Comiendo Tierra

&RPLHQGRWLHUUD $QWRQLR2ULKXHOD

(GLWRU/XLV0LJXHO0DGULG

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB %LEOLRWHFD%DEDE ZZZEDEDEFRPELEOLRWHFD 6HSWLHPEUH

,6%1 &RS\ULJKW‹0DxDQD(V$UWH$& &RS\ULJKW‹$QWRQLR2ULKXHOD

&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&RPLHQGRWLHUUD ORTXHDPRPHWLHQHSULPD GHHVWDPDQHUD 3RSXODU

'LFKRVDHGDG\VLJORVGLFKRVRVDTXHOORVDTXLHQORVDQWLJXRVSXVLHURQQRPEUHGHGRUDGRV\QR SRUTXHHQHOORVHORURTXHHQHVWDQXHVWUDHGDGGHKLHUURWDQWRVHHVWLPDVHDOFDQ]DVHVLQIDWLJD DOJXQDVLQRSRUTXHHQWRQFHVORVTXHHQHOODYLYtDQLJQRUDEDQHVWDVGRVSDODEUDVGHWX\R \PtR (UDQHQDTXHOODVDQWDHGDGWRGDVODVFRVDVFRPXQHV 0LJXHOGH&HUYDQWHV´'RQ4XLMRWHGHOD0DQFKDµ&DS;,

'DOHXQRVFXDQWRVYHUVRVDXQKRPEUH\VHFUHHUiTXHHVHO6HxRUGHOD&UHDFLyQ&UHHTXHFRQ ORVOLEURVLQFOXVRSRGUiDQGDUSRUHQFLPDGHODJXD%XHQRHOPXQGRSXHGHDUUHJOiUVHODVPX\ ELHQVLQHOORV)tMDWHDGyQGHWHKDQFRQGXFLGRKXQGLGRHQHOEDUURKDVWDORVODELRV6LDJLWRHO EDUURFRQPLGHGRPHxLTXHWHDKRJDV 5D\%UDGEXU\´)DKUHQKHLWµ



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

, 'HVWUX\pQGRQRV 'HVWUX\pQGRQRVDVtKHPRVYLYLGR -XOLR&RUWi]DU

8QGtDPiV YXHOYRDFRQWHPSODU WXIRWRMXQWRD5RN\ $PERV SHUPDQHFpLV FRPRXQDSURPHVD VREUHODSOD\D ¢'yQGH HOWLHPSRGHORVWRUVRV"



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

-XQWRDXQUXLGRGHDXWREXVHVPDUFKDQGR SHUPDQHFHV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

+HFRPHQ]DGRDDVHVLQDUSRUWL



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

+HX£ 4XDQWXPSHUVHFDQGLGDIRUPDYDOHW£ 3URSHUFLR

%RODVDPDULOODV SDUDOOHYDUSXHVWDV VHSXGUHQVREUHODPHVD &DGDQRFKH HVSDUFLGD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

7XLPDJHQ GHOLQYLHUQR VHILMD DKRUD URWD 'RQGHHOWLHPSR FRQYDOHFH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

7XORFUHtVWH HQWUHHQHUR\MXQLR GH ÉQJHO QXQFDIXLPRViQJHOHV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(YRFDV XQWLHPSRGHFRUEDWDV \FDIpVVLOHQFLRVRV QRODUXLGRVDEDWDOOD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$PDQHFH GHSHFDVWXHVSDOGD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(OFRFKHVHKDURWRHQ6DQ-XDQ 0LSDGUHVHKDVDFDGRVX~OWLPDPXHOD 7HUHVDHVWiFRQILHEUH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

7XPEDGRVREUHODKLHUED PLUDQGRD7HUHVD D5RN\HQVXDJXMHUR GRUPLGRV ,QWHUURJDUPH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&XDQWRUHJDOp 7LHPSRSHUGLGR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

5RN\FXDQGRVHVLHQWHPDO KDFHXQDJXMHUR \SDUHFHPRULUHQWRQFHV PHMRUTXHQDGLH VDEH /DYLGDHVHQEODQFR\QHJUR <XQHVIXHU]RFUpGXOR <UHQXQFLD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

8QOLEURGH4XHYHGR \ODVFDPLVDVGHOFRUGHO VHFDV

GRQGHWRGRHO$PRUUHLQyKRVSHGDGR )UDQFLVFRGH4XHYHGR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

,'($9(57,&$/'(7,

3RUODYHQWDQD HQODWDUGHGHHVWHLQYLHUQR PLURSiMDURVTXHPHUHFXHUGDQPLGRORUSRUWL (OPDU WXSLMDPDGHODFDVD \WXVFDGHUDVTXHSDULUiQUREXVWRVSHFHV

RVYROYpLV XQGRORUDQFKRFRPRRVFXURVWXVRMRV \HOHQLJPDVHFLHUUDSRUXQGREOHKRUL]RQWHGHODELRV 1RVpVLYROYHUpHQPt \KDELWDUpODFDVDQXHYDPHQWH

6XPHUJLGR LQWHQWRJXDUGDUHVWDLPDJHQWX\DSDUDVLHPSUH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

6HFRELMDQHQWL ORVVLOHQFLRV \ORVSiMDURV FXDQGROOXHYH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

5tHVWUHLQWDDxRV QRHVIiFLO GHMDUVHUHGXFLU



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

4XHGDUi DTXHOFDPLQRHQHOSXHEOR RVFXURFRQQRFKH\FRQSHUURV 'RQGH\RPHVDTXpODLUD \WXUHYROYLVWH FRQWXPDQR PLSHFKR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

,1)$1&,$

(OPRQVWUXRGH*XDWHPDOD 8QSXHVWRGHSDVWHOHVHQODILHVWD FXDQGRD~QTXHUtDPRVOXFKDU



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(OGtDGH(QHURPLSDGUHFDYyVXVDMRV \HOGtDVHPEUyODVSDSDV 9LGDGHPLSDGUH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

,, SXHQWHVGHUUXPEDGRV +DVWDHOSDLVDMHGHEHUtDWHQHUXQSXHQWHGHUUXPEDGR 9ODGLPLU+RODQ

%HEHDTXtHOSRHWD SDUDKDEODU GHORTXH\DQRHV FRPRDGLYLQR DOTXHODQDGD SHUPLWH TXHUHSRVDQGRMXQWRDHOOD SXHGD FRQVHUYDUDOJR )XQGDUXQUHLQR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

¢3HURDHVDVKRUDV TXLpQDQGDSRU0RJXHU" (O'HVHR /D3HUGLFLyQ (O(QJDxR 6RQORVKLMRVGHODQRFKH <HO~OWLPRKHUPDQRGHODYHUGDG (O2OYLGR &XDWURPDOHDQWHV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

0DU HVWDQRFKH HQ WXURWR Q~PHUR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(OFDPLQRGHODV3DxXHODVFDVLVROR SUHOXGLDODYXHOWDGHORWRxR )LQDOPHQWH KHYHVWLGRGHODUJRHO0HKDUL \5RN\KDGHMDGRGHEDxDUVH HQHOPRQXPHQWRD-XDQ5DPyQ FDUJDGRDKRUDGHODVJRORQGULQDVQRPXHUWDV SRUODYLVLWDGHO3DSD 1DUDQMRKDFHOHEUDGRVXFXPSOHDxRV \ODSLVFLQDGHOSXOSRYHUGH JXDUGDHOOLPRGHORV~OWLPRVFKDSX]RQHV $WUiVHVWiQHO&DODED]DOORVKHODGRV ODVSOD\DVLPSRVLEOHVGHJHQWH \XQFLHUWRFDQVDQFLRGHODVWHUUD]DV (VWDQRFKH PHDFRPSDxDV MXQWRDOEHVRGHWXPDGUH HOUXLGRGHO0HKDULYROYLHQGRGHODSOD\D \HOSHQVDPLHQWRIXJD]GHODSUy[LPDPXHUWHGH5RN\ YHQFLGRVRUGRFDVLFLHJR FXDQGRDKRUDYHRFRUUHUVREUHODVSOD\DV VXtPSHWXGHEURQFH 'LHJRUHJUHVDGRGH0p[LFRGLVSXHVWR\DDHVFULELUQRV RWUROLEURGHSRHPDV ´(OFKLFRGH&XHUQDYDFDµWDOYH] /DE~VTXHGDLQIUXFWXRVDGHXQFKDOHFRGHODQD ODLGHDGHYROYHULQILQLWDPHQWH SRUODFDUUHWHUDGH5tR7LQWR \DOGHQWLVWD \DODFRUUHVSRQGHQFLD

