Cuidados pretensión ética universalidad

José-Alfredo Peris-Cancio

Cuidados pretensión ética universalidad

2023, El principio ético del cuidado

Resumen. Creemos que son seis los aspectos que hay que abordar para considerar los cuidados como propuesta ética con pretensión de universalidad. En primer lugar, conviene esclarecer qué entendemos por esa pretensión de universalidad. A continuación, justificar cómo esa pretensión puede ser presentada en un contexto que nunca suponga un producto occidental, sino una interpelación que sea capaz de poner de acuerdo y aproximar las distintas culturas, a la luz de la Declaración Universal de los Derechos Humanos. En tercer lugar, poner en relación la ética del cuidado con los sujetos de derechos necesitados de una protección especial y la acción de las Naciones Unidas. En cuarto lugar, veremos cómo correlaciona la ética del cuidado con las tres generaciones de derechos humanos y con los Objetivos de Desarrollo Sostenible. En quinto lugar, nos dedicaremos a exponer algunos planteamientos filosóficos que avalan la colaboración intercultural y que por tanto permiten justificar de una manera pluralista el carácter universalista de las teorías del cuidado. Y, para terminar, abordaremos brevemente algunas cuestiones candentes de nuestra sociedad internacional que deben ser abordadas en clave de cuidados.

2APEF=@ " " ! =!! H "# $"#"#"+'##$& )?:G6CD:5252ER=:4256*2=6?4:2 &(/# '&'"(%"& )?:G6CD:5252ER=:4256*2=6?4:2 +&(,*.,(',#,%(,,)-(,*."1*.(++)+(',#++%(, .#(,(&()+().,-4-#(')+-',#6'.'#/+,%#')+#&+%.!+('/#' HVFODUHFHUTXpHQWHQGHPRVSRUHVDSUHWHQVLyQGHXQLYHUVDOLGDG$FRQWLQXDFLyQMXVWL¿FDU 6&(,)+-',#6').,+)+,'-'.'('-0-(*.'.',.)('!.')+(. -((#'-%,#'(.'#'-+)%#6'*.,)2)('+.+(1)+(0#&+%, #,-#'-,.%-.+,%%.2%%+#6''#/+,%%(,+"(,.&'(,'-++ %.!+)('+'+%#6'%4-#%.#(('%(,,.$-(,+"(,',#-(, .')+(-#6',)#%1%#6'%,#(','#,'.+-(%.!+/+&(,6&( (++%#('%4-#%.#(('%,-+,!'+#(',+"(,".&'(,1('%(, $-#/(,,++(%%((,-'#%'*.#'-(%.!+'(,#+&(,0)('+%!.'(, SODQWHDPLHQWRV¿ORVy¿FRVTXHDYDODQODFRODERUDFLyQLQWHUFXOWXUDO\TXHSRUWDQWRSHUPLWHQ MXVWL¿FDUGHXQDPDQHUDSOXUDOLVWDHOFDUiFWHUXQLYHUVDOLVWDGHODVWHRUt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tWXORFXDUWR([SOtFLWDPHQWHHOTXLQWR FRQVLGHUDORV2EMHWLYRVGH'HVDUUROOR6RVWHQLEOH\HOVH[WRVHRFX F8;<BF8IE;<B8FHEIE:@8B@;8;8B8=H8J<HD@;8;KD@L<HI8BBEGK<<D 8C9EI:8IEIJ@<D<;@H<:J8L@D:KB8:@WD:EDB8;@C<DI@WDKD@L<HI8B;< B8RJ@:8;<B:K@;8;E -8CFE:EIED8A<D8I8<IJ8;@C<DI@WDBEJH8J8;E HQHOFDStWXORVpSWLPRFRQVXDOXVLyQDODLQWHOLJHQFLDDUWL¿FLDO\OR TXHRFXSDDORFWDYRFRQXQDVUHÀH[LRQHVVREUHHOVLVWHPDHGXFDWLYR SHQVDGDVGHVGHQXHVWURFRQWH[WRPiVSUy[LPRSHURYiOLGDVPiVDOOi ;<DK<IJH8I=HEDJ<H8I ^*KR DEI :EHH<IFED;< ?8:<H 8?EH8 EC<DO8H<CEI FEH H<L@I8H B8FH<J<DI@WD;<KD@L<HI8B@;8;GK<:H<<CEIGK<;<9<8:ECF8V8H8B8 RJ@:8;<B:K@;8;E EDB8KD@L<HI8B@O8:@WD;<KD8J<EHT8IK<B<<DJ<D ;<HI<FEHBE:ECYDGK<B8C@IC8I<:ED:@9<:ECE:EDJ<D@<D;EFHE SXHVWDVTXHGHEHQVHUDFHSWDGDVFRQLQGHSHQGHQFLDGHOFRQWH[WRFXO JKH8B<D<BGK<I<B8H<:@98 )EHBE><D<H8BI<IK<B<:ED:<9@H8BC<DEI ;<I;<B8E9H8;<"CC8DK<B$8DJ$8DJ GK<B8C8NEHL@HJK;;< ODFLHQFLDHPStULFRGHGXFWLYDHVVXFDSDFLGDGGHH[WUDHUFRQFOXVLR D<I;<<IJ<J@FED<:<I8H@8INKD@L<HI8B@O89B<D@E ;<$XD@>I9<H><CFB<WJ8C9@RD<B:H@J<H@E;<KD@L<HI8B@O8:@WD:ECE :8H8:J<HTIJ@:8 FHEF@8 ;WH@:E $8DJ FRPR H[SUHVLyQ GH OD XQLYHUVDOLGDG GH OD pWLFD VL ELHQ QR GHMy GH FRPSUREDUODVGL¿FXOWDGHVTXHHVWRFRQWUDtDODVFXDOHVLQWHQWyVDOYDU ;<BC<AEHCE;EFEI@9B<F8H8B8:E?<H<D:@8;<IKIFHEFK<IJ8I$8DJ ,@HL8D J8D IWBE <IJ8I IK:@DJ8I 8BKI@EDK<D <IJ8D;E FH<I<DJ< <D @D8H@E ;<CK:?EI;<DK<IJHEI:EDJ<CFEHQD<EI:K8D;EF@<DI8DCQIEC< DEI;<BI@>K@<DJ<CE;Ed:ECEBEIFH@D:@F@EICEH8B<IEBEI;<H<:?EI KXPDQRV QR H[LVWHQ GHO PLVPR PRGR HQ WRGRV ORV OXJDUHV QR VRQ KD@L<HI8B<IIWBEB8:@<D:@8<CFTH@:E ;<;K:J@L8BE<I e2<D:EDI< FXHQFLD³VyORHOODH[SUHVDFRQRFLPLHQWRVyORGHHOODQRVSRGHPRV ¿DU´ H<DJ< 8 <IJ< CE;E ;< F<DI8H :EDL@<D< 8:B8H8H B8I :EI8I N FH< :@I8HGK<:K8D;EI<;@:<GK<BEIFH@D:@F@EICEH8B<IEBEI;<H<:?EI ?KC8DEIIEDKD@L<HI8B<IBEGK<I<GK@<H<@D;@:8H<IGK<d8D@D>YD SXHEORRDQLQJXQDFXOWXUDVHOHSXHGHH[FOXLUGHTXHORVFXOWLYHQR H<:EDEO:8D;<8B>YDCE;Ee 2<D:EDI<:K<D:@8GK<dJE;8F<HIED8 I<8;<BFK<9BEE:KBJKH8GK<I<8B<?8:<AKIJ@:@8NB<:EDL@<D<GK<I< :KBJ@L<D N I< H<:EDEO:8D e I 8B>E GK< B8 FHE=<IEH8;<B8 EHJ@D8 ?8@;E;<=<D;@<D;E8BEB8H>E;<JE;8IKE9H8N8:JK8B@OQD;EBE?8IJ8 DK<IJHEI;T8IEHJ@D8 =!"% " H"# )K<I9@<D<IEC@ICEI<FK<;<FH<;@:8H;<B8RJ@:8;<B:K@;8;E DQLQJ~QSXHEORRFXOWXUDVHOHGHEHH[FOXLUGHORVEHQH¿FLRVGHHVWD J<EHT8RJ@:8 2FE;<CEIN;<9<CEI<DB8O8HB8RJ@:8;<B:K@;8;E:ED BEIC@ICEIFHEFWI@JEI;<B8<:B8H8:@WD.D@L<HI8B;<BEI<H<:?EI !KC8DEI;< BEB8H>E;<B8IFQ>@D8I8DJ<H@EH<IN8I<?8D?