Octubre 2016

C?8EBI?BBE

! N.JCPMTJMMP

;B C;:?E :; ;9EDECË7 :; (&C?DKJEI D c[he )-$ EYjkXh[ Z[ (&',

$0/46.0

‘Gadgets’ para ganar en belleza y bienestar

&M NFSDBEP PGSFDF EFTEF BQB &/53&7*45" : SBUPT RVF FTUJNVMBO MBT DÊMV José Rolando, MBT EF MB QJFM B PUSPT RVF EF UFDUBO MB EFOTJEBE EF MB CBSCB presidente de SGR-Cesgar P NPMEFBO FM QFMP DPO GSÎP

$0/46.0

El sector del mueble vuelve a respirar

;NJH7 L?L?;D:7 4F WFOEFO NÆT DBTBT Z TF FODBSFDF FM QSFDJP ;NJH7L?L?;D:7 4F WFOEFO NÆT DBTBT Z TF FODBSFDF FM QSFDJP

B7 8EC8?BB7 EC8?BB7 B;: I; ?CFED; CFED; ;D ;KHEF7" KHEF7" 7:?ÏI 7 B7 >7BÏ=;D7 1&3*0%0 -BT IBMÖHFOBT 1&3*0%0 -BT IBMÖHFOBT EFTBQBSFDFSÆO EFGJOJUJWBNFOUF EFM NFSDBEP FO NFSDBEP FO

")0330 -PT OVFWPT -PT OVFWPT

EJTQPTJUJWPT SFEVDFO IBTUB VO FM HBTUP FOFSHÍUJDP 7&/5"4 &M MFE TVQPOF &M MFE TVQPOF

FM EF MBT WFOUBT EFM TFDUPS FTQBÕPM IBDF BÕPT FM BÕPT FM BEATRIZ P. GALDÓN 1/%! NJOVUPT FT ! N.J#PMTJMMP

`4J &EJTPO MFWBOUBSB MB DBCF[B Z WJFSB FO MP RVF TF IB DPOWFS UJEP TV CPNCJMMB JODBOEFTDFO UF 4FHVSP RVF MB TPSQSFTB JCB B TFS NBZÜTDVMB 5BNCJÍO MP B TFS NBZÜTDVMB 5BNCJÍO MP FT QBSB OPTPUSPT 1PSRVF FM FT QBSB OPTPUSPT 1PSRVF FM BWBODF EF MB UFDOPMPHÑB FTUÆ BWBODF EF MB UFDOPMPHÑB FTUÆ TBMQJDBOEP EF NBOFSB NVZ TBMQJDBOEP EF NBOFSB NVZ SÆQJEB B UPEBT Z DBEB VOB EF MBT DPTBT RVF OPT BDPNQBÕBO MBT DPTBT RVF OPT BDPNQBÕBO FO OVFTUSB WJEB DPUJEJBOB FO OVFTUSB WJEB DPUJEJBOB

6OB EF FMMBT FT MB JMVNJ OBDJÖO 4FHÜO MB BTPDJB DJÖO FVSPQFB EFM TFDUPS -JHIUJOH &VSPQF MBT QFS TPOBT QBTBNPT FM EF TPOBT QBTBNPT FM E EF OVFTUSP UJFNQP FO TJUJPT DF OVFTUSP UJFNQP FO TJUJPT T DF SSBEPT EF BIÑ EFSJWB FO HSBO QBSUF MPT BWBODFT Z MBT EFDJTJP QBSUF MPT BWBODFT Z MBT EFD DJTJP OFT RVF TF IBO UPNBEP TPCSF OFT RVF TF IBO UPNBEP T TPCSF MB JOEVTUSJB -B NÆT SFDJFOUF F JNQPSUBO -B NÆT SFDJFOUF F JNQP PSUBO UF FT MB RVF IB FOUSBEP FO WJ UF FT MB RVF IB FOUSBEP F FO WJ HPS IBDF BQFOBT VO NFT -B HPS IBDF BQFOBT VO NF FT -B $PNJTJÖO &VSPQFB IB QSPIJ $PNJTJÖO &VSPQFB IB Q QSPIJ CJEP MB DPNFSDJBMJ[BDJÖO EF CJEP MB DPNFSDJBMJ[BDJÖ ÖO EF GPDPT IBMÖHFOPT 1PESÆO WFO GPDPT IBMÖHFOPT 1PESÆO O WFO RVFEFO FO EFSTF MPT RVF RVFEFO O FO TUPDL QFSP OP TF QPESÆO GBCSJ TUPDL QFSP OP TF QPESÆO GGBCSJ DBS NÆT : TFSÆ FO DVBO DBS NÆT : TFSÆ FO D DVBO EP EFGJOJUJWBNFOUF TF SFUJSFO EP EFGJOJUJWBNFOUF TF SF FUJSFO EFM NFSDBEP &M PCKFUJWP FT TVTUJUVJS MPT &M PCKFUJWP FT TVTUJUVJ JS MPT EJTQPTJUJWPT QPS PUSPT EF UFD EJTQPTJUJWPT QPS PUSPT EF F UFD 1"4" " 1¦(*/" 4*(6*&/5& 1"4" " 1¦(*/" 4*(6*&/5&

-6*4 ' 4"/;

&.1-&0 0 -B NFEJEB -B NFEJEB JNQMJDBSÆ MB QÍSEJEB EF DBTJ QVFTUPT EF DBTJ QVFTUPT EF USBCBKP FO &VSPQB

+VFWFT EF PDUVCSF EF 20MINUTOS +VFWFT EF PDUVCSF EF S MIBOLSILLO

2

9EDIKCE ;D;H=Ë7 9EDIKCE;D;H=Ë7

C?8EBI?BBE ;B C;:?E :; ;9EDECË7 :; (&C?DKJEI &C?DKJEI

.J#PMTJMMP FT VOB QVCMJDBDJÓO .J#PMTJMMP FT VOB QVCMJDBDJÓO FMBCPSBEB QPS FM EFQBSUBNFOUP EF 1VCMJDBDJPOFT OP %JBSJBT EF 1VCMJDBDJPOFT OP %JBSJBT EF NJOVUPT NJOVUPT %JSFDDJÓO 1BCMP 4FHBSSB 1BCMP 4FHBSSB %JTFÒP %JTFÒP %BWJE 7FMBTDP %BWJE 7FMBTDP $PPSEJOBEPSBT $MBVEJB 3J[[P Z 7FSÓOJDB 7JDFOUF

FNQMFBEPT UJFOF FM TFD UPS EF MB JMVNJOBDJÓO FO UPS EF MB JMVNJOBDJÓO FO &TQBÒB TFHÙO EBUPT EF MB BTPDJBDJÓO EF GBCSJ DBOUFT "OGBMVN DBOUFT "OGBMVN

EF BIPSSP FOFSHÊUJDP EF BIPSSP FOFSHÊUJDP NFEJP TVQPOF FM VTP EF NFEJP TVQPOF FM VTP EF CPNCJMMB MFE GSFOUF B MB CPNCJMMB MFE GSFOUF B MB USBEJDJPOBM IBMÓHFOB FO FM IPHBS FM IPHBS

! N.JCPMTJMMP

;B C;:?E :; ;9EDECË7 :; (&C?DKJEI D c[he ),$ I[fj_[cXh[ Z[ (&',

$0/46.0

‘Gadgets’ para retomar la rutinaa tras el verano

%FTQFSUBEPS DBGFUFSB QBSB &/53&7*45" : NBESVHBS Z EFTBZVOBS BOUJ Ángel MartínezGB[ FMFDUSÓOJDP QBSB EPSNJS NFKPS HBEHFUT RVF QVF Aldama, EFO BZVEBSUF FO FM EÎB B EÎB preside Inverco

*/7&34*¶/

‘Gamificación’: con juegos se aprende a ahorrar

-6*4 ' 4"/;

;NJH7 ?D<H7;IJHK9JKH7I -B PCSB QÜCMJDB DBF EF GPSNB BCSVQUB -B PCSB QÜCMJDB DBF EF GPSNB BCSVQUB

;9EDECË7 9EB78EH7J?L70 EB78EH7J?L70 7L7DP7 9ED FEBxC?97 #"-"/$& &O TF &O TF IJDJFSPO PQFSBDJPOFT FO &VSPQB QPS WBMPS EF NJMMPOFT EF NJMMPOFT

,$&&& ,$&&& ,&&& .& .&

●7 C?8EBI?BBE

&41"µ" " -B FDPOPNÑB /03."5*7" " &M QSÖYJNP &M QSÖYJNP USBEJDJPOBM MP WF DPNP (PCJFSOP EFCFSÆ USBEJDJPOBM MP WF DPNP VOB BNFOB[B QPSRVF CVTDBS VO NBSDP CVTDBS VO NBSDP VOB BNFOB[B QPSRVF TJHVF HBOBOEP QFTP SFHVMBUPSJP BEFDVBEP TJHVF HBOBOEP QFTP

BEATRIZ P. GALDÓN 1/%! NJOVUPT FT ! N

&O NFEJP EF VOBT DJGSBT RVF SF GMFKBO VOB DJFSUB SFDVQFSBDJÖO USBT MB DSJTJT QFSP DPO HSBWFT QSPCMFNBT BÜO QPS SFTPMWFS DP NP MB FMFWBEB EFVEB Z MB UBTB EF EFTFNQMFP Z EF VOB TJUVB DJÖO EF JODFSUJEVNCSF QPMÑ UJDB QPS MB GBMUB EF GPSNBDJÖO EF (PCJFSOP FO &TQBÕB Z EF EJGJ DVMUBEFT RVF BDVDJBO BM DPO KVOUP EF &VSPQB MBT FDPOPNÑBT EFM NVOEP FTUÆO BERVJSJFOEP EFM NVOEP FTUÆO BERVJSJFOEP VO OVFWP NPEFMP BEBQUÆOEP TF B VO UJFNQP EPOEF MBT OFDF

FO MV[ Z TPMP FM FO DBMPS "EFNÆT OP DPOUJFOFO NFS OPMPHÑB MFE EJPEP FNJTPS EF DVSJP FMFNFOUP UÖYJDP RVF OPMPHÑB MFE EJPEP FNJTPS EF MV[ RVF TF DPOTJEFSB NÆT FGJ TÑ TF FODVFOUSB FO MPT IBMÖHF OPT j1BSB FM VTVBSJP OP TVQP DJFOUF EFTEF FM QVOUP EF WJTUB OPT j1BSB FM VTVBSJP OP TVQP EFM NFEJP BNCJFOUF Z FM DPO OF VO QFSKVJDJP &M DPTUF TV TVNP j4BCÑBNPT EF FTUB NF QFSJPS RVF QVFEB UFOFS MB BE RVJTJDJÖO EF VOB CPNCJMMB MFE EJEB EFTEF Z MB IFNPT EJEB EFTEF Z MB IFNPT RVJTJDJÖO EF VOB CPNCJMMB MFE JEP BOBMJ[BOEP QPDP B QPDP FTUÆ DPNQFOTBEP QPSRVF EV QPSRVF FOUPODFT OP TF DPOP SB NVDIBT NÆT IPSBT BEF DÑB VOB UFDOPMPHÑB MP TVGJ NÆT EF UFOFS VOB NBZPS DBMJ DJFOUFNFOUF EFTBSSPMMBEB QB EBEx BQVOUB #FSHFT SB UPNBS FM SFMFWPx FYQMJDB %F BDVFSEP DPO MPT DÆMDVMPT B .J#PMTJMMP "MGSFEP #FSHFT B .J# #PMTJMMP "MGSFEP #FSHFT FGFDUVBEPT QPS MB $PNJTJÖO EJSFDUPS HFOFSBM EF "OGBMVN EJSFDUPS HFOFSBM EF "OGBMVN &VSPQFB MB JOTUBMBDJÖO EF MB BTPDJBDJÖO EF GBCSJDBOUFT JMVNJOBDJÖO NÆT FGJDJFOUF QFSNJUJSÆ B MPT DPOTVNJEPSFT EF JMVNJOBDJÖO EF &TQBÕB QFSNJUJSÆ B MPT DPOTVNJEPSFT -B EFDJTJÖO EF #SVTFMBT SFT BIPSSBS VOB NFEJB EF FV QPOEF B MB SFTPMVDJÖO EF MPT SPT FM UJFNQP EF VTP EFM OVF QPOEF B MB SFTPMVDJÖO EF MPT MÑEFSFT EF MB 6OJÖO &VSPQFB WP EJTQPTJUJWP j5PEP EFQFO UPNBEB FO DPO FM PCKF EFSÆ EF MPT QVOUPT EF MV[ JOT UJWP EF SFEVDJS B NÆT UBSEBS UBMBEPT Z FM VTP RVF TF IBHB UJWP EF SFEVDJS B NÆT UBSEBS FO FM BÕP VO FM EF MPT NJTNPT 1FSP FO EPT DPOTVNP BOVBM EF FOFSHÑB BÕPT QVFEFT BNPSUJ[BS FM HBT DPOTVNP BOVBM EF FOFSHÑB UP RVF TVQPOHBx FYQMJDB FM EFM DPOUJOFOUF UP RVF TVQPOHBx FYQMJDB FM EJSFDUPS EF "OGBMVN 4PO NVDIBT MBT CPOEBEFT EJSFDUPS EF "OGBMVN -B JOEVTUSJB FTQBÕPMB JOJDJÖ EFM MFE EF MBT RVF IBCMBO MPT EFM MFE EF MBT RVF IBCMBO MPT -B JOEVTUSJB FTQBÕPMB JOJDJÖ FYQFSUPT Z FM QSPQJP PSHBOJT IBDF UJFNQP FM QSPDFTP EF NP FVSPQFP FOUSF MBT RVF BEBQUBDJÖO -BT DJGSBT EF BD NP FVSPQFP FOUSF MBT RVF EFTUBDBO MB DBMJEBE MB FGJDB UJWJEBE DPSSFTQPOEJFOUFT BM DJB FOFSHÍUJDB Z MB EVSBCJMJ FKFSDJDJP QBTBEP SFGMFKBO RVF EBE 0USB EF MBT WFOUBKBT FT MBT WFOUBT EF IBMÖHFOPT TVQP RVF OP RVFNBO ZB RVF USBOT OFO TPMP FM EFM UPUBM EFM NFSDBEP &O DPOUSB FM EF GPSNBO FM EF MB FOFSHÑB NFSDBEP &O DPOUSB FM EF 7*&/& %& 1¦(*/" "/5&3*03 7*&/& %& 1¦(*/" "/5&3*03

&/ $*'3"4 &/ $*'3"4

%JSFDUPS "STFOJP &TDPMBS

TJEBEFT Z MB UFDOPMPHÑB FTUÆO TJEBEFT Z MB UFDOPMPHÑB FTUÆO EBOEP VO HJSP B MPT DPODFQUPT EBOEP VO HJSP B MPT DPODFQUPT USBEJDJPOBMFT EF PGFSUB EF NBOEB Z DPOTVNP NBOEB Z DPOTVNP &DPOPNÑB DPMBCPSBUJWB "TÑ TF EFGJOF FM SFDJFOUF TJTUFNB TF EFGJOF FM SFDJFOUF TJTUFNB DVZPT FKFT EF BDUVBDJÖO TPO MB QBSUJDJQBDJÖO Z MB DPOGJBO[B QBSUJDJQBDJÖO Z MB DPOGJBO[B j4F USBUB EF MB WVFMUB BM DBQJ UBMJTNP USBEJDJPOBM FO FM RVF UBMJTNP USBEJDJPOBM FO FM RVF EPT QBSUFT JOUFSDBNCJBO MJCSF NFOUFx BGJSNB .BOVFM -ÖQF[ ;BGSB DPEJSFDUPS EFM .ÆTUFS FO %BUB 4DJFODF QBSB 'JOBO[BT EF %BUB 4DJFODF QBSB 'JOBO[BT EF 1"4" " 1¦(*/" 4*(6*&/5& 1"4" " 1¦(*/" 4*(6*&/5&

. &4 .*#0-4*--0 $POTVMUB MPT ÙMUJNPT $POTVMUB MPT ÙMUJNPT BSUÎDVMPT EF .J#PMTJMMP BSUÎDVMPT EF .J#PMTJMMP UBOUP FO WFSTJÓO POMJOF UBOUP FO WFSTJÓO POMJOF DPNP FO 1%' -B NFKPS JOGPSNBDJÓO FDPOÓNJDB TPCSF DPOTVNP BIPSSP Z GJTDBMJEBE FO VO DMJD

*"+ *"+ "+

TVCF MB QSPEVDUJWJEBE FO MBT FNQSFTBT DPO FGJDJFO DJB FOFSHÊUJDB FO TV JMV NJOBDJÓO TFHÙO FTUJNB -JHIUJOH &VSPQF

MB GBDUVSBDJÖO ZB TF SFGJFSF BM MB GBDUVSBDJÖO ZB TF SFGJFSF BM MFE DVBOEP FO TVQPOÑB FM Z IBDF BÕPT FM FM Z IBDF BÕPT FM j&TUBT DJGSBT TF EFCFO B MB CVFOB DPNVOJDBDJÖO RVF IBO UFOJEP MPT GBCSJDBOUFT DPO TVT DMJFOUFT QVFT IBO TBCJEP USBT MBEBS DPSSFDUBNFOUF MB JOGPS NBDJÖO TPCSF MB OPSNBUJWB Z TV FWPMVDJÖOx DPNFOUB #FS

0QPSUVOJEBE EF OFHPDJP QBSB H Q FNQSFOEFEPSFT FNQSFOEFEPSFT ●●● &M VTP EF UFDOPMPHÑB MFE IB BCJFSUP VOB MÑOFB EF OFHPDJP QBSB FNQSFOEFEP SFT &O MPT ÜMUJNPT BÕPT FT GÆDJM FODPOUSBS OVFWBT UJFO EBT EF FTUF UJQP EF JMVNJOB DJÖO FO CBSSJPT EF DVBMRVJFS DJVEBE &M QPUFODJBM EF DSF DJNJFOUP FT JNQPSUBOUF &O F &TQBÕB MB GBDUVSBDJÖO EF MPT GBCSJDBOUFT BMDBO[B FM M FO FM DBTP EFM MFE Z EFCF MMFHBS BM QBSB DVNQMJS &VSP DPO MBT FYJHFODJBT EF F&VSP QB "ÜO RVFEBO NVDIBT QB "ÜO RVFEBO NVDIBT CPNCJMMBT RVF DBNCJBS FO MPT IPHBSFT

HFT j-B VUJMJ[BDJÖO EFM MFE TV QPOF VO BIPSSP EF IBTUB FM DPO SFTQFDUP BM IBMÖHF OPx BÕBEF OPx BÕBEF .VDIPT IPHBSFT ZB IBO JOJ DJBEP FM DBNCJP 1FSP MB NFEJ EB EF MB 6OJÖO &VSPQFB JNQMJ DB UPEP UJQP EF JOTUBMBDJPOFT .VTFPT NPOVNFOUPT QBOF MFT EF QVCMJDJEBE BMVNCSB EPT EF DBMMFT FTUBEJPT EF GÜU CPM DPNVOJEBEFT EF WFDJOPT HSBOEFT FNQSFTBT QZNFT UF MFWJTPSFT FEJGJDJPT QÜCMJDPT IBTUB FO FM NFUSP TF VTBSÆ JMV NJOBDJÖO DPO UFDOPMPHÑB MFE NJOBDJÖO DPO UFDOPMPHÑB MFE &O FTUF TFOUJEP DBCF EFTUBDBS RVF .FUSP EF .BESJE FTUÆ QSPDFEJFOEP BM DBNCJP FO TVT JOTUBMBDJPOFT Z FTUJNB RVF FM DPOTVNP FOFSHÍUJDP TF SFEV DJSÆ B MB NJUBE VOB WF[ GJOB MJ[BEP j&M BIPSSP UPUBM FRVJ MJ[BEP j&M BIPSSP UPUBM FRVJ WBMF BM DPOTVNP BOVBM EF UP EPT MPT IPHBSFT EF VOB DJVEBE DPNP 4PSJBx DPNFOUB MB DPN QBÕÑB FO VO DPNVOJDBEP "M QBÕÑB FO VO DPNVOJDBEP "M GJOBM EF FTUF BÕP TF IBCSÆO JOTUBMBEP GMVPSFTDFO UFT FO MBT FTUBDJPOFT -B UFDOPMPHÑB MFE OP TF MJNJ UB B FTUB DMBTF EF FTQBDJPT $B 1"4" " 1¦(*/" 4*(6*&/5&

&EJUB .JOVUPT &EJUPSB 4 - &EJUB .JOVUPT &EJUPSB 4 - 1VCMJDJEBE )PSUFOTJB 'VFOUFT 1VCMJDJEBE )PSUFOTJB 'VFOUFT EJSFDUPSB HFOFSBM (BCSJFM EJSFDUPSB HFOFSBM (BCSJFM (PO[ÃMF[ EJSFDUPS .BESJE

(PO[ÃMF[ EJSFDUPS .BESJE

.FSDÍ #PSBTUFSP EJSFDUPSB .FSDÍ #PSBTUFSP EJSFDUPSB #BSDFMPOB Z 3PDÎP 0SUJ[ #BSDFMPOB Z 3PDÎP 0SUJ[ EJSFDUPSB "OEBMVDÎB

EJSFDUPSB "OEBMVDÎB

$PPSEJOBDJÓO Z 5SÃGJDP $PPSEJOBDJÓO Z 5SÃGJDP 3BGBFM .BSUÎO 3BGBFM .BSUÎO .BSLFUJOH .BSLFUJOH "MGPOTP 1ÊSF[ 5FJKFJSP 0QFSBDJPOFT 0QFSBDJPOFT )ÊDUPS .BSÎB #FOJUP 5 * +VBOKP "MPOTP +VBOKP "MPOTP "ENJOJTUSBDJÓO "ENJOJTUSBDJÓO -VJT 0ÒBUF -VJT 0ÒBUF .BESJE $POEFTB EF 7FOBEJUP .BESJE $POEFTB EF 7FOBEJUP .BESJE #BSDFMPOB 1MB[B 6OJWFSTJUBU #BSDFMPOB 1MB[B 6OJWFSTJUBU #BSDFMPOB 7BMFODJB 9ÃUJWB 7BMFODJB 7BMFODJB 9ÃUJWB 7BMFODJB "OEBMVDÎB 1MB[B EFM %VRVF "OEBMVDÎB 1MB[B EFM %VRVF 4FWJMMB

5FM 'BY 'BY NJOVUPTFEJUPSB! NJOVUPT FT NJOVUPTFEJUPSB! NJOVUPT FTT *NQSJNFO *NQSFTB /PSUF 4 - 6 *NQSJNFO *NQSFTB /PSUF 4 - 6 #FSNPOU F *OJDJBUJWBT #FSNPOU F *OJDJBUJWBT %FQÓTJUP -FHBM .

/& /&

EFM UJFNQP EF MBT QFSTP EFM UJFNQP EF MBT QFSTP OBT USBOTDVSSF FO TJUJPT OBT USBOTDVSSF FO TJUJPT DFSSBEPT EF BIÎ MB JNQPS UBODJB EF MB JMVNJOBDJÓO

(, , (,

NJMMPOFT EF MÃNQBSBT NJMMPOFT EF MÃNQBSBT CPNCJMMBT EF CBKP DPO TVNP GMVPSFTDFOUFT Z MFE SFUSPGJU TF SFDJDMBSPO FM QBTBEP BÒP

'& &¾¾

TF SFEVDF MB GBDUVSBEF MB TF SFEVDF MB GBDUVSB EF MB MV[ BM BÒP QPS DBEB CPNCJ MMB USBEJDJPOBM RVF TF TVT UJUVZB QPS UFDOPMPHÎB MFE TFHÙO DBMDVMB 1IJMJQT TFHÙO DBMDVMB 1IJMJQT

(&$&&& (&$&&& &&&&

NJMMPOFT GBDUVSÓ FM TFD NJMMPOFT GBDUVSÓ FM TFD UPS EF JMVNJOBDJÓO FVSP QFP FO -B DJGSB EF QFP FO -B DJGSB EF MPT GBCSJDBOUFT FTQBÒPMFT MMFHÓ B MPT NJMMPOFT

3FDSFBDJÖO EFM FTUBEJP EFM "UMÍUJDP EF .BESJE DPO JMVNJOBDJÖO MFE 4FSÆ FM QSJNFSP EFM NVOEP FO VTBS FTUB UFDOPMPHÑB 3FDSFBDJÖO EFM FTUBEJP EFM "UMÍUJDP EF .BESJE DPO JMVNJOBDJÖO MFE 4FSÆ FM QSJNFSP EFM NVOEP FO VTBS FTUB UFDOPMPHÑB S "3$)*70

g

)*4503*"4 $0/ '050

&M "UMFUJ HBOB H MB MJHB NVOEJBM H EF UFDOPMPHÑB

&M OVFWP FTUBEJP EFM "UMÍUJDP EF .BESJE FO GBTF EF DPOTUSVD DJÖO TFSÆ FM QSJNFSP EF MPT SF DJOUPT EF GÜUCPM EFM NVOEP FO VTBS UFDOPMPHÑB MFE FO MB UP UBMJEBE EF TVT JOTUBMBDJPOFT 1IJMJQT TFSÆ MB DPNQBÕÑB FODBS HBEB EF FGFDUVBS FM NPOUBKF UBM Z DPNP EJFSPO B DPOPDFS B QSJODJQJPT EF FTUF NFT &M PCKF UJWP FT DSFBS VOB jJNQSFTJÖO

EVSBEFSB B MPT WJTJUBOUFT UBO UP EFOUSP DPNP GVFSB EFM SFDJO UPx TFHÜO GVFOUFT EF 1IJMJQT &M TJTUFNB BCBSDBSÆ MB [POB EF KVFHP MB GBDIBEB MB DVCJFSUB Z MBT ÆSFBT WJQ -B DPNQBÕÑB BTFHVSB RVF DBNCJBSÆ MB GPSNB EF WFS FM QBSUJEP UBOUP FO EJSFD UP DPNP QPS UFMFWJTJÖO UP DPNP QPS UFMFWJTJÖO -B JMVNJOBDJÖO TFSÆ EJOÆNJ DB "TÑ FM DPMPS TF NPEJGJDBSÆ FO

MPT NPNFOUPT FO MPT RVF TF MPT NPNFOUPT FO MPT RVF TF NBSRVF VO HPM Z TF QSPZFDUBSÆO MPT DPMPSFT EF MPT FRVJQPT KV HBEPSFT 5BNCJÍO TF QSFQBSB SÆO FGFDUPT QBSB PDBTJPOFT FT QFDJBMFT 4PMP MB DVCJFSUB BMCFS HB NJMMPOFT EF UPOBMJEBEFT HB NJMMPOFT EF UPOBMJEBEFT &M BIPSSP FOFSHÍUJDP TFSÆ TV QFSJPS BM FO MBT [POBT QFSJPS BM FO MBT [POBT EPOEF TF FNQMFF MB JMVNJOB DJÖO NÆT FGJDJFOUF B. P. G. DJÖO NÆT FGJDJFOUF

LA MIA! ESTA ES

20MINUTOS S MIBOLSILLO Â&#x2030; +VFWFT EF PDUVCSF EF Â&#x2030; Â&#x2030;+VFWFT EF PDUVCSF EF Â&#x2030; 3

+VFWFT EF PDUVCSF EF ย 20MINUTOS +VFWFT EF PDUVCSF EF ย S MIBOLSILLO

4

9EDIKCE ;D;H=ร 7 -" $-"7& -" $-"7&

&M TFDUPS FTQBร PM EF MB JMVNJOBDJร O FO Q -PT GBCSJDBOUFT PCUVWJFSPO FM QBTBEP FKFSDJDJP VOB GBDUVSBDJร O DPOKVOUB TVQFSJPS B MPT NJMMPOFT RVF SFGMFKร VO DSFDJNJFO UP EF TPMP FM $BTJ MB NJUBE EFM JNQPSUF TF SFGJFSF BM BMVNCSBEP JOUFSJPS Uร DOJDP -BT FYQPSUBDJPOFT BVNFOUBSPO FM Facturaciรณn (Total: 1.260 millones de โ ฌ)

Exportaciรณn por รกreas geogrรกficas

63% 63 3% 3%

Alumbrado de interior tรฉcnico 502 Alumbrado pรบblico 293 Iluminaciรณn interio interiorr decorativa 167 iluminaciรณn Fuentes de ilumina aciรณn 158

13,5% 3,

Or riente Medio, Medioo, Oriente Paรญses Paรญses Pa รญ ร rabes ร rabes b s, s, ร rabes, Norte No orte dee ร fric ร frica c ca

Componentes 1135 35 Bรกculos Bรกc culos y columnas de alumbrado 25

13,5% 3,

Cuota de mercado de LEDS 51% 38% Resto Re esto de del eel mun mundo n ndo 7,3 3% 7,3%

19% 10%

2010

13%

2011

15%

2012

2013

2014

2015

Uniรณn รณ Euro Europea oopea 28 2 y res resto sto de Europ Europa pa

Latinoamรฉrica La atinoam m a mรฉrica 2,7 EE UU y Canadรก

'VFOUF "OGBMVN 'VFOUF "OGBMVN

7*&/& %& 1ยฆ(*/" "/5&3*03 7*&/& %& 1ยฆ(*/" "/5&3*03

-" $-"7&

-FDIVHBT UPNBUFT H ZQ Q Z QFQJOPT TBCSPTPT H HSBDJBT BM MFE 1IJMJQT SFVOJร FTUF Bร P B MPT NJOJTUSPT EF "HSJDVMUVSB EF MB 6& FO )PMBOEB QBSB NPT USBSMFT RVF MB VUJMJ[BDJร O EFM USBSMFT RVF MB VUJMJ[BDJร O EFM MFE FO MPT DVMUJWPT QFRVFร PT MFE FO MPT DVMUJWPT QFRVFร PT Z FO [POBT VSCBOBT DPOUSJ CVZF B VUJMJ[BS NFOPT BHVB QBSB FM SFHBEร P BQPSUB Nร T QBSB FM SFHBEร P BQPSUB Nร T WJUBNJOBT Z QVFEF BVNFO UBS FM TBCPS EF MFDIVHBT UP NBUFT Z QFQJOPT

1)*-*14

EB WF[ FTUร TJFOEP Nร T VUJMJ [BEB QPS FM TFDUPS BHSPBMJ NFOUBSJP TPCSF UPEP FO QF RVFร PT FTQBDJPT EF DVMUJWP RVFร PT FTQBDJPT EF DVMUJWP Z FO ร SFBT VSCBOBT Z FO ร SFBT VSCBOBT &TUF QSPDFTP EF USBOTGPSNB DJร O FO FM RVF FTUร O JONFSTPT UPEPT MPT QBร TFT NJFNCSPT EF MB 6OJร O &VSPQFB UJFOF JHVBM NFOUF TV FGFDUP OFHBUJWP -B $PNJTJร O SFDPOPDF RVF TFSร jJOFWJUBCMFx MB Qร SEJEB EF EF QVFTUPT EF USBCBKP FO MBT QMBO UBT EF GBCSJDBDJร O EF IBMร HF VOPT OPT RVF FTUJNB FO VOPT BVORVF jDPOGร Bx FO BVORVF jDPOGร Bx FO RVF QVFEBO TFS SFDJDMBEPT FO RVF QVFEBO TFS SFDJDMBEPT FO PUSBT Mร OFBT EF QSPEVDDJร O PUSBT Mร OFBT EF QSPEVDDJร O

j&WJEFOUFNFOUF TJ DBNCJB FM QSPEVDUP UBNCJร O TF USBOT GPSNB FM QSPDFTP EF GBCSJDB DJร O 1FSP DSFP RVF FT VOB NBOP EF PCSB RVF TF QPESร NBOP EF PCSB RVF TF QPESร BDPNPEBS B PUSB 4F MFT QPESร EBS DPCFSUVSB QPS PUSP MBEPx EBS DPCFSUVSB QPS PUSP MBEPx FYQMJDB "MGSFEP #FSHFT &O &T QBร B FM TFDUPS EF JMVNJOB DJร O HFOFSB VOPT QVFT UPT EF FNQMFP EJSFDUPT &O MB "TPDJBDJร O "OGBMVN FTUร O SF HJTUSBEBT DPNQBร ร BT RVF SFQSFTFOUBO FM EFM NFS DBEP OBDJPOBM -B FYQPSUB DJร O FTUร DSFDJFOEP EF GPSNB JNQPSUBOUF "Tร FO FM ร MUJNP JNQPSUBOUF "Tร FO FM ร MUJNP FKFSDJDJP MBT WFOUBT BM FYUFSJPS TVQVTJFSPO FM EF MB DJGSB UPUBM EF OFHPDJP Z MPT QBร TFT EF MB 6OJร O &VSPQFB GVFSPO EF MB 6OJร O &VSPQFB GVFSPO MPT QSJODJQBMFT EFTUJOBUBSJPT 1PS EFUSร T TF TJUร BO 0SJFOUF .FEJP Z FM OPSUF EF ยฉGSJDB -B UJOPBNร SJDB &TUBEPT 6OJEPT Z $BOBEร Z $BOBEร 5SBT VO CBMBODF ร QUJNP FM EJ SFDUPS EF "OGBMVN DPOTJEFSB RVF MPT GBCSJDBOUFT EFCFO QFO TBS FO FM GVUVSP Z jSFPSJFOUBS TBS FO FM GVUVSP Z jSFPSJFOUBS FM OFHPDJP IBDJB QSPEVDUPT RVF EFNVFTUSFO FM JODSFNFOUP EFM WBMPS RVF MB MV[ QPTFF FO MB TP DJFEBE BDUVBMx &O FTUF QSPDF TP EF DBNCJP MB FGJDJFODJB FGJDJFODJB FOFSHร UJDB RVF IB DBMBEP TVGJ DJFOUFNFOUF FO MB TPDJFEBE TF EFCF WFS TVQMFNFOUBEB QPS EFCF WFS TVQMFNFOUBEB QPS BMVNCSBEP QBSB MB TPTUFOJCJ MJEBE Z MV[ QBSB FM CJFOFTUBS MJEBE Z MV[ QBSB FM CJFOFTUBS &TUP UBNCJร O FTUร FO MB Mร OFB EF PQJOJร O EF MB BTPDJBDJร O FV SPQFB -JHIUJOH &VSPQF j%V SPQFB -JHIUJOH &VSPQF j%V SBOUF Nร T EF Bร PT MB FMFD USJDJEBE IB IFDIP QPTJCMF FT UVEJBS USBCBKBS Z WJWJS FO BMHร O MVHBS EF MB UJFSSB &O MBT SFDJFO UFT Eร DBEBT TF IBO SFBMJ[BEP UFT Eร DBEBT TF IBO SFBMJ[BEP NVDIPT FTGVFS[PT FODBNJOB EPT B SFEVDJS FM DPOTVNP FOFS Hร UJDP : FO MPT ร MUJNPT Bร PT FM Hร UJDP : FO MPT ร MUJNPT Bร PT FM EFTBSSPMMP EF OVFWPT TJTUFNBT EFTBSSPMMP EF OVFWPT TJTUFNBT EF MV[ IBO IFDIP QPTJCMF JO DSFNFOUBS MB DBMJEBE EF WJEB DSFNFOUBS MB DBMJEBE EF WJEB FO NVDIBT TJUVBDJPOFT EJB SJBTx TFร BMB FM PSHBOJTNP FO SJBTx TFร BMB FM PSHBOJTNP FO TV QMBO FTUSBUร HJDP QBSB TV QMBO FTUSBUร HJDP QBSB -JHIUJOH &VSPQF DBMDVMB RVF QBSB &VSPQB QSPEVDJSร

VOPT NJMMPOFT EF QJF[BT MFE BM Bร P GSFOUF B MBT BMHP NF OPT EF NJMMPOFT EF MB BD UVBMJEBE 4FHร O FTUB JOTUJUV DJร O MB JOEVTUSJB &VSPQFB FT Mร EFS FO FM NVOEP FO TJTUFNBT UFDOPMร HJDPT EF JMVNJOBDJร O -PT DPOTVNJEPSFT UJFOFO EJ GFSFOUFT PQDJPOFT EF MFE FO FM NFSDBEP DPO EJTUJOUPT EJ TFร PT Z QSFTUBDJPOFT -BT CPNCJMMBT QVFEFO TFSWJS DP NP GPDP QBSB VO DVBESP P VO FMFNFOUP EFDPSBUJWP P QBSB JMVNJOBS MBT IBCJUBDJPOFT DPO JMVNJOBS MBT IBCJUBDJPOFT DPO NBZPS P NFOPS JOUFOTJEBE %F GPSNB QBSBMFMB FTUร FM BIP

i5PEP EFQFOEF EF MPT QVOUPT EF MV[ QFSP FO QVOUPT EF MV[ QFSP FO EPT Bร PT TF QVFEF EPT Bร PT TF QVFEF BNPSUJ[BS FM HBTUP EF BNPSUJ[BS FM HBTUP EF DPNQSBS CPNCJMMBT MFEw ALFREDO BERGES %JSFDUPS HFOFSBM EF "OGBMVN