<$/$&255(6321'(1&,$ 

&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

%RUUDWRGDVODVKXHOODV PHGHFtDV FXDQGRWHKDEOpGHPLIDOWDGHHPRFLyQ QRUHFREUDGDQLVLTXLHUDHQHO&DVWLOORGH0HGHOOtQ WUDVHQFRQWUDU%URQFH)LQDOEDMRVXVUXLQDV %RUUDWRGDVODVKXHOODV PHGHFtDV DTXHOODWDUGH GHPHUHQGHURV DxRVVHVHQWD FRQVREUHFLOORVGHOD]~FDUGH-XDQ+LGDOJR 9LOODQXHYDGHOD6HUHQD%DGDMR] GRQGHSURPHWtFDUUHUDVGREOHVHQELFLFOHWD KDVWDHO&HUURGHO7DPERU HQQRFKHVGHJDWDVHJLSFLDV \SLMDPDVFKLQRV %RUUD DTXHOODVWDUGHVHQ0DJDFHOD \DTXHOWLHPSR ILQDOPHQWHFRQVLGHUDGR VLQRHVSDUDUHFRUGDUORDTXt DSHVDUGHKDEHUMXUDGR MDPiVKDEODUVREUHHVWRVPHVHV %RUUDUÉQJHO WRGDVODVKXHOODV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

1DGLHHVXQEXHQHMHPSOR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

<HOVHQWLPLHQWRVHUi HVDFRVDRUGHQDGD TXHVyORGHPDQGD XQSRFRGHSROYR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

4XpVHUiQORVVHUHVTXHULGRVVLQPt \VLFRQVHUYDUDQSDUDDOJRHVWDFDWHJRUtD HVODSUHJXQWD 1RHOGHVWLQRFLHUWR GHXQSHUUR ILQDOPHQWHGHVWUR]DGRHQODFXQHWD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

8QSHUURDWUDYLHVDODFDUUHWHUD XQFRFKHSDVDSRUODFDUUHWHUD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(VFULER SRUQRSHJDUPHXQWLURHQODERFD <KDVWDHVFULELU VHKDYXHOWRDYHFHV XQWLURHQODERFD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&DGDYH]YHRPiVJHQWH FRQXQDYHQGD SXHVWDHQORVRMRV ,QFOXVRKHYLVWRJHQWHDODVTXH KDELpQGRVHOHVPRYLGRXQSRFR VHODYXHOYHQDFRORFDUFRUUHFWDPHQWH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

/262/9,'$'26 (QHVWRVDxRVGLItFLOHV YHRODIORUGHPLJHQHUDFLyQ GHODQWHGHODVSXHUWDVFHUUDGDV )ORUHFHQDFDPELRODVLGHDVPXHUWDV \ORVKRPEUHVQRVRQVLQRVRPEUDVGHKRPEUHV (VWH HVPLWLHPSR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$OROHMRV /DFLpQDJDGHODPRU DOROHMRV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$PLJR FRUWD XQDURVD 1R ODURVD HVWiGHQWUR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD




&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

/DVROHGDGGHDTXt YXHOYHPiVWLHUQRVORVGtDVLGRV ODFRQVWDQWHDYHQWXUD TXHSODWLFDPRV DOOiHQORDOWRGHOFDVWLOORGH$ODQJH 6RORXQYLHQWRIXULRVR \PLUHFXHUGR RVPDQWLHQHQYLYRV VREUHVXVUXLQDV DEUD]DGRV 3HUR ¢3RUFXiQWRWLHPSR"



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

6HQWDGRVVREUHHODELVPR YHtDPRVDORVIDPLOLDUHVOLPSLDUVXVWXPEDV \FRORFDUIORUHV &RPSUp XQDYLUJHQD]XO SDUDPLPDGUH \WHUHJDOp KLJRVGHFKRFRODWHSDUDODYXHOWD 3HGLPRVGRVFDIpVHQ$OPRKDUtQ 8QDERGDEDMRORVSyUWLFRV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

/HGLMHTXHPHSHLQDUD <HOODDFFHGLy



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$~QFRQVHUYR DTXHOODOODYHYLROHWD TXH/HRPHKL]R \ODYLVLyQGHWRGRV VHQWDGRVVREUHODPHVD (ODUURMDUORVOLEURV VREUHODFDPD \HOGRUPLWDU FRQÉQJHO VREUHHOH[WUHPRGHOVRIi KDVWDODVFLQFR +DEODUHQODQRFKH GHORVSUy[LPRVFLHQSROYRV $WRGRV HQYXHOWRVHQHOPDUDVPRGHODFRFLQD VREUHODKRUDGHFHQDU ´(ODUWHHPSH]yFRQODFDtGDGHORViQJHOHVµ GLFH+RODQ ¢3RUTXpVLHQWRDKRUD WDQWDUGH YXHVWURFUHSLWDUVREUHODVORVDV"



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&RQPLFDUDIUHQWHDOHVSHMR SDUHFHPRVWUHV FRPRVLDOJXQRVREUDUD

/DYHMH]GHEHGHVHUXQHVWDGRUHIOH[LYR <QDGDPiV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

48((/5Ì23$6$ <6(//(9$/20(-25 (VGXURSHQVDUTXH\DQXQFDPiV UHJUHVDUi7RPiVKHULGRVREUHODFDVD 2/HRDSODXGLHQGRD-XOLR,JOHVLDV SDJiQGRQRVODGHMDGH]GHODVIDFWXUDV \WRGRHVR 9HUWHDWLGHVSUHRFXSDGRGHWRGR SHQGLHQWHVRORGHOJR]R\GHOOODQWR

$&KpVOODPiQGRVH3DFR \VDOLHQGRLOHVRGHGHEDMRGHXQSXHQWH

7RGRVMXQWRVKX\HQGRGHOD&DVDGHOD7UR\D GHVSXpVGHKDEHUYRPLWDGRODUJDPHQWH VLQSDJDU 6REUHODVPXUDOODVGH7UXMLOOR DSUHQGLHQGRGHQXHYRDPLUDUODVFRVDV TXHTXHUHPRVTXHVLHPSUH KHPRVTXHULGR

8QWLHPSRTXHDOHWHDVREUHODPXxHFDL]TXLHUGD \TXHSRFRDSRFRVHULQGHDODVYLHMDVFRQYLFFLRQHV

<DSHVDUGHWRGRD~QXQUHVIULDGRFXUDGRHQWUHODVEUDVDV XQFXPSOHDxRVHQIHEUHUR XQFRUD]yQPDOKHULGR XQHVFDORIUtRDOYROYHUKR\ FRQHOUHFXHUGRDFXHVWDV SRUODFDUUHWHUDGH2OLYHQ]D DTXHOODTXHXQtD 0DJDFHODFRQ$ODQJH <WDQWDVRWUDVFRVDV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

7DQWULVWHFRPRWXSDLVDMH 'RVUD\DVGHGHVLHUWR XQDHVWUHOOD GHMDV HQSHUPDQHQFLD 8QIXHJRIDWXR WHGLJR WDQWULVWH FRPRWXSDLVDMH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

4XpH[WUDxR &DGDYH] TXHGHFLGHV KDFHUHODPRU IXHUDOOXHYH \W~PHSUHSDUDV SDVWDVFRQQDWD \\RWHPLUR HFKiQGRWHGHPHQRV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

1XQFDKD\ÉQJHO GRVWLHPSRVLJXDOHV < DYHFHV PHSDUHFH TXHKDVWDHOWLHPSR TXHGRVFRPSDUWHQ HVGLIHUHQWH SDUDFDGDXQR 8QDWDUGHGHGRPLQJR QRVVDFDVWHXQDIRWR $~QHVWDPRV PLUiQGRWHORVGRV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$OWRPDUODFDPLVD GHODPXMHUTXHDSHQDVGHMyGHHVWDUDTXtD\HU VXRORU PHKDUHFRUGDGRXQDEROVDTXHHQFRQWUp XQGtD DxRVWDOYH]GHVSXpVGHWXPDUFKD VREUHHODUPDULR $ODEULUODODHQFRQWUpOOHQDGHFLQWDVEODQFDV FRQODVTXHWHUHFRJtDVHOSHOR ODVDFHUTXpDPtDOSUHVHQWLUWXRORU $VtHVWXYHFRQWLJR SRU~OWLPDYH]



