/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH]
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB %LEOLRWHFD%DEDE ZZZEDEDEF...
29 downloads
667 Views
201KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH]
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB %LEOLRWHFD%DEDE ZZZEDEDEFRPELEOLRWHFD 6HSWLHPEUH
,6%1 &RS\ULJKW0DxDQD(V$UWH$& &RS\ULJKW'DYLG*RQ]iOH]
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
ORVTXHDQGDQHQODOX] QRYHQDORVTXHHVWiQHQODVRPEUD +HQU\0LOOHU
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
GHQRPLQDFLyQGHRULJHQ ODPLVPDSDODEUDORGLFH FiUFHO GLPLQXWLYRGHFiUFHO UHIRUPDWRULR VLQyQLPRVGHFiUFHO SHQDO SUHVLGLR FRUUHFFLRQDO SHQLWHQFLDUtD ORVGRV~OWLPRVLQFOX\HQ PDWL]GHUHJHQHUDFLyQ SULVLyQHVSDODEUDHVFRJLGD RIRUHQVH VHODFRQRFHWDPELpQSRURWURVQRPEUHV WDOHJR HOPiVH[WHQGLGR PDFR WUXOOR WUHQD JHUPDQLVPR ORVJLWDQRVODOODPDQHVWDULEHO RHVWDU TXHYLHQHDVHUORPLVPR SHURDEUHYLDQGRVLQHPEDUJR FXDQGRHVWiVGHQWURGHXQD FXDQGRWHYHVDOOtPHWLGR HOQRPEUHHVORGHPHQRV QRWLHQHPD\RULPSRUWDQFLD OR~QLFRTXHFXHQWD HVTXHVLHPSUH HQWRGRPRPHQWR HVXQDFiUFHO XQDFiUFHOWtR
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
VSUD\QDVDO HOERTXHUDVGHVSDUUDPDHOFRQWHQLGR GHPLEROVDGHYLDMHSRUHQFLPD GHODSLOWUD\H[DPLQDXQDDXQD WRGDVPLVSHUWHQHQFLDV ¢TXpHVHVWR"
PHSUHJXQWD FRJLHQGRXQWXERGHVSUD\QDVDO \SRQLpQGRPHORGHODQWHGHODVQDULFHV JRWDVSDUDODQDUL] WHQJRHOWDELTXHQDVDOGHVYLDGR \QRUHVSLURQDGD
GHVSXpVUHJLVWUDORVFRPSDUWLPLHQWRV ODWHUDOHVGHODEROVDGHYLDMH \PLUDWDPELpQHQODVDVDV QRHQFXHQWUDQDGDHQWRQFHV
VHSRQHXQRVJXDQWHVGHSOiVWLFR ILQRV\WUDQVSDUHQWHV \PHGLFHTXHHPSLHFHDGHVQXGDUPH HPSLH]RSRUODOLPD ODVDFRSRUHQFLPDGHODFDEH]D VLQGHVDERWRQDUOD\VHODGR\ OHDSULHWDHOFXHOOR\ORVSXxRV VLJRSRUORVFDOFRV ORVGREOD ORVVDFXGHUHYLVDODVVXHODV HOSDQWDOyQ ORDJDUUDSRUODFLQWXUD ORSDOSD PXFKDJHQWHHVFRQGHDKt
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
ODVSRVWXUDVGHFKRFRODWH \ODVSDSHOLQDVGHFDEDOOR ORVFDOFHWLQHV
¢ORVFDO]RQFLOORV WDPELpQPHORVWHQJRTXHTXLWDU" ¢DWLTXHWHSDUHFH"
VLWLHQHVFRPSOHMRVGHFXDOTXLHUWLSR ODSROODSHTXHxDSRUSRQHUXQHMHPSOR DTXtVHWHTXLWDUiQWRGRVGHJROSH
DJiFKDWH \KD]XQDVFXiQWDVIOH[LRQHVHQFXFOLOODV VROROHIDOWDPHWHUPHXQGHGRSRUHOFXOR HOGHGRtQGLFHFRPRHQODVSHOtFXODV HOVSUD\PHORYR\DOOHYDU KDVWDTXHHOPpGLFR QRWHORDXWRULFH QRSXHGHVWHQHUOR QRWHYDQDTXHGDUPiVFRMRQHV TXHDSUHQGHU
DUHVSLUDU
SRUODERFD
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
GHSyVLWROHJDO PHORGLMRPLPDGUH DHOODWDPELpQVHORGLMHURQ
HVF~FKHPHVHxRUD\R OR~QLFRTXHSXHGRJDUDQWL]DUOH HVTXHVXKLMRKDHQWUDGR YLYRDTXt DKRUDELHQ ORTXH\DQRVp ORTXH\DQRSXHGR JDUDQWL]DUOH HVFyPRYDDVDOLU
VHORGLMR HOGLUHFWRUGHODSURYLQFLDO PLHQWUDVVHORHVWDEDGLFLHQGR IXHUDHQHOSDWLR GHODVHJXQGDJDOHUtD HVWDEDQDSXQWR GHFDUJDUVHDO5DQD HO5DQDGHURGLOODV DWUDJDQWiQGRVHFRQVXVSURSLDVOiJULPDV VXSOLFDQGR SRUVXYLGD £SRUIDYRUWtR £QRPHPDWHV £SRUORTXHPiVTXLHUDV £QRPHPDWHV £KDUpWRGRORTXHW~PHSLGDV £GHYHUGDGWtR£WRGR £WHORMXURSRUPLVKLMRV £SRUWRGRVPLVPXHUWRV £SHURSRUIDYRU £SRUIDYRUWHORSLGR £QRPHPDWHV ODSULPHUDPRMDGD
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
FRQXQSLQFKRVDFDGR GHODSDWDGHXQDFDPD XQFRQDQ OHHQWUySRUODERFDDELHUWD OHDWUDYHVyODOHQJXDODJDUJDQWD \VDOLySRUODHVSDOGD ODVHJXQGDVHODHVSHWDURQ HQODQXFD OHURPSLyORVGLHQWHV \WHUPLQyGHUHYHQWDUOH ODFDEH]D
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
ODYLUJLQLGDGSURGXFH FiQFHU
YDF~QDWH
VRQODVSULPHUDVSDODEUDVTXHYDVDOHHU DOHQWUDUHQODFHOGDHQODTXHYDVDWLUDUWH ORVWUHVSUy[LPRVGtDV HOSHUtRGR FRPROROODPDQDTXtFLQFRSDODEUDV GLVSXHVWDVGHHVDIRUPDHQHVHRUGHQFRQFUHWR FRQOD~QLFDLQWHQFLyQGHPHWHUWHHOPLHGR SRUHOFXORDFRMRQDUWH FRPRVLQRORHVWXYLHUDV\DEDVWDQWH ODVKDQHVFULWRHQHOWDELTXHTXHVHSDUD ODWD]DGHOYiWHU\HOODYDERGHOUHVWRGHODFHOGD ODWD]DGHOYiWHUQRWLHQHWDSD ODFLVWHUQDQRWLHQH QLDJXD QLFDGHQD HOODYDERHVWiVXFLR\DWDVFDGR\HOUHVWRGHODFHOGD HVSUHFLVDPHQWHHVR UHVWR UHVWRVGHODLQPXQGLFLDTXHWHKDQGHMDGRGH UHFXHUGR RWURVTXHSDVDURQSRUDTXtSULPHURTXHW~ PXHOOHVGHVRPLHUTXHQRSXHGHQ HVWDUVHTXLHWRV\FDOODGRVQLXQPRPHQWR
FROFKRQHWDVGHHVSXPDILQDVFRPRHOSDSHOGHIXPDU FRQTXHPDGXUDVGHFLJDUULOORSRUWRGRVODGRV PDQWDVSLFDMRVDVOOHQDVGHSHORV FROLOODV
SHULyGLFRVDWUDVDGRV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
\UHYLVWDVSRUQRJUiILFDV FRQODVSiJLQDVSHJDGDVHQWUHVtSRUHVFXSLWDMRVDPDULOOHQWRV GHVHPHQUHVHFR \DGHPiVHQODVSDUHGHVHQHOWHFKRHQODSXHUWD SRUWRGDVSDUWHVHVFULWDVFRQODOODPDGHOPHFKHUR RFRQHOPDQJRDILODGRGHXQDFXFKDUD FDQWLGDGGHIUDVHV 2',2<08(57($/260$'(526