<:?E8BKI@ED<I8B UHVSHFWR SHUR DKRUD FRQYLHQH GHVDUUROODUODV XQ SRFR PiV H[WHQVD C<DJ< D <=<:JE B8 <:B8H8:@WD .D@L<HI8B ;< BEI <H<:?EI !KC8DEI D8:@W:EDKD8:B8H8FH<J<DI@WD;<FED<H<D<B:<DJHE;<JE;8B8H< ÀH[LyQpWLFDSROtWLFD\MXUtGLFDODGLJQLGDGGHODSHUVRQDKXPDQD\ VXV GHUHFKRV LQKHUHQWHV &RQYLHQH TXH UHFXUUDPRV DO SURSLR WH[WR GK<N8;<I;<<B)H<QC9KBEL8;@9KA8D;E<BDY:B<E;<:EDL@::@EDD8:8HJ8;<<IJ< H<:EDE:@C@<DJE;<BL8BEH;<B8F<HIED8NIKI;<H<:?EI D<BFH@C<HFQHH8=EI<DEII@JY8<BH<:EDE:@C@<DJE;<B8;@>D@;8; @DJHTDI<:8;<JE;EIBEIC@<C9HEI;<B8=8C@B@8?KC8D8FEHBEGK<I< HVWiSHQVDQGRGHVGHHODOXGLGRFRQFHSWRGHQRH[FOXVLyQQDGLHGHEH I<HFH@L8;E;<IK;@>D@;8;D@;<IKI;<H<:?EI EDI@;<H8D;EGK<B8B@9<HJ8;B8AKIJ@:@8NB8F8O<D<BCKD;E J@<D<DFEH98I<<BH<:EDE:@C@<DJE;<B8;@>D@;8;@DJHTDI<:8N;< BEI;<H<:?EI@>K8B<I<@D8B@<D89B<I;<JE;EIBEIC@<C9HEI;<B8 =8C@B@8?KC8D8 (QHOVHJXQGRVHKDFHPHQFLyQH[SUHVDDTXHGHVFRQRFHURPH DEIFH<:@8H<IEI;<H<:?EI<IBEGK<?8><D<H8;EB898H98H@<cH<:KRH ;<I< I@ ?@:@<H8 =8BJ8 :8CFEI ;< :ED:<DJH8:@WD 9EC98I 8JWC@:8I IE9H< FE9B8:@ED<DE:@;8Ibc N 8 GK< I<;<9<8F@H8H8:EDIJ@JK@HKDCKD;E;<I<H<I?KC8DEIB@9<H8;EI;@D8;E8:JEI;<98H98H@<KBJH8A8DJ<I F8H8B8:ED:@<D:@8;<B8?KC8D@;8;NGK<I<?8FHE:B8C8;E :ECEB88IF@H8:@WDCQI<B<L8;8;<B?EC9H<<B8;L<D@C@<DJE ;<KDCKD;E<DGK<BEII<H<I?KC8DEIB@9<H8;EI;<BJ<CEHN ;<B8C@I<H@8;@I=HKJ<D;<B8B@9<HJ8;;<F8B89H8N;<B8B@9<HJ8; ;<:H<<D:@8I D<BJ<H:<HEI<H<:EDE:<GK<<IJ89B<:<HB8:<DJH8B@;8;;<<IJEI L8BEH<I <D BEI ?EC9H<I cB8I F<HIED8Ic 8CF8H8 B8 FEI@9@B@;8; ;< <A<H:<HB8H<9<B@WD:EDJH8B8J@H8DT8NB8EFH<I@WD;<BEIIJ8;EI EDI@;<H8D;E<I<D:@8BGK<BEI;<H<:?EI?KC8DEII<8DFHEJ< JLGRVSRUXQUpJLPHQGH'HUHFKRD¿QGHTXHHOKRPEUHQR I<L<8:ECF<B@;E8BIKFH<CEH<:KHIE;<B8H<9<B@WD:EDJH8B8 J@H8DT8NB8EFH<I@WD (QORVSiUUDIRVFXDUWRTXLQWRVH[WR\Vp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b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dB8 C@B@8(B@L<H;<B(BCEN#EIR B=H<;E)<H@I 8D:@E B@9<HJ8;NB8@>K8B;8;:EDB8IGK<BEII<H<I?KC8DEID8:<DB@9<HJ8; HLJXDOGDGHQGLJQLGDG\GHUHFKRV´FRQUHVSHFWRDODH[LVWHQFLDGHO d;<9<H;<:ECFEHJ8HI<=H8J<HD8BC<DJ<BEIKDEI:EDBEIEJHEIe8F< ODQGRDVXOLEHUWDG\FRQFLHQFLD(QHOVHJXQGRVHHMHPSOL¿FDODSUR KLELFLyQGHH[FOXVLyQGHOUHFRQRFLPLHQWRGHVXGLJQLGDG\GHUHFKRV SRUFXDOTXLHUPRWLYRRUD]yQ\VHHQIDWL]DTXHQLQJXQDFDOL¿FDFLyQ ;<BJ<HH@JEH@E<D<BGK<I<<D:K<DJH<FE;HQFH@L8H8B8F<HIED8;<IK ;@>D@;8; HJT:KBE -E;EIBEII<H<I?KC8DEID8:<DB@9H<I<@>K8B<I<D ;@>D@;8;N;<H<:?EIN;EJ8;EI:ECE<IJQD;<H8OWDN:ED:@<D :@8;<9<D:ECFEHJ8HI<=H8J<HD8BC<DJ<BEIKDEI:EDBEIEJHEI HJT:KBE-E;8F<HIED8J@<D<JE;EIBEI;<H<:?EINB@9<HJ8;KD8;<H8O8 FRORU VH[R LGLRPD UHOLJLyQ RSLQLyQ SROtWLFD R GH FXDOTXLHU EJH8TD;EB<EH@><DD8:@ED8BEIE:@8BFEI@:@WD<:EDWC@:8D8:@ C@<DJEE:K8BGK@<HEJH8:ED;@:@WD ;<CQIDEI<?8HQ;@IJ@D :@WD8B>KD8=KD;8;8<DB8:ED;@:@WDFEBTJ@:8AKHT;@:8E@DJ<H D8:@ED8B;<BF8TIEJ<HH@JEH@E;<:KN8AKH@I;@::@WD;<F<D;8KD8 F<HIED8J8DJEI@I<JH8J8;<KDF8TI@D;<F<D;@<DJ<:ECE;<KD WHUULWRULREDMRDGPLQLVWUDFLyQ¿GXFLDULDQRDXWyQRPRRVRPH J@;E8:K8BGK@<HEJH8B@C@J8:@WD;<IE9<H8DT8('. -H8I<DKD:@8H:KQB<IIED<IJEI;<H<:?EI<DBEI8HJT:KBEIGK<L8D GHOWHUFHURDOYLJpVLPRVpSWLPRORVWUHV~OWLPRVGHOWH[WRYXHOYHQD @D:@;@H<D<BI<DJ@;E;<JE;8B8<:B8H8H:@WDN<DB8I:B8L<I;<@DJ<H FH<J8:@WDGK<8:ECF8V8D8B8C@IC8 D<B8HJT:KBEI<<IJ89B<:<KD;<H<:?E>BE98B;<B8F<HIED88KD EH;<D@DJ<HD8:@ED8BNIE:@8BGK<?8>8FB<D8C<DJ<<=<:J@LE<B;@I=HKJ< ;<BEI;<H<:?EINB@9<HJ8;<IFHE:B8C8;EI HJT:KBE-E;8F<HIED8J@<D<;<H<:?E8GK<I<<IJ89B<O:8KD EH;<DIE:@8B<@DJ<HD8:@ED8B<D<BGK<BEI;<H<:?EINB@9<HJ8;8DFB<D8C<DJ<<=<:J@ LEI('. %EIJH<I8F8HJ8;EI;<B8HJT:KBE8:B8H8DGK<BEI;<9<H<I;<B8 %EI:K@;8;EI:ECEFHEFK<IJ8RJ@:8:EDFH<J<DI@WD;<KD@L<HI8B@;8; SHUVRQDKDFLDODFRPXQLGDGHVWiQHQIXQFLyQH[FOXVLYDPHQWHQRGH <BB8C@IC8I@DE;<BF8F<B@CFH<I:@D;@9B<GK<RIJ8AK<>8F8H8GK<I< FK<;8;8H<B;<I8HHEBBEB@9H<NFB<DE;<IKF<HIED8B@;8; -8B:EDI@;< H8:@WD:ED;K:<8IKL<O8<IJ89B<:<H;EI:B8HEIBTC@J<I<D<B;@I=HKJ< ;<BEI;<H<:?EI )EHKDB8;EB8B<NGK<8HCED@O8BEIFHEF@EI;<H< FKRVFRQORVGHORVGHPiV\FRQODVH[LJHQFLDVSURSLDVGHXQDVRFLH GDGGHPRFUiWLFDGHQWURGHORTXHVHUH¿HUHDODVMXVWDVH[LJHQFLDV ;<B8CEH8B<BEH;<DFY9B@:EN<B9@<D<IJ8H><D<H8B )EH<BEJHEI< H<:EDE:<GK<<B<AH:@:@E;<BEI;<H<:?EI<IJQE9B@>8;E?8:@8<BH<IF< JE8BEIFHEFWI@JEINFH@D:@F@EI;<B8I'8:@ED<I.D@;8I HJT:KBE -E;8F<HIED8J@<D<;<9<H<IH<IF<:JE8B8:ECKD@;8;FK<IJE GK<IWBE<D<BB8FK<;<;<I8HHEBB8HB@9H<NFB<D8C<DJ<IKF<HIE D8B@;8; D<B<A<H:@:@E;<IKI;<H<:?EIN<D<B;@I=HKJ<;<IKIB@9<H J8;<IJE;8F<HIED8<IJ8HQIEB8C<DJ<IKA<J88B8IB@C@J8:@ED<D<H8B<DKD8IE:@<;8;;<CE:HQJ@:8 IJEI;<H<:?EINB@9<HJ8;<IDEFE;HQD<DD@D>YD:8IEI<H <A<H:@;EI<DEFEI@:@WD8BEIFHEFWI@JEINFH@D:@F@EI;<B8I'8 :@ED<I.D@;8I('. @D8BC<DJ<<B;E:KC<DJEI<:@<HH8:EDGK<<B8HJT:KBE FHE?