SSP EF DPTUF FO MB GBDUVSB EF SSP EF DPTUF FO MB GBDUVSB EF MB MV[ 1FSP B QFTBS EF UPEPT MPT FGFDUPT QPTJUJWPT RVF UJFOF MPT FGFDUPT QPTJUJWPT RVF UJFOF FTUF UJQP EF JMVNJOBDJร O MP DJFSUP FT RVF FYJTUF VO EFTDP OPDJNJFOUP BCTPMVUP QPS QBS UF EF MB TPDJFEBE " GJOBMFT EFM Bร P QBTBEP " GJOBMFT EFM Bร P QBTBEP $PO;VNP DPN UJFOEB POMJ OF RVF WFOEF BSUร DVMPT EF JN QSFTJร O FMBCPSร VO FTUVEJP QSFTJร O FMBCPSร VO FTUVEJP FO FM RVF DPODMVZร RVF FM EF MPT DPOTVNJEPSFT RVF FOUSFWJTUร EFTDPOPDร BO MB SFEVDDJร O EFM DPTUF RVF TVQPOF MB VUJMJ[BDJร O EF CPNCJMMBT MFE &TP Tร VOB WF[ CPNCJMMBT MFE &TP Tร VOB WF[ JOGPSNBEPT BM SFTQFDUP FM JOGPSNBEPT BM SFTQFDUP FM EJKP OP JNQPSUBSMF IBDFS EJKP OP JNQPSUBSMF IBDFS VO EFTFNCPMTP NBZPS RVF MPT TJTUFNBT USBEJDJPOBMFT TJ FTP FSB HBSBOUร B EF FNCPM TBSTF VOPT FVSPT 3FDVFSEF RVF MB VUJMJ[BDJร O EF MBT CPNCJMMBT MFE OP FT VOB PQDJร O MJCSF " QBSUJS EF TF SFUJSBSร O EFM NFSDBEP EF GPSNB EFGJOJUJWB MBT IBMร HFOBT &T FM NPNFOUP EF JS QSFQBSBO EP FM IPHBS

20MINUTOS S MIBOLSILLO +VFWFT EF PDUVCSF EF +VFWFT EF PDUVCSF EF

5

9EDIKCE ;D;H=Ë7

{{2VÍ UJQP EF NPEFMP EFCP FMFHJS QBSB BDFSUBS H FO BIPSSP Z QSFTUBDJÖO O

DFTJUB FO OVFTUSP IPHBS 1BSB DFTJUB FO OVFTUSP IPHBS 1BSB TBCFSMP FT NFKPS GJKBSTF FO MPT TBCFSMP FT NFKPS GJKBSTF FO MPT MÜNFOFT Z OP FO MPT WBUJPT MÜNFOFT Z OP FO MPT WBUJPT QVFTUP RVF VOB CPNCJMMB FT QVFTUP RVF VOB CPNCJMMB FT NÆT FGJDJFOUF DVBOEP FT DBQB[ EF EBS MB NJTNB DBOUJEBE EF EF EBS MB NJTNB DBOUJEBE EF MV[ MÜNFOFT DPO VOB NFOPS MV[ MÜNFOFT DPO VOB NFOPS QPUFODJB DPOTVNJEB WBUJPT

1PS FKFNQMP VOB CPNCJMMB EF 8 FRVJWBMESÑB B VOB EF MFE 8 FRVJWBMESÑB B VOB EF MFE EF MÜNFOFT EF MÜNFOFT

&M DBNCJP EF &M DBNCJP EF UFDOPMPHÑB SFRVJFSF VO NBZPS JOUFSÍT QPS QBSUF EFM DPOTVNJEPS Z MB BTJNJMBDJÖO EF Z MB BTJNJMBDJÖO EF OVFWPT UÍSNJOPT

TIPO DE COLOR

&/ '0504 &/ '0504

$VBUSP QJTUBT TPCSF MB OVFWB JMVNJOBDJÓO Q 1

2

BEATRIZ P. GALDÓN 1/%! NJOVUPT FT ! N.J#PMTJMMP

&YJTUFO NVMUJUVE EF NPEF MPT MPT IBZ EF UPEPT MPT UBNB ÕPT Z MP NÆT JOUFSFTBOUF UBNCJÍO IBZ VOB HSBO EJGF SFODJB FO QSFDJPT -BT CPNCJ MMBT MFE IBZ RVF FMFHJSMBT B DPODJFODJB BUFOEJFOEP B MBT OFDFTJEBEFT EF DBEB IPHBS OFDFTJEBEFT EF DBEB IPHBS Z B MB EFDPSBDJÖO 5PEP EF CF DVNQMJS DPO MPT PCKFUJWPT CF DVNQMJS DPO MPT PCKFUJWPT CÆTJDPT RVF TVQPOF FM VTP EF CÆTJDPT RVF TVQPOF FM VTP EF FTUB UFDOPMPHÑB FGJDJFODJB FTUB UFDOPMPHÑB FGJDJFODJB BIPSSP Z DPOGPSU BIPSSP Z DPOGPSU 5BNCJÍO SFRVJFSF GBNJMJBSJ [BSOPT DPO OVFWPT DPODFQUPT [BSOPT DPO OVFWPT DPODFQUPT DPNP MÜNFOFT RVF FT MB DBO UJEBE EF MV[ FNJUJEB QPS TF HVOEP HSBEPT ,FMWJO RVF HVOEP HSBEPT ,FMWJO RVF NJEFO MB UFNQFSBUVSB RVF NJEFO MB UFNQFSBUVSB RVF FNJUF MB CPNCJMMB FGJDBDJB MV NÑOJDB RVF SFGJFSF MB FOFSHÑB DPOTVNJEB JMVNJOBODJB RVF DPOTVNJEB JMVNJOBODJB RVF JOGPSNB TPCSF MB JOUFOTJEBE JOGPSNB TPCSF MB JOUFOTJEBE EF MB MV[ P FM ÑOEJDF EF SFQSP EVDDJÖO DSPNÆUJDB EVDDJÖO DSPNÆUJDB `0KP DPO MBT JNJUBDJPOFT RVF FTUÆO QSPMJGFSBOEP FO NV DIPT MVHBSFT EF &TQBÕB &M SF TVMUBEP OP FT FM NJTNP TVMUBEP OP FT FM NJTNP GESTIONAR LA ILUMINACIÓN

-B "TPDJBDJÖO &TQBÕPMB EF MB -B "TPDJBDJÖO &TQBÕPMB EF MB *OEVTUSJB EFM -&% IB FMBCPSB EP VOB HVÑB QBSB GBDJMJUBS BM EP VOB HVÑB QBSB GBDJMJUBS BM DPOTVNJEPS MB TFMFDDJÖO EF DPOTVNJEPS MB TFMFDDJÖO EF CPNCJMMBT &O FMMB SFDPHF RVF CPNCJMMBT &O FMMB SFDPHF RVF MP QSJNFSP B UFOFS FO DVFOUB FT MP QSJNFSP B UFOFS FO DVFOUB FT QMBOUFBSTF DVÆOUB MV[ TF OF

%F DÆMJEP B GSÑP -B HBNB EF DP MPSFT FYQSFTBEB QPS MB UFNQF SBUVSB EFM DPMPS Z FO HSBEPT ,FM WJO , FT FYUFOTB Z PTDJMB FO B USF MPT , Z MPT , USF MPT , Z MPT , 6OB MV[ DPO UFNQFSBUVSBT 6OB MV[ DPO UFNQFSBUVSBT EF DPMPS CBKBT FT NÆT SFMBKBO UF "M DPOUSBSJP SFTVMUBSÑB JEÖ OFB QBSB NFKPSBS MB DPODFO USBDJÖO Z FM SFOEJNJFOUP QPS UBOUP JEFBM QBSB [POBT EF USB CBKP 1BSB FM DPNFEPS TFSÑB SF DPNFOEBCMF VUJMJ[BS , DPNFOEBCMF VUJMJ[BS , FO MB DPDJOB , Z FO MB DPDJOB , Z , , QBSB FM EPSNJUPSJP DISTRIBUCIÓN DE LA LUZ

&GJDJFODJB &M QPSUBM 4PTUFOJCJMJEBE QBSB 5PEPT EF "DDJPOB JOEJDB RVF DVBOUB NÃT EFOTJEBE UFOHB DVBOUB NÃT EFOTJEBE UFOHB FM NBUFSJBM BDUJWP EF MB CPN CJMMB MFE NÃT FGJDJFOUF Z NÃT CJMMB MFE NÃT FGJDJFOUF Z NÃT DBSB QVFEF SFTVMUBS FO QSFDJP

%JTFÒP %F FTQJSBM UVCP FTUÃOEBS EFDPSBUJWB DPO GPSNB EF EFDPSBUJWB DPO GPSNB EF HMPCP P EF WFMB 4FHÙO HMPCP P EF WFMB 4FHÙO -FSPZ .FSMJO MB FMFDDJÓO FT NÃT VOB DVFTUJÓO EF FTUÊUJ DB Z EFM UJQP EF MÃNQBSB

3

4

" MB IPSB EF TVTUJUVJS CPNCJ MMBT EJSFDDJPOBMFT DPNP MBT IBMÖHFOBT IB EF UFOFS FO DVFOUB FM HSBEP EF BQFSUVSB DVFOUB FM HSBEP EF BQFSUVSB EFM EJTQPTJUJWP MFE QBSB BTF HVSBS RVF MB EJTUSJCVDJÖO FT MB RVF RVFSFNPT &M ÆOHVMP MB RVF RVFSFNPT &M ÆOHVMP QVFEF WBSJBS EFTEF MPT B QVFEF WBSJBS EFTEF MPT B MPT HSBEPT -B QSJNFSB DPOTFHVJSÆ VO FGFDUP EF VO DPOTFHVJSÆ VO FGFDUP EF VO GPDP GPDP LA FORMA DEL CASQUILLO

$BTJ FT MP QSJNFSP RVF TF EFCF $BTJ FT MP QSJNFSP RVF TF EFCF NJSBS BOUFT EF DPNQSBS 4F USB UB EFM UJQP EF DPOFYJÖO )BZ RVF UFOFS FO DVFOUB FM UJQP EF RVF UFOFS FO DVFOUB FM UJQP EF DBTRVJMMP RVF TF SFRVJFSF DPO GPSNF TFB MB MÆNQBSB GPSNF TFB MB MÆNQBSB TIEMPO DE EFICIENCIA

.FEJP "NCJFOUF -PT EJTQPTJUJWPT MFE OP VUJMJ [BO NFSDVSJP FO TVT NBUFSJB MFT 1PS UBOUP SFTVMUBO NF OPT DPOUBNJOBOUFT QBSB FM NFEJP BNCJFOUF Z NFOPT QF MJHSPTPT QBSB MBT QFSTPOBT

1SFDJP 1SFDJP "ERVJSJS VOB CPNCJMMB MFE "ERVJSJS VOB CPNCJMMB MFE QVFEF SFTVMUBS FOUSF VO Z VO NÃT DBSP 4JO FN CBSHP IBZ RVF UFOFS FO CBSHP IBZ RVF UFOFS FO DVFOUB FM BIPSSP FO MB GBDUVSB DVFOUB FM BIPSSP FO MB GBDUVSB EF MB MV[ Z TV EVSBCJMJEBE

&O FM FUJRVFUBEP UBNCJÍO QP EFNPT NJSBS MB EVSBCJMJEBE EFNPT NJSBS MB EVSBCJMJEBE FTUJNBEB EF MB CPNCJMMB FT EFDJS MBT IPSBT EF FNJTJÖO EF EFDJS MBT IPSBT EF FNJTJÖO EF MV[ QSFWJTUBT Z RVF OPT FWJUB SÆO DPNQSBS PUSB IBTUB FO UPODFT DPO FM DPOTJHVJFOUF UPODFT DPO FM DPOTJHVJFOUF BIPSSP RVF TVQPOESÑB 1VF EF PTDJMBS FOUSF MBT Z IPSBT 4JHOJGJDB FOUSF Z WFDFT NÆT RVF MBT IB MÖHFOBT ● MÖHFOBT

E r <?HC7 ?DL?J7:7 7:7 6O DBNCJP OBUVSBM Z QBSB IBDFSMP DPO DBMNB QBSB IBDFSMP DPO DBMNB

1FESP 'VFOUFT 3PMMÖO 1SFTJEFOUF EF MB "TPDJBDJÖO &TQBÕPMB EF MB *OEVTUSJB EFM -&% "/*-&%

B

B JMVNJOBDJÖO MFE FT ZB VOB SFBMJEBE QSFQBSBEB QBSB UPEPT MPT IPHBSFT FVSPQFPT -B MV[ IBMÖHFOB IB -B MV[ IBMÖHFOB IB DPNFO[BEP TV QSPHSFTJWB SFUJSBEB IBTUB FM SFUJSBEB IBTUB FM NPNFOUP FO FM DVBM EFKBSÆ EF GBCSJDBSTF Z EF WFOEFSTF EFGJOJUJWBNFOUF WFOEFSTF EFGJOJUJWBNFOUF -B EJGFSFODJB EF QSFDJPT FYJTUFOUF FOUSF VOB CPNCJMMB IBMÖHFOB Z TV DPNQBSBCMF MFE FT OVMB QVFTUP RVF TF EFCF UFOFS FO DVFOUB RVF FTUB ÜMUJNB EVSB WFDFT NÆT &M EVSB WFDFT NÆT &M DPOTVNJEPS RVF CVTDB DPOTVNJEPS RVF CVTDB SFEVDJS MB GBDUVSB EF MB MV[ SFEVDJS MB GBDUVSB EF MB MV[ EF TV DBTB EFCF BTVNJS EF TV DBTB EFCF BTVNJS FTUB TJUVBDJÖO DPNP VOB FTUB TJUVBDJÖO DPNP VOB FMFDDJÖO OBUVSBM " MB IPSB EF TVTUJUVJS VOB CPNCJMMB EF TVTUJUVJS VOB CPNCJMMB FO TV EPNJDJMJP EFCF FO TV EPNJDJMJP EFCF PQUBS QPS BRVFMMB RVF MF EÍ NFKPSFT SFTVMUBEPT Z FTUB FT DMBSBNFOUF MB EF UFDOPMPHÑB MFE %FCFNPT BDPTUVNCSBS OPT B WFS MBT DBSBDUFSÑTUJ DBT EF VOB NBOFSB EJGFSFOUF $VBOEP BOUFT B MB IPSB EF BERVJSJS VOB CPNCJMMB IBMÖHFOB TF CPNCJMMB IBMÖHFOB TF NJSBCB MB QPUFODJB BIPSB IBZ RVF NJSBS MPT MÜNF OFT &M DPMPS EF MB MV[ OFT &M DPMPS EF MB MV[ UBNCJÍO FT JNQPSUBOUF

BVO DVBOEP MP NÆT WFOUBKPTP FT FM DPMPS CMBODP GSÑP IBZ RVJFO UPEBWÑB EFDPSB DPO MV[ Z OFDFTJUB DPMPSFT NÆT OFDFTJUB DPMPSFT NÆT DÆMJEPT -P NÆT JNQPSUBOUF FT OP RVFSFS IBDFSMP UPEP EF HPMQF 3FTVMUB QPDP SFOUBCMF TVTUJUVJS VOB CPNCJMMB EF 8 GVODJP OBOEP FO VO MBWBCP EF TFSWJDJP RVF BQFOBT TF TFSWJDJP RVF BQFOBT TF VTB VOB WF[ RVF PUSB BTÑ DPNP FT NVZ SFOUBCMF DBNCJBS MBT CPNCJMMBT EF DBNCJBS MBT CPNCJMMBT EF MB DPDJOB Z MBT EFM TBMÖO RVF TF VUJMJ[BO WBSJBT IPSBT UPEPT MPT EÑBT EFM BÕP $PNP FKFNQMP VOPT OÜNFSPT SÆQJEPT VOB CPNCJMMB IBMÖHFOB EF CPNCJMMB IBMÖHFOB EF 8 GVODJPOBOEP IPSBT 8 GVODJPOBOEP IPSBT EJBSJBT DPOTVNF L8I BM BÕP NÆT P NFOPT

3FTVMUB QPDP SFOUBCMF TVTUJUVJS CPNCJMMBT EF IBCJUBDJPOFT RVF BQFOBT TF VTBO -P NÆT WFOUBKPTP FT FM CMBODP GSÑP QFSP RVJFO EFDPSB DPO MV[ OFDFTJUB DPMPSFT NÆT DÆMJEPT FVSPT B MP MBSHP EF VO BÕP 6OB CPNCJMMB MFE EF 8 6OB CPNCJMMB MFE EF 8 VTÆOEPTF FM NJTNP QFSJPEP EF UJFNQP DPOTVNF TPMP L8I BM BÕP `$BTJ FVSPT NFOPT BÕP `$BTJ FVSPT NFOPT DBEB NFTFT 4J MB DBEB NFTFT 4J MB CPNCJMMB MFE DVFTUB CPNCJMMB MFE DVFTUB NFOPT EF FVSPT MB FMFDDJÖO QBSB FM DPOTVNJ EPS FTUBSÑB DMBSB {OP

+VFWFT EF PDUVCSF EF 20MINUTOS +VFWFT EF PDUVCSF EF S MIBOLSILLO

6

;DJH;L?IJ7 i)BZ FNQSFTBT WJBCMFT Z DPO QSPZFDUPT RVF IBO TPMJDJUBEP VO QSÊTUBNP TJO ÊYJUPw

j/VFTUSP TJTUFNB B E H EF HBSBOUÑBT BZVEB Ñ Z E B DVBMRVJFS BVUÖOPNP B R PCUFOFS GJOBODJBDJÖOx

i5FOFNPT DBQBDJEBE QBSB BQSPCBS NVDIBT NÃT PQFSBDJPOFT EF MBT RVF OPT MMFHBOw i-PT CBODPT RVJFSFO EBS i-PT CBODPT RVJFSFO EBS DSÊEJUPT QFSP TV NBSHFO EF NBOJPCSB FT FTUSFDIP QPS MB TPMWFODJB FYJHJEBw

+PTÍ 3PMBOEP 1SFTJEFOUF EF MB $POGF EFSBDJÖO &TQBÕPMB EF 4PDJFEBEFT EF (BSBOUÑB 3FDÑQSPDB 4(3 $FTHBS

TJHVF FO VOBT DPOEJDJPOFT NVZ EFTGBWPSBCMFT EFTGBWPSBCMFT -PT CBODPT RVJFSFO EBS DSÍEJ UPT QFSP TV NBSHFO EF NBOJP CSB FT NVDIP NÆT QFRVFÕP QPS MBT FYJHFODJBT EFM #$& MBT FYJHFODJBT EFM #$&

DJFSP F JONPCJMJBSJP FM SJFTHP WB MÑB DFSP &T EFDJS MPT CBODPT EB CBO DSÍEJUP JMJNJUBEP B UPEP FM NVOEP FOUPODFT MBT 4(3 ÍSB NPT NFOPT OFDFTBSJBT -B DSJTJT IB IFDIP RVF TF SF QMBOUFF FM DSJUFSJP EF SJFTHP EF QMBOUFF FM DSJUFSJP EF SJFTHP EF MPT CBODPT &TP OP JNQJEF RVF MBT BENJOJTUSBDJPOFT QÜCMJDBT MBT BENJOJTUSBDJPOFT QÜCMJDBT KVOUP DPO FOUJEBEFT QSJWBEBT KVOUP DPO FOUJEBEFT QSJWBEBT P FOUJEBEFT QÜCMJDP QSJWBEBT P FOUJEBEFT QÜCMJDP QSJWBEBT DPNP FM TJTUFNB OBDJPOBM EF HB SBOUÑBT USBCBKFO Z IBHBO RVF SBOUÑBT USBCBKFO Z IBHBO RVF MBT BDUJWJEBEFT FNQSFTBSJBMFT MBT BDUJWJEBEFT FNQSFTBSJBMFT DPOTJHBO VO BWBM

z$VÃOUBT FNQSFTBT QVFEFO FT UBS FO SJFTHP QPS GBMUB EF DPO DFTJÓO EF QSÊTUBNPT BEATRIZ P. GALDÓN 1/%! NJOVUPT FT ! N.J#PMTJMMP

.BZPS WJTJCJMJEBE EJHJUBMJ[B DJÖO F JONFEJBUF[ FO FM TFSWJDJP DJÖO F JONFEJBUF[ FO FM TFSWJDJP 4PO MBT QSFNJTBT RVF UJFOF MB $POGFEFSBDJÖO &TQBÕPMB EF 4P DJFEBEFT EF (BSBOUÑB 3FDÑQSP DB RVF QSFTJEF +PTÍ 3PMBOEP DB RVF QSFTJEF +PTÍ 3PMBOEP QBSB BZVEBS B MB QZNF B DPO TFHVJS GJOBODJBDJÖO

z$ÓNP FTUÃ WJWJFOEP MB QZNF MB TJUVBDJÓO EF JODFSUJEVNCSF QP MÎUJDB EF &TQBÒB &WJEFOUFNFOUF MB TJUVBDJÖO BD UVBM FTUÆ DSFBOEP JODFSUJEVN CSF FDPOÖNJDB -BT QFRVFÕBT FNQSFTBT MPT BVUÖOPNPT OF DFTJUBO TBCFS DVÆM WB B TFS FM FO UPSOP MBCPSBM P GJTDBM RVF TF WBO B FODPOUSBS EFOUSP EF VOPT NF TFT )BZ QSPQVFTUBT QPMÑUJDBT TFT )BZ QSPQVFTUBT QPMÑUJDBT RVF SFDPHFO MB EFSPHBDJÖO EF MB SFGPSNB MBCPSBM P FM BVNFOUP SFGPSNB MBCPSBM P FM BVNFOUP EF JNQVFTUPT B MBT FNQSFTBT &M OÜNFSP EF QBSBEPT FTUÆ TV CJFOEP Z DSFP RVF FO MPT QSÖ YJNPT NFTFT WB B IBCFS DJGSBT YJNPT NFTFT WB B IBCFS DJGSBT QSFPDVQBOUFT -B JOWFSTJÖO FT UÆ QBSBEB UÆ QBSBEB

z1PS RVÊ FM BDDFTP B MB GJOBODJB DJÓO TJHVF TJFOEP VOP EF MPT QSJODJQBMFT QSPCMFNBT &M QSPCMFNB FT MB SFHVMBDJÖO &M #BODP $FOUSBM &VSPQFP FTUÆ #BODP $FOUSBM &VSPQFP FTUÆ FMFWBOEP MBT OFDFTJEBEFT EF DB QJUBM EF MPT CBODPT Z FYJHJÍOEP MFT VOB NBZPS TPMWFODJB Z RVF FM SBUJOH DSFEJUJDJP EF MB DBS H UFSB TFB NÆT BMUP 4J FM PSHBOJT NP JODSFNFOUB MPT SFRVJTJUPT EF TPMWFODJB MÖHJDBNFOUF RVF EBO DFOUFOBSFT EF NJMFT EF BD UJWJEBEFT FNQSFTBSJBMFT WJBCMFT RVF DSFBO FNQMFP FO OVFTUSP RVF DSFBO FNQMFP FO OVFTUSP QBÑT TJO BDDFTP BM DSÍEJUP &TUF FT FM NPUJWP EF RVF FTUÍ JODSFNFOUÆOEPTF MB EVBMJEBE JODSFNFOUÆOEPTF MB EVBMJEBE MB FNQSFTB HSBOEF MB RVF UJFOF VO CVFO SBUJOH RVF PCUJFOF MB VO CVFO SBUJOH H RVF PCUJFOF MB GJOBODJBDJÖO RVF RVJFSF B VO GJOBODJBDJÖO RVF RVJFSF B VO QSFDJP IJTUÖSJDBNFOUF CBKP Z MB NÆT QFRVFÕB DPO QFPS DB MJGJDBDJÖO RVF EJSFDUBNFOUF OP PCUJFOF FM QSÍTUBNP P MP DPO

)BZ VOBT FNQSFTBT RVF OP UJFOFO BDDFTP BM DSÍEJUP RVF OP UJFOFO BDDFTP BM DSÍEJUP QFTF B RVF UJFOFO VO QSPZFDUP EF JOWFSTJÖO Z TPO WJBCMFT $P NP DPOTFDVFODJB FM FNQMFP FO OVFTUSP QBÑT FTUÆ DSFDJFOEP OVFTUSP QBÑT FTUÆ DSFDJFOEP NÆT EFTQBDJP EF MP RVF MB FDP OPNÑB OPT QFSNJUJSÆ 4JO JOWFS TJÖO OP IBZ FNQMFP /P EFCFNPT PMWJEBS RVF FO /P EFCFNPT PMWJEBS RVF FO &TQBÕB IBZ NÆT EF &TQBÕB IBZ NÆT EF FNQSFTBT DPO NFOPT EF USB CBKBEPSFT DPO EJGJDVMUBEFT NVZ HSBWFT QBSB BDDFEFS BM DSÍEJUP

z2VÊ UJQP EF JOUFSÊT Z EF QMB[PT TF DPOTJHVF QBSB FM DSÊEJUPP 4JO EVEB FT NÆT CBSBUP QPSRVF FM CBODP OP UJFOF SJFTHP 4J MB QZNF OP QBHB SFTQPOEFNPT QZNF OP QBHB SFTQPOEFNPT OPTPUSPT $PNP FTUP FT BTÑ TP MJDJUBNPT B MBT FOUJEBEFT RVF MJDJUBNPT B MBT FOUJEBEFT RVF CBKFO ESÆTUJDBNFOUF MPT DPTUFT -B EJGFSFODJB SFBM FT RVF TJO HB SBOUÑBT OP TF PCUJFOF DSÍEJUP B OJOHÜO QSFDJP OJOHÜO QSFDJP 6OB QZNF IPZ TF QVFEF FTUBS GJOBODJBOEP DPO VO UJQP EF JO UFSÍT TPCSF FM Z DPO OPTP USPT FM UJQP SFBM QVFEF FTUBS BM SFEFEPS EFM &O DVBOUP B SFEFEPS EFM &O DVBOUP B QMB[PT MB PQFSBDJÖO NFEJB EFM TJTUFNB EF HBSBOUÑBT FO &TQBÕB TPO FVSPT B BÕPT 1BSB NVDIBT FNQSFTBT MP WFS EBEFSBNFOUF JNQPSUBOUF FT FM QMB[P QPSRVF IBZ OFHPDJPT RVF OP HFOFSBO FM DBTI GMPX OFDFTB OP HFOFSBO FM DBTI GMPXOFDFTB X SJP FO QFSJPEPT DPSUPT

-BT TPDJFEBEFT EF HBSBOUÎB SF DÎQSPDB TPO VOB WÎB EF TPMV DJÓO EFTEF IBDF UJFNQP Z TJO FNCBSHP OP UFSNJOBO EF DP OPDFSTF 4JO EVEB OPT IB GBMUBEP WJTJCJ MJEBE MJEBE

z4F FTUÃ IBDJFOEP BMHP QBSB z4F FTUÃ IBDJFOEP BMHP QBSB NFKPSBSMB &O QPDP UJFNQP WBNPT B MBO[BS VOB DBNQBÕB B OJWFM OBDJPOBM DPO BMHVOBT OPWFEBEFT /P OPT VTBO NÆT QPSRVF OP OPT DPOP DFO Z FT JNQPSUBOUF GPNFOUBS FTUF BTQFDUP FTUF BTQFDUP z2VÊ OPWFEBEFT TPO 7BNPT B MBO[BS VO QSPEVDUP ÜOJDP DPOKVOUP QBSB QFRVFÕBT FNQSFTBT Z BVUÖOPNPT JOEF QFOEJFOUFNFOUF EF MB DPNVOJ EBE B MB RVF QFSUFOF[DBO EBE B MB RVF QFSUFOF[DBO "EFNÆT MPT USÆNJUFT TF WBO B HFTUJPOBS FO QMB[PT JOGFSJPSFT B VOB TFNBOB oFM NÆT QFRVFÕP VOB TFNBOB oFM NÆT QFRVFÕP FO IPSBTo Z TF WB B QPEFS IB DFS QPS JOUFSOFU &O FM NVOEP DFS QPS JOUFSOFU &O FM NVOEP EJHJUBM OP QPEFNPT TFHVJS TJFO EP BOBMÖHJDPT 5FOFNPT RVF BEBQUBSOPT BM NPNFOUP Z GB DJMJUBS B OVFTUSBT QZNFT FM QSP DFTP FOUSF PUSBT DPTBT QPSRVF QFSEFSÑBNPT B MPT FNQSFTBSJPT KÖWFOFT RVF TPMP TF FOUJFOEFO ADPO TV CBODP B USBWÍT EF NF EJPT UFDOPMÖHJDPT z2VÊ PGSFDF MB 4(3 B MB QZNF &M TJTUFNB OBDJPOBM EF HBSBO UÑBT FT NVUVBMJTUB OP TPNPT VO CBODP Z OP UFOFNPT ÆOJNP EF MVDSP &T VOB QBSUF EF MB TPMV DJÖO B DVCSJS FTBT EFNBOEBT EF

z2VÊ QBTPT TF EFCFO TFHVJS QBSB DPOTFHVJS VO BWBM

+PTÍ 3PMBOEP QSFTJEFOUF EF 4(3 $FTHBS +PTÍ 3PMBOEP QSFTJEFOUF EF 4(3 $FTHBS

#*0

+PTÊ 3PMBOEP +PTÊ 3PMBOEP -FPOÊT EF OBDJNJFOUP Z WBMMJTPMFUBOP QPS WPDBDJÓO Z USBZFDUPSJB +PTÊ 3PMBO EP ¦MWBSF[ QSFTJEF MB $PO GFEFSBDJÓO &TQBÒPMB EF GFEFSBDJÓO &TQBÒPMB EF 4PDJFEBEFT EF (BSBOUÎB 3FDÎQSPDB 4(3 $FTHBS

EFTEF F *CFSBWBM EFTEF KVOJP EF EFTEF KVOJP EF 5BNCJÊO TF FODVFOUSB BM GSFOUF EFM (SVQP /PSUF GSFOUF EFM (SVQP /PSUF EFTEF IBDF EPT EÊDBEBT

GJOBODJBDJÖO EF MPT QFRVFÕPT FNQSFTBSJPT $POUBNPT DPO GPOEPT QÜCMJDPT RVF OPT BZV EBO B UFOFS VOB TPMWFODJB DFS DBOB BM oDVBOEP MB NFEJB EF MPT CBODPT FT EFM o Z RVF EF MPT CBODPT FT EFM o Z RVF IBDFO QPTJCMF RVF QPEBNPT PUPSHBS BWBMFT NVZ TPMWFOUFT B FTBT QZNFT RVF OP UJFOFO HB SBOUÑBT QBSB JS B VO CBODP Z TP MJDJUBS GJOBODJBDJÖO MJDJUBS GJOBODJBDJÖO

&O PUSPT QBÎTFT IBZ VO NBZPS DPOPDJNJFOUP Z EFNBOEB EF DPOPDJNJFOUP Z EFNBOEB EF FTUF UJQP EF TFSWJDJP -BT 4(3 FTUÆO NVZ EFTBSSP MMBEBT FO MPT QBÑTFT DPO NFS DBEPT GJOBODJFSPT NÆT JNQFS GFDUPT &TUP UJFOF TFOUJEP 1PS

+03(& 1"3±4

FKFNQMP FO *CFSPBNÍSJDB IBZ VOB EFNBOEB NBZPS RVF FO &VSPQB QPSRVF BMMÑ MB PCUFODJÖO EFM DSÍEJUP BÜO FT NÆT EJGÑDJM 4F IBO DSFBEP TPDJFEBEFT BQPZB EBT EJSFDUBNFOUF QPS MPT SFT QFDUJWPT HPCJFSOPT &O 1PSUVHBM FM TJTUFNB OBDJP OBM EF HBSBOUÑBT FT WFDFT TV QFSJPS QPS UBNBÕP BM FTQBÕPM DVBOEP MB FDPOPNÑB FT WFDFT JOGFSJPS &O "MFNBOJB "VTUSJB F *UBMJB UBNCJÍO GVODJPOBO CBT UBOUF CJFO BVORVF DSFP RVF OP BM OJWFM OFDFTBSJP

z)B IBCJEP VO BOUFT Z VO EFT QVÊT EF MB DSJTJT FO MBT 4(3 4Ñ &O MB ÍQPDB EFM CPPN GJOBO

&T NVZ TFODJMMP &O DVBMRVJFS CVTDBEPS EF JOUFSOFU TF UFDMFB TPDJFEBE EF HBSBOUÑB Z BQBSFDF SÆ VO MJTUBEP EF FOUJEBEFT SF QBSUJEBT QPS UPEB &TQBÕB Z DPO WBSJBT PGJDJOBT RVF FM DMJFOUF FO DPOUSBSÆ B NFOPT EF VOB IPSB EF EPOEF TF FODVFOUSF

z: RVÊ DPTUF TVQPOF PCUFOFS FTUB HBSBOUÎB &M DPTUF UPUBM JODMVJEB MB DP NJTJÖO EF BWBM FTUBSÆ FOUSF FM Z EFM JNQPSUF EF MB GJOBO DJBDJÖO )BZ PUSB BQPSUBDJÖO RVF UJFOF RVF IBDFS DPNP TPDJP QPSRVF TPNPT NVUVBMJTUBT QB SB DPOUSJCVJS BM DBQJUBM TPDJBM SB DPOUSJCVJS BM DBQJUBM TPDJBM NJFOUSBT RVF EVSB TV QSÍTUB NP VOB WF[ RVF GJOBMJ[B MP QVF EF SFUJSBS BVORVF MB NBZPSÑB TF RVFEB QBSB GVUVSBT OFDFTJEB EFT EF GJOBODJBDJÖO Z QBSB BQP ZBS B PUSPT FNQSFTBSJPT

20MINUTOS S MIBOLSILLO +VFWFT EF PDUVCSF EF +VFWFT EF PDUVCSF EF

7

;DJH;L?IJ7 z2VÊ QFSGJM UJFOFO MBT DPNQB ÒÎBT RVF BDVEFO B FTUF UJQP EF TPDJFEBEFT -B JONFOTB NBZPSÑB TPO DPN QBÕÑBT EF NFOPT EF DJODP FN QMFBEPT BVUÖOPNPT Z KÖWFOFT QMFBEPT BVUÖOPNPT Z KÖWFOFT FNQSFOEFEPSFT DPO CVFOBT FNQSFOEFEPSFT DPO CVFOBT JEFBT : B OJWFM TFDUPSJBM EFTUB DB TFSWJDJPT

TUBSU VQ OFHPDJPT MBT TUBSU VQ i&O MPT QSÓYJNPT NFTFT OFHPDJPT MBT WBNPT B DPOPDFS DJGSBT 4Ñ FTUBNPT BCJFSUPT B DVBMRVJFS UJQP EF OFHPDJP WJBCMF 5FOF EF EFTFNQMFP EF EFTFNQMFP z2VÊ OÙNFSP EF TPMJDJUVEFT QSFPDVQBOUFTw NPT MÑOFBT FTQFDÑGJDBT QBSB KÖ QSFPDVQBOUFTw

SBDJÖO BQSPCBEB FO &TQBÕB PC UFOFS VO BWBM FO -JNB QPS QPS FKFNQMP

-" $-"7& -" $-"7&

&O BQPZP B MB QZNF QPS UPEP FM QBÎT &O BQPZP B MB QZNF QPS UPEP FM QBÎT Q Z QZ Q Q

TF BENJUFO Z SFDIB[BO &O &TQBÒB IBZ TPDJFEBEFT EF HBSBOUÎB SFDÎQSPDB SFQBSUJ EBT QPS UPEP FM UFSSJUPSJP OBDJPOBM B MBT RVF QVFEF BDDFEFS DVBMRVJFS QZNF &M EF MPT BWBMFT DPODFEJEPT FO GVF QBSB FNQSFTBT EF NFOPT EF USBCBKBEPSFT

"QSPCBNPT TPCSF FM EF MBT QFUJDJPOFT -P QSJNFSP RVF NJ SBNPT FT TJ MB BDUJWJEBE FT WJB CMF Z EFTQVÍT MBT HBSBOUÑBT CMF Z EFTQVÍT MBT HBSBOUÑBT &O FM QSJNFS TFNFTUSF EF FTUF BÕP IFNPT IFDIP NJMMPOFT FO PQFSBDJPOFT VO NÆT RVF FO NÆT RVF FO / /VFTUSP QSPCMFNB BIPSB FT EF EFNBOEB 5FOFNPT DBQBDJEBE QBSB BQSPCBS NÆT PQFSBDJPOFT

z2VÊ MÎOFBT TF DVCSFO $VCSJNPT UPEP FM ÆNCJUP EF OF DFTJEBEFT GJOBODJFSBT EF MB QF RVFÕB FNQSFTB EFTEF GBDUP SJOH MFBTJOH DSÍEJUPT B MB FY QPSUBDJÖO -P NÆT IBCJUVBM QPSUBDJÖO -P NÆT IBCJUVBM FT QBSB DJSDVMBOUF F JOWFSTJÖO FT QBSB DJSDVMBOUF F JOWFSTJÖO &O MB ÍQPDB EF MB DSJTJT MBT OFDF TJEBEFT FSBO EFM QBSB DJS DVMBOUF Z EFM QBSB JOWFS TJÖO BIPSB ZB FTUBNPT BM TJÖO BIPSB ZB FTUBNPT BM &TUP RVJFSF EFDJS RVF MBT QFRVF ÕBT FNQSFTBT FTQBÕPMBT RVJF SFO JOWFSUJS SFGPSNBS TV DPNFS DJP TV OFHPDJP RVF FT MB NF KPS GPSNB EF IBDFSMP UBNCJÍO KPS GPSNB EF IBDFSMP UBNCJÍO QBSB FM QBÑT

z: FO DVBOUP B JOUFSOBDJPOBMJ [BDJÓO )BZ VOB DPODFTJÖO FTQFDJBM )BZ VOB DPODFTJÖO FTQFDJBM DPO DSÍEJUPT B MB FYQPSUBDJÖO Z BWBMFT JOUFSOBDJPOBMFT &TUB NPT BCSJFOEP MÑOFBT DPO CBO DPT FTQBÕPMFT RVF UJFOFO QSF TFODJB FO EFUFSNJOBEPT QBÑTFT DPO TJTUFNBT EF HBSBOUÑB MPDB MFT 4PO BDVFSEPT CJMBUFSBMFT MFT 4PO BDVFSEPT CJMBUFSBMFT RVF OPT QFSNJUFO DPO VOB PQF