352+,%,'2(6&83,5(1(/68(/2
12//25(6325129(5(/62/ 38(6786/É*5,0$67(,03(',5É19(5/$6(675(//$6 /$9,5*,1,'$'352'8&(&É1&(59$&Ó1$7( HQWRQFHVWHVXEHVDODYHQWDQD YHWHDFRVWXPEUiQGRWHDOODPDUODSRUVXQRPEUH SHUODFKD WHVXEHVDODSHUODFKD \HFKDVXQYLVWD]RDOSDWLR KD\XQRVPHQGDVMXJDQGRXQSDUWLGRGHIXWELWR RWURVGDQYXHOWDVFRQODVPDQRVDODHVSDOGD FRPRVLWRGDYtDOOHYDUDQSXHVWDV ODVHVSRVDV RWURVHVWiQVHQWDGRVFRQWiQGRVHSHOtFXODV
\KD\XQRTXHHVWiDSR\DGR HQODYHQWDQLOODGHOHFRQRPDWR YHVWLGRVRORFRQXQWUDMHGHEDxRGHHVRVTXHLPLWDQ ODSLHOGHXQOHRSDUGR
/$9,5*,1,'$'352'8&(&É1&(59$&Ó1$7( HVH
ORVRWURV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
FXDOTXLHUDGHHOORV SXHGHKDEHUORHVFULWR3(52 ¢TXLpQ" ¢TXLpQSRGUiKDEHUVLGR"
VHDPRVUHDOLVWDV HQHVWHVLWLR QDGLHFXHQWDHVWUHOODVSRUODQRFKH
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HOFDQtEDO WLHQH ORVGLHQWHV DILODGRV OHOODPDQ HO&DQtEDO FRPH SROODV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
FDOHQGDULR HVWiOOHQDGHUD\DV ODSDUHG
UD\DVYHUWLFDOHV
FDGDUD\DHVXQGtD XQGtDTXHKDSDVDGR TXHKHSDVDGRSUHVR
SRUODVPDxDQDV ORSULPHURTXHKDJR DOOHYDQWDUPHGHODSLOWUD HVDFHUFDUPHDHVDSDUHG \SUHJXQWDUOH
¢DTXpGtDHVWDPRVKR\"
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
ORPLUHVSRUGRQGHORPLUHV FRPXQLFDV FRQWXIDPLOLD GRVYHFHV DODVHPDQD ORVPDUWHV \ORVMXHYHV HQXQORFXWRULR FRQXQFULVWDO GHSRUPHGLR DSHQDV VRQXQRVPLQXWRV HQFDGDFRPXQLFDFLyQ XQRVYHLQWH RSRUDKt SHURSXHGHV HVWDUVHJXUR TXHQXQFD WHYDVDFRPXQLFDU WDQWR FRQWXVSDGUHV VREUHWRGR FRQWXSDGUH FRPRHQHOWUDQVFXUVR GHHVWDVYLVLWDV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HOFULVWRGHORVIDUROHV HVSLQDVHGXFKDVLHPSUH FRQODFDPLVHWDSXHVWD
XQDFDPLVHWDQHJUDVLQPDQJDV
KDFHHVRSDUDTXHQRSRGDPRVYHUOH HOWDWXDMHTXHOHFXEUHODHVSDOGD HOWDWXDMH VHORKL]RHOWDUXFR VHORKL]R FRQDJXMDVGHHVDVGHFRVHUODURSD \XQWXERGHWLQWDFKLQD
HOWDUXFRHVWiHQHOPDFRSRUXQDPXHUWH ODGHXQFROHJXLOODTXHOHWDQJy QRVpFXiQWDVSDSHOLQDVGHMDFR OHOOHYyDOSDQWDQRHVHTXHKD\ HQVDQDQGUpVGHORVWDFRQHV OXHJRWLUyGHUHFRUWDGD OHREOLJyDSRQHUVHGHURGLOODV OHPHWLyORVFDxRQHVSRUODERFD \DSUHWyORVJDWLOORV SDUDOLEUDUVHGHOFDGiYHU OHDPDUUyDODFLQWXUD FRQDODPEUHR[LGDGR WUR]RVGHFKDWDUUD GHVSXpVORDUURMyDODJXD
HVSLQDTXHUtDWDWXDUVHXQFULVWR HOWDUXFROHWDWXyORTXHpOOODPDED HOFULVWRGHORVIDUROHV XQDSROODHQRUPH\FRMRQHV
ORVWDWXDMHV\DQRVRQQLQJ~QSUREOHPD WHORVSXHGHVTXLWDUFRQUD\ROiVHU \HVRIXHORTXHKL]RHVSLQD DSURYHFKyORVSHUPLVRVRUGLQDULRVGHVDOLGD
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
TXHGLVIUXWDEDXQDYH]FDGDGtDV \UHQHJyGHFULVWRHQODFUX] SHUR\DYHVHVHOGtDGHKR\ \D~QVLJXHGXFKiQGRVH FRQODFDPLVHWDSXHVWD
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
KXPLOODFLyQ HOIXQFLRQDULR XQFDFKRGHFDUQHFRQRMRV HQPDQJDVGHFDPLVD GLFH WRGDVODVFRVDV GHPHWDOTXHWHQJD ViTXHODV\GpMHODV VREUHHVDPHVD
OXHJRPLDEXHOD DSR\DGDHQVXPXOHWD KDFHXQDxR VHURPSLyODFDGHUD DOFDHUGHHVSDOGDVDOVXHOR PLHQWUDVOLPSLDEDORVFULVWDOHV GHODYHQWDQDGHODFRFLQD VXELGDHQFLPDGHXQDEDQTXHWD SDVDSRUHOGHWHFWRU GHPHWDOHV\HOGHWHFWRU HPLWHXQDVHULHGHSLWLGRV DORPHMRUHVODPXOHWD GLFHPLPDGUH
¢SXHGHDQGDUVLQHOOD" OHSUHJXQWDHOIXQFLRQDULR
EXHQRVtSHURQRTXHUUiTXH TXHVHODGHDXVWHG \TXHYXHOYDDSDVDU
\PLDEXHOD VXODUJRSHOREODQFR UHFRJLGRHQXQPRxR SRUGHWUiVGHODFDEH]D
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
XQSDxXHORQHJURFXEULpQGROD KDFHORTXHOHRUGHQDQ \DXQTXHFRMHDQGR FRQVLJXHTXHHOGHWHFWRU GHPHWDOHVSLWHRWUDYH] DYHUTXtWHVHHVHSDxXHOR PLDEXHODREHGHFH
VHJXURTXHVRQHVDVKRUTXLOODV DVtTXHKDJDHOIDYRU GHVROWDUVHHOSHOR PLPDGUHH[SORWD
¢SHURQRVHOHFDHDXVWHG ODFDUDGHYHUJHQ]D DOKDFHUTXHXQDSHUVRQD WDQPD\RUWHQJD TXHSDVDUSRUWRGRHVWR SDUDYHUDVXQLHWR" ¢TXLpQVHFUHHTXHVRPRVQRVRWURV" ¢HVTXHQRVDEHXVWHG GLVWLQJXLUDODFDODxD GHODVSHUVRQDVKRQUDGDV" SHUR\DPLDEXHOD FRQVXYHVWLGRJULV HVWiSDVDQGRRWUDYH] SRUHOGHWHFWRUGHPHWDOHV FRQLGpQWLFRUHVXOWDGR TXHODVGRVYHFHVDQWHULRUHV \HOIXQFLRQDULR XQFDFKRGHFDUQH GLFH
TXtWHVHHOYHVWLGR VLTXLHUHSXHGHGREODUOR \FROJDUORGHOUHVSDOGR
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
GHHVDVLOODGHDKt
PLPDGUHHVWiWDQLQGLJQDGD TXHQROHVDOHQ QLODVSDODEUDV \PLDEXHOD FRMHDQGR GHVSHLQDGD HQHQDJXDV FRQVLJXHFUX]DUDORWURODGR GHOGHWHFWRUGHPHWDOHV VLQVHUGHODWDGD DKRUD\DSXHGHYHVWLUVH \SDVDUDOORFXWRULR GLFHHOERTXHUDV QRWLHQHXVWHG SHUGyQGHGLRV GLFHPLPDGUH
\PLDEXHODTXHDOLU DSRQHUVHHOYHVWLGR KDHQFRQWUDGRHQXQEROVLOOR XQDPRQHGDVXHOWD VHDFHUFDDOERTXL \OHGLFH SHUGyQVHxRU ¢VHUtDHVWRORTXHVRQDED"
\OHSRQHGHODQWHGHORVRMRV DPRGRGHHVSHMRHQPLQLDWXUD XQDSHVHWD FRQODFDUDGH)UDQFR
