1er capitulo Adelanta tu jubilacion
20 Pages • 1,613 Words • PDF • 136.9 KB
Uploaded at 2021-09-24 15:24
This document was submitted by our user and they confirm that they have the consent to share it. Assuming that you are writer or own the copyright of this document, report to us by using this DMCA report button.
`"%&-"/5"56+6#*-"$*»/ 3FUÓSBUFDPOMJCFSUBd fiOBODJFSB
4JFTUFMJCSPMFIBJOUFSFTBEPZEFTFBRVFMFNBOUFOHBNPTJOGPSNBEPEF OVFTUSBTQVCMJDBDJPOFT FTDSÓCBOPTJOEJDÈOEPOPTRVÏUFNBTTPOEFTVJOUFSÏT "TUSPMPHÓB "VUPBZVEB $JFODJBT0DVMUBT "SUFT.BSDJBMFT /BUVSJTNP &TQJSJUVBMJEBE 5SBEJDJØO ZHVTUPTBNFOUFMFDPNQMBDFSFNPT 1VFEFDPOTVMUBSOVFTUSPDBUÈMPHPFOXXXFEJDJPOFTPCFMJTDPDPN
$PMFDDJØO²YJUP `"EFM BOU BUVKVCJM BDJØO 3BJNPO4BNTØ FEJDJØOBCSJMEF
.BRVFUBDJØO/BUËMJB$BNQJMMP $PSSFDDJØO.«OHFMFT0MJWFSB %JTF×PEFDVCJFSUB&OSJRVF*CPSSB
ª 3BJNPO4BNTØ 3FTFSWBEPTUPEPTMPTEFSFDIPT
ª &EJDJPOFT0CFMJTDP 4- 3FTFSWBEPTMPTEFSFDIPTQBSBMBQSFTFOUFFEJDJØO
&EJUB&EJDJPOFT0CFMJTDP 4- 1FSF*7 &EJG1FESP*7 QMBOUB QVFSUB #BSDFMPOB&TQB×B 5FM'BY &NBJMJOGP!FEJDJPOFTPCFMJTDPDPN 1BSBDBT $"'"#VFOPT"JSFT"SHFOUJOB 5FM 'BY *4#/
3FTFSWBEPTUPEPTMPTEFSFDIPT/JOHVOBQBSUFEFFTUBQVCMJDBDJØO JODMVJEPFMEJTF×P EFMBDVCJFSUB QVFEFTFSSFQSPEVDJEB BMNBDFOBEB USBOTNJUJEBPVUJMJ[BEBFO NBOFSBBMHVOBQPSOJOHÞONFEJP ZBTFBFMFDUSØOJDP RVÓNJDP NFDÈOJDP ØQUJDP EFHSBCBDJØOPFMFDUSográfico, sin el prFWJPDPOTFOUJNJFOUPQPSFTDSJUPEFMFEJUPS %JSÓKBTFB$&%30 $FOUSP&TQB×PMEF%FSFDIPT3FQSográficos, wwwDFESPPSH TJOFDFTJUBGPUPDPQJBSPFTDBOFBSBMHÞOGSBHNFOUPEFFTUBPCSB
3BJNPO4BNTØ
`"%&-"/5"56+6#*-"$*»/ 3FUÓSBUFDPOMJCFSUBd fiOBODJFSB
Prólogo
BM M ÈE POEFI BZM V[O PQVFEFI BCFSP TD VS JEBE 4ØMPFTQPTJCMFBWBO[BSDVBOEPTFNJSBMFKPT 0SUFHBZ(BTTFU
6OBEFMBTDPTBTRVFSFDVFSEPIBCFSIFDIPEFTEFNVZOJ×PFTMFFS NVDIÓTJNP 'VF QSFDJTBNFOUF FTB QBTJØO MB RVF IJ[P QPTJCMF RVF BVORVFEVSBOUFNVDIPTB×PTUVWJFSBRVFJSBDMBTF OVODBEFKBSBEF BQSFOEFS$SFPRVFNJGBTDJOBDJØOQPSMPTMJCSPTQSPDFEFEFFTBDFS UF[BRVFUFOHPEFRVFNJWJEBOPTFSÓBMBRVFFTEFOPIBCFSTJEPQPS FMFODVFOUSPDPOEFUFSNJOBEPTBVUPSFT1BSBNÓ EFTDVCSJSVOHSBO MJCSP FT DPNP EFTDVCSJS VO UFTPSP &T BMHP RVF NF MMFOB EF HP[P FTVOBCVFOBOPUJDJBRVFNFQSPWPDBVOBTHBOBTJSSFGSFOBCMFTEF UPNBSFMUFMÏGPOPQBSBIBDÏSTFMPTBCFSBVOTFSRVFSJEP$PNQBSUJS DPOPUSBTQFSTPOBTFMEFTDVCSJNJFOUPEFVOMJCSPFYDFMFOUFFTBMHP RVFNFIBDFWJCSBS4VQPOHPRVFTJFNQSFIFUFOJEPDJFSUBWPDBDJØO EFCJCMJPUFSBQFVUB 1PSFTP QSPMPHBSZSFDPNFOEBS "EFMBOUBUVKVCJMBDJØONFDPO WJFSUF FO VOB QFSTPOB BGPSUVOBEB 3BJNPO IB FTDSJUP VO MJCSP WJ TJPOBSJP WBMJFOUF OFDFTBSJP DPOUVOEFOUF ZD POTDJFOUF BTÓ DPNP DFSDBOP &TWJTJPOBSJPZFTMÞDJEPQPSRVFQSPQPOFVOBOÈMJTJTDFSUFSPEF MPRVFFTUÈTVDFEJFOEPZEFMPRVFPDVSSJSÈFOMBTFDPOPNÓBTQFSTP OBMFTZOBDJPOBMFT&TWBMJFOUFQPSRVF3BJNPOTFBUSFWFBEFDJS MF
QFTFBRVJFOMFQFTF MPRVFBMHVOPTWFOQFSPTFD BMMBO5BNCJÏO MPRVFNVDIPTTFODJMMBNFOUFOPTPODBQBDFTEFWJTMVNCSBS&TVO MJCSPOFDFTBSJPQPSRVFFOFTUFNPNFOUPEFMBIJTUPSJBFOFMRVFTF FTUÈOQSPEVDJFOEPDBNCJPTUBOESÈTUJDPTEFGPSNBFYQPOFODJBM FTUF UFYUPBZVEBSÈBNVDIBTQFSTPOBTBFOUFOEFSMPRVFFTUÈQBTBOEPZ BSFTJUVBSTFZBDBNCJBSVOQBSBEJHNBPCTPMFUPQBSBDPOUFNQMBSMB SFBMJEBE "EFMBOUBUVKVCJMBDJØOFTUBNCJÏODPOUVOEFOUF QPSRVFDPOUJFOF JEFBTZQSPQVFTUBTTVfiDJFOUFTDPNPQBSBRVFFOVONVOEPJEFBMTF DPOWJFSUBFOMJCSPEFUFYUPEFVOBBTJHOBUVSBEFCBDIJMMFSBUP1FSP UBNCJÏOFTDPOTDJFOUF QPSRVF3BJNPOOPOPTIBCMBTØMPEFDØNP HBOBSEJOFSP EFFTPIBZNVDIPNBUFSJBMZBFTDSJUP
TJOPRVFOPT EJDFDØNPIBDFSMPEFGPSNBTJHOJfiDBUJWB SFTQPOTBCMF GFMJ[ZFOTJO UPOÓBDPOOVFTUSPTUBMFOUPTZWBMPSFT:FTUP RVFFTFMQBSBEJHNB FNFSHFOUFEFDPOUFNQMBSMBWJEBZMBFDPOPNÓB FTBMHPRVFIBDF NVDIBGBMUB"EFNÈT UJFOFTFOUSFUVTNBOPTVOMJCSPDFSDBOP/P UBSÈTRVFFTVOMJCSPDPOWP[QSPQJB DPOVOBWP[GSBODB BHVEBZ EJWFSUJEB RVFUFIBCMBDPNPMPIBSÓBUVNFKPSBNJHP 3BJNPO QPSUPEPFMMP UFFTUPZTJODFSBNFOUFBHSBEFDJEP "EFMBOUBUVKVCJMBDJØOFTVOMJCSPDPNPTVBVUPSHFOFSPTP:OP MPEJHPQPSRVF3BJNPOTFBVOCVFOBNJHP RVFMPFT TJOPQPSRVFMP EFNVFTUSBBMFYQPOFSQÞCMJDBNFOUFZTJOSFTFSWBTMPTDPOPDJNJFOUPT ZMBTIFSSBNJFOUBTRVFÏMNJTNPFTUÈFNQMFBOEPQBSBBEFMBOUBSTV KVCJMBDJØO:MPIBDFDPOMBNJTNBHFOFSPTJEBEDPOMBRVFMPQPESÓB IBDFSDPOVOBNJHPFOUPSOPBVOTBCSPTPBMNVFS[PWFHFUBSJBOP "EFMBOUB UV KVCJMBDJØO BÞOB PSJHJOBM ZFM FHBOUFNFOUF FTQJSJUVB MJEBEZEJOFSP3BJNPOOPTQSPQPOFVOBGPSNBNÈTGSFTDBZNÈT ÓOUFHSBEFFTUBSFOMBWJEBZEPOEFUSBCBKBSDPOTJTUFFTFODJBMNFOUF FOTFSWJSBMPTEFNÈT NJFOUSBT ZDPNPSFDPNQFOTB TFHBOBEJOFSP ZTFBTFHVSBFMSFUJSP&MEJOFSPDPNPDPOTFDVFODJBFTQJSJUVBMJEBE QVSB 4PTUFOHP RVF DBEB FODVFOUSP RVF UFOFNPT DPO PUSB QFSTPOB DPNP DBEB MJCSP RVF MFFNPT UJFOF MB GBDVMUBE EF BVNFOUBS PE F EJTNJOVJSOVFTUSPOJWFMEFFOFSHÓBZEFDPODJFODJB"EFMBOUBUVKVCJ MBDJØOFTVOMJCSPRVFFTUJNVMB VOMJCSPRVFJOWJUBBMMFDUPSBCSJMMBS
DPOMBMV[QSPQJBDPOMBRVFIBWFOJEPBFTUFVOJWFSTP"EFMBOUBUV KVCJMBDJØOFTVOUFYUPDPOMBDBQBDJEBEEFDBUBQVMUBSUVWJEBIBDJB VOMVHBSNFKPS"MHVJFOEJKPRVFFMBSUFPFTTBOBEPSPOPFTBSUF :P DSFP RVF FTUBCB FO MP DJFSUP 5JFOFT FOUSF UVT NBOPT VO MJCSP TBOBEPSZDPOMBDBQBDJEBEEFSFGPSNVMBSUVSFMBDJØODPOFMEJOFSP ZDPOUVKVCJMBDJØO /PIBZOBEBRVFQVFEBEFUFOFSVOBJEFBBMBRVFMFIBMMFHBEP TVIPSBZFTUFMJCSPUJFOFVOBJEFBNVZQPEFSPTBMBEFFYQMJDBSB MBTQFSTPOBTRVFQVFEFO TJFTUÈOEJTQVFTUBTBNFKPSBSDPNPTFSFT IVNBOPT TFSMPRVFEFTFFOZWJWJSFOQB[ IBDJFOEPMPRVFBNBO HBOBOEP EJOFSP QPS FMMP ZE JTGSVUBOEP EF VO NFSFDJEP SFUJSP TJO QSFPDVQBDJPOFTFDPOØNJDBTFOFMPUP×PEFTVWJEB:FYQMJDBSFTUP ZMBGPSNBEFMMFWBSMPBDBCPIBSÈNÈTMJCSFT NÈTTBCJBTZNÈTSJDBT BNVDIBTQFSTPOBT "EFMBOUBUVKVCJMBDJØOUSBOTGPSNBSÈQPTJUJWBNFOUFMBWJEBEFNV DIPTTFSFTIVNBOPTZBNÓNFQBSFDFVOQSJWJMFHJPQPEFSBTFHVSBS RVF DPNPPUSPTMJCSPTEF3BJNPO ÏTUFFTVOMJCSPWJSVTDVZBMFDUV SB RVFEBTBEWFSUJEP QSPWPDBSÈDBNCJPTFOUVWJEB 4FSHJP'FSOÈOEF[ "VUPSEF7JWJSTJOKFGFZEF7JWJSTJONJFEPT XXX1FOTBNJFOUPQPTJUJWPPSH
Introducción
{1PS RVÏ TØMP VO EF MBT QFSTPOBT BDDFEF BT V SFUJSP PK VCJMB DJØODPOMPTNFEJPTFDPOØNJDPTTVfiDJFOUFTDPNPQBSBOPUFOFSRVF QSFPDVQBSTFEFMEJOFSPOVODBNÈT {2VÏTBCFOFTBTQFSTPOBTRVF FMSFTUP VO OPEFTDVCSJØEVSBOUFUPEBTVWJEB {$VÈMFTTV TFDSFUP TJFTRVFUJFOFOBMHVOP %FTEFMVFHPOPFTOJOHÞOTFDSFUP FODPOUSBSÈTSFTQVFTUBTFOFTUFMJCSP )FFTUBEPFOTF×BOEPBQFSTPOBTDPSSJFOUFTDØNPDPOTFHVJSSF TVMUBEPTFYUSBPSEJOBSJPTEVSBOUFMPTÞMUJNPTEJF[B×PT1FSPIFEF BEWFSUJSUFRVFTJEVSBOUFMBMFDUVSBEFFTUFMJCSPUFEJDFTj&TPZB MPTÏxoPBMHPQBSFDJEPo QFSPOPMPIBDFT FOUPODFTMBMJCFSUBEfi OBODJFSBTFHVJSÈTJFOEPVOTFDSFUPQBSBUJ&TUFMJCSPFTFMGSVUPEF NJFYQFSJFODJBQFSTPOBMZMBEFNJTDMJFOUFT4JIBTMFÓEPNJTMJCSPT BOUFSJPSFT TBCSÈT RVF WPZ BM HSBOP ZR VF OP FTUPZ JOUFSFTBEP FO IBDFS QSPNFTBT QPDP SFBMJTUBT 7PZ BTF S DMBSP EFTEF FMQ SJODJQJP BOUJDJQBSFMSFUJSPOPFTOJGÈDJM OJSÈQJEP QVFTOPPDVSSFEFVOEÓB QBSBPUSP: OPPCTUBOUF UFBTFHVSPRVFFTQPTJCMFTJDVFOUBTDPO VOQMBOHBOBEPS 6OBEFMBTNBZPSFTQSFPDVQBDJPOFTEFDVBMRVJFSQFSTPOBFTDPO WFSUJSTFFOEFQFOEJFOUFEFM4FHVSP4PDJBMZEFMBGBNJMJBQBSBQPEFS TPCSFWJWJSFOTVWFKF[ FOFMNFKPSEFMPTDBTPT PEFMBDBSJEBE FO FMQFPS-BFOGFSNFEBEZMBQPCSF[BEVSBOUFMBWFKF[TPOFMUFNPS EFMBNBZPSÓB1BSBFNQFPSBSMP MBTFTUBEÓTUJDBTEFMPTFDPOPNJTUBT EJCVKBOVOGVUVSPDPOVOBTPDJFEBEWJFKB QPCSFZFOGFSNB-BFT