"GJHBM H

"TUVSHBS 4PHBSDB

&MLBSHJ 0JOBSSJ 4POBHBS

4PHBSQP 4P 4 4PHBS PHBS HBSQP "WB "WB "WBMJT

"WBMJB

*CFSBWWBM *C W *CFSBWBM

z&T BEFDVBEB MB DVMUVSB GJ OBODJFSB EF MPT QFRVFÒPT FN QSFTBSJPT

"WBMNBE N E ESJE "WBMNBESJE "VEJPWJTVBM "WBM "VEJPWJTVBM "WBM EJPWJTVB JPWJT PW VB VBM "WBBMM "WB "W "WBM $ -B .B -B .BODIB $ -B .BODIB

4(3 3 4(3 $ 7 7BMFODJ 7BMFODJB 7B DJBOB $ 7BMFODJBOB

*TCB

&YUSBWBMM

6OEFNVS 6O EFNVS 6OEFNVS 4 4VSBWBM BM

"WB "WBMVO OJPOO "WBMVOJPO

0USPT UFSSJUPSJPT FO MPT RVF PQFSB FO MPT RVF PQFSB FO FM ÃNCJUP EFM USBOTQPSUF Z MB QFTDB BCBSDB Z MB QFTDB BCBSDB UPEB &TQBÒB

%BUPT B EF EJDJFNCSF EF 'VFOUF 4(3 %BUPT B EF EJDJFNCSF EF 'VFOUF 4(3

/ UPUBM EF TPDJPT / UPUBM EF TPDJPT

''.$.-/ "WBMDBOBSJBT

6OP EF MPT QSJODJQBMFT QSPCMF NBT EF FTUBT BDUJWJEBEFT FN QSFTBSJBMFT FT MB GBMUB EF DVM UVSB GJOBODJFSB EF DPOUBCJMJ EBE PSEFOBEB VOB FTUSVDUVSB GJOBODJFSB FTUBCMF Z B MBSHP QMB [P MP RVF B WFDFT EJGJDVMUB FM BD DFTP B MB GJOBODJBDJÖO /PTP USPT EBNPT BTFTPSBNJFOUP Z GPSNBDJÖO TPNPT FNQSFTBSJPT Z QPEFNPT FOUFOEFS FTUP NF KPS RVF OBEJF &TUF UJQP EF DP TBT IBDF RVF UFOHBNPT NVZ QPDB NPSPTJEBE

z z$VÃOUB NPSPTJEBE IBZ

.FOPT EF MB NJUBE EF MPT CBO DPT FO FM NJTNP TFHNFOUP EF DPT FO FM NJTNP TFHNFOUP EF DMJFOUFT 1PS FTP UFOFNPT SF

i&M DPTUF EF VO DSÊEJUP B USBWÊT EF VOB 4(3 TF SFEVDF BM Z MPT QMB[PT TPO NÃT BNQMJPTw

WFOFT FNQSFOEFEPSFT QBSB WFOFT FNQSFOEFEPSFT QBSB RVF FO NFOPT EF EPT TFNB OBT QVFEB BSSBODBS TV QSPZFD UP 4PO PQFSBDJPOFT EF NFOPT EF FVSPT DPO MB TPMB HB SBOUÑB EFM FNQSFOEFEPS SBOUÑB EFM FNQSFOEFEPS

z%FCFO HBOBS UBNBÒP MBT QF

i6O FVSP QÙCMJDP NFUJEP RVFÒBT FNQSFTBT i6O FVSP QÙCMJDP NFUJEP FO FM TJTUFNB OBDJPOBM EF &T GVOEBNFOUBM QFSP MBT FN HBSBOUÎBT TPO FVSPT HBSBOUÎBT TPO FVSPT QSFTBT DVBOUP NÆT HSBOEFT EF DSÊEJUP B MB QZNFw TPO NÆT FYJHFODJBT UJFOFO

DVSTPT EF MBT BENJOJTUSBDJP OFT QÜCMJDBT 4PNPT NVZ FGJ DJFOUFT B MB IPSB EF BTJHOBS EJ OFSP QÜCMJDP $PO VO FVSP QÜ CMJDP NFUJEP FO FM TJTUFNB OBDJPOBM EF HBSBOUÑBT TF HFOF SBO FVSPT EF DSÍEJUP B MB QZNF

zz$VÃMFT TPO MBT FOUJEBEFT CBO DBSJBT F JOTUJUVDJPOFT DPO MBT DBSJBT F JOTUJUVDJPOFT DPO MBT RVF UJFOFO BDVFSEPT $PO UPEPT MPT CBODPT &O UP UBM UFOFNPT TPDJPT QSPUFD UPSFT EPOEF IBZ PSHBOJ[BDJP OFT FNQSFTBSJBMFT BZVOUB Z NJFOUPT EJQVUBDJPOFT Z DÆNBSBT EF DPNFSDJP FOUSF PUSPT

z)BZ DBCJEB QBSB MPT OVFWPT

)BZ DPTBT RVF EFCFNPT SF QMBOUFBSOPT DPNP QBÑT 2VF MBT FNQSFTBT DSF[DBO FT MB NFKPS HBSBOUÑB EF DSFBS FNQMFP Z B WFDFT QFOTBNPT RVF TJ TPO NÆT HSBOEFT EFCFO QBHBS NÆT JN QVFTUPT

z2VÊ EFCF IBDFS FM OVFWP HP CJFSOP QBSB BQPZBS B MB QZNF %BS DFSUJEVNCSF B MB FDPOP NÑB "EFNÆT NF HVTUBSÑB PÑS NÆT WPDFT -B TPDJFEBE DJWJM EFCF SFWFMBSTF DPOUSB IFDIPT Z BDUJUVEFT RVF MBTUSBO FM DSFDJ NJFOUP F JNQJEFO RVF &TQB ÕB TFB VO QBÑT KVTUP TPDJBMNFO UF 6OB UBTB EFM QBSP BM FT JOTPTUFOJCMF F JOKVTUP FO UÍSNJ OPT TPDJBMFT /P QPEFNPT QFS KVEJDBS MB QBSUF NÆT EJOÆNJDB EF MB FDPOPNÑB RVF TPO MBT QZNFT

+VFWFT EF PDUVCSF EF ย 20MINUTOS +VFWFT EF PDUVCSF EF ย S MIBOLSILLO

8

9EDIKCE J;9DEBE=ร 7 9EDIKCEJ;9DEBE=ร 7

F?A79>K F?;H:; IKI '+ C?DKJEI :; =BEH?7 5SFT NFTFT EFTQVร T EF MBO[BSTF 1PLร NPO (P MBO[BSTF 1PLร NPO (P QJFSEF BEFQUPT -PT QJFSEF BEFQUPT -PT GBMMPT EFM KVFHP MB GBMUB EF BDUVBMJ[BDJPOFT Z MPT AIBDLFPT TPO MPT QSJODJQBMFT QSPCMFNBT QSJODJQBMFT QSPCMFNBT

/) /)

TVCJFSPO MBT BDDJPOFT EF /JOUFOEP EJF[ Eร BT EFT QVร T EF MBO[BS 1PLร NPO QVร T EF MBO[BS 1PLร NPO (P "MDBO[BSPO TV NBZPS (P "MDBO[BSPO TV NBZPS SFWBMPSJ[BDJร O EFTEF TV EFCVU FO #PMTB FO

'(

NJMMPOFT EF KVHBEPSFT IB NJMMPOFT EF KVHBEPSFT IB QFSEJEP FM KVFHP EFTEF FM QFSEJEP FM KVFHP EFTEF FM QBTBEP NFT EF BHPTUP TFHร O EBUPT QVCMJDBEPT QPS #MPPNCFSH

*+

CLAUDIA RIZZO DSJ[[P! NJOVUPT FT !3J[[P$MBVEJB

NJMMPOFT EF VTVBSJPT BD UJWPT EJBSJPT FT MP RVF IB DPOTFHVJEP BDVNVMBS

() )

EF OPWJFNCSF FT DVBOEP EF OPWJFNCSF FT DVBOEP FTUร QSFWJTUP RVF TF MBO DF FO FM NFSDBEP FVSP QFP FM ร MUJNP KVFHP EF MB QFP FM ร MUJNP KVFHP EF MB TBHB 1PLร NPO QFOTBEP TBHB 1PLร NPO QFOTBEP QBSB MB /JOUFOEP %4

%*&(0 .*3

)VCP FO TV NPNFOUP RVJFO OP FOUFOEร B DVร M FSB MB EJWFSTJร O EF KVHBS B 1PLร NPO (P {2Vร DMBTF KVHBS B 1PLร NPO (P {2Vร DMBTF EF FOUSFUFOJNJFOUP QPEร B IBCFS FO TBMJS B DB[BS FTBT DSJBUVSBT JO GFSOBMFT -B FTUBNQB TF SFQF Uร B QPS UPEBT QBSUFT QBSRVFT UJFOEBT EF CBSSJP SFTUBVSBO UFTy `IBTUB FO FM SFUSFUF FODPO USBCBT QPLร NPOT : MP RVF FSB

QFPS B NVDIPT CVTDBOEP B FT UPT TFSFT JOFYJTUFOUFT (FOUF DPO MB NJSBEB QFSEJEB DPNP TJ MFT MB NJSBEB QFSEJEB DPNP TJ MFT BDBCBTFO EF QSBDUJDBS VOB MPCP UPNร B 4F MFT SFDPOPDร B Gร DJM -PT EFMBUBCB FM NPEVT PQFSBOEJ $B NJOBCBO BCEVDJEPT QPS MB DBMMF NJOBCBO BCEVDJEPT QPS MB DBMMF TVKFUBOEP FM Nร WJM DPO VOB NB OP NJFOUSBT RVF DPO MB PUSB EFT MJ[BCBO VO EFEJUP EF BSSJCB BCB KP QPS MB QBOUBMMB %FTEF GVFSB QBSFDร BO FOBKFOBEPT QFSP EFO USP EF MB SFBMJEBE BVNFOUBEB FO MB RVF FTUBCBO JONFSTPT TPMP MBO[BCBO 1PLF#BMMT oMP RVF FO MBO[BCBO 1PLF#BMMT oMP RVF FO MB KFSHB OP FT PUSB DPTB RVF VOB CPMB QBSB DBQUVSBS B FTUPT NPOT USVPT PSJFOUBMFTo P QBTBCBO QPS VOB 1PLFQBSBEB oMVHBSFT FO MPT RVF SFDPHFS BSUร DVMPT JNQPSUBO UFTo FO FOUPSOPT RVF DPNCJOB CBO FM NVOEP SFBM DPO FM WJSUVBM CBO FM NVOEP SFBM DPO FM WJSUVBM %JDIP EF PUSP NPEP 1PLร NPO (P DPOWFSUร B FM BNCJFOUF RVF OPT SPEFB FO FM FTDFOBSJP EF VO WJEFPKVFHP WJEFPKVFHP -PT Nร T BMBSNJTUBT WBUJDJOB CBO VOB FTQFDJF EF BQPDBMJQTJT CBO VOB FTQFDJF EF BQPDBMJQTJT [PNCJ QFSP QSPUBHPOJ[BEP QPS IPSEBT EF KVHBEPSFT EF 1PLร NPO (P RVF TF NPWร BO QPS FM NVOEP SFBM JHOPSBOEP MP UBOHJ CMF )BZ BOร DEPUBT QBSB UPEPT CMF )BZ BOร DEPUBT QBSB UPEPT MPT HVTUPT %FTEF AJOWBTJPOFT FO VOB DPNJTBSร B EF "VTUSBMJB IBT UB BDDJEFOUFT FO BVUPQJTUBT QB TBOEP QPS DBร EBT QFMJHSPTร TJNBT EF KVHBEPSFT EFTQJTUBEPT "MHV OBT EF FMMBT SFBMFT PUSBT TJNQMFT JOWFODJPOFT QBSB DSFBS Nร T SVJ EP FO UPSOP BM KVFHP EP FO UPSOP BM KVFHP &O NFEJP EF FTUB MPDVSB /JBO UJD MB FNQSFTB RVF JEFร MB BQQ UJD MB FNQSFTB RVF JEFร MB BQQ QBSB /JOUFOEP TF GSPUBCB MBT QBSB /JOUFOEP TF GSPUBCB MBT NBOPT DPO FM ร YJUP 5BO TPMP EJF[ Eร BT EFTQVร T EFM MBO[BNJFOUP EF 1PLร NPO (P MBT BDDJPOFT EF 1PLร NPO (P MBT BDDJPOFT EF MB FNQSFTB OJQPOB TVCร BO DPNP

&/ $*'3"4 &/ $*'3"4

-" $-"7&

$B[B TJO TBDBS $B[B TJO TBDBS UV Nร WJM Z TJO HBTUBS CBUFSร B RVF FSB VOP EF MPT JODPOWFOJFO UFT RVF QSFTFOUBCB 1PLร NPO (P EPT IPSBT TFHVJ

EBT EFKBCBO TJO DBSHB FM UFS NJOBM $PO VO QSFDJP EF DBTJ FVSPT 1PLร NPO (P 1MVT FVSPT 1PLร NPO (P 1MVT FT VOB QVMTFSB RVF TF DP OFDUB DPO FM KVFHP NFEJBO UF CMVFUPPUI Z TJNQMJGJDB BM HVOBT EF TVT GVODJPOFT HVOBT EF TVT GVODJPOFT $BQUVSB B MPT QPLร NPOT SF $BQUVSB B MPT QPLร NPOT T SF DPHF MPT BSUJMVHJPT FTQFDJB MFT RVF TF FODVFOUSBO FO MBT MFT RVF TF FODVFOUSBO FO MBT 1PLFQBSBEBT Z FDMPTJPOB 1PLFQBSBEBT Z FDMPTJPOB MPT IVFWPT FO VO TFHVOEP MPT IVFWPT FO VO TFHVOEP QMBOP %F FTUB GPSNB OP IBZ RVF SFDVSSJS BM Nร WJM

โ 7

. &4 5&$/0-0(ยฑ" 1VFEFT WFS Nร T OPUJDJBT TPCSF MB BDUVBMJEBE UFDOPMร HJDB FO OVFTUSB Qร HJOB XFC

MB FTQVNB VO BMDBO[BEP TV NBZPS SFWBMPSJ[BDJร O EFTEF TV EFCVU FO MB #PMTB EF 5PLJP FO TV V EFCVU FO MB #PMTB EF 5PLJP FO 4JO FNCBSHP USFT NFTFT 4JO FNCBSHP USFT NFTFT EFTQVร T FM KVFHP OP QBSB EF QFS E EFS BEFQUPT 1PLร NPO (P MP E HSร BDVNVMBS VOPT NJMMPOFT HSร BDVNVMBS VOPT NJMMPOFT H EF VTVBSJPT BDUJWPT EJBSJPT QF E SP EVSBOUF BHPTUP QFSEJร Nร T EF SP P EVSBOUF BHPTUP QFSEJร Nร T EF NJMMPOFT EF KVHBEPSFT TFHร O

NJMMPOFT EF KVHBEPSFT TFHร O VO FTUVEJP EF #MPPNCFSH -PT VO FTUVEJP EF #MPPNCFSH -PT V FTQFDJBMJTUBT FTUJNBO RVF MB DJ F GSB TFHVJSร CBKBOEP IBTUB BMDBO GS SB TFHVJSร CBKBOEP IBTUB BMDBO [[BS TV CBTF EF VTVBSJPT Nร T GJFM %F NPNFOUP TF NBOUJFOFO FO % NJMMPOFT B OJWFM NVOEJBM &O

DVBOUP B MPT VTVBSJPT EF QBHP FO DV FM NFSDBEP FTUBEPVOJEFOTF VO FM IB BCBOEPOBEP FM KVFHP IB BCBOEPOBEP FM KVFHP EFTEF FM QBTBEP EF KVMJP TF Hร O EBUPT RVF SFDPHF 4MJDF *O UFMMJHFODF 1FSP {QPS RVร IB EFKBEP EF JO UFSFTBS FM KVFHP " MPT QSPCMFNBT DPO FM (14 MPT CVHT FSSPSFT

DPO FM (14 MPT CVHT FSSPSFT

FM TFSWJEPS TF DVFMHB QPSRVF IBZ Nร T USร GJDP EFM RVF QVFEF TP QPSUBS IBZ RVF Bร BEJS MB BV TFODJB EF BDUVBMJ[BDJPOFT j5SFT NFTFT EFTQVร T EF TV MBO[B NJFOUP TJHVF TJFOEP JHVBM OP NJFOUP TJHVF TJFOEP JHVBM OP IBZ BMJDJFOUFT CVFOPT QBSB TF HVJS KVHBOEPx FYQMJDB "MCFSUP HVJS KVHBOEPx FYQMJDB "MCFSUP (PO[ร MF[ SFEBDUPS EF MB SFWJTUB EF WJEFPKVFHPT 7BOEBM 1PS TV EF WJEFPKVFHPT 7BOEBM 1PS TV QBSUF EFTEF /JOUFOEP BTFHVSBO RVF TFHVJSร O NFKPSBOEP 1PLร NPO (P Z RVF MB JOUFODJร O FT NPO (P Z RVF MB JOUFODJร O FT EBSMF VO MBSHP SFDPSSJEP TBDBO EP BDUVBMJ[BDJPOFT QPDP B QPDP " FTUP TF TVNBO MBT EVSBT QP Mร UJDBT RVF IB QVFTUP /JOUFO EP DPOUSB RVJFOFT IBDLFBO FM EP DPOUSB RVJFOFT IBDLFBO FM KVFHP DPO FM GJO EF DPOTFHVJS QSPHSFTPT FO FM NFOPS UJFNQP QSPHSFTPT FO FM NFOPS UJFNQP QPTJCMF 4JO FNCBSHP IBZ FOGB EP FOUSF jCBTUBOUFT KVHBEPSFT AMFHBMFT RVF IBO QFSEJEP TV AMFHBMFT RVF IBO QFSEJEP TV DVFOUB Z MPT QSPHSFTPT RVF IB Cร BO IFDIP QPSRVF FM TJTUFNB Cร BO IFDIP QPSRVF FM TJTUFNB EFUFSNJOร RVF IBCร B FOHBร PT TJO TFS BTร x Bร BEF (PO[ร MF[ $PO MB JOUFODJร O EF TFHVJS BMJ NFOUBOEP VO GFOร NFOP RVF TF EFTJOGMB /JBOUJD Z "QQMF IBO EFTJOGMB /JBOUJD Z "QQMF IBO DFSSBEP VO BDVFSEP QBSB RVF MB BQMJDBDJร O FTUร EJTQPOJCMF FO FM BQMJDBDJร O FTUร EJTQPOJCMF FO FM "QQMF 8BUDI BOUFT EF GJOBMJ[BS FM Bร P "EFNร T FM EF OP WJFNCSF TF MBO[BSร BM NFSDBEP WJFNCSF TF MBO[BSร BM NFSDBEP FVSPQFP MB ร MUJNB FOUSFHB EF MB TBHB 1PLร NPO TPM Z MVOB QFO TBHB 1PLร NPO TPM Z MVOB B QFO TBEB QBSB MB /JOUFOEP %4 RVF JODMVZF OVFWPT QFSTPOBKFT Z JODMVZF OVFWPT QFSTPOBKFT Z RVJ[ร FO FTF NPNFOUP TF DPO TJHB PUSP SFQVOUF HPSEP QBSB 1PLร NPO (P 1PLร NPO (P

"QQMF TF EJTQBSB FO #PMTB USBT MB HSBWF DSJTJT EF 4BNTVOH 4BNTVOH &M HJHBOUF UFDOPMร HJDP FTUBEPV OJEFOTF "QQMF IB BMDBO[BEP Nร YJNPT IJTUร SJDPT FO 8BMM Nร YJNPT IJTUร SJDPT FO 8BMM 4USFFU DPJODJEJFOEP DPO MB DSJ TJT RVF BUSBWJFTB TV SJWBM TVS DPSFBOP 4BNTVOH QPS MPT DBTPT EF DPNCVTUJร O EF TV UFMร GPOP EF DPNCVTUJร O EF TV UFMร GPOP (BMBYZ /PUF (BMBYZ /PUF &M HJHBOUF UFDOPMร HJDP VOP EF MPT WBMPSFT RVF GPSNBO QBS UF EFM ร OEJDF %PX +POFT EF *O EVTUSJBMFT BDVNVMB VOB SFWB MPSJ[BDJร O EF TVT Uร UVMPT EF VO MPSJ[BDJร O EF TVT Uร UVMPT EF VO FO FM ร MUJNP NFT FO FM ร MUJNP NFT 1PS TV QBSUF 4BNTVOH QSFWร BIPSB RVF TVT WFOUBT TF TJUร FO FO FM UFSDFS USJNFTUSF FO VOPT CJMMPOFT EF XPOFT VOPT NJMMPOFT EF Eร MBSFT MP RVF TVQPOF VO EFTDFOTP EFM SFTQFDUP B MP DBMDVMBEP SFTQFDUP B MP DBMDVMBEP JOJDJBMNFOUF

(&ยนยน

ยฐYJUP EF MBT HBGBT EF SFBMJEBE WJSUVBM EF 4POZ SFBMJEBE WJSUVBM EF 4POZ -BT HBGBT EF SFBMJEBE WJSUVBM EF -BT HBGBT EF SFBMJEBE WJSUVBM EF 4POZ MBT 1MBZ4UBUJPO 73 1473 TF IBO BHPUBEP FO +B Qร O USBT TV MBO[BNJFOUP &M TFD UPS EF MPT WJEFPKVFHPT FT VOB EF MBT ร SFBT DMBWF EF 4POZ RVF ZB IB WFOEJEP Nร T EF NJMMPOFT EF DPOTPMBT 1MBZ4UBUJPO OF DFTBSJBT QBSB VUJMJ[BS FM OVFWP DFTBSJBT QBSB VUJMJ[BS FM OVFWP EJTQPTJUJWP EJTQPTJUJWP

"NB[PO QMBOUB DBSB B 4QPUJGZ DPO VO OVFWP 4QPUJGZ DPO VO OVFWP TFSWJDJP EF Nร TJDB &M HJHBOUF EFM DPNFSDJP FMFDUSร OJDP "NB[PO IB BOVODJBEP FM OJDP "NB[PO IB BOVODJBEP FM MBO[BNJFOUP EF "NB[PO .VTJD 6OMJNJUFE VO OVFWP TFSWJDJP 6OMJNJUFE VO OVFWP TFSWJDJP EF Nร TJDB FO Mร OFB DPO FM RVF QMBOUFBSร VOB BMUFSOBUJWB B QMBOUFBSร VOB BMUFSOBUJWB B 4QPUJGZ P "QQMF .VTJD FOUSF 4QPUJGZ P "QQMF .VTJD FOUSF PUSPT PUSPT

*OWFTUJHBO B 'BDFCPPL Z 8IBUT"QQ QPS TV QPMร UJDB EF QSJWBDJEBE -B "HFODJB &TQBร PMB EF 1SPUFD DJร O EF %BUPT "&1% IB BCJFS UP VOB JOWFTUJHBDJร O DPOUSB 'B DFCPPL Z 8IBUT"QQ EFCJEP B RVF MB BQMJDBDJร O EF NFOTBKFSร B BDUVBMJ[ร TV QPMร UJDB EF QSJWBDJ EBE QBSB FOWJBS JOGPSNBDJร O EF TVT VTVBSJPT B MB CBTF EF EBUPT EF MB SFE TPDJBM MP RVF HFOFSร JORVJFUVE FOUSF MPT VTVBSJPT JORVJFUVE FOUSF MPT VTVBSJPT

6O MJCSP BOBMJ[B FSSPSFT GSFDVFOUFT FO JOUFSOFU GSFDVFOUFT FO JOUFSOFU .BOVFM .PSFOP SFDSFB FO FM .BOVFM .PSFOP SFDSFB FO FM MJCSP :P UBNCJร O MB MJF QBSEB FO MJCSP :P UBNCJร O MB MJF QBSEB FO *OUFSOFU FEJUPSJBM "MJFOUB MBT *OUFSOFU U FEJUPSJBM "MJFOUB MBT NFUFEVSBT EF QBUB Nร T DVSJP TBT FO MBT SFEFT Z MPT FSSPSFT RVF EJFSPO MB WVFMUB BM NVOEP

BEI ;NJH7I :; C?8EBI?BBE D c[he )-$ c[he )-$ EYjkXh[ Z[ (&', EYjkXh[ Z[ (&',

L?L?;D:7 -" $-"7&

&WPMVDJÓO EFM QSFDJP EF MB WJWJFOEB Q

Madrid

Barcelona

Valencia

7BMPS NFEJP 7BMPS NFEJP

7BSJBDJÓO NFEJB

5PUBM WJWJFOEBT

7BMPS NFEJP

7BSJBDJÓO NFEJB

5PUBM WJWJFOEBT

($*-(¾%c )"). '$*''$/'* )$&+/¾%c -"+, 7*7*&/%"4 7"-03"%"4 7"-03"%"4

$FOUSP

"SHBO[VFMB

3FUJSP

4BMBNBODB

$IBNBSUÎO

5FUVÃO

$IBNCFSÎ

'VFODBSSBM 'VFODBSSBM

.PODMPB .PODMPB

-BUJOB -BUJOB

$BSBCBODIFM

$BSBCBODIFM 6TFSB 6TFSB

1VFOUF 7BMMFDBT 1VFOUF 7BMMFDBT

.PSBUBMB[

.PSBUBMB[

$JVEBE -JOFBM

)PSUBMF[B

7JMMBWFSEF

7JMMB EF 7BMMFDBT

7JDÃMWBSP

7JDÃMWBSP

4BO #MBT 4BO #MBT

#BSBKBT

7"-03 .¦9*.0

7"-03 7"-03 .&%*0 .&%*0

7"-03 .±/*.0

7"3*"$*¶/ 7"3*"$*¶/

7"-03 7"-03

$JVUBU 7FMMB $JVUBU 7FMMB &JYBNQMF 4BOUT .POUKVÐD 4BOUT .POUKVÐD -FT $PSUT 4BSSJÆ 4 (FSWBTJ (SÆDJB )PSUB (VJOBSEÓ /PV #BSSJT 4BOU "OESFV 4BOU .BSUÎ

"VNFOUBO MBT HBOBT EF H FTUSFOBS WJWJFOEB 5PEPT MPT JOEJDBEPSFT NVFTUSBO VO BVNFOUP FO MB WFOUB EF DBTBT FO &TQBÕB BTÑ DPNP FO FM QSFDJP MB WFOUB EF DBTBT FO &TQBÕB BTÑ DPNP FO FM QSFDJP NFEJP Z FM DPTUF UPUBM EF MB IJQPUFDB DPODFEJEB

7*7*&/%"4 7*7*&/%"4 7"-03"%"4 7"-03"%"4

7"-03 .¦9*.0

7BSJBDJÓO NFEJB J

5PUBM WJWJFOEBT

,(.$((, '$)..¾%c *".& )/($,(.

(

7"-03

7BMPS NFEJP

(

7"-03 .&%*0

7"-03 .±/*.0

7"3*"$*¶/ 7"3*"$*¶/

7"-03

7*7*&/%"4 7*7*&/%"4 7"-03"%"4

$JVUBU 7FMMB $JVUBU 7FMMB

&JYBNQMF

&YUSBNVST

$BNQBOBS $BNQBOBS

-B 4BÐEJB

&M 1MB EFM 3FBM &M 1MB EFM 3FBM

- 0MJWFSFUB

1BUSBJY

+FTÙT

2VBUSF $BSSFSFT

2VBUSF $BSSFSFT

1PCMBUT .BSJUJNT

1PCMBUT .BSJUJNT

$BNJOT BM (SBV $BNJOT BM (SBV

"MHJSÓT

#FOJNBDMFU

#FOJNBDMFU

3BTDBOZB 3BTDBOZB

#FOJDBMBQ

1PCMFT EFM /PSE

1PCMFT EF M 0FTU

1PCMFT EFM 4VE

1PCMFT EFM 4VE

7"-03 .¦9*.0

7"-03 7"-03 .&%*0 .&%*0

7"-03 .±/*.0

7"3*"$*¶/ 7"3*"$*¶/

'VFOUF 1SFDJPWJWJFOEBT DPN

JUAN FERRARI 1/%! NJOVUPT FT ! N.J#PMTJMMP

)BZ EJWFSTBT FTUBEÑTUJDBT QB SB NFEJS FM FTUBEP EF TBMVE EFM NFSDBEP EF MB WJWJFOEB EFM NFSDBEP EF MB WJWJFOEB FO &TQBÕB : BVORVF FYJTUFO EJTQBSJEBEFT JNQPSUBOUFT FO MPT EBUPT UPEBT FMMBT DPJODJ EFO FO NPTUSBS VOB FWPMV DJÖO QPTJUJWB %F IFDIP FM EF

WJWJFOEBT FT FM ÜOJDP TFH NFOUP EFOUSP EF MB DPOTUSVD DJÖO RVF UJFOF SFHJTUSPT QPTJ UJWPT QVFT MB PCSB QÜCMJDB TJ HVF FO DBÑEB MJCSF &NQF[BOEP QPS FM OÜNF SP EF WJWJFOEBT WFOEJEBT MPT SFHJTUSPT EF MB QSPQJFEBE EF UFDUBO RVF EF BHPTUP EF B BHPTUP EF FTUF BÕP TF IBO USBTQBTBEP VO DSF DJNJFOUP EFM -B VTBEB FT MB FTUSFMMB JOEJTDVUJCMF FO FTUF OVFWP NFSDBEP EF DB EB Z SFQVOUB VO GSFO UF B BHPTUP EFM BÕP QBTBEP UF B BHPTUP EFM BÕP QBTBEP &O DBNCJP MB PCSB OVFWB EFTDJFOEF VO TFHÜO MPT EBUPT EF MPT SFHJTUSPT -B WJ

WJFOEB MJCSF oVTBEB P OVFWBo WJFOEB MJCSF oVTBEB P OVFWBo TVQPOF FM Z MB EF QSPUFD DJÖO PGJDJBM FM SFTUP BVORVF DSFDF VO 3FTQFDUP B MPT QSFDJPT IBZ NVDIPT JOEJDBEPSFT RVF BSSP KBO EJGFSFODJBT OPUBCMFT BVO RVF UPEPT BQVOUBO FO MB NJT NB EJSFDDJÖO BM BM[B &M ÑOEJ DF EF MB UBTBEPSB 5JOTB SFHJTUSB VO BVNFOUP NFEJP QBSB FM DPOKVOUP OBDJPOBM IBTUB TFQ UJFNCSF EFM Z &VSPTUBU EF VO IBTUB FM TFHVOEP USJ NFTUSF 1FSP IBZ PUSPT "VORVF FM SJUNP EF DSFDJ NJFOUP EF MPT QSFDJPT QPESÑB 1"4" " 1¦(*/" 4*(6*&/5&

+VFWFT EF PDUVCSF EF 20MINUTOS +VFWFT EF PDUVCSF EF S MIBOLSILLO

II

L?L?;D:7 L?L?;D:7 7*&/& %& 1¦(*/" "/5&3*03 7*&/& %& 1¦(*/" "/5&3*03

FTUBS GSFOÆOEPTF TFHÜO TFHÜO BQVOUB 'FMJQF 3VGJOP TPDJP BQVOUB 'FMJQF 3VGJOP TPDJP EF 1SFDJPWJWJFOEB DPN VOB XFC RVF DBMDVMB Z QVCMJDB MPT QSFDJPT EF MBT WJWJFOEBT EF QSFDJPT EF MBT WJWJFOEBT EF NBOFSB HSBUVJUB j$PNP TF QVFEF PCTFSWBS FO MPT FTUV EJPT TPCSF FM QSFDJP EF MB WJ WJFOEB RVF IFNPT SFBMJ[BEP BVORVF FO BMHVOPT NVOJDJ QJPT MB TVCJEB EF MPT QSFDJPT FT CBTUBOUF JNQPSUBOUF MB UÖ OJDB HFOFSBM FO FTUF TFHVOEP OJDB HFOFSBM FO FTUF TFHVOEP TFNFTUSF EFM BÕP FT VOB TVCJ EB EF QSFDJPT NÆT DPOUFOJ EB Z EJTDSFUB RVF QBSFDF DPO GJSNBS MB SBMFOUJ[BDJÖO EFM NFSDBEP JONPCJMJBSJP QSPCB CMFNFOUF DPNP DPOTFDVFO DJB EF MB TJUVBDJÖO EF QBSÆMJ TJT QPMÑUJDB BDUVBMx JOEJDB .ÆT BMMÆ EF MBT DJGSBT MPT FY QFSUPT DPJODJEFO FO NBUJ[BS

Bei [njhWi Z[ C?8EBI?BBE Z KFGF EF FTUVEJPT EFM QPSUBM JONPCJMJBSJP *EFBMJTUB &T DPNQMJDBEP TBCFS MB FWP MVDJÖO GVUVSB EFM NFSDBEP MVDJÖO GVUVSB EFM NFSDBEP &O PQJOJÖO EF 3VGJOP jNÆT RVF EFUFSNJOBS EÖOEF FTUÆ RVF EFUFSNJOBS EÖOEF FTUÆ DSFDJFOEP MB DPNQSB RVF TF DSFDJFOEP MB DPNQSB RVF TF NVFWF FO GVODJÖO EFM OÜNF SP EF WJWJFOEBT EJTQPOJCMF oTVCF NÆT FO BRVFMMPT NVOJ DJQJPT EPOEF NBT WJWJFOEBT IBZo MPT QSFDJPT TPO MPT RVF IBZo MPT QSFDJPT TPO MPT RVF SFGMFKBO FM FRVJMJCSJP FOUSF MB PGFSUB Z EFNBOEB EF WJWJFO EBT $VBOEP MPT QSFDJPT TV CFO FT QPSRVF MB EFNBOEB EF CFO FT QPSRVF MB EFNBOEB EF WJWJFOEB TF IB JODSFNFOUBEP TJO RVF MB PGFSUB IBZB QPEJ EP BCTPSCFS MBT QFUJDJPOFT EP BCTPSCFS MBT QFUJDJPOFT &TUP FO QSPDFTPT QSPEVDUJWPT &TUP FO QSPDFTPT QSPEVDUJWPT MBSHPT DPNP FM JONPCJMJBSJP QSPWPDB EFTBKVTUFT B WFDFT QSPWPDB EFTBKVTUFT B WFDFT BCSVQUPT DPNP FO FM ÜMUJNP CPPN JONPCJMJBSJPx EJDF 1F SP JODMVTP TF QVFEF BGJOBS SP JODMVTP TF QVFEF BGJOBS

-" $-"7& -" $-"7&

&WPMVDJÓO EFM QSFDJP EF MB WJWJFOEB Q Sevilla

Málaga

-" $-"7& -" $-"7&

7BMPS NFEJP

FVSPT EF IJQPUFDB Q -B IJQPUFDB DPODFEJEB FT VO CVFO JOEJDBEPS EF MP RVF -B IJQPUFDB DPODFEJEB FT VO CVFO JOEJDBEPS EF MP RVF QPESÎB DPTUBS VOB DBTB EF NFEJB FO &TQBÒB 4FHÙO FM */& FO KVMJP MB IJQPUFDB NFEJB TF TJUVÓ FO FVSPT VO NÃT RVF VO BÒP BUSÃT -B IJQPUFDB TVFMF TVQPOFS DPNP NÃYJNP FM EFM DPTUF UPUBM EF QJTP

7BSJBDJÓO NFEJB 7BSJBDJÓO NFEJB

5PUBM WJWJFOEBT 5PUBM WJWJFOEBT

'$,+)¾%c )"(.