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HOGHPRQLRWHFRPDODVRUHMDV HVWiVKDEODQGR FRQHOUHWUDWR GHWXFKRUED WLHQHVTXHOHYDQWDU PXFKRODYR] SDUDTXHHOOD SXHGDRtUWH
HOFKDR DFDEDGHDEULUVHODVYHQDV FRQXQDKRMDGHDIHLWDU \HVWiFKLOODQGR \SHJDQGRFRFHV HQODSXHUWDFHUUDGD WXQRYLDFLHUUDORVRMRV OHJXVWDUtDWDPELpQ WHQHUPDQRV SDUDWDSDUVHORVRtGRV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
QRVWDOJLD PLSULPHUDUHDFFLyQ
FXDQGRDOGHFLUOHDVLOYLD KD\RWUR¢HK"
HOODSRQLpQGRVH URMDPXUPXUD TXHVt FyPRORVDEHV TXLpQWHORGLMR FyPRWHHQWHUDVWH VtHVYHUGDG KD\RWUR
HVPDQGDUODGLUHFWDPHQWH DODSXWDPLHUGD DWRPDU SRUHOFXOR SRUDKt HQFDPELR OR~QLFRTXHOHGLJRHV EXHQRWtD HOWpUPLQRWtD VLJQLILFDWDPELpQ UDPHUD WUDQTXL QRSDVDQDGD SRGHPRVVHJXLU VLHQGRDPLJRV¢QR"
\GHVSXpV VDOJRGHOORFXWRULR DJDFKiQGRPHDOSDVDU SRUGHEDMRGHODSXHUWD \DVDEHV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
SRUORGHORVFXHUQRV
\DHQPLFHOGDFRQWHPSOR XQDIRWRJUDItDGHVLOYLD HVXQDIRWR GHFXDQGRHOODWHQtD FDWRUFHRTXLQFHDxRV DKRUDWLHQH GLHFLVpLVRGLHFLVLHWH XQSULPHUSODQRGHVXFDUD VRQULHQWH XWLOL]RHOFLJDUUR TXHHVWR\IXPDQGR SDUDTXHPDUOHORVGRVRMRV OXHJROHWLURGHORVSHQGLHQWHV KDVWDTXHOHDUUDQFR GHFXDMRODVGRVRUHMDV LQPHGLDWDPHQWHOHSDUWR ODQDUL]HQGRV \OHURPSRODERFD \WRGRVORVGLHQWHV ORTXHTXHGDGHVXFDUD ORDUURMRSRUODWD]DGHOYiWHU \DFWRVHJXLGRKDJRHQFLPD PLVQHFHVLGDGHVILVLROyJLFDV PLVWUHVQHFHVLGDGHV \OXHJRWLURGHODFDGHQD
PiVWDUGHSRUODQRFKHHQODFDPD SLHQVRHQHOOD ODHFKRPXFKRGHPHQRV DKRUDTXH\DQRODWHQJR HVFXDQGRGHYHUGDG ODHFKRGHPHQRV ODIRWR
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
FXDOTXLHUSDUHFLGRHVSXUDFRLQFLGHQFLD RWHFRUWDVHOWRPRW~ RWHORFRUWDPRVQRVRWURV \HQFLHQGHQORVPHFKHURV \VHGHVFRMRQDQYLYRV
RWHFRUWDVHOWXSpW~ RWHORFRUWDPRVQRVRWURV W~YHUiVFROHJD W~PLVPR VRQFXDWURORVFXDWUR KLMRSXWDV TXHPDQGDQ HQODJDOHUtD GHORVPHQRUHV ORVNLHV IRUPDQXQFtUFXOR DPLDOUHGHGRU
¢TXpMXODL" ¢WHORYDVDFRUWDURTXp"
KR\HVPDUWHV \YLHQHQDYHUPHORVYLHMRV HQWURHQHOORFXWRULR \PLPDGUHPHGLFH
£WHKDVFRUWDGRHOSHOR PHQRVPDOTXHWHGLRSRUFRUWDUOR \DSDUHFtDVXQTXLQTXL FRQHVDVPHOHQDV HVWR\DHVRWUDFRVD GLFHPLSDGUH DKRUD\DSDUHFHVXQKRPEUH
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
XQDOODPDGDWHOHIyQLFD WHQtDHOWHOpIRQR DODOFDQFHGHODPDQR VRORHUDGHVFROJDUOR \PDUFDUHOQ~PHURGHFDVD GLUtD ¢PDPi"
Vt\RGDYLG ¢TXLpQLEDDVHUVLQRDHVWDVKRUDV" ¢DWLTXHWHSDUHFH" ¢FyPRTXLHUHVTXHHVWp HVWDQGRDTXtGHQWUR"
R\HTXHWHQJRSRFRWLHPSR HVF~FKDPHHVSDUDGHFLUWH TXHQRYHQJDVHOMXHYHVDYHUPH QRWUDQTXLOD QRPHKDSDVDGRQDGD VRORTXHPDxDQDDODVRFKR PHOOHYDQGHFRQGXFFLyQ SDUDJDOLFLD VtGHODPDxDQD
QR¢FXiQGRTXHUtDVTXHWHDYLVDUD" QRPHORGLMHURQ KDVWDKR\SRUODPDxDQD
\DSHURUHVXOWDTXHPHDYLVDURQ QDGDPiVVDOLUGHFRPXQLFDUFRQWLJR HVDIXHODSXWDGD Vt\D\DORVp
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
VRQWRGRVXQRVFDEURQHV SHUR¢TXpTXLHUHVTXHKDJD\R" ¢WHH[WUDxD" DHVWDVDOWXUDV\DWHQGUtDV TXHVDEHUFyPRIXQFLRQDQ ODVFRVDVDTXtGHQWUR¢RQR" \DYDOHVt SHUR¢TXLHUHVFDOODUWHXQPRPHQWR \SUHVWDUPHDWHQFLyQ" ORTXHTXLHURVDEHUHVVLSRGpLVYHQLU W~\SDSiD GHVSHGLUPH \\DGHSDVRPHWUDpLV XQDEROVDFRQURSDOLPSLD \DOJRGHGLQHUR YDOHSHURWHQpLVTXHSURFXUDU OOHJDUXQSRFRDQWHVQRYD\DDVHU TXHSRUFXDOTXLHUKLVWRULD VDOJDPRVDQWHVGHORSUHYLVWR¢HK"
QRHVRVtTXH\DQRORVp QLLGHDSHURTXLpQVDEH DORPHMRUORVFRJpLVGHEXHQDV \RVGHMDQSDVDU DXQTXHVRORVHDXQPRPHQWR HVRVHORSUHJXQWiLVDOIXQFLRQDULR TXHHVWpHQODSXHUWD DYHUTXHRVGLFHpO DXQTXHQRFUHR DVtTXHQRWHKDJDVGHPDVLDGDVLOXVLRQHV YDOHVtR\HPDPi \DWHQJRTXHFROJDU \DHVWiODJHQWHHVWDPHWLpQGRPHSULVD Vt\RWDPELpQPDPi\DORVDEHV R\H\TXHQRPHHQWHUH\R TXHWHSRQHVDOORUDU¢HK" YDOHDQGDDGLyVKDVWDPDxDQD £DK£R\H£QRFXHOJXHV£HVSHUD
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
VHPHROYLGDEDXQDFRVD GDOHXQEHVRDEHOpQGHPLSDUWH YDOHGLOHTXH\RWDPELpQ EXHQRPDPiKDVWDPDxDQD DGLyVXQEHVR
SDUDKDFHUHVDOODPDGDWHOHIyQLFD KDEtDTXHSHGLUOH SHUPLVRDOMHIHGHVHUYLFLRV HVWDEDHQHOFHQWURFRQORVRWURVERTXHUDV OHOODPpDYRFHV\FRQJHVWRVGHVGHODFDQFHOD PHYLR\YLQR ¢TXpOHRFXUUH" ¢TXpTXLHUHXVWHG"
YHUiHVTXHPDxDQDSRUODPDxDQD PHYR\GHNXQGDSDUDOXJR \HQFDVDQRVDEHQQDGD HQWRQFHVVLXVWHGPHGHMDUDOODPDUSRUWHOpIRQR« \DWHQGUtDXVWHG TXHVDEHU TXHSDUDUHDOL]DU XQDOODPDGDWHOHIyQLFD KD\TXHVROLFLWDUORSRUHVFULWR DODMXQWDGHUpJLPHQRDOGLUHFWRU
QRVLHVR\DORVpWLHQHXVWHGUD]yQ SHURHVTXHPHYR\PDxDQD \\DQRPHGDWLHPSR« SHURRLJDVLVRORVHUiXQPLQXWR VROROODPDU\GHFLUOHDPLPDGUH TXHPHYR\GHNXQGD \TXHQRYHQJDHOMXHYHVDYHUPH VRORHVRQRWDUGRQLXQPLQXWR« SHURHVFXFKHMRGHU DXVWHGTXHSXHGHLPSRUWDUOH
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
