Press clipping del libro 'Relatos Humanos'

Page 1

24'55 %.+22+0) &'. .+$41 44'.#615 **7/#015 #2#4+%+10'5 '0 /'&+15 1(( .+0' ; 10 .+0'

W Z/ /KE ^ E Z /K

ŶƚƌĞǀŝƐƚĂ Ă ŶƌŝƋƵĞ ZŽĚƌşŐƵĞnj ĂůƐĂ ĞŶ ZĂĚŝŽ ů şĂ WƌŽŐƌĂŵĂ͗ ZĞĐƌĞĄŶĚŽŶŽƐ ŚƩƉƐ͗ͬ​ͬƐŽƵŶĚĐůŽƵĚ͘ĐŽŵͬůŝĚͲĞĚŝƚŽƌŝĂůͬĞŶƚƌĞǀŝƐƚĂͲĞŶͲƌĂĚŝŽͲĞůͲĚŝĂͲĂͲ ĞŶƌŝƋƵĞͲƌŽĚƌŝŐƵĞnjͲďĂůƐĂ͍ŝŶсůŝĚͲĞĚŝƚŽƌŝĂůͬƐĞƚƐͬƌƌĞůĂƚŽƐͲhhumanos

ŶƚƌĞǀŝƐƚĂ Ă ŶĂ >ſƉĞnj ^ĞŝƐĚĞĚŽƐ ĞŶ 'ĞƐƟŽŶĂ ƌĂĚŝŽ WƌŽŐƌĂŵĂ͗ >Ă ǀŽnj ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ ŚƩƉƐ͗ͬ​ͬƐŽƵŶĚĐůŽƵĚ͘ĐŽŵͬůŝĚͲĞĚŝƚŽƌŝĂůͬĞŶƚƌĞǀŝƐƚĂͲĂͲĂŶĂͲůŽƉĞnjͲĞŶͲ ŐĞƐƟŽŶĂͲƌĂĚŝŽ͍ŝŶсůŝĚͲĞĚŝƚŽƌŝĂůͬƐĞƚƐͬƌƌĞůĂƚŽƐͲŚŚƵŵĂŶŽƐ

ŶƚƌĞǀŝƐƚĂ Ă :ƵĂŶ ŶƚŽŶŝŽ ƐƚĞďĂŶ ĞŶ 'ĞƐƟŽŶĂ ƌĂĚŝŽ WƌŽŐƌĂŵĂ͗ WƵůƐŽ ĞŵƉƌĞƐĂƌŝĂů ŚƚƚƉƐ͗ͬ​ͬƐŽƵŶĚĐůŽƵĚ͘ĐŽŵͬůŝĚͲĞĚŝƚŽƌŝĂůͬĞŶƚƌĞǀŝƐƚĂͲĂͲĂŶƚŽŶŝŽͲĞƐƚĞͲ ďĂŶͲĐŽĂƵƚŽƌͲĚĞͲƌƌĞůĂƚŽƐͲŚŚƵŵĂŶŽƐͲĞŶͲƉƵůƐŽͲĞŵƉƌĞƐĂƌŝĂů

ŶƚƌĞǀŝƐƚĂ Ă ůŽƐ ĂƵƚŽƌĞƐ ĞŶ ĂƉŝƚĂů ƌĂĚŝŽ WƌŽŐƌĂŵĂ͗ &ŽƌŽ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ ŚƩƉƐ͗ͬ​ͬƐŽƵŶĚĐůŽƵĚ͘ĐŽŵͬůŝĚͲĞĚŝƚŽƌŝĂůͬĞŶƚƌĞǀŝƐƚĂͲĂͲůŽƐͲĂƵƚŽƌĞƐͲĚĞͲ ƌƌĞůĂƚŽƐͲŚŚƵŵĂŶŽƐͲĞŶͲĨŽƌŽͲƌĞĐƵƌƐŽƐͲŚƵŵĂŶŽƐ͍ŝŶсůŝĚͲĞĚŝƚŽƌŝĂůͬ ƐĞƚƐͬƌƌĞůĂƚŽƐͲŚŚƵŵĂŶŽƐ

LIBROS CON IDEAS

- > EQUIPOS IDEALES RELATOS HUMANOS ¿ C ó m o v i v e n Los e m p l e a d o s y d i r e c t i v o s s i t u a c i o n e s e n Las e m p r e s a s c o m o despidos, promociones, prejubilaciones o c a m b i o s ? E s t e l i b r o da la r e s p u e s t a d e s d e la g e s t i ó n d e p e r s o n a s , i n c i d i e n d o en Los a s p e c t o s v i t a l e s p a r a c o m p r e n d e r la v i d a d e n t r o d e l a s o r g a n i z a c i o n e s : Las e m o c i o n e s , las pasiones y las relaciones. C o n p r ó l o g o de P a o l o V a s i l e y c o o r d i n a d o p o r M a n u e l Pozo, la o b r a e s t á e s c r i t a p o r 10 d i r e c t o r e s de R e c u r s o s H u m a n o s .

Las tres virtudes esenciales que toda persona tiene que t e n e r para poder trabajar en equipo. A t r a v é s d e la h i s t o r i a d e u n e j e c u t i v o q u e t i e n e q u e s a l v a r u n a e m p r e s a l l e n a de p r o b l e m a s i n t e r n o s , a u n q u e c o n g e n t e c a p a c i t a d a , la o b r a m u e s t r a la b ú s q u e d a p o r r e s c a t a r e l e s p í r i t u de e q u i p o y r e n o v a r la c u l t u r a de La e m p r e s a , e v a l u a n d o a la g e n t e c o n la q u e c u e n t a y a la q u e n e c e s i t a contratar. Los protagonistas descifran cuáles s o n las t r e s v i r t u d e s e s e n c i a l e s p a r a f u n c i o n a r b i e n e n u n e q u i p o ; si f a l t a c u a l q u i e r a de e l l a s , es m e j o r d e s h a c e r s e d e esa p e r s o n a p o r q u e a la l a r g a t r a e r á m á s p r o b l e m a s q u e s o l u c i o n e s .

RQHIT BHÍRGÍVA PATRICK LENCIONI

METODO DE LO

ÍSULA r Cambia tu estilo directivo para cambiar tu organización

Equipos IDEALES -

<

CÍUO PREDECIR a F U M O m a m » IAS PEQUEÑAS TENDENCIAS

C ó m o r e c o n o c e r y cultivar las tres virtudes e s e n c i a l e s

LID E d i t o r i a l Varios autores 232 páginas

Gestión 2000 Jesús Mari Iturrioz 288 páginas

Alienta Editorial Rohit Bhargava 336 páginas

Empresa Activa Patrick Lenioni 256 páginas

EL LIDERAZGO EN EL SIGLO XXI Un libro para reforzar o e n c o n t r a r las claves del éxito del liderazgo y a d e l a n t a r s e al c a m b i o n e c e s a r i o p a r a a y u d a r a los e q u i p o s a s e g u i r creciendo, innovando, cambiando y cumpliendo o b j e t i v o s . P o r q u e la r e a l i d a d e m e r g e n t e e x i g e distintos m o d e l o s de liderazgo, gestión de equipos, c o a c h i n g y g e s t i ó n de c l i e n t e s . La p r i m e r a p a r t e d e l l i b r o se c e n t r a en los c l i e n t e s , e l p r i n c i p a l r e f e r e n t e e n l a s o r g a n i z a c i o n e s . La s e g u n d a a b o r d a la g e s t i ó n d e p e r s o n a s y e q u i p o s . Y la ú l t i m a , l a s d i f i c u l t a d e s d e l o s d i r e c t i v o s e n s u s p r o c e s o s de t r a n s f o r m a c i ó n .

¿10 A s e g u r a n z a # F e b r e r o 2 0 1 7

EL METODO DE LO NO OBVIO P e n s a r d i f e r e n t e a l o s d e m á s es f u n d a m e n t a l en e s t o s t i e m p o s d e a v a l a n c h a d e i d e a s e i n f o r m a c i ó n . D e s d e e s a base, e s t e l i b r o e n s e ñ a a v e r a q u e l l a s c o s a s q u e a o t r o s se les escapan. ¿ C ó m o ? M e d i a n t e el p e n s a m i e n t o no obvio, e l a n á l i s i s d e t e n d e n c i a s q u e p u e d e n ayudar a cambiar por completo un negocio o incluso una carrera profesional. Ideas para a d a p t a r l a s a La e m p r e s a . S u a u t o r , R o h i t B h a r g a v a , es e x p e r t o e n m a r k e t i n g y t e n d e n c i a s y p r o f e s o r e n la U n i v e r s i d a d de G e o r g e t o w u n .

