7UHV�(VFHQDV�GH�1XHVWUR�7LHPSR��&DStWXOR���SRU�(O�2JUR�GHO�6t�

��

��

�WXULVWDV� VH� HQFRQWUDEDQ�PLUDQGR� OD� IDFKDGD� DQWHULRU� GH� OD�6DJUDGD�)DPLOLD�� OD�TXH�PXHVWUD� OD�$QXQFLDFLyQ��8Q�YLHMR�GHO� OXJDU�FRQ�XQ� VDFR�DO�KRPEUR� VH� DFHUFy�D� HOORV� \� OHV�GLMR�� �¢$OJXQD�YH]� OH�KDQ�YLVWR�ORV�KXHYRV�D�XQ�VDQWR"��/RV�WXULVWDV�VH�TXHGDURQ�SHUSOHMRV�DQWH�OD�GHVIDFKDWH]�GHO�WLSR��PiV�SRU�HO�H[FHVR�GH�FRQILDQ]D�TXH�SRU�VHQWLUVH� UHDOPHQWH� LQVXOWDGRV�� �1R�� ¢YHUGDG"� �� FRQWLQXy� HO� YLHMR�ODQ]DQGR�XQD�FDUFDMDGD�VDUFiVWLFD��0LUDG�DKt�DUULED��6DQWLDJR��MXVWR�HQWUH�6DQ�-XDQ� \�6DQ�0DWHR���/DV� ILJXUDV� HVWDEDQ� FRORFDGDV�GH� WDO�PRGR�TXH�VH�YHtDQ�VXV�SDWUtVWLFDV�QDOJDV�\� ORV� WXULVWDV�QR�SXGLHURQ�VLQR� UHtU� FXDQGR� FRPSUREDURQ� TXH� OD� ILJXUD� GHO� VDQWR� WHQtD��HIHFWLYDPHQWH��GRV�UHGRQGDV�SURWXEHUDQFLDV�FROJDQGR�GH�ODV�TXH�ORV�RWURV�FDUHFtDQ���£-D��-RSXWD�HO�*DXGt��¢HK"�GHFtD�TXH�GH�WRGRV�HVWRV�FDEURQHV� VyOR�XQR� WHQtD�KXHYRV���0LHQWUDV�GHFtD� HVWR� HO� YLHMR�PLUy�FRQ� KRUURU� WUDV� GH� ORV� WXULVWDV� TXH� HPSH]DURQ� D� FRUUHU� FRPR� DOPD�TXH�OOHYD�HO�GLDEOR��8Q�FRFKH�GHVFRQWURODGR�VLQ�FRQGXFWRU�YLVLEOH�VH�GLULJtD� KDFLD� HOORV�� $OHQWDGRV� SRU� ORV� JULWRV�� HQ� GRV� VHJXQGRV� ORV�FLHQWRV�GH� WXULVWDV� TXH� VH� HQFRQWUDEDQ� HQ� HVD� IDFKDGD�GH� OD� LJOHVLD�KXtDQ�GHVSDYRULGRV�GHMDQGR�WUDV�GH�Vt�XQ�UDVWUR�GH�FDUULWRV�GH�QLxR��FKDTXHWDV�GHVYDOLGDV�\�DOJ~Q�]DSDWR�KXpUIDQR�SRU�HO�VXHOR��0XFKRV�VH�ODQ]DURQ�DO�YDFtR�VLQ�PRWLYR�DSDUHQWH��2WURV�SHUPDQHFtDQ�RFXOWRV��SDUDSHWDGRV��HVSHUDQGR�DOJR�WHUULEOH�SRU�VXFHGHU��(O�FRFKH�IXH�D�GDU�FRQWUD� HO� ERUGLOOR� GH� OD� DFHUD� \� OR� VXSHUy�� $UUDVy� XQ� SXHVWR� GH�FDVWDxDV� TXH� VH� HQFRQWUDED� FHUUDGR� \� IXH� D� GDU� FRQWUD� OD� YDOOD�PHWiOLFD�TXH�FHUFDED�HO�HGLILFLR��1DGLH�YROYLy�OD�YLVWD�DWUiV��

3RU�HVD�UD]yQ�QDGLH�SXGR�YHU�DO�YHQGHGRU�GH�FDVWDxDV�OORUDQGR�MXQWR�D�ORV�UHVWRV�GH�VX�SXHVWR��PDOGLFLHQGR�VX�VXHUWH�\�D�WRGRV�ORV�VDQWRV��SRU�QR�KDEHU�SXHVWR�HO�IUHQR�GH�PDQR��������������

��FROHFWLYR�DXWRERPER���