TXHOODPHRTXHQROODPH HVVRORXQPLQXWR DXVWHGQROHYDDSDVDUQDGD \HOWHOpIRQRHVWiDKtPLVPR«
HVSHUHKRPEUHMRGHUQRVHYD\D HVSHUHHVFXFKHDWLpQGDPH PLPDGUHYDDYHQLUHOMXHYHV \\RQRYR\DHVWDUDTXt \YDDKDFHUHOYLDMHHQEDOGH \HQFLPDVHYDDOOHYDUXQGLVJXVWR \DXVWHGQDGLHOHYDDGHFLUQDGD SRUGHMDUPHOODPDU«
YHQJDKRVWLDVHQUyOOHVHTXpPiVOHGD VLHVTXHHOWHOpIRQRHVWiDKtPLVPRMRGHU ¢FyPRWHQJRTXHGHFtUVHORDXVWHG" ¢HVTXHQRPHKHH[SOLFDGRELHQ" ¢QRPHKDHQWHQGLGR" ¢HVWR\KDEODQGRHQFKLQR" QRSXHGRDXWRUL]DUHVDOODPDGD \SXQWR DGHPiVSDUDTXHVHHQWHUH GHVGHHVHWHOpIRQR QRVHSXHGHKDEODUFRQODFDOOH VRORWLHQHOtQHD FRQHOLQWHULRUGHODFiUFHO
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
ODPDLFD QRWLHQHSLxRV OHKDQFDtGRWRGRV SULPHURSRUFXOSDGHOFDEDOOR \GHVSXpVSRUODPLHUGD GHFRPLGDGHOWDOHJR DVtODFKXSDVPHMRU OHGLFHQWRGRV
ODPDLFDHVWiGHVGHQWDGD \HVRTXL]iLQIOX\DHQVXYR] XQDYR] TXHOHYLHQH TXHQLSLQWDGD SDUDDUUDQFDUVHSRUEXOHUtDV
HOULFKDUGVHDVRPDDODSHUODFKD WRGDVODVQRFKHV GHVSXpVGHOUHFXHQWR \VHSRQHDJULWDU £PDLFD £HVDPDLFD £FiQWDQRVDOJR £YHQJD
HOODVHKDFHODORFD
£HVDPDLFDERQLWD £YHQJD £FiQWDWHXQD SHURVLHPSUHDFDED SRUKDFHUOHFDVR
HOSLFROHWRGHODJDULWD GHMDGHSDVHDU
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
GHXQODGRSDUDRWUR VHDSR\DFRQWUDODSDUHGGHOPXUR SRQHHQFLPDVXIXVLO HQFLHQGHXQWUXMDV \HVFXFKDHQVLOHQFLR HVDYR]VLQGLHQWHV TXHQRVPXHUGHDWRGRV HOFRUD]yQ D\HUODPDLFDQRQRVFDQWyQDGD KDEtDQHPSH]DGR DFDHUOHWDPELpQ ODVPXHODV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HOUHVWRGHOFDPLQR DYHFHVRFXUUH QRPHSUHJXQWHV QLFyPR QLSRUTXp SHURORFLHUWR HVTXHRFXUUH
PHTXHGRSDUDGR HQPLWDGGHODFHOGD PLUDQGRILMDPHQWH ODVEDOGRVDVGHOVXHOR VLQUHFRQRFHUODV QLUHFRQRFHUHQHOODV ORV SDVRV SHUGLGRV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
ODVILHVWDVGHODVROHGDG PHOODPDQ GHVGHODYHQWDQD GHOGHSDUWDPHQWR GHODVPXMHUHV ODPDLFD
£HKGDYLG ¢DTXHQRVDEHV DTXLpQWHQJRFRQPLJR" ¢DTXLpQ"
DXQDWtDGHWXEDUULR
SRQJRODPDQR HQFLPDGHODIUHQWH DPRGRGHYLVHUD \PLURKDFLDODYHQWDQD HQPDUFDGDHQWUHORVEDUURWHV FRPRXQDSRVWDO DSDUHFHXQDFDUD ODFDUDGHEHJRxD
5HFXHUGRKDFHDxRVXQDWDUGH HQODVILHVWDVGHODVROHGDG ORVQLxRVODKDEtDQGHMDGRVROD OHKDEtDQGHMDGRWRGRVORVFDEDOOLWRV SDUDHOOD\HOODGDEDYXHOWDV \YXHOWDV\YHQJDYXHOWDV \PiVYXHOWDV WRGDVODVPLUDGDVSXHVWDV HQVXFXHUSRGHFXHURQHJUR GHVSXpVVHEDMD VHDFHUFDDGRQGH\RHVWR\ VHQWDGRHQHOFDSyGHXQFRFKH
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
PHFRJHSRUODFLQWXUD \GHODQWHGHWRGRHOPXQGR VLQFRUWDUVH PHGDXQEHVR HQODERFD\PHGLFH PHJXVWDVXQPRQWyQWtR SHURHUHVGHPDVLDGR JROIRSDUDPt
OXHJRXQDSHQVLyQ GHPDODPXHUWH HOOD\VXKHUPDQR SHTXHxREHUQDU WLUDGRVHQFLPD GHXQDFDPDGHVKHFKD HOODHQEUDJDV\VXMHWDGRU HVTXHOpWLFD FRPRVLDFDEDUDGHVDOLU GHXQFDPSRGHFRQFHQWUDFLyQ HQFLPDGHODFROFKD KD\XQDFXFKDUDTXHPDGD PHGLROLPyQSRGULGR ORVHQYROWRULRVYDFtRV GHGRVMHULQJXLOODV \XQDSDSHOLQDGHFDEDOORDELHUWD HQFLPDGHODPHVLWDGHQRFKH UHFHWDVIDOVLILFDGDVGHOD66 GLQHURWDEDFRPHFKHURV XQDERWHOODGHDJXDPLQHUDO FDMDVGHSDVWLOODV EXSUH[URSKLQRO WUDQ[LOLXP \PiVMHULQJXLOODV EHJRxD\VXKHUPDQRSHTXHxRVHFKXWDQ GHVSXpVHOODPHPLUD\PHGLFH GDYLG¢WHGDPiV VDOLUXQPRPHQWR" HVVRORXQPRPHQWR HVVRORPLHQWUDV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
PHFDPELRGHURSD \ODYR]GHEHUQDU
¢TXpSDVDFRQWLJREHJR" ¢TXpWHFUHHV TXHGDYLG QRKDYLVWRQXQFD XQFRxR"
OXHJRHOIXQHUDO HOIXQHUDOSRUODPXHUWH GHWXKHUPDQRSHTXHxR GHEHUQDU HQODLJOHVLDGHVDQSHGUR HOPDUDOOiIXHUD ORV\RQTXLVDOOiIXHUDWDPELpQ QHUYLRVRV VREUHWRGRORVTXHFRPSDUWLHURQ PiTXLQDVFRQWLJR\FRQpO SUHJXQWiQGRVH XQRVDRWURV GHTXpKDPXHUWREHUQDU VLGHXQDVREUHGRVLV RGH6,'$ RGHFRPRGLFHODQRWDRILFLDO PHQLQJLWLV \HVSHUDQGRTXHKD\D VLGRSRUHVWR~OWLPR SDUDGDUWHHOSpVDPH PHYHRREOLJDGR DSLVDUODVRPEUD TXHIRUPDWXFXHUSR QRVDEUD]DPRV PHPLUDV\WHHFKDVDOORUDU £PHKHTXHGDGRVRODGDYLG £PHKHTXHGDGRPX\VRODWtR
ODVRPEUDGHWXFXHUSR \QRSRGtDVHUGHRWUDPDQHUD
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HUDXQDFUX]
ODFDUDGHEHJRxD
SHURWtD¢TXpKDFHVW~DTXt" QDGD\DORYHV
¢FXiQGRKDVHQWUDGR" D\HUSRUODWDUGH
¢SHURTXpIXHORTXHDUPDVWH"
QDGDXQDV[LUODV\XQRVTXHRV ¢\WHKDQSXHVWRILDQ]D" QRTXpYD
¢TXpMXH]WHWRFy" ODGHOFXDWUR
¢ODJLOLSROODVHVD" SXHVORWLHQHVFODUR R\HDSURSyVLWR ¢VDEHVXQDFRVDEHJR" ¢TXpFRVD"
TXHHVWiVPX\JXDSD
OHJULWR \HVYHUGDG ORHVWi ODVRMHUDVKDQGHVDSDUHFLGR ORVSyPXORV\DQRVREUHVDOHQWDQWR VXFDUDWLHQHRWURFRORU DGHPiVVHKDGHMDGRFUHFHUHOSHOR
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HVWiVWDQJXDSDFRPR
LEDDGHFLUTXHFRPRDTXHOODYH] HQODVILHVWDVGHODVROHGDG HQORVFDEDOOLWRV SHURSUHILHURFDOODUPHODERFD HVTXHHVWi HPEDUD]DGD PHJULWD ODPDLFD
