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(',725$ 3,(/GD0,66$2 (9$1*(/,&$ /,7(5$5,$
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(',725$),(/GD0LVVDR(YDQJHOLFD/LWHUDULD&DL[D3RVWDO6DR-RVHGRV&DPSRV 63
7RGRVRVGLUHLWRVUHVHUYDGRV(SURLELGDDUHSURGXFDR GHVWHOLYURQRWRGRRXHPSDUWHVHPDSHUPLVVDRHVFULWDGRV(GLWRUHV
3ULPHLUD HGLFDRHPLQJOHV3ULPHLUD HGLFDRHPSRUWXJXHV
&RS\ULJKW7\SHVHWWLQJ (GLWRUD3LHO
7UDGX]LGR GRRULJLQDOHPLQJOHV([SRVLWRU\ 7KRXJKWVRQWKH*RVSHOV-2+1
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2V3XEOLFDGRUHV
$V0HGLWDFRHV QR(YDQJHOKR GH-RLLRGH-&5\OHWHUQVLGRDPDGDVHFRPSDUWLOKDGDVSRUYDULDVJHUDFRHVGHFUHQWHVGHVGHVXDSULPHLUDHGLFDRHP(ODVFRQWHPXPDVLPSOLFLGDGHHXPDHVSLULWXDOLGDGHTXHWHUQIHLWRGHODVRFRPHQWDULRGHYRFLRQDOFODVVLFRVREUHRVHYDQJHOKRVQDRSLQLDRGHJUDQGHQXPHURGHOHLWRUHV
3URFXUDQGRSRUDGLVSRVLFDRGROHLWRUPRGHPRXPDIRUPDPDLVSRSXODUGHVVDREUDIRUDPUHPRYLGRVRVWH[WRVELEOLFRVDQWHVLPSUHVVRVQD,QWHJUDHPERUDROHLWRUVHMDHQFRUDMDGRDOHUFDGDSDVVDJHPVHOHFLRQDGDGRFRPHFRDRILPDQWHVGHLQLFLDUDOHLWXUDGDVSUSULDVPHGLWDFRHVGH5\OH7DPEHPRPLWLPRVDVQRWDVGHURGDSHQDVTXDLV5\OHWUDWDYDDUHVSHLWRGHTXHVWRHVWH[WXDLVGHXPDPDQHLUDPDLVFULWLFDHPERUDVHPTXDOTXHUFRQH[DRGLUHWDFRPDH[SRVLFDRSURSULDPHQWHGLWDWH[WRXVDGRHRGD(GLFDR5HYLVWD$WXDOL]DGDQR%UDVLOGD6RFLHGDGH%LEOLFDGR%UDVLO
2VSXEOLFDGRUHV FRQILDP TXHHVWDQRYDHGLFDRGDVPHGLWDFRHVGHYRFLRQDLVGH5\OHDOFDQFDUDRVPHVPRVDOYRVTXHRDXWRUVHDSOLFRXSHVVRDOPHQWHDILPGHTXHFRPXPDRUDFDRIHUYRURVDSRVVDSURPRYHUDUHOLJLDRSXUDHVHPPDFXODDPSOLDURFRQKHFLPHQWRGHPXLWRVVREUHDSHVVRDGH&ULVWR-HVXVHVHUXPKXPLOGHLQVWUXPHQWRQDJORULRVDWDUHIDGHFRQYHUWHUHGHHGLILFDUDOPDVLPRUWDLV
3UHIDFLR
(YDQJHOKRGH-RDRTXHFRPHFDFRPHVVHVYHUVOFXORVHPPXLWRVDVSHFWRVGLIHUHGRVRXWURVWUHVHYDQJHOKRV&RQWHPPXLWRVIDWRVTXHRVRXWURVRPLWHPHRPLWHPXLWRVTXHRVRXWURVFRQWHP)DFLOPHQWHSRGHULDPRVDSUHVHQWDUERDVUD]RHVSDUDH[LVWLUHPHVWDVGLIHUHQFDVPDVHVXILFLHQWHOHPEUDUTXH0DWHXV0DUFRV/XFDVH-RDRHVFUHYHUDPVREDRLQVSLUDFDRGLUHWDGH'HXV1RSODQRJHUDOHQRVGHWDOKHVSDUWLFXODUHVGHVHXVUHVSHFWLYRVHYDQJHOKRVWXGRTXDQWRUHJLVWUDUDPRXGHL[DUDPGHUHJLVWUDU WRGRVRVTXDWURIRUDPLJXDOHFRPSOHWDPHQWHJXLDGRVSHOR(VSLULWR6DQWR
