Las sibilantes en documentos ecuatorianos de los siglos XVI‐ XVIII

!"#"$%"&'()*"+,&-+,.#8QLYHUVLWpGH1HXFKkWHO

/DVVLELODQWHVHQGRFXPHQWRVHFXDWRULDQRVGHORVVLJORV;9,;9,,, ^!

/DHYROXFLyQGHODVVLELODQWHVHQODKLVWRULDGHOHVSDxROHVXQREMHWRGHHVWXGLRFRPSOHMR HLQWHUHVDQWHWDQWRHQOD3HQtQVXODFRPRHQ$PpULFDSXHVWRTXHGLYHUJHHQSDUWHVHJ~QOD ]RQDGLDOHFWDO\ODpSRFDHVWXGLDGDV3HURHVQHFHVDULRSUHFLVDUFRPRKDFHQ&ODYHUtD1DGDO R$ULDVÈOYDUH]TXHHVWHWHPDVHHQFXHQWUDDOOtPLWHHQWUHORJUi¿FR\OR IRQpWLFR\TXHORTXHVHSXHGHHVWXGLDUFRQFUHWDPHQWHDSDUWLUGHGRFXPHQWRVDQWLJXRVHVOD IRUPDHVFULWDGHODVVLELODQWHV\QRVXSURQXQFLDFLyQPHUDLQWHUSUHWDFLyQGHODVFDFRJUDItDV

$UL]D6LQHPEDUJRODVDOWHUQDQFLD\FRQIXVLRQHVPX\IUHFXHQWHVGHODVJUDItDV QRVSHUPLWHQIRUPXODUKLSyWHVLVVREUHODPDQHUDGHSURQXQFLDUHVWRVIRQHPDV

(QHVWHWUDEDMRVHLQWHQWDUiPRVWUDU\SRQHUHQSHUVSHFWLYDODHYROXFLyQGHOVLVWHPDPHGLHYDOGH ODVVLELODQWHVFDVWHOODQDVIRUPDGRSRUWUHVSDUHVGRVSUHGRUVRGHQWRDOYHRODUHVDIULFDGDVWV\W]

GRVDOYHRODUHVDSLFDOHVIULFDWLYDVV\]\GRVSUHSDODWDOHVIULFDWLYDVœ\ ߯ "#$%&'(')*+&',-($'.$

SURFHVRGHHQVRUGHFLPLHQWRGHODVVLELODQWHV\HOFDVRGHO/(/(.$($(./$01'$2.1(*&+&',-($,'32+)*'$

HMHPSORVVDFDGRVGHGRFXPHQWRVFRORQLDOHVGHORVVLJORV;9,;9,,\;9,,,FRQVHUYDGRVHQ HO$UFKLYR*HQHUDOGH,QGLDVGH6HYLOODTXHVRQSULQFLSDOPHQWHFDUWDVGHQXQFLDVSHWLFLRQHV

\GHFODUDFLRQHVGHWHVWLJRV(OWUDEDMRFRQHVWRVGRFXPHQWRVSURYHQLHQWHVGHOD6LHUUD\GHOD

&RVWDHFXDWRULDQDVQRVSHUPLWHSRUPHGLRGHOHVWXGLRGHODVJUDItDVGLOXFLGDU\GHVFULELUHQ SDUWHODRUWRJUDItD\ODSURQXQFLDFLyQHFXDWRULDQDVGHODpSRFDHQHVWDVGRVUHJLRQHVGHOSDtVTXH PXHVWUDQKR\HQGtDXQFRPSRUWDPLHQWROLQJtVWLFRGLYHUJHQWHHQFXDQWRDYDULRVIHQyPHQRV IRQpWLFRVFRPRVHxDODQSRUHMHPSOR7RVFDQR/LSVNL&DQ¿HOG R6iQFKH]ORTXHKDFHLQWHUHVDQWHUDVWUHDUVLH[LVWtDQWDPELpQGLIHUHQFLDVGXUDQWHOD pSRFDFRORQLDOHQORUHIHUHQWHDODSURQXQFLDFLyQGHODVVLELODQWHV

3DQRUDPDKLVWyULFRJHRJUi¿FR

/D$XGLHQFLD GH 4XLWR HV XQD UHJLyQ UHODWLYDPHQWH SHTXHxD HQ OD TXH FRQÀX\HQ ORV HIHFWRVGHQXPHURVRVIDFWRUHV'HVGHHOSXQWRGHYLVWDJHRJUi¿FRHOSDtVVHGLYLGHHQWUHV ]RQDVGHOLPLWDGDVSRUODGREOHFRUGLOOHUDGHORV$QGHVREVWiFXORQDWXUDOTXHKDLPSHGLGRORV 4-)*+4*-($')*&'$.+$52'&&+/$.+$6-(*+$7$'.$8&2')*'/$*+)*-$')$'.$9'&:-3-$4-.-)2+./$4-,-$')$'.$+4*1+.#

!

(VWHDUWtFXORIRUPDSDUWHGHOSUR\HFWRGHLQYHVWLJDFLyQVXEYHQFLRQDGRSRUHO0.*,/&!"#1.*"2&3+1//(&

GHOD5HFKHUFKH6FLHQWL¿TXH/$*2*1.+3-$45.2+$16*&%1/#671$"&,(2&(/8"9.2&(*&2"&:+,1(*$1"&,(&;+1#.&)&

<"*"=>&,+7"*#(&2"&?8.$"&$.2.*1"2&@/1A2./&BCDEBCDDDFG&4/#+,1.&,(&21*AHI/#1$"&%1/#671$"&$.*#7"/#15"#$

5pIpUHQFHQXPpUR\GHOSUR\HFWR+,6352&$67J1/#.71"&,(&2"&87.*+*$1"$16*&

,(2&$"/#(22"*.¿QDQFLDGRSRU0,&,11FyGLJR)),

(OUHLQRGH4XLWRIXHFRQTXLVWDGRSRUORVHVSDxROHVGXUDQWHODWHUFHUDGpFDGDGHOVLJOR;9, SHUtRGRHQHOFXDOVHIXQGDURQODVFLXGDGHVGH4XLWR\*XD\DTXLO(VXQD]RQDGHFRQTXLVWD LQWHUPHGLDRFRQWLQHQWDOGH$PpULFD\DTXHVHSURGXMRGHVSXpVGHODFRORQL]DFLyQWHPSUDQD GHODV$QWLOODV'HVGHHOSXQWRGHYLVWDSROtWLFRGHSHQGtDGHO9LUUHLQDWRGHO3HU~IXQGDGR HQ$SULQFLSLRVGHOVLJOR;9,,,SDVDDHVWDUEDMRODGLUHFFLyQGHO9LUUHLQDWRGH1XHYD

