYDPHQWHSDUDORVVREHUDQRVGHORVUHLQRVKHJHPQLFRVFRPRORV GH OD 7ULSOH $OLDQ]D TXH WHQDQ VXERUGLQDGRV D RWURV UHLQRV GHPHQRU SRGHU7H[FRFR WHQD PD\RU SUHVWLJLR HQ HO GLVHR \ HMHFXFLQ GH REUDV SEOLFDV FRPRGLTXHV\FDO]DGDV\VXFRUWHHUDODGHPD\RUIORUHFLPLHQWRFXOWXUDO\DUWVWLFR$ORVWHSDQHFDVGH7ODFRSDQVHOHVDFUHGLWDPD\RUSHULFLDHQODRUJDQL]DFLQGHOFRPHUFLR

ZZZOHFWXODQGLDFRP3JLQD

(OVLJORGHODKHJHPRQD\HOHVSOHQGRUGH0[LFR7HQRFKWLWODQ'HVGH TXH ORV PH[LFDV GHMDURQ GH HVWDU VXERUGLQDGRV D ORV WHSDQHFDV \HQWUDURQHQDOLDQ]DFRQ7H[FRFR\7ODFRSDQ7HQRFKWLWODQVHFRQYLUWLHQHO(VWDGRPV SRGHURVR 7ODWHOROFR QR WXYR VXHUWH QL HQ OD HOHFFLQ GH VXV DOLDGRV QL HQ ODVHVWUDWHJLDVDGRSWDGDVIUHQWHDFLHUWRVFRQIOLFWRV\TXHGVXERUGLQDGDD7HQRFKWLWODQ'HKHFKRHQWUHQRKXERXQWODWRDQLWODWHOROFD

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

0RFWH]XPD,,OKXLFDPLQDIXHHOJUDQVREHUDQRGHODKLVWRULDPH[LFDHOTXHFRQVROLGHO(VWDGRIRUWDOHFLODVDOLDQ]DVLQLFLODJUDQH[SDQVLQWHUULWRULDO'XUDQWHVXJRELHUQR WXYR OXJDUXQDHVSDQWRVDKDPEUXQDGHELGDD OD VHTXDTXHVHSURORQJGHD(QWRQFHVVHHVWDEOHFLODSUFWLFDGHODVlJXHUUDVIORULGDV{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

ZZZOHFWXODQGLDFRP3JLQD

HQULTXHFLHURQ \ OD YLGD FRUWHVDQD VH DGRUQ FRQ OXMRV \ HWLTXHWD 1H]DKXDOF\RWOGLVIUXWDED GH ORV MDUGLQHV \ GH XQ HVSOQGLGR EDR HQ ODV URFDV GH7HW]FRW]LQFR \0RFWH]XPDKDFDORSURSLRHQ&KDSXOWHSHF\HQ+XD[WHSHF2D[WHSHF

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

$SHVDUGHTXH0RFWH]XPD,,;RFR\RW]LQKXELHUDWHQLGRWLHPSRGHHPSUHQGHUWDQWDVFDPSDDVPLOLWDUHVFRPRVXSUHGHFHVRUQRORKL]R6XVFRQTXLVWDVVH OLPLWDURQ D DOJXQRV VHRURV ]DSRWHFRV TXH QR KDEDQ FDGR HQ OD FDPSDD GH2D[DFD %DMR VX JRELHUQR OD FRUWH VH UHGXMR DO GHWHQHUVH OD LQFRUSRUDFLQ GH ORVJXHUUHURVYDOLHQWHVDODQREOH]D6ORVHUHFRQRFLFRPRQREOHVDTXLHQHVGHVFHQGDQGHQREOHV/DJUDQGH]DGH ODFRUWHGH0RFWH]XPD,VHFRQYLUWLHQGHVSRWLVPRFRQ0RFWH]XPD,,0RFWH]XPD,FUHXQDYLVWRVDFRUWH0RFWH]XPD,,SHQVDEDPVHQVDOYDJXDUGDUODTXHHQGHMDUODEULOODU

$OPHQRVGRVGHFLVLRQHVGH0RFWH]XPD,,HVWQGLUHFWDPHQWHUHODFLRQDGDVFRQODYXOQHUDELOLGDGGH7HQRFKWLWODQHQHOPRPHQWRGHODJXHUUDFRQWUDORVHVSDROHVWUDWGH FRQWURODU D VX DQWLJXR DOLDGR7H[FRFR \ FRQ HVH REMHWLYR LPSXVR D VX VREULQR&DFDPDFRPRUH\GHDTXHOODFLXGDG$GHPVDWDFDORVWOD[FDOWHFDVFRQHOSURSVLWRGHVRPHWHUORVGHILQLWLYDPHQWHFRVDTXHQRORJU&RQVLJXLHQFDPELRSUHGLVSRQHUD ODV QREOH]DV GH 7OD[FDOD \ GH 7H[FRFR FRQWUD 7HQRFKWLWODQ OR TXH H[SOLFD ODGHWHUPLQDFLQGHDPEDVSRWHQFLDVGHSDFWDUFRQ&RUWV

(O9DOOHGH3XHEOD7OD[FDOD\VXVDOUHGHGRUHV(Q HO9DOOH GH3XHEOD7OD[FDOD FRPRKHPRV YLVWR KXER SRGHURVDV FLXGDGHV HQ HO3RVFOVLFR WDUGR YDULDV GH HOODV SREODGDV SRU HPLJUDQWHV FKLFKLPHFDV OLJDGRV D OD

ZZZOHFWXODQGLDFRP3JLQD

KLVWRULD GH 7XOD (Q OD ]RQD KXER XQD GHFHQD GH VHRURV GH GLPHQVLRQHV \FDSDFLGDGHV VLPLODUHV SHUR GHVSXQWDURQ WUHV HVWDGRV TXH FRQGXMHURQ OD SROWLFDUHJLRQDO \ ORJUDURQ DJOXWLQDU JUDQGHV IXHU]DV HQ WRUQR VX\R SULPHUR &KROXODGHVSXV+XHMRW]LQJR\PVWDUGH7OD[FDOD

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lVHQDGR GH7OD[FDOD{ HV XQD IDQWDVD URPQWLFDQXQFDKXERXQFXHUSROHJLVODWLYRLQWHJUDGRSRUUHSUHVHQWDQWHVSRSXODUHV