@9< WD[DWLYDPHQWH TXH VH KDJD DOJXQD LQWHUSUHWDFLyQ GH OD 'HFODUDFLyQ TXHYD\DDIDYRUGHTXHXQ(VWDGRXQJUXSRRXQDSHUVRQDMXVWL¿TXH KD88:JK8:@WDGK<FH<J<D;8B8IKFH<I@WD;<8B>KDE;<BEI;<H<:?EIE B@9<HJ8;<I:EDJ<D@;EI<DB8<:B8H8:@WD HJT:KBE '8;8<D<IJ8<:B8H8:@WDFE;HQ@DJ<HFH<J8HI<<D<B VHQWLGRGHTXHFRQ¿HUHGHUHFKRDOJXQRDO(VWDGRDXQJUXSRRD KD8F<HIED8F8H8<CFH<D;<HN;<I8HHEBB8H8:J@L@;8;<IEH<8B@O8H 8:JEIJ<D;@<DJ<I8B8IKFH<I@WD;<:K8BGK@<H8;<BEI;<H<:?EIN B@9<HJ8;<IFHE:B8C8;EI<D<IJ8<:B8H8:@WD('. C@B@8(B@L<H;<B(BCEN#EIR B=H<;E)<H@I 8D:@E B8L@IJ8;<<IJ<IK:@DJEIK9H8N8;E;<8B>KDEI;<BEIJRHC@DEI CQI H<B<L8DJ<I ;< B8 <:B8H8:@WD .D@L<HI8B FE;<CEI I8:8H B8I I@ JXLHQWHVWUHVFRQFOXVLRQHVHQORTXHVHUH¿HUHDODpWLFDGHOFXLGDGR 8%8<:B8H8:@WD.D@L<HI8B;<BEI<H<:?EI!KC8DEIFK<;<<IJ8 9B<:<HFEH<BB8C@IC8<I<:8HQ:J<HKD@L<HI8B;<B8RJ@:8;<B:K@;8;E HQODPHGLGDTXHDXQTXHQRH[LVWDXQDDOXVLyQH[SOtFLWDVtHVWiLQGL UHFWDPHQWHH[SUHVDGR\DGHVGHHOSULPHUSiUUDIRGHO3UHiPEXOR(Q HIHFWRHOWH[WRDUUDQFDQRGHXQHQXQFLDGRJHQpULFRVLQRGHOUHFR DE:@C@<DJE;<GK<dJE;EIBEIC@<C9HEI;<B8=8C@B@8?KC8D8eJ@<D<D dB8C@IC8;@>D@;8;@DJHTDI<:8eNBEIC@ICEId;<H<:?EI@>K8B<I<@D 8B@<D89B<I e,<I8BL88ITKD8;<B8I8DJ@DEC@8I;<BF<DI8C@<DJEIE9H< BEI;<H<:?EI?KC8DEI;<B8<H8;<B8IH<LEBK:@ED<I;@:@<E:?<I:8I<D B8GK<BEI;<H<:?EIFEHKDB8;E<H8D;<:B8H8;EI:ECEKD@L<HI8B<I SHURSRURWURGHSHQGtDQGHOSURSLRWH[WRDSUREDGRSRUODVDVDPEOHDV F8H8B<C<DJ8H@8I !8IJ8 8;EI8BH<:EDE:@C@<DJE;<BEI;<H<:?EI;<IKIC@<C9HEI <KD8 C8D<H8CQI;@H<:J88<A<H:<HIKFE;<H8BI<HL@:@E;<B:K@;8;E;<B8 ;@>D@;8;?KC8D8;<IKIC@<C9HEI )EH<IEBEIYBJ@CEIJH<I8HJT:KBEI ;<B8<:B8H8:@WDH<=K<HO8DBEI;EIFH@C<HEINH<@J<H8D<BI<DJ@;E;< IKFH<C8:T8;<B:K@;8;E?8:@8B8F<HIED8IE9H<BEI@DJ<H<I<I<IJH8JR >@:EI;<BEIIJ8;EI E /D FDOL¿FDFLyQ GH ³EDUEDULH XOWUDMDQWH SDUD OD FRQFLHQFLD GH OD ?KC8D@;8;e ;< BEI 8:JEI H<8B@O8;EI ;<I;< 8;8;<KDCKD;E;<B8B@9<HJ8;;<F8B89H8N;< :H<<D:@8IB@9<H8;E;<BJ<CEHb:H<<CEIGK<H<FH<I<DJ8DCKN9@<D<B J@FE;<:K@;8;EGK<<BI<HL@;EHFY9B@:E?8;<H<8B@O8HF8H8IK:@K;8 GDQtD&LHUWDPHQWHTXHHVRH[SOLFDWDQWRTXHODSURSLD'HFODUDFLyQ SDUH]FDGHSRVLWDUVREUHWRGRVXFRQ¿DQ]DHQODHGXFDFLyQFLXGDGDQD GK<I<FK<;8;<I8HHEBB8H8F8HJ@H;<<BB8<BBL<H8F<BB8 :ECE GK<8F8HJ@H;<B8C@IC8<BCKD;EFEBTJ@:EI<?8N8L@IJE<DH@GK<:@;E %EI:K@;8;EI:ECEFHEFK<IJ8RJ@:8:EDFH<J<DI@WD;<KD@L<HI8B@;8; FEH>HKFEI?KC8DEINCEL@C@<DJEIIE:@8B<IGK<;<I;<B88KJEEH>8 D@O8:@WD N E9<HD8H98I8;E<DKD8dH8OWD?KC8D@J8H@8e8I I@D 8BGK<DEI<B<FH@L8;<IK?<><CEDT8<DB8C<;@;8 TXHVHOHJLWLPDHOUHFXUVRH[WUHPRD³ODUHEHOLyQFRQWUDODWLUDQtD\OD RSUHVLyQ´/DOyJLFDGHXQPXQGRTXHQRH[LMDQLFRQVLHQWDYtFWLPDV FK<;<I<HB<T;8<BH<L<HIED<:<I8H@E;<B8RJ@:8;<B:K@;8;E :BFHEF@EF8F<B;<B8I'8:@ED<I.D@;8IIWBEJ@<D<I<DJ@;E;<I;<B8 d=<<DBEI;<H<:?EI=KD;8C<DJ8B<I;<B?EC9H<<DB8;@>D@;8;N<BL8 BEH;<B8F<HIED8?KC8D8N<DB8@>K8B;8;;<;<H<:?EI;<?EC9H<IN PXMHUHV´ORFXDODVXYH]H[SOLFDTXHREMHWLYRVDPELFLRVRVFRPRORV (9A<J@LEI;<<I8HHEBBE,EIJ<D@9B<I<8D8DJ<IC<J8I@HH<DKD:@89BKD8F<HIED8>HKFEEH>8D@O8:@WDEIJ8;EFK<;<D@>DEH8H D@;<A8H;<JH898A8HFEH<BB8I $VtORH[SUHVy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`DK<L8IEB@;8H@;8;KD@L<HI8BaD: %8K;8JEI@f @=<H<DJ<IJH8;@:@ED<IH<B@>@EI8I@D:BK@;8B8:8JWB@:8?8D 89H8O8;EBEIE9A<J@LEI;<B;<I8HHEBBEIEIJ<D@9B<FEHGK<IEDBE98B<IGK<FEHKDB8;E UHÀHMDQORVYDORUHVGHODVSHUVRQDV\SRUHORWURVHVXVWHQWDQ <DKD8L@I@WD@DJ<>H8B;<B;<I8HHEBBE H8D:@I:E H<DJ<8GK@<D<IFK<;8D:EDI@;<H8H<IJ<FB8DJ<8C@<DJE8B>EKJW F@:E<D<BC8BI<DJ@;E;<B8F8B89H8#EIR,8DC8HJTDN8DEI8;L@HJ@W ;<GK<KD8;<B8I<IJH8J<>@8IFH<=<H@;8I;<BFE;<H@D:BKIE<D<B:8CFE ;<B8:@<D:@8<IFH<J<D;<H?KHJ8H8B:EDJHEB;<B8:@K;8;8DT8IKIFH< WHQVLRQHVHQDUDVDXQDVXSHULRUH¿FDFLDGHVXVORJURVTXHVHMXVWL¿FD FEH<BB8C@IC8,8DC8HJ@DIFBK>KT8I@D?KC8D@ICE,8DC8HJTDIFBK>KEGK<?8H<:@9@;EFEHF8HJ<;<B8:KBJKH8;<BEI;<H<:?EIJ8BN:ECE VH UHFRQRFHQ ²SXHV VRQ SUHH[LVWHQWHV QR ORV FUHD OD 'HFODUDFLyQ !<HL8;8 c<D<B;E:KC<DJE;<B8I'8:@ED<I.D@;8I;< =!"% "! ! " !H " )EH<IE8BEB8H>E;<B8IFQ>@D8IGK<FH<:<;<D8<IJ<:8FTJKBEI< ?8;<DKD:@8;EI@D8C9@>Z<;8;<IKDD<EB@9<H8B@ICE<:EDWC@:EGK< WLHQGHDH[WHQGHUVXVWHVLVFRPRVLIXHUDQGHXQHOHPHQWDOVHQWLGRFR CYD:K8D;E<DH<8B@;8;IWBEIKFED<DKD8;E:JH@D8C@<DJE<:EDEC@ :@IJ8GK<IKFB8DJ8<B:K@;8;E;<BEI;<CQIFEHKD8BW>@:8<IJH8JR>@:8 GHODPD[LPL]DFLyQGHOEHQH¿FLR %DOOHVWHURV <8?TGK<;<98CEII89<HB<<HGK<BEI;<H<:?EI?KC8DEI<DBE11N<D<BI@>BE11"?8DIKFK<IJEBEGK<#EI<F&]IGK@HEBBB8 PDXQD³OyJLFDGHUHVLVWHQFLD´²\GHOFXLGDGRDOSUy[LPR² (VTXL HEB =H<DJ<8BEI89KIEI:EC<J@;EIFEH8GK<BBEIGK<:EDI@;<H8D GK<B8F<HIED8<IKD8L8H@89B<;<F<D;@<DJ<;<BEI8=8D<IFEBTJ@:EIN <:EDWC@:EI IT#<IYI8BB<IJ<HEI?8?