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
ODERFDGHOHVWyPDJR TXHQR TXH\DHVWiELHQGHWDQWDFRxD TXH\DRVYDOHMRGHU TXHQR TXHQRVXELPRVDOFKDEROR SDUDODKRUDGHODVLHVWD¢YDOH" YLQLHURQPiVERTXHUDV
TXHQR TXHHVWRQRKD\TXLHQORFRPD TXHHVWR QLHVFRPLGD QLHVQDGD TXHQR TXHSDVDPRVGHVXELUDOFKDEROR SDUDODKRUDGHODVLHVWD¢YDOH" OOHJyHOMHIHGHVHUYLFLRV
¢FyPRTXHTXpSDVDDTXt" ¢DXVWHGTXHOHSDUHFH" VHVXSRQHTXHHVWRVRQOHQWHMDV¢QR" SXHVPLUH¢ORYH" DTXtQRKD\PiVTXHDJXD¢ORYH" \KDVWDTXHQRQRVWUDLJDQ XQDMDODFRPRGLRVPDQGD GHDTXtQRQRVPRYHPRV QRVXELPRVDODFHOGD SDUDODKRUDGHODVLHVWD¢YDOH" WXYLHURQTXHDYLVDUDOGLUHFWRU
YR\DLUSDVDQGROLVWDGHXQRHQXQR \DOTXHQRGHSRQJDVXDFWLWXG \VLJDQHJiQGRVHDVXELU VHOHFDVWLJDUiFRQXQILQGHVHPDQD
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
GHDLVODPLHQWR HQODVFHOGDVGHFDVWLJR ¢KHKDEODGRFRQDVXILFLHQWHFODULGDG" FRQWDQWDFODULGDG TXHSHUGLPRVHOFXOR HVFDOHUDVDUULED DYHUTXLpQGHQRVRWURV FRJtDSULPHUR HOVXHxR
GHVSXpVSRUODQRFKHSDUDFHQDU ODVPLVPDV SXWDV OHQWHMDV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
VDOLGDGHHPHUJHQFLD OHKDQWHQLGRTXHPHWHUHQWXFKDEROR QRKDEtDRWURVQRMRGHU WHQtDTXHVHUSUHFLVDPHQWHpVWHHOWX\R DODPLHUGDWXLQWLPLGDG QRSDUDGHPRYHUVHQRSXHGHHVWDUVHTXLHWR HQXQVLWLRQRWLHQHTXHDQGDUWRFDQGRODVSHORWDV GHXQODGRSDUDRWURDORPHMRUWLHQHHOPRQR WHVDFDGHTXLFLRWHSRQHGHORVQHUYLRV \W~¢SRUTXpHVWiVDTXt" ¢TXpKLFLVWH"¢FXiQWRWLHPSROOHYDV\D" ¢WHSXVLHURQILDQ]D"DPtWDPSRFR SHUR\DWHQJRSHQVDGRORTXH YR\DKDFHUSDUDVDOLUGHDTXt ¢HOTXpVLSXHGHVDEHUVH"
DUUDQFDUODYDULOODGHODFLVWHUQD DILODUOD\PHWHUPHXQSXxDOyQ ILMRTXHDVtPHVDFDQDOKRVSLWDO
SRUODQRFKHWHSLGHSUHVWDGRXQMHUVH\ VRORPLHQWUDVODYDHOVX\RHQHOODYDER \OHVHFDHVTXHHVWiOOHQRGHVDQJUH GHODFDQWLGDGGHKRVWLDVTXHOHFD\HURQHQFRPLVDUtD GHVSXpVFXDQGR\DHVWiVDSXQWRGHTXHGDUWHVREDGR VHOHYDQWD VHVLHQWDHQODWD]DGHOYiWHU\VHSRQHDMLxDU R\HVORVHVIXHU]RVTXHKDFHORVSHGRVTXHVHOH HVFDSDQ\WRGDYtDWLHQHTXHURPSHUWHODVQDULFHV HOKHGRU GDVYXHOWDVHQODFDPDORKDFRQVHJXLGRWHKDGHVYHODGR VHSDVDWRGDODPDxDQD\FDVLWRGDODWDUGH DILODQGRODYDULOODFRQWUDODSDUHGWHGDGHQWHUD VHWHSRQHODFDUQHGHJDOOLQDORVSHORVGHSXQWD WHHQVHxDHOSLQFKRFXDQGRWHUPLQD
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
¢W~TXHFUHHV"¢PHGROHUiPXFKR"
DSR\DODHVSDOGDFRQWUDODSXHUWDGHODFHOGD VHVXEHHOMHUVH\WXMHUVH\ \VHFODYDHOSLQFKRHQODEDUULJD WUHVRFXDWURFHQWtPHWURVSRUGHEDMRGHORPEOLJR SHURKDVLGRSRFRSRUXQDKHULGDWDQLQVLJQLILFDQWH VHJXURTXHQLOREDMDQDODHQIHUPHUtD HVTXHQRVDOHQLVDQJUH HVSHUDWHYR\DHFKDUXQFDEOH
WHDFHUFDVDVXODGRDJDUUDVHOSLQFKRFRQXQD PDQR\WHSUHSDUDVSDUDHPSXMDUORFRQODRWUD SHURQRHVWDQVHQFLOORQRHVWDQIiFLO ¢\VLDOJRVDOHPDO"VLWHORFDUJDV¢TXp" ¢TXpWHSDVDUiHQWRQFHV"SRUTXHQRHVEURPD SXHGHVPDWDUORRGHMDUORGHVJUDFLDGRSDUDHOUHVWR GHVXYLGDSHURWHYLHQHDODPHPRULD HOKHGRUGHVXPLHUGD \VXVSDVHtOORVSRUODFHOGD \VXVURQTXLGRV \HVHUXLGRWDQGHVDJUDGDEOHTXHKDFHDOPDVWLFDUODFRPLGD \HQWRQFHVHPSXMDVFRQWRGDVWXVIXHU]DV DGHQWUR PiVPiVDGHQWUR ELHQDGHQWURKDVWD ODVPLVPtVLPDVHQWUDxDV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HOWLJUH OXLVWHQtDWDWXDGR XQWLJUHHQHODQWHEUD]R EXHQRQRVpVLHUD XQWLJUHRXQOHRSDUGR DOJRDVt \VHFKXWDEDHQODVSLQWDV GHODSLHOGHODQLPDO SRUTXHGHHVDIRUPDQRVH OHQRWDEDQODVPDUFDV \DVtVLHPSUH KDVWDTXHXQGtD HOWLJUHVHFDQVy \OHFRPLyHOEUD]R GHXQPRUGLVFR
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
ORVVXEWHUUiQHRV ¢UDWDV"SDUDUDWDV ODVGHOWDOHJR ¢YHUGDGTXHVtWtR" ¢YHUGDGTXHVt" HVWRVRQUDWDV \ORGHPiVFXHQWR SXUDVUDWDVGHDOFDQWDULOOD DFXpUGDWHGHOJDWR TXHGHVDSDUHFLy HQORVWLJUHVGHOSDWLR SXUDVUDWDVGHDOFDQWDULOOD ¢ODVR\HV" HVWiQVXELHQGR SRUODVWXEHUtDV YLHQHKDFLDDTXt QRWHROYLGHV TXHHOUHWUHWH QRWLHQHWDSD SHURQRWHSUHRFXSHV QRSUREOHP FRJHDOJRTXHWHQJDSHVR FXDOTXLHUFRVDYDOH XQDPDQWDGREODGDSRUHMHPSOR \SRQHQFLPDWXV]DSDWRV \WXVOLEURVGHSRHPDV HVREDVWDUi ¢ODVR\HV" ¢R\HVHOUXLGRTXHKDFHQ DOHVWUHOODUVHFRQWUDODPDQWD" VHJXLUiVR\pQGROR PLHQWUDVWHQJDVPHPRULD PLHQWUDVYLYDV WLHQHQTXHUHFRUUHU XQRVYHLQWHPHWURVRDVt DFLHORGHVFXELHUWR VLTXLHUHQFUX]DU
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
GHXQRVXULQDULRVDRWURV HVFXHVWLyQ GHDUPDUVHGHSDFLHQFLD \HVSHUDU HQFXDQWRVDOHODSULPHUD OHDUUHDPRVXQJROSH FRQWRGDVQXHVWUDVIXHU]DV FRQXQSDORGHHVFRED XQDEXHQDSDWDGDWDPELpQVLUYH SHURKD\TXHDOFDQ]DUODGHOOHQR GHMDUODDSLMRWDGD VLQRVHWHSXHGHHVFDSDU ODOOHYDPRVDKRVWLDV KDVWDHOFHQWURGHOSDWLR \XQDYH]DOOt DOJXLHQVDFDHOPHFKHUR \ODTXHPDYLYD HVWRSRUHOJDWR KLMDGHSXWD ¢R\HVFRPRFKLOOD" ¢YHVFRPRVHUHWXHUFHGHGRORU" PtUDODFRPRVHDUUDVWUD SHURHVLQ~WLO SLHUGHHOWLHPSR HVWiPXHUWD £YHQJD YDPRVDSRURWUDPiV