/RVPH[LFDVLQWHUYLQLHURQHQODSROWLFDGHOD]RQDGH3XHEOD7OD[FDODWDQWRFRPRSXGLHURQ SHUR QXQFD ORJUDURQ DYDVDOODUOD FRPR KLFLHURQ HQ RWUDV SDUWHV $WDFDURQ+XDTXHFKXODHQ\VHODDUUHEDWDURQDORVKXH[RW]LQFDV(QVRPHWLHURQDODFLXGDGGH7HSHDFD0DQWXYLHURQXQDVLWXDFLQGHFRQIOLFWRSHUPDQHQWHFRQ7OD[FDOD\+XHMRW]LQJRSHURPDQHMDGDFRQHODFXHUGRGHHIHFWXDUSHULGLFDPHQWHODVJXHUUDV

ZZZOHFWXODQGLDFRP3JLQD

IORULGDV (Q WLHPSR GH 0RFWH]XPD ,, KXER GRV ODSVRV GXUDQWH ORV FXDOHV ORVWOD[FDOWHFDVVHDOLDURQDORVPH[LFDVSHURYROYLHURQDFHUUDUVXVIURQWHUDVDOFRPHUFLR\ ODVHPEDMDGDVPH[LFDVSRFRDQWHVGH OD&RQTXLVWDHVSDROD&KROXODHQFDPELRPDQWXYRFLHUWDDOLDQ]DFRQ7HQRFKWLWODQKDVWDODOOHJDGDGH&RUWV

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

SRU OD$OLDQ]D )XH HO FDVR GH$WODFRPXOFR H ,[WODKXDFD GH0DODFDWHSHF VLWXDGRIUHQWHD=LWFXDUR\WDPELQGHOVHRURGH7HPD]FDOWHSHF

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

'HVSXV GH FRQFHQWUDUVH \ SDVDU DOJXQRV DRV HQ =DFDSX HVWRV XDFVHFKDVJXLDGRVSRUXQFDXGLOORDOFXDOQRPEUDEDQ,UHWL7LFWDPHVHGLULJLHURQDODFXHQFDGH3W]FXDUR $OO IXQGDURQ OD FLXGDG GHO PLVPR QRPEUH HO IXQGDGRU IXH 7DULFXULVHJQODWUDGLFLQTXHIXQJLFRPRFDSLWDOSDUDHVWHSXHEORPLJUDQWH\SDUDORVTXH

ZZZOHFWXODQGLDFRP3JLQD

\D YLYDQ HQ OD ]RQD FXDQGR ORV XDFVHFKDV OOHJDURQ WRGRV HUDQ KDEODQWHV GH ODOHQJXDWDUDVFDRSXUSHFKD$SDUWLUGH3W]FXDURFRPSDUWLHOSRGHUFRQRWUDVGRVFDEHFHUDVIRUPDQGRXQDDOLDQ]DWULSDUWLWD+LTXQJDUHKLMRGH7DULFXULJREHUQHQ3W]FXDURPLHQWUDVTXH+LULSDQ\7DQJD[RDQVREULQRVGH7DULFXULJREHUQDURQ,KXDW]LR\7]LQW]XQW]DQUHVSHFWLYDPHQWH

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

(O*ROIRGH0[LFR/DVIXHQWHVHVFULWDVTXHVHUHILHUHQDODVFXOWXUDVSUHKLVSQLFDVGHODFRVWDGHO*ROIRVRQ EDVWDQWH HVFDVDV (OOR VH GHEH HQ EXHQD PHGLGD D OD FDWVWURIH GHPRJUILFDRFXUULGDHQHOVLJOR;9,TXHHQODOODQXUDFRVWHUDVHDFHUFDOH[WUHPRGHODH[WLQFLQ/RVWHVWLPRQLRVGHORVFRQTXLVWDGRUHVHVSDROHVTXHFUX]DURQHVDUHJLQHQVXYLDMHKDFLD0[LFRODLQIRUPDFLQLQGLUHFWDTXHRIUHFHQODVIXHQWHVGHWUDGLFLQQDKXD\ODV LQYHVWLJDFLRQHV DUTXHROJLFDV SHUPLWHQ WHQHU XQD LGHD GH OR TXH RFXUUD HQ ODVWLHUUDVFRPSUHQGLGDVHQWUHORVURV3DSDORDSDQ\6RWROD0DULQD/RVKXDVWHFRVGHODIDPLOLD OLQJVWLFD PD\D KDEDQ RFXSDGR GXUDQWH VLJORV HO QRUWH GH OD UHJLQ GHO*ROIR/RVWRWRQDFRVDVHQWDGRVHQHOFHQWUR\HOVXUGHGLFKDUHJLQKDEDQOOHJDGRKDVWDODVOODQXUDVFRVWHUDVSURFHGHQWHVGHODVPRQWDDVKDFLDHOVLJOR9,,,GHQXHVWUDHUD

(VWFODURTXHORVPH[LFDV\VXVDOLDGRVDSHWHFDQODWULEXWDFLQGHORVKXDVWHFRVH KLFLHURQ OR SRVLEOH SRU REWHQHUOD 3HUR HVW LJXDOPHQWH FODUR TXH QR ORJUDURQGHUURWDUDWRGRVORVVHRURVGHODUHJLQ\TXHDTXHOORVDORVTXHYHQFDQYROYDQD

ZZZOHFWXODQGLDFRP3JLQD

VXEOHYDUVH $V TXH OD VRQRULGDG TXH DOFDQ]DQ HQ ODV IXHQWHV DOJXQDV FDPSDDVPLOLWDUHVFRQWUDOD+XDVWHFDFRPRODTXHUHDOL]$KXW]RWODOLQLFLRGHVXUHLQDGRQRUHIOHMDHO[LWRUHDOGHHVDVLQFXUVLRQHV

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lSLUPLGHV{KXDVWHFDVTXHSRUORJHQHUDOHUDQGHSODQWD FLUFXODU HVWDEDQ KHFKDV GH WLHUUD \ VOR UHFXELHUWDV VXSHUILFLDOPHQWH FRQHVWXFR(OORIDYRUHFLTXHODHURVLQERUUDUDODVKXHOODVGHVXDQWLJXRXUEDQLVPR