QFSBO[BEFDVBMRVJFSQFSTPOBFTNBOUFOFSVOOJWFMEFWJEBTJNJMBSBM EFBOUFTEFMBKVCJMBDJØOQBSBQPEFSIBDFSUPEPBRVFMMPRVFQPTQVTP QBSBDVBOEPEFKBSBEFUSBCBKBS.FUFNPRVFTVHSBOEFDFQDJØOTFSÈ EFTDVCSJSRVF BQFTBSEFEJTQPOFSEFUJFNQP OPUFOESÈFMEJOFSP TVfiDJFOUFQBSBDVNQMJSFMTVF×PEFVOBKVCJMBDJØOPSFUJSPEPSBEP )FSFBMJ[BEPFTUFWJEFPMJCSPQBSBRVFTFBTj-JCSF TBCJPZSJDPx BTÓFTDPNPIFUJUVMBEPBM%7%RVFBDPNQB×BBMMJCSP"EFMBOUBUV KVCJMBDJØO &MMJCSPDPOUJFOFFMDPOPDJNJFOUPRVFUFQFSNJUJSÈBEFMBOUBSFM SFUJSP ZFMW ÓEFP NVFTUSB QSJODJQJPT CÈTJDPT QBSB DSFBS UV MJCFSUBE fiOBODJFSB &TUVEJB BNCPT EFUFOJEBNFOUF QBSB EFTIBDFSUF EF VO QVFTUPEFUSBCBKPQPDPJOTQJSBEPSZNBMSFUSJCVJEP TJÏTFFTUVDBTP ZDSFBSVOTJTUFNBEFJOHSFTPTEJWFSTJfiDBEP"VORVFFOSFBMJEBENJ ÞOJDBJOUFODJØOFTRVFDVFTUJPOFTUVTQBSBEJHNBTMJNJUBOUFTTPCSFFM EJOFSPZDPOEVDJSUFBVOFTUBEPNFOUBMEFNBZPSFTQPTJCJMJEBEFT )FFTDSJUPQBVUBTTFODJMMBTRVFZBIBOTJEPFYQVFTUBTDPOBOUF SJPSJEBE3FDÓCFMBTBIPSBMJCSFEFQSFKVJDJPT4POQSJODJQJPTTFODJMMPT EFFOUFOEFS BVORVFTÏRVFOPTPOGÈDJMFTEFBQMJDBS5FBTFHVSPRVF MPTIBOFNQMFBEPDPOÏYJUPNVDIBTQFSTPOBTDPNPUÞRVFVOEÓB TFOFHBSPOBWFOEFSTVUJFNQPFOVOUSBCBKPBOPEJOPRVF QPSPUSP MBEP OPMFTQPEÓBIBDFSOJSJDPTOJMJCSFT&MDBNCJPRVFFTUPTQSJO DJQJPTUFQSPQPOFOWBNÈTBMMÈEFVOTJNQMFDBNCJPFOMPRVFTBCFT PVODBNCJPFOMPRVFIBDFT UFQSPQPOFOVODBNCJPFOUVNPEP EFQFOTBS FTEFDJS FORVJFOFSFT.FHVTUBSÓBRVFFTUVWJÏSBNPTEF BDVFSEPFORVFOPFTMPRVFIBDFT TJOPRVJÏOFSFTMPRVFNBSDBSÈMB EJGFSFODJBFOUSFEØOEFFTUÈTBIPSBZEØOEFRVJFSFTFTUBS 4ÏRVFTPZCBTUBOUFSBEJDBMFYQPOJFOEPNJTJEFBT UBMWF[UFTJS WBOPUBMWF[OP QFSPUFBTFHVSPRVFFTMPRVFZPDSFPQSPGVOEBNFO UFZ EFUPEPTNPEPT UFMPPGSF[DP4JBMHVOBEFMBTJEFBTDPOUFOJEBT FOFTUFMJCSPUFQBSFDFJNQPTJCMF QPSGBWPS EBMFVOBPQPSUVOJEBE 1SFUFOEPIBDFSUFTBMJSEFUV[POBDØNPEB EFUVNBESJHVFSB4ÏRVF DVBOEPBDBCFTMBMFDUVSBNFMPBHSBEFDFSÈT -JCSP ZQFM ÓDVMB TPO VO jTFU EF QSJNFSPT BVYJMJPTx QBSB FDPOP NÓBTFYIBVTUBTRVFEFTFBOHFOFSBSMBTVfiDJFOUFSJRVF[BDPNPQBSB EFTIBDFSTFEFVOUSBCBKPBOPEJOP RVFOPDPOEVDFBOBEB TJOUFOFS
RVFFTQFSBSBMBFEBEMFHBMEFMBKVCJMBDJØO MBDVBMTFJSÈSFUSBTBOEP QBVMBUJOBNFOUF5SBUBOEFDØNPBCBOEPOBSMBQJTUBMFOUBZFOUSBS FOMBQJTUBSÈQJEBIBDJBMBQSPTQFSJEBE EFDØNPIBDFSEJOFSPjBMQPS NBZPSxFOMVHBSEFjBMQPSNFOPSx3FMFFSFMMJCSPZSFWJTBSFM%7% DSFBSÈVOFGFDUPTJOÏSHJDPRVFJOTUBMBSÈVOQSPHSBNBfiOBODJFSPHB OBEPSFOUVNFOUF &TUBSÏBUVMBEPEVSBOUFUVMFDUVSBQBSBDPOEVDJSUFNÈTBMMÈEF UVTDSFFODJBTMJNJUBEPSBTSFTQFDUPBMEJOFSPZBMPTNPEPTEFJOHSF TBSMP/PQFSNJUBTRVFFTUBMFDUVSBTFDPOWJFSUBFOVOBQSFOEJ[BKF EFDPODFQUPTUFØSJDPT1BSBFOUFOEFSFMTJHOJfiDBEPSFBMEFMDPODFQUP MJCFSUBE finBODJFSB UFOESÈT RVF DSFBS MB UVZB 1BSB BQSFOEFS BF N QSFOEFSUFOESÈTRVFDSFBSUVTQSPQJBTGVFOUFTEFJOHSFTPT-BQSPQJB FYQFSJFODJBFTNFKPSRVFMBNFKPSEFMBTFTDVFMBTEFOFHPDJPT &TQFSPRVFFMNBUFSJBMEFFTUFWJEFPMJCSPUFFOGPRVFIBDJBFMGV UVSP fiOBODJFSP RVF EFTFBT 4V PCKFUJWP FT PSJFOUBS BM BT QFSTPOBT RVFOPTBCFOQPSEØOEFFNQF[BSBE JTF×BSTVKVCJMBDJØOPSFUJSP BOUJDJQBEP 2VJFSP RVF TFBT MJCSF RVJFSP RVF TFBT TBCJP RVJFSP RVF TFBT SJDP 1BTBMBQÈHJOBZ`FNQFDFNPT 3BJNPO4BNTØ DPBDIQBSBFNQSFOEFEPSFTDPODPSB[ØOZBVUPS EF&MDØEJHPEFMEJOFSP
El gran problema
Jubilarse (retirarse), la gran preocupación {$VÈOUBTQFSTPOBTDPOPDFTRVFUJFOFOSFTVFMUPTVGVUVSPfiOBODJFSP FOFMNPNFOUPEFDFTFEFTVWJEBMBCPSBM {$VÈOUPT USBTVOBFY UFOTBBDUJWJEBEQSPGFTJPOBM QVFEFOEJTGSVUBSFOMBSFDUBfiOBMEFTV WJEB EF MB USBORVJMJEBE RVF SFQSFTFOUB UFOFS FMB TQFDUP fiOBODJFSP SFTVFMUP &TEFDJS QFSTPOBTRVFWJWBODPOjQSFPDVQBDJØOfiOBODJFSB DFSPx&YBDUPyNVZQPDPT {4FDPOWFSUJSÈMBQFOTJØOEFKVCJMBDJØOFOVOBTVOUPEFMQBTBEP FTEFDJS FOVOIFSNPTPSFDVFSEP -BQFSTQFDUJWBGVUVSBOPFTOBEB FTQFSBO[BEPSBPCJFOOPDPCSBSOJOHVOBQFOTJØO TJOPTFBDPNF UFOMBTSFGPSNBTEFMTJTUFNB PDPCSBSVONÓOJNP QFSPNVZNÓOJ NP EFTVCTJTUFODJB TJTFSFGPSNBFMTJTUFNBBDUVBM &OFMNPNFOUP EFMBSFEBDDJØOEFFTUFMJCSP MBNBZPSÓBEFFTUBEPTEF&VSPQBFTUÈO QMBOUFBOEP EJGFSFOUFT SFGPSNBT &TQB×B JODMVJEB "MHVOPT QBÓTFT FVSPQFPTZBIBOIFDIPMPTEFCFSFTFOFTUFBTVOUP OPBTÓ&TQB×B RVFTFIBRVFEBEPSF[BHBEB $VBMRVJFSBRVFTFBMBSFGPSNBEFMTJTUFNBEFQFOTJPOFTFMFHJEB QPSMPTQPMÓUJDPT USBTVOBWJEBFOUFSBEFUSBCBKPTØMPQPESFNPTBTQJ SBSBVONÓOJNP UBONFOHVBEP RVFFOFMNFKPSEFMPTDBTPTDVCSJ SÈMPTHBTUPTNÈTCÈTJDPTEFTVCTJTUFODJB&OOJOHÞODBTPTVfiDJFOUF QBSBQPEFSWJWJSEFMBQFOTJØOTJOUFOFSRVFSFDVSSJSBMBEFQFOEFO DJBGBNJMJBS ZZBOPEJHPJHVBMBSMPTJOHSFTPTQSFWJPTBMBKVCJMBDJØO *NBHJOPRVFUÞOPRVFSSÈTWFSUFBTÓ
&OVOBPEPTEÏDBEBT EFCJEPBMBKVCJMBDJØOEFMBHFOFSBDJØOEFM CBCZCPPN VOBQBSUFTJHOJfiDBUJWBEFMBQPCMBDJØOQSFDJTBSÈJOHSFTPT FYUSBTQBSBDPNQMFNFOUBSTVQFOTJØOQSPWFOJFOUFEFMB4FHVSJEBE 4PDJBM "M NBSHFO EF MPT QMBOFT EF MPT HPCJFSOPT NF QSFPDVQBO NÈTMPTQMBOFTRVFDBEBDJVEBEBOPUJFOF POPUJFOF TPCSFTVKVCJ MBDJØO&MHSBOQSPCMFNBFT{RVÏTFFTUÈIBDJFOEPBOJWFMQBSUJDVMBS QBSBHBSBOUJ[BSFMOJWFMEFWJEBEFTQVÏTEFMBKVCJMBDJØO 3FTQVFTUB QPDPPOBEB/PIBZUBMQMBO OJCVFOPOJNBMP3F[BS.JMMPOFT EFQFSTPOBTFTQFSBOVOBTPMVDJØOfiOBODJFSBRVFQSPDFEBEFMFTUBEP QBSBMBÞMUJNBFUBQBEFTVTWJEBT QFSPDBTJOBEJFIBDFMPTEFCFSFT EJTF×BSTVQMBOQBSBMBKVCJMBDJØOPSFUJSP 5PEPFMNVOEPEFTFB VOBjKVCJMBDJØOEPSBEBx QFSPNVZQPDPTUJFOFOVOQMBOHBOBEPS QBSBDPOTFHVJSMB4JHVFOTP×BOEP &O MPT NFEJPT EF DPNVOJDBDJØO TF IBCMB NVDIP EFM HSBO QSP CMFNBFTUSVDUVSBMEF&TQB×B TVFMFWBEPQBSP QFSPOBEJFEJDFOBEB TPCSFSFJOWFOUBSTFDPNPQSPGFTJPOBMPUSBCBKBEPS&MTÓOESPNFEFM jQBSBEP DPNQVMTJWPx oRVF WJWF EFM TVCTJEJP UPEP FMU JFNQP RVF QVFEFZNÈTTJOUBOTJRVJFSBCVTDBSUSBCBKPoTFDPOUBHJBDPNPVOB FQJEFNJBDPOUBHJPTBRVFUPEPTMPTHPCJFSOPTGVNJHBSÈOUBSEFPUFN QSBOP NBSDBOEP VO UPQF NÈT FTUSFDIP "IPSB NJTNP TFT VCWFO DJPOBOQVFTUPTEFUSBCBKPRVFFTUÈODPOEFOBEPTBEFTBQBSFDFSFO VOPT QPDPT B×PT :M BT QSPGFTJPOFT NFKPS QBHBEBT TPO FO CVFOB QBSUF PDVQBDJPOFTRVFOPFYJTUÓBOIBDFDJODPB×PT"MHVJFOEFCFSÓB EFDJSMFTBMUSBCBKBEPSZB MQSPGFTJPOBMRVFDJFSUPTQVFTUPTEFUSBCB KPUJFOFOMPTEÓBTDPOUBEPT ZRVF QPSPUSPMBEP IBZNVZCVFOBT PQPSUVOJEBEFT TJ TFE FTIBDFO EF jMP TVZPx Pj MP EF UPEB MB WJEBx QBSBBCSB[BSOVFWBTPDVQBDJPOFT&TQB×BFODPODSFUPoZ&VSPQBFO HFOFSBMoTFFOGSFOUBBVOBEÏDBEBEFQSPGVOEBSFDPOWFSTJØOMBCPSBM TJOQSFDFEFOUFT-BDSJTJTOPFTNÈTRVFFMQVOUPEFQBSUJEBQBSB MBSFDPOWFSTJØOBFNQMFPTEFNBZPSDVBMJfiDBDJØOQBSBNJMMPOFTEF QVFTUPTEFUSBCBKPEFCBKPWBMPSB×BEJEPTJOOJOHÞOGVUVSPFOMB OVFWBFDPOPNÓBHMPCBM&MHSBOSFUPEFMBQSØYJNBEÏDBEBTFSÈSF DJDMBSBUSBCBKBEPSFTDPOQPDBGPSNBDJØOIBDJBUSBCBKPTEFDVBMJfiDB DJØONFEJBPBMUB&TQB×BFTVOPEFMPTQBÓTFTFVSPQFPTDPONBZPS OFDFTJEBEEFVOBSFDPOWFSTJØOMBCPSBM
6O FNQMFP EF QPS WJEB FOVOCVFODBSHPCJFOQBHBEP TFI B DPOWFSUJEPFOVOBJEFBBCTVSEB -BCVFOBOPUJDJBFTRVFMPTOVFWPTFNQMFPTDVBMJfiDBEPTZEFBMUP WBMPSB×BEJEPDPNQFOTBSÈOMPTUSBCBKPTEFCBKPWBMPSB×BEJEPRVFTF QFSEFSÈOFOBMHVOPTTFDUPSFTDPNPTPOMBDPOTUSVDDJØO MBBHSJDVMUVSB ZMBJOEVTUSJB"VORVFFMQSPDFTPTFDBSBDUFSJ[BSÈQPSFMQBSPFTUSVDUV SBMZFOEÏNJDPFMjQMFOPEFTFNQMFPx"MfiOBM HBOBSÈOFOPDVQBDJØO MPTTFSWJDJPTBMBTQFSTPOBTZFNQSFTBT ZMPTUSBCBKPTDSFBUJWPTZUPEP MPRVFUFOHBRVFWFSDPOMBTOVFWBTUFDOPMPHÓBTZFMUBMFOUPBQMJDBEP -B QSPGVOEB SFDPOWFSTJØO MBCPSBM RVF IB EF BGSPOUBS &TQB×B DBN CJBSÈ ESÈTUJDBNFOUF FMFOUPSOP MBCPSBM UBM DPNP MP DPOPDFNPT IPZ $MBTFTEFDBEFOUFTQSPEVDUJWB BHSÓDPMB$MBTFTFNFSHFOUFTDSFB UJWB TFSWJDJPT -B DMBTF DSFBUJWB DPODFQUP BDV×BEP QPS 3JDIBSE 'MPSJEB FTUÈ DPOTUJUVJEB QPS EJSFDUJWPT UÏDOJDPT QSPGFTJPOBMFT JOOPWBEPSFT DSFBUJWPT EJTF×BEPSFT BSUJTUBT FOUSFUFOJNJFOUP JOGPSNÈUJDPT JOHF OJFSPT WFOUBBMUB BVUPSFTFJOWFOUPSFTyRVFVUJMJ[BOMBDSFBUJWJEBE DPNPNBUFSJBQSJNBFOTVTUSBCBKPT5FOESÈONVDIPUSBCBKP QPDB DPNQFUFODJBZFYDFMFOUFTJOHSFTPT-BDMBTFTFSWJDJPT UBNCJÏOFNFS HFOUFTBOJUBSJPT BENJOJTUSBUJWPT GVODJPOBSJPT WFOUBCBKB MJNQJF [B WJHJMBODJB NBOUFOJNJFOUP DVJEBEPTEPNÏTUJDPT TFSWJDJPTTPDJB MFTZDPNVOJUBSJPT SFTUBVSBDJØOyDPNPJOGSBFTUSVDUVSBEFBQPZP BMBDMBTFZFDPOPNÓBDSFBUJWBT BVORVFOPFTUBSÈOOJEFMFKPTUBO CJFOSFNVOFSBEBT'JOBMNFOUF UBOUPMBDMBTFBHSJDVMUVSBHBOBEFSÓB ZQFTDB DPNPMBDMBTFQSPEVDUJWBDPOTUSVDDJØO SFQBSBDJPOFT USBOT QPSUF NJOFSÓB GBCSJDBDJØOySFUSPDFEFSÈODPNPGVFOUFEFFNQMFP FO0DDJEFOUFZTVSFNVOFSBDJØOJSÈBMBCBKBFOEVSBDPNQFUFODJB DPOMPTQBÓTFTFNFSHFOUFT`0I &MEFDMJWFEFMBBOUJHVBDMBTFQSPEVDUJWBFTDPOTFDVFODJBEFMEF DMJWFEFMBFDPOPNÓBQSPEVDUJWBPJOEVTUSJBMFO0DDJEFOUF-BFSB JOEVTUSJBM GPSNB ZB QBSUF EFM QBTBEP FO &TUBEPT 6OJEPT &VSPQB +BQØOyBMIBCFSJOHSFTBEPEFQMFOPFOMBFDPOPNÓBDSFBUJWBPMB FSBEFMDPOPDJNJFOUP -PT EFSFDIPT ZFMF TUBEP EF CJFOFTUBS EF MPT RVF HP[BNPT MPT QBÓTFTEFMB6OJØO&VSPQFBTPOVOFWJEFOUFMPHSPTPDJBMRVF FO