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
2VFLQFRSULPHLURVYHUVLFXORVFRQWHPXPDGHFODUDFDRGHLQFRPSDUDYHOVXEOLPLGDGHDUHVSHLWRGDQDWXUH]DGLYLQDGRQRVVR6HQKRU-HVXV&ULVWR$FLPDGHTXDOTXHUGXYLGD TXDQGR-RDRPHQFLRQD R9HUER HVWDVHUHIHULQGR D&ULVWR &RPWRGDFHUWH]DKDJUDQGH SURIXQGLGDGH QHVWDGHFODUDFDRFXMDFRPSUHHQVDRHVWDPXLWRDOHPGRHQWHQGLPHQWRGRKRPHP$LQGDDVVLPKDFODURVHQVLQDPHQWRVQDSDVVDJHPRVTXDLVWRGRFUHQWHGHYHULDJXDUGDUFRPRWHVRXURQRFRUDFDR
/HLD-RLLR
&ULVWR R(WHUQR 'LVWLQWR GD3HVVRD GR3DLR3USULR'HXV R&ULDGRUGH7RGDVDV&RLVDV
D)RQWHGH7RGD/X]H9LGD
3ULPHLURDSUHQGHPRVTXHR6HQKRU-HVXV&ULVWRHHWHUQR-RDRGL]TXHQRSULQFLSLRHUD9HUED(OHQDRFRPHFRXDH[LVWLUTXDQGR26FHXVHDWHUUDIRUDPIRUPDGRVHPXLWRPHQRVTXDQGRRHYDQJHOKRIRLWUD]LGRDRPXQGR(OHWLQKDDJOULDFRPR3DLDQWHVTXHKRXYHVVHPXQGR-R([LVWLDTXDQGRDPDWHULDIRLFULDGDHDQWHVTXHFRPHFDVVHPRVWHPSRV (OHHDQWHVGHWRGDVDVFRLVDV&OH[LVWHGHVGHWRGDDHWHPLGDGH
6HJXQGRDSUHQGHPRVTXHRQRVVR6HQKRU-HVXV&ULVWRHXPDSHVVRDGLVWLQWDGH'HXVR3DLHDLQGDDVVLPHXPFRP(OH-RDRGL]TXHR9HUERHVWDYDFRP'HXV3DLHR9HUERHPERUDVHMDPGXDVSHVVRDVVDROLJDGRVSRUXPDXQLDRLQHIDYHO'HVGHDHWHPLGDGH RQGHTXHUTXH'HXV3DLHVWLYHVVHDOLWDPEHPHVWDYDR9HUERR'HXV)LOKRLJXDLVHPJOULDFRHWHUQRVHPPDMHVWDGHPDVXPDV'LYLQGDGH(VWHHXPJUDQGHPLVWHULR)HOL]DTXHOHTXHRUHFHEHFRPDDWLWXGHGHXPDFULDQFD VHPWHQWDUH[SOLFDORO
7HUFHLURDSUHQGHPRVTXHR6HQKRU-HVXV&ULVWRHRSURSULR'HXV-RDRGL]TXHR9HUERHUD'HXV(OHQDRHPHUDPHQWHXPDQMRFULDGRRXXPVHULQIHULRUD'HXVR3DLLQYHVWLGRGHSRGHUGDSDUWHGR3DLSDUDUHGLPLU26SHFDGRUHV1DRHPHQRVTXH'HXVSHUIHLWRHLJXDODR3DLQRTXHFRQFHUQHDVXDGLYLQGDGH(OHH'HXVSRVVXLQGRDPHVPDQDWXUH]DTXHR3DLHH[LVWLQGRDQWHVGDIXQGDFDRGRPXQGR