/RV WRWRQDFRV HQWUDURQ D OD KLVWRULRJUDID VREUH HO 0[LFR DQWLJXR GHVGH ORVSULPHURV GDV GHO FRQWDFWR HXURSHR FRQ0HVRDPULFD HO lFDFLTXH JRUGR{ TXH VHPRVWUDED LQFPRGR SRU OD SUHVHQFLD GH ORV HQYLDGRV PH[LFDV HQ OD FLXGDG GH&HPSRDOD\IXHDPLJDEOHFRQ&RUWVILJXUDHQHOUHODWRGHOD&RQTXLVWD&HPSRDODHUDHQHIHFWRXQDGHODVULFDVFLXGDGHVGHORVWRWRQDFDVFRPR7X[SDQ4XLDKXL]WODQR &RWD[WOD TXH KDEDQ VLGR FRQTXLVWDGDV SRU ORV HMUFLWRV GH OD 7ULSOH $OLDQ]D&XDQGRORVWRWRQDFRVVHUHIHUDQDTXLHQHVORVWHQDQVRPHWLGRVDOSDJRGHWULEXWR\DODDFHSWDFLQGHVXVFRQGLFLRQHVFRPHUFLDOHVDFXVDEDQHQSDUWLFXODUDORVFXOKXDVHVGHFLUDORVPH[LFDV

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

ZZZOHFWXODQGLDFRP3JLQD

XQD UHG GH DOLDQ]DV HVWUDWJLFDV DSR\DGDV HQ PDWULPRQLRV UHDOHV TXH YLQFXODEDVHRURV PL[WHFRV GH OD VLHUUD FRPR &RL[WODKXDFD FRQ VHRURV GH SUHGRPLQLRQDKXDFRPRORVGH&KROXOD\7HRKXDFDQ7HKXDFQ

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

$ ORV SDWURQHV FXOWXUDOHV ]DSRWHFRV TXH ORV PL[WHFRV FRPSDUWDQ FRPR ODVFPDUDV IXQHUDULDV GHFRUDGDV FRQ SLQWXUD VH VXPDURQ UDVJRV GH OD 7UDGLFLQ0L[WHFD3XHEOD \ PX\ HVSHFLDOPHQWH OD SUFWLFD GH OD RUIHEUHUD \ OD SLQWXUD GHFGLFHVTXHORVPL[WHFRVGRPLQDEDQ\GLIXQGLHURQFRQVXDYDQFH/DULTXH]DGHODUHJLQRD[DTXHD\HOOXMRGHVXVFRUWHVVLHPSUHDEDVWHFLGDVGHRURDOJRGQSOXPDVULFDV \ FDFDR DQLP D ORVPH[LFDV D HPSUHQGHU FDPSDDVPLOLWDUHV0RFWH]XPD ,FRQTXLVWODULFD&RL[WODKXDFD7]RFVRPHWLDODRWUDFDEHFHUDPD\RUGHODVLHUUD

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

/DVSREODFLRQHV\VXVEDUULRV(QHO3RVFOVLFRWDUGRKDEDHQ0HVRDPULFDFLHQWRVGHVHRURVRSHTXHRVUHLQRV6H KD FDOFXODGR TXH SXHGHQ KDEHU VLGR XQRV WRGRV HOORV UHFLELUDQ ODGHQRPLQDFLQ FRORQLDO GH lSXHEORV GH LQGLRV{ )UHFXHQWHPHQWH HVWRV SHTXHRVUHLQRV IRUPDEDQ DOLDQ]DV PXFKRV WHQDQ FLHUWR JUDGR GH VXERUGLQDFLQ D DOJXQRVUHLQRVPD\RUHVTXHIXQFLRQDEDQFRPRFHQWURVUHJLRQDOHV+XERDOJXQRVUHLQRVPX\SRGHURVRVTXHGHVSOHJDURQHVWUDWHJLDVGHH[SDQVLQGHWLSRLPSHULDOSDUDFRQWDUFRQOD WULEXWDFLQGHSURYLQFLDV OHMDQDV\SDUDSURWHJHU UXWDVGHFRPHUFLRGHPX\ ODUJDGLVWDQFLD (Q YVSHUDV GH OD &RQTXLVWD HVSDROD GHVWDFDQ GRV JUDQGHV UHLQRVH[SDQVLRQLVWDVHOWDUDVFR\HOPH[LFD

&DGD UHLQR R VHRUR GH OD GLPHQVLQ TXH IXHUD IXQFLRQDED FRPR XQD XQLGDGWHUULWRULDOVHLGHQWLILFDEDFRQXQFRQMXQWRGHWHPSORV\SOD]DVFRQWDEDFRQXQUHDUHVLGHQFLDO \ UHDV SURGXFWLYDV DGHPV GH WHQHU WULEXQDOHV UHFDXGDGRUHV \ XQDHVWUXFWXUDDGPLQLVWUDWLYDPD\RURPHQRUVHJQODGLPHQVLQGHOVHRUR(OQRPEUHTXH ORVQDKXDVGDEDQDFDGDXQDGHHVWDVXQLGDGHVSROWLFRWHUULWRULDOHVHUDDOWSHWOOLWHUDOPHQWH FHUUR GH DJXD 7HQRFKWLWODQ HUD XQ DOWSHWO \ WDPELQ OR HUDQ RWURVVLWLRVPXFKRPV SHTXHRV FRPR&XLWOKXDF R&KXUXEXVFR(Q ODPD\RUD GH ORVFDVRVHODVHQWDPLHQWRSULQFLSDOGHXQVHRURRDOWSHWOHUDXQDFLXGDGSHURWDPELQKXER VHRURV FRQ HVFDVDXUEDQL]DFLQGHO HVSDFLR FRQVLVWHQWH DSHQDV HQ HO FHQWURFHUHPRQLDO\ODUHVLGHQFLDGHOJREHUQDQWH\VXVSDULHQWHV$OJREHUQDQWHVXSUHPRGHODOWSHWOVHOHFRQRFDFRPRWODWRDQL\DODLQVWLWXFLQGHODPRQDUTXDVHODGHVLJQDEDFRQHOWUPLQRWODWRF\RWO