FM DBTP QBSUJDVMBS EF OVFTUSP QBÓT QVFEFO SFQSFTFOUBS VOB DBSB GBDUVSB DVZP DPTUF QVFEFJODMVTPQPOFSFOSJFTHPMBTPMWFODJBEFM FTUBEP /P EJHP RVF FMF TUBEP EF CJFOFTUBS OP TFB EFTFBCMF RVF QPSTVQVFTUPMPFT QFSPRVJ[ÈTFOPTIBJEPMBNBOPFYJHJFOEPRVF QBQÈFTUBEPOPTTBRVFMBTDBTUB×BTEFMGVFHPFODBTJUPEPTOVFTUSPT BTVOUPT-PDVBMOPFTQPTJCMFOJEFTFBCMF/PFTQPTJCMFQPSRVF QPOFFOQFMJHSPMBDBKBEFDBVEBMFTEFMQBÓT ZOPFTEFTFBCMFQPS RVFEFCJMJUBBMBTQFSTPOBTBMMMFWBSMBTBDSFFSRVFUFOFSUPEPTMPT QSPCMFNBTSFTVFMUPTFTVOEFSFDIPHSBUVJUPFYFOUPEFEFCFSFT&M FTUBEPEFCJFOFTUBSTFSÈTPNFUJEPBEJFUBQPSUPEPTMPTHPCJFSOPTZ RVFEBSÈFOMPTIVFTPTTJOVOÈQJDFEFHSBTBUSBTMPTQSØYJNPTB×PT EFBVTUFSJEBEFTQBSUBOB &VSPQB IB WJWJEP VO QBSÏOUFTJT EF DSFDJNJFOUP ZC JFOFTUBS TV CMJNFFOMPTÞMUJNPTDJODVFOUBB×PTQFSPFTFQFSÓPEPIBDPODMVJEP QBSBEBSQBTPBPUSBSFBMJEBE4Ó IFNPTWVFMUPBMBSFBMJEBEUSBTWJWJS FOVOBGBOUBTÓB&TBCPOBO[BZDSFDJNJFOUP QPSPUSBQBSUF ZUPEP TFBEJDIP TFDPOTJHVJØBGVFS[BEFVOFOEFVEBNJFOUPFTUSBUPTGÏSJDP ZVOOJWFMEFDPOTVNPJOTPTUFOJCMFFJOTBOP&ODVBMRVJFSDBTP FM FTUBEPEFCJFOFTUBSZFMT JTUFNBEFMB4FHVSJEBE4PDJBMTPOVOGF OØNFOPNVZSFDJFOUF EFMTJHMPQBTBEP BQFOBTIBDFVOSBUP ZFO OJOHÞONPEPFTUÈDPOTPMJEBEPOJHBSBOUJ[BEPQBSBFMG VUVSP/P DSFPRVFEFTBQBSF[DBOQFSPTÓQJFOTPRVFMFTEBSÈOVOBWVFMUBEF DBMDFUÓOZFWPMVDJPOBSÈOBBMHPCBTUBOUFEJGFSFOUFBMPRVFUFOFNPT IPZ:IBZVONPUJWPEFQFTPMPTOÞNFSPTOPTBMFO-BTDVFOUBT EFMPTFTUBEPTOPDVBESBO .FOTBKFDVJEBEFUJ `QPSRVFOBEJFNÈTMPIBSÈ &M FTUBEP BQPZBSÈ EFTEFMVFHP BBRVFMMBTQFSTPOBTDPONBOJ fiFTUBJODBQBDJEBEPFYDMVTJØOTPDJBM$BTPTFYUSFNPT1FSPFMSFTUP EFCFSFNPTUJSBSEFMDBSSPEFOVFTUSBFDPOPNÓBZUBNCJÏODPOUSJCVJS BMBDPNÞO&OMBFYUJOUBjFSBJOEVTUSJBMx FMFTUBEPHBSBOUJ[BCBFM CJFOFTUBSfiOBODJFSPEFMPTDJVEBEBOPT FOMBjFSBEFMDPOPDJNJFO UPx DBEB USBCBKBEPS TFSÈ SFTQPOTBCMF EF TV KVCJMBDJØO PS FUJSP Z QPSTVQVFTUP EFTVTBMVEfiOBODJFSB4FHVSJEBE USBCBKPfiKP QMFOP FNQMFP FNQMFP EF QPS WJEB QFOTJPOFT HFOFSPTBT KVCJMBDJØO HB SBOUJ[BEByTPODPODFQUPTPCTPMFUPTEFPUSBFSB MBJOEVTUSJBM RVF
IBOEFKBEPEFUFOFSWBMJEF[FOMBBDUVBMFSBEFMBJOGPSNBDJØOZFM DPOPDJNJFOUP -BTFHVSJEBEMBCPSBMTFEFTNPSPOBBOUFOVFTUSPTPKPTFTVOSF DVFSEPEFMQBTBEP -FDUPS RVJTJFSBUPNBSUFQPSMBTTPMBQBTZTBDVEJSUFDBSJ×PTBNFO UF QBSB RVF EFTQFSUBSBT ZE JTF×BSBT VO QMBO QBSB EFDJEJS DVÈOUP EJOFSPJOHSFTBSÈTFOUVSFUJSP TJOFDFTJUBSÈTTFHVJSUSBCBKBOEPPOP B QBSUJS EF MB KVCJMBDJØO DPO RVÏ BIPSSPT DPOUBSÈT QBSB FOUPODFT FUD3FDVFSEB RVJFSPRVFTFBTMJCSF TBCJPZSJDP1VFEPPÓSDØNPUV QFOTBNJFOUPQSFHVOUBTJQVFEFTFMFHJSDVÈOEPSFUJSBSUFZDPORVÏ EJOFSP #VFOP `QVFT TÓ QVFEFT FMFHJSMP MP FTUPZ HSJUBOEP 0USB DPTB FT MB QFOTJØO MFHBM EF KVCJMBDJØO EFM FTUBEP TPCSF MB DVBM OP UJFOFTOJOHÞODPOUSPMOPTBCFTTJMBUFOESÈT OJTVDVBOUÓB OJBRVÏ FEBE MB SFDJCJSÈTy &O MPT QSØYJNPT B×PT EFCJEP B MB FWPMVDJØO EFMBEFNPHSBGÓB MPTDJVEBEBOPTTVGSJSÈOTFWFSBTSFEVDDJPOFTFOFM TJTUFNBEFQFOTJPOFTZEFBUFODJØONÏEJDB1FSEØO QFSPBMHVJFOMP UFOÓBRVFEFDJS )BZTPMVDJØO6OQSPGFTJPOBMBVUØOPNPPFNQSFOEFEPSQVFEF EFDJEJSDVÈOUPJOHSFTBSÈZDVÈOEPEFKBSÈEFUSBCBKBS BVORVFOP DVÈOEPTFKVCJMBSÈMFHBMNFOUF ZBRVFIBZVOBFEBENÓOJNBQBSB QPEFS IBDFSMP 1BSB RVF QVFEB EFKBS EF USBCBKBS MF CBTUBSÈ DPO UFOFSBTFHVSBEPTVOPTJOHSFTPTQBTJWPTZBTÓQPEFSSFUJSBSTFBOUFT EFMBFEBEMFHBM TFHVJSDPUJ[BOEP QFSPOPUSBCBKBOEP ZBTFHVSBS TFVOBQFOTJØORVFTFBQPDPPNVDIPTJFNQSFCJFO%FUBMNPEP RVFVOBQFSTPOBRVFIBIFDIPMPTEFCFSFTfiOBODJFSPTQVFEFEFDJEJS SFUJSBSTFBMPTB×PToUBMWF[BOUFToTJDVFOUBDPOVOCVFOQMBO QBSBFMMP BVORVFFMHPCJFSOPMFKVCJMFMFHBMNFOUFBMPTB×PT NÈT PNFOPT "MBFEBEEFKVCJMBDJØO RVFMMFHBSÈBMPTB×PTUBSEFPUFN QSBOP VOBT QFSTPOBT EFCFSÈO TFHVJS USBCBKBOEP NÈT BMMÈ oNJFO USBTTVTBMVETFMPQFSNJUBoQBSBDPNQMFNFOUBSTVFYJHVBQFOTJØO EFKVCJMBDJØO NJFOUSBTRVFPUSBTQPESÈOEFKBSEFUSBCBKBSQPSRVF DPOUBSÈO DPO JOHSFTPT TVfiDJFOUFT QBSB OP UFOFS RVF EFQFOEFS EF VOB QFOTJØO -B EJGFSFODJB FOUSF FTUBS FO VO HSVQP PFO FMPUSP DPOUBSDPOVOBFTUSBUFHJB VOQMBOHBOBEPS2VJFOFTIBZBOEFTB
SSPMMBEPVOBCVFOBFTUSBUFHJBQBSBSFUJSBSTFQPESÈOIBDFSMP FMSFTUP UFOESÈRVFUSBCBKBSEFQPSWJEB{1PSRVÏ 1PSRVFMBTQFOTJPOFTTF SFEVDJSÈOQSPHSFTJWBNFOUFBVOBDBOUJEBETJNCØMJDB PNÓOJNPEF TVCTJTUFODJB²TUBFTMBSB[ØORVFNFDPOEVDFBBfiSNBSRVFDPOUBS ÞOJDBNFOUFDPOMBQFOTJØOFTUBUBMQBSBMBKVCJMBDJØOFTVOBFTUSBUF HJBQFSEFEPSB -BQSFHVOUBRVFEFCFSÈTSFTQPOEFSFT{DVÈMFTUVFTUSBUFHJBQBSB UVKVCJMBDJØOPSFUJSP %BUPMBTFTUBEÓTUJDBTEJDFORVFMBTQFSTPOBTEFNFOPTEFB×PT UJFOFONÈTGFFOMPTPW OJT PFORVF&MWJT1SFTMFZTJHVFWJWP RVFFO MBQPTJCJMJEBEEFDPCSBSBMHPEFMB4FHVSJEBE4PDJBM &OOVFTUSPQBÓTTFBQMJDBFMjTJTUFNBEFSFQBSUPx FOFMRVFMBTQFS TPOBTRVFDPUJ[BOIPZFTUÈOQBHBOEPMBTQFOTJPOFTEFMPTKVCJMBEPT EFIPZQFSPOPTVTQSPQJBTQFOTJPOFTGVUVSBT-BHSBOFTQFSBO[BFT RVFMPTIJKPTIBSÈOMPNJTNPQPSTVTQBESFT&TUFTJTUFNBEFSFQBSUP IBGVODJPOBEPNVZCJFONJFOUSBTMBQPCMBDJØODSFDÓBQPSMBFYQMP TJØOEFOBUBMJEBEEFMBTEÏDBEBTEF Z MBHFOFSBDJØO CBCZCPPN
QFSPEFTEFMBEÏDBEBEF MBUBTBEFGFSUJMJEBEIB EFTDFOEJEP -BTQFOTJPOFTEFKVCJMBDJØOFO&TQB×BTPOEFMBTNÈTHFOFSPTBT EFMNVOEP ZBRVFTFBDFSDBOBMÞMUJNPJOHSFTPQFSDJCJEPFOMBWJEB MBCPSBM:FTPCWJPRVFOPFTFMQBÓTNÈTSJDPEFMNVOEP&OFMTJTUF NBBOHMPTBKØO QPSFKFNQMP MBQFOTJØOTFDPOTJEFSBVODPNQMFNFO UPBMPTQMBOFTQSJWBEPT VOBBZVEBNÓOJNBEFTVQFSWJWFODJB -PTOÞNFSPTIBCMBOQPSTÓTPMPTDVBOEPCBKBNPTBMEFUBMMF{$VÈO UPDPCSBIPZVOKVCJMBEP %FQFOEJFOEPEFWBSJPTGBDUPSFT EFQSP NFEJPFVSPTBMNFT MBNÈYJNBFVSPTBMNFT MBNÓOJNB FVSPTNFOTVBMFT -BTQFOTJPOFTOPDPOUSJCVUJWBTRVFEBOQFPS QBSBEBTFVSPT-PRVFSFQSFTFOUBFOUSFFMZFMEFMPRVF TFJOHSFTBCBFOFMÞMUJNPUSBNPEFMBWJEBBDUJWB`&TDPNPTBMJSEF MBDMBTFNFEJBFJOHSFTBSFOMBDMBTFQSFDBSJBFMNJTNPEÓBEFMBKVCJ MBDJØO{7BMFMBQFOBUSBCBKBSUPEBVOBWJEBQBSBTFNFKBOUFjMPHSPx 4JTFFDIBODJGSBTFTGÈDJMEBSTFDVFOUBEFRVFFMTJTUFNBEFQFO TJPOFT FTQB×PM TFE JSJHF BM DPMBQTP %F OP NFEJBS VOB SFTQVFTUB DPOUVOEFOUF OPTPUSPTMPWFSFNPT:PJSFNPTMBFTUSJEFODJBDVBOEP
DBJHB -B SFTQVFTUB UJFOF DPOTFDVFODJBT SFUJSBSOPT NÈT UBSEF ZP DPCSBSNFOPTQFOTJØO1PSFTPBfiSNPRVFFMDPODFQUPEFKVCJMBDJØO PSFUJSPBMPTB×PT QBSBOPUSBCBKBSOVODBNÈT FTPCTPMFUPZIB DBEVDBEP -B MÓOFB RVF TFQBSBCB USBCBKP ZS FUJSP TFI B IFDIP CP SSPTB JNQSFDJTB WBSJBCMF FMÈTUJDB&OFMGVUVSP OPDSFPRVFIBZB VOBFEBEDPODSFUBQBSBEFKBSEFUSBCBKBS FTUÏTMFHBMNFOUFKVCJMBEP POP FTEFDJS BMNBSHFOEFMBFEBEMFHBM ZUPEPEFQFOEFSÈEFTJ IBTHBOBEPFMKVFHPEFMEJOFSPPTJBÞOOPMPIBTHBOBEP*ODMVTPB OJWFMMFHBM BQVFTUPTJONJFEPBQFSEFSRVFMBFEBEEFKVCJMBDJØOTFSÈ flFYJCMFVOBEFDJTJØO QFOBMJ[BEBPQSJNBEB EFMUSBCBKBEPS -PRVFTJHVFTPOTJFUFIFDIPTRVFUFTPSQSFOEFSÈO TPOMBTTJFUF SB[POFTEFMDPMBQTPJOFWJUBCMFEFMTJTUFNBTJOPTFQSPEVDFVOBSF GPSNBDPOUVOEFOUF )FDIPOBUBMJEBERVFDBFBQMPNP )FDIPSFUSBTPEFMBFOUSBEBEFMPTKØWFOFTFOFMNFSDBEPMB CPSBM )FDIPUBTBTEFQBSPFMFWBEBTZDSØOJDBT )FDIPFEBENFEJBEFKVCJMBDJØOBDUVBMQSFNBUVSBBMPT B×PT )FDIPSFUJSPJONJOFOUFEFMBHFOFSBDJØOCBCZCPPN )FDIPFTQFSBO[BEFWJEBDSFDJFOUF )FDIPBVTFODJBEFNFEJEBTRVFSFGPSNFOFMTJTUFNBEFQFO TJPOFTBGPOEP "ÞOIPZ IBZRVJFODSFFRVFDPOQBHBSTVTJNQVFTUPTZDPUJ[BO EPBMB4FHVSJEBE4PDJBMMFCBTUBSÈQBSBUFOFSEFSFDIPBVOBCVFOB QFOTJØO ZO P FT BTÓ 5BNCJÏO IBZ RVJFO DPOTJEFSB RVF FMF TUBEP OPDPCSBJNQVFTUPTBMPTKVCJMBEPT ZUBNQPDPFTBTÓ%FNBTJBEBT QFSTPOBTTJHVFODSFZFOEPFO4BOUB$MBVTPFOFMSBUPODJUP1ÏSF[BMB FEBEEFKVCJMBSTF%FOUSPEFNVZQPDPTB×PTHSBOQBSUFEFMBQP CMBDJØOFTUBSÈKVCJMBEBZBVNFOUBSTVTJNQVFTUPTTFSÈVOBUFOUBDJØO RVFMPTHPCJFSOPTOPQPESÈOSFTJTUJS &TQB×BUJFOFMBTFHVOEBQPCMBDJØONÈTWJFKBEFMQMBOFUBEFTQVÏT EF+BQØO6OBQPCMBDJØOFOWFKFDJEBTJHOJfiDBVOBFDPOPNÓBNÈTEÏ CJMZNFOPSDSFDJNJFOUP