<:?EL<HGK<B8BW>@:8;<BEI;<H<:?EI %EI:K@;8;EI:ECEFHEFK<IJ8RJ@:8:EDFH<J<DI@WD;<KD@L<HI8B@;8; ?KC8DEIJ@<D<KD8H<B8:@WD;@H<:J8:ED<B:K@;8;E;<B8IF<HIED8I 8B<DJ<D;<HGK<KD8F8HJ<<I<D:@8B;<IK;<I8HHEBBE;<9<<DJ<D;<HI< FRPRXQDH[SUHVLyQGHODSURWHFFLyQGHORVDPHQD]DGRVSRUODFXOWX H8;<B;<I:8HJ<FK<I<JH8J8;< bB8FHEJ<::@WD;<BEIDEJH898A8;EH<IJ8B<I:ECEF8H8;EI<I F<:@8BC<DJ<CKA<H<IAWL<D<IC@DEHT8IRJD@:8I8D:@8DEI;@I PLQXLGRVItVLFRVHQIHUPRVHQGH¿QLWLYDODSURWHFFLyQMXUtGLFD ;<9<:<DJH8HI<?EN<DB8IBB8C8;8I:B8I<IF8I@L8IEBEGK<<IBE C@ICEBEIDK<LEIFE9H<I IJEIIEDBEI:8H<DJ<I;<H<:KHIEI8 ORVTXHDOXGHOD&DUWD6RFLDO(XURSHDHQVXDUWtFXORORVTXH WHQGUiQ GHUHFKR D XQD DVLVWHQFLD VRFLDO D XQD ³SURFXUD H[LV WHQFLDOHVSHFt¿FD´HQGH¿QLWLYDORVTXHGHSHQGHQGHO:HOIDUH ,J8J<8BB<IJ<HEI (VWRH[SOLFDTXHOD'HFODUDFLyQVHKD\DYLVWRFRPSOHPHQWDGDSRU ;E:KC<DJEI;<H<:EDE:@C@<DJEI;<;<H<:?EI8=8LEH;<IKA<JEID< :<I@J8;EI;<KD8<IF<:@8BFHEJ<::@WD %8I'8:@ED<I.D@;8I?8D@;E :KCFB@<D;E<I<<D:8H>E<D;@L<HIEI;E:KC<DJEI I@ 8=8LEH;<B8@D=8D:@8c<:B8H8:@WD;<BEI<H<:?EI;<B'@VE;< EDL<D:@WD;<BEI<H<:?EI;<B'@VE;< NB8IJ8H<8I;< I<>K@C@<DJE;<BEC@JR;<BEI;<H<:?EI;<B'@VEc 9D;<=<DI8;<B8CKA<H<Ic<:B8H8:@WDIE9H<B8<B@C@D8:@WD;< B8;@I:H@C@D8:@WD:EDJH8B8CKA<H;< EDL<D:@WDIE9H<B8<B@ C@D8:@WD;<JE;8IB8I=EHC8I;<;@I:H@C@D8:@WD:EDJH8B8CKA<H;< NBEIJH898AEI;<BEC@JRF8H8B8<B@C@D8:@WD;<B8@I:H@C@D8 :@WD:EDJH8B8CKA<H8IT:ECE;<B8I:K8JHE:ED=<H<D:@8ICKD;@8B NB8IH<KD@ED<I;<I<>K@C@<DJE;< B8IC@IC8Ic :DFHEJ<::@WD;<B8IF<HIED8I:ED;@I:8F8:@;8;E:ED;@L<HI@;8; IXQFLRQDO ±DFWXDOL]DGDVHQOD&RQYHQFLyQGHORVGHUHFKRVGHODVSHU IED8I:ED;@I:8F8:@;8;;< N<DBEIJH898AEI;<BEC@JR;<BEI ;<H<?EI;<B8IF<HIED8I:ED;@I:8F8:@;8;c ;D:EDJH8;<BH8:@ICEN<D;<=<DI8;<B8IF<HIED8IGK<BEIK=H<Dc C@B@8(B@L<H;<B(BCEN#EIR B=H<;E)<H@I 8D:@E EDL<D:@WD"DJ<HD8:@ED8BIE9H<B8B@C@D8:@WD;<JE;8IB8IEHC8I ;<@I:H@C@D8:@WD+8:@8B;< NBEIJH898AEI;<BEC@JRF8H8B8 B@C@D8:@WD;<B8@I:H@C@D8:@WD+8:@8Bc < )HEJ<>@<D;E 8 BEI :@K;8;8DEI =H<DJ< 8B <CFB<E ;< B8 JEHJKH8 FEH F8HJ<;<BEIIJ8;EIcEDL<D:@WD:EDJH8B8-EHJKH8NEJHEI-H8JEI E )<D8I HK<BH8;8DJH8;8DJH8DJ<IcEDL<D :@WD"DJ<HD8:@ED8BIE9H<B8FHEJ<::@WD;<BEI;<H<:?EI;<JE;EIBEI JH898A8;EH<IC@>H8JEH@EIN;<IKI=8C@B@8H<I;< EC@JR;<FHE J<::@WD;<BEI;<H<:?EI;<JE;EIBEIJH898A8;EH<IC@>H8JEH@EIN;<IKI =8C@B@8H<Ic ,<JH8J8;<;E:KC<DJEIN;<WH>8DEI;<I<>K@C@<DJE:EDBEIGK< B8I'8:@ED<I.D@;8I?8D:EDI<>K@;EB8@CFB@:8:@WD;<BEI;@L<HIEI (VWDGRVTXHDOUDWL¿FDUORVVHFRPSURPHWHQDFRQVHJXLUREMHWLYRVGH C<AEH8<L8BK89B<I<D:8;8KDE;<<IJEII<:JEHHEF8BF8 9B<<DKD8BW>@:8;<B:K@;8;E<D<BCKD;E;<B8FEBTJ@:8>H8:@8I8B8 @DJ<HL<D:@WD;<B8ECKD@;8;"DJ<HD8:@ED8B8H;ED8%BEHRDI,8DO 898BB<HEHHK=8JQH;8L8 =!" " % !# ! -XQWRDHVWDDFFLyQGHFXLGDGRHVSHFt¿FRKDFLDVXMHWRVQHFHVLWD ;EI;<KD8<IF<:@8BFHEJ<::@WDB8FHEFU8:ECKD@;8;@DJ<HD8:@ED8B?8 @;EFHE=KD;@O8D;E<D<I<:ECFHEC@IE>BE98B?8:@8BEGK<N8;<9< HT8CEIBB8C8HFEBTJ@:8;<B:K@;8;E8B8F<HIED8FEHC<;@E;<8::@ED<DBEI;<H<:?EI;< B8I;EIFH@C<H8I><D<H8:@ED<I;<;<H<:?EI D<=<:JEI<<D:K<DJH8D BEI;<H<:?EI;<B8FH@C<H8><D<H8:@WDcBEIFHEF@EI;<B8IFH@C<H8I H<LEBK:@ED<IB@9<H8B<I;<BI@>BE1/"""c<DBEI8HJT:KBEIGK<I<H< ¿HUHQDORVGHUHFKRV\OLEHUWDGHVHQHORUGHQSHUVRQDO GHODUWtFXOR J<H:<HE8BKD;R:@CE8B8I;<H<:?EI;<B8F<HIED8<DIKIH<B8:@EDKD;E8B;R:@CEIRFJ@CEN8B8I B@9<HJ8;<IFY9B@:8IN;<H<:?EIFEBTJ@:EI;<B8HJT:KBE;R:@CEE:J8LE 8BL@>RI@CEFH@C<HE 28:EDJ@DK8:@WD8F8H<:<DBEIBB8C8;EI;<H< :?EI ;< I<>KD;8 ><D<H8:@WD ;<H<:?EI IE:@8B<DB8IH<@L@D;@:8:@ED<I;<B8:EDE:@;8:ECE d:K<IJ@WDIE:@8BeNGK<IWBEL@<HEDB8BKO<DB8IEDIJ@JK:@ED<I;RI@CEI<>KD;E8L@>RI@CEIRFJ@CE %<T;EI<D:8J< >EHT8;<:K@;8;EIBEI;<H<:?EI;<FH@C<H8><D<H8:@WDIED8GK<BBEI GK< :K@;8D ;< B8 ;@>D@;8; I@D>KB8H ;< :8;8 F<HIED8 C@<DJH8I GK< BEI;<H<:?EI;<I<>KD;8><D<H8:@WDIED8GK<BBEIGK<CK<IJH8DJE;EI BEIB8OEI:ECKD@J8H@EI;<FHEI<:K:@WD;<B9@<D:ECYDGK<H<IKBJ8D D<:<I8H@EIF8H8GK<B8;@>D@;8;@D;@L@;K8BI<><D<H8B@:<NDEI<8;@I =HKJ8;8YD@:8C<DJ<FEH8GK<BBEIGK<;@IFED<D;<KD8C<AEHFEI@:@WD <:EDWC@:8EIE:@8B 9@<:@E:?E8VEI;<FKRI;<B8<:B8H8:@WDI<:EDI@;<HW:EDL<D@<DJ< ;EJ8H8B;<I8HHEBBE;<IKI;<H<:?EI;<KDEI@DIJHKC<DJEI<DBEIGK<BEI IJ8;EII<:ECFHEC<J@<H8DF8H8?8:<HFEI@9B<IKC<AEH;<I8HHEBBE<D :8;8KDE;<BEI8IF<:JEIFEH<BBEI89EH;8;E -8C9@RDI<?