(OFRQFHSWRGHDOWSHWOH[LVWLWDPELQHQRWUDVOHQJXDVHQDOJXQRVGRFXPHQWRVFRORQLDOHV PL[WHFRV SRU HMHPSOR DSDUHFH OD H[SUHVLQ \XFXQGXWD lPRQWDD \DJXD{6LQHPEDUJRORPVFRPQHQRWUDVUHJLRQHVHUDDOXGLUDOVHRURDOFXDOVHSHUWHQHFDFRQODH[SUHVLQPVVHQFLOODGHlSXHEOR{RlOXJDU{XXHQPL[WHFRNDDMHQPD\D\XFDWHFRLUHWDHQWDUDVFR/DVSHUVRQDVVHLGHQWLILFDEDQFRPRSURFHGHQWHVR

ZZZOHFWXODQGLDFRP3JLQD

SHUWHQHFLHQWHVDGHWHUPLQDGRDOWSHWODGHWHUPLQDGRXXSHURDVXYH]FDGDSXHEORR FLXGDG HVWDED IRUPDGR SRU FRPXQLGDGHV PV SHTXHDV GHQRPLQDGDV EDUULRVlFRODFLRQHV{RDXQSDUURTXLDVHQODGRFXPHQWDFLQHQHVSDRO

/RV EDUULRV PHVRDPHULFDQRV HUDQ PV TXH VXEGLYLVLRQHV HVSDFLDOHV GH ORVDVHQWDPLHQWRVHUDQFRPXQLGDGHVIXHUWHPHQWHFRKHVLRQDGDVJUXSRVFRUSRUDWLYRVTXHDJOXWLQDEDQDYDULDVIDPLOLDV\VHLGHQWLILFDEDQFRPRXQLGDGHVVRFLDOHVEVLFDVSDUDOD YLGD GH OD XQLGDG SROWLFDPD\RU (O EDUULR HV FRQRFLGR HQ OD OLWHUDWXUD VREUH HO0[LFRSUHKLVSQLFRFRQHOQRPEUHTXH OHGDEDQ ORVQDKXDVTXHHVHOGHFDOSXOOLSHURVHWUDWDGHXQDIRUPDGHRUJDQL]DFLQSUHVHQWHHQWRGD0HVRDPULFD/RVPD\DVOROODPDEDQNXXFKWHHOORVPL[WHFRVGH7HSRVFROXODVLTXLORVPL[WHFRVGH

GH HVSOHQGRU GH 0[LFR7HQRFKWLWODQ ORV JREHUQDQWHV OOHJDURQ D WHQHU FLHUWDLQMHUHQFLD HQ HO QRPEUDPLHQWR GH ORV MXHFHV TXH UHVLGDQ HQ ORV EDUULRV SDUDVXSHUYLVDU HO FXPSOLPLHQWR GH ODV OH\HV GHO UHLQR SHUR ORV EDUULRV FRQVHUYDURQ VXDXWRQRPD HQ WRGR OR GHPV GLVWULEXFLQ GHO VXHOR KDELWDEOH RUJDQL]DFLQ GH ODSURGXFFLQSUFWLFD UHOLJLRVD ORFDO UHXQLRQHV\GHOLEHUDFLRQHVHQ ODFDVDFRPXQDOHWFWHUD

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

(QWRGRVORVFDVRVHVWDVFRPXQLGDGHVHUDQWDPELQXQLGDGHVWULEXWDULDVHVGHFLUHO JRELHUQR GHO VHRUR FREUDED XQ WULEXWR QR D FDGD IDPLOLD VLQR DO EDUULR HQ VXFRQMXQWR/DVWLHUUDVFRPXQDOHVHUDQSUHFLVDPHQWHSDUDSURGXFLUHVHWULEXWRTXHODFRPXQLGDG HVWDEDREOLJDGD DSDJDU5HVSHFWR DO YDSD]WHTXD WDUDVFR VH VDEHPXFKRPHQRVSHUR UHVDOWD HO UDVJRSHFXOLDUGHTXH VRODPHQWHSDJDED WULEXWR HQ IRUPDGHWUDEDMR

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

'LYLVLQVRFLDO/RVEDUULRVGHO0[LFRDQWLJXR VH FDUDFWHUL]DEDQ WDPELQSRU VHU FRPXQLGDGHV VLQHVWUDWLILFDFLQ LQWHUQD 7RGDV ODV IDPLOLDV YLYDQ HQ ODVPLVPDV FRQGLFLRQHV \ VORGHVWDFDED OD GHO MHIH GHO EDUULR (O MHIH WHQD XQD VHULH GH UHVSRQVDELOLGDGHV TXHMXVWLILFDEDQODGLIHUHQFLD$VXFDVDDFXGDQORVPLHPEURVGHODFRPXQLGDGFRQVXVSUREOHPDV\SOHLWRVHQVXSDWLRWHQDQOXJDUODVUHXQLRQHVGHORVMHIHVGHIDPLOLDGHOEDUULR\ORVEDQTXHWHVSURSLRVGHDOJXQDVILHVWDV

/DJHQWHGHOSXHEORORVFRPXQHURVTXHLQWHJUDEDQORVEDUULRVUHFLEDQHQOHQJXDQKXDWOHOQRPEUHGHPDFHKXDOWLQ VLQJXODUPDFHKXDOOLDMFKDPEHOZLQLNRREHQ

ZZZOHFWXODQGLDFRP3JLQD

PD\D\DQGDKLRFRQPHQRVIUHFXHQFLDG]D\DG]DQDHQPL[WHFRHQOHQJXDWDUDVFDHOJHQULFRSXUSHFKDVHUYDSDUDDOXGLUDODJHQWHGHOSXHEOR7RGRVHVWRVFRPXQHURVWHQDQ OD REOLJDFLQ GH SDJDU WULEXWR D OD QREOH]D \ FRPR YHDPRV OR KDFDQFRUSRUDWLYDPHQWH D WUDYV GH VX EDUULR VD IXH OD SULQFLSDO GLVWLQFLQ VRFLDO TXHH[LVWL HQ HO VHQR GH OD FLYLOL]DFLQ PHVRDPHULFDQD ORV SOHEH\RV WUDEDMDEDQ HQGLIHUHQWHV WDUHDV SURGXFWLYDV VHJQ VX HVSHFLDOLGDG \ SDJDEDQ XQ WULEXWR D ORVQREOHV (VWRV OWLPRV DFDSDUDEDQ ORV PV DOWRV FDUJRV HQ HO JRELHUQR \ HQ HOVDFHUGRFLR\YLYDQFRQFLHUWDULTXH]D\SULYLOHJLRVJUDFLDVDODGLVWULEXFLQTXHORVJREHUQDQWHVUHDOL]DEDQGHORVSURGXFWRVWULEXWDGRVSRUORVSOHEH\RV/RVQREOHVHUDQOODPDGRV SLSLOWLQ HQ OHQJXD QKXDWO VLQJXODU SLOOL DDOPHMHQRRE HQ PD\D GH