/PIBDFGBMUBOJIBDFSMPTOÞNFSPT DVBMRVJFSBQVFEFEBSTFDVFO UBEFRVFFMBDUVBMTJTUFNBOFDFTJUB OPVOBKVTUF TJOPVOSFQMBOUFB NJFOUPEFHSBODBMBEP{5BOEJGÓDJMFTBDFQUBSRVFFMBDUVBMTJTUFNB EFQFOTJPOFTFTQB×PMTFIBBHPUBEP &OUSFMBFEBEEFCSPODFZoVOFOPSNFQFSÓPEPEF B×PTo MBFTQFSBO[BEFWJEBBVNFOUØTØMPWFJOUJTJFUFB×PT&OMPT ÞMUJNPTDJFOB×PTMBFTQFSBO[BEFWJEBIBBVNFOUBEPPUSPTWFJOUJ TJFUFB×PT/BEJFTBCFDVÈOUPBVNFOUBSÈFOMPTQSØYJNPTWFJOUJDJO DPPDJODVFOUBB×PT QFSPBQVFTUPBRVFNVDIP1PSFKFNQMP *UBMJB DVFOUB ZB DPO NÈT IBCJUBOUFT NBZPSFT EF B×PT RVF NFOPSFT EFB×PT&OFMSFTUPEF&VSPQBZ+BQØOMBTQSFWJTJPOFTOPTPO NFKPSFTMPTNBZPSFTEFB×PTTPONÈTEFMEFMUPUBMZWBO DBNJOPEFTFSFMQBSB`6OUFSDJPEFMBQPCMBDJØOTFSÈO BODJBOPT /PJOGSBWBMPSFTFMFGFDUPEFMBDSFDJFOUFFTQFSBO[BEFWJEBFOMBT finBO[BT %ÏKBNFDPOUBSUFVOBBOÏDEPUB&O DVBOEPse fiKØDPNP FEBEEFKVCJMBDJØOMPTB×PT MBQPCMBDJØOFSBNVZKPWFOZMBFT QFSBO[BEFWJEBFSBEFB×PT'VF0UUPWPO#JTNBSDLEF1SVTJB RVJFOIJ[PFTUBQSPQVFTUBBTVTDPODJVEBEBOPTTBCJFOEPRVFSBSB NFOUF UFOESÓB RVF DVNQMJS MB QSPNFTB EF QBHBS VOB QFOTJØO -B fiMPTPGÓB QSVTJBOB EFM DBODJMMFS FSB QSPEVDJS TPMEBEPT ZF NQMFBEPT FODBOUJEBEFTNBTJWBT HFOUFBTVTØSEFOFTDBSOFEFDB×ØOQBSBTVT HVFSSBTZNBOPEFPCSBQBSBTVTGÈCSJDBT-BNFOUBCMF &TUPZTFHVSPEFRVFZBTBCSÈTRVFIPZMBFTQFSBO[BEFWJEBFO &TQB×BFTUÈFOUPSOPBMPTB×PTZWBTVCJFOEP UÞZPUVQBSFKB FTNVZQSPCBCMFRVFWJWÈJTIBTUBMPTB×PT TJOPNÈT &VSPQB FOWFKFDF Z& TQB×BBÞONÈTSÈQJEP QBSBDPOWFSUJSTFFOVODPOUJ OFOUFEFBODJBOPTDPOFYQFDUBUJWBTEFWJWJSNVDIPTB×PT-PRVF JNQMJDBSÓBRVFMBTQFOTJPOFTTFBMBSHBTFOUSFJOUBB×PTDVBOEPFMTJT UFNBGVFEJTF×BEPQBSBQBHBSMBTTØMPVOPTQPDPTB×PT(SBDJBTBMPT BWBODFTEFMBNFEJDJOBZMBNFKPSBEFIÈCJUPT GVNBSNFOPT CFCFS NFOPT DPNFSNÈTTBOPy
IPZVOEFMBQPCMBDJØOFTNBZPS EF B×PT QFSP FO TFSÈ NÈT EFM 1BSB FNQFPSBS MPT OÞNFSPT KVTUPFOFTFB×PFNQF[BSÈBKVCJMBSTFMBHFOFSBDJØOCBCZ
CPPN RVFDBTJEVQMJDBBHFOFSBDJPOFTBOUFSJPSFT FTUBOVNFSPTBHF OFSBDJØOUJFOFVOIBOEJDBQTFDBTBSPONÈTUBSEFRVFHFOFSBDJPOFT BOUFSJPSFTZUVWJFSPONFOPTIJKPTEFMPTRVFFSBIBCJUVBM-PTCPP NFSTTPONVDIPTQFSPOPIBOTJEPQSPMÓfiDPT 1PSUBOUP MBUBTBEF OBUBMJEBEIBDBÓEPBM DVBOEPQBSBSFQPOFSMBQPCMBDJØOBDUJWB TFHÞOMPTEFNØHSBGPT UFOESÓBRVFEPCMBSTFBM &OFMTJHMPQBTBEP MPTKØWFOFTFOUSBCBOFOFMNFSDBEPMBCPSBMB MPTB×PT NVDIPBOUFTEFMPRVFIBDFOMPTKØWFOFTIPZ QPSUBOUP IBCÓBNÈTDPUJ[BOUFTFOFMTJTUFNB"RVFMFTDFOBSJP JODPSQPSBDJØO UFNQSBOB ZF TQFSBO[B EF WJEB NFOPS IPZ ZB OP FYJTUF 1FPS BÞO TF IB JOWFSUJEP 1PS FTB SB[ØO FMBD UVBM TJTUFNB EF QFOTJPOFT FT JOTPTUFOJCMFZUFOESÈRVFSFWJTBSTFBGPOEP ZBRVFUBMZDPNPFTUÈ FTUSVDUVSBEPUJFOFGFDIBEFDBEVDJEBE -BDSJTJTIBIFDIPRVFBVNFOUBSBFMOÞNFSPEFJONJHSBOUFTRVF IBOSFHSFTBEPBTVQBÓTEFPSJHFO DPOMPRVFEJTNJOVZFOMPTDPUJ [BOUFTBMTJTUFNBTJORVFQVFEBODPNQFOTBSFTUFFGFDUPMPTOVFWPT JONJHSBOUFTRVFIBOMMFHBEP1BSBFNQFPSBSMP MPTJONJHSBOUFTWJF OFOPQUBOEPEFQSPNFEJPQPSMPTUSBCBKPTNFOPTQBHBEPTZ QPSFMMP TVQPOFOVOBDPOUSJCVDJØOSFMBUJWBNFOPSBMTJTUFNBEFMB4FHVSJEBE 4PDJBM "EFNÈT QSFWFPRVFFOMPTB×PTWFOJEFSPTNVDIPTKØWFOFTEFCF SÈOCVTDBSTVQSPQJPGVUVSPMBCPSBMFOQBÓTFTFYUSBOKFSPTDPONBZP SFTDSFDJNJFOUPTEFM1*#PFOQBÓTFTFNFSHFOUFTEFCJEPBMBTHSBOEFT EJfiDVMUBEFTRVFBGSPOUBSÈOBRVÓQBSBFODPOUSBSVOUSBCBKPFTUBCMF ZCJFOSFNVOFSBEP &MQSPCMFNBEFMBTQFOTJPOFTOPFTVOFGFDUPEJSFDUPEFMBDSJTJT FOSFBMJEBEFTUBCBDBOUBEP QFSPFTDJFSUPRVFMBDSJTJTMPFNQFPSB BMBVNFOUBSMBQPCMBDJØORVFOPUSBCBKBZRVF QPSUBOUP OPDPUJ[B -BTQPTJCMFTTPMVDJPOFTRVFTFFTUÈOCBSBKBOEP ZRVFIBCSÈOEF DPNCJOBSTF QBSBHBSBOUJ[BSFMDPCSPEFVOBQFOTJØOTPO 4VTUJUVJSFMDPODFQUPEFFEBEEFKVCJMBDJØOQPSMPTB×PTDPUJ [BEPT4FQMBOUFBWBMPSBSNÈTMBTDBSSFSBTMBSHBTZRVFRVJFO DPUJDFB×PTQVFEBKVCJMBSTFBOUFTEFMBFEBEMFHBl fiKBEB )BDFS DPOWJWJS MB KVCJMBDJØO DPO USBCBKBS -B flFYJKVCJMBDJØO TVQPOESÓBIBDFSDPOWJWJSVOBQFOTJØOEFKVCJMBDJØODPOVO
TBMBSJPEFVOflFYJUSBCBKP6OBKVCJMBDJØOQBSDJBM TFSUSBCBKB EPSQPSMBTNB×BOBTZKVCJMBEPQPSMBTUBSEFT 5FSNJOBS DPO FMB CVTP EF MBT QSFKVCJMBDJPOFT FO MBT RVF FM FTUBEPIBEFfiOBODJBSFMTVCTJEJPEFQBSP Z BEFNÈT IBDFSTF DBSHPEFMBTDPUJ[BDJPOFTTPDJBMFTEFMUSBCBKBEPS:BVNFOUBS FMNÓOJNPEFFEBEQBSBKVCJMBSTFBMPTB×PT DPOTVDPSSFT QPOEJFOUFQFOBMJ[BDJØO "MBSHBSMBFEBEEFKVCJMBDJØOQSPHSFTJWBNFOUFEFMPTBMPT B×PT ZEFTQVÏTIBTUBMPTB×PTQBSBRVFFMTJTUFNBSF TVMUFWJBCMF&TUBNFEJEBFTUBOJNQPQVMBSRVFMPTHPCJFSOPT MBQPTQPOESÈOIBTUBRVFTFBJOBQMB[BCMF BOUFTEFNJUBEEF TJHMP%FFTUFNPEPTFSFUSBTBMBFOUSBEBEFQFOTJPOJTUBTFOFM TJTUFNB "NQMJBSFMQFSÓPEPQBSBDBMDVMBSMBTQFOTJPOFTEFMPTÞMUJNPT B×PTBMPTPRVJ[ÈTBMPTÞMUJNPTB×PTDPUJ[BEPTZ QBVMBUJOBNFOUF QBTBSBDPNQVUBSUPEBMBWJEBMBCPSBM DPNP SFDPNJFOEBMB0$%& "VNFOUBS MPT B×PT EF DPUJ[BDJØO NÓOJNPT OFDFTBSJPT QBSB QPEFSBDDFEFSBMDPCSPEFVOBQFOTJØO"IPSBDPOB×PT DPUJ[BEPTTFDPCSBFMEFMBQFOTJØO DPOB×PTFM0 ZDPOB×PTFM QFSPTFQSPQPOFQBTBSBB×PTDP UJ[BEPTQBSBQPEFSDPCSBSMBQFOTJØODPNQMFUB "VNFOUBSMPTJNQVFTUPTEFMPTDPOUSJCVZFOUFTQBSBQBHBSMB GBCVMPTBGBDUVSBEFMB4FHVSJEBE4PDJBMY fiOBODJBSMBTQFO TJPOFTOPDPOUSJCVUJWBTDPOJNQVFTUPTFOMVHBSEFIBDFSMPDPO DPUJ[BDJPOFTDPNPIBTUBBIPSB &MFWBSMPTNÈYJNPTEFDPUJ[BDJØO $PNQMFNFOUBSMBKVCJMBDJØOQÞCMJDBDPOMPTQMBOFTQSJWBEPT EFKVCJMBDJØOZBVNFOUBSMBTDVBOUÓBTRVFQVFEFOJOWFSUJSTF .FKPSBSMBfiTDBMJEBEEFMBTBQPSUBDJPOFTEFMBTFNQSFTBTBMPT QMBOFTEFQFOTJPOFTEFTVTUSBCBKBEPSFTZGPNFOUBSMPT 1FSNJUJSRVFNÈTJONJHSBOUFTMMFHVFOBMQBÓTQBSBRVFDPUJDFO BMTJTUFNBEFMB4FHVSJEBE4PDJBM 3FEVDJSMBTQFSDFQDJPOFTEFMPTGVUVSPTKVCJMBEPTBVONÓOJ NPFTFODJBMEFTVCTJTUFODJB
#POJfiDBSBBRVFMMPTDPUJ[BOUFTRVFTBMHBONÈTUBSEFEFMNFS DBEPEFUSBCBKPZQFOBMJ[BSBBRVFMMPTRVFBOUJDJQFOTVKVCJMB DJØOBMBFEBENÓOJNBMFHBMEFKVCJMBDJØO 4VTUJUVJSFMTJTUFNBEFSFQBSUPEFMB4FHVSJEBE4PDJBMBDUVBM QPSVOPEFDBQJUBMJ[BDJØO -BTSFHMBTEFMSFUJSPIBODBNCJBEPZMPTFHVJSÈOIBDJFOEPFOMPT B×PTWFOJEFSPT)BCSÈRVFCBKBSTFEFMBOVCFFOMBRVFFTUÈCBNPT JOTUBMBEPT-BSFGPSNBCVTDBSÈNFKPSBSMBTPTUFOJCJMJEBEZMBFRVJ EBE EPTDPTBTEFMBTRVFFMBDUVBMTJTUFNBDBSFDF-PNÈTQSPCBCMF FTRVFTFSFUSBTFMBFEBEEFKVCJMBDJØOPSFUJSPZRVFTFCBKFMBDVBO UÓBEFMBQFOTJØOBSFDJCJS1FOTJPOFTNÈTSFEVDJEBTFOVOTJTUFNB NFOPT HFOFSPTP RVF FMBD UVBM FM TJTUFNB EF QFOTJPOFT FTQB×PM FT FO UÏSNJOPT SFMBUJWPT EF MPT NÈT HFOFSPTPT EF &VSPQB BMDBO[BO FMEFMÞMUJNPTVFMEPGSFOUFBMFO'SBODJBPFMFO "MFNBOJB -PRVFFTTFHVSPFTRVFFEBEEFKVCJMBDJØO DÈMDVMPEF MBQFOTJØOZB×PTDPUJ[BEPTOFDFTBSJPTTFWBOBSFUPDBS -B HFOFSBDJØO EFM CBCZ CPPN ZM BT RVF TJHVFO SFUSBTBSÈO TV KVCJMBDJØOQPSRVFÏTFFTTVQBUSØOEFGVODJPOBNJFOUPFONVDIBT PUSBTDPTBT4Ó ZBSFUSBTBSPOTVJODPSQPSBDJØOBMNVOEPMBCPSBM TV FNBODJQBDJØO GBNJMJBS TV NBUSJNPOJP MB BERVJTJDJØO EF TV WJWJFO EB TVQBUFSOJEBEy{1PSRVÏIBCSÓBOEFBEFMBOUBSTVKVCJMBDJØOP SFUJSP /BEBIBDFQSFWFSMP NÈTCJFOUPEPMPDPOUSBSJPSFUSBTBSÈO TV KVCJMBDJØO QPSRVF FO TV DPNQPSUBNJFOUP ÏTF FT TV QBUSØO EF GVODJPOBNJFOUP 6ZyTPONBMBTOPUJDJBT .FOPTEJOFSP NFOPTMJCFSUBE &ONJPQJOJØO TFSÈNVZOFDFTBSJPDPNQMFNFOUBSMBQFOTJØOQÞ CMJDBDPOVOQMBOQSJWBEP.FKPSBÞO JEFBSVOQMBOEFJOWFSTJPOFT RVFDSFFBDUJWPTPOFHPDJPTRVFSFOUFOJOHSFTPTJOEFfiOJEBNFOUFB TVUJUVMBS4Ó EÏKBNFEFDJSMPCJFOGVFSUF`FMNFKPSQMBOEFQFOTJPOFT TPOMPTJOHSFTPTRVFQSPWJFOFOEFDSFBSOFHPDJPTQSPQJPT
4JFTUFMJCSPMFIBJOUFSFTBEPZEFTFBRVFMFNBOUFOHBNPTJOGPSNBEPEF OVFTUSBTQVCMJDBDJPOFT FTDSÓCBOPTJOEJDÈOEPOPTRVÏUFNBTTPOEFTVJOUFSÏT "TUSPMPHÓB "VUPBZVEB $JFODJBT0DVMUBT "SUFT.BSDJBMFT /BUVSJTNP &TQJSJUVBMJEBE 5SBEJDJØO ZHVTUPTBNFOUFMFDPNQMBDFSFNPT 1VFEFDPOTVMUBSOVFTUSPDBUÈMPHPFOXXXFEJDJPOFTPCFMJTDPDPN
