home *** CD-ROM | disk | FTP | other *** search
/ Night Owl 6 / Night Owl's Shareware - PDSI-006 - Night Owl Corp (1990).iso / 002a / axxon_23.zip / 23-4.TPX < prev    next >
Text File  |  1991-08-20  |  30KB  |  3 lines

  1. WUXLUORFRQXQDERPEDGHILVLàQR≡φDOJRSRUHOHVWLOR $KRUDVHKD≡φWUDQTXLOL]DGRVXSRQJR ≡φ'HPRGRTXH\DQRHVWDPRVHQ≡φIXUHFLGRVFRQXVWHGHVDXQTXHKXER≡φXQWLHPSRHQTXHGHKDEHUSRGLGR≡φFRPXQLFDUGLUHFWDPHQWHPLOHQ≡φJXDMHQRKXELHVHVLGRGHPDVLDGR≡φHGXFDGR≡φ$FDERGHUHSURGXFLUWRGRORDQ≡φWHULRU\VXHQDHPEDUXOODGR\FRQ≡φIXVR/RVLHQWRPXFKR5HVXOWDGL≡φIäFLOSDUDPäKDFHUHVWR1RPH≡φUHILHURDODGLILFXOWDGLQWHOHFWXDO≡φººFRPRODGHULYDGDGHXQSUREOHPD≡φGHDMHGUH]RGHXQDQâOLVLVH[WHQ≡φVRUººVLQRDODVHQVDFLàQGHTXH≡φHVWR\DFDUUHDQGRDUHQDFRQXQDFX≡φFKDULOOD2FXUUHTXHQRHVWR\DFRV≡φWXPEUDGRDFRQVWUHçLUPLVSHQVD≡φPLHQWRVHQHVWDFDPLVDGHIXHU]D≡φ+HLQWHQWDGRTXHHVWDYH]VHKLFLH≡φUDFDUJRGHODFRPXQLFDFLàQDOJXQR≡φGHORVRWURVSHURWRGRVUHKXVDURQ≡φ(QFDPELRPHKDQGDGRXQDJUDQ≡φFDQWLGDGGHFRQVHMRV'RWGLFHTXH≡φQRGHERSHUGHUHOWLHPSRUHFRUGDQ≡φGRFàPRKDEOâEDPRV(OODTXHUäD≡φHVFULELUXQUHODWRHQQXPHUDFLàQ≡φVLPSOLILFDGDSDUDXVWHGHVFDOFX≡φODQGRTXHVHUäDQFDSDFHVGHWUDGX≡φFLUORHQXQHVSDFLRGHWLHPSRUD≡φ]RQDEOHººGHGLH]DYHLQWHDçRVºº≡φ\TXHOHVSURSRUFLRQDUäDXQDQDUUD≡φFLàQILGHGLJQDGHWRGR2EMHWeTXH≡φVXSURSXHVWDRIUHFHUäDGLILFXOWDGHV≡φSUâFWLFDV1RHQODSUHSDUDFLàQGHO≡φUHODWRHVRHVSDQFRPLGRSDUDQR≡φVRWURVDKRUD3HURODORQJLWXGGH≡φWUDQVPLVLàQVHUäDH[FHVLYD1R≡φGLVSRQHPRVGHODHQHUJäDVXILFLHQ≡φWHSDUDWUDVPLWLUHOQåPHURQHFH≡φVDULRGHJUXSRVHQSDUWLFXODUGHV≡φGHHODFFLGHQWH'RWGLFHTXHSR≡φGUäDPRV*RGHOL]DUOR<RRSLQeTXH≡φXVWHGHVHUDQGHPDVLDGRREWXVRV≡φSDUDGHV*RGHOL]DUOR(OODGLMRTXH≡φVHUäDXQDSUâFWLFDH[FHOHQWHSDUD≡φXVWHGHV≡φ%XHQR'RWWLHQHUD]àQHQHVWH≡φåOWLPRDVSHFWR\\DHVKRUDGH≡φTXHWRGRVXVWHGHVDSUHQGDQDFRPX≡φQLFDUVHGHXQPRGRVHQVLEOHGH≡φPRGRTXHVLODFDUJDGHHQHUJäDOR≡φSHUPLWHLQFOXLUeHOUHODWRGH'RW≡φDOILQDOHQIRUPD*RGHOL]DGD≡φ0XFKDVXHUWH1RPHH[WUDçDUäDTXH≡φRPLWLHUDQXVWHGHVXQGäJLWRRDOJR≡φSRUHOHVWLOR\TXHHOUHODWRVH≡φFRQYLUWLHUDHQ≤5HEHFFDRI6XQQ\⌠≡φ≤EURRN)DUP⌠RHQDOJRSDUHFLGR≡φ6NLGLFHTXHHQFXDOTXLHUDGHORV≡φFDVRVQROHVKDUäDDXVWHGHVQLQJåQ≡φELHQ\DTXH+HQOHHVWDEDHQOR≡φFLHUWR3RUPLSDUWHQLQJåQFR≡φPHQWDULR≡φ6H[R8VWHGHVVLHPSUHTXLHUHQ≡φRäUKDEODUGHVH[R(VHVWXSHQGR≡φ$KRUDTXH\DQRQHFHVLWDPRVWRPDU≡φODVSäOGRUDVHVWDPRVGLVIUXWDQGR≡φGHXQRVPRPHQWRVPDUDYLOORVRV≡φ)OR\-LP%DUVWRZORLQLFLDURQFR≡φPRSDUWHGHXQVLVWHPDGHFRPX≡φQLFDFLRQHVPXOWäSOLFHTXHKD\TXH≡φYHUORSDUDFUHHUOR(ORWURGäD≡φFXDQGRWXYLPRVTXHVRPHWHUQRVD≡φXQDLQWHUYHQFLàQTXLUåUJLFDPHQRU≡φººDKRUDWHQHPRVORVKXHVRVDFOL≡φPDWDGRVºº$QQ\6NLGHFLGLHURQ≡φXWLOL]DUODH[SHFWDFLàQVH[XDOHQ≡φYH]GHODDQHVWHVLD\GLFHQTXH≡φUHVXOWàPHMRUTXHODDFXSXQWXUD≡φ1REORTXHDODVHQVDFLàQ6HGDEDQ≡φFXHQWDGHTXHOHVH[WLUSDEDQORV≡φGHGRVPHçLTXHVGHORVSLHVSHUR≡φQRORSHUFLEäDQFRPRGRORU'H≡φPRGRTXHFXDQGROHWRFàHOWXUQRD≡φ-LPTXLVRVRPHWHUVHDODRSHUD≡φFLàQVLQRWUDDQHVWHVLDTXHODH[≡φSHFWDWLYDGHDFRVWDUVHFRQ)ORXQ≡φSRFRPâVWDUGH\GLRUHVXOWDGR≡φ-LPTXHGàPX\WUDVWRUQDGRSRU≡φHOORSUHWHQGLàTXHGHPRVWUDEDXQD≡φFDXVDOLGDGLQYHUVDDODTXHVXV≡φWHRUäDVKDEäDQSUHGLFKRSHURTXH≡φQRKDEäDQVLGRGHPRVWUDGDVKDVWD≡φHQWRQFHV$OJRDVäFRPRODVXVSHQ≡φVLàQGHODFDXVDSUHFHGLHQGRDO≡φHIHFWR QRHVWR\VHJXURGHKDEHUOR≡φFDSWDGRGHOWRGR 