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

<SDUDUHFRUGDUSRUTXpKHYLYLGR YHQJRDTXt -5-

7HKHYXHOWRDYHU VHQWDGRFRQ1DQGD VREUHODVHJXQGDPHVD TXHGDEDDODYHQWDQD

$~QFRPtDPRVRVWUDV $~QKDEOiEDPRV ODUJDPHQWH

(OYDV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

'HPDVLDGRWULVWHSDUDHODPRU HVHVWHPHVGHQRYLHPEUH $OSRQHUPHDHVFULELU PLPDGUHPHDYLVy 6yORDSURYHFKHVDODViQLPDV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(OSiMDURPHPLUDSRVDGRHQHOVDQWXDULR VREUHODODQ]DGHOJXHUUHUR


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$&DPLOR,QPHPRULDP

8QGtD FROJyHOKRPEUHFDEH]DDEDMR +R\ HVQDGD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

'RUPLWRVREUHWL OOHYRWXSLMDPD FRQVWDQWHPHQWH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

¢3RUTXpHODERURVLOHQFLRV SDUDWL" <HOFLJDUULOOR VDEH DDOPHQGUDVWRVWDGDV 7HQJRODFDEH]D YDFtD FRPRXQDHQIHUPHGDG



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

¢3RUTXpHVWiVVLHPSUH \DOXPEUDVHVWDQRFKH ODVHVFDOHUDVGHOLQYLHUQR TXHVXEHDPLFXDUWR" ¢3RUTXpHVFULER VLD~QQRKHHQFRQWUDGR ODVSDODEUDVVREUHWL \HOGtD TXHWXHVWpV HQWXPHVD SRUTXpGXUDD~Q"



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(OJUDQYHUGRU KX\H VyORVXIULPLHQWR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

/RVSiMDURVMXHJDQ DVHU PiVGXURV TXHW~



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

<SRUTXpODPDJLDQRGXUD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&XDQWRVGtDVHVSHUpHQWL (OILQGHODVSDODEUDV &DGDYH] PiVOHMRV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

¢4XHIORUHFHUi HQHVWH SURIXQGRSR]R VREUHODFROLQD" /XQD /LQWHUQD $JXDQHJUD 6LHPSUH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&DHODWDUGH WUDVODYHQWDQDGHDOXPLQLR LQYLHUQR 3LHQVRHQRWURWLHPSR HVSHFWiFXORHWHUQRGHPLYLGD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

0HSUHJXQWR FyPRVHUtDPLYLGDMXQWRDWL 6REUHODVERUUDGDVKXHOODVGHORVSHUURV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

4XpGHUURFKH PHSDUHFH FDGDGtD ODYLGD QRDSUHKHQGLGD 6LQJDQDQFLD 2OYLGRGHWRGR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

/HQWRSDLVDMHGHODWDUGH IXJDGHWRGR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

,,, /RVSDVLWRVTXHGDED

4XpGHVJUDFLDWHQJR PDUHHQHODQGDU FRPRORVSDVRVTXHS·DODQWHGDED VHPHYDQS·DWUi 6LJXLUL\DSRSXODU

6RQFDOOHMRQHV PLVFLQFRVHQWLGRV SRUILDUPHGHHOORV DQGRSHUGLGR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

4XHGDEDDOOt HQHOKDFLDIXHUDGHGHQWUR 1LWX\DQLPtD 9RODQGR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

7DPELpQGLMRHOVDFHUGRWHHVWDQRFKH ´\XQDHVSDGDDUGLHQGR WHDWUDYHVDUiHOFRUD]yQµ



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

'HVFDQVR HQODWDUGH




&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

4XpGHFLUWHWULVWH]D DWLTXHKDELWDVDDPERVODGRV GHPtPLVPR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$OEXVFDU ODRWUDQRFKH HQHOEROVLOORLQWHULRUGHODFKDTXHWD GHVFXEUtXQDSLHGUDQHJUD\GXUD FRPRXQSXxR VREUHPLVSDOPDV SHUR\RQROOHYDEDFKDTXHWD ODRWUDQRFKH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(OGtDGH(QHURPLSDGUHFDYyVXVDMRV \HOGtDVHPEUyODVSDSDV 9LGDGHPLSDGUH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

/OXYLDGH0pULGD \DEUD]RVHQ6DQWD2ODOODGHO&DOD +XHOYD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

)DOWDV OLPSLDHQODFDVD PDVDMHHQODQRFKH

\WRGRORYLYLGR YLYLGRDPHGLDV 'DGRFXHQWD HQPHGLRGHO(VWXDULRGHO7HMR FRQPXFKDEULVD 4XHURSD GHQWURGHOFRFKH VDFiQGRPHODOHQJXD DWUDYHVDQGRHOSXHUWRGHODOOXYLD XQDFODVHGHKLVWRULD UHFRQTXLVWDDOUHYpV ¢


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

'HVSHUWiEDPRVDODOIL] \DOOtHVWDED ODYDFDORVDPSOLRV JUDQDGRVSRGULGRV SRUHOVXHOR

/DWDUGHOHQWD PiJLFD\URMD FRPRWXSLHO WUDVODVFDULFLDVSXHVWD 


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

'tDVGH6HWXEDO )UtRHQHOWLHPSR 3DOPHUDV DODPRU VREUHHOERUGHGHOSXHUWR &DPLQRGH7UR\D FRQEDUFRVGHIRQGR \FXHUSRVFKRFDQGR WLHPSRVREUHHOWLHPSR \VXUFRHQODFDUD GRQGHWXVRMRV SUHJXQWDQ



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

7RGRVORVDYLRQHVGHVSHJDQSDUD1< 8QFKXORGH6DLQW7URSH] 'RVQLxRVIUDQFHVHV 8QFDWHGUiWLFRGHOD$XWyQRPD OH\HQGRiYLGDPHQWH OD~OWLPDSDULGDGHXQGLVFtSXORGH%ODQFR 7UHVFLHQWDVSHGRUUDVGHODFDIHWHUtD5LDOWRGH2YLHGR \KDVWDXQSLQFKRGHO0HVyQGHOD7RUWLOOD GH=DUDJR]D 1RVKHPRVHPEDUFDGR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$OWUDWDUGHHQFRQWUDUWXFRFKH FRPSUREpTXHHVWDEDFRQIXQGLHQGR ORVEORTXHVGHHGLILFLRV FRQWXFRFKH 7HSHUGtGHYLVWD 7XFRVWD XQSXxDGRGHDJXDHQPLPDQR HQWRQFHV &RPSUHQGt TXHKDEtDSDVDGRHOWLHPSR $XQTXHVLJXHQPDQFKDGDV PLVJDIDVFRQWXVEHVRV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

/DVXxDVD~QUHVLVWHQ SHURQRSXHGRGHFLUORPLVPR GHODERWHOODGHJLQHEUD RGHOFXHQFRGHORVSRVWUHV SXUDVFHQL]DV FRPRWXYR] LQVLVWHQWH SRUHQFLPDGHOWLHPSR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&DGDYH]TXHPLPDGUHFRUWDPLVFDEHOORV HQHOSDWLRGHORVFULVDQWHPRV VXHOHQHYDU &DGDYH] PiVLQWHQVDPHQWH FDHQLHYH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(QFDGDYLDMHSRUOD1 VLHPSUHWLHQHV DOPHQRV GRVRSRUWXQLGDGHVSDUDPDWDUWH


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

7HRLJR VRQDU HQFXDOTXLHUDGHORVGRVODGRV GHODYLHMD(VSDxD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

'HILQLWLYDPHQWH HO0HKDU\HVWiFRPRQXQFD \5RN\DSHVDUGHVXVEDUEDVEODQFDV HVFDSD]D~Q GHGHVWUR]DUGRVFLHQWDVSHORWDV \DOJXQRVJDWRVPiV 'RQGH\RPHWXHU]R VREUHODQRFKH PLUD-HV~V HODUFRGHOPLVWHULR FRQVXVYLHMRVVXELHQGRSRUODVFKLPHQHDV \VXVJULOORV /RVGRVVHQWDGRVVREUHHOEDQFR GHODHVSHUD GHORVKRPEUHV /XHJRHQFDVD GRQGHWHPLUDODSHUUD HVFULELUPHDQGRVREUHHOFHPHQWR $0$5< <YHUFODUDPHQWHFRPRVHQWDGD HOODSLHQVD 0LUDHVWHGHVJUDFLDGR 3HURHVWXPDQR ODTXHDFDULFLDVXFDEH]D \QRDOUHYpV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