JVVR YYY GLGEWVKXQU GU

JVVR GU CUOTGF EQO " WVOAUQWTEG GLGEWVKXQU WVOAOGFKWO DCPPGT WVOAECORCKIP DCPPGTALWNKQ

44(.$615 ++7/$015 018Ø(/%4(

.$ %Ø%.Ø16(&$ +662 999 (,(&76Ø815 (5 &$6(*14; %.Ø%Ø16(&$

€&°OQ XGP NQU GORNGCFQU [ FKTGEVKXQU NCU UKVWCEKQPGU SWG UWEGFGP FGPVTQ FG WPC GORTGUC"

#

(QWUHYLVWD -XDQMR 9DOOH ,QFOiQ &RDXWRU GH 5HODWRV+XPDQRV \ 6RFLR (-( &21

4QUC OG JCDN° FG (,( &10 [ RQT GUC RCUK°P SWG VTCPUOKVG EQP VQFQ NQ SWG JCEG OG GPCOQT¦ FG NQU QDLGVKXQU FG NC CUQEKCEK°P OW[ GP EQPUQPCPEKC EQP OKU ETGGPEKCU [ EGTVG\CU /G IWUV° NC KFGC FG WPC CUQEKCEK°P EQPHQTOCFC RQT FKTGEVKXCU SWG SWGTªCP KPEQTRQTCT JQODTGU /G GPECPV° GUG RWPVQ FG XKUVC FG WPC XGTFCFGTC FKXGTUKFCF &QPQEªC QVTCU KPKEKCVKXCU EQOQ 9QOGPCNKC RGTQ (,( &10 OG RCTGEªC OžU VGTTGPCN OžU CUGSWKDNG OžU JWOKNFG [ GUQ OG EQPXGPEK° (URGTQ RQFGT CRQTVCT OWEJQ [ CRTGPFGT OWEJQ OžU a

2

€+CU TGEQOGPFCFQ C CNIWKGP CUQEKCTUG C (,( &10" €2QT SW¦"

a 4 5ª WPC XG\ HWK CEGRVCFQ GP NC CUQEKCEK°P NG EQOGPV¦ C OK COKIQ ,WNKQ 4QFTªIWG\ FKTGEVQT FG NC 4GF FG OGPVQTGU FG /CFTKF [ UQEKQ FG $XCPFC &QPUWNVQTGU SWG OG JCDªC CUQEKCFQ C (,( &10 .G GZRNKSW¦ OKU OQVKXQU RCTC CUQEKCTOG NG JCDN¦ FG SWG GTC KORQTVCPVG SWG GN OWPFQ FG NC EQPUWNVQTªC GORG\CTC C RCTVKEKRCT CEVKXCOGPVG GP GUVG VKRQ FG KPKEKCVKXCU SWG RQVGPEKCP NC IGUVK°P GÃ’EKGPVG NC FKXGTUKFCF (P UW FªC ¦N OG JCDªC RTGUGPVCFQ C 4QUC $N Ã’PCN NG FKLG ,WNKQ VKGPGU OWEJQ SWG CRQTVCT 0Q OG EQUV° OWEJQ EQPXGPEGTNG a

2

(PJQTCDWGPC RQT VW ·NVKOQ RTQ[GEVQ NKVGTCTKQ

4GNCVQU+WOCPQU (UETKDKT WP NKDTQ PQ GU VCTGC HžEKN €&WžNGU UQP NCU GZRGTKGPEKCU CRTGPFKFCU"

KWWS HMHFRQ RUJ HQWUHYLVWD MXDQMR YDOOH LQFODQ UHODWRV KXPDQRV

(QWUHYLVWD -XDQMR 9DOOH ,QFOiQ &RDXWRU GH 5HODWRV+XPDQRV \ 6RFLR (-( &21

4 (UETKDKT OG CRCUKQPC RQT NQ SWG VGPIQ UWGTVG FG RQFGT JCEGTNQ 5K GPEKOC VG RWDNKECP EQOQ GU GN ECUQ GN TGVQTPQ C NC KPXGTUK°P GU GPQTOG 2CTC Oª 4GNCVQU+WOCPQU JC UWRWGUVQ OWEJCU EQUCU (UHWGT\Q UWRGTCEK°P XQNWPVCF FG WP EQNGEVKXQ SWG PQ XQNWPVCTKUOQ EQNCDQTCEK°P JWOKNFCF )QTOCT RCTVG FG WP GSWKRQ FG CNVQ TGPFKOKGPVQ EQOQ GN SWG JC JGEJQ RQUKDNG GUVG RTQ[GEVQ JC UKFQ WPC FG OKU OGLQTGU GZRGTKGPEKCU XKVCNGU a

2

€0QU RWGFGU FGUXGNCT FG SW¦ XC GN NKDTQ [ RQT SW¦ PQU TGEQOKGPFCU UW

NGEVWTC" a 4 0Q SWKGTQ FGUXGNCT PCFC UQNQ FGEKT SWG XC FG RGTUQPCU FG UKVWCEKQPGU SWG EWCNSWKGTC FG PQUQVTCU Q FG PQUQVTQU RWGFG XKXKT GP NQ RGTUQPCN RGTQ UQDTG VQFQ GP NQ RTQHGUKQPCN 1U KPXKVQ C NGGT GN NKDTQ RQTSWG EWCPFQ CECD¦KU UGT¦KU XQUQVTCU [ XQUQVTQU SWKGPGU UG NQ TGEQOGPF¦KU C NQU FGOžU a

2

€&WžN GU NC OGLQT HQTOC FG NQECNK\CTVG"

a 4 (P OK GPVQTPQ OG FKEGP SWG CWPSWG UQ[ OW[ CEEGUKDNG GU FKHªEKN NQECNK\CTOG %TQOCU CRCTVG NQ OGLQT RQT OCKN (N RGTUQPCN LLXCDWU#IOCKN EQO Q GN RTQHGUKQPCN ,WCPLQ XCNNGKPENCP#OGFKCRQUVITQWR GU Q GN O°XKN ° a

KWWS HMHFRQ RUJ HQWUHYLVWD MXDQMR YDOOH LQFODQ UHODWRV KXPDQRV

(QWUHYLVWD D -XDQ $QWRQLR (VWHEDQ %HUQDUGR FRDXWRU GHO OLEUR 5HODWRV +XPDQRV _ (6&(1$5,2 /$%25$/ PHQRUHV HQ OR TXH VH UHILHUH D OD JHVWLyQ GH SHUVRQDV <R OR OODPR HO GHVDItR GH OD DGDSWDFLyQ QXHYRV PRGHORV QHFHVDULRV SDUD OLGHUDU JHVWLRQDU OD LQIRUPDFLyQ \ ODV UHODFLRQHV \ KDFHUVH GXHxR GHO GHVWLQR SURIHVLRQDO GH FDGD XQR (O IRFR HVWi HQ OD SHUVRQD HQ XQR PLVPR \ ODV HPSUHVDV GHEHQ IDFLOLWDU HVWH YLDMH VLQ GHVFXLGDU HO PDUFR GH ORV YDORUHV < SDUD ORV GHSDUWDPHQWRV GH 5HFXUVRV +XPDQRV \R GHVWDFR OD LPSHULRVD QHFHVLGDG GH WUDEDMDU HQ HO FRQFHSWR ³H[SHULHQFLD GH HPSOHDGR´ FRPR PDQHUD GH GLIHUHQFLDUVH JDUDQWL]DU OD FRPSHWLWLYLGDG \ DSRUWDU YDORU HVWUDWpJLFR

-XDQ $QWRQLR (VWHEDQ %HUQDUGR HV WRGR XQ UHIHUHQWH HQ VX SURIHVLyQ /LFHQFLDGR HQ 3VLFRORJtD SRU OD 8QLYHUVLGDG &RPSOXWHQVH GH 0DGULG \ ([HFXWLYH 0%$ SRU HO ,QVWLWXWR GH (PSUHVD HV 'LUHFWRU GH 5HFXUVRV +XPDQRV GH OD HPSUHVD GH WUDQVSRUWHV $/6$ GHVGH HO DxR IXQGDGRU GH OD $VRFLDFLyQ (VSDxROD GH 'LUHFWRUHV GH 5HFXUVRV +XPDQRV $('5+ \ FRDFK HMHFXWLYR SRU OD (2, DGHPiV GH 3URIHVRU $VRFLDGR GH 55++ HQ HO ,( %XVLQHVV 6FKRRO GHVGH HO DxR (V DXWRU GHO EORJ ³(Q 3HUVRQD ´ ZZZ MDHVWHEDQ HV

KWWSV HVFHQDULRODERUDO ZRUGSUHVV FRP HQWUHYLVWD D MXDQ DQWRQLR HVWHEDQ EHUQDUGR FRDXWRU GHO OLEUR UHODWRV KXPDQRV

1HZVOHWWHU )RUR5HFXUVRV+XPDQRV FRP

0DUWHV HQHUR

(O LQERXQG UHFUXLWLQJ XQD QXHYD IyUPXOD SDUD DWUDHU \ UHWHQHU D ORV HPSOHDGRV (O LQERXQG UHFUXLWLQJ HV XQD QXHYD WpFQLFD TXH SHUPLWH D ODV HPSUHVDV HQFRQWUDU D ORV SURIHVLRQDOHV TXH QHFHVLWDQ 6H WUDWD GH XQD IyUPXOD PiV SDUD FRQRFHU ODV QHFHVLGDGHV GH WDOHQWR TXH WLHQH XQD FRPSDxtD FRPSOHPHQWDULD D RWUDV TXH DFWXDOPHQWH VH HPSOHDQ FRPR OD SXEOLFDFLyQ GH RIHUWDV R OD E~VTXHGD HQ EDVH GH GDWRV ,QIRHPSOHR SRUWDO OtGHU GH HPSOHR HQ (VSDxD « /HHU PiV