4XDUWRDSUHQGHPRVTXHR6HQKRU-HVXV&ULVWRHR&ULDGRUGHWRGDVDVFRLVDV-RDRGL]TXHWRGDVDVFRLVDVIRUDPIHLWDVSRULQWHUPHGLRGHOHHVHPHOHQDGDGRTXHIRLIHLWRVHIH]/RQJHGHVHUXPDFULDWXUDGH'HXVFRPRDOJXQVKHUHJHVWHUQIDOVDPHQWHDILUPDGR(OHHR6HUTXHIH]RXQLYHUVRHWXGRRTXHQHOHKD0DQGRXHOHHIRUDPFULDGRV6O
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
(VWHHXPEUHYHVXPDULRGDVOLRHVSULQFLSDLVTXHSDUHFHP HVWDUFRQWLGDVQHVVDPDUDYLOKRVDSDVVDJHP7RGRVWHPRVGHFRQFRUGDUTXHQHVVHV
,RLLR
2DSVWROR-RDR GHSRLVGHFRPHFDU RVHXHYDQJHOKR FRPXPDDILUPDFDRVDEUHDQDWXUH]DGLYLQDGR6HQKRU-HVXV&ULVWRSDVVDDIDODUGRDQWHFHVVRUGH&ULVWR -RDR%DWLVWD'HYHPRVQRWDURFRQWUDVWHHQWUHDOLQJXDJHPTXHRDSVWRORXVRXDRIDODUGR6DOYDGRUH GRVHXDQWHFHVVRU6DEUH-HVXVHOHGL]TXHHR'HXVHWHUQRR&ULDGRUGHWRGDVDVFRLVDVD
2ILFLRGR0LQLVWURGH&ULVWR-HVXV$/X]GR0XQGR$,PSLHGDGHGR+RPHP2V3ULYOOHJORVGRVTXH&UHHP
/HLD-RLLR
YHUVLFXORVKDPXLWDVFRLVDVTXHHVWDRDFLPDGHQRVVDFRPSUHHQVDRPDVQHQKXPDGHODVVHPVHQWLGR1RWH[WRKDPXLWDVFRLVDVTXHQDRSRGHPRVH[SOLFDU PDVHPTXHGHYHPRVFUHUHQRVDOHJUDU FRPKXPLOGDGHGHFRUDFDR&RQWXGRQDRHVTXHFDPRVTXHGRWH[WRHPDQDPDSOLFDFRHVFODUDVHSUDWLFDVTXHQXQFDSRGHUDRVHHVJRWDUQHPVHUHPFRQKHFLGDVGHPDLV
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
-RLLR
IRQWHGHOX]HYLGD6DEUH-RDR%DWLVWDHOHGL]VLPSOHVPHQWH+RXYHXPKRPHPHQYLDGRSDU'HXVFXMRQDPHHUD-RDR
3ULPHLUR YHPRVQHVVHVYHUVLFXORVDYHUGDGHLUDQDWXUH]DGRRILFLRGHPLQLVWURGH&ULVWR3RGHPRVREVHUYDODQDGHVFULFDRGH-RDR%DWLVWD(VWHYHLRFRPDWHVWHPXQKDSDUDTXHWHVWLILFDVVHDUHVSHLWRGDOX]DILPGHWRGRVYLUHPDFUHUSRULQWHUPHGLRGHOH
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
6HJXQGRYHPRVQHVVHVYHUVLFXORVDSULQFLSDOSRVLFDRRFXSDGDSHOR6HQKRU-HVXV&ULVWRHPUHODFQRDKXPDQLGDGH1RWDPRVLVWRDROHUTXH(OHHDYHUGDGHLUDOX]TXHYLQGDDRPXQGRLOXPLQDDWRGRKRPHP
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
7HUFHLURYHPRVQHVVHVYHUVIFXORVDJUDQGHLPSLHGDGHGRFRUDFLLRQDWXUDOGRKRPHP1VRQRWDUQRVQHVWDVSDODYUDV&ULVWRHVWDYDQRPXQGR
-RLLR
RPXQGRIRLIHLWRSRULQWHUPHGLRGHOHPDVRPXQGRQDRRFRQKHFHX9HLRSDUDRTXHHUDVHXHRVVHXVQDRRUHFHEHUDP