4XHLPSRUWDVLHOFRFKHVHTXHGyDOOt FODYDGRKDVWDODVSXHUWDV HQHOEDUUR 2TXHWHIROODUDDTXHOWLSR TXHHVWXYRWRGRHOSXWRDxROODPiQGRWH VLQSDUDU 4XpLPSRUWDWRGR 6LXQSHUURQRVKDHQWHUUDGR <DKRUDYLYLPRV PD\RUPHQWH EDMRXQPRQWyQGHPLHUGD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(OODPHKDFRPSUDGR XQDV:DPED \HOODPHKDSUHSDUDGR XQDERGD ¢&XiOHVODGLIHUHQFLD"



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$PDULOOHDUDQODVIRWRV ORVSXHQWHVVREUHHO6HOOD ODVEDUFDVOOHQDVGHKRMDV \VHUiRWRxRSDUDVLHPSUH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(OWLHPSRGHEHVHUXQLGLRWD PRQWDGRHQELFLFOHWD <WXVRMRV YLGULRVURWRV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(QHOHVWDQTXHDJLWDGR VyORHO\R VHUHIOHMD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(QXQUtR DQLQJXQDSDUWH DWDGDDOHPEDUFDGHUR 7HPLURGHYDQDU



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

¢4XpKDEtDDQWHVDQWHV" $OILQDOGHORVVLJORV ¢(OPLVPRSHUUR DWDGRHQODYHQWDQDGHOPXQGR DXOODQGR"



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

%,2*5É),&$ 1DFtHQ0RJXHU$QGDOXFtD HQ 3UREDEOHPHQWHWDPELpQIXLXQQLxRGLRV FRPR-XDQ5DPyQ ORTXHSDVDHVTXHPHFRJLyGHJUDQGH ¢0LJHQHUDFLyQ" 8QSRFRGHGHVHQFDQWR XQPXFKRGHVRFLHGDGGHFRQVXPR \SDUDORVLGHDOLVWDVJUDQGHVSUREOHPDVSDUDHQFRQWUDU VXOXJDUHQHOPXQGR +HOHtGRPXFKR\HVFXFKDGRPiV 3HURFDGDYH]PHHVPiVGLItFLO HQFRQWUDUHQWUHPLVFRQWHPSRUiQHRV DOJRFRQORTXHFRQPRYHUPH 0HJDQRODYLGDDSUREDQGRRSRVLFLRQHV <KDJRFRPRTXHPHJDQRODYLGD EXVFDQGRSLHGUDVSRUHO$QGpYDOR /DSRHVtD%XHQR 3XHVRWUDIRUPDGHWUDQVFHQGHQFLD FRQFUHFLyQGHODPRU GHYLDMDUSRUODV3DxXHODVGHMXJDUFRQORVSHUURV RKDEODUFRQORVDPLJRV 6yORTXHDTXHOODHVSDUDGHQWUR eVWDSDUDIXHUD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

,9 /DR[LGDFLyQ /RVWLHPSRVYLHMRVQRPXHUHQ \ORVQXHYRVQRDFDEDQGHQDFHU .LNR9HQHQR

(OKRPEUHIORULGR HOKRPEUHPDGXUR \DQRHVXQKRPEUH

'DQLHO0DFtDV'tD] \PXFKDVYHFHVVRORHOPLWRGHWRGRHVR 0DULR0DIIL


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

TXHDPp DWRGRELFKRYLYLHQWH TXHHOWLHPSRPHSXVRGHODQWH


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&202/26$f26&8(17$63(5','$6

$EUtODERFD SDUDODYDUPHORVGLHQWHV \YLFyPRODJLQHEUD DKRJDEDD&DPSDQLOOD \DWDQWDRWUDLQIDQFLD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

8QDDJHQGDFRQGLH]WHOpIRQRV &LQFRFDOHQGDULRVGHOFRUD]yQGH-HV~V\XQRGHOD8*7 8QD9LUJHQGHO5RFtR 6DQ3DQFUDFLR 8QDIRWRGHPLKHUPDQR \RWUDGH6DQWD*HPD (OFDUQHWGHFRQGXFLU \PLOFLHQSHVHWDV

(VWRKDEtDHQODFDUWHUDGHPLSDGUH HQORVGtDVHQTXHPLPDGUH PHHVWDEDSDULHQGR SRUVHJXQGDYH]



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

0HSUHSDUpXQERFDGLOORGHMDPyQ\RUN $EUtHOSDQ \IXLTXLWiQGROHDOMDPyQFRFLGR HVHILOR TXHPHKDQGLFKR TXHQRVHFRPH

0LUpODVUDVSDVGHJHODWLQD \FRQFHEtHOGpELOIDQWDVPDGHPLSHUUR GHFRPRpOVHORKDEUtDFRPLGRHQXQLQVWDQWH \GHFRPRPHPLUDUtDFRQRMRVDJUDGHFLGRV SLGLHQGRPiV 0HLQYDGLyOXHJRODWULVWH]D 0HVHQWtDEVROXWDPHQWHGHVRODGR SHUGLGRDOSHQVDU TXHKD\SHUURVTXHQDFHQSHUURV \PXHUHQSHUVRQDV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&8$/48,(5$38('('(55,%$5/$38(57$

0XFKDVYHFHVPHJXVWDUtDDEULUPHODWDSDGHORVVHVRV YHUFRPSUHQGHU TXpHVORTXHKD\DKt FRPLpQGRPHOHQWDPHQWH TXHVHUHQLWDFDHODQLHYH TXHVHUHQLWDGHYHKODFDp



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

6LHPSUHPHJXVWDURQODVPDULVPDV LQFOXVRDQWHVGHTXHKXELHVHJDVROLQHUDV \IXHUDSRVLEOHHQFRQWUDUWH

\TXHVXFHVLYDPHQWHGRVFRFKHV UHSRVWDUDQFRQQXHVWUDVFDQFLRQHVIDYRULWDV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

3$5$&202(67É1/$6&26$6

/DSXWDKLVWRULDVDEHVQDGLHODTXLHUHRtU (VFULERDODVUHYLVWDVDORVOLEURVDODVHGLWRULDOHV DORV&RQJUHVRVGH+LVWRULRJUDItDPiVIDPRVRVGHOPXQGR DJHQWHMRYHQRYLHMDFRPRW~FRPR\R\VDEHV QDGLHQDGLHTXLHUHRtUODSXWDKLVWRULD 1L*ORULD0RUDQL0DUJDULWD'tD]$QGUHX QLHOFDWHGUiWLFR%HQGDODQL&ULDGRHOHVWUXFWXUDOLVWD 1DGLHTXLHUHRtUODSXWDVHQFLOODVLPSOHKLVWRULD 7~TXHWDQWRPHTXLHUHVPHHVFULEHVXQIROLR SRUGHODQWH\SRUGHWUiVSDUDKDFHUPH WXGHFODUDFLyQGHDPRU (VPXFKRPDVVDQRSHUGHUHOVHQWLGR PLUDUDOYDFtRUHFRMHUVHODEDED VREUHODEDUELOODDQWHVGHTXHWHUPLQHPDQFKiQGRQRV ODFDPLVD &LHUURORVRMRV \OODPRVXFHVLYDPHQWHD'RQ-XDQD-5 DPLDEXHODD$YDORNLWHVKYDUDDFXDOTXLHUD TXHTXLVLHUDYHQLU \QRPHDVXVWDUDGHPDVLDGR DOJXLHQFRQIXHU]D \QRPHYHRQLDPtPLVPRGXUPLHQGR 



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

6LJREXVFDQGR GLFHVTXH/$HVHOOXJDUSHUIHFWR HOPiVPDUDYLOORVRGHORVVLWLRV 1RVp \RIXPR\EHERGHEDMRGHOSRUFKH GHOD&DVDGHOD&XOWXUD +DEORFRQ-HV~VGHPLVPHMRUHVSRHPDV TXHQDGLHQXQFD DPHQRVTXHFRPRHOYLHMR(VFRWD VHSDVHXQDQRFKHSRUDTXt FRQORVEROVLOORVOOHQRVGHSROYRVEODQFRV KDVWDODPDULVPDGHOHQVXHxR HVWDTXHRLJRFDQWXUUHDU OLDGDFRQHOYLHQWR SRUHQFLPDGHOSXWRSXHEOR 7HQHUXQDQRYLDDTXt VyORSXHGHVHUFRQVLGHUDGR XQDFWRDEVROXWDPHQWHUHYROXFLRQDULR 3DUDFRPRHVWiQODVFRVDV 3HURW~QRPHWLUHVFRQWXDPRU