7*7*&/%"4 7"-03"%"4

7"-03 .¦9*.0

$BTDP "OUJHVP

.BDBSFOB

/FSWJÓO /FSWJÓO

$FSSP "NBUF $FSSP "NBUF

4VS

5SJBOB

.BDBSFOB /PSUF

4 1BCMP 4UB +VTUB 4 1BCMP 4UB +VTUB &TUF "MDPTB 5PSSFC &TUF "MDPTB 5PSSFC

1BMNFSB #FMM 1BMNFSB #FMM

-PT 3FNFEJPT

7BSJBDJÓO NFEJB

7"-03 .&%*0

7"-03 .±/*.0

7"3*"$*¶/ 7"3*"$*¶/

7"-03

7*7*&/%"4 7*7*&/%"4 7"-03"%"4

%JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP

7"-03 .¦9*.0

7"-03 .&%*0 .&%*0

7"-03 7"-03 .±/*.0 .±/*.0

7"3*"$*¶/ 7"3*"$*¶/

Córdoba

NÆT BMMÆ EFM UÍSNJOP NVOJDJ QBM j"DUVBMNFOUF PCTFSWB NPT VOB TVCJEB FO MBT QSJODJ QBMFT DJVEBEFT TJ CJFO IFNPT EF SFTBMUBS RVF EFOUSP EF MBT EF SFTBMUBS RVF EFOUSP EF MBT QSPQJBT DJVEBEFT IBZ [POBT RVF TVCFO NÆT Z PUSBT RVF TV CFO NFOPT JODMVTP IBZ [P OBT EPOEF FM QSFDJP CBKB &O OBT EPOEF FM QSFDJP CBKB &O MB NJTNB DJVEBE EF .BESJE QPS FKFNQMP IBZ WJWJFOEBT QPS FKFNQMP IBZ WJWJFOEBT RVF TVCFO EF QSFDJP MB NBZP SÑB Z PUSBT MBT NFOPT RVF CB KBO &TUP FT OPSNBM FO VO KBO &TUP FT OPSNBM FO VO NFSDBEP RVF FWPMVDJPOB SB [POBCMFNFOUF DPOUFOJEP BM [POBCMFNFOUF DPOUFOJEP BM BM[Bx BDMBSB FM EJSFDUJWP EF BM[Bx BDMBSB FM EJSFDUJWP EF 1SFDJPWJWJFOEB 1PS FTUF NP UJWP IBZ RVF DPOPDFS MB FWP MVDJÖO OP QPS DJVEBEFT TJOP QPS CBSSJPT 1FSP FO DPOKVOUP TF QVF EF DPODMVJS RVF $BUBMVÕB .BESJE MPT EPT BSDIJQJÍMBHPT Z FM BSDP EFM .FEJUFSSÆOFP TF Z FM BSDP EFM .FEJUFSSÆOFP TF IBO QVFTUP FO DBCF[B FO FM IBO QVFTUP FO DBCF[B FO FM EJOBNJTNP JONPCJMBSJP

(&,$-+&

(

Granada

RVF &TQBÕB TVQPOF VO NFS DBEP NVZ GSBDDJPOBEP Z EJT QBS j-B OPSNBMJ[BDJÖO EFM QBS j-B OPSNBMJ[BDJÖO EFM TFDUPS TF FTUÆ QSPEVDJFOEP B EPT WFMPDJEBEFT 1PS VO MBEP FODPOUSBNPT MPT HSBOEFT HSBOEFT NFSDBEPT DPO #BSDFMPOB Z .BESJE B MB DBCF[B Z MBT [P OBT UVSÑTUJDBT 1SFNJVN EPO EF MPT QSFDJPT MMFWBO ZB NFTFT JODSFNFOUÆOEPTF FM OÜNFSP JODSFNFOUÆOEPTF FM OÜNFSP EF DPNQSBWFOUBT BVNFOUB BTÑ DPNP FM OÜNFSP EF IJQP UFDBT DPODFEJEBT 1PS FM DPO USBSJP FO PUSBT [POBT EF JO UFSJPS EPOEF MB EFNBOEB UP EBWÑB OP IB EFTQFHBEP TFHVJNPT SFHJTUSBOEP DBÑEBT EF QSFDJPT "VORVF BMHVOPT EF QSFDJPT "VORVF BMHVOPT NFSDBEPT QVOUVBMFT QVFEBO UFOFS SJUNPT EF FTUBODBNJFO UP OP FT QSFWJTJCMF RVF B DPS UP QMB[P TVTDJUF VO JOUFSÍT UBM FO FM EFNBOEB RVF QSPWP RVF RVF TF JOWJFSUB TV UFOEFO DJB EF QSFDJPTx FYQMJDB 'FS OBOEP &ODJOBS DPGVOEBEPS OBOEP &ODJOBS DPGVOEBEPS

5PUBM WJWJFOEBT 5PUBM WJWJFOEBT

(-,$),' '$*+&¾%c &"(-

(

7"-03

7BMPS NFEJP

7BSJBDJÓO NFEJB 7BSJBDJÓO NFEJB

7BMPS NFEJP

5PUBM WJWJFOEBT 5PUBM WJWJFOEBT

7BMPS NFEJP

7BSJBDJÓO NFEJB 7BSJBDJÓO NFEJB

5PUBM WJWJFOEBT

'$*+-¾%c +"** '('$-,. '$)-*¾%c #'"&* '',$-/( (

7"-03

%JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP

(

7*7*&/%"4 7"-03"%"4

7"-03 .¦9*.0

7"-03 .&%*0

7"-03 .±/*.0

7"3*"$*¶/ 7"3*"$*¶/

7"-03

%JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP %JTUSJUP

7*7*&/%"4 7*7*&/%"4 7"-03"%"4

7"-03 .¦9*.0

7"-03 .&%*0 .&%*0

7"-03 .±/*.0 .±/*.0

7"3*"$*¶/ 7"3*"$*¶/

'VFOUF 1SFDJPWJWJFOEBT DPN

20MINUTOS S MIBOLSILLO Â&#x2030; +VFWFT EF PDUVCSF EF Â&#x2030; Â&#x2030;+VFWFT EF PDUVCSF EF Â&#x2030; III

+VFWFT EF PDUVCSF EF ย 20MINUTOS +VFWFT EF PDUVCSF EF ย S MIBOLSILLO

IV

L?L?;D:7 L?L?;D:7

Bei [njhWi Z[ [C?8EBI?BBE C?8EBI?BBE

-B WJWJFOEB OVFWB EFTQVOUB -B WJWJFOEB OVFWB EFTQVOUB QFSP B VO SJUNP NVZ MFOUP -PT QSPNPUPSFT DSFFO RVF FM NFSDBEP FTQBร PM QPESร B BCTPSCFS DBTBT FTQBร PM QPESร B BCTPSCFS DBTBT BM Bร P MFKPT EF MBT DPOTUSVJEBT

-" $-"7& -" $-"7&

7JWJFOEBT JOJDJBEBT TFHร O 'PNFOUP H 7.085

EJEP FO VO 1Sร DUJDB 1/%! NJOVUPT FT ! N.J#PMTJMMP NFOUF OP TF IB DPOTUSVJEP FO FTUF QFSJPEPx EJDF 1PS FTP -PT EBUPT QVFEFO NPTUSBS VO FTUF QFSJPEPx EJDF 1PS FTP PQUJNJTNP FOHBร PTP 4FHร O MPT EBUPT EF DSFDJNJFOUP IBZ PQUJNJTNP FOHBร PTP 4FHร O RVF DPHFSMPT DPO BMGJMFSFT 'PNFOUP MB WJWJFOEB OVFWB RVF DPHFSMPT DPO BMGJMFSFT JOJDJBEB FTUร DSFDJFOEP NFT B 4FHร O 'PNFOUP EVSBOUF UP NFT FO QPSDFOUBKFT JOUFSB EP FM Bร P QBTBEP TF SFHJTUSB OVBMFT RVF SPOEBO FOUSF FM SPO WJTBEPT EF WJWJFO OVBMFT RVF SPOEBO FOUSF FM Z FM *ODSFNFOUPT Z FM *ODSFNFOUPT EB SFTJEFODJBM FO RVF IBSร BO CPUBS EF GFMJDJEBE Z EVSBOUF UPEP RVF IBSร BO CPUBS EF GFMJDJEBE B DVBMRVJFS TFDUPS B DVBMRVJFS TFDUPS Bร P FO FM RVF UPDร GPOEP 4PS 4JO FNCBSHP MPT QSPNPUP QSFOEF TJ TF UJFOF FO DVFOUB SFT EF WJWJFOEBT FTUร O MFKPT EF RVF TPMP FO FM NFT EF TFQ SFT EF WJWJFOEBT FTUร O MFKPT EF NPTUSBS BMFHSร B $BSPMJOB 3P UJFNCSF EF TF JOJDJBSPO WJWJFOEBT USFT WFDFT DB WJDFQSFTJEFOUB EF "TQSJ WJWJFOEBT USFT WFDFT NB MB "TPDJBDJร O EF 1SPNP Nร T RVF FO UPEP : OP FT VOB FYDFQDJร O FO KVMJP EF UPSFT EF .BESJE RVF IBDF MBT VOB FYDFQDJร O FO KVMJP EF UPSFT EF .BESJE RVF IBDF MBT WFDFT EF OBDJPOBM Z EJSFD TF WJTBSPO Z FO UPSB HFOFSBM EFM HSVQP JONP KVMJP EF &O DPO CJMJBSJP 3PDB NBUJ[B j/P USBTUF FO KVMJP EF FTUF Bร P TF IBO JOJDJBEP TPUSPT DPNP QSPNPUPSFT OP IBO JOJDJBEP TPUSPT DPNP QSPNPUPSFT OP NFEJNPT MB SFDVQFSBDJร O EFM NFEJNPT MB SFDVQFSBDJร O EFM 4JO FNCBSHP EFNBOEB IBZ Z HBOBT EF DPNQSBS UBNCJร O TFDUPS QPS FM BM[B FO FM QSF Z HBOBT EF DPNQSBS UBNCJร O j$POTJEFSBOEP FM TUPDL EF WJ DJP OJ QPS FM Oร NFSP EF USBO j$POTJEFSBOEP FM TUPDL L EF WJ TBDDJPOFT OPT GJKBNPT FO FM WJFOEBT Z PUSPT GBDUPSFT BE TBDDJPOFT OPT GJKBNPT FO FM EBUP EF WJTBEPT RVF SFHJTUSB FM WFSTPT FO "TQSJNB DBMDVMB EBUP EF WJTBEPT RVF SFHJTUSB FM NPT RVF FM NFSDBEP QPESร B JOJDJP EF DPOTUSVDDJร O EF NPT RVF FM NFSDBEP QPESร B OVFWB WJWJFOEB : BVORVF FT BCTPSCFS WJWJFOEBT BM Uร TVCJFOEP IBZ RVF SFTFร BS Bร P VOBT DPNP QSJ RVF TJ CJFO FT DJFSUP RVF FM NFSB WJWJFOEB EF OBDJPOBMFT RVF TJ CJFO FT DJFSUP RVF FM Z FM SFTUP DPNP DPNQSB QPS QSFDJP IB EFTDFOEJEP EVSBO Z FM SFTUP DPNP DPNQSB QPS UF MB DSJTJT BMSFEFEPS EF VO QBSUF EF FYUSBOKFSPT FO [POBT UF MB DSJTJT BMSFEFEPS EF VO EF DPTUB QFSP UBNCJร O FO <PUSBT GVFOUFT MP DJGSBO FO EF DPTUB QFSP UBNCJร O FO FM > MBT USBOTBDDJPOFT IBO PUSBT SFHJPOFTx EJDF 3PDB " DBร EP VO MBT WJWJFOEBT MB QSFHVOUB EF QPS RVร TJ FYJT FO DPOTUSVDDJร O IBO EFTDFO UF FTB EFNBOEB MBUFOUF OP TF JUAN FERRARI

6.267

2.494 1.866

E F M A M J J A S O N D E F M A M J J A S O N D E F M A M J J 2014 2015 2016 'VFOUF .JOJTUFSJP EF 'PNFOUP

DPOTUSVZF Nร T MB WJDFQSFTJ EFOUB EB EPT FYQMJDBDJPOFT -B QSJNFSB QPSRVF OP IBZ DPOTUSVDUPSBT QBSB BTVNJS TF NFKBOUF OJWFM j)B EFTBQBSF DJEP MB NBZPSร B EF MBT FNQSF TBT EF DPOTUSVDDJร O Z SFDVQF SBS FTF UFKJEP FT DPNQMJDBEP "EFNร T OP IBZ GJOBODJBDJร O QVFT MB CBODB FTUร NVZ DBVUF MPTB DPO FM TFDUPSx EFDMBSB 4FHร O FM $POTFKP &DPOร NJ DP Z 4PDJBM $&4 FOUSF FM EF FOFSP EF Z FM EF FOF SP EF FTUF Bร P TF EFTUSVZF SPO FNQSFTBT EF DPOTUSVDDJร O EF FEJGJDJPT FM EF MBT RVF IBCร B BOUFT EF EF MBT RVF IBCร B BOUFT EF MB DSJTJT Z PUSBT FM EF BDUJWJEBEFT EF DPOTUSVDDJร O FTQFDJBMJ[BEB 6O TFHVOEP GFOร NFOP RVF 6O TFHVOEP GFOร NFOP RVF DPSUPDJSDVJUB FM NFSDBEP FT FM DPSUPDJSDVJUB FM NFSDBEP FT FM OJWFM BERVJTJUJWP EF MBT GBNJ MJBT FTQBร PMBT Z TV BDDFTP BM DSร EJUP j)BZ VO QSPCMFNB TF SJP EF BDDFTP B MB WJWJFOEB Z SJP EF BDDFTP B MB WJWJFOEB Z UPEPT UFOFNPT RVF IBDFS VO FTGVFS[P QBSB BEBQUBS MPT QSF DJPT FNQF[BOEP QPS MB "ENJ OJTUSBDJร O QVFT FM EFM OJTUSBDJร O QVFT FM EFM DPTUF TPO JNQVFTUPTx EFDMB SB 1PS PUSP MBEP 3PDB TF RVF KB EF RVF MBT JONPCJMJBSJBT EF MPT CBODPT OP CBKBO MPT QSF DJPT EF BDVFSEP BM NFSDBEP DPO MB FTQFSBO[B EF RVF MPT DPO MB FTQFSBO[B EF RVF MPT QSFDJPT TVCBO QPS MP RVF TVFM UBO MBT WJWJFOEBT B VO SJUNP JOGFSJPS BM RVF QPESร B BTVNJS MB EFNBOEB "ร O BTร MB DPOTUSVDDJร O BWBO[B 3PDB UJFOF WBSJBT QSP NPDJPOFT FO NBSDIB FO .B ESJE VOB EF Z PUSB EF WJ WJFOEBT /P TPO MPT ร OJDPT WJFOEBT /P TPO MPT ร OJDPT /FJOPS )PNFT FTUร DPOTUSV ZFOEP FOUSF PUSBT WJWJFOEBT ZFOEP FOUSF PUSBT WJWJFOEBT FO 4BO 4FCBTUJร O EF MPT 3FZFT .BESJE 4JUHFT #BSDFMPOB P $ร SEPCB DBQJUBM โ $ร SEPCB DBQJUBM

-" $-"7&

.ร T EFM EPCMF EF EJGFSFODJB Guipรบzcoa vs. Toledo.

Toledo.

4FHร O 'PNFOUP MB QSP WJODJB Nร T DBSB QBSB DPNQSBS VOB WJWJFOEB MJ CSF OVFWB Z VTBEB FT (VJQร [DPB EPOEF FM NFUSP DVBESBEP FO FM TFHVOEP USJNFTUSF DPT UBCB EF NFEJB FVSPT &O 5PMFEP QPS DPOUSB FVSPT DPOUSB FVSPT Comunidad de Madrid.

Madrid.

4FHร O MBT NJTNBT GVFO UFT FM NFUSP DVBESBEP FO UFT FM NFUSP DVBESBEP FO MB QSPWJODJB EF .BESJE TF TJUVร FO FVSPT FVSPT Provincia de Barcelona.

Barcelona. &M NFUSP DVBESBEP DPTUBCB FVSPT DPTUBCB FVSPT Mรกlaga.

Provincia de Mรกlaga.

-B $PTUB EFM 4PM EJTUPS TJPOB FM QSFDJP NFEJP FO MB QSPWJODJB EPOEF FM NFUSP DVBESBEP TF QBHB B FVSPT Sevilla.

Provincia de Sevilla. &M NFUSP DVBESBEP DVFTUB FVSPT Provincia de Cรณrdoba.

Cรณrdoba. &M NFUSP DVBESBEP TF &M NFUSP DVBESBEP TF QBHB B FVSPT Provincia de Granada.

Granada. &M NFUSP DVBESBEP DVFTUB FVSPT Provincia de Valencia. &M NFUSP DVBESBEP TF BCPOB B FVSPT

E r <?HC7 ?DL?J7:7 7:7 $PO MPT QJFT FO FM TVFMP

4VTBOB EF 3JWB "OFM 3FTQPOTBCMF EF .BSLFUJOH EF MB UBTBEPSB 5JOTB

;

FYJTUF VO NJUP RVF FYJTUF VO NJUP RVF BTFHVSB RVF TJHMPT BUSร T VOB BSEJMMB QPESร B IBCFS DSV[BEP &TQBร B EF ร SCPM FO ร SCPM TJO OFDFTJEBE ร SCPM FO ร SCPM TJO OFDFTJEBE EF UPDBS FM TVFMP &O EF UPDBS FM TVFMP &O MBT BSEJMMBT EFM TJHMP 99 MBT BSEJMMBT EFM TJHMP 99** 9 QSร DUJDBNFOUF QPEร BO IBDFS MP NJTNP TPMP RVF TBMUBOEP MP NJTNP TPMP RVF TBMUBOEP EF HSร B FO HSร B &TF Bร P TF EF HSร B FO HSร B &TF Bร P TF

JOJDJBSPO FO &TQBร B WJWJFOEBT &O MMFHร FM DSBDL Z DPNP GJDIBT MMFHร FM DSBDL Z DPNP GJDIBT L EF EPNJOร MBT HSร BT EF EPNJOร MBT HSร BT FNQF[BSPO B EFTBQBSFDFS -B USBWFTร B IB TJEP EVSB -B USBWFTร B IB TJEP EVSB QFSP FM TFDUPS JONPCJMJBSJP ZB OP WJTUF EF MVUP SJHVSPTP ZB OP WJTUF EF MVUP SJHVSPTP 6OP EF MPT EBUPT Nร T 6OP EF MPT EBUPT Nร T TJHOJGJDBUJWPT EF RVF BMHP TJHOJGJDBUJWPT EF RVF BMHP FTUร DBNCJBOEP FT FM EF WJTBEPT EF PCSB OVFWB RVF WJTBEPT EF PCSB OVFWB RVF DVBOUJGJDB MB DPODFTJร O EF DVBOUJGJDB MB DPODFTJร O EF MJDFODJBT QBSB MB DPOTUSVD DJร O EF OVFWBT WJWJFOEBT DJร O EF OVFWBT WJWJFOEBT &TUF JOEJDBEPS DSFDJร FO B VO SJUNP EFM &O MPT WJTBEPT FOUSF FOFSP Z KVMJP FTUร O TVQFSBOEP FO VO MPT EFM NJTNP

QFSJPEP EFM Bร P BOUFSJPS -PT QFSJPEP EFM Bร P BOUFSJPS -PT QPSDFOUBKFT TPO MMBNBUJWPT QPSDFOUBKFT TPO MMBNBUJWPT QFSP IBZ RVF BOBMJ[BSMPT FO FM FTDFOBSJP EF Nร OJNPT DPO FM RVF TF DPNQBSB &O TF BQSPCBSPO WJTBEPT EF PCSB OVFWB GSFOUF B MPT EF &M OJWFM EF EF &M OJWFM EF BDUJWJEBE QSPNPUPSB FTUร B Bร PT MV[ EFM EF IBDF VOB Eร DBEB Z QPS EFCBKP EF MP Eร DBEB Z QPS EFCBKP EF MP RVF TF DPOTJEFSB VOB EFNBOEB TPTUFOJCMF B NFEJP QMB[P RVF BMHVOPT FTUVEJPT DJGSBO FOUSF FTUVEJPT DJGSBO FOUSF Z WJWJFO EBT BOVBMFT 1PS PUSP MBEP MB DPOTUSVD DJร O OP TF FTUร SFDVQFSBOEP

EF GPSNB IPNPHร OFB 5JOTB QVCMJDร FM Bร P QBTBEP FM QVCMJDร FM Bร P QBTBEP FM JOGPSNF 3BEJPHSBGร B EFM TUPDL FO FM RVF TF TUPDL FO FM RVF TF TFร BMBCBO [POBT EPOEF MB TPCSFPGFSUB EF PCSB OVFWB FSB FTDBTB Z FSB DPOWFOJFOUF FNQF[BS B DPOTUSVJS EBEP RVF VOB WJWJFOEB UBSEB

&O TF JOJDJร MB DPOTUSVDDJร O FO &TQBร B EF WJWJFOEBT EF WJWJFOEBT "MHVOPT FTUVEJPT DJGSBO FOUSF Z DJGSBO FOUSF Z MPT QJTPT RVF MPT QJTPT RVF TF QVFEFO DPNQSBS FO &TQBร B BM Bร P

FOUSF Z NFTFT FO MFWBOUBSTF : BIร TF FTUร DPODFOUSBOEP MB BDUJWJEBE .BESJE Z #BSDFMPOB Z TVT .BESJE Z #BSDFMPOB Z TVT BMSFEFEPSFT FODMBWFT EF MB DPTUB EF .ร MBHB "MJDBOUF Z $ร EJ[ #BMFBSFT 1FSP FO FM $ร EJ[ #BMFBSFT 1FSP FO FM HSVFTP EF MBT HFPHSBGร BT FTQBร PMBT BQFOBT IBZ BDUJWJEBE RVFEB NVDIP TUPDL QPS BCTPSCFS Z P MB L EFNBOEB TJHVF Eร CJM -P RVF FTUร UJSBOEP EFM -P RVF FTUร UJSBOEP EFM NFSDBEP FO MBT HSBOEFT DJVEBEFT FT MB EFNBOEB EF DJVEBEFT FT MB EFNBOEB EF SFQPTJDJร O HFOUF RVF IB FTQFSBEP Bร PT QBSB DBNCJBSTF B VO QJTP Nร T HSBOEF P FO NFKPSFT [POBT HSBOEF P FO NFKPSFT [POBT &M DPNQSBEPS FT Nร T &M DPNQSBEPS FT Nร T

FYJHFOUF Z FM QSPNPUPS FTUร PCMJHBEP B QFOTBS CJFO RVร DPOTUSVZF Z Eร OEF : MP DPOTUSVZF Z Eร OEF : MP DJFSUP FT RVF FM QSPEVDUP DPO VOB VCJDBDJร O Z VOBT DBSBDUFSร TUJDBT BEFDVBEBT TF FTUร WFOEJFOEP B CVFO SJUNP TPCSF QMBOP 4J GJOBMNFOUF MB NFKPSB FDPOร NJDB Z MB DSFBDJร O EF FNQMFP TF DPOTPMJEBO MB BDUJWJEBE TF FYUFOEFSร QPS Nร T HFPHSBGร BT 2VJ[ร FO BMHVOPT TJUJPT OP UJFOF TFOUJEP RVF WVFMWB .JFOUSBT FM QSPNPUPS UFOHB MPT QJFT FO FM TVFMP TFSร EJGร DJM RVF MBT BSEJMMBT WVFMWBO B UFOFS MPT TVZPT WVFMWBO B UFOFS MPT TVZPT TBMUBOEP EF HSร B FO HSร B โ

20MINUTOS S MIBOLSILLO Â&#x2030; +VFWFT EF PDUVCSF EF Â&#x2030; Â&#x2030;+VFWFT EF PDUVCSF EF Â&#x2030; V

+VFWFT EF PDUVCSF EF 20MINUTOS +VFWFT EF PDUVCSF EF S MIBOLSILLO

VI

L?L?;D:7 L?L?;D:7

-BT WJWJFOEBT -BT WJWJFOEBT VTBEBT DPQBO FM EF MBT WFOUBT EFM WFOUBT EFM NFSDBEP &T DPNQMJDBEP TBCFS DVÆOUBT DBTBT &T DPNQMJDBEP TBCFS DVÆOUBT DBTBT IBZ FO EJTQPTJDJÖO EF TBMJS BM NFSDBEP IBZ FO EJTQPTJDJÖO EF TBMJS BM NFSDBEP &O ATUPDL TF DBMDVMB RVF VOBT

%PT QFSTPOBT NJSBO MPT DBSUFMFT EF BOVODJPT EF WJWJFOEB FO FM FTDBQBSBUF EF VOB JONPCJMJBSJB %PT QFSTPOBT NJSBO MPT DBSUFMFT EF BOVODJPT EF WJWJFOEB FO FM FTDBQBSBUF EF VOB JONPCJMJBSJB

JUAN FERRARI 1/%! NJOVUPT FT ! N.J#PMTJMMP

&T EJGÑDJM EFUFSNJOBS RVÍ TF JO DMVZF EFOUSP EF MB WJWJFOEB VTBEB -B EVEB FTUSJCB FO TJ MBT DBTBT RVF TF JOJDJBSPO BOUFT EF DVBOEP FTUBMMB MB CVSCV KB JONPCJMJBSJB Z RVF KBNÆT KB JONPCJMJBSJB Z RVF KBNÆT IBO TJEP PDVQBEBT TPO OVFWBT P VTBEBT 4F FTUBCMFDF DPNP OVFWB BRVFMMB RVF MMFWB UFSNJ OBEB DPNP NÆYJNP BÕPT OBEB DPNP NÆYJNP BÕPT 1PS UBOUP MB BWBMBODIB EF 1PS UBOUP MB BWBMBODIB EF FOUSF WJWJFOEBT JOJDJBEBT FOUSF Z RVF TF GVFSPO Z RVF TF GVFSPO UFSNJOBOEP FO BÕPT QPTUF SJPSFT TF JODMVZFO EFOUSP EFM SJPSFT TF JODMVZFO EFOUSP EFM TFHNFOUP EF VTBEBT &O FM TFHNFOUP EF VTBEBT &O FM TFDUPS IBO QBTBEP B TFS DP OPDJEBT DPNP FM TUPDL EF WJ OPDJEBT DPNP FM TUPDL EF WJ WJFOEB : TPO DBOUJEBE &M QBTBEP OPWJFNCSF MB UBTB EPSB 5JOTB SFBMJ[Ö VO FTUVEJP EPSB 5JOTB SFBMJ[Ö VO FTUVEJP QBSB EFQVSBS EF DVÆOUBT WJ WJFOEBT TF USBUB $PO EBUPT EF KVOJP EF MMFHÖ B MB EF KVOJP EF MMFHÖ B MB DPODMVTJÖO EF RVF FO FTB GF DIB IBCÑB WJWJFOEBT FO FTUB TJUVBDJÖO FO FTUB TJUVBDJÖO 'VFOUFT EF 5JOTB BDMBSBO RVF FM FTUVEJP TF FTUÆ EFQVSBOEP FM FTUVEJP TF FTUÆ EFQVSBOEP ZB IBO SFDPHJEP MPT EBUPT QF SP IBTUB GJOBMFT EF OPWJFN CSF OP TF DPOPDFSÆ MB OVFWB DJ GSB "VORVF IBZ RVF QSFDJTBS RVF BQSPYJNBEBNFOUF VOB RVF BQSPYJNBEBNFOUF VOB DVBSUB QBSUF EF FTUBT DBTJ DBTJ WB B TFS EJGÑDJM RVF FO DVFOUSFO DPNQSBEPS &TUF TUPDL FT QBSUF GVOEB &TUF TUPDL FT QBSUF GVOEB NFOUBM EFM NFSDBEP EF TFHVO EB NBOP BDUVBMNFOUF B EJT QPTJDJÖO EF MPT QPTJCMFT DPN QSBEPSFT Z NVDIP NÆT BDUJWP QSBEPSFT Z NVDIP NÆT BDUJWP RVF FM NFSDBEP EF WJWJFOEB EF SFDJFOUF DPOTUSVDDJÖO &M SFT UP MP DPNQPOFO WJWJFOEBT EF UP MP DPNQPOFO WJWJFOEBT EF QBSUJDVMBSFT HFOFSBMNFOUF EF NÆT BOUJHÞFEBE RVF MBT QSJ NFSBT Z EF VOB EJGÑDJM DVBOUJ GJDBDJÖO QVFT FOUSBO FO FM

NFSDBEP FO GVODJÖO EF MBT OF DFTJEBEFT EF TVT QSPQJFUBSJPT DFTJEBEFT EF TVT QSPQJFUBSJPT &M NFSDBEP EF WJWJFOEBT FO TUPDL FTUÆ NBZPSJUBSJBNFOUF TUPDL FTUÆ NBZPSJUBSJBNFOUF FO NBOPT EF JONPCJMJBSJBT MJ HBEBT B FOUJEBEFT GJOBODJF SBT $PO MB DSJTJT NVDIBT QSP NPUPSBT RVFCSBSPO Z MPT CBO DPT Z DBKBT TF IJDJFSPO DBSHP EF TVT BDUJWPT oWJWJFOEBT FO EF TVT BDUJWPT oWJWJFOEBT FO DPOTUSVDDJÖO ZB UFSNJOBEBT DPOTUSVDDJÖO ZB UFSNJOBEBT F JODMVTP TVFMP QBSB DPOT USVJSo FO DPNQFOTBDJÖO DPO USVJSo FO DPNQFOTBDJÖO DPO MBT EFVEBT RVF IBCÑBO DPO USBÑEP DPO FTUBT FOUJEBEFT USBÑEP DPO FTUBT FOUJEBEFT -B NBZPSÑB EF MPT CBODPT -B NBZPSÑB EF MPT CBODPT DVFOUBO DPO VOB JONPCJMJBSJB QSPQJB RVF TVFMF WFOEFS FT UBT WJWJFOEBT B USBWÍT EF TVT UBT WJWJFOEBT B USBWÍT EF TVT QSPQJBT XFCT F JODMVTP FO TVT QSPQJBT XFCT F JODMVTP FO TVT TVDVSTBMFT &OUSF MBT JONPCJ MJBSJBT CBODBSJBT NÆT BDUJWBT DBCF EFTBUBDBS "MUBNJSB *O NVFCMFT #BODP 4BOUBOEFS

NVFCMFT #BODP 4BOUBOEFS

X X X B M U B N J S B J O N V F CMFT DPN ##7" 7JWJFOEB CMFT DPN ##7" XXX CCWBWJWJFO EB DPN "MJTFEB *ONPCJMJBSJB EB DPN "MJTFEB *ONPCJMJBSJB 1PQVMBS XXX BMJTFEBJONP 1PQVMBS

XXX BMJTFEBJONP CJMJBSJB DPN 4FSWJIBCJUBU $BJYBCBOL XXX TFSWJIBCJ $BJYBCBOL

XXX TFSWJIBCJ #BOLJB

UBU DPN )BZB #BOLJB

XXX IBZB FT 4PMWJB #BODP XXX IBZB FT 4PMWJB #BODP 4BCBEFMM XXX TPMWJB FT #BO 4BCBEFMM

XXX TPMWJB FT #BO LJOUFS #BOLJOUFS XXX COLJO LJOUFS #BOLJOUFS XXX COLJO UFS DPN #./ 7JWJFOEBT (SV UFS DPN #./ 7JWJFOEBT (SV QP #./ XXX CNOWJWJFO EBT DPN 6OJDBKB *ONVFCMFT 6OJDBKB XXX VOJDBKBJONVF CMFT DPN ,VUYBCBOL *ONPCJ MJBSJB ,VUYBCBOL XXX LVUYB CBOLJONPCJMJBSJB FT Z BMHVOBT PUSBT &M QPSUBM *EFBMJTUB UBN CJÍO DPNFSDJBMJ[B MB NBZPSÑB EF FTUBT WJWJFOEBT -B WFOUB KB EF DPNQSBS VOB DBTB MJHB EB B VO CBODP FT RVF FT NÆT GÆ DJM BDDFEFS B VOB IJQPUFDB DPO FTB FOUJEBE &T EJGÑDJM EFUFSNJOBS RVÍ QPSDFOUBKF EFM NFSDBEP EF QPSDFOUBKF EFM NFSDBEP EF

-" $-"7& -" $-"7&

1SFDJP EF MB WJWJFOEB VTBEB TFHÙO *EFBMJTUB à N H

Madrid

Barcelona

Valencia

Sevilla

Málaga

Córdoba

Granada

4.609

3.984,4

2.694,2 Dic 14

2.886,5 Sept 13

3.667

3.104,4 2.902 2.785,5 2.526,5 2.478,7 2.404,4

1.322,2 May 15

1.799 1.662 1.514 1.431 1.381

1.400,1 Sept 14 S 1.444,2 Oct 15 Ene 08

Sep 16 2009

2010

2011

2012

2013

*ONPCJMJBSJBT FO NBOPT EF CBODPT Z EFM &TUBEP Z EFM &TUBEP 1SÆDUJDBNFOUF UPEPT MPT CBO DPT Z DBKBT DVFOUBO DPO VOB JO NPCJMJBSJB RVF DPNFSDJBMJ[B MBT WJWJFOEBT RVF IBO BDBCBEP FO TVT CBMBODFT " FMMPT TF TV NB FM 4BSFC 4PDJFEBE EF (FT UJÖO EF "DUJWPT 1SPDFEFOUFT EF MB 3FFTUSVDUVSBDJÖO #BODBSJB MB 3FFTUSVDUVSBDJÖO #BODBSJB VOB FOUJEBE QSJWBEB EFM VOB FOUJEBE QSJWBEB EFM DBQJUBM FO NBOPT EFM &TUBEP

DBQJUBM FO NBOPT EFM &TUBEP

&TUBT TPO BMHVOBT EF MBT QSP NPDJPOFT RVF PGSFDFO ALISEDA INMOBILIARIA (BANCO POPULAR)

1.7533 Sept 155

2008

"3$)*70

2014

2015

2016

$¹3%0#" 7JWJFOEBT FO FEJGJ DJP EFTBSSPMMBEP FO QMBOUB CB KB NÆT EPT QMBOUBT FO [POB NVZ DÍOUSJDB -PT QJTPT DVFOUB DPO P EPSNJUPSJPT Z P CBÕPT P EPSNJUPSJPT Z P CBÕPT FO GVODJÖO EF MB UJQPMPHÑB #VF OBT DBMJEBEFT %FTEF å OBT DBMJEBEFT %FTEF å HAYA (BANKIA)

.©-"(" &EJGJDJP DPO WJ WJFOEBT FOUSF MPT Nò Z WJFOEBT FOUSF MPT Nò Z Nò 1JTPT Z EÜQMFY EF B EPS NJUPSJPT DPO P CBÕPT 1MB [BT EF BQBSDBNJFOUP FO QMBO UB TÖUBOP %FTEF å SOLVIA (BANCO SABADELL)

(+"+ (+"+

NJMMPOFT EF WJWJFOEBT IBZ FO &TQBÒB BDUVBMNFOUF NJMMPOFT NÃT RVF BÒPT BUSÃT VTBEBT DPSSFTQPOEF B MBT WJ WJFOEBT FO TUPDL Z DVÆM B MPT QJTPT EF QBSUJDVMBSFT 'FSOBO EP &ODJOBS DPGVOEBEPS Z KF

GF EF FTUVEJPT EF *EFBMJTUB EF DMBSB RVF FO MB CBTF EF TV XFC DVFOUBO DPO BQSPYJNBEB NFOUF VO EF BOVODJPT EF QBSUJDVMBSFT Z PUSP EF QSPGFTJPOBMFT JONPCJMJBSJPT BHFODJBT JONPCJMJBSJBT FOUJ EBEFT GJOBODJFSBT 4FHÜO MPT EBUPT EF 5JOTB BMHP NÆT EFM EF MBT WJWJFOEBT FO TUPDL EF MBT WJWJFOEBT FO TUPDL FTUÆO FO NBOPT EF JONPCJMJB SJBT RVF IBO DPOTFHVJEP TP CSFWJWJS B MB DSJTJT Z IBO NBO UFOJEP FO DBSUFSB TVT BDUJWPT UFOJEP FO DBSUFSB TVT BDUJWPT

j/P UFOFNPT VOB CPMB EF j/P UFOFNPT VOB CPMB EF DSJTUBM QFSP EF DPOUJOVBS FO MB MÑOFB BDUVBM FT QPTJCMF RVF TJHBNPT WJFOEP MJHFSPT JODSF NFOUPT EF QSFDJP FO MBT HSBO EFT DJVEBEFT NJFOUSBT RVF EFT DJVEBEFT NJFOUSBT RVF PUSPT NFSDBEPT TJO MB TVGJ DJFOUF EFNBOEB DPOUJOVBSÆO SFHJTUSBOEP DBÑEBT &O FTUF SFHJTUSBOEP DBÑEBT &O FTUF TFOUJEP FT QPTJCMF RVF MPT EB UPT HMPCBMFT EF &TQBÕB TJHBO NBSDBOEP TVBWFT DBÑEBT FO MPT QSÖYJNPT NFTFTx EFDMBSB 'FSOBOEP &ODJOBS ●

#"3$&-0/" 1JTP TJUVBEP FO MB MPDBMJEBE EF #BSDFMPOB FO FM MB MPDBMJEBE EF #BSDFMPOB FO FM 1BTFP .BSF EF %FV EFM $PMM O 1BTFP .BSF EF %FV EFM $PMM O $VFOUB DPO VOB TVQFSGJDJF EF Nò %JTQPOF EF EPSNJ UPSJPT Z CBÕP å UPSJPT Z CBÕP å ALTAMIRA INMUEBLES (BANCO SANTANDER)