*UDQDGD TXH FRPSUHQGtD ORV IXWXURV SDtVHV GH (FXDGRU &RORPELD9HQH]XHOD \ 3DQDPi /D$XGLHQFLDGH4XLWRHUDXQDHQWLGDGDGPLQLVWUDWLYDSROtWLFD\GHMXVWLFLDVXERUGLQDGDDO YLUUHLQDWRFXEUtD]RQDVPiVH[WHQVDVTXHHOWHUULWRULRGHO(FXDGRUDFWXDOSXHVWRTXHLQFOXtD WDPELpQODSURYLQFLDGH3RSD\iQHQHOVXUGH&RORPELD

$QWHVGHODFRQTXLVWDOD$XGLHQFLDGH4XLWRHVWDEDSREODGDSRUQXPHURVRVJUXSRVLQGtJHQDV XQRVPX\RUJDQL]DGRVHQOD6LHUUD\RWURVSRFRXQL¿FDGRVHQOD&RVWDORTXHGHVSXpVWXYR FRQVHFXHQFLDVHQODVLWXDFLyQOLQJtVWLFD\FXOWXUDOGHOSDtV6HJ~Q7RVFDQR0DWHXV ORVLQGtJHQDVGHOD&RVWDGHVDSDUHFLHURQUiSLGDPHQWHRKX\HURQDODVMXQJODVPLHQWUDVTXHOD VRFLHGDGGHO5HLQRGH4XLWRVHVRPHWLy\FRQYLYLyFRQORVHVSDxROHVORTXHSURGXMR\SURGXFH

!"#$"%!&'%()%*+"%),-(.&#&#%/&)$"/$&#0

'HVGH HO SXQWR GH YLVWD OLQJtVWLFR VH GLVWLQJXHQ GRV ]RQDV GLDOHFWDOHV SULQFLSDOHV TXH FRUUHVSRQGHQ D OD VLWXDFLyQ JHQHUDO GH$PpULFD GHVFULWD SRU QXPHURVRV HVWXGLRVRV GH OD KLVWRULDGHOHVSDxRODPHULFDQR5RVHQEODW0HQpQGH]3LGDO>@ROXHJR )RQWDQHOODGH:HLQEHUJGLVWLQJXHQODVKDEODVGHODVWLHUUDVDOWDVRGHOLQWHULRUGHODV GHODVWLHUUDVEDMDVRFRVWHUDVWDQWRGXUDQWHHOSHUtRGRFRORQLDOFRPRHQODDFWXDOLGDG(QOD

$XGLHQFLDGH4XLWRHOLQWHULRUFRUUHVSRQGHDOD]RQDGHOD6LHUUD4XLWR\ODVWLHUUDVEDMDVD OD&RVWDGHO3DFt¿FR*XD\DTXLO3RSD\iQVHVLW~DHQHOLQWHULRUHQFDPELRQRWLHQHIXQFLyQ

"*-1)1#$."$12"%&%/,3$,."3%()%3"%4,*1()/1"0

/D6LHUUDGRQGHHVWDEDDVHQWDGDODFDSLWDOGHOD$XGLHQFLDHVWDEDSREODGDSRUXQQ~PHUR LPSRUWDQWHGHFRORQRVSURYHQLHQWHVGHOQRUWHGH(VSDxD7RVFDQR(VWDUHJLyQ 5,(%$()+"%),-(.&#&#%/&)$"/$&#%/&)%3"%#(*(%21..(1)"3%'%3"%/&.$(6%#(%/&)21.$17%()%,)%/()$.&%*(%

8.(#$191&%/,3$,."3%'%()%/&)#(/,()/1"%()%,)"%:&)"%8,.1#$"%")$(%3&%/&)#1*(."*&%2,39".%8&.%3"%

FRUWHHVSDxRODHLQQRYDGRUDDQWHWRGRFDPELRSUHVWLJLRVRDODYH]TXHVXVKDEODVDGTXLUtDQXQ WLQWHVHSWHQWULRQDO)RQWDQHOOD6iQFKH]\6HSXHGHQREVHUYDU ."#9&#%$")$&%#(8$()$.1&)"3(#%'%/&.$(#")&#%/&-&%-(.1*1&)"3(#6%8(.&%#(%2")%(.."*1/")*&%*(%3&#%

*&/,-()$&#%")"31:"*&#%3&#%."#9&#%*1"3(/$"3(#%/&)#1*(."*&#%2,39".(#%'%#(%#,"21:")%&%(31-1)")%

3&#%."#9&#%-(.1*1&)"3(#0

/DVLWXDFLyQGHOD&RVWDHVPX\GLIHUHQWHSXHVWRTXHHUDXQD]RQDSRUWXDULDTXHWXYR QXPHURVRVFRQWDFWRVFRQODPHWUySROLHQSDUWLFXODUFRQORVSXHUWRVDQGDOXFHV0HQpQGH]

3LGDO>@6iQFKH]$VtTXHODOHQJXDHUDPXFKRPiVSHUPHDEOHD ORVFDPELRVQRPX\UHVLVWHQWHIUHQWHDODVQRYHGDGHVIXHVHQFXOWDVRYXOJDUHV\SUHVHQWD KR\GtDPiVUDVJRVPHULGLRQDOHVVHGH¿QHHQWRQFHVFRPRLQQRYDGRUD

;

(QQXHVWURGRFXPHQWRVDSDUHFHQUDVJRVWtSLFDPHQWHPHULGLRQDOHV\YXOJDUHVVREUHWRGRHQHOVLJOR

;9,,SRUHMHPSOR"/0+*"1&*23"1&4(5+(3"1&0+(67"*"13RSD\iQGRFUHIXHU]RYHODUGHO

*18$&)9&<%&%(1#+82(6(*&9/.1&2*,2.1:&.$+4",.&#.,.&(/&"3.3RSD\iQGRFTXHSRGUtDPRV

LQWHUSUHWDUFRPRXQDDVSLUDFLyQRSpUGLGDGHODVLPSORVLYD

!"#$%&'()*%#)'+,-(*%

(Q HO HVSDxRO PHGLHYDO FRQYLYtDQ WUHV SDUHV GH VLELODQWHV IRUPDGDV FDGD XQD SRU XQ IRQHPDVRUGR\RWURVRQRUR

.*,/* .*0*,*

$IULFDGRGHQWDO W

G

2,-(3)-4*#354'*53, V ]