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

7HUHFXHUGRPiVDOVXU HQORVHVFDVRVUDGLDQWHV ~OWLPRVGtDV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

7XILUPDSDUHFHHOSHUILOGHXQDPDQWLV


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

9 3RHPDVGHO&RQWLQHQWH

(QODLGHRORJtDORVKRPEUHVH[SUHVDQHQHIHFWRQRVXUHODFLyQFRQVXVFRQGLFLRQHVGH H[LVWHQFLD VLQRODPDQHUDHQTXHYLYHQVXUHODFLyQFRQVXVFRQGLFLRQHVGHH[LVWHQFLD /RXLV$OWKXVVHU

8QWLSRVHKDEtDFRPSUDGRXQDFDxD TXHHUDXQDSXWDPLHUGD /DSRQGUtDHQODRULOOD XQGRPLQJR KDVWDTXHHQJDQFKDUDDDOJXLHQFRQHODQ]XHOR 2WDOYH] LUtDXQDQRFKHGHSXWDV DFXHQWDGHODFDxDGHSHVFDU TXHHUDXQDSXWDPLHUGD


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$QWHWRGRODEXUJXHVtDSURGXFHVXVSURSLRVVHSXOWXUHURV 0DU[(QJHOV0DQLILHVWR 

¢3RUTXpODFODVHWUDEDMDGRUDSDUHFHKDEHUSHUGLGRWRGRUHIHUHQWH" 9HDORVVXSHUPHUFDGRVDSULPHURVGHPHV DOOtWLHQHVODUHVSXHVWD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

6HREVWLQDEDHQPHWHUXQDFRPSUDGHSWV HQXQDVRODEROVD 'HFtDTXHDVtVyORWHQGUtDTXHVXELUXQDYH] DVXFXDUWRSLVRVLQDVFHQVRU 9LFRPRODEROVDVHURPStDSRUXQODWHUDO /HGHVHpVXHUWH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

'HSRVLWyHQODFDMDXQFXDGHUQR GHSDVWDVGXUDVIRUUDGRFRQIORUHV 8QRGHHVRVFXDGHUQRVHQORVTXHXQRVyORHVFULELUtD FRVDVKHUPRVDVLPSRUWDQWHV 'HSRVLWyHQODFDMDXQKHUPRVRHVWXFKHGHOiSLFHV \XQOLEURGH\RJD 1DGDSDUDFRPHUEHEHU ROLPSLDUODFDVD 0HDJUDGyHQWRQFHVODLGHD GHTXHORVLQWHOHFWXDOHVWDPELpQIXHUDQDFRPSUDU DORVVXSHUPHUFDGRV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

0HSUHJXQWDEDVLORVODFD\RVGHFXDOTXLHUHPSUHVD GHHVDVTXHWHVDFDQKDVWDODFHUDGHORVRtGRV FXDQGRWUDEDMDVSDUDHOODV DEDVHGHFRQWUDWRVEDVXUD GHVHLVPHVHV DVDODULRPtQLPRLQWHUSURIHVLRQDO VLQSDURQLVHJXULGDGVRFLDO VLQRKDEtDQRtGRKDEODU HQVXYLGD GH.DUO0DU[ <SRUHVR SRQtDQWDQWDUDELD HQGHIHQGHU ORVLQWHUHVHVGHODPR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

3251$9,'$'',6&265$<$'26

(VWiQUHVRQDQGRFRQDOHJUtD ORVFiQWLFRVGHPLWLHUUD HQORVJUDQGHVDOPDFHQHV HQORVJUDQGHVDOPDFHQHV £6ROWDGODSDVWDFDEURQHV TXHHVQRFKHEXHQD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

6LQRIXHUDSRUTXHHV1DYLGDG VHUtDGLItFLOGHH[SOLFDU TXHORTXHDFDERGHYHU HVXQDFKLFDYHVWLGDGH3DSD1|HO PX\PDTXLOODGD ORVXILFLHQWHPHQWHMRYHQ FRPRSDUDKDEHUOHVDOLGRJUDWLVDODHPSUHVD 6LQRIXHVHSRUTXHHV1DYLGDG ELHQSRGUtDVHUXQJQRPR RPHMRUXQDVWULSJLUO DSXQWRGHTXLWDUVHHOFLQWXUyQ VLQQDGDGHEDMR

6LQDEVROXWDPHQWHQDGDGHEDMR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

//e9(6(813$3É1g(/<$+255('265(<(60$*26 +R\QRKDYHQLGRODJHQWHJXDSDDO&RQWLQHQWH (VWDUiQURGDQGRVSRWVSXEOLFLWDULRV (QVXOXJDU XQDFRQYHQFLyQGHHPSXMDGRUDVGHFDUULWRVFRQIDMDV ODELRVUDVJDGRV UtPHOFRUULGR PDULGRVHQJDxDGRV FRQKRUDVH[WUDRUGLQDULDVDJUDGHFLGDVD'LRV FDPELDGDVSRUGXOFHVSURPHVDVVREUHORVDQDTXHOHV SHUGLGRVSDUDVLHPSUH HQVXFODVHPHGLD <\ROH\HQGRDOOtHQPHGLR´3RXU0DU[µ SHQVDQGRTXHD~QFLHJRVVRQVDJUDGRV GLJQRVGHPLUHYROXFLyQSHQGLHQWH ¢/DVHxRUDQRQHFHVLWDQDGD" /DVHxRUDQHFHVLWDGRVSROYRV¢PHORVHFKDVW~"



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

'HSURQWRQRVXSHVLHUD\RTXLHQVHKDEtDFDtGR RHUDODWLHUUD TXHVHKDEtDOHYDQWDGR KDVWDJROSHDUPHHQODHVSDOGD 1RVDEtD VLHUD\RRHOiUEROHOTXHPHPLUDEDPDO 6LDTXHOODPRVFDYRODQGRHQSDUDOHOR VHJ~QVXFRVWXPEUH ODVWHQtDWRGDVFRQVLJR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

9, %DLODQGRHQXQULQJ

(OPXQGRPHQWLUD PHQWLUDIXHVLHPSUH HOPXQGR

4XHIDOVDHVODKXPDQLGDG \TXHHPEXVWHURHVHOPXQGR QRH[LVWHPiVTXHPDOGDG \XQHJRLVPRSURIXQGR SRUGyQGHTXLHUDTXHYDV )DQGDQJR

'LFHQ TXHVLODVPRVFDVIXHUDQJUDQGHVFRPRSHUVRQDV SRGUtDPRVPRULUHQODQRFKH IiFLOPHQWHDVIL[LDGRVSRUVXSHVR /DSULPHUDTXHVHSRVDVHVREUHODOiPSDUD WHUPLQDUtDFRQPHGLRWHFKRHQHOVXHOR <FXDQGRPiVWUDQTXLORVHVWXYLpVHPRV QRVHVFXSLUtDQDODFDUD \OXHJR VHFDJDUtDQVREUHQRVRWURV 3DUDHYLWDUHVWR ODVVDELDVQDFLRQHV LQYHQWDURQODJXHUUDTXtPLFD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

5RSRTLXRULXRTLX UXRXRTXRXWRXWRLX TRLURLRTLXWRLRLRLX SRUSLSTLWSWLSWSZ TSZqUTWUTW VRXRXJRXRXRJXRLV LCUTW CSUWCTWCTTC RUTUSRLSLSLGSL GSLCWTX L·HUCUCUCU DCUDXUU UXCXUCDXCTX HCUXUXC VI LRIRXRXDRLXRDX IXLILXLILXLIJLXI zILXRXRIXDRLRD jXIRXRXRXJR zVXRXRJXRV CVXRVXRXVRX VSCVXRXVRX VSSVSLVST DUHIMOFMOFOM SSILSGLISLSIL ILGXIGSIGLISLSLIS SGSILSGLSLI ILSLSGLISL SLISGL RGSL 7tD \RVRORTXLVH UREDUWHXQEHVR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

+R\KHVRxDGRFRQXQDFDUWD 6LHPSUHKD\XQDIRWRWX\D VRQULHQGR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

6yORHOWUDEDMRDFW~DFRPRXQEiOVDPRVREUHWL GLVSDUDHOWLHPSR FRUWDORVGtDVDQDYDMD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(172'$63$57(6(1/2'(0É6

&DGDFRVDWLHQHVyORXQPRPHQWR (OPRPHQWRHQHOTXHSDVD <HVWiELHQ

+HPRVVLGRLQWHQVLGDG SRUHVRQXHVWUDKLVWRULDQRVHDFDED SRUHVRWXVLHQWHVHODQ]XHOR \SRUHVR\RWHDPR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