."%3*% 3FTJEFODJBM -PT 0MJ WPT $PMNFOBS 7JFKP 6SCBOJ[B DJÖO DPO [POBT WFSEFT 7JWJFO EBT DPO BNQMJBT FTUBODJBT DP DJOB UPUBMNFOUF FRVJQBEB 1SFJOTUBMBDJÖO EF BJSF BDPOEJ DJPOBEP %FTEF å

20MINUTOS S MIBOLSILLO ย +VFWFT EF PDUVCSF EF ย +VFWFT EF PDUVCSF EF

VII

Bei [njhWi Z[ C?8EBI?BBE

&M BMRVJMFS TVCF FO MBT HHSBOEFT DJVEBEFT DPO #BSDFMPOB FO DBCF[B "MRVJMBS DBTB FO &TQBร B FTUF NFT EF &TQBร B FTUF NFT EF TFQUJFNCSF IB TJEP VO EF NFEJB VO EF NFEJB Nร T DBSP RVF FO FM NJTNP NFT EF J. F. 1/%! NJOVUPT FT ! N.J#PMTJMMP

-PT BMRVJMFSFT TJHVFO JNQBSB CMFT &O Uร SNJOPT JOUFSBOVB MFT oTFQUJFNCSF EF FTUF Bร P MFT oTFQUJFNCSF EF FTUF Bร P FO DPNQBSBDJร O DPO TFQUJFN CSF EF o MB NFEJB EFM BM RVJMFS FO &TQBร B IB TVCJEP VO TFHร O FM ร OEJDF RVF FMBCPSB FM QPSUBM JONPCJMJBSJP FMBCPSB FM QPSUBM JONPCJMJBSJP *EFBMJTUB B QBSUJS EF MPT BOVO DJPT RVF SFHJTUSB FO TV Qร HJOB DJPT RVF SFHJTUSB FO TV Qร HJOB 4JO FNCBSHP MBT NFEJBT PDVM UBO DPNP TJFNQSF HSBOEFT EJGFSFODJBT EJGFSFODJBT

&O FTUB PDBTJร O UBOUP HFP HSร GJDBT DPNP UFNQPSBMFT 3FTQFDUP B FTUBT ร MUJNBT ร MUJNBT *EFBMJTUB EFUFDUB RVF FO FM UFS DFS USJNFTUSF MB NFEJB EF MPT BMRVJMFSFT EFTDFOEJร VO BMRVJMFSFT EFTDFOEJร VO SFTQFDUP BM TFHVOEP USJNFTUSF SFTQFDUP BM TFHVOEP USJNFTUSF BVORVF MPT FYQFSUPT OP DPOTJ EFSBO RVF TF QVFEB USBUBS EF VO DBNCJP EF UFOEFODJB &O MPT NFTFT EF KVMJP BHPTUP Z FO NFOPS NFEJEB TFQUJFNCSF MPT QSFDJPT UJFOEFO B EFTDFO EFS QVFT NVDIBT DBTBT TF RVFEBO WBDร BT Z QSร DUJDBNFO UF TPMP GVODJPOBO MPT BMRVJMF SFT EF UFNQPSBEB WBDBDJPOBM SFT EF UFNQPSBEB WBDBDJPOBM /P BTร FO TFQUJFNCSF DVBOEP /P BTร FO TFQUJFNCSF DVBOEP MPT QSFDJPT SFQVOUBO QVFT FT QSJODJQJP EF DVSTP Z MB HFOUF QSJODJQJP EF DVSTP Z MB HFOUF WVFMWF B MBT HSBOEFT DJVEBEFT /P PCTUBOUF FM QFTP EF MPT BM RVJMFSFT WBDBDJPOBMFT FTUร EJT UPSTJPOBOEP FM NFSDBEP EF UPSTJPOBOEP FM NFSDBEP EF

DJVEBEFT DPNP #BSDFMPOB 'VFOUFT EF PUSP QPSUBM JONP CJMJBSJP )BCJUBDMJB BQVOUBO RVF FO BHPTUP FM BMRVJMFS TVCJร FO MB $JVEBE $POEBM VO SFTQFDUP B BHPTUP EF VO Bร P BUSร T %F IFDIP #BSDFMPOB FT VOB EF MBT DJVEBEFT RVF IBO TVCJEP FO FM USJNFTUSF TFHร O MPT EBUPT EF *EFBMJTUB DPODSF UBNFOUF VO B QFTBS EF RVF MB NFEJB OBDJPOBM SFHJTUSB MB DBร EB EFM -PT NBUJDFT HFPHSร GJDPT TPO JNQPSUBOUFT FO FM NFSDBEP EFM BMRVJMFS DPO VOB DMBSB EJGFSFO DJBDJร O FOUSF MBT HSBOEFT DJV EBEFT Z FM SFTUP 'VFOUFT EFM QPSUBM *EFBMJTUB BQVOUBO RVF MPT EBUPT EFM UFSDFS USJNFTUSF WVFMWFO B QPOFS EF NBOJGJFT UP FM SVNCP RVF IB UPNBEP FM NFSDBEP EF BMRVJMFS Z BVORVF MPT SFTVMUBEPT USJNFTUSBMFT B MPT SFTVMUBEPT USJNFTUSBMFT B

3FOUBCJMJ[BS MBT DBTBT WBDร BT MBT DBTBT WBDร BT -B GVFSUF EFNBOEB -B GVFSUF EFNBOEB

-" $-"7&

7BSJBDJร O JOUFSBOVBM EFM QSFDJP Q EF MB WJWJFOEB EF BMRVJMFS R Barcelona 18,5% Madrid 14,6%

Valencia 13,2%

10,7% Media nacional

Granada Mรกlaga 6,6% 6,3% ,

Sevilla 5,7% Cรณrdoba 1,5% %BUPT B UFSDFS USJNFTUSF 'VFOUF *EFBMJTUB

EF WJWJFOEBT EF BMRVJMFS RVF KVTUJGJDB FM DSFDJ NJFOUP EF MPT QSFDJPT BM NFOPT FO MBT HSBOEFT DJV EBEFT FTUร QSPWPDBOEP EBEFT FTUร QSPWPDBOEP RVF BMRVJMBS DBTBT WVFMWB B TFS VO OFHPDJP SFOUBCMF $PODSFUBNFOUF TFHร O MPT EBUPT EF *EFBMJTUB VO MPT EBUPT EF *EFBMJTUB VO NVZ QPS FODJNB EF PUSPT BDUJWPT GJOBODJFSPT DPNP MB SFOUB GJKB Z DSF DJFOEP QVFT IBDF VO Bร P DJFOEP QVFT IBDF VO Bร P MB SFOUBCJMJEBE RVF BQPS UBCB FM BMRVJMFS EF VOB WJ WJFOEB FSB EFM OJWFM OBDJPOBM NBSDBO VOB DBร EB MPT HSBOEFT NFSDBEPT TJHVFO TFร BMBOEP TVCJEBT FO MBT SFOUBT NFOTVBMFT &TUBT MBT SFOUBT NFOTVBMFT &TUBT NJTNBT GVFOUFT BQVOUBO RVF jNJFOUSBT MB EFNBOEB DPOUJ Oร B QSFTJPOBOEP TPCSF FM QBS RVF EF WJWJFOEBT MB BQFSUVSB EFM HSJGP IJQPUFDBSJP Z MBT BMUBT SFOUBCJMJEBEFT RVF PGSFDF FM BM RVJMFS FTUร O DPOWJSUJFOEP FM TFDUPS FO VO WBMPS SFGVHJP QB SB QFRVFร PT Z NFEJBOPT BIP SSBEPSFTx SSBEPSFT SSBEPSFTx

+VFWFT EF PDUVCSF EF +VFWFT EF PDUVCSF EF 20MINUTOS S MIBOLSILLO

VIII

L?L?;D:7 L?L?;D:7

Bei [njhWi Z[ [C?8EBI?BBE C?8EBI?BBE

-B NFKPS PDBTJÖO QBSB QFEJS VOB IJQPUFDB &M DPTUF EF DPNQSB EF VOB WJWJFOEB TF IB SFEVDJEP B NÑOJNPT IJTUÖSJDPT QPS MB CBKBEB EFM FVSÑCPS Z MPT EJGFSFODJBMFT 1/%! NJOVUPT FT ! N.J#PMTJMMP

&O MPT EPT ÜMUJNPT BÕPT MB NB ZPSÑB EF MBT WFDFT RVF TF IB IB CMBEP EF IJQPUFDBT IB TJEP QPSRVF FM ÑOEJDF BM RVF FTUÆO SFGFSFODJBEBT MB NBZPSÑB FO SFGFSFODJBEBT MB NBZPSÑB FO &TQBÕB FM FVSÑCPS IB IFDIP &TQBÕB FM FVSÑCPS IB IFDIP IJTUPSJB &O QMFOP CPPN EF MB CVSCVKB JONPCJMJBSJB DVBOEP CVSCVKB JONPCJMJBSJB DVBOEP FSB GÆDJM DPOTFHVJS VO QSÍTUB NP QBSB DPNQSBS VOB DBTB FM FVSÑCPS B NFTFT MMFHÖ B FT DBMBS FM " FTUP IBCÑB RVF TVNBS MPT EJGFSFODJBMFT RVF BQMJDBCB MB CBODB FOUPODFT BQMJDBCB MB CBODB FOUPODFT RVF QPEÑBO TVQFSBS GÆDJMNFO UF FM MP RVF FODBSFDÑB TVT UBODJBMNFOUF MPT QBHPT )PZ MB TJUVBDJÖO FT SBEJDBM NFOUF EJTUJOUB &M FVSÑCPS QFS NBOFDF FO OJWFMFT EFTDPOP DJEPT &M QBTBEP TFQUJFNCSF DFSSÖ QPS PDUBWP NFT DPO DFSSÖ QPS PDUBWP NFT DPO TFDVUJWP FO OFHBUJWP BM ¤ %F GPSNB QBSBMFMB MBT FOUJEBEFT GJOBODJFSBT IBO SFEVDJEP MPT EJGFSFODJBMFT Z BM HVOBT PGFSUBT TF FODVFOUSBO HVOBT PGFSUBT TF FODVFOUSBO JODMVTP QPS EFCBKP EFM 4JO EVEB TPO FYDFMFOUFT 4JO EVEB TPO FYDFMFOUFT OPUJDJBT QBSB RVJFOFT WBO B DPNQSBS VOB DBTB Z EFCFO GJS NBS VOB IJQPUFDB Z QBSB MPT NBS VOB IJQPUFDB Z QBSB MPT RVF ZB MB UJFOFO QVFTUP RVF QSPCBCMFNFOUF TV DVPUB NFOTVBM TFSÆ EF NFOPS JN QPSUF FO FM NPNFOUP EF MB SF WJTJÖO 1PS FKFNQMP UFOJFOEP FO DVFOUB FM DJFSSF EFM FVSÑCPS EF TFQUJFNCSF VOB IJQPUF DB NFEJB EF FVSPT B BÕPT DPO VO EJGFSFODJBM EF FVSÑCPS TVQPOF VOB SFCB KB BOVBM EF VOPT FVSPT P EF FVSPT BM NFT -B QSJODJQBM SB[ÖO EF FTUF -B QSJODJQBM SB[ÖO EF FTUF DBNCJP TF EFCF BM NBOUFOJ NJFOUP EF VOB QPMÑUJDB EF UJ QPT EF JOUFSÍT FYQBOTJWB QPS QBSUF EFM #BODP $FOUSBM &VSP QFP &M PCKFUJWP EFM PSHBOJT NP FT FTUJNVMBS MBT FDPOP NÑBT USBT FM QFSJPEP EF DSJTJT

QPS MP RVF UPNÖ MB EFDJTJÖO QPS MP RVF UPNÖ MB EFDJTJÖO IBDF UJFNQP EF MMFWBS FM DPT UF EF MPT QSÍTUBNPT BM FO FM 7JFKP $POUJOFOUF 7JFKP $POUJOFOUF -B QPTUVSB EFM #$& OP UJFOF -B QPTUVSB EFM #$& OP UJFOF WJTPT EF DBNCJBS B DPSUP QMB [P QPSRVF MPT QBÑTFT OP UFSNJ OBO EF BGJBO[BS MB SFDVQFSB DJÖO 1PS UBOUP OP TF FTQFSB RVF FM FVSÑCPS SFQVOUF EF GPS NB TJHOJGJDBUJWB BVORVF QB SB BMHVOPT FYQFSUPT EFM NFS DBEP UBNQPDP RVFEB NVDIP NBSHFO EF NBOJPCSB QBSB RVF CBKF NÆT RVF CBKF NÆT &TUB TJUVBDJÖO JOTÖMJUB QB SB FM TFDUPS GJOBODJFSP Z QBSB MPT QSPQJPT DPOTVNJEPSFT IB PCMJHBEP B BEFDVBS MB PGFSUB IJQPUFDBSJB %F FTUB GPSNB MBT EF UJQP GJKP IBO JEP HBOBO EP UFSSFOP B MBT WBSJBCMFT {: DVÆM FT MB SB[ÖO 1VFT TJN QMFNFOUF MB QSPUFDDJÖO BO UF MBT GVUVSBT TVCJEBT EF MPT UJ QPT EF JOUFSÍT QPT EF JOUFSÍT -B BQVFTUB QPS FTUF QSPEVD UP TF DPOTUBUB FO MBT ÜMUJNBT UP TF DPOTUBUB FO MBT ÜMUJNBT FTUBEÑTUJDBT QVCMJDBEBT QPS FM FTUBEÑTUJDBT QVCMJDBEBT QPS FM *OTUJUVUP /BDJPOBM EF &TUB EÑTUJDB */& TPCSF MB BDUJWJ EBE SFHJTUSBEB FO KVMJP &O

&M NFSDBEP EF QSÊTUBNPT QBSB WJWJFOEB TF USBOTGPSNB Q Q -BT IJQPUFDBT SFGFSFODJBEBT B VO UJQP GJKP TF IBO EJTQBSBEP FO QSFWJTJÓO EF VO GVUVSP JODSF NFOUP EF MPT UJQPT EF JOUFSÊT FO &VSPQB -B DBÎEB EFM FVSÎCPS CFOFGJDJB UBOUP B MPT OVFWPT IJ QPUFDBEPT DPNP B MPT BOUJHVPT ZB RVF QVFEF SFEVDJS MB DVPUB NFOTVBM FO MBT SFWJTJPOFT Evolución de la contratación de hipotecas sobre vivienda 1.342.171

* Hasta julio

1.238.890 846.419 650.889 607.535 408.461 273.873 199.703 204.302 245.474

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

165.311 2016*

''", ¾ ''",¾

Constitución de hipotecas según el tipo de interés elegido 2006 2016 (julio)

978% 997,8% 7,7,8% ,8% %

Interés Int eréss variable variablee

75,6% 77555,,,6% 75, 6% 6%

2 2% 2,2%

Interés Int eréss variable variablee

BM NFT EF BIPSSPUJFOFO MBT IJ BM NFT EF BIPSSP UJFOFO MBT IJ QPUFDBT RVF IBZBO SFWJTBEP DPO FM FVSÎCPS EF TFQUJFNCSF

24,4% 24, 24 ,4% ,4% Interés Int eréss fijo

QPTJCMF RVF NVDIPT IJQP UFDBEPT RVJFSBO DBNCJBS TV DPOUSBUP BOUF MBT OVF WBT DPOEJDJPOFT EFM NFS DBEP 4F QVFEF IBDFS NF EJBOUF EPT GÖSNVMBT TVC SPHBOEP MB IJQPUFDB B PUSB FOUJEBE RVF PGSFDF NFKP SFT JOUFSFTFT P QPS OPWB DJÖO RVF FT VOB SFOFHP DJBDJÖO DPO FM CBODP EPO EF MB UFOFNPT 0KP DPO FM DPTUF Z MBT DPOEJDJPOFT

WBSJBCMF jDPO FM GJO EF PGSF DFS MBT NFKPSFT DPOEJDJPOFT DFS MBT NFKPSFT DPOEJDJPOFT FO FTUF UJQP EF DSÍEJUPTx TF Variación de una hipoteca media de 120.000€ a 20 años ÕBMB MB FOUJEBE -B EJWFSTJEBE EF QSPEVDUPT Euribor (%) Cuota mensual (€) 882 837 Con un diferencial del 1% sobre el euribor. Datos de agosto RVF FYJTUFO FO FM NFSDBEP GB 767 DJMJUB MB FMFDDJÖO BM DPOTVNJ 671 4,67 5,32 631 600 EPS "IPSB CJFO FT QSFDJPTP 577 581 561 561 549 3,62 MFFS MBT DPOEJDJPOFT EFM DPO USBUP Z TPCSF UPEP DPNQBSBS 2,10 -BT IJQPUFDBT TF QVFEFO SFGF 1,42 1,33 SFODJBS B VO UJQP WBSJBCMF 0,88 0,54 0,47 NJYUP P GJKP ,FMJTUP DPN BDBCB 0,16 -0,05 EF QVCMJDBS VO JOGPSNF EPO 2006 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 Fuente: INE, Bankimia EF TFÕBMB RVF MB FMFDDJÖO EF VOB IJQPUFDB EF UJQP GJKP QVF EF SFTVMUBS DBTJ VO NÆT DBSB RVF MB WBSJBCMF FTF NFT FM EF MBT IJQP DBSB RVF MB WBSJBCMF )BZ RVF UFOFS FO DVFOUB UFDBT DPOTUJUVJEBT VUJMJ[Ö FM UFDBT DPOTUJUVJEBT VUJMJ[Ö FM )BZ RVF UFOFS FO DVFOUB UBNCJÍO MBT DPNJTJPOFT Z TJ FVSÑCPS B UJQP WBSJBCMF Z FM UBNCJÍO MBT DPNJTJPOFT Z TJ FM UJQP GJKP GSFOUF BM FYJHFO MB DPOUSBUBDJÖO EF BM EF IBDF VO BÕP Z FM HÜO QSPEVDUP DPNP QVFEF TFS FM TFHVSP EFM IPHBS V PUSP EF NBSDBOEP VO EF NBSDBOEP VO TFS FM TFHVSP EFM IPHBS V PUSP UJQP EF QÖMJ[B Z UBSKFUBT EF NÆYJNP IJTUÖSJDP FO MB TF UJQP EF QÖMJ[B Z UBSKFUBT EF SJF SFHJTUSBEB SJF SFHJTUSBEB DSÍEJUP Z FM QMB[P EF BNPS 4FHÜO MB "TPDJBDJÖO )JQP UJ[BDJÖO 4FQB UBNCJÍO RVF UFDBSJB &TQBÕPMB FM MPT CBODPT BIPSB TPO NÆT EF MPT QSÍTUBNPT RVF TF IBO FYJHFOUFT DPO MB TPMWFODJB QFEJEP FTUF BÕP GVFSPO QBSB EF MPT DMJFOUFT Z RVF MB IJQP MB BERVJTJDJÖO EF WJWJFOEB UFDB RVF TF DPODFEB OP MMF QSJODJQBM -BT EF TFHVOEB HBSÆ B DVCSJS FM EFM WB QSJODJQBM -BT EF TFHVOEB MPS EF MB WJWJFOEB SFTJEFODJB SFQSFTFOUBO FM MPS EF MB WJWJFOEB -B PGFSUB EF IJQPUFDBT IB NFKPSBEP TVTUBODJBMNFOUF + 1"3±4 SFTJEFODJB SFQSFTFOUBO FM -B PGFSUB EF IJQPUFDBT IB NFKPSBEP TVTUBODJBMNFOUF

#BOLJOUFS #BOLJOUFS &O MB IJQPUFDB B UJQP WBSJBCMF PGSFDF VO JOUFSÊT EF FVSÎCPS NÃT B QBSUJS EFM TFHVOEP NÃT B QBSUJS EFM TFHVOEP BÒP "NPSUJ[BDJÓO EF BÒPT BÒP "NPSUJ[BDJÓO EF BÒPT Z TJO DPNJTJÓO EF BQFSUVSB &O MB EF UJQP GJKP MB 5"& QBSUF EFM MB EF UJQP GJKP MB 5"& QBSUF EFM Z EFQFOEF EF MPT QMB[PT

#BODP 4BOUBOEFS #BODP 4BOUBOEFS " QBSUJS EFM UFSDFS BÒP TF QBHB SÎB FVSÎCPS Z FO MPT EPT SÎB FVSÎCPS Z FO MPT EPT QSJNFSPT FM UJQP TFSÃ EFM QSJNFSPT FM UJQP TFSÃ EFM -B 5"& EF MB GJKB FT EFM 3FRVJFSF EPNJDJMJBS OÓNJOB Z DPOUSBUBS QSPEVDUPT DPNP UBS KFUBT P TFHVSPT

{1VFEP DBNCJBS MBT DPOEJDJPOFT MBT DPOEJDJPOFT EF NJ DSÍEJUP -B SFTQVFTUB FT TÑ &T

Interés fijo

) %& 1&%30

BEATRIZ P. GALDÓN

-" $-"7&

EF MPT QSÍTUBNPT IJQP UFDBSJPT &M JNQPSUF NFEJP DPODFEJ EP QPS MPT CBODPT TF TJUÜB FO FTUF QFSJPEP FO FVSPT -B BTPDJBDJÖO DBMDVMB VOB DBSUFSB OBDJPOBM IJQPUFDBSJB QPS WBMPS TVQFSJPS B MPT NJMMPOFT EF FVSPT NJMMPOFT EF FVSPT DPO NJMMPOFT EF QSÍTUB NPT PUPSHBEPT &M QMB[P EF NPT PUPSHBEPT &M QMB[P EF BNPSUJ[BDJÖO NFEJP TF TJUÜB TPCSF MPT BÕPT TPCSF MPT BÕPT -PT CBODPT MMFWBO UPEP BQMJDBOEP SFCBKBT FO MBT DPO EJDJPOFT EF TVT IJQPUFDBT EJDJPOFT EF TVT IJQPUFDBT #BOLJOUFS IB TJEP VOP EF MPT NÆT BDUJWPT FO FTUF TFOUJEP Z FTUF NJTNP NFT IB QSPDFEJ EP B SFEVDJS QPS UFSDFSB WF[ UBOUP MBT EF UJQP GJKP DPNP MBT EF NJYUP DPNCJOB NJYUP Z

0'&35"4

-PT CBODPT BEBQUBO Q TVT QSPEVDUPT BM Q NFSDBEP

#BOLJB #BOLJB $VFOUB DPO VO QSPEVDUP RVF $VFOUB DPO VO QSPEVDUP RVF IB EFOPNJOBEP )JQPUFDB #ÃTJDB DPO VO QMB[P EF BNPSUJ[BDJÓO EF IBTUB BÒPT &M JOUFSÊT QBSB MBT EF UJ QP GJKP FT B QBSUJS EFM QP GJKP FT B QBSUJS EFM 5"& EFM 5"& EFM

4BCBEFMM 4BCBEFMM $PO MB )JQPUFDB &YQBOTJÓO TF FNQJF[B QBHBOEP DVPUBT SF EVDJEBT Z EFTQVÊT TF WBO JO DSFNFOUBOEP 5"& EFM $PO MBT EF UJQP GJKP MB 5"& FT EFM )BZ RVF EPNJDJMJBS MB OÓNJOB Z DPOUSBUBS TFHVSPT

*CFSDBKB -B )JQPUFDB 5SBORVJMJEBE OP FTUÃ SFGFSFODJB B OJOHÙO ÎOEJDF FTUÃ SFGFSFODJB B OJOHÙO ÎOEJDF JOUFSCBODBSJP -B 5"& QBSB FM JOUFSCBODBSJP -B 5"& QBSB FM QSPEVDUP DPO UJQP WBSJBCMF TF QSPEVDUP DPO UJQP WBSJBCMF TF DBMDVMB TPCSF FM Z DPO UJ QP NJYUP EFM 1SFDJTB DVNQMJS SFRVJTJUPT

20MINUTOS S MIBOLSILLO +VFWFT EF PDUVCSF EF +VFWFT EF PDUVCSF EF

9

9EDIKCE J;9DEBE=Ë7 %FKB UPEP FO TVT NBOPT ÊM TF PDVQB EF DVJEBSUF

-B BSSVHB OP FT CFMMB Beauty Bioscience de GloPro. GloPro. 3P 3P EJMMP RVF EFTFODBEFOB MB QSPEVDDJÓO EF DPMÃHFOP UFOTB MB QJFM Z EJTNJOV ZF MBT MÎOFBT EF FYQSFTJÓO DSFBOEP ZF MBT MÎOFBT EF FYQSFTJÓO DSFBOEP MFTJPOFT NJDSPTDÓQJDBT RVF FM MFTJPOFT NJDSPTDÓQJDBT RVF FM DVFSQP SFQBSB 1SFDJP à DVFSQP SFQBSB

AgeLoc Me de Nu Skin.

Skin.

(BEHFU RVF QFSTPOBMJ[B (BEHFURVF QFSTPOBMJ[B U FM DVJEBEP EF MB QJFM DPO DFSDB EF DPNCJOB DJPOFT EF QSPEVDUPT 1SJ NFSP TF IBDF VOB FWBMVB DJÓO EF MB QJFM Z MVFHP FM TJTUFNB EFUFSNJOB MPT TJTUFNB EFUFSNJOB MPT QSPEVDUPT Z MBT DBOUJEB EFT RVF OFDFTJUBT EFT RVF OFDFTJUBT

CFSHEPSGHPPENBO DPN CFSHEPSGHPPENBO DPN

U-NECK..BTBKFBEPS DFSWJDBM JOEJDBEP QBSB BZVEBS B DBM U-NECK. .BTBKFBEPS DFSWJDBM JOEJDBEP QBSB BZVEBS B DBM .

NBS FM EPMPS EF DVFMMP Z EJGFSFOUFT UJQPT EF DPOUSBDUVSBT DFSWJDBMFT $PNCJOB FMFDUSPFTUJNVMBDJÓO DBMPS Z WJCSBDJÓO DFSWJDBMFT $PNCJOB FMFDUSPFTUJNVMBDJÓO DBMPS Z WJCSBDJÓO NFDÃOJDB FO TFJT NPEPT EJGFSFOUFT EF NBTBKF

1SFDJP à OVTLJO DPN 1SFDJP à OVTLJO DPN

1SFDJP " QBSUJS EF à V OFDL DPN

FEHGK; B7 7 8;BB;P7 DE IEBE ;IJÈ ;D ;B ?DJ;H?EH A(BEHFUT JOUFMJHFOUFT RVF FTUJNVMBO MBT RVF FTUJNVMBO MBT DÍMVMBT EF MB QJFM EFUFDUBO MB EFOTJEBE EF MB CBSCB NPMEFBO FM QFMP DPO GSÑP CLAUDIA RIZZO DSJ[[P! NJOVUPT FT !3J[[P$MBVEJB

-BT SVUJOBT EF CFMMF[B OP RVF EBO FYFOUBT EF MB NFUBNPS GPTJT UFDOPMÖHJDB -PT HBEHFUT GPTJT UFDOPMÖHJDB -PT HBEHFUT DBNCJBO MBT SFHMBT EFM KVF HP .FKPSBO FM BTQFDUP EF OVFTUSB QJFM EÑB B EÑB UF EFKBO FM QFMP GBOUÆTUJDP BMJWJBO EP MFODJBT EF OVFTUSP DVFSQP QSPQPSDJPOBO VO BGFJUBEP FGJ DJFOUF QPSRVF EFUFDUBO MB MB EFOTJEBE EF MB CBSCB EF MPT IPNCSFT Z BEFNÆT TF BEBQ UBO BM DPOUPSOP EF DBEB UJQP UBO BM DPOUPSOP EF DBEB UJQP EF SPTUSP /P IBZ EPT QFSTP OBT JHVBMFT Z MBT DBSBDUFSÑT UJDBT ÜOJDBT EF DBEB VOP TPO UJDBT ÜOJDBT EF DBEB VOP TPO MP RVF OPT EFGJOF &OUPODFT MP RVF OPT EFGJOF &OUPODFT {QPS RVÍ OP CVTDBS IFSSB NJFOUBT FTQFDÑGJDBT QBSB MB NJFOUBT FTQFDÑGJDBT QBSB MB QFSTPOB RVF MBT WB B VTBS -BT JOWFTUJHBDJPOFT DJFOUÑ GJDBT Z UFDOPMÖHJDBT WBO FO DBNJOBEBT FO VOB EJSFDDJÖO CBTUBOUF DMBSB MB QFSTPOBMJ [BDJÖO -B DMBWF FT FODPOUSBS BRVFMMP RVF NFKPS TF BEBQ UF B MBT OFDFTJEBEFT EFM EFM VTVBSJP 1POÍSTFMP GÆDJM -B VTVBSJP 1POÍSTFMP GÆDJM -B GJSNB /V 4LJO FT VO FKFNQMP GJSNB /V 4LJO FT VO FKFNQMP EF FMMP DPO "HF-PD .F VO EF FMMP DPO "HF-PD .F VO HBEHFU RVF PGSFDF USBUBNJFO UPT GBDJBMFT FTQFDÑGJDPT DPO UPT GBDJBMFT FTQFDÑGJDPT DPO

"MJWJB MBT DPOUSBDUVSBT DFSWJDBMFTT

MPT QSPEVDUPT RVF OFDFTJUB MB QFSTPOB RVF MP VUJMJ[B &M TJT UFNB SFBMJ[B VOB FWBMVBDJÖO EF MB QJFM Z CBSBKB NÆT EF DPNCJOBDJPOFT QPTJ CMFT IBTUB EBS DPO FM USBUB NJFOUP QFSGFDUP $BMDVMB JO DMVTP MB DBOUJEBE EF QSPEVD UP RVF IBDF GBMUB Z MP MP EJTQFOTB 4ÍSVNT IJESBUBO UFT EF EÑB Z EF OPDIF FTUÆO DFOUSBMJ[BEPT FO VO ÜOJDP EJTQPTJUJWP *NQFSB FM NFOPT EJTQPTJUJWP *NQFSB FM NFOPT FT NÆT Z MPT CBÕPT EFM GVUV SP OP TF DPODJCFO DPO CPUFT Z CPUFT EF QSPEVDUPT Z CPUFT EF QSPEVDUPT -B TJHVJFOUF EVEB RVF TF OPT QMBOUFB FT TJ SFBMNFOUF OPT QMBOUFB FT TJ SFBMNFOUF FTUPT TPGJTUJDBEPT EJTQPTJUJ WPT JOUFMJHFOUFT TPO UBO FGJ DBDFT DPNP QSPNFUFO &T JO OFHBCMF RVF MPT SFTVMUBEPT USBT TV VTP TPO NVZ CVFOPT Z TJNJMBSFT B MPT RVF TF PCUJF OFO DVBOEP OPT QPOFNPT FO OFO DVBOEP OPT QPOFNPT FO NBOPT EF VO QSPGFTJPOBM QF SP OP IBZ NJMBHSPT &M NBZPS SP OP IBZ NJMBHSPT &M NBZPS JODPOWFOJFOUF FT RVF OP FT UÆO BM BMDBODF EF UPEPT MPT CPMTJMMPT QFSP BMHVOPT UJFOFO B TV GBWPS RVF OPT QFSNJUFO B TV GBWPS RVF OPT QFSNJUFO BIPSSBS UJFNQP 1PTJCJMJUBO BIPSSBS UJFNQP 1PTJCJMJUBO EJTGSVUBS FO DBTB EF TFSWJDJPT RVF EF PUSP NPEP OPT PCMJ HBSÑBO B EFTQMB[BSOPT B VO DFOUSP FTQFDJBMJ[BEP ●

●7

. &4 5&$/0-0(±" $POTVMUB UPEB MB BDUVBMJEBE TPCSF UFDOPMPHÎB JOUFSOFU HBEHFUT F UFDOPMPHÎB JOUFSOFU HBEHFUT F JOOPWBDJÓO FO OVFTUSB QÃHJOB XFC

&M FTUJMP RVF TVSHJÓ EFM GSÎP

$BCF[BM JOUFMJHFOUF

Plancha de pelo de Inverse.1BSB VTBSMB TPMP OFDFTJUBT NF Inverse. 1BSB VTBSMB TPMP OFDFTJUBT NF .

UFSMB VO QBS EF IPSBT BOUFT FO VO DPOHFMBEPS 4Î IBT MFÎEP UFSMB VO QBS EF IPSBT BOUFT FO VO DPOHFMBEPS 4Î IBT MFÎEP CJFO QPSRVF FO MVHBS EF BQMJDBS DBMPS MP RVF IBDF FT NPMEFBS FM QFMP DPO GSÎP " MB MBSHB FTUF JOWFOUP OFP[FMBOEÊT QSPNFUF NFKPSBS MB TBMVE EF UV NFMFOB 1SFDJP à JOWFSTFIBJS DPN NFKPSBS MB TBMVE EF UV NFMFOB

&M QPEFS EFM DPMPS Optimiser Trilight de Skin Inc. Inc. $PNCJOB VMUSBTPOJEPT EF CBKB GSF DVFODJB Z UÊDOJDBT EF DSPNPUFSB QJB EJSJHJEBT B NFKPSBS MBT NBODIBT QJB EJSJHJEBT B NFKPSBS MBT NBODIBT FO MB DBSB BSSVHBT BDOÊx FO MB DBSB BSSVHBT BDOÊx z5JFNQP NJOV UPT BM EÎB 1SFDJP à JMPWFTLJ OJOD FT OJOD FT

Braun Series 9. 4F BEBQUB QFSGFDUBNFOUF B MPT DPOUPS OPT GBDJBMFT Z TF BKVTUB TFHÙO MB EFOTJEBE EFM WFMMP OPT GBDJBMFT Z TF BKVTUB TFHÙO MB EFOTJEBE EFM WFMMP $BQUVSB MPT QFMPT RVF DSFDFO FO EJGFSFOUFT EJSFDDJPOFT QPS MP RVF FM BGFJUBEP TF MPHSB DPO NFOPT QBTBEBT QPS MP RVF FM BGFJUBEP TF MPHSB DPO NFOPT QBTBEBT 1SFDJP %FTEF à FT CSBVO DPN

"IPSSB UJFNQP Z EJOFSP

.ÃT FGJDB[ RVF .ÃT FGJDB[ RVF VOB MJNQJF[B VOB MJNQJF[B NBOVBM

Blonde Wand de Pravana. 6O JOWFOUP NBSBWJMMPTP RVF BMJTB FM QFMP NJFOUSBT MP BDMBSB IBTUB TJFUF UPOPT 'VODJPOB DPO VO FM QFMP NJFOUSBT MP BDMBSB IBTUB TJFUF UPOPT 'VODJPOB DPO VO UJOUF FTQFDJBM 4PMP IBZ RVF DPMPDBS FM DBCFMMP FOUSF VO QB QFM EF BMVNJOJP Z QBTBS MB QMBODIB QPS FODJNB EFM QBQFM

Alpha Fit de Clarisonic.