$PMFDDJØO²YJUP `"EFM BOU BUVKVCJM BDJØO 3BJNPO4BNTØ FEJDJØOBCSJMEF
.BRVFUBDJØO/BUËMJB$BNQJMMP $PSSFDDJØO.«OHFMFT0MJWFSB %JTF×PEFDVCJFSUB&OSJRVF*CPSSB
ª 3BJNPO4BNTØ 3FTFSWBEPTUPEPTMPTEFSFDIPT
ª &EJDJPOFT0CFMJTDP 4- 3FTFSWBEPTMPTEFSFDIPTQBSBMBQSFTFOUFFEJDJØO
&EJUB&EJDJPOFT0CFMJTDP 4- 1FSF*7 &EJG1FESP*7 QMBOUB QVFSUB #BSDFMPOB&TQB×B 5FM'BY &NBJMJOGP!FEJDJPOFTPCFMJTDPDPN 1BSBDBT $"'"#VFOPT"JSFT"SHFOUJOB 5FM 'BY *4#/
3FTFSWBEPTUPEPTMPTEFSFDIPT/JOHVOBQBSUFEFFTUBQVCMJDBDJØO JODMVJEPFMEJTF×P EFMBDVCJFSUB QVFEFTFSSFQSPEVDJEB BMNBDFOBEB USBOTNJUJEBPVUJMJ[BEBFO NBOFSBBMHVOBQPSOJOHÞONFEJP ZBTFBFMFDUSØOJDP RVÓNJDP NFDÈOJDP ØQUJDP EFHSBCBDJØOPFMFDUSográfico, sin el prFWJPDPOTFOUJNJFOUPQPSFTDSJUPEFMFEJUPS %JSÓKBTFB$&%30 $FOUSP&TQB×PMEF%FSFDIPT3FQSográficos, wwwDFESPPSH TJOFDFTJUBGPUPDPQJBSPFTDBOFBSBMHÞOGSBHNFOUPEFFTUBPCSB
3BJNPO4BNTØ
`"%&-"/5"56+6#*-"$*»/ 3FUÓSBUFDPOMJCFSUBd fiOBODJFSB
Prólogo
BM M ÈE POEFI BZM V[O PQVFEFI BCFSP TD VS JEBE 4ØMPFTQPTJCMFBWBO[BSDVBOEPTFNJSBMFKPT 0SUFHBZ(BTTFU
6OBEFMBTDPTBTRVFSFDVFSEPIBCFSIFDIPEFTEFNVZOJ×PFTMFFS NVDIÓTJNP 'VF QSFDJTBNFOUF FTB QBTJØO MB RVF IJ[P QPTJCMF RVF BVORVFEVSBOUFNVDIPTB×PTUVWJFSBRVFJSBDMBTF OVODBEFKBSBEF BQSFOEFS$SFPRVFNJGBTDJOBDJØOQPSMPTMJCSPTQSPDFEFEFFTBDFS UF[BRVFUFOHPEFRVFNJWJEBOPTFSÓBMBRVFFTEFOPIBCFSTJEPQPS FMFODVFOUSPDPOEFUFSNJOBEPTBVUPSFT1BSBNÓ EFTDVCSJSVOHSBO MJCSP FT DPNP EFTDVCSJS VO UFTPSP &T BMHP RVF NF MMFOB EF HP[P FTVOBCVFOBOPUJDJBRVFNFQSPWPDBVOBTHBOBTJSSFGSFOBCMFTEF UPNBSFMUFMÏGPOPQBSBIBDÏSTFMPTBCFSBVOTFSRVFSJEP$PNQBSUJS DPOPUSBTQFSTPOBTFMEFTDVCSJNJFOUPEFVOMJCSPFYDFMFOUFFTBMHP RVFNFIBDFWJCSBS4VQPOHPRVFTJFNQSFIFUFOJEPDJFSUBWPDBDJØO EFCJCMJPUFSBQFVUB 1PSFTP QSPMPHBSZSFDPNFOEBS "EFMBOUBUVKVCJMBDJØONFDPO WJFSUF FO VOB QFSTPOB BGPSUVOBEB 3BJNPO IB FTDSJUP VO MJCSP WJ TJPOBSJP WBMJFOUF OFDFTBSJP DPOUVOEFOUF ZD POTDJFOUF BTÓ DPNP DFSDBOP &TWJTJPOBSJPZFTMÞDJEPQPSRVFQSPQPOFVOBOÈMJTJTDFSUFSPEF MPRVFFTUÈTVDFEJFOEPZEFMPRVFPDVSSJSÈFOMBTFDPOPNÓBTQFSTP OBMFTZOBDJPOBMFT&TWBMJFOUFQPSRVF3BJNPOTFBUSFWFBEFDJS MF
QFTFBRVJFOMFQFTF MPRVFBMHVOPTWFOQFSPTFD BMMBO5BNCJÏO MPRVFNVDIPTTFODJMMBNFOUFOPTPODBQBDFTEFWJTMVNCSBS&TVO MJCSPOFDFTBSJPQPSRVFFOFTUFNPNFOUPEFMBIJTUPSJBFOFMRVFTF FTUÈOQSPEVDJFOEPDBNCJPTUBOESÈTUJDPTEFGPSNBFYQPOFODJBM FTUF UFYUPBZVEBSÈBNVDIBTQFSTPOBTBFOUFOEFSMPRVFFTUÈQBTBOEPZ BSFTJUVBSTFZBDBNCJBSVOQBSBEJHNBPCTPMFUPQBSBDPOUFNQMBSMB SFBMJEBE "EFMBOUBUVKVCJMBDJØOFTUBNCJÏODPOUVOEFOUF QPSRVFDPOUJFOF JEFBTZQSPQVFTUBTTVfiDJFOUFTDPNPQBSBRVFFOVONVOEPJEFBMTF DPOWJFSUBFOMJCSPEFUFYUPEFVOBBTJHOBUVSBEFCBDIJMMFSBUP1FSP UBNCJÏOFTDPOTDJFOUF QPSRVF3BJNPOOPOPTIBCMBTØMPEFDØNP HBOBSEJOFSP EFFTPIBZNVDIPNBUFSJBMZBFTDSJUP
TJOPRVFOPT EJDFDØNPIBDFSMPEFGPSNBTJHOJfiDBUJWB SFTQPOTBCMF GFMJ[ZFOTJO UPOÓBDPOOVFTUSPTUBMFOUPTZWBMPSFT:FTUP RVFFTFMQBSBEJHNB FNFSHFOUFEFDPOUFNQMBSMBWJEBZMBFDPOPNÓB FTBMHPRVFIBDF NVDIBGBMUB"EFNÈT UJFOFTFOUSFUVTNBOPTVOMJCSPDFSDBOP/P UBSÈTRVFFTVOMJCSPDPOWP[QSPQJB DPOVOBWP[GSBODB BHVEBZ EJWFSUJEB RVFUFIBCMBDPNPMPIBSÓBUVNFKPSBNJHP 3BJNPO QPSUPEPFMMP UFFTUPZTJODFSBNFOUFBHSBEFDJEP "EFMBOUBUVKVCJMBDJØOFTVOMJCSPDPNPTVBVUPSHFOFSPTP:OP MPEJHPQPSRVF3BJNPOTFBVOCVFOBNJHP RVFMPFT TJOPQPSRVFMP EFNVFTUSBBMFYQPOFSQÞCMJDBNFOUFZTJOSFTFSWBTMPTDPOPDJNJFOUPT ZMBTIFSSBNJFOUBTRVFÏMNJTNPFTUÈFNQMFBOEPQBSBBEFMBOUBSTV KVCJMBDJØO:MPIBDFDPOMBNJTNBHFOFSPTJEBEDPOMBRVFMPQPESÓB IBDFSDPOVOBNJHPFOUPSOPBVOTBCSPTPBMNVFS[PWFHFUBSJBOP "EFMBOUB UV KVCJMBDJØO BÞOB PSJHJOBM ZFM FHBOUFNFOUF FTQJSJUVB MJEBEZEJOFSP3BJNPOOPTQSPQPOFVOBGPSNBNÈTGSFTDBZNÈT ÓOUFHSBEFFTUBSFOMBWJEBZEPOEFUSBCBKBSDPOTJTUFFTFODJBMNFOUF FOTFSWJSBMPTEFNÈT NJFOUSBT ZDPNPSFDPNQFOTB TFHBOBEJOFSP ZTFBTFHVSBFMSFUJSP&MEJOFSPDPNPDPOTFDVFODJBFTQJSJUVBMJEBE QVSB 4PTUFOHP RVF DBEB FODVFOUSP RVF UFOFNPT DPO PUSB QFSTPOB DPNP DBEB MJCSP RVF MFFNPT UJFOF MB GBDVMUBE EF BVNFOUBS PE F EJTNJOVJSOVFTUSPOJWFMEFFOFSHÓBZEFDPODJFODJB"EFMBOUBUVKVCJ MBDJØOFTVOMJCSPRVFFTUJNVMB VOMJCSPRVFJOWJUBBMMFDUPSBCSJMMBS
DPOMBMV[QSPQJBDPOMBRVFIBWFOJEPBFTUFVOJWFSTP"EFMBOUBUV KVCJMBDJØOFTVOUFYUPDPOMBDBQBDJEBEEFDBUBQVMUBSUVWJEBIBDJB VOMVHBSNFKPS"MHVJFOEJKPRVFFMBSUFPFTTBOBEPSPOPFTBSUF :P DSFP RVF FTUBCB FO MP DJFSUP 5JFOFT FOUSF UVT NBOPT VO MJCSP TBOBEPSZDPOMBDBQBDJEBEEFSFGPSNVMBSUVSFMBDJØODPOFMEJOFSP ZDPOUVKVCJMBDJØO /PIBZOBEBRVFQVFEBEFUFOFSVOBJEFBBMBRVFMFIBMMFHBEP TVIPSBZFTUFMJCSPUJFOFVOBJEFBNVZQPEFSPTBMBEFFYQMJDBSB MBTQFSTPOBTRVFQVFEFO TJFTUÈOEJTQVFTUBTBNFKPSBSDPNPTFSFT IVNBOPT TFSMPRVFEFTFFOZWJWJSFOQB[ IBDJFOEPMPRVFBNBO HBOBOEP EJOFSP QPS FMMP ZE JTGSVUBOEP EF VO NFSFDJEP SFUJSP TJO QSFPDVQBDJPOFTFDPOØNJDBTFOFMPUP×PEFTVWJEB:FYQMJDBSFTUP ZMBGPSNBEFMMFWBSMPBDBCPIBSÈNÈTMJCSFT NÈTTBCJBTZNÈTSJDBT BNVDIBTQFSTPOBT "EFMBOUBUVKVCJMBDJØOUSBOTGPSNBSÈQPTJUJWBNFOUFMBWJEBEFNV DIPTTFSFTIVNBOPTZBNÓNFQBSFDFVOQSJWJMFHJPQPEFSBTFHVSBS RVF DPNPPUSPTMJCSPTEF3BJNPO ÏTUFFTVOMJCSPWJSVTDVZBMFDUV SB RVFEBTBEWFSUJEP QSPWPDBSÈDBNCJPTFOUVWJEB 4FSHJP'FSOÈOEF[ "VUPSEF7JWJSTJOKFGFZEF7JWJSTJONJFEPT XXX1FOTBNJFOUPQPTJUJWPPSH
Introducción
{1PS RVÏ TØMP VO EF MBT QFSTPOBT BDDFEF BT V SFUJSP PK VCJMB DJØODPOMPTNFEJPTFDPOØNJDPTTVfiDJFOUFTDPNPQBSBOPUFOFSRVF QSFPDVQBSTFEFMEJOFSPOVODBNÈT {2VÏTBCFOFTBTQFSTPOBTRVF FMSFTUP VO OPEFTDVCSJØEVSBOUFUPEBTVWJEB {$VÈMFTTV TFDSFUP TJFTRVFUJFOFOBMHVOP %FTEFMVFHPOPFTOJOHÞOTFDSFUP FODPOUSBSÈTSFTQVFTUBTFOFTUFMJCSP )FFTUBEPFOTF×BOEPBQFSTPOBTDPSSJFOUFTDØNPDPOTFHVJSSF TVMUBEPTFYUSBPSEJOBSJPTEVSBOUFMPTÞMUJNPTEJF[B×PT1FSPIFEF BEWFSUJSUFRVFTJEVSBOUFMBMFDUVSBEFFTUFMJCSPUFEJDFTj&TPZB MPTÏxoPBMHPQBSFDJEPo QFSPOPMPIBDFT FOUPODFTMBMJCFSUBEfi OBODJFSBTFHVJSÈTJFOEPVOTFDSFUPQBSBUJ&TUFMJCSPFTFMGSVUPEF NJFYQFSJFODJBQFSTPOBMZMBEFNJTDMJFOUFT4JIBTMFÓEPNJTMJCSPT BOUFSJPSFT TBCSÈT RVF WPZ BM HSBOP ZR VF OP FTUPZ JOUFSFTBEP FO IBDFS QSPNFTBT QPDP SFBMJTUBT 7PZ BTF S DMBSP EFTEF FMQ SJODJQJP BOUJDJQBSFMSFUJSPOPFTOJGÈDJM OJSÈQJEP QVFTOPPDVSSFEFVOEÓB QBSBPUSP: OPPCTUBOUF UFBTFHVSPRVFFTQPTJCMFTJDVFOUBTDPO VOQMBOHBOBEPS 6OBEFMBTNBZPSFTQSFPDVQBDJPOFTEFDVBMRVJFSQFSTPOBFTDPO WFSUJSTFFOEFQFOEJFOUFEFM4FHVSP4PDJBMZEFMBGBNJMJBQBSBQPEFS TPCSFWJWJSFOTVWFKF[ FOFMNFKPSEFMPTDBTPT PEFMBDBSJEBE FO FMQFPS-BFOGFSNFEBEZMBQPCSF[BEVSBOUFMBWFKF[TPOFMUFNPS EFMBNBZPSÓB1BSBFNQFPSBSMP MBTFTUBEÓTUJDBTEFMPTFDPOPNJTUBT EJCVKBOVOGVUVSPDPOVOBTPDJFEBEWJFKB QPCSFZFOGFSNB-BFT
QFSBO[BEFDVBMRVJFSQFSTPOBFTNBOUFOFSVOOJWFMEFWJEBTJNJMBSBM EFBOUFTEFMBKVCJMBDJØOQBSBQPEFSIBDFSUPEPBRVFMMPRVFQPTQVTP QBSBDVBOEPEFKBSBEFUSBCBKBS.FUFNPRVFTVHSBOEFDFQDJØOTFSÈ EFTDVCSJSRVF BQFTBSEFEJTQPOFSEFUJFNQP OPUFOESÈFMEJOFSP TVfiDJFOUFQBSBDVNQMJSFMTVF×PEFVOBKVCJMBDJØOPSFUJSPEPSBEP )FSFBMJ[BEPFTUFWJEFPMJCSPQBSBRVFTFBTj-JCSF TBCJPZSJDPx BTÓFTDPNPIFUJUVMBEPBM%7%RVFBDPNQB×BBMMJCSP"EFMBOUBUV KVCJMBDJØO &MMJCSPDPOUJFOFFMDPOPDJNJFOUPRVFUFQFSNJUJSÈBEFMBOUBSFM SFUJSP ZFMW ÓEFP NVFTUSB QSJODJQJPT CÈTJDPT QBSB DSFBS UV MJCFSUBE fiOBODJFSB &TUVEJB BNCPT EFUFOJEBNFOUF QBSB EFTIBDFSUF EF VO QVFTUPEFUSBCBKPQPDPJOTQJSBEPSZNBMSFUSJCVJEP TJÏTFFTUVDBTP ZDSFBSVOTJTUFNBEFJOHSFTPTEJWFSTJfiDBEP"VORVFFOSFBMJEBENJ ÞOJDBJOUFODJØOFTRVFDVFTUJPOFTUVTQBSBEJHNBTMJNJUBOUFTTPCSFFM EJOFSPZDPOEVDJSUFBVOFTUBEPNFOUBMEFNBZPSFTQPTJCJMJEBEFT )FFTDSJUPQBVUBTTFODJMMBTRVFZBIBOTJEPFYQVFTUBTDPOBOUF SJPSJEBE3FDÓCFMBTBIPSBMJCSFEFQSFKVJDJPT4POQSJODJQJPTTFODJMMPT EFFOUFOEFS BVORVFTÏRVFOPTPOGÈDJMFTEFBQMJDBS5FBTFHVSPRVF MPTIBOFNQMFBEPDPOÏYJUPNVDIBTQFSTPOBTDPNPUÞRVFVOEÓB TFOFHBSPOBWFOEFSTVUJFNQPFOVOUSBCBKPBOPEJOPRVF QPSPUSP MBEP OPMFTQPEÓBIBDFSOJSJDPTOJMJCSFT&MDBNCJPRVFFTUPTQSJO DJQJPTUFQSPQPOFOWBNÈTBMMÈEFVOTJNQMFDBNCJPFOMPRVFTBCFT PVODBNCJPFOMPRVFIBDFT UFQSPQPOFOVODBNCJPFOUVNPEP EFQFOTBS FTEFDJS FORVJFOFSFT.FHVTUBSÓBRVFFTUVWJÏSBNPTEF BDVFSEPFORVFOPFTMPRVFIBDFT TJOPRVJÏOFSFTMPRVFNBSDBSÈMB EJGFSFODJBFOUSFEØOEFFTUÈTBIPSBZEØOEFRVJFSFTFTUBS 4ÏRVFTPZCBTUBOUFSBEJDBMFYQPOJFOEPNJTJEFBT UBMWF[UFTJS WBOPUBMWF[OP QFSPUFBTFHVSPRVFFTMPRVFZPDSFPQSPGVOEBNFO UFZ EFUPEPTNPEPT UFMPPGSF[DP4JBMHVOBEFMBTJEFBTDPOUFOJEBT FOFTUFMJCSPUFQBSFDFJNQPTJCMF QPSGBWPS EBMFVOBPQPSUVOJEBE 1SFUFOEPIBDFSUFTBMJSEFUV[POBDØNPEB EFUVNBESJHVFSB4ÏRVF DVBOEPBDBCFTMBMFDUVSBNFMPBHSBEFDFSÈT -JCSP ZQFM ÓDVMB TPO VO jTFU EF QSJNFSPT BVYJMJPTx QBSB FDPOP NÓBTFYIBVTUBTRVFEFTFBOHFOFSBSMBTVfiDJFOUFSJRVF[BDPNPQBSB EFTIBDFSTFEFVOUSBCBKPBOPEJOP RVFOPDPOEVDFBOBEB TJOUFOFS