@OE<DKD8 :B8L<;@=<H<D:@8;8:EDH<IF<:JE88C98I><D<H8:@ED<I;<;<H<:?EI :EDI:@<DJ<I;<GK<BEI;<B8FH@C<H8FE;T8DI<HI8J@I=<:?EIJ8DIWBE :EDIKH<IF<JENDELKBD<H8:@WDC@<DJH8IGK<BEI;<B8I<>KD8H<GK< HT8D;<KD@CFB<C<DJE;<B8IFEBTJ@:8IIE:@8B<D<H8:@WD<B)8:JE"DJ<HD8:@ED8B ;<<H<:?EI@L@B<IN)EBTJ@:EI NIKI;EIFHEJE:EBEI8:KBJ8 J@LEI<DL@>EH<D N<D RIJ<YBJ@CEIE9H<B8F<D8;<CK<H C@B@8(B@L<H;<B(BCEN#EIR B=H<;E)<H@I 8D:@E J<GK<;@<HEDBK>8H8B8:H<8:@WD;<BEC@JR;<<H<:?EI!KC8DEI FRQOD¿QDOLGDGGHDFRPSDxDUHOFXPSOLPLHQWRSRUORV(VWDGRVSDUWH ;<B8IE9B@>8:@ED<I<IJ89B<:@;8I<D;@:?EI8:K<H;EI EDH<IF<:JE8 BEI;<H<:?EI;<I<>KD;8><D<H8:@WD<B@DIJHKC<DJE=K<<B)8:JE;<BEI <H<:?EI:EDWC@:EI,E:@8B<INKBJKH8B8H8B EC@JR<<H<:?EI:EDWC@:EI,E:@8B<INKBJKH8B<IGK<DE=K< :H<8;E?8IJ8 BH<JH8IE<D:8I@KD8;R:8;8;<B8:H<8:@WD;< <IJ<EC@JR:EDH<IF<:JE8BFH@C<HE?8:<L<H:WCE<IJ8I<>KD;8>< D<H8:@WD;<;<H<:?EIIK<B<I<H@>DEH8;8FEHGK@<D<I;<I8HHEBB8DKD8 FEBTJ@:8<:EDWC@:8D<EB@9<H8B @D:BKIEGK@<D<I;<I;<<BB@9<H8B@ICE FEBTJ@:E @DJ<DJ8D :EHH<>@H BEI :H@J<H@EI KJ@B@J8H@IJ8I :ECE 8O8DeBEI;<H<:?EI IE:@8B<DRH@:8I 8BKI@ED8H;<:ECFHEC<J<HI<:ED<B:8JQBE>E;<;<H<:?EIIE:@8B<I<:E DWC@:EIN:KBJKH8B<I F (QHOIXQFLRQDULRGHODV1DFLRQHV8QLGDV.DUHO9DVVDNH[ SXVRODMXVWL¿FDFLyQGHFRPSOHPHQWDUODVGRVJHQHUDFLRQHVGHGHUH FKRKXPDQRVKDVWDHQWRQFHVH[LVWHQWHVFRQXQDWHUFHUD %EI;<H<:?EIGK<B8<:B8H8:@WD.D@L<HI8B<IJ8JKN<F<HJ<D<:<D 88C98I:8J<>EHT8I;<H<:?EI:@L@B<INFEBTJ@:EIFEHKDB8;EN;< H<:?EI<:EDWC@:EIIE:@8B<IN:KBJKH8B<IFEHEJHE )K<I9@<D:89< FH<>KDJ8HI< I@ B8 <LEBK:@WD H<:@<DJ< ;< B8I IE:@<;8;<D<H8:@WDe &@<DJH8IBEI;<H<:?EI;<B8 FH@C<H8><D<H8:@WD:@L@B<INFEBTJ@:EII<98I8D<D<B;<H<:?E8EFE D<HI<8BIJ8;ENBEI;<B8I<>KD;8><D<H8:@WD<:EDWC@:EIIE:@8B<D<H8:@WDGK<8?EH8I<FHEFED<D8B8:ECKD@;8;@DJ<H QDFLRQDOVRQORVGHUHFKRVGHODVROLGDULGDG 9DVDN .DUHO 9DVDN VH UHIHUtD DO GHUHFKR DO GHVDUUROOR ²VREUH HO TXH B8I'8:@ED<I.D@;8IBB<>W8FHE:B8C8HKD8<:B8H8:@WD<D c %EI:K@;8;EI:ECEFHEFK<IJ8RJ@:8:EDFH<J<DI@WD;<KD@L<HI8B@;8; 8B;<H<:?E8KDC<;@E8C9@<DJ<I8DEN<:EBW>@:8C<DJ<<GK@B@9H8;E cGK<N8?89T8I@;EH<:E>@;E<D>H8DC<;@;8<DB8<:B8H8:@WD;< IJE:EBCE;< NGK<I<HT8C<AEH:8H8:J<H@O8;E:ECE<I8HHE BBE,EIJ<D@9B<<DB8<:B8H8:@WD;<+TEIE9H<<B&<;@EC9@<DJ<N HO 'HVDUUROOR GH \ DO GHUHFKR D OD SD] ²VREUH HO TXH H[LVWH KD89H<LTI@C8<:B8H8:@WDIE9H<<B;<H<:?E;<BEIFK<9BEI8B8F8O 8FHE98;8FEHB8I'8:@ED<I.D@;8I<D c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pQGHODQDWXUDOH]D([LJHVROLGDULGDGVLQFUy D@:8:ED<BH<IJE;<BFB8D<J8<IF<:@8BC<DJ<:ED<B,KHCQI8BBQ ;< BEI BTC@J<D<H8:@EDK@<DJ<F8IEGK<IKFED<DBEI(9A<J@LEI;<<I8HHEBBE,EIJ< D@9B<c8BEIGK<N8?<CEI8BK;@;EN?8DI@;E8CFB@8C<DJ<:EDI@ ;<H8;EI<D<B:8FTJKBEGK@DJEFEH<BFHE=<IEH#K8D" I:QC<O;<I;< ODySWLFDLOXPLQDGRUDTXHVHJHQHUDFXDQGRVHUHÀH[LRQDVREUHODV F<HIED8I:ED;@I:8F8:@;8;E:ED;@L<HI@;8;=KD:@ED8Bc<IKDBE>HE <DB8BTD<8;<8IE:@8H<B=KD:@ED8C@<DJE;<BEI;<H<:?EI?KC8DEI :EDBEI:K@;8;EI<DB8C<;@;8<DGK<I<>8D8<D:ED:H<:@WDH8D;I $<?H@I BC<DEI<DIKI<DKD:@8;EIFE;<CEI;<IJ8:8H8B>K DEIGK<C8H:8DKD8C8NEHFH<:@I@WD:EDH<IF<:JE8BEGK<I<GK@<H< C@B@8(B@L<H;<B(BCEN#EIR B=H<;E)<H@I 8D:@E ;<B@C@J8HF8H8<D:EDJH8HB8II@D<H>@8ID<:<I8H@8IF8H88L8DO8H?8:@8 pO³¿QGHODSREUH]D´³KDPEUHFHUR´³LJXDOGDGGHJpQHUR´³DJXD B@CF@8NI8D<8C@<DJEed<D<H>T88I<GK@9B<NDE:EDJ8C@D8DJ<edJH8 98AE;<:<DJ<N:H<:@C@<DJE<:EDWC@:EedH<;K::@WD;<B8I;<I@>K8B ;8;<Ie d:@K;8;<I N :ECKD@;8;<I IEIJ<D@9B<Ie dL@;8 IK9C8H@D8e dL@;8 ;< <:EI@IJ<C8I J<HH<IJH<Ie -E;EI <IJEI E9A<J@LEI FK<;<D I<H UHIRUPXODGRV FRQ p[LWR HQ WHUPLQRV GH FXLGDGRV FRQFUHWRV TXH GH KDCE;EF<HIED8BN:ECKD@J8H@EC<AEH8DB8L@;8;<B8IF<HIED8IB8I =8C@B@8INBEIFK<9BEI (Q GH¿QLWLYD HVWH UHFRUULGR SRU ORV GHUHFKRV KXPDQRV HQ FODYH ;<RJ@:8;<B:K@;8;EDEI?8:<L<HGK<GK@OQIB8I:EEH;<D8;8II<?8D @DL<HJ@;ENGK<<DBK>8H;<><D<H8B@O8HI<KD8RJ@:8;<B:K@;8;EGK<I< L@L8<DFH@C<HBK>8H<DB8;@C<DI@WD@D;@L@;K8BE<IJ8J8B;<BEGK< I<JH8J8<I;<?8:<HBB<>8H8JE;EIBEIH@D:ED<I;<BFB8D<J8BEGK<E;<<IJ8E9H8GK<;8 H[SUHVDGRGHXQPRGRSDUFLDOLQVX¿FLHQWH\TXHEUDGL]R !! H "! !"!"%"# =!" %8 FHEF@8 <:B8H8:@WD .D@L<HI8B ;< BEI <H<:?EI !KC8DEI H< DKD:@88KDFB8DJ<8C@<DJE@CF<H8J@L@IJ8IK:EDJ<D@;EDEFHE:<;<;< B8=K<HO8E;<BFE;<H;<BEIIJ8;EIH<KD@;EI<DB8('.I@DE;<BH< :EDE:@C@<DJE;<8B>EFH<L@E8BEIC@ICEIB8;@>D@;8;;<B8F<HIED8 ?KC8D88:KNEI<HL@:@EN:K@;8;E;<9<DFHECEL<H<B9@<D:ECYD (OORVHKDFHSUHVHQWHHQDOJXQDVGHODVH[SUHVLRQHVTXHKHPRV <D:EDJH8;E<D<B)H<QC9KBEN<DBEI8HJT:KBEI:@J8;EI<DBEI8F8HJ8 ;EI8DJ<H@EHKD8IdH<:EDE:@C@<DJE;<B8 ;@>D@;8;@DJHTDI<:8N;<BEI;<H<:?EI@>K8B<I<@D8B@<D89B<I;<JE;EI BEIC@<C9HEI;<B8=8C@B@8?KC8D8ed8:JEI;<98H98H@<KBJH8A8DJ<I F8H8B8:ED:@<D:@8;<B8?KC8D@;8;edB88IF@H8:@WDCQI<B<L8;8;D@;8;N<BL8BEH ;<B8F<HIED8?KC8D8N<DB8@>K8B;8;;<;<H<:?EI;<?EC9H<INCK A<H<IedKD8:ED:<F:@WD:ECYD;<<IJEI;<H<:?EINB@9<HJ8;<I<I;<B8 C8NEH@CFEHJ8D:@8F8H8<BFB<DE:KCFB@C@<DJE;<;@:?E:ECFHEC@ IEed;EJ8;EI:ECE<IJQD;<H8OWDN:ED:@<D:@8;<9<D:ECFEHJ8HI< =H8J<HD8BC<DJ<BEIKDEI:EDBEIEJHEIe -E;E<BBEF<HC@J<<DJ<D;<HGK<:K8D;EB8I8C9B<8 <D<H8B;< B8I '8:@ED<I .D@;8I