HEHIW HI 'SHIPGS TEVE TSHIV IRJVIRXEV IP TPER HI MRZIVWMSRIW HI PSW TVz\MQSW EySW (I RS LEFIV HIGMWMzR HI EGYIVHS E HEXSW IRXVIKEHSW TSV PE 'jQEVE %PXE PE TVSHYGGMzR HI GSFVI TSHVuE GEIV E QMP XSRIPEHEW ERYEPIW %P VIWTIGXS PE GERHMHEXE HI PE 2YIZE 1E]SVuE 1MGLIPPI &EGLIPIX VIGEPGz UYI IWXI IW YR XIQE UYI IWXj WMIRHS IWXYHMEHS TSV WY IUYMTS TVSKVEQjXMGS ]E UYI E R I\MWXIR HMZIVKIRGMEW VIWTIGXS EP GEQMRS UYI XIRHVj PE GYTVuJIVE IWXEXEP ±'LMPI UYI SFXMIRI IP HI WYW MR KVIWSW HIP GSFVI HIFI EWTMVEV E WIV YR TEuW HIWEVVSPPEHS TIVS GYMHERHS HI EPGER^EV YR IUYMPMFVMS ] XEQFMqR YRE QINSV VIPEGMzR IRXVI PE IGSRSQuE ] IP QIHMS EQFMIRXI² WSWXYZS PE I\ QERHEXEVME
7UDQVIRUPDFLRQHV SDUD HO VHFWRU 1jW EPPj HI PEW HMJIVIRGMEW IR PEW STM RMSRIW I\TIVXSW GSMRGMHIR UYI WMR HYHE IW RIGIWEVMS LEGIV XVERWJSVQEGMSRIW IR PE QMRIVuE MRHYWXVME UYI SXSVKE PSW QE]S VIW MRKVIWSW EP )WXEHS ±'LMPI HIFI ETVS ZIGLEV PEW ZIRXENEW UYI RSW SXSVKE PE KVER TVSHYGGMzR QMRIVE TSWMGMSRERHS EP TEuW GSQS YR TVSZIIHSV HI I\GIPIRGME HI TVSHYGXSW ] WIVZMGMSW HIP WIGXSV² WIyEPE 'VMWXMER 5YMR^MS 2S TSV REHE HMVMKIRXIW EYXSVMHEHIW ] EPXSW INIGYXMZSW HI PE MRHYWXVME GSQS IW IP GEWS HIP TVIWMHIRXI INIGYXMZS HI 'SHIPGS 8LSQEW /IPPIV LER LIGLS YR PPEQEHS E PSW GERHMHEXSW TVIWMHIRGMEPIW TEVE UYI PE QMRIVuE GSRXMR I WMIRHS TEVXI HIP INI JYR HEQIRXEP HI PE IGSRSQuE QINSVERHS JE PIRGMEW UYI TIVQMXMVuER TSXIRGMEV IP WIGXSV IR PSW TVz\MQSW EySW 4EVE IP EGEHqQMGS HI PE 9RMZIVWMHEH HI 'LMPI MRGMHMV IR PE VIPEGMzR TSPuXMGS IGSRzQMGE HI IWXI VYFVS IW HI KVER MQTSV XERGME TEVE PSKVEV GEQFMSW GSR GVIXSW ±7M PE IGSRSQuE LE WMHS GETE^ HI GVI GIV EP IR TVSQIHMS TSV YR GYEVXS HI WMKPS ] HI VIHYGMV PE TSFVI^E HIWHI IP E QIRSW HIP IR XVIW HqGEHEW RS IW HMJuGMP MQEKMREV GYjRXS QjW TSHVuE LEFIV PSKVEHS IP TEuW WM PSW PIKMWPEHSVIW ] PSW KS FMIVRSW WI LYFMIWIR HIHMGEHS E QINSVEV PE GSQTIXIRGME 4EVE IP RYIZS KSFMIVRS qWXE IW PE KVER XEVIE E VIWSPZIV² GSRGPY]I )Y KIRMS *MKYIVSE
¢(Q TXp VH KDQ SURQXQFLDGR ORV FDQGLGDWRV" 0LFKHOOH %DFKHOHW (OLPLQDU OD OH\ UHVHUYDGD GHO FREUH \ UHHPSOD]DUOD SRU OD FUHDFLyQ GH XQ SUHVXSXHVWR VREUH OD EDVH GH FULWHULRV SOX ULDQXDOHV 0DUFHO &ODXGH )LQDQFLDPLHQWR GH OD HGXFDFLyQ SRU PHGLR GH XQ UR\DOW\ VREUH HO SDUD ODV JUDQGHV HPSUHVDV PLQHUDV 0DUFR (QUtTXH] 2PLQDPL 1XHYD SROtWLFD QDFLRQDO GH PLQHUtD TXH FRQWHPSOH XQ LP SXHVWR HVSHFtÀFR XQ UR\DOW\ SDUD OD PLQHUtD \ HO ÀQ GH ODV FRQFHVLRQHV LQGHÀQLGDV 5LFDUGR ,VUDHO &UHDFLyQ GH XQD OH\ TXH HVWDEOH]FD OD REOLJDWRULHGDG GH TXH DO PHQRV HO GH OR H[WUDtGR HQ &KLOH VH YHQGD D XQD HP SUHVD GH UHÀQDPLHQWR IRUPDGD SRU FDSLWDOHV S~EOLFRV 7RPiV -RFHO\Q +ROW &LHUUH GH OD IXQGLFLyQ 9HQWDQDV GH &RGHOFR (YHO\Q 0DWWKHL 3UHVHUYDU HO PDUFR HFRQyPLFR \ OD VHJXULGDG MXUtGLFD SDUD JDUDQWL]DU HO GHVDUUROOR VHFWRULDO \ SHUIHFFLRQDU HO '6 GHO 0LQLVWHULR GH 0LQHUtD TXH HVWDEOHFH OD SROtWLFD GH IRPHQWR GH OD SHTXHxD \ PHGLDQD PLQHUtD 5R[DQD 0LUDQGD 'HURJDFLyQ GH OD OH\ /H\ 2UJiQLFD &RQVWLWXFLRQDO GH &RQFHVLRQHV 0LQHUDV GH QRUPD TXH SHUPLWH TXH ODV HPSUHVDV SXHGDQ GHVFRQWDU OD SDWHQWH PLQHUD GHO LP SXHVWR D OD UHQWD )UDQFR 3DULVL 5HEDMD HQ HO SUHFLR GH ORV FRPEXVWLEOHV FREUDQGR XQ PD\RU LPSXHVWR HVSHFtÀFR D ODV PLQHUDV $OIUHGR 6IHLU &DPELDU OD FRPSHWLWLYLGDG SRU XQD HFR FRPSHWLWLYLGDG GRQGH ODV HPSUHVDV SULYDGDV GH OD PLQHUtD SDJXHQ GH IRU PD UHDO HO FRVWR VRFLDO \ DPELHQWDO TXH JHQHUDQ
QPH RFWXEUH
0,1 &$1 LQGG