RVFFTQFSBSBMBFEBEMFHBMEFMBKVCJMBDJØO MBDVBMTFJSÈSFUSBTBOEP QBVMBUJOBNFOUF5SBUBOEFDØNPBCBOEPOBSMBQJTUBMFOUBZFOUSBS FOMBQJTUBSÈQJEBIBDJBMBQSPTQFSJEBE EFDØNPIBDFSEJOFSPjBMQPS NBZPSxFOMVHBSEFjBMQPSNFOPSx3FMFFSFMMJCSPZSFWJTBSFM%7% DSFBSÈVOFGFDUPTJOÏSHJDPRVFJOTUBMBSÈVOQSPHSBNBfiOBODJFSPHB OBEPSFOUVNFOUF &TUBSÏBUVMBEPEVSBOUFUVMFDUVSBQBSBDPOEVDJSUFNÈTBMMÈEF UVTDSFFODJBTMJNJUBEPSBTSFTQFDUPBMEJOFSPZBMPTNPEPTEFJOHSF TBSMP/PQFSNJUBTRVFFTUBMFDUVSBTFDPOWJFSUBFOVOBQSFOEJ[BKF EFDPODFQUPTUFØSJDPT1BSBFOUFOEFSFMTJHOJfiDBEPSFBMEFMDPODFQUP MJCFSUBE finBODJFSB UFOESÈT RVF DSFBS MB UVZB 1BSB BQSFOEFS BF N QSFOEFSUFOESÈTRVFDSFBSUVTQSPQJBTGVFOUFTEFJOHSFTPT-BQSPQJB FYQFSJFODJBFTNFKPSRVFMBNFKPSEFMBTFTDVFMBTEFOFHPDJPT &TQFSPRVFFMNBUFSJBMEFFTUFWJEFPMJCSPUFFOGPRVFIBDJBFMGV UVSP fiOBODJFSP RVF EFTFBT 4V PCKFUJWP FT PSJFOUBS BM BT QFSTPOBT RVFOPTBCFOQPSEØOEFFNQF[BSBE JTF×BSTVKVCJMBDJØOPSFUJSP BOUJDJQBEP 2VJFSP RVF TFBT MJCSF RVJFSP RVF TFBT TBCJP RVJFSP RVF TFBT SJDP 1BTBMBQÈHJOBZ`FNQFDFNPT 3BJNPO4BNTØ DPBDIQBSBFNQSFOEFEPSFTDPODPSB[ØOZBVUPS EF&MDØEJHPEFMEJOFSP
El gran problema
Jubilarse (retirarse), la gran preocupación {$VÈOUBTQFSTPOBTDPOPDFTRVFUJFOFOSFTVFMUPTVGVUVSPfiOBODJFSP FOFMNPNFOUPEFDFTFEFTVWJEBMBCPSBM {$VÈOUPT USBTVOBFY UFOTBBDUJWJEBEQSPGFTJPOBM QVFEFOEJTGSVUBSFOMBSFDUBfiOBMEFTV WJEB EF MB USBORVJMJEBE RVF SFQSFTFOUB UFOFS FMB TQFDUP fiOBODJFSP SFTVFMUP &TEFDJS QFSTPOBTRVFWJWBODPOjQSFPDVQBDJØOfiOBODJFSB DFSPx&YBDUPyNVZQPDPT {4FDPOWFSUJSÈMBQFOTJØOEFKVCJMBDJØOFOVOBTVOUPEFMQBTBEP FTEFDJS FOVOIFSNPTPSFDVFSEP -BQFSTQFDUJWBGVUVSBOPFTOBEB FTQFSBO[BEPSBPCJFOOPDPCSBSOJOHVOBQFOTJØO TJOPTFBDPNF UFOMBTSFGPSNBTEFMTJTUFNB PDPCSBSVONÓOJNP QFSPNVZNÓOJ NP EFTVCTJTUFODJB TJTFSFGPSNBFMTJTUFNBBDUVBM &OFMNPNFOUP EFMBSFEBDDJØOEFFTUFMJCSP MBNBZPSÓBEFFTUBEPTEF&VSPQBFTUÈO QMBOUFBOEP EJGFSFOUFT SFGPSNBT &TQB×B JODMVJEB "MHVOPT QBÓTFT FVSPQFPTZBIBOIFDIPMPTEFCFSFTFOFTUFBTVOUP OPBTÓ&TQB×B RVFTFIBRVFEBEPSF[BHBEB $VBMRVJFSBRVFTFBMBSFGPSNBEFMTJTUFNBEFQFOTJPOFTFMFHJEB QPSMPTQPMÓUJDPT USBTVOBWJEBFOUFSBEFUSBCBKPTØMPQPESFNPTBTQJ SBSBVONÓOJNP UBONFOHVBEP RVFFOFMNFKPSEFMPTDBTPTDVCSJ SÈMPTHBTUPTNÈTCÈTJDPTEFTVCTJTUFODJB&OOJOHÞODBTPTVfiDJFOUF QBSBQPEFSWJWJSEFMBQFOTJØOTJOUFOFSRVFSFDVSSJSBMBEFQFOEFO DJBGBNJMJBS ZZBOPEJHPJHVBMBSMPTJOHSFTPTQSFWJPTBMBKVCJMBDJØO *NBHJOPRVFUÞOPRVFSSÈTWFSUFBTÓ
&OVOBPEPTEÏDBEBT EFCJEPBMBKVCJMBDJØOEFMBHFOFSBDJØOEFM CBCZCPPN VOBQBSUFTJHOJfiDBUJWBEFMBQPCMBDJØOQSFDJTBSÈJOHSFTPT FYUSBTQBSBDPNQMFNFOUBSTVQFOTJØOQSPWFOJFOUFEFMB4FHVSJEBE 4PDJBM "M NBSHFO EF MPT QMBOFT EF MPT HPCJFSOPT NF QSFPDVQBO NÈTMPTQMBOFTRVFDBEBDJVEBEBOPUJFOF POPUJFOF TPCSFTVKVCJ MBDJØO&MHSBOQSPCMFNBFT{RVÏTFFTUÈIBDJFOEPBOJWFMQBSUJDVMBS QBSBHBSBOUJ[BSFMOJWFMEFWJEBEFTQVÏTEFMBKVCJMBDJØO 3FTQVFTUB QPDPPOBEB/PIBZUBMQMBO OJCVFOPOJNBMP3F[BS.JMMPOFT EFQFSTPOBTFTQFSBOVOBTPMVDJØOfiOBODJFSBRVFQSPDFEBEFMFTUBEP QBSBMBÞMUJNBFUBQBEFTVTWJEBT QFSPDBTJOBEJFIBDFMPTEFCFSFT EJTF×BSTVQMBOQBSBMBKVCJMBDJØOPSFUJSP 5PEPFMNVOEPEFTFB VOBjKVCJMBDJØOEPSBEBx QFSPNVZQPDPTUJFOFOVOQMBOHBOBEPS QBSBDPOTFHVJSMB4JHVFOTP×BOEP &O MPT NFEJPT EF DPNVOJDBDJØO TF IBCMB NVDIP EFM HSBO QSP CMFNBFTUSVDUVSBMEF&TQB×B TVFMFWBEPQBSP QFSPOBEJFEJDFOBEB TPCSFSFJOWFOUBSTFDPNPQSPGFTJPOBMPUSBCBKBEPS&MTÓOESPNFEFM jQBSBEP DPNQVMTJWPx oRVF WJWF EFM TVCTJEJP UPEP FMU JFNQP RVF QVFEFZNÈTTJOUBOTJRVJFSBCVTDBSUSBCBKPoTFDPOUBHJBDPNPVOB FQJEFNJBDPOUBHJPTBRVFUPEPTMPTHPCJFSOPTGVNJHBSÈOUBSEFPUFN QSBOP NBSDBOEP VO UPQF NÈT FTUSFDIP "IPSB NJTNP TFT VCWFO DJPOBOQVFTUPTEFUSBCBKPRVFFTUÈODPOEFOBEPTBEFTBQBSFDFSFO VOPT QPDPT B×PT :M BT QSPGFTJPOFT NFKPS QBHBEBT TPO FO CVFOB QBSUF PDVQBDJPOFTRVFOPFYJTUÓBOIBDFDJODPB×PT"MHVJFOEFCFSÓB EFDJSMFTBMUSBCBKBEPSZB MQSPGFTJPOBMRVFDJFSUPTQVFTUPTEFUSBCB KPUJFOFOMPTEÓBTDPOUBEPT ZRVF QPSPUSPMBEP IBZNVZCVFOBT PQPSUVOJEBEFT TJ TFE FTIBDFO EF jMP TVZPx Pj MP EF UPEB MB WJEBx QBSBBCSB[BSOVFWBTPDVQBDJPOFT&TQB×BFODPODSFUPoZ&VSPQBFO HFOFSBMoTFFOGSFOUBBVOBEÏDBEBEFQSPGVOEBSFDPOWFSTJØOMBCPSBM TJOQSFDFEFOUFT-BDSJTJTOPFTNÈTRVFFMQVOUPEFQBSUJEBQBSB MBSFDPOWFSTJØOBFNQMFPTEFNBZPSDVBMJfiDBDJØOQBSBNJMMPOFTEF QVFTUPTEFUSBCBKPEFCBKPWBMPSB×BEJEPTJOOJOHÞOGVUVSPFOMB OVFWBFDPOPNÓBHMPCBM&MHSBOSFUPEFMBQSØYJNBEÏDBEBTFSÈSF DJDMBSBUSBCBKBEPSFTDPOQPDBGPSNBDJØOIBDJBUSBCBKPTEFDVBMJfiDB DJØONFEJBPBMUB&TQB×BFTVOPEFMPTQBÓTFTFVSPQFPTDPONBZPS OFDFTJEBEEFVOBSFDPOWFSTJØOMBCPSBM
6O FNQMFP EF QPS WJEB FOVOCVFODBSHPCJFOQBHBEP TFI B DPOWFSUJEPFOVOBJEFBBCTVSEB -BCVFOBOPUJDJBFTRVFMPTOVFWPTFNQMFPTDVBMJfiDBEPTZEFBMUP WBMPSB×BEJEPDPNQFOTBSÈOMPTUSBCBKPTEFCBKPWBMPSB×BEJEPRVFTF QFSEFSÈOFOBMHVOPTTFDUPSFTDPNPTPOMBDPOTUSVDDJØO MBBHSJDVMUVSB ZMBJOEVTUSJB"VORVFFMQSPDFTPTFDBSBDUFSJ[BSÈQPSFMQBSPFTUSVDUV SBMZFOEÏNJDPFMjQMFOPEFTFNQMFPx"MfiOBM HBOBSÈOFOPDVQBDJØO MPTTFSWJDJPTBMBTQFSTPOBTZFNQSFTBT ZMPTUSBCBKPTDSFBUJWPTZUPEP MPRVFUFOHBRVFWFSDPOMBTOVFWBTUFDOPMPHÓBTZFMUBMFOUPBQMJDBEP -B QSPGVOEB SFDPOWFSTJØO MBCPSBM RVF IB EF BGSPOUBS &TQB×B DBN CJBSÈ ESÈTUJDBNFOUF FMFOUPSOP MBCPSBM UBM DPNP MP DPOPDFNPT IPZ $MBTFTEFDBEFOUFTQSPEVDUJWB BHSÓDPMB$MBTFTFNFSHFOUFTDSFB UJWB TFSWJDJPT -B DMBTF DSFBUJWB DPODFQUP BDV×BEP QPS 3JDIBSE 'MPSJEB FTUÈ DPOTUJUVJEB QPS EJSFDUJWPT UÏDOJDPT QSPGFTJPOBMFT JOOPWBEPSFT DSFBUJWPT EJTF×BEPSFT BSUJTUBT FOUSFUFOJNJFOUP JOGPSNÈUJDPT JOHF OJFSPT WFOUBBMUB BVUPSFTFJOWFOUPSFTyRVFVUJMJ[BOMBDSFBUJWJEBE DPNPNBUFSJBQSJNBFOTVTUSBCBKPT5FOESÈONVDIPUSBCBKP QPDB DPNQFUFODJBZFYDFMFOUFTJOHSFTPT-BDMBTFTFSWJDJPT UBNCJÏOFNFS HFOUFTBOJUBSJPT BENJOJTUSBUJWPT GVODJPOBSJPT WFOUBCBKB MJNQJF [B WJHJMBODJB NBOUFOJNJFOUP DVJEBEPTEPNÏTUJDPT TFSWJDJPTTPDJB MFTZDPNVOJUBSJPT SFTUBVSBDJØOyDPNPJOGSBFTUSVDUVSBEFBQPZP BMBDMBTFZFDPOPNÓBDSFBUJWBT BVORVFOPFTUBSÈOOJEFMFKPTUBO CJFOSFNVOFSBEBT'JOBMNFOUF UBOUPMBDMBTFBHSJDVMUVSBHBOBEFSÓB ZQFTDB DPNPMBDMBTFQSPEVDUJWBDPOTUSVDDJØO SFQBSBDJPOFT USBOT QPSUF NJOFSÓB GBCSJDBDJØOySFUSPDFEFSÈODPNPGVFOUFEFFNQMFP FO0DDJEFOUFZTVSFNVOFSBDJØOJSÈBMBCBKBFOEVSBDPNQFUFODJB DPOMPTQBÓTFTFNFSHFOUFT`0I &MEFDMJWFEFMBBOUJHVBDMBTFQSPEVDUJWBFTDPOTFDVFODJBEFMEF DMJWFEFMBFDPOPNÓBQSPEVDUJWBPJOEVTUSJBMFO0DDJEFOUF-BFSB JOEVTUSJBM GPSNB ZB QBSUF EFM QBTBEP FO &TUBEPT 6OJEPT &VSPQB +BQØOyBMIBCFSJOHSFTBEPEFQMFOPFOMBFDPOPNÓBDSFBUJWBPMB FSBEFMDPOPDJNJFOUP -PT EFSFDIPT ZFMF TUBEP EF CJFOFTUBS EF MPT RVF HP[BNPT MPT QBÓTFTEFMB6OJØO&VSPQFBTPOVOFWJEFOUFMPHSPTPDJBMRVF FO