YHUWLHQWHVKDEDHVFODYRVGRPVWLFRVTXHKDFDQODERUHVFRPRDFDUUHDUDJXD\OHD\HVFODYRVSDUDHO VDFULILFLR FX\RQLFRGHVWLQRHUDPRULU HQFLHUWDV VROHPQLGDGHV/RVSULPHURVOOHJDEDQDHVDFRQGLFLQSRURUGHQMXGLFLDODOQRKDEHUSRGLGRVDOGDUXQDGHXGDRSDUDGHVDJUDYLDUDXQDIDPLOLDWUDVKDEHUODRIHQGLGRGHDOJQPRGR/RVVHJXQGRVHUDQFRPSUDGRVHQODVSOD]DVGHPHUFDGRSRUTXLHQHVLEDQDVDFULILFDUORV(OPHUFDGRGH$]FDSRW]DOFRHUDXQRGHORVHQFODYHVSUHGLOHFWRVGHORVPHUFDGHUHVGHHVFODYRV (Q QKXDWO VH OODPDED DO HVFODYR WODFRWOL HQPD\DSHQWDN \ HQPL[WHFRGDKDVDKD

(V SUHFLVR DFODUDU TXH ORV DUWHVDQRV \ ORV PHUFDGHUHV QR SDJDEDQ DO DOWSHWOWULEXWRHQWUDEDMRSHURVHQHVSHFLH

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

/DV PDQLREUDV PLOLWDUHV \ ODV JXHUUDV TXH ORV PH[LFDV \ VXV DOLDGRV OLEUDEDQSRGDQ WHQHU HQWRQFHVGRVREMHWLYRVHFRQPLFRVGLVWLQWRVGDU IRUPD FRQVROLGDU\SURWHJHUODVUXWDVFRPHUFLDOHVRELHQLPSRQHUWULEXWRV(QFXDOTXLHUFDVRODJXHUUDHVWDED ULJXURVDPHQWH UHJODPHQWDGD/RVFRQWLQJHQWHVSRSXODUHVGH ORVVHRURVTXHSDUWLFLSDEDQHQXQDFDPSDDDYDQ]DEDQDJUXSDGRVHQHVFXDGURQHVJXLDGRVSRUVXVDEDQGHUDGRV \ OLVWRV SDUD SDUWLFLSDU HQ HO PRPHQWR HQ TXH ORV FDSLWDQHV DV ORPDQGDUDQ

DFWR GH DSURSLDFLQGH OD YDOHQWD GHO JXHUUHUR HUD XQ ULWR FROHFWLYR HQ HO FXDO ODVIDPLOLDV LQFOXVRGH ORV EDUULRVPV UHPRWRVGH OD FLXGDG FRPDQXQDSDUWH GH ORVPLVPRV FXHUSRV TXH HVWDEDQ VLHQGR LQJHULGRV HQ HO SDODFLR UHFXUGHVH OD SLHUQDGHVSUHQGLGD WDPELQ HUD XQ PRPHQWR FXOPLQDQWH SDUD HO SUHVWLJLR SHUVRQDO GHOEUDYRJXHUUHURGHOEDUULRTXHWUDVHOEDQTXHWH\OOHQRGHJORULDFROJDEDHOIPXUGHVXYFWLPDFRPRWURIHRSHUVRQDO

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

6LQ HPEDUJR HO RUGHQ QR HUD SHUIHFWR0XFKDV GH ODV FLXGDGHV GHO 3RVFOVLFRWDUGRHVWDEDQGHQVDPHQWHSREODGDVHUDQEXOOLFLRVDV\WHQDQODSVRVGHDJORPHUDFLQHQSOD]DV FDOOHV \ FDQDOHV$O FDORU GH HVH EXOOLFLR \ HQ HVSHFLDO HQ ODV SOD]DV GHPHUFDGR RFXUUDQ DVDOWRV \ SOHLWRV GH YH] HQ FXDQGR VH YHD FRUUHU D XQ ODGUQRWDPEDOHDUVHDXQERUUDFKR

8QD SLH]DPX\ LPSRUWDQWH HQ OD RUJDQL]DFLQ GH ORV VHRURV IXH OD HGXFDFLQHVFRODU (Q WRGD 0HVRDPULFD H[LVWLHURQ UHFLQWRV GH UHFOXVLQ SDUD ORV MYHQHVQREOHV HQ ORV FXDOHV DSUHQGDQ D FRQGXFLU HO ULWXDO D LQWHUSUHWDU ORV FGLFHV DWUDQVPLWLU ORV UHODWRV KLVWULFRV D GHFODPDU FRQ VROHPQLGDG \ D SHOHDU FXHUSR DFXHUSR SDUD WRPDU FDXWLYRV $OJXQRV MYHQHV SHUPDQHFDQ LQWHUQDGRV HQ VX HGDG

ZZZOHFWXODQGLDFRP3JLQD

PDGXUD \ VH LQWHJUDEDQ DO VDFHUGRFLR PLHQWUDV HO UHVWR VDOD SDUD FRQWUDHUPDWULPRQLR(VWHWLSRGHUHFLQWRHUDFRQRFLGRHQQKXDWOFRQHOQRPEUHGHFDOPFDFSDVLOOR$GHPVH[LVWDRWURWLSRGHHVFXHODTXHDOPHQRVHQ0[LFR7HQRFKWLWODQHUD REOLJDWRULD SDUD WRGRV ORV MYHQHV SOHEH\RV OODPDGD WHOSRFKFDOOL R FDVD GHMYHQHV$OO ORV MYHQHVGHOSXHEORDSUHQGDQDFRPEDWLUUHFLEDQLQVWUXFFLQSDUDSDUWLFLSDU HQ ODV FXDGULOODV TXH UHDOL]DEDQ ODV REUDV SEOLFDV FRPR GLTXHV \FDO]DGDV\DSUHQGDQODVGDQ]DV\FDQWRVFROHFWLYRVTXHHUDQIXQGDPHQWDOHVSDUDODVILHVWDVPHQVXDOHVGHODVYHLQWHQDVRUJDQL]DGDVSRUHOVDFHUGRFLR