6XSRQJDPRVTXH≡φ-LPQRVHKXELHVHDFRVWDGRFRQ≡φ)ORï/HKDEUäDQGROLGRORVGHGRV≡φUHWURDFWLYDPHQWH"&RQILHVRTXHQR≡φDFDERGHYHUORFODUR'RWGLFHTXH≡φHVGHELGRDTXHQRFRPSUHQGROD≡φIHQRPHQRORJäDHQJHQHUDO\FUHR≡φTXHWHQGUeTXHVHJXLUHOFRQFHMRGH≡φ$QQ\GHGLFDUPHD&DUQDSDXQTXH≡φODVOLQJdäVWLFDVVRQWDQSREUHVTXH≡φUHVXOWDGLIäFLOSURJUHVDU%XHQR≡φWRGRYDLQFOXLGRHQHOUHODWRHLGe≡φWLFR*RGHOL]DGR'HPRGRTXHYR\D≡φWUDQVPLWäUVHORDXVWHGHV\PLHQ≡φWUDVORKDJROOHYDUeDFDERXQD≡φHVSHFLHGHUHYLVLàQ\WDOYH]FRQ≡φVLJDDFODUDUGHXQPRGRVXILFLHQWH≡φORGHODFDXVDOLGDG≡φ0LUHQYR\DGDUOHVXQDSLVWD≡φ(OUHODWRFRQWLHQHWDPELeQHO≡φSODVPDLGHDGRSRU6NLSDUDPâVGH≡φ.PLOLVHJXQGRVGHPRGRTXH≡φFXDQGRORGHVFLIUHQVDEUâQFàPR≡φFRQVWUXLUDTXHOORVUHDFWRUHVDIX≡φVLàQGHTXHVHKDEODEDFXDQGRQRV≡φPDUFKDPRV(VFRPROD]DQDKRULD≡φGHODQWHGHVXQDUL]GHPRGRTXH≡φDGHODQWHFRQODGHV*RGHOL]DFLàQ≡φ%LHQWHQJRTXHLQWHUUXPSLUHV≡φWHFRPXQLFDGR\DTXHODHQHUJäD≡φKDSHUGLGRLQWHQVLGDG\TXLHUR≡φWUDQVPLWLUHOUHODWRHLGeWLFRWDO≡φFRPROHVKHDQXQFLDGR(VFRPR≡φVLJXH≡φ≡φAAA≡φAAUeVWHVH≡φÉ0XFKDVXHUWHFDPDUDGDV≡φ≡φ≡φ≡φ≤:$6+,1*721&8$752⌠≡φ≡φ.QHIKDXVHQOHYDQWàODFDEH]DGHO≡φPRQWàQGHSDSHOHVGHVXHVFULWR≡φULR6HIURWàORVRMRVVXVSLUDQGR≡φ+DEäDGHMDGRGHIXPDUDOPLVPR≡φWLHPSRTXHHO3UHVLGHQWHSHURDO≡φLJXDOTXHHO3UHVLGHQWHHVWDED≡φSHQVDQGRHQYROYHUDKDFHUOR3RGäD≡φPDWDUOHDXQRVä3HURHUDXQUH≡φGXFWRUGHODWHQVLàQ\eOORQHFH≡φVLWDED+DEäDFRVDVSHRUHVTXHHO≡φTXHOHPDWDUDQDXQRSHQVàFRQ≡φGHVDOLHQWR≡φ'HVGHWRGRVORVSXQWRVGHYLVWD≡φORVåOWLPRVGRVRWUHVDçRVKDEäDQ≡φVLGRPX\GLIäFLOHVSDUDeO+DEäDQ≡φHPSH]DGRPX\ELHQ\HVWDEDQDG≡φTXLULHQGRPX\PDOFDUL]1RWDQ≡φPDORFRPRDTXHOORVOHMDQRVUH≡φFXHUGRVGHVXLQIDQFLDFXDQGRWRGR≡φHOPXQGRHUDWDQSREUH\%HUOäQ≡φHUDWDQIUäR\ODVåQLFDVURSDVGH≡φDEULJRTXHWHQäDSURFHGäDQGHO:LQ≡φWHUKLOIH0HQRVGXURTXHDOILQDO≡φGHODJXHUUDGHVGHOXHJR1RWDQ≡φPDORFRPRDTXHOORVSULPHURVDçRV≡φHQ$PeULFDGHO6XU\GHVSXeVHQHO≡φ0LGGOH:HVWFXDQGRLQFOXVRORV≡φDIRUWXQDGRV\ORVIDPRVRVORV9RQ≡φ%UDXQ\ORV(KULFNVHHQFRQWUDEDQ≡φFRQGLILFXOWDGHVSDUDFRQVHJXLUOR≡φTXHPHUHFäDQ\XQMRYHQFRPR≡φ.QHIKDXVHQWHQäDTXHSHODUSDSDV\≡φPDQHMDUDVFHQVRUHVSDUDYLYLU≡φ3HURPâVGLIäFLO\SHRUGHORTXH≡φXQKRPEUHHQODFXPEUHGHVXFD≡φUUHUDWHQäDPRWLYRSDUDHVSHUDU≡φÉ(OSUR\HFWR$OID$OHSKIXQGD≡φPHQWDOPHQWHHUDEXHQR$SUHWà≡φORVGLHQWHVSHQVDQGRHQHOOR≡φ'DUäDUHVXOWDGR1RSRU'LRV≡φHVWDEDGDQGRUHVXOWDGR\FRQYHUWL≡φUäDDOPXQGRHQXQOXJDUGLVWLQWR≡φ/DVJHQHUDFLRQHVIXWXUDVWHQGUäDQ≡φRFDVLàQGHYHUOR≡φ3HURODVJHQHUDFLRQHVIXWXUDVQR≡φHVWDEDQDåQDTXä\HQHOSUHVHQWH≡φODVFRVDVPDUFKDEDQPDO≡φ5HFRUGàDOJRVåELWDPHQWHWRPà≡φHOWHOeIRQR\OODPàDVXVHFUHWD≡φULD≡φººï+DORJUDGRHVWDEOHFHUFRQWDF≡φWRFRQHO3UHVLGHQWH"ººLQTXLULà≡φºº/RVLHQWR'U.QHIKDXVHQ+H≡φHVWDGROODPDQGRFDGDGLH]PLQX≡φWRVFRPRXVWHGPHGLMR≡φººÉ$KººJUXçà.QHIKDXVHQºº1R≡φHVSHUH'eMHPHYHUï4XeOODPDGDV≡φKD\DKä"≡φ&UXMLUGHSDSHOHV≡φºº/RVQXHYRVVHUYLFLRVGHVGH≡φOXHJRSUHJXQWDQGRRWUDYH]DFHUFD≡φGHORVUXPRUHV/DRILFLQDGH-DFN≡φ$QGHUVRQ(OKRPEUHGHOD&%6≡φºº1RQRKDEODUeFRQODSUHQVD≡φï$OJXLHQPâV"≡φºº+DOODPDGRHOVHQDGRU&RSOH\≡φSUHJXQWDQGRFXâQGRLEDXVWHGDFRQ≡φWHVWDUDODOLVWDGHSUHJXQWDVTXH≡φOHHQYLàVX&RPLWe≡φºº/HGDUeXQDUHVSXHVWD/HGDUe≡φODUHVSXHVWDTXH*wW]YRQ%HUOL≡φFKLQJHQOHGLRDORELVSRGH%DP≡φEHUJ≡φºº/RVLHQWR'U.QHIKDXVHQQR≡φFRPSUHQGR≡φºº1RLPSRUWDï$OJRPâV"≡φºº6àORXQDOODPDGDGHODUJD≡φGLVWDQFLDGHXQWDO0U+DXSWPDQQ≡φ7HQJRVXQåPHUR≡φººï+DXSWPDQQ"≡φ(OQRPEUHOHUHVXOWDEDYDJD≡φPHQWHIDPLOLDU$OFDERGHXQRV≡φLQVWDQWHV.QHIKDXVHQORORFDOL]à≡φHQVXPHPRULDHOWeFQLFRTXH≡φKDEäDFRODERUDGRHQODIDOVLILFD≡φFLàQGHODVIRWRJUDIäDVWRPDGDV≡φGHVGHHO%ULDUHXV;,,%XHQRWHQäD≡φàUGHQHVGHPDQWHQHUVHIXHUDGH≡φFLUFXODFLàQ\FRQODERFDFHUUDGD≡φºº1RHVRQRHVLPSRUWDQWH≡φ1LQJXQDGHODVOODPDGDVORHV\≡φQRTXLHURVHUPROHVWDGRFRQWDOHV≡φWRQWHUäDV6LJDFRPRKDVWDDKRUD≡φ6LFRQVLJXHOäQHDFRQHO3UHVLGHQ≡φWHSàQJDPHHQVHJXLGDFRQeO≡φSHURQRDWHQGHUeDQLQJXQDRWUD≡φOODPDGD≡φ&ROJàHOUHFHSWRU\YROYLàDVXV≡φSDSHOHV≡φ/RVFRQWHPSOàWULVWH\FDULçR≡φVDPHQWHDOPLVPRWLHPSR7RGR≡φHVWDEDDOOäORVLQIRUPHVGHOD≡φ≤&RQVWLWXWLRQ⌠VXVSURSLDVLQWHUSUH≡φWDFLRQHV\FRPHQWDULRV\PâVGH≡φXQFHQWHQDUGHQRWDVFRPSLODGDV≡φSRUVXVD\XGDQWHVFRQHOILQGH≡φGHVHQWUDçDUORVVLJQLILFDGRV\ODV≡φLPSOLFDFLRQHVGHDTXHOORVLQIRU≡φPHVGHOHVSDFLRDYHFHVWDQ≡φRFXOWRV≡φ≡φ+HQOH$OSDUHFHUVHUHILHUHD≡φ3DXO+HQOHSUREDEOHPHQWHVHTXLH≡φUHDOXGLUDVXDILUPDFLàQ([LV≡φWHQFLHUWRVVLPEROLVPRVHQORV≡φFXDOHVFLHUWDVFRVDVQRSXHGHQVHU≡φGLFKDV&RQMHWXUDHOLGLRPDLQ≡φJOeVHVXQRGHHVRVVLPEROLVPRV≡φ≡φ6RUEHWHGHQDUDQMD6HKDUHDOL]D≡φGRXQHVWXGLRH[SHULPHQWDOGHO≡φPDWHULDOGHO'RFXPHQWR5HI1UR≡φ&213âUUDIR/RVDQâOLVLV≡φTXäPLFRV\ORVH[SHULPHQWRVUHD≡φOL]DGRVGHPXHVWUDQTXHODPH]FOD≡φUHFRPHQGDGDGHVXVWDQFLDVIDUPD≡φFeXWLFDV\RWURVLQJUHGLHQWHVSUR≡φGXFHQXQDGURJDSDUDDOXFLQàJHQDGH≡φFRQVLGHUDEOHIXHU]D\FXDOLGDGHVQR≡φGHOWRGRFRQRFLGDV8QFHQWHQDUGH≡φVXMHWRVLQJLULHURQHOSURGXFWR\≡φHOLQIRUPHGHORVHIHFWRVLQFOX\H≡φVHQVDFLRQHVGHHQRUPHFRPSHWHQFLD≡φ\GHDJXGL]DGDFRPSUHQVLàQ6LQ≡φHPEDUJRORVGDWRVVRQSXUDPHQWH≡φVXEMHWLYRV6HLQWHQWàDPSOLDUHO≡φH[SHULPHQWRSHURORVVXMHWRVQR≡φFRODERUDURQELHQ\DOJXQRVGHHOORV≡φVHDXVHQWDURQVLQSHUPLVRGHOOD≡φERUDWRULRGHSUXHEDV≡φ≡φ/HQJXDMH*RGHOL]DGR8QVLVWHPD≡φSDUDFLIUDUFXDOTXLHUPHQVDMHFR≡φPRXQVRORQåPHURPX\JUDQGH6H≡φHPSLH]DSRUHVFULELUHOPHQVDMH≡φHQOHQJXDMHQRUPDO\OXHJRVHFL≡φIUDFRPREDVHV\H[SRQHQWHV&DGD≡φXQDGHODVOHWUDVGHOPHQVDMHHV≡φUHSUHVHQWDGDHQRUGHQSRUHORUGHQ≡φQDWXUDOGHORVQåPHURVSULPRVHV≡φGHFLUODSULPHUDOHWUDVHUHSUH≡φVHQWDSRUODEDVHODVHJXQGDSRU≡φODEDVHODWHUFHUDSRUODEDVH≡φOOHJRHWFeWHUD≡φ/DLGHQWLGDGGHODOHWUDTXHRFXSD≡φDTXHOODSRVLFLàQHQHOPHQVDMH≡φYLHQHGDGDSRUHOH[SRQHQWHVHQ≡φFLOODPHQWHHOH[SRQHQWHVLJQL≡φILFDTXHODOHWUDTXHRFXSDDTXHOOD≡φSRVLFLàQHVXQD$HOH[SRQHQWH≡φVLJQLILFDTXHHVXQD%XQD&≡φHWFeWHUD(OPHQVDMHFRPRFRQ≡φMXQWRHVHODERUDGRFRPRHOSUR≡φGXFWRGHWRGDVODVEDVHV\H[SRQHQ≡φWHV(MHPSORODSDODEUDFDE≡φSXHGHVHUUHSUHVHQWDGDFRPRA≡φAAR   ≡φ(OQRPEUH$EHVHUäDUHSUHVHQWDGR≡φSRUHOQåPHURRAA≡φA   8QDIUDVH≡φFRPR-RKQOLYHVVHUäDUHSUHVHQ≡φWDGDSRUHOSURGXFWRGHORVVL≡φJXLHQWHVIDFWRUHVAA≡φAAAAA≡φAAAHQHOFXDOHO≡φH[SRQHQWHKDVLGRUHVHUYDGR≡φSDUDXQHVSDFLR\HOH[SRQHQWH≡φKDVLGRGHVLJQDGRDUELWUDULDPHQWH≡φSDUDLQGLFDUHOILQDOGHODIUDVH≡φ&RPRSXHGHDSUHFLDUVHODIRUPD≡φ*RGHOL]DGDSDUDXQPHQVDMHPX\≡φEUHYHLPSOLFDXQQåPHURPX\≡φJUDQGHDXQTXHWDOHVQåPHURVSXH≡φGHQVHUWUDQVPLWLGRVGHXQPRGR≡φGHOWRGRFRPSDFWRHQIRUPDGHXQD≡φVXPDGHEDVHV\H[SRQHQWHV(O≡φHMHPSORWUDQVPLWLGRSRUOD≤&RQV⌠≡φ≤WLWXWLRQ⌠VHFDOFXODTXHHTXLYDOHDO≡φFRQWHQLGRGHXQGLFFLRQDULRFR≡φUULHQWHVLQDEUHYLDU≡φ≡φ2EVHUYDFLRQHVGH-LP%DUVWRZ(O≡φVXMHWR-DPHV0DGLVRQ%DUVWRZVX≡φIULàDOJRGHPLRSäDHQVXVSULPH≡φURVDçRVHVFRODUHVDOSDUHFHUGH≡φELGRDXQH[FHVRGHOHFWXUD\WUD≡φWàGHUHPHGLDUODFRQXQRVHMHUFL≡φFLRVRFXODUHVVLPLODUHVDO0eWRGR≡φ%DWHV YeDVHQRWDDGMXQWD (QOD≡φeSRFDGHODVUHYLVLRQHVSDUDHO≡φSUR\HFWR$OID$OHSKVXYLVLàQHUD≡φàSWLPD3HUVRQDVTXHOHFRQRFHQ≡φGHVGHKDFHPXFKRVDçRVKDQDVHJX≡φUDGRTXHVLHPSUHVHPRVWUàPX\≡φLQWHUHVDGRHQDXPHQWDUVXFDSDFL≡φGDGYLVXDO([SOLFDFLàQDOWHUQDWL≡φYD([LVWHQLQGLFLRVGHTXHWDP≡φELeQHVWDEDLQWHUHVDGRHQIHQàPH≡φQRVSDUDQRUPDOHVWDOHVFRPRFOD≡φULYLGHQFLDRSUHYLVLàQ\HVSRVL≡φEOHVLQTXHSXHGDDVHJXUDUVHQDGD≡φGHVGHOXHJRTXHHOWeUPLQRRE≡φVHUYDFLàQVHUHILHUDDYHUSRU≡φDQWLFLSDGRHQHOWLHPSR≡φ≡φ<DVäLQWHUPLQDEOHPHQWH≡φ.QHIKDXVHQFRQWHPSOàORVSDSH≡φOHVFRQXQDH[SUHVLàQHQWUHFDULçR≡φVD\GHVHVSHUDQ]DGD\VHSDVàOD≡φPDQRSRUODIUHQWHÉ/RVPXFKD≡φFKRV(UDQWDQPDUDYLOORVRVSH≡φURWDQLQJREHUQDEOHV\WDQGLIä≡φFLOHVGHFRPSUHQGHU(UDPX\SUR≡φSLRGHHOORVHOKDEHURFXOWDGRVXV≡φSURSLDVUHDOL]DFLRQHVÉ(OVHFUHWR≡φGHODIXVLàQGHOKLGUàJHQR(VWR≡φMXVWLILFDUäDFRQFUHFHVSRUVäVR≡φORWRGRHOSUR\HFWR3HURïGàQGH≡φHVWDED"(QFHUUDGRHQDTXHOMHURJOä≡φILFRQXPeULFR.QHIKDXVHQQRGHMD≡φEDGHDSUHFLDUODHOHJDQFLDGHO≡φPeWRGR7DPELeQeOHUDFDSD]GH≡φWRPDUVHHQVHULRXQDLGHDGHWDQ≡φOXPLQRVDVHQFLOOH]8QDYH]HV≡φFULWRHOQåPHURVàORKDEäDTXH≡φGLYLGLUORSRUGRVWDQWDVYHFHVFR≡φPRIXHUDSRVLEOH\HOQåPHURGH≡φYHFHVQRVGDUäDODSULPHUDOHWUD≡φ$FRQWLQXDFLàQGLYLGLUSRUHOVH≡φJXQGRSULPRWUHV\HVHQåPHUR≡φGHYHFHVQRVGDUäDODVHJXQGDOH≡φWUD3HURï\ODVGLILFXOWDGHV≡φSUâFWLFDV"1RSRGäDOOHJDUVHDOD≡φSULPHUDOHWUDKDVWDWHQHUWRGRHO≡φQåPHUR\OD,%0VHKDEäDQHJDGRD≡φFRPSURPHWHUVHDFRQVWUXLUXQEDQ≡φFRGHFRPSXWDGRUDVSDUDHVFULELU≡φDTXHOQåPHURDPHQRVTXHHOSOD≡φ]RGHGHVDUUROORGHOSURJUDPDVH≡φH[WHQGLHUDDYHLQWLFLQFRDçRV≡φ9HLQWLFLQFRDçRV<HQWUHWDQWRHQ≡φDTXHOQåPHURVHRFXOWDEDSUREDEOH≡φPHQWHHOVHFUHWRGHODIXVLàQGHO≡φKLGUàJHQRSRVLEOHPHQWHPXFKRV≡φVHFUHWRVPâVLPSRUWDQWHV\FRQ≡φWRGDVHJXULGDGODFODYHGHOELHQHV≡φWDUGH.QHIKDXVHQGXUDQWHODVSUà≡φ[LPDVVHPDQDV≡φ6RQàHOWHOeIRQR≡φ.QHIKDXVHQORDJDUUà\JULWà≡φLQPHGLDWDPHQWH≡φººÉ6äVHçRU3UHVLGHQWH≡φ6HKDEäDSUHFLSLWDGR(UDVX≡φVHFUHWDULD+DEOàFRQYR]WHPEOR≡φURVDSHURGHFLGLGD≡φºº1RHVHO3UHVLGHQWH'U.QHI≡φKDXVHQVLQRHOVHQDGRU&RSOH\≡φ$VHJXUDTXHVHWUDWDGHDOJRPX\≡φXUJHQWH'LFH≡φººÉ1RººJULWà.QHIKDXVHQ\≡φFROJàHOWHOeIRQR≡φ,QPHGLDWDPHQWHODPHQWàKDEHU≡φORKHFKR&RSOH\HUDXQSHUVRQDMH≡φLPSRUWDQWHSUHVLGHQWHGHO&RPLWe≡φGHODV)XHU]DV$UPDGDVQRHUDXQ≡φKRPEUHDOTXH.QHIKDXVHQGHVHDUD≡φWRPDUFRPRHQHPLJR\KDEäDSUR≡φFXUDGRJDQDUVHVXDPLVWDGDOR≡φODUJRGHYDULRVDçRVGHSDFLHQWH≡φFRQWHPSRUL]DFLàQ3HURQRSRGäD≡φKDEODUFRQeOQLFRQQDGLHPLHQ≡φWUDVHO3UHVLGHQWHQRFRQWHVWDUDD≡φVXVOODPDGDV/DFDWHJRUäDGH&R≡φSOH\HUDHOHYDGDSHURQRHVWDEDHQ≡φODOäQHDMHUâUTXLFDGLUHFWDSRUHQ≡φFLPDGH.QHIKDXVHQ&XDQGROD≡φFXPEUHGHDTXHOODOäQHDVHQHJDED≡φDKDEODUFRQeO.QHIKDXVHQTXHGDED≡φGHVFRQHFWDGRGHOPXQGR≡φ7UDWàGHWUDQTXLOL]DUVHH[DPL≡φQDQGRODVLWXDFLàQREMHWLYDPHQWH≡φ(QSULPHUOXJDUODVSUHVLRQHV≡φVREUHHO3UHVLGHQWHHUDQHQRUPHV≡φ/RVFRQWLQXRVGLVWXUELRVHQODV≡φFLXGDGHVHQWRGDVODVFLXGDGHV≡φ/DVFRQYHQFLRQHVSROäWLFDVHQSUH≡φSDUDFLàQ/DQHFHVLGDGGHVHUHOH≡φJLGRSDUDXQWHUFHUPDQGDWR\OD≡φQHFHVLGDGGHPRGLILFDUODOH\SDUD≡φKDFHUSRVLEOHODUHHOHFFLàQ<≡φGHVGHOXHJRWDOFRPR.QHIKDXVHQ≡φUHFRQRFäDODSHRUGHODVSUHVLRQHV≡φHUDQORVUXPRUHVTXHFLUFXODEDQ≡φDFHUFDGHOD≤&RQVWLWXWLRQ⌠+DEäD≡φDGYHUWLGRDO3UHVLGHQWH)XHXQD≡φOâVWLPDTXHHO3UHVLGHQWHQROH≡φHVFXFKDUD+DEäDGLFKRTXHXQVH≡φFUHWRFRQRFLGRSRUGRVSHUVRQDV≡φHVWâFRPSURPHWLGR\TXHXQVH≡φFUHWRFRQRFLGRSRUPâVGHGRV≡φSHUVRQDVQRHVXQVHFUHWR3HURHO≡φ3UHVLGHQWHKDEäDLQVLVWLGRHQLQ≡φIRUPDUGHODYHUGDGHUDVLWXDFLàQD≡φWRGRDTXHODPSOLRFäUFXORGHDOWRV≡φIXQFLRQDULRVORVFXDOHVKDEäDQMX≡φUDGRQDWXUDOPHQWHTXHJXDUGDUäDQ≡φHOVHFUHWR3HURDSHVDUGHWRGR≡φHUDLQGXGDEOHTXHVHKDEäDQSURGX≡φFLGRILOWUDFLRQHV≡φ.QHIKDXVHQDFDULFLàDPRURVD≡φPHQWHORVLQIRUPHVGHOD≤&RQVWL⌠≡φ≤WXWLRQ⌠$TXHOORVHVWXSHQGRVPXFKD≡φFKRVSRGäDQORJUDUDåQTXHWRGR≡φDFDEDUDELHQ≡φ(UDORPHQRVTXHSRGäDQKDFHU≡φSRUeO<DTXHeOHUDTXLHQORV≡φKDEäDKHFKRWDQHVWXSHQGRV(OKD≡φEäDLQYHQWDGRODLGHD(OOHVKDEäD≡φHVFRJLGR(OKDEäDKHFKRFRVDVSRU≡φODVFXDOHVQRVHKDEäDUHFRQFLOLDGR≡φDåQGHOWRGRFRQVLJRPLVPRSDUD≡φDVHJXUDUVHGHTXHVHUäDQHOORV\≡φQRRWURVORVTXHIRUPDUäDQOD≡φWULSXODFLàQ3RUHQFLPDGHWRGR≡φVHKDEäDDVHJXUDGRGHVXOHDOWDG≡φSRUWRGRVORVPHGLRVSRVLEOHV≡φ$GLHVWUDPLHQWR'LVFLSOLQD/D]RV≡φGHDIHFWR\GHDPLVWDG/D]RVPâV≡φILDEOHVFDUJDQGRVXSURYLVLàQGH≡φYäYHUHVVXVFLQWDVPDJQHWRIàQL≡φFDVVXVDFWLYLGDGHVSURJUDPDGDV≡φFRQWRGDFODVHGHLQGXFFLRQHVSX≡φEOLFLWDULDVGHFRPSXOVLRQHV05≡φGHUHIXHU]RVSVLFROàJLFRVTXHIXH≡φFDSD]GHGHVFXEULURGHLQYHQWDU≡φGHPRGRTXHQRGHMDUDQGHLQIRU≡φPDUILHOPHQWHDOD7LHUUDGH≡φFXDOTXLHUFRVDTXHKLFLHUDQ$SH≡φVDUGHWRGRORTXHSXGLHVHKDEHU≡φRFXUULGRORVLQIRUPHVQRKDEäDQ≡φIDOODGR/RVGDWRVSRGäDQUHVXOWDU≡φGLIäFLOHVGHGHVHQWUDçDUSHURHV≡φWDEDQDOOä1RSRGäDQHYLWDUORVXV≡φPDQGDPLHQWRVHUDQPâVHVWULFWRV≡φTXHORVGH'LRVDOLJXDOTXH0DU≡φWLQ/XWHURGHEäDQGHFLU≤,FKNDQQ⌠≡φ≤QLFKWDQGHUV⌠$SUHQGHUäDQ\GLUäDQ≡φORTXHKDEäDQDSUHQGLGR\DVäTXH≡φGDUäDMXVWLILFDGDODLQYHUVLàQ≡φÉ(OWHOeIRQR≡φ(PSH]àDKDEODUDQWHVGHDFHU≡φFDUORDVXERFD≡φººÉ6äVäÉ+DEODHO'U.QHI≡φKDXVHQVä≡φ&RQWRGDVHJXULGDGHUDHO3UHVL≡φGHQWH≡φ1RHUDeO≡φººÉ.QHIKDXVHQººJULWàHOKRP≡φEUHDORWURH[WUHPRGHOKLOR/H≡φGLUeORTXHOHKHGLFKRDHVDDV≡φTXHURVDVHFUHWDULDVX\DVLFXHOJD≡φXVWHGHOWHOeIRQRGDUeRUGHQHVD≡φFXDWURPLHPEURVGHODV)XHU]DV≡φ$UPDGDVSDUDTXHOHGHWHQJDQ\OH≡φWUDLJDQDPLSUHVHQFLDDQWHVGH≡φYHLQWHPLQXWRVï(QWHQGLGR"≡φ.QHIKDXVHQUHFRQRFLàODYR]\HO≡φHVWLOR6XVSLUàSURIXQGDPHQWH\VH≡φREOLJàDVäPLVPRDFRQVHUYDUOD≡φFDOPD≡φºº(QWHQGLGRVHQDGRU&RSOH\≡φººGLMRººï'HTXeVHWUDWD"≡φºº/DFRVDKDUHYHQWDGRQLPâV≡φQLPHQRV(VHDPLJRVX\RGH≡φ+XQWVYLOOHïFàPRVHOODPD"≡φHOWeFQLFRHQIRWRJUDIäD≡φººï+DXSWPDQQ"≡φººÉ(VHï/HJXVWDUäDVDEHUGàQGH≡φHVWâHVHEDVWDUGR"≡φºº6XSRQJRVXSRQJRTXHHQ≡φ+XQWVYLOOH≡φººÉ6XSRQHPDO(OPX\EDVWDUGR≡φILQJLàTXHHVWDEDHQIHUPR\TXH≡φWHQäDTXHVHUYLVLWDGRSRUXQHVSH≡φFLDOLVWD(OVHUYLFLRGHLQIRUPD≡φFLàQQROHSHUGLàGHYLVWDDXQTXH≡φVLQGHWHQHUOHSDUDSRGHUHQWHUDUVH≡φGHORTXHSUHWHQGäDKDFHU%XHQR≡φ\DVHKDQHQWHUDGR+DFHXQDKRUD≡φOHYLHURQVDOLUGHODHURSXHUWRGH≡φ2UO\HQXQDYLàQGHOD$HURIORW≡φÉ+DGHVHUWDGR$KRUD.QHIKDXVHQ≡φHPSLHFHDGHYDQDUVHORVVHVRVSHQ≡φVDQGRHQFàPRYDDKDFHUIUHQWHD≡φODVLWXDFLàQ\SURFXUHTXHODVR≡φOXFLàQVHDEXHQD≡φ.QHIKDXVHQGLMRDOJRQRVDEäD≡φTXe\FROJàHOWHOeIRQRQRUHFRU≡φGDEDFXâQGR6HTXHGàPLUDQGRIL≡φMDPHQWHXQSXQWRLQGHWHUPLQDGR≡φGHOHVSDFLRGXUDQWHXQSDUGHPL≡φQXWRV≡φ/XHJROODPàDVXVHFUHWDULD\≡φGLMRVLQHVFXFKDUODVWDUWDPX≡φGHDQWHVGLVFXOSDVGH0UV$PEURVH≡φºº$QWHVPHKDEOàXVWHGGHXQD≡φOODPDGDGHODUJDGLVWDQFLDGHXQ≡φWDO+DXSWPDQQ1RPHGLMRGH≡φGàQGHSURFHGäD≡φºº(UDXQDOODPDGDGHXOWUDPDU≡φ'U.QHIKDXVHQ'H3DUäV1RPH≡φGLRXVWHGRFDVLàQ≡φºº6äVäFRPSUHQGR*UDFLDV≡φ1RLPSRUWD≡φ9ROYLàDFROJDUHOWHOeIRQR\VH≡φKXQGLàHQVXDVLHQWR6HVHQWäDFD≡φVLDOLYLDGR6L+DXSWPDQQVHKDEäD≡φPDUFKDGRD5XVLDVàORSRGäDKD≡φEHUORKHFKRSDUDFRQWDUOHVDORV≡φVRYLeWLFRVTXHODIRWRJUDIäDHUDXQ≡φIUDXGHTXHQRH[LVWäDQLQJåQSOD≡φQHWDHQHOTXHSXGLHUDQDWHUUL]DU≡φORVDVWURQDXWDV\TXHQRVHWUDWD≡φEDGHXQHUURUVLQRGHXQHQJDçR≡φFXLGDGRVDPHQWHSODQHDGR'HPRGR≡φTXHDKRUDHODVXQWR\DQRHVWDEDHQ≡φVXVPDQRV/D+LVWRULDOHMX]JD≡φUäD/DVXHUWHHVWDEDHFKDGD6H≡φKDEäDFUX]DGRHO5XELFàQ≡φ'HPDVLDGDVDOXVLRQHVOLWHUD≡φULDVSHQVà.QHIKDXVHQ(QUHDOLGDG≡φORLQPHGLDWDPHQWHLPSRUWDQWHQR≡φHUDHOMXLFLRGHODKLVWRULDVLQR≡φHOMXLFLRGHGHWHUPLQDGDVSHUVRQDV≡φTXHHVWDEDQYLYDV\TXHSRVLEOH≡φPHQWHUHDFFLRQDUäDQGHXQPRGR≡φGHVDJUDGDEOH≡φ(VWUHPHFLeQGRVHWRPàHOWHOe≡φIRQRSDUDOODPDUXQDYH]PâVDO≡φ3UHVLGHQWH3HURHVWDEDFRPSOHWD≡φPHQWHVHJXURGHTXHHO3UHVLGHQWH≡φQRYROYHUäDDFRQWHVWDUDVXOOD≡φPDGDQXQFDPâV≡φ≡φ≡φ≤&2167,787,21&,1&2⌠≡φ≡φ+DEODGHQXHYRHOYLHMR6KHI≡φ+HPRVUHFLELGRVXPHQVDMH1R≡φSUHWHQGHPRVGLVFXWLUOR6HKD≡φSXHVWRXVWHGQHUYLRVR(VWâGHXQ≡φKXPRUDJULRïQRHVFLHUWR"6LQR≡φSXHGHGHFLUDOJRDJUDGDEOHQRGLJD≡φQDGD1RVRWURVKDFHPRVODVFRVDV≡φORPHMRUTXHSRGHPRV\VLQR≡φFRLQFLGHQH[DFWDPHQWHFRQORTXH≡φXVWHGHVSHUDEDGHQRVRWURVHV≡φSRVLEOHTXHVHGHEDDTXHQRVRWURV≡φVDEäDPRVPXFKRPâVTXHXVWHG≡φFXDQGRQRVFRQWUDWàFRQHOHVSHMLV≡φPRGHOVXSXHVWR$OID$OHSK(Q≡φHVWHDVSHFWRQRWHQHPRVQDGDTXH≡φDJUDGHFHUOH≡φ(QFDPELRKHPRVGHDJUDGH≡φFHUOHORTXHKL]RGHVGHRWURSXQWR≡φGHYLVWDHVGHFLUSRUKDEHUQRV≡φSHUPLWLGROOHJDUDOSXQWRTXHKH≡φPRVOOHJDGR\QRPHUHILHURDOR≡φHVSDFLDO'HPRGRTXHQRYR\DUH≡φSURFKDUOHQDGD3HURQRTXLHURKD≡φEODUFRQXVWHGVHQFLOODPHQWH'H≡φMDUeTXHORVRWURVKDEOHQSRUVä≡φPLVPRV≡φ≡φ+DEOD'RW/HWVNL(VWRHVLP≡φSRUWDQWH$QàWHOR7HQJRTXHGH≡φFLUOHWUHVFRVDVTXHQRTXLHURTXH≡φROYLGH8QR/DPD\RUäDGHORV≡φSUREOHPDVWLHQHQVROXFLRQHVJUD≡φPDWLFDOHV(OSUREOHPDGHWUDQV≡φSRUWDUSHUVRQDVGHVGHOD7LHUUDD≡φRWURSODQHWDQRVHKDUHVXHOWRHQ≡φFDMDQGRSLH]DVGHDFHURDOD]DU≡φFRQHOUHVXOWDGRGHKDEHUFRQVWUXL≡φGROD≤&RQVWLWXWLRQ⌠SRUDFFLGHQWH≡φ6HKDUHVXHOWRFRQVWUX\HQGRXQ≡φPRGHORºº HFXDFLàQ  JUDPâ≡φWLFD ººHOFXDOGHVFULEHODVFLU≡φFXQVWDQFLDVQHFHVDULDVHQTXHVH≡φSURGXFHHOWUDQVSRUWH8QDYH]TXH≡φVHWLHQHHOPRGHORJUDPDWLFDOQR≡φKD\PâVTXHFRORFDUHOPHWDODVX≡φDOUHGHGRU≡φ&XDQGRKD\DFRPSUHQGLGRHVWR≡φVHHQFRQWUDUâSUHSDUDGRSDUD≡φ'RV1RH[LVWHORTXHVHOODPD≡φFDXVDOLGDG6HKDSHUGLGRPXFKR≡φWLHPSRWUDWDQGRGHDVLJQDUFDX≡φVDVDORVDFRQWHFLPLHQWRV6H≡φGLFHQFRVDVWDOHVFRPR5DVFDUXQ≡φIàVIRURHVODFDXVDGHTXHVHHQ≡φFLHQGDï$ILUPDFLàQYHUGDGHUD"≡φ1RDILUPDFLàQIDOVD6HKDFHXQ≡φOäRDOH[DPLQDUVLHODFWRGH≡φUDVFDUHVQHFHVDULR\RVXIL≡φFLHQWH\VHSLHUGHHQSDODEUDV≡φ/DVJUDPâWLFDVSUDJPâWLFDPHQWH≡φåWLOHVFDUHFHQGHWLHPSRV(QXQD≡φJUDPâWLFDGHFHQWHººGHVGHOXHJR≡φHVWHQRHVHOFDVRGHOLGLRPD≡φLQJOeVSHURKDJRWRGRORTXHSXH≡φGRººSXHGHKDFHUVHXQDDILUPDFLàQ≡φFRPR([LVWHXQDFRQMXQFLàQGH≡φIRUPDVGHPDWHULDººHVSHFLILFD≡φGDººTXHFRPELQDFRQHOGHVSUHQGL≡φPLHQWRGHHQHUJäDDGHWHUPLQDGD≡φWHPSHUDWXUDODFXDOSXHGHVHU≡φODWHPSHUDWXUDDVRFLDGDFRQHO≡φFDORUGHODIULFFLàQï'RQGHHVWâ≡φODFDXVDOLGDG"&DXVD\HIHFWR≡φVHHQFXHQWUDQHQODPLVPDDILU≡φPDFLàQLQWHPSRUDO'HPRGRTXH≡φ7UHV1RH[LVWHQODVOODPDGDVOH≡φ\HVHPSäULFDV6NLOOHJàDFRP≡φSUHQGHUTXHHUDFDSD]GHFRQVHUYDU≡φHOSODVPDGHQXHVWURFRKHWHLQGH≡φILQLGDPHQWHQRHPSXMDQGRODV≡φSDUWäFXODVGHXQODGRDRWURPH≡φGLDQWHLPSXOVRVPDJQeWLFRVGH≡φIXHU]DEUXWDVLQRHVWLPXOâQGRODV≡φDSHUPDQHFHUMXQWDV+D\RWUDPD≡φQHUDGHH[SUHVDUORTXHeOKDFH≡φººSRUHMHPSORFUHDXQHQWRUQRHQ≡φHOFXDOODIXHU]DFHQWUäSHWDVXSHUD≡φDODIXHU]DFHQWUäIXJDººSHUR≡φSUHILHURH[SUHVDUORDPLPRGR/D≡φPRUDOHMDHVTXHGHEHPRVVHUDPD≡φEOHVFRQODVFRVDVVLTXHUHPRV≡φTXHODVFRVDVVHDQDPDEOHVFRQ≡φQRVRWURV1RVHROYLGHGHLQIRUPDU≡φGHHVWRD7
  2. LQ)DHQ7LHWVLQDO≡φSURIHVRU0RUULVHQ$OO6RXO