2,-(3)-4*#&,'&353)35 œ ߯

(OVLVWHPDVXIULyGXUDQWHORVVLJORVGHRURXQDVHULHGHFDPELRV

'XUDQWHHOVLJOR;9ODVDIULFDGDVVHGHELOLWDURQ\VHFRQYLUWLHURQHQIULFDWLYDV&DQR

>@

/RVWUHVIRQHPDVVRQRURVSHUGLHURQODVRQRULGDG(VWHHQVRUGHFLPLHQWRVHUHÀHMDHQORV WH[WRVPHGLHYDOHVSRUODLQH[LVWHQFLDGHODRSRVLFLyQJUi¿FDHQWUH½Fo¾\½]¾HQWUH½VV¾

\½V¾RHQWUH½[¾\½MJ¾(VWHIHQyPHQRVHH[WLHQGHSUREDEOHPHQWH

3#&3,)-,#/'5#0*,)'#6&*,#

ORVGLDOHFWRVQRUWHxRV\HOYDVFR&DQR>@

/RVIRQHPDVGHQWDOHV\SUHSDODWDOHVFDPELDQHOOXJDUGHDUWLFXODFLyQ\VHWUDQVIRUPDQ

&*,#70#53/*#'0#703#-0)',/'0)35#8#&*,#*),*#53/*#'0#4'53,#&3,3#930)'0',#703#*&*%-(-+0#

IRQROyJLFD3HQQ\>@

(QODYDULHGDGDQGDOX]DGHOHVSDxRO\HQ$PpULFDODWLQDODVVLELODQWHVVXIULHURQXQDVHULH GH FDPELRV GLIHUHQWHV /DSHVD >@ † S 0HQpQGH] 3LGDO (QWH[WRVPHULGLRQDOHVGHORVVLJORV;9\;9,SRGHPRVREVHUYDUDOWHUQDQFLDV RUWRJUi¿FDVTXHFRQJUDQSUREDELOLGDGVRQHOSURGXFWRGHFDPELRVIRQROyJLFRV3HQQ\

>@$SDUWLUGHHVWRVHUURUHVSRGHPRVVXSRQHUTXHORVKDEODQWHVFRQIXQGtDQODV

&,'/*,%*/'0)*354'*53,'%#(*0#53%#354'*53,'%"#:0#53#938*,;3#/'#53%#<,'3%#30/35713%#%'#,'35-13#

FRPRXQDVLELODQWHSUHGRUVDOGHORTXHUHVXOWDHOVHVHR(QRWUDV]RQDVVHSUH¿HUHXQSXQWR /'#3,)-(753(-+0#3/'530)3/*=#5*#>7'#&,*/7('#'5#('('*"#

$ $PpULFD SDVDURQ UDVJRV PHULGLRQDOHV FRQ ORV HPLJUDQWHV SURYHQLHQWHV HQ JUDQ SDUWHGHOVXUGHOD3HQtQVXOD3DVDURQWDPELpQUDVJRVQRUWHxRVVLQHPEDUJRODVGLIHUHQWHV YDULHGDGHV VH H[WHQGLHURQ JHRJUi¿FDPHQWH GH PDQHUD EDVWDQWH DQiUTXLFD /DSHVD

>@†SQRFRPRHQOD3HQtQVXODHQ]RQDVGLVWLQWDVVLQRTXHHQWRGRVORV OXJDUHVVHKDOODEDQKDEODQWHVFRQDUWLFXODFLRQHVGLIHUHQWHV/RVGLYHUVRVUDVJRVFRQYLYtDQ ORTXHSURGXMRXQDQLYHODFLyQGHORVSDUWLFXODULVPRV\SHUPLWLyODJHQHUDOL]DFLyQGHOVHVHR DOFRQWUDULRGHOFHFHRTXHWDPELpQKDEtDYLDMDGRD$PpULFD6LQHPEDUJRTXHGDODGXGDGH VDEHUH[DFWDPHQWHFXiQGR\GyQGHVHSURGXMRODVRQRULGDGGHODVVLELODQWHV

6HJ~Q3HQQ\>@

&RQWH[WXDOL]DFLyQGHOIHQyPHQR

9DULRVDXWRUHVGHVFULEHQHOXVRGHGHODVVLELODQWHVHQORVWHUULWRULRVFRQTXLVWDGRVSRUORV HVSDxROHVHQ$PpULFDSRUHMHPSOR5RMDVSDUD7XFXPiQ6iQFKH]

SDUD9HQH]XHOD\(FXDGRU4XHVDGDSDUD&RVWD5LFDÈOYDUH]

SDUD3XHUWR5LFRR)RQWDQHOODSDUD%XHQRV$LUHV!"

5RMDVGHVFULEHODVLWXDFLyQGHODFLXGDGDUJHQWLQDGH7XFXPiQGXUDQWHODpSRFDFRORQLDO GLFLHQGRTXHREVHUYDXQD©FRQIXVLyQGHVLELODQWHVHQORTXHUHVSHFWDHOSXQWRGHDUWLFXODFLyQ

\ODVRQRULGDGGHVGHORVSULPHURVWLHPSRVGHODFRORQLDª/RVGRFXPHQWRVGH

&RVWD5LFDGHO¿QDOGHOVLJOR;9,\SULQFLSLRVGHO;9,,PXHVWUDQWDPELpQXQ©XVRDQiUTXLFR GHODVJUDItDV>@(VWRGHPXHVWUDTXHODPXWDFLyQGHODVVLELODQWHV\DVHKDEtDOOHYDGRDFDERª 4XHVDGD6iQFKH]REVHUYDORPLVPRHQGRFXPHQWRVHFXDWRULDQRV\

#$%$&'()%'*" +$" ('*" *,-('*" ./00" 1" ./000" 1" $2,3$" ()" 4,563$*,*" 78$9" :'2'" $(" *$*$'" $*" 281"