KWWS ZZZ IRURUHFXUVRVKXPDQRV FRP "Z\VLMD SDJH FRQWUROOHU HPDLO DFWLRQ YLHZ HPDLOBLG Z\VLMDS VXEVFULSWLRQV XVHUBLG

1HZVOHWWHU )RUR5HFXUVRV+XPDQRV FRP

LJ ϭϵϴϱ͘ Ɛş͕ ĞŶ ůƵŐĂƌ ĚĞ ůŽƐ ϭϳ ĂŹŽƐ ƚƌĂŶƐĐƵƌƌŝĚŽƐ ƉĂƌĂ ƌĞĐƵƉĞƌĂƌ ůĂ ŽĐƵƉĂĐŝſŶ ĚĞ ϭϵϳϰ͕ ĞŶ ůĂ ĐƌŝƐŝƐ ŝŶŝĐŝĂĚĂ ĞŶ ϮϬϬϳ ƐĞ ƉƌĞĐŝƐĂƌşĂ ĚĞ ƵŶ ƉĞƌşŽĚŽ ĚĞ ϭϯ Ž ϭϰ ĂŹŽƐ ĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞ͕ ƉĂƌĂ ƌĞŐƌĞƐĂƌ Ăů ǀŽůƵŵĞŶ ŽĐƵƉĂĐŝŽŶĂů ĚĞ ĂƋƵĞů ĂŹŽ͘͟ ^ŝ Ŷ ĚƵĚĂ Ă ů ŐƵŶĂ Ɛ ŽŶ ĚĂƚŽƐ ŵƵLJ ƌĞů ĞǀĂ ŶƚĞƐ ƋƵĞ ŚŽLJ ƉƌŽĨƵŶĚŝ njĂ ƌĞŵŽƐ ĞŶ Ěŝ ƌĞĐƚŽ ĐŽŶ Ğů ƉƌŽĨĞƐ Žƌ Ků ŝ ǀĞƌ ĞŶ Ğů &ŽƌŽ ĚĞ ů ŽƐ ZĞĐƵƌƐ ŽƐ ,ƵŵĂ ŶŽƐ ͘ ^ŽŶ ƉƌĞǀŝ Ɛ ŝ ŽŶĞƐ ƋƵĞ ĚĂ Ŷ ƉĂ ƌĂ ŵƵĐŚŽ͘ ^ĞŐƵŝƌĞŵŽƐ ĐƌĞĐŝĞŶĚŽ ĞŶ ŽĐƵƉĂĐŝſŶ͕ Ğů ƚƵƌŝƐŵŽ ůŝĚĞƌĂ Ğů ĐƌĞĐŝŵŝĞŶƚŽ͕ Ğů ĞŵƉůĞŽ ĨĞŵĞŶŝŶŽ ŐĂŶĂ ƉŽƐŝĐŝŽŶĞƐ ĐŽŶ ŵĄƐ ŶŝǀĞů ĞĚƵĐĂƟǀŽ Ğ ŝŶŵŝŐƌĂŶƚĞ ĞŶ ƵŶ ŵŽŵĞŶƚŽ ĞŶ Ğů ƋƵĞ ƐƉĂŹĂ ĞŶĐĂďĞnjĂ Ğů ŝŶĐƌĞŵĞŶƚŽ ĚĞů ĞŵƉůĞŽ ĞŶ ůĂ ĞƵƌŽnjŽŶĂ͘ ŽŶ ƚŽĚŽƐ ĞƐƚŽƐ ĚĂƚŽƐ ĞŶ ƉŽƐ ŝ ƟǀŽ ĐſŵŽ ƐĞ ĞƐƚĄŶ ƉƌĞƉĂƌĂŶĚŽ ŶƵĞƐƚƌĂƐ ĞŵƉƌĞƐĂƐ ƉĂƌĂ ŝŶĐƌĞŵĞŶƚĂƌ Ğů ĞŵƉůĞŽ͕ ƋƵĠ ĚŝĐĞŶ ƐƵƐ ƉƌĞƐƵƉƵĞƐƚŽƐ͕ ĚſŶĚĞ ƉŽŶĞŶ Ğů ĨŽĐŽ ĞŶ ůŽƐ ƋƵĞ ĞƐƚĄŶ LJ ĞŶ ůŽƐ ƋƵĞ ƉƵĞĚĞŶ ĞƐƚĂƌ͕ ƋƵĞ ƉŽůşƟĐĂƐ ĚĞ ĞŵƉůĞŽ ƐĞ ůůĞǀĂŶ Ă ĐĂďŽ ĚĞƚƌĄƐ ĚĞů ĞƐĐĂƉĂƌĂƚĞ ĚĞ ŶƵĞƐƚƌĂƐ ŽƌŐĂŶŝnjĂĐŝŽŶĞƐ͕ ĐſŵŽ ƐĞ ůůĂŵĂŶ ůĂƐ ŽƉŽƌƚƵŶŝĚĂĚĞƐ ĚĞ ĞŵƉůĞŽ ĞŶ ůŽƐ ĚŝƐƟŶƚŽƐ ƐĞĐƚŽƌĞƐ͕ ĐſŵŽ ƐĞ ĐĂŶĂůŝnjĂŶ ĞŶ ůĂƐ ĐŽŵƵŶŝĚĂĚĞƐ ĂƵƚſŶŽŵĂƐ͕ ĐſŵŽ ƉƵĞĚĞ ĂƵŵĞŶƚĂƌ Ğů ĞŵƉůĞŽ ŝŶĚĞĮŶŝĚŽ͕ ĐſŵŽ ĂLJƵĚĂ ůĂ ĨŽƌŵĂĐŝſŶ͙ Ŷ ĮŶ͕ ĐĞů ĞďƌĂ ŶĚŽ ů ŽƐ Ʒů ƟŵŽƐ ĚĂƚŽƐ ĚĞ ĞŵƉů ĞŽ ĚĞ Ěŝ Đŝ ĞŵďƌĞ LJ ĐŽŶ ĞƐƚĂ Ɛ ƉƌĞǀŝ Ɛ ŝ ŽŶĞƐ ĚĞů şŶĚŝ ĐĞ DĂ ŶƉŽǁĞƌ͙ ŵĞũŽƌ ĂƐş ƉĞƌŽ ŵƵĐŚŽ ƉŽƌ ŚĂĐĞƌ͘ )UDQFLVFR *DUFtD &DEHOOR )XQGDGRU \ 'LUHFWRU GHO )RUR GH ORV 5HFXUVRV +XPDQRV

/RV VRQLGRV GHO )RUR GH ORV 5HFXUVRV +XPDQRV 7H UHFRUGDPRV TXH SXHGHV FRQVXOWDU WRGRV ORV HVSDFLRV GHO )252 '( /26 5(&85626 +80$126 HPLWLGRV HQ &$3,7$/ 5$',2 8QD GH ODV FODYHV GH QXHVWUD SODWDIRUPD GH FRPXQLFDFLyQ LQWHJUDO HV OD SRVLELOLGDG GH FRQVXOWDU HQWUHYLVWDV UHSRUWDMHV R LQIRUPDFLRQHV SXEOLFDGDV HQ ZZZ IRURUHFXUVRVKXPDQRV FRP R DOJXQDV GH ODV HQWUHYLVWDV UHDOL]DGDV SRU QXHVWUR GLUHFWRU )UDQFLVFR *DUFtD &DEHOOR D GLUHFWLYRV GH 5HFXUVRV +XPDQRV GH QXHVWUR SDtV $TXt WLHQHV ORV VRQLGRV \ ODV YRFHV GHO ~OWLPR HVSDFLR GH (/ )252 '( /26 5(&85626 +80$126 HPLWLGR HQ &$3,7$/ 5$',2 WRGRV ORV OXQHV D ODV KRUDV (Q HO ~OWLPR )RUR 55++ QRV DFRPSDxDURQ -XDQ &DUORV 3pUH] (VSLQRVD 3UHVLGHQWH GH )DFWKXP \ 3HGUR *DUFtD &DQR &RXQWU\ 0DQDJHU GH 703 :RUOGZLGH 6SDLQ GRV GH ORV RUJDQL]DGRUHV GH ³/D *DOD 55++´ XQ HYHQWR GH UHIHUHQFLD HQ (VSDxD TXH UHXQLUi HO SUy[LPR GH IHEUHUR D ORV OtGHUHV GH 55++ \ HQ OD TXH VH UHFRQRFHUi D ORV SURIHVLRQDOHV GHO VHFWRU SRU VX DSRUWDFLyQ SHUVRQDO 'XUDQWH ³/D *DOD 55++´ VH KDUi XQ UHFRQRFLPLHQWR D VHLV SHUVRQDV (O 3UHVLGHQWH GH )DFWKXP GHVWDFyTXH ³QR VRQ SUHPLRV D FRPSDxtDV VLQR D SHUVRQDV TXH VH KDQ GLVWLQJXLGR HQ VHLV IDFHWDV GLIHUHQWHV YLQFXODGDV FRQ HO PXQGR GH ORV 55++´ 3DUWLFLSDUiQ DGHPiV FXDWUR HVFXHODV GH QHJRFLR HQ ³/D *DOD 55++´ ³4XHUtDPRV TXH HVWH SXQWR GH HQFXHQWUR IXHUD XQD UHIHUHQFLD HQ WRGRV ORV VHQWLGRV´ DILUPy HO &RXQWU\ 0DQDJHU GH 703 :RUOGZLGH 6SDLQ < KDEODQGR GH &RPXQLFDFLyQ ,QWHUQD KR\ KHPRV UHFLELGR D -HV~V 2UWL] &RQVXOWRU 6HQLRU HQ (VWXGLR GH &RPXQLFDFLyQ \ 3DEOR *RQ]DOR 'LUHFWRU GH &RPXQLFDFLyQ LQWHUQD GH HVWD GHVWDFDGD ILUPD GH KWWS ZZZ IRURUHFXUVRVKXPDQRV FRP "Z\VLMD SDJH FRQWUROOHU HPDLO DFWLRQ YLHZ HPDLOBLG Z\VLMDS VXEVFULSWLRQV XVHUBLG