/DSUFWLFDGHODGDQ]D\HOFDQWRWHQDOXJDUHQODQRFKHHQHOPLVPRUHFLQWRHQHOTXHVHRUJDQL]DEDQODVFXDGULOODVGHWUDEDMRHQODVPDDQDVOODPDGRFXLFDFDOOLRFDVDGHFDQWR+RPEUHV\PXMHUHVUHDOL]DEDQVLPXOWQHDPHQWHODVSUFWLFDVQRFWXUQDVGH GDQ]D SXHV DV GHEDQ SDUWLFLSDU LQWHJUDGRV \ D PHQXGR LQWHUFDODGRV HQ ODVILHVWDVGHOUHLQR(VSUREDEOHTXHWRGDVODVPXFKDFKDVGHORVEDUULRVKD\DQWHQLGRODREOLJDFLQ GH DFXGLU D ORV FXLFDFDOOLV HQ HO FUHSVFXOR OOHJDEDQ HQ JUXSRVDFRPSDDGDV SRU YLHMDV JXDUGLDQDV (Q FDPELR QR KD\ LQIRUPDFLQ TXH SHUPLWDDVHJXUDU FRQ FHUWH]D TXH ODV PXFKDFKDV WXYLHUDQ TXH DFXGLU REOLJDWRULDPHQWH DDOJXQD LQVWLWXFLQ GXUDQWH HO GD /D JXHUUD \ ODV REUDV FRPXQDOHV QR LQFOXDQ ODIXHU]D ODERUDO IHPHQLQD /RV UHFLQWRV GH UHFOXVLQ GH ORV TXH VH WLHQH QRWLFLD TXHHUDQ SDUD ODV PXMHUHV TXH KDEDQ ORJUDGR VREUHYLYLU D DOJXQD HQIHUPHGDG HQ VXLQIDQFLD\DVSDJDEDQDORVGLRVHVHUDQXQDHVSHFLHGHFRQYHQWRVGRQGHODVPXMHUHVEDUUDQ \ SRQDQ RIUHQGDV \ TXL] SUHSDUDEDQ DOLPHQWRV SDUD ORV VDFHUGRWHV /DVSUFWLFDV GH DXWRVDFULILFLR R PRUWLILFDFLQ QR VH PHQFLRQDQ HQ ORV UHFLQWRV GHUHFOXVLQGHPXMHUHV\HQFDPELRHUDQVXPDPHQWHLPSRUWDQWHVHQHOFDOPFDF

/DOWLPDFDSLWDOLPSHULDO(Q0HVRDPULFD HO XUEDQLVPR IXH XQ UDVJR TXH GHVWDF VREUH ODV GHPV SUFWLFDVFLYLOL]DWRULDV'HVGHODVSHTXHDVFLXGDGHVGHODVHOYDWURSLFDOKDVWDODVPHWUSROLVGHOD DOWLSODQLFLH FRPR 7HRWLKXDFQ 7XOD R 7H[FRFR OD PD\RU SDUWH GH ODV FXOWXUDVPHVRDPHULFDQDVSUHILULHURQODFRQFHQWUDFLQXUEDQDFRPRHVWUDWHJLDGHRUJDQL]DFLQ\FUHFLPLHQWR

(OHVSOHQGRUGH0[LFR7HQRFKWLWODQOWLPDFDSLWDOLPSHULDOTXHGUHJLVWUDGRHQODVQDUUDFLRQHVGHTXLHQHVIXHURQWHVWLJRVGHVXJUDQGH]D\GHDTXHOORVTXHWUDWDEDQGH UHFRUGDUOD GFDGDV GHVSXV GH OD &RQTXLVWD HVSDROD $GHPV PXFKRVIUDJPHQWRVGH VXVDQWLJXRVHGLILFLRV HVFXOWXUDV\RWURVREMHWRVKDQHPHUJLGRHQWUHODV FDOOHV GH OD WUD]D YLUUHLQDO +R\ WHQHPRV XQD LGHD EDVWDQWH FRPSOHWD GH VXVGLPHQVLRQHV\VXULTXH]D

(OUDVJRPVVREUHVDOLHQWHGH7HQRFKWLWODQHVVXFDUFWHULQVXODU/DFLXGDGFUHFLVREUHXQVXHORDUWLILFLDOGHGRVWLSRVJUDQGHVLVORWHVKDELWDFLRQDOHVFDGDXQRGHORVFXDOHVHUDDVLHQWRGHXQWOD[LODFDOOLREDUULRGLVWLQWR\PX\GHOJDGDVIUDQMDVGHWLHUUDKPHGD\IUWLOTXHFRQRFHPRVFRPRFKLQDPSDV8QRV\RWUDVVHFRQVWUX\HURQFRQFHUFDGRV GH HVWDFDV TXH VH FODYDEDQ DO IRQGR GHO ODJR \ VH UHOOHQDEDQ FRQ WLHUUD \

ZZZOHFWXODQGLDFRP3JLQD

ORGR 3RVWHULRUPHQWH HQ ORV ERUGHV VH VHPEUDEDQ HVSHFLHV DUEUHDV FRPR HODKXHMRWH FX\DV UDFHV D\XGDEDQ D FRQWHQHU OD WLHUUD $V SXHV OD JUDQ LVOD GH7HQRFKWLWODQ HUD HQ VX FDVL WRWDOLGDG XQD FUHDFLQ GH ORV SURSLRVPH[LFDV \ GH ORVSXHEORVWULEXWDULRVTXHFRQWULEX\HURQDVXHVSOHQGRU

8QDUHGGHFDPLQRVSHUPLWDSDVDUGHXQYHFLQGDULRDRWUR\DFFHGHUDSOD]DV\DYHQLGDVSHURORVFDPLQRVTXHIRUPDEDQGLFKDUHGVHLQWHUUXPSDQFRQVWDQWHPHQWHSRU ORV FDQDOHV TXH IOXDQ DOUHGHGRU GH YHFLQGDULRV \ FKLQDPSDV (VWRV FUXFHV VHVDOYDEDQFRQXQVLVWHPDGHSRQWRQHVGHWDEODVTXHVHJQSXGRFRPSUREDUVHHQORVGDV GH OD&RQTXLVWD HVSDROD LPSOLFDEDQ XQ SURFHGLPLHQWR GHIHQVLYRPX\ HILFD]%DVWDED FRQ UHWLUDU ORV SRQWRQHV SDUD TXH OD FLXGDG TXHGDUD FRQYHUWLGD HQ XQDUFKLSLODJR