DUUDLJDGR©SDUHFHTXHHVPX\DQWHULRUª&RFNFRQ¿UPDHVWDKLSyWHVLV GLFLHQGR TXH HQ HO 1XHYR 5HLQR GH *UDQDGD WHUULWRULR GH OD DFWXDO &RORPELD \D H[LVWtD HOIHQyPHQRGHOVHVHRHQHOSHUtRGRLQFOXVRHQODVFDSDVFXOWDVGHODVRFLHGDG FRORQLDO&RFN

ÈOYDUH] 1D]DULR REVHUYD LJXDOPHQWH TXH GHVGH HO VLJOR ;9, DSDUHFHQ QXPHURVDV FDFRJUDItDV HQ ORV GRFXPHQWRV SXHUWRUULTXHxRV OR TXH SDUD pO HV XQD ©SUXHED GRFXPHQWDO GHODVSURQXQFLDFLRQHVoH]HDQWHVGHVHVHR\FHFHRªVLQHPEDUJRSUHFLVDTXHOD JUDQPD\RUtDGHORVFRORQRVTXHSREODURQ3XHUWR5LFRIXHURQGHRULJHQDQGDOX]RH[WUHPHxD )RQWDQHOOD FRQ¿UPD HVWRV GDWRV HQ FXDQWR DO HQVRUGHFLPLHQWR GH ODV VLELODQWHV DGHPiVD¿UPDTXHOD©PD\RUtDªGHORVDXWRUHVERQDHUHQVHVGHORVVLJORV;9,\

./00"1)"%'"'5'%$%"()*"+$%3)($*"1"()*")(#$'();$*9"5;'5';:,6%"78$"*$"$<3,$%+$")"()":)*,"3'3)(,+)+"

GHORVDXWRUHVGHOVLJOR;9,,,HOQ~PHURGHODVFRQIXVLRQHVRUWRJUi¿FDVDXPHQWDKDVWDHOVLJOR

;9,,,)RQWDQHOODGHVWDFDWDPELpQHOKHFKRGHTXHHOPDWHULDOHVWXGLDGR©FRUURERUDTXHHO PHGLRDPHULFDQRFX\RUDVJRIXQGDPHQWDOGHELyVHUHOPXOWLGLDOHFWDOLVPRRFDVLRQyODHURVLyQ GHORVFRQWUDVWHVGHVLELODQWHVHQPXFKRVKDEODQWHVSURFHGHQWHVGH]RQDVGLVWLQJXLGRUDVª )LQDOPHQWHHQFDUWDVGHOVLJOR;9,SURYHQLHQWHVGH0p[LFR

/RSH%ODQFK\

HQFDPELRQRREVHUYDUDVJRVGHoHoHRSHURVtTXH\DVHKDEtDLPSXHVWRHOHQVRUGHFLPLHQWR +R\HQGtDHOVHVHRHVWiJHQHUDOL]DGRHQHOHVSDxRODPHULFDQRUDVJRTXHFRPSDUWHFRQ

$QGDOXFtD\ODVLVODV&DQDULDV)RQWDQHOODSHURHVWDVHVSROLPyU¿FD9DTXHUR

>@SXHVWRTXHSXHGHDUWLFXODUVHGHYDULDVPDQHUDVSHURODGHPD\RUH[WHQVLyQ HVOD©GRUVRDOYHRODUFRQYH[Dª9DTXHUR>@1RREVWDQWHSXHGHQREVHUYDUVH DUWLFXODFLRQHVFHFHDQWHVHQDOJXQRVSXQWRVSRUHMHPSOR3XHUWR5LFR3DQDPiR&RORPELD )RQWDQHOOD

(QFXDQWRD(FXDGRU4XLOLV\/LSVN\QRPHQFLRQDQQDGDSDUWLFXODUVREUH HO VHVHR OR TXH QRV GHMD VXSRQHU TXH HV FRP~Q HQ WRGDV ODV ]RQDV KHFKR FRQ¿UPDGR SRU 7RVFDQR0DWHXVFXDQGRH[SOLFDTXH©(OVRQLGRHVSDxROș>@HVFRPSOHWDPHQWHGHVFRQRFLGR HQHO(FXDGRUª7RVFDQR9DTXHUR>@SUHFLVDLQGLFDQGRTXHODV

$:8)3';,)%)"$*"5;$+';*')(#$'();":'%#$<)"1"78$"$*"2>*"3$%*)"$%"()"?,$;;)"78$"$%"()"@'*3)!

=

/RSH%ODQFKHVWXGLDODOHQJXDTXHHPSOHD'LHJRGH2UGD]HVSDxRORULXQGRGH=DPRUDHQ

VXVFDUWDVHVFULWDVHQHQ0p[LFR

!"#$%&'()()#*+'#,-./0)

$ODQDOL]DUHOFRUSXVFRQIRUPDGRSRUGRFXPHQWRVGHORVVLJORV;9,D;9,,,WDQWRGH 4XLWRGH3RSD\iQFRPRGH*XD\DTXLO\GHDOJXQRVGRFXPHQWRVGHOVLJOR;9,ORTXHGHVWDFD HVHOFDRVRUWRJUi¿FRHQWRGRVORVOXJDUHV\HQWRGDVODVpSRFDVDXQTXHTXL]iXQSRFRPHQRV +%#+'#)(1'-#234#5#*0.6%7+#'6#)+10%*6#8(76*#*+'#)(1'-#23444"

!"9"#:(1'-#2344

(PSH]DPRVDPLUDUHMHPSORVGHORVVLJORV;9,,\;9,,,TXH\DIXHURQHVWXGLDGRVHQ SDUWHSRU6iQFKH]'XUDQWHHOVLJOR;9,,HQ4XLWRREVHUYDPRVXQDJUDQPH]FODGH XVRV RUWRJUi¿FRV DXQTXH SRU UHJOD JHQHUDO SUHGRPLQDQ GH PDQHUD FODUD ODV FRQIXVLRQHV HQORVTXHVHFRORFDXQD½V¾RXQD½VV¾HQYH]GH½F¾R½]¾ORTXHQRVGHMDVXSRQHUTXHHO VHVHRDOFRQWUDULRGHOFHFHRHVWDEDELHQLPSODQWDGRHQODFDSLWDOGHOD$XGLHQFLDHQHOVLJOR 2344"#$*+8&);#+'#<+,<-#*+#=0+#6/6.+>,6#0%6#?+>#6.0%+%#%,(#5#0%6#?+>#6.#)%##%"#+%#+'#8()8-#