FHECK<L< B8 <:B8H8:@WD <IF<H8 <D:EDJH8H <D B8I;@IJ@DJ8IF<HIED8I:KBJKH8INFK<9BEIKD8I@DJEDT8@DJ<B<:JK8B:ED IK:EDJ<D@;E )@;<KD<I=K<HOEF8H8GK<BEI@D;@L@;KEINB8I@DIJ@JK :@ED<II<@DIF@H<D<D<BB8B8FHECK<L8DC<;@8DJ<B8<DI<V8DO8NB8 <;K:8:@WD;<C8D<H8GK<I<:EDI@>8<BH<:EDE:@C@<DJEN8FB@:8:@WD ;<BEI;<H<:?EI?KC8DEI;<C8D<H8KD@L<HI8BN<=<:J@L8 )E;<CEI<DJ<D;<HFEHJ8DJEGK<<I<@CFKBIEGK@<H<=8:@B@J8HKD <IJ@BE;<<;K:8:@WD<D<BGK<<B:K@;8;E;<KDEC@ICEc:ECEI< KDH[SXHVWRHQHOFDStWXORVH[WRSRUORV3URIHVRUHV(VFiPH]\*LODO 8BK;@H8B:KBJ@LE;<BF<DI8C@<DJE:HTJ@:E8B:K@;8;E;<B8C<DJ<8B =EC<DJE;<B88KJE<IJ@C88B8=K<HO8;<LEBKDJ8;E8B8@DJ<B@><D:@8 <CE:@ED8BcI<<D:K<DJH<FH<I<DJ<;<KD8C8D<H8FH@D:@F8B ,@DF<H IED8IGK<;<I8HHEBB<D;<C8D<H8>EOEI8<BI<DJ@;E8:J@LE;<IKFHE F@8;@>D@;8;F<HIED8B<BBB8C8C@<DJE;<B8I'8:@ED<I.D@;8IFE;HT8 GK<;8H<D<BL8:TE ?EH8FEHJ8DJE %8I8C9B<8 <D<H8B )HE:B8C8 B8 FH<I<DJ< <:B8H8:@WD .D@L<HI8B ;< BEI <H<:?EI !KC8DEI :ECE @;<8B :ECYD FEH <B GK< JE;EI BEI FK<9BEI N QDFLRQHV GHEHQ HVIRU]DUVH D ¿Q GH TXH WDQWR ORV LQGLYLGXRV :ECE B8I @DIJ@JK:@EDKH<DFEHC<;@;8IFHE>H< I@L8I;<:8HQ:J<HD8:@ED8B<@DJ<HD8:@ED8BIKH<:EDE:@C@<DJEN 8FB@:8:@WD KD@L<HI8BE;<<IJ8CEDE>H8=T8J@<D<B8FB<D8:EDL@::@WD ;<GK<:89<<BH<:EDE:@C@<DJEN:KBJ@LE;<B8;@>D@;8;F<HIED8BC< ;@8DJ<<BH<:EDE:@C@<DJE;<B8;@>D@;8;;<BEIEJHEINGK<IEDCYB WLSOHVODVH[SUHVLRQHV¿ORVy¿FDVTXHQRVD\XGDQDVXSHUDUXQDYLVLyQ GHFRQÀLFWRHQWUHODVFXOWXUDVRFLYLOL]DFLRQHV²FRPRFRQLQWHUHVHV FEBTJ@:EI ;< IKFH<C8:T8 E::@;<DJ8B 8B>KDEI ?8D GK<H@;E FHECEL<H !KDJ@D>JED cF8H8I@JK8HDEI<DKD8WFJ@:8;<@DJ<H:KBJKH8B@ ;8;EC<AEH;<:EB89EH8:@WD<DJH<B8I:KBJKH8I /8CEI 8 FH<I<DJ8H 8 CE;E ;< <A<CFBEI ;< <DJH< BEI CK:?EI GK<I<FE;HT8DH<=<H<D:@8Hc8B>KDEI:ECE<BF<HIED8B@ICE;<C C8DK<B&EKD@<HN8?8DI@;E8BK;@;EI<DBEI:8FTJKBEIFH<:<;<DJ<Ic FLQFRGHHVWDVSURSXHVWD¿ORVy¿FDVTXHIDYRUHFHQODFRPSUHQVLyQGH B8KD@L<HI8B@;8;;<BEI;<H<:?EI?KC8DEIJ8BN:ECEB8<DJ@<D;<@:E;<B8F<HIED8 89H@<B&8H:D@;8;?KC8D8:ECEFH@D:@F@E:HTJ@:E;<B8I:KBJKH8I&8HJ?8 'KII98KC 2 2C6=24:@?2=:525 D cI<:KCFB<<DBE 11 N8 <D IK FH@C<H J<H:@E ?89T8 H[WHQGLGRODVSRVLELOLGDGHVGHYLYLUDOPDUJHQGHODUHODFLRQDOLGDG GK<;QD;E<D:<HH8;EI<DKD8BW>@:8;<B2E BBEI@D;<A8HI<@DJ<HF<B8H FEH BE GK< L<H;8;<H8C<DJ< DEI ?8:< :H<:<H :ECE F<HIED8I K9<H H<:B8C898FEHJ8DJEKD8BK:@;<O?8:@8BEI<IF8:@EI;<H<B8:@ED8B@;8; GK<:EDI<HL8DNFHECK<L<DB8L@;8;<B8IF<HIED8I<DIKL<H;8;<H8 ?KC8D@;8; -H<IIEDB8I<I=<H8I<DB8IGK<I<8B:8DO8<BCKD;E;<B8H<B8:@WD %EI:K@;8;EI:ECEFHEFK<IJ8RJ@:8:EDFH<J<DI@WD;<KD@L<HI8B@;8; %8 FH@C<H8 B8 L@;8 :ED B8 D8JKH8B<O8 BBT B8 H<B8:@WD EI:@B8 <D B8 EI:KH@;8;NFEH;<98AE;<BD@L<BB@D>ZTIJ@:E %8I:H@8JKH8II<CK<L<D 8DJ<DEIEJHEIF<HEDEFK<;<DBB<>8H?8IJ8DEIEJHEINDK<IJHE;<:@H BK8A< %8I<>KD;8B8L@;8:ED<BI<H?KC8DE BBTB8H<B8:@WD<I:B8H8NB@D >ZTIJ@:8 )E;<CEI;8HN8:<FJ8H<B-Y %8J<H:<H8B8L@;8:EDBEII<H<I<IF@H@JK8BK8A<8KDGK<><D<H8D ;EB<D>K8A< 'EF<H:@9@CEID@D>YD-YNI@D<C98H>EDEII<DJ@CEI @DJ<HF<B8;EINH<IFED;<CEI@C8>@D8D;EF<DI8D;E8:JK8D;E;<:@ CEI:EDDK<IJHEI<HB8F8B89H89QI@:8I@DFE;<H;<:@H-Y:EDDK<IJHEI B89@EI 3HUR ¢FyPR SRGUtDPRV QRVRWURV LQWHJUDU OR H[WUDOLQJtVWLFR HQ HO CKD;E ;< B8 F8B89H8 9QI@:8 D :8;8 KD8 ;< B8I <I=<H8I 8L@IJ8CEI B8EHB8;<B-Y<J<HDE>H8:@8I8JE;EBEGK<I<DEIL8?8:@<D;EFH< I<DJ<<DJE;E<BBEF<H:@9@CEIKDIEFBEGK<BB<>8;<PB<D:8;8-Y ;@H@>@CEIB8F8B89H88BE<J<HDE<D:8;8<I=<H88IKC8D<H8K9<H %8IJH<I<I=<H8I;<B8H<B8:@ED8B@;8;;<K9<HC8H:8DJH<I@CF< H8J@LEI;<:K@;8;E?8:@8B8D8JKH8B<O8NBEI8D@C8B<I?8:@8DK<IJHEI I<C<A8DJ<IN8DJ<B8I:H@8JKH8I<IF@H@JK8B<IHT>EBI)<H@I 8D:@E )<HE<D:8;8KD8;<<BB8I8L@IJ8CEIB8EHB8;<B-Y<J<HDE D :8C9@E<D<BCKD;E;<BBBEB8IH<8B@;8;<IB8I8:ECE;8CEI8DK<IJH8 FHEF@8 KJ@B@;8; %8 H<B8:@ED8B@;8; DEI C8H:8 KD :8C9@E ;< C@H8;8 ?8:@8BEIGK<DEIHE;<8DGK<DEII8:8;<BEI<IJH<:?EI:TH:KBEI;< DK<IJHEIFHEF@EI<>ETICEIF<HEJ8C9@RD;<BEIH<;K:@;EICQH><DYD F8HJ@:KB8H@ICE F<HE I@D :<;<H 8 B8 89IJH8::@WD ;<I<D:8HD8;8 GK< IWBE B8 H<B8:@ED8B@;8; <IF@H@JK8B FK<;<@DJ<HFH<J8HH<:ED:@B@8;8C<DJ<8HCED@O8D;E8B8F<HIED8:ED B8 '8JKH8B<O8 N BEI 8D@C8B3C6 B@L<,J8FB<I%<M@I<DBEI8VEI:K8H<DJ8;<BI@>BE F8I8;EN8<I9EOWKDFHE>H8C8;<:EB89EH8:@WD@DJ<H:KBJKH8BF8H8898FEH=EHC8HF<HIED8I:ED:EH8OWDGK<H<:@9@<I<DKD8<;K:8 :@WDI<DJ@C<DJ8BGK<B<IF<HC@J@<H8:8FJ8HBEIL8BEH<I:ECKD<I;<B8I >H8D;<IJH8;@:@ED<I<IF@H@JK8B<I;<B8?KC8D@;8; 3DUD HYLWDU XQD PDWUL] GH WLSR RFFLGHQWDO SUH¿ULy DJUXSDU HVRV L8BEH<I:ECKD<I98AEB8;<DEC@D8:@WD;<B-8EF8H8?8:<HL<HGK< IWBE H<:EDE:@<D;E <I< JHED:E :ECYD KD8JH8;@:@WDI@D>KB8H D:K8DJE8BEI:EDJ<D@;EI;<B-8E<DE @BKIJH8J@LE +<IKBJ8<L@;<DJ<GK<<IJEI:EDJ<D@;EI:ECKD<IIEDF<H =<:J8C<DJ<JH8;K:@9B<I<DE9B@>8:@ED<I;<:K@;8;EGK<%<M@IAKIJ@ ¿FDFRPRSUHVHQWHVHQWRGDVODVJUDQGHVH[SUHVLRQHVFXOWXUDOHVGHOD ?KC8D@;8; L /DOH\GHODEHQH¿FHQFLDJHQHUDO D (QQHJDWLYR E (QSRVLWL LE LL /DOH\GHODEHQH¿FHQFLDHVSHFLDO @@@ (9B@>8:@ED<I:EDDK<IJHEIF8;H<IC8NEH<IN8D:<IJHEI @L <9<H<I?8:@8DK<IJHEI?