+HHVFULWRWDQWDVFDUWDV SRUTXHQRVpPX\ELHQORTXHWHTXLHURFRQWDU

(VFULERWDQWRVSRHPDV SRUTXHQRVHELHQFRPRGHFLUWH ORTXH\DVDEHV +HHVFULWRWDQWRVSRHPDV SRUTXHQRTXLHURTXHROYLGHV ORTXH\DVDEHV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

%$//$'('(6'$0(6'87(036-$',6

0HVROWDURQVDOtDODFDOOH \VyORPHHQFXHQWURDOPDQFRGHOVHPiIRUR VDFiQGRPHXQMRUQDOFRQVXJUDFLD *HQWHVHQVLOHQFLR FRPRSURIHVDQGR HQORVJUDQGHVDOPDFHQHV

9HUDQR 7LHUQDVURVDVFROJDGDVGHWLHUQRVKRPEURV VREUHPXMHUHVSDVDQGRGHODUJR $EXUULGRVOLEURVHQODVOLEUHUtDV \KRPEUHVTXHQRVDEHQ GyQGHGHMDUFDHUVXVFHQL]DV (VWRHVWRGR"PHGLJR ¢'yQGHHVWiQODVPDODVPXMHUHV"



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

0,66$/21(6$%5(16,<248,(5272'$/$12&+( D&DPLOR

8QERUUDFKR GHVGHXQDSXQWDGHODEDUUD QRVGHFtDDODFOLHQWHOD 'HVGHTXHQDFHPRVPRULPRV SRUORWDQWRVRPRVXQPRQWyQ GHFDGiYHUHV <MXQWRDQRVRWURV RWURDSRVWLOODED 8QFLJDUULWRQRHVPDOR XQDFRSLWDGHDJXDUGLHQWHQRHVPDOR VLQH[FHVRQDGDHVPDOR <ODSHORWDSDVDEDGHXQRDRWURH[WUHPR 'HVGHTXHQDFHPRVPRULPRVHWF 


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

'LH]SROYRVWRGDVODVQRFKHV HVPDOR VHSRQHXQRGHOJDGR \VHPXHUH /DV·GHODPDxDQD &DPLORRWUDURQGD \RLQYLWR

3HUURV\PDULFRQHV HVRHVWRGRORTXHKD\HQHOPXQGR 'LFH HQHOEDU DPLODGR XQEDQGHULWDW~HUHVJXDOGD 7UDVHOFULVWDO 3DVDQODVWtDVEXHQDV OLJHUDVGHURSD (OFLHJRQRYH SHURVRQUtH


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

+,9$/5<'(5&83 ([WUDxRQRPEUH SDUDDFDULFLDU OD~QLFDSLHO TXHPHGHMDVWH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

98(/923$5$0(',5(/7$0$f2'(7808(57(

3HGLPRVGRV&ROD&DRGHORVGHSUHPLRVHJXUR \PHGLDWRVWDGD 2FKRFLHQWDV $-HV~VOHWRFyXQRVSDQWDORQHVPLOUD\DV \XQDHQWUDGDJUDWLVDOSXWLFOXEV DPt XQDFRUUHD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

0HPHWtHQODQRFKH \QRGLSLH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$8148(7(08(9$648e48,(7$

(VWDQRFKHGHMXOLR YHUDQR GHKDFLDPLOQRYHFLHQWRVQRYHQWD\FLQFR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

:HZULWH \RXUQDPH LQKLHURJO\SKLF 'HFDGDYLDMH PHWUDHDOJR 8QIyVLOGHO$WODV XQDJXtDGHO0XVHR$UTXHROyJLFRGH$QNDUD XQHVFDUDEDMRGHIDOVRODSLVOi]XOL /RSRQJRHQPLPDQR \MXHJRFRQpO 6tSUREDEOHPHQWH ODYLGDVHDXQMHURJOtILFR 3RQJDVXQRPEUHHQHOOD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

0HGLMR 7RGRVHUiSURYLVLRQDOHQWUHQRVRWURV PHQRVQXHVWURDPRU $KRUD FXDQGRODSHQVLyQWDUGDXQRVGtDV PHDPHQD]DFRQOOHYDUPHDODFiUFHO



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

75(6(648,1,7$67,(1(0,&$0$

9XHOYRSDUDPHGLUHOWDPDxRGHWXPXHUWH GHpVWHHVFHQDULRYDFtR GRQGHWHYL FDVLQLxR KDFHWDQWR EDLODQGRHO%HQp&XPEp FRQORVEUD]RVOOHQRVGHIORUHV PDULTXLWDSLRPSHUR 3DUHFHFRPRVLPXFKDVGHQXHVWUDVYLGDV KXELHUDQJLUDGRHQWRUQRDHVWDHVTXLQD 0HUFDGR

-XOLR &DPLOR $OIUHGR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&$//(6'(1,f2 (QODQRFKH VLWRPDEDVLPSXOVRHQOD)ULVHWD FRQXQSRFRGHVXHUWH OOHJDEDVVLQGDUXQSHGDO LQFOXVRWHQtDVTXHIUHQDUIXHUWHPHQWH SDUDQRSDVDUWHGHFDVD +R\FXDQGRGHVSXpVGHYHLQWHDxRV KHYXHOWRDKDFHUHVHWUD\HFWR KHSHQVDGR TXHHVRIXH SDUDPL ODLQIDQFLD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

/HHQVHxRPL~OWLPRSRHPD 0HGLFHTXHPHHVSHUH TXHVHOHYDHOIXHJR /HHVSHWRVXIDOWDGHGHOLFDGH]D VXVRVSHFKRVRDPRUDODOLWHUDWXUD 0HGLFHTXHQRORYROYHUiDKDFHU 3DVDQORVGtDV KDUWRGHFRPHUFRPLGDVTXHPDGDV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&DGDYH]TXHYR\DPHDU DJXDQWRFRQODVGRVPDQRV ODSDUHGGHOFXDUWRGHEDxR SRUORTXHSXHGDSDVDU



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

',(7$/Ì48,'$ 3253(5621$<6(0$1$

'RVSDFNVGHFHUYH]D&UX]FDPSRGHERWHOOLQHV 8QRGH&RFDFROD 'RVERWHOODVGHJLQHEUD XQDGHZKLVN\ GRVGH&DVWLOORGH2OLWHWUHVGH9LxD7LWR \XQ0DUTXpVGH&iFHUHV


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

7DQWDJHQWHVDOWDQGRKDFLDQLQJXQDSDUWH VLQREMHWR VyORSRUTXHHOYHFLQRVDOWD 7DQWRFRUGHUROOHYDGRDOPDWDGHUR \WDQWRGRPLQJRGHUHVXUUHFFLyQ



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$KRUDTXH%%.LQJHVWiFDQVDGR VLQFDPLVDFDQWDQGRHQHOUDGLRFDVVHWWH \\RWHUPLQRORVGLDULRVGHO&RUWH,,, &XDQGRFDVLWRGRVHVWiQDSXQWRGHFHQDU VREUHODV· \ODVFKLFDVHQWUDQ\VDOHQGHORVFXDUWRV YLVWLpQGRVH OOHJDKDVWDPtWXRORU \OHYDQWRODFDEH]D \KDJRXQDSUHJXQWDWRQWD /DQFDVWHUGLFH3DTXL SHURTXLHQGXHOH HUHVW~



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

+R\KDOORYLGRPHPRULDVREUHHO-XUp 1RVKDGHMDGRXQRORULQWHQVR $OJXLHQGLMRTXHOHKXELHVHJXVWDGRVHUQRUXHJR \\RKHSHQVDGRHQXQWLHPSRHQHOTXHIXLQRUXHJR \KHYXHOWRDYHUDTXHOODOX] 6HUHSHWtDLJXDOPHQWH ODEUXPDDVFHQGLHQGR HOYDJRSDLVDMH GLOX\pQGRVHDOROHMRV VLQILMDU 3XUH]DKDEUtDGLFKR-5 (VFXHU]RHVFULEt\RKDFHDxRV <DVtQRVYDFRQODVWRUPHQWDV UHSHQWLQDV GHOYHUDQR GH&DQJDV \WDQWRVRWURVVLWLRV ERUUDGRV SRUODOOXYLD \HOWLHPSR FRPRRWUDPHWiIRUDGHODYLGD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