1HZVOHWWHU )RUR5HFXUVRV+XPDQRV FRP

FRPXQLFDFLyQ &RQ HOORV KHPRV KDEODGR GHO UHFLHQWH DFXHUGR SRU HO TXH $OFRU VH LQWHJUD HQ HO *UXSR (VWXGLR GH &RPXQLFDFLyQ ³1RV KDQ DFRJLGR ELHQ FRQRFtDPRV (VWXGLR GH &RPXQLFDFLyQ \ OD YHUGDG HV TXH OD LQWHJUDFLyQ HVWi VLHQGR PX\ IiFLO´ FRPHQWy 3DEOR *RQ]DOR 3RU VX SDUWH -HV~V 2UWL] H[SOLFy TXH HQ (VWXGLR GH &RPXQLFDFLyQ ³HUD QHFHVDULD´ XQD HVSHFLDOL]DFLyQ FRPR OD GH $OFRU ³(Q HVD LGHD TXH WHQHPRV GH TXH KR\ \D WRGR HV FRPXQLFDFLyQ FXDOTXLHU HPSUHVD TXH KR\ QHFHVLWD KDEODU GH FRPXQLFDFLyQ QHFHVLWD WHQHU D VX ODGR TXLHQ OH DVHVRUH QR VROR GH FRPXQLFDFLyQ H[WHUQD R FRUSRUDWLYD VLQR WDPELpQ GH FRPXQLFDFLyQ LQWHUQD \ HVD HV OD UD]yQ EiVLFD GH KDEHUQRV XQLGR´ 2UWL] DxDGtD ³TXH OD FUHDWLYLGDG VHUi FODYH HQ OD FRPXQLFDFLyQ LQWHUQD FRPR YDORU DxDGLGR \ GH HVR KD\ PXFKR HQ OD H[WHUQD´ (VF~FKDOR WRGR HQ HVWH HQODFH WLHQHV HO VRQLGR HQ ZZZ IRURUHFXUVRVKXPDQRV FRP FRPXQLFDFLRQ LQWHUQD \ OD JDOD UUKK HVWXGLR FRPXQLFDFLRQ IDFWKXP WPS ZRUOGZLGH VSDLQ IRUR UUKK &RQVXOWD GLDOHV HQ ZZZ FDSLWDOUDGLR HV \ ZZZ IRURUHFXUVRVKXPDQRV FRP

+R\ HQ HO )RUR 55++ D ODV +R\ HQ HO )RUR GH ORV 5HFXUVRV +XPDQRV SRGUiV HVFXFKDU FRPR FDGD VHPDQD D ODV KRUDV HQ &$3,7$/ 5$',2 ¶ GH )0 RSLQLRQHV \ UHIOH[LRQHV GH GHVWDFDGRV GLUHFWLYRV GH 55++ GH QXHVWUR SDtV 1XHVWUR GLUHFWRU )UDQFLVFR *DUFtD &DEHOOR VH SRQGUi DO IUHQWH GHO SULPHU HVSDFLR PXOWLPHGLD GHGLFDGR D ORV 55++ \ ORV 'LUHFWLYRV 3LRQHUR HQ OD UDGLR H ,QWHUQHW OOHYDPRV DxRV LQQRYDQGR HQ OD ,QIRUPDFLyQ GH *HVWLyQ (VWD VHPDQD HVWDUiQ HQ GLUHFWR FRQ QRVRWURV ORV DXWRUHV GH ³5HODWRV +XPDQRV´ XQ OLEUR GH /LG (GLWRULDO TXH FXHQWD OD KLVWRULD GH FyPR YLYHQ ORV HPSOHDGRV \ GLUHFWLYRV OD DYHQWXUD GH XQ QHJRFLR DO TXH QR OH TXHGD PiV UHPHGLR TXH DGDSWDUVH DO FDPELR SDUD QR GHVDSDUHFHU GRQGH HO FOLPD HV WHQVR \ QR GHMDQ GH VXFHGHUVH VLWXDFLRQHV WDQ KDELWXDOHV FRPR GHVSLGRV SURPRFLRQHV SUHMXELODFLRQHV FDPELRV HQ OD GLUHFFLyQ HWF 1RV DFRPSDxDUiQ 5RVD $OOHJXH 'LUHFWRUD GH 55++ GH 6NHFKHUV /XLV ([SyVLWR 'LUHFWRU GH 55++ GH 0HGLDVHW (QULTXH 5RGUtJXH] %DOVD \ -XOLR 5RGUtJXH] H[SHUWRV FRQVXOWRUHV GH 55++ (Q OD WHUWXOLD FRQRFHUHPRV WRGRV ORV GHWDOOHV VREUH HO ~OWLPR tQGLFH 0DQSRZHU TXH DXJXUD PHMRUDV HQ HO HPSOHR HQ QXHVWUR SDtV )XH SUHVHQWDGR HQ 0DGULG SRU HO 3UHVLGHQWH HMHFXWLYR GH 0DQSRZHU*URXS HQ (VSDxD 5D~O *ULMDOED \ -RVHS 2OLYHU FDWHGUiWLFR HPpULWR GH OD 8QLYHUVLGDG $XWyQRPD GH %DUFHORQD TXH HVWDUi HQ GLUHFWR HQ HO )RUR 55++ < DO ILQDO GHO HVSDFLR OD UHIOH[LyQ GH 6XVDQD &DEUHUR DXWRUD GH ³8QD 9LGD ,QWHOLJHQWH´ \ ³&UHR HQ PL´ \ OD ~OWLPD LQIRUPDFLyQ VREUH /D *DOD 55++ 0XFKRV FRQWHQLGRV FODYH \ GH DFWXDOLGDG HQ XQ SURJUDPD OOHQR GH LQIRUPDFLyQ HQFXHVWDV \ FLWDV GHVWDFDGDV GH 55++ (O )RUR 55++ HQ GLUHFWR KR\ D ODV KRUDV HQ &$3,7$/ 5$',2 FRQ ODV RSLQLRQHV \ FRPHQWDULRV GH SHUVRQDV \ HPSUHVDV (VF~FKDQRV D WUDYpV GH ZZZ FDSLWDOUDGLR HV \ KWWS ZZZ IRURUHFXUVRVKXPDQRV FRP "Z\VLMD SDJH FRQWUROOHU HPDLO DFWLRQ YLHZ HPDLOBLG Z\VLMDS VXEVFULSWLRQV XVHUBLG

1HZVOHWWHU )RUR5HFXUVRV+XPDQRV FRP

/XQHV HQHUR

*UDQ FLWD FRQ ORV 55++ \ VXV UHODWRV $\HU PiV GH SHUVRQDV OOHQDEDQ XQD GH ODV VDODV GHO 0DWDGHUR HQ 0DGULG HQ OD SUHVHQWDFLyQ GHO OLEUR 5HODWRV +XPDQRV SXEOLFDGR SRU /,' (GLWRULDO \ HVFULWR SRU GHVWDFDGRV SURIHVLRQDOHV GH ORV 55++ (O )RUR 55++ HVWXYR SUHVHQWH LQYLWDGR VDOXGDQGR D PXFKRV SURIHVLRQDOHV GH OD JHVWLyQ GH SHUVRQDV HQ XQ DFWR HQ HO TXH SDUWLFLSy 3DROR 9DVLOH FRQVHMHUR GHOHJDGR GH « /HHU PiV

(;32(/($51,1* \D WLHQH IHFKD GH FHOHEUDFLyQ <D VDEHPRV FXiQGR WHQGUi OXJDU HO ;9, &RQJUHVR ,QWHUQDFLRQDO \ )HULD 3URIHVLRQDO (;32(/($51,1* DOJR TXH PXFKRV GLUHFWLYRV GH ODV iUHDV GH IRUPDFLyQ \ 55++ GH HPSUHVDV PXOWLQDFLRQDOHV HVWDEDQ HVSHUDQGR ,)(0$ \ $()2/ FHOHEUDUiQ OD IHULD OtGHU GHO H OHDUQLQJ HQ HO iPELWR ,EHURDPHULFDQR ORV SUy[LPRV \ GH PDU]R GH (O WHPD SULQFLSDO GH HVWH DxR VHUi HO 0DFKLQH « /HHU PiV

KWWS ZZZ IRURUHFXUVRVKXPDQRV FRP "Z\VLMD SDJH FRQWUROOHU HPDLO DFWLRQ YLHZ HPDLOBLG Z\VLMDS VXEVFULSWLRQV XVHUBLG

1HZVOHWWHU )RUR5HFXUVRV+XPDQRV FRP

(QULTXH 5RGUtJXH] %DOVD -XOLR 5RGUtJXH] )UDQFLVFR *DUFtD &DEHOOR /XLV ([SyVLWR \ 5RVD $OOHJXH (VWD VHPDQD HQ HO )RUR GH ORV 5HFXUVRV +XPDQRV IXQGDGR \ GLULJLGR SRU )UDQFLVFR *DUFtD &DEHOOR KHPRV FRQRFLGR WRGRV ORV GHWDOOHV VREUH HO ~OWLPR tQGLFH 0DQSRZHU TXH DXJXUD PHMRUDV HQ HO HPSOHR HQ QXHVWUR SDtV -RVHS 2OLYHU FDWHGUiWLFR HPpULWR GH OD 8QLYHUVLGDG $XWyQRPD GH %DUFHORQD VH HQFDUJy « /HHU PiV

0DGULG %LOEDR %DUFHORQD \ =DUDJR]D HQ ORV SULPHURV SXHVWRV GHO *7&, $GHFFR OtGHU PXQGLDO HQ OD JHVWLyQ GH 5HFXUVRV +XPDQRV KD SUHVHQWDGR MXQWR D OD HVFXHOD GH QHJRFLRV ,QVHDG \ HO +XPDQ &DSLWDO /HDGHUVKLS ,QVWLWXWH HO FXDUWR ËQGLFH GH &RPSHWLWLYLGDG SRU HO 7DOHQWR *OREDO *7&, XQ HVWXGLR H[KDXVWLYR RULHQWDGR D OD UHVROXFLyQ GH ORV SUREOHPDV UHODWLYRV D OD FRPSHWLWLYLGDG (VWH DxR HO *7&, GHVWDFD OD QHFHVLGDG GH LQFRUSRUDU WDOHQWRV PiV VXDYHV « /HHU PiV