@AEIN?8:@8B8FEIJ<H@;8; Y /DOH\GHODMXVWLFLDMXVWLFLDVH[XDOKRQHVWLGDGWULEXQDOHV L@ %8B<N;<B89K<D8=<N;<B8L<H8:@;8; L@@ %8B<N;<B8F@<;8; L@@@ %8B<N;<B8C8>D8D@C@;8; 4=>:DE6C:@@?E@=R8:4@56=2A6CD@?2 *DEULHO0DUFHOFRPR¿OyVRIRGHODH[LVWHQFLDTXHVHRSXVRDODV UHGXFFLRQHVH[LVWHQFLDOLVWDV²TXHSDUHFHTXHHQVDO]DQODH[LVWHQFLD F<HEGK<<DH<8B@;8;B8;<A8DIKIF<D;@;8<DB8D8;8:ECEFK<;<I<H %EI:K@;8;EI:ECEFHEFK<IJ8RJ@:8:EDFH<J<DI@WD;<KD@L<HI8B@;8; L@IJE <D B8 FEFKB8H E9H8 ;< #<8D )8KB ,8HJH<c 89E>W FEHH<@L@D;@ FDUXQD³H[LJHQFLDGHHQFDUQDFLyQDODFXDOODSHUVRQDQRVHSXHGH IKIJH8<HI@DJH8@:@ED8HIKC@I@WDL<H;8;<H8I@DF<H;<HI<<DBEI<IF< A@ICEI;<BE89IJH8:JEe&8H:<B <I;<8BBTFB8DJ<W;EI OtQHDVGHUHÀH[LyQTXHSXHGHQD\XGDUDVRVWHQHUODXQLYHUVDOLGDGGH BEI;<H<:?EI?KC8DEINFEH<D;<;<B8RJ@:8;<B:K@;8;E )EHKDB8;EIK9H8NWGK<<D:8;8F<HIED8?8NKD8<IF<:@<;<@HH8 ;@8:@WD=<:KD;8DJ<;<B8H<L<B8:@WDGK<DEI?8:<:8FJ8HI@D;K;8IK LQ¿QLWRYDORU~QLFRHLUUHSHWLEOHFRQLQGHSHQGHQFLDGHTXHVHSUDF J@GK<EDEKD8H<B@>@EI@;8; %EIKIJ8D:@8B<IGK<DEIF<HC@J<I8B@H;< L<H8KD8F<HIED8:ECEFHE9B<C88L<HB8:ECEC@IJ<H@E BFHE9B< C8I<IEBK:@ED8 BC@IJ<H@EI<:K@;8 b @:E ;ED;< NE L<E H8:@8I 8 KD8 <IF<:@< ;< @HH8;@8:@WD =<:KD;8DJ< ;< B8 H<L<B8:@WD C@IC8 GK< FK<;< FHE;K:@HI< F<H=<:J8C<DJ< <D <BI<DE;<8BC8I8A<D8I8:K8BGK@<HH<B@>@WDFEI@J@L8GK<<I< H<:EDE:@C@<DJEGK<I<<=<:JY88JH8LRI;<:@<HJ8ICE;8B@;8;E8GK@<D I<?8<B<L8;E?8IJ8RB<DJH<L<HB8FEI@9@B@;8;;<KD8H<L<B8:@WD ;< KD CE;E CKN ;@=<H<DJ< 8 :ECE FE;HT8 ?8:<HBE GK@<D DE ?89@<D;EH<98I8;EBEIBTC@J<I;<BEFHE9B<C8J@O89B<I<GK<;8 CQI8:Q;<BFKDJE<DGK<<BC@IJ<H@E;<BI<HFK<;<I<H8;L<HJ@;E NFHE:B8C8;E&8H:<B )EHEJHEB8;E<D=8J@OWGK<<I<C@IJ<H@EI<H<L<B8<DB8IF<HIED8I CQI;R9@B<INLKBD<H89B<ICQID<:<I@J8;8I;<:K@;8;EIFEHBEGK< <I8BC@ICEJ@<CFE:ECYD8JE;8IB8I:KBJKH8IN8A<DE8:K8BGK@<H @CFEI@:@WD H<EFHE=KD;8C<DJ<<DBEGK<8CTH<IF<:J8GK<IWBEFE;< PRVWHQHUp[LWRHQODSUHVHUYDFLyQGHOPLVWHULRVRSULQFLSLRTXH <IJQ<D<B:EH8OWD;<B8;@>D@;8;?KC8D8I@:EDI<>K@CEI?8:<H H[SOtFLWD OD FXDOLGDG SURSLD \ VDFUDO TXH OH HV SURSLD \ HVWD :K8B@;8;I<HQJ8DJECQI:B8H8:K8DJECQIDEI8F<>K<CEI8BI<H C@B@8(B@L<H;<B(BCEN#EIR B=H<;E)<H@I 8D:@E ?KC8DE;<I8HC8;E:ECEBE<D:EDJH<CEI<D<BD@VE<D<B8D FLDQRRHQHOSREUH$TXtPHSDUHFHDSURSLDGRUHÀH[LRQDUVR 9H<KD8F8H8;EA8GK<8FH@C<H8L@IJ8F8H<:<I<HI@D>KB8HC<DJ< <C98H8OEI8&8H:2?@D JH8O8KD@J@D<H8 H@EF8H8GK<FE;8CEI=KD;8HB8:ECFH<DI@WD;<B8;@L<HI@;8;:KBJKH8B :ECEH<IKBJ8;E;<B8FB8IJ@:@;8;GK<J<D<CEIB8IF<HIED8INB8I:KB WXUDVSDUDH[SUHVDUORVPLVPRVYDORUHV6XVSDVRVVRQ FULWLFDUHOSHUMXLFLRJHQHUDOL]DGRGHTXHQRH[LVWHQYDORUHVXQLYHU I8BC<DJ<H<:EDE:@;EIFEHB8I:KBJKH8I:K8D;E<DH<8B@;8;ITBEI?8N PRVWUDUTXHODUD]yQHVFDSD]GHFDSWDUORVYDORUHVEiVLFRVDWUD LRI;<B8DE@D;@=<H<D:@8B8IF<HIED8INB8I:KBJKH8I<B@><D<DIKI8: FLRQHVYDORUHVFRPRODYLGDHOFRQRFLPLHQWRHOMXHJRODH[SHULHQFLD <IJRJ@:8B88C@IJ8;B8H8OED89@B@;8;FHQ:J@:8EB8B@9<HJ8;H<B@>@EI8b <DBK>8H;<<B<>@HIKI:EDJH8H@EI FRPSUREDUTXHSDUDYLYLUDGHFXDGDPHQWHHVRVYDORUHVQRVKDFH IDOWDVHJXLUODVH[LJHQFLDVGHODUD]yQSUiFWLFDTXHQRVSHUPLWHHV J89B<:<H <B EH;<D 8;<:K8;E <D JEHDE 8 <BBEI @DD@I <IJ89B<:< ?8IJ8 DK<L<H<GK@I@JEIGK<H<IKC@CEIBB<L8HKDFB8D;<L@;8:E?<H<DJ< DEJ<D<HFH<H<=<D:@8I8H9@JH8H@8I<DJH<L8BEH<ID@J8CFE:E<DJH<F<H IED8IC8DJ<HD<HKD<GK@B@9H@E<DJH<;@IJ8D:@8C@<DJEN:ECFHEC@IE D OD KRUD GH HVWDEOHFHUVH REMHWLYRV YDORUDU OD H¿FDFLD GH QXHVWUDV 8::@ED<IF<HEDE:ECE:H@J<H@EYD@:ED@I@GK@<H8<BFH@D:@F8BH<IF<J8H :8;8 L8BEH 9QI@:E <D :8;8 8:JE =8LEH<:<H K@H B8 FHEF@8:ED:@<D:@8 ODVFRPELQDFLRQHVHQWUHYDORUHVEiVLFRV\H[LJHQFLDVGHODUD]yQ FHQ:J@:8 IED CYBJ@FBE<DJH<B8I;@IJ@DJ8I:KBJKH8I HQHOFDPSRSROtWLFR\MXUtGLFRORVGHUHFKRVKXPDQRVVRQORTXH QRVSHUPLWHQH[WHQGHUHVRVPLVPRVSULQFLSLRVGHODUD]yQSUiFWLFD @DD@IFEHJ8DJE<DJ@<D;<GK<BEI;<H<:?EI?KC8DEIIEDBEIGK< %EI:K@;8;EI:ECEFHEFK<IJ8RJ@:8:EDFH<J<DI@WD;<KD@L<HI8B@;8; ?ENDEIIKC@D@IJH8D<BB<D>K8A<F8H8GK<B8IEH>8D@O8:@ED<IFEBTJ@:8I I@HL8DL<H;8;<H8C<DJ<8B8;@>D@;8;;<B8F<HIED8?KC8D<D:K8B TXLHU FRQWH[WR FXOWXUDO &RQ HO PLVPR HVStULWX TXH OD 'HFODUDFLyQ .D@L<HI8B;<BEI<H<:?EI!KC8DEIIEDBEIGK<DEIF<HC@J<D:K@;8H GHORVELHQHVEi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¿QHQVtPLVPD(VWLSXODTXHHOREMHWLYRHV FHE;K:@H:8F8:@;8;<IF8H8JE;8IN:8;8KD8;<B8IF<HIED8II@D KI8H 8 D@D>KD8 ;< <BB8I :ECE C<;@E F8H8 B8I :8F8:@;8;KD;E D@;8; ;<IKIC@<C9HEI IT8B8?EH8;<;<=<D;<HIKB@IJ8;<:8F8:@;8;K@<DJ<I:EDI@;<H8:@EDD@;8;?KC8D8 (VSHFL¿FDORVFRPSRQHQWHVGHXQPRGRXQWDQWRDEVWUDFWR\JH QpULFRSDUDGDUFDELGDDODHVSHFL¿FDFLyQ\GHOLEHUDFLyQDGLFLRQDOHV :@K;8;8DEIN:@K;8;8D8IF8HB8C<DJEIJH@9KD8B<Ib +DVLGRLQWURGXFLGDGHPDQHUDH[SOtFLWDDHIHFWRVH[FOXVLYDPHQWH FEBTJ@:EII@DKD8I@;<8IC<J8=TI@:8I:ECEB8IGK<;@L@;<D8B8IF<H C@B@8(B@L<H;<B(BCEN#EIR B=H<;E)<H@I 8D:@E IED8I<D=KD:@WD;<IK:KBJKH8EH<B@>@WD ECEB8<:B8H8:@WD.D@ L<HI8B;<BEI<H<:?EI!KC8DEI9KI:8KD8:K<H;E8<=<:JEIFEBTJ@:EI SUiFWLFRVFRPRH[SUHVLyQGHUHVSHWRSRUODGLYHUVLGDG &RQFLEHFRPRODERUSURSLDGHO*RELHUQRODGHDXSDUDWRGRVORV :@K;8;8DEIN:@K;8;8D8IFEH<D:@C8;<BKC9H8BCTD@CE;<B8I;@<O :8F8:@;8;<I /DVSULQFLSDOHVOLEHUWDGHVTXHSURWHJHQHOSOXUDOLVPRFXOWXUDO\ UHOLJLRVRVRQHOHPHQWRVFHQWUDOHVGHODOLVWD OLEHUWDGHVGHH[SUHVLyQ 8IE:@8:@WD;<:ED:@<D:@8 3DUDHYLWDUVXLPSRVLFLyQSRUODIXHU]DVHSDUDGHPRGRHVWULFWR ODVFXHVWLRQHVGHMXVWL¿FDFLyQ\ODVGHLPSOHPHQWDFLyQ 1XVVEDXP (QGH¿QLWLYDHOFXLGDGRGHODGLJQLGDGKXPDQDHVDOJRTXHVH FHEFED<8JH8LRI;<IK<D=EGK<;<B8I:8F8:@;8;<IFHE:KH8D;EHTJ@C8I;<:8;8:KBJKH8F<HEI@<CFH<8B I<HL@:@E;<B8;@>D@;8;?KC8D8 ! ! !% +DVWDDKRUDDOMXVWL¿FDUTXHODpWLFDGHOFXLGDGRGHEHHVWDUSUH I<DJ<<DB8ECKD@;8;"DJ<HD8:@ED8BGK@OQIFE;<CEI?89<H;8;EB8 @CFH<I@WD ;< GK< I< JH8J8 ;< 8B>E :EDI<>K@;E 'E DEI :EDI<DJ@HT8 CEI J8B @D><DK@;8; B :EDJH8H@E BEI FHE9B<C8I ;< DK<IJHE CKD;E CK<IJH8DJE;8IK8>K;<O8:K8D;EBEI<B<L8CEI8B8F<HIF<:J@:8;<B8 =8C@B@8?KC8D8NBEI:K@;8;EIGK<IKIC@C<9HEID<:<I@J8DN8ITDEI ?8:<D;<IF<HJ8H )EH<IEGK<H<CEI:ED:BK@H<IJ<:8FTJKBE?8:@RD;E DEI<:E;<KD8C8D<H8B@9H<N8CFB@8;88BEI;@<OFHE9B<C8IGK<<B F8F8H8D:@I:E:EDI@;<H8GK<?8NGK<8:EC<J<HF8H8GK<?8N8KD=K JKHE:ED<IF<H8DO8H8D:@I:E %E?8:<<DKD8E9H8H<:@<DJ< KD8E9H8GK<I@DJ<J@O8<D9K<D8C<;@;8B8I:B8L<I;<IKID:T:B@:8I %8K;8JEI@f NH8J<BB@JKJJ@ ,EDI@D;K;8EJHEIJ8DJEI H<JEIF8H8KD@L<HI8B@O8HB8RJ@:8;<B:K@;8;E HH8;@:8H;<B8">B<I@8N;<B8?KC8D@;8;B8:KBJKH8;<BEI89KIEI %EI:K@;8;EI:ECEFHEFK<IJ8RJ@:8:EDFH<J<DI@WD;<KD@L<HI8B@;8; NJE;E;<I:EDE:@C@<DJE;<B8;@>D@;8;;<BEIAWL<D<IN;<BEID@VEI GHVGHHOSULPHULQVWDQWHGHVXH[LVWHQFLD 3URPRYHUODSURWHFFLyQGHODFDVDFRP~QYDORUDQGRORVEHQH¿ :@EIGK<H<:@9@CEI;<B:K@;8;E;<BC<;@E8C9@<DJ<N;<B8I8D8H<B8 :@WD:EDBEI8D@C8B<I )HECEL<H KD8 :ECKD@:8:@WD GK< :EC98J8 B8 @D;@=<H<D:@8 ?8:@8 HOVXIULPLHQWRGHORVPiVSREUHVODVIDNHQHZV\TXHGHVDVWLYHORV ;@I:KHIEI;<E;@E .D8FEBTJ@:8GK<JH898A<FEH<B9@<D:ECYD;<I;<B8:ECKD@;8; PiVSUy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¿QDQFLDUL]DFLyQ GH OD HFRQRPtD \ B8C<H:8DJ@B@O8:@WD;<B8IE:@<;8; ?F2C:@56=224F=E25656 C@B@8(B@L<H;<B(BCEN#EIR B=H<;E)<H@I 8D:@E 6C6:E@56=2)?:G6CD:525652@CFQ2 8BB<IJ<HEI# 'RPHxDUODV¿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tQWLPD(QVD\RGHXQD¿ORVRItD 56=2AC@I:>:5258H:<BED8:8DJ@B8;E 8II@D 2 C2KR? 9F>2?:E2C:2 )?2 9:DE@C:2 >@C2= 56= E:6>A@AC6D6?E6K<DEI@H<I)HEC<J<E 8II@D $@CF?2C6A@=:E:K24:R?56=>F?5@ 2DG:52D56D 42CE23=6D4@>@56D27P@2=D:8=@,,K<DEI@H<I,@>BE11" @DD@I# "2EFC2= 2H2?5?2EFC2=C:89ED2[IRUG&ODUHQ ;ED %EI:K@;8;EI:ECEFHEFK<IJ8RJ@:8:EDFH<J<DI@WD;<KD@L<HI8B@;8; H8D:@I:E 2CE2 ?4P4=:42 V 2F52E@ D:X '@3C6 6= 4F:525@ 56 =2 42D2 4@>S?W9DOHQFLD %ROHWtQ 2¿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¿GHQFLDO \5L GLQJ+LJK /RTXLVRODVXHUWH GH)UDQN&DSUD/DDOLDQ]D <DJH<<:EBE>@ICEF<HIED8B@IJ8NF<HIED8B@ICE=TBC@:E %8-EHH< ;<B/@HH<N8:<FJ8;E<D<;@:@WD !<HL8;8# )HE9B<C8IGK<KD8DEJ8<I<D:@8B;<BEI;<H<:?EI KXPDQRVSODQWHDDOD¿ORVRItDGHO'HUHFKR(Q-+HUYDGDD 4C:E@D56C649@"2EFC2=FQ>I )8CFBED8KDI8 !KDJ@D>JED , ) (O FKRTXH GH FLYLOL]DFLRQHV \ OD UHFRQ¿ 8FC24:R?56=@C56?>F?5:2=%DUFHORQD%XHQRV$LUHV0p[LFR )8@;WI .DQW, 6REUHXQSUHVXQWRGHUHFKRGHPHQWLUSRU¿ODQWURStD D" $8DJ(6@CP2J$CM4E:42FQ>I &8;H@;-<:DEI $8DJ" F?52>6?E24:R?56=2>6E27PD:4256=2D4@DEF>3C6D &8;H@;D:K<DJHE $8DJ" CPE:4256=2C2KR?AFC2) + +@98I-H8; 8H:< BED8-8KHKI $8DJ" CPE:4256=2C2KR?ACM4E:42&8;H@;-<:DEI %<M@I 223@=:4:R?56=9@>3C6&8;H@;D:K<DJHE /XNHV6 &LQFRIi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¶VFLQHPDWLF SURSRVDO DQG LWV UHODWLRQVKLS ZLWK ¿O C@:F<HIED8B@IC9FC49@>>F?:42E:@?25F=EFC6 +8MBI# )?2E6@CP256=2;FDE:4:2 EDOQB<O-H8; &8 ;H@; +8MBI# ==:36C2=:D>@A@=PE:4@8H:<BED8HTJ@:8 H@A8B 9E &ED;8;EH@ +8MBI# B;<H<:?E;<><DJ2?@DFQ>I &8;H@;-HEJJ8 ,8DC8HJ@DIFBK>K<I# /RVQXHYRVUHGHQWRUHVUHÀH[LRQHV D@3C6=2:?86?:6CP286?NE:42=2D@4:@3:@=@8P2J6=>F?5@76=:K BF6?@DAC@>6E6?8H:<BED8DJ?HEFEI ,8DC8HJTDIFBK>K<I# HTJ@:8;<B8H8OWD:HKEI;<KD8J<:DEBE>T8I@D?KC8D@ICE '#&6 G:DE256:=@D@7P2Q 9DVDN. QRYLHPEUHGH /DODUJDOXFKDSRUORVGHUHFKRVKX C8DEI=@CC6@56=2)"'#

Log In

Cuidados pretensión ética universalidad

Related papers

Related papers

Related topics