3DVDQORVGtDV VLQXQDVHxDO



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

9LQRDPLFDVD GHVSXpVGHGRVDxRV 0HWUDMR HO6XWUDGHO&RUD]yQ \HOFXDGURGHQXHVWUR~OWLPRSDLVDMH FXDQGRYD\DPRVSRUHOD]XO \DFDGDXQR MXQWRV\VHSDUDGRV OLEUHVGHLPSXWDFLRQHV SRUODRQGXODFLyQ KDFLDHOSR]RLQWHULRU GHQXHVWURSDWLR


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

'HMpTXHPHFODYDVHXQFXFKLOOR ELHQDILODGR SRUGRVYHFHV HQHOPLVPROXJDU 'HSLHPLUiQGROD UHYLVpPLVOHFWXUDV VREUHKHULGDVGHDUPDEODQFD /RUFDKDEODGHOIUtRGHODVQDYDMDV DOJXQRVRWURVSRHWDVGHXQDOHQJXDKLUYLHQGR TXHVHPHWHHQWUHWXVFDUQHV 6XSHHQWRQFHV TXHDORVSRHWDVORVDSXxDODQ PiVELHQ SRFDVYHFHV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

/RVIUXWRVTXHDSHWHFt \DFHQSRGULGRV SRUHOVXHOR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$f218(92

D9tFWRU%RWDV ´DORVWUHLQWDVXSHGyQGHHVWDUµ &RQIXFLR

6HQWDGRVREUHXQDPHVLWDGHQRFKH YD$OIRQVR\PHGLFH TXHGHILQLWLYDPHQWH VHPHKDILMDGRODPLRStD 0LURHOUHORM \OXHJRHOFDOHQGDULR 1RPHFUHFHUpPiV QRPHUHSRQGUpPiVDPtPLVPR 3DVROXHJR EDMRORVSRUFKHVGHHVWRVGtDV TXHSDUHFHQFRQWHQHU DOPLVPtVLPRWLHPSRDFDEDGR DWRGRVORVOXJDUHVGREODGRVTXL]iV SRUVXPLWDG \RLJRDORVQLxRV GHMDQGRDOWRQWRFRQWDUKDVWDFLQFXHQWD \DORVPD\RUHV HTXLYRFiQGRORHQVXE~VTXHGD 



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

3DVRSRUGHEDMRGHODVKRUDV GHORVGtDVGHSDSHO PLUDQGRSHUURVER[HU LJXDOHVDORVPtRV \DORVGH5RJHU:ROIH 9XHOYHQVREUHPt WRGRVORVWUDVJRV\ORVWXPERV \FXDQGRYR\ SDUDHOVLWLRTXHLEDDLU VXEHXQDVFHQVRUKDVWDHORFWDYR \HQODFDOOHGRVERUUDFKRV VHGDQODPDQR \VHODVXHOWDQOXHJR UiSLGDPHQWH <DEURODSXHUWD \HOGHVD\XQRSUHSDUDGR HQ*LQHEUD GRQGHPX\WLHVR GHVFDQVD´XQKRPEUH TXHVHGHFtDXQVXHxRµ RODFLHUURWUDVGHPt HQXQOXJDUPiVWULYLDODOJRDVt FRPR´HOFHPHQWHULRGHO6DOYDGRU GH2YLHGRµ <DOOHYDQWDUORVRMRVHQFXHQWUR HQODFRFLQD XQDSLODGHSODWRV KDVWDHOFLHOR GLFLpQGRPH $QWRQLRPDxDQDWHHVSHUR 0HGLJRHQWRQFHV TXHHVWR\HQGRQGHKDEtDHVWDGR \TXHQRKDJR VLQRVHQWLU ORTXHKDEtDYHQLGRDVHQWLU 

&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(VWXYLPRV XQGtDHQWHURPRQWDGRVHQHOFRFKH \RWURIROODQGR (OODPHGLMR TXHHOVHJXQGR KDEtDYLDMDGRPiV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

+R\KHYLVWR HOFRFKHGHO6HUYLFLR3URYLQFLDO GH5HFRJLGDGH3HUURV9DJDEXQGRV 3HURHOORVQRPHKDQYLVWRDPt SRUVXHUWH



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

6HVDFDURQXQDIRWRMXQWRV \GHVSXpVGHFtDQ DQWHODSROLFtD TXHHUDQHOORVHQ7RUUHPROLQRV KDFLD (OMXH]ORVHQFRQWUy FyPSOLFHV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&8É17$69(&(6(/&8(532

3DUHFHQGHPHQWLUD WRGRVORVKXHFRV WRGRVORVTXHQRVKDQTXHULGR 7RGRVORVDFHSWDEOHVUHVXOWDGRV FRQTXHVHKDQLGRVDOGDQGR WDQWRVLPSDJDGRV WDQWDYLGD PLHQWUDVKDEODEDVGHXQDEUL]QDGHKLHUED%ULDQ PLHQWUDVHOODFRUUtDD0p[LFRFRQ0DOFROP \YROYtDOXHJRGHFHSFLRQDGD GHWDQWRDOFRKRO FD\HQGR GHODVQXEHV <D~QW~GDOHTXHGDOH DODEUL]QD PLHQWUDV%RNXMX\'LyJHQHV VHODWUDEDMDQ HQXQRVFXURFOXE GHVWUHDSWHDVHPDVFXOLQR 7~<\R 9LpQGRQRV

GHHVWDIRUPD WDQUDUD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(QHOLQWHULRUGHODOLEUHUtD UHFLpQLQDXJXUDGD OHRODVWLHUQDVSRUFHODQDV GHPLVFRQWHPSRUiQHRV 6XHQDGHIRQGRVXDYH HO´FRQTXpODODYDUpµ )XHUD 0HFDDDDDJRHQWXSXXWDPDDDDGUH 'LFH XQKHUPDQRGH%HFNHWW FDOOHMHUR GHVGHTXHODVDXWRULGDGHV DSOLFDURQODQXHYDSROtWLFD VREUHPDQLFRPLRV 0HFDDDDDJRHQWXSXXWDPDDDDGUH 9XHOYHDGHFLU FRQIXQGLGRFRQODVQRWDVGH-XDQGHOD(QFLQD 0HSUHJXQWRDKRUD 0HFDJRHQWXSXWDPDGUH GyQGH/HRSROGR SDVDVWXVQRFKHV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&UX]DGRV HQHOPLVPREDU GHWRGDVODVQRFKHV ORVRMRV QRVGHMDQ WDQOHMRV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

EDVWDVXFRQWDFWR \ORVDUEROHVPXHUWRVIORUHFHQHQSOHQLWXG .DNXDQ6HLNR

%XVFDQGRODFDVD KHSDUDGRHQHOFDPLQR SRUTXHQRUHFRQRFtDHOFDPLQR ¢$GHODQWH DWUiV"


&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

¢3HURTXLpQFRxRPHKDSXHVWRDPt HQODPDQR HVWHFXDGURSLQWDGRGHD]XO FRQ7RWyHOSD\DVR ODFHEUD3XIL\ODPRQD&KLWD \TXHHQFLPDSRQH-$,0(£" (K\HVDWtDEXHQtVLPD ¢QRYHQtDFRQPLJR" £&yPR VLXQWtRFDOYR\JRUGR OHHVWiFRPLHQGRWR ODRUHMD 6HUiSRVLEOH TXHOOHYHGRVKRUDV GDQGRYXHOWDV DTXtGHQWUR EXVFDQGRHOVDJUDULR \VyORHQFXHQWUH HOVXUWLGRGH&XpWDUD D ODVJDOOHWDV3UtQFLSH D \ORVHVSiUUDJRV1DSDO D SHUROOHYDQGRWUHV ODXQLGDGOHVDOHD9GVD 4XpQXHYRVH[WUDxRV OXJDUHVSDUDHOp[WDVLV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

1LVLTXLHUDHVWDEDVDPLONLOyPHWURV HQ3tR;,,WUDQVYHUVDODOD$YHQLGDGH&ROyQ HQXQDDEVXUGDFLXGDGJULV FRQSRVWDOHVFLEDNURPH DxRVVHVHQWD ,JXDOTXHDTXHOODQRFKHGHOLQYLHUQRGHOSXHEOR FRUULHQGRHQSLMDPDDEXVFDUWH $TXHOODQRFKHDPRU VLTXHHVWDEDVOHMRV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

6LHPSUH SRUGHEDMRYDVVLQGtD GLEXMDQGRFDVWLOORV OOHQDGHOX] GHIORUHVGHMDGH \PHORFRWRQHVPiJLFRV SRUGHQWUR $KRUD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