GRFXPHQWRQRV SHUPLWHD¿UPDU FRQ EDVWDQWHVHJXULGDG TXH HO HQVRUGHFLPLHQWR\D HVWDED FRPSOHWDPHQWHHVWDEOHFLGR

@9A# 6.*#;# (./*0"#%,(;# "#.-"0;# 7.+%*(#%";# #*()*(#%";# "-#%,(;# #%.+"+;# 8'"#";# (*#*#%)"+,;#

9*-9%#,#;#80,#*+*0;##*(";#"10"+*#-";# 6.0%+%#%,(;# 6.#)%##%";##%(-,# /%'# "(*1"## +*# )0%1,;#"'#

#*:,0#"0#,,&%#8,4XLWRGRF

@BA# 80*;%+%,;#-".;"+,;#-".;";#UHSUHKHQoLRQ;#SDoLRQ4XLWRGRF

(Q ORV GRFXPHQWRV GHO VLJOR ;9,, SURYHQLHQWHV GH 3RSD\iQ REVHUYDPRV FRPR HQ 4XLWRQXPHURVRVHMHPSORVGHPH]FODGHORVXVRVRUWRJUi¿FRVSHURWDPELpQXQQ~PHURQR GHVSUHFLDEOHGHFDVRVHQORVTXHVHFRORFDQ½F¾½o¾R½]¾GRQGHWHQGUtDTXHDSDUHFHUXQD½V¾ C)7-#%-)#/0+*+#<6,+.#/+%)6.#=0+#+'#,+,+-#%-#+.6#(%+D()7+%7+#+%#+)76#>-%6#(%7+.8+*(6#*+#'6#

$XGLHQFLDGH4XLWRTXHQRHVWiXELFDGDHQOD&RVWD\TXHQRHVXQFHQWURDGPLQLVWUDWLYRR ,0'70.6'#*+#'6#$0*(+%,(6"#

+%*;*(;#0*.*'+*;;#oLHWH3RSD\iQGRF

@!A# -,(#*8;%,(3RSD\iQGRF

8*0;,("3RSD\iQGRF

QH]HoDULRV;#GLVSRoLoLRQ3RSD\iQGRF

+%#8.;%-%,(3RSD\iQGRF

@EA# RFDoLRQHV3RSD\iQGRF

\PEDoLRQHV3RSD\iQGRF

80*-%+*()*3RSD\iQGRF

@99A# #<1'*-%"#3RSD\iQGRF

3RGUtDPRVHQWRQFHVIRUPXODUODKLSyWHVLVGHTXHHOFHFHRIHQyPHQRH[LVWHQWHHQFLHUWRV

SXQWRVGHOD$QGDOXFtDGHODpSRFDGHODFRORQL]DFLyQ+XHOYD&iGL]0iODJD*UDQDGD

3HQQ\ >@ FRH[LVWLUtD FRQ HO VHVHR HQ ]RQDV SHULIpULFDV GH OD$XGLHQFLD

!"#"$%"&'()*+$,-./'$0-10-$23-4"$3*$31"$&'.'2-2"$'2$0-$5*0'23!/'$0-$2"1$1642"1$78$($789:$

HQTXH©HOVHVHRPHQRVYXOJDU>HUD@SUHIHULGRHQODFLXGDGGH6HYLOOD\Q~FOHRVXUEDQRV LPSRUWDQWHV>\@VHLPSXVRHQHOUHLQRGH&yUGRED>@DXQTXHHQHOHVSDxRODWOiQWLFRQR IDOWHQUHVWRVGHFHFHRª/DSHVD>@†S(Q4XLWRHQFRQWUDPRVPHQRV HMHPSORVGHFHFHRORTXHFRQ¿UPDUtDQXHVWUDKLSyWHVLVSXHVWRTXHDKtVHVHJXLUtDPiVHO XVRVHYLOODQR1RREVWDQWHQRSRGHPRVFRQ¿UPDUHVWDREVHUYDFLyQFRQGDWRVSURYHQLHQWHVGH -1;306"1$0-06!'0"1$'2$-1&'<"2$!"2"*6'2:$&3-1;"$=3-$*"$0-;'22'*$-2$31"$0-2$!-!-"+$

6LQHPEDUJRQRKD\TXHROYLGDUTXHWDPELpQSXHGHGHEHUVHDUD]RQHVSXUDPHQWHJUi¿FDV (Q*XD\DTXLOFLXGDGTXHFRPR3RSD\iQQRHVXQFHQWURDGPLQLVWUDWLYR\FXOWXUDOGH OD DXGLHQFLD HQFRQWUDPRV VREUH WRGR HMHPSORV GH PH]FOD GH ORV XVRV TXH DWHVWLJXDQ HO HQVRUGHFLPLHQWRGHODVVLELODQWHVPHGLHYDOHV

>?@A$ /0.12$2.*:$RPLoLRQ:$\QWHUHoHV*XD\DTXLOGRF

,2(3:$ 3()332(*#.3:$ .4526"32.*(3:$ /2(3"3:$ .4(,(3272(*#.:$ ,(327.3:$ 32125:$ )*8.07"332.*:$

8+(033"*XD\DTXLOGRF

B+@+$,642"$78999

(OVLJOR;9,,,HVPiVFRQWUDVWDGRHQFXDQWRDORVXVRVRUWRJUi¿FRV\SUREDEOHPHQWHWDPELpQ HQFXDQWRDODDUWLFXODFLyQGHODVVLELODQWHVSXHVWRTXHORSRGHPRVGLYLGLUHQGRVSHUtRGRV

(Q4XLWRGXUDQWHODSULPHUDPLWDGGHOVLJOR;9,,,REVHUYDPRVHMHPSORVGHPH]FODGH 2"1$31"1$-*$3*$#61#"$0"!3#-*;"C

>?BA$ /.33($2.*4XLWRGRF

"3+$"0:$0"234XLWRGRF

$SDUHFHQWDPELpQHMHPSORVHQORVTXHORVXVRVHMHPSORVHVHRFHFHR\HMHPSOR VHVHRXVRHWLPROyJLFRVHPH]FODQGHQWURGHXQDPLVPDSDODEUDORTXHQRVPXHVWUDTXH DOJXQRVHVFULWRUHVDYHFHVVLJXHQUHJODVIRQpWLFDV\RWUDVYHFHVHWLPROyJLFDVSDUDHVFULELU FRPHWLHQGRDGHPiVHUURUHVRUWRJUi¿FRV