FM DBTP QBSUJDVMBS EF OVFTUSP QBÓT QVFEFO SFQSFTFOUBS VOB DBSB GBDUVSB DVZP DPTUF QVFEFJODMVTPQPOFSFOSJFTHPMBTPMWFODJBEFM FTUBEP /P EJHP RVF FMF TUBEP EF CJFOFTUBS OP TFB EFTFBCMF RVF QPSTVQVFTUPMPFT QFSPRVJ[ÈTFOPTIBJEPMBNBOPFYJHJFOEPRVF QBQÈFTUBEPOPTTBRVFMBTDBTUB×BTEFMGVFHPFODBTJUPEPTOVFTUSPT BTVOUPT-PDVBMOPFTQPTJCMFOJEFTFBCMF/PFTQPTJCMFQPSRVF QPOFFOQFMJHSPMBDBKBEFDBVEBMFTEFMQBÓT ZOPFTEFTFBCMFQPS RVFEFCJMJUBBMBTQFSTPOBTBMMMFWBSMBTBDSFFSRVFUFOFSUPEPTMPT QSPCMFNBTSFTVFMUPTFTVOEFSFDIPHSBUVJUPFYFOUPEFEFCFSFT&M FTUBEPEFCJFOFTUBSTFSÈTPNFUJEPBEJFUBQPSUPEPTMPTHPCJFSOPTZ RVFEBSÈFOMPTIVFTPTTJOVOÈQJDFEFHSBTBUSBTMPTQSØYJNPTB×PT EFBVTUFSJEBEFTQBSUBOB &VSPQB IB WJWJEP VO QBSÏOUFTJT EF DSFDJNJFOUP ZC JFOFTUBS TV CMJNFFOMPTÞMUJNPTDJODVFOUBB×PTQFSPFTFQFSÓPEPIBDPODMVJEP QBSBEBSQBTPBPUSBSFBMJEBE4Ó IFNPTWVFMUPBMBSFBMJEBEUSBTWJWJS FOVOBGBOUBTÓB&TBCPOBO[BZDSFDJNJFOUP QPSPUSBQBSUF ZUPEP TFBEJDIP TFDPOTJHVJØBGVFS[BEFVOFOEFVEBNJFOUPFTUSBUPTGÏSJDP ZVOOJWFMEFDPOTVNPJOTPTUFOJCMFFJOTBOP&ODVBMRVJFSDBTP FM FTUBEPEFCJFOFTUBSZFMT JTUFNBEFMB4FHVSJEBE4PDJBMTPOVOGF OØNFOPNVZSFDJFOUF EFMTJHMPQBTBEP BQFOBTIBDFVOSBUP ZFO OJOHÞONPEPFTUÈDPOTPMJEBEPOJHBSBOUJ[BEPQBSBFMG VUVSP/P DSFPRVFEFTBQBSF[DBOQFSPTÓQJFOTPRVFMFTEBSÈOVOBWVFMUBEF DBMDFUÓOZFWPMVDJPOBSÈOBBMHPCBTUBOUFEJGFSFOUFBMPRVFUFOFNPT IPZ:IBZVONPUJWPEFQFTPMPTOÞNFSPTOPTBMFO-BTDVFOUBT EFMPTFTUBEPTOPDVBESBO .FOTBKFDVJEBEFUJ `QPSRVFOBEJFNÈTMPIBSÈ &M FTUBEP BQPZBSÈ EFTEFMVFHP BBRVFMMBTQFSTPOBTDPONBOJ fiFTUBJODBQBDJEBEPFYDMVTJØOTPDJBM$BTPTFYUSFNPT1FSPFMSFTUP EFCFSFNPTUJSBSEFMDBSSPEFOVFTUSBFDPOPNÓBZUBNCJÏODPOUSJCVJS BMBDPNÞO&OMBFYUJOUBjFSBJOEVTUSJBMx FMFTUBEPHBSBOUJ[BCBFM CJFOFTUBSfiOBODJFSPEFMPTDJVEBEBOPT FOMBjFSBEFMDPOPDJNJFO UPx DBEB USBCBKBEPS TFSÈ SFTQPOTBCMF EF TV KVCJMBDJØO PS FUJSP Z QPSTVQVFTUP EFTVTBMVEfiOBODJFSB4FHVSJEBE USBCBKPfiKP QMFOP FNQMFP FNQMFP EF QPS WJEB QFOTJPOFT HFOFSPTBT KVCJMBDJØO HB SBOUJ[BEByTPODPODFQUPTPCTPMFUPTEFPUSBFSB MBJOEVTUSJBM RVF
IBOEFKBEPEFUFOFSWBMJEF[FOMBBDUVBMFSBEFMBJOGPSNBDJØOZFM DPOPDJNJFOUP -BTFHVSJEBEMBCPSBMTFEFTNPSPOBBOUFOVFTUSPTPKPTFTVOSF DVFSEPEFMQBTBEP -FDUPS RVJTJFSBUPNBSUFQPSMBTTPMBQBTZTBDVEJSUFDBSJ×PTBNFO UF QBSB RVF EFTQFSUBSBT ZE JTF×BSBT VO QMBO QBSB EFDJEJS DVÈOUP EJOFSPJOHSFTBSÈTFOUVSFUJSP TJOFDFTJUBSÈTTFHVJSUSBCBKBOEPPOP B QBSUJS EF MB KVCJMBDJØO DPO RVÏ BIPSSPT DPOUBSÈT QBSB FOUPODFT FUD3FDVFSEB RVJFSPRVFTFBTMJCSF TBCJPZSJDP1VFEPPÓSDØNPUV QFOTBNJFOUPQSFHVOUBTJQVFEFTFMFHJSDVÈOEPSFUJSBSUFZDPORVÏ EJOFSP #VFOP `QVFT TÓ QVFEFT FMFHJSMP MP FTUPZ HSJUBOEP 0USB DPTB FT MB QFOTJØO MFHBM EF KVCJMBDJØO EFM FTUBEP TPCSF MB DVBM OP UJFOFTOJOHÞODPOUSPMOPTBCFTTJMBUFOESÈT OJTVDVBOUÓB OJBRVÏ FEBE MB SFDJCJSÈTy &O MPT QSØYJNPT B×PT EFCJEP B MB FWPMVDJØO EFMBEFNPHSBGÓB MPTDJVEBEBOPTTVGSJSÈOTFWFSBTSFEVDDJPOFTFOFM TJTUFNBEFQFOTJPOFTZEFBUFODJØONÏEJDB1FSEØO QFSPBMHVJFOMP UFOÓBRVFEFDJS )BZTPMVDJØO6OQSPGFTJPOBMBVUØOPNPPFNQSFOEFEPSQVFEF EFDJEJSDVÈOUPJOHSFTBSÈZDVÈOEPEFKBSÈEFUSBCBKBS BVORVFOP DVÈOEPTFKVCJMBSÈMFHBMNFOUF ZBRVFIBZVOBFEBENÓOJNBQBSB QPEFS IBDFSMP 1BSB RVF QVFEB EFKBS EF USBCBKBS MF CBTUBSÈ DPO UFOFSBTFHVSBEPTVOPTJOHSFTPTQBTJWPTZBTÓQPEFSSFUJSBSTFBOUFT EFMBFEBEMFHBM TFHVJSDPUJ[BOEP QFSPOPUSBCBKBOEP ZBTFHVSBS TFVOBQFOTJØORVFTFBQPDPPNVDIPTJFNQSFCJFO%FUBMNPEP RVFVOBQFSTPOBRVFIBIFDIPMPTEFCFSFTfiOBODJFSPTQVFEFEFDJEJS SFUJSBSTFBMPTB×PToUBMWF[BOUFToTJDVFOUBDPOVOCVFOQMBO QBSBFMMP BVORVFFMHPCJFSOPMFKVCJMFMFHBMNFOUFBMPTB×PT NÈT PNFOPT "MBFEBEEFKVCJMBDJØO RVFMMFHBSÈBMPTB×PTUBSEFPUFN QSBOP VOBT QFSTPOBT EFCFSÈO TFHVJS USBCBKBOEP NÈT BMMÈ oNJFO USBTTVTBMVETFMPQFSNJUBoQBSBDPNQMFNFOUBSTVFYJHVBQFOTJØO EFKVCJMBDJØO NJFOUSBTRVFPUSBTQPESÈOEFKBSEFUSBCBKBSQPSRVF DPOUBSÈO DPO JOHSFTPT TVfiDJFOUFT QBSB OP UFOFS RVF EFQFOEFS EF VOB QFOTJØO -B EJGFSFODJB FOUSF FTUBS FO VO HSVQP PFO FMPUSP DPOUBSDPOVOBFTUSBUFHJB VOQMBOHBOBEPS2VJFOFTIBZBOEFTB
SSPMMBEPVOBCVFOBFTUSBUFHJBQBSBSFUJSBSTFQPESÈOIBDFSMP FMSFTUP UFOESÈRVFUSBCBKBSEFQPSWJEB{1PSRVÏ 1PSRVFMBTQFOTJPOFTTF SFEVDJSÈOQSPHSFTJWBNFOUFBVOBDBOUJEBETJNCØMJDB PNÓOJNPEF TVCTJTUFODJB²TUBFTMBSB[ØORVFNFDPOEVDFBBfiSNBSRVFDPOUBS ÞOJDBNFOUFDPOMBQFOTJØOFTUBUBMQBSBMBKVCJMBDJØOFTVOBFTUSBUF HJBQFSEFEPSB -BQSFHVOUBRVFEFCFSÈTSFTQPOEFSFT{DVÈMFTUVFTUSBUFHJBQBSB UVKVCJMBDJØOPSFUJSP %BUPMBTFTUBEÓTUJDBTEJDFORVFMBTQFSTPOBTEFNFOPTEFB×PT UJFOFONÈTGFFOMPTPW OJT PFORVF&MWJT1SFTMFZTJHVFWJWP RVFFO MBQPTJCJMJEBEEFDPCSBSBMHPEFMB4FHVSJEBE4PDJBM &OOVFTUSPQBÓTTFBQMJDBFMjTJTUFNBEFSFQBSUPx FOFMRVFMBTQFS TPOBTRVFDPUJ[BOIPZFTUÈOQBHBOEPMBTQFOTJPOFTEFMPTKVCJMBEPT EFIPZQFSPOPTVTQSPQJBTQFOTJPOFTGVUVSBT-BHSBOFTQFSBO[BFT RVFMPTIJKPTIBSÈOMPNJTNPQPSTVTQBESFT&TUFTJTUFNBEFSFQBSUP IBGVODJPOBEPNVZCJFONJFOUSBTMBQPCMBDJØODSFDÓBQPSMBFYQMP TJØOEFOBUBMJEBEEFMBTEÏDBEBTEF Z MBHFOFSBDJØO CBCZCPPN
QFSPEFTEFMBEÏDBEBEF MBUBTBEFGFSUJMJEBEIB EFTDFOEJEP -BTQFOTJPOFTEFKVCJMBDJØOFO&TQB×BTPOEFMBTNÈTHFOFSPTBT EFMNVOEP ZBRVFTFBDFSDBOBMÞMUJNPJOHSFTPQFSDJCJEPFOMBWJEB MBCPSBM:FTPCWJPRVFOPFTFMQBÓTNÈTSJDPEFMNVOEP&OFMTJTUF NBBOHMPTBKØO QPSFKFNQMP MBQFOTJØOTFDPOTJEFSBVODPNQMFNFO UPBMPTQMBOFTQSJWBEPT VOBBZVEBNÓOJNBEFTVQFSWJWFODJB -PTOÞNFSPTIBCMBOQPSTÓTPMPTDVBOEPCBKBNPTBMEFUBMMF{$VÈO UPDPCSBIPZVOKVCJMBEP %FQFOEJFOEPEFWBSJPTGBDUPSFT EFQSP NFEJPFVSPTBMNFT MBNÈYJNBFVSPTBMNFT MBNÓOJNB FVSPTNFOTVBMFT -BTQFOTJPOFTOPDPOUSJCVUJWBTRVFEBOQFPS QBSBEBTFVSPT-PRVFSFQSFTFOUBFOUSFFMZFMEFMPRVF TFJOHSFTBCBFOFMÞMUJNPUSBNPEFMBWJEBBDUJWB`&TDPNPTBMJSEF MBDMBTFNFEJBFJOHSFTBSFOMBDMBTFQSFDBSJBFMNJTNPEÓBEFMBKVCJ MBDJØO{7BMFMBQFOBUSBCBKBSUPEBVOBWJEBQBSBTFNFKBOUFjMPHSPx 4JTFFDIBODJGSBTFTGÈDJMEBSTFDVFOUBEFRVFFMTJTUFNBEFQFO TJPOFT FTQB×PM TFE JSJHF BM DPMBQTP %F OP NFEJBS VOB SFTQVFTUB DPOUVOEFOUF OPTPUSPTMPWFSFNPT:PJSFNPTMBFTUSJEFODJBDVBOEP
DBJHB -B SFTQVFTUB UJFOF DPOTFDVFODJBT SFUJSBSOPT NÈT UBSEF ZP DPCSBSNFOPTQFOTJØO1PSFTPBfiSNPRVFFMDPODFQUPEFKVCJMBDJØO PSFUJSPBMPTB×PT QBSBOPUSBCBKBSOVODBNÈT FTPCTPMFUPZIB DBEVDBEP -B MÓOFB RVF TFQBSBCB USBCBKP ZS FUJSP TFI B IFDIP CP SSPTB JNQSFDJTB WBSJBCMF FMÈTUJDB&OFMGVUVSP OPDSFPRVFIBZB VOBFEBEDPODSFUBQBSBEFKBSEFUSBCBKBS FTUÏTMFHBMNFOUFKVCJMBEP POP FTEFDJS BMNBSHFOEFMBFEBEMFHBM ZUPEPEFQFOEFSÈEFTJ IBTHBOBEPFMKVFHPEFMEJOFSPPTJBÞOOPMPIBTHBOBEP*ODMVTPB OJWFMMFHBM BQVFTUPTJONJFEPBQFSEFSRVFMBFEBEEFKVCJMBDJØOTFSÈ flFYJCMFVOBEFDJTJØO QFOBMJ[BEBPQSJNBEB EFMUSBCBKBEPS -PRVFTJHVFTPOTJFUFIFDIPTRVFUFTPSQSFOEFSÈO TPOMBTTJFUF SB[POFTEFMDPMBQTPJOFWJUBCMFEFMTJTUFNBTJOPTFQSPEVDFVOBSF GPSNBDPOUVOEFOUF )FDIPOBUBMJEBERVFDBFBQMPNP )FDIPSFUSBTPEFMBFOUSBEBEFMPTKØWFOFTFOFMNFSDBEPMB CPSBM )FDIPUBTBTEFQBSPFMFWBEBTZDSØOJDBT )FDIPFEBENFEJBEFKVCJMBDJØOBDUVBMQSFNBUVSBBMPT B×PT )FDIPSFUJSPJONJOFOUFEFMBHFOFSBDJØOCBCZCPPN )FDIPFTQFSBO[BEFWJEBDSFDJFOUF )FDIPBVTFODJBEFNFEJEBTRVFSFGPSNFOFMTJTUFNBEFQFO TJPOFTBGPOEP "ÞOIPZ IBZRVJFODSFFRVFDPOQBHBSTVTJNQVFTUPTZDPUJ[BO EPBMB4FHVSJEBE4PDJBMMFCBTUBSÈQBSBUFOFSEFSFDIPBVOBCVFOB QFOTJØO ZO P FT BTÓ 5BNCJÏO IBZ RVJFO DPOTJEFSB RVF FMF TUBEP OPDPCSBJNQVFTUPTBMPTKVCJMBEPT ZUBNQPDPFTBTÓ%FNBTJBEBT QFSTPOBTTJHVFODSFZFOEPFO4BOUB$MBVTPFOFMSBUPODJUP1ÏSF[BMB FEBEEFKVCJMBSTF%FOUSPEFNVZQPDPTB×PTHSBOQBSUFEFMBQP CMBDJØOFTUBSÈKVCJMBEBZBVNFOUBSTVTJNQVFTUPTTFSÈVOBUFOUBDJØO RVFMPTHPCJFSOPTOPQPESÈOSFTJTUJS &TQB×BUJFOFMBTFHVOEBQPCMBDJØONÈTWJFKBEFMQMBOFUBEFTQVÏT EF+BQØO6OBQPCMBDJØOFOWFKFDJEBTJHOJfiDBVOBFDPOPNÓBNÈTEÏ CJMZNFOPSDSFDJNJFOUP