OXHJRHOSDSXFKL TXHQRHVQDGDHVFUXSXORVR OHVDWDHOH[WUHPRGHXQFRUGHO DOUHGHGRUGHOUDER \ODVFXHOJDERFDDEDMR GHODVYLJDVGHOWHQGHMyQ
DYHFHVOHGDWDPELpQSRUWLUDUODV SRUHQFLPDGHOPXUR DORWURODGRGHODVYtDVGHOWUHQ
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
MDTXH PLHQWUDVMXJDPRVHVWDVSDUWLGDVGHDMHGUH] PLHQWUDVPDWDPRVHOWLHPSR HOWLHPSRVLJXHVXFXUVRLQH[RUDEOHPHQWH VLQDFRUGDUVHGHQRVRWURV
ROYLGDGRVHQHVWDSXWDFHOGD ROYLGDQGRODSDODEUDWLHPSR
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
QXHVWUDVHxRUDGHODPHUFHG PDxDQDHVGHVHSWLHPEUH GtDGHQXHVWUDVHxRUDGHODPHUFHG SDWURQDGHWRGRVORVSUHVRV PDxDQDVHUiILHVWD
VHGLVSXWDUiXQFDPSHRQDWRGHIXWELWR HQWUHORVSHQDGRV\ORVSUHYHQWLYRV
GHODFDOOHYHQGUiQXQFDQWDXWRUFRPSURPHWLGR XQJUXSRGHURFNDOWHUQDWLYR \XQDFRPSDxtDGHWHDWURLQGHSHQGLHQWH HODxRSDVDGRYLQRWDPELpQXQDSRHWLVD TXHHVFULEtDYHUVRVVREUHODOLEHUWDG DXQTXHDTXHOODVHUDQVXVSULPHUDVKRUDV GHQWURGHXQDFiUFHO PDxDQDHVGHVHSWLHPEUH GtDGHQXHVWUDVHxRUDGHODPHUFHG SDWURQDGHWRGRVORVSUHVRV PDxDQDVHUiILHVWD
¢VHSXHGHVDEHUTXpHVORTXHFHOHEUDUHPRV" ¢HOHVWDUSUHVRVTXL]i"
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
FDULxRDQLPDO HOMDSRQRVHFDQVD GHGDUOHEHVRVHQODFDUD \HQODFRPLVXUDGHORVODELRV DOVDJDULWROHGLFHDORtGR £SHURFyPRPHFDPHODV PHWUDHVORFRMRGHU SDUHFHVXQJXD\DER
HOMDSRVHFRPLyXQDPXHUWH OHFD\HURQPiVGHDxRV SRUDVHVLQDU YHFHV DXQPDULFyQFRQHOTXHFRLQFLGLy HQODEDUUDGHXQDGLVFRWHFD \VRORSRUTXHOHJXLxyHORMR
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
]XPRGHQDUDQMD DSHQDVWHVRVWLHQHVGHSLH VRQFLQFRGtDV\D VLQSUREDUQLERFDGR ORVGRV~OWLPRVDGHPiV VLQEHEHUQDGD XQDKXHOJDGHKDPEUH HQSODQVDOYDMH SLHQVDVFRQVWDQWHPHQWHHQFRPLGD HQODFRPLGDGHODFiUFHO HQHODJXDWLELDFRQOHQWHMDV HQORVJDULERORV TXHSRGUtDQVHUYLUPX\ELHQ SDUDHOMXHJRGHODVFDQLFDV HQHODUUR]YLVFRVR SUXHEDDWLUDUORFRQWUDODSDUHG \YHUiVFRPRVHTXHGDDOOtSHJDGR HQODVSDWDWDVIULWDV IUtDV\UHYHQLGDV HQORVKXHYRVIULWRV VLQ\HPD FDFKRVGHFiVFDUDXQLGRVDODFODUD
HOPHOODGRHQWUDHQODFHOGD OOHYDXQDQDUDQMDHQODPDQR ODQDUDQMDPiVJUDQGHTXHKDVYLVWRHQWXYLGD VHODSDVDGHXQDPDQRDODRWUD ODODQ]DDODLUH ODUHFRJHWHPLUDVHFDFKRQGHD ¢TXpSULQJDR" ¢FyPROROOHYDV" ¢WRGDYtDQRWHKDVPXHUWR"
VHDSDODQFDHQODFDPDDWXODGR \VHSRQHDSHODUODQDUDQMD ODSHODGHVSDFLR VLQQLQJXQDSULVD
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
FXLGDGRVDPHQWH ODVPRQGDVODVDUURMDDOVXHOR QRSXHGHVDSDUWDUODPLUDGD GHVXVXxDVOOHQDVGHURxD HOMXJRGHODQDUDQMD OHUHVEDODSRUORVGHGRVVXFLRV \pOGHMDSRUXQPRPHQWRGHSHODU \VHORVFKXSD KDFLHQGRWRGRHOUXLGRTXHHVFDSD] KDFLpQGRORDGUHGH VHSDVDODOHQJXDSRUORVODELRV UHODPLpQGRVH FRPRORSHUUDTXHHV DOJXQDVJRWDV KDQFDtGRVREUHODDOPRKDGD PX\FHUFDGHWXFDUD GHPDVLDGRFHUFDGLUtD\R WHUPLQDGHPRQGDUODQDUDQMD ODDFHUFDDORVODELRV DEUHODERFD \FXDQGRYDDSHJDUOH HOSULPHUPRUGLVFR SDUHFHDUUHSHQWLUVH HQWRQFHVWHPLUDVRQUtH ¢TXLHUHVTXHWHGpXQJUDMR"
QR XQRQR XQRHVSRFR WRGRVORVTXLHUHVWRGRV OHDUUDQFDVODQDUDQMDGHODVPDQRV \WHODOOHYDVHQWHUDDODERFD QRHQWUD WHPXHUGHVODOHQJXD WDPELpQXQWUR]RGHODELR HQWRQFHVDUUDQFDV ORVJDMRVGHWUHVHQWUHV ORVOOHYDVDODERFD \SDUDTXHWHHQWUHQGHOWRGR ORVHPSXMDVFRQOD\HPDGHORVGHGRV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
WLHQHVWDQWDJXVD TXHORVSDVDVHQWHURV VLQPDVWLFDU ORTXHPDVWLFDV VRQWXVSURSLRVGHGRV WXVSURSLDVXxDV WHDWUDJDQWDVFRQODVSHSLWDV WHHPSDSL]DV WRVHV WHGDQDUFDGDV WHHQWUDQJDQDVGHYRPLWDU SHURVLJXHVGHYRUDQGRHSLOpSWLFDPHQWH ODQDUDQMD OXHJRWHWLUDVGHFDEH]DDOVXHOR WRGDYtDWLHQHVTXHFRPHU ODV PRQGDGXUDV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
¢SRHPDV" FXDOTXLHUD TXHOHDODVFDUWDV TXHOHPDQGR DPLPDGUH SHQVDUi TXHVHODVHVFULER GHVGHXQKRWHO GHFLQFRHVWUHOODV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HOGHGRHQHOJDWLOOR DOJXQDQRFKH GHVSXpVGHOUHFXHQWR HVHOGHOWULFRUQLR TXLHQODVSDJD
£SLFR £SLFROHWR ¢\WXPXMHU" ¢GyQGHODWLHQHV" ¢FRQTXLpQHVWi" £SUHJ~QWDOHDWXVDUJHQWR ILMRTXHORVDEH £QRYHDVFyPRVHHVWDUiSRQLHQGR DOJXQRGHQRVRWURV HPSLH]DDWLUDUOH ODVSLODVXVDGDV GHOUDGLRFDVHWH HQVHJXLGDOHLPLWD WRGRHOPXQGR \HOSREUHSLFROHWR VXIUHXQDXWpQWLFRERPEDUGHR DYHFHVVHUHIXJLDHQODJDULWD
£SLFR £SLFROHWR £DOORUR £DJiFKDWH £QRYD\DVDURPSHUWHODFRUQDPHQWD SHURRWUDVYHFHV VHPRVTXHDGHYHUGDG \SLHUGHORVQHUYLRV \FRJHVXIXVLO \OHTXLWDHOVHJXUR \VHOROOHYDDOKRPEUR \SRQH
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HOGHGRHQHOJDWLOOR \DSXQWDKDFLDWRGDVODVYRFHV £GLVSDUD £GLVSDUD ¢DTXpHVWiVHVSHUDQGR" £GLVSDUD £GLVSDUD ¢TXpWHSDVD" ¢QRKD\KXHYRVRTXp" £YHQJD £GLVSDUD £GLVSDUD ¢SRUTXpQRORKDFH" DOJXQRGHQRVRWURV \RPLVPR HQVXOXJDU ORKDUtD