*(3(92#"4XLWRGRF

"3(/#"$2.*4XLWRGRF

3HURHQFRQWUDPRVVREUHWRGRQXPHURVRVFDVRVGHXVRVGHOD½V¾HQYH]GH½F¾R½]¾ORTXH QRVSHUPLWHSHQVDUTXHHOVHVHRHVWDEDDUUDLJDGRHQODOHQJXDGHHVWD]RQD

>?DA$ /"0#232.*:$:5+"3(":$,23(:$/"0#2332.*4XLWRGRF

.$32,(*#"5(34XLWRGRF

*(3(3"02.4XLWRGRF

>@?A$ (;3(5(*$2"4XLWRGRF

>@@A$ /02*32/"5:$#0(3(4XLWRGRF

$.00($32.*4XLWRGRF

(QFDPELRWHQHPRVHVFDVRVHMHPSORVSURYHQLHQWHVGHGRFXPHQWRVGH4XLWRGHODVHJXQGD

!"#$%&%'(&)"*(+&,-.../

(Q3RSD\iQREVHUYDPRVHQGRFXPHQWRVGHODSULPHUDPLWDGGHOVLJOR;9,,,WDPELpQXQD PH]FODGHXVRVRUWRJUi¿FRVDTXtSRUHMHPSORHQXQPLVPRWH[WR

0123& 6*'',4&70*6%+%,4&00%*61,4&oLWXDGD3RSD\iQGRF

*8#7*+%#%,(4&*8#*'*(-%"4&0*-,(,#%/%*(),3RSD\iQGRF

'XUDQWH HO VLJOR ;9,, KHPRV FRQVWDWDGR XQD SUHVHQFLD GH SRVLEOHV FDVRV GH FHFHR HQ HVWDUHJLyQTXHVHUHGXFHQGXUDQWHHOVLJOR;9,,,KD\GHVGHOXHJRXQSUREDEOHUHWURFHVR GHOFHFHRDIDYRUGHOVHVHRORTXHSXHGHVHUGHELGRDXQDQLYHODFLyQSRUHOIHQyPHQRPiV H[WHQGLGRHQODVWLHUUDVFRORQL]DGDVRWDPELpQDPRWLYRVJUi¿FRV

SUHoHQWH4&-%*(+,3RSD\iQGRF

DXoHQWH3RSD\iQGRF

0153& 7*0)*(*#%*()*4&#%(-,4&9"#%*(+"4&#%(-.*()"4&9"#*0',4&/*0#*+*#3RSD\iQGRF

"/*("#"#3RSD\iQGRF

0*#*.%+,3RSD\iQGRF

'H3RSD\iQWDPSRFRWHQHPRVPXFKRVHMHPSORVGHODVHJXQGDPLWDGGHOVLJOR;9,,, (Q*XD\DTXLOREVHUYDPRVWDPELpQFDVRVGHPH]FODGHORVXVRVLQFOXVRHQODVHJXQGD SDUWHGHOVLJOR\VRQQXPHURVRVFRQWUDULDPHQWHD4XLWR\3RSD\iQ

6.#,*#-0%7),#4&0*:.%-%),4&0*-%+*()*#*XD\DTXLOGRF

;')*#"4&(*#*#"0%"#4&-,(#*-.#%,(4&70*#%#,4&9"#*0*XD\DTXLOGRF %()*0*6"4&*87%+%*6*4&6+)*7"+84&+*<*(6"*XD\DTXLOGRF

(*1,#%,4&70,=%+*(#%"#4&/*#-'*4&7*0#%=*4&*(&.(&(*1,#%,&:.*&7%+*&),+"&'"-)%=%+"+*XD\DTXLO GRF

3HQVDPRVTXHHOKHFKRGHHQFRQWUDUHMHPSORVGHFRQIXVLRQHVRUWRJUi¿FDVHQGRFXPHQWRV GHODVHJXQGDPLWDGGHOVLJOR;9,,,GH*XD\DTXLO\QRGHODVRWUDV]RQDVSRGUtDGHEHUVHDO KHFKRGHTXHODVQRUPDVDFDGpPLFDVIRUPXODGDVSRUOD5HDO$FDGHPLD(VSDxRODDSDUWLUGH HQHO>%--%,("0%,$+*$;.),0%+"+*#$\HQHQOD?0)9,10"79%"$*#7"@,'"4&)'&$6("9$:+8&

GHPDQHUDPX\GLYHUVDVHJ~QODV]RQDVSUREDEOHPHQWHPiV\PHMRUHQVHGHVDGPLQLVWUDWLYDV :'("*"+)$)&;&9<(#<:$(')4&;&!'8+)&'8&9"<%$%')&%'%"9$%$)&$(&9+!':9"+/

6LJOR;9,

=('*$!+)& $>+:$& $(& )"*(+& ,-.4& ?<'& 8+& >$& )"%+& !<;& ')#<%"$%+& %')%'& '(& 6<8#+& %'& @")#$&

IRQpWLFR3RUHOPRPHQWRQRKHPRVSRGLGRLQYHVWLJDUXQQ~PHURVX¿FLHQWHGHGRFXPHQWRV FRPRSDUDVDFDUFRQFOXVLRQHVVLQHPEDUJRSRGHPRVREVHUYDUTXHHQ4XLWRKDVWDDKRUDVyOR KHPRVHVWXGLDGRWH[WRVSURYHQLHQWHVGHODFDSLWDOORVXVRVRUWRJUi¿FRVVRQORVVLJXLHQWHV HQODPD\RUtDGHORVWH[WRVORVHVFULEDQRVXWLOL]DQOD½]¾OD½F¾\OD½o¾WDQWRSDUDODDQWLJXD SUHGRUVRGHQWRDOYHRODUDIULFDGDVRUGDFRPRVRQRUDHLQGLVWLQWDPHQWHWDPELpQOD½V¾\OD½VV¾

#$8#+&6$:$&)+:%$&9+!+&)+8+:$A

SDFL¿FDU!" SDoL¿FDU!" JRQoDOR!" $+/$.!" ODQoDV!" oLXGDG!" WLUDQLoDGR!" DOoDU!" #0$%!" KLoH" KLoR!"

%0/.!"%"/0,"!"KDoLHQGD4XLWRDGRF

WDVVDoLRQ!" #"1"!" #"11"!" 2010#",.3!" 33(10,(!" %"/(3!" (4" OLoHQFLDGR" JDUoLD" ,(" 5"4+(3,(!"