/PIBDFGBMUBOJIBDFSMPTOÞNFSPT DVBMRVJFSBQVFEFEBSTFDVFO UBEFRVFFMBDUVBMTJTUFNBOFDFTJUB OPVOBKVTUF TJOPVOSFQMBOUFB NJFOUPEFHSBODBMBEP{5BOEJGÓDJMFTBDFQUBSRVFFMBDUVBMTJTUFNB EFQFOTJPOFTFTQB×PMTFIBBHPUBEP &OUSFMBFEBEEFCSPODFZoVOFOPSNFQFSÓPEPEF B×PTo MBFTQFSBO[BEFWJEBBVNFOUØTØMPWFJOUJTJFUFB×PT&OMPT ÞMUJNPTDJFOB×PTMBFTQFSBO[BEFWJEBIBBVNFOUBEPPUSPTWFJOUJ TJFUFB×PT/BEJFTBCFDVÈOUPBVNFOUBSÈFOMPTQSØYJNPTWFJOUJDJO DPPDJODVFOUBB×PT QFSPBQVFTUPBRVFNVDIP1PSFKFNQMP *UBMJB DVFOUB ZB DPO NÈT IBCJUBOUFT NBZPSFT EF B×PT RVF NFOPSFT EFB×PT&OFMSFTUPEF&VSPQBZ+BQØOMBTQSFWJTJPOFTOPTPO NFKPSFTMPTNBZPSFTEFB×PTTPONÈTEFMEFMUPUBMZWBO DBNJOPEFTFSFMQBSB`6OUFSDJPEFMBQPCMBDJØOTFSÈO BODJBOPT /PJOGSBWBMPSFTFMFGFDUPEFMBDSFDJFOUFFTQFSBO[BEFWJEBFOMBT finBO[BT %ÏKBNFDPOUBSUFVOBBOÏDEPUB&O DVBOEPse fiKØDPNP FEBEEFKVCJMBDJØOMPTB×PT MBQPCMBDJØOFSBNVZKPWFOZMBFT QFSBO[BEFWJEBFSBEFB×PT'VF0UUPWPO#JTNBSDLEF1SVTJB RVJFOIJ[PFTUBQSPQVFTUBBTVTDPODJVEBEBOPTTBCJFOEPRVFSBSB NFOUF UFOESÓB RVF DVNQMJS MB QSPNFTB EF QBHBS VOB QFOTJØO -B fiMPTPGÓB QSVTJBOB EFM DBODJMMFS FSB QSPEVDJS TPMEBEPT ZF NQMFBEPT FODBOUJEBEFTNBTJWBT HFOUFBTVTØSEFOFTDBSOFEFDB×ØOQBSBTVT HVFSSBTZNBOPEFPCSBQBSBTVTGÈCSJDBT-BNFOUBCMF &TUPZTFHVSPEFRVFZBTBCSÈTRVFIPZMBFTQFSBO[BEFWJEBFO &TQB×BFTUÈFOUPSOPBMPTB×PTZWBTVCJFOEP UÞZPUVQBSFKB FTNVZQSPCBCMFRVFWJWÈJTIBTUBMPTB×PT TJOPNÈT &VSPQB FOWFKFDF Z& TQB×BBÞONÈTSÈQJEP QBSBDPOWFSUJSTFFOVODPOUJ OFOUFEFBODJBOPTDPOFYQFDUBUJWBTEFWJWJSNVDIPTB×PT-PRVF JNQMJDBSÓBRVFMBTQFOTJPOFTTFBMBSHBTFOUSFJOUBB×PTDVBOEPFMTJT UFNBGVFEJTF×BEPQBSBQBHBSMBTTØMPVOPTQPDPTB×PT(SBDJBTBMPT BWBODFTEFMBNFEJDJOBZMBNFKPSBEFIÈCJUPT GVNBSNFOPT CFCFS NFOPT DPNFSNÈTTBOPy
IPZVOEFMBQPCMBDJØOFTNBZPS EF B×PT QFSP FO TFSÈ NÈT EFM 1BSB FNQFPSBS MPT OÞNFSPT KVTUPFOFTFB×PFNQF[BSÈBKVCJMBSTFMBHFOFSBDJØOCBCZ
CPPN RVFDBTJEVQMJDBBHFOFSBDJPOFTBOUFSJPSFT FTUBOVNFSPTBHF OFSBDJØOUJFOFVOIBOEJDBQTFDBTBSPONÈTUBSEFRVFHFOFSBDJPOFT BOUFSJPSFTZUVWJFSPONFOPTIJKPTEFMPTRVFFSBIBCJUVBM-PTCPP NFSTTPONVDIPTQFSPOPIBOTJEPQSPMÓfiDPT 1PSUBOUP MBUBTBEF OBUBMJEBEIBDBÓEPBM DVBOEPQBSBSFQPOFSMBQPCMBDJØOBDUJWB TFHÞOMPTEFNØHSBGPT UFOESÓBRVFEPCMBSTFBM &OFMTJHMPQBTBEP MPTKØWFOFTFOUSBCBOFOFMNFSDBEPMBCPSBMB MPTB×PT NVDIPBOUFTEFMPRVFIBDFOMPTKØWFOFTIPZ QPSUBOUP IBCÓBNÈTDPUJ[BOUFTFOFMTJTUFNB"RVFMFTDFOBSJP JODPSQPSBDJØO UFNQSBOB ZF TQFSBO[B EF WJEB NFOPS IPZ ZB OP FYJTUF 1FPS BÞO TF IB JOWFSUJEP 1PS FTB SB[ØO FMBD UVBM TJTUFNB EF QFOTJPOFT FT JOTPTUFOJCMFZUFOESÈRVFSFWJTBSTFBGPOEP ZBRVFUBMZDPNPFTUÈ FTUSVDUVSBEPUJFOFGFDIBEFDBEVDJEBE -BDSJTJTIBIFDIPRVFBVNFOUBSBFMOÞNFSPEFJONJHSBOUFTRVF IBOSFHSFTBEPBTVQBÓTEFPSJHFO DPOMPRVFEJTNJOVZFOMPTDPUJ [BOUFTBMTJTUFNBTJORVFQVFEBODPNQFOTBSFTUFFGFDUPMPTOVFWPT JONJHSBOUFTRVFIBOMMFHBEP1BSBFNQFPSBSMP MPTJONJHSBOUFTWJF OFOPQUBOEPEFQSPNFEJPQPSMPTUSBCBKPTNFOPTQBHBEPTZ QPSFMMP TVQPOFOVOBDPOUSJCVDJØOSFMBUJWBNFOPSBMTJTUFNBEFMB4FHVSJEBE 4PDJBM "EFNÈT QSFWFPRVFFOMPTB×PTWFOJEFSPTNVDIPTKØWFOFTEFCF SÈOCVTDBSTVQSPQJPGVUVSPMBCPSBMFOQBÓTFTFYUSBOKFSPTDPONBZP SFTDSFDJNJFOUPTEFM1*#PFOQBÓTFTFNFSHFOUFTEFCJEPBMBTHSBOEFT EJfiDVMUBEFTRVFBGSPOUBSÈOBRVÓQBSBFODPOUSBSVOUSBCBKPFTUBCMF ZCJFOSFNVOFSBEP &MQSPCMFNBEFMBTQFOTJPOFTOPFTVOFGFDUPEJSFDUPEFMBDSJTJT FOSFBMJEBEFTUBCBDBOUBEP QFSPFTDJFSUPRVFMBDSJTJTMPFNQFPSB BMBVNFOUBSMBQPCMBDJØORVFOPUSBCBKBZRVF QPSUBOUP OPDPUJ[B -BTQPTJCMFTTPMVDJPOFTRVFTFFTUÈOCBSBKBOEP ZRVFIBCSÈOEF DPNCJOBSTF QBSBHBSBOUJ[BSFMDPCSPEFVOBQFOTJØOTPO 4VTUJUVJSFMDPODFQUPEFFEBEEFKVCJMBDJØOQPSMPTB×PTDPUJ [BEPT4FQMBOUFBWBMPSBSNÈTMBTDBSSFSBTMBSHBTZRVFRVJFO DPUJDFB×PTQVFEBKVCJMBSTFBOUFTEFMBFEBEMFHBl fiKBEB )BDFS DPOWJWJS MB KVCJMBDJØO DPO USBCBKBS -B flFYJKVCJMBDJØO TVQPOESÓBIBDFSDPOWJWJSVOBQFOTJØOEFKVCJMBDJØODPOVO
TBMBSJPEFVOflFYJUSBCBKP6OBKVCJMBDJØOQBSDJBM TFSUSBCBKB EPSQPSMBTNB×BOBTZKVCJMBEPQPSMBTUBSEFT 5FSNJOBS DPO FMB CVTP EF MBT QSFKVCJMBDJPOFT FO MBT RVF FM FTUBEPIBEFfiOBODJBSFMTVCTJEJPEFQBSP Z BEFNÈT IBDFSTF DBSHPEFMBTDPUJ[BDJPOFTTPDJBMFTEFMUSBCBKBEPS:BVNFOUBS FMNÓOJNPEFFEBEQBSBKVCJMBSTFBMPTB×PT DPOTVDPSSFT QPOEJFOUFQFOBMJ[BDJØO "MBSHBSMBFEBEEFKVCJMBDJØOQSPHSFTJWBNFOUFEFMPTBMPT B×PT ZEFTQVÏTIBTUBMPTB×PTQBSBRVFFMTJTUFNBSF TVMUFWJBCMF&TUBNFEJEBFTUBOJNQPQVMBSRVFMPTHPCJFSOPT MBQPTQPOESÈOIBTUBRVFTFBJOBQMB[BCMF BOUFTEFNJUBEEF TJHMP%FFTUFNPEPTFSFUSBTBMBFOUSBEBEFQFOTJPOJTUBTFOFM TJTUFNB "NQMJBSFMQFSÓPEPQBSBDBMDVMBSMBTQFOTJPOFTEFMPTÞMUJNPT B×PTBMPTPRVJ[ÈTBMPTÞMUJNPTB×PTDPUJ[BEPTZ QBVMBUJOBNFOUF QBTBSBDPNQVUBSUPEBMBWJEBMBCPSBM DPNP SFDPNJFOEBMB0$%& "VNFOUBS MPT B×PT EF DPUJ[BDJØO NÓOJNPT OFDFTBSJPT QBSB QPEFSBDDFEFSBMDPCSPEFVOBQFOTJØO"IPSBDPOB×PT DPUJ[BEPTTFDPCSBFMEFMBQFOTJØO DPOB×PTFM0 ZDPOB×PTFM QFSPTFQSPQPOFQBTBSBB×PTDP UJ[BEPTQBSBQPEFSDPCSBSMBQFOTJØODPNQMFUB "VNFOUBSMPTJNQVFTUPTEFMPTDPOUSJCVZFOUFTQBSBQBHBSMB GBCVMPTBGBDUVSBEFMB4FHVSJEBE4PDJBMY fiOBODJBSMBTQFO TJPOFTOPDPOUSJCVUJWBTDPOJNQVFTUPTFOMVHBSEFIBDFSMPDPO DPUJ[BDJPOFTDPNPIBTUBBIPSB &MFWBSMPTNÈYJNPTEFDPUJ[BDJØO $PNQMFNFOUBSMBKVCJMBDJØOQÞCMJDBDPOMPTQMBOFTQSJWBEPT EFKVCJMBDJØOZBVNFOUBSMBTDVBOUÓBTRVFQVFEFOJOWFSUJSTF .FKPSBSMBfiTDBMJEBEEFMBTBQPSUBDJPOFTEFMBTFNQSFTBTBMPT QMBOFTEFQFOTJPOFTEFTVTUSBCBKBEPSFTZGPNFOUBSMPT 1FSNJUJSRVFNÈTJONJHSBOUFTMMFHVFOBMQBÓTQBSBRVFDPUJDFO BMTJTUFNBEFMB4FHVSJEBE4PDJBM 3FEVDJSMBTQFSDFQDJPOFTEFMPTGVUVSPTKVCJMBEPTBVONÓOJ NPFTFODJBMEFTVCTJTUFODJB
#POJfiDBSBBRVFMMPTDPUJ[BOUFTRVFTBMHBONÈTUBSEFEFMNFS DBEPEFUSBCBKPZQFOBMJ[BSBBRVFMMPTRVFBOUJDJQFOTVKVCJMB DJØOBMBFEBENÓOJNBMFHBMEFKVCJMBDJØO 4VTUJUVJSFMTJTUFNBEFSFQBSUPEFMB4FHVSJEBE4PDJBMBDUVBM QPSVOPEFDBQJUBMJ[BDJØO -BTSFHMBTEFMSFUJSPIBODBNCJBEPZMPTFHVJSÈOIBDJFOEPFOMPT B×PTWFOJEFSPT)BCSÈRVFCBKBSTFEFMBOVCFFOMBRVFFTUÈCBNPT JOTUBMBEPT-BSFGPSNBCVTDBSÈNFKPSBSMBTPTUFOJCJMJEBEZMBFRVJ EBE EPTDPTBTEFMBTRVFFMBDUVBMTJTUFNBDBSFDF-PNÈTQSPCBCMF FTRVFTFSFUSBTFMBFEBEEFKVCJMBDJØOPSFUJSPZRVFTFCBKFMBDVBO UÓBEFMBQFOTJØOBSFDJCJS1FOTJPOFTNÈTSFEVDJEBTFOVOTJTUFNB NFOPT HFOFSPTP RVF FMBD UVBM FM TJTUFNB EF QFOTJPOFT FTQB×PM FT FO UÏSNJOPT SFMBUJWPT EF MPT NÈT HFOFSPTPT EF &VSPQB BMDBO[BO FMEFMÞMUJNPTVFMEPGSFOUFBMFO'SBODJBPFMFO "MFNBOJB -PRVFFTTFHVSPFTRVFFEBEEFKVCJMBDJØO DÈMDVMPEF MBQFOTJØOZB×PTDPUJ[BEPTOFDFTBSJPTTFWBOBSFUPDBS -B HFOFSBDJØO EFM CBCZ CPPN ZM BT RVF TJHVFO SFUSBTBSÈO TV KVCJMBDJØOQPSRVFÏTFFTTVQBUSØOEFGVODJPOBNJFOUPFONVDIBT PUSBTDPTBT4Ó ZBSFUSBTBSPOTVJODPSQPSBDJØOBMNVOEPMBCPSBM TV FNBODJQBDJØO GBNJMJBS TV NBUSJNPOJP MB BERVJTJDJØO EF TV WJWJFO EB TVQBUFSOJEBEy{1PSRVÏIBCSÓBOEFBEFMBOUBSTVKVCJMBDJØOP SFUJSP /BEBIBDFQSFWFSMP NÈTCJFOUPEPMPDPOUSBSJPSFUSBTBSÈO TV KVCJMBDJØO QPSRVF FO TV DPNQPSUBNJFOUP ÏTF FT TV QBUSØO EF GVODJPOBNJFOUP 6ZyTPONBMBTOPUJDJBT .FOPTEJOFSP NFOPTMJCFSUBE &ONJPQJOJØO TFSÈNVZOFDFTBSJPDPNQMFNFOUBSMBQFOTJØOQÞ CMJDBDPOVOQMBOQSJWBEP.FKPSBÞO JEFBSVOQMBOEFJOWFSTJPOFT RVFDSFFBDUJWPTPOFHPDJPTRVFSFOUFOJOHSFTPTJOEFfiOJEBNFOUFB TVUJUVMBS4Ó EÏKBNFEFDJSMPCJFOGVFSUF`FMNFKPSQMBOEFQFOTJPOFT TPOMPTJOHSFTPTRVFQSPWJFOFOEFDSFBSOFHPDJPTQSPQJPT
Related documents
1er capitulo Adelanta tu jubilacion
20 Pages • 1,613 Words • PDF • 136.9 KB
1er semestre nov 2020
10 Pages • 2,113 Words • PDF • 62.2 KB
Cambia tu mente - Paramananda
134 Pages • 57,288 Words • PDF • 1.2 MB
Venga tu Reino Hillsong
2 Pages • 695 Words • PDF • 148.8 KB
Teorias administrativas 1er modulo
5 Pages • 1,201 Words • PDF • 1 MB
Capitulo 6 EQUAÇÕES QUÍMICAS
11 Pages • 2,569 Words • PDF • 743.7 KB
Capitulo 23 - parte 1
19 Pages • 4,498 Words • PDF • 787.3 KB
capitulo 1 - livro 2
21 Pages • 10,128 Words • PDF • 408.1 KB
Volume 01 - Capitulo 1
49 Pages • 14,458 Words • PDF • 443.6 KB
CAPITULO 625 AO 674
280 Pages • 72,262 Words • PDF • 738.7 KB
encuentro con tu angel
62 Pages • 15,749 Words • PDF • 952.5 KB
Christian e Anastasia. Capitulo 16
16 Pages • 5,226 Words • PDF • 91.3 KB