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HOSpVDPH HOFHMDVVHKDFROJDGRGHPt \TXLHUHIROODUPHHOFXORDWRGDFRVWD SHURpOVRORQRYDDSRGHUFRQPLJR \ORVDEH HQWRQFHVORKDEODFRQHOWDMDV\HOEXOODWL DFDPELRGHVXD\XGDOHVGD XQDFDMDGHURSKLQRODFDGDXQR VXSODQHVHVWH HOWDMDV\HOEXOODWLPHOOHYDQ DODVDODGHODWHOHYLVLyQ DOOtPHGDQXQDSDOL]DTXHPHGHMDKHFKRSROYR DVtFXDQGROXHJRDSDUH]FDHOFHMDV \RQRHVWDUpHQFRQGLFLRQHVGHSODQWDUOHFDUD \SRGUiGDUPHSRUHOFXORDVXHQWHURSODFHU DKRUDELHQHOSODQIDOOD ODQRFKHDQWHV ODSDOPD ODPDGUHGHOWDMDV\HOWDMDV DJRELDGRQRTXLHUHVHJXLUDGHODQWH FRQHOSODQHOEXOODWLWDPSRFR ODSUHJXQWDHVFDVLREOLJDGD ¢GHERGDUOHHOSpVDPHDOWDMDV"
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
FHULOODV ORKDEtDPRVHVWDGRKDEODQGRWRGDODQRFKH VLPDxDQDSRUODPDxDQD FXDQGRVHDEUDQODVFHOGDV YLHQHDOJXLHQ HOTXHVHD ORVTXHVHDQ \HPSLH]DQDEXVFDUEURQFD W~\DORVDEHV¢HK" ORTXHKDEODPRV SDVHORTXHSDVH W~\\RMXQWRV QDGDGHDFRMRQDUVH¢HK" \VLWHQHPRVTXHDQGDUDKRVWLDV SXHVDQGDPRV \VLWLUDQGHYDOGHR SXHVTXHWLUHQ DOOiHOORV W~\DORVDEHV¢YDOH" ORGLFKR SDVHORTXHSDVH W~\\RMXQWRV QDGDGHUDMDUVH¢YDOH"
DODPDxDQDVLJXLHQWH OHVDFDURQDOSDWLR DKRVWLDOLPSLD OHDPDUUDURQDXQD GHODVFROXPQDVGHOWHQGHMyQ OHSXVLHURQHQORVSLHV SHULyGLFRVDWUDVDGRV WUDSRV\FDUWRQHV \OHHQUROODURQWRGRHOFXHUSR FRQSDSHOKLJLpQLFR \FRQODHVSXPDGHODVFROFKRQHWDV OXHJROHSUHQGLHURQIXHJR
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
ODVFHULOODV ODVWXYHTXHSRQHU\R
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
SLHGUDV PHWLUDEDQ3,('5$6
PHWLUDEDQSLHGUDV ORVGHODVFHOGDVGHFDVWLJR HOWDUXFR HOULFN\ HOUDPRQtQ\HOFKLQR PHWLUDEDQSLHGUDVWRGRVORVGtDV GHGRVDFXDWURGHODWDUGH ODKRUDGHODVLHVWD SLHGUDVQR PRUULOORV $6Ì'(*5$1'(6
QRVpSRUTXpORKDFtDQ QRVpSRUTXpODVKDEtDQWRPDGRFRQPLJR TXH\RUHFXHUGHQXQFDOHVKDEtDKHFKRQDGD VHDJRELDUtDQHQHOSDWLRHOORVVRORVLPDJLQR \RHVWDEDDFRVWDGRHQODFDPD ODSULPHUDYH] OH\HQGRODDXWRELRJUDItD GHOHQHPLJRS~EOLFRQ~PHURXQRGHIUDQFLD XQJiQJVWHUDOTXHVHEDMDURQDEDOD]RV HQSDUtV HQSOHQRFHQWUR HQPLO FXDQGRVDOtDGHXQWD[L RGHXQFRFKHUREDGR HVR\DQRORUHFXHUGR ODSULPHUDSLHGUDDWUDYHVyODYHQWDQD \IXHDHVWUHOODUVHFRQWUDODPDPSDUD TXHVHSDUDEDHOEDxRGHOUHVWRGHODFHOGD ORVFULVWDOHVPHFD\HURQWRGRVHQFLPD FRQVHUYRXQUHFXHUGR
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
PHGLDOXQDHQIRUPDGHFLFDWUL]
FXDQGRODYHQWDQDVHTXHGyVLQFULVWDOHV ORVGHODVFHOGDVGHFDVWLJR VHWXUQDEDQHQWUHHOORVSDUDDXSDUVHDODUHSLVD DJDUUDUVHFRQXQDPDQRDORVEDUURWHV \WLUDUPHODVSLHGUDVFRQODRWUD SLHGUDVQR PRUULOORV $6Ì'(*5$1'(6
\RPHUHIXJLDEDGHWUiVGHODPDPSDUD TXHVHSDUDEDHOWLJUHGHOUHVWRGHOFKDEROR HQHOUHVWRGHOFKXSDQR VHLEDQDPRQWRQDQGRORVSHGUXVFRV \R\DQLPHPROHVWDEDHQVDFDUORVIXHUD FRQVHJXtWDEODVGHPDGHUD \FODYRV \FODYpODVWDEODVDOPDUFRGHODYHQWDQD ODVDUUDQFDURQ
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HOLQWHUURJDWRULR HVWR\PHGLRGRUPLGR FXDQGRHQHVRVXHQD HOWLPEUHGHFDVD VHUiQFHUFDGHODVQXHYH GHODPDxDQDRDVt ¢TXLpQSRGUiVHUDHVWDVKRUDV" PLPDGUHVDOHGHODFRFLQD VHOLPSLDODVPDQRVHQHOGHODQWDO \YDKDFLDODSXHUWD ¢TXLpQHV"
SROLFtDDEUDQ
LQWHQWRGHFLUOH TXHQRORKDJD TXHQLVHOHRFXUUD DEULUHVDSXHUWD SHUROOHJRWDUGH \ODSXHUWDVHDEUH \ORVPDGHURVHQWUDQ
¢HVWiVXKLMRHQFDVD"
¢SRUTXp" ££GLRVPtR ¢TXpKDKHFKR" ¢TXpKDKHFKRPLKLMR" ¢HVWiRQRHVWi"
HVWR\HQORVFDODER]RV PHKDQGHMDGRFRQODVHVSRVDVSXHVWDV HQXQDHVSHFLHGHKXHFRTXHKD\GHEDMR GHXQDHVFDOHUDPHWiOLFD PHKDQGLFKR TXHQRPHPXHYD
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
TXHHVSHUHDTXt TXHQRVHPHRFXUUDKDFHU QLQJXQDWRQWHUtD TXHHQVHJXLGDYHQGUiQDEXVFDUPH TXHPHWLHQHQTXHKDFHU XQDVFXiQWDVSUHJXQWDV KD\XQWUDVLHJRHQRUPHHQHVWDHVFDOHUD QRSDUDQGHVXELU \GHEDMDUSRUHOOD QRSDUDQQLXQPRPHQWR VXEHQ \EDMDQ VXEHQ \EDMDQ HVFRPRSDUDYROYHUVHORFR YHQJDVXELU YHQJDEDMDU YHQJDVXELU YHQJDEDMDU \ORSHRUGHWRGRHVTXHQRSXHGRYHU TXLHQHVVRQORVTXHVXEHQ \EDMDQ \FODURVLHPSUHFUHRTXHVRQHOORV TXH\DYLHQHQDSRUPt \QR QXQFDVRQHOORV QXQFDHVQDGLH \\DWHQJRORVQHUYLRVGHVWUR]DGRV \\DFDVLKHSHUGLGRODQRFLyQGHOWLHPSR \PHKDHQWUDGRXQGRORUGHFDEH]D GHODSXWDTXHORSDULy \
£YHQJD £YDPRV £DUULED £HQSLH £GDWHSULVD £PXpYHWH WHHVWiQHVSHUDQGRORVGHDQWL
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
DWUDFRV
HVWR\FKLOODQGR XQFKLOOLGRLQQXPHUDEOH PHGHVSLHUWR HQFLHQGRHOPHFKHUR ODVSDUHGHVVHPXHYHQ FXFDUDFKDV HVWiQOOHQDVGHFXFDUDFKDV ODVEDOGRVDVWDPELpQ ODSLOWUDORPLVPR WHQJRFXFDUDFKDVHQHOSHOR FXFDUDFKDVSRUWRGRHOFXHUSR KD\XQDSRVDGDHQPLFXHOOR VHFXHODQWRGDVODVQRFKHV SRUORVDJXMHURVTXHKD\HQHOVXHOR GHEDMRGHOODYDER D\HUPHROYLGpGHHFKDUOHVMDEyQ HOMDEyQHVFRMRQXGR OHVJXVWDFDQWLGDG ORGHYRUDQ OXHJRKLQFKDQ\HVWDOODQ HVWR\GHVSLHUWR GHVSLHUWRGHOWRGR QRIXHPiVTXHXQDSHVDGLOOD \PHQRVPDOTXHPHGHVSHUWp MXVWRDWLHPSR TXHQRWXYH TXHSDVDU SRUDTXHOLQWHUURJDWRULR RWUD YH] PiV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