DXHULJXDoLRQ!",0(/6.1!"&'/H4XLWRGRF

(VWRVLJQL¿FDTXHFRQJUDQSUREDELOLGDG\DVHKDEtDSURGXFLGRHOHQVRUGHFLPLHQWRGHODV VLELODQWHVORVUHGDFWRUHVGHORVGRFXPHQWRV\DQRVRQFDSDFHVGHGLVWLQJXLUHQWUHVRUGD\

VRQRUD\HQWRQFHVQRVDEHQTXpOHWUDHVFRJHUHQHOPRPHQWRGHHVFULELUODVSDODEUDV (QFDPELRKDVWDDKRUDQRHQFRQWUDPRVPXFKRVHMHPSORVGHFRQIXVLyQHQWUHODVDQWLJXDV VLELODQWHVSUHGRUVRGHQWRDOYHRODUHV\ODVDOYHRODUHVORTXHSRGUtDVLJQL¿FDURTXHODVSHUVRQDV TXHUHGDFWDURQHVWRVGRFXPHQWRVVDEtDQHVFULELUFRUUHFWDPHQWHRTXHHOoHoHRQRHVWDEDWDQ GLIXQGLGRGXUDQWHODVHJXQGDPLWDGGHOVLJOR;9,HQ4XLWR3HURVLHVWRVHYHUL¿FDUDFRQRWURV GRFXPHQWRVGHODPLVPDpSRFDVHSRGUtDH[SOLFDUSRUHOKHFKRGHTXH4XLWRDOFRQWUDULRGH ODFRVWD\FRPRIXHGHPRVWUDGRHQFXDQWRDRWURVIHQyPHQRVIRQpWLFRV\PRUIRVLQWiFWLFRV VHDWLHQHPiVDORVXVRVFRUWHVDQRVGHOD3HQtQVXODVHDQHVWRVRUWRJUi¿FRVRIRQpWLFRV

6LQ HPEDUJR KHPRV HQFRQWUDGR DOJXQDV FRQIXVLRQHV HQ FDUWDV UHGDFWDGDV HQ HQ 4XLWRSRUXQFDFLTXHSULQFLSDOLQGLROODPDGR3HGURGH+HQDR

$"107+0!"$"/0$"/8.!"$+17+.4XLWRGRF

(QHVWRVGRFXPHQWRVDSDUHFHQWDPELpQORVUDVJRVFDUDFWHUtVWLFRVGHOHQVRUGHFLPLHQWR KDoH!"%"/(!"$"11"34"!"$"11","!"$.11"1!"$"11"4XLWRGRF

&RQFOXVLRQHV

%DViQGRQRVHQORVWH[WRVTXHKHPRVDQDOL]DGRSRGHPRVREVHUYDUTXHHOHQVRUGHFLPLHQWR GHODVVLELODQWHVHVWiDUUDLJDGRHQOD$XGLHQFLDGH4XLWRGXUDQWHORVVLJORV;9,,\;9,,,

\ SUREDEOHPHQWH WDPELpQ HQ HO VLJOR ;9, HQ OD FDSLWDO DXQTXH QRV KDFH IDOWD WHQHU PiV GRFXPHQWRVSDUDSRGHUD¿UPDUOR

(QFXDQWRDOVHVHRFHFHRSRGHPRVD¿UPDUFRQEDVWDQWHVHJXULGDGTXHHOVHVHRHVWiELHQ HVWDEOHFLGRHQ4XLWR\*XD\DTXLOGXUDQWHORVVLJORV;9,,\;9,,,/DVLWXDFLyQQRHVWDQFODUD HQFXDQWRD3RSD\iQGXUDQWHHOVLJOR;9,,GRQGHHQFRQWUDPRVHMHPSORVTXHQRVKDFHQSHQVDU ()%"*'+,-,./"*'+"%0"*%*%'1"2+"0'3"4'*'3"&'*)5%+6'3"&%0"3-70'"89:"()%"#%5'3"%36)&-/&'"+'"

REVHUYDPRVVDOYRHQHOWH[WRGHXQFDFLTXHUDVJRVGHoHoHR6LQHPEDUJRVLHPSUHHVLPSRUWDQWH WHQHUHQFXHQWDHOKHFKRGHTXHGHVGHVLHPSUHH[LVWLyXQDFLHUWDSUHVLyQQRUPDWLYD\TXHHVFULELU

%"$(3FRQ½F¾½]¾R½o¾QRVLJQL¿FDTXHQRVHVHVHDFRPRH[SOLFD&RFN+LQFDSLp )LQDOPHQWHKDFHIDOWDREVHUYDUTXHHQFXDQWRDOHQVRUGHFLPLHQWR\DOIHQyPHQRGHOoHoHR QRVHQRWDQGLIHUHQFLDVHQWUHODFRVWD\HOLQWHULRUGHODDXGLHQFLDGH4XLWRFRQWUDULDPHQWHD RWURVIHQyPHQRVFRPRSRUHMHPSORODDVSLUDFLyQGHODYHODU

\GHODDQWLJXD½I¾LQLFLDOODWLQD

\SUREDEOHPHQWHOD½V¾HQSRVLFLyQLPSORVLYD

" %+8"3*XD\DTXLOGRF

%LEOLRJUDItD

!"#$%&

/RVHMHPSORVSUHVHQWDGRVHQHVWHWUDEDMRSURYLHQHQGHOEDQFRGHGDWRVGHXQSUR\HFWR GH LQYHVWLJDFLyQ GH OD 8QLYHUVLWp GH 1HXFKkWHO 6XL]D YpDVH QRWD TXH WUDEDMD FRQ GRFXPHQWRVLQGLDQRVGHOD$XGLHQFLDGH4XLWR\3DQDPiVDFDGRVGHO$UFKLYR*HQHUDOGH ,QGLDVGH6HYLOOD$FDGDHMHPSOROHVLJXHHQWUHSDUpQWHVLVVXUHIHUHQFLD6%7%'"(-%"'()"$*+,-' GRF