&ULVWRHVWDYDGHIRUPDLQYLVLYHOQRPXQGRPXLWRDQWHVGHQDVFHUGDYLUJHP 0DULD (OHHVWDYD GHVGHRSULQFLSLR UHLQDQGR GLVSRQGR HJRYHUQDQGRWRGDDFULDFDR$WUDYHVGHOHWXGRYHLRDVXEVLVWLU&O$WRGRV(OHFRQFHGHX YLGDHUHVSLUDFDR DFKXYDGRFHXHDVFROKHLWDVDEXQGDQWHV3RU(OHUHLQDUDPRVUHLVHDVQDFRHVIRUDPH[DOWDGDVRXKXPLOKDGDV&RQWXGR26KRPHQVQDRFRQKHFHUDPHQDRKRQUDUDP3RLVDGRUDUDPHVHUYLUDPDFULDWXUDHPOXJDUGR&ULDGRU5P&RPUD]DRRFRUDFDRQDWXUDOGRKRPHPHFKDPDGRGHFRUUXSWR
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
3RUXOWLPRYHPRVQHVVHVYHUVLFXORVRVPXLWRVSULYLOHJLRVGHWRGRVRVTXHUHFHEHPD&ULVWRHQ(OHFUHHP/HPRV TXH DWRGRVTXDQWRV RUHFHEHUDPGHX,KHVRSRGHUGHVHUHPIHLWRVILOKRVGH'HXVDVDEHUDRVTXHFUHHPQRVHXQDPH
&ULVWRMDPDLVGHL[DUDGHWHUVHUYRV6HDJUDQGHPDLRULDGRVMXGHXVQDRRUHFHEHXFRPRR0HVVLDV KRXYHSHORPHQRVDOJXQVTXHQDRRUHMHLWDUDP $HVWHV(OHGHXRSULYLOHJLRGHVHUHPILOKRVGH'HXVHRVDGRWRXFRPRPHPEURVGDIDPLOLDGR3DL5HFRQKHFHXRVFRPDVHXVLUPDRVHLUPDVRVVRVGHVHXVRVVRVHFDPHGHVXDFDPH&RQIHULXOKHVXPHVWDGRGLJQRTXHIRLXPDDPSODUHFRPSHQVDSHODFUX]TXHWHULDPGHFDUUHJDUSRUDPRUD(OH7RPRXRVILOKRVHILOKDVGR6HQKRUWRGRSRGHURVR
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
-RDR
YHUVLFXOR GDV(VFULWXUDV TXHDJRUDFRQVLGHUDPRVHEDVWDQWH FXUWRVHPHGLGRSHODTXDQWLGDGH GHSDODYUDV 0DV VHRDYDOLDUPRV SHODQDWXUH]DGHVHXFRQWHLLGR YHUHPRV TXHHEDVWDQWH H[WHQVR 6HXFRQWHLLGRSRVVXLWDRJUDQGHLPSRUWDQFLDTXH IDUHPRV EHP HPFRQVLGHUD,RVHSDUDGDPHQWH(VVH QQLFR YHUVLFXOR FRQWHP DVVXQWR PDLV GR TXH VXILFLHQWH SDUD XPDH[SRVLFVR FRPSOHWD
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
$XQLDRGHGXDV QDWXUH]DV QDSHVVRD GH&ULVWRHXP GRVJUDQGHVPLVWHULRV GRFULVWLDQLVPR(XPDVVXQWR TXHGHYH VHUIDODGR FRPWRGRRFXLGDGR $VVLP FRPR RXWUDV HVWDHXPD JUDQGH YHUGDGH TXH GHYH VHUFULGD UHYHUHQWHPHQWHHQDRVHUDOYRGHHVSHFXODFRHV LPLWHLV 7DOYH] HPQHQKXP RXWUR OXJDU DFKHPRV XPD GHFODUDFDR PDLV VDELDHFULWHULRVD GRTXHDHQFRQWUDGD QRVHJXQGRDUWLJRGD,JUHMD$QJOLFDQD 2)LOKRTXHHR
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