Clarisonic. . %JTFÒBEP FTQFDÎGJDBNFO UF QBSB FMJNJOBS MB TVDJF EBE MB HSBTB FM TVEPS Z MB EBE MB HSBTB FM TVEPS Z MB QPMVDJÓO EF MB QJFM NBTDV MJOB RVF FT NÃT HSVFTB Z MJOB RVF FT NÃT HSVFTB Z ÃTQFSB 5JFOF EPT DPOGJ HVSBDJPOFT VOB QBSB QJF MFT BGFJUBEBT Z PUSB QBSB MFT BGFJUBEBT Z PUSB QBSB MBT RVF UJFOFO CBSCB MBT RVF UJFOFO CBSCB

1SFDJP " DPOTVMUBS QSBWBOB DPN 1SFDJP " DPOTVMUBS QSBWBOB DPN

1SFDJP à DMBSJTPOJD FT

+VFWFT EF PDUVCSF EF 20MINUTOS +VFWFT EF PDUVCSF EF S MIBOLSILLO

10

9EDIKCE ¸97I>879A¹ 9EDIKCE ¸

=7IEB?D;H7 O IÒF;H" ÒF;H" JKI DK;LEI 87DGK;HEI -" $-"7&

0USBT GÓSNVMBT EFM ADBTICBDL

-PT DMJFOUFT EF */( QPESÆO SFUJSBS FGFDUJWP FO MPT FTUBCMFDJNJFOUPT DPO FM NÖWJM (53&4

-B HVFSSB EF MBT -B HVFSSB EF MBT DPNJTJPOFT EF MPT DBKFSPT IB QSPWPDBEP DBKFSPT IB QSPWPDBEP MB BQBSJDJÖO EF PQDJPOFT BMUFSOBUJWBT QBSB FM DMJFOUF BEATRIZ P. GALDÓN 1/%! NJOVUPT FT ! N.J#PMTJMMP N.J#PMTJMMP

&TUB JOGPSNBDJÖO UJFOF EPT BT QFDUPT EFTUBDBCMFT 6OP FT FM UFDOPMÖHJDP Z FM PUSP MB DPN QFUFODJB &M QSJNFSP QPSRVF QFUFODJB &M QSJNFSP QPSRVF FTUÆ QFSNJUJFOEP EFTBSSPMMBS FTUÆ QFSNJUJFOEP EFTBSSPMMBS QSFTUBDJPOFT QBSB FM VTVBSJP QSFTUBDJPOFT QBSB FM VTVBSJP IBTUB IBDF QPDP EFTDPOPDJ EBT : FM TFHVOEP QPSRVF MB HVFSSB EF MPT CBODPT QPS MBT HVFSSB EF MPT CBODPT QPS MBT DPNJTJPOFT EF MPT DBKFSPT TJ HVF FO QJF HVF FO QJF &TUF FT FM QSJODJQBM NPUJWP QPS FM RVF */( IB UPNBEP DBS UBT FO FM BTVOUP Z IB JOUSPEV DJEP FO &TQBÕB VO OVFWP DPO DFQUP FO FM TFDUPS FM DBTICBDL DFQUP FO FM TFDUPS FM DBTICBDL %FTEF IBDF VO NFT MPT DMJFO UFT EF MB FOUJEBE IPMBOEFTB

&/ $*'3"4 &/ $*'3"4

-PT TFSWJDJPT EF Q H QBHP APOMJOF HBOBO H

UFSSFOP B MPT DBKFSPT K

QVFEFO SFUJSBS EJOFSP FO FGFD UJWP DVBOEP WBZBO B IBDFS MB UJWP DVBOEP WBZBO B IBDFS MB DPNQSB BM TVQFSNFSDBEP P TF EJSJKBO B MB HBTPMJOFSB TJNQMF NFOUF VUJMJ[BOEP FM NÖWJM -B FOUSFHB MB IBSÆ FM QSPQJP EF QFOEJFOUF QFOEJFOUF */( FT VO CBODP POMJOF TJO */( FT VO CBODP POMJOF TJO BQFOBT PGJDJOBT Z DBKFSPT FO BQFOBT PGJDJOBT Z DBKFSPT FO &TQBÕB &M QBTBEP BÕP TF FTUB CMFDJÖ VO OVFWP FTRVFNB EF DPNJTJPOFT FO FM TFDUPS RVF DPNJTJPOFT FO FM TFDUPS RVF QFSKVEJDBCB DMBSBNFOUF B BM HVOBT FOUJEBEFT FOUSF FMMBT */( RVF UJFOF RVF MJEJBS FOUSF MPHSBS BDVFSEPT DPO PUSPT CBO DPT QBSB RVF TVT DMJFOUFT QVF EBO SFUJSBS FGFDUJWP Z NBOUF OFS TV QPMÑUJDB EF OP BQMJDBS OFS TV QPMÑUJDB EF OP BQMJDBS DPNJTJPOFT j2VFSFNPT TF HVJS DPO OVFTUSP MFNB 1FPQMF JO QSPHSFTT EF IBDFS MBT DP TBT NÆT GÆDJM B OVFTUSPT DMJFO UFT EÑB USBT EÑBx FYQMJDB QBSB .J#PMTJMMP (PO[BMP $BTFMMFT .J#PMTJMMP (PO[BMP $BTFMMFT EJSFDUPS EF NFEJPT EF QBHPT EJSFDUPS EF NFEJPT EF QBHPT EF */( j&O PUSPT QBÑTFT TP CSF UPEP FO MPT BOHMPTBKPOFT CSF UPEP FO MPT BOHMPTBKPOFT EPOEF FT DPNQMJDBEP FM BD

$ÖNP BDDFEFS $ÖNP BDDFEFS BM TFSWJDJP BM TFSWJDJP 1BSB QPEFS SFUJSBS

FGFDUJWP FO TVQFSNFSDBEPT Z HBTPMJOFSBT DPO MPT RVF */( NBOUJFOF BDVFSEPT IBZ RVF TFS DMJFOUFT EF MB FOUJ EBE %F FTUB GPSNB QPESÆ EFTDBSHBSTF EF GPSNB HSB UVJUB MB BQMJDBDJÖO QBSB FM NÖWJM 5XZQ $BTI 5BNCJÍO QFSNJUF QBHBS MBT DPNQSBT 4PMP IBZ RVF FMFHJS MB DBOUJ EBE RVF TF RVJFSF PCUFOFS EFTQVÍT QVMTBS MB PQDJÖO QBHBS Z SFUJSBS FGFDUJWP JO USPEVDJS FM QJO Z FOTFÕBS FM M DÖEJHP BM EFQFOEJFOUF DFTP B MPT DBKFSPT FT NVZ DP NÜO IBDFS MB DPNQSB Z TBDBS EJOFSP -B EJGFSFODJB FT RVF EJOFSP -B EJGFSFODJB FT RVF VUJMJ[BO UBSKFUB /PTPUSPT QFO TBNPT FO RVF MPT FTQBÕPMFT TBNPT FO RVF MPT FTQBÕPMFT FTUÆO NÆT QFOEJFOUFT EFM NÖ WJM Z NFOPT EF TV DBSUFSBx BQVOUB BQVOUB

Eroski. &O MPT TVQFSNFS Eroski. &O MPT TVQFSNFS DBEPT &SPTLJ MPT DMJFOUFT DBEPT &SPTLJ MPT DMJFOUFT QVFEFO SFUJSBS UBNCJÊO QVFEFO SFUJSBS UBNCJÊO FGFDUJWP /FDFTJUBO UFOFS MB UBSKFUB &SPTLJ 3FE 7JTB RVF FM QBTBEP BÒP BNQMJÓ RVF FM QBTBEP BÒP BNQMJÓ VOB TFSJF EF WFOUBKBT 4F HÙO GJHVSB FO MB NFNPSJB EF MB FOUJEBE FM VTP EF EF MB FOUJEBE FM VTP EF FTUF TPQPSUF QBSB GBDJMJ UBS EJOFSP jFT VO TFSWJDJP DBEB WF[ NÃT BQSFDJBEP Z BVNFOUÓ VO FM QB TBEP BÒPx 4F QVFEF FY USBFS IBTUB VO NÃYJNP EF FVSPT Z BQMJDB DPNJ TJÓO BVORVF UJFOF EÎBT TJÓO BVORVF UJFOF EÎBT EF QSPNPDJÓO EPOEF MB EF QSPNPDJÓO EPOEF MB BOVMB 5BNCJÊO QFSNJUF GJOBODJBS MB DPNQSB TJO DPTUF BEJDJPOBM DPTUF BEJDJPOBM Plataformas. )BZ PUSB Plataformas. )BZ PUSB NPEBMJEBE EFM DBTICBDL NPEBMJEBE EFM DBTICBDL RVF QPEFNPT FODPOUSBS RVF QPEFNPT FODPOUSBS B USBWÊT EF MBT QMBUBGPS NBT POMJOF )BZ BMHVOBT RVF EFWVFMWFO VO QPS DFOUBKF QSFGJKBEP B MPT DMJFOUFT DVBOEP FGFDUVBO VOB DPNQSB 1BSB FMMP UJF OFO FTUBCMFDJEPT BDVFS EPT DPO BMHVOBT DPNQB ÒÎBT HFOFSBMNFOUF NVZ DPOPDJEBT FOUSF MB TPDJF EBE &TUB FT VOB PQDJÓO JOUFSFTBOUF UBNCJÊO QBSB MPT DPNFSDJPT TJ TF UJFOF FO DVFOUB FM QPUFODJBM RVF FTUÃ UFOJFOEP FM RVF FTUÃ UFOJFOEP FM F DPNNFSDF 6OB EF MBT F DPNNFSDF 6OB EF MBT QMBUBGPSNBT NÃT BDUJWBT FT #FSVWZ RVF EB PQDJÓO FT #FSVWZ RVF EB PQDJÓO B DPNQSBS FO NÃT EF UJFOEBT FOUSF MBT RVF TF FODVFOUSBO &M $PSUF *O HMÊT $BTB EFM -JCSP 'OBD ;BMBOEP %JB )1 1FQF +FBOT /JLF *CFSJB Z #BSDFMÓ FOUSF PUSPT #BSDFMÓ FOUSF PUSPT

-B JEFB IB UFOJEP VOB BDPHJ EB JOJDJBM NVZ QPTJUJWB " VO EB JOJDJBM NVZ QPTJUJWB " VO NFT EF TV QVFTUB FO NBSDIB TF IBO SFHJTUSBEP VTVBSJPT RVF IBO BEPQUBEP FM VTVBSJPT RVF IBO BEPQUBEP FM QSPDFTP ÑOUFHSBNFOUF j&T UBNPT CBTUBOUF TBUJTGFDIPT DPO FM OÜNFSP EF USBOTBDDJP OFT SFBMJ[BEBT EPOEF NÆT EFM OFT SFBMJ[BEBT EPOEF NÆT EFM MMFWB BQBSFKBEB MB SFUJSB EB EF FGFDUJWP &M VTP FO MBT HB TPMJOFSBT BÕBEF VO EFTDVFOUP EFM x FYQMJDB $BTFMMFT EFM x FYQMJDB $BTFMMFT %F NPNFOUP */( NBOUJFOF BDVFSEPT DPO MPT FTUBCMFDJ NJFOUPT EFM (SVQP %JB %JB -B 1MB[B &M ©SCPM Z $MBSFM Z MBT FTUBDJPOFT EF TFSWJDJP (BMQ Z 4IFMM &O UPUBM TPO NÆT EF Z 4IFMM &O UPUBM TPO NÆT EF DPNFSDJPT Z OP EFTDBS UB FO VO GVUVSP BNQMJBS MB SFE UB FO VO GVUVSP BNQMJBS MB SFE &M NÑOJNP QBSB SFUJSBS TPO FVSPT Z FM NÆYJNP FVSPT FVSPT Z FM NÆYJNP FVSPT &TUF TFSWJDJP OP MMFWB BTPDJB EB OJOHVOB DPNJTJÖO jFO QSJODJQJPx BVORVF FM EJSFDUPS EF NFEJPT EF QBHPT EF */( OP EFTDBSUB JOUSPEVDJSMB TJ TF BN QMJBSB MB CBTF EF DMJFOUFT -B 0$6 IB NBOJGFTUBEP jFT UBS B GBWPS EF DVBMRVJFS JOOP WBDJÖO RVF TVQPOHB WFOUBKBT QBSB FM VTVBSJPx 1PS PUSP MBEP IBDF VO BWJTP j$PNP DVBM RVJFS PUSP JOTUSVNFOUP EF QB HP FM VTP GSBVEVMFOUP EF MB BQMJDBDJÖO EFCFSÑB FTUBS BN QBSBEP QPS MB MFZx "IPSB GBMUB WFS DVÆM TFSÆ MB "IPSB GBMUB WFS DVÆM TFSÆ MB SFBDDJÖO EF PUSBT FOUJEBEFT (PO[BMP $BTFMMFT OP EFTDBSUB RVF BQBSF[DBO OVFWBT JEFBT RVF BQBSF[DBO OVFWBT JEFBT QPS QBSUF EFM TFDUPS Z BTFHVSB RVF MBT TFHVJSÆO NVZ EF DFS DB TJ FTUP TF QSPEVDF -PT CBODPT FTUÆO BNQMJBO EP TV SFE EF DBKFSPT BM UJFNQP EP TV SFE EF DBKFSPT BM UJFNQP RVF DPOUJOÜBO DPO FM DJFSSF EF PGJDJOBT -B JEFB FT RVF OJOHÜO DMJFOUF TF RVFEF TJO OJOHÜO DMJFOUF TF RVFEF TJO TFSWJDJP %F FTUB GPSNB QPS QSJNFSB WF[ EFTEF IB QSJNFSB WF[ EFTEF IB DSFDJEP FM OÜNFSP EF UFSNJ OBMFT IBTUB FO FM QSJNFS TFNFTUSF TFNFTUSF /P PCTUBOUF MBT DPNQSBT DPO UBSKFUB TVQFSBSPO FO FM DPO UBSKFUB TVQFSBSPO FO FM QSJNFS USJNFTUSF B MBT SFUJSB EBT EF FGFDUJWP FO DBKFSPT BM SFHJTUSBS DSFDJNJFOUPT EFM Z SFTQFDUJWBNFOUF TF HÜO MBT FTUBEÑTUJDBT EFM #BODP HÜO MBT FTUBEÑTUJDBT EFM #BODP EF &TQBÕB &TUBT DJGSBT FTUÆO EF &TQBÕB &TUBT DJGSBT FTUÆO EJSFDUBNFOUF SFMBDJPOBEBT EJSFDUBNFOUF SFMBDJPOBEBT DPO MB HVFSSB EF MBT DPNJTJP OFT EF MPT DBKFSPT RVF IB EF TFNCPDBEP FO VO DBSHP EF IBTUB FVSPT QPS PQFSBDJÖO B RVJFOFT SFUJSFO EJOFSP FO B RVJFOFT SFUJSFO EJOFSP FO NÆRVJOBT BKFOBT B MBT EF TV FOUJEBE GJOBODJFSB

'(& c_b_b '+&¾ '(&c_b '+& ¾ * * '&"* '&"* VTVBSJPT SFHJTUSBEPT IB UFOJ EP */( FM QSJNFS NFT FO GVO DJPOBNJFOUP EF5XZQ $BTI

FT FM JNQPSUF NÃYJNP RVF TF QVFEF SFUJSBS FO MPT TVQFS NFSDBEPT P HBTPMJOFSBT

EF EFTDVFOUP MMFWB BQBSFKBEB EF EFTDVFOUP MMFWB BQBSFKBEB MB BQMJDBDJÓO DVBOEP TF VUJMJDF FO MBT FTUBDJPOFT EF TFSWJDJP FO MBT FTUBDJPOFT EF TFSWJDJP

BVNFOUBSPO MPT QBHPT DPO UBS KFUB FO FM QSJNFS USJNFTUSF QPS MBT DPNJTJPOFT EF MPT DBKFSPT

.BESJE UFOTB FM TFDUPS DPO VOB UBTB B MPT CBODPT UBTB B MPT CBODPT DPO DBKFSPT DPO DBKFSPT -B BMDBMEFTB EF .BESJE .BOVF B MB $BSNFOB BDBCB EF BOVODJBS RVF FM QSÖYJNP BÕP DSFBSÆ VOB UBTB NVOJDJQBM RVF BQMJDBSÆ B UP EPT MPT CBODPT RVF UFOHBO DB KFSPT FO MB DJVEBE TJUVBEPT B QJF EF DBMMF &TUB NFEJEB SFQPS UBSÆ BM "ZVOUBNJFOUP VOPT FVSPT RVF TF EFTUJOB SÆO B QSPHSBNBT TPDJBMFT -B NFEJEB IB SFDJCJEP OVNF SPTBT DSÑUJDBT QPS QBSUF EF MBT FO UJEBEFT -B "TPDJBDJÖO &TQBÕP MB EF MB #BODB IB NBOJGFTUBEP RVF FTUÆ FO DPOUSB Z RVF TVQPOF HSBWBS VO TFSWJDJP CÆTJDP "EF NÆT UFNF RVF FTUB OVFWB UBTB SFQFSDVUB FO FM DMJFOUF )BZ PUSBT DJVEBEFT RVF ZB BQMJDBO FTUF UJQP EF HSBWBNFO DPNP #BSDFMPOB 4FWJMMB P #JM CBP FOUSF PUSBT

(&¹¹

#BOLJB TVCF TVT WFOUBT #BOLJB TVCF TVT WFOUBT QPS JOUFSOFU B SJUNP EF QPS JOUFSOFU B SJUNP EF VO JOUFSBOVBM -PT DMJFOUFT IBO NPEJGJDBEP TV GPSNB EF SFMBDJPOBSTF DPO TV GPSNB EF SFMBDJPOBSTF DPO FM CBODP IBO QBTBEP EF VTBS FM CBODP IBO QBTBEP EF VTBS JOUFSOFU TPMP QBSB PQFSBDJPOFT USBOTBDDJPOBMFT B DPOUSBUBS USBOTBDDJPOBMFT B DPOUSBUBS UBNCJÍO QSPEVDUPT 1PS FKFN QMP MBT WFOUBT QPS JOUFSOFU DSFDFO FO #BOLJB B VO SJUNP EFM JOUFSBOVBM Z ZB SFQSF TFOUBO FM EFM UPUBM TFOUBO FM EFM UPUBM

-JEM SFUB B 1SJNBSL Z DPNQFUJSÆ FO NPEB DPO QSFDJPT AMPX DPTU -JEM BQVFTUB QPS EFNPDSBUJ [BS MB NPEB FO MPT TVQFSNFS DBEPT FO &TQBÕB DPO FM MBO[B NJFOUP EF MB MÑOFB &TNBSB DPO MB RVF FWPMVDJPOB FM DPO DFQUP EF TNBSU EJTDPVOU IBDJB U FM TNBSU GBTIJPO QBSB DPN QFUJS DPO 1SJNBSL QFUJS DPO 1SJNBSL

##7" USBOTGPSNB TV ÆSFB EJHJUBM DPO BMJBO[BT ÆSFB EJHJUBM DPO BMJBO[BT ##7" IB BMDBO[BEP VO BDVFS EP DPO "NB[PO 8FC 4FSWJ DFT QBSB BDFMFSBS MB USBOTGPS NBDJÖO EFM HSVQP NFEJBOUF FM VTP EF DMPVE DPNQVUJOH DPN VTP EF DMPVE DPNQVUJOH H DPN QVUBDJÖO FO MB OVCF

$MÑOJDB #BWJFSB QBHBSÆ VO EJWJEFOEP EF FVSPT QPS BDDJÖO FVSPT QPS BDDJÖO &M $POTFKP EF "ENJOJTUSBDJÖO EF $MÑOJDB #BWJFSB IB BQSP CBEP MB EJTUSJCVDJÖO EFM EJWJ EFOEP B DVFOUB EF MPT SFTVMUB EPT EFM FKFSDJDJP Z EFM FY USBPSEJOBSJP RVF TVNBO VO UPUBM EF FVSPT CSVUPT QPS BDDJÖO Z TFSÆO BCPOBEPT FM QSÖYJNP EF EJDJFNCSF

20MINUTOS S MIBOLSILLO +VFWFT EF PDUVCSF EF +VFWFT EF PDUVCSF EF

11

9EDIKCE >E=7H 9EDIKCE>E=7H

;B I;9JEH :;B CK;8B; K;8B; LK;BL; 7 H;IF?H7H &M IPHBS SFDVQFSB TV QSPUBHPOJTNP FO &M IPHBS SFDVQFSB TV QSPUBHPOJTNP FO FM DPOTVNP HSBDJBT B MB DPNQSB EF FM DPOTVNP HSBDJBT B MB DPNQSB EF NVFCMFT FMFDUSPEPNÍTUJDPT Z UFDOPMPHÑB VERÓNICA VICENTE WWJDFOUF! NJOVUPT FT !WFSÓOJDBWJDFOUF WWJDFOUF! NJOVUPT FT !WFSÓOJDBWJDFOUF

&M TFDUPS EFM NVFCMF SFUPNB FM BMJFOUP -B DSJTJT JONPCJMJB SJB RVF IB B[PUBEP OVFTUSBT GJ OBO[BT OBDJPOBMFT DPO EVSF [B OP TPMP MB IBO OPUBEP MBT [B OP TPMP MB IBO OPUBEP MBT JONPCJMJBSJBT DPOTUSVDUPSBT JONPCJMJBSJBT DPOTUSVDUPSBT Z EFNÆT BDUPSFT EFM TFDUPS Z EFNÆT BDUPSFT EFM TFDUPS UBNCJÍO MB WFOUB EF NVFCMFT UBNCJÍO MB WFOUB EF NVFCMFT IB UFOJEP RVF DSV[BS VO QBS UJDVMBS EFTJFSUP RVF IB EVSB EP OBEB NFOPT RVF BÕPT EF EP OBEB NFOPT RVF BÕPT EF DBÑEBT DPOTFDVUJWBT 'JOBM NFOUF FO FM TFDUPS EFM NVFCMF DSFDJÖ EF OVFWP NVFCMF DSFDJÖ EF OVFWP 4FHÜO FM 0CTFSWBUPSJP 4FD UPSJBM %#, EF *OGPSNB GJMJBM EF $&4$& $PNQBÕÑB &TQB ÕPMB EF 4FHVSPT EF $SÍEJUP B ÕPMB EF 4FHVSPT EF $SÍEJUP B MB &YQPSUBDJÖO MBT WFOUBT EF MB &YQPSUBDJÖO MBT WFOUBT EF NVFCMFT IBO QVFTUP GJO B BÕPT EF DBÑEBT USBT DSFDFS VO FO IBTUB NJ MMPOFT EF FVSPT JNQVMTBEBT MMPOFT EF FVSPT JNQVMTBEBT QPS FM BM[B EFM DPOTVNP EF MPT QPS FM BM[B EFM DPOTVNP EF MPT IPHBSFT " FMMP TF TVNB BEF NÆT MB SFBDUJWBDJÖO EF MB BDUJ WJEBE JONPCJMJBSJB -B CVFOB NBSDIB EFM TFD UPS EFM NVFCMF UBNCJÍO MB WF SJGJDBO MPT EBUPT EFM 0CTFS SJGJDBO MPT EBUPT EFM 0CTFS WBUPSJP $FUFMFN RVF BDBCB WBUPSJP $FUFMFN RVF BDBCB EF QVCMJDBS TV JOGPSNF EF EF QVCMJDBS TV JOGPSNF EF TPCSF FM DPOTVNP FO &T QBÕB 4V BOÆMJTJT TFÕBMB RVF QBÕB 4V BOÆMJTJT TFÕBMB RVF

-BT UJFOEBT -BT UJFOEBT WFOEFO FM WFOEFO FM ●●● &M NBZPS DSFDJNJFOUP

TF SFHJTUSÖ FO FM TFHNFOUP TF SFHJTUSÖ FO FM TFHNFOUP EFM NVFCMF EF PGJDJOB

-PT TFHNFOUPT EF IPHBS Z EF DPDJOB BVNFOUB SPO VO Z VO SFTQFD UJWBNFOUF FO VO DPOUFYUP EF SFDVQFSBDJÖO EF MB WFOUB EF WJWJFOEBT -PT FTUBCMFDJ NJFOUPT FTQFDJBMJ[BEPT DB OBMJ[BSPO FM EF MBT WFO UBT SFQBSUJÍOEPTF FM FO USF HSBOEFT BMNBDFOFT IJ QFSNFSDBEPT Z HSBOEFT TV QFSGJDJFT EF CSJDPMBKF TFHÜO FM 0CTFSWBUPSJP 4FDUPSJBM FM 0CTFSWBUPSJP 4FDUPSJBM %#, EF *OGPSNB

MP RVF NÆT IFNPT DPOTVNJ EP MPT FTQBÕPMFT EVSBOUF MPT ÜMUJNPT NFTFT TPO FMFDUSP EPNÍTUJDPT UFDOPMPHÑB Z QSP EVDUPT EFQPSUJWPT TJ CJFO MPT NVFCMFT TPO MB BERVJTJDJÖO RVF NÆT IB DSFDJEP FO FM ÜMUJ NP BÕP FO OVFTUSP QBÑT NP BÕP FO OVFTUSP QBÑT &M SFDJFOUF FTUVEJP DPODMV ZF MB NFKPSB EF MB TJUVBDJÖO FDPOÖNJDB HFOFSBM oTJUVÆO FDPOÖNJDB HFOFSBM oTJUVÆO EPOPT FO WBMPSFT EF 1*# Z DPOTVNP EF MPT IPHBSFT TJNJ MBSFT BM QFSJPEP BOUFSJPS B MB DSJTJTo Z FM DSFDJNJFOUP FO FM OÜNFSP EF DPOTVNJEPSFT EF OÜNFSP EF DPOTVNJEPSFT EF QSPEVDUPT Z TFSWJDJPT SFMBDJP OBEPT DPO FM IPHBS FO QBSUJ DVMBS FMFDUSPEPNÍTUJDPT NPCJMJBSJP P SFGPSNBT NPCJMJBSJP P SFGPSNBT &M JOGPSNF EFTUBDB MB TVCJ EB EFM DPOTVNP FO QSPEVDUPT DPNP MPT NVFCMFT Z DPNQMF NFOUPT QBSB FM EFTDBOTP DPO VO BVNFOUP EF QVOUPT VO VO BVNFOUP EF QVOUPT VO

DPO SFTQFDUP BM NJTNP QFSJPEP EFM BÕP

QFSJPEP EFM BÕP

-PT NVFCMFT TPO EF IFDIP FM -PT NVFCMFT TPO EF IFDIP FM CJFO RVF NÆT TVCF EF UPEPT MPT BOBMJ[BEPT QPS FM 0CTFSWB UPSJP 5BM IB TJEP MB SFDVQF SBDJÖO DPNFSDJBM EFM TFDUPS EFM NVFCMF RVF FM UÑUVMP EFM FTUVEJP FTUF IB TJEP &M IPHBS SFDVQFSB TV QSPUBHP OJTNP FO FM DPOTVNP OJTNP FO FM DPOTVNP &M JOGPSNF JOEJDB RVF MPT FMFDUSPEPNÍTUJDPT Z MB UFDOP MPHÑB IBO TJEP MPT QSPEVDUPT MPHÑB IBO TJEP MPT QSPEVDUPT NÆT EFNBOEBEPT QPS MPT DPO TVNJEPSFT %F IFDIP EF DB EB FTQBÕPMFT FODVFT UBEPT IB BERVJSJEP FMFDUSPEP NÍTUJDPT Z UFDOPMPHÑB QVOUPT NÆT RVF FO Z MB HBNB CMBODB IB SFTVSHJEP DP NP DBUFHPSÑB EF QSPEVDUP NÆT NP DBUFHPSÑB EF QSPEVDUP NÆT DPNQSBEB BSSFCBUBOEP BTÑ FM QSJNFS QVFTUP BM EFQPSUF RVF PDVQB FM TFHVOEP MVHBS FO FTUB OVFWB DMBTJGJDBDJÖO DPO VO QVOUPT NFOPT RVF FO FO &M TFDUPS UFDOPMÖHJDP IB SF DVQFSBEP UFSSFOP FO FM TFHVO EP USJNFTUSF EFM BÕP DPO VO DSFDJNJFOUP JOUFSBOVBM EFM DSFDJNJFOUP JOUFSBOVBM EFM SFTQFDUP BM NJTNP QFSJPEP EFM BÕP QBTBEP MMFHBOEP B VO WP

-" $-"7&

-B DPNQSB EF NVFCMFT TVCF TFJT QVOUPT Q Q -PT FMFDUSPEPNÊTUJDPT Z MB UFDOPMPHÎB IBO TJEP MPT QSPEVDUPT -PT FMFDUSPEPNÊTUJDPT Z MB UFDOPMPHÎB IBO TJEP MPT QSPEVDUPT NÃT EFNBOEBEPT QPS MPT DPOTVNJEPSFT %F IFDIP FM EF MPT FOUSFWJTUBEPT BTFHVSBSPO IBCFS BERVJSJEP BMHVOP EF FTUPT CJFOFT DVBUSP QVOUPT NÃT RVF FO TFHÙO FM ÙMUJNP JOGPS NF TPCSF FM DPOTVNP FO &TQBÒB EFM 0CTFSWBUPSJP $FUFMFN Los muebles y productos para el descanso han sido el bien que más ha subido en 2016 con respecto al año anterior.

Electrodomésticos / Tecnología 55% 59% Deportes 62% 53% Telecomunicaciones / Digital 54% 52% Viajes

)* )*

53% 52% Muebles, complementos y descanso 28% 34% Óptica 27% 27% Dental 27% 26% Muebles de cocina / Accesorios 25% 22% Reformas 20% 21% Bicis 19% 14%

MVNFO EF GBDUVSBDJÖO EF NJMMPOFT EF FVSPT 1PS TV QBS UF FO QSPEVDUPT FMFDUSÖOJDPT TF IBO SFHJTUSBEP VOBT WFOUBT EF NJMMPOFT EF FVSPT FO FM EF NJMMPOFT EF FVSPT FO FM QSJNFS TFNFTUSF EFM BÕP VO QVOUP NFOPT RVF FO QVOUP NFOPT RVF FO &O UFSDFS MVHBS oQPS EFUSÆT &O UFSDFS MVHBS oQPS EFUSÆT EF MPT QSPEVDUPT EFQPSUJWPTo EF MPT QSPEVDUPT EFQPSUJWPTo IBZ VO FNQBUF FOUSF MBT UF MFDPNVOJDBDJPOFT Z MPT WJB KFT DPO VO "NCPT UBN CJÍO IBO WJTUP SFEVDJEB TV EF NBOEB DPO VO Z VO SFTQFDUJWBNFOUF &M SFTUP EF SFTQFDUJWBNFOUF &M SFTUP EF TFDUPSFT BOBMJ[BEPT QPS $FUF MFN QSFTFOUBO QPSDFOUBKFT JO GFSJPSFT BM ÖQUJDB EFO UBM NVFCMFT EF DPDJOB Z BDDF TPSJPT SFGPSNBT Z CJDJT

TPSJPT SFGPSNBT Z CJDJT

&M HBTUP NFEJP EFM EF MPT DPOTVNJEPSFT RVF EFDMB

EFM DPOTVNPEF MPT FTQBÒPMFT EFM DPOTVNP EF MPT FTQBÒPMFT FO FM ÙMUJNP BÒP IB TJEP FO NVF CMFT Z QSPEVDUPT EF EFTDBOTP

2015 2016

'VFOUF $FUFMFN

$PNQSBEPSFT FO VOB UJFOEB EF NVFCMFT FO .BESJE "3$)*70 $PNQSBEPSFT FO VOB UJFOEB EF NVFCMFT FO .BESJE

SBSPO IBCFS SFBMJ[BEP BMHV OB DPNQSB FO FM TFDUPS EF EF FMFDUSPEPNÍTUJDPT Z UFDOPMP HÑB BTDFOEJÖ B FVSPT VO JODSFNFOUP EFM SFTQFDUP JODSFNFOUP EFM SFTQFDUP BM HBTUP EFDMBSBEP FO &M NBZPS EFTFNCPMTP SFBMJ[B EP QPS MPT DPOTVNJEPSFT GVF EP QPS MPT DPOTVNJEPSFT GVF FM EFTUJOBEP B MBT DPNQSBT EF QSPEVDUPT EF DMJNBUJ[BDJÖO QSPEVDUPT EF DMJNBUJ[BDJÖO DPO VO HBTUP NFEJP EFDMBSB EP EF FVSPT VO NÆT

&M EF RVJFOFT DPNQSB SPO NVFCMFT FO MPT ÜMUJNPT NFTFT oGSFOUF BM EFM BÕP QBTBEPo IJDJFSPO VO HBTUP NFEJP EF FVSPT VO BERVJSJÖ BMHÜO QSPEVDUP SFMB DJPOBEP DPO FM TFDUPS DPDJOBT DJPOBEP DPO FM TFDUPS DPDJOBT -PT KÖWFOFT TPO MPT RVF HBT UBO NÆT BM DPOTVNJS TFHÜO JOEJDB FM FTUVEJP -PT DPNQSB EPSFT FOUSF MPT Z BÕPT GVFSPO MPT RVF SFBMJ[BSPO VO HBTUP NBZPS MMFHBOEP B MPT HBTUP NBZPS MMFHBOEP B MPT FVSPT EF NFEJB

+VFWFT EF PDUVCSF EF 20MINUTOS +VFWFT EF PDUVCSF EF S MIBOLSILLO

12

9EDIKCE CEJEH 9EDIKCECEJEH

©GKx D;KCÈJ?9EI 9EDL?;D;D5 -BT SVFEBT NÆT BODIBT OP TPO NFKPSFT SFEVDFO MB WFMPDJEBE BVNFOUBO FM DPOTVNP EF DPNCVTUJCMF Z TPO NÆT DBSBT

%JGFSFOUFT OFVNÆUJDPT FO VO DPNFSDJP FTQFDJBMJ[BEP +03(& 1"3±4 %JGFSFOUFT OFVNÆUJDPT FO VO DPNFSDJP FTQFDJBMJ[BEP

JAVIER MOLTÓ 1/%! NJOVUPT FT ! N.J#PMTJMMP

"M DPNQSBS VO WFIÑDVMP OVF WP UFOFNPT RVF EFDJEJS TJ TJ RVFSFNPT MBT SVFEBT PSJHJ OBMFT P VOB EF MBT PQDJPOB MFT RVF OPT PGSFDFO MPT GBCSJ DBOUFT -B EFDJTJÖO RVF UPNF NPT QVFEF UFOFS JNQPSUBOUFT DPOTFDVFODJBT BÕP USBT BÕP DPOTFDVFODJBT BÕP USBT BÕP &O MPT DPODFTJPOBSJPT P FO MB XFC DVBOEP DPOGJHVSBNPT MB XFC DVBOEP DPOGJHVSBNPT FM DPDIF MPT DPNFSDJBMFT RVF FM DPDIF MPT DPNFSDJBMFT RVF EF UJFOFO TVT JOUFSFTFT EF KBO QBSB FM GJOBM MBT PGFSUBT EF KBO QBSB FM GJOBM MBT PGFSUBT EF MPT FMFNFOUPT PQDJPOBMFT MPT FMFNFOUPT PQDJPOBMFT 6OP EF FMMPT DBTJ TFHVSP TFB DVBM TFB FM WFIÑDVMP RVF FMJKB NPT TFSÆO VOBT MMBOUBT NÆT NPT TFSÆO VOBT MMBOUBT NÆT HSBOEFT NÆT DBSBT Z EF NB ZPS UBNBÕP ZPS UBNBÕP &M DPNFOUBSJP FOUSF RVJFOFT &M DPNFOUBSJP FOUSF RVJFOFT TF WBO B DPNQSBS VO DPDIF FT TF WBO B DPNQSBS VO DPDIF FT IBCJUVBM j&TBT MMBOUBT Z FTBT IBCJUVBM j&TBT MMBOUBT Z FTBT SVFEBT MF RVFEBO NVDIP NF KPS "TÑ FTUÆ NVDIP NÆT CPOJ UPx &TB EFDJTJÖO OP TPMP FO DBSFDF FM DPDIF FO FM NPNFO UP EF DPNQSB TJ VOP PQUB QPS UP EF DPNQSB TJ VOP PQUB QPS BERVJSJS MBT MMBOUBT BMUFSOBUJ WBT TJOP RVF MP FODBSFDF Z FO PDBTJPOFT NVDIP DBEB WF[ PDBTJPOFT NVDIP DBEB WF[ RVF UPRVF DBNCJBS MPT OFV NÆUJDPT Z EÑB B EÑB QPSRVF NÆUJDPT Z EÑB B EÑB QPSRVF VOPT OFVNÆUJDPT NÆT BODIPT JOGMVZFO OFHBUJWBNFOUF FO FM JOGMVZFO OFHBUJWBNFOUF FO FM DPOTVNP EFM DPDIF DPOTVNP EFM DPDIF -PT DPNFSDJBMFT EF MPT DPO DFTJPOBSJPT Z MB DSFFODJB QPQV MBS DPJODJEFO FO RVF VOPT OFV NÆUJDPT NÆT BODIPT EBO NÆT NÆUJDPT NÆT BODIPT EBO NÆT BHBSSF Z QPS UBOUP IBDFO RVF FM DPDIF TFB NÆT TFHVSP &T VOB BGJSNBDJÖO QPDP SJHVSPTB BGJSNBDJÖO QPDP SJHVSPTB 6OPT OFVNÆUJDPT NÆT BO DIPT QVFEFO UFOFS NÆT BHBSSF

-" $-"7& -" $-"7&

/FVNÃUJDPT EF JOWJFSOP zTÎ P OP z

-PT GBCSJDBOUFT OPT WFOEFO MBT CPOEBEFT EF MPT OFVNÃUJDPT EF JOWJFSOP z*OUFSFTBO &O WBSJPT QBÎTFT FVSPQFPT TPO PCMJHBUP SJPT FO JOWJFSOP &O &TQBÒB OP QFSP DPOWJFOFO B DPOEVDUPSFT SJPT FO JOWJFSOP &O &TQBÒB OP QFSP DPOWJFOFO B DPOEVDUPSFT RVF DJSDVMBO GSFDVFOUFNFOUF QPS [POBT EPOEF OJFWB 1BSB FM RVF DJSDVMBO GSFDVFOUFNFOUF QPS [POBT EPOEF OJFWB 1BSB FM SFTUP TPO VO FOHPSSP TF EFTHBTUBO NÃT Z UJFOFO NFOPT BHBSSF

FO BMHVOBT DJSDVOTUBODJBT Z FO BMHVOBT DJSDVOTUBODJBT Z NFOPT FO PUSBT 1FSP BEFNÆT VOPT OFVNÆUJDPT NÆT BODIPT VOPT OFVNÆUJDPT NÆT BODIPT GSFOBO FM DPDIF IBDFO RVF DP SSB NFOPT FO UÍSNJOPT HFOF SBMFT Z DPNP QFTBO NÆT UBN CJÍO QVFEFO IBDFS RVF FM DP DIF TFB NÆT UPSQF -PT JOHFOJFSPT FTQFDJBMJTUBT FO EJOÆNJDB EF BVUPNÖWJMFT MP TBCFO CJFO Z TVT SFDPNFOEB DJPOFT TPO DMBSBT j-B NFEJEB EFM OFVNÆUJDP UJFOF RVF TFS FRVJMJCSBEBx /P FT CVFOP OJ FRVJMJCSBEBx /P FT CVFOP OJ VO OFVNÆUJDP EFNBTJBEP HSBOEF OJ EFNBTJBEP QFRVFÕP 1PS SFHMB HFOFSBM UPEPT MPT DPDIFT BDUVBMFT MMFWBO EF TFSJF DPDIFT BDUVBMFT MMFWBO EF TFSJF OFVNÆUJDPT NÆT RVF TPCSBEPT OFVNÆUJDPT NÆT RVF TPCSBEPT QBSB EBS MB NFKPS SFTQVFTUB FO