/DVFDO]DGDVSULQFLSDOHVOHYDQWDGDVDPD\RUDOWXUDVREUHGLTXHVGHPDPSRVWHUDIDFLOLWDEDQ HO WUDVODGR GH FRQWLQJHQWHV QXPHURVRV FRPR WURSDV R FDUDYDQDV GHPHUFDGHUHV 6REUH HVRVPLVPRV GLTXHV VH WHQGDQ ODV DFHTXLDV GH DJXD GXOFH TXHPHMRUDEDQ ODV FRQGLFLRQHV GH FXOWLYR GH ODV ]RQDV FKLQDPSHUDV \ DOJXQRVDFXHGXFWRV FRPR HO TXH VDOD GH&KDSXOWHSHF TXH HUD OD SULQFLSDO IXHQWH GH DJXDSRWDEOHSDUDORVLVOHRV

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

/DV SODWDIRUPDV FHUHPRQLDOHV R SLUPLGHVPH[LFDV HVWDEDQ FRQVWUXLGDV FRQ XQVLVWHPD GH VXSHUSRVLFLQ GH WDOXGHVWUHV R FXDWUR JHQHUDOPHQWH FX\D EDVH VHYROYDPV SHTXHD DO DFHUFDUVH D OD FVSLGH GRQGH VH OHYDQWDED HO WHPSOR(Q HOSDVLOORTXHVHIRUPDEDDOILQDOL]DUFDGDFXHUSRKDEDEUDVHURVTXHORVVDFHUGRWHVGHOUHFLQWR VDJUDGRGHEDQPDQWHQHU DUGLHQGR VLHPSUH\ HQ ORV FXDOHV VH KDFD OD JUDQRIUHQGDPDWXWLQDGHFRSDO

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

ZZZOHFWXODQGLDFRP3JLQD

DJXDODPXMHU/D ULTXH]D\ HO OXMRGH OD FRUWHPH[LFDGHEHQKDEHU VLGRH[WUDRUGLQDULRV$ ORV

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

(3/2*21R KD\ QLQJQ DUJXPHQWR SDUD VRVWHQHU TXH OD FLYLOL]DFLQ PHVRDPHULFDQD VHHQFRQWUDUDHQIDVHGHGHFDGHQFLDFXDQGRRFXUULOD&RQTXLVWDHVSDRODDXQTXHTXL]HO(VWDGRPH[LFDVKDEDOOHJDGRDVXOPLWH\HVWDEDFHUFDGHVXIULUXQDPHUPDGHVXSRGHURXQFRODSVR(OJRELHUQRGH0RFWH]XPD,,GDEDDOJXQDVVHDOHVGHSDUOLVLV7DPSRFRSXHGHDILUPDUVHTXHODFLYLOL]DFLQPHVRDPHULFDQDHVWXYLHUDHQHOWUDQFHGHFRQYHUWLUVHHQRWUDFRVDPVELHQHVWDEDYLYLHQGRXQFLFORVLPLODUDRWURVSRUORVTXHKDEDSDVDGR

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

ZZZOHFWXODQGLDFRP3JLQD

JXHUUHURV FRPR XQD HVWUDWHJLD SDUD RFXSDU \ GRPLQDU XQ WHUULWRULR 3HUR ODVWUDQVIRUPDFLRQHV HQ FXUVRVL HQ HIHFWR OR HVWDEDQ HUDQ SRFDV \ RFXUUDQ FRQOHQWLWXG0HVRDPULFD QR HVWDED H[SXHVWD DO WLSR GH FKRTXH FXOWXUDO TXH HQWRQFHVDQLPDEDWDQWRVFDPELRVHQHO0HGLWHUUQHR

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

(QWUPLQRVJHQHUDOHVQLQJQEDQGREDUEDUL]DORWURLQFOXVRVLKDEDLQGLRVTXHSHQVDEDQTXH ORV HVSDROHV HUDQ FRGLFLRVRV\PDOROLHQWHV\ VL KDED HVSDROHVTXHSHQVDEDQ TXH ORV LQGLRV HUDQ IOHPWLFRV R SXVLOQLPHV(Q JHQHUDO VH LGHQWLILFDURQFRPR VHPHMDQWHV OR FXDO QR HYLW TXH HO VLVWHPD LPSODQWDGR WUDV OD &RQTXLVWDIDYRUHFLHUDODH[SORWDFLQHFRQPLFDGHORVLQGLRV\ODGLVROXFLQGHPXFKDVDXQTXHQRWRGDVGHVXVLQVWLWXFLRQHV\FRVWXPEUHV

/(&785$668*(5,'$6$/&$/-HUQLPRGH5HODFLQGH0LFKRDFQ HGLFLQGH0RLVV)UDQFR0HQGR]D=DPRUD(O&ROHJLRGH

0LFKRDFQ*RELHUQRGHO(VWDGRGH0LFKRDFQ%$5/2: 5REHUW + /D H[WHQVLQ GHO LPSHULR GH ORV &XOKXD 0H[LFD 0[LFR ,QVWLWXWR 1DFLRQDO GH

$QWURSRORJDH+LVWRULD%85*2$)UDQFLVFRGH3DOHVWUDKLVWRULDO0[LFR3RUUD*HRJUILFDGHVFULSFLQHGIDFV>@YROV0[LFR3RUUD&$55$6&2 3HGUR(VWUXFWXUD SROWLFRWHUULWRULDO GHO ,PSHULR WHQRFKFD OD 7ULSOH $OLDQ]D GH 7HQRFKWLWODQ

7HW]FRFR\7ODFRSDQ0[LFR)RQGRGH&XOWXUD(FRQPLFD(O&ROHJLRGH0[LFR l/D HFRQRPD SUHKLVSQLFD GH 0[LFR{ HQ (QULTXH )ORUHVFDQR HG (QVD\RV VREUH HO GHVDUUROOR