(O &RUSRUDWH 9HQWXULQJ OOHJD D (VSDxD FRQ HO ,(%6 /D (VFXHOD GH 1HJRFLRV GH OD ,QQRYDFLyQ \ ORV (PSUHQGHGRUHV ,(%6

KD SUHVHQWDGR VX QXHYR VHUYLFLR GH ³&RUSRUDWH 9HQWXULQJ´ XQ PRGHOR GH LQQRYDFLyQ KtEULGR TXH FRPELQD OD LQYHVWLJDFLyQ GH ODV SURSLDV HPSUHVDV KWWS ZZZ IRURUHFXUVRVKXPDQRV FRP "Z\VLMD SDJH FRQWUROOHU HPDLO DFWLRQ YLHZ HPDLOBLG Z\VLMDS VXEVFULSWLRQV XVHUBLG

(PSUHVHV PpV KXPDQHV $LGD &RUyQ %DUFHORQD

(O OOLEUH 5HODWRV KXPDQRV GHVPLWLILFD OD PDOD LPDWJH GHO GLUHFWRU GH 55++ D WUDYpV GH UHODWV TXH DMXGHQ D FRPSUHQGUH DTXHVW SURIHVVLRQDO

(O GLUHFWRU GH 5HFXUVRV +XPDQV pV TXL HW WUXFD SHU GRQDU WH XQ SUHPL R XQ DXJPHQW R SHU HQYLDU WH D FDVD > @ $FDED VHPEODQW XQD SHUVRQD IUHGD L LQVHQVLEOH TXH QRPpV GyQD PDOHV QRWtFLHV 1R QRPpV DL[z OHV PDOHV QRWtFLHV VyQ WRWHV VHYHV PHQWUH TXH OHV ERQHV QRWtFLHV OHV GyQD GLUHFWDPHQW HO GLUHFWLX DO TXDO KD VXJJHULW O DXJPHQW OD SURPRFLy R HO FDQYL GH IHLQD GHVLWMDW $L[t pV FRP GHVFULX HO FRQVHOOHU GHOHJDW GH 0HGLDVHW 3DROR 9DVLOH OD ILJXUD GHO GLUHFWRU GH 55++ eV XQD EUHX SHUz FRQFLVD H[SOLFDFLy TXH RIHUHL[ DO SUzOHJ GHO OOLEUH 5HODWRV +XPDQRV XQ OOLEUH UHFHQWPHQW SXEOLFDW SHU /,' (GLWRULDO TXH UHFXOO UHODWV HVFULWV SUHFLVDPHQW SHU SHUVRQHV TXH HV WUREHQ DO FDSGDYDQW G DTXHVW GHSDUWDPHQW 8QD REUD FRRUGLQDGD SHU 0DQXHO 3R]R TXH SUHWpQ RIHULU OD FDUD PpV KXPDQD GH WRW HO TXH KL KD GDUUHUH G XQ DFRPLDGDPHQW XQD SUHMXELODFLy XQ DVFHQV R XQ FDQYL GH WDVTXHV 3HUTXq QR WRW HV TXHGD DOV GHVSDW[RV QL DO FDIq R D OD WDXOD GHO GLQDU RQ HOV WUHEDOODGRUV [HUUHQ VREUH HO GLD D GLD VREUH OHV DOHJULHV L LQHVWDELOLWDWV GH O HPSUHVD eV HO GLUHFWRU GH 5HFXUVRV +XPDQV TXL FDQDOLW]D WRWHV OHV SHUFHSFLRQV OHV GH OD F~SXOD GLUHFWLYD L GHOV HPSOHDWV L pV TXL KD GH IHU G LQWHUPHGLDUL SHU EXVFDU O HTXLOLEUL HQWUH OHV GXHV SDUWV 3HUz FRPSUHQGUH DL[z pV GLItFLO VL QR V KL KD HVWDW HQ OD SRVLFLy G DTXHVW SURIHVVLRQDO 3HU DL[z HOV SHUVRQDWJHV TXH GHVHQYROXSHQ FDGDVFXQ GHOV PLFURUHODWV G DTXHVW QRX OOLEUH TXH SDUOD GH OHV SHUVRQHV QR GHOV 5HFXUVRV +XPDQV

SHUTXq DO ILQDO pV OD SDUW KXPDQD OD TXH SHUPHW TXH XQD FRPSDQ\LD IXQFLRQL $XWRU 'LYHUVRV DXWRUV FRRUGLQDW SHU 0DQXHO 3R]R (GLWRULDO /,' (GLWRULDO $Q\ GH SXEOLFDFLy 7HPD *HVWLy 0pV LQIRUPDFLy (WV VXEVFULSWRU GH 9,$ (PSUHVD" (QWUD SDUWLFLSD HQ HO VRUWHLJ TXH IHP FDGD VHWPDQD L HPSRUWD W DTXHVW OOLEUH

('8$5'2 -$8'(1(6 '( 6$/$=$5 ',5(&725 '( %86,1(661(:6

/XLV ([SyVLWR 5RGUtJXH] 0DGULG HV OLFHQFLDGR HQ 'HUHFKR SRU OD 8QLYHUVLGDG &RPSOXWHQVH GH 0DGULG 'LSORPDGR HQ 'LUHFFLyQ GH 3HUVRQDO SRU ,&$'( \ 0%$ SRU HO ,QVWLWXWR GH (PSUHVD 'LUHFWRU GH 55 ++ \ 6HUYLFLRV GHO *UXSR 0HGLDVHW (VSDxD /HFWRU LQIDWLJDEOH HVWD HV VX SULPHUD LQPHUVLyQ HQ OD FUHDFLyQ OLWHUDULD GHMDQGR DO PDUJHQ DSRUWDFLRQHV WpFQLFDV HQ DOJ~Q OLEUR VREUH 5HODFLRQHV /DERUDOHV HQ (VSDxD \ DOJ~Q UHODWR GH YLDMH HQ WRQR FyPLFR \ VROR SDUD DPLJRV $QD /ySH] 6HLVGHGRV $QD /ySH] 6HLVGHGRV 6HJRYLD HV OLFHQFLDGD HQ 3VLFRORJtD SRU OD 8QLYHUVLGDG 3RQWLILFLD GH &RPLOODV \ 0iVWHU HQ 'LUHFFLyQ GH 55++ SRU (XURIRUXP 3DUD HOOD WUDEDMDU FRQ SHUVRQDV HV FRPR KDFHU XQ YLDMH QXHYR FDGD GtD \ DFWXDOPHQWH WLHQH OD VXHUWH GH OOHYDUOR D FDER FRPR 'LUHFWRUD GH 55++ HQ 5HSDUDOLD +D VLGR JDQDGRUD GHO 3UHPLR /LWHUDULR 55++ 'LJLWDO FRQ HO UHODWR ©/D 5HYROXFLyQ 7ª \ KD SXEOLFDGR HQ OD PLVPD UHYLVWD HO DUWtFXOR ©4XHULGR &(2 \R WDPELpQ TXLHUR VHU PLOOHQQLDOª $QD QR FRQFLEH OD YLGD VLQ FXHQWRV QL ORV FXHQWRV VLQ YLGD -XDQMR 9DOOH ,QFOiQ -XDQMR 9DOOH ,QFOiQ 0DGULG HV OLFHQFLDGR HQ 6RFLRORJtD SRU OD 8QLYHUVLGDG &RPSOXWHQVH GH 0DGULG \ PiVWHU HQ 'LUHFFLyQ GH 5HFXUVRV +XPDQRV SRU ,&$'( (Q OD DFWXDOLGDG GHVDUUROOD ODV IXQFLRQHV GH GLUHFWRU GH 3HUVRQDV \ 9DORUHV HQ 0HGLDSRVW *URXS \ HV PHQWRU GH HPSUHQGHGRUHV 6X H[SHULHQFLD VLHPSUH VH KD FHQWUDGR HQ HO GHVDUUROOR GH SHUVRQDV FRQYLUWLHQGR DVt XQD GH VXV SDVLRQHV HQ VX SURIHVLyQ 6H GHILQH FRPR XQ OHFWRU HPSHGHUQLGR \ RWUD GH VXV SDVLRQHV HV OD HVFULWXUD )RUPD SDUWH GH OD $VRFLDFLyQ 3ULPDGXURYHUDOHV FX\D DFWLYLGDG VH FHQWUD HQ OD GLIXVLyQ GHO DUWH GH OD HVFULWXUD PHGLDQWH OD RUJDQL]DFLyQ GH FRQFXUVRV \ WDOOHUHV OLWHUDULRV +D SXEOLFDGR DUWtFXORV UHODFLRQDGRV FRQ OD JHVWLyQ GH SHUVRQDV DOJXQRV FXHQWRV HQ OD UHYLVWD LQWHUQD GH OD HPSUHVD \ HVWi LQPHUVR HQ YDULRV SUR\HFWRV FRPR FRDXWRU GH UHODWRV 7RPiV 2WHUR 3LQR 7RPiV 2WHUR &iGL] HV OLFHQFLDGR HQ 3VLFRORJtD SRU OD 8QLYHUVLGDG GH *UDQDGD \ PiVWHU GH 5HFXUVRV +XPDQRV SRU HO &HQWUR GH (VWXGLRV *DUULJXHV (Q OD DFWXDOLGDG HV GLUHFWRU GH 5HFXUVRV +XPDQRV HQ 1RUJLQH PLHPEUR GH OD $('5+ GHQWUR GH OD FXDO IRUPD SDUWH GH OD FRPLVLyQ GH &HUWLILFDFLyQ GH ORV 55++ SURIHVRU HQ HO &(6,) HQ ORV PiVWHUHV ,QWHUQDFLRQDO \ ([HFXWLYH SDUD OD ,QGXVWULD )DUPDFpXWLFD \ HQ OD (VFXHOD GH 3RVJUDGR &(8 6DQ 3DEOR HQ HO 0%$ ,QWHUQDFLRQDO HQ ,QGXVWULD )DUPDFpXWLFD &RODERUD HQ GLYHUVDV SXEOLFDFLRQHV HVSHFLDOL]DGDV FRPR )DUPDHVSDxD 30)DUPD R 3KDUPD 0DUNHW ,QTXLHWR \ FUHDWLYR EXVFD LQFHVDQWHPHQWH IyUPXODV SDUD TXH ORV UHFXUVRV KXPDQRV HV GHFLU ODV SHUVRQDV VHDQ XQR GH ORV SLODUHV HQ ORV TXH FUH]FDQ ODV RUJDQL]DFLRQHV -XDQ $QWRQLR (VWHEDQ %HUQDUGR -XDQ $QWRQLR (VWHEDQ %HUQDUGR 0DGULG HV OLFHQFLDGR HQ 3VLFRORJtD SRU OD 8QLYHUVLGDG &RPSOXWHQVH GH 0DGULG 'LUHFWRU GH 5HFXUVRV +XPDQRV GH $/6$ ([HFXWLYH 0%$ SRU HO ,QVWLWXWR GH (PSUHVD IXQGDGRU GH OD $VRFLDFLyQ (VSDxROD GH 'LUHFWRUHV GH 5HFXUVRV +XPDQRV $('5+ FRDFK HMHFXWLYR HV SURIHVRU HQ GLYHUVDV (VFXHODV GH 1HJRFLRV HQ WHPDV YLQFXODGRV D VX SURIHVLyQ 7UDGLFLRQDOPHQWH KD FDQDOL]DGR VXV LQTXLHWXGHV OLWHUDULDV SDUWLFLSDQGR FRPR FRDXWRU \ DUWLFXOLVWD HQ OLEURV \ DUWLFXOLVWD HQ UHYLVWDV GHO VHFWRU \ FRQ PiV LQWHQVLGDG \ XQD YLVLyQ PiV JHQHUDOLVWD \ D YHFHV LUyQLFD D WUDYpV GH VX EORJ (Q 3HUVRQD DQWHFHGHQWHV TXH HQ QLQJ~Q FDVR DQWLFLSDEDQ VX HFORVLyQ OLWHUDULD HQ HVWD REUD /RUHQ]R 5LYDUpV 6iQFKH] /RUHQ]R 5LYDUpV 6iQFKH] +XHVFD HV GRFWRU HQ 3VLFRORJtD SURJUDPD 'LUHFFLyQ GH 5HFXUVRV +XPDQRV 3'' (;$'( %XVLQHVV 6FKRRO *53 SRU :RUOGDW:RUN 6RFLHW\ PiVWHU HQ 'LUHFFLyQ 55++ \ HQ 3UHYHQFLyQ GH 5LHVJRV /DERUDOHV 'HOHJDGR ,QWHUQDFLRQDO GH 55++ HQ *UXSR (XOHQ SDUD HO &RQR 1RUWH 0p[LFR (VWDGRV 8QLGRV 3DQDPi 5HS~EOLFD 'RPLQLFDQD \ &RVWD 5LFD HV LQYHVWLJDGRU HQ OD 8QLYHUVLGDG GH 6DODPDQFD HQ HO iPELWR GH ORV 5HFXUVRV +XPDQRV KDELHQGR SXEOLFDGR PXOWLWXG GH DUWtFXORV HQ FRQJUHVRV QDFLRQDOHV H LQWHUQDFLRQDOHV *DQDGRU GHO 9 3UHPLR /LWHUDULR 55++ 'LJLWDO HV DXWRU GHO OLEUR (PSUHVDV GH WUDEDMR WHPSRUDO GH OD LQWHUSRVLFLyQ D OD LQWHUPHGLDFLyQ