DBSSFUFSB /P FT OFDFTBSJP QP OFSMFT OFVNÆUJDPT EF NBZPS UBNBÕP TBMWP QPS NPUJWPT FT UÍUJDPT /J TJRVJFSB UJFOF TFOUJ EP QSÆDUJDP DBNCJBS MBT MMBOUBT EF DIBQB FO BRVFMMPT DPDIFT RVF MBT MMFWFO EF TFSJF QPS RVF MBT MMFWFO EF TFSJF QPS VOBT EF BMFBDJÖO

-" $*'3"

'&& '&&

FVSPT DVFTUB BQSPYJNBEBNFO UF VO OFVNÃUJDP EF QSJNFSB NBSDB EF MMBOUB EF QVMHBEBT

&T DJFSUP RVF MBT MMBOUBT EF &T DJFSUP RVF MBT MMBOUBT EF BMFBDJÖO TPO NÆT MJHFSBT RVF MBT EF DIBQB Z FTF NFOPS QF TP TF USBEVDF FO NBZPS BHJMJ EBE Z NFOPT DPOTVNP QFSP MB EJGFSFODJB EF QSFDJP OP TF MB EJGFSFODJB EF QSFDJP OP TF BNPSUJ[BSÆ FO UPEB MB WJEB EFM DPDIF QPS FM NFOPS DPOTVNP DPDIF QPS FM NFOPS DPOTVNP &O UPEP DBTP TJ MB MMBOUB EF &O UPEP DBTP TJ MB MMBOUB EF BMFBDJÖO PQDJPOBM FT EFM NJT NP UBNBÕP RVF MBT MMBOUBT NP UBNBÕP RVF MBT MMBOUBT RVF MMFWB FM DPDIF EF TFSJF FM RVF MMFWB FM DPDIF EF TFSJF FM DPTUF EFM DBNCJP TF SFEVDF BM NPNFOUP EF MB DPNQSB Z OP BGFDUBSÆ OFHBUJWBNFOUF OJ B MBT QSFTUBDJPOFT EFM DPDIF OJ B MBT QSFTUBDJPOFT EFM DPDIF OJ BM DPOTVNP &O DBNCJP TJ BERVJSJNPT &O DBNCJP TJ BERVJSJNPT VOBT MMBOUBT NÆT BODIBT RVF SFRVJFSBO EF VO OFVNÆUJDP EF NBZPS UBNBÕP FM DPTUF SF QFSDVUJSÆ DBEB WF[ RVF EFCB NPT TVTUJUVJS MPT OFVNÆUJDPT NPT TVTUJUVJS MPT OFVNÆUJDPT QPSRVF MBT SVFEBT EF NBZPS QPSRVF MBT SVFEBT EF NBZPS UBNBÕP Z BODIVSB SFTVMUBO NÆT DPTUPTBT Z FO BMHVOBT PDBTJPOFT DPOTJEFSBCMFNFO UF NÆT DPTUPTBT

1POHBNPT FM FKFNQMP EF VO 1POHBNPT FM FKFNQMP EF VO 4FBU *CJ[B DPO NPUPS EF HBTP MJOB EF DBCBMMPT EF QPUFO DJB Z BDBCBEP 4UZMF %F TFSJF USBF VOBT MMBOUBT EF BMFBDJÖO USBF VOBT MMBOUBT EF BMFBDJÖO EF QVMHBEBT EF EJÆNFUSP RVF WBO JODMVJEBT FO FM QSFDJP EFM DPDIF RVF FT EF FVSPT 4FBU PGSFDF PQDJPOBMNFOUF VOBT MMBOUBT EF BMFBDJÖO EF VO EJÆNFUSP EF QVMHBEBT FT EJÆNFUSP EF QVMHBEBT FT EFDJS VO EJÆNFUSP DFOUÑNF USPT TVQFSJPS BM EF MBT MMBOUBT BOUFSJPSFT &M QSFDJP EF FTUBT BOUFSJPSFT &M QSFDJP EF FTUBT MMBOUBT DVZP DPMPS 4FBU EFOP NJOB AEJBNBOUBEP OBSBOKB NJOB AEJBNBOUBEP OBSBOKB Z NJEFO QVMHBEBT EF BODIP QPS QVMHBEBT EF EJÆNFUSP FT EF FVSPT &T EFDJS MBT MMBOUBT FODBSFDFO VO FM MMBOUBT FODBSFDFO VO FM QSFDJP EFM DPDIF QSFDJP EFM DPDIF 1FSP BEFNÆT EF FTUPT 1FSP BEFNÆT EF FTUPT FVSPT IBZ RVF UFOFS FO DVFO UB MB EJGFSFODJB EFM QSFDJP EF MPT OFVNÆUJDPT -PT OFVNÆUJ DPT PSJHJOBMFT QBSB MB MMBOUB EF DPT PSJHJOBMFT QBSB MB MMBOUB EF QVMHBEBT UJFOFO VOBT NF EJEBT EF NJMÑNFUSPT EF BO DIP -PT RVF TF OFDFTJUBO QB SB MB MMBOUB EF QVMHBEBT NJ EFO NJMÑNFUSPT EF BODIP -B EJGFSFODJB EF QSFDJP FO USF VOPT Z PUSPT FT FO UPSOP B VO NÆT DBSP QBSB MPT OFVNÆUJDPT EF MBT MMBOUBT EF NBZPS EJÆNFUSP 6O OFVNÆUJDP CVFOP EF QSJNFSB NBSDB QVFEF DPT UBS BMSFEFEPS EF FVSPT QB SB FM EF MMBOUB EF QVMHBEBT Z BMSFEFEPS EF FVSPT QBSB FM EF MMBOUB EF QVMHBEBT FM EF MMBOUB EF QVMHBEBT $BNCJBS MPT OFVNÆUJDPT FO FM QSJNFS DBTP DPTUBSÑB FV SPT Z FO FM TFHVOEP DBTP FVSPT ● FVSPT

a

FH;=KDJ7I FH;=KDJ7I 4FHVSJEBE Z QSFTJÖO MBT DMBWFT MBT DMBWFT ¿LOS NEUMÁTICOS INFLUYEN EN LA SEGURIDAD?

-PT OFVNÆUJDPT TPO FM ÜOJDP QVOUP EF DPOUBDUP FOUSF FM WFIÑDVMP Z FM TVFMP 6O OFV NÆUJDP NPOUBEP F IJODIBEP B MB QSFTJÖO SFDPNFOEBEB TP MP UJFOF VOPT QPDPT DFOUÑNF USPT DVBESBEPT EF DPOUBDUP USPT DVBESBEPT EF DPOUBDUP DPO FM TVFMP &O FTB QPDB TV QFSGJDJF EF DPOUBDUP UJFOF RVF QFSGJDJF EF DPOUBDUP UJFOF RVF TPQPSUBS UPEPT MPT FTGVFS[PT USBOTWFSTBMFT Z UPEP FM QFTP EFM DPDIF QPS MP RVF EF MB DB MJEBE EFM DPOUBDUP EF MPT OFV NÆUJDPT DPO FM TVFMP EFQFOEF EJSFDUBNFOUF MB TFHVSJEBE "IPSB CJFO B EJGFSFODJB EF PUSPT FMFNFOUPT RVF JOUFSWJF OFO FO MB TFHVSJEBE MPT OFV NÆUJDPT UJFOFO MB WFOUBKB EF RVF TPO GÆDJMFT EF SFWJTBS OP RVF TPO GÆDJMFT EF SFWJTBS OP IBZ RVF EFTNPOUBSMPT QBSB DPNQSPCBS TJ TV FTUBEP EF DPOTFSWBDJÖO FT DPSSFDUP DPOTFSWBDJÖO FT DPSSFDUP

&M $JUSPÏO $ FM DPDIF NÆT FM DPDIF NÆT WFOEJEP FO TFQUJFNCSF TFQUJFNCSF 4FHÜO MPT EBUPT EF MBT BTPDJB DJPOFT EF GBCSJDBOUFT "OGBD

WFOEFEPSFT (BOWBN Z DPO DFTJPOBSJPT 'BDPOBVUP FM $JUSPÏO $ GVF FM DPDIF NÆT WFOEJEP EF &TQBÕB FO TFQ UJFNCSF EF DPO VOJEBEFT &O TFHVOEP MVHBS TF TJUÜB FM 7PMLTXBHFO (PMG DPO VOJEBEFT Z FO UFS DFS MVHBS FM 3FOBVMU $MJP DPO VOJEBEFT &O FM BDVNVMBEP IBTUB TFQ UJFNCSF FM $JUSPÏO $ UBN CJÍO FT FM NÆT EFNBOEBEP QPS MPT FTQBÕPMFT VOJEB EFT WFOEJEBT &M TFHVOEP DP DIF NÆT WFOEJEP FO &TQBÕB FO FM BDVNVMBEP EFM BÕP FT FO FM BDVNVMBEP EFM BÕP FT FM 4&"5 -FÖO VOJEB EFT Z FM UFSDFSP FT FM 4&"5 *CJ[B VOJEBEFT ●

(&¹¹

-BT GBNJMJBT FTQBÕPMBT -BT GBNJMJBT FTQBÕPMBT HBTUBO FVSPT FO FM TFHVSP EF MPT WFIÑDVMPT &M EF MBT GBNJMJBT FTQBÕP MBT UJFOF DPOUSBUBEP VO TFHV SP QBSB TVT DPDIFT Z EFTUJOB B FTUBT QÖMJ[BT VOB NFEJB EF FVSPT QPS IPHBS TFHÜO VO JO GPSNF EF "*4 (SPVQ GPSNF EF "*4 (SPVQ

¿CUÁL Á ES LA PRESIÓN Ó IDÓNEA? Ó

-B QSFTJÖO JEFBM FT MB RVF SF DPNJFOEB FM GBCSJDBOUF Z TVF MF TFS EJTUJOUB FO GVODJÖO EFM QFTP RVF TF DBSHVF 5BNCJÍO WBSÑB FO GVODJÖO EFM UJQP EF WBSÑB FO GVODJÖO EFM UJQP EF WÑB Z EF MB WFMPDJEBE B MB RVF WÑB Z EF MB WFMPDJEBE B MB RVF TF SFDPSSBO MPT USBZFDUPT TF SFDPSSBO MPT USBZFDUPT ¿CUÁNDO Á DEBO COMPROBARLA?

-B QSFTJÖO EF MBT SVFEBT EFCF DPNQSPCBSTF QFSJÖEJDBNFOUF DPNQSPCBSTF QFSJÖEJDBNFOUF Z TJFNQSF FO GSÑP &T EFDJS DVBOEP TF IBZB SPEBEP OBEB P NVZ QPDP 4F DPOTJEFSB RVF VO OFVNÆUJDP FTUÆ AGSÑP DVBO EP IB SPEBEP NFOPT EF USFT LJ MÖNFUSPT Z TJ IB FTUBEP QBSBEP NÆT EF EPT IPSBT 4J OP RVF EB NÆT SFNFEJP RVF DPNQSP CBS MB QSFTJÖO EFTQVÍT EF IB CFS SPEBEP VO DJFSUP UJFNQP FT DPOWFOJFOUF BÕBEJS VOPT FT DPOWFOJFOUF BÕBEJS VOPT B MB QSFTJÖO EF BJSF SF LN DN B MB QSFTJÖO EF BJSF SF DPNFOEBEB QFSP DPOWJFOF WPMWFS B SFWJTBSMB EF OVFWP DVBOEP FTUÍO GSÑPT DVBOEP FTUÍO GSÑPT ¿DÓNDE ES MEJOR REVISARLA?

-PT NBOÖNFUSPT EF MBT HBTPMJ OFSBT OP TPO MP NFKPS QBSB DPN QSPCBS MB QSFTJÖO &TUÆO FY QVFTUPT B HPMQFT Z B DPOEJDJP OFT NVZ EVSBT 1VFEFO FTUBS EFTDBMJCSBEPT Z EBS MFDUVSBT FSSÖOFBT -P NFKPS FT IBDFSTF DPO VO NBOÖNFUSP EF CPMTJMMP BOBMÖHJDP EJHJUBM NFDÆOJDP P B QJMBT EF DBMJEBE Z MMFWBSMP TJFNQSF EFOUSP EFM DPDIF TJFNQSF EFOUSP EFM DPDIF

'PSE DFMFCSB BÕPT FO TV QMBOUB EF 7BMFODJB TV QMBOUB EF 7BMFODJB 'PSE IB DPONFNPSBEP FM BOJWFSTBSJP EFM JOJDJP EF MB BOJWFSTBSJP EFM JOJDJP EF MB QSPEVDDJÖO FO TV GBDUPSÑB EF QSPEVDDJÖO FO TV GBDUPSÑB EF "MNVTTBGFT 7BMFODJB RVF IB SFDJCJEP VOB JOWFSTJÖO BDV NVMBEB EF NJMMPOFT EF FVSPT EFTEF Z EF NJMMPOFT EF FVSPT EFTEF NJMMPOFT EF FVSPT EFTEF

-PT DPDIFT TF FODBSFDFO VO FO VO BÕP -PT BVUPNÖWJMFT TF FODBSFDJF SPO VO EVSBOUF FM QBTBEP NFT EF TFQUJFNCSF FO DPNQB SBDJÖO DPO FM NJTNP NFT EFM SBDJÖO DPO FM NJTNP NFT EFM FKFSDJDJP BOUFSJPS TFHÜO FM ´O EJDF EF 1SFDJPT EF $POTVNP EJDF EF 1SFDJPT EF $POTVNP *1$ RVF QVCMJDB FM */& *1$ RVF QVCMJDB FM */&

-B %(5 SFDBVEÖ NJMMPOFT NÆT FO NVMUBT NJMMPOFT NÆT FO NVMUBT -B %JSFDDJÖO (FOFSBM EF 5SÆ GJDP %(5 IB SFDBVEBEP FO GJDP %(5 IB SFDBVEBEP FO NVMUBT FO VO UPUBM EF NVMUBT FO VO UPUBM EF FVSPT TFHÜO MBT DVFOUBT BOVBMFT EFM PS HBOJTNP

*OEVTUSJB QSFQBSB PUSP *OEVTUSJB QSFQBSB PUSP 1MBO .PWFB QBSB &M (PCJFSOP QSFQBSB VO OVFWP &M (PCJFSOP QSFQBSB VO OVFWP 1MBO .PWFB EF JNQVMTP B WFIÑDVMPT DPO DPNCVTUJCMFT BMUFSOBUJWPT RVF UFOESÑB VO QSFTVQVFTUP EF NJMMPOFT

20MINUTOS S MIBOLSILLO ย +VFWFT EF PDUVCSF EF ย +VFWFT EF PDUVCSF EF

13

9EDIKCE 7B?C;DJ79?ร D 9EDIKCE7B?C;DJ79?ร D

?DJEB;H7D9?7I 7B?C;DJ7H?7I ;D ;B (+ :; BEI >E=7H;I -B NBZPSร B EF MPT BGFDUBEPT TVGSFO SFDIB[P B MPT Mร DUFPT FM HMVUFO MPT DBDBIVFUFT HMVUFO MPT DBDBIVFUFT Z FM NBSJTDP -B JODJEFODJB FT TVQFSJPS FOUSF MPT OJร PT

-" $-"7&

"MFSHJBT P JOUPMFSBODJBT FO MB GBNJMJB B H Lรกcteos o lactosa 10% 8% % Trigo / gluten 5% 4% % Cacahuetes 5%

JUAN FERRARI 1/%! NJOVUPT FT ! N.J#PMTJMMP

6OP EF DBEB DVBUSP IPHBSFT 6OP EF DBEB DVBUSP IPHBSFT EFDMBSB RVF BMHร O NJFNCSP EF EFDMBSB RVF BMHร O NJFNCSP EF MB GBNJMJB UJFOF VO UJQP EF QSP CMFNB EF BMFSHJB P JOUPMFSBO DJB B DJFSUPT BMJNFOUPT BVORVF jOP TJHOJGJDB OFDFTBSJBNFOUF jOP TJHOJGJDB OFDFTBSJBNFOUF RVF IBZB DBNCJBEP EF EJFUB RVF IBZB DBNCJBEP EF EJFUB QPS FMMPx TFHร O BDMBSB 4JMWJB QPS FMMPx TFHร O BDMBSB 4JMWJB 7JMMBWFSEF VOB EF MBT SFTQPO TBCMFT EFM JOGPSNF FMBCPSBEP QPS /JFMTFO TPCSF FM $POTVNJ QPS /JFMTFO TPCSF FM $POTVNJ EPS TFOTJUJWP EPS TFOTJUJWP

4% Mariscos / crustรกceos 5% 4% % Otros frutos secos (de รกrbol) 4% % 4% Huevos 3% 4% % Pescado 3% % 3% Soja 2% % 2%

Espaรฑa Media europea % sobre el total de los hogares analizados. Un mismo hogar puede tener una o mรกs alergias en alguno de sus miembros.

Fuente: Informe NIelsen

1BCMP (BSDร B QPSUBWP[ EF MB "TPDJBDJร O &TQBร PMB EF 1FSTP OBT DPO "MFSHJB B "MJNFOUPT Z -ร UFY JOTJTUF FO EJGFSFODJBS FO USF BMFSHJB F JOUPMFSBODJB -B QSJ NFSB TVQPOF VOB FOGFSNFEBE HSBWF RVF JODMVTP QVFEF TV QPOFS MB NVFSUF QVFT TF EFSJ WB EF VOB SFTQVFTUB EFM TJTUFNB JONVOPMร HJDP EFM QBDJFOUF B VO BMร SHFOP DPNQPOFOUFT RVF BMร SHFOP DPNQPOFOUFT RVF BQBSFDFO FO EFUFSNJOBEPT QSP EVDUPT 1PS FM DPOUSBSJP MB JOUP MFSBODJB OP TVFMF QBTBS EF BGFD DJPOFT JOUFTUJOBMFT NPMFTUBT QFSP OP HSBWFT &O MBT BMFSHJBT MB ร OJDB TPMV DJร O FT FWJUBS FM BMJNFOUP DPN QMFUP RVF HFOFSB MB SFBDDJร O &O DBNCJP FO MPT DBTPT EF JOUPMF SBODJB MB JOEVTUSJB BHSPBMJNFO UBSJB FTUร HFOFSBOEP QSPEVDUPT FO MPT RVF TF RVJUB FM DPNQP OFOUF BM RVF TF UJFOF JOUPMFSBO DJB $PNP MFDIF P Mร DUFPT TJO DJB $PNP MFDIF P Mร DUFPT TJO MBDUPTB QBTUB QBOBEFSร B P CP MMFSร B TJO HMVUFO P NFSNFMBEBT MMFSร B TJO HMVUFO P NFSNFMBEBT TJO GSVDUPTB TJO GSVDUPTB j&T VO NFSDBEP QFRVFร P DPO QPDPT QSPEVDUPT FO MPT MJOFBMFT QFSP FT DMBSBNFOUF DSFDJFOUFx QFSP FT DMBSBNFOUF DSFDJFOUFx FYQMJDB 4JMWJB 7JMMBWFSEF : MP FT QPS VO EPCMF FGFDUP 1SJNFSP QPSRVF DBEB WF[ IBZ Nร T DBTPT QPSRVF DBEB WF[ IBZ Nร T DBTPT EF BMร SHJDPT QFSP UBNCJร O EF JOUPMFSBOUFT "VORVF OP IBZ EB UPT FYBDUPT MB OVUSJDJPOJTUB "OB

;VHBTUJ EFUFSNJOB RVF FOUSF FM Z FM EF MPT FTQBร PMFT BEVMUPT UJFOFO BMFSHJB Z FOUSF BEVMUPT UJFOFO BMFSHJB Z FOUSF FM Z FM EF MPT OJร PT "MHP FM Z FM EF MPT OJร PT "MHP Nร T JOEFUFSNJOBEB FT MB QSFWB MFODJB EF MPT JOUPMFSBOUFT RVF TFHร O ;VHBTUJ FT FOUSF Z WF DFT TVQFSJPS RVF MB BMFSHJB DFT TVQFSJPS RVF MB BMFSHJB 1FSP FM UJSร O EF MPT QSPEVD UPT jTJOx TPCSFQBTB MPT QSPCMF NBT Nร EJDPT &O VOB QBSUF DSF DJFOUF EF MPT DPOTVNJEPSFT FT Uร DVBKBOEP MB JEFB EF RVF DPNFS TBOP WB Nร T BMMร EF TV QSJNJS HSBTBT Z B[ร DBSFT EF MBT EJFUBT 7JMMBWFSEF BDMBSB RVF MB DBVTB EF RVF FO MPT IPHBSFT TF IBZB PQUBEP QPS EFKBS EF DPOTV NJS QSPEVDUPT DPO MBDUPTB TF NJS QSPEVDUPT DPO MBDUPTB TF EFCF FO MB NJUBE EF MPT DBTPT B RVF TF UJFOF BMFSHJB P JOUPMFSBO DJB B BMHร O DPNQPOFOUF QFSP DJB B BMHร O DPNQPOFOUF QFSP FO MB PUSB NJUBE B MB DSFFODJB EF RVF VO BMJNFOUP TJO MBDUPTB FT RVF VO BMJNFOUP TJO MBDUPTB FT Nร T TBMVEBCMF Nร T TBMVEBCMF 1PS UBOUP MB Cร TRVFEB EF MB TB MVE FTUร EFNBOEBEP BMJNFO UPT RVF DBSF[DBO EF DPNQPOFO UFT RVF QVFEFO HFOFSBS JOUPMF SBODJB B QFTBS EF RVF OP TF QBEF[DB EF FMMB : BRVร Tร IBZ VO NFSDBEP QPS FYQMPUBS QVFT FM BGJSNB RVF OP FTUร TBUJT GFDIP DPO MPT QSPEVDUPT RVF IBZ FO FM NFSDBEP BQMJDBEPT B TV FO FM NFSDBEP BQMJDBEPT B TV EJFUB QBSUJDVMBS TFHร O FM JOGPS NF EF /JFMTFO NF EF /JFMTFO

/P TJFNQSF TF DBNCJB MB EJFUB DBNCJB MB EJFUB 4JMWJB 7JMMBWFSEF EF 4JMWJB 7JMMBWFSEF EF

/JFMTFO FYQMJDB RVF TF IB EFUFDUBEP RVF OP FO UPEPT EFUFDUBEP RVF OP FO UPEPT MPT IPHBSFT DPO VOB QFSTPOB RVF QBEFDF JOUPMFSBODJB TF RVF QBEFDF JOUPMFSBODJB TF WBSร B MB EJFUB &O MB FODVFTUB SFBMJ[BEB QPS /JFMTFO TF EF UFDUB RVF FO FM EF MPT IP HBSFT IBZ BMHร O NJFNCSP

DPO QSPCMFNBT DPO MB MBDUP TB P MPT Mร DUFPT Z TJO FNCBS HP TPMP FM EFDMBSB IBCFS TF BEIFSJEP B VOB EJFUB FO MB RVF TF IB TVQSJNJEP FTUF UJ QP EF QSPEVDUPT &O FM DBTP QP EF QSPEVDUPT &O FM DBTP EFM HMVUFO FM EF IPHBSFT EFDMBSB UFOFS BMHร O BGFDUB EP QFSP TPMP FM IB EFKBEP EF DPNQSBS BMJNFOUPT TJO HMVUFO

+VFWFT EF PDUVCSF EF ย 20MINUTOS +VFWFT EF PDUVCSF EF ย S MIBOLSILLO

14

?DL;HI?ร D $VJEBEP DPO MPT CVMPT P JOUFSFTFT CVMPT P JOUFSFTFT FO 5XJUUFS FO 5XJUUFS

-" $-"7&

$ร NP JOWJFSUFO MPT FTQBร PMFT Q

โ โ โ 5XJUUFS Z FM SFTUP EF SF

La inversiรณn en Espaรฑa antes y despuรฉs de la crisis 2007 2016 (primer trimestre) 4,1% 4,1% ,% 37,9% 37 779,99% 3434,1% 7,9

43% 43% %

Deepรณs Depรณsitos eppรณssitos y eefectivo fecctivo c

10,9% 10 0,9% 0,9% 9% %

Resto Res sto

Fondos Fo ondoos ondo os y Sica Sicav av

225,7% 25,7 5,7 ,7% 7%

Renta R enttta fifija/ i bolsa ija/ l

Rentaa fija fija/ aa/ bols bbolsa sa 11,9% 11 11,9 9 9% %

EFT TPDJBMFT TF IBO DPOWFSUJ EP FO VO GPDP EF JOGPSNB DJร O QBSB NVDIPT JOWFSTP SFT QPS MB JONFEJBUF[ DPO MB RVF TF DPOPDFO MBT OPUJDJBT &O MPT ร MUJNPT Bร PT IBO BQB SFDJEP NVDIPT CVMPT FTQF DJBMNFOUF FO FM NFSDBEP EF && 66 WFSUJEPT FO 5XJUUFS TPCSF DPNQBร ร BT DPUJ[BEBT TPCSF DPNQBร ร BT DPUJ[BEBT RVF IBO EBร BEP P JNQVMTB EP TVT DPUJ[BDJPOFT 6UJMJDF TJFNQSF MBT DVFOUBT PGJDJB MFT Z WBZB DPO DVJEBEP

13,2% 13 3,2% % 12,4% 12,4 4%

Deepรณsito eppรณsitoos Depรณsitos fecctiv c vo v y eefectivo

Fondos de pensiones 5,2%

Resto e o

Fondos Fond dos dos y Sic Sicav cav

Fondos de pensiones 5,7%

Acciones de empresas cotizadas que las familias tienen en propiedad (% sobre el total) 6OB QFSTPOB PCTFSWB MBT QBOUBMMBT EF DPUJ[BDJร O FO MB #PMTB EF .BESJE + 1"3ยฑ4

BEI '& ;HHEH;I >78?JK7B;I 7 B7 >EH7 :; ?DL;HJ?H

-B FEVDBDJร O GJOBODJFSB DPNJFO[B B NFKPSBS QPDP B QPDP FO &TQBร B -B FEVDBDJร O GJOBODJFSB DPNJFO[B B NFKPSBS QPDP B QPDP FO &TQBร B QFSP TF TJHVFO DPNFUJFOEP MPT NJTNPT GBMMPT RVF BOUFT EF MB DSJTJT

DE FH;L;H

35,1%

26,2%

24,4% 20%

;B 7O;H ;I >EO FIJARSE EN EL PASADO. -PT FY

1992 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

QFSUPT GJOBODJFSPT OP TF DBO TBO EF SFQFUJS RVF MBT SFOUB CJMJEBEFT QBTBEBT OP HBSBO UJ[BO SFOUBCJMJEBEFT GVUVSBT UJ[BO SFOUBCJMJEBEFT GVUVSBT &T EFDJS RVF VOB BDDJร O P DPNQBร ร B P DVBMRVJFS PUSP DPNQBร ร B P DVBMRVJFS PUSP BDUJWP IBZB UFOJEP VO DPN QPSUBNJFOUP FYDFMFOUF EV SBOUF Bร PT OP HBSBOUJ[B CBKP SBOUF Bร PT OP HBSBOUJ[B CBKP OJOHร O DSJUFSJP RVF WBZB B TFS BTร EF NBOFSB QFSNBOFOUF

Factores que influyen en los espaรฑoles para invertir Perspectivas a largo plazo 29,5% Recomendaciones de entidades o terceros 24,6% 24,6 6%

1/%! NJOVUPT FT ! N.J#PMTJMMP

&M IPNCSF FT FM ร OJDP BOJNBM &M IPNCSF FT FM ร OJDP BOJNBM RVF USPQJF[B EPT WFDFT DPO MB NJTNB QJFESB : OVODB NFKPS EJDIP FO FM DBTP EF MB JOWFSTJร O EJDIP FO FM DBTP EF MB JOWFSTJร O QPSRVF TF TJHVFO DPNFUJFOEP QPSRVF TF TJHVFO DPNFUJFOEP MPT NJTNPT FSSPSFT $PO DSJTJT MPT NJTNPT FSSPSFT $PO DSJTJT P TJO FMMB B WFDFT OPT EFKBNPT P TJO FMMB B WFDFT OPT EFKBNPT MMFWBS QPS MB JOUVJDJร O MB SFDP NFOEBDJร O EF VO BNJHP P BD UVBNPT MJCSFNFOUF TJO UFOFS UVBNPT MJCSFNFOUF TJO UFOFS NVZ DMBSP MP RVF IBDFNPT P NVZ DMBSP MP RVF IBDFNPT P FMFHJNPT %FTDPOPDFNPT FO FMFHJNPT %FTDPOPDFNPT FO EFGJOJUJWB FM SJFTHP EFGJOJUJWB FM SJFTHP /P PCTUBOUF Z B QFTBS EF UP EP USBT MB DSJTJT TF FTUร QSP EVDJFOEP VO QSPDFTP EF DBN CJP RVF QVFEF IBDFS RVF FO MPT QSร YJNPT Bร PT TF NFKPSF FO FTUF TFOUJEP j4F FTUร BQSFO EJFOEP Z TF FTUร BTJNJMBOEP EJFOEP Z TF FTUร BTJNJMBOEP RVF IBZ RVF BDVEJS B QSPGFTJP OBMFT &O &TQBร B FTUBNPT IB DJFOEP BMHP FO FEVDBDJร O GJ OBODJFSB QFSP FTUBNPT NVZ B MB DPMB EF &VSPQBx DPNFOUB MB DPMB EF &VSPQBx DPNFOUB QBSB .J#PMTJMMP "OESFB $BSSF QBSB .JJ#PMT MTJMMP "OESFB $BSSF MT SBT $BOEJ EJSFDUPSB FO &TQB ร B EF &VSPQFBO 'JOBODJBM 1MB ร B EF &VSPQFBO 'JOBODJBM 1MB OJOH "TTPDJBUJPO &'1"

" DPOUJOVBDJร O TF EFUBMMBO " DPOUJOVBDJร O TF EFUBMMBO FM UJQP EF BDUVBDJPOFT RVF IBZ

RVF FWJUBS B KVJDJP EF &'1" Z PUSPT FYQFSUPT EFM NFSDBEP PUSPT FYQFSUPT EFM NFSDBEP

9EF?7H 7 EJHE 9EF?7H 7 EJHE EL PRODUCTO NO SE ENTIENDE. &TUP PDVSSF DPO GSFDVFO

DJB 4F FMJHF VO WFIร DVMP EF JO WFSTJร O RVF QVFEFO TFS BD DJPOFT EF VOB DPNQBร ร B VO GPOEP P VO &5' TJO TBCFS SFBM NFOUF MP RVF FT $PO GSFDVFODJB TF FMJHFO FMJHFO QPSRVF TF DPOPDFO EF Pร EBT MPT NFEJPT EF DPNVOJDBDJร O OVFTUSPT BNJHPT P MB GBNJMJB IBCMBO TPCSF FMMP Z TFHVJNPT MB DPSSJFOUF j&T JNQSFTDJOEJ CMF TBCFS Eร OEF WBT B NFUFS FM CMF TBCFS Eร OEF WBT B NFUFS FM EJOFSPx BGJSNB "OESFB $BSSF SBT $BOEJ

JE:E 7 KD7

REPARTIR LA INVERSIร N. -PT FYQFSUPT GJOBODJFSPT TJFNQSF TF SFGJFSFO B FTUF BTQFDUP DPO MB QSFNJTB EF jOP QPOFS UPEPT MB QSFNJTB EF jOP QPOFS UPEPT MPT IVFWPT FO MB NJTNB DFTUBx MPT IVFWPT FO MB NJTNB DFTUBx &T EFDJS DVBOEP TF JOWJFSUF FT NFKPS OP EFQPTJUBS UPEP FM EJ OFSP FO VO ร OJDP QSPEVDUP OFSP FO VO ร OJDP QSPEVDUP -P JEFBM FT FMFHJS WBSJPT BDUJ

WPT DPO VO QFTP EJTUJOUP FOUSF WPT DPO VO QFTP EJTUJOUP FOUSF FMMPT DPO FM PCKFUJWP EF EJWFS TJGJDBS FM SJFTHP %F FTUB GPSNB TJGJDBS FM SJFTHP %F FTUB GPSNB FT Nร T Gร DJM DPNQFOTBS MBT Qร SEJEBT EF VOPT DPO MBT HB OBODJBT EF PUSPT OBODJBT EF PUSPT

FB7PE 7F7HJ; F7HJ;

ยฟยฟCUร L ES TU HORIZONTE? /P /P FT MP NJTNP FOUSBS FO #PMTB FT MP NJTNP FOUSBS FO #PMTB QBSB FM MBSHP DPNP QBSB FM DPSUP QMB[P (FOFSBMNFOUF DPSUP QMB[P (FOFSBMNFOUF DVBOEP TF EFDJEF FTUBS QPDP UJFNQP UJFOF VO DPNQPOFO UF EF FTQFDVMBDJร O TF RVJF SF HBOBS EJOFSP Sร QJEP $PO FTUF UJQP EF EFDJTJร O FM SJFTHP BVNFOUB j&O SFOUB WBSJBCMF TJFNQSF HBOBT FO VO QMB[P EF TJFNQSF HBOBT FO VO QMB[P EF P Bร PT " TFJT NF TFT FT NVZ QSPCBCMF RVF OPx TFT FT NVZ QSPCBCMF RVF OPx Bร BEF MB EJSFDUPSB EF &'1" &TQBร B &TQBร B

DE F;DI7H ;DI7H

ยฟCUร NTO AGUANTARร ? )BZ )BZ RVF SFGMFYJPOBS TPCSF VOP NJTNP QBSB BOBMJ[BS RVร QFS GJM EF SJFTHP UFOFNPT &O FM NFSDBEP FYJTUF UPEB VOB HB NB EF QSPEVDUPT BEFDVBEPT

Nada 18,6% mercados Evoluciรณn reciente de los mercado os / actualidad 17,9% ) %& 1&%30

BEATRIZ P. GALDร N

ANร LISIS DEL PATRIMONIO.. &T &T PUSP EF MPT FSSPSFT IBCJUVBMFT OP IBDFS VO BOร MJTJT EFM QBUSJ NPOJP Z MBT OFDFTJEBEFT EF NPOJP Z MBT OFDFTJEBEFT EF DBEB VOP /P TF QVFEF JOWFS UJS EJOFSP P DBOUJEBEFT RVF TF QVFEBO OFDFTJUBS FO VO EF UFSNJOBEP NPNFOUP )BZ RVF IBDFS VOB QSFWJTJร O TPCSF MB TJUVBDJร O GJOBODJFSB QFS TPOBM Z UBNCJร O QFOTBS FO QP TJCMFT JNQSFWJTUPT

Otros 9,4% Fuente: Inverco, BME, IEB

QBSB QFSTPOBT DPOTFSWBEPSBT QBSB QFSTPOBT DPOTFSWBEPSBT NPEFSBEBT Z BSSJFTHBEBT &T NPEFSBEBT Z BSSJFTHBEBT &T VO FSSPS TFMFDDJPOBS BRVFMMP VO FSSPS TFMFDDJPOBS BRVFMMP QBSB MP RVF OP FTUBNPT QSF QBSBEPT j)BZ RVF DPOPDFS FM VNCSBM EF UV TVFร P )BZ RVF UFOFS EF UV TVFร P )BZ RVF UFOFS QSFTFOUF RVF MB #PMTB QVFEF DBFS Z IBZ RVJFO TF QPOF OFS WJPTP DVBOEP MBT Qร SEJEBT TPO QSPGVOEBT P DPOUJOVBT Z EFDJEF WFOEFS FO FM NPNFO UP Nร T JOPQPSUVOP %FCFNPT UP Nร T JOPQPSUVOP %FCFNPT DPOPDFS FM OJWFM EF SJFTHP EF VOP NJTNPx NBUJ[B $BSSF SBT $BOEJ SBT $BOEJ

79JK7H IEBE EBE

BUSCAR ASESORAMIENTO.. &O USBS FO FM NVOEP EF JOWFSTJร O TJO UFOFS JEFB EF Dร NP GVODJP OB FM NFSDBEP FT DPNP EBS QB MPT EF DJFHP &O &TQBร B OP FT

GSFDVFOUF CVTDBS FM BTFTPSB NJFOUP EF FYQFSUP RVF OPT HVร F FO OVFTUSBT JOWFSTJPOFT &T Nร T DVBOEP IBZ RVF QBHBS MB NBZPSร B OP RVJFSF VUJMJ[BS MB NBZPSร B OP RVJFSF VUJMJ[BS FTUF TFSWJDJP Bร O FODPOUSร O EPTF QFSEJEP &M BTFTPS FT VO EPTF QFSEJEP &M BTFTPS FT VO QSPGFTJPOBM RVF NBOFKB MPT BD UJWPT QPTJCMFT Z UBNCJร O BOB MJ[B MB TJUVBDJร O EFM DMJFOUF MJ[B MB TJUVBDJร O EFM DMJFOUF