HFRQPLFRGH0[LFR\$PULFD/DWLQD0[LFR)RQGRGH&XOWXUD(FRQPLFDSS&$62$OIRQVR5H\HV\UHLQRVGHOD0L[WHFDYROV0[LFR)RQGRGH&XOWXUD(FRQPLFD(OSXHEORGHO6RO0[LFR)RQGRGH&XOWXUD(FRQPLFD /RV FDOHQGDULRV SUHKLVSQLFRV 0[LFR ,QVWLWXWR GH ,QYHVWLJDFLRQHV +LVWULFDV8QLYHUVLGDG 1DFLRQDO

$XWQRPDGH0[LFR&$67,//2 9FWRU(VWUXFWXUD HFRQPLFD GH OD VRFLHGDG PH[LFD VHJQ ODV IXHQWHV GRFXPHQWDOHV 0[LFR

8QLYHUVLGDG1DFLRQDO$XWQRPDGH0[LFR&(59$17(6'(6$/$=$5)UDQFLVFR&UQLFDGHOD1XHYD(VSDDYROV0DGULG(GLFLRQHV$WODV&GLFH%RGOH\HGLFLQGH$OIRQVR&DVR0[LFR6RFLHGDG0H[LFDQDGH$QWURSRORJD&GLFH%RUEQLFRHGLFLQGH)HUGLQDQG$QGHUV0DDUWHQ-DQVHQ\/XLV5H\HV*DUFD0[LFR6RFLHGDG(VWDWDO

4XLQWR &HQWHQDULR (VSDD$NDGHPLVFKH 'UXFN X 9HUODJVDQVWDOW *UD] $XVWULD)RQGR GH &XOWXUD(FRQPLFD

&GLFH%RUJLDHGLFLQGH(GXDUG6HOHU0[LFR)RQGRGH&XOWXUD(FRQPLFD&GLFH%RWXULQL7LUDGHODSHUHJULQDFLQHQ$QWLJHGDGHVGH0[LFRYROVEDVDGDVHQ OD UHFRSLODFLQGH

/RUG .LQJVERURXJK HGLFLQ GH -RV &RURQD 1H] 0[LFR 6HFUHWDUD GH +DFLHQGD \ &UGLWR 3EOLFR

ZZZOHFWXODQGLDFRP3JLQD

YRO,,&GLFHGH'UHVGHHGLFLQGH(ULF7KRPSVRQ0[LFR)RQGRGH&XOWXUD(FRQPLFD&GLFH)ORUHQWLQR0DQXVFULWRGHOD&ROHFFLQ3DODWLQDGHOD%LEOLRWHFD0HGLFHD/DXUHQ]LDQDYROV

0[LFR$UFKLYR*HQHUDOGHOD1DFLQ6HFUHWDUDGH*REHUQDFLQ&GLFH0HQGR]D 7KH&RGH[0HQGR]D HGLFLQ GH )UDQFHV ) %HUGDQ \ 3DWULFLD$QDZDOW YROV %HUNHOH\

8QLYHUVLW\RI&DOLIRUQLD3UHVV&GLFH1XWWDOO=RXFKH1XWWDOOHGLFLQGH)HUGLQDQG$QGHUV0DDUWHQ-DQVHQ\*DELQD$XURUD3UH]-LPQH]

0[LFR 6RFLHGDG (VWDWDO 4XLQWR &HQWHQDULR (VSDD$NDGHPLVFKH 'UXFN X 9HUODJVDQVWDOW *UD]$XVWULD)RQGRGH&XOWXUD(FRQPLFD

&GLFH7HOOHULDQR5HPHQVLV&RGH[7HOOHULDQR5HPHQVLV5LWXDO'LYLQDWLRQDQG+LVWRU\ LQD3LFWRULDO$]WHF0DQXVFULSWHGLFLQGH(ORLVH4XLRQHV.HEHU$XVWLQ8QLYHUVLW\RI7H[DV3UHVV

&GLFH ;ORWO HGLFLQ GH &KDUOHV ( 'LEEOH YROV 0[LFR ,QVWLWXWR GH ,QYHVWLJDFLRQHV +LVWULFDV8QLYHUVLGDG1DFLRQDO$XWQRPDGH0[LFR

&2576+HUQQ&DUWDVGHUHODFLQ0[LFR3RUUD'$='(/&$67,//2%HUQDO+LVWRULDYHUGDGHUDGHODFRQTXLVWDGHOD1XHYD(VSDD0[LFR3RUUD',(+/5LFKDUG$7XOD7KH7ROWHF&DSLWDORI$QFLHQW0H[LFR/RQGUHV7KDPHVDQG+XGVRQ \ -DQHW &DWKHULQH %(5/2 HGV 0HVRDPHULFD DIWHU WKH 'HFOLQH RI 7HRWLKXDFDQ $ '

:DVKLQJWRQ'&'XPEDUWRQ2DNV5HVHDUFK/LEUDU\DQG&ROOHFWLRQ'851 'LHJR+LVWRULD GH ODV ,QGLDV GH 1XHYD (VSDD H ,VODV GH 7LHUUD )LUPH HGLFLQ GH QJHO0DUD

*DULED\.YROV0[LFR3RUUD(6&$/$17(*21=$/%23DEOR+LVWRULDGHODYLGDFRWLGLDQDYRO,0HVRDPULFD\ORVPELWRVLQGJHQDV

GHOD1XHYD(VSDD0[LFR(O&ROHJLRGH0[LFR)RQGRGH&XOWXUD(FRQPLFD(O0[LFRDQWLJXR'H7HKXDQWHSHFD%DMD&DOLIRUQLD0[LFR)RQGRGH&XOWXUD(FRQPLFD&,'( /RV FGLFHV PHVRDPHULFDQRV DQWHV \ GHVSXV GH OD FRQTXLVWD HVSDROD +LVWRULD GH XQ OHQJXDMH

SLFWRJUILFR0[LFR)RQGRGH&XOWXUD(FRQPLFD*$5,%$

0L[WHFDQG&HQWUDO0H[LFDQ&XOWXUH LQ6RXWKHUQ0HVRDPHULFD1XHYD2UOHDQV7XODQH8QLYHUVLW\0LGGOH$PHULFDQ5HVHDUFK,QVWLWXWH

3$/(50QJHO2EUDVKLGUXOLFDVSUHKLVSQLFDVHQHOVLVWHPDODFXVWUHGHOYDOOHGH0[LFR0[LFR,QVWLWXWR1DFLRQDOGH$QWURSRORJDH+LVWRULD

3$6=725