(QULTXH 0 URGUtJXH] %DOVD (QULTXH 0 5RGUtJXH] %DOVD 0DGULG HV OLFHQFLDGR HQ 'HUHFKR SRU OD 8QLYHUVLGDG $XWyQRPD GH 0DGULG \ 0%$ SRU HO ,(6( 7UDEDMy FRPR GLUHFWLYR \ HPSUHQGHGRU HQ HO FDPSR GH OD FRPXQLFDFLyQ DXGLRYLVXDO \ GH OD IRUPDFLyQ \ SRVWHULRUPHQWH VH LQFRUSRUy D 6DQLWDV \ GHVGH HV GLUHFWRU GH 5HFXUVRV +XPDQRV HQ /DERUDWRULRV 6HUYLHU (Q UHFLELy HO SUHPLR $(',3( +XPDQ SRU VX DUWtFXOR ©/LGpUHVH D Vt PLVPR« OLGHUtDVH GH Vt PLVPRª HQ HO , 3UHPLR /LWHUDULR 55++ 'LJLWDO \ VX HQVD\R 'H FUtWLFD FRVPpWLFD RUWRSHGLD \ DQWURSRSHGLD IXH SXEOLFDGR SRU GHFLVLyQ GHO MXUDGR GHO ;9,,, 3UHPLR 5HFXUVRV +XPDQRV GHO &HQWUR GH (VWXGLRV )LQDQFLHURV HQ +D FRODERUDGR HQ GLYHUVRV PHGLRV GH FRPXQLFDFLyQ HPSUHVDULDO &DSLWDO +XPDQR ([SDQVLyQ *HVWLRQD 5DGLR /D 9R] GH ORV 5HFXUVRV +XPDQRV HWF -XOLR 5RGUtJXH] 'tD] -XOLR 5RGUtJXH] 'tD] 2YLHGR HV OLFHQFLDGR HQ (FRQyPLFDV \ $GPLQLVWUDFLyQ GH HPSUHVDV SRU OD 8QLYHUVLGDG GH 2YLHGR (PSUHVDULR IRUPDGRU \ FRQIHUHQFLDQWH 'LUHFWRU GH OD 5HG GH PHQWRULQJ GH (VSDxD \ GH 0DGUL G \ VRFLR GH $YDQGD &RQVXOWRUHV /LGHUD SUR\HFWRV GH IRUPDFLyQ \ FRQVXOWRUtD HQ (VSDxD \ /DWLQRDPpULFD 6H KD HVSHFLDOL]DGR HQ PHQWRULQJ IRUPDFLyQ GH GLUHFWLYRV YHQWD FRQVXOWLYD \ HQ OD KDELOLGDG GH FRPXQLFDFLyQ HQ S~EOLFR FRQ OD TXH FRQILHVD KDEHU HQFRQWUDGR XQD UHODFLyQ PiJLFD HQWUH HO DUWH GH FRPXQLFDU \ FUHDU KLVWRULDV 3XEOLFy VX SULPHU FXHQWR (O UHODWR GH XQD SDVLyQ SURKLELGD HQ (V FRDXWRU GH OD DQWRORJtD GH UHODWRV 0DGULG 6N\ DXWRU GHO OLEUR 0HQWRULQJ SDUD HPSUHQGHGRUHV *XtD SUiFWLFD \ FRDXWRU GH &XpQWDPH XQ JRO &XHQWRV GH )~WERO VX SDVLyQ HV FRQHFWDU SHUVRQDV \ SRWHQFLDU VX WDOHQWR KWWS ZZZ GLDULRQHZV FRP KWPO EXVLQHVV KWP O

3Uy[LPDV $FWLYLGDGHV ± 3UHVHQWDFLyQ GHO OLEUR ³5HODWRV +XPDQRV´ ± &DVD GHO /HFWRU

2TGUGPVCEK°P FGN NKDTQ È4GNCVQU +WOCPQUÉ GPGTQ RO RO &CUC FGN .GEVQT $WFKVQTKQ *TCVWKVQ

KWWS FDVDOHFWRU IXQGDFLRQJVU RUJ DFWLYLGDG SUHVHQWDFLRQ GHO OLEUR UHODWRV KXPDQRV

3Uy[LPDV $FWLYLGDGHV ± 3UHVHQWDFLyQ GHO OLEUR ³5HODWRV +XPDQRV´ ± &DVD GHO /HFWRU

2TGUGPVCEK°P FGN NKDTQ È4GNCVQU +WOCPQUÉ KWWS FDVDOHFWRU IXQGDFLRQJVU RUJ DFWLYLGDG SUHVHQWDFLRQ GHO OLEUR UHODWRV KXPDQRV

3Uy[LPDV $FWLYLGDGHV ± 3UHVHQWDFLyQ GHO OLEUR ³5HODWRV +XPDQRV´ ± &DVD GHO /HFWRU

'CVQU FG KPVGT¦U )GEJC aOK¦TEQNGU FG GPGTQ +QTC a J .WICT &CUC FGN .GEVQT $WFKVQTKQ 2CUGQ FG NC &JQRGTC /CFTKF

5KPQRUKU 4GNCVQU +WOCPQU GU WP NKDTQ FG TGNCVQU EW[C CEEK°P VKGPG EQOQ GLG EGPVTCN GN 'GRCTVCOGPVQ FG 4GEWTUQU +WOCPQU FG WPC GORTGUC VGEPQN°IKEC SWG UG JC XKUVQ CDQECFC C RQPGT GP OCTEJC RTQEGUQU FG TGGUVTWEVWTCEK°P FQPFG GN ENKOC GU VGPUQ [ UG XKXGP UKVWCEKQPGU SWG UG RWGFGP FCT GP EWCNSWKGT GORTGUC TGCN RTGLWDKNCEKQPGU KPGURGTCFCU FGURKFQU CUEGPUQU TWOQTQNQIªC [ OCN CODKGPVG RTQHGUKQPCN ECODKQU FG FKTGEEK°P GPEJWÃ’UOQÃŒ [ VQFQU NQU GORNGCFQU XGP C 44++ EQOQ GLGEWVQTGU FG WP ÈRNCP RGTXGTUQÉ SWG U°NQ OKTCP RQT GN PGIQEKQ 6QFQ GNNQ EQPVCFQ FGUFG GN RWPVQ FG XKUVC FG ØTGPG 'ªC\ FG 1VC\W UW FKTGEVQTC FG 4GEWTUQU +WOCPQU SWG PCTTC E°OQ XKXG GNNC GUVCU UKVWCEKQPGU E°OQ NCU IGUVKQPC E°OQ UKGPVG GN KORCEVQ SWG GUVCU RTQFWEGP GP NQU GORNGCFQU EQORC®GTQU G KPENWUQ COKIQU [ SW¦ GOQEKQPGU FGLCP GP NQU FKHGTGPVGU RGTUQPCLG