.%/-0/&'&/1%-2*#3*&

ÈOYDUH] 1D]DULR 0DQXHO 8091*(*#$ :$ +*#"00,'',$ +*'$ ;#<"=,'$ *($ >.*0),$ ?%-,$ @#%1',#$ 234$ :$

2344A4'56"')3/2#*&7'8230"#3*9':-3;/#&30*#3*4

$ULDV ÈOYDUH] %HDWUL] 3UREOHPDV HQ HO DQiOLVLV JUi¿FR GH GRFXPHQWRV QRYRKLVSDQRV4' <-7' BC4D!;$34

$UL]D9LJXHUD0DQXHO5HÀH[LRQHVVREUHODHYROXFLyQGHOVLVWHPDFRQVRQiQWLFRHQORVVLJORV +*$,0,4'<-7'BC4D!;$444

&DQ¿HOG'HORV/LQFROQ;'$*#<"=,'$+*$B/E0%-"F$G,(E)%-"4'=*#1/9"-*7'!#6031*4

&DQR$JXLODU5DIDHO

>@;'$*#<"=,'$"$)0"6E#$+*$',#$)%*/<,#0DGULG$UFR/LEURV

&ODYHUtD1DGDO*ORULD;($).0(,$"'$-.')%#/,H$',#$10.<,#$-,(#,(I()%-,#$-.'),#4'<-7'BC4D!;$

4

&RFN+LQFDSLp2OJD;'$#*#*,$*($*'$J.*6,$0*%(,$+*$K0"("+"H$LMMN5LOMN4'=">"0,7'<-&030%0"'

!*#"'+'!%/#;"4

)RQWDQHOOD GH :HLQEHUJ 0DUtD %HDWUL] ;'$ *#<"=,'$ &,("*0*(#*H$ -.")0,$ #%1',#$ +*$ *6,'.-%P($

'%(1Q9#)%-"$@LMRN5LSRNA%XHQRV$LUHV+DFKHWWH ʊ;'$*#<"=,'$+*$B/E0%-"0DGULG0DSIUH

ʊ 3"0%*+"+*#$ -,(#*06"+,0"#$ *$ %((,6"+,0"#$ +*'$ *#<"=,'$ *($ B/E0%-"$ +.0"()*$ *'$ <*09,+,$

-,',(%"',Q*DUFtD0RXWRQ3LODUHG;'$*#<"=,'$+*$B/E0%-"T$LSSU0DGULG&6,&

/DSHVD5DIDHO

>@D%#),0%"$+*$'"$'*(1."$*#<"=,'"0DGULG*UHGRV /LSVNL-RKQ0;'$*#<"=,'$+*$B/E0%-"0DGULG&iWHGUD

/RSH%ODQFK-XDQ0DQXHO;'$V"&'"$+*$W%*1,$+*$80+"XH$-,()0%&.-%P($"$'"$V%#),0%"$+*'$*#<"=,'$

"/*0%-"(,0p[LFR8QLYHUVLGDGQDFLRQDODXWyQRPDGH0p[LFR

0HQpQGH]3LGDO5DPyQY*6%''"$Z0*()*$"$["+0%+F$B'1.("#$<0*-%#%,(*#$#,&0*$*'$*#<"=,'$+*$

B/E0%-",Q&DWDOiQ'LHJRHG[%#-*'I(*"$D,/*("\*$"$B(+0E$["0)%(*)4'?*'?*>%-*7':-3;/#&32*2' GHOD/DJXQD

ʊ

>@8091*(*#$+*'$*#<"=,'H$*#)"+,$'%(1Q9#)%-,$+*$'"$>*(9(#.'"$%&E0%-"$V"#)"$*'$#%1',$244' 0DGULG(VSDVD&DOSH

)/--+@'5*9$A'(

>@K0"/I)%-"$V%#)P0%-"$+*'$*#<"=,'4'=*#1/9"-*7'C#3/94

4XHVDGD 3DFKHFR 0LJXHO ÈQJHO ;'$ *#<"=,'$ -,',(%"'$ +*$ C,#)"$ ?%-" 6DQ -RVp (G GH OD :-3;/#&32*2'2/'!"&0*'531*4

4XLOLV 0RUDOHV $QWRQLR ?"#1,#$ 1*(*0"'*#$ #,&0*$ '"$ '*(1."$ *#<"=,'"$ *($ *'$ ;-."+,04' <-7' +HUQiQGH]$ORQVR&pVDUHGD%#),0%"$:$<0*#*()*$+*'$*#<"=,'$+*'$B/E0%-"9DOODGROLG-XQWDGH

&DVWLOOD\/HyQ

5HDO$FDGHPLD(VSDxROD>@W%--%,("0%,$+*$B.),0%+"+*#0DGULG*UHGRV

5HDO$FDGHPLD(VSDxROD>@ -/#%.0/"1%2"&(31"4.5"0DGULG(GGHFXOWXUDKLVSiQLFD

!"#$%&'(#)*'+,-'(.#(%,,*#/'%&0$(&$1#/$'%&,$'-2

5RMDV(OHQD67.5+$28*&%23#8/2$"&(5&(31"4.5&(*&9+$+:;*&(*#/(&5.3&3205.3&<=>&)&<><2(34%456$7(

8$&9#/)&.'.(.#(34%456$2

5RVHQEODWÈQJHO?.*#"$#.3&2*#(/52*0@A3#2$.3&(*&(5&:+*,.&%231;*2$.B&(5&(31"4.5&)&5"3&5(*0+"3&

2*,A0(*"3&,(&C:D/2$"2(:$7(C$#"3&,(5&>>&?.*0/(3.&>*#(/*"$2.*"5&,(&E231"*23#"31LPHJD,QVWLWXWR HVSDxROGHOD8QLYHUVLGDGGH1LPHJD

6iQFKH] 0pQGH] -XDQ 3HGUR C1/.F2:"$28*& %23#8/2$"& "5& (31"4.5& ,(& =(*(G+(5"& )& 6$+",./&

,+/"*#(&5.3&3205.3&<=>>&)&<=>>>2(;'-#$%&'7(3&/'$1(-,(<-'$%=2

ʊE23#./2"&,(&5"&5(*0+"&(31"4.5"&(*&C:D/2$"2(;'-#$%&'7(3&/'$1(-,(<-'$%=2 7RVFDQR0DWHXV+XPEHUWR65&(31"4.5&(*&(5&6$+",./0DGULG?H>?2

9DTXHURGH5DPtUH]0DUtD

>@ 65&(31"4.5&,(&C:D/2$"&I&JK&L/.*+*$2"$28*0DGULG

$UFR/LEURV