9,, /DJXHUUDGHO3DFtILFR


'HVSXpVGHPHWHUODFDEH]D HQXQKRUPLJXHUR 9HR DXQDTXHFRQR]FR GHXQWLHPSRIHOL] GHFXDQGR DQGiEDPRV HQWUHORVDUEXVWRV PiVDOWRVTXHHOFLHOR URGHDGRVGHERUUDFKRV\PDWDULIHV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(QODIXHQWH

FXDQGRLQWHQWRFDSWXUDUOD

HODJXDHVFDSDHQWUHPLVGHGRV <PHSDUHFHELHQ

¢3RUTXpPHHVFDQGDOL]R FXDQGRODYLGD KDFHORPLVPR FRQPLJR"



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

D&DPLOR

&DGDQRFKH VLQUXPER DSDUHFHV HQORVUHFXHUGRV VLQUXPER GHODVQRFKHVFRQWLJR 0HSUHJXQWR VLODPXHUWH SRGUiKDEHUWHDGHOJD]DGRPiV TXHODYLGD TXHTXLVLVWHGHOJDGD VLQUXPER HQORVDVLHQWRVGHDWUiV GHWRGDVODVQRFKHV WHHFKDPRVGHPHQRV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

4XHXQDPDULSRVDEDWDODVDODVHQ3HNtQ \VREUH1<FDLJDXQDWRUPHQWD VyORVLJQLILFD TXHHQDOJ~QOXJDUGHOPXQGRFLYLOL]DGR XQWtRFRQODEDUULJDOOHQD\PXFKDVSDMDVPHQWDOHVHQVXFXUUtFXOXP VHHVWiIRUUDQGR DFXHQWDGHORVLGLRWDVTXHOHHQOLEURVVREUHODWHRUtDGHOFDRV



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$GULHQQH5LFKQDFLyHQHQ%DOWLPRUH0DU\ODQG86$ 7LHQHSXEOLFDGRVXQDYHLQWHQDGHOLEURV +DVLGRWUDGXFLGDDWRGDVODVOHQJXDV \FRQVHJXLGRWRGRVORVSUHPLRV (QHVFULELyFLQFREXHQRVYHUVRV UHSLWLyODKD]DxDHQ\ (QFDVLORFRQVLJXHFRQXQSRHPD ´%XFHDQGRKDFLDHOQDXIUDJLRµ



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

5(/$&,21(6+80$1$6

DxRVVHDEXUUHHQ=DUDJR]D $PDHODUWHODP~VLFDOHHU\YLDMDU SHURORTXHPiVOHJXVWDHVIROODU $KtHVWRGRXQHMHPSORGHWROHUDQFLD VLQGLVWLQFLyQGHHGDGUD]DQDFLRQDOLGDGRUHOLJLyQ /HKDHVFULWR XQDQGDOX]EDWXUUR GLVSXHVWRDKDFHUOHXQOLIWLQJHQHOFXOR ODVSHTXHxDVFRVDVKDFHQJUDQGHODYLGD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(QOD*UDQ9tDGH0DGULG7RGRWHUUDQR HVXQWUHLQWDxHURTXHPLUDGHVFDUDGDPHQWH 6XVDPLJRVOHDEDQGRQDURQFXDQGRHPSH]yDHVFXFKDUD-HII%XFNOH\ \VHSLQWyORVRMRV 'LFHTXHGDDPRUDPLVWDG\VLQFHULGDG /RGHPiVORSRQHVW~



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

(QD$QWRQLR2ULKXHODORYLQLHURQDEXVFDU HQXQFDPLyQ 'HOLWR 6HUDPLJRGHODOFDOGHVRFLDOLVWD +DEHUDELHUWRXQ&DVLQR3RSXODU /HSHJDURQGRVWLURV \HQSD] &RPR$QJHOD%HQDEDW QRGHMDEDGHJULWDU XQPXFKDFKROHHVWXYRGDQGRFXODWD]RV FRQVXPDXVHU HQODFDEH]D KDVWDPDQFKDUVHVXERQLWDFDPLVDD]XO 3RUORVPLVPRVFRQFHSWRV VXQLHWRWHQGUtDDKRUDXQWUDEDMRILMRHQHO$\XQWDPLHQWR \HVWDUtDIRUUDGR DEDVHGHHVWUXMDUOHVHODOPD DFLQFRWUDEDMDGRUHV VLHPSUHPHQRUHVGHYHLQWLFLQFRDxRV $VXPXMHU OHGLUtDQ6HxRUD (VWHSRHPDVHOODPD +LVWRULDGH(VSDxD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

'tDWUDVGtD ORVQLxRVSUHJXQWDQSRUWL WHEXVFDQ SRUVLHVWiVSRUDKt WXPEDGRDOVRO 0HJXVWDUtDD\XGDUOHV 0HJXVWDUtDSRGHUOODPDUWH 0HJXVWDUtDTXHDFXGLHUDV SHURVyORSXHGR VDFDUPHXQDIRWR MXQWRDWXWXPED



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD




&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

,6/$6+e%5,'$6

+DEtDXQDKRMDFDtGD GHQWURGHWXRMR XQDKRMDYHUGHFDGXFLIyOHD



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

$OFHVDUODFRQWUDGLFFLyQFHVDODYLGD (QJHOV$QWL'XKULQJ 7~SUHJXQWiQGRPH TXHGyQGHFRxRHVWiQORV0ROLQRVGH9LHQWR $FDPELR XQVQDFNEDU FRQSDUNLQJYLJLODGR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

%(19(18772$//$7$02,/

0LSHUUR\R (QPHGLRGH/D0DQFKD 8QGtDJULV OD7DEXOD5DVD GH$UY|3DUW \ODWDEODUDVDGHOFDSLWDO 1R\DQRKD\0ROLQRV DKRUDVtTXHVHOHYDQWDQ ORVPRQVWUXRVLQYLVLEOHVGHWXVHxRU &RQOD8QLyQ(XURSHD6DQFKR KHPRVWRSDGR



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

+DVGLFKRTXHYHQGUtDV /DFDODED]DEDMDSRUHOUtRSHUR ¢4XLpQODYH"



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

/DFRQGLFLyQSROtWLFDGHODFODVHREUHUDHVWiOLJDGDDVXFRQGLFLyQHFRQyPLFD\VLHQGR VXFRQGLFLyQHFRQyPLFDODGHHVFODYRVDOFDSLWDO\DORVSRGHUHVVXFRQGLFLyQSROtWLFD WLHQHTXHVHUWDPELpQODGHHVFODYRV -XDQ&RUGREpV

(QYLVWDGHWXFXUULFXOXP KHPRVGHFLGLGR TXHGDUQRVFRQWLJR (QWUDUiVSRUTXLQFHGtDVUHQRYDEOHV \VLHUHVEXHQRSRUWUHVPHVHV SURUURJODEOHV $OSULQFLSLRFRQVWDUiVHQQyPLQDFRPRDX[LOLDUDGPLQLVWUDWLYR DXQTXHWHKDEUiQGLFKRTXHHOTXHVHMXELOD HVHOFRQWDEOH 7HFRQWUDWDUHPRVSRUFXDWURKRUDV SHURQRWHSUHRFXSHVWUDEDMDUiVRFKR 'DGDODVLWXDFLyQGHODHPSUHVD WHSDJDUHPRVHVDVDSDUWH (QWRWDOSWVDOPHV DXQTXHWXVFRPSDxHURVSDUDUHGRQGHDU KDFHQWUHVKRUDVPiVWRGDVODVWDUGHV \YLHQHQORVViEDGRVPHGLRGtD (QWUHXQDVFRVDV\RWUDV SDVDVGHODVFLHQPLO %XHQRVLHVTXHQRHVWDVPHWLGRHQSROtWLFD QRTXHUHPRVOtRVFRQORVVLQGLFDWRV QLWUDEDMDGRUHVFRQIOLFWLYRV +DVHVFXFKDGRORTXHKDGLFKR$]QDU TXHKDFHIDOWDSDUDOHYDQWDUHVWHSDtV¢QR" 

&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

7UDEDMR6DFULILFLR\7ROHUDQFLD ¢+HUPRVRYHUGDG"



&RPLHQGRWLHUUD$QWRQLR2ULKXHOD %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD

&20,(1'27,(55$ 3$57(6 ,'HVWUX\pQGRQRV ,,3XHQWHVGHUUXPEDGRV ,,,/RVSDVLWRVTXHGDED ,9/DR[LGDFLyQ 93RHPDVGHOFRQWLQHQWH 9,%DLODQGRHQXQULQJ 9,,/D*XHUUDGHO3DFtILFR