Ć

&CFC TGNCVQ CDQTFC WP CURGEVQ FG NC IGUVK°P FG NQU 4GEWTUQU +WOCPQU FGPVTQ FG WPC GORTGUC UGNGEEK°P HQTOCEK°P FGUCTTQNNQ FGUXKPEWNCEK°P TGNCEK°P EQP UKPFKECVQUÃŒ KPEKFKGPFQ GP NQU CURGEVQU XKVCNGU RCTC NC EQORTGPUK°P FG NC XKFC FGPVTQ FG NCU QTICPK\CEKQPGU NCU GOQEKQPGU RCUKQPGU [ TGNCEKQPGU GPVTG NQU RGTUQPCLGU

.QU CWVQTGU .QU CWVQTGU UQP FKTGEVQTGU FG 4GEWTUQU +WOCPQU FG TGHGTGPEKC FG FKXGTUCU GORTGUCU G KPUVKVWEKQPGU NªFGTGU [ TGHGTGPVGU GP UW UGEVQT .WKU (ZR°UKVQ 'KTGEVQT 44++ /GFKCUGV ,WCP ,QU¦ FGN 8CNNG ØPENCP 'KTGEVQT FG 44++ FG /GFKCRQUV Ã &CTNQU &KF 'KTGEVQT FG 44++ FG (WTQHQTWO .QTGP\Q 4KXCT¦U 'GNGICFQ KPVGTPCEKQPCN 44++ $O¦TKEC EQPQ PQTVG FG *TWRQ (WNGP Ã 4QUC $NNGIWG 'KTGEVQTC FG 44++ FG 5MGEJGTU GP ØDGTKC Ã ,WNKQ 4QFTªIWG\ 'ªC\ 'KTGEVQT $XCPFC &QPUWNVQTGU Ã (PTKSWG 4QFTªIWG\ %CNUC 'KTGEVQT FG 44++ 5GTXKGT Ã 6QOžU 1VGTQ 2KPQ 'KTGEVQT FG 44++ FG 0QTGIKPG Ã ,WCP $PVQPKQ (UVGDCP 'KTGEVQT 44++ $.5$ Ã Ã $PC 5GKUFGFQU 'KTGEVQTC 444+ 4(2$4$.Ø$ 2TQNQIWKUVC 2$1.1 8$5Ø.( CEVWCN RTGUKFGPVG FGN ITWRQ FG EQOWPKECEK°P /('Ø$5(6 &QQTFKPCFQT /CPWGN 2Q\Q a

/žU KPHQTOCEK°P GP aJVVR TGNCVQUJWOCPQU EQO JVVR TGNCVQUJWOCPQU EQO a a KWWS FDVDOHFWRU IXQGDFLRQJVU RUJ DFWLYLGDG SUHVHQWDFLRQ GHO OLEUR UHODWRV KXPDQRV

$O PDO WLHPSR EXHQRV OLEURV

2+"0‡ ~„ !" +,3&"* /" !" ~|}‚ïï š ïï#ï 0)""/

$O PDO WLHPSR EXHQRV OLEURV &RQ EDMDV WHPSHUDWXUDV \ OOXYLD QRV DFHUFDPRV DO ~OWLPR PHV GHO DxR < DO PDO WLHPSR EXHQRV OLEURV ORV TXH GHVWDFDPRV HQ XQD $JHQGD 0$6/((5 TXH YLHQH FDUJDGD GH QRYHGDGHV \ HYHQWRV OLWHUDULRV 3XHGH FRQVXOWDU DTXt WRGD OD SURJUDPDFLyQ GH QXHVWUD $JHQGD 0$6/((5 < VL TXLHUH TXH LQFOX\DPRV HO DFWR GH SUHVHQWDFLyQ GH VX OLEUR R DOJ~Q HYHQWR QR GXGH HQ HVFULELUQRV D UHGDFFLRQ#PDVOHHU FRP KWWS ZZZ PDVMHUH] FRP QRWLFLD IDIHE DO PDO WLHPSR EXHQRV OLEURV

%ORJ \ WDOOHU OLWHUDULR GHO JUXSR GH HVFULWRUHV 3ULPDGXURYHUDOHV _ %LHQYHQLGRV D HVWH ULQFyQ GH DPLVWDG OLWHUDWXUD \ PDOD OHFKH

/CTÈC ,GUÕU UG GUVTGPÃŽ GP GN VCNNGT EQP Å‘'N LGTUG[Å’ FGPVTQ FG NC GUVTWEVWTC FG RKEQU 'P GUVG ECUQ NQU XCKXGPGU UG RTQFWEGP GP NC RGTUQPCNKFCF [ EQORQTVCOKGPVQ FG WPC OWLGT SWG UG OWGXG GP GN ECORQ FG NC KPFGVGTOKPCEKÃŽP [ NC FWFC RGTOCPGPVG %QPUKIWKÃŽ SWG GUVG RGTUQPCLG SWGFCTC OCIPÈHKECOGPVG EQPETGVCFQ #NKEKC PQU RTGUGPVÃŽ Å‘%COKPQ FG KFC [ XWGNVCÅ‘ aWPC JKUVQTKC FWTC FG CNVKDCLQU FG VKVWDGQUa [ FG FGUCUQUKGIQU EQP RGTUQPCLGU SWG XKXGP GP OWPFQU RCTCNGNQU UGRCTCFQU RQT CDKUOQU FG KPEQORTGPUKÃŽP #JÈ XC GNaRCUCLG FGN TGNCVQ SWG C[GT UG EKVÃŽ GURGEKCNOGPVG GP GN CP¶NKUKU Å‘2GTQÅ— ‹; UK PQ GU CUÈ! ÅŒ RKGPUC ÅŒ ‹; UK FG XGTFCF UG TÈGP FG OK! #N HKP [ CN ECDQ ÃN GU WP RQDTG EJKEQ SWG PQ JC RQFKFQ KT C NC GUEWGNC [ UW ÕPKEQ HWVWTQ GUV¶ NKICFQ C GUG EQTVKLQ FGN SWG UW HCOKNKC PQ JC UCNKFQ PWPEC ; GNNCÅ—#PVQPKQ UG FC EWGPVC FG SWG PQ UCDG PCFC FG GNNC PK UKSWKGTC UW PQODTG GNNC UGIWTQ SWG XC C NC GUEWGNC Q C CRTGPFGT C EQUGT [ C DQTFCT [ RTGHGTKT¶ C EWCNSWKGT QVTQ SWG NG RWGFC FCT OGLQT XKFCÅ’ &KGIQ GORG\ÃŽ EQP NC GUVTWEVWTC RQNKHÃŽPKEC C VTCXÃU FG UW VGZVQ Å‘.QU DWGPQU ENKGPVGUÅ’ 6TCDCLQ FKHÈEKN G KPVGTGUCPVG &CFQ NQ SWG GUVG GLGTEKEKQ TGSWGTÈC GN VGZVQ FG &KGIQ UKTXKÃŽ RCTC CDTKT FGDCVG UQDTG GUVG VKRQ FG GUVTWEVWTCU +PENWKOQU CSWÈ GN EQOKGP\Q SWG PQU RCTGEKÃŽ C VQFQU GURGEKCNOGPVG DWGPQ Å‘# ,QUKVQ NQ OCVCOQU PQUQVTQU .QU EWCVTQ .C VCTFG CPVGTKQT NC RCUCOQU GP GN DCT EQOQ JCEÈCOQU UKGORTG 'N %CNXQ NQ VGPÈC VQFQ CRWPVCFQ GP UW EWCFGTPQ JCUVC GN ÕNVKOQ FGVCNNG 5G RWFG RGPUCT SWG GN 7TWIWC[Q HWG GN CTVÈHKEG GN EGTGDTQ FG NC QRGTCEKÃŽP 2GTQ FG GUQ PCFC #SWÈ VQFQU CTTKOCOQU GN JQODTQÅ’ ; JCUVC CSWÈ RQT JQ[ 'N LWGXGU SWG XKGPG O¶U 2WDNKECFQ GP 7PECVGIQTK\GF ^ 'VKSWGVCFQ &K¶NQIQ NKDTG FKTGEVQ &K¶NQIQ NKDTG KPFKTGEVQ 'UVTWEVWTC GP RKEQU 'UVTWEVWTC RQNKHÃŽPKEC 4KRKQ ^ .GCXG C %QOOGPV €