  3. V\D≡φTXLHQTXLHUDTXHRFXSHODFâWHGUDGH≡φ&DUQDSHQOD8&/$≡φ≡φ+DEOD)OR$PLPDGUHOHKX≡φELHVHJXVWDGRPLMDUGäQ7HQJR≡φFDçDIäVWXODV\QDUFLVRVFUHFLHQGR≡φXQRVMXQWRDRWURVHQODORGRVD≡φDUHQDÉ(OORVQRVDJUDGDQDQRVR≡φWURV\QRVRWURVDHOORV3UREDEOH≡φPHQWHWUDQVPLWLUeWRGRXQPDQXDO≡φGHIORULFXOWXUDHQXQDIHFKDIXWX≡φUDSHURHQWUHWDQWRUHVXOWDYHUJRQ≡φ]RVRFRPHUVHXQUâEDQR(QFDP≡φELRODV]DQDKRULDVGLVIUXWDQFRQ≡φHOOR≡φ≡φ2EVHUYDFLRQHVGH/HWVNL$OD≡φKRUDWXQQåPHUR'LUDFLQFRQPHQ≡φVXUDEOHFRQ*07SXHGHREVHUYDUVH≡φHOVLJXLHQWHIHQàPHQR≡φ/DIXHQWHGHUDGLR&HQWDXUR$HV≡φLGHQWLILFDGDFRPRXQVRORREMHWR≡φFROHFWLYRSRVLFLRQDOPHQWHHVWDEOH≡φPâVELHQTXHFRPRGRVQXEHVGH≡φJDVTXHVHHQWUHFUX]DQ\VHREVHU≡φYDTXHVHFRQWUDHQUDGLFDOPHQWH≡φKDFLDXQFHQWUR/RVDQâOLVLV\ODV≡φREVHUYDFLRQHVUHYHODQTXHHVXQ≡φ$JXMHUR1HJURFX\RVGHWDOOHVQRVRQ≡φDåQGHWHFWDEOHV6HLQILHUHTXHWR≡φGDVODVJDOD[LDVGHVDUUROODQWDOHV≡φYàUWLFHVFHQWUDOHVFRQLPSOLFD≡φFLRQHVGHLQWHUeVSDUDORVDVWUàQR≡φPRV\HVFDWRORJLVWDV<R6H\PRXU≡φ/HWVNLSURSRQJRHFKDUXQDPLUDGD≡φPâVGHFHUFDSHURORVRWURVSUH≡φILHUHQVHJXLUFRQHOYXHORSURJUD≡φPDGR1RWLIäTXHQORSRUIDYRUDO≡φVHUYLFLR6PLWKVRQLDQRGH+DUYDUG≡φ≡φ$UFRHVWHODUXQHVWXGLRSUH≡φOLPLQDUSDUDXQDYHUVLàQHQLQJOHV≡φGHXQSRHPDGH-DPHV%DUVWRZ≡φ≡φ&KDWDUUDGHâQDGHVSHURFXPEUH≡φ>GHQXHVWUDUD]D≡φ9LDMDPRVDWUDYeVGHOHVSDFLR≡φ>UHODWLYäVWLFR≡φ'LODWDGRVPHQRVSUHFLDGRV≡φ>GHVDOHQWDGRVH[SORUDPRV≡φ3HURHVWâYDFDQWHHO6LJQRGHO≡φ>&DEDOOR\HO+RPEUH≡φ9DFDQWHHO6LJQRGHO&DEDOOR\≡φ>HO+RPEUH≡φ<DKRUDFRQMHWXUDPRVODPHWD≡φ>GHQXHVWURYLDMH≡φ(QJDçDGRV\GHIUDXGDGRV≡φ>FRUUHPRVWULVWHPHQWH≡φ'HWUâVGHOKLMRGHOVROWHURVRO≡φ/DWUDPSDHVGHVFXELHUWD\≡φ>FRQIHVDGD≡φ<QRVRWURVVRPRVREMHWRGHODV≡φ>SHRUHVFKDQ]DV≡φ(O*DQVRTXHQRVHQJHQGUàOD≡φ>2FDGHFX\RKXHYRVDOLPRV≡φ1RVWUDLFLRQàDVWXWD\≡φ>DUWHUDPHQWH≡φ(VWâHQGHXGDFRQQRVRWURV1R≡φ>ORROYLGDPRV≡φ&RQIRUWXQD\ILUPH]DQRV≡φ>FREUDUHPRVODIDFWXUD≡φ6àORSHGLPRVXQSRFRGHVXHUWH≡φ>\DVXGHELGRWLHPSR≡φQRVFREUDUHPRVHORURDOILQDO≡φ>GHODUFRHVWHODU≡φ≡φ≤$QQ%HFNOXQG⌠≡φ≡φ&UHRTXHIXH6WDQOH\:HLQEDXP≡φHOTXHGLMRTXHXQDPHQWHGHYHUDV≡φVXSHULRUSRGäDGHGXFLUWRGRHOXQL≡φYHUVRSDUWLHQGRGHWUHVKHFKRV6NL≡φRSLQDTXHHVSRVLEOHFRQXQQåPHUR≡φILQLWRDXQTXHFRQVLGHUDEOHPHQWH≡φPD\RUTXHeVH1RVRWURVHVWDPRV≡φPX\OHMRVGHVHUPHQWHVVXSHULR≡φUHVGHDFXHUGRFRQHVRVQLYHOHVH≡φLQFOXVRSRUQXHVWURVQLYHOHVSUR≡φSLRV3HURGLVSRQHPRVGHXQQåPH≡φURGHKHFKRVVXSHULRUDWUHVH≡φLQFOXVRDWUHVPLOGHPRGRTXH≡φKHPRVSRGLGRGHGXFLUEDVWDQWH≡φ(VWRQRHVWDQYDOLRVRSDUDXV≡φWHGHVFRPRVHJXUDPHQWHVXSRQäDQ≡φTXHULGRYLHMREDVWDUGR.QHIILH\≡φWRGRVXVWHGHVORVRWURVEDVWDUGRV≡φGHELGRDTXHXQDGHODVFRVDVTXH≡φKHPRVGHGXFLGRHVTXHQRSRGäDPRV≡φFRQWâUVHORWRGRSRUTXHXVWHGHVQR≡φORFRPSUHQGHUäDQ3RGUäDPRVD\X≡φGDUDDOJXQRGHXVWHGHVVLHVWXYLH≡φUDDTXä\FRQHOWLHPSRVHUäDFD≡φSD]GHKDFHUIâFLOPHQWHORTXH≡φQRVRWURVKDFHPRVSHURQRSRUFRQ≡φWUROUHPRWR≡φÉ3HURQRWRGRHVWâSHUGLGRPX≡φFKDFKRVÉ$OHJUDRV1RGHGXFLUeLV≡φFRPRGHGXFLPRVQRVRWURVSHURHQ≡φFDPELRWHQeLVPXFKRPâVHQTXH≡φWUDEDMDU,QWHQWDGOR$JX]DGHO≡φLQJHQLR3RGeLVKDFHUORVLGHYHUDV≡φORGHVHâLV2OYLGDRVGHYXHVWUD≡φSHUVRQDOLGDGFRPSRQHGYXHVWUDV≡φPHQWHVDQWHVGHKDEODUDILUPDG≡φYXHVWUDVUHODFLRQHVDQWHVGHSHGLU≡φDOJR≡φ≡φ≤(YH%DUVWRZ⌠≡φ≡φ&XDQGR\RHUDQLçDVROäDMXJDU≡φDODMHGUH]PX\PDOFRQMXJDGR≡φUHVPX\EXHQRV\eVWDHVODKLV≡φWRULDGHPLYLGD6R\XQDVXSHU≡φSHUIHFFLRQLVWDFUàQLFD1RVRSRUWR≡φDODVSHUVRQDVTXHQRVRQPâVOLV≡φWDV\PHMRUHVTXH\RSHURHOUH≡φVXOWDGRHVTXHVLHPSUHVR\ODåO≡φWLPD$TXäWRGRVVRQPX\DPDEOHV≡φFRQPLJRLQFOXVR-LPSHURHOORV≡φVDEHQORPLVPRTXH\RFXâOHVOD≡φVLWXDFLàQ≡φ'HPRGRTXHPHPDQWHQJRRFX≡φSDGD\DSODXGRORTXH\RQRSXHGR≡φKDFHU1RHVXQDPDODYLGD7HQJR≡φWRGRORTXHQHFHVLWRH[FHSWRRUJX≡φOOR≡φ3HUPäWDQPHFRQWDUOHVORTXHHV≡φXQGäDWäSLFRDTXäHQWUHHO6RO\≡φ&HQWDXUR1RVGHVSHUWDPRVººVLKH≡φPRVHVWDGRGXUPLHQGRFRVDTXH≡φDOJXQRVGHQRVRWURVWRGDYäDKDFH≡φPRVºº\FRPHPRVººVLDåQVHJXL≡φPRVFRPLHQGRTXHHVHOFDVRGH≡φWRGRVPHQRVGH6NLºº/DFRPLGD≡φHVGHOLFLRVD\)ORUHQFHODKDLQGX≡φFLGRDFUHFHUJXLVDGD\VD]RQDGD≡φFXDQGRHOORUHVXOWDGHVHDEOHGH≡φPRGRTXHQRWHQHPRVQLQJXQDGL≡φILFXOWDGHQFRPHUXQVDEURVRKXHYR≡φHVFDOIDGRRXQSXçDGRGHIULWXUDVD≡φODIUDQFHVD HQUHDOLGDG\RSUHIH≡φULUäDEULRFKHVSDUDHOGHVD\XQR≡φSHURSRUPRWLYRVVHQWLPHQWDOHV≡φ)ORUHQFHQRSXHGHDUUHJODUOR $≡φYHFHVEDLODPRVXQSRFRRHQWRQD≡φPRVDQWLJXDVFDQFLRQHVIRONOàUL≡φFDV(QWDOHVRFDVLRQHV6NLVH≡φUHåQHFRQQRVRWURVSHURQRSRU≡φPXFKRWLHPSR\DTXHYXHOYHLQ≡φPHGLDWDPHQWHDVXFRQWHPSODFLàQ≡φGHOXQLYHUVR(ODUFRHVWHODUHV≡φPDJQäILFR\DSDEXOODQWH$KRUDHV≡φXQDIUDQMDGHXQRVJUDGRVGHXQD≡φSDUWHDRWUDTXHQRVURGHDSRU≡φFRPSOHWRGHOX]FRORUHDGD6LHP≡φSUHVHSXHGHPLUDUHQODVRWUDV≡φIUHFXHQFLDV\YHUHVWUHOODVIDQ≡φWDVPDVGHODQWH\GHWUâVGHQRVR≡φWURVSHURODåQLFDOX]SURFHGHGH≡φDTXHOODKHUPRVDIUDQMDGHHVWUH≡φOODV≡φ$YHFHVHVFULELPRVFRPHGLDVR≡φKDFHPRVXQSRFRGHPåVLFD6KHI≡φKDGHGXFLGRFXDWURFRQFLHUWRVSDUD≡φSLDQRGH%DFKSHUGLGRVTXHUHFXHU≡φGDQPXFKRD&RUHOOL\D9LYDOGL\≡φWRGRVQRVRWURVQRVKHPRVDGDSWDGR≡φDHOORVSDUDODLQWHUSUHWDFLàQ$QQ≡φ\6KHIKDQVLQWHWL]DGRRUTXHVWDV≡φHQWHUDV/DKLMDPD\RUGH)ORFDQ≡φWDXQDHVSHFLHGHQDQDDGDSWDGDD≡φXQRVFRUDOHVGH%X[WHKXGHÉ2K1R≡φKHKDEODGRDåQGHORVQLçRV$KR≡φUDVRQRQFH$QQ'RW\\RWHQHPRV≡φXQRSRUFDEH]D\)ORUHQFHWLHQH≡φRFKR DXQTXHPHKDQGLFKRTXHOD≡φVHPDQDSUà[LPDYR\DWHQHUFXD≡φWULOOL]RV 0HGHMDQTXHORVFXLGH≡φGXUDQWHODVSULPHUDVVHPDQDV≡φPLHQWUDVVRQSHTXHçRV\≤WDQ⌠HQFDQ≡φWDGRUHV≡φ'HPRGRTXHPHSDVRODPD\RU≡φSDUWHGHOWLHPSRFXLGDQGRDORV≡φQLçRV\WUDEDMDQGRHQDOJXQDVHFXD≡φFLRQHVTXH6NLWLHQHODDPDELOLGDG≡φGHUHVHUYDUPH\GHERFRQIHVDUOR≡φVLQWLeQGRPHXQSRFRVRODÉ0HJXV≡φWDUäDFRQWHPSODUXQEXHQ≤VKRZ⌠GH≡φODWHOHYLVLàQWRPDQGRXQDWD]DGH≡φFDIeFRQXQDPLJR'HFXDQGRHQ≡φFXDQGRPHGHMDQFDPELDUHOLQWH≡φULRUGHQXHVWURKRJDUPàYLO(O≡φRWURGäDHQEURPDORUHKLFHDO≡φHVWLORVXEXUEDQRGH3LWWVEXUJï4Xe≡φRSLQDQGHXQDVYHQWDQDVGHKRMDVHQ≡φHOHVSDFLRLQWHUHVWHODU"1XQFDODV≡φDEULPRVGHVGHOXHJRSHURWLHQHQ≡φXQDVSHFWRPX\UHDOFRQVXVYLVL≡φOORVGHTXLPàQ\VXVOD]DGDVGH≡φHQFDMH<KHPRVDçDGLGRYDULDV≡φKDELWDFLRQHVQXHYDVSDUDORVQLçRV≡φ\VXVDQLPDOLWRV )ORFXOWLYDSDUD≡φHOORVXQRVVLPSâWLFRVFRQHMLWRVHQ≡φHOFRPSOHMRKLGURSàQLFR ≡φ%XHQRORKHSDVDGRPX\ELHQ≡φFRQHVWDSHTXHçDFKDUODSHURDKRUD≡φWHQJRTXHFRUWDU4XLHURPHQFLRQDU≡φXQDFRVD/RVRWURVKDQGHFLGLGR≡φTXHQRGHVHDQUHFLELUPâVPHQVD≡φMHVGHXVWHG1ROHVJXVWDQODV≡φPDQLREUDVTXHKDUHDOL]DGRSDUD≡φDOLHQDUQXHVWURVVXEFRQVFLHQWHV\≡φWRGRHVR1RHVTXHKD\DQWHQLGR≡φe[LWRGHVGHOXHJRSHURDSHVDUGH≡φWRGRUHVXOWDQIDVWLGLRVDV'HPRGR≡φTXHHQHOIXWXURQXHVWURUHFHSWRU≡φHVWDUâFHUUDGR1RIXHLGHDPäD≡φSHURPHDOHJURGHTXHVHOHVRFX≡φUULHUDKDFHUOR$PäPH≤JXVWDUäD⌠≡φGLVIUXWDUGHXQUDWRGHFRPSDçäD≡φGHFXDQGRHQFXDQGRDXQTXHQRGH≡φODVX\DGHVGHOXHJR≡φ≡φ≡φ≤:$6+,1*721&,1&2⌠≡φ≡φ(QRWURVWLHPSRVHOHGLILFLR≡φFRQRFLGRDKRUDFRPR≤'R'7HPS5HV⌠≡φ≤WUDLQLQJ⌠4XDUWHUVººDXQTXH.QHI≡φKDXVHQRSLQDEDTXHGHEHUäDGâUVHOH≡φVXYHUGDGHURQRPEUHFâUFHOºº≡φKDEäDVLGRXQKRWHOGHOXMRGHOD≡φFDGHQD+LOWRQ/DVFHOGDVGHPâ≡φ[LPDVHJXULGDGVHHQFRQWUDEDQHQ≡φORVSLVRVVXEWHUUâQHRVHQORTXH≡φKDEäDQVLGRVDODVGHMXQWDV1R≡φ²