I?D F7F;B;I

SIN DOCUMENTACIร N.. &T DPT &T DPT UVNCSF OP HVBSEBS MB EPDV NFOUBDJร O EF MB JOGPSNBDJร O EFM QSPEVDUP P FM DPOUSBUP GJS NBEP QBSB MBT QBSUFT RVF JO UFSWJFOFO FO MB PQFSBDJร O &T UP QVFEF BDBSSFBS Nร T EF VO QSPCMFNB B MB IPSB EF QFEJS SFTQPOTBCJMJEBEFT P BOUF DVBM RVJFS PUSP UJQP EF QSPCMFNB RVJFS PUSP UJQP EF QSPCMFNB RVF QVEJFSB TVSHJS

I?D Bร C?J;

Pร RDIDAS SIN FRENO. &O MB #PM TB FO VO QMB[P MBSHP TJFNQSF TB FO VO QMB[P MBSHP TJFNQSF TF HBOB IBDJFOEP EF VOB GPS NB DPSSFDUB MB JOWFSTJร O QF SP FT VO FSSPS OP QPOFS Mร NJUFT SP FT VO FSSPS OP QPOFS Mร NJUFT DVBOEP TF BDVNVMBO Qร SEJEBT BCVMUBEBT QFOTBOEP RVF MB BD DJร O WPMWFSร B TVCJS Z SFQPSUBS OPT HBOBODJBT 1VFEF RVF FT UP OP PDVSSB OVODB &O FM NFS DBEP FYJTUFO Gร SNVMBT QBSB QPOFS GSFOP B FTUF UJQP EF TJ UVBDJPOFT /P IBZ RVF QSFDJQJ UBSTF B MB IPSB EF WFOEFS QF SP UBNQPDP MMFHBS BM MFUBSHP SP UBNQPDP MMFHBS BM MFUBSHP

E8I;I?ED7HI; E8I;I?ED7HI; ESTAR PENDIENTE EN EXCESO. 4VFMF PDVSSJS TPCSF UPEP B MPT 4VFMF PDVSSJS TPCSF UPEP B MPT Nร T OPWBUPT RVF DVBOEP FO USBO FO FM NFSDBEP NJSBO UP EPT MPT Eร BT TV JOWFSTJร O &TUP QVFEF BDBSSFBS MB UPNB EF EF DJTJPOFT FSSร OFBT P MB SFQFUJ DJร O EF PQFSBDJPOFT RVF MMF WBO VO DPTUF BTPDJBEP โ WBO VO DPTUF BTPDJBEP

20MINUTOS S MIBOLSILLO +VFWFT EF PDUVCSF EF +VFWFT EF PDUVCSF EF

15

<?I97B?:7:

J7I7I JKHËIJ?97I" ;D ;B 9;DJHE :;B >KH79ÈD JUAN FERRARI 1/%! NJOVUPT FT ! N.J#PMTJMMP

&O NVDIPT EFTUJOPT TF DPCSB BM &O NVDIPT EFTUJOPT TF DPCSB BM UVSJTUB QPS FM NFSP IFDIP EF UVSJTUB QPS FM NFSP IFDIP EF TFSMP DPO EJWFSTBT GÖSNVMBT -B NÆT VTVBM FT B USBWÍT EF MPT FT UBCMFDJNJFOUPT EPOEF TF QFS OPDUB 4PO MPT FODBSHBEPT EF SF DBVEBS MB UBTB oBMSFEFEPS EF VO FVSP QPS OPDIF Z WJTJUBOUFo RVF TF DPCSB BM IBDFS MB SFTFSWB FM UVSJTUB OP TF FOUFSB BM SF DPHFS MB MMBWF P FO MB GBDUVSB DPHFS MB MMBWF P FO MB GBDUVSB &O FTUF DBTP TF TVFMF EJGFSFODJBS EJDIB UBTB MP RVF QBSB NVDIPT EJDIB UBTB MP RVF QBSB NVDIPT UVSJTUBT FT VOB TPSQSFTB Z HFOF SBMNFOUF DBVTB EF FOGBEP QPS EFTDPOPDJNJFOUP EFTDPOPDJNJFOUP 1FSP OP FT MB ÜOJDB WÑB "MHV OPT QBÑTFT DPCSBO QPS DSV[BS TV GSPOUFSB UBTB RVF BQMJDBO DVBO

$JVEBEFT DPNP .BESJE 4FWJMMB $ÖSEPCB 4BO 4FCBTUJÆO (SBOBEB 4FCBTUJÆO (SBOBEB ;BSBHP[B P #BSDFMPOB FTUÆO QJEJFOEP FM DPCSP EF VO USJCVUP EP DPODFEFO FM WJTBEP P FO FM NJTNP BFSPQVFSUP QBSB TPSQSF TB EFM WJBKFSP "VORVF UBNCJÍO TF QVFEF SFDBVEBS B USBWÍT EFM CJMMFUF EF MB DPNQBÕÑB BÍSFB Z BRVÑ FT SBSP RVF FM DMJFOUF TFQB RVF TF MB FTUÆO BQMJDBOEP &O &TQBÕB MB UBTB TPMP GVODJP OB FO MBT SFHJPOFT EF $BUBMV ÕB EFTEF Z #BMFBSFT EFT

EF KVOJP EF FTUF BÕP -B DPN QFUFODJB MFHJTMBUJWB QBSB BQSP CBS VOB UBTB UVSÑTUJDB FT EF MBT CBS VOB UBTB UVSÑTUJDB FT EF MBT DPNVOJEBEFT BVUÖOPNBT BVO RVF NVDIPT BZVOUBNJFOUPT FT QBÕPMFT MB IBO QFEJEP QÜCMJDB NFOUF FO MPT ÜMUJNPT NFTFT )BDF VO BÕP MB NBZPSÑB EF MBT DPNVOJEBEFT BVUÖOPNBT TF NPTUSBCBO SBEJDBMNFOUF FO NPTUSBCBO SBEJDBMNFOUF FO DPOUSB EF TFHVJS MB TFOEB EF $B UBMVÕB 4JO FNCBSHP B QBSUJS EFM WFSBOP EF Z FTQFDJBMNFO UF EVSBOUF UPEP IB DPSSJEP DPNP MB QÖMWPSB MBT EFDMBSBDJP OFT EF HSBOEFT BZVOUBNJFOUPT RVF IBO TPMJDJUBEP BCJFSUBNFO UF VOB UBTB .BESJE #BSDFMPOB oRVJFSF PUSB BEFNÆT EF MB EF MB (FOFSBMJUBUo ;BSBHP[B 4FWJMMB (FOFSBMJUBUo ;BSBHP[B 4FWJMMB $ÖSEPCB P (SBOBEB oBVORVF ZB

IB EBEP NBSDIB BUSÆTo 4BO 4F CBTUJÆO P MB %JQVUBDJÖO EF (VJ QÜ[DPB TPO BMHVOBT EF MBT RVF TF IBO NPTUSBEP GBWPSBCMFT .ÆT SFBDJPT FTUÆO MPT (PCJFS OPT SFHJPOBMFT /P PCTUBOUF BM HVOPT IBO BCJFSUP MB QPTJCJMJEBE EF PSHBOJ[BS VO EFCBUF DPOTFO TVBEP DPO FM TFDUPS DPNP MB $P NVOJEBE 7BMFODJBOB RVF ZB IB EFDMBSBEP RVF DPNP QSPOUP TF BQMJDBSÑB FO FM 1BÑT 7BT DP QFOEJFOUF EF MB GPSNBDJÖO EF VO OVFWP (PCJFSOP P JODMV TP (BMJDJB BVORVF "MCFSUP /Ü ÕF[ 'FJKÖP FTUÆ FO DPOUSB ÕF[ 'FJKÖP FTUÆ FO DPOUSB 0USBT IBO EF TPQPSUBS MBT QFUJ HSBOEFT DJPOFT EF BMHVOPT HSBOEFT BZVOUBNJFOUPT &T FM DBTP EF BZVOUBNJFOUPT &T FM DBTP EF MB +VOUB EF "OEBMVDÑB RVF IB NPTUSBEP TV SFDIB[P QFSP UJF

OF RVF MJEJBS DPO MBT QSFTJPOFT EF 4FWJMMB P $ÖSEPCB P FM (P CJFSOP DBOBSJP RVF IB SFDPOP DJEP RVF MPT DBCJMEPT JOTVMBSFT DJEP RVF MPT DBCJMEPT JOTVMBSFT QPESÑBO BQSPCBS UBTBT &T VO EF CBUF RVF TF IB BHVEJ[BEP FTUF WFSBOP Z QBSFDF RVF FO NVDIBT QBSUFT TF FTUÆ QFOEJFOUF EF MP QBSUFT TF FTUÆ QFOEJFOUF EF MP RVF IBHB FM WFDJOP RVF IBHB FM WFDJOP -PT FYQFSUPT EJGFSFODJBO FO USF EFTUJOPT UVSÑTUJDPT VSCBOPT USF EFTUJOPT UVSÑTUJDPT VSCBOPT Z FM TPM Z MB QMBZB $JVEBEFT DP NP 1BSÑT /VFWB :PSL P #BSDFMP OB OP TF IBO WJTUP BGFDUBEBT QPS FM DPCSP EF MBT UBTBT j&M RVF FM DPCSP EF MBT UBTBT j&M RVF RVJFSF WFS MB 5PSSF &JGGFM EFCF JS B 1BSÑTx BSHVNFOUBO /P FT FM DBTP EF MPT EFTUJOPT WBDBDJP OBMFT QVFT VOB QMBZB FT VOB OBMFT QVFT VOB QMBZB FT VOB QMBZB %F BRVÑ MB GVFSUF SFTJTUFO DJB QBSB MB UBTB FO #BMFBSFT 0USP NBUJ[ JNQPSUBOUFT FT RVF TF USBUB EF UBTBT Z OP EF JNQVFT UPT -B EJGFSFODJB FTUSJCB FO RVF FO FM DBTP EF MBT QSJNFSBT FM EJ OFSP RVF TF SFDBVEB EFCF EF EJDBSTF ÑOUFHSBNFOUF B MB BDUJ WJEBE RVF MP HFOFSB &T EFDJS EFCF TFS FNQMFBEP FO NFKPSBT SFMBDJPOBEBT DPO FM UVSJTNP Z BRVÑ TVSHFO QPMÍNJDBT 4BO 4F CBTUJÆO RVJFSF QBHBS MB CBTVSB DPO MB GVUVSB UBTB UVSÑTUJDB DPO MB GVUVSB UBTB UVSÑTUJDB

-" $-"7&

1PTJDJÓO EF EJWFSTBT $$ "" Z NVOJDJQJPT TPCSF MB UBTB UVSÎTUJDB Z Q 1"±4 7"4$0 $POUSBSJP 1FO EJFOUF EF GPSNBS VO OVFWP (PCJFSOP DPO EJTUJOUBT QPTJ CJMJEBEFT EF DPBMJDJÓO

"ZVOUBNJFOUPT EF ● #JMCBP Z 7JUPSJB $POUSB SJPT EFMFHBO FM EFCBUF SJPT EFMFHBO FM EFCBUF BM ÃNCJUP BVUPOÓNJDP

("-*$*" ("-*$*" 'FJKÓP TF NVFTUSB " 'FJKÓP TF NVFTUSB DPOUSBSJP QFSP BCJFSUP B OF HPDJBSMP DPO FM TFDUPS

● ●

●

$0.6/*%"% %& ."%3*% $0.6/*%"% %& ."%3*% $POUSBSJP

"ZVOUBNJFOUP EF .B ● ESJE 'BWPSBCMF &O FTUVEJP ESJE 'BWPSBCMF &O FTUVEJP EFDMBSBDJPOFT DPOUSBEJDUP SJBT EFOUSP EFM $POTJTUPSJP

●

●

"3"(¶/ $POUSBSJP

"ZVOUBNJFOUP EF ● "ZVOUBNJFOUP EF ;BSBHP[B 'BWPSBCMF ;BSBHP[B 'BWPSBCMF "/%"-6$±" "/%"-6$±" $POUSBSJP " $POUSBSJP

$ÓSEPCB Z 4FWJMMB 'BWP

SBCMFT &O EFCBUF DPO FM TFDUPS

.ÃMBHB $POUSBSJP

.ÃMBHB $POUSBSJP

(SBOBEB 4F NPTUSÓ GBWP (SBOBEB 4F NPTUSÓ GBWP SBCMF FM BÒP QBTBEP QFSP MP SBCMF FM BÒP QBTBEP QFSP MP IB BQBSDBEP FTUF WFSBOP 4 $"/"3*"4 $POUSBSJP -PT DBCJMEPT QPESÎBO JNQMBOUBS MP /VFWB $BOBSJBT TF IB NPTUSBEP GBWPSBCMF

%JQVUBDJÓO EF ● %JQVUBDJÓO EF (VJQV[DÓB Z "ZVOUB NJFOUP EF 4BO 4FCBT UJÃO 'BWPSBCMFT UJÃO 'BWPSBCMFT

●

$"5"-6µ" &O WJHPS EFTEF " OPWJFNCSF EF "GFDUB B OPWJFNCSF EF "GFDUB B UPEPT MPT NVOJDJQJPT EF MB DP NVOJEBE JODMVJEPT MPT EF TPM Z QMBZB %F FO #BS DFMPOB DJVEBE B FVSPT DFMPOB DJVEBE B FVSPT IPUFMFT FTUSFMMBT QPS UVSJT UB Z OPDIF DPO VO MÎNJUF EF EÎBT QPS QFSTPOB &YFOUPT MPT NFOPSFT EF BÒPT

"ZVOUBNJFOUP EF #BS ● DFMPOB 1JEF VOB OVFWB UBTB DFMPOB 1JEF VOB OVFWB UBTB NVOJDJQBM QBSB MPT RVF QFS OPDUBO Z MPT FYDVSTJPOJTUBT EF VO EÎB 5BNCJÊO RVJFSF EF VO EÎB 5BNCJÊO RVJFSF RVF MB (FOFSBMJUBU MF DFEB UPEP MP SFDBVEBEP FO MB DJV EBE Z OP FM BDUVBM #"-&"3&4 &O WJHPS EFTEF #"-&"3&4 &O WJHPS EFTEF 4 FM EF KVMJP %F B FVSPT FM EF KVMJP %F B FVSPT IPUFMFT FTUSFMMBT QPS UVSJT UB Z OPDIF EFM EF NBZP BM EF PDUVCSF SFTUP MB NJUBE

EF PDUVCSF SFTUP MB NJUBE

&YFOUPT MPT NFOPSFT BÒPT

$0. 7"-&/$*"/" "-&/$*"/" -B " -B (FOFSBMJUBU FTUÃ IBDJFOEP VO FTUVEJP Z CVTDB FM DPO TFOTP DPO FM TFDUPS &M TFDSF UBSJP EF 5VSJTNP EF MB (FOF SBMJUBU TF NVFTUSB DPOUSBSJP /P TF BQMJDBSÎB FO /P TF BQMJDBSÎB FO

&/ &- .6/%0 'SBODJB -FZ &TUBUBM QBSB UPEP FM UFSSJUPSJP Z UPEP UJQP EF FTUBCMFDJNJFOUPT JODMVJEPT BQBSUBNFOUPT DPNQBSUJEPT "JSCOC EFCFSÃ SFDBVEBS MB UBTB *UBMJB 6/%0'SBODJB -FZ &TUBUBM QBSB UPEP FM UFSSJUPSJP Z UPEP UJQP EF FTUBCMFDJNJFOUPT JODMVJEPT BQBSUBNFOUPT DPNQBSUJEPT "JSCOC EFCFSÃ SFDBVEBS MB UBTB *UBMJB *N QVFTUP NVOJDJQBM RVF SJHF FO DBTJ UPEPT MPT BZVOUBNJFOUPT UVSÎTUJDPT 3PNB 'MPSFODJB 7FOFDJB .JMÃO 7FSPOB "MFNBOJB 5BTB FTUBUBM QPS QFSOPDUBDJÓO RVF WB EF B QVFTUP NVOJDJQBM RVF SJHF FO DBTJ UPEPT MPT BZVOUBNJFOUPT UVSÎTUJDPT 3PNB 'MPSFODJB 7FOFDJB .JMÃO 7FSPOB "MFNBOJB 5BTB FTUBUBM QPS QFSOPDUBDJÓO RVF WB EF B FVSPT #FSMÎO VOB UBTB EFM EF MB GBDUVSB 5BTB BÊSFB EFQFOEJFOEP EF TJ FT DPSUP NFEJP P MBSHP SFDPSSJEP )PMBOEB (FOFSBMJ[BEB "VTUSJB (FOFSBMJ[BEB #ÊMHJDB (FOFSB MJ[BEB #VMHBSJB (FOFSBMJ[BEB $SPBDJB (FOFSBMJ[BEB 3FQÙCMJDB $IFDB (FOFSBMJ[BEB FVSP QPS QFSTPOB Z OPDIF )VOHSÎB MJ[BEB #VMHBSJB (FOFSBMJ[BEB $SPBDJB (FOFSBMJ[BEB 3FQÙCMJDB FOFSBMJ[BEB FVSP QPS QFSTPOB Z OPDIF )VOHSÎB FVSPT QPS QFSTPOB Z OPDIF #VEBQFTU EF FVSPT QPS QFSTPOB Z OPDIF #VEBQFTU EF MB GBDUVSBDJÓO -JUVBOJB 1PSDFOUBKF FOUSF FM Z FM &TMPWBRVJB *NQVFTUP NVOJDJQBM .BMUB /P MPT IPUFMFT QF MB GBDUVSBDJÓO -JUVBOJB " IPUFMFT Z BQBSUBNFOUPT %F B DÊOUJNPT 3VNBOÎB IPUFMFT Z BQBSUBNFOUPT %F B DÊOUJNPT 3VNBOÎB 1PSDFOUBKF FOUSF FM Z FM &TMPWBRVJB *NQVFTUP NVOJDJQBM .BMUB /P MPT IPUFMFT QF SP DPCSB FVSPT QPS FOUSBS FO FM QBÎT 4VJ[B %FQFOEJFOEP EF DBEB DBOUÓO 1PSUVHBM -JTCPB IB BQSPCBEP MB UBTB EFTEF FM EF FOFSP EF FTUF BÒP 3VTJB FVSPT QPS USBNJ SP DPCSB FVSPT QPS FOUSBS FO FM QBÎT 4VJ[B FQFOEJFOEP EF DBEB DBOUÓO 1PSUVHBM -JTCPB IB BQSPCBEP MB UBTB EFTEF FM EF FOFSP EF FTUF BÒP 3VTJB FVSPT QPS USBNJ UBS FM WJTBEP && 66 1PS FOUSBS FO FM QBÎT Z QPS QFSOPDUBDJÓO WBSJBCMF TFHÙO DJVEBEFT 5ÙOF[ FVSPT QPS OPDIF &HJQUP FVSPT QPS FOUSBS FO MB DJVEBE : NVDIPT PUSPT UBS FM WJTBEP && 66 1PS FOUSBS FO FM QBÎT Z QPS QFSOPDUBDJÓO WBSJBCMF TFHÙO DJVEBEFT 5ÙOF[ FVSPT QPS OPDIF &HJQUP FVSPT QPS FOUSBS FO MB DJVEBE : NVDIPT PUSPT

&-"#03"$*¶/ 1301*"

&45"%0 $&/53"- $PO &45"%0 $&/53"$PO USBSJP B BQMJDBS UBTBT BM UV SJTNP TFHÙO FM FY NJOJTUSP EFM SBNP +PTÊ .BOVFM 4PSJB

"/¦-*4*4

4J MPT EFNÆT 4J MPT EFNÆT MP DPCSBO QPS RVÍ ZP OP QVFEP

1PS +VBO 'FSSBSJ

7

SHVNFOUPT Z EF QFTP MPT IBZ B GBWPS Z FO DPOUSB &OUSF MPT QSJNFSPT FT JOEVEBCMF RVF MPT UVSJTUBT JOEVEBCMF RVF MPT UVSJTUBT IBDFO VTP EF NVDIPT TFSWJDJPT QÜCMJDPT Z EFCFO DPOUSJCVJS B TVGSBHBSMPT &O DPOUSB EF MBT UBTBT EJSÍ RVF MPT UVSJTUBT ZB QBHBO UVSJTUBT ZB QBHBO JNQVFTUPT BMMÑ EPOEF WBO "CPOBO FM *7" FO FM IPUFM FO FM CBS FO FM NVTFP FO FM BVUPCÜT Z DPOUSJCV ZFO B DPTUFBS FM *31' EF ZFO B DPTUFBS FM *31' EF BRVFMMPT RVF MFT TJSWFO "EFNÆT MPT FTUBCMFDJ NJFOUPT EPOEF EVFSNFO NJFOUPT EPOEF EVFSNFO BCPOBO FM JNQVFTUP EF FMFDUSJDJEBE FM *#* FM *"& FM EF DJSDVMBDJÖO TJ UJFOFO WFIÑDVMPT Z DPO FMMPT FM EF DBSCVSBOUF Z FM UVSJTUB QBHB FM JNQVFTUP EF QBHB FM JNQVFTUP EF DFSWF[BT Z FM EF CFCJEBT BMDPIÖMJDBT TJ TF UPNB VO BMDPIÖMJDBT TJ TF UPNB VO HJO UPOJD 5SJCVUBS HJO UPOJD 5SJCVUBS USJCVUBO USJCVUBO 1PS PUSP MBEP RVFEB QBUFOUF VOB WF[ NÆT RVF TPNPT MB QBOEJMMB EF 1BODIP 7JMMB %FTEF FM &TUBEP TF EFGJFOEF FM UVSJTNP DPNP VOB BDUJWJEBE FTFODJBM Z TF QSJWJMFHJB B MPT IPUFMFT DPO VO *7" EFM oTBMWP MPT EF FTUSFMMBTo DVBOEP TF QBHB FM QPS JS BM DJOF 1FSP QPS JS BM DJOF 1FSP DPNVOJEBEFT Z BZVOUB NJFOUPT EFDJEFO HSBCBS FM UVSJTNP QPS TV DVFOUB Z SJFTHP &O RVÍ RVFEB NPT {FT P OP FTFODJBM FM UVSJTNP QBSB OVFTUSB FDPOPNÑB "IPSB CJFO EBEP RVF IBZ BSHVNFOUPT GJTDBMFT Z FDPOÖNJDPT QBSB UPEPT MPT HVTUPT ZP NF MJNJUP B BQMJDBS MB MFZ EFM UBMJÖO EF PKP QPS PKP .F NPMFTUB TPCSFNBOFSB QBHBS FO #BSDFMPOB 3PNB 1BSÑT P #BSDFMPOB 3PNB 1BSÑT P FO VO QFRVFÕP QVFCMP EF FO VO QFRVFÕP QVFCMP EF MB #SFUBÕB GSBODFTB VOB UBTB QPS FM TJNQMF IFDIP EF TFS UVSJTUB 4J ZP QBHP {QPS RVÍ OP IBO EF QBHBS MPT RVF WJTJUBO .BESJE 0 UPEPT P OJOHVOP

+VFWFT EF PDUVCSF EF 20MINUTOS +VFWFT EF PDUVCSF EF S MIBOLSILLO

16

8?;D;IJ7H IEIJ;D?8B; 8?;D;IJ7HIEIJ;D?8B;

Con el patrocinio de

"MUFSOBUJWBT EF DPOTVNP SFTQFUVPTBT DPO FM NFEJP BNCJFOUF Z DPO FM CPMTJMMP

6O DMJFOUF SFBMJ[B MB MFDUVSB EF TV DPOUBEPS EFM HBT EFTEF DBTB DPO FM NÖWJM ("4 /"563"- '&/04"

JE:7 B7 7 ;D;H=Ë7" " ;D JK J;Bx<EDE CÏL?B

-B UFDOPMPHÑB QFSNJUF -B UFDOPMPHÑB QFSNJUF IPZ B MPT VTVBSJPT VUJMJ[BS NVMUJUVE EF DBOBMFT QBSB DPNVOJDBSTF DPO TV DPNQBÕÑB EF MV[ P HBT PND 1/%! NJOVUPT FT ! N.J#PMTJMMP

-FKPT RVFEBSPO MPT UJFNQPT FO MPT RVF UFOÑBNPT RVF BDVEJS GÑ TJDBNFOUF B VOB PGJDJOB P MMB NBS QPS UFMÍGPOP B MB DPNQB ÕÑB EFM HBT P MB MV[ QBSB IBCMBS DPO BMHVJFO RVF TPMVDJPOBSB OVFTUSBT EVEBT $PNP FO PUSPT OVFTUSBT EVEBT $PNP FO PUSPT NVDIPT ÆNCJUPT EF OVFTUSB WJ EB UBNCJÍO FO FTUP MB UFDOPMP HÑB IB TVQVFTUP VOB SFWPMVDJÖO QPOJFOEP B OVFTUSB EJTQPTJDJÖO DPNP DMJFOUFT NVMUJUVE EF OVF WPT DBOBMFT EJHJUBMFT QBSB FOUSBS FO DPOUBDUP DPO MBT FNQSFTBT 1BSB FM DMJFOUF DBEB WF[ NÆT JN QBDJFOUF TF JNQPOF MB JONFEJB UF[ -BT FNQSFTBT MP TBCFO Z TF UF[ -BT FNQSFTBT MP TBCFO Z TF

FTGVFS[BO QPS TFS FGJDJFOUFT FO FTGVFS[BO QPS TFS FGJDJFOUFT FO FM NFOPS UJFNQP QPTJCMF FM NFOPS UJFNQP QPTJCMF %FTEF (BT /BUVSBM 'FOPTB QSPQPOFO EJGFSFOUFT WÑBT QBSB QPEFS DPOUBDUBS DPNP DMJFOUFT QPEFS DPOUBDUBS DPNP DMJFOUFT Z VTVBSJPT ZB TFB B USBWÍT EF Z VTVBSJPT ZB TFB B USBWÍT EF SFEFT TPDJBMFT NFOTBKFSÑB JOT UBOUÆOFB XFC GBY UFMÍGPOP F NBJM DFOUSPT F JODMVTP VO ÆSFB EF DMJFOUFT FTQFDÑGJDB 1PS NF EJP EF FTUPT DBOBMFT QPEFNPT SFBMJ[BS HFTUJPOFT JOGPSNBSOPT SFBMJ[BS HFTUJPOFT JOGPSNBSOPT Z DPOUSBUBS TFSWJDJPT EF GPSNB SÆQJEB GÆDJM Z TFODJMMB : TJFN QSF UFOFNPT MB PQDJÖO EF FMF HJS DVÆM FT FM DBOBM RVF OPT DPO WJFOF NÆT FO DBEB NPNFOUP 1PS VO MBEP QPEFNPT VTBS MBT WÑBT NÆT DPOWFODJPOBMFT DPNP TPO FM UFMÍGPOP Z FM DPSSFP FMFD USÖOJDP &YJTUFO EJGFSFOUFT OÜ NFSPT EF UFMÍGPOP FO GVODJÖO NFSPT EF UFMÍGPOP FO GVODJÖO EFM TFSWJDJP RVF RVFSBNPT DPO USBUBS P RVÍ HFTUJÖO RVFSBNPT SFBMJ[BS 5BNCJÍO QPEFNPT QPEFNPT DPOUBDUBS QPS DPSSFP FMFDUSÖ OJDP TFSWJDJPBUFODJPODMJFO UF!HBTOBUVSBMGFOPTB DPN 4J QSFGFSJNPT VO DPOUBDUP NÆT QSFGFSJNPT VO DPOUBDUP NÆT QFSTPOBM QPEFNPT BDVEJS B DVBMRVJFSB EF MBT PGJDJOBT EF BUFODJÖO BM DMJFOUF EPOEF EJSFD UBNFOUF QPESFNPT IBCMBS DPO UBNFOUF QPESFNPT IBCMBS DPO VO HFTUPS 1PS PUSP MBEP UBNCJÍO QPEF NPT SFTPMWFS EVEBT P DPNFOUBS DVBMRVJFS BTQFDUP SFMBDJPOBEP DPO VO QSPEVDUP P TFSWJDJP B USB WÍT EF MPT EJGFSFOUFT DBOBMFT PO MJOF %FTEF MB QSPQJB XFC HBT MJOF %FTEF MB QSPQJB XFC HBT OBUVSBMGFOPTB FT EPOEF VO OBUVSBMGFOPTB FT

EPOEF VO BTFTPS FTUBSÆ B OVFTUSB EJTQPTJ DJÖO QBSB TPMWFOUBS OVFTUSBT EV EBT P QSFHVOUBT IBTUB 5FMFHSBN

QBTBOEP QPS MPT

QBTBOEP QPS MPT QFSGJMFT EF 'BDFCPPL (BT /BUV SBM 'FOPTB $MJFOUFT &TQBÕB P SBM 'FOPTB $MJFOUFT &TQBÕB P 5XJUUFS !(/'DMJFOUFT@FT

5XJUUFS !(/'DMJFOUFT@FT

&O FM ÆNCJUP EF TFSWJDJPT MJCF SBMJ[BEPT MB DPNQBÕÑB DVFOUB DPO VO FTQBDJP WJSUVBM DSFBEP DPO VO FTQBDJP WJSUVBM DSFBEP QBSB SFBMJ[BS HFTUJPOFT POMJOF VO ÆSFB EF DMJFOUFT BSFBDMJFO VO ÆSFB EF DMJFOUFT BSFBDMJFO UFT HBTOBUVSBMGFOPTB FT RVF GVODJPOB EF NBOFSB JOUVJUJWB Z RVF OPT QFSNJUF SFBMJ[BS HFT UJPOFT DPNP TPMJDJUBS VO DBN

CJP EF UBSJGB EBS MFDUVSB EFM CJP EF UBSJGB EBS MFDUVSB EFM DPOUBEPS EF HBT P MV[ TPMJDJUBS BTJTUFODJB UÍDOJDB NPEJGJDBS BTJTUFODJB UÍDOJDB NPEJGJDBS EBUPT CBODBSJPT P DPOUSBUBDJP OFT &TUF FTQBDJP QFSNJUF SFBMJ [BS HFTUJPOFT FO VO FOUPSOP BCJFSUP P QSJWBEP QBSB FM FOUPS OP QSJWBEP FM SFHJTUSP FT NVZ GÆDJM Z QBSB BDUJWBS MB DVFOUB EF GÆDJM Z QBSB BDUJWBS MB DVFOUB EF DMJFOUF TPMP TFSÆ OFDFTBSJP UF OFS VOB GBDUVSB OFS VOB GBDUVSB &M ÆSFB EF DMJFOUFT UBNCJÍO FT UÆ EJTQPOJCMF QBSB EJTQPTJUJWPT UÆ EJTQPOJCMF QBSB EJTQPTJUJWPT NÖWJMFT BEBQUBEB QBSB MB XFC NÖWJMFT BEBQUBEB QBSB MB XFC QBSB MB QBSUF QÜCMJDB Z PQUJNJ [BEB QBSB MB QBSUF QSJWBEB B USB WÍT EF VOB BQMJDBDJÖO HSBUVJUB RVF QFSNJUF EJTGSVUBS EF UPEBT TVT WFOUBKBT DVBOEP Z EFTEF EPOEF RVFSBNPT $PO FTUB BQQ EPOEF RVFSBNPT $PO FTUB BQQ QPEFNPT DPOTVMUBS Z SFWJTBS GBDUVSBT BDUVBMJ[BS EBUPT GBDJ MJUBS MB MFDUVSB EFM DPOUBEPS P USB NJUBS TPMJDJUVEFT FOUSF PUSBT NJUBS TPMJDJUVEFT FOUSF PUSBT HFTUJPOFT HFTUJPOFT "EFNÆT DPO FTUB BQMJDBDJÖO EJTQPOJCMF B USBWÍT EF "QQ 4UP SF Z (PPHMF 1MBZ TF OPT QFSNJUF CFOFGJDJBSOPT EF MB HFPMPDBMJ[B DJÖO NVZ ÜUJM QBSB FODPOUSBS FM DFOUSP EF BUFODJÖO BM DMJFOUF NÆT DFSDBOP Z DPOUBDUBS DPO MB DPNQBÕÑB

-FFS FM DPOUBEPS DPO FM NÖWJM DPO FM NÖWJM 1BSB MPT VTVBSJPT EF MBT EJTUSJCVJEPSBT EFM HSV QP (BT /BUVSBM 'FOPTB IB BNQMJBEP TVT DBOBMFT DPO MB BQQ :P-FP(BT DSFBEB QBSB GBDJMJUBS MB MFDUVSB EFM QBSB GBDJMJUBS MB MFDUVSB EFM DPOUBEPS B USBWÍT EF EJT QPTJUJWPT NÖWJMFT -B BQMJ DBDJÖO FT DBQB[ EF MFFS FM DPOTVNP RVF NBSDB FM FRVJQP EF NFEJEB B USBWÍT EF MB DÆNBSB EFM NÖWJM P MB UBCMFUB Z EF DPNVOJDBSMP B UBCMFUB Z EF DPNVOJDBSMP B MPT TJTUFNBT JOGPSNÆUJDPT MPT TJTUFNBT JOGPSNÆUJDPT EF MB DPNQBÕÑB "EFNÆT NVFTUSB FM IJTUÖSJDP EF NVFTUSB FM IJTUÖSJDP EF MFDUVSBT QBSB RVF QPEB NPT MMFWBS FM DPOUSPM EF OVFTUSP DPOTVNP

6OB BQMJDBDJÖO QBSB DPOTVMUBS JODJEFODJBT FO MB SFE Z USBCBKPT Z QSPHSBNBEPT QSPHSBNBEPT 6OJÖO 'FOPTB %JTUSJCVDJÖO GJ MJBM EF EJTUSJCVDJÖO FMÍDUSJDB EF (BT /BUVSBM 'FOPTB BDBCB EF (BT /BUVSBM 'FOPTB BDBCB EF MBO[BS VOB IFSSBNJFOUB QJPOF SB FO FM TFDUPS FMÍDUSJDP FTQB ÕPM RVF QFSNJUF DPOTVMUBS FO ÕPM RVF QFSNJUF DPOTVMUBS FO UJFNQP SFBM MBT JODJEFODJBT GPS UVJUBT Z MPT USBCBKPT EF NBOUFOJ NJFOUP QSPHSBNBEPT FO MB SFE -B IFSSBNJFOUB FT BDDFTJCMF B USBWÍT EF MB QÆHJOB XFC EF 6OJÖO 'FOPTB %JTUSJCVDJÖO P EF MB BQMJDBDJÖO 5VMV[ HSBUVJUB Z BCJFSUB FO MBT QSJODJQBMFT QMB UBGPSNBT EF BQMJDBDJPOFT &TUB OPWFEPTB BQQ MPDBMJ[B &TUB OPWFEPTB BQQ MPDBMJ[B FO VO NBQB DPO VO JDPOP B[VM MB [POB FO MB RVF TF FTUÆO B[VM MB [POB FO MB RVF TF FTUÆO FGFDUVBOEP USBCBKPT EF NBOUF OJNJFOUP EF MB SFE FMÍDUSJDB Z OJNJFOUP EF MB SFE FMÍDUSJDB Z RVF QVEJFSBO FTUBS QSPWPDBO EP VOB JOUFSSVQDJÖO EFM TFS WJDJP )BDJFOEP DMJD FO FM JDP OP TF WJTVBMJ[B JOGPSNBDJÖO SF MBUJWB B MB IPSB EF JOJDJP Z GJO MBUJWB B MB IPSB EF JOJDJP Z GJO EFM USBCBKP BTÑ DPNP FM OÜNF SP EF DMJFOUFT QPUFODJBMNFO UF BGFDUBEPT "EFNÆT MPT DMJFOUFT QVFEFO "EFNÆT MPT DMJFOUFT QVFEFO DPOTVMUBS FO UJFNQP SFBM FO FM NBQB TJ FYJTUF BMHVOB BWFSÑB RVF TVQFSF MPT USFT NJOVUPT RVF TVQFSF MPT USFT NJOVUPT -B IFSSBNJFOUB MPDBMJ[B DPO VO JDPOP SPKP FM MVHBS FO FM RVF TF FTUÆ USBCBKBOEP QBSB SFTPM WFS MB JODJEFODJB Z GBDJMJUB JO GPSNBDJÖO TPCSF MB IPSB EF EF UFDDJÖO MB IPSB QSFWJTUB EF UFDDJÖO MB IPSB QSFWJTUB EF SFTPMVDJÖO Z MPT DMJFOUFT BGFD UBEPT 6OB WF[ SFTVFMUB MB BWF SÑB FM JDPOP DBNCJBSÆ B DPMPS WFSEF BOUFT EF EFTBQBSFDFS EFM NBQB 6OJÖO 'FOPTB %JTUSJCV DJÖO EB TFSWJDJP B NJMMPOFT DJÖO EB TFSWJDJP B NJMMPOFT EF QVOUPT EF TVNJOJTUSP B USB WÍT EF VOB SFE EF MÑOFBT EF BMUB WÍT EF VOB SFE EF MÑOFBT EF BMUB NFEJB Z CBKB UFOTJÖO DFSDBOB NFEJB Z CBKB UFOTJÖO DFSDBOB B MPT LJMÖNFUSPT