44GNCVQU **WOCPQU GPGTQ RQT NWKUOCTKPFQ 2QT .WKU /CTÈP 'UVC VCTFG CVGPFKGPFQ C NC KPXKVCEKÎP FG WPQU COKIQU OG JG CEGTECFQ C NC ECUC FGN .GEVQT GP GN CPVKIWQ OCVCFGTQ FG /CFTKF GP GN DCTTKQ FG #TICP\WGNC b3WÃ TGEWGTFQU OG VTCG GUG NWICT 'P NC RWGTVC [C JCDÈC KPXKVCFQU XGUVKFQU EQP VTCLGU [ EQTDCVC GNNQU [ OQFGNQU XKUVQUQU [ GNGICPVGU UQDTG VCEQPGU KORQUKDNGU GNNCU SWG EJCTNCDCP GP ITWRQ UGIWTCOGPVG EQP CNIWPQ FG NQU CWVQTGU FGN NKDTQ SWG UG KDC C RTGUGPVCT GP GN CEVQ

KWWSV SULPDGXURYHUDOHV ZRUGSUHVV FRP

%ORJ \ WDOOHU OLWHUDULR GHO JUXSR GH HVFULWRUHV 3ULPDGXURYHUDOHV _ %LHQYHQLGRV D HVWH ULQFyQ GH DPLVWDG OLWHUDWXUD \ PDOD OHFKH

#N RCUCT CPVG NCU CETGFKVCEKQPGU XK TGHNGLCFQ GP GN GURGLQ OK CVWGPFQ Å‘ECUWCNÅ’ #N CEEGFGT CN UCNÃŽP FG CEVQU FQPFG CÃŒQU CPVGU XKXÈ WPC GZRGTKGPEKC KPQNXKFCDNG LWPVQ EQP OKU EQORCÃŒGTQU FGN VCNNGT /G VTCUNCFÃ GP GN VKGORQ [ RQT WP OQOGPVQ ETGÈ SWG GUVCDC GP WPC TGWPKÃŽP FG FKTGEVKXQU FG NC GORTGUC FQPFG VTCDCLÃ 'PUGIWKFC OG FKLGTQP SWG GTC NC RTGUGPVCEKÃŽP FG WP NKDTQ EQTCN GUETKVQ RQT FKTGEVQTGU FG TGEWTUQU JWOCPQU FG FKUVKPVCU GORTGUCU ; FQU FG GNNQU UQP OKU COKIQU ,WCPLQ 8CNNG +PEN¶P [ ,WNKQ 4QFTÈIWG\ [ GN SWG EQQTFKPÃŽ NQU VTCDCLQU /CPWGN 2Q\Q VCODKÃP 8C[C NÈQ 6QFCXÈC RQFÈC UGT RGQT FG NQ SWG GP WP RTKPEKRKQ KOCIKPÃ 4QFGCFQ FG FKTGEVQTGU FG TGEWTUQU JWOCPQU RWGFG UWEGFGT EWCNSWKGT EQUC 2GTQ VWXG EQPHKCP\C 5K OKU COKIQU OG JCDÈCP KPXKVCFQ CN GXGPVQ PQ VGPÈC PCFC SWG VGOGT &G VQFCU HQTOCU OG UGPVÃ GP GN DQTFG FG NC UKNNC RQT UK CECUQ

JVVRU RTKOCFWTQXGTCNGU HKNGU YQTFRTGUU EQO E J EFVZICG J LRI %WCPFQ NC GFKVQTC FG NC EQNGEEKÃŽP FKLQ SWG UG VTCVCDC FG NC RTGUGPVCEKÃŽP FG WP NKDTQ FG GORTGUC PQXGNCFQ GORGEÃ C UGPVKTOG CNIQ O¶U EÃŽOQFQ GP OK CUKGPVQ [ HWK TGNCLCPFQ NC RQUVWTC &GURWÃU CN JCEGT TGHGTGPEKC C NC FGFKECVQTKC SWG NWGIQ HWG UWDTC[CFC RQT GN CWVQT FGN RTÃŽNQIQ NC VTCPSWKNKFCF UG KDC CRQFGTCPFQ FG OK RGPUCOKGPVQ Å‘&GFKECFQ C VQFQU NQU SWG GP GUG ITCP GUEGPCTKQ SWG GU NC GORTGUC PQU GPUGÃŒCP SWG NQU TGEWTUQU PQ COCP EQORCTVGP TGEGNCP UKGPVG VGOGP RGTFQPCP QFKCP [ UG GPVTGICP &G GUQ UÃŽNQ UQP ECRCEGU NCU RGTUQPCUÅ’ 2QEQ C RQEQ NQU KPVGTXKPKGPVGU HWGTQP ECRVCPFQ NC CVGPEKÃŽP FG WP RTGLWDKNCFQ SWG JC XKXKFQ GP UWU ECTPGU WP ' 4 ' RGTQ SWG VCODKÃP JC EQORCTVKFQ OQOGPVQU EQFQ EQP EQFQ EQP CNIÕP TGURQPUCDNG FG TGEWTUQU JWOCPQU .CU KPVGTXGPEKQPGU HWGTQP INQUCPFQ NC KPVGPEKÃŽP FGN NKDTQ *WOCPK\CT GN RCRGN FG GUQU SWG OWEJQU EQPUKFGTCP ‹SWK\¶ EQPUKFGTCOQU GP CNIÕP OQOGPVQ! SWG UQP TGURQPUCDNGU FG NQU OCNGU FG OWEJQU VTCDCLCFQTGU SWG GUV¶P CN UGTXKEKQ FG NC GORTGUC UÃŽNQ RCTC EQNCDQTCT GP GN KPETGOGPVQ FG UWU DGPGHKEKQU %QOQ UK HWGTCP RKUVQNGTQU FGN QGUVG SWG FKURCTCP RQT NQU RCUKNNQU FG NC GORTGUC UQDTG CSWGNNQU SWG NG OKTCP OCN EWCPFQ RCUCP GP RCNCDTCU PQ VGZVWCNGU FG PWGUVTQ EQORCÃŒGTQ /CPWGN 1 EQOQ XGTFCFGTQU EQTVCECDG\CU SWG FKUHTWVCP RQPKGPFQ CN RGTUQPCN GP NC ECNNG UKP KORQTVCTNG UW HWVWTQ

KWWSV SULPDGXURYHUDOHV ZRUGSUHVV FRP

%ORJ \ WDOOHU OLWHUDULR GHO JUXSR GH HVFULWRUHV 3ULPDGXURYHUDOHV _ %LHQYHQLGRV D HVWH ULQFyQ GH DPLVWDG OLWHUDWXUD \ PDOD OHFKH

JVVRU RTKOCFWTQXGTCNGU HKNGU YQTFRTGUU EQO E GCG ZGCKU YI LRI 'N RTQRKQ /CPWGN TGEQPQEKÃŽ SWG NQU KPKEKQU FGN VTCDCLQ PQ HWGTQP UGPEKNNQU RGTQ SWG RCUCFQU WPQU OGUGU PQVÃŽ SWG NQU GUETKVQTGU JCDÈCP FGLCFQ NQU TGEWTUQU RCTC EQPXGTVKTUG GP JWOCPQU ‹%ÃŽOQ GORG\ÃŽ VQFQ! RTGIWPVÃŽ NC RTGUGPVCFQTC FG PQVKEKCU FG 6GNGEKPEQ +UCDGN ,KOÃPG\ SWG FKTKIKÃŽ WP DTGXG EQNQSWKQ ; ,WCPLQ EQOQ UK GUVWXKGTC CEQUVWODTCFQ C NCU VCDNCU Å‘RWGU VQFQ GORG\ÃŽ EQP WP ECHÃŒ .WKU 'ZRÃŽUKVQ EQPHGUÃŽ SWG UK DKGP GUV¶ CEQUVWODTCFQ C GUETKDKT KPHQTOGU EQPVTCVQU [ EQPXGPKQU GP GN VGOC FG NC NKVGTCVWTC UG EQPUKFGTC WP PQXCVQ [ JC XKXKFQ WPC KPVGTGUCPVG GZRGTKGPEKC .Q OKUOQ SWG 4QUC #NNGIWG SWG EQP WP FGURCTRCLQ RTQRKQ FG SWKGP UCDG OQXGTUG GP GUG CODKGPVG FGUVCEÃŽ SWG SWGFÃŽ UQTRTGPFKFC RQT NQ GHGEVKXQ FG NC ETÈVKEC [ NC EQNCDQTCEKÃŽP FGUKPVGTGUCFC FG VQFQU NQU RCTVKEKRCPVGU GP GN NKDTQ ; UQDTG VQFQ [ GUVQ PQ XQ[ C CVTKDWKTNQ C PKPIWPQ FG NQU VTGU NC OCPQ FG JKGTTQ FG /CPWGN C NC JQTC FG KORQPGT FKUEKRNKPC

JVVRU RTKOCFWTQXGTCNGU HKNGU YQTFRTGUU EQO E GEIQGZWCKH[WE LRI 'P FGHKPKVKXC VQFQU OKU VGOQTGU UG FKUKRCTQP VTCU GUEWEJCTNQU CWPSWG UG OG SWGFÃŽ GP GN CKTG WPC RTGIWPVC SWG OG JWDKGTC IWUVCFQ RNCPVGCT C VQFQU NQU PWGXQU GUETKVQTGU ‹5G NGU JCDT¶ QEWTTKFQ KPENWKT GP NC RTÃŽZKOC EGUVC FG 0CXKFCF WP GLGORNCT FGN NKDTQ RCTC SWG UWU EQORCÃŒGTQU EQORTGPFCP NQU OCNQU VTCIQU SWG RCUCP! 'P HKP CJQTC UÃŽNQ SWGFC FKUHTWVCT FGN NKDTQ SWG VQFQU FKEGP SWG UG NGG FG EQTTKFQ KWWSV SULPDGXURYHUDOHV ZRUGSUHVV FRP

.+& '&+614+#. YYY NKFGFKVQTKCN EQO

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.