(3Ì/2*2
FDPLQRGHORVWLJUHV ODVUDWDV
ODVGHODFiUFHO
DODVTXHSUHQGtDPRV IXHJR HQHOFHQWURGHOSDWLR
VHDUUDVWUDEDQSRUHOVXHOR FRQVXFXHUSRHQYXHOWR HQOODPDV FDPLQRGHORVWLJUHV HOSDSXFKLGHFtD
HVRHVSRUTXH ODVPX\SXWDV VDEHQ TXHHQORVVHUYLFLRV KD\DJXD QRORFUHR
VHDUUDVWUDEDQHQHVDGLUHFFLyQ SRUTXHDOOtWHQtDQVXFDVD SRUTXHTXHUtDQPRULU
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
URGHDGDVGHORVVX\RV FRPRVLIXHUDQ VHUHV KXPDQRV
QRLPSRUWD TXH\RUHFXHUGH QLQJXQD FRQVLJXLy OOHJDU QLQJXQD QXQFD OOHJDU
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
HOWLHPSRQRHVSHUDSRUQDGLH OHSUHJXQWRDXQRGHOEDUULRXQDQWLJXRFROHJD TXHVLVDEHDOJRGHEHJRxD TXHVLVDEHTXpKDVLGRGHVXYLGD
KDFHWLHPSRTXHQRRLJRKDEODUQDGDGHHOOD ODV~OWLPDVQRWLFLDVTXHWXYHVRQTXHHVWDED LQJUHVDGDHQODUHVLGHQFLDVDQLWDULDGHFDEXHxHV HQIDVHWHUPLQDO 6,'$
VHKDEtDWUDVWRUQDGR VHSLQWDGXUQDEDORVODELRV SRUODPDxDQD SRUODWDUGHVHPLUDEDHQHOHVSHMRGHOFXDUWRGHEDxR SHUR¢TXpPHKDSDVDGRHQODFDUD" ¢TXLpQFRxRPHKDHFKDGRSLQWXUD" HVWDEDDOOtVROD VHSDVHDEDHQVLOODGHUXHGDV SRUORVSDVLOORV DODKRUDGHODVYLVLWDV
DVXVSDGUHVVHOHVKDEtDROYLGDGR TXHWUDMHURQXQDKLMDDHVWHPXQGR
VXKHUPDQRPD\RUSDVDEDPXFKRGHLUDYHUOD HORWUREHUQDUQRSRGtD HVWDEDHQHOFHPHQWHULRGHFHDUHVHQWHUUDGR ODDJXMDWDPELpQ VXKLMRHUDPX\SHTXHxRWRGDYtD QRVDEtDDQGDUVROR TXHGR\R
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
SRGUtDDFHUFDUPHXQPRPHQWRKDVWDODUHVLGHQFLD QRPHFRVWDUtDQLQJ~QWUDEDMR SHUR¢SDUDTXpYR\DLUDYHU" ¢SDUDTXp" ¢WRGDYtDVLJXHVFXUUDQGRHQODPLVPDHPSUHVDGHDQWHV" \SDUDVHJXLU
'HVSXpVGHWRGRQRHUHVWDQJROIRFRPR\RSHQVDED¢HK"
SHURHVHDQWLJXRFROHJDGHOEDUULRWDPELpQPHGLFH FDVLILMRTXH\DODKDEUiSDOPDGR ORVPpGLFRVOHGDEDQGHYLGDFRPRPXFKR KDVWDRFWXEUH KDVWDRFWXEUHGHODxRSDVDGR \\DYHVHQTXpPHVHVWDPRVDKRUD¢QR" VHSWLHPEUH
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
VLOYLDODGHOSHORURMR VLWHKHGHVHUVLQFHUR TXHGpFRQHOOD FRQODVDQDLQWHQFLyQ GHOOHYDUODHQHOFRFKH DXQGHVFDPSDGR DHFKDUXQSROYR
ODHQFRQWUpUDUD QRVp QRWHQtDFKLVSDHQORVRMRV HVWDEDGHVSHLQDGD
¢FyPRHVTXHWHGLRSRUOODPDUPH" \HOMHUVH\ORWHQtDWRGROOHQR GHTXHPDGXUDVGHFLJDUULOOR XQMHUVH\D]XOFLHOR
QRVpWHQtDJDQDVGHYHUWH \HVWDEDHQORVSXURVKXHVRV GDEDSHQDYHUOD \VLQHPEDUJR\DYHVQRVp HUDODPLVPDWtD FRQODTXHDxRVDWUiV LEDSRUODFDOOHJULWDQGR VH[RGURJDV\UROOLQJVWRQHV VH[RGURJDV\UROOLQJVWRQHV
¢VDEHVDOJRGHVDQWL\GHIORU" OHSUHJXQWpPLHQWUDVFRQGXFtD
VDQWLOHSRQtDORVFXHUQRVDIORU VLQSDUDUIORUKDEtDWHQLGRRWURKLMR ¢\TXpHVGHFDUPHQ"
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
FDUPHQHVWDEDGHSXWD HQXQDEDUUDDPHULFDQD ¢\GHMXDQMR"
¢QRWHHQWHUDVWH" ¢GHTXp"
ODSDOPy XQDVREUHGRVLV HOGtDGHQRFKHEXHQD DODVQXHYHGHODQRFKH ¢\W~"¢TXpWDO" ¢FyPROROOHYDV" QRVpTXLpQPHGLMR TXHWHKDEtDVVHSDUDGR ¢HVYHUGDG" Vt
¢\SRUTXp"¢TXpWHSDVy VLSXHGHVDEHUVH" DPtQDGD HUDpO TXHHUDXQKLMRSXWD \XQFHUGR
¢TXpSDVy"¢TXpWHKDFtD"
GHWRGR PHSHJDED VHPHWtDFDEDOOR \OXHJRYHQtDDFDVD \PHSHJDED PHGDEDXQDVSDOL]DVGHPXHUWH \PHIRU]DEDVH[XDOPHQWH ORGLMRDVtQRGLMR PHYLRODEDR
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
PHIROODEDDODIXHU]D QRORGLMRDVt PHIRU]DEDVH[XDOPHQWH £QRPHMRGDV
Vt \KDVWDWXYHTXHDERUWDU
¢\HVR" ¢QRSRGtDVWHQHUHOKLMRRTXp" IXHPLPDGUH QRTXLVRTXHORWXYLHUD QRTXLVRTXHWXYLHUD XQKLMR GHHVHKLMR GHSXWD
GLXQDYXHOWDDODFLXGDG \OXHJRODOOHYpRWUDYH]DFDVD PHVHQWtDUDURPDO ¢VDEHVORTXHWHGLJRQR" FRPRVLIXHUDFXOSDPtD TXHOHKXELHUDSDVDGRWRGRHVR
XQGtDGHHVWRVWHYXHOYRDOODPDU QRGLMRQDGD
SHURDOOHYDQWDUVH SDUDVDOLUGHOFRFKH VHOHVXELyXQSRFRHOMHUVH\ \OHGHMyXQWUR]RGHHVSDOGD DOGHVFXELHUWR DKtHVWDEDQODVPDUFDV ORVUHQHJURQHV ODVFLFDWULFHV
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
ODKLVWRULD TXHPHDFDEDEDGHFRQWDU
/RVPXQGRVPDUJLQDGRV SRHPDVGHODFiUFHO 'DYLG*RQ]iOH] %LEOLRWHFD%DEDEZZZEDEDEFRPELEOLRWHFD
Ì1',&( '(120,1$&,Ð1'(25,*(1 635$<1$6$/ '(3Ð6,72/(*$/ /$9,5*,1,'$'352'8&( 6($0265($/,67$6 (/&$1Ì%$/ &$/(1'$5,2 /20,5(6325'21'(/20,5(6 (/&5,672'(/26)$52/(6 +80,//$&,Ð1 (/'(021,27(&20$/$625(-$6 1267$/*,$ &8$/48,(53$5(&,'2(6385$&2,1&,'(1&,$ 81$//$0$'$7(/()Ð1,&$ /$0$,&$ (/5(672'(/&$0,12 /$6),(67$6'(/$62/('$' /$%2&$'(/(67Ð0$*2 6$/,'$'((0(5*(1&,$ (/7,*5( /2668%7(55É1(26 -$48( 18(675$6(f25$'(/$0(5&(' &$5,f2$1,0$/ =802'(1$5$1-$ ¢32(0$6" (/'('2(1(/*$7,//2 (/3e6$0( &(5,//$6 3,('5$6 (/,17(552*$725,2 (3Ì/2*2
&$0,12'(/267,*5(6 (/7,(03212(63(5$3251$',( 6,/9,$/$'(/3(/252-2
